Full text of Commercial and Financial Chronicle : May 25, 1912, Vol. 94, No. 2448

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Uonttwrcia
INCLUDING
Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers’ Convention Section

State and City Section

S A T U R D A Y , M A Y 2 5 191 2

V O L . 94

A

gj’Iue

(Khvo

1911.

Inc. or
Dec.

Chicago_______
Cincinnati____
Cleveland........
D etroit.-..........
Milwaukee------Indianapolis - - ­
Columbus........
T oledo________
P eoria-----------Grand Rapids. .
D a y ton ---------Evansville ----Kalamazoo------Fort W ayne...
Youngstown . . .
Springfield, 111.
Rockford ------A k ron ________
Lexington........
Canton..............
Quincy..............
Bloomington___
South Bend—
Decatur ........
Jackson ______
Mansfield____
Springfield, O__
Danville..
L im a ___
Jacksonville, 111.
Ann Arbor.
Adrian . .
Owensboro
Tot. Mid. West

S
303,232,897
29,271,301
23,393,91C
25,758,811
13,941,002
11,910,14;
0,830,10C
5,193,91C
2,950,00(
3,220,354
2,027,820
2,480,272
787,381
1,119,592
1,451,570
1,032,171
870,124
2,344,00C
785,10‘J
1,480,101
740,404
604,035
581,00C
534.G5C
073,081
414,577
528.345
393,605
454,118
239,807
203,963
28.71G
445,041
445,932,414

$
269,505,001
23,823,600
18,628,325
22,740,980
12,703,071
7,935.29C
5,238.10C
4,732,937
2,669,947
2,910,440
2,145,458
2,592,814
796,092
1,086,323
984,89C
1,024,052
900,632
1,072.00C
1,035,190
956,032
015,958
522,64C
584,358
406,92£
467,393
391,SOS
470,240
424,577
384.56C
293,187
183.42C
49,033
346,713
388,010,100

%
+ 12.5
+ 22.(
+ 25.0
+ 13.2
+ 9.7
+ 50.1
+ 30.4
+9.7
+ 10.5
+ 10.4
— 5.5
— 4.3
— 1.1
+3.C
+ 47.4
+0.8
—3.4
+ 118.7
— 24.1
+ 55.4
+ 20.3
+ 15.7
+ 0.C
+31.4
+ 44.1
+ 5.8
+ 11.C
— 7.3
+ 18.1
— 18.2
+ 11.2
— 41.4
+ 28.4
+ 14.7

$
270,038,708
22,908,100
20,147,049
22,089,287
11,584,560
9,433,GIG
5,818,400
4,339.19C
3,055,587
3,297,908
2,450,210
2,276,806
712,07S
890.27S
938,718
908,784
838,316
1,1 OO.OOC
737,745
1,144,200
681,182
532,403
510,961
372.387
027,949
362,072
443,377
301,002
323,820
215,651
192,592
64,079
425,000
390,500,889

San Francisco__
Los Angeles.. . . .
Seattle . .
Portland .
Salt Lake City__
Spokane.......... .
Tacom a............
Oakland............
San Diego____
Sacramento___
Pasadena..........
Fresno..............
Stockton _____
San Jo3e______
North Yakima..
R e n o ........ .......
Total Pacific.

48,709,219
24,014,408
11,480,497
11,510,812
7,172,703
4,096,735
4,503,288
3,467,574
2,695,539
1,885,057
1,139,088
88S..54
840,834
007,980
458,475
201,876
124,959,557

45,330,220
19,729,418
11.150.88C
10.188,690
0,195,304
4,017,007
3,935,416
3,240,214
1,620,000
1,359,522
872,658
675,000
743,523
490,247
451,960
129,800
110,231,865

+ 7.6
+ 24.8
+3.0
+ 13.0
+ 15.8
+ 16.9
+ 16.0
+ 6.8
+ 60.2
+38.7
+30.6
+31.7
+ 13.1
+ 24.0
+ 1.2
+ 19.1
+ 13.4

45,345,028
17,205,322
10,502,262
10,079,048
7,083,055
4,823,207
4,608,022
3,104,043
1,500,000
1,425,385
950,000
043,040
011,912
438,797
491,313
235.285
109,706,979

Kansas City___
Minneapolis____
Omaha_________
St. Paul..............
Denver_______
St. Joseph___
Des Moines__
Duluth______
Sioux City..........
W ichita..............
L incoln________
Davenport__
Topeka ____
Cedar Itaplds
W aterloo__
H elen a ........
Fargo .......... ..
Colorado Springs
Pueblo ________
Frem ont______
Aberdeen______
Billings........ .....
Hastings............
Tot. oth. West.

50,536,528
18,801,294
10,512,359
10,200,302
8,793,908
7.205,812
4,429,530
2,770,050
2,912,932
3,328,047
1,777,358
1,228.527
1,576,168
1,433,043
1,494,851
706,215
414,817
700,745
001,450
365,440
305,050
275,703
184,422
136,027,193

49,318,797
10,702,850
15,986,059
8,597,795
8,475,875
0,535,837
4,340,775
2,250,511
2,428,859
3,293,140
1,487,329
1,400,927
1,000,785
1.209,359
1,110,478
955.830
737,880
072,074
054,012
209,728
394,203
95,709
193.800
128,899,224

+ 2.5
+ 12.2
+3.3
+ 18.7
+ 3.7
+ 10.2
+ 2.1
+ 23.2
+ 19.9
+ 1.1
+ 19.5
— 12.3
— 5.4
+ 12.9
+ 34.0
— 19.8
— 43.8
+ 4.1
— 8.0
+ 3 5 .G
—22.6
+ 88.1
—4.8
+ 6.0

47,915.435
18,535,094
17,035,012
10.237,500
9,900,584
6,588,908
4,119,345
3,094,688
3.005,590
2,907,949
1,425,145
1,377,338
1,427,990
1,073,161
1,000,000
904,853
910,284
714,248
532,737
202,525
481,910
175,000
180,000
134,580,705

118,648,808

+ 9.7
— 22.3
+ 19.2
+ 57.1
+ 18.4
— 1.4
+ 13.1
+ 37.1
— 1.0
+ 95.2
— 0.4
+ 8.8
+ 54.7
+ 28.3
+ 18.0
+ 13.3

77,104,093
10,532,070
12,578,270
12,847,222
6,268,500
7,210,912
9,719,122
0,328,870
5,439,024
3,575,042
4,198.419
• 3,025,485
2,189.046
1,071,809
2,333,554
1,803,870
1.723,182
1,866,018
1,445,158
2,350,000
1,604,285
837,841
1,309,091
220,218
532,850
390,000

00,728,275
15,990,464
10,422,003
13,221,020
5,421,000
0,454,311
6,900,534
6,602,240
4,999,770
3,395,604
3,263,451
2,504,182
1,834,289
1,430,855
1,685,338
1,435,338
1,000,879
1,498,115
1,307,267
1,540,010
1,209,096
717,840
978,172
226.039
327,258
333,000

1912.

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18. D A N A C O M P A N Y , P u b l l s l i c r s ,

F ro n t, lMno niul D ep ey ster S ts.,

N ew Y o r k .

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

CLEA RING-HO USE RET URNS.
The following table, made up by telegraph, &c., Indicates that the
total bank clearings of all clearing houses of the United States for week
ending May 25 have been 53,194,225,32(5, against 53,548,718,771 last
week and 52,000,018,47(5 the corresponding week last year.
Clearings—Returns bn Telegraph.
Week ending Man 25.

Per
Cent.

1912.

1911.

Baltimore..................
Chicago....................
St. Louis..................
New Orleans............

SI,553,302,244
127,149,489
117,40(5,129
28,895,595
248,321,947
07,374,422
14,624,791

51,447,152,009
121,148,002
110,621,074
20,423,509
215,5(57,183
50,873,100
19,518,951

+ 7.3
+ 4.9
+ 0.7
+ 9.4
+ 15.2
+ 18.5
— 25.1

Seven cities, 5 days...........................
Other cities, 5 days..................................

52,157,131,017
511,073,402

S2,003,305,088
441,298,409

+ 7.7
+ 13.5

Total all cities, 5 days.
All cities, 1 day______

82,008.208,079

528,017,247

52,414,001,157
455,414,319

+ 9:1
+ 15.5

$3,194,225,320

52,900,018,47G

+ 10.1

New York................
B oston......................
Ph iladelphia..............

Total all cities for week____________

Saturday. W c cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence In the above the last clay of
the week has to he In all cases estimated, ns wc go to press Friday night.
W e present below detailed ilgurcs for the week ending with Saturday,
noon, May 18 for four years.
Week ending May 18.

Clearings at—
1912.
New Y o r k ..........
Philadelphia . . . .
Pittsburgh. . . . . .
Baltimore . .
Buffalo........
Washington . .
Albany ..............
Rochester_____
Scranton ______
Syracuse............
R eading............
Wilmington____
Wilkes-Barre . . .
Wheeling ..........
Trenton ............
York ..................
Lancaster..........
Erie ......... .........
Binghamton----Grcensburg........
Chester ..............
Altoona..............

1911.

Inc. or
Dec.

1910.

1909.

S
S
8
S
%
+ 8.9 1,669,057,284 1,845,077,448
2,120,383,518 1,947,124,574
155,070,088 146,293.085
+ 0.0 145,045,290 132,500,074
42,545,170
+ 8.4
48.942,498
51,770,880
47,702,005
30,249,975
28,210,013
+ 8.2
34,400,320
31,834,796
8,707,709
11,800,949
10,225,237
10,457,294 + 12.9
8,014,303
0,980,752 + 14.8
0,071,508
7,139,301
6,122,390
5,923,528
5,805,875
+ 1.0
6,048,428
4,730,534
3,603,751
4,303,426
4,097,352
+ 8.4
3,013,097
2,468,516 + 22.1
2,362,635
2,510,155
2,447.280
2,085,151
2,035,038 —9.2
2,0)0,981
1,798,094
1,020,221 + 10.0
1,4.34,184
1,505,180
1,779,401
1,551,977 + 14.7
1,505,338
1,809,403
1,227,004
1,417.716 — 13.4
1,320,764
1,497,990
2,200,149
1,748,073 + 29.0
1,000,193
1.587,383
1,753,203
1,498,009 + 17.0
1,405,540
1.487,01 1
957,523
867,770 + 10.4
817,122
932,323
1,387,019
990,117 +39.3
996,733
1,053,280
883,408 + 19.3
903,880
812,500
057,300
509,009 + 29.0
453.000
454,500
602,281
543,347 + 10.9
483,010
092,545
550,000
570,340 — 2.0
480,272
404,405
602,200
495,292 + 21.0
499,657
397,727

Total Middle.. 2,412,207,809 2,218,553,903

+ 8.7 1,938,242,982 2,087,971,742

Boston _______
Providence . . .
Hartford__ ____
New Haven_____
Springfield_____
Portland............
W orcester..........
Fall River_____
New Bedford___
Lowell ..
H olyoke.............
Bangor..............

177,628,905
10,045.000
5,318,037
3,023,954
3,030.498
2,001,207
2,710,953
1,195,040
1,183,125
002,997
580,657
480,198

153,503,144
8,274,900
4,205,703
2,728,227
2,258,839
2,079,351
2,118,088
1,276,404
1.102,847
007,220
559,723
4 tO,291

+ 15.7
+ 21.4
+ 21.7
+ 11.0
+ 34.2
+ 25.3
+ 11.9
— 0.3
+ 7.3
—0.7
+ 4.8
+ 9.0

145,907,922
8.438,700
3,781,174
2,715,496
2,401,260
1,887,500
2,075,221
992,974
945,113
490.097
408,839
— - r ..........

Tot. New Eng.

208,427.537

179,581.337

+ 10.1

170,710,302

150,502,254
7,003,000
3,231,842
2,557.035
2,421,915
1,609,042
1,623,562
1,023,546
907,231
390,530
409,700
. . . ----------

172,400.917
For Canadian clearings see "Commercial and Miscellaneous News.’’




Week ending May 18.

Clearings at—

PUBLISHED WEEKLY.

F or One Y ear....................................................................................................$10
For Six M onths................................................................................................
6
European subscription (Including postage)......................................... is
European Subscription six months (including postage)........................ 7
Annual Subscription in London (including postage).............................. £ 2
Six Months Subscription in London (including postage)........................£ 1
Canadian Subscription (including p o s t a g e )............................................. $11

N O . 2448

St. Louis______
82,439,527
75,144,154
New Orleans___
17,057,385
21,798,037
Louisville..........
15,809,352
13,310,264
Houston ............
11,010.574
17,293,576
Galveston..........
0,737,500
7,975,000
Richmond ____
8,355,855
8,241,517
A tlanta.......... ...
11,127,328
12,582,232
Fort Worth........
5.551,460
7,011.227
Memphis............
7,041,334
0,929,984
Nashville ..........
8,370,998
4,291,578
Savannah _____
4,796,053
4,779,023
Norfolk ..............
3,194,079
3,465,411
2,210,088
Birmingham___
3,418,503
1,081.310
K noxville_____
2,157,235
3,285,000
2,783,561
Jacksonville___
2,199,911
1.941,348
Chattanooga__
1.707,870
Augusta______ _
1,806,602
2,392,411
Little Rock........
1,007,508
1,889,911
Charleston..........
1,830,828
1,492,012
Oklahoma..........
2,225,406
1,241,582
Mobile................
1,229,511
3,486,183
M acon.............. .
2,859,000
1,968.098
Austin................
3,405,425
233,051
Vicksburg_____
210,921
710.290
Wllm'ton, N. C.
631,041
273,215
367,104
Jackson ..............
Tulsa..................
699,387
591,240
667,759
Muskogee_____
818J93
Total Southern 220.601 261 198.750.318
Total all.......... 3.546,718.771! 4 .2 2 4 .0 0 2 . 7 4 7
Outside N. Y __ 1,428,335,2251,2/7,538,1731

+ 4S.8
+ 3.2
— 32.9
+ 1.0
+ 22.3
— 42.2
+ 7.4
■+•12.6
+ 1+3
— 18.4

1910.

1909.
S
271,341,190
24,503,800
14,600,515
10,898,385
10,440,804
7,909,354
5,429,500
3,757,083
2,883,177
2,847,307
1,955,080
1,894,707
600,027
749,904
817,433
859,201
782.413
725,000
020,423
748,006
457,539
473,093
435,463
387,113
375,000
370,279
432,095
301,061
252,358
182,259
100,350
39,779
374,331,078
35,320,940
13,335,157
10,403,542
6,040,380
0,565,252
3,738,682
5,584,986
2,012,751
1,032,000
809,866

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

461,384
380,664
428,6G0
350,134
235,000
87,305,388
43,714,610
10,974,464
14,074,050
9,021,964
9,104.748
0,020,805
3,589,910
2,357,000
2,092,525
2,409,434
1,419,994
956,915
1,430,245
1,0-15,248
945,310
650,925
000,009
578,237
247,032
149,371

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

185.237.K32 162,169.412
+ 10.Ui2.92P .979.
f .002.8X4.425
- r l l .Sil.900,322,.: ,5 1.157,200,977

4 -J O O

1408

THE CHRONICLE

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

this ultimatum, when he likened the former President
STATE AND CITY SECTION.
to Louis X IV . as King of France, when that monarch
With to-day’s issue of the “ Chronicle” we send to made the famous declaration: “ The State, I am it. I
our subscribers a new number of our “ State and City am the State.”
Section” revised to date.
The duty incumbent upon business men is to bring
THE FINANCIAL SITUATION.
pressure to bear everywhere upon the Democratic
The political situation calls for action on the part Party, with the view to securing the nomination of a
of business men. It is each day assuming a more Democrat for President of the right sort, around whom
threatening character. The result of the State men of all shades of political opinion who abhor the
primaries in Ohio on Tuesday of this week, which Roosevelt policies and doctrines could rally. The
every one conceded in advance would be decisive on danger is that the Democrats will simply oppose
the chances for the Republican Presidential nomina­ Roosevelt the man, and then declare for practically
tion of President Taft and ex-President Roosevelt, the same radical policies as Roosevelt himself. There
has been that Mr. Roosevelt gets 32 of the district would in that event be no choice except a choice of
delegates to the Republican Convention, while Mr. evils, and accordingly Mr. Roosevelt would be tri­
Taft gets only 10. Who will get the delegates-at-large umphantly elected. That is, indeed, what Mr. Roose­
from that State seems yet to be in doubt. This velt himself is confidently counting on. What was
triumph by Mr. Roosevelt in Mr. Taft’s own State, condemned in William J. Bryan sixteen years ago is
following the other Roosevelt successes the present now embodied in Roosevelt, and no Democrat who
month—in Maryland, in Texas, in Minnesota, in might be nominated could out-radical the ex-Presidcnt
California, in West Virginia, &e.— and the still more in radicalism. The Democrats can only hope to
notable victories achieved the previous month in succeed by nominating a man who will attract the
Illinois and Pennsylvania, makes Mr. Roosevelt’s conservative part of the population. By naming
nomination by the National Republican Convention Bryan, or some puppet of his or of Hearst, they will be
at Chicago next month almost a foregone conclusion. repelling the conservative Republicans who are anxious
We are aware, of course, that Mr. Taft still insists that to turn from Roosevelt, but who will not vote for a
his own nomination is certain and that some of the Democrat permeated with the same pernicious ideas.
Taft adherents (not a great many, however) keep
When we ask the business community to interest
echoing the same view; but, unfortunately, there is itself on behalf of the selection of a well-balanced
only too much reason for thinking that Mr. Taft is Democrat, we appeal to the business world as a whole,
deceiving himself. On the face of the figures Mr. Taft in the truest and best sense oi' the word, and have no
has enough delegates to give him the nomination, but special reference to Wall Street or of the financial
the Taft delegates in good part are only lukewarm in interests centred there. Opposition to Mr. Roosevelt
his support, and . there is more or less tendency to and his doctrines in the financial district is by no means
defection all through the ranks of the Taft adherents. as strong as might be supposed, recalling how these
On the other hand, Mr. Roosevelt is surrounded by a interests suffered during Mr. Roosevelt’s incumbency
band of political zealots who will fight with him to the of the Presidential office. It is patent, of course,
that in his present campaign for the nomination, he
very end.
Let no one therefore minimize the possibility of is in possession of unlimited means, and it is also well
Mr. Roosevelt’s nomination and still less the menace known that certain leaders in the financial and in­
involved in such a nomination. As the coveted prize dustrial world are open and avowed champions of his.
is gradually getting within his grasp, he is becoming- In this we believe these men are making a grave mis­
more and more arrogant and defiant of those who are take. There are of course many opportunists in the
opposing him. There has naturally been considerable financial world who reason that after all it might be
talk of a compromise by which both the contestants better to go with the tide and no longer oppose Roosewould be eliminated from the field. With such a veltism, especially as the Democrats are so actively
bitter warfare between these two men and with the engaged in stirring up things themselves.
Those who argue thus contend that with Roosevelt
party rent asunder as a result of the enmity that has
been engendered among their respective adherents, re-elected the country would know the worst and
such a compromise might be the very best way out thereafter everything would go along swimmingly.
of the trouble. But Mr. Roosevelt has this week That is a fatuous and a dangerous policy. With Mr.
repudiated anew (he rejected the idea at the very Roosevelt again in the Presidential chair we would never
outset of his campaign) all talk of a compromise, as know the worst. He is dependent for his success
far as he himself is concerned. His words are worth entirely upon appeals to the vicious, the ignorant and
recording here as an indication of the character of the the uninformed. To prevent the defection of these
man and of the spirit actuating him. Speaking on classes he would constantly be making new bids for
Monday night, on the eve of the next day’s primaries their support. He has frequently made attacks upon
in Ohio, he boasted that he would be victorious, and wealth and upon the existing political and social order,
then disposed of the suggestions of a compromise as and in the event supposed he would go from one ex­
follows: “ I’ll name the compromise candidate. He’ll treme to the other, until little was left to connect the
be me. I’ll name the compromise platform. It will present with the past. And his autocratic spirit
b our platform.”
would make him more and more imperious.
Every one will readily recall how lie bellowed during
Thus it is a rule-or-ruin policy with him. He cares
thing for the party, but is determined upon the the whole of his term in office, how he assailed every
mination, and relies upon his specious appeals to the one who differed with him, and threatened and bully­
scs to obtain success for himself at the polls, even ragged all those who were obliged to have relations
e conservative wing of the party shall refuse to with him. If, now, he should be returned to power,
for him upon election day. Mr. Taft aptly diar­ with the recall of judges and judicial decisions added
ized the man, on the very day of the delivery of to his other weapons, who, then, could stay his hand?




May 25 L) 12 j

THE CHRONICLE

Who, then, would dare to oppose him? His will
would be supreme— in the executive departments, in
the Legislature and with the judiciary. It would not be
the rule of the people (the plea with which lie is now ap­
pealing to the masses), but the rule of Roosevelt alone.
We understand, of course, that those industrial and
financial leaders who advocate the nomination and
election of the ex-President do so because the latter
advocates vesting the Government with supreme con­
trol over industrial corporations and trade combina­
tions. These men believe they would then be no longer
subject to trust suits and Government prosecutions.
They entertain the fond hope that all that would then
be necessary would be to submit their plans to the
Commissioner of Corporations or some other Govern­
ment official, and thereafter everything would be
plain sailing.
Supposing that this should be the result, it would be
the worst possible thing that could happen. Favorit­
ism would inevitably rule and it would quickly appear
that the arrangement would work to the satisfaction
only of the clique that stood well with those in power.
All those who did not train with this clique would get
nothing and find their projects blighted and impossible
of execution. In the end, even the advocates of
bureaucratic government would have their eyes opened
and see the evils of the system, as compared with which
the defects of the present system would hardly be a
circumstance. The crying necessity is that business
affairs should be relieved as far as possible from dis­
turbing Governmental and political influence. Proper
laws for the regulation of large combinations arc neces­
sary, but the power to decide whether the laws have
been violated should rest with the courts, who are not
amenable to political considerations, and not be dele­
gated to a bureau or official of the Executive Depart­
ment, who will always be tempted to pander to the
populace in order to retain office.
An acceptable Democratic candidate will be one who
shall declare uncompromising adherence to Constitu­
tional standards and who will seek to remove any evils
that may have developed in connection with the con­
duct of large corporations without injecting Govern­
ment further into business and without making the
carrying on of business dependent upon political
favor or influence. Hie vast majority of the voters
in both parties would flock to the support of such a
candidate. The people of this country believe in
Live and Let Live. They are not extremists. They
are well satisfied with our institutions and with our
Constitution and form of government. The popular
discontent and the spirit of unrest, about which one
hears so much, exist mainly in the imagination of the
politicians, particularly those of the Roosevelt type,
who seek to promote discord in order to advance their
own selfish ends. AVe are sure that our voting popu­
lation will declare itself emphatically to that end if
given an opportunity so to do. This opportunity
will be denied them if a Roosevelt radical is opposed
by a Democratic radical hardly less objectionable.
The situation to-day is closely akin to that of six­
teen years ago, with this difference, that then the point
at issue was the maintenance of our monetary standard,
while to-day the issue is in effect the preservation of
the system of government established by the framers
of the Constitution with its carefully devised system
of checks and balances. In the period from 1873 to
1896 both the great political parties were all the time
coquetting with silver and both were afraid of doing
anything to displease the handful of silverites. Con­




1409

cession after concession was made to the silver inter­
ests, just as to-day each party is seeking to outbid the
other for the support of the extremists. But when the
silver issue was brought squarely before the people,
the vote went overwhelmingly against the blatant
silverites. AAfe believe that to-day it would go over­
whelmingly against the Roosevelt radicals if a clearcut contest should be provided between the opposing
candidates. To be called upon to choose between two
radicals would decide nothing and be conclusive of
nothing. On the other hand, were a sound Democrat
pitted against Mr. Roosevelt, we would quickly know
where the country stood. If Mr. Roosevelt should be
chosen anew, it would prove that radicalism was
dominant and triumphant in this country. Every­
one would then abide by the judgment and act ac­
cordingly. On the other hand, if success rested with
the moderates, that would mean an end to the turmoil
that has disturbed the country during the last dozen
years. Will not the business community undertake to
impress upon the Democrats what kind of a man is
needed and will not the Democrats be at once sensible
enough and patriotic enough to present such a man
for the suffrages of the people?
Mr. Robert L. Fryer, President of the Fidelity Trust
of Buffalo, has sent to Representative Pujo a polite
and firm refusal to furnish the information demanded
concerning the private business of the institution, and
his associates in the management sustain his position.
What is asked, he says, involves “ that the relations of
individuals and others with this company be laid bare
for your inspection.” He must decline to furnish the
information asked, “ or else I must recognize your au­
thority to ask for or demand it.” He cannot recognize
this, for the company is a State institution, chartered
by the State, examined by the State, responsible to the
State. It has nothing to conceal as to its financial con­
dition. It does a general banking business like other
trust companies, making loans, receiving deposits, act­
ing as guardian, accepting and executing private trusts,
and in all these matters we hold inviolate our fiduciary
relationship to our patrons in the same way that law­
yers are required to guard the secrets of their clients.”
There is not a person in this country who has a bank
account, however humble, and even in a savings bank,,
who does .not expect the institution to keep the trans­
action confidential. The custom is universally ob­
served, because it is founded on the feeling (still held)
notwithstanding the prevalent curiosity to pry intothe affairs of others), that every person’s private busi­
ness is his own concern. As to obeying this custom,
Mr. Fryer sums up in saying that “ were we to do other­
wise, we should have little business to transact, even
if we were worthy of it.”
Mr. Fryer throws into a strong light the temporarily
over slaughed question of State sovereignty. “ If
Congress (he says) has the right to compel banking
institutions to disclose relations with their patrons un­
der such circumstances, what single power now exer­
cised by the several States remains which cannot be
taken from them by the fiat of Congress?” Certainly
this question is unanswerable. The Fidelity Trust is
a State institution, having nothing to do with the Na­
tional Banking Act. Now, says Mr. Fryer, “ if Con­
gress has the power to inquire into the relations of a
State bank or trust company with its patrons, it has
the same power to invade the States and compel dis­
closure of private transactions carried on by citizens
wholly within a sovereign State.”

1410

THE CHRONICLE

Speaking as a Democrat, and a hopeful and ex­
pectant one, Mr. Fryer devotes the remainder of his
letter to a vigorous protest against the folly of attempt­
ing to equal or outdo the centralization and radicalism
of the Republicans. The “ New Nationalism,” which
Mr. Roosevelt proclaimed at Ossawatomie, startled
the country. The “ Charter of Democracy,” which he
proclaimed at Columbus, startled it anew. If the
voting majority are now reconciled to this and ready
to adopt it as the happy solution of all problems, Mr.
Roosevelt himself is the man, and it will be impossible
to elect any other. If the sober thought of the country
has not expressed itself in the primaries, and is seeking
relief, the Democrats have their long-awaited oppor­
tunity, for if the country does not want Rooseveltism
with Roosevelt, it wants not only a different person but
a different course.
This is the tenor of Mr. Fryer’s manly and spirited
protest against the political folly of attempting to
outdo what is now proclaimed as the full blossoming
of the rule of the common people. Naming a sound
Democrat, on a sane and Constitutional platform,
would offer alternative and escape. If the Baltimore
convention is a thinking body, instead of a mere
mouthpiece or a mob, to be swayed by shouting, it
will discover the direction in which it is capable of
rendering a national service and of perhaps regaining
the power that it has not had in half a century, except
in two terms under one man.
The annual meeting of the National Association of
Manufacturers in this city this week considered the
menace of labor unions (of which the members have
had ample experience), industrial education, the cur­
rent movement towards what is miscalled “ compen­
sation” for industrial accidents, the various preven­
tive devices already existing (including a graphic pre­
sentation by moving pictures), and other topics. But
a further step was indicated. Paraphrasing Lincoln,
President Kirby declared that no country can exist
half free and half throttled by unionism. The soberminded part of the population, he said, should unite
in one party whose chief purpose should be the preser­
vation of the Government that has served us so well.
A house divided against itself cannot stand, and it
neither of the present parties will rise with a platform
free from demagogueism, “ then a new party will be
forced upon the country whose platform will be the
preservation "of the Constitution as it stands and the
principles which Lincoln gave his life to preserve.”
The final reliance has always been on the sober
thought of the common people, the only possible guar­
anty for a democratic government, that is, a repre­
sentative one. This has never failed hitherto, and the
encouraging assumption is that it will not fail. But it
must have means of expression offered to it, or it must
arouse itself and make such means. It is suggestive
when a body of manufacturers, coming together to
discuss business conditions, listen with apparent ap­
proval, although without formal indorsement, to a
challenge to rally for preservation against tearing down.
A large Chicago corporation which is engaged in a
mail-order business has given a million to the Crop
Committee of the Council of Grain Exchanges, to be
expended by installments in furtherance of the plans
of that organization for agricultural development.
The primary purpose of this committee is “ to work
through the grain trade and kindred organizations to
obtain a larger yield of better grain,” the chief instru­




[VOL. L X X X X IV .

mentalities being publicity, co-operation and educa­
tion. The motive is not altruism; it is the same en­
lightened selfishness which has been moving the rail­
roads that need more freight, the bankers that need
more business and (in an unorganized form) the whole
population, which needs food at lower cost. Each county
is expected to study the plans best adapted to meet its
own local conditions. A trained agriculturist is to
be supplied to each county, “ in connection with the
United States Bureau of Farm Management, the State
agricultural colleges, State commercial associations
and local commercial clubs.”
At the recent meeting (already mentioned) of the
Executive Council of the American Bankers’ Associa­
tion, it was said that only a small percentage of those
who are tilling the soil have any knowledge except that
gained by personal, hard experience; the vast majority
attack the soil with no education but that gained at the
“ little red school house” of the crossroads. The
bankers of the Northwest, at least, seem really deter­
mined to change this, and a St. Paul daily says that
the time is near when the young man who is thinking
about active life will view a course in agriculture as
seriously as he would a course in law, medicine or en
gineering; now that farming is entering the list of
sciences, it says, the practice of this science will enter
the list of professions, becoming more “ classy” than
it has yet been, and with another attractiveness, be­
cause it will be remunerative. The agricultural
schools cannot now turn out enough scientific farmers
to meet the demand at an average salary of SI,500 to
start with, and the reports from Wisconsin are that
the average earning capacity in the first year is SI, 180,
while offers to those who are not through with their
course range from$600 to S3,000. This same journal de­
clares that not only are so many needed as agricultural
teachers, but “ there are so many residents of cities who
have farms, either as playthings or as summer homes,
for which they need skilled management,” that the
route to a good-paying position is quicker and surer
through an agricultural course than through law, medi­
cine or even engineering or chemistry.
Earth is so kindly in Australia, said Douglas Jerrold
long ago, “ that if you tickle her with a hoe she laughs
with a harvest.” In our country, the soil has been
“ tickled” by treatment which has been partly slothful
but mainly ignorant, because unstudied. People have
ceased to deride the “ scientific” farmer, and are fast
recognizing him as the only successful one. Pressed
by a demand which is beyond supply and increasing
faster than supply, agriculture must soon take on new
methods, which will enlarge its rewards and attrac­
tiveness.
A renewed demand by German bankers for American
funds is attracting active attention in banking circles
at this centre. This demand has become quite insist­
ent and rates offered have been in instances as high as
5M % for sixty-day loans. This does not include
a guaranty to the lenders against losses in the foreignexchange operations attending repayment; and as at
this season a sixty-day maturity is rather an uncertain
prospect so far as the foreign exchanges are concerned,
a 5 % % rate is n° f as attractive as it might appear on
a superficial examination. Ia fact, a number of loans
have been negotiated on a 4 ^ % basis where exchange
has been guaranteed. The high rate , therefore, is
more significant as an indication of the necessities of
the German market than of any particularly profitable
banking operation on this side. The sixty-day loans

May 25 1912 .j

THE CHRONICLE

will, of course, carry well into the new quarter-year,
and will thus tend to alleviate the strain that is confi­
dently expected to appear at the end of June.
The trouble in Germany is that the country has been
going ahead too fast on borrowed capital. Irade and
industry have been expanding on a sensational scale,
and a position has been reached where adjustment to
a more conservative basis seems imperative. At the
time war with England seemed so imminent, last year,
the Kaiser, as we showed in these columns a few months
ago, called a conference of executives of leading banks,
including the President of the Reichsbank. He asked
them the direct question whether, in the event of war
with a nation of the first class, German banks would be
able to finance such a war. On being answered in the
negative, he is reported to have made the curt reply,
“ I expect a different answer the next time I ask that
question.” This incident is worth repeating, since it
marked the beginning of a determined attempt by the
Reichsbank to force as a definite policy a steady
strengthening of German banking reserves. Unfor­
tunately, the progress has been comparatively slight.
In the first place, French bankers have shown little
disposition to return the vast sums they withdrew
from Germany at the time of the Moroccan crisis, and
the problem that has been presented to German bank­
ers , therefore, has been the doubly difficult one of
strengthening the reserves at a time when the custom­
ary financial facilities to which German trade and in­
dustry try had become accustomed were withdrawn.
There can be no question that the results in Germany
last year would have been more than serious had it
not, fortunately for Germany, happened that dulness
in American national activities automatically released
a large amount of American funds that became availa­
ble at satisfactory rental rates for the German market.
It will also be recalled that 20% was quoted at the
close of 1911 in Berlin for loans to carry into the new
year— a figure that in Germany was significant almost
of panic conditions. Accompanying the current Ger­
man demand for funds is the news that President von
Gwinncr of the Deutsche Bank of Berlin has caused a
sensation in financial circles in Berlin by warnings of
severe financial trouble that will require much caution
to avert. The warnings were contained in a speech
delivered in the Prussian Upper Chamber, and have
been reenforced in other responsible circles. The big
joint-stock banks have thus far not been successful
in curbing excessive demands for credits nor in check­
ing wild speculation. German advices predict that
the bi-monthly returns of the big Berlin banks, which
will be issued at the end of this month, will reveal un­
satisfactory conditions, including a considerable in­
crease in the amount of money devoted to carrying
speculative stock commitments for their customers.
Monetary conditions in Britain, notwithstanding
the recent reduction in the official Bank rate, are not
over-comfortable. Private discounts in London are
virtually up to the Bank rate, being 2 15-1G@3% for
bills to arrive and 3% for spot bills. The renewal
of labor troubles may, to some extent, be re­
garded the source of at least a substantial part of
this firmness, while an equally potent cause is the
activity in commercial and manufacturing circles
which continues at full speed ahead regardless of the
increasing arrogance of labor.
France seems to be occupying a position of monetary
case among European countries peculiar to itself.
An indication of the enormous amounts available for
investment is contained in the subscriptions to the




1411

Parisian Municipal loan for 205,000,000 francs, which
was offered for public subscription on a 3.15% basis
on Tuesday last. These bonds, bearing 3% interest,
on par, were in denominations of 300 francs and
were offered at 285 francs. The issue was over­
subscribed seventy times in Paris alone and the entire
subscription was eighty-two times the total offering.
When we consider that the deposits of actual cash
or its equivalent that were necessary under the terms
of sale amounted to at least 8115,000,000 the resources
of the French market can be fairly well appreciated.
Paris cable advices suggest that the Bank of France
was induced last week to reduce its official discount to
3% from 33^% in order to create a favorable financial
atmosphere to encourage the success of the new loan.
Another evidence, if one is necessary, of the strength
of the financial situation in France is the fact that the
recent issue of 300,000,000 francs in bonds by the
Western State-owned railroad were oversubscribed
thirty-three times. This latter loan carried 4%
interest and the fact that the later loan was still more
successful, even though it had an income value of only
3.15%, is, of course, susceptible of explanation.
The proceeds of the municipal loan are to be devoted
to the extension of the Paris gas system and the form of
issue is one peculiarly attractive to Frenchmen. As
explained by press dispatches from Paris, the loan
possessed the allurement of a lottery with monthly
drawings. The premiums range from 500 to 200,000
francs, the total amount thus to be distributed up to
1923 being 1,490,000 francs. An additional feature is
that the issue gives a chance for investment to the
modest saver, as bonds were obtainable by the deposit
of 10 francs with subsequent 25 franc payment up to
1915. On the day of issue the bonds reached a
premium of 4 francs.
The German Reichstag on Wednesday May 22 ad­
journed until Nov. 29. The closing session was an ex­
ceedingly stormy one, due to an attack upon the Kai­
ser by Dr. Ledebour, the Socialist leader, as a result of
a speech at a banquet in Strasburg, in which the Kaiser
declared that he would incorporate Alsace-Lorraine into
Prussia. Chancellor von Bethmann-Hollweg excitedly
defended the Kaiser. Besides the Budget, the chief
legislation enacted at the session was the army and
navy bills. The army bill provides for an increase of
29,000 men, including officers and non-commissioned
officers, while the navy bill provides for an extra bat­
tle squadron, for which three additional battleships
and two cruisers are to be constructed before 1920.
The estimated additional annual cost is 824,250,000
this year, 831,750,000 next year and 828,500,000 yearly
thereafter. The navy bill also provides for an increase
of the personnel of the fleet from its present strength
of about 00,000 to about 80,000 officers and men.
The Reichstag adopted the two laws on condition that
it would grant the necessary funds upon the introduc­
tion by the Government of legislation providing for
some form of general property tax and its enactment
before Oct. 1 1916. Its second condition was that
the Government should re-introduce the inheritancetax bill, the rejection of which overthrew Chancellor
von Buclow, and which was one of the principal issues
at the last general election. The Secretary of the
Treasury announced that the Government accepted
the first condition, which was interpreted as demand­
ing some form of taxation of wealth or inheritance,
and would introduce a measure to that effect; but it
was unwilling to bind itself to the inheritance tax con­

1412

THE CHRONICLE

[Voii.

LXXXXIV.

templated in the second condition. The Reichstag
Mob rule is in full swing in Budapest, Severe dis­
nevertheless adopted the second condition by a vote turbances reflect a so-called labor protest at the
election of Count Tisza as|President of the’Lower House.
of 184 to 109.
The protest took the form of a general strike of workers,
The second visit of Viscount Haldane, British Secre­ which was ordered Thursday. Only about one third
tary for War, to Berlin seems to warrant the interpre­ of the workers obeyed this order, however, though
tation that underneath the surface the prospect of an it was estimated, according to cable advices, that
Anglo-German agreement upon restriction of arma­ 50,000 workers were marching through the city at­
ments is not as unfavorable as might be suggested by tacking men at work. All this took place at the
the passage of the German army and navy bills. In instigation of the Socialists, but on Thursday evening
addition, a distinctly favorable impression has been their leaders, recognizing that the strikers had gone
created in Berlin and London, according to cable too far, issued a proclamation to the men to stop
advices from those centres, by the publication in a rioting and to resume work on Friday morning. The
German review, “ Nord und Sud,” of articles by prom­ orders to return to work were not generally obeyed
inent Englishmen and Germans collected by Professor and yesterday police and regular troops had hard work
Stein, an advocate of an Anglo-German entente. The in handling the mobs, although reports last eveningmost significant article is that of A. J. Balfour, former indicated that order was being gradually restored.
British Premier, who analyzes in a perfectly calm
manner the reasons which make it difficult for Great
The Turco-Italian war is still dragging from the
Biitain to regard Germany’ s fleet-building as solely for military standpoint, but the international phase seems
defensive purposes. He disavowed his belief in the to be becoming more acute. Italy’s occupation of
statement that the bulk of the German people wish to the Turkish islands in the Aegean Sea, which Turkey
attack their neighbors. The danger lies, he says, in has answered by expelling Italians from the Empire,
the co-existence of Germany’s marvelous instrument is causing considerable unrest in political circles.
of warfare with the assiduous and almost organized Italy has now control of eleven Turkish islands in the
advocacy of a policy which it seems impossible to archipelago, and this, to quote the Paris “ Temps,”
reconcile with the peace of the world or the rights of means that Italy’s occupation of the archipelago
nations. “ For those who accept this policy German changes the whole political map, as the Eastern Med­
development means territorial expansion. All coun­ iterranean enters into the dominion of the Triple
tries which hinder, though only in self-defense, the Alliance. “ The turn of events, therefore,” says the
realization of this ideal are regarded as hostile, and “ Temps,” is distinctly against the interests of the
war, or a threat of war, is deemed a natural, fitting triple entente and chiefly against those of Russia, and
method whereby the ideal is itself to be accomplished. the time has arrived for the members of the triple
. . . Germany has taught Europe much and can entente to examine the situation seriously.”
teach her more. She can teach Europe that organized
Cables from Peking announce that revised estimates
military power can be used as effectually in the inter­
ests of peace as in those of war; that the appetite of of the Chinese budget for 1912 show a revenue of
domination belongs to an outworn phase of patriotism; §207,900,000 and an expenditure of §403,200,000.,
that the forbearance of civilization must be the joint including extra army expenditure of §22,400,000 and
work of many peoples, and that the task is not lightened §77,000,000 for provisional administration. Premier
by the tremendous burden of modern armaments. If Tang Shao-Yi has resigned in consequence of the vio­
she is prepared to lead on these lines, she will find the lent attack by the National Council on his handling
world prepared to follow; but if there are signs that of recent loans. The Cabinet is endeavoring to per­
her desires point to other objects, can it be surprising suade him to remain. No definite conclusion of the
that other countries will watch the steady growth of Six Nation loan has yet been announced.
her powers of aggression with undisguised alarm and
A race war that has started in Cuba has created con­
anxiously consider schemes for meeting what they have
ditions that may have grave consequences. Negroes
been driven to regard as a common danger?”
in many parts of Cuba are reported to be rising against
Labor troubles have broken out afresh and in violent the Government, and the situation was regarded suf­
form in England. At six o ’clock yesterday morning ficiently serious at Washington to justify the dispatch­
a strike of dock laborers was ordered in London, and ing of the United States naval transport Prairie from
a large number of ships, with a total tonnage in excess Philadelphia on Thursday night with GOO marines on
of 1,000,000 tons, many with perishable food cargoes, board for Guantanamo, where it will join the gunboats
are held up in the Thames. Representatives of dock Paducah and Nashville. There have been no serious
workers from every port in the United Kingdom were depredations committed on American property thus
present at a meeting of the labor federation on Thurs­ far, and the action by our Government is merely pre­
day, when a resolution was unanimously adopted to cautionary. It is evident, however, that information
stop work. The resolution, according to the Secretary of a substantial character must have been specific,
of the Federation, means “ the stoppage of work by else there would have been no important reason for
all transport workers of London,” and, if necessary, a the evident haste that has been shown. The American
national strike, he said, will be declared later. Should Minister at Havana, Arthur M. Beaupre, on Thursday
the strike become national, it is estimated that more called upon Senor Sanguily, the Cuban Secretary of
than 500,000 men will cease work and the question State, and explained that the action in sending the
of the food supply of Great Britain will again become naval vessels had been taken in the friendliest spirit
involved. The breaking out of labor troubles in such towards the Cuban Government, and was not in­
an acute form after the recent settlement of the coal tended in any way as intervention. Since the present
strike has been the source of much discouragement to troubles began American interests in the vicinity of
the London market for securities.
Guantanamo and Santiago have been making repre­
sentations to the State Department of the dangers to




May 25 1912,j

THE CHRONICLE

their lives arid property, and more recently have been
urging the State Department to procure adequate pro­
tection for them. The chief trouble appears to be con­
fined to the Provinces of Santa Clara and Oriente. The
leader of the revolutionary forces is General Estenoz,
who was arrested a short time ago for a minor offense
in Havana and forfeited his bail and subsequently
began operations against the Government in Santiago.
He is fighting, he declares, for the repeal of the Morua
law which was passed in 1909, and which forbids the
organization of parties on racial lines. The negroes
are arguing that they made up 85% of Cuba’ s revo­
lutionary armies, and they demand a commensurate
share in the list of office holders. This is the second
attempt of General Estenoz since the law was enacted,
the first being immediately after the enactment, when
he was jailed for conspiracy. The main purpose of
the negroes, according to reports from Havana, is to
force intervention by the United States, and Colonel
Armenteros, one of their leaders, announces he will
continue to destroy foreign property. This was the
threat of the revolutionists in 1906 which- caused the
foreign protests to the United States and precipitated
the American intervention.
Latest advices from Mexico seem to indicate the
early collapse of the revolution. General Pascual
Orozco, the revolutionary leader, is reported to be in
full retreat toward the northern border, having been
defeated in a number of severe engagements since his
advance column was turned back at Peronal (near
Torreon) about a fortnight ago. A dispatch via El
Paso states that General Orozco has been wounded.
This report has not been definitely confirmed. Advices
received by our State Department state that the Federals have demoralized the main force of the rebels under
General Orozco to a greater extent than has been sup­
posed hitherto. The rebel force is so scattered that the
Federals are finding it difficult to locate the revo­
lutionary army. An incident that has an inter­
national importance as an indication of Mexico’s
attitude is the payment by Mexico to the German
Government of 8100,000 indemnity to survivors and
children of four Germans killed at the Covadonga
factory in Puebla, Mexico, during a riotous outbreak
last July. Julius Kruttschnitt, Vice-President and
Director of Maintenance and Operation of the Harriman lines, in an interview this week, said that it was
impossible to estimate the damage done by revolu­
tionists to the Southern Pacific lines in Mexico, though
more wooden bridges and trestles have suffered than
steel and concrete structures. Because of the damage
done on the line from San Bias to Tepic, a distance
of about 480 miles, it has been decided for the present
to abandon operations there.
The movement of aliens, both immigrant and non­
immigrant, into the United States continues upon a
comparatively restricted scale in 1912; for, while
according to the latest official statement (that for
March) and to unofficial figures for April and May,
last year’s inflow is being slightly exceeded, there is a
noticeable decline from 1910 or 1909. Departures of
steerage passengers thus far in 1912, moreover, have
been more numerous than usual, and consequently
the gain in foreign-born population is moderate as
contrasted with recent years. As to nationalities of
the arriving aliens in the current calendar year, a
falling off in Italians is observable from 1911, and the
same is true of Hebrews, English, &c., Dutch and
Scandinavians. Poles, on the other hand, have come




1413

in much greater number, and a more or less marked
increase in the arrivals of Bulgarians, Croatians,
Ruthenians and Slovaks is to be noted. Altogether
aliens to the number of 110,948 were admitted through
the various ports of the country in March 1912, against
96,917 in the month a year ago and 152,020 in 1910,
with the three months’ influx 212,669 and 192,017
and 275,564, respectively. For the nine months of
the fiscal year 1911-12 (July 1 to March 31), the inflow
reached 649,262, against 721,396 in 1910-11 and
779,507 in 1909-10. Against these 9 months’ arrivals
in 1911-12 there were departures of 471,907, against
only 371,610 in 1910-11 and 264,673 in 1909-10, so
that the gain in population through the alien movement
thus far in the current fiscal year reaches but 177,355,
as contrasted with 349,786 in 1910-11 and 514,834
two years ago.
It is to be noted in connection with the above that
considerable public opposition to the immigration
bill, passed by the Senate April 19, has developed
latterly. At a hearing before the House Committee
on Immigration on May 7 the bill was generally con­
demned by representatives of charitable organizations
and steamship companies, especial antagonism being
shown toward the imposition of a literacy test. As
a result of the opposition, the committee voted on
May 21 to lay the bill on the table, and in the opinion
of various Representatives this will serve to consid­
erably delay the passage of an effective law to restrict
immigration. On the other hand, there is a feeling
that it were better to do nothing than to pass a measure
so drastic and radical as the one in question.

Private foreign discounts, with the exception of
Paris, again register a steady demand for banking
accommodation. At London, according to yester­
day’s cable advices, the range was 2 15-16@ 3 % for
bills, long and short, to arrive, while spot bills were
quoted at 3% —the official Bank of England rate.
A week ago 2 % % was the current rate for bills of
all maturities, spot and to arrive. The market,
according to the weekly statement of the Bank
of England, was a borrower of £1,188,000, oneparticular demand during the week having been
the necessity of raising funds to pay for the £ 3 ,­
000,000 treasury bills on May 21. In addition
to the borrowings there was some evidence of liqui­
dation of high-grade securities in order to raise
funds to complete recent underwritings, consols
closing at a further loss of % % for the week, after
a net reduction of 7-16% last week. In addition to
the selling of investment securities, there was active
liquidation of speculative stocks, especially of Mar­
coni Wireless shares, in which there had been exceed­
ingly wild trading since the prominence into which
the wreck of the Titanic brought the securities. An
additional failure was reported on the London market
this week, and, it is feared that there will be others
at the next settlement. In Paris the closing private
discount rate yesterday was 2^|% for all maturi­
ties, which compares with last week’s closing quo­
tations of 2 % % for spot bills of all maturities and
2 % % for bills to arrive. In Berlin the rate at the
close was 4% for all maturities, comparing with
4K @ 4M % a week ago. Brussels closed at 3 % %
for spot and to arrive bills, which is an advance of % %
for spot bills. Amsterdam remains unchanged at
3 % % . The official bank rates at the centres named
are: London, 3% ; Paris, 3% ; Berlin, 5% ; Brussels,
4/4j%> and Amsterdam, 4% .

1414

THE CHRONICLE

The weekly statement of the Bank of England,
which was published on Thursday, was not quite as
attractive as has recently been the rule. As usual,
the Bank bought the greater part of the offerings of
Cape gold in the open market on Monday, which
amounted to £800,000. Of this amount India took
its customary weekly quota of £200,000, besides tak­
ing quite freely from Australia. The Bank, there­
fore, purchased £600,000 of the total, and in addition
bought fairly substantial amounts over the counter
almost daily. Nevertheless, the increase in the gold
coin and bullion holdings, according to the dispatch
of our special correspondent, amounted to only
£204,388. This increase, however, is sufficient to
bring the total bullion holdings above the coveted
£40,000,000 mark, the total now held amounting to
£40,036,726, which compares with £38,331,578 at
this date last year and £38,666,514 in 1910. Public
deposits naturally reflected the payment for the new
treasury bills, expanding £3,683,000. Private de­
posits were reduced £2,400,000, the increase in loans
and the decrease in private deposits just about off­
setting the Treasury operations. The proportion of
reserve to liabilities is now 51.33%, comparing with
52.30% last week and 51.76% at this date last year.
On Thursday £200,000 was taken for shipment to
Turkey. Our special correspondent furnishes the
following details of the gold movements into and out
of the Bank for the Bank week: Imports, £485,000
(of which £17,000 from France and £468,000 bought
in the open market); exports, £270,000 (of which
£200,000 to Turkey, £20,000 to Java and £50,000
German coin sold), and shipments of £11,000 net to
the interior of Great Britain.

[VOL. L X X X XIV .

acute political unsettlement, slight disposition is
being evinced to undertake new commitments on an
extensive scale, and, therefore, the demand for fixed
maturities and the offerings of commercial paper are
both quite negligible. The demand that has de­
veloped from German borrowers, to which reference
has already been made in another column, is the only
new feature. This has contributed a degree of
firmness that is more noticeable among lenders than
was the case a week ago. Meanwhile, the volume
of speculation on the Stock Exchange has become so
restricted that the demands on the banks from this
source are also of unimportant proportions. No
estimate is yet available of the amount of funds that
has been loaned to Berlin and it is more than likely
that they have in part been drawn from balances that
were being carried by New York bankers in Lon­
don.
At any rate, sterling exchange has ruled
quite firm throughout the week and as we have
now reached the active period of the tourist season,
there seems less encouragement for reliance upon our
ability to draw home our funds from abroad in the
event of the local market requirements becoming
at all urgent. However, the prospects of such a
desirable development are unfortunately not over­
bright, as it is not likely that either trade or industry
will materially expand under its present handicaps
while offerings of new securities likewise promise to
be restricted until the political situation assumes
a more definite form.
Call money during the week has ruled between 2)^
and 3% . The latter rate has been quoted as the
maximum for each day until Friday, when 2 % % was
the highest, while the minimum has varied. Thus,
on Monday the minimum was 2)-<>%, on Tuesday 2}4%>
on Wednesday 2)^% again, on Thursday 2 % % and
on Friday 2j/£%. The ruling rate on Monday was
2 % % , but during the remainder of the week it re­
mained unchanged at 2% % .
Time money, as we have intimated, has not appre­
ciably changed, rates being largely a question of
negotiation so far as small fractional advantages are
concerned.
Quotations at the close are 3% for
sixty days, 3@ 3*4% for ninety days, 3 )4 @ 3 ^ % for
four and five months and 3j^ % for six months.
The offerings of mercantile paper are comparatively
light and, as was the case last week, the minimum
and not the maximum rate in the discount quotations
more accurately represent the market. The formal
quotations are 4 to 4 A
X % for sixty and ninety days’
endorsed bills receivable and also for four to six
months’ single-name bills of choice character; others
are still quoted at 5% .

The weekly statement of the Bank of France showed
the abnormal increase of 360,800,000 francs in general
deposits, which undoubtedly has direct connection
with the new municipal loan which was formally
offered for subscription on Tuesday. This loan was
so heavily subscribed that, although the total offered
was only 205,000,000 francs, the preliminary formal
deposits to guarantee the responsibility of the bids
exceeded 575,000,000 francs. The same explanation
will probably suffice for the increase of 143,575,000
francs in discounts, as the market was called upon
to furnish accommodation for subscribers to the loan.
The Bank’s gold holdings expanded 17,025,000 francs,
bringing the total up to 3,258,250,000 francs, com­
paring with 3,213,350,000 francs one year ago and
3.415.975.000 francs in 1910. The silver holdings in­
creased 1,650,000 francs. Circulation was reduced
54.750.000 francs and treasury deposits increased
26.200.000 francs.
The weekly statement of the Imperial Bank of
Sterling exchange has remained firm all week, which
Germany was issued last Saturday. It registered an
increase of 28,134,000 marks in gold and of 47,043,000 is not unnatural in view of the firmness of money in
marks in gold and silver combined. Notes in circula­ London and in most of the Continental centres. The
tion were reduced by 87,496,000 marks, treasury bills tourist season is now in full swing and is requiring
by 21,000 marks and discounts by 56,878,000 marks. active remittances, while the demand for American
Deposits were expanded 94,109,000 marks and loans funds that has once more developed in Berlin is also
743.000 marks. The gold and silver holdings of theindirectly a factor in the market’s strength. It is un­
Imperial Bank are now 1,289,702,000 marks, com­ derstood that the recent offering abroad of Bethlehem
paring with 1,167,860,000 marks one year ago and Steel bonds was entirely successful. These bonds
1.183.160.000 marks in 1910. Loans and discounts were offered both in London and Amsterdam, but the
aggregate 1,100,301,000 marks, against 1,029,980,000 foreign subscriptions exercised no appreciably de­
marks one year ago and 914,040,000 marks in 1910.
pressing influence on sterling quotations. Checks on
London in Paris closed at 25 francs 24 *4 centimes, which
In the local money situation there is no appreciable compares with 25 francs 22 centimes a week ago, show­
change. As is quite natural during the current ing a tendency from Paris to London, while checks on




May 25 1912,j

THE CHRONICLE

London in Berlin closed unchanged for the week at
20 marks 4G pfennigs. This rate is in favor of Berlin.
Compared with Friday of last week, sterling ex­
change on Saturday was firmer for demand and cable
transfers, which were quoted at 4 8705@4 8710 and
4 8730@4 8735, respectively; sixty days was unchanged
at 4 8425 @ 4 8435. On Monday rates moved up on
inquiry for remittance against sales of stocks by Lon­
don, and demand advanced to 4 8710@4 8715, cable
transfers to 4 8740 @ 4 8745 and sixty days to 4 8440 @
4 8450. There was a further advance on Tuesday on
German borrowing in this market and firmer English
discounts; rates went up about 10 points during the
forenoon, but later receded slightly, the final range
being 4 8715@4 8720 for demand and 4 8745@4 8750
for cable transfers; sixty days ruled unchanged. On
Wednesday, after a firm opening, the market reacted
on dull trading and an easier tendency in London dis­
counts, and closed practically unchanged for the day at
4 8715@4 8720 for demand and 4 8750@4 8755 for
cable transfers; sixty days advanced to 4 8450 @ 4 8460
Sterling moved irregularly on Tuesday; early weakness
was followed by a slight rally on continued borrowing
by Germany, and the British labor troubles; the close
was firm, with demand about 5 points higher at 4 8720
@ 4 8725 and cable transfers at 4 8755 @ 4 8760; sixty
days showed no change. On Friday the market con
tinued firm, advancing about 5 points early in the day
and then reacting, and closing at an advance of 5 points
for sixty days and at a decline of 5 points for demand
and cable transfers. Closing quotations were 4 8450@
4 8460 for sixty days, 4 8715@4 8720 for demand and
4 8750@4 8755 for cable transfers. Commercial on
banks closed at 4 83 @ 4 84 and documents for payment
4 83 % @ 4 84% . Cotton for payment ranged from
4 84% @ 4 84%; grain for payment from 4 8 4% @ 4 85.

1415

THE GOVERNMENT AND “ COFFEE
VALORIZATION.”
The latest move by our Department of Justice in
the application of the Anti-Trust law is one of peculiar
interest. Last Saturday the Government filed suit*
against the agents of the much-discussed “ coffee val­
orization plan,” undertaken by an international syn­
dicate under the auspices of the Brazilian Government,,
and continued from 1906 up to the present time.
The stated grounds of the Government suit are that
the syndicate has been holding off of the American
market great amounts of coffee bought from Brazilian
producers, and has been re-selling such holdings only
at an arbitrary fixed price. In the complaint there is
set forth the sufficiently well-known contract between
the Brazilian Government and the syndicate, first
drawn up in July 1906, providing minimum prices1
the sales ol the syndicate coffee equivalent to between14 and 15 cents a pound, whereas the price in the tw o’
preceding seasons had ranged from 7% to 8% cents. The •
expenses of this forestalling operation were to be m et
thiough a 875,000,000 loan, issued by the Brazilian
btate of Sao Paulo, and subsequently guaranteed b }7
the Brazilian Federal Government. This loan was
raised in Europe on the collateral of the coffee itself,,
but also with the pledge of the proceeds of a so-called
“ surtax’ imposed by the Brazilian Government on
exports of coffee in excess of a certain arbitrary figure.
The Government reviews at some length the actual
operations of this syndicate. It finds that they had
bought 8,146,123 bags of coffee up to the end of 1907r
and that the total of purchases had been subseqently
raised to 10,868,266. Up to September 1909 the
syndicate had sold only 3,781,894 bags, leaving.
7,086,372 for future disposal. Sales made since 1909
are stated to have left four to five million bags in the
The following gives the week’s movement of money
hands of the syndicate, of which 950,000 bags are
stored in the United States. On April 1 1911 the
Received by
Shipped by
Net Interior
syndicate publicly announced that no further sales
Week ending May 24 1912.
N. Y. Banks. N. Y . Banks.
Movement. '
of its coffee holdings would be made that year. Last
Currency___ _____ ______ . . .
S13,496,000
S4,353.000 Gain S9,143,000
Gold .................... ..............
3,478,000
947,000 Gain 2,531,000 January, when 400,000 bags had been sold at 15 cents,
Total gold and legal tenders____
$10,974,000
S5,300,000 Gain SI 1,674,000 a similar announcement was made regarding 1912.
Pending this operation, the price of Bio coffee at
With the Sub-Treasury operations the result is as
New York has risen from something like 7% cents a
follows.
pound to about 14%. Laying stress on this advance
Into
Oat of
Net Change in
Week ending May 24 1912.
Banks.
Banks.
Bank Holdings.
of nearly 100% in price, the Department of Justice
Banks' Interior movement, as above. S16,974,000
$5,300,000 Gain SI 1,074,000 contends that the American operations of the syn­
Sub-Treasury operations..............
24,300,000
27,500,000 Loss 3,200,000
The fact that
Total gold and legal tenders______ $41,274,000 S32,800,000 Gain S8,474,000 dicate violated the Anti-Trust law.
these actions “ were not unlawful in Brazil and were
_ The following table indicates the amount of bullion participated in by a foreign State” cannot, the Attor­
in the principal European bank.
ney-General argues, make them lawful in the United
May 23 1912.
May 25 1911.
States. The acts committed by the defendants in
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
this country must be judged entirely by the laws o f
£
£
£
£
£
the country in which they were committed. There­
England.. 40,030,720
40,036,726 38.331.57J
38,331,578
Franco .. 130,330,520 32,500,520 102,891,040 129.605.28C
103,709,440 fore the Attorney-General’s petition asks that the
Germany. 45.950.000 17.345.000 03,295,000 ■15.008.85C 34,104,160
01,407,500
Russia a. 149,019,000 7.804.000 157.423.000 114,847.000 10,398,050
Aus.-IIunb 52.722.000 12.756.000 05.478.000 55.587.000 7.770.000 152,017,000 valorization plan, to the extent that it has been ap­
13.020.000 08.013.000
Spain___ 17.024.000 31.130.000 48.154.000 10.535.000 31.098.000
47.033.000 plied in our own inter-State or foreign commerce be
Italy i l..- 42.314.000 3.700.000 40.014.000 39.770.000
Netn’lands 12.187.000 1,035,400 13,222,400 11.482.000 3.557.000 43.333.000
Nat.Belg.d 0,634,000 3.317.000 9.951.000 0,874,007 2,213,900 13,095,900 declared illegal; that the syndicate be enjoined from
3,437,333 10.312.000
Sweden ..
4.793.000
4.793.000 4,000,000
4,000,000 further holding its stock of coffee off the market, and
Swltzerl’d
0,445,000
6.445.000 0,188,300
0,188,300
2.132.000
Norway.
2.132.000 2.023,000
..............
2,023,000 that the courts appoint a receiver to take charge of
Total week 510,187,840 109,047,920 019,835,700
111,005,043 012,049,718
507,000,318
107,076,170 014,082,488 490.717,200 110,247,397 G00,9G4,597 its coffee holdings.
I’ rev. week
A number of highly interesting questions are in­
a Tlio total ot gold In the Bank ol Russia Includes the balance held abroad —
that Is the amount held for Russian account in other Continental banks
The
volved in the suit thus initiated. First will arise the
proportion so held, and consequently duplicated In the above statement is shout
one-eighth of the total this year, against about one-seventh a year ago'
1
question whether the price has been arbitrarily raised
b The Austro-Hungarian Bank statement Is now Issued In Kronen and Heller
Instead of Gulden and Krcutzer. The reduction of the former currency to sterling
by the syndicate’s operations. Members of the syn­
Pounds was by considering the Gulden to havo the value of 80 cents
As the
Kronen has really no greater value than 20 cents, our cable correspondent In Lon­
don, in order to reduce Kronen to Pounds, has altered the basis of con v ersion hv
dicate have denied that this is so. But such raising
dividing the amount of Kronen by 24 Instead of 20.
conversion uy
d The division between gold and silver given in our table of coin and bullion In
of the price was avowedly the intent of the valorization
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain; It Is not claimed to be accurate, as the banks make no distinction in their
plan, and it must, therefore, in the main, be accepted
weekly returns, merely reporting the total gold and silver; but wo believe the
division wo make is a close approximation.
as a result of that plan. Yet it would not be wholly




1416

THE CHRONICLE

fair to ascribe to the syndicate’s operations all of the
rise in price, because the heavy Brazil tax on coffee
exports in excess of a certain figure would naturally
tend to check the export movement, while it is also
true that the world’s crop of coffee since 1906 has not
increased, and has in fact fallen considerably below
the average yield of several preceding years. In gen­
eral, however, the facts are unmistakable that an im­
portant market is artificially controlled through bor­
rowed money, not ostensibly for a speculative profit,
but avowedly to prevent such decline in price as would
be natural if an unusually large crop is raised.
This part of the situation has three aspects— the
economic aspect, which applies to the field of in­
dustrial production generally; the financial aspect,
in its relation to the fiscal operations of the Brazilian
States; the social and legal aspect, as applied to the
interests of the consumer, especially in America.
Our own opinion has been from the start that the
valorization plan was economically unsound, repre­
senting, as it does, an arbitrary and unnatural inter­
ference with the course of industry. To what lengths
such interference, once begun, might logically lead
people or governments that had adopted such a plan
of regulating industry, may be judged from the fact
that the Brazilian Legislature of 1909 favored and
very nearly passed a law providing for actual de­
struction by the Government of coffee produced in a
given year in excess of a stipulated amount. This
proposal was withdrawn in 1910; yet it is difficult to
see that it was not a natural consequence of the
general proposition. Financially, the valorization
plan has enjoyed unexpected success in the five or
six years during which it has been in operation. For
this there have been a number of special reasons,
not least of which was the fact that enormous supplies
of capital were readily available on the money markets
of the world for any purpose where the security was
high. Yet the burden on Brazilian finances is un­
doubtedly very heavy, not less so when the revenue
from the surtax, which is relied on largely to meet the
interest burden, is obtainable in quantity only when
the Brazil coffee crop is large and when, therefore,
the ultimate purpose of the valorization plan will have
been defeated. This part of the general question has
not yet had its complete and final test.
It is, however, the legal aspect of the plan which
alone concerns our Government. We have set forth
already the contentions and petitions of the Depart­
ment of Justice in regard to the valorization plan.
They appear on their face to make out a plausible
case for restraint of trade. But there are other
aspects of the matter which do not appear in the
Government’s formal brief. One of them is the
question, whether anything would be accom­
plished for the consuming community, even supposing
the Government’ s proposition to be carried out.
At present, 950,000 bags of coffee are stored in the
United States; but four or five times as much is
stored- in foreign markets, and it is not clearly appar­
ent that the syndicate’s undertaking would be in any
way hindered or embarrassed if all its coffee were to
be stored in Europe, and if all its sales were made on
the European markets.
But beyond even this consideration, there remains
the question of the attitude of Brazil. That the
action of that State, in attempting to force an artificial
market on the foreign consumer of its coffee and to
do so through operations on those foreign markets
themselves, was a most obnoxious Governmental




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

policy, does not alter the diplomatic position of the
case. Nor can that aspect of the problem be im­
proved by insisting that the real solution of the
Brazilian problem is to encourage diversification
of its crops. The gist of the matter is, that the
Brazilian Government is, to all intents and purposes,
a defendant in this suit, though, of course, not formally
mentioned in the Government’s petition. Yet no
official cognizance of this relation of the Brazilian
Government to the litigation has in any respect been
taken. Indeed, it could not have been taken save
through the State Department, and it is somewhat
difficult to see how the matter could have been
approached, even there.
Whether, therefore, our Government’ s suit will be
taken by Brazil as a deliberate unfriendly measure
by a neighboring government, is an interesting
question. It is not easy to see how Brazil, which
undoubtedly has had its heart in the valorization
project, is likely to look on the matter in any other
way. Mr. Herman Sielcken, the American member
of the valorization syndicate, when testifying on this
same matter a week ago, before the Pujo Committee
at Washington, questioned the whole propriety of our
Government’ s “ going into Brazil’ s affairs.” As to
the legal propriety of such action, there is a good deal
to say on both sides. But the political side of the
matter has unusual aspects, which might easily become
embarassing at a time when our relations with the
Latin-American States to the South of us are in a
more or less delicate position. Perhaps it would have
been wise for the Government to have counted the
cost more carefully in advance of its petition to the
courts, and to have assured itself of what would
actually be gained if the suit were to succeed.
A N INSTRUCTIVE TRADE LESSON FROM
.
THE PAST.
There is an interesting bit of history which has value
to-day in the uncertainty which hangs over the imme­
diate future of China and large parts of Asia and Tur­
key, and in view of the sharp contest which is goingon with reference to the partition of Africa, as well as
the new interest awakening in the possibilities of
South America. History has been, hitherto, chiefly
the story of conquering nations and of great military
captains. The destiny of the world has lain largely in
their hands. But new forces have now come into
play, and to-day far larger scope than in the past is
given to little recognized but always existing forces
which have had less opportunity in the strife of the
kings and the captains who are now departing.
The merchant has been dependent upon the patron­
age and protection of the Crown. And where com­
merce has played an important part in the develop­
ment of the world, it has been cither a royal perquisite,
or has been carried on by great organizations which
have had the advantage of royal favor or State pro­
tection, like the British, Dutch and East India com­
panies, and the early Spanish and Portuguese adven­
tures. With the now established freedom of the sea,
with the growing recognition of the rights of neutrals,
and with the creation of international law and the in­
creased stability of the nations of the West, the indi­
vidual merchant has found his opportunity.
This fact has two important bearings. It shows
that there is no necessity for urging, as has lately been
done in Berlin, the development and maintenance of
a great navy, in order to guarantee protection to Ger­
man merchants in any part of the world. And, also,

May 25 19;2 ]

THE CHRONICLE

it shows how large a place definite commercial educa­
tion and intelligent enterprise have come to play in the
possibilities that are open before the individual busi­
ness man. As never before, the world is his field. And
with the development of the modern means of inter­
communication, the world has come home to him,
wherever he may dwell. He can not only send his
goods to the ends of the earth and find a profitable
market for them— if he knows what goods are wanted
at the ends of the earth, and can produce them in
satisfactory form and at satisfactory price— but he is
also awakening to know that unless he has this free
access to all markets, coupled with exact and intimate
knowledge of their wants, he cannot expect to build up
a business that shall be adequate to a proper ambition
or have hope of permanency. This fact is what lies
back of the new movement to supply commercial edu­
cation of a high character in all the leading commercial
cities.
Attention has been recently called to the place which
private enterprise occupied at the very opening of the
modern world, four centuries ago, by a brilliant address
delivered in Berlin by Rector Carl Dunker of the Handels-Hochschule. The immediate effect of the dis­
coveries of Columbus and the early Portuguese navi­
gators was to check the prosperity of the cities and
countries adjacent to the Eastern Mediterranean.
They saw their trade with the Levant beginning to
be turned around the Cape of Good Hope. Then it was
that the adventurous son of a Nuremburg tradesman,
named Martin Beheim, recognizing the coming failure
of the business of his native place, ventured by a new
route down the Rhine, through Antwerp, to Lisbon.
He sought to open a trade in astronomical instruments,
a specialty of the skilled workmen of Nuremburg.
He was himself a pupil of the great mathematician,
Johann Muller of Konigsberg, and was academically
educated. He was neither a sea rover nor an explorer.
But he took with him sufficient knowledge of astron­
omy to teach the Portuguese navigators how to use the
newly-devised quadrant, and gave them a new method
of reckoning, by the altitude of the Pole Star. This
not only opened the way for the world-wide explora­
tion which was to follow, but established a market
which was to be of immense importance to the towns
of Southern Germany. Their merchants discovered
that goods from the Orient which came direct by sea to
Lisbon were within their reach by water to Antwerp, up
the Rhine and down the Danube. In return, there
was a demand for the product of their mines, and man­
ufactures. Two merchant houses in Augsburg ven­
tured largely into the new business, and their story is
a suggestive one to-day.
Nearer the Mediterranean than their northern neigh­
bors, they were harder pressed by the shrinkage of
the Levantine trade, but they knew how to seize their
opportunity. They had had early connection through
Southern France and Genoa with the people beyond
the Pyrenees, especially with Saragossa and Valencia.
Since the Tyrolean pack-horse routes began to be
deserted, and spices poured in by way of Antwerp,
the “ Ancient and Honorable Merchants of the Imper­
ial City of Augsburg and all other cities of Germany,”
as they called themselves, turned toward the Scheldt,
where an equal chance for trade with the Portuguese
awaited them. The Welsers of Augsburg soon had
their representative in Lisbon, and he negotiated with
the Crown for them, the Fuggers and four other South
German firms, a share in the new trade. With three
ships and valuable cargoes, they participated in the




1417

Indian expedition of 1505. Their profit was 150%..
They called themselves the first Germans to seek the
Indies, and they participated, though with smaller
cargoes, in succeeding expeditions to the East. Un­
fortunately, the great profits of the business raised
far-reaching controversies with the Portuguese Ex­
chequer, which became so much the less friendly the
more the King, through his Indian business, came into
possession of sufficient capital of his own not to need
further alliance or aid from outside sources.
The old Indian sugar industry, which was formerly
carried by the Arab-Mohammedans in their victorious
march to the western borders of the Mediterranean,
Portugal now transplanted to the hitherto unknown
islands of the Atlantic, and united to it the labor of the
West African negroes. About 1510 the Welsers found
entrance to this sugar business of Portuguese Madeira
and the Spanish Canaries. When the “ Victoria,” the
only surviving ship of Magellan's expedition, returned
to Seville from her voyage around the world, her valua­
ble cargo of spices passed into the hands of the Welsers.
The contest was on between Spain and Portugal for
possession of the business and lands of the Far East.
The Augsburg merchants joined in the next expedition
under the lead of the Cabots, to make sure of a share
in the newly opening trade. Their compatriots, the
Fuggers, leased from the Spanish authorities the entire
west coast of South America from Peru to the Straits
of Magellan, with supreme dominion and monopoly
over all the islands of the Pacific within the same lati­
tude, because they saw that that region was to occupy
the same important position, as half-way house, to the
Indies of the west that the Cape of Good Hope did in
the route to the Indies of the East. The Fuggers,
however, were destined to defeat. Pizarro’s captains
swept down the coast from the north, pushing their
borders to the Aurecanian Indians of the south, where,
in the play of fate, in the nineteenth century, once
more German intelligence and persistency re-created
an oasis of trade in the dark forests of that region.
The Mexican Acapulco and not the Chilian harbor,
became the port of departure for the new trans-Pacific
business. Instead of the southwest passage, which
Magellan opened, and upon which the Fuggers had
staked their enterprise, the Northwest Passage became
the only one to be used by Spanish merchant vessels,
through the wastes of the Pacific to Manila and the
remoter Orient. Returning before the west winds, by
the same parallels, the Spaniards were the earliest
Europeans to take possession of the California coast.
To-day, from Japan to Singapore, the various forms
of Asiatic dollars carry evidence of their Mexican origin,
as Spanish names as far north as Alaska witness to the
long-forgotten route of that early traffic around the
world. The Fuggers, however, were able to hold
their ground in the alliance with the Spaniards until
1645, for among Spanish exportations quicksilver was
the most important, since, from the middle of the six­
teenth century, by the introduction of amalgamation
in the separating of the precious metals, it had become
indispensable, and could be had only in small quanti­
ties in America. By their working of the Almaden
mines, which they controlled, in a hundred years they
delivered not less than a quarter of a million zentners
(quintals) of the liquid metal to the Spanish Govern­
ment, at no small profit to themselves.
In their turn, the Welsers succeeded in establishing
themselves, by royal privilege, in 1525 in Seville, the
port that had the monopoly of the American business,
I and in San Domingo, the chief town of the New World.

1418

THE CHROiNICLE

[VO L. L X X X X IV .

In 1528 the partners of their firm, Heinrich Ehinger and
Jerome Sailer, concluded the memorable contracts of
LOWER SAVINGS B A N K DIVIDENDS AND
Burgos, which secured to the Augsburg house the
THEIR EFFECTS.
monopoly of the West Indian slave trade for four years
The time is close at hand for the managers of our
and the great land concession of Coro, in Northwestern savings institutions to make another semi-annual
Venezuela, with the monopolies and rights that went declaration of dividends (or interest) on their deposits.
with it. For this the Wclsers paid 20,000 ducats, and Many institutions have already reduced dividends
in turn were obligated to build forts, to sow the land, from a basis of 4% per annum to W/2% , and it is a
and to bring over German miners as managers and su­ matter of deep interest how many more institutions
perintendents of the mines. For this great undertak­ will think it advisable or prudent to adopt the same
ing they acquired their own docks in the harbor of course. That others ought to reduce—that, in fact,
Seville. Their recruiting officers marched with drum they should all come down to a common basis of 3 j^ %
and fife through the city, and the Welser squadron led, (and some of the weaker ones even lower)— hardly
the same year, out of the Guadalquiver, a merchant admits ol dispute. Just what action, however, will be
fleet to take possession of American tropical territory taken must remain in doubt until the event. All the
for an Augsburg firm. The flag was Spanish, and managers are by no means amenable to the same
Spanish also the command,as far asSan Domingo. There considerations; questions of expediency and even a
the representative of the company, Ambrose Ehinger, feeling of jealousy often comes up to thwart judgment
took command,and landed in Coro Feb. 241529, a Welser and overrule the counsels of prudence.
Governor of the royal Spanish Province of Venezuela.
Why the trustees of the banks which still pay their
For several years Welser vessels carried over slaves, depositors 4% should hesitate to come down to a lower
provisions and horses, and brought back sugar and basis, in view of the advisability of such a course,
skins. Welser mining was conducted in Espanola and and in view of the experience of the banks that have
In Mexico. In Venezuela, Welser employees, as lead­ already gone to a 3>^% basis, is difficult to under­
ers ol desperate expeditions, pressed through unknown stand. Some of the banks are deluding themselves
forests and over mountains, to the so-called “ Eldo­ with the idea that the so-called surplus on “ investment
rado,” which later sealed the fate of Sir Walter Ra­ value ’ is as good as the surplus on market value.
leigh, and of which the gold-bearing territory at the If, however, they were called upon to realize upon any
close of the nineteenth century threw the governments ot their depreciated security holdings, they would
and the exchanges of England and America into dan­ quickly find out that there is a wide difference between
gerous excitement. The Welsers and their people the two. It is quite true that when a savings bank
were hated by the Spaniards, as aliens, and in San buys a security yielding a certain rate of interest, and
Domingo were openly despised by the natives, while such security is held until maturity of the issue, and
' for a time they were upheld in Spain by the Court and proper amortization allowances made in the interval,
the Indian Council. At ast, in 1540, they had to sur­ the bank comes out whole in the end, no matter what
render their establishments in San Domingo and decline in value may occur during the interval. Never­
Seville, and they sold their Mexican silver mines to the theless, where securities have depreciated in value
Kronburgers, a German-Spanish house in Seville. because similar or the same securities can now be
With German tenacity, they fought with arms and bought so as to yield a higher rate of return, the effect
in the courts for the possession of Coro. Their last of using investment value instead of market value is
representatives in Venezuela, Bartholomew Welser to postpone to the future allowance for a loss which
and Philip von Hutten, perished by the hand of a com­ has already been incurred. The loss is tangible and
mon assassin, and ten years later the Indian Council real. In the one case it is charged off at once; in the
declared that Venezuela had passed back to the Span­ other case it is extended over the life of the bonds.
ish Crown.
In any event market value furnishes the only true
Thus closed the sixteenth century story, but its basis for measuring the present status of the institu­
memory and the inspiration that come3 from it remain tions. Judged by that standard, the position of the
an abiding fact in German political and mercantile life. savings banks as a whole in this State does not warrant
It is used to-clay to kindle German ambition to the pos­ continuance of a 4% rate. Indeed, in the case of some
sibilities that, as never before, lie open to German of the separate institutions, continuance of the old
commerce, no less than to the German State. The rate might in time involve some hazard. As a result
argument drawn from it in Berlin, to justify the main­ of the reduction in interest rates by the institutions
tenance of a great German navy, seems to be unwar­ that have already taken that course, some improve­
ranted, but the appeal that it makes to the German ment in total surplus account has occurred within the
merchant and to the patriotic spirit of the German last twelve months; but not much more than is called
people, as the heroic story of the merchants of the for by the growth in deposits in the interval. The
past, is a power that will surely make itself felt in the aggregate of the surplus for all the savings banks of
open markets of the world.
the State on Jan. 1 1912 on the basis of “ investment”
It has its value, also, for the merchants of other value was 8160,997,929. The aggregate on the basis
lands, and should quicken their purpose, of which the of market values was only $116,272,555, showing a
Chamber of Commerce in New York is now taking difference between the two in amount of over 44)4}
cognizance, to furnish the younger men who are com­ million dollars.
ing to succeed them with those ambitions and that edu­
At $116,272,555 on market values, the surplus
cation which will move them to aspire to a notable Jan. 1 1912 compares with $107,156,492 on the same
place in the business of the world, and to make them basis Jan. I 1911, with $108,835,540 Jan. 1 1910 and
realize that modern business opens a career worthy of with $105,493,132 on Jan. 1 1909. These comparisons
the largest intelligence, and is capable of leading in the are interesting as showing that surplus account did
civilization of the world. It lies close to the challenge not improve at all (in the face of a large increase in
which the Monroe Doctrine to-day presents to the busi­ deposits) so long as the 4% rate was maintained, and
ness men of the United States.
has gained none too much since the banks holding t h




greater part of the deposits have cut their rates to
3% % . It should be noted, furthermore, that while
the surplus on market values now is $116,272,555, ten
years ago, on Jan. 1 1902, it was $116,754,992, and
eleven years ago, on Jan. 1 1901, it was $118,294,674.
Deposits eleven years ago, however, were only $947,­
129,638, whereas they are now $1,619,115,648. In
other words, with deposits larger by $672,000,000, the
surplus now is actually less.
Put in another form, the ratio of surplus to deposits
for the current year (after some improvement as
compared with twelve months ago) is only a little
over 7% , whereas on Jan. 1 1901 it was almost 1 2 ^ % .
If we went back twenty years, to Jan. 1 1892, we should
find that the ratio then was 14.84%, while in the
years immediately preceding it was still larger.
From the foregoing it is apparent that, whether we
deal with aggregate surplus by itself or surplus in
relation to the growing volume of deposits, prudence
in either case suggests caution about maintaining the
4% rate until surplus account shall have been very
appreciably reinforced. And why should there - be
any hesitation about abandoning the 4% rate, for a
time, when conditions so clearly warrant lowering
the dividend? Does the experience of he institutions
that have reduced afford any ground for hesitation?
Have the banks that have cut their rate suffered such
a frightful loss in deposits that the result should serve
as a warning to others not to follow in the same foot­
steps lest their experience be the same? We have had
the curiosity to examine and study the figures bear­
ing on this point, and the results are quite significant
in the striking evidence they afford that the banks
paying the lower rate have fared just about the same
as the others.
•
The basis for these remarks is the statements of the
savings banks for New York County. In the case of
the banks in Kings County there is as yet no material
for study. Several of the banks in that county are*
now on a 3 j^ % basis, but the reduction did not come
until after Jan. 1 1912, and hence it remains for the
future to show the effects. There is no reason, how­
ever, for thinking that the experience in this respect
of the institutions in Kings County will be any differ­
ent from that of the banks in New York County. The
results in this last instance must in any event be con­
sidered conclusive, inasmuch as deposits here form
considerably over half of those for the entire State.
In the following we have arranged the savings insti­
tutions of New York County in two groups, the first
containing the banks that are now down to the lower
basis and the second the banks that have not as yet
deviated from the 4% rate. We compare Jan. 1 1912
with Jan. 1 1909; the latter date, while only three
years ago, is far enough back to get a date before the
initiation of the movement for strengthening the re­
serves of the institutions.
B A N K S W H IC H H A V E R E D U C E D .

New York County—

Deposits
Jan. 1

Deposits
Jan. 1

1912.
$3,056,845
98,350,801
101,355 ,43 7
16,280,786
9,18 7 ,0 7 9
38,28 8 ,4 7 2
3 ,7 8 5 ,3 3 0
20 ,8 1 0 ,7 7 0
23 ,7 6 6 ,7 4 3
19,195,626
3 ,3 75,759
12,467,172
8,492,633
33 ,7 1 7 ,0 9 6
9,94 0 ,6 0 9
4,397,232
z 6 4 ,331,631
03,494,949

1909.
$2,29 2 ,8 9 8
9 2 ,5 1 2 ,9 9 7
104 ,458,924
14,627,690
5,43 8 ,5 5 0
3 4 .642,182
2.635,423
16,911,302
1 6 ,964,096
19,132,881
1,716,259
11,178,850
8 ,3 28,619
26,27 3 ,3 8 4
8,72 5 ,2 8 8
2 ,8 3 3 ,3 0 0
59,640,201
2 ,2 3 7 ,7 9 6

T o t a l _____________________ ...$ 4 7 4 ,2 9 4 ,9 7 3

$43 0,5 5 0 ,6 4 0

A m e r i c a n ------------------ --------- . . .
B a n k lo r S a v in g s -------------- . . .
B o w e r y _____________________ . . .
C itizen s’ ___________________ . . .
D ollar S a v in g s -------------------- . . .
D r y D o c k ........................ ......... . . .
E m p ire C it y ________________ . . .
F r a n k lin _____ ______________ . . .
H a r le m _____________________ . . .
Irv in g ........................... ........... . . .
Ita lia n . ...................... .............. . . .
M a n h a tta n _________________ . . .
N orth R i v e r . . _____ _______ . . .
U n ion D im e _______________ . . .
U n ion S q u a r e .......... ................ . . .
U n ited S t a t e s .......................... . . .
.
G r c e n w lo h _________________
...
W e s t S id e ...............

Gain or Loss
since
Jan. 1 1909,
+ $763,947
+ 5 ,8 3 7 ,8 0 7
— 3 ,1 0 3 ,4 8 7
+ 1,65 3 ,0 9 6
+ 3,74 8 ,5 2 9
+ 3 ,6 4 6 ,2 9 0
+ 1,149,907
+ 3 ,8 9 9 ,4 6 8
+ 6 ,8 0 2 ,6 4 7
+ 62,745
+ 1,659,500
+ 1 ,288,322
+ 164,014
+ 7 ,4 4 3 ,7 1 2
+ 1,215,321
+ 1,563,932
+ 4 ,6 9 1 ,4 3 0
+ 1,257,153
+ $ 4 3 ,7 4 4 ,3 3 3

x P a y s 4 % on accou n ts u p to $ 1 ,0 0 0 , b u t o n ly 3 H % on d ep osits over
$ 1 ,0 0 0 .
a R ed u ced to 3 > 3% fro m 4 % w ith the J a n . 1012 d e c la ra tio n . •




1419

THE CHRONICLE

May 25 1912.]

B A N K S W H IC H H A V E N O T R E D U C E D .

Deposits
Jan. 1
1912.
B r o a d w a y _____________________ $ 1 2 ,001 ,03 7
766,742
B r o n x .................................... _____
212,095
C o m m o n w e a lth (new )
_____
20,899,841
E a s t R i v e r _____
. . . 114 ,734 ,14 6
E m ig ra n t In d u stria l . .
E x c e l s i o r ____
..
11,180,104
G e r m a n ___________
__
86,04 5 ,6 7 6
M alden L a n e ___
._
830,127
M e t r o p o lit a n _____
..
1 1 ,782,942
N e w Y o r k ____ _____
N o rth S id e . ___________
S e a m a n 's _____ ______ __ _____
7 0 ,7 1 4 ,7 9 7
U n iv ersa l (n e w ) __________ _____
121,838
T ota l

$ 3 6 7 ,8 7 5 ,6 0 5

Deposits
Jan. 1
1909.
$9 ,7 7 7 ,3 5 4
236,133

G ain or Loss
since
J a n . 1 1909.

23 ,0 7 1 ,4 0 1
9 3 ,9 3 5 ,5 7 5
7 ,5 7 9 ,2 7 8
6 8 ,8 3 4 ,6 1 6
552,415
9 ,3 7 8 ,2 3 0
2 5 ,6 5 6 ,0 3 2
291,518
67,549,082
25,376

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

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

+ $ 6 0 ,9 8 7 ,9 9 5

It will be noticed that out of the 18 banks which
have reduced their interest rate only a single one
actually shows lower deposits than three years ago,
namely the Bowery Savings Bank, and in its case con­
ditions are rather exceptional by reason of the char­
acter of the trades people located in the immediate
neighborhood of the bank; many of these tradesmen
put small amounts in savings institutions which ordi­
narily would go into the mercantile banks, and they
are quickly responsive to changes in interest rates.
The remaining 17 banks all show increases in deposits
and the increase for the whole group (notwithstand­
ing the loss of $3,103,487 by the Bowery Bank)
reaches no less than $43,744,333; aggregate deposits
of these institutions now standing at $474,294,973,
against $430,550,640 on Jan. 1 1909.
In some cases the increases are relatively and absol­
utely of very large extent. Take the case of the
Union- Dime, for instance. This reduced to 3)^
as early as July 1910; yet its deposits have risen
$7,443,712 in the three years, being a gain of over
27%, and the increase has been persistent year by
year. The Harlem Savings Bank reduced last July,
and yet shows an increase for the three years of $6,­
802,647, or over 40%. The Dry Dock Savings Insti­
tution reduced January 1910, but nevertheless has
an increase for the three years of $3,646,290, or 10%,
and on only one Jan. 1 in the three years was there
any decrease, an then only for a trifling amount.
Turning now to the group of banks that are still
continuing the 4% rate, we find an increase of $60,­
987,995, the deposits having risen in the three years
from $306,887,610 to $367,875,605. The percentage
of addition is somewhat larger than in the other case,
being a little over 19%; but there is the same irreg­
ularity in the comparisons of the separate banks
as in the case of the other group. The bulk of the
whole gain is contributed by the Emigrant Industrial,
which has added $20,798,571 to its deposits (some­
what over 22% ), and the German Savings Bank,
which has added 817,811,060, or over 25%. But
there is nothing to indicate that these changes have
any special reference to the maintenance of the
rate any more than the reduction in the rate can
be said to have special reference to the changes
in the other group.
As a matter of fact, if any
bank might be expected to derive benefits from
the maintenance of the 4% rate, it is the Sea­
man’s Bank for Savings, which ranks at once among
the larger and the strongest savings insti­
tutions in the city. Yet the Seaman’s shows an in­
crease for the three years of only $3,165,715, or less
than 5% , notwithstanding that it continues pay­
ing 4% .
Altogether, the experience of the last three years
would seem to show that depositors value security
and safety quite as much as they do a high rate of re­
turn, and at all events are not apt to get panicstricken and pull their deposits out when the dividend
return is reduced. £ ^ j j , • ; j|^fl }
■ • ..

1420

THE CHRONICLE

[VOL.

LXXXXIV.

co r re s p o n d in g figure fo r 1904 w as 2 3 .0 % . W h ile c o r p o r a t io n s th u s c o n ­
tro lle d o n ly a b o u t o n e -fo u rth o f th e to ta l n u m ber o f e s ta b lis h m e n ts , t h e y

TRADE WITH SOUTH AMERICA.
g a v e e m p lo y m e n t t o a large p r o p o r tio n o f a ll w age-ea rn ers r e p o r te d , n a m ely
1909 an d 7 0 .6 % In 1904. T h e v a lu e o f p r o d u c ts o f th e fa c to r ie s
While the export trade of the United States has o7p5e.6ra%te in
d b y c o r p o r a tio n s represen ted 7 9 % o f the to ta l va lu e o f p r o d u c ts f o r
a
ll
esta
b
lish
m e n ts In 1909 a n d 7 3 .7 % In 1904. T h e se figures s h o w t h a t
made notable progress of late years, advancing from
e v e n d u rin g th is s h o r t p e rio d o f five y e a rs th e c o r p o r a t e fo rm o f o w n e rsh ip
a total value of 1,382 million dollars in the fiscal year in cre a se d so g re a tly th a t It rep resen ted an a p p re c ia b ly larger p r o p o r t io n
o f th e c o u n t r y In 1909 th an in 1904.
1901-02 to about 2,200 millions in that to end with o f th e m a n u fa c tu r in g inPterests
a rtn e rsh ip Losing G round.
P a rtn e rsh ip (in clu d in g lim ite d partn ersh ips) c o n tr o lle d a b o u t o n e -flfth
June 30 next, disappointment has been frequently
o f th e to t a l n u m b e r o f m a n u fa c tu r in g e sta b lish m e n ts in 1909 a n d in d iv id u ­
expressed that expansion has not been more pro­ a ls ra th e r m o re th a n o n e -h a lf o f th e t o ta l n u m b e r. T h e se t w o classes o f
e
nounced in our business relations with the various sta b lish m e n ts w ere a b o u t equ a l In v o lu m e o f bu sin ess; ea ch r e p o r tin g in
th e n e ig h b o r h o o d o f o n e-eig h th o f th e to t a l n u m b e r o f w a g e -e a rn e rs an d
South American republics. It is true, of course, that o n e -te n th o f th e to ta l v a lu e o f p r o d u c ts In 190 9. D u rin g th e liv e y e a r s
fro m 1904 t o 1909 p artn ersh ip s lo s t g ro u n d , r e la tiv e ly , t o a gre a te r d e g ree
our trade has increased materially in that direction, th
a n In d iv id u a l ow n e rsh ip , p re su m a b ly b e ca u se o f th e I n co rp o ra tio n o f
especially with Argentina and Brazil, but not as m a n y c o n c e r n s p r e v io u s ly o p e ra te d b y firm s.
In 1909 there w ere 4 ,1 2 0 esta b lish m en ts o p e ra te d b y c o -o p e r a tiv e c o m ­
greatly, it is believed, as our advantageous position p a n ies an d o th e r m iscella n eou s fo rm s o f o w n ersh ip th a t c o u ld n o t b e
cla ssified as In d iv id u a l, firm o r c o r p o r a te o w n e rsh ip . T h e se e sta b lis h m e n ts
would seem to warrant. We have only, in fact, to g a v e e m p lo y m e n t t o o n ly 2-10 o f 1 % o f th e w age-ea rn ers, a n d th e v a lu e
compare our export results for, say, the last decennial o f th e ir p r o d u c ts w as o n ly 5-10 o f 1 % o f th e to ta l v a lu e r e p o r te d fo r all'
e s ta b lis h m e n ts .
period with those of some of the European countries
F ro m 1904 t o 1909 th e av e ra g e n u m b e r o f w age-ea rn ers p er e s ta b lis h m e n t
a se d fo r a ll three p r in cip a l classes o f o w n e rsh ip , w h ile th e a v e r a g e v a lu e
to learn how much more rapidly than we they have od fe cre
p r o d u c t s p e r e sta b lish m e n t d e cre a se d fo r th e e sta b lish m e n ts u n d e r In d i­
extended their trade in South America. Great v id u a l a n d firm o w n ersh ip b u t Increased fo r c o r p o r a te o w n e r sh ip .
Sum m ary for United States.
Britain, Germany, France, Italy, and even to some
T h e ta b le th a t fo llo w s has fo r Its p u rp o se th e p re se n ta tio n o f c o n d it io n s In
extent Belgium, Switzerland and Spain, have out­ r e s p e c t t o th e c h a r a c te r o f o w n e rsh ip , o r legal o r g a n iz a tio n , o f m a n u fa c tu r ­
in g e n te rp rise s. . C o m p a ra tiv e figures are g iv e n c o v e r in g all Industries
generaled us in finding increasing markets for their c o m b in e d fo r th e censuses o f 1909 a n d 190 4. S im ila r d a ta fo r 1899 arcn o t a v a ila b le .
goods in the principal countries of South America,
N um ber of Average
Establish- N um ber of
and why? Merely because they study the markets
ments.
WageV alue of
Character
of
Ownership
—
they wish to supply and cater to them.
E a rn e rs.
P roducts.
A ll c la s s e s ...................................... .1 9 0 9 ..2 6 8 ,4 9 1
6 ,6 1 5 ,0 4 6
$ 2 0 ,6 7 2 ,0 5 1 ,8 7 0
We are led to refer to this subject by the remarks of
1 9 0 4 ..2 1 6 ,1 8 0
5 ,4 6 8 ,3 8 3
1 4 ,7 9 3 ,9 0 2 ,5 6 3
A v e ra g e p e r esta b lish m enlt
t .1 9 0 9 _____
25
7 6 ,9 9 3
Mr. J. P. Santamarina, an expert on Argentine affairs,
190 4__________
6 8 ,4 3 3
25
made at the first annual Pan-American Trade Con­ I n d i v i d u a l .......................
804 ,883
2 ,0 4 2 ,0 6 1 ,5 0 0 ­
1 9 0 4 .-1 1 3 ,9 4 6
755 ,923
1 ,7 0 2 ,8 3 0 ,6 2 4
ference held at the Waldorf-Astoria recently. Mr.
A v e ra g e p e r e sta b lis h m e ntt..1 9 0 9 __________
6
14,523
1 90 4__________
7
1 4 ,944
Santamarina said in effect that to get the trade of F irm ..................................
794 ,836
2 ,1 8 4 ,1 0 7 ,6 3 2
Argentina the American salesman must not forget the
1 9 0 4 .. 47,934
841 ,242
2 ,1 3 2 ,5 3 6 ,6 0 4
A v e ra g e p e r esta b lish m en t .1 9 0 9 __________
15
4 0 ,249­
vast difference in commercial temperament between
1 90 4....... ............
18
4 4 ,4 8 9
5 ,0 0 2 ,3 9 3
1 6 ,3 4 1 ,1 1 6 ,6 3 4
the people of the two countries, and should act ac­ C o r p o r a tio n ...................
1 9 0 4 .. 51,097 3 ,8 6 2 ,6 9 0
1 0 ,9 0 4 ,0 6 9 ,3 0 7
cordingly. Manufacturers, furthermore, he remarked,
A v e ra g e p e r e s ta b lis h m e n t. 190 9.
235,121
1 9 0 4 ..
76
21 3 ,3 9 9
must establish sample houses where goods may be O t h e r ............................. ................ . 1 9 0 9 . . 4,1 2 0
12,934
1 0 4 ,7 6 6 ,1 0 4
1 9 0 4 ..
3 ,203
8 ,520
5 4 ,4 6 6 ,0 2 8
seen, this being more effective in securing business
A v e ra g e p er esta b lish m en t . 1 9 0 9 . .
3
2 5 ,4 2 9
than the mere use of catalogues. He also urged the
1 9 0 4 ..
3
17,005
P e r c e n t o f T o t a l—
copyrighting of all American trade-marks in LatinI n d i v i d u a l ________
.1 9 0 9 ..
52.4
12.2
9 .9
American countries, as goods are sold under false pre­
1 9 0 4 ..
52.7
13.8
11.5
F irm ..................................
.1 9 0 9 . .
20.2
1 0 .6
12.0
tenses because manufacturers do not protect them­
1 9 0 4 ..
22.2
15.4
14 .4
C o rp o ra tio n _____
.1 9 0 9 ..
25.9
75 .6
7 9 .0
selves. Banking arrangements with the countries
1 9 0 4 ..
70.6
7 3 .7
23 .6
with which business is sought to be done he also con­
O t h e r ___ __
•
0.2
1.5
0 .5
.1 9 0 9 .0.2
1 9 0 4 ..
1.5
0 .4
sidered essential as a protection against high rates of
exchange, and intimated that the names of American LEGISLATIVE, FINANCIAL AND BANKING NEWS.
manufacturers’ clients are communicated by bankers
— The public sales of bank stocks this week aggregate 126
to their competitors abroad. Mr. Santamarina’s shares, of which 124 shares were sold at the Stock Exchange
familiarity with affairs in Argentina gives to his sug­ and 2 shares at auction. No trust company stocks were sold.
gestions a weight that ought to insure their adoption, A sale of one share of stock of the Bank of the Manhattan Co.
was made at auction at 3513^, an advance of 21 % pointsover
if substantial progress is desired in our commercial
the price paid at the last previous sale, which was made in
intercourse with Argentina at least.
December 1910.
Low. H igh. Close. Last previous sale.
As bearing upon efforts to extend our trade in S hares. B A N K S — New York.
1 C ity B a n k , N a tio n a l............... 4 3 0 )4 4 3 0 )4 4 3 0 )4 M ay 1912— 430
South America, we note also that the Bolivian Consul- •124 C om m erce, N a t. B ank o f . . . 199 200 199
M a y 101 2— 200
1 M an h atta n C o ., B a n k o f ____ 3 5 1 )4
3 5 1 )4 3 5 1 )4 D e c. 1910— 329 )4
General is pleased with the responses by manufacturers
♦ S o ld a t th e S to c k E x ch a n g e .
to his requests for information about American goods,
— The United States will be represented at the coming
and he has announced that steamers plying to Bolivia
Conference at The Hague on uniformity of legislation
will transport free the samples already received and regarding bills of exchange and checks by Mr. Charles A .
any others. Thus far, of course, our exports in any Conant of New York, who was delegated to the Conference
one year to Bolivia have been comparatively nominal, of two years ago. The adjourned Conference will open on
and the imports from there practically nil. A little June 15th and Mr. Conant will sail on Thursday next on
the “ Kaiserin Auguste Victoria.”
proper effort, I o ever, s ould accomplish much.
CORPORATE

OWNERSHIP IN MANUFACTURING
INDUSTRIES.

One of the features disclosed by the Census Statistics of
Manufactures is the further development of the corporate
form of ownership in manufacturing industries. The follow­
ing, bearing on the subject, was given out at Washington on
Wednesday of this week.
W a s h in g to n , D . C ., M a y 22 191 2.— In the a d v a n c e b u lle tin o n T h irte e n th
Census sta tistics o f m a n u fa ctu re s In th e U n ite d S tates It Is s ta te d , on the
s u b je c t o f c h a r a c te r o f ow n ersh ip th a t the m o s t Im p o rta n t distin ctio n
sh ow n Is t h a t b etw een c o r p o r a te an d a ll o th e r fo rm s o f o w n ersh ip .
O f th e to ta l n u m b er o f e stablish m en ts r e p o r te d as e n gag ed In m an u fac­
tu rin g Industries In 1909, 2 5 .9 % w ere u n d e r c o r p o r a t e o w n e rsh ip . T h e




The Conference seems likely to have important results on
international law and practice in regard to bills and checks.
A draft of a uniform law on bills of exchange was prepared
at the Conference of 1910 and submitted to the different
Powers for further consideration. Replies have been re­
ceived from the principal European Powers, embodying
some proposed amendments of detail. These will be taken
up at the adjourned Conference in June and a final agree­
ment will probably be reached by the Continental and
Oriental Powers. The position of Great Britain and the
United States is somewhat different from that of those
countries which are under the domain of the civil law and
their delegates will probably not agree to recommend the
uniform law in full to their governments. This will not

May 25 1912,]

THE CHRONICLE

indicate any lack of sympathy with the project. Even
if the United States and Great Britain, with their depend­
encies, adhere to their own system, which is now nearly
uniform throughout these countries, the codes of law govern­
ing bills will be reduced to two— the uniform law of Con­
tinental Europe and the bills of exchange A ct of the AngloSaxon countries. It is possible that the delegates of the
United States and Great Britain will hold out the olive
branch to the other Powers to the extent of recommending
to their governments a few changes in existing law adopted
from the uniform law.
The subject of a uniform law of checks will also come
before The Hague Conference and is expected to greatly
simplify the present confusion in regard to the validity of
endorsements and the methods of collecting and paying
checks. There is a strong disposition on the Continent
to adopt the English system of crossed checks in order to
give greater safety to the check and promote its wider use.
Bankers in the United States will welcome such an extension
of the crossed check system on the Continent and will
probably employ crossed checks to an increasing extent in
making remittances abroad, but apparently will not need
additional legislation in the United States to give validity
to such checks.
— A decrease of 8115,500,000 in corporate earnings in the
United States occurred during’ lO ll, according to a statement
made public by Royal E . Cabell, Internal Revenue Com­
missioner, on the 19th inst. The 1 % assessment on the
1911 net earnings of corporations, it is expected, will turn
into the Federal Treasury about 828,278,000, most of which
will be paid in June, against 829,432,000 last year, a de­
crease of 81,154,000. The amount probably will be aug­
mented somewhat, it is stated, before the close of the fiscal
year, bringing the decrease below $1,000,000. While there
was a big loss in the aggregate net earnings, there was an
increase of 17,600 in the number of corporations. The num­
ber in 1911 was 287,862, as compared with 270,202 in 1910.
— The resolution of Senator Works, fixing the term of of­
fice of the President of the United States at six years and
making such officer ineligible for re-election, was favorably
reported to the Senate by the Judiciary Committee on the
20th inst. It is stated that a minority report of four mem­
bers of the committee favors a single term of four years. A
resolution similar to that of Senator Works has been intro­
duced in the House by Representative Clayton.
— The Panama Canal bill, embodying rules for the govern­
ment of the canal zone, and the rates of toll and regulations
which will apply in the operation of steamship lines through
the waterway, was passed by the House of Representatives
on the 23d inst. The bill contains the provision incorporated
by the House Committee on Inter-State Commerce, which
not only forbids railroad-owned ships from using the canal,
but prohibits all railroads from holding stock in or control­
ling, directly or indirectly, a steamship line with which the
roads compete. An amendment proposed by Representative
Broussard, which was defeated by a vote of 206 to 63, pro­
vided that this prohibition apply only to vessels engaged in
traffic on the Panama Canal, and that the President be
given authority to determine when a vessel should be ex­
cluded from the canal because of its connection with rail­
road interests. The bill gives the Inter-State Commerce
Commission the right to determine when competition may
exist, and the findings by the Commission are made final.
The powers of the Commission, according to the New York
“ Tribune, are also enlarged to the extent that it may pre­
scribe through routes and maximum joint rates between and
over connecting rail and water lines, and may also establish
maximum proportional rates by rail to and from ports to
which the traffic is brought or from which it is taken by the
water carrier. The provision requiring foreign and American
vessels using the canal to pay the same rate of toll has been
amended through the adoption (by a vote of 147 to 126) of
an amendment offered by Representative Doremus, which
permits the free use of the canal by vessels engaged in the
coastwise trade of the United States. The tolls fixed in the
bill for foreign ships, and American vessels using the Canal
not in the coastwise trade, are not to exceed $1 25 per net
registered ton.
— The bill amending the Revised Statutes, designed to
remove all doubt as to the right of a committee of Congress
to investigate the affairs of national banks, was passed by the
House of Representatives on the 18th inst. The introduc­
tion of the bill was occasioned by the pending inquiry into
financial and monetary conditions which the Committee on




1421

Banking and Currency has been directed to make, and the
reluctance to supply some of the information called for by it
with respect to the business of the banks and the latter’s re­
lations with other institutions and with their customers.
The bill adopted by the House affects that section of the Na­
tional banking law which provides that “ no association shall
be subject to any visitorial powers other than such as are au­
thorized by this title, or are vested in the courts of justice” ;
the House amendment changes this, so that it will read as
follows:
N o a sso cia tio n shall he s u b je c t t o a n y v isito ria l p ow ers o th e r th an such
as are au th rized b y this title o r are v e s te d in th e c o u r ts o f ju s tic e , o r such
as shall be o r shall h a v e been e x e rcis e d o r d ire cte d b y the C on gress o r eith er
b ra n ch th e r e o f.

While more or less opposition to the course of the Commis­
sion has been evidenced, the first direct refusal to accede to
its request has come from the Fidelity Trust Co. of Buffalo,
N . Y ., through its President, Robert L. Fryer. Mr. Fryer
is a well-known Democrat, and a brother-in-law of the late
Daniel Manning, Secretary of the Treasury during the first
term of President Cleveland’s administration. His letter,
which denies the right of Congress to inquire into State insti­
tutions, has attracted widespread interest, and we therefore
print it in full herewith:
rr
. -r. „ ,
.
Buffalo, N . Y., May 20 1912.
Hon. A . I . Pujo, Chairman of the Committee on Banking and Currency,
House of Representatives, Washington, D. C.:
SiT- T h c F id e lity T ru st C o m p a n y o f B u ffa lo , o f w h ich I am P resid en t,
Is In re ce ip t o f a c o m m u n ic a tio n fro m y o u r e q u e stin g ce rta in In form ation
In c o n n e c tio n w ith th e p e n d in g C on gressional in v e s tig a tio n o f th e s o -ca lle d
“ M o n e y T r u s t .”
Y o u a sk , a m o n g o th e r th in gs, th a t this c o m p a n y g iv e y o u in fo rm a tio n
co n c e r n in g tran saction s b etw een it an d its c u s to m e rs , an d th a t th c rela tion s
o f in d iv id u a ls an d others w ith th e c o m p a n y be la id bare fo r y o u r in s p e c tio n .
I m u st d e clin e to s u p p ly this In form ation o r else I m u st re c o g n ize y o u r a u ­
t h o r it y t o ask fo r o r d e m a n d it.
T h e ch a rte r o f this c o m p a n y w as o b ta in e d fro m th e S ta te o f N ew Y o r k
an d th e b an k in g law s o f th c S ta te p rescribe o u r d u tie s. W e h a v e n o th in g
t o c o n c e a l, a n d th c S ta te B a n k in g D e p a rtm e n t k n ow s o f e v e r y loa n an d
e v e r y In vestm en t w e h a v e . Its e xam in ers h a v e c o m p lim e n te d us tim e an d
tim e a gain u p o n o u r clea n an d h e a lth y c o n d it io n . W e d o a general b a n k ­
ing a n d tru st c o m p a n y business, re ce iv e d e p o sits fro m In dividu als an d c o r ­
p o r a tio n s , an d loan m o n e y t o th ose w h om w e co n s id e r w o r t h y a n d resp on si­
b le . W e a c c e p t an d e x e c u te p u b lic a n d p riv a te tru sts, a c t as gu ard ian ,
e x e c u t o r an d a d m in istra to r, an d in all o f these m atters w e h o ld in v io la te
o u r fid u cia ry rela tion sh ip t o o u r p a tro n s in th e sam e w a y th a t law yers are
requ ired t o guard th e secrets o f their c lie n ts . W e re w e to d o o th erw ise, w e
w o u ld h a v e little business to tran sact, e ven if w e w ere w o rth y o f it.
In a c o u n t r y a d m in istered b y p o liticia n s in aid o f riv al p o litic a l p arties,
it m a y b e a sk in g to o m u ch , In a P residen tial y e a r, th a t o n ly o r d e r ly and
w e ll-co n s id e re d legislative a c tio n be ta k e n . B u t as a D e m o c r a t, I m a rvel
th a t a D e m o c r a tic H ou se o f R e p re se n ta tiv e s sh ou ld b e so la ck in g In p o lit i­
c a l sa g a c ity as t o ju s tify th e p o lic y o f th e R e p u b lic a n P a rty fo r an en large­
m e n t a n d c o n c e n tr a tio n a t W a s h in g to n o f th e F ed era l p o w e r . M r. R o o s e ­
v e lt m a y be th e n om in e e o f his p a r t y .
I f th at shall be th e ca se , D em ocra ts
m a y a tta c k him as fie rce ly as th e y w ill. T h e y m a y sa y th a t as P resid en t
lie p r o te c te d his c o r p o r a te frien d s a n d pu n ish e d his c o r p o r a te enem ies;
th e y m a y p o in t o u t th a t h e n e v e r b la z e d th e w a y fo r tariff r e d u c tio n , a n d
th a t his e le ctio n fo r a th ird term w o u ld u p set all th e p re ce d e n ts o f th e p ast;
b u t all these fa d e in to in sign ifica n ce c o m p a r e d w ith th e o n e great Issue,
w h ich w o u ld h a v e d e s tr o y e d him an d Ills p a r ty an d u p o n w h ich all D e m o ­
cra ts co u ld h a v e ag re e d , n a m e ly , th e u su rp a tio n b y th c F ed era l G ov ern ­
m e n t o f tile po w e rs C o n s titu tio n a lly v e ste d in the re s p e c tiv e StatC3 an d the
c o n c e n tr a tio n o f th at p o w e r a t W a s h in g to n .
T h e “ N ew N a tion a lism ” o f T h e o d o r e R o o s e v e lt, p ro m u lg a te d a t O ssaw atoir.le, s ta rtled th e c o u n t r y . I t resulted in th c ele ctio n o f a D e m o c r a tic
H o u s e fo r the first tim e in m a n y years an d in th e ele ctio n o f D e m o c r a tic
G o v e rn o rs In all o f th e d o u b tfu l S ta te s. W h a t terrors w ill this v ic io u s
sch e m e o f " N e w N a tio n a lis m " n o w h a v e fo r th c e le cto ra te o f th e c o u n t r y
w hen th e v e r y C o n gre ssm e n w h o w ere ele cte d o n th at Issue ju s tify it all b y
assu m in g t o give t o o n e o f their c o m m itte e s th e ou tra ge o u s an d u n c o n s ti­
tu tion a l p o w e r t o inquire Into th c business rela tion s o f th e citizen s o f the
s e v e r a l S tates w ith their b a n k in g Institutions, cre a te d b y th ose States? • •
If C on gress has t'::c rig h t to c o m p e l b a n k in g Institutions t o d isclose rela­
tio n s w ith their p a tro n s u n d e r such c ircu m s ta n ce s , w h a t single p o w er n ow
e x e r c is e d b y th c several S tates rem ain s w h ich c a n n o t be ta k en fro m them
b y th e flat o f C ongress?
.............................
I f C ongress has the p o w e r to in quire Into the rela tion s o f a S ta te ban k o r
trust c o m p a n y w ith its p a tro n s, it has th c sam e p o w e r to in vad e th e S tates
a n d c o m p e l disclo su re o f p riv a te tran saction s ca rrie d on b y citizen s w h o lly
w ith in a s overeig n S ta te . F o r m ore than a y e a r D e m o cra tic represen tatives
s tr u g g le d a ga in st a p ro p o s e d C o n stitu tio n a l A m e n d m e n t presen ted b y a
R e p u b lic a n U n ite d S tates S e n a to r th a t r e co g n ize d th e p o s s ib ility o f F ed ­
eral Interferen ce in th e e le ctio n o f U n ite d S tates S enators in th e several
S tates, and h a v in g re c e n tly fallen b a c k fro m th at in tren ch ed p o s itio n , th e y
n o w fo re v e r silen ce the v o ic e fro m O ssa w atom ie b y p r o cla im in g th a t F e d ­
eral p o w e r c a n supersede S ta te a u th o r ity even in p u re ly d o m e s tic affairs.
In n o sense o f th e t e r m Is this c o m p a n y a n a tio n a l b a n k in g in stitu tion .
T h e a c tiv itie s o f n ation a l ban ks are regu lated b y n ation al la w , b u t tru st
co m p a n ie s an d S ta te ba n k s are o n ly s u b je c t t o e x a m in a tio n an d re gu la tion
b y the legislatu res o f th e sovereig n S tates w h o c re a te d th em ; a n d as a
D e m o c r a t, w h o h op es to v o t e fo r a D e m o c r a tic P residen t n e x t au tu m n , an d
as an o ffic ia l o f a S ta te ba n k in g in stitu tio n , I co n s id e r it m y d u t y t o d ir e ct
y o u r a tte n tio n an d the a tte n tio n o f sim ilar in stitu tio n s an d th e m illion s w ith
w h o m th e y tra n sa ct business to the sc o p e a n d d e s tr u c tiv e c o n s e q u en ces o f
y o u r p r o p o s e d in q u ir y .
. . .
R e s p e ctfu lly y o u rs ,

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

R O B E R T L. F R Y E R .

— The Dillingham Immigration bill, which passed the Sen­
ate on April 19, was tabled on the 21st inst. by the House
Committee on Immigration and Naturalization by a vote of
7 to 5. The following statement bearing on the action of
the committee, by Representative A . P. Gardner, minority
member, appears in the “ Journal of Commerce” :

1422

THE CHRONICLE

•“ I a m sorry t o sa y th a t th e C o m m itte e o n Im m ig r a tio n t o o k s u ch a c tio n
t o -d a y as m akes it p ra c tic a lly Im possible t o e n a c t a t th is session a law
res trictin g Im m igration b y th e e n a ctm e n t o f an illite r a c y te s t.
In f a c t , I
a m v e r y m u ch c on cern e d lest th e w h ole q u e s tio n m a y p r o v e t o h a v e b e e n
s id etra ck ed fo r t w o ye a rs.
" T h e C om m ittee on Im m ig ra tio n v o t e d this m o rn in g t o la y o n th e ta b le
th e D illin gh a m Senate B ill, w h ich co n ta in s a re a d in g a n d w ritin g test fo r
Im m igran ts as Its prin cipa l restrictiv e fe a tu re . E v e n If th e C o m m itte e
presses th e B u rn ett H ou se B ill fo r an Illitera cy te s t, I a m a fra id th a t
b u t little ca n be a ccom p lis h e d . I f th e p resent p r o g r a m Is ca rrie d o u t . It
w ill p r o b a b ly m ean th a t the S en a te w ill a d h ere to th e D illin g h a m B ill,
w h ile the H ou se adh eres to th e B u rn e tt B ill, an d y e t b o t h b ills p u rp o rt to
h a v e th e sam e o b je c t in v ie w .
" I t Is Just such pa rlia m e n ta ry situ a tion s as this w h ic h create so m u ch
p u b lic d issatisfaction w ith C on gress. Can a n y th in g b e m ore a bsu rd than
a s itu a tion in w h ich th e S en a te passes a bill t o re s tric t im m igra tio n and
th e H ou se passes a bill t o restrict Im m igration , a n d y e t a s itu a tio n Is created
w h ere th e S ena te an d th e H ou se c a n n o t c o m e to g e th e r.
" I ca n o n ly h o p e th a t H o u se C o m m itte e o n Im m ig r a tio n w ill rescind Its
a c tio n , as it lo o k s to m e like a d e a th -b lo w t o o u r w e ll-fo u n d e d h opes fo r
th e s p eed y en a ctm en t o f an e ffe c tiv e law t o r e s tric t im m ig r a tio n .”

— An adverse report on the Underwood bill, revising the
wool schedule of the tariff, was ordered by the Senate Fi­
nance Committee on the 23d inst. It is expected that the
Republican members of the committee will submit a substi­
tute bill, based on the report of the Tariff Board. The Un­
derwood bill passed the House of Representatives on April 1.
— The announcement that he would not be a candidate for
re-election to the United States Senate was made this week
by W . Murray Crane, of Massachusetts, in a statement in
which he said:
S o m e m on th s a g o I d e fin ite ly d e c id e d n o t t o b e c o m e a ca n d id a te fo r re ­
e le ctio n as U n ited S ta te s S e n a to r, b u t I Intended t o d efer m a k in g a state­
m en t t o the effe c t u n til a fte r th e R e p u b lic a n N a tio n a l C o n v e n tio n . T h ere
is, h ow e v e r , a p r o p o s itio n p e n d in g in th e A lassachusetts L egislatu re fo r
n o m in a tin g U n ite d S tates S en a tors so m e w h a t sim ila r t o th e n o m in a tio n o f
c a n d id a te s fo r th e P resid e n cy, R e p re se n ta tiv e s In Con gress a n d S ta te elec­
tiv e o ffic e r s .
I f th is p ro p o s e d law Is e n a cte d a m u ch earlier ca m p a ig n fo r
th is o ffic e w ill b e n ecessary, an d I th erefore m ak e k n o w n m y p o s ition a t
th is tim e in ord er th a t th o se w h o m a y b e Interested In b e c o m in g ca n d id a te s
m a y h a v e the fu llest op p o r tu n itie s t o h a v e th e ir ca n d id a cie s co n sid e re d .

Senator Crane’s term expires on March 3 1913. He was
one of a coterie conspicuous as leaders of the Senate among
whom were Aldrich, Hanna, Hale, Spooner, Platt, &c. He
is the last of the famous "O ld Guard” to remain in the Senate.
— Suit against the so-called "coffee trust” was instituted
by the Federal Government on the 18th inst., when United
States District Attorney Wise secured a temporary injunc­
tion from Judge Hand in the U . S. District Court at New
York, restraining the New York Dock Co., Herman Sielcken,
&c., from disposing of 950,000 bags of coffee stored in the
Dock Company’s warehouses in Brooklyn, pending the issu­
ance of the final decree. Subsequently the order was amended
allowing the withdrawal of 74,338 bags of coffee alleged to be­
long to others than those mentioned in the suit. In all, eight
defendants are named in the petition, the five in addition to
the two above being Bruno Schroeder of J. Henry Schroeder
& Co., London; Edouard Bunge of Antwerp; M. le Vicomte
des Touches, Havre; Dr. Paulo Da Silva Prado of Sao Paulo;
Theodor Wille of Hamburg, now deceased, and the Societe
Generale of Paris. The petition charges the defendants with
violation of the Sherman Anti-Trust Act; it recites that the
foregoing, with the exception of the New York D ock.C o.,
were parties to a scheme for the valorization of coffee, where­
by legislation by the State of Sao Paulo designed to curtail
the production of coffee and materially reduce the amount
shipped from Brazil to the United States was secured,
thus maintaining the price at a higher level than that at
which it would remain if the laws of supply and demand
were permitted without hindrance to have their way; and it is
also charged that a large portion of the coffee under their cus­
tody has been, and is yet, being withheld from the market. It
is furthermore set out that, “ in order to prevent and re­
strain a further restraint of such trade and commerce by
said defendants, it is necessary that a certain 950,000 bags
of coffee in the possession of said defendants be sold in the
market under the order of this Court.”
It is recited that
the world’s consumption of coffee has increased during the
past ten years from 15,000,000 bags (of 132.3 lbs. each) to
about 18,000,000 bags, and that of this amount the United
States consumes about 4 0 % . On account of the soil and
climate of parts of Brazil, the larger part of the world’s sup­
ply is grown in a few States of that country, of which the
State of Sao Paulo is the principal one. According to the
petition, the 1906-07 crop was the largest in the world’s his­
tory, aggregating 23,814,000 bags. “ Realizing,” it con­
tinues, “ that, according to the natural laws of commerce,
the price of coffee would be very materially reduced on ac­
count of the great over-production during the season of
1906-07, some of those interested in maintaining coffee
at as high a price as possible conceived the idea not only to
hold it at the price then existing, but actually to increase the
same by artificial means, and thus directly and unduly to




[VOL.

LXXXXIV

restrain the trade and commerce therein throughout the
world, and of course between Brazil and the United States.”
The bill of complaint refers in detail to various loans of the
Government intended to promote the scheme of valoriza­
tion, including the loan of $75,000,000, which was contracted
under an agreement creating a committee of seven. W ith
the moneys received from these loans, coffee to the total
amount of 10,868,266 bags was purchased. The petition
states:
T h e im m e d ia te e ffe c t o f v a lo r iz a tio n w as t o w ith d ra w fro m th e n a tu r a l
c o u r s e o f c o m m e r c e m o re than 10,000,000 bags o f c o ffe e an d thus t o r e d u c e
th e a v a ila b le s u p p ly a n d t o increase its m a rk e t p r ice , a n d h e n c e th e p r ice o f
c o ffe e w as n o t m a te r ia lly re d u c e d , e ven b y th e e n o rm o u s c r o p o f 1 0 0 0 -0 7 .
S h o r tly th e re a fte r th e p rices b egan t o rise a n d co n tin u e d t o ris e , a lth o u g h
In th e season o f 1909-10 th e p r o d u c tio n e x c e e d e d th e c o n s u m p tio n b y m ore
th a n 1 ,0 0 0 ,0 0 0 b a g s , w ith th e resu lt th a t, w hereas w h en th e s ch em e o f
v a lo r iz a tio n w as a d o p te d , R io N o . 7 w as selling a t N ew Y o r k a t a b o u t 7 H
c e n ts a p o u n d , it Is n o w selling a t 14 M ce n ts a p o u n d , an Increase in p r ic e
o f n e a rly 1 0 0 % .
W ith in th e last y e a r c o n d itio n s h a v e b e c o m e e sp e c ia lly a c u te b e c a u s e th e
co n s u m p tio n has e x c e e d e d th e p r o d u c tio n , a n d h e n ce th e d e fic ie n c y h ad
t o b e draw n fro m th e s u p p ly a lre a d y o n h a n d , w hile a v e r y large p a r t o f th a t
s u p p ly w a s, a n d Is, In th e han ds o f said co m m itte e , w h o w ere c a r e fu l t o sell
th e re fro m o n ly In su ch q u a n titie s a n d In su ch a w a y as n o t t o r e d u c e th e
m a rk e t p r ic e . A s a m a tte r o f f a c t, said co m m itte e are m a sters o f th e c o f ­
fe e m a r k e t. T h e y h a v e u n d e r their c o n t r o l su ch a q u a n t it y o f c o ffe e th a t
b y p la c in g th e sam e u p o n th e m a rk e t th e p r ice o f c o ffe e w o u ld b e g r e a tly
re d u c e d , w h ile w ith h o ld in g It fro m th e m a rk e t m ain tain s a p r ice w h ic h Is
a b n o rm a lly h ig h . T h is c o ffe e has o n c e been In th e ch a n n e ls o f c o m m e r c e ,
a n d In th e m an n er h e r e to fo r e d e s crib e d has been w ith d ra w n th e re from a n d
Is b e in g h e ld b y said c o m m it t e e , n o t fo r th e p u rp o se s o f cohfeilm ptlon , b u t
t o b e again re tu rn e d t o th e ch a n n e ls o f c o m m e r c e . H o w e v e r , b y v a r io u s
agreem en ts an d c o n s p ira cie s betw e e n th e m em bers o f said c o m m it t e e , th e y
refu se t o sell th e sam e In su ch q u a n tities as w ill m a te ria lly a ffe ct th e p r ic e ,
a n d t o insure th a t th e p r ice w ill n o t b e a ffe c te d th e r e b y w h en s o ld , It is th eir
c u s to m t o requ ire an e xp ress c o n t r a c t fro m th e p u rch asers t o w h o m th e y
sell th a t th e y w ill n o t re-sell the c o ffe e p u rch a se d o n th e C offee E x c h a n g e .
T h e real in te n t a n d p u rp o s e o f th e v a lo r iz a tio n s ch e m e w a s, th rou g h a
restra in t o f th e c o m m e r c e In c o ffe e b e tw e e n B razil an d o th e r c o u n tr ie s , in­
clu d in g th e U n ite d S ta te s , b y m o n o p o liz in g th e sa m e, t o Increase th e p r ic e
t h e r e o f t o th e e n rich m e n t o f th o se In stiga tin g th e sch e m e . T h is fa c t Is
m a d e m a n ife st b y th e a m o u n t o f m o n e y realized b y In d ivid u als th e re fro m
an d the exp en se th e re o f d ir e ctly to th e S ta te o f S a o P a u lo , b u t In d ir e ctly
t o th e con su m ers o f c o ffe e .

Mr. Sielcken, one of the defendants in the action, was the
first witness examined by the committee investigating bank­
ing and monetary conditions.
-■-Gov. Foss of Massachusetts on the 17th inst. vetoed the
bill, passed at the instance of organized labor, permitting
“ peaceful persuasion” during strikes, lockouts or other labor
disturbances in the State. In his veto message he said:
To the Honorable Senate and H ouse of Representat ives:
H erew ith I retu rn w ith o u t m y a p p ro v a l an A c t t o a llo w p e a ce fu l p ersu a ­
s io n . T h e rig h t o f fre e sp e e ch is a lre a d y sa cre d In M assach u setts; a n d s o
e q u a lly Is th e rig h t o f e v e r y o n e t o fre e d o m fro m m o le s ta tio n .
B o th th ese
rig h ts are gu aran teed b y o u r fu n d a m e n ta l la w . T h is p r o p o s e d l a w , It
e n a c te d , w o u ld break d o w n th e e q u ita b le b a la n c e o f o u r p resen t la w ; It
ca n a d d n o th in g t o th e a lre a d y establish ed rig h ts w h ich e v e r y c itiz e n p o s ­
sesses so lo n g as h e k eeps th e p e a ce ; an d its e ffe c t w o u ld In e v ita b ly b e t o
w ith d ra w fro m o u r citiz e n s th eir rig h t t o p r o te c tio n fro m m o le s ta tio n a n d
In tim id a tio n u p o n th e p u b lic stre e ts.

— W ith the issuance on Monday of the Philadelphia Clear­
ing-House statement for the week preceding May 20, a new
column was introduced to show “ Exchanges for Clearing
House.”
Heretofore these “ exchanges” were not shown,
but were deducted by the banks from their deposits before
entering the latter on the statement. The new method is
intended to furnish a more complete and uniform showing
of the condition of the banks. The amount of the exchanges
under the amplified statement are $ i4 ,2 40 ,000 , and the de­
posits as reported to the Clearing House are correspondingly
increased by the introduction of the new item.
— The opinion that the collection of drafts attached to
bills of lading covering shipments of whiskey is in violation
of the Georgia Prohibition Law is advanced by Orville A .
Park, counsel for the Georgia Bankers’ Association, in a re­
cent communication to L. P. Hillyer, Secretary of that or­
ganization. We quote the letter herewith:
A p ril 25 1012.
M r. L . P . H illyer, Secretary Georgia B ankers’ A ssociation, M acon, G a.:
Dear S ir: C o m p ly in g w ith y o u r requ est fo r an o p in io n as t o w h eth er o r
n o t a ban k c a n la w fu lly c o lle c t a d r a ft t o w h ich is a tta c h e d an o r d e r -n o tlfy
bill o f ladin g c o v e r in g a sh ip m e n t o f liq u o r, I b eg to s a y ;
I t has been h e ld m o re than o n c e b y th e C ou rt o f A p p e a ls , a n d th e Su­
p rem e C ou rt o f G e o rg ia , th a t: “ T h e m id d le m an In an Illegal sale o f in t o x i­
c a tin g liq u o r, to be fre e fro m crim in a l re s p o n s ib ility , m u s t a c t s o le ly as
a g e n t fo r the b u y e r .
I f h e d eliv ers the liq u o r a n d r e c e iv e s th e m o n e y
fro m th e pu rch aser, h e Is prim a fa c ie a v io la to r o f th e law ; a n d If he w o u ld
escap e crim in a l r e s p o n s ib ility he m u st sa tisfy th e ju r y th a t h e d id n o t In­
d u c e the tra n sa ctio n , th a t h e had n o p rofit In It, th a t h e w as n o t an a g e n t
o f th e seller a n d th a t h e a c te d s o le ly as a gen t fo r the p u r c h a s e r .” — Plum m er
vs. The S tale, 8 G a. A p p ., p . 379.
“ W h e n a b ill o f la d in g is a tta c h e d to a d ra ft, n eith er th e title t o the g o o d s
n o r the rig h t to the b ill o f la d in g w ill pass to th e draw ee u n til he a c c e p t s o r
p a y s the d r a ft .” — Code of Georgia, S e c . 413 4.
T h e title t o th e liq u o r Is, th erefore, In th e o w n e r o f th e d r a ft and b ill o f
la d in g u n til the d r a ft Is p a id . T h e d e liv e ry o f th e bill o f ladin g transfers
the title to th e liq u o r a n d Is a s y m b o lic d e liv e ry o f th e liq u o r Itself. T h e
ban k Is th e a g e n t o f th e o w n e r o f the d r a ft a n d bill o f la d in g to m a k e th is
d e liv e ry an d t o c o lle c t th e p u rch ase p r ice . T h e sale Is not c o m p le te u n til
th e d r a ft Is p a id .

May 25 1912. j

THE CHRONICLE

I am , th e re fo re , o f th e o p in io n th a t th e b a n k , as a g e n t o f th e o w n e r o f
th e d r a ft an d b ill o f la d in g , o r as su ch ow n e r Itself w here a d v a n ce s h a v e been
m a d e t o th e dra w er, Is e n gag ed In th e sale o f th e liq u o r; a n d , as In m isd e­
m ea n ors, all p arties c o n c e r n e d are p rin cip a ls, th a t th e tra n sa ctio n Is In
v io la tio n o f th e G eorgia P r o h ib itio n L a w .
M y a tte n tio n has been ca lle d to a circu la r r e c e n tly Issued b y th e N a­
tion a l W h o le s a le L iq u o r D ealers’ A s s o cia tio n , In w h ich It Is sta te d th a t th e
c o lle c tio n o f d r a fts w ith bills o f la d in g fo r w h isk e y sh ip m e n ts a tta c h e d Is
n o t illegal. T h is circu la r m akes n o re fe re n ce t o th e G eorgia P r o h ib itio n
S ta tu te , b u t e n d ea v ors to p r o v e th a t c o lle c tin g su ch d ra fts Is n o t In v io la ­
tio n o f S e c tio n 230 o f the new C rim inal C od e o f th e U n ite d S ta te s . T h e
m aterial p a rt o f this s e ctio n Is as fo llo w s :
“ A n y ra ilroa d c o m p a n y , express c o m p a n y o r o th e r c o m m o n oarrler, or
any other person, w h o , In co n n e c tio n w ith th e tra n s p o rta tio n o f a n y
sp iritu ou s o r o th e r In to x ica tin g liq u o r, o f a n y k in d , fro m o n e S ta te Into a n y
o th e r S ta te , shall c o lle c t th o pu rch ase p rice o r a n y p a rt th e re o f b e fo r e , on
o r a fte r, d e liv e r y fro m th e co n sig n e e , o r fro m a n y o th e r p erson , o r shall In
a n y m an n er a c t as the a gen t o f th e b u y e r o r seller o f a n y such liq u o r, fo r the
p u rp o s e o f b u y in g o r selling o r c o m p le tin g th e sale th e r e o f, sa ve o n ly In th e
a c tu a l tra n sp orta tion a n d d e liv e ry o f th e sam e, shall b e lin ed n o t m ore
th a n $ 5 ,0 0 0 .”
l i o n . A le x a n d e r A k e rm a n , U . S . D is tr ic t A t t o r n e y fo r th e S ou th ern D is­
t r ic t o f G eorgia, has given an o p in io n b a se d o n th e co n s tr u c tio n o f this
sta tu te b y som e o f th o U n ite d S tates c o u r ts , th a t the c o lle c tio n o f drafts
w ith bills o f la d in g fo r w h isk e y sh ip m en ts a tta c h e d Is In v io la tio n o f this
se ctio n , a n d is In d icta b le In the U n ite d S ta te s c o u r t s . T h e circu la r o f the
N a tion a l W h olesa le L iq u o r D ealers’ A s s o c ia tio n a b o v e referred to p u rp o rts
t o q u o te an o p in io n o f th e A tto r n e y -G e n e ra l o f th e U n ite d S tates t o th e c o n ­
tr a r y .
I t Is c e r ta in ly a v e r y c lo s e q u e s tio n . T h e re has be e n n o a u th o r ita tiv e
op in ion b y th e U n ited S tates c o u r ts o n th e s u b je c t. O ne d is tric t Judge
has h eld th a t It Is a v io la tio n a n d a n o th e r th a t It Is n o t, an d th e q u e s tio n Is
n o w p en d in g b e fo r e th e U n ite d S tates C ircu it C ou rt o f A p p e a ls fo r the
E ig h th C ircu it.
B u t w h eth er It Is o r n o t , I a m o f th e o p in io n th a t it Is a v io la tio n o f the
G eorgia P r o h ib itio n L a w , an d th e re fo re a d v ise aga in st th e h an d lin g o f such
d ra fts b y th e m em b ers o f th e G eorgia B a n k ers’ A s s o c ia tio n .
R e s p e c tfu lly y o u rs ,
O R V IL L E A . P A R K ,

Counsel Georgia Bankers' Association

— John J. Mitchell, President of the Illinois Trust & Savngs Bank of Chicago, returned to that city on the 15th inst.
after a sojourn of three months in California. Mr. Mitchell
states that conditions on the Pacific Coast are satisfactory
in every way and reports a most optimistic feeling on the part
of business men in that section. Crops promise well, and a
great impetus to general business activity along the entire
coast is anticipated as a result of the opening of the Panama
Canal. Mr. Mitchell reports that a large amount of new capi­
tal is coming into California at this time for enterprises of
every description.
— A t the 19th annual convention of the Savings Bank As­
sociation of the State of New York, hold in this city on Thurs­
day, President Charles E . Ilanaman, President of the Troy
Savings Bank, referred to the bill endorsed by the association,
regulating the surplus of the savings banks. In his com­
ments on the proposed legislation, and the failure to enact
it into law, Mr. Hanaman said:
" P u r s u a n t t o a resolu tio n passed a t o u r ann ual m eetin g in M a y J a s t , a
sp ecial m eetin g o f this asso cia tio n w as held a t th e F o r t O range C lub In the
c it y o f A lb a n y , N . Y . , o n J a n . 12 a n d w as called fo r the p u rp o se o f r e ce iv in g
th e r e p o rt o f th e cou n se l a n d o f the e x e c u tiv e c o m m itte e re la tiv e to a fo rm
o f a bill fo r th e p u rp ose o f establish in g b y law a m in im u m m a rk et valu e
surplus on the savin gs ban ks o f th o S ta te . S lx ty -n ln e ban ks w ere repre­
sen ted a t this m eetin g an d , a fte r d u e discu ssion , the fo rm o f bill presen ted
b y th e cou n sel an d re co m m e n d e d b y th e e x e c u tiv e c o m m itte e w as a p p ro v e d
b y a v o t e o f 61 t o 8 o f th e ban ks represen ted.
" I shall n o t en croa ch u p o n th e r e p o rt o f th e e x e c u tiv e c o m m itte e re la tiv e
t o this s u b je c t fa rth er than to say th a t th ro u gh the o p p o s itio n o f m em bers
o f this associa tion th e bill w as h eld u p u n til to o late t o c o m e to a v o t e in
th e L egislatu re b efore Its a d jo u r n m e n t. B u t p e rm it m e to p o in t o u t
th a t If this associa tion Is t o be o f a n y benefit to th e savin gs ban k s o f the
S ta te, d is lo y a lty t o the w ill o f tho m a jo rity m u st ce a se . I f this a s s o c ia tio n
c a n n o t g o t o th e L egislature w ith an u n b rok en fro n t, It w o u ld fa r b e tte r
rem a in a w a y .

*

•

*

»

•

*

•

*

•

" O n e o f th e c h ie f d ifficu ltie s t o o v e r c o m e In m a k in g a law fo r th e esta b ­
lish m en t a n d m a in ten an ce o f an a d e q u a te surplus in o u r In stitu tion s Is the
sp irit o f com m ercia lism e x h ib ite d In th e c o m p e t it iv e Im p o rta n ce g iv e n
t o th o interest ra te t o d e p o s ito r s. In a pra ctica l exp e rie n ce o f n e a rly a
q u a rter o f a c e n tu r y , in o n e o f th e m o s t d iffic u lt e n v iro n m e n ts fo r sa vin gs
ban k w o rk In th e S ta te, I h a v e accu m u la te d a m p le e v id e n c e t o p r o v e
th at, If the p u b lic h a v e reason t o belie v e In th e sin ce rity a n d singlen ess o f
p u rp ose o f th e trustees o f an Institution, a n d are p r o p e rly in stru cte d as to
th e ch a ra cter o f the w ork o f th a t Institution, th e Interest rate Is o f v e r y
little Im p orta n ce as a c o m p e titiv e fa c to r betw een It a n d Its c o m m e r c ia l
n eigh bors, b e th e y c o m m e rcia l ban ks o r co m m e r c ia lly m a n a g e d sa vin gs
ban k s.
" I am v e r y w ell satisfied o f the fa c t th a t c o m m e rcia l c o m p e t it io n Is n o
b a r t o th o esta b lish m en t o r gro w th o f a n ew savin gs b a n k In a n y e n v ir o n ­
m e n t w h ere th ere Is a n y real n e e d fo r such an In stitu tion .

Amendments to the by-laws, adopted at the meeting, pro­
vide for the division of the association into five groups of
counties. Clark Williams, President of the Windsor Trust
Co., was a speaker at the meeting.
— The “ Bankers’ Special” train from this city to the New
York State Bankers’ Convention at Buffalo to be operated
by the Lehigh Valley R R . will leave the Pennsylvania R R .
station, Jersey City, at ten o’clock in the morning on June 12
and arrive in Buffalo at eight-thirty in the evening. Nearly
all the berths for this daylight run through the “ Switzerland
of America” have already been taken by New York City
bankers, but there are still a few accommodations which




1423

can be reserved by arrangement with A . J. Simmons, General
Eastern Passenger Agent, at 1460 Broadway. The “ Bank­
ers’ Special” will be a duplicate of the famous “ Black Dia­
mond Express” and will have special features for this trip.
— The many friends of Albert C. Judson in New York City
and throughout the State will learn with regret of his death in
this city on Sunday last. Mr. Judson was well known as a
bank examiner, and his connection for the past twenty-five
years gave him a wide acquaintance in banking circles, par­
ticularly in the New York and Brooklyn district, where he
rendered the most service. Albert C. Judson was born at
Albany in 1835. A t sixteen he entered the Exchange Bank
of that city, in which his father, I. L . Judson, was President.
After several years’ banking connection with different
Albany banks, he took up commercial life and became
prominent in Albany political and business circles. A t one
time Mr. Judson was County Clerk of Albany County and
United States Pension Agent under President Grant. Ed­
mund L . Judson, an officer of the Equitable Trust Co. of this
city, is one of his sons.
The list of banks making use of the finger-print system
of identification is steadily growing. The North Side Savings
Bank, on Third Avenue near 162d Street, announces the
adoption of the new system on May 1. In commenting upon
it recently, Secretary Arthur A . Ekirch had the following to
say:
“ W e Installed th e fin g e r-p rin t s y s te m o n M a y 1 an d find It p o p u la r w ith
o u r d e p o sito rs. I t Is n o t th e B e r tlllo n s y s te m u se d b y th e p o lic e , b u t w as
d e v is e d b y an E n glish m a n n a m e d P . A . F la c k , w h o fo r fifteen yea rs w a i
e m p lo y e d b y th e B ritish G o v e rn m e n t a t S in g a p o re , In d ia .
In ste a d o f th e
th u m b , w e ta k e th e Im print o f th ree fingers o f the rig h t h a n d — th e t lp a
o f th e In dex, m id d le an d th ird fin g e r s ."

Among the institutions in this city where the system ha s
been already inaugurated are the Maiden Lane Savings Bank
of Manhattan and the Williamsburgh Savings Bank of
Brooklyn. In Albany, following the lead of the Albany
Savings Bank, the National Savings Bank and the Home
Savings Bank have also lately decided to employ the new
method of identification, and several others in that city are
said to have its adoption under consideration. W e noted on
April 13 its inauguration by several Boston savings banks.
— Justice Bischoff of the New York Supreme Court on the
10th inst. handed down a decision holding that the Carnegie
Trust Co. is not a preferred creditor of the Carnegie Safe De­
posit Co. The ruling was given on a motion of the Bethle­
hem Steel Co., one of the creditors of the Safe Deposit Co. It
is reported that the decision affects the distribution of the
$275,000 to be received from the sale of the assets of the
Safe Deposit Co. to Kissel, Kinnicutt & Co. on behalf of a
syndicate. The case will be appealed by the State Banking
Department, which is conducting the liquidation of both the
Trust Co. and the Safe Deposit Co.
— Guy E . Tripp, Chairman of the Board of the Westinghouse Electric & Manufacturing Co., has been elected a di­
rector of the United States Mortgage & Trust Co. of this city.
— The proceedings for the merger of the Columbia Trust
and Knickerbocker Trust companies of this city, of which
mention was made in these columns last week, were approved
by the directors of the two companies on Monday. The
respective stockholders will act upon the plans on June 4 ,
and the merger will take effect on June 5. The new Columbia-Knickerbocker Trust Co., which is to be formed by the
union, will have a capital of $2,000,000 and a surplus of $7,­
000,000. Under the arrangements agreed to, the stockhold­
ers of the Knickerbocker Trust Co. will receive five-twelfths
of a share of stock in the new company for one share now held,
while the stockholders of the Columbia Trust Co. will receive
two-thirds of a share of the new stock for each share held
at present. The Knickerbocker has a capital of $3,181 ,00 0
and the Columbia has $1,000,000 of capital. As the pres­
ent capital and surplus of the Knickerbocker Trust Co. is
approximately $9,000,000, of which only $6,000,000 is con­
tributed to the new corporation, certain assets of that com­
pany, including all the old loans and investments which have
not yet been liquidated, and all charged-off items, amount­
ing to about $3,000,000, will be segregated. These assets
will be held by the new company and will be liquidated by
it, subject to the general control of a committee representing
the present Knickerbocker stockholders, for the following
purposes: (1) To make good within two years to the new com­
pany items taken over by it from the Knickerbocker Trust
Co. which it may be unable to realize in full. (2) After any
such loss is made good, to distribute the proceeds of these
segregated assets as rapidly as the liquidation thereof can
be made, to the present Knickerbocker stockholders. The

1424

THE CHRONICLE

[VOL.

LXXXXIV.

the safekeeping of tenants’ books ,valuable papers and rec­
ords, sprinkler tanks for the automatic sprinkler system,
fire tank, house tank for the plumbing system, elevator and
ventilating machinery and also the main smokestack, six
feet in diameter. Near the top are a number of ventilating
apertures for emitting the foul air from the building.
On the 31st floor, which is the last before the pyramidal
roof begins, there is a large suite of rooms with an open fire­
place and other comforts, affording a view out to sea on clear
days and in other directions for miles. Doors lead to an out­
side balcony where there is a broad, red-tiled promenade, and
attached to the west side of this suite is a sun-parlor enclosed
with glass. On the 16th floor half of the floor space is de­
voted to a rest room for the 300 stenographers and women
clerks employed b y the tenants, with many easy chairs,
Red Cross equipment, books, magazines and papers. A
matron is always in attendance. One of the numerous new
features introduced for the first time in office buildings in
this city is the passenger elevator system, which is composed
of five express, five local and one relief elevator. The ex­
press elevators run in an enclosed shaft with no floor open­
ings between the entrance floor and the 16th story, but each
is provided with emergency exit doors on both sides of the
cars to permit the transfer of passengers to the adjoining
car if service is interrupted. Most of the tenants moved in
on May 1, and 9 5 % of the building is already rented. Many
prominent banking firms have leased entire floors.
The trust company occupies the lower three floors and its
safe deposit vault the two basements. A central entrance
on W all Street leads up to the first floor, where the foreign
exchange, bond, coupon and transfer departments are lo­
cated. The main banking room and mezzanine is on the
second floor, with the officers’ quarters on the Nassau Street
side. In a small room in the Wall and Nassau Street corner
of the officers’ apartments is a tablet commemorating the
services of Mr. Davison, Chairman of the company’s execu­
tive committee. The tribute to this young and able member
of J. P. Morgan & Co. is as follows: “ The directors of
the Bankers Trust Co. here record their appreciation of
the services of Henry Pomeroy Davison in the organiza­
tion and upbuilding of the company and the erection of its
permanent hom e.” The company has one of the most com­
plete pneumatic tube services ever installed in a banking in­
stitution. These tubes connect every department of the
H.
R lem a n D u v a l, C h airm an, P re sid e n t A m e r ic a n B e e t S u gartrust company, as well as the offices of the company’s
C o .: Jam es G . C annon, P re sid e n t F o u rth N a tio n a l B a n k ; J o h n W . P latten ,
attorneys on the 26th floor.
P res id en t U n ited S tates M ortg age & T r u s t C o .; C a lvert B rew er, V ic e ­
— George W . Davison, Vice-President of the Central Trust
P resid en t U n ited S tates M o rtg a ge & T r u s t C o .; S tu y v e s a n t F ish , c a p ita lis t;
W a lth e r L u ttg en , A u g u st B e lm o n t & C o ., ban kers; H e n ry H . W e h rh an e,
Co. of this city, has been elected a trustee of the institution.
H a llg a rten & C o ,, ban kers; Clark W illia m s, ban k er; A r p a d G . G erster,
— Fred. B . Henderson has resigned the presidency of the
M .D ., ca p ita list: G u sta ve L e v e , m erch an t: M orris C u kor, c o u n s cllo r-a tBank of Coney Island and has been succeeded by William J.
la w : A r n o ld S o m ly o , B a ld w in P la n o W o r k s ; W a lte r G . O ak m an , c a p i­
talist; H o n A lex a n d er V o n N u b er, C on sul-G eneral fo r A u stria -H u n g a ry ;
W ard, previously Vice-President. Mr. Henderson, it is
H an s W in te rfe ld t, S p ey e r & C o ., ban kers; Julius P lrn ltz cr, P resid en t o f the
said,
will continue as one of the principal stockholders.
com pany.
— The Orange County Trust Co. of Middletown, N . Y . ,
— The vacancy in the directorate of the National Park
Bank of this city occasioned by the death of John celebrated its twentieth anniversary on the 2d inst. The in­
Jacob Astor has been filled by the election to the board of stitution started in 1892, opening the first safe-deposit ac­
commodations to be afforded the people in its vicinity.
John G. Milburn, of the firm of Carter, Ledyard & Milburn.
— J. Louis Schaefer of W . R. Grace & Co. has been elected Frank Harding, who entered the service of the institution
with its inception as Secretary and Cashier, is its President;
a’ director of the Washington Trust Co. of this city.
James II. Smith is Vice-President, G. Spencer Cowley is
— The Bankers Trust Co. of this city moved into its im­
Secretary and Cashier and William W . Woodward is As­
posing new building on the corner of W all and Nassau Sts.
last Saturday, and opened its banking offices on the three sistant Secretary.
— An assessment of 10 0 % on the stockholders of the First
lower floors for public business Monday morning. This
$4,000,000 building has attracted unusual attention and is National Bank of New Berlin, N . Y . (capital $100,000),
without doubt the most striking office structure in the finan­ has been levied by the Comptroller of the Currency. The
cial district. The company’s building is to-day the highest institution closed its doors on April 11. Frank T . Arnold,
bank building in the world, and is one of the few in New Cashier of the bank, was arrested on the 4th inst. on charges
York of which the entire front is of pure white granite. The alleging the embezzling of its funds.

new institution will enter the Clearing House under the
membership number of the Columbia Trust Co. Willard V .
King, President ofjTthe Columbia, will be President of the
succeeding institution, and Charles H . Keep, President of
the Knickerbocker, will be Chairman of the board of the new
organization. Howard Bayne and Benjamin L . Allen will
be Vice-Presidents, Langley W . Wiggin will be Secretary and
Harris A . Dunn will be^Treasurer. Messrs. Bayne and W iggin are, respectively, Vice-President and Secretary of the
Columbia Trust Co., while Mr. Allen is Vice-President and
Mr. Dunn Secretary and Treasurer of the Knickerbocker.
A Barton Hepburn, Chairman of the board of the Chase
National Bank, and a director of the Columbia Trust Co.,
will be Chairman of the Executive Committee of the Columbia-Knickerbocker Trust Co.; the committee will also include
Union N . Bethell, Frederick H . Eaton, Henry Goldman and
Frederick Strauss of the Columbia’s board, and F . G. Bourne,
Franklin Q. Brown, Edward H . Clark, J. Horace Harding
and William A . Tucker of the Knickerbocker’s directorate.
The new company will occupy the offices of the Knicker­
bocker Trust Co. at 60 Broadway, 358 Fifth A v e., 100 W est
125th St. and 148th St. and Third Ave.
— The Transatlantic Trust Co., whose proposed formatiou
was referred to in this department Feb. 17 and March 23,
began business on Wednesday last at 67-69 William Street,
corner of Cedar Street. The company reports a paid-up
capital of $700,000 and a surplus of $350,000. It will conduct a
general banking and trust business. The Hungarian General
Credit Bank, the Hungarian Commercial Bank of Pest and
the Hungarian Discount & Exchange Bank, leading banks of
Hungary, representing an aggregate capital and surplus
of $70,000,000, are financially interested in the new company
and'closely connected with its management. The Trans­
atlantic Trust Co. is under the management of Julius Pirnitzer, a Hungarian-American banker and diplomat, Presi­
dent; H . B . Fonda, Vice-President; George Plochmann,
Treasurer, and Victor Ehrlicher, Secretary. Vice-President
Fonda has had twenty-five years’ banking experience; he
was Treasurer of the Trust Co. of America before the recent
merger with the Equitable Trust Co., and prior to that had
been officially connected with the National Bank of Com­
merce. Mr. Plochmann was formerly identified with Ladenburg, Thalmann & Co. The following constitute the direc­
torate of the new institution:

new Bankers Trust Co. Building stands on a lot 100 feet
square and is 41 stories high, including the six stories in the
roof and the four basement floors, giving a total height from
foundation to pinnacle of 540 feet. The crowning architec­
tural feature of the entire building is the unique stepped
"pyram id” roof of white granite, windowless and six stories
high. This pyramidal roof artistically takes care of all the
unsightly apparatus which is often placed on the roofs of
high buildings and mars the sky-line. The stone roof is
something of an experiment in design and construction, and
there is no other of this kind in existence, although the restor­
ations of the mausoleum of Halicarnassus generally show
that type of superstructure. This, however, is said to be
the first time one has been actually built. The base of the
pyramid is 70x69 feet, the height is 9 4 feet and there are
23 steps 3 ft.
in. high and 1 ft. 4 in. wide. The interior
of the pyramid contains six floors with 47 store rooms for




— Hon. Henry J. Ford, State Commissioner of Banking
and Insurance, addressed the annual meeting of the New
Jersey Savings Banks Association at Trenton on the 16th
inst. According to Mr. Ford, the $116,000,000 deposited
in New Jersey savings banks, while not the largest in amount
in any State, is the most widely distributed among the varied
classes of wage earners and foreign-speaking people. The
manner in which these accumulations are now administered
by the trustees of the savings banks must be conservative
and efficient in the highest degree. The methods and stand­
ards prevailing, it was urged, will be the standards to which
their successors will adhere, and the funds must have more
diligent supervision and protection than any which come
under the control of the department. Other addresses were
made by Elliott Hardon, Examiner of the Banking Depart­
m ent, and by P. A . Flak, recently in charge of the finger­
print identification office at Singapore. Mr. Flak’s address

May 25 1912

THE CHRONICLE

was upon finger-print identification for illiterate depositors,
and was accompanied by numerous demonstrations. These
officers of the association were elected: President, Merritt
G. Perkins of Newark; Vice-President, Ralph T . Crane of
Montclair; Secretary and Treasurer, Howard Biddulph of
Bloomfield; members of executive committee, John Fischer
of Newark and George W . Gould of Jersey City. Most of
the savings banks of the State are members of this associa­
tion.
— Fred. P. Holt and Norris S. Lippitt, Bank Commis­
sioners of the State of Connecticut, were named as receivers
of the Windsor Locks Savings Bank of Windsor Locks,
Conn., on the 17th inst. They were appointed under an
order signed by Judge Howard J. Curtis of the Superior
Court authorizing the winding up of the institution’s affairs.
On Jan. 27 last the bank was restrained from paying out
any of its funds or paying a dividend for a period of three
months, but under an order modifying the injunction, it re­
opened on April 27. This order authorized the payment
on demand of 5 0 % of the deposits, which had previously
been scaled 2 6 % by the directors. A t the time this modified
order was issued there was pending before the court an appli­
cation for the appointment of a receiver, presented by the
Commissioners, who, it is stated, based their action on the
ground that a deficit existed, and that, in their opinion,
the public was likely to be defrauded. It was in response
to this petition that the liquidation of the bank was author­
ized. The Bank Commissioners, it is understood, will act
as receivers without compensation. Under the action of
the Court on the 17th inst. the charter of the bank is for­
feited. The bank’s affairs were brought before the Court
with the discovery of alleged irregularities in the books
covering the period during which the late Alfred W . Con­
verse served as its Treasurer.
— The Exchange Trust Co. of Boston has begun the pay­
ment of dividends with a quarterly distribution of 1 % . The
company has a capital of $250,000.

1425

— W . J. Julian was elected a Vice-President of the Citi­
zens’ National Bank of Cincinnati on the 17th inst. to fill
the vacancy caused by the election of G. P. Griffith to the
presidency in January.
— Frank T . Lane, President of the Union Savings Bank
of Toledo, died on the 15th inst. He was one of the organ­
izers of the institution, founded in 1888, and had been its
President since 1902. Mr. Lane had also been Secretary
and Treasurer since 1876 of the Toledo “ Blade.”
He was
seventy years of age.
— It is reported that the Old State National Bank and the
American Trust & Savings Bank, both of Evansville, In d.,
have under consideration the advisability of a merger of
the two institutions. The State National has a capital of
$500,000, while that of the American is $200,000.
— B . R . Cahn, who was President of the Chicago Stock
Exchange in 1905-06, and who has been identified with its
administration for the past twenty years, has resigned as a
member of the Governing Committee.
— The Lincoln State Savings Bank of Chicago, which has
been formed with a capital of $200,000 and a surplus of
$20,000, recently began business at 31st and South State
Street. It is understood to have taken over the business
of W . II. Bowers & Co. and the South Side Safety Deposit
Co. Charles A . White is President and Edward Larson is
Cashier.
— The Swedish-American State Bank is the name chosen
for a new Chicago institution which is to have a capital of
$200,000 and a surplus of $20,000. Interests in the Sheridan
Trust & Savings Bank of Chicago are identified with the new
organization, which will have quarters at Balmoral and
North Clark streets.
— C. J. Peeples, formerly a national bank examiner and
Vice-President of the American National Bank of St. Paul,
Minn., has been elected a Vice-President of the Citizens’
Trust & Savings Bank of Chicago.

— The trustees of the City Savings Bank of Pittsfield,
Mass., have voted favorably on the proposition to establish
an insurance department. Three Massachusetts institu­
tions are already operating departments of this character.
— The latest report of the Camden Safe Deposit & Trust
Co., the largest banking institution in Camden, N . J., for
April 18 shows a deposit line of $6,595,999, combined capital
($500,000), surplus ($650,000) and net undivided profits
($131,180) of $1,281,180, and aggregate resources, $7,936,­
152. These figures do not include over $6,000,000 of trust
funds held by the company for estates. Alexander C. Wood
is President; William S. Scull, Vice-President; Ephraim
Tomlinson, Second Vice-President and Trust Officer, and
Joseph Lippincott, Secretary and Treasurer. The Camden
Safe Deposit & Trust Co. was established in 1873.

— The directors of the Commercial-German National Bank
of Peoria have asked authority from the stockholders to in­
crease the capital from $550,000 to $750,000. The action is
in line with the policy of the institution to keep pace with the
expansion of the commercial interests of the city. The bank
has accumulated surplus and profits of $750,000 and depos­
its of about 5 } 4 million dollars.

— Effingham B . Morris has just passed his twenty-fifth
anniversary as President of the Girard Trust Co. of Phila­
delphia. He has held the post since 1887, or practically
one-third of the period of the existence of the company,
whose seventy-fifth anniversary,was reached last year. The
institution’s resources aggregate nearly $50,000,000.

— In accordance with plans mentioned in our issue of
Feb. 3, the Seaboard Bank of Norfolk, V a ., became a na­
tional institution on the 14th inst., and will be known hereafter
as the Seaboard National. With the change to the Federal
system, the capital has been increased from $100,000 to
$200,00b. The bank was organized in 1905 with $25,000
capital. The officers of the institution are: W . T . Old,
President; G. Serpell, Vice-President; Abner S. Pope,
Cashier; W . C. Jenkins and W . P. Whaley, Assistant
Cashiers.

— The directors of the Commercial Trust Co. of Phila­
delphia are said to have inaugurated an employees’ insurance
plan, under which all employees will be insured to the extent
of one year’s salary. In case of death that amount will be
paid to the legal representatives of the insured. All the
premiums are paid by the company.
To facilitate the prompt rendering of statements on the
first of each month, the Commercial Trust will hereafter
balance its accounts at the close of business on the 25th of
the preceding month.
— The Girard National Bank of Philadelphia has added
$500,000 to its surplus, increasing that item to $4,500,000.
— The W est Philadelphia Title & Trust Co. of Philadel­
phia has added $25,000 to its surplus, thus making the com­
bined surplus and profits $505,247. The capital of the
institution is $500,000. The semi-annual dividend has
been increased from 4 to 5 % .
— William M. Potts of Wyebrook, P a., and Arthur T .
Parke of West Chester, Pa., have been elected directors of
the Chester County Trust Co., West Chester, Pa.
— Thomas Hildt, Cashier of the National Bank of Com­
merce of Baltimore, and George C. Morrison, Vice-President
of the Baltimore Trust Co., have been elected to the board
of the National Bank of Commerce.




— The Wisconsin State Bank of Milwaukee was opened for
business on the 8th inst. with a capital of $75,000. The
officers are: Christian Glaus, President; Harry S. Piggins,
Vice-President, and William H . Hasse, Cashier.
— H . G. Lipscomb, President of the Broadway'National
Bank of Nashville, Tenn., died on the 17th inst. He was
sixty-two years of age.

— Col. Robert J. Lowry, President of the Lowry National
Bank of Atlanta, has been elected a director of the American
National Bank of Macon. Col. Lowry, who is an ex­
President of the American Bankers’ Association, has a wide
acquaintance among the banking fraterinty. He is a trustee
of the New York Life Insurance Co.
— George W . N ott, retired as President of the Citizens’
Bank & Trust Co. of Louisiana, New Orleans, on the 14th inst.,
in pursuance of his desire to free himself from active par­
ticipation in the management of the institution, to secure
needed rest. A t the request of the directors, however,
he has consented to continue his affiliations with the bank
as Chairman of the Board. Charles J. Theard, Vice-Presi­
dent of the institution, succeeds Mr. Nott as President, and
has also been made Vice-Chairman of the Board. The in­
stitution has two new Vice-Presidents in D . W . Pipes and
A . J. Stallings. II. C. Grenier, formerly Assistant Cashier,
has become Cashier, succeeding Samuel A . Trufant, who
resigned recently. Charles St. Raymond and H . C. Doize
have been named as Assistant Cashiers. Mr. N ott, the
retiring President, was Postmaster for New Orleans under

1426

THE CHRONICLE

President Cleveland. He was chosen to the head of the
Citizens’ Bank in Feb. 1891; that institution was founded in
1833, and was succeeded in Jan. 1911 by the Citizens’ Bank
& Trust Co. The Citizens’ Bank, in liquidation, has already
paid its shareholders $185 per share, and indications, it is
;said, point to the further payment of $50.
— J. D . Hefley has been elected President of the American
Trust Co. of Houston, Tex., succeeding M . J. Moore, who
resigned on the 14th inst. Mr. Hefley had been a Vice­
President.
— L . C. Brand, President of the All Night a nd Day Bank
of Los Angeles, has sold the controlling interest in that in­
stitution, according to the "L o s Angeles Tim es,” to W . H .
Holliday and M. H . Heilman, President and Vice-President,
respectively, of the Merchants’ National Bank and their
associates. The All Night & Day Bank has a capital of
$200,000. It will be continued at its present locat ion by the
new interests.

DEBT ST AT E M E N T

O F A P R I L 30 1912.

The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued A p ril 30 1912. F or statement o f M a r c h 31 1912,
see issue o f A p ril 27 1912, page 1160; that o f A p ril 30 1911, see
M a y 27 1911, page 1413.
INTEREST-REARING DEBT APRIL 30 1912.
A m o u n t ----------- Amount Outstanding----------Interest
Issued.
Registered.
Coupon.
Total.
Title of Loan—Payable.
s
s
•$
s
2s, Consols of 1930 .......... Q-J.
646,250,150 642,270,500 3,979,650 646,250,150
3s, Loan of 1908-18........... Q-F.
198,792,660 43,957,640 19,987,820 63,945,460
4s, Loan of 1925 ...............Q-F.
162,315,400 100,018,900 18,471,000 118,489,900
2s, Pan. Canal Loan 1906.Q-F.
54,631,980 54,606,740
25,240 54,631.980
2s, Pan. Canal Loan 1908.Q-F.
30.000.
00029,653,820 346,180 30,000,000
3s, Pan. Canal Loan 1911.Q-S.
50.000.
00031,722,90018,277,100 50,000,000
2)£s, Post.Sav.bonds 1911.J-J.
41,900
36,880
5,020
41,900
2 )£s, Post.Sav.bonds 1912.J-J.
417,380
315,120
102,260
417,380
Aggregate Int.-bearlng d eb t..1,142,449,470 902,582,500 61,194,270 963,776.770
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
March 31.
April 30.

Funded loan of 1891, continued at 2% , called May 18
1900, Interest ceased Aug. 18 1900........ .....................
Funded loan of 1891, matured Sept. 2 1891..................
Loan of 1904, matured Feb. 2 1904.................... ..........
Funded loan of 1907, matured July 2 1907....................
Refunding ccrtlQcates, matured July 1 1907................
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
subsequent to Jan. 1 1861............................................

$7,000
23,650
13,350
842,550
14,360

00
00
00
00
00

904,330 26

S7.000
23,650
13,350
807,800
14,110

00
00
00
00
00

904,320 26

Aggregate debt on which Interest has ceased since
maturity
...............................................................SI,805,240 26 $1,770,230 26
DEBT BEARING NO INTEREST.
March 31.
April 30.
United States n otes ..................................................... $346,681,01600$346,681,016 00
53,28250
Old demand notes..........................................................
53,282 50
National bank notes—Redemption account________ 27,860,53250 27,113,412 50
Fractional currency, less $8,375,934 estimated as
lost or destroyed.......................................................
6,856,63990
6,856,154 90
Aggregate debt bearing no interest........................$381,451,470 90
RECAPITULATION.

$380,703,865 90

March 31 1912.
$963,776,770 00
1,805,240 26
381,451,470 90

Increase ( + ) or
Decrease (—).
.......... ...........
— S35.010 00
— 747,605 00

Total gross debt................ $1,346,250,866 16 $1,347,033,481 16
Cash balance in Treasury*..
275,613,947 76
281,534 096 15

— $782,615 00
— 5,920,148 39

Total net debt.................. $1,070,636,918 40 $1,065,499,385 01

+35,137,533 39

Classification—
April 30 1912.
Interest-bearing debt.......... $963,776,770 00
Debt Interest ceased............
1,770,230 26
Debt bearing no Interest___
380,703,865 90

♦Includes $150,000,000 reserve fund.

T R E A S U R Y CASH A N D D E M A N D L IA B IL IT IE S .—
The cash holdings of the Government as the items stood
April 30 are set out in the following:

Total trust fund........ 1,523,465,369 00
Total trust liabilities.1,523,465,369
General Fund Holdings—
Gen. Fund Liabilities—
Certified checks..............
657,809 12 National Bank 5% fund. 24,999,112
Gold coin and bullion__
20,858,481 58 Outstanding checks and
Gold certificates............
82,329,040 00
drafts.........................
11,998,156
Sliver certificates..........
10,883,976 00 Disbursing officers’ bal­
Silver dollars.......... .......
8,693,97 1 00
ances.......................
74,993,630
Silver bullion................
1,843,793 07 Post Office Department
United States notes___
9,625,444 00
account......................
7,334,100
Treasury notes of 1890..
8,18300Miscellaneous Items___
1,787,325
National bank notes___
33,623.681 40
Fractional silver c o in ...
24,738,979 03 Total general liabilities. 121,112,323
Fractional currency___
246 20
Minor coin...................
2,571,411 97
Bonds and Interest paid.
4,56035

Total cash In Sub-Treasuries..342,643,032 341,544,417 347,184,380/345,839,577
Less gold reserve fund.................. 150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In Sub-Treasuries..192.643,032 191,544,417 197,184,380 195,839,577
Cash In national banks................ 47,439,241 46,748,300 44,961,011 44,839,427
Cash In Philippine Islands.......... 6,470,553
5,316,836
4,923,814
0,047,267
Net Cash In banks, Sub-Treas.246,552,826 243,609,559 247,069,205 246,726.271
Deduct current liabilities.a____ 123,139,323 121,716,855 115,535,109 121,112,323
Available cash balance............ 123,413,503 121,892,704 131,534,096 125,013,948
a Chiefly "disbursing officers’ balances.” /Includes $1,843,793 07 silver bullion
and $3,234,027 64 minor coin, &c., not Included In statement "Stock of money.”

pXmi^tavnt! ©o mm cuciaXIItxnitisTt^urB
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London
Sat.
Week ending May 24.
Mon.
Tues.
Wed.
Thurs.
Fri.
Silver, per o z ......................d. . 28 3-16 28)i
28 1-16 28
28)3
28)3
Consols, 2 Yi per cents. ___ . 77 13-16 77 11-16 77)3
77)3
77 9-10 77)3
For account......................... 77 15-16 77)/
77 11-16 77 11-16 77)3
77 7-10
French Rentes (in Paris) _fr.. 93.95 93.92)4 93.90
93.85
94.02V4 94.00
Amalgamated Copper Co___ . 85)3
85)3
86)3
85)3
85
85
88
American Smelt. & Ref. Co.. 87)3
88)3
88
88)3
88)3
((Anaconda Mining Co.......... • 8M
8)3
8)3
8)3
853
8)3
Atchison Topeka & Santa Fe. 109)4
109)3
108)3
108)3
108)3
108)3
106
106
Preferred______________ .106
105)3
105)3
106
112
Baltimore & O h io .................112)3
112)3
111
111
111)3
91)3
Preferred ..................... . - 91)3
91)3
91)3
91)3
91)3
Canadian Pacific........ ............271)3
272)3
269
269)3
208)3
269)3
Chesapeake <fc Ohio. _____ - 80)3
81
81)3
81
81
81
Chicago Great Western. . . . . 18)3
18
18)3
18
18
18 'A
Chicago Mlhv. & St. Paul... .108)3
108)3
108)3
108)3
108)3
108
Denver & Rio Grande........... 21
21
20)3
20
19)3
20)3
Preferred-------- --------- . . 39 .
39
38)3
37
36)3
38)3
E rie .... ... ........................... • 36)3
37)3
30)3
3653
36)3
36)3
First Preferred........ ....... ■ 55)3
55)3
55)3
55)3
54 U
'
Second Preferred........
. 45
45
44
''
45
45
45
Great Northern, preferred... .135)3
135)3
135
’ ”1
135
135)3
135)3
Illinois C entral................. .129)3
130
130)3
129)3 ]
130)3
130)3
Louisville & Nashville......... .163)3
162)3
162
163
163)3
163)3
Missouri Kansas & T exas... . 28K
29
28)3 1
28)3
28)3
28)3
Preferred............................ 63
62
!
63
62)3
62)3
63
41
41
40)3
Missouri Pacific..................... . 40)3
40)3
40)3
‘
G5
Nat. R R . of Mex., Istpref ... 65
65
65
65
(M
05
Second preferred____ .. - 31)3
32
M
31)3
31)3
31)3
31)3
N. Y . Central & Hudson Rlv.123
122
122
122)3
121
121)3
N. Y. Ontario & Western... ■ 39)3
39
39)3
39
39)3
38)3
Norfolk & Western________ 115)3
115)3
115)3
115)3
115
115)3 V]
Preferred _______________ ■ 92)3
'A
Northern Pacific____ ______.122)3
123
123)3
123
122)3 3U
123)3
((Pennsylvania...... ......... . ■ 63)3
63 )3
63)3
63)3
63)3
63)3 f
((Reading Company_______ . 90)3
90
89
•
90)3
88)3
89)3
aFIrst Preferred________ . 46)3
46)3
46)3
46)3
46)3
46)3 "U
((Second preferred__ . . . • 50)3
___ *'1
Rock Island....................... . 28 K
28)3
28
28)3
27)3
27)3 "f-1
Southern Pacific............. . 111 H
114)3
114)3
114)3
113)3
113)3 S'!
Southern Railway________ ■ 29)3
29)3
29)3
29
29)3
29)3
Preferred.......................... . 76
76
76
70
77
7/
Union Pacific_____________ •174)3
175)3
175
174)3
174)3
175)3
Preferred................. .......... 93
93
93
93
93
93
U. S. Steel Corporation........ ■ 71)3
72)3
71)3
70)3
71)3 ”0
71)3
Preferred........................... .114)3
114
114
lit
113)3
11413
W abash............................. . ■ 8)3
8
7)3
7)3
7)3
7)3 1
Preferred_______________. 21
21
19
19
+1
18)3
18)3
Extended 4s____________. 70
70
70)3
70
70)3
70
6 £ sterling.

SfomwevciaX and IJXtBCjeXXancnxtsUmg

00
22

GOVERNMENT RECEIPTS AND DISBURSEMENTS.

26
12
21
01
82

Tot. In Sub-Treas’Ies. 195,839,576 72
In Nat. Bank Depositaries—
Credit Treasurer of U. S. 34,338,503 18
Credit U. S. dls. officers.
10,500,924 27
Total In banks............
44,839,427 45
In Treas. of Philippine Islands—
Credit Treasurer of U. S.
2,517,205 12
Cash balance and Reserve—
Credit U. S. dls. officers.
3,530,062 29 Total cash and reserve.. 275,613,947 76
Made up of—
Total in Philippines..
6,047,267 41 Available .125,613,947 76
and
Reserve Fund Holdings—
Reserve Fund—
Gold coin and bullion__ 150,000,000 00 Gold&bull. 150,000,000 00




TREASURY NET HOLDINGS.
Feb. 1 1912. Mch. 1 1912. Apr. 1 1912. May 1 1912.
Holdings in Sub-Treasuries—
$
$
$
$
Net gold coin and bullion............ 235,654,356 239,947,601 254,136,930 253,187,522
Net silver coin and bullion.......... 24,935,035 26,439,046 21,589,405 21,421,740
Net United States Treasury notes
11,651
12,386
11,004
8,183
Net legal-tender notes.................. 9,547,034
9,567,341
8,880,271 9 , 625,444
Net national bank notes.............. 47,855,918 38,963,623 34,887,276 33,623,681
Net fractional silver.................... 21,755,660
23,468,394 24,306,074 24,738,979
Minor coin, & c............................. 2,863,378
3,146,026 3,373,420 3,234,028

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .—
Through the courtesy of the Secretary of the Treasury, wo
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
February. From previous returns we obtain the figures for
previous months, and in that manner complete the state­
ments for the 10 months of the fiscal years 1911-12 and 1910-11

ASSETS—
LIABILITIES.
Trust Fund Holdings—
S
Trust Fund Liabilities—
S
Gold coin.........................1,034,296,369 00 Gold certificates.............1,034,296,369 00
Silver dollars.................. 486,191,000 00 Sliver certificates.......... 486,191,000 00
Silver dollars of 1890...
2,978,000 00 Treasury notes of 1890.
2,978,000 00

Qrand total................ 1,920,191,640 58

T R E A S U R Y C U R R E N C Y H O L D IN G S .— The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of February, March, April and May 1912.

a Price per share.

The foregoing figures show a gross debt on April 30 of
$1,346,250,866 16 and a net debt (gross debt less net cash
in the Treasury) of $1,070,636,918 40.)

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

Grand total................ 1,920,191,640 58

1910-11.

1911-12.

(000s omitted.)
Feb.

Mch.

Apr. 10 Mos. Feb.

Mch.

Apr.

10 Mos.

Receipts—
$
$
S
$
$
$
S
$
Customs ............
26,337 30,409 20,184 258,451 25,219 30,108 23,659 265,415
Internal /Ordinary . 23,102 23,758 22,186 241,805 21,244 24,116 22,777 239,968
434
634 3,820
494
RevenuelCorp. ta x ..
229
585
388
7,346
Miscellaneous.............. 3,999 4,695 4,301 43,937 3,699 3,656 4,268 40,422
Total receipts..........
Disbursements—
Civil and miscellaneous
W a r ..............................
N a v y ............................
Indians ........................
Pensions........................
Postal deficiency_____
Interest on public debt.
Panama Canal..............

53,932 59,296 53,305 548,013 50,391 58,465 51,092 553,151
13,562
10,477
10,750
1,354
14,762
49
1,904
2,861

12,824
11,371
10,690
2,028
12,654

15,907
12,098
12,830
2,019
10,911

149,470
129,128
115,697
16,693
128,185
2,174
501 3,267 20,102
3,133 2,489 29,473

12,502
11,184
9,560
770
15,208

14,851
14,342
9,729
1,377
13,572
84
1,908
123
2,587 2,863

15,190
13,878
10,039
1,860
11,312

147,771
137,363
100,626
13,465
131,878
3,085
3,251 19,234
2,883 31,079

Total disbursements. 55,719 53,201 59,521 591,012 53,719 56,941 58,413 584,601
Less repayment of unexpended balances..
713 1,410 1,078
1,823
945 1,081 2,428 2,972
Total.......................... 55,006 51,791 58,443 590,067 52,638 54,513 55,441 582,678

THE CHRONICLE

May 25 193 2 j

STOCK OF M O N E Y IN T H E C O U N T R Y .— The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circula­
tion, on the dates given. The statement fo r M a y 1 1911 will
be fou n d in our issue o f M a y 27 1911, page 1414.
Stock ol Money May 1 1912.
Held in
In United
Trcasury.c
States.
S
S
Gold coin and bullion___ * 1,810,515.781 170,858,482
82,329,040
Gold certlllcatcs.a..............
8,093,971
Standard Silver Dollars___ 505,801,887
10,883,970
Silver Ccrtllicates.a..........
Subsidiary Silver............... 6105,708^888 24,738,079
8,183
2,978,000
Treasury Notes of 1800___
9,625,444
United States Notes........ . 340,081,010
National Uank Notes.......... 745,720,318 33,023,681

—Money in Circulation—
May 1
May 1
1912.
1911.
S
S
605,360,930 589,433,525
951,907,329 934,405,509
70,110,396
73,055,403
475,307,024
460,021,123
141,024,904
137,004,117
2,909,817
3,310,257
337,055,572 336,020,489
712,096,007 697,787,094

Total
3,030,9G0,395 340,701,750 3,296,198,639 3,237,038,117
Population of continental United States May 1 1912 estimated at 95,370,000;
circulation per capita S31 50.
*A revised estimate by the Director of the Mint of the stock of gold coin was
adopted In the statement for August 1 1907. There was a reduction of 8135,000,000.
a For redemption of outstanding certHlcates 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 Go\eminent.
6 A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted In the statement of September 1 1910. There was a reduction
° f cThis'st’atement 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 S34,338,503 18.

FO R E IG N T R A D E
OF N E W Y O R K .— M O N T H L Y
S T A T E M E N T .— 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.
Merchandise Movement to New York.
Imports.

Month.

J u ly ____
A ugust...
September
October ..
November
December
January..
February.
March___
A p ril___

Customs Receipts,
at New York.

Exports.

1911-12.

1910-11.

1911-12.

1910-11.

1911-12.

1910-11.

S
09,247,136
74,673,583
73,313,594
77,195,842
76,462,095
81,713,427
87,174,822
80,426,110
94,289,890
95,298,037

8
09,966,872
81,340,437
68,590,619
70,317,977
75,083,744
76,681,915
74,513,315
60,677,912
81,752,890
71,065,446

S
58,702,124
62,055,957
70,132,541
05.514.205
67,843,513
77,965,832
60.475.205
69,345,534
72,192,950
70,515,688

8
56,019,567
05,279,115
66,183,119
61,160,950
60,821,026
63,598,538
61,305,707
61,749,880
71,039,369
73,279,673

S
16,481,668
18,023,013
15,834,097
10,968,775
15,870,051
15,249,900
17,425,585
17,291.791
18,961,616
10,539,318

S
16,911,067
20,276,113
17,699,966
16,3818070
18,533,078
16,487,755
10,808,957
16,33 1,953
19,487,785
14,903,015

Total . . 809,894,536 739.0S1.127 6S0,743,(i09'640.502,950 168,645,823 173,914,490
1
!
1

The imports and exports of gold and silver for the ten
months have been as follows:
Gold Movement at New York.
Imports.

Month.

J u ly ................
August............
September___
O ctober..........
N ovem b er__
Decem ber___
January ........
February ___
March..............
A p r il..............

|

1911-12.

1910-11. | 1911-12.

8

$
1
$
4,906,446' 209,508
9,335,380
84,400
431,581!
179,027
698,290 2,816,299
746,3211 2,305,278
1,881,121
678,172
1,325,148 1,751,573
632,423 10,507,393
1,158,724 7,332,800
470,074: 1,616,931

519,068
1.873.940
1,661,591
2,045,191
1,347,824
1,764,901
1,894,791
1,441,100
2.464.940
1,665,013

Silver—New York.
Imports, j Exports.

Exports1910-11.

1911-12.

1911-12.

S
$
s
556,492 4,449,553
177,490
276,000
644,005 3,920,270
532,385 3,774,911
134,500
855,434 4,182,162
132,185
760,569 1,805,863
256,900
670,821 5,282,370
387,610
871,445 1,458,551 4,817,026
351,125 1,232,507 4,513,845
436,292
678,155 4,583,186
591,794 1,577,763 4,053,408

Total _____ 16,678,365 21,570,517 27,541,381 3,615,341 8,975,682 44,382,600
i

B A N K N O TE S— CH AN G ES IN TO TA LS OF, A N D IN
D E P O SITE D B O N D S, &c.— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement fo r A p ril 1911
will be fou n d in our issue fo r M a y 27 1911, page 1415.

Apr. 30
Mch. 31
Feb. 29
Jan. 31
Dec 31
Nov. 30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 30

Circulation Afloat U n d e r-

Bonds and Legal Tenders
on Deposit for

1911-1912.

1912
1912
1912
1912
1911
1911
1911
1911
1911
1911
1911
1911

S
723,035,910
721.315.120
722,020,920
719.811.320
717.578.120
715,560,170
714.170.320
713,002,810
710,141,420
705.648.210
698,00.5,810
697,441.300

Legal
Tenders ,

Legal
Tenders .

Bonds.

S
27,115,655
27,809.70)
25,724,070
20,107,972
26,240,119
27,649,008
28,005,375
28,811,903
30,025.825
31,390,930
33,109,435
34,812,720

718,004,693
717.001,493
718,548,203
715,493,996
714,363,008
712,115,338
711,099,938
708,976,455
707,181,923
701,427,086
695 025,073
693,665,285

$

$

27,115,655
27,809.790
25,724.070
26,107,972
20,240,119
27,6)9,008
28,005.375
28,811,903
30,025,825
31,390,930
33.169.435
34,812.720

S

745,720,348
744,871,283
744,272,273
741,601,968
740,603,187
739,764 346
739,105,313
737,788.358
737,207,748
732.824.010
728,194.608
728.478.011

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on April 30:
Bonds on Deposit
April 30 1912.

U. S. Bonds Held April 30 to Secure—

Bank
Circulation.

Various, Territory of Hawaii................
Various, State, City and Railroad........

to1-




Total

Held.

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

%
3.754.000
3,628,300
13,186,700
1,547,500
712.000
15,417,000
4.267.000
744.000
872.000
685.000
136.000
257.000

5
27,530,600
22.497.380
612,354,750
54,070,300
29.411.380
15,417,000
4,267,000
744.000
872.000
685.000
136.000
257.000

723,035,910

45,206,500

768,242,410

S

3% , U. S. Loan of 1908-1918..............
2% , U. B. Consols of 1930....................
2% , U. S. Panama of 1936..................

FubllcDeposils
in Banks.

23,776,600
18,869,080
599,168,050
52,522,800
28,099,380

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

1427

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 Afloat—
Amount afloat April 1 1912...................................................................... $744,871,283
Net amount Issued during April................................................... .............
849,065
Amount of bank notes afloat May 1 1912........................................... S745.720.348
Legal-Tender Notes.
Amount on deposit to redeem national bank notes April 1 1912_____ 827,869,790
Net amount of bank notes retired In April.............................................
754,135
Amount on deposit to redeem national bank notes May 1 1912___ $27,115,655

Breadstuffs Figures brought from Page 1459.— The state­
ments 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 has been:
Flour.

Receipts at—

Wheat.

Com.

Oats.

Barley.

Rye.

bbls.lQGlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. 56 lbs
114,948
875,000
Chicago___
1,650,500
115,500
14,000
1,942,200
43,920
119,600
Milwaukee..
120,360
230,400
107,900
16,500
23,670
182,491
7,966
9,803
2,771
851,160
68,880
Minneapolis.
90,180
79,230
20,940
14.000
40,300
T oledo____
30,000
" 5,000
95,360
18,700
Detroit___
61,500
7,264
710
34,910
Cleveland . .
01,950
790
175,420
58,715
525,600
St. Louis__
229,500
10.000
206,847
43,500
P eoria........
125,SOU
30,800
7,200
169,200
416,400
Kansas City.
69,700
Total wk. '12
Same wk. ’ ll
Same wk. ’ 10

2,499.495
2,799,179
2,732,261

291,063
265,738
303,432

3,082,497
2.283,598
1,978,781

2,855,196
3,010,615
3,007,844

344,023
730,540
860,429

61,411
73,865
72,072

Since Aug. 1
1911-12__ 10,479,545 122,807,428 104,244,085 126,949,295 59,758,421 383,172
1910-11__ 13,084,747 190,251,5C6 231,663,112 158,297,903 59,922,428 4,892,089
1000-10__ 17.309,535 224,936,421 153,001.058 66.602.135 71.877.118 6,261.751

Total receipts of flour and grain at the seaboard ports for
the week ended May 18 1912 follow:
Wheat,
Flour,
bush.
bbls.
153,822 1,878,000
439,180
. 42,330
37,710 1,190,859
Philadelphia__ . .
375,522
37,595
Baltimore_____ . .
1,200
24,900
New Orleans * .. . .
15,000
Galveston..........
30,461 1,522,016
M ontreal.......... . .
Receipts at—

..

Corn,
bush.
49,750
3,000
39,716
117,702
92,600
4,000
5,488

Oats,
bush
271,450
50,115
111,357
110,091
43,500

Barley,
bush.
3,825
1,167

141,501

39,349

___

Ryebush’
1,100
2,300
4,621

__

___

728,074
44,341
319,316
Total week 1912 . . 334,884 5,422,377
Since Jan. 1 1912 . .0,649,081 31,941,104 21,889,600 14,449,393 2947,015
Week 1911____ . . 398,454 2,703,695 1,184,009 1,402,568 282,793
Since Jan. 11911 ..7,201,926 23,241,331 38,992,061 18,145,950 2262,734

8,021
257,737
1,259
276,743

* Receipts do not Include grain passing through New Orleans for forclgn ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending May 18 are shown in the annexed statement:
Wheat,
bush.
Exports from—
New Y o r k _____
B oston...... ......... . 256,9G0
Philadelphia___ . 864,000
. 80,087
New Orleans . _
Galveston---------M obile............ .
Montreal............ .! 756,000

Com,
bush.
12,558
27,541
13,000

__

7,000

Total week___ 3,282,012
Week 1911_____ 1,973,607

Oats,
bush.
36,423
300
...........
1,000

Flour,
bbls.
77,587
30,125
10,000
27,841
4,000
10,000
2,000
28.000

60,099 195,5.53
614,891 219,965

___

2"oi",66o

Rye.
bush.

__

Barley,
bush.
11,590

Peas,
bush.
2,273

.........

__
___
.........

321
48,000
59,590
11,000

298,723
269,205

2,594
1,117

The destination of these exports for the week and since
July 1 1911 is as below:
---------Flour--------------------- Wheat-------------------------Com-----------Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
1911.
Iixporls for week and May 18.
19 i 1. May 18.
1911. May 18.
bush.
bush.
Since •/uly l to—
bbls.
bbls.
bush.
bush.
22,898 13,041,771
United Kingdom...106,914* 4,180,260 1,367,075 48,151,071
4,643 16,543,739
Continent___ ___ 25,820 1,058,889 1,895.714 32,283,754
5,180 1,062,144
Sou..& Cent. Amer. 25,917 1,041,814
19,223
817,747
26,804 1,749,221
West Indies...... .
35,627 1,154,881
18,761
..........
16.2&3
Brit. Nor. Am. Cols. 1,275
43,502
.............................
574
33,418
Other Countries. ................
282,319
...........
23,000
Total................... 195,553 8,367,605 3,282,012 81,294,333
Total 1910-11......... 219,965 8,085,311 1,973,607 50,318,083

60,009 32,446,576
614,894 45,772,607

The world’s shipments of wheat and corn for the week
ending May 18 1912 and since July 1 1911 and 1910 are shown
in the following:
____ ___________
Com.

Wheal.

Week
May 18.
Bushels.
North Amer. 4.824.000
Russia........
552.000
Dnnubo___
210.000
Argentina . . 3.872.000
Australia _ _ 312.000
India . . . . 1.508.000
Oth. countr’s 512.000
T o ta l___

1910-11.

1911-12.

Exports,

Since
July 1.

Since
July 1.
Bushels.
155,516,000
71,816,000
70.403.000
73.482.000
50.324.000
39.290.000
9,897,000

1911-12.
Week
May 18.

1910-11.

Since
July 1.

Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
114.169.000
40,000 29.102.000 41.1.30.000
195.072.000 374.000 37.157.000 19.911.000
63.370.000 935.000 74.453.000 31.098.000
76.738.000 3,655,000 9,854,000 88.780.000
51.104.000
41.316.000
7,312,000

11850000 470,728,000 569.081,000 5,004,000 150,566,000 180,919,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheal.
United
Kingdom. Continent.
May
May
May
May

18
11
20
21

1012..
1912..
1911..
1910..

Bushels.
30,280,000
29.792.000
23.712.000
33.520.000

Bushels
29.184.000
26.720.000
34.864.000
15.520.000

Corn.
Total.
Bushels
59.461.000
56.512.000
58.570.000
19.010.000

United
Kingdom. Continent.
Bushels.
6.078.000
4.111.000
3.902.000
3.315.000

Bushels.
9.690.000
7.720.000
5.457.000
2.295.000

Total.
Bushels.
15.768.000
11.840.000
9.359.000
5.010.000

1428

THE CHRONICLE
D IV ID E N D S .

Name of Company.

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

Name o/ Company.
Railroads (Steam).
Alabama Great Southern, ordinary_____
Preferred...................... ...........................
Atcli. Topeka & Santa Fe, com. (quar.)..
Atlantic Coast Cine Co. (quar.)_________
Atlantic Coast Line R R ., common_____
Boston & Albany (quar.)..........................
Boston A Lowell______________ _____ ___
Boston & Maine, common (quar.)........ _
Canadian Pacific, com. (quar.) (No. 64).
Chesapeake & Ohio (quar.)...... ........... .
Chestnut Hill (quar.)_________________
Chicago & North Western, com. (quar.)..
Preferred (quar.).......... ............... .........
Cleveland & Pittsburgh, rcg. guar, (quar.)
Special guaranteed (quar.)....................
Cripple Creek Central, com. (No. 10)___
Preferred (quar.) (No. 26)....................
Greene Railroad, guaranteed................ .
Louisville A Nashville................ ..............
N. Y. N. II. & Hartford (quar.)________
N. Y. Philadelphia & Norfolk__________
Norfolk & Western, common (quar.)___
Preferred (q u a r .)............. .......... .......
North Pennsylvania (quar.)____________
Pennsylvania (quar.).................................
Phila. Germantown & Norristown (quar.)
Pittsburgh Bessemer & Lake Erie, pref..
Pllls. Youngsl. A Ash., com. A pfd. (qu.).
Reading Company, first preferred (quar.)
Southern Pacific (quar.) (No. 23)_______
Union Pacific, common (quar.)................
Street and Llectrlc Railways.
American Railways (quar.)......................
Chicago Elevated Railways, pref. (quar.)
Chippewa Valley Ry., L. & P., pref. (qu.)
Columbus (O.) R y., com. (qu.) (No. 36).
Detroit United Ry. (quar.)......................
Federal Light & Traction, pref. (quar.)..
Ft. Wayne A Nor. Ind. True., pref. (qu.).
Louisville Traction, com. (quar.).......... .....
Nashville III/. A Light, com. (special)........
Norfolk Railway A Light Co........................
Nor. Ohio Tr. A Light, com. (quar.).........
Nor. Texas El. Co., com. (quar.) (No. 11).
Pensacola Electric Co., pref. (No. 11)__
Portland (Ore.) Ry , Lt.& P. (qu.)(No.6)
Rochester R y. A LI., pref. (quar.)________
St. Jos. Ry. L.tl.Jc Row., coin.(qu.)(No. 15)
Virginia Ry. A Power, preferred................
Washington (D.C.) Ry.& El., com. (qu.)
Preferred____ ______ ________________
Miscellaneous.
Adams Express (quar.)................... .......
Amalgamated Copper (quar.)..................
American Cotton Oil, preferred................
American Express (quar.)........................
American Gas (quar.)...... ......... .................
American Radiator, common (quar.)___
Amer.Smelt.&Refg.,com. (quar.) (No.35)
Preferred (quar.) (No. 52)........ ..........
Amer. Sugar Rerln., com. & pfd. (quar.).
American Tobacco, common....................
Associated Merchants, common (quar.)..
Common (extra)____ ________ _______
Blackstone Val. OasAEl.,com. (qu.)(No.2>
Preferred (quar.) (No. 11)____________
Borden’s Cond. Alllk, pref. (quar.)..........
British-American Tobacco, ordinary___
Brooklyn Union Gas (quar.)........ .............
E xtra .......................................................
Buckeye Pipe Line.....................................
Butterick Company (quar.)......................
Calumet & Hecla Mining (quar.)..............
Canadian Car & Foundry, common........
Central Leather, pref. (quar.)............... .....
Chesebrough Manufacturing (quar.)____
Extra_______________ _______________
Childs Company, com. (quar.)___________
Preferred (quar.)____________________
Cities Service, common (monthly)..............
Preferred (monthly)............ ...................
Columbus (O.) Gas & Fuel, com. (quar.)
Consolidated Gas (quar.)..........................
Crescent Pipe Line (quar.)........................
Crex Carpet.................................................
Cuban-Amerlcan Sugar, pref. (quar.)___
Deire A Co., pref. (quar.)______________
Diamond Match (quar.)...........................
du Pont Internal. Powd., pref. (quar.)___
Preferred (extra) (quar.)........ .................
Eastman Kodak, common (quar.)________
Preferred (quar.)...... ...............................
Essex & Hudson Gas.................. ..............
Fay (./. A.) A Egan, pref. (quar.)_______
Federal Mining & Smelting, pref. (quar.)
Federal Utilities, pref. (quar.) (No. 4)__
General Asphalt, pref. (q u a r .)...............
General Chemical, common (quar.)........
Preferred (quar.)....................................
General Chemical of Cal., first pref. (quar.)
General Electric (quar.)_______________
Great Lakes Towing, preferred (quar.)..
Great Northern Paper (quar.)__________
Ilarblson-Walker Refract., com. (quar.).
Homestake Mining (monthly) (No. 450)-Hudson County (N. J.) Gas......................
Inlcraat. Harvester, com. (qu.) (No. 10)..
Intcrnat. Harvester, prer. (qu.) (No. 21)
International Nickel, common (quar.)__
Internat. Smelt. & Refg. (quar.)_____
Intcrnat. Smokeless Powd. A Ch.,com.(qu.)
Common (extra)_____ ______________
Kings County El. L.& Pow.(qu.)(No. 49)
Laclede Gas Light, com. (quar.).......... .......
Preferred______________ ____________
Lehigh Coal & Nav. (quar.) (No. 134).
Mackay Companies, com. (quar.) (No. 28)
Preferred (quar.) (No. 34)........ .............
Massachusetts Gas Co., preferred............
May Department Stores, com. (quar.)..
Natlonal Biscuit, com. (quar.) (No. 56).
Preferred (quar.) (No. 57)...... .............
Nat. Enamel, ifc Stamping, pref. (quar.)..
National Lead, common (quar.) (No. 34) _
Natlonal Lead, preferred (quar.)............
National Transit.........................................
Nevada Con. Copper (quar.)_____ ______
N. V. A Queens El. L. A P ., pref. (quar.).
New York Transit............ ........... ............. .
Nlles-Bement-Pond, com. (quar.)..........
North American Company (nuar.)..........




Per
Cent.
2 PI
3
IP!
3
3P|
2 PI
4
1
2 PI
1 Pi
IP!

When
Payable.

Books Closed.
Days Inclusive.

June
Aug.
June
June
July
June
July
July
June
June
June
July
July
June
June
June
June
June
Aug.
June
May
June
Aug.
May
May
Juno
June
June
Juno
July
July

27 Holders of rec. June la
28 Holders of rec. July20a
1 Holders of rec. Apr.30a
10 May 30 to June 9
10 June 20 to July 10
29 Holders of rec. May31a
2 May 26 to June 1
1 Holders of rec.. June la
29 Holders of rec. June la
29 Holders of rec. June 7a
4 May 21 to June 3
1 Holders of rec. June 3a
1 Holders of rec. June 3a
1 Holders of rec. MaylOa
1 Holders of rec. MaylOa
1 Holders of rec. May 17a
1 Holders of rec. May 17a
19 Holders of rec. Junel4a
10 July 20 to Aug. 11
29 Holders of rec. June 8a
31 Holders of rec. Mayl5a
19 Holders of rec. May31a
19 Holders of rec. July31a
25 May 16 to May 21
31 Holders of rec. May 4
4 May 21 to June 3
1 Holders of rec. May 15
1 Holders of rec. May20a
13 Holders of rec. May29a
1 Holders of rec. June la
1 Holders of rec. June la

75c. June
IP! June
IK June
1Pi June
IK June
IP! June
IP! June
1
July
11
May
2P$ June
l
June
ip$ Juno
3
June
1
June
IK June
K June
2 PI July
1
June
2P! June

15 Holders of rec. May31a
1 Holders of rec. May 22
1 Holders of rec. May31a
I Holders of rec. Mayl5a
1 Holders of rec. MaylOa
1 May 16 to June 1
1 May 23 to May 31
1
15 Holders of rec. May 10
10 Holders of ree. May 31
15 Holders of rec. May31a
1 Holders of rec. May25a
1 Holders of rec. Mayloa
1 Holders of rec. Maylla
1 Holders of rec. May25a
1 Holders of rec. Mayl5a
10 Holders of rec. June22a
1 May 19 to May 20
1 May 19 to May 20

S3
1
3
S3

1 May 14 to May 31
27 Holders of rec. Apr.27a
1 May 17 to June 2
1 Holders of rec. May31a
1 Holders of rec. May 22
29 June 22 to June 29
15 June 1 to June 9
1 May 18 to May 26
2 Holders of rec. June la
I Holders of rec. May 15
31 Holders of rec. May 23
31 Holders of rec. May 23
1 Holders of rec. May25a
1 Holders of rec. May25a
15 June 6 to June 16
29 Holders of rec. June 13
1 Holders of rec. June 15
1 Holders of rec. June 15
15 Holders of rec. May 15a
1 Holders of rec. Mayl5a
20 Holders of ree. May 18
1 Holders of rec. Apr.30a
1 Holders of rec. June 10
24 May 28 to June 24
24 May 28 to June 24
10 June 4 to June 10
10 June 4 to June 10
1 Holders of rec. May20a
1 Holders of rec May20a
1 Holders of rec. May 15
15 Holders of rcc. May 15a
15 May 21 to June 15
15 Holders of rec. May31a
1 Holders of rec. Junel5a
1 May 19 to June 2
15 Holders of rec. May31a

lK

2

IK

1
1
1
3
3P!
2
S3
IP!
1
2
IP!
3
3

IK

1
IP!
2P!

IK

2
1

IK
IK

2p!

IK

2

P!

IP!
IP!

10

1
So

K

$10

2

IK

6
4
2 P$

IK

1-3

P$
P!

IP!
$1.50
3

IK
IK

IP!
1K

eip|

2P!
IP!
4

IK

IP!
IP!

IK

IP!
IP!

IK

2

IK

IP!
P$

50c.
4

IK

IK

7

2
1
0

K

IK

2 PI

2

IK

l

2

IK
IK
IK
hIK
K
IK

75c.
7 P|c.
1

10

IP!

IK

June
May
June
July
June
June
June
June
July
June
May
May
June
June
June
June
July
July
June
June
June
June
July
June
June
June
June
June
June
June
June
June
June
July
June
June
July
July
July
July
June
May
June
June
June
Juno
July
July
July
July
June
June
May
June
July
June
June
Juno
Inly
July
June
June
rune
May
July
July
June
June
July
May
July
June
June
June
June
June
July
Juno
July

[VOL.
Per
Cent.

When
Payable.

LXXXXIV
Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Northern Pipe Line__
i
.
5
July
1 Holders of rec. Junel5a
Ohio Oil........ ......... ................. ..................
May 26 to June 10
Pabst Brewing, pref. (q u a r.)............ ..
1K June 15 Juno 1 to June 15
People’s Gas Light & Coke (quar.)..........
I K May 25 Holders of rec. May 4a
Philadelphia Electric (quar.)........ ........... 22 K c. June 15 May 24 to June 6
Pittsburgh Brewing, preferred (quar.)__
1% May 29 May 20 to May 30
Pittsburgh Steel, pref. (q u a r,)............ .
IK June 1 Huidcrs of rec. May 13
Prairie Oil A Gas.......... ............................
6
June 29 Holders of rec. May 31
Pure Oil, common (quar.).........................
1 May 15 to May 31
2P! June
Quaker Oats, preferred (quar.)..............
IP! May 31 Holders of rec. May la
Quaker Oats, com. (quar.)____________
2P! July 15 Holders of rec. July la
Preferred (quar.)..................................
IP! Aug. 31 Holders of rec. Aug. la
Quincy Mining (quar.)............ ..... ............. $1.25 June 24 May 28 to June 5
Southern Pipe Lino...................................
1 Holders of rec. May 15
0
June
South Penn Oil................................. ......... 10
June 15 May 31 to June 16
Standard Oil of Nebraska........ ............ .
10
June 20 May 21 to Juno 20
Standard Oil of New Jersey (quar.)____
$5 June 15 Holders of rec. May20a
Standard Oil of New York............ ...........
6
June 15 Holders of rec. May31a
Stern Brothers, pref. (quar.) (No. 6)___
I K June 1 May 21 to June 2
Studebaker Corp., pref. (ouar.)_______
I K June 1 Holders of rec. May 15
'l'rl-State Telp. &Tel. pfd. (qu.) (No. 36)
1 Holders of rec. May 21
IP! Juno
Underwood Typewriter, common (quar.)
1
1 Holders of rec. June20a
July
Preferred (quar.)....................................
I K July 1 Holders of rec. June20a
Union Carbide (quar.).... ........... ..... .........
2
1 June 19 to June 30
July
Union Stock Yards, Omaha (quar.)_____
1 Holders of ree. May21a
IP! June
United Cigar Mfrs., pref. (quar.)........ .....
IK June 1 Holders of ree. May24a
United Dry Goods Cos., pref. (quar.)___
IK June 1 Holders of rec. May 25a
U. S. Steel Corp., com. (quar.) (No. 34).
l K June 29 June 2 to June 9
Preferred (quar.) (No. 44)....................
I K May 29 May 7 to May 19
Utah Copper (quar.) (No. 1 6 ) __________ 75c. June 29 Holders of rec. June 7
Westlnghouse Air Brake (pay. in stock). (33 1-3 July 10 June 29 to July 10
Woman’s Hotel (No. 10)______________
2P! June 15 Holders of rec. June la
a Transfer books not closed for this dividend. 0 Less income tax. d Correction.
e On account of accumulated dividends, h Dividends, lJ i% each, declared payable Sept. 30 and Dec. 31 1912. 1 Payable In stock.

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S M A Y 8 T O M A Y 13.
10.191—
T h e F irst N a tio n a l B a n k o f N e w e ll, I o w a . C a p ital, $ 2 5 ,0 0 0 . J .
M . B r o o k s , P re s.; L . F . P a rk e r, C ashier.
(S u cce e d s T h e N ew eli
S ta te B a n k .)
10.192—
T h e F irst N a tio n a l B a n k o f H u n tsv ille , T c n n . C a pital, $ 2 5 ,0 0 0 .
J . I . F o s te r, P re s.; T . N . S ca te s, C ashier.
(C on version o f T h e
H u n tsv ille B a n k in g C o.)
1 0 .193—
T h e F irst N a tion a l B ank o f A le x , O k la . C a p ital, $25 ,0 0 0 . J . A .
C o rzin c, P re s.; L . L . L a w s, C ashier.
10.194—
T h e S e a b o a rd N ation a l B ank o f N o rfo lk , V a . C a p ita l, $ 2 0 0 ,0 0 0 .
W . T . O ld , P re s .; A b n e r S . P o p e , C ashier.
(C on version o f S ea ­
b o a r d B ank o f N o rfo lk .)

Canadian Bank Clearings.— The clearings for the week end­
ing May 18 at Canadian cities, in comparison with the same
week of 1911, show an increase in the aggregate of 2 9 .2 % .
Week ending May 18.

Clearings at—

Inc. or
Dec.

1912.
Canada—
Montreal .................. .....
Toronto............................
Winnipeg........................
Vancouver____________
Ottawa............................
Calgary .............. ..........
Victoria............................
Quebec........ ...................
Hamilton_____________
E dm onton.............. .......
H alifax........ ............. .
St. John____ _________
London ______________
R egin a ............................
Saskatoon ......................
Moose Jaw......................
Lethbridge ....................
Brandon ........................
Brantford ____________
Fort William__________
Total Canada . . .

S
%
,520,897 46,764,171 + 23.0 39,318,545 34,733,845
,000,000 37,107,396 + 32.1 24,993,487 28,157,000
,925,066 23,028,418 + 10.7 16,180,399 12,317,561
,192,531 10,222,265 + 19.3
8,298,142 5,020,521
,456,376 4,191,293 +32.6
4,589,051 3,743,666
,590,950 3.806.946 + 46.9 2.888,455
1,010,907
,612,457 2,704,240 +33.6
1,983,062
1,392.182
,481,569 2,724,411
— 9.0 2,335,568
1,784,601
,195,797
2,532,290; + 26.2
1,620,684
1,817,165
,279,473
1,907,911 P124.3
1,447,935
85!),200
.887,857
1,747,441
+ 8.0
1,921,911
1,017,460
,717.657
1,842,266 — 6.8
1,565,305
1,249,742
,572,920
1,525,723
+ 3.1
1,343,389
1,122,293
,153,508
1,441,416 + 49.4
774,853
,561,360
1,201,219 P 113.3
,116,107
706,260 + 58.1
630,546
499,739 + 26.2
779,020
498,395 + 56.4
464.814
618,423
459,270 + 34.6
937,947 Not Include d In tot al.
187.230.461 144.911.070

+29.2 109,726.200 95,432,275

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
197 No. 80 Madison Ave.............. 33
1 National City Bank...............430}$
1 Sixth Avenue Rlt. Co........... 120
1 Manhattan Co. Bank.............351>$
20 Christopher & 10th St. RR.C0135
25 IIanoverThcatreCo__$70 per share
240 I.anston Monotype Mach. Co. 93PI
125 Hud. & Manh. RR. com. v.t.c.l7P!
10 Amer. Dlst. Telcg. Co., N.Y. 16PI
300 Electric Lead Reduc. Co__
500 Mont. & Bost. Mining C o..
100 Ohio Tonopah Mining C o .. .
100 Central Foundry Co., pref.
(old company)...... ......... S50
100 Union Copper Mines Co___
1,200 Seattle Coal & Iron Co____
25 Chicago Subway Co

Shares.
Percent.
317-30100 N. J. Zinc Co. ctf. of bene­
ficial Interest......................... 5300

1 Holders of rec. May31a
Bonds.
Percent.
1 Holders of rcc. May31a
$17,500 Metropol. Jockey Club
1 Holders of rec. Mav 20
lsts,
1927.................................. 30}|
20 May 15 to May 20
$10,000DreamlandMtgc. & i nc
'
bonds, 1914_____ ______
’ 7
15 Holders of rec. May24a
1 Holders of rec. May 15
S6,000 Dover Rock. & l*t. Oram Gas
1 Holders of.rec. MaylGa
Co. 5s, 1922; Sept. 1910 coupons
I Holders of rec. May 21a
attached....................................... jq
1 Holders of rec. JurielOa
$7,000J.C. Hoboken & Pat. St. Ry.
1 Holders of rcc. June21a
4s, 1949; M. & N------------- 8 IPS A Int.
$4,015 Virginia Def. ctf. of Int., 1882
15 Holders of rec. June la
1 Holders of rec. Junel5a
Brown Bros. & Co. ctf. of dep. .$100
1 May 25 to June 1
SI ,000 Green River Coal & Coke Co.
1 Holders of rcc. May 20
6s ctf. of deposit______________ .311
25 May 21 to
May 26
By Messrs. It. L. Day & Co., Boston:
1 Holders of rec. May 20 Shares.
$ per sh. Shares.
$ per sh.
15 Holders of rec. Junc25a
10
1st Nat. Bk.,Merrimack,MasslOO}$
5 Boston Securities Co., com
7
1 Holders of rec. MaylOa
20 Haverhill, Mass., Trust C o .. 108
5,000 North Star Co. of N. Y ., $5
1 May 14 to Juno 2
3
Naumkeag
Steam
Cotton
Co.
150
each
.
.
.
........
.......................$15
lot
1 May 15 to June 4
1 Mass. Real Est. Co.,Taunton 35?.|
6 Plymouth Cordage C o ... .215
1 Holders of rec. Junc20a
12 Mass. Lighting C o s... 122PI-123
75 The Suburban Press_____ S30 lot
1 Holders of rcc. Junc20a
1 Holders of rcc. Mav 21a
100 Taxi Service Co. of Phila.,
Bonds.
p er cent.
15 June 2 to June 16
common ........ ....... ............. $71 lot $1,000 Portsmouth, N. II., school
15 Juno 2 to June 16
100 Blanchard & Co., Inc., nref.SS lot
loan_4s,
1914..............
.........
98P|
31 Holders of rec. Apr. 30
By Messrs. Francis Henshaw & Co., Boston
1 Holders of rec. June 8a
Shares.
S
per
sh.
Shares.
$
per
sh.
1 Holders of rcc. June 8a
4 Atlantic Cotton Mills...............40
1 May 16 to May 31
20 Waltham Watch Co., pref.,
20 Hamilton Woolen Co.......... 97
1 Holders of rec. Mayl5a
100 ex-dlv.
P| Franklin Co., Lewiston, Me..l05p| Bonds.
per cent.
15 Holders of rcc. June28a
i,5 Boston Securities Co., com .. 7
31 Holders of rec. Mayl7a
$10,000 OldColonySt. Uy.4s, 1954 90pi
5 Boston Securities Co., pref.- 50
July l
1,500 Denver Un. Water Co. 5s,
1 lunc 11 to
10 Regal Shoe Co., pref___ _____ 99
1914.............. ....... ............. 94}$
29 June 8 to Juno 12
May 28
15 May 25 to
By Messrs. Samuel T . Freeman & Co., Philadelphia
15 June 1 to June 14 Shares.
$ per sh. Shares.
$ per sh.
29 Holders of rec. June 7
140 Columbus Securities Co.,
10 J. G. Brill Co., pref---------- 101
1 Holders of rcc. May24a
$10 each........................... Lot $250 Bonds.
Percent.
15 Holders of rec. June 15
2 Dela. Ins. Co.5 $10 each____ 18
$3,000 Atl. City RR. 1st 5s, 1919..101PJ
20 rune 13 to June 20
24 Franklin Tr. Co., $50 each__ 55
$1,000 No. Sprlngf’d Wat. 6s, 1928.100
1 Holders of rec. Junelfia
85 Trust Co. of No. Am.............. 111
$1,000 Springfield Wat. 5s, 1926... 100

May 2u 1912.]

THE CHRONICLE

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Spersh.
2.500 Manhat. Equity Mg. Co.,
N eva d a _____ ______ ____$10 lot.
15 Nat. Bank of Germantown,
$50 each.................................140
12 Philadelphia Bourse, pref.,
$25 each.................
D]4
4 Philadelphia Bourse, com.,
s-$50 each...............
3)4
2.500 Gouldsboro Land Impt. Co.,
$5 each . _______ _________ S7G lot
7 U. S. A Mexico Syndicate— S2 lot
500 Patuxent Oil Co., San Diego,
$1 each_________________ - -S7 lot
100 The Colo. Anthracite Co., 510
each_____ _____ ______ ___S2G lot
3 Central Nat. Bank........ ....... 454
14 Farmers’ A Mcch. Nat. Bank,
112-144K
(i Fourth St. Nat. Bank---------- 324
21 Girard Nat. Bank.................. 418
7 Manufac. Nat. Bank----- 133-133M
f l Philadelphia Nat. Bank.. --458
17 Chelten Trust Co., $50 each.. 75
f 13 Franklin Trust............. - - - - 55
j.75 Contlncntal-Equit. Tr. Co..
550 each................ - 100rtX ;*'
5 Fidelity Trust C o . . . - - ----- UOO
10 Industrial T. T. & S. C o.--.1 7 o
10 Pennsylvania Co. for Ins.,&c,650
10 Real Estate T. I. & T. C o ...300
14 Real Estate Tr. Co., prof------- 95J4
1 Fire Assoc, of Phlla., $50 each356
1 Bank of North America------- 303 H
3jNorthern Trust C o .................460
20 People’s Nat. Fire...... ........... 25
3 N. Y. & Middle Coal Field— 20M
50 Elmira & W ’msport R R. Co.,
72
pref., $50 each...............
'
1 Germantown Pass. R y. C o ..114
100 Stand. Roll. Bear. Co., com . 5)4
5 Phlla. Life Ins. Co., 510 each,

10)4 - 10%

10 General Refractories Co......... 103
75 Penna. Cold Stor. A Mkt. Co. 9 %
10 Phoenix Gas A El. Co............ 4 J4
12 Federal Biscuit Co., pref------Lot $3
6 Federal Biscuit Co., co m ...L o t 51
1.000 Independence OH Co., 5c. each,
Lot $1
250 Penna. Mg. A Smelt. Co., SI
each______________________Lot $1
1.000 Alaska Trans. A Inv. Co., 51
each.............
Lot S3
1,650 Colo. Coal & I. Dev. Co____ Lot 58
870 Chic. A S. S. Rap. Tran.
R R . C o ....................
Lot 54
90 Amer. Heating A Pow. Co.Lot 54
50 Mariposa Land A Mg. Co. of
Phlla...............
...L o t 51
30 Winona A S. W. RIt. Co ...L o t SI
1.500 Amcr. Pneumatic Tool Co.Lot S5

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) In all cases.
Capital.

Surplus.

Loans.
Average.

Specie. Legals. Net Depos­ Ii6~
Average. Average. its, Aver. nerve.

S
%
5
$
S
$
$
2,000,0 3,775,4
19,367,0 26.3
Bank of N. Y_
770,0
21,286,0 4,339,0
2,050,0 4,765,3 32,100,0 7,617,0 1,489,0 36,250,0 25.1
Manhattan Co.
Merchants'__
2,000,0
1,984,7
19,921,0 3,930,0 1,270,0 20,158,0 25.3
Mcch. A M et..
6,000,0
8,584,8 50,607,0 12,156,0 2,019,0 55,324,0 25.0
1,500,0 6,214,6 26,727,0 4,549,0 2,278,0 26,901,0 25.3
Am erica........
city .............. 25,000,0 28,390.5 181,733,0 50,839,0 8,003,0 190,076,0 30.9
3,000,0 7,082,9 28,683,0 4,526,0 2,108,0
Chemical____
25,730,0 25.7
6,901,0
1,565,0
Merchants Ex.
600,0
520,7
155,0
7,018,0 24.5
557,0
Butch. A Drov
125,7
2,240,0
05,0
300,0
2,277,0 27.2
Greenwich___
8,843,0 2,330,0
200,0
500,0
929,0
10.082.0 25.1
Am. Exchange 5,000.0 4,748,5 45,365,0 10,219,0 1,748,0 40,128,0 25.9
Commerce___ 25,000,0 15,770,2 143,510,0 20,656,0 9,584,0 119,970,0 25.2
Pacific ..........
4,291,0
408,0
044,0
500,0
952,9
4,029,0 20.1
17,519,0 2,942,0 1,504,0
17,858,0 25.2
Chat. A I’ hcn
1,204,5
2,250,0
People’s _____
1,895,0
450,0
149,0
2,153,0 27.8
200,0
401,6
86,893.0 25.0
Hanover____
3,000,0 13,302,0 77,803,0 16,312,0 5,454,0
620,0 22,138,0 26.2
Citizens’ Cent
2,550,0
1,991,6 22,875,0 5,193,0
12,898,0 28.5
N assau_____
10,138,0 2.G78.0 1,000,0
451,9
500,0
1,468,0 1,008,0
9,518.0 26.0
1,830,6
9,388,0
1,000,0
Market A Fult.
240,0
12,259,0 25.8
1,GG5,G 11,910,0 2,932,0
Metropolitan .
2,000,0
5,559,4 48,403,0 7,933,0 0,348,0 56,921,0 25.0
Corn Exchange 3,000,0
1,500,0 7,679.4 25,762.0 3,656,0 2,150,0 22,990,0 25.2
Imp. A Trad..
5,000,0 13,036,0 87,472,0 20,717,0 2,164,0 91.443,0 25.0
125,0
1,820.0 30.8
70,0
1,409,0
437,0
250,0
East R iv er...
33,600,0 7,499,0 1,950,0 35,384,0 26.7
5,000.0 5,762.1
F o u rth ........ .
14,194,0 3,363,0
1,000,0 2,419,5
166,0
13,826,0 25.5
S econ d..........
First .............. 10,000,0 21,236,0 116,149,0 25,225,0 2,346,0 108,285,0 25.4
2,000,0 2,052,8 35,536,0 7,782,0 2,835,0 41,430,0 25.6
Irving E xch. .
250,0
803,1
3,520,0
Bowery . . . .
807,0
43,0
3,059,0 23.2
500,0
1,711,0
8,642,0
N. Y. County.
1,445,0
8,875,0 24.4
722,0
German-Amer.
750,0
709,2
4,393,0
892,0
231,0
4,362,0 25.7
5,000,0 9,017,3
92,373,0 20,190,0 5,917,0 103,595,0 25.2
Chase..............
100,0 2,205,0
Fifth Avenue.
13,665,0 2,873,0 1,091,0
15,430,0 25.6
200,0
3,413,0
834,1
527,0
German Exch.
378,0
3,585,0 25.2
1,057,2
5,306,0
200,0
1,310,0
Germania----254,0
0,204,0 25.6
1,000,0
1,700,5
15,079,0 2,831,0
794,0
Lincoln ..........
15,141,0 23.9
9,030,0
1,000,0
1,252,3
2,182,0
253,0
Garfield..........
9,289,0 26.2
510,0
3,452,0
250,0
332,0
558,0
3,614,0 24.6
F ifth ..............
1,000,0 2.156,1
12,025,0
1,243,0 1,980,0
Metropolis . . .
12,681,0 25.4
4,448,0
200,0
1,041,1
976,0
240,0
5,053,0 24.1
West Side----1,000,0 2,139,7 24,501,0 5,402,0 2,195,0 28,927,0 26.2
1,000,0 2,053,8 22,161,0
5,489,0
444,0 23,915,0 24.8
1,000,0
861,1
9,425,0 2,470,0
313,0
N .Y Prod.Ex
11,169,0 25.0
10,008,0 4,969,0
1,000,0
867,1
354,0 21,322,0 25.0
11,355,0 2,735,0 1,152,0
457,6
1,000,0
15,158,0 25.6
5,788,0
1,050,0
1,000,0
488,4
370,0
5,730,0 24.7
9,707,0
1,295,0 1,232,0
977,8
1,000,0
9,911,0 25 4
8,050,0
1,094,2
1,535,0
1,000.0
276,0
7,110,0 25.4
Nassau, Bklyn
Totals, A vge.. 131.150,0 195,115,7 1375,207,0 292,873,0 77,381,0 1413,802,0 26.1
Actual figures May 18.

...........

1370,451,0 295,899,0 76,171,0 1411.849,0 26.3

Circulation.—On the basis of averages, circulation of national banks hi the Clearing
House amounted to $17,360,000, and according to actual figures was $47,211,000.




DETAILED RETURNS OF TRUST COMPANIES.

Shares.
S per sh.
Net
On Dep.
65 Sheppard Coal A Coke C o..L ot 55
Trust Cos.
Surplus. Loans.
Specie. Legals. with CM Deposits. Reserve.
50 People’s St. Ry. & El. Lt. &
00s
omitted.
Average.
Banks.
Average.
Average.
Average.
Power Co------------------------- Lot S3
1,600 lJcnv. C. Cons. Sil. Mg. Co., Lot 52
$
S
S
S
S
%
%
fSI Mo. RIv. Constr. Co............ Lot SI
B ro o k ly n ___ 2,426,2 18,257,0 1,861,0
465,0 2,906,0 13,904,0 16.7 + 17.2
500 Boston Foot-Wear Mach.
____ 14,376.4 153,721,0 17,554,0
141,0 13.259.0 117,970,0 15.0+10.1
Co.................................
I.ot S3Bankers
U .B .M tg. AT. 4,564,5 50,348,0 4,491,0
502,0 5,085,0 33,271,0 15.0+13.0
25 Cyclone Pulverizer Co_____ lLot
A stor.............. 1,220,5 19,862,0 2,209,0
29,0 1,720,0 15,165,0 14.7+ 8.9
40 Belen Agrlc. A Min. Co___ j 52
20 St. Joseph Trac. A Ltg. Co.Lot S5 Title Guar.AT. 11,870,4 30,290,0 1,896,0 1,569,0 2,373,0 22,813.0 15.0+ 9.3
Guaranty____
17,040,0 117,315,0 15.4 + 12.6
23,064,5
174,405,0
1,291,0
16,808,0
500 West. Va. & Ivy. R R. & Coal
Fidelity_____
1,278,0 7,549,0
826,0 5,854,0 15.6+10.8
681,0
233,0
Co........ .......................
Lot S3
LawycrsTIAT. 6,204,6 20,145,0 1,342,0 1,149,0 1,605,0 15,810,0 15.7+ 9.1
50 The Underground Ry. Constr.
Columbia____
1,950,0
11,651,0 15.0 + 10.3
18,766,0
1,650,0
100,0
1,346,0
Co........ ....................
LotSI
26,0 1,627,0 14,549,0 15.3 + 10.0
70 Metropol. Phonograph Co. .Lot SI Standard ___ 1,377,9 16,160,0 2,213,0
People’s ........ 1,725,7 17,781,0 1,917,0
501,0 2,072,0 16,055,0 15.0 + 11.1
1.490 Sulphide Mg. Co. of Lead203,0 3,660,0 32,589,0 15.1 + 10.0
Lot S3 New York___ 11,031,3 47,302,0 4,733,0
vllle...... ....................
355,0 1,032,0 9,145,0 15.5+10.4
200 Molecular Tel. Co. of N .Y., Lot 51 Franklin........ 1,316,4 11,098,0 1,069,0
L
in
coln
........
.
557,5
11,479,0
221,0
1,243,0 10,956,0 15.2 + 10.1
1,446,0
57 Pecos Valley Co__________ Lot 51
14,0 2,663,0 19,505,0 15.3 + 12.0
8.000 Am. Automatic Loom C o..L ot $1 Metropolitan.. 6,147,8 26,460,0 2,974,0
Broadway___
559,9
8,763,0
962,0
349,0
973,0 8,616,0 15.2 + 10.0
827 EastTenn. Va. & Ga. Ry. Co.
J&l
(Cent. Tr. Co. ctf. of dep.).Lot SI
Total Avge__ 90,271,0 638,386.0 63,806,0 7,148,0 59,430,0 465.108,0 15.2+11.3
500 Mariposa Land & Mg. Co. of
C a l............ ........
Lot S3
100 Seattle A East. Constr. Co., Lot S2 Actual figures May 18. 640,859,0 65,086,0 7,118,0 56,595,0 469,395,0 15.3 + 10.7
230 West Side Construe. Co___ Lot SI
2 Exchange Pub. Co............ _\ Lot
The capital of the trust companies Is as follows: Brooklyn, SI,000,000: Bankers;
40 United Bklyn. Mg. C o . . . / SI
810.000.
000: United States Mortgage & Trust, S2,000,000; Astor, 51,250,000: Title
500 Total Wreck Mg. & Mill. Co.Lot SI
Guarantee & Trust, 54,375,000: Guaranty, 55,000,000; Fidelity, SI,000,000:
173 Comm. Alliance Life Ins. CoLot S3 Lawyers’ Title Insurance & Trust, 54,000,000; Columbia, 51,000,000; Standard;
1.000 Electro Paper Mfg. Co____ Lot SI
51.000. 000; People’s, 51,000,000; New York, S3,000,000; Franklin, SI,000,000;
594 Soring Valley Gold Co........ Lot SI
Lincoln, S1,000,000; Metropolitan, 52,000,000; Broadway, $1,000,000; total;
3.000 Mineral Pt. Petrol C. & I. Co.,
$39,625,000.
Lot SI
40 South Fork Coal Co............ Lot 51
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
2.490 Leo Basin Mining Co.......... Lot S3
190 So. Brunswick Ter. R R. Co. Lot S5
Week
On Dep.
380 Brunswick Dock C o______ Lot S3
Legal with C H.
Net
ending
Capital. Surplus.
Loans.
Specie.
2.000 Tincture Amalg. Mfg. Co.,
Deposits.
Tenders. Banks.
May 18.
Ltd________________ _____ Lot SI
1,100 Tincture Amal. Co............. Lot 51
Avcra ges.
5
?
$
$
$
S
$
Bonds.
Per cent. Banks___ 131,150,0 195,115,7 1.375,207,0 292,873,0 77,381,0
1,413,862,0
51,576 07 Arlz. United Mg. Co. of
Trust cos_ 39,625,0 90,271,6 638.380,0 63,806,0 7,148,0 59,430,6 465,168,0
Del. 6% deben. certfs_____ Lot SI,500
Total . . 170,775,0 285,387,3 2.013.593.0 356.679.0 84.529.0 59.430.0 1.879.030.0
53.000 Borough of Dubois, Pa., wa­
Actual.
ter 4)4s, Ser. “ N” _____________ 100
•519,000 So. Bruns. Ter. R R. Co. 5s
Banks----1.411.849.0
1.370.451.0 295.899.0 76.171.0
Trust cos.
(certldcates of deposit)______ Lot $9
640.859,0 65,086,0 7.118,0 56.595.0 469,395,0
523.000 Clcv. St. L. A K. C. RIt. Co.
1st 5s. 1928___ ______ _______ Lot 515
Total . .
2,011,310,0360,985.0 83,289,0 56,595,0 1,881,244,0
•53,000 Winona A S. W. Ry. Co. OsLot S3
$2,000 Penna. Coal & Coke Co. 1st
5s, Ser. A, 1932 . ........................ 95
The State Banking Department also furnishes weekly
$1,000 Elmira & W ’msp’t R R. Co.
Income 5s.............
112>.£ returns of the State banks and trust companies under its
51.000 Elmira & Wmspt. R lt. Co.
charge. These returns cover all the institutions of this class
1st 4s, 1950........ ........... ............... 100
51.000 Springfield Wa. Co. 5s, 1926 100
in the whole State, but the figures are compiled so as to
51.000 No. Springfield Wa. Co. 5s,
1928__________________ _______ 100
distinguish between the results for New York City (Greater

Statement of New York City Clearing-House Banks and
Trust Companies.— The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending May 18. The figures for the separate
banka are the averages of the daily results. In the case of
tho totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see “ Chronicle,” V . 85, p. 836, in the case of the
banks, and V . 92, p. 1607, in the case of the trust companies.

Banks.
00s omitted.

1429

New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended May 18.

Trust Cos.
State Banks
State Banks
Trust Cos.
In
in
outside of
outside of
Greater N . Y. Greater N . Y . Greater N . Y . Greater N . Y .
$

$

t

$

Capital as of Dec. 2 1 ___

*22,387,400

61,956,000

9,402,900

Surplus as of Dec. 2 1 ___

*38.732,700

176,850,100

11,874,943

11,826,516

Loans and Investments..
Change from last week.

293,665,400 1,207,878.200
— 814,700 + 12,765,100

106,917,200
+ 135,800

165,093,500
+ 393,200

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

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

9,525,000

S p e c ie ...................... .......
Change from last week.

51,015,000
— 328,000

124,876,700
+ 3,375,300

Legal-tenders A bk. notes
Change from last week.

24.364,800
+ 404,400

11,728,300
+ 81.700

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

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

Deposits ______________
Change from last week.

348,465,100 1,309,951,700
— 2,824,700 + 12,396,200

112,821,500
+ 651,300

173,555,200
— 645,000

Reserve on deposits........
Change from last week.

98,257,200
— 1,804,700

144,684,700
+ 2.912,100

22,055,700
+ 69,200

24,649,300
+ 1,080,800

P. C. reserve to deposits..
Percentage last week..

29.1%
29.4%

16.4%
16.5%

20.8%
20.8%

15.3%
15.9%

+ Increase over last week. — Decrease from last week. • As of March 21 1912.
Note.— “ Surplus" includes all undivided profits. “ Reserve on deposits’’ includes
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates , and also exclusive of deposits secured by bonds o
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.
Tho State banks arc 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 certlllcates (according
to the amendment of 1910) and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive 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.
—State Banks—
— Trus ! Cos.—
Total
Of
Of
Reserve Required lor Trust Companies
Total
which Reserve
which
and State Banks.
Reserve
Location—
Required. In Cash. Required. In Cash.
15%
25%
15%
Manhattan Borough................................................15%
10%
20%
Brooklyn Borough (without branches In Manhat.) 16%
10%
10%
Other Boroughs (without branches In Manhattan) 15%
15%
7H %
15%
Brooklyn Borough, with branches in Manhattan..15%
20%
20%
15%
Other Boroughs, with branches In Manhattan.. .15%
15%
15%
5%
Cities of the 1st and 2d class................................. 10%
Cities of the 3d class and villages...........................10%
3%
15%
6%
Elsewhere In the State------------------------------------- —

.

__
__

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
H ouse. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

1430

THE CHRONICLE

House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in trie Greater New York.

Boston and Philadelphia Clearing-House Members.— Be­
low is a summary of the weekly totals of the Clearing-House
institutions of Boston and Philadelphia:
We omit two ciphers

NEW YORK CITY BANKS AND TRUST COMPANIES.

Clear.-House
Week ended May 18
Members.
ActualFigures

Clear.-House State Banks it Total of all
Members. Trust Cos. not Banks & Trust
Average.
in C.-H . Aver. Cos. Average.

$
|Nat. Banksl
Capital {April 18and) 170,775,000
IState Banks |
Surplus (March 21. J 285,387,300

S

$

170,775,000
285.387,300

$

34,652,000

205,127,000

93,130,300

378,517,600

Loans and Investments 2,011,310,000 2,013,593,600
Change from last week — 19,063,000
— 5,853,COO

645,596,800 2,659,189,800
+ 2,673,900
— 3,179,100

D eposits............ ......... 1,881,244,000 1,879,030,000
Change from last week — 3,198,000 + 10,036,000

a653,180,300 2,532,210,300
+3,491,600 + 13,527,600

S pecie______________
Change from last week

360,985,000
+ 8,607,000

356,679,000
+ 5,590,000

67,031,100
+ 229,600

423.710,100
+5,819,600

Legal tenders..............
Change from last week

83,289,000
— 1,255,000

84,529,000
— 314,000

611,536,300
+ 147,300

96,065,300
— 196,700

Banks: cash In vault__
Ratio to deposits-----

372,070,000
26.35%

370,254,000
26.18%

12,911,700
14.27%

383,165,700

Trust cos.: cash In vault

72,204,000

70,954,000

65,655,700

136,609,700

Aggr’tc money holdings
Change from last week

444,274,000
+ 7,352.000

441,208,000
+5,246,000

78,567,400
+ 376,900

519,775,400
+ 5,622,900

Money on deposit with
other bks. <fc trust cos.
Change from last week

56,595,000
—338,000

59,430,000
— 2,692,000

20,211,800
— 1,709.830

79,641,800
—4,401,800

Total reserve______
Change from last week

500,869,000
+ 7,014,000

500,638,000
+ 2,554,000

98,779,200
— 1,332,900

599,417,200
+ 1,221,100

Surplus CASH reserve
Banks (above 25%)
Trust cos.(above 15%)

19,107,750
1,794,750

16,781,500
1,178,800

Total .............. .........
Change from last week

20.902,500
+ 8,982,200

17,967,300
+4,541,100

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

% of cash reserves of tr ust ccs—
15.38%
Cash on dep. with bks.
10.75%

15.25%
11.32%

15.31%
1.07%

’ Total

20.57%

16.38%

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

. 26.13%

- ........ .....

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

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

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

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Loans and
Investments .
S

Mch.
Mch.
Mch.
Apr.
Apr.
Apr.
Apr.
May
Ma?
May

16..
23.
30..
6 ..
13..
20..
27..
4 ..
11..
18-.

2,650,795,6
2.649,129.8
2,650,810,6
2,661,514,8
2,646,312,4
2,628,377,1
2,625,045.4
2,643,058,7
2,662,368,9
2,659,189,8

Deposits

Specie.

$
2,511,749,0
2,510,225,0
2,507,172,7
2,506,033,3
2,489,720,4
2.482,583.9
2,477,238,3
2,497,676,4
2,518,682,7
2,532,210,3

$
425,451,2
422,044,4
417,151,9
408,260,1
410,112,2
416,442,1
416,955,2
417,009,3
417,890,5
423,710,1

Legals.

5
$
3
96,714,3 522,165,5 603,028,6
96,212,5 518,256,9 595.574,2
95,293,3 512,445,2 591,973,0
92.914,6 501,174,7 580,074,9
94,300,4 504,712,6 582.181,0
94,945,3 511,387,4 592,817,9
95,289,9 512,245,1 593,657,8
95,954,6 512,963,9 596,187,4
90,262,0 514,152,5 598,196,1
96,005,3 519,775,4 599,417,2

We omit two ciphers (00) in ail these figures.

New York City.

Manhattan & Bronx.

Aetna National..........
Washington Heights.
Battery Park Nat’l .Century .................. Colonial ....................
Columbia.___________
Fidelity.............. .......
Mount Morris---------Mutual............ ...........
New Netherland........
Twenty-third Ward. _
Y o r k v jU e ......... ..

Capi­
tal.
*
500,0
100,0
200,0
500,0
400,0
300,0
200,0
250,Q
200,0
200,0
200,0
100.0

Sur­
plus.
%

Loans,
Legal
On
Dlsc’ts
Tender Deposit
and
Specie. and
tolth
Net
Invest­
Bank C.-H. Deposits,
ments.
Notes. Banks.
1

525,6
318.0
111,4
514,5
501,5
799,9
171,4
340,7
402,4
286,8
72,3
507,3

2,758.0
1,547,0
1,426,0
5,397,0
6,691,0
6,711,0
1,041,0
2,627,0
4,344,0
2,923,0
1.853,0
4,353,0

544,0
662,8
871,4
862,0
575,2
109,0

3,291,0
3,606,0
5,999,0
11,175,0
4,031,0
2,227,0

Brooklyn.

200,0
Broadway..................
First National......... . 300,0
Manufacturers’ N at.. 252,0
Mechanlcs’ _________ 1,000,0
National C ity...........
300,0
North S id e ................
200,0
Mersey City

FIrstfNatlonal---------Hudson County N at..
Third National........ .

$
122,0
197,0
92,0
996,0
889,0
800,0
275,0
335,0
631,0
305,0
260,0
565,0

$

2,363,0
1,313,0
1,532,0
5,282,0
7,136,0
7,732,0
1,000,0
2,949,0
4,721,0
2,803,0
2,037,0
4,862,0

430,0 130,0
326,0 3,287,0
276,0 116,0
463,0 2,750,0
348,0 451,0
740,0 5,463,0
226,0 1,813,0 1,011,0 13,146,0
542,0 152,0
700,0 4,117,0
250.0 2,245,0
191,0 106,0

1,319,6 4,947,0
784,4 3,566,0
422,0 1,940,0

307,0
238.0
118,0

220,0
125,0

640,5 3,825,0
288.6 3,135,0

183,0
182,0

Hoboken.

First National............
Second National____

$
«
549,0
58,0
154,0
83,0
358,0
53,0
40,0 1,048,0
913,0 428.0
702,0 601,0
63,0 116,0
51,0
441,0
504,0 344,0
316,0 105,0
245,0 102,0
68.0 773,0

400,0
250,0
200,0

361,0 1,544,0
78,0
406,0
115,0
410,0
43,0
43,0

348,0
258.0

4,087,0
1,954,0
1,512,0

$
223,551.0
220,107,0
223,761,0
224,164,0
224,672,0
224,218,0
225,273,0
227,823,0

s
$
25,079.0 3,815,0
26,405,0 3,725,0
25.029,0 3,998,0
24.781,0 4,335,0
25,504,0 4,291,0
25,994,0 1,203,0
26,693,0 4,234,0
26,797,0 4,100,0

$
275,872,0
271,258,0
265,259,0
270,845,0
270,566,0
268,810,0
266,357,0
270,708,0

%
7.921,0
7,934,0
8,014,0
8,044,0
8,032,0
8.146,0
8,287,0
8,296,0

192.954.3
217.714.3
179.925.9
182.164.5
187.369.2
174.866.1
159.721.9
177.628.9

80,623,2
80,623,2
80,623,2
80,623,2
80,623,2
80,623,2
80,623,2
80.623,2

386,529,0
387,969,0
388,787,0
387,884,0
388,707,0
389,800,0
391,639,0
390,943,0

101,610,0
103,578,0
99,849,0
102,136,0
101,634,0
101,988,0
100,662,0
102,904,0 t

427,254,0
432,871.0
431,057,0
433,781,0
431,093,0
433,251.0
432,167,0
445,524,0

15,158,0
15,129,0
15,102,0
15,083,0
15,074,0
15,053,0
15,066,0
15,062,0

152.101.7
164.825.3
156.382.1
147.051.3
180.646.6
142.306.9
155.070.7

Specie.

Legals. Deposits. Circu­
a
lation.

Clearings
$

142.360.7

a Includes Government deposits and the item “ due to other banks.” At Boston
Government deposits amounted to 5774.000 on May 18, against 5738,000 on May 11.
t “ Deposits” now Include the Item of “ Exchanges for Clearing House,” which was
not previously embraced In the total. "Exchanges for Clearing House” were re­
ported this week as 514,240,000.

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending May 18; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.

For Week.

1912.

1911.

1910.

1909.

Dry Goods.......... ............... ..
General Merchandise............

$2,978,985
16,771,680

$2,102,129
14,253,891

52,061,972
11,270,123

53,054,145
13,751,380

T o ta l..................................
Since J a n . 1.
Dry Goods............... .............
General Merchandise........ .

$19,750,665 $16,356,020 513,337,995 510,805,525
357,981,245 $57,038,123 S65,689,674 508.863,264
341,195,589' 283.006,078 314,505,790 272,174,810

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 18 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
For the week______________
Previously reported..............

1911.

1910.

1909.

515,914,468 $15,370,511 $14,154,718 511,792,882
318,508.580 289,933,430 238,593,542 233,935,884

Total 20 weeks.................. $334,423,048 $305,303,941 $252,748,260 $245,728,760

The following table shows the exports and imports of
specie at the port of New York for the week ending May 18
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
Exports.
Week.
Great Britain___________________
France ........................- ........... .......
Germany ----------------------------------West Indies.............. ............... .........
Mexico .................... ................. .......
South America........ ........................
All other countries_______________

51.600

Total 1912...... ...............................
Total 1911...... ...............................
Total 1910____________ ________

100,200

Sliver.
Great Britain................................ .
France ..............................................
Germany ..........................................
West Indies........................ ...............
M e x ic o ...... ........... - ......... - .............
South America__________________
AH other countries............ ...............
Total 1912......................
Total 1911......................
Total 1910......................

Imports.

Since Ja n . 1
512,030,487
15
636,925
8,499,327
49,383

51,600 $21,216,137
2,325,831
87.989 43,908,863

Week.

$5,164
430,994

$255
331,037
46,653
9,642

50,452
25,163
306,030

$856,845 519,503,432
931,653 18,718,293
1,081,054 16,531,887

’ l ’osf, 197
5,913,505
1,078,481
686,736

$387,587 $8,217,077
83,574 3,662,482
177,477 5,342,616

$778,860 516,406,481
62,800 2,715,300
14,985

Since J a n . 1

$014
407,993
77,995
8,314

$3,329
2,802
15,335
12,731
2.532,055
1,528,380
529,336

$494,916 $4,624,568
17,419 3,180.744
127,794
1,520,562

Of the above imports for the week in 1912, $20,255 were
American gold coin and $32 American silver coin.

J8atxMti0 and f in a n c ia l
Railroad and Industrial Stocks
W rite fo r o u r C ircular N o . 614 e n title d “ R a ilroa d an d In d u stria l
S t o c k s ,” w hich describ es 126 Issues listed on the N ew Y o r k S to c k
E x o h a n g e , an d classified b y us as fo llo w s: In v e s tm e n t S to c k s , Sem i­
I n v e s tm e n t S to c k s , S p e c u la tiv e S to o k s .

Spencer Trask & Co.
43 EXCHANOE PLACE— NEW YORK.
Chicago. III. Boston, Mass. Albany, N. Y,
Members New York Stock Exchange.

White, Weld & Co.

1,562,0
1,327,0

: Totals May 18........ 6,797,0 11,691,3 89,413,0 7.394,0 7,170,0 12,535,0 85,180,0
Totals May 11------- 6,797,0 11,691,3 89.272,0 7,378.0 7,062,0 12,923,0 85,123,0
Totals May 4 ........ 6,797,0 11.691,3 89.233,0 7,297,0 6,547,0 13,940,0 84,458,0




$
41,575.0
41,575,0
41,575,0
41,575,0
41,575.0
41,575,0
41,575,0
11,575,0

Tot. Money Entire Res.
Holdings. on Deposit.

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending May 18, based on average daily results:

Banks.

Loan*.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

We omit ttoo ciphers In all these figures.
Week
Ended.

Boston.

Mch.30............
Apr. 6............
Apr. 13............
Apr. 20............ .
Apr. 27_______
May 4 ............
May 11______
May 18............
Philadelphia.
Mch.30..............
Apr. 6..............
Apr. 13..............
Apr. 20..............
Apr. 27..............
May 4 ............
May 11_______
May 18........ ..

in all these figures.

(00)

Capital
and
Surplus.

Total 20 weeks.................. $399,176,834 5341,304,201 5380,255,464 $341,038,074
l

+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust companies in New York City;” with this Item Included,
deposits amounted to 5726,480,300, a decrease o f'51,627,000 from last week. In
the case of the Clearing-House members, the denosits are "legal net deposits" both
for the average and the actual figures. 6 Includes bank notes.

’

[VOL. L X X XXIY

Bonds and Investment Securities.
14 W A L L S T R E E T

NEW YORK

THE ROOKERY

CHICAQO

35 C O N G R E S S S T R E E T

BOSTON

THE CHRONICLE

May 25 1912.]

Wall Street, Friday Night, May 24 1912.
The Money Market and Financial Situation.— The limited
volume of business, together with the narrow movements
of prices at the Stock Exchange this week, leaves little room
for discussion of the market alone. W e therefore turn to
consider a few of the influences that have brought about
this stagnation. Among these the most far-reaching in its
effects is, undoubtedly, the political situation. That Presi­
dent Taft was so poorly supported in his own State was a
surprise to many and this evidence of his opponent's strength
in so conservative a community leaves small doubt that
Mr. Roosevelt will receive more support in the National
Convention than has generally been thought possible. If
this matter would of itself have had a depressing influence
upon security values, it has been counteracted by more
hopeful conditions in the agricultural districts and by
steadily increasing activity in industrial lines, especially in
the iron and steel districts. Shipments of these products
are not being made promptly enough to suit purchasers and
it is reported that in some cases premiums arc offered for
quick deliveries. The anthracite coal strike is finally settled
by an acceptance on the part of the miners of terms pro­
posed by the operators; but this has had no perceptible effect,
inasmuch as the outcome had been foreseen for wine time past.
In banking circles some interest is felt in the renewal of a
movement of funds from this centre to Berlin on offer of a
5 % rate by German bankers. Paris seems, on the other
hand, to be well supplied with funds, as the new Paris loan,
just brought out, was many times over-subscribed.
The local money market continues easy and there seems
little likelihood of any important change in this particular
before the demand for crop-moving purposes sets in.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 % @ 3 % . To-day rates on call were 2 % @ 2 % % .
Commercial paper quoted at 4 @ 4 % % for GO to 90-day
endorsements and for prime 4 to G months’ single^ names
and 5 % for good single names.
"
•
The Bank of England weekly statement on Thursday
showed an increase in bullion of £'204,388 and the percentage
of reserve to liabilities was 51.33, against 52.31 last week.
The rate of discount remains unchanged at 3 % , as fixed
May 9. The Bank of France shows an increase of 17,025,000
francs gold and 1,G50,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
(No including Trust Companies.)
1912.
Averages for
week ending
May 18.

Differences
from
previous week.

1911.
Averages for
week ending
May 20.

1910.
Averages for
week ending
May 21.

S
S
S
S
131.150.000
Capital..........................
134.150.000 130.350.000
195,115,700
Surplus ........................
200,234,400 185.325.000
Loans and discounts.. 1.375.207.000 Lee. 1G,435,666 1,332,045,400 1,183,150,000
47.300.000 Dec.
059,000
Circulation ..................
47.080.000
1G,0G5,600
1.413.802.000 Dec. 8,005,000 1.380,927,700 1,173,510,100
Net deposits............ .
292.873.000 Inc. 2,407,000 317.482.000 248,731,900
377,000
77.381.000 Dec.
74,924,500
08.478.000
Reserve held ................
25% of deposits_____

370.251.000 Inc. 2,090.000
353,465,500 Dec. 2,001,250
10,788,500 Inc.

4,091,250

392,400,500
340,731,925

317,210,500
293,380,525

45,074,575

23,823,975

Note.—The Clearing House now Issues a statement weekly showing the actual
condition of the banks on Saturday morning as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary 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 ex­
change throughout the week ruled firm, though at the
extreme close a reactionary tendency was evident.
T o-d a y’s (Friday’s) nominal rates for sterling exchange were 4 85 for
sixty day and 1 88 for sight. T o-d ay's actual rates for sterling exchange
were 4 8450® 4 8400 for sixty days, 1 8715@ 4 8720 for checks and 4 8750
@ 4 8755 for cables. Commercial on banks 4 8 3 @ 4 84 .and docum ents for
paym ent 4 8 3% @ 4 8 4 % . Cotton for paym ent 4 84 % ® 4 84 X and grain
for paym ent 4 84 % ® 4 85.
The posted rates for sterling, as quoted by a representative house, were
not changed from 4 85 for 00 days, but on Monday were advanced to 4 88
for sight, which remained the figure all the week.
T o-d ay's (Friday’s) actual rates for Paris bankers' francs were 5 20 less
3-32 @ 5 20 less 1-10 for long and 5 17 % less 7-04 @ 5 17 % less 3-04 for short.
Germany bankers’ marks were 04 11-16@91 X for long and 05 % less 1-04®
05 k plus 1-04 for short. Amsterdam bankers’ guilders were 40 5-16®
40 5-10 plus 1-32 for short.
Exchange at Paris on London, 25f. 24 Me.; w eek’s range, 25f. 25c. high
and 25f. 22 Mo. low.
Exchange at Berlin on London, 20m . 46 MPf.; week s range, 20m. 47 % p f .
high and 20m. 4 5 % p f. low.
The range for foreign exchange for the week follows:
Cheques.
Sterling, Actual—
Sixty Days.
Cables.
4 8725
4 8760
High for the w eek— 4 8100
4 8705
4 8730
L ow for the week— 4 8125
Parts Bankers' Francs—
5 17% less 5-04 5 17 M
High for the w e e k . ..5 20 less 1-10
Low for the week — 5 20 JjJ less 1-32 5 18 M less 1-04 5 17 M less 5-64
Germany Bankers’ Marks—
05 M Plus 1-32
05 % less 1-32
High for the week—
94%
05 3-16
05 M
L ow for the week —
04 %
Amsterdam Bankers' Guilders—
40 5-16 plus 1-10 40 %
High for the w eek___ 40% plus 1-10
40 5-10
40 % less 1-10
L ow for the w e e k ___ 40 % less 1-32
DOMESTIC EXCHANGE.—
Chicago, 15c. per
$1,000 prem
ium . uoston,
Boston,
X L I lA m m .— vu«,ois«,
uw vi.uuu
(J.omiuin.
40o. per 51,000 premium bid and 30c. asked. New Or­
par. St. Louis, 41
al, par; bank, 51 per 51,000 premium. San Francisco,
leans, com m ercial,
remium.
Savannah,
par.
20c. per 51.000 prem
i.----- ------------- •, buying,
- ... 3-16%, discount; selling,
--------,,, ,----St. Paul, 40c. per 51,000 prem ium . Charleston, buying, par; selling, 1-10%
premium.

State and Railroad Bonds.— Sales of State bonds at the
Board include 811,000 New York 4s 1961 at 101 to 10 1%
and 813,000 Virginia Gs deferred trust receipts at 47 to 4 7 % .




1431

On steadily diminishing daily transactions, the market for
railway and industrial bonds has been decidedly dull, and
20 out of a list of 30 active issues are lower, while three
close at the same level as last week.
United States Bonds.— Sales of Government bonds at the
Board include 82,000 2s,c o u p .,a t 101 % , 81,000 2s,jreg.,at
1 0 0 % , and 86,500 Panama 3s at 1 0 1 % to 102. Closing
prices have been as follows; for yearly range see third page

following:

Inercst
Periods
2s, 1930 ............ . .registered Q—Jan
Q—Jan
3s, 1908-18 ---------registered Q—Feb
3s, 1908-18.......... . coupon Q—Feb
4s, 1925 .......... — registered Q— Feb
4s, 1925------------------ coupon Q— Feb
2s, 1930.Panama Canal regls Q— Feb
3s, 1901.Panama Canal coup Q—Mch

May
18

May
20

May
21

May
22

M cy
23

May
24

*100%
10IM
* 102 M
*102M
*114
*114%
*100M
*101%

*100%
*100M
*102 M
*102M
*114
*114M
*100M
101M

*100M
*100M
*102M
*102M
*114
*114M
*100M
*101%

*100M
*100M
* 102 M
*102M
*114
*114M
*100%
*101%

100?-,
*100?5
*102M
*102M
*114
*114M
*100M
102

*100%
*100M
*102M
*102M
*114
*101%

* This is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— As noted above, the
stock market has been dull. On only one day have the
transactions amounted to as much as 500,000 shares and
the average has been considerably below that figure. The
heaviest business was recorded on Wednesday, and on that
day also prices reached the lowest point of the week.
Notwithstanding the limited transactions, last week’s
quotations have been well maintained. In only two cases
did declines in the active railway list amount to more than
1 % points. The exceptional features were Candian Pacific,
which lost G points of its recent persistent advance, and
heading, which dropped 4 points. Both have, however,
substantially recovered.
Some of the industrial issues have made a record quite
in contrast with the market as a whole. American Tobacco
sold to-day at 280, an advance of 22 points from last week’s
closing prices. U . S. Rubber was over 8 points higher, and
Peoples Gas closes with a net gain of 4 % .
For daily volume of business see page 1439.
The following sa es have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending May 24.
Allls-Chal rets 1st paid.
Preferred rets 1st paid
Am Tobae prof tr rets__
Batopllas Mining_______
Brunswick Terminal___
Chicago <fc Alton . ____
C M & St Paul rights___
Colo Fuel & Iron, prof..
Colo & South, 1st prof..
Comstock ’I unnel..........
Crex Carpet.......... .........
lies M & Ft Dodge........
E I du Pont I’owd, pref.
Gen Chemical, pref........
Green Bay & Western..
Deb certfs, Ser B .
G W Ilclme, pref____
Homestake Mlhlng........
M Rutnely, pref_______
N Y Chic & St Louis..
2d preferred________
New York & Harlem__
Ontario Sliver Mining.. .
Peoria & Eastern. . . .
Sloss-Shefflcld S & I, pfd
Standard Milling---------Preferred....................
U S Express.... ......... ..
U S Reduc * Refg, pref.
U S Indus Alcohol._____
Preferred___________
Virginia Iron C & C ........
Vulcan Detlnnlng_____
Preferred................ ..

Sal'S
for
Week.

Range for Week.
Lowest.

Highest.

100 2M May 21 2%
200 0 May 20 0
200 107M May 23 108
100 82 May 21 S2
30C 10M May 20 10 X
300 21 May IS 21
3,750 9-32 May 24 11-32
1C 110 May 22 110
10C 74 May 2:’ 7 4
10C 10c. May 21 10c.
300 S3 May 21 84%
100 5 May 18 5
100 94U May 24 94X
250 111 May 20 111
100 85 May 24 85
S 12M May 24 12 V»
20C 109% May 21 110
12C 96 M May 24 #6M
500 101 May 22 101X
20C 59 May 22 CO
300 90 May 20 CO
100 100 May 2C 100
4,091
1Vi May 20 3%
100 15 May 24 15
100 100 May 20 100
G2c 25% May 21 26 X
105 61% May 2, 01%
10 95 May 24 95
100 7 May IS 7
1,770 35% May 22 38%
500 102% May 21 1)114
200 6 0 '/, May 20 01
105 22 May 24 22
‘ 100 8614 May 94 80 %

Range since Jan. 1.
Lowest.

May 21
1%
May 22
5
May 24 102
May 21
S%
May 18 8
May 22 17
May 18 9-32
May 22 10G
May 22, 74
May 21 10c.
May 22 70
May 18 5
May 24 00%
May 20 100%
May 24 80
May 24 10%
May 22 109%
May 241 80%
May 21 101
May IS 54
May 20 87
Mav 20 450
May 20
1
May 24 13%
May 20 90
May 21 10%
May 20 53
May 24 81
May 18 0
May 23 26
May 23 95
May 20 54
May 24 15
Mav 24 70

May
May

Highest.

2%
6
108%
Mch 82%
11%
24%
May 9-10
Mch 110
May 76%
Apr 10c.
Apr 85
May 5
Jan 94 X
Melt 111
Feb 89
Feb 13
May 112
Mch 90%
May (01%
Feb 01%
Jan 90
Apr 100
Feb 3 %
Apr 17%
Feb 105
Jan 20%
Jan 02%
Jan 100%
Mav 10%
Jan 38%
Jan 101
Mch 90
Jan 27%
Jan SOU

May
May
Apr
Apr
Apr
Feb
Apr
May
May
Feb
Jan
May
Mch
May
May
Apr
Jan
May
May
Apr
Apr
May
Apr
Apr
Apr
May
Apr
Jan
Feb
May

Outside Market.— Considerable strength and activity was
noted in some of the industrial issues in the outside market
this week, though for the most part the list exhibited a re­
actionary tendency. United Cigar Stores was the leading
feature throughout, and moved up from 201 to 2 3 0 % , the
close to-day being at 2 2 9 % . Anglo-Amer. Oil gained sub­
stantially at the beginning of the week— from 2 3 % to 2 5 % ,
the latter the highest point yet reached— but reacted, the final
transaction to-day being at 2 1 % . British-Amer. Tobacco
sold down a point to 2 6 % and recovered to 2 7 % , closing to­
day at 2 7 % . Cons’d Rubber Tire com. went up 4 points to
18, then sank to 1 6 % , but moved up to-day to 1 8 % .
B. F.
Goodrich com. improved from 8 6 % to 8 6 % and eased off
to 86, the final figure to-day being 8 6 % . The preferred sold
up from 108 to 108% and down to 1 0 8 % . Intercontinental
Rubber com. advanced from 16 to 1 6 % and fell to 1 4 % .
Lehigh Valley Coal Sales from 253 reached 270 and declined
to 250. Loose-Wiles Biscuit com. lost about half a point to
34, advanced to 3 5 % and was traded in to-day at 35. The
preferred went up 1 % points to 1 0 3% and eased off finally
to 103. It. J. Reynolds improved from 230 to 245. Stand­
ard Oil of N . J. receded 10 points to 375, ex-dividend, sold
up to 384 and reacted finally to 381. U . S. Light & Heat­
ing com. from 21 reached 2 2 % and fell back to 2 l , with the
final transaction to-day at 22. Bond trading was limited.
Bethlehem Steel new 5s, w. i., weakened from 91 to 9 0 % ,
sold up to 9 1 % and back to 9 1 % finally. Chicago Elevated
5 % notes were off from 9 8 % to 9 8 % . Inspiration Con.
Copper conv. 6s were traded in at 10 4% and 105. Trading
in copper stocks light. Braden Copper rose from 5 % to 5 % .
Giroux advanced from 5 % to 5 % and sold to-day at 5 % .
Outside quotations will be found on page 1439.

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G }

T W O

PA G JE S

F o r r e c o r d o f s a le s d u r in g t h e w e e k o f s t o c k s u s u a lly
S T O C K S — H IG H E S T
S a tu r d a y
M a y 18.

M onday
M a y 20.

AND

T u esd a y
M a y 21.

LOW EST

SALE

W ed n esd a y
I M a y 22.

sales 0/

P R IC E S .

T h u rsd a y
M a y 2 i.

F r id a y
M a y 21.

in a c t iv e , se e

STOCKS
N E W Y O R K STOCK
EXCH AN G E

ih t
W eek
S h a r es

p r e c e d in g

page.

R a n g e s in c e J a n u a r y 1.
O n b a sis 0/ 1 0 0 -sh a re lots

R ange

1or Precious
Y e a r 191 1.

H ighest.

H igh est.

R a ilr o a d s
10633 106 106*8 105*2 IO6I4 105*8 106
1 0 6 is IO 6I 2 108
1031 4 F e b
997g S e p
1103gA pr 8
tch T o p e k a & S a n ta F e
10G lOOlg 11,100
11658 J ’ n e
103*8 103 103
103>2 1031 2 1031g IO3I4 103
100% J a n
IO 3 I4 IO 3 I4 IO3 I4 103*4
101*8 J a n
2 1 04 % F e b 10
Do
p r e f __________
I 0 5 i2 J ’ n e
140
14014 140
140
UOI4 HOI4 140 140 *139*2 140 *139*2 HOI 4
117
Jan
133*8 J a n 10 143*2 A p r 9
13914 N o v
500 A t l a n t i c C o a s t L i n e R R
1091 8 100 t 2 109*8 1091? 1083g 109
z lO lU F e b
1 1 * lTg A p r 3 0
103 IO8I2 108*4 10812 108*3 IO8 I2
931 2 S e p
1091.. J ' l y
6,660 O a i t l m o r e & O h i o _____
*S S
00
89
89I4 *83
89
588
—
8512 A u g
91
J a n 23
87*1 A p r 27
*88
89
Do
p r e f _____________
91
Jan
*88
89
401
88
8914
s s u 8012
88tS 8834 8734 887g 88
72
S ep
815g J ’ l y
8934 M a y 2 4
76*4 J a n
2
89
89*8 89*4 64,625 B r o o k l y n R a p i d T r a n s i t .
2651s 2 665s 264 2G63g 2607g 2627g 2613s 26334 261*8 26234 26212 204I4 30,705 / 'a n a d l a n P a c i f i c ________ 220*2 M c h 4 2 7 0 M a y l 6
195*3 J a n
247
J 'l y
*370 390 *370 390 *370 390 *370 390 *370 390 *370 390
260 A u g 3 2 0 D e c
A p r 29
305
Jan
9 395
v 'e n t r a l o f N e w J e r s e y .
783g 79I4 787g 787g
79
791s
68 % S e p
7834 7834 787g 79
8634 F e b
68 I4 F e b
7814 79
815g A p r 11
5,600 C h e s a p e a k e & O h i o _______
18
18
*1712 19
*17*2 1812 *1712 1812 17*2 171* *17*2 18
17
S ep
25*4 J ’ n e
1 7 l2 J a n 29
20*2 A p r 8
320 C h i c G t W e s t t r u s t c t f s . .
*3412 35*2 *3412 38
*3412 3512 34
3412 345g 31*8 3412 3412
49*4 F e b
31
M ay22
D o p r e l t r u s t c t f s _______
730
3 9 i2 A p r
35*2 D e c
106 106
10534 IOGI4 105*8 IO6I4 105 106
105*8 105*4 105*8 1057g 11,200 C h i c a g o M l h v & S t P a u l . . * 1 0 3 % F e b 5 112 % A p r 6
105*4 O c t
133*2 F e b
*14112 14212 *14112 142 *14112 14212 141*8 1415s *14U2 142*2 142 142
141
S ep
D o p r e f ___________________
1 1 1 % M a y 17 1 46
156** F e b
Jan
2
400
138** 13914 *137 140
13834 139
138 138
1 38lg S e p
138 1383g 138 13S14
150*2 J ’ n e
3,700 C h i c a g o & N o r t h W e s t e r n 136*4 M a y 16 145 A p r 26
♦180 195 *180 195 *180 195 *180 191 ♦ISO 191 *180 195
D o p r e f ___________________
Jan
191
N o v §209
1 90
M a y 4 1 98
M c h 2b
*27S 31.
*212 3
*214
234
23g 234
*212 234
l-v S e p
3*s F e b
37g A p r 18
1*8 F e b 10
2*4
212
600 C h i c U n T r a c c t f s s t m p d
*7
9
7I4 714
6*4
634 *012 7
6*4
63.,
7
7
714 F e b
4*4 S e p
4
M c h 21
D o p r e f c t f s s t m p d ____
10*4 A p r 18
400
*53
58
*53
61
*____ 61
*56
61
*56
61
*50
61
66
Jan
4 8 is S e p
C l e v e C l n C h i c & S t L ____
64*2 M c h 28
6 2 i2 A p r 23
*100 105
lOOlg 105 *1001g 105 ♦lOOlg 105 *1001g 105 *100*8 105
98
F eb
9414 J ' l y
D o p r e f ___________________
§957S F e b 24 101*2 A p r 17
*169'14 17U2 17H2 17H2 170 170
17 l7g J ’ n a
1691a 169*8 170 170 *170 170%
167
J a n 10 176*2 F e b 6
e l a w a r e & H u d s o n ____
1 5 9 i2 S e p
*540 550 *510 550 *546 550 *540 550 *542*2 550 *542 550
570
N ov
605
Sep
540
J a n 16 5 0 9
e la w a r e L a c k & W e s t .
J a n 29
2012 2012
1912 1912
187a 19*8 *19
20*4
19
19*8
35
F eb
24
M c h 27
187S M a y 2 3
2,800 D e n v e r & R i o G r a n d e ____
17Sg D e c
3 734 38
373g 38
3434 3434 2.700
35*4 37
35
38
■37*8 371.1
74
F eb
D o p r e f ____________________
36*4 D e c
4 6 i4 J a n 24
3434 M a y 2 4
*1034 1112
* 10-*4 11
1034 10*4 *10
11
155g M c h
*9*2 11
1134 M a y 16
9
N ov
8*2 M c h 4
*9*2 11
100 D u l u t h S o S h o r e & A t l a n
*20
23
*2012 23
*20
223g *20
22 % * 2 0
2212 *19*2 22*8
30*8 M c h
17ig D e o
D o p r e f __________________
23
M a y l5
16
M ch 8
353s 3G38 3534 3012
35*8 35*4
35*8 357g
383g J ’ l y
27*4 J a n
35*8 35*2 35*4 35% 22,900 t f r l e ...............................................
39*s A p r 11
3 0 i4 J a n 15
537g 54
54
5U8
*53*2 54
53*8 54
53*2 5312 53
531a
6770 A p r 11
60*3 F e b 3
6 H4 J ’ly
1,600
D o 1 s t p r e f e r r e d ____
45*8 J a n
*4334 443( *433.( 4412 4334 4334
421.J 423g *42
43*2 44
44
4934 J ' l y
35
Jan
48
A p r il
40
F eb 3
800
D o 2 d p r e fe r r e d ..
13134 1313.J 13134 13214 131*8 132
1313g 132
131*2 13134 1317s 1323g
119
S ep
140
J’ne
4,000 G r e a t N o r t h e r n p r e f _______ 1 26 J a n 15 13534 A p r 9
44
4412 H I4 45
42I4 44
43*2 4334
4233 43*2 4314 43 I4 10,133
3334 D e c
0334 F e b
I r o n O r e p r o p e r t i e s ____
45
M ay20
36
J a n 31
127 127
127*8 1377g I 2GI4 127
127l2 12S7g 128 128
147 J ’ l y
132 J a n
l l i n o i s C e n t r a l ____________ 12058 M a y 9 141*8 J a n 23
126*2 127
4,600
2012 2 Ug
2034 2112 20*8 207g
203S 2114 21*8 213., 45,760
20*8 21
13*g S e p
20 -*s F e b
2134 M c h 24
n tc r b o r o -M e tr o p v t ctfs
lfr*s J a n
3
5834 6OI4 59
5914 603s
5934 605g
6OI4 60
39*4 S e p
61
59*8 597g
66 *a J ’ l y
Do
p r e f _______________
34,400
62
M c h 20
633g J a n
3
* 1212 13
13
* 12*2
*1212 13
*1212 13
*1212 13
15
M ay
22
S ep
1212 1212
200 I o w a C e n t r a l _______________
15
Jan
4
1 0 i2 F e b 8
30
30
*25
*25
28
*25
30
*25
30
*25
42
S ep
23
Apr
*25
30
D o p r e f e r r e d ____________
30
Jan
4
24
M c h 15
2534 *25l.i 25*4
2514 2534 *25
25 I4 S e p
25*4 25*4 *25
2534
25*4 25*4
2914 M c h 25
1,100
a n sa s C ity S o u t h e r n .
2414 M a y 10
37*8 J 'n e
6034 6034 6038 603g
60
60
60*8 601g
5973 601g
6034 J ’ q o
60*8 60*8
697g A p r 25
1,100
Do
p r e f e r r e d ________
65*8 M c h 25
01*2 S e p
18
*10
18
*15
18
18
*16
18
1S12 *1G
10
Sep
*16
18
a k e E r ie & W e s t e r n . .
18
A p r 24
17
N ov
l l i 2 J a n 26
525
39*4 3975 *3914 411j
*35
40
40
D o p r e fe r r e d . .
40
M ay21
25
S ep
30
Jan
8
39*8 3934
700
40
Jan
17612 17912 17812 1*8*114 177*4 17938 17573 179
17614 17773 170*4 177*8 193,400 L e h i g h V a l l e y ............... ........... 155~g F e b 6 185*4 J a n 15
151 S e p
18678 D e c
159 15914 *15812 15914 158*2 159
158 159
160*4 N o v
157*2 158*8 158 158
1,200 L o u i s v i l l e & N a s h v i l l e . . 1497s F e b 1 1 63 A p r 9
136*2 S e p
*135*2 137 ‘ 135 135 *135 137 *135 137
136 136
136 136
131*4 S e p
1 35
Jan
2 13834 M c h 13
a n h a tta n
E le v a t e d ..
227
142*2 J a n
*2134 23
*2214 23
2134 22
*
2134 2134 2034 2034
I n n e a p o lls & S t L o u is
20*4 M a y 2 4
560
21*2 A p r
2712 J a n 23
4 2 i2 S e p
*4712 4912 *4712 4912 *4712 4912 *40
49
*44
*44
Do
p r e f e r r e d ____________ § 4 0
35
M ch
F e b 26 §5 7
J a n 15
68*2 S e p
14214 1427g 14U2 142
140 140*4 140*4 U II4 140*4 14014 *140 14112 3,175 M i n n S t P A S S M a r i e . . . 1 29 F e b 3 144*4 M a y 15 1 124*4 S e p
1 5 2 i4 M c h
♦15212 155 *152 155
154 154 *152 155 *152 155 *152 155
Do
p r e f e r r e d _____
___
1 4 7 l4 F e b
1 1547g M a y 15
100
146 N o v
160 M c h
♦86I4 8712 *8614 88
8612 8612 *85*4 87
*85*4 87
*853.1 87
Do
le a s e d l i n e c t f s ____
8 7% J ’ ly
86*2 M a y 2 1 §887g J a n 17
90*2 M c h
28
283g *28
2812 27*8 27*8
27*8 27*2
27% 27% *2738 28
1,300 M o K a n s a s A T e x a s .
3 1 % M c h 29
27
S ep
38*g J ’ n o
261s F e b 7
62
*61
♦59
62
6Ua 6 H4 *59
62
*60
62
6234 S e p
00
6OI4
Do
p r e f e r r e d _____
60
M ay24
700
66
A p r 17
70
O ct
393S 4014 3912 39*8
393g 40
39*8 401S 39*8 3934 387S 3912 14,300 M i s s o u r i P a c i f i c ____________
4734 M c h 27
3314 S e p
383s F e b 24
63
F eb
*63
*631g 65
65
*63
65
*03
65
*63
65
*63
65
a t R y s o f M e x 1st p r e f
71
Jan
4
60
Aug
63
M a y l7
72*8 J a n
*3014 317g *3014 31
*3014 31
*3014 31
*3012 31
367g J a n 20
257g A u g
31
31
D o 2 d p r e f e r r e d __
300
28
Apr
38*8 F e b
119U 11934 119 1191g 11812 119
11912 120
118 118*8 118 118*4
7,900 N Y C e n t r a l & H u d s o n . . 1 0 6 i4 J a n 9 1 2 112 A p r 25 r9 9 7 8 S e p
115*2 F e b
13 » 2 13412 135 136
13514 13514 135
13514 *135 13512 13534 136
1,200 N Y N H & H a r t f o r d _____ 134*2 M a y 17 I 4 2 i4 A p r 1 1207g S e p
lS lig F o b
♦3712 3812 3812 3812 3812 3812 38
3814
37*8 3734 373g 3784
413g A p r 12
407a J l y
357a M c h 7
37-*4 S e p
1,500 N Y O n t a r i o & W e s t e r n .
9018 90*8
893s 893g *89
89*4
89
89
89
89
0 j3 4 A p r 26
885s M a y 2 4
500 N Y S t a t e R a i l w a y s _____
88*8 88*8
*51
52
*5012 52
50
50
50
50
*46
51
46*8 F e b 29
*46
51
55
M ay 2
400 N o r f o l k S o u t h e r n ___
4514 O c t
60
M ch
1123g 1123g 11212 1125g 1123g 11212 11212 11234 112*8 11234 *11233 11234 3,200 N o r f o l k & W e s t e r n _______ I IO 734 F e b
9934 S e p
114*4 A p r 3
IIH 4 N o v
*88
91
*88
91
*88
92
*88
91
D o a d ju s tm e n t p r e f . .
*89
92
90*2 J a n
85*4 A p r
91*4 J ’ n e
02
F e b 17
*64" 64* * ____ 65*2
6314 6314 *
_____________
*61
64
200 N o r O h i o T r a c & L i g h t
56
M c h 11
6534
N
ov
67*8 A p r 16
3912 J a n
1193g I 2OI4 119*4 10214 11934 12014 119 119*4 119*8 119*2 119*4 120*8 10,705 N o r t h e r n P a c i f i c _______
1377s J ’ n o
115*8 J a n 16 12533 A p r 6
U034 S e p
12312 1235g 12334 124
124 124
123*8 1237g 1233g 123*8 12312 1 2334
9,032 P e n n s y l v a n i a _______________ 1 2 2 i 2 J a n 9 1 26 i4 M a y 2
ll8 3 4 S e p
130*8 F e b
110
llO lg 109*2 HOI4 109*4 10978 10912 109*4 10912 10912 *109
2,000 P l t t s b C l n C h i c A S t L . . .
109*4
98*2 J a n
2 IIO I 4 M a y 2 0
100
Jan
u oig S e p
*110 115
115 115 *114 117 *110 117 *110
110 110 1 114 114
200
Do
p r e f e r r e d _____
1 0 S i2 J a n
2 117
F e b 20
112
F eb
102*8 S e p
1757g 1771g 17512 17734 17334 17558 1713.J 175*2 17214 1733s 173*4 174*8 123,000
e a d i n g _____________
148*8 J a n 11 179*4 A p r 29
16178 J ’ n e
134 S e p
91
91
*8912 91
*89*2 91
*8912 92
100
*S912 92
1s t p r e f e r r e d . .
*89*2 92
89*4 M c h 6
9314 A p r 20
92
J ’l y
88 M c h
*98
9912 100 100
98
98
98
98
600
2 d p r e f e r r e d __________
*9712 9912 *97*2 99*2
94 J a n 11 101*2 A p r 29
101
M ay
0 0 t2 S e p
2734 283g
277g 2814
26*8 28
27
27*4 12,330 R o c k I s l a n d C o m p a n y ____
2712 27*4
26*8 27*8
22*4 F e b 2G
30*2 A p r 8
22% S e p
34% J ’ n e |
5614 5634 5612 5712 56
5434 56
5612 5434 56*4
55*4 5578 7,000
Do
p r e f e r r e d ____________
48
Jan
3
433 4 D e c
685g J ’ n e
59*8 A p r 9
2134 21*4 *2U 2 23
22
22
*22
25
*2212 25
*2212 25
300
t L o u is A S a n F ra n
2134 M a y 2 2
2912 M c h 26
27
O ct 1
23
D ec
63*4 *61
633, *61
65
63*4
*6112 6334 *61
*61
6334 *61
D o 1 s t p r e f e r r e d . _____
61
M a y 10
69*2 J a n 23
69*4 J ’ l y
59
Sep
*3734 39
*38*4 3912 3778 38
37*4 37*8
37*2 37*2
37*2 377g
1 ,2 5 0
D o 2 d p r e f e r r e d ________
4334 A p r 1*
37
M a y l6
37
Sep
4 9 1* J ’ly
*31
33*2
33*4 3314 *32
3312 *31
3312 *32
33t2 *32
3312
100 S t L o u i s S o u t h w e s t e r n . .
29-*4 J a n 22
24
Jan
34
F eb
34*>s A p r 2
*72
74
*72
74
*73
*72
74
75
*72
74
7412 *72
Do
p r e f e r r e d ____________
5934 J a n
77*8 A p r 8
68*2 J a n 17
25
25
2478 25*s
2 5 t4
’ *25
25
25
*2412 25
2533 27*4
8,575 S e a b o a r d A i r L i n e ________
27*2 A p r 4
247g M a y 16
527g 527g
5234 527g
52
52*2
5134 533g
525g 527g
5318 55*8 21,625
Do
p r e f e r r e d ___________
65*8 M a y 2 4
50-*8 A p r 16
I I H 4 11134 111*2 112
11078 IIH 4 6,070 S o u t h e r n P a c i f i c C o ............ 105*2 F e b 1 115*2 A p r 8 104*2 S e p
111*2 111*4 1103.1 lU S g 110-34 111
12638 J 'n e
■ 2838 283g
2SI4 287g
28*2 2812 283a 29
2812 28*s
28*2 29*4 12,700 S o u t h e r n v t r c t f s s t m p d .
3U 8 A p r 9
24*4 S e p
33% J ’ly
2612 J a n 31
7414 747g *7414 75
74
7414
74
7414
741g 74*s
747g 75*2
5,900
Do
pref
do
0U4 J a n
76*2 M c h 2 8
68*4 F e b 4
75*4 J ’ l y
2478 2514 *247g 25*2 *24
25*2 *2412 25*2 *24
25*4 *24
300 ' T e x a s A P a c i f i c ..................
26*4 A p r 2
1978 D e c
20*2 J a n 3
3014 F e b
3934 391 2 41*4
4012 4U4 3912 4012 3973 3 9 78
38
3912 39*2
h
ire!
A
v
f
i
4,650
b ir d
v e N ew
4934 J a n 9
353 4 M a y 7
31
N ov
41
D eo
*7
812
♦ 6
7*2
7
712
*612
734
*612 7
*G12
7*2
T o le d o R a ilw a y s A L t " I
10*3 A p r 16
3
J a n 15
4
N ov
8*4 J a n
1434 1434
135S 14*4 *1312 14*2 *13*2 1412 *1312 HI4
15
15
600 T o l e d o S t L A W e s t e r n .
16-*s M c h 27
1234 M c h 4
12
D ec
2134 F o b
*307g 325g *307a 323g
29*2 307g
30
30
32
500
*29
31
*29
Do
p r e fe r r e d ..
30
Apr 8
3473 D e c
2912 M a y 21
6378 J a n
*107 10812 *107 10812 *105*2 109
107 107 *105*2 10812 *105*2 108
T w in C ity R a p id T r a n s it"
M a y 16
104
S ep
104% J a n
5 109
ill
F eb
17014 17U2 170*8 171*4 170 17078 169*2 171*4 16934 171*8 170*2 171*4 135,400
n i o n P a c i f i c ........................
1531* S e p
160
F eb
1 1753s A p r 9
1923s J ’ l y
91
9012 907g
*9012 9U 2 91
9034 907g
90*2 9012 *9014 91
1,600
D o p r e fe r r e d .
89
S ep
9353 F e b 27
90*8 M a y 10
90
J ’ ly
*3214 33
33
33
*3214 33
33
33
700 U n i t R y s I n v ' t o f S a n ’ F r
32*2 32*2 ♦32
3212
2812 S e p
3714 F e b 14
30*4 J a n
5
49
F eb
62
62
62
62
6134 62
6U2 6U2 6112 61*2
Do
p r e f e r r e d ___________
980
61*4
"
52
S ep
65*2 F e b 14
68 J a n
76*4 M c h
* 4 7 * 8 ____ * 4 7 * 8 ____ * 4 7 5 s _____ *471*3 50
V ir g in ia K y A P o w e r . _____
37
S ep
60
Apr 2
41
Jan
45
Apr
07g
75S
81g
7*4
712
7*4
7*2
a b a s h _____________ ' _____
*7
8
77S
6 ,7 0 0
634 D e c
734
73,i
934 M a y 11
6 Jan
18-*8 F e b
1934 20
18
2014
18
18
1812
18*s
1812 18*2
7,300
D o p r e f e r r e d _______
18*8 18*8
227s A p r 9
14*4 D e c
16 78 J a n
40-*8 F e b
*5834 6012
59
59
59
59
59
59
*58*4 5912 *59
6012
8 0 0 W e s t e r n M a r y l a n d R y ____
6 H4 M c h 25
4 8 78 A p r
55*4 J a n
60
J ’ ly
*80
8212 *80
8212 *8012 8 3
*81
8212 *80
8212 *80
82%
Do
p r e f e r r e d ___________
76
Jan
81
Apr 6
75
Jan
88*4 J ’ l y
8
*7
*7
8
*7
8
8
*7
*7
*7
8
8
W h e e l i n g A L a k e E r i e ____
9*4 M c h 13
2*2 S e p
4 J a n 10
0
I
4
F ob
241g 2Hg
24
24
*24
24
25
2413 *24
25
*24
25
600
D o 1 s t p r e f e r r e d _______
257s A p r 18
7
Sep
11
Jan
3
1758 F e b
*12
*12
13
13
12
12
* 11*2 13
*11*2 13
100
D o 2 d p r e f e r r e d ________
* 11*2 13
14
M c h 13
3
Aug
6 J a n 19
8 F ob
*5173 5714 *52
*5178 55
57
*517S 56
*5173 55
*52
55
W i s c o n s i n C e n t r a l ________
48
S ep
48
F eb 5
67*2 A p r 8
72*8 M a y
I n d u s t r ia l A M is c e lla n e o u s
*202
. . . *202
*202
*205
*205
*205
dam s E xpress.
N o v §245
§ 1 91
M c h 12 §217*2 A p r 18 § 1 98
Apr
1
1
1
1
1
1
1
1
1
1
1
llls -C h a lm e r s
1*8 3,150
3
M ch30
*2 M c h 2 6
1*8 D e c
934 M a y
4I4
3*4
*4
H2
414
3*2
§3*4
6
3*2
*312
350
5
D o p r e f ________________
*312
8 Jan 2
05g D e c
234 A p r 29
34
F eb
82*3 83
8314 837g
8314 8H4
8312 843g
8234 831 4 127,370 A m a 'e a m a t e d C o p p e r ____
8218 8373
44% S e p
85
A p r 27
60
F eb
1
7 1B8 J ’ n e
*6012 6U2 *60*2 6112 61*8 617g
6134 6214 4,000 A m e r A g r i c u l t u r a l C h e m .
6 U2 617g
6112 62*8
44*4 S e p
635g M c h 22
6812 F e b 27
G312 D e o
*100 101
101 101
100 *100 101 *100
*100
D o p r e f ___________________
35
IOOI4 A p r 15 101*4 M c h 2 0
001 2 O c t
1 05
D ec
7234 74
737g 74
727g
7214 7278 7 2
72U 725g
7212 73*8
9,450 A m e r i c a n B e e t S u g a r _____
39*4 J a n
53
F e b 20
76
M a y 11
6934 O o t
♦9912 101 5100*4 100*4 *99 101
*99*2 101
IOOI4 100*4
*9912 101
D o p r e f ___________________
140
9 2 i2 J a n
97
A p r 3 1007g J a n 10
101 O o t
*95
96
96
*9514 96
*95
95*4 *95
95*4 *95
*95
95*4
A m B rake S h oe A F d ry__
87
S ep
9 1 l2 J a n
2
9S
A p r 23
.0 7
F eb
*13412 137 *13612 137 *13612 137
13612 13612 *136% 137 *1341-> 137
100
Do
p r e f __________________ 1 30
J a n 2 138
J a n 22
1 2 2 i2 O c t
1 38
F eb
37*4 39I4
3834 3912
383S 41
37
37*8 3814
39*8 40*4 8 3 ,8 0 0 A m e r i c a n C a n _______________
38*8
43
M a y 11
87g J a n
IH 4 F eb
1
121
2
M ay
117 117
117 1 1 8
116*8 1171.1 116 117*2 117 118
11712 11734 4,625
D o p r o f ___________________
903 8 F e b
1 121*2 M a y 11
77
Jan
0 3 18 D e o
59
59
5934
5918 60
59
59
59
59
581a 59*4
59
3 ,9 0 0 A m e r i c a n C a r A F o u n d r y
49
F eb 5
6138 A p r 9
42*8 S e p
68 I4 J ’ l y
♦ 11734 11S12 118 1 1 8 *11734 11812 U I 8I2 11812 118*4 11834 119 120
D o p r o f ___________________
670
M ay24
115
F e b 14 1 20
113
O ec
120
M ay
545S 55*8
5412 55
*5412 55
5334 5412 *535S 54%
54*2 5434
1 ,7 0 0 A m e r i c a n C o t t o n O i l _____
5714 M a y
45*2 J a n 19
4158 N o v
623s F e b
*943g 100
§9812 9S12 *9434 98
♦943s 98
98
*95
98
*95
Do p
20
9914 F e b 13
. ref
-------95
J a n 19
02 N o v
105*2 F e b
*215 225
*215 225 *216 225 *215 225 *215 225 *215 2 2 5
A m e r i c a n E x p r e s s ________
200
F eb
2 §225
A p r 11
201
S e p §265
Jan

2,011 A

D

1934 2014

I

K
L

M

21*4 2212

100

N

66

R

S

200

100

U

*01

W

A ... _. .

5100

101

101

B A N K S AN D TR U ST COMPANIP]S— B R O K E R S' Q U O TATIO N S.
Banks

Bid

Ask

1 95
6 20
237
1 25
400
300
1 75
150
130
230
635

205
630
2 43
130

New York

A e t n a _____
A m e r i c a 11. .
A m er E xch .
B a ttery P k .
B o w e r y l l ___
B r o n x B oro^
B ron x N at
B r y a n t P k i]
B a tch & Dr
C e n t u r y H __
C h a s e _______

180
155
140
—

Banks

Bid

Ask

180
184
C h a t& P h e n lx
C h e l s e a K x 1| 195
200
C h e m ica l . .
4 40
450
C i t i z e n s ' C tl
1 80
C i t y __________ f 43012
C oal & Iron
155
1 60
C o l o n i a l 1| ._ 4 2 5
C o lu m b ia li. 335
350
C o m m e r c e . 1 199
1200
C o r n E x U ._ 3 1 0
E ast R iv e r .
100
115
F i d e l i t y 1|__ 165
175

Banks
F ift h A v e f l .
F i l t h _______
F ir s t ________
F o u r t h _____
G a l l a t i n ____
G a r f i e l d ___
G e r m - A t n 1|
G e r m ’ n E x fl
G e r m a n i a 1|.
G o t h a m ___
G r e e n w i c h ij
H a n o v e r ____

BU
4500
300

1000
200
4 00
275
140
425
525
1 55
250
670

Ask
4750
325
205
4 10
290
4 40
540
166

....

Banks

Bid

H n r r lm a n ..
290
im p & T ra d
565
I r v in g N E x
230
L i b e r t y _____
590
L i n c o l n _____
375
\ la n h a t t a n H 1351*2
M a rk ’ t& F u l
250
M e c h & M e t ’s 260
M e r c a n t ile .
177
V ie r c h E x c h
1 62*2
M e r c h a n t s '.
185

CIO

390
260
265

16712

Banks
M e t r o p o lis 1
M e t r o p o l ’ u 1|
M t M o r r ls U M u t u a l 1i___
N a s s a u _____
N e w N e t h .l,
N ew Y ork C o
N ew
Y ork.
P a c l f i c U _____
P a r k ________
P e o p le ’s u__

BU
375
195
250
288
2071 2

220
875
340
2 55
370
2 40

. 0 .
.
nt>
. w e ro , m a d a °Q th U d a y .
t E x -r lg h t s .
§ L e s s th a n 100 sh a re s .
II S t a te b a n k s
a E x - d iv t d c n d a n d
_ t 8*13 a t S t o c k E x c h a n g e o r a t a u c t io n th is w e e k ,
h F ir s t I n s ta llm e n t p a id ,
n S o ld a t p r iv a t e sa lo a t th is p r ic e .
^ E x -d iv id e n d .




A sk

385

B id
170

200

Banks
P r o d E x c h 1j
R e s e r v e ____
260
S ea boa rd _ .
2 92 *2 S e c o n d ____
S e c u r it y * ] . .
S h e r m a n ____
S t a t e H _____
350
2 3 d W a r d 1|.
U n io n E x c .
205
W a s h 11’ ts li
375
W e s t S i d e 1i
2 50
Y o r k v ll le H-

00

__

4 15
375
1 35
135
250
1 76
106
275

A sk
175

400
1 45
276
1 70

__

650
600"

r ig h ts
6 N
b New stock.
J F u ll p a i d .

New York Stock Record—Concluded— Page

MAT 25 1912.

1433

2

For record of sales during the week of stocks usually inactive, see second p a ;c preceding

STOCKS

STOCKS— HIGHEST AND LOWEST SALE PRICES.

N E W Y O R K STOCK
EXCHANGE

Range since January 1.
On basis ol 100-share lots.

Range 1or Previous
Year 1911.
Highest.

Highest.

Industrial and Misc.(Con)
5 J'na
3% Sep
6% M ayl6
3 Feb 19
Amerloan Hide & Leather
26% j ’ne
18 Sep
27% May 16
20 Feb 26
Do pref
2534
J'lv
10%
Aug
30-%
May20
Jan
2
18
American Icc Securities.
12% Feb
8 Aug
9 Mch 6 177g Apr 23
American Linseed
34% Dec
26% Oct
30 Feb 20 43 Apr 23
Do pret______ _______
43% May
32% Oct
31*4 Feb 27 44% A pr 9
American L ocom otive___
103 Jan 15 110 A pr 8 102 Oct 110% Mch
Do pref
110
6% Jan
3 Sep
4*4 Jan 10 15% MaylO
1,700 American Malt Corp____
43% J’ly
31% Mch
42 Jan 6 59% M a yll
Do pref
1,560
82 Sep
8«% J’ ly
M ay 2
100 Amer Smelters Sec pref B 86 Mch 22 89
83% J’ ne
56S8 Sep
677g Feb 1 S958 Mch 25
71,110 Amer S m elting* Refining
1081- .I nc
98% Sep
102% Jan 2 108% A pr 24
Do pref_______
1,000
123 Mch 6 1447S Jan 27 225 Sep 325 May
400 American S n u lf...
Aug 105 Dec
102*8 Jan 16 111 Jan 20 96
Do pref_____
99 Feb 9 102 A pr
loo Do pref, new
52*2 Feb
25 Sep
600 Amer Steel Found (new) _ 26 Jan 19 39% M a y ll
112% Sep
122*2 Feb
4.900 American Sugar Refining 114*4 Jan 12 133% M ayl
111 Jan 119% F’eb
129*2 131
11512 Jan 6 123 A pr
Do pref
>122% 125
>121 124
3.600 American Teleph & Telcg 137*8 Jan 2 149% Mch 25 131% Aug 153% J ’no
145% H')7s 1457g 146
241% Feb 29 287 Jan 26
16,010 Amerloan Tobacco
257 261
5258 258
87 Aug 105*4 Dec
102 Jan 9 108% Jan 19
Do p r e f ______
500
105>2 1053s >105*2 lOOlg
101% Jan 11 106% Jan 19
Preferred,
new
.
1,640
10334
10334
10334 10334
36% Mch
25% Dec
26*4 Feb 6 31 May 17
Amerloan W oolen.
550
3034 3034 *29*2 31
96% J ’ne
85*4 u ct
85 Feb 7 94% Mch 12
Do pref_______
200
*91*2 93
*9134 93
34i« Feb
24*2 Sep
25% Jan 25 41% May 2
Amer
Writing
Paper,
prf.
1,225
38*2 3812
$41%
J ’ne
S29
Sep
S
i
*78
Apr
2
$34
Feb
aAnacondaCopper
P
a
ri
25
33,400
4214 43
■42” 43
123 A pr 19 106io Dec 108 Dec
160 Assets Realization______ 10512 Feb
119 119 *11814 1 2 2
10234 Feb
103% Dec 107 Dec
103
May
16
Llaldvvln
Locom
otive,
pf
750
10734 10734 >10734 108
38% Aug
2734 Feb 27 42 Apr 19
26 Sep
— '
ethlehem Steel_______
2.500 I>ethlch<
38%
38% 3878 38
6634 J 'ly
54 Sep
56*2 Feb 27 74% May 9
Do pret
1.500
717g 717g
71*2 71*2
148% N ov
Brooklyn Union Gas____ 137% Mch 21 145% MaylO zl29 Sep
100
>14412 145*2 *14312 14.'
31
Mch
28
F
’
eb
40%
A
pr
30
29*2
Mch
18
Butterlck
Co____
100
37*2
*35
3814 *36
333g Feb
1834 Sep
16% Feb 27 28% A pr 22
1,930 *entral Leather
26*4
263S 263S 26
91% Dec 105 Feb
80 Feb 27 95% A pr 22
J
Do
pref_____
9
4
*
4
800
9414
933g 93*2
94
94
3May20 $16% Sep $2712 Dec
7.600 dChlno Copper____Par $5 (25 Jan 15 $307
30*4 3078 30*4 30%
3638 Feb
25 Sep
23*8
- „ „Feb
, 28 34% A pr 10
1.600 Colorado Fuel & Iron ___
28*4
*29*4 30
29*4 30
Consolidated Gas (N Y ) J 138% Feb 17 146 Mch 28 1283, Sep 148% J'ne
4,450
1423g 1423g 142% 14212
1534 May
9r,g
Oct
17*2
A
pr
24
Corn
Products
R
efin
in
g..
10
Jan
16
8,100
16*4 163g
1578 163g
73 Sep
85 May
Do pref______________ *76% Jan 3 87 A p r 24
1,210
83
“
38% Mch
Sep
343g A p r 8
Distillers’
Securities
Corp
28
Feb
5
7,125
32
36 Feb
Dec
900 Federal Mining & Smelt’ g 11% Feb 28 1834 Mch 20
15
60% May
Dec
Do pret______________
37*8 Jan 23 46 Mch 25
960
44
46
Sep 10S3s May
173 A pr 9
General
Electrlo_______
155
Jan
2
7,150
16878 170
6134
Aug
N
ov
38*4
A
pr
9
Gen
Motors
vot
tr
c
t
f
s
..
30
Feb
26
640
36
36
3134 3434 35
35
35*2 35*2
86% Aug
74% Dec
Do pret vot tr ctfs ___
70% May 3 82 A pr 8
1,230
76
76
73*2 761:
73 73
$3% Oct
$7% Jan
S5
Mch
18
dGoldflcld
Con
M
Pur
$10
84
May
6
9,525
4
4*8
4
41g
4*g 4*g
10.9V d |nsp’n ConCop Par $20 S19 MayiG $19% May20
19*8 19*2
19*8 1938
1938 19%
99% Sep 12933 May
10,500 i nt Harvester stk tr efts 105% Feb 1 124*2 Mav20
122 12412 122 122% 122 124
Do pref stk tr c t f s __ 116% Jan 26 121% Apr 4 115 Sep 128*4 May
300
117 117
*115 117* >116% 117
578 Jan
77gMch29
3% Sep
4 Mch 7
800 Int Mer Marine stk tr ctfs
4%
*4
4l4
*4
4*|
4
4
22*2 Deo
14 Aug
Do pref..........................
17% MaylO 26 Mch 29
1,300
19
18
18
18*2 181 *17% 183g
0
Sep
19%
May23
13=3
Jan
International
Paper.........
9%
Jan
17
28,810
1934
'18%
19*4
17*4 19*8 19
1734 1734 1812 1778
6638 Jan
4458 May
Do pref______________ i 4578 Jan 3 627s May23
62%
7,360
62
627g
6034 01%
01
62
61
6012 60
44 Feb
23 Oct
34 Jan 2
Internal
Steam
Pum
p___
28
F
’
eb
23
250
30
§28
28
29
29
*29
30*2
30
30*2 *28
00% J ’ne
SO Oct
Do pref...........................
79 Feb 1 84% Apr 8
81*2
*80
82
82
81
81
*80
82
*81
83
101% Sep 114% Jan
Gas (St L) c o m .. 104 Mch 16 10834 Jan
"i‘,6o6 Laclede
106 106
108 IOGI4 >106 106% >106 106*
106
198
Apr
Liggett
fc
Myers
Tobacco
1567g
Jan
15
5,068
194
192
194
1
9
2
1
2
187
18778 ‘188
188
Do preferred________ 105% Jan 12 113% Jan 18
1,650
111 111*2 111 111 % 111%11134 1113.4 11134
111
96 Feb
74% Dec
Mackay Companies_____
75% Jan 31 87 A pr 12
86 *84 86 *81*2 86
*84*2 871 *84
80
77 Mch
68 Dec
Do pret______________
68% Jan 11 707g Jan 23
69%
69*2 *69
69*2 *69
*08*2 69* *69
87 J ’ne
70
Apr
82%
May23
0
010
May
Department
S
tores.
69
A
p
r
i
l
80
82%
78
80
78
78
78% 78%
’
Do pref........................... 109% Apr 30 112 Jan 11 10734 Sep 113% J ’ ne
*107
110
*107
110
*107*2
H
I
>107*2 H I
733g
May
18
M
exican
Petroleum
_____
62%
Apr
20
707g 72*g
71% 7134
713g 72
72U 73%
(/Miami Copper___Par 50 $23% Feb 14 $20% A pr 2 $16% Sep $24*<>Dec
20 26% 2578 26*s 25% 26% 20*8 263g
14334 Nov
ational Biscuit______ 139% Jan 2 161 Apr 30 117% Jan
15734 15S14 158 15S%
>157*2 159*2 157% 158
130 F’ eb
Do pref.................... 126% Feb 20 130 May 14 124 Jan
>125 131 *127*4 131 *127% 131
*1243g 131
22 J ’ly
12%
Dec
19%
Mav
15
Nat
Enamcl’g
&
Stam
p’g
12%
F'eb
29
*16
1734
17
17
1734 18
17*4 17*2
10034 J 'ly
85 Jan
88 ' Feb 27 95% Jan 2
Do pref...........................
00
*92
95
*92
95
*92
95
*92
05
69 Feb
42%
Sep
605s
May22
51%
Jan
National
Lead___________
59
60%
57"g 593.,
69
00*8
*573S 68
10934 Aug
10934 Feb 15 104 Sep
105*2 Feb
Do pref______________
>109 IO9I4 109% 109*4 *109 10934 *109 109*4
dNev Cons C opper.P a r $5 $18% Jan 29 $23i4 May 1 $15% Sep $21% J ’ne
21% 2178
217g 217g
21% 22
2134 22
76 Feb
45 Oct
50 F’ eb 17 5738 A pr 8
New York Air Brake____
537s
54'
54
*50
53
5412 *5012 54% *50
53
76*4 May
64 Jan
S478 Apr 27
74% Jan
North American Co (new)
821:
82
82
82% 82%
81*4 82
*82
83
83
33% N ov
23% Apr
35 Mch 27
30 Jan
acific Mall____________
313.J
34*2
33
*31*2 327S
3134 32% 32% *32
54% Jan
47 F’ eb
553S Apr 25
35 Sep
aclflo
Telep
&
T
c
le
g
..
5034
*5034
50*4
51%
51%
*5034
51%
51% 50% 51
1141., May24 101% Aug 109 Jan
People’s G L & C (C hic). 103 Jan
11138 1113.1 110*4 111% 111 111
11112 112 %
99 Sep 118% J ’ne
Philadelphia Co (P ittsb). 104 Jan 29 111*4 Feb 10
105% 105*4
>105*4 10534 >105*4 106*2 >105*2 107
23*4 J ’ne
16% Mch 1 23% A pr 23
17 Dec
Pittsburgh Coal Co______
2212 23%
21% 23
21 % 22%
* 20*2 22
C07g J 'ly
6734 Jan
77 Feb 8 927g May24
Do t*ref______________
89
913g
90% 91%
88% 89*4
89
89
167 Mch 11 192% A pr 8
P
,
Lori
Hard
C
o__________
186
189
187
187
184
188
>178 184
115
Jan
19
107%
Jan
12
Do
preferred________
111% 11134 111% 11134
112 112
1113i 112
25 Sep
37% J’ne
28% Feb 27 37% A pr 9
Pressed Steel Car_______
343.1 35*2
35*4 35*4
35*2 35*2 *35*4 3534
91 Sep 10234 J ’ne
96 Feb 28 103% Apr 24
Do pref____________
*101 102 *101 102 101% 10134 * 100*2 102
120 Feb
11134 Mch 28 108 Oct
106%
Feb
17
Pub
Service
Corp
of
N
J
.
1091;
1 1 U 2 111*2 *110% 111% 109% 109*2 *109
15812 Feb 2 163 A pr 29 154 Sep 163 Jan
Pullman Company
161% 161*2 5160*2 160*2 160 160 §160 160
4% N ov
2 Apr
3 Jan 4
8*2 A pr 26
Quicksilver Mining
7
7
* 6*2 7*2
67g 7*2
*6
7
2% J ’ne
512 N ov
3% Feb 28 12% May 13
Do
pref_______
*9*2 11%
*912 11*2 § 11% 11%
*912 11*4
39 J ’ ne
2b Oct
27% Feb 8 37*4 A pr 27
I ) allway Steel Spring___
35
353g
35
35
35
35
35
35
103 J ’ no
92
Jan
100
Mch
12
103
Feb
21
IV
Do
pref____________
*100
102
*100
101
*100
101
*100 102
$ 12 Sep $19 Dec
8 267 dR ay ConsCoppcr Par $10 $16 Jan 29 $20% A pr
19
19%
19*4 19%
19
19
19*4 10%
35% Feb
15*4 Feb 26 27 Jan
18 Oct
’900 Republic Iron <5c Steel___
*23
24
23% 23%
2312 23%
23*2 24
993* Feb
74% Oct
6412
Feb
27
85%
Jan
1,600
Do
pref
783i
783.1
79
79
79
7978
78*2 7812
192 Feb
13,034 Scars, Roebuck & Co------ 140 Jan 15 194%May22 125% Sep
18312 190% 191 194*2 188% 193
182% 184
39% Jan 30 52% M a y ll
34 Sep
66*4 Feb
700 Sloss-Sheffleld Steel & l r .
5012 50% *49
50%
51
51
6078 51
19,000 dTennessee C op p .P a r $25 $3412 Feb ' $471., M ay21 $30l4 Sep 844 J ’ne
45*4 4034 4573 46%
45
4714
4453 45
81 Jan 16 II334 May20
74% Nov 136% Feb
22,350 Texas Company (The) —
10938 11012 107*8 109%
10934 11334 111 111
'. 8% Apr 3 108*2 May24
63 Mch 111 J’ ne
3,320 I Indcrwood Typewriter.
105 105 *10212 104% >10212 1041: *102% 1041
110 vJ
Do pref____________ 111 Feb 26 112% Feb 13 103 Mch 1137s J ’ly
1121 *111 112 ♦111 112
>111
112*2 >111
434 Dec
1773 May 15
4% Jan 25
9 Feb
123g 13%
15,250 Union Bag & Paper_____
12
13%
13*2 133,
1334 15*8
6912 Jan
50*s N ov
49% Feb 21 67% May 15
925
Do pret_____ , ______
66
63
63 *___
63*4 63*4
65
053.4
6434
May21
591M
ayl?
8,400
United
Cigar
Mfrs______
62*2
64
62
63*4
003i 643.1
5978 603.'
100
Do
p r e f ____________ 105 Jan 10 109 Feb 15 100*4 Sep §10612 Oct
*107 108 *107*2 108 *107 108 *107 109
97 Feb 10 101% A pr 10
97*2 Sep 108 J ’ne
United Dry Goods______
*99 100
*99 100
*9812 100 *99 100 *107
Do
p
re f_____________ 103% Feb 24 108 May20 10034 Sep 107*2 J’ly
240
1081: ♦107 108%
107*2 107*2
108 108
19 Feb
11 Sep
13 Feb 16 22*2 MaylO
2,985 U S Cast I Pipe & Foundr
20*8 20‘8 20*2 207g
21
21
21
22
40% Sep rOl Feb
50 Jan 4 57*2 Apr 22
Do pref______________
390
56
56
56
66
*55
56%
*55
56*£
*55
57
7934
May
65*3
Jan
81%
May20
67
Jan
31
7834 8034 79
14,960 U S Realty & Im prov’t _
80
79
80
80*4 8 H4 80% 80%
4812 Deo
30% Sep
45% Feb 1 6778 May2l
61% 637g
63
64% 74,050 United States R ubber___
63
66
64% 677g
0234 66*2
115%
J’ly
104
Sep
116
May20
109
Jan
30
Do
1st
pref_____
1
1
0
1
1
1
%
5,781
112
114%
1147,3 116
1
1
0
*
8
1
1
2
%
115*2 116
66 Sep
79 Mch
75 Jan 23 85*2 M ay21
Do 2d pref_____
8134 82%
82
82
10,176
82% 85*8
8034 8312 8234 85*2
82% Feb
50 Oct
58% Feb 13 73% A pr 30
053.1 703s 6834 70%
70
718g
69% 70% 325,477 United States Steel
09% 70*4
103 Oct 12078 Feb
107% Feb 13 113% Apr
Do pref________
2,410
111*8 111*4 111*8 Hl% 110% 111% 110%110% 1107g 110%
$38 Sep $5778 Deo
62
62% 18,700 dUtah Copper___Par $10 $52% Jan 29 $6512 Apr
62% 62*4
63
63%
G27g 63%
62*4 63%
703* Feb
43*3 Sep
49 Jan 17 57% Jan 26
1.400 Vlrglnla-Carollna Chem—
51*2 51%
5178 517g
51% 51*2
*51*2 52%
51*2 51%
118 May 1 122 Mch 27 114 Sep
128*2 Mch
Do pref
200
11834 118% >118*4 119 *118 119 *118 119
>11834 119
139 Sep 177 May
§142 Feb 7 151 Jan
20
ells Fargo & Co.
>143 146 *143 147 §145 145 *143 145*i
84% May
79 Jan 2 86% Jan 18
71% Apr
estern Union T e le g ..
2.400
83*4 83%
83
83
83
83*4
83
83
68% Sep
817g Mch 27
79 May
66% Jan
74
74
74
75
6,20( Westlngh’seEI&Mfg assen
73
74
74
75*2
122 Mch 23 110% Aug 123 Jan
Do 1st p ref___________ 1147* Jan
600
120 120 120 *117 121 *117 120
6

6%
27%
2812
1434
39
43
109
147g
58
89
86 %

26*4
303S
1534
3834
42^4

*512

534 57g
*25
27%
29
29*2
29*2
14S4
15
15*2
*37
38*»
38*2
42% 423g
42*2
108 108
109*4
14*8 14%
1412
58
53
58*4
*88
89
89
86
8634
86
87«4
107*4 107*4 10738 107*2
107
133 *131 134% >130 134
100 108
108 *102 108
101 101 *100 103%
'100 102
37*4 37*2 37*4 37*4
33
38
12834 130% 130 130%
*122 124 *122' 124
14534 146
145*2 145%
27334 280
267*2 273
106 106 *106 107
10334 1037g 104 104
28
*30
307S 28
9178 9178
*9112 93
373.1 38*4
38
38
42% 42%
42
42%
*120 122 *120 122
107% 107%
*10712 108
38
38%
3734 38*4
71*4 717t
70*2 71*4
144 144
*142 145
36*2
*35
38% *35
25*4 26
‘
2578 257g
‘
26
9434
94% 94%
30*8 2978 30
30*8 30
2834
29*4 *2834 30
1417g 143
142*2 1417g 142
16*8 16%
1534 16%
15%
82% 83*4
*82% 83*2
83
33% 33*2
323j
33
3334
20
*13
*13
18
*13
44
*41
46
*4212 46
10S3t 16978
171 171*8

6*8
*25*2
28*4
15
37*2
4212
*107
14
58
*8814
85*2
107
132
400

6*8

27*2

*25
29*4
1478
*37
4134
109
*14
58*4
*88

1,325
800
31,280
4.900
1,760
3,550

N

P

182
111
*35

*101

W

B A N K S A N D TR U ST COM PANIES— B A N K E R S ' Q UO TATIO N S.
Banks
Brooklyn
Broadway 1
Coney Isl'dl
f i r s t ............
Greetipolnt..
HllUtdell__
Homestead!
M anufac’rs
Mechanics' §
Montauk §1
N assau____
Nat C i t y ...

Bid

Ask

3/0

395
155
295
175
125

280

165

100

410
230
212

28J

425
240
150
225
295

Bta

Ask

Bid

175
150
140

200
160
155

1040
390
90
300
610
1400
220
315
1020
90

Trust Co’ i
N Y CUy
Central T r ..
Columbia . .
Commercial
E m p ir e ___
Kqult’ ble Tr
Trust Co’ s
Farm Lo&'l
N Y City
Fidelity . . .
375
Fu'ton ____
A s t o r -------- 370
591
Guar’ ty Tr.
Bankers’ Tr 586
B’ way T r .. 177% 182% Guardlsr n Tr

Banks
Brooklyn
North Side 1
t’ eople’s ___
I'rosp’ctP k’ ;

Ask

Trust Co’ s
H u d s o n __
Kuickerbkt
Law T l& Ti
40)
Lincoln Tr
95
310
Metro poTt'ii
Mutual All!
unrfl
14’2S '
225
M ut.i West­
325
ch ester)..
10.15
95

Bid
140
295
228
440"

Ask
160
300
231
145

__

145
140

150

Trust Co’ s
NY Life&Tr
N Y Trust.
Standard Tr
i’ltleGuJc Tr
Union Tr . .
US Mtg&'Tr
Unit States.
Washington
Westchester
Windsor . .

Bid Ask
1030 1045
635
640
375
380
600
1300
470
480
1120 1130
410
390
150
130
196
192

__

__

Trust Co’ s
Brooklyn
Brooklyn Tr
C itizens'___
Franklin___
H am ilton__
H o m e _____
Kings C o _
L 1st L & Tr
NaSkau____
Peoples’ ___
Jueens C o.

Bid
470
140
265
270
105
520
300
145
295
95

Ask

__
__

275
285
115

312
155
305
105

•Bid and asked prices-no sales on this day. §Less than 100 shares, t Ex-rights. ft Now stock, a E x-dlv. and rights. d Quoted dollars per share,
_
♦Sale at Stock Exchange or at auction this week, s Ex stock dividend. MBanks marked with a paragraph (U) are State banks. * Ex-dlvldend.




Jan
„
N.

New^ York Stock Exchange—Bond Record, Friday, Weekly and Yearly
- .-

the

nAhod of quoting bonds was changed, and prices arts now all—"and interest” — except for income anil defaulted bonds.

BONDS
Y . STOCK EXC H AN G E
Week Ending May 24.

Week's
Range or
Las: Sale

Range
Since
Jan. 1.

BONDS

U. S. Government.
2s consol registered..dl930
2s consol cou pon ____dlOSC
3s registered_________ fcl!)lf,
3s c o u p o n ....................A:1!) 1s i
4s registered_______ .1925
4s coupon . . .
_ 1923
Pan Canal 10-30-yr'2's'fcl836
Pauam? Canal 3s g ____ lo c i

Chesapeake A Ohio—
Gen funding A impt 5s .1929
1st consol gold 5 s .. . 1939
Registered_________
1939
General gold 4 Ms . .
1992
Registered___
1992
Convertible 4 M s ..
1930
Big Sandy 1st 4s____
10 11
6 1013510212 Coal
R lv R y 1st gu 4s . 1945
Craig Valley 1st g 5s____1940
Foreign Government
Potts Creek Br 1st 4s____1946
Argentine— Internal 5s ot 1909
9S7S
97 9938
R A A Dlv 1st con g 4s 1989
Chinese (Mukuang) R y 5s £_
95
9314 951;
2d con3o! gold 4 s.
1989
Imperial Japanese Government
W arm Spr Val 1st g 5s 1941
Sterling loan 4 Ks
1099253
023.,
92
94
Greenbrier R y 1st gu g 4s 1940
2d Series 4 M s ...............}n ,r
OH4
9Ur
OH4 93
Chic A A lt R R ref g 3s .
1949
Sterling loan 4 s _ _ _ " ” ” ig;n
87
87
SO 8818
Hatlway 1st lien 3 .M s .!.!l9 5 0
Republic ot Cuba 5s exten debt
103*8
103*8
10212 10358 Chic B A Q Denver Dlv 4s 1922
External loan 4 Ms
1949
9913
99*3
99
9918
Illinois Dlv 3 Ms____
1949
San Paulo (Brazil) trust 5 s !l9 l9
97^3 M ay’ ll)
971S 98
Registered___________ 1949
T ok y o City loan of 1912, 5 s . . .
94
94
95
Illinois Dlv 4s____
1949
U S o t M ex icos t g 5s o f____ 1899
955j
9512 97M
Registered_____ ; ! ; ' ! ' l 9 4 9
Gold 4S of 1904..................1954
90
88
9034
Iow a Dlv sink fund 5 s' ~1919
1rices ontheba
55 to £
Sinking fund 4s..............1919
n v aru t,?nti , f ity Securities
Nebraska Extension 4s 1927
N
Y City— 4 Ms____
i960 .VI- S
101 103
Registered...................... 1927
4 Ms when Is s u e d .!-------- io<y>
10078 10118
Southwestern Dlv 4s.
1921
4 % Corporate S to c lr I I " i9 5 9
091o
10013
Joint
bonds See Great'North
4% Corporate Stock____ 1958
99U 100l3
Debenture 5s_______
1913
4% Corporate stock......... 1957
99?g IOOI4
1958
General 4s__________
New 4 Ms___
1ar;7
107 1077S Chic A E 111 ref A lmp~4'gs'lD55
New 4 m s ____1917
102 1023.,
1st consol gold 6s_____
1934
4 M % Corporate Stock 1957
107 10778
General consol 1st Ds___1937
4 M % assessment b o n d s.1917
102 1027s
Registered___
"
1
9
37
„ 3.H % Corporate S to c k ..1954
S0?3 83
N Y State— 4s...................... 1901
u f hlm 4„ Ill(l G 11y 1st 5 s !!l9 3 6
101 •10278 -Chic
Gt Western 1st 4 s . . 1959
Canal Im provem ent 4 s!!iu 0 1
1015s 10278 Chic Ind A Loulsv— R ef 6s 1947
Canal Im p ’ment (new) 4s 1901
1013., 103
Refunding gold 5 s .. .
1947
Canal im provem ent 4s 1900
IOII4 102
Refunding 4s Series C . 1917
So Carolina 4 Ms 20-40.
1933
Ind A Loulsv 1st gu 4 s ..1950
Tenn new settlement 3s
1913
9714 . . .
—
9734
973
Chic
Ind
A
Sou
50-yr
4s
1956
Virginia fund debt 2 -3 s ._ H i9 9 i
88
Chic L S A East 1st 4 Ms " 1 9 6 9
8s deferred Urown Bros'ctfs
47 49
13 ' 4( f '
Chic MU A St P tcrml g 5s 1014
. ,
Railroad
Gen’l gold 4s Series A .el989
791- 80
A
■^,rbo^
13............711995
80
Registered ______
el989
791s 8414
0873 s aie
xi-tch lo p & SI*c gen g 43.1995
99M
9873
100
Gen’l gold 3 Ms Series B .el9 89
R e g is t e r e d ...............
1995
08-i4 Sale
98
9912
Registered............
e l089
Adjustm ent gold 4s____ftl995
00i2 9H4
9012 9238
25-year deben 4 s ..
' 1934
Registered__________A1995
901., 91
Conv 4 Ms (when iss u e d )'____
S ta m p e d ...................... /*1005
903., 9238
'Jobs "J1I4
G?*JC % k SuP Dlv g 5 s . . . 1921
Conv 4s Issue ot 1909
1955
IO8I4 10734
Cn 0 A Mo R lv Dlv 5s
1926 J -J
Conv gold 4s__________* 1 9 5 5
106 " Safe'
10534 10958
Gh'c * P VV 1st g 5s......... 1921 J -J
Conv 4s (Issue ot 1 0 l b ) " l9 0 0
10218 Sale
IOOI4 IO434
J -J
10-year conv gold 5s____1917
Vi
1
Sd
lst
K
**
4s
1949
10712 Sale
105 110
Dak A Gt So gold 5 s .. 1916 J -J
Debentures 4s Scries K ..1 9 1 3
Dubuque Dlv lst s f 6s 1920 J -J
East OUla Dlv 1st g 4s. .1928
'90
'
9634
ra r A Sou assum g 63____ 1921 J -J
Short Line 1st 4s gold
1958
9234 94
LaCrossc A D lst 5s
1919 J -J
S Ee Pre3 A Ph 1st g 5S..1942
110 110l2
W ls A Minn Dlv g 5 s .!;! l 9 2 1 J -J
Chic A St L 1st 0s______ 1915
W ls Val! Dlv lst 6s____
1920 J
Atl Coast I> 1st gold 4 s_!'ftl9 5 2
23 9433 9(j73
MU A No lst cons 6s
1913 J-D
Registered_____ _____ A1952
Extended 4 M s . . . ” 1913 J
Ala Mid 1st gu gold 5 s . . . 1928
Chicago A N West cons 7s 1915 Q -F
Bruns & W 1st gu gold 4s 1938
Extension 4s______ 1886-1926 F -A
Charles A Sav 1st gold 7s 1936
R egistered............1886-1926 F-A
L A N colt gold 4s______ 01952
94
9414
General gold 3 Ms_____
1987 M-N
Sav F A W 1st gold 03___1934
12514 Deo ’l l
Registered____:
_____ p i 987 Q -F
1st gold 53...................... 1934
llOy M a y 'll
General 4s____________
1987 M-N
Sll Sp Oca A G gu g 4s___1918
97 Jan ‘ 12
97
07
Sinking fund 6s____1879-1929 A
alt A Ohio Prior 3 Ms . 1925
9178
93M
913., 93
R egistered............1879-1929 A -0
R egistered .................. ftl925
9U -M ay’ 12
9073 0U2
Sinking fund 5s____1879-1929 A -0
Gold 4s------------------------ ftl948
981.1
98i2
9734 09L
R egistered______ 1879-1929 A -0
Registered.................. /ilt)48
)778 May'12
97
98*8
1921 A-O
Debenture 5s____
Pitts Juno 1st gold Ss. .
1922
112 Jan ’ 12
112 112
Registered___! ! !
1021 A-O
P June A M D lv 1st g 3 m s 1925
88 M ay’ 12
88
Sinking fund deb 5s
1933 M-N
P L E A W Va Sys ret 4 s .1941
9U3
0118
9033 92
Registered......... .. . 1933 M-N
Southw Dlv 1st gold 3 Ms 1925
91
0U4
9034 9 U2
Frem Elk A Mo V lst 6 s .1933 A -0
Cen Ohio R 1st c g 4 M s ..1930
103 M ch’ 10
Manl G B A N W lst 3 Ms 1941 J -J
Cl Lor A W con 1st g 5 s ..1933
11112 Apr ’ 12
lOo" l l l l j
Ml|w A S L lst gu 3 M s ..1941 J -J
Monon R lv 1st gu g as___1919
101i2 May’12
10373 10112
MU L S A West lst g 6s 1921 M -S
Ohio River R R 1st g 5s .1936
10933 M ch’12
10913
1093S
E xt A Imp s f gold 5 s ..1929 F -A
General gold 5 s ..
1937
10ol2 Apr '12
105 105*Ashland Dlv lst g 6 s .. 1925 M-S
Pitts Clev A To! 1st g Os.1922
113i2 Feb '12
113*- 1131*
Mich Dlv lst gold 6s 1924 J -J
Pitts A West 1st g 4 s .. 1917
0712 M ch’12
9712 971;
Mil Spar AN W lst gu i s . 1047 M-S
Stat Isl R y 1st gu g 4 M s .1943
95 N o v ’ l l
Northw Union lst 7s g 1917
Buffalo R A P gen g 5s__ 1937
1121- 11212
1
1
1
7
5
1
1
2
1
2 W inona A St P lst ext 7s 1916 M-S
J -D
Consol 4 Ms....... ...........
1957
107M M ch’ 12
107-4
i07I4
Chicago
R ock Is A Pa Gs . 1917 J -J
■All A West 1st g 4s gu ___1998
97 Feb ’ ll
Registered________
1917 J -J
Cl A Mali 1st gu g 5 s .. .1943
103 J ’ly '08
General gold 4s_____
1988 J -J
R och A Pitts 1st gold 6 s .1921
1133.| N o v 'll
R e g iste re d .................. !l9 8 8
J
Consol 1st g 6s_______ 1922
1155s Apr ’12 ----- tl558 115”>g
Refunding gold is ........... 1934 A-O
Buff A Susq 1st ret g 4s___dl951
72 Meh'10
Coll trust Series L 4s .
1914 M-N
an So 1st ext Os____
1013
101 10138 101
IOII4
1 ; 10058 102
i f 43............................ ! !l 9 1 5 M-N
2d 5s...............................1913
100M looa8 IOOI4
IOOI4
IOOI4 101
P 4s________________ .1918 M-N
R e g iste re d .................... ..1 9 1 3
10034 Jan ’ ll
Chic R I A Pac R R 4 s! !2002 M-N
11233 :
Central ot Ga 1st gold 5 s._p l945
11278 Apr ’ 12
i
l
2>5
I
f
3
34
Registered_______
2002 M-N
Consol gold 53___________ 1945
IOJI4 109l2 10<jl4
IO2I4
109 I ll's
n,,1 A rlo * L °**is 1st 4 Ms” 1934 M -S
Registered___________ .1945
107l2 N o v ’ l l
Bur O R A N— 1st g 5 s .. 1934 A-O
1st pret Income g 5s____p io is
103 Dec ’ ll
Registered.........
1934 A-O
S ta m p e d ___________
10612 M ay’ l l
CP
N W 1st gu 5s ’21 A -0
2d pret income g 5 s ...! p i 9 4 5
105 Dec ’ ll
M
A
St
L
lst
gu
g
7s___1927
J -D
2d pref Income g 5s stamped
96 N o v ’ ll
Choc Ok A G gen g 5 s!!o l9 1 9 J -J
3d pref Income g 5s____pl945 Oct
107 D e c ’ ll
Consol gold 5s____
1932 M-N
3d pref Income g 5s stamped .
85l3 Oct '10
K cok A Des M lst 5 s ..!! i 9 2 3 A -0
Chatt Dlv pur mon g 4 s ..1951
00
9112 9U2 Apr ’ 12
S95,s 9U2 Chic St P M A O con 6s
1930 J-D
Mae A Nor Dlv 1st g 5 s .. 1946
107U 11012 10714 Jan ’ 12
IO7I4 IO7I4
Cons 0s reduced to 3 M s " l9 3 0 J -D
Mid Ga A Atl Dlv 53____ 1947
10512
115 N o v ’05
Ch
St
P
A
Minn
lst
g
6
s
"
l9
1 8 M-N
Mobile Dlv 1st g 5s______ 1940
1 0 7 1 5 :.:; 10934 May 11
Nor Wisconsin lst 6s____1930 J -J
Cen R R A B ot Ga col g 5s. 1937
1021j 104 “
M ch’ 12
10273 103
St P A S City lst g 6 s ! ! " l 9 1 9 A -0
Cent ot N J gen’ l gold 5s___1987
1201- 121 1213* M ay’ 12
12 U2 1223.,
Superior Short L lst 5s g . 1030 M-S
Registered___________ft 1987
120*- 12112 122
122
1211- 1221, Chic A West Ind gen g 6 s..?l9 3 2 Q-M
A m Dock A Imp gu 5s___1921
1061,1 10634 106i2 M ay’ 12
106*s 107
Consol 50-year 4s____
1952 J -J
L c A Hud R gen gu g 5s. 1920
1021S___ 102l2 M ay’12
1021- 10212 Cln H A D 2d gold 4 Ms____1037 J
-J
•Leh A Wllkcs-B Coal o s ..1912
100 . . . ■
A p r ’ 12
100 “ 100
lst A refunding 4s
1959 J -J
N Y A Long Br gen g 4 s .1941
100 . .
Dec ’ ll
lst guaranteed 4s___!!l9 5 9 J-J I
Cent Verm ont 1st gu g 4 s ..e l9 2 o
0012 917; 913, M a y'1 2 ___
U
U
U
U
U
U
U
U

S
S
S
S
S
S
S
S

Price
Friday
May 24.

Y . STOCK E XCH AN G E
Week Ending May 24.

----

B

C

Week’s
Range or
Las: Sals

Range
Since
Jan. I.

Hid
Ask [/no
High
____101
102
102
1103, Sale 1103s
1101
109 ____ 111 May
100i2 101 100i2 10U8
9&I4 10034 093- N ov '
02”8 dale 9234
93
8GI4 89
89 Apr
86
895„ 88*2 J’ne
10134 ____ 10134 May
81 ____ 8634 Jan
____95
95
95
88 . . .
02l4 J ’ne
1013.,____ 113L Feb
01 I s ------ 95 Oct
7 134
7U2 7212 7134
6OI4 62
61 M ay”
9958 100
9934 Apr
87
875s 87ls
871
80
85U Apr
9834 99I4 987s
9878
9814 9938 9914 Mch ’ *10 I7S 105 105 A pr ’
99U ____ 99l2 A pr ’
9734 99
99
90
9712 ____ 9818 Mch ’
99is Deo ’

Low I/tgll
102 104U
1091o 1113.
110 ‘ IIII4
100*4 103
925,3 04
8718 88
1013,1013,
863., 8033
931- 90

703, 72
6OI4 Go*a
9934100
87 88 i
8512 851g
98'>3 10013
09*4 991a
10473 105
9914 9953
0S*2 995a

10012 Sale I00t2 1001
1001- 101&3
9GI4 Sale 9573
96i4
953., U7*4
80
801. 8 OI4
80i4
7012 81*i
1221212334 123
123
123 125
108i2 Sale 10812 I0812
I08l3 1U13
10914 Feb ’
IOGI4 109L
108i2 . . . 108i2 M ay’
108t2 1091j
7934 80
7934
7934
79®3 83
____127
127*-M ay’ ‘
127*- 129*j
110l2 . . . 1103, Apr ’
UO-m 11034
86 ____ 9553 Apr ’
90i2 Mch ■
8812 *90*i
9034 93*- 9163 May’
0012 915s
101 Dee
10218 ------- 102I3 May
fbl38 f()2I3
9858 Sale 93*8
9S58
98*3 99*3
‘9712 9838 97M Apr ’ 12
971- 98
8518 86
S573
857s
8573 8G73
84»2__.
86 J ’n o ’ li
90I8 92
9012
91
90
923*
102 Sale 10178 1021 1237 10178 10334
100i8 ____ IOOt, A pr ‘ 12
100*4 108
108 M ay’ 12
103 10334
10013 10G38 loots M ay’ 12
106 10053
- 933S 93
U33o
93
95*4
10258 103 i()27s May'12
1023, 103
11234 II3I3 11314 Apr ’ 12
113 1135a
115 . . . U733 A u g ’ l
105 . . . 10434 Apr ’ 12
104*2 10I34
lOG's . . . loots
1061,
100 1063s
1123., 113 1123., M ch’ l
1123., U234
10K>3 ____ 10134 Dec '1
10014 . . . 100M N o v ’l
107 10735 107*8
107*
IO7I3 108
9653 ------ 08 Mch ’
9714 98
9m4 ____ 973., N o v ’ l
85i2 Sale 8ol2
8512
85*4 87
841-Sale 84*2
8412
841- 863.,
98 Sale 97*2
97*s 9834
98
1134 N o v ’ ll
nns —
■10l2 ____ 1111, N o v '09
10512 ____ 1067s May'12
10078 1007s
1015s ____ 10378 Dee '1
. . . 1045S I04i2 May’ 12
10412 10512
103 ____ 100*2 Feb '10
107 ____ 10812 M ch’ 12
f0
S'l2103*2
10512 ____ 10734 A u g '11
12G12 12712 127*8 M ch’ 12
127*3 127*8
9012Scp '09
! "SOV,
1131,11439 1143* A pr'’12
115*3
1091.} . . . 109 M ay’ 12
110
11012... 1121- Feb ’02
110t2 ____ UOts Oct '11
9312 033., 933.J
933.
935s 94
112
115 J ’ly '11
111 11U2 1133., A u g ’ ll
107*2____ 1081.,
10S1.
108*4 1037a
10712 ____ 100 A u g ’ 10
)0*- Sale 961,
901
9512 9G78
943, 96
9514 M ch’ 12
95
9014
89 Sale 89
853.1
8873 9034
9734Sep ’ll
501- N o v ’ll
913., J ’n e ’ ll
70*3 Sale 6917114
691- 73G
713., .Mch ’ 12
713, 7234
oil., 93
911-A p r '12
9112 93
11012 . . .
1101-M ay’12
10*- 111*2
120*2 M ch'03
104
1051.,Sep 'l l
103 I0312 10234 A u g ’ ll
107 ____ 107 M ay’ 12
100! 2 Sale 100l2 1011,
“ 23, 123 123*8 May’ 12
89 ____ 03 Dec ’03
123 May’ 12
12033 M ay’09
110 i l l 110*4 1103.1
108
10SI2 ____ I08l2 Apr ’ 12
90 901., 901901j
___101 101 M ch’ 12
____91
____ 9078 8 9 ' M ay’l l

1081.,
IOU4
227S 124
12312
103, l fl'lj
1081021a
101 10
1

MISCELLANEOUS BONDS— Continued on Next Page.
Slreet Railway
Brooklyn R ap Tran g 5 s ...1 9 4 5 A -0
lst refund conv gold 4S..2002 J-J
Bk City lst con 5s 1916-1941 J J
Bit Q Co & S con gu g 5 s .1941 M-N
Bklyn Q Co A S lst 5 s ...1941 J-J
Bklyn Un El lst g 4-5S..1950 F-A
Stamped guar 4-5s____ 1950 F -A
Kings Co El lst g 4s..........1919 F-A
Stamped guar 4s______ 19 19 F-A
Nassau Elec guar gold 4 s .1951 J- J
C on n R yA L ist & ref 5 g 4j^s ’51 J- J
Stamped guar 4 y2s........... 1951 J- J
Dct United lst cons g 4^3-1932 J- J
F tS m lth L t A T ra c ls t g 53.1930 M-S
Grand Rapids R y lst g 5s. . 1 9 ig J-D
H avana Elee consol g 5s__ 1952 F-A
Intcrboro-M ctrop colM M s.1956 A-O
Intcrboro Rap Tr 5s Ser A . 1952 M-N

7051., 106L 104*2 M ay’ 12
103 10512 Manhat R y (NY) cons g 4 s .1090
961., 97
97*4 M ay’ 12
OCI4 Sale 89
9038 1444 837a 903a
Stamped tax-exem pt___1990
90*4 97
07*8 M ay’ 12
1021£
1 10U2 10212 Met St R y gen coll tr g 5s. 1907
102*2____ 102*2
102 M ch’ 12
9714 0'J14 97 N o v ’ l l
Guaranty Trust Co certlfs
99 M ay’ 12
Refunding gold 4s___
266’ V O
61 M ay’ 12
ioil-1013j 1013.,
102
13 1013a 103L
Farmers’ Loan A Tr ctf.
02 M ch'12
10U., 1031., 1023S M ay’ 12 __ 1011- 10212
S ta m p e d .............
* _____ OOF 593.| M ch’12
8o3.j
8534 Sale 85*34
1 8312 853.,
Bwav A 7th A v lstc g 5s!f943
103ls
103I8
104*2
Apr '12
85
853. 85 M ay’ 12
8412 86
Col A 9th A v lst gu g 5s. 1993
IOI33I03I- 1021­ M ay’12
78
79
78*3 M ay’ 12
78 81
Lex A v A P F lst gu g 5 s .1993
102 103*3 102“ 103*8
101*2____ 1013., Apr '12 ___ 101 10178
Third A v R R cons gu 4 s .2000
80 Jan T ‘
10U2 ____ 1013, M ay’ 12 ___ 10134 10178
Central Trust Co certs
73 M ay’ l
------ 79
78*2
735S 16 7812 793S
Cent Tr Co cts stamped
’
____76
73*2
73
------ 943., 93 Apr ’ 12 ___ 93
95
Third A vc R y lst g 5 s .. 1937
108 109 109*2 M ay’ 12
100 ___ 100*4 M ch’ 12
IOOI4 IOOI4 Met W S El (Chic) lst g 4S.1938
931- J ’ly '00
------ 091., 9l)33 Apr ’ 12
99
9934 MUw E lcc IJy A Lt cons g 5sl926
104*2 Dee '41
8278 Sale 82*83
713 8012 8412
Refunding A exten 4>is 1931
95*4____ 9512
9512
1041-Sale 1043S 10H2 49 I03*s 105

^ * No price I rlday; latest this week,

d Due April.




Street Railway.

« Due M ay.

ft Due July,

fc Due Aug.

0

Due Oct

P Due Nov.

q Duo Dee.

OOI4 98
9G34 9818
9912 102
97 10358
58*- 04
571- G2I4
573S 62
103 104*2
101*2103*8
102 103
80 80
73
81*8
72*4 8U4
109 11012
05*2 951j

s Option sale

Dirt Ham * Dayton <Continued)
Cin D ft I 1st gu g 5s------ 1941
C Find & Ft W ls t g u 4 s g 1023
Cin X & W 1st gu g 4s------1953
Day A Mich 1st cons 4 'As 1931
Ind Dec & W 1st g 5s____1935
ISt guar gold 5s----------- 1935
Ctcve Cin C A St L gen 4 s .. 1993
Cairo Dlv 1st gold 4s___ 1939
Cin W A M Dlv 1st g 4 s ..1991
■ St I. Dlv 1st col tr g 4 s ..
Spr A Col Dlv 1st g 4 s ..
W W Val Div 1st g 4 s ..

M-N
M-N
J -J

J -J
A W estern—

M-N
J-D
J-D
) J -D
J -J
F-A
Term A Im prove 4s___192! M-N
F-A
Warren 1st ref gu g 3 A s .
M-S
M-S
i J-D
1st Hen equip g 4 'As--------192: J -J
1 M-N
) A-O
M-N
Denver A R io Grande—
G J -J
i J -J
J -D
5 F-A
) J -D
0 J -J
) J -J
9 J -J
9 A-O
7 A-O
7 M-N
Des Mol Un Ity 1st g 5 s . ..
5 J-D
Det A Mack 1st lien g 4 s..
5 J -D
1 M-N
1 M-S
1 J -J
7 A-O
7 A-O
0 J -J
7 J -J
1 M-N
0 M-S
7 M-N
9 M-S
3 M-S
0 A-O
8 J -1)
0 M-S
G J -J
Eric 1st con g 4s p rio r..
0 J -J
G J -J
0 J -J
1 F-A
3 A-C
3 A-C
G J-L
2 M-N
8 J -J

Eifi1

Lons

W llk A Ea 1st gu g 5s.
1st general gold 5s.
Mt Vernon 1st gold
Sull Co Branch 1st i
Florida E Coast 1st ‘
• ort St U D Co 1st g
Ft W A Rio Gr 1st g <
al II A II of 1X82 1
rcat Northern—

1
G

5 A-O
2 M-N
3 J-J
G M-N
7 J-J
7 F-A
0 F-A
3 M-N
0 A -C
2 J -I
0 J-J
1 J-J
2 A-C.
3 A-C
0 A-C
9 J-I
1 J-J
8 j -J
3 A-C

1 J-J
1 Q -.

1 J-J
1...

Registered.

102%

>

Mch ’ ll

10H £
J -J 104% 105 1( .
. . . li >Dec *0:'
J -J
:
92
. . 92%
J-D
; M ay'l
J - J 93*8 94%
M ay’ 12
J -J ____90'8
•May’ 12
91
M-N 90
‘ Oct '07
M-N 89 ____
Dec ’ ll
90 ____
M-S
Apr T2
90
92%
J -J
M-N 105%____*
06%____
Q -F
90
97
Q -F
J -J 10033 107% 1
J-D 105 ____1
J -D
123%____11231s Apr '12
j -j

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

D el Lack

High

Sid
Ask Lc
102%____It
____ 87
87% ____

A-O

Refund

Range
Since
Jan. 1.

Week's
Range or
Last Sale

Price
Friday
May 24

BONDS
Y . STOCK E XC H AN G E
Week Ending May 24.

N.

1435

New York Bond Record— Continued— Page 2

MAT 25 1912.]

3
3
3
3
3
7
7

00 ____ 94 J ’ly '08
95
9034 92
9012
40
40
43%
47
47
46
49
95% Sale
953^
9034
9G33 Sale
____111 I11 Hi M ay’ 12
May TO
.............. .. 100
1
105 ____l
107% 109 1
108 ____1
85 ____ 90 M ch’ 12
113%____1
1 107%
106 10734:
Dec ’ ll
08 ____
85 ____ :
113 ____
A u g '01
.s.5
:
OS's
08% Sale 98
IOH4
____101%
99% Sale 991s
HUM
02 M ay'l 2
01% 02
121 ____ 2U2 12112
87 Sale
____98%
96 98%
85% Sale
105 112
86
79

Sale
80%

09 ____
92% 95
92% -----100% Sale
105 106
105% 105%
103%-----105 109
li0-% -----____117%
10378 -----102 ----101%____
96 101
115% 117%
SJ*t> 90
7334 79

87
88
9S%
9812
9912 Feb T2
85i2
86i2
0434 Mch
81% Apr ’ l l
85 Mch '08
80
80
81 Apr T2
97 Jan '02
.10 Sep '04
92 N o v ’ l l
9212 May’ 12
.00
10012
75 F e b '12
.00 Apr '12
"Feb ’ ll
Apr '12
i M ay’12
> 117%
101% J ’n e 'l l
1011.4 M ch’ 12
1021* Mch T2
105 Feb '12
100 Jan T2
l lGi.i
HOI4
8J%
895*
80 Apr T2
78*4
79
77 Apr '12
91
91
86I4
8712
79
7934
110 Apr T2
U23.t M ay’ l 2
109
109

91 Sale
87% Sale
79 Sale
109% 111
112 111
109 Sale
103 ____
1 2 4 % - - - 12412 M ay’ 12
101% 100 107 M ch'12
101%------ 10134 M ch’ 12
102*8------ 105 M ay’ 12
*103%------ 101% Apr T2
81’% ____ IOOI4 Dec ’00
90
89 ------ 90
109*8____ lOSigDec 'l l
111% 112 110i2Oct ’ ll
100 101% 10012 100*2
n o ____ 100 May'12
111%____ l l l i 2 M ay’ 12
102
102 102% 102
107*4____ 108 N o v ’ ll
05 J 'n e ’OS
95 . . .
9734 Apr T2
------ 97%
90 ____ 92 Aug TO
____80
81i*Jan T2
99% 100 100 "May'12
96*4 Sale 90I2
90*3 Sale OOl.t
100*4 Sale 1001s

J -i
99% 100
J -.
121%____
............
.1 - ,
J -J ____105%
J - . *103% . . .
____98
J -l
J -1 ............

96%
901

101

9934 M ay’ 12
1253.1 M ay’ 12
132 Apr ’09
105 May'12
10834 J ’no '09
97U
9714
98 J ’n e ’ l l

Price
Friday
May 24

BONDS

Y . STOCK EXC H AN G E
Week Ending May 24.

N.

WecKs
Range or
Last Sale

Range
Since
Jan. 1.

Low High
High
Bid
Ask Low
Low High St P M A M (Continued)
9212 ____ 925s Mch ’ ll
Pacific E xt guar 4s £ ____ 1940 J -J
1021; 101%
96>2 9812
97 98% 98i2 Jan T2
E Minn Nor Dlv 1st g4sl948 A-O
11478 110
Minn Union 1st g 0 s^ ._ 1922 J -J 114 ____ 1151.4 M ay’ 12
87*2 87%
127
127U
127
M
ay’
12
127
____
M ont O 1st gu g 6s____1937 J -J
R egistered.............. ..1 9 3 7 J -J I2GI4____ 13GI4 M ay’00
104 10412
l234Sep '11
lll-la 114
1st guar gold 5s____1937 J -J
Registered__________ 1937 J -J
9112 9314
W ill A S F 1st gold us .1938 J -l) 11314 1111 12U Sep “’ l l
94l2 9412
93
95
9384 M ay’12
90*2 92
Gulf A S I 1st ref A t g 5 s ..51932 .J-J
90 93
Registered______________&1952 J -J
0012 9312
10V 103”
101
IToelc Val 1st cons g 4 %)s .1999 J -J l d f " Safe" 101
lOO^Sep 'OS
tJL R egistered ___________ 1999 J -J
Col A II V 1st ext g 4s___1918 A-O
01% 9534 04i2Dec ’ l l
9 6 % 90*8
2434___ 9Gi8 Jan T2
Col A Tol 1st ex 4s_______1955 F -A
991 2 9934
92*4 10U2 9934 M ay’12
Hous Belt A Term 1st 5s___1937 J -J
lllnols Central—
10212 1 04
1st gold 4s........................ 1951 J -J
102% Sale 10212 1021
1071$ 1071«
100 Sep ’ ll
R egistered....................... 1951 J -J
105% 105%
90
1st gold 3 >ss_____________1951 J - J
90% 90 Apr T2
90
8912
Registered_____________1951 J -J
89
89% 89 Apr T2
1231s 1231;
93l2 M ay’09
Extended 1st g 3 3.3s_________ 1951A-O90 —
Registered_____________1951 A-O
1st gold 3s sterling______ 1951 Al-S —
so J ’ly ’09
—
R egistered____________ 1951 M-S
0012 92
99 190
0914 M ay’ 12
Coll trust gold 4s_____________ 1932A-O98 100
35 4078
R egistered_________________ 1952A-O
9812 Aug ’ l l
42
5812
95 90%
1st ref 4s...................
1055 M-N 95% 96% 96
96*8
9534 97*8
801$ SGI4
Purchased lines 3 K s ____ 1952 J -J
8GI4 Feb T2
96*3 OS's
97
9912
O & T ex gold 4s____ 1953 M-N 973g Sale 97«s
9734
nii8ii2i2 L N
R egistered__________________1953M-N
9434 Jan ’ l l
95 95
94
95
Cairo Bridge gold 4s_____ 1950 J -D
95
95
74
75%Sep 'l l
Litchfield Dlv 1st g 3s___ 1951 J -J
84
8412 87*8
80
Louisv Dlv A Term g 3 >isl953 J -J
S638 M ay’ 12
105*8 100
83I4N0VTO
Registered_____________1953 J -J
10734 10918
10534 ____ 123 M ay'99
Middle Div reg 5s........................1921F-A
73
75
75 75
75 Apr T2
Omaha Dlv 1st g 3s_____ 1951 F -A
90 90
7312 77
75% 75*2
7512M ch’J2
St Louis Div A term g 38.1951 J -J
1135s 114*4
73
733s
Registered_____________1951 J -J
107*2 10734
85*4 8634
8638 8534 Apr '12
Gold 3 %js.................................. 1951J -J83
R egistered_______________ 1951J -J84%____ lOUsOct ’99
85 86 100 N o v ’00
Spring Dlv 1st g 3J^s____ 1951 J -J
Registered_________________ 1951J -J83 80
96
96%
96 " Apr T2
95*4___
Western lines 1st g 4s____ 1951 F-A
9712 99
Registered__________________1951F-A9412 . . .
101 10134
Bellev A Car 1st Cs.............1923 J -D 11234 ___ 117l2May'10
0S12 9912
96
96
94 . . .
96 M ay’12
Garb A Shaw 1st g 4s____ 1932 M-S
9II4 93
11412 116
Chic St L A N O g 5s____ 1951 J -D 114 116 114i2 Apr '12
12112 12112
11312 ____ 114 Feb ’ l l
Registered__________________1951J -D
90 Oct '09
Gold 3 A s ...................................1951J-D84 .
87
91
Registered_______________ 1951J-D
98 9812
92% -__
97l2M ch’ 10
Mcmph Dlv 1st g 4s___ 1951 J -D
96
9912
Registered_______________ 1951J -D
8514 90
J ’ly '08
■93" I I I .
St L Sou 1st gu g 4s_____ 1931 M
9312 96
93% May'12 __
93*8 94
Ind 111 A la 1st g 4s________1950 J
1 108 10812
108
Int A Great Nor 1st g 6s___ 1919 M-N 108 Sale 10S
10212
.
.
.
.
101
May’
12
____100%
885S Iowa Central 1st gold 5s___ 1938 J -D
cgi2
06% 65 M ay’ 12 —
Refunding gold 4 s _____________1951M-S64
81
Taincstown Franklin A
___
94
9412
94
M
ay’12
____
9434
O Clearfield 1st
1st. 4s
4s.
1959
7214 10 7214 74
72% 72*4 7214
an City Sou 1st gold 3s. 1950
CVA Oct *00
90 9212
Registered ____
1950
4 981* IOOI4
983.J
98%
Sale
98%
Ref A Impt 5s........... A pr 1050
9912 1007g
97% 25 97% 98%
97% Sale 97*8
Kansas City Terml 1st 4s. I960
75 75
10Si2 llO
109% 109% 109% May ’ 12 —
ake Eric A W 1st g 5 s. "1937
106 100
101 104%
104 105 104 "M a y’12
2d gold 5s_____
1941
100 107
105 105*2
104 . . . 105 M ay’12
North Ohio 1st gu g 5 s ..I l9 4 5
105% 106
____ 1047S 1053S A pr T2
Leh Vail N Y 1st gu g 4 ^ s 1940
1041? 10412
104i2 10434 104l2 1041.
Registered_______________ 1940
107 108
07 98*4
____ 98*4 98%
9814
11034 1121s Lehigh Vail (Pa) cons g 4 s .2003
II3I4 111
113
114
114
114
Leh
V
Ter
R
y
1st
gu
g
5s.
.1941
117 1183s
Registered______________ 1941
110%____ tills Dec ’l l
107*4____ 108 N o v ’09
1041.1 101*2 Leh V Coal Co 1st gu g 5s. .1933
Registered..... ...........
1933
10212 10234
1st bit reduced to 4s____1933
105 105%
937a 937S
94% 9412 9378 Mch 12
Leh A N Y 1st guar g 4s___1045
100 100
Registered_______________ 1945
UGI4 110*2
101%
Feb
TO
102
.
.
.
El C A N 1st pref Cs_____ 1914
8812 90
103 103
100*4 - - ­ 103 “ M ch’12
Gold guar 5s__________ 1914
88
88
777g 7934 Long Island—
10934 1103s
110
110 Sale 110
1st consol gold 5s______ ftl931
77
77
96% 96*4
96*4 M ch’ 12
95 . . .
1st consol gold 4s______ 7jl931
88IS 91
94
9412
94*8
9H4
93*4___
General gold 4s__________ 1938
85*8 91*8
98
98
98 M ay’12
9838 100
Ferry gold 4 U s_________ 1922
7514 807s
9914 O ct '00
0U8 97
Gold 4s.................................. 1932
10834 11034
92 951*
92 94
95U M ay’12
Unified gold 4s__________ 1949
II2I4 114
____104
1041* Dec '08
Debenture goid 5s_______1934
109 109
93 97*2
97 ‘ M ay’12
____90*4
Guar ret gold 4s_________ 1949
95 Jan 'l l
Registered____________ 1949
12334 12412
100 . . . UOI4 N o v ’06
N Y B A M B 1st con g 5s 1935
107 107
10378 ___ 105 Apr ’07
N Y A R B 1st g 5s_____ 1927
10534 107I4 IO7I4 Jan T2
10612 107U
Nor Sh I) 1st con g gu 5s.ol932
105
93 9412
93 May'12
____90
Louisiana A Ark 1st g 5s___lO’’ ’’
105
Louisville A Nashville—
114 U712
____11518 115 M ay’12
General gold Cs__________ 1930
11U2 112
112 Apr T2
111%
Gold 5s_________________ 193
9834 99*s
99%
99*8 Sale 99%
Unified gold 4s____ .
1940
983s 983s
98*8 Apr T2
981.1
IOOI4 10212
Registered_____________1940
10912 11012
109 n o 11018 Mch '12
106 100
Collateral trust gold 5S..1931
111 1113s
111
111 115 111
11U2 112%
E II A Nash 1st g Cs____1919
104% 105
10434 M ay’12
101
1017s 10212
L Cin A Lex gold 4 'As__ 1931
121 121
121 125 121 M ch’ 12
N O A M 1st gold 0s
1930
11712 11712
11712 Jan T2
117
N O A M 2d gold 0 s___ 1930
95 90
95
95
*95
Paducah A Mem dlv 4s__194G
97
9938
107 1071- 10534 M ch'11
Pensacola Dlv gold 6s___1920
113
113
113
113
113%
1121*
St
Louis
Dlv
1st
gold
0s.
1921
8U2 8U2
091s 0934
2d gold 3s....................... 1980
69% 72% 09*8 M ay’ 12
99*2 100
92 93
9234
92% 92% 9212
11212 11212
Atl K nox A Nor 1st g 5 s .1946 J-D 112*4 . . . U2i2 M ay’12
96 98*8
Render B dgc 1st s f g Gs.1931 M-S 105 . . . 100 A p r 'l l
961.1 98%
9334 95
9334 M ay’ 12
943s 95
Kentucky Cent gold 4 s .. 1987 J-J
10018 101*8
i04% 10412
L A N A M A M 1st g-4 Hsl945 M-S 104!2 . . . 104i2 M ay’ 12
8912 89%
L A N-South M Joint 4 s .. 1952 J-J ____ 8912 89% May’ 12
9812 993.1
95 Feb '05
Registered___________ A1952 Q -J
12512 12534
10912
10934
109*2
M
ay’12
109l2
l
l
l
l
2
F
-A
N Fla A S 1st gu g 5s____1937
IOD4 10512
N A C Bdgc gen gu g 4 'As 1945 J-J 10134
1 1 2 '1 1 2 "
Pens A Atl 1st gu g 0s___1921 F-A 11012 . . . 112* MchT2
11034 111%
S A N Ala Con gu g 5s___193G F-A 11038 1107s 11078 1107S
97*4 08*4
91*4 91%
9II4 Mch *12
9U 4
L A J e l f Bdgc Co gu g 4s__ 1945 M-S

K

L

...

...

MISCELLANEOUS BONDS— Continued on Next Page.
Street Railway
MInncap St 1st cons g 5 s ...19 1 9
New Orl R y A Lt gen 4J^3.19Jo
N Y ltys 1st R E A ret 4s temp
Temporary adj ino O s ... . . . .
Portland R y 1st A ret 5s — 19J0
Portland Gen Elec 1st o s . . .1 9 Jo
St Jos R y, L, II A P lstg os 1937
St Paul City Cab cons g 5 s ..1937
Third Ave 1st ret 4s ctfs ----Adj Inc 5s Interim c t f s . .- .
Trl-Clty R y A Lt 1st s f 5S.192J
Underground of London 53.10^0
4 H S ......................................1038
Incom e Os.______________1948
Union Elec (Chic) 1st g 5 s ..1945
United Rys Inv 1st lien coll
trust 53 Pitts Issue______ 1926

J-J
J-J
J-J

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

101% 102% 101% M ay’12

85 87% 8778
88
5
79% Sale *9%
79% 33
52 >8Sale 51%
53
303
99 Feb T2

98%____
100 ____
82% Sale
73 Sale
98% 983,

(las and Electric Light

M -N

82% 80% 83-% M ay’ 12 — a D uo Jan.

1934
1924
1927
1934

Atlanta G L Co 1st g 5 s ----- 1947
Bldyn U Gas 1st con g 5 s .. 1945
Buffalo Gas 1st g 5s----------- 1947
Columbus Gas 1st g 5s......... 1932
Detroit City Gas g us........... 1923
Det Gas Co con 1st g 5s------ 1918
Det Edison 1st coll tr 5 s . . . 1933
Eq G L N Y 1st con g 5 s . . . 1932
Gas A Elec Berg Co c g 5 s .. 1949
Gr Rap G L Co 1st g 5s------ 1915
83% 86% Hudson Co Gas 1st g 5s------ 1949
Kan City (Mo) Gas 1st g 5 3 ,. 1922

98 N o v ’08
100 Feb T2
105%100
81%
82% 101 82*8 80
72%
73
82 70*4 80%
98%
1)9
A -O
25 97*8 99
98 Apr ’09
M-N
95%
061.1
7 95
J-J *05% Sale 95%
80 89
89
89
8 74% 90
84 Oct ’08
A-O

J-J

•No price Friday; latest bid and asked this w eek,




Street Railways.
101% 101% United R ys St L 1st g 4s—
St Louis Transit gu 5s —
84% 88%
79% 81*s United R R s San Fr s f 4 s ..
51*8 69% Va R y A Pwr ls tA re t5 s —
99 99

5 D uo F eb

d D ue A p ril,

ft D uo J u ly .

J-J

A-O
J- J

70%
S3
66
____

J -D
M-N
A-O

104 ___
107%----- 107% 107%
61% May’ 12
62 63

J-J
J-J

F -A

77
SO
68
963s

76%
76%
85 Jan T2
67*8
08%
90% Apr T2

A-O

100% 101

101 M ch'12
955g Sep ’OS

76%
85
66
96

80
85
70
97%

106% 1077g
GO 63
100% 101

J-J fdl’ % Safe' 101% 102
M-S .........107 107 Apr '12

1013s 102%
106 107

M -N

104% 105%
09% 99*4

J -D
F -A

A-O

104
99
105

____ 01% Oct ’01
____ 100 O ct '09
105% 105 M ay’ 12
99% Jan T2

IIlllOf

1436
tr.
■

New York Bond Record— Continued— Pag0 3

BONDS
T . STOCK EXCHANGE
=
Weelt Ending May 24.

11

1\yranlla R R — Sou Hne3 4 s .193 i M-r
ArJ-exlcan Cent In cg 3 s trrects
Equip A coll g 5s.........
1917 A -r
Mex Internat 1st con g 43 1977 M-S
Stamped guaranteed____1977 M- S
Minn A St L 1st gold 7s
1927 J-D
Paclllc E xt 1st gold Gs._ 192 A-C
1st consol gold 5 s ............ 1934 M-[5
, 1st and refund gold 4s___1048 M-S
’ Des M A Ft I) 1st gu 4s 193." J -J
M StP&SSM con g 4s lnt gu.1938 J -J
M S S M A A 1st g 4s lnt gu.1926 J -J
Mississippi Central 1st 5s 1941 J -J
Mo Kan A T cxaslst gold 4sl99C J D
2d gold 4s...................... _.(71990 F-A
1st ext gold 5s________ 194-1 M-N
1st A refund 4s__________2004 M-S
Gen sinking fund 4
___1936 J -J
St Louis Dlv 1st ref g 4 s .2001 A-O
Dal A Wa 1st gu g 5s____1940 M-N
Kan C A Pao 1st g 4s____1990 F-A
Mo K A E 1st gu g 5 s .. .1942 A-O
M K A Ok 1st guar 5s__ 1942 M-N
M K A T of T 1st gu g 5s. 1942 M-S
Slier Sh A So 1st gu g 5s-1943 J -I)
. Texas A Okla 1st gu g 5s 19 13 M-S
Missouri Pao 1st cons g 6 s ..1920 M-N
Trust gold 5s s ta m p e d ._ a l9 17 M-S
R e g is t e r e d ._________«1917 M- S
1st collateral gold 5s____1920 F-A
192C F-A
Registered_____ __
40-ycar gold loan 4s......... 1945 M -S
3d 7s extended at 4 % ___193,S M-N
1st A ref eonv 5s. .1 . .1950 M-S
■ Cent Br R y 1st gu e 4 s .. 1919 F-A
Cent Br U P 1st g 4s
1948 J -I)
Leroy A C V A 1 ,1st g 5s 1926 j - j
• Pac R of Mo 1st ext g 4s. 1938 F-A
J -J
A-O
A-O
Unified A ref gold 4 s .. 1929 J -J
■
Registered__________ 1929 J -J
R lv A G Dlv 1st g 4 s .. 1933 M-N
Verdi V I & W 1st if 5 s ..1926 M- S
Mob A Ohio new gold 6 s ...1 9 2 7 J -D
1st extension gold 63___/il927 Q -J
General gold 4s____
t :).3H M-S
Montgorri Dlv 1st g 5 s .. 1047 F-A
St L A Cairo coll g 4 s .. el930 Q -F
Guaranteed gold 4s.
1931 J -J
1\Tashv Ch A St L 1st 7s. 1931 J -J
A si 1st consol gold 5s__
1923 A-O
Jasper Branch 1st g 6 s ..1923 J -J
McM M W A A1 1st 6s. 1917 J -J
T A P Branch 1st 6 s .. 1917 J -J
Nat R ys of Mex pr lien 4 Hs. 1957 J -J
Guaranteed general 4 s .. 1977 A-O
Nat of Mex prior lien 4}$s_192fi J-J
1st consol 4s__
..
1951 A-O
N O Mob A Chic 1st ref 5s 1960 J- J
A-O
New Orleans Term 1st 4S..1953 J-J
N V Central A Hud River—
Gold 3 ^ 3 ....... ............ ......1997 J -J
,
Registered____________ 1997 J -J
' Debenture gold 4s______ 1934 M-N
;
Registered. .
1934 U-N
, Lake Shore coll g 3 ><s
1998 F -A
■
Registered__ “ . "
1998 F -A
- Mleh Cent coll gold 3}$s_1998 F-A
'
Registered . . 1 _____ .’ . 1993 F-A
;
'

Registered____________ 1936
2d guar gold 5s_______ 1936
•
Registered__________1936
■ Beech Cr E xt 1st g 3 Hs.61951
' Cart A Ad 1st gu g 4s___1981
' Gouv A Oswe 1st gil g 53.1942
' Moh A Mai 1st gu g 4s___1991
. N J June R guar 1st 4 s ..1988
,
Registered____________ 1986
, N Y A Harlem g 3J$s___2000
:
Registered____________ 2000
N Y A Northern 1st g 5 s .1927

R W A O con 1st ext 5s./il922
Oswe A R 2d gu g 5s___el915
R W A O T R 1st gtl g :5s. 19 18
Rutland 1st con g 4 ,U s..l911
OgALCham 1st gu 4s g 1948
Rut-Canad 1st gu g 4s. 1949
St Lawr A Adlr 1st g 5 s .. 1996
2d gold 6s______ _____ 1996
Utica A Blk R iv gu g 43.1922
Lake Shore gold 3 H s____1997
Registered____________ 1997
Debenture gold 4s____1928
25-year gold 4s_______ 1931
•
Registered__________1931
K a A A G It 1st gu e 5S.193S
Mahon C’l R R 1st 5 s . . 1934
Pitts A I j Erie 2d g 5 s._ a 1928
Pitts MoIC A Y 1st gu 6 s .1932
2d guaranteed Gs_____ 1934
AIcKees A B V 1st g 6 s .1918
Michigan Central 5s_____ 1931
Registered__________1931
4 s ..................................... 1940

J-J
J- J
J- J
J-J

A-O

J-I)

J -D
M-S
F-A
F-A
M-N
M-N
A-O
A-O
A-O
J -l)
A-O
F-A
M-N
J -J
J -J
J -J
J -J
A-O
■l-J
l-D
J-D
M-S
M-N
M-N
J -J
J -J
A-O
J -J

J-J

A-S
J-M

I-J

Price
Friday
May 21

WecVs
Range or
Lasi Sals

Range
Since
Jan. 1.

§3
aq

N.

BONDS
Y . STOCK EXCHANGE
Week Ending May 24.
•5a.

Bid
As. Low
nigt No Lcno High N Y C & H R — (Con) —•
____83
25i2 A pr 'OC

____1291;
____102
____ 611'
____ 80
96?8 97
96l4 ____
943.t . . .
817g Sale
102 ____
7712 78
83
8S%
10553 ____
00 ____
108 1083,
10512 106%
____103
10234 104
____1053
____107%
____99%
07
99
93
99
7234 Sale
92>12 94
863( 87
917s____
73
82
____102
04 ____
104 1090
____1051,j

77 Mch'lC ___
79 N ov'It ___
129 Feb '12__ _
___
1015g M ay’ ]5
6234 M ay'll ___
78 M ay’ ll
97 A p r '11 __
96% M ay'll __ _
98!•> M ch'l ___
11
951g
951,
81t2
817,
4
102
102
6
78 M a y'll
?
SS
88
7834 N o v 'l 1
1053j M ch’ l!
91 A p r'U
10SR M ay’ ll
106 M ay’ ll
1013,} M ay'll
H)37s Feb M2
1037S M ch’ 12
107
107%
5
99
99U 15
2
97
97
2
98
98
723.}
731?
3
96i2 M ay’ ll
87 M ay’ 12 ___
02 M ay’ ll
81 M ay’ ll
96

1

06

105 _ May’ 12
111 Sep *09
8073 81
807S
81% 13
80 M ch’ 12 ___
81% 83% 83
831? 23

..

10U2 105
GU2 6978
78 81
96^4 97^4
9614 961,.

Ilousatonlc R cons g 5s ..19 3 7
N Y W ’ch e s& B ls tse rl 4 Ms ’46

97i2 Apr '09

96

100

991a M c h 'll
105 Oct '02
89

8812

Guar 3 Hs coll trust rer* 1937
Guar 3 Ms coll trust ser n .1941
Trust Co certfs eu cr 3 Us .1916
Guar 3 Ms trust ctfs C
1942
Guar 3 Ms trust ctfs D
1944

8853 89

12038 ____ 13U2 Jan '09
1
10634 ____ 107
107
101 M ch ’ 12 ___
101 J ’n c ’ 10
9Gig------ 9S14 Mch'12
8)33 88
81 F e b '12

107
101

_

1051s____
l l l i 2 ____
105i3 -----12112 ____
123 ____
100 .
10912 115
109 112
____ 99

M-S
1st gold 3 H s__________1952 U-N 86l2 ----9038
20-year debenture 4 s ..1929 V-O 90
N Y C h loA S t L 1st g 4s. 1937 V-0 100 Sale
Registered____________ 1937 \-o
9812 ___
8912 90
Debenture 4s__________1931 t-N

Series C 3 Ms.

1948
1950

2d 7s___________
3d 7s_____ __

. . . 107 108 O ct '09
* ___ 97% 977s A u g 'H

107*3-----118 ____
9934 ____
88% 8)
87
88
93i2 Sale
9314 Sale

Cl & ila r 1st gil g
"1015
Cl & P gen eu g‘ 4 Hs sVr a" 1942
Scries B _____ I
1942

Series C

M ay’ 12 ___

10734
101

9712 9814
84
86

115 J ’n e ’09
119% Mch’ 12
11012 1I9I2
997S N o v ’ l 1
873} 897s
89 M ay’ 12
883)
8834 15 8714 8£3lj
933S
93 L 20 93% 94%
93
933, 110 93
937g
9253 Apr ’12
925a 931®
11U2 M ch’ l l
105 A p r '12
.30% Jan '09
I23I4 M ch’ 12

J -J
M-N
J -J
J -J
M-JN
J -J
M-N
J -J
M-iN
J -J
j- j
ill-JN
M-S
At- S
j -d
F -A
M-N
M-N
F-A
A-O
A-O
A-O
J -J
J-D

1945
Consol 4 s __________ ..1 9 4 5
8 ns
I021o
81% N Y 6 & W ref 1st g 4 s .. .(71992
8914
1955
1053s 1053g N orfolk Sou 1st & ref A 5s 1961
9012 91
Norf & South 1st gold 5s -.1941
Norf & W est gen gold 6s _.1931
10812 110
10534 1071?
Im provem ent & ext g 6s. 1931
1013.1104
New River 1st gold 6s. -.1932
10334 1033)
N A W R y 1st cons g 4s ..1996
10378 1051.
1996
107 1081s
D lv’I 1st 1 & gen g 4s ..1941
09 1003j
1932
10-2 5-year con v 4s
07
97
10-20-yr conv 4s full nd ret:;
98 10034
Pocah C & C Joint 4s ..1941 J -D
J -J
705s 75I4
Sclo V A N E ' 1st gu g 4s 1939 M-N
Q -J
8612 895S
R egistered .. _____
y -j
92
92
General lien gold 3s___ .02047 y - F
81
81
Registered
___
a2 047 y - F
j-d
95
96
Dul Short L 1st gu 5s "1910 M-S
F-A
10412 1083S
Q-F
F-A
2d 5s_____
7912 8334
A-O
78
80
1st consol gold 4s
.1908 ,1-1)
8212 84
Wash Cent 1st gold 4s
1918 y-M
J -J
120% 121
Oregon-Wash 1st & ret 4s '1961 j - j
1153411534 P a cific Coast Co 1st g 5s -1946 J -l)
8034 S73,;
enna R R 1st rcalestg 4s 1923 M-N
110 ll03j
Consol gold 5s.
1910 M-S
83
83
Consol gold 4s.
.1943 M-N
1912 M-N
Convertible gold 3 Ms
1915
J-D
103 101
Convertible gold 3 Ms.
1915 J-D
Registered______
1093s 109%
Consol gold 4s___
1948 M-N
A llcg Val gen guar e 4s 1942 M-S
10734 10734
F-A
Phlla Balt & W 1st g 4s 1943 M-N
891? 9212
831.} 831?
Sod Bay & Sou 1st g 5s 1924 J-J
99 100
Sunbury & Lewis 1st g is 1936 J-J
78
80
u in j u it & ca n gen 4s 1944 M-S
91
95
Penna Co jruar 1st sr4 Us .1921 J-J
80
101
73
87

8733 87i2 87
87% 50 8612 881?
86
87
87 Apr '12 ___ 86 87
16 0214 9614
93i2 Sale 931?
94
93 M ay’ 12
93
93
82
823« 821.)
821; 40 8078 85
6 79 84
81
8034 Sale 803,}
4 7834 821?
7912
791?
<9% 80
77l2 7734 7734 Apr '12
7734 79%
09% ____ 9833 Dec TO
983s____ 99 i l a y ’l l
10034 ____
____
____

J-J
J -J
J -J

N on-conv deben 4s. . . ..19 5 ;:
Non-conv 4s___________ -.1956
195(
Conv debenture 63 "___ -.1948
Ilarlcm R -P t Ches 1st 4s 195<

129 129

2
1201s 1203,| 1201.}
12014
115% 1151? 11534 Feb ’ 12 —
8634 88
863,} M ay’ 12
109% 110% 110 M ay’ 12
81
85
83 Apr ’ 12 Si
93l2 M ch’ ll
1
103 1031s 103
103
10953 110 10963 May'12
1133) ____
IO7I4____ 10734 M ch’ 12
10?14 ____ 113 J ’ly '04
8934 90
0012 M ay’ 12
6
8314 85
831,}
83l.t
99 1013s 99 M ch’ 12 ___
5
78 Sale 73
78
90
92
91 M ay’ 12
103 106
1 83
88 Sale 83
88

90
103

236

105 105
12314 I23I4

[V O L . L X X X X IV
T7ccKs
Range or
Last Sale

Price
Friday
May 24

Bid
As)
____ 997, 9973
100
07% Sale 97I9
98
100% J’ly T
* ____ 021{
91l2 Sale
9053 Sale
1281? 1291
99% -----9134 931
115 . . . :
99i2 Sale
10212
115 “
993s____
8319 85tg
921? 9434
9212 ____

j- j

j-j
M-S

A-O
M-N
M-N
P-A
J -D
M-N
A-O
y -F
M-N
l-J
J -J
J -D
A-O
M-N
A-O
F-A
J -J
Pltts'Sh & L 'E 1st g 5s ” ' 1940 V-0
1st consol gold 5s. . I .1943 T-J
1997 J -J
•LV Registered . . _______ .1997 l - J
1951 \-o
1951 J-J

__

___
1 91% 93%
945*
‘ 90
11 129 132%
99% 99%
i 925? 935*
115 M ch’ 12___
114 “ 115 “
9038
991
79 08 100
107 Aug ’01
91%
911
00%
905
129
1291
99% Apr T2

99% M ch’ 12 ___
87 May*l ___
94 M ay’ll
93% Oct ’ 1
89% Feb ’ ll
99B<
6
99
99% 9953
10318 ____ 1023.) Apr T2
12338 12334 123% Apr ’ ll
124% 12533 124 M ay’ ll
121 ____ 124 M ay’ 12
991,3 10
99% Sale 98-"s
97%
98 Jan 'li
1
92%
92%
------92%
10
1101? 1123) 112
112
5
n o 11114 n o
110%
6
92
92
92
93

93
901} 96
90
991i Sale
981) 98'),i 99 Apr T2
6913 Sale 69
69%
6712 693, 68 D e c ’ li
90
961- 96 May'12
ioo . . . r
115*33110
114*34
110
10234.1
1023} J ’n c 'l l
91 ' ____ 92% M ch’ 12
89%
9113" Apr '11
91% 9U?
1033., 100
100% 1011;
____110
____ 1023)
100 Sale
9753 Sale
03 . . .
103% 101
0933 100%
10034 ____

9138
91%
101 M ay’ l l
1001,1 i\iay’12
n o M ch’ 12
1023., M ch’ 12
997a 100
07%
073)
07% Feb T2
103%
1031?
9973 A pr ’l l

99% 100
94

90

80.% 89-%
9938 100%
102% 1023,i
1235S 1233}
124 12G3S
124 124
08
0973

92% 94
1071? 114%
108 1H34
92
94
1003? 1003s
98%
13 95
67 991 [ 10034
9814 99%
07 69
70%

116% 115%
107

107

9234 9234
91% 0234
103% 104
IOOI4 102
108 n o
102 104
10 99%. 100%
00 963.) 077S
07% 97%
22 102% 104
37

1017S 102%
07 ____
101%__
103% 1033c 10333 M ay’12

101 101%
103% 104

9114 94
104% 1047s
_ _ 101

J-J
r-j

l-J
J- I
M-N
A-O
l-J

J-J

100

I037g Feb '11
101 Dec '11

/i 1012 A-O

.11 Jan ’ 12
111 111
119 J ’ne'Ofi
98 A p r '12 ___ 98
93
‘■Jt L & San Fran gen g 63 ~.1931
98l2 N o v ’ l 1
90 J ’n o ’08
8612 M ch’ 12 ____ 8612 8634
Gen 15-20 yr 5s
.1927
9933
903* 10 90 915g
Southw Div 1st g 5s .1947
100
100
s 9934 lOOSg
Refunding g 4s___
.1051
9934 M ch’ 12
99
9934
Recrlstered
1951
8912 M ay’ 12
8912 91

No Low High
3' 9978 101
52 07
98%

8834 ____ 891.) Apr T2
M-S
88I2
883.)
88%
2 88
F-A . . . 89
M-N *97% ____ 9734 M ay’12 __ 07%
88
88 M ch’ 12
88 90
J-D
8773 ------ 873,i Jan T2 ___ 873.1
J-D
96^3 971.
963.;
9634 901? Deo '11
M-N 92
M-N 1031? 105 ' 110 " Jan '05
1073} Dec '11
J -J IO8I3 . .
1093.i J ’ly '09
A-O 100% .
911,j
A-O
91%
M-N 91U ’
911J
F-A
90 M ay'08

J-J
J-J
J-J
J-J
1912 J-J

Tol W V & O gu 4 Ms A . .1931
1913
1942
P G C & St r\ n-,, 4
A
1942
_1942
Scries D 4s cruar
.1945
Series E 3 Ms guar g__ .1910
Series F gu 4s g
1953
Series G 4s guar
.1957
1932
Peo & Pek IJn 1st g 0s " 1921
2d gold 4 Ms___
61921
Pcre Marquette— Ref 4s. .1955
Refunding guar 4s
1955
1921
Flint & P M g 6s
1st consol gold 5s.
.1939
Pt Huron Dlv 1st g 5s 1939
1911

Range
Since
Jan. 1.

*

102%-----10218 __
05% ___
10611
106% 107'

10134 E'eb T2
100 J ’ly TO
10578 A pr ’ 12
106% M ay’ 12

85 ____
118 119
107% 108
86 “ 913j
803.) 87 ‘
98%____
78% Sale

07
09
93% 93%
99

99

603,} C034
9958 99»3
981? 100

89
9734

86 M ch’ 12
1193s Apr T2
.071?
1071?
867S
87
.00 O c t ’ ll
78%
70
8034 M chT l

101%

ioo% 1 6 7 '

96% 9834 98% Apr T2
97 ____ 08 A u g ’ ll

113% N o v ’ ll
08
981s
98 Apr T2
0678
907s

91%

ioi34 iota*

97% ____ 07% Mav’12
9334 ____ 93% Feb T2
97 ____ 0778 Aug ’l l
98
09
00 Aloii T 2
lH)7a ____ 113% N o v ’ ll
100 ____ .00 M ay’ ll
____ 99
03%Jan ’ ll
50 ____ 003,( Apr T2
683.) NOV ’ ll
0058 Feb T2

____ 861?
110 ____
110%____
98 Sale
*973.1 ____
97% 97%

8914
883.)
9734
88%
8734
98%

ml

11F73 11953
57

8673 8812

20

7833 8 l34

A1ISCELLANEOUS BONDS— Continued on Next Pane,
(las and Eleciric Light
Kings Co El L & P g os____1937
Purchase money 6s______ 1997
Convertible deb 6s______ 1922
Ed E l 11 Bkn 1st con g 4 s .1939
Lac Gas L o t St L 1st g 5 s..el9 1 9
R ef and ext 1st g 5s_____ 1934
Milwaukee Gas L 1st 4s____1927
Newark Con Gas g 5s_____ 1918
N Y G E L H & P g 5s____1948
Purchase m oney g 4s____1949
Ed El 111 1st cons g 5s__ 1995
NY & Q El L & P ls t c o n g 5 s .l9 3 0
N Y * Rich Gas 1st g 5 s ...19 2 1
Pacific G & El Co Cal G * E
Corp unifying & ref 5 s ..1937
P ac Pow & Lt 1st & ref 20-yr
53 Internat S eries______ 1930
Pat & Passaic G & E 5s____1949




A-O
A-O
M-S
J -J
Q -F
A-O
M-N
J -D
J -l)
F-A
J -J
F -A
iM-N
M-N
F -A
,M-S

104 1017s 105 M ch’ 12
116 M ay’ 12
117
118% Dec ’ ll —
122% —
881? Dec ’l l
102%
2
102% 102% 102%
3
101 1013s 10138 1013*
90
90% 90 Feb T2
1061) Apr T2
106%
103 103% 1033S 103% 40
83%
S834 31
89
113% M ch’ 12
1013.) . . . . 102% M ch’ l 2 —
92% J ’ly ’09

__
__
_

96

Sale

94
95
1021?

00

963,3

28

931? M ay’ 12

a Due Jan.

Qas and Electric Light
Peo Gas & C 1st con g Cs___1943
Refunding gold 5s______ 1947
Registered_____________1947
Ch G-L & Cke 1st gu g 5s. 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas & Oil 30-yr 5s '30
Mu Fuel Gas 1st gu g 5 s ..1947
Registered_____________1947
Philadelphia Co conv 5s___ 1919
Syracuse Lighting 1st g 5 s .1951
Syracuso L & P 5s_________ 1954
Trenton G & E 1st g 5s____ 1949
Union Elec L A P 1st g 5 s ..1932
Ref A ext 5s____________ 1933
94
963s Utica El L A P 1st g 5s____ 1950
Utica Gas A E ref 5s_______1957
93% 05
Westchester Ltght’g g 5s___ 1950

105 105%
115% 117
................
102 103
101 1013*
897S 90
106% 106%
1025s 101%
88% 89%
112% 113%
102 102%

6 Due Feb.

a Due May

g Due Juno,

ft Duo July,

A-O
M-S

1U -S

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

116l,t Apr T2
102
Feb '09
1023, 1031s
103
10112 1033j
N o v 'll
89
02
Mch'12
IOU4 Mch'12
____100
103 109 109 Feb '12
100% . . . 101 Dec 'l l
80 ____ 80
80
103 .
109 Feb '01
100
" 101 Apr '12
90 . . . . 96l2 Apr '12
103 . . .
IOOI4 Deo '11
10512
10512 10534 10512
101% 102

.

p Due N ov.

1 Option sale.

116% 117%

10134 10212
103

104%

93 03
100% 101%
107

88 *

109
80 ’

101 101

00l2 OSlj

1043s 10534

1
'

May 25 1912,)

St L A San Fran (Con)
K C Ft S & M con g 6 s .. 1928 Al-N
K C Ft S & M R y ret g 4 s .1936 A -0
Registered_____________1936 A -0
K C 4 M I 1 4 B 1st gu 5 s .1929 A -0
Ozark & Ch C 1st gu 5s g_1912 A -0
St L S W 1st g 4s bd ctfs._1989 M-N
2d g 4s Inc bond ctfs__ pl989 J -J
Consol gold 4s.....................1932 J-D
Gray’s Ft Ter 1st gu g 5 s .19 17 J -D
S A & A Pass 1st gu g 4s
1943 J -J
S F & N P 1st sink t g 5s_.1919 J -J
Seaboard Air Line g 4s____ 1950 A-O
.1950 A-O
Gold 4s stam ped____
Registered_______________ 1950 V O
Adjustment 5 s ._ . _ .01949 F-A
Refunding 4s_____ ______ 1959 A -0
Atl-Blrm 30-yr 1st g 4s.el933 M-S
. Car Cent 1st con g 4s____1949 J -J
Fla Cen & Pen 1st g 5s__ 1918 J -J
,
1st land gr ext g 5s____1930 J -J
Consol gold 5s_________1943 J -.l
■ Ga <fc Ala R y 1st con 5s.ol945 J -J
Ga Car & No 1st gu g 5S.1929 J -J
Seab & Roa 1st 5s______ 1926 J -J
Southern Pacific Co—
Gold 4s (Cent Pac coll) _fcl949 J -D
Registered___________ fcl949 J -O
20-year conv 4s________ p i929 M-S
Cent Pac 1st ref gu g 4 s ..1949 F-A
Registered ___________ 1949 F-A
Mort guar gold 3 Hs__fcl929 J -D
Through St L 1st gu 4s. 1954 A-O
G II & S A M & P 1st 5 s .1931 Al-N
. Gila V G & N 1st gu g 5 s .1924 VI-N
Hous E & W T 1st g 5S .. 1933 Al-N
1st guar 5s red.............. 1933 Al-N
II & T C 1st g 5s hit gu__1937 J -J
Consol g 6s Int g u a r .. 1912 A-O
Gen gold 4s lnt g u a r.. 1921 A-O
W aco & N W dlv 1st g 6s ‘30 M-N
A & N VV 1st gu g 5s____1941 J -J
Morgan’s La & T 1st 7 s .. 1918 A-O
1st gold 6s____________ 1920 J -J
N Y Tex & M gu 4s g ____1912 A-O
No ot Cal guar g 5s_______1938 A -0
Ore & Cal 1st guar g 5s_.1927 J -J
So Pac of Cal— Gu g 5 s . 1937 M-N
So Pac Coast 1st gu 4s g_1937 J -J
San Fran Tcrml 1st 4 s .. 1950 A-O
T ex & N O Sab Dlv 1st g 6s '12 M-S
Con gold 5s________
1943 J -J
Bo Pac R lt 1st ref 4s____ 1955 J -J
Southern 1st consol g 5s
1994 J -J
Registered__________ 1994 J -J
Develop & gen 4s Ser A ll9 5 6 A-O
Mob & Ohio coll tr g 4 s ..1938 M-S
- Mem Dlv 1st g 4 H-5s___1996 J -J
' St Louis dlv 1st g 4s____1951 J -J
i Ala Cen It 1st g 6s______ 1918 J -J
Atl & Danv 1st g 4s____ 1948 J -J
2d 4S...........................
1948 J -J
• Atl & Yad 1st g guar 4s. .1949 A-O
’ Col & Greenv 1st 6s . .1916 J -J
f E T Va & Ga Dlv g 5 s ...1 9 3 0 J -J
l
Con 1st gold 5s_______ 1956 M-N
> E Ten reor lien g 5s.......... 1938 Al-S
■ Ga Midland 1st 3s______ 1946 A-O
) Ga Pac Ity 1st g 6s______ 1922 J -J
■ K n ox & Ohio 1st g 6s__ 1925 J -J
t Mob & Blr prior Hen g 5s. 1945 J -.l
;
Mortgage gold 4s........... 1945 J -J
; Rich & Dan con g 6s____ 1915 J -J
I
Deb 5s stam ped_______ 1927 A-O
1 Rich & Meek 1st g 4s____1948 M-N
• So Car & Ga 1st g 5s____ 1919 Al-N
'
Virginia Mid ser C 6s____1916 Al-S
Series D 4-5s__________ 1921 Al-S
Series E 5s______ ______ 1926 Al-S
Series F 5s____________ 1931 Al-S
General 5s....................... 1936 Al-N
Va & S o'w ’t 1st gu 5 s.2003 J -J
1st cons 50-year 5 s ..1958 A-O
' W O & W 1st cy gu 4s__ 1924 F-A
W est N C 1st con g 6s__ 1914 J -.l
Spokane Internat 1st g 5S..1955 J -J
er A of St L 1st g 4 H s ..l9 3 9 A-O
1st con gold 5s___1894-1944 F-A
Gen refund s f g 4s_______1953 J -J
St L M llge Ter gu g 5 s ..1930 A-O
T ex & Pac 1st gold 5s_____ 2000 J-1)
2d gold Inc 5 s __________ g2000 Mch
La Dlv I! L 1st g 5s_____1931 J -J
W Min W & N VV 1st gu 5 s .'30 F -A
T ol & O C 1st g 5s________ 1935 j - j
Western Dlv 1st g 5s____1935 A -0
General gold 5s__________ 1935 J -D
Kan & M 1st gu g 4s____1990 A-O
2d 20-year 5s......... .........1927 J -J
Tol P & W 1st gold 4s..........1917 J -J
Tol St L & W pr lien g 3 J^s.1925 J -J
60-year gold 4s----------------1950 A-O
Coll tr 4s g Ser A .............. 1917 F-A
T or 11am & Bud 1st g 4s._/il946 J-1)
lster & Del 1st con g 5s__l928 J-1)
1st refund g 4s________1952 A -0
Union Pacific— Gold 4s____ 1947 J -J
Registered____________ 1947 J-J
20-year conv 4s..... ...........1927 J -.l
. 1st * ref 4s.......................g2008 M-S
Ore R y & Nav con g 4 s ..1946 J -D
Ore Short Line 1st g C s..1922 F -A
1st consol g 5s_________ 1946 J -J
Guar refund 4s________1929 J -I )
Utah & Nor gold 5s___ 1926 J~J
1st extended 4 s _______1933 J-J
andalla cons g 4s Ser A . 1955 F-A
Consol 4s Series B ____ 1957 M-N
Vera Cruz & P 1st gu 4 Hs.1934 J -J

T

U

V

Price
Friday
May 24.

Ireek's
Range or
Last Sale

|Bonds
| Sold

BONDS

Y . STOCK EXC H AN G E
Week Ending May 24.

Interest
Period

N.

New York Bond Record— Concluded— Page 4
Range
Since
Jan. 1.

N.

BONDS
Y . STOC K E XC H AN G E
W eek Ending May 24.

High No. JAW High
Rid
Ask Low
11538 110 115*4 May '12 ___ 115*4 US
\X7abash 1st gold 5s_______1939 Al-N
793., 39 795g 80% **
2d gold 5s..................... 1939 F-A
79*4 Sale 79*8
79 Sep TO
Debenture Series B ____1939 J -J
1st lien equip s fd g 5 s ...19 2 1 Al-S
9 8 % . ... 100% Dec ’09
___
99*4 May'12
99% 100
1st lien 50-yr g term 4 s ..1954 J -J
997s 100
lc* 91
91%
92
92%
91% 92
1st ref and ext g 4s
1956 J -J
81% 813| 81% M ay’12 . . . . 8034 82
Cent Trust Co c t f s . . .
82% 40 79
84%
81% 82% 81"%
„ Do Stam ped_____
98%____ 101% Apr '07
E quit T r st Co c t f s ..
86%
86*4 23 86% 8734
86% 87
D o S tam ped_____ _____
1033.1 ____ 104 O ct '00
Det & Ch E xt 1st g 5 s ...1941 J-J
87
873f
86%____ 87% M ay’ 12
Des Moin Dlv 1st g 4 s .. 1939 J-J
24 80% 90
80% 87% 87
87
Om Dlv 1st g 3 H s............ 1941 A -0
Tol & Ch Dlv 1st g 4s
1911 Al-S
81% Sale 80%
81% 54 79
84% W ab Pitts Term 1st g 4 s ...1 9 5 4 J-D
h 81
81%
83
81% Sale 81%
Cent & Old Col Tr Co c e r tfs ..
88 M ay’12 ___ 88
90
Columbia Tr Co ctfs
____89*8
92% 98
93% Apr T2 —
9234 93%
Col T r ctfs for Cent T r ctfs
101%____ 103 M ay’ ll
2d gold 4s____
1954 J-D
___
103 ____ 104 M ay’ 12
104 104
Trust Co certfs___I I I *
..
2 107 107
107 ____ 107
107
Wash term I 1st gu 3 pcs. 1945 F-A
100 ____ 1063s M ay’ 12 ___ 1063g 107%
1st 40-yr guar 4s.___‘ . 1945 F-A
105 100 1051? M ay’ 12 ___ 105% 10534 West Maryland 1st g 4s.
1952 A -0
ij 105 10G% West N Y & Pa 1st g 5s. 1937 J -J
105
105 Sale 105
1943 A-O
Gen gold 4s______
4 91% 92%
91% 013, 91%
91%
tT 7iCume 5s...................
dl943 Nov
89
91% 91% N o v ’ ll
vv,‘ e f llnS * L E 1st g 5 s . . .1926 A -0
120 943, 97
95
94*4 Sale 9434
Wheel Dlv 1st gold 5s___1928 J -J
90
95% 97
90
90*8 951?
Exten & Im p gold 5s____1930 F-A
1 94% 94%
94% 951; 94%
94%
l i lt 1st consol 4s________ 1949 M-S
80 ____ 907s Apr '12 ___ 90% 91%
20-year equip s f 5s___1922 J -J
927g 927g Winston-Salem S B 1st 4 s ..I9 6 0 J -J
92% Feb T2 —
____ 92
104 100% 107 Mch T2 —
10634 107
Wls Cent 50-yr 1st gen 4 s ..1949 J -J
102% 104% 104*4 Feb T 2 . . . . 104*4 10434
Sup&Dul dlv & term 1st 4s ’36 M-N
104% 105% 104% Jan T2 ___ 104% 104%
104*8____ 104% Feb T2 . . . . 104% 104% A "/'ZaturinK and Industrial
Allls-Chalmers 1st 5s
1936 J -J
109% 10'J58 102'% M ay’12 —
109*8 HO
107%Sep 'l l
Am Ag Chem 1st c 5 s . I . " * 1 9 2 8 A-O
1 94*8 95% Am Cot Oil ext 4 ^ s *1915
94'% Sale 94*8
94%
Debenture 5s_________ '1*1931 M-N
114% 118 119% Mch TO
100 ____ 107% Feb T2 . . . . 107% 107% Am Hide & L 1st s f g 6s11- 1919 M-S
Anier lee Secur deb g 6s___1925 A-O
U23g ------ 112%Sep 'l l
110 111 111 Mch ’ ll
Am Smelt Securities s f 6s *1926 F-A
Am Spirits Mfg 1st g 6s . 1915 M-S
110 1145s 112 Feb ’07
Am Thread 1st co ' tr 4s____1919 J -J
Am Tobacco 40-yr g 6s___1944 A -0
101%____ 102 J ’l y '11
R egistered.......... ........... ..1 9 4 4 A -0
110 M ay’07
917g____ 90 J ’ly '09
Certificates of deposit.
4 90*8 92
Gold 4 s .................................1951 F-A
____91%
903.1
90%
Registered.......................1951 F-A
100%____ 10034 Mch ’ 12 —
10034 100*4
____105
Certificates of deposit_____
1015s M ay’ ll
95% 92 9434 953s
95% Sale 95
P Lorlllard Co 7s tem ’pry bd s.
107*8 10734 107
107% 10 107 1083g
5s temporary bonds........... ..
*____107
105 Sep ’ l l
LIgg & Myers T ob Co7s tpy bds
78*8 Sale 78*8
78% 192 78% 79*4
5s temporary b o n d s ______
5 85% 87% Am W rltg Paper 1st s f 5 s . . 1919 J -J
807S 87
87
87
10S34 100 100 M ay’ 12 - - - - 108% 111
Baldw L oco W orks 1st 5s. 1940 M-N
89% M ay’ 12 —
89
90
SS53 90% Beth Steel 1st ext s f 5s
1926 J -J
1077s 10SA, 1077g N ov TO
Cent Leather 20-year g 5s 1925 A-O
87% 90% 90% N o v ’ll
Consol T obacco g 4s____
1951 F-A
____ 82*4 82% Feb T2 . . . . 82% 82%
Registered____
1951 F-A
80 . . .
Corn Prod R ef s f g 5sl
1931 M-N
10534 Dec 'l l
1st 25-year s f 5s___
1934 Al-N
3 1073, 108% Cuban-Amer Sugar coll tr 6s 1918 A-O
U1734 1081-, 1077s
107%
5 11034 Hi34 Distil Sec Cor conv 1st g 5s. 1927 A-O
1113,11178 11134 111*4
E I du Pont Powder 4 A s 1936 J-D
>105*4____ 106 Mch'12 ___ 105*4 106
1 64% 64% Gen Electric deb g 3 A s ___1942 F-A
64%
64%
04% 72
10-yr g deb 5s........... ......... 1917 J-1)
112 112% 112*4 M ay’ 12 ___ 11258 ll278
Ges'l Motors 1st lien 63____ 1915 A -0
114 115
114%------ 111 Apr T2
1940 A-O
111 Steel deb 4 A s .............
104%____ 105% N o v ’ 10
Indiana Steel 1st 5s (rects) 1952 A\-N
78% ____ 78 D e c 'l l
101% 1043, 101% Apr T2 . . . . 104% 104*; Int Paper Co 1st con g 6 s ..1918 F-A
104 ____ 104*4 Apr T2 —
Consol conv s f g 5 s ......... 1935 J -J
101 104%
72%____ 71 M ch’ ll
Int St Pump 1st s f 5s_____ 1929 M-S
1 102*4 104
103 103% 103%
103%
Lackaw Steel 1st g 5s......... .1923 A-O
105 ____ 112 Oct ’06
1st con 5s Series A ______ 1950 Al-S
10334 ____ 104% J ’n e ’ ll . . . . ................
5-year convertible 5s___1915 Al-S
105%____ 106 M c h 'll
Mexican Petrol Ltd env 6s A ’21 A-O
105
J
’n
e
’
10
106%____
Nat Enam & Stpg 1st 5s. 1929 J-D
3 108 10S% National Tube 1st 5s rects 1952 M-N
10734 108% 108%
108%
108 ____ 108% J ’ly ’ ll
N Y Air Brake 1st conv 6s 1928 Al-N
1
97
97
96% 973j R y Steel Spgs 1st s f 5s____1921 J -J
96% 97
90
92% ------ 90 M ch’ 12 ___ 90
Repub I & S lst& col tr 5s. 1934 A -0
10-30-year 5s s f _________ 1940 A-O
103% 103%
103 103% 103% M ch’ 12 —
Standard Milling 1st 5s____1930 M-N
102% Apr 'l l
____103
The Texas Co con v deb 6s. 1931 J -J
104'% 100 105 M ch’ 12 . . . . 106 105
111%112 112 M ay’12 ___ 112 112% Union Bag & Paper 1st 5 s ..1930 J -J
S ta m p e d ________________ 1930
94% 9478 OlSg M ay’12 —
94
90
U S Lcath Co s f deb g 6s__ 1913 Al-N
107% ___ 108% Feb ’ l l
8 108% 110% U S Realty & I conv deb g 5s.'24 J -J
108*8 Sale 108%
108*8
1 60 60
U S Red A Refg 1st g 6s__ 1931 J -J
50
65
50
60
100 .
U S Rubber 10-yr coll tr 6 s .1918 J -D
99% Apr 'l l
100% N o v '01
Registered_______________1918 J-D
108 109 108% M ay’12 ___ 108% 109% U S Steel Corp— (c o u p ___dl963 M-N
107*4 1081? 107*4
2 107*4 107*4
10734
S f 10-60-yr 5 s t r c g ____dl963 M-N
103 104% 103% M ch’ 12 . . . . 103 104
Va-Car Chem 1st 15-yr 5s_.1923 J-D
913.,____ 93 M ay’12 —
913, 93
W est Electric 1st 5s Dec 1922 J-J
98% 9834 9834
<J834
1 98% 99% Westlnghousc E A M s f 53.1931 J -J
945g
2 93% 947s
94*8 95% 945g
10-year coll tr notes 5 s ..1917 A -0
86% 88
86% Apr T2 . . . . 80
87%
63
61 Sale 02%'
6 61 . 635g
lelcgrap h & Telephone
3
____ 75
71
73%
71
73
Am Telep A Tel coll tr 4s. 1929 J -J
89*4____ 8U7g Apr T2 —
89% 90%
Convertible 4s....................1936 Al-S
105 ____ 106 Apr T2 . . . . 1057a 100
Chicago Telephone 1st 5 s ..1923 J -D
85%____ 86% May’ 12 ___ 86% 80% Commercial Cable 1st g 4 s .2397 Q -J
101% 63 100*8 102%
101% Sale 101
Registered_________
2397 O -J
99% 101 101 M ay’ 12 . . . . 99% 1017g Keystone Telephone 1st 5s. 1935 J -J
77 101% 104
102
10134 Sale 1013,
Mctropol Tel A Tel 1st s f 5s 1918 Al-N
9778 Mich State Telep 1st 5s____1924 F -A
96*4 97
96*4
U07g 57 90
1 95
____ 957g 9514
9514
96% N Y A N J Telephone 5s g_1920 Al-N
5 112% 113*4 N Y Telep 1st A g e n s f 4 H s 1939 M-N
112% Sale 112%
112%
110 111% 110%
110%
Pac Tel A Tel 1st 5s________1937 J -J
3 110% 112
94% Sale 93%
94% 42 93*8 9534 West Union col tr cur 5s___1938 J -J
105%____ 108 M ay’ ll
Fd and real est g 4
lwou M-N
92%____
Conv 4s, series A _______ 1936 M-N
94 ____ 965g M ch’ 12 . . . . 96^3 96^8
Registered____________ 1936 M-N
94
96
97% Apr T2 —
Mut Un Tel gu ext 5s___1941 Al-N
97
97%
90% 9134 93 N o v ’ l l
Northwest Te.’ gu 4 A'. g-1934 J -J

1437
Price.
Friday
May 24.

WceKs
Range or
Last Sale

High No
Bid
Ask Imo
107U Sale 10634 107% 18
9934
18
9812 9912 99%
90 100 100 M ay’12
9814 ____ 99 A p r ’ 12
83 Dec TO
80 .
69%
55% 71%
68I4 Sale 67<8
703s M ay'l
643g 7038
6612 70
65% 66
65 70i4 65% M ay’ 12
59% 6£.5S
69 M ay’ 12
601? 681?
67
66 Sale 65%
106 * 107
1061s Sale 106% 106%
79 80's 8 ii?M a y’ l)
713.
681? 7134
70 ____ 7134
7234 83%
S3%Mch’ i:
80 86
38
39%
39% Apr T2
35
42%
37
*36" *37* 36%
3434 41%
38 M ay’ 12
36 37

11?

21?

21% 3
861? 87
971S ___
87
87%
1071? .
____8714
20*2____
104 105
100 104
100 103
------ 84%
96% ____
____92
92
93%
91% 923

2i?M ay’ 12
2%
“
87% Oct ’ ll
97% M ch’ 12
87
87%
10734 10734
87% Apr T2
34 Feb ’07
104% M ay’ l
102% N o v 'll
102 J ’ n e ’ 10
84% M ay’12
98% Feb ’ l l
9134 Apr T2.
91%
913.
91%
911;

1
1%

2%
3

97% 97%
87 88%
10734 10834
87% 88%
104% 105%
84

85%

’91*3*1 *93**
91% 93%
91% 92%

631
62U Sale 62%
52
67%
10134 1 )2 102
102
101% 10234
98%
98% 98% 98%
98
98%
____ 941; 95 M ay’ l:
94% 95%
100
100 Sale 98%
98% 100
80
80%
80% 81
72% 82
105 Sale 10434 195
102% 105%
100% 101 100% Mat T2
100% 101
9334
9J34 Sale 9334
925g 93%
120% 12034 1203a 1201
11878 121%
120% Sale 120%
1201
11878 121*8
120% M ay’ 12
U87s 121%
95% 9534 95%
95%
917S 957g
953s Apr *12
92% 9558
95% M ay’12
917g 96
12178
12134 Sale 121%
11938 12334
95 ’ Sale 94<8
95%
91% 966*
120%
120% Sale 120%
11834 123
95
95 Sale 94%
8934 96
8'j7g 90
90
89%
88% 90
104 ____ 104 Feb T2
103% 104
98%
98% Sale 98
93% 102
90%
957$ Sale 9534
9134 96%
9134 95%
' ____ 9534 95% M ay’ 12
57 N ov '07
95% 97
95*8 90% 95% M ay’12
95 M ay’12
------ 95
94
96%
96
9634 96% M ay’ l 2
06% 97%
7434
75
------ 75%
71% 78%
90%
90 Sale 89%
847S 92%
82
84
83% ____ 84 M ay’l 2
159 Feb ’ 12
153% 159
9934 Sale 99%
9934
98% 1007g
92
91% 92
92 9234
92
1007g Sale 100%
101% 125 1007al01%
104 Sale 103% 104
' 103% 104*4
9034 91% 91
91%
84% 9134
92% Sale 92
921
91*4 93%
94 M ay’ l l
94
97
94% 95
79
77
82%
79 Sale 79
90% 9234
92%
92% 32% 91%
98% 100
99%
99%
95 100
9334 94%
93 94% 94% Apr ’12
10038 Sale 100%
100%
100% 101%
9S34
99 ^
97 100
98
99
071?i
97% 97% 97%
97% 98%
103%____ 104 Apr TZ
102% 104
92%
90*4 93%
92% 927S 023S
86% 87
87% May’ 12
87% 8884
0934 Sale 9934
100% 55 94% 100%
____ 94
9438 M ay’12
94
94%
94___94% 94
94
94%
94%
10078 J02
101%
100% 10134 101%
8934
90 '
____ 90%
87% 90
50
SO A pr T2
50
50
10334 105
104*% Sale 104%
104?s
103% Jan TO
102 Sale 1017S 102%
101*4 104%
102 May'12
101%104
9965 Sale 99%
993*
99% 101
101% 102% 1017S 102%
1017s 103%
95 Sale 9434
95
93
95%
97% May 12
96% 98
96% 98
9078 Sale 9034
114% Sale 114%
82

84

82
84
10234 103%
100%____
102
100 Sale
100% Sale

__

101

90%
114%

90 91%
10834 116%

82% Mch T2
83% N o v ’ l l
82 Feb ’ 12
10234 10234
1003g May'12
103% M ay’ ll
100
100%
100
100%

82% 82%

102% 102

98% 99

102%

9S%
98%
105 Feb T2
103 Feb ’ ll
104 J ’n e ’ ll
103 J ’ly '04

82
82
10234 103
100 101
100 1007j
987g 100%
101 103%
97% 100% ■
104% 105

MISCELLANEOUS BONDS— Concluded
Coal & Iron
Bull & Susq Iron s f 5s-----1032
Debenture 5s----------------- al926
Col F & I Co gen s f g 5s------ 1943
Col Fuel gen Os
........ 1919
Col Indus 1st & coll 5s g u .,1 9 3 4
Cons Ind Coal Me 1st 5s
1935
Cons Coal of Md 1st & ref 5s 1950
Gr Illv Coal & 0 1st g 6 s..h l9 1 9
Kan A H C & C l s t s f g 53.1051
Pocah Con Collier 1st s f 5s.l9 o7
St L R ock Mt & P 1st 5 s . . . 1955
Tcnn Coal gen 5s--------------- }«51
Blrm Dlv 1st consol 6 s ..1917
Tenn Dlv 1st g 6s--------- al917
, Cah C M Co 1st gu g 6S..1922
'Utah Fuel 1st g 5s________ 1931
'V ictor Fuel 1st s f 5s______ 1953
;Va Iron Coal & Coke 1st g 531949
? N o urlce Frid ay;

J -D
M-S
F-A

97 ____
88 ____
100 100%
Al-N 10634 108%
F-A ____ 70
J-D ____84%
J-D ____ 94
A-O
94 ____
J -J
96
98%
J -J
88% 887g
J -J
82% 83%
J -J 102% 103
J -J 103*4___
A-O 103%____

Aliscellancous
98 M ay’ 12 . . . .
91 N o v 'll
100 M ay’ 12
1073.) Jan T2
75*4
7534 ***i
85 J’ n e ’ ll
91 D e c ’ ll
102% Apr ’00
98% Apr T2
8S%
881? *23
8JI4
83%
8
102%
102 %
1
1036,8 M ay’ l :
103% M ay’ 12
110 Jan '09

J-1)
Al-S
J-J ------ 8534 88 M a y l2
Al-S 95% Sale 95%
0578

98

98

100 100*8
107*4 10734
72% 77

973.1 98%
81% 89%
7934 84%
102% 103<8
103% 104%
103 104
86
80
95% 98%

Adams Ex coll tr g 4s_____ 1948
Armour & Co 1st real est 4 A s ’39
Bush Terminal 1st 4s______ 1952
Consol 5s........................... .1955
Chino Copper 1st conv CS..1921
Irrigation Wks & D of A 4 Ms ’43
Int Mercan Marine 4 H s___1922
Int Navigation 1st s f 5s — 1929
Mge Bond (N Y) ser 2-4s__ 1906
Morris & Co 1st s f 4 % s____1939
N Y Dock 50-yr 1st g 4 s . . . 1951
Niag Falls Pow 1st 6s......... 1932
Refunding & gen 6s____al932
Ontario Transmission os___1945
Pub Serv Corp N J gen 5 s ..1959
Ray Cons Copper 1st conv 0s 1921
St Jos Stk Yds g 4 Ms............1930
Wash Water Pow 1st 5s__ 1939

____ 857g 86 M ay’ I2
9134 Sale 91%
917g
86% 90
8S34 M ay’ 12
____93
97%
9734
125 12934 128
130
’ ------ 93% 93% N o v 'U
65% Sale 64%
65%
79% Sale 70
79%
89 A p r 'l l
------ 897g 807s M ay’12
83
84% 85 Apr '
1007g ____ 100% Apr T2
*92 ’ *93* *
93*4 Sale
114 116
87 ____
103%____

93%
94%
1137g 115
100% Sep '05
103 M ch'12

86
88%
91% 92%
88*4 92
97
99
116 13034
63
70
7S34 82%
8978 897g
84
85%

100% 100%

92% 94%
1137g 118

2
102*8 103
latest bid and asked a D u e J a a d D u e A p ril e D u e M a y ciD ueJ un e h D u e J u ly fc D u e A u g oD u c O c t d D u c N o v g D u e Deo *O p tlon *a!o




1433

CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
STOCKS—HIGHEST A. HD LOWEST SALE PRICES.
Monday
Friday
Tuesday
Wednesday Thursday
May 20
May 24
May 21
May 23
May 22

Saturday
May 18
*39
*91
*92
*3 lit
*912
*4%
*19
*4612
*8ii
*42

40
93

*39
*91
*92
31% *3012
934 *9%
5
474
21
*19
4$3s
9
*8 "
*42
43

40
93
95
311,
934
43.!
21
4Jv%
9
46

39%
117
*350
*130
*55
*103
14578
*60

3912 38
117
II7I4
*350
*130
58
*55
10312 *103
1457s *14534
62
*60

391.1
11714

40

*39

*39

371? 33
UC’S 116'’ .
*350
•‘130
58
58
*55
1031’ *103 103%
14614 *14534 146%
64
6H2 00

9234 92%
92
92
91
*___
63
64
*60
61
*60
5012 5012 4912 501g 49t2 50
142 142
*185 190 *185 190 *185 190
*141 144
1431?. 1431? 141 141
16%
16
16
*15 *4 161 • *16
*33
831* *8231 83
*8312 84
*100% 10712
*100% 107%
*10012 101
101 101
66l2 66t2 663.1 671? 67
67%
122% 1221, 12212 1241, 12212 1221?
158
*123
120
120
*65

1593,
130
120
120
65*%

*159
*128
120
*11014
65*4

160
130
120
120

02U
021*
lOO-la 110% 111% 11214
88
88
*85
*85
.03
101 101 ‘ 1013,1 10214
1013,1 102 *1011.; 102
181 1833S 183 1843s
*124 124% *12414 124-3.,
104% IO434 1043a 101%
*270 280 *270 2S0
*10834 109
IO3I4 109U
14 U4 l l l l i 1411? 146
4lJ 434
13$ 11?
1>8 H’
70*4 70%
6978 71
*11
*11
13
13

40

*52
*92
95
30!2 30% 30
*9l4 934 *:;%
*4%
5
*19
21
*46%
8 '
*8 “
9
*42
*42

158
*128
120
*118
*65^4

158
130
120
120

95
30
oi,
5
483;
8'
43

Last Sale 59 May’ 12
)3 May’ 12
Sale 03 May’ 12
20
*27
29
Sale )% May’ 12
*1% 5
5
*19
21
21
50 May’ 12
*8
9
*3
'9
18 Apr’ 12

Last
♦17
Last
*4*2
♦19

37
33% 38-% 40%
116 117%. 118 113
Last Sale
*350 ----Last Sale
>130 ___
Last Sale
*55
58
Last Salt
*103% 106
<
t14o;*4 146*4 *115% 146
6*
86% 03% 63%
Last Sale
93% 94% 93% 94
*55
60
58% 60
43
43
48
49

39% 40%
117% 117%
100 May’ 12
135 Apr’ 12
56 May’ 12
103%May’ 12
*145% 146
6334 65
17 Apr’ 12
94
94
*55
60
43
4S%

*185
141
*16
*823.i
107
10034
67
122

Last Sale
190
142
140 140
16%
83
107 *107 107%
101
1001’ 101
67
124
122 122

190 May’ 12
141% 141%

*159
129
>11673
*119
6jl.i

160
129
118
120
65^4

158
*128
»11673
*118

159
130
113
120

*99
921o *90
9212
111*8 111% 1103s 111% 110% 111
86
SO
80
86
86
80
102 1021:
*1011? 102
183% 190
*124li 125
lODs 101%
*270 280
109U IO3I4
14.81? 156
514
1^3 11?
70%
70
*11
13

102% 102%
100% 100'%
18934 18*
*124% 125
101% 101%
*270 280
100 109%

78
Jan’ 11
107% 107%
101 101
67% 68%
122% 1227s
*128
119
>118

130
119
120

.60 May’ 12

1013.( 102

11138 114
10134 102

187%
121%
101%
*270

193
139 191%
124%
10l7s 101% 101%
230
275 277
1001? 109%
149 150
151 153
6
5
13s 1%
1% 1%
09
70
69
69-% 0978 70
*11
13
Last Sale 1234 May’ 12

Salet
of Vis
Week
Shares.

105
25
100
4

Interesi
Period

Price
Friday
May 24
Hid

Am Tel & Tel coll 4S..1929
Armour Jo Co 4 84s___1939
A uto Eleo 1st M 6s___1928
Cal Gas&El unit & r 53 '37
Chicago City itv 5s___1927
Ohl Cfty& ConRys 5s_dl927
Chloago Elev R y 5 s . . 1914
Ohio Due l'ool Ist5s_al921
Chic Ry 5s.................... 1027
Chic Rys 5s ..scries “ A ”
Chic R y 4 s .. cries " A ”
Chlo Rys 4s..series “ B”
Chic Rys 4s ..series “ C”
Chic Rys coll Os___1913
Chic R y Pr m M g 4 s .c’ 27
Ohio RyAdJ In c4 scl9 27
Chic Telephone us____ 1923
Cicero Gas Co ref QM 1932
Common;v-Edison 5s. 1943
Comnionw l.tect 5S61943
Cudahy Pack lst.U5s.1924
Dla Match Con db (is_1920
Gen Mot li% IstLnotes '15
Ind Steel 1st g 5s____ 1952
Do
1st g 6s____ 1928
Int Har 3 yr 5% g notes’ 15
Inl’d St’l 1st M g 6 s ..1928
Kan City Ry & Light
Co 5 s ........................ 1913
Lake St ill— 1st 5 s . . . 1928
Metr W Side El 1st 4s 1938
Extension g 4s____ 1938
Mil El R y & L 1st g os 1920
do ret & ext 4 H s. 1931
do gen & ref 5s___19ol
MU Gas Lt 1st g 4s___1927
M orrli & Co. -44____ 1039
Nat Tube 1st g 5s____ 1952
Nor Sh El 1st g 5s____ 1922
do Is, & ref g 5 s .. 1940
Nor Sh Gas of 111 1st 5s ’37
North West El Isc .la .. 1911
N W G L & Coke Co 5sl928
Ogden Gas 5s_______ 1946
Pac Gas & El ref g 5s. 1942
Pac T & T 1st col tr 5s 1037
Pearsons-Taft 5s_____ lu lo
4 .4 0 s .................................
4.60s Series E________
4.80s Series F__________
Peo Gas L & U 1st 6s. 1943
Refunding g 5s____ 1947
Chic Gas L&O 1st 5sl937
Consum Gas 1st 5 s .1936
Mut’l Fuel Gas Ist5sl047
Pub Serv Co 1st ref g 5s ’ 50
Sou Bell T & T 1st sf 5s '41
South Side Elev 4>4s.l924
Swift & Co 1st g 53___1914
5Pri-Clty R y & Lt coll tr
Hon s f 5s__________1923
Union El (Loop) 6 s .. 1945
U S Gypsum 1st g 5s 1922
U S Steel 10-60-yr sf g 5 s ..
Western Elec Co 5 s ._ 1922
N ote.—Accrued Interest

I - J
J - b
M- N
F - A
A- O
1 - 9
J - J
F - A
A - 0
A - O
J - D
F - A
F - A
J - J
Mayl

X

91
t ----t 93
U02
(89
|U8»2
; 92
100%
X 96%
__ _
t S8I2
X 93

X 75
X 52
(101%
t 99
tl03%
(102%
M -N 1100%
(108
A - O ( 99%
VI - N ( ------

1 - L
J - J
d - S
u - s

Week’ s
Range or
Last Sale

190
80
1,160
1,330

Diamond M atch_____ 100
Hart Shalfner & Marx p f.
Illinois Iirlck________ ioo
Intern at Harvester C o__

1005s
105%

U- N
J - 9
F - A
J - J
F - A
I - J
/ - D
M- N
1
,.
M- N
A - O
A- O
F - A
At - 4
J- M
.1 • i\
.1 - J
J - J
J - L

94%
89
83%
82.%
10 l?s
95

t 03% 96
( 80 Sale
X 83% Sale
( 823jSale
(103.2 105%
( 94
93
( 947s
( 89%
90
( 89
( . . . . 10134
(103% 104%
i 10033 1007$
( . — ” 97%

2,020
124
222
G83
205
15,854
10
1,049
206
140
1,010
562
1,509
1,325
..........

( 97%
81
t 78
( 98% 101

(101% 102%

08%
85
100
102%

Apr’ 12
Apr’ 12
May’ 12
Apr’ 12

L jwcs..

Lowest.

Highest.

21 J ’ly
85 J'ly
80 Apr
2034 May
8 May
4% Mch
15 Sep
30 Sep
7 Dee
38 Nov

101 Aug
377S Deo
12% Aug
7% Aug
25 Feb
72% Feb
13% Feb
60 Jan

106 Jan 2 111% Feb 5
100% Mch 22 102% Mch 8
56 Jan 9 68% May24
106 Feb 14 124% May20

9 Jan
7678 Jan
265 Jan
126% Mch
48 Nov
106% Sep
131>s Aug
J5 Apr
38 J ’ne
60 Sep
491? Apr
39% Sep
115 Jan
151% Jan
113 Jan
93. Oct
78 Jan
92% Feb
100 Sep
497g Sep
99% Sep

12% May
93 Dec
304 Oct
133 N ov
79 Feb
113 May
1621.1 J'ne
69% Mch
573.1 Mch
8838 Dec
52 Feb
6512 I4cb
141% N ov
180 Deo
13 738 J ’ly
1533 J'ne
78 Jan
11034 N ov
103% Dec
70 Jan
129 May

161% Apr 30
129% May 15
120% May20
120 Jan 2

117% Jan
123 Jan
100 A uk
117 Sep

142% Deo
130 Mch
120 Mch
120 Mch

101

Sep

108% Jan

12334 Sep
116 Sep
9734 Sep
165 Mch
102% Feb

192.34 Jan
122 Mch
101 J ’ne
212 Dec
107% J ’ly

1 Dec
60% Oct
13 Dec

7 Jau
81% Feb
25 Jan

Hlqhesl

32 Mch 19 40 Apr 24
91 Jan 5 93% Jan 29
! 3 Apr 4 104% Jan 13
30 May22
38 Jan 9
9 Mch 22
11 Jan 12
578 Jan 13
4 May 3
19 Mch 11 21 May 1
49 Apr 3 50% Jan 19
6 Mch 28
IDs A pr 10
25 Jau 30 46 Apr 10
43 May 11
121 May 11
400 May 9
135 Apr 30
59 A pr 11
101% Jan IS
1487? Mch 17
66%’ M ay22
CO Jan 9
94% May22
60% MaylS
53% May 3
145 Mch 9
198% Jan 9
150 Mch 7
17% A pr 26

x .65

Unit Box lid & P C o .100
United States Steel co m .
Western Stone'______ 100

% May 2
58% Feb 13
10 Jan 17

32

Deo

A pr 23

People’s Gas L&Coke.lOO 103% Jan 2 114 May24
Pub Serv of No 111 com. x 85 May 6 x 94% Apr 21
r.08 May 15
Do p r e fe rr e d _______ x lo l May IS rl07% Anr 24
xl02 May 8
Sears-Roebiick c o m ..100 140 Jan 5 1.4 May22
Do pref___________ 100 121% Jan 11 12434 May23
Swift & CO.................... 100
98% Jan 2 109% Apr 4
The Quaker Oats C o .. 100 215 Jan 15 277 May 24
Do pref___________ 100 105% Jan 2 111) Jan 15
xl35% May S xl5G May 21
178 Jan 18
7234 Apr 26
1478 Feb 7

Chicago Banks and Trust Companies
H’ds
Sola

Range
for
Year 1912

NAME

American State__________
Calumet National_____
Chicago C it y .. _______
Contl’ ta! & Comm N at.
Corn Exchange Natlona
Douglas State...................
Drexel State___________
Drovers’ Dep N ational.
Englewood S tato_____
First N ational____
First Nat Euglewood
Foreman Bros li’ k'g C o .
Fort Dearborn National
Hibernian B’ k’g Ass’ n . .
Kaspar State Bank____
Lake View state . .
La Salle St N a tio n a l...
Live Stock Exch’go Nat
Nat Bank of Republic
National C ity_____
National Produce .
North Avenue S ta te ..
North Side State Sav'es
North West State___
People’s Stk Yds State.
w Prairie State_______
10()58
4 rl00% 10()5S Second S e c u r it y ..___
Apr’ 12
£105%, 105% S e c u r it y ______________
South Chicago Savings.
Apr’ 12
94% 94% South Side State______
89
■ 9 87% GO
State Bank of Chicago.
83%
6 8 5% 85% Stock Yards Savings___
82%
1 82
Union Bank of Chicago.
83
Xl0i7g 1047a Washington Park Nat’l
Apr’ 12
Apr’ 12
x95
95
WendeU State________

90% May’ 12
89% Apr’ 12
100% May’ 12
103% Apr’ 12
100$ Apr’ 12
97% Apr’ 12
100 July’ H
993.1 May’ 12
t 09% 100
98% Sale
90%
98%
X 917g 92% 92 M iy’ 12
( 99% 10(1% 100 May’ 12
98%
1003s Mch’09
96% Mch’ lo
95
96
97
Feb’ 10
M - N 97%
98% Nov’ 11
113 May’ 12
A - O
M - * (101% Sale 101% 1017s
J - J (103% Sale 103% 103%
J - l) 1102 % Sale 102% 19234
M - N (100% 101% 101% Jan’ 12
99
99
t 90 Sale
100% May’ 12
.1 - J ( 09%
91 May’ 12
J - 9 ( 94% 05%
J • J [ 100% 101
100% May’ 12

Range lor Previous
Year 1911.

C25 National Biscuit_____ 100 143% Jan 16
Do pref___________ 100 120 Jan 18
8
385 National Carbon_____ 100 103 Mch 5
Do pref___________ 100 115 Feb 16
6
1 651? May 8
260
x ,60 " May 3

Ask Duo
High Ho Low
High
__
Ul
Apr’ 12
x'Jl
91
91%
2 .91'>8 92%
91% 91%
88
82% Apr’ 12
x82% 82%
97
96% May’ 12
rJ0%
102% 101%
102
16 1017s 193
89% 89%
89% 2t; 83-% 01%
98%
98% 19 9738 99
Sale
bale
92
92
95
5 92
Sale 100
100% 32 09 78 10153
2 96
96% 9638
97
963s
U6’>3 Jan* 1- ___
96% 97%
88%
88% 11 88% 915s
Sale
9134 945s May’ 12
9J3.4 95%
100 100
100
Jan’ 12 __
85
77
77% 77% May’ 12
60
53 May’ 12
48
55
101% 10158 101%
B 10158 103%
993s
100
9938 May’ 1'4
97%
Sale 103%
10338 18 102% 103%
103% 103% Apr’ 12
102% 103%
1003S 100% May’ 12
99?s 10034
110
107% 108
2 107 110%
100% 99'% Apr’ 12
xoo’s 90%
10134 101% May’ 12
rl01% 101%

F - A (1005s Sale
_____

A - O
A - i>
-VI - s
_ _ ___
) - J
must

Railroads
Chicago Kiev R ys co m ___
Do pref______________
Chic R ys part ctf “ 1” ___
Chic R ys part ctf “ 2 " ___
Ohio R ys part ctf “ 3” ___
Chic R ys part ctf “ 4” ___
Kansas City R y & L t.100
Do pref___________ 100
Streets W Stable C L-100
Do pref___________ 100

Ranqe 1or Year 1012

Miscellaneous
11% Jan 2
1,450 American Can_______ 100
Do pref__________100
91 Feb i
725
American R a d ia to r.. 100 325 Feb 1
Do pref___________ 100
47 Mch 19
Amcr Shipbuilding___100
Do pref___________ 100 100 Feb 6
25 Amer Telep & T cleg_____ 139 Jan 11
39 Mch 14
1,780 Booth Fisheries com ____
43% Feb 28
77 Mch 14
Do 1st p re f__________
3,007
49 Feb 9
134 Cal & Chio Canal & D.100
44 Mch 15
500 Chic Pneumatic T o o l .100
3
Chicago Title & T ru st.100 184 Jan 4
221 Commonw’ th-Ed Ison. 100 135% Jan 4
10 Feb 13
25

Chicago Bond Record
IJONDS
CHICAGO STOCK
EXCHAN G E
Week ending M ay 24.

STOCKS
CHICAGO STOCK
E XC H AN G E

XS934
89%
X1U034
__ xl03%
xlOO-%
___ z97%

90%
90%
101%
103li
1007s
07%

__

100
98%
92%
100%
____

___

99%
32 95%
__
X9173
rlOO

__

_
110
12 1915s
11 103%
2 102%

118%
102%
103%
103

101% 101%

2 x90% 100
xlOO 100%
___
94
90%
100% 100%

x98
85

98%
89

X9978 100
Xl02% 102%
102
103

(1 0 2
Sale 102
102
i
be added to 'all Chicago b ond prices.

Chicago Sav Bk & T r . .
Chicago Title & T r u s t ..
Citizens Trust & Savings
Colonial Trust & Saving
Drovers'Trust&Savlngs
First Trust & Savings’ .
Ft.Dearborn Tr&Sav Bk
Franklin Tr& Sav Bank
GreenebaumSonsIlk &Tr
Guarantee Trust & S av .
ilarrl3 Trust & Savings
Rome Bank <& Trust__
Illinois Trust & Savings
Kenwood Trust & Savgs
Lako View Trust dsSavgs
Merchants’ LoanJcTrCo
.Michigan Ave Tr C o___
Mid-City Tr & Sav B k .
Northern Trust C o____
North-Western Tr&Sav
Old Colony Tr & Sav Bank
People’s Tr & Sav Bk__
PuUman Trust & Savgs
Sheridan Tr & Sav Bank
Standard Tr
Savings.
Stockmen's Trust & Sav
Union Trust C o_______
West Side Tr&SavBank
W oodlawn Tr&SavBank

Oulstandvnj
Stock
(f>

Surplus
and
Pro/Us
(t)

Dividend Record
In
1910

In
1911

Period

Las! Paid,
%

S200.000 5170,28J Org. A prll 3 1911 V.92, p.1001
An Ian ‘ 11, 15
6
100,006
/t 18,581
6
530.91)3 0298,6 57 10
j-j Jan '12, 7
10
Q-J Meh30 12 2%
21 500,000 8,963,114
10
3,000.001. 5,906,830
10
Q-J Apr ’ 12, 4
16
200, Lkl
1,308 Beg. u us May 31 1 I. V.92,pl53S
Q-J Apr '12,1%
200,000
60,855
0
8
000.000
10
O-l Apr '12, 2%
463,831
10
200,00?
53,511
6
6.14 O-J Apr '12, 2
12 Q-M Meb '12 4% v
12
10.000.000 L1,553,72-1
12 Q-M Moli31'12 2%
10
205,761
150,OOu
Drlv ate Ua uk __ _____
526,690
1.000.000
8
044,232
8
Q-J Apr 12. 2
2,000,000
IV
1,500.000 1,401,478 8 + 2
Q-J
m
X12,987 10 + 15 10
J-J D cc30'li; 5
400 000
20,784 Beg. b us Apr 3 111 V.92.P, 1001
200,000
278,001 Beg. b us. Ala y ’ 10 V.90, p. 1277
1 000.OOU
512,688
10
10 O-M Moh30’ U.2%
1,250.000
8
8
2,000.000 1,365,253
G-J MchJO'l 2,2
588,442
6
0
2,000.000
Q-J Apr '12, 1%
4
0
97,426
Q-J Apr '12, 1%
250,000
74,131
7
054
y - j Apr '12, IS4
200,000
40,211
a
0
y - j Apr '12, 1%
50.000
5
33,208
4
y - j Apr '12, 1%
200.000
111,260
7
300,000
9 >4 y - j lan '12, 2%
0 y - M Apr '12, 1%
0
260,000
500.0UU
3,570 Beg. b us.Nov i ’ l l V.D3, p. 1235
200,000
y - j Apr '12, 1%
S3
130,490
4%
400,000
8
y - j Apr '12, 2
108,000
7h
200,OOU
0
6
y - j Apr '12; 1%
14,017
200,000
12
12
y - i Apr '12,31,500,000 2,200,oSb
8
y-M Mch 30*11,' 2
8
206,50V
250,000
0 M-N May ’ 12, 3
6
150,23?
600,000
0
6
y - j Apr '12, 1%
«0,82U
loo.oou
219,678 None None
Deo31’ 08,l%
50,000
y - i Apr ' 12, 2
8
7H
1,491,901
0
y - j Apr T2, (1%
0
251,281
1.000.000
8
y - j Apr '12, 2
7H
5,000.000 (2,031,511
y - j Apr '12, 3
10
0
218,001
50,000
473,683 8 + 2 8 + 2 Q-J Apr '12,2%
600.000
1 273,451/
8
10+321
814 y - j Apr '12, 2%
200,000
12
10 y-M Doc30‘ 11, 4
5.000,000 1,046,208
us.
Apr
3’ 11 V. 92, p. 929
13,094
Beg.
b
250,000
63,716 Beg. b us. Apr A ’ 12 V.94.P, 1030.
200,000
y - j Apr '12, 2%
131,511 ___
1,500,000
__
34,009
j -j Jan '12, 3
200,000
12
y - j Apr '12,3
1,500.000 2,029,648 11 + 5
62,901 Beg, b us Apr l o ’ l l V.92,p, i004
300.000
q Apr '12, 4
5,000,000 9.399,072 16 + 4 10+4
74,857 7 + 1%
7
Q-J Mch30’ l l 1%
200.000
259,287
5%
0
y -j Apr '12, 1%
200,000
G,492,518
12
15
3,000,000
Q-J Apr '12; 4
01,368 Beg. b us. Oct 29’ i 0V91,P .1221
'2 00,000
78,517 Com. b us. Ap rlO ’ 11V92 p 1004
500,000
2,644,159
8
8
1,500,000
y - j MchJO’ llJ 2
121,908
0
8
J-J Jan ' l ’JJ 4
250,000
50,000 Beg, b us J’ ne i *11 V.02.P. 1537
200,000
162,091
500,000
Q-J Apr '12. 2
245,825
8
8
Q-J Apr '12,2
300,000
37,491 Beg. b
1 2 ’ 0 9 V.89,p.141
200,000
315,182 Comm cncod bus. Sent 6 1910
1,000,000
•16,720
J -I Jan ‘ 12,' 3
200,000
5 >4
0
y -M Mch30’ ll,2
1,200,000 1,400,133 t 8 + 2
09,156
8 + 2 Q-M Apr '12; 2
400,000
0
83,338
200,000
9 >4 Q-J Apr '12 • 2%
714

* Hid and asked prices; no sales were made on this day. TAprlll8 (close o( business) for national banks and April 19 (opening o( business) for Stato Institutions, ( No
price Friday; latest price this week. § Sept. 11911. T Dividends not published. Stock all acquired by the Cont. A Comm. Nat. Hank, a Duo.Doc. 31. 6 Duo June.
• Due Feb. d Due Jan. 1. A: Also 20% In stock, n Feb. 20 1912. o April 22 11 )2. q Dividends are paid Q-J, with extra payments Q-F. s A dlv. of 60% paid In 1911
on Security Dank stock, to provide capital for the new Second Security Dank.
V. 03, p. 1235. t Dec. 30 1911. u March 10 1012. v \M% of this Is a special divi­
dend. to Prairie State Bank to bo merged Into the Central TrCo.; sec V. 91, p. 1203, 057. x Sales reported beginning Apfll 13. y Doc. 5 1911. z Feb. 21 1912. .




THE CHRONICLE

May 25 1912.]

Volume of Business at Stock: Exchanges

Saturday __________
Monday ___________
Tuesday___ . . . . ____
Wednesday ________
Thursday___________
Friday_____________
T o ta l......................

Snares.

Par Value.

Railroad,
eke..
Bonds.

u. s.

Stall
Bonds.

Bonds.

$1,540,500
2,792,000
2,24 4,000
2.029.500
2.044.500
2.081.500

$33,000

$ 2,000

150,500
75.500
30.500
40,500,

*2’655

2.438.307 S221.36I.100 312.788,000

$418,000

337,919 $31,170,900
470,963 44,298,800
335,780 30,033,000
011,857
53.703.200
368,073 33.954.200
307,769 27,589,400

Sales at
New York Slock
Exchange.

Week ending May 24.
1912.

1911.

88.000

5,000
500

$9,500

Jan. 1 to May 24.
1911.

1912.

42,563,750
60,507,326
2,438,307
2,735,448
Stocks— No. shares__
Par value.......... ..... $221,361,100 $249,084,150 $5,367,180,200 $3,700,485,550
$951,800
$10,200
3308,800
$12,400
Bank shares, par____

Bonds.

Government bonds__
State bonds................
R R . and mlsc. bonds.
Total bonds----------

$1,528,500
14,949,000

$898,500
10,948,500
338,732,000

$120,500
53,703.500
310,450,000

813,215,500 $10,477,500

$350,579,000

$309,340,000

$9,500
418,000
12,788,000

DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.

Week ending
May 24 1912.
Saturday___ _______
Monday____________
Tuesday....................
Wednesday_________
Thursday........ .........
Friday_____________

Philadelphia.

Boston.
Listed
shares.

Unlisted
shares

15,516
15,119
12,922
24,412
26,950
14,060

11,742
10,622
0,016
15,166
9,772
9,543

Bond
sales
824,000
24.000
40,500
23.000
17.000
51.000

63,86l| $179,5001

Total...................... 104,985

Listed
shares.

Bond
sales.

Unlisted
shares.

7,019
5,010
10,462
11,663
4,457
6,351

4,630
6,885
3,577
12,119
5,030
4,655

$19,200
77,500
82,200
87.000
•78.600
38.000

44,962

36,952

$382,500

Inactive and Unlisted Securities
All bond prices are now "anil interest” except where marked “I 1

New York City
Blceck St & Ful Fy stk.100
1st mtge 4s 1950____ J-J
B'y & 7th Ave stk........ 100
2d mtge 5s 1914........ J&J
Broadway Surface HR—
1st 5s 1924................ J&J
Cent Crosstown stock.. 100
1st mtge 0s 1922___ M-N
Cen Pk N & E lUv stock. 100
Christopher&lOth St stk 100
Dry Dock E B & U—
1st gold 0s 1932_____ J-D
Scrip 5s 1914.............F-A
Eighth Avenue stock__ 1O0
Scrip 0s 1914...............F-A
42d & Gr St Fy stock. ..100
42d St M & St N A v e ... 100
1st 6s 1910................ M-S
2nd lno Gs Jan 1 1915----Ninth Avenue stock___ 100
Second Avenue stock ..100
Consol 5s 1948 ctfS..F-A
e Sixth Avenue stock...100
Sou Boulev 6s 1945........ J-J
So Fer 1st 5s 1919......... A-0
Tarry WP & M 5s ‘28..M&S
28 & 29th Sts 5s ’90 etISA-O
Twenty-third St stock..100
Union Ry 1st 5s 1942..F-A
Westchester 1st 6s '43.J-J
Yonkers St lUt 5s 1948. A-0
Brooklyn
Atlan Ave RR con 5s '31A-O
B B & W E 5s 1933____A-0
Brooklyn City R R ___ -.10
Bklyn HgtS 1st 6s 1941. A-O
Bklyn Queens Co & Sub—
e 1st g 5s '41 opl916.J-.'
« 1st con 5s '41 op '10 M-N
Coney l3l & Bklyn........ 100
1st cons g 4s 1948___ J-J
Con g 4s 1955.............. J-J
Brk O & N 6s 1939...J-J
Nassau Elec pref............. 100
1st 5s 1944................. A-0
N Wmsburg & Flatbush—
1st 4 « s July 19U..F&A
Steinway 1st Os 1922__ J-J
Other CUle;
Buffalo Street lty—
1st consol Ss 1931___ F-A
Deb os 1917...............A-O
«Conn Ry & Ltg com .. 100
« Preteired...................100
Federal Light & T rac.. 100
Preferred .....................100
* Havana Elec Ry com .. 100
e Preferrod...................100
« Loulsv St 5s 1930........ J-J
« New Orl Rys & Lt com 100
e Preferred.................100
cN Y Westch & Boat lt y —
1st g 44$S 1940.............J-J
$ pub Serv Corp of N J—See
Tr ctfs 2% to 6% perpet
North Jersey St R y..l0U
1st 4s 1948.............M-N
Cons Tract of N J ___ 100
1st 5s 1933.............J-D
New'k Pass Ry 5s '30.J-J
Rapid Tran St R y ___ 100
1st 5s 1921.............A.O
J C Hob & Paterson—
4s g 1949.............. M-N
So J Gas El & Trac. ..100
Gu g 5s 1953........ M-S
No Hud Co Ry Os 1914 J-J
Con M 5s 1923........ J-J
Ext 5s 1924..........M-N
Pat Ry con 6s 1931..J-D
2d Os 1914 op t___ A-0
Republic Ry & L igh t... 100
Preferred ....................100
Trent P & II 6s 1943...J-D
• Par share,

b Basis,

street Railways—(Con.)
United Rys ol St L—
Com vot tr ctls.......... 100
e Preferred..................10C
22
20 Wash liy & El Co.......... 100
70
Preferred....................100
170 189
4s 1951......................J-D
99I4 10UI2 Electric, tias & Power Cos
i\e;c York City
103 U)4 Cent Lin Gas 5s 1927___ J-J
10 -•Kings Co El L & P C o.. 10C
5
99 105 New Amsterdam Gas—
15
10
1st consol 5s 1948____ l-J
132 s 135 N Y & E R Gas 1st 53'44 J-J
Consol 5s 1945______ J-J
99 i0U2 e N Y Mutual Gas 1,___ loo
N Y & Q El L & Pow Co. 100
45
315 330
Preferred....................100
99 101 N Y & Richmond G a s ... 100
310
285
North'n Un 1st 03 1927 M-N
Ask

Bid

Street Railways

99
75
100
2
43
125
83
90
75
23
259
lOill^
80
84

109
Preferred....................100
____
1st 5s 1939................M-N
180
Other cities.
0 Am Gas & Elec com ........ 50
451;
Preferred . . .
50
135 Am Lt & Trac com.........100
Preferred........
loo
95 Amer Power & Lt com . 100
Preferred.................... 100
80
30 Bay State Gas..................60
Blngh’ton (N Y) Gas Wk
1st g 5.3 1938..............A-O
103
90 Buffalo City Gas stock..100
95 Cities Service Co com__ 100
Preferred....................100
101 103 Con Gas of N J 5s 1930..J-J
96 100 Consumers' L U 4 Pow—
160 105
5s 1938......................J-D
99 102 Consumers Power (Minn.) —
lst&rcf 5s 1929opT4.M-N
98 101 Denver G & El 5s 1949.M-N
90l2 981; Elizabeth Gas Lt Co___ 100
101 105 Essex & Hudson Gas__ 100
90 Gas & El Bergen Co___ 100
80
82 e Gr Rap G L 1st 5s '1 5 .F-A
77
90 100 Gr’t West Pow 5s 1940..J-J

102

101

_

0U; ___
104 100
104
101
79
80
35
79
U0l£
118
1051s
33
77

105
1J0
82
83
37
—
____

993,s
Stk K
110
75
8212
VO
1043.1
108
235
103

9912
X list
111
90
831;
77
105
10312

__

10512
____
79

e 1st 5s 1949.............. M-N
Indiana Lighting Co___ 100
4s 1953 opt___
F-A
Indianapolis G a s ...
50
1st g 5s 1952...
A-0
Jackson Gas 5s g 1937..A-O
eLaclede Gas preferred 10L
Madison Gas 0s 1920
A-O
Narragan (Prov) El Co
50
Newark Gas Os Apr’44 Q-J
Newark Consol G a s ... 100
e Con g 5s 1948. _ J-D
No Hud L 11 & P 5s 1938 A-O
Facltle Gas & E com ___ 100
Preferred . . .
inn
Pat & Pas Gas & Elec. ..100
e Con g 5s 1949........ M-S
•St Joseph Gas 53 1937
J-J
Standard Gas & Elec(Del) .50
Preferred..........
so
Conv s f g 0s 1926 op . J-D
United Electric of N J loo
1st g 4s 1949............ J-D
Western Power com .. 100
Preferred....................100
Western States Gas&Elec—
1st & ref g 5s 1941 o p .J-D

eAmerTelcg & C able... 100
8U2 82 e Central & South Amer. 100
130 1371; Comm’l Un Tel(N Y).__25
093.J 100 Empire & Bay State Tel. 100
Franklin ....................... 100
10212
e Gold & Stock T eleg...l00
10312
e Northwestern Tcleg___ 50
100
114 116 Pacific & Atlantic............25
100 102 e Pac Telep & Tcleg pref .100
2714 29 Southern & Atlantic........ 25
bO
81 South Bell Telep & Teleg—
1st g 5s 1941 op 1916.J-J
97 100

Bid
45
88
94
80

Bid Ask Indus! and Miscell— (Con.]) Bid Ask
95
Bliss (E W) Co com____ 5() 75
J 90
85
15
Preferred____________ 5( ) 12212 127
0
8
55
N 45
Bond & Mtge Guar........ 10( ) 292 296
Borden's Cond Milk com.lOf) 128 12912
[) 991;> 100
8 104 . .
Preferred .............. _..10( ) 1091; 111
J 93 100 British Coi Copper Co___ (, *478 5
35 Casein Co of Amer com ..l0 ()
U;
0 26
70
Preferred.................... 101) 50
1) 60
52
24 Casualty Co of America. 10(; 115 130
0 22
99 Celluloid Co.................... 101) 143 145
N 97
City Investing Co_____ lOi ; 51
53
Short-Term Notes
Preferred___________ 101 100 101
0 1003£1 1005g t Claflin (H B> Co com ..101) 90 102
89
) 10014 1001e 1st preferred_______101
92
90
S 1031;[ 10312
e 2d preferred..............101
93
) 993;1 993S Consol Car Heating___ 101
6912 6 212
S 99
1012 1134
995g Consol Rubber l ir e ___ 101
J 98
U812
42
Preferred....................10C
J 99»fi 9j7g
Debenture 4s 1951...A-C 1b2
60 "
8 10034 IOU4 e Crucible Steel com ___ 10L
1214 1212
3 993s 9U34
8312 84
e Preferred ..................10C
991g Davls-Daly Copper Co__ 1C
•17g l 15is
>
)
0U58 99<g e Diamond Match Co__ 10C 107 10712
Hudson Companies—
duPont ( I) de Ncm Pow 10C 170 180
t 9934 IOOI4
941g 90
e Preferred.................. 100
8034
5 9934 IOUI4
e Gold 4J*s 1930___ J-D
V 977g
5
Empire Steel & Iron com 100
id ‘
t 1003s 1006g
Preferred__
100 40
45
3 9714
e General Chemical com. 100 135 145
95
1 90
e Preferred..
101: 10812 111
l 991; 9934 Goodrich (B F; Co com. 100 86
S612
) 9512 95?g
Preferred___ _______ 100 1U812 0834
) 9734 Uai4 Greene-Cananea .
211 *J1? 55g
l 5412 4.4u Guggenheim Explor'n..l00 218 ;
1 hi .% 4.40 e Hackensack Water Co—
J 04i2% 4.40
Ref g 4s '52 op 1 9 1 2 ...J-J 86
3 IOOI4 1001; Havana Tobacco Co__ 100
3
) 995g 9u7g
Preferred................ 100
6
1 IUOI4 10j12
1st g 53 June 1 1922..J-D 1 64
95
J 90
Hecker-Jones-Jeweil Milling
J long loU 2
1st 6s 1922................ M-S 102
) 9612 98
10
Herrlng-Hall-Marvin ...1 0 0
Hoboken Land & Improve'!
1st 5s Nov 1930........ M-N 104
23
) 18
Hocking Val Products..100
&I4 ‘ 1012
50
60
) 20
1st g 5s 1961..............J-J
02
) 126 135
Houston Oil com ctfs__ 100
1312 1412
) 152 100
P<ef ctfs...... .........
100 C6I4 67 “
4312 e Ingersoll-Rand com__ 109 105
) 42
75
e Preferred........
10J 08 ‘
) 74
) 0012 72
Intercontln Rub com__ 100
e 2d preferred.
1412 ‘
6J
) 57
Intemat Banking Co__ 100
85
1 103 IO3I4 International Nickel___ 100 292 •
90
) 85
Preferred .................. 100
106 j
105 115
1st g 6s 1932_______ A-O 101 1
i *31
35
2
International Salt____ 100
) *00
70
1st g 5s 1951..............A-C 1 48
s Railroad Secur.tles Co—
International Silver com 109 100
8514 89
111 C stk tr ctfs Ser A ___
Preferred................ ..100 120 i
i 83
8412
1st 6s 1948................ J-D 111 1
Intemat Smelt & ltelg . 100 123 j
80
Standard Oil Stocks
Kayser (Julius) & C o ...109
SO
. *2134 22L
1st preferred..............109 10712
2812 " 3 5 '
) 370 385 e Lackawanna Steel___ 100
1 125 200
e 1st con 5s 1950........ M-fc
79
7D*i
9212 927„
12138 148
eDeb 5s 1915............ r,l-S
1 025 700
92*4 9334
Lanston Monotype........ 109
1 140 180
Lawyers' Mtge Co........ 100
225 2
1 800 900
Lehigh Val Coal S ales..60 250 2
*255
60
*212 712
Madison Sq Garden Stubs . .
OJ
80
*27S ;
Manhattan Trans.t.......... 20
270 300
MonongahelaR Con C&C-50 *11
225 235
Preferred____________ 50 *32 "
135 145
Mortgage Bond Co____ 100 104 j
Indiana Pipe Lino Co___60 *90 100 s National Surety.......... 100 225 2
42 e New York Dock co m ..100 2012
National Transit Co....... 25 *38
292 302
e Preferred..................100
40 "
115 125 N Y Mtge & Security... 100 210 2
96
N Y Transportation........ 20 *412 0
Ohio Oil Co...................... 25 *293
88
Prairie Oil & Gas.............100 255 265
Nlles-Bem-Pond com__ 100
90
Solar Refining.................100 475 575
Nlplsslng Mines..................5 *734 8
Southern Pipe Line C o. 100 190 200 Ohio Copper Co...............10 * l9ie 1lIis
South Penn Oil...............100 575 625 e Ontario Silver..............100
2*2 3 .
75
Sou West Pa Pipe Lines. 100 140 150 Otis Elevator com _____ 100
78
Standard Oil of C alif... 100 162 172
Preferred ....................100 101 10212
Plttsburgb Brewing____ 50 *9
Stand Oil or Indiana___ 100 218 228
914
Preferred......................50 *37
Standard Oil of Kansas. 100 200 225
Stand OH of Kentucky ..100 380 410 e Pittsburgh Steel pref..100 IOOI4 .
Pope Mfg Co com ..........100
Stand Oil of Nebraska.. 100 2205 225
30
Preferred ....................100
74
Stand Oil of NJ (o ld )... 100 800 880
378 388
Pratt & Whitney pref__ 100
Stand Oil of N J ___
98 1
Producers O H ................ 100 105 1
Standard Oil subsidiaries.. . 485 500
Realty Assoc (B klyn).. 100 122 1
Standard Oil of N Y ___ 100 395 4J5
Royal Bak Powd c o m ... 100 205
Standard Oil of O h io ... 100 105 180
Preferred.................... 100 108 i
Swan & Finch.................100 <180 230
Warrants (when issued). *75 125 e Itumely (M) Co prel ..100 101 1
45
55 Safety Car Heat & Lt__ 100 12012 1
Union Tank LlneCo___ 100
Vacuum Oil.....................loo 140 150 e Sears, Roebuck & C o ..100 189 1
Warrants............ ............. ♦40- 50
e Preferred................ 100 12334
Washington Oil........
lu 22
29 Singer Mfg C o ............... 100 285 2
1
Waters-Plerce Oil.......... 100 1000 1020 South Iron & S com ___ 100
2
Preferred.................... 100
Tobacco Stocks
Standard Coupler co m ..100 30
(See also Stock KxchangeLlst)
Preferred.................... 100 108 1
Brltlsh-Amcrlcan Tobac.Tl ♦271g 27U e Standard Milling Co__ 100
25i4 :
Conley Foil.......................loo 285 300
61
e Preferred................ 100
e Heime (Geo VV) co m ..100 150 175
8684
e 1st 5s 1930............ M-N
e Preferred...................100 100 112 Stern Bros prel________100
86
;
Johnson Tin Foil &Metal’ 100 170 185 Studebaker Corp com__ 100
3812
MacAndrews & Forbes.. 100 175 180
Preferred.................... 100
95
!
Porto-RIcan-Amcr Tob.100 235 250
Sulzberger & Sons Co pf.lUO 9912 1i
Reynolds (U J) Tobacco. 100 245 248
99 1
Texas * PacIOe Coai_..100
United Cigar Stores CorplOO 229 230 3 Texas Pacific Land Tr.100
89
e Weyman-Bruton Co. ..100 180 200 Title ins Co of N Y ........ 100 120 1
e Preferred...................100 100 114
l'onopah Min (Nevada)__ 1
*7
7'g
Young (J S) Co...............100 170 185
Trenton Potteries co m .. 100
4
Industrial and Miscellaneous
Preferred new_______100
60
Adams Exp g 4s 1947..J-D / S534 86*4 1'row Directory............. 100
25
Alliance Realty...............100 113 122!2 Union Typewriter co m .. 100 46
50
Amer Bank Noto com __ 50 *49
1st preferred.............. 100 109 1
2d preferred................ 100 109 1
Preferred...................... 60 *5212 64
American Book...............100 163 180
United Copper_______ 100
34
Preferred.............
100
American Brass...............100 128 132
8
100 195 2
U S Casualty..........
American Chicle coin___100 227 230
Preferred..................... 100 105 108
U S Envelope com____ 100 100 .
Preferred___________ 100 n o 1
Am Graphophone co m .. 100 15 ____
95 1
Preferred.....................100 255 ____ U S Express___________ 100
U S Finishing.................. 100
89
American Hardware___ 100 130 133
95
Preferred................ ..100 103 1
Amer Malting 0s 1914..J-D 100 102
78
1st g 5s 1919..............J-J 100 1
Amer Press Assoc'n___ 100
Con g 6s 1929..............J-J
Am Steel Fdy 6s 1935..A-O lOO" 101
93
73
e U S Indust Alcohol__ 100
3734
Deb 4s 1923...............F-A 70
e Preferred...
100 102 1
American Surety.............. 50 315 325
U S Steel Corporation—
American Thread pref___ 6 *412 5
49
Col s f Apr 5s 1951 op 1911 11312 1
Amer Typefounders com.100 46
Col s 1 Apr 5s 1951 not opt 113l2 1
Preferred.....................100 99 101
90
U S Tit Gu & Indem___ 100
Deb g os 1939.............M-N 9912 101
334 4
Amer Writing Paper___ 100
Westchester & Bronx 'Title
cists f g 5s '19 red 105.J-J 897g 90
& Mtge Guar___ ;____100 160 1
8
7
At! Gulf & W I S3 Lines. 100
Westlngh’se Air Brake__ 50 ♦170 1
15
Preferred .....................100 13
Woolworth (F W) C o ... 100 84
Oil;
63
Coll tr g 5s 1939........J-J
Preferred....................100
11412 1
25
Barney & Smith Car comlOO 20
Worthtngton(HR)Co pf.100 106 1
85
Preferred.....................100 70
Ferry Companies

TRANSACTION'S AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.

Week ending
May 24 1012.

1439

Ask
14l2
4512
8'J7g
95
80ig

102l2 104
131 132
102 1021?
10412 100
101 103
ISO
65
60
70
85
4212
101 102
GO
90 100
104i2 100
88
♦85
*40
4714
303 305
103 110
711; 75
8012 87
*9m
»8
98
31?
103
91
98

101
5
106
92
100

100

102

92
90
9512 9612
300 ____
145 148
881; 90
99
8712
80
115 147
105 IO5I4
47
43
7212 73I2
35
85
80
99 102
slOl 103
104 109
*98 100
120L 1271*
98 100
IO6I4
100
6512
05
017g
91
94
05
10212
04
90
*24
2412
5H?
10012 101
90
05
8312
3010
30
60
01
9212 95
73
1181;
108
65
40
120
113
60
9934
90

78
11934
115
75
60
123
123
75
1001g
95

100

1 00t2

e Sails on Stock Exchange; see sales-reoord on a preceding page. / Flat price, n Nominal. * Sale price. ■New stock, x Ex-dlv y Kx-righU.




BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
May 18
*106%
*103%
217
128
210
98
297
*13
*78
♦__
*52
*165
113
*
*125
*124
* 85
*142
*1912
7
1331j

day
Ma 20

Tuesday
May 21

1061. *106
1033. 103
217
217
128
128
210
98
98
297 *297
15
*13
*78
10%
54
*52
169 *165
113
113
272 *_
126
125
125 +124
851- *85
+142
1934
20
7‘)lj
135 ‘ 134%

*106% 1061*103 103%
217%. 218
*128 129
;<__
212
97
97
+297 298
*13
15
*78
10%
10%
54
*52
169 *165 169
113 *113 114
272 ¥
272
125
125 125
125
125 125
85% *85
85%
144 *142 141
193, *19% 20

6U100C
4%
17
131%
123
146

61
61
100% 1001.1
4%
175s 171s
131 +129%
123
123
1455*
146

106%
103
2171128
212
98
298
15

1 Wednesday
1 May 22

Thursday
May 23

Friday
May 24

IOMoMav'IS
103" 103
*217 218
128 128
212
97
97
*297 293
*13
15
78 Apr* 12
Last Sale 1238 Jan’ 12
32 May’ 12
Last Salt 169 Mav’ 12
*165 169
*113 114 +113 114 *113 114
*___ 272
East Sale 272 Anr’ 12
124% 124% 125 125
12334 125
*124 125
125 125
125 125
8534
*85
85% 85%
*142 144 *142 144
143 143
*19%
1934
1934 203,,
19% 19%
*10534 106
*103 ' 103%
*217% 219
128 129
___ 212
97
97%
*297 298
*13
15
:<
78
10%
*___

*103%
217%
*128
* ....
97
*297
14

103%
217%
129
212
97
298
14

135 " 135% 135 136
M0lsApr’ 12
213% Jan’ 12
*
181 ~Mav’ 12
182 c___ 182 ;<
182 +___ 182
*
60
60
60 * ___
60
593d 60 *___
68% '68%
171 171
*171*8 171% 171% 171% +170% 1703d 170 170
*9078 91% *90% 91
*90% 90% *90% E03.
90% 90%
*0012 91
*160
i*160 ___
*84
86
*84
85
85
85
86
85% 85% 85
8578 857.
101 101
101 101 *100% 101% *100% 101% *100% 101% 100% 100%
*6012
10012
4
16*8
131
12212
145%

60%
100%
4%
17
1293d
122%
1453d

135

92
92
92% 92
83
83
83
83
*___ 104
104 104
73S 738 *7% 8
1334 13% *1334 14
*1412 15
1434 143d
*292 294 +292 295
1697g 170
169% 170
9012 90% 90% 903,1
9512 95% *95% 96
2183s 218G 218 218%
♦312 4
*3% 4
103 ¥
103
♦___ 100
100
15412 1541s +15334 155
___
*93
*93
160 160
1601.1 161
1634 16%
*1614
104% 1047, 104% 1047$
283,,
28% 2S34 28
30
*29
*29
30
27g 27,
2*2 23,
189 190
188 1897g
50
50
50%
50
29
29% 29% 29
70% 703d 70
71%
111% 111% 111 111%

135

135

1345jj 135%

Sates
o f the
Week
Shares

STOCKS
BOSTON STOCK
EXCH AN G E

615s
100%
4%
17%
130
123
140

62
100%
434
17%
129%
123
145®s

62%
100%
43d
17%
129%
123
146

Loicesl.

Highest.

68% Feb 28
100 A p r i l
3% Mch 13
14 Mch 26
11434 Jan 10
115% Jan 4
137% Jan 2
25 Jan 31
86 Feb 5
77 Jan 3
100 Jan 2
7 Jan 4
1334 AlaylS
1034 Jan 2
280 May23
155 Jan 2
88% Alay 7
93% Jan 6
218 Feb 1
2% Mch 14
101% M ayJl
100 Alay 2
152 Jan 2
72% Jan 17
158 Feb 1
1334 Jan 2
08% Jan 2
2 / Alay 1
28 Jaa 6
.80 Jan 6
178 Jan 29
46% Jan 15
2758 Jan 10
583s Feb 13
107% Feb 13




8
8%
7
7%
*44
45
8334 8238
2934 29%
5%
5%
.50
Last
7%
7%
3%
3%

Loicesl

46 Sep
63*4 Alch 23
99 Jan
105 Mch 22
3% Aug
16
1758 May jo
12% Aug
112 Sep
1335s Alaylo
123 Apr 6 111*4 Jan
149 Alch 26 131ss Aug
30 Alch 22
26% Dec
85% Oct
94% Alch 23
84 Alay 8
77% Dec
99 Dec
105 Atch 26
9 Feb 14
73a Dec
20 Jan 18
14% Nov
7% Jan
16% Jan 27
300 Alch 27 275 Sep
1723$ A pr 9 142 Sep
8734 Jail
94 Alch 16
93 Dee
98% Feb 19
225 Jan 18 211 Jan
3 Oct
4 Jan 20
105 Jan 18 103 Oot
107 Alch 26 101 Nov
164 Alch 14 137 Jan
62% J ’ly
90 Alch 20
165% A pr 29 153 Sep
17*s Apr 11 xl2 Jan
97% Sep
109 Alch 27
29 Sep
32 Jan 10
27 Alch
31 Apr 17
34 Alay
33, Apr 8
190 Alay 1 n178 Dec
40% Aug
63% Alch 13
26% Sep
2C% Apr 20
60 Oct
73% Apr 30
113% Mch 26 103% Sep

Mining
6% Mch 28 11% Apr 20
8
*S18 83$
435 Adventure C o n . . _ 25
45$ Jan 4
8% Alay 2
7%
780 Algoniah M inin''_____ 25
7's
7%
38% Feb 1 50 A pr 18
44% 40
40
642 Allouez.......................... 25
60 Feb 1 85 Apr 27
8234 83% 9,754 Amalgamated Copper 10C
83
2934 29% 291s 2,271 Am Zluo Lead & S m . 25 24% Feb 15 31% Apr 26
2 Jan 2
6% A pr 2
6%
51s 5®i
3,440 Arizona Com ’l etts d e p .
.40 Alch 0 .55 A p r i l
Bonanza Dev Co____ 1C
Sale .45 Mav’ 12
6% Feb 1
6
9 Jan 16
8
778 8
3,770 B os&CorbCop ASllAlg
3% May23
35$ 35$
5% Apr 2
3%
980 Hutte-liulaldava C op . 1C
2134 Jan 18
Butte Coalition______ 16
28
Fnh’ 1‘2
191? Feb 7 3334 MaylS
3712 8612 37l,i 36I2 375g
72
73% 72 " 72 ” 72
72% 3,193 Calumet & A rizo n a .. 10 57% Feb 1 75 A pr 1
72% 7334 72% 73% 72% 73
405 Feb 1 600 A pr 1
480 494
485 400
487 488
194 Calumet & Ilecla____ 25
482 490
490 494
488 490
*2434 25%
17% Jan 5 27% Apr 18
25
25% 25% *24
25
90 Centennial__________ 25
25
25% 25% *25% 26
30
1,963 Chino Copper.............. 5 25% Feb 28 3034 AIay20
301,i 30% 30% 303, 30% 30% 297S 30% 30% 30% 30
*_
.06 *..............06 .06 .06
.05 .05
1,900 Cons AXercur Gold____ 1 .03 Alch 26 .09 Jan 19
.0. .05
.05
59% 693,,
59% 59
59
59
50
60
00
1,106 Copper Range Con Co 100 50 Jan 31 66% A pr 11
59% 59% 59
2C
5 Jan 19
53S 53s *5
5%
5
7% Alch 27
*5
5
5
5
225 Daiy-W cst............
*5% 51137g 137,
1373 14
13% 1334 1334 1334 133, 133
13% 141.,
3,020 East Butte Cop Min__ 1C 12% Jan 15 153$ A p r i l
12% 123g 12% 12% 12% 12% 12
12
11% Jan 15 16% Apr 1
12
12
12% 12%
701 F ra n klin ____________ 25
534 5^4
5% 5% 8
4% Feb 27 6u toApr 6
5% £58
538 5%
5°ia 53,
5%8 1,890 Giroux Consolidated. 5
543,, 56
64% 53% 54% 54
51
55% 54
54
54% 54% 1,158 Granby Consolidated. 10C 33 Feb 6 60% Apr 26
934 93d
9% 9*%A
9*%n
7% Feb 29
9% 93.1
97g AIay20
95g
4,737 Greene Cananea_____ 2C
9°ie 97$
3434 35
34
34
35
35
*34
35
34
34
34
34%
580 Huncock Consolidated 25 29 Jan 6 36% Alay 2
Helvetia Copper_____ 25
1 Jan 3
2 Alay 8
Last Sale 13$ May’ 12
*1%
1% *1%
1% *138 1% *133 15$
20% 21
20% 21% *20% 203d 19% 20
1138 Jan 16 23 Apr 24
19% 1934 1934 1934 1,150 Indiana Mining______ 25
19
19
19
19% 19% 193g 19%' 19%
*19
193g 19
19
741 Inspiration Consol C_ 2C 18 Feb 6
53% 53% 53
53
53% 53% 5334 54
52
53 ’
50
50
837 Island Creek Coal____ 1 40% Jan 17 64 Alay 22
9034 9034 90
Do pret__________ 1 85 Jan 13 90% Alay 17
90% *89
90
90
90
89
90
*88
90
130
26
28% 26% 27
26% 28
27
27% 27% 28% 28
29
6,030 Isle Xtoyalc C o p p e r.. 25 2034 Jail 16 29% Apr 17
234 23,
23,
234
*2%
258 25$
2-%
3% Feb 13
2% ' 2% 1,660 Kerr Lake___________ 0
2 A pr 9
2% 2%o
*13., 2
*13, 2
*2
2
.80 Jan 2
3 Alay 8
2*i«
2
2
178 17$
455 Keweenaw Copper___25
40
41
40
403;
39
397g 383, 39
39% 40
32% Feb 1 49 Apr 10
*38% 39
2,575 Lake Copper Co_____ 25
0% 6% *6% 65$ *0% CrX
*6% 7
8% 6% *6% __
4% Feb 15
8 A pr 17
146 La Salle C opper_____ 25
1134 1134 *11% 1134 11% 113., *1134 12
1134 1134 *11% 12
107$ Feb 8 13*4 Alch 29
155 Mason Valley Mines___5
7
*7
7
7% 7%
*7
7%
7 Alay 4
7%
7% *7
200 Mass Consol__________25
9% Jan 4
7% 7%
M
ayllowor___________
25
1134 13
12% 12% 11% 11% 113s 11% 11
234
Jan
3
11% *11% 1134 1,590
18% Apr 23
5 233s Jan 29 27 Apr 2
26
26% 26% 26% 26% 26% 2578 2578 2578 26
*2578 26% 1,501 Miami Copper_______
*3
3
3% *3
3%
3
*3
3% *3
2 Jan 2
3
3
15 M ichigan____________ 25
3%
5% Apr 20
63
64
62
64% *63
64
63% 63% 63% 63% 62% 62%
50% Jan 30 67% Apr 18
385 M o h a w k ........... .......... 25
2134 213d 2134 22
21% 21% 2134 22
215s 217g 22ts 22%
831 Nevada Consolidated. 5 18% Jan 29 23% Alay 1
43.1 43-, *4% •13d
4% 47*
4%
4% 4%
438 458 *4
3% Feb 8
945 New Arcadian Copper 25
6% Apr 10
5
8
8 7*510 7,si«
8
960 Nlplsslng Alines______
8
858 Alch 26
778 8
7*%8 8
7*5io 715ia
6% Jan 3
2B7S 29
28% 29
2S% 283d 28% 2834 28% 28% 28% 29
2,562 North Butte................ 15 2234 Feb 1 35 A p r i l
634 7
634 7 *___
7
7
6% 6%
7
335 North Lake__________25
6% 7*4
5% Jan 30
8% A pr 22
*4% 5
25
5
434 5
2,880 DJIbway Mining.
57s
5
5
5
5%
5
5
4% Alay 8
e6*4 Jan 11
103*
_
25
9% 10%
9% 9%
858 93S
8S8 9
2% Jan 2 13% Alay 1
9% 9% 5,855 Did C olon y.
66
58
*553.1 56%
56% 56% 56% 56% 50
56% *55% 56
25 44 Jan 31
635 Old Dominion Co
68 May 11
119 120
120 120
25 106 Jan 15 121 Apr 17
119 119% 118 118 *118 119% 120% 1201s
370 O sceola___
17
17% 17
17
1C>34 17
1634 17% 10% 16% 16-% 163.,
745 Bond Creek C o a l ____10
15 Alch 27 17% AIay22
89
90
90
90% 89
90% 88% 88% 88% 89
90% 90%
272 Quincy______________ 25
73% Jan 29 93 Apr 26
19
19
19
19
19
*187g 19% 19
226 Ray Cnnsol C o p p e r.. 10
19*4 19% 19% 19
16% Jftn 29 20% Apr 2
*212 23d
4
4% 47S
43g 37,589 Santa Fe Gold & C op . 10
3*48 3%
338 4%
2*2 3
4% Atayj.i
1 Jan 31
14% 147£
15
153$ 3,951 S h a n n on ____________ 10
15
147s 14% 14% 14% 15
9 Jan 31
15% A pr 2
.80 .80
.95 .80
*.75
.80 .75
.85 .85
.80 + .75 .85
370 South Utah M & S ___ 5 .60 Feb 1
1% Apr 3
35% 3434 343d 34
341' *33% 34% *34% 35
35
34% 34%
24 Feb 1 39 A pr 20
355 Superior_____________ 25
23.i 234
2% 2916
2% 23$
2
2%
23s 2%
1% I'd 4,125 Superior* Boston llln 10
1% Alay 24
47$ Jan 13
44% *42
44% 44
44
43
42
*42
44
*42% 44
42
116 Tam arack___________ 25
26 Jan 31 51 Apr 18
634 C3d
*0% 7
6% 6%
6% *6% 63l
320 Trinity.......................... 25
6 Jan 15
0% 7
9% A pr 9
S!2 3%
*3%
35S 33g *3% 35$
3% 3%
3*2 3%,
COO Tuolumne Copper . . .
1
3*2 3%
3% AIayl5 4**13 Alch 26
381.1 38% 38% 381s 38% 38% 38
38
38
38
37
38
1,040 J S Smelt Ret & M in. 50 34 Jan 31
40% Apr 11
487s 49
48% 49
48% 487$ 487$ 49
49
48% 487$
D 1 pret.................. 50
47 Jan 10 49% M ch28
838
*2% 234 *2*2 23d
2
2
25g 25$ *2% 234
2% 2%
229 Jtah-Apex Alining___ 5
2 Afay.il 3»‘ i3 Feb 9
137$ 137g 13% 13% *13% 13% 13% 13% 13% 13% 1234 13
425 Jtah Consolidated___ 5 1234 Apr 8 20% Apr 2
63
63
*623.i 03% 62% 63
63
63
62% 62% 6238 623$
540 Jtah Copper C o_____ 10
62% Jail 29
*4
4
4
37S
37«
4% *4
*4%
4%
37S 4%
395 /lo o r la .........................25
4’ t
3<s May22
634 634
634 634
634 634
6I2 61? *6% 634 *0
63.1
340 V ln o n a .........................25
734 Mch 1
110 110
110 L10
110 n o *109 110 +109% 110
109% 109%
158 .Volverlno ___________ 25
943j Jan 29 117 Apr 17
2% 2% *2% 2*\ *2% 212 *218 23$ *2
2%
2% 2%
120 W ynni'.ott___________ 25
1*4 Jan 5
3% Mch 4
t Unstamped.
87S 87fi
83.4 83.
*8% 9
8*is
7%
7'%
7%
7% 73,
7% 7%
44% 44% 45% 455,
45
451.1 451/
8338 84
83% 84
83% 843,
82%
30
30
29«4 29% 29% 293,
29%
5% 5%
5% 53d
538
5%
*.42
+.42
.50 +.42
.50 *.42
*7
7U
7%
7% *7
7% 7%
3%
378 37£
3% 37S *3% Ml

Range lor Previous
Year 1911
Highest.

Railroads
116% .1’ ns
Atch T op & Santa Fe.10 1 1037s Feb 1 110 Apr
1005$ Sep
101 Sep
101% Jan 1: 104% Feb
105 .1’ ue
17
216 Apr K 222% A pr 3 219 Apr 226 Feb
83 Boston & A lb a n y____ 10i
12?34 Alay
134% Alch25 124% Sep 130% Aug
146 Boston Elevated_____ I0i
209
Apr
2,
218
Jan
4
207
Feb
218 Sep
2 Boston & Lowell_____ 10C
96% Oct 1223$ Feb
97 May-'] 100% Jail 3
C( Boston & Maine_____ 101
300 A pr 27 292 Mch 300 Mch
2 Boston & Providence.10C 297 Alay
12
Sep
13 Jan
14 AtayJ,
boston Suburban El Cos.
10 Mch
70 Oct
75 Jan 25 78 Apr 24
6 Feb
12 Jan fc 12%Jan 6
Boston & W ore Elec Cos.
13 J ’ ly
38%
Jan
53
J ’ly
Do
pret________ ____
51 AlayL
Chic June R y & U SY.100 165 Alay o 170 Jan 19 156 Apr 171 Deo
107
Alch
116%
J ’ly
Do
pret_______
_____
i
l
l
Feb
19
108%
Jan
2
20
265 Jan 272 J ne
Connecticut Klver___101 271 Jan t 272 Jan R
123% May22 128 Jan 25 126 Apr 130 Jan
138 Fitchburg, pret______ 10(
15 Ga R y 4c Eleo stmpd.101 125 A pr 11 2170 A pr 1 zll7iv Jan 0164 Oct
80 Feb
93% J ’no
Do pret..................101
85 Alay 7 91% Jan 6
10
8 Maine Central- .. . 101 142 M aylb 145 Feb 27 135 Stp 216 Jan
24 J'ne
16 Apr
19 Alay b 23% Jan 8
780 Mass Electric Cos____100
791g May J
83 Feb 2£
1,102 N Y N H & llartlord.100 133% M aylb 142*8 Apr 2 127% Sep 161% Feb
142 Moll
Northern N H ____
lot 140% Mch 11 143 Jan 24 139 Jan
Norwich & W or p re t.100 211 Jan 8 212% Jan 29 210 Jan 214 N ov
Old Colony__________100 181 A laylj 187 Jan 31 183 Alch 190 N ov
45 Dec
32 Jail
100 41 Jan 2 70 Jan 24
23 Rutland nref
192% J ’ly
95 Union Pacific......... __10l 160% Feb 1 174*4 Apr 9 153% Sep
95% May
Do pro-.__________lot
90 Men
90% May 7 92% Feb 8
3
Vermont tc. Mass
lot 160 A pr 23
156 Alch 104% Deo
I 50 83 A pr 15 88% Feb 26
85 Sep
93 ' Mch
19 V/cat Eud St .
Do Dref .
56 100 May 3 103% Mch 19 100 Aug 105 Jan
25

Miscellaneous
62
62
902 Amer Agrlcul Chem__100
D> pret__________10C
1001s loots
502
4% 4% 2,270 Amer Pncu S e rv ice .. 60
Do pret.................. 5C
17
17
2,005
130 131
771 Amer Sugar Kelli:.__100
Do prof__________lot
122% 123
106
14558 1457$ 1,399 Amor Telop & T e le g .io o
Amer.can W oolen____ 10C
291* MfihMi
Do
prof__________10C
9238 92
92
92% 92% 9173 92%
92
289
♦82
83
*82
83
83
83
*82
83
84 Amoskeag Alanutucturing
Do
prof____________
104 104 *103 104
10334 1033d *103 104
37
*73g 8
73g 73f
73S 73S
*738 8
49 Atl Gull & W I SS L . 100
Do pret__________100
*1334 14
13% 14
133, 1S% *13
14
53
1434 143., *1-134 15
145S 153S 15
15% 3,745 East Boston L u n d ... 10
294 294
289 292
280 285
284 285
90 Edison Elco Iliu m ...1 0 0
16834 169
169 169% 16934 171
154 General Electric . 100
90% 90% 90% 90% 91
91
90% 91
707 Massachusetts Gas CoslOO
Do p .e f__________100
9534
*95% OSS,, 95% 9534 95
95
*95
79
218 218 +219% 220
219 221
221 221
107 Mergcnthuler L in o___100
Mexican T elep h on e.. 10
*3% 4
*3% 4
Last Sale ltd Mav’ 12
101% 102 +___ 103
*___ 103 ¥
102
9 N E Cotton Yarn____100
¥
Do pret__________100
104 x___ 100
inn Mav'i?
*15334 155
154 154
153 154 *
154
50 N B Telephone______ 100
Portland (Ale) E le c.-lo O
*93
*93 ___
Last Sale 90 Mch' 12
100
*100 161
160 1603S 160 160
160 160
193 Pullman C o . __
1634 1634 *16% 17
*16
*16% 17
70 Reece B u tto n -H o le .. 10
1045s 105
105
105 105
471 Swltt & C o___________ loo
1045s 105
2834 283d 28
28% *28
28% *28
28%
947 I'orrlngton____ . . . . . . 25
Do pro*__________25
29% 29% *28% 29% *28% 29% *28% 29%
24
2% 234
2% 2%
535 Union Copper L & A1 26
2% 2»16
189 190
189 189% 189 189
492 United Bruit................100
188% 189
50
50
1,440 Un Shoe Alach C o r p .. 25
51
51
51% *50% 51
51
Do pret__________25
*29
29% 287S 287$ 29
29
29
29
93
697$ 70% 12,371 U S Steel Corp______ 100
6938 70% 6834 703$ 687S 70
Do pret_________.100
+11078 1113S 11034 111% *11038 11078 1101s 111
142
61
613.i
100% 10038
4%
18
17%
130
129%
122%
123
146
145%

Range since January 1
On basis of liW-share lots

63% Dec
105% Mch
6% Jan
19% Jan
122 Feb
120% May
163% J ’no
30% Atch
96% J no
81 N ov
100% Dec
11 May
2u Jan
12 May
29/ Dec
107% May
90*4 Aug
9s% Oct
235 Aug
47$ Jan
119 Mch
116% Mch
165% Dec
73% N ov
163 Jan
16 May
104 J ’ne
36 Jan
31 J ly
1*48 Alch
197% J ’ly
687$ Feb
29% Jan
82% Feb
120*1 Feb

4 Sep
2% Oot
21 Aug
44% Sep
1934 Oct
13$ Dec
.30 Oct
3% Aug
3 NOV
14 Aug

7*s J'M
H J ’no
44% Dec
716$ J ’ne
305$ j ’ no
2**18 Deo
.76 May
15% May
0*2 Jan
23% Dec

45 Sep
360 Sep
8 Aug
16*8 Sep
,03 N ov
40% Sep
3 Feb
878 Aug
5% Aug
3% Sep
26 Aug
6®18 Oct
17 Sep
s4 Sep
5% Oct

633$ Deo
646 Jan
19 Deo
27% Dec
.15 J ’ne
693$ Feb
7 Dec
14% J ’ne
14 J ’ne
8% Feb
43*2 J ’no
868 Deo
31% Deo
2 Fob
16 J ’uo

20% May
82% Sep
l i u Aug
25$ Oct
% Nov
22 Aug
3 Aug
6% Apr
4% Aug
.20 Feb
167g Sep
1% N ov
30 Apr
15 Sep
2 Aug
x0% Deo
20 Sep
3*4 Aug
35$ Dec
.50 Jan
34% Sep
81 Sep

44 Deo
91 J ’ne
23 Dec
7% Jan
33$ J ’ne
40 J ’no
6 Jaa
117$ Doc
$10 J ’ne
3*18 Dec
243$ Deo
3% Jan
67 Deo
21% J ’ne
4*4 A nr
11% Feb
26% J ’no
9% J ’no

£5
12

Sep
Sep

7

Oct

20 Oct
r2% O ot
20 Sep
27$ Oct
134 Sep
303$ Sep
46% All?
17$ N ov
y% Jan
38 Sep
1 Aug
3*4 N ov
74 Nov
.30 Nov

3% J ’ly
49 “ J ’no
124 Jan
76 Dec
19 Deo
1% J 'ne
12% Fob
l ‘ id May
42*2 Jan
8% J ’no
62 Jan
6% Deo
47$ May
40% J ’ne
49% J'ne
3ijJ*ao
20 J ’no
675g Doc
4% Dec
9% Feb
122 Feb
2 Feb

1441

Price
Friday
M ay 24

BONDS
BO STO N STO C K E X C H A N G E
Weak. Ending Way 24

i'jOw

BONDS

Range
Since
Jan. 1.

WeeKt
Range or
iMit Sale

BOSTO N ST O C K E X C H A N G E
Week Ending M ay 24
General Motors 1st 5-yr 6 s . 1915
Gt Nor C 1 I & Q coll tr 4s__1921
Registered 4 3 ____________ 1921
Illinois Steel deben 5s_____ 1913
la Falls A Sioux C 1st 7s___ 191
Kan C Clin & Spr 1st 5s____ 1925
Kan C Ft Scott A Mem 6 s . .1928
Kan C M A B gen 4s_________1934
Assented income 5s___
1934
Kan C A M R y A Br 1st 53.1929
Marq Hough A Ont 1st 0 s ._ 1925
Mass Gas 4 U s _______________ 1329
Mich Telephone 1st 5s_____ 1317
New Eng Cotton Yarn 5s..P J29
New Eng Tel .ph 5s_______ 1915
n s .................................
lo io
New England cons g 5s____ 1945
Boston Term 1st 4s_____ 1939
New River (The) conv 5 s . . l 934
N Y N H A H con deb 3 U s .lJ o o
Conv deb Os---------------- ...1 9 4 8
Old Colony gold 4s__________ 1924
Oregon R y A Nav con g 4 s . 1946
Oreg Sh Line 1st g 6 s_______ 1922
Pcre Marquette deb g 6 3 ___ 1312
Repub Valley 1st s f 0s____ 1919
Savannah Elec 1st cons 5 s . .1352
Seattle Elec 1st g 5s_________1930
Shannon-Arlz 1st g 6 s______1919
Terre Haute Elec g 5s_____ 1320
Torrington l s t g 5s__________ 1918
Union Pac R R A I gr g 4 s . .1947
20 -year conv 4s___________ 1927
United Fruit gen s t 4 U s ___ 1923
Debenture 4 ^ s __________ 1925
U S Steel Co 10-60-yr 5s Apr 1903
West End Street R y 4s____ 1915
Gold 4 U s .................................1914
Gold debenture 4s_______ 1916
Gold 4s___________________ 1917
Western Teleph A Tel 5s___ 1932
Wisconsin Cent 1st gen 4 s . .19 4 9

[OU4 1023.J
0 ()13 Oil,,
10834 1153,,
103 1 20
51
82
99
993.,
91
021a
90*8 0 1 4

1081S lOS'f
6 SI 4

64 *
95

9 o ls

95

95

103

103><

8912 921,i
99b

99b

1007810U2
997,s 100
981 2 985s

¥oT ~HVh

1003 4 1013,
89
91

91
97

99
101

99 I4 103
80
8014
983 4 001 4

1271212712
127

1271-

N O T H .__Buyer pays accrued interest In addition to the purchase price ior all Boston Bonds.

J-J

J-J

9(5*2 Sale
96*4____

II”

117*
9212 -----81
84
1023j Sale
osT

"98

J ■J
F -A
A-O
A-O

9712 ____

J-J

A -O
j- j
j -j
.1 - .1
P -A
J -D
F -A

J-J
J-J
J-J

II 334 U 334
95
95

70i4 Dec TO
IO0I4
105L
95
951;
97 Apr 'oi
9934 Feb T 2
100i2 McllT2
1017s
1017j
90*8 9078 96*8
96*8
9534
9512 95*4 95*4

M -S

J-J
J-J
J-J
J-J

J-J
J-J

921.1 923,
13134 13212

7

95i2Sale

J-J

Range
Since
Jan. 1,

High NO' Low High
9914 901,1
9914 Feb T2
i 9033 9812 .
9612
90*s
903g 975,
96b Apr T2
7 1001g 10034
100*8
1003s
117 A p r '08
9612 97
97 Mch '12
n o ii7 i 2
11618 M ay’12
92
0212
9212 Mch'12
85
89
85 M ay’ 12
10234
102S4 ‘ ” 7 10212 10234
115 J’n e'08
9912
6 98
98l4
987*
10013 1001,
100's Apr '12
0 U612 9834
98
98
10Ms M ch’ ll
100 b Sep '08
9934 997,
997s Jan '12

92l4 M ch’ 12
132 Mch'12
101 Apr '09
937s Sep '09
11334 Feb '12
95 Jan '12 —

103* "

F-A
M-N

M-N
F -A
M -S
H-N
F -A

Is

Ask Low

A -0
Q -J
A-O
A -0
A-O
M-N
M -S
M -S
A -0
A-O

JVcek's
Rang3 or
Last Salt

Price
Friday .
M ay 24
Bid

how High

High

102
102
A m Agrlcul Ohem Is1; 5s___ 1928 A - 0
91
50's Sale 90lt
Am 'l'olcp & Tel coll tr 4 s „ 1 9 2 8 J-J
11438
Convertible 4s_____________1936 M -S 114 115 1143)1
9811 Oct 11
A m Writ Paper l s t s f on g . .l » 1 0 J-J
113
118
A m Zinc I. A S deb Os---------1915 M-N
72
72
Arlz Coin Cop 1st Os etts ol dep.
983,1 9918 99 M a y '12
Atcti 'l op & S Fo gen g 4 s . .1995 A - 0
9012 91t2 91 Mch'12
Adjustment g 4s____ Ju>y 1093 Nov
5012 911; 905,« M ay'12
Stamped ________ July 1985 M-N
1081a Mch'12
50-year conv 4 S_______ 1955 J -I)
U03j M c h 'll
10-yoar conv 5s_______ 1917 J -D
05
64 Sale 64
Atl Gulf A W 1 SS Lines 5 s . 1959 J -T
9513 Feb T2
Boston Elev 30-yr g 4S-------1935 M-N
IOOI4 Meh'09
Boston & Lowell 4s_________1910 J-J
l0412Oct '08
Boston & Maine 4 U s_______ 1944 J-J
Improvement 4s_________ 193< F -A
95 F e b '12
Plain 4s_______
1942 F -A
Bur A Mo Rlv cons Os_____ 1916 J-J 103 ____ 103ig Apr '12
lll^ S e p '11
Cedar Itap A Me H 1st 7 s . .1916 M-N
9112 913,1 92 Apr '12
Cent Vermt 1st g 4s___ May J020 y - F
1103 Out '07
C B & Q Iowa Dlv 1st 5 s . ..1 9 1 9 A -0
991* Mch’ 12
Iowa Dlv 1 st 4s.................. -1919 A -0
100'a Apr '12
Debenture 5s------------------- }JJJ" M-N _____101
997, Feb '12
Denver Exten 4s.................. 1922 F-A
9812 Mch'12
Nebraska Exten 4s................927 M-N
9918 Feb 'l l
B S S W s l 4s...................... 921 M -S
87 ____ 8718
871S
Illinois Dlv 3 H 3 .
- - - - - 1 9 4 9 J-J
lOU.i
Clilc Jet R y & btk Yds 5 s . _ 191J J J 1 0 1 L S a l e 10034
90
_____ 8912 M ay ’ 12
Coll trust refunding g 4s.1940 4 - 0
114 Jan ’ ll
Cl\ Mllvv & St P Dub D O s..1920 J-J
113">s Feb 'l l
Ch M & St P W ls V dlv O s .. 1920 J J
Cl M a y '12
Ch A No Mlcli 1 st gu 5s-------1031 U-N
97 Apr '12
Chic & W Mich gen 5s.......... 1921 J -D
97i«Sep 'l l
Concord & Mont cons 4 s . ..1 9 2 0 J -D
IOOI4 Aug '01
Cudahy Pack (The) l s t g 5s 1924 M-N
too May’ll
Current River 1st 5s--------------1920 A -0
80 May'12
Det Gr ltap A W 1st 4 s-------1943 A-O
9834 Apr 12
Dominion Coal 1st s f 5s-------19 io M-N
IO3 I3 Apr ’05
Fitchburg 4s________________ 1u 1•’ M -S
90 Apr ’08
4 s ________________________ 1 9 -/ M-S
12712 Mch'12
Fremt Elk A Mo V 1st 6 s ...1 9 3 3 A-O
127 M ch’ 12
Unstamped 1st 0s------------- 193a A-O

Interest
Period

Boston Bond Record

May 25 1912.1

............. 10034 101

10*4 " 10514
8312 96

y«j34 9934
10012 100 *,
I 1 117, 1917,
95*8 971,
i 9512 9612
102
102
1015,104
99 M ay’ 12
99
991,
100l4 Feb '12 . . . . 1001.1 IOOI4
987g Apr '12
9812N o v '11
10034
10 1
9912 101
93*0 Feb IS
93*8 93*8

it

* No price triday: iate:t oid and asked.

11 tia t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Tuesday
May 21

Monday
May 20

Saturday
May 18

Wednesday
May 22

Thursday
May 23

Friday
M ay 24.

(For B on d s and Inactive
Stocks see below)
Shares.

Week

Baltimore

*116i2 117
*113 114

12*8 1314

00>2 6634
127i2 12712

2312 2334

117 117 * 110
113 113 *112
131.1
I 3 I4 1 U4
0012
0012 07
12712 1271; _ _
-!< __
25 K __
5212 521o *533g
2334 237£ 2334

113
1334
001;
251;
53*f
241;

117 117
117 117 *11612
113 113
11312 1131; 1133.1
1334
1334 14
1312 137,8
06
OOI4 601;
0014 6012
12734 127*4 . . . . ------ *12712
__ 2434 25
2512
__ __ 51*3 531, 53*4
24U
243g 241;
2412 241;

118
113*4
137s
B6!4
130

2714
5514
241;

120 Con Gas El L A P ow .100
Do
prof _______ 100
245
19,139 Houston Oil tr ctfs.-lO U
Do
pref tr etts. 100
3,361
12 f$orthcrn Central____ 50
2,345 Seaboard Air Line___100
Do
p r e ( ________ 100
2,272
5,729 United R y A Electric. 50

Philadelphia

*H2

*121-1 . . .

* 1214
557g 557,
213.,
*2 1
0511
*05

55*1 5534

*2U.i

213,

*65

00

281.1 2812
89b 8912
88 m 89
123S 1212
2912 2934
61*:,ia 0 L**ia
523t 5234
19*8 19"
*223t 23
88 'ia
8 S12
6 >5ia 7
51U 5114

28I2
2812 28b
893.1 8934 S9*,
89°ia 903s S93ia
12 b
1214 12 *t
2912
29*8 293,.
01**18
02*8
01**18
*5212
*5212 53
19*8
19*8 19*8
2234
23
23
87**ta 87‘ 5io 8 G16io
7
7
7
5H 2 511'
8834 8834 8812

HU

PHILADELPHIA
Inactive Stocks
American Milling____
Cambria Iron________

100
.1 0

.50
.50
100
100

.50
-50
.5 0
10

r__l

2 B4 2 11 ;
201 ;
18
8 L, ____

32

—

34

—

171;
20

70
96
103b 104
99 100
43b 433.,
81
9b
10

8412
10
1018

100
100
100
10

lOv)

WUkea Gas A Elec.
York Railway____

81

Too

.50

Wclsbnch Co.

bo

___ ____

100
100

Virginia R y A P o w ..

44

loo

.5 0
Mlnchill A Scbuyl I I .. .5 0

Phlla Traction-----Railways General.
Tonopah Belmont

41
831;
80b
7014

____
____

.1 0
10 )
100

Preferred

1912 193.1
2234 223.1
877jo
7
7
5 Hi 5 H4
88>2 883.)
86

A:k

50

.50

Pennsylvania Salt.

*012 034
*2814 29
8912 89lj
8S18 88L
12
12
12
12
12
121.1
29
29
29
2812 281;
29
613.1 02
6134 617) 613i 6115te
5212 521; *521.1 523.J *52
521;

2812 283, *2812 29
8912 891;
891g 891;
SS12 8878
88128S**io

10

.50
100
1 O0
100

100
10

Keystone Te
Preferred

281;
897)
89*16
121 ;
29*;
62
53
19*8
23
87»ia
7
513.881;

100
100

..5 0
..5 0

TOO

59
..5 0

39
fdl4 1012
51
7712
5212 51*2
82

____
91; 1012
3U,t 32i2

?B ld and asked; no sales on this day.




1912 19*8
227, 2 2 '8
SOI, 86*8
Glo10 7
5 U2 5H;
88*8

88*8

10 l4

American Cement____ 50

2

4378 437s
4373 43 /{
4312 43 7g 4334 437)
431,1 43 I4 +4314 43*2
*431.1 43b
4312 431;
* 1214 __ * 1214 __ * 12 U __ * 1214 . . .
50
50
5o34 553.
553.1 5534
50
50
21
2 U4 * 2 1 U 2 11 ;
2H2 213i
21
21
0312 05
05
60 I4
6312 631;
6312 64

433., 44
43t2 431;

*43b 44
431.1 4312

1014

2278 231S

8S*4

87*16
0 15ie 7

513S 61*8
88I2 8834

Highest

96 Jan 3 117 May 6
101 Jan 2 116 Apr 3
8I4 Jan 3 1414 May20
5334 Jan 25 67 MaylO
127 Feb 28 130 Apr 8
22l2 Mch 7 2714 May24
45>2 Mch 14 5 5 I4 May24
18i4 Jan 2 24l2 May21
li2 May 13
4312 May21
4112 Mcn 2
1178 Fcb 2
5234 Jan 10
18 Apr 2
6934 Apr 2
0 Apr 4
27l4 Jan 3
877,8 Mch 20
78lg Feb 5
8i2 Jan 3
23 Jan 12
01*18 Jan 27
50l2 Jan 11
16's Jan 2
22i8 May 0
7414 Jan 11
634 Jan 11
4934 Feb 28
S6 I4 Jan 9

Ph A Read 2d 5s 1933 A-O
Ex Imp M 4s 1 9 4 7 .A-O
Term ln.l 5s g 1 9 4 1 .Q-F
P W A B cot tr 4c ' 2 1 . . J-J
Read Trac 1st 6 s ’3 3 . .J-J
87*4
Roch R y A L con 5 s’ 54 J-J
90
Spanlsh-Am Ir 0s '2 7 ..J -J
Stan’d Gas A E 0 s ’2 6 .J-D
1161., 11012 Stand Stl W ks lst5s’28 J-J
IJ Trac Ind gen 5s T 9 -J-J
ioa 10314 Un Rys Tr etts 4s’4 9 ..J -J
United Rys Inv 1st coll ti
8 f 5s 1920................. M-N
877S
Welsbach s f 5s 1930 .J -D
VVll-B G A E con 51’ 55-J-J
York R ys 1st 5s 1 9 3 7 .J-D
833S
0314
BALTIMORE
63
827g 83
Inactive Stocks
Ala Cons Coal & Iron .1 0 0
77
100

Atlan Coast L (Conn) .1 0 0
i()3’l 2
10812 10834 Canton C o .................... .1 0 0
Georgia Sou A Fla___ .1 0 0
11512
1 st preferred_______ .1 0 0
2 d preferred_______ .1 0 0
G -B -S Brewing_______ .1 0 0
146
981.1 Pullman Cons Ventll. .1 0 0
Preferred_________ .1 0 0

114 115
996 100
125

iim j
101

10134

771; 78*4
84

8414

102

9334

....

20

__

270
147
39

35
96
80
Sl4
20

89

...
__
__

30
98

Bonds
Prices a n alt “ and
100

" 08 I4
—

111

92 *9212
10334 lot
97b
97
104 IOH4
8312 83*8
1U512
ioo

K$16 paid.

Balt C lty*3I S ? 1030___ J-J
4s 1054-1955___ Various
5s 1916.......................M-N
Anacostla A Potom 5s A-O
AtCoast L conv deb 4sM-N
Atl Coast L(Ct)ctfs 5s J-D
Ctfs of lndebt 4s____ J-J
5-20-yr 4s 1925.......... J-J
B S P A C 1st 4 Us ’ 53 F-A
Balt Trac 1st 5s ' 2 9 . .M -N
No Balt Dlv 5s 1042 J-D
Car Pow A L 6 5s 1938 F-A
Cent R y cons 5s * 3 2 ..M -N

$ $13 U paid.

Lowest
Jan
Jan
Mch
Feb
121
Jan
20 Jan
33 Jan
1012 Jun
64
89
7
45

5 Nov
7 Jan 10
42 Jan
45i2 Feb 1
407, Sep
4 434 Mch 28
l i b Jan
12i4 Jan 29
5034 Mch 21
48b Jan
28b Aug
5 JI4 Jan o
68 Aug
73 Jan 3
6*3 Dee
8 *ia Jan 8
2U 2 Sep
33 Apr 15
83i2 J’ne
91 Apr 20
7534 Sep
9278 Jan 10
123 , Apr 6
6 i4 Jan
2978 Apr 6
18i2 Jan
693s Sep
63*ia Apr 26
48i4 Sep
66 i4 Feb 16
1934 May 14
15i2 Nov
243S Jan 25
17 Apr
89i4 Apr 30 60*''’1 a Sep
8 i4 Apr 15
£i 2 J’ iy
52i4 Jan 26
43 Jan
893.1 Apr 26
84i4 Sep

BALTIMORE

PHILADELPHIA

Ask

Bond:.
P rices are all "a n d
interest'
Alt A L V Elec 4 H s'33F-A
Am Uas A Elec 5s '0 7 . F-A
Am Rys 5s 1917_____ A-O
Atl Gas 1st s l 5s '6 0 -.J -J
UergAEDrew 1st 6s'2l J-J
Bethleh Steel 6 s 1 9 9 8 .CJ-F
Choc A Me 1st 5s 1 9 4 9 .J-J
Ch Ok A G gen 5s 1919 J-J
Con Trac of N J 1st 5s '33
Del Co Rys tr ctfs 4s’49J-J
Elcc A Peoples Tr tr c t f s ..
Fr T a cA Il 1st 5s 1940. J-J
Gan Asphalt 5s 1 9 1 0 .M-S
(ndianap R y 4 s 1 9 3 3 ..J-J
Interstate 4s 1943___ F-A
Keystone Tel Os 1935.J-J
Lake Sup Corp inc 5s'24 .O
Lehigh Nav 4 Us ’ 1 4 ..Q -J
Gen M 4 Its g 1 9 2 4 .Q-F
Leh V C 1st 5s g 1933 .J-J
Leh V ext 4s 1st 1948.J-D
Conso 1 6 s 1923_____ J-D
Consol 4 Its 1023___ J-D
Annuity 0s__________J-D
Gen cons -.8 2 0 0 3 .. M-N
Leh V Tran con 4s '35 J-D
1st series A 4s 1 9 3 5 .M-S
1st series B 5s 1035 M-S
MarketStEI 1st 4s’ 55 M-N
N atL U A P scr B 5s T 9 J-J
New Con Gas 5s 1 9 4 8 .J-D
N Y Ph A No 1st 4s’ 39 <*-J
Income 4 s 1939____ M-N
Pa A N Y Can 5s '3 9 .A-O
Penn Steel 1st 5s T 7 .M -N
People’s Tr tr ctfs 4s 1943
P Co lstAcoll tr 5s'49 M-S
Con A coll tr 5s '51 M-N
Phil Elec gold tr ctfs.A -O
Trust ctfs 4s 1949 ..J - J
P A E gen M 5s g '2 0 .A-O
Gen M 4s g 1920___ A-O

UE x-d lv.A rights.

1,211 American Railways__50

1,056 Cambria Steel__________ 50
Electric Co of America 10
151 Elec Storage B a tte ry .100
050 Gen Asphait tr ctfs___ 100
Do
pref tr ctts.100
972
Keystone Telephone. 50
050 Lake Superior C orp._100
810 Leh C A Nav tr c t f s .. 50
1,050 Lehigh Valley________ 50
1.905 Lehigh Valley Transit 50
Do pvet____________ 50
1,289
1,308 Pennsylvania R R ____ 50
164 Phlladcl C o (P itts b )-. 50
11,431 Philadelphia Elcc|[.. 25
1,815 Phil R T vot tr e t t s .. 50
10,105 Heading________________ 90
1
965 Tonopah Mining--------1,510 Union Traction_______ 00
077 Union Gas Im pt______5u

PHILADELPHIA

Range jor Previous
Year (1911)

Range Since
January 1

ACTIVE STOCKS

S a t!
ol tile

Shara Pricas— Not Par Ce.Muin Prices

9314
103
100
102

10012
102*8

C R y E xtA Im p Si ’32 M-S
Chas City Ry l'-t 5s’23 J-J
Cbas R y G A El 5s ’ 99 M-S
City A Sub 1st 5s 1922 J-D
City A Sub(VVas) 1st 53 ’48
Coal A C R y l 3t 5s T 9 A-O
Coal A I R y 1st "s '2 0 . F-A
ColAGrnv 1st 0s 1916 J-j
Consol Gas 5s 1939
J-D
Gen 4 Us 19 04 ____ A-O
Cons G E A P 4 Us '35 J-J
Fair A Cl Tr 1st 5s’ 38 A-O
Ga A Ala 1st con 5s '45 J-J
Ga Car AN 1st 5s g '2 9 -J - j
Georgia P 1st 6 s 1 9 2 2 ..J-J
Ga So A Fla 1st 5s ' 4 5 .J-J
G -B-S Brew 3 -ls '5 1 -M -S
Knoxv Trac 1st 5s '28 A-O
M aconRyALt 1st Os’ 53 J-J
Md Elec R y 1st 5s '31 . A - 0
Memphis St 1st 5s '4 5 .J-J
Alt Ver Cot Duck 1st 5s__
Npt N A O P 1st 5s’ 38M-N
Nor APort Tr 1st 5s’36 J-D
North Cent 4 Us 1 9 2 3 .A-O
Series A 5s 1926____ J-J
Series B 5s 1926____ J-J
P.tt Un Trac 5s 1 9 0 7 ..J-J
Poto Val 1st 5s 1 9 4 1 ..J-J
Sav Fla A West 5s ’34 A-O
Scab Air L 4s 1 9 5 0 .. -A -O
Adjust 5s 1949____ F-A
Scab A Roan 5s 1 9 2 6 ..J-J
South Bound 1st 5 s ..A -O
U El L A P 1st 4 U s’29 M-N
Un R y A El 1st 4s '49 AI-S
Income 4s 1949___ J-D
Funding 5s 1930___ J-D
Va Mid 3d ser 6 s T O ..M -S
4th scr 3-4-5S 1 9 2 1 .M-S
5th series 5s 192 0 . . M-S
Va (State) 3s new ’3 2 .J-J
Fund debt 2-3s 1991 J-J
W est N C con 6 s 1914.J-J
WU A W eld 6 s 1 9 3 5 ...J -J

Highest
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J ’ue
27 Jn e
50 Nov
1978 J’ly
1712 Jan
40i2 N ov
4834 Feb
I 2 i2 Jan
6018 J ’ne
3914 Oct

837, Jan
9i8 Jail
32 Feb
98 Jan
93;ie Dec
978 Oct
253a Oct
05 Feb
5914 J’n3
18 J’ly
24tg Aug
S034 Feb
8*s Jan
6234 Aug
8933 Jan

BUI

A sk

103
05U 9 612
104 105
101
‘J5l4
loll101
108b 109
9712 98
901g
90
100 10012
106
105
112
106 I 07
5310 54

__

9834 99
7534 76
99

__

87l2

94
8434
6712
8934

9412
847,
0734
9014

8612
102!2 103

110

1442

THE CHRONICLE

[V O L . L X X X X IV .

iw u c a tm e n t a n d R a i lr o a d Iw tc lltq c a c e .
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STE AM railroad from which regular weekly or monthly returns
can be obtained,
t he first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings tor the period troin 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 fiscal year doe3 not begin with July, but covers some other
period. 1 he returns of the electric railways are brouyht together separately on a subsequent page.
Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date,
Current
Year.

Previous
Year.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Dale.

Previous
Year,

Current
Previous
Year.
Year.
Ala N O & T ex Pac
N O & Nor E ast. April ___
338,270
278,560 3,230,314 3,040,435
N Y N II & H a r t f.. M a rch ____ 5,476,408 4,919,828 48,171,976 40,245,543
, Ala & Vlcksbur
A p r il_____
111,918
124,316 1,408,447 1,517,000
N Y Out & W e s t ... M a rc h ____
755,777
744,783 0,909,302 7,008,578
Vicks ShrevA Pac A p r il_____
97,202
100,272 1,239,634 1,283,010
N Y Susq & W e s t .. M a rch ____
333,035
352,412 2.050.803 2,808,000
A la T eu n & N o r t h .. February .
111,02.5
14,189
11,000
81,017
Norfolk S ou th ern .. M a rch ____
280,003
290,083 2,305,478 2,177,017
Ann Arbor
______ 2d wk May
41,525
40,188 2,021,081 1,824,839
Norfolk & W estern. M a rch ____ 3,270,707 2,885,340 29,214,104 26,874,080
Ateb Toneka & S Pc M a rch ____ 3,821,507 9,207,520 80,683,063 81,532,910
Northern Pacific___ M arch____ 1,928,944 4,959,708 47,580,314 49,751,7G8
Atlanta Blrm & Atl 2d wk May
49,038 2,881,163 “ ,479,912
57,304
Pacific Coast C o ..
a r c h ____
000,543
539,835 5.608.804 5,890,713
Atlantic Coast Line. M arch___ 3,259,802 3,290,557 4,837,927 23,860,570 Pennsylvania R R __ M
M arch____ 14527248 12999 491 122041100 118454189
Charleston&WCar M arch___
170,192
190,709 1,485,090 1,480,090
Balt Ches &Atlan M a rch ____
17,511
15,730
207,400
200,454
Louis HendA StL M a rch ____
98,363
110,031
974,008
928,629
Cumberland V ail. M a rch ____
259,978
228,109 2,218,124 2,311,135
0 Baltimore & Ohio A p r i l ............. 7,589,078 0,888,218 76.020.494 73,105,258
Long Island_____ M a rch ____
757,849
699,707 7,903,605 7,303,242
B & O Ch Ter HR M a rch ____
131,222
117,579 1,103,232 1,114,182
M aryl'd Dei & Va M a rch ____
8,088
8,002
102,117
103,120
Bangor & Aroostook M a rch ___
330,499
316,462 2,591,978 2,374,723
N Y Phi la & Norf M a rch ____
256,602
205.19
2,454,077 2,508,753
Boston & Maine___ M a rch ____ 3,727,351 3,579,370 34,403,738 23,507,578
Northern Central. M a rch ____ 1,134,764 1,081,309 9,034,002 9,057,828
Bridgeton A Sa^o R M a rch ____
4,123
4,053
40,035
43,367
Pliila Balt& Wash M a rch ____ 1,558,428 1,506,887 14,254,579 14,231,884
Buff Roch & P ittsb. 3d wk May 202,248
172,435 8,423,290 8,243,433
W Jersey & Seash M a rch ____
428,377 400.020 4,750,383 4,591,259
Buffalo & S usq____ M a rch ____
218,899
218,750 1,874,520 1,772,081
Pennsylvania Co___ March . .
4,627,055 4,034,033 39,921,437 39,500,890
Canadian Northern. 2d wk May 389.000 331.500 10,727,200 12,993,000
Grand R ap & Ind March _ .
407,544
444,030 3,888,032 3,940,380
Canadian Pacillc___2d wk May
,518,000 1,989,000 105329 374 89,100,073
Pitts C C & St L . March . .
3,650,826 3,001,569 30,547,803 29,793,194
Central of G eorgia.. 2d wk May 225.400 204,200 12,422,162 11,521,398
V a n d a lia _______ March . .
878,018
847,799 7,704,580 8,070,385
Cent of New Jersey. A p r il_____ 1,757,540 2,457,832 24,830,900 4,197,800
T otal lines—
Central Verm ont___March .
338,056 345,184 3,050,430 2,950,805
East Pitts & E . M a rch _
19849973 18066480 174197004 169558237
Ches & Ohio Lines. 2d wk May
620,118
004,171 29,097,990 28,409,161
W est Pitts & E March . .
9,730,323 8,480,510 84,940,975 83,054,950
Chicago & A lton ___2d wk May
260,059 309,209 12,855,031 12,090,020
All East& West M a rch ____ 29 586290 20 547001 259 138582 253513189
Chic Burl & Quincy March
7,211,044 0,803,027 00,402,035 07,904,900
Pere Marquette____ A p r il_____ 1,380,251 1,242,602 13,978,727 13,302,008
p Chic Great W est. 2d wk May 256,320 282,039 11,157,050 11,040,569 Reading C om panyChic Ind & L oulsv. 2d wk May
120,537
121,271 5,603,216 5,359,383
Phlla & R eading. M a rch ____ 4,570 ,754 3,802 ,187 35,304 ,845 33,708,630
Chlo Mllw & St Paul March
5,300,058 3,238,007 47,804,880 49,981,290
Coal & Iron C o .. M a rch ____ 4,824 ,180 1,970 ,529 30,921 ,830 24,466,194
Ch Mil & Pug S d . M arch____ 1,317,504 1,355,346 11,815,798 10,950,185
T otal both co s___uxaivu___
M a rch ____ 9.400 ,934 5,778 ,715 00,220 ,682 58,204,828
rChlo & North VVest M a rch ____ 5,872,755 0,059,715 57.493.494 59,026,282
R ich Fred & P o to m M a r ch ____
221 ,236 222 ,854 1,812 ,400 1,080,424
tChic St Paul i f & O March . I I I 1,240,484 1,263,234 11,037,374 12,642,348
R io Grande Juno___March
00 ,070
71 ,009
751 ,859
748,378
Chic T II & S E ____ M arch_____
182,338
145,787 1,496,191 1,578,938
R io Grande S o u th .. 2d wk May
9 ,097
9 ,804
443 ,509
493,004
Cin Ham & Dayton March . . .
764,908
761,794 7,518,410 7,172,894
R ock Island L in e s .. March
4,989
,532
5,427
.770
48,802
,557 52,137,255
Colorado M id la n d .. M a rch ____
115,887
125.500 1,431,886 1,500,041
Rutland ..................March . . .
270 ,071 252 ,858 2,570 ,337 2,504,090
b Colo & South____ 2d wk May
210,201
250,484 12,407,008 14,140,227 St Jos & Grand Isl. M a rc h ___
109 ,508
137 ,570 1,185 ,504 1,302,009
C o rn w a ll__________ M arch____
17,900
12,739
145,435
121,827 St Louis & San Fran M a rch ___ 3,402 ,771 3,665 560 32,384 859 33,308,098
Cornwall & Lebanon la r c h ____
24,440
23,258
228,868
253,417
/ Chic & East 111. M a rch ___ 1.400 ,378 1,174 ,102 12,004 538 11,580,010
Cuba R ailroad_____ March
"
334,380 2,722,857 2,228,005
404,344
Total all lines____March . .
4,869 ,150 4,839 753 44,389 397 14,948,107
Delaware & Hudson M a rch ____ 1,772,363 1,812,489 10,407,838 15,029,401
St L R ock y Mt & P . March ___
199 ,209
153 ,732 1,517 744 1,610,843
Del Lack & W e s t .. M a rch ____ 2,932,445 2,808,183 27,093,411 20,098,292 St Louis Southwest. 3d wk May 216
000 195 ,000 10,733 040 10,817,353
Denv & R io Grande 2d wk May 415.000 429,000 20,278,398 20,400,563
San Ped L A & S L_ February
742
,169
570
,754 5,815 310 5,337,826
W estern P a c illc .. M a rc h ____
308,552
3,890,579
Seaboard Air L in e .. 2d wk May 442 ,84
434 ,025 20,143 440 19,133,121
Denver N W & Pac March
75,492
56,351
930,081
'8 1 2 + 7 5
Southern Pacific Co M a rch ____ 10397 061 10058, 024 99,464 337 101399 559
Detroit Tol & Iront 1st wk May
23,061
28,140 1,524,052 1,574,956
Southern R a ilw a y .. 2d wk May 1,132 510 1,084 822 55,095 229 53,177,747
Detroit & Mackinac 2d wk May
23,804
20,803 1,073,900 1,029,923
201 193 222 899 9,000 534 0,723,850
Mobile & Ohio___2d wk May
Dul & Iron R a n g e .. March _ .
170,371 4,759,101 5,530,170
114.401
Cin N O & T ex P_ 2d wk May
189 951
171 714 8,391 140 7,984,109
Dul Sou Sh & Atian 2d wk May
63,089
01,615 2,702,929 2,703,551
Ala Great S outh. 2d wk May
84 441
74; 083 4,151 004 3,919,756
Elgin Joliet & E ast. M a rch ____
986,214
609,039 7,543,883 0,010,236
Georgia S o u * Fla 2d wk May
44 919
40, 313 2,159 458 2,117,019
El Paso & Sou W est M a rch ____
599,792 5,580,701 5,458,240 Spok Portl & Seatt. M a rch ____
041.002
381 170 429, 058 3,040, 023 3,402,400
E r i e ----------------------- M arch_____ 4,777,051 1,640,863 43,404,213 42,505.706 Tenn Ala & Georgia 2d wk May
2 190
2 291
92 760
60,821
Fairchild & N E ___M arch_____
1,803
3,853
21,401
17,871
Tennessee C en tra l.. M a rch ____
125 206
132 708 1,134; 447 1,130,713
Florida East C oast. M a rch ____
580,934
707,060 3,128,950 2,992,031
208, 431 243, 878 15,161, 084 14,186,222
Texas & Pacific____2d wk May
Fonda Johns & Glov M a rch ____
74,201
72,846
704.098
701,441
7, 303
Tidewater & W est. M arch____
0, 808
71, 920
04,020
Georgia Railroad ._ M a rch ____
302,066 301,783 2,643,981 2,519,585 Toledo Peor & West 2d wk May
19, 718
22 , 418 1,109, 308 1,117,352
Grand Trunk S y s t .. 2d wk May 952,083
877,194 42,627,042 38,943,595 Toledo St L & West 2d wk May
79, 986
82,
086
3,400,
004
3,289,004
Grank Trk W est. 1st wk May
127,994
125,999 5,675,127 5,342,895
Union Pacific Sys._ M a rch ____ 6,104, 520 0,458, 000 65,128, 924 08,220,805
i Det Or H av & Mil 1st wk May
39,798
38,738 1,920,598 1,751,897
151, 130
Virginia & So W e st. M arch____
105, 091 1,307, 304 1,033,972
Canada A tlantic. 1st wk May
41,151
38,547 1,772,832 1,615,490 V irginian__________M a rch _____
409, 911 299, 111 3,570, 087 2,040,014
Great Northern Syst A p r i l _____ 5,069,802 4,548,315 54,603,780 50,659,680 W a b a s h ................
March . . . 2 201 081 2,37
21,574, 981 22,702,285
Gulf & Ship Island. M a r c h ____
160,547
176,580 1,499,738 1,524,850
Western M aryland. M arch____
655, 538 57 702 5,395, 725 5,390,847
H ocking V alley____M a rc h _____
611,708
452,752 5,035,181 5,541,137
Wheel & Lake E rie. April . .
380, 003 533, 697 0,190, 145 0,530,905
Illinois Central____A p r il______ 1,234,440 4,770,859 18,912,233 52,513,754
W rlghtsv & Tennillc M arch ____
39, 417
39, 094
284, J91
208,142
Internat & Grt N or. 2d wk May
148.000 9,103,744
169.000
Yazoo & Miss Valley A p r il___
585, 155 774, 00
8,300, 340 9,277,443
aIntcroceanic M ex. 2d wk May 172,077 120,273 7,564,798 8,108,741
7,787,813
Kanawha & M ich__M a rch _____
211.003
235,952 2,369,324 2,352,991
Current
Previous
Kansas City S outh. M a rch ____
746,467
849,608 7,141,092 7,820,045
Various Fiscal Years.
Year.
Period.
Year.
K C Mex & O rie n t.. February .
132,959
140,105 1,215,802 1,314,111
Lehigh Valley_____ M a rch _____ 3,364,546 3,045,010 29,031,802 27,292,745
S
Lexington & E a s t .. M a rc h ____
48,862
48,172
405.098
378,341
Delaware & H udson.
1
Jan
to Mcli 31
,273,920
,807,395
Louisiana & A rka n . M a r c h ____
137,009
132,509 1,081,198 1,095,932 N Y Central & Hudson R iv e r .e Jan 1 to Mch 31
,032,009
,147,987
sLoulsvllle & N ash. 2d wk May 1,047,425
976,925 49,197,202 47,546,828
Lake Shore & Michigan South Jan I to Mch 31
,422,947
,117,128
Macon & Blrm’ham A p r il_____
11,541
10,369
142,000
130,315
Lake Erie & W estern. n ____ Jan 1 to Mch 31
,355,421
,289,373
Maine Central_____ M a rch _____
013,165 817,244 8,051,449 7,435,580
Chicago Indiana & Southern. Jan 1 to Mch 31
,125,278
944,080
Maryland & Penna. M a rch ____
36,814
35,903
326,529
320.604
Michigan Central____________ Jan 1 to Mch 31
900,325
,419,009
aMexican R ailw ay. 1st wk May 150,200 173,100 7,009,000
7,396,400
Cleve Cin Chicago & St Louis fan 1 to Moll 31
,389.000
,132,557
Mineral R ange_____ 2d wk May
14,609
14,170
667,357
Peoria & Eastern_______
654,291
Jan I to Mch 31
781,581
820,140
Minn & St L o u is .. 1 2d wk May
154,029
155,971 6,884,446 7,532,531
Cincinnati N orthern_______ Jan 1 to Mch 31
303,791
270,017
Iow a Central___/
Pittsburgh & Lake Erie___
Jan 1 to Mch 31
,901,500
,248,821
Minn St P & 8 S M\ 2d wk May
381,073 22,953,790 19,178,993
New York Chicago & St Louis •Ian 1 to
31
,824,515
,052,093
Chicago Division!
T oledo & Ohio C entral..
Jan 1 to Mch 31
,242,875
974.248
73,830
Mississippi Central. M a rc h ____
76,239
005,085
T otal all lines__________
695,234
Jan 1 to Mch 31
,403,690
502,775
u Mo Kan & T exa s. 2d wk May 401,502
433,563 24,911,068 25,074,033
Pennsylvania Railroad. .
Jan 1 to Mch 31
,479,370
545,765
Missouri Pacific____2d wk May 051,000
950.000 47,407,442 46,192,219
Baltimore Chesap & A tlantic. Jan 4 to Mch 31
39,119
41,710
Nashv Chatt & St L M a rc h ____1,041,417 1,138,732 9,088,155 9,287,337
Cumberland Valley________ Jan 1 to Mch 31
718,070
074,020
aNat R ys of M e x .f. 2d wk May 1,074,555 783,745 53,986,482 54,537,122
Long Island_________
•Ian 1 to Mch 31
,009,249
898,128
Nevada-Ca'.-Oregon. 2d wk May
10,008
7,191
315,857
288,089
Maryland Delaware & Virginia Ian 1 to Mch 31
17,864
20,457
N O Great Northern M a rc h ____
120,419
154,314 1,221,488 1,270,066
N Y Philadelphia & N orfolk. Ian 1 to Mch 31
726,008
734,713
N O Mobile & C hic. February .
100,700
152,847 1,292,063 1,237,267
Northern Central____________ Jan 1 to Mch 31
,093,998
997,470
e N Y C & Hud R lv M a rch ____ 8,945,281 8,247,123 79,778,208 76,085,007
Philadelphia Balt & W a s h .. Jan 1 to Mch 31
,459,074
272,747
Lake Shore & M S M a rch ____ 4,009,512 3,985,898 38,038,901 36,824,212
W est Jersoy & Seashore
Jan 1 to Mch 31
,090,104
034,082
n Lake Erie & W . M a rch ____
490,905 452,270 4,252,123 4,231,810 Pennsylvania Company_____
Jan 1 to Mch 31
,450,257
103,805
Chic Ind & South M a rch ____
424,989 333,005 3,075,043 2,757,988
Grand Rapids & In d ia n a ..
Ian 1 to Mch 31
,201,528
220,410
Michigan Central. M arch____ 2,719,337 2,410,080 23,524,745 22,667,738
Pittsb Clncin Chic & St Louis Jan 1 to Mch 31
,049,484
920,492
Cleve C C & St L . M arch____ 2,720,309 2,555,219 23,395,090 23,374,292
V an dalia_____________
Jan 1 to Mch 31
,504,254
423,939
Peoria & Eastern M a rch ____
288,121
207,409 2,435,580 2,770,457
T otal lines— East Pitts & Erie Jan 1 to Mch 31
,127,025
033.092
Cincinnati N orth. M a rch ____
110,035
88,613 1,016,784
074,328
W est P itts * Erie Ian 1 to Mch 31
,548,308
980,084
Pitts & Lake Erie M a rch ____1,410,720 1,210,952 12,272,763 12,017,897
All lines E & W . Ian 1 to Mch 31
,075.994
019.177
N Y Chic & St L . M a rch ____ 1,026,980
8,690,717
933,820
8,441,447
R io Grande Junction___________ Deo 1
Mch 31
207,492
270.249
Tol & Ohio C ent. M a rch ____
404,538 351,230 4,073,248 3,808,547
R u t la n d _______________________ Jan 1 to Mch 31
733,451
700,599
T ot all lines above M a rch ____ 23210799 20842285 200553211 194044302 Texas & Pacific_______________ Jan 1 to May 14
978,8001 5, 241.093

, ,

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.

1st week Mch (43
2d week Mch (43
3d week Mch (41
4tll week Mch (39
1st week Apr (43
2d week April (41
3d week April (41
4th week April (41
1st week May (42
2d week May (40

roads)____
roads)____
r o a d s )..
roads)__
ro a d s )..11
roads)____
roads)____
roads)____
roads)____
roads)____

CuPnt Year Prev’s Year Inc. or Dec.
$
3
13,281,812 12,534,803
13,603.439 13,131,908
13,740,405 13,045,757
19,490,029 19,247,710
14,119,697 ' 13.209,786
13,858,411 12,560,991
13,710,625 12.722.657
18,315,095 15.689.657
13,332.998 12,078,139
13,539.914 12,337,158

$
+ 747.009
+471.471
+ 694,648
+248,310
+909,911
+ 1,297,420
+987,968
+2,625,438
+ 1.234,859
+1,202,756

Monthly Sum m aries.
5.00
3.59
^.32
1.29
0.89
10.33
7.76
16.73
10.43
9.75

M ileage. C u r.Y r.

J u l y ________244,508
A ugust_____ 244,531
Septem ber_245,494
O o t o b e r _.245,633
N ovem ber ..2 3 4 ,2 0 9
D e ce m b e r_238,561
January ...2 3 7 ,8 8 8
February ..2 3 7 ,0 8 3
M a r c h _____ 238,218
A p r i l ............ 86,559

C uPnt Year Prev's Year In c. or Dec

P rev. Yr.

240,088 231.638,006
240,170 253,043,102
240,825 257,256,70 2
241.321 206,034,129
231,563 241.343,763
235.685 233,614,912
234,402
.
210,704,771
233.19ll218.031.094
234,692,237,564,332
84,9811 64,090,256

233.169.387
254,880,944
250.748,775
263,637,350
243.111.388
232,275,177
213.145,078
197,278,939
224,008,054
58,452,774

— 1,481,881 0 . 6 #
— 1,843,842 0.72
+ 507,987 0.19
+ 2,426,773 0.92
— 1,767,025 0.73
+ 1,339,735 0.57
— 2,440,307 1.14
+20.752,155 10.52
+ 12,955,678 6.77
+5.643.482 9.00

a M exican curren cy .
t> D ocs n ot Include earnings of C olorado Springs & C ripple Creek D istrict R v
fro m N o v 1 1911 * in 1910 th ese r etu r n !
i ? 8J h !;i h dehd;i J In clud es th e B osto n & A lb a n y , th e N ew Y o r k & O tta w a , th e S t. Law rence & A d iro n d ack an d tho O tta w a & N Y . R y . t th e latter
H i l o I n d i a n ! f , ^ an ad ' ^ ^ , ^ b d oM not m ako returns t o th e In ter S ta te C om m erce C om m ission,
f In cludes E v a n sv ille & Terre H a u te an d E v a n sIn c
0
, ve. / ! nd L orain & W h eelin g R y . in b oth y e a rs,
n In cludes th e N orthern O h io R R .
p In clud es earnings ot
Mexican I n t M n a t lO M l^ R o m ^ u W 1l 9*icf Q
n l *ao{ude3 L ou isville A A tla n tic an d tho Fran kfort & C in cin n ati, t In clu d e* t h «
4ii»orixauonAl Iron* J u ly ljilO . t i l n o lu dea th o -Texas Cen
tr a l,
v In clu d es n ot o n ly o p eratin g r e v e n u es, b ut also ail o th e r receipts*




THE CHRONICLE

May 25 1912.]

Latest Gross Earnings by Weeks.- -In the tablelwhich
follows we sum up separately the earnings for the second week
of May. The table covers 'll roads and shows 9 .7 5 % in­
crease in the aggregate over the same week last year.
1912.

Second week, of Man.

Increase. Decrease.

1911.

$
84,441
Alabam a Great S outhern..
41,525
Ann A rb or_______________
57.804
Atlanta Birmingham & Atlantic
203,100
Buffalo Rochester & Pittsburgh
389.000
Canadian N orthern____________
,518,000
Canadian Pacific_______________
225,400
Central of Georgia_____________
020,118
Chesapeake & O h io____________
200,059
Chicago & A lto n ______________
250,320
Chicago Great W estern________
120,537
Chicago Indianapolis & Louisv.
189,951
Cincin New Orl & Texas P a c—
210,261
Colorado & Southern__________
415.000
Denver & Rio Grande__________
23.804
Detroit & M ackinac------------- - - 63,089
Duluth South Shore A A tlantic.
44,019
Georgia Southern & Florida-----Grand Trunk of Canada----------j- 952,083
Grand Trunk W estern.
Detroit Grand Haven & Milw
Canada A tlan tic------- - - - - — J
109.000
International & Great Northern
172,077
Interoceanlc of M exico------------Louisville & N ashville------------- 1,047,425
14,669
Mineral Range - - - - - - - ............- 151,029
Minneapolis & St Louis------------1
Iowa Central------------- . -------J
430,205
Minneapolis St Paul & S S M . .1
Chicago D ivision----------------- J
401,502
Missouri Kansas & T exas______
951.000
Missouri Pacific------------------------201,193
M obile & O h io_________________
National Railways of M e x ico .. 1,074,555
10,008
N cvada-California-Oregon -----9,097
R io Grande Southern--------------211.000
St Louis Southwestern------------442,842
Seaboard A ir Line--------------------1,132,510
Southern R ailw ay. - - - - - — - 2,190
Tennessee Alabama & Gcorgla.
208,431
Tcxas <fc Pacific------------------------19,718
T oledo Peoria & W estern---------79,980
T oledo St Louis & W estern------

S
74,
40,
49,
172,
331,
1,989,
204,
004,
309,
282,

5
9,758
1,337
8,320
30,904
57,500
529,000

171,
250,
429,
20 ,

18,237

21,200

15,947

121 ,

34,223
14,100

3,001
1,474
4,006

01 ,

40,

877,194

74,889

148,000
120,273
976,925
14,170
155,971

21,000

381,073

40,132

52,404
70,500
493

1,942

27,939

433,
950,
222 ,
783,
7,
9,
235,
434,
1,084,
2,
243,
22 ,
82,

1,000

290,810
2,817
8,817
47,694

>1,700
107
24,000

101
2,700

2,100

13,539,914 12,337,158 1,373,398
1,202,750

Total (41 roa d s).......
Net Increase (9 .7 5 % ).

43,210
25,719
734

170,042

N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h e t a b le f o l ­
l o w i n g s h o w s th e g r o s s a n d n e t e a r n in g s o f S T E A M r a ilr o a d s
a n d in d u s t r ia l c o m p a n ie s r e p o r t e d th is w e e k :

------- Gross Earnings--------------- Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
S
S
3

Roads.

Cen tral o f N J . b .............. A p r 1 ,7 5 7 ,5 4 6
2,4 5 7 ,8 3 2
281 ,019
J u ly 1 t o A p r 3 0 _______24,8 3 0 ,9 0 0 2 4 ,1 9 7 ,8 0 0 10,072,710
B a ltim o re & O h i o . b ____ A p r 7 ,5 8 9 ,0 7 8 0 ,8 8 8 ,2 1 8
2,4 1 9 ,3 4 1
J u ly 1 t o A p r 3 0 _______7 6 ,0 2 6 ,4 9 4 7 3 ,1 0 5 ,2 5 8 2 2 ,0 3 0 ,9 0 7
D elaw are L a ck * W e s t .b —
Jan 1 to M ch 3 1 _ 8 ,5 1 9 ,0 9 5
8,1 6 3 ,4 7 3 2 ,907,793
J u ly 1 t o M ch 3 1 _2 7,693,411
20,0 9 8 ,2 9 1 1 0 ,558,395
S yra cu se B in g & N Y . b —
Jan 1 to Moll 3 1 _
208 ,340
249,881
87,9 0 9
J u ly 1 to M ch 3 1 _
870,093
8 29 ,536
333 ,7 4 8
G e o rg ia , b _______________ M ch
302 ,060
301 ,783
03,298
J u ly 1 to M ch 3 1 . 2 ,643,981
2 ,5 1 9 ,5 8 5
7 2 3 ,0 9 3
P ere M a r q u e t t c .b ______ A p r 1,380,251
1,242,002
232,611
J u ly 1 t o A p r 3 0 _13,978,727
13,302,908 2 ,0 0 2 ,2 5 0
R io G ra n de J u n c t i o n . .. M c h
00,076
71,609
n l8 ,0 2 2
D e c 1 t o M ch 3 1 267,192
270,249
n 8 0 ,2 4 7

IN D U S T R IA L C O M P A N IE S .
K in g s C o El L t & P o w .a .A p r
4 2 1 ,2 2 5
3 0 4 ,5 0 0
153,634
J a n 1 to A p r 3 0 - 1,790,293
1 ,5 6 7 ,0 2 0
099 ,512
M ex ica n L t & P o w e r ---------A p r
695 ,2 7 5
664 ,513
491,407
J a n 1 t o A p r 3 0 . 2,9 1 1 ,4 8 1
2 ,7 1 0 ,2 5 5 2,1 0 5 ,3 3 2

1,001,831
10,338,573
2,391,141
2 0 ,509,393

3,1 0 6 ,4 8 5
1 0 ,808,300
104,274
353 ,100
86,858
602,403
179,059
2,6 4 2 ,7 1 4
n 21,482
r?81,074
137,205
012,267
396,859
1,753,050

a N et earnings here given are a fte r d e d u ctin g ta xes,
b N et earnings here given arc b e fo re d e d u ctin g ta x e s.
7i T h ese figures represent 3 0 % o f gross earn in gs.
In te re st C h arges

Roads.

and

S u r p lu s .

— Inl., Rentals, & c.— — Dal. of Net E arns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
$
,
5
S

C entral o f N ew J e r s e y ..A p r 570,102
483 ,534 d e f.2 8 8 ,54.3
578,297
J u ly 1 to A p r 3 0 _______ 5,545,924
5,2 1 1 ,1 1 5
5 ,1 2 6 ,7 9 2
5,127,458
D elaw are L a ck & W estern —
Jan 1 to M ch 3 1 ________ 2,2 4 1 ,8 0 8 2 ,369,014 £ 2 ,3 9 7 ,4 8 2 £ 1 ,9 8 8 ,5 7 4
J u ly 1 to M ch 31 ..............7,2 3 2 ,8 0 8 7 ,3 3 4 ,9 4 0 £ 7 ,0 0 9 ,4 2 9 £ 6 ,8 8 7 ,0 8 4
S yra cu se B in g & N Y —
J a n 1 to M ch 3 1 -----------42,292
3 7 ,481
£ 1 0 0,55 4
£11 0,07 8
140,671
148,154
£36 9 ,6 9 5
£36 2,99 9
J u ly 1 to M ch 3 1 ..............
G eorg ia .................................. M ch 100,271
65,577 £ d e f.2 8 ,012
£30 ,046
Jan 1 to M ch 3 1 .......... .. 607 ,089
6 08 ,908
£14 1,18 2
£75,404
P erc M arqu ette ................. A p r 391.401
3 87 ,746 j/d cf2 0 1 ,1 0 3 f/def234 ,140
J u ly 1 to A p r 3 0 ---------- 3 ,0 2 2 ,5 6 7 3 ,0 9 1 ,0 7 D i/d e fl7 8 8 ,3 8 4 t/d e fl5 5 1 ,1 5 4
R i o G rande J u n c t i o n . .. M c h
8 ,3 3 3
8,333
9,089
13,149
D ec 1 to M ch 3 1 ..............
3 3 ,3 3 3
33,333
40,914
47,741
I N D U S T R I A L C O M P A N IE S .
K in g s Co E l L t & P o w . - A p r
72,236
64,736
£ 85 ,950
J an 1 to A p r 3 0 .............
288 ,944
258 ,944
£ 4 2 9,20 4

£76 ,981
£373,571

£ A fte r allow in g fo r o th e r in co m e re c e iv e d .
V A ft e r a llow in g fo r o u tsid e o p e r ., hire o f e q u ip , an d o th e r In com e.
E L E C T R IC

R A IL W A Y

Name of
Road.

American R ys C o-----A tlantic Shore R y - - cAur Elgin & Chic R y
Bangor R y & Elec Co
Baton R ouge Elec Co
Binghamton Railway
B rock & Plym St R y
Bklyn R ap Tran Syst
Cape Breton Elec C o.
Carollna Pow & Lt Co




AN D

T R A C T IO N

Latest Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

3
$
A p r il_____ 374,240 355,927
April _____
26,078
21,736
A p r il......... 141,974 130,913
M a rch ____
52,319
43,140
M a r c h ____
10,880
9,189
M a rch ____
33,109
29,000
7,514
M a r c h -----7,303
January . . 1821,950 1745,422
24,410
24.199
M a r c h -----34,846
28,090
A p r il--------

C O M P A N IE S .

1413
Latest Gross Earnings.

Name of
Road.

Cent Park N & E R iv
Central Penn T ra c.
Chattanooga R y & Lt
Clev Painesv & E ast.
Clev Southw & Colum
Columbus (Ga) El Co
Coney Island & Bklyn
Dallas E lectric C orp.
Detroit United R y ___
D D E B & Bat (Rec)
Duluth-Superior Trac
East St Louis & S ub.
El Paso E le ctric_____
Falrm & Clarks T r Co
42dStM & SN Av (Rec)
Galv-IIous Elec C o ..
Grand Rapids R y C o.
Ilavana E lectric R y .
Honolulu Rapid Tran
& Land C o_______
Iloughton Co T rac Co
Hudson & Manhattan
Illinois Traction C o._
Interboro Rap T ran.
Jacksonville T rac C o.
Lake Shore Elec R y .
Long Island E lectric.
Milw El R y & Lt C o .
Milw L t, H t & Tr C o.
Montreal Street R y . .
Nashville R y & Light
N Y City In te rb o ro ..
N Y 4 Long Isl T ra c.
N Y & Queens C o-----Northam Easton & W
North Ohio T rac & Lt
North Texas Elec C o.
Ocean Electric (L I ) .
Paducah T r a c * Lt Co
Pensacola Electric Co
l ’ hila Rap Trans C o ..
Port (Ore) R y,L & P C o.
Puget Sound Elec C o.
Richm ond L t & R R .
R io de Janeiro Tram
Light & Power C o.
St Joseph (Mo) R y .L t
Ilca t & Power C o.
Sao Paulo Tram ,L& P
Savannah Electric Co
Seattle Electric C o ..
Second A ve (Rec) —
Southern B oulevard.
Sou W isconsin R y Co
Staten Isl’d M idland.
Tam pa Electric C o ..
Third Avenue (R e c).
Tri-City R y & Lt C o.
Twin City Rap T ran.
Underground Elec R y
of London—
Three tube lines__
M etropolitan D ist.
United Traim vays.
L ondon Gen’l B us.
Union (R e c)_________
U nionR y.G & E C odll)
United R ys o f St L . .
United R R s o f San Fr
W estchester El (Rec)
W hatcom Co R y & Lt
Yonkers ItR ( R e c ) ..
Youngst & Ohio R iv .

Jan. 1 to latest date.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

January .
A p r i l_____
M a rc h ____
M a r c h ____
M a r c h ____
M a r c h ____
January ._
M a r c h ____
4th wk Apr
January . .
M a rc h ____
March . .
M a r c h ____
April _ .
January . .
M a r c li____
M a rc li____
W k M ay 19

5
47,567
69,397
81,332
24,728
80,316
41,149
98,218
143,057
250,020
50,749
90,998
201,018
63,055
65,227
127,313
149,417
98,599
49,494

S
50,437
05,112
72,395
24,075
83,648
38,243
99,934
129,528
228,139
49,546
88,700
176,892
57.090
53,180
116,453
110,287
89,706
45,111

S
47,567
277,548
238,993
69,353
243,305
127,349
98,218
407,978
3,317,129
50,749
262,489
577,803
194,474
243,232
127,313
431,809
287,674
967,469

S
50,437
259,848
215.193
68,242
238,161
114,305
99,934
384,673
2,934,875
49,546
251,047
534,296
173,709
208,612
116,453
327,381
263,009
908,255

46,110
40,038
24,485
24,090
455,091 389,729
590.277 549.729
2859,250 2742,786
51,257
51,900
86,528
92,120
12,742
13,030
447,350 391,825
84,041
74,191
427,004 371,992
108,647 150,901
33,005
20,998
24,131
24,993
90,024
83,530
11,969
10,808
215,888 190,180
139,192 142,938
4,154
3,313
23,056
20,541
22,309
22,841
1903,908 1824,173
543,138 515,753
140,279 142,669
23,007
23,123

137,496
68,580
1,345,600
1,790,362
147,047
201,391
12,742
1,331,814
248,907
1,239,621
494,721
33,005
24,131
90,624
23,473
023,486
307,375
4,154
71,279
67,585
7,321,162
1,593,278
404,088
23,067

116,783
67,913
1,138,396
1,650,699
7,836,106
151,638
247,356
13,030
1,180,315
221,879
1,072,854
470,147
20,998
24,993
83,536
22,790
548,871
370,035
3,313
63,033
67,530
6,923,554
1,505,640
417,055
23,123

M a rc h ____
M a r c h ____
M a rc h ____
M a r c h ____
M a rc h ____
M a r c h ____
M a r c h ____
January _ .
M a rc h ____
M a rc h ____
M a rc h ____
March . .
January . .
January . .
January _ .
February _
March _ .
M a r c h ____
January ._
M a rc h ____
M a r c h ____
A p r i l _____
March . .
M a r c h ____
January . .

M a rch ____ 1104,519

967,963

3,354,404

2,908,751

M a rc h ____
04,320
A p r il_____ 375,015
M a r c h ____
58,964
February . 413,838
January . .
70,780
9,076
January . .
16,950
A p r il_____
16,320
January . .
62,057
M a r c h ____
January . . 305,508
M a rch ____ 243,740
2d wk May 151,137

87,728
284,038
53,002
428,557
65,595
8,232
14,848
15,892
50,804
290,984
220,751
143,653

288,562
1,468,048
173,762
803,654
70,780
9,076
69,716
16,320
182,407
305,508
748,192
2,841,167

261,842
1,125,116
158,106
907,285
65,595
8,232
58,080
15,892
107,363
280,984
683,481
2,722,341

£13,545 £13,470
£12,554 £11,902
£0,818
£6,323
£52,974 £40,597
180,130 167,777
315,800 253,439
1014,430 973,939
091,754 657,170
41,277
40,483
32,411
31,301
52,207
49,332
19,100
18,212

£284,415
£249,795
£117,140
£877,084
180,130
923,076
3,818,745
2,012,427
41,277
101,924
52,207
53,523

£280,280
£237,958
£115,851
£607,991
107,777
781,506
3,741,119
1,873,070
40,483
96,088
49,332
51,000

W k May 18
W k May 18
W k May 18
W k May 18
January _ .
M a rch ____
A p r il_____
M a rch ____
January . .
M a r c h -----January . .
M a rch ____

c These figures are for consolidated com pany.

Electric Railway Net Earnings.— The following table gives
the returns of E LE CTR IC railway gross and net earnings
reported this week:

-------Gross EarningsCurrent
Year.
§
American Light & Tract .A p r
310,138
Jan 1 to A pr 30______ 1,343,340
A urora Elgin & C h ic _ b .-A p r
111,974
July 1 to A pr 3 0 ............ 1,504,800
Central Penna T ra ct------A pr
09,397
Jan 1 to A p r 3 0 ...........
277,548
Fairm ont & C la rk s b .b .-A p r
05,227
Jan 1 to A pr 3 0 ______
243,232
Interboro R ap T ra n s.a .M ch 2,859,250 2,712,780 1,545,736 1,456.082
22,122,896 11,943,604 11,562,871
Internat’l R y Co (Buffalo) .b —
416,619
416,455
Jan 1 to Mch 3 1 ______ 1,188,304 1,138,194
Crosstown Street R y .b —
57,737
63,263
229,820
Jan 1 to Mch 3 1 ______
241,889
208,550
286,923
518,557
M exico T ram w ays______ Apr
551,712
Jan 1 to A pr 30______ 2,153,234 2,005,198 1,107,022 1,033,451
7,950
6,290
20,541
Paducah T ract & L t .a .-M c h
23,656
25,319
19,115
03,033
Jan 1 to Mch 31______
71,279
833,922
806,801
Philadelphia Co (P it t s )..A p r 1,870,140 1,817,713
716,725
742,021
Philadelphia R ap T ra n s.A p r 1,903,908 1,824,173
July 1 to A pr 30______ 18,665,570 17,650,089 7,189,005 6,779,057
179,760
228,370
284,038
Sao Paulo T ra m ,L t& P o .A pr
375,015
717,318
893,014
Jan 1 to A p r 30............ 1,468,048 1,125,116
337,967
293,779
657,176
United R R s o f San F r ..M c h
091,754
805,769
1,873,070
954,038
Jan 1 to Mch 31______ 2,012,427
313,640
973,939
276,008
United R ys of St L o u is .a .A p r 1,014,430
3,741.119 1,165,020 1,170,407
Jan 1 to A pr 30______ 3,818,745
United T ract (Albany) .a —
111,733
136,713
537,234
Jan 1 to Mch 31______
560,584
Roads.

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.

Jan. 1 to latest dale.

— Int.. Rentals, & c.—

Current
Year.

Previous
Year.

Roads.

$
1,473,552
89,802
521,854
157,285
34,060
96,623
21,559
1,821,950
70,430
138,879

$
1,375,834
70,705
487,084
130,222
27,376
84,054
21,194
1,745,422
73,725
117,807

A urora Elgin & Chic------ A pr
July 1 to A pr 3 0 ..............
Fairm ont & Clarksburg.Apr
Jan 1 to A pr 3 0 ..............
Interboro Rapid T ra n s..M ch
July 1 to Mch 3 1 . ............
Internat R y Co (Buffalo)—
Jan 1 to Mch 3 1 . ............
Crosstown Street R y—
Jan 1 to Mch 3 1 . ............

Current
Year.
5
36,969
367,307
18,261
73,043
924,344
8,248,457

— B al. o f Net E arns.—
'
Previous
Current
Previous
Year.
Year.
Year.
%
$
S
17,306
35,571
22,405
255,091
288,669
344,264
20,722
17,354
16,943
71,556
74,669
61,023
£654,306
£592,815
889,316
7,986,298 £3,978,426 £3,828,234

289,279

280,286

£143,587

£139,399

62,679

61,559

£def4,985

£1,683

1144

THE CHRONICLE
—Int., Rentals, & c.—
Current
Previous
Year.
Year.

R oa d s.'

$

Paducah Trac & L ig h t.-M ch
0,265
Jan 1 to Mch 31______
18,738
Philadelphia R ap Trans. A pr
748,631
July 1 to A pr 30______ 7,403,297
United R ys of St L o u is ..A p r
225,37S
Jan t to A pr 30...........
902,227
United T ract (A lbany)—
Jan 1 to Mch 31______
108,113

— Dal. of Net Earns.—
Current
Previous
Year.
Year.

$

5

$

5,760
25
2,100
17,354
377
7,905
735,680
defo.OlO defl8,964
7,327,455 def214,292 de!548,39g
£55,710
£87,610
229,436
921,229
£278,284
£263,528
102,860

58,095

84,805

ANNUAL REPORTSo
Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since April 27.
This index, which is given monthly, does not include re­
ports in to-day’s “ Chronicle.”

Electric Railways—
Calumet & South Chicago R y ........... 1311
Chicago Railways_____ ___________ 1247
E. St. Louis & Suburban R y_____ 1311
Louisville R y____ _________
-1179
Manila Elec. RR. & Lighting Corp.1384
Pacific Power & Light Co.— (18 mos) 1317
Phlla. Co., of ITUs__________1380, 1389
Rio de Janeiro Tramway Light &
Power Co., Ltd_________
.1247
St. Joseph (Mo.) Railway, Light,
1187
Heat & Power Co_________
Sao Paulo Tramway Light & Power
Co., Ltd_____ _______ „ ________ 1248
Trl-CIty Railway & Light Co______ 1381
United Railways & Electric Co.,
Baltimore .........
1179
United Rys. Investment C o.. 1310, 1326
industrials—
American Beet Sugar Co., N. Y ____1381
Amer. District Telegraph Co., N. Y._ 1315
Atner. Gas Co., Phlla____________ 1181
mer. Iron & Steel Mfg. Co.,
Lebanon, P a .------------1184
Anaconda Copper Mining Co----------- 1386
Atlantic Gulf & West Indies S. S.
Line, N. Y . . . .................................1313
Autosales Gum & Chocolate Co.,
N. Y. (1043 mos ) _______________1180
Brltlsh-Westinghouse Elec. * Mfg.
Co., Ltd.......... ...........................--1386
Buffalo (N. Y.) Gas Co_______
1315
Bush Terminal Co., N. Y ................... 1181
By-Products Coke Corporation------ 1314
Canadian Cons'd Rubber Co., L t d ..1312
Central Foundry Co., N. Y ............... 1182
Cen’l & S. Amer. Telegraph Co____ 1183
Columbia Gas & Elec. Co., Cln------ 1133
Columbus (O.) Gas & Fuel Co......... .1319

Industrials Concluded—
Page.
Computing-Tabulating - Recording
C o ........................................1248, 1254
Copper Range Consolidated Co____ 1251
Crex Carpet Co , N. Y .......... ........... 1311
Cor. of United Cigar Stores________ 1380
De Long Hook * Eye Co__________ 1252
Diamond Match Co., Chicago.......... 1313
Electric Storage Battery Co., Phlla. 1182
General Asphalt Co., Phlla............... 1386
General Electric Co_________1180, 1192
Goldfield Consolidated Mines C o ... 1381
Hale & Kllburn Co., N. Y. & Phlla 1180
Homestake Mining Co., (19 mos.) . . 1181
International Cotton Mills Corp.,1381
International Harvester Co___ 1311,1322
Kans. City Stock Yards Co., of Mo. 1387
Lanston Monotype Machine Co., Pa. 1381
Mexican Telegraph Co____________ 1183
McCrum-Howell Co., Receivers*
preliminary statement................. .1314
Michigan State Telephone Co______ 1315
Mines Company of America............. 1189
Minneapolis General Electric Co____1183
National Candy C o . . . ...............
1314
Nevada Cons. Copper Co., (15 mos). 1189
New England Cotton Yarn and Union
1315
Mills, Boston.............
New Eng. Telephone & Teleg’h Co. 1320
North American C o.........................1184
North Butte Mining Cd........ ........... 1253
Nova Scotia Steel * Coal Co., L td .1313
Parke, Davi3 & Co., Detroit., (Bid.
Sheet Dec 31.)_________________1183
Pennsylvania Steel Co...... ................1312
Pittsburgh (Pa.) Oil & Gas Co_____ 1190
(M) Rumely Co., La Porte, Ind____ 1180
Safety Car Heating & Lighting C o .. 1182
Shredded Wheat Co., Niagara Falls. 1315
Spring Valley Water Co., San Fran.1183
Standard Oil C'o., Col_____ ________1255
Tonopah Mining Co...........................1190
United Box Board Co., Chicago____ 1388
United Gas Improvement Co., Phlla. 1180
U. S. Gypsum Co., Chicago.........1182
U. S. Reduction & Refining Co____ 1191
U. S. Rubber Co., N. Y ................... 1311
U. S. Steel Corp., (3 mos.)________ 1248
Utah Cons. Mining Co., N. Y _____ 1314
1191
Utah Copper Co.....................
Vacuum Oil Co., Rochester, N. Y-.1381
Waters-Pierce Oil Co., St. Louis, Mol3l2
Western (Bell) Telephone & Tel. Co.1315

T r i-C ity R a ilw a y & L ig h t C o . (o f C o n n e c tic u t), D a v e n p o r t,
Iow a , R ock

I s la n d , M o lin e

(R ep o rt f o r F is c a l

and

IN C O M E AC C O U N T , IN C L U D IN G S U B S ID IA R IE S .
1911.
1910.
1909.
1908.
$2,707,472 $2,513,487 $2,030,488 $1,819,077
Oper. expenses and taxes 1,551,510
1.481,968
1,140,908
1,069,317
Deduct—
Int.& disc.on bds.&loans
Sink, fund installm ents.
P ref. divs. ( 6 % ) _______
R eplacem ’ t & renew’l fd .

$1,155,962

$1,031,519

$808,580

$749,760

$527,889
50,000
169,572
100,000

$481,407
50,000
169,572

$472,388
50,000
169,572

$440,294
50,000
166,347

$847,461
$308,501

$700,979
$330,540

$691,960
$206,620
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
A s s e ts —
S
Liabilities—
$
S
Plant, construe. &
Common stock__ 9,000,000
Investment acc't23,602,085 22,159,045 Preferred stock__ 2,826,200
Treasury bonds__
132,000
Bonds and notes.al0,999,000
Stores on hand__
139,196
127,798 Sinking fund........
195,000
Accounts and bills
Improvcm’t funds
71,487
receivable (less
Accounts payable.
98,832
res've for doubt­
Accr’d, &c., acc’ts 6261,601
ful accounts)__
155,569
132,343 Prcf.dlv., January
42,393
Prepaid accounts.
15,076
21,253 Miscellaneous___
11,987
Cash on hand, * c .
208,676
174,360 .Surplus account..
796,102
Cash with s. f . trus.
50,000
50,000
Balance, surplus__

£ A fter allowing for other Incom e received.

Railroads—
Page.
Atlanta Birmingham & Atlantic RK1247
Baltimore Chesapeake & AtlantlcRyl316
Chic. Indiana & Southern H R ___ 1380
Grand Rapids & Indiana R y........ .1178
Grand Trunk Ry. of Canada______ 1216
Hudson & Manhattan R R ............... 1246
Manistee <k North Eastern R R ___ 1381
Maryland Delaware* Virginia R y . 1317
N. Y. Chic. & St. Louis R R _____ 1246
Western N. Y. & l’enn. R y _____ 1318

[V ol . l x x xxiv

E a s t M o l i n e , 111.

Y e a r e n d in g D e c . 31

1 9 1 1 .)

T o ta l............ ..24,302,602 22,604,799

$656,641
$93,119
1910.
S
9,000,000
2,826,200
9,582,500
150,000
62,107
235,442
262,897
42,393
9,780
493,473

T o ta l................ 24,302,602 22,604,799

a Bonds and notes include $8,239,000 Trl-CIty R y. & Light Co. first coll, trust 5s,
351,000 underlying bonds, $1,956,000 ‘ 'first and refunding” 5% bonds and $750,000
Fri-CIty Ry. & Light Co. 6% 3-year redeemable gold notes.
6 Accrued, &c., accounts include In 1911 deferred paving, $30,101; accrued claims
and damages, S14.732; accrued taxes, $40,530; accrued bond interest, $103,437;
other accrued interest, $15,941: accrued sinking fund, $50,800.—V. 94, p. 1384,70S.

Waltham W atch Co.
{Balance Sheet o f M arch 31 1912.)
Assets—
Real estate.............................

Value of insurance policies.
Liabilities—
A ccounts p ayable.
Surplus___________
Reserve
T o ta l....................................
-V . 92, p. 1440.

1912.
___ $ 1,140,075
____ 2,423,082
___
4,719,080
___
4,502,000
___
1,169,353
___
48,798

1011.
$1,158,373
2,423,810
4,587,120
4,502,000
808,752
44,350

1010.
$1,169,771
2,648,395
4,313,307
4,501,000
453,932
35,729

___ $14,002,3 88 $13,524,405 $13,122,134
___ $12,000,000 $12,000,000 $12,000,000
...
97,720
458,228
59,720
...
465,511
514,385
663,906
...
1,394,000
950,300
...
4 5.157
-..$ 1 4 ,0 0 2 ,3 8 8 $13,524,405 $13,122,134

Westinghouse Eloctric & Manufacturing Co., Pittsburgh.
{Report fo r Fiscal Year ending M arch 31 1912.)
Chairman Guy E . Tripp, May 18, wrote in substance:
In our advertising columns on a previous page may be
found an official summary of the annual report, including
extracts from the remarks of Chairman Guy E . Tripp, the
balance sheet of March 31 1911-12 and the profit and loss
account for the late fiscal year. Further particulars follow:
R esu lts— The sales billed for the year were $3,922,866 less than the sales
billed for the previous year. Tills decrease Is due partly to an actual re­
duction of output, but to a greater extent to the lower prices obtained. The
latter is rellected in the decreased percentage of net profit on sales hilled.
Orders.— The value of unfilled orders as of March 31 1911 was $7,616,058:
as of March 31 1912 the value of unfilled orders was $8,137,961. During
April the value of orders booked exceeded that o f any m onth during the
year ended March 31 1912, so that the value of unfilled orders as of April 30
1912 was $9,218,303.
S u it.— The suit filed b y the United States with respect to the incan­
descent lamp business was terminated by the entry of a decree, which, as
predicted last year (V. 92, p. 1612), does not seriously affect the conduct
of your lamp business (V. 93, p. 1025; V. 94. p. 212, 1060).
Total Surplus.— The surplus of March 31 1911, $5,964,225, was decreased
during the year by various items to $5,887,183. This balance was increased
by the net income for the year $2,444,093 to a gross surplus o f $8,331,276.
Against this surplus have been charged dividends aggregating 7 % on the
pref. stock ($279,909) and a dividend of 1% ($352,117) on the com m on
stock, declared March 27 1912. There was also written oil $1,050,285 for
depreciation of investments, as follows: Stock, Westinghouse Electric Co.,
L td., $250,000; debentures, Soclete Elcctrique Westinghouse dc Russle,
$243,243, and bonds, Lack. & W yom ing Valley Rapid Transit Co., $557,­
042. As a result the surplus as of March 31 1912 is $6,648,964.
[The pamphlet report contains a com plete statement of investments
as of March 31 1912 com pared with 1911.]

P r e s . J o s e p h F . P o r t e r , A p r . 2 3 1 9 1 2 , w r o t e in s u b s t a n c e :
Results.— The gross earnings show an Increase of $193,985, or 7.71% over
1910: operating expenses and taxes increased $69,542, or 4.6 9 % : net earn­
ings increased $124,443, or 12.06% . The interest charge was $515,846, an
Increase of $34,438, or 7 .1 5 % , and the sinking fund $50,000. T he direc­
tors created a replacem ent and renewal fund of $100,000 from the year’s
surplus and also authorized a charge of $12,043, being the proportion ap­
plicable to 1911 for organization expense and discount on bonds. There
was declared 5% in dividends on the pref. stock, amounting to $169,572,
leaving a balance $308,501, which was transferred to surplus account.
Bonds.— There was issued In 1911 $182,000 of the 5% collateral trust first
lien sinking fund gold bonds to take up the balance of the 6% 1st i l . gold
R ESU LTS EOR YE AR S E N D IN G M A R C H 31
bonds of the Davenport & R ock Island R y . C o., which bonds matured on
July 1 1911. The only underlying bonds now out are $54,000 Tri-City R y.
1911-12.
1910-11.
1909-10.
1008-09.
1st mtge. 5s due 1922. There were purchased for the sinking fund in 1911
$
$
$
$
$50,000 collateral trust bonds, making a total of $200,000 of this issue so
Gross earnings________ 34,196,446 38,119,312 29,248,682 20,606,592
canceled to the end of 1911. Of the “ first and refunding” 5% gold bonds, a Operating e x p ________ 30,604,850 32,510,547 25,605,704 19,955,808
$1,456,000 were Issued during the yeaf, of which $845,000 were for account
5,608,765
o f the Davenport & Muscatine R y . Co. (V . 93, p. 1465; V. 94, p. 488).
3,552,078
Net earnings_________ 3,591,598
050,784
Construction.— There was expended for new construction $265,575 in the
Other income—
272,055
electric department, $178,045 in the railway department and $138,253 in Interest & discount____
330,792
388,540
302,384
615,299
tho gas department, a total of $581,873; and for maintenance, $126,878,
478,810
720,081
Int. & div. received____
782,316
628,177
exclusive of the reserve for replacements and renewals of $100,000, men­ Misccll.— royalties, &c .
749,212
108,969
170,775
tioned above.
7,124,297
Railway.— The new “ Pay-E nter” cars have given entire satisfaction, and Total Incom e___________ 4,752,038
5,169,540
1,966,250
It is proposed to purchase 20 similar to those now in use. During the latter
Deductions from Income
1,076,554
1,112,320
part of 1911 we were obliged to use every one of our cars in order to meet
Interest on bonds & del). 1,116,308
1,056,808
116,000
400,000
the maximum traffic demands. The additional manufacturing activities in
376,000
Int. on collateral notes.
496,515
92,933
80,803
East Moline will undoubtedly make it necessary to double-track m ost of Miscell. interest..............
106,720
647,448
371,608
243,522
the East Moline line in 1912. The demand for extra car service to Betten­
504,942
Depreciation
_____ . .
513,316
76,667
d orf, together with the fact that the Iowa & Illinois R y . Co. will soon oper­ P rop. exp . bd. & note Iss
90,000
209,369
170,171
ate a freight service, will necessitate double-tracking the Bettendorf line M iscellaneous--------------113,975
170,854
from the city limits of Davenport to the easterly limits of Bettendorf early
Total deductions____ 2,307,945
2,243,191
2,108,876
2, 884,942
In 1912. The 25th St. and 13th A v . line, R ock Island, and the 4th St.,
16tli A ve. and 7th St. lines, Moline, will be com pleted in 1912. The inter­ Balance....... ...................su r2 ,4 4 4,0 93 sur4,881,106sur3,060,66 l def 918,683
urban line to Muscatine is well under way.
Other Profit and Loss Credits—
Electric Department.— The business o f this department has necessi­ P.& L. surp. beginn. yr. 5,964,225
5,688,948
8,980,335 11, 972,097
tated additional transmission lines and extension of distributing lines Into Prof, on bds. purch. &
5,200
8.722J
new territory. Your com pany has arranged for an output of approxim ately
retired through slnk.fd
(4,177
105,479
3,000 lc. w. from the new Davis hydro-electric plant at Sears, 111., and tills Prof, on deb. certs, purch.
l 1,415
117,10()
450,399
will be available as soon as the transmission lines to our R ock Island and
Ad. prop. & plant a cc’ t
172,336
Davenport substations arc com pleted. A pplication has been received from A cc’ ts rcc. prev. wrlt.olf
806
43,372
the Iowa and Illinois R y . Co. for power to operate their line between Daven­ M iscellaneous__________
27,094
47,985
port and Clinton. This, and other large prospective customers, will neces­
11,187,787
sitate further transmission lines. The output was very satisfactory, in
Cross surplus_______
8,534,947
11,230,362 12,094,576
Profit and Loss Charge—
spite o f the fact that the manufacturing plants In the three cities were af­
2,207,452
fected by a shortage of orders. T h eou tlook is still more promising for 1912. Various P. & L. ch ’ges. c l , 253,956 C l,636,342 r6 ,075,741
Gas Department.— The expenditures for this department covered the In­ Div. on pref. Stock. _ (7% ) 279,909(15 % )629,705 (8 ;H)319,886
stallation of one 8 ft. 6 in. water-gas set in the plant at Davenport, the ex­ D iv. on com . stock (1% )
_____ _
_______
352,118
tension of distributing mains and the building of a high-pressure line and
distributing mains in East Moline and Sllvis. Additional distributing mains
T otal surp. Mar. 3 1 . . 6,648,965
5,964,225
5,668,948
8,080,335
will be laid in East Moline and Sllvis, and small extensions In other towns,
but generally the available territory is well covered; consequently the earn­
a Includes factory costs, embracing all expenditures for patterns, dies,
ings for the gas department should materially Increase in 1912.
new small tools and other betterments and extensions. Also inventory ad­
General.— B y Jan. 1 1913 all construction requirements In the franchises justments, and all selling, administration, general and developm ent expenses.
will have been com plied with. As to new control in 1911, see V . 94, p. 768.)
c“ Various profit and ioss charges” Include In 1911-12 depreciation of




investment, $1,050,285 and miscellaneous, $203,671; in 1910-11 Include
depreciation of securities— U. S. E lec. L tg.C o. stock, $431,092, and Consol.
E l. L t. Co. stock and bonds, $307,121; difference between direct liability
established for W alker Co. bonds and appraised, sound value of property
mortgaged, $455,085; depreciation of securities owned, $2,852,91.); reserved
for notes and accounts receivable, $589,774, and miscellaneous, $3oo; In
1909-10 they Include depreciation of securities owned and accounts receiv­
able, $5,723,251; reserved for acc'ts receivable, $3-9,181; mlscell., $ -3 ,3 09 .
B A L A N C E SH E ET M A R C H 31.
1911.
1912.
$
Assets—
5
Factory plantsdncl.real estate, bldgs.,
machinery, equipment, & c .)— - 19,19.), 188 17,092,140
445
444
Sink, Id . to redeem con vert.5% bd s.
6,634,077
Cash .............................. ............ ............... 8,340,081
28,280
90,228
Cash— Spec.deposit & for coupons, &c
2,946,551
Notes receiv a b le.. _____ _____________ 3,395,420
9,494,731
7,970,044
A ccounts receivable__ _____________53,929
40,928
Due from subscriptions to cap.stock
Haw materials, supplies and work
com pleted and In progress, goods
on consignment, & c------------ ______ 13,119,286- A 14,321,474
Investm ents a ____ ____________
34,010 24,034,630
Charters, franchises, patents, insur­
0,195,307
ance and taxes prepaid.
993,333
E xp . incident, to issue of bds.&notes
903,333
T otal _____________________________
Liabilities—
P referred ____________________________
Assenting ----------------------------------------Non-assenting - - - - - - - — Convertible M nk.fd.5% gold bonds.
Debenture certificates-- - - - - - - ..........
W alker Co. bonds guaranteed---------Collateral notes ( 0 % ) ----------- -----------do
do
( 5 % )........... .................
4 5, 0 and 15-ycar 5% notes------------Subscription to capital stock of Soc.
Elec. Westlnghouse de Itussle-----Notes payable----------------------------------A ccounts payable--------------- -------------Interest, &c., accrued, not d u e -------Pref. dlv. payable April 15------------Com. d lv. payable A pr. 30 1912-----Itcal cst. M. assumed In purch. p rop .
Deserves for invest., adjust'ts, & c._
Miscellaneous — -----------------------------Prollt and loss surplus_______________

14,974,029
627
7,040,951
91,810
3,700,910
9,109,503
410,240
13,893,595
27,200,346
0,083,605
950,000

82,020,654

82,395,510

83,588,228

3,998,700
36,700,288

3,998,700
30,694,587

19,944,000
1,540,000
850,000
1)4,000,000
b2,720,000
1,383,650

19,957,000
1,800,000
850,000
4,000,000
2,720,000
1,383,650

3,998,700
30,720,488
600
20,480,754
1.840.000

(0
0 , 000,000
2.720.000
1,387,150

173,750
100,000

2,187,060
437,503
69,977
352,118
493,000
1,294,178
610
0,048,964

2,451,675
572,804
139,954

2,509,155
573,928

228,200
1,030,774
941
5,904,225

9,250
1,280,102
119,403
5,008,948

T otal____________ _____ ___________ 82,620,054 82,395,510 83,588,228
a Investments include stocks, bonds, debentures and collateral trust
notes, including those of affiliated European and Canadian W estlngh. Cos.
6 For list of collateral securing these notes sec V . 92, p. 1633.
c Outstanding in tills year, but treated as a contingent liability and so
not included.—-V. 94, p. 1191, 922.

United Shoe Machinery Corporation, Boston.

{Report for Fiscal Year ending March 1 1912.)
Pres. Sidney W . Winslow, May 18, wrote in substance:
Results.— The number of machines on lease in the United States on Mch. 1
1912 was 97,081, an Increase of 7 .5 % . A greater number of machines was
turned out at the factory in Beverly than In any other 12 months. There
arc 4,200 employees at this factory. W ereltn ot forthep cn d ln g Covernment
suits and threatened restrictive legislation by Congress, at least 1,000 more
people would be em ployed at the present time.
, . .
Govt. Suits.— The Department of Justico, a short time before the last
annual meeting, began the investigation of the organization of the com pany,
its subsequent acquisitions of properties, its contracts with shoe manufac­
turers and Its affairs generally, in September two Indictments (Nos. 113
and 114) were reported against members of the executive com m ittee for
alleged violations of the Sherman A ct.
On demurrer otio count In Indictment No. 114, which did not expressly
allege that the com pany’s business was based on patents, was held valid
until it should appear otherwise on trial. The other counts In both indict­
ments were quashed by Judge I’ utnam In the District Court (V. 94, p. 702).
The Government has taken a writ of error to the Supreme Court In respect
to certain o f the quashed counts, and Judge Putnam has recently denied
a m otion of the defendants for a speedy trial on Indictment No. 114.
The Government In December last Hied Its petition in equity against the
com pany, the corporation, the directors of both, and others, praying that
they be adjudged to have violated the Sherman A ct and for relief (V. 93,
p. 1672). Nine of the corporations made parties thereto demurred on the
ground that they had no interest In the matters com plained of, and the
petition was dismissed as against them on m otion of the Governm ent. It
is expected that the petition will be diligently prosecuted, as suggested by
Judge i’ utnam, in order that the practical application o f the statute to the
special methods of the com pany m ay bo thoroughly exploited and deter­
mined by the courts, and that In the meantime the criminal proceedings
will be held in abeyance.
Both in the organization of the com pany and in the conduct o f Its busi­
ness the directors have acted on the advice of eminent counsel, and have
at all times conform ed to the law as Interpreted by them. Thus far the
decisions of the highest courts in respect to the Sherman A ct have justified
the opinions of counsel and the acts of the com pany.
Judge Putnam, after having examined all the cases In which the Sher­
man A ct has been construed b y the Supreme Court, said: " I t seems to be
impossible to deny that the com bination of various elements of machinery,
all relating to the same art and the same school of manufactures, for the
purpose of constructing econom ically and systematically, and of furnish­
ing any custom er the whole or any part of an entire system, Is In strict
and normal com pliance with modern trade progress.”
One Consequence of Government Suits.— Hitherto the manufacturer lias
had the option of either buying certain machines outright or taking them
on lease at a nominal rental on condition that they be used only In connec­
tion with certain other of the com pany's machines. The legality of the
lease having been questioned, the com pany In Dec. 1911 discontinued the
optional terms, and now offers the machines only on outright sale, as it
cannot afford to lease machines from tire use of which it receives no direct
pecuniary return unless lt can contract that these machines bo used in con­
nection with certain other machines from which it derives its revenue.
As a result, manufacturers with limited resources have found themselves
badly handicapped. How seriously this will affect the industry Is shown
by the fact that more than 80% of the customers of the com pany in the
United States each m anufactures less than 1,000 pairs of shoes per day; the
shoe manufacturer who makes less than that number of pairs being now
rated as a small manufacturer.
Additions.— The work upon additions to the Beverly plant has continued,
and lt is hoped that before May 1 1913 the new construction will be com ­
pleted. There has been a large expenditure in substituting improved for
out-of-date machines and in perfecting the improvements on machines
which the com pany has had in hand. Several new machines arc already In
condition for Installation In shoe factories.
Stockholders.— W o now have 7,538 individual stockholders.
. Machines Out on Lease March 1 and Increase for Year.
1912. 1911. 1910. 1909. 1908 1907. 1906. 1905.
Total number...... ......... 97,081 90,276 80,734 70,353 05,509 57,777 48,900 42,130
Increase_____________ 6,805 9.542 10,381 4,844 7,732 8.877 0,764 8,031
PROFIT AND LOSS ACCOUNT OF HOLDING CO. ( UNITED SIIOK
MACHINERY CORPORATION).
1911-12.
1911-12.
1910-11.
1910- 11 .
Bal. sur. for year.S3,099,856 $2,125 ,970
Earnings for year A
Previous balance.. 5,787,590 0,124 .753
Inc. In value of
stk. of oth.corps.S5,958,721 S5,780.107
T o t a l............: -S3,887,452 58,250 .729
Cash dividends--- 2,858,805 3,054,131
10% stock dlv. on
common stock..................... 2,403 ,133
r»
Dal sur for yr..?3,099,856 $2,125,970




1445

THE CHRONICLE

May 25 1912. j

Total surplus.. .38,887,452 $5,717,596

INCOME ACCOUNT OF OPERATING CO. ( UNITED SHOE MACHINERY CO.).
1911-12.
1910-11. |
1911-12.
1910-11.
Earnings for year.55,850,033 $5,772,1431Bal. sur. for yearS3,109,007 52,127,778
Cash dividends__ 2,087,020 3,644.3651 Previous surplus.20,669,800 18,512,022
Balance, surp..$3,169,007 52,127,778! Total surp...$23,838,807 $20,069,800
BALANCE SHEET OF UNITED SHOE MACHINERY COUP. MARCH l.&'J
1912.
1911.
1912.
1911 .*5^
Resources—
$
S
Liabilities—
5
5 ftill
Cash........ ............. 1,323,628 1,374.978 Common stock___ 28,599,434 28,599,434
Stock In other cor­
Preferred stock___ 9,545,200 9,515,400
porations -------*47,208,458 44,027,452 R e s e r v e ............... 1,500,000 1,500,000
Surplus................ - 8.887,452 5,787,590
T o t a l................ 48,532,086 45,402,430

Total .

...48,532,0S6 45,402,430

* Represents stock of Shoe Machinery Co. carried on the books of the Corporation
at 825 per share for preferred stock and 579 75 per snare for common In the late year,
compared with $25 per share for preferred and $72 50 per share for common stock in
the. previous year.
BALANCE SHEET OF UNITED SHOE MACHINERY CO. MARCH 1.
1912.
1911.
1912.
1911.
S
A sects—
Liabilities—
S
5
Real estate______ 2,295,355 2,025,185 Common stock...10,878,935 10,878,935
Maonincry............ 2,164,285 2,032,416 Preferred stock__ 9,971,58i 9,971,584
7,137,024
G,985,299 Accounts payable
Stock in process..
408,500
411,880
Cash & debts rec.. 9,148,170 7,531,252 Surplus................._23,833,S07 20,003,800
400,000
400,000 Machinery reserve. 320,039
Patent rights____
325,830
Leased macli., stk.
& bds. other cos.24,260,280 23,228,744
Miscellaneous___
0,799
5,133
T o t a l................ 45,417,925 42,258,029
— V. 94, p. 1000, 702.

Total

.............. 45,417,925 42,258,029

J. G. White & Co., New York.
{Report fo r Fiscal Year ending F eb . 29 1912.)

Pres. J. G. White, New York, May 20, wrote in part:
The surplus for the year shows an increase from $485,529 to $005,522,
after having paid the regular 0% dividend on the pref. stock. This is
equivalent to about 8% earned on your com m on stock.
Satisfactory earnings, as well as increases in rates o f dividends, have
been shown during the past year on a number of the properties In which
your com pany holds securities. This Is particularly true o f some o f the
properties operated by your com pany and it Is believed that further in­
creases in this respect can he reasonably expected.
BALANCE SHEET FEBRUARY 29.
1912.
1911.
1912
1911.
Liabilities—
8
S
Assets—■
S
$
Good-will, plant, &c.1,439,037 1,493,037 Common stock____ 1,500,000 1,500,000
0% cum. pref. stock.2,000.000 2,000,000
Deferred charges and
plant, tools, &c__ 144,884
148,903 Bills payable............ 650,024 530,855
08,121
83,579
Secure, owned, & c..2,27l,808 2,317,95) Accounts payable . .
30,000
Bills receivable____ 242,013
32,252 Pref. dlv. pay. May 1 30,000
Accounts receivable.
360,933 344,418 Surplus or undivided
profits___________ 605,522 485,529
Cash.......... ............... 317,212 266.389
24,380
20,975
Miscellaneous_____
T o t a l.............. ...4,800,267 4,029,903
T o t a l_____ _____ .4,860,207 4,029,963
Company’s total authorized common stock Is $2,000,000; preferred stock, $3,
000,000; par of shares $100— V. 93, p. 1108.

Anaconda Copper Mining Co., New York.
{Report fo r Fiscal Year ending D ec. 31 1911.)

Pres. B . B. Thayer, Butte, May 1, wrote in substance:
Results.— Owing to the depressed condition o f the copper metal market
at the beginning of the year, both the tonnage o f ore extracted and output
of reflned copper were reduced m aterially. Developm ent work, however,
was maintained at a normal rate, and advantage was taken of the slackness
of operations to re-timber certain shafts and make extraordinary repairs.
A t no other period In the com pany’s history was so much done in
the line of extraordinary repairs, several shafts being re-timbered from
the surface to the bottom . The expense thus entailed, together with the
cost of adding new cylinders to certain hoisting engines for the use of com ­
pressed air, and the expense of successfully lighting the lire at the High Ore
mine, were all charged to operating costs. N otwithstanding this fa ct and
also that a curtatled output naturally tends towards higher costs, and that
the grade of the ore mined was no higher In metal content than that treated
in former years, the cost per pound of copper produced was lower than In
previous years, reflecting, only partially as yet, the benefits derived from
consolidation, the more general use of electric power, and general refine­
ment of operations.
The dividends declared during the year exceeded the profits by $505,031.
This difference was more than offset by the item of extraordinary repairs
and expenditures In excess of normal years, amounting to $583,462, all
of which sum, as has been stated, was charged directly to operations during
the year 1911 and not carried for future proportionate distribution.
New Stock.— Capital stock of $2,812,500 (112,500 shares, $25 each) wa
issued to the Amalgamated Copper Co. for the purchase from VV. A . Clark
of mining properties In the Butte district. (See report for 1910.) This
stock was listed’ on the N . Y . Stock E xch . June 7 1911 (V .92,p. 1507, 1370).
Development and Improvements.— There was done In the mines of the
com pany during the ycar( In the form of drifts, crosscuts, upraises, winzes
and shafts, 30.7 miles o f developm ent work [against 33.1 miles In 1910]
and the am ount of ore developed was much In excess of the tonnage ex­
tracted. The shafts of the different properties were sunk during the year
to additional depths aggregating 3.711 ft. (contrasting with 3,765 ft. In 1910]
The contracts with the Great Falls Power Co. (V. 94, p. 985) for furnish­
ing power at Butte, Anaconda and Great Falls for the operations of your
com pany were fully com piled with, and the service was most satisfactory,
and It will he our aim In the future to displace the use of steam at every
point where electric power can be used more econom ically.
In the report for 1910 mention was made of the fact that the Parrot and
Little Mina shafts had been put out of commission, and during the year 1911
the East Gray Hock and Gagnon shafts were added to the list.
For several years experiments have been carried on at the concentrator
of the Boston & Montana reduction department at Great Falls, tending
towards a higher percentage of extraction from the ores treated, and have
resulted in absolute success. One full section equipped with the new m ethod
of concentration, operated continuously, showed such a saving that It was
deemed advisable to change one section of the concentrator at the W ashoe
plant at A naconda to permit of the use of the new m ethod. As soon as this
has been com pleted, corresponding changes will be made In the other
sections. In addition to increasing the percentage of saving In the treat­
ment of ores, the new m ethod will also greatly Increase the capacity.
M ine Tonnage.— The mines of the com pany produced 3,844,070 tons of
ore and 4,603 tons of precipitates, or a total of 3,848,673 tons [contrasting
with 3,330,640 tons hi 1910, the apparent increase for 1911 being due to
the fact that the purchase of the properties of the Boston & Montana, Red
Metal, W ashoe, Butte & Boston, Parrot, & c., com panies was not effected
till April 1 19101.
Reduction Works.— The reduction works treated for all companies during
the year 3,154,036 dry tons of ore [against 3,302,523 tons In 1910] and other
cupriferous material at Anaconda, and 1,101,778 dry tons o f ore and other
cupriferous material at Great Falls [against 1,035,165 In 1910]. O f this
amount 3,756,235.05 tons of ore furnished from the com p a n y’s mines,
499,077.33 tons of purchased ore, together with 501.10 tons o f precipitates
from the Old W orks, were treated for your com pany.
Total Production at Anaconda and Great Falls.
Year 1911.
Year 1910.
Fine copper, lb s ......................................................... .259,407,093
266,608,461
Silver, o z -----------------9,731,561
9,534,888
Gold, o z ________
48,950
57,259
Coal Department.— The mines at Belt, W ashoe and Diam ondville show
In Tons—
1911.
1910.
Coal p roduced__________________________________________ 800,073
828,531
Shipped to other departments____________________
508,913 449,421
S o ld ______ ________ _________ __________________________.316,647
309,242
Used at coal m ines_______________________________
74,513 69,868

1446

THE CHRONICLE

Lumber Department.— Tho sawmills at Hamilton, Hope, B onner and St
Regis cu t during the year 89,782,204 ft. o f lumber [against 128,334,239 ft.],
o f which 6,246,467 ft. were used at the mills, 72,713,827 ft . were sold com
merolally and 10,821,910 ft. went Into stock.
Subsidiary Departments.— These show for the year profits of $256,301.
Butte Anaconda
Pacific R y .— Extension— Electrification.— This railway
has com pleted plans for the electrification of the entire road from the mines
at Butte to the reduction works at Anaconda, and In addition contem plates
the extension of Its road from Anaconda to the Georgetown district, In which
are located several mines from which It is Impossible for the owners at the
present time to ship the lower grade ores on account o f the lack of transpor­
tation facilities. Some of the ores mined in the districts which will be
tributary to the extension of the road are m ost desirable in smelting opera­
tions at the Washoe Smeltery at Anaconda, and negotiations were concluded
for the purchase by the A naconda Copper Mining Co. of the Southern Cross
mine, which has In the past been one o f the largest producers
---------Traffic--------Gross
Net
Int.,
D ies.
Bat.,
Tons. Passenger. Incom e.
Incom e. Taxes,& c. (6 % ).
S u r.
1911 ...4 ,6 5 9 ,6 9 6 191,794 $1,058,003 $192,708 $85,764 $60,000 $46,944
1910 ...5 ,1 0 1 ,1 8 7 197,240 1,207,250 267,636 84,614 60,000 123,022
PR O FIT A N D LOSS AC C O U N T OF A N A C O N D A C OPPER CO. FOR
Y E A R S E N D IN G DEC. 31.
Receipts—
1911.
1910.
1909.
Sales of copper, silver and g old ______ $38,918,637 $30,943,509 $11,591,845
52,486
54,551
Royalties, &c .................
46,582
Incom e from Investments_____
248,425
195,219
32,147
Rental of properties, & c______
64,986
57,228
50,000
Miscellaneous receipts________
6,483
28,102
11,733
Net profits sub. depts., after d eprcc’n
256,302
376,014
280,813
Copper, sliver & gold on hand (copper
at cost, silver & gold at selling price) 14,343,155 14,736,503
5,986,064
Total re c e ip ts _______________$53,890,474
$46,391,126 $18,000,084
Disbursements—
Copper, silver & gold on hand Jan. 11
$5,986,964 $6,169,245
Copper, silver and gold taken overl$14,736,503
with purchased properties----------J
7,415,984
Mining exp., lncl. devel. & deprec’n . 14,493,824 12,628,535
5,511,820
Ore purchases (lncl. transportation). 3,626,897
2,986,488
105,490
975,917
Transp. of ore to reduction w orks---1,242,287
160,932
R educt, exp ., lncl. depreciation------ 7,744,570
7,203,880
2,819,021
Transportation of metals to East,
refining and selling expenses.......... 3,422,660
3,001,378
1,163,307
Administration expenses, &c-307,670
330,847
60,326
Total disbursem ents......... ............. ..$4 5 ,5 7 4,4 11 $40,529,093 $15,990,141
$5,861,133 $2,009,943
B a la n c e _______ _______ - ........................$8,316,063
A d d interest-----------------------------------------------------------------124,830
Total net Incom e__________________ $8,316,063
I n t e r e s t ......... ..........., ..............................
272,344
Dividends (8% )
.................. ............
8,608,750

$5,861,133
140,230
6,930,000

$2,134,773
2,400,000

Balance, deficit for y e a r . . . ............
$565,031 $1,209,097
$265,227
II. 1LANCE SHEET DECEMBER 31.
1911.
1910.
1911.
1910.
Liabilities—
Assets—
5
$
3
3
Mines, mining
Cap.stk. Issued. .08,312,500 105,500,000
claims,land,Ac 67,652,350 67,781,508 do to be issued
2,812,500
Accts.
A
wages
Buildings, sawmills, A c ----- 15,938,493 15,039,183
payable and
5,955,719
Timber lands - - 6,011,238
taxes accrued. 4,751,688
4,821,448
Dividend warr’ts
I ivest’ts In sun4,301,601
dry companies 5,426,398
not presented
7,264
6,151
133,092 Dividend paya242,564
Prepaid Ins., &c.
able January. 2,166,250
3,311,251
2,110,000
Materials A supp 2,537,218
2,059,054 Surplus________ 2,905,087
Mdse, for sale.. 1,919,179
3,470,119
Cop.,silver* gold 14,343.155 14,736,503
5,402,247
Accts.rec & cash 4,072,194

[VOL.

LXXXXIV

Timber.— The sale of the Shelldrake and W hite Fish Point tim ber lands
was referred to In the last report. Our present timber holdings are con ­
servatively estimated at 492,000,000 ft., but are not included in the
Treasurer’s statement o f assets and liabilities.
Lake Transportation.— The contract with the Calumet Transportation Co.
for carrying our coal and mineral has been renewed for 10 years at slightly
lower rates. The tonnage had Increased so that It appeared desirable that
the Calumet Transportation Co. should Increase Its lleet by the addition
o f two boats, each with a carrying capacity of about 10,000 tons. This
com pany availed Itself o f the opportunity to take 5348,200 stock In the
Transportation Co. at par, a little m ore than 50% of the total authorized
capital stock.
N o M erger.— The consolidation with certain other mining com panies, as
proposed on Jan. 2 1911, was abandoned last October for reasons set forth
In a circular (V. 93, p. 941).
SHARES OWNED IN OTHER COMPANIES.
-A umber
------ Number-----Owned. Issued.
Owned. Issued.
Ahmeek Mining Co_____ 24,800 50,000 Superior Copper Co........ 50,100 100,000
Allouez Mining Co............ 43,000 100,000 Dana Copper Co............ 36,500 40,000
Centennial Copper Min­
St. Louis Copper Co___ 35,450 40,000
ing Co........................... 43,500 90,000 Laurlunt Mining Co........ 33,500 40,000
Cliff Mining Co_________ 19,400 60,000 Seneca Mining Co_____ 11,207 20,000
Frontenac Copper Co___ 20,000 20,000 Isle Itoyale Copper C o .. 27,500 150,000
Gratiot Mining Co______ 50,100 100,000 Tamarack Mining Co__ 19,400 60,000
La Salle Corper Co.......... 152,977 302,977 White Fine Cop.C’o..corn. 43,202 85,320
Manltou Mining Co.......... 18,000 20,000
do
do
pref-- 3,792
3,792
Osceola Cons. Min. C o .. 32,750 96,150.
(For details of the operations of these companies, reference should be made to
reports of the companies appended to the pamphlet.— Ed.]
D IV ID E N D S P A ID DU R IN G C A L E N D A R Y E A R S .
1911.
1910.
1909.
1908.
T otal dlvs (per $25 share)
$24
$29
$27
$20
Am ounting t o .................... $2,400,000 $2,900,000 $2,700,000 $2,000,000
A S SETS A N D L IA B IL IT IE S .
Assets—
Dec. 31 ’ l l . A p r. 30 ’ l l . A p r. 30 '10. A p r. 30 '09.
Cash at mine o f f i c e ____
$182,316
$157,647
$157,529
$167,371
Cash at N. Y . office____
15,000
15,000
15,000
15,000
Cash and copper at Bos­
ton office ____________
7,072,192
5,852,434
6,272,865
6,186,988
Bills rcceiv’le at Boston
and m ine......... ............
516,293
546,257
708,254
406,001
D cvelop’ t & equip, fund
1,482
5,390
Insurance fun d ..............
............
983,177
967,920
E m ployees’ aid fu n d___
______
52,618
29,352
10,492
Sinking fu n d ___________
1,446,116
463,185
369,205
Due from Allouez, Cen­
tennial, Gratiot and
S u p erior........................
975,000
1,151,800
Calumet T ra n sp o rts Co.
348,511
Supplies on hand______
1,189,690
920,901
T otal assets.................. $11,720,449
Liabilities—
Drafts In transit_______
$238,729
Bills & accounts payable
at Boston and m in e .. 218,613

$9,159,754

$8,546,706

$199,418

$213,3121

383,430

666,098J

$7,774,107
V

$952,338

T otal liabilities...........
$457,342
$582,898
$879,408
$952,338
Balance of assets______$11,263,107 $8,576,856 $7,667,298 $0,821,769
The capital stock Is $2,500,000, in $25 shares, of which $12 per share
paid in.— V . 94, p. 1386, 1318.

Utah Copper Co.
{Report fo r Fiscal Year ending D ec. 31 1911.)

Pres. C. M. MacNeill, N . Y . , April 20, wrote in substance:

Results.— The gross production amounted to 98,436,224 lbs. and after
allowing for smelter deductions,the net production was 93,514,419 lbs.
of copper; also 40,202.9 oz. of gold and 366,907 o z .o f silver.
The net
T o t a l............ 118,142,789 118,720,218 cost per pound of copper was 7.8655 cts.; for 1910 8.069 cts. (See com m ent
T o t a l.......... .118,142,789 118,720,218
In “ Eng. & Mining Journal” of N . Y . for May 11 1912 E d .). The profit
— V. 94. p. 1386.
resulting was based upon a price for copper of 12.6463 cts. per pound,
Calumet & Hecla Mining Co,, Boston.
gold of $20 per oz. and silver of 53.3 cts. per oz.
The net profits were $0,237,928— $4,470,933 from the plants In U tah,
{Report fo r Eight M onths ending D ec. 31 1911.)
and the balance, or $1,766,995 from outside investments, Including the
received on the stock owned in the Nevada Consolidated Cop.Co.
Pres. Quincy A . Shaw, Boston, May 15, wrote in substance: dividends
Dividends paid amounted to $4,703,022. The balance o f $1,534,906 was
Change in Year.— The fiscal year has been changed to the calendar year, credited to undivided profits. The dividends paid up to ami including
and stockholders will be requested to change the annual meeting to the Dec. 31 1911 have amounted to $11,512,472.
Undivided P rofits.— The total am ount to credit of undivided profits
second Thursday in June. This report covers the period April 30 to Dec. 31
1911, during which the com pany produced mineral equal by assay to on D ec. 31 1911 was $2,731,445, after charging otl $2,500,000, thus
49,680,727 lbs. o f copper. The price received for copper has varied from reducing the prepaid ore expense account to $919,733. As In past reports,
12 %c. to 14 H e. On Dec. 31 it was about 1 4 ? ic. Dividends of $6 were the ‘ ‘ undivided profits” have no bearing on the Item of "surplus” ($6,311,­
paid on June 28, Sept. 22 and Dec. 20. [On March 22 1912 $8 per share 020), which Is the amount received In cash from the sale of securities In
excess o f their par value.
was paid.— V . 94, p. 633.]
On Dec. 31 1911 the total issued capital stock outstanding was 1,575,­
Comparative Results for the Past Four Calendar Years
000 shares of $10 each, an Increase of 12,401 shares, as follows: for
1910.
1911.
1909.
1908.
$2,000 convertible bonds (the entire amount outstanding) 100 shares;
R ock stam ped, ton s_____ 2,909,972
2,795,514
2,842,880
2,643,938 additional mining property, 6,650 shares; 2 ,8 2 5 X
A shares of stock of Bingham
Mine cost per ton rock
& Garfield R y Co. 5,651 shares. Our total authorized capital stock Is
(exclud. con struction).
$1.84
$1.92
$1.93
$2.15 2,500,000 shares. There remain, therefore, unissued;925,000 shares ($9,­
Refined copper p rod., lb s.7 4 ,130,977 72,059,545 80,096.995 82,549,979 250,000). Quarterly dividends were paid during the year at the rate of
Copper p. ton of rock, lbs.
25.47
25.77
3 1.22 $3 per share per annum, or 75 cents per share per quarter.
28.18
T otal cost copper per l b . .
8.52c.
9.00c.
8.96c.
8.28c.
Stock Holding.— The total stock holding In the Nevada Consolidated
Price copper sold, per lb .
12.82c.
13.20c.
13.62c. Copper remains unchanged. Your com pany owns, 1,000,500 shares of
13.61c.
Refined copper, lbs_____ 72,861,925
72,672,469 74,593,553 81,660,723
said stock out of a total of 2,000,000 shares, which arc carried at a price
equaling the par value of tho stock o f the Utah Copper Co. exchanged
Operations on Conglomerate Lode for Calendar Years.
therefor. The market value of said holdings is approxim ately $15,­
■
1911
1910
1909
1908
000,000
In excess of the figure that it is carried on our books.
1,950,040
1,999,880
R ock stam ped, ton s-------- 1,924,480
1,958,200
Reserves.— Ore reserves, after deducting all ore mined p rev. to Jan 1 1912,
Mine cost per ton of rock
(exclud. con struction).
$2.07
$2.13
$2.11
52.25 amount to 301.500,000 tons of fully developed and partially developed ore,
Copper produced, lbs------ 58,469,399
58,739,509 66,285,684 70,427,877 as com pared with 203,500,000 tons on Jan. 1 1911. Of the 301,500,000
Cop. per ton of rock, lb s.
30.38
30.12
' 33.14
35.96 tons of fully and partially developed ore, 230,000,000 tons are considered
T otal cost copper per l b . .
8.25c.
8.55c.
7.77c.
8.38c. as fully developed. There Is every assurance that further developm ent will
Shaft sinking____________
546 ft.
464 ft.
556 ft.
773 ft. prove the existence of large additional ore reserves. The average value
Drifting ................ ............. 8,613 ft.
9.215 ft.
8.032 ft.
10,640 ft. In copper contents of the entire deposit remaining is 1.532% . Contrasting
with an average of the ore milled, 1.51% for 1911 and 1.54% for 1910.
Cross-cuts and foot-wall
Output.— It Is believed that by the com ing August, the mining and con­
d_____________
r ift s ...............................
201 ft.
625 ft.
886 ft.
1,744 ft.
The operating shafts on this lode have attained depths ranging from centrating capacity of your property will be such as-will enable the com pany
to handle fully 20,000 tons of ore per day after that time, and It Is expected
6,102 to 7,995 ft.
Developm ent work In the ground adjacent to the Red Jacket .Shaft Is that for the fiscal year 1912 an output of 120,000,000 pounds of copper m ay
,
very nearly com pleted. The openings In the five forties continue to show result from the Utah operations.
Bingham & Garfield Railway.— This road was finished, and com m enced
ground of about average quality. A t the Hecla and South Hecla branches
operating In September 1911, and from both a physical and a financial
the ground opened Is quite up to the average of last year.
standpoint has proven fully up to expectations. The result of operations
Operations on Osceola Lode for Calendar Years.
to date Indicates that, with the tonnage It will be called upon to transport
1910.
1911.
1909.
1908.
after the m iddle of the present year, It will show earnings that will Indirectly
831,194
R ock stamped, tons_____
985,492
838,200
685,738 result in reducing the cost of copper H of one cent per pound. All of the
Mine cost per ton of rock
capital stock of the railway Is owned by your com pany. There are out­
(exclud. con struction)_
$1.34
$1.41
$1.42
$1.75 standing $2,500,000 1st m . bonds convertible Into stock of your com pany
Copper produced, lbs____15,661,578
13,150,427 13,752,276 12,122,102 at any time after July 1 1911 and on or before July l 1914, at $50 per share.
Copp. per ton of rock, lbs.
15.89
15.82
16.40
17.67 These bonds are guarantede as to principal and Interest b y your com pany
T otal cost copper per l b . .
9.95c.
10.53c.
10.41c.
12.25c. and m ay be called at any time after July 1 1913.
Shaft sinking____________
837 ft.
506 ft.
2,042 ft.
2.824 ft.
IN C O M E AC C O U N T FOR PE R IO D S E N D IN G DEC. 31.
Drifting
_ ________________ 18,460.5ft.
16,986 ft.
21,815 ft.
21,155 ft.
-------------- Years end, Dec. 31----------- 18M os.ena
The operating shafts on this lode have attained depths ranging from
Operating Revenue—
1911.
1910.
1909.
Dec. 31 '08
1,460 ft. to 3.232 ft. The openings during the year have shown ground of
average quality and even greater amounts of good ground have been opened Sales of cop p er........................$11,826,165 $10,708,411 $6,683,321 $7,134,768
Sales of gold at $ 2 0 ................
804,058
790,758
417,247
401,444
and mined on the foot side of the lode.
195,564
204,332
102,511
89,780
Stamp M ills.—-During the eight months the re-crushlng plant treated Sales of sliver______________
166
888
4,311
37,877
coarse conglomerate tailings from the Calumet Mill, and produced 1,497,669 M iscella n eou s______________
lbs. of copper at a cost of 4 .75c., exclusive of smelting and selling.
T otal Incom e........................$12,825,053 $11,710,389 $7,207,300 $7,663,809
. Comparative Results for Past Three Calendar Years (sln ceF eb . 1909).
Expenses__
*•
.
^ ,
1911.
1910.
1909. O p e r a tio n .-................................$3,598,520 $3,224,770 $2,278,409 $2,070,290
441,920
278 175 Mine developm ent . _____
T ons of coarse tailings crushed_____________ 477 794
216,126
304,614
113,128
20,028
Pounds o f copper produced— ......... ........ -.2 ,1 5 2 ,1 1 0 1,951,378 l , 2 5 l ’300 Prepd. exp ., o re s trlp p ln g ..
351,000
272,075
133,714
121,103
Cost per lb. exclusive of smelting and selling
5.01c.
5.08c.
4 81c
Freight on ore_____________
1,440,749
1,292,435
762,081
658,754
The plans for the new pebble re-crushlng mill are (lnlshcd and tho ground Treatm ent and refining____
2,717,593
2,724,083 1,779,866 1,806,659
Is being cleared for the foundations to the east of the Calumet Mill.
E xtraord. tailings e x p _____
________
_______
_______
3,582
Smelters.— At the Calumet * Hecla smelting works the new furnaces with
mechanical pouring devices are nearing com pletion and should be In opera­ ■UTotal expenses __________ $8,324,053 $7,819,477 $5,067,258 $5,280,416
tion some time In June.
Net operating revenue_______ $4,501,900 $3,800,912 $2,140,132 $2,383,453




m ay

-----------Years ending Dec. 31-------- -18M oj.end.
Other Income—
1911.
1910
1909- Dec .31 ’08.
D lv . on Invests................
$1,720,750 $1,459,775
$9,399
$6,908
i n ’ o77
Interest r e c e iv e d --------------9,301
13,050
R e n t a ls ......... ...........
43,120
30.077
$5,401,775 $2,160,090 $2,402,153
T otal net p r o fit s --............
Interest p a id ---------------------30,966
5,348
40,755
188
Interest on b on d s--------------696,387
4,648,675 1,464,387
D iv id e n d s ------------------------4,Z93>)0\22
( 20 % )
( 10 % )
(30% )
(30% )
Rate o f divid en d---------S u r p l u s ____________________ $ 1 ,534,906

$752,912

$690,355 $1,665,011

__Sales of coDner for calendar year 1911, 93,514,419 lbs. at 12.646
ets
aeMntt 84 502 475 lbs at 12.672 cts. In 1910; 51,749,233 lbs. at
b 16 ets In 1909 and 54 051,212 lbs. at 13.20 cts. for 18 months ending
n e e 31 1908^• sales of gold at $20 per oz., 40,202.916 oz.(against 39,837.9,
abrt 20 072 18): silver, 366,906.96 oz. at 53.3 cts. (against
381,331.22 oz. at 53.5837 cts., 198,943.15 o z ., at 51.528 cts., and 163,952.87
o z. at 54.76 c t s .) .
B A L A N C E SH E E T DE C . 31.
1911.
1910.
1911.
1910.
Liabilities—
S
S
Property- .......... *15,975,144 14.700,023 Stock outstanding.15,750,000 15,625,990
2,000
Prepaid exp., ore919,733 l,790,9b8 Bonds outstanding
T.236 Treatment and ref.
Ore In mill bins.-13.823
649,804
chges.
not
yet
due
674,526
5,690,698
Investments........
751,840
700,718
284,250 Accounts payable.
Accts. receivable- 90,531
70,392
50,751
3,000 Various reserves.Notes receivable 22.,000
865,099 Surplus from sale
Material & supplies
621,118
of stock...............6,311,020 6,083,980
Equity In copper
3,696,539
In transit.------- 1’lo a d s ? 2,824,510 Surplus.................y2,731,445
648,835
498,487
Cash In banks----5.925
Prepaid Insur., &c.
3,000
T o ta l................ 26,218,460 26,880,545

T o t a l_________26,218,460 26,880,545

* Property Includes mining property, $8,301,330;M agnaplant, $4,543,724
Arthur plant, $2,227,606, and mine surface equipment, $902,484.
x Investments Include Garfield W ater Co. stock (at par), $200,000 and
advances to that co ., $159,572; Garfield Im provem ent Co. stock (at par),
$80 000 and advances, $46,140; Bingham & Garfield R y . stock (at par),
Si 750.200; $5,002,500 Nevada Consolidated Copper C o .,s to ck ,b o o k value,
$4|453,007; and $6,850 Utah & Salt Lake Canal Co. stock, b ook value
A fter writing off part of prepaid ore account (stripping expen se),
$2,500,000.— V . 94, p . 1191, 357.

General Asphalt Co.
{Report fo r Fiscal Y ear ending A p ril 30 1912, Showing Opera­
tions, Balance Sheet, & c .,f o r Y ear ending Jan . 31 1912.)
Pres. Arthur W . Sewall, May 6, wrote in substance:
Results.— The net gain to surplus Is $818,785, com pared with $906,760 for
the previous year. There was charged against net earnings $50,996 for
Interest on the $1,116,500 5% debentures Issued on M ch. 1 1911 In liquida­
tion o f the 8 'A% accumulated pref. dividends.— (V. 92 p. 728, 121.)
The amount charged against earnings for depreciation of plant was
$214,867, against $180,189; there was also expended for repairs and re­
newals and charged directly against operations, $564,774, against $478,06o.
Volume of Business and Subdivisions Thereof.
1911.
1908.
1909.
1910.
$8,303,014
Asphalt
$4,264,117 $4,920,405 $6,005,984
6,254,932
Paving ----------------- 1 _I 4,711.244
6,158,212
6,348,708
1,040,846
Private w o r k !I . ________ 1,477,592
1,408,362
1.746,351
943,489
M iscellaneous__________
1,365,576
l,o0 6 ,0 0o
1,903,131 ____________
T otals__________
$11,818,529 $13,992,984 $16,004,174 $16,542,281
The “ asphalt a ccou n t,” which Includes the mining, Importing, refining
and selling o f the crude and refined asphalts and asphaltic products in an
form s, now for the first time exceeds the paving account, representing the
constantly Increasing consum ption for street, country road and miscellane­
ous purposes o f the com pany’s raw materials, the ownership of which con­
stitutes Its m ost valuable asset and permanent source of Income. The
volum e of orders on hand for asphalt for future delivery, as o f the date when
this report Is written, exceeds that o f the same date In any previous year.
Sales of Asphalt, A ll Kinds— Years ending Jan. 31 (Tons).
1905-06.
1900-07.
1907-08.
1908-09.
1009-10.
1910-11. 1911-12.
120 912
147 725
165,373
164.317
192,644
247,491
265,677
Number of Thousand Square Yards of Pavement of A ll Kinds Constructed.
2.913
3.444
2.532
1.941
2.528
2.859
3.188
Years' Sales— Roofing,^Waterproofing and Insulating Compounds, &c.
1903-04
1905-06.
1907-08.
1909-10.
1910-11.
1911-12.
$178,632
$501,588
$1 684,884
$1,070,052
$1,205,401
$1,370,245
Operations for Petroleum in Island of Trinidad and in Venezuela.
As of Jan. 31 1912 there had been charged to property account In these
undertakings, $1,366,511, viz.:
Real estate and con cessions----------------------------, - - - v ; : ; v nv
24 oil-storage tanks o f steel, aggregate capacity 1,045,000 b b is .- 262,084
Oll-rcfinlng plant, power plant, water plant, storehouse, dwellings,
___ ______ _______ —o J ,.> <S.)

Pipe lines and pum ping equipm ent------------------------------------------------Drilling, roads, geological Investigation, & c----------------------------------- doi , 844
Including materials In storehouse, $173,336, the total
$1,539,848 (less depreciation, $29,744), of which amount $8.38,711 was
expended during 1911.
.
, ,
Our operations for petroleum in Trinidad have been conducted ny in e
Trinidad Lake Petroleum C o., L td ., all o f the stock o f which Is owned Dy
the General Asphalt Co. The work has been confined within 25 acres out
o f a total of 3,031 acres of land owned In fee by The New Trinidad Lake
Asphalt C o., L td ., and leased b y It to Its affiliated com pany, except as to
263 acres purchased by the latter In 1911.
„ .
W e com m enced drilling for oil Feb. 11 1908. A part from N o. 5, all of
the drilling has been done within an area o f 25 acres, or on less than 1% of
the freehold lands o f the com pany; o f the 28 holes drilled, 10 have been
unproductive up to the present time, 3 have not yet entered the oil sands,
and oil was found In the rem aining 15.
The average dally production for the week ending April 1 1912 was 675
bbls. The production for March 1012 was 18,000 bbls. A year ago we
had none o f the wells under control so far as gas and sand were concerned,
and 3uch oil as we were obtaining was flowing b y heads under gas pressure.
A t the present time we have one flowing well and nine arc pum ping. W e
had In stock at Brighton April 20 1912 38.077 bbls. of Trinidad crude oil
and at Maurer 60,000 bbls. The costs o f production for Feb. 1912 are
8 l-3 c . per bbl. less than for the year ending Jan. 31 1912.
The present rate o f production, If continued, should yield us about
200 000 bbls. per annum, which would at least cover the cost both o f pro­
duction and o f equipping and drilling new wells at the present rate of devel­
opm ent In addition to which the oil shipped to The Barber Asphalt Paving
C o. yields a fair return to the latter upon its sale and use In the laying o f
street pavem ents and the building of roads.
Our subsidiary, The Petroleum Developm ent C o., L td ., received a license
from the Colonial Government of Trinidad nearly two years ago for the
right to experim entally develop 2,000 acres o f Crown land In the Mornc
l’ Enfer forest reserve, stipulating that if wc should put down a certain
number o f wells within a two-year period, the license might ripen into a
21-year lease, under a land rental o f $500 per annum and a royalty on the
oil to bo extracted o f 2 shillings per ton. The question whether the licensee
must be under British ownership, we now expect, will be concluded In a
way mutually satisfactory, so that our Intended operations m ay be resumed.
The lands In question give promise o f adequate returns.
W c have not as ye t com m enced active operations In Venezuela. Our
subsidiary, The Bermudez Co., however, has a concession from the G ovt, of
Venezuela dated July 14 1910 for the petroleum rights in the Islands of
Pcdcrnalcs, the Peninsula of Parla and that part of the State of Sucre
known as the District Benitez. The concession p ro^ d es for a 3-year ex­
ploration period preliminary to a lease for 47 years. W ithin the threo yeats
our geologists will select such areas as seem promising for operations, and




1447

THE CHRONICLE

‘J5 L912

under the lease we shall pay thereon 8c. per acre per annum for land tax
and a royalty o f 5% on the oil produced and shipped.
•
Our subsidiary, The Caribbean Petroleum Co., has a concession from the
G ovt, o f Venezuela, dated Jan. 2 1912, for the petroleum rights In the States
of Sucre, Monagas, Anzoategul, Nueva Esparta, Tachlra, Trujillo, Merida,
Zulla, Lara, Falcon, Carabobo, Yaracuy and the delta of the O rinoco. An
exploration period of two years is to be followed by a 30-year lease of such
parts, not previously occupied b y similar concessions, as we shall select,
upon which we shall pay 8c. per acre per annum land tax and a royalty on
petroleum produced and shipped at the rate of 40c. per ton, equal to about
10% on oil produced and shipped.
, , . „ , . .
..
In Dec. 1911 our chief oil expert and consulting geologist, Ralph A rnold,
form erly o f the U . S. Geological Survey, subm itted to us an exhaustive
report as to oil on our lands In Trinidad.
, ,, , ,
. ,,
Good Roads.— The use o f our Bermudez road asphalt Is shown as follows:
1909. 1910.
1911.
20>479
Bermudez road asphalt actually shipped (tons)----------1,500
Miles of 15-foot roadway constructed________________
20
104
247
Orders already booked are largely In excess o f a year ago.
During 1911 the com pany was also able to place on the market its
“ Trinidad liquid asphalt, an asphaltic material containing not the slightest
trace of paraffine or other Injurious Ingredients. This liquid asphalt, while
used as a surface treatment as fire m any kinds of crude oil. Is, even In Its
crude form , a constructive agent, and not only lays the dust, but creates a
wearing surface which has proven Its ability to resist traffic far beyond that
of any other liquid treatm ent. During 1911 400 miles of country road were
treated with Trinidad liquid asphalt with satisfactory results, giving ex­
cellent promise of a larger volum e of this business during 1912-13.
Uintah Railway Co.— During 1911 13.8 miles o f main track were built,
extending the northern terminus to Rainbow , In order to give the road In­
creased tonnage of gllsonlte from newly opened mines and to eliminate the
heavy expense of wagon haul from these mines to Dragon. The extension
was not com pleted until late In 1911, and the Increased earnings therefrom
did not accrue substantially during that year. The amount o f gllsonlte
hauled over the road during 1911 was substantially the same as In 1910,
but Including general freight, total tonnage was40,931 (41,5471n 1910-11).
National Contracting Co.— Last year we referred to the judgm ent In favor
o f the Contracting Co. against The Hudson R iver W ater Power Co. for
$323 287
The question of the priority o f the claim over certain o f the
mortgages foreclosed Is now In litigation, with a fair probability o f a sub­
stantial com prom ise paym ent In satisfaction o f our Judgment. [A certifi­
cate o f satisfaction of the Judgment was filed In the County Clerk’s
office In this city early this m o n th — E d .1
Capital E xpenditures— These during 1911 were upon an unusually large
scale, aggregating, net, $1,373,504, viz.:
Oil developm ent In Trinidad and Venezuela------------------------ ----------$838,711
nil r p fin e r v at Maurer. N. J., 172 acres of real estate, power house,
4 stills 13 storage tanks (capacity 332,000 bbls), pipe lines, &c 503,129
U i n t a h R y ^ R ? !^ m ile "e x te V .V i7 ” frelgh t”c ^ " " f loro.ybWs"jT"&6 303,*278
Additions to asphalt refinery, Maurer, N. J ., additional trackage,
2 steam stills, locom otive, storage tank, 20 steel cars, &c
72,258
Plant site In Seattle; new asphalt paving plants In Los Angeles,
Cal. Phoenix, A riz., and Pasco, Ore.; 9 steam rollers, power
and boiler house and additional stills at Madison, 111.; Improve­
ments at Brighton. Trinidad; additional real estate at Guanoco,
Venezuela, together with 10 railroad cars, 100 side dump cars, 1
locom otive. &c., at Guanoco, &c
-------------------v x - - - ; ; - 170,8*18
Less credits (a) sale of quarries o f Manhattan Trap R ock Co. at
N yack, N. Y ., A c., $417,686; (M Transfer from capital account
to Inventory, $90,476; (c) written off as depreciation, $214,867 72 >,030
Capital expenditures during the current year will be upon a very moderate
scale; and this fact, together with the surplus earnings, which now promise
to be large during 1912, and the gradual conversion Into cash of a consider­
able portion of the capital now engaged in certain branches which are com ­
paratively unremunerative, should enable us largely to decrease current
obligations and at the end of 1912 to restore working capital to an amount
at least equal to that prevailing on Jan. 31 1911. Substantial progress has
been m ade In this direction since the close o f the fiscal year.
Capital Stock.— O f the entire Issue o f $14,000,000 preferred voting trust
certificates, S13,140,000 Is In the hands o f the public and $860,000 In the
treasury
Of the $17,000,000 common stock, $9,999,000 Is represented b y
voting trust certificates, of which $9,861,000 Is owned by the public and
the balance, $138,000, b y the com pany. O f the remaining $7,001,000
com m on stock, $1,000 Is owned b y the directors for qualification purposes,
and $7,000,000 Is held in trust to be given as a bonus of 50% upon conver­
sion (at option of holders at any time) of pref. stock into com m on stock,
$ for $, making In all $150 o f com m on stockfor each $100 p re f.(V .92.p .1371).
The voting* trust agreement with respect to both pref. and com m on stock
eXfiiocfcftoWers.— On April 16 1912 there were 1,604 holders of record o f pref.
and 720 holders of record of com m on stock trust certificates.
. , _
Funded Debt.— During 1911 there were Issued b y The Barber Asphalt
Paving Co. $184,850 5% car trust notes In part paym ent for 200 new steel
tank cars. These notes mature serially every three months over three
years; during 1911 $26,925 were paid, leaving $157,925 Jan. 31 1912. The
collateral railroad notes of The Barber Asphalt Paving Co., which were In­
creased from $200,000 to $500,000 on Feb. 15 1911, and issued for one year
at 5 H % were on Feb. 15 1912, reduced to $400,000 and extended for one
year at 5% (V . 92, p. 1371).
C O M B IN E D R E SU LTS, IN C L U D IN G S U B S ID IA R Y C O M P A N IE S ,
FOR F IS C A L YE A R S E N D IN G J A N . 31.
Operations— Square Yards Laid—
1911-12.
1910-11.
1909-10.
Asphalt, asphalt block, &c.:
.,
„
2,528,378
For m unicipalities________________ 3 ,188,91a
2,859,360
914,228
For others________________________
688,057
1,341,047
Contracts for asphalt pavement car_
_____
1,322,843
rlcd to current fiscal year (Jan.31)
871,173 l,3o0,932
192,644
Sales of crude asphalt (tons)________
265,677
247,491
Sales of asphaltic products (other than
for p aving_________________________ $1,379,245 $1,205,401 $1,079,652
$
Income from
$
$
4,920,405
Sales of asphalt and asphalt products
7,601,994 6,005,984
746,414
Sales o f miscellaneous m aterials-----701,020
875,572
6,158,212
Incom e from paving roads--------------- 0,254,932
6,348,708
1,408,362
Incom e from mlscell. p aving------------1,040,845
1,746,351
715,691
Incom e from tm lscell. w ork ------------911,296
992,730
43,900
M iscellaneous' in co m e ----------------------32,194 .
34,829 ____________
Total Incom e-...................................... 16,542,281
"Expenses__
Cost o f asphalt and asphalt products 5,891,842
Cost of paving roadw ay--------------------Cost o f p a vin g--------------------Ji*j;j,52 0
Reserve for maintenance and repairs
129,926
Cost o f mlsc. paving------------------------g ? 9 -999
D e p re cia tio n ________________________
214,8b»
Miscellaneous w ork---------------------------7

Sundry branch expenses....................

°-4U4

16,004,174 13,992,984
4,519,903
839,050
5,975,240
100,958
1,701,352
180,189
820,496
7,575

3,662,285
748,329
5,803,937
120,511
1,253,441
167,930
578,769
7,520
12,342,722
1,650,262
5,980
161,519
1,928

Net trading profits---------------------------Rentals from real estate, less expenses
Interest received----------------- — - —
In t. and dividends on Investm ents..

1,95o ’o i f
3,914
20,099

14,144,770
1,859,404
7,707
95,319
18,904

Total net Incom e...............................
Deduct—
General expenses — ------ ----------- -Reserve for depreciation of accounts
Interest on loans and m ortgages-----Debenture Interest, & c— - ------------Special excise and Income ta x ----------

2,069,035
2,069,035

1,981,334

1,819,689

445,759
120,000
158,808
244,173
25,998

423,113
100,000
138,441
193,390
24,315

365,795
100,000
108,933
193,421
19,799

Total deductions------ - - - - -------------Profits, as per balance sheet----------Excess cost of maintaining pavements

994,738
1,074,297
257,547
5% )651,730

879,259
1,102,075
202,898
(6)782,094

787,948
1,031,741
53,398
(5)651,767

Total expenses----------------------------- 11,52?’ 22»

326,576
117,083
165,020
B a la n ce , s u rp lu s.........................
♦Also 8 )4 % ($1,116,900) paid in 5 % 5-ye r debentures due March 1 1916
(full for accumulated dividends on pref. stock (V . 90, p. 449; V . 92, p . 121.)

IM S
C O M B IN E D

THE CHRONICLE

B A L A N C E SH E ET G E N ER A L A S P H A L T
S U B S ID IA R Y C O M P A N IE S J A N . 31.
1912.
1911.
Assets—
§
§
Properties owned and operated; shares
o f other cos. not oper. by General
Asphalt C o________________________ 34,010,003 32,030,499
Stock trust certfs. General Asphalt Co.
owned by sub. cos. (book value)__
204,946
204,870
Gen. Asphalt debentures (par)______
3,900
Stock and bonds outside com panies. _
100,930
141,224
Mortgages receivable________________
13,250
Retained by cities on pavements laid
under guaranty_________________
1,267,343 1,382,507
Bonds, warrants and tax liens pledged
for collateral loans__________ _
609,191
809,616
Bonds, tax liens, &c., on hand
620,224
529,497
Materials and supplies (n et)_____
1,689,990
1,467,045
C a s h _________
'
600,390
405,821
Bills receivable__________
23,893
17,890
A ccts. rec’le (less doubtful a ccts.) 11 2,455,808
2,404,015
T otal. _.................................
41,711,630 40,012,840
Liabilities—
Preferred stock ____
14,000,000 14,000,000
Comm on s t o c k ___________ ' " " " I I I 17,000,000 17,000,000
Gen. A sph., 5% debentures_________ 1,116,900
Bonds underlying cos. not owned by
General Asphalt or its subsld. cos. 2,276,770
2,326,725
Mtges payable and ground rents____
160,992
130,463
Collateral railroad n o t e s ...
500,000
200,000
Car trusts____________________________
157,925
Reserve for maintenance of pave­
ments laid under guaranty_____ __
959,965
1,223,536
Collateral loans______________________
479,747
638,217
Bills payable____
.
1,350,000
Accounts payable____________ I . H I .
936,412
868,010
Debenture redem ption fund New
Trinidad Lake Corp. C o., L td ____
552,947
503,686
Fire insurance fu n d_________________
182,710
168,061
Surplus profits______________________
*2,007,256
2,948,142

CO

AND
1910.
3

32,014,955
204,440
152,082
13,250

000,000 Canadian Northern Ry. equipment trust 4%s, pay­
able in semi-annual installments over a period of 10 years,
secured by new standard equipment upon which the railway
company makes an initial casli payment of 25%. Of the
total amount of $5,000,000 purchased, $2,000,000 were
issued as “ Series C-l of 1912” under tho “ Philadelphia plan,”
and sold in Philadelphia. The remaining $3,000,000 will be
known as “ Series D-l of 1912” and will probably be offered
for sale in the near future.— V. 94, p. 1382.

1,584,342
867,201
607,310
1,465,619
548,893
87,203
2,814,821
40,390,116
14,000,000
17,000,000
..........v2,372,800
125,875
300,000
1,638,882
671,856
870,157
454,728
132,343
2,823,475

T o t a l . ._____ ______________________ 41,711,030
40,012,840 40,390,110
•After deducting §1,107,041 for back dividends paid In 5% debentures
— see abov e.— V . 94, p. 1252, 769.

GENERAL INVESTM ENT N EW S
R A IL R O A D S , IN C LU D IN G ELECTRIC ROADS.
Anthracite Coal Roads.— F o u r-Y ea r Agreem ent.— The dele­
gates representing the 170,000 mine workers in the anthracite
region at the convention at Wilkes-Barre on Saturday
last by a vote of 323 to 64, decided to accept the terms
offered by the operators, which had been approved by the
joint sub-committee of the miners and operators, but re­
jected by the full conference committee of the miners. The
miners returned to work on May 22 after being idle for 44
working days.
The new anthracite coal circular, dated June 1, but effective Immediately,
provides for an Increase of 25c. per ton on the prepared sizes. The prices
fixed therein are as follows: Grate, §5; egg and stove, §5 25; chestnut,
§5 50; pea coal, $3 50; buckwheat, §2 75; rice, $2 25; barley, §1 75.
There has been no advance in the prices of buckwheat, rice or barley, the
so-called steam sizes. On sales o f dom estic sizes there will be on June 1
the usual discount of 30c. a ton, covering grate, egg, stove and chestnut, the
discount being reduced on July 1 to 20c. and on A ug. 1 to 10c.
Agreem ent for Four Years Ending Alarch 31 1916.
The terms and conditions awarded b y the Anthracite Coal Strike Com­
mission and supplemented by agreements subsequent thereto arc continued
for four years ending March 31 1916, except as follows:
(а) Contract rates and wage scales for all employees shall be Increased
10% over the scales established by the Commission effective April L 1903.
The sliding scale Is abolished.
(б) All contract miners and laborers when working on consideration shall
be paid not less than the rate paid com pany miners and laborers at the
same mine.
(c) There shall be an equitable division of mine cars as set forth In the
award of the Commission and the decisions of the Conciliation Board, and
the rates paid by any con tract miner to his em ployees shall not be less than
the standard rate for that class of work.
(d) A t each mine there shall be a grievance com m ittee of not over three
em ployees, who shall take up for adjustment with the com pany all griev­
ances b y employees who have first taken up said grievances with the fore­
man and failed to eirect proper settlement. The m ember of the Board of
Conciliation elected by the Mine W orkers or his representative m ay meet
with the mine com m ittee and com pany officials in adjusting disputes. In
the event o f the mine com m ittee falling to adjust any grievance, they m ay
refer the grievance to the members of the Board o f Conciliation in their dis­
trict, and in case o f their failure to adjust the same they shall refer the
grievance to the Board o f Conciliation for final settlem ent, as provided in
the award of the Anthracite Commission and the agreements subsequent
thereto, and whatever settlement Is made shall date from the time the claim
of grievance Is raised.
(e) Contract miners shall have the right to em ploy check weighmen and
check docking bosses (as authorized by the Anthracite Commission the
Board o f Conciliation) and these shall be selected by contract miners in
meeting assembled specifically for that purpose.
(/) T o facilitate the adjustm ent of grievances, com pany officials at each
mine shall meet with the grievance com m ittee and prepare a statement set­
ting forth tho rates o f com pensation paid for each item of work underfills
agreement and certify the same to the Board o f Conciliation within 60 days
after the date of this agreem ent.— V . 94, p. 1316, 1248.

• Bolivia R y .— L isted. — The New York Stock Exchange has
listed £7 08 ,2 00 1st M. 5 % bonds, due 1927, making the
total listed £ 1 ,1 6 8 ,2 0 0 .
(In dealing 85 equal to £ 1 .) —
V . 91, p. 716.
•Boston & Maine R R .— Merger Bill Killed.
r- The Mass. Senate on May 22, by a vote of 15 to 20,- killed the bill au­
thorizing lease or merger to or with the N. Y . New llaven & Hartford R R .
Governor Foss announces that he will call an extra session this summer to
pass a bill for the purpose. See V . 94, p. 1055, 1249.

$12,000,000 Notes Offered.— F. S. Moseley ’ & Co. and
Lee, Higginson & Co., Boston and New York, offered on
May 20, at 9 9 % and in t.,fo r delivery about June 10, yielding
4 % % int., $12,000,000 plain (unsecured) one-year 4 %
coupon notes, dated June 10 1912, due June 10 1913. Int.
J > & D . 10.
Par $1,000, $5,000 and $10,000.
From the proceeds of these notes the com pany will pay the §5,000,000 4%
notes of 1911, due June 15 1912, will reimburse the New York New Haven
& H artford R R . for some §3,000,000 heretofore expended on the B. & M.
for additions and Improvements, and will have about §4,000,000 for further
betterments, &o.
The Boston & Maine on May 3 reported that its equipment purchases
during the past 18 months had aggregated §7,529,573 for 205 locom otives,
or 17% of total number in service: 466 passenger cars, or 23% of total num­
ber in service, and 2,842 freight cars, or 10% of total number in service.—
V . 94, p. 1382, 1249.

[VO L. L X X X X IY ,

Carolina Clinchfield & Ohio R y .— Notes Sold fo r Extension.

Ihc company has sold $5,500,000 5-year 5% notes, dated
May 1 1912, secured by a first mortgage on the proposed ex­
tension of the road from its present northerly terminus at
Dante, Va., to Llkhorn, Ky., a distance of 40 miles. About
8 miles has been completed, and the entire line will be finished
by the end of next year. The extension is through a moun­
tainous country and calls for very heavy construction work,
including 19 tunnels. The estimated cost of the work is
about $5,000,000. 1he importance of this extension will be
seen by reference to the map of the road in our “ Railway and
Industrial Section. ’ It completes the original plan of a
road through the mountains, making a short through route
from the Great Lakes to the Atlantic Coast.— Y. 93, p. 469.
„ Chicago Elevated R ys. — Transfer Ordinance.— Mayor Har­
rison or\ May 21 approved the ordinance passed May 20 by
City Council requiring the elevated railroads to issue transfers.
—

As there is a penality clause attached, the measure will not becom e effec­
tive for ten days. The elevated roads are prepared to make a contest in the
courts as soon as the city tries to enforce the ordinance, their counsel,
Gilbert E . Porter, stating that they will not grant transfers except on a
mandate from the highest court. Mr. Porter says that it is sim ply an
order on the elevated roads to carry a certain number of passengers free,
although their ordinances permit them to charge a 5-cent fare, and that
the ordinance Is based on the assumption that the same people own the
stock o f the different elevated roads, which is true only In part.— V 94
p. 982, 697.
’

Chicago Rock Island & Pacific R y .— Listed. — The N . Y .
Stock Exchange has listed S8,000,000 20-year 5 % debentures,
due 1932, with authority to add $12,000,000 on issuance in
exchange for temporary debentures (V . 94, p. 206, 278).
Earnings. — For 9 months ending Mch. 31:
N ine

Operating
Net Oper.
Taxes
Other
Interest A
Balance
T Revenue.
Revenue.
Accrued.
Incom e.
Rentals, for Dies.
11-12.§46,655,057 §11,848,989 § 1,991,756 § 1,024,932 §8,619,402 §2062,813
10-11. 49,442,730 13,935,187 1,981,048
From the surplus as above for the9 m os. of 1911-12 were paid the" 1 u %
quarterly dividend on Sept. 30 1911, 1% Dec. 30 1911 and 1 M % M ch. 30
1912, calling for §2,620,632, leaving a deficit of §557,819.— V. 9 1, p. 1056.

Cleveland Akron & Cincinnati Ry.— E a rnings .—
Calendar
Operating Net (after
Other Int. A Hire
Net
, „ Y.ear—
Revenues.
Taxes).
Income,
of Equip.
Income.
§210,708 S590.892
1 9 1 1 ....... .......... .......... §3,562,712 §823,128 §14,472
1010 ----------------- ------- 3,062,825 883,764
20,238 251,985
652,017
From the net income as above, §590,892 in 1912, there was contributed
to sinking funds, §17,279; paid on account o f principal o f car trusts, §11,199;
appropriated for additions and betterments, §236,259; and disbursed in
dividends, §230,000; leaving a surplus o f §90,155.— V. 93, p. 1668.

Columbus Delaware & Marion R y . — Personal Judgm ent .—
.K yl® o£ Xenia, O ., o f the Court o f Common Pleas of Greene C o., on
1
n Jhe suit for an accounting on the cash account of John G. W ebb
as 1 resident of the com pany, covering a period of years (and also from the
.ren d ered a Judgment in favor of the receiver. Ell M. W est,
lo r § 1 ,0oa,931 for the balance due. The Court found that Air. W ebb, while
1 resident and the holder of substantially all of the stock of both com panies,
had received the proceeds o f §900,000 Columbus Delaware & Marion R y .
consolidated bonds and §300,000 Columbus Northern R y ., Power A
Equipm ent Co. bonds, for which the com pany, it Is asserted, was given no
value. The suit was brought in the Court of Common Pleas of Clarke C o.,
at Springfield, O ., Judge Kunkle of that Court appointing Judge R ocket as
Special Master Commissioner. Exceptions were filed to the Alaster’s re­
port of about 100 pages, and Judge Kunkle referred the exceptions to Judge
K yle. Air. W ebb was charged at the rate o f abou t 85 for both bond
issues and allowed a com m ission of 10% for selling them .
It was also found that Air. W ebb had disposed of the bonds of three sub­
sidiary com panies, which lie received as con tractor, after having them guar­
anteed by the Columbus Delaware & Alarlon R y ., for which lie Is heid to
do liable to the latter in the event o f the guaranty being adjudged va lid .
Ihese are §500,000 Columbus Marlon & Bucyrus R y . bonds, §206,000 Atar*®n & Western R y., Light & Power bonds and §250,000 Marion & .Suburban
K y . bonds. On the Col. Marlon & Bucyrus R y . little or nothing, it Is
claim ed, was done toward building the road and on the Marlon & Suburban
it is com puted only about §10,000 o f work was done. The com pany will
try to show that the guaranties are not good, in which event the bondholders
would have to look directly to Mr. W ebb. The latter Is also directed to
return §200,000 “ A ” pref. stock of the Col. Del. & Marion R y. to the re­
ceiver. If an appeal is taken It would be to the Circuit Court ofC la rk e Co.
— V . 94, p . 1185.

Cumberland Corporation.— M aturing N otes .— The $15,­
000,000 notes“due June 15 will be paid at maturity. The
funds for this purpose will be provided in part, it is reported,
from the sale of the Corporation's holdings of Seaboard
stock.— V. 88, p. 944.
Elkin & Alleghany R y . — New State Road— Sale o f B on d s .—

This 150-mile road is under construction by the State of
North Carolina from Elkin, N. C., through Allegheny, Ashe
and Watauga Counties, N. C., in order to give railroad facili­
ties to that “ mountainous but very productive country.”
Completed April 1, Eikin to Thermont, 12 miles. F. J. U s­
man & Co., N. Y ., have purchased the $1,800,000 1st M. 6s.
Capitalization: (a) §1,800,000 1st M. 0% bonds, dated July 1 1911, due
July 1 1941; Interest J. & J. Bankers Trust C o., N. Y ., trustee. Alortgage
limited to §12,000 per mile. (6) Incom e mortgage, dated O ct. 1 1911, due
O ct. 1941; interest when earned. Issue limited to §1 500 000 at §10,000
per mile, (c) Capital stock to be issued to State of North Carolina In pay­
ment for con vict labor, at the rate o f §1 50 per day for con victs. The line
will ascend the Allegheny Alountalns about 20 miles north o f Elkin from a
2 % com pensated grade.

Georgia Coast & Piedmont R R . — New M ortgage .—
The R R . Commissioners o f Georgia have authorized the com pany to
make a new m ortgago to secure an issue o f §3,500,000 bonds, of which a
block will be sold presently to extend the road from Darien to Brunswick
on the south, 15 miles. The m ortgage will also provide for an extension
from Reldsville to Vidaila on the north and for im provem ents, a sufficient
amount to be reserved to take up the underlying bonds.— V . 88, p. 624.

Grand Trunk Pacific Saskatchewan R y .— B on d s .— •
Canadian Northern R y .— Equipm ent T ru sts. — Messrs. Win.
. The Legislative Assem bly of the Provinco o f Saskatchewan recently
A . Head & Co. of New York and the Dominion Securities passed a bill authorizing the Lieutenant-Governor in Council to guarantee
the paym ent of the principal and interest of the 4 % 30-ycar bonds, deben­
Corporation, L td ., of Toronto have purchased jointly $5,- tures, debenture stock or other securities o f this new com pany, to[an amount




TTTR CHRONICLE
not exceedin'? $13,000 per mile of tlic respective lines of railway m entioned
in the schedule to the A ct. Part ot the lines must be com pleted on or be­
fore D ec. 31 1012 and the remainder b y D ec. 31 1011.
I ho A ct provides
tiiat the deeds of trust securing the securities so guaranteed m ay provide
for the issue from time to time of additional securities of similar kind, not
exceeding $2,000 per mile In respect o f any o f the lines m m tioned in the
schedule and also additional securities o f similar kind, also ranking pari
passu in respect of additional lines in the Pr o v in c e o f S a s katcliewan to be
fior constructed but not exceedin'.? $15,000 per mile of such additional
lines* m o v?ded,Ut hat ’ beforc° a n y s u c h additional securities are issued, the
guaranty thereof shall first have been a.ut ho riK:ct1 anrlp;! v-onrtn'ltD a.m orjn t s
to be Issued per mile shall llrst have been fixed b y t h e le g is la tiv e Assem m y.
The application to the Saskatchewan A ssem b ly to; Incot P0,r» f « ^
nanv it was stated last February, provided 101 ttie ilgn t to ouiici ap p iox i
m ite iy S o ll o w in g ^ l in e s fn Saskatchewan: (a) W atrous soutllwos*orty via
Swift
Current, to
to Rattleford*
the International
V0m»d « m 4 w i v ^ ^ ^ m - t M w s t e r l v to
nnrthwesterlv
(C) MclvlllO UOltllClly anti 2101 til W C S lC T ly cO
WncrinJ? M) ^aslmtoon southeasterly, southerly and southwesterly to Re­
gina; (e) Township 30, Range 8, west o f the third m eridian, southwesterly
and westerly to join the Blggar-Calgary line.

Grand Trunk Ry. of Canada.— N ew P r e s id e n t. — A cable
dispatch from London reports that E. »I. C^hamberlam has
been appointed President to succeed the late Charles M. Hays.
— V. 94, p. 1383, 1317.
Hannibal & Northern Missouri R R .—■
S ta tu s .—
••\ri n ofneturers' R ecord ” says: “ Henry Funk, Clarence, M o., writes
tim i he nurchased the road at the receiver’s sale, and holds It in trust for
Considerable
construction was done before the receivership, and efforts are being made
to Issue bonds. There are assets consisting of practically all the right
Some legisof way^and subsidies averaging $3,000 to $4,000 per mile.
.
. .
latlon is required. The route of the road Is through one of tire rich est parts of .Missouri and includes farming and coal lands.— V . 94, p . 1119.

pvprv one concerned until a reorganization Is agreed upon.

Havana Electric R y .— N ew S e cu rities R e a d y .—
Speyer & C o., as managers, notify holders of certificates of deposit issued
under the plan of amalgamation and agreement dated March 8 1912 (V. 94,
n 767) for m vf. and com . stock of Havana Electric Ry. and stock o f Compania do Gas y E kctrlcidad do la Habana that certificates for the prof, and
com stock of the Havana Electric R y ., Eight & Power Co. will be delivered
the tiav following the surrender o f certificates o f deposit. Certificates tor
Havana Electric R y . stook m ay be presented at the office o f tiic managers in
New York or at the office o f the Havana Electric R y . In Havana and those
for the Compania de Gas y Electrlcldad dc la Habana at the Banco Nacional
do Cuba.— V. 94, p. 9S2, 767.

Indianapolis Crawfordsville & Danville Electric E y.—
The com pany, which was recently incorporated with $600,000 ca p ita 1
stock (of which $400,000 com m on and $200,000 perferree
has taken o v e r
the Indianapolis Crawfordsville & Western Traction Co.,
d in forcclosur
on April 0 1912 (V. 91, p. 1057). The authorized stock 1 been Increase”
to $800,000 by the addition of $200,000 preferred, so th ■ It now consists
o f $400,000 each of preferred and co in m o i stock, the S 00,000 additional
pref being reserved for an extension from Crawfordsville to Danville, 111.
The com pany has made a m ortgage to the Girard T rust Co. o f Philadel­
phia, ns trustee, to secure an Issue o f $2,500,000 of $1,000 bonds dated
May 1 1912 and maturing May 1 1942, but subject to call at 1 0 2 ^ and )nt.
on any interest day.

Indianapolis Crawfordsville & Western Traction Co.—
See Indianap. Crawfordsville <5: Danville Elec. R y . abov e.— V .94, p.lor>7.

Indianapolis Newcastle & Northeastern Traction Co.—
The com pany has been incorporated as successor of the Indianapolis New­
castle & Toledo Electric R y .. which was sold in foreclosure on April 22 11 1
(V 92 p. 1243: V . 04, p. 697). A deed showing the transfer has been filed
in tho R ecorder's office at Indianapolis. As soon as the Union Trust Co.
of Indianapolis, the receiver of the road, (lies its final report with Judge
Carter In tho Superior Court, and the Court approves the report, the receiver
will be discharged and the road pass into the hands of its new com p a n y.

Indianapolis Newcastle & Toledo Elec. R y .— S u ccess o r C o.
See Indianap. Newcastle & Northeastern Trac. Co. above.

V .94,p.697.

International Rys. of Central America.— M e r g e r — B o n d s.
T h e Guatemala R y . C o., incorporated In N. J . on June 8 190 1, changed

Its name In April last to the International R ys. of Central Am erica, lncrease0
its capital stock from $7,500,000 to $40,000,000 In $100 shares ($30,000,000
com m on stock and $10,000,000 5% preferred), and took over the property
o f th e Guatemala Central R R . (V . 79, p. 902, 903).
The consolidated com pany has made a mortgage to the Empire Trust Co.
o f N. Y ., as trustee, to secure an auth. issue of £4,500,000 (which can be
Increased under certain conditions to £6,000,000) 5% gold bonds dated
May 1 1912 and due May 1 1972, covering, it Is stated, as a first lien, all
property now or hereafter owned, except 142
miles of tile existing line,
which Is subject to $6,000,000 old bonds. Coupons M. & N. in Condon,
Brussels, Paris and at office of trustee In N. Y . City. The bonds will
be redeemed at 102 '/• b y means of an annual sinking fund beginning in
1922, equal to }■, of 1% o f the face value o f the outstanding bonds after
drawing by lot. if not purchasable at or below par. All or any part o f the
Issue Is also subject to call any time on 6 m onths’ notice at 102 H and lnt.
The com pany agrees to pay all taxes which m ay be laid on bonds or cou­
pons b y the U. S. or any o f the govts, o f Cent. Am .
Dimn Fischer & C o., London, and the Banque d ’ Outremer, Brussels,
received subscriptions on May 23 for £1.000,000 (or 25,250,000 fr.) o f the
Issue (nar £20 and £500, or 505 fr. and 2,525 fr.) at 05 and lnt. A pplica­
tion will be made to list the bonds in London, Paris and Brussels.
O f the proceeds of the present Issue, £440,000 will
used to pay part
ot the purchase price of the railroads recently acquired, £300,000 to build
the 42-mUo fine from Lius Cruces to Vado A u d io (uniting the com p a n y’s
lines in Guatemala and giving the main system direct connection via
the Pan-American R R ., with the National Railways of Mexico) and th^
balance to meet tile expense o f building docks and terminals at 1 u cito
Barrios, to reducing the grade on the line at this port and to the constiuctlon o f wharves at La Union, &c.
Of the remainder ( £ 3 ,5 0 0 ,0 0 0 ) o f the auth. issue, £ 1 ,2 3 4 ,6 0 0 is reserved
for the purpose o f taking up the SG,0 0 0 , 0 0 0 underlying bonds and the re­
mainder, £ 2 ,2 0 5 ,4 0 0 , is to be used for the acquisition, construction and
equipm ent of railway lines to connect Zacapa on the Guatemala railway line
with the existing line of the com pany In Salvador : also other lines in
Salvador. The com pany is forbidden to Issue any further bonus for any
purpose whatsoever until Its net receipts arc twice the interest on Its bonds,
including those proposed to be Issued.
Lines of llailway Acquired (Narrow, 3-ft. Gauge)—
M iles.
Puerto Barrios, on the A tlantic Ocean, Guatemala, via Guatemala
City to the port o f San Jose on the Pacific Ocean (277 •-5 miles),
with 60-mile branch from Sta. Marla to Mazatcnango, the centre
o f th e c o ffe e d i s t r i c t . - _____ ___ ______ _________________________________ 3 3 7 H

Mazatcnango to port o f Champerlco (42 m .) on the Pacific Ocean, with
9-tnile branch to San Felipe_____

_________________ ____________ 51 )i

P o r t o f d ’ O cos on th e P a cific O cea n v ia A y u t la o n the N ation a l R y . o f

Mexico to V ado A ncho in the interior of Guatemala. ........... .......... 23
P ort o f La Union on the Pacific In Salvador to San Miguel....... .......... 42 M
Under Construction or About to be Built—
Line to connect the main line at Las Cruces with the d ’Ocos line at
Vado Ancho and thus with the National R y . o f M exico----------------- 42 H
E x te n sio n In Salvador from S a n M iguel to U su lu ta n .............................
40»
Total built and building----------------------------------------537
Tlie com pany proposes eventually to connect Its Guatemala lines with
those In Salvador by a line from Zacapa via Santa Ana, San Salvador, and
San Vicente to Usulutan, with branch to Ahuachahan, making a total
system of 805 miles, serving the productive zone of Guatemala and Salvador
States, with a com bined population o f 2,800,000, producing chiefly codec,
sugar, rubber, wood and bananas.
. „ .
The com pany has entered Into a tra ffic agreement with the United Fruit
Co. (w tM i In i o n ’-niscrl In Guatem ala 1,602,971 bunches of bananas and
whose product In 1912 is expected to reach 2,240,000 b u n ch es),by which




1449

the railway com pany will carry all the products o f the Fruit Com pany in
the territory served b y the railway.
Earnings of the Lines Now Owned, Years 1908-11: Estimated 1912.
1908.
1909.
1910.
1911.
Est. 1912.
Gross _____ $812,170 $1,034,063 $1,375,077
$1,942,452 $2,480,400
N e t ..............
150,670
280,541
185,578
947,7o3
1,243,200
Deduct interest on the $6,000,000 underlying bon d s-------------227,9„0
Balance for Interest (say $250,000) on the present Issue . .
$1,015,280
F or the three m onths ending March 31 the gross earnings were $ i .>7,818
In 1912, against $023,820 in 1911: net, $439,219, agst. $349,257.
The com pany operates under long concessions, that in Guatemala giving
the Government the right after Jan. 2003 to purchase the lines at an arbi­
trated price. The 99-year concession in Salvador Is dated June 3 1908,
the railways in 2007 to becom e the property of the G ovt, without Indemnity
and with the right to purchase after June 1978 at a price to be fixed b y
arbitration. Subsidy In Guatemala on some lines $7,320 per kilometer,
on oth crlin es $3,200 per k. In Salvador, $7,000 gold per kilometer, paya­
ble m onthly from certain im port and export duties.
Directors: Minor C. Keith, New York, President, V ice-Pres. Northern
Railways Co. of Costa R ica. Vice-Pres. of United Fruit Co.; Hen y M.
Keith,
New Y ork, V ce-President; Paul
Dutasta, Paris;
Emile
Francqui, Brussells; Gen. Thomas II. H ubbard, New York; Kenneth K
McLaren, Jersey City: H . I. Miller. New Y ork; Bradley W . Palmer, Bos on,
director o f United Fruit Co. and N ational of M exico; Francois I ietrl,
Paris; A ndrew W . Preston. Swam pscott, Mass., Pres. United Fruit C o.;
Sir W illiam C.Van Horne, K .C .M .G ., Montreal. N. Y . office 17 B attery
Place.

Interoceanic Ry. of Mexico.— F ir s t P r e f. D iv . D e ferred .
The com pany on May 13 issued a circular letter to the holders of the
£1,400,000 first preference non-cum ulatlve 5% stook, saying: “ Owing to
the disturbed political conditions in M exico, which have adversely affected
the earnings o f the railway, the board thinks it desirable to defer the pay­
ment of any dividend on the first preference stock until the accounts for the
financial year have been made up and audited, which will b :: abou t the
month of N ovem ber next. The estimated gross receipts from -July 1 1911
to March 31 1912 amount to $6,392,890, as com pared with 53,699.020 fo r
the corresponding period of the previous financial year, a decrease^ of
$306,730, or £31,310, and the estimated net receipts for the same period
show a decrease of £ 26,040.”
,
,,
.
In 1909 to 1911 the full 5% (2 14% each in May and N ov.) was paid and
in 1908 4 H % - I” N ov. 1910 and 1911 the £1,000,000 2d pref. stock re­
ceived the full 4 % and in 1909 1 % . Compare annual report, V . 93, p .
1458.— V . 93, p. 1786.

Maine Central R R.— S to c k . —

The stockholders on May 24 authorized an Increase in the capital stock
from $10,000,000 to $15,000,000. Compare V . 94, p. 1384, 912.

Nashville (Tenn.) Railway & Light Co.— S p e c ia l D iv id e n d .
__A special dividend of 11% was paid on May 15 on the 84,­
000,000 common stock, per plan of purchase by Byllesby &
Co. and associates, V. 94, p. 827.— V. 94, p. 1317, 827.
The First National Bank of Nashville gives notice that it has received
paym ent under the option contract and will make Pay ment o f $ 114 per
share of com m on stock upon presentation of the receipts. O nly $65,700
of the $4,000,000 com m on stock has not been turned In by the stockholders.
— V . 94, p. 1317, 827.

Norfolk & Western R y . — N ew D ir e c to r E le c te d .—
W W . A tterbury, a Vice-Pres. of the Pennsylvania R R ., has been elected
a director to succeed John B. Thayer, deceased.— V . 94, p. 417, 208.

Northern Texas Electric Co., Fort W orth.— P r e f. S t o c k . —
Stone & W ebster, N. Y ., Boston and Chicago, are offering at 97, to yield
6 1 8 % , $500,000 new 6% pref. (p. & d.) stock , making $4,000,000 out­
standing; red. at 110, dividends M. & S. The proceeds of this Issue
will provide for double-tracking the intcrurban line near F ort W orth, tne
purchase of additional rolling stock, the Installation of an additional 5,000
k. w . (6,720 h. p.) turbine In the power station, and other extensions and
improvements to meet the Increasing business. Present earnings arc nearly
twice the preferred dividend and are increasing steadily. T he subsidiary
Intcrurban to Cleburne, to be com pleted earjy In the fall, should materially
increase earnings. Increase in population in last ten years: Fort W orth,
174% ; Dallas, 11G?o . See page 51, “ Elec. R y .” S ec.— \ . 92, p. 1-43.

Quebec Railway, Light, Heat & Power Go.— C o n tra c t.—
See Stadacona Hydraulic Co. under “ Industrials” below .— V .94,p. 1057.

Rapid Transit in New York City.— R ep ort A p p r o v e d — The
Board of Estimate yesterday, by a vote of 13 to 3 (President
Mitchell of the Board of Estimate alone dissenting), approved
the report prepared by Chairman McAnenv of the Transit
Committee, allotting the routes for the new dual subway
system to the Interborough Rapid Transit and Brooklyn
Rapid Transit companies:
The road mileage of the system to be owned by the city will be increased
from 66.9 to 172.4 miles and the total track from 177.9 to 486.74.
The lines to be embraced In the Interborough and B rooklyn Rapid
^ I ^ X ^ o m s ^ e m . — P relen t subways, single track. 73 miles; elevated
svstem 118 m .; New road to be constructed join tly by the city and the
com pany (subways), 150 m .; elevated extensions to be constructed by the
com pany, 0 mV; third-track extension to be constructed b y the com pany,

27J ^ o k ly n ^ m lid Transit System .— Present elevated lines single track 98
miles* subways to be built by the city, 70 m .; subway and elevated ex tenslon s’ to be constructed by com pany, 86 m .; rapid transit roads to be re­
constructed. 50 m .: total. 310 miles. Grand total of roads to be operated
by both companies, CS7 miles, less lines reconstructed, oO m ., leaving the
total rapid transit mileage 637 miles.
This com pletes, with 3 exceptions, the routing of the dual system or
subways to connect the five boroughs of Greater New York-.
1lie 3 routes
yet to be determined arc the tunnels from 65th St., B rooklyn, to Staten
Island, the Interborough tunnel from Manhattan to B rooklyn, whlcn win
be determined as soon as permission is received from Congress to pass under
tlie Federal Building to Beckman St. or Spruce S t., and the East River, ana
the lunctlon point between the present subwa5r system and the BroadwayLcxlngton A vc. system, which will be between 32d and 40th streets.
T he’ report gives the following figures of costs:
Cost of construction of all new lines and Improvements, subway and
elevated embraced in the dual plan— exclusive of Fourtn A ve. and Bridge
loop lines, which are nearing com pletion and already]Provided for, to be
approxim ately $214,000,000; cost o f equipment will 1)0 5 4 1,000,000 com ­
bined outlay by the city and the operating companies to be 5261,000,000.
The Interborough Co. v.ill spend, In addition, about 52o.000,000 Lor exten­
sions and Improvements to the Manhattan Elevated System . Tlie City s
additional Investment In the Fourth A ve. and Bridge loon lines which are
tn be taken into the Brooklyn svstem will be about $28,.>00,000.
The IiitxTborouBh Co. is to furnish not more than $50,000,000 for con­
struction S d T 2 l ! o o o ; o o ? for equipment; total. $77,000,000; the city to
furnish an amount equal to the Investment of the com pany in construction
nnei anv additional sum necessary to com plete the lines projected.
a Present estimate of cost to the city for the com pletion of all the lines to
be onerated by the Interborough Co.. $59,649,250. The Public Service
Commission lias effected economies In the plans for the Lexington A ve. and
H rm dwav routes which are under construction, and it is expected that the
amount required of the city will com e within an even half of the total outlay.
The Iirooklvm com pany will furnish, all told, S60.000.000 of new capital,
$13 000 000 of which will be applied on account of the construction of citymvned fines about $21,000,000 on account ot extension and Improvement
nf Its existing elevated lines, and S20.000.000 for equipm ent. The lines
to be built b y the city for the Brooklyn system In addition to the Fourth
A v c. and Bridge loop lines will cost approxim ately $64,700,000 in addition
in tho rom nany’s contribution.
, .
,.
The cltv ’s total new obligation in carrying out the dual plan, it is esti­
mated will be limited to $124,372,200, to Its share In the building o f a
tunnel’ to Staten Island, and to the cost of the purchase of real estate and
easements required for right of w a y.— V . 94, p . 1384, 1 0 3 7 . ......................

1450

THE CTTRONTm ,P\

St. John & Quebec Ry.— New Road— Offering.—
The Bank o f Montreal was authorized to receive subscriptions In London
at 98 H until May 13 for £873,285 1st M. 4 % debenture stock, dated 1912
and due 1962, but callable for sinking fund (1% yearly beginning In 1922)
at 105. Unconditionally guaranteed, prln. & int., by the Governm ent of
the Province of New Brunswick. Prln. and Int. (J. & D.) payable at Bank
of Montreal, London.

P a rticu la rs from Advertisement Offering F irst Mortgage Debenture Stock.

Incorporated b y Legislature of Province of New Brunswick (10 Edward
V I I ., Chap. 52) with capital of $2,000,000. Authorized to construct a line
o f railway from city of St. John, N . B ., through valley of St. John R iver
past Gagetown, Fredericton and W ood stock, to Grand Falls or a point on
the National Trans-continental R y . (Grand Trunk S ystem ).
This 1st M. debenture stock will be constituted and secured b y deed of
trust and m ortgage In favor of the Prudential Trust Co. of L ondon and
Montreal as a lirst charge upon the assets and undertaking, with power to
the com p any to Issue additional loan capital ranking equally In point of
security up to an aggregate limit of $25,000 per mile of railway. The length
o f railway authorized Is estimated at 220 miles. The assets charged to not
Include tw o bridges crossing the St. John R iver and one crossing the Kennebecassls R iver, which will be the property o f a distinct com pany, separately
financed. [A ct No. 188 of the Canadian Legislature assented to April 1 1912,
authorizes the Government of Canada to guarantee the principal and Int.
upon not exceeding $1,000,000 50-year 4% bonds issuable by a bridge
com p a n y which was then to be Incorporated by the Province of New Bruns­
wick or the 1 arllament of Canada, to construct three bridges for the railway
com p any, tw o across the St. John River— one near A ndover, the other near
Mistake; also one across the Kcnnebecassis R iver at or near Perry P t.— Ed.]
Under the authority conferred b y A ct o f the Legislature o f the Province of
New Brunswick (10 Edward V II., Chap. 6 ), the stock will be guaranteed as
to p rln cip a l and Interest by the Government of the said Province.
The Government o f the Dom inion of Canada is authorized (9 and 10
Edward V I I., Chap. 51) to provide a subsidy at rate of $6,400 per mile
towards the cost of construction of the railway, and under agreement of
March 5 1912 will lease and operate the railway when constructed as part
o f the Government railway system for a period of 99 years, at a rental of
40% o f the annual gross earnings, subject to adjustment In respect of the
bridges above m entioned.

[VOL. LXXXXIV.

Seattle Renton & Southern Ry.— Receivership.
Judge H anford In the U . S. District Court at Seattle on May 14, on appllcation o f Peabody, H oughteling A C o., a leading creditor, appointed
I resident b . M. Mills and O . D. Colvin receivers. It is alleged that the
appointm ent o f a tem porary receiver the previous week has seriously injured
the credit o f the com p a n y, the latter adm itting that It had outstanding
obligations o f over $1,000,000 which It was unable to m eet. The petition
o
l a*; un , r the terms o f a trust deed given to the petitioners to secure
$300,000 notes, It was provided that In case of the appointm ent o f a receiver
the trustee m ight, upon w ritten request o f the holders o f onc-fourth In
am ount of all the notes, declare the principal and interest o f all the notes
due and payable and that, the com pany being without funds. It was desirable
that the Court should interpose and operate the property lest forfeiture o f
its franchises be declared before an advantageous sale of the road could be
m ade.— V . 94, p. 1318.

Southern New England RR. Corp.— C on stru ction B e g u n .—•
Construction was begun on May 21 on the line from Palmer Mass to
Providence, R . I., at a point near W oonsocket, R. I. i t is hoped to
have trains running over the road by December next. The Massachusetts
House of Representatives on Thursday passed the bill to authorize the
com pany to build extensions to Boston and W orcester.— V . 94, p. 1384.

Susquehanna Railway, Light & Power Co .— P r o p o s e d
United Gas & Electric Corporation (of Connec­
ticut) in last week’s “ Chronicle,” page 1388.—-V. 94, p. 692.
Toledo Port Clinton & Lakeside R y.— S o ld .—
M e r g e r .— See

W.
S. Barstow A Co., New York, it is announced, have acquired this
property free of all Incumbrances for a sum stated as about $1,100,000.
The stockholders have voted to sell out, and the holders o f all of the $ 1,­
500,000 1st M. 5s of 1903, It is stated, agreed to accept the offer of 65% and
interest from May 1 1912, the bonds being deposited with the N at. Bank
of Commerce, T oled o.— V . 91, p. 983.

Western Ohio (Electric) R y.— B on d s O ffe r e d .— William
Salomon & Co. offer at 94>£ and interest $1,500,000 of! the
St. Louis Rocky Mt. & Pacific Co.— B o n d s . — Fisk & 1st M. 20-year 5% gold bonds, due Nov. 1 1921.
Robinson, New York, have placed at 84 and interest
Authorized issue, $3,000,000; outstanding, $2,500,000; pledged as col­
for an equal amount of 6% convertible bonds, $76,000, the rem aining
$532,000 treasury 1st M. 5s due July 1955, making $7,500,000 lateral
$424,000 having been canceled. The bonds are a direct lirst m ortgage on
of the issue outstanding. The proceeds have reimbursed the 82.01 miles o f electric railway and subject to $389,000 underlying bonds,
treasury for payment of the $251,000 short-term notes due a lien on 31.97 miles additional, together with power plant, equipm ent, Ac.
appraisal by .Stone A W ebster shows, It is stated, a replacement value,
April 1 1912 (original issue $600,000) and provide additional An
exclusive of franchises, of $4,747,000, or 60% in excess of the total $2,965,­
000 bonds outstanding. The line Is constructed on private right o f way
working capital. The firm says:
The com pany now has no notes or other unfunded debt outstanding and
Is carrying a large cash surplus. The bonds are a first lien on the entire
property, consisting o f 299 sq. miles o f coal lands owned in fee and 513 sq.
miles of coal-mining rights; also on all property of the St. Louis R o ck y Mtn.
& Pacific R y. Co., Including 100 miles of standard-gauge railroad, equip­
ment, terminals, A c., through the deposit o f all its stocks and bonds.
Tons Yearly—
1910-11.
1909-10. 1908-09. 1907-08. 1906-07.
Coal m ined......... ............. 1,257,052
1,123,738
890,121 918,456 674,630
Coke produced_________
103,327
133,079
88,328
80,710
80,428
The net Income, after fixed charges, for the nine months ending April 1
1912 was $211,474. It is estimated that for tile fiscal year ending Juno 30
next the surplus, after charging off ample depreciation reserves, will be
approxim ately $200,000, equivalent to 5% on the prof, stock and about
1>3% on $10,000,000 com m on stock.— V . 94, p. 274.

St. Louis Southwestern R y. — B o n d O ffe r in g . — The Guar­
anty Trust Co., Rhoades & Co. and William Salomon & Co.,
all of New York, it is understood, will shortly make a public
offering, at 90 ^ and int., yielding about 5.60% , of the un­
sold portion of their block of $7,500,000 “ first terminal and
unifying mortgage 5% gold bonds.”
Dated Jan. 1 1912, due Jan. 1 1952. Authorized, $100,000,000; now to
be Issued, $7,500,000. Par $1,000 (c* A r * ). Principal and interest
(J. & J.) payable In gold In New York, and o f coupon bonds also payable In
L ondon at £205 15s. 2d. [sterling, or In Amsterdam at 2,490 guilders, or In
Berlin at 4,200 marks, D. R. W ., or in Paris at 5,180 francs, for each $1,000
o f principal, and at same rate for Intallments o f Interest. Trustees,
Guaranty Trust Co. of New York and W alker 11111, E sq., of .St. Louis.
Data from Letter of Pres. F. H. Britton, St. Louis, May 3.
Purposes for Which These Bonds A re Issued.
New terminal properties at St. Louis, M o., and Fort W orth,
T ex., at cost: title to be In the trustees_______________________ $2,250,000
T o retire outstanding equipment obligations o f an equal face value 2,165,000
T o acquire $400,000 “ first ref. A ext. M. bonds” of Gray’s Point
Terminal R y . Co. (total outstanding), for deposit with the
4 00,000
corporate trustee____________________________________ ________ _
T o reimburse the com pany for permanent lm pts., &c., already
made out o f revenue_____ _____________________________________ 2,685,000
Purposes for Which Remaining $92,500,000 Bonds M ay B e Issued.
T o refund, purchase or acquire prior mtge. bonds o f a like face
amount (being all the bonds of the system maturing during the
life o f this issue, except the bonds pledged under this m tge.),
viz.: St. L. S. W. R y. Co. 1st consol. 4s, due 1932, $25,000,­
000; bonds o f controlled companies, $15,950,000; total______ 40,950,000
Additions, lmpts., new equip., A c., as below stated......... .......... .. ,51.550,000
These $51,550,000 bonds m ay be issued to an amount equal at par to
the cost of: (a) Additions and permanent betterments, additional main
track or double track, passenger and freight stations, A c., and o f all the
stocks and bonds o f any com pany owning railway, terminal or warehouse
property, to an amount not to exceed $2,000,000 per annum, cum ulative
during 1912 to 1921, incl., and $3,000,000 per annum cumulative there­
after (certain bonds to be Issued under 1 (b) above. Included In these limita­
tions). (b) New equipment on which these bonds shall be a direct first
lien, to an amount not to exceed $800,000 during 1912, and $500,000 pelannum cumulative thereafter, (c) The acquisition or construction of ad­
ditional lines o f railway on which these bonds shall be a direct first lien or
first collateral lien.
The Issue Is: (1) A direct first lien on terminal properties and improve­
ments thereon at St. Louis, costing $2,000,000. and in Fort W orth Texas,
$250,000. (2) A direct or collateral lien on all railways owned, leased and
controlled (except the Paragould Southeastern R y ., 37 miles), including
1,746 miles o f main line and branches, of which about 209.61 miles are track­
age rights, together with terminals, A c., subject to prior ratges. (3) A di­
rect first lien or first collateral lien on any additional railway and rolling
stock and equipment hereafter acquired with proceeds of these bonds.
Prior mortgage debt Is about $32,400 per mile, exclusive of trackageright mileage; total mortgage debt, with bonds now offered, Including those
Issued for acquisition of terminal properties, about 537,275 per mile.
A t St. Louis the com pany has operated at a disadvantage over the
tracks and terminals o f a com peting line: at Fort W orth the present termi­
nals are on bottom land, making it difficult to control business.
With
the now arrangements the com pany will be on equal terms witli Its com peti­
tors, which should enable It to obtain a much larger share o f the traffic at
both points. A bout 80% o f the main line is now laid with 75-lb. steel rails.
All of the main line in Missouri, Arkansas and Louisiana is ballasted with
gravel or rock, and the road in Texas between Texarkana and Fort Worth
is now being ballasted with gravel or burnt ciay.
Earnings for Years ended June 30 and 9 Months ended March 31.
-------------- Y ea r---------------------- Nine Months-----, ,
.
1910-11.
1909-10.
1911-12.
1910-11.
T otal incom e, after operat­
ing expenses and t a x e s )...$3 ,4 5 7 ,0 0 4 $3,003,265 $3,333,881 $2,745 65.'
F ixed charges, rents, A c------ 2,241,181 2,186.708
1,783,051 1,674,80;
Balance, surplus........... ...$ 1 ,2 1 5 ,8 2 3
$816,467 $1,550,830 $1,070,79
The surplus earnings for the year ending Juno 30 1912. after paym ent c
all fixed charges, should be not less than $1,700,000. The annual lntarc:
on the bonds now offered is $375,000, while the interest on equipment not<
to be refunded Is over $100,000; net lnoreasc less than $275,000 per annum
— V . 91, p. 1250, 1187.
UU1




outside of the cities, and partly on private right of way within the sam e.
Net earnings for 1912 are estimated at twice fixed charges
Regular
dividends are being paid on the $12 1,000 7% first pref. and $450 000 6%
2d pref. stock. See statements In " E l. R y. S e c.,” p. 66 — V 91 p’ 872

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Consolidated Coal & Iron Co., New York.— S a le
The Balt. Trust Co. (V. 92, p. 464; V . 91, p. 1575) will sell at auction in
Baltimore on June 3 $125,000 ref. A Impt. M. 5% 50-year bonds, dated
May 1 1908, viz.: Two blocks o f $75,000 each, Nos. 1313 to 1387, incl.,and
1383 to 1462, Incl., all with coupons o f N ov. 1 1909 attached: $1,100,000,
Nos. 1 to 200 and 413 to 1312, all Incl., with coupon o f N ov. 1 1911 at­
tached.— V. 94, p. 1251, 418.

American Ice Co., New York.— B o n d I s s u e .—
Press reports say that a New Y ork syndicate m ay take $3,000,000 o*
a new $6,500,000 6 % 30-year bond Issue, refunding $2,411,000 5s due
Feb 1 1914, e tc.— V . 94, p. 914, 122.

Armour & Co., Chicago.— 1st M . 4>£son C h ica go “ U n listed .’ ’
The $30,000,000 1st M. real estate 4 J^s have been adm itted to the “ unlist­
ed list” o f the Chicago Stock E xch an ge.— V . 94, p. 281, 276.

Associated Oil Co., California.—•
N ew P r e s id e n t. —-William Sproule, President of the South­
ern Pacific Co., which owns a majority of the stock, has been
elected President to succeed William F. Herrin, who resigned.
Win. S. Porter remains as V icc-Prcs. and Gen. Mgr. Mr. Herrin will
continue to be a director, and, it Is understood, a member of the executiv
com m ittee.— V . 94, p. 1059.

Athens (Ga.) Gas Light & Fuel Co. — S e cu rities A u th o r iz e d .
The Georgia R R . Comm, has authorized the com pany to issue $250,000
40-year 5% bonds and $125,000 stock. Of the bonds, $225,000, and fill of
the stock, Is to be used to pay for the property of the Athens Gas C o., which
was recently acquired, free fro m ail encumbrances, and the remaining
$25,000 for extensions and Im provem ents tq be made at once.

(S.) Bayless Manufacturing Corporation, Austin, Pa.—
This com pany, Incorporated In Pennsylvania on M ch. 14 with $100,000
autli. stock, as successor of the Baylcss Pulp A Paper Co. (V . 94, p. 633),
has given notice of the making of $650,000 indebtedness. An advertise­
ment offering the bonds of the Stadacona H ydraulic Co. (see below) states
that the Bayless Pulp A Paper C o., meaning persum ably the successor com ­
pany or a Canadian ally, Is about to build a new plant near Quebec and will
operate It with hydraulic po>yer. Incorporators: Stanley Bayless (T rcas.),
Austin; Geo. C. Bayless, Binghamton; R . R . Lewis, A . C. Palmatier and
J . II. Dexter. Coudersport.

Bayless Pulp & Paper Co.— C on tract — Next) P l a n t .—
See Stadacona Hydraulic Co. below .— V . 94, p. 633.

Bethlehem (Pa.) Steel Corporation, New York.— G u a ra n ­
& Co., Ilarvcy Fisk & Sons
and William Salomon & Co. offered on May 23, at 91 yA and
int., the unsold portion of their block of $15,200,000 Bethle­
hem Steel C o m p a n y “ first lien and refunding” M. 5% 30year gold bonds, dated 1912 and due May 1 1942, but call­
able at 105 and int. Interest M. & N. Principal and inter­
est guaranteed by Bethlehem Steel C o r p o r a tio n by endorse­
ment on each bond. The bonds having all been sold, the
advertisement offering the same is published on another
page for purpose of record.
teed B on d s O ffere d . — Hallgarteu

Par $1,000 and $500 c* A r* . Annual sinking fund 2 % of face value
of bonds outstanding. but not less than $300,000 per year
All or any part
of the issue redeemable at the option o f com pany at 105% and int on any
interest date upon 12 weeks' notice. Equitable Trust Co. of N. Y ., trustee.
Free of tax In Pennsylvania.

Data from Letter of Pres. C. M. Schwab to aforesaid Bankers, May 8.

Bonds.— I submit the following inform ation in connection with your
purchase, in con jun ction with Kuhn, Loeb A Co., New York, of these
$15,200,000 5% bonds.
The auth. Issue, $50,000,000, Is to be secured upon the real estate and
manufacturing plants o f Bethlehem Steel Co., subject only to the prior lien
o f Us purchase m oney mortgage ($7,500,000 outstanding) and first extension
mortgage ($8,000,000 outstanding after the purchase of $2,668,000 o f said
bonds as below ), ami by a first mortgage lien upon such real estate and
manufacturing plants as that com pany may hereafter acquire, su b ject only
to the after acquired property clauses of said lirst extension m ortgage as
to any real property which m ay bo acquired at South Bethlehem as exten­
sions or Improvements of the plants, A c. covered thereby, and to any pur­
chase m oney or other mortgages subject to which the property may be
acquired, but against which mortgages an equal face am ount o f the bonds
of this issue shall be reserved.
The retirement at or before m aturity of the remaining $8,000,000 first
extension bonds will (as the purchase m oney m ortgage contains no “ after

May 25 1912.]

acquired property” provision) make these new bonds, on or before Jan. 1
1926, a first lien on the Saucon plant at South Bethlehem, Pa. This plant
Is com plete In all respects for the manufacture e f structural steel and rails
from pig Iron with a capacity of 600,000 tons per annum; also a lien, subject
only to the purchase m oney mortgage, on the Lehigh plant, adjacent to the
Saucon plant. The mortgage will also cover the entire capital stock (ex­
cepting directors’ shares) of Juragua Iron Co., subject only to the prior
pledge o f half thereof under the purchase m oney m ortgage.
Mortgage Restrictions on the Issue of the $50,000,000 Ronds.
Present Issue (of which $15,200,000 are sold and $2,300,000
retained In Treasury for general purposes) — - - — ;;;-,r,r,c~517’ JUU’ uuu
Reserved for retirement or acquisition of the remaining $8,000,­
000 first extension 58__________________ - - - r - - r ----- -------.7---o ’ nnn’ nnn
Reserved for use as m ay be necessary to assist In the refunding
2,000,000
Reserved (with any balance of the above) for additions and
extensions In amounts o f not exceeding 90 % of the cost
thereof, and for the acquisition of other property of a charac­
ter to be described In the mortgage; but not more than $0,­
000 to be Issued, unless the net earnings of Bethlehem Steel
Corporation and Its subsidiaries for the previous fiscal year
(after charging depreciation, but before charging Interest and
sinking f u n d ) , arc double the yearly Interest before the Issu­
ance o f the additional bonds and no more than $5,000,000
to be Issued at any ° ? e time1
---------tire.
effectcdl ^ f'W 'oO sT ooV o f the' $10,6G'8,000 Arst exten sion '5 % bonds (the
bonds so purchased to be used only for the requirements of the sinking
fund o f that Issue and until so used to be deposited with the trustee of the
herein described Issue as additional security therefor); and (c) for further
The paym ent o f the principal and Interest o f these bonds Is
to bo guaranteed by endorsement by Bethlehem Steel Corporation, such
guaranty to be secured by the pledge with the trustee under this m ort­
gage of the entire capital stocks (excepting directors’ shares) of its sub­
sidiary companies, ns follows: Bethlehem Steel C o., Union Iron W orks
Co., Harlan & Hollingsworth Corp., Samuel L. Moore & Sons Corp.,
Bethlehem Iron Mines Co.
Net Assets as Security for these Bonds, $32,647,627 after Issue Thereof.
Bethlehem Steel Co.— Capital assets, $31,492,652; current
assets, $9,888,107: total, $41,380,759, less purchase money
6s due 1998, $7,500,000, and first extension 5s, due 1926,
$8,000,000; leaving e q u i t y . . . -------- ----------------- --------------------- $25,880,7o9
Four other companies (stocks to be pledged under aforesaid
guaranty).— Capital assets, $6,653,093; less funded debt of
Union Iron Works Dry Dock Co., $1,327,533, net $5,325,560;
„„„
net current assets, $1,441,308------------------------------------------------ 6,766,868
. In the above figures the mining properties of the Corporation are Included
only at their book cost and the sum of about $28,000,000 should be added
to adjust them to their real worth. This Includes mineral rights on approxi­
mately 55,000 acres of land In Cuba on which our engineers report ore In
sight of about 190,000,000 tons.
1911 Earnings, after Substituting Charges on Present Issue for Charges on
Debt Retired out of Proceeds Thereof.
Net earnings after deducting $1,074,415 for Interest and sinking
fund on old Indebtedness not retired from proceeds of this issue $3,826,618
Deduct.—-Interest ($760,000) and sinking fund ($461,000) on
these $15,200,000 bonds, Including amortization of debt dlsc’t . $1,224,000
Provision for depreciation, less sink, fund deducted a b ov e—
581,468
B.alance, surplus, on basis of present financing_________________ $2,021,150
The year 1911 was a m ost unfavorable one in the Iron and steel trade and
the above calculation must therefore be regarded as a conservative one.
Under normal demand and prices, the net earnings should be at least
$8,000,000 per year.
___
The annual business has grown from $14,554,117 In 1905 to $30,093,023
In 1911. The Corporation has booked orders during the first quarter of
1912 aggregating about $12,250,000. The total orders on hand March 31
1912 were about $21,000,000.

B lo ck o f F i v e -Y e a r

6% G old N o te s o f 1909 C a lled .—

Fifty-eight ($58,000) 5-year 6% gold notes dated N ov. 1 1909 of the
Bethlehem Steel Co. have been called for paym ent at 102
and int. on
July 22 at Bankers Trust C o., N. Y ., trustee.— -V. 94, p. 1318, 1188.

Booth Fisheries Co.— F ir s t P r e fe r r e d D iv id e n d . —•
An Initial quarterly dividend of 1
has been declared on the new 7%
cum . first pref. stock, payable July 1 to holders of record June 15.— V . 94,
p . 626, 489.

Brooklyn Union Gas Co.— E x tr a D iv id e n d . — An extra divi­
dend of 1% in addition to the regular quarterly disbursement
of I H % has been declared, payable July 1 to holders of rec­
ord June 15, being the same amount as in Jan. last.
This Is understood to be In pursuance o f a policy to make extra payment
semi-annually to com pensate stockholders for the difference between the
dividends paid and an average of 6% since 1906. Compare V. 93, p. 1467,
1388.

Calumet & Hecla Mining Co.— See “ Annual Reports.”
The $1,000,000 5% 10-year coupon gold notes dated Mch. 1 1909 have
been called for paym ent at par and lnt. on Sept. 1 at City Trust Co., Boston.
The com pany has also outstanding of the notes Issued in 1909 $4,134,000
4 % and $1,685,000 5% notes due Feb. 28 1919, but subject to call at par
and 102, respectively. The $1,700,000 3-year 5% notes matured and were
paid off Mch. 1 1912.— V . 94, p. 1386, 1318.

Central Indiana Gas Co.— S econ d M o rtg a g e B o n d s C a lle d .—•
All of the $240,000 outstanding 2d M. 5% gold bonds Issued under the
m ortgage dated July 2 1910 under the former name of Heat, Light & Power
C o., have been called for paym ent at par and lnt. on June 1 at Harris Trust
& Savings Bank, Chicago, trustee.— V . 94, p. 354.

Central States Electric Corporation.— N ew H o ld in g C om ­
p a n y — C o n tro l o f C levela n d E lectric Illu m in a tin g C o .— S a le
o f S ecu red 10- Y e a r 5% C on vertib le N o te s . — This new company
having arranged to purchase control of the Cleveland Electric
Illuminating Co. has sold to Spencer Trask & Co., N. Y.,
Albany, Boston and Chicago, and the Guaranty Trust Co.,
of N. Y ., §3,730,000 of its 10-year 5% secured gold notes.
The notes will soon be offered to investors to net 5 % % .
Data from Advance Alcmoranda, Subject to Correction.
T o be dated on or about June 1 1912. Due on or about June 1 1922. Int.
s -a. Par, $500 and $1,000 (c*). Subject to call, In whole or In part, on
any Interest date, on due notice, at 101 and Int. Convertible at par Into
7 % cumulative pref. stock at 105, with the right to convert If called for
paym ent prior to m aturity.
This com pany Is being incorporated In Virginia, with power, among other
things to acquire stocks and securities o f public utility corporations. It
will acquire more than 60% of the entire $7,330,400 com m on stock of the
Cleveland (O.) Electric Illuminating Co. (V. 94, p. 1122, 1356). It Is
expected that other desirable properties will be acquired as opportunity
offers, further Increasing the earning power.
Authorized Capitalization and Present Maximum Amount Issuable in Con­
nection with Purchase of Cleve. E l. III. Co. Common Stock.
Auth.
Pres. M ax.
Ten-year 5% secured gold notes--------------------------------$6,000,000 $6,000,000
5,000,000
Pref. stock, 7% c u m u la t iv e ..------, - - 7 - — .----------3 0 ,0 0 0 ,0 0 0
Common stock (auth. Issue not to be less than $10,­
000,000 or over $30,000,000)-------------------------------- -------------- 6,000,000
The minimum amount of $3,730,000 10-year notes to be Issued will
be secured by deposit with the trustee of $4,403,640 com m on stock of the
Cleveland El. III. Co., being 60% of the outstanding com m on shares and
representing a cash investment for this purpose of $5,724,732. The bal­
ance of the $6,000,000 5% notes will be Issued as additional amounts of
said com m on stock are acquired and pledged at the rate o f about $77 32
o f notes for each $100 of com m on stock.




1451

THE CHRONICLE

The Cleveland E l. 111. Co. was Incorporated In 1893. Property account
Dec. 31 1911, $13,755,911. The outstanding capitalization Is: First M .
5s (auth. $30,000,000), $6,000,000 (see V . 94, p. 354); 6 % cu m . pref.
stock (auth. $1,000,000), $800,000; com m on stock (auth. $9,000,000),
$7,339,400. Dividend paid: On pref., always 6 % , on com m on began In
1902, and from 1904 8 % yearly.

Earnings of the Cleve. E l III. Co. forCal. Years (Increases Constant Since Org.)
1910.
1911.
I
1910.
1911.
Gross e a rn s ..$2,293,733 $2,683,146[Int. charges, pref.
Net (aft. tax.) $1,004,904 $1,201,4211 dividends, & c _ .$290,186 $313,559
AIlsc. receipts.
23,296
27,020
---------------------------------------------- ---------------- Bal. for deprec. &
Total Incom e.$1,028,200 $1,228,4411 com . stock d l v .$738,014 $914,882
Annual Interest on total, $6,000,000 Central States 10-year n o te s .$300,000
Present electrical apparatus of Clev. El. 111. Co., tw o 14,000 k.w . and
two 9,000 k .w . turbo units, and It Is planned to Install In the com paratively
near future two 14,000 k.w . units, making a total of about 74,000 k .w ., or
approxim ately 100,000 h .p . The property owned will permit an ultimate
capacity exceeding 200,000 h.p . Transmission system, all underground,
at 11,000 volts pressure, connects with six fireproof substations; distribu­
tion system extends over 70 sq. miles, with meters, house connections,
&c., for about 39,000 consum ers. Has recently executed a 10-year con­
tract to supply the Cleveland Electric Railways Co. with additional power
needed by it. Unlimited franchises in Cleveland and ten adjoining towns.
Cleveland In 1910 had a population of 560,663, an Increase of 46.9 % since
1900, outstripping Baltimore and Pittsburgh, and ranking sixth among
American cities.
Management.— The directors o f tne Central States will be men of wide
experience In the management o f public service coroorations and largely
Interested In the management o f the American Gas & Electric C o., the
Federal L t. & Traction Co. and the R epublic R y . & Light Co.

Cities Service Co., New York.— S p e c ia l S ettlin a D a y on
London Stock Exchange re­
cently appointed a “ special settling day” for the §1,350,000
6% cum. pref. stock placed in London late in 1911, the total
amount of preferred outstanding being §10,195,300.

L on d o n S tock E x c h a n g e . — The

This marks the beginning of ordinary transactions in this new stock on
the London Exchange, and, while not quoted on the official sheet, the stock
will be dealt In regularly for the fortnightly settlement of accounts. This
Is of Importance because when no special settlement Is granted, the laws
of the Exchange cannot be enforced.— V. 94, p. 984.

Citizens’ Gas Co. of Indianapolis.— A m en d ed F r a n c h is e .
The City Council this week passed the bill permitting the com pany to
make an Issue of 5% bonds and additional stock for Improvements. (V .
94, p. 633.) One of the important features of the amendment Is that It
Increases the amount of mains the Board of Public W orks m ay order e x ­
tended. Under the original franchise the am ount was limited to 10,000 ft.
annually. This Is increased under the amendment to 20,000 ft. a year for
the 5 yars beginning Jan. 1 1912; 25,000 a year for the 5 years beginning
Jan. 1 1917 and 30,000 a year from Jan. 1 1922 to the end o f the franchise
V. 94, p. 701, 633.

Cleveland (0 .) Illuminating Co.— C on trol P le d g e d . — See
Central States Electric Corp.— V. 94, p. 1386, 1251.
Consolidated Gas Co. of New York.— E a r n in g s . — The
report of the Public Service Commission, First District,
issued this week, shows earnings of the various gas com­
panies included in the system for.thejmar ending Dec.31 1911:
Operating Met (after
Revenues. Taxes).
^

Other Interest,
Income.
&c.
^

^

Dividends.
$

Balance,
Surplus.
S

656.167 5.9S8.990 2,887,543
Consol. Gas Co___ 13,592,711 3,801,5SS 5,731,112
151,826
New Ams. Gas Co _ 2,751,015 1,114,943
96,376 1,059,493
87,268
N. Y. Mat. Gas Co. 1,581.297 339,338 76,327
19,103 309,294
73,836 457,170
138,714
Stand. Gas Lt Co. 1,732,104 633,980
35,740
661,287
13,450 201,210
Cent. Union Gas Co. 2,056,603 852,047
78,462
254.428
306
Nor. Un. Gas C o ..
909,048 332,584
508,542
Astoria L., II. & P. 3,385,200 1,195,040
2,238 688,736
Total____ ______ 26,007,978 8,269,520 5,955,549 2,780,007 0,755,454 4,689,608
—V. 94, p. 275, 210.

Corporation of United Cigar Stores Co. of New York.—
Boston “ News Bureau” on May 20 said in subst.

S ta tu s .— The

The few stockholders at the annual meeting May 17 obtained inform ation
never before revealed. This showed that through subsidiary concerns,
real estate operations have been very profitable, with the bulk o f earnings
turned back Into extension o f this branch o f the business.
The United Stores R ealty & Land C o., Just organized in New Jersey with
$10,000,000 capital, all owned by the United Cigar Stores of N. 1 . [also
power to Issue bonds], will hereafter con du ct the real estate business and
will take over the leaseholds and properties now controlled. Counsel S . M.
Strook, who acted as Chairman at the meeting, stated that It had not been
decided whether this $10,000,000 capital stock would be distributed as a
dividend to holders of the parent corporation’s shares. He Intimated,
how ever, that eventually this would be done, although possibly not all at
once. As the capitalization of the parent and new subsidiary are Identical,
a 100% stock distribution would be possible.
The parent com pany's Income account (V . 94, p . 1386) showed only
dividends received from subsidiaries and In no way Indicated the earning
capacity of the entire system . The total surplus April 1 1912, $1,303,479,
was practically all cash. Some of the subsidiaries also hold large amounts
In their treasuries, but figures were not obtainable as to totals. The chief
subsidiary has been the United Cigar Stores Co. of New Jersey, which In
turn has controlled the United Cigar Stores of Illinois, handling the Middle
W estern trade, and the United Cigar Stores of R hode Island, controlling
New England. The United Merchants R ealty & Im provem ent Co. has
been the largest real estate subsidiary, but there are also m any others.
All but about $100,000 of the $3,600,000 6% bonds were owned b y the
American T ob a cco Co. This Issue was put out to retire $2,850,000 6,0
bonds of the United Cigar Stores Co. of New Jersey and $750,000 o f that
com pany's 7 % pref. stock.
.
. _ TT
.
When the dissolution of the American T obacco Co. was ordered, the United
Cigar Stores system had planned to open 40 new stores. A t that time it was
operating 623 stores. Since March 1 practically all of the contem plated
branches have been put In operation, so that now the chain comprises
about 663 stores. Another location secured Is at Broadway and 33d
S t., where a new building Is being erected. A djoining R . I I • M acy’s store
In New York a cigar store will open as soon as the lease of the present occu ­
pant expires.
, .
,
,
A t Broadway and 42d St. a $10 annual rental will be paid for the cigar
store In the new building now under construction, being the same rent as
paid diagonally across the street. From the Astor estate the property was
leased by a United subsidiary— the Broadway Corner C o.— at a net annual
rental of $105,000. The United Cigar Stores of New Jersey guaranteed
$500,000 In the transaction. The property was sub-let to a construction
com pany which is now putting up a new building, and one o f the agree­
ments was that the United should pay the nominal rent of $10 a year for
its store on that corner. The construction com pany In turn rented the
rest of the ground lloor space for $150,000. The lease will run for 84 years.
In Its real estate operations the United Co. ha3 been obliged in some in­
stances to rent 10 years ahead In order to offset higher rents in the course
of a decade.
,
,
.................. ...
A year ago there were but 200 stockholders, but shareholders list now
shows 1,184 names, owing to the enforced distribution of the holdings of
the American T obacco Co. and 29 individual defendants. Pres. George J .
Whelan now has In his name 22,966 shares.against 7,440 shares last year;
total holdings of the W helan family approxim ate 35,000 shares.
Another paper says that "th e new com pany will take over all
the stock of United Merchants R ealty & Im provem ent Co. and stock of
10 sinalle rrcal estate com panies."— E d. See V . 94, p.1386, 1122.

Edison Electric Illuminating Co., Boston.— N ew S t o c k .—
Subject to the approval of the Gas and Electric Commission,
the directors have voted to give to shareholders of record the
right to subscribe for 20,007 shares of new stock at §215 a

1452

THE CHRONICLE

[VOL. L X X X X I V .

share, to the extent of 1 new share for each G shares now held.
National Fireproofing Co.— N ew B o n d I s s u e . — The stock­
See V. 94, p. 1188, 70.
holders will vote on July 25 on authorizing an issue of
Electric Manufacturing & Power Co., Spartanburg, S. C.—• 82,500,000 20-year refunding bond?.
O f the bonds $1,000,000 are to be used to retire a like amount of out­
S a le . — A. B. Leach & Co., have, jointly with Ussing, Scoville
standing bonds which are subject to call at par, and the remainder to pro­
& Co. of Pittsburgh, Pa., purchased the property.
vide for the purchase o f the Great Eastern Ciay Co. and obligations of that
Firestone Tire & Rubber Co., Akron, 0 .— P r e f. S tk .O ffe r e d . com pany and o f the National Fireproofing Co. o f Canada and to provide
Borton ft B orton, Cleveland, recently ollcred a small block of the
[S I,000,000] 7% cum ulative pref. stock at 108 net to buyer. Dividends
Q-J. 15. Pref. p. & d. and retlrable at 110 and divs. after 1915. The
hrm says: “ The assets are about six times the pref. stock outstanding,
and earnings are very large for the last few years, approxim ating each year
the par value of the pref. Issue. No m ortgaged debt or other liabilities,
excep t current Items. One of the m ost conservative of the rubber cor­
porations. See V . 90, p. 1493; V . 91, p. 1772.

Fort Dodge Light Co .— B o n d s C a lled .—
All of the outstanding 5250.000 40-year 5% collateral trust gold bonds
dated May 1 1906 have been called for paym ent at 105 and int. on June 1 at
Michigan Trust C o., Grand Rapids, M ich., trustee.— V. 82, p. 1043.

Hall Signal Co., New York City .— P la n E f fe c t i v e .—
The plan of April 2 192 has been declared effective. A n underwriting
syndicate, it is stated, will be form ed and the plan put into effect. The
tim e within which depositing stockholders m ay subscribe to the new
securities under the plan will finally expire June 0.' A large m ajority of the
stock has been deposled.— V . 94, p. 985.

working capital and fo r betterments and enlargements.— V . 91, p. 1060, 760.

Otis Elevator Co., New York.— N eiv O ffic e r s .—•
The New York office of the executive and other departments will be
rem oved on or about June 1 from 17 Battery Place to the now location on
11th A ve. between 26th and 27th streets. Sec annual report In V . 94, p.825.

Queen City Electric Light & Power Co., Traverse City,
Mich.— C ity E lectors V ote to P u r c h a s e . — See “ Traverse City”
in “ State and City” Dept.— V. 94, p. 1000.
Quincy (Copper) Mining Co .— D iv id en d In crea sed .
A quarterly d ivid en d o f $ l . 25 (5 % ) pcr$25share has been declared, p ay­
able June 24 to holders o f record May 27, com paring with $1 (4% ) quar­
terly from Dec. 1910 to Mch. 1912, inclusive, $1 25 (5 % ) in Sept, and June
1910 and $1 50 (6% ) in March 1910. Compare V. 90, p. 508.
Previous Annual Dividend Record (Per Cent) Since 1893.
’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’01 ’05 ’06 ’07 ’08 ’09 ’ 10 ’ l l
32 48 80 48 26 38 36 36 28 22 20 24 50 54 18 16 20 20
— V. 94. p. 696.

Siegel Stores Corporation, New York .— G u a ra n teed B o n d s •
— See Simpson Realty Co. below.— Y. 91, p. 721.
Simpson Realty Co., New York.— B o n d s G u a r, by S ieg el
International Agricultural Corporation .— P r o p o s e d B o n d S tores C o r p . — F. J. Lisman & Co., N. Y ., and the Cent. Tr. Co.
I s s u e . — Arrangements, it is understood, are being made for of 111., Chicago, on March 13 offered at par and int. 8600,000
the issuance of 810,000,000 to 815,000,000 bonds, to finance refunding sinking fund G% bonds, due Jan. 1 1932, but re­
the requirements of the company. While, Weld & Co., who deemable at 105 on any coupon date on thirty days’ notice
have been identified with the company in previous trans­ until Dec. 31 1921, and thereafter at 102y^. Guaranteed
actions, will underwrite the bonds. The details will be p. & i., severally and jointly, by the Siegel Stores Corpora­
announced shortly, probably next week.— V. 94, p. 909, 282. tion, Henry Siegel and Frank E. Vogel. Trustee, Trust Co.
of Am. Int. J. & J. Authorized 81,500,000, outstanding
Keystone Telephone Co. (of N. J.), Philadelphia.—•
Philadelphia papers state that it is proposed to extend the v o tn g trust
8600,000; balance, S900,000, reserved to retire real estate
expiring July 1 In which 52,750,000 of the S3,000,000 com m on stock is held.
mortgage, due 1917.
— V . 94, p. 770.
of Letter from Henry Siegel, Pres. Siegel Stores Corp., Dec. 29 1911.
Kings County Electric Light & Power Co.— R e d u c tio n .—• Digest
The property of the R ealty Co. consists of real estate, leaseholds ami
Illinois Steel Co .— B o n d s R ea d y f o r D e l iv e r y .—

J. P . Morgan & Co. announce that they are ready to deliver the engraved
4 >3% gold debenture bonds of 1940.— V . 91, p. 986.

The com pany and its operating com pany, the Edison Electric Illuminating
Co. of Brooklyn, announce a voluntary reduction in rates for electric cur­
rent beginning July 1. The present retail rate is 12c. per kilowatt hour:
the new rate will be l i e . per k. w. hour for the first two hours, 8c. for the
second two hours and 4 c. for all current in excess of four hours average dally
use per m onth of the m aximum demand, with an annual minimum payment
of $12, payable $1 m onthly. Guarantee under the present special wholesale
contract is reduced from S3.000 to 82,400. The reduction, it is estimated,
will save present consumers 8250,000 a year. The new rates arc not
expected to reduce the net earnings, as the increased business and economies
of production and distribution will offset the rate reduction.— V . 94, p. 770.

Long Acre Electric Light & Power Co., N. Y .— B o n d s .—
The report that a leading banking house has purchased 810,000,000 of
the com p any’s bonds, we understand. Is not correct. The deal, if one is
In progress, is supposed to be In the option or verification stage.— V. 93.
p. 1468, 474.

Louisville (K y.) Gas Co .— C on trol P le d g e d .—
See Miss. Valley Gas ft El. Co. below.— V . 91, p. 1253, 1189.

MoCrum-Howell Co .— S tric k e n f r o m C h ica go L i s t .—
The Governing Committee o f the Chicago Stock Exchange on May 15
struck both the pref. and the com . stocks from the list of the E xchange.
See V . 94, p . 1314, 1320.

Mississippi Valley Gas & Electric
H o ld in g C o m p a n y — B o n d s S o ld . — This

Co., Chicago .— N ew
company is about to
be organized under the laws of Maine for the purpose of ac­
quiring the securities and assisting in the development of
electric, gas, railway and water-power properties. Control
through stock ownership will be acquired of the Louisville
(K y.) Gas Co., Louisville Lighting Co., the Geo. C. Fetter
Lighting & Heating Co. and the Campbell Electric Co.
The company will be controlled by the Standard Gas &
Electric Co. of Chicago, the Byllesby holding corporation
(see p. 174 of “ R y . & Indus.” Sec.), and the principal and
interest of the 85,000,000 10-year 5% collateral trust bonds
which will now be issued, secured by pledge of the securities
acquired as aforesaid, will be guaranteed by that corporation.
These bonds have been sold by H. M. Byllesby & Co., Chi­
cago, and William P. Bonbright & Co., N. Y . and London.
Capital Stock of Sub-Companies—Issued, New Pledged, dec.
Total
-------------To lie Pledged------------------Bat. Owne ’ by—
Issued. AtOr.cs. ByAug.'12 Or Cash. Louis.Gas. City.

s

s

s

s

s

s

Louisville G n s..........3,600,000 2,400.000 275,000 120 a share
_______ 925,000
"Fetter” Electric___ 200,000 200,OOOor phys.prop. 400,000
______ ______
"Cam obeli’ ’ Electric.
___ .Phvs.oron................
50,000
______ ______
Louisville Ltg., com .2,558,000 700,000 192,009
65 a share 1,060,000
.
do
preferred 198.000 190.000
8.000 115 a share
..................... __
The new com pany will have an authorized Issue of $10,000,000 10-year
5% collateral trust bonds, dated May 1912 and due May 1 1920 (but callable
on any lnt. date at 102), Int. M. ft N. O f these bonds 85,000,000 have
now been sold as above stated (ar par with bonus of 30% In stock of Standard
Gas ft Elec. Co.) and they are secured by the securities acquired: the
remaining 85,000,000 can only be issued for 80% of the cost to the com pany
of additional collateral. Trustee, Cont. ft Comm. Tr. ft Sav. Bank, Chic.
The only underlying bonds will be S200.000 Louisville Gas Co. 1st M. 5s,
due April 1 1918 (V. 86, p. 984, 1347) and $3,121,000 Louisville Ltg. Co.
1st M. 5s, due April 1 1953 (V. 79, p. 2799). Tile latter lias Issued 81,000,­
000 convertible 6s (V. 90, p. 306), but $024,000 of these are owned by the
Gas Co. and the remaining 8376,000 arc to be retired from the proceeds of
sale o f the new com pany’s bonds.
Earnings for 12 Months ended March 31 1912.
(1) Total earnings applicable to securities to be acquired........... $356,883
Interest on $5,000,000 collateral trust 5 % bonds___________
250,000
Leaving a surplus o f _____________________________________
$106,883
(2) Surplus earnings o f Standard Gas ft Electric Co. after deduct­
ing interest on all bonds outstanding______________________ $1,252,978
Number of meters o f companies now operating gas and public electric­
lighting plants in Louisville: Lotiisv. Gas Co., 31,230; I.oulsv. Ltg. Co.
(electric), 12,159; Fetter and Campbell plants (electric light and steam
heating), 300: K entucky Heating Co. (V, 72, p. 1283), fuel gas only, about
17,500, and electric light and power, about 1,700.

National Enameling & Stamping Co .— F is c a l Y e a r C han ged
— P r eferred D iv id en d s .
Owing to the change In the fiscal year, which now ends on J uno 30, so
as to make it correspond with the cal. year (the period for which Federal c o r­
poration and State tax returns are required!, the directors have declared
regular dividends on the preferred stock for the last 6 months o f the calen­
dar year at the rate o f 7% per annum, payable in two quarterly installments
o f 1 H % each on Sent. 30 and Dec. 31 1912. Declarations have heretofore
been declared for full fiscal years ending June 30.— V . 93,"p. 5 8 8 .! | . . .




modern buildings, occupying the entire block fronting on 6th A ve. and
extending west 250 ft. on 20th St. and 375 ft. on 19th St. The SlmpsonCrawford Co. leases tills property for an amount sufficient to cover taxes
and interest charges of the R ealty Co. and owns all of the latter’s capital stk.
I he proceeds of these $600,000 bonds will retire the few outstanding
Simpson Securities bonds (original issue $1,500,000) and reduce the present
real estate mortgage (formerly $1,400,000) from $1,050,000 to $900,000, &c.
The balance Is reserved to retire tills $900,000 m ort. (due in 1917) held by
Eq. Life Assur. Society. Said property was heretofore mortgaged for
$2,900,000, whereof the bonded debt, $1,500,000, was reduced during 1909
by sale of pref. stock and real est. m ort. ($1,400,000) by yearly paym ents.
The Slmpson-Crawford C o., without Including good-w ill, lias quick assets.
Including its holdings of Simpson R ealty Co. stock, of over $4,500,000.
The real estate and buildings are appraised at $2,100,000. During the
last eight years the Slmpson-Crawford Co. showed average net profits of
$272,082. The interest charges are only $81,000, viz.; 5% on $900,0(0
real estate mortgage due 1917 and 6% on these $600,000 refunding bonds.
The Siegel Stores Corporation has outstanding $2,000,000 7% pref. stock
and $7,997,900 com m on stock, and It owns all of the stock of the SlmpsonCrawford Co. and the 14th Street Store In New York, and practically all of
the stock of the Siegel, Cooper ft Co. in Chicago, which corporations havo
for the last eight years shown an average net profit of about $650,000
annually, and own in realty, merchandise accounts, & c., not less than
$9,000,000, without Including good-w ill. During the life of the Simpson
R ealty Co. bonds, neither the Siegel Stores Corporation nor any of the con­
trolled companies can create any Hen upon their present properties, beyond
the $1,500,000 authorized under this issue.
Report of Siegel Stores Corp. and Controlled Cos. for Fiscal Yr. end. Feb. 1 ’ 110
Net earnings.
----------- $613,348 I Balance, surplus, for ye a r. $232,96q
& depreo’n . $380,384 ITotal surplus Feb. 1 1911 .$1,420,31
The Sleget Stores Corporation does a business of $20,000,000 annually.
(See V . 91, p. 721.)

Southern States Lumber Co .— F ir s t C o n s. M . B on d s C alled .
Seventy-four ($74,000) 1st cons. M. 6% bonds, dated June l 1908, for
payment at $1,025 on June 1 at Knickerbocker Trust Co., N. Y ., trustee.
— V . 87, p. 1482.

South Penn Oil Co., Pittsburgh, Pa.— D iv id e n d .—•
This former subsidiary of the Standard Oil Co. of N. J. (V . 85, p. 216,
790; V . 93, p. 1390) has declared a dividend of 10%, on the $2,500,000 stock,
par $100, payable June 15 to holders of record May 31. Dividends havo
been paid Irregularly In the past, and this Is the first dividend since the
dissolution of the Standard Oil Co.—-V. 85, p. 226.

Stadacona Hydraulic Co., Quebec.— B on d s O ffe r e d .—
Tills com pany, incorporated under the Canadian law with $1,000,­
000 capital stock In $100 shares, has acquired (by the use of its capi­
tal stock and $60,000 cash) the ownership of the seven falls of St. Fcrreol, with a total head of 400 ft. on St. Anne R iver, M ontmorency County,
25 miles from the city of Quebec. These falls, it Is estimated, arc capable
of producing 10,000 electric h. p. The com pany proposes at once to
install a hydro-elebtrie plant and It Is hoped to have the first 1,000 h .p .
In operation next December. The total output, it is stated, has been sold
for a long term of years at a remunerative rate to the Quebec R y., L ight,
Heat ft Power Co. and the Bayless Pulp ft Paper C o., the last-named con­
cern being about to erect at Ileaupre, 5 miles from the proposed power plant,
a factory with a capacity of 100 tons of paper a day. (See that co . a b o v e ).
With the power plant In full operation, it is estimated that the gross
earnings will be $136,000: net, $124,000; Interest on $800,000 5% bonds,
$40,000; special reserve, $8,000; sinking fund for bonds and depreciation;
reserve, $16,000; bal., sur., $00,000, or 6% on stock.
Subscriptions for the $800,000 1st M. 5s, with coupon of Jan. 1 1913
attached, offered at 94, were received by A ug. dc fjaveleye ft C o., Brussels,
on or before May 15. A uth. Issue, $1,000,000; par $100, or 520 francs, re­
payable In 20 years at oar, or at 105 after five years on any interest date at
com pany’s option on 3 m onths’ notice. Coupons payable J. ft J . in Canada
and Brussels at 5fr. 20c. to tile dollar. Trust deed dated F eb . 16 1912;
mortgage trustee. Royal Trust Co.
Directors: Hon. L .-P . Pelletier, Quebec (P res.); Sir R odolpbc F orget,
Montreal. Pres, of Quebec R y . L t., H t. ft Power C o.; A . Bouvler, Brussels;
H . J. Blermans, Shawinigan Falls; H on. C. E . Dubord, Neuvillc Belleau
and D O. Lesperance, Quebec; Andro de la Morlncrle, Reim s.

Standard Gas & Elec. Co., Chicago.— N ew G u a r. B o n d s .—
Sec Miss. Valley Gas ft El. Co. a bove.— V . 94, p. 831.

Standard Screw Co.— E a r n in g s . — Year ending March 31:
Fiscal Net (after
Bond, <&c.
Year. Depr’ n.&c.). Interest.
1911-12.$162,463
$37,210
1910-11. 375.927
31,324
— V . 92, p. 1561.

P ref. Divs.
(6 % ) •

$

120,000

120,000

Common
Dividends.
(4)$100,000
(6)150,000

Balance
for Year
def.$91,7 17
sur.74,603

Tiffin (Ohio) Water-Works Co .— F ir s t M ortg a g e 5s O ffered .
Geo. A . Fernald & Co.. Boston, are offering at par and int. $110,000 1st
M. gold 5% bonds, par $1,000, dated May 1 1912, due May 1 1932, but
callable at 105 and lnt. on and after May 1 1922. Int. M. ft N. at Atlantic
Nat. Bank. Boston. Capitalization: Capital stock outstanding. $200,000;
1st M. 5s, $110,000, Issued to refund $110,000 1st M. bonds paltl May 1 1912.
In successful operation over 30 years. Property: Brick and concrete sta­
tion. 3 pumps, capacity 8.500,000 gals, per day, 3 boilers and natural gas
engine and electrical generator furnishing supplemental power for pum ping;

May 25 1912.]

THE CHRONICLE

30 miles of mains (24 miles in paved streets). Driven wells producing
abundant pure, cold water; water-power on Sandusky Hivcr, which fur­
nishes 75% of power required for operation of the works. Earnings cal. year
1011; gross, $30,008; net, after taxes, $17,108; present bond bit., $5,500;
b al., surp., $11,668. Pres., M. L. ScanneU; Sec., E . A . Scaunell; Trcas.,
M . L . ScanneU. City population, over 13,000.

“ Timber Bonds as Investment Securities.”—
Under this title there has been published b y the American A cadem y o f
Political and Social Science, Phlla., an 80-pagc pamphlet containing a series
o f nine articles collected and edited by T . S. McGrath o f Chicago. Am ong
the authors arc James D. Lacey & C o., Chicago, & c., W . J. Cummings,
W . A . Hamlin & C o., and representatives, o f Marwick, Mitchell, Peat
& C o.; L yon , Gary & C o.; and A llerton, Green & King.

Union Sand & Material Co., St. Louis .— Notes Placed.—
An issue o f $800,000 3-ycar 6% gold coupon notes offered at 100 H b y
G. II. W alker & C o., S t. Louis, was all placed through an advance offering
prior to advertisem ent. Dated May 1 1912, due May 1 1915, but callable
in whole or in part, but not less than $25,000, on any int. date on 30 days’
notice at 101 and Int. Par $1,000. Trustee, S t. Louis Union Trust Co.
In t. M. & N . The com pany covenants that It will not mortgage any of the
property now owned by It, nor create any specific charge upon its earnings
otherwise than by an instrument which shall expressly recognize and confirm
the charge o f these notes as prior liens.

1453

United States Steel Corp.— N o G ifts to R oosev elt F u n d .—
Touching the statement b y Senator La Follette to the effect that Judge
Gary had contributed, or was contributing, to the R oosevelt cam paign,
Mr. Gary says: “ Neither I nor the Steel Corporation has contributed. Is
contributing or has been asked to contribute anything whatever to the
R oosevelt ca m p aig n ."— V . 94, p. 1321, 1248.

Waltham Watch Co., Boston, Mass.— See “ An. Reports.”
Conover Fitch has been elected Vice-Pres. to succeed W . L Putnam ,
and .Tames W . A ppleton, Thom as E . Gannett and W . B . H . Dowse direc­
tors dt place o f Francis R . Appleton, I. Tucker Burr and E . A . Marsh.
— V . 92, p. 1440.

West Sacramento (Cal.) Co.— R ea l E sta te 1st M . 6s O ffe r e d .
Louis Sloss & C o., San Francisco, underwrote and now offer at par and
int. the unsold part o f $2,000,000 1st M. 6% gold bonds, dated 1910, due
July 1 1930, callable at 105 on any interest date. Par $1,000. Interest
J. & J. Trustee is Merc. Trust Co. o f San Fr. T ax-exem pt, also legal for
savings banks, in California.

Data from Statement by Gen. Mgr. H. W. Furlong. San Fran.. Mch. 25 1912

c?an zec* n
17 1910. Owns a tract o f over 11,200 acres along
the Sacramento R iver, in Y olo C ounty, opposite Sacram ento, and is pro­
tecting the same b y a substantial levee system now approaching com pletion
and will otherwise develop the property for agricultural, residential and
industrial purposes, building wharfage facilities, warehouses, &c.
i
on au*horized and outstanding: Capital stock and 1st M. 6s,
Digest of Letter from Pres. H. L. Block, St. Louis, Mo., April 27 1912- each
The lands and im provem ents are worth at present
The proceeds of these notes will be applied to the reduction o f the b!lls market$2,000,000.
values more than double the am ount of the bond Issue. Sinking
payable and will reimburse the treasury for capital expenditures as fo llow s1 fund, calculated
to retire the entire issue before m aturity, com m ences
(1) Im provem ents and additions to the Kansas City Portland cem ent plant
costing over $300,000; (2) a new sand and gravel ballast plant under con ­ July 1 1916 . The lands, beginning in A pril, will be put into shape for In­
agriculture through the use o f two sets o f Fow ler’s steam -plow
struction at Arkansas City, A rk., cost $150,000; (3) steel barges costing tensive
tackle, effecting in one year’s cultivation what could not otherwise be ac­
about $35,000.
com
plished
under three years. Developm ent o f the railroad terminals at
The balance of the Issue Is required to Increase the working capital to an
the westerly approach o f the [joint railroad and highway] bridge planned
amount commensurate with the ever-expanding business.
Owns (a) at St. Louis a Portland cem ent plant o f over 1,000.000 bbls. b y the Northern E lectric R y . C o., V allejo & Northern R R . C o., Sacra­
capacity (“ R ed R in g" brand), over 60 acres of land, partly In the city and mento & W oodland R R . Co. and W estslde R R . Co. will com m ence co ­
incident with thp com pletion o f the bridge this spring. A t the same time
partly In the cou nty of St. Louis, and 447 acres of quarry land. (0) In construction
will begin on wharves and warehouses for both railroad and
Kansas City a plant of over 600,000 bbls. ca p a city (“ It. C .” brand), with
traffic. E . R . Lilienthal Is President and Louis Sloss and E . J .
70 acres of land. Also manufactures sand, gravel and ballast at Memphis, river
de
Sabla J r.. Vice-Presidents
Tenn.; Drake, M o.; Hannlabl, M o.; Arkansas City, A rk.; S t. Louis, M o.;
and East St. Louis, 111. In St. Louis owns 7 distributing yards and rents
6 yards. Also owns 300 railroad cars, &c. Em ploys about 1,000 men.
— At the convention of the Associated Advertising Clubs of
Assets($6,969,778)—
Bat. Sheet M ch. 31 1912.
Liabilities ($6,969,778)
America held the past week in Dallas, Texas, Harry D.
Capital stock outstanding-$5,100,000
Plant investments_$ 6,001,148
513,000
Inventories— ..........
554,449 First mortgage bonds____
Robbins, Publicity Manager for N. W. Halsey & Co., New
Notes and accounts recclv.
359,155 Notes & accts. payable___
927,255
York, delivered a strong address before the General Adver­
429,523
Cash____________________ t
55,026 S u rp lu s__________________
The net quick assets alone will exceed the note Issue; also owns scm l- tisers’ Session on “ The Publisher’s Responsibility to the
llquld assets, consisting of live stock, railroad cars, tugs, dredges and barges, Advertiser.”
Mr. Robbins also read the report of the Vigi­
valued at $1,020,031. The real estate, outside of the manufacturing plants,
Is valued at $587,502. There are only two small bond Issues, viz.: St. Louis lance Committee, which has done such excellent work in
Portland Cement Co. (V . 84, p. 1001) bond Issue, originally $500,000, re­ detecting all sorts of fraudulent advertising in periodicals
duced by sinking fund to $200,000, and will be retired entirely by A ug. 1
1915; [Union Land & Material Co.) bonds on Kansas City plant, original throughout the country.
Issue (V . 88, p. 382), $400,000, reduced to $313,000, and will be only
— Elijah Woodward and J. William Yates Jr. have formed
$223,000 when these notes m ature.
Average net earnings for last three years, $392,294, or over eight times the a co-partnership under the firm name of Elijah Woodward &
Interest charges on the new notes. With normal business conditions, net Co., with offices at 43 Exchange Place, N. Y ., for the pur­
earnings should materially Im prove.— V . 90, p. 1494.

United Electric Securities Co., Boston.— O ffered J o i n t l y .—- pose of transacting a general investment business. The new
firm has taken over the entire business of the New York office
of II. W. Noble & Co. of Detroit, who will co-operate with
the New York concern in promoting the exchange of business,
the latter continuing to specialize in Detroit securities
through them.
— The old established banking firm of E. W. Clark & Co.,
321 Chestnut St., Philadelphia, is to-day advertising a
United States Realty & Improvement Co.— E a r n in g s .—•
select list of cumulative preferred stocks of public utility
Year end.
Total
Interest,
Net
Int. on
D ies.
Bal-nce
companies at prices to yield G to G.6 6 % on the investment.
A p r. 30— Income.
D epr.,& c.
Income.
Deb.Bits.
(5 % ).
Surplus.
The firm’s long association with the management of these
1911-12
$3,342,761 $1,409,589 $1,933,172 $596,500 $808,140 $528,532
1910-11___ 3,437,290 1,323,741 2,113,549 600,000 808,140 705,409
properties
places it in an unusual position to furnish investors
— V. 94, p. 922, 771.
with reliable information regarding the progress and future
United States Rubber Co., New York.— F in a n c ia l P l a n — of these companies. See advertisement for details.
I n crea se o f A u th . S to ck f r o m §75,000,000, A ll Is s u e d , to
— The New York Stock Exchange house of Hirsch, Lilien­
§120,000,000, D iv id ed in to T w o C la sses O n ly — O u tsta n d in g
thal & Co., 115 Broadway, are offering on another page to
Is s u e s to be M a d e , §30,000,000 C om m on by 2 0 % S tock D i v i ­
investors $700,000 Passaic Valley sewer 4% gold bonds,
d en d to C o m m o n S h areholders an d $57,500,000 “ P r e f. S to c k ”
due 1961, issued by the city of Newark, N. J. The bonds
b y O ffe r o f $10,000,000 N ew (1 s t) P r e f. at P a r to A ll S to ck ­
are legal for savings banks, trustees and insurance com­
hold ers and E x ch a n g e o f E x is tin g $10,000,000 2d P r e f. f o r
panies in New York, New Jersey, Connecticut and Massa­
$7,500,000 (lsf) P r e f .— P r o p o sed L a rge T ir e P la n t — R e ­ chusetts. Price and full particulars will be furnished upon
f u n d in g P l a n . — At the annual meeting -May 21 President
application.
Samuel P. Colt said in substance:
— Bodell & Co., Providence, Boston, &c., have issued a
Since the issuance of the annual report (V . 94, p. 1311) m y suggestion,
that the rapid expansion of our business would soon require further financial descriptive circular offering pref. shares at prices to yield
provision, has been confirmed by the sudden developm ent of large and com ­
bined com petition which calls for active effort to maintain and extend about the following returns: 111. Traction, 6 )4 % ; Western
your business. (See Goodrich R ubber Co. in V . 94, p. 1386.) T o this end llys. & Lt. Co., 6 )^2% ; Federal Lt. & Traction, l}/ i% ', Re­
the board recomm ends:
public Ry. & Lt., 7 lA % . All are described in the “ Electric
First— That the tot.al authorized capital stock, now fully issued ($75,000,­
Railway Section.”
000), be increased to 5120,000,000, to be divided Into $40,000,000 com m on
stock and $80,000,000 pref. stock.
— Smith, Heck & Co., members of the New York Stock
Second— That out of this additional $15,000,000 com m on stock and
Exchange at 71 Broadway are distributing a daily quotation
$30,000,000 pref .stock, provision be made sbustantlally as follows:
(1) A com m on stock dividend o f $5,000,000, or 20% upon the present sheet of all issues of United States Government and New
outstanding ($25,000,000) com m on stock; a dividend which will be war­
Address the Bond
ranted by the com p any’s surplus. (2) An offer ratably to all stockholders York City bonds free on application.
of $10,000,000 1st pref. stock at par and accrued d iv. (3) An offer to the Department.
The firm will trade in New York City 4 }4 s
holders of the ($10,000,000) 2d pref. stock o f an opportunity for a virtual
due March 1 1962.
exchange of their present stock on the basis o f 100 shares of 2d pref. stock
for 75 shares of 1st pref. stock.
— R. M. Grant & Co., bankers, New York and Chicago,
Tills plan having been fully carried out, there would be Issued and out­
standing $57,500,000 pref. stock and $30,000,000 com m on stock, leaving having sold a large part of the bonds, are offering the remain­
unissued $22,500,000 pref. stock and $10,000,000 com m on stock. And der of $250,000 County of Duval, Fla., road 5% bonds.
the com pany thereafter will have but two instead o f three kinds of stock.
Of this pref. stock, the $2,500,000 gained through the retirement of the This countv includes within it the City of Jacksonville, the
2d p ref. stock would be available (without exceeding the 2 -to -l requirement metropolis of the State of Florida.
of the New Jersey law) for offer, If deemed advisable, for the m inority hold­
— The Dominion Securities Corporation, Toronto, Mon­
ings of the R ubber Goods Mfg. C o. stock.
'I'hc $20,000,000 pref. stock and the $10,000,000 com m on stock then re­
treal and London, has the June issue of its quarterly bond
maining would be available for future uses.
list,
being a pamphlet of some 50 pages and giving the details
Before deciding finally as to this plan the directors recomm end that this
meeting be adjourned to re-convene May 31 for an informal vote upon these regarding a number of Canadian Government municipal and
propositions. In case of approval by a sufficient am ount of stock, the
Copies may be had on request.
board expects then to call the stockholders’ meetings necessary to carry corporation securities.
the plan into effect.
—
Redmond
&
Co.
have
issued in a small pamphlet a list
And then or thereafter they expect to submit a further plan or plans for
the refunding of all of the existing obligations of the com pany and of its of railroad bonds legal for investments for savings banks and
subsidiaries, and adequate provision for future needs o f this Important and
trust funds under the requirements of the laws of New York
steadily extending organization In a chief Industry o f the world.
State. A copy of the State laws relating to the matter is
President Colt's Separate Announcement as to Proposed Largest Tire Plant
Am ong the things that I advocate Is the Im mediate construction b y the given.
United States Rubber Co. of the largest and best tire plant In the world
— Frank A. Sartori, formerly with Sinkler Brothers, has
In order to meet the growing demands for our tires. I believe that the
tire Industry Is still in its infancy and that the organization of our U. S. become associated with Morris W. Stroud Jr., 437 Chestnut
Tire Co. will be able to market a much larger volum e of tires than the U . S. St., representing William P. Bonbright & Co. of New York.
R ubber Co. with Its present capacity (although now operating four tire
factories) Is now able to manufacture. [The proposed new tire factory.
— Wm. A. Read & Co. are offering the new $300,000 issue
It Is stated, would increase the com p a n y’s tire ca p a city 5 0 % , and with Its of City of Milwaukee 4)/£% water bonds, due serially 1913-32.
equipment will probably cost between $3,000,000 a n d $5,000,000. The
plant will be run by the U . S. R ubber Co. directly.]
Price to net 4.05%.
— George T. Ordway, lately with Tucker, Anthony &
D i r e c t o r . — Theodore N. Vail (Pres. Am. Tel. & Tel. Co.)
has been elected to the board, increasing the number of direc­ Co., has become associated with Bertron, Griscom & Jenks,
tors from 20 to 21.— V. 94, p. 1311.
40 Wall St.
Perry, Coffin & Burr, Boston, and Parkinson & Burr, Boston and N . Y .,
arc offering at par and Int. $500,000 36th series collateral trust 5% bonds,
due Feb. 1 1942. The bankers say: “ Has a record of over 20 years of
successful business, reporting Dec. 31 1911 a surplus o f $1,341,180. Divi­
dends at rate of 7% per annum are paid on $1,000,000 pref. stock.
Issued, prior to the present offering, $20,500,000 c llateral trust bonds, of
which $15,097,000 have been retired, cither b y purchase or by call at 103
and int. Managed by representative Boston m en.” Compare V . 91,
p. 1451.— V . 94, p. 71.




1454

TH E CHRONICLE

[VOL. L X X X X I Y .

2£ke ©flmmmmJ jinxes
COMMERCIAL EPITOME.
F r id a y N ig h t, M a y 24 1912.
Better weather has helped general trade. Cotton crop
prospects are better. The iron and steel trade is larger; in
fact, this industry shows more improvement than any other.
On the whole the outlook for the grain crops is more cheer­
ful. Yet it would be idle to ignore the fact that develop­
ments in national politics, present and potential, as reflected
by the victories of Theodore Roosevelt in various States,
are of a kind that must be viewed by the business world of
the United States with uneasiness, if not with actual alarm.
LARD on the spot has been quiet and easier; prime West­
ern 10.85c.; Middle Western 10.75c.; City, steam, lOj^c.
Refined lard has been quiet; Continent 11.20c.; South Ameri­
can 12c.; Brazil, in kegs, 13c. The speculation in lard
futures at the West has been active and at times excited,
with sharp fluctuations in prices. At one time there was a
marked advance under the stimulus of light receipts of hogs
and a sharp upturn in grain. Commission houses bought
and shorts covered. On the rise, however, heavy selling
by packers and longs occurred and prices reacted.
D A IL Y CLOSING P R IC E S O F L A R D FU TU R E S
Sat.
M on .
Tues. Wed.
July d e liv e r y ................ 10.75
10.471* 10.671* 10.821*
Septem ber delivery____ 10.90
10.671* 10.871* 11.00

IN CHICAGO.
Thurs.
F ri.
10.55
10.571*
10.75
11.721*

COTTON.
F r id a y N ig h t, M a y 24 1912.
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
43,902 bales, against 42,610 bales last week and 56,517
bales the previous week, making the total receipts since
Sept. 1 1911 11,271,379 bales, against 8,258,103 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,013,276 bales.
Receipts at—
G alveston______
Texas C i t y -------T)r»vt
Arthiir
far*
r o r t iu
iu u i, octNew Orleans____
G u lfp o rt_______
M obile
_____
P en sa cola ______
Jacksonville, &c.
Savannah ______
B ru n sw ick _____
C h a rleston _____
G eorgetow n ____
W ilm in g to n ____
N o rfo lk ................
N ’ port News, &c.
New Y o rk ______
Boston _______
B altim ore______
Philadelphia____
Totals this w eek.

Sat.
1,143
—

M on .
2,141
—

Tues.

Wed.

Thurs.

69

2,391
—

—

1,384

F ri.

Total.

843

7,971

—

3",466

2,421

3', 2 44

f,504

l",580

'2 2 5

12',440

38

122

43

” 70

479

196

'§ 4 8
—

—

—

—

—

—

—

f<578

1,250

3", 269

2,293

1,722

237

17

" ’ 23

i

4

247

220
2,356

__

” 48
926
____

” 17
346

” 86
1,238

206

185

27
268

524
__
94
____
—

—

7.4271
1 8,733

—

—

10,129

" 122

l',635
500
27
"663
180
5
2,136

—

4,597

6,597

6,419

i f , 849
500
309
'6 0 0
6,053
189
27
880
2,136
—
43,902

PORK on the spot has been quiet; mess $20 50@$20 75,
clear $19@$20 50, family $20 25@$21 25. Beef has ruled
The following shows the week’s total receipts, the total
quiet; mess $15 50@$16, packet $17@$17 50, family $18@ since Sept. 1 1911, and the stocks to-night, compared with
$18 50 and extra India mess $29@$29 50. Cut meats have last year:
been steady, with a light trade; pickled hams, 10@20 lbs.,
12J^@13c.; pickled bellies, 6@12 lbs., l l @ l l % c . Butter
1911-12.
1910-11.
Stock.
Receipts to
has been easier on increased receipts; trade quiet; creamery
M ay 24.
This Since Sep This Since Sep
extras 27hi@273^c. Cheese has been quiet and steady;
Week,.
1 1911.
Week.
1 1910.
1912.
1911.
State, whole milk, new white specials, 15j^c. Eggs have Galveston_______
7,971 3,456,317
6,481 2,720,473
08,851
37,497
been quiet; fresh gathered, extras, 2 1 @ 2 1 3 ^c.
Texas C ity............
585,683
308,199
Port Arthur, & c.
258,797
272,714
OILS.— Linseed oil has continued firm, owing to a further New Orleans------ 12', 440 1,507,121 17^485 1,524,824
64,802
109,689
rise in seed at Duluth; trading has been moderately active, G u lf p o r t _______
9,811
66,845
34,239
o b ile ..............
'§ 4 8
1~, 174 249,030
371,586
9,746
7,738
though the bulk of the dealings have been confined to jobbing M
______
Pensacola........... ..
119,210
. . 210,501
quantities; City, raw, American seed, 76@77c.; boiled 77@ Jacksonville, & c.
50,062
24,035
11,849 2,342,992
5,§22 1,308,508
60,367
2l',275
78c.; Calcutta, raw, 85c. Cottonseed has been quiet; Savannah_______
500 403,983
B r u n s w i c k ..___
850 222,434
1,032
winter 7@ 8c., summer white 7@ 8 c., crude 5.87@6.20c. C harleston______
309 411,211
2,377 281,604
17,712
10,558
__
G
e
o
r
g
e
t
o
w
n
____
1,169
1,424
Cocoanut has been quiet and steady; Cochin 9 % @ 1 0 c., W ilm in g t o n -----600 542,141
259 407,152
4",824
" Y ,825
Ceylon 9 @ 9 ^ c . China wood oil has been quiet and firm N o r f o lk ................ 6,053 . 733,354 1,540 545,330 '38,082
7,356
189
37,031
N ’ port News, & c.
3,924
at 1 0 ^ @ l l c . Lard has been in light request, but stocks New
27
6,114
f 042
Y o rk ............
12,398
162,076
134,228
are small and prices have ruled firm; prime 85@88c. Corn B o s t o n --------------880
61,033
503
36,833
10,697
10,357
2,136
119,770
127 109,324
10,657
3,242
has been firm with a good demand at 6.25@6.30c. Cod B altim ore_______
—
2,252
P h ila d elp h ia -----—
2,780
365
2,982
has been quiet and steady; domestic 52@53c.
T o ta l__________ 43,902 11271 879 38,360 8,258,103 490,405 348,770
COFFEE on the spot has been quiet; Rio No. 7, 1434C-I
Santos No. 4, 1 5 ^ @ 1 6 c. West India growths have been
In order that comparison may be made with other years,
quiet and steady; fair to good Cucuta 16@ 16j^c. The spec­
ulation in futures has been active at times, though of late we give below the totals at leading ports for six seasons:
the trading has been quiet. Early in the week prices fell,
1912.
1908.
1911.
1907.
1910.
1909.
owing to heavy selling due to the action of the United States Receipts at—
Government in regard to the valorization scheme and the G a lveston ___
16,049
7,971
12,905
26,841
13,902
6,481
146
8,409
continued dullness on the spot. On the decline leading Texas City, &c
19,626
18,105
25,024
11,994
New Orleans.
12,440
17,485
interests gave aggressive support, causing a rally. Closing M
958
1,358
5,854
1,757
1,174
o b ile ............
948
7,375
9,940
11,244
10,724
5,922
Savannah ___
11,849
prices were as follows:
January . . 1 3.59@ 13.61
February .1 3 .5 5 ® 13.57
M a rc h ____ 13.61@ 13.62
A p r i l _____13.61 @ 13.62

M ay______ 13.30® 13.32
J u n e _____ 13.35@ 13.37
J u l y _____ 13.39@ 13.40
A u gu st
13.4 9 @ 13.50

Septem ber
O c to b e r ,._
N ovem ber
Decem ber

13.59@ 13.60
13.59® 13.61
13.59@13.61
13.60@ 13.61

Brunswick___
Charleston, &c
W ilm in g to n ..
N o r fo lk -------N ’port N ., &c
All others____

500
309
600
6,053
189
3,043

850
2,377
259
1,540

557
453
907
8,002

1,575
658
1,836
8,886
248
10,619

247
1,014
4,861
4,881

145
220
505
6,261
127
1,732

2,272
4,794
6,186
SUGAR.— Raw has been quiet. Centrifugal, 96 degrees
test, 3.92c.; muscovado, 89 degrees test. 3.42c.; molasses, 89 Total this w k .
43,902
38,360
54,056
101,194
64,162
47,513
degrees test, 3.17c. The visible supply in the world is stated
11271879 8,258,103 6,955,242 9,495,024 7,832,439 9,490,514
Slnce
Sept.
1
.
at 2,560,000 tons or 320,000 tons less than at this time
last year. Grinding in Cuba has been interfered with by
The exports for the week ending this evening reach a total
political disturbances and heavy rains. Refined has been
of 61,456 bales, of which 23,036 were to Great Britain,
quiet; fine granulated 5@5.10c.
PETROLEUM.— Refined continues to meet with an active 5,438 to France and 32,982 to the rest of the Conitnent.
demand from consumers at home and abroad and the market Below are the exports for the week and since Sept. 1 1911:
remains in a very firm position; the exports for the fiscal year
From Sept. 1 1911 to May 24 1912.
Week ending Mag 24 1912.
thus far are well ahead of those for the same time last year;
Exported to—
Exported to—
Exports
barrels 8.60c.; bulk 5c.; cases 10.50c. Crude continues
Great
Conti­
Conti­
Great
from—
strong. Quotations for gasoline for export have been with­
Britain. Fr’nce nent. Total. Britain. France. nent.
Total.
drawn. Naphtha is active and firm; 73@76 degrees in 100Galveston----- 17.342 5.438 10,070 32,850 1,357.303 280,821 1.280,000 2,918,130
gallon drums 20c.; drums $8 50 extra.
__ __ __ __ 411,533 92,817 81,737 586,087
Texas City----TOBACCO.— There has been no essential change in the Pt. Arthur.&c. __ __
21,546 06,141 111,342 199,029
3,752
New Orleans.. 2,000
167,467 530,346 1,500,700
market for domestic leaf during the week. Buying continues Mobile............
__ __ __ 5.752
__ 790,887
101,701 65,654 119,319 286,677
__ __ __ __ 58,385 01,937 90,529 210,851
on a hand-to-mouth scale, despite the belief among dealers Pensacola----__ __
_ 31,902 23,302 55,204
u lfport------that manufacturers are poorly supplied with leaf. The pre­ G
__ __
Savannah ----458.540 109,672
42 1,737,154
vailing tone, however, continues firm, especially for binder, Brunswick----__ __ 9,042
__ 9,042
__ 197,601 __ 1,108,9
175,160 372,824
__ __ __ __ 50,765
199,209 249,974
which is in light supply. Sumatra is moving more freely, Charleston----__ __
Wilmington.. .
162,037 115,441 220,792 498,330
the high prices current being offset by the fine quality of the N
18,729
orfolk_____
1,297 __
13,736
379 l',676
4,993
390
3,251 3,644 226,120 80,7X5 287,208 594,103
leaf, which manufacturers appear to regard as an inducement New York___
450 2,457 165,743
11,657 177,400
B o s to n ..........
2,007
to buy. Cuban leaf is selling slowly, but prices continue firm. Baltimore----__
95,797 120,829
2,891 2,891
18,912 6,120
21,719
176
84,014
170
COPPER has been in larger demand and firmer; lake, spot Philadelphia. . __
62,295
Portland. M e..
6,615
6,615
and near-by, 163^@16^sC.; electrolytic, spot and near-by, San
__ __ 1,827 1,827
__ 209,626 209,626
Francisco.
__ __ 1,141 1,141 ___ __ 145,861 145,861
16h£c.; most speculative lots which have been pressing upon Seattle _____
__ __ __ __
__ 59,843 59,843
a--------the market have been taken. Tin on the spot has been quiet Tacom
Detroit........ .
—
—
4,868
—
—
—
" 4,868
...........
and easier at 45j^c. Lead has been in moderate demand and
T o ta l.......... 23,036 5,438 32,982 61,456 4,114,719 1138687 4,783,442 10036,848
firmer on the spot at 4.07j^c. Spelter has been quiet and
firmer; spot 6.85c. Pig iron has been firm, though quiet; Total 1910-11.. 22,115 1,219 41,629 64,963 3,217,396 385,668 3.045.570 7,148,634
No. 1 Northern $15 50@$15 75, No. 2 Southern $15@$15 50.
Trade in finished and semi-finished steel has been more active.
In addition to above exports, our telegrams to-night also
Contracts for some 40,000 tons of steel rails have been placed give us the following amounts of cotton on shipboard, not
by the Harriman lines. Another company has purchased cleared, at the ports named. We add similar figures for
18,000 tons. Boiler steel has been active at an advance.
New York.




THE CHRONICLE

May 25 1912.]
On Shipboard, Not Cleared lor—
M ay 24 at—

N ew Y o r k ____
O th er p o r t s ___
T o t a l 1 0 1 2 ..
T o ta l 1011 _ .
T o ta l 1 0 1 0 ..

3,0 1 4
2 ,2 0 5
8,201

5,861

5,028
0 ,420
2 ,366

5", 2 08
1,000
300
1,100
21,208
12,780
2 3,357

Total.

678
1,840

11,158
0,008

"6 6 6
17,000

1,200

500
1,300

1,500
200

7,061
10,233
678

18,548
17,801
24,510

22,466
15,308
12,453

—

20,118
7,310
10,837

25,730
23,163
8,201
2 ,300
5,808
18,000
3 ,500
2 ,600

3 0 ,063
75,688
52,076
15,412
3,038
20,082
158,576
3 6,160

80,401
6 3 ,540
71,835

401 ,004
285 ,230
4 34 ,253

F a i r ........................ c 1.75
Strict mid. fair____ 1.50
Middling fair______ 1.3(1
Strict good m id ___ O.S0
Good middling____0.6 0
Strict middling___ 0 .3 0

on I M id d lin g...............c .
IlasIsIGood mid. tin g e d .c . Even
o n ! Strict low ndd........... 0 .3 5 oiliStrict mid. tin ged..0 .1 5 of!
on! Low middling----------0 .SO off I Middling tin g e d .. .0 .3 0 oil
on IStrict good ord -------- 1.40 off IStrict low mid. tlng.O.SOoll
on IGood ordinary............ 2 . 15 off 11 ow mid. tin g e d .. . 1.00 oft
onlStrlct g'd mid. tg d .0 .1 3 on| Middling stained. . . 0 . 0 0 orf

The official quotation for middling upland cotton in the
Now York market each day for the past week has been:
M ay 18 to May 24—
S at.
M id d lin g u p la n d s ........................ 11.50

M on.
11.50

T u e s.
11.00

W ed . T h u rs.
11.00
11.50

Fri,
11.00

N E W Y O R K Q U O TATIO N S FO R 32 Y E A R S .
1012. C . . .
1 0 1 1 _____
1 0 1 0 _____
190 0 _____
100 8 _____
19 0 7 _____
1906
19 0 5 _____

. 1 1 .60
- 16 .0 0
.15.35
-11 .6 5
. 11 .2 0
,1 2 .3 5
-11.9 0
_ 8.65

1904.C ..
100 3--1902- . .
1901____
1900- 18 9 0 ___
18 9 8 ____
180 7____

...1 3 .3 5
. . . 12.00
. . . 9.56
_ . . 8.12
- - _ 9.31
- - . 6.25
6.44
- - - 7.60

189 6-C. ____ 8.12
1 8 8 8 . c . -------10.00
1887- . . ____ 11.06
1 8 9 5 . . . ____ 7.31
1886. . ____ 0. 25
1 8 9 4 - - . ____ 7.25
1 8 8 5 . . . ____ 11 .0 0
1 8 9 3 . . . ____ 7.69
1 8 8 1 . - - ____ 11.62
1892 . - ____ 7.38
1 8 9 1 - - . ____ 8.94 1 8 8 3 . . . ____ 10.9 1
____ 12.38 1 8 8 2 - - .
1890.
1880. ... ____ 1 1 . 1 2 1 8 8 1 . . _ ____ 10.75

M A R K E T A N D SALES A T N E W Y O R K .
Spot Market
Closed.

Futures

SALES.

Closed.

Spot. Contr'ct Total.

S a t u r d a y ___
M o n d a y ____
T u e s d a y ___
W edn esda y.
T h u rsd a y __
F r id a y ..........

Q uiet, 15 p ts. d e c . . E a s y ___________
Q uiet -------------- -------- S t e a d y _________
Q uiet, 10 pts. a d v . . V e ry s t e a d y ___

105

Q uiet, 10 p ts. d e e . . B a rely s te a d y .
Q uiet, 10 p ts . a d v _ . S t e a d y _______ .

125
50

2,000
900

2,125
050

T o t a l ____

__ ..... ...

475

3.000

4 .375




105

1.666
—

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1,000
195

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Friday,
May 24

Speculation in cotton for future delivery has been less
active and prices have been irregular. The market move­
ments have been indecisive and uncertain much of the time,
but the close is at a small net decline for the week. On the
whole prices have been pretty well sustained. Y et the
weather has been better. The weekly weather report,
though not in all respects quite as favorable as was expected,
especially as to temperatures, which in some sections were
rather too low, was yet in the main encouraging. Certainly
it showed that in the cotton bolt the much-needed dry
weather was the rule, and, while the week as a whole was
cool for the season, dry weather permitted much outdoor
work. The spot markets at the South, too, have been re­
ported less active. Manchester’s advices as to new business
have not been ver • encouraging. They have reported trade
quiet and yarns rather easier. Cold, unseasonable weather
lias hurt the business in cotton goods in this country. Events
in the domain of national politics, it is feared, may have some
effect on general trade, from which the textile industries may
not wholly escape. Many believe that the present prices
for raw cotton offset all bullish conditions, or what may bo
regarded as such by any stretch of reasoning. Opinions
differ as to how much cotton will bo carried over to the sea­
son of 1912-13, but some believe the quantity will be very
large— not impossibly 2,000,000 to 2,500,000 bales, which
would go far towards making good any probable decrease
in the next crop. But the belief is quite general that
the next crop is going to bo a moderate one. Just
how much smaller it is to be than the last one,
if it is to be smaller, is, of course, a matter of mere
conjecture. B ut that, it is to bcsmaller,and in all likelihood
much smaller,is a belief very widely received. It is based
on the lateness of the season, the floods retarding germina­
tion, and in some sections a reduction of the acreage. .On
June 4 the Bureau of Agriculture at Washington will issue
a report on the condition. Congress has made that certain,
and also a report on the acreage on July 1. In the Juno
report of last year the condition was put by the Bureau at
8 7 .8 % .
What about this year? Guesses are ventured as
low as 7 0 % . In June 1907 it was 70.5. The crop that year
was a little under 11,500,000 bales on an acreage over 3,0 0 0 ,000 acres smaller than the corrected Bureau acreage figures
for last year. It is very possible that the pessimists are ex­
pecting too much of the next Bureau report. It may not
dispose of the cotton crop in any such summary fashion.
But it may as well be recognized that the general opinion here
is that it will be bullish. The only question is whether it
has been discounted or not.
Wall Street bulls have bought.
Waldorf bears have covered. New Orleans, Memphis and
the South generally and Liverpool have all sent buying
orders. The spot business at Liverpool has increased.
European shorts have been covering there. There is a wide
and a more healthy difference between New York and Liver­
pool prices. To-day prices advanced, owing to a fear that
the forthcoming report by the National Ginners’ Association
will be bullish. There was buying by influential interests.
Spot cotton closed at 11.60c. for middling uplands, a de­
cline for the week f 5 points.
The rates on and off middling, as established Nov. 15 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:

F U T U R E S .— The highest, lowest and closing prices at
Now York the past week have been as follows:
R a n g e.
C losing

N ew O rlea n s. _
G a lv e s t o n -----S a v a n n a h ------C h a r le s to n ------M o b i l e _____ __

Leaving
Stock.

May—

Other Coast­
Ger­
Great
Britain. France many. Foreign wise.

1455

«d
s

T H E V IS IB L E S U P P L Y OF COTTON to-night, as made
up by cable and te egrapli, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently 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 24—
S t o c k a t L iv e r p o o lS t o c k a t L o n d o n __

S to c k
S tock
S to c k
S tock
S tock
S tock
S tock

at
at
at
at
at
at
at

H a m b u r g -.
B rem en _ _.
H a v r e _____
M arseilles.
B a rce lo n a .
G e n o a _____
T r i e s t e ____

T o ta l C on tin en tal s t o c k s .

1012.
.1 .2 6 6 ,0 0 0
6,000
. 124,000

1911.
8 2 6 ,0 0 0
5,000
8 2 ,0 0 0

1909.
1910.
638 ,000 1 ,1 60,000
5,000
5,000
8 0 ,0 0 0
5 3,000

.1 ,3 9 6 ,0 0 0
8,0 0 0
. 575 ,000
. 302 ,000
3,0 0 0
.
21,000
.
34,000
.
13,000

9 13 ,000
9,0 0 0
183,000
236 ,000
2,000
2 1,000
2 7,000
11,000

0 96 ,000 1 ,2 5 4 ,0 0 0
10,000
11,000
2 23 ,000
4 3 5 ,0 0 0
2 4 3 ,0 0 0
3 0 5 ,0 0 0
2,000
4,0 0 0
11,000
4 0 ,0 0 0
2 9,000
2 2 ,0 0 0
8,000
4 ,0 0 0

.

4 8 0 ,0 0 0

526,000

956 ,000

8 21 ,000

.2 ,3 5 2 ,0 0 0 1,402,000 1, 2 22 ,000 2 ,0 7 5 ,0 0 0
180,000
142,000
1 11 ,000
In d la c o t t o n a flo a t fo r E u r o p e . _ . 122,000
199,733
2 7 2 ,0 1 8
147,186
A m ur, c o t t o n a flo a t fo r E u ro p e . . 2 60 ,584
3 2 ,000
11,000
3 5 ,0 0 0
33,000
E g y p t ,B r a z il,& c .,a flt .fo r E u ro p e
137,000
9 9 ,0 0 0
172,000
S t o c k in A le x a n d ria , E g y p t -------- . 151,000
635 ,000
4 35 ,000
7 49 ,000
S to c k in B o m b a y , I n d ia _________ . 676,000
3 48 ,779
506 ,088
532 ,698
S t o c k in U . S . p o r t s ____________ . 490 ,405
2 14 ,820
220 ,067
249 ,814
3 0 3 ,5 8 0
S t o c k in U . S . in te rio r t o w u s ____
6,033
4 ,395
16,602
2 8 ,0 1 8
U . S . e x p o r ts to-c\ ay__.................
.4,3 0 9 ,4 5 1 3 ,1 5 6 ,2 6 5 3 ,1 4 2 ,6 9 0 3 ,0 6 4 ,3 1 4
O f the a b o v e , to ta ls o f A m e rica n a n d o th e r d e s c r ip tio n s are as fo llo w s :

American—

L iv e r p o o l s t o c k ___________ .b a le s .1,15 2,0 00
M anch ester s t o c k _________________
99,000
C on tin en tal s t o c k ___
925,000
A m e rica n a flo a t fo r E u r o p e .......... 260.584
U . *S. p o rt s t o c k s ____ _____________ 4 0 0 .4 0 5
U . *S. in te rio r s t o c k s _____________ . 220 ,067
U . S . e x p o r ts t o -d a y .........................
4 ,3 9 5

697 ,000
66,000
4 43 ,000
100,733
348,779
2 14 ,820
6,033

552 ,000 1 ,0 6 6 .0 0 0
6 7,000
4 4 ,0 0 0
4 7 7 ,0 0 0
7 7 2 ,0 0 0
2 72 ,018
147.180
532 ,698
506,088
249,814
3 0 3 ,5 8 0
16,002
2 8,018

T o ta l A m e r i c a n ________________ 3 ,1 5 1 ,4 5 1 1,076,265 1 ,992,690 3 ,0 1 1 ,3 1 4
East Indian, Brazil, &c .—
120,000
L ive rp o o l s t o c k ____________________. 114,000
8 6 .000
103,000
6,000
5,000
L o n d o n s t o c k - __ ______________
5,000
5,000
25,000
M an ch ester s t o c k _____ _________
16,000
9,0 0 0
13,000
3 1,000
4 6,000
C on tin en tal s t o c k _________________
4 9 ,0 0 0
4 9 ,0 0 0
180,000
111 ,000
I n d ia a floa t fo r E u ro p e
________ , 122,000
142 ,000
33,000
3 2.000
11,000
3 5 ,0 0 0
E g y p t , B razil, A c ., a flo a t________
151,000
172 ,000
137,000
9 9,000
S t o c k in A le x a n d ria , E g y p t -------676,000
7 49 ,000
4 3 5 ,0 0 0
S t o c k in B o m b a y , I n d i a ________
035 ,000
0 2 3 ,0 0 0
T o ta l E a st In d ia , & c__
--------- 1,158,000 1,180,000 1,150,000
T o ta l A m e r c a n ........ ................ .. 3 ,1 5 1 .4 3 1 1,076,265 1 ,992,690 3 ,0 4 1 ,3 1 4
T o t a l v s b lc s u p p ly ------------------ 4 ,3 0 9 .4 5 1 3 ,1 56,265 3 ,1 4 2 ,6 9 0 3 ,9 6 4 ,3 1 4
8 .2 8 d .
M id d lin g U p la n d , L iv e r p o o l— . _
8 .0 4 d .
G.36d.
5 .8 8 d .
15 .3 0 c.
M id d lin g U p la n d , N ew Y o r k ------1 0 .6 0 c.
1 5 .3 0 c .
1 1 .4 0 c.
11 K d . 15 1-lG d .
E g y p t . G ood B row n , L iv e r p o o l. _ 10 5-16d.
9 l-16d.
1 1 .25d.
7 .7 5 d .
P e ru v ia n , H ough G o o d , L iv e r p o o l
9 .4 0 d .
ll.O O d .
7 K d.
6 H d.
B ro a ch , F in e, L iv e r p o o l—
-----7 Xd.
5Md.
7 H i.
7d.
5 7 -lG d .
T in n e v e lly , G o o d , L iv e r p o o l------- 6 l-1 6 d .

Continental imports for the past week have been 95,000
bales.
• The above figures for 1912 show a decrease from last week
of 158,496 bales, a gain of 1,153,186 bales over 1911, an ex­
cess of 1,166,761 bales over 1910 and a gain of 345,137 bales
over 1909.
............................

1456

THE CHRONICLE

AT THE IN TE RIO R TOWNS the movement— that is,
the receipts and shipments for the week and since Sept. 1,
and stocks to-night, and same items for the corresponding
period for previous year— is set out in detail below.
« 5* .
*■0 •

40^05*29 £ **

« ©<©°

^

2 2 S , ^ ® 2 l^
COCOT? 00 » » 0 N O » 0

V S C O n O O C O C T fO
co
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t ? 05 i-<

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,C'iOTfls,Cvjrs*
CM O c O O W ’ f

S a t’day, M onday ,! Tuesday, Wed’day, T hursd’y, F rid a y ,
M ay 1 8 . M ay 20. \M ay 2 1 . M ay 2 2 . M ay 23. M ay 2 4 .

H O iO O C O
©
OOrHfH

(O
O tO H O iO O
O CO WO C 0 * f 0

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irH

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2£2!£££ll!2!i2200*o‘/:>0icoc,:5cct0C5tDS'lco'^lOtD00lO’“,©a5<oiOTr

co

R a n g e _____
C lo sin g _____

— @ .59 11.4 1 -.5 4 11.50- .72 1 1.64-,6 7 1 1.53-.0 3 1 1 .5 0 -.6 6
1 1 .5 4 1 1.56
.5 4 .55 11.71-.73
11.68-.69 11.56-.5 7 1 1.56-.6 8

R a n g o ______
C lo sin g _____

— @ — —
11.56-.5 8 1 1 .5 5 -

June—
J u ly —

'^ O C O C O O M O H r ^ T } !
»<0 00 ©CM
N N 03O H
I H W H
i-4

1 1 .6 9 -

R a n g e -------C losin g_____

— @ —
1 1 .5 5 -

R a n g e _____
C lo sin g _____

— @ —~

September—

I© * f H M Q H O
K O H O O N fK O
I CM
* -!,-• ©

October—

R a n g e _____
C lo sin g _____

2 2^ w
cn

tff

November—

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............ 11 IT111 IT IT11.1111111
-

*

•v•»o5
«
, o>- O * - Eh* * *

O

The above totals show that the interior stocks have de­
creased during the week 19,816 bales and are to-night 5,247
bales more than at the same time last year.
Jg*j
OVERLAND MOVEMENT FOR THE W EEK 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:
-1 9 1 1 -1 2 -

M ay 2 4 Shipped —

Since
Sept. 1.

Week.

. 6.237

614,829
61,803
8,347
160,284
118,523
186,614
437 ,759

. 1,085

V la R o c k I s la n d .

.
.
.
.

2,704
2,659
2,438
5,143

20,266 1,588,159

Deduct Shipm ents — ■

Week.

4,5 5 4
2 ,2 2 0

2 , 513

578
1,192
973

Since
S ept. 1.
4 95 ,329
202,571
25,957
126,974
76,918
169,906
163,876

12,030 1,261,531

. 3,043
. 1,027
921

189,169
9 8 ,558
66,499

2,272
498
1,689

158 ,920
59,624
46,353

. 4,991

354 ,226

4,4 5 9

26 4 ,8 9 7

.15,2 75 1,233,933

7,571

996,634

* In c lu d in g m o v e m e n t b y rail t o C a nada.

The foregoing shows the week’s net overland movement
has been 15,275 bales, against 7,571 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 237,299 bales.
-1 9 1 1 -1 2 ­

I n Sight a n d S p in n ers’
Takings.

Since
Sept. 1.

Week.

R e c e ip ts a t p o rts to M ay 2 4 _______ 4 3,002 11,271,879
N et o v e r la n d t o M ay 2 4 _____ .
15,275
1,233,933
S o u t h ’n co n s u m p tio n to M a y 2 4 . . 56,000
1,956,000
115,177 14,461,812
•19,816
119,630
T o t a l In s ig h t M ay 2 4 _____________

95,361

Stnce
Sept. 1.

3 8 ,3 6 0
7,571
4 9 ,0 0 0

8,25 8 ,1 0 3
9 96 ,634
1 ,8 0 9 ,0 0 0

94,931 11,063,737
•25,298
164,062
69,633

14.58T .442

N o r t h ’n s p in ’s tak in gs t o M a y 2 4 . 24,273
D ecrease durlni

-1 9 1 0 -1 1 -

Week.

2 ,2 0 4 ,4 3 0

11,227,779
12,868

1,995,323

w ee k .

Movement into sight in previous years:

Week—

B
~ ales.
"

Since S ept.

B ales.

1—

1910— M a y 2 7 ________________ 7 9 ,235 190 9-1 0— M ay 2 7 _________ 9 ,8 4 0 ,3 2 8
1909— M a y 2 8 ------------------------- 135,151 1908-09— M ay 2 8 __________ 12,829,680
1908— M a y 3 0 ________________ 83,004 1907-08— M ay 3 0 __________ 10,614,352

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton! markets.
Week ending
M ay 2 4 .

Closing Quotations for M iddling Cotton on
S a l’day. : M onday. 1 Tuesday. \Wed’day. Thursd’y. F rid a y .

G a lv e s t o n _____ ]1 1 J<
N ew O rlea n s___ i i %
M o b i l e _________ '1 1 9 -1 6
S a v a n n a h _____ 1119-16
C h a rle s to n _____ 1 1 %
W ilm in g t o n ____ 1 1 %
N o r f o l k ________ 11 %
B a l t i m o r e _____ 1 1 %
P h ila d e lp h ia ___ 11.75
A u g u s t a ------------ 12
M e m p h is ----------- 12
S t. L o u is _______ 1 1 %
H o u s to n
---------! 1 1 %
L ittle R o c k ____ ! 1 1 %




ij l l %
i ll %
11 0-16
i11 9-16
11%

ii

%
11 %
11.75
12
12
11%
11 11-16
11%

11 %
11%
11 9-16
11 %
11%

11 %
11%
11 %
11 %
11%

11%
11 11-16
11%
11%
11%

11 %
11 11-16
11 %
11 %
11%

ii %
u%
11.85
12
12
11%
11 11-16
11%

ii %
n %
11.85
12
12
11%
11 11-16
11 %

ii %
ii %
11.75
12
12
11 %
11 9-16

ii %
ii %
11.85
12
12
11 %
11 9-16
11 %

11%

— @ —— @ —

—

1 1.82
.5 6 .68 1 1.64-.8
6
11.74-.8
8 1 1.60-.7 4 1 1 .0 1 -.7 3
.70
11.68-.6
9 11.86-.87 11.78-.79 1 1 .6 4-.65 11 .72-.73

1 1 .6 9 -

.57
1 -.

—

@

— ■—

®

— 11.55 —

ll.7 f-.7 4 1 1.65-.6 7 11.52-.54 1 1 .51-.63

— @ —— @ —

@ —
— @ —
.43
1 1.43-.4
5 11.6?-. 63 11.5 5 -.5 7 11.4 5 -.4 7 1 1 .5 4-.56

1 1 .4 1 -

1 1 .3 5 -

.49
11.25-.3
7 11.32-.56 11.45-.5 8 1 1 .37-.47 11.38-.50
.367 -.3 8 11.56-.57 11.50-.5 1 11.40-.41 11.48- .49
11.3

1 1 .3 5 1 1 .3 6 -

1 1.37
.3 8 -

1 1 .3 6 1 1.3 6 -

.50
11.26-.3
9 11.34-.57 11.48-.5 9 1 1 .4 0 1 1.37
.3 8 .39
11.56.57
11.52-.5
3 1 1 .4 1 -

1 1.40
.4 0 -.5 5
1 1.43
.5 1 -.5 2

R a n g e ______
C lo sin g ..........

11.3 9 -.5 0 11.3 0 -.3 8 11.45-.59 11.50- .62 1 1 .4 3 1 1.38-.3 9 11.40-.41 11.58-.59 11.54-.5 5 11.4 4 -

1 1.46
.5 0 -.5 5
1 1.40
.5 4 -.5 5

R a n g o _____
C lo s in g _____

1 1 .4 1 -

February —

®

—

@

.39
11.55-

■—

—■@ —
— @ -—
.57
1 1.39-.4 1 1 1 .4 8 -.5 0
11.49-.51

®—

— @ — — @ —
.433 -.4 5 11.6®-. 63 11.57-.5 9 11.4 6-.48 11.5 6 -.5 8
11.4

R a n g e ______
@ .59
C lo sin g .......... . 11.46-.4 8 1 1 .4 8 -.5 0

—@— @ —
11.66-.68 11.62-.6 4

11.55-.5 8 11.60 —
11.52-.5 4 1 1 .62-.64

S p o t ________
O p t i o n s _____

F irm .
S te a d y .
V e ry s t y . S te a d y .

Steady. S t e a d y .
Steady. S te a d y .

Tone —

ICO

@

.57 11.73-.7
1 1 .75?-.'73 11.59-.61 11.6 7 -.6 8

R a n g e _____
C losin g _____

M arch —

Tf00!>
•CM»Hco»0»-0 _ ©- ©. TflO
h»© *h I0OMO)
“
- CO© Cl lOrHTf

—

j

—®—

J a n u a ry —

51*

—

R a n g e _____
C losin g_____

December—

H<
C(0(OcO^Oirt>00«ONU5Wh»OlO
NHOO i^OOOiOO
M N O M O C a C b -M H r f< O lO M
O N N O O iC O O ^ O M O

@

R a n g o _____
C lo sin g _____

August—r j © ®5 5* ^
«0»O O O N

L X X X X IV

NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week nave been as follows:

MOnO
Oo COrfts. &o>C
M

©i-«
t** <0 t'-I** »C N CQ CM
tH C O ^ ^ O
fO r - ^ fr H
C\J

[VOL.

Q u ie t.
S te a d y .

S te a d y .
S te a d y .

M ISSISSIPPI F L O O D .— A considerable improvement in
the flood situation is indicated by the reports received to­
night. It is true that a further break occurred near Melville,
L a ., on Sunday morning, but generally the water in the
valley is now falling and at some points where it has receded
enough cotton-planting is already in progress.
O U R COTTON A C R E A G E R E P O R T .— Our cotton acre­
age report will probably be ready about June 19. Parties
desiring the circular in quantities with their business cards
printed thereon should send in their orders as soon as possible
to ensure early delivery.
E G Y P T IA N COTTON CROP.— The resume of the first
reports on the Egyptian cotton crop for the season 1912-13,
as received by the Alexandria General Produce Association,
is as follows:
In L o w e r E g y p t g o o d w eath er has f a v o r e d th e sow in gs, w h ich arc n ow
fln ish ed w ith b u t fe w e x c e p tio n s .
U nder th e in flu en ce o f fa v o r a b le tem ­
p eratu res th e y o u n g plants h a v e d e v e lo p e d w ell; th e y p resent a h e a lth y
an d v ig o ro u s a sp e ct and are in a d v a n c e b y 15 to 20 d a y s as c o m p a r e d w ith
last y e a r,
i n c to ta l area sow n w ith c o t to n app ears to be so m e w h a t larger
th a n last y e a r.
In U p p er E g y p t an d the F a y o u m th e s o w in gs h ave becn a lso
m a d e u n d er n o rm a l co n d itio n s , and arejnow every w h e re fln ish ed . N o th in g
has h a p p en ed to retard the d e v e lo p m e n t o f th ep lan ts, w h ich p resen t a
g o o d a p p e a ra n ce . T h e area so w n is larger th an last y e a r.

W E A T H E R R EP O R TS B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening are on the whole
of a quite favorable tenor. Dry weather has prevailed al­
most everywhere, and the crop is doing well generally.
Texas reports indicate that cotton is up to a fine stand
throughout the State. The Mississippi River is falling rapid­
ly and planting is being pushed as fast as the water leaves
the overflowed lands.
Galveston, Tex.— No rain has occurred in Texas during the
week. Weather conditions are just as needed for cotton
which is reported up to fine stands throughout the State.
Average thermometer 76, highest 82, lowest 70.
Abilene, Tex.— Minimum thermometer 62.
Brenham, Tex.— The thermometer has averaged 74,
ranging from 58 to 90.
Cuero, Tex.— The thermometer has ranged from 58 to 92,
averaging 75.
Dallas, Tex.— Average thermometer 71, highest 90,
lowest 52.
Henrietta, Tex.— The thermometer has averaged 73, the
highest being 94, and the lowest 52.
Huntsville, Tex.— The thermometer has averaged 71,
ranging from 52 to 90.
Kerrville, Tex.— Average thermometer 75, highest 90,
lowest 60.
Lampassas, Tex.— Thermometer has averaged 72, the
highest being 94 and the lowest 50.
Longview, Tex.— The thermometer has averaged 71,
ranging from 50 to 92.
Luting, Tex.— Thermometer has ranged from 60 to 94,
averaging 77.
Nacogdoches, Tex.— Average thermometer 68, highest 84,
lowest 52.
Palestine, Tex.— The thermometer has averaged 73, the
highest being 88 and the lowest 58.
Paris, Tex.— The thermometer has averaged 69, ranging
from 50 to 88.
San Antonio, Tex.— The thermometer has ranged from
62 to 92, averaging 77.
Taylor, Tex.— Minimum thermometer 58.
Weatherford, Tex.— The thermometer has averaged 73,
the highest being 90 and the lowest 56.
Ardmore, Okla.— There has been no rain during the week.
The thermometer has averaged 75, ranging from 60 to 91.

May 25 1912.]

THE CHRONICLE

M arlow, Okla .— It has been dry all the week. The ther­
mometer has ranged from 53 to 93, averaging 72.
Tulsa, Okla.—-D r y all the week.
Average thermometer
73, highest 87, lowest 58.
Alexandria, L a . — We have had no rain the past week.
The thermometer has averaged 72, ranging from 51 to 92.
New Orleans, L a .— It has rained on three days during the
week, the preciptiation being three inches and forty-one
hundredths. The thermometer has averaged 75, ranging
from 52 to 88.
Shreveport, L a . — It has been dry all the week.
The ther­
mometer has ranged from 56 to 90,averaging 73.
Eldorado, A r k .— Dry all the week. Average thermometer
70, highest 89, lowest 50.
Helena, A r k .— Crops are doing well, but begin to need
rain. The river is falling rapidly. Dry back of levees, but
still overflowed outside. No rain the past week. The ther­
mometer has averaged 70.5, the highest being 88 and the
lowest 48.
„„ ,
, ,
.
, .
,
,
Little Rock, A r k . — W e have had no ram during the week.
The thermometer has averaged 70. ranging from 54 to 86.
Columbus, M is s . — It has been dry all week.
The ther­
mometer has ranged from 48 to 94, averaging 71.
Meridian, M is s . — There has been no rain the past week.
Average thermometer 68, highest 88 and lowest 48.
Vicksburg, M is s . — Dry all the week.
The thermometer
has averaged 72, the highest being 85 and the lowest 53.
Dyersburg, T cn n . — Dry all the week.
The thermometer
has averaged 70, ranging from 51 to 90.
M em p h is, T en n . — Cotton is coming up to good stands.
The river is below the flood stage and planting is being rushed
as water leaves overflowed lands. There has been no rain
during the week. Thermometer has ranged from 53 to 85,
averaging 70.
•
N ashville, T en n . — W e have had no ram the past week.
Average thermometer 67, highest 88, lowest 46.
M obile, A la . — Weather is very favorbale and crops are
doing finely on uplands. Plowing is well under way in bot­
toms and a small per centage has been planted. There has
been no rain the past week. The thermometer has averaged
73, the highest being 87 and the lowest 76.
M ontgom ery, A la . — Warm and dry all the week.
The
thermometer has averaged 70, ranging from 52 to 87.
Selma, A la . — Stands are good but sandy lands and stiff
lands need rain to aid germination. It has been dry all
the week. The thermometer has ranged from 52 to 89, aver­
aging 71.5.
M adison , F la . — Favorable weather has somewhat im­
proved prospects, but most crops are still choked with grass
and plants are very small.
We have had rain on two days
of the past week, the rainfall being nine hundredths of an
inch. Average thermometer 73, highest 90, lowest 56.
Gainesville, F la . —-There has been rain on two days during
the week, to the extent of twenty-two hundredths of an inch
The thermometer has averaged 76, the highest being 93
and the lowest 59.
Tallahassee, F la . — We have had no rain during the week.
Thermometer has averaged 73, ranging from 57 to 90.
Augusta, G a. — We have had light rain on two days the
past week, the rainfall being twenty-nine hundredths of an
inch. Thermometer has ranged from 55 to 86, averaging 70.
Savannah, G a. — Week’s rainfall, eighty-three hundredths
of an inch, on three days. Average thermometer 70, high­
est 82, lowest 58.
W ashington, Ga. — Dry all the week.
The thermometer
has averaged 72, the highest being 92 and the lowest 52.
Charleston, S . C — We have had rain on three days dur­
ing the week, the rainfall being one inch and twenty-one hun­
dredths. Thermometer has averaged 72, rangingfromOl to 83.
Greenville, S . C . — There has been no rain during the week.
Thermometer has ranged from 45 to 91, averaging 68.
Spartanburg, S . C .— -There has been no rain the past week.
Average thermometer 68, highest 90, lowest 47.
Charlotte, N . C .—-The week’s rainfall has been nine hun­
dredths of an inch, on one day. The thermometer has aver­
aged 67, highest being 83 and lowest 51.
Greensboro, N . C . — Dry all the week.
The thermometer
has averaged 66, ranging from 48 to 84.
Raleigh, N . GV—There has been no rain during the week.
The thermometer has ranged from 50 to 86, averaging 68.

M A N C H E S T E R M A R K E T .— Our report received by cable
to-night from Manchester states that the market is quiet
for yarns and steady for shirtings. Merchants are buying
very sparingly. W e give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.
1912.

1911.

8 H lbs. Shirt­

Cofn
ings, common MM.
to finest.
Upfs

32 3 Cop

Twist.

d.

d. s. d.

a. d.

d.

8 H lbs. Shirt­

Com
ings, common Mid.
to finest.
Upfs

32s Cop

Twist.

d.

d. 8. d.

s . (J.

Apr.

5 9 5-16®
12 OH
®
19 OH
®
20 OH
®

May

3

OH
@
®
9 11-16 ®
n 14

10 0%

10*$ 6
10H 6
10H 6
10 H 6
10*$
1 0 *$
10 H
in

6
6.
6!
r,

0 @ 11 3
6.17 10 9-16® 11 9-16 5 11@11
1 @ 11 4 H 6.44 10 9-16® 11 9-16 3 11@11
6.62 105-$ @
11*$ 5 0 @ 1 1
1H @ H 5
IX @ U 5
6.50 10 H @
H H 8 1@ 11
1 @ 11
1H @ H
1>$@11
i
11




3
3
3
a

6.37 10 13-16©
6.53 in I M S ®
6.47 10 15-16®
n/<n i n
Oh

lift
lift
11*$
Ji u

8
8
8
'1

1 H ® 11
H $ @ ll
1* $ @ U
1 U(in 1|

d.

o
7.83
o
7.96
1*$ 8.10
3
8.27
4
4

8.23
8.42

4H 8.40
4 it S.98

1457

W O R L D ’S S U P P L Y A N D T A K IN G S OF CO TTON .
C o tto n T a k in g s .^
W e e k an d S eason .

191 1-1 2.

Week.

1910-11.

Season.

Week.

Season.

V isib le s u p p ly M a y 1 7 ___________ 4 ,4 6 7 ,9 4 7
3 ,2 6 2 ,3 8 2
V is ib le s u p p ly S e p t. 1___
1 ,6 0 3 ' 418
1,495*514
A m e rica n In sigh t t o M ay 2 4 ____
69,633 11,227,779
95,361 14,581,442
B o m b a y re c e ip ts t o M ay 2 3 ____
4 2 ,0 0 0 2 ,0 6 4 ,0 0 0
49.000 2 .1 4 1 .0 0 0
O th er In d ia s h ip ’ ts t o M ay 23
3 3 1 ,2 0 0
5.000
3.0 0 0
162,000
A le x a n d r ia 'r e ce ip ts t o M a y 22 I
1,500
96 2 .0 0 0
2.0 0 0 1. 0 02 .000
O th er s u p p ly to M ay 2 2 * _______
10.000
2 56 ,000
8 .000
204 .000
T o ta l s u p p ly ________________
4 ,6 1 9 ,6 0 8 19,576,860 3 ,3 9 6 ,0 1 5 16,453,493
Deduct—
V isib le s u p p ly M a y 2 4 ___________ 4,30 9 ,4 5 1 4 ,3 0 9 ,4 5 1 3 ,1 5 6 ,2 6 5 3 ,1 5 6 ,2 6 5
T o t a l ta ld u g s t o M ay 2 4 ____
O f w h ich A m e r ic a n ________
O f w h lc h lo th e r _____________

3 10 ,357 15.267.409
253 ,857 12.282.409
56,500 2 ,9 8 5 ,0 0 0

239 .750 13,297,228
177.750 10,045,028
6 2 ,000 3 ,2 5 2 ,2 0 0

IN D IA COTTON M O V E M E N T FRO M A L L PO R TS.
1911-12.

May 23.
Receipts at—

1910-11.

Week.

42,00012,064,000

49.000 2.141.000

B om bay...................................

For the Week.
from—
Bom bay—
1911-12..
1910-11..
1909-10..
Calcutta—
1911-12..
1910-11..
1909-10..
Madras —
1911-12..
1910-11.
1909-10..
All others—
1911-12..
1910-11..
1909-10..
Total all—
1911-12..
1910-11
1909-10..

1909-10.

I Since
Week. 1 Sept. l .

Since
Sept. 1.

Week.

Since
Sept. 1.

54,000 2,928,000

Since September 1.

Great Conti­ ; Japan
Great
Britain. nent. |&Chlnaj Total. Britain.

Conti­
nent.

Japan
A China. ! Total.

I
1,000 ; ii,o o ( H ____ 12,000
..
40,090
5,000 . 35,090i!
4,000 ; 14.00C>; 27,000 45,000

9,000
48,000
80,000

282,000
754,000
836,000

2,000
3.000
3,000

16,000
31,000
35,000

9,000
18,000
41,000

27,000
52,000
79,000

2,000
8,000
4,000

3,000
18,000
11,000

1,000
200
1,000

6,000
28,200
16,000

5,000
32,000
23,000

102,000
209,000
214,000

22,000
12,000
3,000

129,000
253,000
270,000

1.00C

....

1,000

l'o o o

_____

Looo
___

4,000
3,000
9,000

....
___
___

4,000
3,000
9,000|

17,000!
18,000 383,000
1,000 16,000
43,000
91,000 1,012,000
5,000 38,000
4,000 24,000 2 7',666 55,000 120,000 1,126.non

727,000 998,000
475,000 1,277,000
782,000 1,708,000

759,200 1,160,000
505,200 1,608,200
aiT.nn" o .o? • n"0

A L E X A N D R IA REC EIPTS A N D SH IP M E N T S OF
C O TTO N .— Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movement of cotton at
Alexandria, Egypt. The following are the receipts and ship­
ments for the past week and for the corresponding week of
the previous two years:
Alexandria, Egypt,
May 22.

1911-12.

1910-11.

1909-10.

15,000
7 ,2 1 7 ,8 6 3

13,000
7 ,5 1 3 ,2 4 0

6,000
4 ,8 8 7 ,4 8 3

This Since
Week. Sept. 1.

This Since
Week. Sept. l .

This Since
Week. Sept. 1.

2,500 186,441
210,971
e', 655 330,974
1,250 100,73S|

2.250
4 .2 5 0
3,500
3 ,000

201 ,778
205,743
3 62 ,588
112,839

143,731
1,750 116,626
2,500 273 ,537
58,604

9,7 5 0 1829,1241 13,000 8 82 ,948

4 ,2 5 0 ■592,498

Receipts (ca n ta rs)—

T h is w eek ................. ...........
S in ce S e p t. 1_____________

Exports (bales)—
To
To
To
•T o

L iv e r p o o l_____________
M a n c h e s t e r .......... .........
C o n t i n e n t ____________
A m e r i c a .........................

T o t a l e x p o r t s _________

T h e s t a t e m e n t s h o w s t h a t th e r e c e ip t s f o r th e w e e k w e re
1 5 ,0 0 0 c a n t a r s a n d th e fo r e ig n s h ip m e n t s 9 ,7 5 0 b a le s .
S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n it e d S ta te s th e p a s t w e e k h a v e
r e a c h e d 6 1 ,4 5 6 b a le s .
T h e s h ip m e n ts in d e t a il, a s m a d e
u p f r o m m a il a n d t e le g r a p h ic r e tu r n s , a r e a s fo llo w s :

Total bales.

N E W Y O R K — T o L iv e r p o o l— M a y 17— C arm anla, 150 u p la n d , 70
Sea Is la n d ___________________________________________________________
220
T o L o n d o n — M a y 17— M Innew aska, 170______________ __________
170
T o B rem en — M a y . 17— G eorge W a sh in g to n , 1 0 0 ___ M ay 22—B a rb arossa , 5 5 0 _______________
650
T o H a m b u rg — M ay 17— P residen t G rant, 6 4 0 .. .M a y 22—
P e n n sy lv a n ia , 2 0 1 ________________________________________________
841
T o R o tte r d a m — M ay 23— B lrm a,
5 0 _____________________________
50
T o A n tw e rp '— M ay 17— L a p la n d , 150_____________________________
150
250
T o G enoa— M ay 17— Ita lia , 2 5 0 ___________________________________
T o L e g h o rn — M ay 17— Ita lia , 3 5 5 _________________________________
355
_______
220
T o V e n ic e — M ay 22— O cea nia , 2 2 0 ____________ . _
T o P iraeu s— M ay 20— T h e m lsto cle s, 1 5 9 _________________________
159
T o J a p a n — M ay 18— In d ra d e o , 5 2 5 ________________________________
525
T o C hina— M ay 18— In d ra d e o . 5 4 ______________________ ________
54
G A L V E S T O N — T o L iv e r p o o l— M ay 20— M edian, 4 ,8 8 0 _____ . _
4,8 8 0
T o M an ch ester— M ay 17— -A suncion d e L a rrln aga, 12,462 12,462
T o H a vre — M ay 22— Sheila, 5 ,4 3 8 ______________________
5,438
T o H a m b u rg— M ay 22— Ilfo r d , 4 ,0 6 8 _________________ __
4 ,0 6 8
T o B a rcelon a— M ay 22— L o d o v ic a , 5 ,7 7 8 _____________
_ _
5,778
T o T rie ste — M ay 22— L o d o v ic a , 100______________________ . _
100
T o V e n ic e — M ay 22— L o d o v ic a , 1 2 4 _________________
_ _ __
124
N E W O R L E A N S — T o L iv e r p o o l— M ay 23— W a y fa re r, 2 ,0 0 0 _______2,0 0 0
T o R o tte r d a m — M ay 18— A d e lh e id M enzell, 4 8 5 ___ M ay 21— L o rd E rne, 3 6 7 _______________________
852
T o G enoa— M a y 22— M o n gin e vro , 2 ,9 0 0 _________________________ 2 ,9 0 0
S A V A N N A H — T o Biremen— M ay 17— P o lam h all, 5 ,0 0 5
M a y 21—
S o u th p o rt, 3 ,0 7 7 — ______________
8,682
T o H a m b u rg — M ay 17— P olam h all. 160__________________________
160
200
T o R o tte r d a m — M ay 21— S o u th p o rt, 2 0 0 _________________________
N O R F O L K — T o L iv e r p o o l— M ay 21— Io w a , 1 ,2 9 7 ----------------------------- 1,297
T o H am bu rg— M ay 17— B eth a n la , 3 7 9 ________________________________379
B O S T O N — T o L iv e r p o o l— M ay 18— D e v o n ia n , 1 ,6 8 0 . . M ay 2 2 —
C y m ric, 2 2 8 _______________________________________________________ 1,908
T o M anchester— M ay 21— Ib eria n , 9 9 --------------------------------------------99
T o G enoa— M ay 18— C rctlc, 4 5 0 ---------------------------------------------------450
B A L T I M O R E — T o B rem en— M a y 16— G erm anlcuS, 9 9 2 . . M a y 18
C h em n itz, 1 ,8 9 9 ---------------------------------------------------------------------------- 2,891
P H I L A D E L P H I A — T o R o tte r d a m — M ay 17— Z a a n d y k , 1 7 6 _______
176
S A N F R A N C IS C O — T o J a p a n — M ay 18— S h ln y o M aru, 1 8 2 7 _____ 1,827
S E A T T L E — T o J ap an — M ay 21— San ukl M aru; 9 8 1 _________________
984
T o C hina— M ay 21— S an ukl M aru, 157____________________________
157

.Total ' ...........................................

61,456

THE CHRONICLE

1458

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
May 3.
55,000
Sales o f th e w e e k -----------b a le s . .
O f w h ich s p e cu la to rs t o o k . ..
5,000
2,000
O f w h ich e x p o r te r s t o o k ___.
.
4 8 ,0 0 0
Sales, A m e r ic a n _______________.
A c t u a l e x p o r t ................................
16,000
F o r w a r d e d ------------------------------- 108,000
T o t a l s t o c k — E s tim a te d ______ 1,355,000
O f w h ich A m e r ic a n _________1,242,000
1,242,000
T o t a l Im ports o f the w e e k ____
110,000
O f w h ich A m e r ic a n ............... .
9 0 ,000
A m o u n t a flo a t_________________
204 ,000
O f w h ich A m e r i c a n ............. 158 ,000

May 10.

May 17.

55,000
2,0 0 0
1,000
4 8 ,0 0 0
19,000
106,000
1,316,000
1,2 1 0 ,0 0 0
8 4 ,0 0 0
7 1 ,0 0 0
171,000
126 ,000

4 7 ,0 0 0
1,000
1,000
4 1 ,0 0 0
11,000
75,000
1,25 9 ,0 0 0
1 ,1 45,000
2 7 ,0 0 0
11,000
173,000
1 35 ,000

May 24.

3 9 ,0 0 0
2 ,0 0 0
2 ,0 0 0
3 5 ,0 0 0
1,000
6 3 ,0 0 0
1 ,2 6 6 ,0 0 0
1 ,1 5 2 ,0 0 0
7 2 ,000
59,000
12 8 ,0 0 0
99,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

Saturday.

Monday.

Tuesday.

Quiet.

Fair
business
doing.

Good
demand.

)
)
J

Wednesday. Thursday.
Good
demand.

Easier.

Friday.
Fair
business
doing.

M ld.U pl’ds

6.48

6.41

6.41

6.45

6.42

6.36

S a le s .........
Spec.&exp.

5,000
500

8,000
500

10,000
1,000

10,000
500

8,000
800

8,000
1,000

Futures. Steady at Steady at Steady at Steady at Quiet unch.
Market
\ 2 @ 2 <* pts. 8 ?* pts. 2?* @ 3 pts. 4 ? * @ 6 pts. to ?* pt.
advance.
advance.
decline.
opened j advance.
decline.
Market,
4
P. M.

Steady at Steady at Steady at
) Quiet at
2@ 2 ?* pts. 8 ? * @ 10?* 1@ 3?* pts. 4@ 5J* pts.
advance.
advance.
pts. dec.
J advance.

Dull at
2J*@ 3J*
pts. dec.

Steady at
3 ) * ® 4 ?*
pts. dec.
Steady at
1@1J* Pts.
advance.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOlfts.
M a y 18
to
M a y 24.

M a y-J u n e
J u n e -J u ly
J u ly - A u g .
A u g .- S e p .
S ep .-O c t .
O c t .-N o v .
N o v .-D e e .
D e c .- J a n .
Jan .- F e b .
F e b .-M ch .
M c h .-A p r .
A p r .-M a y .
M a y -J u n e

M on .

Sat.
12 X
p .m .

W ed.

T h u rs.

Fri.

12 X
12 M 4 12 K 4 12 M
12 H 4
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

12^
p .m .
6
6
6
6
6
6
6
0
6
6
6
6

T u e s.

Thus, 6 26 means 6 26-100d.

26
26
27
28?*
2 7 )*
24?*
2 2 ?*
2 0 ?*
20
20
2 0 ?*
2 1 ?*

19
19
19?*
21
20
1 6 '*
14 ?*
1 2 ?*
12
12
1 2 ?*
13?*
14?*
15 ?*

17?*
17?*
18
19
18
14
12
10
09?*
09 3*
10
11
12
13

19?*
19?*
20
2 1 ?*
21
17 t*
15?*
13?*
13
13
14
15
16
17

18?*
18?*
19?*
21
2 0 )*
17
15
13 J*
13
13
13?*
14?*
15?*
16?*

23
23
23?*
25 ?*
25
22
20
18?*
18
18
19
20
21
22

23
23
23 ?*
2 5 )*
25
22
20
18?*
18
18
19
20
21
2 2 ?*

22
22
22 ?*
24?*
24 ?*
2 1 ?*
19 ?*
18
17?*
17 K
18?*
19?*
2 0 ?*
21

19 ?*
19 ?<
20
2 2 ?*
2 2 ?*
19 H
17?*
16
15?*
15?*
16 H
17)*
18?*
19

16?*
1 6 )*
16?*
19
19J*
16
14
13
1 2 ?*
1 2 ?*
13?*
14
15
16

21
21
21
24
24?*
21
18 1*
17?*
17
17
18
18 1*
10 V*
2 0 ?*

BREADSTUFFS.
F rid a y N ight, M a y 24 1912.
• Flour has been in moderate demand at steady quotations.
Buyers adhere persistently to the policy of buying as only
their immediate wants demand. This they have done, as
everybody knows, for months past. They simply show no
disposition to buy on a larger scale. It is also of interest to
remark that the output of Western mills, that is to say, of
those at Minneapolis, Duluth and Milwaukee, last week was
260,585 bbls., against 306,435 bbls. in the previous week
and 294,035 bbls. for the same week last year. Here is a
considerable decrease in the output. Y et at Chicago there
has been a better business in flour, and some of the mills
have been said to be sold ahead there up to July 1. In fact,
Chicago’s flour sales this week are said to have been the largest
for six months past. The Northwestern capacity in opera­
tion th s week is about the same, and the output is not ex­
pected to show much increase. Sales by Minneapolis mills
last week, it is stated, were even smaller than the preceding
week, and business very dull, sales not exceeding 7 5 % of the
output. Some mills, it is added, did not sell 5 0 % of their
output. Prices were too high for export business.
Wheat was easier early in the week, but later on became
stronger. It was found that the market had become over­
sold. There was a large decrease in the world’s visible
supply. The falling off amounted to 4,716,000 bushels,
against an increase for the same week last year of 3,036,000
bushels. There was heavy covering of shorts. Flour sales
in Chicago have greatly increased. The receipts and stocks
of wheat have been falling off at a rate which has attracted
considerable attention. Some bad crop reports have come
from parts of Missouri, Indiana, Nebraska and Kansas, owing
to hot winds. World’s stocks are now 172,089,000 bushels,
being 28,000,000 less than a year ago and 46,000,000 less
than two years ago. Contract stocks at Chicago fell off for
the week 600,000 bushels. Foreign markets, on the whole,
have showed some advance of late. The cash demand at
Chicago has latterly increased. Bulls stick to it that the
winter-wheat crop is going to be decidedly smaller than that
of last year. On the other hand, some of the crop reports
from the hard winter-wheat States have recently been more
favorable. Whereas, the Government figures recently
pointed to a yield of winter-wheat amounting to only 370,­
000,000 bushels, private statisticians in some cases put it at
400,000,000 bushels, as against 430,000,000 last year. Re­
ports from parts of France and Russia are somewhat more
favorable. Large Chicago interests have been selling May.
Commission houses have sold the distant futures. The
weather, as a rule, has been favorable.j&Early .in the week,




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

when the market sold off, a good many stop orders were
caught. The price of No. 2 red is still 24c. higher than a
year ago. In the spring-wheat belt the weather has been ex­
ceptionally favorable as far as the more westerly States are
concerned. In States more to the east the weather has been
cold and unfavorable. To-day prices advanced slightly and
then re-acted. The weather was favorable. Less was heard
about high winds, hot winds and dust storms in Kansas and
Nebraska.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N N E W Y O R K .

Sat.

Mon. Tues. Wed. Thurs. Fri.
1 2 1 )* 123 Vx 123 *A 123 %

N o . 2 r e d ____________________________1 2 0 J* 120
119
M a y d e liv e ry In e le v a t o r __________ 119
J u ly d e liv e ry In e le v a t o r __________ 1143* 112 ?*

119
121
1203*
113 ?* 1 15 ?* 115?*

1 20 ?*
1 14 ?*

D A I L Y C L O S IN G P R I C E S O F - W H E A T F U T U R E S IN C H IC A G O .

Sat.

Mon. Tues. Wed. Thurs. Fri.

M a y d e liv e r y In e le v a t o r __________ 1125* 112
1 13 ?* 115?* 115
114
J u ly d e liv e ry In e le v a t o r __________ 108 5* 1075* 108 51 1105* 110 ?* 110
S e p te m b e r d e liv e r y ________________ 103?* 1 0 2 ?* 103 5* 105?* 104?* 1045*

Indian corn, like wheat,' declined early in the week and
then turned upward. Covering of shorts in May and the
distant months had much to do with the rally. There has
been an especially good demand for December. Of late
cash prices have risen sharply. The receipts have fallen
off to a comparatively small total. The weather at times
has not been very favorable. That is to say, while to the
westward of the Mississippi it has at times been good at
other times, it has been cold, too cold in fact, and with con­
siderable rain farm work has been delayed. Southward of
the Ohio River there was less rainfall and the weather on the
whole more favorable. Of late, shorts and cash buyers have
been good buyers. The technical position has been more
favorable. The short interest on the recent decline was
large and long liquidation drastic. Delayed seeding pretty
much all over the corn belt and reports of poor germination
have been among the factors which have contributed to the
advance. To-day prices advanced in sympathy with wheat
and also on reports of bad weather, but receded later, owing
to liquidation and the influence of a reaction in wheat.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN N E W Y O R K .

Sat.

C ash c o r n ___________________________ n o m .
M a y d e liv e ry In e l e v a t o r __________ n o m .

Mon. Tues. Wed. Thurs. Fri.

nom .
nom .

n o in .
nom .

nom .
nom .

nom .
nom .

nom .
nom .

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN C H IC A G O .
Sint
Sat.

M a y d e liv e ry In e le v a t o r ------------ . . . 78
J u ly d e liv e ry In e le v a t o r ------------- - - 7 4 ?*
S e p te m b e r d e liv e ry In e le v a t o r . - - - 7 2 ?*

X fn n
'T
ups
VJ
p i I 'F
h n r a . Fri.
Wirt.
Thurs.
Mon.
Tues.
Wed.

77?*
73 H
71 H

79 ?*
7 4 ?*
72 %

82
77
74

81?*
76 3*
7 3 ?*

8 1 ?*
76 3*
74

Oats have latterly advanced because of an oversold condi­
tion of the market. Shorts have covered a large quantity.
Leading interests at Chicago have been buyers. Cash prices
have risen on a good demand. The shipping demand at
Chicago has improved. Crop reports have been less favorable
from the Southwest and also from Illinois. Early in he
week, it is true, the market was raided by big interests at
Chicago and a good many small holders were forced out.
The market is largely a weather affair and must continue
so for some time to come. To-day prices advanced, but
reacted with other grain later. Big operators are on oppo­
site sides ofthe market in Chicago.
D A I L Y C L O S IN G P R I C E S O F O A T S I N N E W Y O R & .

Sat.

S ta n d a rd s
_________ 61
N o . 2 W hite_________________________ 6 1 ?*
D A IL Y

Mon. Tues.

Wed. Thurs. Fri.

6 0 ?*
61

61?*
62

C L O S IN G P R I C E S O F O A T S

Sat.

61
61 ?*

61?*
62

6 1 ?*
62

F U T U R E S I N C H IC A G O .

Mon. Tues. Wed. Thurs. Fri.

M a y d e liv e ry In e le v a t o r ___________ 5 3 ?* 51?*
J u ly d e liv e ry la e le v a t o r ----------------- 49 5* 47 ?*
S e p te m b e r d e liv e r y ------------------------ 4 1 ?* 41 )*

52 5*
48 5*
415 *

53?*
50 5*
42 5*

53 5*
5 0 )*
4 2 ?*

5 3 ?*
50?*
42

Closing prices were as follows:
FLOUR.
W in te r, lo w g ra d e s____ $4 0 0 @ $ 4 2 5 1K ansas straigh ts, s a c k s „$ 5
W in te r p a te n ts ............... 5 9000 6 10| K ansas clea rs, s a c k s ____ 4
6
W in te r stra ig h ts.............. ,.5 3 5 @ 5 6 0 1City p a te n ts ................ ..
W in te r c le a rs ........ ........... 4 7 5 ® 5 0 0 | R y e flo u r ............................ 4
S p r in g p a t e n t s ................. 5 6 0 ® 6 1 0 1G raham flo u r ..................... 4
S p rin g stra ig h ts________ 5 3 0 ® 5 5 0 1C orn m eal, kiln d r i e d . . 4
S p r in g c le a r s ____________ 4 8 5 ® 5 10| D u ck w h eat, c w t _______

0 0 ® $ 5 50
2 5 ® 4 75
8 0 ® 7 10
7 0 ® 5 15
5 0 ® 4 70
1 5 ® ------N o m in a l

G R A IN
C orn , per bu sh el—
Cents.
W h e a t, p e r bushel— f . o . b .
N o . 2 ___________f . o . b .
85 ?*
N . S p rin g , N o . 1.......... ......... 51 2 6 ?*
Steam er ____ e le v a to r
N o m in a l
N . S p rin g, N o . 2 .................... 1 19 5*
N o . 3 ________ e le v a to r
N om in a l
R e d w in ter. N o . 2 _________ 1 23?*
R y e , per bushel—
„
,
.
H a rd w in ter, N o . 2 -------------1 2 2 ?*
N o . 2 W e s te rn _______
N o m in a l
O ats, per b u sh el, new —
Cents.
S ta te & P en n sylva n ia
N om in al
S ta n d a rd s _________________
61?*
B a rley— M a lt in g _______51 1 6 ® 5 1 28
N o . 2 w h ite________________
62
N o . 3 _____________ __________
61?*

For other tables usually given here, sec page 1427.

E X P O R T S OF W H E A T AN D F L O U R FROM U N IT E D
STA TES PO RTS.— W e give below a compilation showing the
exports of wheat and flour from United States ports during
the month of April and the tenjtnonths of the fiscal years
1911-12 and 1910-11.
Ports.

April 1912.
Wheat,
Busheis.

New Y o rk ____
B a ltim o re____
Philadelphia . .
Boston --------A11nn11n
wilier /Yiuiiiiit
New O rleans..
Other G ulf-----Portland. Ore.
Puget S o u n d ..
San Francisco.
C h ica g o --------Other bo rd e r..

655,746
60,000

JtjTotal all____

1,205.375

’ 4*671
49,336
40,333
282,632
212,601
56

10 Months 1911-12.

Wheat,
Flour,
Barrels. \ Bushels.

Flour,
Barrels.

10 Months 1910-11.

Wheat,
Bushels.

Flourr,
Barrels.

327,710 6,598,292
19,174 4,691,141
79,168 2,800,591
9,598 1,396,744
173,286
6,202
731,119
28,823
430,723
47,083
49,000 6,610,173
192,550 3,082,444
23,075| 510,529
879,700
"2,605
69,181

2.804.048 2,250,092 2,750,295
737,287
713,028 3,127,811
855,608
817,974 1,900,492
324,328
541,824
219,779
200,931
208,011
562,730
113,751
500,808
634,062
134,354
798,646
439,970
592,382 7,123,190
1,519,401
3,915,991
2,377,082
289,810
198,524
287,109
588,032
10,739
15,826
114,851
57,589 1,488,195

785.048 27,073,953

9.488.882 21,470.608

May 25 1912.]

THE CHRONICLE

The visible supply of grain, comprising thefjstocks in
granary at principal points of accumulation at lake and
seaboard ports May 18 1912, was as follows:
U N IT E D STA TES G RA IN STOCKS.
A m e r. B onded A m e r. A m e r. B onded A m e r. A m e r. B onded
I t yl ice .. B
O a ts .
O a ts .
. a r le y . B a rle y ,
C o rn
W h e a t. W h e a t.
b u sh .
b ush.
bush.
b u sh .
bu sh .
b u sh .
b u sh .
b u sh .
64
11
18
....
457
60
550
.
127
2
1 ___
18
4
20
231

In T housands—

New Y ork—
B o s to n ------P h iladelphia.
B a ltim o re __
New O rleans.

..

Chicago ----D u l u t h ____
M inneapolis .
S t. Louis___
K ansas C ity .

—

..
..
On Lakes —
On Canal and R iv e r..

289
30-1
979
92

18
11
20
21

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

I n T h o u san d s--

May
May
M ay
May

18
11
20
21

—

396
571
187
110
144
49
1 ,1 0 0
233
54

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

4 ,7 8 2
4 ,7 1 6
—

’474
—
___
—
—
1,8 2 7
—

—
21
—
—
58
2
19
121
40
59
209

::::

....

—
—
—

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

2

213
1 ,9 1 2
999
3 ,2 8 4

2 6 ,4 0 8
2 7 ,1 9 9
297 6 ,9 8 8
—
128
533
SUMMARY.

4 ,7 8 2
—

—
—
—

C a n a d ia n
B onded
C o rn .
O a ts .
O a ts .
b u sh .
bu sh .
bu sh .

—

B onded
W h e a t. W h e a t.
bu3h.
bu sh .

A m e ric a n ........... ............3 4 ,5 6 8
C a n a d ia n ........... ............. 1 6 ,1 1 7
T otal
T otal
T otal
T otal

—
—

C a n a d ia n B o n d ed
W heat
W h e a t.
b u sh .
b u sh .

M ontreal ........... ............. 1,1 1 7
F o rt W illiam — _____ 6 ,0 7 5
P o rt A rth u r___ ............. 3 ,5 2 4
O ther C anadian. ............. 5 .4 0 1
May
May
May
May

—

33
116
141
____
622
51
100
4 ,3 1 0

6
370
79
8
515
101
147
2 ,4 7 8
219
___
41
452
438
64
138
613
713
—

1912...3 4 ,5 6 8 4 ,7 8 2 6 ,5 2 8
1 9 12 . .3 8 ,1 8 0 4 ,7 1 6 6 ,4 7 1
___ 4 ,4 7 8
1911 ..2 4 ,9 3 4
—
1910...2 2 ,0 3 0
6 ,5 4 1
CANADIAN G RA IN

I n T h o u sa n d s--

T otal
Total
T otal
T otal

563
375

CO
480
.
058
.
026
._ 3 0 8
___
..1 1 ,8 2 2
448
._ 5 ,1 6 2 2 ,5 8 3
___
.1 1 ,7 1 6
..
342
EE
. . 1 ,3 2 4

Indianapolis

18
11
20
T otal May 21

310

C o rn .
b u sh .

O a ts .
bu sh .

0 .5 2 8
2

8 ,8 3 4
6 ,4 0 8

6 ,5 3 0
6 ,4 7 3
4 ,7 7 5
6 ,0 6 0

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

—

___
B onded
O a ts .
b u sh .

2 ,3 8 3
—

2 ,3 8 3
3 ,2 8 7
—

351
9
42
27
28
339
17

‘ ‘ 22
—
—
568
589
29
573

870

1,001

1,0 7 0
2 ,1 5 2

210
255

B onded
C a n a d ia n
R y e . B a rle y . B a rle y .
b u sh .
bush.
b u sh .

71

___
—

—

—

71
95
56
105

___

—

B onded
R y e . B a rle y . B a rle y .
b u sh .
b u sh .
b u sh .

5 68
—

8 70
71

2 16
—

568
589
29
573

941
1 ,0 9 6
1 .1 2 0
2 ,2 5 7

216
255
___

TH E DRY GOODS TRADE.
New Y ork , F riday Night, M a y 24 1912.
As a result of the warmer weather,the drygoods business
has improved considerably during the week. Mail orders
received by jobbers have increased in number and retailers
have moved more goods than for some time past. It will
take two or three weeks of real warm weather, however, to
put the demand upon a normal basis. At present, while
a fair amount of business is being placed, the majority of
requests are for the prompt shipment of goods already on
order. Most of the buying is by small retailors, who are
taking cotton wash fabrics, silks, lightweight hosiery and
underwear. The larger retailers are sufficiently well covered
to carry them through a week or so of warm weather. In
the prinary market for cotton goods tilings are quiet with
jobbers calling for brown and bleached goods upon a moder­
ate scale. They are watching the situation closely and
moving slowly on forward business, preferring to await
greater activity in retail quarters. In print cloths oifers
are being received at prices a shade under present quota­
tions and in a few scattered instances these have been
accepted. The majority of the mills are refusing to accept
orders except at full values. An easier tendency in raw
cotton as well as slight recessions in gray goods are leading
buyers to look for some shading of the price of finished
goods. The yarn situation is decidedly firm desp te the
fact that individual orders are small and not over numerous.
Weavers are in the market quite frequently and would, no
doubt, place substantial orders could concessions be ob­
tained. Commission houses are firm in their prices, how­
ever, and weavers are compelled to cover near-by require­
ments at full market values.
High prices are still restricting
the buying for export account and the easier cotton market
is causing buyers to be more determined in requesting lower
prices. Prices are likely to continue firm, however, as the
majority of mills are sold up through July and August and
are independent of any temporary fluctuation in the market
for raw material. But little business has been received
from China and the outlook from this quarter continues
discouraging. Some business is reported for Red Sea
account but this is largely against old orders.
D OM ESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending May 18 were 8,862
packages, valued at 8598,828, their destination being to the
noints specified in the table below:
. . . .

-------- 1 0 1 2 --------

Week.
- New York to May 18— • 55
G reat B rita in ____________________ . . . ____
19
O th er E u r o p e ---------------- ------------- ________
...............

52

________ 1,004
________ 812
62
M e x i c o __________________________ ...............
C entral A m e r ic a _________________ ............... 645
S o u th A m e r ic a __________________ ............... 917
fc’f cT o ta l................................................ ............... 8,862




Since
Jan. 1.
1,725
721
39,509
9 ,185
28,713
8,728
21,529
1,445
7,949
3 0.787
29.788

180,079

1459

The value of these New York exports since Jan. 1 has been
812,002,302 in 1912, against $9,004,171 in 1911.
■ •
Steadiness has prevailed in domestic cotton markets during
the past week, and while not active, demand showed im­
provement, duplicate orders for quick shipment being more
numerous. It is not expected, however, that any great
amount of activity will develop until retailers have had op­
portunity to dispose of summer merchandise, which trade
is expected to broaden as a result of improved weather.
In markets for fine goods offerings of staples for spot and
nearby delivery are freer, and it is stated that manufacturers
are making more goods than buyers want, notwithstanding
the fact that prices are tempting. In the markets for coarser
lines, such as drills, sheetings, and other miscellaneous pro­
ducts, the undertone is steady, although in some instances
there is a willingness to accept business for late delivery at
slight concessions. Heavy colored cloths and duck are meet­
ing with steady demand. Dress ginghams rule quiet, the
same conditions being true of percales, while wasli goods are
being taken in a moderate way. Reports from salesmen
who are out on the road with different lines of prints and
dress cottons and other merchandise for fall use vary, some
reporting a good business and others not, although the aggre­
gate of orders for the week are said to exceed those for the
corresponding time a year ago. Many duplicate orders have
been received for napped cottons and have been refused,
owing to the inability of manufacturers to make deliveries
at the time requested. Little improvement is noted in the
demand for print cloths and convertibles, which continues
quiet. The general undertone is easier. Gray goods, 383^incli standard, are quoted 5 to 5}^c.
W O O L E N GOODS.— Men’s wear and dress goods markets
are in a strong position as a good volume of business has
been booked for very distant deliveries. Advances of 7J^c
above opening fall quotations were obtained on orders for
dress goods September -October shipment. In the men’s
wear department serges are in principal demand with con­
siderable interest displayed by clothing manufacturers in
materials for the spring season 1913.
FO R E IG N D R Y G OODS.— Improved weather conditions
stimulated the demand for spot linens during the past week
and holders of dress goods have been favored with a good
trade. Colored dress linens and crashes appear to be most
wanted, pure white dress fabrics ruling quiet. Many of the
most popular shades of the colored dress linens arc becoming
scarce. Household goods have sold well. Nothing new of
interest has developed in the market for burlaps, business
continuing moderately active in both spots and futures.
Prices are steady and unchanged with light-weights quoted
at 5.85c and 103<j ounce at 7.00c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending May 18 1912 and since
Jan. 1 1912, and for the corresponding periods of last year,
were as follows:
B
H
2
Twwo p
S
4
H3 m B l
H SH O
2^935
O >— “ o '-i P
ao 8
0 no
Op
op
A M
O C
y
d
aE
ii.s
E a£
O
S3 i '
3
s
i
?
2
H
OS
*~i r+
I
»
1 §!
B
& 3;
'
^

I!

p

12
35
5,500
129
550
52
801
2,118

2,817
15,903
909
7,548
25,004

10,934

122,022

B

©M

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00*■*! O
w oo oo it* ©
© it*
sto 2H
"-1it* -4if*toC

CO Ja i—* cs to
*•1 “4 Os O to
w
o cs w

B

S3
B
d

to os
*>1 o

Wto

w i-j **

vi

hi-

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t o oo

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1460

THE CHRONICLE
C ity

J tew rM tw n

STATE A N D CITY SECTION.
A new number of our “ State and City Section/’
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a cop}'- of it.

News Items.
Elizabeth, N . J .— \ ote on Com m ission F orm o f Government.
— As stated last week, the election held May 14 resulted in
the defeat of the commission form of government.
We are
now advised that the vote was 2.S29 “ for’' to 4,289 “ against.”
Louisiana.— Governor Urges Legislature To Take Action
To Relieve Flood S ufferers. — In a message to the Legislature
on May 16 Governor Sanders urged that body to take some
action to relieve the overflowed farm lands of the State
from taxation for the present year. The Governor’s message
in full is as follows:
To the Honorable Members of the Senate ancl of the House of Representatives
of the State of l.ouisiana :
Gentlemen— -As in d ica te d in m y bien n ial m essage to th e General A ssem ­
b ly , l have th e h o n o r to herew ith s u b m it to y o u a sp ecial m essage o n the
s u b je c t o f levees an d th e present flood situ a tio n .
T h e S tate o f L ou isia n a has 1 ,6 3 6 .5 m iles o f levees in L ou isian a and
A rkansas fo r th e p ro te c tio n o f L o u isia n a la n d s.
D u rin g this adm in istra ­
tion th ere lias been c o n s tr u c te d b y th e s ta te and the levee districts 140.14
m iles o f new leveo3, and th ere has been raised and enlarged 176.73 m iles,
in v o lv in g a tota l o f 2 0 .6 5 0 ,9 8 0 c u b ic y a rd s o f ea rth w o rk a t a to ta l c o s t
o f $ 4 ,0 2 5 ,4 8 3 .3 8 .
D u rin g the sam e p eriod th e U nited S tates G overn m en t
c o n s tru cte d 26 .3 4 m iles and raised an d en larged 80.83 m iles, being a to ta l
o f 7 ,412,812 c u b ic y a rd s o f ea rth w o rk a t a c o s t o f 3 1 ,6 4 0 ,4 0 6 .6 6 . T h ere
h a ve been live breaks in the levee d u rin g the presen t u n p re ce d e n te d high
w a ter.
Fou r o f these breaks h a ve been in the levee system u n d er th e
c o n tr o l o f the S ta te B oa rd o f E n gin eers, an d h a v e been a tte n d e d w ith
g reat disaster to o u r p eop le in th e d e s tr u c tio n o f p r o p e r ty and in th e loss
o f a liv e lih o o d fo r the p resen t.
N o tw ith s ta n d in g these breaks in o u r
levees, it is a sp len d id trib u te t o th e levee sy ste m th a t there h a ve n o t been
m ore, con sid erin g th e fa c t th at th e w ater has been s o m e three fe e t h igh er
than ev er before, an d w hile a t its highest sta ge w e were v isited b y storm s
a n d rains o f such terrific n a tu re th a t it lo o k e d fo r a w h ile as if the situ a tio n
w as h op eless. T o o m uch cr e d it c a n n o t be give n to the S ta te B oa rd
o f E n gin eers, the B oa rd o f C o n tro l o f the S ta te P e n ite n tia ry , the stu den ts
o f th e L ou isian a S ta to U n iv e rsity , th e farm ers, p lanters an d citiz e n s as
a w h ole, fo r th e g a lla n t an d m a gn ificen t fight th at has been m a d e to h o ld
th e levees. T h e resou rces o f the P e n ite n tia ry h a ve been ta xe d to the
u tm ost to assist in this w o rk . The s itu a tio n in several o f ou r a llu v ia l
parishes is d a rk an d g lo o m y and d e s e r v e < co n s id e ra tio n an d a tte n tio n at
y o u r han ds, in o rd e r th a t s o m e th in g ca n be d o n e , In so m e w a y a t least, to
a m eliora te c o n d it io n s .
I w o u ld th erefore r ecom m e n d th a t s o m e a c tio n be taken b y the General
A s s e m b ly w hich w ou ld , in a great m easure at least, relieve the o v e r flo w e d
fa rm lands o f the S ta te fro m ta x a tio n fo r th e present y ear.
I n th e gu a rd in g o f c o n v ic ts a n d p a tro lln g th e levees w e have been c o m ­
pelled to use th e S ta te N a tio n a l G uard, an d , th erefore, h a v e draw n v e r y
h e a v ily u p on the m ilitia fu n d . T h e N a tio n a l G uard has d o n e sp len d id
w ork — b oth officers an d m en— n o t o n ly in p a tr o llin g and gu a rd in g , b u t
also in tile relief w ork an d In th e sa v in g o f life and p r o p e r ty .
T h e U nited S tates G ov e rn m e n t, th ro u gh b o th th e a rm y and th e M is­
sissippi R iv e r C om m ission , lias been m o st generous an d a c tiv e in a lle v ia tin g
th e suffering a m on g the refu gees. T h e officers d e ta ile d fo r this w o rk h a ve
been u n tirin g an d u n flaggin g in th eir e ffo rts to re lie v e distress an d in
p rev en tin g th e loss o f life. T h e y are a sp le n d id set o f m en an d a c r e d it
to o u r a r m y .
,
C on d ition s h a v e been v e r y g ro s s ly exa g g e ra te d in m a n y o f the N orth ern
a n d W estern p ap ers, an d in so m e se ctio n s o f the U n ion the im p ression
has g on e b r oa d ca st th a t th e en tire S ta te o f L o u isia n a is in u n d a te d . O f
the 2 8 ,0 0 0 ,0 0 0 acres o f land in the S ta te , there are o v e r 17,000,000 acres
th a t n e v e r h a v e been ov e rflo w e d an d arc n o t e v e n em b ra ce d in levee
d is tricts .
O f the 11,000,000 acres p ro te c te d b y o u r le ve e sy ste m , there
are at present a p p ro x im a te ly 2 ,5 0 0 ,0 0 0 acres o v e r flo w e d . O f this o v e r ­
flow ed acreage, th ere are a p p ro x im a te ly 850 ,0 0 0 acres w h ich w ere u n d e r
c u t lv a t io n .
In th e ov e r flo w e d t e m it o r y there w ill p o s s ib ly be so m e
h u n d red th ou sa n d p eo p le m ore o r less d e s titu te w h o w ill need assistance
in the w ay o f ration s o r a m ean s to earn a liv e lih o o d . T h e resou rces o f the
S ta te an d o f th e several levee districts in the S ta te h a v e been ta x e d to the
u tm o s t, and th e citiz en s o f L o u isian a and o f o th e r S ta te s h a ve resp on d ed
m os t g en erou sly in m aterial c o n tr ib u tio n s fo r th e re lie f w o rk .
It w ill be
n ecessary fo r th e G eneral A s s e m b ly to a p p ro p ria te a s u in d e n t sum o f
m o n e y to take ca re o f th e bills c o n tr a c te d , an d w h ich will b e c o n tr a c te d ,
in this w ork .
It is a b s o lu te ly im p ossible at this tim e t o g iv e a n y defin ite
figure as to w hat w ill be n e d e d . A s a fu rth er m eans lo o k in g to w a rd
th e relief an d a id o f th e p eop l ■ in th e H ooded areas I w ou ld suggest th a t
a fu n d b e p r o v id e d fo r the pu rch ase and d istrib u tio n o f seed, an d in this
w a y assist these p eop le to raise a c r o p o f so m e kin d this y ear a fte r th e
flood w aters h a v e reced ed .
T h e present flood situ a tio n ha3 arou sed a sen tim en t in this c o u n t r y
fo r n a tion a l aid an d c o n tr o l o f o u r levees an d w aterw ays such as there has
n ev er been b efore. T h e Injustice o f o u r h a v in g to tak e care o f the flo o d
w aters o f th irty -o n e S tates has ap p e a le d to the thinking p e o p le o f this
c o u n tr y , an d , in m y o p in io n , has g o n e v e r y far to w a rd s cry s ta llizin g a
s en tim en t for F ed era l aid an d c o n tr o l th a t I h o p e will u itim a e ly bring
a b o u t its realization an d c o n s u m m a tio n .
R e s p e ctfu lly ,
J . Y . S A N D E R S , Governor.

Massachusetts.— Savings Bank Investment Law Am ended.
— The Governor on May 11 signed Senate Bill N o. 467
amending the law regulating savings bank investments so
as to provide a wider field from which banks may select
State and municipal bonds. The new law will take effect
July 1. Under the present statute, banks are permitted to
invest in bonds of the New England States and the States of
New York, Pennsylvania, Ohio, Illinois, Indiana, Michigan,
Wisconsin, Minnesota, Missouri and Iowa and the District of
Columbia. The new law provides that after July 1 banks
may also invest in bonds issued by the States of California,
Delaware, Nebraska, New Jersey, Oregon and Washington.
As regards municipal issues, investments may now be made
in.fcbonds issued by cities of any of the New England States
or the States of Maryland, Kentucky, New York, Pennsyl­
vania, Ohio, Indiana, Illinois, Michigan, Wisconsin, Minne­
sota, Missouri and Iowa and the District of Columbia, having
a population of over 200,000 and a net debt of not exceeding
7 % of the assessed valuation. The law just enacted changes
the requirement as to population from “ over 200,000” to
“ over 100,000,” and adds to the list of permissible invest­
ments bonds issued by cities of the class mentioned in the
States of California, Delaware, Nebraska, New Jersey, OregonjandjjWashington. The bill in full is as follows:




[ V O L . L X X X X IV

A N A C T R E L A T IV E T O IN V E S T M E N T S B Y S A V IN G S B A N K S A N D
IN S T IT U T IO N S F O R S A V IN G S .

lie it enacted bit the Senate and House of Representatives in General Court
assembled, and bij the authority of the same, as follows:
S e c tio n 1. T h e s e co n d cla u se o f S ection 68 o f C h apter 590 o f th e A c t s
o f 1908 is h e re b y am e n d e d b y striking o u t all o f s u b d iv is io n (e) an d Insert­
in g in p la c e th e r e o f the fo llo w in g :
(e) In the leg a lly au th o riz e d bonds o f the S tates o f N ew Y o r k , P e n n sy l­
v a n ia , O h io, In d ia n a , Illin ois, M ichigan , W iscon sin , M in nesota, M issouri
an d Io w a , an d o f the D istrict o f C olu m bia, and in the le ga lly a u th orized
b o n d s fo r m u n icipa l pu rposes, and in th e re fu n d in g b on d s issued to take
u p at m a tu rity b on d s w h ich h a ve been issued fo r o th e r than m u n icip a l
p u rp o se s, b u t on w hich the interest has been fu lly p a id , o f a n y c it y o f the
a foresaid S tates w h ich has a t th e date o f such In vestm en t m ore th an 30 000
Inh ab itan ts, as establish ed b y the last n ation al o r S ta te census, o r c it y
census certified to b y the C ity Clerk or T reasurer o f said c it y an d tak en in
th e sam e m an n er as a n ation a l o r S tate census, p re ce d in g such in vestm en t
and w hose net in d ebted n ess d o e s n o t ex ce e d 5 % o f the v a lu a tio n o f the
ta x a b le p r o p e r ty therein , to be ascertain ed b y the last p re ce d in g v a lu a tio n
o f p r o p e r ty therein fo r the assessm ent o f ta x e s.
(/)
In the legally a u th orized b o n d s o f th e S tates o f C a liforn ia D ela ­
w are, N ebrask a, N ew Je rse y , O regon and W a s h in g to n , and in t h e ’ legally
a u th o rize d b o n d s fo r m u n icip a l purposes or in re fu n d in g b o n d s w hich have
been issued fo r o th e r than m u n icipa l pu rposes, b u t on w hich the interest
has been fu lly p aid, o f a n y c it y o f the S tates o f C a liforn ia, C o n n e cticu t,
D elaw are, Illin ois, In dian a, Io w a , K e n tu c k y , M assachusetts, M aine, M ary­
la n d , M ich igan , M innesota, M issouri, N ebraska, N ew H a m p sh ire , N ew
J ersey, N ew Y o r k , O h io, O regon , P en n sylva n ia , R h o d e Isla n d , V e r m o n t,
W a sh in g to n and W iscon sin , w hich has a t th e d a te o f such in v e s tm e n t m ore
than 100,000 Inhabitants, establish ed in the sam e m an n er as is p ro v id e d
in s u b d iv is io n (e) o f tills clause, an d w h ose net in d eb ted n ess d o c s n o t e x ­
ceed 7 % o f th e v a lu a tio n o f the ta xa b le p ro p e rtv th erein , establish ed an d
ascertain ed as p r o v id e d in su b d ivision (e) o f this cla u se.
(y) In su b d iv isio n s id), (e) and (/) o f this clause th e w ord s " n e t in d e b te d ­
ness” m ean the in d ebted n ess o f a c o u n ty , c it y , tow n o r d is tric t, o m ittin g
d e b ts created fo r s u p p ly in g the inh abitan ts w ith w ater and d e b ts cre a ted in
a n ticip a tio n o f ta xes t o be paid w ithin o n e y e a r, and d e d u ctin g the a m o u n t
o f sin kin g fu n d s av a ila b le fo r the p a y m e n t o f the in d eb ted n ess in clu d ed .
S e ctio n 2 . T h is A c t shall take effect u p o n th e first d a y o f J u lv in th e
y e a r 1912.

Legislature Adopts Constitutional Am endm ent Providing
fo r Direct Election o f U . S . Senators.— The proposed amend­

ment to the Federal Constitution providing forthe direct
election of U . S. Senators recently passed by Congress has
been ratified by the Legislature of the State of Massachusetts.
A resolution to this effect was passed in the House on Alay
17 and in the Senate on May 22., the vote in both branches
being unanimous.
Minnesota.— Special Session o f Legislature.— Governor
Eberhart has announced that he will convene the Legislature
in special session June 4 to consider the enactment of a
state-wide primary law.
Philippine Islands.— Lower House o f Congress Passes Bill
Restricting Sale o f Friar Lands. — On May 22 the House
of Representatives in Congress passed a bill forbidding the
sale of friar lands in the Phillippine Islands to corporations
in larger quantities than 2,500 acres and to individuals in
larger tracts than 40 acres. The measure is said to make
the status of these lands the same as that of the public
lands and allows the Philippine Legislature to change the
areas in special cases, provided it has the consent of the
President. The lands (comprising 400,000 acres of which
it is reported about 150,000 remains) were bought from
religious orders and it had been held that they were not
subject to the restrictions of the land laws.
United States.— Committee Reports on Lorim er Election
Presented to Senate .— The committee which has been con­
ducting the second investigation of the charges of bribery
in connection with the election of William Lorimer, Repub­
lican Senator from Illinois, presented two reports to the
U . S. Senate on May 20. The majority report, which is
signed by Senators Dillingham of Vermont, Chairman;
Gamble of South Dakota, Jones of Washington, Republi­
cans; and Johnson of Alabama, and Fletcher of Florida,
Democrats, exonerates Mr. Lorimer, while the minority
report signed by Senators Lea of Tennessee, Kern of Indiana,
Democrats; and Kenyon of Iowa, Republican, declares that
corrupt methods and practices were employed in his election.
The majority report says in part:
“ T h ere is a b s o lu te ly n o ev id e n ce in all the te s tim o n y su b m itte d in tim a tin g,
suggesting o r ch argin g th at W illia m L orim er w as p e rso n a lly g u ilty o f a n y
co r ru p t p ra ctices to secu re his e lection o r th a t he h ad a n y k n ow led ge o f
a n y such c o rru p t p ra ctices o r th a t he a u th orized a n y o n e to e m p lo y c o rru p t
pra ctice s in his e le ctio n .
" W e are c o n v in c e d th at n o v o t e w as se cu re d fo r 1dm b y b rib e ry ; th a t
w h atever m o n e y W h ite , B e ck e n m e y e r, L ink, H o ltsla w o r a n y o th e r person
re ce iv e d w as n o t paid to him o r them b y a n y o n e o n M r. L o r lm e r ’s b eh a lf
o r In co n s id e ra tio n o f o r t o secure such v o te o r v o te s fo r him ; th at neith er
E d w ard H ines n o r a n y o n e else raised o r co n tr ib u te d to a fund to be used
to secure his e le ctio n ; th at his ele ctio n w as the lo g ic a l result o f existin g p o liti­
cal c o n d itio n s in the S tate o f Illinois and w as free from a n y c o rru p t pra ctice
and th erefore w e m u st find, and w e d o find, th a t W ilia m L orlm er’s e le ction
w as n o t b ro u g h t a b o u t o r in fluenced b y c o r ru p t m e th o d s an d p r a c tic e s .” **
“ O ne o f the ch ie f desires o f M r. L orim er was th a t G o v . D eneen sh ou ld
be ele cte d U n ited S tates S en a tor, and it w as n o t u n til D eneen p o s itiv ely
de clin e d , fo r reasons clea rly a p p e a rin g in this re co rd , t o b e co m e a ca n d id a te,
and until th e d e a d lo ck had e x te n d e d o v e r a p eriod o f p r a c tic a lly fo u r m on th s,
and n o t until three m em bers o f G o v . D en een ’s m ilita ry sta ll, personal
and p o litica l friends o f his, had urged an d im p o rtu n e d him to p e rm it tils
n am e to be used in c o n n e c tio n w ith th e se n a to rsliip , an d G o v . D eneen
likew ise person a lly had urged him , that M r. L o rim e r seriou sly con sid ered
th e p r o p o s it io n .”

The minority report says:
‘ ‘ B elievin g th at the co n fe ssio n s o f m em bers o f the L egislature, stre n g th ­
ened b y co r ro b o ra tin g circu m sta n ce s an d b y o th e r ev id e n ce rela tin g to
m em bers o f th e L egislature w h o d id n o t co n fe s s, established c o n c lu s iv e ly
n o t o n ly th a t n o t at least ten v o te s w ere pu rch ased fo r the p u rp o se o f
e le ctin g W illia m L o rim e r to the Senate bu t th at the re co rd reeks and
teem s w ith e v id e n ce o f a general schem e o f co r ru p tio n , w e iia v e n o hesi­
ta n c y In sta tin g th at th e in vestiga tion establishes b e y o n d c o n tr a d ictio n
th a t the ele ctio n o f W id ia m L orim er w as o b ta in e d b y c o r ru p t
m eans,
w as th erefore invalid and w e all s u b m it the fo llo w in g resolu tion :
Resolved, T h a t c o r ru p t m e th o d s and p ra ctice s were e m p lo y e d In the
e le ctio n o f W illiam L orim er to the Sen a te o f the U n ited S tates fro m the
S ta te o f Illinois an d th a t his ele ctio n was th e re fo re In v a lid .”

Bond Calls and Redemptions.
De Soto, Jefferson'County, M o.— Bond Call.— Water­
works 4 % bonds Nos. 78, 80, 8 1 ,8 2 , 83 and 89 for 8500 each,
datcdjMay 20J1904, were calledjfor payment May 20 1912.

May 25 1912.

THE CHRONICLE

Frankfort-on-Main.— Bonds Drawn fo r P a ym en t .— On April
24 certain bonds of Series I of the 3 3dj% Loan of 1901 were
drawn for payment Sept. 1 1912 at the City Treasury in
Frankfort-on-Main or at the office of Speyer & Co. in New
York City. The numbers of the bonds called are given in
an advertisement on a preceding page.
Scotland County (P. 0 . Memphis), Mo.— Bond Call .— Call
has been made for payment June 1 of court-house 4 % bonds
Nos. 81 to 100 incl. for $500 each dated June 1 1907 and
funding 4J ^ % bonds Nos. 158 to 179 incl. for $1,000 each
dated May 24 1897.
Scotland County Drainage District No. 1, Mo.— Bond Call.
— Bonds Nos. 1 to 10 incl. for $500 each, bearing 6 % int.
and dated May 1 1910, were called for payment May 1 1912.

Tacoma, Wash.— Bond Call .— The following bonds are
called for payment.
Int. Ceases.
N o. of Bonds.
District.
Local Improvement District No. 384____ 59 to 70 Inclusive May 10 1912
Local Improvement District N o. 201___ 343 to 384 Inclusive May 101912
Local Improvement District No. 725____ 10 to 28 Inclusive iMay 18 1912

Bond Proposals and Negotiations this week
»ave been as follows:
ABI NOTON TOWNSHIP (P. O. Abington). Montgomery County. Pa.—

Bond Sale.— On May 10 the $104,000 4% gold cou p, road tax-free bonds
(V. 94, p. 1204) were awarded to Newburger, Henderson & Locb of Phlla.
for 5104,251 50 (100.153) and Int. No other bids were received.
• AKRON. Summit County, Ohio.— Bonds Voted.— The election held May
21 resulted In favor o f the proposition to issue the $ l,2 2 o ,000 water bonds
(V . 94, p. 1202). The vote was 5,474 to 530.

AI AMEDA COUNTY' UNION HIGH SCHOOL DISTRICT NO. 3. Cal.—

Bond Sale —-On May 13 the $80,000 5% gold bonds (V. 94, p. 1337) were
awarded to N . W . Ilalscy & Co. of San. Francisco for $85,404 (106.75)
and hit. Other bids follow:
State Hoard of C ontrol_____*$85,544 [J. II. Adams & Co., San Fr.*$81,201
Vulcan Fire Ins. C o., Oakl’d 84,500] W oodm en of the W orld, Den. 84,175
E . H . Rollins & Sons, S. F . *84,264 I Goodwin, Garby & Holton,
’ __
I In c., San F rancisco_____ *83,151
•We arc advised that these bids were conditional.
Denom. $1,000. Date June 1 1912. Int. J . & D . Due $2,000 yrly.
June 1 1918 to 1927 incl. and $3,000 yrly. June 1 1928 to 1947 Incl.
ALEXANDRIA, Douglas C ounty, Minn.— Bond Offering.— Dispatches
state that proposals will be received until 7:30 p. m . June 10 by C. J. Sunblad, City Cleric, for the $30,000 5% 5-19-year (serial) bonds (V . 94, p.
863) voted on March 12. Int. (at not exceeding 5 % ) semi-annual. Ccrtlfled check for $250 required.
•

ALFALPA COUNTY (P. O. Cherokee), Okla — Bonds D efeated— The
election held May 14 resulted in the defeat of the proposition to Issue the
$100,000 court-house bonds (V . 94, p. 1202). The vote was 434 “ for” to
2,077 “ against.”
ANNAPOLIS, Md.— Bond Sale.— On May 20 the $100,000 A'A% 30-yr.
water-loan bonds (V. 94, p. 1131) were awarded to Kean, Taylor & Co.
o f N. Y . at 103.01 and Int.— a basis of about 4 .3 2 % .
Bonds Not Sold.— No award was made o f the $16,000 4 % strcet-lm pt.
bonds offered at the same time (May 20).
ARLINGTON SCHOOL DISTRICTSfP.^OA Arlington)/vRcno County,

Kans -Bonds Voted.— By a vote of 152 to 88 a proposition providing for the
Issuance o f $12,500 bonds carried, it Is stated, at a recent election.
ASBURY PARK, N. .1.— Bond Offering.— Proposals will be received
until 8 p. m . June 3 by W . C. Burroughs, City Clerk, for $75,000 4 'A%
cou p, (with privilege of registration) sewer bonds. D enom . $1,000. Date
July 1 1912. Int. J. & J. at oiricc of City Treasurer. Due July 1 1947.
Bonds are tax-free. No deposit required.
•AUGLAIZE^COUNTY (P. O. Wapakonetai, Ohio.— Bond Offering.—
Proposals will be received until 12 m . June 1 for $10,000 6% Muddy Creek
Ditch Im pt. No. 327 bonds. A uth. Section 6480, General Code. Denom.
$1,000. Date June 1 1912. Int. semi-ann. Due $5,000 Jan. 1 and
July 1 1913. Cert, check for 2% of bonds bid for, payable to the County
Treasurer, required. Bonds to be delivered within live days from award.
Purchaser to pay accrued^lntercst.
BABYLON, Suffolk County. N. Y.— Bonds Not Sold.— N o award was
made on May 14 of the $20,000 1-10-year (scr.) road-lm pt. bonds (V.
94, p. 1073).
BASTROP COUNTY (P. O. Bastrop), Texas.— Bonds Voted.— The elec­
tion held May 14 In Bastrop Justice Precinct resulted in favor of the issu­
ance of $80,000 5% good road bonds. V ote 270 to 2.

BEACH CITY SPECIAL SCHOOL DISTRICT (P. O. Beach City) Stark
County, Ohio.— Bond Offering.— Proposals will be received until 7:30

p. m. May 27 by YV. A . Justice, Clerk, for $9,500 5% cou p. bldg, tax-free
bonds. Denom. $500. Date June 1 1912. Int. payable in Beach City.
Due $500 yrly. Cert, check for $100 payable to the Trcas. Bd. E d. re­
quired. A like amount of bonds was sold April 1. V . 94, p. 997.
BELGRADE, Gallatin County, Mont.— Bond Sale.— On April 15 the
$11 500 6% 10-20-yr. (opt.i gold coup, town hall bonds (V. 94, n. 997)
were awarded to the Union Trust & Sav. Bank of Spokane at 102. & int.

BENSON INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O. Benson)

M i„n __Bonds Voted. Propositions to Issue $8,000 hlgh-school -addition
and $30,000 bldg. 4 % bonds carried at an election held May 21, the $8,000
Issue by’ a vote of 164 to 64 and the other b y a vote of 216 to 23.
BIG CREEK SCHOOL DISTRICT, McDowell County. W. Va.— Bonds
Voted.— High school building bonds amounting to $20,000 were, It Is
stated, authorized at a recent election b y a vote of 477 to 221.
•
BIRDSBORO. Berks County, Pa.— Bonds Voted.— The election held
May 14 resulted In favor of the proposition to Issue the $7,000 AH% taxfree school bonds (V . 94, p. 1203). The vote was 445 to 194. D enom .$500.
BLAINE COUNTY (P. O. Hailey), Idaho.— Bond S a le — On May 14
$35,000 5% 1 4 A -y r. (av.) refunding bonds were awarded to E. II. Hollins
& Sons of Denver at 100.88 Int. and blank bonds.
BOISE CITY. Ada County, Idaho.— Bond Sale.— On May 17 the $90,­
000 5% 10-20-yr (opt.) gold cou p, refund, bonds (V . 94, p. 1338) were
awarded, reports state, to the Boise National Bank at 102.15 blankbonds
and Interest.
Other bids follow:
W m A . Head & C o., Chic______ $92,034 and Int.
W ell Roth & Co., C h ic ______. . .
91,813 int. and blank bonds.
Emery, Peck & Rockw ood, Chic.
91,386 Int. and blank bonds.
Harris Trust & Sav. Bk., C h ic ..
90,977 Int. and blank bonds.
W m . E . Sweet & Co., D en ver..
90,000 Int. blank bonds and costs o f suit.
BONITA SCHOOL DISTRICT, Stanislaus County. Cal.— Bond Sale.—
Reports state that J. H . Adams & Co. o f I.os Angeles have been awarded
the $35,000 5% bonds offered on May 14 (V . 94, p. 1203) for 35,748.50—
making the price 102.241.
BOYVDLE, Edmunds County, So. Dak.— Bond Offering.— Proposals will
be received until 2 p. m. June 8 by II. C. Gross, City Auditor, for $15,000
water-works and $7,500 clectrlc-llght 5% bonds. Denom. (15) $1,000
and (15) $500. Date July 1 1912. Int. ann. in July In Ilowdle. Due
one-third o f each Issue In 5, 10 and 15 yrs. Cert, check for 3% of bid, payable’ to the City Treasurer, is required.
BROOKVILLE SCHOOL DISTRICT (P. 0 . Brook v illc), Franklin County
Ind.— Bond Offering.— Proposals will be received b y F. J. Gels, F . X
Slebcrt or E. W . Showalter, Trustees Bd. o f E d ., for the $29,000 5%
2-10-yr. bonds (V. 04, p. 366). Denom. $500. Date June 15 1912. Int.
semi-annually.




1461

BUFFALO, N. Y .— Bond Sale.— On May 21 the ten Issues o f 4 K % reg.
tax-free bonds, aggregating $1,588,708 33 (V. 94, p. 1398) were awarded
to Parki.ison & Burr o f N. Y . at 101.7788. Other bids follow:
Marine Nat. Bank, B u ffa lo .. 101.453 R . L. Day & C o., N. Y ......... .101.03
W atson & Pressprlch, N . Y . .101.436 Columbia Nat. Bank, B u ffalo. 100.36
N. W . Halsey & Co. and 1101.184 Central Nat. Bank, B u ffa lo .. 100.25
Farson, Son & C o., N. Y _____ 100.00
Harris, Forbes & C o., N. Y.J
Blake Bros. & C o.. N. Y ____101.23
Bank o f Buffalo (for $100,000 o f $500,000 water b on d s)----------------- 100.08
Marine N at. Bank (for $50,000 underground wire and $50,000 hos­
pital Issues)________________________________________________________101.50
Elizabeth Eagan, Buffalo /F o r $50,000 sewer bonds............................. 102.00
\For $50,000 hospital bonds---------------------101.50
Bank o f Corfu, Corfu (for $5,000 water bond s)....... .................................. 100.00
C A M B R ID G E , Dorchester C ounty, M d.-—Bond Offering.— Proposals
will be received until 8 p .m . May 31 b y W . E . Hearn, Clerk and T reas., for
$20,000 5% cou p , bonds. Denom . $500. In t. annual. Due $500 each
six m onths on Jan. 1 and July 1 after 1916.
C AR LSBA D COMMON SCHOOL DISTRICT NO. 5 (P . O. Carlsbad).
Tom Green C ounty, T e x .— Bonds Voted.— A ccording to reports,this dis­
trict at a recent election authorized the Issuance of $7,000 bonds.
CASS COUNTY (P. O. L ogan sp ort), Ind.— Bonds Authorized.— Local
papers state that the County Council at Its special session on May 14 au­
thorized the Issuance o f $40,000 bridge bonds.
CHAM BERS COUNTY (P . O. A nahuac), T e x .— Bonds Registered.— The
State Comptroller registered on April 30 the following 5% bonds: $5,000
12-40-yr. (opt.) bonds of R oad Dlst. N o. 2 and $9,000 10-40-yr. (opt.)
bonds of R oad Dlst. N o. 4.
CHAMPLAIN, Clinton County, N. Y. — Bond Sale.— On May 15 the
$5,000 reg. sidewalk bonds (V . 94, p . 1338) were awarded to Isaac W . Sher­
rill of Poughkeepsie at 100.10 for 4.60s. Other bids follow :
A dam s & C o., New Y o rk ____$5,012 00 for 4.70s.
Douglas Fenwick & C o .,N .Y . 5,011 00 and blank bonds for 4.70s.
Curtis & Sanger, New Y o r k .. 5,009 25 and interest for 4.75s.
John J. H art, A lb a n y______ 5,007 25 for 4.80s.
S. A . Kean & C o., C h ica g o .. 5,225 00 and blank bonds for 5s.

CHARLEVOIX COUNTY (P. G. Charlevoix), Mich.—Bond Election.—

Reports state that on June 3 the taxpayers will vote upon the proposi­
tion to issue the $350,000 road-const, bonds (V. 94, p. 1264.)
CHARLOTTE, Mecklenburg C ounty. No. Caro.— Bonds Authorized.—
T he sale of an Issue of $50,000 4 H % 30-year water-works-ex tension bonds
was, It is stated, ordered by the Board of Aldermen on May 13.
CHESTER, Delaware County, Pa.— Bond Offering.— Proposals will be
received until May 28 for $80,000 4 M % tax-free school-bldg, and site-pur­
chase bonds. Denom. $500 and $1,000. Date June 1 1912 or May 10 1912.
Int. semi-ann. Bonds m ay be registered. Due $20,000 hi 20 years and
$30,000 In 25 and 30 years. Official circular states that there has never
been a default In paym ent of principal or Interest on any o f the city debt.
T . E dw . Clyde Is Chairman o f Finance Coinmltee.
CHICAGO JUNCTION, Ohio.— Bonds Voted.— An election held May 21
(V . 94, p. 1398) resulted In a vote of 325 “ fo r" to 94 "again st” the question
of Issuing $20,000 public-building bonds.
CHICOPEE, Hampden C ounty, Alass.— Bond Sale.— Blake Bros & Co.
o f Boston have, according to reports, been awarded the $91,000 4 % coup,
electrlc-llght plant-reconstruction-loan bonds offered on May 23 (V. 94, p.
1398) at 103.21. Due on N ov. 1 as follows: $2,000 from 1912 to 1922
incl., $3,000 1923 and 1924, $4,000 in 1925 and 1926, $6,000 from 1927
to 1935 Incl.; $1,000 in 1936.
C INCIN NATI, O hio.— Bonds Authorized.— Ordinances have been passed
providing for the issuance of the follow ing 4 % bonds:
$10,000 viaduct, bridge and culvert-im pt. bonds. D enom . $500. Date
May 15 1912. Due May 15 1913.
2,100 Southside A ve. scwer-constr. (city’s portion) bonds. Denom . $500.
Date May 1 1912. Due May 1 1932.
2,500 Monteith Place im pt. bonds. Denom. $500. Date May 1 1912.
Due May 1 1932.
500 Observatory Place sewering bond. D enom . $500. Date May 1
1912. Due May 1 1032.
100,000 pollce-dept. Impt. bonds. D enom . $500. Date July 1 1912.
Due July 1 1932.
C L A R K E COUNTY (P. O. Quitm an), M iss.— Bond Election.— The Board
of County Supervisors has authorized the holding of an election to vote on a
proposition to Issue $75,000 court-house and Jail bonds.
CLARKSTON SCHOOL DISTRICT (P. O. Clarkston), Asotin County,
W ash .— Bond Election.— To-day (May 25) this district will submit to the
voters a proposition to Issue $16,000 building bonds.
C O L LE G E VIE W , Lancaster C ounty, Neb.— Bonds Voted.— The election
held May 14 resulted, it Is stated, In favor of the proposition to issue
$25,000 water-works system bonds. V ote 243 to 70.
CORPUS CH RISTI INDEPENDENT SCHOOL DISTRICT (P . 0 . Corpus
Christi), Nueces C ounty. T e x .— Bond Election.— An election will be held
June 11 to vote on the question of Issuing $36,000 5% 40-yr. school bonds.
COVENTRY TOW N SH IP. Summit C ounty, Ohio.— Bond Sale.— On May
20 the $10,000 4 A % 1-10-yr. (ser.) coup, highway-im pt. assess, bonds
(V. 94, p. 1203) were awarded to Otis & Hough o f Cleveland at 101.50—
a basis of about 1.14% . Other bids follow:
Davles-Bertram C o., Clncln. 101.46 Hayden, Miller & C o., C leve. 101.06
Stacy & Braun, T o le d o_____101.377 New First Nat. Bank, C ol___101.04
C. E. Denison & C o., C leve_. 101.276 Security Savings Bank & Tr.
Seasongood & Mayer, C in e ..1 0 1 .19
Co., T o le d o _______________101.01"
First Nat. Bank. Cleveland.101.1375| Well, R oth & C o ., Clneln____100.30
COVINGTON, Miami County. Ohio.— Bond Sale.— On May 16 the $3,000
5% 6-11-yr. (ser.) cou p, armory-site bonds (V . 94, p. 1339) were awarded
to the Stillwater Valley Bank Co. In Covington at 103.35— a basis of about
4 .5 2 2 % . Other bids follow:
P rov.S av.B k.& T r.C o., Cln.$3,159 9 0 1New First Nat. B k., C o l . .$3,003 00
S tacy <5: Braun, T oled o___3,111 75|Citlzens’ N at. B k., C ov’ ton 3,036 00
Conditional bids were not considered.
C R A W F O R D COUNTY ROAD DISTRICT NO. 1, Ohio.— Bond Sale.—
On May 20 the $18,000 5% coup, tax-free bonds due Sept. 1 1926 (V. 94,
p. 1265), were awarded. It Is stated, to Stacy & Braun of Toledo at 108.57.
CROOK COUNTY SCHOOL DISTRICT NO. 11, W y o .— Bond S a le — On
May 11 the $25,000 6% 10-25-yr. (opt.) cou p. bldg, bonds (V . 94, p. 1203)
were awarded to the State o f W yom ing at 103 and int. Other bids follow:
Ulen & C o., C hicago________ $25,517 Union Trust & Sav. B ank___$25,305
C. I I . Coffin, C hicago_______ 25,501 E . H . Rollins & Sons, D en v. 25,297
Iloehler & Cummings, T o l_ . 25.452 First N at. Bank, B arnsville. 25,101
S ec.S av.B k.& T r.C o., T oledo. 25,452 Chas. YV. B urdick___________ 25,100
W m . E. Sweet & C o., Denver 25,365 S. A . Kean & C o., C h ica g o .. 24,000
Bids were also received from Oswald F . Benwell and James N . W right
& Co. of Denver.
CROOKSTON INDEPENDENT SCHOOL DISTRICT NO. 1, Polk
C ounty, Minn.— Bonds Offered bg Bankers.— The Harris Trust & Sav
Bank of Chic. Is offering to investors $75,000 4 A % 15-yr. bonds. Denom.
51,000. Date June 1 1912. Int. ann. In June at the Harris Trust & Sav.
Bank of Chic.
CRYSTAL SPRINGS, Copiah County, M iss.— Bond Sale.— On May 15
the $10,000 5% 20-ycar coupon tax-exem pt Impt. bonds (V. 94, p. 1339)
were awarded to the Capital Nat. Bank in Jackson at 100.10 and Int.
Other bids follow:
InterstateB k.& T r.C o.,N .O rl.$10,000IS. A . Kean & Co., C hic............$9,900
C. II. Coffin, Chicago----------9,900) John Nuveen & C o., C h ica g o .. 9,865
Bids for 5 'A % bonds were received as follows:
Security Savings Bank & Trust C o., T oledo._$10,150 and Interest
Bolger, Mosser & Wlllaman, Chicago----------- $10,000, int. and blank bonds
CUSTER COUNTY (P. 0 . Miles C ity ), M o n t — Bond Sale.— 'The $170,000
5%, 20-yr. bridge bonds offered on May 6 (V . 94, p . 930) were awarded.
It Is stated, to the Minnesota Trust Co. of Minneapolis at 103.235.
CUYAHOGA COUNTY (P. O. Cleveland). Ohio.— Bond Sale.— The only
bid received on May 22 for the $10,300 4 % cou p. Fisher Road N o. 2 Impt.
bonds (V. 94, p. 1265) was one o f par subm itted by Otis & Hough o f Cleve.
C U YU N A, Crow W ing C ounty, Minn.— Bond Sale.—-The $15,000 water­
works and $10,000 sewer 6% bonds offered on April 30 (V. 94, p. 1132)
were awarded, It Is stated, to the Minneapolis Trust C o.. Due: W ater bonds,
$5,000 in 5, 10 and 15 years; sewer bonds, $5,000 in 12 and 17 years.
■■
DAYTON, Ohio.— Bonds Authorized.— An ordinance has been passed
providing for the Issuance o f $34,000 5% Butkhardt A v e . paving bonds.

14(52

THE CHRONICLE

[ VOL. L X X X X I V .

D enom . §1,000. Date June 1 1912. Int. seml-ann. Due $1,000 June 1
IOW A C ITY SCHOOL DISTRICT (P. O. Iowa C ity). I o w a — Bond Sale.
1913 and $3,000 yearly June 1 1914 to 1924, Inclusive.
— On May 20 $38,000 4 M % bonds were awarded to the Investors’ Securities
Bond Sale.— On May 20 the following bids were received for the three Is­ Co. of Des Moines for $38,109 making the price 100.286. Denom. §1,000.
sues o f cou p, bonds, aggregating $397,200 (V. 94, p. 1398).
Date July 1 1912. Int. J. & J, Due $2,000 yearly.
F or $385,000 issue.
F or $9,000 issue.
JESUP, W ayne C ounty, Ga.— Bonds Voted.—-On May 18 the voters,
Dayton Sav. Bank & T r.)
City National Bank, D ayton . *$9,011
according
to reports, authorized the Issuance o f $35,000 electric-light and
C o., D a y ton _____________ )*386,350 D ayton Savings Bank &
water-works bonds.
Breed & Harrison, Cin____ J
Trust Co., D ayton ............... 9,010
S tacy & Braun, T o le d o ____ 386,333
F or $3,200 issue.
JU N IA TA SCHOOL DISTRICT (P. O. Juniata), Blair C ounty, Pa.—
Seasongood & Mayer, C ln .. 386,069 Cltizens’ Nat. B ank,W ooster*3,222.80 Bond Sale.— On May 20 the $30,000 5% 20-30-yr. (opt.) school bonds
(V. 94, p. 1339) W'ere awarded to A . B. Leach & Co. o f N. Y . at 104.07.
P rov. S av.B k.& T r.C o., C ln. 386,097 City National Bank, Day­
Other
bids follow:
Fifth-Third Nat. Bank. C ln. 385,731
ton . ...................................... 3,222.40
Otis & Hough, Cleve------------- $31,20510. H. Venner & C o., N. Y .$31,159.20
* These bids. It is said, were successful.
E d. V . Kane & C o., P h i l a ... 31,161] H. F. Taylor & C o., N .Y . 31,158.60
DONIPHAN COUNTY (P. O. T roy ), K an.— Bond Offering.— Proposals
Denom. $500. Date May 19 1912. Int. M. & S.
will be received until 12 m . May 27 by Margaret Schtezbaum , County
K N O X V IL L E , Tenn.— Bonds Authorized.— Ordinances have been passed
Clerk, for $450,000 refunding bonds. Denom. $1,000. Date July 1 1912.
Due $15,000 from 1913 to 1917 incl.: $20,000 from 1918 to 1922 incl.; it is stated, providing for the Issuance o f $15,000 Jackson A ve.-ex t. and
$25,000 from 1923 to 1927 Incl.; and $30,000 from 1928 to 1932 incl. Cert, $125,000 Third Creek sewer bonds.
M A C K IN A W , Tazewell C ounty, III.— Bonds Proposed.— This village,
cheek for 1% of bid, payable to the Clerk, Is required.
DOUGLAS COUNTY NO. 1 AND TODD COUNTY NO. 2 INDEPEN­ it Is stated, Intends Issuing $3,500 town-hall bonds.
MACOMB COUNTY (P. O. Mt. Clemens), M ich.— Bond Offering.— Pro­
DENT JOINT SCHOOL DISTRICT (P. O. Osakis), Minn.— Bond Sale.—
On May 17 $8,000 bonds were awarded as 4 )4s to C. B. Enkcma & Co. of posals will be received until 2 p. m. June 17 by W . F. Kracht, County Clerk,
Minneapolis for $8,005 (100.062) and int, less $25 for blank bonds. Other for $20,000 5% coupon jail bonds. Denom. $1,000. Date July 1 1912.
bids
follow:
Int. seml-ann. at the First Nat. Bank of Detroit. Due $ 5,000.yearly
Kane & C o., Minneapolis____________ $8,010 and blank bonds.
Junc 30 1913 to 1916, incl. Cert, check for 5% of bonds bid for is required.
C. H. Coffin, Chicago________________ 8,000 less $83.
No other debt. Assessed valuation In 1911, $27,339,945.
S. A . Kean & Co., Chicago__________ 8,000 less $160.
M A R IC O PA , Kern C ounty, Cal.— Bond Sale.— On May 13 the $16,000
Security Sav. Bank & Tr. C o..T oled o. 8 , 127.50, int. and blank bonds for 6s 0% sewer-system -constr. bonds (V . 94, p. 1266) were awarded to Goodwin,
Botger, Mosser & Willamen, C h ica g o.. 8,000, Int. and blank bonds.
Garby & H olton, In c., of San Francisco at 104.825. Other bids follow :
Schanke & Co______________ _________ 8,025, int. and blank bon s.
Duke M. Farson, Chicago____________ $16,025 and blank bonds.
Union Investm ent Co., M inneapolis.- 8,000 and int. for 4M s, less $35 for
Bank of M a ricop a ._______ ___________
3,060 for $3,000 of issue.
blank bonds.
Date July 1 1912. Int. Jan. and July.
Welts & Dickey C o., Minneapolis___8,175, int. & blank bonds for 5s.
M ARIETTA SCHOOL DISTRICT (P. O. Marietta), Cobb County, (in .—
Geo. Iting, St. Paul_______ _________ 8,170, Int. and blank bonds for 5s.
Denom. $1,000. Date May 1 1912. Due $2,000 yearly July 1 1917 to Bonds Voted.— The election held May 15 resulted In favor of the proposition
to Issue the $20,000 5% 30-year building bonds (V . 94, p. 866). The vote
1920.
was 303 to 8. We are advised that these bonds will bo offered for sale
DOW C ITY, Crawford C ounty, Iow a.— B ondE lection.— A $5,000 electlon- about June 20.
light-and-power-plant bond proposition will be voted upon, It Is stated,
MARION COUNTY (P. 0 . Indianapolis), Ind. — Bond Sale.— An Issue
at an election to be held June 4.
o f $14,000 4 )4 % Kennedy, et. a l., gravel-road bonds was awarded on May
EASTHAMPTON, Hampshire C ounty, M ass.— Temporary L oan.— The 20, It is stated, to the Citizens National Bank of Indianapolis for $14,­
National Shawmut Bank of Boston has been awarded, according to reports, 063.36 or 100.452.
a loan of $25,000, maturing A ug. 14 1912, at 3.2 5 % discount.
MARLINGTON, Pocahontas County, W . Va.— Bond Sale.—-On May 20
EDGEW ATER SCHOOL DISTRICT (P. O. E dgew ater), Bergen C ounty,
the $7,500 6% coup. lm pt. bonds (V. 94, p. 1340) were awarded to Hoehler
N. J .— Bond Sale.— The $150,000 5% coup, site and building tax-free
& Cummings of T oledo for $7,727.50, making the price 103.03. Other
bonds offered on April 29 (V. 94, p. 1204) were awarded to Harris, Forbes
bids follow:
& Co. of New York at 105.323 and Int. Due $6,000 yearly from 1918 to S. A . Kean & C o., Chic____ $7,696.50 First Nat. Bank, Cleve___ $7,519.85
1942 Inclusive.
Seasongood & Mayer, C in. 7,672 50New First Nat. B k., C ol. 7,515 00
E LLIS COUNTY (P. O. W axahachie), T e x .— Bonds Voted.— A t the Mayer, Deppe & W alter, Cln 7,590 00 Bolger, Mosser & Wlllaman, Chic______________ 7,500 00
election held In Palmer R oad District May 11 (V . 94. p. 1075), the pro­ W ell, R oth & Co., Cin____ 7,575 00
7.500 00
position to Issue $75,000 bonds carried, It is stated, b y a vote of 167 to 74, C. H . Coffin, Chic................ 7,538 00 Spitzer. Rorick & C o .. Tnl
MEMPHIS, Tenn.— Bond Offering.— Proposals will oc received until
EL MODENA SCHOOL DISTRICT (P. O. El M odena), Orange County,
Cal.— Bond Election.— On May 31 a proposition to issue $25,000 building, June 18, according to local papers, for the $275,000 4 )4 % 35-year Tri-State
bonds will, according to reports, be voted upon.
Fair bonds (V. 94, p. 1000).
ELMORE COUNTY (P. O. W ctum pka), A la.— Bond Sale.— 'The First
M IDD LE POR T, Niagara C ounty, N. Y .— Bond Offering.— Proposals will
N at. Bank of W ctum pka was. It Is stated, awarded the $50,000 5% 40-yr. be received until 2 p. m. May 28 for the following bonds: $57,000 sewer
gold cou p , tax-freee road-const, bonds otlered on May 8 (V. 94, n. 1204),
bonds. Due $1,000 yrly. from 1 to 7 years: $2,000 from 8 to 17 yrs. and
$3,000 from 18 to 27 years.
a t jl 0 3 .50.
•
$48,000 water bonds. Due $1,000 for 8 yrs. and $2,000 yrly. thereafter.
• ESSEX FELLS SCHOOL DISTRICT (P. O. Essex Fells), Essex County,
Date June 1 1912. Int. seml-ann., rate to be named In bid. C. A . Mc­
N. J. —Bonds Voted.— An election held May 21 resulted in favor of the
proposition to Issue $36,000 30-yr. bldg, bonds. The vote was 50 to 38. Donald Is Village Clerk. • •
MILTON SCHOOL DISTRICT, Ore.— Bond Election.— It Is reported that
FAIRMONT UNION INDEPENDENT SCHOOL DISTRICT (P . O.
Fairm ont), W . Ya.— Bonds Voted.— B y a vote of 156 to 14 an Issue of an election will be held May 29 to vote on the question of Issuing $17,400 bds.
M IL W A U K E E .^ W is.— Bond Sale.— On May 14 the $300,000 iw ater,
$15,000 bonds was, It Is stated, authorized on M ay 11.
$15,000 park, $10,000 hospital and $40,000 flre-dept. 4 )4 % 1-20-yr.
FRAM INGHAM (P. O. South Fram ingham ), Norfolk C ounty, M ass.—
(ser.) coup, tax-exem pt bonds were awarded to W m . A . Read & Co. of
Bond Offering.— Proposals will be received, according to reports, until
Chic, and the Wis. Trust Co. o f Milw’c at their Joint bid o f 102.70 a n d ln t.
3 p. m. May 28 for $35,000 4 % coup, water bonds. Date June 1 1912.
Due $2,000 yearly on June 1 from 1913 to 1929 Incl. and $1,000 June 1 1930. S3MOBILE A la.— Bond Offering.— ProposalsSwlU be received until 12 m .
June
10 by the Board of Commissioners, for $60,000 5% coup, (with
FR AN K L IN COUNTY (P . O. C olum bus), Ohio.— Bond Sale.— On May
prlv. o f reg.) sewer-ext. bonds. Denom. $1,000. Date July 1 1912. Int.
22 the three issues of 4 )4 % cou p, road-lm pt. bonds aggregating $82,500
J. & J. In N. Y. Due July 1 1942. Cert, check for 2% of bid Is required.
(V . 94, p. 1265) were awarded to the New First N at. Bank of Col. for
Bonds are exem pt from State and City taxes.
•
$84,190. i(
A M O U N T VERNON, W estchcsterICounty, N. Y — Bond Sale.— On May 21
FREMONT SCHOOL DISTRICT (P. O. Frem ont), Dodge C ounty. Neb.—
Bonds Voted.— Reports state that this district at a special election May 14 the two issues of cou p, bonds aggregating $305,000 (V . 94, p. 1340) were
awarded to Estabrook & Co. of N . Y . as 4 ) f s . The bids follow :
voted to Issue $125,000 bonds.
$200,000
$105,000
GERMAN TOW N SH IP SPECIAL SCHOOL DISTRICT NO. 9, Darke
F or 4 14s—
Issue.
Issue.
C ounty, Ohio.— Bond Sale.— On May 18 the $4,000 5% coupon bonds
Estabrook & C o., New Y o rk ......... _ .......... .......... $202,134 00
$105,762 30
(V. 91, p. 1339) were awarded to the Farmers’ Nat. Bank at 100.25 and Int.
W . N. Coler & C o., New Y o r k __________
202,080 60
105,588 00
Clark, Dodge & C o., New Y o rk _______ _______- 201,450 00
105,550 00
GOGEBIC COUNTY (P. O. Bessemer), M ich.— Bond Sale.— On MayJ20
E . II. Rollins & Sons, New Y ork _____________ 200,564 00
___________
the $150,000 4 )4 % 3-12-yr. (ser.) cou p, road bonds (V . 94, p. 1339) were
First National Bank, Mount V ernon......... ........ 200,142 60
___________
awarded to the Detroit Trust Co. of Detroit for $152,750 (101.83) and
Harris, Forbes & C o., New Y ork _____________ _________ 307,412 55-------------int., a basis of about 4 .2 1 3 % . Six other bids were received.
Bond & Goodwin, New Y o rk ........... .................. _ .................305,338 55-------------GRESHAM, Multnomah C ounty, Ore.— Bond Election.— A vote will be
F or 4 )4s—
taken on May 27, reports state, on a proposition to Issue $5,000 waterFerris
& W hite, New Y o r k . . ........... ............... .$209,260 00
$108,706 50
system -ext. bonds.
A . B. Leach & C o., New Y o r k ............ ................. 212,200 00
109,830 00
HADDON HEIGHTS, Camden C ounty. N. J .— Bond Offering.— Further
■MUNHALL.
Allegheny
County,
Pa.—
Bond
Offering.—
Proposals
will be
details are at hand relative to the offering on May 28 of the $30,000 5%
received until 7 p. m. June 4 b y II. I. Maciay, Boro. Sec., for $40,000 4 ).j %
20-yr. cou p, or reg. street im pt. bonds (V . 94, p. 1399). Proposals will
20-year
coupon
impt.
bonds.
Denom.
$1,000.
Date
May
1
1912.
Int.
be received until 8 p. m . on that day by Frederick Fries, M ayor. Int.
M. & N. at the Monongahcla Trust Co. in Homestead. Certified check (or
seml-ann. Bonds are tax-exem pt in N. J. Cert, check on a nat. bank
$1,000 required.
for 5% of bid, payable to the Boro. Treas., Is required.
• NASSAU COUNTY (P. 0 . M incola), N. Y .— Bond Sale.— On May 20 the
HAMILTON, Butler County. Ohio.— Bond Offering.— Proposals will be
received until 12 m. June 12 by H. A . Grimmer, City Auditor, for $10,511 50 $240,000 4 )4 % 5-19-year (ser.) cou p, (with prlv. of reg.) road-im pt.
“ Series L ” bonds (V . 94, p. 1266) were awarded to Parkinson & Burr of
“ E” Street, $12,166 90 Chestnut St. and $5,039 60 Charles S t. 4 )4% lm pt.
N . Y . at 103.191— a basis of about 4 .1 6 % . Other bids follow:
bonds. Date Mch. 1 1912. Int. semi-annually. Due from 1 to 10 years.
Curtis & Sanger, New Y o r k ..103.182 A . B. Leach & C o., N. Y ____102.581
Cert, check for 5% of bid, payable to City Treas., Is required.
Sutro Bros. & C o., N. Y ____102.951 R . L . Day & C o., N . Y _____ 102.343
HAMPDEN COUNTY (P . O. Springfield), M ass.— Temporary L oa n .—
W in. A . Read & C o., N. Y . . 102.77 Farson, Son & Co., N. Y ____102.33
On May 21 a loan of $75,000 due N ov. 6 1912 (V. 94, p. 1399) was nego­ Harris, F rbes & C .. N. Y . .102.694 E. II. Rollins & Sons, N. Y . . 102.213
tiated with Curtis & Sanger of Boston at 3.43% discount and $1 premium.
Kountzc Bros., N. Y _______ 101.85
Adams & C o., N. Y ________ 102.60
HAM PSHIRE DRAINAGE DISTRICT. Jefferson County, T e x .— Bonds W atson & Pressprich, N. Y . 102.634 Bond & Goodwin, N . Y ____101.60
Voted.— The question of issuing $100,000 5% 20-40-yr. (opt.) bonds carried N . W . Halsey & C o., N. Y . .102.589
at an election held May 11 by a vote of 47 to 4
NEW ORLEANS. La.— Bond Offering.— Proposals will be received until
12 m. June 20 for $300,000 of the issue of $2,000,000 5% cou p. Public Belt
HANCOCK, Houghton C ounty. M ich.— Bond Election.— A n election to
vote on the issuance of $100,000 school-bldg, bonds Is being considered, It a Railroad tax-free bonds authorized by A ct 179 of 1908, ratltlcd by con sti­
tutional amendment. The paym ent of principal and interest Is made a
stated.
charge upon the net revenue of the road referred to. Denom.
H A RTLA N D , Niagara County, N. Y .— Bond Offering.— Proposals will preferential
$1,000. Int. J. & J. Due on July 1 as follows: Nos. 6701 to 6800
be received until 2 p. m. May 28 by G. F. Thom pson (P. O. Mkldleport)
($100,000) in 1956, Nos. 6801 to 6900 ($100,000) In 1957, Nos. 6901 to
for the following bonds:
$4,251 27 road bonds. Due $2,251 27 March 1 1913 and $1,000 March 1 6950 ($50,000) In 1958 and Nos. 6951 to 7000 ($50,000) In 1959, all bonds
being callable, however, on July 1 1939. Certified check on a New Orleans
1911 and 1915.
bank for 1% of bid, required. Purchaser to pay accrued Int. Further in­
8,000 00 drainage bonds. Due April 1 1913.
form
ation will be furnished by W . B. Thom pson, President pro tern.
Int. rate to be named In bid. Date June 1 1912.
Public Belt Railroad Com m ission,or C .R . Kennedy, City Comptroller. .
H A Y W A R D S UNION HIGH SCHOOL DISTRICT NO. 3, Alameda
NEWPORT,“
Arkansas.— Bonds Offered by Bankers.— The W m . It.
C ounty, C al.— Bond Sale.— The $80,000 5% bldg, bonds voted March 29
Co. of St. Louis and Chic, is offering to Investors $45,000 5 )4 %
(V . 94, p. 1075) were awarded on May 13, It is stated, to N. W . Halsey & Compton
high school bonds. Denom. $500. Date Feb. 1 1912. Int. F. & A . In
C o., of San Francisco, at 106.755.
St. Louis or Chic. Due A ug. 1, $2,000 from 1917 to 1921 Incl., $3,000
HERK IM ER UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Herkimer.
from 1922 to 1926 Incl. and $4,000 from 1027 to 1031 incl.
Herkimer County, N. Y .'— Bond Sale.— On May 15 the $92,500 coupon
NEWPORT, R. I.— Loan Offering.— Proposals will be received, It is
school bonds (V. 94, p. 1339) were awarded to N. W . Halsey & Co. of N. Y. stated,
until 5 p. m. May 29 for a temporary loan of $60,000. Due Sept. 5
for $92,825 (100.351) for 4.30s. Other bids follow:
1912.
Harris, Forbes & Co., New Y ork __________________________ $92,805 for 4.30s
NISLAND SCHOOL DISTRICT (P. O. Nisland), Butte County, So. Dak.
John J. Hart, A lbany____________________________________ 92,585 for 4 ,35s
Isaac W . Sherrill, Poughkeepsie__________________________ 92,555 for 4.35s — Bonds to Be Offered Shortly.— We are advised that this district will offer
for sale
about June 1 an Issue of $6,000 10-year building bonds at not
C. A . McCreery___________________________
92,550
for 4.35s
7% Int. A uth. vote of 58 to 2 at an election held April 30.
W . N. Color & Co., N. Y _______________________
92,535 forexceeding
4.35s
July 1 1912.
Hahn & Co., New Y ork ______________________
92,530Date
for 4.35s
Adam s & Co., New Y ork _________________________________ 92,500 for 4.40s
NORTH AM [‘ TON, Mass.— Loan Offering.— Proposals will be received
This sale was Inadvertently reported in last week’s "Chronicle” under the until 12 m. May 27, it Is stated, for a loan of $80,000,dated M a y 27 and
due N ov. 27 1912.
head of Herkimer U. F. S. D. No. 1, Cal.
NORTHUMBERLAND SCHOOL DISTRICT (P. O. Northumberland),
HESTER SCHOOL DISTRICT (P. O. San Jose), Santa Clara C ounty,
Pa — Bonds Voted.— A proposition to Issue $25,000 4% 5-20-yr. (opt.)
Cal.— Bond Election.— The proposition to issue $80,000 5% 40-yr. bonds
bonds carried by a vote of 194 to 48 on May 11.
will be voted upon ,It Is stated, at an election to be held May 28.
OAKFIELD. Fond du Lac County. W is.— Bond Offering.— Proposals
HOLLY SCHOOL DISTRICT NO. 6, Oakland County, M ich.— Bonds
will be received until 8 p. in. June 3 by F. L. Culver, Village Clerk, for
Offered by Bankers.— The Harris Trust & Sav. Bank of Chic. Is offering to
Investors $30,000 4 )4% coup, bonds. Denom. $1,000. Date May 4 $3,000 4% coupon village-hall bonds. Denom. $150. Date June 1 1912.
Int. annually at the Bank of Oakfleld. Due $150 yearly March 1 1913 to
1912
Int. ann. In May In Detroit. N oo th e rd e b t. Assess, val. $823,505.
1932, Inclusive. Certified check for $25 is required.
Due $1 000 yrly. May 4 1913 to 1926 Incl. and $16,000 May 1 1927.




May 25 1912.

THE CHRONICLE

1463

OGDENSBURG, St. Lawrence C ounty, N. Y .— Bond Offering.— Pro- | May 15, it Is stated, to M cCoy A Co. o f Chic. atI102.70, blank bonds and
posals will be received until 12 in. May 31 for $100,000 4 % tax-free accrued interest.
street-im pt. bonds. Denom. $500 and $1,000. Date June 1 1912. Int.
SANTA CLARA. Cal .— Bonds V o ted — A propositionlto issue $5,500JftreM. A S. at the City Treas. office. Due $5,000 yrly. Sept. 1 1913 to 1932 apparatus bonds received the approval o f the voters on^May 13.
Incl. Bonds m ay be registered. Official circular states that there has
CLARA GRAMMAR SCHOOL DISTRICT. Cal.— Bonds Voted.—
been no default in paym ent o f the city ’s obligations, and that there is no AnSANTA
Issue o f $60,000 bldg, bonds was ratified by a vote o f 484 to 226 at an
controversy or litigation pending or threatened concerning these bonds.
election held May 13.
...................................................................................
SAWTELLE CITY SCHOOL DISTRICT, Los Angeles County. Cal.—
R W e ?ren advisedCth L TtheS$30,000 issue which was t o 'h a v e been offered
May 27 lias been canceled as the bonds are now Included in the amount Bond Sale.— The Am erican Savings Bank o f Los Angeles has purchased, it
is stated, $20,000 bonds at 103.855.
offered above.
SEATTLE, Wash.— Bond Offering.— Proposals will be received until
OM AH A, Neb.— Description of Bonds.— The $7,000,000 4
gold
water-works-purchase bonds, the sale of which was reported in V . 94, 12 m . June 14 b y II. W . Carroll, City Comptroller, for the $500,000 4 H %
p. 1342, are coupon in form and bear date of Dec. 15 1911. Denom $1,000. gold cou p, park bonds (V . 94, p. 1344). Denom . $1,000. Date July 1
1912. Int. J . A J. at the C ity Treas. olllce or the fiscal agency in N. Y
Tni r
r i t TCnuntyp Rros New York City. Due D ec. 15 1941. Le­
g a lity ’ approved by Dillon, Thom pson & Clay, N . Y . Bonds are being Due July 1 1932. Cert, check on a national bank or trust com pany fo r
offered to investors b y the National City Bank, N . Y . R . 1^ Day & C o. 2 % o f bonds bid fo r, payable to the Comptroller is required. Bids must
and Estabrook A C o.; New York or Boston, and the Harris Trust & S av­ be m ade on blank form s furnished b y the city. Bonds will be certified a
to genuineness b y the Columbia Trust Co. of^N. Y , and the legality ap­
ings Bank, Chicago.
„
OSW FGO COUNTY (P. O. O sw ego), N. Y .— Bond Sale.— The $40,000 proved b y Caldwell Massllch A R eed o f N . Y ., whose opinion will be
4 <?% 6 - 1 3 -year (serlll) bridge bonds offered on May 20 (V. 94 p. 1400) furnished to the purchaser.g
were awarded*to R . M. Grant & Co. of New York at 102.05 and interest.
SENECA:|TOVVNSHIP, SenecaTCounty.^Ohio.— BoncCJSale.— On M a y'6
P A P K F R SB U R G , W ood C ounty, W . Va — Bond S ale.— Mayer, Deppe the $15,000 4 H % 8 H -yea r (average) coupon road-im pt. bonds (V . 94,
p.
1206) were awarded to the First Nat. Bank o f Cleveland for $15,289 25,
& \V^Uter of Cincinnati and Townsend S cott & Sons of Baltimore were
awarded lointly at 1 0 3 .2 5 .lt is stated, the $100,000 4% 20-year c o u p . making the price 101.928. Other bids follow:
water-works bonds bids for which were rejected on May 9 (V . 94, p . 1342). Prov. S. B . A Tr. C o., Cin.$15,288 00 Tiffin Sav. Bank, T i f f i n ..$15,201 50
Secur. S. B. A Tr. C o.,T ol. 15,276 50 Ilavdcn, Miller A Co.,Clev 15,200 00
PASSAIC. Passaic C ounty, N. J .— Bond Offering.— Proposals will be Stacy A Braun, T o le d o ___ 15,256 50 Tiffin Nat. Bank, T iffin .. 15,195 50
received until 3 p. m . June 17 for $42,000 refunding and $62,000 school New First N at. Bk., Colum 15,232 00 Commer’l Nat. B k., Tiffin 15,189 00
30-yr gold cou p , (with priv. of reg.) bonds. Denom. $1,000. Date Seasongood A Mayer, Cin. 15,231 00 S. A . Kean A Co., Chicago 15,102 10
June t 1912. In t. J. & D. at the People’s Bank A Trust Co. in Passaic or W eil, R oth A C o.. C lncin. 15,207 00
the Chase Nat. Bank in N. Y . Cert, check for 5% is required. Bonds are
SLATON. Lubbock County. T e x — Bonds Voted.— This city, according
tax-exem pt in N. J . Official circular states that there has never been
• • ■
any default in the paym ent of any of the c it y ’s obligations and that there to reports, has voted to Issue school building bonds.
is no controversy or litigation pending or threatened concerning the validity
SMITH COUNTY COMMON SCHOOL DISTRICT NO. 7. Texas —
of these bonds, the corporate existence or boundaries of the m unicipality Bonds Registered.— On May 13 the State Comptroller registered $8,000
or the title of the present officers to their respective offices. Bonds will 5% 5-20-yr. (opt.) bonds.
be certified as to genuineness by the Columbia Trust Co. and their legality
SOMERSET (T ow n ), Niagara County, N. Y.— Bond'Offering.— Proposals
approved b y Hawkins, Delafleld & Longfellow , N . Y .
will be received until 2 p. m . May 28 for $4,000 (tow n’s portion) drainage
PATERSON, Passaic County, N. J. — Bond Sale.— On May 23 the $175 - bonds. Denom . $500. Date June 1 1912. Interest rate to be named in
000 4 u % 30-yr. gold cou p, (with priv. o f reg.) park bonds (V. 94, p. 1342)
bid. Due April 1 1913. W illiam L . A tw ater is Tow n Supervisor (P. O.
were awarded to A . B. Leach & Co. of N. Y . at 105.51— a basis of about M iddleport).
4.1 7 7% . Other bids follow^
SPRINGFIELD SCHOOL DISTRICT NO. 186. Sangamon County, III —
Spltzer, R orlck A Co., Tol$184,082 52 W . N . Coler & Co., N. Y .$182,656 25 Bond Offering.— Proposals will be received ,!t Is stated, until M ay 27 by
Curtis & Sanger, N. Y - . 183,823 68 Blodget & C o., N. Y ------ 180,752 25 the Board o f E ducation for $150,000 building bonds.
It M. Grant & C o., N. Y 183,330 00 W atson A Prcssprlch.N Y 180,005 00
SUMMERVILLE SCHOOL DISTRICT NO. 18 IP. O. Summerville). S.
Harris, Forbes A C o.,N .Y . 183,226 7o S. A . Kean & Co., N. Y . 177,800 00
Ca r — Bond Sale.— On May 10 the $15,000 6% 20-yr. cou p, bonds were
N. W . Halsey & Co., N .Y 183,062 25
awarded, reports state, to Seasongood A Mayer o f C in c in n a t i...................
PA VO, Thomas County, Ga.— Bond Sale.— J. H . Hilsman A Co. of
A tlanta were awarded at 98.10, it is stated, $10,000 school and water bonds.
. SUMMIT^COUNTY (P.T O .lA kron), Ohio.— Bond Sale.— The premiums
PEKIN SCHOOL DISTRICT (P. O. Pekin), Tazewell County, 111.—- ottered on May 20 for the $6,675 assessment and $25,000 cou n ty’s portion
Bonds Not Sold.— No award was m ade of the $105,000 bldg, bonds ottered Manchester R oad bonds (V. 94, p. 1344) were as follows:
$25,000
$6,675
on May 20 (V . 94, p. 1400), owing to pending litigation.
issue.
issue.
PELHAM UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Pelham), First National Bank, Cleveland--------------- ---------- --------$7 75
W esfehester County. N. Y.— Bond Offering.— Proposals will be received
*79 91
A Braun, T o le d o -------------------------------------------------- 267 30
until 7 n m . June « b y K . S. Durham, Clerk, for $25,000 5% 5-29-year Stacy
76 00
The Davies-Bcrtram Co., Cincinnati------------------------------ 276 00
fse>- ) “ Series I )’ ’ school bonds. A uth. vote o f 135 to 2 at an election held W ell, R oth A Co., Cincinnati-----------------------------------------212 50
40 50
M ay 7. Denom . $1,000. Date July 1 1912. In t. J . & J. at the U. S.
73 43
Tlllotson A W olcott Co., Cleveland-------------------------------- 210 00
Mortgage A Trust Co. of N. Y . Cert, check or bank draft for 5% of bid
78 60
C. E . Denison A C o., Cleveland_____ ___________________216 60
is required. Official circular states that there is no litigation pending or Otis A Hough, Cleveland---------------------------------------------- 127 40
40 00
threatened, and that no default has ever been made in paym ent o f int. Seasongood A Mayer, Cincinnati_______________________ 262 50
77 50
67 00
or principal.
Western German Bank, Cincinnati____________________ 225 00
56 75
PHILADELPHIA, Pa.— Certificate S a le— W e arc advised that Ed­ Mayer, Deppe A W alter, Cincinnati------------------------------ 225 00
Dayton Savings A Trust Co., Dayton, O --------------------- 160 CO
-----ward B Smith & C o. of Phlla. have been awarded $500,000 of an authorized
Hayden, Miller A C o., Cleveland----------------------------------- 267 00
74 00
loan of $1,500,000 4 ^ % 2 -yr. school certificates. Date June 15 1912.
New First National Bank, Columbus------------------------------ --------- $323 00---------In t. J . A D .
„
,
A . E . Aub A Co., Cincinnati____________________________ 225 00
-------POCOMOKE CITY, Worcester County, Aid .— Bond Offering
Security Savings Bank A Trust Co., T oledo, O ------------- 256 50
-------will be received until 3 p . m . June 17 by E . J. Tull, Mayor, for the $.3.>,000
5% 20-40-year coup, street-im pt. bonds (V. 94, p. 1206). Denom. $500,
.
♦
Successful
bids.
•
•
■
Date July 1 1912. Int. seml-ann. Cert, check for 5% o f bid, payable to
. TFM PLF Bell County, Tex.— Bonds Proposed.— It Is stated In Dallas
E. W . Veasey, Tow n Treas., is required.
OUINCY. Norfolk County. Mass.— B ids.— 'The other bids received on papers that a proposition to Issue 100,000 city-hall and auditorium bonds
May 16 for the $38,000 4 % coupon street-im pt. bonds awarded to Pfaclzer Is under consideration.
A Co. o f Philadelphia at 101.45 and Int. (V . 94, p . 1401) were as follows:
1 TOWANDA, McLean County,*lll.— Bonds Voted.— An Issue of $12,000
Blodget A Co., B oston --------- 101.146 Blake Bros. A Co., B o s to n .. 100.77
school-bldg, bonds was authorized. It Is stated, at an election held May 11
E . M. Farnsworth A C o .,B o s .101.12 Curtis A Sanger, B oston------ 100.69
by a vote of 93 to 12.
Adams A Co., B oston---------- 100.379
Estabrook A C o., B oston ------101.05
TRAVERSE CITY. Grand Traverse County, Mich.— Bonds Voted.— It
R . L. Day A Co., B oston ____100.819
reported In Grand Rapids papers that the proposition to issue $150,000
READING, Berks C ounty, Pa.— Bond Offering.— Proposals will be re­ Is
in bonds to purchase the Queen City Electric Light A Power Co. plant,
ceived until 7:30 p. m . June 3 b y O. B . Dorward, City Comptroller, for
privileges, and franchise, was favorably voted at the election held May 14,
$450 000 4 % bonds. Denom . $1,000. Date July 1 1912. Bonds are
(V . 94, p. 1345). The vote is given as 712 to 279.
tax-free In Pa. Due $90,000 on July 1 In 1917, 1922, 1927, 1932 and
On March 28 a similar proposition was submitted but as taxpayers were
1937. Cert, check for 5% o f bid, payable to E . H . Filbert, City Tr.Isreq d. the only persons allowed to vote, the Attornev General declared the election
RED LAKE FALLS, Minn.— Bonds Voted.— Bond Offering.— An election Illegal.
held May 14 resulted in favor o f the question o f Issuing $25 000 water-works
TR O Y . Rensselaer County. N. Y.— Certificate Offering.— Proposals will
bonds. V ote 234 to 24. Proposals for these bonds will be received until be received until 10 a. m. May 28 by W m . II. Dennln, City Comptroller,
1 p. m . June 4. Int. not to exceed 6 % — June andD ec. Due June 1 1932. for $100 000 5% certificates of Indebtedness or revenue bonds. Due Oct. 28
1912. Certified check for 1% of bonds bid for, payable to the "C ity o f
T ro y ,” required. •
UTICA N Y — Bond Offering.— Proposals will be received until 12 m.
May 28 b y F . G. Reusswig, City Comptroller, for $70,000 4 U % reg. taxChicago. Due $9,000 in 1920 and 1921 and $10,000 in 1922 and 1923.
free publlc.-lm pt. bonds. Denom. (60) $1,000 and (20) $500. Date
Cert, check for $1,000, payable to A . D . Sutton, City Treas., is required.
May 1 1912. Int. seml-ann. at the Treas. office. D u e$3 ,5 0 0 yrly.M a y
R I DOW AY, Ouray County. C o lo — Bond Offering.— Proposals will be 1 1913 to 1932 lncl. Cert, check for 1% o f bonds bid fo r, payable to the
received until May 31, it Is stated, for thc$30,000 water bonds voted A pi 112. Treas. Is required. Bonds will be certified as to genuineness by the Col­
um bia T ru st,C o. and the favorable opinion o f Caldwell, Massllch A Reed
V. 94, p. 1077.
RIVERSIDE DRAINAGE DISTRICT, Miss.— Bond Sale.— 0}i May 15 of N. Y . as to legality, will be furnished to the purchaser. Blank forms
$397,500 bonds were awarded, it Is stated, to the Commercial Savings Bank for bids will be furnished b y the city.
VALDOSTA, Lowndes County. Ga.— Bond Election .-- This city, accord­
of Greenville at par.
ROCHESTER, N. Y — Note Offering.— Proposals will be receivedl until ing to reports, Is considering holding an election to vote on the question
of Issuing $100,000 bonds. It is intended to use $50,000 of the Issue for
2 p. m. May 29 by E . S. Osborne, City C o m p t r o lle r ,fo r $ lo 0 ^ 0 0 w a t e r
water supply and the remaining $50,000 for streets and sewers.
w orks-lm pt. notes, due in 6 months from J u n e J 10] )2rinc^ ° ^ a int"?est
VENICE GRAMMAR SCHOOL DISTRICT. Los Angeles County. Cal —
and rate o f Interest desired to be named In bid.
Bond Sale.— On May 13 $60,000 bonds (V. 94, p. 1078) were awarded. It
will be payable at the Union Trust Co. In N. Y .
is stated, to J. II. Adam s A Co. o f Los Angeles at 104.44.

VENTURArSCHOOL DISTRICT (P. O. Ventura), Ventura County, Cal.

1913, $504 72 Mch. 15 1914 and $783 48 Mch. 15 1915; op t. at any time.
RUNNING LAKE DRAINAOE DISTRICT. Ark.— Bond Sale.— An Issue
of $87,000 bonds has been awarded, according to newspaper dispatches,
to a Chicago concern.
ST. ALBANS, Franklin County, \ t . — Bond Offering.— Proposals will be
ec"lvcd , it Is stated, until 8 p. m. May 27 for $12,000 4 H % U. S. deposit
fun d bonds. Date April 1 1912. Due $4,000 yearly on April 1 from
1020 to 1922 Inclusive.
•
Sf

LOUIS COUNTY SCHOOL DISTRICT NO. 21, M o — Bond S ale.—

On Mav 10 $6,000 5% coupon bonds were awarded to W m . It. Com pton Co.
of St Louis for $6,273 65 (104.56) and int. Other bids follow:
William.........
Oepts
James G. Cahill______________ $6,201 .........
“ — ...................... $6,120
L itt'e A Hays Inv. Co., St. L . 6,165 John L. N ickerson----------------- 6,069
Wernse A Dlcckm an- - - - - - - - 0,135 S. A . Kean A Co., C h ica g o .. . 6,000
Mercantile Trust Co., St. Louis 0,120
Denom. $500. Date June 1 1912. Int. seml-ann. at the Mercantile
T ru sT coV in’ St. Louis. Due $2,000 In 10, 15 and 20 years.

ST IOUIS PARK SCHOOL DISTRICT (P. O. St. Louis Park). Hcnnc-

nlnCniVntv

M in n — Bond S a le— C. B. Enkema A Co. of Minneapolis were
awarded tfre $5,000 5% cou p, bonds ottered on May 20 (V . 94, p. 1343)
at 101 66 and accrued interest. Other bids follow.
Union Invest. C o., Mlnneap. .$ 5 ,0 8 2 1Union Loan A Trust C o----------$o,070
W ells A Dickey C o., M lnneap. 5 ,0811
Date of bonds July 1 1®12>
. r .
..
r
. n l.
B o n ^ w S - T h e 'l ^ o n h e l d m ^
S
(not *75,00° as reported In V . 94, p. 1077)
bonds. The vote was 500 “ for to 59- against.
SAN ANGFI O Tom Green County. T ex.— Bond Sale.— The $50,000 5%
street-im provem ent bonds voted March 19 (V. 94, p. 933) were sold on




— Bonds Voted.— Propositions to Issue $13,000 bonds for additional land
adjoining present high-school and $4,000 kindergarten-site and building
bonds carried by a vote of 102 to 13 and 103 to 12, respectively.
VICTO RIA, Victoria County, T ex.— Bond Election.— A vote will be
taken on May 28, reports state, on a proposition to Issue $40,000 c it y
Improvement bonds.
W AR R EN SBU R G . Johnson County, Mo.— Bond Sale.— On M ay 17 the
$40,000 580 street-sewer and refunding bonds (V . 94, p. 1267) were awarded
to J . L Lanlng at 102.9125. Denom . $1,000. Date June 1 1912. Int.
seml-ann. Bids were also received from A . G. Edwards A Sons and W m .
R . Compton Co. of St. Louis and Sutherlln A Co. o f Kansas City, Mo.
WELLINGTON, Lorain C ounty, O hio— Bond Offering.— Proposals will
be received untI: 12 m . May 27 by J . B . Murray, VII. Clerk, for $ 18,.>00 5%
street cou p, (village’s portion) bonds. A uth., Sec. 3912. Gen. Code.
Denom . (1) $500, (6) $1,000 and (6) $2,000. Date June 1 1912. Int.
A . A O. at the VII. Treas. office. Due on Oct. 1 as follows: $500 In 1920,
$1 000 yrly. from 1921 to 1926 lncl. and $2,000 yrly. from 1927 to 1932 lncl.
Bonds to be delivered and paid for within 10 days from time o f award.
Cert, check for 5% of bonds bid for, payable to the VU. T reas., required.
Purchaser to pay accrued Interest.
WFI IS COUNTY (P. O. B luffton). Ind.— Bond Sale.— It is reported
In local papers that gravel-road bonds aggregating $43,000 have been
awarded to Breed A Harrison o f Cln. and the Fletcher N at. Bk. o f Indian­
apolis.
•
W FST ELIZABETH, Allegheny County, Pa.— Bond Offering.— Proposals
• wnYfie"received
of W
• ’ until
*” 3” -p. m
™. May 29 at the First National Bank of
West
E llz ^ e th for $14 000 4 > ,% bonds, authorized by aSvote of 82 to 65 at an
..............................
J electlon May 21 1012.^ ^ __________
WHITE COUNTY (P. 0 . Monticello). Ind.— Bond Sale.— On May 20 the
two Issues of 5% cou p , bonds aggregating $27,970 43 (V . 94, p . 1268)
were awarded to Edward O’ Gara at par and^Int.

1464

THE CHRONICLE

WHITMAN COUNTY SCHOOL DISTRICT NO. 61. Wash.— Bond Sale.—
On May 11 $5,000 1-10-year (opt.) refunding bonds were awarded to the
Union Trust & Sav. Bank o f Spokane at 101.10 for 6s. Denom . $1 000
Date May 2 1912. Interest annually in May.
.•>™ 95££ST£ R’ W orcester County. Mass.— Temporary Loan.— A loan of
$200,000 has been negotiated, it is stated, with Blake Bros. & Co. o f Boston
at 3.4 0 % discount and $2 premium. Due Oct. 17 1912.
v. .YA Zr ° ° , 5 ,T Y ’ ..Y? Z,0 ° ,c punty. Miss.— Bonds Defeated.— 'T he election
held May 27 resulted in defeat of the proposition to issue $30,000 water
bonds (V . 91. p. 1345). The vote was 81 “ fo r" to 207 “ against.”
N. Y ;—-Rond Offering.— Proposals will be received until 12 m .
May „8 by Joseph Miller, City Comptroller, for the following 4 'A°% regis­
tered tax-free bonds:
6 71/0
6
$150,000 assessment bonds, due $15,000 yearly on A pr. 1 from 1913 to 1922
Inclusive.
68,000 school bonds,due $4,000 yearly A pr. 1 1913 to 1929 inclusive.
Date April 1 1912. Int. A . & O. at City Treasurer’s office In New York
exchange. Cert, check for 2% of bonds bid for, payable to Joseph Miller
City Comptroller, required. Bonds will be ready for delivery June 4
Purchaser to pay accrued interest. Legality approved by Ilawklns, Delaneld & Longfellow, N. Y ., whose opinion will be furnished to purchaser.
YOUNGSTOWN, Ohio.— Bond Sale.— On May 20 the following bids
were received for the six Issues o f 5% bonds aggregating $42,000 (V . 94,
p. 1268):
$28,000
$700
$3,245
$6,930
$2,090
$1,035
issue.
issue.
issue.
issue.
issue.
issue.
Dollar Sav. &Tr.
Co., Youngst’n*$28.780 30 $701 00 $3,325 45 *$7,125 30 *$2,142 35 *S1,062 70
Mahoning Nat'l
Bank, Youngs. 28,772 92 *706 63 3.319 44
7.088 37
2.137 95
1.058 74
Davtes-Bertram
Co., Cincinnati 28.719 00
Stacy&Braun.Tol 28,705 68
Hayden, Miller &
Co., Cleveland 28,705 00 700 00 3,305 00
7,058 00
2,100 50
1,040 00
Mayer, Deppo &
Walter, Cln__ 28.705 00
First Nat.Bk.,Cle. 28,688 90 700 00 3,305 25
7,076 25
2,123 90
1,035 00
Field, Longstreth
& Co., Cln___ 28,688 00
New lstN.Bk.,Col 28,603 00
3,277 00
7,025 00
2,111 00
Seasongood &
7,094 00
Mayer, C ln ... 28,661 00
Tltlotson & Wolcott Co.. Clev. 28,602 00 702 38 3.314 77
7,079 00
2.134 94
1.057 25
Well. Iloth &
Co., Cln.......... 28.588 00
7.002 00
Citizens’ Nat.Bk.,
W ooster........ 28.561 40 701 50 3,306 90
7,072 10
2,131 80
1,055 60
Niles Tr. Co..Niles 28,431 20 701 55 3,295 00
7,036 72
2.122 18
1.050 93
Citizens’ Nat.Bk.,
New Phila___
705 35 *3,332 93
7,117 80
2,141 64
1,058 05

........

___

[VOL. LXXXX IV.

Canada, its Provinces and Municipalities.
BERLIN, Ont.— Debenture Sale.— Reports state that $2,800 5% 10-yr
debentures have been sold to the E conom ical Mutual Fire Insurance Co. '
O nt.— Debenture Offering.— Proposals will be received
sewer debentures 1 b y R ‘ A ’ L a n d ’ 01lerk’ for 513,528.20 5% 10-installment

DELORAINE, Man.—-Debenture Sale.— On May 16 the $6,000 6% 20installment cou p, local-im pt. debentures (V. 94, p. 1137) were awarded
follOw ° n t' Securltlcs C o’ of T o r - fo r 56,007 (100.116) and Int. Other bids
National Finance Co., T o r . . $5,908. Brent. N oxon & Co., T or
Date Jan. 10 1912. Int. annually on Jan. 10.

"

$5 831

0 f f er^ : - Proposals will be received until
im p?" debentures'1' W ' D ck nSOrl’ ° ’ M - C " *°r 550,000 5% 25-yr. roadDYSART (P. O. Haliburton), Ont.— Debenture Offering.— Proposals wll
by ° ‘

P ott3’ Clerk- « A l l . S o o 5 * P» W

-

O ffe rin g .-P v o p o sa ls will be received until 12 m.
^m A ' i A , B c r a n ' ,C k a 'r - fin a n ce C om ., for $18,714.65140-yr.

and $15,711.61 15-yr. 5% road debentures.
GULL LAKE, Sask.— Loan E lection.— By-laws to raise S5 000 for flrei^stated nonnMa5y 2°70 f ° r S' deWalkS WlU bc submlttcd to tho ratepayers, it
6
wn<.Mre
Pr°P°sals will be received until
H o}S * Sec y -lr e a s ., for the $10,000 4>$% 20-yr.
m unicipal-hall debentures (V . 94, p. 1005.)
72 0
*

Tr,M?„E L o £ R ,D ai7, SCHOOL

DISTRICT NO. 1583. Man .—Debenture

StatedTnne i5avSni°n r>f
52,000 debentures will be voted upon,
t is stated, on May 30. C. Christopherson, Sec’y-Treas. (P . O. Oakbanlc.)
KELLRESS, Sask.— Debenture Sale.— A n Issue o f $8,000
20-vr de­
bentures has been sold to Nay & James of Regina.
* 7
71‘ U

KE LO W N A , B. C.— Debentures Voted.— A recent eleetlon^rpsiiPod in
$20?000 street-im p tf debentures?0 water-extens‘ ° « . *35,000 school and
it

s t a t e d a t ' a ,^

t Be Y « t f e ^ 4 * andlng-loa« o f $10,000 was authorized.

,, MELFORT. Sask.

Loan Election.— Reports state that the burgesses on
sy ste m .'" 1 V° tG ° n a b y‘ laW t0 raIse *30.000 Ior
i l l a t i o n o f a water

MIDLAND, Ont.— Debenture S ale.— An issue o f $13 000 5% ’ O-lnstall-

...........

* Successful bids.
Bonds Authorized.— An ordinance was passed April 29 providing for
the issuance o f $50,000 5% cou p, p a rk and play-ground-im pt. bonds.
Dem on. $1,000. Int. seml-ann. at the City Treas. office. Due $5,000
yrly. O ct. 1 from 1913 to 1922 lncl.

NEW

LO ANS.

« ■ bc
s
*prop<^ft6i o ^
000’ sewer-extenslon1deberfuu-es?re8 a“ d aUthorIzcd

NEW LOANS.

$100,000

$ 19,000

W ILM INGTO N, DELAWARE

Town of Shelby, Montana,

Registered Sinking Fund Loan
Sealed bids will be received for $100,000 Regis­
tered Sinking Fund Loan o f W ilm ington, Del.,
until 12 m „ WEDNESDAY. MAY 29, 1912.
Bonds will date from June 1, 1912, and be Issued
In denominations of fifty dollars or multiples
thereof and bear Interest at the rate o f four and
one-half per cent per annum, payable semla .nually on April 1 and O ctober 1 of each year
and mature as follows:
Tw enty-six thousand three hundred dollars
($26,300) on April 1, 1935.
Seventy-three thousand seven hundred dollars
($73,700) on October 1, 1935.
The amount o f said issue being for the use of
the Board o f Directors of the Street and Sewer
Department for curbing, guttering, grading,
widening, paving and im proving o f streets and
avenues and the building o f sewers and conduits
In the City o f W ilm ington, Del.
All proposals must be accom panied b y certified
check, payable to the order o f the Mayor and
Council o f W ilm ington, for Tw o per cent o f the
amount of bonds bid for, and the same to be
forfeited if the bidder or bidders fail to accept
and pay for bonds awarded.
The successful bidder or bidders will be required
to settle for the bonds, with accrued Interest from
June 1, 1912, at or before 12 o ’clock M ., June 20,
1912.
The right to reject any or all bids is hereby
reserved.
Address all bids in sealed envelope to
W IL L IA M S. LE DN U M , City Treasurer,
marked “ Proposals for Sinking Fund L oan.”

$ 100, 000.00
CITY OF NORWALK, CONN.
PAVING BONDS
Sealed proposals for the sale o f $100,000 City
of Norwalk, Conn., Paving Bonds will be received
by Edward J. Finnegan, Mayor o f the City of
Norwalk, at the City Council R oom , in the City
o f Norwalk, Conn., until 2 o ’clock P. M.

MONDAY, JUNE 10TH, 1912.

Said bonds bear interest at the rate o f 4 H %
per annum, payable semi-annually on the First
day o f July and January in each year, and
mature twenty years from July 1st, 1911.
Principal and Interest payable at The United
States Mortgage & Trust Company In the City
o f New Y ork.
No bid will be accepted for less than par and
accrued Interest.
IRmds to be delivered on or before July 1st,
The right is reserved to reject any and all bids. >
All proposals must be accompanied by a certi­
fied check or bank draft, or cash, for 2% of the par
value o f the bonds bid for, said checks, draft or
cash to bc returned if bid is not accepted.
• For further particulars address,
E D W A R D J. FIN N E G A N ,
Mayor,
Norwalk, Conn.




WATER BONDS
Notice is hereby given b y the Town Council of
the Tow n of Shelby, in the State of Montana,
that the W ater Bonds of said Town in the sum
of Nineteen Thousand $19,000 Dollars, bearing
Interest at the rate of six (6 per cent) per annum.
Interest payable semi-annually on the first of
January and first of July in each year, will be
ottered for sale at public auction to the bidder
ottering the highest price therefore, at the Council
Chamber of the Town Council of the Town of
Shelby, in the Town of Shelby, County of Teton.
State of Montana, on the 10TH DAY OF JUNE,
A. D., 1912, at the hour of 2 o ’clock P. M. of
that day.
The Council reserves the right to reject all or
any bids or oilers of purchase.
Said bonds are to be dated January First, A . D.
1912, and issued in denominations of One Thous­
and ($1,000) Dollars each, and shall be payable
in twenty years from the date thereof, and Two
Thousand ($2,000) Dollars thereof shall be
redeemable
In
5
years.
Five
Thousand
($5,000) Dollars redeemable in 10 years and
Five Thousand ($5,000) Dollars redeemable In
15 years, at the option of the Town Council.
All tenders, bids or offers to purchase to be
addressed to F . A . Sullivan, Mayor, and a certi­
fied check for not less than Three Hundred ($300)
Dollars to accom pany each bid to insure good
faith on behalf of the bidder.
Dated at Shelby, Montana, this 25th day of
April, 1012.
By order of the Town Council.
J .-H . MAC F A R L A N E ,
Tow n Clerk.

INVESTMENTS.

Bolger,

Mosser &

Willaman

M U N IC IP A L BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
S E N D FOR LIST.

29 South La Salle St.,

CHICAGO

BLODGET & CO.
BONDS

60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS

H o d e n p y l , HARDY & CO.
14 W a l l S t . , N e w Y o r k

Railroad, Street Ry., Ga3 & Elec. Light

S E C U R IT IE S
M U N IC IP A L A N D R A IL R O A D

$ 2 5 0 ,0 0 0

BONDS

San Joaquin County, California

L IST ON A P P L IC A T IO N

HIGHWAY BONDS
Sealed proposals will be received by the Board
o f Supervisors of San Joaquin County, California,
until TUESDAY, THE 4TH DAY OF JUNE.
1912, at 10 o ’clock A . M. for the purchase of all
or any part of $250,000 o f Highway Bonds of a
$1,890,000 issue of five per cent Highway Bonds
of said County, principal and interest payable at
Kountze Brothers, New York City, or at County
Treasury at option of holder. Legality o f Bonds
will be approved by Messrs. Dillon, Thom son &
Clay, successors to Messrs. Dillon & Hubbard
of New Y ork. Bids must be made on blank
forms furnished by County. Printed circulars
containing full Information and blank forms of
bids can be had on application to Eugene D.
Graham, County Clerk, S tockton, California, or
to Messrs. Dillon, Thom son & Clay o f New York,
successors to Messrs. Dillon & H ubbard, New
York.
E U G EN E D. GRAH AM .
County Clerk o f San Joaquin County, Calif.

Sotherlm & Company
MUNICIPAL BONDS
Commerce Building
KANSAS CITY
MISSOURI

“

w a terw orks and
f f iS W f K j

SE A S0 NG 00D & MAYER
Ingalls Building
CINCINNATI

MUNICIPAL BONDS
Yielding 3.85% to 5.00%

STACY
Toledo, 0 .

& BRAUN
Cincinnati, 0 .

Charles M. Smith & Co
CORPORATION AN D
MUNICIPAL BONDS
riRST NATIONAL BANK BUIL
CHICAGO

May 25 1912.]

THE CHRONICLE

NEWCOMBE, Rural Municipality No. 260, Sask.— Debenture O ffering .—

Proposals will be received until 6 p .m . June 1 by C. G. Annable, S e c.-T rca s .
(P. O . Rathm ullen), for 512,500 road-im pt. debentures. Due In 15
annual Installments.

NORTH VANCOUVER, B. C.— Loans Voted.— The “ M onetary Tim es”
says that the ratepayers nave endorsed four by-laws, nam ely, to subscribe
for additional stock In the Burrard Tunnel and Bridge Co. to the am ount
o f 5100,000, to acquire additional park sites for 534,235, ferry by-law to
borrow 5290,000 for the re-purchase o f 5128,000 of ferry debentures, and
5150.000 for another ferry, besides repairs to the wharves, and a by-law to
grant an exclusive franchise to the North V ancouver Gas & Coke Co. to
urnish gas In this city f or llfteen years.
OWEN SOUND. Ont.— Debenture Offering. — Proposals will be received
until 3 p. m . May 27 by A . F. Arm strong. Tow n Treas., for 544,000 school
and 55,000 park 4 ^ % 20-yr. debentures. In t. semi-annually.
PENETANQUISHENE, Ont.— Loan Election. — The question o f raising
515.000 for the construction of a reservoir will be decided by the voters. It
Is reported, on May 31.
PENTICTON, B. C.— Loan Election Proposed.— R eports state th a t an
election will probably be held to vote on by-laws providing for the follow ing
loans: 520,000 for municipal hall, 520,000 for road im provem ents, 535,000
for water-works-extensions, 52,000 re cost of recreation grounds, 55.000 for
Vancouver A v c., 515,000 for hospital and 531,000 for school purposes.
PORCUPINE, Ont.— Loan Election. — R eports state that a vote will be
taken on June 1 on a by-law providing for a loan of 520,000.
PRINCE ALBERT, Sask.— Loans Voted.— The ratepayers are said to
have ratilled by-laws to raise 573,800 re extensions o f water mains; 519,000
for storm sewers; 521,000 for sidewalks; 555,000 re com m on sewers, and
55.000 to the Y . W . C. A .
REGINA. Sask.— Debenture S ale. — The nine Issues o f 4 H % debentures
offered on May 15 (V. 94, p. 1209) were awarded, It Is stated, to the Mer­
chants Bank at 96.16.
RICHMOND, B. C.— Debenture O ffering. — Proposals will be received until
June 1 b y C. L . Blight, C. M. C.,$fori»$20,000 5% 20-yr. school debentures.
ST. CATH A R IN E S, Ont.— Bonus Voted.— A ccording to rep orts,a bonus
o f 54,000 to the Canadian Warren A xe & T ool Co. was sanctioned at a
recent;.clcctlon.
SALTCOATS, Sask.— Debenture”O ffering .— C. E . Boake, Sec’ y.-T rea s.,
nvltes bids until June l l ;f o r ;$ 17,000 5% 30-yr. debentures.
SASKATOON, Sask.— Debenture Election. — A ccording to the "F inancial
Post o f Canada,” the following loans will be voted upon on May 27: 5140,000
to buy certain amount of stock of the Saskatoon Milling Company, L im ited;
570.000 re sewers and water connections; 575,000 re purchase of certain
lands; 526,000 re public library; 5175,000 re m achinery for electric light
and power plant; 580,000.re e x t e n s io n ^ electric lighting; 5100,000 re sub­

w a y ; 5 1 0 0 .0 0 0 re Industrial sites; 5 5 0 ,0 0 0 re sew ers, 5 3 5 ,0 0 0 fire a n d p o lic e
sy s te m ; 5 3 5 ,0 0 0 re b oard o f h ea lth ; 5 5 0 ,0 0 0 ex h ib itio n grou nds an d 5 4 0 ,0 0 0
fo r m a te r ia l y a r d .
S C O T T , S a c k .— Debenture S ale. — N a y & J am es o f R e g in a h a v e
aw ard ed 5 4 5 ,0 0 0 5 J S % 3 0 -y r . and 5 6 ,0 0 0 6 % 1 0 -y r . d eb en tu res.

SWIFT CURRENT,

S a s k .— Debenture S a le . — N a y
h a v e p u rch ased 5 2 1 ,0 0 0 6 % 2 0 -y r . d eb en tu res.

First Nat. Bank Bldg., Chicago

SCHOOL,
COUNTY AND MUNICIPAL BONDS

F. W M . K R A F T

&

been

J am es o f R e g in a

SYDNEY, N. S.— B onus Election. — The "F inancial Post o f Canada”
says that the City Council has decided to submit on June 3 the British
Canadian Shipbuilding C om pany’s proposition whereby the com pany will
receive 51.000,000 as bonus.
VERMILION,

A lt a .—

Loans Voted.— L oan s

vtfted8 ’ ItS ’s °stated t~SyStCm" eX t

o f 5 4 .0 0 0 fo r p ark im p r o v e -

an(* $ 1 ,0 0 0 for sid ew alk s w ere re c e n tly

VERNON, B. C .— Debentures Voted.— A recent election resulted, It is
in favor of the Issuance o f debentures as follows: Im provem ents to
municipal buildings, 5 7 ,5 0 0 ; road improvem ents, 5 2 4 ,0 0 0 ; purchase o f
equipm ent, $10,000; construction of new power house and extensions to
present power plant, $ 4 0 ,0 0 0 ; extension to present water system , $ 4 0 ,0 0 0 .
salu ,

A lb e f t a .,—Loan E lection .— O n M a y 2 7 a v o t e w ill b e
ta k e n . It Is sta te d , on a b y -la w to raise 5 1 1 .5 0 0 as a bon u s to a grist m ill
a b o u t to s ta r t o p e r a tio n s.

. WALKERVILLE. Ont.— Loan Election. — A by-law providing for a loan
of 5 7 ,2 0 0 for street Improvements will be submitted to the ratepayers, it Is
stated, on May 2 5 .
WAPELLO, S a s k .— Debenture Offering.— P rop osals w ill b e received
u n til June 10 for $ 1 0 ,0 0 0 6 % 3 0 in sta llm en t stre et d eb en tu res.
A u t h o r it y
v o te o f 38 to 2 a t th e election h eld M a y 13 ( V . 9 4 , p . 1 2 6 9 ) .
„ W ILKIE, Sask .— Debenture O ffering. — P rop osals w ill b e received u n til
leY> ? eol y ;rT r e a s ., for th e 5 2 5 ,0 0 0 w ater-w o rk s an d
5 1 0 ,0 0 0
elec tric -lig h t 3 0 -in s ta llm e n t an d 5 2 ,5 0 0
1 5 -in sta llm e n t -im p t
deb en tu res ( V . 9 4 , p . 5 0 9 ) .
W I L K I E S C H O O L D I S T R I C T , S a s k .— Debenture O ffering .— P rop osals
w ill be received u n til J un e 15 b y T . A . D ln sle y , S eo’ y .-T r e a s ., fo r 5 7 5 ,0 0 0
5 % 3 0 -ln s ta llm e n t d eb en tu res.

WINDTHORST, Sask.— Debenture Offering. — P rop osals w ill b e received
u n til June 1 b y W . S im , S e c .-T r e a s ., for 5 5 ,0 0 0 6 % s t r e c t-lm p t., sid ew alk
an d rink d eb en tu res, r e p a y a b le In 15 eq u al an n u al in sta llm e n ts.
WINDSOR, Ont.— Loan Election. — A n election w ill b e h eld M a y 3 0 , It
is sta te d , to v o te on lo a n s o f 5 3 0 ,0 0 0 fo r sidew alk co n stru c tio n an d 5 1 ,7 0 0
fo r publio c o n v e n ie n c e s.
YORKTON, S a s k .— Debenture Sale. — T h e 5 6 0 ,0 0 0 5 % 2 0 -In sta llm e n t
sch ool beb en tures offered o n M a y 10 ( V . 9 4 , p . 1138) w ere a w ard ed . It Is
sta te d , to W . A . M a c K e n z le & C o . o f T o r o n to .

ESTABLISHED 1885.

H. C. SPEER & SONS CO.

1465

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.

„
,
,
,
New York, January 23d, 1912.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
3lsl 0/ December, 1911.
The Company’s business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1911, to the 31st December, 1911..............................$3,653,325 18
873,680 37
Premiums on Policies not marked olt 1st January, 1911..................................................... ...................
Total Premiums............................................................................................................................................. $4,527,005 65
Premiums marked off from January 1st, 1911, to December 31st, 1911............ ................................ $3,773,578 22

LAWYER.

Specializing in Examination of
Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDQ..

CHICAGO, ILL.

Interest on the Investments of the Company received during the year
$333,897 03
39,628 24
Interest on Deposits in Banks and Trust Companies, etc..........................
Kent received less Taxes and Expenses.......................................................... 153,167 66

526,692 93

Losses paid during the year.................................................................................
31 385 386 46
Less Salvages.............................. .......... .............. -.$220,704 52
Re-insurances............................................................. 205.151 34 425,855 86
$95~9,530 60

Returns of Premiums......................................................................................................
$196,936 89
1913 Expenses,
Including officers’ salaries and clerks’ compensation, stationery, advertise­

taso

The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts

JOHN P. MUNN, M. D., President
Finance Committee.
OLARENCE H. KELSEY. Pres.Tltle Gu.4Tr.0o.
WM. H. PORTER. Banker.
ED. TOWNSEND, Pres. Imp. & Trader* Nat.Bk
Good men, whether experienced In life Insurance
or not. may make direct contracts with this Com­
pany. for a limited territory If desired, and secure
for themselves. In addition to first year’s commlailon, a renewal Interest Insuring an Inoome for toe
future
Address the Company at its Home Offloe,
Ho. 177 Broadway. Now York City.

(Soucvumcixt ^exmmiaut
P.

ments, etc.............................................................. - ......... .................................................

570,472 18

A dividend or Interest of Six per cent on the outstanding certificates of profits will be paid to the holder*
thereof, or their legal representatives, on and alter Tuesday the sixth of February next
The outstanding certificates of the Issue of 1906 will be redeemed and paid to the holders thereof, or theli
legal representatives, on and after Tuesday the sixth of February next, from which date all interest thereon
will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1911, which arc entitled to participate In dividend, for which, upon application, certificates will bo
issued on and after Tuesday the seventh of May next.
By order of the Board,
O. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
FRANCIS M. BACON,
HERBERT L. GRIGGS,
CHARLES M. PRATT.
JOHN N. BEACH,
CLEMENT A. GRISCOM,
DALLAS B. PRATT,
ERNEST C. BLISS,
ANSON W. HARD,
GEORGE W. QUINTARD,
VERNON H. BROWN,
THOMAS H. HUBBARD,
ANTON A. RAVEN,
WALDRON P. BROWN,
JOHN J. RIKER,
LEWIS CASS LEDYARD.
JOHN CLAFLIN
CHARLES I). LEVERICH,
DOUGLAS ROBINSON,
GEORGE C. CLARK,
LEANDER N. LOVELL,
GUSTAV H. SCHWAB,
CLEVELAND H. DODGE,
WILLIAM SLOANE,
GEORGE II. MACY.
CORNELIUS ELDERT,
CHARLES H. MARSHALL,
LOUIS STERN,
RICHARD H. EWART,
NICHOLAS F. PALMER,
WILLIAM A. STREET,
PHILIP A. S. FRANKLIN.
HENRY PARISH,
GEORGE E. TURNURE
ADOLF PAVENSTEDT.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2<f Vice-President.
CHARLES E. FAY, 'id Vice-President.
JOHN H. JONES STEWART, 4th Vice-President.
BALANCE SHEET.
ASSETS.

LIABILITIES.
Estimated Losses and Losses Unsettled
In process of Adjustment................ — $2,310,027 OO
Premiums on Untermfnated Risks______
753,427 33
Certificates of Profits and Interest Un­
paid .......................................................
267,092 05
Return Premiums Unpaid..........................
109,74216
Reserve for Taxes....................................
57,512 16
Re-Insurance Premiums......... ....... .........
183,599 07
Claims not Settled, including Compen­
sation , etc ............................. ...............
69,104 08
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums..........
22,471 20
75,000 00
618.136 00 Certificates of Profits Outstanding........... 7,401,390 00
449,354 23

O. BOX 27. MAIN OFFICE.
;nited States and State ot New York
Bonds .................................................._
WASHINGTON, D. C.
$700,000 00
New
York City and New York Trust Co.
OFFICIAL ORGAN OF THE ASSOCIATION OF
and Bank Stocks.............................. ..... 1,777,900 00
AMERICAN GOVERNMENT ACCOUNTANTS. Stocks and Bonds of Railroads............ .... 2,742,102
00
Other Securities........................................
220,020 00
A MONTHLY MAGAZINE OF INTEREST TO Special Deposits in Banks and Trust
Companies ............................................ 1 , 000,000 00
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES. BANKS, RAILW AYS Real Estate cor. Wall and William Streets
and Exchange Place, containing offices 4,299,426 04
AND OTHER PUBLIC SERVICE CORPORA­
Real Estate on Staten Island (held under
TIONS.
TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS’ OFFICES.

Sample Copy 15 cents. Per Annum $1 50
FOR SALE

CHRONICLE VOLUMES
Handsomely bound In black full morocco.
Chronicles and Supplements In three months’
volumes 1901 to July 1908— thirty volumes.
PRICE 530. which is about half the cost o
binding.
i...
also
60 Bound Volumes 1885-1910
1
CHRONICLES AND SUPPLEMENTS •
COMMERCIAL & FINANCIAL CHRONICLE
138 Front S t„ New York




provisions of Chapter 481,Laws of 1887)
Premium Notes......................
Bills R eceiva b le....................
Cash in hands of European Bankers to
pay losses under policies payable In
foreign countries...................................._
Cash In B ank..............................................
New York City Revenue B o n d s -.-I -.-I.

203.603 36
930,321 99
450,000 00

$13,465,923 62

$11,174,365 14

Thus leaving a balance o f........................................................................................................................... $2,291,558 48
Accrued Interest on Bonds on the 31st day of December, 1911, amounted to ....................................
$41,878 80
Rents due on the 31st day of December, 1911, amounted to ..........................................
21,970 46
Re-Insurance due or accrued. In companies authorized In New York, on the 31st day of December,
...........
.........................................................
214.367
00
1911, amounted to ...........................................................
Uncxpired re-lnsuranco premiums on the 31st day of December, 1911, amounted to ..........................
83,096 43
Note; The insurance Department has estimated the value of the Real Estate comer Wall and
William Streets and Exchange Place In excess of the Book Value given above, at..............
450,573 96

And the prooerty at Staten Island In excess of the Book Value, a t ................................

63,700 OB

The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1911, ex­
ceeded the Company’s valuation b y.......... ...................................................... - .................................. 1,588,635 62
On the basis of these Increased valuations the balance would be_______________________________ $4,755,780 75

THE CHRONICLE

1466

( VO L . L X X X X I V

InQinzzxs,

Qxn&t ©xrrapaixtes.

united states H Gompany of lev im t

J. G. W H IT E & CO.
Engineers, C o n tra c to rs

Chartered 1853

45 and 47 W A L L S T R E E T

_____ _

CAPITAL,
......................................................................................... $2,000,000.00
SURPLUS AND UNDIV ID ED P R O F I T S .............................................
13,877,034.29
This Company acts as E xecutor. Administrator. Guardian, Trustee, Court Depositary and In
other recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and Invests m oney, securities and other property, real or personal, for estates,
corporations and Individuals.

43-49 Exchange Place, NEW YORK
Chicago, 1113.

San Francisco, Cal.

Investigations and Reports on Electric
Railway, Gas, Electric Light and Power
Properties, & c., for Financial Institu­
tions and Investors.

Electric Railways, Electric Light and
EDWARD W . SHELDON, President.
Power Plants, Gas Plants, Financed,
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E. AHERN, Secretary.
Designed and Built.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS, 2d Asst. Sec.
William Rockefeller,
Alexander E . Orr,
William H . M acy Jr.
William D . Sloane,
Gustav H . Schwab.
Frank Lym an,

TRU STEES.
JOHN A . S T E W A R T , Chairman of the Board.
Payne W hitney,
James Stillman,
Edward W . Sheldon,
John Claflin,
Chauncey Keep,
John J. Phelps,
George L . Rives,
Lewis Cass Ledyard,
Lym an J. Gage,
Arthur C. James,

London Correspondents:

J. O. W H I T E & CO., Limited,

William M . Kingsley,
William Stewart T od .
Ogden Mills.
Egerton L . W lnthrop.
Cornelius N . Bliss Jr.

9 Cloak Lane, Cannon St., E. C.

VN.

Fidelity T rust C ompany
N E W A R K , N. J.

s . BARSTOW& c
1ncornoratfid
Incorporated

CONSULTING and
CONSTRUCTION E N G I N E E R S
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
50 Pine Street

New York

Resources Over $27,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000

C. G. YOUNG

Acts as Executor, Trustee, Administrator and in all fiduciary capacities.
Takes entire charge of Real and Personal Estates. Guarantees Titles of
Real Estate throughout New Jersey.

Engineering and Construction
Plans, Methods, Operation
Public Utilities and Industrials

General Banking and Savings Departments. Bond Department for
purchase and sale of railroad and public utility securities. Safe Deposit
Department.

Reports for Financing

14
W A LL ST.,
NEW YORK

Established 1880.

A. L. R E G IS T E R &. CO.
ENGINEERS- CONTRACTORS
Philadelphia

The Union Trust Company of New York (established in 1864) has
for many years made a specialty of Personal Trusts—under W ill or under
Agreement—and maintains a carefully organized department for handling them
Many millions of dollars worth of property—real and personal—have
been entrusted to the company by conservative people, residents not only of
New York State but of other states in which the Union Trust Company is
authorized to do business,
Correspondence or interviews with persons considering the formation of
trusts of any kind—for themselves or for others— are solicited.
UNION TRUST CO M PANY, 80 Broadway
CAPITAL and S U R P L U S ........................ $8,900,000

CO.
CONSULTING MINING ENGINEERS
Managers of Mining Properties
60 B R O A D W A Y .
- NEW YORK
28 and 29 St. Swlthins Lane,
LO N D O N , E C.. E N G L A N D .
Avenlda 16 De Septlembre, N um . 48.
M E XIC O , D . F .. M E X IC O .

H.

M. C H A N C E

COAL AND MINERAL PROPERTIES
Examined, Developed, Managed
Drexel B ldg..

BANKERS TRUST COMPANY

&, CO.

Mining Engineers and Geologists

P H IL A D E L P H IA . PA.

jLCcouixtatxts.

LYBRAND,
ROSS BROS &
Surplus $10,000,000
MONTGOMERY

16 W A L L ST., N EW Y O R K
Capital, $10,000,000
DIRECTORS
JAMBS S. ALEXANDER, President National Bank of
Commerce, New York.
STEPHEN BAKER, President Bank of Manhattan
Co., New York.
SAAHJEL O. BAYNE, President Seaboard National
Bank, New York.
EDWIN M. BULKLEY, Spencer Trask & Co., Bankers,
Now York.
JAMES Q. CANNON. President Fourth National Bank,
New York.
EDA!UNO C. CONVERSE, President, New York.
THOS. D cW irr CUYLER, President Commercial Trust
Co., Philadelphia.
HENRY P. DAVISON, J. P. Morgan & Co., Bankers
New York.
RUDULPH ELLIS, President Fidelity Trust Co., Phlla.
E. HAYWARD PERRY, Vice-President Hanover Na­
tional Bank, New York.
WALTER E. PREW, President Corn Exchange Bank,
New York.
PREDERICK T. HASKELL, Vice-President Illinois
Trust & Savings Bank, Chicago.
A, BARTON HEPBURN, Chairman of the Board.
Chase National Bank, New York.
PRANCIS L. H1NE, President First National Bank
New York.
THOMAS VV. LAMONT, J. P. Morgan & Co.. Bankers,
New York.

EDGAR L. A1ARSTON, Blair & Co., Bankers, N. Y
JOS. B. AlARTINDALE, President Chemical National
Bank. New York.
GATOS W. AFGARRAH, President Mechanics and
Metals National Bank, New York.
CHARLES D. NORTON, Vlce-Prcs. First Nat. Bank,
New York.
WILLIAM C. POILLON, Vice-President, Now York.
DANIEL E. POMEROY, Vice-President, New York.
WILLIAM H. PORTER, J. P. Morgan A Co., Bankers,
New York.
SEWARD PROSSER, President Liberty National Bank,
New York.
DANIEL G. REID, Vice-President Idberty National
Bank, New York.
BENJ. STRONO, JR., Vice-President, New York.
EDWARD P. SWINNEY, President First National
Bank, Kansas City.
GILBERT G. THORNE, Vice-President National Pari
Bank, New York.
EDWARD TOWNSEND, President Importers & Trad­
ers' National Bank, New York.
ALBERT H. W1GGIN, President Chase National Bank,
New York.
SAMUEL WOOLVERTON, President Gallatin National
Bank, New York.




(Pennsylvania)
N EW Y O R K , 55 Liberty St.
P H IL A D E L P H IA , Morris Bldg.
P IT T S B U R G H , Union Bank Bldg.
CHICAGO. First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
S E A T T L E , Central Bldg.
LON D ON . 58 Coleman St.

J A M E S P A R K &. C O .
C E R T IF IE D PU BLIC ACCOUNTANTS

New York, Chicago, Cincinnati and
London, England.
A U D IT O R S
FOR
F IN A N C IA L
IN ST IT U ­
TION S, IN D U S T R IA L AND
M IN IN G COM PANIES
Investigations, Financial Statements,
Periodical Audits and Account!nr

G E O . B. E D W A R D S

OFFICERS
E, C. CONVERSE. President.
W ILLIA M C. POILLON, Vice-President
VV. N. DUANE, Vice-President.
HAROLD B. THORNE, Vice-President.
GEORGE G. THOMSON. Secretary.

C e rtifie d P u blic A c c o u n ta n ts

BENJ. STRONG, J R ., Vice-President.
D. E. POMEROY, Vice-President.
P, I. KENT, Vice-President.
F. N. B. CLOSE, Vice-President.
GEORGE VV. BENTON, Treasurer

Tribune Building, NEW YO RK , N. Y.
Tel. 4218 Beekman.
(io« d Reference*

Negotiations,Investigations,Settlement*
Purchases of Property, Information
In New York City or anywhere.