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The
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INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 95
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, NOVEMBER 16 1912
Wht Thran.
n.)
Clearings at-
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CHIcAo0 OFFICE-Ge0.M.Shepherd,513 Monadnock Block;Tel.Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM D. DANA. COMPANY, Publishers,
P.0. Box 958. Front. Pine and Depeyster Sts., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the
total bank clearings of all clearing houses of the United States for the week
ending Nov. 16 have been $3,796,530,332 against 53,335.696,548 last
week and $3,489,036.464 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Nov. 16.
1912.
1911.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,831,853,292
156,829,568
147,841,884
37,244,268
274,845,947
77,791,613
22,230,769
$1,704,619,516
153,885,996
137,255,505
32,409,204
244,431,991
70,963,059
18,607,257
+7.5
+1.9
+7.7
+14.9
+12.4
+9.6
+19.5
Seven cities, five days
Other cities, five days
$2,548,637,341
625,423,208
$2,362,172,528
583,204,613
+7.9
+7.2
Total all cities, five days
All cities, one day
$3,174,060,549
622,469,783
$2,945,377,141
543,659,323
+7.7
+14.5
Total all cities for week
$3,7.14,535,332
83,489,036,444
+8.8
1
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-cay, clearings being made up by the
clearing houses at noon on Saturday. and hence in the above the last day of
the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, Nov. 9, for four years.
Week end ng November 9.
Clearings at-1912.
I
1911.
Inc. or
Dec.
1910.
1909.
1
Tot. New Eng_ 199,850,418 192,674,778 +3.7 185,063,588 203,458.003
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
1911.
Inc. or
Dec.
1910.
1909.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis __ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Evansville
Dayton
Kalamazoo
Fort Wayne_ _ _ _
Springfield, Ill_ _
Youngstown _ _ _ _
Lexington
Akron
Canton
Rockford
Quincy
South Bend
Bloomington_ _ _ _
Springfield,
Decatur
Danville
Mansfield
Limit
Jackson
Jacksonville, III_
Lansing
Ann Arbor
Adrian
Owensboro
Tot. Mid. WesSan Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City-Spokane
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima_ _
Reno
Total Pacific
$
%
$
$
298,208,880 271,092,551 +10.0 251,193,243 280,738,356
26,341,400
24,385,350 +8.0
23,889,300
26,711,300
23,161,817
19,213,139 +20.5
16,500,673
19,846,874
20,285,730
19,698,651
+3.0
16,708,554
16,399,275
14,415,702
15,016,996 -4.0
14,261,838
13,996,409
7,820,600
8,793,403 -11.1
8,595,802
10,052,779
5,735,900
5,474,200 +4.8
6,134,800
6,188,300
4,552,585
4,644,104 -2.0
3,905,165
4,445,608
3,716,966
3,611,263 +2.9
3,393,822
3,502,228
3,319,886
3,101,355 +7.0
2,755,461
2,960,343
2,200,000
2,881,282 -23.6
2,506,516
2,566,755
2,271,769
2,027,149 +12.0
2,261,901
2,031,598
707,304
751,650 -5.9
680,612
682,259
1,336,794
1,203,064 +11.1
1,101,019
1,040,065
1,168,484
1,062,053 +10.0
1,041,859
976,114
1,508,571
969,628 +55.6
822,948
912,533
909,448
787,173 +15.5
1,009,201
850,955
1,920,000
1,278,000 +50.2
790,000
819,600
1,283,002
1,118,523 +14.7
1,000,480
720,000
835,337
794,217 +5.2
784,594
717,034
810,034
704,551 +1 .0
645,367
676,552
1,659,667
644,325 +157.6
584,493
563,651
629,961
552,1141 +13.9
538,443
567,464
634,016
531,288 +19.4
561,060
508,338
450,449
366,1841 +23.0
412,468
411,403
451,027
406,743 +10.9
400,880
396,318
405,052
394,395 +2.7
381,663
369,093
499,290
373,942 +33.5
358,865
321,988
490,000
401,018 +22.2
378,428
300,000
270,855
305,312 -11.3
240,078
296,939
525,592
402,594 +30.6
436.232
199,653
206,218 -3.2
226,837
236,452
28,000
16,532 +69.4
23,727
33,635
388,066 -4.8
369,355
481,050
-429,133,136 -393,-5-97,033 ---1--970 -365.016,185 400,840,218
55,192,234 -2.6
53,761,089
42,953,045
42,813,455
22,739,530
19,423,362 +17.1
15,743,464
14,184,160
12,374,543
12,487,255 -0.9
11,328,638
14,678,568
13,112,108
12,774,871
+2.6
10,760,050
9,891,788
7,812,142 -16.0
6,559.999
6,775,691
7,370,484
4,831,216
4,516,352 +7.0
4,197,762
6,337,057
3,817,571
4,666,886 -18.2
4,842,278
5,287,396
3,635,364
3,755,432 -3.2
3,014,334
1,840,424
1,936,490
1,774,717 +9.1
1,536,028
1,409,712
2,828,229
2,400,000 +17.8
885,374
1,392,076
1,283,480
1,317,163 -2.6
949,793
776,553
976,128
943,208 +3.5
609,744
718,163
1,068,174
1,025,812 +4.2600,330
712,784
1,004,456
738,803 +36.0
523,975
795,697
530,003
508,193 +4.3
631,456
476,025
'291,294
314,730 -7.4
280,000
257,490
130,749,674 129,651,160 +0.8 106,383,176
98,186,518
Kansas City_ _
Minneapolis _ _ _ _
Omaha
St. Paul
Denver
Duluth
St. Joseph
Des Moines
Wichita
Sioux City
Lincoln
Topeka
Davenport
Cedar Rapids_ _ _
Fargo
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Waterloo
Helena
Billings
Tot.0th. West.
55,106,576
56,180,587
32,665,212
30,198,618
15,941,981
14,973,384
13,337,585
11,965,845
9,893,005
10,375,132
8,991,808
7,245,028
6,627,706
0,333,353
4,838,758
4,511,322
3,765,617
3,568,137
3,100,000
2,565,326
1,876,455
1,684,730
1,602,976
1,614,560
1,746,621
1,386,497
1,598,216
1,354,432
611,000
1,131,374
611,411
673.897
741,204
656,951
389,116
300,115
239,484
182,241
450,000
390,555
1,372,794
1,206,300
1,154,427
1,191,125
544,736
340,766
167,206,688 160,530,275
New York
1,858,613,241 1,764,830,960 +5.3 1,762,972,490 2,215,982,107
Philadelphia _
157,540,159 • 135,486,094 +16.3 134,455,848 149,528,313
Pittsburgh
47,051,296 +6.3
49,990,032
44,615,002
49,867,377
Baltimore
37,330,607
34,385,152 +8.6
32,669,799
36,475,254
Buffalo
11,850,068
0,481,801 +25.1
9,828,20)
9,243,648
Washington
_
8,193,782
7,575,957 +8.2
7,435,877
7,615,220
Albany
6,180,900
5,682,737 +8.8
0,305,673
5,809,087
Rochester
5,339,934
4,280,777 +24.7
4,149,411
3,949,278
2,500,000
Scranton
2,445,212 +2.2
2,412,145
2,666,880 St. Louis
3,345,094
Syracuse
2,235,414 +49.6
2,509,588 New Orleans_ _ _
2,064,214
Trenton
1,005,986
1,500,543 +7.0
1,383,293
1,714,3 9 Louisville
Wheeling
1,982,419 +11.2
2,203,888
1,669,917
1,709,319 Houton
Reading
1,742,489
1,807,357 -3.6
1,537,804
1,552,116 Galveston
Wilmington
1,438,369
1,440,075 -0.1
1,510,959 Fort Worth
1,425,175
Wilkes-Barre .._ 1,318,104 +12.1
1,447,023
1,193,515
1,498,858 Atlanta
York
920,296
980,758 -6.2
1,012,720
994,220 Memphis
Erie
977,875
748,881 +30.6
822,527
861,507 Richmond
Chester
653,219
569,539 +14.7
556,903
741,370
Savannah
Greensburg
580 000
535,333 +8.3
507,127
524,584 Nashville
Binghamton _ _
598,700
515,800 +16.1
550,900
486,500 Norfolk
Altoona
408,674
471,573
481,579 -15.1
487,452 Augusta
Lancaster
1,421,748
1,058,233
068,802 +4.7
Birmingham ___ Montclair
363,126 Not included n total
Oklahoma
_
Total Middle_ 2,154,939,084 2,026,310,500 +6.3 2,018,1103,820 2,496,427,879 Charleston
Little Rock
•
172,822,975 168,874,612 +3.6 157,614,105 175,354,385 Jackonville
Boston
_
7,729,000
Providence
7,534,200 +2.6
9,455,700
10,716,800 Knoxville
4,950,603
Hartford
4,409,437 +12.3
• 3,918,530 Chattanooga__ _ _
4,276,398
2,953,238
New Haven
2,893,012
' 2,852,883 • 2,809,301 Mobile
2,112,069
Portland
2,054,354
21
2,158,227
2,141,190 Maced
2,417,163
Springfield
2,218,978 +8.9
2,393,185
2,200,000 Austin
Fail River
1,263,322 +12.5
1,421,664
1,594,838
2,073,816 Vicksburg
Worcester
2,385,663 -4.0
2,290,643
2,113,947
1,840,648 Jackson
New Bedford_ _
1,109,095 +9.6
1,215,316
1,449,894
1,373,838 Wilmingtor
Lowell
842,188 -26.2
620,582
589,289
532,817 Muskogee ,
Holyoke
598,847 +16.2
695,160
585,142
498,618 Tulsa
Bangor
490,400 +26.9
622,035
Total Southern
Week ending November 9.
1912.
PUBLISHED WEEKLY.
NO. 2473
56,031,261
-1.9
54,273,843
30,594,834
22,723,010
+8.2
15,233,085
15,005,560
+6.5
12,864,429
+11.5
12,805,707
-4.6
9,260,970
10,804,500
+24.1
7,514,035
3,922,960
-3.0,
6,903,789
6,329,848
+7.21
4,170,633
3,635,597
+5.5
3,305,241
3,559,813
+20.9
2,987,863
2,571,896
+11.4
1,508,435
1,480,657
-0.7
1,393,042
1,597,078
+25.9
1,214,731
1,519,320
+18.0
1,406,526
1,405,995
-46.0
1,342,131
957,506
658,876
-9.2
740,841
+12.9
814,741
734,674
+29.6
350,559
295,958
+31.3
190,000
+15.3
610,761
+13.8
1,033,841
1,199,111
-3.1
976,799
292,857
+59.9
183,960
+4.2 145,612,558 165;493,815
75,084,684
76,970,816 -2.4
80,782,384
73,543,073
26,545,555
21,954,018 +20.9
25,704,585
23,691,831
12,635,276
11,923,149 +6.0
13,199,553
12,653,519
20,354,053
19,660,705 +3.5
15,450,858
14,271,466
11,049,000
11,186,000 -1.2
8,533,500
8,657,500
11,464,507
/3,159,867 +40.5
8,753,337
8,510,607
18,936,542
18,741,325 +1.0
16,511,753
13,788,662
12,832,099
11,287,545 +14.3
11,521,514
9,370,337
8,134,381
8,199,596 -0.8
8,569,774
7,374,850
9,010,127
7,910,216 +13.9
6,325,514
5,579,206
6,778,578
5,156,477 +31.5
3,828,945
3,746,729
4,320,142
3,856,251 +12.0
3,570,004
3,487,666
3,087,024
3,109,857 -0.7
2,979,564'
3,802,421
3,101,795
2,746,706 +12.9
2,552,891
3,038,359
2,134,000
2,296,179 -7.1
2,674,892
2,575,009,
2,790.729
2,263,989
2,613,993 +5.6
2,736,447
3,353,073
2,215,071
2,604,6S5 +28.8 ,
3,109,321
3,156,428
2,154,244
2,700,000 +16.9 .1= 2,612,681,
1,991,227
1,914,764
1,591,862;
1,815,691
+9.5
2,366,821
1,918,582
2,013,003 +15.8
1,900,246
1,810,822
1,530,199
1,424 756 - +13.1
1,510,336
5,591,287
1,525,465
1,275,000
1 +9.2
5,122i,0183,308,074
3,455,270 -4.3
1,462,584
921,126
513,082
513,321 -0.05
464,185
550,685
674,142
745,011 -9.6
800,000
655,000
1,100,000
1,041,027 +5.6
700,000
870,069
1,041,181
907,977 +14.8
772,647 +5.2
812,959
253,827,548 238,928,615 +6.2 219,856,626 219,797,527
Total all
3,335,696,548 3,141,692,456 +6.2 3,440,133,753 3,589,403,960
Outside N. Y_ 1,477,083,30711,376,855,4961 +7.3 1,277.1131,254 1,373,421,76
1294
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the November
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This earnings Supplement also contains the companies' own statements where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR. and
ethers.
[Vol, Lxxxxv.
in the cruelest centuries. Possibly altruism itself
is an enlightened gelfishness, which discovers the
rewards of bestowing. It is impossible to reduce
benevolence and industrial provisions to exact analysis, nor is it necessary; we have them, and we have
a steady increase of them; that is the gratifying feature.
These beneficent schemes are most beneficent because, while they do not of themselves settle industrial problems, they make towards settlement by
producing and showing a real community of interest,
and bring capital and labor into nearer touch. This
has been said before, but it cannot be said too often,
and too emphatically. Professional agitators like
Mr: Gompers do not like it, for it threatens their
means of living. Mr. Gompers is still unable to
approve the industrial conditions in the steel business;
he is on the outside of that, and is greatly desirous
of getting inside. For instance, at the annual convention of the American Federation of Labor, this
week, he said that 260 new charters have been granted
during the year; also, "he discussed at length the
efforts of the Federation to organize the workers in
the steel industry and outlined a campaign of education among foreign workers in the steel mills."
Education is needed there, as everywhere, and not
by foreign wage-earners only; conditions are not
ideal, but the education is proceeding, and the principle of cooperation, in one form or another, is the
leaven which will do the work. As an extreme example of bad teachings, an English journal tells us
that at a recent meeting in Swansea Mr. Keir Hardie
said, it is reported, that the Cabinet is about to appoint a committee to deal with labor unrest. Then
observe:
"He predicted that not one single measure upon
which the working classes had set their hearts would
find a place in the recommendations of that committee. They ought to drop the idea of a merely
minimum daily or weekly wage and insist upon a
yearly salary, to be paid whether trade was good or
bad, or whether the workers were idle or not."
THE FINANCIAL SITUATION.
The announcement by the American Telephone &
Telegraph Co. of a scheme, to go into operation with
the new year, for combined sick benefits, life insurance and pensions to employees who may number a
quarter-million (employees of the Western Union
Telegraph Co. and the Western Electric Co. being
included within the scheme), calls attention anew to
the steps of progress towards "social justice" which
are taken, without clamor and with the very minimum
of publicity, by the denounced great corporations
of the country. In this latest-told case a fund of
ten millions is to be created, of course gradually, by
annual appropriations, and will be kept intact or
still further increased, as time requires. Railway and
manufacturing corporations are proceeding along
the same lines. The Pennsylvania claims to have
been the first American system to establish a pension
scheme wholly dissociated from other provident
undertakings, and wholly financed by the company
itself. Priority is not, however, of any great importance, nor is it needful to the present purpose to enter
into a statement of details or to compare one corporation scheme with another. Suffice it that the process has gone on so far that there are now few large
This blunt and intelligible statement of the chaos
corporations which have not already devised or are
carefully considering some plan for betterment of ta which the generalized rhetoric of "progressive"
campaigns would carry mankind if it could be purtheir employees.
The Telephone & Telegraph scheme is non-con- sued to its end needs no comment. It is not by protributory, in that it asks nothing directly from its claimed "issues," or by any party government underbeneficiaries; yet it is contributory in excluding taking to carry out those, that social justice and social
every phase of largess, since the employee has been betterment can advance. It will advance, as rapidly
long a contributor in the most effectual manner, as mankind is ready for it, by the operation of
through length of service. In the Pennsylvania, for natural forces.
example, several thousand retired employees are
Samuel Rea, who on Jan. 1 next will become Presinow in receipt of pensions; one employee has been
are
sernow
in
dent of the Pennsylvania Railroad Co., succeeding
drawing wage for 66 years, and 4,717
years
old.
70
Long
and
James McCrea, resigned, will be the ninth President
vice who are between 60
continuous
service—these
of
that great corporation. • Mr. Rea has had 41
service,
service, faithful
years of experience as a railroad man, most of that
are fundamental conditions.
The rabid hater of corporations may protest that period having been spent in the service of the Pennin all this there is no grain of altruism, and that the sylvania. Since 1883 he has been closely identified
monster is only conserving a portion of his own ma- with duties connected with the general offices of the
chinery; corporations are composed of men, and it company, and he has enjoyed the confidence and peris not possible to convince the world (after political sonal friendship of presidents George B. Roberts,
campaigns have passed, at least) that men gathered • Frank Thomson, Alexander J. Cassatt and James
about a directors' table are quite impervious to hu- McCrea. In 1892 President Roberts sent Mr. Rea
manitarian consideration,s. It may also be affirmed to London, where he made an exhaustive study of the
—as has been affirmed on behalf of the Massachu- terminals and underground railways of that city.
setts, "savings bank" scheme of life insurance, in re- This experience was providential, as the knowledge
spect to concessions made by the industrial compan- then gained fitted Mr. Rea to look after the exeie.v--4hat only the agitation kept up against capital cution of the plans of President Cassatt for the conhas made capital any.more open-handed than it was struction of the Pennsylvania tunnels under the
Nov. 16 1912,]
rrim
GIRONICLE
• Noloth and East rivers, the tunnel under this city
connecting the two and the erection of the passenger
depot here, which is an important part of the system.
Mr. Rea was eligible to succeed Mr. Cassatt upon
his death in 1906, but Mr. McCrea had been groomed
for the place, and Mr. Rea's work of supervising
the improvements in and about New York was not
finished at that time. Now that that important
project, which needed all of Mr. Rea's ability as
an engineer to supervise, has been successfully
completed, Mr. Rea is free to assume the greater
responsibility attached to the office of President.
He has had experience in handling financial problems of the Pennsylvania Railroad and is well
equipped for the duties which will fall to him at the
beginning of the year.
• Being 57 years of age, Mr. Rea is eight years'
younger than his predecessor. It is generally expected that his administration will be one of enterprise, and an enlargement and improvement of the
facilities of the big transportation system are anticipated. There are nearly 75,000 stockholders of the
Pennsylvania Railroad, and the shares are so firmly
held that the prospect of a change in the executive
head of the company had no marked effect whatever.
Immigration into the United States in September,
as during the earlier months of the current calendar
year, was on an increased scale as compared with
1911, and unofficial data gathered by us foreshadow
a like result for October. It is to be noted, moreover,
that the last two or three months the outward flow
of aliens has shown a tendency to decrease, so that
the net gain in foreign-born population has been
of rather larger proportions than for two or three
years. This is, of course, a very satisfactory feature of the alien movement, as the considerable volume of departures had caused much concern, the
supply of unskilled labor, which now-a-days is almost wholly recruited from among immigrants,
having become insufficient to meet the demand for
it. In fact, the country seemed to be reaching a
situation such as existed in 1907, before the occurrence of the panic. Inquiry not long ago among
those who act as agents for supplying unskilled labor
to farmers, contractors, &c., revealed the fact that
from all over the country there was a demand which
it was impossible fully to fill. It was stated that at
no time in a long series of years had it been so difficult to meet the calls for workmen.
The official immigration statement for September
shows that the inward movement of all classes of
aliens for the month this year was 128,466 (made up
of 105,611 immigrant and 22,855 non-immigrant, or
returning, aliens), which compares with 78,793 last
year, 100,456 in 1910 and 85,088 .in 1909. For the
nine months of the calendar year 1912 the influx of
aliens reached 897,347, contrasting with 704,792
and.968,201 and 873,094, respectively, in 1911, 1910
and 1909, and the record total of 1,165,150 in 1907.
The departures of steerage passengers for the period
from Jan. 1 to Sept. 30 were, with the exception of
last year, heavier than for any similar interval since
1908, aggregating 379,630, against 415,954 a year
ago, only 303,912 in 1910 and but 229,830 in 1909.
Deducting the efflux from the inflow, we have for
the nine months of 1912 a net gain in foreign-born
population of 517,717, which compares with an increase of only 288,838 for the like period of 1911 but no
less than 664,289 in 1910 and an almost similar ex-
1295
cess in 1909. As a result of the depression then -ex-isting, there was a net loss of 94,497 for the period
in 1908 but the 1907 addition was 861,901.
While upon the immigration question, it is an interesting fact that the Census Bureau, as a result of
the last enumeration (taken April 15 1910), found
confirmation of the statement that the immigration
to the United States of late years contains a larger
proportion than formerly of persons who go back
rather than remain here permanently. As proof of
this, it is stated that, while of the 3,421,184 immigrants who arrived here between 1891 and 1900,
some 2,609,173, or 76.3%, were counted in the enumeration of June 1 1900, only 5,000,098, or (30.6%,
of the 8,248,890 who arrived between 1901 and 1910
were accounted for as present in the United States
on April 15 1910. The bulletin that furnishes the
foregoing information also shows the distribution
of the 6,000,098, and it would appear that over half
of the total, or, to be exact, 2,924,972, located in
the New England and Middle States (1,186,048 in
New York alone), and 1,012,417 in the Middle West,
and presumably in both cans in greatest number in
the larger cities. On the other hand, the net gain in
the whole cotton-growing country in the ten years
was only 170,612, and in the vast territory stretching from the Mississippi to the Pacific and (excluding Arkansas, Louisiana, Oklahoma and Texas,
which we include in the South) from the Mexi,can
border to Canada, less than a million (892,097). It
is not surprising, then, that we hear complaints of
lack of labor to work the immense farms of the Far
Western country.
Immigration into Canada continues to show a
large increase, according to the latest official returns, a considerable proportion of the most desirable
arrivals being from the United States. For the period from April 1 to Aug. 31, the aggregate immigration into the Dominion was 242,509, of which 163,300
came through the ocean ports and 79,209 from the
United States, as against a total of 212,854 during
the same five months of 1911-141,021 at ocean
ports and 71,833 from the United States.
The Balkan war, so far as the original participants are concerned, may now be said to have ended.
Turkey acknowledges itself beaten and has appealed.
for a cessation of hostilities. It is reported by press
dispatches that two separate proposals for an armistice have been made, the first through the Powers
and the second direct to Gen. Savoff, commanding
the Bulgarian army before the Chatalja forts.
Under these circumstances it is not very probable
that the Bulgarian General will attempt further
operations of a serious character, as success could
only accrue through further sacrifice of his own men
without corresponding advantages. Military authorities seem to agree that the plans of the Bulgarian generals will now be merely to safeguard themselves against any possible failure in the negotiations for peace. A dispatch from Bucharest declared
that Roumanian officials had been informed last
evening that Bulgaria and Turkey had finally agreed
upon an armistice. Bulgarian troops have reached
the vicinity of Kilos on the Black Sea, at the entrance
to the Bosphorus. Last week's reports that Adrianople had fallen now appear to have been premature. The Ottoman Government is reported to be
willing to abandon the defense of the Chatalja lines
if the Bulgarians do not press their demands for a fol.-
I 296
THE CHRONICLE
• nial entry of their army into Constantinople. According to dispatches received at Sofia the Bulgarians have already penetrated the centre of the
Chatalja lines and have occupied the town of Hademkeui, twenty-one miles from the capital. It is
stated that Bulgaria demands the evacuation of
Adrianople, Scutari and Monastir as a condition of
agreeing to an armistice. An improvement in the
weather has permitted the resumption of the Montenegrin attacks against Turkish positions around
Scutari with some success. An engagement is imminent at Monastir, where the garrison has endeavored
to make terms for its-surrender but tried to impose
conditions which the Servian Crown Prince was unable to grant. A report through Bucharest places
the Bulgarian losses in the war at a far greater figure
than has yet been estimated. According to this
report the killed and wounded number between 60,000 and 80,000 out of a total of 320,000 men. An
epidemic of cholera is said to be prevalent in Constantinople, although official reports issued at
Constantinople minimize the seriousness of conditions there in this respect.
What may be called the larger question of the war,
namely the distribution of the territory already
taken from Turkey by the allied armies is now
attracting keen attention in diplomatic circles
throughout Europe. It is considered possible that,
owing to Turkey's acknowledgement of defeat,
it will be permitted to retain Constantinople, the
Dardanelles and adjacent territory. Such a solution would go a long way towards simplifying the
final settlement, as the jealousies of the European
Powers would hardly permit either Constantinople
or the Dardanelles to fall under the control of any one
of themselves. The chief obstruction to a satisfactory solution of the question of territory appears
to be the ambition of Servia to have a port in the
Adriatic Sea. This is something that Austria is
opposing in no uncertain terms and seems to be the
rock on which accord among the Powers may possibly be wrecked. Russia is supposed to be friendly to
the Servian demand, but an official denial has been
issued at St. Petersburg of the reports that the
Russian Government has pronounced itself definitely in favor of Servia's claim for an Adriatic port
or has sent instructions to the Russian Ambassador
at Vienna to that effect. King Nicholas of Montenegro gave a curt reply to the Austro-Hungarian
Minister when the latter made representations with
reference to Montenegro's action against Alessio and
the port of San Giobanni di Medua. The King
said he regarded the protest as null and void. A
dispatch from Constantinople says that in the event
of the fall of the Chatalja line of fortifications,
the Sultan's Government and Court will leave for
Brousa.
James Bryce, Great Britain's Ambassador to the
United States, has resigned, and will retire from his
office as soon as he can do so and leave a "clean
slate." The following statement explaining why
the venerable diplomat voluntarily retired was
authorized at Washington on Monday last: "The
President has been informed of Mr. Bryce's intention to retire before long from his post as Ambassador. He intimated his wish to do so to his Majesty's
Government in July 1911, more than a year ago,
as by that time the questions which he came out from
England to settle (including those relating to the
IVOL. Lxxxxv
North Atlantic fisheries, the boundary waters betwecn the United States and Canada, fur sealing in
Bering Sea and pecuniary claims outstanding between Great Britain and the United States had all
been disposed of. At the request of the British
Government, however, he remained in Washington
in order to deal with certain other matters that were
then pending. Mr. Bryce is retiring in order to
devote himself to the completion of two works on
which he has been long engaged. The time o" his
departure has not been fixed." Mr. Bryce will be
succeeded by Sir Cecil Arthur Spring-Rice, whose
appointment was formally announced in London on
Wednesday. Sir Cecil is no stranger to Washington,
having served many years at the British Embassy
in a secretarial capacity.
A highly strained condition in the Parliamentary
situation in England has arisen. On Monday the
Government was defeated by a vote of 228 against
206 on the financial clause of the Home Rule bill.
The amendment on which the vote was taken was
offered by Sir Frederick Banbury, a Conservative,
and provided that in case Ireland proved unable to
support itself by local taxation and had to call on
the Imperial Government for assistance, the amount
be limited to £2,500,000. Premier Asquith urged
that this amount was too small—that £6,000,000
might be needed. When the vote was announced
the excitement was intense, the Conservatives leaping to their benches screaming "Resign! resign!"
In view of the strained international situation the
Government at a Cabinet meeting that was hurriedly called decided that it would not resign, and in
the evening the Ministerial whips issued a statement
to the effect that the amendment was not regarded
by the Government as involving any modification
of their program. They said that the division
was clearly a "snap" one on a motion that had not
even been put on the order paper and was handed in
without notice. Therefore the Premier decided
to introduce a motion on Wednesday to rescind the
decision of the House in adopting the hostile amendment. When on that day he attempted to carry out
this program, a virtual riot ensued. Mr. Asquith
pointed out that 1'st week the Government had a
majority of 121 on a question similar to that raised
by Sir Frederick Banbury. He argued that there
were precedents for the course proposed. Mr.
Bonar Law replied that the established rule of the
House was not more than one decision on a resolution.
The Government's proposal, he declared, was an affront to the House. After a motion for adjournment
had been defeated by a vote of 327 to 218, the storm
broke. Sir Frederick Banbury moved that a decision
once reached could not be reversed at the same session.
"The only honorable alternatives before the Government," he said, "are resignation or dissolution."
Louis Harcourt, Secretary of State for the Colonies,
attempted to speak, but every sentence was drowned
by Unionists' shouts and derisive cries for LloydGeorge. He finally took his seat and the AttorneyGeneral, Sir Rufus Isaacs, had the same experience.
The Speaker finally adjourned the House for an hour,
but when it was still found impossible to proceed with
business the Speaker at length declared: "I rule
that a scene of grave disorder has arisen and I adjourn the House until to-morrow." A yell of victory
burst from the Unionists. The members of the
Cabinet *clustered on their side of the Clerk's table.
Nov. 16 1912.]
THE CHRONICLE
For Some time no one moved to leave the House.
Documents soon began flying and a Unionist member, Ronald McNeill, rushed to the Clerk's table
and seized a heavy volume which he hurled at the
first Lord of the Admiralty, Mr. Churchill, whom
he struck full on the chest. There was an ugly
rush from the Liberal benches but the cooler members held back their colleagues. For a moment
a battle of fists seemed imminent. Finally the voice
of Will Crooks was raised in song: "Should Auld
Acquaintance be Forgot?" Others took up the
refrain and gradually flowed into the lobbies. At
a Cabinet meeting held later in the day it was determined to adhere to the program. On Friday, however, acting on a suggestion which is believed to have
emanated from King George himself, the House adjourned until Monday,and thus avoided a repetition
of Wednesday's experiences.
Advices from Washington state that our Government and that of Russia are about to agree upon a
modus vivendi to maintain the status quo during the
two months of the Taft Administration following
Jan. 1, the date of the expiration of the treaty between the two countries. The effect of this will be
to continue the commercial. rights and privileges
between the two countries as they now exist under
the treaty until the new Administration has had
an opportunity to take up the problem with Russia.
It is believed that notes will be exchanged between
the two governments on this subject which will
amount to an acknowledgment that the Department
of State and Russia have been unable to agree on
a treaty.
1297
situation that accompanied the defeat of the Govern-,
ment on a financial clause of the Home Rule bill and
the development of an unusually awkward situation,
which was finally compromised on Thursday by an
adjournment of the House of Commons to Monday of
next week. The closing price of Consols was 75 7-16,
which compares with 743/i a week ago, while French
Rentes (in Paris) closed at 90.20; last week's
closing price was 89.60 francs. Meanwhile the Balkan securities have ruled somewhat irregular during
the week. Bulgarian 6s were yesterday quoted from
London at 103, against 101 a week ago; Greek
Monopoly 4s closed at 54, against 55 a week ago;
Servian Unified 4s are 80, against 81 a week ago,
and German Imperial 3s closed unchanged at 76.
Russian 4s closed 1 point higher for the day and %
higher for the week,at 903/
2, while Turkish 4s finished
23/ above Friday of last week. It is reported
by cable from Paris that the French banks are
contemplating the appointment of a committee
for the protection of Turkish bondholders.
While the Paris market is described as firm and cheerful, one correspondent suggests that it is "showing
slow, gradual and prudent improvement, which indicates the return of confidence without undue exaggeration or enthusiasm."
The Imperial German Bank on Thursday advanced
its discount minimum a full 1%, making the figure
6%, which has not been current since January 13
1908. The Bank of Bombay advanced its rate to
5% from 4% on the same day, and the Bank of Bengal changed its figure to 6% from 5%. Yesterday
the Bank of Austria-Hungary advanced its minimum to 6% from 5% and the Bank of Denmark
Another example of the risks that attend the increased its rate to 532% from 5%. Otherwise
assumption of high office is contained in the news there were no changes during the week in the official
from Madrid that Jose Canalejas, the Prime Minister rates of the banks. Outside market rates have,
of Spain, was shot and killed there on Tuesday by taken altogether, been well maintained. Closing
an assassin, who later turned on himself the revolver quotations yesterday in London for 60 day bankers'
with which he committed the deed, and was seriously acceptances remained unchanged for the week at
wounded. The assailant, Manuel Pardinas Sareiato, 5%, while 90 days were 4 15-16%, which is a reducfired two shots at the Premier. One bullet entered tion of 1-16%. Bills to arrive are 1-16% lower at
just below the ear and caused instant death. It is 4 15-16% for short bills and without change at 4%%
reported that the assassin was an anarchist. The for long. In Paris the open market rate remained
police are said to be extremely secretive. The unchanged for the week at 3%%, both for spot
assassin's wound proved fatal to himself. The bills and those to arrive. Finance bills are
King has appointed Marquis Manuel Garcia Prieto, quoted at the same figure, which removes the M%
the Foreign Minister, Premier, until there is a final differential that was current a week ago. In
Berlin the spot quotation as cabled last evening
selection.
3
for all maturities, with 532% the quowas 5/%
The London Stock Exchange as well as the Con- tation for bills to arrive. Amsterdam remains untinental bourses have shown much additional im- changed at 37
4% and Brussels at 45
4%. At
provement this week. They have, indeed, devel- Vienna the open market rate was advanced 94%
oped a distinct degree of cheerfulness. It is esti- to 5%%. The official bank rates at the leading
mated that London has repurchased between 75,000 foreign centres are: London, 5%; Paris, 4%; Berlin,
and 100,000 shares of American securities that were 6%; Vienna, 6%; Brussels, 5%; Amsterdam, 4%,
sold through that centre at the outbreak of the Balkan Bombay, 5%, and Bengal, 6%.
hostilities. This is a subject to which we refer in
The Bank of England in its weekly return on
greater detail in our discussion of the sterling ex- Thursday showed a repayment by the market to the
change situation in a subsequent column. Money Banklog£2,342,000 and an increase of £2,560,000 in
at„London and Paris has shown greater abundance public deposits, which, of course, constituted an
and there has at both centres been a repurchasing' additonal drain on the market. On Tuesday payment
of tinvestments aside from ,the transactions in our was made for a £3,000,000 new issue of Treasury bills,
-owti ecurities. A substantial advance in English which in some degree explains the increase in the
Consols and FrenclOiRentes.gurnishes a favorable item of public deposits and also the decrease of £4,index of the improvement in the London and Paris 487,000„in the ordinary deposits in the Bank. The
markets. In the instancelofjthe British centre the gold coin and bullion holdings increased £77,279
improvement is all the more significant since it andithemtotal reserve showed an expansion of £414,occurred in.the face of the strain in the home political 000, making the proportion to liabilities 49.95%,
1298
THE CHRONICLE
comparing with 47.46% last week and 50.50% a year
ago. This presents a rather strong showing under
the circumstances. The bullion holdings aggregate
£36,627,159, against £36,032,009 one year ago and
£34,964,014 at this date in 1910. The reserve stands
at £26,776,000, against £26,035,324 at this date in
1911 and £24,891,269 in 1910. The loan item still
exceeds last year's figures by £2,800,000, amounting
to £31,565,000, which compares with £28;781,383
one year ago and £25,732,458 in 1910. The Bank
secured all the offerings of £750,000 South African
gold in the open London market on Monday, with
the exception of £150,000 which was obtained for
India. A shipment of £1,900,000 in gold was received in London from India on Thursday. It went
direct to the Bank of England on Indian account
and will not be available for use in the London market,
although it is suggested that a part of it is intended
for the payment of the large amount of silver which
India is said to have purchased during the last few
months. Our special correspondent furnishes the
following details of the gold movement into and out
of the Bank for the Bank week: Imports, £644,000
(wholly bought in the open market); exports, £750,000 (of which £450,000 to Egypt and £300,000 to
Brazil), and receipts of £183,000 net from the interior
of Great Britain.
[VOL. Lxxxxv.
counts combined are about 93,000,000 marks in excess of the aggregate of the corresponding week of
1911. They amount to 1,396,729,000 marks, as
against 1,303,140,000 marks in 1911 and 1,191,680,000 in 1910.
The local money market has continued to display
underlying strength. So far as fixed maturities are
concerned, the tendency towards the close appeared
to suggest a rather easier market, though by no
means cheap money in the near future. The highest
call rate of the week was 63'% and was paid on
Tuesday. Last week the highest figure was 7% and
in the week preceding it was 9%. The demand in
mercantile circles for funds has not been especially
active. In fact, there appears some evidence of a
continuance of the disposition to which we referred
in our last week's issue to refrain from actively
making new commitments in manufacturing and
mercantile circles until some definite information
becomes available as to the effect that the election
is to have upon business. In the iron and steel
industry there is certainly no suggestion of relaxation
in the demand. But elsewhere in the industrial
world there does not appear for the moment to be
the same extreme degree of enthusiastic activity that
has recently been current. The insistent demand that
has sprung up, especially among politicians, that the
The gold holdings of the Bank of France showed President-elect assemble an extraordinary session
a further contraction of 1,781,000 francs, following of the new Congress immediately after his inauguthe reduction of 3,209,000 francs last week, not- ration for the purpose of promptly fulfilling the promwithstanding that cable advices continue to report ises contained in the Democratic Party's platform
that the Bank is steadfastly continuing its policy by revising the tariff schedules downward, seems
of refusing gold payments and in this is necessarily to have caused some degree of hesitation in both
being followed by the cheque banks and the great financial and business circles. It is conceded that
French credit associations. Silver holdings were re- that there is considerable to approve in the view that
duced 2,327,000 francs. Note circulation indicated prompt legislation regarding the tariff will permit
an expansion of 110,550,000 francs, but discounts general business to proceed all the sooner on a perwere reduced 30,475,000 francs, general deposits manent basis. The President-elect, who started
decreased 71,700,000 francs, Treasury deposits in- on his holidays yesterday (Friday), promises to
creased 22,550,000 francs and advances declined announce his decision on the extra session question
7,125,000 francs. The Bank now holds 3,221,235,000 as soon as he returns. This involves, according to
francs in gold, which compares with 3,200,075,000 his present plans, a delay of about one month.
The extreme rates for call money during the week
francs one year ago and 3,295,025,000 francs in 1910.
% and 63/2%, while renewa's ranged between
43
were
francs,
750,051,000
aggregate
holdings
The silver
4 and 5%%. On Monday the highest and lowest
comparing with 800,425,000 francs one year ago 51
and 833,175,000 francs in 1910. The outstanding f gures were 6 and 514%,respectively, with the lower
circulation exceeds that of last year by more than figure the renewal quotation; on Tuesday 63'% was
400,000,000 francs, the total outstanding being the maximum and 532% the minimum and ruling
5,720,289,000 francs, which compares with 5,314,- rate; Wednesday's range was 5@6%, with renewals
446,130 francs one year ago and 5,229,023,730 francs at 5%%;on Thursday16% was the highest, 59% the
lowest and also the ruling figure; on Friday the exin 1910.
tremes were 6 and 59'%, with 5 8% the renewal
The weekly statement of the Imperial Bank of basis. Time money is virtually on a 6% basis for
Germany which was published on Saturday indi- the shorter maturities, while six months' funds have
cated a loss of 8,908,000 marks in the gold on hand been placed this week at 532%. Closing quotations
and of 980,000 marks in the gold and silver combined. were 6% for sixty days, 5%@6% for ninety days,
There was a contraction of 78,437,000 marks in note 53/2@5%% for four months, 53/2% for five months,
circulation, of 31,434,000 marks in loans and of 53/2% for six months and 5@532% for later maturi73,146,000 marks in discounts. Deposits were ties. Mercantile paper remains at 5%@6% for
41,516,000 marks lower and Treasury, bills registered choice six months' single means. Very little sixty
a decrease of 5,943,000 marks. Comparing with the and ninety-day endorsed paper is offering and the
Names not classed as
corresponding week of last year the Reichsbank is nominal quotation is 5
at
remain
choice
silver
strictly
and
supply
63'/o.
gold
unquestionably stronger, the
amounting to 1,209,733,000 marks, which compares
Under a pressure of bills of all kinds, the market
with 1,057,860,000 marks in 1911 and 951,300,000
marks in 1910. The outstanding circulation is for sterling exchange has ruled distinctly weak, and
lower than a year ago, amounting to 1,772,401,000 quotations are now below the basis that was current
marks, against 1,822,060,000 marks in 1911 and when gold was engaged for New York in London
1,675,400,000 marks in 1910. The loans and dis- late in September. There is, however, no immediate
Nov. 16 tun ]
THE CHRONICLE
1299
prospect of a renewal of the inward movement of opening, the market reacted slightly and closed ungold, as it is recognized that the Bank of England changed from the previous day's quotations. Large
would be very apt to effectively resist such a move- offerings of commercial bills were in part responsible
ment at the moment, in view of the strained situa- for a decline on Tuesday, when demand fell to
tion underlying all the European centres at the pres- 4 8525@4 8535, cable transfers to 4 8580@4 8590
ent time. London, furthermore, has this week re- and 60 days to 4 8080@4 8090. Sterling rates broke
purchased on direct cable orders and on balance in sharply on Wednesday on the continued output of
the regular arbitrage dealings between the New York cotton and grain bills and a firmer tendency in local
and London security markets between 75,000 and money; demand declined about 20 points to 4 8505@
100,000 shares of American securities. This, how- 4 8515, cable transfers to 4 8560@4 8570 and 60 days
ever, can hardly be considered a movement that will to 4 8065@4 8075. On Thursday there was a further
mean a transfer to this side of gold in payment, decline of 5 points due to active selling for speculative
since, in some measure at least, it merely consti- account and the firmness in rates for money;the close
tutes the elimination of London loans incurred by was at 4 85@4 8510 for demand, 4 8555@4 8565 for
American bankers in the form of finance bills that cable transfers and 4 8065@4 8075 for 60 days. On
were drawn at the time to pay for the wholesale Friday the market continued weak, the demand rate
liquidation that accompanied the breaking out of going as low as 4 8495 and cable transfers as low as
hostilities in the Balkan war. At that time the 4 8545, though there were subsequently moderate
local money situation, it will be remembered, was one recoveries. Closing quotations were 4 8065@4 8075
of considerable strength. The strength was the re- for 60 days, 4 85@4 8510 for demand and 4 8555@
sult of the improvement that was proceeding so 4 8560 for cable transfers. Commercial on banks
rapidly at that time in trade and industry under the closed at 4 783/
2@4 803/ and documents for payment
stimulus of the exceptionally favorable agricultural at 4 80@4 813. Cotton for payment ranged from
conditions and prospects. Furthermore, the interior 4 803@4 803/2; grain for payment from 4 81@4 813.
demand for financing the crops was also becoming
insistent, so much so that the Treasury Department
The New York Clearing-House banks, in their
was supposed to be giving close attention to the gen- operations with interior banking institutions, have
eral money situation throughout the country, with gained $1,077,000 net in cash as a result of the cura view of furnishing aid in the form of deposits of rency movements for the week ending Nov. 15.
Government funds in the banks. It is evident that Their receipts from the interior have aggregated
under these circumstances there was no sufficient $11,550,000, while the shipments have reached
surplus of banking reserve to pay for the large vol- $10,473,000. Adding the Sub-Treasury operations,
ume of securities that Europe so suddenly unloaded. which occasioned a loss of $4,600,000, the combined
Payments for the securities were therefore necessarily result of the flow of money into and out of the New
made by the usual foreign exchange methods, in York banks for the week appears to have been a loss
which the drawing of finance bills on London was of $3,523,000 as follows:
a prominent feature. The repurchasing of securiInto
Out of
Net Change in
Week ending Nov. 15 1912.
ties will, of course, facilitate the covering of these
Banks.
Banks.
Bank Holdings.
Banks'Interior movement
$11,550,000 $10,473,000 Gain $1,077,000
finance bills as they mature, as an additional aid to Sub-Treasury
operations
23,100,000
27.700.000 Loss 4,600,000
the grain, cotton and other produce and commercial Total
$34,650,000 $38,173,000l Loss $3,523,000
I
bills that are accompanying our large export moveThe following table indicates the amount of bullion
ment. The steady advance that has in recent years
taken place in our exports of manufactures is pro- in the principal European banks.
viding a constant supply of exchange that is having
Nov. 14 1912.
Nov. 16 1911.
the effect of spreading business more uniformly Banks of Gold. I Silver. I Total.
Gold.
Silver. I
Total.
throughout the entire year, and measurably reducing
£
I
£
£
£
£
I
£
England__ 36,627,159i
36,627,159 36,032,009
I 36,032.009
the seasonal strain that previously was so promi- 128,849,60( 30,001,600158,851,200128,003,480 32,017,360160,020.840
Germany. 40,889,5001 15,500,000 56,389,500 38,933,300 13,959,900 52,893,200
nently associated with the active seasons of export FranceRussia __ 157,518,000, 6,459,000163,977,000 142,072,000 8,044,000148,116,000
Aus.-Hun 51,967,000, 10.791,000 62,758,000 53,791.000 11,479,000 65,270,000
for our farm products. The advance of 1% in the Spain ____ 17,310,000, 29,353,000 46,663,000, 16,693,000 30,121,000 46,814,000
Italy _ _ _ 42,491,000
45,991,000, 40,652.000 3,569,000 44,221,000
German Bank rate will, of course, retard the move- Neth'Iands 13,680,000' 3,500,000
493,900 14,173,900 11,601,000 1,075,300 12,676,300
Nat.Beig
7,546,6671 3,773,333 11,320,000, 6,654,000 3,327,000 9,981,000
_ _ 5,510,0001
5,510,000, 4,736,000
ment of gold to this country. President Havenstein Sweden
4,736,000
Switz'land 6,984.000;
6,984,000, 6,401,000
0,401,000
2,225,00Q 2,226,000
of the Reichsbank, in advocating the advance in Norway _ 2,225,000;
2,226,000
'
week 511,597,926 99,871,833611,469,759487,794,789 101,592.560589,387,349
the Bank rate, explained to the committee that the Tot.
Prey. wk.514,514,670 100,259,830614,774,500487,201,961 101.528.680588.730,041
I
1
i
1
Balkan situation was affecting money rates at all
I
the international markets. It was necessary, he
added, for the German money market to continue
A IBASSADOR BRYCE.
to practice self-restraint. While there had unquesThe announcement that Mr. James Bryce has tentionably been improvement in the Berlin banks, the dered to the British Government his resignation of
progress, he said, had not been as rapid as could be the Ambassadorship at Washington was received
wished. Money in London is rather firmer for the throughout this country with a sentiment of deep
week, closing at 332@3Wt% on call, due largely to regret. The reasons for that resignation are perthe maturing of loans at the Bank and the payment fectly well understood. Mr. Bryce is 74 years old.
for £3,000,000 of Treasury Bills during the week.
He has for five years been engaged in the arduous and
Compared with Friday of last week, sterling ex- exacting duties imposed by the numerous highly imchange on Saturday was unchanged for demand and portant negotiations under way between the British
cable transfers, which were still quoted at 4 8540@ Government and our own. His health has been
4 8550 and 4 8590@,4 86, respectively; 60 days de- more or less impaired, and this was not the
less
clined to 4 8090@4 81. On Monday trading was strong a consideration from the fact that, even
in
dull and inactive, there being a general disposition the midst of his diplomatic labors, his well-trainecl
to await further developments abroad; after a firm mind has, been steadfastly devoting itself to literary
'• •
1300
THE CHRONICLE
[VoL. Lxxxxv.
labors in the field of political description and philoso- The negotiation failed of endorsement by the Canadian people, and the other achievements of Mr.
phy, where he long ago won such high distinction.
Not only, indeed, must it have seemed impossible Bryce's ambassadorial career have not as yet for
to Mr. Bryce to continue longer the double labor the most part borne their full fruition. He leaves
of diplomacy and literature, but in some of his most at a time when his prestige and popularity with the
important contemporary publications—we may in- American public may possibly be much needed by the
stance his lately published "Observations and Im- British Government at Washington. His decispressions in South America"—the works themselves ion to withdraw from the service may have been
plainly indicate how frequently the instinct of frank in some degree promoted by his feeling that possible
political criticism was necessarily held in check by friction might develop in discussing the details of
the delicate situation in which the author found him- the Panama Canal Act. In that case, it is easy to
self, as the representative of a foreign State, with the imagine that, divided between his loyalty to British
Government whose relations with South American traditions and his strong good will toward the Amerirepublics would naturally have come up repeatedly can people, he should have wished to have such nefor discussion. To the theory hinted at occasionally gotiations placed in other hands.
Mr. Bryce, however, will be remembered in this
in London, that Mr. Bryce was forced out because
far less for his achievements in politics or
country
reciCanadian
abortive
the
with
connection
his
of
procity plan, we attach no importance whatever. diplomacy than for his "American Commonwealth."
In that negotiation the Ambassador at Washington That great work will undoubtedly stand in our future
played a distinctly secondary part; the conferences history as a text-book for the American school boy
and the agreements were conducted directly between and the American citizen—a supplement to, and a
the Government at Washington and the Canadian more thoroughgoing criticism than, De Tocqueville's "Democracy in America." In the original
officials.
to his great work, Mr. Bryce remarked
introduction
his
of
representative
the
as
work
Bryce's
Mr.
country. at Washington has been of high value to that "it may be thought that a subject of this great
both countries. His undoubted personal influence compass ought, if undertaken at all, to be underin promoting good relations between the two gov- taken by a native American. No native American
ernments arose partly from his tact and skill, partly has, however, undertaken it. Such a writer would
from his known admiration of our people and insti- doubtless have many advantages over a stranger.
tutions, but most of all from the prestige acquired Yet there are two advantages which a stranger, or
through his authorship of the "American Common- at least a stranger who is also an Englishman with
wealth"—that thorough and statesmanlike exposi- some practical knowledge of English politics and
tion of our form of government which, published English law, may hope to secure. He is struck by
as long ago as 1888, gave a new and clearer view of certain things which a native does not think of exour institutions, not only to foreign readers of the plaining because they are too obvious; and whose
influence, on politics or society, one to whom they
book but to Americans.
seem part of the order of nature forgets to estimate.
philosopher
closet
no
was
Mr. Bryce, however,
or scholarly recluse. His literary achievements are And the stranger finds it easier to maintain a position
many and important; he will long be remembered of detachment—detachment not only from party
by his "Holy Roman Empire," published in 1862, and prejudice but from those prepossessions in favor of
his "Impressions of South Africa," published in 1897, persons, groups, constitutional dogmas, national
as well as by his "American Commonwealth." But pretensions, which a citizen can scarcely escape exvery few Englishmen have devoted to the public cept by falling into that attitude of impartial cyniservice itself a longer and more useful career. When cism which sours and perverts the historical mind as
only eight years out of Oxford, Mr. Bryce entered much as prejudice itself."
Those words concisely and correctly sum up the
Parliament. He did active service in the drawing
of the second Home Rule Bill in 1882; he was Under reason for the great value of Mr. Bryce's treatise to
Secretary of State for Foreign Affairs in 1886; had a the American people themselves. It has all along been
seat in the Cabinet as Chancellor of the Duchy of a matter of hopefulness and cheer to his American
Lancaster in 1893; was President of the British Board readers that, beginning his inquiry into our governof Trade under Rosebery in 1894 and Chief Secre- mental and social institutions on so broad and
tary for Ireland under Campbell-Bannermann in 1905 philosophical a basis, his conclusions were invariably
and 1906. It was from this important office that optimistic. "America," he wrote, in concluding
his introduction, "excites an admiration which must
he was transferred to the Washington Embassy.
Ambassador Bryce's public record, during his five be felt upon the spot to be understood. The hopeyears of service as. representative of his country at fulness of her people communicates itself to one who
Washington, has been important more in the way of moves among them, and makes him perceive that
cementing the good relations between England and the graver faults of politics may be far less dangerous
the United States and in directing the tendencies of there than they would be in Europe. A hundred
our formal international relations than in any dis- times in writing this book have I been disheartened
tinct and epoch-making diplomatic achievement. by the facts I was stating; a hundred times has the
The Newfoundland Fisheries question engaged much recollection of the abounding strength and vitality
of his attention during the first part of his service of the nation chased away these tremors."
As a matter of fact, Mr. Bryce's optimistic preat Washington. He had an active hand in promot(
of a quarter of a century ago, regarding the
With
lictions
1908.
of
treaty
ing the general arbitration
Canadian reciprocity he was, as we have said, less way in which we might solve our problems of municiactively identified; yet it is scarcely to be doubted pal corruption, have been abundantly realized in the
that he cordially approved from the start that benefi- subsequent progress of events. We believe that his
cent, though unfortunately unsuccessful, undertaking similar predictions, in matters even more• fundaof President Taft and the Canadian Government. mental to our governmental system, will be simi-
Nov. 16 1.912
THE CHRONICLE
larly realized. This is his comment on the question
of facilitating easy changes in the Federal Constitution—suggestion which certainly has not lacked for
active discussion during the present year:
"Ought the process of change to be made easier—
say by requiring only a bare majority in Congress and
a two-thirds majority of States? American statesmen think not. A swift and easy method would not
only weaken the sense of security which the rigid
Constitution now gives, but would increase the
troubles of.current politics by stimulating a majority
in Congress to frequently submit amendments to
the States. The habit of amending would turn into
the habit of tinkering. There would be too little
distinction between changes in the ordinary statute
law, which require the agreement of majorities in
the two Houses and the President, and changes in
the more solemnly enacted fundamental law. And
the rights of the States, upon which Congressional legislation cannot now directly encroach, would be endangered."
1301
was made that the Government stood ready to give a larger
equivalent in the metal for the quantum of gold in the
dollar, all the coined dollars in the country would be offered
for the redemption in bullion". Thiicertainly is an astounding
statement from an editor ofone of the:leadingfinancialjournals
of the country, especially in view of the experience which
we have already had with the gold exchange standard in
India and the Philippines. When this standard was proposed and advocated by Sir David Barbour and others,
twenty years ago, many pessimistic statements similar to
yours which I have quoted were made. It was believed
that the rupee could never have any "artificial" value over
and above the value ofthe bullion it contained, and thatif the
Government attempted to redeem such over-valued coins
in gold it would prove an expensive undertaking and would
in all probability exhaust any gold reserve, if a gold reserve
were created. Probably some one may have even suggested
as dire a calamity as you suggest, namely that all the silver
coin in the country would immediately be presented for
redemption. Needless to say, nothing of the sort happened,
even after 1900, when a specific reserve was established.
The gold exchange standard is no longer an untried scheme,
it is a great mechanism in continuous and successful operation. It has been operated not at "enormous expense" but
at very slight expense, as the article by Charles A. Conant
on this subject "The Gold Exchange Standard" in the
Royal Economic Journal, June 1909, clearly shows.
The principle of maintaining the value of a coin beyond
the value of the bullion within it really applies to our own
silver and minor coins, to say nothing of all our paper money.
Yet there is no rush to the Treasury to redeem gold certificates on the ground that the paper on which they are printed
GIVING THE DOLLAR STABILITY OF
does not happen to be worth as much as the gold in which
PURCHASING POWER.
they are redeemed. It is difficult to see why, if the public
We have received another letter from Professor is content to keep in circulation gold certificates printed
on paper it should not be content to keep in circulation gold
Irving Fisher of Yale, intended to answer our objec- certificates
printed on gold, which is precisely what gold
tions to his scheme for securing stability of purchasing coin would be in the system proposed.
You say: "We may be sure that our legislators would
power for the monetary unit, the dollar. We print sooner
or later require that it (the seigniorage) should be
the letter herewith.
coined." If this is true, then we must expect that sooner
or later the gold in the Treasury which now circulates only
YALE UNIVERSITY
through gold certificates will be coined and put in circulaDEPARTMENT OF POLITICAL ECONOMY.
tion in addition to these certificates I The proposed plan
New Haven, November 7 1912.
would provide for the redemption of gold certificates (whether
Editor Commercial & Financial Chronicle, New York City. written
on paper or on gold coin) precisely as at present,
My Dear Sir—
although
bullion for redeeming each dollar of these
I want to thank you for your courteous treatment of me certificatesthe
would
remain 25.8 grains. There would be
in your issue of October 26th. I think I understand at last just the same need not
at present for the Government to keep
the cause of your puzzlement. You have evidently been the gold bullion in as
vaults and it should be made just as
misled by my choice of the word "seigniorage" intended obligatory. With itslaw
framed as it should be framed, the
to describe the excess of the bullion basis of the dollar over Government could the
touch for its own profit the "seigniorthe bullion in the gold dollar itself in the proposed plan for age" any more thannot
it can touch the gold it now holds: The"a compensated dollar." This you have evidently under- Treasury is now a great
deposit vault for the gold which
stood to mean a profit to the Government and therefore, so circulates in the form ofsafe
gold certificates and it would conyou thought, something to be coined and put into cir- tinue to be so.
culation. Such coinage of the seigniorage, however, was
Under the present ystem, the Government holds the
notonly notintended,but was provided against by the require- price of gold absolutely
ment that the Government should redeem gold coin, just gold, because it virtually at $18.60 per ounce for standard
stands ready to buy or sell at that
as it now redeems gold certificates, in gold bullion on demand. price. It buys
gold bars by means of gold certificates or
What I (perhaps not very felicitously) called "seigniorage" coined gold and sells
would be used as a trust fund for this purpose of re- gold. It ought to gold bars for gold certificates or coined
be clear that if the price of gold were
demption. It ought not to be used for any other purpose
from $18.60 to $18.50 the Government could
and could not be so used to any great extent without result- reduced
hold
this
new
price
in exactly the same way as it now holds
ing in a redundant currency and a demand for redemption. the old.
Without such redemption provision the plan would be a
You end your article by the most surprising statement
fiat money scheme and it was, I judge, because you at first which
I have seen in the discussion of this subject. You
overlooked the redemption provision that you mistook it say
that if the plan secures stability of purchasing power
for such. Under the plan, as actually drawn, and not as it 'would
do so at the expense of a fixed standard of values."
you imagined it, gold coin would become substantially what [The quotation
as here given is not entirely accurate—Ed.]
gold certificates now are, namely a claim on gold bars in. As you
give
no definition of what you mean by a fixed standthe Treasury. The proposed mechanism would be pre- ard of values,
cisely similar in its operation to the mechanism by which that at presentI assume that you mean nothing more than
our dollar is a fixed weight of gold, for it is
the gold exchange standard operates in the Philippines or only in this
sense that we have a "fixed" standard. After
in India. The Philippine Government receives silver pesos all the
discussions
on the standard of value which we have
in purchase of gold exchange on New York at a rate set had during
the present period of rising prices and the anteby law. In other words, it substantially redeems silver cedent
pesos in titles to New York gold. The Philippine Treasury attemptperiod of falling prices, I had supposed that all who
to write on this subject were fully convinced that
cannot re-issue too many of the pesos thus obtained without a
fixed weight of gold is not a fixed standard of value. It is
creating a redundant currency and causing the return of
rarely that one sees to-day the contention that gold must
these same pesos for further redemption.
In your last article you say: "Professor Fisher endeavors be a good standard of value because it always has the same
to cure this defect by providing that the coined dollar shall price. This price is the Mint price fixed arbitrarily by the
Government at $18.60 per ounce 9-10 fine, or at £3 17s.
be redeemable on demand in the bullion dollar."
1.0 2d. per ounce 11-12 fine in England. I had supposed
redemption proviso was not an after-thought ("to cure The
this the old riddle "Why do not changes in the supply and
defect") but was an organic part of the original plan. The
of gold affect its price?" was familiar to all. The
very term "bullion dollar" which I employed was defined demand
mystery is easily solved as soon as we realize that the price
as the bullion into which the coined dollar was intercon- of
is in terms of a fixed weight of gold and not in terms
vertible. Your final reluctant admission that this redemp- of gold
a fixed' standard of value or purchasing power. Ten
tion proviso would raise the value of the coin dollar is ounces
of gold are worth $186 for the simple reason that
equivalent to the withdrawal of the objections in most of ten
ounces of gold can be cut up and minted into exactly
your first article.
By admitting that each rise in weight of the bullion dollar $186. To say, therefore, that ten ounces of gold are worth
$186, or that one ounce is worth $18.60, has precisely as
(that is, the amount of bullion in which the coin dollar
is much importance in reference to the question of standards
redeemable) would raise the purchasing power of the coin,
you 'lave admitted the whole principle of the plan, namely of value as the statement that a quart of milk is always
worth two pints of milk. Gold is certainly of fixed value
that it.is possible to adjust purchasing power by adjusting
in reference to gold just as milk is of fixed value in referthe weight of the redemption-bullion or "bullion dollar."
This admission, however, you follow by the objection ence to milk. And this is the only sense in which gold is
of fixed value. You have not shown, and you could not
that the operation of the system would be at "enormous show,
that gold is a "fixed" standard in any Other sense
cost to be Government, for the moment the announcement whatever.
Gold is not fixed in value with reference to any
1302
THE CHRONICLE
[VoL. Lxxxxv.
situation with
other commodity nor in reference to commodities in general. real situation, as distinct from his apparent
men and busiIt is not fixed in value with reference to any standard of reference to gold. For this reason business
value (except itself) which has ever been suggested. There ness agencies like Sauerbeck, Bradstreet, Dun and Gibson,
is no way in which we can measure value except in terms of have constructed index numbers
The truth is, it is the fixed Mint price that is "the most
goods. We can measure the silver value of gold or the
demand
wheal value of gold or the general commodity value of gold, arbitrary thing ever devised". The supplyorand
the supply
that is, its purchasibg power. The best standard of value, of gold in reference to other commodities,
with referaccording to practically all students of this subject, whether and demand of other commodities in general
$18.60
academic economists or business men, is the last-named, ence to gold, beat in vain on this price. It remains
measured
i. e., the "multiple standard" of general purchasing power. an ounce simply because the price of gold is now
and
Consequently, to produce stability of purchasing power in terms of gold dollars. Fluctuations in supply
the price of
of the dollar is to attain fixity of the standard of value in demand of gold are now not allowed to affect
the most important and most general sense in which this gold one iota. The whole effect of these fluctuations is
term can be practically applied. If you have up y'our forced on to the price level of other things. If you wish
sleeve some standard of value which is neither gold nor supply and demand to affect all prices, then set it free to
d
commodities by which you have judged our present gold affect the price of gold. The proposal for a "compensate
gold
standard and found it "fixed", I think you owe it to your dollar" assimilates by means of index numbers the
readers to disclose what it is. I challenge you to try. But standard with the "multiple standard". Instead of having
you are only confusing your readers when you try to pass our dollar hitched, as at present, to one commodity only,
off gold as a 'fixed" standard on no better ground than that we should have it hitched to the centre of gravity of all.
it is fixed in terms of itself. If I am correct in identifying Then the changes in the price of gold, as well as changes
in
"stability in the purchasing power of the dollar" with in the prices of any thing else, would.show the changes
reference to com"fixity of the standard of value," then your statement that its real value or purchasing power with
will show the variations
"stability of purchasing power would be bought at the modities in general. That is, it reference
to the most fixed
expense of stability of gold as a standard by which to measure of gold (or of anything else) with
standard we can get.
•
values" is a contradiction in terms.
Very truly yours,
Both of your articles have led me irresistibly to the conIRVING FISHER.
clusion that you are laboring under the delusion which
afflicts all those who have never really analyzed problems
Professor Fisher's temper does not improve, nor
of value--the delusion that "a dollar is a dollar," the simple
assumption that a dollar is fixed simply because we measure does his logic. Much of what he says is entirely
everything else in it.
When in 1876 Parliament created a committee to "Report irrelevant to the subject, and we must perforce pass it
upon the causes of the depreciation of silver, and the effects without notice. Instead of adducing legitimate arof such depreciation upon the exchange between India and
contentions, he seeks to
England," the use of the expression "depreciation" con- guments in support of his
was
it
that
says,
Sir
David
Barbour
as
veyed the idea,
confute his opponents (of which there are many
silver that had altered in value and that gold was unjudging from the numerous letters
changed, whereas there was no more reason to !state that besides ourselves,
was
Either
risen.
had
gold
that
he has been obliged to write to newspapers criticizing
silver had fallen than
true with reference to the other but any "absolute" move- his scheme) by pointing to other instances where
ment must be measured in purchasing power over commodities. Sir David Barbour in his book just published, apparently similar schemes have worked well, and
"The Standard of Value" (p. 20), illustrates this illusion citing these instances in such a way as to make it
well by showing that the Indian merchant always thought
The
of the change not as a change in the rupee, but in the pound appear ludicrous to oppose his proposition.
sterling: "The late General Keatinge, V. C., informed me really ludicrous feature is that he should have been
that when he was Commissioner in Assam he had an interthese cases have anyview with an Indian merchant and mentioned to him how able to persuade himself that
serious the fall in the value of the rupee was. The mer- thing in common with his own scheme. In our prechant was surprised and said he heard from his agents in vious article we urged that it was out of the question
Calcutta every week and none of them had said anything
about the fall in the value of the rupee. After a pause, he for the United States on its own initiative to carry
added: Tut they mentioned .the rise in the price of gold and out a scheme for increasing the purchasing power of
perhaps that may be what you are thinking of.'
Both the Indian merchant and the English merchant the dollar. It was within the bounds of possibility,
begged the question of the standard of value in the same we argued,that the object mightbe obtained by creatway that you are begging the question when you assume
l bullion gold dollar
that gold is a "fixed standard of values" and that the rise ing, as proposed, a hypothetica
in general prices which we are now experiencing represents of much greater weight than the present coin dollar
"the true course of values."
and making the two interThe bondholder who is receiving a fixed income in in- containing 25.8 grains gold,
terest of five thousand dollars a year can only take cold changeable; but the first cost would, in any event,
comfort in your assurance that his five thousand dollars be forbidding, since the moment it was announced
represent a 'fixed standard of values", that if he spends
his entire five thousand dollars for gold jewelry, he can buy that the Government stood ready to give a larger
just as much to-day as he could fifteen years ago! Patrons equivalent in the metal for the quantum of gold in
of bond houses are to-day among those who are complaining
about their investments, for they find that the five thousand the dollar, all the coined dollars in the country would
dollars will not go as far in purchasing the things that they be presented for redemption in bullion.
actually want. A standard of value fixed in terms of gold
Professor Fisher declares that this is "an astoundis no more really fixed than would be a standard or value
fixed in silver or copper or radium. What is needed is a ing statement * * * in view of the experience
standard of value fixed in average or general purchasing
had with the gold exchange
power over the actual commodities which are purchased which we have already
with money.
standard in India and the Philippines." But there
I take issue with you, if you are under the impression is absolutely no analogy between what was done in
that a general movement of prices, up or down, is desirable.
On this point, certainly I have the majority on my side. India and the Philippines (and in Mexico as well),
Students of crises and industrial depressions are of the and what it is proposed to do under the Fisher scheme.
practically unanimous opinion that it is precisely these
is to
general movements of prices which are undesirable and In the cases named the only thing attempted
mimicable to stable business interests. But to fix the establish a fixity of relation between one metal and
general level of prices does not in the least imply fixity in
to their true relations
particular prices. You are entirely mistaken in thinking another on a basis very close
that with a fixed purchasing power of the dollar the rise as determined by market prices of silver, whereas
in the price of food products would be concealed. The
scheme the existing gold dollar is to
truth is, we should then see this rise much more clearly under the Fisher
made
be
than is possible at present; for comparison would
be convertible in terms of gold itself. Let the reader
not with reference to one commodity like gold, but with ponder just what it is proposed to do. On page 7 of
reference to the general mass of commodities.
A carpenter building a dock does not take his measures the "Memorandum" which Mr. Fisher has prepared
from the fluctuating tide. If he is forced to measure to to elucidate his proposition, we read: "The present
the actual water level at any time, he corrects these measfrom time to time,
ures so as to refer to an ideal 'sea level" fixed with reference proposal is to increase and vary,
to the center of gravity of the earth. In the same way, the the weight of the bullion dollar, without necessarily
centre of gravity of the commercial world with reference
the coined dollar. Suppose,
to the fluctuating tide of gold is clearly shown by index disturbing the weight of
"the
of
being
instead
numbers,
numbers. These index
for instance, that the bullion dollar had been gradmost arbitrary thing ever devised", are proving increasingly
were 50%
enabling him to ascertain his ually increased since 1896 until to-day it
USeful to the lousiness man by
Nov. 16 1912.]
THE CHRONICLE
more, or 38.7 grains, while the coined dollar was still
25.8 grains. This means that the Government would
redeem on demand each coined gold dollar in 38.7
grains of gold bullion. Gold dollars would then be
mere tokens like brass checks."
These are Professor Fisher's own words, be it
understood. Is it a violent supposition to assume
that, given the right to exchange, as here proposed,
25.8 grains of gold for 38.7 grains, all the coined
dollars in the country would be presented for redemption in bullion? Is it not what would immediately and inevitably follow? When in all the
world's history have men refused to exchange a
lesser quantity of the same thing for a greater quantity of identically the same thing? If this is not
what would happen, why does Professor Fisher feel
called upon to take such extensive precautions to
guard against changes in the bullion contents of the
dollar being taken advantage of by speculators?
It should be remembered that Mr. Fisher's "stable"
monetary unit would be subject to change or adjustment four times a year. He finds it necessary to
provide that no quarterly shift in the bullion dollar
shall exceed 1% a year, and he gives the following
reasons for the restriction:
"We come now to another important restriction
on changes in the weight of the bullion dollar which
should be imposed in order to prevent speculation
embarrassing to the Government. This restriction is
that no single shift in the bullion dollar may exceed
the extent of the brassage. That is, if the brassage
is 1%, no one shift shall exceed 1%. If the bullion
dollar should at any time be raised more than 1%,
if, e. g., the shift was from a bullion dollar of 38.7
grains to 40 grains (and from a quantum of bullion
required by the Mint of 39.087 grains to 40.40 grains)
the Government might be embarrassed by speculation.
The new pair of figures (40 and 40.40) would both be
above the range of the old pair (38.7 and 39.087);
that is, the lower (40) of the new pair would be higher
than the higher (39.087) of the old pair. When it was
known or expected that these changes were to be
made on a certain date, speculators would hurry
bullion to the Mint in advance of that date and for
each 39.087 grains receive a coin dollar. With this
dollar they could, as soon as the set date arrives,
return and demand redemption in 40 grains. Thus
they would win over night 40-39.087,or .913 grains
on each 39.087 grains originally held. Again, if the
bullion dollar were changed too much at any one
time in the opposite direction, as, say, from 38.7
grains to 37 grains, owners of gold coin could get it redeemed in bullion at the old rate to-day and mint
this bullion at the new rate to-morrow. Each coin
dollar they could redeem to-day in 38.7 grains of gold
bullion and to-morrow, under the new arrangement,
they could get a dollar from the Mint for only 37
grains plus 1% brassage, or 37.37 grains, still leaving 38.7-37.37 grains, or .33 grains of bullion for
overnight profit on each original dollar invested in the
speculation. Evidently if the permissible shift in
weight of the bullion dollar were not over 1% in
either direction, no such profit would be possible."
Here the author demonstrates with mathematical
accuracy that advantage would be taken of even
trifling deviations, and yet he wants us to believe
that a holder of the 25.8 grains coin dollar would not
avail of the opportunity to exchange it for 38.7 grains
of bullion. Is it within the bounds of reason to suppose that when the initial change was made—when
there was a jump from a 25.8-grain dollar to a bullion
dollar of 38.7 grains—the holders of these dollars
would not all come tumbling in and demanding the
38.7-grain bullion dollar.? The purchasing power
1303
of the gold dollar could be raised in no way save by
giving this right of exchange for the bullion dollar,
and to grant the exchange would involve, as we said
in our previous article, enormous cost to the Government. A very simple computation will show the
extent of this cost. On Nov. 1 1912 there was
$1,554,159,637 of gold coin and gold certificates in
circulation, all representing the existing gold dollar
of 25.8 grains. To exchange the whole of this for
the 38.7 grains bullion dollar, so as to give the latter
a purchasing power 50% greater than the existing
dollar, thereby leveling the rise in commodity
prices which has occurred since 1896, would cost the
Government just one-half the sum given, or in exact
figures, $777,079,868. Would not this be a tremendous price to pay for the assumed benefits to result?
Would any Government in its senses dare to propose
it? And where would the gold needed for the purpose come from? In the attempt to get it such a
shrinkage in prices might be forced as would obviate
the need for any attempt to increase the purchasing
power of the dollar at all.
Even if it be assumed that only one-half or onequarter of the gold coin in circulation would be
presented for redemption in bullion at an increase of
50% in the gold contents of the dollar, the sum required would be prodigious. But Mr.Fisher,instead
of giving the point serious consideration, treats the
matter flippantly by arguing,forsooth,that under our
existing monetary arrangements "there is no rush
to the Treasury to redeem gold certificates on the
ground that the paper on which they are printed
does not happen to be worth as much as the gold in
which they are redeemed." Are we transcending
the bounds of courtesy when we say that it seems
childish for any one to compare the paper on which
the certificate is printed with the gold which the
certificate represents?
But suppose this scheme definitely established and
in working order; suppose new gold brought to the
Mint instead of being exported, then the country
would be confionted by the other danger mentioned
by us, namely the wrong use of the seigniorage. It is
this seigniorage (or profit to the Government) on
which Mr. Fisher laid so much stress in his article
to the "Independent". In the contingency supposed,
since the gold contents of the existing coined dollar
are to remain unchanged, the Government in paying
for the bullion would all the time be getting more
gold than it would be paying out. On the basis of
the illustration assumed it would be getting 38.7
grains of gold for every 25.8 grains paid out. The
difference would represent the seigniorage. If Prof.
Fisher had his way this seigniorage would not be
coined. But to the legislator this seigniorage would
offer a constant temptation, and sooner .or later he
would direct that it be coined. Especially would
this be the case if 8777,000,000, or a large part of it,
had to be spent at the outset in order to establish
the system. But Prof. Fisher treats this suggestion
as absurd, the same as the other, and says: "If
this is true, then we must expect that sooner or later
the gold in the treasury which now circulates only
through gold certificates will be coined and put in
circulation in addition to these certificates." The
utterly untenable character of this illustration shows
to what lengths the author is prepared to go to make
his proposal appear plausible and how utterly
incapable he is of seeing its defects. The subject
under discussion is seigniorage and what is to become
1304
THE CHRONICLE
[VOL. Lxxxxv.
of it. But there is no seigniorage at all in the gold, remaining for coinage into subsidiary silver. In this
certificates; they are simply and solely certificates of way the bullion was quickly disposed of. Altogether,
deposit, each certificate representing an exact out of the 168,674,683 ozs. of silver purchased under
equivalent in gold with no profit to the Government the Act of July 14 1890, at a cost of $155,931,002,
or to any one else. How, under these circumstances, 144,653,962 ozs., costing $134,192,501, were coined
the gold which the certificates represent could be into 187,027,345 dollar pieces, giving a seigniorage
"put in circulation in addition to the certificates" of $52,834,844. The remainder of the silver was
passes comprehension. On the other hand, in the used to coin $33,118,575 of subsidiary silver, giving
case of the bullion. dollar proposed under the Fisher further seigniorage, and making the total seigniorage
scheme the situation would be entirely different. derived from the purchase of silver bullion under the
There we would• have real seigniorage, always sup- Act of July 14 1890 $64,277,453. If now we add
posing the system successfully and permanently the $69,887,532 of seigniorage derived from the purestablished. The difference between the gold coin chase of bullion under the Act of Feb. 28 1878, we get
paid out and the gold bullion received would be the a grand aggregate of seigniorage of no less than $134,seigniorage in the true sense of the word. Against 164,986. In face of this tremendous sum, representProf. Fisher's assumption that our legislators would ing the coinage of past seigniorage, can Prof. Fisher
not undertake to have such seigniorage coined,there afford to jauntily dismiss the possibility of a repetiis no more effective answer than to cite past experi- tion of the experience in the event that his own
ence in the case of our silver coinage. Facts on this scheme could be put in workable shape, as he so
point, it will be admitted by the reader even if not fondly believes?
But would the plan be desirable even if all objecby Prof. Fisher, are much more conclusive than mere
theorizing, no matter how satisfactory this latter tions to it were removed and it could be got to work
may be to its author. Under the Act of Feb. 28 1878 smoothly and effectively? We say most emphaticdirecting the purchase of not less than $2,000,000 ally, No! On this point Prof. Fisher allows himself
worth of silver per month nor more than $4,000,000 great freedom of vocabulary in an endeavor to expose
worth, the Government purchased altogether 291,- what he evidently regards as our surprising ignorance.
272,019 ozs. of silver costing $308,279,261. How He says that our articles lead him "irresistibly to the
many silver dollars does Mr. Fisher suppose were conclusion that you [we] are laboring under the decoined out of this bullion costing $308,279,261? lusion which afflicts all those who have never really
The bullion was coined into 378,166,793 dollar pieces, analyzed problems of value, the delusion that 'a
yielding to the Government a seigniorage, or profit, dollar is a dollar.'" With a bored air he says: "I
of no less than $69,887,532. The Act of 1878 re- had supposed that all who attempt to write on this
mained in force until it was replaced by the Act of subject are fully convinced that a fixed weight
July 14 1890, directing the purchase of 4,500,000 ozs. of gold is not a fixed standard of value." To enof silver per month and the issue of Treasury notes lighten Mr: Fisher as to our views, we will say that
for the same. The silver men argued in those days, we believe that the monetary unit should possess
just as the learned Professor is arguing to-day on stability of value, and that as far as it is possible for
behalf of his project, that all that was required to the student and the practical man to judge, gold
maintain the price of the white metal was purchases possesses this characteristic in a pre-eminent degree.
by the Government—that it was not necessary to The mere fact that gold production has increased
consider anything beyond the mere fact that the enormously in recent years proves nothing to the
United States was furnishing a market for 4,500,000 contrary. There are many other things to take into
consideration.
ozs. of silver a month.
But we also want to remind Prof. Fisher that when
In face of these confident contentions the price
of silver kept dropping steadily lower until in 1893 we say the monetary unit should possess stability
it brought on the panic of that year. Then, on the of value, we do not mean stability of purchasing
stubborn insistence of President Cleveland, this power. The two terms are not synonymous. A
silver purchase law was on Nov. 1 1893 repealed. standard of values exists for the purpose of measuring
In the three years before its repeal no less than 168,- values, and as such should register price fluctuations
674,683 ozs. of silver were purchased at a cost of in commodities and other things. If it at all times
$155,931,002. This Act of 1890 also contained a had equal purchasing power in the terms of comprovision for the coinage of standard silver dollars modities and other articles, it would no longer be a
out of a portion of the bullion, the seigniorage de- standard of values. The gold dollar which Mr. Fisher
rived from the coinage to go into the Treasury, but proposes and which would always have equal purafter July 1891 such coinage was at the discretion of chasing power would not be a standard of values at
the Secretary of the Treasury. At first very few all. It would be a device for equalizing and leveling
dollars were coined and little seigniorage resulted. price fluctuations instead of recording and portraying
But when the country became engaged in war with them. It is for that reason we said that if Prof.
Spain and the War Revenue Act of June 13 1898 Fisher could have his way "stability of purchasing
was passed, the chance of getting some more seignior- power would be bought at the expense of stability of
age by the coining of the depreciated silver dollar gold as a standard by which to measure values,"
proved very tempting to the legislator, and according- and we are obliged to say it again, notwithstanding
ly the Secretary of the Treasury was directed to coin his assertion that it involves a contradiction in terms.
There is no reason for finding fault with the existone and a half million dollars of silver each month.
Two years later when the Gold Standard Act of 1900 ing gold standard except to the extent that gold itself
was passed the work of appropriating the seigniorage may possess elements of great instability, and if
was completed by inserting a provision directing the Prof. Fisher's efforts were directed towards removing
Secretary of the Treasury to retire and cancel all such instability, real or assumed, he would be on
outstanding Treasury notes as fast as standard silver solid ground. But he does not rest there. His aim
dollars were coined and also to use any silver bullion is to remove not merely instability in the value of
Nov. 16 1912.]
THE CHRONICLE
1305
In the foreign trade the Fisher plan would be disgold but instability in all the essentials of life.
To attain this end he would have a wholly arbitrary turbing in the highest degree. The author admits
unit of value, subject to change at the end of each this himself in the letter which he wrote to the New
three months and always so adjusted that the pur- York "Times" and which the latter published in
chasing power as measured in terms of certain com- its issue of Oct. 18. On that point we cannot do betmodities forming the basis of a series of index numbers ter than quote the following extract from the letter:
should remain unchanged. This purchasing power
"If the United States alone should adopt such a
would remain the same no matter what might be plan it would simply divorce our currency from that
happening in the mercantile, the financial or the of the rest of the world, as it was divorced during
economic world. An industrial upheaval and a the Civil War. The only drawback would be the
financial cataclysm would be equally without effect, disturbance of our international exchanges with other
for the deadly leveling process would always be at countries. Our foreign trade would suffer embarwork. No one would ever know the true course of rassment, while our internal commerce, which is
more than one hundred times as important, would
values of any commodity. He says his scheme be
put on a stable basis. The Mint price of gold
would not prevent fluctuations in particular com- in England might remain £3 17s. 10d. per ounce,
modities. But these fluctuations would be measured while our Mint price sank from $18.60 per ounce to
in his adjustable dollar based on index numbers in a lower figure, perhaps $15 or $14, or whatever it
which this particular commodity perchance might might be from time to time. And correspondingly
there would, of course, be a change in foreign exbe a leading component element.
change. The present par of $4.87 for a pound ster"Memorandum"
already
In his
referred to he gives ling
would go down in
to the fall in our
a table to show that "whereas to-day prices are Mint price. Evidentlyproportion
the first effect of a lower
43.6% higher than in 1896, under the proposed sys- Mint price would have been to discourage minting
tem they would have been only .8 of 1% higher. gold in America. Instead, American holders of
The weight of the bullion dollar would be now 37.4 bullion would ship it to the London Mint (and other
grains instead of 25.8 grains." This shows what foreign mints not employing the adjustable seigniorthe aim of the author is. The price of bread, of meat, age system) where the mint price would be as high
of fish, of grain, of vegetables,- of butter and eggs as ever, and with the proceeds so obtained buy
exchange on New York. They would secure more
and of everything else would to-day be quoted in a American money by this circuitous process
than by
dollar of 37.4 grains instead of the existing dollar direct selling to American mints, but the resulting
of 25.8 grains, and, although all these things are contraction of the American currency (or rather the
obviously scarce, there would be no evidence of it arrest of its expansion) due to the diversion of gold
under the Fisher plan. Perhaps, however, the com- abroad would keep down American prices as community would derive satisfaction from knowing that pared with what they would otherwise be."
as the purchasing power of the old dollar had become
It will be observed that Mr. Fisher here argues
impaired by the march of events, its effectiveness for that an expulsion of gold from the United States
purchasing commodities had been restored by the would be a good thing, contrary to the accepted
simple process of crowding more gold into its twin belief that the more gold a country can retain at
sister, the bullion dollar. And this thing, this process home for its own use and for reserves, the better
of adjustment, would under the new scheme be con- off it will be. The statement with reference to comstantly going on. Whenever there was the least merce being put on a stable basis will, we are sure,
tendency towards a rise in the general level of prices, be likely to provoke mirth, seeing that under the
it would be repressed at the end of the three-months Fisher scheme quarterly changes would be made in
period.
the monetary standard, with the effect that no one,
The author says "the bondholder who is receiving either in this country or abroad, would know three
a fixed income in interest of $5,000 a year can only months ahead what the value of Mr. Fisher's adtake cold comfort in your assurance that his $5,000 justable or "compensatory" dollar was to be. If
represents a fixed standard of value," seeing that Mr. Fisher does not realize how harmful a fluctuthe purchasing power in commodities has been so ating dollar such as he proposes—now containing
greatly diminished. If the rise in commodity prices 38 grains of gold, now 39, now 40—would be in its
is due to defects in the gold standard, then the re- effects upon our trade with foreign countries, we
cipient of such an income has just reason to complain. would refer him to the report on the Introduction
If, on the other hand, the rise is due to other and of the Gold Exchange Standard into China and
legitimate causes, he is not entitled to any special Other Silver-Using Countries submitted on Oct. 1
consideration. If an article costs more to-day be- 1903 by the Commission on International Exchange,
cause of higher wages, or its price has risen owing to consisting of Hugh H. Hanna, Charles A. Conant
scarcity or on account of augmented demand, there and Jeremiah W. Jenks, to the Secretary of State
is certainly no reason why the recipient of such an at Washington. In the opening chapter of their
income, or, for that matter, any one else, should not report the Commission says: "The fact that the
be obliged to pay the higher price. To change the importing merchants of such silver-using countries
monetary unit so that natural causes working in cannot reckon upon the cost in their own local
favor of higher prices should be neutralized would currencies of the remittance in gold which they must
be the rankest injustice. It should be remembered use in making settlements for purchases made in
that the same system that would enhance the pur- gold standard countries has been slowly but surely
chasing power of the bondholder's $5,000 income producing domestic commercial paralysis, checking
would also enhance the purchasing power of Rocke- foreign investments for the development of public
feller's millions. Each is entitled to protection and private enterprises, and hampering the imporagainst wrongful appropriation of any portion of his tation of the products of the labor of the gold standincome, but neither is entitled to more than that, ard countries." Imagine the "paralysis" that would
and there would be no wrongful appropriation so result under the Fisher compensatory gold dollar,
long as prices respond merely to natural influences.
subject to change four times a year.
1306
THE CHRONICLE
[VoL. Lxxxxv.
Mr. Fisher does not always quote us with entire ac- are some cases where there is an actual reduction
curacy. We did not urge that index numbers pos- in expenses concurrently with a gain in the gross.
sessed no utility. What we did say was that his The explanation of these apparent irregularities is
series of index numbers would be the most arbitrary that the comparison the present year is controlled
thing ever devised for the purpose of establishing by the results last year. Thus the Mil. & St. Paul
a standard of values. To this opinion we adhere. this time adds $690,816 to gross and $910,869 to
Furthermore, we must repeat that under the standard net, but last year reported $541,936 decrease in
of values proposed no one would ever know over a gross and $579,092 decrease in net. On the other
given series of years what was happening in the mer- hand, the New York Central this time has $361,107
cantile world in the matter of values as affected by gain in gross but $521,685 loss in net; last year the
supply and demand, since the adjustment of the same road reported $379,393 gain in gross with
standard of values to commodity fluctuations would $495,380 gain in net. This is for the Central
serve to minimize and obscure such fluctuations. proper. Including the various auxiliary and conTo compare recorded prices from year to year under trolled roads, the whole going to form the New York
such a system and to ascertain the course of values Central System, the result the present year is a gain
unaffected by the Fisher scheme of adjustments, of $1,673,112 in-gross with a loss of $487,702 in net.
it would be necessary to keep constantly on hand In September 1911, however, the New York Central
tables showing the price of gold as periodically fixed System, though having only $232,046 gain in gross,
by the Mint, just as it was necessary during the had no less than $1,490,023 gain in net. The PennCivil War to have a record of the daily prices of gold sylvania Railroad on the lines directly operated East
in order to get the proper equivalent of the depre- and West of Pittsburgh has added $2,819,740 to
ciated greenback currency. Mr.Fisher unconsciously gross in 1912 but only $547,230 to net. Last year
characterizes his proposed monetary unit with sur- these lines reported $680,391 decrease in gross and
prising accuracy when he says that "instead of having $624,664 decrease in net. In the New England
our dollar hitched as at present to one commodity States, the Boston & Maine, with only $127,863
only we should have it hitched to the centre of grav- gain in gross, has no less than $447,801 increase in
ity of all." It would certainly not be hitched to net. Last year this road reported $73,305 increase
anything more substantial than the "centre of in gross and $42,144 decrease in net.
In the case of Southern roads rising expensesiare
gravity."
particularly marked feature. The Atlantic:Coast
a
given
We trust the reader will pardon us for:having
has fallen behind $73,400 in gross, but in the
Line
have
We
discussion.
this
up so much of our space to
the
loss reaches $313,226. The Louisville &
net
author
the
of
position
the
to
deference
done so out of
with $182,160 addition to gross, has:sufNashville,
charimpracticable
the
of
account
On
plan.
the
of
acter of the proposal and its comic aspects, we are fered $79,236 decrease in net, and the Norfolk &
thoroughly convinced that our original plan of treat- Western, while having added $199,513 to gross,
ing it in a light vein was in every way the best course loses $77,226 in net. The Southern Ry., out of
to pursue. Having now, however, in• the last two $123,833 increase in gross, has saved only $20,386
articles treated it seriously, we think we have suc- for the net.
In the Northwest, the Great Northern, though
ceeded in showing that the scheme is undesirable
having
$1,008,580 gain in gross, has only $228,489
must
therefore
Discussion
standpoint.
from every
in
net; last year the Great Northern added
gain
conare
columns
our
as
far
as
closed
considered
be
$254,434 to gross but no less than $517,776 to net.
cerned.
The Northern Pacific this time has $768,455 gain in
gross and $193,206 gain in net. Last year the
same system lost $609,682 in gross and $327,214 in
RAILROAD GROSS AND NET EARNINGS
net. The Burlington & Quincy the present year
FOR SEPTEMBER.
expenses slightly and hence was able to add
reduced
The comparison of railroad earnings for the month
to net with $523,503 gain in gross. We
$530,653
of September is not as good as was that for August.
already referred to the large improvement
The increase in the gross revenues is considerably have
& St. Paul; on its Puget Sound
smaller, which perhaps is not surprising seeing that reported by the Mil.
same system reports $581,823 increaselin
the month had one less working day the present year, line the
$367,423 increase in net. Last year the
and
gross
owing to the fact that there were five Sundays in the
road had $206,965 increase in gross, and
Sound
Puget
month in 1912, against only four in September last
in net. The Chicago & North
increase
$31,777
year. But the particularly striking feature is the
adds
now
$707,153 to gross and $251,580
Western
relatively small improvement in net results, showing
it
year
had $338,722 decrease in gross
Last
to
net.
that augmented expenses are again becoming an
and $116,326 decrease in net The Union Pacific
unpleasant feature of the returns. Our compilathis year adds $644,850 to gross and $299,020 to
tions, covering 237,591 miles of road, shows $19,$407,130 decrease in gross with $99,505
891,032 gain in gross but only $6,035,612 gain in net, following
The Southern Pacific reports $859,net.
in
increase
net, as will be seen by the following:
in 1912 with only $152,918 gain in
gross
in
gain
041
Inc.(+)or Dec.(-).
%
Amount.
1911.
1912.
had $203,698 loss in gross with
year
September (462 roads)net,
last
but
+2,451 1.04
235,140
237.591
Mlles of road
The Atchison this time has
net.
in
gain
$283,639
7.88
+$19,891,032
$272,209,629 $252,318,597
Gross earnings
161,475,651 +13,855,420 8.58
Operating expenses
175,331,071
striking improvement in both gross and net-$1,270,$90,842,946 +$6,035,612 0.64
$96,878,558
Net earnings
437 in the former and $702,376 in the latter. Last
exconcerned,
year it had $114,213 decrease in gross and $403,816
As far as the separate roads are
some
In
part.
decrease in net. In the following we showaiall
penses have not played a uniform
the
exceeding
for the separate roads for amounts in exchanges
augmentation
an
is
there
instances
ances
ins
whether increases or decreases, in
other
In
$100,000,
gross.
the
in
gain
the
of
cess
of
amount
the augmentation is relatively moderate, wnne there both gross and net.
Nov. 16 1912.]
THE CHRONICLE
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.
Increases.
Increases.
Pennsylvania
-142,819,740 Minneapolis & St Louis_ $ 83,195
Atch Top & Santa Fe_ _ - 1,270,437 Louisville & Nashville_ _
182,160
Great Northern
1,008.580 Elgin Joliet & Eastern__
168,093
Southern Pacific
859.041 Pittsburgh & Lake Erie..
163,602
Northern Pacific
768,455 Vandalia
161,569
Chicago & North West
707,153 Delaware Lack & West_ _
161,506
Chic Milw & St Paul_
690.816 Central of New Jersey
160,138
Union Pacific
644,850 Phila Bait & Wash
155,417
Chic MIlw & Puget Sound
581,823 Delaware & Hudson..__ _
136,307
Missouri Pacific
580,461 Denver & Rio Grande
134,695
Chicago Burl & Quincy
523,503 Kansas City Southern
130,708
Baltimore & Ohio
487.070 Boston & Maine
127,863
Philadelphia & Reading..
482,752 N Y Chicago & St Louis..
125,260
Lehigh Valley
442,830 Southern
123.833
St Louis & San Francisco
441,251 St Louis South Western..
112,516
418,066 Michigan Central
Lake Shore & Mich Sou_
109,183
Rock Island
406,419 El Paso & South Western
108,129
Wabash
380,079
N Y Cent & Hudson Riv a361,107 • Representing 44 roads
N Y Now Haven & Hartf
335,764
in our compilation.._$18,425,998
Illinois Central
335,196
Erie
276,548
Decreases.
Cleve Cin Chic & St L
276,412 Central of Georgia
$121,342
Missouri Kansas & Texas
249,234 Bessemer & Lake Erie...._
100,856
Chic St Paul Minn & 0_ _
225,975
Minn St Paul & S S M
208,749
Representing 2 roads
Norfolk & Western
199,513
in our compilation.._
$222,198
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however,
these
returns do not show the total for any system, we have combined
the
separate roads so as to make the results conform as nearly as
possible
those given in the statements furnished by the companies themselves.to
a These figures cover merely tho operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result
is
a gain
$1,673,112.
of
y These figures represent the lines directly operated east and west of
Pittsburgh, Eastern lines showing $1,525,931 increase and the Western
lines $1,293,809. For all Ines owned, leased, operated and controlled, the
result for the month is a gain of $3,310.326.
PRINCIPAL CHANGES IN NET EARNINGS IN SEPTEMBER.
Increases.
1307
gross and $1,321,815 increase in the net. In September 1910 there was a gain of $10,312,116 in gross
revenue, but attended by a loss of $3,869,083 in
net earnings, showing that rising expenses were even
then a most striking feature. In the year preceding, results for this month were somewhat more
sat'sfactory-that is, in September 1909 there was
$27,052,253 gain in gross and $13,585,396 gain in
net. In September 1908, on the other hand, there
was $15,299,397 loss in gross with $4,083,435 gain
in net. In the follow.ng we furnish the September
comparisons back to 1896. For 1910, 1909 and 1908
we use the Inter-State Commerce totals, but for
preceding years we gIve the results just as registered
by our own tables each year-a portion of the railroad mileage of the country being always unrepresented in the totals, owing to the refusal ofsome of
the roads in those days to furnish monthly figures
for publication.
Gross Earnings.
Year
Given.
Year 'Increase or
Preceding. Decrease.
Net Earnings.
year
Given.
Year
iIncrease or
Preceding. Decrease.
Chicago Milw & St Paul__ $910,869 Denver & Rio Grande..___ Increases.
Sept.
$
I
S
$
$142,494
$
Atch Top & Santa Fe..___
702,376 Minneapolis & St Louis__
102,439 1896 ___ 57,053,112 58,277,749 -1,224,637 19,889,887 20,478,809, -588,922
Pennsylvania
1897 - 72,571,090 62,866,514 +9,704,576 27,538,974 21,860,419; +5,678,555
y547,230
Chic burl & Quincy
1898 ___ 81,574,080 79,290,848 +2,283,232 31,520,183 30,352,609 +1,167,574
530,653
Representing 23 roads
Boston & Maine
447,801
in our compilation......$7,344,115 1899- 88,460,145 77,606.660 +10,853.485 33,488,813 29,398,146 +4,090,667
Philadelphia & Reading..
Decreases. 1900 _ 92,274,2311 90,380,548 -1-1,893,683 34,073,853 34,790,545 -716,692
440.809
Missouri Pacific
106,840,715, 96,359,674,+10,481,041 39,663,622 35,270,411 +4,393,211
402.788 N Y Coin & Hudson Riv_ a$521,685 1901
Chic Milw & Puget Sound 367,423
Atlantic Coast Line
313,226 1902-108,277,736 99,662,8191 +8,614,917 37,336,366 36,435,214
+901,152
Lehigh Valley
1903 ...... 121,941,303 108,568,340,+13,372,963 41,781,513 37,410.861 +4,370,652
310,987 Baltimore & Ohio
193,473
Union Pacific
299,020 Texas Pacific..
193,860 1904 ___ 124,045,376 120,717,279 +3,328,100 45,628,707 41,023,532 +4,605,175
Chic & North Western.._ _
1905
129,462,517
118,616,5111+10,846,0
--09 46,650,014 43,719,446 +2,930,568
251,580 Chesapeake & Ohio
134,127
St Louis & San Francisco.. 238,881 Duluth & Iron Range___.. 123,144
1906 -- 136,839,986 126,782,9871 +10,056,999, 48,341,798 45,653,884! +2,687,914
N Y New Haven & Hartf_
141,220,009 128,047,787i -1-13,172,222 41.818,855 45,413,358 -3,594,503
237,834 Michigan Central
122,282 1007
Great Northern
228,489 Chic & Eastern Illinois_ _ _
121,732 1908 -_ 218,929,381 234,228,779-15,299,3971 81,615,313 77,531,878 +4,083,435
Missouri Kansas & Texas_
214,811 Seaboard Air Line
104,841 1909 ___ 246,065,956 219,013,7031+27,052,253, 95,443,956 81,858.560 +13,585,396
Northern Pacific
193,206 Central of Georgia
104,128 1910 ___ 256,647,702 246,335,589+10,312,119 91,580,434! 95,449,517 -3,869,083
San Pedro L A & S Lake.._
164,523 Georgia
+39.8011 90,720,548' 89,398,733 +1,321,815
101,562 1911 --249,054,036249,014,23&
Vendetta •
158,099 Bessemer & Lake Erie__
100,992 1912 ...... 272,209,629252,318,5971+19,891,0321 96,878,5581 90,842,946, +6,035,612
Wabash
154,008
Southern Pacific
152,918
Representing 12 roads
-In 1896 the number of roads included for the month of September was 136:
Erie
in our compilation___$2,135,052 In Note.
143,977
1897, 131; in 1%1°8, 128; In 1899, 123; in 1900, 128; in 1901, 113: in 1902, 108;
a These figures cover merely the operations of the New York Central n 1903, 112;in 1904, 102; in 1905, 98; In 1906. 95; in 1907, 84; in 1908 there urns
itself. Including the various auxiliary and controlled roads, like the were based on 231,3o, miles; in 1909 on 236,545 miles; in 1910 on 240,678 miles: in
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," 1911 on 230,918 miles; in 1412 237,591 miles. We no longer include the Mexican
&c., the whole going to form the New York Central System, the result is roads or the coal-mining operations of the anthracite coal roads In our total.
a loss of $487,702.
y These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $326,103 increase and theWestern
lines $221,127 increase. For all lines owned, leased, operated and controlled. the result is a gain of $776.709.
RAILROAD GROSS EARNINGS FOR OCTOBER.
In the preceding article we have reviewed the
When the roads are arranged in groups, or geographical divisions, all the divisions record gains in gross and net earnings of United States railroads
gross, but one of them falls behind in the net, thus for the month of September. It is evident from
reflecting the part played by heavier expenses. The the early figures of gross earnings that we are able
division thus distinguished comprises the Southern to present in the present article for October, and
States east of the Mississippi and south of the covering mainly Western grain-carrying and Southern cotton-carrying roads, that the result for October
Ohio.
SUMMARY BY GROUPS.
likely to be even better as far as the gross is
is
Section or GroupGross Earnings
1012.
1911.
We have
Inc.(+) orDec.(-) concerned than that for September.
September$
$
Group 1(16 roads), New England...... 12,674,190 12,285,318
returns from 47 roads, comprising an aggregate
+388,872
Group 2 (84 roads), East & Middle__ 65,854,528 61,111,978 +4,742,550 3.17
7.76
Group 3 (63 roads), Middle West_ _
38,531,683 35,410,761 +3,120,922 8.82 of 86,131 miles of line and the total-gross earnings
Groups 4 & 5 (82 roads), Southern...... 31,620,807 31,303,018
+317,789 1.01
Groups 6 & 7 (78 roads), Northwest - 62,880,427 57,250,039 +5,630,388 9.83 of these roads records an increase over
last year of
Groups 8 & 9 (98 roads), Southwest... 43,936,938 39,647,279 +4,289,659 10.90
Group 10 (41 roads), Pacific Coast.... _ 16,711,056 15,310,204 +1,400,852 9.14 no less than $9,327,956,
or 12.30%. Only five of the
Total (462 roads)
272,209,629 252,318,597 +19,891,032 7.88 roads fall
behind in their earnings; and with the
-Mileage--Net Earnings
1911. inc.(-F)orDec.(-). gains so
1912. 1911.
1012.
general
and so large the part played by the
$
• $
Group No. 1
7,649
7,616 4,437,746 3,878,610 +559,127 14.41 three Canadian systems which are included in the
Group No. 2
26,144 25,928 22,057,716 21,089,674 +968,042 4.60
Group No. 3
25,660 25,044 13,054,077 12,654,115 +399,962 3.16 compilation
is much smaller than was the case
Groups Nos. 4 & 5
39,167 39,801 9,475,043 10,658,858 -1,183,815 11.11
Groups Nos.6 & 7
66,694 65,799 25,472,021 22,910,905 +2,561,116 11.18
in
previous
months.
These three Canadian systems,
Groups Nos. 8 & 9
55,301 54,356 14,429,703 12,627,438 +1,802,265 14.27
Group No. 10
16,976 16,506 7,952,252 7,023,337 +928,915 13.20
namely the Canadian Pacific, the Grand Trunk
237,591 235,140 98,878.558 90,842,946 +6,035,612 6.64
. Total
of Canada and the Canadian Northern, contribute
NO I'E.-Group I. Includes all of tile New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and 13ultalo; also all of New Jersey, Delaware and Maryland, and only $2,602,536 of the total increase of $9,327,956,
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Inalana; all of Michigan except the northern thus leaving $6,725,420 gain as coming from United
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
States roads.
Pittsburgh.
Groups IV.and V.combined include the Southern States south of the Ohio and east
of the Mississippi River.
In part, however, the improvement follows from
Groups Vi. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North 1)akota and an extraneous cause. There were only four Sundays
Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming
and
Nebraska, together with Colorado north of a line parallel to the State line passing
'in the month the present year as against five Sundays
through'Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma,
in the corresponding month of last year, and this
Arkansas
and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of
Denver, the whole of Texas and the bulk of Louisiana; and that portion of
gave an extra working day in 1912. But, even
New
Mexico north of a line running from the northwest comet of the State through
Santa Fe
and east of a line running from Santa Fe to El Paso.
allowing for this, the result must be regarded as
Group X. Includes all of Washington, Oregon, Idaho, California,
Nevada, Utah
and Arizona and the western part of New Mexico.
satisfactory. On the other hand, precisely such
Speaking of the roads as a whole, comparison is an encouraging statement was foreshadowed by
with a month last year which had shown only minor the conditions prevailing, practically all of which
changes in the totals, namely $39,801 increase in were of a highly favorable character. Business
1308
THE CHRONICLE
was active all over the country and the iron and
steel industry was in an unwonted state of prosperity, giving large iron ore shipments, for instance
-7,010,219 tons of ore having moved by water
from the Upper Lake regions to the Lower Lake
ports, and thence to mills and factories over the
railroads, in the month of the present year, against
only 4,769,965 tons in October last year. At the
same time the receipts of grain at the Western
primary markets were of unusual dimensions,
reflecting the abundant harvests of the present
year. In the South the roads got the benefit of a
larger cotton traffic, notwithstanding that the crop
as a whole in the South must have been smaller
than in 1911.
It is rather noteworthy, too, that,taking the roads
collectively, comparison is with a month last year
which showed, not a decrease but a moderate increase over the year preceding. Our early statement last year, covering substantially the same roads
that are now represented, recorded $3,656,352 increase, or 5.28%. In 1910, too, our early statement
registered some improvement, the gain reaching
$1,840,328, or 2.14%. The year before-October
1909-the gain was of large proportions, it reaching
on the roads included in our early compilation
$7,479,391, or 11.76%. The increase then, however, followed in part from the circumstance that
in October 1908 (following the panic of the previous
year) there had been a loss of $2,678,874, or 3.95%.
Prior to 1908, we need hardly say, there was a
continuous series of increases year by year back
to 1896. The following table furnishes a summary
of the October totals as disclosed by our early
statements for the last 17 years:
[VOL. LXXXXV.
grain, movement in our usual form are set out in
the table we now introduce.
Four weeks ending Oct. 26.
Chicago1912
1911
Milwaukee1912
1911
St. Louis1912
1911
Toledo1912
1911
Detroit1912
1911
Cleveland1912
1911
Peoria1912
1911
Duluth1912
1911
Minneapolis1912
1911
Kansas City1912
1911
Omaha1912
1911
Total of all1912
1911
WESTERN GRAIN AND FLOUR RECEIPTS.
Flour.
Barley.
Oats.
Wheat.
Corn.
(bbls.)
(bush.)
((lush.)
(bush.)
(bush.)
Rye.
(bush.)
750,436 3,899,800 7,133,150 15,007,700 3,192,700
492,371 1,843,500 6,380,800 8,568,800 3,629,800
570,600
296,500
290,280 1,783,500 2,233,400
510,760
873,800 1,629,890
540,100
376,389
328,840 1,193,700
293,260
883,660
321,520 3,028,407
250,715 1,224,255
816,453 2,337,500
1,525,265 1,479,000
449,800
597,835
35,677
18,700
296,000
404,000
229,700
190,900
459,500
225,500
27,513
31,333
61,000
223,779
167,700
107,535
373,500
268,622
37,654
2,070
104,561
35,651
154,434
257,171
336,386
173,910
23,006
1,935
500
117,000 1,087,229
89,000 1,011,764
768,157
321,700
366,200
286,700
46,600
19,800
145,000
157,000
68,395 17,219,806
77,970 9,017,107
15,652,730
13,024,910
18,686
1,000
878,204 3,010,066
940,339 1,873,239
188,780 2,133,084 4,266,650
319,230
837,200 3,747,670
5,339,600
2,462,400
288,000
771,200
691,900
487,000
1,996,400
371,975
1,600,835
246,906
204,490'
934,180
413,399
1,679,268 48,909,004 10,727,701 26,372,266 13,541,822 2,374,563
1,304,719 29,208,262 11,093,311 14,177,771 11,767,069 1,330,278
In the case of the cotton movement also, as already
stated, there was substantial increase over a year
ago. The shipments overland for the even month
were 161,278 bales, against 160,077 bales in October
1911 and 148,943 bales in October 1910. The
receipts at the Southern outports were very considerably ahead of those of the preceding two years,
being 2,162,969 bales in 1912, against 2,003,046
bales in 1911 and 1,729,018 bales in 1910. But
in the latter case, there was some irregularity in
the movement. At the Texas ports there was an
increase of large dimensions, while on the other
hand, at Mobile, Pensacola, Savannah, Brunswick
and Wilmington the receipts fell below those of
Increa.m (±)
Mileage.
Gross Earnings.
the previous year, reflecting the smaller movement
or
'October.
Year
Year InDecrease (-).
Year
Year
in
the States East of the Mississippi River.
Given. Preced. cr'se.
Given.
Preceding.
The
loss of $81,514 by the Mobile & Ohio RR.
Year. Roads Miles. Miles.
127 92,815 92,031 0.85 47,974,125 50,354,822 -2,380,697 4.72
1896 __
North127 97,154 95,865 1.34 53,959,376 49,604,841 +4,354,53L 8.77 and that of $39,913 by the New Orleans &
1897
123 93,681 92,684 1.07 53,975,132 51,596,900 +2,378,231 4.61
1898 __
must undoubtedly be ascribed to the diminu105 94,835 93,275 0.60 59,382,536 53,523,877 +5,858,650 10.94 eastern
1899 _
1900
93 88,014 85,275 3.21 56,051,244 53,318,505 +2,732,73L 5.12 tion in the cotton traffic.
There are only three
1901
99 101,364 99,698 1.67 74,753,570 66,509,179 +8,244,391 12.39
_
1902
78 91,531 89,611 2.14 69,104,832 64,760,432 +4,344,40C 6.71 other roads of
those mentioned,
any
kind,
besides
+3,667,512
5.33
72,406,972
68,739,460
72 90,509 88,557 2.20
1903 _
1904 _- -- 67 83,724 82,234 1.81 66,390,161 63,939,889 +2,450,272 3.83
On the other hand, the
1905 __ _
51 80,243 78,454 2.27 66,053,039 62,631,366 +3,421,673 5.46 which have fallen behind.
1906 __ _
68 92,760 90,499 2.49 86,795,590 78,007,440 +8,788,150 11.26
56 74,306 73,130 1.62 60,724,491 57,338,839 +3,385,652 5.91 gains in earnings are not only general but in numer1907
1908 __
47 79,664 78,212 1.87 65,130,556 67,809,430 -2,678,874 3.95
In some instances.
1909 __
48 81,508 80,003 1.89 71,067,075 63,587,684 +7,479,391 11.76 ous cases they are of large extent.
1910 __
49 81,498 79,146 2.82 69,014,101 67,173,773 +1,840,328 2.14
1911 _ _
45 82,623 81,105 1.87 72,398,865 68,742,513 +3,656,352 5.28 these gains follow improvement last year, while
1912 _ _
47 86,131 54,457 1.98 85,141,427 75,811,471 +9.327,956 12.":0
Jan. 1 to
in other instances they come after a loss in 1911.
Oct. 31.
1896 __
122 91,414 90,650 0.84 383,169,172 371,096,854 +12,072,318 3.25 The Great Northern leads (among American roads)
1897 __
123 96,417 95,128 1.35 415,675,268 397,417,261 +18,158,007 4.55
1898 __ 123 93,681 92,684 1.07 439,652,886 400,664,744 +38,988,142 9.73 with a gain of $1,653,631.
This is in addition to a
102 93,464 91,926 1.67 467,646,154 426,901,050 +40,745,104 9.51
1899 _
1900 __. 91 87,150 84,411 3.24 462,336,832 421,222,203 +41,114,623 9.79 gain in 1911 which in turn, however, followed a
1901 __
94 99,915 98,259 1.68 595,247,576 536,350,655 +58,896,01 10.98
77 91,495 89,575 2.14 567,732,440 524,404,004 +43,328,436 8.26 large
1902 _
shrinkage in 1910. The Illinois Central now
71 90,451 88,499 2.20 634,403,218 568,511,986 +65,891,262 11.59
1903 __
1904 _ _ 67 83,724 82,234 1.81 548,856,559 547,805,805 +1,050,754 1.19
last year it reported $1,1905 _ _
51 80,243 78,454 2.27 547,274,910 511,171,825 +36,103,035 7.06 has $1,250,748 increase;
1906 __
67 92,684 90,423 2.49 743,656,008 650,711,998 +92,944,010 14.28
Pacific has $514,000
Missouri
The
1907 __
55 73,904 72,728 1.63 535,674,837 487,000,527 +48,674,210 9.97 081,334 decrease.
1908 __
47 79,664 78,212 1.87 510,880,199 588,284,727 -77,404,528 13.16
in 1911. The
increase
$381,114
following
gain,
1909 __ _- 47 81,298 79,793 1.89 558,083,964 498,524,900 +59,559.064 11.94
1910 _ _
49 81,498 79,146 2.82 599,753,297 534,476,391 +65,276,906 12.21
1911 _ _ _
45 82,823 81,105 1.87 600,348,145 586,824,827 +13,520,318 2.30 Southern Railway has $377,146 increase on top of
1912W
4/
6,131 84,457 1.98 696.159,488 642,398,210 +53,761,276 8.37
$347,727 increase in 1911. The Wabash increase
Note -Neither the earnings of the Nfexlcaq roads nor the mining operations of the of $362,619 follows $156,915 decrease in 1911.
ntbracite coal roads are Included in tills table.
changes for the separate
The Western grain movement, as already stated, In the following we show all
of $30,000, whether
roads
for
excess
amounts
in
was of exceptional magnitude. The receipts of
increases
or
decreases:
wheat for the four weeks ending October 26 aggre- PRINCIPAL CHANGES IN GROSS EARNINGS IN OCTOBER.
Increases.
gated .48,909,004 bushels, against only 29,208,262
Increases.
Canadian Pacific
$1,847,000 Minneapolis & St Louis_
$169,326
1,853,631St Louis Southwestern...
Great Northern
72,875
bushels in the corresponding four weeks of 1911 and Illinois
.5t43J8o
1,250,748 Alabama Groat Southern
Central
514,000 Chicago Ind & Louisville
Pacific
.159 242
the receipts of oats reached 26,372,266 bushels, Missouri
Grand Trunk
433,236 Colorado & Southern..__
014037
377,146 Chicago Great Western52,894
against 14,177,771 bushels. The other cereals also Southern
362,619 Cin New On & Texas Pac
Wabash
51,054
322,300 Rio Grande Southern-Canadian Northern
34,643
showed considerable gains, excepting only corn. Denver
274,400
& Rio Grande_ _ _
Representing 25 roads
266,196
Missouri Kansas & Texas
Combining wheat, corn, oats, barley and rye, the Texas
in our compilation__ $9,339,409
& Pacific
255,671
Yazoo
Decreases.
&
Miss
230.585
Valley_
receipts are found to have been 101,925,356 bushels Buffalo Roch & Pittsb_ 222,667 Mobile & Ohio
$81,514
30,913
Louisville & Nashville__
212,090 New. Or! & North East
present
year,
against
only
the
67,576,691 bushels Chicago & Alton
197,138
Internat Great North..
Representing 2 roads
195,000
in the four weeks of 1911. The details of the Western Chesapeake & Ohio
$121,427
in our compilation_
170,031
Nov. 16 1912.]
THE CHRONICLE
To complete our analysis we annex the subjoined six-year comparisons of the earnings of leading
roads arranged in groups:
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
1912.
October.
I
1011.
I
1910.
1909.
$
$
$
Canadian Pacifie.112,960,000 11,113,000 10,229,370
Chicago & Alton_ 1,595,116 1,397,978 1,305,758
Chic. Grt. West * 1,305,155 1,252,261 1,233,913
308,570
335,583 280,052
Dul So Sh & Atl_
Great Northern_ 8,766,446 7,112,815 6 579,390
937,065
767,739, 1524,091
Minn & St Louisl
Iowa Central_i
334,160
I
$
9,744,597
1,303,341
1,115,170
308,234
7,253,966
566,024
327,563
1908.
I
1907.
$
I
45
7,381,070, 7,071,047
1,204,467, 1,275,883
1,102,695
768,568
252,057I 295,877
6,223,608 6,716,776
445,036
421,140
258,583, 308,091
25,872,35221,979,376.20,486,73920,618,895 16,868,416 16,357,382
1
Total
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific in
1912, 1911, 1910, 1909 and 1903.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
October.
1912.
1911.
1910.
I
1909.
1908.
1907.
3
$
$
I
$
ll
$
Buff Roch & Pitts 1,109,023 886,356
889,593, 800,899
721,198
857,941
Chic Ind & Louis
541,476; 537,236
610,722
669,964
495,263
532,715
Grand Trunk__
I
Grd Trk West 4,001,95 4,468,718 4,200,0391 4,043,361 3,886,146 4,168,500
Dot G H & M
Canada Allan
I
Illinois Central_c b5,890,389 b4,639,641 b5,720,975a5,301,602 a5,211,394 5,725,342
134,171
114,866
Tol Peer & West_
117,2971 106,926
101,460
123,107
353,166
352,151
Tol St L & West_
341,283, 34 ,721
305,373
406,520
3,053,912 2,691,293 2,848,2081 2,647,490 2,363,702 2,596,201
Wabash
Total
10,113,579 13,763,747 14,658,871113,778,235 13,084,536 14,410,326
a No longer inc udes receipts from outside operations.
b No longer includes receipts for hire or equipment, rentals and other items.
c Includes earnings of the Indianapolis Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP.
October.
1912.
Ala Great South_
484,280
Ala N 0 & T PNew Orl & N E
336,837
Ala & Vicksb_. 175,509
Vicks Shr & P. 153,818
Centof Georgia_ 1,466,300
Ches & Ohlo_c__ 3,079,769
Chi NO &T P__
833,991
Louisv & Nash_b 5,304,015
Mobile & Ohio.. 1,065,278
Seaboard Air L_ 2,028,005
Southern Ry_ _ _ _ 8,203,264
Yazoo & Miss V. 1,015,506
1911.
1010.
424,300
399,075
376,750
159,599
126,871
1,440,500
2,909,738
832,937
5,182,825
1,146,792
2,024,275
5,826,118
784,921
1907.
1900.
1908.
370,630
$
314,478
$
348,723
274,181
335,826
295,938
153,920
169,1901 164,777
124,790
134,620, 137,773
1,244,300, 1,251,257 1,133,205
2,903,3921 2,706,05 2,332,158
808,416; 799,455
665,791
4,922,964; 4,706,690 4,323,488
016,392i 937,613
908,392
1,835,894! 1,741,268 1,437,952
5,478,3911 5,326,232 4,873,624
965,1371 1,024,095a1,029,730
290,151
148,003
140,274
1,245,025
2,777,100
807,095
4,548,531
1,015,983
1,518,134
5,457,773
973,677
I
I
1309
Gross Earnings.
Name of Road.
1912.
Minneap & St Louis.)
Iowa Central
Mo Kansas & Texas_a
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon
Rio Grande Southern_
St Louis Southwestern
Seaboard Air Line
Southern Railway....
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & West
Tol St Louis & West
Wabash
Yazoo & Miss Valley_
1911.
$
937,065
$
767,739
3.330,453
5,782,000
1,065,278
47,869
61,675
1,268,000
2,028,005
6,203,264
11,544
1,988.400
134,171
353,166
3,053,912
1,015,506
3,064,257
5.268.000
1,146,792
38,661
27,032
1,195,125
2,024,275
5,826,118
9,595
1.732,729
114,866
352,151
2,691,293
784,921
Total (47 roads_ 85,141,427 75,813,471
Net increase (12.30%f
Mexican Roads(not n eluded in to talInteroceanic of Mex.._
634,738
668,252
Mexican Railway_ __ _
9408,700
9476,900
Nat Rys of Mexico_z_ 5,347,755 5,494.060
Mileage.
II
Inc. (+) or
Dec. (-). 1912. 1911.
$
+169,326 1,585 1,585
+266,196
+514,000
-81,514
+9,208
+34,643
+72,875
+3,730
+377,146
+1,949
+255,671
+19,305
+1,015
+362,619
+230.585
3.399
7,233
1,114
238
180
1,609
3,070
7,034
95
1,885
247
451
2,514
1,374
3.399
7,233
1,114
184
180
1,499
3,046
7,089
95
1,885
247
451
2,415
1.374
+9,327,956 86.131 84,457
IFI
-33,514 1,030 1,034
361
395
-68,200
-146,305 6,062 6,001
is
a Includes the Texas Central in both years.
z Includes Mexican International in both years.
y These figures are for three weeks only in both years.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
-The public sales of bank stocks this week aggregate7,177
shares, of which 47 shares were sold at auction and 130 shares
at the Stock Exchange. The auction sales of trust company
stocks reach a total of 16 shares. Two shares of N. Y Life
Insurance & Trust Co. stock were sold at 1101-an advance
of 61 points over the price paid at the last previous public
sale in March.
Shares. BANKS-New York.
Low. High. Close.
184
184
*120 Chat.& Phenix Nat. Bank_ 184
Commerce,
Nat.
200
Bank of__
200 200
*10
25 Market & Fulton Nat. Bk. 255% 255% 255%
22 Merchants' Exch. Nat. Bk_ 159
159
159
TRUST COMPANIES-New York.
2 N. Y. Life Ins. & Tr. Co._ _1101 1101 1101
7 Washington Trust Co
375 375 375
TRUST COMPANY-Brooklyn.
7 Hamilton Trust Co
2773 277% 277%
Lasi previous sale.
Oct. 1912- 180
Nov. 1912- 203
Jan. 1912- 258
Mch.1912- 1623
Mch. 1912- 1040
Nov. 1911- 371
Mch. 1912- 273
*Sold at the Stock Exchange.
-Lee McClung tendered his resignation as Treasurer of
the United States on the 14th inst. His resignation will take
effect as soon as his successor is named by President Taft.
a Includes, beg nning with this year, some large items of income not previously It is expected that Carmi A. Thompson, who became Secreincluded in the monthly returns.
S Includes Louisville & Atlantic and the Frankfort & Cincinnati in 1912, 1911
tary to the President last July, succeeding Charles D.Hilles,
1910 and 1909.
who retired to take the Chairmanship of the Republican Nac Includes Chesapeake dr Ohio of Indiana, beginning July 1 1910.
tional Committee, will be appointed to succeed Mr.McClung,
EARNINGS OF SOUTHWESTERN GROUP.
and that Mr.Hilles will return to his former position as the
October.
1912.
1910. 1 1900.
1911.
1903.
President's Secretary. Mr. McClung has been Treasurer
1907.
since Nov. 1 1909. At the time of his appointment to that
s
I
$
I
$
Colorado & South *1,437,231 1,382,294 1,632,438, 1,609,924 1,443,948 1,456,593
Deny & Rio Gr.. 2,457,700 2,183,30 2,284,431 2,269,460 1,977,561 2,098,195 office he was Treasurer of Yale University, which office he
Int & Grt North.1 1,333,000 1,138,000 962,017
862,5 9
915,031
687,000
filled from 1904. Prior to that he had been connected
Mo Kan & Tex_a 3,330,453 3,064,257 3,164,139i 2,856,104 2,824,648 2,571,418 had
Missouri Pacific_ 5,782,0
5,268,000 4,886,8861 4,915,314 4,293,610 4,598,372 with the Southern Railway. Mr. McClung vouchsafes no
St Louis S W._ 1,268,000 1,195,125 1,174,8741 1,148,285 1,011,324 1,034,671
Texas & Pacific__ 1,988,400 1,732,729 1,645,1111 1,575,952 1,535,092 1,489,493 reason in his letter of resignation for his withdrawal. At
Total
.17,596,784 15,963,705 15,749,900 15,237,558 14,006,264 13,035,742 the time A. Piatt Andrew resigned as Assistant Secretary
;
of the United States Treasury, last July, because of differ* Excludes Colorado Springs & Cripple Creek District in 1912; in Oct. 1911 the ences in administration matters between himself and Secreearnings of that road were $46,852.
a Includes the Texas Central in 1912. 1011 and 1910.
tary of the Treasury MacVeagh, Mr. Andrew declared that
there was also friction between the Secretary and other
We now add our detailed statement for the month, Treasury officials, one of whom,he stated, was Mr.McClung.
comprising all the roads that have thus far furnished In presenting his resignation Mr. McClung says:
Total
22,287,472 21,235,626 20,073,709 19,502,566 17,571,715 19,270,474
1
comparisons for the month of October.
GROSS EARNINGS AND MILEAGE IN OCTOBER.
Gross Earnings.
Name of Road.
Mileage.
Inc. (÷) or
1912.
1911.
Dec.(- .
$
$
$
1912. 1911.
Alabama Great South
484,280
424,300
+59,980
309
309
Ala N 0 & Tex l'acNew Or!& Nor East
336,837
376,756
-39,913
195
195
175,509
Alabama & Vicksb..
159,599
+15,910
142
142
Vicks Shrere & Pac_
153,818
126,871
171
+26,947
171
Ann Arbor
203,609
208,877
+5,268
292
292
Bellefonte Central__
6,626
6,539
27
27
-87
Buffalo Roch & Pitts1; 1,109,023
886,356
+222,667
573
668
Canadian Northern
2,351,200 2,028,900
+322,300 4,297 3,716
Canadian Pacific
12,960,000 11,113,000 +1,847,000 11,290 10.542
Central of Georgia..._ 1,466,300 1,440,500
+25.800 1,915 1,915
Chesapeake & Ohio
+170,031 2,306 2,242
3,079,769 2,909,738
Chicago & Alton
+197,138 1,026 1,026
1,595,116 1,397,978
Chicago Great West
+52,894 1,496 1,496
1,305,155 1,252,261
Chic Ind & Louisv_
+59,242
669,964
610,722
616
616
On New On & Tex-i'
+51,054
832,937
883,991
336
336
Colorado & Southern_
+54,937 1,814 2,008
1,437,231 1,382,294
Denver & Rio Grande 2.457.700 2.183.300
+274,400 2,598 2,555
DeVoit & Mackinac
104,528
't100,437
+4,091
418
358
Duluth Sou Sh & Atl_
308,570
-27.013
-335,583
621
612
Georgia South & Fla_
221,694
+3.605
218,089
395
395
Grand Trunk of Can
Grand Trk West..l 4,901,954 4,468,718
+433,236 4,533 4,524
Dot Gr Hay & Mil
Canada Atlantic..
Great Nerthern
8,766,446 7,112,815 +1,653,631 7,482 7,344
Illinois Central
5,890,389 4,639,641 +1,250,748 4,763 4,763
Internal & Grt North 1,333,000 1,138,000
+195,000 1,160 1,160
Louisville & Nashville 5,394,915 5,182,825
+212,090 4,723 4,705
Macon & Birmnigham
17,254
18,158
-904
105
105
Midland Valley
162,858
158,263
+4,595
373
323
Mineral Range
78:202
61.647
4-111.5A5
197
107
Now that the election is over and my retirement can have no effect upon
the political situation, I beg to tender my resignation as Treasurer of the
United States, to be accepted as soon as you can find it consistent with the
selection of my successor.
I wish to take this occasion to express my appreciation for the opportunity
of having served in your administration and for the courtesies which
you have extended to me during my official life in Washington.
-William P. Bonbright & Co. have prepared a letter on
the influence of war on market conditions. It reviews at
length the action of the security markets at New York and
London during the Franco-Prussian, Spanish and Boer
wars, and finds therein many similar features. In reviewing
the markets of these and other war times of recent years,
these conclusions are found: "There has been a surprising
lack of inclination in the markets to discount or anticipate
apprbaching hostilities until they have become manifestly
unavoidable. All through financial comment preceding
the outbreak of wars is found a strong strain of 'disbelief
that actual hostilities would occur, and this view seems,to
have dominated business transactions. When, however,
it has finally become apparent that war was inevitable, the
process of discounting it in the security markets has been
more drastic than the reflection of the event itself when it
materialized. The actual presence of war has not promoted
protracted demoralization in the markets and the immediate
depression that normally occurs has often been equalled,and
in fact exceeded, in importance by movements arising from
1310
THE CHRONICLE
Lxxxxv.
monetary, crop or trade influences in time of peace. In the increased from about two million dollars to, approximately,
financial markets, it seems a justifiable comment to say that fifty million dollars. Mr. Grant began his banking career
scarcely have the markets reflected the adverse effects of in 1888 with the old Clinton Bank. Early the coming year,
war than they have turned to discounting the re-establish- the Irving National, which is now located at West Broadway
and Chambers street, will move into its new quarters in
ment of peace."
—The Investment Bankers' Association, of which George the Woolworth Building.
B. Caldwell of Chicago is President, will hold its first annual
—Herbert K. Twitch°11, Vice-President of the Chemical
meeting in this city the coming week, on Thursday and Fri- National Bank of this city, has been elected to the directorate
day. The popularity of the movement is evidenced by the of the bank, to succeed the late G.G. De Witt. Mr.Twitchfact that arrangements have been made for the accommoda- ell was at one time in the employ of the Hartford National
tion of 500 guests at the banquet which is to be held at the Bank, from which he resigned to accept a position with the
Waldorf on Friday evening the 22d. The registration of Chase National Bank of this city. At the time he resigned
delegates and meetings of the various committees will con- from the Chase National Bank he was an Assistant Cashier
sume the first day of the convention and from 5 p. m. to of that institution, and he accepted a similar position with
9 p. m. there will be a meeting of the board of governors, the Chemical National Bank in January 1907. He was
including an informal dinner. On Friday the convention elected Vice-President of the Chemical in January 1910.
proper will be called to order at 10 a. m. by President
—Benjamin A. Morton has been appointed Assistant
Caldwell. Addresses will be made by the following: Warren
Trust
Officer of the Union Trust Co. of New York. Mr.
"'Blue
on
Cleveland,
Co.,
S. Hayden of Hayden, Miller &
the past seven years has been
Sky Laws and Their Relation to the Investment Banker", Morton is a lawyer and for
firm of Miller, King, Lane & Trafand Robert R. Reed of Caldwell, Masslich & Reed, New York connected with the law
given special attention to Surrogate's
City, on "Uniformity in Municipal Bond Legislation." The ford, where he has
the law concerning the administration
business of this session of the convention will be largely taken Court practice and to
The Union Trust Co. has for some
trusts.
and
of
estates
of
the
appointconsideration
as
such
up by routine matters,
of
specialty
personal trusts.
a
made
years
ment of committees, amendments to the constitution and
—Gustav H. Schwab, for many years head of the firm of
by-laws, and suggestions to the'various committees as to the
work that they are to take up. The concluding function of Oelrichs & Co., agents for the North German Lloyd SS. Co.,
the convention will be the banquet at the Waldorf. Ad- and a director of several banking institutions, died on the
dresses will be delivered by Frank Trumbull, Chairman of 12th inst. at his brother's home at Litchfield, Conn. IIIthe board of the Chesapeake & Ohio By. and Chairman of health brought about Mr. Schwab's withdrawal from active
the board of the Missouri Kansas & Texas By., and by Oswald business in November 1910. Mr. Schwab, who was a
Garrison Villard, President of the New York Evening Post grandson of the German poet, Gustav Schwab, was born in
Co., whose subject will be "The Relation of the Press to. New York City sixty-two years ago. At fourteen years of
the Investment Banker." It has been found necessary to ago he was sent to the Gymnasium at Stuttgart, Germany,
provide a special train from Chicago, which will be run via the where he remained for four years, and in his eighteenth year
New York Central as the second section of the "Twentieth he entered the employ of H. H. Meier & Co. in Bremen.
Century Limited," leaving Chicago at 2:30 p. M. on the He was also employed for a time in the offices abroad of the
20th. For the convenience of the delegates, Secretary Fen- North German Lloyd Company. In 1873 he returned to
ton will open the office of the Association on Wednesday at New York to take a position with his father's firm of Oelrichs & Co., assuming charge of the agency of the North
the Waldorf, Room 117.
—Roger W. Babson, of Babson's Statistical Organization German Lloyd, which was in the hands of the firm. Three
and Vice-President of the Gloucester Safe Deposit & Trust years later he was made a member of the firm and upon
Co. of Gloucester, Mass., is lending his efforts toward the death of his father in 1888 he became its head, and
bringing about the payment of more adequate salaries to nominally continued in that capacity until his death.
bank employees and increasing the efficiency of the institu- Mr. Schwab interested himself in public affairs, and was
tions through better employees and in other ways. Mr. instrumental in forming in 1890 the so-called People's
Babson gave expression to his views at the recent convention Municipal League, which nominated Francis M. Scott
ofjhe Indiana Bankers' Association. Considering the fact for Mayor, who, however, was defeated; he was also a
that the institution with which he is connected is said to be member of the Committee of Seventy which in 1894
the largest commercial bank between Boston and Portland, nominated and succeeded in bringing about the election of
Me., with deposits of about $4,000,000, a capital of $200,000 William L.Strong as Mayor. He assisted, too, in the formaand a surplus and undivided profits of $297,149, his sugges- tion of the Citizens' Union and the election as Mayor of
tion cannot be looked upon as the idea of 'a mere theorist. Seth Low. He was likewise actively interested in the
The matter was discussed by him before the Indiana bankers sound money movement undertaken by the Chamber of
under the title of "Increasing the Salaries of Bank Em- Commerce in 1892, and he was Chairman of the Canal Imployees," and we reprint from the Indianapolis "News" provement State Committee which had for its object the
improvement of the facilities of the Erie Canal. He was also
a portion of his remarks:
The salaries of bank employees have not been materially changed In the Chairman of the N.Y.Committee of the American Reciprocal
last ten years, and as far as salaries are concerned, the bank employees Tariff League. Mr. Schwab was a director of the Merare on a par with school teachers and clerks.
and the Associates Land Co.; a
The directors of the country institutions work for nothing, and got no chants' National Bank
fees for attending their meetings. The country bank president gets only trustee of the United States Trust Co., the Atlantic Mutual
a small salary, or none at all. This has an important effect on the general Insurance Co. and the Hamburg-Bremen Fire Insurance Co.;
banking situation. Half of the bank employees of Indiana have some side
York Produce Exchange Safe
line. They are agents, silent partners in stores, do bookkeeping and many Vice-President of the New
other things on the outside. The result is that they are not giving their Deposit & Storage Co. and the Birkbeck Investment,
undivided efforts to the bank.
Savings & Loan Co. of America; President of the North
The director who does not get a fee for attending a directors' meeting
Co.
tries to get his pay in some way, and the result is that he is thinking of him- German Lloyd Dock Co., the Reynolds Ice Machine
self more than he is thinking of the bank. The same thing can be said and the Ogden Estate Co.
of the presidents and other officers who are not paid adequately.
The effect of all this is that the efficiency of the banking community is
—Francis L. Eames, a former President of the Now York
very low, and may be compared with the efficiency of the churches, charity Stock Exchange, died at his home in Brooklyn on the 10th
strict
a
of
efficiency
the
organizations and municipalities rather than with
for establishing
mercantile corporation. This is because the banks are operated by people inst. To Mr. Eames belongs chief credit
who have outside interests.
in 1892 the Clearing House of the Stock Exchange, and in.
—Rollin P. Grant was on Tuesday elected President of recognition of the value of what was thereby accomplished,
the Irving National Bank of this city to succeed Lewis E. the members of the Exchange presented him in 1893 with a
Pierson, who resigned last month to become a partner in silver service. Mr. Eames was elected President of the
the wholesale grocery firm of Austin, Nichols & Co. Mr. Exchange in 1894 and served in that capacity for four
Pierson continues with the bank as Chairman of the Execu- years. He was born in 1844 in Fall River, and came to
tive Committee. Mr. Grant, who had been Vice-President New York in 1860. His early employment was as a clerk in
ofi;the Irving for the past 5 years, is about 40 years old and is several banking houses, including L. P. Morton & Co.; in
one of the best-known and popular of the younger bankers in 1866 he became a member of the Stock Exchange, and in
the-city. Prior to his election as Vice-President, he had been 1870, in partnership with II. Ramsdell Moore, he formed
Cashier of the bank, so that he brings to his new position the firm of Eames & Moore. He retired from active businot only a wide acquaintanceship, but a thorough banking ness in 1903. Mr. Eames was the author of "The History
training. His connection with the Irving covers a period of of the New York Stook Exchange," published in 1894.
about:fourteen years, and during that timeits resources have He was a trustee of the Brooklyn Savings Bank, the Stock
Nov. 16 1912.]
THE CHRONICLE
1311
Exchange Gratuity Fund, and the Stock Exchange Buildigoixttarglikrinmerclaignotisitgews
ing Committee.
-Clement A. Griscom, renowned through his activities
English Financial Markets-Per Cable.
in promoting the shipping interests of the United States,
The daily closing quotations for securities, &c., at London,
and likewise prominent by reason,of his railroad and financial
interests, died at his home at Haverford, Philadelphia, as reported by cable, have been as follows the past week:
London,
on the 10th inst. His death resulted from congestion of
Week ending Nov. 15.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
the brain, with which he had been stricken ten days pre- Silver, per oz
d 29
28 13-16 2834
28 15-16 29
2834
234 per cent ____ 74
74 1-16 7434
7434
75
75 7-16
viously. Mr. Griscom was in his seventy-second year. d Consols,
d For account ;
74 3-16 74 3-16 74%
7434
75 9-16
7554
French rentes (in ParLs)_fr_ 89.5234 89.25
89.65
89.90
90.20
90.29
He was born in Philadelphia and started his business life dAmalgamated
Copper Co.._. 8734
8554
8634
8654
8734
8834
Smelting & Reining Co. 8534
84
at the age of nineteen as a clerk for the firm of Peter Wright 8Am.
82
82
8234
8234
Anaconda Mining Co
834
834
9
834
934
& Sons, which was then engaged in the importation of Atch. Topeka & Santa Fe 1119
11034
11134
11054
11034
11134
Preferred
10434
10434
10434
105
10434
105
crockery. In 1863 he was admitted as a partner in the Baltimore
& Ohio
10934
109
10834
11034
10934
10934
Preferred
89
89
89
89
firm, of which eight years later he became Vice-President, Canadian
8934
8934
Pacific
271
26934
27034
274
27234
275
and in 1888 was made its President. Through Mr. Gris- Chesapeake dr Ohio
8434
84
8234
8434
8354
8334
Chicago
Western
19
19
19
1934
1834
1934
coin's activities the shipping interests of the firm were Chicago Great
Mllw. & St. Paul 119
11834
11834
11934
11934
1195.4
& Rio Grande
23
23
2234
23
23
2334
widely developed; it became the general agent in succession Denver
Preferred
4234
4134
42
42
4154
4134
of the Red Star Line, the Old American Line founded by Erie
3534
3534
3534
3534
3554
3534
First preferred
53
54
5234
5354
533.4
5334
Second preferred
the Pennsylvania RR. and the Inman Line. When the
44
4454
44
4454
4454
4534
Great Northern,
14234
14234
4
143
14234
14234
organization of the International Navigation Co. was effected Illinois Centrai przferred_1443
132
132
13234
13234
13234
132
dr Nashville
153
15034
150
152
152
15134
in 1893, these agencies were assumed by that company, the Louisville
Missouri Kansas dc Texas_ _ _ 2954
2834
29
2834
2934
2934
Preferred
65
firm of Peter Wright & Sons withdrawing from that field. Missouri
64
65
64
64
6534
Pacific
46
45
46
4554
4534
With the co-operation of J. P. Morgan he created in 1902 Nat. RR.of Mex., 1st pref 4654
64
64
64
64
64
64
Second preferred
2734
2734
2734
2734
2834 283
the International Mercantile Marine Co., and into it was N. Y. Central
& Hud. Riv_ _119%
11834
118
11834
11834
11834
N.
Ontario
Y.
& Western
36
3654
36
merged the International Navigation Co., the White Star Norfolk
36
363.4
3634
& Western
11834
118
11834
119
11934
11834
Preferred
Line, the Atlantic Transport Line, the Leyland Line and
9291
91
_--92
Northern Pacific
.._...i2934
lie.- 128
129
12831
129%
the Dominion. Mr. Griscom was elected to the presidency a Pennsylvania
64
64
64
6434
63N
6334
Company
88
8834
8834
8734
8834
of this combination, but retired from that office in 1904, a Reading
8834
a First preferred
4634
47
463-4
47
47
47
a Second preferred
4949
when he was made Chairman of the Board of Directors. Rock
49
4934
_-Island
27%
2F3-3;
2634
2634
2634
2734
This position he held at th6 time of his death. As a director Southern Pacific
11434
11334
11454
11334
11434
11434
Railway
3034
3034
3034
31
3054
3034
Mr. Griscom was affiliated with the Fourth Street National Southern
Preferred
85
84
8334
84
85
8434
Pacific
17834
177
1765.4
17734
Bank of Philadelphia, the Bank of North America, the Union
178
17854
Preferred
94
93
9354
93
93
94
7834
7731
Commercial Trust Co., the Fidelity Trust Co., the Western U.S. Steel Corporation
7754
7754
7834
78
Preferred
116
11554
11534
11534
115
11534
Savings Fund Society, the Pennsylvania RR., the U. S. Wabash
434
45.1
454
45.4
434
434
Preferred
15
155.4
1554
1454
15
15
Steel Corporation, the Long Island RR., the New York
Extended 4s
6854
68
6854
67
68
68
Philadelphia & Norfolk RR., the National Transit Co., the
a Price per share. b £ sterling. c Ex-dividend. d Quotations here given ar
flat prices.
United Gas Improvement Co., &c.
-A consolidation of the National German American Bank
of St. Paul with the Merchants' National Bank of that city *rtanutercial
andlt,tIscellantonsnein
has been agreed to. The uniting banks have each a capital
of $1,000,000, and the resultant institution will have a capital representing the combined figures, viz., $2,000,000. In
Breadstuffs Figures brought from page 1344.-The
effecting the merger, the stockholders of the National Ger- statements below are prepared by us from figures
collected by
man-American will receive one share of Merchants' stock for the New York Produce Exchange. The
at Western
each share they now hold in the German-American. George lake and river ports for the week endingreceipts
last Saturday and
H. Prince, Vice-President of the Merchants' National, be- since August 1 for each of the last three years have
been:
comes Chairman of the board of the consolidated institution,
and Donald S. Culver, Vice-President of the German-Ameri- Receipts at- Flour.
Wheat.
Corn.
Oats.
Barley.
Ry'.
can, has been chosen for the presidency. F. Weyerhaeuser,
bush.60 lbs. bush. 56 lbs. bush. 321bs. bush.48Ibs. bit. 56lbs.
also a Vice-President of the German-American, will serve Chicago -- -_ bbls.196Ibs.
199,633 1,369,000 1,556,500 4,605,400 1,074,400 122,800
as a Vice-President of the enlarged bank. Both J. W. Lusk, Milwaukee _
69,690
241,000
79,920
509,060
489,000 120,000
33,900 4,733,727
President of the National German-American Bank, and Duluth
394,561
815,888 168,649
Minneapolis.
4,082,150
105,000
609,340 1,374,860 219,240
Kenneth Clark, President of the Merchants' National retire Toledo
223,000
30,900
126,000
from the official staff, but will remain as members of the Detroit
4,600
8,000
25,800
151,200
Cleveland
3,400
41,243
42,106
142,930
1,161
board. The Merchants' National on Sept. 4 had deposits St.
Louis_...
77,180 1,009,015
226,685
544,000
196,800
5,500
of $9,861, 72, while the National German-American re- Peoria
42,500
17,000
207,34
206,665
77,800
9,600
Kansas
City.
1,356,400
90,000
ported on the same date deposits of $11,055,156.
266,900
Omaha
928,000
58,650
410,225
-rot. wk.'12.
430,903 14,008,535 2,423,495 7,966,281 4,034,909
TRADE AND TRAFFIC MOVEMENTS.
Same wk.'11
324.863 6,505,190 2,833,298 2,360,123 2,378,775 645,789
Same wk.'10
361,514 4,944,328 2,412,567 2,805,649 1,830,378 310,755
115,015
UNFILLED ORDERS OF STEEL CORPORATION.Aug. 1
The United States Steel Corporation on Saturday, Nov. 9, Since
1912
5,427,747 154,943,331 45,423,831 91,613,233 33,711,354 7,597,369
issued its regular monthly statement showing the unfilled
1911
4,841,394 99,305,035 46,514,201 55,063,114 33,855,366
1910
5.M9.4R3 111.0R1_0111 52.105.185 77.161.306 28_281.444 4,104,012
orders on the books of the subsidiary corporations at the
2 340 521
close of October. From this statement it appears that the
Total receipts of flour and grain at the seaboard ports for
aggregate of the unfilled orders on October 31 was 7,594,381 the week ended Nov.9 1912 follow:
tons, or 1,042,874 tons more than on September 30. In
Flour,
Wheat,
Corn,
Oats,
Barley,
Rye,
the following we give the comparisons with previous months. Receipts atbbls.
bush.
bush.
bush.
bush.
bush.
Tons.
Oct. 31 '12-7,594,381
Sept. 30 '12-6,551.507
Aug. 31 '12-6,163.375
July 31 '12_-5,957,079
Juno 30 '12-5,807,346
May 31 '12_5,750,983
Apr. 30 '12-5,664,885
Mch. 31 '12-5,304,841
Feb. 29 '12-5,454,200
Jan. 31 '12--5,379,721
Tons.
Dec. 31 '11-5,084,761
Nov. 30 '11-4,141,955
Oct. 31 '11-3,694,328
Sept. 30 '11_-3,611,317
Aug. 31 -11_3.695,985
July 31 '11-_3,584,085
June 30 11_3,361,058
May 31 '11_3,113.187
Apr. 30 '11-3,218,704
Tons.
Mel:31 '11_3,447,301
Feb. 28 '11_3,400,543
Jan. 31 '11_-3,110,919
Dec. 31 '10_2,674,757
Nov. 30 '10__2,760,413
Oct. 31 '10_2,871,949
Sept. 30 '10-3,158.106
Aug. 31 '10_3,537,128
July 31 '10-3,970,931
Prior to July 31 1910 reports of unfilled orders were
only quarterly. In the following we show the totals issued
at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
•
Tons.
Tons.
Tons.
Juno 30 '10__4,257
7,94 June 30 '07-*7,603,878 Juno 30 '04_*3,192,277
Mch. 31 '10_5,402,514 Mch. 31 '07_*8,043,858 Mch. 31
Dec. 31 '09-5,927.031 Dec. 31 '06-*8,489,718 Dec. 31 '04_*4,136,961
'03_*3,215,123
Sept. 30 '09_4,796,833 Sept. 30 '06_*7,936,884 Sept.
30 '03_*3,728,742
Juno 30 '09__4,057,939 June 30 '06_*6,809,589 June 30
'03_ 4.4,666,578
Mch. 31 '09.-3,542,595 Mch. 31 '06_*7,018,712 Mch. 31
'03-*5,410,719
Dec. 31 '08.-3,603,527 Dec. 31 '05_*7,605,086 Dec.
Sept. 30 '08_3,421,977 Sept. 30 '05_*5,865,377 Sept. 31 '02_*5,347,253
June 30 '08-3,313,876 June 30 '05-*4,829,655 June 30 '02_*4,843,007
Mch. 31 '08.-3,765,343 Mch. 31 '05_*5,597,560 Dec. 30 '02_*4,791,993
Dec. 31 '07_-4,624.553 Dec. 31 '04_*4,696,203 Nov. 31 '01-*4,497,749
1 '01-*2,831,692
Sept. 30 '07-*6,425,008 Sept. 30 '04..*3,027,436
* The figures prior to Dec. 31 1907 are on the old
present method only orders received from sources outsidebasis. Under the
of the company's
own interests are shown. The amount as of Sept. 30 1094 shown
above
as 3,027,436 tons, the former basis, would, it is stated, be 2,434,736
tons
on that now employed.
New York
Boston
Philadelphia
Baltimore
New Orleans *
Newport News _
Galveston
Mobile
Montreal
St. John
250,710 1,871,000
56,475
359,831
81,021
745,179
71,502
264, 97
45,731
502,100
304,000
3,000
31,691 1,031,219
2,000
22,750
600,950 274,2 0
4,000
185,497
1,259
15,549
270,007
2,000
23,834 1,193,721
1,496
87,200
157,500
643,000
19,000
10,000
1,000
1,638
60,829 81,400
6,000
23,233
1,000
Total week 1912_
542,130
Since Jan. 1 1912_15,427,179
Week 1911
330,677
SinceJan. 1 1911_16,552,769
5,077,626
183,971 3,112,504 360,405
35,233
21,646,037 29,682,645 62,783,813 4813,069 697,953
3,363,271
241,138
843,746 233,601
52,295
78,018,064 60,449,199 41,582,517 4034,198 927,613
* Receipts do not include grain passing through New Orleans for foreign
ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Nov.9 are shown in the annexed statement:
Wheat,
bush.
Exports from910,974
New York
413,508
Boston
Philadelphia
- 564,000
Baltimore
207,660
433,, 01
New Orleans
Newport News
Galveston
374,000
Mobile
Montreal
1,144,000
St. John
Total week____4,047,142
Week 1911
2.107,693
Corn, Flour,
bush.
bbls.
7,188 81,597
150 20,446
24,000
40,336
14,0.1u 31,9,i0
10,000
14,000
3,000
23,000
2,000
Oats,
bush,
121,636
Rye,
bush,
Barley, Peas,
bush.
bush.
178,629
4,894
100,000
470,000
5,w0
643,000
-
1,000
20,000 34,000 26,000
31,338 239,379 1,360,636 34,000 204,629
180.035 174,757
7,575
4,894
12,409
THE CHRONICLE
1312
The destination of these exports for the week and since
July 1 1912 is as below:
Corn
Flour
Week
Exportsfor iveek and Nov. 9.
bbls.
since July 1 toUnited Kingdom _120,166
56,385
Continent
Sou. & Cent. Amer.. 16,813
44,470
West Indies
Brit. Nor. Am.Cols. 1,207
338
Other Countries_-
Wheat
Since
Since
July 1
Week
July 1
Nov. 9.
1912.
1912.
bush.
bbls.
bush.
1,662,130 2,067,490 28,621,947
565,832 1,976,152 26,787,673
305,730
3,500
447,893
22,975
622,166
39,105
591,862
110,040
Week
Nov. 9.
bush.
2,200
27,738
1,400
31,338 1,173,697
180,035 10,062,545
239,379 3,447,166 4,047,142 56,330,187
174,757 3,872,817 2,107,693 33,763,552
Total
Total 1911
Since
.July 1
1912.
bush.
250,633
14,000
282,835
570,711
38,042
17,476
The world's shipments of wheat and corn for the week
ending Nov. 9 1912 and since July 1 1912 and 1911 are shown
in the following:
Corn.
Wheat.
Week.
Nov. 9.
Bushels.
North Amer. 7,272,000
2,832,000
Russia
Danube _ _ _ 2,000,000
Argentina _ _ 1,176,000
Australia _ 336,000
1,344,000
India
0th. countr's 128,000
Since.
July 1.
1911.
1912.
1911.
1912.
Exports.
Since.
July 1.
Week.
Nov. 9.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
16,000
399,000 8,390,000
87,306,000 65,684,000
18,756,000
5,247,000
111,000
.39,906,000
51,275,000
94,000 8,368,000 25,137,000
26,625,000 34,631,000
60,000
26,834,000 19,280,000 5,619,000 115,207,000
18,480,000
9,064,000
32,136,000 18,634,000
3,198,000 3,841,000
Total ____ 15088000 236,438,000 *, 00,450,000 5,840,000 129,221,000 52,343,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
United
Kingdom. Continent.
Total.
Brshels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Nov. 9 1912- 19,976,000 17,976,000 37,952,000 13,558,000 20,417,000 33,975,000
35,250,000
20,740,000
14,510,000
35,504,000
17,296,000
18,208,000
1912__
2
Nov.
Nov. 11 1911__ 22,856,000 11,344,000 34,200,000 2,176,000 1,428,000 3,604,000
Nov. 12 1910__ 18,352,000 23,176.000 41,528.000 7,880,000 16,193,000 24,073,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS OCT. 30 TO NOV. 6
10,285-The First National Bank of Reedy, W. Va. Capital, $25,C00
J. M. Lester, President; C. W. Goff, Cashier.
10,286-The Madill National Bank, Madill, Okla. Capital, $50,000.
W. S. Derrick, President; Jno. L. Derrick, Cashier. (Conversion of The Madill State Bank.)
10,287-The National Bank of Gordonsville, Va. Capital, $25,000.
L. W. Graves, President; Oscar H. Cranz, Cashier.
10,288--The City National Bank of Hobart, Okla. Capital, $30,000.
DS, S. Dill, President; D. S. Wolfinger, Cashier. (Conversion of The City State Bank of Hobart.)
VOLUNTARY LIQUIDATIONS.
October 14 1912.
9,200-The Shelton National Bank, Shelton, Nebr.,
Succeeded by The Shelton State Bank, II. 0. Nansen and V. L.
agents.
liquidating
Nebr.,
Shelton,
Johnson,
R. I. October 17 1912.
2,554-The Union National Bank of Newport, Bank
'of Newport, which
Absorbed by The Aquidneck National
agent.
liquidating
as
act
association is to
Chicago, Ill., October 21
9,750-The La Salle Street National Bank of
Bank
1912. Succeeded by the La Salle Street Trust & Savings
national
of Chicago, which Ls to act as liquidating agent of the
bank.
October 22
9,311-The Southwest National Bank of Kansas City, Mo.,
Com1912. Consolidated with Southwest National Bank of
•
• merce of Kansas City. E. W. Zea, liquidating agent, Kansas
City, Mo.
CHANGE OF CORPORATE TITLE.
9,663-The Manchester National Bank, Manchester, Va., to "The Manchester National Bank of Richmond," Manchester having been
annexed to Richmond, Va.
Canadian Bank Clearings.-The clearings for the week
ending Nov. 9 at Canadian cities, in comparison with the
same week of 1911, shows an increase in the aggregate of
15.6%.
1Veek ending Nov. 9.
Clearings at-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Calgary
Halifax
Hamilton
Victoria
St. John
Edmonton
London
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
Total Canada
1912.
1911.
Inc. or
Dec.
1910.
s
a
%
8
65,311,652
48,099,162
47,574,725
15,303,308
4,516,754
3,698,643
7,222,618
2,484,685
4,001,866
4,703,155
2,018,820
5,995,548
2,089,647
3,620,602
1,198,531
837,444
3,369,744
1,884,081
685,253
1,040,984
62,602,050
43,048,624
37,824,522
13,298,334
5,110,098
3,592,016
5,873,246
2,190,112
2,716,196
3,389,369
1,843,275
3,332,522
1,555,645
2,380,958
1,004,906
813,990
2,197,036
1 328,666
617,750
476,980
1909.
$
+4.3 53,057,452 44,568,265
+11.7 34,850,571 33.092,109
4-25.8 29,935,429 27,531,660
+15.1 9,698,644 7,174,863
-11.6 4,731,812 4,059,328
+3.0 3,650,820 3,116,423
+23.0 3,571,488 2,779,646
+13.4 1,814,901 1,952,440
+47.3 2,015,290 1,893,742
+38.8 2,269,699 1,802,081
+9.5 1,178,255 1,791,391
+80.0 2,221,379 1,381,565
+34.3 1,302,405 1,332,960
+51.1 1,716,841 1,256,211
755,741
+19.3
+2.9 8.687,281
+52.2 1,145,130
+41.8
+10.9
+118.2
225,657,322 195,196,295 +15.6 156,232,838.133,732,684
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
[VoL. Lxxxxv.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Stearn).
2% Dee. 23 Holders of rec. Nov.30a
Alabama Great Southern, ordinary
Feb. 24 Holders of rec. Feb. la
.3
Preferred
134 Dee. 2 Holders of rec. Nov. la
Atch. Top. & S. Fe, corn.(qu.)(No. 30)._
1 Holders of rec.dNov.30a
Jan.
(guar.)
1
common
Boston & Maine,
234 Jan. 2 Holders of rec. Dec. 2
Canadian Pacific, common (guar.)
234 Nov. 19 Holders of rec. Nov. 12
Catawissa, preferred
134 Dec. 4 Holders of ree. Nov. 20
Chestnut Hill (guar.)
Cleveland & Pittsburgh, reg. guar.(quar.) 131 Dee. 2 Holders of rec. Nov.9a
1
Dec. 2 Holders of rec. Nov.9a
Special guaranteed (guar.)
1
Dec. 2 Holders of rec. Nov.20a
Cripple Creek Central, common (No. 12)_
1
Dec. 2 Holders of rec. Nov.20a
Preferred (quar.) (No. 28)
_
(quar.)___
2
guar.
Nov. 20
Brook,
Bound
&
Delaware
Not closed.
Jan. 2
International de Great Northern, pref._ __ 4
Nov.-Nov. 1 to Nov. 14
b5
lnteroceanic, 1st preferred
Nov.- Nov. 1 to Nov. 14
b2
Second preferred
Nov. 30 Holders of rec Nov.15a
6
New York Philadelphia & Norfolk
1% Dec. 19 Holders of rec. Nov.30a
Norfolk & Western, common (quar.)
Nov. 1 Holders of rec. Oct.31a
1
Norfolk Jr Western, ad). pref. (quar.)_ _ _ _
Nov. 25 Nov. 15 to Nov.20
2
North Pennsylvania (guar.)
134 Nov.30 Holders of rec. Nov. 4
Pennsylvania (quar.)
Dec. 4 Holders of rec. Nov. 20
3
Phila. Germantown & Norristown (guar.)
Dec. 2 Holders of rec. Nov. 15
3
Pittsburgh Bessemer & Lake Erie
Pitts. Youngs. & Ash., corn. & pref. (qu.)_.. 13( Dec. 1 Holders of rec. Nov.20a
Dec. 12 Holders of rec. Nov.26a
Reading Co., first preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 2a
Southern Pacific (guar.) (No. 25)
234 Jan. 2 Holders of rec. Dec. 2a
Union Pacific, common (guar.)
Street and Electric Railways.
134 Dec. 16 Holders of rec. Nov.29a
American Railways (guar.)
$1 50 Nov. 16 Nov. 11 to Nov. 16
Citizens' Traction, Pittsburgh
Columbus (0.) Ry., corn. (guar.) (No. 38)- 1% Dec. 2 Holders of rec. Nov. 15
131 Dec. 2 Holders of rec. Nov. 15
Detroit United Ry. (quay.)
Federal Lt. & Tr. pref. (quar.) (No. 10)-- 134 Nov. 30 Nov. 16 to Nov. 30
231 Nov. 16 Oct. 27 to Nov. 16
Havana Elec. Ry., Lt. & Pow., common_ _
Nov. 16 Oct. 27 to Nov. 16
3
Preferred
Dec.15 Holders of rec. Nov.30a
1
Nor. Ohio Trac. & Lt., coin. (guar.)
2 Holders of rec. Nov. 16
8)
Dec.
(No.
(guar.)
1%
P.
&
L.
Ry.,
(Ore.)
Portland
Dec. 2 Holders of rec. Nov. 16
$5g
Special
34 Dec. 2 Holders of rec. Nov. 15
St. Jos. Ry.,L.H.&P.,com. (qu.) (No. 17)_
lA Dec. 2 Holders of rec. Nov. 16
Tennessee Ry., L. & P., pref. (qu.)(No. 2)_
Dec. 1 Nov. 17 to Nov. 18
Washington (D. C.) Ry. & Elec., corn. (qu.) 1
134 Dee. 1 Nov. 17 to Nov. 18
Preferred (guar.)
Miscellaneous.
$3 Dec. 2 Nov. 19 to Dec. 1
Adams Express (guar.)
134 Nov. 25 Holders of rec. Oct.26a
Amalgamated Copper (quar.)
Dec. 2 Nov. 15 to Dec. 5
3
American Cotton 011, preferred
Jan. 2 Holders of rec. Nov.30a
$3
American Express (guar.)
31 Dec. 22 to Dee. 30
Dec.
(guar.)
2
common
Radiator,
American
Dec. 16 Nov. 28 to Dec. 5
1
Am.Smelt. de Ref., corn. (guar.)(No. 37)_
13.4 Dec. 2 Nov. 16 to Nov. 24
Preferred (quar.) (No. 54)
Amer. Sugar Refining, corn. & pref. (guar.) 13-4 Jan. 2 Holders of rec. Dec. 2a
1% Dec.
Amer. Teleg. de Cable (guar.)
234 Dec. 2 Holders of rec. Nov.15a
American Tobacco, common (quar.)
13-4 Nov. 30 Holders of rec. Nov. 23
Associated Merchants, common (guar.).. _
34 Nov. 30 Holders of rec. Nov. 23
Common (extra)
Dec. 2 Holders of ree. Nov.20a
Blackstone Valley Gas dt Elec., corn. (No. I) $2
$1 50 Dec. 2 Holders of rec .Nov.20a
Preferred (guar.) (No. 1)
Dec. 16 Holders of rec. Nov. 25
$5
Buckeye Pipe Line (quar.)
X Dec. 2 Holders of rec. Nov.15a
Butterlck Co. (quar.)
2 Dee. 2 Holders of rec. Oct. 31
Canadian Car & Foundry, corn. (guar.)...
1-3 Dec. 1 Holders of rec. Nov.15a
Cities Service, common (monthly)
34 Dec. 1 Holders of rec. Nov.15a
Preferred (monthly)
34 Dec. 2 Holders of rec. Nov. 15
Columbus (0.) Gas de Fuel, corn. (quar.)_
134 Dec. 16 Holders of rec. Nov.14a
Consolidated Gas (quar.)
Nov.20 Holders of rec. Nov. 4
20
Continental Oil
$154 Dec. 16 Nov. 21 to Dec. 16
Crescent Pipe Line (quar.)
15 Holders of rec. Nov.30a
Dec.
3
Crex Carpet
Dec. 16 Holders of rec. Nov.30a
6
Cumberland Pipe Line
13.4 Dec. 3 Holders of rec. Nov. 2()
Deere & Company, pref. (guar.)
135 Dec. 16 Holders of rec. Nov.30a
Diamond Match (quar.)
234 Dec. 2 Holders of rec. Oct.31a
Eastman Kodak, common (extra)
234 Jan. 2 Holders of rec. Nov. 30
Eastman Kodak, common (guar.)
lA Jan. 2 Holders of rec. Nov. 30
Preferred (guar.)
Dec. 2 Holders of rec. Nov. 20
4
Essex & Hudson Gas
Dec. 2 Holders of rec. Nov. 15
6)
(No.
134
(qu.)
pref.
Federal Utilities (Inc.),
131 Dec. 2 Holders of rec. Nov.15a
General Asphalt, pref. (guar.)(No. 22).
134 Dec. 2 Holders of rec. Nov. 21
General Chemical, common (quar.)
5h Feb. 1 Holders of rec. Dec. 31
General Chemical, common (extra)
I% Jan. 2 Holders of rec. Dec. 19
Prefered (guar.)
134 Jan. 2 Holders of rec. Dec. 19
Gen. Chemical of California, is: pref.(qu.)_ _
Jan. 15 Holders of rec. Nov.30a
2
(guar.)
Electric
General
25c. Nov. 30 Nov. 13 to Dec. 1
Greene-Cananea Copper Co
34 Dec. 1 Holders of rec. Nov. 20
Harbison-Walker Refract., common (guar.).
Homestake Mining (monthly) (No. 456).... 50c. Nov. 25 Nov. 21 to Nov. 25
131 Nov. 30 Nov. 18 to Nov. 29
Independent Brewing, preferred (quar.)
Internat. Harvester, pref. (quar.)(No. 23) 13-4 Dec. 2 Holders of rec. Nov.11a
Dec. 2 Nov. 14 to Dec. 2
2
_
(guar.)._
International Nickel, common
Nov. 30 Holders of ree. Nov.22a
2
Internat. Smelting de Refining (guar.)
Dec. 2 Nov. 15 to Nov. 26
Kings Co. El. Lt. de Pow.(qu.) (No. 51)_ 2
Nov. 30 Holders of rec. Oct. 31
Lehigh Coal & Nay. (quar.) (No. 136)._ $1
Dec. 2 Holders of rec. Nov.15a
3
Liggett & Myers, common (No. 1)
2 Nov. 15 to Dec. 1
Dec.
_
_
_
$2
(quar.)_
Massachusetts Gas Cos., pref.
134 Dec. 1 Holders of rec. Nov.16a
May Department Stores, common (guar.)._
Holders of rec. Nov. 9a
24
Nov.
1
(quar.)
Petroleum
Mexican
Nov. 15
Middle West Utilities, preferred (guar.)... 134 Dec. 1 Holders of rec. Dec.28a
13.4 Jan. 15 Holders of rec. Nov.16a
National Biscuit, common (guar.)
rec.
of
Holders
30
Nov.
131
59)
(No.
Preferred (guar.)
131 Dec. 16 Nov. 23 to Nov. 26
National Lead, preferred (quar.)
Dec. 2 Holders of rec. Nov. 19
1
New Jersey Consolidated Gas
Dec. 21 Dec. 131 to Dec. 22
134
(guar.).
common
Niles-Bement-Pond,
13.4 Jan. 2 Holders of rec. Dec. 16
North American Company (quar.)
154 Nov. 25 Holders of rec. Nov. 2a
People's Gas Light de Coke (quar.)
2614c Dec. 14 Holders of rec. Nov. 21
Philadelphia Electric (guar.)
134 Nov. 30 Nov. 20 to Dec. 1
Pittsburgh Brewing, preferred (guar.)
134 Dec. 2 Holders of rec. Nov.14a
Pittsburgh Steel, preferred (quar.)
Nov. 30 Nov. 10 to Dec. 10
$6
Prairie 011 & Gas
31 to Nov. 19
Pressed Steel Car, pref. (qu.) (No. 55)... 134 Nov. 20 Oct.
1 Nov. 15 to Nov. 30
Dec.
234
(quar.)
Pure Oil, common
of rec. Nov. la
Holders
30
135 Nov.
Quaker Oats, preferred (guar.)
Jan. 2a
234 Jan. 15 Holders of rec. Nov.25a
Quaker Oats, common (quar.)
of rec.
Holders
(/)
_
/50
stock)
Common (payable in common
rec.
Feb. la
of
Holders
134 Feb. 28
Preferred (quar.)
Holders of rec. Dec.14a
Republic Iron de Steel, pref. (qu.)(No. 41) 134 Jan. 1 Nov. 20 to Dec. 20
20
Dec.
20
Solar Refining Co
Dec. 2 Holders of rec. Nov. 15
8
Southern Pipe Line (quar.)
Dec. 14 Nov. 24 to Dec. 15
10
South Penn Oil (guar.)
18 Holders of rec. Dec. 2
Dec.
234
Standard Ott of California
Nov. 30 Nov. 13 to " Nov. 30
3
Standard Oil of Indiana (quar.)
Nov. 13 to Nov.30
30
Nov.
7
Extra
Dec. 14
Dec. 14 Nov. 16 to
3
Standard 011 of Kansas
Dec. 14
Dec. 14 Nov. 16 to
2
Extra
20
20
Nov.
rec.
Dec.
of
Holders
10
Nebraska
of
Standard Oil
5
Dec. 16 Holders of rec. Nov.20a
Standard Oil of N. J. (guar.)
Dec. 16 Holders of rec. Nov. 13
5
Standard 011 of Ohio
134 Dec. 2 Nov..19 to Dec. 2
Stern Brothers, pref. (guar.) (No. 8)
of rec. Nov.15a
Studebaker Corporation, preferred (quar.) 134 Dec. 2 Holders of
rec. Dec.20a
Jan. 1 Holders
1
Underwood Typewriter, com. (guar.)
of
Holders
rec. Dec.20a
1
Jan.
134
Preferred (guar.)
1'% Nov. 30 Holders of rec. Nov,22a
United Cigar Mfrs., pref. (quar.)
of
30
Holders
reo. Nov. 23
Nov.
134
Cos.,
Goods
pref.
(guar.)
United Dry
Dec. 3 to Dec. 8
Ti. S. Steel Corp., common (quar.)(No.36) 134 Dec. 30
134 Nov. 29 Nov. 5 to Nov. 12
Preferred (guar.) (No. 46)
Dec. 17 Nov. 24 to Dec. 1
$1
Utah Consolidated Mining
234 Dec. 16 Holders of rec. Dec. 2a
Woman's Hotel (No. 11)
Dec. 20 Holders of rec. Nov.30a
1
2)
(No.
IV.),
common
(F.
Woolworth
13-4 Jan. 1 Holders of rec. Dec.10a
Preferred (guar.) (No. 4)
a Transfer books not closed for this dividend. b Less income tax. d Correction.
g De!Payable in common stock on Dec. 5 or as near as possible to that date.
of
clared out of surplus and not to be,paid in cash but credited as part payment
cash call on stock. h Payable in common stock.
Nov. 16 1912.]
THE CHRONICLE
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per Cent. Shares.
Per Cent.
100 Nipissing Mines Co., $5
7,3713 Rio Grande June. Ry. Co_ 55
each
$7% per sh.
5 Glenwood Holding Co
25
30 Christopher & 10th St. RR .130
25 Market & Fulton Nat. Bank_255% Bonds.
Per cent.
$10,000 Tenn. Ry. Co. 1st 30-year
317 West Va. Pulp & Paper Co_ _135
bonds, 1937
22 Merchants Exch. Nat. Bk 159
10
277% $1,000 St. Lou.& Hannibal Ry. 5s,
7 Hamilton Trust Co
1933
375
7 Washington Trust Co
80 & Int.
Co.,
Silver
$1,000
Amer.
pref.Intermit.
Real
-133%
22
Est. deb. Os,
125
1919; J.-J
1 Chia. R. I. & Pac. Ry
95
$1,000 Amer. Real Est. deb. 6s,
2 N. Y. Life Ins. & Tr. Co_ _ _1101
Springs
Lt.
Heat,
Colo.
&
1920; J.-J
60
94%
88% $3,400 Tenn. Ry. Co. 1st 5s, coups_3500
Power Co.6% pref
By Messrs. Francis Henshaw & Co.. Boston:
Shares.
71 per sh. Shares.
$ per sh.
4 Nat. Shawmut Bank
24 Factory Bldg. Trust
238
75
30 Ludlow Mfg. Associates rights._ 33% 2 P.0. Square Bldg. Trust
803.
4
4 Boston Belting Co
150
10 Empire Bldg. of Atlanta
80
25 Arlington Mills
118% 1 Con. dr Mon. RR. class 2
135
1 Naumkeag Steam Cotton Co.._ _150%
By Messrs. B. L. Day & Co., Boston:
Shares.
$ per sh. Bonds.
Percent.
13 Massachusetts Cotton Mills_ _ _121% $1,000 Omaha, Neb.,Sewer 4s,'21_ 953j
5 Arlington Mills
1185 $1,000 Toledo, 0., ref. 3%s, 1930_ 93
25 Mass. Mills in Georgia
99% $1,000 Jersey City, hospital, 4s,'35 94%
2 Tremont & Suffolk Mills
114% $1,000 Louisville mun.imp.4s,'23_ 99%
12 Gosnold Mills, pref.(N. B.),_ _ _ 94
86,000 Swift & Co. 5s, 1914
100%
4 Sagamore Mfg. Co. (Fall River)172% $3,000 Municipal Gas& El. of Roch165
ester, N. Y., 1st 43s, 1942
1 Michigan Central RR
94%
101%
1 U. S. Finishing Co., pref
1313
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
005 omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits.
Average. Average. Average. Banks. Average.
Reserve.
or
S
I $
$
Brooklyn
2,440,3 16,575,0 1,373,0
457,0. 1,384,0 12,185,0 15.0+10.1
Bankers
16,412,4 129,321,0 14,960,0
38,0 11,444,0 99,875,0 15.0+10.2
U. S. M.& Tr.. 4,569,4 40,879,0 3,719,0
541,0 3,472,0 28,379,015.0+10.9
Astor
1,368,6 19,136,0 2,253,0
24,0 1,695,0 14,784,0 15.0+ 8.5
Title Guar.& T 11,335,3
1,571,0 2,452,0 21,411,0 15.3+ 9.8
Guaranty --_ - 23,324,0 172,554,0 15,333,0 1,173,0 12,237,0 106,893,0 15.8+10.9
Fidelity
1,303,2 7 918 0
727,0
241,0
744,0 6,277,0 15.4+10.4
Lawyers'TI&T, 6,394,9 16,982,0 1,267,0
550,0 1,282,0 11,644,0 15.5+10.4
Col.-Knick.
7,192, 48,329,0 4,844,0
880,0 3,997,0 39,194,0 14.8+10.0
People's
1,690,5 16,932,0 1,938,0
402,0 1,890,0 15,513,0 15.0+11.9
New York........ 11,713,5 42,338,0 4,007,0
452,0 3,237,0 28,726,0 15.0+10.0
Franklin
1,281,4 9,193,0 1,054,0
238,0
852,0 8,326,0 15.1+10.0
Lincoln
557,2 9,973,0 1,119,0
233,0 1, -38,0 8,966,0 15.0+10.0
Metropolitan _ _ 6,103,4 21,988,0 2,064,0
9,0 1,813,0 13,788,0 15.0+12.6
Broadway
565,3 8,635,0
969,0
342,0
971,0 8,517,0 14.8+10.0
Total aver _ _ 96,252,0 594,533,0 57,319,0 7,151,0,48,508,0 424,478,0 15.1+10.2
Actual figures.. Nov. 9.. 598,601,0 61,219,0 7,013,01,48,047,0 429,611,0 15.8+10.0
The capital of the trust companies is as follows: Brooklyn, $1,000,000-Bankerse
$10,000,000; United States Mortgage 4, Trust, $2,000,000; Astor, $1,250,000- Titi;
Guarantee & Trust, 35,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln,
000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000. $1,SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Nov. it.
On Dep.
By Messrs. Barnes & Lofland, Philadelphia:
Capital. Surplus.
Loans.
Specie.1 Legal with C.H.
Net
$ per sh. Shares.
Shares.
$ per sh.
Tenders. Banks. Deposits.
par$50
7
10 Frankf'd&So'wark Pass. Ry 365
500 Gloucester Ferry Co.,
Averages.
69 Chelten Trust Co., par $50.. 75
1 John B. Stetson Co., com_ A51
S
I
$
$
I
I
$
403
2 Penns. Fire Ins. Co
10 Amer.Pipe & Sec. Co., pref.102% Banks __ _ 133,650,0199,887,6,1,315,494,0255,774,0 72,337,0
1,299,875,0
13 Hudson Transp'n Co., pref. 30
40 N. J. Consol. Gas Co
20% Trust cos_ 45,250,0 96,252,0, 594,533,0, 57,319,0 7,151,0 48,508,0 424,478,0
20 Penns. Co. for Ins. on
17 Young-Smyth-Field Co.,pf_ 90
Total _ _ 178,900,0296,139,6 1,910,027,0313,093,0 79,488,0 48,508,01,724,353,0
650
Lives, &c
10 Amer. Amur. Co., par $10_ 10
Actual.
250
25 2d & 3d Sts. Pass. Ry._
5 Phila. Life Ins. Co., par$10 104
I
I
I
Banks
33 Amer. Pipe & Con. Co-91 %-91% 11,104 Continental Graphite Co.,
1,309,389,0251,961,0 73,107,0,I
1,289,631,0
2 Fire Ass°. of Phila., par $50.355
598,601,0, 61,219,0 7,013,0, 48,047,0 429,611,0
common, par $10
lot St Trust cos..
40 Farmers'& Mechanics' Nat.
1,675 Continental Graphite Co.,
Total
Bank
140%441
1,907,990,01313,180,0i 80,120,0; 48,047,0.1.719,242,0
preferred, par $10
lot $I
25 Fourth St. Nat. Bank
325
66 Portable Elec. & Steam
2 Central Nat.
440
Garbage Red. Co., par 35-lot $1
18 Phila. Nat. Bank
4803.-477 Bonds.
Per cent.
The State Banking Department also furnishes weekly
5 Southwark Nat. Bank
145% $5,000 So. Bethlehem & Saucon St.
5 Cent. Tr.& Say. Co., par$50 70
Ry. Co. 1st 5s 1937 (25 shares
returns of the State banks and trust compnies under its
10 Hamilton Trust Co., par$50 45%
stock bonus)
66
9 People's Trust Co., par $50A7-50 $500 City of Phila. 3%s, 1931...92-93% charge. These returns cover all the institutions of this class
100 Camden Fire Ins. Assoc.,
$2,400 City of Phila. 3s, 1930
85%
in the whole State, but the figures are compiled so as to
par $5
13
$1,000 Buff. & Lake E. Trac. Co.
7 Jefferson Fire Ins. Co.par350 90
55, 1936
25
distinguish between the results for New York City (Greater
100 East Mahanoy RR. Co.,
81,000 Real Est. Title Ins. & Tr.
par $50
52
Co.4s, series "N," 1918
93
New York) and those for the rest of the State, as per the
1 2d & 3d Sts. Pass. Ry
250
$1,000 Phila. Bourse 1st 5s
100
$1,000 No. Spring. Wat. Co.5s,'28 96
following:
1
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
members for the week ending Nov. 9. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
STATE BANKS AND TRUST COMPANIES.
Banks.
00s omitted.
Bank of N. Y_
Manhattan Co.
Merchants' __
Mech. & Met..
America
City
Chemical
Met% hants' Ex
Butch. & Drov
Greenwich _ _ _
Am. Exchange
Commerce... _
Pacific
Chat. & Phen_
People's
Hanover
Citlzen3' Cent_
Nassau.
Market & Ful_
Metropolitan _
Corn Exchange
Imp.& Traci_
Park
East River
Fourth
Second
First
Irving
Bowery
N. 1'. County_
German-Amer..
Chase
Fifth Avenue
German Exch.
Germania _
Lincoln
Garfield
Fifth
Metropo'is_ _
West Side_
Seaboard _ _
Liberty . _
N.Y.Prod.Ex.
_
State
Security
Coal & Iron_ _ _
Union Exch..
Nassau, Bklyn
Week ended November 9.
State Banks
Trust Cos. I State Banks
Trust Cos.
in
La
outside of
outside of
Greater N. F. Greater N. F. Greater N. F. Greater N. F.
Capital as of Sept.9
$
22,325,000
$
62,775,000
$
9.541L000
9,950,000
Surplus as of Sept.9
38,321,500
172,033,200
12,471,974
12,508,781
Loans and investments_
Change from last week.
298,510,200 1,103,024,900
+1,855,300 —5,597,200
116,552,000
+1,040,100
173,602,100
—1,155,300
Capital. Surplus.' Loans.
Average.
Specie. I
'Legals 'Na Depos-1 Re- •
Average. Average.1 its, Aver. serve.
Specie
Change from last week..
55,031,300
+1,160,500
111,947,900
—1,535,000
s
PS
2,000,0 I 3,842,0
2,050,0 4,835,2
2,000,0 1,990,9
0,000,0 8,640,5
1,500,0 6,260,2
25,000,0 ,
,29,540,7
3,000,0 7,134,2
600,0 k .1515,9
127,1
300,0
949,4
500,0
5,000,0 4,766,2
25,000,0 16,157,5
958,6
500,0
2,250,0 1,243,0
472,8
200,0
3,000,0 13,471,3
2,550,0 2,139,1
1,000,0
485,0
1,000,0 1,871,3
2,000,0 1,725,7
3.000,0 5,753,6
1,500,0 7,661,0
5,000,0 13,313,0
250,0
68,1
5,000,0 5,821,2
1,000,0 2,469,0
10,000,0 21,582,3
4,000,0 3,131,7
1250,0
799,2
1500,0 1,836,9
750,0
711,6
5,000,0 9,359,0
100,0 2,119,1
200,0
830,9
200,0 1,064,3
1,000,0 1,773,9
1,000,0 1,270,8
250,0
524,5
1,000,0 2,182,4
200,0 1,023,0
1,000,0 2,226,2
1,000,0 2,725,2
895,2
1,000,0
607,9
1,000,0
416,1
1,000,0
507,3
1,000,0
967,3
1,000,0
1,000,0 1,119,9
$1
3,626,0
7,325,0
2,993,0
11,510,0
4,880,0
34,105,0
4,423,0
1,602,0
332,0
2,341,0
7,838,0
17,972,0
351,0
2,675,0
384,0
14,768,0
4,457,0
1,719,0
1,575,0
4,258,0
8,568,0
3,516,0
19,224,0
341,0
5,9 0,0
3,192,0
20,460,0
5,560,0
824,0
1,454,0
854,0
18,860,0
2,739,0
568,0
1,327,0
2,852,0
1,844,0
487,0
1,3.7,0
972,0
6,003,0
5,020,0
2,399,0
5,310,0
2,498,0
1,220,0
1,856,0
1,329,0
Legal-tender & bk. notes_
Change from last week_
21,071,900
—283,000
.11,020,600
+116,800
$
21,100,0
32,400,0
17,884,0
53,545,0
24,067,0
179,910,0
28,438,0
6,814,0
2,296,0
8,834,0
38,443,0
127,630,0
4,545,0
18,094,0
1 2,236,0
70,303,0
21,733,0
10,491,0
9,363,0
16,115,0
48,049,0
25,089,0
80,341,0
1,557,0
29,138,p
14,231,0
108,385,0
34,344,0
3,518,0
8,892,0
4,106,0
86,460,0
13,763,0
3,556,0
5,577,0
16,212,0
8,818,0
3,514,0
12,476,0
4,358,0
25,886,0
22,033,0
9,234,0
17,421,0
11,019,0
6,675,0
8,967,0
7,634,0
3
I
1,025,0,
1,486,0
1,208,0
2,042,0
2,191,0
5,250,0
2,019,0
103,0
67,0
200,0
1,132,0
7,602,0
587,0
1,736,0
157,0
5,591,0
628,0
1,032,0
895,0
244,0
5,706,0
2,061,0
1,567,0
117,0
1,900,0
174,0
3,634,0
3,188,0
82,0
727,0
234,0
5,642,0
1,231,0
331,0
224,0
994,0
515,0
449,0
1,665,0
315,0
2,456,0
768,0
371,0
379,0
1,148,0
570,0
360,0
274,0
18,277,0 25.0
36,000,0 25.3
17,079,0 25.5
51,280,0 24,5
24,397,0 28.7
167,481,0 25.8
25,131,0 26.5
6,958,0 25,0
1,923,0 27.3
10,142,0 25.2
35,519,0 27.1
101,419,0 24.4
4,069,0 26.4
18,111,0 24.8
2,188,0 27.1
77,597,0 25.1
19,967,0 25.8
11,709,0 23.3
9,366,0 27.4
17,695,0 24.2
56,447,0 25.1
21,993,0 25.3
81,622,0 25.0
1,627,0 26.8
29,214,0 24.5
13,625,0 24.6"
96,555,0 25.2
34,077,0 25.2
3,683,0 25.2
8,890,0 25.8
3,951,0 28.1
95,421,0 24.5
15,574,0 25,1
3,523,0 25.2
6,415,0 23.3
16,592,0 25.2
8,980,0 27.4
3,661,0 24.5
12,290,0 24.3
4,982,0 23.5
31,044,0 26.2
23,548,0 25.9
10,729,0 25.8
22,481,0 25.0
14,735,0 25.3
6,813,0 24.8
8,851,0 24.8
6,244,0 24.8
Totals, Avge 133,650,0 199,887,6 1315,494,0 255,774,0 72,337,0 1299,875,0 25.2
Actual figures_ Nov. 9..
1309,389,0 251,961,0 73,107,0 1289,631,0 25.2
CircukUion.—On the vasis of averages, circulation of national banks In the Clearing
House amotinted to $46,555,000, and according to actual figures was $46,629,000.
Deposits
Change from last week..
342,147,100 1,143,704,800
+2,084,700 —10,633,300
123,253,400
+1,923,100
179,834,100
+787,000
Reserve on deposits
Change from last week..
90,635,100
+1,133,500
130,170,700
—1,774,700
23,186,000
+1,050,500
22,179,000
+1,230,800
P. C. reserve to deposits..
Percentage last week.._
27.4%
27.2%
16.2%
16.2%
20.0%
19.5%
13.3%
12.6%
+Increase over last week. —Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York. and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment 01 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— —State Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of
and Stale Banks
Reserve which Reserve
which
1:ocation—Required.in Cash.Required. in Cash
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches in Dianhat.) 15%
10%
10%
20%
Other Boroughs(without branches in Manhattan) 15%
10%
15%
754%
Brooklyn Borough, with branches in Manhattan...15%
207
15%
20%
Other Boroughs, with branches in Manhattan
15%
15%
15%
15%.'
Cities of the first and second class
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere In State
-(W.;
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House.
are
Clearing
These figures are shown in the table below, as
also the results (both actual and average) for the
[VOL. Lxxxxv.
THE CHRONICLE
1314
Boston and Philadelphia"Banks.-Below is a summary
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks ofiBoston
and Philadelphia:
thus af'ording an aggregate for the whole of the banks and
We omit two-ciphers-(00):in.all:these'figures.
York.
New
Greater
the
trust companies in
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Nov. 9-
Clear -House Clear.-House State Banks & Total of cll
Members.
Membirs. Trusr Cos. Not Banks&Tnst
Averace. in C.-H. Aver. Cos. Area ge.
ActualFigures
8
1Nat. banks1
Capital Sept. 4 and
State banks
Surplus Sept. 9
178,900,000
178,900,000
29,025,000
207,925,000
296,139,600
296,139,600
80,906,900
377,046,500
Loans and investments 1,907,990,000 1,910,027,000
Change from last week --15,384,000 --16,031,000
586,708,700 2,496,735,700
-2,287,900 -18,318,900
1,719,242,000 1,724,353,000
Deposits
Change from last week -L20,301,000 -21,962,000
a584,448,000 2,308,801,000
-4,961,800 --26,923,800
Specie
Change from last week
313,180,000
--767,000
313,093,000
-2,589,000
62,684,200
-362,600
375,777,200
---2,951,600
Legal-tenders
Change from last week
80,120,000
-1,109,000
79,488,000
-3,830,000
b8,370,700
+177,400
87,858,700
---3,652,600
Banks: cash in vault_ _
Ratio to deposits" _ _
325,068,000
25.20%
328,111,000
25.24%
12.555,700
14.34% 1
340,666,700
Trust cos.:cash in vault
68,232,000
64,470,000
58,499,200:
122,969,200
Aggr'te money holdings 393,300,000
Change from last week -1,876,000
392,581,000
-6,419,000
71,054,900
-185,2001
463,635,900
-0,604,200
Money on deposit with
48,047,000
other bks. & trust cos_
Change from last week -6,917,000
48,508,000
-2,028,000
15,908,7001
+605,300;
64,416,700
--1,422,700
441,347,000
Total reserve
Change from last week -8,793,000
441,089,000
-8,447,000
86,963,000
+420,100
528,052,600
-8,026,900
Surplus CASH reserve
Banks (above 25%) Trust cos.(above15%)
2,660,250
3,790,350
3,142,250
798,300
Total
Change from last week
6,450,600
+3,870,550
3,940,550
-1,391,600
Boston.
Sept. 21
Sept. 28
Oct. 5
Oct. 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
P Philadelphia.
Sept. 21
Sept. 28
Oct. I 5
Oct. 11
Oct. 19
Oct. 26
Nov. ;2
Nov. 9
14
15.21%
1.15%
25.93%
25.43%
16.36%
Clearings
a'Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $840,000 on Nov. 9, against $807,000 on Nov. 2.
* "Deposits" now includes the item of "Exchanges for Clearing House," which
was not previously embraced in the total. "Exchanges,,for Clearing House" were
reported on Nov. 9 as $17,271,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov. 9; also
totals since the beginning of the first week in January:
U.FOREIGN IMPORTS AT NEW YORK.
For Week.
1912.
Dry goods
General merchandise
I
1911.
53,0' 2,6111
15,241,5881
Total:45:weeks
15.18%
10.05%
Specie. Legals.I Deposits. Circulotion.
a
3
$
$
$
$
$
$
41,575,0 239,412,0 24 613 0 5 135 0 270 832 0 7 661 0 158,200,6
41,575,0 237,684,0 24,123,0 5,095,0 267,360,0 7,591,0 161,914,1
41,575,0 237,024,0 23,131,0 4,775,0 275,144,0 7,355,0200,853,7
41,575,0 235,741,0 23,470,0 5,028,0 275,689,0 7,090,0 144,244,8
41,575, 1232,772,0 24,753,0 5,245,0 286,030,0 7,050,0 231,211,9
41,575,0 225,292,0 24,972,0 4,465,0 269,514,0 6,973,0 194,857,1
41,575,0 226,518,0 23,777,0 4,162,0 272,366,0 6,976,0 182,975,5
41,575,0 228,451,0 23,209,0 4,253,0 268,579,01 7,001,0172,823,0
1
I
I
80,623,2 391,262,0,1
92,290,0 *,430,633,0 15,136,01154,660,7
80,623,2 390,007,0,
93,115,0 *429,233,0 15,135,0,158,782,6
80,623,2 389,682,0:
93,960,0 *1434,124,0 15,116,0 186,156,6
80,623,2 388,815,01
92,265,0; *,433,541,0 15,096,0 142,057,6
80,623,2 387,500,04
93,351,0 : *435,192,0 15,110,0 197,262,5
80,623,2 385,334,0;
92,303,0 *:426,934,0 15,113,0 169,265,0
80,623,2 388,035,0,
89,430,0 *:426,799,0 15,125,0 173,550,3
86,477,0 *1423I799%I
0 150 126001 157t540,2
80,623,2385,576,0'1
1
tr: Total
Since January 1.
Dryrgoods
General_merchandise
• % of cash reserves of tr ust cos15.88%
Cash in vault
10 05%
Cash on dep. with bks
Total
Capital
and
Loans.
Surplus.
Banks.
1909.
1910.
I
32,364,8781
14,049,6001
$3,788,352
14,193,068
$2,959,155
11,512,918
$18,339,26J1 $16,414,478, $14,472,073 $17,981,420
$130,157,045 $121,710,063 5130,345,159 3145,969,892
748,015,488 836,102,009, 654,770,758 608,638,636
$378.172,513 $757,812,072 3791,115,917 $754,608,528
The following is''a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov.9 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
+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 $636,198,800, a decrease of 33,020,300 from last week. In
the case of the Clearing-House members,the deposits are "legal net deposits," both
for the average and the actual figures. b Includes bank notes.
I
1912.
I
1911.
I
I
1910.
1909.
S16,543,5701 $14,756,2051 $12,311,9411 $12,465,474
703,250,6551 654,988,9931 581,491,425 625,359,405
For theweek
Previously...reported
$719,794,225t$669,745,198 $593,803,368$538,824,879
Total 45:weeks
1
The averages of the New York City Clearing-House banks
1
banks
State
for
the
those
with
and trust companies, combined
of
and
imports
exports
the
shows
table
The following
and trust companies in Greater New York outside of the specie at the port of Now York for the week ending Nov. 9
Clearing House,compare as follows for a series of weeks past: and since Jan. 1 1912, and for the corresponding periods in
19111and 1910:
RESULTS OF BANKS AND TRUST COMPANIES IN
COMBINED
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
GREATER NEW YORK.
We amit two ciphers in all these figures.
Imports.
Exports.
Gold.
1Loans andl
Week Ended- Investments , Deposits.
Sept. 7
Sept. 14
Sept.21
Sept.28
Oct. 5
Oct.' 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
I
Specie.
TotMoney EnlireRes.
Legals. Holdings. onDeposit
5,31S
$
S
2,644,504,1 2,503,801,2 407,981,1
2,618,939,0 2,467,559,4 400,137,8
2,588,878,2 2,434,513,2 396,837,7
2,572,002,4 2,420,349,5 393,528,7
2,546,392,9 2,395,942,4 388,472,0
2,535,672,1 2,378,856,4 380,925,5
2,530,437,1 2,371,614,1 390,217,5
2,534,880,0 2,372,940,0 385,208,1
2,515,054.8 2,335,724,8 378,728,8
2,496,735,7 2,308,801,0 375,777,2
IS
91,860,8 499,821,9 576,345,3
91,421,3 491,559,1 566,766,7
91,696,9 488,534,6 559,906,3
91,815,1 485,343,8 554,697,3
90,687,6 479,159,8 549,168,6
89,608,9 476,532,4 542,235,0
90,192,1 480,409,6 551,499,5
90,701,4 475,909,5 543,007,5
91,511,3 470,240,1 536,079,5
87,858,7 463,635,9 528,052,6
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for week ending Nov.9, based on:average daily results:
We omit two ciphers (00) 'n all these figures.
On
Legal
Tender Deposit
Dmem
with
Na
Specie, and
and
C.-II. Deposits.
Bank
InvestNotes. Banks.
WW3.
Loans,
Banks.
Capitat.
Surplus.
New York City.
S
$
$
$
$
$
Manhattan and Bronx.
75,0
78,0
544,9 3,229,0 619,0
500,0
Aetna National
207,0
336,0 1,728,0 159,0 105,0
Washington Heights_ 100,0
132,0
46,0
339,0
1,580,0
115,1
200,0
_
_
_
Battery Park Nat_
614,0
515,5 6,358,0 654,0 428,0
500,0
Century
549,4 6,458,0 872,0 406,0 1,043,0
400,0
Colonial
690,0
518,0
607,0
6,646,0
787,4
300,0
Columbia
164,0
89,0 122,0
168,9 1,177,0
200,0
Fidelity
315,0
45,0
337,4 2,563,0 436,0
250,0
Mount Morris
401,0
343,0
518,0
4,907,0
411,0
200,0
Mutual'
192,0
99,0
281,4 2,977,0 298,0
200,0
New Netherland
222,0
96,0 2,071,0 250,0 102,0
200,0
Twenty-third Ward
516,0
100,0
515,8 4,465,0 581,0 276,0
Yorkville
Brooklyn.
470,0
672,3 3,822,0 292,0 112,0
300,0
First National
685,0
910,2 6,036,0 520,0 238,0
252,0
Manufacturers' Nat
765,7 10,902,0 1,379,0 620,0 1,581,0
1,000,0
Mechanics'
715.0
578,5 4,390,0 481,0 142,0
300,0
National City
221,0
174,5 2,427,0 189,0 113,0
200,0
North Side
Jersey City.
400,0 1,335,0 5,165,0 278,0 361,0 1,656,0
First National
670,0
798,4 3,448,0 178,0 101,0
Hudson County Nat_ 250,0
571,0
417,9 2,420,0 109,0 134,
200,0
Third National
Hoboken.
55,0
296,0
649,0 4,196,0 202,0
220,0
First National
39,0
433,0
275,7 3,177,0 193,0
125,0
Second National
6,597,0 11,236,0 90,142,0 9.223,0 4,481,0 11,889,0
Totals Nov. 9
6,597,0 11,236,0 89,983,0 9,163,0 4,334,0 10,932,0
Totals Nov. 2
6,597,0 11,236,0 89,659,0 9,383,0 4,433,0 11,789,0
Totals Oct. 20
I
I
Week. 'Since Jan.l.
Week. 'Since Jan.l.
Great Britain
France
Germany
West Indies
Mexico
South America
All other„countries
/$20,146,222
15
310,0001 2,877,162
$110,000 $33,210,381
50,100, 7,746,535
101,2001 45,087,538
Totar1912
Total 1911
Total 1910
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1912
Total 1911
Total 1910
$41,390
33,269
82,171
53,157
100,0001 10,133,499
53,483
I
$209,987 $26,253,260
200,856 13,406,828
99,461 21,103,270
3735,9891342,196,450
73,822 6,441,977
3,200
3154
92,256
137,855
104,903
6,548
25,349
708,590
$813,011 $49,464,622
592,107 42,411,213
909,311 36,943,462
$6,804,476
2,036,283
2,569
422,005
12,145,513
3,209,416
1,632,098
$64,631
6,914
21,007
42,535
4,102,821
2,760,860
1,428,537
$249,460 $8,427,305
136,2331 6,253,939
88,232 4,148,781
Of the above imports for the week in 1912, $46,390 were
American silver coin.
American gold coin and
$
2,901,0
1,480,0
1,683,0
7,318,0
6,722,0
7,396,0
1,147,0
2,859,0
4,961,0
2,757,0
2,259,0
4,957,0
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stooks, SemiInvestment Stocks, Speculative Stocks.
2,966,0
5,492,0
12,948,0
4,287,0
2,426,0
43 EXCHANGE PLACE-NEW YORK.
Chicago. Ill. Boston, Mass. Albany. N. Y.
Members New York Stock Exchange.
4,081,0
1,607,0
1,539,0
1,673,0
1,323,0
*waling and ginanciat
Railroad and Industrial Stocks
Spencer Trask & Co.
White, Weld & Co.
Bonds and Investment Securities.
84,780,0
84,648,0
84,857.0
[111 DEVONSHIRE STREET
THE ROOKERY
14 WALL STREET
• BOSTON • • •
•
•
•
•
CHICAGO
•
NEW YORK • • • •
THE CHRONICLE
Nov. 16 1912.]
Varthere Gazetteo
Wall Street, Friday Night, Nov. 15 1912.
The Money Market and Financial Situation.-Domestie affairs seem to have had small influence this week in
Wall Street, nd the security markets have been dominated
almost entirely by the European political situation. The
latter caused a good deal of appreherpion abroad and was
the chief cause of a steady decline in Stock Exchange values
up to and including a part of Tuesday. Later these fears
have practically disappeared and a substantial recovery
in prices has followed.
At home the subject of tariff revision, including a possible
extra session of Congress for consideration thereof has been
widely discuss d, and the opinion seems to prevail that early
attention to, and disposition of, tariff matters by the incoming Administration will tend to subserve the business
interes s of the country.
The money markets are always, at this season of the year,
an interesting feature of the general financial situation.
Continental conditions are illustrated by an advance in
the German Bank's official rate from 5 to 6%. At London
there has been no change worthy of note and call loan rates
in this market have not b en quoted above 63/2%. Foreign
exchange rates have declined, owing to a large supply of
bills created by merchandise exports and repurchases of
securities here for foreign account.
The open market rate for call loans at the Stock Exchange
during the week on stock and b nd collaterals have ranged
from 4%@6%. To-day's rates on call were 53@6%. Commercial paper quoted 5%% nom.for 60 to 90-day endorsements and 5%@6% for prime 4 to 6 months' single
names and 6%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £77,279 and the percentage
of reserve to liabilities was 49.95, against 47.46 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. The Bank of France shows a decrease of 1,781,000
francs gold and 2,327,000 francs silver.
NEW YORK CLEARING-HOUSE BONKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Nov. 9.
Differences
from
previous week.
1911.
Averages for
week ending
Nov. 11.
1910.
Averages for
week ending
Nov. 12.
$
$
Capital
133,650,000
135,150,000 133,350,000
Surplus
199,887,600
196,020,300 194,250,300
Loans and discounts_ _ _ 1,315,494,000 Dec. 12,992,000 1,364,510,000 1,213,310,700
Circulation
46,555,000 Inc.
91,000
50,584,000
48,190,300
Net deposits
1,299,875,000 Dec. 17,331,000 1,378,238,000 1,173,031,100
Specie
255,774,000 Dec. 1,550,000 280,217,000 234,649,300
Legal tenders
72,337,000Dec. 3,899,000
75,146,000
66,089,800
Reserve held
25% of deposits
Surplus reserve
328,111,000f Dec. 5,449,000
324,968,7501Dec. 4,332,750
355,363,000
344,559,500
300,739,100
293,257,775
3,142,250!Dee. 1,116,250
10,803,500
7,481,325
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.-The market for sterling exchange
has ruled weak under pressure of bills of all descriptions
and as a result of purchasing of American securities by
London.
To-day's (Friday's) nominal rates for sterling exchange were 4 82 for
sixty-day and 4 86 for sight. To-day's actual rates for sterling exchange
were 4 8065@4 8075 for sixty days, 4 8504 8510 for cheques and 4 8550(0)
4 8560 for cables. Commercial on banks 4 7834(44 8034 and documents
for payment 4 80@)4 8134. Cotton for payment 4 804 4 80% and grain
for payment 4 81@4 81 .
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 82 for sixty days, although sight
declined Ae. on Tuesday to 4 86, which figure was not altered during the
remainder of the week.
• To-day's (Friday's) actual rates for Paris bankers' francs were 5
5 234 plus 1-16 for long and 5 20 less 1-16045 20 less 1-32 for 2334(4
short.
Germany bankers' marks were f334 @93% plus 1-32 for long and 94 9
-16®
9434 less 1-32 for short. Amsterdam bankers' guilders were 40 09(440
10
for short.
Exchange at Paris on London, 25 fr. 24c.; week's range, 25 fr. 2
434c,
high and 25 fr. 2234c. low.
Exchange at Berlin on London,20 m.5134 p1'.; week's range, 20111.55 pf.
high and 20 m. 51 1)1'. low.
'rho range for foreign exchange for the week follows;
Sixty Lays.
Sterling ActualCables.
High for the week.. _ _ 4 81
4 85o0
4 86
Low for the week_ _ _ 4 8065
4 8495
4 8545
• Paris Bankers' FrancsHigh for the week__ _ 5 2334
5 19
less 1-16 5 184 less'1-16
Low for the week__ 5 2334
5 20 less 5-64
20 plus “32
Germany Bankers'MarksHigh for the week_ _ _
9334
9434 less 1-32
9411-16
Low for the week_ - 9334
94 7-16 less 1-64
9434
Amsterdam Bankers' Guilders•
High for the week__ _ 39 13-16
4034
40 3-16 less- 1-3211
Low for the week_ _ _39-13-16 less 1-16
40% less 5-64 40 3-16 leis 5-64
Domestic Exchange.-Chicago, 10c. per $1,000 discount. Boston,
par. St. L olds, 10c. per $1,000 discount bid and par asked. New Orleans,
commercial, 50c. per $1,000 discount and bank $I premium. San Francisco
30c. per $1,000 premium. Savannah, buying 3-16% discount, and
selling
par. Montreal, 3134c. premium. Charleston, buying par, selling 1-10%
premium. Minneapolis, par. Cincinnati, par
State and Railroad Bonds.-Sales of State bondsTat
the Board include $1,000, New York 4s, 1958, at 101; $9,000
1961, at 101% to 101%; $5,000, 1962 at 101% to 1013;
$1,000 N. Y. Canal 48, 1962, at 1014 and 829,000aVirginia Os de'erred trust eceipts at 54% to
r56.
The railway and industrial bond market has been dull
and narrow. Daily transactions have averaged scarcely.
1315
above $1,500,000, par value, and while fluctuations have
been within a narrow range, 18 out of a list of 24 relatively
active issues are lower.
Among the exceptional features New York Railways,
St. Paul (new issues), General Electric and Third Avenues
are fractionally higher than last week.
United States Bonds.-Sales of Government bonds at
the Board are limited to $5,000 4s coup. at 1143-. For
to-day's prices of all the different issues and for yearly range
see third page following.
Railroad and Miscellaneous Stocks.-The decline in
stocks noted at the close last week continued,as noted above,
until Tuesday,when the low quotations of the movement were
recorded. Following this there was a substantial recovery,
but to-day the market has again declined and almost the
whole active list is from 2 to 5 points lower than last week.
There have been few exceptional features except as to the
extent of the range covered, and of the active list only 3
issues are higher than at the close last week. These are
Canadian Pacific alone of the railways, American Cotton
Oil and P. Lorillard. Smelting & Refining has fluctuated
over a range of 43
% points, Bethlehem Steel 43/2, U.S. Steel 4,
California Petroleum 53/i and Beet Sugar 113/2.
giQ
For daily volume of business see page 1323.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Nov. 15. , for
i Week
Adams Express
Allis-Chal tr rcts 2d pd
Am Brake Shoe & Fcly. _1
Am Coal Products
i
American Express
Amer Teleg & Cablepref_ I
..
Amer Water Wks,
Associated Oil
Batopilas Mining
Brunswick Terminal...1
1
Chicago & Alton
Chic St P M & Omaha_ _ 1
Chic Un Trac stmpd_ _
Pref rcts stmpd
Cinc Sandus & Clev, pfd
Comstock Tunnel
Crex Carpet
Cuban-Amer Sugar__ _ _
General Chemical
Granby Consol M S & P
Green Bay & W deb B
W Helme
Havana El Ry, L & P pf
lot Agri° Corp v t c_
Knick Ice (Chic), prif
Long Island
Lou & Nashv rights_ _
Mackay Companies_ _ _ _
Preferred
N Y Chic dr St Louis_
New York Dock
Nerfolk Southern
Pecria & liastern
Pittsburgh Steel, pref
Quicksilver Mining_ _ _
Preferred
RR Securities ser A__ _
Rubber Goods Mfg pref
St L & S F-C & E Ills
new stock tr certfs_ _ _ _
Sears,Roebuck&Co, pfd
So Porto Rico Sugar_ _ _ _
Preferred
United Cigar Mfrs
United Dry Goods
U S Express
U S Reduc & Refg
Virginia Ry & Power_ _ _
Preferred
Vulcan Detinning, pref_
Wells, Fargo & Co
West Maryland, pref._ _
Weyman-Bruton
Preferred
-.
Range for Week.
Lowest.
i
Highest.
Range since Jan. 1.
Lowest.
32516034 Nov 14 165 Nov 11:16034
1,070 234 Nov 11 3 Nov 9 24
1,250, 9834 Nov 11107% Nov 15 914
100 94 Nov 12 94 Nov 12 94
292 172 Nov 13 180 Nov 9 172
400 68 Nov 11 70
68
1,300 9734 Nov 14 984 Nov 14 9734
900 44 Nov 11 45 Nov 11 4134
100 514 Nov 11 $14 Nov 11 334
900 8 Nov 11 834 Nov 11 8
100 1834 Nov 11 184 Nov 11 17
100134 Nov 14 134 Nov 14 126
500; 134 Nov 14 2 Nov 11 1%
600 354 Nov 11 334 Nov 12 34
100135 Nov 15135 Nov 15 135
900 10c. Nov 14, 10c. Nov 14 8c.
100 85 Nov 141 85 Nov 141 72
100 33 Nov 121 33 Nov 12 33
130200 Nov 14200 Nov 14 128
1
7434 Nov 11 7434 Nov 11 50
311 154 Nov 14 1634 Nov 9 1034
3 187 Nov 12 190 Nov 9 155
1
9534 Nov 9 9534 Nov 9 9534
1
42 Nov 13 42 Nov 13 42
700 75 Nov 9 75 Nov 13 70
we, 45 Nov 13 45 Nov 13 4334
2,8001 834 Nov 9 834 Nov 9 834
100 8534 Nov 13i 8534 Nov 13 754
200 6734 Nov 14 68 Nov 12 674
50 55 Nov 9 55 Nov 9 54
100 19 Nov 14 19 Nov 14 19
100 46 Nov 11 46 Nov 111 4534
30 154 Nov 9 1534 Nov 9jI 134
10010134 Nov 1210134 Nov 121 101
200 434 Nov 13 5 Nov 14 3
100 7 Nov 13 7 Nov 13 354
9078234 Nov 11 8234 Nov 11 8234
100105 Nov 12105 Nov 12 105
1. 484
125123
100, 77
50110
700 52
6101004
389, 6234
100 14
1,200 52
100 9134
100 83
348115
300 77
100275
100116
Nov 13 484
Nov 13123
Nov 12 77
Nov 15110
Nov 15 53
Nov 91014
Nov 15 67
Nov 13 134
Nov 9 55
Nov 15 9134
Nov 9 83
Nov 11119
Nov 9 79
Nov 15275
Nov 12116
Nov 13 4834
Nov 13 121
Nov 12 7434
Nov 1. 109
Nov 11 52
Nov 11 97
Nov 11 624
Nov 13 13',
Nov
41
Nov 1.1 87
Nov 91 70
Nov 11 115
Nov 14 75
Nov 15 170
Nov 12 112
Highest.
Nov 21734 Apr
Oct 34 Oct
Jan 1074 Nov
No 98 June
No 225
Apr
No 78
Jan
No 98% Nov
Oe 47
Oct
Mc $24 Apr
.V . 114 May
Jan 244 Apr
Jul 144
Jan
Feb 3% Apr
No 104 diApr
Nov 135 Novi
Au 160. Feb
Mch 86 June
Nov 35
Nov
Aug
Jan 225
Ap
al
i 74% Nov
Feb 18
Oct
Ma 19734 July
No 9634 Sept
No 53% July
Jul 784 Aug
Feb 5434 June
No
934 • Oct
J
924, July
Nov 7034 Jan
Feb 6134 Apr
Nov 23
Jan
Sep 55
May
Oc 1834 Oct
Feb10434 Aug
JanI 8% Apr
FebI 124 May
Novj 884 Apr
Nov 107
Apr
"I
Nov 57
Feb
Jan'1244 Aug
Augl 88 IFeb
Aug 110
Jan
Nov 644 May
Feb102% July
Nov11004 Apr
Mch! 34iMay
Jan 55 6 Nov
Jan1 91%; Nov
Jan 87
Sept
Nov 151
Jan
JanI 81
Apr
Jan 300
Oct
Mch 116411Sept
t
Outside Market.-"Curb" prices this week moved
irregularly, though trading was light and speculative activity
confined mainly to the Tobacco shares. Movements in
United Cigar Stores corn. were erratic, a loss of almost/4
points to 112 being recorded early in the week and a recovery
later to 117%. After this there was a reaction to 1153'.
British-Amer. Tobacco fell from 23% to 223
%, moved up to
23% and ends the week at 23%. Tobacco Products pref.
moved irregularly between 103 and 105
resting finally:at
103%. Emerson-Brantingham corn. gained over 3 points
to 76% and finished to-day at 76. The pref. declined from
3 and sold up to 101. Sales of Intercontinental
10034 to 99%
Rubber corn. were reported down from 12% to 11 A
1 and up
to 12. Manhattan Shirt corn. sold down from 73% to 723/2,
with 703/i recorded for odd lots, the close to-day being at
72%. The pref. improved from 102% to 102%. Standard
Oil of N. J. lost 4 points to 392 and ends the week at 393.
Sensational advances in Braden Copper bonds were a feature
in this department, the 6s advancing 14 points to 184 and
closing to-day at 182. The 7s rose 13 points to 183.. Western Pacific 5s were active and improved a point to 843
%,
but reacted to 843/8, the final figure to-day being 84%.
N. Y. City 434s of 1960 were traded in up from 993
% to 993/g
and the 434s of 1962 from 99% to 99 15-16 and back to 99%.
Among copper shares Braden Copper was again conspicuous
for an advance of almost a point to 934, a new high record.
The close to-day was at 93/3. British Columbia improved
from 4% to 4% and reacted finally to 4%. Giroux fluctuated between 432 and 4 15-16, the final figure to-day being
4 11-16. Greene Cananea dropped from 10 to 93/2, ex-div.,
and closed to-day at 9%.
Outside quotations will be found on page 1323.
6
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAt.'ES
For record of sales during the week of stocks usually inactive, see preceding pace.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Nov. 9
Monday
Nov. 11
Tuesday
Nov. 12
Wednesday
Nov. 13
Thursday
Nov 14
Friday
Nov 15
Sales of
die
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share tots.
Lowest.
Highest.
Range for Previous
Year 1011.
Lowest.
i Highest,
Railroads
10678 10734 10758 108
107 108
18,700 A tch Topeka & Santa Fe 10314 Feb 1 11134 Oct 4 9978 Sep 11638 J'ne
10753 108
10734 10318 10734 103
101% Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
10158 10158 10112 10158 10178 10178
600 it Do prof
4.10133 102 *10138 102 *10138 102
13318 Jan 10 14312 Aug 12 117 Jan 13914 Nov
2,600 Atlantic Coast Line RR
13813 139 *13814 13912 137 13818 *13712 13812 138 133
138 138
r10114 Feb 1 11178 AR. 30
9312 Sep 10914 J'iy
10558 10612 10558 10618 10612 10634 10612 10634 10612 10678 6,150 PaAtmore Fe Ohio
10614 107
8618 Aug 13 91 Jan 23
8512 Aug
91 Jan ,
300 3) Do pref
87
*8512 8634 8614 8614 *86
*86
87
8634 8634 8634 8634
7634 Jan 2 9412 J'ly 2
72 Sep
8458 J'ly
3,150 Brooklyn Rapid Transit_
8914 8938 89
8914 90
8912 893 - 8912 8912 3912 8912 90
22612 Mai 4 283 Aug 15 1955 Jan 247 J'ly
261 263
26034 263
2655 26714 33,310 i lanadian Pacific
26158 26134 26334 26478 2617 266
200 k • entral of New Jersey _ 305 Jan 9 395 Apr 29 260 Aug 320 Dee
*365 380 *365 380
370 370
370 370 *365 330 *360 380
6814 Feb 1 8514 Oct 3
6833 Sep
8634 Fob
8034 82
80 8154 7934 8114 81
8138 8114 8134 8114 8178 19,900 Chesapeake & Ohio
17 Sep
1638 J'ly 12 2034 Oct 26
2514 J'ne
1812 1918 1812 1858 18
19
1812 1878 1834 1834 1818 1852 4,900 Chic Ca West trust Ma
3512 Dec
Do prof trust etfs
3512 36
314 Sep 18 3912 Apr 8
4914 Feb
3514 36
3512 3534 *3512 38
3578 3578 3514 3512 2,700
65,480
Chicago Mliw & St Paul._
9238 J'iy 13 117% Nov 7 10534 Oct 13312 Feb
11478 11534 11414 11618 114 116
11.512 11614 11558 11614 115% 11638
200
Do prof
140 J'ly lu 146 Jan 2 141 Sep 15512 Feb
14212 14212 *141 143 *141 143
140 140 *140 145 *14018 143
1403 141
2500 Chicago & North Western 13412 J'ly 12 145 Apr 26 1384 Sep 15012 J'no
14014 14014 140 14018 13912 13912 140 14014 14034 141
Do pref
-200
188 Nov 9 198 Mch 26 101 Nov 1209 Jan
183 ,18818 *180 190 *180 190 *130 190 *180 190 - ----- ---52
100 Cleve) CM Chic 6: St L
4818 Sep
66 Jan
52
53
52 Nov15 6212 Apr 23
*52
*32
58
*52
56
*52
54
*52
55
s9572 Feb 24 10112 Apr 17
100
9414 J'iy
98 Feb
Do pref
*9834 10134 *9334 10134 *9834 10134 *9834 10134 9834 9834 *97 10134
168 168
1,840 Delaware Fe Hudson
166 J'iy 8 17612 Feb I 15912 Sep 17478 J'ne
167 167
16718 16718 166 16712 167 167 *166 169
540 54812
425 Ifelaware Lack & West_ 530 Aug 23 569 Jan 29 505 Sep 570 Nov
*535 551 *535 551
535 5494 *540 549 *540 550
173 Dec
35 Feb
1812 J'iy 12 24 Mch 27
23
*2134 2212
Denver & Rio (lrande__
*22
23
*2112 2312 *2112 2212 *2112 2212 *22
3634 Dec
41
3414 J'ne 19 4614 Jan 24
74 Feb
*40
922
41
Do pref
4012 4012 40
4012 40
4012 4012 4012 41
9 Nov
*812 914 *812 9
155 Mch
8 Sep 0 1134 May16
*834 914 *834 914 *834 914 *812 9
Duluth So Shore & Allan
1718 Dec
1512 Sep 9 23 May15
3018 bleb
Do pref
*1612 18
*1612 18
*1612 18
*1612 18
*164 18
*1612 18
2714 Jan
3838 J'iy
3014 Jan 15 3918 Apr 11
34
3434 3334 3458 3334 3458 3438 3458 3412 3478 3418 3434 17,700 1,1rie
4558 Jan
6114 J'ly
52
5138 52
52
2,700 L.:4 1)0 1st preferred__. 5018 Feb 3 577,, April
5134 5134 5112 5134 5134 5134 5134 52
35 Jan
4034 J'iy
40 Feb 3 48 Apr 11
200
4412 *424 4412 4278 4278
Do 2d preferred
43
43
4412 *43
*4212 4412 *43
126 Jan 15 14334 Aug 10 113 Sep 140 J'ne
13834 13934 13734 13938 13612 13812 13778 13834 13818 13858 13712 13812 20,750 Great Northern pref
6334 Feb
3334 Dec
46
4618 4612 4,000
46
36 Jan 31 53 Sep 26
Iron Ore properties
454 4514 45
47
*45
47
45
46
12812 12812
120% May 9 14118 Jan 23 132 Jan 147 J'ly
700 Illinois Central
12812 129 *128 129
12812 12812 129 129 *128 129
203 Feb
1318 Sep
2014 1934 20
2014 20
8,000 -1 nterboro-Metrop v t ctfs 1638 Jan 3 22 J'iy 2
20
20
2014 1978 2014 1934 20
3234 Sep
5638 J'iy •
6538 15,410
5338 Jan 3 6738 Oct 15
Do pref
6478 6512 6358 6538 6314 6412 6414 6478 6434 6514 65
2514 Sep
37% J'ne :
2858 2,300;Aransas City Southern_ 2212 May2) 3114 Sep 30
*28
29
28
2814 2734 2812 2778 2814 2812 2858 *23
6112 Sep
6934 J'ne
56 May29 65% Mch 25
*61
63
*61
63
500 111.- Do
63
*61
preferred
62
62
62
63
62
*61
10 Sep
1112 Jan 28 18 Apr 24
17 Nov
15
*1212 15
*13
ake Erie dc Western__
*1312 15
*1312 15
*1312 15 .1312 15
25 Sep
40 Jan ,
30 Jan 8 40 May21
35
*35
3812
200 i A Do preferred '
35
40
*35
*35
39
39
*35
3812 *35
15578 Feb 5 18534 Jan 15 151 Sep 18678 Deo
17312 175
17234 17434 17214 17418 17334 17414 17438 17514 174 17458 31,200 Lehigh Valley
14612 Nov 9 170 Aug14 13012 Sep 16034 Nov .
14512 14778 14638 147
14612 14712 14778 14778 14778 14814 14634 14634 2,100 Louisville & Nashville
13158 Sep 18 13834 Mch 13 13114 Sep 14212 Jan •
300 M anhattan Elevated
132 13258 *13112 13212 *13112 1321 *131 133
131 133 *132 133
2112 Apr
4212 Sep
26
26 - --------2,000 0-1, In n capons & St Louis 1812 J'ly 24 2712Jan 23
*25
26
25
2412 2534 2414 2412 25
35 Mch
6812 Sep
140 Feb 26 157 Jan 15
--------48
I)o preferred
300
48
50
____
_ *48
48
4834 4834 48
129 Feb 3 15112 Aug 12 212434 Sep 15214 Moh
143 14338 1,825 Minn St P & SS Marie
142 143
14213 14212 14114 14212
--- 14234 14234 *14134 144
14714 Feb 1 158 Aug 19 146 Nov 160 Itch
Do preferred
*150 155 *150 156 *150 155 *150 155 *150 156 *150 156
27 Sep
384 Joe
2558 J'ly 13 3158 Mch 29
2838 2812 ' 28
2834 2734 28
*2734 2812 2834 2834 2812 2812 3,000 Mo Kansas & Texas
6234 Sep
70 Oct
5738 May29 68 Apr 17
6414 63
63
64
600, Do preferred
65
6312 6212 6212 *62
6312 *62
*63
3314 Sep
63 Feb
35 J'ly 12 4734 Mch 27
4412 4334 4434 4414 4514 4334 441s 29,5001 Missouri Pacific
4458 4538 4312 4512 43
60 Aug
7238 Jan
64
*60
64
*60
64
*62
*80
65
*60
64
*60
64
Nat flys of Mex 1st pref 6218 Oct 7 71 Jan 4
2578 Aug
3838 Feb
2638 Oct 18 3678 Jan 20
600
Do 2d preferred__
2611 2612 2678 27
2634 2834
*2612 2634 2658 2658 *2612 27
11478 11514 1144 11514 7,500 NY Central & Hudson__ 10814 Jan 9 12112 Apr 25 29973 Sep 11512 Feb
11434 115
115 116
114 11514 114 115
135 13512 2,255 N 31 N 11 & Hartford___
1:11 J'ne 18 14214 Apr 1 12678 Sep 15118 Fob
1354 13612 136 136
13818 13612 136 13812 136 136
3734 Sep
4878 J'iy
3512
300 N Y Ontario & Western.. 2978 J'ne 29 4138 Apr 12
354 354 3538 3538 *35
*3412 37
*3412 36
*3414 37
8.812 Oct 25 9334 Apr 26
8958 8958
*8918 90
90
700 N Y State Railways__
8054 8958 8958 8934 8978 9038 90
0034 Sep 11114 Nov
- 810734 Feb 1 11914 Aug 12
114 115
115 11512 11558 11618 11512 11612 8,721 Norfolk ds Western
11414 115
11412 115
92
Feb
17
8534
9114
J'ne
12
Apr
83 J'ne
92
*8812 92
Do adjustment pret_
100
_ ____ ____ *88
88 •
88
5534 Nov
56 Mehl' 73 Nov 11
3912 Jan
____--*7014
__
7134 73
7214 7214 7134 7134 7134 7134 7178 7214 1,400 Nor Ohio Tree Fe Light
J'ne
1877
8
Aug
14
Sep
13112
11034
11538
Jan
15
Pacific
Northern
12512
12412
12514
19,170
124 12558 12312 12514 12434 12538 12518
-12518 12614
12212 Jan 9 12614 May 2 11834 Sep 13018 Feb
12318 12312 12318 12338 123 1234 12314 12312 12314 12314 123 12312 8,025 Pennsylvania
9313 Jan 2 11112 Sep 23
0018 Sep 100 Jan •
100 Pittsb Cin Chic 63 St L
108 108 *104 109 *104 109 *106 109 *10612 109 *10612 10712
,
Jan 2 117 Feb 20 10218 Sep 112 Feb
108'3
Do
preferred
120
*110 120 *I.I0 120 *110 120 *110 120 *110 120 *110
14818 Jan 11 17914 Apr 29 134 Sep 16178 J'ne '
17058 17238 16958 17258 16858 17158 17058 17218 17114 17212 17058 17214 459,200 1)coding
88 Mch
02 J'ly •
8712 J'ne 27 9314 Apr 211
91
613 1-v 1st preferred
9012 9034 *88
00
90
90
190
90
90
90
*88
2d preferred
9012 Sep 101 May
200
94 Jan 11 10112 Apr 29
*95
97
*9512 97
*9512 07
96
97
96
*96
90
96
2234 Sep
2212 May31 3012 Apr 8
348 J'ne
2534 2614 2618 2638 261 2638 7,300 Rock Island Company
2512 2578 2518 2618 2514 26
4334 Dec
6858 J'ne
49 4 5012 4,600
4714 J'ly 16 5958 Apr 9
Do preferred
49
4912 4934 4734 4958 4934 4934 4934 50
49
23 Dec
21
2012 2012
200 Qt Louis &San Fran _
27 Oct •
21
2012 Sep.6 2912 Mch 26
25
*23
25
*23
25
*23
24
*23
64
65
164
59 Sep
6114 6112 *61
420 0
6914 J'ly
65
1
Do 1st preferred...... 61 May10 6912 Jan 23
66 .61
*02
65
*62
3538
11
37
Sep
3512
3412
4334
Apr
J'ly
24
4912 J'ly
3412
2,825
3312
Do
3558
2d
3538
preferred
3512
36
3512 3534
3512 36
24 Jan
34 Feb
3912 3912 3912 2,100 St Louis Southwestern- -J 2934 Jan 22 40% Oct 4
3934 39 . 3912 ' 3878 3912 *3834 3912 39
39
5934 Jan
72 J'uo
684 Jan 17 8058 Oct 4
500. Do preferred
77
*764 7712 *7618 7712 *7618 7712
.76
7812 77 ' 78
77
1858 Oct 23 2712 Apr 4
600!Seaboard Air Line
2034 *2014 2034 2034 2034 2012 2012
*21
2112 2014 2034 *20
4712 Oct 25 5612 J'ne 7
4912 4834 4958 5,000
Do preferred
4873 4834 4933 49
48
49
49
4834 49
10512 Feb 1 11512 Apr 8 10412 Sep 12638 J'ne
11038 11118 10912 11118 10958 11118 11012 11114 111 11112 11058 11118 16,300 Southern Pacific Co
2612 Jan 31 32 Sep 30
2434 Sep
3338 J'ly :
2912 2934 29
2958 2938 2958 295 2978 2938 2934 8,400 Southern v tr ars stmpd_
2912 30
7514 J'iy
6814 Feb 4 8678 Oct 2
6114 Jan
do
Do prof
2,100
82
8178 8112 8134 8238 8238 *81
81
8133 81
8112 82
2012 Jan 3 2612 Nov 7
1978 Dec
3014 Feb
800 Texas & Pacific
*2412 2512 2412 2434 2434 2478 2478 2478 25 ' 25
26
*25
493
4
14
Jan
bl
Sep
Nov
41
Dec
35
9
New
h
it'd
Ave
/
373
4
373
4
2,850
385
8
38
*3758 38
3712 3814 374 38
3712 38
4 Nov
84 Jan
3 Jan 15 1058 Apr 16
6
*4
1,000 Toledo Railways & Lt__..
6
618 614 *5
612
612 *6
614 612 *6
12 Deo
11
1633 Mch 27
2431 Feb
Sep
12
14
*13
Toledo
St
L
de
Western_
14
100
.13
1312
1312
14
*13
14
*13
1312
*13
3472 Deo
5378 Jan
28 J'ne 7 36 Apr 8
Do pre/erred
*2912 3212 *2912 3212 *2912 324 *2912 3212
*2912 34
*2912 34
_
_ Twin City Rapid Transit.. 104 Oct 14 11118 Sep 17 104 Sep 111 Feb
*10412 10712 *10412 108 *10412 103 *10412 107 *10412 107 *10412 ___
30 15312 Sep 19238 J'ly
Sep
4
Feb
1763
160
17118
1727Ij
.nion
8
212,_750
Pacific
17214
17278
173
,
8
17158
17212
16934
17112 17314 170 173
06 J'iy
89 Sep
8814 Oct 31 93% Feb 27
Do preferred
9114 9114 *9114 9134 1,320
91
9012 9012 9038 9058 9012 9034 *90
49 Feb
2812 Sep
37
37
1,500 Unit flys Inv't of San Fr 28 J'ly 11 3912 Oct 23
37
*36
37
*36
38
37
3812 3634 37
38
71514 Mots
52 Sep
7
Nov
68
J'ly
18
57
64
64
Do
preferred
6512
3,000
65
6612
65
6612
6714 6614 6714 66
67
53
4
Mayll
Dec
1838 Feb
19
J'ne
44
418
4
412
abash
418
3,000 W
93
334
412 414
*414 434 *412 434 *414 434
1414 Dec
408 Feb
1238 J'ne 27 2278 Apr 0
Do preferred
600 I' Y
*1414 1434 1438 1412
1438 15
*1414 15
*1412 15
15
*14
66 J'ly ,
4878 Apr
5338 Oct 30 6414 Mch 25
5658
400 Western Maryland Ry
5658 *55
*55
55
56
56
56
*5512 57
55
56
614 Feb •
212 Sep
9
4 Jan 10 1134 Oct 10
9
100 Wheeling 4c Lake Erie
*812 914
9
*8
9
*8
*812 912 *312 9
1758 Feb
7 Sep
11 Jan 3 3612 Oct 9
2912 30
30
1,100
*28
Do 1st preferred
29
2814 2712 2112 29
23
30
*28
8 Feb
3
Aug
1712
Oct
9
1413
19
6
Jan
*1312
14
800
Do
2d
preferred
1412
143
4
1312
1412
14
I'1I2
*13
*1312 15
721g May
43 Sep
*5212 55
*5238 55
43 Feb 5 6212 Aug 12
200 Wisconsin Central
5212 5278 *5212 55
*5278 55
*5214 55
Industrial&Miscellaneous
715 J'ne
Sep
4434
4
Oct
9234
Feb
1
60
8558
8412
857
8
A
8418
8412
167,300
maigamated
Copper....
8418
8218
8314
8158 8438
8312 85
4434 Sep
6312 Deo
*56
58
5373 Nov12 6358 Mch 22
*5612 58
900 ix merAgrIcultural Chem
57
5718 5678 5678 *5614 58
*5714 59
9912 Oct 105 Dec
*99 10014
08 J'iy 17 10414 Alch 20
Do met
*99 10014 *9914 10014 *99 10014 *99 10014 *99 10014
Jan
3914
5934 Oct •
19
Sep
5234
Nov12
77
5412
5578
55
5878
31,325
Sugar
Beet
5534
American
54
5234
5678
5612 5712 5538 58
9212 Jan 101 Oct
94
96
94
400
94 Nov15 10114 J'ne 19
*94
Do pref
96
9618 9618 96
98
*96
93
*96
878 Jan
1212 May
4134 41
4214 59,100 American Can
1114 Feb 1 4738 Oct 11
4112 3878 4138 3834 4012 3912 4018 40
40
0318 Dec
77 Jan
9052 Feb 1 12614 Sep 19
Do prof
12218 12278 12214 12212 2,310
122 122
12212 12212 122 12212 121 122
5814 J'iy
4238 Sep
49 Feb 5 6358 Sep 25
6058 604 6012 5,020 American Car 63 Foundry
6034 60
5834 5012 5914 6014 60
5938 60
182
Do pref
115 Feb 14 120 May24 113 Oct 120 May
*11812 11978 *11812 11978 *119 11978 *11812 11978 111934 11934 11812 11812
4518 7,000 American Cities
3034 Oct 8 4518 Nov15
3938 3934 3978 4138 42
3912 3912 3834 39
40
40
Do preferred
7514 Aug 6 8318 J'ne 20
8014 8014 8012 8034 8118 3,300
*7812 8012 80
80
80
80
80
Oil
4512 Jan 19 5318 Oct 21
30,025
Cotton
4158 Nov
5738
59
American
5738
8
7
567
5678
32% Feb
5512
4
553
544
5378
5538
54
54
pref
*95
Do
Jan 19 9914 Feb 13
_
95
92 Nov 10512 Feb
_
*95
*98 ___ *9734 10212 *9734 9912 *98 102
400 American Hide & Leatbel
5 J'ne
312 Set)
3 Feb 19
714 Sep 25
578 -57-2 *572 6
-6
*534 614 *534 614 *578 614
6
2638 J'ne
700
Do pref
20 Feb 26 34 Sep 24
18 Sep
2812 2812 2838 2812 2814 2812 *2812 3012
29
31
*28
*29
2,584
J'IV
r.:12
Aug
1912
1934
800
Ice
American
May20
20
Securities.
18
Jan
2
3034
20
21
*20
1934 20
*1934 21
*1934 21
124 Feb
3 Aug
10,500 American Linseed
9 Mch 6 1778 Apr 23
1358 1334 1334 14
1312 14
15
1512 14
1512 1512 15
3412 Deo
2618 Oct
Do prof
30 Feb 20 43 Apr 23
*34
3512 4,100
3412 35
3812 3812 *38
3912 355 3814 3334 36
221g Oct
4314 May
4634 20,400 American Locomotive . 3134 Feb 27 4634 Aug 17
4518 4(338 46
4558 4418 4512 4512 4612
4414 4514 44
Do pref
700
MI Jan 15 11012 Aug 14 102 Oct 11034 Melt
10614 10614 10638 10638
*106 10712 10612 10612 10612 10612 10612 107
3 Sell
538 Jan
15
434 Jan 10 1013 Aug 5
154 1534 1,500 American Malt Corp.__
*1412 1512 15
15
1512 1512 15
1514 15
3112 Mch
4333 J'ie
Do pref.
42 Jan 6 6914 Aug 14
6414 3,500
634 6314 6312 63
6314 6312 6314 6312 6212 6314 63
02 Sep
8313 fly
200 Amer Smelters Sec prof I
85 Nov15 8912 J'ne 10
85
85
86
8512 8512 *85
*85
86
*85
86
*85
86
5633 Sep
8373 J'ne
6778 Feb 1 91 Sep 26
7934 7834 8014 83,400 Amer Smelting& Reflnini
8212 7778 8014 7834 8014 78
8112 8212 79
9834 Sep 1084 J'ne
. 10238 Jan 2 10938 Sep 20
Do pref..
607
1077s 1077s 10712 108 *107 10812 *10712 10812 110812 10812 2107 107
r
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
A inerica 1
Amer Exch
Battery Pk
Bowery_
/I_
Bronx Boren
11c033 Nat .
3ryant Pk 1'
Batch & Dr
Jentury 1
jhase
Ma
Ask
Banks
Cbat&Pncnix
210 Chelsea Ex%
203
820 630 Chemical ....
234
237 Citizens' Ctl
130 Clty
125
__ Coal & Iron
400
_ Colonial ii
300
5 Columbia '11.
180
11155_ Commerce 1-4-0- Corn Ex 1.130
East River..
235
230
Fidelity II
780 790
Bid
/181
150
445
188
435
157
425
335
/200
320
90
165
B1.1 Ask
Ask
Banks
___ Fifth Avelj_ _
160 Filth
1300300 325450 First
1005 1020
202 205
195 Fourth
445 Garfield
280 295
165 Germ-Am 11 140
___
. Germ'n Ex% 400 4-50
i1-5- Germania. 525 540
---- GOthaM --,. 158
163
325 Greenwich li 250
___
Hanover.- 705
100
720
175
Banks
Harriman_
Imp & Trad
Irving
Liberty
Lincoln
Manhattaul
klark'tdcF111
Niech &Met's
Aerch Exch
Merchants'.
Bid
290
557
200
615
375
350
/25518
288
/159
190
Ask
310
570
204
660
_ _
35-5
__
274
____
____
Banks
Metropolis $
Metropol'n$
Mt slorrislf.,
Mutual 11....
Nassau __.
New Neth _1
New York06
New York_
Pacifiell......
Park
People's J.
BSI
375
190
20)
285
215
220
875
405
255
370
240
Ask
385
193
___
295
225
____
_
420
265
375
260
Banks
Prod Exch $
tteserve-...
-;ea board...
.iecurkyqj
,econd.ilierman.State 1! ...„....
13d %% arall •
(In on Exc.
Wash Irts 1,
West Side $
Yorkville 1_
DU
Ask
168
174
031, _
_....:•
450
375 400'
145
1-3-5
250 17-5'
175
_.
182
168'
276
575 825'
600
....
• Bid and asked prices.: no sales were made on this day. ;Ex-rights. Mess than 103 shares. 11State banks. a Ex-dtvidena and rights. b Now stock.
/ Sale at Stook Lischange or at auction this week. h First Installment paid. a Sold at private sale at this price. a Ex-dividend. I F4111 paid.
Nov. 16 1912.1
New York Stock Record-Concluded-Page 2
1317
For record of safes during the week of stocks usually inactive see second page preceding,
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
NOD.9
Monday
Nov. 11
Tuesday
Nov. 12
Wednesday
Nov. 13
Thursday
Nov. 14.
Friday
Nov. 15.
Sates ol
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share Lott.
Lowest.
Highest.
Range for Previews
Year 1911.
Lowest.
I industrial and Misc.(Con)
191 191 *191 193 *199 195
300;American Snuff
193 193
123 Mch 6 199 Oct 18
193 193 *190 196
100i Do pref, new
104 104 *10312 105 *104 105 *101 105 *101 105 *104 105
90 Feb 9 105 Aug 13
40
41
41
41
4012
4114 41
*4112 42
41
41
4112 2,100 Amer Steel Found (new). 26 Jan 19 4438 Oct 8
12112 12112 12018 12112 *12012 12112 12114 12112 *12014 122
2,709 American Sugar Refining 11414 Jan 12 13312 May13
122 122
121 121
12112 12112 *120 123
Do pret
200
*120 123 *120 123 *120 123
115'2 Jan 5 124 Sep 27
14278 14358 1434 14358 14234 14314 14253 1434 143 14314 14234 1434 2,7.30 4.merican Teleph & Teleg 13758 Jan 2 14918 Mch25
270 272 *270 273
271 271
27313 27478 2270 270
•270 274
24118 Feb 29 32412 J'ly 1
1,400 American Tobacco
10412 10112 *104 105 *10112 105 *10412 105
105 105 *10412 105
10114 Jan 11 10638 Jan 19
200 Preferred, new
2312 2312 23
2318 2312 2312 *___ 24 .__
24
*20
400 American Woolen
23
23 Nov12 31 May17
8412 85
8512 8412 8412 8412 8412 8453 8458 84
*84
795
Do pret
84
84 Nov15 9412 Mch 12
3412 *3334 3412 *31
34
35
*34
650 Amer Writing Paper, pH
2518 Jan 25 4138 May 2
3012 3518 3518 3312 3334
4278 4333 4212 4378 421 4312 43
4312 4338 4412 4314 4438 22,500 aAnacondaCopper Par525 534 Feb 1 318 Oct 2
123 123 *122 12312 *122 12318 *122 123
*123 12312 123 123
10512 Feb 7 12712 Oct 3
200 Assets Realization
57
5512 5612 *____ 57
57
5678 57
57
57
5714 1,110 1/aldwin Locomotive _ _ _ 535s J'ne 18 6034 Aug 30
57
*10834 107 *105 10714 *10678 10714 10678 10878 *10638 10714 *10634 10714
10234 Feb 2 10818 J'ne 17
Do pret
100 '
5
4438 4212 44
4334 4434 43
4118 4338 4238 43
4112 43
13,110 Bethlehem
hermS
ire t tecl
2734 Feb 27 511s Oct 2
*73
74
75
*73
7312 7312 73
73
72
73
5012 Feb 27 80 Sep 23
73
173
1,110
*143 146
14134 145
14434 14434 *143 145
1,700 Brooklyn Linton Gas
144 144
13712 1fch21 149 Aug 12
144 144
.31
3312. *31
*31
33
3212 31
*2938 3112
31
220 33utterick Co
31
31
2912 Mch 18 4018 Apr 30
6512 6612 6314 6818 5934 64
aliforPetro1 vot tr ctts 5914 Nov12 7212 Oct 5
6114 6278 6218 6234 6112 6234 57,590(,
9114 9114 91
91
90
9012 9014 9012 f014 9012 3,500 '1 Do pref vot tr ctfs 90 Nov12 9512 Oct 5
91
00
*10012 10034 10012 10012 *100 101 *100 10012 *100 10012 .130 10012
100 Case(JI)ThreshMpf tr ctts 100 Oct 28 101 Nov 6
t3014 3014 5,500 C entral Leather
3034 3078 3012 31
3112 3118 31
3112 3014 31
1612 Feb 27 3358 Sep 21
*9712 9912 *974 99
9912 9814 0814 98
994 *98
*98
Do pret
20(1
08
80 Feb 27 1001? Oct 17
4914 5014 48
4758 4912 4814 4834 4838 4834 •4838 4812 54,300 (Whin° Copper_
60
Par $5 525 Jan 15 /5038 Nov 8
3612
3634 3714 4,500 Colorado Fuel & Iron_ _ _
3638 37
3614 3612 3538 36
3634 3012
35
2318 Feb 24 4334 Sep a
14312 14412 14334 14414 14234 14312 14312 14334 214212 14234 14212 14212 3,700 Consolidated Gas (N Y)_ 13814 Feb 17 14912 Aug 12
1634 1738 1658 1714 1614 1678 1612 1634
1)) Jan 16 2218 Oct 19
1634 9,830 Corn Products Refining
Ws 1073 16
1
,750
81
81
8014 81
81
Do pref
8278 83
*8234 8412 8134 8314 81
27614 Jan 3 8;112 Oct 18
2738 2712 2738 2734 271s 2712 2714 2778 2718 2778 2778 2778 2,900 Distillers' Securities Corp 25180ct 25 3614 Aug 21
*1338 20
1312 1312 *14
*1338 20
18
200 Federal Mining & Smeit'g
*1312 20
.1338 20
1114 Feb 28 2134 Sep 25
4478 4418 4418 41
4478 *43 4512 1,02
4512 44
830
5 aeDneorapipref
4712 45
*45
3718 Jan 23 5234 Sep 26
25f
18018 181 1182 182 *181 182
18134 182
lectrlo
*181 18312 *181 183
155 Jan 2 18812 J'iy
3514 3414 3414 *34
*33
100 Gen Motors vot tz ctfs.. 30 Feb 26 4278 Sep 3
3514 *3412 3514
3412 *3312 36
*32
Do pret vot tr ctfs
78
*77
78
77
*76
7714 7773 7778 7712 7712
400
*7634 79
7014 May 3 8234 Sep 3
213 258
212 238
212 212
212 258
212 258
212 258 9,500 dOoldlleld Con M Par $10 5238 Oct 9 $5 Mch 18
7078 71
7014 7012 70
*7112 73
7034 7014 7058 7014 7012 2,600 Goodrich 03 F)
z7018 Nov 4 81 Sep 9
*107 10712 *107 10712 10714 1C714 107 107
107 107
10714 1074
Do pref
903
100 Sep 26 10912 Sep 16
5558 5412 5514 551s 5512 5534 5534 *55
5518 5512 55
1,600 dGuggenh Exp:o_Par $25 $53 J'ly 11 r$6238 J'ne 14
56
2018 1978 2038 20
1978 2058 1914 2018 19
15,200 di nsp'n ConCop Par $20 531814 J'ne 3 $2118 Oct 10
2012 1934 20
121 12112 120 121
11914 121
120 120
120 12012 120 121
2,000
nternational Harvester 10514 Feb 1 12678 Sep 10
*117 11934 *11312 11934 *11314 11934 1118 118 *11314 11934 118 118
Dofeprof11612Jan 26 12134 Apr 4
2
10
50 Int
*478 534 *418 514 *478 5
*478 5
Marine stk tr ctfs
5
4 MCI) 7
5
*5
514
778 Mch 29
*1812 2014 *1734 2014 1938 1958 *1912 21
Do pref
20
1534 J'ly 30 26 Mch 29
2012 2014 2038 1,500
1512 1458 15
15
*15 . 18
1458 15
938 Jan 17 1934 May23
14:18 1434 13
1478 5,250 International Paper
57
*5512 5612 5534 5014 5512 5558 5514 5514 5212 5514 3,100
57
Do pref
z4578 Jan 3 6278 May23
2318 *---- 2312 23
23
23
23
23
2318 2312 *22
25
500 Internal Steam Pump_ 23 Nov 9 34 Jan 2
*7812 8012 *7312 8012 *7812 80
Do pref
*78
80
7858 Nov 4 8458 Apr 8
*7812 80
*7812 80
*93
.1.03
06
0512 03
93
*01
95
*91
95
9112 9112
300 Kayser & Co (Julius)._ 9112 Nov15 9534 OCt 24
*107 110 *107 10912 10834 10834 *107 109 *107 103 *107 109
100 Do 1st pref
108 Nov 4 10.1 Oct 24
*7712 8412 •77
8412 *78
600 Kresge Co (S S)
8412 8212 8312 82
8258 83
82
71 Sep 25 8912 Oct 2
*101 10312 *101 104 *101 104 *101 104 *(
03 *101 10312
pref
Do
100 Oct 30 10512 Oct 2
46
46
45
*45
46
50
50 .44
---- ----48
48
900 Lackawanna Steel
29 Mch21 5512 Sep 30
*105 106 *105 103 .105 103 *105 106 *10512 1-06 *10512 106
100 Laclede Gas (St L) corn_ 104 Mch 18 10334 Jan 4
214 21514 214 215
21412 215
21634 21712 121712 21712 *213 218
1,750 Liggett & Myers Tobacco 15678 Jan 15 225 Oct 18
*114 117 *113 117 *113 117 *115 11612 *113 116 *113 11612
Do preferred
10512 Jan 12 118 Aug 29
4312 4312 43
43
4138 4278 4234 4234 4278 4278 42
4214 3,200 Loose-Wiles Bis tr co ctfs 42 Sep 27 4718 J'ly 26
•104 10412 10412 105
Do 1st prof
105 105
101 104
10412 10112 105 105
10212 Oct 7 105 Nov 8
700
*9012 9158 9112 9158 9112 9112 9112 9112 *9012 9134 *9012 9134
Do 2d pre
400
00 J'ly 22 9234 Oct 14
831* *8233 8334 *8278 8378 .83
109 Slay Departmem Stores_ 69 Apr 11 88 Oct 7
8258
83 .83
83
8378 .82
Do pre
4'10534 10712 .10534 10712 .10534 10712 *10534 10712 *10534 10712 *10534 10712
10534 J'ne24 112 Jan 11
7912 8214 8112 8214 8114 82
8212 8412 7834 83
31,500 Mexican Petroleum
8312 85
6234 Apr 20 1012 Oct 17
2858 2814 2858 10,810 a A laar
2858 2878 2818 2878 2712 2812 2838 2812 28
45 $2318 Feb 14 $3014 Sep 25
131 133
12934 130
130 131
133 13312 133 133
130 131
lOnCTapnrjtiltP"
2,700
12912 J'ly 26 161 Apr 30
125 195 *124 127 *121 12612 *123 12612
12414 12414 .121 127
Do pref
200
123 Oct 4 131 J'ne 19
22
*21
22
2012 2118 *2012 22
*2012 22
22
21
21
800 Nat Enamel'g & Stamp'g 1214 Feb 29 26 Oct 15
9312 19318 9318 *01
*91
*91
93
0312 *91
9314 *91
9312
Do pref
20
88 Feb 27 9512 Jan 2
*6212 64
6214 8314 6012 6214 6214 6214 6018 6112 6012 61
4,050 National Lead
5118 Jan 9 6814 Oct 7
110 110 *10034 111 *110 111
11018 11018 *11014 111
11014 1101 4
10512 Feb 1 11014 Aug 20
350' Do pref..
2258 23 r. 2212 2278 2214 2258 2238 2212 2253 23
2234 234 16,400 dNey Cons Copper_Par $5 $1814 Jan 29 $2418 Sep 30
80
80
7978 80
7034 7934 81
8212 823s 8312 8212 8378 4,203 New York Air Brake
50 Feb 17 8378 Nov15
*8312 844 *8312 8412 8318 8312 *83
8312 83
8312
83
500 North American Co (new) 7412 Jan 8 8778 Aug 21
*83
3258 3258 3258 3234 3278 3414 34
3518 3438 35
341i 3438 4,000 paclfic Mail
80 Jan 3 38 Sep 30
4914 5012 4914 50
4914 50
4958 4958 50
L
50
acitioTeiep & Teleg
*4913 5012 2,503
47 Feb 6 5538 Apr 25
117 117
11612 117
11578 11612 11534 11534 11614 11612 116 11612 2,350. i'coPle's G L & 0 (Chic). 103 Jan 8 12212 Oct • 9
2312 2312 2314 2.133 23
2312 24
24
2312 2378 2338 2312 2,703 Pittsburgh Coal Co
1634 Mch 1 2714 Aug 14
92
92
9113 92
0154 9218 9112 92
Do pref
2,100
9214 9234 9212 93
77 Feb 8 10014 Aug14
204 206
204 20514 206 206
203 204
1,954 P. Lorillard Co
20812 209
233 203
167 Mobil 21512 Oct 18
.
011512 11634 *11412 11634 .114 11634 .114 117 *114 117 *114 117
Do preferred
10734 Jan 12 118 Aug 20
38
38
37
3714 3714 38
i Steel
37
38
3712 3714 38
37
,r
3,700 Pressed
Car
2834 Feb 27 4078 Sep 30
16e!
10112 10112 *10012 10112 *10012 10112 10138 10138 *10114 10112 *101 10112
235
96 Feb 28 10334 Aug
.112 116 *112 116 *112 116 .114 116 *112 118 *112 116
Pub Service Corp of N J_ 10634 Feb 17 12078 Aug Li
416630 16638 167 167
Pullman
16712
*16612
16358
16612
1E312 16612 116612 16312
610
Company
15812 Feb 2 173 A11g21
.36
3712 3634 38 .3634 33
37
900 2.?allway Steel Spring
37
3712 3734 3712 3712
2712 Feb 8 4014 Sep 28
--- -- *100 10212 *100 10212 *109 102 *100 102
101 101
100 Mch12 105 Aug28
100
" Do pref
2214 2112 2218 2113 22)4 2213 2212 2214 224 2214 2258 37,050 dRay ConsCopper Par $10 516 Jan 29 $2418 Sep 23
22
30
3118 30
31
2334 3014 2912 3018 2978 2978 30
3014 12,450 Republic Iron & Steel
1534 Feb 26 35 Oct 4
9178 9234 92
0212 9112 02
9112 02
6412 Feb 27 9318 Oct 25
9158 92
9178 92
Do pref
2,530
09 101
9812 10338 9,645 Rumely (M) Co
9812 Nov15 101 Nov 14
102 102 *102 10212 10238 10338 10312 10312 1,203 Do pref
4102 10258 102 102
100 J'ne20 10312 Oct 25
218 217
21514 218
218 22012 219 22034 21634 21714 4,951 Sears, Roebuck & Co
218 218
140 Jan 15 221 Nov 8
55
55
56
56
*54
55
55
57
51
54
53
53
600 Sioss-Sheffield Steel & lr_ 3914 Jan 30 5934 Sep 20
*28
30
*28
29
29. *2812 30
*28
*28
30
*28
30
Standard Milling.
1614 Jan 19 3312 J'ne 27
16312 6312 16212 6212 *6212 6312 *6212 6334 *6212 6312 *6212 6412
Do pref
110
53 Jan 8 66 Oct 2
4218 4218 4212 4212 4212 4212 *4112 43
43
4258 4258 43
500 Studebaker Corp (The)
30 J'ly 10 4912 Aug 9
*9412 97
*9412 97
1334 9634 *9412 97
06
*9412 9612 96
200
Do pref
9012 J'ne 28 9818 Aug 13
4114 4,700 d'rennessee Copp_ Par $25 53412Feb 1 $4714 May21
40
4112 4034 41
4078 4118 41
4134 4238 4112 42
11918 12012 11918 11912 11914 121
122 122
119 119
11912 121
2,735 Texas Company (The)
81 Jan 16 13058 Sep 7
108 109
108 108 *10512 110 . *10512 109
108 108 *10512 110
600 I Inderewo
or
oe
i Typewriter_
0834 Apr 3 11534 J'ne 28
4112 114 *112 114 *112 114 *112 114
11318 11318 *113 114
200 t, Do
110 J'ne 14 11412 Sep 17
1214 1278 *1178 13
1178 1214 1214 1214 12
1234
878 1178 12,400 Union Bag & Paper
458 Jan 25 1773 MaY15
5712 58
*56
59
5612 5512 5512 4312 5512 3,000
56
5678 57
Do pref
4812 Nov15 6734 May15
*1812 2114 .18
1834 10
20
1914 1958 1834 19
*1812 1934
843 U S Cast I Pipe & FouncLr 13 Feb 16 2212 Maya('
62
62
*60
6312 4430
6312 *60
6312 *60
63
6312 .60
4
15
00
50 Jan 4 (1138 Oct 18
52
53
52
52
*50
*50
55
*59
.
*50
55
55
U rS3°InPdruesrtrial Alcohol
26 Jan 8 5714 Sep 24
*8014 82
*8014 82
8014 8014 *80
81
82
81
*7934 82
400 U S Realty & Improv't_
67
Jan 31 8612 J'ly 18
5138 5134 5134 5214 5218 5312 61
5112 52
55
5478 5614 22,290 United States Rubber
4514 Feb 1 6778 Nlay21
10718 10758 10712 10734 108 10814 108 109
10712 108 *10712 108
3,850
Do 1st pref
10538 J'ly 23 116 MaY20
80
*75
*75
80
80
*76
*75
80
§79
79
80
Do 2d prof
310
801k
75 Jan 23 8512 May21.
7614 7312 7512 7438 7578 7514 76
7434 7614 74
7458 76 545,900 United States Steel
5814 Feb 13 8034 Sep 30
112 11218 *112 11212 11112 11212 112 11234 11258 113
112 11214 3,204
Do pref
10738 Feb 13 117 Sep 30
6234
6358
6378
6414
6314 6418 63
61
6334 6438 6358 6438 27,700 dUtah Copper--Par $10 $5213 Jan 29 $6712 Sep 30
4512 4512 *45
45
4612 4512 46
4612 •45
47
4638 4712 2,800 Virginia-Carolina Chem
45 Sep 10 5714 Jan 26
-.115 116
11514 11538 11512 11512 11512 11512 *115 116
11514 Nov11 122 Mch27
11538 11512
600
Do prof
7814 7778 7818 7712 7712 *7712 79
78
*7833 79
78
1,900 Western Union Teleg.._
78
7712 Nov13 8814 Jan 18
82
8012 82
8214 8034 82
8034 8214 8114 8112 fil34 82
6,400 IT estImrh'seEl&Mfg ass 6614 Jan 3 891p Aug 9
125 125 *125 130 1123 123 *122 130 *122 130 *122 130
Do 1st _prat
105
11478 Jan 5 126 Aug 8
114 115
116 11778 11012 11758 11512 11638 21,410 Woolworth (F W)
115 11612 11518 116
9212 J'ly 25 11778 Oct 2
•*11412
____ *115 ____ 116 116
_ *115 _ 11514 11514 *114
300 Do !wet
11314fly 29 1103, J'ly 2
Highest.
225 Sep
325
25 Sep
11214 Sep
111 Jan
13112 Aug
5212 Feb
12212 Feb
11912 Feb
15318 J's
2512 Dec
8514 Oct
2412 Sep
$29 Sep
10612 Dec
3612 itch
9614 J'ne
3412 Feb
$4118 J'ne
108 Dec
10314 Dec
:.6 Sep
64 Sep
z129 Sep
28 Feb
May
107 Dec
8818 Aug
6634 J'ly
14814 Nov
31 Melt'
1834 Sep
9118 Dec
51612 Sep
25 Sep
12834 Sep
958 Oct
73 Sep
29 Sep
13 Dec
37 Dec
142 Sep
35 Nov
7412 Dec
5312 Oct
3338Feb
105 Feb
52712 Dec
3638 Feb
14812 J'ne
1534 May
85 May
3814 Mch
38 Feb
6612 May
16823 May
5134 Aug
8658 Aug
$778 Jan
9918 Sep
115 Sep
314 Sep
34 Aug
9 Sep
4412 May
23 Oct
80 Oct
12938 May
12814 may
578 Jan
2212 Dec
1338Jan
1361k Jan
44 Feb
9012 J'ne
30 Sep
10114 Sep
48 Apr
11412 Jan
70 Apr
10734 Sep
81 J'ne
11314 J'ne
51658 Sep $2412 Dec
11714 Jan 14334 Nov
124 Jan 130 Feb
22 d'ly
1212 Dec
85 Jan 10034 J
4212 Sep
59 Feb
104 Sep 10934 Aug
$1,512 Sep *2114 J'ne
45 Oct
76 Feb
64 Jan
7634 May
2312 Apr
3338 Nov
35 Sep
545$ Jan
10112 Aug 109 Jan
17 Dec
2314 J'ne
6734 Jan
907s J'ly
25 Sep
91 Sep
108 Oct
154 Sep
26 Oct
92 Jan
512 Sep
18 Oct
7412 Oct
3738 J'ne
10234 J'ne
120 Feb
163 Jan
39 J'ne
103 J'no
119 Dec
3514 Feb
99311 Feb
12512 Sep
34 Sep
15 Aug
50 J'ly
192 Feb
5614 Feb
1718 J'ne
53 Dec
$3014 Sep $44 J'ne
7412 Nov 13612 Feb
63 Mob 111 J'ne
103 Mob 11372 J
434 Dec
9 Feb
5018 Nov
6912 Jan
19 Feb
11 Seri
4012 Sep 261 Feb
24 Aug
30 May
6518 Jan
7934 May
4812 Dec
3012 Sep
104 Sep 11512 J'ly
7) Mch
06 Sep
50 Oct
t218 Feb
103 Oct 12078 Feb
538 Sep $5778 Dec
4318 Sep
7033 Feb
114 Sep 12812 Mch
7158 Apr
8412 May
5858 Sep
79 May
11012 Aug 123 Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
•Coaey Ill'd1
'First
'
Lirienpo int
11111side11_-Homestead1
Manutac'rs
Mee haidos'1
Montauk
Nassau
21 at City__
Lila
280
405
220
212
275
All
155
295
160
128
115
425.
240
150
225
295
Banks
BrJok.tiln
North Side 11
People's,„
Prosp'etP10.
£31.1
Ask
175
145
150
200
155
165
Trust Co's
N Y City
400
Astor
Ilankers"Fr 570
B'way Tr_.. 170
410
540
178
Trust Co'i
N Y City
Central 'Tr__
Col umblaKnickerb
Commercial
Empire
_
Equirble Tr
Farm Lo&'1
Fidelity
foul ton --Uuarty Tr.
Bid
Ask
1040
1050
550 570
9712
300 310
535 540
1370 1400
218
315 325
620 630
Trust Co's
N Y City
Guardlaa
Hudson
Law T Iderr
Lincoln Tr_
Nietropol
Mutual All
ance
/Aut.( Westchester)--
Bid
Ask
218
445
90
139
225
140
455
145
152
140
150
Co's Bid
Ask
N Y City
NY Life/tsar t1101
N Y Trust_ 630 6WTitleGu & Ti 500 510
Union Tr__ 1293 1310
US Mtg& Ti 483 495
Unit States_ 1125
Washington 1375
Westchester
_ 165
Windsor
185
3301
Dust Co'
73ro7klyn
Brooklyn Ti 475
Citizens' ___ 150
Franklin ___
Hamilton -- t27712
118
Home
•
Kings Co - 520
L Is( L & Ti 300 •
Nassau _ _
130
Peoples' __. 295
,lueens Co_ 100
Ask
490
270
310
:;6g110
• Bid and asked prices' no .
sales on this day.
Less than 100 shares. t Ex-rights. a Ex-diy"
r ghts. b New stook. d Quoted dollars per share.
/ Sale at Stank Blellanga or at auction tuts week. a Ex stook dividend. 11 Banks marked withand
a paragraph (11) are State banks. a 131-div1dand•
,
1318
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 183 Exchange method of quoting bonds was changed, and 'prices are now all—"and interest"—exceo far incom3 and defaulted bonds.
N.
zi.F.,
BONDS
Y. STOCK EXCHANGEt•C
.."'
Week Ending Nov 15.
-.44
U. S. Government.
U S Is consol registered_d1930 Q-J
U S 2s consol coupon__d1930 Q-J
U S 3s registered
/1918 Q-F
U S 38 coupon
/1918 Q-F
U S 4s registered
1925 Q-F
U S 43 coupon
1925 Q-F
U S Pan Canal 10-30-yr 2s /1936 Q-N
U S Panama Canal Os g_1961 Q-S
Price
Friday
Nov 15
Week's
Range or
Las: Sale
zIcQ
Range
Since
Jan. 1.
s
BONDS
:
4E
N. Y. STOCK EXCHANGE....
Week Ending Nov 15.
Z,3.,
hid
High No.
Ask Low
101 10112 10118 Oct '12 ____
101 10112 101 Oct '12 ____
10212 103 10212 J'ly '12 __-_
10212 103 103 Oot '12 __
11334 11414 11338 Aug'1*
11418
5
11314 11114 11418
101 10111 10012J'ne'18
10134 10214 10118 Oct '11 __
Price
Friday
Nov 15
Range
Wcek'I
Since
Bangs or
g„:
,
t•I
,Jan, 1.
Last Saki
g.:,
-----Bid
Ask Low
High No. Low High,
100 102 101
10178 15 101 10412
110 Sale 110
... 109 11134
110
19,-02 10934 111 May'12
110 11114
9912 Sale 9938
9934 20 908 103
98 9938 9933 Nov•Ii _9234 Sale 0234
0314 1„2 -1;2.
58 -64"8518 88 8618
1 80 89
8618
83 __ 8812 Oct •1:
85 8812
10212 _ _ _ 10134 May'12 ____ 10114 10134
8:04 __ 84 May'12
8634
84
9212 94 93 Oct '12
913.1 96
____ 1)314 9012 Aug'1:.
0012 0013
8712 ____ 95 Oct '10
69
....... 71 69
1 -66" -7112
11 0014 o5t2.
65
65 Sale (4
100
33 9912 too
09 ___ 100
22, f.334 88
85 88 88
86
83 _ .. 8614 Aug'12
851. 8614
9734 631: 9734
4
5 973i 10018
90 __ _. 97 Sep973
.12
97 9912,
10334 -_ 10118 Oct '12 ____ 10373 105
89 9914 90 Oct '12 ........ 99 9958
9012 09 06340c,'12
9634 9958
911 971: 9658 Sep '1:
9(i2) 9653
*9834 ___. 9814 Oct '12 _,... 9334 9912
Low High Chesapeake & Ohio—
Gen funding & impt 5s__1029 J -J
10011 1011t
1st consol gold 5s
1939 ill-N
10034 10131
Registered
1939 ,n-N
102 10234
General gold 4 4s
1992 41,-S
10112 10314
Registered
1992 11-S
11314 11458
Convertible 434s
1930 F- A
11314 11434
Big Sandy 1st 43
1944 J -D
Coal thy fly 1st gu 4s
1945 J -D
1013.3 1021-2
Craig Valley 1st g 5s_ _1940 J -J
Potts Creek Br 1st 4s
Foreign Government
1946 J-J
R & A Div 1s1 con g 4s 1989 J -J
Argentine—Internal 58 of 1909_ M-S I 9314 98 9612
9612
7 9512100
Chinese (Hukuang) Ity 58 £____ JD r___ 91
2d conso! gold 45
91 Oct '12 -___ 91 9512
1989 J -J
Imperial Japanese Government
Greenbrier fly 1st gu g 43 1940 M-N
Sterling loan 4 4s
Chic & Alt RR ref g 3s
92
9 9034 94
1949 A-0
1925 F-A 1 9034 Sale 9034
2d Series 434s
Itatlway 1st lien 3;is
L018 15 90 93
1925 J-J * 90 Sale 90
1950 J -J
3 825, 8818 Chic B & Q Denver Div 4s_ _1922 F-A
Sterling loan 43
8258
1931 J J t 82 85 8•_58
10218 17 10138 105
Republic of Cuba Is eaten debt_ M-S 110134 Sale 10134
Illinois Div 3 34s
1949 J -J
99 9914
External loan 4 3is.
Registeled
1949 J -J
1949 F-A / --- 9812 09 Aug'12 _
Ban Paulo (Brazil) trust 53..1919 J -J / 0714 1)712 98 Oct '11 __. 9713 9834
Illinois Div 4s
1940 J-J
Tokyo City loan of 1912, 53_ _ M-S ---- 92 9173 Sep '12 __ 9158 95
Registered
1949 J J
Iowa Div sink fund 5s
U S of Mexico s f g 55 ot_1899 Q-J 59512 93 93 Oct '12 ___ 9512 9714
1911) A-0
Sinking fund 43
Gold 48 of 1904
1919 A-0
88 01
1954 J-D „..... 90 8978 Nov'12
•
7 Thes3 are p rices on iheba sts a 1 $5 ro E.
Nebraska Extension 4s_ _1927 411-N
Registered
1927 31-N
State and City Securities
N Y Clty-4 7.38
Southwestern Div 45. _1921 li-S
1960 M-S 10014 Sale 10018 10038 122 10015 103
4% Corporate Stock_
Joint bonds See Great-North
9218 18 08 10018
_1959 81-N 98 Sale 98
4% Corporate Stock
10018 10138
Debenture Is
904 71 08 10018
1913 111-N 100 1001F 10(318 Nov'12
1958 M-N 08 Sale 98
1057 11-N 974 Sale 9,78
4% Corporate stock
General 4s
9814
1958 ;11-S 9478 Sale 9478
5 07P.3 10014
9514 27 1412 9714
New 4 4s
10512 11 10514 10778 Chic & E Ill ref & imp 4 gs_1955 J -J
7714 11 77 8112
7718 Sale 774
1957 M N 1,14*,4 1 ;478 10514
1st consol gold Gs
New 4 34s
1917 II-N 10,12 10178 10P8 Aug'12
1034 A-0 11934 125 11912 Oct '12 _ 7191.125
10138 10234
General consol 1st 5s__ _1937 11-N 107 109 107
10514 15 105 10778
107
1 10,
1;11118
494% Corporate Stock_1957 M-N 105 Sale 105
Registered
10914 Feb '12 ..... 10914 10914
_
1937 g-N
434% assessment bonds_1917 M-N 10112 10178 10112 • 10178
7 10112 10278
Fur money 1st coal 5s.. _1942 F-A .. _ 98 98 Oct '12 ____ 9712 98
8514 10 8418 88
334% Corporate Stock_ _1954 M-N 8418 Sale 8418
101
Registerad
State-4s
10114
N Y
10118
1961 11-S :
9 10033 10278
Chic & Intl C By 1st 53_1936 J--J 19.;13 __ _ _ 10812 J'ne'12 ....,.. 108(2 1614.
Canal Improvement 4s_ _1961 J-J 10058 10114 10114 Nov'12 ___ 101)2310271
Chic Gt Western 1st 4s_
Canal Irnp'ment (new) 4s1961 J • J .— 101 10018 Oct '12
1959 11-5 7612 78
7712
10013 103
7814 31 75 83
Chic Ind (Ss Loulsv—Itet 63_1947 J-J 12112 Sale 12412 12412
Canal improvement 48_1960 J -J
3 12412 12912
1005 Oct '12 _.__ 10012102
Refundlng gold 5s
90 Carolina 494s 20-40
---- ---- 10312J'1 '10
0334 Aug 12 ____ 10924 11034
1047 J-J____ (
1933 J -J ..
Refunding 43 Series c
1917 J-J ____ ---- -955s Apr '11
-973 -67-3-4
Tenn new settlement 33
974 99 9734 Apr '12
1913 J-J
Ind
&
Loulsv 1st gu 43_11156 J-J ____ 81
Virginia fund debt
86 J'ly '12
-tTg - -66111
_ _1991 J-J
.„- 85 8612 Dee'
11 --,- - -,
Chic Ind & Sou 50-yr 4s_ __ _1950 J J
1 9014 Aug'12
90(4 9162
12
6s deferred Brown
2, -46
56
2-3sBros-ctfs_ ___ 50 Sale 5414
Chic L S & East 181 4;0_1969 J-D --- ---- 104 Dec '11 .....
Railroad
10054 10218
A nn Arbor 1st g 48
3 .: _ _ _ l006 Nov'12
77 78 79 Oct '12 ____ 7612 8414 Chic Mil & St P term! g 53..1914 J-J 109781995 Q-J
Gen'l gold 48 Series A...81089 J-J 974 98 98 Nov'12
rxtch Top & S Fe gen g 43..1995 A-0 9738 Sale 9738
9778 202 9612 100
9942 991s
Registered
9712 98
Registered
95 ___ 9712 Apr '12
01980 Q-J
1995 A-0 97 98 9634 Oct '12
9618 9917
Gen% gold 3348 Series 13_01989 J-J
8312 8512 85 Oct '12
8358 8078
Adjustment gold 43_81995 Nov 8734 Sale 8734
8(
. 34 23 8734 9238
Registered
82 ...._
01989 J-J
86
2 86 01
86 J'ne'ii
Registered
81995 Nov 86 Sale 88
25-year deben 43
8818 37 8734 9228
1034 J-J
9014 907-8 9038
Stamped
t.078 37 '66— -612
81995 NI-N 88 Bale 88
Cony 4 ;is (full pd rects)
_ _. ___ 1084 Sep '12 __ --10614 10734
. -_ - ,- 106,8 Sale 10513 10678 59, 10134 107
Cony 48 Issue of 1909 _ _1955 J -D
10438 ____ 105 Sep '11
Chic & L Sup Div g 53_ 1921 J--J
- ------10734 10818 66 10534 111 1
10:5 108
Cony gold 43
1955 J -D „_
Chic
10514
&
J-J
Sale
10614
1926
Mo
108 J'ne'12 _ 108 10834,
Illy Div 5s
Cony 4s (Issue of 1910) 1980 J-D
10434
10558 536 10014 10714
Chic & P W 1st g Is
1921 J -J 10412 105 101310et '11 — 10412 10614
10-year cony gold
1917 J -D 10734 10812 10712 10112 88 105 111
CM & Puget Sd 1st gu 45 1949 J -J 9312 Sale 9212
931,- 41 9212 9514
11.__1913 F-A 09 ---- 9914 J'ly *11
• Debentures 4s Series
5s_-647- -6631916 J-J 10118 __ 10214 Oct '12
, Dak & Gt So gold 5s
102 103
East Okla My lst g 4s
1928 M-S 95 06 94 Oct '12
Dubuque Div 1st s f 6s 1920 J-J 111 __. 111 Nov'12
111 11358 ,
Short Line 1st 4s gold
91 9138 91
1958 J-J
9114 17 9014 94
Far if4 Sou assum g 63
1924 J -J 11338 ____ 11738 Aug'11 _—
Cal-Ariz 1st & ref 430_1962 M-S 9978 10012 100 Oct "12 ---- 9934 10012.
LaCrosse & D 1st 53
4
1919 J-J 10314 ____ 10434 J'ne'12
10412 i613• S Fe Pres & Ph 1st g 5s 1942 111-S 10713.-- 10814 Oct '12 __ 10314 11012
Wls & Minn Div g 5s
1921 J-J 105 10014 105 Oct '12
105 10638.
Chic & St L 1st 6s
1915 111-S 105 „._-,- 1064 J'ly '11
Wis
Val/
Div
1st
-lift
;
-661
2
6s
N
954
1920
112
3
4
J-J
Sale
95
11134
Sep
'12
11018
11134
113
9513
Coast
L
1st
M-S
gold 43_7;1952
Lti
Mil & No 1st cons 6s
__,
_
101 10114
1913 J-D 10013_,, 10012Noy'12
98 Oct '06 __
Registered
81952 11-S 93 -Extended 4 34s
10018 10018
1913 J -D 99 ____ 10(98 Aug'12
Ala Mid 1st gu gold 5s_ _1928 111-N 10612 ---- 108 Oct '12 __158 i68
Chicago
& N West cons 78 _1915 ()-F 10514 108 10514 Sep '12
10134 108
Aug'12
___ 95 9534
• Bruns & W 1st gu gold 4s 1938 J -J 9338 ---- 95
Extension 43
1888-1926 F-A 95 971: 9612 Sep '12 -- 9612 99
Charles & Say 1st gold 78 1936 J -J 126 ,_-,..
Registered
1880-1926 F-A 95 _
08 Oct '12
96 98
9212 56 ci214 9614
7,, & N colt gold 4s
01952 11-N 9238 Sale -9214
General gold 3 3is
1987 11-N 84 Sale 84 •
8418 19 s338 87
Say F & W 1st gold 68_1934 A-0 121 12412 12318 J'ne 12 .._ 12318 12318
Registered
p1987 Q-F 8212 8414 8434,1'1y '12
1st gold Is
8412 81134
,
1934 A-0 10(58 11212 11088 Marn —
1987 Ikl- N 9718 Sale 9834
General 43
97 100 97 Oct '12 ____ 97 97
9733 3 95 9834
SO Sp Oca & G gu g 4s
1918 J -J
Sinking fund 6s__1879-1929 A-0 110 ___ 11134 Noy'll
nalt & Ohio Prior 3;is 1925 J-J 91 9112 9118 9168 19 9012 93
4 10934
1879-1929 A-0 109 110 10934 Auell ____ j663Registered
1., Registered
81925 Q-J 89
9014 Nov'12
9014 9193
1879-1929 A-0 10518 _ 103 Oct '1: ___ 105 10678
Sinking fund 5s
• Gold 45
9712 155 9512 9914
81948 A-0 9718 0712 9718
Registered
10138 10(5
1879-1929 A-0 10458____ 10458 Oct '12
96 9815
96 Aug'12 _
Registered
141948 Q-J 9812 Debenture Is
10234 10512
1921 A-0 10214 10112 10312001 '12
Pitts Juno 1st gold Ss.__1922 J-J 10912 -- 112 Jan '12 __ 112 112
Registered
10612 Feb '10
1921 A-0
__ 8718 Oct '12 __ 8718 00
PJunc & M Div 1st g 3-yis1925 M-N 8713
Sinking fund deb 3s
10812
1933 11--N 157/8 ..— 10812 Meh'12
8938 38 8812 92
P L E & W Va Sys ref 48_1941 1‘1-N 89 8938 8918
Registered
10734 Aug'11 ___.
1933 81-N _
Southw Div 1st gold 1 34s 1925 J-J
8914 8934 8912
b931 8. 8812 9112
Frem Elk & Mo V 1st 63_1933 A-0 123 - 125 124 Oct '12 _ 124 12713
Cen Ohio II lst c g 4 10_1930 11-S 10034_. 103.58 Nov'12 .... 9:) 1015,
Mani GB & N W 151 3;is 1041 J -J
_
_ 9012Sep '00
- - -• Cl Lor & W con 1st g 53_1933 A-0 107 11912 107 J'ne'12 -- 107 11112
Illlw & S L 1st gu 3 3,0_1941 J -J - - - 8634
---Monon Itiv 1st gu g 5s___1919 F-A 10134 _ _ _ _ 10214 J'110'12 __-- 10214 10412
MII L S & West 1st g 63..1921 M-S H11811314 1E34 Solii5
11112 ifEi
Ohio River RR 1st g 5s__1936 J -D 10834 __._ 10938 Mch'12 ...... 10918 10938
Ext & imps f gold 5s1920 F-A 10738 ..... 1(1034 Aug'12
10634 Ito
105 105!:•
1937 A-Ci 100 105 10512 Apr '12 _
General gold Is
Ashland Div 1st g 6s 1925 M-S 11118
_ 14212 Feb '02
-Pitts Clev & Tol 1st g 68_1922 A-0 112 ____ 11313 Feb '12 __ 11312 11312
Mich Div 1st gold 63_1924 J-J 11438 ____ 111334 May'12
9673 __ 9612Oct '11 __ 9612 9712
11634 11934
1917 J-J
Pitts & West 1st g 4s
MB Spar &N W 1st gu 43_1947 111-S 9314 Sale 9314
91
9314
Stat Isl By 1st gu g 434s1943 J -D 91 --_ 91 J'ne'12 ___ 91
9 9212 94
Northw Union 1st 78 g_1917 11-S 11018 _ _ 115 J'ly '11
1937 If-S 110 ____ 10914 Nov'12 ___ 10914 11212
Buffalo R & P gen g 5s
Winona & St P 1st eat 7s 1916 J-I) 10918 11158 109 Sep '12 __ __ 166' 111
1957 M-N 104 105 104 Oct '12 ...... 104 10714
• Consol 43.4s
10634 Sep '12 ....... 10034 Ion
All & West 1st g 4s gu_
A-0 9572 .--- 97 Feb '11 ___ __ __ __ Chicago Rock Is & Pa 6s_1917 J-J 10614
Registered
1917 J-J 108
__ 109 Aug'10 .....,
Cl & Mah 1st gu g 5s_ _ _1943 J -J 105 __ 103 J'ly '08
General gold 4s
1988 J-J
0414 Sale 9314
4 9673
Hoch & Pitts 1st gold 63_1921 F-A 1111g....,.. 11334 Nov'll _ .... ..„.__
044
u -6S3Registered
1988 J-J 93 9414 9312 Oct '12
9338 9614
1922 J-D 11212 _ __ 112 Aug'12
Consol 1st g 68
112 - 1156s
9034
Refunding gold 4s
8712 66 87
1934 A-0 8714 Sale 8718
.
_ 20-year
fluff & Susq 1st ref g 43_ _d1051 J-J
.
- 72 Meh.10 _
9458
9178 22 91
debenture 5s __1932 J- J 9113 Sale 91
loo
1913 J-J loci ig12 too
i 166 fa'
ran So 1st ext Os
Coll
trust
Series
L
4s
1914
M-N
96
973
____
4
SeP
'11
---53
9912
101
1913
2
997.
111-S 99,'3 _._ 9978
‘--1 2d
P 48
0434 J'ne'11
1918 M-N ___ 95
Registered
1913 M-S 99
_ 10034 Jan '11
Chic R I & Pac RR 4s
2002 11-N 6738814 140 -67 "fit;
4 Sale 8734
Central of Ga 1st gold 5s_ _p1945 F-A 11012 -___ 11278 Apr '12. _. i.12.78 11334
674 15 0712 7231
Registered
2002 H-N 6712 Sale 6712
10812 - 3 10334 11I1,
1945 111-N 108 10812 10818
, Consol gold 58
90 93
_ 90 90 Sep '13
R I Ark & Louts 1st 4 ;is 1034 81-S
1945 111-N 1.06 ___ 107 A118'1:, ---- 10'7 107
Registered
Bur C R & N—lst g 53_1934 A-0 1.5i13 110 10914
10914
6 10314 1114
103 Dec '11. _ ___ __.
1st pre income g 53____01945 Oct
Meh'03
12012
___
A-0
Registered
1934
- — __ 105 Dec '11 _-___
2d pref income g 5s_ _ _p1945 Oct -------8 10(3 10514 Sep '11
C R I F ea NW 1st gu 5s '21 A-0 1029_ — .._ 90 Nov'11
2d pref Income g 53 stamped_
---- ---M & St L 1st gu g 73_1027 J -D ....... __ ___
3d pref income g 5s____p1945 dci- ___. ..... 107 Dec '11
102 Sep '12 ..... 102 102 10114
-J
J
Choc
Ok
&
G
01919
gen
g 53_
__ _ _
3d pref Income g Is stamped__ _ _ ___. ____ 8518 Oct '10 __
_4 106 Oct '12 ...... too 10814
Consol gold Is
1952 111-N 106 1083
9012 9112 9112 J'ly '12 ... 895Chatt DIY pur mon g 4s 1951 J--D
8 9112
Keok & Des Li 1st 5s,,, 1923 A-0 98 99 99 Oct '12 ...... 99 10114
Mac l'e Nor Div 1st g 5s 1946 J-J 107 ____ 10714 Jan '12 ____ 10714 10714
89 9112
90 Oct '12
St Paul& K C Sh L lst4 3is'41 F-A 8914 91
1947 J -J 10578..— 115 Nov'05
Mid Ga & At! Div 5s
1930 J-D 12038 1211: 12338 Oct '12 ...... 12038 124
____ Chlc St PM & 0 con Os_
1946 J-J 105 __-_ 10934 May 11
Mobile Div 1st g 5s
'03
Deo
93
__
8914
65
J
-D
Cons
reduced
to
1930
3
14s
101
101
1
Sale
101
101
of
col
g
53_1937
81-N
103
Ga
Cen RR & B
10258 40 la"- 105
Debenture 5s
1930 81-S 10212 Sale 10218
11818
2 1.18 12234
1987 J-J 1184 119 11818
Cent of N J gen'i gold 5s
122 12313
Ch St P & Minn 1st g 8s_1918 81-N 120 ___. 122 J'ne'12
Registered
81987 Q-J __ 11812 11814 Oct '12 ____ 11712 12214
May'09
......
12953
___
Wisconsin
1st
63
Nor
120
J
-J
1930
105
107
2
108
16(3
Am Dock & Imp gu 53_1921 J-J 105 108
10918 Nov'12
idS" furs
St P & S City 1st g 6s_
1919 A-0
Le & Hud R gen gu g 53_1920 J-J 12 ____ 10212 May'12 _.--10212 10212
Superior Short L Ist 53-g_1930 51-S --------------------,
,,Leh & Wilkes-B Coal 5s_1912 11-N -----100 J'ly '12 ____ 100 100
10712 10815
Chic &West Ind gen g 63_01932 Q-M 1.0(112 1081: 1071-2 t '12
N Y & Long Br gen g 43_1941 1I-S 99 ____ 100 Sep '12 ...... 100 100
90
1 8812 9248
Consol 50-year 4s
8938 9014 90
1052 J-J
5 8978 9214
8978
Cent Vermont 1st gu g 4s 81920 Q-F 8973 9012 8978
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap Tran g 5s__ _1945 A-0
1st refund cony gold 4s_ _2002 J-J
Bk City 1st con Is 1916-1941 J J
Bk Q Co & S con gu g 5s_1941 11-N
Bklyn Q Co & S 1st 5s __ _1941 J-J
Bklyn Un El 1st g 4-58_1950 F-A
Stamped guar 4-5s___ _1950 F- A
Kings Co El 1st g 43
1949 F-A
• Stamped guar 4s
1949 F-A
Nassau k:lec guar gold 43_1951 J -J
Conn Ry& List & ref 5g 4 lis_'51 J -J
1051 J -J
Stamped guar 4 ;is
Det United 1st cons g 4 940_1932 J -J
Ft Smith Lt & Trae Istg 5s_1936 81-S
Grand Rapids Ry 1st g 5s_1918 J-D
Havana Elec consol g 53_ _1952[1-A
Interboro-MetroP coil 434s,,1958 A-0
8
10314
103 10314 103
9012 85
9014 Sale 90
2
10212
102 1021: 102
99 0834 J'ly '12
__
101
1611-2
10118
-_- Sale for
101 102 101 Nov'12
8414 86 87 Sep '12
8412 8618 8513 Nov'12
79
79
78 79
10012 102 16178 J'ne'12
101)12100' 10112 Sep '12
74
10
74 Sale 71
_
0112 03 Apr '12
0-612
09 Sep '12
(1'
.T 93 Oct '12
8118 141
-gl - Sale 8078
• No price Friday; latest this week
d Due April. e Duo May
Street Railway.
N
103 10558 1nterboro Rap Tr 5s Ser A..1952
8378 9134 Manhat By(NY) cons g 4s_1990 A-0
101 10212
Stamped tax-cxem pt.__ _1990 A-0
9834 98
,
4 Metropolitan Street By—
Refunding gold 43
2002 A-0
101 16314
Farmers' Loan & Tr ctf___
tot 10212
Stamped
8312 87
Bway & 7th Av lstc g 5s_1943 J:15
Col & 9th Av 1st gu g 5s_1993 M-S
8414 8612
7112 81
Lex Av & P F 1st gu g 58_1993 11-S
101 10178
Third Ay RR cons gu 4s_2000 J -J
10112 1021,1
Central Trust Co certs
Cent Tr Co cts stamped__ _
74 7938
Third Ave By 1st g Os__ _1037
93 05
93 10014 Act W 8 El (Chic) 1st g 4s-1938 P-A
98 9034 1111w El= By & Lt cons g 5s1926 F-A
8012 8412
Refunding & eaten 4;0_1931 J-J
Minneap St 1st cons g 5s,,_1919 j-J
8 Due July. 3 Due Aug.
o Due Oct.
10338 10312 10312 10358
9412 Oct '12
91
-9413 0423 94
9412
24 1034 105
9418 9811
6 94 08
64 May'12
6114 Ply '12
5934 Mch 12
103
103
10134 Oct '12
15(0
0
-3:21581: 102 J'ne'12
74 J'ly '12
7412 J'ly '12
74 Nov'12
10784
lo734,Sale 10731
__ 8418 9312.1'1y '06
10412 Deo '11
. _
9412 Oct '12
94
lot ioti 10134 Nov'12
681.2 64
6712 6214
5738 62
-1 103 1044
10112 1034
102 103
74
7723ii 8
88111,4
1 10734 1104
1-2
10112 10211
p Due Nov. q Due Dec. s Option sale.
New York Bond Record-Continued--Page 2
Nov. 16 1912.1
Z"8
BONDS
N. Y. STOCK EXCHANGE 11 •
Week Ending Nov 15
Price
Friday
Nn' 15
Week's
Range or
Last Sale
Range
Since
Jan, 1,
t'g
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov 15
Bid
Ask Low
Iligh No. Low High St P M & M (Continued)1u038 6038 Oct '12
Mortnez
t eisxtterle(
1,1138 101
Cin II & D 2d gold 4 Es____1937 J-3
sit gold 4s__1937 J-D
1959 -J
902
1st & refunding 43
J
1951) .1-J91 8614 J'ne'12
1st guaranteed 4s
Pacific Ext guar 45 £____1
80 87
40
7 J-J
193
1,2 _ _ 101 Nov'12
E Mlnn Nor Div let g4s1948 A-0
101 10414
Cin D & I 1st gu g 5s__1941
go
1923
4s
1st
g
W
M-N
Minn Union 1st g 6s___1922 J-J
88 Mehll
C Find & Ft
on 1 & W 1st gu g 4s_ _ 1953 J-J
St. 4 8812
Mont C 1st gu g 6s____1931 J-J
-81331 88
8634 Sep '12
Day & Mich 1st cons 4E5 1931 J -J
Registered
J-J
1935
5s_
_
J -J
Ind Dec & W 1st it'
1st guar gold 5s_ _1
101" Oct '12
104 10412
3937
7 J-J
1035 J -J
1st guar gold 55
10712Dec '02
Registered
J -3
Will
Cleve Cln C & St I. gen 4s 1993 J -D 90 Sale 90
90
&
S
1 90 9314
F 1st gold 53.19
938
7 J -D
20-yr deb 4 Es _ _ _ _1931 J-J 9014 9218 9218 Oct '12
91 933 Gulf & S I 1st ref & t g 5s_61952 J -J
1939 J J __ 9412 9318 Sep '12
Registered
Cairo Div 1st gold 4s
9318 9412
J -J
Gin W & M Div 1st g 4s 1991 J -J ._ 8958 90 J'ly '12
90 93 'Crock Val 1st cons g 4 Esr
52 J-J
19
999
St L Div 1st col tr g 4s......1990 M-N 90 9112 90 Nov'12
897g 9313 Ii. Registered
1999 J -3
Registered
1990 M-N 8812-- 91 Oct '07
Col & H V 1st ext g 4s._1948 A-0
1940 II-S 88
Spr 6; Col Div 1st g 4s
Col & Tol 1st ex 48
_ 90 Dec '11
F-A
1940 J -J
W W Val Div 1st g 4s
as
91 Apr '12
93
55
7 J-J
19
- 01 - Hous Belt & Term 1st 5s_ _ _1
0 I St L & C consol 6s__ _1920 M-N 10514
111111018 Central 1st gold 4s_1951 J -J
10534 Dec '11
45
gold
1st
k1936
.9712
9712
9712
1 -dr -in-2 I. Registered
1951 J-J
Registered
k1936 -F
1st gold 3 Es
96 J'ly '12
96 96
J -J
Cin s & Cl con 1st g 5s___1928 -J 10512
Registered
10718 J'iy '12
10718 10718
J-J
CCC &I consol 7s
1914 J -D
Extended 1st g 3Es
105 J'ne'12
105 15513
A-0
1119
995
5
51
1
Consol sinking fund 78.1914 J -D -_-___ id&
Registered
1951 A-0
General consol gold 68.1934 J -J
gold
_ _ 124 123 - Oct
3s
1st
sterling
12:3 1231:
1951 31- S
Registered
1934 J-J
Registered
1951 M-S
Ind Bi & W 1st pref 4s
1940 A-0 90
Coll trust gold 45
_ 94 J'ii"76;
1952 A-0
0 Ind & W 1st pret 5s__d1938
Registered
A-0
Peo & East 1st con 4s
-1) -8811940 1Purchasedlst ref s
2 -46'- -9904 92 -if15I-N
Income 45
45 41, 49
1990 Apr
49 . 1 35 50
J-J
Col Midland 1st g 45
1947 j-J 41 Sale 40
L N 0 & Telixnes
gol3
d%
45
83 40 1581,
4s
s-_
-_
-:11119
9
9955553225 31-N
Colorado & Sou 1st g 4s
1929 p-A 9334 Sale 9312
Registered
9378 10 9312 975,
M-N
Cairo Bridge gold 48
1935 M-N 9412 Sale 9114
Refund & ext 4 Es
9412 26 9372 9812
J-D
Litchfield Div 1st g 35__ _1199
Ft W 63 Den C 1st g 05_1921 J -D 108 109 10812 Oct '12 _ 10312 11212
95
5593
1 J-J
Loulsv Div & Term g 3 01953 J-J
Conn & Pas Rivs 1st g 43_1943 A-0
_
_
1052 J-J
Registered
Cuba RR 1st 50-yr 5 g
idd"
J-J
Middle Div mg 59
el Lack 63 WesternF-A
_ 10831 Sep '12
Omaha Div 1st g 3s
Morris 63 Essex 1st 79_1914 M-N 10312
10438 1063.
F-A
1915
St
Louis
1st consol guar 7s
Div
10918
L63811.9 10638 Nov 12
63 term g 33_ 109925553
10138
1119 111 J -J
1915
Registered
Registered
11138 Dec '10
2000 J -D
1st ref gu g 3 Es
old 3 Es
1051195 J-J
2
90 90
fileeph:12
79
1112
6 s
1921 J -J
N Y Lack & W lst 65
Registered
1951 J-J
11112 11414
Construction 55
1923 F-A 10413 1051-2 10734 May'12
Spring Div 1st g 3hs
95
51 J-J
110
10712 10734
Term & Improve 4s
1923 M-N 9518 9012 9012 Oct
Registered
9512 98
J-J
• Warren 1st ref gu g 3 Es_2000
Western lines 1st g 4s_ _ _ -1551 F-A
10218 Feb '03
1917 M-S 1flifs:72 11512 Aug'11
Del & Hud 1st Pa Div 7s
Registered
F-A
Registered
1917 M-S
Bellev & Car 1st 6s
199 Aug'01
J-D
10-yr cony deb 4s
1916 J -D -9714 -9713 9714
Carb & Shaw 1st g 4s
9712 13 9714 99
11199932231
5 111-S
1st lien equip g 4 Es
1922 J-J 101 10118 19073 10078
Chic St L & N 0 g 5s
1951 J-D
7 10078 10134
1st & ref 4s
Registered
1943 M-N 9714 Sale 9714
1951 J -D
9814 56 3714 9934
Alb & Sus cony 3 Es
Gold 3 Es
1046 A-0 8978 9038 90
9014 12 90 93
J -D
Rens & Saratoga 1st 7s_ _1921 31-N 118 ___ 12114
Registered
_ 12114 12112
J -D
,
Deny& R Cr 1st con g 48.1938 J -J 8538 8734
Mcmph Div 1st g 43_199
51 J-D
955
6 84 91
- 8834 Mar1.2
81
'
2
• Consol gold 4 Es
Registered
1938 J-J
1951 J-D
0612 9812
07 Sep '12
Improvement gold 5s_
St L Sou 1st gu g 4s
1931
1928 J -D .
92
.
7_1_2 19
_ 94 9912
0
94
8
11324 9134 Oct ,12
1st & refunding 5s
Ind Ill de la 1st g 4s
1955 F-A 8312 Sale 83
8312 50 81 00
J-J
Rio Cr Juno 1st gu g 53._1939 J-D
10113 Aug'12
_ 10112 10112 Int & Great Nor 1st g 63_1954
9 II-N
Rio Gr So 1st gold 4s
1940 J-J ___ 7711 6112 Apr '11
Iowa Central 1st gold 58_1938 J -D
Guaranteed
1940 J-J
Refunding gold 4s
1951 111-S
85 Mch'08
Rio Gr West 1st g 4s___ _1939 J -J 8212 83 8213
8212
1 -di 8858 lamestown Franklin &
Mtge & col trust 4s A 1949 A-0 78 79 80 J'ne'12
U Clearfield 1st 45
1059 J -D
78 81
Utah Cent 1st gu g 43.a1917 A-0 82 ___ 97 Jan '02
Kan&r
itTscoruelst gold 3s Is gg A-0
1917 M-N
Des Mot Un By 1st g 5s
9
110 Sep '04
A-0
Oct & Mack let lien g 4s._ _1995 J -D
Ref
Nov'll
&
!mut
55
98 - 92
J-J
1995 J-D di 90 9014 Oct '12
Gold 4s
50 J-J
96
A17 99
00 0212 Kansas City Terml 1st 4_1
11-N ---- 93 98
et fly Tun Det Ter Tun 4 '3s01
98
98 10078 T eke Erie & W 1st g 5s__ _1937 J-J
IJ
2d
gold
75 Feb '12
5s
et T & 1-0 S Div let g 481941 M •S
1941
J-J
75 75
North Ohio let gu g 5s_ _11945
ul Missabe es Nor gen 55..1941 J-J
106 Sep '12
1 A-0
105 106
1937 A-0 10212 10312 10312
Leh Vail N Y lit gu g 4 Hi_1940• J
ul 63 Iron Range 1st 5s
10312 107
1031
Registered
1937 A-0
'0
Registered
10612 Mch
J-J
1916 J -J 101
104 Feb '11
• 2d 65
Lehigh Vail (Pa) cons g 43_2
10
949
03 ,11-N
1937 J -J 10352 _
Out So Shore & AU g 5s
Leh V Ter Ry 1st gu g 5s 1941 A-0
103 Oct '12
103 108
rilgin Jot & East 1st g lis....1941 M-N 110
Registered
1941 A-0
_ 110 Aug'12
110 11212
KArie 1st consol gold 79
1920 1I-S 115 Witie 115
115
8 115 11858 Leh V Coal Co 1st gu g 53-1933 J-J
N Y & Erie 1st ext g 4s 1947 M-N
Registered
10113 J'no'11
J-J
2d ext gold 55
1919 M-S 10112
10414
let Int reduced to 4s
4 10112
idi111.939333 J-J
3d eat gold 4 Es
1923 M-S 00's
on Oct '12
1945 31-S
9934 10234 Leh & N Y 1st guar g 4s
4th ext gold 5s
1920 A-0 10134 16.13.4 105 Feb '12
Registered
1945 31-S
105 10514
5th eat gold 48
1928 J -D 92 101 190 Jan '12
El 0 & N 1st pref es
1914 A-0
100 100
NYLE &W 1st g td 78_1920 11-5 113 1121 11534 J'ne'12
Gold guar his
11.53111612
A-0
Erie 1st con g 45 prior
Isld
Long
1996 J-J 8614 Sale 86
87
1st cons gold 5s1
63 88 90
93
14
1 Q- J
...7 111
Registered
1990 J -J 85
let consol gold Is
85 Sep '12
85 8812
31931
1st consol gen lien g 4s_1998 J -J
General gold 44
7714 2; 7612 7934
7612 Sale 7612
1938 -D
Registered
Ferry gold 4 445
1996 J-J
7612 77 77 Apr '12
77 77
fl-S
Penn coll tr g 43
Gold 4s
1951 F-A 8812 Sale 8813
8813 91
89
1
1 932
922 J -D
50-year cony 43 A_.._1953 A-0 8112 8512 85
Unified gold 48
3 84 9112
1949 B-s
85
do
Series B
Debenture gold Os
1953 A-0 7713 7814 7712
7514 807,
78
-I)
Buff N Y & Erie 1st 73_1916 J -D 105.110 Apr '12
Guar ref gold 45
193
944
9 111-S
10834 11034
Chic & Erie 1st gold 53_1982 At-N 11013 Hi 11012 11012 21 11012 114
Registered
1949 31-S
Cloy & Mahon Val g 5s..1938 J -J 107
NV B &MB latcong 53 119
109 May'12
109 109
92
37
5 A-0
Long Dock consol g Os ._19$5 A-0 12214 124 12412 May'12
& R IS 1st g .5s
N
M-S
12334 11412
Coal & RR 1st cur gu 68_1922 MN 103 10718 10738 Sep '12
Nor Sh B 1st con g gu 53.01932 Q-J
10738
106
Dock & Imp 1st cur 63_1013 J-J 100 101 10014 Oct '12
1927•S
10314 10134 Louisiana & Ark 1st g 5s
NY & Green L gU g 53_1940 M-N 104 109 10312 Aug'12
Louisville & Nashville10312 105
N Y Sus & W let ret 5s 1937 J -J
103 Oct '11
1930 J-D
General gold Cs
103 105
2d gold 414s
1937 F-A 8252 00 10014 Deo '06
1937 31-N
Gold 58
1940 P-A
General gold 5s
88 8713 Nov'12
Unified gold 45
J-J
87 110
Terminal 1st gold 5s_1943 34-N 10812 10334 10812 Sep '12
tosi2110
Registered
11940
9 J-J
11112 May'12
Mid of N J 1st ext 5s.......1940 A-0
111131111.'
Collateral trust gold 53..1931 M-N
Wilk & Ea 1st gu g 55....1942 J -D -7:-943-4 9J34 Oct '12
9912 1021.E H & Nash 1st g 65_ _1919 J -D
1926 J-J i(412 111 106 May'12
Ey & Ind let con gu g Os
106 106
L Cin & Lex gold 4 Es
1931 M-N
1921 J - J 11))
112 J'ly '12
Evans & T H 1st cons 6s
NO &M 1st gold 68
11112 11238
1930 J-J
1942 A-0 9712 99 102 J'ne'12
1st general gold 55
N 0 & M 2d gold 63
10178 10258
J-J
1930
1923 A-0 10714 -- 103 Noy'll
Mt Vernon 1st gold Os
Paducah & Mein div 49_1946 F-A
Sull Co Branch 1st g 53_1930 A-0 95
_ 95 J'ne'12
Pensacola Div gold 6s
-di- 95
1920 M-S
E Coast 1st 4 34s
J-1) _ _ 90 9634 Oct '12 :::: 90 905E
St Louis Div 1st gold 65_1921 M-S
Florida
St U D Co 1st g 4 Es_1941
J-J
1059ort
92 Anglo
2d gold 3s
1980•S
Ft W .to Rio Gr let g 4s_ _ _1928 J -J
-if - 7713 Sep '12
"M."iii; Atl Knox & Gin Div 4s,._1955 M-N
flat H & II of 1882 1st 53_1913 A-0 6113
Aug'12
9912
Atl Knox & Nor 1st g 53.1946 J-D
9913 100
%.J1reat NorthernHender Bdge 1st 5 g 65_1931•S
() 13 & Q coil trust 45_1921 J-J 9512 Sale 0538
953 2,12 9514 9815g
Kentucky Cent gold 4s 1987 J-J
Registered _h
1021
0514 Sale 8514
L&N&M&Mlstg4Es1945 M-S
0538 23 9515 983g
1st & refund 4 Us ser A 1961 JJ 10011 Salo 10018 10012 40 100 10158
L h N-South H joint 4s,,.,1952 J-J
Registered
1961
Registered
Q-J
1933 J-J 975St Paul M & Man 4s
8 93 9738
9738
052
37 F-A
1 9758 -9934
N Fla &S let gu g 53_3
19
_1
1st consol gold 6s
1933
12234.,.,.. 12534 Sep '12
N & C Bdge gen gu g 4 Es 194; J-J
12434 12534
Registered
1933
'V.
AU
Sep
_1921
1st
Pens &
gu g 6s_
- 122
122 122
F-A
Reduced to gold 44s1933
104 __._ 10112 Nov'12
S & N Ala con gu g 5s..10313 F-A
10355 10512
Registered.
1933 J -J 10334
10834 J'ne'09
_ L & Jeff Bdge Co go g 43_ _ _1945 M-S
MISCELLANEOUS BONDS-Continued on Next Page.
D
1.13
(1-j
--
-
--
J.
Street Railway
l•row On Ry & Lt gen 4 Es_1935 J-3
N Y fly, 1st it E .S3 ref 4s temp
30-year adj Inc 5s_ _1942 A-0
ortiand By lit & ref 55_1930 H.N
ortiand By Lt& Pow let &
ref cony 5 f Si
F.A
Portland Gen Elec let 5s_1
1935
942 J J
St Jos Ry, L. It & P lstg 5s 1937 11- N
St Paul City Cab cons g 51_1937 J -J
Third Ave 1st ret 4s
1060 J- J
Adj Inn 5s
alsi80 A-0
Tri-City Ry & Lt let s i 511_1923 A-0
Underground of London-.
43s
1933 J-J
Income tis
1048
Union Eiec (Chic) 1St g 53_ _1945 -A--6
United flys Inv 1st lien coil •
trust 58 Pitts Issue
1026 31-N
1319
W eek'
Range or
Last Sale
Price
Nov 15
Range
Since
Jan, 1.
Bid
Ask Low
High No. Low High
95 97 9618 Oct 12
9618 9814
95 ___ 98 J'ne'll
1213 _,,
9253 Mch'll
03 97 97 Sep '12
-i61-2
111 ____ 11414 Sep '12
114 116
12458
125 Oct '12
125 12714
122 ____ 13614 May'06
- 11114 11113
110 1115 11114 Sep 11
if563112125ep '11
4
9112 95 92 Nov'12
10014 gife
_ 10014
-di _ - 92 95
9 )12 100
101 _ _ _
-6171; -195
166-
Mali ""i6
10012Sep '08
92
92
0618 Jan '12
10o1, Sep 'I:
10034 Nov'12
100 Sep '11
9212 Oct '12
89 Aug'12
_-- 9312 May'09
-974 103
-di- -di9618 9612
9935 10014
16034 104
-id - 9213
89 8913
---
------- 9834
9539
us Sale
id-
5.5" Oct '12
9514 Sep .12
95
0538
8614 Feb '12
951 972 95 Oct '12
____ 95 13414 Jan '11
04 1),J'ly '12
_ _ 7518 7518 Nov'12
82 85 85 Oct '11
8112 85 8:i Aug
10212 _ _ _ _ 123 May'99
--_ 7518 Aug'12
_ _ _ _ .7414 7512 Mch
73 7518
8234 _ _ 85-2 Oct '12
83
10115 Oct '99
_ 100 Nov'00
83
_
_- 01-2 Oct '12
9214 9613
---idd_
9514 9514
73 93 9634
8618 8614
95 9913
947g
95
734 7512
8412 8712
83 83
-fi7512 7512
8513 -ida;
_- 9213 9614
112
11712 May'10
9413 J'ly '12
11314
114 Oct '12
_ 114 Feb '11
82 ____ 90 Oct '09
9413
1133.1 118
mi2
9213 -6.11;
9212 Aug'12
-4-14
-018
91 9434 04 Aug'12
107_ 108
103
9312 idd 6913
9912
61 62 6212 Oct '12
--
Oa; 661 IOC% 10812
4 9512 105
61 6612
94 9412
7134 74
-.IF
Mo
av
9
YI
74
2 N
63 Oct '00
-di- Rid; 9734
98
961 9612
9612
10613 ._._ 10612 1071
100 10311 104 Sep •1.
_ _ 1061: 10114 J'ne'12
10378 104 101 Oct '12
10412 May'12
11118 Oct '12
1093g_.,__ 11234 Oct '12
110 ____ 11113 Dec '11
10578 ___ 10612 Oct '12
15 9613 10914
9614 9834
10612 110
104 10414
10414 10512
104 100
10412 10412
9512 981,
10912 114
10613108
-joy
10112 Feb '10
103 Meil'12
1043109
10834
93 ____ 9614 Mch'12
92 93 93 Nov'12
9614 100 98 J'ne'12.
90 07 9014 Oct '06
91
91 93 91
_ 10412 Dec '08
9414
-93-5-8 -9414 94
95 Jan '11
fa'
11014 Nov'06
10218 103 103 Oct '12
10413_ _ 105 Aug'''.
94 96 Oct 1.2
93 -d-f12
idi 103
2 10834 11933
9614 9614
9138 9412
98 98
-55
103 104
105 10714
93 96
11
192
04
58 if2-14 11113
1113
30c11
'
412
973, 36
714
9967114 Sep '12 _
9714 Sf.1.1.e 9612
167-14 1.-09 - 110 Aug'12
11018 11118 11012 Sep '12
101 ____ 10434 May'12
11858 _ _ . llO38Aug'12
114 ___ 11712Jan '12
91 Oct '12 :-___
90
Alicyli
12
4j
10634__.. 11
23
04
1
_ 7012 6058 Sep '1_
915
9113 9134 9114
109 ___ 11212 May'12
10518
106 Apr '11
9134 __ 92
92
10312
10312 Oct '12
901 9012 Oct '1
86 ____ 95 Feb 'Os
105 ___ 10912 Oct '12
10112
10012 Sep '1::
11
08034
110148 Oct
11212 11712
11034 11218
9718 9953
9612 9838
10838 11012
11012 11133
10412 105
12014 121
11712 11713
914 96
11212
6913 6934
9114 93
11212 11212
--
90
9114 Mcti'li
E-65"
103k 10458
8872 9013
10814 10934
10012 10013
11014 112
1091211112
9114 9114
Street Railways,
83 8712 86 Oct '12
8412 8813 United Rye St L 1st g 4s__1934
76 Oct '12
76
7718 Sale 77
7738 Si 7612 8158
St Louis Transit gu 5s___1924 A"AI" -072 81 Oct '12
83
5134 Sale 5458
55 170 5112 593: United RRs San Fr s f 48_1927 4-0 661,sale 6614
C658 41 6413
101 __ _ 10078 Oct '12
99 10078 Va By & Pwr 1sta:ref 55-1934 J-J
9534 9534 Nov'12
9534
Gas and Electric Light
- 96 93 Oct '12
_
-_- -_ Atlanta G L Co lit g Is .__ _1947 J-D 101
_
Bklyn U Gas let con g 53-1119
9943
17
5
2 31-N 10612 10778 itTei"
9812 ---- -di- NoViii
105 Sep '12
Buffalo Gas let g 5s
B
A-0 50 65 54 Oct '12
8118 Sale 8078
J-J
Columbus Gas 1st g Ss
8115 128 8014 80
7118 Sale 7314
7418 225 70 8014 Detroit City Gas g 5s
1923 J -J 100" 101 165- seii".1:
9712 Sale 9712
1918 F-A
Det Gas Co con 1st g 5s
5 9712 99
9712
9558 Sep '08
Det Edison 1st coil tr 5s
1933 J -J foil; 1611-4 10114
,0112
L N Y 1st con g 59_ _1932•S __ 107 10612 Oct '12
---- 9512 9512 Nov'12
917s 0614 Eq
86 87 86
83
Gas & Bice Berg Co c g 5s1949 J -D 102 __
3 7912 00
103 Sep '12
81 Oct '08
Ur Rap G L Co 1st g 5s
191 5 F-A 100 191 10) Oct '09
1949 11-N 10378 Sale 10378
Hudson Co Gas let g 5s
104
io
8212 56i Kan City(31o)Gas 1st g 5s 1922 A-0 *9714 ---- 9812 Sep '12
8612 8213 Oct '12
• No prloo Friday: latest bid and asked this week. a Duo Jan. 0 Due Fel). 4 Due April. 3 Due July. It Due Aug. o Due Oct. s Option sale.
;
9512
93 -9713
80
85
70
971s
1320
t
BONDS
5(. Y. STOCK EXCHANGE .•G
Week Ending Nov 15
.,a.
•
-
New York Bond Record-Continued-Page 3
Price
Friday
Nov 15
Week':
Range or
Last Sal,
lts
.§.,
re'
Range
Since
Jan. 1.
BONDS
. Y. STOCK EXCHANGE
Week Ending Nov 15
...a.
Lxxxxv.
Price
Friday
Nov 15
Week':
Range or
Last Sale
lv
a
al-
Range
Since
Jan. 1,
Bid
Y C Is H R-(Con)Ask Low
High No. Low Hip?:
Sid
High No. Low High
Ask Low
West Shore 1st 43 guar_ _2361 J-J 98 Sale 98
9812 30 93 101
IS/fanlla RR-Sou lines 43_1930 M-N ___ 86 __
---- ---- ---2361 J-J
Registered
4 6 081
97
___ ____ 251-2 Apr '09 ___ ___. --Jaaextean Cent In° g 3s tr rects.
1 97
NY Cent Lines eq tr 4115 1923 J-J -------___ 10012fly '11 -----------Equip & coil g 59
0 -_--- -_-__1917 A--___ .-_ --.Y New Haven Is HartfIlex Internet 1st con g 4s_ _1977 M-S
77 Mehl° __-_ ---92
1955 J-J
Non-conv deben 48
Stamped guaranteed_
_....... ---91 Oct '12 ____ 91
1977 SI-S -------- 79 Nov'lO
8912 9313
1956 M-N 8934 903-4 90 Sep '12 ___ eo
Non-conv 4s
Minn 63 St L 1st gold 7s_ _ _ _1927 J-D_
12412 Oct '12 ____ 12412 129
1956 J-J
Cony debenture 3 30_
90 -- 9214 Oct '12 ____ 00 9438
Pacific Ext 1st gold 6s
1921 A-0 -------11018 Aug'11
1948 J-J 12614 Sale 12614
18 12614 13212
127
Cony debenture 6s
66 165
151 consol gold 53
1934 31-N 9912 10012 10014 Nov'12
Harlem R-Pt Ches 1st 4s..1954 M-N 1._ ___ ee14 ee14Nov'12 ____ 99 9915
3 5978 6978
63
1st and refund gold 4s_ _ _1946 11-S 63 64 63
B Is N Y Air Line 1st 4s1955 F-A
____ 9912 J'ne'12 ____ 0912 9912
Des M & Ft D 1st gu 4s 1932 J-J
7714 J'ly '12 ___ 77 81
76
78
Cent New Eng 1st gu 45 1961 J-J -9014 9212 9114 Oct '12 ___ 9014 9358
1.1 StP &SSM con g 4s lot gu.1938 J-J
951,3 967z, 05 Nov'12 -__ 05 9734
1st Chic Terml s f 4s._ 1941 hi- N 95 _-__ 9714 J'ne'12 ____ 9714 9714
Housatonic R cons g 53_1937 M-N 40912 ___ 115 Aug'12 ____ 114 115
N Y W'ehes&B 1st ser I 4 40'46 J - J
9614 9614
9812 Sale 9812
9958 64 98 10014
M S SII& A 1st g 4s lot gu 1926 J-J
9653 ____ 9614
____ ___ _
May'12....
N IL es Derby cons cy 53_1918 11-N 10253 ___ 10'7 Aug'09 ___ ___ -94 95 98121401'11
M13313511)01 Central 1st 5s.._1949 J-J
8 97
9312 2i 925New England cons 5s..
1945 J-J _____ ___-Mo Kan Is Texaslst gold 431990 J D 93 9312 93
2 80 8918
81
Cons°, 4s
9912 Mch'12 __ 6612 100
1945 J-J
g1990 F-A 8012 81 81
2d gold 4s
8312 81 Oct '12 ____ 81 84
_ 10018 9934 Oct '12 ____ 9912 10212
1949 11-N
Providence Secur deb 4s..1957 M-N -81
1st cat gold 53
7634 78 Sep '12 ____ 7712 8112
Y 0 Is W ref 1st g 4s_ _01992 M-S 9218 ___ _ 9214 Nov'12 ___ 92 96
1st & refund 4s
2004 M-S
7 8514 8914
8612
0212 J'ne'12 ____ 9212 9212
- _g1992
Registered 85,000 only
4 87 8534
1955 M-S ____
Gen sinking fund 4 30.._ _1936 J-J -853___ '7712 78 J'IY '12 .-_ 76 78
General 4s
8953 Feb '12 ____ 8953 8933
89
St Louis Div 1st ret g 4200i A-0
J -I)
10473 10538
____ 10478 Sep '12 _
srfolk Sou 1st Is ret A 5s1961 F- A __
100 9J Oct '12 ____ 99 10013
1940 11-N -_
Dal & Wa 1st gu g 5s
88 Sep '12 ____ 88 91
Jrf Is South 1st gold 5s 1941 11-N 10178 ........ 10234 Apr '12 ____ 10212 10234
Kan C Is Pao 1st g 4s_ __ _1990 F-A *87
)rt Is West gen gold 6s_1931 11-N 12114 _.12518 J'ly '12 ____ 12338 12518
1942 A-0 10653 1033-4 108 Nov'12 ___ 1061,3 110
Mo K & PI 1st gu g 5s
8 10334 10712
Improvement Is ext g 63_1934 F-A 12213_,_ 12412 May'12 ___ 124 12633
M K & Olc 1st guar 53_1942 411-N 10378 10612 10334 10334
10118
New River 1st gold 68_ _1932 A-0 12112_ 124 May'12 ____ 124 124
1 9912 104
M K es 'I' of T 1st gu g 53_1942 M-S 10113 ____ 10118
N & W By 1st cons g 431996 A-0
'71-2 97
10334 1037,
9734
8 0614 9973
Sher Sh & So 1st gu g 53-1943 J-D 9919 104 1037 Feb '12 _
1996 A-0 ------___ 98 Jan '11 ____ __
Registered
Texas & Okla 1st v.! g 5s 1943 M-S 100410514 101 Nov'12 __ 10012 10514
9238 Sale 9218
9238 12 9112 94
106
Dly'l 1st I Is gen g 43_1944 J-J
7 10473 10813
Missouri Pao 1st cons g 63_1920 M-N 106 Sale 106
40 10712 118
10-25-year cony 4s_ _ _1032 J-1.4 116 Sale 1153,3 116
7 9858 10034
9634
Trust gold 5s stamped__a1917 M-S 9934 Salo 9833
116 Oct '12 ____ 108 117
97 97
97 May'12
10-20-yearconv 43 -- _1932 M- S ___
al917 11-S __
Registered
9 90 94
9112
Pocah (7 Is C Joint 4s_ _1941 J-1) __ 9114 9114
9734 -:1 9634 1003;
1st collateral gold Ss..,_ _1920 F-A 974 Sale 9734
CC Is 'I.' 1st guar gold 53-1922 J-J 10534 ____ 10638 Mch'12 ____ 10633 10638
1920 F-A ____ - ---- -____ ____ ____
Registered
95 Oct '12 ___ 95 9812
Scio V Is N E 1st gu g 43_1989 hi-N 9338
72
40-year gold loan 45
1945 M-S 7158 7212 7173
20 70 7514
0812 106 9733 10034
nthern Pac prior I g 43_1997 Q-J
0814 Sale 9815
3d 7s extended at 4%.1938 M-N _ _ 0612 9612 May'll
1997 Q-J __
9712
9712 14 97 9912
Registered
1959 11-S 8712 8734 8712
1st Is ref cony 5s
8734 24 84 894
General lien gold 3s.,
a2047 Q-F 68 -6836812 28 6814 7018
4 6814
Cent Br By 1st gu g 43_1919 F-A 92 __ 92 Oct '12 ____ 92 0212
Registered
5 68 68
a2047 Q-F___ ___ 68
68
81 May'12 ___ 81 81.
Cent Br U P 1st g 43_19218 JD
9512 Oct '12 __
St Paul-Duluth Div g 43_1996 J-D 94
9512 0612
Leroy & 0 V A L 1st g 53_1926 J-J ---- ---- 110 Mch'05 ...._ ___ __ _.
Dui Short L 1st gu 5s___1916 M-S 10013__ 10112 Oct '12
4 96 ,
_ 100 10112
Pao R of Mo 1st ext g 43_1938 F-A 93 ___. 03 Nov'12 ____ 923St P Is N P gen gold 6s.1923 F-A 11212._ 11434 Aug'12 ____ 114.34 11512
26 extended gold 5s__ _1938 J-J 10314 105 10314 Oct '12 ___ 10314 10314'
Registered certifIcates_1923 Q-F 112
11533 Aug'11
StL Ir M &S gen con g 53_1931 A-0 10412 Sale 10414
10412
4 10212 10638
St Paul Is Duluth 1st 53_1931 F-A 10914 ___ 107 Jan '12 _ 107 107
Gen con stamp gu g 55_1931 A-0 10413 _ _ 104 Oct '12 ____ 104 104
2d is..
1917 A-0 10233 __ 10233 Sep '12 ____ 10238 10233
8112 Sale 81
Unified & ret gold 4s.._1929 J-J
8134 25 7753 823
1st consol gold 4s
1968 J-D 9233 _ _ _ 94 J'ne'12____ 9234 94
1929 J-J
_
Registered
_ 8073 Oct '12 _
78 Nis
____ ___
Wash Cent 1st gold 4s
1948(2-M 8933 ____ 9113 Apr '11
Rlv & G Div 1st g 43_1933 M-N 84 Sale 8334
84
18 8212 84
Term
Co
_ 11114 Oct '12 ____ 111 111:34
sr
Pao
1st
g
1933
J-J 11114
68
.......
100
Oct
'12
__
100
100
Verdi V 1 & W 1st g 53_1026 11-S _
07egon-Wash 1st Is ret 45 196_
J-J 0034 0114 0034
22 891n 9234
91
3 11712 121
11712
Mob & Ohio new gold 63_1927 J-D 11712 Sale 11712
(ad 110 Coast Co 1st g is._1946 J-D 100 10318 104 Oct '12 ___ 1031"2 101
__ 11334 11534 Feb '12
1st extension gold 6s___h1927 Q-J
11534 11534
ennsylvania RRGeneral gold 45
1938 M-S -8513 Salo 8515
8513 18 85 8734
1st real est g 4s
1923 M-N 10112 102 10118 Oct '12 ___ 100 102
Montgom Div 1st g 53_1047 F-A 10712 10812 10712
10712
1 1071211034
Consol gold 55
1919 14I-S ____ 110 110 Mch'12 __ 108 110
St L Is Cairo coil g 4s__51930 Q-F 8414 851s 83 Oct '12 ___ 82 8353
Consol gold 4s
10214 ____ 191 104
1943 /1-N 101 102 10214
1 9112 02
Guaranteed gold 4s_....1931 J-J 92 ...._ 92
92
9978 Oct '12
Convertible gold 3 30_1912 M-N
9912 1001_3
10114
Mashy Ch es St L 1st 7s 1031 J -J 10114 1017; 10114
1 10114 104
IN 1st consol gold 53
Convertible gold 3 40._o1915 J-D 9612Sale 9612
1928 A-0 109 ____ 10913 Nov'12 ____ 10938 10078
97 425 95
'
58 97'8
(37 9712
Registered
07 J'ly '12
o1915 J-D _
11573 Nov'10
___ _....
Jasper Branch 1st g 63_1923 J -J 11112
103
Consol gold 4s
27 101 10413
1948 11-N 102 10234 10273
Mehl AI W & Al 1st 63_1917 J-J 105 108 10734 Mch'12 ___ 10741073-4
Alleg Val gen guar g 4s_1942 111-S ___ 10018 10013 Aug'12 __ 9958 10013
T & P Branch 1st 6s__ _1917 J-.1 105 ____ 113 J'ly '04
D R R R & Bge 1st gu 4sg1930 F-A 100 _... _
89 87 Oct '12 _ ..., 87 9212
---- --------Nat Itys of Alex pr lien 4 4is.1957 J-J
Phila Balt Is W 1st g 4s_1943 M-N 100 ___ 100 - Oct '12 __ 99 10218
7712 8612
Guaranteed general 4s
1977 A-0 -7873
__- 8014 7712Nov'12 ___
__
Sod Bay Is Sou 1st g 5s_1924 J-J _.
102 Jan '03
Nat of Max prior lien 4 30_1926 J-J __ 1011 99 Mch'12 ____ 99 100
Sunbury
63
Lewis 1st g 43 1936 J-J
96 ____ ___
1st consol 43
1051 A-0 ____ 78 78 Oct '12 _. 7712 80
U N J ItIt Is Can gen 4s.._1944 11-S -___ 1011-2 Ma-17.12 ____ 101 10112
8'714 Oct '12 ___ 8714 95
N 0 Mob &Chic 1st ref 58 1960 J -J
8718 88
mnsylvania Co____
_ ___
NO & NE prior lien g 63_4,1915 A-0 104 10178 ____
10238 12 1021,1 104
Guar 1st g4 40
1021 J-J 10233 Sale 10238
88 8714 Sep '12 ..-...._ 8f18 8812,
New Orleans Term 1st 4s1953 J-J
10158 103
Registered
1921 J-J 102 ___ 10153 Oct '12
NY Central & H R C 3 40_1997 J-J _87
8653 Sale 8633
28 85 88121
Guar 3 40 coil trust teg_1937 M-S ---- .......
- 89 Sep '12 ____ 8812 8914
Registered
85 86 8414 Sep '12 _
1997 J-J
8414 8714 1
1-8 9134 9614 1
92
Guar 3 40 coil trust ser 13.1941 F-A 8512 80 8512 Nov'12 ____ 8512 89
Debenture gold 4s
1934 /11-N 02 9212 9134
Trust Co certfs gu g3 40_1916 M-N 908 _ _ _ 89 Sep '12 _ -_ 9712 0814
Registered
1934 11-N 91 ____ 93 May'12 _._ 93 93
Guar 33-Is trust etts C__ _1942 J -I) ___ 8712 88 Mch'12 ........ 88 8814
7834 41 7814 85
Lake Shore coil g 3 s__ ,,1998 F-A 7853 79 7838
Guar 3 40 trust Ws D_ _ _1944 J-1) -8614 _. 8734 Jan '12 ___ 8734 8734
7612 7734 77 Oct '12
7634 81
Registered
1998 F-A
Guar 15-25 year g 4s
1931 A-0 96 ___ 96 Nov'12 __ 06 9812
hitch Cent coil gold 3 40_1998 F-A 7814 7812 78 Nov'12 ____ 78 8212
Cln Leb Is Nor gu 4s g
1942 31-N 90 ____ 9612 Dee '11 _ _ _ _ _ _
7712 78 Sep '12 ....„ 773s 7912
Registered
1998 F-A
CI Is Mar 1st gu g 411s1935 111-N _____ 110 Jan '015 ..-___ ____ -9834 -_ 9834 Nov'12 ____ 9834 9918
Beech Creek 1st gu g 4s....1936 J-J ___C1 & P gen gu g 4 As ser A 1942 J-J 10214 _ _ 10734 Deo '11 _ _ __ _ _ _
97 ____ 99 May'll
1936 J-J
Registered
Series B
1942 A-0 10214 ____ 10934 J'iy '09 .-___ _ _ _ ......
2c1 guar gold 5s
1936 J-J 107
lot reduced to 340_19 12 A-0 90 ._ 9114 Feb '12
9114 9114
Registered
1036 J-J
Series 0 311s
1948 M-N 9014 9114 0018 Oct '12 ____ 9018 9114
Beech Cr Ext 1st g 3 3s-b1951 A-0 -------- __
____ ____
Series D 3 353
1950 F-A 9014 ........ 90 May'08
Cart & Ad 1st gu g 4s
8 ___ 88 - Oct-'12 -_-___ 88 83
1981 J-D 883Erie Is Pitts gu g 311s B.1940 J-J __ ___ 9112 May'12 _ 9112 9112
Gouv Is Oswe 1st gu g 53_1942 J-D 108
____ ___-___
9018 9013
1940 J -J _ _ ........ 9018 J'ly '12
Series C
Mob Is Mal 1st gu g 48_1991 11-5 95 --- 9918 Men'
- 11 ---- ---- --Gr It Is lax 1st gu g 411s_1941 J-J 100 104 104 Aug'12____ 104 105
'
N J Juno 11 guar 1st 4s 1986 F-A
___ _ __
Pitts Y Is Ash 1st con 53_1927 14I-N 105 __ 109 May'10
Registered
1986 F-A --------------------------- _
Tol WV & 0 gu 411s A 1931 J-J 10113
10213 J'ne'12
10134 10213
N Y Is Harlem g a 34a- _ _ 2002 M-N iif13 .._ _ _ gg maqi :::. gges tifi
Series B 411s
1933 J-J 10113,_ 10233 Nov'12 __ 10238 10235
Registered
2000 11-N
____
9548 Oct '12
94
9558 1:558
Series
C
4s
1942
M-S
___
____
Oct
'09
___
A-0
_
107
103
N Y Is Northern 1st g 53_1927
10414 10654
P 00 Is St L gu 4115 A_1940 A-0 103 ....... 10414 XIV '12
NY Is Pu 1st cons gu g 431993 A-0 ___ 96 9773 Aug'11 __ ____ __
Series B guar
1942 A-0 1C13 -.10434 J'iy '12 ____ 10134 107
__
Nor Is Mont 1st gu g 5s 1916 A-0
__
Series C guar
1942 M-N 100 J'ne'11
Pine Creek reg guar Os
8 _-_ iii12 Jan '66
1932 J-D 1.2-61Series D 4s guar
1945 M-N 96 9812 93 Nov'12
96 99
R W Is 0 con 1st ext 53_131922 A-0 10638_ 10634 Oct '12 __ 10634 1073-4
Series E 3 30 guar g__ _1949 F-A 90 £311 0514 Sep '11 ____ 9318 9563
__ 1051-2 101 Mch'12 ___ 101 101
Oswe Is It 2(1 gu g 53_ _51015 F-A
Series F gu 4s g
1053 h-i) 06 ____ 90 Nov'11
93 07
R W & 0 T R 1st gu g 53_1918 M-N 102 _ _ 104 J'ne'10
Series G 9s guar
jj 9814
1957 M-N 03 9712 9'7 J'iy '12 __ 97 99
Rutland 1st con g 4 50_1941 J-J 96 9733 96 Oct '12
C St L Is P 1st con g 53_ _1932 A-0 109 ___ 11312 Noy'll ___ __ .._ __
84
5 84 8t3
Og&LCham 1st gu 4s g 1948 J-J 83 85 84
Rut-Caned 1st gu g 43_1949 J-J _
___ 92 J'ne'09 ____ __ _. :o Is Pek Un 1st g Os__ _1921 Q-F 10612 _.. 109 May'n
9313 Jan '11
2d gold 4 40
51921 M-N 00 1)2
St Lawr Is Adir 1st g 53_1996 J-J 1073108 108
4 ____ 103 Sep '12
4 6034
6034 Apr '12 _.: 603we Marquette-Ref 4s___1955 J-J ___ _ CO
2d gold 6s
1996 A-0 115 __ 11912 Mch'12 ___ 11912 11912
5233 6953
Refunding guar 45
1955 J -J
6573 5712 5938 Oct '12
Utica Is 131k Riv gu g 48_1922 J -J
95 ._ 9978 Nov'll
_ 98 9958
1921 J-D 90 9712 98 Oct '12
Lake Shore gold 3 40___ _1997 J-1) 88 89 8834
89
6 8/12 897-8 Ch Is W M is
1920 A-0 10312 100 104 Oct '12 ___ 101 10888
Registered
Flint Is PM g Os
1997 J-D 8734-__8734
8734 17 8714 8834
___ 00 Sep '12 ____ 96 100
1939 11-N
1st consol gold 5s
Debenture gold 4s_....1928 141-S 9234 Sale 9234
9213 13 9134 9-119712 9712
0212 64 9112 9276
Pt Huron Div 1st g 5s_1939 A-0__ -981 9712 May'12
25-year gold 9s
1931 11-N 9212 Sale 9218
-92 9311
Sag Tus Is H 1st gu g 43_1931 F-A -------------------------•
Registered
1931 111-N 92 ........ 93 Oct '12.
_ 8414 88
111ippine Ity 1st 30-yr *1 4s_'37 J-J .- 8012 86 Atay12
Ka A Is GB 1st gu c 53.1938 J-J 10312 ___
113 11314
tts Sh Is L 5 1st g 5s_ _ _1940 A-0 ____ ____ 113 J'ly '12
Mahon C'l RR 1st 53_1034 J-J 110 --__ 11112 Mch'11
105 105
1943 J-J ____ __ 11314Noy'll
1st consol gold 53
Pitts Is L Erie 2d g 5s_ _a1928 A-0 10512.... 105 Apr'12
4
9638 87 96 9839612 Sale 9633
1 eading Co gen g 4s
1997 J-J
Pitts Mull Is Y 1st gu 63_1932 J-J 119 ____ 13018 Jan '09
9638,1'1y '12 ....... 9633 9814
"4
1997 J -J .._,._
12314 Mch'12 ----Li31-ii6
1
L' Registered
2d guaranteed 65
1934 J-J 119
......
Nov'12
9112
9578
90
955
8
Jersey Cent coil g 4s
1951 A-0
9812
lcKees&BV1stg68_1918 J-J
----1ii
'1 ---2
ill Jan
Atlan City gu 4s g
1951 J -J 05 ---- -,,
Michigan Central 5s
1031 Psi-s idi
-,,,,..--- ---; -.T.
- ".;.4'.8738._. 8738
1947 J -J
00'8 . .. 01).2
t Jo Is Gr Isl 1st g 48_
Registered
1931 Q-31 106 -119 J'ne'06
t Louis Is San Francisco45
1990 J -J _____ 98 Apr '12 ____ 98 - -08
1043
'12
4 ___ 11812 11958
2 Sep
45
18
9812 Nov'11
11 8
142 ,
5 1 043
General gold Os93
19311 J-J 1(1)61220
Registered
1940 J -J
'i 10412 10812
General gold 55
J L Is S 1st gold 340_1951 hi-S ______ _ 90 J'ne'08
83
1 83 8814
83 8512 83
8612 Mch'12 ..._ 8612 863-4
St L Is S F RR cons g 45_1996 J-J
1st gold 3 40
1952 /11-N
834 29 8312 9315
Gen 15-20 yr is
1927 31-N 8334 Sale 8334
20-year debenture 43_1929 A-0 __ 8912 8812 Aug'12 ____ 8812 92
4 9934
_993
'12
Sep
9934
____
103
A-0
9833
99
10
9712
Southw
Div
987
8
1st
1947
100
38
g
5s
N Y Chio &St List g 4&J937 A-0 0814
7714 ig 76% 814
77 Sale 7653
Refunding g 4s
9334
1 9834 9934
1951 J-J
Registered
1937 A-0 9834 Sale 9834
___ ____ 8034 Mch'll
Rem1Rtered
4 am 1-.1
1-12h.nterp de
1011 sii-N
871. 851. as Nnv'12
571. 91
MISCELLANEOUS BONDS-Continued on Next Page.
Gas and Electric Light
Kings Co El L Is P g 5s____1937 A-0
Purchase money Os
1997 A-0
Convertible deb 63
1922 M-S
Ed Si Ii Bltn 1st con g 43_1939 J-J
Lac Gas L 01St L 1st g 5s__61919 Q-F
Rd and ext 1st g is
1934 A-0
Milwaukee Gas L 1st 4s_. 1927 M-N
1948 J-D
Newark Con Gas g is
1948 J-D
N Y G E L H Is P g 53
Purchase money g 4s__1949 F-A
Ed El Ill 1st cons g 58-1995 J-J
NY& Q El L&P 1st con g 53..1930 F-A
N Y Is Rich Gas 1st g 55_ _1921 31-N
Pacific G Is El Co Cal G 63-E
Corp unifying Is ref 5s 1937 M-N
Pee Pow Is Lt 1st Is ref 20-yr
1030 F -A
5s Internet Series
Pat Is Passaic G Is E 55...., _1949 31-S
Gas and Electric Light
Peo Gas Is C 1st con g 6s___1043 A-0
1947 hi-S
Refunding gold 5s
Registered
47 .N11-S
J
193
Ch G-L Is Cite 1st gu g 53_1
Con G Co of Ch 1st gu g 5s 1936 J-1)
Ind Nat Gas Is 011 30-yr Os '30 141-N
Mu Fuel Gas 1st gu g 53_1947 M-N
1947 14,1-N
Registered
Philadelphia Co cony 5s.....1919 F-A
Stan Gas& Elec cony 3f 03-1926 J-D
Syracuse Lighting 1st g 53_1951 J-D
1954 J-J
Syracuse L Is P is
Trenton G Is 11 1st g 5s
1949 M-S
Union Elec L Is P 1st g 53_ _1932 If- S
0518 Sale 95
9538 31 94 9633
Ref Is eat 5s
1933 31-N
Utica El L Is P 1st g 5s
1950 J -J
93 95 95 Oct '12 ..... 93 95
Utica Gas Is E ref is
1957 J -J
10212 103 10253 .1.1y .12 ____ 10258 10258 Westchester Light'e g 5s
5950 J-I)
---- 10473 10178 Oct '12 ____
2
114
113 11534 114
2
12312_ 121
124
3
8813 _. 8814
8814
10238 11
102 10212 102
10012 10114 101 Nov'12 ___
1
8958 9053 90
90
104
10614 Apr '12
10238 13
10112 1024 10173
avs sale 8734
877, 25
10912 ...._ 11318 Meh'12 ___
11 00 Sep '12 ____
93
--------0212J'iy '09
10414 10512
114 117
123 124
88 8344
10112 103
10034 102
8978 9038
10614 10614
10178 10414
8614 8912
1121211318
10) 10212
_--- --- _
11638
11033 Sale 11614
5 11614 117la
10118 10134 10113
10134
6 10034 113218
_
_ 103 Feb '09 _._ ...... ___
Lii ;55, 10212 Oct '12 ...... 10214 104
--- 10278 10.11.1 Oct '12 ...... 10112 103
2 89 93 Mch'12 ___ 03 , 93
10038 10114
-------- 10114 Aug'11.
____ ___ ____
--------- „,.- 104 101)
100
5 100 109
8 101 10073 Nov'12 ___ 100 101
1003-- 101 Dec '11 --- ---- ---- -8512 J'ne'12._ -851-2 -80
10212 -___ 09 Feb '01 ..... _ _ __.
9912 ____ 10012 Aug'12 .__ 11)013101
96 ....... 96
90
1 90 95
103
_
_
___ _ _ --•
99 ____ 1(31514 Die 'ii
,
105 108 10473
10473
1 1043s 10
'
,
No price Friday; latest bid and asked. a Due Jan. 5 Due Feb. e Due May. g Due June. Is Duo July. o Due Oot. V Duo Nov. a Option sale.
Nov. 16 1912.]
BONDS
N. Y. STOCK EXCHANGE t
Week Ending Nov 15.
New York Bond Record—Concluded—Page 4
Price
Friday
Ncx 15
Week's
Range or
Last Sall
E t%
cp
Range
Since
Jan. 1
N
,
BONDS
,.."$,
Y. STOCK EXCHANGE k.t
Week Ending Nov 15.
4a.1
1321
Price
Friday
Nov 15
Week':
Range or
Last Sala
•I
a
21 —
Range
Since
Jan. I.
Bid
St L & San Fran (Con)
Ask Low
High No. Low Hiqh
Bid
Ask Low
High No. Low High
K C Ft S & NE con g Os__1928 M-N 11278 11314 11314 Nov'12
Wabash 1st gold 5s
1939 H-N 10638 Sale 106
10638
10412 10718
K 0 Ft S & M lty ref g 4s_1936 A-0 78 7818 78
7814 10 17
17
314 110
2d gold 5s
8
81r
1939
9913
F-A
09
9•J
99
4 90 10012
Registered
7713 J'ly '12 --- 7712 Ti!.
1936 A-0
Debenture Series B__ _1939 J-J ----__ 90 J'ne'12 __-_ 00
100
KC &MR & B 1st gu 5s..1929 A-0 9712 _ 10312.1'1y '12 ---. 10312 10;:t,
1st lien equip s Id g 592_1921 141-S 99 ____ 93
99
3 9314 109
Ozark & Ch C 1st gu 5s g_1912 A-() 01
18 99 Nov'12
99 100
1st Ilen 50-yr g term 48_1954 J-J
SO . _ 33 Dec '10 -- _ _ _
90
3 8938 9212
St L S W 1st g 4s bd ctfs_..1989 M-N 8034 90 8934
lit ref and ext g 9s
6612:sale 65
1956 J-J
6714, 320 5512 7:133
__
2d g 48 Inc bond ctfs ____01989 J -J
80 Nov'12
Cent 'I rust Co ctfs
67 63'8 Oct '11 -- 63 s 71
1932 J -D 81 Sale 8078
Consol gold 411
81 —82
- 7
80
812 8%
170 Stamped
3'•
63 6312 Oct '12 -- -- 63 6034
Gray's Pt Ter 1st gu g 58_1947 J -I) 10033 _
10118 Apr '07
Equ,t Tr,ist Co ctfs
(2 67 6513 Oct '12 ____ 5914 70
i.7.- 8 8578
1943 J-J 86 (3
8578
i 85 8734
S A & A Pass 1st go g 4s
Do Stz.mped
6310 88 6012 6933
63145a1e 62
94
__ 104 Oct '09
SF &NP 1st sink f g 53_1919 J -J
Det lc Ch Ext 1st g 5s__1941 J-J 10/ ___ 107 Oct '12 —_ 106 10711
-Seaboard Air Line g 43...._1950 A-0 8014
8618 Oct '12
Des Moln Div 1st g 49_1939 J-J— 8014 SO Aug'12 _-_ 80 8)1
8618 8738
Gold 43 stamped
1050 A-0 8578 81134
- 8612
8634 19 8512 00
0131 Div 1st g 3 Hs
1941 A-0 6-1-2 70 70 (Jet '12 _— 8812 7134
Registered
1950 A-0
_
Tol & Ch Div 1st g 4s
1981 M-S 83) 8434 8018 J'ly '12 ___ 7234 8312
Adjustment 5s
01949 F- A 78 Sale -id70 - 12 -ff;"
Wab Pitts Term 1st g 45.._1954 J-D 30 3413 3014 Sep 12 ..... 3011 3914
Refunding 49
A-0
1959
---- 78 78 Nov'12 _...... 7034 83
Cent & Old Col Tr Co certfs__ -___ 3012 Sale 30
303, 29 2978 4211
Atl-Birm 30-yr 1st g 48_01933
S
Columbia Tr Co ctfs
- Si 88 J'ly '12 ---- 87 90
30 Sale al
70
1 30 4113
Car Cent 1st con g 4s
1949 J-J
2d gold 4s
9312 Apr '12 --- 0234 031;
• 318 238 Nov'12 ____
1954 J-D
214
I
3
J
-J
10314
Fla Cen & Pen 1st g 5s_ _ _1918
Trust Co certfs
103 May'll -- 234 3
234 Nov'12 ---178 312
1st land gr eat g 5s
1930 J -J 10312
104
104
Wash Termi 1st gu 3 Hs___1945 F-A 83
-1 104 101
_ 8738 Oct '11 --- ____ - — Consol gold 58
1943 J-J 10538
40-yr
'12
J'ne
1st
107
guar 4s
107 107
1945 F-A 0718 -___
_- 100 Sep '12 --,- 9718 103
Ga & Ala My 1st con 5s_o1945 J -J 10173 106 10512 Oct '12 - - - - 10512 10714 West Maryland 1st g 4s
1952 A-0 3534 safe 8538
1534 3: 85 8314
Ga Car lc No 1st gu g 55_1929 J-J 10412- 10;34 Sep '12
10134 10534 West N Y & Pa 1st g 5s
1937 J-J 10618 10:34 10/ Oct '12 _.-- 106 10834
Scab & Itoa 1st 5s
1926 J-J
May'12
Gen
gold
45
15618 105
105 10618
1943
A-0
_
_
86
8634
Oct
'12 --- 86 88,2
Southern Pacific Co—
Income Is
d1943 Nov ____ __ 34 Feb '07 ---- _— -Gold 43 (Cent Pao coil) _k1949 J-D 8834 8914 8834
8038 22 88 9213 Wheeling & L E 1st g 5s__1926 A-0 10112_ __ 10113 Oct '12 ---- 10114 10512
Registered
gi
J'ly
'12
Wheel Div 1st gold 5s__1928 J-J 10313 164 10218 Nov '11
k1949 J -D
8814
91 01
---- ---- -- - 20-year cony 4s
215 9312 97
Oh
Exten & Imp gold 5s___1930 F-A 10018 101 102 J'ne
(71929 NI- S 935 Salo 9312
'10 --- ---Cent Pao 1st ref gu g 4s__1949 F-A 95 Sale 9434
1. 04 97
05
RR 1st consol 4s
1949 l'41-S 80 8312 8314 Oct '12 _-- -8214 -8512
'12
Registered
93_
J'ly
9412
20-year equip s 1 5s
9412 9412
1949 F-A
I922 J-J .„ ____ 9812Feb '11 --,- ____ -.,_,Mort guar gold 3 Hs __k1920 J-D 9034 6114
- 90.'3 Oct '12
0012 9112 Winston-Salem S B 1st 49_1960 J-J
34
Sale
9.34
90
9034
11 903-4 03
1.114
Through St L 1st gu 45_1954 A-0 91 92
89 9278 W1S Cent 50-yr 1st gen 48_1949 J-J
9114
9134Sale 9158
9218 17 91 9338
O li lc SAM & 1' 1st 5s_1931 M-N - - 10512 10512 J'ne're --- 10312 107
Sup&Dul div & term 1st 45'36 11-N 8934 9078 10
2 90 9212
93
Gila V G (53 N 1st gu g 59_1924 /11-N
- 10312 10218 J'ly '12 ---- 10218 10434
Hous E & W T 1st g 55_1933 M-N 10313 -- 105 Aug'12 ---- 1114 105
Manufacturing and Industrial
1031
lit guar 55 red
10414 May'12 ---- 10414 10414 Allis-Chalmers 1st 5s
1933 M-N
1936 3-.1 61 64 65 Nov'12 --- 52 8714
_ 10914 Sep '1', ...-- 10914
& T lit g Is Int gu 1937 J-J 10914 _
Trust Co a(s deposit
110
61 Sale 61
6212 12 5712 61
Gen gold 43 Int guar 1921 A-0 91 JE 9312 Nov'12 ---- 9312 951! Am Ag Chem 1st c fis
1928 A-0 10112 102 10158 102
10 1097s 10234
Waco & N W dIv 1st g 68 '30 M-N 114 118 11914 Mch'10
Am Cot 011 ext 43s
1915 Q-F 0613 Sale 9634
9714 44 9034 9812
1st
A lc N
g 5s_
1941 .1-J
- 108 10712 Feb '12
Debenture 5s
11)712 fOi1-2
1931 M-N 9213 9258 9214
9234 11 9214 9513
Morgan's La & T 1st 7s 1918 A-0 111
Aug'12
11134
--- 11134 11131 Am Hide & L 1st s f g 69_1919 Nf-S 100 101 100
10013 30 9818 10112
lit gold (3s
1920 J-J 10134
111 Mch'll
Amer Ice Secur deb g 68_1025 A-0 7212 78 75 Oct '12 ---7212 82
No of Cal guar g 5s
112 Feb '07
1038 A-0
Am Smelt Securities s f 6s_.1926 F-A 10478 Sale 10118
105
108 10212 103
8
Ore & Cal 1st guar g 5s.._1927 J-J 1011101 Oct '12
Am Spirits Mfg 1st g 6s
1915 NI-S -„_ 101 10J Oct '12 ---- 9313
-— _
101
So Pac of Cal—Go g Si _1937 NI-N 108
116 May'07
Am Thread 1st col tr 4s
9112
1919
J-J
9312
9312
9312
2 9258 95
So Pac Coast 1st gu 45 g_1937 J -J
_
9110 Sep '12
8812 911.: Am Tobacco 40-yr g 63
1944 A-0 1191 121 12) Nov'12--__ 11878 12112
A-0
49_1950
'fermi
San Fran
1st
- Oct '12
Registered
____ 92
- 9012 8938
44 A-0 ---- ----120 Nov'12 -___ 11878 12138
Tex & N 0 con gold 55 _1943 J-J 101743101 10158 May'll
Certificates of deposit
01 101
------------_ 11013 Sep '12 --_, 11878 12112
So Pac RR lit ref 45
1955 J-J 01 Sale 9324
10, 9314 955,
001(1 4s
1051 F-A 951 97 953i
94
95)4
1 9178 9714
Bout hernRegistered
1951 F-A ---- ----0535 J'ne'12 --_ 9214 9558
1st consol g 59
100 Sale 10558
10618 44 10388 10833 Am VVrItir Paper 1st s f 5s 1919 J-J
1994
8912 00 8912
8978
4 8814 9138
Registered
'11
1994 J-J
Sep
105
_ flahlw Loco Works 1st 5s_1940 M-N --- 104 103 Sep '12 ..._ 10334 104
Devclop & gen 4s Ser A1956 A-0 7818 Sale 7818
781.
, 14
73 7934 Beth Steel 1st ext at 5s
9612 Sale 9614
9612 19 9313 102
1926 J-J
Mob & Ohio coil tr g 4s 1938 141- S 8514 Sale 8514
5 85 8712 Cent Leather 20-year g 59_1925 A-0 9414 Sale 9514
8514
9512
8 9131 9614
Mom Div 1st g 4 H-58_1906 J108
108
_ 108
Consol Tobacco g 4s
10738 111
1951 F-A 96 931 95,8 Oct '12 83
13 0/
88
St Louis div 1st g 4s
2 87'4 0014
88 Sale 88
1951 J-J
Registered
1951 F-A -------_ 77 Nov'07 -----------__
Ala Can It 1st g 138
10314 Sep '11
1918 J-J 10534
10514 1031.1 Corn Prod Ref at g Si
1931 M-N 9812 Sale 9812
904
18
9512
117
8358
Nov'll
Atl & Danv lit g 4s
9012
1948 J -J
1st 25-year if 53
91i.,
1934 111-N 9112 Sale 0412
2 04 9612
• 20 4s
8113 ____ 8214 Feb '12
4 8214 Cuban-Amer Sugar coil tr 691918 A-0 -,..- 97 97 Oct '12 ....,_ 96 9712
1948 J-J
-01Atl 14: Tad 1st g guar 49_1949 A-0 8414 ____
Distil Sec Cor cony 1st g 55_1927 A-0 72 Sale 7134
7278 20 7012 7814
Col & Weeny lit as
1916 J-J 10312 __ 1.5E3-4 DeO-ii
E I du Pont Powder 434s_1938 J-D 8813 Sale 8613
8912 27 8478 02t:
10612 Oct '12
'1' Va
Div g 58_1930 J-J 1004
16.612 10,814 Gen Electric deb g 3 Hs
1942 F-A
__
8353J'nel2 ____ 82 84
10218
• Con lot gold Ss
1956 Nf-N 10918 ii(112 10918
10918 11134
10-yr g deb 55
1917 3-1) ------18113 Oct '12 ---- 15312 182
10318 J'ly
1938 II- S 10.153 _
E Ten rcor lien g os
Debenture Si (recta)
10518 106
1952 Nf-S 1037
;Sale 10312 10418 84 10212 10324
114 Aug'12
Ga Midland 1st 3s
1946 A-0 1312
Gen'l Motors 1st lien 6s
1915 A-0 9914 Sale 0914
9938 51 9812 10078
Oa Par ity 1st g es
1922 J-J 1008
111 J'ly '12
Ill Steel deb 4 Hs
12
16
14
1 164%
1940 A-0
9312 9012
9012 21 8912 9234
Knox & Ohio 1st g 69_1925 J-J 113
114 J'ne'12
Indians Steel 1st 55
114 115
1952 111-N 1003
---4 Sale 10012 101
81 100 10112
• Mob & Blr prior lien g 5s_1945 J-J 10512
10512 Nov'10
Ent Paper Co 1st con g 6s 1918 F-A 10,38 Sale 10338
11338
1 103 10434
Mortgage gold 43
•
7712 _
1945 J-J
78 Deo '11
Consol cony s f g 5s
1935 J-J 89 8912 89
8914
6 8412 9178
• Rich & Dan con g 6s__1915 J-J 10113 10312 1112 Oct '12 __-. 102 10434 Int St Pump 1st s f 5s
1929 NI- S 9378 Sale 9073
9078 15 9073 9312
•• Bob Si stamped
1927 A-0
10434 Apr '12
104 10434 Lackaw Steel 1st g 5s
9714
1923 A-0 9614 Sale 9614
8 94 0753
• Rich & Meek 1st g 45
7112 _
1948 M-N
73 Sep '12
1st con 58 Series A
73 73
1950 M-S 79 8134 80 Nov 12 --__ 77 8212
• So Car de Ga 1st g 5s
10212 Oct '12
1919 M-N 11J238
5-year convertible 52
10214 104
81 9012 96
96
1915 fri-S 9558 Sale 9513
• Virginia Mid ser 0 6s
_ 112 Oct 'OU
1916 /11- S 10334
Ligg ec Myers Tob Co7s tpy Ws-12038 23 11834 123
12038 Sale 12014
• Series I) 4-58
1921 M-S 10334 101 10334
is temporary bonds
10334 - -1 ft:U:37, 10337
9012Sale 96
9613 100 8934 90.
14
Series F. Si
1920 M-S 104:2 _ 10534.1'1y '12
105:34 10534 texlcan Petrol Ltd env 6s A '21 A-0 10213 Sale 10212 10258 13 95
'4
•
Series F Si
1931 M-S 10458 _
105 J'ne'10
Nat Enam & Stpg 1st 5s__1929 J -D 93 95 95 Oct '12 ---- 93 103
95
General Si
1936 M-N 10658 16Z14 10612 10612
2 11)612 10814 Nat Starch 20-yr deb 5s___1930 J -J ___ 95 8934 Sep '12 _-__ 8914 8934
Va & So'w't 1st gu 55_2003 J-J 108 10912 10313JIy '11
National Tube 1st Os rects_1952 m-N 9914 Sale 9918
9912 5; 90 10112
lit cons 50-year 5s 1958 A-0 95 Sale 95
05
--6 -66 0734 N Y Air Brake 1st cons' 6s__1928 M-N 10218 ___ 102
10218
8 97 10212
9312
W 0 & W Ist cy gu 4s
0312 Sep '12
1924 F-A
90 931, P Lorillard Co 7s tem'pry bds_-- ____ 12313 'Sale 12012 12034
-1 11938 12334
• West N C lit con g 6s
102 ---i 102 10312
1914 J-J 10153_ 102
is temporary bonds_
9612 Sale 9613
9012 34 9118 9912
Spokane Internat 1st g 5s 1955 J-J
iti:i 10212 Apr '11
By Steel Spgs 1st 51 5s___1921 J-,1 97 9813 9818 Nov'12 — 97 9812
ler A of St L lit g 4 Hs_1939 A-0
Itepub I & S lst&col tr 55__1934 A-(.) 10358_ _ 10353 10358 15 10278 104
- 1041: 103)4 Oct '12
itii"3-1 105
1st con gold 5s___1894-1944 F-A 10712 11112 Ill Aug'12
10-30-year 55 s t
11034 11212
1920 A-0 9112 Safe 9112
2 0034 9338
9112
Gen refund s f g 4s
1953 J -J _
9434 9458 Oct '12
Standard Alining 1st 5s_ _1930 Sf-N 8914 9014 8914
1/4
8:14
6 86 9014
St L H lige Ter gu g Os_ _1930 A-0 103 107 10 08 Sep '12
10618 1071. ['lie Texas Co cony deb 61 1031 J-J 10014 Sale 100
10014 11 9412 102,2
Tex & Pac 1st gold Os
2000 J -D 10714 10814 10712 10712 -2 101114 110t2 Union Bag 6: Paper 1st 5s 1930 J-1
21 ___ 92 Oct '12 _--- 92 9412
2d gold Inc Si
5132 _ _ 51
q2000 hIch
51
Stamped
1 4.318 51'
1930 -_ -----92_
92
92
5 112
9412
La Div 11 L lit g 5s
1931 J -J
95
9912 Apr '11
(1 S Leath Cost deb g 6s__ _1913 M--N 10014 10013 10,14
10014 21 10018 102
W Nilti W & N W 1st gu 5s_'30 F-A
10612 Nov'04
U S Realty & I cony deb g 5s_'24 J-J
89
88
Nov'12
8873
8712
....
91
Tol & 0 C 1st g 55
1935 J-J 166 10834 10613 106!U S Red & Refg 1st g 6s
16E1-8
1931 3-3 25 3213 30 Oct '12 __ _ 30 50
Western 1)1v lit g 5s
1935 A-0 10518 _
10734 1073, Li S Rubber 10-yr coil tr 69_1918 J-D 10314 Sale 103
10734 J'ne'12
10338 21 103 105
General gold Si
1933 J -D 103 163.53
10358
- 10358
103 101
Registered
1918
J-D -------- 10313
'10 ---. --- ---.
Kan & M 1st gu g 4s
1990 A-0 0012_ 9114 Oct '12
_ 0114 93
U S Steel Corp—Jcoup .....(11963 M-N 10113 Sale 10112 Jan
38, 10112 10412
102
9012 lk 9878
1927 J-J
2d 20-year 5s
9878
S t 10-60-yr 5sIreg ____d1963 Nf-N 10134 __ 102
9114 991.
102
1 10158 104
1917 J-J
Tol P & W 1st gold 4s
90 93.4: 9412 J'ne is
9314 9478 Va-Car Chem 1st 15-yr 5s 1923 J-D 98 9814 9773
31 9734 101
98
.:,113 Oct '12
Tot St L & W or lien g 3 Hs_1925 J -3 8312
34 8712 West Electric 1st 5s Dec 1922 J-J 101 Sale 101
101
'25 10012 10311
1050 A-0 5834 go' 59
59
50-year gold 4s
4 59 6958 Westinghouse E & M s f 5s_1931 j-J
93 Sale 93
9334 57 93 96
1917 F-A (8 Sale 68
Coll tr 45 g Ser A
63
3 68 731.
10-year coll tr notes 55_1917 A-0 96 9713 9712 Nov'12 _.-- 9612 98
Tor Ilam le Bull 1st g 45_/11948 J
113 Nov'll
89_
89 0312
Ister
_1928 3-1) 10318 1.011. 101 Oct '1;
Oct 1st con g Is..
101 109
Telegraph & Telephone
1st refund g 4s
1952 A-0
8312 Joe'12
8512 8618 Am Telep & Tel cull tr 48_1929 J-J
8914 Sale 89
8958 43 89 9118
Union PacificConvertible 45
1936 M-S 112 113 11233 11234
6 10834 1108
1st RR & land grantg4s.1947
9958 Sale 1958 100
0878 10214 Chicago Telephone 1st 5s 1923 J-D
Registered
93 _
1947 J -J
983 Nov'12
0312 10178 Commercial Cable 1st g 4s_2397 Q-J
- - 1 82121%1c-11%15 ____ I3212 012
20-year cony 95
1023• 170 10114 101
1927 J -J 102 1 41 2 10218
Registered
2397
Q-J
___ 8312 Nov'll
___ __o3 I13.1.2
1st & ref 43
9534 23 0538 9778 Keystone Telephone 1st 5s_1935 J-J -------(72008 N1- S
81 ____ 85 Aug'12 __ 82 85
Ore By 6: Nay con g 48_1040 3-I) 9118 Sale 0:38
9:-,12 1) 9112 00Is Metropol Tel &'Fe! 151 s 1 Is 1918 /V1-N 10112
103 10214 Sep '12 ____ 102 103
Ore Short Line 1st g 63_1922 F-A 11113 11134 11118 Nov'l
111 11334 Mich State Telep 1st 5s
1924 F-A 99 10014 10014
10512
1 9978 101
1st consol g Si
1946 J-J 10838 10854 LE) Nov't::
101,112
N Y & N J Telephone 5s g_1920 M-N __
____ 10314 May'll ___ ___
Guar refund 43
92
1929 J -I) 9158 Sale 9113
29 9112 9534 N Y Telep 1st & gen s f 4 Hs 1939 M-N 97-73 Sale 9773
93
142 973-4 10073
Utah & Nor gold 5s
1926 J -J 101 _
103 May'll
Pac Tel ec Tel 1st 5s
1937 J-J
9918 Sale 9918
10111 30 9878 10114
1st extended 4s
91
1933
South Bell Tel & T 1st s f 5s..1941 j-J
9834 Sale 9812
0814 33 9812 100
Vanilaila cons g 45 Scr A.1055 F-A
94 9512 95l20C1
West Union col tr cur Os
1938 J -J 10014 10034 10012 101
6 101,14 10314
v
Consol 45 Series 13
9378 943, 9212 Sep '11
1957
92)2 971;
Fd and real est g 4 Hs__ _1950 M-N 415 9513 9312
9534 15 9512 1.0012
Vera Cruz & P 1st gu 4 H3_1934 J-J ____ 93 91 Oct '12
9134 91
Hut Un Tel gu eat 5s_1941 11-N ___ ..... 104 J'ne'll ___ ___ —__
Northwest Ts( ru 4 W.' e_1934 J -J
91
9fit. J'ne'12 ____ 95 961i
M I SCELLANEOU S tON1)S—Concluded.
-
U
Coal & Iron
Miscellaneous
Buff & Susq Iron s t 5s
1932 J-D
97 J'ly '12
Adams Ex coll tr g 48
97 98
1948 M-S 8312 85 8313
&312
81 8818
Debenture 58
al926 M-S 85
01 Nov'll
Co 1st real est 4 Hs'39 J-D 9118 Sale 90
Armour
ec
913•
15 90 9214
001 & I Co gen t g 5s____1043 F-A
_ 100 983i Sep '12
Bush Terminal 1st 4s
1952 A-0
90 Oct '12
8834 92
Col Fuel gen 65
1919 M-N 108 1091: 10714 J'ne'12
10714 10734
Consol Is
1955
____ 97 97 Oct '12
97 99
Col Indus 1st & coll 83 gu 1934 F-A 8313 Sale 8314
8414 33 7212 8514 Chino Copper 1st cony 611_1921 J-J 19213 Sale 19213 200
37 116 200
Cons Ind Coal Me 1st 5s
1035 J -D
Irrigation Wks & D of A 4 Hs'43 M-N
85 J'ne'll
_ 95 9318 Nov.11
Cons Coal of Aid 1st lc ref is 1930 J-I)
93 Oct '12
Insp'r Cons Cop lit 13s crectso
'33 04
ill934 Sale 109
11034 101
1163:1
(Jr Rtv Coal & C 1st g 33s__h1919 A-0 ' 96 100 10253 Apr '06
Int Mercan Marine 43.s
1922
6614 Sale 6614
6638 37 63 70
Kan & H C & 0 1st sfg 59-1051 J-J
9734 0812 lot Navigation 1st 8 1 5s
98 Oct '12
F-A
1929
78
7938 7018
12
8214
7734
7912
Pocah Con Collier 1st s f 5s_1957 J-J
35 83 8734 Nov'12
8112 891; Mire Bond (N Y) 4s ser 2__.1966 A-0
90
St L Rock Mt & P 1st 53-1955 J-J
7913 82 80 Sep '11:
1932 J -J
10-20 yr Is series 3
793$ 8412
itid Oct '12
100 100
Tenn Coal gen 55
1951 J-J 10034 1013/ 10118
1013s
1939 J-J
10118 10378 Morris & Co 1st s 1 4 34s
8934 Aug'12
8013 8974
Birm Div 1st consol 68_1917 J-J 1008 sale 10218
10218
10218 1041; N Y Dock 50-yr 1st g 4s
1951 F-A 78 -ig 76
76
1 76 8512
Tenn Div 1st g (Ss
01917 A-0 102 10334 10214 Oct '12
10214 101
Nlag Falls Pow 1st 5s
1932 J-J 10)34 10178 10214 Nov'12
10012 10214
Cah C Al Co 1st gu g 6s__1922 J-D 10312 110 110 Jan '09
Ontario Transmission 5s
1945
.3434 Sep '12
'3212 9434
Utah Fuel 1st g Si
1931
Pub Serv Corp N J gen 5s 1959 A-0 -62:14 Aire 9212
93
26 92 9412
Victor Fuel 1st s 1 5s
1953 J-J ____ 853, -W,1-1 Oct
-g63-4 8)1
Ray Cons Copper lit eon,
/ Os 1921 J -J 125 Sale 125 - 12513
112 130
Va Iron Coal & Coke 1st g 551949 M-S 97 9712 971, Nov'12
9412 9812 Wash Water Pow 1st 5s
1939 J-J 102 ____ 104 May'12
1027s 104
*No prico Friday; latest bid and asked aDue Jan dDue April eD to May g Du.; Juae /Wu° July 1:Due Aug
oDue Oct dDue Nov qDue Deb sOption sale
CHICAGO STOCK EXCHANGE-Stock Record.
1322
8TOCKS-31030ST AND LOWBS7' SALM PRICHs
Saturday
Nov. 9.
Monday
Noy. 11.
Tuesday
Nov. 12.
Wednesday
Nov. 13.
Thursday
Nov. 14.
Sates
of the
Fri(tall
Week
Nov. 15. Share.
S l'OZ:KS
CHICAGO STOCK
EXCHANGE
Range tor Year 1912
Limos':.
Highest.
Range tor Previous
Year 1911
LOWC3•
Railroads
21 J'ly
30 Aug 21 40 Apr 24
Last Sale 3012 Nov'12
Chicago Elev Rys com___
3012 *23
3012
3012 *28
3012 .28
*28
85 J'ly
90 May2/ 9334 Jan 20
Do prof
Last Sale 9212 Aug'12
92
*89
92
*89
92
*89
92
*89
80 Apr
Chic Rys part ctt "1"
85 J'ly 1 . 10138 Jan 18
Last Sale 90
95
*88
95
*88
95
Oct'12
*88
95
*88
2034 May
2212 Oct 11 38 Jan 9
24
325 Chia Rys part Ott "2"
*24
25
*24
25
23
23 ,23
2312 23
25
*24
8 May
25 01110 Itys part Ott "3"
6 J'ne 1 , 11 Jan 12
834 834 *812 -914 *812 914 *812 914 *812 914 *812 914
412 Mch
3 Oct 1
6 Chic Rya part at "4"
51 Jan 13
314 312 1 314 312
312 334 '
*314 312 '314 312
"314 31
15 Sep
50 Kansas City lty & Lt_100 1414 Aug 8 25 Sep 27
18
18
23
*20
23
*20
23
*20
23 i20
23
*20
Do prat
100 40 Oct 10 5012 Jan 19
20
39 Sep
42
*40
42
42 .40
42
*40
42
40
40
440
*40
6 Mch2, 1178 Apr 10
25 Streets W Stable C L_100
7 Dec
10
10
"912 1012 *912 1012 *912 1012 *913 1012 *012 1012
5 Do pret
100 35 Jan 39 52 J'ne 20
38 Nov
*50
55
55
55
*50
55
*50
50
*50
*50
55
50
.`aiscel aneous
100 1113 Jan 2 47 Oct 11
4218 2,100 Amerioan Can
4138 41
0 Jan
40
4014 4112 41
4148 3834 4012 3934 40
100 01 Feb 1 126 Sep 19
7678 Jan
700 Do prof
12218 12212 12212 1221
122 1231 122 122
12212 12212 *122 123
American Radlator_100 325 Feb 1 406 J'ly 2 265 Jan
__
Last Sale 405 July'12
-- *450
*450
__ *450
*450
Do pret
100 131 Jan 16 135 Apr 20 12612 Mel)
Last Sale 135 Aug'12
*130 fis *130 1-3-8 *130 1-3-3 *130 1-38
150 Amer Shipbuilding100 45 Aug 7 61 Oct 1
43 Nov
__
5413 56
__
54
5512 5512 *5514 5512 55
53
55
Do pref
_7
100 100 Feb 6 10638 Oct 28 10612 Sep
-'
105 10512 105 10512
105 105
*10412 10512 *10412 10512 105 105
75 Amer Telep & Teleg
139 Jan 11 198/ Mch 17 13158 Aug
143 14314
_
*143 144 *143 144 *143 144 *143 144
Booth Fisheries coat
Last Sale 62 Nov'12
3. Apr
62
39 Mch 14 6612 May22
*60
62
*60
62
*60
*60
62
30 Joe
Last Sale 47 Apr'12
4312 Feb 2, 50 Jan 9
Voting trust ett
278
50 Sep
Do 1st pre
*38
90
90
77 Me111.1 95 J'ne 6
IF4 'Thi- -.66- *88
-85is -90- ;SF -66.Cal & Chic Canal /c D.100 49 Feb :. 6533 May1,3
Last Sale 55 Nov'12
4912 Apr
60
*54
*54
60
*54
60
*54
60
816 ,_;h1c) Pneumatic Tool_100 44 ilach 16 5512 Oct 15
5414 5414 54
3012 Sep
5412
5418 5418 5334 5414 5334 5334 5334 54
Last Sale 142 May'12
"hicago Telephone__100 13712 Jan 4 145 Melt 0 115 Jan
__
_
172 .2111eago Title & Trust.100 184 Jan 4 222 J'ne 20 15113 Jan
iii- ZIT- iii" Ili- *iii" ifi" iii72 21-112 212 212
144 14434 144 1-44
631 ::)ommonlv'th-Edison_100 13514 Jan 4 150 Mch 7 113 Jan
145 145
14412 14412 145 14512 145 145
16
934 Oct
175 Jorn Prod Ref Co com
10 Feb 11 2112 Oct 21
*1634 1714 1714 1714 *1634 1714 *1634 171 1612 1638 16
78 Jan
Last Sale 87
Oct'12
Do
do
pref._ 87 Oct 17 8/ Oct 17
___ ____ __ ____ ---_ -10712 103
10'712 10712
9212 Feb
10713 108
296 Diamond Match
100 103 J'ly 5 11134 Feb 6
log log
*Hi/72 f08 *107 108
100 Sep
70 (Ian Shaffner & Marx pf_
9318 9318
98 Oct 2 10212 Meh V
99
*98
99
98
*98
99
*93
98
4978 Sep
7134 721 72 -7214
775 Illinois Brick
100 58 Jan 2 7312 Sep 23
91 711
7113 6912 6912 6912 6934
*70
9914 Sep
12014 120 120
175 Internet Harvester Co__ 100 Feb 14 12078 Sep I.,
12012 12012'11912 11912 --------120_
Last
Sale
763
........
8
Aug
6
Aug'12
7638
pref.67
May
1
Knickerbocker Ice
_. ---133 13314 133 133
475 National Biscuit
100 130 Nov11 10112 Apr 30 11714 Jan
*MT fii" 155" cif' 455" fir 133 133
7 Do pre
100 12214 Oct 15 13034 May28 123 Jan
*124 126 *124 126
12734 12734 *124 126 *124 126 *124 126
50 National Caroon
100 103 Mch 5 135 Sep 24 100 Aug
.126 12712 "126 12712 125 125 *125 126 *125 126 *125 126
11714 11712
100 115 Feb 11 120 Jan 2 117 Sep
33 Do prat
*11814 122 *11814 122 *118 120 *11612 117 -11612 117
325 Psoille Gas & El Co
65
z 61 J'ly 2 x 67 Apr 22
6612 6612 6612 6612 6512 6512 6512 6512 6512 6512 65
Last Sale .60 May'12
lights
x .60 May a x,65 Apr 23
Do
preferred
Do
-- ...
__ *9112 - ;51r2 - -- 9112 - - "9112
*9112
_ *911
842 People's Gas L&Coke_100 10312 Jan 2 12238 Oct 0 101 Sep
117 11712 117 1-1-712 116 1-163-4 11612 11-612 11612 11-61-3 11614 1-1-612
70 Pub Sem of No 111 corn. x 84 May2 x 941 Apr 24
8614 ---- _ --8612 8612 8612 8612 *8614 8612 *8614 8612 86
Last Sale Is May'12
.r.08 May18 r 112 Apr 24
Do rights
19
Do preferred
x 9812 Oct 21 r1.0710 Aor 24
-3.
012 -001-2 '
7'58r2 -101-2 ;9i3f2 -001-2 i0-)13i2 -101-2 '9812 9912 *91312 9913
10314 10314 100 100
250 Rumely Co, preferred-x 9912 Apr 27 40310 Oct 25
*102 104 *102 104 *102 104 *102 104
216 21912 8,425 Sears-Itoebuo:t com....100 140 Jan 5 22112 Nov V
217 22012 21834 221
21512 217
12334 Sep
21534 218
216 219
100 12112Jan 11 12534 J'ne 8 116 Sop
123 123 *12212 123 *12212 123
100
Do prof
12278 12314 *123 12312 122 123
*42
44
Last Sale 43 Nov'12
44
30/ J'ly 18 49 Aug 9
*42
44
Studebaker Corp com*42
.42
44
Last Sale 9712 Aug'12
*94
96
96
9412 J'ly 1.
Do preferred.
*94
9712 Aug 7 95
95
*94
.94
.
10678 10714 10634 107
100 9834 Jan 2 10914 Apr 4
979 3wiiit & CO
10634 10678
9734 Sep
10738 10778 107 10768 1061 107
Last Sale 37812Nov'12
0`be Quaker Oats Co 100 215 Jan 15 380 Nay 7 165 Ditch
*350 375 *350 375 *360 380 *360 380
100 10512 Jan 2 110 Jan 12 10212 Feb
Last Sale 10712Nov'12
Do prof
*10714 108 *10714 108 *1071 108 *10714 103
x13534 May 8 231 Noy 4
210 214
21314 215
205 21412 212 213
2,791 Union Carbide Co
212 224
224 225
j 314 May 8 x 6 May22
Last Sale 41 May'12
rights
Do
1 Deo
38 May 2
178 Jan 18
-------Unit Box Bd & P Co_100
.114 112 ---*114 ---112 --ir
* 4 ---112 -;ir4 -.112
Last Sate 138 Oct'12
5012 Oct
5833 Feb 13 8012 Sep 35
7534 7512 76
7334 7614 75
7438 7538 2,065 United States Steel coin_
7534 7412 70
75
13 Dec
10
Last Sale 912 Nov'12
*9
10
9 Sep 10 147,Feb 7
*9
100
10
Western Stone
*9
*9
10
-ior,
r
Interest
period
Prtce
Friday,
Nov. 15
Week's
Range or
Last Sale.
32 Deo
94 Nov
101 Aug
3773 Dec
1212 Aug
712 Aug
25 Feb
7212 Feb
1314 Feb
50 Jan
1212 May
93 Deo
304 Oct
133 Nov
79 Feb
113 May
15214 J'ne
5014 Meh
5734 Mch
8833 Dec
52 Feb
5512 Feb
14114 Nov
180 Deo
13738 J'ly
1538 J'ne
78 Jan
1104 Nov
10334 Dec
70 Jan
129 May
.....
14212 Dec
13() Mch
120 Mch
120 Mch
10863 Jan
10234 Jan
122 Mch
104 J'no
212 Dee
10712 J'ly
7 Jisis8178 Feb
25 Jan
Chicago banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Nov. 15.
Highest,
Sold
Range
lor
Year 1912
Bid.
Ask Low,
High No. Low. 111013
91 Apr'12
Am Tel & Tel coil 4s....1929 J -J
x91
91
9138 68 9012 9214
Armour & Co 4 4s..1939 J -D 1 91(4 S-W; 9114
28214 8214
8214 A01
Auto Elea 1st M 63_1928
'
12
9018 May'12
2'0018 9018
-N
Cal Gas it El unit &ref 53'37
10114 10112 14 10114 103
Chicago City Ry 5s1927 F -A 510112 Sidi
1)1.31,
5____ 8/
86
86
Oct'12
OhleCity&ConRys 5s.011927 A 9738 1);)
Chicago Elev By 53_1914 J -J 5 971 9734 9112 Oct'12
1 90
9312 93'3
9312
J t 03
95
Ohio Pne Tool 1st 5s_a1921
1927 F -A 9338 Sale 9938
9912 20 9538 10114
Chicago Rys 5s
9438 Oct'1._
95
0458 07
Chic Rys 5s__series "A" A 9014 0738
9033 Jan'I:.
Ohio Rys 4s series "A" A 8112
1 84
9158
84(2
Chic Rys 4s ..series "13" J -D 8112 Salo
95
93 Nov'12
93
9518
Chic Rys 4s.. series "C" F -A
Jan'12
100 100
100
Chic Rys coil 63.....1913 F -A
70
85
- 701 Oct'12
Chic By Pr m M g 4s.c'97 .1 - J 5 7138 -72l8
45
60
Oct'12
48
50
Ohio By Ad)Inc 43.01927 May 1 5 45
50 10078 10314
Chicago Telephone 53_1923 J -D 101 Sale 10073 101
9712 Oct'12
9738 9938
Cicero Gas Co ref G M_1932 J -J
10212 06 102 10334
Commonw-Edison 53_1943 51 - S 10214 §tiie. 102
102 10334
Oct'12
Commonw Eleo 5s.b 1043 .51 - S
10234 102
Cudahy Pack 1st M 53.1024 31 - N 5100 100.z 10012 Nov'12
9978 1013s
Dia Match Con db 63_1920
38 107 11014
109 Sale 10834 109
Gen Mot 6% 1st L notes'15 A -0
x9933 9934
9934 Apr'12
£10114 10112
Ind Steel 1st g
1014 May'12
-N
Do
1st g 6s
1928
jot Ilar 3-yr 5% g notes'15 F - A 5 9938 9938 10033 Ma-iiE
216673 10038
Inl'e. St'l Is. 31 g 63_1928
£10518 10518
1051 Apr'12
Kan City By & Light
• Co 5s
1913
9414
Oct'12
90
-N
89
bake St E1-1st 55_1028• -J 5....88
88 Sep'12
8714 90
Idetr W Side El 1st 45_1038 F - A 5
81
81
4 81
8012 8534
7812
Extension g 4s
1938 J -J 5 78
7812 7812
7012 83
Mil El Ry & Lt 1st g 531926
-A
10478 Apr'12
x1041 10478
do ref & ext 4 153_1931
- J
95
95 Apr'12
z95
do gee & rot 5s
1951 J -I)
Milw Gas Lt 1st g 4s.._1927
-N
-90; Ma-y;12
28934 If618
Morris & Co 4 442
1939 J - J 5 kilia
8818
8778
8778 9014
Nat Tube 1st g 5s
1952
-N
10034 May'12
210034 10114
Nor Shore El 1st g 53_1922 A 51021s - _ 10314 Apr'12
210314 10314
do 1st & ref g 5s1940 A 510)38 10972 10038 Ape12
x100•38 10038
Nor Sh Gas o- Ill 1st 53 '37 F -A
9512 Sep'12
29512 9718
North West El 1st 45_1911
10014 July'12
- S
10014 10014
NW GL (Ss Coke Co 53 1928 Q
5
_ 991 Oct'12
9234 10012
Ogden Gas 5s _
97
1945
- N 90
9534 99
97
9912-151
Pas Gas & El ref g 53_1942 J -J
x911 9218
92 May'12
Pao Tser 1st coil tr 53_1937 J -J
x100 10018
100 May'12
Pearsons-Taft 5s
1916• -D 5 siii2
10038 Meti'09
4.40s
- S 94 ---- 9612 Meh'10
4.608 Series E
- N t 93
97 Feb'10
4.80s Series F
31 - N 5 9614
- 0814 Nov'll
Pcop Gas L & 0 1st 63_1943 A 11513 11111-2
„ ffi 11512 Sep'12
Refunding gold 5s...1947 H- S 51011-3 Sale 10118 10138
7 10034 10214
Ohio Gas Lee° 1st 5s 1937 J 5102 Sale 102
102
1 102 10334
Consum (las 1st 54_1936• -D
10114 Sep'12
10114 103
Mut'l Fuel Gas 1st5s1947 11 - N ti051-2 102
101
Oct'12
10034 10112
Pub Serv Co 1st ref g 5s '56
5_
971 9734 Oct'12
29634 100
Sou Bell T & T 1st sf 5s '41 J -J
x100 10014
---- 10014 Mar12
South Side Elev 44s.1924
5 92 Sale
92
92
2 92
9614
Swift & Co 1st g 53_1914
J 5100
10014 100(4
100 10034
'Fri-City By & IA coil
trust lien c f 54
1923 A 9314 Apr'12
z98
9814
Union Elea (Loop) 53_1945 A 85 Apr'12 ---- 85
t____ 81
89
U S Gypsum ls'; g 5s.._1922
X9975 100
100 May'12
-s
U S Steel 10-60-yr s f g 53__
10213 Apr'12 ___ 110212 10238
Western Elec Co 54
1922 ..
1001 Oct'12 .._ 10034 103
Nets-Accrued interest Must be added t o all Chicago bon d prices.
NAME
Outstanding
Stock.
(1)
Surplus
and
Profits.
(t)
Dividend Record.
In
1010.
In
1011. lod.
Last Paid,
$20(),006
American State
100,000 816
73:8
171
9
6 -An
- -- °
Ja
'
en,
Calumet National
;
1112,
"
6
21,500,000 9,107,950
10
Q-J Oct '12,23-5
Cont'tal & Comm Nat
1(1
Q-J Oct '12, 4
Corn Exchange National 3,000,001 6,051,259 16
3,371 Beg. b us May 31 '1 1,v.92,01538
200,000
Douglas State
6
Drexel State
200,001
Q-J Oct '12, 134
600,000
48
75
17,19
24
1 18
0
10
Q-J Oct '12,234
Drovers' Dep National_
57,633
634 Q-J Oct '12, 2
200,000
6
Eng ewood State
12 Q-M Oct '12 4H
First National
10,000,000 11,723.927 12
150,000
210,063 10
12 Q-31 3030'12 214
First Nat Englewood
Foreman Bros B'k'g Co_ 1,000,000
511,178 Priv ate Ba nit
8
Q-J Jet '12,2
Fort Dearborn National 2,000,000
680,779
8
Hibernian Banking Assn 1,500,000 1,539,807 8+2 (¶)
J-J July'12,
)5
Kaspar State Bank
151,765 10+15 10
400 000
Lake View State
2,312 deg, bus Apr S'11 V.92,p. 1004
200,000
uLa Salle St National
282,613 Beg b us. Ma y'10 1,7.90,p. 1277
1,0
201:0
00
00
0
Lawndale State
38,614 Org D cc. 10 1011
Live Stock Exch'ge Nat 1,250,000
554,940 10
10 Q-31 Oct '12, 234
Mech. & Traders State55,235 Beg. b us.Aug '201 2.V 95,p 593
200,000
Nat Bank of Republic
8
8
2,000,000 1,374,189
Q-J Sept 30'12, 2
National City
606,680
6
2,000,000
0
Q-J Oct '12, 135
National Produce
103,075
4
250,0011
6
Q-J Oct '12, 13-6
North Avenue State__
78,134
036
7
Q-J Oct '12,134
200,000
North Side State Sav'gs
50,000
46,071
6
0
Q-J Oct '12, 134
North West State
200,000
44,751
4
Q•J Oct '12, 135
5
People's Stk Yds State500,000
94,848
7
Second Security
7,193 Beg. us NT* 1%31 O
200,000
V.c9t3.
'1/
12
. 12
23i
Security
400,000
160,02::
435
s6
Q-J Oct '12, 136
South Chicago Savings_
200,000
6
735
8 (4-.1 Oct '12,2
11
100:0
00
70
1
Q-J Oct '12, 134
South Side State
6
200,000
Q-J Oct '12, 3
12
State Bank of Chicago
1,500,000 2,327,120 12
8 Q-M Sep30 '12, 3
Stook Yards Savings__ 8
225,110
250,000
6 31-N May'12, 3
6
Union Bank of Chicago159,315
500,000
Q-J Oct '12, 2
0
0
Washington Park Nat.12,091
100,000
25,434 None None (3-31 Dec31'08,134
Wendell State
03 uccit
5
2
ui
8 :
j1
.
1-JS 0
735
Central Tr Co of Ill_ 4,500,000 1,659,874
16
0
322,86i) 10
Chic City Bic & Tr Co
500,000
6
257,318
Chicago Say Bank & Tr 1,000,000
Q-J Oct '12, 2
8
736
Chicago Title & Trust... 5,600,000 12,271,355
Q-9 Oct '12,3
10
6
Citizens Taust & Savings
18,510
50,000
Colonial Trust & Savings
477,377 8+2 8+2 Q-J Sep30'12 214
600,000
Cont & Comm Tr & Sav 3,000,000 1,5
16
47
2:3
72
75
4
8
--35
.71V,21.5
Drovers Trust & Salt....
200,000
16 Q-M Dec 30'11,4
First Trust & Savings
5,000,000 2.177,116 12
Ft Dearborn Tr &SayBk
250,000
3,336 Beg. b us Apr 3'11 V. 92, p. 929
Franklin Tr & Say Bank
200,000
51,806 Beg, b us Apr 8'12 V.94,1) 1030
GreenebaumSonsBk &Tr 1,500,000
208,457-_235 Q
.1.-JJ j
Oicuty :12
215
2;3
Guarantee Trust & Say200,000
Harris Trust & Savings_ 1,500,000
12
-) ()et '12,Q 3
11+5
Home Bank it Trust
436
0
83
11 Beg I) us Apr 1.0 '1 IV.92,1)1004
300,001 2,104
70
7
2i4
Illinois Trust & Savings
9,626,950 15+4 10+4
q Oct '12, 4
ICenwood Trust & Say_
200,000
77,463 7+13.i
7
Q-J 3ep30'12.134
Lake View Trust & SavLako
61,714
534
200.000
6
Q-J Sep30'12,112
Mercantile 'Sr. & Say
250,000
38,901 13eg. b as.J'iy 112 . v.04,p.484
Merchants' Loan &Tr Co 3,000,000 6,649,802 12
15
Q-J Oct '12,4
Michigan Ave Trust Co_
200,000
64,739 Beg. b is Oct 20'l OV.91,91221
Mid-City Tr & Say Bank
500AIN
75.813 corn b Us Apr 101 1V.92,91004
say 1,500,000 2,734,537
Q-J Sep 30'i 2,2
8
8
NNoorrtthh-Western
8
J-J Jne 29 12, 4
127,511
0
250,000
J'ne
J1 O
V.e9t2,
Old Colony 'Sr 6: Say ilk
,72
..12
537
200,000
60,661 Beg. b
People's Tr ds Say Bank
500,000
190,297 ..300,0st,
--8
-- Q-J Oct '12,2
Pullman Trust & Sav
8
273,5-41
Q-J Oct '12, 114
Sheridan Tr & Saw Bank
200,0o0
43,036
t ;;;i bus. Sept 6 1910
-i.
Standard Tr & Savings- 1,000,000
330,45'3 e
ksii
-o:
6
J-J July'12,3
Stockmen's Trust & Saw 1,20000
5
000
46,209
200:0
8+2 Q-31 Sept 30'12, 2
Union Trust Co
1.'155,633 +
West Side Tr &Say 13k400,000
98,19008+2 Q-M Oct '12,2
Woodlawn Tr & Say Bk
200,000
734
935 Q-J Oct '12,23.4
86,840
'Bid and asked prices: no sales were made on this day. t Sept. 4 (close of business) for national banks and Sept. 5 (opening of business) for State
Institutions. 5 No price Friday; latest price this week. ISept. 1 1911. 11 Dividends not published. Stock all acquired by the Cont. e. Comm. Nat'
Bank. a Due Dec. 31. b Due June. c Due Feb. aDue Jan. 1. k Also 20% in stock. q Dividends are pald Q.-J, with extra payments Q-F, s A
dividend of 50% was paid In 1911 on Security Bank stook, to provide capital for the new Second Security Bank. V.93, p. 1235. 8 Aug.31 1012. x Sales
reported begInnIng.April 18, u La Salle Street Nat. Bank converted into the La Salle Street Trust & Savings Bank. See V. 95. p. 1094.
Nov. 16 1912.]
THE CHRONICLE
Volume of Business at Stock Exchanges
1323
Telegraph and Telephone
8 Amer Teleg & Cable
100
Central & South Amer_100
Comml Un Tel(N Y)....25
Empire & Bay State Te1 100
Franklin
10o
e Gold * Stock Teleg
100
e Maonny Cos corn
100
e Preferred
100
Northwestern Teleg....50
Pacific & Atlantic
25
e Pac Telep & Teleg pref.100
Southern & Atlantic
25
Bid Ask Indust and Miscell-(Con.) Bid Ask
6913 74 Amer Typefounders com.100 49
51
110 115
Preferred
100 10212 105
110 115
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Deb g 6s 1939
102 •
DAILY, WEEKLY AND YEARLY
65
75 Amer Writing Paper
034 314
M1-00 192
40 50 AU Gulf&WISS LinesSeeBos tStItE z list
, Barney dr Smith Car com1011
16 •
Stocks
Railroad,
118Preferred
84 851;
100 88 8813
&c.,
U S.
Week ending
Stale
674 6614 Miss (E W) Co corn
50 80 88
Shares.
Par
value.
Bonds.
Nov. 15 1912.
Bonds.
Bonds.
preferred
118
0
20
0 125 '
---Bond & Mtge Guar
66
10
59
0 3
1
305
380,722 133,779,700
553,500
2990,000
Saturday
100 1014 Borden's Cond Milk com.100 116 117
469,668
42,294,300
106,000
1,931,500
Monday
riesfherc
re
od
i
100 108 109 1
723,109 64,694,400
92 97 BrP
1,756,500
34,000
TuesdaY
it
Copper Co __5 14,3, 452
348,640 31,503,350
Short-Term Notes
Wednesday
1,938,000
74,000
Casein Co of Amer com__100 n 1
2,
407,616 37,170,350
$5,000 Amid Copper 53 1913 __A-0 9934 100
Thursday
1,514,000
48,000
Preferred
100 n 40 46 1;
286,485 26,681,000
Bait & Ohio 4 Ks 1913J-D 9958 1 A) Casualty Co of Amerlea_100 119 123 !
1,506,000
55,000
Friday
Bklyn Rap Tr 5s 1918(w I)... 9612 9634 Celluloid Co
100 138 140
2,625,240 $236,123,1001 $9,636,000
Total
$5,000 Ches & Ohio 434s 1914 __J-D 9812 09 City Investing Co
8370,500
100 45
47
Chic & Alton rts 1913...M.13 9034 9914
Preferred
100 100 101 ,
Rye
Eley
Chic
bs
9712
1914_J-J
98
Claflin (LI B) Co com_1(X) 85 90
Sales at
Week ending Nov. 15.
Jan. 1 to Nov. 15.
Cin liam & D 4s 1913
e let preferred
14 9834 9914
100 87
New York Stock
91
Erie 6s April 8 1914...A-03 100 100
e 2d preferred
10(1 88 92
Exchange.
1912.
1911.
1911.
1912.
Coll be Oct 1 1914_ AM 9914 9934 Consol Can Heating__ _100 78
n4
Loll 5s April 1 1915_ _A-0 9734 9814 COMO( Rubber Tire.. 100 1112 1312
Stocks-No.shares__
115,279,842
113,509,724
4,040,717
2,625,2401
Motors 63'15-See N Y StkEx list.
Preferred
60
Par value
2236,123,100 $359,453,200 $10,403,738,175 $10,237,534,800 Clen'l
Debenture Is 1951
1
oo
9 1 59
Bank shares. Par
A1-90
$1,504,500 Hudson Companies$710,300
$12,500
$13,000
6.3 Feb 1 1913
F-A 99 100 e Crucible Steel corn__ _100 174 1733
Bonds.
(33 Oct 15 1913_Adr015 99 100
e Preferred
Government bonds.._
100 06
9638
$1,109,000
83,235,000
$5,000
430
Cent
.2
Ill
1914....J&J
0938 99;:, Davis-Daly Copper Co....10
State bonds
$747,000
24,002,000
86,821,400
370,500
214,
,Diamond Maten-See Chic StkEx list.
RR. and misc. bonds_
588,889,000
673,749,700 int & 431 Nor Sc 1914 __F-A 9708 9778 ,
9,636,0001 18,848,700
Inter Harvester 5.1 '15..F&A 9938 99 duPont(I) de Nem Pow 100 195 000
68
I;
Lt
Ry
&
1912_
M-£,
/ 90 92
Preterred
100
Total bonds
$614.000,0001 $763,806,100
510,011,500; $19,595,700
Minn & St g bs 1913 _ILA 07 9734 .nmerson-Brantingbam _1
101 9
703184 7614
Mo Kan & Tex bs 1913.M-N 9914 9958
10012 10014
Preferred
DAILY TRANSACTIONS AT l'HE BOSTON AND PHILADELPHIA
Missouri
Pacific
5s
1914J-D
97
9612
Empire Steel & Iron corn 19
5
10
09
0
EXCHANGES
Nat Rys of Mex 434s '13.J-D 9734 '
1,14
Preferred
100 45 48
eNYC Lines Eq bs 1912-22 S 434 4.65 e General Chemical com.100 195 210
4326
Jan
1913-1925...J4
b
4.60
112%
Boston.
Philadelphia.
e Preferred
114
430 Jan 1913-1927. _J-J b 4.60 412% noodrich (B Fl Co-See NY Stk E x list
Week ending
N Y Cent 43,1s 1914
M-S 9914 9912 Greene-Cananea-See Bos
Bond
Listed Unlisted
Bond
Listed
Unlisted
Nov'. 15 1012.
:
1 It Ex list.
be
8
L
&
St
1913
opt J-D 99
9938 k Hackensack Water Coshares shares.
sa!es.
sales.
shares.
shares.
Gs Sept 1 1914 opt.. M-S
1912 J4 £6
£7
11,994
Saturday
13,900
$6,500
$38,100 South IV g 53 1913___F-A 9934 100 Havana Tobacco Co.. 100
10,839
4,856
6
8
9914
Wabash
9934
_
434s 1913_ __M-N
P
Re
Monday
34,320
21,570
reffe
gr4
60,000
50,300
rsd
e .52 °P
9,383
6,664
15 '
Tuesday
21,248
let g Est June 1 1922 125,874
83,000 West Maryland 53 1915_ J-J 98 -9834
12,342
70,000
11,147
19D
9 1 68
8 67
Wednesday
12,559
10,533
12,000
72,850 WestIngh'se El dr M as 1913 110 10012 Hecker-Jones-Jewell A11111134
4,192
4,329
notesOct'17-See NY Stk IL x tis, aelrsrtin6s
19,756
Thursday
18.580
17,000
07,600
5,874
2,778
g.ula
912
1
103
Railroad
19,880
11.282
11,000
85,900
Friday
5,798
5,957
-2
90
112 20
.11arYin „
10
-0
6 11
M
e Chia & Alton cons
100 18 20 Hoboken Land & Improve't
e
Preferred
let 59 Nov 1930
126,301
100 25 40
95,207 $176,500
Total '
45,332 $402,750
38,827
Ai-N 10412
e Chia St P
dr Um
100 130 138 Hocking Val Products..100
5
7 1
a Preferred
1st g 5s 1961
103. 150 160
IS 0
Colo & South corn.. 100 38 40 Houston Oil-See Bait 51ks1-3
1; x 5
11st.
5
a let preferred
100 72 75 0 Ingersoll-Rand corn...100 105
e 20 preferred
e Preferred
100 6612 70
All bond prices are now and interest" except where marked -I.".
95
N Y Chic dr St L com -100 55 60 Intercontin Rub corn. 1W
100
"ii. I
Bid Ask
a 1st preferred.
Street Rail ways-Won.)
1044
0 10214 108 Internet Banking Co. 100 110 no
Street Railways
Bid Ask Union Ey Gas & El corn.100
e 2d preferred
58
International
90
86
10u
Nickel ____100 I 133 135
100 8812 90
Preferred
Northern Securities Stubs _
Preferred
105 110
100 len 108
New York City
United Lt & Eys com-100 77
80
ertngat8
lo
Pitts Bess & Lake Erle..50 :
sn1n9118
37
5 Intis
0
30( 1 0
1alt
5 ,
Eliseo* St & Ful icy stk_100 20 26
First preferred
100 8412 86
Preferred
59
5212
1st mtgo 4s 1950
70
J-J
Second preferred
100 7412 7612 e Railroad &curdles CoInternational Silver com A1
12
0
1-0
9 130
0°0
0 1 15
D'y as 7th Ave elk
100 175 181 United Rya of St L85
111 (.1 elk tr ars Ser A.
Preferred
100
13312
26 mtge 53 1914
Con vol tr Ws
J&J 9914 9934
1278 West Pao let bis 1933 M-S 83 84
100 12
let Os 1948.
J-D
Broadway Surface ERa Preferred
100 4058 41
Internat Smelt & Refl.:'.00 125 128
let 6a 1924
1
J&J 102 103 Wash My & El Co
90
74 0
0() 89
100
Standard Oil Stocks
Lanston Monotype
100 9112 92
.
10
Preferred
Cent Crosstown °Lock 100
Anglo-American 011
£1 *1812 1912 Lawyers' Mtge Co
220 •
4s 1951
M-N 104
let mtgo tie 1922
J-D 8312 8413 Atlantic Iteinilng
100 575 585 Lehigh Val Coal Sales23
19
12 2
7 240 ,*
3 lo - West Penn Tr&Wat Pow 100 31 32 Borne-Scrymser Co
Van Pk N & E Ely stock 100
100 170 200 Madison 8q Gardm Stubs
*1
3
OhristopherdclOth St stk 100
$130
Preferred
100 81
8112 Buckeye Pipe Line Co _60 *177 180 Manhattan Shirt
100 70
74 :
Dry Dock E B dr BElectric, (las dr Power Cos
Chasebrough Mfg Cons...100 640 680
Preferred
10212
• lot gold 63 1932
J-D 10014 10112
New York City
Colonial Oil
100 125 15.) Manhattan Transd._
2 153
1492
Scrip 5s 1914
F-A 30 45 Cent Un Gas bs 1927. .,14 102
Continental 0.1
..
EX) 1000 1050 Monongabelalt Con C&C 50 *1212 17 ,
Eighth Avenue stock. _ 100 310 320 a Kings Co El L & P Co_100 12012 -__ Crescent Pipe Line Co.....5() *66 69
Preferred
50 *
Scrip 65 1014
F-A f 99 101 New Amsterdam GasCumberland Pipe Line __10() 76 82 Mortgage Bond Co
100 102 105
426 & Or St Fy stock. 100 260 285
let consol 5s 1948......14 10034 10134 Eureka Pipe Line Co_ _100 387 395 e National Surety
100 222 227 .;
426 St 31 & St N Aye._J00
N Y & E It Gas 151 6s'99 J-J 101 10512 Galena-Signal Oil com._100 233 238 e New York Dock com 100 19
lst 6s 1910
M-n 99 jai
Consol Os 1945
J-J 101 103
Preferred
8 Preierred
100 132 136
100 30
2nd in Gs Jan 1 1015.... / 78
e N Y Mutual Gas L--100 170 ISO
Indiana Pipe line Co....S0 *152 156 N Y Mtge & Security. l00 205 ;Rig":
Ninth Avenue stock
JOU 160 180 NY dr Q El L & Pow Co_100 50 58
National Transit Co
4(3
25 *44
N Y Transportation
20 *5
6 ;
Second Avenue stock. _ 100
1
Preferred
3
100 77
New York Transit Co.....100 355 365 Nlies-Bern-Pond corn...100 83 87
85
Consol 5s 1948 ctfs_F-A 37 40 N Y & Richmond Gas
100 60Northern Pipe Line Co _100 126 130 nflpissing Mines-See Bost S tk Na list.
0 Sixth Avenue stock_ __100 115 126 North'n Un 1st 53 1927 31-N 100 fa - Ohio Oil Co
25 *120 132 Ohio Copper Co
10 *152 134:
Sou Liouley 5s 1945.
J-J 88 93 Standaid(I L 1st 5s1030 M-N 101 106
Prairie 011 dr Gas
10(1 307 310 e Ontario Silver
100
2
212:
So For 1st 63 1919.
A-0 90
Solar Refining
Other cities.
1)5
100 525 575 Otis Elevator corn
100 76
78
Tarry WP & 3165'28..M&S 75 80 Am Gas & Elec corn
Southern Pipe Line Co _100 275 280
90
50 *87
Preferred
EX. 102 103
28 dr 29th Sts 53 '90 ctIsA-0 20
28
South Penn 011
Preferred
50 *46 48
10u 720 740 Pettlbar.e -Aluiliken Co _100 30 32
Twenty-third St stock_100 250 275 Am Lt & Trao corn
Sou West Pa Pipe Lines.10() 165 170
100 425 434
let preferred
100 ,
Union My 1st 5s 1942__F-A 102 104
Standard Oil of Calif. 100 169 171 Pittsburgh Brewing
*91, 912
Preferred
100 109 111
19
59
0 99
Westchester 1st Ent'43J-J 91
Stand 011 of Indiana......100 313 ;317
98 Amer Power dr Lt com_100 67 70
Preferred
50 *40 41 ;
Yonkers St UR bs 1946.A-0 88 95
Standard Oil of Kan-sas.100 340 360 6 Pittsburgh Steel pref _100 103 10014
Preferred
100 85 86
•
Brooklyn
Bay State Gas
50 "''se vie Stand Oil of Kentucky-100 350 390 Pope Mfg Co corn
72
100 2
8 32 ;
Atian Aye RR con be '31A-0 102 104 Budalo CAy Gas stock..10()
Stand Oil of Nebraska_100 300 315
5
2
Preferred
75
B13&WE bs
07 101 Cities Service Co corn...100 117 120
Stand Oil of NJ (old)...100 1050 1090 Pratt & Whitney pref
100
106 108
Brooklyn City RR__ _10 162 165
Preferred
394 396 Producers 011
Stand Oil of N J.
100 88 90
100
100 120
Bklyn ligts let 5s 1941_A-O 100 103 Colunibla Gas & Eleo.....100 10
1613 Standard 011 subsidiaries... 660 700 Realty Assoc (Bklyn)_100 115 113)
Coney Isi dr Bklyn
100 100 105
let be 1927
7612..
2Standard
Standard 011 of N Y....100 568 573
Royal Bak Powd corn
J-J 761
100 215 220
let cons g 43
80 85 Con Gas of NJ bs 1936 J-J 99
Standard 011 of Ohio...100 260 210
Preferred
100 106S, 10734
Con g 4s 1055
J-J
77 82 Consumers' L II & PowSwan & Finch
100 190 215 e Rumely (AD Co com-See StkEx list •
13rk 0 & N 5s 1939 J4 90 101
59 1038
J-D 100 -.._
Union Tank LineCo.....100 75 80 Safety Car Heat & Lt_ 100 11412 11512
100
Nassau Elm pref.
Consumers Power (Minn )Vacuum Oil
100 178 182 Sears,Roebuck&Co-SeeNY Stk E x list
A-0 102 10314
lst&ref be 1920op'14.36-N let 53 1944
8912 Washington 011
ePreferred-See Chic Stk
10 *23 25
00 E2x1Is
87 t.
Denver G & El 5s 1941)..M-N 05
N Wmsburg & Hatbush97
Waters-Pierce Oil
100 1400 145J Singer Mfg Co
28812
, July 1941..F&A 92 95 Elisabeth Gas Lt Co...l00 325
1st 430
lobacco Stocks
South Iron & 8 corn.. _100
2
Steinway let 65 1922...J4 100 103 Essex & Hudson Gas...101) 135 139
_- (Sea also Stock ExchangeList)
Preferred
100
3
Oas & El Bergen Co....10(1 87
Other Citie.;
Amer Machine & Fdy _100 50 60 3tandard Coupler corn 10U 30
89
40 '
Buff St lty 1st con 5s'31F-A 104 105 Get West Pow 58 1946__J-J 8634 8712 British-American Tobac..£1 *23
2014
Preferred
100 108 112
Deb 6s 1917
Hudson County Gas
A-(J 10412
JO() 130 139
Conley Poll
1011 290 300 _item Bros pref
100 80 85
/Chicago Union Tract corn112 21 Indiana Lighting (4o....100 41
44
a tielme (Geo W) com 100 186 190 Sulzberger & Sons Co 01 100 90 100
ePreferred
5
4
4s 1058 opt
p-a 68
71
a Preferred
100 104 (20
rexas & Pacitlo Coal_ _100 95 100
Com'w'ith Pow My & L.100 65 70 Indianapolis Gas
60 35 42
Johnson Tin Foil &Metal 100 180 200 e Texas Pacific Land Tr_ HA. 95 100
Preferred
100 8912 911
let g Os 1952
A-0 86 89
MacAndrews & Forbes _100 193 200
Ville Ins Co of N Y.
122
0 Conn ity & Ltg com 100 7712 791 Jackson (Jas 53 g 1937_A-0 08 102
Porto-Rican-Amer Tob.100 255 275
fonopahldin(Ney)-Seelnuia SlIt IL x list
a Preferred
100 79 82 eLaclede Gas preferred 10. 09 103
Reynolds(R J) Tobacco_100 245 26J
rrenton
Potteries
10t)
4
corn
7
Detroit United My _100 x 70
Madison Gas 6.1 1926
A.0 103 110
Tobacco Products corn (w 1) 125 150
Preferred new
100 ao
55 •
Federal Light & Tracs
100 36
39 Narragan (Prov) El Co _6( 0)161.: 99
Preferred (w 1)
10312 10358 rrow Directory
100 20
Preferred
100 83 86 Newark Gas 63 Apr'44.0, 12.1 - 127
a United Cigar Mfrs corn 100 52
58
Union Typewriter corn 100 139
07 41
• Havana Eleo My L &P 100 86 9034 Newark Consol Gas
10, 07 99
a Preferred
100 10_12 110
1st preferred
110
a Preferred
100 0534 07 No Hod L H &Pas 1938 A-L 103
UnitedCigarStoresoLim corn 11518 11512
26 preferred
100 102 104
ft Loulsv St bs 1030
J-J 10434 105 Pacific Gas dc E coin ..100 6518 6558
Preferred
120 122 United Copper
100
1
2
•New On Rye dr Lt corn 100 35 38
Preferred
9158 9214 0 Weyman Bruton Co .100 250 34,0
10
Preferred
100
8
15
s Preferred
100 7434
Pat & Pas Gas & Mee_ 100 93 'JO
a Preferred
100 110 117 ;United Dry Goods ____ 10
00 106
034 1014
Pub Serv Corp of N J -See Stk x list St Joseph Gas bs 1937....J4 00 04
Young (T 8) Co
100 175 1£0
Preferred
108
Tr afs 2% to 6% perpet 10812 1091 Standard Gas dr Eleo(Del).5 *2212 2314
U S Casualty
100 190 200
North Jersey St Ey 100 80
Preferred
5012 Industrial and Miscellaneous
511 *50
U 8 Envelope corn
100 100 105
1st 4s 1948
M-N 78 80 United Electric of N J..100 90 , 95
100 163 170
a Adams Exprzss
Preferred
.100 119 121 ,
Cons Tract of N J
75
let g 4s 1941)
761
Col tr g 4s 1447
J-D /8012 83 3 U 8 Express
J-D 8214 8314
.
2
6 .
10
00 __2_1
.
1st 5s 1933
.
J-D 103 1(14 United Gas & Eke CorpAlliance Realty
100 118 120
U Finishing
75
New'k Pass Ry bs '30.J-J 10714 1073
Cony 5% notes 1015.A-0 0012 0712 Amer Bank Note com...60 *52 55
Preferred
100 9J 103
Rapid Tran St My _
100 233 240 Western l'ower corn.....103 26
Preferred
2712
50
*53
55
1st g 56 1919
54 100 105
1st 53 1921
Preferred
103 105
American Book
1_ 55 57
100
170 17s
Con g bs 1029
10
J-J 95 100
SC Hob &Pat 451049 21-N 78
79 Western States Gas&Elec
American Brass
139 142
U 8 Indus Aleoh-Sea NY S tk Ex list.
J Gas El dr Traci_ 109 126 131
1st &ref g 5s 1941 op 1-D 0212 95
American Chicle corn...10.) 215 223
a Preferred
100 -._ _ 105
g 5s 1053
-pans 99 100
Ferry Companies
Preferred
101 103
U 8 Steel CorporationNo Ilud Co My as 1914 .1.2 1021
II & 11 Y let 68 1911.._J-J 05 102
eAmerican Express_ ___119
00 175 180
Col s I Apr bs 1951 op 1911 114
Con Ai be 1928
J4 10212 idi- N Y & E It Ferry stock ..1(lt
Am Graphophone cona 100 53
16
8
Cole i Apr 53 1951 not opt 114
58
Ext 5s 1924........M-N 100
let 5s 1022
Preferred
Ni-N 50 60
100 75 90
U 8 Tit Go & Indem
100 90 95
Pat Ity con 63 1931 J-D 112
N Y & Bob bs May '46..J-1) 9914 100
American Hardware...JO() 139
Virginia Iron C & C___100 62 66 •
20 (3s 1914 opt....A-0 100 103
Hob Icy let 5s11140..M-N 104_ _ Amer Malting tie 1914 1-D 101 102
wells Fargo & Co___ 1044 115 119 .
Republic My & Light
100 25 27 N 1' &N .1 63 1946.....J-.1 98 r
Amer P ess Assoen
70
100 60
Westchester & Bronx Title
Preferred
100 81 83 10th & 230 Sts Ferry...100 25 -3I- Am Steel }Ay Ca 1936_A-0 99 1001;
& Mtge Guar
165
100
Tennessee My L&P com 100 2334 241
let mtge 531919
65
Deb 4s 1923
J-D 65
F-A 71
73 eWestIngh'se Air Brake -50 113934 142r '
Preferred
100 7712 781 Union Ferry stock
16
100
17
American
Surety
50
e
330
Woolworth
(F W)-See NY Stk E x list
Trent P & H Ikt 1943
J-D 97
1st 63 1920
11-N 93 97
American Thread pre!.....5 *4
5 Worthington(11R120 pf.100 105 110 •
Inactive and Unlisted Securities
• Per share a And accrue:I dividend. is 139.411. k Listed on Stock
Exchange but usually inactive. 1 Flat price. n Nominal. s Sale price. t New stock. x Ex-d1V:
y Ex-rights
Includes all new stack dividends awl subscrptions. e Listed on Stock Ezehangs but infrequently dealt in: record of sales. if any, will be found on a
preceding pane.
BOSTON STOCK EXCHANGE-Stock Record.
1324
SHARE PRICES-NOT PER CENT UM PRICES
Saturday
Nov 9
Monday
Nov 11
Tuesday
Nov 12
Wednesday
Nov 13
Thursday
Nov 14
Friday
Nov 15
•10738 10734 10714 10814 10758 10758 10734 10734 108 108 *10758 10778
10114 10114 *10158 102 *10178 10218 *10153 102 *10112 10234 *10134 102
21312 21312 *21312 _- 21312 21312 *214
214 214
214 214
12212 12212 123 123
*121 12212 122 12214 4.122 123 *122 123
205 205 *205 ---- *205___ *205
-.- *205
*
98
98
97
9712 98
9712 97
20597
9712 98
9712 -98
*291 295 *290 295 *290 295 *290 ---- *290
_ *290 ____
*___ 16
*. - 15 *--- 15 *____ 15 *___ 15
72
72
75 *____ 75 *____ 75 *____ 75 *__
75
75
*812 10
*812 10
.812 10
*812 10
*812 10
*.
g2 10
•____ 50 *---- 50 *e ___ 50 *____ 50 *____ 60 *--_ 60
• _ 169 *-__ 169 *ion_
*
169
168 168 *HA_ 170 *____ 170
.15i
*103
„_ 108 los *
_ 108 10812
2-66 *____ 265 *
*____ 265 •
265
*12014
12012 12012 120 120 *120 _
12012 121 *12012 121
*125 12512
•12412
_ *12412
*125 127 *125 127 *125
*3313 -14-12 *8314 84
*8314 8334 *8314 84
8334 -14.14 *8312 8412
•;i;_ 125 *.._ 128 *____ 128 *____ 128 *;ii_ 128 *---- 128
19 *18 19 *18 19 18 1812
19 *1812 19
77
7714 77
7758 77
7712
77
7714 7712 77
7712 77
136 13712 136 13712 13612 13634 13512 13612 136 13612 13512 136
130 130
130 130 *129 131 *129 131 *129 131 *129 131
Last Sale 200 Oet'12
iiL- 1176.- '175
*175_ '175
175 17514 *175
52
58
*50
5713 *52
52 '51
*50 -5'n2'
50
5712 52
1723, 17234 *170 17012 17118 17112 172 17214 17212 17212 *17114 17112
9112
*9038 9034 *9058 9034 *91
*9012 91
*9012 91
9112 *91
*152
- *152
*152
*152
*152
_ *152
2
8213 121
83
_ *82 -8112 8212 8212 83
*8212 -___ *8212 -8-3
9712 97
9712 *97
97
97
9712 *9712 9712
9712 9712 *97
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On basis 01 100-share lots
Lowest.
Miscellaneous
*5612 5712 57
504 Amer AgTiCtli Chem_ 100 5678 Nov15
5714 5678 5678
262 D• pref
100 x9958 J'ne 24
10014 10014 10014 10014 100 10012
3 Aug 2
5
5
478 473
434 434 2,616 Amer Pneu Service_ 50
Do pref
50 19 Mc1126
2234 23
23
2312 2212 2212 5,535
267 Amor sugar Hello...., 100 11434 Zan 10
121 122
12112 12112 12112 12112
189
Do prof
100 11512 Jan 4
121 12112 12113 12134 12112 122
14234 143
143 14314 143 14314 2,783 AhlCi 70222 & Teleg_100 13713 jan 2
228 Arner,can Woolen___100 25 Jan 51
*23
24
24
*22
480 Do prof
100 8312 Nov15
8414 85
8412 84 W1-2 8312 8312
"8473 '---_844 8412 84
30 Amoskeag Manufacturing 77 Jan 2
78
'P.__ 79 *---- 78,
7834 *ion_ 7834 78
4
7834
26
Do
29014 J'ne 21
pref
loo
*100 102
100 100 *100
*99 100
100
*99
Atl Gulf & W 1 SS L-100
5 Aug 20
4._
7 .
7
35 Do pref
100 1013 Aug 21
_ *1214 ---1312 1312 ii72 1312
•1214
*1214 --_
345
East
Boston
Land.__..
10
1034
Jan 2
13
13
13
1312 13 -1-312 14
1378 14
*14
15
14
961 Edison Eleo Illum
100 27212 Sep 28
279 280
279 28212 28134 282
28012 28114 28034 28114 280 281
353 General Electrlo
100 155 Jan 2
18012 18113 182 18214 182 18278
182 18314 18312 18312 180 182
320 Massachusetts Gas Cos100 28813 J'ly 151
*9312 9412 *9312 9412 9334 9334 9312 9312 *9312 94
9313 9312
100 9312 Jan 6
271
Do p-e1
*9414 95
.97
9814 9812 0711 08
98
98
98
96
95
217 J'ne•21
7ler3zenthaler
•-___ 230 •___ 227 •____ 227 *224 226 *22412 228 *224 226
222 Mch 14
Telephone_
10
662
Moxlcan
4
4
4
*33
334
*312 4
334 334
*334 4
334 334
10 N 22 Cotton Yarn.._100 9912 Nov13
0912 0912 •____ 9934
•____ 100 *____ 100 *____ 100
__ 100
100 08 J'ne 28
10 Do pre
•__ 100 * __ 100 *____ 100 •____ 100
---- 9931 9958 9958
147 N E Telephone
100 14814 Oct 25
153 155 *153 155 *154 155
15412 15412
155 155
*155 157
tiortland (Me) Elec_100 7212 Jan 17
Last Sale 90 Meh'12
138 Pullman Co
100 158 Feb 1
*166 167
16612 16634
1I-313- 166- Hui- 166- 16612 1163-4
120 Reece Button-Hole.. 10 1334 Jan 2
1638 1612 .16
1634 16
*16
17
17
16
17 .16
*16
322 Swift & Co
100 9812 Jan 2
10634 107
10658 107
10612 10612
10712 10734 107 10714 *10658 107
229 Torrington
25 27 May 8
2734 28
28
28
23
28
28
28
28
28
2734 2778
Do pre!
25 28 Jan 5
29
*28
29
*28
*28
*28
29
29
•27
*28
29
28
200 f;Ilion Copper L it M 25 .85 Jan 6
2
2
212
212 *2
2'18 2'16
*2
212 *2
2,200 United Fruit
100 4174 Sep 16
Ho" 185 183 18512 183 185 3,384
18512 187
187 188
188 188
(in Shoe Mach Corp_ 25 4614 Jan 15
5312 53
53
53
52
53
53
5234 52
5212 5212 53
94 Do pre/
25 2758 Jan 10
2814 2814 28
2814 *2814 2834 2812 2812 *2812 29
2814 28
12,280 U S Steel Corp
100 5838 Feb 13
7478 76
74
76
735(2 7533 7458 7578 7514 7573 7434 76
23
DO prof
100 10718 Feb 13
112 11212
*11134 11214 *11112 11214 *11214 11234 112 11212 *11214 113
*5714 5814
100 10014
413 478
2112 2213
122 122
*12112 12213
143 14358
5718 5712
10012 10012
4,
4 5
2212 2412
121 122
12112 12112
14314 14358
5678 57
100 100
478 5
2212 24
12012 12114
121 121
14234 1431.1
18612 167
Highest.
Railroads
142 Atch Top & Santa Fe_100 10378 Feb 10 11114 Oct 2
Do prec
50
100 10114 Nov 9 10414 Feb 7
105 Boston & Albany
100 21112 Sep 17 22212 Apr 3
49 Boston Elevated
100 120 Aug 7 13434 Mch 25
100 204 J'ne 10 218 Jan 4
125 Boston it Lowell
100 9412 Sep 20 10012 Jan 3
186 Boston it Maine
...... Boston & Providence_100 291 Oct 29 300 Apr 27
Boston Suburban El Cos.. 13 Jan 24 14 May23
21
Do prof
7412 Oct 16 80 J'ne 5
9 Aug 14 1212 Jan 6
Boston & Wore Eleo Cos_
Do prof
50 Aug 30 67 Jan 8
25 Chic Juno RY it USY.100 165 May 6 170 Jan 19
Do pre'
63
10713 Oct 3 112 J'ne 14
Connecticut Itiver_100 260 J'ly 24 272 Jan 18
88 Fitchburg, pref
100 120 Oct 9 128 Jan 25
109 Ga Fly & Elec stmpd_100 124 J'ne 12 2179 Apr 1
Do prer
100 8312 Oct 22 9112 Jan 6
..faine Central
100 125 J'ly 23 14733 May31
9 Maas Electric Cos_
100 18 Nov Is 2/13 Jan 8
174 Do prof Stamped_100 76 J'ly 30 83 Feb 28
894 NYNII5e Hartford_100 13312 May18 14233 Apr 2
25 Northern N H
100 12812 Oct 3 143 Jan 24
norwloh & Wor pref 100 200 Oct 24 21212 Jan 29
140 Old Colony
100 2174 J'ne 14 187 Jan 31
20 Rutland pref
100 41 Jan 2 70 Jan 24
135 Union Pacific
100 16012 Feb 1 176/4 Sep 30
Do pref
100 8913 Sep 23 9212 Feb 8
100 152 Sep 30 164 Jan 16
Vermont it Mass
172 West Ead St
50 80 Oct 10 8878 Feb 26
30
50 96 Nov 4 10313 Mch 19
Do prof
Range tor Previous
Year 1011
Lowest.
10058 Sep 11014 J'ne
101 Sep 105 J'ne
219 Apr 220 Feb
12413 Sep 13223 Aug
207 Feb 218 Sep
9612 Oct 12233 Feb
292 Mch 300 Mch
16 Mch
12 Sep
7624 J'ne
70 Oct
13 J'ly
6 Feb
58 J'ly
3812 Jan
156 Apr 171 Dec
107 Mob 11512 J'ly
265 Jan 272 J'ne
125 Apr 130 Jan
111712 Jan 2164 Oct
85 Feb
9312 J'ne
135 Sep 215 Jan
13 Apr
24 J'no
12714 Sep
139 Jan
210 Jan
181 Mch
32 Jan
15312 Sep
90 Mch
160 Mch
85 Sep
104 Aug
15133 Feb
192 Mch
214 Nov
100 Nov
95 Dec
19211 J'ly
9518 May
16418 Dec
133 Men
103 Jan
46 Sep
6334 Mch 23
99 Jan
105 Mch 22
312 Au4
514 J'ne 19
1218 Aug
2413 Nov 11
13353 May 13 112 Sep
12354 Aug 30 11134 Jan
149 Mch 21 13158 Aug
2612 Dec
30 Mch22
8512 Oct
9414 Mch 23
84 May 33
7712 Dec
U9 Dec
105 Mch 26
738 Dec
9 Feb 14
1412 Nov
20 Jan 18
1724 May27
714 Jan
300 Mcb 27 275 Sep
18773 Ply 25 142 Sep
8734 Jan
95 Oct 11
93 Dec
9873 Feb 10
222 Aug 28 211 Jan
3 Oct
413 J'ne 20
106 Jan 18 103 Oct
107 Mch 26 101 Nov
164 Mch 14 137 Jan
6234 J'ly
90 Mch
184 Aug 21 153 Sep
1733 Apr 11 212 Jan
9734 Sep
10918 Sep 25
29 Sep
32 Jan 10
27 Mch
31 Apr 17
334 Apr 8
34 May
20812 J'ne 19 4178 Dec
4014 Aug
5712 Aug 211
2612 Sep
2934 Sep 13
50 Oct
8058 Sep 30
11638 Oct 1 10312 Sep
6334 Deo
10514 Mch
612 Jan
' 1914 Jan
122 Feb
12018 May
15314 J'ne
3614 Mch
9612 J'ne
81 Nov
10012 Dec
11 May
20 Jan
12 May
297 Deo
16734 May
9634 Aug
9812 Oct
235 Aug
478 Jan
119 Mch
11612 Mch
16513 Deo
7334 Nov
101 Jan
15 May
104 J'ne
36 Jan
31 J'ly
1118 Mch
19712 J'iy
5878 Feb
2914 Jan
8218 Feb
12012 Feb
Mining
4 Sep
514 Mch 28 1114 Apr 20
25
150 Adventure Con
78 712
712
612 612 *678 712 "
678 678 *612 634
212 Oct
814 May 2
3 Sep 14
25
312 312
312 312
305 Aigomah Mining
312 312 *314 ---•358 358 *312 4
21 Aug
25 3814 Feb I 5018 J'ne 21
41
42
435 Allouez
43
44
4214 44
*41
43
42
42
43
43
4
4434 Sep
*8358 8518 8178 8438 8214 84
8312 8414 8458 8512 8412 8534 0,505 Amalgamated Copper 100 60 Feb 1 9258 Oct 3
1934 Oct
3114 6,551 _an Zinc Lead 53 Sm. 25 2412 Feb 15 33 Oct
3112 3134 3112 3112 3114 3112 31
32
32
32
.32
133 Dec
678 Apr 2
2 Jan 2
Arizona
Com'i
ctfs
dep438
433
412
3,865
411,
438
438
438
438
413 413
334 418
.30
Oct
Apr
11
.55
.30
Oct
3
Bonanza
Dev
Co.,
10
.45 *.30
200
.30 * .30
.35
.45 .30
.45 .35
.40 •.30
•.30
914 J'ne
6 Nov 8
334 Aug
614 614 *614 612
540 dos&CorbCop &SliMg 5
634
*6
634 *6
6,4 814
6,4 63s
3 Nov
Apr 2
J'iy 25
21513
Butte-Balaklava
Cop.
10
3
4
*33
2
6
11,322
*338 334
*358
378
37
8
4
5
334 378
314 353
4918 4818 483.
4813 4934 14,822 Butte & Sup Cop(Ltd) 10 1913 Feb 7 5134 J'ne 15
4714 48
4712 4934 4778 4958 48
45 Sep
Aug 2e
7834 79
7934 7934 7934 2,022 Calumet & Arizona... 10 5712 Feb 1 8312 Sep
7912 70
7938 78
7912 78
78
2", 360 Sep
25 905 Feb 1 615
219 Calumet & Hecla
575
605
*570
590
573
585
570
568
570 575
570 575
1712
2722
Apr
17
8 Aug
Jan
5
Centennial
25
305
20
*19
1934 2034
20
20
20
*19
*20
2012 *____ 20
1623 Sep
5 2514 Feb 28 5014 Nov 8
4758 4912 4814 4834 4812 4873 4818 4858 2,815 Chino Copper
4838 50
4914 50
12 03 Nov
Jan
.09
Nov14
.01
Cons
1
Mercur
Gold
100
.01
.05 -------- .01
.03 .03
.05 •.01
•____
4634 Sep
'tango Con Co 100 50 Jan 31 6613 Apr 11
56
56
57
57
-Li- -6;- 4,010 Copper
66
67
57
56
5612 56
713 Aleh 27
3 Feb
313 Oct 14
Daly-West
20
312 312 216 East
338 334 *334 4
334 3'4
*358 4
*358 4
26
Sep
1634
878 Aug
Jan
15
1214
Butte
Cop
Min
10
1558 1578 4,875
1518 15 • 1512 1514 16
1512 15
1518 1558 15
512 Aug
678 Sep 27 1614 Apr 1
25
465 Franklin
11
1012 1012 1012 1012 1012 1034 1034 1034 11
*1012 11
221,2Apr
338 Sep
418
Feb
27
Giroux
Consolidated_
5
413j
2,185
434 434
41,I8 434
434
434 921ti
434 478
4131641318
Nov11
26
Aug
33
Feb
6
4
Granby
Consolidated_100
773
14,810
7734 7538 7753 7534 7714 75,4 7634 7534 77
73
7214 74
5218 Oct
713 Feb 211 1118 Oct 4
20
012 058
958 958 4,308 Greene Cananea
2958 034
978 10
912 91113
10
10
14
Sep
22
J'ne
17
Oct
30
37
loncock
Consolidated
25
21
24
508
24
26
*25
2612
2312 2412 2358 2353 24
31 Oct 26
2 May 33
23
.3.4 Sep
455 Helvetia Copper
1
1%75
.95
.85 * .75
.95 .75
.85 * .75
.85
23 1118 Sep 26 23 Apr 21
504 Oct
1712 1712 2,815 Indiana Mining
1678 1778 1658 1712 1673 1712 1714 1712 1734 18
Jan
21
Feb
6
2158
18
inspiration
C_
20
Consol
3
1,105
2014
*20
2014 *191 20
2014 2014 201.1 *1934 2014 1934
20
2914 MaJ,
1 4012 Jan 17 6534 J'ne 10
115 Island Creek Coal
59
*5812 5912 59
5713 5713
59
5812 5812 *58
8218 Sep
Do pref
1 85 Jan 13 9124 Aug 1
111
8712 8712 *87
88
8712 8712 8712
88
*8712 88
*87
88
1112 Aug
3678 Aug 21
15
Jan
2034
Isle
Royale
Copper...,
23
3614
3412
8,312
3412
3714
3534 3714 36
34
35
3412 3458 *34
258 Oct
318
Feb
13
32
Apr
2
5
212 278 • 872 Kerr Lake
258 234
2111821112
234 234 2111821116 *2"10 278
12 Nov
3 May 8
25 .80 Jan 2
260 liewecnaw Copper
214 .2
218
214 *2
214 253.3 *21 2,42 *2
214 214
22 Aug
Apr 10
49
Oct
25
27
Lake
25
Copper
Co
5,065
3034 3038 32
3138 3214 32
33
3114 30
30
31
30
3
Aug
17
Apr
8
Feb
15
41*
25
411 La Salle Copper
512 578
512 512
*5
514 *5
512
514 514
512 512
013 Apr
Feb 8 1.112 J'ne 27
1234 1278 1234 1318 1273 1278 1234 1278 1258 1234 1212 1258 1,095 Mason Valley Mines.5 1072 Oct 29
014
Jail
4
Aug
412
573
Consol
:lass
25
•63,
185
64 64
612 612
714
6
6
614 612 *614 634
234 Jan 3 1813 Apr 23 .20 Feb
25
1438 3,920 Mayflower
14
1418 14
14
1334 1438 1334 1438 14
1312 14
3038 Sep 25
1678 Sep
2333
Jan
20
Miami
5
Copper
260
2812
*28
2814
2812
28
2814
2814
2834 2873 *2814
13
612 Apr 20
114 Nov
134 Oct 11
25
730 Michigan
*134 2
178 2
*2
214
2
2
2 • 2
36 Apr
25 5013 Jan 30 73 J'no 27
401 Mohawk
6534 6534
63
63
63
68
63
6412 6412 6412 63
64
Sep 30
15
1814
Jan
29
2438
Sep
Consolidated..
5
Nevada
1,313
2278
23
*2234
23
2278
2278
2212 2258 *2238 225s
2234 23
614 Apr 10
212 Oct 30
2 Aug
190 New Arcadian Copper 23
3
3
3
3
278 278 *3
314
212 234 *234 3
3613 Dec
834 Sep 26
5
534 Jan 3
460 Nipissing Alines
814 812
814 814
814 814 *814 838
813 814
818 818
15 2234 Feb 1 3038 Oct 8
20 Sep
11,302 North Butte
36
3614 3614 37
3534 3514 3614 3514 3614 *3534 36
35
25
218 Sep 20
334 Aug
834 Apr 22
615 North Lake
3
,
4
312 312 *3
4
4
4
4
418
4
4
4
358 Dec
23
,))11sway Alining
234 Oct 24 634 Jan 11
1,025
3
3
*3
1
3
3
3
3
4
3
314
3
334
314
May
1
.50
Jan
1314
23
2
Jan
Colony
2
5
8
Old
3,790
9
914
9,4 973
9
9
912
812 912
9
834 9
64
Oct
1
44
Jan
31
25
Dominion
Co
3414 Sep
980 Old
5913 60
60
59
59
59
59
69
5934 5934 5878 59
81 Sep
25 101 Oct 25 13012 J'ne 22
595 Osceola
111 11112
110 112
108 110
107 107
109 109
100 109
10 15 Alch 27 2814 Nov 7
2612 2734 2714 2712 8,741 Pond Creek Coal ..
2718 2734 27
2734 2834 2714 2612 27
55 Sep
25 7312 Jan 29 9J J'ne
682 u.
90
8731 88
85
85
8512 85
86
86
85
86
86
12 Sep
Sep 25
2218 2238 22
2178 2173 2214 2213 2218 2212 2238 2212 1,036 Ray Cnnsol Copper_ 10 1618 Jan 29 2113
22
47s
May22
24 Ain
1
Gold
it
Cop_
10
Jan
31
Santa
Fe
5,620
318
318
328
1
318
312 3,548
318 3'16
314 3132
3 8 314
7 Oct
177
8
Aug
s
9 Jan 31
10
1412 1478 1412 1458 1418 1412 1438 1438 1413 1412 141. 1434 1,521 Shannon
1412 Sep
3412 Nov13
*2914 3014 2934 3312 32
3334 3212 3314 10,473 Shattuck-Arizona- 10 17 Feb 21
3414 3312 3412 33
12 Dec
114 Apr 3
•.38
.45 .45
.40 . 500 South Utah M & S...., 5 .40 Nov15
.45 .40
.45 * .37
.45 * .35
.45 *.38
20 Oct
23 24 Feb 1 4878 J'1Y 27
4212 4212 *4234 4334 43
4334 *4333 4334 4334 4512 4514 4512 2,116 Superior
e213 001
Jan 13
473
Boston
10
114
May24
Superior&
10,486
*2
214 214
234
3
,
214 314
18
234 3
234
3
3
20 Sep
25 26 Jan 31 51 Apr Is
radn
uiatryaok
44
45
43
155 2
43
43
43
43
43
44
4312
43
*42
278 Oct
25
418 Oct 21
912 API' 0
518 534 *5
855
533 512 *518 6
513 6
534
512 6
134 Sep
26
Mch
41118
258
J'ly
27
Copper
1
Tuolumne
234
*278
100
3
2in
,
' *258 3
234 234 *253 278 *2'42 3
30
3038
Sep
Sep
25053
4614 4714 4,074 U S Smelt Ref it Min.. 50 39 Jan 31
4614 4612 4558 4638 4538 46
4534 4614 4612 47
4514 AU2.
50 47 Jan 10 5234 Sep 233
, pref
*5114 5112 5114 51,4 1,249
51
*50
5012 5012 5012 5012 5053 61
173
Feb
Nov
31118
5
Mining__
Nov12
134
Utah-Apex
2
630
134
178
178
178 12,12 1'16 *154
•112 178
134
178
934 Jan
9'2 J'ly 33 2038 Apr 2
1312 7,416 Utah Conaolidated- 5
1212 1212 1212 1358 1313 1418 1333 1312 1314 1358 13
33 Sep
10 5212 Jan 29 6738 Sep 21
64
124 1. tali Copper Co
_ *6418 6438 64
*6313 6334 6333 6312 6314 6314
1 Aug
578 Jan 20
23
213 Oct 21
25 Viet )ria
234 234 *212 234
•2,13 3
*212 3
'2'40 234
234
334 Nov
25
734 Men 1
438 438
4 Sep 11
300 W I nona
412 412
*4
5
413 413 *4
*414 5
412
79 Nov
25 71 Oct 22 117 Apr 17
77
76
78
91 %Volved=
7712
*76
77
78
76
76
77
•75
23
334 Mch 4 .30 Nov
112 112 •113 134
112 Oct 7
450 Wvalr•ott
*112 2
112 112 *113 -__
113 112
• Bld and asked prices. a Now stock. e Asst't paid. 0 Ex-stock dlv. h Ex-rights. a Ex-div. vrici rights. z Unstamped.
•51,
Highest.
7Is J'ne
11 J'ne
4414 Dec
7158 J'ne
3018 J'ne
21110 Dec
.75 May
1512 May
612 Jan
6334 Deo
545 Jan
19 Deo
2713 Dec
.15 J'ne
6934 Feb
7 Dec
1434 J'ne
14 J'ne
813 Feb
4312 J'ne
858 Dec
3112 Dec
2 Feb
Id J•no
44 Dec
91 X=
23 Dec
778 Jan
334 X=
90 X=
6 Jan
1178 Dee
210 J'ne
3'48 Deo
2933 Deo
312 Jan
67 Dec
2114 J'ne
414 Ant
1138 Feb
3614 X=
1154 J'ne
512 J'ne
828 J'ly
49 J'ne
124 Jan
76 Dec
19 Dec
134 J•ne
1214 Fell
24 Jan
1103 May
4212 Jan
814 J'ne
L2 Jan
612 Dec
478 May
4013 J'no
4912 Jul
312J'ne
20 J'ne
6753 Dec
413 Dec
913 Feb
122 Feb
2 Feb
Nov. 16 1912.]
Boston Bond Record
BONDS
BOSTON STOCK EXCHANGE h
Week Ending Nov 15.
Price
Friday
Nov 15
Week's
Range or
Last Sale
Range
Since
Jan. 1.
1.3?5
BONDS
BOSTON STOCK EXCHANGE.
Week Endin; Nov 15.
Lange
Bangs or
Since
,,
Last Sals
an. 1.
----Bid
Iligh No Low IIfgi.
Ask Low
Hid
High No Low High
Ask Low
10118 10234 General Motors 1st 5-yr 64_1915 A-0 933.3
Am Agrioul Chem 183 58_1928 A-0
- - -- 10113 10178
((914 Feb '12
0014 9914
1914 Sale 89
8912 7C 88/8 9114 Gt Nor 0 B & Q coil tr 4s_ _1021 J-J
Am Teiep & 'fel coil tr 43_1929 J-J
7 05 9812
9534
9512 953.4 9533
1936 fl-S 112 113 11233 11238
1 10834 11534
Registered 48
Convertible 43
0514 _ _ 9514
1921 Q-J
15 9518 9758
9514
89,8 J'ne 12
Illinois Steel deben Is
8078 90
Am Writ Paper lets 1 53 g_1919 J-J
1913 A-0 0912 _ _ _ 9013
0934 12 985s 10034
1913 hf-N
131 J'ne'11
La Falls & Sioux 0 1st 7s_ _ _1917 A-0
103 131
Am Zinc L & S deb Os
117 Apr '08
Ran C Clin 46 Spr 1st 5s_ 1925 A-0
54 88
Ariz Coin Cop 1st 65 ctfs of dep_
---- 82 J'ly '12
97 Mch
0612 97
0712 Oct '12
9611 903; Kan C Ft Scott & Mem Os1928 n-N 11212113 113
Atch Top & S Fe gen g 4s 1995
---113
3 113 11713
8753
Adjustment g 4s____Juiy 1905 Nov
8758 9218 Kan C M & B gen 4s
8758
1934 ‘1- S 92 9213 9212 Sep '12
9213
92
July 1995
_
8912 J'ly '12
8912 9158
Assented income Is
Stamped
1934 .111-s 8333 86
8333
8338
8338 89
1955 J -I)
10134 Sep '12
10134 10818 Kan C 46 M By & Br 1st 53_1929 A -() -___ 10214 103 Ply '11
50-year cony 43
10212 10234
1917
J
-D
cony
5s
11058
Mch'll
Marq
Hough
10-year
do Ont 1st 6s_ _1925 A -0
115 .I'ne'Olt
0258 Sale 6258
6238
Mass Gas 4 ;is
Atl Gulf & W 1 SS Lines 53_1950 J
WI"
1929 J -J -93- Side 01
98
2 177- 9913
951 Feb '12
1935 11-N
Boston Elev 30-yr g 4s
95 9518 Mich Telephone let 58
1917 J J
10018 Apr '12
10018 10018
1016 J-J
Boston h Lowell 45
10014 Mch'09
New Eng, Cotton Yarn 5s_1029 F- A
9638 Out '12
96
96 99
1944 J -J
Boston & Maine 4;is
10412 Oct '08
New Eng Tel -ph 58
1915 A -0
10138 Mehl]
_1032 F-A
Improvement 9s_ _
5s
1916 A-0
10012 Sep '08
1042 F-A
Plain 48
95 Feb '12
New England cons g 5s_
95 95
9t)7 Jan '12
1945 J -J
19-34 -9-9-7;
1918 J -J
Bur & hio Illy cons Os
Boston Term 1st 4s
103 J'ne'12
103 10318
1939 A-0
---Cedar Rap & Mc) 11 131 7s_ _1916 11-N
11158 Sep '11
New River (The) cony 5s 1934 J-J
75 Dcc -11
----Cent Verna 1st g 4s__ May 1020 Q-F -/11134 -66 8934
-8113 1• 2-14 N Y N H & H con deb 3;0_1953 J -J
8933
9214 Meh'12
9214 923k
() 13 de Q Iowa Div 1st 5s
1919 A-0
1103 Oct '07
Cony deb Os
1948 J -J
12814()et '12
12814 13213
1919 A-()
Iowa Div let 4s
99 Aug'12
-91- -9-9-1-2 Old Colony gold 45
1924 F- A
101 Apr'))Debenture Is
1913 11-N
'12
10038 10112 Oregon Ry & Nay con g 43_1946 J -I)
---- 1008 J'ly
9879 Sep '09
Denver Exten 44
1922 F- A
0978 100
Oreg Sh Line 1st g 6s
1922 F - A
9 8 Feb '12
11135 Oct '1',
112- 11-3-3;
Nebraska Exten 4s
1927 M-N ____
9812 Mch'12
Marquette
Pere
deb
g
9812 985
63_ _1912 J-J
95 Jan '12
95 95
B 4eSWst 45
1921 '.1-S
Repub Valley 1st s t Os__ _1019 J-J
9918 Feb '11
103 Jan '11
-Illinois Div 3 ;is
1941: J -J
8718 May'12
864 874 Savannah Bice 1st cons 53_1952 J -J
7014 Dec '10
Chic Jet By & SU( Yds 5s_ _1915 J J 100 Sale 103
Seattle
Elec
1st
g
5s
100
100 10134
1930 F- A
fa;1-0-5-1;
10312J'iy '11
Coll trust refunding g 4s_1940 A-0
Shannon-Ariz 1st g 6s
88 8734
87 01
1918 hf-N
8734
8312 100
07 Aug '1::
Ch Milw & St P Dub D 6s_ _1920 J -J
114 Jan '11
Terre Haute Elec g 55
1929 J-J
97 Apr '07
Torrington 1st g 55
Oh Id de St P %'/is V (liv 6s_ _1920 J J
[1358 Feb '11
1918 hf-S
101 Sep 'E.
)3;
11
- 101._1931 11-N
Oh & No Mich 1st gu
Union Pac RR & I gr g 4s,._1947 J-J
91 May'12
91 99
10018‘Fly '11
10018 100
9614 101
1021 J -I)
20-year cony 43
Ohio 64 NV Mich gen 5s
9614
9614
1927 J -J
10178 May'12
10173 10178
United
Fruit
Concord de Mont cons 43_192( J-1)
9712Sep '11
gen 51 4;0_1923 J-J
9558
_ 0614
4614
9512 9718
1-0-01; 10014
10014 Any'1'
Debenture 4 ;is
Cudahy Pack (The) let g 5s 1924 11-N
1925 J -J
9514 Sale 9514
95 9612
9'14
1026 A-0 ____ 100 100 Aug
Current Sliver 1st 5s
0014 10:3 U S Steel Co 10-60-yr 5s Apr 1963 hf-N
101,4 Nov.12
10158 104
_1948
43_
A
-0
let
_
5014 Sep '1'2
80 8614 West End Street By 4s
Dot Or Rap de W
1915 F-A
99 May'12
99 9918
1940 11-N
Dominion Coal 1st s f 5s
Gold 4;is
1914 M-S
- --- 09 Oct '12
9834 991e
9938 Oct '12
9938 10014
1915 11- S
Fitchburg 43
10313 Apr '05
Gold debenture 45
1916 M-N
9878 Apr '12
51-S
1927
48
95 Oct '12
95 95
Gold 4s
1917 F-A
9812Nov'll
---1933 A-0
Fremt Elk de hfo V 1st 63
12712 hich'12
12712 12712 Western Teieph & Tel 5s
1932 J -J
99 --1741-2 99
9958
99 111Unstamped lat (3s
1933 A-0
127 Mch'12
127 12712 Wisconsin Cent let gen 4s 1949 J-J
911 Feb '12
9358 93 .
NOTE.—Buyer pays accrued Interest in addition to the purchase price for all Boston Bonds. • No price Friday; 'atest bid and asked. 11F at price
p
C.
Price
Fri ay
Nov 15
-6814
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Cent= Prices
Saturday
Nov. 9.
Monday
Nov. 11.
•
11512 *
*16512
2.... *job-.
1'2
2014 -2-014 20
6814
68
68
*____ 125
12414
2114 2114
-- ----2-5,
14 -253-4 2512
212 212
*41
42
5012
50
*12
*55 -5-6
*30
3031
•7013 7113
11
1112
*3034 3111
13 9334
*8658 87
.1.511 1513
13112 32
6134 611 46
*5014 5012
2418 2438
2714 2712
8538 86
*113 (lie
52
52
901 1
00
Tuesday
Nov. 12.
11512 *
114
111 *1651.2 111
2034 1934 20
6812 *6713 6812
125
12414 12414
____ __—___
---- ---- ---2512 2512 2512
212 212
*41
42
4912 50
*12
55 /512
*3014 3034
7114
71
1112 1112
*30
3112
*9213 9334
87
8714
1518 1534
31
3113
01.40 6178
*5014 5034
24
2438
2712 2712
85
8618
612 653
52
52
00
00
*2
3
4113 4112
4834 4912
*12__
5478 15
30
30
7014 7012
*11
1112
3014 3012
9212 9313
*8673 8718
14714 1512
3034 3112
61'10 6134
*50
51
2334 2433
2738 2738
8453 8512
612 (Pic
5113 52
8934 90
PH ILA DE LI'll I A
inactive Stocks
American hi 1111 ng
10
Amer flys receipts
50
Catnbria Iron
Central Coal & Coke_100
100
Preferred
Como)'frac of N J___ _100
Germantown Pass
50
Ilarwood Electric .,_J0('
Huntington & B T___50
Preferred
51
Insurance Co ot N A _1(
Inter :3m Pow & Chem_5t
Interstate ltys. pret
1))
Kentucky Securities_ _100
Preferred
100
Keystone Telco, pref__50
Keystone Watch Case _100
Lit Brothers
10
Little Schuylkill
50
MinehIll & Schuyi H
50
Nat Gas Mee Lt & Po_101)
Preferred
100
North Pennsylvania ___50
Pennsylvania Salt
59
Pennsylvania Steel__ _100
Preferred
100
Phila Co (Pitts) pref_ _5 ;
Phil German & Norris-_50
'
,Mill Traction
50
Railways General
10
Tonopah I3elmont Dev1
United Cos of N J___100
Un,ted Trac Pitts pref_50
Virginia By de Pow.....100
Preferred
100
Warwick Iron & Steci_10
Washinzton-Va
100
Preferred
100
Weisbach Co
Went Jersey & Sea Sh...50
Westmoreland Coal____50
Wilkes Gas & Bice__ _100
York Railway
5'
Preferred
50
Wednesday
Nov. 13.
Thursday
Nov. 14.
_ *___ 114
Friday
Nov. 15.
*
114
20
*6734
*124
*2014
*49
2514
2014
69
12414
22(2
50
2534
4i6or2 iff ..„. ,__ *i5572 111
2014 20 -20
20
--------6813 6812
12414 12414 *___ 12414
*2014
---- ---- ---- ---2512 2512 2512 2512
*2
4112
4914
*12
5473
*2912
*70
*1034
3018
9214
*8078
1512
3112
6158
*50
24
2712
8526
612
5134
8978
.4:1
Baltimore
Con Gas El L & Pow_100
prof
Do
100
1,490 Houston 011 tr cttz 100
pre: tr ctts_100
Do
140
50
141 Northern Central
50 Seaboard Air Line...._ 100
pre,:
Do
100
960 United fly de Electric- 50
Range Since
January 1
Lowest
Highest
06 Jan 3 117 May G
101 Jan 1 116 Apr 3
814 Jan 3 2412 Oct 18
5334 Jan 25 72,2 J'ly lt,
124 Oct 11 130 Apr 8
19 Oct 11
2214 May24
4512 Mehl; 5534 J'ne 10
1814 Jan 2 2658 Sep
Range lor Previous
Year (1911)
Lotceit
Highest
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
33 Jan
1512 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 J'ne
50 Nov
1978 J'ly
*212 3
3
2
212
4112 4112 4113 4113 4134
4912 50
50
50
6013
*12
_
1218 1218
-5514 *5434 -55
55
55
3012 *2912 3012 *2912 3013
7034 *69
70
7034 *70
1114 1118 1138 1112 1153
3018 *3012 3034 3034 3112
923.1 93
9212 *9212 93
8718 87326 87iie 8733 873
1513 *15
1513 la
15
3134 3113 3112 3112 3112
6134 615 611346 61'40 6134
51
*50
51
51
51
24
2373 2414 2378 2418
2712 2734 2734 *2758 28
86
8558 86
85,26 8573
6'16
612 612
612 612
5134 5153 5134 5112 52
00
8978 8978 8934 90
Philadelphia
4
114 American Cement
50
1 J'ne 14 7 Jan 10
5 Nov
1713 Jan
133 American Railways_ 50
4012 Oct 30 47 Sep 25
42 Jan
4612 Nov
2,168 Cambria Steel
50
4112 idch 2 5518 Oct 10
4078 Sep
4834 Feb
400 Electric Co of America 10
1112 J'ly 31
1213 Jan
1212 J'ly
1112 Jan
753 E!ec Storage Battery_l00
5234 Jan it 5833 Aug 12
5618 J'ne
4812 Jan
100 Gen Asphalt tr ctfs
100
18 Apr 2 3378 Feb 17
2812 Aug
3914 Oct
396
Do
pref tr ctfs_100
5934 Apr 2 73 Jan 3
08 Aug
8378 Jan
865 Keystone Telephone_ 50
6 Apr 4 13 Sep 16
658 Dcc
913 Jan
755 Lake Superior Corp 100
27 Feb 20 3514 Sep 7
2112 Sep
32 Feb
233 Leh C & Nay tr etre_ 50
8778 Mch 20 100 Sep 25
8312 J'ne
98
Jan
74 Lehigh Valley
50
7813 Feb 5 9278 Jan 16
7534 Sep 93102 Dec
1,540 Lehigh Valley Transit 50
812 Jan 3 1678 Sep 16
614 Jan
978 Oct
Do peer
787
50
23 Jan 12 3338 Sep 16
1812 Jan
2533 Oct
1,487 Pennsylvania RR
50 61126 Jan 27 63'23 Apr 26
5938 Sep
65 Feb
40'Philadel Co(Pittsb)_ 50
4814 Sep
50 Oct 14 5614 Feb 16
5914 J'ne
8,515 Philadelphia Elea
25 111678 Jan 2 2434 Sep 6
1512 Nov
18 J'ly
1,350 Phil It '1' vot tr ctfs
50
2218 May 6 29 Sep 1:3
17 Apr
2418 Aug
7,272 Reading
50
7414 Jan 11
9914 Apr 30 0026 Sep
8034 Feb
1,155 Tonopah Mining
1
6326 J'ly 19
814 Apr 15
858Jan
5'2 J'13,
1,056 Union Traction
50
4934 Feb 28 53 Sep I;
43 Jan
5234 Aug
1,093 United Gas Imp:.
59
8614 Jan 9 9233 Aug 6
8414 Sep
81)53 Jan
PHILADELPHIA
Ask
Bond.
218 238
Prices are all "and
10234 10314
interest"
41- __
Alt & L V Elec 4 10'33F-A
90 91 - Am Gas & Blec 5s '07_1
,
-A
80 81
Am Rys 5s 1917
A-0
Ati C Gas 1st s f Is '60_J-J
BergdeBBrew 1st 6s'21 J-J
Bethlch Steel Os 1908 _Q-F
20
Ch Olc de CI gen 5s 1019 J-J
.
Con Trac of N J 1st 55 '33
Del Co Rye tr ctfs 4s'49J-J
2178 22
Edison Bice Is 19 16_A-0
_
Elec 6: Peoples Tr tr etre_ _
_
Fr 'l'ac&iL 1st 5s 1940.J-J
7012 72 Gen Asphalt 5s 1916_id-S
39 41
Harw Elea 1st Os 1942.1d-S
Interstate 4s 1943-1,
-A
Keystone Tel Is 1935.4-J
E61-4
Lake Sup Corp Inc 53'24-0
5412
Lehigh Nav 4 ;is '14 Q-J
3,)
Gen la 4 ;is g 1924_Q-F
60
Leh V 0 1st 5s g 1933.J-J
Leh V ext 45 1st 1948_J-D
165- 107
Conso' es 1923
J-D
___ 63
Consol 4 Sis 1923.__J-D
95 93
Annuity Os
J-D
433; 41
Gen cons is 2003 M-N
147 11812 Leh V Tran con 45 '35 J-D
82 8212
1st series A 4s 1935_11-S
1st series B 5s 1935 hf-S
22.3
.
9.
18 -11-4 MarketStEl 1st 4s'55
NatL1I&P ser 11 55 '19 J-J
New Con Gas 5s 1948.4-D
NY Ph & No let 43'39 J-J
Income 4s 1939
_
11-N
104
Pa he N Y Can 5s '39_A-0
-- Penn Steel Is; 5s '17-11-N
Pcnple's 'Fr tr ctts 48 1943
P Co Ist&colt tr 55'49 M-S
Con & coil tr 55 '51 M-N
Phil Mee gold tr ctfs_A-0
_
Trust ctfs 45 1949 __J-J
-111; -1
.134 P & It gen If 55 g '20.A-C)
392 3912
Gen hi 43 g 1920
A-0
• 131d and asked; no sales on this day. 11 Ex-div. de rIghts.
11
Saks
ACTIVE STOCKS
O the
Week (For Bonds and Inactive
Stocks see below)
Shares.
Bid
PHILADELPHIA
Bid
Ph & Read 2d 53 1933 A-0
Ex Imp hi 4s 1947_A-U
Termin..1 58 1r 1941..Q-I
P W & B col tr 4* '2 1__J-J
Read 'frac 1st Os '33__J-J
Roch Sty & Leon 55'5 J-J
Spanish-Am Ir 6s '27__J-J
Stan'd Gas & E 65'26_J-D
Stand SU ‘Vks Ist5s'28 J-J
U '['mac Ind gen 5s '19 _J-J
Un Rye Tr ctts 4s'49__J-J
United Rye Inv 1st colt ti
s f 5s 1926_
Weisbach f 5s 1930 _ _J-D
Wil-B G&E con 53'55.4-J
York Itys 1st Is 1937.4-D
113
Ask
BALTIMORE
Did
Ask
___ Coal & C By 1st 5s'19 A-0 9418 95
Coal 46 I By let Is '20_1
,
-A 100 _ _ _ _
113 118 Coi&Grny 131 Os 1916 J-J
96 9012 Consot Gas 55 1939___J-1) 10714 108
8612 -8334
Gen 43-s 1954____A-O 9414 _ _ _
95 93
10135 :I— Cons G B & P 4
'35 J-J
88 _—
..--- 9014
10112 013-4 Consol Coal 5s 1950__J-D 921”
10012 Fair & CI T.:'1st 5s'38 A-0 9934
- 166"
if634Ga 46 Ala 1st con 53'45 J-J 10412
____ 10212
Ga Car&N 1st 53 g
10434
_
Georgia P 1st Os 1922__J-J 110
74
75
Ga So de Fla 1st Is '454-J 10434
rad 8113 821: G-B-S 13rcw 3-42 '51_111-S 50 511/
8134 -1153-8
94 0413 Houston Oil div ctfs _F-A 83 84 _5T3_4
Linoxy 'frac 1st 53'28 A-U 10434 .__9412
MaconRy&Lt let 5s'53 J-3 ____ 9912
100 10014
hid 181cc By 1st 5s'31_A-0 9712 98 ,
61 6112
BALTIMORE
Memphis St 1st 55 '45_J
87 88
Inactive Stocks
Monon V Trao 53'424-D
7314
Atlan Coast L (Conn) _100 26713 2701: Mt Ver Cot Duck 1st 53_
iS1-2 -fir
Canton Co
100 135Npt N &0 1' 1st kis'38M-N 98
—_ Consolidation Coal_100 1001: 1511-2 N & A 'fermi 5s '29_ M-S 92
6i4• 6)4 Georgia Sou & Fia
100 30
Nor&Port Tr 1st 5s'36 J-D 91
92
1st preferred
100 92 ___ Norf By & L 5s '49 __M-N 9912
Zd preferred
100 75 78
North Cent 4 ;is 192J -A-U 101 9934
G-B-S Brewing
10112
43
100
es A5
u 53 1926
334 418
6_____21-J 10,12
Bonds
Series
10812
00 -0038
Prices are all "and
P.tt Un Trac 5s 1997_j-J
interest"
_--Poto Val 1st 53 1941__J-J 104
J-J 9111 ____ Say Fla & West 53 '34 A-0 109
_. Bait City 3;is 1930
ini
---12
45 1954-1955—_Various 90 ___ Scab Air L 4s 1950___A-U 8538
5s 1916
1021: ____ Scab & Roan 5s 1926__J-J 104
6e7 4
1-N3
Anacostia & Potom 5s A-0 99 9914 South Bound 1st 5s__A-u 107
_
AtCoast L cony deb 4s1I-N 102 ____ U
L&P 1st 4 3-is'29 1,3-N 92 93
-_-_-_-_At(
11/1i -SW
Coast L(Ct)ctts 55 J-D 1031:
Un By & El 1st 43 '49 131-S 84 8418
5-20-yr 45 1025
J-J 92 _ 49
.- D 6578 6618
5
:__JD
I
Fnucnodm
eg 455s 193
in
__18 BSP &C 1st 4 ;is'53 F-A 9534
8834
Balt Trac 1st 5s '29__M-N 106 10613
Cony notes Os 1914_ J-J 101 1(1412
91
9112
No Bait Div 5s 1942 J-D 107 --- Va Mid 3d ser as '16__M-S
10212 103 Cent Ity cons 5s '32__M-N 104 ____
4th ser 3-4-53 1921_111,S
Eat & Imp 5s 1932 _M-S 106
95
_
5th series 5s 1926_M-S
10358
_ Chas City By 1st 53'23 J-J
103
14. Va (State) 35 new '32.44
8134 82 Chas By U & El 5s'99 11-S -66 9612
Fund debt 2-3s 1991 J-J
1115 10512 City & Sub 1st 5s 1922 J-D 10412 10434 West N C con 65 1914_J-J
103
99
City & Sub(Was)1st 5s '48 103 ____ W11 & Weld 53 1935___J-J 102"
1091
315 paid. 4 13
paid. t 517 3i paid.
[VoL. Lxxxxv.
THE CHRONICLE
1326
Xfluestinent and 4.4aitroad Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAU railroad from which regular weekly or monthly returns
can be ( btained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
co' inns the earnings for the period from July 1. to and including such latest week or mon h. We add a supplementary
statement to show the fiscal year totals of those roads whose fis.m1 year does not begin with July, but cover some other
period. The returns of the electric railways are brought together separately on a subseruent page.
Latest Gross Earnings.
ROADS.
Week or
vIonth.
Current !Previous
Year.
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
Ala N 0 & Tex Pac336,837 376,750 1,268,189 1,216,530
N 0 & Nor East_ October___
553,874
175,509 159,599
622,499
Ala & Vicksburg_ October.___
468,900
666,782
Vicks Shre & Pac October...... 153,818 126,871
855,588
1st wk Nov
835,700
45,986
40,140
Ann Arbor
Atch Topeka & 8 Fe September 10024 641 8,954,228 28,615,424 25,843,513
782,606
766,927
262,276 294,785
Atlanta Birm & Atl September
Atlantic Coast Line September 2,455,841 2,529,241 7,361.392 6,910,821
453,863
400,160
Charlest & W Car September
142,957 167,900
328,329
306,474
• Louisv Hen&St L September
110,346 115,903
g Baltimore & Ohio_ September 8,766,371 8,279,301 25,697,527 23,890,972
406.819
472,319
B & 0 Ch Ter RR September
152,386 139.955
841,892
725,224
Bangor & Aroostook September
256,112 340,370
869,901 970,757 2,941,538 2,917,902
Bessemer & Lake E September
206,189
273,036
77,180
94,267
Birmingham South_ September
Boston & Maine.. September 4,378,150 4,250.286 13,223,818 12,298,266
Buff Roch & Pitts 1st wk Oct .204,168 191,333 4,180,012 3.613,953
626,328
604,452
203,348 211,211
Buffalo & Susq
September
Canadian Northern 1st wk Nov 690,300 526,000 8,188,500 7,027,800
Canadian Pacific 1st wk Nov 2,938,000 2,493,000 51,781,848 43,738,807
Central of Georgia_ 1st kw Nov 291,200 308,300 5.137,464 5,059,069
Cent of New Jersey September 2,666,579 2.668,892 8,654,873 7.481,321
793,779
348,682 282.812 975,938
Cent New England.. September
380.673 377,379 1,132,497 1310.690
Central Vermont September
Ches & Ohio Lines_ 1st wk Nov 521,419 521.649 12,549,891 12,118.465
1st wk Nov 309,835 288,412 5.891,969 5,742.474
Chicago & Alton
Chic Burl & Quincy Jeptember 8,608,310 8,084,806 24,392,218 23,144,928
p Chic Great West_ 1st wk Nov 266,766 256,093 5,141,656 4,869,920
Chic.Ind & LouLsv 1st wk Nov 134,960 127,725 2,615,667 2,497,796
Chic Milw & St I'aul September 6,653,083 5,962,267 18,673,767 16,502,265
Chic Mil & Pug S September 1,951,187 1,369.364 5,435,328 4,064,428
aChic & North West September 7,812,947 7,005.105 22,703,056 20,564,270
°Chic St Paul M&O September 1,659,806 1,430,369 4,434,133 3,922,109
458,938
475,864
175,825 156,369
Chicago T H & S E_ September
937.867 916.972 2,785,746 2,796,645
CM Ham & Dayton September
530,645
564,129
246,611 194,111
Colorado Midland.. September
b Colorado & South 1st wk Nov 308,952 288,448 8,314,270 5,413.282
47,754
61,752
14,968
19,638
September
Cornwall
92,065
109,116
25.876
30,545
Cornwall & Leban'n September
780,275
967,762
324,060 259.823
September
Cuba Rallroad..
5,644,015
6,363,525
1,893,826
2,030,133
September
Hudson
Delaware &
Delaware Lack & W September 3,453,987 3,292.481 10,281,192 9,595,752
Deny & Rio Grande 1st wk Nov 502,500 488,900 9,674,040 9,144,448
583,900 537,692 1,658,059 1,459,855
Western Pacific.. September
376,592
371,620
120,787 122,867
Deny N W & Pac_ September
451,701
438,080
158,329 161,450
Detroit Tol & Iront September
441,421
451,572
21,345
20,811
Detroit & Mackinac 1st wk Nov
56,933 1.292,031 1,288,734
60.078
Dui Soil Shore & Atl 1st wk Nov
968,255 1.046.739 3,097.650 3,014,008
Dul & Iron Range September
Elgin Joliet & East.. September 1,006,677 838.584 3,248,318 2,400,095
671.659 563,530 1,982,249 1,631,067
El Paso & So West._ September
September 5,443,706 5.094,261 16.566,954 15,382,018
Erie
5,357
6,467
1,960
2,069
September
Fairchild & N
656,174
780,907
255,129 213,996
Florida East Coast_ September
275,502
287,542
85,240
87,186
September
Glov
&
Johns
Fonda
805,700
765,607
255,474 321,222
Georgia Railroad.._ September
Grand Trunk Syst_ 1st wk Nov 1,061,984 956,818 20,331,503 18,575,152
2,268,449
2,430,088
194,310
219,844
t
Oc
wk
4th
W..
Trunk
Grand
798,987
853,893
81,354
86,435
Det Or II & Mil_ 4th wk Oct
757,518
855,436
67,946
76,608
• Canada Atlantic_ 4th wk Oct
25,409,040
29,669,379
7,112,815
8,766.446
October
Great Northern Sys
486.970
492,116
156,409 164,682
Gulf & Ship Island.. September
698,783 699,027 2,153,274 2,016,951
September
Hocking Valley
5,890,389 4,639,641 22,130,601 20,541,794
October
Illinois Central
Internat & Gt Nor.. 1st wk Nov 232,000 223,000 4,509,075 3,709,024
a Interoceanic Max.. 1st wk Nov 145,685 129.761 2,995,736 2,964,076
895,965
903,162
285,831 294,593
Knanwha & Mich.._ September
910,899 780,191 2,680,446 2,323,564
Kansas City South_ September
9,928,335
11,389,571
3,413,194
3,856,024
September
Valley
Lehigh
160,526
171.940
59,376
47,267
Lexington & East September
320,311
401,600
117,549 114,164
Louisiana & Arkan_ September
19,951,365
20,878,131
1,138.050
1,156,270
Nov
wk
1st
s Louisville & Nash_
57,808
57,973
18,158
17,254
Macon & Birm'ham October...._
September 1,035,847 1,042,898 3,071,847 2,927,705.
Maine Central
123,648
134,548
46,291
49,237
September
Maryland & Penna..
96,200 154,900 2,549,600 2,433,700
a Mexican Railway.. 3d wk Oct
262.205
12,933 300,698
13,077
Mineral Range......_ 1st wk Nov
163,574 3,635,250 2,949,864
210,248
Mimi & St Louis....1 1st wk Nov
Iowa Central_ J
4,488,786
MinnStP&SSM_ September 1,975,165 1,783,591 5,073,261
904,209 881,532 2,685,092 2,486,822
Chicago Division September
230,928
254,561
82,044
82,940
Mississippi Central_ September
U Mo Kan & Texas.. 1st wk Nov 675,955 631,821 11,925,090 10,926,070
z Missouri Pacific 1st wk Nov 1,150,000 1,165,000 23,062,610 20,373,266
Nashv Chatt & St L September 1,079,099 1,034,817 3,221,591 3,024,958
a Nat Rys of Mex t_ 1st wk Nov 1,0938921 307,955 22,307,850 22,864.010
137,917
176,151
12,681
14,864
Nevada-Cal-Oregon 4th wk Oct
430,414
429,217
128,748 149,269
N 0 Great Northern September
439,198
561,204
149,500
185,315
September
N 0 Mobile & Chic..
eN Y C & Hud Riv_ September 10091 895 9,730,004 29,534,673 28,065,370
Lake Shore & M S September 4,806,207 4,388,141 14,322,852 13,164,697
566.201 507,698 1,587,763 1,506,330
• nLake Erie & W.. September
888,611
356,661 309,240 1,011,838
Chic Ind & South September
Michigan Central September 2,901,688 2,792,506 8,520,106 7,956,356
8,153,726
8,797,049
2,743,122
3,019,534
• Clev 0 & St L_ September
828,524
932,953
328,613 278,198
• Peoria & Eastern September
358.293
375,327
130,889 124,607
Cincinnati North September
4,368,288
5,055,693
1,450,160
Pitts & Lake Erie September 1,613,761
NY Chic & St L_ September 1,067,527 942,267 2,982,693 2.857,592
493,236 618,984 1.483,571 1,469,308
Tol & Ohio Cent_ September
Tot all lines above September 25376 212 23784 925 74,604,523 69,617,093
ROADS.
Week or
rIonth.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
NYNH& Hard__ September 5,985,231 5,649,466 18,149,190 16,445,195
822,887 789,731 2,824,551 2,673,741
N Y Oat & West...... September
900.055
993,368
304,557 333,173
N Y Sus(' & West.. September
515,584
585,819
Norfolk Southern.: August __- 289,985 260,531
Norfolk &Pacific......
Western September 3,677,874 3,478,361 11,133,546 10,023,935
Northern
September 6,776,765 6,008,309 18,562,670 16,764,899
712,808 706,338 2,207,438 2,150,966
Pacific Coast Co .... September
Pennsylvania RR_ September 15278 578 13752647 45,742,374 40,237,372
113,732
30,009
126,206
27,306
Bait Ches & Atl: September
739,427
307,558 268,731
862,400
Cumberland Vail September
Long Island
September 1,065.819 1,035,768 3.647,598 3,439,245
66,712
58,432
15,844
16,905
Maryl'd Del & Va September
898,425
995,996
N Y Phila & Norf September
298,160 280,650
Northern Central September 1,156,913 1,142,734 3,337,620 3,156,741
Phil Bait & Wash September 1,814,215 1,658,798 5,517,088 4,956,317
W Jersey & &ash September
611,437 641,181 2,481,069 2,367,117
Pennsylvania Co_ _ September 5,798,867 .179,286 18,021,525 15,208,980
522,104 499,102 1,542,219 1,429,175
Grand Rap & Ind September
Pitts C C & St L.. September 3,893,684 3,546,459 11,418,670 10,347,848
September 1,021.957 860,388 2,882,777 2,579,908
Vandalia
Total Lines__
East Pitts & E.__ September 22093 651 20156 051 67,398,902 60.152,717
West Pitts & E.... September 11366 631 10208 537 34.228,249 29,909,406
All East &West September 33460 282 30364 588 101628 242 90,002,124
Pere Marquette_.... Septeniver 1,530,846 1,558,619 4,508.749 4,435,897
Reading CompanyPhila & Reading.. September 4,328,313 3,834,066 12,730,668 10,993,053
Coal & Iron Co September 3,354.600 2,524,565 9,807,839 6,184,167
Total both Cos_ September 7,682,913 6,358,633 22,538,507 17,177,221
569,351
659,087
203,243 189,650
Rich Fred & Potom September
166.881
182,620
98,344
88,383
Rio Grande June_ August
177,415
236,010
13,878
7,343
Rio Grande South 1st wk Nov
16,674,866
18.670,284
6,338,015
5,931,596
Rock Island Lines.._ September
963,615
344,614 331,076 1,030,096
September
Rutland
455,480
451,743
144,203 154,863
St Jos & Or Island.. September
St L Iron Mt & Sou September 2,713,680 2,602,809 8,494,321 7,285.163
393,202
470,438
165,169 141,940
St L Rocky Mt & P September
St Louis & San Fran September 4,047,012 3,604,598 11.466,350 10,435,247
3,958,480
4,132,373
1,357,093
1,386,043
I Chic & East Ill_ September
September 5,433.955 4,962,591 15,598,723 14,383,728
Total all lines
St Louis Southwest 1st wk Nov 276,000 277,000 4,822,734 4,234,519
826,285 748,299 2,490,338'2,227,913
San Pod L A & St L Septetnber
Seaboard Air Line_ _ 4th wk Oct 619,101 639,193 7,286,777 7,175,585
12719
893 11612945 36,929,471 33,890.847
September
Southern Pacific Co
Southern Rallway.._ 1st wk Nov 1,407,859 1,347,279 24,255,414 22,660,579
1st wk Nov 226,245 233,068 4,216,966 4,084,094
Mobile & Ohio
Cin N 0& Tex P.. 1st wk Nov 186,017 173,484 3,517,501 3,412,927
88,029
85,254 1,777,249 1,628,504
Ala Great South.. 1st wk Nov
853,291
857,574
47,782
51,978
Georgia Sou & Fla 1st wk Nov
457,145 428,798 1,398,428 1,306,319
Spok Port & Seattle September
39,898
44,653
3,172
3,912
Tenn Ala & Georgia 4th wk Oct
415,771
413,904
138,434 141,937
Tennessee Central_ September
1st wk Nov 418,272 378,290 6,451,932 5,050,551
Texas & Pacific_
26,411
8,552 .28,548
8,718
Tidewater & West_ September
463,284
505,936
17,435
20,357
Toledo Peor & West 1st wk Nov
74,262 1,437,610 1,463,386
79,205
Toledo St L & West 1st wk Nov
Union Pacific Syst _ September 9,048,411 8,397,782 25,318,432 23,477,026
430,320
440,940
139,715 152,155
Virginia & So West.. September
411,972 409,700 1,277,392 1,161,816
Virginian
September
Wabash
October __ 3,053,912 2,691.293 11,503,767 10,421,951
Western Maryland_ August ___ 668,643 637,860 1,236,023 1,225,789
Wheel & Lake Erie.. September.. 735,612 732,388 2,238,199 2,113,181
81.403
68,631
35.416
28,365
Wrightsv & Tennille September
1,015,506 784,921 3,349,015 3,108,361
Yazoo & Miss Vail_ October
Previcus
Chrreru
Year.
Year.
Period.
Various Fiscal Years.
8
5
Jan 1 to Sept 30 16,472,536 15,863,023
Delaware & Hudson
76,871,033
30
80,097,069
Sept
to
Jan
River_e_
Hudson
&
Central
Y
N
to Sept 30 39,368,772 35,909,740
Lake Shore & Michigan South Jan
to Sept 30 4,241,3L3 4,030,497
Jan
Lake Erie & Ntiestern_n
Sept 30 3,037,630 2,761,458
to
Jan
Southern_
&
Chicago Indiana
to Sept 30 23,757,496 22,015,769
Jan
Michigan Central
to Sept 30 23,401,864 22,579,611
Cleve CM Chic & St Louis__ _ Jan
to Sept 30 2,430,401 2,392,801
Jan
Peoria & Eastern
898,976
992,082
to Sept 30
Jan
Cincinnati Northern
Jan
to Sept 30 13,126,129 11,305,585
Pittsburgh & Lake Erie
8,249,397
8,709,965
30
Sept
to
Jan
Louis
St
New York Chicago &
3,577,581
to Sept 30 3,902,627 190505447
•Jan
Toledo & Ohio Central
to Sept 30 203164360 115503 056
Jan
Total all lines
490
127772
30
Sept
to
Jan
Pennsylvania Railroad
218,988
238,878
to Sept 30
Baltimore Chesap & Atlantic_ Jan
to Sept 30 2,396,705 2,130,712
Jan
Cumberland Valley
8,122,640
8,585,665
30
Sept
to
Jan
Long Island
105,687
107,321
to Sept 30
Maryland Delaware& Virginia Jan
2,496,870
1 to Sept 30 2,692,141 9,384,543
N Y Philadelphia & Norfolk_ Jan
9,348,222
30
Sept
to
Jan
or
to Sept 30 15,019,685 14,075,056
Philadelphia Bait & Wash__ Jan
to Sept 30 5,171,906 4,054,503
Jan
West Jersey & Seashore
1
to Sept 30 45,521,247 39,472,488
Jan
Pennsylvania Company
Jan 1 to Sept 30 4,037,937 3,774,332
Grand Rapids & Indiana
to Sept 30 31,677,059 28,399,461
Jan
Pitts CincinChicago & Sc L
Jan 1 to Sept 30 7,702,488 7,349,003
Vandalic).
167009 022
1 to Sept 30 182064 890 79,976,603
Total lines-East Pitts do Erie Jan
West Pitts& Erie Jan 1 to Sept 30 89,995,499 247045 623
388
272000
30
to
Sept
All lines E & W.. Jan
875,445
688,651
to Aug 31
Dec
2,537,443
Rio Grande Junction
to Sept 30, 2,647,381
Jan
Rutland
F GROSS EARNINGS-Weekly and Monthly.
i
Dec.
!Cur'nt Year Prey's Year Inc. or
$
$
$
mileage. Cur.Yr. Prev.Yr..210,704,771 213,145,078 -2,440,307 1.14
s
S
$
234,402
January _237,888 233,1911218,031.094
7.52
197,278,939 +20.752,155 10.52
tth week Aug (39 roads)._.... 22,062,416 20,517,970 + 1,544,446
February _237,082 234,692,237,564,332 224,608,654 +12,055,678 5.77
6.39
+903,89)
559
131
14
1st week Sept (40 roads)____ :5,035.219
238,218
March
5.75
+847,385
216,140,214 +4,538,251 2.10
14,918,496
233,0571220,678,465
id week Sept (40 roads)....... 15,765,881 14,238,726
236,722
April
+913,638 6.63
+6,044,898 2.67
id week Sept (39 roads)____ 15,182,364
235,410 231,507,232,229,364 226,184,666
May
+729,369 3.88
+14,579,115 6.38
Oh week Sept (36 roads)____ 19,503,157 18,773,788
235,385 230,894243,226,408 228,647,383
June
+598,665 4.17
222,587,872 +23,007,660 10.34
95,532
1245,5
227,194,
1st week Oct (38 roads)____ 14,964,702 14,366,037
230,712
July
+985,991 6.56
+25,860,384 10.30
Ed week Oct (39 roads)---- 16,003,026 15,017,035 +1,289,481
239,230 235,4041276,927,416 251,067,032 +19,801,032 7.88
August
8.57
,d, week Oct (39 roads).- 16,343,508 15,054,025 +2.712,390
September _237,591 235,140 272,209.629 252,31',507
12.64
,471 +9.327,950 12.30.
21,461,606
75,81
85,141.427
84.4571
ith week Oct (39 roads)....._ 24.173,996
86.131
October
..Q2.1547 6.70
IA AAA 0111 11 77A 9.1n
from November 1 1911.
Springs & Cripple Creek District Railway.
b Does not include earnings of Colorado
& New York Railway, the latter ot
a Mexican currency.
& Adirondack and the Ottawa
Lawrence
St.
the
Ottawa,
York &
& Terre Haute and Evans:
Evansville
Includes
f
.Includes the Boston & Albany, the New returns
Commission.
Commerce
the Inter-State
earnings Of
which, being a Canadian road, does not make Lorainto& Wheeling RV. in both years, n Includes the Northern Ohio RR. p Includes
I Includes the
and the Frankfort Si Cincinnati.
villa Si Indiana RR. g Includes the Cleveland
Atlantic
Si
Louisville
Includes
s
Pacific.
Nov. 1, a Includes not only oper ,
Mason City & Ft. Dodge and Wisconsin Minnesota Si
in both years and the Wichita Falls Lines in 1912 beIinning
Mexican International. u Includes the Texas Central.
So.
&
Mt.
Iron
L.
St.
Inol.
x
receipts.
Ming revenues, but also all other
Weekly Summaries,
Cuent Year Prey's Year Inc. or Dec.
%
Monthly Summaries.
THE CHRONICLE
Nov. 16 1912.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of November. The table covers 33 roads and shows 6.70%
increase in the aggregate over the same week last year.
First Week of November.
Alabama Groat Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Indianapolis & Louisv_
Cincin New On & Texas Pac__
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida_.....
Grand Trunk of Canada
Grand Trunk Western
Detroit Grd Haven & Milw_
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
Minneapolis & St. Louis
}
Iowa Central
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Railways of Mexico
Rio Grande Southern
St Louis Southwestern
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western.._
Total(33 roads)
Net increase (6.70%)
1912.
1911.
$
Id
88,029
85,254
40,140
45,986
204,168
191,333
590,300
526,000
2,938,000 2,493,000
291,200
308,300
521,419
521,649
309,835
288,412
266,766
256,093
134,960
127,725
186,017
173,484
308,952
288,448
502,500
488,900
20,811
21,345
60,078
56,933
51,978
47,782
1,061,984
Increase. Decrease.
$
2,775
$
5,846
12,835
64,300
445,000
17,100
230
21,423
10,673
7,235
12,533
20,504
13,600
---534
3,145
4,196
956,818
105,166
223,000
232,000
145,685
129,761
1,156,270 1,138,050
13,077
12,933
210,248
163,574
9,000
15,924
18,220
144
46,674
675,955
631,821
1,150,000 1,155,000
226,245
233,068
1,093,892 1,107,955
13,878
7,343
276.000
277,000
1,407,859 1,347,279
418,272
378,290
20,357
17,435
79,205
74,262
44,134
14,696,080 13,774,233
972,443
921,847
5,000
6,823
14,063
6,535
1,000
60,580
39,982
2,922
4,943
50,596
For the fourth week of October our final statement covers
39 roads and shows 12.64% increase in the aggregate over
the same week last year.
Fourth Week of October.
1912.
1911.
Increase. Decrease.
$
I
$
Previously reported (33 roads)_ 23,229,095 20,618,390 2,657,032
Chicago & Alton
57,83
419,549
361,966
Georgia Southern & Florida_ _ _
68,620
8,849
77,469
Nevada-California-Oregon
14,864
12,681
2,183
Rio Grande Southern
21,107
11,330
9,777
St Louis Southwestern
21,000
408,000
387,000
Tennessee Alabama & Georgia..
3,912
3,172
740
Total (39 roads)
Net increase (12.64%)
24,173,996 21,461,606 2,758,717
2,712.390
46,327
46,327
Net Earnings Monthly to Latest Dates.-In our
"Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the September figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the September results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this week.
-Gross Earnings- -Net Earnings:
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Bellefonte Central_ b_ __Oct
6,539
6,626
1,552
2,259
Jan 1 to Oct 31
62,539
57,747
12,120
10,107
Boston Rev Bch & Lynn bJuly 1 to Sept 30
330,939
309,081
73,017
72,582
Fairchilr & Northeast b Sept
2,069
def4,183
1,960
def 266
July 1 to Sept 30
6,467
5,357
def8,302
def 181
Genesee & Wyoming_bJuly 1 to Sept 30
46,374
33,442
28,415
20,284
Jan 1 to Sept 30
99,664
48,987
82,946
46,913
Tidewater &' West_ b_ __Sept
8,718
8,552
1,941
2,074
July 1 to Sept 30
28,548
26,411
5,851
5,797
Toledo Poor & West_b_ _Oct 134,171
114,866
38,525
26,395
,
July 1 to Oct 31
487,221
445,849
125,138
98,125
INDUSTRIAL COMPANIES•
-Cross Earnings
--Net Earnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
-5
$
Keystone Tel & Tel_ a_ _ _Oct 103,798
97,724
51,150
48,542
Jan 1 to Oct 31
1,005,616
069,639
498,699
484,651
Pullman Cob
Oct 3,099,547 3,725,297 1,854,277 1,719,670
July 1 to Sept 30
11,443,549 10,932,914 5,362,080 4,811,127
a Not earnings here given are after deducting taxes.
b Not earnings hero given are before deducting taxes.
Roads.
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Oct
244
250
1,308
2,009
2,440
2,500
9,680
7,607
Bellefonte Central
Jan 1 to Oct 31
Genesee & Wyoming
July 1 to Sept 30
14,573
7,745
13,842
Jan 1 to Sept 3O...
31,326
22,631
17,761
Toledo Peor & Western_ _Oct
24,262
23,560
x17,264
July 1 to Oct 31
95,425
96,219
x46,493
,
INDUSTRIAL COMPANIES.
Keystone Tel & Tel
Oct
25,256
24,954
25,894
Jan 1 to Oct 31
251,555
245,704
247,144
. xl.After allowing for other income received.
12,639
24,282
x6,660
x13,391
23,588
238,947
1327
EXPRESS COMPANIES.
Adams Express Co.Express revenue
Miscellaneous transportation revenue
Non-transportation revenue
July
1911.
1912.
S
$
2,741,035 2,420,931
7,303
9,729
28,519
19,670
Gross receipts from operation
Express privileges-Dr
2,779,285 2,447,904
1,371,724 1,288.697
Total operating revenues
Maintenance
Traffic expenses
General expenses
1,407,561
64,513
10,626
84,671
Total operating expenses
Net operating revenue
One-twelfth of annual taxes
1,159,207
62,183
10,044
79,027
1.265,685 1,189.433
141,875 -30,225
16,634
19,778
• Operating income
Mileage of all lines
covered
125.241 -50.004
ISteam roads_ _ _ _
32,520
32,918
!Other lines
4,786
3,754
July 1 to August 31August
1912.
1912.
1911.
1911.
Canadian Express Co.
-3
5
$
3
Express revenue
563,816
278,191
256,216
502,686
Miscell. transporta. revenue_
Non-transportation revenue_
12,982
10,171
6,152
5,132
Gross receipts from oper_ _
284,345
576,798
512,857
261,349
Express privileges Dr
134,953
273,743
242.402
125.615
Total operating revenues_ _
149,391
135,733
303,054
270,455
Maintenance
5,781
6,207
5,584
12,301
Traffic expenses
1,021
844
2,481
2,148
Transportation expenses_ _
115,710
93.320
184,015
231,756
General expenses
7,447
12,676
6,157
14,811
Total operating expenses_ _
129,960
106,530
254,301
211,475
Net operating revenue..__ _
19,430
29,203
48,753
58,979
One-twelfth annual taxes__ _
2,750
2.250
5,500
4,500
Operating income
16,680
26,953
43,253
54,479
Mileage of allfSteam roads_
6,559
6,400
lines covered lOther lines
847
830
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Cross Earnings.
Week or
Month.
Current Previous
Year.
Yeal.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
Atlantic Shore Ry _ _ _ September
35,733 37.899
285,114
274.557
cAur Elgin & Chic Ry September 182,851 187,422 1,436,292 1,344,192
66,175 57,904
Bangor By & ElecCo September
525,050
438,368
11,43210,075
Baton Rouge Elm Co September
107,188
85,722
38,570 36,418
Binghamton Railway September
321,425
292,100
11,711 12,119
Brock & Plym St Ry_ September
94,514
93,708
2195,014 2045,385 11,672,616 11,113,047
Bklyn Ran Tran Syst June
34,369 30,314
Cape Breton Elec Ry. September
260,093
243,498
36,267 26,980
240,597
Carolina Pow & Lt Co July
200,229
57,866 57,747
314,935
Cent Park N & E Rly June
306,477
74,555 77,164
688,757
Central Penn Trac_ _ _ September
654,401
Chattanooga Fty & Lt September
94,808 83,116
782,346
697,236
38,885 34,677
Cleve Painesv & East September
294,335
279,592
Clev Southw & Colum September 109,713 107,155
877,712
846,219
45,477 41,816
Columbus (Ga) El Co September
395,483
356,599
Commonw P. Ry& Lt September 548,102 473,287 4,581,910 3,9'0,458
Coney Isi'd & Bklyn. June
169,552 154,490
719,888
709,978
Dallas Electric Corp.. September 147,473 131,249 1,280,840 1,150,892
Detroit United Ry__ _ 4th wk Oct 302.815 258.802 9,615,807 8,452.090
DDEB .5c Batt(Rec) June . _ _ 51,417 50,923
306,716
298,824
52,836 98,523
Duluth-Superior Trac September
.814.591
845,332
East St Louis & Sub _ September 217,962 197,030 1,773,135 1,677,850
70,434 58,962
566,052
El Paso Electric Cos.. September
493,419
159.199 142,891
864,189
42d8t M &SN A v(Rec) June
752,788
Galv-Hous Elm Co. _ September 184,899 130,685 1,487,741 1,121,417
Grand Rapids Ry CO.. September 109.592 107,168
924,265
872,879
Havana Electric Ry Wk Nov 10 51,342 48,601 2,199,140 2.066,001
Honolulu Rapid Tran
September
49,372 41,626
& Land Co.. _ _ _
414,474
367,145
Houghton Co Trac Co September
28,410 25,675
232,122
229,897
283.357 237,920 1,842.112 1,507,694
Hudson & Manhattan June . _
Illinois Traction
September
636,027 595,533 5,334,790 4,983,296
Interboro Rap Tran_ September 2442,320 2373,478 23,438,404 22,088,032
Jacksonville Trac Co.. August. _
48,856 44,565
399,124
377,688
Lake Shore Elec By.. September 125,742 124,767
998,520
962,237
Long Island Electric. June
22,718 19,876
96,233
92,147
Milw El Ry & Lt Co_ August.
469,200 419,464 3,612,311 3,238,933
Milw Lt, Ht &'Cr Co_ August
131.833 121,505
816,484
738,479
Monongahela ValTrac September
83,786 74,770
627.613
543,669
39,507 26,014
N Y City interboro_ _ June
213,516
137,810
37,178 35,541
N Y & Long Isl Trac_ June
180,238
177,179
132.479 118,956
N Y & Queens Co _ June
631,664
587.597
New York Railways.. September 1169,395 1183,29110,181,134 10,153.012
16,000 17,567
Northam Easton & W September
138,174
127.034
North Ohio Trac & Lt September 268,074 246.015 2,247,866 2,019,746
North Texas Elea Co.. September 160,275 136,088 1,249,112 1,178,004
17,326 13.424
Ocean Electric (L I) June
45,936
36,769
23,499 22,801
Paducah Trac& Lt Co September
208,464
193,230
23,815 24,667
Pensacola Electric Co September
212,272
212,392
Phila Rapid Trans Co September 1926,043 1899,351 17,114,260 16,348,089
Port(Ore)Ry,L&PCo. September 542,387 517,830 4,918,750 4,697,608
Puget Sd Trac, L & P August
5,478,299
680,205
Richmond Lt & RR. June
167,368
38,720 35,651
159,748
Rio de Janeiro Tram
Light & Power Co_ August. 1272,527 1149,851 9,509,277 8,403,562
St Joseph (Mo) Ry.Lt
Heat & Power Co_ _ September
95,875 96,209
864,225
811,865
Santiago Elea Lt. &
Traction
September
36,122 30.499
299,765
258,088
Sao Paulo Tram,L&P August •... 387.486 303.796 2,963.831 2,271,490
62,783 58,429
Savannah Electric Co September
551,285
511,414
90,658 86,283
Second Avenue (Rec) June
462,217
424,668
14,837 11.969
Southern Boulevard June
65,206
57,265
September
19.676
Co
Wisconsin
Ry
16.312
Sou
166,772
196,843
31,424 28,383
Staten IsI'd Midland_ June
123,340
117,428
Tampa Electric Co_ _ September
62,989 56,840
559,252
505,288
Third Avenue (Roe).. June ___
333,854 321,829 1,883,583 1,778,969
Tr -City Ry & Lt Co August . 259,878 230,688
Twin City Rap Tran_ 4th wk Oct 223,352 205,335 6,778,571 6,501,889
Underground Eleo By
of LondonThree tube lines... Wk Nov 9 £14,350 £15,400 £608,895 £610,180
Metropolitan Dlst_ Wk Nov 9 £13,562 £13,233 £561,382 £533,012
United Tramways_ Wk Nov 9 £5.533 £5.571 £282,792 £296,422
London Gen'l Bus. Wk Nov 9 £58,403 £38,903 £2,309,471 £1,695,156
June . _
Union (Rec)
244.454 282,126 1,207,987 1,)71,36t
Union,nyG &ECo (Ill) September 345,875 257,203 2,772,537 2,275,402
United Rys of St L..- September 1031,600 1001,729 9.075,065' 8,859,508
1.10
6.1,51
•
4,7
4,405,641
Westchester El (Rec) June
57,875 57,178
272,722
274,87(
Yonkers RR (Rec)_ June
139,044 65.951
356,156
327,044
Youngst & Ohio Riv_ September
23.759 22.798
176.153
175.40(
c These figures are for con.olidated company.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway grossnd net a
earnings reported this week:
1328
THE CHRONICLE
[VoL.
-Gross Earnings- -Net Earnings
Note.-The company is also responsible for one-half of the deficit from
Current
Previous
Current
Previous
operations of the Trinity & Brazos Valley Ry., this share amounting in
Year.
Year.
Year.
Year.
1909-10 to $466,718,in 1910-11 to $482,598,and in 1911-12, it is understood
to $582,015.
$
Chautauqua Tract_ bBALANCE SHEET JUNE 30.
74,482
44,450
July 1 to Sept 30
[For further details see subsequent pages.]
52,836
98,523
15,558
Duluth-Superior Tract bSept
46,715
1911.
1911.
1912.
1912.
814,591
845,332
346,764
Jan 1 to Sept 30
378,919
LiabilitiesAssets$
49,372
41,626
26,742
Honolulu Rap Tr & Lb Sept
18,761 Road & equip_ A06,787,455 105,660,454 1st pref. stock.. _ 8,500,000 8,500,000
414,474
2d pref. stock__ 8,500,000 8,500,000
367,145
198,201
Jan 1 to Sept 30
173,099 Secur. of prop.,
&c., cos
13,077,580 12,880,320 Common stock_ 31,031,040 31,032,984
N Y State Rys_bMortgage bonds 64,740,765 60,629,439
Advan.
to
prop.,
Sept
30
1
to
1,041,685
452,878
July
1,028,836
399,452
878,156
469,839 Equip. tr. oblig_ 1,281,678 1,656,905
&c., cos
Jan 1 to Sept 30
2,901,440 2,755,758 1,112,043 1,106,670
:2,125
Traffic,
335,393
Misc.
4,763
investm'ts
dte.,bals
296,277
Nor Caro Pub Serv_ a_ _Sept
8,633 Cash
34,849
28,518
12,320
747,223 1,476,882 Vouch.& wages. 1,147,748 2,224,116
Apr! to Sept 30
194,524
52,381 Securs. in treas. 3,075,865
167,254
66,840
445,539 Matured int.,&e
95,151
92,595
Republic Ry & Light_a_Sept 224,138
294,024
240,810 Misc. accounts_
85,809 Traffic.,&c.,bals
19,532
202,495
20,481
92,066
Oct 1 to Sept 30
387,311
540,903 Accrued int.,&c.
620,844
2,561,435 2,345,855 1,016,536
944'719 Miscellaneous
628,923
Agts. & condue_
169,628
199,094 Accrued taxes__
336,964
327,840
Schenectady Ry_b& supp. 1,278,760 1,648,762 Def. cred.items.
167,763
259,546
July 1 to Sept 30
156,755 Materialint.,&c.
348,372
335,771
162,856
284,965
278,971 Profit and loss.- 10,861,376 10,337,998
Jan 1 to Sept 30
375,993 Accrued
934,987
390,716
902,080
Oth.detdeb.items 419,877
346,048
Syracuse Rap Transit_bJuly 1 to Sept 30
169,838
426,637
412,418
150,139
Total
127,405,610 124,539,748
Total
127,405,610 124,530,748
444,181 -V. 95, p. 293.
Jan 1 to Sept 30
1,281,088 1,194,506
444,931
Utica & Mohawk Vall_b176,053
July 1 to Sept 30
386,806
370,277
170,733
The Chicago & Alton RR.
452,808
Jan I to Sept 30
1,067,146
997,567
456,209
31,210
Wash Bait & Annapolis_Oct
65,905
61,861
32,216
Fiscal Year ending June 30 1912.)
(Report
for
Jan 1 to Oct 31
289,692
650,372
580,818
329,551
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings hero given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Roads.
Chautauqua TractJuly 1 to Sept 30
31,222
z14,045
Duluth-Superior Trac_ _Sept
23,925
23,237
22,790
def7,679
Jan 1 to Sept 30
205,967
178,629
200,290
140,797
Honolulu Rap Tran & L Sept
x12,421
7,091
6,638
x20,043
Jan 1 to Sept 30
61,797
59,275. x140,748 x117,792
N Y State RysJuly 1 to Sept 30
243,601
214,773 z429,259 x423,385
Jan 1 to Sept 30
667,182
628,686 x1.043,585 x1,007,399
Nor Caro Puv Service_ _Sept
6,277
5,500
3,133
6,044
Apr 1 to Sept 30
37,660
33,000
29,180
19,380
Republic Ry & Light_ _ _Sept
43,912
44,424
48,155
41,384
Oct 1 to Sept 30
529,122
523,145
487,414
421,573
Schenectady Ry39,841
38,045 x124,146 x121,678
July '1 to Sept 30
118,229
113,261 x277,381 x271,619
Jan 1 to Sept 30
Syracuse Rap Transit79,099
71,959
x71,093
z98,298
July 1 to Sept 30
235,264
244,753 x210,598 x200,399
Jan 1 to Sept 30
Utica'& Mohawk ValleyJuly 1 to Sept 30
70,129
74,533 x101,241 x103,442
Jan 1 to Sept 30
219,320
221,539 z238,127 x233,966
- x After allowing for other income received.
ANNUAL REPORTS,
Colorado & Southern Ry.
(Report for Fiscal Year ending June 30 1912.)
On subsequent pages will be found at length the text of the
report and the comparative income account for two years,
showing the operations of the system and balance sheet.
Below we give the operating statistics, income account and
comparative balance sheet:
OPERATING STATISTICS.
1910-11.
1909-10.
1911-12.
1908-09.
Average miles operated_
1,881
2,015
2,042
1,980
OperationsRevenue pass. carried__ 3,181,390 3,842,985 4,091,897
Rev, pass. carr. 1 mile_ _128,851,962 152,992,251 159,880,113 151,765,939
2.52 cts.
2.53 cts.
2.45 cts.
Rate per pass, per mile2.48 cts.
Revenue freight (tons)_ 7,147,906
7,765,015 8,356,913
7,202,657
Rev. freight (tons) 1 m_1058055319 1171343401 1249390475 993,706,423
Rate per ton per mile__ 0.931 cts. 0.949 cts. 0.964 cts.
1.067 cts.
Av.rev. train-load(tons)
314.08
302.06
306.29
270.44
Earns, per pass. tr. mile
$1.27
$1.18
$1.07
Earns, per fgt. tr. mile.. _
$2.91
$2.92
$2.87
Operating revs, per mile
$7,421
$8,216
$7,851
$7,618
REVENUES. EXPENSES. &C.-COLORADO & SOUTHERN LINES.
Operating lievenuos1911-12.
1910-11.
1909-10.
1908-09.
Freight
$9,850,049 $11,120,361 $12,040,828 $10,690,743
Passenger
3,246.773
3,870,672 3,918,093
3,756,694
Mail, express and misc_
863,154
833,031
819,060
722,975
Total
$13,959,976 $15,824,064 $16,777,981 $15,080,412
Operating ExpensesMaint. of way St strue $1,637,316 $1,688,223 $2,188,645 $2,162,560
Transportation expenses 4,728,765
5,112,952
5,378,794 4,811,851
Maint. of equipment.._ _ 2,532,181
2,779,143
2,521,273
2,447,906
Traffic expenses
236,127
239,692
274,271
277,664
General expenses
482,065
514,101
500,472
525,706
Total
$9,616,454 $10,334,111 $10,863,455 $10,225,687
Net operating revenue
$4,343,522 $5,489,953 $5,914,526 $4,854,725
Net-outside operations Dr.24,523 Dr.33,285 Dr.22,324
Dr.7,135
Taxes
478,323
511,470
393,907
477,870
Pres. T.P. Shonts, New York, says in substance:
Results.-Gross operating revenue decreased $56,797, or 0.39%. Revenue from freight increased $96,646, or 1.05%; tonnage carried was 10,123,710, an increase of 639,092 tons, of 6.74%. Commercial and industrial conditions have been generally favorable. The principal decreases
were in products of agriculture and products of animals, due mainly to light
grain crop in Missouri, high price of feed and general lighter movement of
these commodities. The principal increases were in products of mines,
particularly soft coal, which moved in greater quantities in anticipation
of the coal strike this spring. Satisfactory results have been accomplished
by the location of new industries at different points on our line of road.
While there was an increase in freight revenue, the rate per ton per mile
decreased from 6.06 mills in 1911 to 5.76 mills in 1912, there being an
increase in low-class commodities.
The revenue from passenger traffic decreased $161,247, or 3.78%, which
may be attributed to: (1) Discontinuance of popular low-rate excursions
at less than 2c. per mile: our passenger revenue from excursion traffic for
that cause decreased $70,000. (2) Decrease in long-distance passenger
travel and traffic delivered to and received from connecting railway lines
resulted in a decrease of about $55,000. (3) Army, navy, militia, theatrical
and special party traffic decreased approximately $10,000. Traffic between
intermediate local stations within a zone distance of 50 miles shows a healthy
increase, and passenger travel outside 50-mile distances a corresponding
decrease. Passenger traffic between Chicago and St. Louis and Chicago
and Peoria, in both directions, held its own against previous records; the
passenger traffic between other terminals, Chicago and Kansas City, and
St. Louis and Kansas City, shows a slight decrease from previous years.
The expenditures for maintenance of way and structures increased $154,619, or 8.89%. 4,084 tons of new and 4,643 tons of re-laying rail were
placed_ in the tracks, making a total of 64 miles of track re-laid during the
year; 376,155 ties were put in main track. Based on main track mileage,
there was expended $1,554 per mile of road for maintenance of way and
structures, as compared with $1,428 in 1910-11. The expenditures for
maintenance of equipment show an increase of $299,030, or 12.48%, practically all of which was in repairs of equipment. The average cost for
repairs and renewals per locomotive, based on locomotives owned as of
July 1 1911, was $3,001, as compared with $3,891 in 1910-11.
Taxes.-We feel that the taxes against your company aro excessive.
The total amount paid in taxes for the calendar year 1911 was $471,894, an
increase over 1910 of $21,967, or 4.88%. Since 1905 there has been an
increase of $94,466, or 25%, in the yearly tax paid.
Improvements.-The improvements to road charged to capital account
aggregated $493,134, the principal items being: Track elevation, Chicago.
S82,877; track elevation, Joliet, Ill., $28,588; new terminal yards at
Glenn, Ill., consisting of six new tracks, with a capacity of 100 cars each,
and four tracks, with a capacity of 55 cars each, $61,400; improvements at
Slater, Mo., consisting of 10 stalls added to round-house, new machine
shop and addition to power-house, including steam heat in the machine
shop and round-house, $46,500; new machine shop and power-house at
Kansas City,$17,300; new 5-span deck plate girder bridge over Sangamon.
River near Sherman, Ill. $24,000. The new union station being conthe Alton, Santa Fe and Rock Island is nearing
structed at Joliet, Ill., by'
completion. Tracks have been elevated in Chicago over Western Boulevard, Western Ave., the Parkway between and over 36th St. and Kedzie
Ave. Arrangements are being made for additional track elevation work over
California and Albany avenues. At Glenn the new terminal yards have a.
capacity of 1,800 cars, and there is a new water station, including pumping
plant and 100,000-gallon tank.
OPERATIONS AND FISCAL RESULTS.
1911-12.
1910-11.
1909-10.
1908-09.
Miles June 30
1,026
1,018
99$
998
Operations, &c.
Tons rev, freight carried 10,123,710 9,484,618 8,511,682 8,437,278
Tons rev. fgt. care. 1 m_1616732817 1520839146 1363210565 1339954801
Fgt. rects. per train mile
$2.44
$2.34
$2.40
$2.29
Fgt. rects. par ton per m 0.576 cts. 0.606 cts. 0.598 cts. 0.572 eta.
Rev,passengers carried_ 3,823,772 3,781,436
3,833,022 3,828,056
Rev. pass. carried 1 mile210,555,248 216,375,657 218,496,830 209,859,470
1.822 cts.
1.893 cts.
Wets. per pass. per mile 1.949 cts. 1.972 eta
Beets, per pass. tr. mile
$1.42
$1.46
$133
$1.44
(incl. mail & express)_
396
383.07
424
409.99
Av. rev, train load(tons)
$14,330
$13,384
$14,172
$12,525
Gross revenue per mile_
REVENUES AND EXPENSES.
1910-11.
1911-12.
1909-10.
Operating Revenues1908-09s
$9,311,818 $9,215,172 $8,145,347 $7,640,946
Freight
4,265,988 4,136,595 3,824,144
4,104,741
Passenger
1,111,359
Mail, express and misc.. 1,119,163
1,035,592
1,076,533
_$14,535,722 $14,592,519 $13,358,475 $12,500,682
Total.
ExpensesMaint. of way & struc $1,894,536 $1,739,917 $1,496,484 $1,220,149
Transportation expenses 5.428,690
5,405,474 4,797,685 4,077,135
1,493,703
2,696,132
2,395,998
1,248,746
Maint. of equipment
470,092
494,685
504,398
Traffic expenses
477,994
382,243
General expenses
387,848
410,562
358.170
Total oper. expenses_$10,885,200 $10,446,636 $8,640,207 $7,408,598
Net operating revenues_ $3,650,522 $4,145,883 $4,718,268 $5,092,084
2,908
Int. on stocks & bonds
3,787
834
1,705
Misc. Int. and discount_
99,886
9,779
def.9,656
Other income
def.34,571 def.26,380 def.16,970
Operating income_ __ _ $3,807,529 $4,978,345 $5,414,332 $4,453,683
INCOME ACCOUNT.
1911-12,
1910-11.
1909-10.
Operating income
$3,807,529 $4,978,345 $5,414,332
Interest on securities. &c
613,327
602,300
586,044
Rents
176,948
42,921
41,582
Gross corporate income
$4,597,803 $5,623,566 $6,041,958
DeductInterest on bonds. &c
$2,877,742 $2,812,642 $2,665,009
Sinking funds
49,140
34.400
35,058
Hire of equipment--balance
309,1621
86,948
390,258
rents
Other
75,916
162,684f
Miscellaneous
6,085
8,089
First preferred dividends (47)
340,000
340,000
340,000
Second preferred dividends (4%)_ ___
340,000
340,000
340,000
Common dividends (2%)
620,000
620,000
620,000
Total net income_ ___ $3,616,785 $4,130,987 $4,704,206 $5,186,101
Deduct$447,434
$422,604
$461.656
Taxes
$380,153
,195,543,
245,179
561,083
Hire of equip-balance..
372,623
197,990
137,417
71,904
Rentals paid-balance..
144,239
9,004
119,123
Miscellaneous interest
2,205,288 2,199,057 2,0-177-,462
Interest on bonds
2,199,971
Int. on collateral notes_
300,000
331,936
249,334
Int. on equipment notes
305,915
213,664
247,774
Div.on guar. stk.(rents)
250,024
241,024
241,024
67,411
Disc. on sec. written off..
66,953
42,596
291,065
Divs. on prior lien and
participating stock_ _ _(4%)35,172 (2%)17,586 (6%)52,758 (8%)70,344
(2)390,880 (4)781,760 (4)781,760
Divs, on preferred stock
Divs, on common stock.
(2)390,856 '(4)781,712
Total deductions
Balance, surplus
Total deductions ___ $3,955,677 $4,381,979 $4,857,592 $5,444;721
$258,620
$250,092
Balance, deficit
$338,893
$153,386
$4,397,835 $4,624,974 $4,390,325
$199,969
$998,592 $1,651,633
Nov, 16 “)12
THE CHRONICLE
BALANCE SHEET JUNE 30.
1912.
1011.
1912.
AssetsLiabilities$
Road & equip_a117,621,750 117,323,758 Pr. lien & par.stk
868,700
Sec. of prop.,&c.
Non-cum.pf.stk. 19,544,000
cos. pledged__ b3,821,894 3,821,894 Common stock_ 19,542,800
Sec of prop.,&c.
Guaranteed stks 3,693,200
cos. unpledged c216,831
575,888 Funded debt(see
9,002
Physical prop'y_
9,001 R. & I. Sec.) _ 68,634,000
1,336,077 1,083,524 Equip. tr. notes. 6,176,500
Cash
194,955
Traffic, &c., bal.
264,445 Loans & bills pay 3,850,000
349,728
Agts. & conduc.
249,815 Vouch.& wages. 1,618,099
690,750
Mater. & supp_
797,729 Int., divs., &c.,
Miscellaneous
813,299
869,056 unpaid
465,799
Accrued interest
23,361 Miscellaneous
905,625
Unextinguished
Accr. int., &e_ _
469,119
437,039
discount
507,974 Taxes accrued.. _
223,660
Misc. deferred
Bet. cred. items
252,437
425,093
debit items_ - _
179,518 Profit and loss_ _ddf.324,521
Total
125,919,418 125,705,063 Total
125,919,418
1911.
$
868,700
19,544,000
19,542,800
3,693,200
68,749,000
7,002,500
2,320,200
1,701,188
443,732
1,052,070
471,770
216,558
56,653
44,592
125,705,963
a After deducting $742,313 reserved for accrued depreciation. b Securities
pledged include in 1912 (total par value $6,815,200 and book value $3,821,894),
viz.: $3,000,000 K. C. St. L. & Chicago RR. pref. and
$157,100 common stock;
$989,300 Louisiana & Missouri River RR. pref.
$2,268,800 common stock;
$100,000 Kansas City Terminal Ry. common stockand
$300,000 Mississippi River
Bridge Co. common stock. c Consists of securities ofand
affiliated and other companies
(total par value $853,000 and book value $216,831) including
Joliet & Chicago RR.
guaranteed stock, $5,000; Peoria fly. Term. Co. stock, $500,000,
bonds, $1,500.
Terminal RR. Assn. of St. Louts stock, $205,800;
Kansas City St. Louis & Chicago
RR.common stock, $500; Louisiana & Missouri River RR. pref. stock, $10,500, and
corn. stock, $32,700; Rutland Toluca & Northern RR. stock,
$97,000. d Atter
adding miscellaneous credits, $33.715 and deducting loss on property
abandoned,
$7,652, and miscellaneous, 359,282.-V. 95, p. 1273, 889.
Cincinnati Hamilton & Dayton Ry.
(Report for Fiscal Year ending June 30 1912.)
Pres. Daniel Willard, Sept. 12, wrote in substance:
Results.-The operating revenues were $9,825,321, an increase of 2.66%,
or $255,039. Freight earnings increased $298,203, there
an increase
of 726,504 tons carried and an increase of 37,829,318 tons being
carried one mile.
The average rate per ton per mile was .535c., as compared
.528c. in
1911. The bituminous coal traffic showed a gain of 799,803 with
tons, totaling
5,212,664 for the year.
Passenger revenue decreased 3.19%, or $52,906, with an average rate per
passenger mile of .01598, as against .01532 in 1911. The number of
passengers carried decreased 239,596,
the number of passengers
carried one mile decreased 7,816,218. while
There was a general decrease in
passenger travel during the first half of the
year,
which resulted in the loss
of considerable revenue. This was further increased
by reduction, in the
Cincinnati-Indianapolis service, of two trains per day
consequence of
discontinuance of two of the trains operating to and in
from Chicago via
Monon Route, a considerable portion of the through business
handled on
these trains being diverted to other lines.
Operating expenses show a net decrease of $81,336, or 1.1%, the percentage of operating expenses to gross earnings
being 74.47%, a decrease of
2.84%. The increase of $166,485 in maintenanc
of way and structures is
due in part to increase in maintenance program e and
partly to credits in
previous years' accounts incident to adjustment of betterment
accounts in
1910. The charges to transportation expenses decreased $187,244.
notwithstanding the increase of 2.89% in tons hauled 1 mile. In this connection it will be noted that the number of tons per train mile was increased
from 455.27 tons in 1911 to 533.31 tons in 1912, an increase of 78.04 tons, or
17.14%. Coincident with this increased train-load, the earnings per revenue freight train mile averaged $2 79, an increase of $0 43, or 18.22%.
Increases in rates of pay to employees amounted to $65,000.
Net operating revenue increased $336,375. There
an increase of
$248,000 in interest charges on funded debt. Of this,was
$175,470 is due to
taking up 1% per annum, fixed interest on the general
mortgage bonds,
which became effective July 1 1911, as provided by the
mortgage, the
balance being due to new obligations issued for betterments and
equipment.
Traffic Contract.-During the year the traffic contract with the Erie RR.
for interchange of traffic via Dayton was revised and extended for 10 years
from July 1 1911 in a manner beneficial to our interests, both from a
revenue standpoint and permanency of the relationship.
Secured Debt.-The following changes occurred during the
Issued.-First and ref. 4% bonds, issued in exchange year:
for
$336,918 equip. obligations paid and canceled, and $15,520
receivers' certificates
Gen.4 % bonds issued in exchange for 43i% coll. tr. notes_ _ $345,000
46,000
Loans made during the year secured by collateral
1,537,265
Total issued during the year
$1,928,265
Retired.-Equip. obligations, $534,000; receiver's
certifs., $15.520; coll. trust 4 % notes exchanged for gen.
M. Ois,
$46,000; paid on real estate mortgage, $2,000
597,520
Net increase in secured debt
$1,330,745
Physical Condition.-Thero have been used in main
track renewals
182,679, and in side track 76,851
cross-ties, making a total of 259,530.
4,310 tons of now 90-1b. A. it. A. Section "A"
rail
were
laid.
The main
line between Cincinnati and Toledo is laid with 85-1b. and 90-1b.
rail for
the entire distance, except 15 miles, being 5
between Piqua Crossing
and Kirkwood, Ohio, and 10 miles betweenmiles
Ottawa,
Cairo,
0.,
and
0.,
which is laid with 75-1b. rail. The Indianapolis
now has 40 miles
of 85-1b. rail and 18.8 miles of 00-lb. rail laid onDivision
heavy grades and curves.
30 miles of track were ballasted with gravel and 24 miles with cinders during
the year and 60.8 miles of wire fences were re-built.
The work of renewing the bridges on the Toledo Division for use of
heavier power has been completed, and this division
is now in shape to
handle heavy modern power.
[Additions and betterment expenditures aggregated $523,769,
including
chiefly $189,201 for sidings and spur
against this total were credits
of $654,535, of which $641,336 on tracks:
of equipment retired, &c.]
There were 51 box, 1 automobile, 2 account
vehicle, 44 coal, 18 flat, 1 stock, 6
caboose and 4 in. of w. cars, a total of 127 cars
destroyed by accident and
fire on this and foreign Ilne.s during the year.
CLASSIFICATION OF FREIGHT TONNAGE-PRODUCTS OF
Agricul. Animals. *Mines.
Forest. Manufac. Mdse&c.
1,198,041 232,125 6,236,559 977,432 1,070,761 1,258,673
1,183,965 208,465 5,482,485 1,002,138 1,037,554 1,332,480
* Includes 5,212,664 tons of bituminous coal in 1911-12,
against 4,412,861
tons In 1.91041.
1911-12
1910-11
OPERATIONS AND FISCAL RESULTS.
Comparisons after "Operating income"in the years 1908-09 are inaccuate,
1911-12.
1910-11.
1909-10.
1908-09.
Average miles operated1,015
1,020
1,036
1,036
OperationsPassengers carried
2,916,466
3,156,062 3,195,963 3,122,489
Passengers carried 1 m....100,496,948 108,313,166
111,717,344 103,820,342
Rate per pass. per mile_ 1.598 cts.
1.532 eta.
1.506 eta.
1.525 eta.
Tons rev, freight carried 10,973,591
10,247,087 9,088,050
7,768,675
Tons rev. fgt. carr. 1 m_13456515
1307822262
80
1277723567
964,320,094
Rate per ton per mile
cts. 0.528 cts. 0.529 eta' 0.569 cts.
Gross earnings par mile_ 0.535
$9,684
$9,381
$9,118
$7,622
Opera(ing RevenuesFreight revenue
$7,202,252 $6,904,049 $6,757,319 $5,490,390
Pa.ssenger revenue
1,606,145
1,659,052
1,682,031
1,582,760
Mail and expresn
381,335
406,439
415,061
354,903
Other transport'n rev....
429,805
383,064
349,811
291,162
Other than transporrn_
205,784
217,678
242,302
177,832
'rota over. revenues- 89,825,321 - $9,570,282 $9,446,524 $7,897,048
,
1329
Operating Expenses- 1911-12.
1910-11.
1909-10.
1908-09.
Mahn. of way & struc__ $1,000,947
5834.462 $1,465,361 $1,070,363
Maint. of equipment _ _ 1,703.448
1,702,727
1,666,091
1,501,314
Traffic expenses
234,812
268,323
282,277
255,628
Transportation expenses 4,153,647
4,340,892 3,876.400 3,421,168
General expenses
224,398
252,185
297.167
253,121
Total oper. expenses_ 37,317.253 $7,398,589 57,587-296 86,501,594
Net operating revenues.. $2,508,068 $2,171,693 $1,859,228
$1,395,454
Taxes
397,675
378,977
308,762
306,002
Operating income..
$2,110,393 $1,792,716 $1,550,466 $1,089,452
Other income
191,728
114,772
96,690
105,639
Total income
$2,302,121 $1,907,488 $1,647,156 $1,195.091
DeductionsInterest on funded debt_ $2,339,925 $2,091,925 $1,776,219 $2,206,176
Other interest
27,735
37,393
125,684
246.577
litre of equip.-balance
188,864
104,781
106,428
64,013
RentaLs paid
363,484
334,435
359,088
370,247
Total deductions_ _ _ _ 32,920,008 $2,568,534 $2.367,419 $2,887,013
Deficit
$617.887
$661,046
$720,263 51.691,922
BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
Assets$
Road,equip.,&c_a44,117,400 44,430,142 Common stock_
8,000,000
Leasehold estate 3,713,200 3,713,200 Preferred stock_ 3,000,000
248,575
248,575.
Securities
b21,935,589 21,011,589 Cap.stk.(leased
Securs. In treas.. 3,597,400 4,171,400 lines)
3,713,200 3,713,200
Marketable secs.
600
5,600 Funded debt.... _
89,492,000
Other invest'ts_ c5,523,992 5,514,529 Receiver's certfs 90,838,265
27,160
42,681
Cash
470,055
419,897 Loansarbilis pay.
587,735
500,000
Dep.for matured
Traffic,&c.,bals.
518,517
542,499
int., rents,&c.
808,395
717,498 Vouch.& wages.
685,658
975,895
Traffic,&c.,bals.
202,840
138,6E5 Matured inter't,
Agts. & conduc_
553,505
520,304
diva. Sr. rents
Mater. & supp_
525,875
599,980 unpaid
811,642
716,440
Misc. accounts_
469,814
457,243 Matur. bds., &c.
47,880
109,880
Accr.int.not due
9,378
14,252 Misc. accounts_
302,236
311,599
Advances
.495,431
504,189 Working advan_
192,532
194,004
Special deposits.
200
200 Accr.int.,divs.,drc
141,940
144,497
Sinking fund_
65,880
145,880 Taxes accrued__
273,346
248,823
Other def. debit
Oper. reserves.. _
31,990
47.644
items
317,469
309,459
def. credit
Profit and loss 23,754,115 22,711,185 Other
items
140,432
97,464
Total
106,561,138 105,385,202 Total
106,561,138 105,385,202
a After deducting $1,074,903 reserved for accrued depreciation.
b Includes in 1912 securities of proprietary,
and controlled companies,
pledged, $3,313,363, and unpledged, $2,226, affiliated
and securities issued or assumed,
pledged, $18,620,000.
c Other investments include in 1912 advances to
affiliated and controlled companies for construction, equipment andproprietary,
betterments, $1,230,822, and
miscellaneous, $4,293,170.
Note.-The company also has a contingent liability for principal and interest
$150,000 Toledo Riverside fly. 1st M. 5s, due March 1 1927.-V. 95, p. 81f. on
American Cotton Oil Co.
(Report for Fiscal Year ending Aug. 31 1912.)
The remarks of Pres. R. F. Munro, with balance sheet and profit and loss account, will be found on subsequent pages.
The list of subsidiary companies is the same as last year,
with the addition of The N. K. Fairbank Co., Ltd. See
V. 77, p. 1872.
The following comparison for four years has been prepared
for the "Chronicle.'
PROFITS AND DISBURSEMENTS.
1911-12.
1910-11.
1909-10.
190849.
Net profits above all int.,
admin. exp.,depr.,&c. $1,926,498
$359,811 $1,984,255 $2,712,400
Dividends on common__
(23)505.927(5)1,011,855(5)1,011,855
Divs.(6%) on preferred
611,916
611.916
611,916
611,916
Surplus
$1,314,582 def.$758,032
$360,484 $1,088,629
Previous surplus
a8,263,458 /99,119,494
9,130,431
8,166,605
Total surplus
$9,578,040 $8,361,462 $9,490.915 59.255.234
a After deducting difference between book and appraised values of properties destroyed or dismantled by fire, $98,004.
1) After deducting discount and expenses in connection with the issue
in May 1911 of 5% 20-year gold bonds, $371,421.
BALANCE SHEET AUG. 31.
1912.
1911.
1910.
1900.
Assets$
$
Real estate, &c., &c.._ _ _ 14,842,845 14,619,397
14,099,082
13,530,689'
Cash
3,153,668 3,445,422
608,805
1.569,148
Bills and accts. rec. and
advs. for merchandise 4,898,910 4,929,707
5,249,370 4,065,061
Products, raw material,
&c., available
5,289,857
4,008,156
3,848,458 4,511,572
Good-will, patents, &c_ 14,016,829 15,233,407 14,103,955
14,339,636
Total assets
42,202,109 42,235,089 37,909,670 38,016,106
LiabilitiesCommon stock
20,237,100 20,237,100 20,237,100 20,237,100
Preferred stock
10,198,600 10,198,600 10,198,600 10,198,600
Debenture bonds
10,000,000 10,000,000
5.000,000 5.000,000
Commercial accts. and
reserves for coating's. 1,358,367
1,392,348 .1,643,334
1,243,843
Accrued interest
102,083
102,083
18,750
18,750
Dividends
305,958
305,958
811,886
1,317,813
Total liabilities
42,202,109 42,236,089 37,909,670 38,016,106.
-V.95, p. 1275.
The Colorado Fuel& Iron Co., Denver.
(Report for Fiscal Year ending June 30 1912.)
Pres. J. F. Welborn, Denver, Oct. 21, wrote in substance:
Results.-Gross earnings from operation were $24,268,452, an increase
of $1,333,767, or 6%. Operating expenses absorbed $1,039,835.
leaving
$293,932 net gain, and making total net from operations
$3,772,282, an
Increase of 8.4%. Adding income from other sources, the ne
income was
$4,448,975. After providing for all fixed charges, sinking
funds, &c., there
remained a surplus of 31,801,229, out of which a dividend of
5% ($100 000)
was declared on the pref. stock, leaving $1,701,229 for profit
and loss.
There was a decrease of 195,000 tons in coal output. This is
accounted
falling
a
by
for
off in railroad consumption of somewhat more than that
tonnage and an increase in general sales. The result in fuel department
earnings was a decrease of $31,092 in gross and an increase
of $29.724 in
net; as prices of domestic coal were generally lower than in previous
and an advance in miners' wages made effective April 1912 added at years
least
$20,000 per month to producing cost for three months of the year, this
showing is considered particuluarly favorable.
There was an increase of 14% in tonnags sales of steel, yet as most
of
the smaller products, representing about 30% of total output,
sold
at generally lower prices, there was not a corresponding gain in were
steel de-'
partment earnings, though the ratio of increase in gross was maintained
In the net earnings.
New Open-Hearth Furnaces.-The year's steel output fairly represents
the capacity of the plant, limited as it is by the capacity of the open-hearth
department of 12 furnaces. If the increased demand for all kinds of
products proves to be fairly permanent, authority will be asked in the steel
near
THE CHRONICLE
1330
'future to construct six additional open-hearth furnaces to place the company in a position to supply its natural part of that greater demand.
Outlook.-Sales of heavy rails already made will take the output of the
rail mill for the current fiscal year, and orders for other products now on the
books will keep the smaller mills running well into 1913.
Charter Renewal.-At the stockholders' meeting Oct. 19 1912 the charter
was renewed for 20 years from Oct. 21 1912.
STATEMENT OF PRODUCTION FOR YEARS ENDING JUNE 30.
1908-09.
1909-10.
1910-11
Tons,2,000 lbs.1911-12.
4,094,352
4,722,832
4,233,756
Coal
4,038,852
645,545
905,599
753,192
Coke
777,993
580,784
879,630
841,699
Iron ore
813,728
363,975
407,517
Limestone
425,704
459,913
295,534
385,602
397,701
Pig iron produced
426,659
359,793
412,749
424,421
Finished iron and steel
485,743
RESULTS FOR YEAR ENDING JUNE 30
1908-09.
1909-10
1910-11.
Gross Earnings1911-12.
Iron department
$15,140,523 $13,775,664 $13,604,832 $12,058,228
9,159,021 10,034,981 17,889,910
Industrial dept. (fuel)_l 9,127,929
1 396,492
Denver retail dept_ _ _ _ f
Total gross earnings_ _$24,268,452 $22,934,685 $23,639,813 $20,344,631
Net Earnings$2,766,775 $2,502,566 $2,492,136 $1,997,384
Iron department
903,627
975,783
1,250,479
1,005,507
Industrial dept. (fuel)
Total net earnings_ _ _ $3,772,282 $3,478,349 $3,742,615
535,672
499,080
526,270
Add-Income from secur
135,927
127,840
150,423
Interest and exchange__
$2,901,011
328,341
117,420
Total net income..___ $4,448,975 $4,149,948 $4,369,535
Deduct$2,039,622 $2,091,610 $2,097,692
Bond interest
214,785
226,737
218,765
Taxes
151,263
171,458
138,317
Real estate
Insurance, sociological,
233,602
64,105
154,908
personal injury, &c..128,106
164,945
120,000
Equipment renewal_
b10,005
Loss on Col.& Wyo. Ry.
36,000
36,000
36,000
Loss on Crystal B. RR_
Rentals(Col.Ind.Co.prop.)
24,904
18,948
22,965
Prospecting
100,000
Pref. dividends(5%)
$3,346,772
Total deductions_ __ _ $2,747,746 $2,890,276
$1,701,229 $1,259,672
Balance,surplus
$2,488,396
$858,376
•
$2,862,716
$1,506,819
$1,054,968
177,783
61,414
52,346
194,691
c32,575
896,461
18,158
b Includes traffic contract guaranty at $25,000 per month ($300,000), less
earned from traffic, as per contract for year, $289,995 in 1910-11 and $105,309 in 1908-09.
c Includes traffic guaranty at $3,000 per month ($36,000), less earned
from traffic as per contract for year, $3,425.
BALANCE SHEET JUNE 30.
1911.
1912.
1911.
1912.
$
Liabilities
AssetsProperties & secur.15,749,791 15,742,701 Common stock___34,235,500 34,235,500
27,062,157 27,078,135 Preferred stock._ _ 2,000,000 2,000,000
Equipment
Cash on hand_ _ _ _ 4,543,007 3,590,120 Funded debt_ _ _ _z20,813,000 20,816,000
889,245
Stocks and bonds_ 7,381,644 6,215,220 Accts. & bills pay- 950,600
14,616
8,558
Accts. & bills rec_ 3,914,562 3,306,639 Hospital
857,515
834,633
bond
Accrued
int..
2,586,331
2,415,811
Subsidiary cos
100,000
Tax payment fund 100,000
Manufactured
100,000
2,682,515 3,175,304 Pref. dividends_
stocks, &c
932,124
328,785 Sink fd.-real est.. 985,116
193,609
Stripping, &c_ _
177,912
239,734
78,576 Miscell. funds_ _ _ _
88,989
Accr. divs. & int
152,195 Profit and loss._ 3,904,161 2,237,152
145,275
Miscellaneous
64,177,360 62,254,006
Total
64,177,360 62,254,006
Total
z Includes Col. Fuel & Iron Co. 5% 10-year convertible gold debs., $14,067,000;
Col. Fuel & Iron Co.5% gen. M.bonds,$5,598,000; Colorado Fuel Co.6% gen. M.
bonds, $280,000; Grand River Coal & Coke Co.6% 1st M. bonds, $868.000.
CONSOLIDATED BALANCE SHEET JUNE 30.
The Colorado Fuel & Iron Co. and Subsidiary Companies,
1912.
1911.
1911.
1912.
LiabilUies$
$
$
$
AssetsIron, &c.,lands. 55,555,789 56,752,194 Common stock.. 34,235,500 34,235,500
2,000,000
Equipment, 8ce. 28,446,687 28,537,251 Preferred stock_ 2,000,000
5,829,192 Funded debt5,818,795
Railroads
30,791
30,576 Gen. M. 5s_ _ _ 5,598,000 5,558,000
Cooperage plant
993,000
40,112 Cony. debs. 5s.
73,346
Timber lands,&c
320,000
280,000
409,801 Colo. Fuel 6s_ _
419,103
Store bldgs., &c.
54,300 Colo.Ind.Co.5s. 33,437,000 33,725,000
54.300
Telegraph syst_
545,000
55
499,000
RockyMtn.
3.910,341
3,427,443
Inventories,&c_
868,000
871.000
2,945,604 Gr.Riv.C'l 6s..
Accts.&bills rec.. 3,582,771
3,846,539 Pueblo Realty
4,713,436
Cash
506,823
Tr. Co. as___
509,123
287,811
341,481
Stocks & bonds_
1,863,915
29,151 Acets.,&c.,pay_
1,754,269
4,668
Cash (trustees)_
99,841 Accr. bond int_
845,188
862,057
00,341
Reserve funds..11,001 Aecrued taxes_
113,500
21,418
113,500
Accrued interest
48,894 Pref. dividend__
100,000
41,570
Royalties in adv
22,284,015 21,346,159
Balance
102,630,941 102,832,608
Total
-V. 95, p. 1210, 1125.
Total
102,630,941 102,832,608
United States Express Co.
(Report for Fiscal Year ending June 30 1912.)
INCOME ACCOUNT.
1910-11.
1909-10.
1911-12.
$20,808,974 $20,035,7651$17,680,237
328,309J
322.534
RevenuesExpress
Other sources
Gross operating revenue
Express privileges
Maintenance
Transportation and traffic
General and taxes
$21,131,508 $20,364,074 $17,680,237
$9,927,777 $9,717,523
366,776 $17,232,205
404,335
10,131,505
9,262,024
637,097
728,904
Operating income
Other income
def.$61,013 sur.$380,654 sur.$448.032
340,615
415.638
387.824
$279.602
$46,373
600,000
Gross income
Income charges
Dividends(6%)
$796,292
$45,471
600,000
$835.856
$39.966
600,000
$645,471
$639,966
$646.373
def.$366,771 sur.3150,821 sur.$195,890
BALANCE SHEET JUNE 30.
1911,
1912.
1911.
1912.
LiabilUies-Assets10,000,000 10,000,000
Real est. de bldgs__a1,895,851 2,049,805 Capital stock
489,078
1,612.856 1,440,849 Wages & salaries.._. 468,145
Equipment
735
10,000
63,232 Notes payable_ _ _ _
56,888
Material & supp
70,909
263,213
616.667 Traffic balances
516,667
B.& 0.contract
79.167 Money orders,trav69,167
Ohio Elec. contr't_
eler's checks,&e. 430,774
419,002
b7,802,259 7,627,893
Investments
282,473
332,698
736,050 Vouchers & accts_
806,373
Cash
6,572
6,572
261,294 Unpaid dividends_
29,764
Notes receivable
Due from agents
1.310.851 1,375,607 Express privileges_ 1,720,422 1,480,011
113,819
85,934
109,771 Reserves
104,321
Individuals & cos_
67,882
103,173
71,963 Def. credit Items
Int. & divs. recle_
Profit & loss,surp_ 1,170,858 1,585,197
Accrued income
77,260
165,554
69,007
Traffic balances
68,082
81,269
Miscellaneous
Total deductions
Balance
;. Total
14,524,893 14,582,574
Total
14,524,893 14,582,574
a Real estate and buildings as above in 1912 Includes $1,307,694 used in operation
and $588,157 not so used. b Investments in 1912 include bonds.$4,701,204; stocks.
[VoL. Lxxxxv.
3371,661; loans and advances U. S. Express Realty Co., $2,681,854; and real
estate, bonds and mortgages, $47,540.
Note.-The company has a contingent liability as guarantor of a mortgage of the
U. S. Express Realty Co., 151,000,000.--V. 95, p. 1213.
Indian Refining Co., Inc., New York and Cincinnati.
(Financial Statement Dated Nov. 4 1912.)
Pres. Theodore L. Pclmeroy in a circular dated at New
York, Nov. 4 1912, says in substance:
Appraisal.-During the latter part of 1911 new interests were given representation on the board and a careful study of the company's affairs was
inaugurated. The board employed certified public accountants to audit
the books as of Dec. 31 1911, and the accountants reported that the assets
were, in their opinion, carried on the books at figures which were, to a considerable degree, above their value, and that accordingly the surplus was
not justified. Thereupon, at the instance of the board, an appraisal of
the physical properties was made by expert appraisers and the necessary
reductions are being made on the books, so that the properties will hereafter be valued on the books in accordance with such expert appraisals.
All such adjustments have been adopted by the accountants and are incorporated in the balance sheet herewith. In this connection, however, Mr.
B. H. Gibson states that, in his opinion, the oil-producing properties have,
at this time, a value of over $1,000,000 in excess of that at which they are
stated in the balance sheet submitted herewith.
Sale of Foreign Properties.-It was further found that heavy losses had
been incurred in the effort to carry the company into foreign markets, and
that the foreign business necessitated a larger amount of capital for its
development than the company was in a position to furnish. The board
therefore proceeded to arrange for disposing of the foreign installations
and investments at prices which were, under the circumstances, believed
to be advantageous, although such disposal involved a loss from the book
values of the same.
Earnings.-The board has effected radical economies in the management
and operation of the property and has thereby succeeded in steadily reducing
the expenses. During the latter part of the year 1911, however, contracts
covering a considerable period of time had been made for the sale of oil at
the prices then current, which were much lower than those now prevaillng.
derivThese outstanding contracts prevented the company for a time from
ing the full benefit from the increased economy in operation and the improvement in market conditions. The oil business is now enjoying a period
of prosperity and prices are better, so that these unfavorable contracts, as
they expire, are being renewed at considerable advances and with better
returns.
The improvement in the condition of the company's American business
is demonstrated by the statement of earnings for the period from May 1 to
Aug. 31 1912, given below. Advance figures for Sept. and Oct. indicate
a continuance of earnings at least at the rate shown in August.
Profits of American Business, 4 Mos. end. Aug. 311912, with Reserve for Bad
Debts.
Deprec. Reserve. Net Prof.
Total.
Aug.
July.
June.
May.
$57,409 $80,125 $97,486 $127,131 $362,151 $54,102 $12,906 $295,142
Floating Debt-Financial Plan to Be Submitted.-In Oct. 1911 the company's bank loans and maturing commercial paper amounted to over
$2,000,000, for which It was imperative that some definite financing
arrangement be made as well as to provide requisite additional working
capital for the business. On Oct. 27 1911 the company entered into an
agreement with a trust company in New York to care for these needs, under
which the trust company advanced funds up to an aggregate amount of
$2,600,000 against the company's promissory notes payable Oct. 1 1912.
On the maturity of the loan it became necessary to obtain an extension of
the same until Dec. 1 1912. As security for such indebtedness there was
assigned to the trust company all accounts and bills receivable then due and
all others thereafter to become due; also all corporate bonds: all crude oil
and petroleum products and supplies then owned or thereafter to be acquired with any and all dividends which thereafter might be received on
any corporate stock then owned or thereafter to be acquired.
It is necessary to arrange by Dec. 1 1912 for the payment of the loan
referred to, and a financial plan for raising this money must be perfected
by that time. A committee satisfactory to the board has been formed to
represent the interest of the stockholders. [See a subsequent page.]
CONSOLIDATED BALANCE SHEET OF THE COMPANY AND SUBSIDIARIES AUG. 31 1912, PREPARED BY
CHARTERED ACCOUNTANTS.
LiabilitiesAssetsTotal value Amer. prop_45,638,941 Corn. stk.(V. 90, p• 376,
$3,000,000
55,500
450)
Investments in other cos_
764.835 Pref. stk. (V. 90, p. 450) 3,000,000
Supplies, &c., at cost._ _ _
69,857 1st M. bonds, $3,645,000
Advances to salesmen,&c
(V. 92, p. 529, 884);
Accts. rec., less reserves._ 1,001,392
in treasury, $60,000_
3,585,000
20,905
Bills receivable
Car trusts (V. 90, p. 376:
Foreign office accounts,
V. 91, p. 520; V. 92, IL
170,709
less reserves
581,424
191)
143,244
Cash
594,786 Purch. money mtge. on
yin process of adjustment
28,650
Newark Meadows prop
28,450
Int., taxes & ins., unexp..
510,870
14,791 Vouch.& accts. payable_
Insurance fund assets_
237,234 Bank loans, secured by
Sinking fund assets
pledge of current as635,970
Susp. org'n, &c., exp_ _ _
sets, investments, &c_ 2,600,000
Profit and loss, deficit_ 4,354,939
274,929
Bills payable
98,573
interest accrued
1,333
Unclaimed dividends..._
14.791
Insurance fund reserve
35,983
Sk. fd, profits in susp
Tot. blab. &cap. stock.$13,731,554
Total assets & deficit_ -$13,731.553
x American properties include: Oil-producing properties, pipe lines,
storage tanks, &c., $1,922,951; refineries and real estate, $2,001,601; tank
ears, $900,103: selling stations, including Newark Meadows real estate,
$765,133; metal containers, and equipment in storage, $49,152; total,
as above, $5,638.941.
y Accounts substantially assumed by Richmond Levering.-V.93,p. 1194.
GENERAL INVESTMENT NEWS.
Alaska Northern Ry.-Control Sold.-0. G. Laberee
having, it is reported, sold the control held by him to a
and Secretary.
Canadian syndicate, has resigned as PresidentWash.,
formerly his
lie will be succeeded by A. 11. Wheatley of Spokane,
Secretary. The consideration is stated to be $1,250,000.-V. 89, p. 1222.
Arizona Eastern Ry.-Bonds Applied For.-
The company has applied to the Arizona State Corporation Commission
for permission to issue $1,750,000 bonds for improvements. Of the $7,000.000 first and refunding bonds outstanding Juno 30 1911, the Southern
Pacific Co. owned $3,673.000.-V. 95, p. 1206.
Barre & Montpelier Traction & Power Co.-See Montpelier & Barre Light & Power Co. below.-V.84, p. 1246.
at Auction.Boston& Lowell RR.-StockonSold
Nov. 13 at
public auction by
The $280.000 stock which was sold
Francis Henshaw & Co. was purchased as follows: $274,400 (4) 20634 and
$5.000 at 20634 by Estabrook & Co. and $600 © 21034 by Francis Honshaw
• 41
& Co.-V. 95, p. 1272.
Brinson Ry.-Extension.-An extension was recently begun from Waynesboro to St. Clair, 12 miles, at a connection
with Georgia & Florida Ry.
a
trackage arrangement with
The company will reach Augusta through
that road covering about six miles.-V.91, p. 335.
Bristol & Plainville Tramway.-Possible Sale.-
Negotiations, it Is reported, are pending for a sale of control to New York
parties. A majority of the $375.000 stock is held in a pool which was renewed in Aug. 1911 for five years.-V. 87, p. 414.
Nov. 16 1912.]
THE CHRONICLE
1331
Canadian Pacific Ry.-Listed.-The New York Stock "A"45-year gold bonds due Nov. 1 1952, to exhaust the sum
Exchange has authorized to be listed on.and after Dec. 4 of $372,314 03.-V. 95, p. 677, 614.
$20,000,000 additional ordinary stock on notice of payment
International & Great
Ry.-Negotiations for
in full, making the total amount to be listed $200,000,000. Control.-See Mo. Pao. Ry.Northern
below.-V.95, p. 1273, 680.
The $20,000,000 additional stock was authorized to be issued by the
directors on Dec. 11 1911, $18,000,000 being offered to the shareholders
Interoceanic Ry. of Mexico.-Payment of 5% Dividends
at $150 per share (V. 93, p. 1667) and the remainder to be issued and dis- Deferred
Last May on 1st Pref. Stock, also 2% on 2d Pref.posed of as the directors may determine.-V.95, p. 1037, 889.
The directors having in May last deferred the payment on the £1,400,000
Central Park North & East River RR. New York.- first preference non-cumulative
5% stock (usually made semi-annually),
to the disturbed political conditions, until the accounts for the year
Foreclosure Sale.-The road was bid in at'
foreclosure sale owing
had been made up (V. 94, p. 1449), have now declared the full 5% rate
on Thursday for $1,673,000 by Edward Cornell of the law for the year, the same as in the 3 preceding years; in 1908, 43 % was paid.
On the £1,000,000 2d preference 4% stock, 2% has, however, been defirm of Davies, Auerbach, Cornell & Berry,, N. Y. City. clared,
comparing with 4% in 1911 and 1910 and 1% in 1909.
The final bid Of the New York Rys. was.81,660,000.
Earnings.-For year ending June 30 1912:
Cornell
is
quoted as saying that he purchased the property perMr.•
sonally. because he believed that it can be made a profitable investment,
but that he is prepared to sell out to the highest bidder, and may, perhaps,
enter into some arrangement with the stockholders' committee for the disposition of the road. Compare status, V. 95, p. 1272.
Chicago Railways Co.-New Director, &c.-
Seymour Morris has been elected Vice-President to succeed Williston
Fish, who remains RS General Manager. Chairman Henry A. Blair, Pres.
John M. Roach and Seymour Morris have been made members of the
executive committee.-V. 95. p..1206, 1122.
Cleveland & Pittsburgh RR.-Application.-The company has applied to the Ohio P.S. Commission for permission
to issue $2,019,100 additional stock to reimburse the Pennsylvania RR. for impts. and extens.-V. 93, p. 1785.
Colorado Midland Ry.-Deposit of 1st M. 4s.-In view
of the default by the company on ono of its outstanding notes,
a committee consisting of J. N. Wallace, Chairman; James
N. Jarvie and Harry Bronner (of Ifallgarten & Co.) urges
the holders of the 1st M.4s of 1897 ($8,946,000 outstanding)
to unite for mutual protection by depositing their bonds at
once with the Central Trust Co. of Now York, 54 Wall St.,
as depositary. Landon K. Thorne, 54 Wall St., is Secretary to the committee. See adv. on another page.-V.94,
p. 767.
Columbus Delaware & Marion Ry.-Suit to End Trust.-
Herbert G. Catraw. as owner of 12,700 shares of stock, has brought suit
In the Common Pleas Court at Cleveland against the Cleveland Trust Co.,
as trustee, to have the voting trust in which the stockholders pooled their
Interests on Oct. 24 1904 terminated. He claims the trust expired by limitation on Oct. 24 1909, and requests the Court, if it finds the trust still in
effect, to order it to be dIssolved.---V. 95, p. 480, 297.
Denver Railway Securities Co.-Sale of Collateral Dec.11.
The Equitable Trust Co. of N. Y., as trustee under agreement dated
May 1 1911 securing the $3,500,000 6% notes due and unpaid May 11912,
announces that the sale of the following collateral thereunder will take place
at the Exchange Salesrooms, 14 Vesoy St., N. Y., by Adrian II. Muller &
Co., auctioneers, on Dec. 11 1912 at 12:30 p. ni., said sale being pursuant
to a power in that regard conferred upon the trustee by said trust agreement:
Collateral trust 6% gold notes of Colorado-Utah Construction
Co., dated 1909, and due May 1 1911
$4,000,000
Claim of Equitable Trust Co. of N. Y. against the estate of
David H. Moffat as guarantor upon said notes of Col.-Utah
Construction Co., filed in County Court of Denver, and on
about April 9 1912 allowed by said court in amount of
4,225,333
Over 98% of the $3,500.000 Denver Ry. Securities Co. 6% coll,
notes have been deposited with the Bankers Trust Co. under the plantrust
tatively agreed to by the note-holders' committee and Newman Erb. tenSoo reorganization plan, V. 95, p. 890.
Duluth-Superior Traction Co.-Earnings.The strike of motormen and conductors In Duluth, which began on Sept.
9, is, it is pointed out, having less effect on earnings from week to week,
and the situation is now well in hand. The progress during October was:
1912.
Dec.
1911.
1912.
1911.
Dec.I
1st week_ _ _$12,879 $21,507 $8,62814th week_ _$26,566 $29,833 $3,267
2d week_ __ 15,425 21,948
6,522 Month Oct. 71,327 95,083 23,755
3d week_
16,456 21,794
5,3371Yr. to date 871,533 923,671 52,137
-V. 95, p. 1206.
Frankfort Tacony & Holmesburg Ry.-Sale.-
Tho interest which has been held by Woelpper, Crawford Co., who
headed the syndicate that bought the property at foreclosure in&June
1910,
was recently sold to parties whose names are not made public.-V 93, p.105.
Gary & Interurban Ry.-Bonds Called.-
Twenty-three bonds issued under mortgage dated Juno 11909, for payment at 105 and int. on Dec. 1 at Central Trust Co. of Illinois, Chicago.V. 95, p. 890, 750.
Grand Trunk Ry.-Construction Halted.-President
Chamberlin last week issued an order stopping all work on
the construction of the line to Providence, 1%. I., at the close
of work on Saturday last, on which it is reported about
.$1,500,000 had already been expended.
The representative of Gov. Pothier of Rhode Island yesterday reported
that Pres. Chamberlin had informed him that the suspension Is part of a
general curtailment of construction over the whole Grand Trunk system
which was ordered by the directors in London [in view, it is supposed, of
money market conditions abroad-Ed.) and that ho could not state when
construction work would be resumed, as that is wholly dependent on the
attitude of the London directors; also, further, that upon a general resumption of construction work,so far as his knowledge is concerned, there would
be no discrimination in regard to work on the Southern New England.
There have been some negotiations with the New York New Haven &
Hartford RR. looking to better traffic relations, but no agreement as to
the same, it is stated, has been concluded.-V. 95, p. 1207, 1122.
Grand Trunk Pacific Branch Lines.-New Guaranteed
Bond Issue.-This company has filed a new first mortgage
to the National Trust Co., Ltd., as trustee, securing an issue
of £238,600 4% 1st M. (Alberta lines) sterling bonds dated
July 31 1912 and due Feb. 15 1942; guar. prin. & int. by the
Province of Alberta. This is a separate issue on the Alberta
Coal Branch, 58 miles, at $20,000 per mile.-V.92, p. 1242.
Halifax (N. S.) Tramways Co.-Control Acquired.-E.A.
Robert and associates have, it is stated, acquired slightly
over 60% of the outstanding $1,400,000 stock under their
offer of $160 per share for the stock. The "Financial Post"
of Montreal says that the syndicate contemplates the purchase of the St. John (N. B.) Ry. Compare V. 95, p. 968.
Illinois Northern Utilities Co.-FirstM.Bonds Called.-
Gross
Net
Net
Other Interest, Balance
(Mexican.) (Mexican.(Steep . Income. Rents,&c.Surplus.
1911-12
$8,963,156 $3,254,263 £331,071 £4,367 £235,980 £99,458
1910-11
8,864,282 3,187,931 326,821 8,763 223,794 111.790
From surplus as above in 1911-12 there has been deducted dividends
of
5% on the 41,400,000 first preference stock and 2% on the £1.000,000 second
preference stock, calling for £70,000 and £20,000, respectively, comparing
with 5% (£70,000) and 4% (£40,000), respectively in 1910-11, leering a
balance, surplus, of £9.458 in 1911-12, against £1,790 in 1910-11.-V. 94
p. 1449.
Interurban Railway & Terminal Co., Cincinnati.
George H. Worthington, who, it is stated, owns practically all of the company's securities and indebtedness, has been elected President to succeed
Charles H. Davis, and Warren Bicknell of Cleveland Vice-President,
in
place of Lee H. Brooks.-V.86. p. 285.
Kansas City Mexico & Orient Ry.-General Manager.-
The receivers have appointed M.J. Kennelly as acting General Manager,
with headquarters at Wichita, Kan. Edward Dickinson, one of the receivers, was General Manager before thereceivership.-V. 95, p. 1123,420.
Little Miami RR.-Mortgage Filed.-
The company has filed its new mortgage to secure an authorized issue of
$10,000,000 bonds,under which $1,070,000 50-year 4% bonds have
been
issued to retire the bonds maturing Nov. 2.-V. 95, p. 1040, 750.
Manhattan Bridge Three-Cent Fare Line.-Decisions.
Justice Kelby in the Supreme Court, Brooklyn, on Nov.9 banded down
decisions in 5 cases involved in the dispute between the company
and the
Brooklyn & North River RR.
1. In the most important suit affecting the Three-Cent Fare Line, the
Court granted Manhattan Company the right to cross the tracks
of the
Brooklyn Rapid Transit Co. and to extend its service from the Brooklyn
Plaza of the Manhattan Bridge to Fulton St.,along the Flatbush Ave.
extension. The decision technically calls for the appointment of commissioners
to determine at what point the new line can cross the Myrtle Avenue and
Willoughby St. tracks of tile B. R. T., and the amount of damage
that company. The Court mild not decide upon the disputed question to
of
whether the Three-Cent-Fare Line must extend its service all the way
to the Hudson River in order to comply with its franchise, and its certificate of convenience and necessity, but says, however, that the company
Is doubtless bound eventually to complete its line as contemplated when
applying for its franchise.
The allied railroad interests have thus far refused to lease trackage rights in Manhattan Borough. The Three-Cent
Line cars are now running on the bridge structure, and the ties and rails
have been laid along over the Fourth Avenue subway on the Fiatbush Ave.
extension with the exception of the above crossings.
2. The Court also dismissed the taxpayers' suit brought to annul a
permit granted to the Brooklyn & North River Co. by Bridge Commissioner
O'Keeffe, which permits the allied traction interests to operate temporarily
on the Manhattan Bridge before they enter into a contract with the city.
3, 4 and 5. The effect of two decisions on applications for injunctions in
the suit to restrain the Edison Elec. Ilium. Co. of Brooklyn from furnishing
power to the Three Cent Line leaves the case open to trial, without any
Injunction meantime. The fifth decision admits consents of property
owners, and some exhibits and testimony not allowed in the recent suit
of the Three-Cent Lino against the opposed allied companies.
Charles L. Woody,counsel for the Brooklyn Rapid Transit Co., says that
the points at issue will have to be ultimately passed upon in some form
or other by the Court of Appeals.
Judge Kolby on Nov. 13 denied tho motion to continue the temporary
injunction previously obtained preventing the Brooklyn & North
River
RR. from operating under the temporary permit of the Bridge Commissioner. Operation was begun by that company the same afternoon. The
Brooklyn & North River RR. will for a single fare give a ride across the
bridge and a transfer of continuing trip ticket at either end of the bridge
to any of the lines of the B. R. T., the Coney Island & Brooklyn, the Third
Avenue or the New York Rye. An extra fare will be required to get a
transfer from a Brooklyn line to the bridge lino and then another transfer
to a Manhattan line. A transfer from any Brooklyn line that passes the
transfer point at Fulton St. and Flatbush Ave. will be given, however,
without extra fare, to the bridge service, or after the payment of a cash
fare on the bridge car a transfer may be secured to any Manhattan line
passing the Manhattan transfer point.-V. 95, p. 618, 420.
Manhattan Ry., New York.-New Directors Elected.-
Kingdon Gould, William A. Day, J. H.McCiement and Jay Gould have
been elected directors to succeed J.F. Dillon, Dumont Clarke, Donald
Mackay, E. N. Foss and T. T. Eckert. This leaves the board 13, one
less than formerly.-V. 94, p. 279.
Missouri Pacific Ry.-Negotiations for International dc
Great Northern Ry.-The company's bankers announce:
President Bush has informed his board of directors that he believes that
the International & Great Northern should become an integral part of
the Missouri Pacific-Iron Mouqtain system and under his advice the board
of directors is negotiating for an option on International Sc Great Northern
preferred and common stock holdings of the Jay Gould estate and Frank
J. Gould. The Missouri Pacific board has appointed a special committee,
consisting of J. G. Metcalfe, E. D. Adams and Edgar L. Marston, to make
an investigation into the physical and financial condition of the International
& Great Northern property.-V. 95, p. 1207, 818. 813.
Mohawk Valley Co.-Option.-----An option, it is understood, has been secured by an Eastern banking syndicate
at $125 per share on the majority holdings of the New York
-Central & Hudson River RR., consisting of $5,114,300 of
the $7,500,000 stock. The names of the prospective purchasers are not announced.-V.94, p. 623.
Montpelier & Barre (Vt.) Light & Power Co.-Merger.
Charles It. Tenney & Co., Boston, are organizing this company under
the laws of Mass. with $2,000,000 of auth. cap. stock in $100 shares, of
which $1,000,000. it is stated, will be 6% cum. pref. (p. & d.) stock, to
effect an amalgamation or merger of the electric light, power and traction
companies centering at Montpelier, Vt., viz., the Vermont Power & Lighting Co. (V. 84, p. 1186), the Consolidated Lighting Co. (V. 90, p. 1173)
and the Barre & Montpelier Traction Co. (V. 84, p. 1246). These companies have outstanding about $1,325,000 bonds.
Muskogee (Okla.) Electric Traction Co.-New 1st M.
Bonds.-Farson, Son & Co., New York and Chicago, and
All Of the outstanding 1st M.6% gold bonds (31) of the Oregon
Power Kean, Taylor & Co., New York, are making a preliminary
Co. dated July 1 1909 have been called for
payment at 1023 and int on offering at 93
and int., yielding 5M%,of the entire present
Jan. 1 1913 at Chicago Title & Trust Co., Chicago.-V.
95, p. 1123.
issue of $600,000 1st M.5% gold bonds, dated May 1 1912,
Interborough Rapid Transit Co.-Tenders Asked.and due May 11934, but redeemable on any interest date
The Guaranty Trust Co., as trustee, will receive sealed upon 21 days' notice at 105 and int. Prin.
and int. (M. &
offers up to noon Jan. 7 next for the sale to it at not exceed- N.) payable in N. Y. City. Par $1,000 (c*).
Equitable
ing la and int., for account of the sinking fund, of Series Trust Co., N. Y., trustee.
1332
THE CHRONICLE
[VOL. LXXXXV
Digest of Letter from Pres. Willis E. Fertig, Oct. 29 1912.
Incorporated under Federal laws in July 1904 and recently acquired the
People's Electric Railway Co., which has been merged with this property.
Outstanding capitalization: Capital stock (entire issue), $500,000; bonded
debt (this issue), 3600,000.
These bonds (total authorized issue $5,000,000) are an absolute first
lien on all real and personal property, bonds, shares of stock and franchises
now owned or hereafter acquired. They were issued to refund $450,000
bonds of this company, and in part payment for the People's Electric Ry.
and for now cars and additions to plant. An additional $200,000 bonds will
be issued in final payment for the People's Electric Ry. property when the
annual net earnings are twice the interest charges, including these $200,000
bonds. No further bonds can be issued except for permanent extensions,
additions or improvements to the extent of 80% of cost thereof, when the
annual net earnings are twice the interest charges, including the bonds to
be issued. Semi-annual sinking fund beginning Jan. 1 1914, a sum equal
to t,,6 of 1% of all bonds outstanding, to be applied either to reimburse the
Company for permanent betterments, improvements or extensions, or to
the redemption of bonds, which will be kept alive for sinking fund purposes.
Earnings as Reported by Certified Public Accountants—Calendar Years.
1911.
1910.
1908.
1909.
Gross earnings
$156,127 $118,098 $112,530
$92,789
Net (after taxes)
$51,796
$38,445
$69,636
$46,808
Other income
424
1,330
1,461
James McCrea, who resigned on account of ill-health' the
resignation to take effect Jan. 1.
Total net income
$51,796
$39,775
$70,060
$48,269
The net income for 1911 is over 2 1-3 times the interest charges ($30,000)
on all bonds outstanding.
The dividends on stock for the past five years were: 1908, 5%; 1909,6;.
1910-1911-1912, 8%.
The earnings, including from Feb. 1912 the People's Electric By. Co.
(which did not start operations until 1912), were for the twelve months
ended Aug. 31 1912: Gross earnings, $175,180; net after taxes, $73,317;
present interest charges, $30,000. During the past five years the company
has paid dividends on its stock as follows: 1908, 5%; 1909, 6%; 1910,
1911 and 1912, 8%.
Property: (1) Street railway lines in Muskogee and vicinity, 19.89 miles
of track, and an interurban line between Muskogee and Fort Gibson, 9.68
miles, total 29.57 miles of track, of which 3.75 miles are on our private
right-of-way. The line to Fort Gibson is operated across the Arkansas
River on the St. Louis & San Francisco RR. bridge, but in time the company
will own perpetual rights to operate over the new bridge which is being
constructed across this river. (2) Hyde Park amusement resort on Arkansas River, 5 miles from Muskogee. Of the 65 acres in this park originally, the company has agreed to set aside 19 acres for factory sites; about
7 acres have been conveyed under this agreement, leaving approximately
58 acres. (3) 32 passenger service cars, of which 20 are of the pay-enter
type, also 14 new pay-enter cars to be delivered shortly; 1 combination
car, 1 electric locomotive and 11 miscellaneous work cars. (4) New car
barn and shop of steel frame and reinforced cement under construction.
(5) Favorable long-time contract for power from Muskogee Gas & Electric
Co. at a satisfactory rate.
City Franchises.—Unlimited as to time, except possibly parts of two
short lines which extend for at least 25 years; no burdensome restrictions.
The city has the right to purchase all the company's property within city
limits in 1934 and at the end of every 15-year period thereafter, at a price
determinable by arbitration, but in case of such purchase the bonds must
be either paid off or assumed by the city, and in the latter event, the company must be allowed to operate its cars from suburban or interurban points
to the center of the city on a rental basis.
City of Muskogee.—Population in 1900 (U. S. Census), 4,254; in 1910,
25,278, increase, 494%, and now estimated at about 30,000. Population
of territory served approximately 35,000. Assessed valuation of city
$36,513,813. There are 58 miles of paved streets (50 milesea.sphalt), 11
public school buildings, 10 banks and trust companies, having combined
resources of over $8,000,000M over 50 manufacturing industries and 40
wholesale houses. Five railroad lines reach this city. The territory lying
eastward is adaptable for farming purposes and that to the south and west
is rich in natural gas and oil.
Portland (Me.) Terminal Co.—Bonds Offered, Guaranteed Principal and Interest by Maine Central RR.Co.—Kissel,
Kinnicutt & Co., New York, Chicago and Hartford, Conn.,
and Kidder,Peabody & Co., Boston, New York and London,
are offering by advertisement on another page at 92 and
int. the unsold portion of the present issue of $4,500,000
1st M.4% gold bonds. Dated July 1 1911 and due July 1
1961. Authorized, $10,000,000; present issue, $4,500,000.
Par, c* $1,000, r* $1,000, $5,000, $10,000 and $50,000.
Interest payable J. & J. in New York, Boston or Portland.
Trustee, Fidelity Trust Co.,Portland, Me. The payment of
principal and interest on these bonds is guaranteed by the
Maine Central RR.Co. by endorsement on each bond.
New York Central & Hudson River RR.—Equipment
Trust 43's Offered.—Lee, Higginson & Co. and Kissel,
Kinnicutt & 'Co., have purchased and are offering by
adv. on another page, at prices to yield about 4.58%.(99.93
for the 1913 maturity, ranging down to 99.15 and int. for
thecblock due in 1927), $5,220,000 432% Boston & Albany
equipment trust of 1912. Total issue, $7,500,000; reserved
for future issue, $2,280,000; now offered, $5,220,000. Guaranty Trust Co. of New York, trustee. Int. A.& 0.in N. Y.
Under the provisions of the equipment trust agreement dated Oct. 1
1912, the New York Central & Hudson River RR. Co. covenants to pay
the principal and semi-annual dividend warrants in gold coin. It is further provided that the amount of certificates to be issued shall not exceed
90% of the actual cost of equipment delivered to and held by the trustee
as security for the payment of the principal of the certificates and the
sami-annual dividend warrants appertaining thereto. This equipmentisfor
use on the Boston & Albany RR., operated by the N. Y. Central & II. R.
RR. Co. under a 99-year lease.
The New York New Haven & Hartford RR.Co. has entered into an agreement to pay to the N. Y. Central & Hudson River RR. Co. one-half the
moneys needed to meet the obligations of this trust, and, having done so,
each of these two companies will, at the expiration of the trust, become the
owner of one-half of this equipment.
Certificates are issued by the Guaranty Trust Co.of New York, as trustee. They are dated Oct. 1 1912 and are in series of $348,000 each, one
series maturing on the 1st fay of October in each year from 1913 to 1927,
incl. Par c* $1,000 and r $1,000, $5,000, $10,000 and $50,000. Compare
V. 95, p. 1040, 968.
New York Central & Hudson River RR.—Possible Sale.
See Mohawk Valley Co. above.—V. 95, p. 1040. 968.
New York Philadelphia & Norfolk RR.---New Stock.—
The stockholders will vote Dec. 10 on authorizing an increase in capital from $2,500,000 to $4,000,000.
Press reports say: "The stockholders will also act on an amendment to
ther.charter authorizing an extension of the line in Norfolk, and the establishment of stations, piers and other structures. There is no intention of
issuing the new stock at this time. Compare V. 94, p. 1627.
Mr. Rea also becomes a member of the board to succeed Clement A.
Griscom, deceased. Mr. McCrea has been President for 6 years and connected with the company and its subsidiaries and predecessors for 48
years.—V. 95, p. 1123.
Portland (Ore.) Ry., Light & rower uo.—Notice as to
Assessment.—Notice is given by adv. on another page of
the calling of the stock assessm't mentioned last week(p.1274)
A circular dated Nov. 7 gives the resolutions calling the 5% cash assessment and declaring a further n, assessment payable out of surplus, also
a 1%% cash dividend payable Dec. 2 out of surplus earnings since Dec. 31
1911, after deducting not less than 15% of gross earnings for maintenance
and depreciation. These resolutions It is stated were adopted at a meeting of the board held Nov. 7, at which consideration was given to the requirements for extensions, betterments and additions and to the present
earnings and surplus accumulated from the operations of the company
since its organization, covering a period of 5M years, and also to the agreement with the bankers who purchased the $16,000,000 of "first and refunding mortgage bonds" in February 1912, which provided that a call should
be made upon the stock.—V. 95, p. 1274.
All legal matters in connection with this issue have been passed on by
counsel, Gaston,Snow & Saltonstall, who are of the opinion that these bonds
are a legal investment for savings banks in the States of Massachusetts,
Maine and New Hampshire, and that they are tax-exempt in the State of
Maine to individuals and trustees. For the past five years (1908-1912)
net operating revenues as reported by Boston & Maine averaged $10,779,950; Maine Central averaged $2,698,851. Interest on this issue $180,000.
Digest of Statement by Pres. Morris McDonald, Portland, Me.,Oct.28.
Security.—The mortgage is a first lien on the following property, the present value of which for railroad purposes is appraised by expert engineers as
in excess of the bonded debt, while equipment and cash working
fund bring the total value of the property to $5,700,000: The freight and
passenger terminal properties in the cities of Portland South Portland and
Westbrook, Me., used by the Boston & Maine and Maine Central RR.
companies. comprising 23 miles of single main line track, 9 miles or second
track and 66 miles of sidings, including a belt railroad, the union passenger
station, several other smaller passenger stations, a new and modern freight
station, two coal-discharging plants equipped with the latest labor-saving
appliances, five warehouses and storage buildings, three round-houses and
extensive railroad and shore privileges at deep water sufficient for all present purposes and future growth. The company also owns 534 acres of
real estate, exclusive of right-of-way, all of which is well situated for its
present needs and for further rail and water development.
The Terminal Company also controls, by 999-year leases, 123 acres of
shore property on both sides of Portland Harbor, and all tracks of the
Portland & Ogdensburg By. (a part of the Maine Central system) within
the terminal limits. It also controls, by a similar lease, the property on
which are sicuated modern engine and car-repair shops, fully equipped and
sufficient for the uses of Boston & Maine and Maine Central at this terminal. a large brick round-house, coal trestle and storehouses for lumber,etc.
Since the company has acquired all the properties of the Boston & Maine
RR. (controlling 2,290 miles) and Maine Central RR. (controlling 1,312
miles) within the terminal limits, except the latter's office building, all
business interchanged by the Boston & Maine and the Maine Central at
Portland must pass over the tracks of the Terminal Company, which forms
the connecting link between these two systems.
Band Interest and Operating Expense Obligation of Tenant Cos.—These
bonds not only have their principal and interest guaranteed by endorsement by the Maine Central R.R. but under the terms of the company's
charter the Boston & Maine RR.
' and the Maine Central RR. Co. and
any other railroad companies using the railway terminal must pay to the
Terminal Company (In amounts proportionate to its use) such sums as may
be necessary to pay the expenses of its corporate administration and of the
maintenance and operation of the terminal and of the facilities connected
therewith, and owned by the Terminal Company, including insurance, repairs, taxes, assessments, interest upon its bonds or other obligations
issued under the provisions of said charter, and dividends not to exceed
5% per annum on its capital stock. All these payments, it is provided,
shall be deemed part of such railroad company's operating expenses. The
Maine Central RR. has paid dividends as follows: 6% from 1884 to July
1903; 7% from Oct. 1903 to July 1907 and 8% from Oct. 1907 to July 1
1911, at which time the capital was doubled (the new stock being issued at
par) and the dividend rate made 6% on the entire $15,000,000 cap. stock.
Bonds, &c.—Interest on these bonds is payable without deduction for
any tax which the Portland Terminal Co. may be required to pay thereon.
The total authorized issue is $10,000,000, of which $5,500,000 is reserved
for extensions, betterments and improvements at not exceeding cost thereof.
The proceeds of the present $4,500,000 bonds will bo used to pay for the
properties already acquired from the Boston & Maine and Maine Central.
Capitalization.—First mortgage 4% gold bonds due 1961 (present issue),
$4,500,000; sinking fund 4% debenture bonds, due 1927 to 1929, issued by
the Portland Union By. Station Co. (the ultimate retirement of which is
provided for by sinking funds already amounting to $114,000), $300,000;
capital stock, $1,000,000.
Organization.—Incorporated in Maine by special Act of Legislature Feb.
15 1887 as Portland Union By. Station Co.; Act amended Mch. 23 1911,
changing the name as above and enlarging the company's powers. Compare report of Maine Central RR. in V.95, p. 1201.—V. 94, p. 609.
Pacific Gas & Electric Co., San Francisco.—Listed.-Rockford & Interurban Ry.—Bonds Offered.—Farson
The New York Stock Exchange has listed $362,000 additional Son & Co. are offering at a price to net 532% $150,000 1st
refunding
M.
and
California Gas & Electric Corp. unifying
5% gold bonds, due Oct. 1 1922.V.91, p. 1513.
5% 30-year bonds,due 1937,Imaking total listed $20,513,000.
Of the $362,000 bonds just listed, $17,000 were used to refund underSt. Louis Rocky Mountain & Pacific Co.—Change as
lying bonds and $345,000 for 85% of the cost of betterments and extensions. to Voting
Trust.—The voting trust dated July 6 1905, in
Earnings.—For 8 months ending Aug. 311912:
common stock was to be held until
Balance, which the $10,000,000
Gross
Net, after Int. Paid
Period
Surplus. July 6 1915, has been dissolved, pursuant to the terms of said
Revenue. Taxes,&c. or Accr'd.
Covered—
8 mos. ending Aug. 31 '12- __$9,694,841 $4,230,086 $2,319,118 $1,910,968 agreement, and the Mercantile Trust Co. of St. Louis, Mo.,
Year ending Dec. 31 1911-14,604,609 .6,390,537 3,254,133 3,136,404
as agent for the trustees, is now prepared to give in exchange
—V.95, p. 891, 680.
for the voting trust certificates common capital stock of the
company
Eastern
Ry.-*--Acguisition.—The
Pacific Great
St. Louis Rocky Mountain & Pacific Co. upon delivery of
has arranged to purchase the assets and good-will of the Howe the voting trust stock certificates, properly endorsed.
the
including
unsold
portion
of
the
Sound & Northern Ry.,
New 5-Year Selling Pool and Trust Agreement Dated July 31 1912.
townsite of Newport (at the head of Howe Sound), which
Owners of over 75% of the $10,000,000 common stock have entered into
will be the Pacific seaport.
a new agreement dated July 31 1912, providing that, upon dissolution of
will
The consideration is stated as "over $1,000,000", payable in installments
extending over 3 years. The road is projected from Newport to Lillooet,
120 miles. and beyond, of which 10 miles have been completed. The road
will form part of the Pacific Great Eastern By., which is to extend from
NewportIto Fort George, 450 miles.—V. 95, p. 481, 298.
Pennsylvania R.R.—New President.—Samuel Rea, one
ofAthe Vice-Presidents, has been elected President to succeed
transfer such common stock to
tho voting trust of July 6 1905, they
Margaret M. Koehler, Hugo A. Koehler, Thomas B. Harlan, J. Van
Houten and Charles winger, as trustees, giving the latter (who will servo
without compensation) the right, during the continuance of the trust, (1)
to vote said stock at all meetings of the stockholders. (2) To sell all of the
deposited stock at not less than par. (3) To sell all or any part of the deposited stock in excess of $5,500,000 (the trustees at all times to retain
55,500,000 of the common stock unless all of the deposited stock be sold
at par or better), at such time or times and at such prices as the trustees
Nov. 16 1312.]
THE CHRONICLE
may determine, subject to the right of any depositor within five days,after
notification by wire of such sale to refuse to participate therein. The proceeds of sale, less any commission paid and any transfer or other tax or
expense incurred by the trustees, shall be distributel pro rata (as also any
dividends poald on the deposited stock) among the participating depositors.
The depositors also agree not to offer for sale any of the common stock now
owned by them and not so assigned, during the term of this agreement,
without the consent of the trustees. Any common stockholder may become
a party to the agreement on delivery of his stock. The agreement will expire by limitation on July 31 1917 unless sooner terminated by the sale
as aforesaid of the deposited stock or by an instrument signed by the
owners of the equity in not loss than 75% of the stock still held by the trustees.—V. 95, p. 1197.
1333
used to retireritheZ$3,000,000 Market St. Cable 1st M.6%
bonds and $350,000 Park & Cliff House Ry. 1st M. 6s,
due Jan. 1 1913. These notes will be secured by pledge of
$2,150,000 Market St. Ry. 1st consol. 5s due 1924 and.$970,000 San Francisco Electric Ry. 1st M.5s due 1932.
Results for Years ending Sept. 30, with Int. Charges as after Jan. 1 1913.
Sept. 30.
Gross
.
—Interest Charges-Net
Balance,
Years— Earnings.
Earnings. Bonds, &c. New Notes. Surplus.
1911-12 ___$8,353.880 $3,079,082 $1,751,192
$141,500 $1,186,390
1910-11 -__ 7,895,889
2,593,703
—V.95, p. 1209. 751.
St. John (N. B.) Ry.—Reported Negotiationsfor Control.—
Virginia Railway & Power Co.—Listed.—The N. Y.
San Jose Terminal Ry.—Bonds.--The company has filed Stock Exchange has listed $1,000,000 additional "first and
an amended application with Cal. RR. Commission for per- refunding"5% bonds, due 1934, making listed$11,003,000.
on Account of which the Additional 31.000,000 Bonds were Issued.
mission to issue $200,000 in 5% bonds and to sell its preferred Purposes
discharge liens decreed by U. S. Circuit Court for Eastern
stock under such conditions as the Commission may impose. ToDistrict of Virginia
against properties of the company
$36,665
See Halifax Tramways Co. above.—V. 77, p. 299.
In the former application the company requested permission to issue
$650,000 bonds, and the Commission authorized an issue of $400,000.
The new application indicates a desire to finance the project differently
from what. was originally intended.—V. 95. p. 1208.
Seaboard Air Line Ry.—Board Increased-20 to 26.
New Members Elected Nov. 14.—W. J. Harahan (Pres. of Co.), Norfolk,
Va.; Charles H. Sabin (Vice-Pros. Guaranty Trust Co., N. Y.), Albert H.
Wiggin (Pres. Chase Nat. Bank, N. Y.), Benjamin Strong Jr. (Vice-Pres.
Bankers Trust Co., N. Y.), James C. Colgate, Wilson S. Kinnear and
Samuel L. Fuller, New York; Milton E. Ails, Washington, D. C.; Charles
R. Canps, Norfolk, Va.; Mills B. Lane, Savannah, Ga.; Robert F.Maddox,
Atl ante, Ga.; Fergus Reid. Norfolk, Va.; J. P. Taliaferro, Jacksonville,
Via.• A. H. Woodward, Birmingham. Zia,.
old Directors Re-elected.—James A. Blair, Franklin Q. Brown, L. F.
Lome, N. S. Meldrum, Walter T. Rosen. Frank A. Vanderlip and B. P.
Yoakum, of New York; J. William Middendorf, Townsend Scott and S.
Davies Warfield, of Baltimore; Norman B. Ream, Thompson, Conn.. and
Geo. W. Watts, Durham, N. C.
Old Directors Retired.—Wallace B. Dunjam, H. R. Duval. Henner
Jennings, H.C.Perkins, H. Clay Pierce, John B. Ramsay, W. H. Whigham
and john Skelton Williams.
The new board will meet in Baltimore on Nov. 26 for organization,
carrying out the policy suggested by Mr. Warfield at the time of the purchase of a controlling interest last June by Mr. Warfield and associates.
—V. 95, p.906, 886. 818, 814.
Southern New England RR.—Construction Halted.-The Toledo Railways & Light Co.—Plan Formally
Announced.—Deposits Till Dec. 7.—The plan of reorganization which was outlined in the "Chronicle" of Oct. 19, page
1041, has without change been formally announced, bearing
date Nov. 1, by the reorganization committee, of which
the Chairman is J. It. Nutt of Cleveland, and the Secretary
is W. W. Miller, of the law firm of Hornblow, Miller &
Potter, 24 Broad St., N. Y. City. A large interest, in the
proposed new company will be held by the Utilities Improvement Co. (V. 95, p. 1045) organized by Henry L. Doherty
& Co., and that firm will manage the reorganized properties
under a 5-year contract, that is, till Jan. 1 1918.
See Grand Trunk Ry. above.—V. 95, p. 481.
Securities, including certificates of deposit heretofore issued by the bondholders' and creditors' committee and by the stockholders' protective
committee, must be deposited with the New York Trust Co., depositary,
on or before Dec. 7 1912, but preferably at once, that the plan may be
consummated at the earliest possible date.
The voting trustees named in the agreement are Henry L. Doherty,
Warren W. Foster, William F. Hoffman, Frank W. Frueauff, William W.
Miller, William B. Hale and William E. Hutton.
The plan provides that the $500,000 Toledo & Western Ry. gen .M.
shall be exchanged for 80% ($400,000 in new pref. stock. A misprint 5s
in
our resume on p. 1041 (Oct. 19) might raise a question on this point.
Digest of Statement by Stockholders' Protective Committee,Nov. 11.
After more than three years' negotiation, a plan has been agreed upon
which your committee can earnestly recommend. When the committee
was organized, in April 1909, the recognized debts and claims amounted
to about $19,000,000, including $2,500,000 short-time notes and accounts
and $10,866,000 bonds due July 11909. Under a series of arrangements
with the bondholders' committee and Blair & Co., as bankers, the properties have been held together and improved and developed until they aro
in good operating condition, and are coming to have a value far in excess
of
any amount that could have been realized from them in 1909.
In the meantime the arrangements with the city of Toledo for the operation of the street railway properties in that city under the statutory
tion of 25 years are expiring. These contracts commenced to limitaexpire
Nov. 10 1910, and the last will expire in 1915. Foreclosure, moreover,
is
pending under the 4% mortgage securing $4,866,000 bonds, on
which no
interest has been paid since Jan. 1 1908.
• In this situation the stockholders are confronted with the question
as to
whether they will litigate all questions which arise out
the growth and
organization of these properties, and take the chance ofof
being
to find
a purchaser for the property after judgment has been rendered,able
or whether
they will make an adjustment with the creditors without litigation.
As
the amount of the valid liens is so largo and the stock is owned by more than
2,000 persons, it is doubtful if the stockholders would be able to realize anything as the result of litigation. Your committee therefore believes it wiso
to accept this plan, which substantially provides for delay in the payment of
the debts of the company for five years, a conversion of the 4% bonds into
prof. stock ($ for 3), and the employment of Henry L. Doherty & Co. as
operators and managers of the company until Jan. 1 1918.
Your committee therefore recommend to each stockholder that he
the proposed plan and immediately deposit his stock or his certificatesaccept
therefor, endorsed in blank, with the N. Y. Trust Co., accompanied by a N.
Y.
draft, payable to said Trust.Co., for $7 50 for each share so deposited and
receive therefore voting trust certificates representing $7 50 of pref. stock
and $43 in common stock of the new company for eachshare,accompanied
by the said amount of $7 50 [or the stockholder may,if ho prefers, make no
cash payment, but in this case he will receive in exchange for his stock only
13% in the now common stock.—Ed.).
The agreement provides that if this plan is not accepted by a sufficient
number of security and stockholders to make it effectual and protect
the
interests of the several parties on or before April 1 1913, all the stock
[securities] and cash deposited shall be returned.
(The stockholders' protective committee is William E. Hutton, Chairman; Robert 0. Pew, William II. Netherland, Frederick H. Goff
and
Joseph M.Spencer, with Herman S. Swift of Toledo as Secretary.
Henry L. Doherty .Sz Co. are of the opinion
the earnings and income
of the now company for the year beginning that
1 1914 and succeeding
years will be more than sufficient to meet theJan.
new fixed charges, and also
pay promptly the full dividends on
the
new 6% pref. stock.
$6,656,000
The fixed charges will include: Interest of about $210,000
underlying
bonds undisturbed (V. 95, p. 1041); interest on $6,000,000on
first
notes, $360,000; interest on $1,200,000 second lien 6% notes, lien 6%,
$72,000;
total interest, about 3642,000.—Ed. —V.95, p. 1040, 968.
Twenty-Third St. Ry., New York.—New Mortgage.—
The company has applied to the
P. S. Commission for authority to issue
$1,500,000 1st M.5% 50-year bonds in settlement of the note for $2,204,930
dated , April 30 1907, given to the Metropolitan St. Ry. in payment for
indebtedness.—V. 60, p. 562.
United Railroads of San Francisco.—Collateral Notes
Sold—Earnings.—The company has applied to the California RR. Commissioners for authority to issue $2,350,000
6% collateral serial notes, which have been sold, subject to
the approval of the Commission, to E. H. Rollins & Sons.
The proceeds, with moneys in the sinking funds, are to be
To discharge obligations against properties and franchises
200,497
For construction of new properties, $1,013,156 (add'ns to power
plants, sub-stations, transmission lines, add'l track, $331,270;
railway terminals, car barns, $245,350; real estate, $17,586;
add'l rolling stock and equip., $231,152; miscellaneous, $187,797), and for new construction, $615,926
1,629,082
—V. 95, p. 1274. 1041.
• West Penn Traction & Water Power Co.—Contract.
The company has recently closed a contract for the complete electrification of the large mills of the Apollo Steel Co. at Apollo. Pa., and the erection of the first motor installment, consisting of a 1,500 h. p. alternatingcurrent motor, is now going forward, replacing all steam equipment.
Either partial or entire power equipments are also being furnished for a number of other steel mills in the Pittsburgh district,
negotiations are under
way with several more plants.—V. 95, p. 1275. and
Wisconsin Minnesota & Pacific RR.—Time Expires.—
The time for making deposits of first M. 4% bonds under
the protective agreement expired on Nov. 14. No extension
has been announced.
The committee states that a "substantial majority" of the bonds has
hem deposited with the Central Trust Co. of New York and with Martin's
Bank, Ltd., of London.—V. 95, p. 1275, 1209.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Linseed Co., N. Y.—Earningsfor Fiscal Year.
For the 14 months ending Sept. 30: Total receipts, $1,297,008; operating
expenses, $1,676,219; operating loss, $379,210; interest, $59,090; depreciation, 340,000; deficit, $478.301. The above deficit compares with surplus
of $434,611 for 12 months ending July 31 1911, $720,952 in 1909-10 and
$979,601 in 1908-09.—V. 94, p. 1567.
American Malting Co., New York.—New Director.:—
George Emlen Roosevelt has been elected a director to succeed H. B.
Ketchum, who resigned.—V. 95, p. 1204.
American Multigraph Co.—Change in Pref. Stock.—
The shareholders will vote Nov. 25 (1) on retiring the present 7% pref.
stock, which is entitled to participate with the common in all dividends up
to 11% per ann. (total auth. 31,000,000, outstanding $500.000, in $100
shares), and (2) on replacing the same by an issue of straight 7% nonparticipating stock, the present holders to be offered either (a) an exchange
on the basis of 11 shares of new pref. for 10 of old. or (b) an even exchange
plus $10 per share in cash. "Cleveland Finance" says: "Most of the large
holders have agreed to the exchange,so that the prospects are that the company will simply exchange $500,000 present pref. for 3550,000 7% nonparticipating stock, leaving $450,000 new pref. in the treasury. The company reserves the right to redeem the new pref. at 110 within five years,
or on a graded scale of $1 less per year thereafter until 1927. After five
years, however, it is proposed to set aside annually 11% on the outstanding issue, 7% for dividends and 4% to redeem and cancel the pref. stock."
The common stock is $1,000,000 in $20 shares.
The company has broken ground for a six-story extension, which, with
the present structure, will form a hollow square. The cost will be about
$60,000.—V. 95, p. 178, 50.
American Water Works& Guarantee Co.—Listed.--The
New York Stock Exchange has listed the $10,000,000 6%
cumulative participating pref. stock and reports:
Earnings for Years ending April 30—
1911-12.
1910-11.
Gross earnings of all water-works companies owned_ _$3,682,985 $3,545,925
Dividends from subsidiary companies, &c
454,758
370,438
Operating expenses of all companies
$4,137,743 $3,916,363
1,442,327 1,603,816
Net earnings
Coupon int. on all obligations of water works cos_
$2,695,416 $2,312,547
1,604,355 1,489,413
Net income applicable to dividends
$1,091.061 $823,134
The 6% dividend on the $10,000,000 pref. stock calls for $600,000 yearly.
Proportionate net earnings for quarter ending July 31 1912 from operation of plants, after deducting operating expenses and coupon interest, was
$159,076. The proportion of other income is not available at the present
time. The elaborate statement prepared for the Stock Exchange contains
the earnings, balance sheet, &c., of the controlled cos.—V. 95, p. 237.
Billings & East Montana Power Co.—Merger.-See Butte Electric & Power Co. below.—V. 87, p. 41.
Blackstone Valley Gas& Electric Co. (of R. I.).—Divs.
An initial dividend of 31 50 per share has been declared on the pref. stock
for the three months ending Dec. 1, and a dividend of $2 per share on the
common stock, both payable Dec. 2 to holders of record Nov. 20. For
the year ending Sept. 30 the company earned 31,197,103 gross and $357,013
net, the surplus over charges being $250,384. The increase in gross compared with the corresponding period in 1911 was 389.012, in net $48,502
and in surplus $43,974.—V. 95, p. 751. 620.
Brooklyn Union Gas Co.—Dividends.—
Although a resolution recommending to the board that some form of
disbursement be made to stockholders, in additionto the present dividend
rate, was tabled at the annual meeting on Tuesday, the directors have indicated their willingness to discuss the matter with a committee representing
the minority stockholders. The main request, it is reported, will be that
the $2,000,000 auth. stock still held in the treasury be distributed to make
up in part for the period between 1906 and 1908, when less than the 6% rate
was paid.—V. 94, p. 1565.
Bush Terminal Buildings Co.—Listed.—The New York
Stock Exchange has listed $5,500,000 1st M.5% guaranteed
tax-exempt bonds due 1960.
Earnings.—For 19 months ending July 31:
Gross earnings
Net after taxes
—V. 92, p. 1111.
$809,989 I Deduct—Interest,
376,422 Balance, surplus
3314,248
62,174
Butte (Mont.) Electric & Power Co., N. Y. City.—
Consolidation.—The'directors have agreed (subject to the
approval of the stockholders at a meeting to be held cn
Dec. 12) upon the consolidation of this company with the
Missouri River Electric & Power Co., the Madison River
Power Co. and the Billings & Eastern Montana Power Co.
(corporations all of whose capital stock is owned by this company) and with The Montana Power Co., the last-named
having been incorporated in' New Jersey Oct. 26 1912 with
THE CHRONICLE
1334
an auth. capital stock of $3,900,000, all of which is to be
paid in in cash. The consolidated corporation will be known
as The Montana Power Co. and will have an authorized
capital stock of $100,000,000, in $100 shares, viz.:
Capitalization of the Consolidated Corp. (The Montana Power Co.)
Preferred Stock, 7% (and no moro), ctun. Redeemable after 3
years at 120, and in case of voluntary liquidation at the same
rate, but in other cases of liquidation at par. $25,000,000,:
Issued, wit h $200,000 corn.,for present $1,000,000 Butte pref. $800,000
3,900,000
To be sold at par
20,300,000
Reserved to be sold as and when needed
Common Stock. Total auth. issue, $75.000,000, viz.:
To be issued, with $800,000 pref., for present $1,000.000
200.000
Butte pref. stock
To be issued in exchange for common stock of Butte Co.
[$6.733.400, of which $4,037,000 recently outstanding], or
reserved agst. outstanding convertible bonds [$2,120,000,
incl. $344,000 called for payment at 105 on Dec.2 1912.
26,934,000
-Ed.], or stock purchase warrants of the Butte Co
47,866,000
Reserved to be sold as and when needed
ill
wv0
0
e,s
r6
tee6
In exchange for each share of the pref. stock of the Butte Co.7
be issued 8-10ths of a share of pref. stock and 2-10ths of a share of corn.
stock of the consolidated corporation. Four shares of the common stock of
the consolidated corporation will be issued in exchange for each share of the
common stock of the Butte Co.
The agreement also provides that $3,900,000 in cash is to be paid in by
the stockholders of The Montana Power Co. For this money pref. stock
of the consolidated corporation is to be issued at par, but, by agreement
made with the stockholders of The Montana Power Co., the stockholders
(both pref. and corn.) of the Butte Co. of record as of Dec. 2 1912 are given
an opportunity to purchase this pref. stock at par, to the extent of 50%
of their holdings, and The Montana Power Co. has caused payment for so
much thereof as shall not be so taken by the stockholders of this company
to be underwritten. Subscription warrants will be issued on or about
Nov. 30. Subscriptions must be paid to the Guaranty Trust Co. of N. Y.,
30 Nass,u St. N. Y. City, on or before Jan. 2 1913, from which date such
now pref. stocic will bear dividends.-V. 95, p. 1275, 299.
[VOL. Lxxxxv.
Total Authorized Capital Stock $1,500,000, in $100 Shares-Classiftoahon.
$500,000
Common stock, total authorized and now to be issued
Pref. stock, 7% cum., with right to an additional non-cum. 3%
per annum before any divs. shall be paid on the common stock.
.Redeemable at $125 per share and accrued divs. at any time
after 3 years, at option of company; also upon any dissolution or
liquidation. No power to veto as to election of directors or
creation of bonded debt,unless one year's divs. are in default,
but thereafter during the continuanceof such default to have
exclusive right to vote in said matters. Total authorized,
550,000
$1,000,000; now to issue
Directors and officers: George A. Galliver (Pres. Central States Electric
Corp.) Pres.; E. P. Chalfant, V.-Pres.; A. KeshiShian, Treas.; II. E.
Breed, Anson W. Buchard, Alfred Gregory, W. L. McKee, Oren RoOt and
Harrison Williams.
General Chemical Co.-5% Extra Common Dividend.-
An extra dividend of 5% has been declared on the $8,558.900 common
stock, payable Feb. 1 1913 in common stock of the company at par to
holders of record Dec. 31. This will increase the outstanding common
stock to $8.986.845.
Previous Dividend Record of Common Stock (Per Cent).
1910. 1911. 1912.
1900 to '02. 1903. '06 to '09.
4 yearly. 5&10 stk. 6 6&5 stk.
5
Cash dividends_ _ __ 4 yearly.
Also 10% in stock paid March 1910 (V.90, p. 306) and 5% in Feb. 1912.
-V. 95, p. 296.
Indian Refining Co., New York and Cincinnati.Deposits Called.-Referring to the indebtedness maturing
Dec. 1, as shown by the financial statement of Nov. 4 (see
"Annual Reports"), a shareholders' committee, E. R. Dick,
Chairman, urges the deposit of the stock on or before Nov. 21.
60 Broadwith the Lawyers' Title Insurance & Trust
Co.,'Bank, Cm.,
way, N. Y., as depositary, or the Market Nat.
as sub-depositary, for the purpose of uniting "in an effort
to form a plan by which the business and finances of the comwill be placed on a sound basis."
Central States Electric Corporation.-Convertible Se- panyplan
will go into effect unless approved by a majority of the outNo
cured Notes Offered-Security 70% of Common Stock of Cleve- standing
stock, or such larger amount as the committee May determine.
Albany,
Y.,
N.
not approving such plan will have an opportunity, within a
&
Co.,
Trask
depositor
-Spencer
Any
Co.
III.
land Elec.
specified, to withdraw without expense. Committee: E. R. Dick,
Boston and Chicago, and the Guaranty Trust Co., N. Y. time
Chairman, James M. Hutton, Max C. Fleischmann, Lazard Kahn, lg. C.
and London, are offering by advertisement on another page, Potter, R. H. Gibson and Louis V. Bright, with Archibald Forbes, Sec.,
at a price yielding about 5%%, the unsold portion of the 160 Broadway, N.Y.-V.93, p. 1194.
-Sale of Stock.Internat. Cotton Mills Corp., N. Y.
present issue of $4,481,000 ten-year 5% secured gold notes,
is reported that negotiations are pending for the sale to a syndicate
dated June 11912, due June 1 1922, but redeemable as to ofIt
the unissued pref. and com, stock in the treasury. Of the authorized
all or any part on any int. date on 30 days' notice, at 101 issues of $10,000,000 each of pref. and coin, stock there were outstanding
and int. Convertible at par at any time at option of holder Dec. 31 1911 .0.809,400 pref. and $7,676,295 corn. stock.-V.95, p. 1275.
Iron Steamboat Co. of New Jersey.-Earnings.-into the corporation's 7% cumulative pref. stock at 105,
Balance,
Bond
Net (after
Gross
with adjustment of interest and dividend. Authorized,
Interest. Surplus.
Taxes).
Earnings.
Oct. 31 Year$8,084
$24,352
$32,436
$320.959
1911-12
$6,000,000. Guaranty Trust Co. of New York, trustee.
0,638
• 24,962
34,600
313,876
1910-11
Data,from Letter of President George A. Galliver, Esq., Nov. 12 1912. -V.
93, p. 1531, 1468.
(1) Secured by pledge of 85,375,100 (over 70%) of the $7,339,400
common stock of the Cleveland Electric Illuminating Co., valued at over
Knickerbocker Ice Co., Chicago.-Change in Control.$6.900,000, or over 150% of par value of notes issued against it. Further Fred. W. Upham, Pres. of the City Fuel Co. of Chicago(and
notes can be issued only at the rate of $77.3224 par value of notes for each
$100 par value of additional common stock of Cleveland Co. deposited. also a director in the Knickerbocker Ice Co.), has with his
The Cleveland company has paid dividends regularly on its common stock associates in that company acquired or arranged to acquire
since 1902, and at the present rate of 8% since 1904.
adding to their
(2) The agreement securing these notes provides that at least 60% of control of the Knickerbocker Ice Co. by
the total outstanding common stock and more than 50% of the total out- holdings the stock(some $209,700 pref. and $2,932,300 corn.)
standing capital stock of the Cleveland company must at all times be desale of
posited as security for this note issue. The Cleveland company has out- bought in by the Thomas liquidating trustees at the
(see V. 91,
1910
Aug.
in
standing $800,000 pref. stock and 86,500,000 1st M. 5s.
Co.
Ice
Western
the
of
assets
the
(3) These notes are followed by $3.734,706 7% Central States Electri
p. 390; V. 90, p. 452).
Corporation pref. stock and $4.481,600 common stock.
(4) The net income of the Cleveland El. Ill. Co. for the cal. year 1911,
Statement from Chicago "Record-Herald" of Nov. 13.
applicable to depreciation charges and common stock dividends, is reported
It is understood to be the plan to form a new company to take over both
as $914,882, against a charge on the total $6,000,000 notes of $300,000. the Knickerbocker Ice and the City Fuel concerns soon after the purchase
inannual
uninterrupted
reported
(5) The Cleveland El. Ill. Co. has
of the Thomas stock in the Knickerbocker has been completed. The option
creases in both net and gross earnings since 1894, while its policy has been will be exercised in New York late this week. That stock, with what they
current.
electric
for
charged
rates
lower
to
steadily
already hold, will give the City Fuel people control of the Knickerbocker.
(6) The franchises under which the Cleveland El. Ill. Co. furnishes elec- An offer of exchange of the stock of the new company will be made to the
tricity are in the opinion of counsel unlimited as to time. The plant is minority holders of Knickerbocker corn. and pref. The new interest will
modern, and with the installation of an additional unit in 1912 will havea elect some new directors to the Knickerbocker board to take the places of
total capacity of about 117,000 h. p. All transmission lines underground. the Thomas interest. The capitalization of the new consolidated company
(7. The population of Cleveland (1910) is 560,633, and both city and will probably be around 310,000,000.-V. 94, p. 694.
surrounding territory are showing very rapid growth.
McCrum-Howell Co., N. Y. and Chic.-Sale Confirmed.
See also V. 95, p. 50, 621; V. 94, p. 1451, 1629.
Nov. 13
Judge Buffington in the U. S. District Court at Philadelphia on
Preferred.
New
N.
Y.-16500,000
Company,
Childs
affirmed the sale of the assets and property of the company,to a committee
Preferred stockholders of Dec. 4 1912 are offered, by circular of Nov. 11 representing the creditors, for $870,000 cash. The offer was made two weeks
the right to subscribe at par, at the office, 200 5th Ave., N. Y. on or be- ago, over 80% of the creditors havingconsented thereto. Thereorganizathe extent tion will be effected at once. See circular and plan, V. 95, p. 1211, 893.
fore Dec. 15, for $500,000 of the $2,000,000 new pref. stock, to'
of one share of the new issue for every six shares of pref. stock held by them,
Madison River Power Co.-Consolidation.1210.
p.
95,
V.
Compare
respectively.
See Butte Electric & Power Co. above.-V. 90, p. 113.
Chino Copper Co.-Earnings, &c.-
Misc.
Milling
Income.
Profits.
Period Covered3 mos. end. Mch. 31 1912-- $196,871 $31.150
24,663
3 mos. end. June 30 1912_ _ _ 365,533
57,413
3 mos.end. Sept. 30 1912._ 994,274
9 mos. end. Sept. 30 1912-.1,556,678 113,226
-*-V. 94, p. 1059, 829.
Production
Total
(Pounds).
Income.
3,271,980
$228,021
4,289,644
390,196
1,051,687 10,340,963
1,669,904 17,902,587
Marconi's Wireless Telegraph Co., Ltd. London.the Gesellschaft
and'
It was announced on Nov. 13 that the companyknown
as Telefunken
fur drahtiose Telegraphie, Berlin, Germany, best
Company, had agreed to drop all patent suits pending between them.
These are said to be the two largest wireless telegraph companies la *peration.-V. 95, p. 173.
Missouri River Electric & Power Co.-Merger.The Montana Power Co.-3100,000,000 Consolidation.-
City Fuel Co., Chicago.-Ice Deal.-
See Butte Electric & Power Co. above.-V.05, p. 300.
Cleveland & Sandusky Brewing Co.-Deferred Divs.-
See Butte Electric & Power Co. above.
See Knickerbocker Ice Co. below.-V. 94, p. 281.
New York Telephone Co.-Listed.-The New York
Stock Exchange has listed $5,000,000 additional first and
general mtge. 30-year 432% sinking fund bonds, making
the total amount listed $37,500,000 dollar and £7,500,000
sterling bonds. Compare V. 95, p. 753, 548.
Vt.-Merger.
Montpelier,
Co.,
Lighting
Consolidated
New York Transportation Co.-Report of Fifth Ave.
See _Montpelier & Barre Light & Power under "RRs." above.-V. 90,
June 30:
n. 1173.
Coach Co.-Report for year ending
Surplus or
Interest
Other
Net
Operating
Fiscal
Deficit.
Crucible Steel Co., Pittsburgh.-New Director Elected.
Paid.
IncoMe.
The quarterly dividends of 1% on the common and 13.i % on the'preferred
stock, which were originally declared payable Dec. 15 1907, but which
were deferred until the company felt it wise to pay the $61,395 which they
would require (V. 85, p. 1579), will be paid on Dec. 15 next to shareholders
of record as of the original date of the closing of the books for the dividends.
No distributions have been made since 1907.-V. 94, p. 628.
Earnings.
Revenue.
Yearsur.$47,189
G. W. Sargent has been elected a director to succeed 0. H. Wharton.
$36,855
$1,381
$82,662
$675,447
1911-12
def. 33,821
37,390
V. 95, p. 1272, 1210.
294
3,275
631,311
1910-11
loss deficit
and
profit
shows
1912
30
Juno
Dividend.
of
as
The general balance sheet
Cumberland Pipe Line Co.-Six Per Cent earnings of the
$416,978 against $465,078 in 1911.-V. 94, P. 1511.
A dividend of $6 a share has been announced out of the
to
16
Dec.
payable
past year on the 81,000,000 capital stock (par 100),
Pennsylvania Water& Power Co.-Voting TrustEnds.holders of record Nov. 30. This is the first payment since the disinte- w Pursuant to the provisions :of the voting trust agreement dated Feb. 7
gration of the Standard Oil Co. of N. J.-V.85. p. 224.
1 1912 to distribute the Stock
1910, the voting trustees began on Nov. trust
certificates upon the surAuthorized.held by them to the holders of the voting
. East Ohio Gas Co., Cleveland.-Bondsthe
for transfer, to the voting
endorsed
company to issue render of such certificates, properly
The Ohio P. S. Commission on Nov. 11 authorized
Baltimore, Md.-V.94, P. 558.
Co.,
Trust
Fidelity
the
at
of
trustees
$1,500.000
proceeds
the
par,
at
$5,000,000 additional bonds to be sold
to be used to purchase tile property of Mohican 011 & Gas Co.Ohio, $2,000,Portsmouth (R. I.) Coal Mining Co.-Mine Shut Down.
000 to construct a new supply pipe line from the Ohio River to Cleveland
At a meeting of the board on Nov. 12, all the directors being present,
to carry the increased supply of gas needed from the West Virginia fields, it was voted unanimously to shut down the mine at Portsmouth, R. I.,
and the remaining ¶1,300.000 (of which $200,000 has been expended) for and that no further work be done at present except pumping to keep the
all enlargement of the Cleveland plant. •
mine dry. The directors will make a report to the stockholders at espePres. Daley at oncerequested that the ordinance passed by the council cial meeting to be called at the earliest possible date. This action was taken
in
Smith, an expert mining engineer
last summer, providing for an increased supply of gas by the company
in view of the report made by A. D. W.examination
of the mine.
Cleveland, which failed because of the company's refusal to tile its written
by the directors to make an
that the present management
mean
acceptance, be re-introduced and passed, as the company is now in position employed
to
assumed
is
This announcement
early
-passed
re
be
to
expected
is
The
ordinance
the
Two
obligation.
of the four assessproposition.
assume
to
despairs of making the mine a paying
and the company,it
next week. Compare V. 95, p. 969. 682.
ments of 25 cents each have been paid by stockholders,
on
94, p. 1570.
hand.
-V.
$50,000
and
$40,000
is said, has now between
Electric Investment Corp., N. Y.-New Enterprise.
deal in
Cincinnati.-Increase of StockCo.,
This company has been incorporated in Va. to acquire hold or
Gamble
&
Procter
corporasecurities or obligations of governments, municipalities or private
Dividend Rate to Be 4% Quar. with Extra. 4% Nark.tions; to promote corporations, develop hydro-electric properties, &cu.
-
Ilov. 16 1912.]
THE CHRONICLE
The directors on Oct. 12 called a special meeting of stockholders for
Dec 17 to vote on increasing the auth. stock from $14,250.000 to $26,250,000. the $12,000,000 new issue to be common stock, and to be disposed of
as the directors may determine. This raises the auth. common stock to
$24,000,000. The directors also voted to increase the quarterly dividend
rate, commencing Feb. 15 1913, from 3 to 4%, and, subject to ratification
of the proposed increase of stock by stockholders, to declare, commencing
in 1913, out of the current earnings an extra dividend of 4% yearly on the
of corn. stock, payable in corn. stock as soon as practicable after the close
each fiscal year ending June 30.—V. 94, P. 98.
1335
over the control of the Flanders Motor Co. of Detroit.
Walter E. Flanders will become President of the U.S.Motors
Co.in place of Benjamin Briscoe, who recently resigned.
The Flanders Co., which manufactures 6-cylinder cars, is to be taken
over free of debt other than current accounts, unpaid wages and dealers'
deposits. The acquisition is expected to be of great value in future operations. The consideration is to be paid in-stock of the new company.
Over 90% of Indebtedness Deposited—Further Deposits
Till Dec. 9.—The reorganization committee announces by
Frank M. Lowden, son-in-law of the late George M. Pullman, has been advertisement on a previous page that over 90% of the inelected a director to succeed H. C. Hulbert, deceased. Goo. F. Baker was
chosen as a member of the executive committee, which now consists of debtedness of the company and its allied companies, proRobert T. Lincoln, Chairman; Norman B. Ream, J. Plorpont Morgan, vided for by the plan dated Oct. 10 1912 (see 'Chronicle"
John J. Mitchell,John S. Rummells,George F.Baker of N.Y.—V.95,p.1119. of Oct. 19, p. 1044) has been deposited
with Central Trust
(M.) Rumely Co., La Porte, Ind.—Listed.—The N. Y. Co., depositary. Further deposits will be received on or
Stock Exchange has listed $9,155,300 common stock, with before Dec. 9.
The second installment of assessment on the stock,32 40 per share(10%).
authority to add $21,700 on notice of payment in full, mak- payable
under the
has been called for payment on or before Dec. 9.
ing the total amount to be listed $9,177,000.—V.94, p. 1387. the first installmentplan,
of equal amount having been payable on or before
Nov. 9. Holders who have not yet deposited their stock may pay both
San Diego (Cal.) Consolidated Gas & Electric Co.— assessments at the same time, interest being Included on the first assessPullman Co.—New Director Elected.— '
The shareholders will vote Dec. 23 on creating an issue of 83,000,000
new bonds bearing not over 6% interest and due not later than Dec. 1922
to provide for floating debt, &c.—V. 93, p. 1325.
ment.—V. 95, p. 1213, 1126.
United States Steel Corporation.—Listed.—The New
Extra Div.— York Stock Exchange has listed $10,000,000 The National
An extra dividend of 2;S% has been declared on the 85,930,900 common Tube Co.firstM.5% bonds and $15,000,000 Indiana Steel Co.
stock In addition to the regular quarterly 2;4% dividend, both payable first M.5%
guaranteed bonds (V. 95, p..986).
forthwith, making a total of 1234% for the year. In 1911, in addition to
Unfilled Orders Oct. 31.—See "Trade and Traffic Movetho regular 10% payments, 33 1-3% was disbursed (in Nov.) in common
stock. Compare V. 93, p. 1469.—V. 94, p. 127.
ments" on page 1311.—V.95, p. 1203, 1126.
Shreveport (La.) Gas, El. Lt.& Pow. Co.—Control.—
Utah Consolidated Mining Co.—Dividend Increased.—
meo Southwestern Gas & Electric Co. below.—V. 93, p. 1105.
A dividend of $1 per share (20%—par $5) has been declared on the $1.Southwestern Gas& Electric Co. (of Dela.), Chicago. 500,000 capital stock,
payable Dec. 17 to holders of record Nov. 23, comBonds Offered in Holding Company Controlled by the Dawes paring with 50 cents on May 6 last and 50 cents on Nov. 14 1911, the lastsince Jan. 1910.
Interests of Chicago.—Cooke, Holtz & Co. and the bond de- named being the first distribution
Record (Per Cent).
partment of the National City Bank and the Union Trust 1901 1902 1903 1904Dividend
1905 1906 1907 1908 1909 1910 1911 1012
60 s70 100 140
- 64
48.8
40
40
Co.. all of Chicago, are offering by adv. on another page, —V.
10
10
30
94,
---p. 1314.
at O332 and in,
t. netting over 53/2%, the unsold portion of
Walter A. Wood Mowing & Reaping M. Co.—Called.
the present (first) issue of $2,133,000 "first and refunding"
Twentyssix
1st ref. M.6% gold quads dated June 1 1905, for
mtge. 20-year 5% sinking fund gold bonds. This new hold- payment at par($26.000)
& int. on Dec. 1 at Security Tr. Co. of Troy.—V.93.p. 1480
ing company, organized by the Dawes Bros. interests of
Ward Bread Co., New York.—Acquisition.—
Chicago, which have long been engaged in operating pubThe company has purchased the property of the Mange's & Schmidt
lic utility corporations in various sections of the U. S., was Co. (bakers) of Newark, N. J., which was organized
in 1877. Details
incorporated in Delaware on July 1 1912 with $5,500,000 are withheld.—v. 95. p. 1213, 366.
of auth. capital stock, as shown by the records of the CorWisconsin Edison Co., New York.—Earnings,&c.—
As noted last week (p. 1279), the North American Company has organized
poration Trust Co. The bankers who offer the bonds report this
new corporation to take over the North American's holdings in Milin substance:
waukee and other Wisconsin public utilities, the present capitalization to
Sherwin-Williams Co., Cleveland.-2
Dated Oct. 11912, due Aug. 11932. Redeemable on any interest date be $1,000,000 of the $10,000,000 auth. 6% cum. pref. stock, par $100 a
at 10234 and int. Interest payable P. & A. at Central Trust Co. of 1111- share, and all of the 200,000 shares of common stock. The officials now
nols, Chicago, the trustee. l'ar $500 and $1,000 (0), with privilege of report:
registration as to principal.
"Ono of the most interesting features is the fact that the shares of comCapitalization as Reported by Company at the Dale These Bonds Were Issued. mon stock have no nominal or par value. Provision for this class of stock
was
made in a law passed by the N. Y. Legislasuro early in the year. In
Common stock authorized; $3,000,000; outstanding
-$2,242,000
the Present instance one share of common stock represents one two-hunPreferred stock authorized; $2,500,000; outstanding
,
1,174000
drtmd-thousandth of the value of the assets of the corporation over and above
Shreveport Gas, El. Lt. & l'ower Co. 5s, duo Oct. 1 1922 (closed
those required to liquidate any indebtedness and provide for the preference
mortgage)(V. 90, p. 703 V. 93, p. 1195)
423,500 at
par of the preferredstock. President Taft's Commission on Railroad SeTexarkana Gas & El. Co. 58, due July 1 1930,(closed mortgage)
curities has placed its stamp of authoritative approval on this form of
(V. 91, p. 721 V. 95, p. 622)
413,500 corporate
security."
First and refunding M. sinking fund 5s auth., $7,500,000; outConsolidated Income Account Year Ended Sept. 30 1912.
standing, this issue
2,133,000
[Embracing the companies whose stock is owned by the Wisc. Edison Co.!
Escrow bonds may be issucs1 only for 80% of the actual and reasonable
cost of permanent extensions, enlargements and additions, under conserva- Grass revenue
$7,628,057
!Interest charges
31,198,
157
Net (after taxes)
tive restrictions.
$3,240,831 Div. on pref. stk. not owned 270,000
Balance,
after
all
charges
underlying
the pref. divs. ($60,000)
Earnings, &c., as Reported by Company and Verified by Audit Company of
of Wisconsin Edison Co
$1,772,674
Illinois—Year Ended Sept. 30 1912.
The subsidiary companies have appropriated out of Income for depre0Toss earnings
$862,1211 int, on bonds now out
8150,000 ciation $834,835, which is not included
in
Net, after taxes
8443.719 Surplus
$293.719 in income account above.—V. 95, p. 1279. operating expenses as set forth
Condensed Data from Letter of Pres. Henry M. Dawes, Chicago.
Shreveport and Texarkana, tho two principal cities served by the company, arc important financial, railroad, commercial and manufacturing
—Kissel, Kinnicutt & Co., of New York, Chicago and
centres, and are distributing points for a rich territory having a population
of more than 1,000,000. The properties of the company represent a cost Hartford, and Kidder, Peabody & Co., of Boston and
New
to the present owners of more than $1,000.000 in excess of the total bonded
debt, including this issue. Under the terms of the trust deed, the com- York are advertising in to-day's "Chronicle" for investment
pany must make annual payments into a sinking fund, amounting during $4,500,000 Portland Terminal Co. 1st mortgage 4% b
=lads,
the life of the bonds to 81,200,000, to be used in retiring bonds or for exdue 1961, at 92 and interest, yielding over 4.40%. Paytensions, enlargements and additions on. account of which no new
bonds
may be issued. The net earnings are nearly three times the total annual
ment
of principal and interest is guaranteed by the Maine
bond interest charge. The company operates under favorable franchises
hese
extending many years beyond the life of these bonds. .Compare Metro- Central RR. Co. by endorsement on each bond.
politan Gas & Islectric Go. in V.91, p. 720; V.94, p. 355.
obligations are stated to be a legal investment for savings
banks in Mass., Maine and New Hampshire, and are declared tax-exempt in Maine to individuals and trustees.
See page advertisement elsewhere in this issue and our
"General Investment News" department for all details.
—At 943/i and interest, to yield the investor about 5.75%
Texarkana Gas& Electric Co.—Control.—
income, Spencer Trask & Co., 43 Exchange Place, and the
Sea Southwestern Gas & Electric Co. above.—V. 95, p. 622.
Guaranty Trust Co., 28 Nassau St., this city, are together
Tobacco Products Corporation, N. Y.—New Director.
George L. Storm has been elected a director and a Vice-President of offering $4,481,000 Central States Electric Corporation
this company and has retired as officer and director from the United Cigar 10-year 5% secured notes. This issue is secured by over
Manufacturers Co., George L. Storm & Co. and the Spietz & NVorch Co. 70% of the entire
outstanding amount of the Cleveland
of Detroit. See V. 95, p. 1212.
Illuminating Co. common stock, conservatively
United Gas Improvement Co.—New Director Elected.- Electric
1._:ffinghani 13. Morris. President of the Girard Trust (30., Phila., has valued at $6,900,000, the common stock of which company
been elected a director to succeed Clement A. Griscom, deceased.—V. 95, ($7,339,400) has received uninterrupted dividends since
p. 822. 465.
1902, the present rate of 8% having been paid since 1904.
United States Motor Co.—Decision.—Judge Hough in For all the features of the Central States Electric investthe U. S. District Court in this city on Nov. 12 denied the ment, consult to-day's advertisement and our "General
application of representatives of several groups of minority Investment News" department.
stockholders to intervene in the suit which resulted in the
—In our advertising columns to-day, Lee, Higginson & Co.
appointment of receivers. This will:facilitate reorganization. and Kissel, Kinnicutt & Co. are jointly offering
for investJudge Hough on Monday next will set a date of sale of the ment $5,220,000 New York Central & Hudson
River
RR.
properties, which, it is stated, will probably be between Co.'s Boston & Albany
43-% equipment trust certificates
.Jan. 1 and 15.
prices
1912
to
at
yield
of
approximately
4.58%.
See
adTho Court also denied an application
behalf of minority stockholders
of the Columbia AIotor Car Co. for theonelimination
of that company, as vertisement and our 'General Investment News" departa subsidiary, from tho proceedings, on the grounds that
it was presumably. ment for further particulars.
solvent. Tho Court expressed the opinion that where one
corporation
haS so managed, or mismanaged
—Chisholm & Chapman, 71 Broadway, members of the
(without allegations of conscious dishonesty) the affairs of another as to
produce inability to pay obligations, New York Stock Exchange, have opened a branch
office in
anti whore a largo part of the assets of the controlling corporation
of stock in the managed corporation, the official willingness of theconsist
direc- the Citizens' Central Bank Building, 320 Broadway, corner
tors of the latter to become parties to a suit against the controlling corporation binds the stockholders, even though the managed corporation may be of Pearl St., under the personal managment of Harrison
Kinner. The firm also has branches at 500 Fifth Ave., and
Individually solvent. 'rho action of the various defendant companies
answering time complaint brought. by tho Browne & Sharpe Mfg. Co. in at the new Vanderbilt
Hotel, 34th St. and Fourth Ave.
of
Rhode Island practically constituted, it is stated, a waiver of jurisdiction,
which bound the stockholders and made applications to intervene un—O'Connor & Kahler,49 Wall St., N. Y., and the Rooknecessary and improper.
ery Chicago, are advertising
attractive list of municipal
Acquisition—New President.—The bankers interested in bonds in this issue which willan
yield 4.35 to 4.80% income.
reorganization
have,
it
is
the
announced, arranged to take Special circular on application.
Standard Oil Co. of California.—$2 50 Dividend.—
A'clividend of 82 50 per share (par 8100) has been declared payable
Dec. 18 to holders of record Dec. 2. The last previous disbursenaont was
in 1910, prior to the disintegration of the Standard Oil Co. of N. J. The
stock was recently increased from $25,000,000 to $45,000.000. Compare
V. 95,p. 425, 301.
Lxxxxv.
THE CHRONICLE
1336
Sorts anti parnments.
THE COLORADO & SOUTHERN RAILWAY COMPANY
THIRTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1912.
COLORADO & SOUTHERN LINES.
Composed of
THE COLORADO & SOUTHERN RAILWAY CO.
THE COLORADO RAILROAD CO.
THE DENVER & INTERURBAN RAILROAD CO.
THE COLORADO SPRINGS & CRIPPLE CREEK DISTRICT
RAILWAY CO.
'
FORT WORTH & DENVER CITY RAILWAY CO.
THE WICHITA VALLEY RAILWAY CO.
WICHITA FALLS & OKLAHOMA RAILWAY CO.
WICHITA VALLEY RAILROAD CO.
STAMFORD & NORTHWESTERN RAILWAY CO.
ABILENE & NORTHERN RAILWAY CO.
FORT WORTH & DENVER TERMINAL RAILWAY CO.
Chicago, July 1 1912.
To the Stockholders of the Colorado & Southern Railway Co.:
Herewith is submitted the Thirteenth Annual Report of
this Company for the year ended June 30 1912.
There are included the reports of A. D. Parker, VicePresident, and J. H. Bradbury, General Auditor.
By order of the Board of Directors,
DARIUS MILLER, President.
Denver, Colo., July 1 1912.
Mr. D. Miller, President, Chicago, Ill.
Dear Sir-I herewith submit the report for the fiscal year
ended June 30 1912, which report combines the operations
and affairs of the lines operated by the companies named,and
which are herein designated as the "Colorado & Southern
Lines."
During the fiscal year from November 1 1911, the entire
line of The Colorado Springs & Cripple Creek District Railway was leased to The Florence & Cripple Creek Railroad
Company for the purposes of operation, and the results of
operation of this line are therefore included in the following
statements for a period of four months, as compared with
twelve months of the previous year. For the remaining
eight months the return from this property is treated as
rental received.
COLORADO & SOUTHERN LINES,
YEARS ENDED JUNE 30.
100.00
11.73
18.14
1.69
33.87
3.45
68.88
31.12
$67,273 33
73,550 56
649,290 63
718,073 52
82,262 71
43,460 56
36,820 09
35,858 52
48,400 00
148,036 78
142,393 21
Structures and Machinery
Substituting Permanent Bridges for Wooden Ones
New Line-Southern Jct. to Walsenburg Jet
New Line-Wellington to Cheyenne
Betterments to Line, Fort Collins to Dixon
Additional Spur and Industry Tracks
Additional Yard Tracks and Sidings
Purchase of Land-Denver
Purchase of Land-Cheyenne
Various Other Additions and Betterments
Additional Equipment
During the fiscal year the deficit from operations of The
Trinity & Brazos Valley Railway Company was made up
equally by The Chicago Rock Island & Pacific Railway
Company and the Colorado & Southern Railway Company.
Ballasting with shell between Belt Junction and Tomball is
now going on and during the next fiscal year permanent
bridges will be substituted for many of the present piling
bridges on the line. Additional extensions and improvements to the Houston Terminals have been authorized, including the construction of two additional stories to the
passenger depot.
The following statistical tables have been compiled in the
form required for the Annual Report of Carriers to the InterState Commerce Commission
CAPITALIZATION.
CAPITAL STOCK.
Dividends Declared
Per Cent
During the Year.
Total
Number
of Total
OPERATING
Par Value
of
Designation.
Operating
1911.
REVENUES.
Shares. Outstanding. Rate. Amount.
Revenues.
310,000 $31,000,000 00 2% $620,000 00
Freight Revenue
$11,120,361 01 70.27 C & S. Ry. Common
340,000 00
3,870,671 92 24.46 0.& S. Ry. First Preferred.. 85,000 8,500,000 00 4%
Passenger Revenue
340,000 00
1.37 C.& S. Ry. Second Preferred.. 85,000 8,500,000 00 4%
Mail Revenue
216,068 73
RR
Colorado
5
1.77
280,613 32
Express Revenue
Denver & Interurban RR_
7
Miscellaneous Transportation
11
)
ir13
C.D. Ry.Common_
9
1.68
265,927 08
Revenue
F. W. & D. C. By., including
Revenue from Operations
23,540 00
$21,940 00 "Stamped"
235
.43
67,508 78
other than Transportation..
80,750 26
900 00
9
.02 W. V. By
2,913 67
5,144 57 Joint Facilities
W F. & 0 Ry
900 00
9
W. V. RR
9
900 00
$13,959,975 68 Total Operating Revenues.._..$15,824,064 51 100.00 A.
&N Ry
900 00
9
OPERATING EXPENSES.
S. & N. W Ry
00000
9
$1,637,316 29 Maintenance of Way and
00000
F.
&
W.
T.
D.
Ry
9
$1,688,223 20 10.67
Structures
2,532,180 64 Maintenance of Equipment.._ 2,779,142 78 17.56
Total
480,310 $48,031,040 00 ___ $1,300,000 00
1.51
239,692 26
236,126 75 Traffic Expenses
FUNDED DEBT.
4,728,764 59 Transportation Expenses_ _ 5,112,951 78 32.31
514.101
Expenses
32
3.25
General
TotalPar Value
482,065 57
Interest AcIn Treasury
In Hands crued During
or Pledged
$9,616,453 84 Total Operating Expenses..--$10,334,111 34 65.30
OutstandYear.
as Collateral.
of Public.
ing.
Designation.
$5,489,953 17 34.70
$4,343,521 84 Net Operating Revenue
Mortgage Bonds24,522 80 Net Deficit from Outside
19,402,000 00 776,080 00
O.& S. First_ _4% 19,402,000 00
Operations
33,285 20
0 & S. Refunding and
$5.456,667 97
$4,318,999 04 Total Net Revenue
Extension.1;,i% 33,451,765 31 2,617,865 31 30,803,900 00 1,367,346 51
478,323 05
511,470 31 Taxes Accrued
C.S.& C.C.D.
80,893 33
1,601,000 00
5% 1,604,000 00
First
$4,978,344 92
$3,807,528 73 Operating Income
C.S.&C.O.D.
First ConOTHER INCOME.
68,950 00
1,379,000 00
solidated _5% 1,379,000 00
$42,920 85
$176,946 41 Rents
F. W.& D. C.
602,300 10
613,327 89 Miscellaneous Interest
8,176,000 00 490,560 00
First
6% 8,176,000 00
F. W.& D.T.
645,220 95
$790,274 30 Total Other Income
18,000 00
300,000 00
728,000 00 428,000 00
First
6%
Leaseg_guipment
Gross
Corporate
Income..__ $5,623,565 87
$4,597,803 03
Deferred Rentals.
DEDUCTIONS FROM GROSS
28,350 00
516,000 00
516,000 00
C.& S.,Series"A"
CORPORATE INCOME.
C. & S., Series
$162,863 55 Rents
$471,846 44
5,449 10
50
90,673
90,673 50
"Pullman"
959 68
887 68 Miscellaneous Interest
F. W. & D. C.,
2,876,854 82 Interest Accrued on Funded
10,400 00
00
156,000
00
"A"
156,000
Series
2,8L1,68234
Debt
F. W. & D. C..
8,089 35 Extinguishment of Discount
10,449 95
190,000 00
Series "B"
190,000 00
6,035 10
on Securities Sold
F. W. & D. C.,
34,399 94
49,140 01 Sinking Funds
18,290 23
303,005 04
Series"Pullman" 303,005 04
F. W. &D. 0.,
$3,324,973 50
$3,097,835 41 Total Deductions
2,166 70
00
26,000
Series "1908"
26,000 00
$2,298,592 37
$1,499,967 62 Net Corporate Income
54 2,876,85482
62,946,578
31
3.075,865
Total
85
---------66.022.443
$1,300,000 00
1,300,000 00 Dividends
Per Cent
of Total
Operating
1912.
Revenues.
70.56 $9,850,048 55
23.26 3,246,772 74
216,282 70
1.56
1.89
263,861 93
297,114 93
2.13
.57
.03
The outstanding Capital Stock was reduced by the purchase of 19.44 shares, par value $1,944 00,"Stamped Stock"
of Fort Worth & Denver City Railway Company.
There were sold from the treasury of the Company $1,548,000 00 face amount of Refunding and ExtensionMorgtgage
Bonds; the proceeds of which reimbursed the treasury for
expenditures made for new lines, equipment and additions
and betterments.
There were charges to Capital Account aggregating $2,045,419 91 for additions to the property. Of this amount
there was expended for:
$199,967 62 Surplus
MILEAGE.
$998,592 37
The percentage of Operating Revenues required for Operating Expenses was 68.88%, as compared with 65.30% in
the previous year, and the proportion of the Gross Corporate
Income required for Interest on Funded Debt was 62.57%,
as compared with 49.99% in the previous year.
During the fiscal year, Refunding and Extension Mortgage
Rands of this Company were issued to cover expenditures for:
Additions and Betterments for the Calendar Year 1911
$1,117,240 00
Purchase of Securities of The Colorado Railroad Company_._ 3,061,085 95
$4,178,325 95
And Refunding and Extension Mortgage Bonds were retired
33,000 00
from proceeds ofsale ofsecurities pledged with the Trustee..
First Mortgage Bonds of 0. S. & O. C. D. By. Co. were re34,000 00
tired through Sinking Fund
375,226 18
Deferred Rentals under Equipment Leases were discharged
Making the net increase in Mortgage, Bonded and Secured
$3,736,099 77
Debt
---
0.8.&c.
State.
Wyoming
Colorado
New Mexico
Texas
MILEAGE OF ROAD Ol'ERATED.
Total •
- Operated Owned
Line Owned
Under But Not Line
Main Branches
Lease. Operated. Operated.
Line. and Spurs. Total.
166.46
166.46
166.46
5.64- 167.33 852.39
97.13 1,014.08
916.95
83.28
83,28
83.28
711.04
71104
711.04
1,877.73
State.
Wyoming
Colorado
New Mexico
Texas
Single
Track.
166.46
1,014.08
83.28
711.04
1,974.86
97.13 1,974.86
5.64 • 167.33 1,813.17
Constructed
During YearLine Owned
Main Yd. Track
Second Yard Track
Line. & Sidings. '
Track. & Siding's. Total.
.94
16.67 183.13
12.40
16.29
66.20
2.68 320.13 1,336.89
9.67
92.95
123.99 835.03
17.23
78.60
2.68 470.46 2,448.00
Nov.1619121THE
CHRONICLE
EXPENDITURES FOR NEW LINES AND EXTENSIONS AND EQUIPMENT, AND FOR ADDITIONS
AND BETTERMENTS, DURING THE YEAR.
Account.
New Lines and Additions and
Total
Extensions.
Betterments. Expenditures.
1.-ROADEngineering
Right of Way & Station Grounds
Real Estate
Grading
Bridges, Trestles and Culverts_
Ties
Rails
Frogs and Switches
Track Fastenings and other
Material
Ballast
Track Laying and Surfacing.. _ _
Roadway Tools
Fencing Right of Way
Crossings and Signs
Interlocking and other Signal
Apparatus
Telegraph and Telephone Lines_
Station Buildings and Fixtures_
Shops,Engine Houses and Turn
Tables
Shop Machinery and Tools
Water Stations
Fuel Stations
Electric Power Transmission..
Mixcelianeous Structures
Rent of Equipment
Repairs of Equipment
Earnings and Operating Expenses during Construction.._
Injuries to Persons
$16,447 89
960 76
2,484 50
269,505 09
79,097 92
219,803 26
222,635 14
4,058 61
$12,070 88
63,535 62
65,037 00
28,001 28
99,872 35
17,774 73
40,563 84
6,373 76
$28,518 77
64,496 83
67,521 50
297,506 37
178,970 27
237,577 99
263,198 98
10,432 37
78,429 32
96,750 81
112,260 65
2,195 52
12,623 35
861 81
32,806 52
22,359 93
59,753 36
901 01
1,711 50
2,315 62
111,235 84
119,110 74
172,014 01
3,099 53
14,334 85
3,177 43
779 46
6,312 68
15,970 79
1,78801
48 81
26,744 25
2,56747
6,361 49
42,715 01
Carried forward
13311
$13,077,579 66
Other InvestmentsAdvances to Proprietary, Affiliated and Controlled Companies for Construction,Equipment and Betterments
Miscellaneous InvestmentsPhysical Property
$4,710 00
Securities Unplefted
53 00
$107,393 17
4,763 00
Total
Working AssetsCash
Securities Issued or Assumed, Held in TreasuriesFunded Debt
Traffic and Car-Service Balances Due from Other Companies
Net Balance Due from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
Other Working Assets
Total
Accrued Income Not DueUnmatured Interest, Dividends and Rents Receivable_ _
$112,156 17
$747,226 16
3,075,865 31
294,023 76
169,628 31
379,101 73
1,278,760 16
8,208 70
$5,952,814 13
$284,965 20
21,335 16 Deferred Debit ItemsCr.580 37
Advances64,545 44
75.562 07
Temporary Advances to Proprietary, AfCr.2,717 38
filiated and Controlled Companies...._
247,983 80
10,935 00
Working Funds
787 18
19,362 38
21,537 04
Other
Advances
521,991 98
70,651 98
70,651 98
12,478 94
12,478 94 Re
and Insurance Paid
nt
in Advance
s5
1,
756
62
69
$77
66
20
Unextinguished
234,677 84
Cr.187 42
Cr.187 42 Special DepositsDiscount on Funded Debt
6,025 21
253 87
253 87 Cash and Securities in Sinking Funds
157.08
79
1
22
524
Total
$1,308,282 75 $523,825 17 $1,832,107 92 Other Deferred Debit Items
Total
$1,190,639 66
II.-EQUIPMENTSteam Locomotives
Grand Total
$127,405,609 85
$5,991
77
$5,991
77
Passenger Train Cars
Cr.2,184 23 Cr.2,184 23
Freight Train Cars
123,677 04
123,677 01
Work Equipment
14,908 63
14,908 63
LIABILITIES.
StockTotal
$142,393 21 $142,393 21 Capital
Common
$31,031,040 00
Preferred Stock
17,000,000 00
111.-GENERAL EXPENDITURES-Total
848,031.040 00
Stationery and Printing
$118 90
$25 50
$144 40
Insurance
Cr.38 75
Cr.38 75 Mortgage, Bonded and Secured DebtTaxes
24 01
86 77
110 78
Funded DebtInterest and Commissions
55,954 43
10,646 51
66,600 94
Mortgage Bonds:
Other Expenditures
3,022 81
1,078 60
4,101 41
Held by Companies
$3,075,86531
Not Held by Companies
61,664.900 00
Total
$59,081 40
$11,837 38
$70,918 78
$64,740,765 31
Equipment Trust Obligations
1,281,678-54
Grand Total
$1,367,364 15 $678,055 76 $2,045,419 91
Total
$66,022,443 85
EQUIPMENT.
Aver. Trac- Working LiabilitiesNo.
No.
No. title Pow.All
Traffic and Car-Service Balances Due to Other Companies
$296,276 70
No. on Added Retired
on
Locomotives
Audited Vouchers and Wages Unpaid
ITEMS.
1,147,747 94
June 30 During During June 30 & Average
Matured Interest, Dividends and Rents Unpaid
92,595 25
1911.
Year.
Year. 1912. Capacity all
Other Working Liabilities
Locomotives-Owned20,480 93
Fri Cars.
Passenger
____
75
2
73
Freight
Total
81,557,100 82
201
1
200
Switching
47
2
45
1ccrued Liabilities Not DueTotal
323
5
318 29,420 lbs.
Unmatured Interest, Dividends and Rents Payable.. _
$628,922 85
Cars OwnedTaxes Accrued
336,963 69
Passenger ServiceFirst-class Cars
102
102
Total
$965,886
54
Second-class Cars
31
31
Deferred Credit ItemsCombination
48
47
1
Other Deferred Credit Items
$167,762 67
Dining Cars
9
9
Baggage, Express and PosProfit and Losstal Cars
48
48
Balance
Motor Cars, Electric
810.661,375 97
21
21
Other Cars in Passenger
Grand
Total
Service
$127,405,609
85
29
29
Total
288
287
1
Freight ServiceBox Cars
INCOME ACCOUNT.
5,090
88 5,002
Flat Cars
185 . ---6
169
22
Stock Cars
1,593
17
1,576
OPERATING INCOME.
Coal Cars
2,164
22 2,147
5
Tank Cars
11
100
_
111
Rail OperationsRefrigerator Cars
84
4
80
Operating RevenuesOther Cars in Freight Ser
Revenue from Transportationvice
1,788
4
8
1,784
Freight
$9,850,048 55
Passenger
3,246,772 74
Total
10,915
115
161 10,869 33.05 tons
Excess Baggage
32,763 44
Company's ServiceMail
216,282 70
Officers' and Pay Cars
9
9
Express
263,861 93
Derrick Cars
6
Other Passenger Train.. _ _ _
1,551 11
Caboose Cars
144
143
1
Switching
247,319 35
Other Road Cars
330
12
318
24
Special Service Train
12,436 61
Miscellaneous TransportaTotal
489
13
25 • 477
tion
3,044 42
Total Cars Owned
11.692
128
187 11.633
$13,874,080:85
Revenue from Operations Other than
Following is the report of the General Auditor, with stateTransportationStation and Train Privileges
22,673 87i
ments prepared by him.
Parcel Room Receipts...._ _
661 88
Storage Freight
3,599 30
Respectfully submitted,
Storage Baggage
2,312 48
Car Service
A. D. PARKER,
41,281 34
Telegraph and Telephone
Service
Vice-President.
2 59
Rents of Buildings and
Other Property
6,185 38
BALANCE
GENERAL
SHEET.
41; .
Miscellaneous
4,033 42
JUNE 30 1912.
80,750 26
Joint Facilities Cr
5,144 57
ASSETS.
Total Operating Revenues
$13,959,975 68
Property Investment-Road and EquipmentOperating ExpensesRoad
$93,583,544 38
Maintenance of Way and
Equipment
15,466,973 09
Structures
81,637.316 29
Maintenance of Equipment_ 2,532,180 64
$109,050,517 47
Reserve for Accrued Depreciation-Credit
Traffic Expenses
2,263,062 31
236,126 75
Transportation Expenses_ _
4,728,764 59
Total -------------------------------------- _
General Expenses
$106,787,45i 13
482,065 57
9,616.453 84
SecuritiesSecurities of Proprietary, Affiliated and Controlled ComNet, Operating Revenue
*4,343,52184:
. 5 r I Danies--Pledgedoutside OperationsStocks
$1,431,865 51
Funded Debt
8,808,404 40
Revenues
$86,570 35
Expenses
111,093 15
Securities of Proprietary, Affiliated and Controlled Com- $10,240,269 91
pantes-Unpledgedfrom
Deficit
Net
Outside Operations
24,522 80
Stocks _
--- $108,873 65
Funded ------------------------2,728,436 00
Total Net Revenue
4,318,999 04
Accrued
2,837,309 65 Taxes
511,470 31
Total
Operating Income
$13,077,579 56
$3,807,528 73
21,335 16
Cr.580 37
11,016 63
Cr.2,717 38
10,935 00
2,174 66
[VoL.
THE CHRONICLE
1338
DISPOSITION OF NET CORPORATE INCOME.
Dividends-DeclaredOn Common Stock2 per cent, payable Dec. 30 1911
$620,000 00
On First Preferred Stock2% payable Oct. 1 1911_ _ $170,000 00
170,00000
2%,payable Apr. 1 1912_
340,000 00
On Second Preferred Stock2',payable Oct. 1 1911- $170,000 00
2% payable Apr. 1 1912_ - 170.00000
340,000 00
1,300.000 00
OTHER INCOME.
l
Rents Ascrued from Lease of Roads
3132,547 63
Other Ron ts-CreditsJoint Facilities
$29,919 49
Miscellaneous Rents
14,479 29
44,398 78
Dividends Received on Stocks Owned or
Controlled
23,000 00
Interest Accrued on Funded Debt Owned or
Controlled
491.667 39
Interest on Other Securities, Loans and
Accounts
96,539 85
Separately Operated Properties-Profit
2,120 65
790,274 30
Balance for Year Carried Forward to Cred.Profit and LOSS
$199,967 62
Osman Corporate Income
$4,597,803 03
DEDUCTIONS FROM GROSS CORPORATE INCOME.
Rents Accrued for Lease of Other Roads__ _ _
$13,453 72
. her Rents-Debitshire of Equipment-Balance $86,947 43
Joint Facilities
48,221 38
Miscellaneous Rents
14,241 02
149,409 83
Interest Accrued on Funded Debt
2,876,854 82
Other Interest
887 68
8,089 35
Extinguishment of Discount on Securities. _
49,140 01
Sinking Funds Chargeable to Income
3,097,835 41
PROFIT AND LOSS ACCOUNT.
CreditBalance June 30 1911
$10.337,997 88
Balance for Year brought forward from Income Account
199,967 62
Additions for yearMiscellaneous Credits
168,514 55
$10,706,480 05
DebitDeductions for YearMiscellaneous Debits
45,104 08.
Balance Credit, June 30 1912
Net Corporate Income
$10,661,375 97
$1,499,967 62
THE AMERICAN COTTON OIL COMPANY
ANNUAL REPORT-FOR THE FISCAL YEAR ENDED AUGUST 311912.
Executive Offices, 27 Beaver Street,
New York, November 11 1912.
4'e-tits Stockholders of The American Cotton Oil Company:
The Directors herewith submit their Report and Statements of Account for the fiscal year ended August 31 1912,
being the Twenty-third Annual Report of the Company.
SIIARE CAPITA!..
The amount of the Capital Stock, issued and outstanding,
is unchanged, viz.: Common Stock, $20,237,100; Preferred
Stock, $10,198,600.
DEBENTURE BONDS.
The total amount of Gold Debenture Bonds outstanding
is $10,000,000, thus:
85,090.000 maturing November 1 1915 and bearing interest at 434 per cent
per annum, payable quarterly;
5.099.000 part of an authorized issue of $15,000,000 Five Per Cent Gold
"lends, bearing date of May 1 1911 and maturing in twenty
years, interest payable semi-annually on the first days of May
and November.
Of the amount authorized. and unissued:
35,000,000 are set aside for the retirement of the Debenture Bonds maturing
November 1 1915;
5,000,000 are reserved for the future uses of the Company.
• CAPITAL, LIABILITIES AND ASSETS AUGUST 31 1912.
CapitalCommon Stock
$20,237,100 00
Preferred Stock
10,198,600 00
Total Share Capital
Debenture Bonds
$30,435,700 00
10,000,000 00
$40,43i,700 00
Current LiabilitiesBills Payable
None
Commercial accounts and Reserves for Con$1.358,367 30
tingencies
Interest accrued upon Debenture Bonds
102,08.3 33
Preferred Stock Semi-Annual Dividend No.
42, payable December 2 1912
305,958 00
1,766.408 63
Total
$42,202,108 63
AssetsReal Estate, Buildings, Machinery, etc., based onthe valuation August 31 1892, with subsequent additions..
$14,842,844 06
Cash in Banks
$3,153,667 53
Bills and Accounts Receivable and advances
for Merchandise
4,898,909 72
Marketable Products, Raw Materials and
Supplies on hand available in the business
5,289,857 06
13,342,434 31
Quick Assets
$28,185,279 27
Balance, representing good-will, contracts, leases, trademarks, patents, processes, brands and kindred assets of
an established business
14,016,829 36
Total
342,202.108 63
ALL PROPERTIES FREE FROM LIEN.
All the properties are absolutely free from mortgage or
other lien.
PROFIT AND LOSS.
The Profits for the year amounted to
DEX1110t Debenture Bond interest
Net Profits
$2,401,498 17
475.000 00
31,926,498 17
The losses from bad debts during the year amounted to
less than one-sixth of one per cent on the total volume of
sales.
PERMANENT INVESTMENT ACCOUNT.
There has been expended during the year the sum of
$670,435 72 for additions to the properties, including Real
Estate, Crushing Mills rebuilt, Cotton Ginneries, Fertilizer
Mixing Plants, Seed Houses and other Warehouses, and for
increased capacity of Crushing Mills, Refineries and Soap
Plants.
From this has been deducted the amounts collected from
the Insurance Companies for Crushing Mills and other properties destroyed by fire, and from sales of real estate, old
machinery, buildings, etc.; also differences between book
and insurance valuation of properties; aggregating $446,988 11, leaving the net increase to Permanent Investment
Account $223,447 61.
REPAIRS AND MAINTENANCE OF PROPERTIES.
The properties have been maintained during the past year
by the expenditure of $597,705 99, of which $592,840 95
has been charged to Operating Expenses for the same period
and $4,865 04 has been charged against the Reserve Fund
for Replacements.
WORKING- CAPITAL.
The Net Working Capital of the Company on August 31
1912 was $11,576,025 68, o which $3,153,667 53 was Cash
in:Banks and $8,422,358 15 was Bills and Accounts Receivable, Marketable Products, Raw Materials and Supplies,
after deducting Current Liabilities.
In 1911, when $5,000,000 Five Per Cent Gold Bonds were
issued, the Company announced that $2,000,000 to $3,000,()00 would be used for development work and additions.
These are under way at various points, and plans are being
matured for increased manufacturing facilities.
GENERAL PROFIT AND LOSS ACCOUNT OF ALL THE
PROPERTIES AUGUST 31 1912.
Cr.
Balance of General Profit and Loss Account August 311911,
as per Twenty-second Annual Report
$8,361,462 49
Difference between book and appraised values of properties
98,004 21
dismantled or destroyed by fire
18,263,458 28
Profits of the Manufacturing and Commercial business a this
Company and of the Corporations in which it is interested
for the year ended August 31 1912, after charging off all
expenses of Manufacturing and Operation, Repairs of
Buildings and Machinery, Bad and Doubtful Debts,
Expenses of Administration, etc
2,401,498 17
510,664,956 45
DeductInterest on Debenture Bonds
Semi-Annual Dividends on Preferred Stock:
3%
Paid June 1,1912
3%
Payable Dec. 2 1912
$475.000 00
305.958 00
305,958 00
1,086,916 00
•
Balance of General Profit and Loss Account August 31 1912,
invested as per Statement of Capital, Liabilities and As89.478,040.45
sets (as above)
PRICE, WATERHOUSE & CO.
Chartered Accountants,
54 William Street.
New York, November 7 1912.
To the Board of Directors of The American Cotton Oil Company:
We have audited the books and accounts of The American
Cotton Oil Company (of New Jersey), and of the following
Corporations in which it is interested, for the year ending
August 311912:
The N. K. Fairbank Company,
The Union Oil Company (Now Jersey),
Union Oil Company (Rhode Island),
Tennessee Cotton Oil Company,
Mississippi Cotton Oil Company,
Capital Fertilizer & Manufacturing Company,
Arkansas Cotton Oil Company.
We have also audited the financial statements signed by
officials of the remaining Corporations in which it is interested, and whose accounts are embodied in the foregoing'
summaries of Capital, Liabilities and Assets and of General
Nov. 16 1912.]
1339
THE CHRONICLE
Profit and Loss Account, and we find these summaries to be
in accordance with such books and statements.
During the year only actual additions and permanent improvements have .been charged to Permanent Investment
Account. All expenditures for repairs and maintenance,
amounting to $597,705 99, have been charged to Expense
Account or against funds created out of earnings,but no provision has been made for depreciation, the Executive Officers
of the Company considering that the expenditures made
during the year and in ,previous years render - any such .provision unnecessary.
The inventories of stocks on hand as certified by the responsible officials have been carefully and accurately valued
at prices not in excess of•either cost or market; full provision
has been -made for bad and doubtflil Accounts and Notes
Receivable; and we have verified the cash and securities by
actual inspection or by certificates from the depositaries.
We certify that in our opinion the foregoing statements
show the true financial position of:the Companies at August
31 1912 and the results of the operations thereof for the fiscal
year ending at that date.
PRICE, W.A.TERIIOUSE & CO.
Chartered Accountants.
hc Toinnternal,
fgintes.
COMMERCIAL EPITOME.
Friday Night, Nov. 15 1912.
Continued activity in most, if not all, the great avenues
of business in this country is still a noteworthy feature of the
times. Bank exchanges continue to show increases over
last year and the year before. The transactions in iron and
steel are so large as to mark practically a new era in the
business. The textile industries show a degree of activity
that excites comment. Speculation as a rule is not active.
Money continues firm the world over. But the Balkan situation seems less threatening, and the English crisis has not
resulted in the downfall of the Liberal Ministry.
LARD has been stronger; prime Western $11 65; refined
Continent $11 95; South American $12 70; Brazil in kegs
$13 70. Speculation in lard has been on a fairly large scale
and covering by shorts in November and December has latterly caused an advance. Some of the commission houses
at Chicago with a stock yards following have been buying.
Packers have also been at times leaders in the buying, especially of January. There has been some short selling of
distant •months, owing to the decline in corn. Stocks areThe Board of Directors, at the regular monthly meetings said
to be decreasing. Hogs have been advancing.
in :May and November, declared the usual semi-annual
DAILY CLOSING PRICES OF LARD FUTURES IN 01110AGO.
dividends of 3 per cent upon the Preferred Stock, payable,
Wed. Thurs. Fri.
Sat.
Mon. Tues.
respectively,on June 1.and December21912, being the forty- December delivery_cts_10.52% 10.5234 10.65 10.7734 10.9234 10.85
delivery
10.40
10.4234 10.4734 10.6234 10.6234 10.5734
first and forty-second consecutive dividends upon this stock. January
May delivery
10.15
10.15
10.3234 10.20
10.1734 10.30
The Directors have carefully considered the question of
PORK has been irregular; mess $18 75@$19 25, clear
disposition of the surplus earnings of the year, amounting,
after paying interest upon Debenture Bonds and dividends $22 ®$22 50, family $22@$23. Beef was quiet but steady;
for the year upon the Preferred Stock, to $1,314;582 17,.and mess $18@$19, packet $19@$20, family $22@$22 50, extra
have reached the•conclusion that the interest of the share- India mess $37@$38. Cut meats easier; pickled hams, 10
holders and the permanent prosperity:of the:Company will to 20 lbs. 12M ®13Mc.; bellies, clear, f.o.b. N. Y.,6 to 12
/;®15e. Butter, creamery extras, 343/2c. Cheese,
.be best served by utilizing these earnings in the development lbs., 133
State whole,milk, held white, specials, 17M@17Vic Eggs,
of the business of the Company.
The Cotton .Crop, upon which your Company depends for fresh-gathered extras, 38c.®41e.
OIL.-Linseed has been quiet and easier. Seed receipts
the supply of the majorportion of its Raw Material-Cotton
Seed-for the season 1911-12, was the largest in the -history at Duluth have latterly been heavy. City, raw, American
seed, 55e.®56c.; boiled, 56e.®57c.; Calcutta, 70c. Cottonof this -country.
summer white 6@
The large Cotton Crop did not, however, yield to the Oil seed oil stronger; winter 6.40@645c.,@Ile.,
i
Ceylon 9y
/
t
Mills a .proportionately largo quantity of Cotton Seed, be- 6.40c. Cocoanut oil firm; Cochin 103
at 83'@8c. Corn in good
cause in some sections considerable quantities became dam- 93/2c. Chinawood steadyCod
steady at 41 ®43c.
at 5.55 ®5.60c.
aged while being held by the planters for higher prices, and demand
COFFEE has been in light demand; No.7 Rio stil 1474c.
a larger quantity than usual was used for fertilizer and cattle- Mild
grades have been in moderate demand; fair to good
feeding purposes,.being relatively -cheaper than commercial Cucuta
16©16%o. Speculation in futures has been
fertilizers or other available feedstuffs.
The ,stocks of Oil brought over at the beginning of the fairly active, but although prices have at times rallied, the
year were comparatively small,,and, owing to a scarcity of general drift has been downward, partly in sympathy with
other edible fats abroad, there was an urgent demand for a decline in European and Brazilian markets. The BraCotton Seed -Oil during September and part of October, zilian receipts have kept up pretty well, while the American
with a sharp advance in price, which led to excessive prices deliveries from warehouses are running 'behind those of
being paid for Cotton Seed. When this demand was satis- last year. Interior dealers continue the policy of buying
fied, prices for Oil and Cotton Seed receded to considerably only from hand-to-mouth, seeming disinclined to pay much
attention to bullish crop estimates. Europe has been
lower levels than obtained in the previous year.
The Cotton Seed Oil exported by all Refining Companies a seller here. Brazilian cost and freight prices have dewas 1,054,000 barrels, or 65 per cent more than the.previous clined. Large local interests here are believed to have given
support to prices from time to time. Closing prices follows:
year.
_13.39€13.90 July
13.660413.68 March
14.07014.08
The business of the Company in Commercial Fertilizers Nov
Dec
13.61613.62 April _
13.950413.97 Aug
14.09014.11
has increased from year to year, and has.become a consider- Jan
14.02614.03 Sept
13.60613.61 May
14.12014:13
Feb
14.05614.06 Oct
13.60613.61 June
14.12614:13
able factor in the •yearly operations.
SUGAR.-Raw quiet but steady. Receipts at Atlantic
The general depression that ,prevailed during the first six
months of the fiscal year caused consumers to restrict buying ports for the week were rather small, being only 6,434 tons,
and to :practice economies, and dealers reduced their °stocks against 15,734 last week and 22,857 last year. Centrifugal,
to a minimum. When record-breaking crops were assured, 96-degrees test, 4.05c.; muscovado, 89-degrees test, 3.55e.;
business improved and ,the results for the second half of the molasses, 89-degrees test, 3.30c. Refined has been quiet
and steady; granulated 4.90c.
year were excellent.
PETROLEUM.-Refined has been firm. The -export
The floods in the West and South in ,the months of April
and May were a matter of great concern, and, although we movement has been fairly large. The domestic consumphave properties so situated as to be exposed :to ,overflow, it tion has increased. Barrels 8.35c.• bulk 4.65e. and cases
is gratifying to state that our Company came through the 10.25c. Naptha in good demand and firm;73 to 76-degrees,
50 extra. Gasoline,
.crisis without appreciable damage to any one of our active in 100-gallon drums, 22e.; drums
86-degrees, 27c.; 74®76-degrees, 240.; 68®70-degrees, 21c.
plants.
,4e. Spirits of turpentine 41.@413'c. ComThe policy of full insurance on all properties and stocks and stove 193
mon to good strained rosin $6 50.
is continued.
TORACCO.-Filler meets with a fair demand, while at
In December 1911 Mr. Morrison having expressed to the
Board his feeling that in justice to himself he should in some the same time supplies are only moderate. It is believed
degree relax the pressure and responsibility incident to his that manufacturers' supplies of filler are down to a comparaduties as Chairman of the Board and of the Executive Com- tively low stage after a rather prolonged period of ,buying
mittee, and his consequent desire to be relieved, the Board on a small scale. Meantime manufacturers are having a
good trade. Under the circumstances not a few look for a
acceded to his request and passed the following resolution:
"Resolved, That this Board learns with regret that Mr. sharper demand for filler in the near future. Cuban tobacco
Morrison feels it to be necessary as a matter of justice to is selling briskly. For Sumatra there is only the ordinary
himself to seek -relief from the duties of Chairman of this trade demand. The assortment available is not so attractive
Board, and that in reluctantly accepting the resignation as as it was recently. Much of the better kind of Sumatra
Mr. Morrison desires on January 1st next, this Board instruct has been taken off to market. The bulk now on hand is
the Executive Committee :to prepare and suitably engross medium and the darker leaf, for which there is no very eager
and present to Mr. Morrison resolutions expressive of 'the trade.
COPPER has been active and higher; Lake 17%c.• elecappreciation of the Board of the value to,the Company of
Mr. MorrisonN'service so long given and their high appre- trolytic 17.45@17.50c. There have been rumors of sales or
Lake at 173
/0. London has been active and higher. •' Tin
ciation of lihn„ personally,and officially."
Mr. Morrison continuos his connection with the Company here higher at 50.35e. with a better demand. London
as Director and as a Member of the Executive Committee, strong and higher. Lead here 4.72 Mc. Spelter 7.40c.
the Company thereby retaining the benefit of his counsel Pig iron firm with a good demand; No. 2 foundry, east, at
furnace, $17@$17 50. There is a steady demand for finand advice and of his long experience in .the business.
The efficiency and loyalty of the officials and employees ished iron and steel. Rail orders for'the week amount to
100,000 tons. Two to five dollars a ton has been paid over
are acknowledged .and appreciated by the Board.
contract prices to secure early deliveries of bars, plates and
For the 13eard of Directors,
shapes in some cases. In the Chicago district the .besit deR. F. MUNRO,
livery on bar plates and shapes is August 1913.
President.
1340
THE CHRONICLE
[VOL. Lxxxxv.
COTTON.
On Shipboard, Not Cleared for-
Friday Night, Nov. 15 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
594,698 bales, against 502,894 bales last week and 529,516
bales the previous week, making the total receipts since
Sept. 1 1912 4,410, 475bales, against4, 362,649 bales for the
same period of 1911, showing an increase since Sept. 1 1912
.
of 47,826 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Galveston
23,788 26,366 49,260 30,282 26,179
Texas City
4,318 2,605 7,932 11,1'76 14,592
Aran. Pass. &c_
_
New Orleans..__. 11.747 13,742 15:816 17,6718 147867
Mobile
1,224 2,494 3,()70 2,9'79
701
Pensacola
Jacksonville, &c.
--------------------Savannah
15,7
131 12,70'7 16,659 13,359 10,454
Brunswick
Charleston
5,666 3,588 2,668 3,8156 2,709
Wilmington
4,897 2,348 4,610 4.038 4,298
Norfolk
3,'788 6,054 10,002 3,634 4,24'7
Newp't News,&e
____
____
____
------New York
Boston
-;
7:4 -2.ii -186 -848
462
____
Baltimore
____
----___
Philadelphia
'Pettnlc +lila waalr
7f1 '71.K' 77 77A 11(4177
R7
ROO
Total
30,180 186,055
6,565 47,188
6,894 6,894
15,603 89,363
2,110 12,578
6,733 14,533
1,915 1,915
16.176 84,786
14,400 14,400
2,778 20,640
4,089 24,280
6,756 34,481
3,203 3,203
50
50
331 2,015
7,31'7 7,31'7
752 AR9 19A 111(1 RAO ROR
The following shows the week's total receipts,total since
Sept.1 1912, and stocks to-night, compared with last year:
1912.
Receipts to
November 15.
Galveston
Texas City
Aransas Pass, &c_
New Orleans.. _ _ _
Gulfport
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown _ _
Wilmington __ _ _
Norfolk
N'port News. &c_
New York
Boston
•Baltimore
Philadelphia
Total
1911.
Stock.
This Since Sep This 1Since Sep
Week. 1 1912. Week. 1 1911.
186,055 1,868,882 126,0551,480,552
47,188 321,197 19,396 221,895
53,718
82,677 9,387
6,894
89,363 476,165 71,186 410.426
275
12,578 103,333 14,518 138,096
49,933
41,140 15,047
14,533
8,604 2,710
1,915
19,362
84,786 687,087 87,007 1,102,004
14,400 147,600 9,000 147,645
20,640 191,855 17,122 198,630
185
24,280 205,652 22,366 233,373
34,481 230,798 36,796 264,516
3,203
15,006
278
2,609
50
50
520
2,150
2,015
5,353 2,707
12,860
7,317
24,974 4,586
24,420
102
1912.
1911.
431,707
53,670
4,562
207,472
328,575
34,262
42,057
57,333
1,271
201,840
25;360
51,062
229,481
9,964
58,196
19,451
63,978
26.924
58,117
119,500
4,434
10,646
4,923
93,970
2,543
1,610
4,066
171,926
549,698 4,410,475 438,861 4,362,649 1,241,933 1,076,967
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1911.
1910.
1909.
1908. I
Galveston _..-I 186.055
54.082
Texas City,&c
New Orleans..' 89,363
I 12,578
Mobile
Savannah
I 84,786
14,400
Brunswick _ _ _ I
Charleston,Ste
20,640
Wilmington I 24,280
Norfolk
I 34,481
N'port N., &c
3,203
All others..
I 25,830
126,005
28,783
71,186
14,518
87,007
9,000
17,122
22,366
36,976
278
25,570
108,135
42,849
78,085
10,836
68,826
8,000
19,488
31,879
35,549
247
9,572
113,303
2,462
47,266
8,983
43 202
14,650
6,781
11 851
19,346
1,940
8,509
164,442
2,849,
86,7M'
19,504
56,049
5.675
8,300
15,018
27,475
218
16,425
95,609
6,879
85,174
19,552
70,107
5,641
10,599
21,184
26,558
243
9,599
Total this wk_i 549,698
438,861
413,466
278,293
402,709
351,145
Receipts at- I
as....... a.,-... I
1912.
1907.
,4 Al n A7a A qtto run q ROO ng.
)
- '2 ff7A nig '1 OKA 220 0 ORR Aftc
I
The exports for the week ending this evening reach a total
of 376,832 bales, of which 216,324 were to Great Britain,
21,601 to France and 138,907 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
Week ending Nov. 15 1912. From. Sept. 1 1912 to Nov. 15 1912.
Exported toExported to, Exports
from_
Texas City..
Aransas
Pass, ete_
NewOrlean.s
MObile _ _
YeAsacola _ _
Savannah_ _
Brunswick _
Charleston
Wilmington
Norfolk _ _ _
New York _
Boston _ _
Baltimore _
Philadelphia
San Fran _ _
Pt.Towns'd
Galveston
ContiGreat
Great
Britain Prance. neat. Total. Britain. France.
35,148 96,121 637,283 176,05
100 22,597 173,751 73,47
60,973
22,497
24,87
0,000 6,0
10,857 100,789 170,14
3,334 3,334 21,703
7,800 14,53
10,42
34,2101 46,857 86,69
59,752
12,18
10.7591 19,137 39,271
23,047 32,62
52,966
2,999
2,999
572 2,489 4,711 98,192
6,352 53,4,3
1,438 1,73
3,296
3,526 15,386
68;665 21,056
6,733
12,647
12,185
8,378
0,581
2,999
1,650
5,952
3
3,526
_
3,325
3,325
Continent.
Total.
482,547 1,295,880
19,326 266,552
17,155 17,200
51,433 61,924
10,070 10,772
13,912 18,800
41,181 211,141
53,225
5,000 72,009
91,101
37,15
20,813
50
17,408 67,48
1,573
24,366
2,659
28,068
10,648
59,230
283,505
42,545
41,140
339,014
113,007
118,280,
181,217
24,312
183,080
55,046
27,662
18,045
28,088
10,648
I Great
GerOther CoastLeaving
Nov. 15 at- Britain. France. many. Foreign wise. Total.
Stock.
New Orleans _ _1 12,647 7,295 13,286 13,648 1,319 48,195 159,277
Galveston -_- 34,385 42,563 62,591 20,054 4,920 164,513 267,194
Savannah _
I
____
9,315
1,2001 10,515 191,325
Charleston _
3,000
4,000
44,062
7,000
Mobile
10,706 5-,W8 2,42'5
22,151
1,000. 19,906
Norfolk
7,000
10,000
12,000 29,000
34,978
New York..
6,000 1,500 2,000 1-,A66
11,300 108,200
Other ports..
18,000 7,000 30,000 2,000
67,317
-___I 57.000
Tote, 1912.... 91,738 64,133 133,617 37,502 20,439 347,429 894,504
Total 1911.... 120,587 53,437 57,709 42,953 26,561 301,247 775,720
Total 1910_ _ 88,690 31,837 110,367 47,986 22,917 301,797 571,483
Speculation in cotton for future delivery has been active
at irregular prices, advancing at the opening of the week
and declining later. The fall in prices was traceable mainly
to two causes, first, an overdoing of the long side, whereby
an unstable technical position was created, and second, and
something quite as serious, a reported falling off in the
demand for spot cotton at the South. A good many
"pyramids" were toppled over in the liquidation which
took place on Tuesday and Wednesday, partly owing to
attacks upon the market attributed to Waldorf-Astoria
and other operators. Some who had taken hold of the long
side towards the culmination of the advance hastily sold.
Liverpool advices, too, were disappointing. Its spot
sales have decreased sharply. There was a good deal of
selling there by the Continent and also by what has been
described as weak local longs. After an advance of nearly
$10 a bale, it was felt in any case that a reaction was due.
Many large concentrated short lines had been liquidated
under persistent manipulation by powerful bull interests
and this liquidation deprived the market of a certain support. Receipts at the ports have also continued large.
The idea is deep-seated that Texas will raise a crop of
4,750,000 to 5,000,000 bales. It is true that one estimate
issued on Thursday was as low as 4,600,000 bales, but the
consensus is that Texas will not only raise by far the largest
crop on record, but that it will approach 5,000,000 bales,
if it does not actually attain that extraordinary total.
What is more, there is a tendency to increase the estimates
of the whole crop. While some recent figures have fallen
below 14,000,000 bales, the drift now is towards something
well above that total. But something which, after all, has
impressed the trade more powerfully than anything else, the
spot demand at the South, which recently was so extraordinary as to constitute a striking characteristic of the
situation, has now very markedly diminished. The decline
in the middle of the week, indeed, was very largely due to
the belief that the spot trade, which during the latter part
of October was so active, had at last met with a sharp check.
Recent big purchases have, to some extent at any rate,
replenished spinners' stocks at home and abroad, especially
abroad, and with the political situation unsettled it was,
perhaps no more than natural that cotton should feel the
effects. The check which the English Liberal Ministry
met last Tuesday and which gave rise to a premature report
that Prime Minister Asquith would resign, also played no
small part in the depression in cotton at home and abroad.
It helped greatly to precipitate a drop of $2 a bale from the
top price that day. Since then, however, the political
situation in Europe has seemed to be clearing up, not only
in England, in one sense, but more particularly in the Near
East, so that there is less fear in the cotton trade of a change
of ministry in England, or of serious entanglements among
the Great Powers of Europe growing out of a settlement
of the Balkan war. Also,dry goods are active on both sides
of the water. Continental mills are sold far ahead. General
business in the United States is prosperous. Exports
have shown a tendency to close the gap between those of
last year and the total for the present year. From some
parts of the South a good spot demand is still reported.
To-day prices again declined, partly on persistent reports
of a sharp falling off in the demand for spot cotton and
partly on the bearish weekly statistics showing an exceptionally large total brought into sight. The South sold
heavily. Liverpool's spot sales were only 4,000 bales.
Spot cotton closed at 11.90c. for middling uplands, showing
a decline for the week of 30 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 9 to Nov. 15Middling uplands.
1912_c
NEWY0
IL90 1R
90K
LcQUOTATION FOR 32 YEARS.
1911
1910
1909
1908
1907
1906
1905
9.50
14 55
14.80
9 35
10.70
10.90
11.65
1903
1902
1901
1900
1899
1898
1897
Total ___ 210,324 21,601 138,907 376,832 1,450,215 443,334 1,191,682 3,085,231
In addition to above exports, our telegrams to-night also
giveius the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
10.25
11.50
8.30
8.00
9 81
7.66
5.38
5.81
1896_c
1895_e
1894
1893
1892
1891
1890
1889
8.00
8.44
5.62
8.19
9.25
8.12
9.62
10.25
1888_c
1887
1886
1885
1884
1883
1882
1881
.00
, 10.38
9.19
1812
1St
11.88
MARKET AND SALES AT NEW V'ORIC. 'Li'
Spot Market
Closed.
Tot. 1911.. _ 172,1341 25,319 160,339 306,792 1,422,879 358,936 1,340,055,3,121,870
Note.-New York exports since Sept. 1 include 14,716 bales Peru,&c.,to Liverpool
Sat. Mon. Tues. Wed. Thurs. Fri.
12.25 12.20 12.20 12.00 12.10 11.90
Futures
Market
Closed.
Saturday..__ Steady, 5 pts. adv.. Firm
Monday ___ Quiet,5 pts. dec__ -- Weak
Firm
Tuesday
_ Quiet
Wednesday_
_- Steady, 20 pts. dec.. Steady
Thursday __ ,Steady, 10 pts. adv.. Barely steady_ _
Very steady
Friday
Easy, 20 pts. dec
Total
SALES.
Spot. Contect
100
-86
56
31
100
31
100
187
100
100
287
THE CHRONICLE
Nov. 16 1912.]
1341
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items
o ul
cm c..
zi L, y
for the corresponding period for the previous year-is set
out in detail below.
c) ,J1oo=.942.5.110V%(
.2)5.2w •
Vg'0$10;103 1 RglOiggic$01.90 RidiRgi 9
r,
6 1
p p (A51 m51 Al gl Al 0
1
or, org kg, op,
..
kw
kb
.05-(5e
.4, ......
'
t.:r: k. k. ....
I il'
.: '
b kb 4b OM b.
.-1
cr3 IS ._
TS
TZ 10 TS
TS 1 TS
_. IS ..
_. ..
__ -. ..
_. _
-- ..
.... _.
17) TS
01 CC
..-1
i.: 1
C
'
'
kw
-4N
II
WN
.
.
11
CAC,'
coo
WW
ro
b
to
0:4
0.
kw
b4
mo
io io
bEn
M .N
CAM e
k. NN
to
to
TS 0 TS
.0
4;4
TS TS
too
11
21
17;1
I0
4W
.
.
Cli
to
.00W05. .NN0.00NN.W004.00W.0000.4W=00.
ZoW
OW
04
.
,
:.404co05.oc.amw0-oo0mocoac.n0w0o.00k-4omto
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* Last year's figures were for Louisville. KY.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
THE VISIBLE SUPPLY OF COTTON to-night, as made overland movement for the week and since Sept. 1, as made
up by cable and telegraph, is as follows. Foreign stocks, up from telegraphic reports Friday night. The results for
as well as the afloat, are this week's returns, and conse- the week and since Sept. 1 in the last two years are as follows:
quently all foreign figures are brought down to Thursday
1911
-----1912
Since
Since
November 15evening. But to make the total the complete figures for ShippedSept. 1.
Week.
Week.
Sept. 1.
to-night (Friday), we add the item of exports from the
110,695
92,330
24,681
Via St. Louis
25,789
14,877 69,788
10,538
55,724
Via Cairo
United States, including in it the exports of Friday only.
485
818
Via Rock Island
820
1,864
November 15Stock at Liverpool
Stock at London
Stock at Manchester
1912.
bales.. 741,000
6,000
28,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
775,000
12,000
292,000
219,000
2,000
14,000
17,000
7,000
1911
483,000
4,000
30,000
1910.
575,000
3,000
26,000
1909.
857,000
8,000
53,000
517,000
9,000
156,000
126,000
2,000
11,000
26,000
4,000
604,000
5,000
136.000
122,000
2,000
6,000
38,000
918,000
6,000
210,000
313,000
2,000
8,000
35,000
1,000
Total Continental stocks
563,000 334,000
Total European stocks
1,338,000 851,000
India cotton afloat for Europe
8,000
22,000
Amer. cotton afloat for Europe 1,123,212 993,030
Egypt,Brazil,&c.,afit.for Europe.. 97.000
78,000
Stock in Alexandria, Egypt
247,000 146.000
Stock in Bombay, India
278,000 210,000
Stock in U. S ports
1,241,933 1.076,967
Stock in U. S. interior towns
628,370 782,156
U. S. exports to-day
70,023
34,798
309,000
575,000
913,000 1,493,000
90,000
58,000
831,697
824,808
101,000
213,000
155,000
873,280
659.243
42,643
71,000
173,000
174,000
935,950
663,704
26,106
Total visible supply
5,045,538 4,179,951 3,871,974 4,426,457
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales.... 608,000 391,000 491,000 771,000
Manchester stork
14,000
23,000
19,000
42,000
Continental stock
531,000 300,000 286,000 551,000
American afloat for Europe
1,123,212 993,030 824,808 831,697
U. S. port stocks
1,241.933 1,076,967 873,280 935,950
U. S. interior stocks
628,370 782,156 654.243 663,704
70,023
34,798
U. S. exports to-day
42,643
26,106
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
4,216,538 3,600,951 3,195,974 3,821,557
133,000
6,000
14,000
32,000
22.000
97,000
247,000
278,000
02,000
4,000
7,000
34,000
8,000
78,000
146,000
210,000
84,000
3,000
7,000
23,000
90,000
101,000
213,000
155,000
86,000
8,000
11,000
24,000
68,000
71,000
173,000
174,000
Total American
829,000
579,000
676,000
605.000
4,216,538 3,600,951 3,195.974 3,821,457
Total visible supply
5,045.538 4,179,9513,871,974 4,426,457
Middling Upland.Liverpool
6.78d.
5.19d.
7.85d.
7.72d.
Middling Upland, New York_
9.50c.
_
11.90c.
14.50c.
14.80c,
Egypt, Good Brown, Liverpool
10d. 11 15-16d.
10.40d.
123,4d
Peruvian, Rough Good, Liverpool 10.00d.
9.50d. 10.75d.
9.25d*
Broach, Fine, Liverpool
7INd.
6-3-8d. 5 5-16d.
73id•
Tinnevelly, Good, Liverpool
6 5-16d. 5 5-16d. 7 9-16d. 6 15-16d:
Continental imports for the past week have been 280,000
bales.
The above figures for 1912 show an increase over last week
of 354,522 bales, a gain of 865,587 bales over 1911, an excess
of 1,173,564 bales over 1910 and a gain of 619,081 bales over
1909.
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
3,622
5,265
11,786
12.137
19,897
20,073
42,289
77,188
5,128
6,547
5,998
15,468
33,261
17,785
41,822
62,271
Total gross overland
69,957
Deduct ShipmentsOverland to N. Y., Boston, &c__ 9,382
Between interior towns
1,043
1,478
Inland, &c., from South
309.365
73,184
336,440
30,479
9,940
15,611
7,813
862
781
39,430
9.472
12.603
11,903
56,030
9.546
61,505
63,728
Leaving total net overland *
58,054 253,335
* Including movement by rail to Canada. a Revised.
274,935
Total, to be deducted
hbeeefnoregoing shows the week's net overland movement
h
has
58,054 bales, against 63,728 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 21,610 bales.
1912
1911
In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to Nov. 15
549,698 4,410.475 438,861 4.362,649
Net overland to Nov. 15
58.054
274,935
253,335 63,728
Southern consumption to Nov. 15. 56,000
53.000
476,000
608,000
Total marketed
Interior stocks in excess
663,752 5,271,810 555,589 5,113,584
32,973
531,334
41,290
681,719
Came into sight during weak....696,725
596,879
Total in sight Nov. 15
5,803,144
5,795,303
Nor.spinners' takings to Nov. 15..114,883
97,931
635,559
667,772
Movement into sight in previous years.
Week1910-Nov. 18
1909-Nov. 19
1908-Nov. 21
Bales.
Since Sept. 1574,130 1910-Nov. 18
414,346 1909-N9v. 19
563,448 1908-Nov. 21
Bales.
5,029,952
5,301,856
5,487,302
QUOTATIONS FOR MIDDLING COT ON AT
OTHER MARKETS.-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week.
Closing Quotations for Middling Cotton onWeek ending
, • Nov. 15. •
Galveston
New Orleans_
Mobile
Savannah
Charleston
Wihnington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock..
Sat'day, Monday, Tuesday. Wed'day, Thursd'y, Friday,
12 5-16
1234
12 1-16
12 1-16
12 1-16
12
1254
1234
12.50
12 7-16
1234
1231
1231
12 1-16
123-16
123-16
1234
124
12 1-16
1234
1234
124
1234
1234
12
123's .
12
12%
1234
1234
12
129-4
1234
12.45
124
124
129-4
124
1234
1234
124
12.45
1234
124
12%
124
124
123.4
124
12.25
1234
124
124
12
1234
1231
'1234
12
1115-16
112 1-16 1234
.'12
,11,74
12
11%
12
1131
;12 1-16
12 5-16
124
11234
124
;12.35
12.15
12%
112%
:129-4
12%
124
124
12 1-16
114
1234
'12 3-16
THE CHRONICLE
1342
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton markot for the past week have been as follows:
Sarday. Monday, Tuesday,I Wed'da , Thursd'y, Friday,
Nov. 9. Nov. 11. Nov. 12. Nov. 13. Nov. 14. Nov.15.
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
MayRange
Closing
JulyRange
Closing
AugustRange
Closing
ToneSpot
Options
Q
0 -1
0
12.26-.28112.08-.09 12.14-.16 11.95-.97 11.95-.97 11.70-.78
L XXX: .
1912.
November 14
Receipts atBombay
19.0001
Exports
from-
I
,
t,
,,000 31,0001 102,000 55;0001 _168,000
I
For the Week.
Mace.September 1.
,
I Great Conti- Japan
Great 1 CO7bliJapan
Britain. .nent. &C'llizza Total. Britain. sent. & China
Bombay- I
I
1912
I 8,0001I 5
4,000'
1!',0001
1911
5,000,
1,000 26,000 10,000 37,000
1910
12.10-.35112.02-.45 11.98-.27 11.95-.18 11.90-.14 11.79-.99
12.25-.26112.08-.09 12.19-.20 12.01-.02 12.05-.06 11.85-.86 Calcutta1912
1,000
1,000
1
1
1911
-*- 12.07 -- 04
0
-@ 1910
12.28-.30112.11-.12 12.22-.24 12.04-.06 12.08-.10 11.88-.90
Madras1
.1912
' 1,0001
1,000
42.24-.48112.13-.58 12.14-.40 12.10-.33 12.02-.28 11.92.-12
I
1911
12.39-.4012.20-.21 12.34-.35 12.14-15 12.19-.20 11.99-.00
1910
.12.35-.60 12.24-.67 12.25-.30 12.20-.42 12.14-.38 12.06-.25 All others1912
1,000 2,000
3,000
:12.49-.50 12.31-.32 12.45-.-1G12.25-.26 12.31-.32.12.12-.13
1911
1
1910
2,000 1,000
3,000,
12.46-.65 12.37-.75 12.38-.137112.35-.52 12.26-.47 12.18-.35
112.52-.54 12.40-.42 12.55-.57(12.35-.36 12.42-.43 12.24-.25
Total all1912
'11.000 6,000
17,0001
1911
5,000
5,000.
12.57 .59- ® 1010
3,000 . 27,000, 10,000 40,000
Stzady
Quiet.
Steady. Steady. Steady. .Easy.
Steady. Ely.
st'y.
st'y. Steady. Steady. Steady.
ALEXANDRIA RECEIPTS
12.10-.36112.05-.49 12.00-.25 1194.-.13 11.89.-09 11.73-.92
12.28-.29112.10-.11 12.16-.17 11.97-.98 11.97-.99 11.79-.81
WEATHER REPORTS BY TELEGRAPH.-Reports to
us this evening by telegraph from the South indicate that
in general the weather during the week has been favorable,
and in consequence excellent progress has been made with
picking, which is nearing completion in some districts.
Marketing, moreover, has proceeded upon a liberal scale.
Galveston, Tex.-With ideal conditions, very rapid progress
is being made in picking and marketing the cotton crop.
The week's rainfall has been two hundredths of an inch, on
one day. Average thermometer 59, highest 73, lowest 44.
Abilene, Tex.-There has been no rain the past week. The
thermometer has averaged 49, the highest being 62 and the
lowest 36.
Palestine, Tex.-Dry all the week. The thermometer
has averaged 56, ranging from 46 to 66.
San Antonio, Tex.-There.has been no rain the past week.
Thermometer has ranged from 42 to 66, averaging 54.
Taylor, Tex.-Dry all the week. Average thermometer
53, highest 66, lowest 40.
New Orleans, La.-We have had rain on one day during
the week, the rainfall reaching three hundredths of an inch.
The thermometer has averaged 65.
Shreveport, La.-Rain has fallen to an inappreciable extent on one day during the week. The thermometer has
ranged from 42 to 80.
Vicksburg, Miss.-Rain has fallen on one day of the week,
the rainfall being twenty-five hundredths of an inch. The
thermometer has ranged from 38 to 78, averaging 61.
Little Rock, Ark.-Dry all the week. Average thermometer 76, highest 57, lowest 38.
Helena, Ark.-Fino weather this week. The rainfall has
reached six hundredths of an inch, on one day. The thermometer has averaged 56.2, the highest being 75 and the
lowest 52.
Memphis, Tenn.-Picking and marketing active. There
has been rain on two days of the past week, the rainfall
reaching ten hundredths of an inch. Thermometer has
averaged 59, ranging from 43 to 75.
Mobile, Ala.-Picking is practically completed. We have
had rain on one day of the week, the rainfall being fortyseven hundredths of an inch. The thermometer has ranged
from 48 to 75, averaging 67.
Selma, Ala.-Rain has fallen on one day during the week,
to an inappreciable extent. The thermometer has averaged 55, the highest being 74 and the lowest 38.
Madison, Fla.-There has been no rain the past week.
The thermometer has averaged 61, ranging from 45 to 77.
Savannah, Ga.-We have had no rain the past week. The
thermometer has ranged from 50 to 79, averaging 64.
Charleston, S. C.-There has been no rain during the week.
Average thermometer 64, highest 77 and lowest 50.
Charlotte, N. C.-There has been rain the past week, the
rainfall being four inches. The thermometer has averaged
56, the highest being 77 and the lowest 36.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-Cotton Takings.
Week and Season.
1912.
Week.
Season. I
1911.
Week.
Season.
Visible supply Nov.8
'3,977,803
4,691,016
Visible supply Sept. 1
1,603,418
2.135,485
American in sight to Nov. 15-- 696,725 5,803,144 596,879 5,795,303
Bombay receipts to Nov. 14--102,000
19.000
80,000
31,000
Other India ship'ts to Nov. 14_ 53,000
5,000
51,000
Alexandria receipts to Nov. 13
252,800
66,000
407,000
46600
Othersupply to Nov. 13 *
79,000
5,000
66,000,
8,000
Total supply
DeductVisible supply Nov. 15
5,482,741 8,542,629 4,660,282 7,885,521
1
5,045,538 5,045,538 4,179,951 4,179,951
Total takings to Nov. 15
437,203 3,497,0911 480,331 3,705,570
Of which American
384,203 2,952,0911 417,731 3,046,770
Of which other
62,600 .658,800
545.000
53,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
INDIACOTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three years have been as follows:
'qv,.
1911.
Since
&nee
Week. I Sept. 1.1 Weelc.f Sept. 1.1 1Veek..I ReSpin
"
t. 1.
Alexandria, Egypt,
1912.
Receipts (eantars)This week
Since Sept. 1
10,C00
50,000
22,000
3,0001 '138,000
2,000
.1,000
2,000
3,000
1,000
1,000
I
2,000,
4,000,
7,0001
Total.
7,000' 17,000
15,000 37,000
43,000 184,000
5,000
6,000
4;000
7;000
7,000
6,000
3,000
5,000
5,00
6,000
6,000
6,000
35,000
35,000
28,000
1,000
1,000
38,000
40000
35,000
17,0001 03,000
8,000 118,000
6,000 08,000 16,000 00,000
13,000 175,000 '43,000 231,000
AND SHIPMENTS..
1911.
1
500.000
3.053,692
430,000
3.085,738
350,000
1,895,796
7'his Since .This Since
This Since
Week. Sept. 1. 'Week. Sept. 1: Week. Sept. 1.
Exports (bales)-
9,500
'To Liverpool
8;500
To -Manchester
To Continent and India_ 10,000
6,000
To America
54,669 4,500 37;090 .16,000 79,439
58,491 7,500 41,010 6,750 56,739
58,845 12,250 59,203 10,500 77,283
17,514 1,250 3,933 -5,500 19;328
Total exports
3-1,000 180,519 25,500 141,236 38,750232,789
cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues firm for both yarns and shirtangs. Manufactures are
generally Well under contract. We give the prices for today below and leave those for previous weeks of this and
last year for comparison.
1911.
1912.
84 lbs. Shirt-
323 Cop
Twist.
d,
Sept
27 9 13460
Oct.
4 93-4 48
11 954 64
18 93-4 0
25 9 7-16 0
Nov.
I 95e 18
S 93-4 69
15 97e @
Coin!
I lags, common Hid .!
Upl's
to finest,
d. s. d.
s.
1034 6 2 011 2
103-4 6
10346
1055 6
10346
1
1
0
0
011
011
011
011
155
115
1
134
834 lbs. Shirt- Cot'n
Ivo, common MO!.
to finest.
UP1's
32s COP
Twist.
d. 6.
d. S. d.
6.59 0 7-16 0 I
g5
6.32 05; (4) 10 5
189% 5
6.30 9
6.09 834
64 951 5
6.16 9 1I-166..4 934 5
103510 1 @II 254 6.03 854
.109-I16 155011 3
6.79 854
103416 13418113
0.78834
0
0
0
s.d. d.
8%010 9% 0.1.1
71-443108
7 @10734
0 •(,0.0
'534610 434
99-4 5 5 010 4
934 5 434010 4
9% 5 43418104
5.50
6.31
5.29
5.17
5.17
5.25
:5.10
SHIPPING NEWS.-Shipments in detail:
so
Total,blemle5
NEW YORK-To Manchester-Nov. 8-Titan, 1,650
872
To Havre-Nov. 9-Rochambeau, 572
To I3remen-Nov. 13-13remen, 604
604
To Antwerp-Nov. 12- -Finland, 100
To Genoa-Nov. 8-Italia, 709_ _.Nov. 11---Moltke, 472_ _
1,110
8?
To N ples-Nov.8-Laconia, 400_Nov. 11-Moltko, 100_1
501)
a
'l'o Trieste-Nov. 12-Laura, 104
104
GALVESTON-To'Liverpool-Nov.8-Monarch, 22;482_ _ _Nov.
48,521
9-Indore, 16;861_ _ _Nov. 11-Dalebank, 9,178
To Manchester-Nov. 13-Mercedes do Laninaga, 12,452
12,452
To Bremen-Nov. 8-Tyne, 7,190- _.iNov. 9-13jornstjerne
18,600
Bjornson, 10,690
.2,077
To Antwerp-Nov.8-Kendal Castle, 2,077
To Ghent-Nov.8-Kendal Castle, 5,160
.8::117
To Genoa-Nov. 8-Moncenisio, 9,311
TEXAS CITY-To Liverpool-Nov.8-Asian, 10,870-- _Nov. 14
22,497
-Ram.say, 11,627
To Mexico-Nov. 11-City of Tampico,1001(X)
,
6009
PORT ARTHUR-To Bremen-Nov. 15-itibera, 6;000
NEW ORLEANS-To Liverpool-Nov. 8--Mount Royal, 8,370
__Nov. 9-Louisianian,:3,833_ _ _Nov. 13-Meitonlan, 14,000.„ _Nov. 14-Mechanician, 21,000_ __Nov. 15-Cestrian,
68,903
21,700
To Havre-Nov. 13-Bordeaux, 6,729-- -Nov. 15-Euclid,
15,429
8,700
52,,668413000
0
5
To Dunkirk-Nov. 14-Brichtor, 5,600
'To Bromen-Nov. 14-Queen Louise,'845
To Hamburg-Nov. 15-Istria, 100
927
To Antv;erp-Nov. 11-Fridland, 927
To Barcelona-Nov. 12-I'io IX, 2;636
350
To Naples-Nov. 12-Italia,:350
13;000
To Genoa-Nov. 12-Italia,.6,000
To Mexico-Nov. 13-City of Mexico, 100
3,374
MOBILE-To Bremen-Nov. 12-Norfolk,3,334
PENSACOLA-To Liverpool-Nov. 15-Gracia, 6,733
6,733
To Bremen-Nov. 11- Plawyl. 7,800
4
7,4
80
54
SAVANNAH-To Liverpool-Nov. 11-Burma, 4,459
)
To Manchester-Nov.9-Driancreo,8,1888,188
To Bremen-Nov.9-Zaandbergen,5;575; Ilankdale,14,029
28,610
Nov. 12-Washington, 9,006
4
3:5
1000
0
To Hamburg--Nov. 8-Atholl, 4,500
To Rotterdam-Nov. 12-Lord Sefton, 1,100
12,185
1111 UNSWICK-To Liverpool-Nov. 9-Antlillan, 12.185
8,378
C'llARLESTON-To Liverpool-Nov. 13-Domlnlon, 8,378
10,759
To Bremen-Nov. 12--Waverloy, 10,709
.9,581_ __. _ 9,581
WILMINGTON-TO Liverpool-Nov. 14Tabaristan,
To Bremen-Nov. 8-Remembrance, .12,497;_ _ -Nov. 1123 047
Fullerton.10.500 _______________-_____ - _________
2'999
NORFOLK-To Liverpool-N9v. 14-Eagle Point, 2,009
'
BOSTON-To Liverpool-Nov. 8-Saxoniz, 1,589; Winifredian
2,876 -------------------------------------------- ' 4 4(35
l',487
To Manchester-Nov.8-'--Iberlan, 1;487
400
To Genoa Nov. 8 Cs.noplc, 400
300
BALTIMORE-To Liverpool-Nov. 11-Tem_plemore, 300
1,438
To Bremen-Nov. 11-Brandenburg, 1,438
PHILADELPHIA-To Liverpool-Nov.8-Merlon, 2,876
To Manchester-Nov. 7-Manchester Merchant, 650
2
5
2,6
8
31
PORTTOWNSEND-To Japan-Nov.I4-Tacoma Marta, 3,325.. 3
----076:832
Total
THE CHRONICLE
NOV. 16 1912.1
1343
LIVERPOOL.-By oable from Liverpool we have the fol- partly due to this fact. Certainly shipments from Danubian
States last week were 2,000,000 bushels, against 840,000
lowing statement of the week's sales, &c., at, that port:
Oct. 25. Nov. 1. Nov. 8. Nov. 15. in the previous week. From Russian ports 2,832,000
41,000
59,000
bales.. 52,000
52.000
Sales of the week
3,000 bushels were shipped,against 1,944,000 in the previous week
1,000
2,000
2,000
Of which speculators took
2,000
1,000
3,000 and 1,856,000 last year. On the other hand, the American.
2,000
Of which exporters took
41,000
42,000
47,000
29,000
Sales, American
3,000
6,000
8,000 prices, despite big receipts, have latterly shown some re6,000
Actual export
04,000 109,000 134,000 105,000 sistance to pressure. After all, stocks on this side of the
Forwarded
608,000 643,000 635,000 741,000
Total stock-Estimated'
468,000 508,000 495.000. 608,000 water have not been increasing as rapidly as expected.
Of which American
186,000 150,000 131,000 218,000 There has been a big absorption of wheat. In the Central
Total imports of the week
177,000 132,000
98,000 197,000
Of which American
480,000 549,000 607,000 645,000 States of the wheat belt of this country there is said to be a
Amount afloat
416,000 482,000 535,000 559,000 shortage of 100,000,000 bushels of winter wheat as an offset
Of which American
The tone of the Liverpool market for spots and futures to the big surplus of spring wheat. The closing of navigation
each day of the past week and the daily closing prices of will soon, it is believed, cut down shipments from Russia
and the Danube. Desirable grades of milling wheat in
spot cotton have been as follows:
importing countries of Europe are small. The American
quota of world's shipments is figured at 8,000,000 bushels a
Spot. I Saturday. Monday. 7'uesday.' 1Wednesday. Thursday.
Friday.
week. Last week the actual shipments from North American
Market, I,
reached 7,272,000 bushels, against 6,488,000 in the previous
Quiet.
Good
Dull.
Moderate
12:15
Quiet.
Dull.
demand.
demand.
P. M.
week and 3,922,000 last year. European countries raised
good crops of wheat last season, but the quality is quite
6.90
Mid.Upl'ds
6.87
0.89
6.85
0.80
6.78
generally admitted to be defective, so that importing coun7,000
10,000
4,000
7,000
Sales
7,000
4,000
tries need large supplies, it is said, of good wheat. To-day
500
1,000
700
1,000
Speo.&exp.
500
1,000
prices again declined. The stock at Minneapoils increased
Futures,
Steady,
Steady
Quiet.
Steady,
Steady,
Quiet,
durinP. the week 675,000 bushels. Seaboard clearances
Market.unch.
1
to ,304 pts. 12 points (M07 pts. 607 pts. 101% pts.
decline.
are liberal. tLiverpool advanced; but receipts at our Northadvance.
Opened
14 pt. adv. advance.
advance
decline.
•
western markets eomtinued large.
Steady, Easy, 114
Firm..
Easy.,
Market,
Steady. Barely sty.
33.5@5 pts.11014 pts. 1014 012 pts. dec. to 008 pts.
4
P. M. t decline, advance. pts. dec. 2 pts. adv. decline.
264 pts.
decline.
The prices of futures at.Liverpool.for each day are g'ven
below. Prices are on the basis of upland, good ordinary
clause, unless • otherwise stated.
The prices eve given in,pence and 1001hs.
Thus, 6.64 means 6.04-100c1:
Nov. 9.
Sat.
Fri.
Mon.
Thurs.
Tues.
Wed.
to
Nov. 15. 1231 1234 1231 4 1234 4 1254 4 1254 4 12% 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
d. d. d. d. d. a. dl d. d. d.
Nov
__
6 643470 77% 65 67 69- 68 5934 6134 60% 58
Nov.-Dec.
6 5254 5854 663' 5334 5534 57 55 4654 0 48 45
Dee.-Jan_ --_ 6 5014 56: 63i) 51 53 55 53 4434 47 45% 43
Jan ...Feb..
6 50 553- 6214 50. 52 54 52 4334 46 45 42%
Feb.-Mch. ..___ 6 50 55 62 4934 5134 53 51 4234 45 44% 4134
Mch.-Apr.
6 50 55 62 493 5134 5234 5054 4134 44 43% 41
Apr.-May ---- 6 50, 5454 615449 51 52 50 41 4334 43 41
May-June -__ 6 50 543-4 613/s 44) 51 52 50 41 4334 43 41
June-July. -__ 6 4934 54 61 483-4 503-4 5134 40 40 43 4234 40%
.July-Aug.. __ 6 48)4 53% 6 ) 47 49 50 4754 3834 4134 42 39%
Aug,Sep_ - -.... 6 41 45 62 39 41 41 39 30 33 3334 31
27 36 24 24 27 26 163? 18 18% 16
Sep.-Oct
19 19 22 21
113. 13 13% 11
22 31
Oct.-Nov_
BREADSTUFFS.
Friday Night, Nov. 15 1912.
Flourbas been rather steady, though with only a'moderate
business. Indeed, the situation has shown little actual
change. That is to say, the average buyer has been inclined
to adhere to the policy of buying from hand to mouth until
he can see his way more clearly on the important question
of future prices. Also it is an interesting fact that the trade
at the Northwest. has shown a marked decrease within a
week. At-Minneapolis and interior mills sales have reached
50 to 75% of the current output, whereas recently most
mills were able to sell their entire output for the week. The
production at Minneapolis, Duluth and Milwaukee for the
week was 502,665 barrels, against 487,800 in the previous
week and 384;835 in the same week last year. The flour
trade, in a sense, is marking time.
Wheat has declined, owing mainly to big receipts and a
lessened apprehension in regard to the ultimate result of the
Balkan War. At one time it was feared that the victories
of the Balkan Allies over the Turks might lead to such a
scramble for the spoils, not only on the part of the allies, but
also among the Powers of Europe, as to bring the danger of
war on a vast scale close home to Europe. Recently the
foreign bourses wore seriously disturbed over this consideration, but latterly British Consols have advanced and the
national funds of leading nations of the Continent have also
risen. This is taken as betokening a peaceful issue of the
great struggle in Southeastern Europe. Servia, for one
thing, it is said, is to give way to Austria. Meantime, also,
the export demand has decreased, while the receipts at our
Northwestern markets have reached a, daily total so large
as to command wide attention. Furthermore, the world's
shipments have been very large-larger, indeed, than for
any week for a long period, i.
15,088,000 bushels,against
11,504,000 in the previous week
e.,and only 10,800,000 for the
same week last year. Considerable emphasis was laid on
these large figures. They contributed not a little to the
weakness at home and abroad in the early part of the week.
Also the world's stock of wheat increased for the week 10,523;000 bushels, as contrasted with an increase in the week
last year of. 7,075,000 bushels. In the main, foreign quotations have shown a downward tendency. The outlook
for the Argentine crop is pronounced favorable. In
crop
Australasia
the
prospects
are
cheerful.
Freight rates from Missouri River points to the Gulf will be
increased on Dec. 1 2 cents. This has had a tendency
to chock export trade. The outlook for the East India crop
is in the main favorable. In Roumania and Russia banks
have-boon pressing customers -to realize, and it is supposed
that thim big hismse in the world's shipments have been
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. In.
No. 2 red
cts_107
107
10834 1093-4 10934 10954
December delivery in elevator..___ 9734 97
9694 9654 95 Yi 95
May delivery in elevator
10134 101
10054 100
9994 9834
DAILY CLOSING PRICESOF WIIEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ ___ 8954 8934 8834 8834 8734 8634
May delivery in elevator
953-4 95
9354 9234
9434 94
July delivery in elevator
9154 91
9031 9031 8934 8831
Corn has been depressed. The decline earlier in the week
was mainly in sympathy with wheat, though there are also
reports of larger offerings of new corn at the West. The
world's shipments were 0,840,000 bushels, which, though
much smaller than in the previous week, wore nearly six
times as large as in the same week last year. The cash demand at the West has been in the main unsatisfactory.
Receipts are expected to increase before long. Foreign
markets have declined. Yet there has been a fair foreign
demand at the West for new corn for January-February
shipment. Wet weather at times has prevailed, but on
the whole crop reports have been almost uniformly favorable. Much of the short interest in December has been
transferred to May. The crop is big, the receipts aro expected to increase in the near future, cash business is slow,
speculation is sluggish,and about the only stimulating feature
is the demand to cover shorts from time to time. Still
there are some influential interests which are long of the market, in anticipation of a big consumption this season and
higher prices later on. To-day prices again declined on heavy
liquidation, especially in December. Cash trade was dull.
The receipts of new corn are increasing and the quality is
also improving.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
•
cts_nom. nom. nom. nom. nom. nom.
December delivery in elevator.._ _ _nom. nom. nom. nom. now. nom..
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ets.. 50
5054 4954 4994 4854 4731
May delivery in elevator
493-4 4934 4954 4834 4854 473-4
July delivery in elevator
50
4854
5034 4934 4934 49
Oats have declined under long liquidation, whioh has
reached a larger volume than has been witnessed for a good
while. Export demand in the meantime has fallen off.
Apparently, Europe is disinclined to renew its pur hases
of American oats at this time. The domestic cash trade
has also decreased noticeably. Everybody is predicting
lower prices for both December and May oats. Yet stocks,
on the whole, have been increasing rather slowly and at
times liberal covering of shorts in December has imparted.
transient steadiness to the market. To-day prices declined, but they showed less weakness than those for other
grain. Shipping houses bought December at Chicago
where sample prices, moreover, were 32,3. higher.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
eta 39
383-4 3854 3834 3754 3734
No. 2 white
nom. nom. nom. nom. norn. now.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 3154 3154 31
3054 3034. 3034
May delivery in elevator
3254 3254 3254 32
3354 33
33
33
July delivery in elevator
32,4 223,4 3234. 32
Tho following are closing quotations:
FLOUR.
Winter, low grades____$3 600$3 95 Kansas straights, sacks_54 30024 45
5 25w)3 40 Kansas clears, sacks__ _ 4 00(0 4 25
Winter patents
4 615
4 80 City patents
Winter straights
6 20(a) 6 50
4 25( 4 30 Rye flour
Winter clears
3 852 4 10
4 80(14 5 10 Graham flour
4 00
Spring patents
4 70
4 60(i1} 4 75 Buckwheat,owl
2 000 2 10
Spring straights
4 25@ 4 50
Spring clears
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelCents.
No. 2
N. Spring, No. 1, new____SO 931
elevator Nominal
Steamer
N. Spring, No. 2, new ___ nom.
elevator Nominal
No.
3
winter,
No.
0914
2,
new__ 1
Red
c.i.f. Nominal
hard winter. No. 2
98 yi Rye, per bushelNo. 2
Cents.
Oats, per bushel, new66@68
State & Pennsylvania_
Standards
3i 14
nom.
nom. Barley-Malting
No.2, white
6V@70
3734
No. 3
For other rabies usually given here, see page 1.811.
Lxxxxv.
THE CHRONICLE
THE DRY GOODS TRADE.
New York, Friday Night, Nov. 15 1912.
All branches of the dry goods trade are active,with prices
on a very firm basis. Advices from out-of-town are favorable, particularly from the West, where a record business
is reported. The matter of deliveries continues a source
of much anxiety to buyers and there is little hope of any
improvement in the situation. Mills are, if anything,
falling behind in the filling of their orders, through their
inability to operate at full capacity, owing to the scarcity
of labor. In the cotton goods end of the market jobbers
are in steady receipt of a fair volume of mail orders, while
store trade is very satisfactory. The advance in the staple
is reflected in firmer yarn prices, which, in turn, are dispelling any hope of a reduction in the price of finished
materials. As the price of cotton advances,buyers become
more and more urgent in their requests for the prompt
shipment of goods ordered earlier and at lower levels,
desiring not to lose the advantage of the lower prices.
Print cloths are strong, with business steadily improving,
while bleached goods, ginghams and colored cottons are in
active request. Cotton goods mills on the whole are so
well supplied with orders that further business for near-by
delivery is practically out of the question. In export
circles business has quieted during the past week, but the
outlook for the immediate future is very encouraging.
A feature of considerable interest during the week was
the opening on new spring lines of carpets, with early business heavier than expected. Initial prices showed advances of from 23/ to 5 cents a yard over last season. Business on fall dress goods is about over, aside from some
scattered transactions in spots. Supplies of desirable
fabrics are exhausted and clothiers and cutters-up realize
that it will be impossible to secure additional supplies
during the current season. Despite the fact that the fall
has been a very mild one, sales have been of large volume.
Heavyweights in rough finishes, Scotch effects and mixtures have been very popular, while whipcords and bedfordcords have sold exceptionally well. In men's wear buyers
are beginning to look forward to the fall of 1913 and it is
expected that the openings, which will take place soon,
will show substantial advances on all fabrics. Here, too,
the demand for rough effects for both suitings and overcoatings is very good, but stocks are exhausted and joobbers
are in no position to meet the late demand for additional
supplies of these fabrics.
WOOLEN GOODS.-In men's wear and dress goods mannfacturers report 'satisfactory business conditions, with
orders for both fall and spring delivery better than they
have been for some time past. In some quarters, it is
,stated that duplication§ exceed initial orders, with blue
serges selling particularly well. The tariff question is
recei ing considerable attention at present among merchants, and while it is generally accepted that a reduction
will be made, just what it will amount to is a question.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Nov. 9 were 6,209
packages, valued at $502,996, their destination being to the
points specified in the table below:
344,174
5,400
282,027
.
3
L.1
Si
tt
0
1
to
tit to -4 to
.
ot
to
oa
to
to
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abo
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cn
CO
to
03
.
00
oo
NN
W.
CCI
03
O."IC)
t000m4..
oomom
ON
-400
4.Cn
NC-400
WO.N-4
to
4
C.n
N
00
NN
W.
WN-4NW
700
*-4
000303
Co
NO,
.
4
CO
ON
OW
WO
ON
-44
*014
00
W4
to
N.
CO
tsa
Cn ..4 Oa .
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03 -4 Ca
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c.,,........,e.,
4,N
Cn o
oom
4-4
oa
*co
EKICSO
.
14 1 N 4..4 C7) I-'
Zq
M
M
M
.'0
oo to
--tmoom-4
4tow-4ot
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WC
tr.
"ca
mot
Ifoo
Cl'to
oo o
to
'000
t
0
.
WW.W
03.-4co
OW04
,
W
000-40
,
O. (00.4000
Wa WW.00
Co
Co
t.,2o.W4
N.
40 0-400)0
4N
.0
0,4 -4NWNW
to
4 ..4 cm a)o o,
Pp co
.-. ,..,
..-.N
x
b
,
)4
•
Cl'.
cn
Cb
7.1
O. 010-400
WN N.CnOW
ON
401
.
8;
<?'
WW
!...a,
t,
a
..:-.7
CO ..NW
0a-t4W
01
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•II6I (INV TM I
271
22
E
42 1,368 4,512
42 1,322 4,236
____ 1,288 4,901
40J 2,773
8L9'Z86'
Total Nov. 9 1912_61.735 2,595 2,224 14,896
Total Nov. 2 1912_57,806 2,269 2,695 13,307
1,615 25,733
Total Nov. 11 1911__80,531
2,508 16,734
Total Nov. 12 1910_55.111
19 ITZ'63I
In ThousandsAmerican
Canadian
6.209
The value of these New York exports since Jan. 1 has been
$22,528,350 in 1912, against $20,458,690 in 1911.
When taking into consideration the uncertainty in raw
cotton and the more assured prospects for tariff revision,
demand for domestic cottons has held up remarkably well
during the past week. During the few days past there
has been more discussion among merchants and manufacturers regarding the tariff question than there was during
the political campaign, and with fears that a special session
of Congress will be called shortly after the inauguration
to take up the matter of the tariff, many deemed it wise
to act more conservatively. The mail order business,
however, continues satisfactory, with good orders received,
particularly from Western centers. These included requests for tickings, sheets, pillow cases and denims. There
has also been a moderate trade in brown sheetings,. with
goods for prompt delivery scarce, particularly the heavier
grades. In the departments for wash goods business is
more or less erratic, being quiet in some quarters and more
active in others. The general undertone of all markets,
however, remains steady, as many mills, owing to the
scarcity of labor, are unable to operate at full capacity,and
supplies are not accumulating. Export markets, compared
with the past week or two, are less active, although fair
sales of drills are reported for shipment to India. Bleached
goods rule firm and quiet; ducks are well held, while ginghams are in fair demand for spring delivery. Print cloths,
owing to the well sold position of most mills, continue
firm, with the demand improving. Gray goods, 383/
2-inch
standard, are quoted at 531 to 5%c.
FOREIGN DRY GOODS.-Demand for linens is active,
with orders for spring delivery an encouraging feature.
Spot goods are also urgently wanted and mills in many
instances are unable to meet the demand. Prices remain
firm with further advances predicted. Burlaps during
the week have ruled rather quiet, business being restricted
by the scarcity of supplies. The general undertone has
been firm with lightweights quoted at 6.85c. and heavyweights at 8.80@8.85c.
Importations and Warehouse Withdrawals of DryGoods
The importations and warehouse withdrawals of dry goods
at this port for the week ending Nov. 9 1912 and since
Jan. 1 1912, and for the.orresponding periods of last year,c
were as follows:
m 4
R
I4
t
'g'O3 UTJ FP-9
o
R.;
Si
1-3
u...
m
X
9.,
I'I3
8 3,322
---32
232
-___
6 2,755
66
107
____
245 4,802
36
---____
44
201
604
---SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush,
bush, bush, bush. brash
45,366 2,595 2,216 11,574
42 1,336 4,280
271
16,369
____
____
232
8 3,322
32
Total Nov. 9 1912_16,369
Total Nov. 2 191216,094
Total Nov. 11 1911__13,965
Total Nov. 12 1910__13,222
Total
9Z0`690'In
UNITED STATES GRAIN STOCKS.
Amer.Bonded. Amer. Amer.Bonded. Amer. Amer.Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush, bush. bush.
In ThousandsNew York
1,304
133
139 1,086
4
4
1
132
Boston
141
233
5
121
____
3
2
Philadelphia
481
201
4
291
Baltimore
904
9
23 2,110 ---- --ii ---5
New Orleans
1,205 ____
201
158 ---- ---- ---- ---Galveston
1,075
25
Buffalo
173
188 1,563
385
103
529 ____
67
Toledo
3
1,390 ____
47
____
615
Detroit
406 ____
107
41
____
19
Chicago
117 -iLi
6,969 ____
888 2,729
____
Milwaukee
180
79
190 ____
27
445 ---Duluth
97
239 1,263
7,837
534
38
456 ____
Minneapolis
451. 1,205
• 8,831
____
926 __
3
St. Louts
____
18 _ __
3,626
____
17
286
Kansas City
8
52
5,643
____
-Peoria
402
8
96
407
Indianapolis
360 ____
583 ____
-- -771
Omaha
1,350
____
74
109 1,141
On Lakes
161
93 -___
2,851---166 ___- ---130
On Canal and River
609 ---- ----42 1,336 4,280
271
Total Nov. 9 1912 45,366 2,595 2,216 11,574
42 1,256 4,129
226
Total Nov. 2 191241,712 2,269 2,689 10,552
____ 1,370 21,931 --__ 1,288 4,865
Total Nov. 11 1911_66,566
____
____ 2,307 16,130
409 2,729
Total Nov. 12 191041,889
CANADIAN GRAIN STOCKS.
Canadian
Bonded
Bonded
Canadian Bonded
Canadian
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush. bush. bush, bush. bush. bush, bush. bush.
In Thousands8
268
32
Montreal
1,513 __-232
2,195
Ft.William dr Pt.Arthur 9,765 ---5,091 ---Other Canadian
-
1912
1911--Since
Since
Week. 'Jan. 1.
Week. Jan. 1.
64
25
796
3,612
12
1,104
11
1,700
84,528
55,546
--24,770_ _
21,310
1,222
i50
18,111
45,038
278
35
11,839
25,387
446
1,037
36,225
39,238
48
56
2,141
2,959
57
17,778
205
17,357.
1,178
63,233
3,451
51,480
2,904
430
37,136
64,913
New York to November 9Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
laodray re4oj,
The visible supply of min, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 9 1912, was as follows:
VIYLV`OST LL8'6179
1344
NOV. 16 1912.]
THE CHRONICLE
STATE AND CITY
DErMITIVII:VT,
News Items.
Cincinnati Ohio.-Result of Vote on Annexation.-The
5 resulted in favor of annexation of the
election held Nov.
village of Kennedy Heights to the city of Cincinnati. The
question of annexing Elmwood Place was also favored by
the voters of Cincinnati, but was defeated by the village
itself. V.95, p. 1143. The vote is given as follows:
Annexation of Elmwood Place
Annexation of Kennedy Heights
Vote in Cincinnati. Vote in Villages.
"For" "Against" "For" "Against"
65,206
11,189 (Majority 179 agst.)
56,957
12,252
172
17
1345
ratified the amendment have now notified the State D epartment to that effect. (V. 95, p. 1288.)
Waco, Texas.-Bids Wanted for Revised System of Assessment.-In an official advertisement on a subsequent page
proposals are invited until 10 a. m. Nov. 19 by the Finance
Commissioner, Thomas A. Caufield, upon the proposition of
the complete installation of a revised system of the assessment of land and building valuation in Waco, said system
to be mathematically correct and upon the general order
of what is commonly known as the "Somer System."
Bond Proposals and Nedotiations this week
Connecticut.-Constitutional Amendment Adopted.-The
complete vote on the proposed amendments to the State have been as follows:
constitution concerning the duties of the Lieutenant-GovABERDEEN, Brown County, So. Dak.-BONDS VOTED.-At an
election held Nov. 5 the question of issuing $100,000 5% 20-year city-hallernor and the time of adjournment of the General Assembly, construction
bonds carried by a vote of 941 to 616.
submitted to the electors in October 1911, has just been anADAMSTON, Harrison
W. Va.-BOND OFFERING.-Pronounced and shows that both questions carried. The posals will be received, it isCounty,
stated, until 12 m. Dec. 3 by F. H. Scanes,
Recorder, for $15,000 water and $5,000 sewer 5% 10-33-year (opt.)
amendment authorizing the Lieutenant-Governor to act as Town
bonds. Int. ann. Cert. check for 5% required.
Governor in the case of the inability of the latter to perform
ALLEGHENY COUNTY(P.O.
Pa.-BOND OFFERING.
the powers and duties of his office, received a vote of 29,738 -proposals will be received until 11Pittsburgh),
a. m. Nov. 18 by R.J. Cunningham,
County
for $840,000 4% coup. tax-free refunding bonds.
to 4,770. The other proposal, providing that the General Denom. Comptroller,
$1,000. Int. semi-ann. at the County Comptroller's office.
Assembly shall adjourn not later than the first Wednesday Due Oct. 11942. Certified check for
$10,000 required.
ALLEN COUNTY (P. 0. Lima), Ohio.-BOND SALE.-On Nov. 8
after the first Monday in June following its organization,
coup.
5%
$6,030
ditch-impt.
the
bonds
(V. 95, 13. 1069) were awarded to
received a vote of 30,349 to 4,865. The Legislature meets the Tillotson & Wolcott Co. of Cleveland
for $6,063 17 (100.55) and intbiennially on the first Wednesday after the first Monday in erest. Other bids follow:
Bank,
Nat.
First
Cleve_
--$6,045 401 Hayden, Miller & Co., Cleve_$6,040
January, and heretofore there has been no limit to the length
ARLINGTON HEIGHTS, Hamilton County, Ohio.-BONDS
of each session.
VOTED.-On Nov. 5 the question of issuing the $12,000 sewerage-systembonds(V.95, p. 1147) received a favorable vote, according to reports.
const.
Florida.-Constitutional Amendments Adopted.-The proAUGUSTA, Ga.-BOND OFFERING.-Proposals will be received
posed constitutional amendments establishing the initiative until
12 m. Nov. 30 by Wm. L. Martin, Clerk of Council, for the followand referendum and authorizing the incorporation of Special ing 4%
% coupon bonds.
Tax School Districts, submitted .to the voters on Nov. 5, $250,000 (of $1,000,000) flood-protection bonds. Denom. $1,000. Date
appear to have carried. See V. 95, p. 1068.
Nov. 11912. Int. M.& N. Due 30 Years.
bonds. Denom. $1,000. Date July 1 1912. Int.
Kentucky.-Constitutional Amendments Not Voted Upon. 150,000 hospital
J. & J. Due 30 Years.
-The two proposed amendments passed by the 1912 Legis- 100,000 water-works bonds. Date July 1 1912. Int. J. & J. Due
lature and referred to in the "Chronicle" of Sept. 14, page
30 years.
699, were not submitted to a vote at the recent general elecCert. check for 2% of bonds bid for, payable to the "City Council of
Augusta",
is
required. Bids must be made on blank forms furnished by
tion. Section 256 of the constitution provides that amendments shall be submitted at a general election "for members the city. The purchaser will be furnished an opinion by Storey, Thorndike, Palmer & Dodge of Boston, favorable to the legality of the bonds.
of the (State) House of Representatives," and these officers The
Clerk of the Superior Court of Richmond County will also certify as
are elected in odd years.
to their validation. The U. S. Mortgage & Trust Co. of N. Y. will certify
to
the genuineness of the various issues. The reports that these securias
McKinney, Collin County, Tex.-Commission Form of
Government Adopted.-By a vote of 448 to 102 the question ties were offered Nov. 14 (V. 95, p. 1225) were erroneous.
The official notices of these bond offerings will be found among the adverof establishing the commission form of government carried, tisements
elsewhere in this Department.
it is stated, on Nov. 5.
AUSTIN, Mower County, Minn.-BONDS VOTED.-The election
Nov. 5 resulted in a vote of 1,038 to 207 in favor of the proposition
Manitowoc, Wis.-Voters Favor Purchase of.Light Plant. held
to issue the $20,000 4% refunding bonds (V. 95, p. 1225) according to
-We are advised that the question of purchasing the elec- reports.
AVALON, Cape May County, N. J.-BOND SALE.-On Oct. 14 the
tric-light plant owned by the Electric Co. of Manitowoc
5% 15-yr. tax-free boardwalk bonds (V. 95, p. 843) were awarded
carried at the election held Nov. 5 by a vote of 1,292 to $29,000
to the First Nat. Bank of Ocean City at par and int. Denom. $500.
Date June 1 1912. Int. J. & D.
861 (V. 95, p. 993).
AVON-BY-THX.SEA, Monmouth County, N. J.-BOND OFFERING.
Oklahoma.-Voters Decide Against Capital Removal- --Proposals will be received
until Nov. 21 by Geo. B. Goodrich, Clerk,
Local papers report that the returns at hand are sufficient for $22,000 4)% school bonds, reports state. Int. semi-annual.
Suffolk County, N. Y.-BOND SALE.-On Nov. 12
to indicate the defeat on Nov. 5 of the proposed amendment "theBABYLON,
$5,000 (not $4,000 as first reported) 1-10-yr. (ser.) fire-apparatusto the constitution locating the capital and seat of govern- purchase Series "A" bonds (V. 95,
p. 1147) were awarded, it is stated,to
ment at Guthrie. The capital was removed, it will be re- Adams & Co. of N. Y., at 100.10 and blank bonds for 4.805.
BALTIMORE, Md.-RESULT OF LOAN ELECTION.-The election
called, from Guthrie to Oklahoma City by an Act of the held
Nov. 5 to vote on the question of issuing the loans mentioned in V.
Legislature of 1910,subsequently declared valid by both the 95, p. 560, resulted as follows,
reports state:
conduit loan, carried by a vote of 38,990 "for" to 29,359
State Supreme Court and United States Supreme Court. $2,000,000 4%
"against." Due Aug. 1 1962.
V. 95, p. 560.
loan,
bridge
defeated by a vote of 22,629 "for" to 45,089
2,000,000
Portland, Ore.-Result of Vote on Charter Amendments.- A sewer-rental
defeated by a vote of 14,368 "for" to 54,728 "against."
nsnt,."
loia
' ga
The election held in this city on Nov. 2 resulted in favor of
BLOOM TOWNSHIP (P. 0. Bloomville), Seneca County, Ohio.OFFERING.-Proposals will be received until 12 m. Nov. 22 by
five proposed amendments to the charter and two ordinances. BOND
A. A. Watson, Twp. Clerk, for $4,800 5% highway-constr. bonds. Auth.
These are as follows:
Vol. 102, pages 333 to 349, Laws of Ohio. Denom.$800. Date Nov. 22
ORDINANCES.
Granting Northwestern Electric Company a franchise for a light, heat and
city
of Portland, fixing the compensation to be paid
power system in the
the city therefor, and providing for rates and the regulation thereof (see
Providing that the Council, in making public improvements, shall take
into consideration the Greater Portland plans prepared by Mr E.H.13ennett, and approving and adopting said plans as the official city plans.
AMENDMENTS TO CITY CHARTER.
Providing that the title, rights and interest of the city in all water-front
property and all landings, wharves, docks, highways, bridges, streets and
other public places shall be inalienable, providing, however, that streets
may be vacated for purely public purposes and regulating the manner of
vacating streets.
Allowing thirty instead of ten days' time for filing applications for bonding street and sewer assessments, and providing the general procedure for
bonding such assessments and for the sale of improvement bonds.
Providing that assessments for the extension or changing of streets may
be bonded and paid in twenty semi-annual installments.
Respecting the manner of opening new streets and changing existing
streets, and providing that the City Engineer shall report the amounts of
benefits and damages to be assessed or allowed, and in case remonstrances
thereto is filed, the City Attorney shall condemn all property required and
the jury shall determine the amounts of said benefits and damages
Providing that all ferries and bridges owned and controlled by the city
of Portland shall be operated by the County of Multnomah at the expense
of said county, and providing that a charge of three cents per car be made
for each street car crossing any of the bridges over the Willamette River.
, •
All the other questions submitted on Nov. 2, including the
proposed new charter to establish a commission form of
government and the amendments providing for six bond
issues aggregating $3,650,000 (see a subsequent page) were
defeated. All of the propositions voted upon were referred to in the "Chronicle' of Oct. 19, page 1069.
United States.-Ohio Notifies State Department of Ratification of Income Tax Amendment.-On Nov. 12 the State
Department at Washington received notice of the approval
by the Ohio Legislature of the proposed Income Tax Amendment to the Federal Constitution. The 34 States which
1912. Int. M.& S. Due $800 yrly. on Sept. 17 from 1917 to 1922 incl.
BOSTON, Mass.-LOAN VOTED.-The voters on Nov. 5 passed
favorably, it is said, upon the Act of the 1912 Legislature authorizing this
city to issue $2,500,000 bonds outside the debt limit for the construction
of new streets.
BOWERSTON, Harrison County, Ohio.-BOND SALE.-Tho $1,110
% 1-10-year (ser.) Garfield Ave. and State St. impt. assess, bonds
offered on Oct. 5(V. 95, p. 700) have been awarded to the First Nat. Bank
of Bowerston at par and interest.
BREMEN, Fairfield County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Dec. 10 (date changed from Nov. 26) by E. T.
Purvis, Vil. Clerk, for the $1,000 59 Main St. paving (village's portion)
bonds (V. 95, p. 1238). Denom. $200. Date Sept. 19 1912. Int. semiannual. Due $200 yriy. from 1 to 5 years. Cert. check for 2% of bonds
bid for, payable to the Treas., required. Bonds to be delivered within
10 days from time of award. Purchaser to pay accrued interest.
BURLINGAME, San Mateo County, Cal.-BONDS VOTED.-By a
vote of 543 to 98 the proposition to issue the $175,000 water-works-system
bonds (V. 95, p. 1070) carried at the election held Nov. 1, according to
reports.
CALLOWAY COUNTY (P. 0. Paducah) Sy.-BONDS VOTED.It is reported that at a recent eledtion the question of issuing $40,000 courthouse bonds received a favorable vote.
CALVERT, Robertson County, Tex.-BOND OFFERING.-Prouosals will be received until 4 p. m. Dec. 4 by Wm. McIntosh, Mayor, for
the $25,000 5% 10-40-yr. (opt.) coupon sewer-constr. bonds voted May 28
(V. 94, p. 1579). Denom. $625. Date Jan. 11913. Int. ann. in Jan. at
tho Union State Bank, Calvert. Cert. check for $500, payable to the
Mayor, required. Bonded debt, this issue. Asses. val. 1912 $1,358,631.
The legality of this issue has been approved by the Attorney-General of
Texas. Official circular states that there is no controversy or litigation
pending or threatening the corporate existence or the boundaries of. the
municipality or the title of its present officials to their respective offiCd or
the validity of these bonds and that the city has never defaulted in the
payment of principal or interest on any of its obligations.
CAMILLA, Mitchell County, Ga.-BOND OFFERING.-Proposals
will be received until 8 P. m. Dec. 2 for the $5,000 school-bldg. $2,500
sewerage-impt., $10,000 electric-light and water-works-impt. and 810.000
city-hall 5%% 30-yr. gold bonds. Authority vote of 99 to 8, 96 to 11.
99 to 8 and c13 to 15, respectively,at the election held Oct. 9(V.95 p.767).
Denom. $50'0. Date Jan. 1 1912. Int. J. & J. in New York. Deposit
of $500 required. Official circular states that all previous obligations
have been promptly met, that no question has been raised as to the legality
of these bonds and that the same have been validated.
1346
THE CHRONICLE
CANTON, Ohio.-BOND SALE.-On Sept. 30 the four Issues of
%
bonds agggregating $37,700 (V.95,p.701) were awarded, we havejust been
advised. to Hayden. Miller & Co. of Cleveland for $38,415, making the price
101.87.
CENTRE TOWNSHIP, Vernon County, Mo.-BOND OFFERING.Proposals will be received until 2 p. in. Dec.3 by,J. B. Akers, County Clerk
(P. O. Nevada)', for the $20,000 6% road-impt. toads (V. 95, p. 635).
Date.Marcti'l 1913. Int. M. & S. Due March 1 1917. opt. $5.000 yriy.
Cert. check for $100. payable to the Co. Clerk, is required.
CHICOPEE, Hampden County, Mass.-BOND SALE.-On Nov. 14
the.$19.000 •4% 3 2-3-.yr. (aver.)• coupon city-hospital bonds (V: 95. P.
1289) were awarded. it is stated, to Estabreok & Co. of Boston at 100.09.
CINCINNATI, Ohio.-BONDS VOTED.-The election held Nov. 5
resulted in favor of the three issues of bonds, aggregating $4,000,000,
(V. 05, p. 995.) The official vote cast,en the bonds is Oven
Amount.
'For.' "Against."
Purpose.
$750,000 Park bonds
50,042 to 24,123
3,000,000 Sewer bonds
49,260 to 20,973
250,000 Public-hall bonds
43,2,4 to 21.610
We are advised that these bonds will be offered for sale some time next
year.
CLARKSVILLE, Red River County, Texas.-BONDS REGISTERED.
-On Nov. 8 the State Comptroller registered $25,000 4%% 10-40-Yr.
(opt.) bonds.
CLEVELAND, Ohio.-BOND OFFERINGS.--Reports state that this
city will offer for sale $175,000 bonds on Dec. 27 and $1,565,000 bonds on
D(..v. 20.
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Ohio.BOND OFFERINO.-Proposals will be received until 12 m. Dec. 16 by
the Public Library Board of the District for $2,000,000 4% library bonds.
Auth. Secs. 4007 to 4012 incl., Gen. Code. Denom. $1,000. Int, semiann. at Amer. Exch. Nat. Bank in New York City. Cert check on a national bank for 5% of bonds bid for, payable to the Public Library Board
of the District, required: Bids must be made on blanks to be furnished
by the Secretary of the Library Board. Carl Lorenz is Secretary of the
Public Library Board. Bids will be received separately on the basis of'said
bonds maturing Dec. 16 1932 or Dec. 16 1937 or 1:). 16 1942, but bidders
may bid on any one, two or three of said lengths of time that said bids
shall run.
COQUILLE SCHOOL DISTRICT (P. 0. Coquille), Coos County
Ore.-BONDS DEFEATED.-At the election held Oct. 26 the question
of issuing the $30,000 high-school-constr. bonds (V. 95; p. 844) failed to
carry. The vote was 28 "for" to 111 "against."
COVINGTON COUNTY (P. 0. Collins), Miss:-BONDS PROPOSED.
-Reports state that the Issuance of bonds to construct roads in Districts
No. 2 and 4 is being contemplated by this county.'
CROSSVILLE, Cumberland County, Tenn.-BONDS AUTHORIZED.-Thls city recently authorized the issuance of $10,000 5% coupon
street-Improvement bonds.
CUYAMA SCHOOL DISTRICT, San Luis Obispo County, Cal.BOND ELECTION.-On Nov. 25 the voters will have submitted to them
the proposition to issue $3,000 bonds, reports state.
DALLAS, Tex.-BOND OFFERING.-Proposals will be received until
2 p. in. Dec. 4 by W.T. Henderson, Corn. of Fin., for the following 43-i%
gold coupon bonds, aggregating •3725,000.
$100,000 water-works-inapt. bonds. Due May 1 1952.
200,000 city-hall-bldg. bonds. Due May 1 1952.
125,000 fire-station-bldg. bonds. Due $3,000 yrly. on May I with
$1,000 maturing each eighth year.from 1913 to 1952 incl.
200,000 publie-scheol-bldg. bonds. Duo $5,000 yrly. on May 1 from
1913 to 1952 incl.
100,000 sewer bonds. Due $2,000 in odd years and $3,000in even years
from 1913 to 1952 incl.
Authority- Art. 918-D. Con. Laws and election held April 2. Denom.
$1,000. Date May 1 1912. Int. M.& N. at the Chase Nat. Bank, N. Y.
City. The Nov. 1912 interest coupons have been detached. Bonds
will be certified as to genuineness by the Dallas Trust & Savings Bank,
Dallas. The opinion of Dillon, Thompson & Clay of New York as to
legality of bonds will be furnished to the purchaser. Official circular
states that there has never been a default in the payment of principal or
interest. Cert, check for 2% of bonds bid for, payable to the Corn. of
Fin.. required. (V. 95,p. 561).
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
DARBY TOWNSHIP (P. 0. Collingdale), Delaware County, Pa.
BOND SALE.-The $6,000 4i % coupon funding' and highway -impt.
of
Philadelphia
Co.
Hey!
&
awarded
to
bonds offered on Oct. 21 have been
at 102.50. Denom. $500. Date Nov. 1 1912. Int, M. Sc N. at the
'First Nat. Bank of Darby. Due Nov. 1 1942.
DARKE COUNTY (P. 0. Greenville), Ohio.-BOND OFFERING.
Proposals will be received until 10 a. m. Dec. 14 by J. L. Morgan, Co. Aud.,
for $63,000 4S4% bonds. Auth. Sec. 6492 and 6493; Gen. Code. Denom.
$500. Date Dec. 14 1912. Int. J. & D. at the Co. Treas.' office. Due
on Dee. 14 as follows: 313,0001n 1913,$12,500 in 1914 and 1915 and $25.000 •
In 1917. A deposit in .cash or an ,unconditional cert. check • on a bank in
Darko Co. for $100, payable to the Bd. of Co. Conunrs., required, Purch.
to pay accrued int. Bids must be unconditional,
DAYTON, Campbell County-, Ky.-BONDS VOTED:-At a rwent
election, it is.reported, the proposition to issue $20,000 Fairfield'Ave. re..
onstruction bonds received a favorable vote.
DEER, PARK (P. 0. Columbus), Franklin County, Ohio.-BOND
oFFP,RING.-Proposals will be received until 12 tn. Nov. 27 by F. Huber,
Village Clerk, for the $1,500 41i% 20-year (village's portion) side-walkbonds offered without success on Oct. 23 (V. 95, p. 1226). Denom. $500.
Date Oct. 15 1912. int. Semi-ann. Cert, check for 5% of bonds bid for.
payable to the Village Treasurer, is required. Purchaser to pay accrued
interest.
DELAWARE SCHOOL DISTRICT (P. 0. Delaware), Delaware
County', Ohio.-BOND OFFERING.-Proposals will be received until
1 so. m. Dec. 7 by D. E. Hughs, Clerk Board .of Ed., for $35,000 4(%
school bend.s. • Atith. Sec. 7625, 7626 and 7627 Gen. Code. Denom.$500.
Date Dec. 71912. Int. M. & S. at office of District Treas. Due $1,000
on March 1 and $500 on Sept. 1 front Sept. 1 1914 to Sept. 1 1937 incl.
Cert. check on a Delaware County bank for $1,000, payable to the Dist.
'Clerk, required, Bonds to be delivered within 5 days from time of award.
DINUBA, Tulare County, Cal.-BOND ELECTION.-The question
of issuing $42,000 sewer-system-construction bonds will be submitted to a
vote, it is stated, on Nov. 19.
DUNKIRK, Hardin County, Ohio.-BONDS VOTED.-Reports state
that the election held Nov. 11 resulted in favor of the proposition to issue
the $15,000 city-hall-building bonds (V. 95, p. 1070).
EAST CLEVELAND CITY SCHOOL DISTRICT (P. 0. Cleveland),
Cuyahoga County, Ohio.-BOND OFFERING.-Proposals will be received until 5 p. m. Dec. 16 by the Bd. of Ed., Chas. Ammerman, Clerk,
for $150,000 4% bldg.-ext.-and equip, bonds voted Nov. 5(V. 95, p. 1289).
Anti' Secs. 7625 to 7627 incl., Gen. Code. Denom. $1,000. Date "day of
sale." Int. semi-ann. at Cleveland Trust Co., in Cleveland. Due 20
yrs. from date. Cert, check on a solvent bank in Cuyahoga Co.for 10% of
the bid, payable to the Dist. Treas., required. Bonds to be delivered within 10days from time of award.
• EAST' VIEW, Ohio.-BOND OPFERING.-proposals will be received
until 12 in. Dec. 16 by A. A. Smith, Vii. Clerk, for $20,420 88 5% coup.
Kinsman Road inlet. bonds. Auth. Sec. 3914, Gen. Code. Denom. (1)
$420 88, (40) $500. Date "day of sale." Int. A. & 0. at Vii. Treas.
office. Due $420 8* Oct 1 1913 and $2,000 yearly on Oct, 1 from 1914
to 1921 incl. and $2,500 Oct. 1 1922. Cert. check on a bank other than
tho one...making the bid, Pori 10% of bonds bid for, payable to the Vii.
Treas., required. Bonds to be delivered within 10 days from time of
award. Purchaser to pay accrued'interest.
EL PASO, El Paso County, Texas.-BONDS AUTHORIZED.-An
ordinal).* was passed on Nov. 7, reports state. providing for the Issuance
[VoL. Lxxxxv.
of the $200,000 water-works-ext., $150,000 sewer-Intpt. and $50,000 streetimpt. bonds voted Nov. 5 (V: 05, p. 1289).
ELYRIA SCHOOL DISTRICT (P. 0. Elyria),.Lorain County, Ohio..
-BONDS VOTED.--According to reports, the question of issuing the
$300,000 site-purchase, building-construction-arid-equipment bonds (V.
95, p. 1226) carried at the election held Nov. 5,
EMSWORTH (P. 0. Allegheny), Allegheny County, Pa.-BONDS
VOTED.-At the election held Nov.5 the question of issuing $24,000 funding bonds (V. 95, p. 1070) carried by a vote of 149 to 44.
EUGENE SCHOOL DISTRICT (P. 0. Eugene), Lute County, Ore.
-BOND ELECTION.-A vote wil be taken on Nov.20, reports state, on
a proposition to issue $20,000 high-school-site-Perchase bonds.
EXETER SCHOOL DISTRICT (P. 0. Exeter), Tulare County, Cal
-BONDS VOTED.-A favorable vote was cast'recently, it Is stated, on a
proposition to issue $25,000 grammar-school-bldg. bonds.
FAIR OAKS SCHOOL DISTRICT, Sacramento County., Cal.BOND ELECTION.-The question of issuing $2,500 bldg. bonds will be
submitted to a vote, reports state, on Nov. 19.
FERNDALE, Whatcom County, Wash.-BOND OFFERING.-Proposals will be received by N. S. Brooks, City Treas. it is stated, for the
312,000 20-year water-system bonds voted Oct. 15 (V. 95, p. 1226). Int.
semi-annual.
FLEMINGTON SCHOOL DISTRICT (P. 0. Flemington), Taylor
County, W. Va.-BONDS AWARDED IN PAET.-On Oct. 15 $4,500
of $6.000 6% coupon bonds offered on that day were awarded to W. C.
Frum for $4,900, making the price 108.88.. Denom. $rp: Date Aug. 15
1912. Int. annual. Due "on or before Aug. 15 1924.'
FORT LAUDERDALE, Dade County, Fla.-BOND SALE.-On
Oct. 12 the $20,000 water, $10,000 sewer and $10.000 street 67' 20-yr. •
bonds(V. 95, p. 702) were awarded to thin Sr Co. of Chicago at 100.3375
Denom. $1,000. Date Nov. 11912. Int. M.& N.
FRANKLIN; Norfolk County, Mass.-BOND SALB.-On Nov. 13
$30,000 4% 1-15-yr. (ser.) coup. school bonds were awarded to Estabrook
& Co. of Boston at 100.45. according to reports. Denom. $1,000: Date
Nov. 11912. Int. M.& N. at the Franklin Nat. Bank in Franklin.
FRAZESBURG SCHOOL DISTRICT. (P. 0. Frazesburg), Muskingum County, OhiO.-BONDS VOTED.-An election held recently
resulted in favor of. the proposition to Issue $30.000 building • bonds, according to reports.
FREDERICKSBURG; Chickasaw County, Iowa.-BOND SALE.We are advised that an issue of $4,500 electric-light bonds has been sold.
FREMONT, Dodge County, Neb.-BOND oFFBRriva.-Proposals
will be received until 4 p. m. Nov. 18 by Goo. F. Wolz, Mayor, for $8,000
5% intersection-paving bonds. Denom. $1 ,000. Date July 1 1907. Due
July 1 1927. subject to call beginning July 1 1912.
FREMONT, Sandusky County, Ohio.-BOND SALE.-On Nov. 12
the $10,000 45.6% 334-yr. (aver.) coupon street-impt. bonds (V. 95, p.
1148) were awarded: it Is stated, to the Croglian Bank & Say. Co. of Fremont at 102.265.
FULLERTON; Orange County. Cal.-BOND SALE.-On Nov. 8 the
$80,000 water-works-plant-constr. bonds voted Atm: 29 (V; 95. p. 636)
were awarded to the State, ills reported, at par.
FULLERTON UNION HIGH SCHOOL DISTRICT (P. 0. Fullerton), Orange County, Cal.-BONDS' VOTED.-Reports state that the
election held Nov. 4 resulted in favor of the question of issuing $50,000
high-school-bldg. bonds.
GOLD HILL, Jackson County, Ore.-BOND SALE NOT CONSUMMATED.-The sale of the $25,000 6% 25-yr. water-plant bonds on
Jan. 22 to Bolger, Messer & WIllaman of Chicago (V. 94, p. 429) were not
consummated, we have just been advised.
GUYMON; Texas County; Okla.-BOND SAUL-This city has disposed of its $8,000 funding bonds (V. 95, p. 769). we are advised.
HAMILTON, Butler County, Ohio.-BONDS VOTED.-The election
held Nov. 5 resulted, ills reported, in favor of the proposition to issue time
$20,000 city-hall-construction bonds (V. 95. p. 702).
HAMILTON COUNTY (P. 0. Cincinnati), Ohio -BONDS VOTED.
-The proposition to issue the $500,000 Longview Hospital Impt. bonds
(V. 95, p, 498) carried, it Is stated, by a vote of 70,709•to 26,519 at the
election held Nov. 5.
HARRISON COUNTY- (P. 0. Gulfport), Miss.-BOND SALE.The Tillotson & Wolcott Co. of Cleve. has been awarded $15,000 6% Dist.
No.3 road bonds. These bonds were offered on Oct. 7 as 5s. (V. 95, p.769.)
BONDS AUTHORIZED.-According to reports the issuance of $10,000
school bonds has been authorized.
HIGGINSVILLE, Lafayette County, Mo.-BOND SALE.-Op
Oct. 7 $12,000 5% water and light-plant-Impt. bends were awarded to
Coffin & Crawford.of Chicago. Denoni. $600. Date Nov. 15 1912. Int.
J. &J. Due $600 yrly. Jan. 15from 1914 to 1933 incl.
HINTON, Caddo County, Okla.-BOND OFFERING.-Proposals
will be received until Nov. 19 by C. W. Morrison for the $30.000 6% 25-yr.
water and light bonds(V. 95, p. 1226). Auth. election held Nov. 5.
HORSE FLY IRRIGATION DISTRICT.(P. 0. Bonanza), Klamath
County, Ore.-BONDS VOTED.-An election held Nov.9 resulted in favor of the proposition to issue $785,000 bonds. The vote, it is stated, was
50 to 11.
HURON COUNTY (P. 0. Norwalk), Ohio.-BOND OFFERING.Dec. 9 by J, 13, Smith; Co. Aud..
p.
Proposals will be received until 1:30
for $38.000 5% coup. children s home bond.S. Auth. Secs, 3077 to 3126
incl., Gen. Code, also on .election held. Nov. 5. Denom. $500. Date
Dee, 11912. Int. J. & D. at Co. Treas. office. Due $1,000 each six mos.
from June 1 1914 to Dec. 11932, incl. An unconditional cert. chock on a
bank other than the one making the bid.for5% of bonds bid for, payable to
the Co. Treas., is required. Bonds to be delivered within 10 days from
time of award. Purchaser to pay accrued int.
JACKSONVILLE, Duval County, Fla.-BOND OFFERING.
Proposals will be received until 3 p. m. Dec. 19 by the Board of Bond
%
$250,000
'amt.
bonds.
for
Chairman,
M.
Bostwick
Jr.,
Trustees, W.
The legality of these bonds hasbeen approved by Dillon, Thomson & Clay
of N. Y. These bonds were to have been offered on Oct. 15 (V. 95, p..
251) but the sale was postponed.
The official notice of this bond offering will appear. sta Nor: 23 among the
advertisements elsewhere in this Department:
KELLIHER, Beltrami County, minn.-BOND OFFERING.-proposaLs will be received until 7 p. in. Nov. 25 by J. H. ilerntanson, VII.
Recorder, it is stated, for $10,000 refunding bonds at not exceeding 6%
interest. Interest semi-annual. Certified chock for 10% required.
KENMORE, Summit County, Ohio.-BONDS VOTED.-The propositions to issue the $100,000 water and $70.000 sewer bonds(V.05, p. 1071)
carried at the election held Nov. 5. The vote was 376 to 50 for the water
bonds and 377 to 51 for the sewer bonds.
KIRKLAND, Oneida County, N, Y.-BOND SALE.-Adams & Co.
of N. Y. have been awarded at 100.20 $12,000 5% sewer bonds. Denom.
$1.000. Int. F. & A. Duo $1,000 yriY• Feb. 1 1913 to 1924 incl.
KIRKWOOD SCHOOL DISTRICT (P. 0. Kirkwood), Warren
County, Ill.-BOND ELECTION.-Rep.orts state that an election will
be held to
-day (Nov. 16) to vote on the proposition to 13$U0 $15,000 "schoolbldg." bonds. An Issue of "high-school' bonds was voted Aug. 10 and
subsequently disposed of (V. 95, p. 637),but ,according to local papers, it
was discovered that "high-school" bonds Could not be is,suoti in districts
with a population of less than 1,000.
KITSAP COUNTY (P. 0. Port Orchard), Wash.-BONDS DEFEATED.-The proposition to issue the 3225,000 coupon road bonds
voted on at an election held Nov. 5(V. 95, p. 1226) failed to carry.
LAMAR TOWNSHIP, Bartow • County, Mo.-BONDS PROPOSED.
According to reports, this place intends to issue $20,000 road-bldg. bonds.
LARKSPUR, Maria County, Cal.-BOND OFFERING.-Proposals
will be received Until 8 p. m. Nov. 20 by E. G. Vocke, Clerk Board of
Trustees, for $45,000 57
0 gold inunicipal-impt. bends. Denom. (20)
31.000,(20) $125. Date Dec. 2 1912. Int. J: & D. Duo $1,125 yrly.
for 40 years. Cert. check for not less than 5% of bid required. Bidders
must specify whether said bonds shall be furnished and prepared ai their
own or town's expense: Bids must be unconditional,
Nov. 16 1912]
THE CHRONICLE
1347
HANCOCK COUNTY (P. 0. Findlay), Ohio.-BONDS AWARDED Knickerbocker Trust Co. of N. Y. and the legality of the issue will be exIN PART -The Davies-Bertram Co. of Cin. purchased at 103.76 $31.500 amined by Caldwell, Masslich & Reed, N. Y., whose opinion will be
of the seven issues of 5% coupon road-impt. bonds aggregating $35,000, furnished to the purchaser. Bonds to be delivered Nov. 26 unless a subsequent date shall be mutually agreed upon. Purchaser to pay accrued int.
bids for which were received on Oct. 16 (V. 95, p. 1148.)
LAWRENCEVILLE, Gwinnett County, Ga.-BOND OFFERING.- Bids must be made on blank forms furnished by the county.
NEW HOME SCHOOL DISTRICT, Kings County, Cal.-BOND
Proposals will be received until 4 p.m.Nov.21 (date changed from Nov.4)by
J. II. Britt, City Clerk, for the $15,000 5% gold coup. sewer tax-free bonds. ELECTION.-An election will be held Nov. 20, it is stated, to vote on a
Denom.$1,000. Date Nov. 1 1912. Int. M.& N. at the Nat. Park Bank proposition to issue $5,000 bonds.
NEW MEXICO.-BOND OFFERING.-Proposals will be received until
of N. Y. City. Due Nov. 1 1942. A deposit of $500, payable to L. R.
Martin, Mayor, required.
2 p. m. Dec. 16 by the Bd. of Loan Conunrs., W. G. Sargent, Sec. of Bd.,
LEFLORE COUNTY (P. 0. Poteau), Okla.-BONDS VOTED.
- at Santa Fe, for $1,125,000 Series "C" bonds. Auth. Sec. 3, Art. 9, State
The proposition to issue $75,000 court-house bonds carried, it is reported, constitution. Denom. $1,000. Date Dec. 16 1912. Int. (rate to be
named in bid) M.& S. at State Treas. office or at Seaboard Nat. Bank in
at the election held Nov. 5.
N. Y. as purchaser may desire. Due Dec. 16 1952, subject to call beLEXINGTON, Fayette County, Ky.-BONDS VOTED.-The election ginning
Dec. 16 1922. Cert. check on a bank other than the one making
held Nov. 5 resulted in favor of the propositions to issue the $50,000 park the bid, for 2% of
and $200,000 sewer bonds (V. 95, P. 996). The vote for the, park bonds be unconditional. bid, payable to the Loan Commrs., required. Bids must
was 1,994 to 916 and for the sewers 2,058 to 718.
NEWPORT BEACH, Orange County Cal.-BONDS NOT TO BE
LITCHVILLE, Barnes County, No. Dak.-BONDS NOT SOLD.- ISSUED
AT PRESENT.-We are advised 'that the matter of issuing the
No sale was made on Oct. 11 of the $2,500 5% 20-yr. artesian-well bonds. $25,000 5% electric-light
bonds voted Sept. 10 (V. 95, p. 846) has been
(V. 95, p. 769.)
temporarily delayed on account of injunction proceedings. •
LITTLE ROCK, Ark.-BONDS OFFERED BY BANKERS.-The
NICHOLASVILLE, Jessamine County, Ky.-BONDS VOTED.
L. W. Thomson Securities Co. in St. Louis is offering to investors $21,000 The
proposition to issue $30,000 school bonds carried, according to reports,
53i% Dist. No. 198 street-impt. bonds. Denom. $500. Date Oct. 15 at the election held
Nov. 5,
1912. Due on Dec. 1 as follows: $3,000 in 1913 and 1914; $3,500 in 1915,
NORTH CAROLINA.-BOND OFFERING.-Proposals will be re1916 and 1917 and $4,500 in 1918.
LOS GATOS, Santa Clara County, Cal.-BOND OFFERING.-Ac- ceived until 12 m. Dec. 17 by B. R. Lacy, State Treasurer (P. 0. Raleigh).
Lording to reports, proposals will be received until 7 p. m. Dec. 2 for the for $550,000 4% refunding bonds. Date Jan. 1 1913. Int. J. & J. at
following bonds voted Sept 30( V: 95, p. 996): $10,000 town-hall bonds the National Park Bank in N. Y.
Due July 1 1953.
(denom. $500), $6.000 public-park bonds (denom. $300), $30,000 sewer
The official notice of this bond offering will be found among the advertisebonds (denom. $1,500), $35,000 street-impt. bonds (denom. $1,750). Int.
ments elsewhere in this Department.
semi-ann.
NORTH TONAWANDA, Niagara County, N. Y.-BOND SALE.LOWELL, Middlesex County, Mass.-BOND SALE.-On Nov. 15
$26,250 4% 8-14-year (ser.) water bonds were awarded to R. L. Day & Co. On Nov. 12 the 3 issues of 41i% 5%-year (aver.) reg. street-impt. bonds,
aggregating $32,500(V.95, p. 1227) were awarded to J. J. Hart of Albany
of Boston at 100.689. Int. semi-ann.
at 100.034 and int.
:
LYON COUNTY SCHOOL DISTRICT NO. 9, Nev.-BOND SALE.
NORTH WALES, Montgomery County,Pa.-BONDS DEFEATED.
On Nov. 4 $5,000 6% bonds were awarded to the Lyon County Bank in
The question of issuing 840,000 sewer bonds was defeated by a vote -Yerington at par. Denom. $500. Date Nov. 4 1912. Int. J. & J.
of
McKINLEY, St. Louis County, Minn.-BOND OFFERING.-Pro- 123 "for" to 237 "against' at an election held Nov. 5.
NORWOOD, Hamilton County, Ohio.-BOND SALE.-On
posals will be received until Dec. 3 for $10,000 elec.-light refund. bonds at
Nov.
6
not exceeding 6% int. Auth., vote of 12 to 0 at an election held Nov. 4. the following bids were received for the $3,000 4M% 20-year Williams Ave.
acquisition bonds (V. 95, p. 996.
Due part yearly on Dec. 3, commencing 1917.
Prov.Say.B.&T.
MALDEN, Middlesex County, Mass.-TEMPORARY LOAN.-On Seasongood & Co., Cin_ _$3,184 80 Atlas Nat. Bank. Cin
$3.165 30
Mayer, Cin, 3,181 00 Weil, Roth & Co., Cin
Nov. 12 the loan of $200,000 due in 5 months (V. 95, p. 1290) was awarded Mayer, Deppe&Walt.,Ci
3,154 00
n_ 3,175 80 First Nat. Bk., Norwood_ 3,126 99
to N. W. Harris & Co., Inc. of Boston at 4.33% discount.
RESULT OF ELECTION.-The election held Nov. 5 (V. 95, p.
1149)
MC HENRY, Harrison County, Miss.-BONDS NOT SOLD.-The resulted as follows, it is stated:
Town Treas. advises us that -the $1.500 6% 20-yr. coupon funding bonds
Bonds Voted.
offered on Oct. 16 (V. 95, p. 846) have not yet been disposed of.
$90,000 city-hall bonds by a vote of 2,859 to 1,278.
Bonds Defeated.
MADEIRA VILLAGE SCHOOL DISTRICT, Hamilton County,
Ohio.-BONDS VOTED.-The election held Nov. 5 resulted, it is stated, $50,000 electric-light bonds, vote 2,483 "for" to 1,500 "against."
25,000 Crown Ave. ext. bonds, vote 2,562 "for" fo 1,352 "against."
in favor of the proposition to issue the $25,000 site-purchase and building
10,000 Rose Ave. ext. bonds, vote 2,565 "for" to 1,368 "against."
bonds (V. 95, p. 1149.)
10,000 Franklin Ave. ext. bonds, vote 2,579 "for" to 1,331 "against."
MAHANOY CITY SCHOOL DISTRICT (P. 0. Mahanoy City),
10,000 Lafayette Ave. ext. bonds, vote 2,444 "for" to 1,356
'against."
Schuylkill County, Pa.-BONDS VOTED.-By a vote of 959 to 611 the
A two-thirds majority was required to authorize an issue.
regoispion p issue S100,000 high-school-bldg. bonds carried at an election
OAKLEY, Hamilton County, Ohio.-BOND SALES.-On Nov.
v.
11,
issues
five
of
4%%
the
impt bonds aggregating $11,250 (V. 95,
MANSFIELD, Richland County, Ohio.-BOND SALE.-On Nov. 14 p. 1072) were awarded to40-yr.
A. E. Aub & Co. of Cin. at 108.90
int.
112,000 5% sewer bonds were awarded to the Bank of Mansfield and CitiThe $13,274 5% 1-10-yr. (ser.) assess. bonds offered on theand
same day
zens' Nat. Bank of Mansfield. Date Nov. 21 1912. Int. M. & S. Due (V. 95. p. 1072) were awarded: the
$12,671 20 issue to the German Nat.
Sept. 1 1916.
Bank for $13,246 20 (104.53) and int. and the $1,053 98 issue to Weil,
MARSHALL COUNTY (P. 0. Moundsville), W. Va.-BONDS Roth & Co. of Cin. for $1,072 98 (101.802) and hit.
VOTED.-The election held Nov. 5 resulted in favor of the proposition to
OMAHA, Neb.-RESULT OF BOND ELECTION.-Reports state that
Issue $150,000 road-improvement bonds, according to reports.
the election held Nov. 5 resulted in favor of the
to issue the
MEDINA, Medina County, Ohio.--B/DS.-The other bids received $100,000 fire and police-dept. bonds (V. 95, p. 846)proposition
and in the defeat of toe
on Nov. 4 for the $5,000 5% 6-yr. (aver.) coupon E. Liberty St.-Impt. question of issuing the $50,000 park bonds.
assess, bonds awarded on that day to Seasongood & Mayer of Cincinnati
ONTARIO, San Bernardino County, Cal.-BOND SALE.-On
at 103.80 and int. (V. 95, p. 1290) were as follows:
Tillotson & Wolc. Co., Cleve_$5,1791Spitzer, Rorick & Co., Tol.$5,155 50 Nov. 4 the $2.000 fire-alarm-system and 31,000 sewer 5% bonds (V. 95,
p.
1072) were awarded to the First Nat. Bank of Ontario at par and intf
Otis & Co., Cleveland
5,163 Weil, Roth & Co., Cin____ 5,155 00 .A bid
of par and int. was also received from the Ontario Nat. Bank o.
Hayden, Miller & Co., Clev_ 5,163 The State-Sec. Bk., Zanesv.5,135 00
Ontario.
MELOLAND SCHOOL DISTRICT, Imperial County, Cal.-BOND
BONDS NOT SOLD.-The $72,000 street-impt. bonds offered at the
SALE.-On Nov. 4 the $4,000 6% school bonds (V. 95, p. 1149) were same time were not sold.
awarded to the Security Say. Bank in El Centro at 100.625 and int. Date
ORANGE COUNTY (P. 0. Santa Ana), Cal.-BONDS
Oct. 7 1912. Int. M.& N.
According to reports, the proposition to issue the $1,270,000VOTED.
MILLBURN TOWNSHIP SCHOOL DISTRICT, Essex County,
p
8t4
.6bo
). nds (V. 95, p. 848) carried at the election held Nov. 4. highwayN. J.-BOND SALE.-On Oct. 11 $7,500
BONDS
building
VOTED.
34-year
-The
bond.s
%
election held Nov. 4 resulted, it is stated, in fawere awarded, it is stated, to the Securities Say. Bank at par and int.
vor of the proposition to issue the $1,270,000
road-constr. bonds V. 95.
MILLS COUNTY (P. 0. Goldthwaite), Tex.-BOND SALE.-On
Oct. 17 the $55,000 5% 10-40-yr. (opt. court-house bonds (V. 95, P. 996,
OWATONNA, Steele County, Minn.-BONDS VOTED.-By a
were awarded to the Wm. R. Compton Co. of St. Louis at 100.50 and of 845 to 303 the question of issuing $10,000 5% 20-year light bonds vote
carried
at an election held Nov. 5.
blank bonds. Denom. $1,090. Date Oct. 10 1912. Int. A., 0.
MONTGOMERY COUNTY (P. 0. Winona), Miss.-BID REJECTED
OXNARD, Ventura County Cal.-BONDS NOT TO BE
OFFERED
-RE-OFFERING.-All bids received on Nov.'6 for the $40,000 5M% AT PRESENT.-We are advisecethat nothing will be done for
about three
2254-yr. (ay. First Supervisors District road bonds (V. 95, r•. 1072) were months in the matter of re-offering the
$100,000 5% gold water-works
rejected. We are advised that these bonds will
be re-advertised for sale bonds offered without success on Aug. 27(V. 95. p. 847.)
Feb. 11913.
PEASE TOWNSHIP SCHOOL DISTRICT (P. 0. Martin's
Ferry),
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFER- Belmont County, Ohio.-BOND OFFERING.-Further
details are at
ING.-Propo.sals will be received until 10 a. m. Nov. 28
by the County hand relative to the offering on Nov. 22 of the $10,000 5% coupon building
Comm., W. H. Azling, Sec., for $1,000 43 % coup. Baker
a
ls for these bonds wilt be received until
Ditch impt. bonds (V. 95, p. 1149). Propos
bonds. Auth. Sec. 6489, Gen. Code. Denom. $200. Date Dec.
11912. 12 m. on that day by H. S. Johnston, Clerk Board of Educ. Auth. Sec.
Int. J. & D. at Co. Treas. office. Due $200 yrly. on Dec.
1 from 1013 to 7626. Gen. Code. Denom. $500. Date, "day of sale." Int. J. & D.
1917 incl. Cert check on any bank or trust company for $100, payable
at Martin's Ferry. Due $500 each six months
to the Co. Awl., required. Bidders must satisfy themselves of the legality Dec. 22 1923, inclusive. No deposit required. from June 22 1914 to
of the issue. Bids must be unconditional.
PELHAM (Town) UNION FREE SCHOOL DISTRICT NO. 1,
MOODY COUNTY (P. 0. Flandreau), So. Dak.-BONDS VOTED.
- Westchester County, N. Y.-PRICE PAID FOR BONDS.
price
By a vote of 1,010 to 797, the proposition to issue $85,000 court-house- Paid for the $40,000 6-45-yr. (ser.) Series "D" school bonds -The
awarded on
constr. bonds carried at the election held Nov. 5.
Nov.7 to Harris, Forbes & Co., of N. Y.(V.95, p. 1290) was 100.321
and
interest
for
.4 ,6s. Other bids follow:
MT. CARMEL SCHOOL DISTRICT (P. 0. Mt. Carmel), North- Kountze Brothers,
New York
at 100.011 for
for 45
4:5
umberland County, Pa.-BONDS VOTED.-At an election held Nov. 5, Adams
5(1
&
Co.,
New
York
at 101
the proposition to issue $100,000 1-30-yr. (ser.) building bonds carried by a
Curtis & Sanger, New York
vote of 848 to 212. We are advised that these vonds will be offered
at 100.4128 for 4.558
for R. M. Grant & Co., New York'
sale about May 1 1913.
at 100.178 for 4.608
PEMBERVILLE, Wood County, Ohio.-BOND SALE.-On
MT. CLEMENTS, Macomb County, Mich.-BOND SALE.
Nov. 11
the $7.500 5% coupon street-impt. tax-free bonds (V.
state that the $50,000 4% coup. sewer bonds (V. 95, p. 1227) -Reports
95, p. 1149) were
have been awarded to Spitzer, Rorick & Co. of Toledo
for $7,707 50 (102.76) and int.
purchased by Spitzer, Rorick .5c Co. of Toledo.
Other bids were received from the Security,Say.
Bank
&
Trust
Co.
Tel.,
MOTJNTRAIL COUNTY(P.O. Stanley), No. Dak.-BONDS VOTED. Hayden, 'Willer & Co. and Tillotson & Wolcott Co. of Cleveland, of
Season-The election held Nov. 5 resulted in a vote of 834 to 770 in favor of the good & Mayer of Cin. and the Pemberville Say. Bank in Pemberville.
,fizal
question of issuing the $50,000 4% 20-yr. court-house-bldg. bonds (V. 95,
PHILADELPHIA SCHOOL DISTRICT, Pa.-$6,000,000
LOAN
p. 1227).
RECONSIDERED.-The proposed permanent loan
of
$5,000,000
recommended in the resolution adopted by the Board of Education on
MTJSKEGON HEIGHTS, Muskegon County, Mich.-BOND SALE.
- (V.
Oct. 8
95, p. 993) was reconsidered by the Board on Nov. 12. A special
On Nov. 1 $14,000 5% 6-12-yr. (ser.) school bonds were awarded to John
Nuveen & Co. of Chicago. Denom. $2,000. Date Nov. 1 1912. Int. meeting will be held to vote upon a $2,000,000 loan which was offered
as a
substitute.
M. & N.
E
:.
PIEDMONT SCHOOL DISTRICT, Alameda County, Cal.
NASHVILLE, Tenn.-BONDS VOTED.-The election held Nov. 5
-BONDS
VOTED.-The question of issuing the $50,000 bldg.
resulted in favor of the proposition to issue
the $150,000
30-year reported,
at the election held Nov. 6 (V. 95, p. 1149.) bonds carried, it is
street-impt. bonds (V. 95, p. 703). The vote was 2,776 to43%
2,070. Date
July 1 1913. These securities, we are advised, will be offered
PITTSBURGH, Pa.-RESULT OF BOND
for sale
-The election
about Jan. 15 1913.
held Nov. 5 to vote on the question of issuing ELECTION.
the twelve issues of bonds,
We are also advised that the proposition to issue the
$200,000 market- aggregating $7,140,000 (V. 95. p. 919) resulted as follows, according to
house bonds was not submitted
reports:
at the same election, as was reported.
...di
Bonds Voted.
NEVADA COUNTY (P. 0. Nevada), Mo.-BONDS VOTED.
-An $1,620,000 water-extension bonds by a vote of 21,699 to
election held in Center Twp. on
19,499.
Oct. 29 resulted in favor of the proposition
840,000 consolidation of city-homes bonds by a vote of
to issue $20,000 road-constr bonds, according to reports.
420.000 grade-crossing-abolition bonds by a vote of 20,634 to 18,271.
21,211 to 16,844.
240,000 fire-dept.-equipment bonds by a vote of 20,216
NEWARK, N. J.-BONDS AUTHORIZED.-On Nov. 8 the Common
to 18,604.
Council passed a resolution authorizing the issuance
90,000 public-comfort-station bonds by a vote of
of $400,000
24,157 to 15,974.
% 2090,000
year market-impt. bonds. Reports state that these
municipal
-hospital
bonds by a vote of 20,976 to 18,282.
bonds
will
not
be
300,000 Diamond Sq. market-house bonds by a vote of
issued until after Jan. 1.
19,911 to 18.918.
Bonds Defeated.
NEW CASTLE COUNTY (P. 0. Wilmington),
$900,000 flo4g
-ai
wanisltapd river-impt. bonds.; vote 18,041 "for" to
-BOND OFFERING.-Proposals will be received until 12 m. Nov.Del.
20,761
by D. Thompson,
Chair. Finance Committee, for $80,000 4% gold 19
1,230,000 city-hall site bonds, vote 19,717 "for" to 20,419
highway-impt.
"against".
bonds. Denom. $1,000. Date July 1 1911. Int. coup.
990,000
funding-claim bonds, vote 16,420 "for" to 20,244 "against".
& J. at Farmers'
Bank in Wilmington, Del. Due $10,000 yrly. on JulyJ.
240,000 fire and police-alarm-system bonds, vote
1 from 1952 to 1959
18,899 "for" to
Cert. check for 2% of bonds bid
in
payable to the County Treas.,
19,084 "against."
required. Bonds will be certified as for,
to genuineness by the Columbia180,000 Morewood Ave.-extension bonds,vote 16,948for to 21,182"agst."
THE CHRONICLE
1348
PLAINVIEW, Hale County, Texas.-BONDS VOTED.-The election
held Nov.9 resulted in favor of the proposition to issue $12,000 street-impt.
and $10,000 sewer and water-extension 5% 20-40-year (opt.) bonds. The
vote was 120 to 6.
PLANADA SCHOOL DISTRICT, Merced County, Cal.-BOND
ELECTION.-A proposition to issue $4,000 bldg. bonds will be submitted
to the voters to-day (Nov. 16). according to reports.
PLEASANTVILLE, Westchester County, N. Y.-BOND SALE.
On Nov. 11 the $26,000 reg. water-system-impt. bonds (V. 95, p. 1227)
were awarded to Isaac W. Sherrill of Poughkeepsie for $26,017 (100.065)
for 434s. Other bids follow:
bid for 43s
Mt. Pleasant Bank, Pleasantville
100. 318 for 4.55s
R. M.Grant & Co., New York
Harris, Forbes & Co., New York
100.319 for 4.60s
Adams & Co., New York
100.107 for 4.60s
Curtis & Sanger, Now York
100.086 for 4.60s
Wm. R. Compton Co., New York
100.103 for 5s
Farson, Son & Co., New York
100.025 for 5s
PORTLAND, Ore.-BOND OFFERING.-In an advertisement on a
subsequent page, attention is called to the fact that the $315,000 4% gold
bridge bonds to be offered on Nov. 26 will be ready for delivery on or before
Dec. 16, together with the opinion of Story, Thorndike, Palmer & Dodge
approving their legality. For details of bonds and terms of offering see
V. 95, p. 1150.
PORTLAND, Ore.-BONDS DEFEATED,-Charter amendments
providing for the following bond issues were defeated by the voters on
Nov. 2: $300,000 to buy Ross Island, $850,000 for South Portland bridge,
$100,000 for incinerating plant, $2,000,000 for parks and boulevards,
$200,000 for auditorium-site and $200,000 for a public market. See
V. 95, p. 1072.
PROVIDENCE, R. I.-LOAN AUTHORIZED.-On Nov. 7 the Board
of Aldermen passed a resolution, it is stated, providing for a loan of not
more than $350,000 for improvement of the city-hall.
PUT IN BAY, Ottawa County, Ohio.-BOND OFFERING.-Proposals will be received until 7 p. m. Dec. 5 by E. H. Ritter, Village Clerk,
for $2,600 6% 1-10-yr. (ser.) Sewer Dist. No. 2 impt. bonds. Denom.
$260. Date Dec. 5 1912. Int. semi-ann. Cert. check on a bank in
Ottawa Co. for $300, payable to the Treasurer, is required. Purchaser
to pay accrued interest.
BOND OFFERING.-Proposals will also be received at the same time
by the Vii. Clerk for $400 6% Dist. No. 1 sewer constr. bonds. Auth.
Secs. 3939 to 3954, Gen. Code. Denom. $40. Date Dec. 5 1912. Int.
J. & D. Due $40 yrly. on Dec. 5 from 1913 to 1922 incl. Cert. check on
an Ottawa County bank for $300 required. Bonds to be delivered within
10 days from time of award. Purchaser to pay accrued interest.
RAYMOND SCHOOL DISTRICT (P. 0. Raymond), Pacific County,
Wash.-BONDS VOTED.-By a vote of 94 to 0 the question of issuing
$40,000 bldg. bonds carried at a recent election, according to reports.
REDFIELD, Spink County, So. Dak.-BOND SALE.-On Oct. 21
the $9,000 5% 20-year sewer bonds offered on Oct. 7 (V. 95. p. 771) were
purchased by the State Bank & Trust Co. of Sioux Falls at par and int.
Denom. $500. Date Oct. 1 1912. Int. annually in October.
REDMAN SCHOOL DISTRICT Los Angeles County, Cal.-BOND
OFFERING.-Proposals will be received until 2 p. m. Nov. 18, it is stated,
by the Clerk Board of Co. Supervisors(P.0.Los Angeles),for $1,500 bonds.
[VOL. Lxxxxv.
REDONDO BEACH, Los Angeles County, Cal.-BONDS PROPOSED.-According to reports, this city is considering the issuance of
$60.000 bonds for various municipal improvements.
RENSSELAER COUNTY (P. 0. Troy), N. Y.-BOND OFFERING.Further details areat hand relative to. the offering on Nov.25 of the following reg. bonds (V. 95, p. 1290):
$40,000 4 % court-house-ext. bonds. Denom. $2,000. Date Nov. 1
1912. Due $2,000 yrly. on Nov. 1 from 1913 to 1932 incl.
10,000 4% jail-constr. bonds. Denom. $1,000. Date Aug. 11910. Duo
$4,000 Aug. 1 1937 and $6,000 Aug. 11938. These bonds
are part of an authorized issue of $200,000, $175,000 of
which has already been disposed of (V. 93, p. 1136.)
Proposals for these bonds will be received until 12 mon that day (Nov.
25) by Francis Riley, Co. Treas., Int. semi-ann. at. Co. Treas. office.
Cert. check for 2% of bonds bid for, payable to the Co. Treas. required.
Bonds will be certified as to genuineness by the U. S. Mortgage & Trust
Co., N. Y., and their legality approved by Caldwell, Masslic & Reed.
N. Y., whose opinion will be furnished to the purshaser. Purchaser to pay
accrued int. Bids must be made on printed forms furnished by the Co.
Treas., or the above mentioned trust company. Bonds to be delivered
Dec. 2 1912.
RICHMOND, Contra Costa County, Cal.-BOND ELECTION.
The proposition to issue $1,170,000 5% inner-harbor, tunnel and highs ay
impt. bonds will be submitted to a vote at an election to be held Nov. 19.
Due 1-40th yearly.
RIVERSIDE, Riverside County, Cal.-BOND ELECTION.-On
Nov. 9 an ordinance was passed on second reading providing that an election
be held Dec. 17 to vote on the question of issuing $1,160,000 bonds for
the acquisition of a municipal water-system. (See V. 95, p. 1069.)
ROANOKE, Roanoke County, Va.-BOND OFFERING.-Proposals
will be receiveduntil 12m. Nov.22 by'W. L. Craft, City Clerk, for $230,000
% coupon public-building bonds. Denom. $1,000. Date May 11911.
Int. M.& N. at office of City Treas. Due May 1 1941. Cert. check for
1% of bonds bid for, required. Bonds will be certified as to genuineness
and the legality will be apby the U. S. Mortgage & Trust Co., N.
Y.,Y., a copy of whose opinion
proved by Dillon, Thompson & Clay of N.
will be furnished to purchasers. Bonds will be ready for delivery Dec. 1
and must be paid for within 30 days from time of award, unless some other
date may be mutually agreed upon. Purchaser to pay accrued interest.
Bids must be made on blank forms furnished by the city.
ROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received
until 2 p. m. Nov. 19 by E. S. Osborne, City Comptroller, for $170,000
water-works-impt. notes, payable six months from Nov. 25 1912. Int.
payable at the Union Trust Co., N. Y. Rate of interest and denomination
desired must be designated in bid.
ROCKCASTLE COUNTY (P. 0. Mt. Vernon), Ky.-VOTE.-The
vote cast at the election held Oct.26,which resulted in the defeat of the
question of issuing the 100,000 road bonds (V. 95, p. 1228),was 1,179
'for" and 1,091 "against", a two-thirds majority being necessary to carry.
RODEO SCHOOL DISTRICT, Contra Costa County, Cal.-BIDS.The other bids received on Oct. 28 for the $16,000 5% 1-16-yr. ser. bonds
awarded to C. Fernandez for $16,665 (104.15 and int. (V. 95, 13. 1290)
were as follows:
1
Contra Costa County_ _ _ _$16,525 001Wm. R. Staats Co., San
$16,010
Bank__ 16,210 501 Francisco
'
Vallejo Comm.
SABINE COUNTY COMMON SCHOOL DISTRICT NO.17, Texas.BOND SALE.-The $1,000 5% 10-20-yr. (opt.) bonds recently registered
(V. 95, p. 847) have been sold to Sabine County funds, we are advised.
NEW LOANS
NEW LOANS
$250,000
$100,000
City of Augusta, Georgia,
City of Augusta, Georgia, Flood Protection Bonds of 1912
NOTICE OF SALE
Sealed proposals will be received by the Finance Committee of The City Council of Augusta,
Georgia, to be filed with the Clerk of Council, at his office, Augusta, Georgia,unti112 oclock noon,
City or Eastern time, on the 30th day of November, 1912, for the purchase for cash ofallor any
part of Two Hundred and Fifty Thousand Dollars ($250,000) principal amount of bonds of The City
Council of Augusta, known as "City of Augusta Flood Protection Bonds of 1912." The amount
thus to be sold is a portion of a series of bonds known as "City of Augusta Flood Protection Bonds
of 1912," for the aggregate principal amount of One Million Dollars ($1,000,000). Each of said
bonds is for the principal amount of One Thousand Dollars ($1,000), bears date November 1, 1912,
matures thirty years after date, and bears interest at the rate of four and one-half (43i) per cent
per annum, payable on May and November first of each year, represented by coupons. The above
amount of such issue of bonds is offered for sale in accordance with Section 7 of the ordinance of
the City Council of Augusta, providing for such issue, as follows:
"Such bonds shall be sold by the Finance Committee in lots or blocks not
exceeding in any one sale the principal amount of Two Hundred and Fifty Thousand
Dollars ($2500)0), but all of such bonds whenever sold shall have the same dignity
and no bond shall have any priority or preference over any other bond of such
issue. Such sales shall be by competitive bid to thehighest bidderfor cash. Each
sale ofsaid bond shall be advertised in at least ono newspaper in each of the cities
of Augusta,Atlanta,Baltimore, Boston, Chicago and New York once a week for
two weeks before the sale. No sale shall be made so as to include therein any past-due
coupons, but all past-due coupons shall be detached before delivery of the bonds
to which they belong. The time when sales of said bonds shall be made and the
amount to besold at any time,subject to the maximum amount herein prescribed,
shall be fixed by The City Council of Augusta, according to the requirements of the
work to be done for the purpose of protection against floods. All the requirements
notice or details in connection with any of such sales shall bo left to the discretion
and power of the Finance Committee."
The time of the sale of the bonds now offered for sale and the amount to be sold have been
fixed by The City Council of Augusta,for the date herein set out and for the amount herein expressed,
according to the requirements of the work to be done for the purpose of protection against floods,
by a resolution adopted by it on the 11th day of November, 1912. These bonds have been validated
in accordance with the laws of the State of Georgia, and provision has been made for the levy of
sufficient taxes each year to pay the interest and the entire amount of the principal at maturity.
Such entire issue of bonds, of which those now offered for sale are a part, are secured by a mortgage
or deed of trust from The City Council of Augusta to the United States Mortgage & Trust Company,
covering and creating a lien upon both the power-producing canal and municipal water-works of
such City; said mortgage being the first and only lien upon the said properties.
All bids must be made out on blanks that will be furnished by William Lyon Martin, Clerk
of Council, Augusta, Georgia, and must be accompanied by a duly certified check, payable to the
order of "The City Council of Augusta," for two per cent of the principal amount of the bonds bid
for, which check is to become the property of said "The City Council of Augusta," as payment of
liquidated damages should the bidder fall to comply with his bid within ten (10) days after written
notice of the acceptance of his bid shall have been given him. The bid and certified check must be
enclosed in a sealed envelope marked "Bid for City of Augusta Flood Protection Bonds of 1912," and
addressed to"Finance Committee of The City Council of Augusta,Georgia." It issuggested,though
notinsisted upon,that this sealed envelope be enclosed in another envelope and addressed to"William
Lyon Martin, Clerk of Council, Augusta, Georgia." Any additional information can be had by
addressing said Clerk of Council.
There will be furnished to the purchaser an opinion by Messrs. Storey, Thorndike, Palmer &
Dodge, Attorneys at Law, Boston, Mass., favorable to the legality of such bonds. Such bonds
will be certified by the clerk of the Superior Court of Richmond County as to their validation; will
be engraved by and executed under the supervision of the United States Mortgage & Trust Company;
and each bond will bear the certificate of that Company as to its genuineness.
The right is reserved to reject any or all bids.
FINANCE COMMITTEE OF THE CITY COUNCIL OF AUGUSTA.
J. J. O'CONNOR, Chairman,
THOS. BARRETT JR., Mayor.
Waterworks Bonds of 1912
NOTICE OF SALE
Sealed proposals will be received by the Finance
Committee of The City Council of Augusta,
Georgia, to be filed with the Clerk of Council
at his office, Augusta, Ga., until 12 o'clock
noon, City or Eastern time, on the 30th day
of November, 1912, for the purchase for cash
of all or any part of an issue of one hundred
thousand dollars ($100,000) principal amount
of bonds of The City Council of Augusta known
as "City of Augusta Water-Works Bonds of
1912," all of which issue are dated July 1. 1912,
mature thirty years after date, and bear interest
at the rate of four and one-half (434) per cent
per annum, payable on January and July 1st of
each year represented by coupons. These bonds
have been validated in accordance with the laws
of the State of Georgia, and provision has been
made for the levy of sufficient taxes each year
to pay the interest and the entire amount of the
principal at maturity.
All bids must be made out on blanks that will
be furnished by Wm. Lyon Martin, Clerk of
Council, Augusta, Ga., and must be accompanied
by a duly certified check, payable to the order
two per
a "The City Council of Augusta," forbonds
131d
cent of the principal amount of the
for, which check is to become the property of
said "The City Council of Augusta" as payment
of liquidated damages should the bidder fall to
comply with his bid within ten (10) days after
written notice of the acceptance of his bid shall
have been given him. The bid and certified
check must be enclosed in a sealed envelope
marked "Bids for City of Augusta Water-Works
Bonds of 1912," and addressed to "Finance
Committee of The City Council of Augusta,
Georgia." It is suggested, though not insisted
upon, that this sealed envelope be enclosed in
another envelope and addressed to "Wm. Lyon
Martin, Clerk of Council, Augusta, Georgia,"
Any additional information can be had by addressing said Clerk of Council.
There will be furnished to the purchaser an
opinion by Messrs. Storey, Thorndike, Palmer &
Dodge, Attorney's at Law, Boston, Mass., favorable to the legality of such bonds. Such bonds
will be certified by the Clerk of the Superior Court
to their validation; will
of Richmond County as
under the super-.
be engraved by and executedMortgage
& Trust
vision of the United States
bear
will
the certificate
bond
each
and
Company;
genuineness.
of that Company as to its
The right is reserved to reject any or all bids.
FINANCE COMMITTEE OF THE CITY
COUNCIL OF AUGUSTA.
J. J. O'CONNOR, Chairman,
THOMAS BARRETT,Jr., Mayor.
MUNICIPAL AND RAILROAD
BLODGET & CO.
Charles M. Smith & Co
BONDS
CORPORATION AND
MUNICIPAL BONDS
SEASONGOOD & MAYER
TIBET NATIONAL BANE BUILDING
CHICAGO
Ingalls Building
CINCINNATI
SI STATE STREET,BOSTON
SO PINE STREET, NEW YORK
STATE. CITY & RAILROAD BOND
BON DS
LIST ON APPLICATION
Nov..16 1912]
THE CHRONICLE
ST. ANTHONY CONSOLIDATED SCHOOL DISTRICT, Marshall
County, Iowa.-PRICE PAID FOR BONDS.-The price paid for the
$10.000 5% building bonds awarded to Geo. M. Bechtel & Co. of Davenport (V. 95, p. 1228) was 101. Purchaser also agrees to furnish blank
bonds. Denom. $500.
ST. CLAIR COUNTY SCHOOL DISTRICT,(P. 0. East St. Louis)
Ill.-BONDS NOT TO BE RE-OFFERED AT PRESENT.-We are advised
that the $30,000 school bonds offered without success on July 1 (V. 95.,
p. 191) will not be re-offered for sale until next year.
ST. PAUL, Minn.-BONDS NOT SOLD.-No award was made on
Nov. 13 of the three issues of 4% bonds aggregating $225,000 (V. 95, P.
1290.)
SALEM SCHOOL DISTRICT (P. 0. Salem), Columbiana County,
Ohio.-BOND ELECTION.-On Nov. 23 the question of issuing $100,000
high-school-constr. bonds will be submitted to a vote, according to reports.
SAN BENITO DRAINAGE DISTRICT ,Cameron County, Texas.BONDS OFFERED BY BANKERS.-Wm. R. Compton Co. of N. Y. are
offering to investors $450,000 5% gold coupon bonds. Denom. $500.
Date July 10 1912. Int. A. & 0. at the Mechanics & Metals Nat. Bank in
N. Y. Due $18,000 yrly. April 10 1915 to 1939 incl., all unpaid bonds
being optional from July 10 1922. No other debt. Assessed valuation
in 1912 $3.353.629.
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.-BOND
SALE.-On Nov. 12 the $200,000 44% tax-free coupon (with priv. of
reg.) site-purchase, court-house and jail-constr. bonds (V. 95, p.1228)
were awarded to R. L. Day & Co. of N. Y. at 103.293 and int. Other
bids follow:
Kissel,Kinnicutt &Co., N.Y.103.03 Harris, Forbes & Co., N. Y.102.421
Kountze Bros., N. Y
102.891 iiarriman & Co., N. Y
102.333
Ladenbg,Thalm'n& Co.,N.Y.102.811 Wm.A. Read & Co., N. Y- _102.159
Adams & Co., N. Y
102.81 S. A. Kean &Co., Chicago_ _102.00
A. B. Leach & Co., N. Y102.718
SMITH COUNTY (P. 0. Raleigh), Miss.-RESULT OF BOND
ELECTION.-The election held Nov. 5 resulted ,it is stated, in favor of
the proposition to issue $40,000 road-constr. bonds in Beat No. 1 and in
the defeat of the question of issuing $25,000 road-constr. bonds in Beat
No. 3.
SNOHOMISH COUNTY (P. 0. Snohomish), Wash.-BONDS
DEFEATED.-The election held Nov. 5 resulted in the defeat of the
proposition to issue the $1,500,000 6% road bonds (V. 95, p. 1150).
SOUTH CAROLINA.-BONDS VOTED.-It is stated that the question
of issuing the $1,000,000 hospital bonds (V. 95, p. 020) carried at the election held Nov. 5.
SOUTH FRAMINGHAM, Middlesex County, Mass.-TEMPORARY
LOAN.-A loan of $50,000, due April 15 1913. has been awarded, It is
stated, to Estabrook & Co. of Boston at 4.45% discount.
SOUTH HAVEN TOWNSHIP, Van Buren County, Mich.-BOND
SALE.-The $25,000 5% highway-impt. bonds offered on Oct. 5 (V. 95,
p. 847) have been sold. Denom. $1,000. Date Oct. 1 1912. Due from
1914 to 1933.
SOUTH ORANGE TOWNSHIP, Essex County, N. ..T.-BOND OFFERING.-Further details are at hand relative to the offering on Nov. 19
of the $33,000 4%7
0 30-yr. coup. or reg. park bonds (V. 95, p. 1228).
Proposals for these bonds will be received until 8 p. m. on that day by
E. R. Arcularius, Twp. Clerk (P. 0. Maplewood). Denom. $1,000. Int.
1349
In New York. Bonds will be certified as to genuineness by the U. S. Mtge.
& Trust Co., N. Y. Purchaser to pay accrued in
Bids must be made on
blanks to be furnished by the township.
SPRINGFIELD, Clark County, Ohio.-BOND SALE.-On Nov.' 12
the three issues of 434% coupon bonds aggregating $19,000(V,95. p. 1073)
were awarded to the Provident Say. Bank & Trust Co. in Cin. for $20,255
(106.605) and interest.
STAMFORD, Fairfield County, Conn.-TEMPORARY LOAN.Reports state that a loan of $50.000, due June 15 1913, has been negotiated with Bond & Goodwin of New York at 5.30% discount.
SUNNYSIDE SCHOOL DISTRICT, Riverside County,Cal.-BOND
SALE.-On Nov. 6 $4,000 6% 5-12-yr. (ser. bldg. bonds were awarded
to the First Nat. Bank in Barnesville at 101.025. A bid of 84,037 50 was
also received from G. G. Blymyer & Co. of San Francisco. Denom. $500.
Date Oct. 9 1912. Int. A. &
SULPHUR SPRINGS, Hopkins County, Texas.-BOND OFFERING.
-Proposals will be received until 4 p. m. Nov. 20 by T. Coleman, Mayor.
for $30,000 5% coupon water-works-extension and improvement bonds.
Denom. $250 and $500. Date Oct. 11912. Int. A. & 0. at the Hanover
Nat. Bank in N. Y. Due $750 yearly, subject to call beginning 10 years.
Certified check for 3% of bid, payable to the Mayor, required.
SYCAMORE SCHOOL DISTRICT (P. 0. Sycamore), Turner
County, Ga.-BONDS VOTED.-At a recent election the question of issuing school-bldg. bonds carried, it is stated, by a vote of 51 to 12.
THOMASVILLE, Davidson County, N. C.-BOND OFFERING.
Proposals will be received, it is stated, until 10 a. m. Dec. 2 by C. G. Hill,
Mayor, for $15,000 5% 30-year water-works and sewer bonds. Int. semiann. Cert. check for 1% required.
TITUS COUNTY COMMON SCHOOL DISTRICTS, Tex.-BOND
SALE.-The $800 Sch. Dist. No. 4 and $2,000 Sch. Dist. No. 11 5% 1020-yr. (opt.) bonds registered on Sept. 21 (V.95, p. 847) were awarded Oct.
14 to the Titus County Permanent School Fund at par. Denom.
Int. ann. In April.
TOLEDO, Ohio.-VOTE.-Local papers state that the vote cast at
the election held Nov. 5, which resulted in favor of the proposition to issue
the $750,000 park and boulevard bonds (V.95, p.1291), was 20,492 "for"
and 8,527 "against."
TOPEKA, Kan.-BOND SALE.-Reports state that an issue of
$25,656 50 street-paving bonds has been purchased by Roy L. Bowman
of
eka
w.N
ToT
po
SEND TOWNSHIP SCHOOL DISTRICT, Huron County
Ohio.-BOND OFFERING.-Proposals will be received until 1 p. m*
Nov. 23 by C. B. Canfield, Clerk Bd. of Ed.(P. 0. East Townsend),
for
$4,000 5% school tax-free bonds. Auth. Secs. 7629 and 7630,
Gen. Code.
Denom. $500. Date Nov. 1 1912. Int. semi-ann. at the Huron
County
Banking Co. in Norwalk. Due $500 each six months from Apr. 1
1914 to
Oct. 1 1917 incl. An unconditional certified check on a bank other
than
the one making the bid, for $200, required. Bonds to be delivered
within
la days from time of award.
TRENTON, Butler County, Ohio.-BONDS DEFEATED.-The
election held Nov. 5 resulted in the defeat of the proposition
to issue the.
$20,000 water-system bonds (V. 95, p. 997). The vote was 81 "for" and
88 "against."
TROY SCHOOL DISTRICT (P. 0. Troy), Miami County, Ohio.
BONDS VOTED.-It is reported that at a recent election_the proposition
to issue $125,000 school-building bonds carried.
NEW LOANS.
NEW LOANS.
$150,000
City of Augusta, Geordia,
$725,000.00
L..New Hospital Bonds of 1912,
NOTICE !OF'SALE
Sealed proposals will be received by the Finance
Committee of the City Council of Augusta,
Georgia, to be filed with the Clerk of Council
at his office, Augusta, Ga., until 12 o'clock
noon, City or Eastern time, on the 30th day
of November, 1912, for the purchase for cash
of all or any part of an issue of one hundred and
fifty thousand dollars ($150,000) principal amount
of bonds of The City Council of Augusta known
as "City of Augusta New Hospital Bonds of
1912," all of which issue are dated July 1, 1912,
mature thirty years after date, are of the principal amount each of $1,000, and bear interest
at the rate of four and one-half (4%) per cent
per annum, payable on January and July first
of each year, represented by coupons. These
bonds have been validated in accordance with
the laws of the State of Georgia, and provision
has been made for the levy of sufficient taxes
each year to pay the interest and the entire
amount of the principal at maturity.
All bids must be made out on blanks that will
be furnished by Wm. Lyon Martin, Clerk of
Council, Augusta, Ga. and must be accompanied
by a duly certified check, payable to the order
of "The City Council of Augusta," for two per
cent of the principal amount of the bonds bid for,
which check is to become the property of said
"The City Council of Augusta' as payment of
liquidated damages should the bidder fail to comply with his bid within ten (10) days after written
notice of the acceptance of his bid shall have been
given him. The bid and certified check must
be enclosed in a sealed envelope marked "Bid
for City of Augusta New Hospital Bonds of 1912,"
and addressed to"Finance Committee of The City
Council of Augusta, Georgia." It is suggested,
though not insisted upon,that this sealed envelope
be enclosed in another envelope and addressed
to"Wm.Lyon Martin, Clerk of Council, Augusta,
Georgia.' Any additional information can be
had by addressing said Clerk of Council.
There will be furnished to the purchaser an
opinion by Messrs. Storey, Thorndike, Palmer
& Dodge, Attorneys at Law, Boston, Mass.,
favorable to the legality of such bonds. Such
bonds will be certified by the Clerk of the Superior
Court of Richmond County as to their validation,
will be engraved by and executed under the supervision of the United States Mortgage & Trust
Company; and each bond will bear the certificate
of that Company as to its enuineness,
The right is reserved
es
to reject any or all bids.
FINANCE COMM ITTEII OF THE CITY
COUNCIL OF AUGUSTA.
J. J. O'CONNOR, Chairman,
THOMAS BARRETT, Jr., Mayor.
CITY OF DALLAS, TEXAS
4% GOLD COUPON BONDS
To be sold Wednesday, December 4th, 1912
Sealed bids will be received by the City of Dallas, Texas, until 2:00
m., WEDNESDAY..
DECEMBER 4TH, 1912, for $725,000 00 4%% Gold Bonds. These bondsp.
are the unsold portion
of the $1,025,000 00 that were advertised for sale on Aug. 21st, 1912.
The bonds are issued by the City of Dallas, Dallas County, Texas, under authority of Article
918-D of the General Laws of the State of Texas, and of the City Charter, and by special
vote of
the people at an election held April 2d, 1912, and are in the respective amounts, and for the
respective
purposes, asfollows:
$200.000 00 City-Hall Building Bonds, dated May 1st, 1912, and maturing May 1st, 1952.
Not optional.
S100,000 00 Water-Works Improvement Bonds, dated May 1st, 1912, and maturing May 1st,
1952. Not optional.
$125,000 00 Fire-Station Building Bonds, dated May 1st, 1912, and maturing serially, beginning
May 1st, 1913, $3,000 00 each year, with $4,000 00 maturing each eighth year for forty years
average time twenty and one-half years.
$200,000 00 Public School Building Bonds,dated May 1st, 1912, and maturing serially, beginning
May 1st, 1913. $5,000 00 each year for forty years-average time twenty
and one-half
$100,000 00 Sanitary, Sewer Bonds, dated May 1st, 1912, and maturing serially, years.
beginning
May 1st, 1913, $2,000 00 and $3,000 00 each alternate year for forty
years.
The bonds are in the denomination of $1,000 00 each. Interest is payable
semi-annually on
November 1st and May 1st, both principal and interest payable in gold coin at the
Bank, in the City of New York. The November, 1912, interest coupons have beenChase National
detached, and
accrued interest should be calculated from November 1st. .
Direct tax levies have been made sufficient in amount to provide interest and the required
sinking
fund to retire the bonds as they mature.
The bonds are engraved under the supervision of and certified as to genuineness by the
Trust & Savings Bank, of Dallas, Texas. They have been approved by the Attorney-General Dallas
of the
State, registered by the State Comptroller, and the opinion of Messrs.
Dillon, Thomson & Clay,
of New York, as to the legality of the bonds will be furnished to the purchaser.
The
transcripts
on which Messrs. Dillon, Thomson & Clay furnish their opinion will be
permanently filed with the
Dallas Trust & Savings Bank.
On September 14th last the Attorney-General of the State of New York
approved City of
Dallas bonds as legal investments for the savings banks of the State of
New York.
The City of Dallas has been incorporated by special charter for a period
of more than thirty
years, and at no time in its history has there been any default in the payment
of any interest or principal on its bonded debt or otherwise.
A certified check for 27 of the face of the bonds bid for, payable to W. T.
Henderson, Commissioner of Finance and Revenue, must accompany each bid. Money to be paid
and bonds
to be delivered at Dallas.
The City reserves the right to reject any and all bids.
W. T. HENDERSON,
Commissioner of Finance and Revenue
NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED
BONDS
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
All Issues
A. H. Bickmore & Co.,
BANKERS
First Nat, Bank Bldg., Chicago
New York
311 Pine Street,
SCHOOL,
COUNTY AND DIIINICIPAL BONDS
F. WM. KRAFT
LAWYER.
Specializing In Rramtnation of
Municipal and Corporation Bonds
10374 FIRST NATIONAL BANK BLDG.,
OBIOAGO, ILL.
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY. ALA.
THE CHRONICLE
1350
TRUMANSBURG, Tompkins County, N. Y.-DESCRIPTION OF
BONDS.-The $1,000 paving bonds awarded on Oct. 14 to Adams & Co.
of N. Y. at 100.20 for 4.80s (V. 95, p. 1291) are in the denom. of $500 each
and dated Oct. 15 1912. Int. J. & J. Due $500 yearly beginning July 1
1913.
TULARE, Tu lare County, Cal.-BOND OFFERING.-Proposals will
be received until 7:30 p. m. Dec. 2 by E. Oakford, City Clerk, for the following 5% gold coup. bonds (V. 95, p. 848) voted Sept. 12:
$100,000 municipal impt. bonds. Denom. $1,000. Due $3,000 yrly. on
Dec. 1 from 1917 to 1948 inel. and $4,000 Dec. 1 1949.
8,000 municipal impt. bonds. Denom. $500. Due $500 yrly. on
Dec. 1 from 1913 to 1928 incl.
2,000 municipal impt. bonds. Denom. $200. Due $200 yrly. on
Dec. 1 from 1913 to 1932 incl.
Date Dec. 11912. Int. J. &. D. at office of City Treas. Cert. check
on some responsible bank in California for 5% of bonds bid for, payable
to the City Treas., required. Certified abstract of proceedings may be had
on application to the City Clerk. Purchaser to pay accrued interest.
VALLEY COUNTY SCHOOL DISTRICT NO, 71, Neb.-BOND
SALE.-The State of Nebraska was awarded at par during October $500
5% bonds. Date Aug. 5 1912.
VANCOUVER, Wash.-BONDS DEFEATED.-An election held
Nov. 5 resulted in defeat of a proposition to issue city-hall bonds.
VOLLMER, Lewis County, Idaho.-BONDS VOTED.-The proposition to issue $10,000 water-system install, bonds received a favorable
vote, it is stated, at a recent election.
WAHKIAKU COUNTY (P. 0. Cathlemet), Wash.-BONDS DEFEATED.-The election held Nov. 5 resulted in the defeat of the proposition to issue the $50,000 constr. bonds (V. 95, p. 1150).
WANN, Nowata County, Okla.-BONDS VOTED.-The election
held Nov. 5 resulted in a vote of 45 to 19 in favor of the proposition to issue
gas bonds.
WARREN COUNTY (P. 0. Vicksburg), Miss.-BOND SALE.-On
Oct. 7 the $50,000 5% 5-20-yr. (opt.) bridge and road const. bonds (V. 95,
p.772) were awarded to the City Say. & Trust Co. of Vicksburg at 101.112.
Denom. $1,000. Int. ann. in October.
WASHINGTON COUNTY (P. 0. Marietta), Ohio.-BONDS VOTED.
-The proposition to issue $20,000 experiment-farm bonds received a favorable vote at a recent election, it is reported.
WASHINGTON COUNTY (P. 0. Washington), Pa.-BOND OFFERING.-Proposals will be received until 11 a. m. Nov. 20 by the Board
of Co. Commrs., H. R. Campbell, Clerk, for $100,000 4% coup. or reg.
road impt. bonds. Auth. P. L. 244, passed May 11 1911; P. L. 631,
passed July 10 1901, and P. L. 65, passed April 11874. Denom. $1,000.
Date Dec. 15 1912. Int. J. & D. at Co. Treas. office. Due $2,000 yrly.
on Dec. 15 from 1913 to 1917 incl., $5,000 Dec. 15 1918 and 1919 and $10,000 on Dec. 15 from 1920 to 1927 incl. Cert. check for $10,000, payable
to the Co. Commrs., required. Official letter states that this county has
never defaulted in the payment of principal and Interest and that no litigation is pending or threatening that will affect this issue.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
NEW LOANS.
$100,000
CITY OF MINNEAPOLIS
[voL. Lxxxxv.
WAUMPUM SCHOOL DISTRICT (P. 0. Waumpum), Lawrence
County, Pa.-BONDS DEFEATED.-The election held Nov. 5 resulted
in the defeat of the question of issuing $10,000 building bonds. The vote
was 43 "for" to 72 "against."
WAYCROSS, Ware County, Ga.-BOND OFFERING.-Proposals
will be received until 2:30 p. in. Nov. 29 for the $100,000 5% 30-year
school, fire and sewer-impt. bonds voted Sept. 21 (V. 95, p. 848). Int.
semi-annually in New Yotk. H. D. Reed is Mayor.
WEBSTER CITY, Hamilton County, Iowa.-BOND SALE.-On
Nov. 1 $13,500 4%% 5-20-yr. (opt.) refunding bonds were awarded to
Geo. M. Bechtel & Co. of Davenport. Denom. $500. Date Nov. 11912.
Int. M.& N. It was originally reported that the bonds were issued for a
fire house and that the amount was from $14,000 to $15,000.
WEBSTER COUNTY(P.O. Red Cloud), Neb.-BONDS DEFEATED.
-At the election held Nov. 5 the question of issuing court-house bonds
was defeated.
WELLINGTON, Lorain County, Ohio.-BOND SALE.-On Nov. 7
$15,000 5% coupon street-impt. assessment bonds were awarded to Tillotson, Wolcott Co., Cleveland, at 104 and int. Other bids folow:
Seasongood & Mayer,Cin_315,565 00 Hayden,Miller&Co.,Clev_$15,470 00
C.E.Denison&Co.,Cleve__ 15,557 20 Spitzer, Rorick & Co., Tol 15,466 50
First Nat. Bank, Cleve..__ 15,545 20 State Sec. Bank, Zanesvillel 5,449 00
Otis & Co., Cleveland_ _ _ _ 15,503 00 Well, Roth & Co., Cin_ __ 15,304 00
Date Oct. 11912. Int. A. & 0. at the City Treasurer's office.
WHITEFORD TOWNSHIP (P. 0. Monroe), Monroe Counry,
Mich.-BONDS VOTED.-A favorable vote was cast on Nov. 5 on the
question of issuing the road-improvement bonds (V. 95, p. 1228).
WICHITA FALLS, Wichita County, Tex.-BONDS VOTED.-The
election held Nov. 4 resulted, reports state, in favor of the proposition to
issue the $22,000 bonds for street-impt., electric lights and an incinerating
plant (V. 95, p. 998)•
WOODSFIELD, Monroe County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Dec. 2 by Geo. P. Derr, Village Clerk,
for $3,800 5% coup. street-impt. bonds. Denom. $190. Date Sept. 1
1912. Int. M.& S.in Woodsfield. Due $190 each six months from Mch. 1
1913 to Sept. 1 1922 incl. No deposit required with bid. Official circular
states that there has never been a default in payment of bonds or interest.
WYOMING, Hamilton County, Ohio.-BOND SALE.-On Nov. 9
the $16,000 4% 50-yr. "Wyoming Water Works" bonds (V. 95, p. 1074)
were awarded to Weil, Roth & Co. of Cinc. for $16,365 (102.28) and int.
Other bids follow:
Atlas Nat. Bank, Cinc___$16,201 60 A. E. Aub & Co., Cinc
$16,170
Prov.Say.Bk.&Tr.Co.,Cin.16,172 80 Mayer, Deppe & Walter, Cin.16,161
YONKERS, N. Y.-BOND OFFERING.-Proposals will be received
until 12 in. Nov. 19 by J. Miller, City Comp., for $100,000 1-20-yr. (ser.)
water, $14,000 1-14-yr. (ser.) street-repair. $10,000 1-10-yr. (ser.) city-hall,
$20,000 1-20-yr. (ser.) public-bldg., $120,000 1-10-yr. (ser.) assess. and
$12,000 1-12-yr.(ser.) police and fire bureau equip.4%% reg. bonds. Date
Oct. 1 1912. Int A. & 0. at the City Treas. office. Cert. check for 2%
of bonds bid for, payable to the Comptroller, is required. The legality of
the bonds will be approved by Hawkins, Delafield & Longfellow of N.Y.,
whose opinion will be furnished to the purchaser.
YOUNGSTOWN SCHOOL DISTRICT (P. 0. Youngstown), Mahoning County, Ohio.-BONDS VOTED.-A favorable vote was received
on Nov. 5, it is reported, on the question of issuing school-bldg. bonds.
YUMA COUNTY UNION HIGH SCHOOL DISTRICT, Ariz.-BOND
SALE.-On Nov. 2 the $60,000 5% 143i-yr. (ay.) gold coup. tax-free bldg.
NEW LOANS.
NEW LOANS.
$100,000.00
City of Fort Pierce, Florida Washington County, Pennsylvania,
$10,000
BONDS
PUBLIO UTILITY BONDS
Road Improvement Bonds
Sealed bids will be received by the Committee
on Ways and Means of the City Council of Minneapolis, Minnesota, at the office of the undersigned,
at 2
THURSDAY. NOVEMBER 21ST. 1912, $100,o'clock P. M., for the whole or any part of
1912,
1,
October
dated
Bond,
School
High
000 00
payable October 1, 1942, bearing interest at the
rate of four (4%) per cent per annum, payable
semi-annually, and no bid or proposal will be
entertained for a sum less than 95% of the par
value of said bonds and accrued Interest on same
to date of delivery.
The above bonds are tax-exempt in the State
of Minnesota.
. The right to reject any or all bids Is hereby
reserved.
A certified check for Two (2%) Per Cent of the
par value of the bonds bid for, made to C. A.
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held October 24th, 1912.
DAN C. BROWN,
City Comptroller.
Notice is hereby given that the City Council
of the City of Fort Pierce, Florida, will receive
bids for the purchase of $10,000, par value. of
City of Fort Pierce Public Utility Bonds at Fort
Pierce, Florida, at the City Hall, at 8 o'clock
p. m., on WEDNESDAY, JANUARY 15, 1913.
Said bonds are dated January 1st, 1912, payable
thirty years after date, in denominations of
$500 00 each, and bear interest at the rate of six
per cent per annum, payable semi-annually on
July 1st and January 1st of each year. All
bidders shall accompany their bids with a certified check for $200 00 as security for compliance
with bid. The right is reserved to reject any
and all bids.
Address all bids to
F. M.TYLER, City Clerk,
Fort Pierce, Florida.
Sealed proposals will be received by the County
Comptroller of Washington County, Pennsylvania, at Washington, Pa., until 11 o'clock a. m.,
WEDNESDAY, NOVEMBER 20, 1912, to be
opened immediately thereafter, in the office of
the County Commissioners, for the sale of One
Hundred Thousand Dollars ($100,000) Road
Improvement Bonds, all dated December 15,
1912, maturing as follows: $2,000 each year, 1913
to 1917, both inclusive; $5,000 each year, 1918
and 1919 and $10,000 each year thereafter; and
bearing interest at the rate of 43. % per annum,
taxables. Principal and interest payable at the
County Treasurer's office, Washington, Pa.
A certified check in the sum of Ten Thousand
Dollars ($10,000) must accompany each bid as
a guaranty of the faithful execution of the entire
contract. The right is reserved to reject any or
all bids. For further information apply to
H. R. Campbell, Chief Clerk, Washington, Pa.
JOHN II. MOFFITT,
County Comptroller.
TERRITORY OF HAWAII
4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 @;1 102.75 and interest.
Tax Free Throughout United States
Accepted at oar for Govt. and Postal Deposits
CITY OF WACO, TEXAS STACY & BRAUN
BIDS WANTED
PR'Sealedlproposals are invited by the City of
Waco upon the proposition of the complete installation of a revised system of the assessment of
land and building valuation in the City of Waco;
said system as bid upon to be mathematically
correct, and to be upon the general order of what
is commonly known as the Somer System.
lig,Bids will be opened in the Commission Chamber
of the City Hall in Waco, Texas, 10:00 a. m.,
Tuesday, November 19th, 1912.
The right is reserved by the City of Waco to
reject,any_and all bids.
THOMAS A. CAUFIELD,
ftligidor
Finance Commissioner,
City of Waco, Texas.
Toledo, 0.
Cincinnati, 0.
HODENPYL, HARDY & CO.
14 Wall St., New York
Railroad, Street By., Gas & Elec. Light
SECURITIES
Bolger, Mosser & Willaman
AMERICAN MFG. CO.
MANILA, SISAL AND JUTE
CORDAGE
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST,
29 South La Sail. St.,
CHICIAGO
Sales Office:
R. T. Wilson & Co.
Noble & West Sts., Brooklyn, N. Y.
33 WALL STREET
NEW YORK
$550,000
State of North Carolina
REFUNDING BONDS
Dated January 1st, 1913, payable July 1st,
1953, without prior option. Interest Four Per
centinn per annum, payable semi-annually
January 1st and July 1st. Both principal and
interest payable at the National Park Bank, New
York City. The undersigned State Treasurer
will receive bids at his office in Raleigh, North
Carolina, for said bonds until 12 o'clock M.,
TUESDAY, DECEMBER 17TH, 1912.
B. R. LACY,
State Treasurer.
City of Portland, Oregon
NOTICE TO BOND BUYERS
The Broadway Bridge Bonds of the City o
Portland, amounting to Three Hundred Fifteen
Thousand Dollars ($315,000) advertised in the
"Commercial & Financial Chronicle" of New
York City, October 26, 1912, for which bids will
be received until 11 o'clock a. m. NOVEMBER
26, 1912, will be ready for delivery on or before
December 16, 1912, together with the opinion
of Story, Thorndike, Palmer & Dodge, approving
their legality.
A. L. BARBUR,
Auditor of the City of Portland.
Nov. 16 1912.]
THE CHRONICLE
bonds (V. 95, p. 1151) were awarded to A. J. McMahon of Oklahoma City
for $60401 (100.668) and int. A bid of $60,050 (100.083) was also received from john Nuveen & Co. of Chicago.
ZANESVILLE SCHOOL DISTRICT (P. 0. Zanesville), Muskingum
County, Ohio.-BONDS VOTED.-It is reported that the recent election
resulted in favor of the proposition to issue $80,000 school bonds.
Canada, its Provinces and Municipalities.
ALBERNL B. C.-DEBENTURES VOTED.-By-laws providing for
the issuance of $30,000 electric-light and $10,000 street-impt. debentures•
carried at a recent election, according to reports.
BRECHIN, Ont.-DEBENTURE ELECTION.-At an election to be
held Nov. 22 the ratepayers will vote on a by-law providing for the issuance
of hydro-electric debentures, according to reports.
CALGARY, Alta.-NO ACTION YET TAKEN.-We are advised by
the City Clerk that no action has yet been taken looking towards the issuance of the $378,000 water debentures (V. 95, p. 849) recently voted.
DEBENTURE ELECTION PROPOSED.-It is stated that this city is
contemplating the calling of an election to vote on a by-law providing for
the issuance of $760,000 bridge, $40,000 right-of-way, $51,000 contingency
and $40,000 Fourteenth St. West bridge reconstruction debentures.
GUELPH, Ont.-DEBENTURE ELECTION PROPOSED.-According
to reports, this city intends to submit to the ratepayers a by-law providing
for the issuance of $28,000 hospital-repair debentures.
HARRISON, Ont.-DEBENTURE OFFERING.-Proposals will be
received up to and including Nov. 20 by L. Brisbin, Town Treas., for the
$11,000 5% 20-installment elec.-light debentures voted Sept. 30 (V. 95,
p. 922). Date Nov. 1 1912.
HANLEY, Sask.-DEBENTURES NOT SOLD.-No award was made
of the $10,000 4%% 20-yr. municipal-bldg. debentures offered on Oct. 10
(V. 95, . 922.)
HILDONAN, Man.-DEBENTURE ELECTION PROPOSED.-It is
reported that the ratepayers will have submitted to them in December
by-laws providing for the issuance of $126,000 school debentures.
LA SALLE (P. 0. Lachine), Que.-DEBENTURES NOT SOLD.No award was made on Oct. 1 of the $35,000 434% 40-year coup. debentures
offered on that day. Denom. $1,000. Date Oct. 11912. Int. M. & N.
The offering of these securities was reported under Lachine, Que., in V. 95,
p. 849.
Nanaimo, B. C.-NO ACTION YET TAKEN.-No action has yet been
taken looking towdrd the issuance of the $50,000 water-impr. debentures
recently voted. (V. 95, p. 502).
NORTH TORONTO, Ont.-DEBENTURE SALE.-O. II. Burgess
& Co. of Toronto have been awarded, it is stated, the $55,000 school and
885,000 sewer 4%% 30-installment coup. debentures (V. 95, p. 1229)•
1351
NORTH VANCOUVER, B. C.-DEBENTURES WITHDRAWN
FROM MARKET.-We are advised that the issue of $21,000 5% 50-Yr.
school debentures advertised to be sold Nov. 13 (V. 95, p. 1229) has been
withdrawn from the market.
PENETANGUISHENE, Ont.-DEBENTURE SALE.-On Nov. 5
the $15,000 5% 20-installment debentures (V. 95, p. 1152) were awarded
to J. B. Jennings of Penetanguishene at par and int. Other bids follow:
R. C. Matthews&Co.,Tor.$14,725 001Wood, Gundy & Co.,Tor.. _ _314,437
Brent, Noxon & Co., .For.. 14,553 00 C. H. Burgess & Co., Tor__ _ 14,307
A.E.Ames & Co., Tor_ _ _ 14,460 32
All of the above bids include accrued interest.
PENTICTON B. C.-DEBENTURES VOTED.-It is reported that
at a recent election the ratepayers passed a by-law providing for the issuance of $60,000 school-erection and sidewalk-constr. debentures.
PETROLEA, Ont.-DEBENTURE ELECTION PROPOSED.-According to reports this place intends to submit to the ratepayers in the near
future a by-law providing for the issuance of 4%% drainage debentures.
PORT ALBERNI, B. C.-DEBENTURES NOT TO BE OFFERED AT
PRESENT.-We are advised that $100,000 water-works-system debentures
recently authorized (V. 95, p. 774) will not be offered for sale before next
spring, at which time $30,000 electric-light and $10,000 street-impt.
debentures will also be sold.
PRESTON, Ont.-LOAN ELECTION.-An election will be held
Nov. 18, it is reported, to vote on a by-law providing for a loan as a bonus
to the Anchor Bedding Co., Ltd. of Toronto.
ST. BONIFACE, Man.-DEBENTURES VOTED.-An election held
Nov.6 resulted in favor of a by-law providing for the issuance of$400,000
Red River bridge-constr. debentures. Reports state that the vote was
908 to 181.
SOUTHEY, Sask.-DEBENTURE OFFERING.-Proposals will be received until Nov. 20 by A. E. Rodger, Sec.-Treas., for $1,500 6% 15-Yr.
debnetures.
STEELTON, Ont.-DEBENTURE OFFERING.-Proposals will be recelved until 8 p. m. Dec. 3 by J. Robinson, Clerk, for the $7,000 publicschool, $9,000 public-parks and $15,500 paving debentures (V. 95, p. 850).
WAINWRIGHT, Alta.-DEBENTURE ELECTION PROPOSED.
It is stated that at an election to be called In the near future the ratepayers
will have submitted to them a by-law providing for the issuance of $10,000
rink, fire-hall and sidewalk-constr. debentures.
WIARTON, Ont.-LOAN ELECTION.-On Nov. 22 by-laws will be
submitted to the ratepayers, it is reported, providing for a loan of $5,000
as a bonus to D. G. Kerr to establish a woolen and knitted-goods factory
and to grant a loan to Chas. Reckin to establish a flour and grist mill.
WOODVILLE, Ont.-DEBENTURE ELECTION.-It is stated that
on Nov. 21 the ratepayers will have submitted to them a by-law providing
for the issuance of hydro-electric debentures.
MISCELLANEOUS.
INVESTMENTS.
OFFICE OF THE
T W.STEPHENS&CO.
BANKER,
V WALL STRZZT, NEW YORK.
INVESTMENT BONDS
Interest allowed on accounts of
Individuals and Corporations
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 23d, 1912.
The Trustees, in conformity with the Charter of the Company, submit the following statement of 114 affairs on the
.31st of December, 1911.
The Company's busiftess 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
Premiums on Policies not marked oft 1st January, 1911
873,680 37
Total Premiums
$4,527,005 55
Premiums marked oft from January 1st, 1911, to December 31st, 1911
$3,773,578.22
Interest on the investments of the Company received during the year---8333,897 03
Interest on Deposits in Banks and Trust Companies, etc
39,628 24
153,167 66
Rent received less Taxes and Expenses
Losses paid during the year
Less Salvages
Re-insurances
$959,530 60
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements,etc
ACCOUNTANTS.
LYBRAND1
ROSS BROS &
MONTGOMERY
Certified Public Accountants
(Pennsylvania)
NEW YORK, 55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO. Kohl Bldg.
SEATTLE. Central Bldg.
LONDON, 58 Coleman ti,
PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York, Ohicago, Cincinnati and
London, England.
CHRONICLE VOLUMES
Second-hand volumes in good condition for
years vrior to 1903
COMMERCIAL & FINANCIAL CHRONICLE
3138 Front St.,ENew York
570,472 18
BALANCE SHEET.
ASSETS,
United States and State of New York
Bonds
New York City and New York Trust Co
and Bank Stocks
Stocks and Bonds of Railroads
LIABILITIES.
Estimated Losses and Losses Unsettled
$700,000 00
1,777,900 00
2,742,162 00
and Exchange Place, containing offices 4,299,426 04
Real Estate on Staten Island (held under
provisions of Chapter 481,Laws of 1887)
75,000 00
Premium Notes
618.136 00
Bills Receivable
449,354 23
Casts In hands of European Bankere to
pay losses under policies payable in
foreign countries
203,603 36
dash in Bank
930,321 99
450,000 00
New York City Revenue Bonds
In process of Adjustment
$2,310,027 00
Premiums on Unterminated Risks
753,427 33
Certificates of Profits and Interest Unpaid
267,092 05
Return Premiums Unpaid
109,742 16
Reserve for Taxes
57,512 16
Re-insurance Premiums
183,599 07
Claims not Settled, including Compensation, etc
69,104 08
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,471 29
Certificates of Profits Outstanding
7,401,390 00
27621T465,9a
--
FOR SALE
$196,936 89
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the issue of 1906 will be redeemed and paid to the holders thereof, or theta
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 are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the seventh of May next.
G. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
CHARLES M. PRATT.
FRANCIS M. BACON,
HERBERT L. GRIGGS,
JOHN N. BEACH,
DALLAS B. PRATT,
CLEMENT A. GRISCOM,
ERNEST C. BLISS,
GEORGE W. QUINTARD.
ANSON W. HARD,
VERNON H. BROWN,
ANTON A. RAVEN,
THOMAS H. HUBBARD,
WALDRON P. BROWN,
JOHN J. RIKER,
LEWIS CASS LEDYARD,
JOHN CLAFLIN
DOUGLAS ROBINSON.
CHARLES D. LEYERICH;
C.
CLARK,
GEORGE
GUSTAV H. SCHWAB,
LEANDER N. LOVELL,
CLEVELAND H. DODGE,
WILLIAM SLOANE,
GEORGE H. MACY,
CORNELIUS ELDERT,
CHARLES H. MARSHALL;
LOUIS STERN,
RICHARD H. EWART,
NICHOLAS F. PALMER,
WILLIAM A. STREET,
FRANKLIN,
S.
PHILIP A.
HENRY PARISH,
GEORGE E. TURNURE.
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PAFtSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 4Ils Vice-President.
220,020 00
Other Securities
AUDITORS FOR FINANCIAL /NSTITts, Special
Deposits in Banks and Trust
MONS, INDUSTRIAL AND
1,000.000 00
Companies
MINING COMPANIES
Real Estate cor. Wall and William Streets
linveattgationa. Financial Statements:
L!Periodical Audits and es' antic.
526,692 93
$1,385,386 46
$220,704 52
205,151 34 425,855 86
Thus leaving a balance of
$11,174,36514
$2,291,558 48
Accrued Interest on Bonds on the 31st day of December, 1911, amounted to
$41,878 80
21,970 46
Rents due on the 31st day of December, 1911, amounted to
Re-Insurance due or accrued, in companies authorized in New York, on the 31st day of December,
214,367 00
1911, amounted to
Unexpired re-insurance 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 corner Wall and
450,573 96
William Streets and Exchange Place in excess of the Book Value 3iven above, at
63,700 00
And the property at Staten Island in excess of the Book Value, at
The Market Value of Stocks, Bonds and other Securities on the list day of December, 1911, ex1,588,635 62
ceeded the Company's valuatiot by
On the basis of these increased valuations the balance would bP
$4,755,780 75
1352
[VoL. Lxxxxv
THE CHRONICLE
rust golupautts.
A'Afituters.
NU RIOSNI GM it OW Hit
Chartered 1853
and 47 WALL STREET
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS
-
-
-
-
-
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pros. WILFRED J. WORCESTER,Secretary
CHARLES A.EDWARDS, 2d Asst. Secy,
WILLIAMSON PELL, Asst. Secy.
TRU87'E',E8.
JOHN A. STEWART, Chairman of the Board.
Payne Whitney,
James Stillman,
Edward W. Sheldon,
John Clatlin.
Chauncey Keep,
John J. Phelps,
George L. Rives,
Lewis Cass Ledyard.
Arthur 0. James.
Lyman J. Gage.
gorb,:113acort 84. ravis
$2,000,000.00
13,910,317.80
This Company acts as Executor, Administrator, Guardian, Trustee. Court Depositary and in
other recognized trust capacities.
/t allow. Interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for estates.
corporations and individuals.
William Rockefeller,
Alexander E. Orr.
William H. Macy Jr..
William D. Sloane,
Frank Lyman,
ESTABLISHED 1894
William M. Kingsley,
William Stewart Tod,
Ogden Mills.
Egerton L. Winthrop,
Cornelius N. Bliss Jr.
112tt9ineerz
COMPREHENSIVE REPORTS
ON PUBLIC UTILITIES
115 BROADWAY, NEW YORK
NEW ORLEANS
SAN FRANCISCO
J. G. WHITE & CO.,In c.
Engineers, Contractors
Largest Institution of its kind in New Jersey
FIDELITY TRUST COMPANY
Prudential Bldg., NEWARK, N. J.
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Title, Banking, Savings, Bond, Mortgage,
Trust and Safe Deposit Departments.
Correspondence Invited
More and more people are finding it convenient to keep their
Securities and other Valuables uptown instead of downtown.
The Union Trust Company of New York offers unexcelled
facilities at moderate prices in the uptown vaults of the Lenox
Safe Deposit Company.
At Fifth Avenue and Sixtieth Street they are very near the
"social centre" of New York, and convenient for most people
who live uptown.
Inspection and patronage are invited.
Investigations and Reports on El.•:tric
Railway, tias. Electric Light and Power
Properties, (cc., for Financial institutions and investors.
Electric Railways, Electric Light
Power Plants, Gas Plants, Finanwt
Designed and Built.
43 Exchange Place, - NEW YORK
Chicago
San Francisco
London Correspondents:
J. G. WHITE & CO., Limited,
9 Cloak Lane, Cannon St.. E. C.
s.BARsTow
CO
Incorporated
CONSULTING and
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
50 Pine Street
New York
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrial.
REPORTS FOR FINANCING
BankersTrust Bldg., New York
Alex. C. Humphreys
Alten S. 1111111
H UM PH REVS & M I LLER,Inc.
ENGINEERS
Mellon National Bank
PITTSBURGH, PA.
8-26
Power—Light—Gas
165 BROADWAY.
Established IRMO.
A. L. REGISTER at. CO.
ENGINEERS
Assurance of safety, perfect service and 3%
interest on reserve accounts are offered to correspondents of this bank. Your account is invited
RESOURCES OVER 50 MILLIONS
1. F. DOMMERICH & CO.
NEW YORK
Ceneral Offices, 67 Creene Street
Will
Remove to
N. W. COR. 20th ST. & 4th AVE.
in January
CONTRACTORS
Philadelphia
Wining 3Engturtrs.
MINES MANAGEMENT CO.
CONSULTING MINING ENGINEERS
Managers of Mining Properties
NEW YORK
60 BROADWAY. - 28 and 29 St. SwitiOns Lane,
LONDON, E 0., ENGLAND.
Avenkla 18 De Septiembre, Num. 411,
MEXICO. D P.. MEX/CO,
H. M. CHANCE & CO.
mining Engineers and UeologIsts
COAL AND 1.1NERAL PROPERTM
Examined, Developed, managed
Drexel 11142..
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS,
DISCOUNT AND GUARANTEE SALES
AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years
, NEW YORK
15111LADEL1,111A. Ph
GEO. B. EDWARDS
Tribune Building. NEW YORK, N. Y.
Tel, 43114 Beekman.
Mod Reierencer
Negotiations,I n vestigations,Settlemenk
Purchases of Property, Information
In New York City or anywhere.
@FedFRASER