Full text of Commercial and Financial Chronicle : November 2, 1912, Vol. 95, no. 2471

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I N C L U D IN G
Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers’ Convention Section

State and City Section

VOL. 95__________

SATURDAY, NOVEMBER 2 1912

PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Year ..........................................................................................$10 00
For Six Months......................................................................................... 6 00
European Subscription (Including postage)...........................
13 00
European Subscription six months (including postage).......:r ............ 7 50
Annual Subscription in London (including pi stage).............................£2 14s.
Six Months Subscription in London (including postage).......................£1 1 1 s.
Canadian Subscription (including postage).................................
$11 60
Subscription includes follow ing Supplements—
B a n k a n d Q u o t a t i o n ( m o n t h l y ) I R a i l w a y a n d I n d u s t r i a l (3 t im e s y e a r ly )
B a i l w a y B a r m .n o s ( m o n t h l y )
E l e c t r i c R a i l w a y (3 t im e s y e a r ly )
S t a t k a n d C i t y ( s e m i-a n n u a ll y ) | B a n k e r s ’ C o n v e n t i o n ( y e a r l y )

T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaco (14 agate linos)................................... $4 20

)

g® timlf?; !!.'!!! .**.11111 60 00
' Twelve Months (52 times).......................... 87 00

C i i i c a o o O f f i c e — Geo. M. Shepherd, 5 1 3 Monadnock Block;Tel.IIarrison 4012.
L o n d o n O f f i c e — Edwards & Smith, 1 Drapers’ Gardens, E. C.

W IL L IA M
1 *. O . B o x 0 5 8 .

II. D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n t . P in e a n il D c p c y s te r S ts .,

N ew Y o rk .

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.

I- ■■

CLEARING-HOUSE RETURNS.

The following tabic, made up by telegraph, &c., indicates that the
total bank clearings of all cloaring houses of the United States for week
ending Nov. 2 have been $3,060,355,«25, against $3,684,353,169 last
week and $3,641,046,287 the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending Nov. 2.

Vcr
Cent.

1012.

1911.

$1,742,443,981
137,188,655
135,318,598
33,908,150
264,715,813
66,486,430
17,625,832

$1,783,004,586
192,511,225
136,309,493
33,483,004
247,910,000
06,489,045
15,363,203

—2.4
—28.7
—0.8
+ 1.3
+ 7.7
—0.0
+ 14.7

Seven cities, 5 days.......................... $2,397,717,465
602,494,376

$2,475,731,870
505,419,287

—3.2
+ 6.0

Total ail cities, 5 days______

$3,041,151,103
600,795,124

—1.3
+9.9

New York ...........................................

St. Louis........... ...............................

$3,000,211,841
660,143,9.84

Total all cities for week..................

*3,060.355,825 $3,041,940,287
+ 0.5
t The full details for the week covered bjr the above will lie given next
Saturday. We cannot furnish them to-day, 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, a. we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, Oct. 26, for four years.
Week ending October 20.

Clearings at—

1912.
New York___ .
Philadelphia___
Pittsburgh.........
Baltimore __
Buffalo______
Albany..............
Washington___
Rochester .........
Scranton______
Syracuse______
Reading.............
Wilmington____
Wilkes-Barre___
Wheeling _____
Trenton ...........
Y o rk .........
Erie______
Greensburg.
Binghamton___
Chester___ _
Altoona___
Lancaster.........
Montclair______

1911.

Inc. or
Dec.

1910.

1909.

S
$
S
%
S
2,124,721.128 1,560,707.807 +30.1 1,800,841,271 2,273,320,338
109,265,006 137,656,488 + 23.0 141,157,440 141,966,810
49,101,441 + 29.0
48,741,182
63,301,393
51,358,573
39,466,090
34,735,015 + 13.0
32,737,116
32,553,526
12,721,925
11,134,550 + 14.2
9,369,918
9,301,556
5,814,218
5,962,762
6,692,137 — 11.8
0,051,433
7,259,883
6,901,812 + 5.2
6,543,346
7,152.276
4,739,397
3.847,814 + 23.2
3,412,063
3,225,138
2,700,000
2,521,796 + 7.1
2,519,381 ' 2,001,910
2,635,870
2,288.702 + 15.2
1,951,509
2,003,989
1,796,056
1,583.489 + 13.5
1,469,253
1,484,027
1,590,462
1,258,564 + 20.4
1,313,085
1,480,245
1,726,252
1,461,203 + 18.3
1,405,234
1,289,557
2,194,367
1,790,659 +22.6
1,742,080
1,577,698
1,589,759 + 7.2
1,703,837
1,300,531
1,400,351
989,901 —4.3
946,733
879,487
840,567
829,184 + 19.8
993,718
753,398
763,475
484,506
+3.2
500,000
524,382
508,152
501,870 +4.0
581,100
440,050
364,900
575,011 + 9.2
628,105
544,885
470,829
635,263 + 9.7
587,099
403,833
485,872
932,070 + 55.4
1,148,784
899,120
350,381 Not included In total

Total Middle- 2,447,735,434 1,828,074,173 +33.9 2,128,184.321 2,537,117,236
Boston ............. 104,857.098 lZli 114,734 +10.6 105,054,930 109,542,081
Providence----11,455,200
10.451,900 + 9.0
8,034,100
8,067,900
Hartford--------4,115,742
3,899.086 + 5.5
3,004,733
3,239,475
New Haven____
2.040,179
2,644,007 + 11.2
2,433.060
2,395,151
2,573,014
Springfield........
2,093,071 + 22.9
1,995,000
1,737,465
2,252,692
Portland......... .
1.735,509 + 29.8
1,821,074
1,845,371
2,855,850
Worcester__
2,598,826 + 9.9
2,249,315
1,588,908
Fall River.
1,276.450
1.078,080 + 18.4
1,402,821
1,501,926
New Bedford...
1,221,383
027,529 + 31.7
1,390,889
1,370,548
Lowell___
543,164
539,354 + 0.7
428,241
422,203
Holyoke......
703,737
625.410 + 12.5
510,425
482,713
Bangor.........
595,282
420,899 + 41.4
Tot. New Eng.

225,389,797

203,129,305 + 10.9

Week ending October 26.

Clearings at—

C H m m id je .

Standing Business Cards

NO. 2471

189,527,842

192,317,147

1912.

1910.

1910.

Ann Arbor_____
Adrian .............
Owensboro........
Tot. Mid. West
San Francisco__
Los Angeles____
Seattle ............
Portland______
Spokane.............
Salt Lake City__
Tacoma .............
Oakland.............
Sacramento____
San Diego____
Stockton ...........
1 resno ...............
San Jose.............
Pasadena...........
North Yakima..
R eno.................
Total Pacific..

$
S
$
%
310,908,545 205,917,978 + 19.2 257.602,747
24,C06,65C
22,S41,65(
+ 8.(
22,180,350
21,747,087
18,185,631 + 19.f
18,678,056
21,207,797
17,533,397 + 21.;
16,885,259
14,068,535
12,817,37:
+ 9.?
12,290,605
7,093,746
7,457,824 —4.9
7.668,601
6,230,40C
5,455,90( + 14.3
6,006,800
5,009,67C
3,757,901 +33.3
3,854.079
3.346,095
3,032,391 + 10.1
2,782,093
3,094,87?
2,735.05S + 13.1
2,616,336
2,123,765
1.882,30? + 12.1
2,103,124
2,286.51S
2,334,844 —2.0
2,016,678
749,520
680,171 + 10.1
633,207
1,187,203
906,582 + 22.9
888,406
1,173,445
921,395 +27.1
860,420
1,494,502
887,428 + 68.1
1.049,102
771,761 + 12.7
869,600
697,532
1,759,000
1.377.00C + 27.7
1,034,S3C
830,413
882,465 —5.9
808,779
1,272.169
1,077,795 + 18.1
850,821
1,317,012
500,526 + 163.1
480,577
631,774 —20.3
759,304
501,107
660,664
593,461 + 11.3
532,881
517,076
464,023 + 17.2
518.668
472,788
433,475 + 9.0
331,024
410,583
393,210 + 11.9
404,447
595,290
441,715 + 34.9
331,500
251,451
289,587 — 12.1
230,858
415,169
412,211 + 0.7
408,713
351,802
340,255 +3.4
273,689
402,905
318,152 + 26.7
365,714
183,749
157,948
130,871 + 40.5
26,241 + 84.0
48,489
29,501
405,538
352,190 + 15.1
354,429
444,041,453 376,843,606 + 17.8 360,179,752
56,024,475
49,332,311 + 1.3.0
44,456,982
24,011,934
17,709,403 +35.6
14,603,474
12,128,654
10,940,387 + 10.9
10,890,044
12,272,478
12,034,005 —2.9
9,820,662
4,511,001
4,529,076 —0.4
4,371.527
6,806,149
5,984,739 + 13.7
5,587,699
4,201,630
4,332,388 —3.0
4,991,263
3,453,802
2,890,005 + 19.5
2,949,489
2,234,765
1,513,148 + 47.7
1,538,922
2,520,102
1,800,000 + 40.0
1,200,000
929,030
776,134 + 19.7
690,003
1,429,821
1,029,292 + 38.9
931,086
902,359
1,158,746 —22.1
487,754
1,327,623
632,708 + 109.8
699,104
526,949
514,893 +23.5
575,489
305,206
250,000 + 22.1
231,847
133,589,938 116,027,235 + 15.1 103,891,405

Kansas City___
Minneapolis____
Omaha......... .....
St. Paul.............
Denver..............
Duluth......... ....
St. Joseph.........
Des Moines........
Sioux City_____
Wichita .............
Lincoln .............
Davemport........
Topeka.............
Cedar Rapids__
Fargo ________
Colorado Springs
Pueblo ..
Iremont.........
Hastings...........
Aberdeen.........
Helena ______
Waterloo _____
Billings_______
Tot. oth. West

63,041,937
33,358,419
18,477,451
14,090,730
10,285,187
0,591,149
0,996,187
5,286,463
3,238,463
3,601,994
1,717,196
2,118,837
1,376,648
6,219,990
472,645
684,442
721,956
348,776
209,629
400,281
1,159,584
1,803,672
500.000
185,761,036

Chicago__
Cincinnati _
Cleveland__
Detroit...............
Milwaukee. ..
Indianapolis___
Columbus . .
Toledo________
Peoria...............
Grand Rapids__
Dayton .............
Evansville ........
Kalamazoo____
Springfield, 111..
Fort Wayne___
Youngstown___
Lexington.........
Akron________
Rockford .........
Canton...............
South Bend____
Quincy...............
Bloomington___
Springfield, O ...
Decatur ...........
Mansfield__
Jackson.............
Jacksonville, III.
Danville_______
Lima .................

57,894,807
26,513,460
15,371,040
12,285,131
0,572,084
6,091,891
6,469,354
3,726,051
2,637,796
3,526,912
1,492,356
1,333,227
1,431,833
1,325,108
868,417
511,152
599,515
255,685
213,721
305,131
1,065,482
1,110,363
222,190
154,825,736

+ 8.9
+ 25.8
+ 20.2
+ 14.7
+ 7.5
+ 57.4
+ 8.1
+ 41.9
+ 22.8
+ 2.1
+ 15.1
+ 58.9
—3.8
+369.4
—45.6
+33.8
+ 20.3
+36.4
—1.9
+ 50.8
+8.8
+ 62.4
+ 125.0
+20.0

55,839,085
24,464,545
16,660,182
14,592,857
9,800,359
5,263,452
7,120,075
4,076,314
2,780,283
3,316,910
1.467,790
1,750,097
1,213,214
1,315,039
710,728
645,000
662,196
315,306
210,000
458,840
1,131,807
1,121,975
111,654
155,033,408

I

1909.
S
273,343,330
24,979,600
18,067,096
14,307,538
12,213.101
7,692,262
5,782,100
4,192,168
2,205./76
2,435,195
1.802,819
2,118,692
598,987
871,581
960,337
846,850
690,192
966,000
713,786
632,074
547,192
589,290
404/47
459,797
378,263
357,9! 2
325,000
217,443
425.031
188,817
172.724
20,728
380,305,818
41,497,457
12,612.021
14 ,S75,195
8,336,893
4,548,918
6,793,733
6,058,600
1,710.032
1,088,347
862,000
554,268
706,840
604,412
500,000
421,710
270,000
101,440,426
56,423.186
29,020,810
15,491,078
13,G03,871
9,494,393
7,383,711
6,113,973
3,412,675
2,541,346
2,858,572
1,478,414
1,475,000
1,109,880
T.179,487
921,147
614,544
515.96S
411,583
1,701,765
276,452
156,057,909

St. Louis______
76,687,136
72,360,212
72,720,664
75,493,667 + 1.5
New Orleans___
22,036,138
21,783,862
19,007,535 + 15.9
20,872,725
Louisville.........
13,052,437
11,651,164 + 12.0
11,956,123
11,225,G07
Houston ...........
25,413,150
19,861,471 + 27.9
18,293,895
15,600,000
Galveston.........
13,500,000
12,986,500 + 4.0
10,906,000
7,705,000
Richmond ____
8,250,849
7,340,626 + 12.5
7,500,000
7,590,842
Atlanta_______
16,299,620
14,594,835 + 11.7
13,817,126
11,929,355
Memphis______
9.640.915 +9.5
10,559,583
9,584,910
8,331,671
Savannah .........
7,597,191
7,843,114 —3.1
7,120,361
7,870,088
Fort Worth____
10,786,929
7,993.670 +34.9
7.658,749
8,401.982
Nashville _____
4,685,360 + 28.1
6,000,000
4,013,822
3,563,100
Norfolk_______
3,894,321 + 13.1
4,403,473
3,705,369
4,052,834
Augusta_______
2,202,138
3,705,564 —40.0
2,960,643
3,745,236
Birmingham___
3,375,383
2,686,139 + 25.7
2,640,354
2,728,817
Little Rock____
2,031,832 + 31.1
2,257,022
2,154.263
3.0S0.000
Jacksonville___
2,805,480 +9.8
2,341,903
1,929,135
2,758,487
Chattanooga __
1,742,693 + 58.3
1,727,934
1,487,708
2,841,753
Charleston.........
2,450,642 + 16.0
2,210,669
2,034,190
1,993,594
Knoxville.........
1,672,773 + 19.2
1,643,100
1,640,761
1,300,000
Mobile ______
1,402,933 —7.3
1,048,050
1,351,797
2,607,374
Oklahoma.........
2,150,918 + 21.2
2,425,261
2,593,251
5,003,210
Macon________
4,533,649 + 11.7
1,400,000
1,175,000
2,010,978
Austin________
1,973,268 + 18.8
2,188,758
1,032,281
Wilm’ton, N. C—
600,000
736,565 —18.5
850,746
656,436
Vicksburg.........
335,2S5
481.162
332,660 +0.8
406,113
Jackson ----------452,609
439,887 + 3.0
500,000
391,000
Tulsa_________
828,035
463,046 + 78.8
.................
Muskogee_____
1,131,517
870,705 + 30.0
Total Southern 247.834,911 224,994,962 4-10.2 212,959,088 204.278,807
Total all......... 3,684.353,161 2.903,895,077 + 26.9 3.155.775.816,3.571.518.343
Outside N. Y ___ 1,559,632,011 1,343,187,210 + 16.1 1,294,934,545 1,292,188,005

Nole —For Canadian Clearings see "Commercial and Miscellaneous News.’’
Condition of National Banks Dec. 6 1911, Feb. 20, April 18, June 14 and Sept. 4, 1912, on pages 1178 to 1182.




Inc. or
Dec.

1154

T H E C H R O N IC L E

THE FINANCIAL SITUATION.
On the eve of the election it may be well to refer
once more, because of the gravity of the matter, to
the doctrine of the recall as applied to the judiciary.
J. Hampden Dougherty made it the subject of an ad
dress at a recent meeting of the Academy of Political
Science. He noted three fallacious propositions un
derlying it: “ First, that the judiciary has tran
scended its functions in passing on the constitutionality
of legislation; second, that the judiciary is the un
democratic and unprogressive branch of the Govern
ment; third, that the courts ought to uphold a law
which conflicts with the Constitution in case that law
represents the manifest and expressed will of the
people.”
Not many months ago, in reply to a correspondent
who insisted that the courts have full power to shield
the people from bad laws by preventing their enforce
ment, the “ Chronicle” had to point out that any
attempt to restrain enforcement merely because a law
is unwise or unjust would be an attempt to usurp the
veto power and therefore intolerable. This corre
spondent was an exception, for the most outspoken
public sentiment at present seems to object to letting
the judiciary pass on laws at all; having once obtained
the form of enactment, it is assumed that they should
be deemed final. The Federal Constitution (followed
in general by State constitutions, except possibly some
of the most recent) is silent as to Constitutional inter
pretations of statute; one of the early amendments
restricts judicial powers in a particular matter, but
otherwise it is simply declared that the judicial power
“ shall extend to all cases, in law and equity, arising
under this Constitution, the laws of the United States,”
&c. This silence, however, is expressive, because the
matter is disposed of by fundamental necessity. Laws
are to be enforced; enforcement requires interpre
tation; the courts, which alone can enforce them, must
first interpret them, since somebody must do that.
Here is an immovable ladder of logic, and the first
round of the ladder is that valid laws must be in con
formity to the Constitution.
It is proper to say once more that no court can, and
none ever did, assume to nullify a law. Everyday
speech does refer to this or that law as invalidated, or
as overthrown, or as set aside, by judicial declaration,
and everyday speech refers to such laws also as
“ nullified.” This is a loose and inaccurate use of
terms. Nullifying is “ making void and of no effect
* * * to render invalid.” An exact instance or
two of this is furnished in the history of the country,
when a State has assumed to set itself against enforce
ment of a United States law; but it is obviously im
possible to make void or invalid that which never had
validity. This is all any court has assumed to do.
For the simplest illustration: some bill goes through a
legislature and is signed, but when it comes before the
ultimate court it is shown that not all the constitu
tional requirements as to legislating were complied
with; then the court does not “ nullify” or kill this law,
but declares that it never was alive. If the supposed
law has been on the books for a long time, acquiescence
is immaterial, for a court cannot pass on it until pre
sented in a concrete case.
But many persons, including even some business
men who follow the impulse of their hearts rather than
the reason of their heads, assume that some particular
law is so humane and necessary to progress that for
the courts to pronounce it unconstitutional is an out




[V©L.

LXXXXV.

rage meet for indignation. Boiled down to essence, this
means only that a layman thinks the court has erred;
many of us think so (at times), and we have a clear right
to think so; but we have chosen and delegated the
court to think authoritatively, and if the law is wrong,
or if the Constitution itself which stands behind it is
wrong, turn indignation against that and proceed in an
orderly way to change it. Shall we accuse the ther
mometer or The yardstick or the scales when their tes
timony does not please us, or shall we proceed to change
(if we can) the facts they interpret for us? We, the
People, have made both law and Constitution, and can
alter either or both; why blame courts when we should
blame lawmakers and therefore ourselves?
If the Constitution is to go when a law “ represents
the manifest and expressed will of the people,” we
fling aside all stability and order; moreover, the
“ manifest” will of the people becomes “ expressed”
(although somewhat obscurely even then) only by the
process of elections. Legislators never kept their
ears to the ground more assiduously than now; what
the people think they “ want” is within their power
(if possible under the laws of the universe), and no
judge would attempt to deny them; as well might he
try to resist the physical attack of an infuriated mob.
Therefore all the campaign oratory about the rule
of the common people and supposed efforts to obstruct
that rule, is mischievous flubdub. Generalizing of this
sort has been constant with Mr. Roosevelt, and his
address of Wednesday evening kept on conveying the
notion that some undefined alliance of the “ few” is
seeking to govern and keep down the people. Adroit
generalizing to that effect readily catches and in
flames the unthinking many, so that they feel an im
pulse to make a rush at imaginary foes represented by
the established order; but when specifications are de
manded, the whole thing blows away like fog. There
is no conspii'acy. Not all the capital and all the brain
in the universe could stand against the mass of the
people. They make the government, good or bad,
wise or foolish; and they bear the brunt of their own
blunders. Insistence upon orderly methods and upon
constitutional and judicial authority is nothing more
than insistence that the people shall govern themselves
and be responsible to themselves.
Before the Traffic Club, an organization of shippers
and traffic men, an address on “ The Lesson of New
York Traffic Conditions” was delivered on Tuesday
evening by Mr. Robert F. Donahue, Traffic Inspector
of the Public Service Commission. Delivering and for
warding freight in New York, whose haibor is the
largest and finest joint freight yard in America is
made peculiar and difficult, said the speaker, because
the first or the last movement must be by water, on
car floats or lighters. Great economies through in
creased efficiency have been made in carrying on land
by the railroads, but terminal facilities have not im
proved correspondingly. The cost of trucking and of
delays is receiving one solution by the Bush Terminal
Co. (whose entire property it is now recommended by
several city officers and at least one commercial or
ganization that the city shall purchase), and Mr.
Donahue sketched at some length the facilities and ad
vantages of this terminal plant, without, however,
expressing an opinion as to the expediency of taking
it over.
Mr. Donahue next mentioned two plans for reor
ganizing the West Side waterfront and the disposition
of the New York CentraTs tracks in that section. One

Nov. 21912.]

THE CHRONICLE

used as railroad terminals and the substitution of a
series of inland terminals on the east side of West St.,
with overhead tracks across that street to the water;
the other is Dock Commissioner Tomkins’ plan of
elevated freight tracks along the west waterfront from
GOth St. to the Battery. [With this might be compared
a sketch of plans in the “ Chronicle” of April 22 1911,
p. 1076.] Mr. Donahue passed no opinion on these
plans but immediately proceeded to urge activity, in
the country and in this city, in preparation for the
opening of the Panama Canal. South American and
European countries, and Japan particularly, lie con
siders actively awake to seize the commercial ad
vantages, whereas he believes this port “ the real
Eastern terminus” of that waterway.
The question of differentials he discusses at some
length. They were granted in 1882, he says, to offset
the advantage enjoyed by this port in having a lower cost
of ocean carriage, but now the conditions have changed:
“ While the cost of water carriage to and from New
York has increased, the cost to and from other ports
has decreased and a serious inequality against New
York has thus been created. Thus New York pays
water rates as high or higher than those paid by other
ports, and in addition is handicapped by a differential
rail charge greater than is paid in Philadelphia, Balti
more or Newport News. Under the operation of these
differentials, New York’s grain and provision trade
particularly, as well as other branches of commerce,
has been steadily shrinking.”
Passing to the general subject of freight rates, Mr.
Donahue said that “ the ownership and control of
a railroad is often generally misunderstood,” and he cited
the oft-printed figures showing the wide distribution
of stock in the Pennsylvania and pointed out anew
how vitally savings banks, insurance companies and
other corporations which practically belong to the
Common people are concerned in the maintenance of
railroad credit.
The problems of transportation, especially here in
the city, and the development of the port, are vast and
difficult. So large anti conflicting are the interests
to be tieated, and so deep and far-looking is the vision
required to perceive it all, that we do not venture to
dogmatize as to specific plans. Nor does Mr. Dona
hue. He covers a wide ground in this address which
we have been compelled to treat very cursorily, but
its tone s excellent throughout. He wants even larger
railway efficiency, and suggests some plans for de
veloping a higher grade of personal service, but he
pleads also for reason and justice. Observe these
two sentences:
“ But good service and unreasonably low rates are
antagonistic ideas; if the latter are insisted upon the
former is not to be expected. The public can never
be in the wrong when demanding good service when
fair rates are conceded; and an enlightened public
sentiment will never object to fair rates when it is
understood that good service is conditioned upon
them.”
F
Mr. Donahue’s reasonableness and breadth of view
may be respectfully commended to all regulative com
missions. The particular one which ho directly serves
could well deduce that real service to the public lies
along the lines of constructive aid, not along the
easier line of pulling down and harassing, which may
please popular fretfulness; and it would be most
wholesome if the tone of his address could get into the
largest regulative commission, the Inter-State Com
merce CommiS'ion.




1155

The developments in the foreign financial" centres
this week seem to refute the contention so generally
urged last week that an unfavorable interpretation
would be given military results indicating the crushing
of the Turk. The exchanges at all principal centres,
excepting Berlin, were closed yesterday in observance
of All Saints’ Day. The German market ruled firm,
but, aside from this, there are no official data to show
the view that will be taken in financial Europe of what
seemingly may be a final defeat of Turkish arms, if
the press accounts received yesterday are as ac
curate as they appear to be. The trend of the
news throughout the week has been strongly
against the Ottoman Government. Notwithstanding
this, the foreign financial markets have shown a steady
improvement. One explanation of this rather sur
prising situation has been the successful completion
of the month-end settlements without embarrassments
oi a sensational character. One fairly important
jobber and several smaller concerns failed in London,
and there were a few minor financial casualties in.
Berlin. But the defaults were much less important
than had been feared.
One potent reason for the failure of Turkish reversesto exeit a depressing influence has been the semi
official announcement that Russia and Austria have
reached an agreement whereby a clash over territory
will be avoided in any redistribution that may follow
the final defeat of the lurks. The enmities and jeal
ousies of these two countries have all along been re
garded as antagonistic to any peaceable settlement of
the Balkan situation by the Powers. Dispatches from
London suggest that the effort of the Powers will
still be directed toward preserving the status quo in
the Balkans by continuing to keep their hands off.
To do this would be to recognize a federation of inde
pendent Balkan States to take the place of Turkish
misrule. But the question arises as to the attitude
of the Balkan States themselves. Having defied the
Powers by beginning the war, they are not likely,
it may be argued, to consult the Powers as to any settle
ment. On -this basis it is evident that a very delicate
situation awaits the settlement of the Balkan question
even if, as now seems so probable, the Turkish forces
have been finally defeated. It is not unnatural, of
course, that the securities of the Balkan States should
have responded to the new conditions. As already
noted, however, the European stock exchanges were
closed yesterday, so that comparisons must be con
fined to Ihursday’s closing quotations comparing
with Friday of last week. British Consols on Thurs
day closed at 73 11-16, comparing with 73 1-16 a week
ago; French Rentes are 89.55, against 89.25. Russian
4s are without net change at 88, while Turkish 4s,
strange as it may seem, are \y2 points higher at 8 0 ^ .
Meanwhile Bulgarian 6s have advanced to par from
96Mi Greek Monopoly 4s are 3 points higher at 53,
Servian Unified 4s are also 3 points higher at 73 and
German Imperial 3s are 1 point lower at 76.
It is rather significant that mail advices from the
Continental centres and the reports of important bank
ers and other financial interests who have just returned
from those centres do not entirely confirm the alarmist
reports that have been received by cable. The banks
in Paris, Berlin and Vienna have the situation w-ell
in hand, and, while naturally much excitement has
been created by spectacular declines in securities,
it is using too extreme an expression, according to an
mportant officer of a large New York bank who re-

1156

THE CHRONICLE

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

turned from Paris this week, to say that actual panic
has ruled. As an indication of the firm position
adopted by the French banks, the bank officer in
question related how absolutely the Bank of France
and in turn the other great banking institutions of
Paris were husbanding their gold reserves. Having
presented a letter of credit, he tried to obtain gold
on it, but, notwithstanding his eminent position in
banking circles on this side, he was entirely unsuc
cessful, and after finally seeking the intercession of
the Paris representative of an important New York
trust company, he was still unsuccessful, as even the
influence in question failed to secure for him more than
one hundred francs in actual gold. This does not mean
that the French banks are short in their gold supplies.
The reverse is quite the fact. But until the present
political crisis is over the French banks are lully deter
mined to maintain themselves in an invincible posi
tion. An interesting development in this respect,
as told by the bank officer in question, is the large
investments for cash that, on recommendation of the
French banks, were made in securities by the great army
of small investors that is so representative of I rench
thrift. These investors depend upon the banks for
advice, and when, as was recently the case, the finan
cial institutions in question sent out many thousands
of circulars advising purchases, prompt results followed.
The effect in the present case was instantaneous, as
the purchasers of small lots enthusiastically responded,
and this brought a large amount of gold from its hiding
places into the banks, where it will be held pending a
more settled European political situation .
Another indication that cable reports have con
tained some degree of exaggeration is suggested by a
statement for publication recently made by Prince
Andre Poniatowski, President of the French Finance
Corporation and other financial institutions in Paris,
and who is the representative of some of our most
important railroads at the French centre. The Prince,
who has recently arrived here from Paris, declared
that reports of French losses of 300,000,000 francs in
the market values of stocks, caused by the outbreak
of the war in the Near East and the fear of a general
European war, was an exaggeration. The actual loss
he declared, was only about 180,000,000 francs, and
this decline was caused by liquidation of speculative
accounts. Investment accounts had not only not
been reduced, but had actually increased, as investors
had taken advantage of the heavy decline in prices.

their lists of securities held did not notice the great
quantity of this paper. It is surprising, also, that no
body noticed that the new bonds issued as old (for the
first loan was made twenty years ago and it was the
paid-off ones that were worked by Wilmart) differed
in appearance and cleanliness from those which would
have been in circulation. Buyers, however, seemed
absolutely blind, and, as with most criminals, it was
the merest accident that exposed the frauds. A Brus
sel’s stockbroker complained to the police that a clerk
had absconded with a portfolio full of securities and
furnished a list, among them fifty of the securities in
question. The clerk repented and, returning with
all the securities, the broker withdrew the charge.
But the magistrate examined the list and found that
several of the bonds of the Ghent-Terneuzen Railway
bore duplicate numbers.

The situation in Brussels has been complicated by a
local influence of some magnitude. This was the dis
closure of a swindle perpetrated by M. Nestor Wilmart,
the Managing Director of the Ghent-Terneuzen Rail
way, in forging bonds of the company to the extent,
according to the latest estimates, of $80,000,000. lie
succeeded in duping the Brussels banks, stockholders
and money-changers (who deal in securities in Bel
gium), and in scattering large amounts of the forged
bonds all over Belgium, Holland and parts of France.
Nearly all the Brussels banks are said to be involved,
some of them to the extent of $200,000, while other
1 osses are severe and general no provincial town or
village having apparently been too small for Wilmart’s
agents to overlook in placing the bogus securities.
It is difficult, says a Brussels dispatch, to understand
how the swindle so long escaped detection, as the
actual capital of the Ghent-Terneuzen Railway on
the Bourse is only about $900,000, and no one can
comprehend how it is that the banks when making up

A special American commission of inquiry is in
Santo Domingo endeavoring to tranquilize affairs in
that republic. Strangely enough, it has been neces
sary to send two more American warships to that re
public, which seems to indicate thatjthe efforts of the
commission thus far have not been favorably received.
The commission consists of Brigadier-General Frank
McIntyre and W. T. S. Doyle, Chief of the LatinAmerican division of the State Department. The
agreement on which they have been working involves
nothing less than entire supervision of the expenditures
of the Dominican revenues, which were recently re
ported to have been mismanaged. Under the treaty
of 1907 the United States for five years has collected
the customs revenues of Santo Domingo. Another
condition made by the commission and agreed to by
President Victoria was that the latter’s nephew,
Alfredo Victoria, Minister of War and Marine, Interior
and Police, and really the power behind the throne,
should retire from the Government, as should also




President Yuan, at the suggestion of Dr. Sun YatSen, has recommended to the Chinese Cabinet the
advisability of asking the Inter-State Commerce Com
mission of the United States to name three eminent
railroad men to consult with Dr. Sun in the planning
of the new railways of China. Dr. Sun was requested
to submit the names of such prominent engineers of
the United States as he would like to have associated
with him; but he made the suggestion that, if the
Cabinet thought it wise, the Ministry of Foreign Af
fairs could communicate directly with the Commerce
Commission, and he had no doubt but that that body
would gladly recommend engineers and promoters
of prominence.
Charles Birch Crisp, head ot the independent syn
dicate that has agreed to loan $50,000,000 to China,
announced in London early in the week that the second
half of the loan would not be issued for public sub
scription in the immediate future, as financial con
ditions as a result of the Balkan conflagration were
not such as to warrant financial transactions of that
character at the present time. The diplomatic repre
sentatives in Peking of eleven countries, at a meeting
held on Monday last, decided to protest against the
alienation by China of the salt revenues while the
Boxer indemnity remains unpaid. They will protest,
also, against China’s contention that she is justified
in hypothecating the salt revenues in excess of 12,
000,000 taels (about $8,000,000), which was their
amount when pledged for the payment of the in
demnity.

N ot . 2 1912.]

THE CHRONICLE

another nephew, the head of the army. Under these
conditions the commission hopes that the better ele
ment in Santo Domingo will become reconciled to the
administration of President Victoria until an honest
election can be had.
Events have moved very rapidly in the Balkans this
week. Turkey has unquestionably been crushingly
defeated and the Turkish Ministry is understood
to bo discussing the question of suing for peace.
It is not only from the Bulgarians that the Turks
have met seemingly irretrievable defeat, but
the Servians and Montenegrins have likewise
made active headway. On Friday of last week the
Servians captured Koumanovo, an outpost of Uskub,
and on Saturday they captured Uskub itself. On the
same day the Montenegrins invested Scutari. On
Sunday, Oct. 27, the Bulgarians captured Baba-Eski,
southeast of Adrianople. This was the beginning of a
four-days’ battle that culminated on Thursday in the
complete defeat of the Turks, which, according to
military authorities, is believed to end the war. No
definite word has yet been received that the Turjkish
Cabinet has decided to actively seek peace by interven
tion of the Powers. On the other hand, it is reported
to be the intention of the Bulgarian commander to
rush to Constantinople before intervention can take
place. On Friday, before the full measure of the Turk
ish defeat became known, Nouragundhian Effendi, the
Turkish Minister of Foreign Affairs, is quoted by press
dispatches from Constantinople as having replied to
a joint note from the Ambassadors as to whether inter
vention by the Powers would be acceptable to him.
The reply was that Turkey was willing to accept the
good offices of the Powers immediately if offered unani
mously on the basis of giving adequate guaranties
for reforms, but that the integrity of the Turkish Em
pire must be respected. Otherwise the Minister de
clared, Turkey would fight to a finish. Dispatches
from Sofia, describing the results of the four-days bat
tle, declare that the Turks, with 150,000 men stretched
out in a line a little more than 30 miles long, in defence
of the approaches to Constantinople, were driven from
their fortified positions by a considerably smaller force
of Bulgarians, and are retreating in panic southward.
The Bulgarians are in pursuit and the lines which they
are drawing about Constantinople are being brought
nearer the capital with only a disorganized and fearstricken army intervening. Foreigners in Constanti
nople are fearful for the safety of the European popu
lation of the Turkish towns, and the European Powers
have taken steps already, by the dispatch of warships
to Salonica, Constantinople and other Turkish ports,
for protective measures. The main body of the
Greek army is now reported to be marching to attack
Salonica. The Greek fleet in the Aegean Sea has oc
cupied Thasos and Imbros, Turkish islands in that
sea.
In the House of Commons on Thursday night Sir
Edward Grey, Secretary for Foreign Affairs, made the
statement that before the war in the Balkans began
the Powers had agreed to maintain the status quo.
This action had been communicated to the Balkan
States at the time. The Powers, Sir Edward added,
will continue to consult each other with the object of
promoting a general agreement. There was nothing
in the international situation, the Secretary declared,
which would be likely to check the prospects of peace
when the military position makes that possible. A
Paris dispatch announces that Bulgaria has given no




1157

tice that it will not tolerate outside intervention in
the Balkan struggle. King Ferdinand, it is stated,
in the dispatch, insists on advancing against Constan
tinople, saying he will discuss peace terms only with
the Sultan. It is also reported that the diplomats of
Western Europe have virtually agreed on a program
of intervention. Servia, Montenegro and Greece are
willing to accept this action, but Bulgaria objects.
The League of the Balkan States is based upon a formal
written alliance, according to a dispatch from Vienna.
When this is made public it will, it is stated, reveal
the territorial aims of the Balkan nations. The secret
treaty is said to define the zones of influence of the
respective countries in Albania and Macedonia and
provides for a common tariff and postal union among
the Balkan nations.
Mr. Thomas R. Ellison’s annual review of the cotton
trade for the season of 1911-12 was issued in Liverpool
early in the week, and the results as received by us
by cable appear on a subsequent page. As regards the
status of affairs in Europe during the twleve months
lately closed, Mr. Ellison’s investigations have not
impelled him to make any revision in the estimated
weekly rate of consumption for either Great Britain
or the Continent, which has been reported at 80,000
bales and 110,000 bales of 500 lbs. net weight eacli
from month to month. To meet this- consumption,
which for Great Britain is greater than ever before,
and for the Continent equal to the mark-set in 1907-08
and 1908-09, takings of cotton have been much heavier
than in any earlier year, leaving the stocks of raw ma
terial held by spinners on Sept. 30 of record aggre
gate— in fact, according to Mr. Ellison, in excess of the
former high total of 1906-07 by fully 750,000 bales
of 500 lbs. each and nearly 800,000 bales greater than
at the close of 1910-11.
Further comment on the past season’s results are
not called for, especially as the complete statistics
are presented in this issue, and, moreover, merely con
firm earlier indications. On the other hand, however,
particular interest attaches to Mr. Ellison’s estimate
of requirements of cotton for the current season (1912
13, Oct. 1 to Sept. 30), since it is relied upon as fur
nishing a quasi expert opinion on the subject. The
estimate, it seems, provides for a further increase in
consumption in Europe and the United States (in
cluding amounts shipped hence to Japan, Canada,
Mexico, &c.) of 379,000 bales of 500 lbs. net weight
each, this following a gain of 1,806,000 bales in 1911-12,
the prospective requirements for 1912-13 being stated
at 16,597,000 bales of ordinary weight, equaling 16.
200,000 bales of 500 lbs. net each. Of American cot
ton, 14,397,000 bales are called for, or 14,000 bales
less than was consumed in 1911-12; but from India,
Egypt and miscellaneous sources greater contribu
tions are looked for.
It is, of course, understood, that the estimate covers
the amount of cotton that, in the opinion or belief of
Mr. Ellison, will be needed to supply consumptive
demands without drawing upon the reserve stocks at
mills, which, as intimated, are heavier than ever be
fore at the close of a season; and, unless actual consump
tion should very largely outstrip this estimate, there
is no reason to anticipate any depletion. On the con
trary, with larger yields expected in India and Egypt
this year than last, and an American crop second only
to, if not as great as, that of 1911-12, a further addi
tion to surplus stocks is probable. Each day that
general killing frost is delayed increases the prospects

1158

THE CHRONICLE

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

of yield here. Already there has been ginned of the
present crop a total much greater than to the same
time in any earlier year ecxept 1911, and this not
withstanding the known lateness of the plant in ma
turing over almost the whole area except Texas.
That lateness is best seen when we state that ginning
in Georgia up to Oct. 18 this year was but little over
half what it was to the corresponding date in 1911.

England at the Mint price. Our special correspondent
furnishes the following details of the movement of
gold into and out of the Bank for the Bank week:
Imports, £636,000 (of which £20,000 from Ecuador
and £616,000 bought in the open market); exports,
£690,000 (of which £200,000 to Egypt, £300,000 to
Brazil and £190,000 to Continent), and shipments of
£195,000 net to the interior of Great Britain.

The Bank of France on Thursday advanced its offi
cial discount rate for the second time during the strain
that has resulted from the Balkan War. The rate is
now 4% and compares with 3>£% established on
Oct. 17 and 3% on March 15. The Imperial German
Bank is expected to promptly add another % % to its
minimum figure, which will make it 5 j^ % . The
London market, in turn, is fearing an advance by the
Bank of England to 6% , as the outside market has
already virtually refused to buy bills at the official
figure, which necessarily throws an increased number
to the Bank. It is quite evident that foreign finan
cial interests are recognizing that the monetary situa
tion is one that requires caution and skill for safe
guarding. In Lombard Street, while 5% remains the
official rate of the Bank, sixty-day bills, spot, are
quoted at 5 and long bills at 4 15-16@5%. For bills
to arrive, short and long, 5% is the quotation by cable.
Yesterday, All Saints Day, was a holiday in London so
far as the Stock Exchange was concerned, but the banks
were open, except that the transfer books of the Bank of
England were closed. The day was also observed as a
general holiday on the Continental bourses except
Berlin. A week ago the open market rate for sixtyday bills in London was 4 ^ @ 4 % % and for ninetyday bills 4J^@4 15-10%, while bills to arrive were
5@ 5>g% for sixty days and 4 15-16% for ninety days.
In Paris the open market rate as reported by cable
yesterday was 3 % % for commercial bills and 4% for
finance bills, comparing with 3 9-16% for both classes a
week ago. Berlin closed yesterday at 4 ^ % for spot
bills and anywhere from 4 % @ 5 ^ % for bills to arrive.
Amsterdam remains at 3% % and Brussels at 4Y%%.
At Vienna the market rate is 5 % % , comparing with
5% a week ago. The official bank rates at the leading
foreign centres are: London, 5% ; Paris, 4% ; Berlin,
5% ; Vienna, 5)^% ; Brussels, 5% ; Amsterdam, 4% ,
and Bombay 4% .
The Bank of England in its weekly return on Thurs
day reported a decrease of £249,418 in its gold coin
and bullion holdings and a reduction of £303,000 in
the total reserve. The proportion of reserve to lia
bilities was thus reduced to 47.72%, comparing with
49.53% last week and 51.69% a year ago. The fea
ture of the report, however, was an increase in loans
of £1,807,000, as indicated by the item “ other securi
ties.” This suggests how freely the market has been
going to the bank for accommodation. Ordinary de
posits increased £1,116,000 and public deposits ex
panded £389,000, while note circulation showed a gain
of £54,000. The bullion holdings of the Bank amount
to £37,336,954, comparing with £36,418,414 in 1911
and £32,255,460 in 1910. The reserve is now £27,
197,000. It was £25,743,014 one year ago and £22,
098,310 two years ago. The loan item, however,
exceeds last year’s figures by about £7,000,000, the
total being £34,532,000, comparing with £27,618,116
in 1911 and £26,272,120 in 1910. Of the £1,000,000
in gold bars that was offered at Monday’s auction of
South African gold, £200,000 was secured for shipment
to India, the remainder being taken by the Bank of

The Bank of France also reported a decrease of
5.814.000 francs in its gold holdings. Its gold supply
now totals 3,226,235,000 francs, which compares with
3.144.150.000 francs a year ago and 3,320,525,000
francs in 1910. The silver item experienced a reduc
tion of 5,709,000 francs for the week, bringing the
stock down to 744,467,000 francs, which compares
with 789,750,000 francs in 1911 and 835,9.5,000 francs
in 1910. The incentive for the sudden increase in the
Bank rate was undoubtedly the increase in the Bank’s
discounts this week of 349,525,000 francs, bringing
the total up to 1,943,297,000 francs, which compares
with 1,724,389,062 francs in 1911 and 1,352,885,488
francs in 1910. Treasury deposits showed a contrac
tion for the week of 8,000,000 francs and advances a
reduction of 1,400 000 francs.




The local money situation has about fulfilled ex
pectations in its reflection of the current strain. Call
rates gradually advanced during the week, and on
Thursday took a sudden bound to 8% , which was fol
lowed yesterday by a further rise to 9% . As was an
ticipated, the interior demand for New York funds con
tinued active, and the banks for the week ending yes
terday lost $5,600,000 through the Sub-Treasury,
which, however, was largely offset by a net gain in the
direct interior movement. There has been a severe
calling of loans to comlpcte preparations for the
November disbursements of dividends and cou
pons. If the deposits by to-day’s bank state
ment conform to the reduction in loans, there will be
a corresponding curtailment of reserve requirements,
which may prevent a deficit resulting from the loss of
cash. On Saturday last the Clearing House statement
showed a decrease in cash of $8,959,000, which
would virtually have wiped out the entire surplus
reserve had there not been a reduction in deposits
which cut down the reserve requirements $3,574,050,
leaving a cash surplus of $4,024,000 as the total
margin above reserve requirements held by the banks
and trust companies in the Clearing House. A year
ago the corresponding surplus was $19,653,900 and
two years ago the surplus held by the banks alone
(the trust companies at that time not being members
of the Clearing House) was £10,570,800. The opinion
prevails in usually conservative banking circles that
the high rates for demand accommodation that have
accompanied the November payments will mark the
most acute stage of the immediate money situation.
In a short time these disbursements will gradually
return to circulation and automatically afford relief.
There has, fortunately for the banking situation, been
some relaxation in the mercantile and industrial
demand for banking accommodations during the last
week or fortnight, and this, it is expected, will con
tinue until opportunity has been afforded to gauge
the general interpretation that will be given the
results of the election that is now so closely at hand.
Should business show a disposition to resume recent
activity, or should the stock market speculation de
velop a material expansion, there would be slight

Nov. 2 1912.]

THE CHRONICLE

encouragement to look for any relaxation from cur
rent money rental rates.
An additional cautionary signal was contained in
inquiries on Paris account that were in this market
for considerable amounts of gold for shipment to
South America. The inducements were not sufficient,
however, and the shipment was finally made from
London to Brazil and comprised £400,000. New
York bankers are evincing no disposition whatever
to grant facilities for taking gold from New York at
the present time, as all available cash is needed for
bank reserves. As to the prospects, no one seriously
expects that the New York money market is going
on an easy basis in the immediate future. There
seems no question but that our exports of farm
products and manufactures will proceed on an un
exampled scale and will create for us a balance on
international trade account. But with the active
strain that is in sight for a protracted period at all the
European money centres, there will naturally be a
disposition to resist shipments of the precious metal
to this side.
Referring to call money rates in detail, the range
on Monday was 4 % @ 6 % , with 5 % % the renewal
basis; on Tuesday 5% was the highest, 4% the
lowest and 5 % % the ruling rate; Wednesday’s ex
tremes were 5% and 6% , with 5% for renewals; on
Thursday, the last day of the month, 8% was reached,
and 5 % % was the lowest and also the ruling rate; on
Friday the range was 5 % @ 9 % , with renewals at 8% ,
except in the instances of one or two banks and
trust compamies which consistently refuse to loan
above the legal rate of 6% . The demand for time
money was not particularly active, but quotations
are a shade firmer for the week. Final rates were
6% for sixty and ninety days, 5 % @ 6 % for four
months and 5 ]^ @ 6 % for five and six months. Mer
cantile paper is on a 6% basis for choice six-months’
names and also for sixty and ninety days’ endorsed
bills receivable. Only in exceptional cases can this
rate be shaded to 5 % % . Names not classed as choice
still remain at 6 % % .

1159

incident that threatened to involve France and Ger
many and later Britain and possibly Spain. Prices
gave way in a spectacular manner, and it was by the
sales of American securities that the first relief from
the tension was secured. This has now been repeated,
the main difference in the two periods being that in
1911 New York not only took without hesitation the
foreign offerings of our stocks and bonds, but the
money situation at that time was so easy that it was
also able to make exceptionally large loans to Germany
to replace the French funds that were being so sum
marily withdrawn. This year our own markets have
required the full measure of our banking reserves,
and it has not been possible to respond to European
demands for loans, or, for that matter, for gold. A
month or so ago New York bankers were bidding a
premium for gold at the London auction. The tables
were suddenly turned on them, and they were forced
to finance sales of securities estimated at a minimum
of $40,000,000. This week there have been inquiries
in the local market on Paris account for gold for South
America, but the inducements were not sufficient to
successfully complete the negotiations. Checks on
Berlin yesterday quoted in New York at 94 9-16c.
This is the lowest figure quoted in several years. A
week ago the rate was 94%c. It suggests heavy im
ports of American goods into Germany. Berlin cable
dispatches state that the Imperial Bank, in an effort
to forestall gold exports, has been selling London de
mand bills very freely.
The check rate in Paris yesterday closed at 25.22%j
francs, which represents a net reduction of 1 centime
for the week. Demand sterling in Berlin closed at
20.53 marks, which compares with 20.52 marks a
week ago. The closing Berlin check rate in Paris was
122.80, which compares with 122.95 francs a week ago.
Compared with Friday of last week, sterling ex
change on Saturday was unchanged for demand and
cable transfers, which were still quoted at 4 8575 @
4 8585 and 4 8045 @ 4 8055, respectively; 00 days
declined to 4 8130@ 4 8140. On Monday the market
opened firm and advanced to 4 8595 for demand and
4 8005 for cable transfers on the higher discounts
abroad; later, however, there was a reaction, and the
close was unchanged at 4 8575@4 8585 for demand,
4 8045 @ 4 8055 for cable transfers and 4 8130@4 8140
for 00 days. Sterling ruled firm on Tuesday; demand
moved up to 4 8580 @ 4 8590 and cable transfers to
4 8055 @ 4 8005, although 00 days was easier at
4 8125@4 8135. After early firmness the market
eased off on Wednesday on improvement in the foreign
situation and buying of stocks by London; demand
declined to 4 8575 @ 4 8585 and cable transfers to
4 8G50@4 8000; 00-day bills advanced to 4 8130@
4 8140. On Thursday there was a break of about 20
points, due in part to selling by bankers and the rise
in local call money rates; the close was at 4 8555@
4 8505 for demand, 4 8630@4 8640 for cable transfers
and 4 8110@4 8120 for 00 days. On Friday the mar
ket ruled nervous and was still weaker as a result of
the money flurry at this centre. Final quotations
were 4 81 @ 4 8110 for 00 days, 4 8545@4 8555 for de
mand bills and 4 8615@ 4 8625 for cable transfers.
Commercial on banks closed at 4 78% @ 4 81 and
documents for payment 4 80% @ 4 81 % . Cotton for
payment ranged from 4 8 0 % @ 4 81, grain for pay
ment from 4 81% to 4 81%.

The market for sterling exchange has been subjected
toa pressureof finance,grainand cotton bills,andin fact
all classes of merchandise bills, and has shown an easier
trend. The higher money rates at New York have also
exerted an influence in this direction. Several of the
large banks at New York at the close of the month sold
finance bills quite freely, in order to use the proceeds
to relieve the tension in local money circles, and proba
bly to enable them to make a satisfactory showing in
to-day’s Clearing-House statement. Europe has, if
anything, been a re-purchaser of American securi
ties this week. At any rate there has been no addi
tional net liquidation of moment and influential
London journals have been frankly describing the in
vestment opportunities that are presented by the re
cent decline in American bonds. The fact that it
was possible to sell such a large block of American
securities back to New York without substantial re
duction of price has been freely commented on abroad,
and has suggested the thought of how much greater
might have been the European demoralization if
there had not been, fortunately, a strong upward move
ment underway in New York ar the time. For two
years in succession our market has come to the relief
The New York Clearing-House banks, in their
of Europe. In the summer of 1911 the European
bourses were suddenly demoralized by the Moroccan operations with interior banking institutions, have




1160

THE CHRONICLE

gained $3,998,000 net in cash as a result of the currency
movements for the week ending Nov. 1. Their re
ceipts from the interior have aggregated $12,392,000,
while the shipments have reached $8,391,000. Adding
the Sub-Treasury operations, which occasioned a
loss of $5,600,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a loss of $1,602,000,
as follows:
Week ending Nov. 1 1912

Out of
Banks.

Into
Banks.

Net Change in
Bank Holdings.

$12,392,000
22,300,000

$8,394,000 Gain $3,998,000
27,900,000 Loss 5,600,000

$34,692,000

$36,294,000 Loss $1,602,000

The following table indicates the amount of bill ion
in the principal European banks.
October 31 1912.
Banks of

November 2 1911.

Oolil.

Silver.

Total.

Gold.

Silver.

£

£

£

£

£

37,336,954 36,418,414
England-. 37,336,954
France__ 129,0-19.200 30,050,560 159,099,760 125,766,440
Germany.. 44.328.4501 15.600.000 59,928,450 38,534,450
Russia a . 155,943,000 6.758.000 162,701,000 142,972,000
Aus.-IIunb 51.899.000 11.106.000 63.005.000 54.179.000
Spain___ 17.280.000 29,643,000] 46.923.000 16.677.000
Italy d_._ 42.491.000 3.500.000 45.991.000 40.720.000
566,600 13,779,600 11.768.000
Nethcrlds 13.213.000
Nat.Belg.d 7,565,333 3,782,667 11.348.000 6.674.000
____ 5.413.000 4.733.000
5.413.000
Sweden
__ _ 6.987.000 6.434.000
Switzerl'd. 6.987.000
2.142.000 2.220.000
Norway . . 2.142.000 _______

Total.
£

36,418,414
31,588,960 157,355,400
13,733,300 52,267,750
6.044.000 149,010,000
11.697.000 65.870.000
30.429.000 47.106.000
3.734.000 44.454.000
1,125,700 12,893,700
3.337.000 10.011.000
4.733.000
6.434.000
2.220.000

Total week 513,647,937 101,006,827 614,654.764 187,096,304 101,088,960 588,785,264
Prev. week 514,157,582 101,223,550 615,381,132 190,058,330 102,205,653 592,263,983
a The total of gold In the Bank of Russia includes ttie balance held abroad—■
that is, the amount held for Russian account In other Continental banks. The
proportion so held, and consenuently duplicated in the above statement, is about
one-seventh of the total in each year.
y Tlie Austro-Hungarian Bank statement is now issued In Kronen and Heller
Instead of Gulden and Kreutzen. The reduction of the former currency to sterling
Bounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In
T.or.don. In order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 Instead of 20.
d The division between gold and silver given In our table of coin and bullion In
the Banks of Italy anil Belgium is made from the best estimates we are able fo
obtain; it Is not claimed to be accurate, as the banks make no distinction In tlnlr
weekly returns, merely reporting the total gold and silver, but wo believe the
division we make is a close approximation.

THE PRESIDENTIAL CAMPAIGN OF 1912.
With the election and the end of the Presidential
campaign only three days off, a somewhat unusual
situation is presented. It is not, to be sure, by any
means unprecedented to find the rival parties each
making claims of sweeping success in the coming
vote. But aside from the exceptional fact that three
strong parties are this year in the field, every one of
which is professing absolute confidence, the basis on
which these claims are built up indicates an interesting
situation. The Democratic leaders, in their estimates,
claim not only the solid South, but virtually all the
doubtful States and some which have hitherto been
regarded as surely Republican. The Third Party
leaders, with equal insistence, claim for themselves
all of the usually doubtful States. The claims put
out by the regular Republican leaders are more indefi
nite in character, but they insist that the Taft ticket
will hold all the Republican States of 1908.
From this conflict of official prediction a few more
or less significant facts stand out rather plainly. The
Democratic Party seems, so far as regards its normal
party strength, to be holding its own. The Third
Party is certainly less strong than was generally
imagined at the outset of the campaign, and is prob
ably weaker than it was a month or two ago. This
second inference, if correct, would be ascribed to the
unpopularity of some of the party’s platform issues in
certain portions of the country, and to the generally
unfavorable effect exerted on a campaign of agitation
by a revival in national prosperity. The Republican
Party’s campaign, on the other hand, has unquestion
ably been helped by this return of better times— an
incident which always inures to the advantage of
the party in power.




[VOL.

LXXXXY.

The campaign has been carried on with this presump
tion as a basis during the past month, the result ap
parently being a drift to Mr. Taft, in the East, of
Republican voters who had previously decided to
support Wilson, and a drift in the West from Roose
velt to Taft on the issue of preserving the status quo
in business. Exactly how these various shifting ten
dencies will affect the general result is an interesting
problem. The one indisputable fact in the situation
is that the Republican Party is split in two. If.
therefore, the Democratic Party were to poll its
normal vote next Tuesday, and each Republican fac
tion were to retain a substantial part of the normal
Republican vote, then what may be called the “ arith
metical advantage” would obviously favor Governor
Wilson.
We set forth those considerations for what they are
worth, and make no prediction of our own regarding
the result. There are, however, some points suggested
by the past Presidential campaign which deserve to
be called to mind as its end approaches. In many
respects is has been a peculiar Presidential campaign.
That it has not disturbed business at any time is
probably due to the great fundamental strength of
the season’s agricultural and industrial situation— a
strength so great that even political uncertainty or
apprehension could hardly shake it. But aside from
this, a kind of political apathy has been evident
during the whole of the campaign. Despite many
enthusiastic meetings held to greet the various candi
dates— meetings whose size may largely have been de
termined by popular curiosity— there has all alongbeen in evidence little general excitement, and nothing
of the strenuous activity among individual voters
which decidedly characterized such campaigns as
those of 1884, 1892 and 1896.
The explanation for this comparative apathy is not
difficult. It is not, as is the case in some Presiden
tial contests, that no great political issues were at
stake. We ascribe it wholly to the primary cam
paigns with which the country had its first real ex
perience this year. The American electorate has now
had virtually seven consecutive months of perpetual
political agitation. In one State after another the
primary contests of the spring were held; that pre
liminary struggle itself lasted nearly as long as an ordi
nary Presidential campaign. It was followed by the
Convention struggle, and then by the real national
canvass. No ono has any reason for surprise that the
public mind, under such circumstances, should have
become jaded and wearied with politics. Never be
fore have such demands been made on its capacity
for political excitement. Except for the spectacular
character of certain aspects peculiar to this campaign,
we believe that the contest would have been openly
denounced as an annoyance and a nuisance to the gen
eral public, long before its end. At all events, we areconvinced that every sane person will be relieved when
it is over.
These facts, which we think will hardly be disputed,
leave the further question open, what we are to do
about this portentous innovation, the new-fangled
primary campaign. Very many people are giving
serious thought to-day to the problem whether we
shall have, in the longer future, to endure this burden
of two consecutive elections in every Presidential
year. It is beyond the electorate’s capacity, and un
less the whole scheme is reconstructed, we imagine
that the end of it will bo such indifference to the
primary contests as will throw the conducting of that

N o v . 2 1 9 1 2 .]

THE CHRONICLE

preliminary campaign much more completely into
the hands of political bosses than it ever was lodged
with them through the old-fashioned nominating
machinery.
The second consideration which occurs to mind, in
reviewing the past campaign, has to do with the per
sonal stumping of the country by the candidates—in
the primary as well as in the Presidential campaign.
Considering the extent to which this practice has pre
vailed in the present year, one might suppose that the
merits of the practice would have been squarely tested.
It needed some sort of convincing test, for, barring the
course of Horace Greeley in 1872 (for which he was se
verely criticised at the time), the practice is new.
At any rate, personal stumping of this sort was not
indulged in at all by Presidential candidates before
189b and never practiced by more than one candi
date until 1908. Our opinion, based on recent elec
toral campaigns, has been, as our readers know, that
most of this personal rushing about the country by
the candidates was wasted energy; in other words,
that what they had accomplished by such exhausting
labor might, in all probability, have been equally well
achieved through a few dignified speeches to large audi
ences, or by such occasional personal appeals to visiting
delegations as Mr. McKinley made familiar in 1896.
What light, then, does the experience of the present
campaign throw on this aspect of the matter? It
is hard to say. In part it confirms the judgment
we have just set forth. It is certainly true that
the action of President Taft, in personally entering
the arena of the primary campaigns and thereby
exposing himself and his office to the rough abuse
of his opponent, had unpleasant influence, both on
the character of the campaign and on the feeling
of the people. Mr. Taft can hardly have gained
anything by that policy and he may have lost by it.
It is also doubtful whether Mr. Roosevelt has been
helped by his speeches throughout the country,
during the regular Presidential campaign. The notable
demonstration when he spoke last Wednesday evening
at the Madison Square Garden was clearly explainable
by the peculiar circumstances of the occasion and
by the public's intense curiosity to be present to
hear a candidate who had been nearly murdered,
yet had insisted on taking the stump again before
his physicians had released him. Even as it was,
the demonstration was not very different, in the
matter of numbers and enthusiasm, from the meetings,
in the same hall and in the public square outside of it,
which were addressed by Mr. Bryan in the week
before his overwhelming defeats of 1990 and 1908.
As to Mr. Roosevelt’s two or three Western cam
paigning tours, it is a somewhat wide impression that
they hurt his canvass rather than helped it— perhaps
because his personality was too familiar in that
section to excite great curiosity and because his
presentation of his party’s new policies was maladroit.
On the other hand, it may be that Governor Wilson
has been helped by his personal speeches in the can
vass. If so, it must be ascribed to the circumstance that
the candidate’s personality was virtually unknown in
the greater part of the United States, prior to his
nomination. That fact, combined with Mr. Wilson’s
unquestioned oratorical grace and skill, made his
personal appeals a matter of more importance to his
political fortunes than could have been the case with
any other candidate. It is also worth observing how
.distinctly Governor Wilson gained in the public
estimation though the courtesy to the opposing




1161

candidates which marked his speeches, and through
his consistent exclusion of bitter personalities. Yet
this, on reflection, will be seen to have impressed the
public mind chiefly because of its contrast to the
conduct of Mr. Roosevelt. Even in the excited
campaign of 1896, when both rival candidates were
speaking constantly, neither indulged at any time in
the kind of abuse of one another which became so
lamentably familiar to the country during certain
stages of the campaign this year.
One further consideration to which attention may
be called has to do with campaign expenditures.
The present contest, in our judgment, has shown the
altogether wholesome effect of the law and practice
whereby the long familiar deliberate assessment on
corporations, to provide for campaign expenditures,
has been stopped. Notwithstanding the rather fre
quent intimations from the various campaign head
quarters that funds were running low, we fail to see
that there has not been more than enough in the
hands of all three parties, this year, to insure the
conducting of a proper and vigorous campaign.
Indeed, it is possible to raise the question whether
even to-day, too much money is not raised and spent
for this purpose. The figures this week published
by the various cainpain managements indicate that
up to the time of their report the Republican National
Committee had spent 8744,688 in its Presidential
canvass; the Democratic Committee 8815,052, and
the Third Party’s Committee 8398,090.
These totals may seem relatively economical when
compared with the two and a half million or there
abouts spent in Mr. Roosevelt’s campaign of 1904,
or the similar sum laid out in the costly Republican
campaign of education during 1896. But here,
again, the question of the primary contests intrudes,
and one must in fairness add to the above large sums
the total of nearly 8900,000 spent by the half dozen
candidates for the primary nominations of both
parties. We are strongly inclined to the opinion
that, as time goes on and Presidential campaigns
adjust themselves to the new conditions, it will be
found possible to revert to the practices in this regard
which prevailed before the days of lavish expenditures
began some twenty or twenty-five years ago, and
when small subscriptions, in all parts of the country
and by thousands of individual citizens, served per
fectly well to finance the national campaign.
The final consideration which the campaign of 1912
suggests is the fact that parties which have shared
alternately in the past government of this country
do not die. We said in November, 1900, after the
Democratic Party had gone down to its second
crushing defeat with Bryan, and when the country’s
repudiation of it was leading to predictions that the
Party’s usefulness was at an end, that nothing of the
sort could happen in American politics, and that
the lesson of the election of 1900 was that there was
now “ a prospect, not only of a strong and sound
majority party, but of a conservative and healthy
opposition— the only situation in which the political
future of the State can be looked forward to without
misgiving.” The part played by the Democratic
Party in the campaign of 1912 shows how correct
that prediction was. There is also a lesson, in this
sequel to the collapse of that party’s political prestige
a dozen years ago, for those cock-sure prophets,
especially in the Third Party ranks of this year, who
already have the old Republican Party dead and
buried.

1163

THE CHRONICLE

t h e c a p it a l a b s o r p t io n s

o f p u b l ic

UTILITY ENTERPRISES.
One of the developments of recent times which
has not attracted as much attention as it deserves
is the large amount of new capital going into what
are known as public utility undertakings, particularly
those in which electricity is employed, such as electric
light and power enterprises and electric railways.
There is a law of compensation in the economic and
financial world, just as there is in the physical world,
and as the steam railroads of the country, owing to
Government regulation and oppression, have been
under a cloud for several years, it was natural that
capital should turn for employment to other forms
of investment. Despite all the drawbacks and hin
drances imposed upon the country’s activities through
the machinations of politicians, we are steadily
accumulating wealth in this country, and if the vast
yearly savings of the people cannot be turned to re
productive uses in one channel they are certain to find
employment in another.
Of all forms of investment none have been so
inviting within recent times— none have worn so
attractive a look— as those where that subtle, that
potent, agency, electricity, is the foundation of the
endeavor. This has been truly termed the age of
electricity. Manifold and marvelous are the uses
to which electricity is being put. As it happens, too,
the country’s natural resources for producing electricity
are coterminous with its boundaries and practically
unlimited in extent. Some parts of the United States
are more favored than others in the possession of
immense water powers that need only to be harnessed
in order to reduce them to the service of man. The
feature to which we wish to direct attention to-day
is that capital in large amounts has been going into
enterprises whereby immense natural powers now
going to waste are made a means of producing and
generating electrical energy on a scale never pre
viously dreamed of.
The fact that important economies and savings are
possible through the establishment of electric power
and light plants has been a most potent influence in
stimulating investments in such enterprises. No one
who has kept in touch with new security issues can
have failed to notice the numerous mergers and con
solidations and the extensive re-capitalizations of
electric railway, light and power concerns that have
been going on in recent times. These mergers and
re-capitalizations are the outgrowth of a need which
has been fast developing on every side. Electricity
for the operation of city street car lines has replaced
all other forms of power, and electricity also has
given us a growing system of urban and interurban
electric railway lines. The effectiveness and service
ability of power plants for the running of these electric
lines is immensely increased when new avenues are
provided for the electrical energy produced— when,
for instance, part of the energy is employed in supply
ing lighting and power needs in the same locality.
The object always is cheapness and economy. It
hardly pays now-a-days to construct a big power
plant capable of furnishing electricity at a low cost
except by combining all the different forms and supply
ing energy simultaneously for light, for power and for
railway needs. The gigantic hydro-electric develop
ments which are a feature of the times have that
object in view.
The great electrical combinations have come in
response to the same requirements. They furnish the




[VOL. LXXXXV.

best means of serving the public and they ensure
a safer and better return on the capital invested.
Certainly these combinations, as announced from day
to day, are on an unexampled scale. Indeed, they are
getting so numerous that we find it exceedingly
difficult to refer to them all in our news columns from
week to week. Promoters will organize lighting and
power concerns in order to supply the needs of an
electric railway or the scheme may be reversed and
the power concern take over the railway so as to
provide an outlet for its surplus electrical energy.
So rapid is the process of merger and consolidation
that no sooner is one combination formed than still
another is devised to absorb the first and extend the
work over a yet larger field, greater economy of
production being always the moving consideration.
In carrying out these manifold and gigantic combina
tions the utility of the holding company is finding new
exemplification. There may be a parent holdingcompany and numerous subordinate holding com
panies and these in turn may harbor many other
holding companies of one form or another. In this
way the process of capitalization is often complicated
and intricate, and possibly affords a basis for inflated
security issues. The primary object, however, gener
ally is to bring about a union by which, through economy
of production, the unit of cost shall be brought to the
lowest basis and an ample margin of profit be afforded.
Cost, too, has been and is being so greatly reduced
through the process of unification that the opportunity
for profitable investment is unusually great. Some
mergers have, likewise, embraced gas and steam
heating plants. Particularly has this been so in the
case of local consolidations. It is not at all un
common to find a company owning all the electric
railway, light and gas properties in a given town or
city. An instance of this kind is furnished in the
case of the Public Service Corporation of New Jersey,
which controls practically the entire street-railway
business of. Northern New Jersey and the gas and
lighting interests of the greater part of New Jersey,
the several operations being carried on through three
distinct organizations, namely the Public Service
Electric Co., the Public Service Railway Co. and the
Public Service Gas Co. More generally, however,
and particularly in the sections of country where vast
undeveloped water powers are being utilized, the
combination is exclusively an electrical one, as applied
to railway, lighting and power purposes.
We have prepared some tabulations which we
give at the end of this article intended to indicate
the amount of capital that has gone into public
utility concerns of the kind outlined during the last
two and a half years. Absolutely exact computations
are obviously out of the question, since the field is so
very comprehensive and the most diligent search and
nvestigation would hardly suffice to reveal abso
lutely all the new issues. But as we cover the ground
very thoroughly from week to week in our “Investment
News” columns, our tabulations, based on the same,
should furnish a reasonably close approximation to
the actual results. The outcome of our labors is
comprised in two extended tables. The first of
these shows all new bond issues made since Jan. 1
1910 with the total amount authorized by the mort
gage and the amount at present outstanding under
such mortgage. We do not include, however, bond
issues made by companies that have been in financial
difficulties and have had to be reorganized. Two very
conspicuous instances of this kind are the new mort-

N o v . 2 1 9 1 2 .]

'

THE CHRONICLE

gages of the Third Ave. Ry. and those of the New
York Railways Co., which latter has taken over the
properties of the former Metropolitan Street Ry. sys
tem. We omit these because they represent chiefly
an exchange of securities and hence do not bear on
the object of our present inquiry, which is to indicate
the amount of new capital going into the public utility
field for the purpose of its development and extension.
In order that the table might not take up an undue
amount of space we have also omitted all very minor
new issues. Nevertheless, we find that there is now
outstanding under bond issues made during the last
two and three-quarters years a total of new bonds in the
aggregate amount of $565,115,800. In a number of
cases the new bonds have gone in part to refund exist
ing issues and in one or two instances they have been
issued entirely for that purpose. The exact amount
used to take up existing bonds has often been
difficult to determine.
We have, however, gone
carefully into this phase of the matter and our
analysis shows that out of the grand total of
$565,115,800, the sum of $76,000,000
went
apparently to retire old and earlier issues of
bonds.
Rut even with this eliminated, there still
remains $489,115,800 of light, power and electric
railway issues representing new investment. Some
$30,000,000 to $40,000,000 more might be deducted
to represent cases like the American Cities collateral
trust issue for $10,000,000 and the Chicago City &
Connecting Rys. collateral trust mortgage for $22,
000,000, where the bonds went to take up, not out
standing bond issues, but to purchase the stocks of
existing companies. We retain these, however, as
part of our total, since the change from a stock issue to
a bond issue means a change in the character of the in
vestment and the fact that this change has been found
feasible is itself the best evidence of the growth in
stability of the public utility field as an attraction for
investors. Moreover, the amount that might' be de
ducted in this way will hardly more than compensate
for the aggregate of the minor issues which we have
excluded and the issues that may have escaped our
observation.
Rut in addition to the bonds put out under mort
gages bearing date 1910, 1911 and 1912, considerable
amounts of new bonds have been issued under mort
gages of earlier date. These we have undertaken to
corral in our second table. This latter shows a grand
aggregate of $182,846,065 of bonds issued under
these earlier mortgages, of which $18,858,000 was used
for refunding, leaving $163,988,065 representing new
capital. If to this last we add the $489,115,800 of
bonds outstanding under the mortgages covered by
our first table, we get a total of $653,103,865 of new
capital that has gone into bonds of public utility con
cerns of one kind or another since the beginning of
1910. Rut even this docs not represent the entire new
capital investment in enterprises of that kind. Our in
quiry is confined entirely to bonds. In addition many
companies have been getting supplies of new capital
through the issue of preferred stock. A rough com
putation we have made shows that since Jan. 1 1910
about $99,300,000 of capital has been raised by light,
power and railway concerns in that way. Adding
this to the $653,103,865 representing the new bond
investments (less amounts used for refunding), the
grand total of new capital investment is brought up
to $752,403,865.
Rut the most impressive circumstance connected
with the public utility enterprises and particularly




1163

those representing electric concerns and hydro-electric
developments is the comprehensive way in which
they are planning for the future. Present investments
are only a beginning in contemplated investments
on a still larger scale if conditions shall remain pro
pitious. In our first table, which deals with the bond
issues created since Jan. 1 1910, we show not only
the amounts of bonds actually issued but also the
amounts authorized by the several mortgages. In
some cases there is no limit at. all to the possible
amount that may be issued under the mortgage, but
taking merely the issues where the authorized amount
is definitely fixed, we find that the different mort
gages combined provide for a total amount of bonds of
$1,819,778,000, of which only $565,115,800 have yet
been issued, leaving $1,254,000,000 still to be put out.
This last indicates plainly enough how public utility
undertakings have grown as a field for the investment
of capital. Whether the field will be utilized to its
fullest extent will depend upon the treatment accorded
to such concerns by our legislators and public authori
ties. It is quite possible that a repressive tendency
will come into play against these undertakings like
that which has been employed against the steam rail
roads. The Inter-State Commerce Commission is al
ready endowed with authority over the electric rail
ways where their operations extend beyond State
limits and in some cases has exercised this authority
the same as in the case of the steam roads. Rut on
account of their local character, hydro-electric concerns
and power and light undertakings generally have less
to fear from Federal regulation and interference than
from State regulation. In some of the States,
unfortunately, very drastic laws have recently been
put on the statute books for the purpose of regulating
public utility enterprises. It remains to be seen what
effect these will have and whether capital will con
tinue to flow, freely into the same if their profits are
to be restricted and their activities curtailed.
N E W M O RTG AG ES C R E A T E D SINCE JA N . I 1910.
A m oun t
Amount
Now Out
Authorized by
(1912).
Mortgage.
Name of Company and Mortgage—
Dale.
5.000. 000
Adirondack Elec Power Corp 1st........... 1912
$10,000,000
10,000,000
11,000,000
American Cities Co collateral t r u s t ____1911
2.077.000
American Power & Light Co notes_____ 1911
2,200,000
3.000.
000 2.500.000
American Railways Co col ateral trust - - 1911
1.500.000
Johnstown Passenger collateral trust. 1910
1.500.000
987,500
1.000. 000
Lynchburg A Roanoke collat t r u s t ..1910
2.000.
Ohio Valley Elec collateral trust......... 1911
5.450.000
25",bbbio6o
A ppalach'n Pow Co (R ichm ond,V a) 1st 1911
5.000.
000 1.100.000
Asheville Power A Light Co 1 s t .............. 1912
750.000
1.500.000
Atchison R y , Light & Power Co 1 st------1910
310.000
2.000.
000
Athens R y A Elec Co 1st & r e f............... 1910
2.588.000
7.500.000
Augusta-Alkcn R y A Elec Corp 1 st------1910
637.000
1.500.000
Austin Street R y 1st A ret........................ 1911
Bangor Railway A Electric Co—
1.060.000
2.500.000
Bangor Power Co 1 s t . . . . ___________ 1911
2,000,000
2,000,000
Bay State Street R y serial n otes............. 1912
3.000.
000
900.000
Beloit (Wls) W at, Gas & Elec Co 1 s t.. 1912
Bloom ington Decatur A Champaign R R —
15.000.
000 1.500.000
First and refu nding___________
1910
914.000
G en era l.....................
1910
783.000
s’.sbbibbo
B loom lngton A N orm alR yA L t lst& gen . 1911
5.000.
000 5.000.
Boston Elevated R y debentures...............1911
1.400.000
7.500.000
Burlington (Iowa) R y A Lt 1 st--------- ..1912
10.000.
000 5.600.000
Calltornla-Orcgon Power Co 1st A ref .1912
800.000
800,000
Carbondale Railway general.....................1910
0,000,000
4,369. 00
Central States Elec Corp n otes.................1912
500.000
500.000
Chester A Philadelphia R y 1 st.................1910
Unlimited
1.350.000
Chicago A Interurban R y 1st...................1912
22,000,000
22,000,000
Chicago City & Connecting R ys coll tr .1910
30.000.
000 30,000,000
Chicago Elevated R ys gold n otes............ 1911
1.250.000
768.000
Chicago Ottawa & Peoria R y g e n ---------- 1910
2.500.000
1.000.
Citizens’ Traction Co (Oil City, Pa) 1st. 1912
35.000.
000
5.000.
Cleveland Railway 1st................................1911
10.000.
000
786.000
Coast Valley Gas & Elec Co 1 st............... 1912
3.500.000
1.200.000
Colo Spgs Lt. l i t & Pow Co 1st & re f. ..19 1 0
7.500.000
2,454,000
Columbia R y, Gas A Elec Co 1st.............. 1911
1.009.000
Columbus Electric Co notes......... ............. 1911
1.000.
1.000. 000
Columbus Interurban Terminal 1 st------ 1910
433.000
1,000,000
Coumbus Railway A Light Co notes. ..1911
600.000
2,000,000
Commonw Pow, R y & Lt coll tr notes. 1912
2,000,000
500.000
Coney Island & Bklyn R R coll notes. ..1911
500,000
Consol Cities Lt, Pow A Trac 1st............ 1912
10,000,000
4.000.
Consol G, El Lt & Pow (Balt) n otes------1910
4,000,000
3.000.
Consol Power A Light Co (Deadwood,
5,000,000
1,523,000
S D) 1st co n so l.... ............................ . -.1910
Consumers’ Elec Lt A Power Co (T cw
2,500,000
1,481,000
Orleans) 1st....................- - - - ........... - ..1911
Consumers’ Power Co 1st A r e f......... .-.1 9 1 1
35,000,000
8.578.000
County Traction Co debentures-------- - ..1012
530,000
Cumberland Co Pow A Lt 1st A re f. --.1 9 1 2
10,000,000
1.700.000
...1 9 1 1
2,000,000
850,000
- ..19 1 0
1,000,000
603,000
--.1 9 1 1
2.500.000
. -.1910
1,500,000
1.315.000
. -.1910- 11 3,000,000
3,000,000
. ..19 1 0
2,500,000
557,000
. ..1912
1,200,000
990,000
Co
Empire Gas A
. ..1911
5,000,000
1,300,000

000

000

000
000

000

000
000

1164

THE CHRONICLE

[VO L. LXXXXV

Amount
Amount
BONDS ISSU ED U N D E R E A R L IE R M O RTG AG ES.
Authorised by
Now Out
Name of Company and Mortgage—
Date.
Mortgage.
•
.
i ncrease since
(1912).
Name
of
Company—
j an 1 1910
$500,000
Evansville Public Service Co 1st_________ 1910
$300,000
$977 006
Fairm ount Park Transport’n Co 1 st______1912
750,000
750.000 A tlantic City Electric Co. 1 s t _________________________ _______
Federal Light & Traction 1st lien ........... 1912
50,000,000
1 14o’ oOO
3.400.000 Aux-ora Elgin & Chicago R R . 1st and refunding . . .
Convertible debentures....... ....................1912
1,500,000
Birmingham
Railway,
Light
&
Power
refunding
and
extension
’ 500,’ 000
1.500.000
Boston & Northern Railway refunding_______________
3,475 000
Ft Smith Light & Traction 1st....... ........... 1911
0,000,000
2.700.000
”
*696 00o
F t W ayne & Northern Ind Trac lst& re f.lO l 1
15,000,000
1.092.000 Buffalo & Lake Eric 1st and refunding_________”
985 000
F t W ayne & Springfield R y 1 s t -................. 1910
1,000 000
209.000 Butte Electric & Power jo in t ________________I I I I I I I
7.373,*000
Ft W orth (Tex) Pow & Lt Co 1 st________ 1911 10,000 000
1.500.000 California Gas & Electric Corporation unifying and refunding!
594 000
Frederick R R 1st & r e f . ............................ 1910
1,500 000
190.000 Canton (Ohio) Electric Co 1 s t ....................
1 639 500
Freeport Hallway & Light m ortgage. .-1910
2,000^000
425.000 Capital Traction Co 1st_____________________ I
'570*500
General Gas & E lectric Co 1st lien......... 1912
20,000 000
1.300.000 Carolina Power & Light 1st___________________
Central
Maine
Power
Co
1st______
___________
1714*000
G alveston-Hous E lec Co con v notes___1911
2 000 000
600.000
2 ’700*000
l o ’ o o o ’ooo
Gary & Interurban R y 1st & r e f........... 1910
1,000,000 Chicago City Railway 1st____________________
20;955J)00
Georgia-Carolina Power Co 1 s t ............... 1912
5 o o o ’ ooo
2.500.000 Chicago Railways 1st------------------------------------------------I I I I Z : : !
Consolidated --------------------------------------------------------6 347,495
Georgia Light, Power & R ys 1st lien. ..1911
6*500*000
2.230.000
Georgia Railway & Power Co—
550 000
00 Chippewa Valley R y , Light & Power 1st__
1 s o o ’ooo
Blue R idge Electric Co 1 st........................1910
1,370,000
1.135.000 Citizens’ Light, Heat & Power (Johnstown, Pa) 1st
_ _
'
2 ’ o o o ’ noo
Georgia Power Co 1st ..................... ..1911
10,000,000 a bo u t 3,500,000 Cleveland Electric Illuminating 1st___________
12*750*000
Savannah River Power Co i s ; ................i o n
550 000
350.000 Commonwealth Edison Co 1st______________ _
Consolidated Gas, Electric Light & Power (Balthnore)’ general
*999*000
Great Falls Power Co 1st------------------------ t o i l
15,000!000
5.000.
000
2 303*000
Denver City Tram way 1st and refunding....... .............
Harrisburg (Pa) L t & Pow 1st & r e f_____1912
10,000 000
1.250.000
Detroit Edison 1st_____________________________________________
1*021*000
H arwood Electric Co 1st r e f.................... 1912
10 000 000
1.900.000
. . .
*753*000
H ouston (Tex) Lighting & Pow Co 1st. 1911
5 !ooo!ooo
1.300.000 Detroit United 1st and consolidated______
1 861*000
H ydraulic Power Co (Niagara Falls) —
00 Eastern Michigan Edison 1st____________________________ I ____
l!7 5 o !o o o
First and refu n d in g ....................... ........ 1910
3,500,000
2.430.000 Eastern Pennsylvania Power Co 1st and refunding___________
743,000
Convertible 2 d .................. ....................... 1910
2.500.000 Georgia Railway & Electric Co ref and Im provem ent_______
Great Northern Power Co (Duluth) 1st__________________ ____
1,000 000
Illinois Northern Utilities Co 1st & re f. 1912
1 .1
2.000.
000
5,194*000
Iow a R y & Light Co 1st & r e f................... 1912
10,000,000
1.687.000 Great Western Power Co 1st__________________________________
1,000 *000
Ironw ood & Bessemer R y & Lt 1st_____ 1911
2,500,000
ii 920,000 Kansas City Railway & Light 1st refunding____________ ______
N o te s ------------------------------------------------------------------------------------1 375* 000
.rackson Light & Traction 1st......... ......... 1912
2,500,000
T 700,000
_
1,*449 *000
Jacksonville Traction Co 1st co n so l____1911
5,000,000
Metropolitan Street Railway consolidated___________ .
750.000
Joplin & Pittsburgh R y 1st...............
1910
5,000,000
514,000
1.750.000 Mahoning & Shenango Railway & Light 1st con ref_________
, Debentures................................................. 1910
1,050,000
700,000
1.050.000 Memphis Street Railway consolidated________________________
Kansas Gas & E lectric Co 1st...................... 1910
6,000,000
1,000,000
2.824.000 Merchants’ Ifcat & Light Co 1st refunding___________________
K entucky Traction & Terminal lst& ref 1011
7,500,000
3,223,000
2.053.000 Michigan United Railways 1st and refunding_________________
Minneapolis General Electric 1st______________________________
2,205,000
Kings County Elec L t & Power dcbens.1910
5,000,000
4.000.
000
Knoxville R y & Light ref & e x t ________1911
10,000,000
1,068,000
950.000 Morris County Traction 1st___________________________________
K okom o Frankfort & W cstem Trac 1st. 1911
750,000
_
696,000
600.000 Muncle (Ohio) Electric Light Co 1st. . . . .
Lehigh Valley Transit Co ref & im p t. -.1910
15,000,000
Nashville
Railway
&
Light
Co
refunding
and
extension______
585,000
3.879.000
Lewiston Augusta & W aterv St RynoteslO 11
500,000
525,000
3 49,000 New Jersey & Pennsylvania Traction 1st______________________
Los Angeles Pacific Co 1st r e f__________ 1910
20,000,000
1,000,000
8.323.000 New Orleans Railway & Light Co refunding and general______
1,000,000
Los Angeles R y Corp 1st & r e f . .............. 1910
20,000,000
14.500.000 Niagara Lockport & Ontario Power 1st_____________________
C ity Railway o f Los Angeles 1st.............. 1911
5,000,000
Northern California Power Co consolidated ref and cons . .
_
1 *944,*000
3.613.000
Northern Electric Railway 1st and con sol_____________________
1,942,000
Louisville Railway general-------------------------1910 20,000,000
3.000.
000
1,750,000
Lynchburg T rac & Light Co co n so l______ 1911
1.750.000 Northern Ohio Traction & Light—
Canton-Akron Consolidated Railway con sol________________
916,000
.Marquette County Gas & Electric 1 st..19 1 0
1,000,000
315.000
624,000
Mason City & Clear Lake 1st r e f . _________1912 2,500,000
294.000 Oakland Traction Co general co n so l_________________________
1,055,000
Massachusetts Electric Cos n otes .............. 1910
5,000 000
3.700.000 Old Colony Street Railway refunding________________________
2,300,000
Meridian Light & R y, general.....................19 1 0
5.000,000
1.003.000 Ontario Power Co d e b e n tu re s ..______________________________
Philadelphia Rapid Transit collateral trust___________ . . .
600,000
Mcsaba R ailw ay 1st................................... 1912
2,500,000
1.000.
000
1,621,000
M iddlesex &. Boston St R y 1st ref________1912 5,000,000
1.200.000 Portland (Oregon) Railway 1st and refunding________________
P otom ac Electric & Power con sol________________________ _
1,050 000
Milwaukee Elec R y & Light gen & r e f . .1911
90,000,000
3.621.000
xVIUwaukec Northern R y 1st..........................1911
4,000 000
1.340.000 Public Service Corporation (Newark, N J) general_________ I . lo is o o io o o
Rochester Railway & Light Co con sol_______________________
1,244,000
Mississippi R iver Power Co 1 s t .. _____ 1911
25,000i000
15.000.
000
Mississippi Vail Gas & Elec Co coll tr__1912
10,000,000
672,000
R ockford Electric Co 1st and refunding_______________________
5.000.
000
Missouri R iv El & Pow Co bonds& notcsl912
17 500 000
550,000
7.500.000 R ock Island Southern R a ilw a y .______________________________
Monongahela Vail Trac Co 1st & r e f______ 1912 15,000 000
1,349,000
2.500.000 St Louis Springfield & Peoria R R . 1st and refunding_________
M ontgom ery Light & Trac Co no c s ______ 1912
050 000
General
---------------3,560,000
650.000
New England Power Co 1st......... ............ 1911
14,000 000
San Francisco Oakland & San Jose Consolidated R y gen co n s.
2,550,000
3.000.
000
1,253,000
N Y W estchester & Boston R y 1 st________1911 60,000*000
17.200.000 Scranton Electric Co 1st_______________________________________
N ortham ptom -Easton & Wash Trac 1st. 1910
5,000 000
2,265,000
550.000 Seattle Electric Co consolidated and refunding________________
Seattlc-Everett Traction m ortgage-------------1,500,000
2,000^000
Northern Electric R y n otes....................... 1011
296,500
2,240,000
Marysville & Colusa Branch 1st________ 1911 1,500,000
150.000 Southern California Edison Co general________________________
Southern
Wisconsin Power 1st-------------------------------------------------1,500,000
Northern States Power Co coll lien notes. 1912
5,000 000
5.000.
00
)
South Jersey Electric & Traction 1st_________________________
653,000
Northern Texas Elec Co collat truM .
..19 1 0 10,000,000
2.105.000
Union Electric Light & Power (St Louis) ref and ext ___
.
500,000
Ft W orth Southern Traction notes______ 1911 1,000,000
1.000.
000
840,000
Oakland Railways n otes............................. 1912
2 500 000
2.500.000 United Railways & Electric Co of Baltimore income funding. .
Virginia Railway & Power Co 1st and refunding_____________
3,461,000
Ohio Electric R y 1st and r e f......... ...1 9 1 0
15,000,000
4.200.000
__
11,250,000
Ohio Light & Power Co (Tiffin, O) 1st-.1911
1,500 000
500.000 Western Electric Co (New York and Chicago)
108 other com panies__________________________________________
20,537,600
Ohio Traction Co 1 s t ...........................
1911
2,500,’ 000
1.750.000
Oklahoma Railway 1st & r e f . ......... ......... 1911
12,000,000
2.630.000
Orange County Traction Is & r e f...............1910
750,000
Total Increase......................................................................................$182,846,065
233.000
Oro Electric Corporation 1 st..........................1911 10,000,000
3.500.000
Pacific Electric R y 1st ref. ................... .1011 100,000,000
20.839.000
Pacific Gas & Elec Co gen & r e f___________1911 150,000,000
25.000.
000
Pacific Light & Power Corp collat trust. 1910
3 000 000
2.388.000
First and refunding--------- ---------..19 1 1
35,000,000
10.645.000
Ontario & San A ntonio Hgts ItR . 1st. 1910
1,000 000
The annual report of the Chicago Rock Island &
300.000
P acific Power & Light Co 1st & r e f______ 1910 30 000 000
5.605.000
Penn Central Light & Pow Co 1st & ref 1910
4 ,o o o ’ooo
2.051.000 Pacific Ry. Co. possesses more than academic interest,
Philadelphia & Western R y 1st................ 1910
4 000 000
2,000,000
Philadelphia Company con v n otes______ 1911
1*400*0001.400.000 and the results are of importance outside the circle of
Convertibledeb3nturc3_________
1912
10ooo’ ooo
10.000.
000
Philadelphia Rapid Transit slnkingfund'1912
10*000*000
those having pecuniary investments in the property
4.000.
000
Phila Suburban Gas & Elec 1st & ref.
1910
10o o o ’ ooo2.373.000
Portland Eugene & Eastern R y . 1 s t .. .1911
lo|ooo’ooo
Like the reports
1.200.000 in the shape of stocks and bonds.
Portland (Me) ItR n o t e s ................... ........ 1911
600 000
450.000
Portland (Ore) R y, Lt & Pow 1st & ref. 1912
75,000,000
16,000,000 of other prominent Western railroad systems, and
5.000.
000
t> ,
-V ,------ %.....................- .......... 1012
5,000,000
Public Service Corp o f Nor 111 1st & ref. 1911
Unlimited
7.800.000 particularly the Chicago & North Western, which we
Public Utilities Co (E vansville,Ind) ref. 19 12
10,000 000
692.000
Puget Sound Trac, L & P mtge n otes. ..19 1 2
12,000’ 000
7.500.000 reviewed recently in these columns, the results are
Pacific Coast Power Co 1 st_____ _____ 1910
10,000 000
4.000.
000
Quincy R ailw ay m ortg a g e.. ........... ........ 1912
1,000^000
800.000 highly illuminating as indicating existing railroad
R epublic R y & Light Co notes
........... 1912
5.000 000
2.000.
000
R iverside Traction Co 1st.............................. 1910
1,500,000
868,000
Sacram cnto-W oodland 1 st........................1911
750.000 conditions— conditions under which the managements
5,000,666
Saginaw-Bay City R y 1st & r e f __________ 1910
1.150.000
San Fran Napa & Calistoga R y 1st______ 1911
1,000,000
600.000 of even the staunchest railroad properties find it ex
Debentures ................................... ......... 1911
610,000
610,000
The
San Joaquin Lt & P Corp 1st & r e f_______ 1910 25,000,000
3.331.000 ceedingly difficult to make both ends meet.
San Jose Railroads 1st.................. ............ 1910
1,500,000
716.000
Scranton R y general m ortga ge__________ 1910
1,000,000
1,000,000 employees of United States railroads are all the time
Sheboygan R y & El c ref * i m p t ............. 1910
600,000
523.000
Sioux City Service Co 1st & r e f . ..................1910
5,000,000
1.110.000 demanding— and receiving— better compensation; op
Southern California Edison Co d e b e n s..l9 1 1
1,000,000
1,000,000
Southern PowerCo (N or & Sou Car) 1st. 1910
10,000,000
erating cost is rising in other directions; State and
4.000.
000
Southern Sierras Power Co 1 st________ .1911
5,000,000
2.000.
000
Southern Trac Co (Dallas, Tex) 1 st............1912
7,500,000
5.000.
000
national regulating boards arc refusing permission to
Springfield (Mo) R y & Light Co 1st lien .1911
7,000,000
2.000. 000
Standard Gas & ElecCo con v sink fund .1911
30,000,000
10,300,000 raise the rates charged for the transportation services
Tennesseo Power Co 1 st............................... .1912 50,000,000
7.500.000
Terre Haute Iiul & East Trac 1st & ref. 1910
8,000 000
6.500.000 rendered; Government is taking an increasing amount
Texas Traction Co(Dallas) 2 d . . . . ___ 1911
500 000
400.0 00
500,000
Trenton Street R y general......... ..............1911
100.000 of earnings in the shape of taxes; and, finally, interest
Tri-Olty R y & Light Co 1st & ref ______ 1910
20,000,000
3.206.000
T ri-State R y & E lec Co 1st & c o l l ______ .1911
2,500,000
668.000 charges are running up because of the new obligations
United Gas & El C orp(Conn)conv notes. 1912
7,500,000
5.500.000
U nited L & P Co(OakIand,Cal) collnoteslO l 1
..
..
2.150.000
that the roads are obliged to incur in order to provide
United Light & Railways 1 st.................1912
...........
4.375.000
United R ys & El Co o f Balt con v & coll
n o t e s ................................................................ 1911 3,125,000
3.125.000 the means for additional facilities and to carry on
United R ys & Invest c o n v ............................. 1910 6,000,000
1.229.000
Vicksburg Light & Traction 1st.................. 1912
1,500,000
600,000 extension and improvement work.
Debentures ......................................
1912
400,000
200,000
As far as the Rock Island is concerned, trade and
W aco Street R y 1 st................................ ..19 1 1
500,000
500.000
W aterloo Cedar Falls & North R y 1st -.1910
6 000,000
1.980.000
W est End Street R y (Boston) mortgage 1910
...........
1.604.000 traffic conditions during the twelve months under re
W est Penn R ys collateral tru st___________ 1910 6,000,000
1.029.000
W est Penn Traction 1 st............................... .1910 25,000,000
3.520.000 view were, clearly, not favorable. Crops in the territory
W est Virginia Trac &Eiec Co con v notcslO 12
25,000,000
1.250.000
W heeling (W Va) Electric Co 1 st_________ 1911 12,000,000
877.000 traversed by the lines of the system were decidedly
W ilkes-Barre Co 1st & r e f . . _____________ 1910 7,500,000
1.537,30
W ilm ington & Chester T rac coll t r u s t ..1912
5,500,000
215.00
short in 1911, involving a diminution of the agricul
W ilm ington City Electric Co 1st. . . ............ 191 1 1,000,000
800.00
W ilm ington City R y 1 st.....................
1911
600,000
600,00
tural tonnage, while general trade still suffered a set
W isconsin Public Service Co 1st................... 1912 15,000,000
1.150.00
W orcester Consol St R y 1st & r e f_________ 1910 5,000,000
922.00
back
during the earlier part of the fiscal year, though
Yadkin River Power Co 1 s t .___________ 1911
15,000,000
3.500.00
York (Pa) R ys collat trust n otes................... 1911
700,000
537.00
towards the close there came marked revival in that

THE ROCK ISLAND REPORT.

Total issued............................................................................




$565,115,800

respect, and growing activity.

West of the Mississippi

N o v . 2 1 9 1 2 .]

THE CHRONICLE

1165

River, however, trade revival does not count for so zation, namely $10,421 per mile of stock and $34,903
much, since manufacturing plants are much less per mile of funded indebtedness, including equipment
numerous and also much less important. Then also trust notes. We think it can be affirmed that there
the purchasing power of the farmers was to an extent is no “water” in the capitalization of the Chicago
impaired by last year’s short crop yield.
Rock Island & Pacific Railway, which should not be
The presence of all these, influences is distinctly confused with the Chicago Rock Island & Pacific
reflected in the traffic statistics. Aggregate freight Railroad, or the Rock Island Company, which are
tonnage for 1911-12 was only 18,969,251 tons, against outside organizations.
19,118,358 tons for 1910-11, which on the whole shows
Could any better illustration be furnished of the
only a relatively small falling off; but the point of im trying conditions prevailing in the railway world than
portance is that the falling off was common to all the to find that a splendidly managed property like the
leading groups of traffic with one exception. For Chicago Rock Island & Pacific Ry., with a light capi
instance, the agricultural tonnage amounted to only talization and with operating efficiency of a high order,
4,829,433 tons, against 4,948,548 tons; the tonnage can show only 5% earned on its stock? The contrast in
in animals and animal products to 1,446,624 tons, this respect with the situation prevailing a decade ago
against 1,468,605 tons; the tonnage in lumber and is most striking. In 1903 the company operated a
other forest products to 1,979,460 tons, against trifle less than 7,000 miles of road and earned gross
2,214,965 tons; the tonnage in manufactures to $44,3/6,619. In 1912 8,035 miles were operated
3,400,803 tons, against 3,520,030 tons, and the ton and the gross earnings were $64,712,853. This, it will
nage in merchandise and miscellaneous articles to be seen, is an addition of over $20,000,000 in the nine
1,325,297 tons, against 1,334,493 tons. Mineral years, but in the same nine years the ratio of expenses
products alone show a gain at 5,987,634 tons, against to gross earnings rose from 63.23 to 72.26, and as a
5,631,717 tons. It is not surprising under these cir consequence the $20,000,000 additional gross pro
cumstances (and with a contemporaneous shrinkage duced only about 1 millions increase in net, the total
in the passenger traffic) to find a decrease in both of the net for 1912 being $17,953,359, as against $16,
gross and net earnings. In the gross the falling off is 317,455 for 1903.
$3,774,619, or 5% % , and in the net it is $1,478,430,
But in the same interval very large additions have
or 7.6%. There were, however, other unfavorable been made to debt in the process of the extension of
circumstances besides those already noted. The re the system and the acquisition of additional facilities.
port calls attention to the almost unparalleled weather Stated in brief, in these nine years interest charges
conditions during the winter of 1911-12 and the ex have risen from $6,056,186 to $10,492,134. The re
traordinary flood conditions in the spring of 1912, sult of all this is that, whereas in 1903 the surplus
during which latter period some forty miles of track available for dividends was no less than $9,572,911,
of the company were under water for a period of more or over 12% on the stock, for 1912 it is only $3,850,395,
than two weeks, and says all this made both for an or just a trifle over 5% on the stock. In 1903 6 ^ %
increase in expenses and a decrease in earnings. was paid on the stock, and a surplus remained of
It is, furthermore, pointed out that the expenses of $4,892,145. In 1912, with dividends of only 5% ,
the year carry a charge of $342,000 on account of in the surplus remaining is no more than $106,635. This
creased rates of pay in employees’ wages as compared is the showing, too, in face of a growing development
with the preceding year.
of operating efficiency. Even in the late year there
Under this chain of adverse events, no other result was a further addition of 8 tons to the average train
was possible than that actually recorded. To add load of revenue freight, bringing it up to nearly 278
still further to the discomfiture of the managers, there tons. In 1903 the average was only 189 tons.
was another increase in the taxes exacted of the com
As illustrating the constant requirements for new
pany. The late year’s increase was not particularly capital, there was an addition to the funded debt
large, but, making a five-year comparison, it is found during the late year of $22,439,600, with a decrease
that the account shows an increase of $962,966, or in equipment notes of $1,412,000, creating a net in
53.80%, while the operated mileage during the same crease in the total funded debt of $21,027,600. Not
period of five years increased less than 1%.
It is this all of this was used up during the twelve months, as is
cumulative feature, not alone in the taxes but in the indicated by the fact that the Rock Island Lines
general operating results, that calls for notice. A loss June 30 1912 held $15,073,939 of cash on hand, against
in net earnings in any given year of \y2 million dollars, only $3,241,991 on June 30 1911, but the increase in
as roughly recorded in the twelve months under re funded indebtedness illustrates the needs of new
view, would ordinarily not be a heavy burden to bear, capital by a system of the size of the Rock Island.
especially for a system like the Rock Island, so strongly Fortunately, conditions for the current or new fiscal
fortified in many different ways. The fact is, how year are bright by reason of the large crop yield of
ever, that even in good periods, when additions to 1912 and the revival in general trade. This will tem
traffic and to gross earnings are a feature, the yield porarily be of great help, but what is required for
in net is becoming increasingly disappointing.
enduring prosperity is a realization on the part of the
There have been recent years which have shown Inter-State Commerce Commission and of our legis
very large additions to gross earnings without having lators that the railroad-carrying interest must be ac
brought any increase in the net, owing to the rise in corded more liberal and more equitable treatment if
operating cost. The truth is, it is becoming a common transportation facilities are to expand in accordance
experience to find added gross earnings displaying a with the growing need of the population and the
lack of productiveness in net. And to what a situation country’s advance in mercantile and industrial activity.
this has brought the Rock Island in a year of unfavor
Analysis of the report of the Chicago Rock Island &
able trade and traffic conditions is seen in the fact Pacific Railway is necessary in order to understand
that the income account for the twelve months shows the position and prospects of the Rock Island Com
a surplus of only $106,635 after the payment of but pany, which indirectly controls the property. As is
5% dividends. This, too, is on a very light capitali well known, the Rock Island Company is merely a




1166

THE CHRONICLE

holding company and its income consists entirely of
the dividends received by it on its holdings of the stock
of the Chicago Rock Island & Pacific. The Rock
Island Company owns the whole capital stock of the
Chicago Rock Island & Pacific Railroad Company,
an intermediate concern, which in turn owns $71,
353,500 of the $74,877,200 capital stock of the Chicago
Rock Island & Pacific Railway Company. With the
Railway Company paying only 5% dividends, the in
come from that source was little more than sufficient
to meet interest charges on the $71,353,500 of Railroad
Company 4s and the $7,500,000 of new 5s, leaving
practically nothing available for the $90,888,202 of
Rock Island Company common stock or even the
$49,947,450 of preferred stock. The income account
for the twelve months shows that there was a surplus
of only $273,384 after providing for these interest
charges. But, as already indicated, the prospects for
the current fiscal year are for much better results.
r

COTTON MANUFACTURING IN JAPAN.

Concurrently with all other important||cottonmanufacturing countries of the world, the cotton
industry in Japan has shown further encouraging
growth in the current year. Not alone in the spinning
and weaving capacity of the mills, but in the aggre
gate of raw material consumed, the data Mr. O.
Shoji, Secretary of the Japan Cotton Spinners’ Asso
ciation, has furnished us show there was expansion in
the year ended June 30 1912, and other information
at hand indicates further additions to spindleage in
the near future, and presumably a greater use of
cotton. A year ago (“ Chronicle” August 26 1911, page
503) we reviewed at some length the course of the
cotton-manufacturing industry of Japan from the
building of the first mill at Isogaama in 1863 down
to date; hence no extended retrospection is called for
now. At the same time, to show the growth recently
making we must go back a few years. Taking the
beginning of the new century as a starting point,
therefore, we find that in 1900-01 the spinning capacity
of the mills was 1,250,000 spindles and consumption
631,728 bales of 500 lbs. average net weight each,
these increasing to 1,450,949 spindles and 873,576
bales in 1905-06 and 2,004,968 spindles and 1,055,303
bales in 1909-10. And to these latter figures the
additions in 1910-11 brought the totals up to 2,099,764
spindles and 1,087,184 bales.
We now, as already stated, have the official results
for 1911-12 and they furnish conclusive evidence of
Japan’s steady advance in cotton-manufacturing.
Within the past year 70,032 spindles have been added
to the mills, making the total 2,169,796 spindles at
the close of June; consumption has been augmented
270,276 bales, being reported at 1,357,460 bales of
500 lbs. each for the twelve months. The number of
operatives (mainly females) also increased, the average
number employed during the year having been 93,892,
as against 92,960 in 1910-11 and 94,799 in 1909-10.
It is quite obvious from the returns at hand, with
regard to the absorption of raw cotton by Japan that
the manufacturing and allied interests of the country
have taken advantage of the more moderate prices
that have been inseparable from the large crop of
1911-12 to add considerably to their surplus stocks
of the staple. Not only were the takings from India
during the 12 months ended June 30 1912 much
greater than in 1910-11, or ever before, exceeding
1,000,000 bales, against less than 700,000 bales the




[VOL.

LXXXXV.

previous year, but shipments thither from America
have been this season over 450,000 bales, or triple
the amount sent in 1910-11. As regards the extent
to which the different varieties of cotton were con
sumed in 1911-12, it is to be noted that East Indian
was used in amount of only 324% million pounds,
against 372% millions the preceding season, but
American in amount of 182% million pounds, against
69% millions, leaving in each case a considerable
surplus of imports to go to swell stocks at mills or
ports. The amount of yarn produced in 1911-12 at
451,706,800 pounds was 26 million pounds in excess
of the previous year, and the output of piece goods at
289,039,671 yards was 62% million yards greater than
in 1910-11.
Confirming what we have stated above about the
decided increase in the takings of cotton by Japan in
recent months, the official foreign trade returns for the
country for the seven months of the calendar year
1912 show that for that period the augmentation in
the value of the imports of the staple was some 28%
million dollars, as compared with 1911 in the face of
the lower values ruling. In fact, the inflow of all kinds
of merchandise into Japan for the seven months in
creased only about 8% ,whereas cotton alone gained
nearly 53%.

SPECIFIC PERFORMANCE OF CONTRACTS TO
CONVEY SHARES OF STOCK.
A recent interesting case before the Michigan Su
preme Court, involving the right of a purchaser of
shares of stock to compel specific performance of the
agreement to sell, is that of Cole vs. Cole Realty Co.,
decided March 29, 19 Detroit Legal News 175. The
complainant filed a bill for specific performance of a
contract alleged to have been entered into between
complainant and defendant, in which defendant
agreed to pay $19,758 for complainant’s stock.
Complainant opposed certain proposed action of
defendant in selling real estate of the corporation,
and it was agreed by the other stockholders and
directors that defendant, a close corporation, would
purchase his stock for $19,758 if he would abandon
further opposition and withdraw from the company.
Complainant withdrew his opposition and the deals
were consummated. He tendered his stock to the
defendant and demanded payment, which was re
fused. The Court held that the allegations in the bill
presented a case for specific performance as com
plainants, remedy at law would not furnish adequate
relief.
The Court says: “Though the law of specific per
formance primarily relates to realty contracts, and
as a general rule is not applicable where the subject
matter is personal property, yet specific performance
will be decreed and a contract enforced where the thing
in the nature of personal property has a sentimental
value, is rare and cannot be obtained elsewhere, or has
no market value, or the true value is difficult of ascer
tainment, or requires an accounting, or other peculiar
circumstances of the contract involve conditions
where the nature of damages in a court of law will not
give full and adequate compensation. The doctrine
has been held, by abundant authority, to apply in
favor of a vendee of stocks not easily porcurable and
having no market value.” Touching the power of the
corporation to purchase its shares of stock, the Court
holds that a corporation acting in good faith, without
objection from stockholders and without prejudice
to creditors, may purchase shares of its own stock,

N'OV.

1912.]

T H E C H R O N IC L E

regardless of the purpose for which it was organized,
unless forbidden by statute.
Whenever it is shown that there are special or
peculiar circumstances impelling a party to buy shares
of corporate stock, so that by reason of a particular
state of facts mere money damages would not afford
an adequate remedy, and the contract is lawful and
not obnoxious to equitable principles, specific per
formance will be granted. As stated by one Court,
“ The true principle would seem to be that, as a general
rule, courts of equity will not enforce the specific
performance of contracts for the delivery of shares
of stock, but when a purchaser has bargained for such
shares, or taken an option upon them, because they
have for him a unique or special value, the loss of which
could not be adequately compensated by damages at
law, the chancellor, in the exercise of sound discretion,
may decree specific performance.” For this reason,
where it appears that the complainant has no special
interest in acquiring the stock except a pecuniary
advantage which would accrue from the ownership,
specific performance cannot be had, although some
of the other essential elements which determine the
jurisdiction of the court in such cases are present,
as that there have been no sales, and the stock is not
listed on any exchange, and that by reason of the fact
that the vendor is the owner of a large amount of stock,
it would be difficult to ascertain the value of the
stock.
The essentials, according to the weight of authority,
which must be present in a case to justify the inter
position of the remedy, are that the stock is not easily
or at all obtainable on the market, and that its value
is not easily or at all ascertainable, or that it will
secure the control of the corporation.
It is well established that contracts for the sale of
corporate stock for the purpose of obtaining the
control of a corporation will be, generally speaking,
enforced specifically upon the ground that the element
of carrying with it the control of a business enterprise
invests the stock with a peculiar value. Where the
chief value of the stock, whose transfer is asked to be
specificially enforced, lies in the fact that it confers
upon the plaintiff the ownership of one-half of the
stock of the corporation and with it the power and
influence in the affairs of the corporation to check
any proposed mismanagement of the affairs of the
corporation, the remedy will be granted. Specific
performance of a contract between holders of stock in
the same corporation sufficient to give them joint
control, to the effect that in the event either of them
wishes to sell, or on the death of either the other
would purchase the stock at a stated price, the avowed
object being to retain the control of the corporation in
the hands of the survivor, has been decreed. In the
instances where specific performance has been decreed
in cases of stock carrying control, emphasis is laid
on the fact that the control was sought for legitimate
and proper purposes.
Where two parties agree that they will purchase
stock as opportunity offers, pay for it equally and
divide the stock equally, the stock bought and held
by either party is impressed with a trust, and the
delivery of the proper quota thereof due from one to
the other will be specifically enforced. A party
receiving shares of stock in consideration of services
to bo rendered under an agreement that he is to hold
them as trustee on the books of the corporation until
they are fully paid is entitled to the equitable aid of
specific performance, to compel a transfer on the




1167

books of the corporation in his own name freed from
the trust as soon as he has fulfilled his part of the
agreement.
One who has rendered services to a corporation
whose property has been fraudulently diverted, and
which in consequence thereof has become insolvent,
will be granted specific performance to compel the
issue and delivery of stock in such corporation which
he is entitled to receive, as compensation for his
services depends upon the recovery of the property
which has been fraudulently diverted.
It is a settled rule that agreements to purchase and
sell or deliver shares of government or other public
stocks will not be specifically enforced, for the reason
that such stocks are always for sale, their price is
known, and the damage awarded by law will enable
the injured party to make himself whole by purchasing
in the market.
In view of the many contracts entered into for the
sale of shares of stock, in many cases carrying the
control of the affairs of the corporation, the subject
is an important one for the investor, as in many cases
money damages are inadequate to compensate for
the loss sustained.
COTTON CONSUMPTION OF EUROPE AND
WORLD.
M r. T h o m a s
T rade”

R . E llis o n ’s “ A n n u a l R e v ie w

w a s is s u e d in L i v e r p o o l o n

w eek, and

M onday

THE

o f th e C o tto n
o f th e c u rr e n t

t h e c a b le b r in g s u s a l l t h e i n t e r e s t i n g d a t a c o n 

t a i n e d t h e r e i n , i n c l u d i n g h is u s u a l e s t i m a t e o f c o n s u m p t i o n
r e q u ir e m e n ts fo r th e se a so n o f 1 9 1 2 -1 3 .
ta k in g s

of

c o tto n

by

E uropean

m ills

W e fir s t g i v e t h e
in

actual

b a le s

and

p o u n d s fo r th e y e a r 1 9 1 1 -1 2 , a p p e n d in g fo r th e p u r p o s e s o f
c o m p a r i s o n t h e fig u r e s f o r 1 9 1 0 - 1 1 a n d 1 9 0 9 - 1 0 .

October 1 to September 30.

Great B ritain.

Continent.

Total.

For 1911-12.
Takings by spinners
_. . bales
4,372,000
6,517,000
10,889,000
Average weight of bales. __ lbs.
490
484
490.0
Takings in pounds______
2,181,468,000 3,154,451,000 5,335,919,000
For 1910-11.
Takings by spinriers
. _ .bales
3,919,000
5,874,000
9,793,000
500
Average weight of bales. __ lbs.
476
485.6
Takings in pounds______
1,959,585,000 2,796,114,000 4,755,699,000
For 1909-10.
Takings by spinners____ . .bales
8,783,000
3,200,000
5,583,000
Average weight of bales. __ lbs.
467
473.9
486
Takings in p o u n d s _____
1,555,137,000 2,607,032,000 4,162,169,000
T h e a g g r e g a t e t a k i n g s o f t h e m i l l s , i t w ill b e n o t e d , s h o w
a n e x c e s s o f 1 ,0 9 6 ,0 0 0 b a le s , a s c o m p a r e d w ith th e p r e v io u s
s e a s o n , a n d t h e r e is a g a i n o v e r 1 9 0 9 - 1 0 o f 2 , 1 0 6 , 0 0 0 b a l e s .
C o n s u m p t i o n in G r e a t B r i t a i n a s w e ll a s o n t h e C o n t i n e n t
m a r k e d a n e w re c o r d fo r th e p e r io d c o v e r e d a n d th e a g g r e 
g a te s to c k s o f raw
of

th e se a so n

S e p te m b e r.

m a t e r i a l h e ld

w e re g r e a te r th a n
To

in d ic a te

by

th e m ills a t

th e

c lp s e

e v e r b e fo r e a t th e e n d

c le a r ly

th e

r e la tio n s

e x is tin g

of
be

t w e e n d if f e r e n t y e a r s , w e b r i n g t o g e t h e r in t a b u l a r f o r m t h e
ta k in g s,

c o n su m p tio n

and

sto c k s,

a ll

red u ced

to

b a le s

of

5 0 0 lb s . e a c h , a s fo llo w s :

Bales of 500 lbs. each.

1911-12.

1910-11.

1909-10.

Great Britain—
Stock O ctober 1 (beginning o f y e a r )..
Dclivcries during y e a r _____ _______

312,000
4,363,000

169,000
3,919,000

234,000
3,110,000

T otal supply for yea r______________
T otal consum ption for year------------

4.675.000
4.160.000

4,088,000
3,776,000

3.344.000
3.175.000

Stock O ctober 1 (end o f year)-----------Continent—
Stock October 1 (beginning o f y e a r )..
Deliveries during year------------------------

312,000

169,000

1.104.000 i
972,000
6.309.000
5,592,000

515,000 ,

1,218,000
5,214,000

T otal supply for year. --------------------Consumption during year---------------

7.413.000
6,564,000
5.720.000 ! 5,460,000

6.432.000
5.460.000

Stock O ctober 1 (end of yea r)..............

1,693,000 | 1,104,000

972,000

T h e t o t a l s f o r t h e w h o le o f E u r o p e f o r t h e t h r e e y e a r s a r e
a s f o l l o w s (in b a le s o f 5 0 0 l b s . ) :

A ll Europe.

1911-12.

1910-11.

1909-10.

1,416,000
rYeiiv'eries during the year_____ __ . _ 10,672,000

1.141.000
9.511.000

1.452.000
8.324.000

12,088,000
9,880,000

10,652,000
9,236,000

9.776.000
8.635.000

2,208,000

1,416,000

1,141,000

T otal consum ption________________

1168

T H E C H R O N IC L E

A s th e fo r e g o in g c o v e r s o n ly

G r e a t B r ita in a n d

th e C o n 

[VOL. LXXXXV.

s t i t u t i o n a l i t y a n d c o n s t r u c t i o n o f p r i m a r y a n d e le c t i o n l a w s .

t i n e n t , i t is n e c e s s a r y in a r r i v i n g a t a n i d e a o f t h e w o r l d ’ s

T h e a p p e a l fu r th e r s a y s :

c o n su m p tio n

E ver since the reorganization of the Court in 1870 it has been the senti
ment of the people o f the State that it was desirable that no political party
should unduly predom inate in its membership. The constitutional amend
ment o f I860 sought to enforce this principle and to secure m inority repre
sentation b y providing that each elector should vote for only four asso
ciate Judges.

In d ia ,

Japan,

b e lo w .
n

The

our

in c lu d e

C anada,
d a ta

Annual

in d ic a te d
th e

to

an

fo r

C rop

re tu rn s

M e x ic o ,
th e

season .

In

In d ia

m e n ts , a c c o rd in g

to

& c .,

U n ite d

R e p o rt,

a p p r e c ia b le

fo r

U n ite d

w h ic h

S ta tes

is s u e d

in c r e a s e

th e

th e

in

in

we

w as

have
fu lly

S e p te m b e r,

done
g iv e n

and

c o n su m p tio n

c o t t o n -m a n u fa c t u r in g

th e in fo r m a tio n

S ta te s,

it

d u r in g

As

e s ta b lis h 

a t h a n d , h ave ap p ar

at

p resen t

c o n s titu te d ,

th e

C ourt

c o n sists

of

seven

ju d g e s , fo u r o f w h o m a r c D e m o c r a t s a n d th r e e o f w h o m a r e

e n t l y u s e d m o r e c o t t o n d u r i n g t h e p a s t s e a s o n a n d a la r g e r

R e p u b lic a n s .

c o n s u m p t i o n is t o b e n o t e d in J a p a n .

li c a n P a r t y t o f ill t h e a p p r o a c h i n g v a c a n c i e s a r e e l e c t e d , t h e

B r in g in g to g e th e r th e

I f th e tw o ju d g e s n o m in a te d

by

re su lts fo r E u r o p e , I n d ia a n d th e U n ite d S t a t e s , a n d a d d in g

p r e s e n t p o litic a l c o m p le x io n a n d

d iv is io n

th e t o ta l fo r J a p a n , C a n a d a ,

r e m a in

D e m o c r a tic

& c ., w e p r a c t ic a lly c o v e r th e

w o r ld — a t le a s t t h a t p a r t o f it fr o m
are o b ta in a b le .

B e lo w

w h ic h a n y r e li a b le d a t a

w e g iv e th e s e r e tu r n s c o m b in e d fo r

t e n y e a r s , in b a le s o f t h e u n i f o r m w e i g h t o f 5 0 0 l b s .

World’s Con
Great
sumption.
Britain.
19011902190319041905190619071908190919101911-

023.253.000
________
0 33.185.000
________
043.017.000
________
053.620.000
________
063.774.000
________
073.892.000
________
083.690.000
________
093.720.000
________
103.175.000
________
1 13.776.000
________
1 24.160.000
________

A c c o r d in g
1 8 .4 7 9 .0 0 0
1 .8 6 4 .0 0 0

to

Conti
nent.

United
States.

India.

All
Others.

Total.

4.836.000
5.148.000
5.148.000
5.148.000
5.252.000
5.460.000
5.720.000
5.720.000
5.460.000
5.460.000
5.720.000

4.037.000
4.015.000
3.909.000
4.310.000
4.726.000
4.950.000
4.227.000
4.912.000
4.533.000
4.485.000
5.211.000

1.384.000
1.364.000
1.368.000
1.474.000
1.586.000
1.552.000
1.561.000
1.653.000
1.517.000
1.494.000
1.600.000

905.000
766.000
868.000
1,060,000
1.097.000
1.125.000
1.083.000
1.159.000
1.304.000
1.400.000
1.788.000

14.415.000
14.478.000
14.310.000
15.612.000
16.435.000
16.979.000
16.281.000
17.164.000
15.989.000
16.615.000
18.479.000

th e

b a le s

above,

of

500

b a le s o v e r

th e

lb s .

w o r ld ’s

c o n su m p tio n

w as

in

1 9 1 1 -1 2 ,

and

an

in c r e a s e o f 2 , 4 9 0 , 0 0 0

1 9 1 0 -1 1

o r a g a in

of

b a le s o v e r 1 9 0 9 - 1 0 .
M r . E l l i s o n ’ s e s t i m a t e o f t h e n u m b e r o f s p i n d l e s in E u r o p e ,
A m e r ic a a n d I n d ia d u r in g 1 9 1 2 h a s a ls o b e e n r e c e iv e d , a n d
we

g iv e

it

b e lo w ,

a d d in g

fo r

pu rp oses

of

c o m p a riso n

th e

f ig u r e s f o r p r e v i o u s y e a r s .

Spindles.

1912.

1911.

Gr’ t Britain. 56.750.000
Continent _ _ 42.500.000
U nltcdStat’s 29.677.000
East Indies.
6,500,000

1910.

56.500.000
42,000,000
29.003.000
6,250,000

1909.

1908.

56.000.
000
55.600.000
40.000.
000
39,000,000
28,636,000 27.780.000
6,196,000
6,053,000

54.600.000
37,000,000
26.752.000
5,756,000

T o ta l____ 135,427,000 133,753,000 130,832,000 128,433,000 124,108,000
M r . E l l i s o n a l s o c a b le s t h a t h e e s t i m a t e s t h a t E u r o p e a n d
th e

U n ite d

co u n try

S ta tes

(in c lu d in g

a m o u n ts

to J a p a n , C a n a d a , & c .)

c o n su m p tio n

sh ip p e d

fro m

w ill in 1 9 1 2 - 1 3

th is

1 6 ,5 9 7 ,0 0 0 b a le s o f 4 8 8 .2 lb s . a v e r a g e w e ig h t,

b a l e s o f 4 8 7 . 7 l b s . a v e r a g e w e i g h t ( e q u a l i n g 1 5 , 8 2 1 , 0 0 0 b a le s
o f 5 0 0 l b s . e a c h ) in 1 9 1 1 - 1 2 .

T h e a m o u n t n eed ed fro m A m e r i-

i c a is p l a c e d a t 1 4 , 3 9 7 , 0 0 0 b a l e s , 1 , 0 0 0 , 0 0 0 b a l e s a r e r e q u i r e d
f r o m I n d i a , 9 0 0 , 0 0 0 b a le s f r o m E g y p t a n d 3 0 0 , 0 0 0 b a l e s f r o m
o th e r sou rces o f s u p p ly .
M r.

E llis o n ’s

o p in io n

I t w o u l d s e e m , t h e r e f o r e , t h a t in

c o n su m p tio n

U n it e d S t a t e s , C a n a d a , & c .,
5 0 0 lb s . ea ch g rea te r th a n
e s tim a te o f re q u ire m e n ts

in

E urope

w ill b e a b o u t

in

and

th e s e a so n

and

3 7 9 ,0 0 0

ju s t

c o n su m p tio n

fo r th e
b a le s o f

c lo s e d .

The

in d e t a i l a r e a s

fo llo w s :

Requirements, bales, 500 lb s ___

Estimated.
1912-13.

Actual
1911-12.

Bales.
14,397,000
1,000,000
900.000
300.000

Bales.
14,411,000
701.000
833.000
275.000

Bales.
11,950,000
1,300,000
879.000
291.000

10.597.000
488.2
16.200.000

16,220,000
487.7
15,821,000

14.426.000
485.7
14.015.000

Actual
1910-11.

’

T h e r e a d e r w ill u n d e r s t a n d , o f c o u r s e , t h a t t h e s e fig u r e s
a r e n o t i n t e n d e d t o b e e s t i m a t e s o f t h e y i e l d in v a r i o u s c o u n 
On

th e

co n tra ry ,

M r.

E llis o n

m e r e ly

in d ic a te s

th e

e x t e n t t o w h i c h , in h is b e l i e f , e a c h s o u r c e o f s u p p l y w ill b e
c a ll e d

upon

to

c o n tr ib u te

to

th e

s e a s o n ’s

if

th e

o f th e

C o u r t w ill

n o m in e e s

arc

A t n o t i m e s in c e 1 8 7 0 — a p e r i o d o f 4 2 y e a r s —

c ir c u l a r s a y s ,

one

p o litic a l p a r t y
th e

A p p e a ls

h a s th e re b e e n
in

R e p u b lic a n

in j o i n t l y

n o m in a tin g

in

such

th e

such

C o u rt.

and

a

m anner

preponderan ce

For a

D e m o c r a tic

and

num ber

p a r tie s

e le c tin g ju d g e s
as

to

p o litic a l s ta tu s o f th e C o u r t.

a v o id

have

of

th e

d is tu r b in g

of

of years
u n ite d

C ourt
th e

of

non

T h e p e titio n a d d s :

In order to continue, so far as practicable, the non-partisan character
of the membership of the Court of Appeals and secure the nomination of
candidates fully qualified for the office, a com m ittee of lawyers was or
ganized in April of this year, consisting of representatives of the New York
State Bar Association, the Bar Association of the City of New York, the
New York County Lawyers' Association, the A lbany County Bar Associa
tion and twenty-nine other county bar associations. This com m ittee,
known as the Joint judicial com m ittee, urged the political parties to pre
serve the existing character o f the Court, and to that end to nom inate
jointly one of the Republican judges serving by designation and a Dem ocrat
whose Judicial experience or career at the bar had dem onstrated unmis
takable fitness for judicial office. The Progressive P arty nom inated two
candidates who were com m itted to its policies and platform s. The R e
publican Convention, In com pliance with the request o f the Joint Judicial
Committee, nominated Judge Iliscock and empowered a com m ittee to ac
cept the nominee of the Dem ocratic State Convention. The Dem ocratic
Convention declined to follow this non-partisan policy and nom inated two
Dem ocrats. In view of this action, the Republican com m ittee nom inated
Judge Chase, so that both of the Justices who had for seven years satisfac
torily served in the Court by designation might be elected permanent
members.
T he undersigned deem it their duty as citizens to urge the voters of the
State of New York, irrespective of party, to elect Judges Iliscock and Chase
as members of the Court o f Appeals and thus continue In service Judges
who have been thoroughly tried and who have shown exceptional quali
fication and fitness for this high Judicial office. T hey also urge that it
is not desirable that the Court should for the first time in its history be
now reconstituted so as to consist o f six members affiliated with one o f the
great parties and only one affiliated with the other party.
A tta ch e d

to

t h i s a p p e a l is a

fo r m id a b le

array

of nam es

o f m e n p r o m i n e n t in a l l w a lk s o f l i f e , h e a d e d b y J o s e p h I I .
C h o a te ,

th e

P re sid e n t o f

th e

C o n s titu tio n a l

C o n v e n tio n

of

1 8 9 4 ; C h a r le s A n d r e w s , c x - C h i e f J u d g e o f t h e C o u r t o f A p 
p e a ls ; J o h n C la flin , P r e s id e n t o f th e N e w

Y ork Cham ber of

C o m m e r c e , a n d H e n r y I t . T o w n e , P re sid e n t o f th e M e r c h a n t s ’
A s s o c ia tio n

of

N ew

Y ork.

T h ese

m en

b r in g in g th e m a t t e r s o p r o m in e n t ly

deserve

p r a is e

fo r

to th e a tt e n t io n o f th e

p u b l i c , a n d t h e i r a p p e a l s h o u l d b e h e e d e d b y a l l t h o s e A\ho
a i m t o p r o m o t e t h e g e n e r a l w e lf a r e a n d d e s ir e t o a c t in c o n 
s c i e n t i o u s d is c h a r g e o f t h e d u t i e s o f c i t i z e n s h i p .

B A N K IN G ,

Requirements— Ordinary bales—

trie s.

R e p u b lic a n .
th e

re q u ire fo r

m a k in g 1 6 ,2 0 0 ,0 0 0 b a le s o f 5 0 0 lb s . e a c h , a g a in s t 1 6 ,2 2 0 ,0 0 0

w h il e

R epub

e l e c t e d , t h e C o u r t w ill c o n s i s t o f s i x D c m o c r a t s a n d o n l y o n e

p ast

each

unchanged,

th e

FIN A N C IA L

AND

L E G IS L A T IV E

N EW S.

— T h e p u b li c s a l e s o f b a n k s t o c k s t h i s w e e k a g g r e g a t e 2 0 5
sh a res,

and

w ere a ll m a d e

at

th e

S to c k

E xchange.

O n ly

o n e lo t o f tr u s t c o m p a n y s t o c k , a m o u n t in g to 2 5 s h a r e s , w a s
so ld

at

a u c tio n .

E x te n s iv e

ta b le s

r e p o r tin g

th e

b id

and

a sk e d q u o t a t io n s , d e p o s its , su r p lu s , & c ., o f b a n k s a n d tru st
c o m p a n i e s in a l l i m p o r t a n t c it i e s in
p u b li s h e d

m o n th ly

in

th e

“ Bank

th e

and

U n ite d

Q u o t a tio n

S ta tes are
S e c t i o n ,”

t h e N o v e m b e r is s u e o f w h ic h a c c o m p a n i e s t o - d a y ’ s “ C h r o n 
i c le .”

B id

and

ask ed

q u o ta tio n s

fo r

a ll

N ew

Y ork

C ity

b a n k a n d t r u s t c o m p a n y s t o c k s a r e a l s o p u b li s h e d w e e k l y in
a n o t h e r d e p a r t m e n t o f t h e p a p e r , a n d w ill b e f o u n d
on pages 1184 and

to -d a y

1185.

c o n su m p tiv e

Shares. BAN KS— New York.
Bow. Ilioh. Close. Last previous sale.
430
*29 City Bank, N ational_____ . . 430
430
Oct. 1912— 439
207
203
1 6 ,5 9 7 ,0 0 0
b a le s o f o r d i n a r y w e i g h t w ill b e r e q u i r e d in o r d e r *176 Commerce, Nat. Bank o f . . . 203
O ct. 1912— 200
T
R
U
S
T
COM
PANY—
Brooklyn.
to le a v e m ill s to c k s u n c h a n g e d .
25 Franklin Trust C o____ . -.0 2 2 5 a22 5 a225
A ug. 1912— 270
re q u ir e m e n ts.

In

o th e r

w ord s,

he

is

of

th e

o p in io n

th a t

KEEP THE COURT OF APPEALS NON-PARTISAN.
An

a p p e a l to

th e

v o te rs o f N e w

Y ork

S ta te

to

k e e p th e

C o u r t o f A p p e a l s n o n - p a r t i s a n is b e i n g m a d e b y s o m e o f t h e
m o s t p r o m i n e n t m e n in t h e c i v i c li fe o f t h i s c i t y .

A tte n tio n

is d i r e c t e d t o t h e m a t t e r a t t h i s t i m e b e c a u s e n e x t T u e s d a y
tw o

c a n d id a te s a re

to

b e e le c te d

by

th e

v o te rs

t o f i ll

th e

v a c a n c i e s t h a t w ill o c c u r in t h e C o u r t a t t h e e n d o f t h e y e a r .
T h e p e titio n

la y s s tr e s s u p o n

th e fa c t

th a t

th e

A p p e a l s is t h e h i g h e s t j u d i c i a l t r i b u n a l in t h e S t a t e .

C ou rt of
It has

c o n s t a n t l y t o d e c id e d i f f i c u l t a n d i n t r i c a t e q u e s t i o n s o f l a w ,
a n d i t is w i t h in c r e a s in g f r e q u e n c y c a ll e d u p o n t o d e t e r m i n e
c o n tr o v e r s ie s in v o lv in g p o litic a l q u e s t io n s , s u c h a s th e c o n 




* Sold at the Stock Exchange,

a B y transfer.

— J a m e s S . S h e r m a n , V ic e -P r e s id e n t o f th e U n ite d S t a t e s ,
a n d o c c u p y i n g a l s o t h e p o s i t i o n o f a b a n k e r , p a r t i c u l a r l y in
th e c a p a c ity o f P r e s id e n t o f th e U t ic a T r u s t

&

D e p o sit C o .

o f U t i c a , N . Y . , d i e d a t h is h o m e in t h a t c i t y o n W e d n e s d a y ,
th e 3 0 t h u lt .

M r. S h erm an

a l l c la s s e s o f t h e p o p u l a t i o n .
h im

w as

h e ld

in g e n e r a l e s t e e m b y

H is g e n ia l d is p o s itio n w o n fo r

th e s o b r iq u e t “ S u n n y J i m ,” a n d P r e s id e n t T a f t , b e fo r e

le a v i n g N e w Y o r k o n W e d n e s d a y n i g h t , w h e r e h e h a d a t t e n 
d e d t h e la u n c h i n g o f t h e b a t t l e s h i p N e w
h is

p erso n al

a ttr ib u te s

as

Y o rk , su m m ed up

fo llo w s :

“ News o f the death of Vice-President Sherman has Just reached m e, and,
although it was not unexpected, it has filled m y heart with sadness. I feel

Nov. 2 1912.]

T H E C H R O N IC L E

a sense o f personal bereavem ent in the loss o f a friend who was a con
scientious co-w orker In the m any public undertakings in which we vver
engaged. It Is an easy m atter to pay tribute to his work. lie was a
gentleman of splendid poise, of mental attainments which were balanced
by so line a sense o f justice that all who knew him respected and admired
him . The sobriquet which he had properly earned, and which was a tribute
to a disposition that radiated sunshine and good-will, readily explains the
warm affection in which he was held by the many thousands who had com e
In personal contact with him .
"A s a legislator and expounder of parliamentary law, he had achieved a
reputation of national proportions before he was elevated to the high and
dignified office of Vice-President of the United States. Ilis services as
V ice-President will be llttingly acknowledged b y the United States Senate,
over which he presided with marked fairness.
"H e was a R epublican of sturdy principles, and his counsel within the
party, always eagerly sought and highly regarded, will be sadly missed In
the m any crises created b y new problems arising and dem anding wise and
practical solution.
“ The sym pathy of all his friends goes out to his widow and children, with
whom he dw elt in a relationship which m ay well be termed ideal. The
sorrow o f a nation will be aroused b y the news of his death. In the m any
tender tributes which will be paid publicly and privately to his memory will
be found evidence of the optimism and sunlight he shed am ong his associates,
" T o those I would add m y own, the more certain and sincere because of
the close official and personal relationship that existed between us, and the
opportunities thus offered me for an appreciation of his sterling and beauti
ful character.”
M r . S h e r m a n w a s a c a n d i d a t e f o r r e -e le c t i o n w i t h P r e s i d e n t
T a f t o n th e R e p u b lic a n tic k e t.

F o llo w in g th e a n n o u n c e m e n t

o f h is d e a t h , C h a i r m a n C h a r le s D . H i l l e s o f t h e R e p u b l i c a n
N a tio n a l C o m m itte e s ta te d th a t th e n o m in a tio n o f a su cce s
s o r t o M r . S h e r m a n c o u ld n o t t a k e p la c e p r i o r t o t h e e le c t io n
o n T u e s d a y n e x t , a s a n o t i c e o f s u c h n o m i n a t i o n c o u ld n o t
p r o p e r ly

be

m ade

in

le s s

th a n

s ix

d ays.

The

C o m m itte e

h a s b e e n c a ll e d u p o n t o m e e t in C h ic a g o o n N o v . 1 2 t o till t h e
vacancy.
n a m in g
D ay,

M r.

H ille s ,

a su ccessor

to o k

in

a n n o u n c in g

w o u ld

o c c a s io n

to

be

th a t

d e fe rre d

p o in t o u t

a c tio n

to w a r d

u n t il a f t e r

th a t

E le c tio n

“ n o d iffic u lt y

o r in 

c o n v e n i e n c e a r is e s t o t h e v o t e r s a t t h e e le c t i o n n e x t T u e s d a y ,
b e c a u s e t h e v o t e s t o b e c a s t t h e n a r e f o r e le c t o r s a n d n o t f o r
c a n d id a te s
d e a th

of

fo r

M r.

e le c tio n

of

e it h e r

P re sid e n t

Sherm an
th e

does

or

not

e l e c t o r s .”

V ic e -P r e s id e n t ,

a ffe c t

The

th e

and

v a lid ity

V ic e -P r e s id e n t

th e

of

th e

d ie d

on

W e d n e s d a y n i g h t in a u r a e m i c c o m a a s a r e s u lt o f B r i g h t ’ s
d i s e a s e , h e a r t d is e a s e a n d a r t c r i o s c l e r o s i s .

T h e sy m p to m s

o f t h e d is e a s e t o w h ic h h is d e a t h w a s p r i m a r i l y d u e w e r e fir s t
m a n ife s t

d u r in g

th e

n a tio n a l

c a m p a ig n

c a u s e f o r c a u t i o n b y h is p h y s i c i a n ,

of

1908,

and

w ere

a d v ic e a s to d ie t r e s tr ic tio n s , b u t fa ile d to r e la x a s fa r a s th e

c o n d itio n

w as

su ch

as

to

F o r th e p a s t s ix m o n th s

g iv e

a p p r e h e n s io n

and

h is

h e a l t h v i s i b l y d e c lin e d s in c e A u g u s t , w h e n , a g a i n s t t h e a d 
v ic e

of

th e

n o tific a tio n

M r.

h is

p h y s ic ia n , he p a r tic ip a r e d

in

th e

fo r m a litie s

of

c e r e m o n ie s .

S h erm an

reach ed

h is

fifty -s e v e n t h

b ir th d a y

1 8 5 5 in U t i c a .

a

w eek

ago;

he w as b orn on O c t. 24

fro m

H a m i l t o n C o lle g e in 1 8 7 8 a n d t w o y e a r s l a t e r w a s a d 

H e g ra d u a ted

m itte d to th e b a r .

H e w a s e le c t e d M a y o r o f U t i c a in 1 8 8 4 ,

w hen

t w e n ty -n in e

he

w as

but

years

o ld .

lie

becam e

a

m e m b e r o f th e H o u s e o f R e p r e s e n ta t iv e s a t t h ir t y -t w o y e a rs
o f a g e in 1 8 8 7 a n d , e x c e p t f o r a t w o - y e a r p e r i o d f r o m

1891

to 1 8 9 3 , w h e n h e fa ile d o f r e -e le c tio n , h e s e r v e d a s a m e m b e r
o f C o n gress fro m

1 8 8 7 to

1908.

In

1 8 9 2 he w a s a d e le g a te

to th e R e p u b lic a n N a t io n a l C o n v e n tio n a n d h e p re s id e d o v e r
th e N e w
and

m itte e
th e

Y ork

1908.

S ta te

lie

on

R e p u b lic a n

c o n v e n t i o n s in

w a s fo r m e r ly C h a ir m a n o f th e

In d ia n

C o m m itte e

A ffa ir s ,
on

and

had

In t e r -S ta te

a lso

and

been

1895,

1900

H ou se C om 
a m em ber of

F o re ig n

C om m erce.

& D e p o sit

B e s id e s o ffic ia tin g a s P r e s id e n t o f th e U t ic a T r u s t

C o ., M r . S h e r m a n w a s a d ir e c to r o f th e U tic a C it y N a tio n a l
Bank,

V ic e -P r e s id e n t o f

th e

B room e

C o u n ty

T ru st

Co.

of

B in g h a m t o n , N . Y . , P r e s id e n t o f th e N e w H a r t fo r d C a n n in g
Co.

and

C lin to n

th e
&

U tic a

R R . a n d th e N e w
In

Ice

C o .,

B in g h a m to n

h is

and

R R .,

H a rtfo rd

p r o c la m a tio n

a

th e

d ir e c to r

U tic a

&

in

th e

M ohaw k

U tic a
V a lle y

C o tto n C o .

a n n o u n c in g

th e

V ic e -P r e s id e n t ’s

d e a t h , P r e s i d e n t T a f t d i r e c t e d t h a t o n t h e .d a y o f t h e f u n e r a l
(to -d a y , N o v . 2)

th e e x e c u t iv e o ffic e s o f th e U n it e d

S ta te s

b e c l o s e d , t h a t a ll p o s t s a n d s t a t i o n s o f t h e a r m y a n d n a v y
d is p la y th e n a tio n a l fla g a t h a lf -m a s t , a n d t h a t th e r e p r e s e n 
ta tiv e s o f

th e U n ite d

S t a t e s in

fo r e ig n

c o u n tr ie s

s h a ll

pay

a p p r o p r i a t e t r i b u t e t o h is m e m o r y f o r a p e r i o d o f f o r t y d a y s .
In

p ursuance

of

th is,

H ou ses,

M in ts,

R evenue

D ep a rtm en t

In N ew

Y ork

A ssay

a ll

th e

O ffic e s

S u b -T r e a s u r ie s ,
and

w ill s u s p e n d

th e N e w

o ffic e s

of

th e
th e

b u s in e s s fo r

Y ork

B o sto n ,

o u t-o f-to w n

P itts b u r g h ,

S to c k

T h e P h i la 

B a l t i m o r e , C h ic a g o a n d

E xchanges

have

a ls o

T h e b a n k s w ill, o f c o u r s e , r e m a in o p e n .




th e d a y .

P roduce E x c h a n g e ,

th e C o tto n E x c h a n g e a n d th e C o ffe e E x c h a n g e .
d e lp h ia ,

C u sto m
In tern al

Y o r k S t o c k E x c h a n g e w ill r e m a in

c lo s e d t o - d a y , a s w e ll a s t h e N e w

U n ite d

S ta te s

C o u rt a d jo u r n e d
to

M r.
The

Suprem e

on T h u rsd ay

C o u rt

and

th e

C o m m erce

u n til M o n d a y o u t o f r e s p e c t

S h e r m a n ’s m e m o r y .
e n tire

a tte n d

th e

S en a te

fu n e r a l,

has
and

been
it

is

a p p o in te d
e x p e c te d

a

th a t

c o m m itte e to
th e

H ou se

of

R e p r e s e n t a t i v e s w ill b e r e p r e s e n t e d b y t h e s e n i o r m e m b e r o f
e a c h o f th e S t a t e d e le g a tio n s to th e n u m b e r o f fo r t y -e ig h t .
T h e m e m b e r s o f th e S u p r e m e C o u r t h a v e a ls o b e e n o ffic ia lly
in v ite d to b e p r e s e n t a t th e fu n e r a l.
T h e U n ite d S ta te s S u p r e m e C o u rt th is w e e k fix e d D e c . 2
as

th e d a te

te st

th e

fo r h e a r in g a r g u m e n t o n

c o n s titu tio n a lity

as e m b o d ie d

in

th e

P ost

of

th e

O ffic e

a re tw o a c t io n s — o n e file d b y

th e

cases b r o u g h t to

n ew spaper

p u b lic ity

A p p r o p r ia tio n

b ill.

la w

T h ere

th e “ J o u rn a l o f C o m m e rc e

&

C o m m e r c ia l B u lle t in C o .”

a n d th e o th e r b y th e L e w is P u b 

li s h i n g

“ The

a c tio n

C o .,

p u b li s h e r s o f

of a

G erm an

M o r n in g

T e l e g r a p h .”

n e w s p a p e r o f P h ila d e lp h ia

The

in la b e l i n g

a ll it s m a t t e r a s a d v e r t i s i n g w i t h t h e e n a c t m e n t o f t h e n e w
la w
th e

b r i n g s a b o u t a s i t u a t i o n w h ic h m a y b a r t h e p a p e r f r o m
p r iv ile g e

of

th e

secon d

c la s s

p o sta g e

ra te .

The

P ost

O ffic e D e p a r t m e n t h a s ta k e n o c c a s io n to re fe r to t h e m a t t e r
in t h e f o l l o w i n g s t a t e m e n t :

(i l *lc Philadelphia “ T a geb la tt,” a daily newspaper printed In German, has
advertised ’ itself out of the second class mail privilege, or assumed a
position which under the law would p u t It out.
It evidently took offence at the semi-annual return provision m ade b y
Congress in the Rost Office Appropriation A ct requiring paid editorial
and news stories to be labeled “ advertisem ent” and not being able, as it
says, to tell In every case whether its m atter is or is n o t advertisem ent
decided to mark every editorial, news story or other m atter contained in its
colum ns as an advertisem ent.
1 he second-class mail laws deny the cent-a-pound rate to newspapers
and periodicals primarily designed for advertising purposes,” and since
this publication has made itself w holly an advertising sheet, it has b y its
own words denied to itself the benefit o f the pound rate.
W hether Postmaster-General H itch cock will see fit to visit upon it the
effect o f its act performed in a m om ent o f irritation remains to be seen.
— It

is

u n d e rsto o d

th a t

P re sid e n t

a p p o in t D r . C a rl L . A ls b e r g

T a ft

is tr y o f th e D e p a r t m e n t o f A g r ic u ltu r e .
v a c a n t s in c e
M arch .

th e

has

d e c id e d

to

a s C h ie f o f t h e B u r e a u o f C h e m 

r e s i g n a t io n

of

D r.

T h e p ost has been

H arvey

W .

W ile y

la s t

D r . A l s b e r g is C h e m i c a l B i o l o g i s t in c h a r g e o f t h e

p o is o n o u s p la n t la b o r a to r y o f th e B u r e a u o f P la n t I n d u s tr y
o f th e

D e p a r t m e n t o f A g r ic u ltu r e .

l i e f o l l o w e d t h e l a t t e r ’s

d u t i e s o f h is o f f i c e w e r e c o n c e r n e d .
h is

The

1169

v o te d

to

o th e r
c lo s e .

— C o m p tr o lle r
sta te m e n t

of

h a s fo llo w e d

th e

th ese

lo a n s

to ta l

num ber

m u st
of

in g to

7 ,3 9 7 ,-o n ly

c a ll o f

th e

e x c e s s iv e

th e

C u rren cy

M u rray

la t e ly

is s u e d

a

r e l a t i v e t o t h e r e d u c t i o n in e x c e s s i v e lo a n s w h ic h
issu a n c e
be

of

h is o r d e r

d is c h a r g e d

n a tio n a l
52G

on

by

banks
S e p t.

C o m p tr o lle r ) r e p o r te d

lo a n

sta tu te ,

as

in
4

la s t

June

th a t

S e p te m b e r.

Of

th e

th e
(th e

lo a n s

a g a in s t

of

877

co u n try , a m o u n t
d a te

in
on

of

th e

v io la tio n
June

14.

la s t

o f th e
The

C o m p t r o l l e r h a s t h e f o l l o w i n g t o s a y in t h e m a t t e r :

"O n June20 the Comptroller issued a circular letter to all national banks,
advising them that the excessive loans In the banks must be reduced to the
legal limit and that the law must be observed on and after Sept. 3 1912.
On Sept. 4 a call for reports o f condition was issued to the national banks,
and in the abstracting of these figures particular attention has been paid
to the excessive loans held by the banks. These figures have now been com 
pleted and the percentage of banks violating this law on that date as shown
by these reports is as follows by geographical sections:
In the New England States, Maine, New Hampshire, Verm ont, Massa
chusetts, R hode Island, Connecticut, 4 banks out o f 463 have excessive
loans, or .87 of 1 %
In the so-called Eastern States, com prising New Y ork, New Jersey,
Pennsylvania, Delaware, Maryland and the District o f Columbia, in which
there arc 1,050 national banks, the total num ber violating the law is 76,
or .46 o f 1 % .
In the Southern States, Virginia, W est Virginia, North Carolina, Sbuth
Carolina, Georgia, Florida, Alabam a, Mississippi, Louisiana, Texas,
Arkansas, K en tu cky and Tennessee, in which States there are 1,483
national banks, 125 have excessive loans, or .86 o f 1 % .
In the Middle States, Including Ohio, Indiana, Illinois, Michigan, W is
consin, Minnesota, Iowa and Missouri, out o f a total of 2,050 national banks
179 have excessive loans, or .83 o f 1 % .
In the W estern States, comprising North Dakota, South D akota, Ne
braska, Kansas, Montana, W yom ing, Colorado, New M exico and Okla
homa, where there are 1,257 national banks, 87 banks, or .69 o f 1 % , have
excessive loans.
In the Pacific States, including W ashington, Oregon, California, Idaho,
Utah, Nevada, Arizona, Alaska, and also including Hawaii, out of 494
national banks 55 have excessive loans, or a total o f 1 .1 2 % .
O f the total national banks in the U nited States, amounting to 7,397,
only 526 now have granted loans in violation of the excessive loan statute,
the percentage in the whole country being .71 o f 1 % .
It will thus be seen that a very large reduction in the num ber of banks
violating the law in this respect has been m ade since June last, at which
time the percentage o f banks was 1.15.”
— A

g r a tify in g re d u c tio n

in t h e a m o u n t o f o v e r d r a f t s in

t h e n a t i o n a l b a n k s is a l s o r e p o r t e d b y C o m p t r o l l e r M u r r a y .
S o m e d a t a r e l a t i v e t o t h i s w a s f u r n i s h e d in a n a n n o u n c e m e n t
is s u e d b y h i m l a s t S a t u r d a y , w h ic h

w e p r in t b e lo w :

The highest point which the national banks ever reached in the am ount
o f overdrafts was in Novem ber 1904, when they were 554,941,000, or
1.46% to loans and discounts, or .76% to total resources, and the number of
national banks was 5,477. On Sept. 4 1912 the number of banks was 7,397,
or 35% greater than In 1904, and the overdrafts were 520,000,000, or .33%
to loans and discounts or .19% to total resources, or a reduction from 1904

1170

T H E C H R O N IC L E

o f 6 3 .6 % , although the num ber o f banks had Increased 3 5 % . During the
last year an effort has been made by the Comptroller to have the national
banks eliminate overdrafts so far as It is possible to do so. Many of the
State Superintendents of Banks arc working with the Comptroller to reduce
overdrafts, with the same gratifying result, though no figures are available
from the different States at this time. The Comptroller feels that the over
draft showing o f the national banks is particularly gratifying because they
are lower than they have ever been before and the call was m ade at the
season o f the year, Septem ber, when overdrafts are usually large because
o f the crop m ovem ent. The highest percentage (of 1% ) is shown by the
Southern States; the lowest (t-20 o f 1% ) Is shown by the Eastern States.
In

p u s h i n g h is

M u rray

c a m p a ig n a g a in s t

p rep a red

le g i s l a t i o n

in

th e

o f o v e rd ra fts.

a

year

v a r io u s

ago

a

S ta tes

o v e r d r a f t s , C o m p tr o lle r
c ir c u l a r

in d ic a tin g

r e s p e c tin g

th e

th e

r e s t r ic t io n

T h e N a t i o n a l B a n k A c t is s i l e n t o n t h e s u b 

je c t , b u t th e S u p rem e C o u rt o f th e U n ite d S ta te s h a s p a ssed
o n t h e q u e s t i o n , a n d i t s o p i n i o n in 1 P e t e r s , p a g e 7 1 , is q u o t e d
b y th e C o m p tr o lle r a s fo llo w s :

A usage to allow customers to overdraw and to have their checks and
notes charged up, with present funds in the bank— stripped of all technical
disguise, the usage and practice, thus attem pted to be sanctioned, is a
usage and practice to m isapply the funds of the bank; and to connive at the
withdrawal o f the same, without any security, in favor of certain privileged
persons. Such a usage and practice is surely <a manifest departure from the
d uty, both of the directors and cashier as cannot receive any countcnanc
In a court of justice. It could not be supported b y any vote of the direc
tors, however form al; and, therefore, whenever done b y the cashier, Is
at his own peril and upon the responsibility of himself and his sureties.
It is anything but "w ell and truly executing his duties as cashier.”
— S t a t i s t i c s r e l a t i n g t o d e p o s i t s a n d d e p o s i t o r s in t h e s a v 

[VOL. LXXXXV

AmericanMarmfrate reaehcs’ anTaverage*bfTfromT5Jto 6% the country over,
our farmers can feel that they are as well served as any other;'class o f men.
The reduction in the total annual Interest paid b y our farmers effected
b y these lower rates would amount to, perhaps, $160,000,000.
This, how ever, only amounts to about 8 % o f the total advance in the
price of all agricultural products in the last ten years, so we see that it is
really to increased acreage yields, through better farm m ethods and building
up a declining soil fertility, that we must look for the real reductions in
cost, for there is m ore net profit, for instance, in an 80-busliel corn crop in
one year than in our present average for four years, all of which mean a
greater profit to the farmer witli a lower cost to the consum er.
The greatest single aid to better farming, and the reduction of the
farmers’ responsibility for the high cost of living, is In larger yields per acre
through better m ethods and the building up of soil fertility— Which the
Government and States can jointly teach through farm field demonstration
m ethods, started seven years ago in the South under R oosevelt’s adminis
tration.
European acre yields are increasing and are about twice what ours are.
Farm dem onstration work is true conservation, brings permanent
methods and greater yields; therefore it is fundamental and constructive.
W hile better farm financing systems are greatly to be encouraged, yet
they are incident to, dependent upon, and follow, permanent farm m ethods.
•— A

co n fe re n c e

b e tw e e n

im p o r ta n t

b a n k in g

in te r e s ts

in

th is c it y a n d S a m u e l U n t e r m y e r ,c o u n s e l fo r th e C o n g r e s s io n a l
C o m m it t e e d e le g a te d

t o in q u i r e i n t o

th e s o -c a lle d

T r u s t ” , w a s h e ld h e r e o n W e d n e s d a y .
a p r iv a te

one,

d iv u l g e d

by

and

n o in fo r m a t io n

th o se

w ho

to o k

“ M oney-

T h e c o n fe r e n c e w a s

c o n c e rn in g it h a s b een

part

in

it.

The

N ew

Y ork

“ E v e n i n g P o s t ” , h o w e v e r , in a n n o u n c i n g t h e m e e t i n g s t a t e d
th a t

it

w as

le a r n e d

th e

bankers

w o u ld

be

ask ed

to

con

in g s b a n k s o f t h e c o u n t r y h a v e b e e n c o m p i l e d b y C o m p t r o l l e r

s id e r a b i l l r e g u l a t i n g t h e c le a r i n g h o u s e s a n d p r o v i d i n g f o r

M u r r a y f r o m r e t u r n s m a d e u n d e r d a t e o f J u n e 1 4 , t h e in f o r 

th e ir

m a t io n b e in g p re s e n te d b y M r . M u r r a y a s fo llo w s :

m a t t e r , a f f e c t i n g , a s it w i l l , t h e c le a r i n g h o u s e s t h r o u g h o u t

Special interest attaches to the reports o f operation and condition of
savings banks, their deposits being chiefly the accumulations of wage earn
ers. The present year’s reports from these institutions indicate a large
increase over the previous year in savings deposits and in the number of
depositors.
The savings banks reporting are of two classes; mutual, or those without
capital stock, and stock savings, the latter class transacting both a savings
and a com m ercial business. Practically all mutual savings banks arc lo
cated in the manufacturing centres; that is, in the New England and Eastern
States, while stock savings banks arc in operation in nearly every State
in the Union.
Savings bank reports to the num ber of 1,925 have been tabulated, 630
being from mutual institutions and 1,295 from stock savings banks. De
posits in these banks aggregate $4,450,822,522, and the depositors number
10,009,804, the average deposit account being $444 64. Savings banks
reporting in June 1911 numbered 1,884, with deposits of $4,212,583,598
to the credit of 9,794,647 depositors, the average deposit account being
$430 09. W hile there has been an increase o f only 41 in the num ber o f
banks reporting, deposits have increased b y over $238,000,000 and de
positors b y over 215,000, the increase in the average deposit account
being $14 55.
The follow ing statement shows the number of savings banks reporting,
number of depositors, aggregate deposits, average to eacli depositor and
average per capita in the United States for the years Indicated:
Aggregate
N o. of Average Due
Av.per
N o. of
Depositors. EachDep. Cap., U.S.
Deposits.
Year—- Sav. Dks.
$3,660,553,945
8,705,848
$420 47
$41 84
1908- - _ --l,4 5 3
8,831,863
420 45
3,713,405,710
41 75
1 9 0 9 --- .--1 ,7 0 3
9,142,908
4,070,486,246
445
20
45 05
..-1
,7
5
9
1 9 1 0 .-4,212,583,598
9,794,647
430 09
44 82
-1,884
1 9 1 1 --10,009,804
4,450,822,522
444 64
*46 52
1 9 1 2 -.- ..-1 ,9 2 5

th e

in c o r p o r a tio n .

co u n try ,

it

B ecau se

is s a i d

th a t

of

th e

th e

im p o r ta n c e

v ie w s

of

bank

of

th e

o f f ic e r s

in

o t h e r c it i e s w ill p r o b a b l y b e s o u g h t b e f o r e a b i l l is f o r m a l l y
in tr o d u c e d .
le g is la t io n

W ith
th e

regard

“ P o st”

to

th e

p u rpose

of

th e

p rop osed

say s:

The aim o f the bill is said to be to limit the activities of clearing houses
so as to make It impossible for them to control the action of their member
banks with reference to interest rates and other questions affecting the
banks as a whole. It is understood that the conference will be entirely
friendly and witli the Idea o f getting the heads of some of the largest banks
to criticise the bill and to state the legitimate objections to the changes in
existing m ethods that the 1)111 will provide.
— In

an

endeavor

a rra n g e m e n ts
N ew

Y ork

C l e a r in g

T reasu rer
D eu sen ,

to

b e tw e e n

of

th e

r e p r e s e n t in g

of

th e

in

banks

H o u se,

II.

P la i n f i e ld

C a s h ie r

c o n fe r e n c e

b r in g a b o u t s a t is f a c t o r y
th e

th e

N ew

N ew

T ru st

P ond,
C o .,

th e

C o m m itte e

on

th a t

and

W .

M onday

w ith

M.

V an
C o .,

c o m m itte e

of

h e ld

a

r e p r e s e n ta tiv e s

M r. P on d

E xchange

th e
and

B a n k in g

B a n k e r s’ A s s o c ia tio n ,

on

In la n d

B a n k e r s ’ A s s o c ia tio n ,

and

S e c re ta ry

N ew ark

o f t h e C l e a r in g H o u s e A s s o c i a t i o n .
of

r e c ip r o c a l

N e w .J e r s e y

II.

N a tio n a l

J ersey

Y ork

of

is C h a i r m a n

th e

h a v in g

N ew

J ersey

been

nam ed

fo r th e p u r p o s e o f se c u r in g th e c o -o p e r a t io n o f th e N e w Y o r k
C le a r in g H o u s e t o t h e e n d t h a t c h e c k s o n v a r i o u s p o i n t s in
N e w J e r s e y m i g h t b e a c c e p t e d a t p a r in N e w Y o r k .
t h i s w e e k 's

m e e tin g

is e x p e c t e d

u lt im a t e ly

to

le a d

W h ile
to

th e

•Population estimated b y Governm ent actuary, 95,656,000 July 1 1912.

a r r a n g e m e n t s s o u g h t , n o d e f i n i t e c o n c l u s i o n s w e r e r e a c h e d in

— E x c e p tio n

th e m a t t e r .

fa r m e r s

8y2%

of

to

th is

P r e sid e n t

cou n try

pay

T a f t ’s
an

c o n te n tio n

average

fo r b o r r o w e d m o n e y , as c o m p a r e d w ith 4

p a i d b y E u r o p e a n f a r m e r s is t a k e n b y

th a t

in t e r e s t

y2

ra te
to

th e
of

3y%

B . F . H a r r is , o f th e

P la in f ie ld

A c c o r d i n g t o t h e P l a i n f i e l d “ D a i l y P r e s s ,”

T ru st

s e c tio n o f N e w
a tin g

th e

Co.

is

one

of

th e

fir s t

in s titu t io n s

in

th e
it s

J e r s e y w h ic h h a s a d o p t e d m e a n s f o r e l i m i n 

charge;

th is

is

a c c o m p lis h e d

by

o f f e r in g

it s

de

F i r s t N a t i o n a l B a n k o f C h a m p a i g n , 111.

T h e s e fig u r e s w e r e

p o s i t o r s a N e w Y o r k c h e c k i n g p r i v i l e g e — o r in o t h e r w o r d s —

q u o te d

to

a llo w in g

by

P re sid e n t

c a llin g fo r a

T a ft

c o n fe re n c e

to

in

h is

le tte r

th e

G overnors

c o n s i d e r p la n s f o r t h e a d o p t i o n

c e r ta in

cu sto m e rs

to

m ake

o f a n a g r i c u l t u r a l c r e d it s y s t e m in t h e i n t e r e s t o f t h e f a r m e r .

g iv in g th e m

In

t i o n c h a r g e u n d e r C l e a r in g H o u s e r u le s .

th e

e x p o u n d i n g h is v i e w s in t h e C h ic a g o “ E v e n i n g P o s t " o f
1 9 th

u lt .,

M r.

H a rris

say s:

This would lead our farmers to believe they are being held up now, and
paying m ore than twice the European rate, im plying an excessive profit
to the m oney lenders and an explanation for a large part of the "dinnertable” cost, none of which is accurate.
The Am erican Bankers’ Association was first to take up Improved farm
financing, and is working on it. The European farmer is, as a m atter
of fact, not getting his mortgage m oney at a rate lower than 4.30 to 4 .6 0 % ,
E ven then their agricultural m ethods are on a permanent, soil-building
basis, and strong requirements are made of them with reference to returning
fertilizer to the soil.
In the older and more established farm sections o f this country our farmers
are paying about 5 % . In the newer and m ore recently settled sections,
while they arc paying higher rates, yet, keeping in mind all conditions and
that as a whole we are not on a permanent farm ing basis, our rates are
relatively as low as those of Europe.
President T aft expecially bases his ideas on the German Raiffeisen Bank
co-operative m ethod, but on account of our individualistic ideas and the
28,000 country banks we now have, that plan will not likely fit In with
our life or conditions.
State or Federal m ortgage banking m odeled after the French Credit
F onclcr plan is quite certain to be the plan this country will ad op t. The
condition precedent to better loan facilities is the adoption of permanent
m ethods of farm ing by our farmers. Under Governmental and State
regulation the farm m ortgage business could be so safeguarded and the size
and character of the security so arranged that it would make a very accep
table, popular and liquid investment security. A t the same time the farmer
could effect his loan m ore prom ptly and easily and for a m uch longer time
— all these features tending to lower the rate.
Our investing public, however, has such an enormous volum e of invest
ment securities to choose from and our rates here are such that when the




th e ir

checks

on

th e

c o m p a n y p a y a b l e a t o n e o f t h e la r g e N e w Y o r k b a n k s , t h u s

— The
w ith

and

r e s p o n s ib ilitie s o f b a n k in g

regard

re d u c in g

N ew Y o rk exchange

to

w hat

th e h ig h

m ig h t

be

c o st o f liv in g ,

a v o id in g

th e

in s titu tio n s ,

a c c o m p lis h e d
th ro u g h

c o lle c 

e s p e c i a l ly

by

th e m

in

th e c o n s e r v a tio n

o f in c o m e , w a s th e s u b je c t o f a le tte r w r itt e n b y C . T . W i l 
lia m s ,

M anager

of

In v e stm e n ts

of

th e

F id e lity

T ru st

Co.

o f B a ltim o r e , a n d read a t a recen t m e e tin g o f th e A s s o c ia te d
Banks

of

M a r y la n d .

S o m e rse t,
M r.

W o rc e ste r

W illia m s sa id

and

W ic o m ic o

C o u n tie s,

in p a r t :

One of the mistakes of the times is the growing tendency on the part
of Investors to sacrifice safety for income. This tendency Is not confined
alone to Individual investors, but is prevalent to a lesser extent among
financial institutions, which should know better. U ndoubtedly tho cry
for more income at the expense of safety o f the securities is tine to the in
creased cost of living. Unquestionably it does cost more to live than It
did live years ago, or even a year ago, but would it not be more prudent to
eliminate from our expense items certain luxuries witli which we could
dispense without subjecting ourselves to discom fort or even the lowering
o f dignity? W ould it not lie better to eliminate expenses which, when
scrutinized, m ay be found to be luxuries, and thus conserve income
without seeking return upon investments not commensurate witli safety?
The elimination o f unsafe investments, wild-cat speculations and doubt
ful flotations. Is, in m y opinion, one o f the most laudable undertakings a
bank or any financial Institution can engage in.
— T h o N a t i o n a l A s s o c i a t i o n o f C r e d it M e n a n n o u n c e s t h a t
it w ill m a k e a s p e c i a l s t u d y o f b a n k i n g a n d m o n e t a r y p r o b l e m s
w ith a v ie w

t o g i v i n g c o m m e r c i a l c r e d it s a s a f e r b a s i s .

a c ir c u l a r w h ic h it h a s is s u e d in t h e p r e m is e s i t s a y s :

In

Nov. 2 1912.]

T H E C H R O N IC L E

11 71

A fter careful consideration, the National Association ofj Credit Men f a i r s , a n d h i s a p p o i n t m e n t h a s b e e n r e c e i v e d w i t h g e n u i n e
has decided to d o all in Its power to bring about a speedy reform In our
s a t i s f a c t i o n t h r o u g h o u t t h e S t a t e w h e r e h e h a s h is r e s i d e n c e .
banking and m onetary system .
The Association has set Its hand to this task because the existing system
H e w a s a d e le g a te to th e B a lt im o r e N a t io n a l C o n v e n t io n ,
is inefficient and always falls in supporting com m ercial credit during pciiods
a n d a t th e la s t D e m o c r a tic S t a t e c o n v e n tio n w a s c h o se n a s
o f u n u su alstra in .d u cin th eflrstp la cetoth cin flex ibility of banking reserves
H e has been a m em b er o f
and second to the absence o f relation between the demands o f commerce o n e o f t h e P r e s i d e n t i a l E l e c t o r s .
and our currency issues.
t h e P r i s o n L a b o r C o m m i s s i o n , w h i c h is i n v e s t i g a t i n g t h e
T he Association believes that if a solution is not found and put into
s u b je c t o f la b o r fo r th e S t a t e p r is o n in m a t e s , b u t r e tire s
effect, this country will again be visited by a direful period o f waste such
f r o m t h e c o m m i s s i o n w i t h h is p r e s e n t a p p o i n t m e n t .
as characterized the panics o f 1803 and 1907.
The Association further believes that the enormous cost o f the experi
T h e I n d ia n a B a n k e r s ’ A s s o c ia t io n a t its a n n u a l c o n v e n 
ence which the business men o f the country paid during those years
should be sufficient to awaken all to the fact that a crisis such as we passed t i o n h e ld a t I n d i a n a p o l i s o n t h e 1 6 t h a n d 1 7 t h u l t . a d o p t e d
through then cannot possibly be prevented under our present banking a r e s o l u t i o n r e c o m m e n d i n g a n a m e n d m e n t t o t h e b a n k i n g
and m onetary system .
As the basis of a change in our laws, there must bo co-operation between la w s s o a s t o e n a b l e n a t i o n a l b a n k s t o le n d m o n e y o n m o r t 
banks and business men, this co-operation to be nation-wide, so thatevery g a g e s .
I n a n o t h e r r e s o lu tio n p a s s e d , th e a s s o c ia tio n e x 
part o f the country shall have its needful and legitimate banking facilities p r e s s e d i t s e l f in f a v o r o f l e g i s l a t i o n " t e n d i n g t o t h e p r o 
on absolutely safe lines.
The Association will make persistent efforts to interest its great business t e c t i o n o f t h e p e o p l e a g a i n s t t h e o f f e r in g t o t h e p u b l i c o f a ll
membership in this subject, with a view to drawing out expressions of w i l d - c a t a n d u n s a f e i n v e s t m e n t s c h e m e s , a n d t o t h a t e n d
opinion, and bringing about intelligent, well directed uction. This is a
f a v o r s th e e n a c t m e n t o f a la w b y th e n e x t g e n e r a l a s s e m b ly
service the National Association o f Credit Men feels that it owes the
business o f the country which, to so large an extent, Is based on banking s i m i l a r in s c o p e t o w h a t is k n o w n a s t h e K a n s a s ‘ b l u e s k y '
credits.
la w .”
I n d o r s e m e n t w a s a lso g iv e n a t th e c o n v e n tio n to th e
— T h e C o u rt o f A p p e a ls a t A lb a n y o n

th e

1 s t u l t . d e c id e d

a g a i n s t t h e S t a t e C o m p t r o l l e r in t h e a c t i o n b r o u g h t a g a i n s t
A l f r e d A . I s a a c s t o t e s t t h e la w p a s s e d in

1911

p r o h ib it in g

N a tio n a l

C itiz e n s ’

League

b a n k in g s y s t e m , a n d
w ith i t .

fo r

th e

p r o m o tio n

th e b a n k e rs w ere u rg ed

of

a

sou n d

to c o -o p e r a t e

R o b e r t W . B o n y n g e o f D e n v e r , a fo r m e r m e m b e r ,

th e sa le o f s to c k tr a n s fe r t a x js t a m p s b y a n y o n e n o t a u th o r 

o f th e N a t io n a l M o n e ta r y C o m m is s io n , w a s a s p e a k e r b e fo r e

iz e d b y t h e C o m p t r o l l e r .

th e T r u s t C o m p a n y S e c tio n o f th e A s s o c i a t io n .

w as arre ste d

M r . I s a a c s , a d e a le r in t h e s t a m p s ,

in O c t o b e r l a s t y e a r b e c a u s e h e c o n t i n u e d

s e ll s u c h s t a m p s w i t h o u t t h e C o m p t r o l l e r ’ s p e r m i s s i o n .

to
At

t h e t i m e t h e la w w e n t i n t o e f f e c t h e h a d $ 1 , 0 0 0 w o r t h o f t h e
s t a m p s a n d h e h e ld

t h e la w

t o b e in v i o l a t i o n o f t h e S t a t e

a n d F e d e r a l C o n s t i t u t i o n , i n a s m u c h 'a s i t t o o k , a s c o n t e n d e d
b y h im , p r iv a te p r o p e r ty w ith o u t d u e c o m p e n s a t io n .

The

v a l i d i t y o f t h e la w w a s u p h e l d in D e c e m b e r u n d e r a d e c is i o n
o f J u s tic e S e a b u r y o f th e S t a t e S u p r c m c ^ C o u r t, w h o d is m is s e d
t h e w r i t o f h a b e a s c o r p u s w h ic h h a c P b e e i T o b t a i n e d b y
Isa a cs.

M r.

T h e f i n d i n g o f t h is c o u r t w a s ’ s u s t a i n e d b y t h e A p 

p e lla te

D iv is io n

o f t h e S u p r e m e C o u r t in A p r i l ,

th e a c tio n

o f J u s t i c e S e a b u r y in d i s m i s s i n g t h e w r i t b e i n g a f f i r m e d b y
P r e s i d i n g J u s t ic e I n g r a h a m , J u s t ic e s C l a r k a n d
th e ' A p p e lla te
how ever, o f

D iv is io n .

th e la t t e r

J u s t ic e s

court

S c o tt

gave

a

and

D o w lin g o f
M c L a u g h lin ,

d is s e n tin g

o p in io n

on

t h e g r o u n d t h a t s in c e t h e s t a m p s h a d b e e n l e g a l l y p u r c h a s e d
b e fo r e

t h e la w

w e n t in to

o p e r a tio n

th e le g is la t io n

w as un

c o n s t i t u t i o n a l in t h a t i t d e s t r o y e d t h e p u r c h a s e r ’ s p r o p e r t y .
T h e C o u r t o f A p p e a l s in d e c i d i n g i n _ M r . I s a a c s ’ f a v o r , d o e s
not
on

w r ite

an

o p in io n ,

but

reverses

th e

A p p e lla te

D iv is io n

t h e d i s s e n t i n g o p i n i o n o f J u s t ic e S c o t t .
— T h e C o m m it t e e o n M u n ic ip a l B o n d s o f th e I n v e s t m e n t

B a n k e r s ’ A s s o c i a t i o n o f A m e r i c a , in c o n f e r e n c e o n O c t . 2 5 ,
t o g e t h e r w i t h i n v i t e d r e p r e s e n t a t i v e s o f d e a le r s in i n v e s t m e n t
b o n d s , d is c u s s e d

w ays and

m e a n s to o r g a n iz e o n e o r m o r e

c e n t r a l b u r e a u s w i t h w h ic h
th e

In v e stm e n t

B a n k ers’

to d e p o s it c e r tifie d b o n d s w ith

A s s o c ia tio n

of

A m e r ic a ,

h a v in g

e n d o r s e d o n e a c h b o n d th e f a c t t h a t th e b o n d s a r e a p p r o v e d
b y c e r t a i n a t t o r n e y s a n d t h a t t h e le g a l p a p e r s a r e s o d e p o s i t e d
w ith

th e

c e n tra l o r g a n iz a tio n .

The

purpose

in

v ie w

is t o

b r o a d e n th e g e n e ra l m a r k e t fo r m u n ic ip a l b o n d s so t h a t a n y
b o n d w h i c h h a s t h i s e n d o r s e m e n t w ill b e g o o d d e l i v e r y w it h
a n y d e a l e r , w i t h o u t r e q u i r in g a c e r t if i e d c o p y
a n d o p in io n to a c c o m p a n y th e b o n d s .
m a tte r

of

b on d s.

c o n s i d e r a b le

in te r e s t

to

of

th e p ap ers

T h i s is s a i d t o b e a

in v e sto r s

in

m u n ic ip a l

I t h a s o f t e n d e v e l o p e d i n t h e p a s t t h a t b o n d d e a le r s

h a v e g o n e o u t o f b u s in e s s a n d p a p e r s a n d r e c o r d s b e e n l o s t ,
m a k i n g i t e x c e e d i n g l y d i f f i c u l t t o d is p o s e o f s u c h m u n i c i p a l
is s u e s .
to

th e

The

m e e tin g

c o n v e n tio n

of

o f th e

th e

c o m m itte e

w as

p r e lim in a r y

I n v e s t m e n t B a n k e r s ’ A s s o c ia tio n

o f A m e r i c a , t o b e h e ld in N e w Y o r k N o v . 2 1 a n d 2 2 , w h e n a
r e p o r t f o r d e f i n i t e a c t i o n w ill b e p r e s e n t e d t o t h e e n t i r e m e m 
b e rsh ip .

W ith "B a n k in g

R e f o r m ” a s h i s t h e m e h e h a d ^ t h e | f o ll o w in g t o s a y , a c c o r d i n g
to th e "I n d ia n a p o lis N e w s ” :

Oui banking: and currency system Is universally recognized as thoroughly
unsound. A ll the political parties have declared in their platform s o f this
year in favor o f its reform ation, but no specific remedial legislation has
been proposed b y a n y. It is, perhaps, better that they should not have
done so. The problem Is not political in its nature. It is essentallly
an econom ic and business question. The people do not and can not be
made to divide upon it along political lines.
The defects in the existing system that must be remedied, no m atter which
party Is charged with the responsibility o f fram ing the legislation are: Our
unscientific treatm ent o f bank reserves, the rigidity o f our entire credit
system and the lack of co-operation between our independent banks.
■
Our present reserve system restricts the loaning power of banks at times
when reserves should be freely used and credit liberally extended to solvent
business men and thereby intensifies, If it docs not actually produce, panics.
Our scattered reserves are wholly ineffective for use in emergencies. Our
whole credit system Is rigid. Our bank notes do not fluctuate in response
to business needs. Kven the com m ercial paper held b y the banks is n ot
a truly liquid asset with us. It Is not always possible to utilize even the
very best com m ercial paper, representing the staple products of the sell on
their w ay to market.
Each separate bank in times of stress Is concerned only in strengthening Its
reserves. The sole m ethod available fo r that purpose Is the calling o f loans.
The portion of the reserves held in the vaults of our thousands of inde
pendent banks is for all practical purposes a dead asset. Indeed, rigidity
stamps itself upon our entire credit organization.
W e have only local banks. T hey furnish banking facilities to their own
com m unities.. T hey are indispensable. But it must be obvious that these
strictly local institutions can not look after or provide for the general credit
conditions of the country at large.
As it was found necessary to organize the Federal Governm ent to guard
our national interests and to legislate on those subjects affecting us as a
nation, so we must have some national federation o f the banks for national
financial purposes.
The independence o f the units must be absolutely preserved. The power*
given to the federation o f the banks m ust be strictly limited to those that
are national In character. The form o f organization must be such as to
Insure its operation in the interests o f and as a support to all legitimate
business and must be wholly free from sectional, political or selfish financial
control.
W hen thus organized it must be empowered to act as custodian for the
reserves of the banks, to rediscount their short-tim e commercial paper, to
provide a safe and sound bank note currency that will autom atically adjust
Itself to the constant changes in business requirements, to act as the govern
m ent’s fiscal agent, and to represent us in all national and all international
financial affairs.
— A
o f th e

re p o rt o f a n e x a m in a tio n o f th e b o o k s a n d a c c o u n ts
O k la h o m a

S ta te

B a n k in g B o a r d

fro m

th e in c e p tio n

o f th e S t a t e B a n k D e p o s it G u a r a n te e L a w to S e p t . 3 0 1 9 1 1 ,
and

h a v in g

p a r tic u la r

re fe r e n c e

to

th e

C o lu m b ia

Bank

&

T r u s t C o . o f O k l a h o m a C i t y , w h i c h f a i l e d in S e p t e m b e r 1 9 0 9 ,
w a s tr a n s m it t e d t o G o v . C ru c e o n S e p t . 1 7 b y F r e d P a r k in 
so n , S ta te E x a m in e r a n d In sp e c to r .

T h e e x a m in a tio n

w as

in s titu t e d m o r e th a n a y e a r a g o , a fte r th e fo r m e r S t a t e E x 

— T h e r e s i g n a t io n o f P r o f . H e n r y J o n e s F o r d a s C o m m i s 

a m i n e r a n d I n s p e c t o r , C h a r le s A . T a y l o r , h a d b e e n f o r c e d t o

s io n e r o f B a n k in g a n d In s u r a n c e fo r th e S ta t e o f N e w J e rse y

b r in g

w as an nounced

p r iv ile g e o f in s p e c tin g th e r e c o r d s b e a r in g o n th e liq u id a tio n

by

G ov.

W ils o n

L a M o n te o f B o u n d B r o o k ,
&

Son,

th e

w e ll-k n o w n

P r o f.

F ord .

B a n k in g

C o m m is s io n e r

T u esd ay.

N ew

The

G eorge

P re sid e n t o f G e o rg e

m a n u fa c tu r e r s

P a p er a t 3 5 N a ssa u S t .,
su cceed

on

of

M o n te

o f th e C o lu m b ia B a n k

S a fe ty

p o r t , th e D a lla s " N e w s ” s a y s :

Y o r k , h a s b e e n a p p o in te d
assu m ed

A p r il,

w hen

h o ld

th e p o s t ,

h i s p r o f e s s o r s h ip

in

P r o f. F o rd

P rin c e to n

n o u n c i n g h is w i t h d r a w a l f r o m

th e

V iv ia n

o ffic e
M.

had

to
of

L e w is
S in c e

c o n tin u e d

U n iv e r s ity , a n d

th e S ta t e

to

in a n 

D e p a rtm e n t

G ov.

W i l s o n s t a t e d t h a t P r o f . F o r d r e s ig n e d b e c a u s e lie c o u ld n o t
a t th e s a m e tim e p e rfo r m
M o n te ,

who

a ssu m es

h is d u t i e s a t P r i n c e t o n .

charge

as

C o m m is s io n e r

M r. L a

to -d a y ,

has

f o r m a n y y e a r s b e e n i n t e r e s t e d in b u s in e s s a n d p o l i t i c a l a f




p ro c e e d in g s

La

r e s i g n e d t o b e c o m e a V i c e -C h a n c e l l o r o f N e w J e r s e y .
h is a p p o i n t m e n t t o

m andam us

N a tio n a l

la t t e r

la s t

M.

in

order

& T ru st C o.

to

be

a llo w e d

th e

W it h re g a rd to th e re

In a general w ay the report is without severe criticism : how ever, Colin
Valentine, the deputy o f the department m aking the exam ination, calls
attention to some o f the practices during the former administration. The
bookkeeping was not as com plete as it should have been, he says, as it
failed to show the proper connection in business transactions between the
Secretary and Treasurer of the board. It was difficult to determine, the
report says, when payments were m ade to the guaranty fun d. A lso, the
Inspector says, he has been unable to obtain a com plete list o f the assets
of the first banks that were liquidated, which should have been, lie says.
In the Commissioner’s records. There was no itemized account of how the
assets were handled or realized upon. U ntil recently, he says, there was no
system atic way of handling or recording them . '
It is also shown there Is no record o f meetings or the State Banking Board
between Sept. 13 1909 and N ov. 13 1909, during which tim e the Bank Com
missioner was In charge of the Columbia Bank & Trust Co.

1173

T H E C H R O N IC L E

[VOL. LXXXXV,

Up to Sept. 30 1911 State banks paid Into the guaranty fund a total of
e l e c t i o n t o t h e m a n a g e m e n t o f t h e b a n k , w ill a s s u m e h is
$1,279,393 99. The largest total paym ent was the Oklahoma State Bank of
H e is b u t t h i r t y - f o u r y e a r s
Muskogee. $17,010 40. The warrant Indebtedness against the fund on that n e w o f f i c e o n t h e 4 t h i n s t .
date was $364,489 24.
of age.
H e g r a d u a t e d f r o m W i l l i a m s C o lle g e in 1 8 9 9 , a n d
There has been paid out of the guaranty iund. Including what the fund p r i o r t o b e c o m i n g a p a r t n e r in R h o a d e s & C o . , w a s a s s o 
has earned and the am ount evidenced by the warrants In paying depositors
o f the fourteen failed banks, a total of $2,772,068 50 In cash. There was c i a t e d w i t h V e r m i l y e & C o . , E d w a r d S w e e t & C o . a n d
due the fund on S ept. 30. after the Banking Board had realized upon all of W i l l i a m A . R e a d & C o .
the assets of the fourteen banks which It could, a total of $1,600,110 53.'
— E d w i n W . C o g g e s h a ll t h i s w e e k r e t i r e d a s P r e s i d e n t o f
T o offset this am ount, there Is property of some o f the failed banks listed
as being worth $1,512,008 25, leaving a net loss to the guaranty fund, t h e L a w y e r s ’ T i t l e I n s u r a n c e & T r u s t C o . o f t h i s c i t y a n d
providing the scraps, odds and ends could be realized upon at their b ookL o u is V .
value, of $88,102 28 In a little over three years’ tim e. For four of the banks w a s e l e c t e d C h a i r m a n o f t h e b o a r d o f d i r e c t o r s .
B r i g h t , h e r e t o f o r e V i c e - P r e s i d e n t , w a s e le c t e d t o s u c c e e d M r .
the examiner says he could find no statement of assets whatever.
In but two Instances did the guaranty fund com e out even In the general C o g g e s h a ll a s P r e s i d e n t a n d H e r b e r t E . J a c k s o n , G e n e r a l
settlements. The three Oklahoma City banks that have failed, being the
M r . J a c k s o n w ill
Columbia Bank & Trust C o., the Planters & Merchants’ and the Night & M a n a g e r , w a s m a d e a V i c e - P r e s i d e n t .
D a y Bank, have thus far cost the guaranty fund a total of $1,196,318 02, to c o n t i n u e i n t h e o f f i c e o f G e n e r a l M a n a g e r .
offset which the board has a list of assets the value of which cannot be de
— T h e T r a n s a t la n t ic T r u s t C o . o f th is c it y h a s b e e n a p 
term ined.
A large section of the report deals with the Colum bia failure. The In p o i n t e d a d e p o s i t a r y f o r t h e N e w Y o r k S t a t e c a n a l f u n d s .
spector says that several Important books of the bank, including the loan
T h i s n e w i n s t i t u t i o n h a s m a d e g r a t i f y i n g p r o g r e s s s in c e it
and discount register, have not been seen by the officials in charge since the
T h e c o m p a n y ’s d e p o s i t s
bank was closed. A personal Investigation o f the exam iner failed to re o p e n e d f o r b u s i n e s s o n M a y 2 2 l a s t .
veal the presence of these records. The record of the Columbia’s liquidation w e r e 8 2 , 3 0 2 , 3 1 0 o n S e p t . 9 , t h e d a t e o f t h e l a s t b a n k c a l l ,
was so Imperfect, the report says, that the Exam iner’s department had to
a n d c a p i t a l $ 7 0 0 , 0 0 0 , in a d d i t i o n t o s u r p l u s a n d p r o f i t s o f
subpoena witnesses and take oral testim ony as to the transactions.
A g g r e g a te re so u rce s w ere $ 3 ,3 4 6 ,5 9 9 .
T h e m a in
A t the time of the failure, the book resources of the bank were a little over $ 3 3 9 , 8 6 3 .
$3,250,000, and on Sept. 30 1911 they were less than $1,000,000. Up to o f f i c e is a t 6 7 - 6 9 W i l l i a m S t r e e t , c o r n e r C e d a r , a n d t h e c o m 
the close of the report the Exam iner had m ade up a list of loans and discounts
p a n y h a s a n E a s t S id e b r a n c h a t 2 0 7 S e c o n d A v e n u e .
The
amounting to more than $400,000. * * * *
Assets of the Columbia, which the State got in the failure, and said to m e m b e r s o f t h e e x e c u t i v e s t a f f a r e : J u li u s P i r n i t z e r , P r e s i d e n t ;
have had a paper value of $500,000, were sold to a salvage concern for H . B . F o n d a , V i c e - P r e s i d e n t ; G e o r g e P l o c h m a n n ,T r e a s u r e r ,
$225,000. B y wording of the contract, the report says, it is impossible
T h e b o a r d is c o m p o s e d o f
to determine the exact value o f all the assets which the trade included. a n d V i c t o r E h r l i c h e r , S e c r e t a r y .
There is $35,000 of the purchase price still due the State.
a g r o u p o f r e p r e s e n ta tiv e b a n k e r s a n d in c lu d e s : I I . R ie m a n
The

report

C ruce

to

req u est
such

w as

th a t

a

im m e d ia t e ly

S ta te
he

sta te

of

fo rw a rd e d

A tto r n e y -G e n e r a l
see

w h e th e r

a ffa ir s

in

by

W e st,

or

not

c o n n e c tio n

G overnor
w ith

it

th e

d is c lo s e d

w ith

th e

f a il u r e

o f t h e C o l u m b i a B a n k & T r u s t C o . a s t o le a d t o a n y c r i m i n a l
p r o s e c u t io n s .

A s s is ta n t

r e p lie d , s t a t in g

A t t o r n e y -G e n e r a l

t h a t h is o f f i c e h a d

M a tso n

at

on ce

n o t m a d e s u ffic ie n t e x 

D u v a l , J a m e s G . C a n n o n , J o h n W . P la t t c n , C a lv e r t B r e w e r ,
S t u y v e s a n t F i s h , W a l t h e r L u t t g e n , H e n r y H . W e h r h a n e , C la r k
W illia m s ,

A rp ad

G.

G e rste r,

M.

D .,

G u sta v e

L eve,

M o r r is

C u k o r , A r n o ld S o m ly o , W a lt e r G . O a k m a n , H o n . A le x a n d e r
V o n N u b e r , H a n s W i n t e r f e l d t a n d J u liu s P i r n i t z e r .
— The
regard

fo llo w in g

to

th e

d e n ia l

rep o rte d

w as

is s u e d

purchase

of

on
th e

T h u rsd ay

w ith

M a n h a tta n

L ife

a m in a t io n o f th e r e p o r t to a s c e r ta in w h e th e r it c o n ta in e d a n y

In s u r a n c e C o . b y in te r e s ts r e p r e s e n tin g H e n r y L . D o h e r t y :

fa c ts

A t the office of Henry L. Doherty & Co. this morning the report that
Interests representing Henry L. Doherty have purchased a m ajority o f the
stock of the Manhattan Life Insurance Co. was denied. Mr. Doherty is
not in any way associated with any one who m ay be acquiring control of the
Manhattan Company.

upon

w h ic h

a

c r im in a l

p r o s e c u t io n

m ig h t

be

based ,

b u t a d d e d t h a t , “ a s th e w r o n g fu l a c t s , if a n y , m u s t h a v e b e e n
c o m m i t t e d s o m e c o n s i d e r a b le t i m e p r i o r t o S e p t . 2G 1 9 0 9 , a n d
as

c r im in a l

p r o s e c u t io n s

m u st

b e g in

w ith in

th r e e

years,

w e f e a r t h a t t h e r e p o r t w ill b e o f n o b e n e f i t a s a f f o r d i n g a
b a s is fo r p r o s e c u t io n o f a n y o n e w h o m th e r e p o r t m ig h t s h o w
w a s g u ilty

o f v io a ltio n

in J a c k s o n , M i s s ., t h e

M is s is s ip p i F a r m e r s ’ U n io n a d o p t e d th e fo llo w in g r e s o lu tio n ,
u r g in g p r o p e r le g is la t io n fo r th e r e g u la tio n o f th e S t a t e b a n k 
in g in s titu t io n s :

R ecent failures of banks In Mississippi admonishes the people of the ne
cessity of legislation that will p rotect the public against mushroom banks
and the dishonest bank officials; we therefore urge upon the Legislature
the necessity of such a law as will safeguard the interests of depostlors,
p rotect honest and conservatively-m anaged banks, make the distress In
cident to bank failures a thing o f the past In the history of our State.
In framing such a law, we respectfully urge upon the Legislature the neces
sity o f preparing a measure that will, just as far as possible, keep banking
Institutions out of p olitics.
'
— G r o u p V o f th e N e w Y o r k

S t a t e S a v in g s B a n k A s s o c ia 

t i o n , in s e s s io n o n O c t . 2 4 a t t h e U n i o n L e a g u e C l u b , B r o o k 
ly n , u n a n im o u s ly v o te d to r e c o m m e n d to th e e x e c u tiv e c o m 
m it t e e o f th e a s s o c ia tio n th e p a s s a g e o f th e F lo y d -A lie n b ill,
w h i c h w o u ld p r o h i b i t t h e p a y m e n t b y s a v i n g s b a n k s o f m o r e

3% %

a Y e a r o n d e p o s its u n t il th e re h a d b e e n a c c u m u 

l a t e d a s u r p lu s f u n d o f 1 5 %

o f th e d e p o s its .

— O n e o f t h e i t e m s o f n e w s w h ic h h a s c r e a t e d c o n s i d e r a b le
i n t e r e s t d u r in g t h e w e e k is t h e r e p o r t t h a t p l a n s a r e b e in g
d is c u s s e d

fo r

a

c o n s o lid a tio n

of

th r e e

im p o r ta n t

banks

of

th is c it y — th e B a n k o f N e w Y o r k , N . B . A . , th e M e c h a n ic s ’
&

M e ta ls

N a tio n a l

Bank

and

th e

F ou rth

N a tio n a l

Bank.

W h i l e P r e s i d e n t H e r b e r t L . G r i g g s h a s is s u e d a s t a t e m e n t in
w h i c h h e d e n i e s t h a t t h e B a n k o f N e w Y o r k is c o n c e r n e d in
a n y such

a llia n c e , it

is

n e v e r t h e le s s

know n

th a t

te n ta tiv e

n e g o tia tio n s to w a r d u n itin g th e th r e e in s titu t io n s h a v e b e e n
c a r r ie d o n , b u t
tio n

or

d e n ia l

not
w as

w h e t h e r t h e y w ill e v e n t u a t e in a c o n s o l i d a 

re m a in s ,

& S o n s h a s b e e n e le c t e d a d i 

o f l a w .’ ’

— A t its r e c e n t a n n u a l c o n v e n t io n

th a n

— L e e K o h n s o f L . S tra u s

r e c to r o f th e A e t n a N a t io n a l B a n k o f th is c it y .

of

co u rse, to b e se e n .

M r . G rig g s’

c o n t a i n e d in t h e f o l l o w i n g s t a t e m e n t is s u e d o n

— T h e W o o d h a v e n B a n k o f W o o d h a v e n , L o n g Is la n d , w as
c lo s e d b y t h e S t a t e B a n k i n g D e p a r t m e n t o n T u e s d a y .

d e v e lo p e d

d u r in g

th e

W 'y c k o f T , w h o h a d
h is r e tu r n

to J a m a ic a , L . I . ,

rep o rte d

la s t

B a n k in g

D ep a rtm en t

n ig h t.

o f th e in s titu t io n
e sta te

absen ce

o p e ra to rs

In

fro m

sta te d
la x ity

in

J r .,

F.

it

R o u g e , L a ., w as

of

its

had

a c tio n ,

ta k e n

m a n a g e m e n t .”

th e

charge
to

The

re a l

sta te 

m e n t o f t h e D e p a r t m e n t s a id

Because of doubtful loans made to real estate operators and laxity In
management which was persisted In despite repeated warnings, Super
intendent George C. Van Tuyl Jr. of the State Banking Departm ent to-day
closed the W oodhaven Bank of W oodhaven, L . I. Superintendent Van
T uyl appointed Daniel W . Quinn Jr., a State Bank Exam iner, as special
Deputy Superintendent to assist him In liquidating the affairs of the insti
tution for the benefit of the depositors and creditors.
A ccording to the quarterly report made by the bank to the Banking De
partment on Sept. 9 last, the total assets o f the Institution were $726,528,
and It had a surplus, as shown by Its books, of $38,069. The loans aggre
gated $320,161.
R ecent Investigation of the bank made by examiners under the direction
of Superintendent Van Tuyl, disclosed that much of the Institution’s assets
were questionable. The deposits aggregated about $675,000 and the books
of the institution showed that It had In cash, bond Investments and due
from other banks, constituting the quick assets o f tlje Institution, about 45%
o f the aggregate of the deposits. The worth of m any of the loans depends
upon the value o f the stock o f realty companies taken as collateral.
The bank had a capital of $25,000 anil was organized In 1891. The di
rectors o f the Institution arc William F. W yck off, Franklin II. Corwin,
II. M. D eR onde, W illiam E . Maynard, Don S .L o tt and Abram Van Siclcn.
— T h e s to c k h o ld e r s o f th e U n io n N a t io n a l B a n k o f N e w 
p o r t,

R.

I .,

on

O c t.

16

v o te d

to

p la c e

th e ir in s titu t io n

in

v o lu n t a r y liq u id a t io n , fo llo w in g th e a c c e p ta n c e o f a p r o p o s i
tio n

t o m e r g e it s b u s in e s s w i t h

H a m m e tt,

th a t o f th e A q u id n e c k

N a

T h e U n io n N a tio n a l h a d a c a p ita l o f $ 1 5 5 ,2 5 0

is a

d i r e c t o r in

th e

Its

P re sid e n t,

A q u id n e c k

W illia m

N a tio n a l

II.

Bank.

W . A . C o g g e s h a l l , C a s h ie r o f t h e U n i o n , a n d J . S . C o g g e s h a ll,
th e te lle r , g o w ith th e A q u id n e c k a s b o o k k e e p e r s .

T h e la t

t e r i n s t i t u t i o n h a s a c a p i t a l o f $ 2 0 0 , 0 0 0 ; it s d e p o s i t s o n S e p t . 4
w ere $ 1 ,3 5 3 ,2 6 9 .
— A m e e t in g o f th e s to c k h o ld e r s o f th e E x c h a n g e T r u s t C o .

b c^ th e c o n tin u in g in s titu t io n .
T in k e r

W illia m

“ b e c a u s e o f d o u b t f u l lo a n s m a d e
and

a n d d e p o sits o f a b o u t $ 7 2 ,0 0 0 .

It.

B a to n

th a t

Referring to the reports In to-d a y ’s papers as to the proposed amalgama
tion of our Institution with other banks, we wish to say that there Is no basis
whatever for such reports so far as the Bank o f New York Is concerned,
and that there are no negotiations whatever for the merger of our bank with
any^other Institution being considered b y us.

— E dw ard

P re sid e n t

th e c it y fo r tw o w e e k s ;

e x p la n a tio n

tio n a l B a n k .

d a t i o n w e r e t o b e c o n s u m m a t e d , t h e F o u r t h N a t i o n a l w o u ld

of

b e e n a w a y fro m

W ed n esd ay:

T h e r e p o r t t h i s w e e k w a s t o t h e e f f e c t t h a t if t h e c o n s o li

Its

c lo s i n g f o l l o w e d a r u n w h ic h b e g a n t h e p r e c e d i n g d a y , a n d

a

p a r tn e r

in

th e

N ew

Y ork

o f B o s t o n is t o b e h e ld o n t h e 1 2 t h i n s t . t o v o t e o n t h e q u e s 

S t o c k E x c h a n g e h o u s e o f R h o a d e s & C o . , w a s e le c t e d a V i c e 

tio n

P r e sid e n t

T h e n e w s h a re s (p a r $ 1 0 0 ) a r c to b e s o ld a t $ 1 5 0 e a c h , a n d

T in k e r ,

of

th e

C h ase

w h o re tir e s fr o m




N a tio n a l

Bank

m e m b e r sh ip

in

th is

w eek.

th e fir m

M r.

w i t h h is

of

in c r e a s in g

th e

c a p it a l

fro m

$ 2 5 0 ,0 0 0

t h e p r e m i u m w ill b e c r e d i t e d t o s u r p lu s .

to

$ 5 0 0 ,0 0 0 .

Nov. 2 1912.]

THE CHRONICLE

— The consolidation of the Eliot National Bank of Boston
with the National Shawmut Bank, which was effected last
week, will be formally ratified by the stockholders of the
absorbed bank on the 29th inst. As indicated in our refer
ence to the matter last Saturday, Harry L. Burrage, Presi
dent of the Eliot, goes with the Shawmut as a Vice-President.
The Eliot National. began business in 1853; its capital,
originally $300,000, was increased to $600,000 in 1854, and
to $1,000,000 (the amount at the time of the consolidation)
in 1864. Dividends were paid by it uninterruptedly since
1854, the rate at the present time having been 8 % .
— William F. Edlcfson, late Assistant Cashier of the Eliot
National Bank, has become an Assistant Cashier of the First
National Bank of Boston.
— Waldo F. Glidden, Assistant Treasurer of the American
Trust Co. of Boston, has been elected Treasurer to succeed
J. J. Oldfield, who died last December. A newly-elected
director of the company is John E . Liggett, Vice-President
of the State Trust Co. of Augusta, Me., and a director of
the Maine Central R R
— Stephen R. Dow, of the former Boston Stock Exchange
house of Stephen R . Dow & Co., was indicted by the Suf
folk County grand jury on Oct. 25. The indictment, it is
stated, contains 92 counts, and charges the accused with
larceny, with having received stolen goods, with statutory
conversion by an officer of a corporation, and with obtaining
money by wrongfully pledging credit of a company for the
officers’ own use. The amount involved in the charge is
reported as $146,764. The report on which the charges arc
based is said to be a partial one only, the grand jury’s in
vestigation having not yet been completed. Dow was in
terested in a number of copper companies and the indictment
it is reported, concerns four of these, viz., the Indiana Min
ing Co., the Algomah Mining Co., the Franklin Mining Co. and
the North Lake Copper Mining Co. Dow pleaded not guilty
to the charges against him and was released under $25,000
cash bail, which was accepted in lieu of $50,000 in securities.
The firm of Stephen R . Dow & Co. assigned on Sept. 24.
— I. Tucker Burr has been elected to fill a vacancy on the
board of the Commonwealth Trust Co. of Boston.
— The Gloucester Safe Deposit & Trust Co. of Gloucester,
Mass., is reported to have purchased the business of the
City National Bank of Gloucester. The latter, it is stated,
will be liquidated. It has a capital of $150,000 and deposits
in the neighborhood of $875,000. The Gloucester Safe
Deposit & Trust Co. has $200,000 capital and deposits of
about $2,800,000.
— It. A . J. Hcwat, Vice-President of the North Adams
Trust Co. of North Adams, Mass., was elected President of
the institution on the 28th ult. to succeed the late Col.
Frank S. Richardson. C. II. Cutting was elected to take
Mr. Ilewat’s place as Vice-President.
— Arthur V. Morton has been chosen to succeed Thomas
S. Gates as Vice-President of the Pennsylvania Co. for
Insurances on Lives & Granting Annuities of Phila
delphia. Mr. Gates, Mr. Morton’s predecessor, resigned a
month ago to take the presidency of the Philadelphia Trust
Safe Deposit & Insurance Co. Mr. Morton has heretofore
served as Treasurer of the Pennsylvania Company; Jay Gates,
Trust Officer of the latter has also been promoted to a vice
presidency, and C. S. Newhall, previously Assistant Treas
urer, succeeds Mr. Morton as Treasurer. Thomas Craven
has been chosen to fill the newly created post of Real Estate
Officer.
— Antoine Bournonville has been elected a director of
the National Bank of the Northern Liberties, at Philadelphia.
Joseph Moore Jr., President of the bank, has become Vice
President of the County Fire Insurance Co. lie takes the
place of his brother, the late Alfred Fitler Moore, whom
Mr. Bournonville succeeds in the directorate of the bank.
— Humbert B. Powell has been elected to the director
ate of the German-American Title & Trust Co. of Philadel
phia, to succeed Samuel Biddle, resigned.
— A cash dividend of 2 y 2% in liquidation is being paid
to the stockholders of the Federal Trust Co. of Cleveland by
the Guardian Savings & Trust Co., as assignee. Since the
assignment of the Federal Trust in March 1904, a part of
the distribution to its stockholders has been in stock of the
Guardian Savings & Trust Co. and stock of the American
Shipbuilding Co.
The various distributions, according to
the Cleveland “ Plain Dealer” , have been as follows: •
A 2 0 % d iv id e n d in G u a rd ia n s to c k a t 2 0 0 , w h ich a t th e p r e s e n t p ric e
w o u ld be e q u iv a le n t to a 5 5 % d iv id e n d ; a 3 0 % d is tr ib u tio n of A m e ric a n




1173

S h ip b u ild in g C o. s to c k , w h ich a t p r e s e n t fig u re s w o u ld e q u a l a d iv id e n d
o f 1 7 7 - 1 0 % a n d fiv e ca sli d iv id e n d s to ta lin g 2 8 % , th u s m a k in g a t p r e s e n t
p ric e s a t o t a l d iv id e n d o f 1 0 0 7 - 1 0 % . S h a re h o ld e rs o f th e F e d e r a l w h o
m a r k e te d th e ir G u a rd ia n a n d S h ip sto c k s (jt th e h ig h p o in ts o n e a c h , 3 0 2
o n G u a rd ia n In J a n u a r y 1 9 0 6 a n d 8 5 o n S h ip co m m o n in 1 9 1 0 , w o u ld n o w
h a v e r e a liz e d a to t a l of 1 1 3 .9 o n th e ir in v e s tm e n t, w ith p ro s p e c t o f a n o th e r
s m a ll c a sh d iv id e n d w h en a few re m a in in g a s s e ts c a n b e liq u id a te d . W h e n
th e s to c k d iv id e n d s w e re m a d e , G u a rd ia n s to c k w as sellin g a t 2 5 0 a n d S h ip
com m on a t 4 5 .

— Extracts from a speech made by James B . Forgan,
President of the First National Bank of Chicago, before his
employees in September, in commendation of the American
Institute of Banking are being distributed. A previous
indorsement of the organization had been written by Mr.
Forgan and incorporated in the 1912 year-book of the
Institute. In reiterating his approval of its work he said:
A s to th e a d v a n ta g e s to b e d e riv e d fro m a n d th e o p p o r tu n itie s o ffe re d
b y m e m b e rs h ip in th e I n s t i t u t e , th e r e is c e rta in ly li ttl e to a d d to w h a t Is
p la c e d b efo re y o u in th is w o n d e rfu lly c o m p a c t a n d a d m ir a b ly g o tt e n u p
b o o k le t. I p re s u m e y o u h a v e all re a d it c a re fu lly , o r w ill h a v e a n o p p o r
tu n i ty of d o in g so .
I f , a f t e r re a d in g it , y o u d o n o t a t o n ce s e e fo r y o u s re lv e s th e d e s ir a b ility ,
o r, to p u t i t m o re s tro n g ly , t h c n e c e s s i t u , of b e lo n g in g to th e C h icag o c h a p te r ,
a n d th u s p u t y o u rs e lv e s in to u c h w ith th e w o rk a n d o b je c ts of th e I n s t i t u t e ,
y o u m u s t b e la c k in g in t h a t a m b itio n w h ich a lo n e le a d s to a d v a n c e m e n t in
y o u r ch o sen c a llin g , a n d b lin d to y o u r o w n b e s t in te r e s ts .

— The directors of the First National Bank of St. Paul are
reported to have accepted an offer of between $325 and $350
a share made for the stock of the bank by James J. Hill.
The institution has a capital of $1,000,000. Mr. Hill last
month acquired the stock of the Second National Bank;
this transaction was followed by the agreement of the di
rectors of the Northwestern Trust Co. of St. Paul to sell their
holdings to the directors of the First National Bank, that
purchase having, it is understood, been in the interest of
Mr. Hill. A union of these various organizations is looked
for.
— The controlling interest in the German Savings Bank
of Des Moines, la ., has been secured by John A . Cavanagh
and other interests with which he is associated. J. H .
Hogan, Cashier of the bank, is one of the principals acting
with Mr. Cavanagh. The bank has a capital of $100,000.
The holdings which the new interests have acquired include
260 shares purchased by Mr. Cavanagh from the James W att
Estate and 100 shares secured by Mr. Hogan from C. Iluttenlocher. It is expected that Mr. Cavanagh will be elected
President of the institution at the annual meeting in January.
The present head of the bank, Jesse O. Wells, has served in
the presidency since April 1911. He is a son of former
President L. J. Wells. The acquisition of a site for the
erection of a new building for the institution is under con
sideration.
— The Woodruff Trust Co. has filed articles of incorpora
tion at Springfield, Mo. The company’s capital is fixed
at $200,000; the institution will conduct a banking and trust
business. Those identified with it include John T. Wood
ruff, Roy Cox, Lewis Luster, W . L. Garrett and F. E .
Miller. The above title has also been chosen for the new
organization which is to be established in Joliet, 111., by the
interests in the First National Bank of that city.
— Thomas B. Janney, Second Vice-President of the Farm
ers’ & Mechanics’ Savings Bank of Minneapolis was elected
President of the institution on October 23rd to succeed the
late John De Laittre. W . G. Northrup was elected to
replace Mr. Janney as Vice-President. The presidency was
offered to O. C. W ym an, First Vice-President of the bank,
but he declined because of pressure of business. Mr. Jan
ney is also President of Janney, Semple, Hill & Co.
— At a meeting of the directors of the Mississippi Valley
Trust Co. of St. Louis on the 23rd ult. Charles Ellsworth
Scliaff, President of the Missouri Kansas & Texas R y .,
was elected a director, to fill the vacancy created last April
by the death of Charles Clark, one of the incorporators of the
company. Mr. Schaff was born in Licking County, Ohio,
and has been a railroad man all his life. He has been suc
cessively General Manager of the Pennsylvania lines, Vice
President of the New York Central lines west of Buffalo and
President of the Missouri Kansas & Texas Ry.
— We learn from the Richmond “ Times-Dispatcli” that
another trust company is in process of organization in that
city, with a capital and surplus of $1,000,000 each. W . M.
Ilabliston, Chairman of the board of directors of the First
National Bank of Richmond, it is intimated, will guide the
affairs of the new institution as President. The title which
the company will bear has not yet been announced, but the
date of its opening is given as February. The “ Times-Dispatch” quotes Mr. Ilabliston as saying that the plans for the
formation of the new trust company have not yet been en-

1174

THE CHRONICLE

tircly completed, and that, pending the consummation of
the details, he prefers to make no statement for publication.
— H . C. W ynne, former President of the defunct Night
& Day Bank of Little Rock, Ark., was indicted in that city
on October 26 for using the mails to defraud. He was con
victed on the 23d u lt.of a similar offense in Memphis, where
he was a director of the All Night & Day Bank.
— The directors of the Bank of Montreal (head office
Montreal) have declared a bonus of 1 % in addition to the
regular quartei’ly dividend of 2 % % , payable December 2
to stockholders of record October 31. A like bonus was
declared on June 1 last, thus making 1 2 % for the year.
— H . Stikeman will retire at the end of this month as
General Manager of the Bank of British North America (head
office Montreal) after twenty-three years service. His
action, it is stated, is prompted by ill-health. H . B . Mac
kenzie, Superintendent of Branches, has been appointed
to succeed Mr. Stikeman in the general managership.
— In the twelve months to September 30 1912 the assets
of the Molson's Bank (head office Montreal) increased from
$47,517,832 to $52,958,505. A growth of over $5,000,000
is likewise witnessed in the deposits, these now reaching
$39,082,627, against $33,850,370 on September 30 1911.
The latest figures are made up of interest-bearing deposits
of $31,676,978 and non-interest-bearing deposits of $7 ,
405,649. The net profits of the bank during the year,
after providing for operating expenses and bad and doubtful
debts, amounted to $684,779. The amount to the credit
of profit and loss September 30 1911, viz.: $119,306, increased
the sum available for appropriations to $804,085. Of this,
$440,000 was applied in dividends (at 11 % per annum);
$65,516 was used in writing off bank premises; $23,241 was
expended in business taxes;
$10,000 was contributed
to the officers’ pension fund, and $2,500 to the McGill
fund; while $100,000 was transferred to the reserve fund,
leaving $161,828 to the credit of the new profit and loss
account. The bank has a paid-up capital of $4,000,000 and
a reserve fund of $4,700,000.
W . Molson Macpherson is
President and James Elliot is the General Manager of the
institution.
— The reports a week ago that the Metropolitan Bank
(head office Toronto) would take over the Banque Inter
nationale du Canada, Montreal, is unfounded, according to
President S. J. Moore of the Metropolitan Bank, who says:
T h e r e is n o g ro u n d fo r th e r u m o r t h a t th e M e tro p o lita n B a n k h a s a b 
s o rb e d , o r is lik e ly to a b s o rb , th e B a n q a c I n te r n a tio n a le . S o m e tim e ago
th e r e w ere n e g o tia tio n s of t h a t c h a ra c te r , b u t th e y d id n o t re a c h th e s ta g e
w h e re th e y co u ld be co n s id e re d se rio u s ly b y th e d ire c to rs of th e M e tro p o li
t a n B a n k , a n d it is n o t lik e ly t h a t th e y w ill b e re n e w e d .

— The stockholders of the Bank of New Brunswick, at
Nova Scotia are to meet on December 10 to pass upon the
proposal to merge their institution with the Bank of Nova
Scotia (head office Halifax). The pending plans were
outlined in the "Chronicle" of last week. The proceedings
are to be ratified by the stockholders of the Bank of Nova
Scotia on December 11, when they will also take action
toward increasing their authorized capital from $5,000,000
to $6,000,000. It is expected that the consolidation, if
sanctioned, will go into effect on Feb. 1.

[ F r o m o u r o w n c o r r e s p o n d e n t .]

London, Saturday, Oct. 19 1912.
The directors of the Bank of England oh Thursday raised
their rate of discount from 4 % to 5 % . The advance was
very generally expected, for, in fact, the Bank had been
charging rates above the legal minimum for some days pre
viously. Besides, the international condition, and especially
the outbreak of hostilities between Turkey and the four
allied Balkan States, made it incumbent upon the Bank to
take measures to protect its reserve. The preceding day
the National Bank of Belgium had likewise put up its rate
from 4 % to 5 % ; on Thursday the Bank of France raised its
rate from 3 % to 3 % % and yesterday the State Bank of
Sweden advanced its rate from 4 y 2% to 5 % . The general
expectation is that the Reichsbank will put up its rate on
Monday and that the Austro-Hungarian Bank will follow
suit cither on the same day or the day after.
The panic upon the Continental bourses was allayed early
this week mainly by the reassurances received from the several
governments, and the assistance given to markets by the
great banks at the instigation, it is believed, of the various
governments. London was only affected by the heavy
selling from Berlin and Paris. There was not a large specu
lative account open here. But Paris, Berlin, Vienna and
St. Petersburg were all taken completely by surprise, and the
panic for a short time threatened to be disastrous. The
assurances given by Count Berchold that Austria-Hungary
will not intervene until the Balkan conflict ends, no matter
.what may happen, very powerfully contributed to the re




[VOL. LXXXXV.

covery of confidence. The reassurances of all the other
governments helped. But perhaps the greatest influence
was exercised by the conclusion of peace between Italy and
Turkey, which was taken to mean that the six great European
Powers arc really agreed that there shall be no intervention.
For the moment there is little inclination in London to
engage in new enterprise. War has been declared; the hope
of averting it is quite disposed of, and people now are deter
mined to wait upon events. Particularly the leaders of the
City are watching to see whether the Greek or the Turkish
fleet is the stronger. If the Turkish fleet beats the Greek,
it will enable Turkey to bring up reinforcements to the the
atre of war rapidly, and probably will bring the war to a
speedy end. If, on the other hand, the Greek fleet should
prove to be the better of the two, Turkey may not be able
to bring up her reinforcements in time to prevent a great
and decisive victory being won by the allies. In any event,
cautious people remember the warning given by Count
Berchold that Austria-Hungary will not intervene until the
war is ended, which is taken everywhere to mean that, how
ever the fighting goes, the great Powers are intent upon
settling the terms of peace themselves. Whether their
unanimity will last when the settlement of the terms has
to be decided remains to be seen, and hence there is little
disposition at present to engage in new risks.
The India Council offered for tender on Wednesday 60 lacs
of its bills and telegraphic transfers, and the applications
amounted to nearly 6 3 8 % lacs, at prices ranging from Is.
4 l-32 d . to Is. 4 3-32d. per rupee. Applicants for bills at
Is. 4 l-16d . and for telegraphic transfers at Is. 4 3-32d. per
rupee were allotted 1 3 % of the amounts applied for.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
O c t. 1 6 .
1912.

O c t. 1 8 .
1911.

O c t. 1 9 .
1910.

O ct. 2 0 .
1909.

O c t. 2 1 .
1908.

£

£

£

£

£

2 8 ,8 9 3 ,8 9 0
C ir c u la t io n ................... 2 8 ,6 2 8 ,1 3 0
2 8 ,6 6 9 ,2 1 5
2 7 ,0 1 3 ,1 8 0
2 9 ,0 3 7 ,3 7 5
P u b l ic d e p o s i t s _____ 9 ,( 5 9 , 6 1 1
6 ,7 1 4 ,9 7 9
7 ,9 2 ,( 7 1
4 ,5 3 0 ,8 4 0
6 ,3
,4 6 6
O t h e r d e p o s i t s ........... 4 6 ,7 9 5 ,9 2 7
4 5 ,0 5 2 .6 6 4
4 1 ,9 2 5 ,0 8 8
4 0 ,4 8 2 ,9 4 8
4 6 ,0 8 1 ,9 6 8
G o v e r n m 't s e c u r it ie s 1 3 ,0 3 7 ,9 0 9
1 4 ,0 9 6 ,0 8 4
1 4 ,9 8 0 ,5 6 8
1 6 ,0 3 0 ,5 3 3
1 6 ,7 9 1 ,7 8 8
O t h e r s e c u r i t ie s ____ 3 3 ,5 0 5 ,9 1 2
2 8 ,2 4 2 ,7 2 5
2 8 .9 6 1 .7 7 1
2 5 ,4 8 1 ,2 7 1
2 6 ,1 0 8 ,8 7 1
R e s e r v e ,n o t c s & c o i n 2 7 ,3 8 7 ,0 6 0
2 7 ,1 4 1 ,7 0 0
2 2 ,8 0 2 ,1 7 2
2 2 ,3 2 2 ,5 0 7
2 0 ,1 9 4 ,7 9 8
C o i n & b u l l .,b o t h d e p 3 7 ,5 6 5 ,7 9 0
3 7 ,3 0 0 ,9 2 1
3 1 ,9 0 5 ,3 5 2
3 2 ,9 0 9 ,8 8 2
3 0 ,6 3 8 ,0 8 8
P r o p , r e s e r v e t o lia 
b i l i t i e s ..............p . c .
48%
52%
40%
47%
51%
B a n k r a t e ........... p . c .
5
4
*5
Xo
2%
C o n s o ls , 2 % p . c . . .
73%
78
8 0 1 -1 0
82%
84 %
29% d.
24% d.
20 3 -1 6 d .
S i l v e r . . . .....................
2 3 % d.
2 3 ll-10d.
C l c a r .- h o u s e r e t u r n s 3 5 3 ,4 9 3 ,0 0 0 2 8 1 ,0 0 1 ,0 0 0 3 0 4 ,9 7 2 ,0 0 0 3 1 3 ,0 2 2 ,0 0 0 2 4 7 ,4 2 7 ,0 0 0
* O et. 2 0 .
x O ct. 21.

The rates for money have been as follows:
O ct. 18.
B a n k o f E n g l a n d r a t e ........... ..
5
O p en m a rk e t ra te—
B a n k b il ls — 3 m o n t h s _____ 4 % @ 4 1 1 -1 6
— -1 m o n t h s ____ 5 % @ 4 1 1-16
— 6 m o n t h s _____
4 54
T r a d e b il ls — 3 m o n t h s _____
5@5%
— 4 m o n t h s _____
5 54
I n t e r e s t a llo w e d fo r d e p o s it s :
B y j o i n t - s t o c k b a n k s ______
3%
B y d is c o u n t h ou ses—
A t c a l l .................................. ..
3%
7 t o 14 d a y s ______________
3%

O ct. 1 1 .
4

O ct. 4 .
4

4 3 -1 6 (» 4 5 4
4%
4 54
4 54
4 )4 ^ 4 %

S en t.

27.
4

VA
3 1 1 -1 6
3 1 5 -1 6 3 1 5 -1 0 (5 4
3 1 5 -1 6
3 1 5 -1 6
•l
4
4% @ 454
4% @ 4%

254

254

2 54

254
254

254
2%

2%

254

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
O c t. 1 9 .
O c t.
R a te s n f
li a n k
O pen
li a n k
I n te r e s t a t —
K a le . M a r k e t .
R a le . M
P a r i s .................................
3
3
3 54
B e r l i n ___________________
4j 2 4 %
.4 5 4
H a m b u r g ...... ....................
45.4
4 54
454
F r a n k f o r t ........................
4 7-16
454
454
4
4
3
4
A m s t e r d a m __________
4
5
3%
B r u s s e ls ..................... ..
5
5
V i e n n a .............................
4%
nom .
5
5
S t . P e t e r s b u r g .............
M a d r id ................................
454
454
454
5
5
C o p e n h a g e n ...... ............
5

12.
O pen
a rk et.
3
454
4
4 5 -10

%
15-16
354
454

nom .
454

O c t. 5 .
H ank
O pen
R a te. M a r k e t.
3
454
454
454
4
4
5
5
454
5

S ep t. 2 8 .
Bank
O pen
R a te. M a r k e t.

3

3 %
35,
3%
4
3%
4 13-16

nom .

3

414
454
454

4
4
5

ft

454

3
454
454
454
4
354
4

%

110m .
4

6
5
Messrs. Pixley & Abell write as follows under date of
Oct. 17:

G O L D . — A r r iv a ls o f b a r s t h is w e e k h a v e b e e n s m a ll , a m o u n t in g t o £ 6 2 0 , 0 0 0 o n l y .
I n d ia h a s t a k e n £ 1 6 2 ,5 0 0 a n d t h e C o n t in e n t a s m a ll p a r c e l.
T h e r e m a in d e r Is b e in g
s e n t in to th e B a n k .
D u r in g t h e w e e k t h e B a n k lia s r e c e iv e d £ 4 4 0 , 0 0 0 In b a r s a n d
£ 6 , 0 0 0 in s o v e r e ig n s fr o m A u s t r a lia .
T h e w it h d r a w a l s h a v e b e e n £ 1 0 0 , 0 0 0 f o r
F r a n c e , £ 2 0 ,0 0 0 fo r B e l g i u m , £ 3 2 5 , 0 0 0 f o r E g y p t , £ 1 5 , 0 0 0 f o r B r e m e n , £ 4 7 0 , 0 0 0
f o r th e C o n t in e n t a n < l £ 2 0 ,0 0 0 f o r T t i r k e y , m a k i n g £ 9 5 0 ,0 0 0 in a ll .
T o -d a y th e B a n k
o f E n g l a n d h a s ra is e d Its r a t e o f d i s c o u n t fr o m 4 % ( a t w h ic h It lia s s t o o d s in c e
A u g . 29) to 5 % .
N e x t w e e k £ 7 4 0 , 0 0 0 is e x p e c t e d fr o m S o u t h A f r ic a a n d £ 6 9 , 0 0 0
fr o m I n d i a .
A r r iv a ls — S o u t h A f r i c a , £ 6 1 3 ,0 0 0 ; W e s t I n d i e s , £ 1 3 ,0 0 0 ; t o t a l , £ 6 2 6 , 
000.
S h i p m e n t s — B o m b a y , £ 1 4 7 ,0 0 0 ; C a lc u t t a , £ 1 ,5 0 0 , t o t a l , £ 1 4 8 , 5 0 0 .
S I L V E R . — Q u o t a t i o n s f o r s p o t s i lv e r h a v e f l u c t u a t e d b e t w e e n 2 9 d . a n d 2 9 7 -1 0 d .
d u r in g th e p a s t w e e k , t h e c lo s i n g p r ic e s b e in g 2 9 5 -1 6 d . f o r s p o t a n d 2 9 7 -1 0 d . fo r
fo r w a r d .
T h e to n e o f t h e m a r k e t t o - n i g h t is q u it e s t e a d y .
D u rin g th e w e e k fo r 
w a r d h a s b e e n q u o t e d 1-16(1. t o % d . o v e r s p o t .
T h e I n d i a n b a z a a r s h a v e b e e n r a th e r
s e lle r s , b u t C h in a h as b e e n a b l e t o s u p p o r t th e m a r k e t a n d p r e v e n t a n y m a r k e d w e a k 
ness.
Y e s t e r d a y ’ s re tu r n fr o m I n d i a s h o w e d t h a t t h e r u p e e s in t h e o r d in a r y r e s e r v e
w e r e % c r o r e le s s a t 12 54 c r o r c s , w h ile b o t h th e s i lv e r u n d e r c o i n a g e a n d tlie s i l v e r
in t r a n s it w e r e u n c h a n g e d a t 1 % c r o r c 3 e a c h .
T h e s t o c k o f r u p e e s Is n o w 2 % c r o r e s
le s s th a n a t th e b e g in n in g o f S e p t e m b e r , w h ile a ll t h e n e w r u p e e s s t r u c k a t t h e I n d ia n
m in ts d u r in g th e p a s t s ix w e e k s h a v e d i s a p p e a r e d , a ls o , s h o w i n g t h a t t h e d e m a n d
m u s t h a v e b e e n u n u s u a lly la r g e .
In B o m b a y t h e s t o c k r e m a in s a t 1 2 ,2 0 0 b a r s .
T ii e la s t q u o t a t i o n fr o m B o m b a y is U s . 74 % tier 1 0 0 t o la h s .
A r r iv a ls — W e s t I n d ie s ,
£ 6 , 0 0 0 ; X e w Y o r k , £ 2 7 6 ,0 0 0 ; N e w Y o r k , £ 1 5 5 , 0 0 0 ( M e x . d o l s . ) ; t o t a l , £ 4 3 7 ,0 0 0 .
S h ip m e n t s — C o l o m b o , £ 1 . 0 0 0 ; M a d r a s , £ 5 , 0 0 0 : B o m b a y , £ 7 0 , 0 0 0 ; B o m b a y , £ 2 0 , 0 0 0
(M e x . d o l s . ) ; C a lc u t t a , £ 3 2 5 ,0 0 0 ; C a lc u t t a , £ 4 0 , 0 0 0 ( M e x . d o l s . ) - t o t a l , £ 4 6 7 , 0 0 0

The quotations for bullion arc reported as follows:
GOLD.
O c t. 1 7 . O c t. 1 0 .
L o n d on S ta n d a rd .
s. d.
s. d.
ir g o l d , f i n e , o z _____ 7 7 9
77
9

S IL V E R .
O ct. 1 7 .
L o n d o n S ta n d a r d .
d.
B a r s i lv e r , fi n e , o z . . .2 9 5 -1 6
“ 2 m o . d e l i v e r y , o z . 2 9 7 -1 0
C a k e s i lv e r , o z ................ 311%

O c t. 1 0 .
,/
29%
29%
3 1 9 -1 6

The following shows the imports of cereal produce into
ie United Kingdom during the season to date, compared
ith previous seasons:
S i x w ee k s—
I m p o r t s o f w h e a t .......................... c w t .
B a rle y
.........................................
O a t s _________________ __________________
P e a s ................................................................
B e a n s ...........................................................
I ■ ii.'.a c o r n . . .......................................
F lo u r ................................................. ..........

1 9 1 2 -1 3 .
1 4 ,7 8 7 ,8 0 0
4 ,2 1 4 ,1 0 0
2 ,0 6 8 ,8 0 0
4 7 9 ,8 7 3
2 5 4 ,1 1 0
7 ,0 9 2 ,5 0 0
9 1 9 ,6 0 0

1 9 1 1 -1 2 .
1 1 ,7 0 5 ,5 0 0
4 ,9 3 6 ,8 0 0
1 ,3 2 6 ,2 0 0
4 8 0 ,8 9 3
2 0 7 ,1 7 0
2 ,8 0 3 ,7 0 0
1 ,5 3 5 ,5 0 0

1 9 1 0 -1 1 .
1 1 ,9 1 6 ,9 0 0
2 ,9 2 0 ,6 0 0
1 ,5 6 1 ,1 0 0
3 5 5 ,2 1 1
1 47 9 7 0
6 ,4 1 4 ,8 0 0
1 ,1 9 2 ,1 0 0

1 9 0 9 -1 0 .
1 4 ,4 5 6 ,5 0 0
4 ,0 6 9 ,9 0 0
2 ,6 2 7 , 8 0 0
1 7 5 ,9 2 0
6 8 5 ,3 8 0
5 ,7 1 7 , 4 0 0
1 ,3 8 0 ,0 0 0

THE CHRONICLE

tfov. 2 1912.]

Supplies available for consumption (exclusive of stock on
September 1):
1 9 11 -1 2 .
1 1 ,7 0 5 ,5 0 0
1 ,5 3 5 ,5 0 0
5 ,4 7 0 ,2 0 1

1910-11
1 1 ,9 1 6 ,9 0 0
1 ,1 9 2 ,1 0 0
3 ,0 2 9 ,9 3 8

1 9 0 9 -1 0 .
1 4 ,4 5 6 ,5 0 0
1 ,3 8 0 ,0 0 0
2 ,8 1 1 ,9 7 8

.1 8 ,5 5 4 ,0 2 1 1 8 ,7 1 1 ,2 0 1
3 2 s. 9 d .
. . 3 1 s. lOd.
. 3 2s. 8 d .
3 2 s. 4 d .

1 0 ,7 3 8 ,9 3 8
3 0 s. 2 d .
3 0 s. 7d .

1 8 ,0 4 8 ,4 7 8
. 3 1 s. 8 d .
33s. 8d.

1912-13.
W heat Im ported............... ......... c w t. 1 4 ,7 8 7 ,8 0 0
Im ports of flour......................................
9 1 9 ,0 0 0
Sales of home-grown............................ 2 ,8 4 6 ,6 2 1

T otal ..................- ----------------Average price w heat, w eek----Average price, season....................

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week.
.......... __qrs.
180,000
Flour, equal t o ..
Maize ................ __________qr.s. 1,270,000

Last week.
2,190,000
115,000
1,350.000

1910-11.
2,199,000
236,000
200,000

1909-10.
1,360,000
: 30,000
810,000

1912.
£
___ 67,002,582
01,187,949
60,414,742
55,130,632
50,608,135
58,304.351
59,680.976
57,184.788

1911.
£
62,693,421
56,071,259
58,538,382
51,850,615
53.932,092
51,102,539
51,038,081
50,548,929
53,079,555

Nine months............................. 528,905,340

489,395,109

Imports—
January ..............

S ta y ___________
July ..................
August.............. .
September_____

. ...
............
...
..
______
____
___

• Canadian'Bank’Clearings.— Thejclearings for the week end
ing’ Oct. 2G 'at Canadian cities, in comparison with the same
week of]1911, shows an increase in the aggregate of 2 1 .1 % .

Canada—
Montreal _________
Toronto.................._
Winnipeg __............
Vancouver________
Ottawa___________
Quebec....................
H a lifa x ____________

Per
Difference.
Cent.
£
+ 6.8
+4,309,161
+ 0.5
+3,048,463
+ 4.5
+2,048,567
+ 8,504,127 + 10.5
+ 2.2
+ 1,198,540
— 0.8
—434,404
+ 7,260.170 + 14.2
+9,138,047 + 18.0
+ 6.5
+3,505,233
+ 8.0

Total Canada____

+39,570,231

Week ending October 2 6 .

Clearings at—•

Hamilton................
St. John__________
Calgary __________
London __________
Victoria............ ........
E dm onton..............
R egin a ............ .......
Brandon__________
Lethbridge..............
Saskatoon.......... .......
Moose Jaw.......... . _
Brantford ..............
Fort William_____

The British imports since Jan. 1 have been as follows:

1175

Inc. or
Dec.
S
s
%
0 1 ,7 7 8 ,0 1 2 5 5 ,2 7 7 ,5 1 6 + 11.8 4 2 ,1 3 1 ,8 4 1
4 5 ,2 1 3 ,0 3 8 3 6 ,1 3 7 ,7 3 3 + 2 5 .1 3 4 ,0 0 0 ,0 0 0
3 8 ,8 5 6 ,6 6 7 3 2 ,0 1 5 ,3 0 7 + 2 1 .4 2 4 ,6 8 0 ,3 7 4
9 ,5 4 2 ,4 0 8
1 3 ,8 0 4 ,1 4 4 1 2 ,0 7 4 ,0 1 6 + 1 4.3
3 ,8 1 4 ,2 0 0
— 5 .4
4 ,5 0 3 ,4 3 8
4 ,3 1 6 ,2 4 7
2 ,3 3 5 ,2 6 4
2 ,9 9 3 ,7 2 6 + 1 4.0
3 ,4 1 2 ,7 1 6
1 ,0 5 0 ,9 9 7
2,100,110
1 ,8 8 8 .1 2 3 + 11.2
2 ,2 2 7 ,5 7 9
3 ,4 2 8 ,9 6 0
2 ,8 6 5 ,7 0 7 + 1 9.3
1 ,5 7 1 ,8 9 3
1 ,5 4 2 ,5 9 7 + 2 3 .4
1 ,9 0 3 ,9 4 3
3 ,3 8 9 ,1 8 0
5 ,2 3 9 ,9 5 4 + 3 3 .1
0 ,9 7 3 ,2 8 3
1 ,2 0 3 ,3 9 0
1 ,2 9 6 ,7 1 8 +20.6
1 ,5 6 3 ,9 0 4
1 ,7 8 1 ,2 0 7
2 ,7 3 7 ,6 0 1 + 4 5 .2
3 ,9 7 4 ,4 1 5
1 ,5 7 5 ,6 1 6
2 ,4 8 5 ,1 8 5 + 1 18.3
5 ,4 2 8 ,6 6 7
1 ,1 3 0 ,5 8 3
2 ,8 2 6 ,9 7 2
1 ,6 0 7 ,4 1 3 + 7 5 .8
6 0 9 ,4 6 1
6 3 2 .2 8 6 + 2 0 .3
7 6 0 ,0 5 4
5 1 3 ,8 0 0
5 7 4 ,4 2 1 + 3 0 .1
7 4 7 ,0 1 6
1 ,6 2 1 ,2 8 5 + 6 9 .3
2 ,7 4 5 ,2 5 4
1 ,0 2 8 ,5 0 8 + 4 5 .6
1 ,4 9 7 ,9 5 9
7 2 8 ,2 2 2
4 8 4 ,0 7 1 + 5 0 .4
9 0 7 ,3 0 5
5 7 0 ,9 0 3 + 5 9.1
2 0 2 ,9 0 8 ,0 8 8 1 6 7 ,6 3 7 ,1 0 8

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

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

The exports since Jan. 1 have been as follows:
1912.
£
................ 40,410,812
..................... 37,490,329
March ..................... ..................... 40.713,971
April ---------- --------- ............ ......... 32,887,127
M a y ......................... ...................... 38,832,475
June ............ ............ ..................... 34,972,331
July .............. .......... ____ _______ 41.986.360
August ..................
September. . . -------- ...................... 43,201,469

1911.
£
37,720,831
35,653,120
40,803,912
35,692,450
37,614,828
36,113,150
34.607.630
36,082,700
30,819,254

Difference.
£
+ 2,085,981
+ 1,837,209
— 149,941
— 2,085,329
+ 1,217,617
— 1,140,819
+ 7,378,724
+ 7,690,021
+6,385,215

Per
Cent.
+7.1
+ 5.2
— 0.3
— 7.8
+ 3.2
— 3.1
+21.3
+ 21.3
+ 17.3

Nine months------ ...................... 354,282,595

331,177,887

+23,104,708

+ 0.9

Exports—
January ..................

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
1912-.
Re-exports—
£
January . . . .......... ....... _________ 9,594,026
February ...................... . . .
. . . 10,724,619
March ______________ ___ _____ 10,866,706
April ...................... ; . _
M a y ........................ .....
June.................... . _
................ 5,738,549
J u ly ................ ........... ...... .......... 7,093.669
August.........................._________
9,957,760
September____ ______ ................ 8.034.788

1911.
£
8,041.472
9,994,156
9,174.060
9,488,811
8,834,951
8,753,388
8,178,719
0,649,132
7,818,319

Difference.
£
+ 953,154
+ 730,463
+ 1,692,040
+ 595,147
+ 1,990,212
—3,014,839
— 1,008,505
+ 3,308,028
+ 216,409

Per
Cent.
+ 1.1
+ 7.3
+ 18.4
+ 6.3
+22.6
—34.0
— 13.2
+ 49.7
+ 2.7

+ 6.9
+ 5.386,324
77,533,014
Nino months............ .......... .
S2,919,938
Note.—1T he a ■; 're ra te figures are official. They indicate th a t slight adjustm ents
have hecn med ' in ill ■ m onthly returns as issued.

English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
f Week ending Nov. 1.
Sat.
Slvcr, peroz ............ ......... d 29 Vs
dConsols, 2 >4 per cents___ 73 3-10
dForaccount.. _______ - 73 44
rlFrench Rentes (in Paris)fr 89.90
Amalgamatcd Copper Co. . . 8 8 H
Am. Smelt. A Refining Co. 85
ftAnaconda Mining Co........
m
Atchison Topeka A Santa Fe.llOJ*
Preferred --------------------- .105
Baltimore A Ohio................ -10844
Preferred------------------- - - 8944
Canadian Pacific.................. -27044
Chesapeake A Ohio........... 83
Chicago Great Western----- 2 1
Chicago Milw. A St. Paul.. .11244
Denver A Rio Grande------- 2144
Preferred . . ----------------- 3944
Erie..................................... - 3444
First Preferred - .............. 52 54
Second Preferred------ .. - 4444
Great Northern, preferred.. .140
Illinois Central - . ------------ .13144
Louisville & Nashville........ .162
Missouri Kansas & Texas.. 2844
Preferred........... ....... . - - . 64
Nat. RR. of Mex., Istpref- 64
Second preferred. . ------- . 2754
N. Y. Central & Hudson Uiv. 117
N. Y. Ontario Sc Western-. . 30
Norfolk A Western________ .11844
. 94
Preferred . . . . . . . .
Northern Paclllc................. .12044
aPcnnsylvanla___________ . 03 44
oReading Company---------- . 8 8
riFIrst Preferred............ . - 4744
"aSecond Preferred_____ . 4844
Rock Island.......... ............ - 2054
Southern Pacific........ ......... -11244
Southern Railway.............. - 29 44
Preferred......................... - 8344
Union Pacific......................
Preferred.........................
U. S. Steel Corporation----- . 7844
Preferred_____________ .11644
Wabash ............. _ . ---------- . 444
Preferred......................... . 1354
Extended 4s___________ . 09

Mon.
29 1-16
7344
7344
89.70
89
8544
844
111

105
10 8 5 4

8944
26844
83 44
1944
113
2144
3944
3444
53
44 44
140 54
13144
162 44
2854
04
44 54
64
2744
11751
36
11844
___
12754
6354
8851
47
26
11251
2954
8344
174
92
7751
11641
4 54
1351
69

Wed.
T u es.
29 3-10 29
73 3-16 73 54
73 3-16 73 54
89.3244 89.72
8851
8 6 54
84 54
8544
844
851
111
cl()9 54
104 54
10144
107 51
107 44
8954
8944
26054
20844
8354
8.354
20
1944
11.3
11154
2 15 4
2144
39
39
34 54
34 54
53
5251
41
44 44
14154
14154
132
13144
10254
16154
2854
2844
64
64
44
43 44
04
64
28
27 54
11854
11744
36
36
11854
11744
93
12754
120 44
63 51
63 54
87 51
8951
47
4654
49
2651
2554
11251
11244
30
2954
83 44
83 44
17454
17451
92
92
78
77 54
117
cl 15
4!4
454
14
1354
69
09

T h u rs.

F r l.

29
2854
73 11-10
73 11-10
89.55
8044
8444
854
10954
10144
108
8944
209 54
8054
1954
112

2144
39
3554
53
44 44
M l 54
131
162
2844
61
1344
04
2754
11744
3544
11754
127
63 51
87 51
40J4

o
t*
<
Q
£
A
<
CO
>-)
in
i4
e
c
fr

2554
11251
2954
83 54
17454
92
78
11554
444
14J4
09

a Price per share, b £ sterling. cEx-div. d Quotations here given arc flat prices.

ifommercial and KXts ccl lau can s 11 cm
National Banks.— The following information regardir
national banks is from the office of the Comptroller of tl
Currency, Treasury Department: ■
C H A R T E R S ISSUED TO N A TIO N A L B A N K OCT. 18.
10,278— The First National Bank o f Driggs, Idaho. Capital, $25,00
W . W in. Taylor, President: D. C. Driggs, Cashier. (Convcrsh
o f The Driggs State Bank.)
V O L U N T A R Y L IQ U ID A T IO N .
4,148— The German National Bank o f Beatrice, Nel)., O ctober 10, 191
. W . A . W olfe, liquidating .agent, Beatrice, Neb.




D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.

N am e o f C om pany.
R a il r o a d s ( S t e a m ) .
A tc h . T o p . & S . F e , c o m . (q u .) (N o . 3 0 ) .
A t l a n t i c C o a s t L in e R R . , p r e f e r r e d _______
C lev ela n d <fc P itts b u r g h , r e g . g u a r , { g u a r . ) .
S p e c ia l g u a r a n te ed ( g u a r . ) ............................
G e o r g ia S o u t h . & F l a . , 1 s t a n d 2 d p r e f . . .
G ra n d T r u n k , g u a r a n t e e d ................ ................
F irst a n d s e c o n d p r e fe r e n c e ........... ............
M e x i c a n N o r t h e r n ....................................................
M is s o u ri K a n s a s & T e x a s , p r e f e r r e d ...........
\ n r fo lk Sc W e s t e r n , a d j . p r e f . ( q u a r .) _ _ _
P e n n s y lv a n i a ( g u a r . ) ............................. ...............
R e a d i n g C o m p a n y , c o m . ( q u a r . ) ...................
R e a d i n g C o . , fir s t p r e fe r r e d ( q u a r . ) --------R o m e W a te rto w n A O gd en sb u rg (q u a r .).

P er
C e n t.

W h en
P a y a b le .

H o i k s C lo s e d .
D a y s I n c lu s iv e .

144
2 44
154
1
2 44
2
2 54
2
2
1
154
154
1
154

D e c.
N ov.
D ec.
D ec.
N ov.
N ov.
N ov.
N ov.
N ov.

N ov.
N ov.
D ec.
N ov.

2 H o ld e r s o f r e c . N o v . l a
11 N o v . 1
to
N o v . 10
2 H o ld e r s o f r e c . N o v . 9
2 H o ld e r s o f r e c . N o v . 9
4 H o ld e r s o f r e c . O c t . 2 6
8 S ep t. 21
to
O ct. 24
8 S e p t. 21
to
O c t. 24
1 H o ld e r s o f r e c . O c t . 2 3 a
9 H o ld e r s o f r e c O c t . 2 1 a
1 H o l d e r s o f r e e . O e t .3 1 a
3 0 H o ld e r s o f r e c . N o v . 4
1 H o ld e r s o f r e e . O c t . 2 9 a
12 H o l d e r s o f r e c . N o v . 2 6 a
to
D ee.
2
15 N o v . 1

144
144
1
244
3
1
144
154
2 44
75c.

N ov.
D ec.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.

15
2
15
1
16
10
1
15
15
12

NOV.

Street and Electric Railways.
B r a z ilia n T r a c . , L t . A P o w . , L t d . (q u a r .)
D e t r o i t U n it e d R y . ( q u a r .) ----------------------C o n n e c t ic u t R y . & L t g . , c o m . A p f . ( q u a r .)
H a v a n a E le c . R y ., L t . & P o w ., co m m o n
P r e f e r r e d .......................... .. ............ .......................
L e h ig h V a ll e y T r a n s i t , p r e fe r r e d ..................
M a s s a c h u s e t ts N o r th e r n R y s . , p r e f . ( q u a r . ) .
P a c l f l c G a s <t- E l e c ., p r e f . (q u a r .) ( N o . 2 7 ) .
T a m p a E l e c t r i c C o . ( q u a r .) ( N o . 3 2 ) -------U n it e d R y s . & E l e c , o f B a l t . , c o m m o n . .
B an ks.
N a t io n a l N a s s a u ( N o . 1 1 9 ) .......................... ..
M is c e lla n e o u s .
A m a lg a m a t e d C o p p e r ( q u a r . ) _______________
A m e r ic a n B a n k N o t e , c o m m o n ( q u a r . ) ___
C o m m o n ( e x t r a ) ________________ ________
A m e r . B e e t S u g a r , c o m . ( q u a r .) ( N o 5 ) . .
A m e r ic a n D is t r ic t T ele g r a p h o f N e w Y o r k .
A m e r . G r a p h o p h o n c , p r e f. (q u .) (N o . 57)
A m e r . M a lt C o r p o r a t io n , p r e fe r r e d ........... ..
A m e r ic a n R a d ia t o r , c o m m o n ( q u a r .) _______
P r e f e r r e d ( q u a r .) ......................................... ..
A m e r ic a n U t i li t ie s , p r e f. ( q u a r .) ( N o . 3 )
B o n d A M o r t g a g e G u a r a n te e ( q u a r . ) _____
B u c k e y e P in e L in e ( a u a r . ) . . ........................ ..
C a m b r ia S t e e l ( q u a r . ) ........................ ..................
C a n a d a C e m e n t , L t d . , p f . ( q u . ) ( N o . 1 1)
C a n a d ia n C a r & F o u n d r y , c o m . ( q u a r . ) . . .
C itie s S e r v i c e , c o m m o n ( m o n t h l y ) ................
P r e fe r r e d ( m o n t h l y ) ........... .. .........................
C o n s o lid a ted (la s ( q u a r . ) _____________________
C o n tin en ta l O il ........... ............................. .......
D ia m o n d M a t c h ( q u a r . ) .......................... .......
E a s t m a n K o d a k , c o m m o n ( e x t r a ) . ...........
G en e ra l A s p h a lt , p r e f . (q u a r .) ( N o . 2 2 ) ___
G e n e r a l C ite l e a l ,c o m m o n ( q u a r . ) ..............
G o o d rich ( I t . /•’ .) , c o m ,n o n ( g u a r . ) __________
G o r h a m M a n u fa c t u r in g , c o m m o n (q u a r .)
G r e e n e -C a n a n e a C o p p e r C o ................ ..........
I liu m . <Sc P o tc e r S e c ., p f . (q u .) ( N o . 1 ) ____
I n d ia n a P ip e L in e ( q u a r . ) ........... .................... ..
I n t e r n a l . H a r v e s te r , p r e f . (q u a r .) ( N o . 2 3 )
I n t e r n a t io n a l N ic k e l, c o m m o n ( q u a r . ) .
I n t e r n a l, s l i v e r n r e f .. ( a c c o u n t a r c u m .d i v .)
f o c r . S m o k e le s s P o v d e r A t h e n . , n r e r
K e l l o g g S w it c h b o a r d A S u p p l y ( q u a r . ) . . .
L e h ig h C o a l <C N a v ig a tio n (q u a r .) ( N o . 1 36)
L ig g ett A M y e r s , co m m o n ( N o . 1 ) _______
M a s s a c h u s e t t s G a s C o s ., p r e f . ( q u a r . ) . M e x ic a n P etr o le u m ( q u a r . ) _________________
M ia m i C o p p e r ( q u a r .) ( N o . 3 ) .....................
M o n t r e a l L t . . H t . A- P o w . ( q u . ) ( N o . 4 6 )
M u n ic i p a l Gas, A l b a n y . N . Y . ( q u a r . ) ___
N a t io n a l C a r b o n , p r e fe r r e d ( q u a r . ) -----------N a t io n a l L e a d , p r e fe r r e d ( q u a r . ) ---------------N e w J e r s e y C o n s o lid a t e d G a s -------------------N o r t h A m e r ic a n C o m p a n y ( q u a r . ) . ...........
P e o p l e ’s G a s L ig h t & C o k e ( q u a r . ) -----------P ittsb u rg h S tee l, p r e fe r r e d ( q u a r .) ---------------P r a ir ie O il A G a s --------------------------------------------P ressed S teel C a r, p r e f. (q u .) (N o . 5 5 ) . .
P r o c t e r A G a m b le , c o m m o n ( q u a r . ) ______
P u llm a n C o m p a n y ( q u a r .) ( N o . 1 S 3 ) ____
P u re O il . c o m m o n ( q u a r . ) ................................
Q u a k e r O a t s , p r e fe r r e d ( q u a r . ) ................ ..
R e p u b l ic I r o n & S t e e l, p r e f. ( q u . ) ( N o . 4 1 )
S e a r s , R o e b u c k A C o ., c o m m o n ( q u a r . ) .
S ilv e r s m it h s C o m p a n y ( q u a r . ) .......................
S o u . C a li fo m l a K d i s o n .c o m . ( q u . R N o . l l )
S o u th ern Pipe L in e (guar.)_____ _______
S t a n d a r d O il o f I n d ia n a ( q u a r . ) ................ ..
S ta n d a rd O il o f Ohio............................... .
U n it e d S t a te s E n v e l o p e , p r e f e r r e d ..............
U n ite d S t a te s P r i n t in g o f N . J . , p f . ( q u . ) .
U n ited States Telephone, p r e f . ( q u a r . ) _____
W a r w ic k I r o n & S t e e l ..........................................

e

4

N ov.

144
1
44
144
1
154
2 5i
2
154
144
3 44
$5
144
154
2
1-3
54
154
20
154
2 54
144
154
1
2 44
25c.
154

N ov.
N ov.
N ov.
N ov.
N ov.
N ov.

154

D ec.
. »e c.
N ov.
N ov.
N ov.
N ov.
D ee.
D ec.
N ov.
N ov.
N ov.
N ov.
N ov.
D ec.
D ee.
Jan.
N ov.
D ec.
N ov.
N ov.
N ov.
N ov.
D ec.

el

4
3

SI

3

S2
1
50c.
244
244
154
154
1
144
1+
154
S6
154

3
2
2H
1
154
15a
144
1 54

8
3

NOV.

D ec.
N ov.
N ov.
N ov.
D ec.
N ov.
N ov.
D ec.
D ec.
D ec.
D ec.
N ov.
D ec.

•tff*

D ec.
D ec.
N ov.
N ov.
N ov.
N ov.

NOV

Jan.
N ov.
N ov.
N ov.
D ee.
N ov

7
5
le
154
144

4

a Transfer bonks not rioted f r m> dividend,
On account of accum ulated dividends.

D ec.
N ov.
N ov.
N ov.
N ov.

H o ld e r s
H o ld e r s
N ov. 1
O ct. 27
O ct. 27
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

o f rec.
o f rec.
to
to
to
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.

N ov. 1
N o v . 15
N o v . 15
N o v . 16
N o v . 16
O c t .3 1 a
O ct. l£ a
O ct. 3 1a
N ov . la
N o v . 2a

1 H o ld e r s o f r e c . O c t .

31

o l re c O c t .2 6 a
to
N o v . 15
to
N o v . 15
o f r e c . O c t .3 1 a
o f ree. N o v . la
o l rec. N ov . I
to
N ov. 2
to
D ec. 30
31
to
N o v . 14
15
o f rec. O ct
31
11
o f rec. N ov . 8
15
o l rec. N o v . 25
16
o l r e c . O ct. 3 1 a
15
to
N o v . 10
16
2
o f r e c . O c r . 31
1
o f r e c . N o v .l5 a
1
o f r e c . N o v .l5 a
10
o f r e c . N o v . 1 4a
20
o f rec. N o v . 4
16
o f r e c . N o v .3 0 a
o f ree. G ot 3 1 a
2
2
o f r e c . N o v . 1 5a
2
o f r e c . N o v . 21
15
o l rec. N o v . 5a
o f r e c . N o v . Ca
11
to
D ec.
1
3C
o f r e c . O c t . 31
15
-liters o f r e c O c t . 2 3
1
2 H o ld e r s o f r e c . N o v 11
uiv. 14
to
D ee.
2
to
N o v . 15
15 V o v . 2
K fo l d e r s o f r e c . N o v , 5 2
2 H o ld e r s o f r e c . O e t . 3 1
3< H o ld e r s o f r e e . O c t . 3 1
2 H o ld e r s o f r e c . N o v . 15
2 N ov.
15 to
D ee.
1
24 H o ld e r s o f r e c . N o v . 9 a
16 H o ld e r s o f r e c . N o v l a
15 H o l d e r s o f r e c . O c t 3 1 a
i O ct. 26
to
N ov. 1
15 N o v . 6
to
N o v . 15
10 N o v . 2 3
to
N o v . 26
2 H o l d e r s o f r e c . N o v . 19
2 H o l d e r s o f r e c . D e c . 16
2 5 H o l d e r s o f r e c . N o v . 'la
2 H o l d e r s o f r e c . N o v . 14
30 N o v .
10
to
D e c . 10
2 0 O c t . 31
to
N ov. 19
15 H o ld e r s o f r e c O c t . 3 1 a
15 H o l d e r s o f r e c . O c t . 3 I a
to
N ov. 30
1 N o v . 16
la
31 111 I d e rs o f re e Noe
1 H o ld e r s o f r e c . D e c .1 4 a
15 H o ld e r s o f r e c . O c t . 3 1 a
15 H o l d e r s o f r e c . N o v . 11
15 H o l d e r s o f r e c . O c t . 3 1
2 H o ld e r s o f r o e . N o v . 15
3 0 N o v . 13
to
N o v . 3 1id
3 0 N o v . 13
to
N o v .3 0 d
16 H o l d e r s o f r e c . N o v . 13
11 O c t . 27
to
N o v . 11
15 N o v . 5
to
N o v . 15
15 H o ld e r s o f r e c . O c t . 3 1 a
15 N o v . 1
to
N o v . 15

25
15
15
15
15
15

H o ld e r s
N ov. 2
N ov. 2
H o ld e r s
H o ld e r s
H o ld e r s
••t. lx
D e c. 23
N ov. 8
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
N ov. 1
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
i liters
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
N o v . 13
H o ld e r s

b Lets Income ta x .

a Correction

1176

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.
Percent.
995 Wise Terminal Co_____ _____ .$5,000
21 United Nat. Bank of Troy .N.Y.290
5 Title Insurance Co. of N. Y ----- 117
100 The Mothenette Corp.($10 ea.)$105
25 Franklin Trust Co. of Bklyn.
By transfer_______________ 225
Bonds.
Per cent.
835,000 Wise Term. Co. 1st 6s...S10,000

Bonds.
Per cent.
81.000 Cent. Hudson Steamboat Co.
5s, 1919 (ex Nov. 1912 coupon).. 98
83.000 Jamaica Estates 6s, 1917,
M. & S-----------------------------------82,100
$1,000 Buff. & Bake E. Trac. Co.
5s, 1936, M. & N ................ -..6 8 & int.
$95,000 Americus. Ga., Gas & Elec.
Co. 1st 5s, 1942............................ 35

By Messrs. Francis Henshaw & Co., Boston:
Shares.
8 per sh. Shares.
$ per sh.
5 Great Falls Mfg. C o ................196
5 Cambridge Gas Light Co..........280
75 Rights Ludlow Mfg. Associates 34
5 Waltham Watch, preferred___ 102
60 Boston Storage Warehouse C0.II8M

B y Messrs. R. L . Day & Co., Boston:
Shares.
8 persh.
4 Webster & Atlas Nat. Bank. . . 186
2 Merrimack Nat. Bk.. Haverhill.150M
26 West Point Mfg. Co..................108
118H
12 Arlington Mills................
22 Rights Ludlow Mfg. Associates 34
63 The Watson Realty Co., pref.,
of Yonkers, N. Y __________50

Shares.
$ persh5 Estabrook-Anderson Shoe Co.,
preferred ............ ............ ..100
1 Plymouth Cordage Co________220M
Bonds.
Per cent.
813,000 Delaware, O., Water Co.lst
6s, extended to 1929----------------- 87
S2,000Terre HauteElec.Co. 5s,’29 100

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ persh.
Lebanon Plant of the Penn. & West
Virginia Steel Co...... .......... ...847,000
5 Lansdownc & Darby S.F.&ICo 145
1 West Phila. Passenger R y____ 205
5 Amer. Academy of Music____ 203
7 Nat. Bank of Nor. Liberties__ 250
13 Bank of North America.. .308^-307
100 American Surety Co., par S50.. 160
10 Girard National Bank________ 428
15 Aldinc Trust Co........ ................125
18 Bucks Co. Tr. Co., Doylestown,
Pa. ($50 paid)................. ...1 1 5
10 Commercial Trust C o ...............451
6 Franklin Trust Co., par $50.. . 55
2 Girard Trust Co.................. 993K-992
3 Penn. Co. for Ins on Lives, &C.650
4 Real Estate Trust Co., pref___ 95M
3 Real Estate Trust Co., com ___ 55
5 County Fire Insurance Co........ 126
! 2 Phila. City Pass. R y................ 156M
7 John B. Stetson Co., com ...455-458
50 Amer. Pipe & Construction Co. 90J4
90 N. J. Consol. Gas Co__________ 20)4

Shares.
$ persh.
14 United Gas & Elec. Corp., pref. 90
10 De Long Hook & Eye Co____ 101
15 Bergner & Engel Brew. Co..corn 46%
16 Stand. Roller-Bearing Co.,com. 7
50 Phila Life Ins. Co., par 810___ 10)4
2 Library Co. of Philadelphia... 20
4 Phila. Bourse, com., par $50.. 4)4
5 Quaker City National B a n k ... 120
1 Fire Association...................... 355
Bonds.
Percent.
8500 Mt. Pleasant Sugar Co. 1st 5s,
1923........................................ Lot 8110
82.000 San. Monroe. Bello. & Nor
walk Trac. 1st M. trust ctfs___ Lot - $80
$1,000 Cleve. & E rieR R . 1st 5 s ,’29 50M
$1,000 Clev. & Eric. RR . Inc. 5s,’29 10
81.000 City of Phila. 4s, 1941_____ 100%
$6,000 Hanover Farms Co. deb. 6s,
1915---------------------------- ...L o t 83,300
$1,000 Market St. Elev. Pass. Ry.
Co. 1st 4s, 1955________________ 96%
81,200 N. Sprlngf. Water Co. 5s, ’28 96
8100 Georgetown R y . & Light 6 s.. . 70

By Messrs. Samuel T . Freeman & Co., Philadelphia:
Shares.
8 per sA. I Bonds.
Percent.
1 Provident Life & Trust Co----- 880
S100 Springfield Water 5s, 1926____96
7 Girard National Bank----- 420ex-d |8500 No. Springfield Water 5s, 1928 96

Statement of New York City Clearing-House Banks and
Trust Companies.—-The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Oct. 2G. 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,” Y . 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.
Backs
00s omitted.

Capital.

Surplus.

Loans.
Average.

[VOL. LXXXXV

DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted

Surplus.

On Dep.
Net
Loans. Specie. Legate. wilhC.ll. Deposits
Average. Average. Average. Banks. Average.

B ro o k ly n ___
Bankers_____
U. S. Mtg.&Tr.
A stor________
Title Guar. &T
Guaranty____
Fidelity_____
LawyersT.I.&T
Colum.-Knick.
People’s ........
New York___
Franklin........
Lincoln ..........
Metropolitan..
Broadway___

$
2,440,3
16,412,4
4,569,4
1,368,6
11,335,3
23,324,0
1,303,2
6,394,9
7,192,6
1,690,5
11,713,5
1,281,4
557,2
6,103,4
565,3

$
16,636,0
133,359,0
42,143,0
19,147,0
33,879,0
177,862,0
8,152,0
16,939,0
47,848,0
17,179,0
43,291,0
9,102,0
9,964,0
21,920,0
8,353,0

%
8
$
8
%
1,371,0
456,0 1,278,0 12,180,0 15.0+ 9.2
15,762,0
46,0 11,584,0 105,093,0 15.0+10.0
3,950,0
370,0 3,823,0 28,780,0 15.0+11.6
2,077,0
23,0 1,633,0 14,305,0 14.6+10.0
1,755,0 1,629,0 2,355,0 22,116,0 15.2+ 9.5
17,130,0 1,219,0 14,843,0 123,905,0 14.8+10.6
767,0
233,0
815,0 6,551,0 15.2 + 10.7
1,152,0
636,0 1,340,0 11,635,0 15.3 + 10.3
4,917,0
885,0 4,174,0 38,501,0 14.0+ 9.7
1,982,0
396,0 1,814,0 15,883,0 15.0+10.0
4,336,0
217,0 3,311,0 29,868,0 15.2 + 10.0
965,0
314,0
850,0 8,253,0 15.4+ 9.3
1,179,0
216,0 1,018,0 9,148,0 15.2+10.0
2,052,0
9,0 2,106,0 13,638,0 15.1 + 13.3
934,0
300,0 1,014,0 8,142,0 15.1 + 10.7

Totals, A vg c.. 96,252,0 605,774,0 60,329.0 6,949 0 51,970,0 447,998,0 15.0+10.3
Actual figures Oct. 26. 602,918,0 59,639,0 7,050,0 48,978,0 447,160,0 14.9+ 9.8
The capital of the trust companies is as follows: Brooklyn, $1,000,000; Bankers,
810,000,000; United States Mortgage & Trust, $2,000,000; Astor, SI,250,000; Title
Guarantee & Trust, 85,000,000; Guaranty, S10,000,000; Fidelity, 81,000,000;
Lawyers’ Title Insurance & Trust, $4,000,000; Columbia-Knickcrbockcr, 82,000,000
People’s, SI,000,000; New York, 83,000,000; Franklin, 81.000,000; Lincoln, $1.
000,000; Metropolitan, $2,000,000 Broadway, 81,000,000; total, 845,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Oct. 26.

Capital. Surplus.

Loans.

Specie.

On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits

Averages
$
S
S
$
$
S
8
Banks . . . 133,650,0 199,887,6 1,336,557,0 261,527,0 75,502,0
1,329,317,0
Trust cos. 45,250,0 \ 96,252,0 605,774,0 60,329,0 6,949,0 51,970,6 447,998,0
Total . . 178,900,0 296,139,6 1.942.331.0 321,856,O' 82.451.0 51,970,0 1.777.315.0
Actual.
B an ks__
1.329.770.0 257,657,0 76.652.0
1.319.600.0
Trust cos.
602,918,0 59,639,0| 7,050,0 48,978,6 447,160,0
Total . .

..........

.......... 1,932,688,0 317,296,0] 83,702,0 48,978,0] 1,766,760,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under irs
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 86, p: 316.
STATE BANKS AND TRUST COMPANIES.
Week ended October 26.

State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N . Y. Greater N . Y Greater N . Y . Greater N . Y
8
22,325,000

$
62,775,000

38,321,500

172,033,200

*12,233,100

12,508,781

295,851,400 1,120,377,200
+ 881,700 +4,321,500

115,270,100
+ 278,L00

173,985,600
+371,000

Capital as of Sept. 9 ........
Surpluses of Sept. 9 ........
Loans and investments. .
Change from last week.

Specie. Legate. Net Depos I Re
Average. Average. its, Aver. serve.

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

52,689,400
—604,900

115,741,700
— 733,200

8
S
$
%
8
$
%
Bank of N. Y .
2,000,0 3.S42.0 21,208,0 3,916,0
849,0 18,814,0 25.3
Manhattan Co. 2,050,0 4,835,2 33,100,0 7,871,0 1,492,0 37,100,0 25.2
Merchants’ __
2,000,0
1,990,9
18,208,0 3,093,0 1,523,0
17,830,0 25.8
Mech.A Metals 6,000,0 8,640,5 55,407,0 10,952,0 2,010.0
52,586,0 24.6
Am erica____
1,500,0 6,260,2 23,661,0 3,584,0 2,020,0 22,541,0 24.8
C ity................ 25,000,0 29,540,7 181,210,0 39,475,0 6,885,0 174,729,0 26.5
Chemical____
3,000,0
7,134,2
27,685,0 4,490,0 2,034,0 24,410,0 26.7
Merch. E xch ..
600,0
6,727,0
515,9
1,579,0
187,0
6,863,0 25.7
Butch. & Drov
300,0
127,1
2,169,0
516,0
69,0
1,978,0 29.5
Greenwich . . .
500,0
949,4
8,580,0 2,250,0
180,0
9,688,0 25.0
Amer. E xch ..
5,000,0 4,766,2 40,084,0 8,131,0 1,229,0 37,376,0 25.0
Commerce___ 25,000,0 16,157,5 136,945,0 19,566,0 8,409,0 113,342,0 24.6
Pacific _____
500,0
4,348,0
958,6
420,0
594,0
3,917,0 25.8
Chat. & Phen.
2,250,0
18,397,0 2,950,0 1,755,0
1,243,0
18,773,0 25.0
People’s ........
200,0
472,8
2,316,0
435,0
137,0
2,124,0 26.9
Hanover____
3,000,0 13,471,3 70,835,0 13,345,0 6,187,0 77,406,0 25.2
Citizens’ Cent.
2,550,0 2,139,1
21,390,0 4,448,0
623,0 19,647,0 25.8
Nassau..........
1,000,0
10,529,0
1,848,0 1,068,0
485,0
11,890,0 24.5
Market & Fult
1,000,0
1,871,3
9,180,0
1,663,0 1,000,0
9,362,0 28.4
Metropolitan .
2,000,0
14,583,0 3,746,0
1,725,7
255,0
15,666,0 25.5
Corn Exchange 3,000,0
5,753,6 48,410,0 7,960,0 5,903,0 56,392,0 24.5
Imp.& Traders
1,500,0 7,661,1 25,748,0 3,896,0 1,921,0 22,921,0 25.3
Park ..............
5,000,0 15,313,0 84,035,0 20,117,0 1,617,0 86,320,0 25.1
East R iver.. .
250,0
68,1
1,588,0
358,0
120,0
1,624,0 29.4
F ou rth ..........
5,000,0 5,821,2 30,698,0 6,014,0 1,900,0 30,873,0 25.0
S econ d ..........
1,000,0 2,469,0
14,031,0 3,255,0
165,0 13,485,0 25.3
F irs t.............. 10,000,0 21,582,3 111,454,0 20,424,0 3,932,0 99,832,0 24.4
Irving............
4,000,0 3,131,7 35,866,0 5,978,0 3,286,0 36,108,0 25.6
Bowery..........
250,0
799,2
3,423,0
822,0
84,0
3,579,0 25.2
N .Y . County.
500,0
1,836,9
8,705,0
1,428,0
714,0
8,734,0 24.5
German-Amcr.
750,0
711,6
4,080,0
240,0
739,0
3,772,0 25.9
Chase_______
5,000,0 9,359,0 85,697,0 18,753,0 4,807,0 93,838,0 25.1
Fifth Avenue.
100,0 2,119,4
13,685,0 2,685,0 1,315,0 15,498,0 25.8
German Exch.
200,0
830,9
3,546,0
569,0
326,0
3,511,0 25.4
Germania___
200,0
1,064,3
5,777,0
1,350,0
254,0
6,654,0 24.1
Lincoln ..........
1,000,0
1,773,9
15,312,0 2,980,0
873,0
15,581,0 24.7
Garfield_____
1,000,0
1,270,8
8,547,0 2,281,0
341,0
8,983,0 29.1
Fifth ..............
250,0
524,5
3,544,0
498,0
471,0
3,775,0 25.6
Metropolis . . .
1,000,0 2,182,4
12,568,0
1,190,0 1,817,0
12,292,0 24.4
West Side___
200,0
1,023,0
4,370,0
299,0
949,0
4,992,0 25.0
Seaboard____
1,000,0 2,226,2 26,103,0 5,596,0 2,459,0 30,885,0 26.0
Liberty........ .
1,000,0 2,725,2 22,442,0 4,769,0 1,171,0 24,126,0 24,6
N.Y.Prod.Ex.
1,000,0
895,2
9,102,0 2,348,0
366,0
10,732,0 25.2
State.......... .
1,000,0
607,9
17,153,0 5,182,0
370,0 22,093,0 25.1
Security........
1,000,0
416,1
10,711,0 2,660,0 1,150,0
14,680,0 25.9
Coal & Iron__
1.000,0
507,3
6,632,0
467,0
1,242,0
6,699,0 25.5
Union E xch ..
1,000,0
967,3
9,075,0
360,0
8,977,0 25.0
1,883,0
Nassau, Bklyn
1,000,0
1,119,0
7,693,0
1,323,0
262,0
6,319,0 25.0

Legal tender & bk. notes.
Change from last week.

21.328,100
— 127,400

10,696,900
+ 77,700

Totals, A vgc..! 133,650,0 199,887,6 1336,557,0 261,527,0 75,502,0 1329,317,0 25.3
Actual figures Oct. 2 6 ..
1329,770,0 257,657,0 76,652,0 1319,600,0 25.3
1
I
ciicuiauon.—on trie oaus nf averages, clr illation of national banks in theClearingHoure amounted t o $46,222,000, and according t o actual figures was $46,554,000. ^




Reserve

Deposits ................ .........
Change from last week.

337,691,200 1,168.616,400
— 1,619,400 — 1,709,800

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

88,016,900
— 1,474,100

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

27.1%
27.3%

+ Increase over last week.

' S
*9,323,000

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

S
9,950,000

................ I
..................

121,090.600
— 133,000

178,581,600
— 1,662,600

133,483,800
— 2,575,100

22,363,300
— 231,300

21,219,300
—2,003,500

16.0%
10.4%

19.7%
19.8%

12.8%
13.9%

— Decrease from last week.

*As of Juno 14.

Note.— "Surplus” includes all undivided profits. "Reserve on deposits” Includes
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo
cation as shown below. The percentage of reserve required la 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 loca
tion, the reserve being computed on the whole nmount 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 amend
ment of 1911) by bonds or obligations of the City or State of New York, and ex
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for It by any public department.
------ Trust Cos.- -------State B a n k sReserve Required for Trust Companies
Total
Of
Total
Of
and State Banks
which
Reserve which Reserve
Location—
Required. In Cash. Required, in Cash
Manhattan Borough............................................ 15%
25%
15%
15%
Brooklyn Borough (without branches In Manhat ) 15%
20%
10%
10%
Other Boroughs (without branches in Manhattan) 15%
15%
7% %
10%
Brooklyn Borough, with branches in Manhattan 15%
20%
20%
15%
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...........................
.....
15%
6%

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

Nov. 2 19 2]

THE CHRONICLE

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

1177

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit tico ciphers (00) in all these flames

NEW YORK CITY BANKS AND TRUST COMPANIES.
Clearing*
Clear .-House
Members.
Week ended Oct. 20— Actua'Figures
f.Vat banksl
Capital {Sept. 4 and)
IState banks!
Surplus lScpt.9........ J

Clear.-House State Hanks A Total of a'l
Members. Trust Cos. Not Banks&Trust
Average.
in C.-H. Aver. Cos. Average.

8

S

S

178,900,000

17 i,900,000

296,139,600

296,139,600

S

29,025,000

207,925,000

80.900,900

377,046,500

Loans and investments 1,932,088,000 1,942,331,000
Change from last week —8,103,000
+ 0,537,000

592,549,000 2,534,880,000
+ 4,442,900
— 2,094.100

D eposits...................... 1,766,760,000 1,777,315,000
Change from last week — 13,735,000
+ 2,781,000

a595,625,000 2,372,940,000
— 1,455,100
+ 1,325,900

317,296,000
Change from last week — 10,371,000

321,856,000
— 4,494,000

63,352,100
— 515,400

385,208,100
—5,009,400

Change from last week

83,702,000
+ 1,415,000

82,451,000
+ 615,000

58,250,400
— 105,700

90,701,400
+ 509,300

Banks : cash In vault..
Ratio to deposits___

334,309,000
25.33%

337,029,000
25.35%

349,462,200

12,433,200
14.24%

Trust cos.; cash in vault

60,089,000

67,278,000

59,109,300

120,447,300

Aggr’ tc money holdings
Change from last week

400,098,000
—8,959,000

404,307,000
—3,879,000

71,002,500
—021,100

475,909,500
—4,500,100

Money on deposit with
other bks. &. Trust cos
48,978,000
Change from last week — 10,575,000

51,970,000
— 1,463,000

15,128,000
— 2,52,8,900

07,098,000
—3,991,900

Total reserve______
449,970,000
Change from last week — 19,534,000

456,277,000
— 5,342,000

80,730,500
—3,150,000

543,007,500
—8,492,000

Surplus CASH reserve
Banks (above 2 5 % )..
Trust cos.(above 15%)

4,409,000
def .385,000

4,699,750
78,300

T o t a l.... ............... —
Change from last week

4,024,000
—5,384,950

4,778,050
—3,774,950

% of cash reserves of tr ust cos—
Cash In vault_______
14.93%
Cash on dep. with bks
9.87%
T o t a l.............. .......

24.80%

15.01%
10.39%

15.07%
1.09%

25.40%

16.16%

S
142.439.2
153.961,9
158.200.6
161.914.1
200.853.7
144.244.8
231.211.9
194.857.1
133,852,8
143.211.3
154.600,7
158.782.6
186.156.6
142.057.6
197,262,5
169,265,0

a Includes Government deposits and the item “ due to other banks." At Boston
Government deposits amounted to $882,000 on October 26, against $844,000 on
October 19.
t 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 October 26 as Sll,oS6,000.

Imports and Exports for the W eek.— The following are
the imports at New 'i ork for the week ending Oct. 20; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.

l o 12- j
1911.
1910.
1909.
Dry Goods..............................
S3,1 1,'C3 83,244,232 S2,733,044 S3,239,516
General
19,282.830
17,296,147
11,984,015
16,822.001
4 •*->#*« -•'*» !*
T o ta l................................. $22,423,893 S20.540.379 $14,717,659 $20,002,177
Since January 1.
Dry Goods............................. 8121,2'9,657 SI 10,820,325 $130,094,039 $139,414,588
General Merchandise............ 713,-99,133 604,164,013 026,705,441 577.811,723
Total 43 weeks.................. 3817,548,7: 0 S720,984,338 $750,859,480 $717,226,311

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

+ Increase over last week. — Decrease from last week.
« These arc tile deposits after eliminatin'! the Item "Due from reserve depositories
and other banks and trust companies in New York City” ; with this item included,
deposits amounted to $643,734,000, a decrease of S7,332,400 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.

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

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 26 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1911.

1912.
For the week..
Previously reported___
Total 43 weeks____

1910.

1909.

818,613,952 $16,282,029 $18,639,614
609,375,109 023,141,782 511,780.803

310,039,359
492,880,838

$087,989.00 1j$639,424,711 $560,420,417 $508,926,197

The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 26
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

We omit two ciphers in all these figures.
| i i j

l
|

Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.

Boston.
Sept. 7..........
Sept. I t..........
Sept. 21..........
Sept. 28..........
Oct. 5______
Oct. I I ..........
Oct. 19_____
Oct. 26_____
Philadelphia.
Sept. 7___
Sept. 14___
Sent. 21____
Sept. 2 8 . . . .
Oct. 5 ____
Oct. 11......
Oct. 19___
Oct. 20____

2 4..
3L.
7 ..
14..
21..
2 8 ..
5 ..
11..
19..
2 0 ..

Loans and
lnvestments.

Deposits.

S
2,650,979,4
2,651,25+5
2,644,504,1
2,618,939,0
2,586,878,2
2,572,002,4
2,540,392,9
2,535,672,1
2,530,437,1
2,534,880,0

S
2,533,150,4
2,523,586,7
2,503,801,2
2,467,559.4
2,434,513,2
2,420,340,5
2,395,942,4
2,378,850.4
2,371,614,1
2,372,910,0

Specie.
S
427,920,0
417,008,1
407,961,1
400,137,8
306,837.7
303,528,7
388.472,0
386,025,5
300,217,5
385,208,1

Legals.

Tot. Money Entire Res.
Holdings. on Deposit.

S
$
92,738,0 520,658,6
92,651,8 509,659,9
91.860,8 409,821,9
91,421,3 401,550,1
91,696,9 488,534.6
91,815,1 485,343,8
90,687,6 470,159,6
89,606,9 470,532,4
90,192, t 480,400,0
90,701,4 475,900,5

$
603,858,1
500,230,8
570,345,3
500,766,7
550,006,3
554,697,3
549,108)6
542,235,0
551,409,5
543,007,5

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending Oct. 20, based on average daily results:

Wenrnitnetciphers (00) innilthesefigures.
Hanks

Aew York City.
Manhattan and Hronx.
Aetna National..........
Washington Heights.
Battery Park Nat----Century.....................
Colonial.....................
C lumbiiv............ .......
Fidelity........ .............
Mount Morris---------Mutual........................
New Netherland __
Twenty-third W ard..
Y orkvlllc.............
Brooklyn.
First National
Manufacturers' N at..
Mechanics’ ___
National City........
North Side................
Jersey City.
First National............
Hudson Co. Nat_____
Third Nat..................
Hoboken.
First National............
Second National-------

Capi
ta!.

Sur
plus

«
500,0
100,0
200,0
500,0
400,0
300,0
200,0
250,0
200,0
200,0
200,0
100,0

%
544,9
336,0
115.1
515,5
549,4
787,4
108,9
337.4
4 11,0
281,4
06,0
515,8

300,0
252,0

672,3
910,2
705,7
578,5
174,5

300,0
200,0

Loans,
Dtsc'ls
and
Invest
ments .
*
3,353,0
1,677,0
1,501,0
6,193,0
6,330,0
6,467,0
1,112,0
2,557,0
4,683,0
2,992,0
2,073,0
4,480,0

Legal
On
Tender Deposit
Specie. and
with
Hank C.-H.
Notes. Hanks.

Net
Deposits.

J*
66,0
109,0
44,0
414,0
400,0
515,0
122,0
44,0
338,0
107,0
103,0
252,0

*
73,0
255,0
131,0
720,0
880,0
671.0
112,0
348,0
499,0
251,0
238 )o
531,0

3.086.0
1.469.0
1,585 0
7 r33 0 0
0,621)0
7.151.0
1.057.0
2.858.0
4.796.0
2.871.0

3,807,0 295,0
0,071,0 585,0
10,089,0 1,415,0
4,350,0 507,0
2,329,0 189,0

113,0
239,0
578.0
137.0
113,0

434 0
510,0

3.026.0
5.600.0

735,0
262)0

4.284.0
2.334.0

389,0 2,212,0
115,0
481,0
134,0
454,0

4,204 0
1,704*0
1,489,0

1,335,0 5,"01,0
798,4 3,672,0
417,9 2,402,0

2,88,0
195,0
119,0

220.0
125,0

049,0 4,242,0
275,7 3,146,0

210,0
201,0

58,0
43,0

Great Britain............ ......................
France..............................................

Imports.

Since J

........... $20,146,222
15
2,867,062

870,100

West Indies_____________________
M exico..............................................
South America........ ............. ..........
All other countries............................

10,018,903
53,483

Week.

Since Jan. 1

5075,477 $6,804,453
2,026,918
2,569
44,314
356,737
338,592 12,106,382
73,138 3,085,456
30,767
1,529,080

$70,100 S33,085,085 $1,162,288 $25,911,595
477,289 12,750.745
7,259,057
75,100
107,018 20,935,795
126,700 44,982,938

Total 1912...................................
Total 1911.....................................
Total 1910........
Silver.
Great Britain. ............ .
France .............
Germany _____
West Indies............
M exico............. .......
South America____
All other countries............... ...........

$737,994 $40,428,010
82,294
0,114,020
100
200

Total 1912.......... ..........................
Total 1911.....................................
Total 1910.....................................

88,956
1.5
337
25,349 «■ 125,2<D
15,413
708,390

$820,588 $47,365,',31
925,880 40,798,111
602,118 35,345,171

$64,498
6,894
20,853
42,362
3,932,763
2,616,991
1,381,648

8480,6 — $8,066,009
5,896,732
76,6p-«
3,946,064
,20,4”

1

47

BauMujg and ffinancial.
Railroad and Industrial Stocks
W rite for our Circular No. 614 entitled “ Railroad and Industrial
S tock s.” which describes 124 Issues listed on tho New York Stock
Exchange, and classified by us as follows: Investm ent Stocks, Semi
Investm ent Stocks, Speculative Stocks.

Spencer Trask & Co.
43 E X C H A N G E P L A C E — N E W Y O R K .
C h icago. III.
B o sto n . M a s s .
A lb a n y , N . Y .
M em bers N ew

Y o rk S to ck E x c h a n g e.

White, Weld & Co.

332,0
280)0

1.719.0
1.292.0
i Totals'Oct. 20........ 6.597,0 11.236,0 80,059,0 9,363,0 4,433,0 11,789,0 84,857 0
Totals Oct. i o ........ 0,597,0 11,236,0 00,002,0 9,461,0 t,591.0 11.373.0 85,469,0
Totals Oct. 11........ 0,597,0 11,236,0 89,533,0 9,525,0 4,562,0| 10,083,0 84,806,0
m




Week.

Of the above imports for the week in 1912,8705,018 were
American gold coin and S2,475 American silver coin.

%
600,0
142,0
320,0
651,0
847,0
577,0
52,0
430,0
408,0
324,0
253,0
575,0

400,0
250,0
200,0

Exports.

Cold.

B o n d s and

14 W A L L S T R E E T
NEW YORK

In v e stm e n t S ecurities.

THE ROOK ERY
C H IC A G O

111 D E V O N SH IR E S T R E E T
BOSTON

f

[VOL. LXXXXV

THE CHRONICLE

1178

ABSTRACT FROM REPORTS OF THE NATIONAL B AN K S M A D E TO THE COMPTROLLER SEPT. 4, 1912.
No. oi
hanks

a m - 4 i» i2 .
Maine.________________________
New Hampshire_______________
Vermont_____________ ________
Massachusetts................................
Boston _________ _________
Rhodo Island_________________
Connecticut__________ _________

70
60
60
167
19
22
79

New England States.......... ..
463
New York................ .................... ~ 4 2 5
Albany............ .....
.3
6
New York City__
37
New Jersey ______
198
Pennsylvania ............
778
Philadelphia ............
32
Pittsburgh..._____
24
Delaware ................
28
Maryland____________ . .
91
Baltimore_______
17
District o( Columbia....................
1
Washington............ ................
10
Eastern States______________ 1,650
Virginia_____ _______

LoulMdiki ________

__

Southern States_____ _______
Ohio ................ ...........

. ..

Middle Western States___ __
North Dakota__________ _______

W yom ing_______________ _____

Capita!.,

Surplus.

%
$
7.850.000 3,635,950
6.235.000 3,088,800
5.160.000 2,004,981
30,292,500 17,551,750
31,200,000 21,380,500
6,775,250 4,295,079
19,264,200 11,504,300

Loans
and
Discounts.

47,#85,941
20,572,424
19,358.173
136,606,398
186,989,661
31,514,033
69,828,232

$
343,964
438,142
163,873
600,373
891,627
314,014
505,185

36,408,533
18,560,304
18,634,340
133,489,694
214,285,449
31,632,142
69,524,050

S
1,229,244
508,235
382,837
2,321,875
4,468.330
449,705
1,673,324
11,033,550

Gold and
Gold
Gold C ’a-H. Treasury
Certificates Certificates

Silver.

Silver
Treasun/
Certificates

Legal
Tender
Notes.

13*7,048
120,611
112,603
735,451
347,985
102,184
300,992

8
459,801
2S8.515
157,400
1,900,595
8,831,928
418,025
1,083,306

691,697
482,447
409,369
3,013,770
6,192,035
566,939
1,349,645

13,905,430 1,856,874

13,139,636

13,205,902

800,710
249,520
282,270
1,672,900
9,514,320
517,200
928,450

512,014,862 3,323,178

522,594,512

47,018,485
2,100,000
2,252,000
120.200,000
22,217.080
67,279,390
22,055,000
28,700,000
2,423,985
5,317,000
12,290,710
252,000
6,850,000

355,964,169 1.606,764
17,202,832
185,481
537,960
19,652,579
767,S45,600 2,094,529
953,031
194,580,657
448,749,997 1,227,570
192,292.534
736,068
128,895,674
863,195
11,383,803
77.254
119,142
40,007,077
48,170,719
649,745
938,503
60,400
24,930,047 2,154,561

277,472,766 5,642,405 6,002,860 0 72 ,43 7
4Tll57J)38 07607,293
24,061,904
493,351
1,865,040
50,350
108,347 2,126,994
17,191,752
932,207
1,221,220
118,735
610,806
828.479
950,898,024 55,309,458 140,188,800 1,281,020 39,297,541 60,080.908
147,550,831
1,889,658 3,533,690
712,987
2,976,706 4,203,605
346,641,045 9,421,512 8,317,350 1,943,123 3,805,836
7,815,567
232,705,013 8,757,242 17,106,520
729,626
5,170,390 4,170,933
138,169.756 5,926,098 8,378,380
C77.032 3,164,137
4,944.197
10,310.360
157,420
77,340
268,798
217,146
113,980
29,593,336
431,431
049,285
501,173
716.820
141,219
64,166,270
738,455
398,589 2,253,880
175,103 2,193,874
40,300
2,240
20,210
821,133
7,905
10,756
1,930,370
63,072
405,622
49,755
707,543
22,203,726

32.552,375
2,200,000
2,650,000
128.255,000
22,385,547
70,427,431
38,850,000
25,414,000
2,282,600
3,771,623
7,720,010
252,000
4,640,513

337,985,650 341,401,099 2,250,680,197 11,324,706 2,261,785,916 89,480,773 192,275,810 7,244,884 63,381,776 82,591,021
17.443,500 11,010,784
5,717,960
9,742,000
8,610,000 2,623,773
5,735,000 2,168,250
13,809,500
7,982,845
700,000
900,000
7,220,000 2,956,200
9,700,000
5,554,525
1,575,760
3,255,000
3,145,000 2,340,866
5,200,000 2,980,000
32,995,600 16,681,509
2,650,000 2,350,000
2,875,000
1,915,000
500,000
250,000
1,190,000
5,100,000
2,350,000
1,106,500
383,300
1,750,000
5,035,000 2,005,270
12,045,900 4,824,791
5,495,000 2,645,000
12,562,500 5,152,196

1,483

168,119,000 84,114,529

355
8
7
8
249
5
438
10
90
3
123
5
201
5
6
323j
3
4
3
5
110
11
4
8

35,234.100 17,913,058
13,900,000 6,300,000
9,350,000 4,550,000
1,594,500
3,000,000
21,208,000 9,335,513
6,400,000 2,745,000
31,840,000 17,472,585
43,600,000 26.100,000
10,200,000 5,377,300
4,750,000
1,750,000
11,280,000 4,600,400
5,800,000 2,660,000
11,936,000 6,178,103
6,800,000 5,860,000
4,100,000 3,500,000
18,330,320 7.366,211
400,000
308,000
2,000,000
725,000
130,000
600,000
450,000
950,000
6,605,000 2,073,417
7,850,000 3,282,000
1,100,000
675,000
20,400,000 8,990,000

146
103
231
4
7
3
204
2
2
3
58
29
117
6
3
39
289
5
6

Other.

Deposits.

105,776,950 63,521,360

131
111
7.8
46
112
2
48
85
31
2,8
5
483
4
8
2
6
7
5
49
136
8
103

2,050

Individual.

88.534.S07 1,598,139
50,972,205
460,776
31,366,212
598.505
18,935.193
228,830
44,159,148
521,530
1,347,300
170,381
31,670,207
488,447
35,935,709
365.920
12,213,194
159.160
14,414,015
18,136
22,283,655
292,988
111,154,479 1,184,404
16,782,419
242,315
23,985
10,696.258
70,852
4,245,943
22,127,340
79,977
9,813,721
309,998
38.282
4,916,328
130,700
16,464,453
41,141,221
855,012
19,586,097 1,190,339
60,554,052
842,716

102’421.277
48,098,749
40,280,336
20,275,122
63,355,177
3,516,825
33,779,521
40,005,360
11,601,912
18,144,195
24.909.797
127,747,470
18,100,610
12,459,361
4,328,317
24,904,806
9,496,546
6,902,953
19.529,838
44,738,258
24,989.397
64 459,799

1,575,376
1,262,905
471,913
214,713
482.731
34,437
691,199
720,393
151,989
242,220
707.678
2,334,708
282,508
611,562
205,377
366.745
347.058
147,405
201.746
736,049
383.674
1,101,832

39 1,377
1.149,400
944,140
240,747
213,984
373,320
184,060
220,875
637,064
435,370
43,466
43,500
465.270
533,860
609.619
918,380
168,083
378.460
226.265
380,450
50,819
941,380
2,503,810 1,571,801
113,313
864,170
180.381
179,630
130,951
420,500
1,375,260
210,099
149.722
646,720
142,672
231,500
225,015
376,220
1.179,770
262,561
99,774
1,650,260
487,546
1,220,280

Till .687
459,777
280,116
213,245
498,721
49,180
298,291
348,781
84,950
129,827
513,073
947,991
308,543
146,431
45,153
499,567
192,419
12,750
153,837
278,997
509,592
522,082

2,022,263
655,519
073,740
462,048
1,131,827
12,952
602,301
406,501
150,434
79,805
529,498
1.729,966
348.950
427,755
115,855
798,775
224,170
144,388
340,562
488,180
566,130
1,438,480

669,313,955 9,871,392

770,165,686 13,140,218

16,942,440 6.S50.424

7,285,610

13,410,105

1.788,696
1,577,180
297,058
291,330
1,511,314
404,311
3.785,653
1,164,287
792.851
652,269
589,454
845,990
470,995
285,922
1,253,052
323,274
31,960
223.517
49,096
141,085
146,221
786,568
132.444
594,217

200,644,055
42,676,657
43,152,966
20,209,844
120,880,1522
25,940,652
208,204.315
219,601,269
90,893,038
37,527,000
00,089,989
43,763,310
101,281,349
47,724,077
26,939,658
105,996,492
2,931,475
6,819,356
2,212,835
7,051,429
31,121,086
44.779,266
0,247,342
69,257,307

176,993,828 4,504,362 4,073,750 1,005,397
1,318,009 3,534,595
55,709,789
770,ISO 4,396.570
1.16,642
1,208,522
1,223,221
56,542,491
2,530,278 3,891,060
232,474
912,777 2,388,194
17,117,673
190.S85
1,129,257
648,380
323.608
712,280
104,174,614 3,091,692 2.599,670
744,014
1,023,549
1.941,271
141,625
31,166,873
260,114
1,385,087
1,652,000
1,168,775
176,404,715 4,576,878 4.549.910 1,241,151
1,497,878 3,504,400
661,838 18,421,502 27.230,074
321,080,3(41 16,749,010 20,009,490
412,742
592,703
70,729,816 2,314,578 1,494,790
1,951.947
94,192
37,075,405 2,000,135
847,990
3,007.905
133,105
1,965,954
423,580
67,340.948
1,959,900
1,144,243
410,125
1.297,533
1.666,002
1,120,375
41,490,161
1,436.310
138,993
894,586
86,363,391
2,980,520
625,454
557,735
1,564,890
89,285
57,303,665 3,014.382 2,437.910
163.460
1,906,417
1,218.036
2,075,121
29,760,788
362,053
603,560
106,147
2.564.594
1,607,410
103,608,011
513,707
2,229,900
630,352
95.650
254,085
90,760
7,818,189
810,600
40,419
144,538
425,799
480,767
14,324,719
756.200
89,173
44,904
10,943
156,405
2,615,071
127,085
90,000
181,535
43,776
511,407
36,500
9,955,608
849,070
519,714
773,442
205,496
28,220,184
436,400
183,337
1,159,519
2,225.605
320,749
1,339,764
2,778,880
60,023,473
68,731
195,090
10,272.026
378,325
661,090
233,299
0,017,000
190,055 7,696,153
110,984,226 3,626,715 11,057,710

277,753,420 140,542,087 1,596,017,995 17.638,744 1,684,101,968 60,893,735 77,736,060 7,820,751 39,014,367 04,414,458
5,218,000
4,185,000
10,440,000
1,000,000
3,700,000
1,100,000
10,867,500
500,000
300,000
500,000
4,960,000
1,735,000
6.640.000
3,600,000
650,000
2,115,000
11,142,500
850,000
1,550,000

1,873,970
1,266,650
4,272,408
330,000
2,810,000
380,000
4,677,639
300,000
160,000
505.000
2,748,537
1,056,500
3,091,898
3.902.000
450,000
968.350
2,907,410
250,500
270,000

28,591,937
28,118,088
55,805,917
4,786,240
29,447,956
6,807,449
58,333,855
2,708,129
2.714,790
3,996,451
34,241,449
12,758,390
38,759,806
89,112.577
6,863,420
13.580,307
42.921,951
4,100.925
5,867,710

"

305,948
579,881
150,037
67,833
1,141,595
10,448
685,630
86,590
103,745
25,550
1,086,748
315,155
484,898
1,355.787
111,933
321,755
782,488
120,444
231,735

28,584,836
25,250,582
54.493,965
6,488,508
34,638,932
7,033.600
62,677,918
3,677,761
1,873,248
4,524,013
20,917,183
11,719,204
30.000,649
29,486,841
4,814,970
11,992,617
41,469,691
3,984,931
5,617,099

660,435
763,910
1,584,558
344,603
1,655,703
382,175
1,796.849
141,595
120,420
104,022
1,616,841
475,869
1,348,686
3,958,525
416,330
428,622
834,077
102,865
162,643
16,898,788

599,830
738,520
1,197,760
209,160
1,320.870
199,090
1,102,630
359,400
209,150
396,000
902,950
303,600
793,940
1,406,300
492,290
409.SS0
026.490
200,120
304,520

2673)14
116,314
359,639
40.004
191,972
118,380
458,287
14,054
27,873
27,441
192,252
91,774
260,768
178,436
35,839
77,778
565,979
47,055
174,908

191,305
174,170
269,917
37,270
843,441
94,023
432,035
30,483
25,103
54,646
96,832
65,001
217,764
70,426
33.871
83,047
289,407
70,029
163,558

446,860
352,655
522,642
205.875
1.181,508
203,190
719,230
32,990
34,660
50,000
352,061
89,703
537,396
1,427,201
101,460
127,430
499,442
87,305
130,090

12,132,500 3,246,727

1,257

71,053,000 32,220,922

419,637,347 8,028,200

385.308,554

3,223,048

7,108,388

07
6
•
5
2
77
4
213
9
9
50
17
5
11
13
2

4,125,000 2,026,116
4,200,000
1.370.000
3,400,000
757,950
500,000
850.000
4,680,000 2,205.374
4,000,000 : ,827,000
19,921,560
,214,161
6,100,000
,826,000
28,500,000 1- .867.500
3,080,000
1.409.241
1,155,000
445,187
2,150,000
905,000
1,742,000
475,000
1,055,000
675,000
100,000
53,500

603,606
29,150.385
30,825,704 1,854.620
17,447,575
182,669
428,808
7,181,545
319,941
28.144,458
20,789,807 1,375,738
110,931,212
873,838
426,261
41,370,720
97,867.421
947,927
18.435,083
428.730
163,822
7,960.187
279,920
11,421,008
136,610
6,431,865
7,156,621
244,179
915,959
290,937

1,662,325
22,484,688
25,804,104 3,606,932
15.834.367
1,917,245
1,008,290
4,954,387
2,184,361
21,008,294
19,713,696 4,193,950
07,674,557 6,678,340
45,169,992 6,985,353
119,489.976 12,790,565
15,283,842
1,110,287
462,790
6,417,413
10,720,588
1,065,919
369,052
6,346,844
6,137,659
330,978
330,162
245,195

274,310
283,240
241,240
15,820
226.990
67,690
920,340
200,610
3,232,570
258,960
48,430
786.350
93,860
212,140
73,000

248,223
218,190
154,593
58,669
241,076
157,600
020,989
316,3.89
510,388
152,221
52,949
92,495
44,898
83,764
13,007

39,775
73,255
127,762
4,859
37,288
0 ,838
170,888
/ 1,513
31,620
60,051
11,192
18,407
13,433
33,130
6,003

81,986
274,699
91,070
10,542
42,877
7,380
282,559
590,700
51,129
61,150
19,741
170,065
13,705
40,747
19.220

490

84,714,560 38,967,029

442,030,300 8,503.622

416,382.549 44,417,582

6,935,550 3,271,511

699,014

1,700,570

53,922

108

50-

4

610,000

254,420

1,975,291

4777486

1,501,086

613,012

500

358 1,763 62 33 441 295 114 50 5 47 53 57 30 47 106 105 34 03 572 65 73 95 53
2 2 22 29 12 6 1 5 5 6 4 5 14 9 3 0 44 6 6 7 4
3 4 44 30 in 5 1 4 5 2 2 4 9 7 2 4 32 3 4 7 4
2 1 16 17 8 5 1 3 5 4 3 5 8 6 2 6 14 2 4 2 2
38 6 165 88 31 5 1 9 10 16 5 12 28 37 5 17 261 17 15 30 14
17 20 193 130 49 27 1 23 28 27 15 21 41 43 21 27 220 38 44 48 28
3 3 1 3 1 -- -- 1 1
1 1 4 2 -- 3
2 1 --- -02 33 441 295 114 50 5 47 53 57 30 47 106 105 34 63 572 65 73 95 53

Capital .......... 31 120
Sur. * un. prof. 36 169
8
47
i
*3
91 645
188 770
E
4
12
1 , Other liabilities
Totals _ . ______ 358 1,763
f j




38 24 122 20 214
2 2 8 1 20
1 1 5 1 11
2 1 4 1 17
20 12 59 10 90
12 7 45 6 70
1 1 i 1 0

11 76 8 14 78 19 90 40 80 241
1 5 1 1 4 2 8 4 6 29
1 4
1 5 1 4 2 7 21
1 3
1 4 1 5 2 4 22
3 26 4 5 18 3 15 9 21 70
5 37 3 6 17 11 58 22 42 09
1 -- 1 -- . . .
-- 1

Total
Other Cities.

Total Reserve
Cities

i New Orleans.

I Sail Lake City]

n One report for June 14 used. 7,397 1,046,012,580 701,021,452 5,891,670,007 59 J227.328 6.040,841.271 236,383,658 319,988,290 30,345,093 120,743.559 182,490,494
c
R 3 o •s-i
8
£ V, 3
1
■si
3
9
s
1
■5.° i
K
*8
*
i
to
I
1
I
£ %
1
Totals for
1
&
i
*
|
ft
K g
|
•y •a •y
Reserve Cities, die.
Q
4) •3
t
I
I
f
I
I X
•a §
In Millions,
!
8
I 1
fa
g
1
R
K
1
1 g
£ I
r
O S' s
3 1
S
§ 55 o f Q * 55 53
1
k £ Q o I I 3 %
Q O I I O e ! 1 O I
=4 &
•s! 1 l
8
S s s s S 8 s $ 8 8 $ 8 8 £ •S s
s
s $ s S $ S $ 8 8 % * S s 5 8 s 8 5 8 .8 8
214 951 24 17 23.3 138 64 22 4 25 31 30 17 25 66 67 17 31 322 37 42 57 30 20 14 66 10 111 0 42 4 6 34 10 47 20 45 120 11 3,012 3,049 0,061
818
ft
53 2 2 17 19 9 8 1 4 5 4 3 6 9 7 .3 7 III 3 5 2 4 2 2 6 1 18 1 5 1 1 6 2 8 4 6 24 2 280 632
4 12 6 4 4 30 4 4 3 4 2 I 3 - _ 7
4 1 1
2
1 10 1 6 4 4 16 2 450 690 1,040
20 181 8 5 38 44 7 6
■
1 1 1 3
4
110 159
2 2 3 1 1
1 1 1 1 __ 1
2
1 _ _ 2 -- 1 6 _
269
6
32 1
7 18 3 3
Due from banks 57
7 10 12 6 7 16 21 6 12 91 12 14 20 0 9 4 33 '6 38 2 10 i 4 16 3 17 6 13 48 4 775 678 1,453
70 22 3 87 45 20 6
1
1
1
1
1
1
1
1
1
l
30
1!)
49
Nat. bank notes
2* G o ld ................ 14 195 ~2 '2 26 14 3 2
656
2 2 2 f 2 6 6 2 3 43 3 3 6 3 2 i 5 1 15 1 4 i 1 6 1 7 4 7 16 2 414 142
1
2
2
8
107
60
19
1
1
1 1
9
41
1 6 4 2 1
1 1 1 1 1 1
1
157
1
12
23
1 1 2 1 1 27 4 1 2 1 1
1
1
6
50 2 1 4 6 1
6
2
35
1 1
3 3 1 3 20 2 1 4 1 . . . 2 4 2 6 1 3 -- 1 1 2 1 2 2 9 1 431
94
525
Other resources 22 188 i 2 22 6 4 2 - 3
2 i
22 5,610 5,347 10,903

2 445 601 1,0-10
1 458 486
944
714
2 241 473
5 1.918 259 2,177
12 2,506 1,445 5,951
131
83
48
-38 24 122 20 214 11 70 8 14 78 19 90 40 80 241 22 5,016 5,347 10,003

N o v . 2 1 9 1 2 .]

T IIE
REPORTS

New England States__ _

$
S
7,850,00(
3,587,051
5,235,00(
3,044,70<
5,100,00(
2,024,23
30,487,50C 17,019,31
24,950,001 20,G30,00(
0,775,251
4,230,001
19,314.20C 11,478,801

46

99,771.95C

G2,620,09(

421
;

40,889,010
2,100,000
2.252.000
118,200,000
22,077.400
G7,089,700
22.035.000
28.700.000
2.423,985
5.292.000
12,290.710
252,000
5.850.000

32,085,691
2,200,001
2,650,001
125,155,001
22,020,058
69,031,053
38,800,000
25,117,500
2,223,750
3,045,498
7,720,010
252,000
4,040,513

Eastern States.................. .......

1,039

Virginia_________________ _____
West Virginia__________ ______
North Carolina.............. I ...........
South Carolina..............................
Georgia.......... ..............................
Savannah __________________
Florida................ ..........................
Alabama............ ..........................
Mississippi____________________
Louisiana.............. .......................
New Orleans.............................
Texas .................. ........................
Dallas______________________
Fort Worth_________________
Galveston__________________
Houston........ .........................
Ban Antonio________________
W aco.................. ......................
Arkansas........ ..............................
Kentucky______________ ______
Louisville_________________ Tennessee____________________

132
110
73
46
113
2
40
85
31
28
5
483
4
8
2

37
1117
773
32
24
28
<J(J
17
10

7
6
50
130
8
101

Southern States______ ______

1,484

Ohio .............................................
Cincinnati_____________ _____
Cleveland.................................
Columbus__________________
Indiana______________ . . . . . . . .
Indianapolis___
Illinois..................
..................
Chicago..........

355
8
7
8
249
0
437
10
00
3
123
6
261
6
0
318
3
4
3
5
110
12
4
8

Detroit__________
Wisconsin_________‘ * _
Milwaukee_________
Minnesota........ ......... ........... .......
Minneapolis_________________
Bt. Paul........................: ...........
Iowa_________________________
Cedar Haplds_______________
Des Moines_________________
Dubuque___________________
Sioux City ........ .....................
Missouri.........................................
Kansas C ity ________________
St. Joseph_______________ ___
Bt. Louis___________________
Middle Western States___ __

2,047

North Dakota__ ____. . . _____
South Dakota_______. . . ______
Nebraska______________ “ ______
Lincoln__________ __________
Omaha................ .......................
South Omaha____________ . . .
Kansas..____ ________________
Kansas C ity________________
Topeka _____________________
Wichita.....................................
Montana_____________________
W yom ing_________’ __________
Colorado__________ __
Denver_____________________
Pueblo_____ _______________
New Mexico_______I__________
Oklahoma____________________
Muskogee_______________ .
Oklahoma City___________ ” .

140
103
231
4
7
3
201
2
2
3
68
29
118
6
3
39
282
5
6

Western States______________
Washington _________ _________
Seattle.......................................
Spokane.....................................
Tacoma.....................................
Oregon_____ ________ _________
Portland...................................
California___ ________________
Los Angeles...... ............. ...........
San Francisco_______________
Idaho ................ ..........................
U ta h ___________^____________
Sail i.ako City______" '
Nevada____________
Arizona______
Alaska a _____

Loans, disc.,Ac.
U. S. bonds___
Stocks, bds.,Ac.
Ileal estate. Ac.
Due from banks
Nat. bank notes
G o ld _______

Liabilities.

Legal tenders..
Other resources

$
210
10
21
6
00
1
18
10
5
19

s
959
53
185
32
90
2
220
40
52
182

S
292,715
397,441
148,831
600,89
802,00!
250,14/
40/,325

S
34,081,315
17.954.38C
18,773,88'
131,113,36/
210,378,10;
31,158,021
69,831,203

516,921,498

2,971,431

Gold end
Gold
Gold C q-H
Treasury
Certificates Certificates
S
1,208,52.
499,30*
374,80,
2,308,11
7,095,05
408,061
1,092,271

S
700.18C
241,66C
158,171
1,621,311
11,017.31C
525,381
887,700

%
147,11*
128,77
105,93-i
682,60343.21C
105,751
338,001

S
384,30.
205,871
125,19'
1,705,27C
9,522,044
440,20.
980,83

1912.
Legal
Tender
Notes.
$
633,832
431,151
328,535
3,155,973
S,359,9S4
000,481
1,579,749

513,890,348 13,5SG,145 15,087,710 1,851,391 13.429,73' 12,049,705
271,830,470 5,574,911
0,437.350 1,18G,004
4,fG0,66C
6,541,758
23,070,325
511,373
1,715,720
46,892
67,31C
1,877,158
10,910,988
608,263
1,161,000
96,042
989,034
899,232
959,008,755 47,744,080 172,283,950 1,352,808 47,910,898 52,186,295
143,962,335
1,807,032
3,317,970
778,279
2,739,074
3,976,457
342,047,282 9,077,052
8,282.820 1,880,009
4,011,542
7,332,417
228,899,125 8,532,281 18,129,030
700,952
4,933,057
3,036,130
137,909,537
5,544,707
7,951,040
673,550
3,251,212
4,795.311
10,010,821
151,058
121,340
78,814
285,377
233,089
28,893,240
497.381
135,030
605,830
381,240
734,781
01,009,082
449,240 3,510,300
2,141,874
183,281
669,395
729.737
7,780
27,020
2,755
17,843
15,510
22,401,480
37,332
1,730,510
73,953
589,635
332,453
12,042,953 2,248,078,183 80,564,950 225,279,970 7,188,381 71,479,372 82.529.992
1,705,445 100,934,820
1,473,655 1,199,970
460,348
876,892
2,184,580'
451,324
47,747,714
1,156,378
842,980
251,321
500,894
687,030'
5G0.191
39,119,295
486,945
340,100
228.178
277,318
656,105.
210,082
25,183,516
203,052
163.720
222,890
214,077
490,028
572,008
60,037,997
521,717
566,200
720.011
657,056
1,094,097
179,565
29.245
3,177,605
50,000
44,121
34,910
14,584
531,599
33,213,778
610,940
533,680
411.549
398,148
623,841
342,171
086,889
37,596,205
1,023,610
547.178
398,846
441,065
103,114
137,011
11,305,030
397,570
140,519
99,017
199,227
17,732
226,169
17,799,534
427,440
230,789
174,045
121,688’
310,897
771,913
23.185.283
1,187,080
58,711
443,130
458,541;
1,257,235 119,050,815 2,353,818 2,284,710 1,652,004
867,053
1,610,995
234,285
242,433
17.019.283
973,420
155.549
204,757
535,685
21,810
496,130
11,491,809
147,010
288,980
104,583
548,180
00,036
108,405
3,438,000
201,510
132,693
147,027
170,090
75,121
343,003
1,382,950
21,286,387
495,084
388,071
468,355
305,956
366,152
8,892,809
503,210
282.699
209,183
212,970!
38,239
130,515
5,549,754
228,000
235,479
14,573
140,500
160,842
389,000
322,760
267,341
19,50.3,130
132,784
322,269
822,777
717,849
272.012
1,189,580
44,313,503
351,089
578,249
1,139,050
060,200
1,857,740
131,495
25,337,350
288,766
610,336.
830,385
1,103,105
1,463,460
603,878
62,036,914
091,489
1,532,220
9,949,069 737,921,714 13,281,244 17,400,700 7.745,441
7,435,508 13,601,235

059,226,189

1,234,789 173,214,902 4,249,488 3,898 290
992,990 ~ 1 ,344,988 3,040,143,
1,490,751
935,725 5,799,940
54,987,444
124,748
1,050,310
1,977,127
281,733
190,844
55,753,304 2,429,788 3,509,340
793,982
2,176,668
297,932
1,119,282
634,750
10,174,200
145.090
311,517
639,275
1,533,087 102,340,479 3,058,350 2.644.390
791.090
1,182,790 2,148,037
449,284
1,199,942
1.670.390
103,836
29,552,398
548,580
1,265,145'
3,574,301 172,284.050 4,611,149
4,608,500 1,265,554
1,593,141
3,513,615
1,071,772 334,097,371 10,524,700 27,545,750
498,484 21,342,791 31,090,345
754,163
09,893,814 2,341,748
1,373,420
417,707
477.817
2,028,220
037.841
897,990
115,407
35,938,SIS 1,972,745
136,215 3,522,208
020.842
00,308,537 2,009.700
1,933,330
412,831
543,135
1,098,724
782,483
1,032,895
1,480,960
118,950
40,805,957
1,313,322
1,494,440
412,090
85,081,582 2,951,004
1,414,870
557,905
538.817
898,531
295,373
159,445
53,750,213 3,328,730 2,340,270
140,070
1,698,020
1,187,310
222,402
29,403,822 2,225,123
551,830
328,468
764,347
308,231 100,375,190 2,578,041
023,894
2,100,840
608,192
1,000,204
31,050
157,458
8,027,718
822,350
57,425
89,920
212,166
214,002
400,592
13,651,622
77,224
826,630
99,211
355,165
45,000 • 2,080,744
151,405
90,000
24,415
62,870
133,004
139,509
181,020
9,903,372
863,620
50,439
63,217
494,789
130,475
783,117
27,984,603
402,440
200,405
186,905
631,773
720,059
1,948,770
431,429
02,757,871 2,490,717
1,867,867
1,596,069
129,897
411,430
515,670
56,508
10,127,471
260,822
180,350
610,788 116,184,640 3,554,780 11,306,370
195,218 0,597,421
7,931,914
276,325.000 142,378,944 1,500,759,507 10,973,294 1,071,952,257 00,765,589 79,240,770 7,955,032 42,042,308 71,096,988
5.218.000
4.160.000
10.410.000
1.000,000
3.700.000
1.100.000
10,717,500
600,000
300.000
500.000
4.900.000
1.735.000
0,090,000
3,000,000
050.000
2.090.000
10.895.000
810.000
1.550.000

193,283,485
40,724,693
43.514,870
19,780,090
119,700,410
23,950,499
205,117,455
218,522,050
89,571,130
39,481,231
80,374,770
40,304,073
100,034,800
43,232,170
20,081,095
101,915,584
3,019,194
7,098,585
2,200,812
7,030,274
29,201,472
40,037,755
0,434,409
68,854,081

70,045,500 31,000,338

411,480,173 8,015,074

377,329,570 10,427,525

4.125.000
2,018,210
4.200.000
1.372.000
3.400.000
750,490
500
850.000
4.011.000 2,041,565
4,000,000
1.774.000
19,502,700 7,579,413
6.100.000 2.825.000
28,250,000 14,800,000
2.940.000
1,353,541
1.155.000
438,337
2.150.000
935.000
1.742.000
471,020
1.055.000
052.000
100,000
63,500

28,301,004
501,860
32,152,681 2,020,482
182,542
17,203,475
0,912,804
388,205
283,400
27,028,057
22,359,273 1,350,717
803,178
114,348,021
412,980
42,589,301
891,571
01,728,100
414,003
17,804,813
8,153,244
189,213
289,903
11,359,107
0,005,508
131,175
240,892
7,480,080
541,714
299,317

21,437,030
1,034,715
20,313,539 4,299,570
15,078,944 2,100,622
5,074,353
1,081,503
20,403,950 2,220.309
19,375,130 5,285,800
94,305,393 6,908,831
44,787,357 0,760,817
113,516,155 11,121,135
14,851,033
1,052,370
0,315,810
417,040
10,243,222
989,093
5,194,000
428,508
5,240,385
291,539
339,053
159,223

255,420
197,400
157,240
8,810
221.450
74,320
1,019,950
254,710
3,788,700
226,820
42,870
590,110
57,470
165.450
200

278,757
283,183
171,096
08,958
250.702
260,929
895.702
293,502
575,588
136,154
40,911
99,685
38,508
97,128
18,995

483

83,830,700 37,940,032

434,089,778 8,460,160

403,142,020 44,823,075

7,060,920 3,521,858

683,358

'45,060

18

010,000

240,824

1,858,017

527,999

27,081,199
24,509,002
63,547,937
0,698,759
34,041,550
7,121,816
61,830,020
3,798,499
1,999,082
4,407,512
26,547,056
11,089,179
28,847,175
28,435,G48
4,598,327
12,304,278
39,718,751
4,096,549
5,396,031

1,590,334

655,593
758,470
1,576,774
420,908
1,432,726
450.895
1,723,038
135,285
136,440
94,270
1,448,859
485,887
1,306,304
3,825,823
364,060
379,497
770.323
103.895
352,418

215,741
220,898
369.02S
00,507
191,045
135,515
503,420
26,813
31,102
28,082
190,073
98,223
238,710
182,656
25,369
88,910
640,716
62,437
194,157

171,342
136.889
302,495
30,521
1,037,005
86,772
439,197
41,100
28,384
106,182
118.890
57,515
209,017
70,400
31,304
99,047
341,910
49,961
141,144

330,988
310,051
550,340
203,623.
1,100,290
263.344
772,095
30,990
38,G00>
45,000
384.924
104,672
587,434
1,057,140
75,190
103,487
503,969
102,560
155,325

12,526,230 3,510,092

3,499,267

7,380,022

40,622
05,158
99,819
7,847
34,860
14,981
201,051
52,509
30,010
40,340
9,594
22,795
6,235
38,902
6,035

118,283
248,067
09,835
6,312
65,696
7,250
300,770
431,282
131,354
08,572.
57,473
107,155
14,010'
00,271
27,300

594,540
658,G80
1,149,830
173,100
1,428,000
155,520
1,180,810
345,450
212,800
420,000
990,800
310,220
714,040
1,991,350
502,130
37G.3G0
890,980
200,900
224,630

324.S87

' 80

1

i 1
1
35
s S
S 8
138 61 2S2 3 23
1.8 9 9 1 4
43 7 0
4
18 3 3
2
38 19 7 'I 8
2 1
13 4 2 -- 2
4 2
5 i
6 4 3
3

s'
n s!
o 35
£
"3 43 3

1

I 1
8 8
29 25
5 4
1 1
1 3
10 12

$ 8
15 25
4 0
4
‘i
5 '9
1
2 2 1 3
1 1 1
i 1
2 3 -- 1

52 5 40 52 52 27
6 1 5 0 5 4
5 1 4 0 2 2
5 1 3 4 4 3
6 1 10 9 11 4
28 1 22 27 2,3 14
2
2
2

|
8

©

3
'
o

55
A!

8

|

f

C5 51

s $ 7 s 8 $
55 50 16 30 335 30
9 7 3 7 10 3
11 6 4 5 29 4
3 1 1 1 3
10 22 5 12 73 16
1
1 1
7 G 2 3 44 3
*|
2 1
18 1

ts
s' "Aj s
£
ff &
55 oQ Q

8 % 3 $ s
41 54 29 20 11
0 2 4 2 2
5 3 5 2 1
1 1 1 1
11 19 9 9 '6
1
3 0 3 2 1
-*
1
1 2 1

1

50 107 103 32 01 572 07 70 89 53 38 24 n o 19 221 n 78 7
6 13 9 3 6 44 5 6 7 4 2 2 8 1 20 i 5 1
4 9 6 2 4 32 3 4 7 4 1 1 0 1 17 i 4
5 8 6 2 0 14 2 5 2 2 2 1 4 1 17 i 3
14 30 35 5 17 20? 17 14 29 15 20 12 50 9 95 4 24 "3
22 42 44 20 24 220 40 11 44 28 13 7 42 7 69 4 41 3
5 3
1
4
1
3
Totals________ 366 1,824 61 32 435 285 i n 52 5 40 52 52 27 50 107 103 32 01 572 07 70 89 53 38 24 n o To 221 11 78 7

1,770,230

35
1,817,202 138,509,028 188,440,207

3 O A;'
8
8
0 3 3!
a,
1
8
-y * ■y
S' & i
8 1§
■y
f*.
*■> l
•s'
e
1
s &
s'
S
* Sq Sq 5 O
0 £
3
5 8 s 7 S S 3 s s S 8 s S
63 10 116 7 42 4 0 33 9 47 19 45 111
C 1 18 1 5
1 5 2 4 4 0 23
4
10
2
1 10 1 7 3 4 16
1
4
2
1
2
1 6
24 '5 38 '2 19 'i ‘ 3 18 '3 10 "7 14 49
1
1
1
1
5 1 15 1 4 i 1 7 1 8 6 7 15
""
“-- -- -- --2 1
4 : : 2 '1 ' i 2 '2 '4 '2 "2 " s
s'
c

Kan City .Kan.

8

§
f
■c

Minneapolis.

s

A

Totals.............. 306 1,824 01 32 -135 285 111
Capital .......... 25 118 2 2 22 29 12
Hur. A un. prof. 35 166 3 4 43 30 10
Circulation___
9
48 2 1 10 17 8
Due to banks.. 02 071 38 0 101 81 31
807 10 19 193 127 45
Other liabilities 2
11
1 5




Stiver
Treasure/
Certificates

07
0
5
2
70
1
209
9
0
48
17
5
11
13
2

8
22!)
17
40
7
89
*3
1
2 2 27
1
1
3
2
i 17
S
17
2
5

Stiver.

14,

342,915,284 1,409,017
103,019
15,624,664
463,25/
19,308,090
805,383,122 2,115,024
887,725
184,244,719
435,717,591 1,125,700
724,740
192,290,954
851,851
125,875,530
02,710
10,500,215
117,789
37,873,944
051,380
44,705,303
100,000
880,702
25,115,211 3,280,000

7,372 1,033,570,075 593,990,419 5,825,401,103 58,945,980 5,053,901,432 229,773,418 356,002,380

si £
3
a I
tq
s
21
2
8
1
22

43,482,15.
18,725,481
18,580,12
132,142,351
202,171,151
31,078,251
70,441,081

Indianapolis.

1

Loans
and
Discounts.

JU N E

1,251

|Philadelphia

i
3!

Other.

COM PTROLLER

298,324
27,500,892
570,940
20,729,005
148,089
55,017,449
60,933
4,750,100
1,130,527
34,147,047
7,494
5,669,014
719,152
55,027,193
72,113
2,854,055
127,689
2,731,351
20,804
3,985,530
998,903
31.522.835
310,070
12.448.835
405,300
30,504,842
40,079,292 1,370,538
114,854
0,800,903
325,140
13,558,050
880,201
40,733,100
123,179
4,473,020
0,243,762
240,080

4

A*

Tout's for
serve Cities, Ac.
In Millions.

individual.

335,472,405 330,447,075 2,240,525,401
17.043.500 11,529,967
84,702,904
9.057.000
5,501,075
48,573,101
8.535.000
30,0S4,982
2,571,098
5.735.000
19,101,032
1,928,081
14,059,600 7,488,038
45,133,325
900,000
1.344,272
700.000
7.080.000
32,442,851
2,844,700
9.700.000 5,143,500
37,390,847
3.255.000
12,772,451
1,578,830
3.145.000 2,312,360
15,554,107
5.200.000
21,599,010
2.980.000
32,350,000 10,435,073 101,700,052
2.050.000 2.350.000
10,067,724
2.875.000
10,952,261
1.800.000
500,00J
250.000
4,023,017
4,000,000
1.150.000
23,751,371
2.350.000
1.095.000
0,372,311
1.450.000
442,800
4,502,875
5.035.000
1,979,120
10,777,763
12,015,900 4.601.300
40,973,959
5.495.000 2,642,600
21,075,775
12.047.500 5.159.300
60,607,130
100,914,400 82,097,000
35,204,100 17,733,489
12.900.000 0,300,000
9.350.000 4.050.000
3.000.
000
1.501.000
21.158.000 9,150,514
0,400,000 3.044.000
31,577,500 17.229,353
43,000,000 26,100,000
10.2GO.000 5,300,880
4.750.000
1.750.000
11.280.000 4,578,375
6.250.000 2.700.000
11.830.000 0,271,801
0,800,000 5.800.000
4.100.000 3.475.000
17.895.000
7,085,981
400.000
307.000
2.000.
000
650.000
000,000
130.000
950.000
380.000
6.665.000 2,647,048
7.850.000 3.340.000
1.100.000
675.000
20.400.000 11,987,600

TO TH E

1,867,719
1,231,555
4,150,103
330.000
2,810,000
380.000
4,583,407
300.000
100.000
605.000
2,078,335
1.045.500
3.054.500
3,901,000
390.000
950,550
2,827,010
230.000
262,500

Hawaii...................................
United Stiles________ _____
a One report for April 18 used.

Depo sits.

Surplus.

New York____________________
Albany_____________________
Brooklyn __________________
New York City.............. ..........
New Jersey.................................
Pennsylvania...............................
Philadelphia ........ ................
Pittsburgh______________ ____
Delaware.....................................
Maryland.......... ............................
Baltimore_________I ________
District oi Colum bia__ _______
Washington..............................

M ADE

7’otal
United States.

7(
5(
5(
Hit
21
2:
7t

Maine_______________________
■Mew Hampshire.-------------------Vermont_____________________
Massachusetts_________________
Boston ____________________
Rhoilo Island_________________
.Connecticut------------------------------

Capital,

BANKS

Total
Other Cities.

No. 0/
Hanks

N A T IO N A L

Total Reserve
Cities

June 14 1912.

OS’ T H E

1 1 7 9

Sail Lake City.

ABSTRACT FROM

C H R O N IC L E

S j
S
8
10 2,995 2,979 5,974
2 287 528
815
1 400 587 1,047
n o 157
267
'5 77!' 045 1,424
2
--

417
119

140
51

687
170

*2

200

53

343

13 79 18 00 41 80 229 22 5,637 5,225 10,862
1 4 2 8 4 6 28 2 430 698 1,034.
1 5 1 4 2 7 21 1 460 491
951
1 4 1 5 2 5 22 2 242 407
709
4 17 9, 14 9 20 65 5 1 915 203
0 10 11 59 24 42 93 12 2,541 3,343 5)884
1
43
63
100
13 79 18 90 n 80 229 22 5,637 5,225 10,862.

T H E

1 1 8 0
ABSTRACT FROM REPORTS

OF T H E N A T IO N A L B A N K S M A D E TO T H E C O M P T R O L L E R A P R I L 18, 19 12.

Vo. 01
Hanks

| la ln e ______________________
K ew H a m p s h ir e _________
r e r i n o n t _________________
M a s s a c h u s e t t s ____________
B o s t o n ________________
R h o d e I s l a n d ____________
C o n n e c t ic u t ______________

70
56
50
168
20
22
79

S
7.850.000 3,535,420
5.235.000 3,078,989
2,009,231
5.160.000
30.330.000 17,459,315
24.950.000 20,630,000
4,235,550
6,775,250
19,914,200 11,618,800
100,214,450 62,567,305

420
3
6
39
196
775
32
24
28
90
17
1
10

46,933,495
2,100,000
2.252.000
120,700,000
22.027.000
67,174,390
22.055.000
28.700.000
2,423,985
5.292.000
12,290,710
252,000
5.850.000

Brooklyn _______I.
N e w Y o r k C i t y ______
N ew J e r s e y _____________
P e n n s y l v a n i a __________
P h ila d e lp h ia
______
P it t s b u r g h ____________
D e la w a r e _______________
M a r y la n d ________________
B a l t i m o r e ____________
D is tr ic t o l C o l u m b i a . .
W a s h i n g t o n _________

1,641

Eastern States._____________

131
110
73
46
113
2
46
85
31
28
5
481
4
8
2
5
7
6
50
136
8
100

Virginia __________
West Virginia____
North Carolina___
south Carolina___
G eorgia__ _______
Savannah ______
Florida___________
A lab am a_________
Mississippi________
L o u isian a________
New Orleans___
Texas ___________
D allas__________
P o rt W orth____
i G alv e sto n _____
H o u s to n _______
San Antonio___
W aco __________
A rkansas________
K entucky ________
L o u isv ille______
Tennessee________
! S ou th ern

S t a t e s ___________________

1,477

31,993.850
2,200,000
2,650,000
123,105,000
21,934,228
69,425,451
37,575,000
25,217,500
2,223,750
3,635,498
7,720,010
252,000
4,640,513

I S t. J o s e p h ,
" tt.. L o u is
S

2,042

M i d d le W e s t e r n S t a t e s .

North Dakota__ _
Booth Dakota___
Nebraska________
Lincoln_______
i Omaha________
South Omaha..
Kansas__________
Kansas C ity__
■ Topeka _______
Wichita............
Montana________
W yom ing_______
Colorado________
Denver________
Pueblo.......... .
New Mexico_____
Oklahoma_______
Muskogee____
; Oklahoma City.

146
102
233
4
7
3
204
2
2
3
58
29
118
6
3
39
277
5
6

) Western States.

1,247

Washington------• Seattle________
: Spokane_______
I Tacoma_______
Oregon..................
Portland______
California_______
Los Angeles___
San Francisco..
Idaho __________
U ta h ....................
Salt Lake City.
Nevada------------ Arizona_________
Alaska a ---------- -

68
6
5
2
76
4
203
9
10
48
17
5
11
13
2

Pacific States____ ____

42,§41,434
18,155,541
17,877,595
131,089,816
185,784,840
31,339,152
70,408,019

8
323,162
374,964
135,270
544,112
739,033
250,966
435,693

34,424,729
18,209,669
18,409,834
130,553,073
196,553,376
31,719,347
69,329,998

8
1,210,507
496,731
393,602
2,346,774
7,427,922
425,490
1,790,444

688,400
232,910
202,660
1,478,790
9,938,170
521,320
827,390

8
143,867
118,757
106,434
674,362
320,703
106,879
371,644

400,286
265,963
120,745
1,672,054
8,049,705
448,497
1,254,866

516,864
397,224
348,598
2,994,095
4,205,028
665,560
1,582,997

497,496,397 2,803,200

409,200,02c

14,091,470

13,889,640

1,842,646

12,212,116

10,710,366

340,535,448
15,379,463
18,768,591
742,093,665
185,295,849
436,977,362
191,929,876
125,483,295
10,782,138
37,127,441
44,694,990
925,848
25,560,910

165,796,900 82,716,174

673,497,294

5
P.

&
05

1

2Sl £
§
S ? 1
05 ft,

*5
Js
3

$
939
56
178
32
94
2
204
49
51
163

* S
24 17
2 2
8 6
1
21 3

25
34
8
93
187
2

122
170
49
673
745
9

2
3
2
38
16

'1
I
P

Sur. A un. prof.
Circulation----Due to banks..
Due depositors.
Other (labilities
Totals________

29
36
17
82
126
2
349 1,768 61 32 443 286




2
3
1
6
19
1

22
43
16
169
193

13,077,458

18,625,480 7,604,763

8,153,017 14,485,378

17440
58J107
1,442,004
540,745
53,937,788 5,882,166,597 244^336,260 331,995,370 32,298,753

2
U5

S I

Stocks, bds.,Ac.
1v Heal estate. Ac.
[g
Due from banks
Nat. bank notes
G o ld ................
IL•§•
ch Legal tenders..
Other resources
\
349 1,768 61 32 443 286 111
1

727,407,516

276,850,600 141,653,012 1,522,259,785 16,114,280 1,673,229,615 60,048,052 81,618,720 8,221,558 38,229,335 70,955,888
245.289
600,460
642,955
297,051
27,004,810
5.218.000
28,865,372
1,867,719
235,560
645,030
737,227
573,545
24,090,980
’ 4,130,000
27,281,554
1.226.500
336,178
1,073,420
139,648
1,543,188
54,047,782
63,260,126
10.565.000 4,126,103
63,553
147.850
64,709
390,486
6.194,455
4,429,598
330.000
1,000,000
202,552
1,365,650
1,317,760
32,641,903
27,412,806 1,126,014
3.700.000 2,810,000
68,493
87,990
3,809
492,360
6,137,342
6,702,780
380.000
1.100.000
512,833
1,074,870
50,803,055
681,389
1,710,919
56,205,478
10,742,500 4,612,497
35,814
368.850
62,884
3,753,982
137,538
2,956,832
500.000
300.000
51,620
113,100
212,610
162,936
2,022,195
2,954,671
160.000
300.000
26,362
88,005
430,000
21,179
4,461,029
3,928,471
505.000
500.000
205,150
1,392,157
973,010
26,379,612
937,048
31,659,932
4.960.000 2,678,847
103,435
322,220
477,386
11,568,637
313,748
12,040,839
1.685.000
1.095.500
247,192
1,365,144
743,470
28,530,502
436,478
37,217,771
6.690.000 3,056,560
200,466
2,169,060
27,661,245 3,681,971
38,859,710 1,339,946
3.300.000 3,601,000
39,780
492,600
463,455
4,410,602
109,969
7,252,906
600.000
390.000
77,232
374,820
384,318
12,234,592
335,763
13,051,903
959,550
1.990.000
607,970
900,280
802,217
37,469,489
926,836
40,427,924
10.670.000 2,778,819
70,392
198,560
99,240
4,116,770
124,680
4,645,739
230.000
820,000
189.290
239,520
334,795
5,579,055
237,739
6,509,109
262,500
1.550.000
3,462,232 7,473,702
16,174,221
3,519,161
12,420,270
70,020,500 31,370,595 405,885,739 7,895,421 368,885,825
106,139
53,742
270,830
275,580
1,634,555
20,629,825
574,596
29,393,925
4.150.000 2,019,210
275,657
65,367
328,391
117,570
4,573,750
26,383,102
32,253,563 1,943,045
1.372.000
4.200.000
72,515
76,688
207,169
193,670
14,812,690 2,237,835
178,983
17,341,630
758,431
3.400.000
13,794
1,571
71,956
7,260
955,100
4,928,883
367,340
6,560,927
850.000
500.000
37,741
252,201
63.097
222,560
2,272,675
20,144,230
271,377
28,133,745
4.611.000 2,041,910
12,439
308,326
6,385
82,150
5,765,443
19,377,099
1,327,020
22,045,321
1.774.000
4,000,000
172,623
888.278
213,583
1,025,070
6,769,528
89,820,646
721,808
7,472,654 112,809,858
19,028,915
89,064
317,280
222,270
530,638
7,503,862
45,967,112
400,806
45,362,374
6.100.000 2.825.000
46,410
527,564
93,746
851,402 111,522,764 11,552,468 3,533,020
91,794,874
28,750,000 14,900,000
155,444
46,129
237,770
71,677
1,070,180
14,451,042
408,357
18,037,550
1,349,800
2.940.000
36,790
9,616
65,560
42,835
416,597
6,193,744
173,625
8,029,810
433,338
1.155.000
122,671
21,080
545,680
141.917
980,243
8,477,130
302,718
9,721,852
895.000
1.850.000
28,994
6,151
47,540
15,360
388,315
5,114,944
132,263
6,599,947
471,026
1.742.000
86,187
190,500
24,867
103,698
306,235
5,253,278
240,948
7,383,833
052.000
1.055.000
21,842
52.750
6,243
5,250
168,696
283,754
300,002
594,248
53,500
100.000
6.818,950 3,623,923
659,731
435,663,457 8,194,290 393,360,243
83,581,915

* | S
228 137 62
17 19 9
40 42 8
7 18 3
96 40 18
1 2 1
2 2 29 14 3
1 6 4 3
2 1 3 5
1 1 16 5 4

?
197
12
18
6
60
1
17
9
4
26

0,750,862
1,120,176
1,447,899
294,475
262,097
1,405,920
426,023
3,610,493
922,520
714,608
582,861
528,039
807,616
392,620
273,258
1,066,155
302,414
31,286
221,056
44,679
138,155
121,391
687,663
127,265
585,612

610,000

Totals for
1leserve Cities, Ac.
In Millions

L . uai
'le n d e r
A otes

and
Discounts.

7,355 1,036,124,945

t

S ilv e r
T rea su ry
C e rtifica tes

G old
7 rea su ru
C e rtifica tes

Other.

339,050,580 332,572,799 2,175.554,876 8,638,990 2,218,641,368 93,954,195 198,620,870 7,428,595 72,520,971 82,448,562
513,307
993,623 2,599,200
1.188.070
1,515,177
98,087,424
17.443.500 11,481,467
85,959,834 1,644,100
707,996
261,373
505,727
842,020
1,207,091
445,081
47.356,316
9.647.000 5,604,075
47,741,742
632,547
338,342
271,477
369.000
487,773
563,090
38,687,216
8.510.000 2,524,198
31.234,333
513,238
235,832
311,487
203,590
193,821
1,928,681
221,230
25,022,524
5.735.000
20,249,335
1,142,643
657,805
675,269
642,030
497,688
498,953
7,438,038
13.459.500
67,778,401
47,621,838
6,435
49,432
44,850
100.000
15,445
166,442
700.000
900.000
2,956,423
1,478,658
736,951
370,850
388,764
575,000
605,109
7.080.000 2,824,700
530,188
33,644,632
33,375,981
495,451
461,234
499,143
1,134,870
646,541
9.700.000
5,130,500
337,200
36,268,048
39,711,239
191,080
154,682
91,223
451,660
141,629
97,252
3.255.000
1,584,830
11,104,301
13,588,882
126,035
178,706
270,843
436,970
219,791
17,005
17,394,292
3.145.000 2,412,366
16,109,949
511,623
380,900
73,866
1,921,810
751,170
286,516
22,994,605
5.200.000 2.980.000
23,012,211
1,881,286
1,654,639
934,310
2,284,432
2,334,830
32.261.000 16,507,441 104,787,590 1,246,703 116,061,488
358,840
184,372
294,848
163,305
1,073,050
16,618,582
227,346
2.650.000 2.350.000
17,261,659
498,175
246,857
88,095
149,360
461,650
17,270
11,974,094
2.875.000
10,676,829
1.890.000
115,898
140,670
168,191
170,910
228,400
61,216
3,837,535
250.000
3,787,006
500.000
502,498
1,543,060
495,783
618,305
253,865
72,321
21,547,715
23,426,590
4.600.000 1.150.000
217,733
210,407
263,330
643,870
404,235
317,293
9,263,610
9,632,820
1.080.000
2.350.000
218,758
140,000
222,500
24,956
133,065
39,033
5,483,320
4,959,151
442,800
1.450.000
270,704
155,584
313,568
326,110
377,529
152,979
18,888,463
17,296,419
1,978,120
5.035.000
266,923
498,604
310,811
763,353
1,168,280
811,061
43,742,468
41,975,115
12,045,900 4,661,744
638,190
89,805
404,420
672,902
1.634,930
1,173,305
26,324,483
20,431,914
5.495.000 2,642,600
1,471,211
447,170
726,283
1.436.070
1,110,977
825,278
61,471,572
59,178,199
12.460.000 5,154,614

JHawall a .
U n it e d S t a t e s . .

G old en d
G old C '.'o-H
C e rtifica tes

Individual.

355
8
7
8
249
6
433
10
96
3
123
6
261
5
6
317
3
4
3
5
110
12
4
8

Dhlo _____________ _____ _______
Cincinnati___________________
Cleveland___________________
Columbus___________________
Indiana________________________
Indianapolis_________________
Illinois_________________________
Chicago___________ __________
Michigan____________ __________
Detroit______________________
Wisconsin.......... ............................
Milwaukee___________________
Minnesota______________ _______
Minneapolis__________________
St. Paul.......................................
Iowa______________ ____________
, Cedar itaplds________________
, Des Moines__________________
1 Dubuque____________________
Sioux City _________________
Missouri................ ......... .................
Kansas City_________________

1

Surplus.

12
10
8
33
45
3
111 49 5 47[s4 53 27

£
O

S3 i?
0 & •3
1
3 2
8
0
■5 id 55

1Lincolr,

N e w E n g la n d S t a t e s .

C a p ita .

L oans

D e p o s its .

April 18 1912.

K ew Y o r k _____________
i A l b a n y _____________ __

[V O L . L X X X X V

C H R O N IC L E

S S s *
13 62 10 121
2 6 1 17
1 4
9
1
4
5 31 5 40

S s
6 40
1 4
2
2
2 14

'i

5 "i 19 "i
5
2
1
7
4 2 4 1

•y

■3
1
1
5

-22 117 l i 227 11 72
5
4
5
15
21 41
6

2 8 1
1 6 1
1 4 t
11 57 9
7 42 6

20
17
16
101
71
2

1 5
1 4
1 3
4 25
4 36

i 227 11 72
50 112 98 32 58 574 61 71 89 55 36 22 117 i18

|
S3 .

S3
-.5

I'S
i i
&
O
6,
5
s
a
2,901 2,941 5,902
288 525
813
450 578 1,028
111 154
265
793 681 1,474
19
30
49
437 139
576
115
63
168
131
57
188
275
54
329
5,580 5,212 10,792
439 597 1,036
943
460 483
707
242 465
1,971 277 2.248
2,427 3,339 6,766
92
51
41
5,580 5,212 10,793

N O V . 2 1 9 1 2 .]

T H E

ABSTRACT FRO M REPO RTS

No. oi
Hanks

Maine___________
New Hampshire.
V erm on t.........
Massachusetts.
B o s t o n ____
Rhode Island.
Connecticut.
New England States......................

465

130
109
73
46

113

1,471
355

Middle Western States................

2 -0 t l

North Dakota_____________ ______
South D a k o t a . . . . . . . . . . . . . . ___
Nebraska___ . . . . . . . . . . I ________
Lincoln . . . . . . . . . . . . . . .
...
Omaha______________ _________
South Om aha..______*
I
Kansas__________ . .
Kansas City
Topeka
Wichita

148

249

123

102

233

United States_____

33.730,009
18,293,585
18,024,998
128,241,972
202,359,146
31,017,855
67,972,108

1,205,358
503,595
385,673
2,346,453
7,451,409
413,304
1,720,369

98,251,050

60,254,716

490.412,204

5,094,432

499,639.673

14,026,161

338,877.983 331,861,605 2,146,071,729

11,833,111

11,571,057

97,201,741 217,110,420

86,981,060

7,547,332

77,029,916

1.450.000
5.010.000
11,980,900
5.495.000
12.460.000

97,350,202
46,938,649
37,793,558
24,217,910
55,283,110
3.328,357
32,197,777
35,972,705
11,469,957
16.717.675
24,404.142
114,097.443
17,221,606
12,277,282
3,901,517
22,628,119
9,073,659
5,832,276
18,662,641
42.640.676
25,147,221
59,792,601

1,610,371
1,159,046
451,294
194,243
481,588
34,520
555,296
618,448
135,401
207,576
1,027,269
2,348,404
216,375
425,085
38,935
308,665
422,350
143,580
349,859
760,272
551,045
1,081,654

1,104,280
799,510
341,200
219,420
589,480
42,000
574,040
1,046,800
439,820
424,050
1,402,970
2,561,050
948,800
65,190
297,910
1,465,380
657,660
215,500
387,730
1,099,600
1,514,290
1,169,960

507,169
271,306
285,452
262,627
651,571
43,413
356,085
482,235
147,230
236,641
46,323
1,572,567
218,073
229,365
108,479
431,836
187,438
195,058
239,055
244,138
96,411
448,047

868,541
532.399
256,879
258,021
638,668
33,183
421.399
434,241
98,203
176,928
381,862
911,922
271,188
58,973
160,070
456,121
238,939
37,930
143,123
324,373
313,001
672,411

163,736,900

82,055,458

671,464,092

9,755,575

716,949,082

13,121,276

17,366,640

7,260,519

7,688,375

35,204,100 17,417.547
13.900.000
7.300.000
4.050.000
9.350.000
1,369,600
3.000.
000
9,143,336
20.933.000
3.044.000
6.400.000
31,172,500 17,117,800
43.600.000 25.750.000
9.960.000
5,260,130
4.750.000
1.750.000
11.005.000
4,470,300
6.250.000
2.760.000
11.846.000
6,766,404
6.800.000
5.835.000
4.100.000
3.475.000
17.750.000
7,029,121
400.000
307.000
2.000.
000
650.000
600.000
130.000
950,000
380.000
6.665.000
2,644,108
7.850.000
3.344.000
1.100.000
670.000
20.400.000 11.985.000

197,264,016
41,606,700
37,452,987
19,591,443
111,452,729
20,993,214
202,681,106
190.028,698
85,944,822
30,213,897
89,028,997
43,361,380
93,570,817
40,729,532
29,157,989
100,331,807
2.482,161
6,085,346
2,351,815
6,370,590
30,025,134
39,408,179
6,249,312
71,155,635

1,016,695
1,437,984
278,385
194,314
1,374,708
438,310
3,721,560
877,330
664,978
579,373
455.734
795,493
370,459
259.734
1,040,243
291,681
31,341
218,344
46,845
136,749
109,932
667,850
126,533
586,172

171,782,051
58,002,008
53,868,484
15,672,296
97,091,216
28,323,840
164,786,441
320,863,044
33,769,021
64,600,016
43,179.968
81,780,311
52,458,183
30,441,398
98,137,225
6,149,038
11,957,550
2,413,883
8,644,348
27,661,067
1,918,024
9,426,365
117,520,960

4,290,212
615,673
2,406,883
1,065,031
2,948,326
1.021.502
4,401,474
17,391,728
2.291.503
1,503,295
1,948,924
692,118
2,779,826
2,967,175
2,237,383
2,370,768
106,535
377,260
151,293
177,370
776,263
2,564,778
372,550
3,084,488

3,670,560
4,695,640
3,579,900
744,780
2,368.250
1,605,600
4,406,290
32,086.450
1,165,620
367.990
1,832,330
2,069,000
1,303,200
1,950,020
566,030
1,968,360
862,920
634,730
60,000
706,220
391.990
2,558,690
491,440
16,615,990

1,090,001
115,430
265,165
179,207
766,949
201,836
1,230,100
518,062
447,689
153,895
415,339
145,211
539,377
241,160
220,545
634,171
57,411
73,613
19,852
38,655
271,205
531,183
112,152
220,518

1,440,347
1,697,261
723,902
341,412
979,417
301,917
1,542,450
18,128,742
496,868
155,114
447,051
1,238,599
468,505
96,849
313,715
577,388
426,240
110,303
49,267
22,461
174,704
1,397,109
289,414
4,943,665

3,804,689
1,540,951
2,570,360
705,807
1,913,645
1,114,465
3,383,462
23,431,330
1,686,933
2,172,666
1,081,538
1,723,721
840,510
1,620,975
852,416
1,509,438
131,843
307,430
129,734.
445,609 .
611,849
1,418,635
221,800
7,200,276-

275,985,600 141,648,246 1,503,540,306 15,719,753 1,627,272,560

60,480,082

1,000,000
1.100.000

2.120.000

10.545.000
820,000
1,550,000
1,246

67

1,875,419
1,225,950
4,135,353
330.000
2,810,000
380.000
4,595,455
300.000
160.000
480.000
2,670,453
1,095,500
3,061,310
3,986,000
390.000
965,750
2,787,116
229,600
262,500

70,695,500 J I 1 7 40,406

66,825,823

58,542,358

86,702,000

8,488,726

35,978,699

25,807,582
23,724,257
52,925,934
6,018,595
30.991,479
6,376,754
60,567,476
3,772,110
1,998,688
4,312,974
26,447,978
11,540,789
28,612,528
26,631,964
4,551,157
11,945,190
36,619,233
4,066,376
5,738,338

629,857
752,300
1,519,437
354,233
1,333,618
441,488
1,608,851
635,715
140,255
80.952
1,430,631
426,799
1,397,171
3,788,743
365,472
366,655
791,601
100,385
306,675

560,810
607,640
1,083,600
171,5.50
1,439,220
154,060
1,032,630
367,600
207,110
395,000
803,610
282,700
748,540
2,026,490
536.250
374,220
872,980
195.250
207,830

362,649,402

15,970,838

12,067.090

232,930
230.126
352,917
64,208
222,550
72,982
519,128
31,812
44,409
26,606
207,408
97,106
256.717
241,714
46,024
88,627
672,401
72,582
162,332
3,542,579

192,870
178,187
293,029
40,944
967,914
83,171
394,645
34,885
14,252
62,985
117,747
54,274
204,003
97,293
36,537
83,039
351,291
49,959
119,542
3,377,167

28,371,109
322.649
26,074,521
651,886
64,543,177
131,225
4,614,858
62,733
27,215,882 1,099,484
1,000
6,297,926
703,963
67,294,157
3,101,532
63,807
2,715,376
161,719
3,937,175
19,428
'959,363
30,689,343
311,934
12,379,917
37,029,817
410,396
37,830,093 1,324,204
7,273,842
109,510
13,155,921
334.650
42,358,542 1,743,280
4,796,893
105,705
234,853
5,939,388
405,619,469

7,641,809

1100,000

1.372.000
760,074
850.000
2,036,866
1.771.000
7,441,504
2.825.000
14,900,000
1,346,050
432,837
• 875,000
471,026
652.000
38,500

26,282,450
29,617,027
16,450,795
6,300,809
25,569,173
20.N6;,935
110,276,031
40,236,530
87,917,096
18,027,212
7,960,800
9,035,594
5,432,991
7,031,613
783,997

532,922
1,854,135
172,427
354,383
258,414
1,307,808
670,054
371,664
793,865
381,991
156,914
295,907
120,520
232,049
299.182

19,521,816
24,005,422
14,501,306
4,985,782
19,054,281
18,964,356
89,572,85S
42,205,102
106,410,456
14,158,613
6,019,775
8,117,495
6,071,997
6,217,414
281.181

1,592,865
4,883.140
2,092,715
1,031,112
2,230,528
5,227,200
7,086,687
6,352,826
12,276,245
1,091,797
419,485
891,203
366.980
303,685

198.980

325,200
66,550
135,870
20,410
185,840
75,980
863,520
1,213,120
2,021,190
228,600
54,460
636,430
67,030
180,350
47,000

281,682
334,218
192,319
67,466
264,913
266,789
808,539
376,445
483,830
161,558
52,753
118,378
39,597
60,998
16,469

83,035,365

37,800,567

411,790,053

7,802,035

378,087,854

46,045,448

6,020,950

3,525,954

639,523

610,000

240,824

1,661,379

504,711

L427.010

428,547

1,160

67,313

___ 874

a
inn nnn
4.100.000

4.200.000
3.400.000
500,000
4.551.000
4,000,000
18,717,365

6.100.000

28,750,000
2.915.000
1.155.000
1.750.000
1.742.000
1.055.000

o2,028,710
m o Tin

r.7. „ „ „

,

.

„.„

---- ---- . v r r r : = = = = =

3
973
61
190
33
101

2

224
64
55
157

349 1850

C a pital............. 23
Bur. A un. prof. 31
Circulation____
8
Duo to ban ks.. 103
Due depositors. 183
1
Other liabilities

121
169
62
761
736
11

Totals.............. 349 1,850 61 32 441 283 111 48




,

13,085,381

364,880 ,
345.039 J
539,385
162,671
1,063,430
298,570
770,291
21,010
34,860
62,050
439,654
105,174
668,194
1,696,S34
67,945
96,168

634,917

109,G91
150,485

7,421,248

= =

-=
101,823
408,315
62,795
11,631
45,443
6,410
279,071
422,160
148,456
78,074
21,378 i
166,745
19,590
131,582 '
25,695 ■

45,083
539

86,011

786
37,0,82
11,231
168,969
125,077
44,193
49,533
10,419
20,246
7,756
26,548
6,050

1,929,168

225
7,330 .,031.193,298 685,601,822 5,630,559,232 54,744,541 5,810,433,940 245,336,369 353,177.870
33,927.273 136,547,665 181.T68.22t

i

Liabilities.

3,544,858

1,593,357
438,816
552,560
241,833
529,306
179,389
563,129
355,408
85,449
15,149
247,941:
1,213,160
223,632
14,749
67,733
68,540
322,989
38,966
145,881
797,580
1,260,865
819,141

5.268.000
4.130.000
10.565.000

8,226,226 2.224,408,359

Reserve Cities, Ac.
In Millions.

T o t a ls .........

491,618
405,827,
343,944
3,369,370
4,798,997
628,920
1,532.381

13,909,610

a*
•gC

s

Notes.

83,425,519
47,616,561
31,045,756
19,462,938
47,015,591
1,444,000
32,072,373
39,841,034
14,075,951
15,951,228
24,179,189
111,068,635
17,556,377
10,237,260
3,609,665
22,425,251
9,105,008
6,113,521
17,320,583
41,038,787
19,621,361
58,237,604

Totals for

Loans, disc.,Ac. 202
U . 8 . bonds____ 11
Stocks, hds.,Ac. 19
6
Heal estate, &c.
Due front banks 62
1
Nat. bank notes
G o l d ................. 17
Silver.................. 10
Legal tenders..
6
Other resources 16

417,661
285,647
134,622
2,044,689
7,510,285
489,689
950,509

11,436,467
5,611,075
2,472,850
1,928,681
7,245,538
550.000
2,795,700
5,120,150
1,560,609
2,382,366
2.980.000
16,468,409
1.850.000
1.890.000
250.000
1.650.000
1.070.000
442,800
1,978,120
4,625,479
2,642,600
5,104,614

17.343.500
9.612.000
8.560.000
5.735.000
13.459.500
750.000
7.030.000
9.685.000
3.230.000
2.945.000
5.200.000
32.066.000
2.650.000
2.875.000
500.000
3.600.000

3.700.000

W yom ing______________________
Colorado____ . . . _______________
Denver_____ . . . . . . ___________
P u eb lo...
New Mexico
Oklahoma ..
Muskogee____________________
Oklahoma City________________

a One report for Dec ' ~5 used'” '

S
316,890
354,987
136,453
502,327
3,173,751
331,218
378,806

10,762,500
500.000
300.000
500.000
4.945.000
1.685.000
6.705.000
3.900.000
600.000

M o n t a n a _______________________________

a.

42,140,090
19,582,942
17,952,999
132,644,908
179.416,185
31,476,395
67,198,685

2.100.000

49
136

Southern States..............................

Hawaii

3,536,120
3,012,700
1,909,231
17,437,315
18,630,000
4,160,550
11,568,800

Dj/al
Tender

2,252

Ohio _______ . . . . . _______ _______
Cincinnati . . . __ . . . . . . . . . .
Cleveland . . . . . . . . .
Columbus _________",
.'
Indiana..........
Indianapolis
Illinois........ .
Chicago . . . .
Michigan.............. I ..........................
Detroit.
Wisconsin!______________________
Milwaukee__ . . . . . ____________
Minnesota . . .
Minneapolis
Bt. Paul
Iowa.................
Cedar Itaptds_________________
Dos Moines___________________
Dubuque_____________________
Sioux C it y ______ ______ ______
Missouri___ _____________________
Kansas C ity__ . . . . . . . . . ______
St, J o s e p h ......______________
St. Louis_____________________

Paclflc States...................................

7.850.000
5.235.000
5.160.000
30,367,500
22,950,000
6,775,250
19,914,200

Sliver
Treasury
Certificates.

Silver.

21,733
67,174
22,655
28,700
2,423
5,292
12,290
252
5,850

1,640

Western States................................
Washington
Uhlnaton____________________
Seattle.
Spokane.
Tacoma .
Oregon____
Portland
C a liforn ia____________________
Los Angeles________ _____ ______
San Francisco..... .............................
I d a h o ....... ...................... ............ ..
U t a h ......................
Sait Lake C ity.
N e v a d a --------------A rizon a_________
Alaska a .

Gold and
Gold
Gold C'.’g-H. Treasury
Certificates Certificates.

2,100

Pittsburgh..__________________

S ta te s .

Loans
and
Discounts.

Surplus.

121,200

D e l a w a r e ..................... ........................... ..
M a r y la n d ..
B a lt im o r e _ _
D is t r ic t o l C o lu m b ia
W a s h in g t o n
E a stern

Deposits.
Individual.
Other.

Capital.

46,954

N e w Y o r k . . ______________ ______ . . . .
A l b a n y _____
B r o o k ly n .
N e w Y o r k C it y
N e w J e r s e y ..
P e n n s y lv a n ia
P h ila d e lp h ia

V i r g i n i a .....................
. ..
W e s t V ir g in ia _________
. ' ________
N o r t h C a r o lin a
B o o t h C a r o lin a
G e o r g i a _________________________________
S a v a n n a h _________ _________________
F lo r id a ..
A la b a m a _
M ississ ip p i
L o u i s i a n a _____
N e w O rle a n s
T e x a s _________
D a l la s .............
F o r t W o rth
G a lv e s t o n
H o u s t o n ___
B an A n t o n i o ________________________
W a c o ________________________________
A rkan sas.
K e n t u c k y ______________________________
L o u i s v i l l e ................................................
T en n essee

O F T H E N A T I O N A L B A N K S M A D E T O T H E C O M P T R O L L E R F E B R U A R Y 2 8 , 1 9 1 2 .’

1 ..

J

S S
321 34
16 3
29 4
3 .1
911 13
1
49 2
19 . _
23 2
19 1

A,
1 g
5s * «

jj?

1
1

1
*
3

s
l

s$

tt
o
*

a M
I

8
<8
1 -8 ft
a
1
* 1

3 ■u

4

|

•8
J'

-s

i
3
A
$ S s S S s t s * $ s

t S S * S $
13 52 30 1Z 12 62 9 118 6
2 2 6 1 17 1
6 2 3
1..
9
5 3 •1 2 1 ■
1 1 1 1 __ 1 _
4
9 6 31 7 46 '2
14 21 12
1
1
2 1 6
3 6 3
20 1
i . _ _ . ___ _ _ 2 _.
5 __
1
_
_
_
_
2 6 3
1
7
1 "
1
3 l
6 1

37 4 6
4 1 1
3
1
1
17 '3 '4

31
5
10
1
18

3 1 1
2
1 -4 -- 1

7
1
2
2

8
ic

10 44 19 42
2 7 4 6
2 6 3 4
2
1
'4 14 '5 14
1 1 1
1 8 5 8
_. 1 1 „ _
__ . _ _ _
— 3 -- 3

!

Total
Other Cities.

1012.

1 1 8 1

Total Reserve
Cities.

Feb. 20

C H R O N IC L E

7
S
s
8 2,950 2,884
2 292 520
1 468 571
110 151
4 840 718
19
30
'i
462
137
119
51
126
55
66
" 8 *2 263
S
107
23
15
6
53
1
14
1

| |

|

$
5,834
812
1.029
261.
1,558;
49;
5991
170
18ll
3 IB]

570 59 78 89 56 ~35 22 116 19 232 11 72 9 14 77 19 86 38 79 225 18 5.639 5.173 1 0 . 8 l i
44 5 6 7 4
2 2 8 1 20 1 6 1 1 4 2 8 4 6 29 2 437 594 1 031
32 3 4 7 4
4 _ _ 1 5 1 4 2 7 21 1 456 472
1 I 6 1 17
*92§
14 2 4 2 2
2 1 4 1 16 1 3
704',
1 4 1 6 2 5 21 2 243 461
283 18 17 31 15 18 12 68 10 106 4 25 4 4 17 3 14 8 2-1 M 4 2,099 282 2,381
197 31 II 41 30 12 6 40 6 72 6 34 4 7 16 11 55 22 41 88 9 2,370 3,315 6,685
1 1 1 --- -- ...
1
1 - - - - 1 1 -- - - . . . . . -34
49
83
—570 59 76 89 56 36 22 116 19 232 11 72 9 14 76 19 86 38 79 225 18 6,639 6.178 10,812 ;

f T H E

1 1 8 3
ABSTRACT FROM REPORTS
No. 01
Banka

Maine___ _______________________
New Hampshire” ” ” ” " ” ” ” . .
[Vermont____
Massachusetts
i B o sto n __
:Rhode Island
Connecticut..
New England States....................
New Y ork.__________

466

A l b a n y . . _________

Surplus.

..

1.638

338,816,935 320,948,971 2,080,870,259 8,869,831 2,094,636,671 88,966,327 160,705,360 7,607,332 67,078,919 80,985,375

6,260,000
4.330.000
10.540.000

1.100.000

2.020.000

10.570.000
750.000
1,650,000

75
4

16

466

1.754.269
1,167,350
4.032.270
330.000
2.307.500
380.000
4,468,905
275.000
150.000
480.000
2,642,902
1,055,100
2.985.500
3,565.000
390.000
870,270
2,747,220
229.000
272.000

70,267,500 30,102,286

717,540,061

13,066,471

17,633,190

6,548,608

7,600,888

846.250
1,294,901
278,423
129.065
1,281,182
423,160
3,758,837
1032,213
697,800
658.947
363,928

170,875,276
59,602,427
64,908,584
14,777,552

4,460.891
3,614,080
3,774,170
854,135
3.105.000
2,470,951
835,290
942,490
2,478,880
3,060,928
1,051,058
1,884,070
4,532,565
4,213,430
16,592,914 24,433,280
1,182,510
2,303,251
1,854,032
452,090
1,874,860
1,899,685
670,84S
2.074.000
3,051,296
1,468,770
1,950,630
2,807,965
683,390
2,205,391
2,463,218
1,859,640
146,553
400,850
333,830
386,733
138,722
65,000
670,000
152,685
777,069
387,360
2,514,240
2,476,940
328,165
410,280
3,134,398 13,097,090

1,019,240
110,318
192,139
168,842
831,017
184,820
1,175,813
626,680
436,600
116,165

1,422,136
1,535.343
795,162
255,355

16,000
24,085
271,760
447,971
118,855
266,152

180,265
1,299,658
232,836
4,146,332

68,068,883

74,751,140

8,090,011

83,801,793

611,213
745,496
1,537,33"
322,17_
1,133,400
482,940
1,736.012
150,720
172,185
76,108
1,603,968
448,057
1,400,460
4,361,410
824,233

640,480
617,520
1,016,880
189,830
1,411,850
174,020
1,005,880

200,128

130,090
34,173
92,773
606,562
02,793
148,214

237,338
190,277
288,773
32,000
777,917
62,650
450,029
32,134
16,920
80,858
143,564
64,333
233,997
122,576
31,010
82,957
408,032
34,772
92,945

13,102,340 3,268,874

3,374,018

280,558
189,869
103,217
64,819
240,405
230,305
774.301
390,397
653.302
142,918
68.704
102,766
30,059
04,566

66,042
305
181,247
2,842

385,363,437 43,705,746 ~5,8593)70 3^312,446
C jin
1,300
491,067
1,292,935

1,034,859

28,802,492
94,860,288
2,416,020
6,458,460

2,129,005
5,813,280
28,739,442
40,409,672
0,594,756
69,036,943

812,999
28,884,855
26.562,1 ■!
633,181
107,144
62,247,103
58,458
4,310,664
105,900
26,521,244
1,000
5,949,094
662,360
55,780,027
31,774
2,722,231
156,248
2,673,339
11,819
3,787,023
857.449
33,366,713
304,507
12,662,345
38,532,209
370,851
38,264,049 1,279,692
8,503,034
95,916
317,518
12,558,151
786,043
42,017,905
118,424
4,190.580
6,332,065
229,306

Totals.........
Capital . . . . __
Sur. A un. prof.
Circulation___
Due to banks..
Due depositors.
Other liabilities
Totals . . . . .




10,989,868

4 6 6 ,1 9 3

755,124
80,742
412,878

36,031,209
3,669,921
6,873,818

807,540

2,990,320
610,660
362,470
864,510
168,770
220,360

302,110

1,937,590

267,740
73,960
176,820

82,145,985 87,392,407

413,515,704 7,341,204

2.865.000
1.080.000
1.760.000
1.742.000
1.055.000

i i

840,320
2,270,773
4,745,393
7,277,269
6.254,262
10,924,873
1,048,320
401.076
990,088
362,430
319,945
216,515

iQ.728.f69

112,181,176
13,655,234
5,809,041
8,151,943
5,075,420
6.164,825
276,287

207,893
344,051
78,469
225,754
39,867

190,392
84,583
250,312

1.499.425

4,702,467

77,626
67,259

480,107
17,404

16,777,012

6,326,686
10,783,638
19,229,568
88,776.408

140,080
530,814
163,726
128,833
694,683

217,720
393,850
773.440
339,500

20,878,005
25,260,170

16,066,667

381,552

2 0 1 ,6 8 0

363,136,313

51,700

110,000

793,270
102,040
2,840,530

237,770
61,690
613,010
65,710
139,400
47,230

33,834

10,515

14,267

13,797,143

1,017,441

373,223

1,620,396

10,780,737

649,071

175,826
465,458
1,211,055
608,043
100,293
483,302
480.525
49,500
65,258
44.000

10.000

63,299,601

8,093,380

43,897

20,051
462,376

69,744
41,022
42,231
14,805
24,987

7,286

60,009
6,225

2,222,186

356

310
7,328 1,026,440,500 672,891.253 5,536,042,281 53,050,022 5,659,109,827 235,184,401 284,840,700 321607,171 128,011,341 1817244,681
1,025,896

223,348

c
u •
. <3
s!
to
1
s
1 41 <
I
|
§ 3
u
7
1 6
Q
s
? s
$ 8
3 26 32 30 15 2$4 no
1 ■1 4 3 4 6 10
5 1 1
3 9
6
2 2 2 ”i
8 12 10 6 *7 16
1
"
4
'2 ”2 2 ' i ”2
... 1 1 1 1 1 2
1 1
1 2
1 I. 1
.- 2

a i

I
i

|

T~ 7T T
T
839 22 I 221 136 60 2*2
1 18 19 0 s
61
208 8 4 37 38
33 1 1 7 18
35 20 6
91 20 3
2
2 1
#i
169 ”3 '2 21 14 2 ”2
1 7 6 3 1
46
60 " j 1 4 5
1 20 7 6 1
168
347 L667 58 30 427 279 m i i 6 50 55 52 27 15
23 121 2 2 23 29 12 6 1 5 6 3 4 6
81 167 2 :i 2 80 10 5 1 i 6 3 2 4
8
61
1 16 [7 i 8 6 1 8 i 4 3 2 6
5 159 78 8Q 5 1 0 12 14 1 11
91 627
193 689 13 18 186 123 47 24 1 21 28 27 14 20
2
6
1
12
1
2 4 2
347 1.667 58 30 427 279 111 48 5 50 55 52 27 16

Loans, disc., Ac 2§3
U. 8 . bonds___ 12
Stocks, bds..&c. 17
Real estate, &o. 6
Due from banks
Nat. bank notes
16
G o ld ________
Silver................ 10
6
Legal tenders..
Other resources 20

20.788,958
24.74 1,328
63,220,555
5,768,094
29,893,515
6,132.010
60,513,714
3,707,879
1,894,676
4,140,892
20,768,155
10,868,66 i
28,769,263
27,492.175
4,859,726

7,130,548

6.100.000
28,750,000

405,867,345

496,845

■d
7.

3

I

3 1 ,5 3 6

200,139
45,614
132,758
86,612
649,468
117,938
648,072

60,535,786
31,605,270
63,861,564
41.179,879
82,379,442
63,506,664
30,169,047
97,716,777
6,022,067
11,072,759
2,380,510
7,182,228
27.244.856
60,329,902
9,965.771
113,807,281

439,798
26,993,319
30,934,171 1.836.439
16,256,621
163,030
306,920
6,574,376
228,162
20,046,373
21,169,964 1,322,562
486.595
110,999,461
38.997.824
8 5 ,4 1 9 ,1 1 0
360,110
17,675,321
8,107,897
163,679
290,246
10,598,540
5,794,625
106.898
212,088
0,554,983
793,213
298,497

610,000

i
§

736.150
321,351
205,604
958,380
269,861

99,204,413
28,837,206

164,745,488

297,916,532

66,000

541,560
1,086,770
360.900
389,800
1,496,290
2,515,590
1,044,000
183,970
337,850
1,349,330
481,580
194,360
373.900
1,032,300
1,719,020
1,272,370

1.998.250
1.372.000
758,918
850.000
2,028,229
1.668.000
7,271,807
2,824,000
14,887,500
1.333.250
399,837
870.000
457,626
634,500
38,500

4.100.000
4.200.000
3.400.000
500.000
4.351.000
4.000,000
18,152,985

100.000

Pacific States.

9,388,128

185,976,090
43,401,930
39,218,834
18,758,299
113,540,099
22,810,062
191,551,663
200,580,431
81,968.636
31,620,000
85,099,093
40,125,788
95,427,168
45,711,897

222,972

275,809,400 139,278,384 1,481,110,238 14,817,865 1,596,727,284

10,762,500
600,000
800,000
600,000
4.945.000
1.685.000
6.705.000
8.650.000
500.000

194

653,926,725

78,958,018

1,000,000

1,245

1,263,900
870.900
401.430
178,940
472.430

35,438,350 17,133,937
7.300.000
13.900.000
4.050.000
9.350.000
1,367,600
3.000.
000
8,893,957
21.078.000
2.918.000
6.300.000
30.985.000 16,502,892
43.600.000 25,750,000
6,069,063
9,957,050
1.750.000
4.750.000
4.222.000
10.905.000
2.760.000
6.250.000
5,569,534
11.871.000
6.835.000
6.500.000
3.390.000
4.100.000
6,SOS,5 14
17.685.000
306.000
400.000
650.000
2.000.
000
130.000
600.000
355.000
850,000
2,581,487
6.640.000
7.850.000 3.293.000
600.000
1.100.000
20.400.000 11,982,500

3.600.000

Washington
_________
S eattle.........................................
Spokane.
Tacoma .
Oregon____
Portland
California___
Los Angeles__
San Francisco.
Idaho ..................
U ta h ....................
Salt Lake City.
Nevada . . . . . . . . .
Arizona _____. . . .
Alaska . . . . . . . . . .

1,670,526
1,161,222
418,400
192,213
493,950
10,138
543,094
653,647
142,623
197,601
882,582
2,310,194
172,611
413,757
113,085
248,380
517,487
154,300
294,031
772,606
687,030
1,111,994

1,621,638
439,117
555,642

160,308,730

147
103

540,147
177,587
612,494
331,817
79,136
11,635
221,069
1,182,206
214,438
22,817
63,810
62,463
284,782
38,826
132,036
753,835
1,131,875
787,786

96,786,401
46,433,983
36,193,079
23,856,5S6
67,432,564
3,160,145
30,749,389
36,230,775
11,756,369
16,903,135
25,739,615
112,730,7GO
17,618.841
12,587,486
4,113,729
24,804,8SO
8,587,217
5,422,398
18,389,908
43,360,934
23,711,445
60,970,426

84,653,644
40,866,056
28,558,540
18,594,088
45,677,844
1.433,293
29,907,071
35,859,233
12,806,740
15,512,624
23,475,162
111,017,417
16,708,980
10,915,156
3,982,021
22,418.415
9,058,169
4,821,871
16,209,712
38,953,129
18,524,381
57,972,579

100

2,041

Totals for

570,065
462,240
399,610
3,040,780
6,519,110
684,879
1,569,872

600,413,126 13.518,902 12.794,200 3.708.728 12,934,470 12.846.580

1,468

North Dakota....................................
South Dakota___________________
Nebraska.
Lincoln
Omaha._____
South Omaha
Kansas______________ . . . . . . . . . . .
Kansas City . . . . ____ . . . ___. . .
Topeka
Wichita
Montana _
Wyoming
Colorado .
Denver
Pueblo__
New Mexico
Oklahoma
Muskogee____
Oklahoma City

R e s e r v e C i tie s , d c .
I n M i lli o n s

4 fl,1 6 9
331,677
149,056
1,968,996
8,519,350
451,343
1,092,885

Notes.

499.126,114 6,011.67 1

1.450.000
4.510.000
11,980,900
6.495.000
12.435.000

Ohio ......................
Cincinnati_____
Cleveland_. . . _______________
Columbus_______________ _____
Indiana_____
Indianapolis
Illinois............
Chicago . . . . __________________
Michigan _______ . . . ____________
Detroit__________ _____________
Wisconsin . .
Milwaukee.
Minnesota __
Minneapolis
St. Pam
I o w a . . . . . _______. . . . . . . . . _____
Cedar Rapids . . I ___ V . . . . ____
Des Moines
Dubuque...
Sioux City __________________
Missouri_______. . . . . ___
....
Kansas City
St. Joseph
St. Louis

United States.............. ................

S

644,440
147,756
273,210
137,209
131,360
115,418
1,506,459
794,485
8,911,650 2,055,282
456,060
124,931
871,030
328,647

Legal

Tender

98.481,650 59,987,889

2.100.000

Hawaii.. . . . . . .

Certificates.

34,273,868
18,743,415
18.097,335
129,685,404
202,983,067
30,658.027
65,972,010

20,828,406
18,196,911

6.200.000

Western States.

Silver

Treasury

Silver.

299,648
338,995
122,960
411.568
131,346,297
189,812,284 3,217,149
30,210,642
235,915
385,436
66,726,672

42,004,902

31,955,600
2.650.000
2.875.000
500.000
3.600.000

Middle Western States.

Gold and
Gold CCq-H.
Certificates

Loam

and
Discounts.

7.850.000
6.235.000
6,160,000!
30,597,500
22,950.000
6,775,250
19,914,200

16,843,500
9.302.000
8.185.000
5.610.000
13.206.000
750.000
6,021,860
9,503,870
3.230.000
2.945.000

Virginia_______
West Virginia..
North Carolina.
South Carolina.
Georgia _______
Savannah . . .
Florida________
Alabama
Mississippi.
Louisiana . . . . .
New Orleans.
T e x a s ________
Dallas______
Fort Worth..
Galveston__
H ouston___
San Antonio.
W aco____
Arkansas__
Kentucky . .
Louisville
Tennessee . .
Southern States.

Deposits.
Individual.

46,892,650
2,100,000
2.052.000
121,200,000
21.962.000
67,196,890
22.655.000
28.700.000
2,373,985
5,291,700
12,290,710
252,710
5.850.000

_________

Brooklyn ........
..
New York C i t y . I ___
New Jersey_____
..
Pennsylvania____
. ..........
Philadelphia ____ __ ________
Pittsburgh________
________
Delaware . . .
..
M aryland........................................
Baltimore ....................... ........... .
District ol Columbia........................
Washington__________________
Eastern States..............................

Capita!..

TO T H E C O M PT R O L L E R D E C E M B E R 5, 1911

|
l

K
§
I
S ?
55 15 29 208
G 3 7 16
G 4 5 2)
1 1 1 3
17 5 10 75
1
1 1
6 ”2 3 41
1 __ 1 17
2 1 1 20
2
20

s

■go
3 !
i 1V *43 V.
8
||
§ 65
l
£
S * $ s S
32 41 54 30 18 1*2
3 6 2 4 2 2
4 5 3 4 1 1
1 1 1 1
12 11 23 12 6 ”3
2
1
2
2

3 5 3
1
1 "2 " i
1 3 2

2 1

i o i ~97 31 58 526 58 70 93 57 *28
14 9 3 6 44 5 6 7 4 2
10 6 2 4 31 3 4
4 1
8 6 2 6 14 2 5 2 2 2
27 33 1 16 23 1 16 14 31 16 12
45 lit 1? 23 202 32 41 46 30 11
4 3 1 3
1
1

'i

|

|
s

ss
s s
60 10
6 1
3
1
27 "4
5 1
2
1
5 ”i

-V
3
1 k0
1
I
43
&
]?' I
<i
41
|
2
|
§
«
1
|
K § 1
i
1 k K Q 1
55
S 8
S
$ $ S S S s
5
1?4 6 36 4 6 32 11 46 19 4*1 lfs 9 2.795 2,900
6 23 2 293 614
18 1 4 1 1 6 1 7 31 4
10
6
16
2
.
.
.
.
1
466
1
561
3
9
1 6
2
1
109 148
1
4
”3 20 "4 14 *7 13 50 ‘ 4 770 645
38 *2 14
1
1 1
1
20
17
1
8
1
!
14
'2
8
'
i
'
i
381
139
”
i
”
i
17 ' i '3
1 . . . .. 111
61
6 ... 1 .. ._. 1 . . 1
2 .. 1 .. 1 ...
124
67
8 j . 1 ..
1 2 2 1 1 2 6 1 275
68
4
4

20 n o 17 218 10 87 7
2 8 1 20 1 6 1
1 Ii 1 J7 1 ■1 . .
1 4 1 17 1 3
9 51 7 92 3 32 3
7 41 7 70 4 33 3
2

I

Total
Other Cities.

lo ll.

OF T H E N A T IO N A L B A N K S M A D E

Total Deserve
Cities.

Dee. 6

[V O L . L X X X X V

C H R O N IC L E

1!
n
&
6,695
807
1.027
257
1,415
46
520
162
131
333

13 82 20 87 39 76 228 20 5,341 5,102 UL443

29 2 436 690 1,020
21 1
479
033
703
244 469
21 2 55?
70 1 1,826 259 2.085
86 11 2.881 3,243 ^'123
72
51
1 1
108 07 31 58 526 58 70 93 57 28 20 n o 17 218 10 67 7 13 82 10 87 39 76 228 20 5.341 5,102 10,4a
1 4
1 4
1 4
4 21
6 48
1

2 8 4
1 4 2
1 5 2
4 14 9
11 55 22
1 1

6
0
6
19

THE

N O V . 2 1 9 1 2 .]

C H R O N IC L E

1183

premium. Savannah, buying, 3-16% discount and selling' par. S t. Paul,
10c. per 51,000 premium. Montreal par. Charleston, buying, par; selling,
1-10% prem ium .
W a l l S tr e e t, F r i d a y N ig h t , N o v . 1 1 9 1 2 .
T h e M o n e y M a r k e t a n d F in a n c ia l S it u a t io n .— T h e s e c u r it y
m a r k e t s h a v e b e e n u n d e r le s s p r e s s u r e f r o m

f o r e i g n s e ll i n g

th a n la s t w e e k , a n d c o n s e q u e n t ly th e r e h a s b e e n a t e n d e n c y
to

rea ct

fro m

th e

p r o a c h o f E le c tio n

d e p r e s s io n

th e n

n oted .

The

near

ap

D a y , c o n s id e r a b le u n c e r t a in ty a s t o th e

o u t c o m e o f t h e w a r in T u r k e y a n d a s t e a d i l y i n c r e a s i n g f i r m 
n e s s in t h e m o n e y m a r k e t s h a v e , h o w e v e r , t e n d e d t o r e s t r i c t
o p e r a t io n s a t th e S t o c k E x c h a n g e a n d t o k e e p flu c t u a t io n s
w ith in a n a r r o w

ra n ge.

S t a t e a n d R a i l r o a d B o n d s . — S a le s o f S t a t e b o n d s a t t h e
B o a r d i n c l u d e 8 1 ,0 0 0 N e w Y o r k 4 s , 1 9 5 8 , a t 1 0 1 % ; 8 1 , 0 0 0
d i t t o , 1 9 6 1 , a t 1 0 0 % ; 8 1 , 0 0 0 d i t t o , 1 9 6 2 , a t 1 0 0 % ; 8 1 ,0 0 0
N e w Y o r k C a n a l 4 s , 1 9G 0 , a t 1 0 0 % ; 8 1 ,0 0 0 d i t t o , 1 9 6 2 , a t
1 0 1 ; a n d S 1 0 1 ,0 0 0 V ir g i n i a Gs d e f e r r e d t r u s t r e c e ip t s a t 5 7
to 59.
T h e m a r k e t fo r r a ilw a y a n d in d u s tr ia l b o n d s h a s b e e n a
l i t t l e le s s a c t i v e t h a n l a s t w e e k a n d f l u c t u a t i o n s h a v e b e e n
e x c e p tio n a lly n a rro w .
O f a lis t o f t w e n t y - f iv e a c t iv e iss u e s ,
ten a re h ig h e r, ten a re lo w e r a n d fiv e u n c h a n g e d .
T h e o n l y n e t c h a n g e a m o u n t i n g t o a f u l l p o i n t in t h e lis t
m e n t i o n e d is t h a t o f G r e e n B a y
& A V e ste rn d e b e n t u r e
“ B s , ” w h ic h h a v e l o s t 1 % p o i n t s o f t h e i r r e c e n t a d v a n c e .

T h e m o n e y m a r k e t s h e r e a n d o n t h e o t h e r s id e h a v e u n 
d o u b t e d ly

been

o p e r a t io n s .

a

d o m in a n t

in flu e n c e

in

a ll

W a ll

S tr e e t

T h e B a n k o f F r a n c e , w h ic h o n ly t w o w e e k s a g o

a d v a n c e d its ra te f r o m

3 to 3 % % , h as n o w m o v e d it u p to

4 % , a r a t e q u i t e u n u s u a l f o r t h is i n s t i t u t i o n a n d t h e h i g h e s t
re a ch e d d u r in g th e p a n ic o f 1 90 7 .

C a ll l o a n s w e r e n e g o t i a 

t e d h e r e a t 8 % o n T h u r s d a y , w h i c h is t h e h i g h e s t r a t e q u o t e d
s in c e J a n . 1 9 1 0 .
T h e S te e l C o r p o r a t io n ’s q u a r t e r ly r e p o r t , s h o w in g e a rn 
in g s o f a b o u t 8 3 0 , 0 0 0 ,0 0 0 , w a s c l o s e t o p r e v i o u s e s t i m a t e s ,
a n d t h e r e f o r e h a d n o p e r c e p t i b l e e f f e c t in t h e m a r k e t ,
R e
p o r t s o f r a i l w a y e a r n i n g s c o n t i n u e t o b e , in m o s t c a s e s ,
h ig h ly s a t is fa c t o r y , a lth o u g h th o s e o f th e N e w Y o r k C en tra l
L in e s
in d ic a te
very
heavy
e x p e n d it u r e s .
L ast
w e e k ’s
C le a r i n g - H o u s e r e t u r n s s h o w e d a n in c r e a s e o f c l o s e t o 3 0 %
o v e r t h e c o r r e s p o n d i n g p e r i o d la s t y e a r .
T h i s is t h e la r g e s t
in c r e a s e s h o w n t h is y e a r , a n d , t a k e n t o g e t h e r w i t h r a i l w a y
e a r n i n g s , i l lu s t r a t e t h e e x t e n t o f c u r r e n t b u s in e s s a c t i v i t y .
I n v i e w o f t h is a c t i v i t y a n d t h e a m o u n t o f f u n d s a b s o r b e d in
c r o p m o v i n g , i t is s u r p r i s in g t h a t t h e l o c a l m o n e y m a r k e t
h a s n o t d e v e lo p e d m o r e s tr in g e n t c o n d it io n s th a n a re n o w
r e p o r t e d in c o n n e c t i o n w i t h t h e m o n t h - e n d s e t t l e m e n t s .
T h e o p e n m a r k e t ra te f o r c a ll lo a n s a t th e S t o c k E x c h a n g e
d u r in g th e w e e k o n s t o c k a n d b o n d co lla te r a ls h a v e ra n g e d
fr o m 4 % @ 9 % .
T o - d a y ’ s r a t e s o n c a ll w e r e 5 % ( < i ( 9 % .
C o m m e r c i a l p a p e r q u o t e d G % f o r GO t o 9 0 - d a y e n d o r s e 
m e n t s a n d G % f o r p r i m e 4 t o G m o n t h s ’ s in g l e n a m e s a n d
6 % % f o r g o o d s in g l e n a m e s .
T h e B a n k o f E n g la n d w e e k ly s ta t e m e n t o n T h u r s d a y
s h o w e d a d e c r e a s e in b u l l i o n o f £ 2 4 9 , 4 1 8 a n d t h e p e r c e n t a g e
o f re s e r v e t o lia b ilit ie s w a s 4 7 .7 0 , a g a in s t 4 9 .5 3 la s t w e e k .
T h e r a t e o f d i s c o u n t r e m a in s u n c h a n g e d a t 5 % , a s f i x e d
O ct. 17.
T h e B a n k o f F r a n c e s h o w s a d e c r e a s e o f 5 ,8 1 4 ,0 0 0
f r a n c s g o l d a n d 5 ,7 0 9 , 0 0 0 f r a n c s s i l v e r .
NEW YORK CLEARING-HOUSE RANKS.
{Not Includung Trust Companies.)
1912.
A verages for
week ending
Oct. 26.
S
Capital..........................
133.050.000
Surplus..........................
199,887,600
Loans and discounts__ 1.336.557.000
40.222.000
Not deposits.................. 1.329.317.000
201.527.000
75.502.000

Differences
from
previous week.
S
Dec.
ioTF.odb
Dec.
80,000
Dec. 5,212,000
Dec. 4,251,000
Inc.
511,000

1911.
Averages for
week ending
Oct. 28.

1910.
A vcargos for
week ending
Oct. 29.

S
S
135.150.000 132,350,000
190,020,300 193,297,900
1.354.450.000 1,220,043,000
50.376.000
48.104.500
1.372.260.000 1,192,632,700
284.181.000 241,390,800
74.857.000
67.243.500

Rcservo held_________
25% ol deposits..........

337.029.000 Dec. 3,710,000
332,329,250 Dec. 1,303,000

359.338.000
343.005.000

308,634,300
298,170,075

Surplus reserve........

4,699,750 Dec. 2,407,000

16,273,000

10,403,025

Note.—The Clearing House now issues a statement weekly, showing the actual
condition of the hanks on Saturday morning, as well as the above averages, The
figures, together with the returns of the separate hanks 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
pago preceding.
F o r e i g n E x c h a n g e . — T h e m a r k e t f o r s t e r li n g e x c h a n g e h a s
s h o w n a n e a s ie r t e n d e n c y t h r o u g h o u t t h e w e e k a s a r e s u lt
v e r y l a r g e l y o f t h e h i g h e r m o n e y r e t e s r u li n g a t t h is c e n t r e .
T h e r e h a v e b e e n fr e e o f f e r i n g s o f c o m m e r c i a l b i ll s a n d m o d 
e ra te o ffe r in g s o f fin a n c e b ills .
To-day s (Friday’s) nominal rates for sterling exchange were 4 82 A for
60 day and 4 80 A for sight. sT o-da y’s actual rates for sterling exchange
were 4 8 1 @ 4 8110 for 60 days, 4 8545@ 1 855 5 for cheques and 4 8615(a)
4 8025 for cables. Commercial on banks 4 78 A @ i 81 and docum ents for
payment 4 J
8 1 A • Cotton for paym ent 4 80 A @ i 81 and grain
for paym ent 4 81 y,(a) 4 81 54.
T o-d a y’s (Friday’s) actual rates for Paris bankers’ francs were 0 22 A for
long and o 19 % less 1-32("J5 19 A for short. Germany bankers’ marks were
93 jg @ 9 3 15-10 for long and 0 15»U'*04
plus 1-32 for short. Amsterdam
bankers’ guilders were 40 1 4@ 40 16 for short.
The posted rates for sterling, as quoted by a representative house were
not changed during the eek from 4 82 A for 60 days and 4 80 'A for sight.
Exchange at Paris on London, 25 fr. 22 A c .; week’s range, 25 fr. 24 A c.
high and 25 fr. 21 A c . low.
Exchange at Berlin on London, 20 m .5 3 pf.; week’s range, 20m. 54 A nf
high and 20 m. 52 A pf. low.
The range for foreign eechange for the week follows:
Sterling Actual—
Sixty Days.
Cheques.
Cables
High for the w e e k ...
4 8140
48595
48665
Low for the w eek__
4 81
48540
4 80 10
Paris Bankers’ Prancs—
High for the w e e k .-. 5 22 A
5 19 A plus 1-32 5 18 A less 1 -16
Low for the w e e k ... 5 23 A
5 10 A less 5-64 5 18 H less 1-16
Germany Bankers' M arks—•
High for the w eek___ 94
94 11-16 plus 1-32 94 13-16 plus 1-32
Low for the w e e k ... 93 11-10
94 9-16
94 11-16
Amsterdam Bankers' Guilders—
High for the w e e k ...
39 92
40 20
40 ’ 6
Low for the w e e k ...
39 87
4014
40 20
Dom estic E xchange.— Chicago, 10c. per $1,000 prem ium . B oston, par.
St. Louis, 10c. per $1,000 discount. New Orleans, com m ercial, 50c. per
$1,000 discount and bank $1 prem ium . San Francisco, 50c. per $1,000




U n i t e d S t a t e s B o n d s . — S a le s o f G o v e r n m e n t b o n d s a t t h e
B o a r d i n c l u d e 8 2 ,0 0 0 2 s c o u p o n a t 1 0 1 , 8 2 0 0 d i t t o ( s m a l l )
a t 1 0 2 % , 8 1 , 0 0 0 3s c o u p o n a t 1 0 3 , 8 2 0 0 d i t t o ( s m a l l ) a t
1 0 2 % , 8 5 ,0 0 0 P a n a m a 3s c o u p o n a t 1 0 1 % , 8 1 ,0 0 0 d it t o r c g .
a t 1 0 1 % a n d SGOO 4 s c o u p o n a t 1 1 3 % t o 1 1 4 % .
F o r to -d a y ’s
p r i c e s o f a ll th e d i f f e r e n t i s s u e s a n d f o r y e a r l y r a n g e s e e th e th ir d
p a g e fo llo w in g .
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e s t o c k m a r k e t
h a s h a d a f ir m e r t o n e t h r o u g h o u t t h e w e e k a n d in a f e w c a s e s
s u b s t a n t ia l r e c o v e r ie s h a v e b e e n m a d e .
A m a jo r it y o f th e
lis t is , h o w e v e r , o n l y f r a c t i o n a l l y h i g h e r , a n d s o m e is s u e s h a v e
d e c lin e d .
T h e m a r k e t h a s b e e n le s s a c t i v e t h a n l a s t w e e k ,
t h e t r a n s a c t i o n s a v e r a g i n g u n d e r 5 0 0 ,0 0 0 s h a r e s p e r d a y .
T h e r e w a s s c a r c e ly a n y c h a n g e in th e to n e o f th e m a r k e t
fr o m d a y t o d a y , b u t litt le a t t e n t io n b e in g p a id t o th e s tir 
r i n g s c e n e s a t t h e s e a t o f w a r in T u r k e y o r t o t h e s h a r p
a d v a n c e in c a ll l o a n r a t e s n o t e d a b o v e .
T h e r e h a v e b e e n , h o w e v e r , a fe w e x c e p t io n a l fe a tu r e s ,
a m o n g w h i c h is C a n a d i a n P a c i f i c , w h i c h h a s c o v e r e d a r a n g e
o f 7 p o in t s , c lo s in g w it h o u t n e t c h a n g e .
R e a d in g has
c o v e r e d a b o u t G p o in t s a n d c lo s e s 1 lo w e r th a n la s t w e e k .
T h e c o p p e r s to c k s h a v e d e c lin e d a n d P . L o r illa r d h a s lo s t
2 p o i n t s , b u t U . S . S t e e l is f r a c t i o n a l l y h i g h e r a n d A m e r i c a n
T o b a c c o h a s a d v a n c e d n e a r ly 2 p o in t s .
F o r d a i l y v o lu m e o f b u s i n e s s s e e p a g e 1 1 9 1 .
T h e f o l l o w i n g s a le s h a v e o c c u r r e d t h is w e e k o f s h a r e s n o t
r e p r e s e n t e d in o u r d e t a i l e d l i s t o n t h e p a g e s w h i c h f o l l o w :
STOCKS.
Week ending Nov. 1.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

i Range since Jan. 1.
Lowest.

Highest.

Adams Express_______
278 175 Oct 30175 Oct .31 175
Oct 217 A
Allis-Cbal rets 2d pd___ 3,900 2 A Oct 29 3 A Oct 31
2 A Oct 3 A Oct
Preferred rets 2d p d .. 4,350 7 A Oct 2!) !>A Oct 31
7 A Oct 0%
Amer Coal Products___
15 95 Oct 30 95 Oct 30 95 A July 98
June
Preferred.................. .
100 111 Oct SO 111 Opt *]()
Amer Express_________
300 175 Oct 31 185 Oct 28 175
Oct 225
Amer Teles & Cable___
20 G8 Nov 1 08 Nov 1 08
Nov 78
Amer Tobacco, pref___
100 107 Oct 31 107 Oct 31 102
Jan 109
Sept
Batopilas Mining______
200 SI A Oct 29 81A Oct 30 SA Melt S2Jg Apr
Brunswick Terminal__
500 8 A Nov 1 9 A Oct 29 8
Jan U A May
Cent & So Am Tcleg___
: 0 110 Nov 1 114 Oct 20 110
Nov 12I A Jan
200 5A Oct 30 0 A Oct 30 4
Chic Un Tr pf rets stmpd
Mch 10 A Apr
300 10c. Oct 29 12c. Oct 29 Sc. Aug 10c. Feb
Comstock Tunnel_____
10 205 Oct 29 205 Oct 29 128
General Chemical_____
Jan 225
Aug
25 10SJ4 Oct 31 108A Oct 31 106 A Mch 115
Preferred___________
Sept
Green Bay & W deb B ..
107 10 A Nov
18 Oct 20 10 A Feb 18
Oct
300;
G W lfelmc.......... .........
190 Nov i 190 A Nov 1 155
May 197 A July
Hoinestake "Mining____
349! 0SA Oct 29 9821 Oct 28 80 A Meii 99 A Oct
K C Ft S & M pf ctfs__
150! 75 Jg Oct 28 75 A Oct 28 75 A Oct 81
Mch
Keokuk & Des Moines..
2001 8 Nov 1 8 Nov 1 0
Mch 9 A
100 84 A Oct 20 84 A Oct 29 84 A Oct 88 A Jan
MStP&SSM leased lines.
N Y Chic & St Louis___
200| 07 A Oet 29 57 A Oct 2!) 51
Feb o i A Apr
4 123 >4 Oct 30 123 J-g Oct 30 121
N Y Lack it West_____
Oct 124 A Oct
Norfolk Southern_____
600; 47 A Oct 29 47 A Oct 31 459g Sept 55
Peoria <fc Eastern_____
700 16 Oet 29 17 N v 1 ISA Oct 18A Oct
Philadelphia Co (Pitts).
100 100 At Oct 28 100 A Oct 28 WOA Oct 111 A Feb
Quicksilver Mining____
601; AA Oct 31 5 A Oct 28 3
Jan SA Apr
I’referred ........ .........
303 5 a Oct 30
7 Oct 28 3 A Feb 12 A May
1 ex Pac Land 'I'rust___
100 96 A Oct 28 96 A Oct 28 89
Apr 97 a
United Dry Goods____
200 OSA Oct 31 99 A Oct 30 97
Feb 102 A July
200 100 Oct 28 100 Oct 28 103 A Feb WSA July
Preferred................ .
941 09 A Oct 31 70 Oct 29 09 A Oet 100 A Apr
United States Express..
400 49 A Oct 20 52 Oet 30 41
Virginia Ry * Pow------Jan 51
Oct
10( 85 Oet 29 85 Oct. 29 70
Vulcan Dctlnnlng, pref.
Jan 87
Sept
400 119 Oct 30 125 Oet 29 119
Wells, Fargo
Co____
Oet 151
Jan
50C 77 Oet 30 77 A Oct 29 75
West Maryland, pref__
Jan 81
Apr
O u t s i d e M a r k e t . — A c t i v e t r a d i n g in U n i t e d C ig a r S t o r e s
c o m . s to c k c o n tin u e d o n th e " c u r b ” th r o u g h o u t th e w e e k ,
o v e r s h a d o w in g in te r e s t e ls e w h e r e .
W ith a fe w e x c e p t io n s
t h e r e w e r e n o d e c i d e d c h a n g e s in p r i c e s .
H e a v y b u y in g o f
U n i t e d C ig a r S t o r e s c o m . a d v a n c e d t h e p r i c e f r o m 1 0 5 % t o
111.
T o - d a y i t r e a c t e d t o 1 1 0 % , b u t t o w a r d s t h e c l o s e s o ld
u p t o 1 1 3 % , c lo s in g a t 1 1 2 % .
B r itis h -A m e r ic a n T o b a c c o
m o v e d u p fr o m 2 2 % to 24 a n d re c e d e d to 2 3 % .
E m erson B r a n t in g h a m c o m . d r o p p e d fr o m 7 5 t o 7 3 % a n d r e c o v e r e d
to 7 4 % .
T h e p r e fe r r e d , a fte r a n e a r ly a d v a n c e o f h a lf a
p o in t to 1 01 , w e a k e n e d t o 9 9 % , a n d c lo s e d t o -d a y a t 1 0 0 .
M a n h a t t a n S h ir t c o m . w a s t r a d e d in b e t w e e n 7 2 % a n d 7 1 % ,
t h e n j u m p e d t o 7 4 , c l o s i n g t o - d a y a t t h e h ig h f i g u r e .
The
p r e fe r r e d e a se d o f f fr o m 1 0 2 % to 102 a n d th e n m o v e d u p to
102% .
S t a n d a r d O il o f N . J . a d v a n c e d f r o m 3 9 6 t o 3 9 9
a n d reced ed to 3 94 .
U . S . M o to r c o m . san k fro m 1 % to % ,
th e p r e fe r r e d d r o p p in g 1 % p o in t s to 2 .
I n b o n d s , A V e ste rn
P a c if ic 5s w e re th e m o s t a c t iv e , e a s in g o f f a t fir s t fr o m 8 2 %
to 8 2 % , b u t a d v a n c in g s u b s e q u e n tly to 8 3 % .
B r o o k ly n
R a p . T r a n . 5 % n o t e s r o s e f r o m 9 6 1 1 -1 6 t o 9 6 % a n d f e l l t o
96% .
C o p p e r s to c k s w ere d u ll.
B ra d en C op p er w en t d o w n
fr o m 6 % to 6 % a n d u p t o 7 .
B r itis h C o lu m b ia a d v a n c e d
fr o m 4 to 4 % .
G i r o u x s o ld u p f r o m 4 % t o 4 % a n d b a c k
to 4 % .
G reen e C a n an ea w e n t u p fr o m 9 % to 10, d o w n to
9 % a n d u p a g a in t o 9 % .
O u t s i d e q u o t a t i o n s w ill b e f o u n d o n p a g e 1 1 9 1 .

11811

Xew York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TW O PAGES
____________ For record of sales during the week of stocks usually inactivo. see preceding page.
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Oct. 26.

Monday
Oct. 28.

Tuesday
Oct. 29.

Wednesday
Oct. 30.

Thursday
Oct. 31.

Friday
Nov. 1.

Sales 0]
the
Week
Shares.

STOCKS
N E W Y O U K STOCK
EXCHANGE

Range since January 1.
On basis 0/ 100-share lots.

Range lor Previous
Year 1011.

Highest,

Highest,

Railroads
108 IO8I4 108 10838 10738 10S18 10712 1083s IO8I3 1081? 4:10673 10718 18,100
tch Topeka & Santa Fe 103U Feb 1 111*4 Oct
997s Sep
*10178 102
1017s 102 *1017S 102
IOII3 10178 *101*3 102
102 10
505
Do p r e f __________ IOI83 Jan 2 104*4 Feb 10 100*4 Jan
138 138
13912 13912 139 139
13S*2 13812 139 140
I3973 1397g 1.000 Atlantic Coast Line RR__ 13313 Jan 10 1481? Aug 12 117 Jan
106 IO6I4 10512 1053.1 10434 10533 IO433 105
105*3 10573 1057s 1061s 7,600
rl01l4 Feb 1 1117S A p. 30
altimore & Ohio___
93*2 Sep
*86
S714 *86
87>4 *86
87I4 *86
8714 *86
871.
86I3 8618
8OI3 Aug 13 91 Jan 23
100
Do p r e f __________
8512 Aug
893i 90
893.1 89?s
89
8934
8912 891,i 8912 8934 9012 7,185 Brooklyn Rapid T ranslt.
7634 Jan
9412
J
’ly
72 Sep
26212 2a314 2607S 2625s 25614 260l2
26114 26112 26212 2625S 264
22G12 Mch 4 283 Aug 15 195*3 Jan
62,000
*360 380 *360 380 *360 380
360 *365 380 +365 380
200
entral of New Jersey _ 305 Jan 1 395 Apr 29 260 Aug
8H4 8112 81
8U2 80
8H4
8034 81
8112 81
813s 10,250 Chesapeake & O hio_____
6SI4 Feb 1 85*4 Oct
68*s Sep
1912 2034 191,4 203S 18*2 193j
1878 19*a 19
I9I4
19
I9I4 11,100 Chic Gt West trust ctfs__
lG3g J'ly 1 :
20*4 Oct 26
17 Sep
37
3812 363.( 3 734 36
36
361S 363., 3612 3612 *36
37
3,200
3U8 Sep If- 3912 Apr
Do pref trust otfs_____
35i2 Dec
IO933 I0933 1097s 1IO83 10S*2 11018 10753 1091.1 10812 1093s IO9I4 10958 25,450
993s
J’ly
13
Chicago
Mllw
&
St
P
aul.
.
l053.|
Oct
114
O
ct
7
*140 142 §14214 H2I4 *140 1421? *140 H2I4 *140 14214 141 141
130
Do pref______________
140 J’ly Is 146 Jan 2 141 Sep
139 139
13933 1393s 139 13914 138 1383.) 139 13912 I39I4 13914 1,900 Chicago & North Western 1341?
J’ly 12 145 Apr 26 138i8 Sep
♦181 190 §190 190 *180 190 §190 190 *181 190 *181 190
Do pref_____________
15
190 May 4 198 Mch 26 191 Nov
54
55
*52
58
55
55
54
54
*52
59
55
55
950 Cleve Cln Chic & St l I I "
5*1 Oct 26 62*2 Apr 23
48*3 Sep
*9834 1013. *9S34 1013, *9834 101
*9834 101
*9834 10134 *9834 101
Do pref__________
§957s Feb 24 10112 Apr 17
9414 J ’ly
*167 170 *16612 171 *1661? 171
16714 1671.1 169 169 *168 170
200
elaware & Hudson
166
J’ly
8
175l2
Feb
6
150
i2 Sep
*525 551 *520 560 §540 540 *540 550 *535 550 *535 551
10
claware Lack A West
530 Aug 23 569 Jan 29 505 Sep
21
21
*20
21
21
21
207S 2078 *20
*20
21
21
300 Denver & Rio Grande.
1M? J ’ly 12 24 Mch 27
17*3
Dec
*38
39
38li 3SI4 3734 3814 *o7
39
3712 371? *37*2 39
Do pref_____
” * 341.1 J ’ne 19 46I4 Jan 24
600
36*4 Dec
*913 10
*918
*838 9
9
9
9*8 918 *814 9
200 Duluth So Shore & Atlan
8 Sep 9 1134 May 16
9 Nov
*15
17
*15
157a 1578 1512 15*2 *1514 1612 *15*4 161
Do pref_____
200
1713 Dec
15i2 Sep 9 23 M aylo
34
3438 3334 34I4 33I4 34
343j
331S 337g 34
34
341; 18.900 i ? r i e ......... ............
27*4 Jan
30t,i Jan 15 3913 Apr 11
♦51*4 521S 5H4 52
511.4 5158 5U4 51*8 51*2 52
52
52
2,200
45?8 Jan
Do 1st preferred__
6OI3 Feb 3 577. Apr 11
4312 4312 *4212 4412 43
43
*42
4312 43*2 44
*43
44
760
35 Jan
Do 2d preferred___
40 Feb 3 48 A p r i l
136I4 1371.1 13713 138
1365s 137*8 1363s 137*4 13714 138
137*2 138
20,460 Great Northern pref_____ 126 Jan 15 143*4 Aug 10 119 Sep
4612 47
47
47Io 4512 4612 4514 45*4 46L 47L
47
47
2,700
3334 Dec
Iron Ore properties__
36 Jan 31 53 Sep 26
128 128 ♦1271s 12S12 127*2 12773 12712 1271? 128 128 *128 129
800 Illinois Central_______
120">3 May 9 14 Us Jan 23 132 Jan
197S 2OI4 2OI3 2034 19*4 2038 19*2 201S 19*4 2OI3 193.J 20
15,400 Interboro-M etrop v t ctfs
16*3 Jan 3 22 J ’ly 2
13is Sep
6314 6412 643s 6512 6312 655,
635S 65*8 6U3 647,
64*4 641? 26,250
Do pref____________
5338 Jan 3 673S Oct 15
3'J34 Sep
2814 2812 2812 287s 2734 28
277s 2S38 28
28*3 2734 2814 4,750
ansas
City
S
ou
th
ern
..
22i2
May29
2514
Sep
31*4
Sep
30
*6U2 63
6212 6212 6212 62I2 62
62
*6U2 6212 *GU2 63
400
Do
preferred______
56 May29
01l2 Sep
65*3 Mch 25
*14
16
*14
-*14
15
14
14
*14
15
*1312 15
100
10 Sep
11*2 Jan 2 6 18 Apr 24
*36
39
*36
*36
39
*35
39
*35
39
*35
39
30
Do preferred .
“ “ Jan
*
8 40 May21
25 Sep
17278 1733., 17314 175
172*4 1741? 1721s 17434 1733S I74I4 173*8 17334 53.S00
15578 Feb
185*4 Jan 15 151 Sep
15734 158>2 158 15812 15G*2 158*2 157 157
15712 1573| 157 157
1497g Feb
3,000
170 Aug 14 13612 Sep
13218 1321a 13212 13212 13212 1321? 13212 13212 13234 13234 13238 1325s
13158 Sep 18 138*4 Mch 13 I31t4 Sep
600
anhattan E levated.
*25
2612 25
25
25
25I4
25
25
650
Inneapolis A St Louis
2U2 Apr
18*2 J 'ly 24 27t2Jan 23
*49
5012
Do preferred_____
§40 Feb 26 §57 Jun 15
35 Mch
140 140
14012 14078 1393s 1401.1 139 140
140 14014 1401.1 140L 2,261
129 Feb
15H? Aug 12 x 1*24*4 Sep
♦150 155 *150 155 *150 156 *150 1553., *150 155 *150 155
Do preferred,
147L Feb 1 158 Aug 19 146 Nov
2773 28
2778 28
2714 2734 2753 27*4 27*8 2734 2734 273, 3,500
2563 J’ly 13 315S Mch 29
o Kansas & Tc.i
27 Sep
6212 6212 *6218 66
*6218 66
*0218 66
62
621,S *62
6212
300
Do preferred.
673s May29 66 Apr 17
62*4 Sep
43
4334 427s 43I4 42
4278 4U2 4212 4218 42?8 4214 421? 2,060
35 J’ly 12 4734 Mch 27
3314 Sep
*61
65
*60
64
*60
*60
65
64
*60
64
*60
64
G2l8 Oct 7 71 Jan 4
60 Aug
*26l2 2712 *26l2 2712 27
*261? 27*2 *2612 271? *26*2 271?
27
200
Do 2d preferred___
26*3 Oct 18 30*3 Jan 20
2578 Aug
115 115I4 11473 116 ' 11334 1151? U312 11488 I 14*8 115*4 114 1141? 13,120
100*4 Jan
1211? Apr 25 r9978 Sep
137 137 *137 138
130 137
135% 135% *1351? 137 *135*2 137
700
134
J
'n
el8
12G?3
Sep
142*4
Apr
35
35
*3412 3612 *31I2 37
3413 34% *341? 36
300
*34*2 5%
2973 J ’n e 29 4138 Apr 12
37*4 Sep
*83
84
*83
84
84
84% *841? 85
861? 8712 87
871?
600
8 Ji2 Oct 25 93*4 Apr 26
11534 II6I3 115U 1153.| 114*4 1153.1 1143, 115*8 1143, 115*4 *114*2 115
10,730
{10734 Feb
119*4 Aug 12
99*4 Sep
*89
93
Do adjustment p r e lll
88 J'ne 12 02 Feb 17
8534 ,\pr
*64
74
*64
*64
*64
67
67
74
*64
07
*64
..........
56 Mch 11 673.1 A u g:
39l2 Jan
1233s 12438 124 1241? 123 124L 123 1124*8 12373 12434 1231? 124
22,117
115*3 Jan 15 13U2 Aug 14 110*4 Sep
12334 124
123'8
12378
1237s 124 " 12353 124
12334 124
12378 1241s 10,437
122l2Jan 9 120I4 May 2 ll834 Sep
*106 108 *106 108 *100 108 *106 108 *106 108
106 100
100
981? Jan
11U? Sep 23
OOI3 Sep
♦110 120 *110 120 *110 120 *110 120 *110 120 *110 120
Do preferred__
108i2 Jan
117 Feb 20 IO2I3 Sep
17112 17314 17238 174*4 4:1681? 172
I68I4 17U.1 169*8 17U8 170 1707s 558,000 O e a d l n g ________
148is Jan 11 179*4 Apr 29 134 Sep
*88
90
88
*87
*88
90
88
881? *87
90
*87
90
200 TV 1st preferred.
87i2 J'ne 27 93I4 Apr 29
88 Mch
*95
9612 9612 9712 *95
97
*91
97
96
96
*941? 96
300
2d preferred.,
94 Jan 11 10U2 A pr 29
90i2 Sep
245s 253.1 2412 253,s 25
25<4 2534 253S 26
ock Island Compa
25*8 253S 253,, 11,430
2231 Sep
301? Apr 8
2-2*2 May31
51
5US 51
5218 50
51
49U 50
50
50
3,914
48*8 61
Do preferred___
4714 J ’ly 16 69*3 Apr 9
4334 Dec
*22
24
2334 24
2312 25
23
23I4 *22
24
*22
24
1,510 1
20i2 Sep. 6 29*2 Mch 26
23 Dec
6212 6212 *61
*60
04
*60
65
65
*60
*62
65
64
100 ' Do 1st preferred.
61 MaylO
59
Sep
69*2
Jan
23
35*4 35*4 36
3634 353g 36
3533 351? *35*8 36
1,150
*35U 36
Do 2d preferred..
33l2 J ’ly 24 4334 Apr 11
37 Sep
*3734 391S *3812 3913 3812 383., 3S*4 381? *38*8 38*4 *383s 391?
600 6
29*4 Jan 22 403s Oct 4
24
Jan
*75
79
*75
781? *75
*75
79
781? 78
78
*75
80
100
Do preferred.
68i2 Jan 17 8058 O ct 4
69*4 Jan
20
I9I4 195$ 197S 1978 197s 20
201,1 20*3 20*4 2078 207S 1,500 5
1863 Oct 25 27*2 Apr 4
48
49
4914 4814 4012 48*4 4912 8434 491? 6,800
487S 4912 49
Do preferred.
47i2 Oct 25 56>2 J ’ne 7
10912 110
109*2 110*s 10834 1093., 10834 10912 109*8 10978 10012 110>8 12,000 5
105i2 Feb 1 115*2 Apr 8 10412 Sep
2853 287s 2834 2933 2853 291., 2853 2913 28*4 29>S 291S 293S 9,770
20l2 Jan 31 32 Sep 30
24*4 Sep
81
8U4
807S 81
8012 81
81
81
8 U,4 8U4 3,102
81
8H4
Do pref
do
G8I4 Feb 4 8678 Oct
6II4 Jan
25
2534 25l8 25*8 *2412 25*2 *241.1 25*4 *241, 25
2412 241? 1,000
''exas A Racine___
20l2 Jan 3 26<4 Apr 2
107a Dec
373., 377S *37
373,3 4,800 . hlrd Ave N e w __
37
3814 3734 383S 367S 37
36*2 38
35 Sep 14 4934 Jan 9
31 Nov
*4
512
61?
*U2 512
512
*5
512 *412 6
5*2 6>8 1,200 ’
3 Jan 15 1038 Apr 16
4 N ov
*1312 1412 *13*2 1U2 141.1 14*8 *13*2 14*3 *1312 14*4 §1334 133.4
220 ’
12 Sep 11
12 Deo
16*3 Mch 27
31
321., 3214 *30*2 3112 30
♦30
33
31
30
*30
31
300
Do preferred.
28 J'ne 7 36 Apr 8
3478 Deo
*104 108 *104 107*? 105 105 *105 107*? 105*2 10512 *105 10712
200 '
104 Oct 14 IUI3 Sep 17 104 Sep
1691s 16934 169 17038 1677s 1697s 168 169*4 169*8 170*2 169*4 17014 165,050
nlon Pacific____
160 Feb 1 176*4 Sep 30 153I2 Sep
♦883s 89I4 89
89
89
*88*8 891?
*88*2 89
8814 89
89
900
Do preferred.
88I4 Oct 31 93*3 Feb 27
89 Sep
3712 3834 38
37
38
36*4 371? 37
361? 2,250 1
*36*2 371? 36
28 J ’ly 11 30*2 Oct 23
28*2 Sep
667s 6712 6612 663.J *66*4 67
65
6512 2,500
65*2 66
65*2 GO
Do preferred____
57 J 'ly 18 6712 Oct 23
52 Sep
*4
4I4 *418 414 +4I3 412
418 4*8 ‘*4*8 414 *414 412
200
a b a s h __________
3*4 J'ne 19
934 May 11
5*4 Dec
1333 1333 1358 1358 *1312 14*2 133., 14*8 14*4 14*3 145S 1458 1,400
Do preferred.
12*8 J ’n e 27 227g Apr 9
14*.t Deo
651s 56
535S 65
65
5518 55*8 55
65
2,150 '
53*8 5412 *54
63->a Oct 30 6414 Mch25
48*3 Apr
914 912
8*4 9
9I4 9I4
*S12 91?
9
9
9
9
1,740 '
4 Jan 10 11*4 Oct 10
2i2 Sep
3012 3034 ♦2!> 3U2 29
293.1 29*4 29
29
29
28*2 29
1,000
Do 1st preferred.
11 Jan 3 3612 Oct 9
7 Sep
14
1412 *14
15
§1312 13*2 *1312 14*2 1334 13*4 1312 1312
990
Do 2d preferred..
6 Jan 19
17*2 Oct 9
3 Aug
; 6212 5212 ♦52
*5278 65
56
*5212 66
♦521.J 55
552*4 5214
750 V
48 Feb 6 6212 Aug 12
48 Sep

A

B

D

K

M

I

V

84*4 8538 8438 8558 8212 8478
*58
60
58
58
57
5712
*99 10012 *99 10012 *9912 10012
7014 703S 7018 7038 69
69*4
*9712 101
♦97 101
*9612 101
423S 4318 42
4034 43
43
122 123
122 12238 12012 12U2
59*3 5934 5938 5934 58*4 59*8
*118I2 120 *118 120 *119 120
343s 3412 3478 3612 3612 395S
§80
80
7934 7934 8053 8034
58
68I4 5788 58I2 5612 5712
*98
99
*98
♦98
99
99
634 *6
*6
634
6
6
80
30
30
30
29*8 291S
*20
21
20
20
♦20
21
1612 1512 1512 16
1434 151?
3834 3834 *38
373.4 3812
40
4234 4234 43
4178 421?
43
*107 107l2 107 10718 *105 107
*14
15
14*2 153s 14*3 1412
*61
63
6212 6312 *6U2 63
*8512 86
*8512 86
♦8512 8612
8212 8338 83
8334 8134 831.,
•107 10734 108 108
108*8 10818

8U2 84
83*s 841? 83
84 176,500
*57
591? *57
59L *57
591,|
400
*99 10012 *9912 10012 *99 101
68
691? z68
68
67
68
8,200
*97 101
*99 101
*99 101
3834 42
401S 4114 393,4 4012 55,655
120 12178 I2U4 1211? 1203s 1203S 3,265
5933
59
5914 59
5812
59*8 5,050
119 119 *119 120 *11812 119*8
120
387s 3612 37*8 36
37
361? 10,100
7934 79*4 ♦7812 801? 79
79
726
56*3 67
5634 6712 57
67
5,200
98
98
*9714 98
*97U 08
100
534 534
6
6
*512 6%
500
*281? 291? *2812 291? 30*3 301?
500
RJ34 20
20
20
20
20
1,300
14*2 1473 15*s 1538 15
15
2,950
375s 373., *37
39
*37
381?
700
41
4214 4134 4212 4312 44
3,300
100 106 *105 100 *105 107
410
147„ 1478 2,200
HI3 141? 1478 15
613.1 62
6212 6212 *62
64
1,200
*8612 87
§85*4 8534 ♦8412 86
50
825S 82
81
82
821? 28,700
83
107 10734 *107 108
IO7I4 107*4 1,230

BANKS
Banks
New Y o r k
A e tn a _____
America 11..
Araer E xch.
Battery R k.
BoweryD___
Bronx Boron
B ronx N at.
Bryant Rk ij
B utch <S» Dr
Pentury H.
P h a s e ____

Bid
202
618
234
125
400
300
180
155
130
230
700

212
630
238
130

140
235
790

Banks
Chat&Phenlx
Chelsea Ex§]
Chemical _ .
Citizens’ Ctl
C ity_______
Goal & Iron
Colonial D-Colnmbta 1).
Commerce .
Corn Ex U__
liast R iver.
Fidelity u . .

Bid
183
150
445
188
1430
157
425
335
f 203
325
88
165

AND
Ask
185
160
450
195
165
345
f 207
330
175'

TRUST

60 Feb 1
57 Oct 29
98 J ’ly 17
63 Feb 26
97 Apr 3
IU4 Feb 1
90»s Feb 1
49 Feb 5
115 Feb 14
30*4 Oct 8
75I4 Aug 6
45i2 Jan 19
95 Jan 19
3 Feb 19
20 Feb 26
18 Jan 2
9 Mch 6
30 Feb 20
31*4 Feb 27
103 Jan 15
4*4 Jan 10
42 Jan 6
86 M ch22
677s Feb 1
102*3 Jan 2

1

Do pref.
i merlcan B
Do pref.
I
Do p ref.
/ merican C
Do p ref.
/
Do preferred.
t

Do pref.

4! merlcan H
/
l

Do pref.
Do pref.

t merlcan
A
J
J

L

Do pref.
Do pref.

Do pref.

92*4 Oct 4
635s Mch 22
104*4 Mch20
77 Sep 19
IOH4 J ’ne 19
4738 Oct 11
126U Sep 19
63»s Sep 25
120 May21
395s O ct 29
8318 J ’n e 20
5913 O ct 21
9914 Feb 13
714 Sep 25
34 Sep 24
303| May20
1778 Apr 23
43 Apr 23
46*4 Aug 17
1101? Aug 14
l ‘Jl8 Aug 5
6914 Aug 14
89l2 J ’ ne 10
91 Sep 26
1093g Sep 26

1165s J’ne
1051? J ’ne
13914 Nov
10914 J ’ly
91 Jan
8433 J ’ly
247 J ’ly
320 Deo
86*4 Feb
251.1 J ’ne'
49*4 Feb l
1331? Feb :
1551? Feb
1501? J ’ne
§209 Jan :
66 Jan
98 Feb
17478 J’ ne
570 N ov
35 Feb
74 Feb
15*3 Mch
30l8 Mch
3838 J ’ly
0H4 J’ly
49*4 J ly
ill) J ’ne
0334 Feb
147 J ’ly
20*8 Feb ,
66*s J’ly 1
3738 J ’ne:
6934 J’ no
17 N ov
40 Jan
1867s Deo
160*4 N ov
1421? Jan !
421? Sep i
6812 Sep
152i4 Mob
160 Mch
38i8 J 'n e 1
70 Oot 1
63 Feb ,
72*s Jan !
38*3 Feb i
115i2 Feb 1
15U8 Feb
4678 J ly I
) 1H4 N ov
9II4 J'ne
55*4 NOV
l37/8 J ’ne
13018 Feb !
100 Jan i
112 Feb
1617g j ’ne
92 J ’ly i
101 May
343s J ’ne
6858 J ’ ne
27 Oct ;
691.4 J ’ ly
49i? J ’ly
34 Feb
72 J ’uo
126*8 J’ ne
333s J’ly
751.4 J ’ly
3014 Feb
41 Deo
81.1 Jan
243, Feb
537s Jan
111 Feb
1923s J ’ly ,
96 J’ ly '
49 Feb
761, Mch
1838 Feb j
40*8 Feb
06 J ’ly
CI4 Feb
17»a Feb
8 Feb
72*8 May

4434 Sep
44*4 Sep
9912 Oct
3914 Jan
9212 Jan
873 Jan
77 Jan
42*3 Sop
113 Oct

71*3 J’ne
6312 T)co
105 Deo
6OI4 O ct I
101 Oot !
I2i2 May
03ig Deo ’
58I4 J ’ly
120 May

4158 NOV
92 NOV
312 Sep
18 Sep
l ‘Jl2 Aug
8 Aug
2Gi8 Oot
32ig Oct
102 Oot
3 Sep
31*2 Mch
82 Sep
56*3 Sep
9834 Sep

62*8 Feb I
10512 Feb
J’ne
26I3 J ’ne
2534 J ’ly 1
12*3 Feb I
341, Doo
43i4 May :
110*4 Mob

5

5*8Jan

1

435g J’ly 1
89*3 J ’ly
837g j ’ne
108i2 J ’ne

C O M P A N IE S — B R O K E R S ’ Q U O T A T IO N S .

BU
Banks
Fifth Ave1I- 4300
Filth ......... 300
Ftrst ______ 1010
F o u rth ____ 201
G a rlle ld ___ 280
Germ-Am 1| 140
Germ’ n Exlj 400
Germania 11- 525
Gotham __
158
Greenwich ^ 250
H anover___ 705

Ask
mm
325
___
204
295
___
M0
108
720'

Banks
H arrtm an. .
imp & Trad
Irving_____
L i b e r t y .. ..
Lincoln____
Manhattaul)
viark’ t&Ful
■Vlech .fc.Ylet's
Uerch Exch
Merchants'.

Bid
290
205
635
375
348
250
274
160
190

Ask
310
570
210
355
255
277
165

Bid
375
190
200
285
21712
220
875
400
255
370
Reople’s n__ 240
Banks

M etropolis 1]
M etropol ’ nlj
Mt M orrlsfl.
Mutual Ij___
N a s s a u ____
New N eth .n
N ew Y ork C o
New Y o r k .
RacIQcD___ I
R a r k ............

Ask
385
193
295

410
265
375
260

Banks
Rrod lixch |
R e s e rv e _
seaboard _ .
Second . . . .
Security 11..
Sherman___
State I ) ____
23d WardH.
Union E xc.
Wash H’ ta H
vVest Side 1|
Yorkvltle

Bid
Ask
168
174
931?
460 “
375
400
146
136
250
175
102
108
276
675
625*
600

I
and asked prloes.; no sales were made on thla day. {Ex-rlghts. §L«ss than 100 shares. UState banks, a Ex-divldend and rights, b Now stock*
.tflalo at Stodt lixebauga or at auqtlon UUe.weoliu. > J M > Installment paid, n Sold at private »*lo at this prloe, __* iix-dlvldead. I Full nulifV .____ 1




N ov. 2 1912.1

N e w Y o r k S to c k R e c o r d — C o n c lu d e d — P a g e 2

1185

For record of sales during the week o f sto c k s u su a lly in active see second page p rcced inz.

STOCKS—HIGHEST AND LOWEST SALE PRICES
Saturday
Oct. 26

Monday
Oct. 28

Tuesday
Oct. 29

Wednesday
Oct. 30

Thursday
Oct. 31.

Sales 01
the
Week
Shares.

Friday
Nov. 1.

STOCKS
N E W Y O R K STOCK
EXCHANGE

Range since January 1.
On basis 0/ 100-share tots

Range )or Previous j
Year 1911
—«

Highest

Htghest. ;

- o - Industrial an d M isc.(C on )
190 193
196
194 196 *190 195
193 193
195 195
1.800 A m erican Snuir
123 M ch 6 199 O ct 18 225 Sep
325 M ay
105 *104 105 *104 105 *103 105 *104 105 *104 105
Do
p re f, n e ' w l l . . .
99 F e b 9 105 A u g 13
41**4 42
4U4 421
427s 423g 427g 41*8 42
41
4112 3,100 A iner Steel F ou n d ( n e w ) '
26 Jan 19
44% O c t 8
25 Sep
62*2 F e b
122 123i; *122 124
12414 124 121*4 123 124
122*2 12212 1,900 A m erican Sugar Refining 11434 Jan 12 133% M a yl3
112% Sep
R2% F eb
*121*2 12.'1 *121I2 123 *121*2 123 *121*2 123 *121*2 123
122 122
100
D o p r e f____
Jan 5 121 S ep 27 111 Jan
119% F e b
1423g 143
H2I4 1423 1425s 1427g 142*3 142-*., 3,600 A m erican T elep h & Te’leg 115i2
1427g 143
1427s 143
13 758 Jan 2 149% M ch 25
131*2 A u g 153*8 J ’no
277 278*2 278 27934 27 6 27934 27012 27612 276 2783, 276 278*4
4,800 A m erican T o b a c c o
241*8 E eb 29 324% J ’ly 1
104*9 104% *104 105
*104*- 105 *104*2 105
l o t ’ s 104*2 1047g 104%
700
P referred , n e w . . ”
IOH4 Jan 11 1063g Jan 19
*27
29
*27
*27
29
*271- 29
29
271s 27*2 *27
28*
300 Am erican W o o le n ___ '
25*4 Eeb 6
25% D ec
31 M ay 17
36*2 M ch 1
8812 *86*2 87* *85
{88*2 88*2 *86
88
8812 *85
D o p r e f_____
130
80*2 85*2
85% N o v 1 94*2 M ch 12
85% (Jet
96% J ’no!
353i 3534
347g 35
341,8 34*8
34
34
34*4 34*4
34*4 34*4
850 Am er W ritin g F a p e f.'p rf"
25% Jan 25
413g M ay
241? Sep
341- F eb :
43% 43*13 42% 431- 417s 42"g 411- 427g 4212 43*8 421., 427s 21,450 n A n aoon d a C op p er Pari 25 $34
F eb 1 $48 O c t 2 $29 Sep
$41% j ’n e '
♦123*4 125 *12314 12434 *123*4 124*2 *123*4 125 *1231.4 1247g *12314 1247g
Assets R e a liz a tio n _______ 105% F e b 7 127*-O c t 3 106% D ec
108 D eo
*57
58
58
58
56's 57*4 *5512 57
*50
5 67s *5 6
5678 ' " ’ 366 lla ld w in L o c o m o tiv e
53-%
J
’
ne
18
6034
A
u
g
30
*106% 108 *10634 108
107 107
107*8 10718 *100-*4 1 0 < 107
Do
p r e f ____
450 1 '
10234 F e b 2 108*8 J ’ne 17 103% D ec
107 D eo
4634 4634 45*2 46*2 4434 48
♦46
47
457g 46*2
6,160 Bethlehem S te e l___
45*2
2734 F eb 27
16 Sep
51% O c t 2
3818 A u g
76
76
76
76
75
75*8
76
7412 74*2 *74
74
630
D o p r e t _______
50% F eb 27
80 S ep 23
66% J ’ly j
54 Sep
*143 146 *143 14512 *142 146 *142 146 *142 146 *142
B ro o k ly n U nion G a s .
' 137% M ch 21 149 A u g 12 rl2 9 Sep
148%
NOV1
*32*4 34
32I4 32I4
32I4 32*.
3U.1 3212 31% 32I4 3012
1,300 Buttericlc C o ....................
29*2 M ch 18
40*8 A p r 30
28 F eb
31 M ch I
66% 66*2 66I4 C778 66*8 68*4
647,8 675g 66
66*2 64*4 66*4 63,900 1 'a iifo r P e t r o l v o t tr ctfs
6434 N o v _
72*2 O ct 6
91^4 91% 92
91*2 92
9012 91*2 ♦Ollg 91*2 *91
92
2,750 v
D o pref v o t tr ctfs
90% Out 30
95% O ct 5
*100 10012 100
*995310012 100*8 IOOI4 *99*2 100*8 *100 100%
300 C a se(J I)T h resh M p f tr ctfs 100 O ct 28 100*8 O ct 24
32
32*8 32*4 321z 3I3.J 32-3g 31
32
313., 321s
313, 32
4,470 C e n tra l L e a th e r ______
16*2 E eb 27
18*% Sep
33% S ep 24
333g F eb ■
99-% 99% *97*2 99% *9712 99*2 *97*2 99*2 *97*2 99*2 *97*2 99*2
100
D o p r e f___________
80 F e b 27 100% O ct 17
91*8 D ec
105 F eb
47
47*2 4612 47*8 45
443g 4584 45*- 46*8 45
46*2
45*4 29,470 dC hino C o p p e r____ Par $5 $25 Jan 15 $49% O ct 23 $16*2 Sep
$27% D eo i
367s 37*4 36% 37
341*8 3 658 3412 35*2 35% 35*2
35*4 36*8
6,550 C olorad o Fuel & I r o n ..
23*8 F e b 28
4334 S ep 26
25 Sep
3 638 F e b I
14312 144% 14234 144*2 143 143
143 14414 143*8 144*8
5,100 C on solidated Gas (N Y ) . 138% F e b 17 149*2 A u g 12 12834 Sep
148% J ne
19
19%
1858 19*4
17
185S 1612 17*2
17
17*8
167g 17*8 30,010 Corn P r o d u cts R e fin in g ..
10 Jan 16
22% O ct 19
95g O ct
1534 M ay
*86
87*2 853, 86*2 8234 8334 813.1 8234 83
83*2
83
83
2.800
D o p r e f................. ........... x76i4 Jan
8J1- O c t 18
73 Sep
85 M ay
27
27
2634 27
27
2712 26*1 2678 3,620 D istillers’ Securities Corp
26*8 27
26*2 27
25% O ct 2 5
36*4
A
u
g
21
29
Sep
38%
M ch 1
*12
20
*12
20
*12
20
*12*2 20
*14
20
*12
20
11% F e b 28
1-oderal M ining & Sm elt’ g
2134 S e p 25
13 D ec
36 F e b ,
*45
48
47
47
47*4 *45
*45
47
*45*2 48
*45*2 48
D o p re t____
200
37*8 Jan 23
52% S ep 26
37 D e c
66% M ay
180 181
180*8 I8OI2 180 180
180 180*8 1803S 181
I8 H4 I 8H4
1,780 G eneral E l e c t r i c . I I I I H 155 Jan ~ 188% J ’ly 25
142 Sep
168% M ay:
♦34
36
34I4 34I4 *3414 36*2
35
35
*35
36*4
35
35*8
600 Gen M otors v o t tr c t fs ”
30 F e b 26
427s S e p 3
35 N o v
61% A u g
78*8 *76
78
78
78
*76*% 77*2 76*4 767S 78
*77
78
600 . ,, D° Pret v o t tr c t f s . . .
7OI4 M ay 3
8234 Sep 3
74% D ec
86*53 A u g i
234 234
25S 2%
2*% 25g
25g 25g
253
25s
2*2 258 2,200 o G o id fie ld Con M P a r $10
$23g O ct
$5 M ch 18
$3% O ct
$7% J a n *
*72*2 73*2 7134 72% 707g 715s 7H4 7H4 72
72
7U2 7134 3,300 G oo d rich (11 F ) ___
81
S
ep
9
70*8
O
ct
29
................
*10634 107*4 107 107
107 107
107 107
107 107
Do
p r e f____ ” ”
107 107
2,600
108 S ep 26 109% S ep 16
*55*4 56% 5578 563s 54
557s
5334 55
*54
55
*54*2 55
2,890 dG uggenh E x p io .P a r $25 $53 J ’ly 11 rS62% J ’ne 14
: 19*8 19%
1912 195ft
19*4 19*2
19
I 9I4
19*2 1912 *1914 1912 2,100 a I n sp ’n C on C op P a r $20 $1814 J ’ ne
$21%
O
ct
10
121 121*2 12134 122
“
121
120
120*8 I2H4 *120 122
120*4 120% 3,750
n tern atlon al H arvester 10514 F e b 1 1207g S ep 10
99% Sep
129% M ay
*115 11934 *115 1193.1 *115 II934 *11734 1193., *11734 11934 *1173., 119
D o p r e t ........ ........... ..
116*2 Jan 26 12134 A p r
115 Sep
128*4 M ay I
47g 5
5
5*4
5
*47g
5*4
*478
5*4
*5
5*2
700 In t M cr M arine s t k 't r o t fs
4 M
“
778 M ch 29
57g Jan
3% Sep
*1834 20*4
18*4 183,
19
19
*1858 26% 19*2 1912 *1953 2OI4
D
o
p
r
e
f___
300
15 . J ’ l, 30
26 M ch 22
14 Aug
22% D eo |
16*8 16% 16*4 1638 1558 1534 1534 1534 15-*.( I6I4
1534 157g
2,387 In tern ation al P a p e r” "
0*’ rat. 17
TJ%
M
ay23
9
Sep
13%
Jan 1
57*2 58*2 58*2 58*2 *56*2 5812 *5612 5812 5678 57*2 *56*2 68
D o p r e f____
r4o ,
975
627g M a y 23
44*% M ay
56% J a n *
27*8 27*8 *27
29
27
27* ------ 27
241g 26
*2412 2612 1,300 In tern at Steam P u m p ” ' I
34
Jan
23
O
ct
4*8
44
F e b *,
*79
81*2 *78*2 8U2 *78*2 81
8012 {80
D o p r e f_____
* "I 79
50
*7812 8012
84-% A p r
SO O ct
00% J ’n o 1
*91
96
*93
96
*93
96
*93
*93
90
*93
96
K ayser & Co (J u liu s )” ”
95
95% O ct
*108 110 *108 110 *108 110 *108 110 *108 110 *108
Do
1st p r e f .
110
109 D . t 24 103 O ct 21
*76
80
*76
80
76*4 76I4 77
*75% 79%
77
80
300 K rcsg c Co (S S ) ___ _ ” ”
71 Sep 25
89*« O ct
*100 101*2 *100 10112 *100 10U2 100 100 *100 101 § *76
Do
p r e f _______
100% 100%
150
100 O c t 30 105% O ct
*48
52
*48
52
*48
51
50
50
*45
71
*45
61
100
L
a
ck
aw
an
n
a
S
t
e
e
f
”
29
M
ch
21
55*2
S ep 30
30 Sep
48 A p r
*105*2 106*4 *105*2 106
105*2 105*2 ♦105 105l2 *105 100 ♦105 106
300 L aclede Gas (St L) c o m .I 104 M ch 16 10S% Jan
101% Sep
114% Jan
*217 220
222*8 224*2 222*8 222*8 2I 6I4 220
218 220
214 218
L iggett A M yers T o b a c co 1567g Jan 15 225 O ct 18
*114 118 *115 118 *114 1171 *113 11712 117 117 *116 117*2 3,400
100
D o pre fe rre d ................. 105% Jan 12 118 A u g 29
4234 43*4
427s 44*8 43*2 44*8 4314 44
43*4 44
43% 43*8
7,075 L o o s e -W ile s Ills tr c o ctfs
42 S ep 27
47% J ’ly 26
*103*4 104 *103*4 104
1035s 1035g ♦1031., 104
IO3I4 104 *103 IO3I4
Do
1st p r e f_____
100
102% O c t 7 104% J ’ly 2
*9012 91*2 *90*2 92
*90*2 913., *90*2 9134 *90*2 91*8 *90*2 9112
D o 2 d p r e f_________
90 J ’ly 22
92% O ct 14
81% 81*2 *815s 8334 82
82*
82
8214 *81
8212 *8212 837g 1.300 M ay D epartm en t S t o r e s '
69 A p r 11
88 O ct 7
87 J ’ ne
70 A pr
*105*2 107 *106 107
1073,8 107% *106 107*2 *106 10712 *106 10712
D o p r e f___________
100
10534 J ’ne 24 112 Jan 11 10734 Sep
113% J ’ne
8412 84% 84*2 8738 843., 87*4 8312 8612 85*4 86
84
85
48,200 M exica n P e tr o le u m ____
62% A p r 20
10*2 O ct 1
27
27
26% 27
265S 267g 2684 271S 2634 275g x27
27I4
5.300 dM iam l C o p p e r .. .P a r $5 $23% F eb 14 $30% S ep 25 $16*% Sep
$24*2 D eo
131 132 *131 13212 131 131
130 130
130 131*2 13112 13 112 1,000 v a t l o n a l B i s c u i t ..
129*2 J ’ ly 26 161 A p r 30 ) 17% Jan
14334 N o v
*122 125
122*2 127
12312 12312 *122*2 12312 122*2 127
I)oo p
nrr*f
126*2 127*8
D
r e f____
230 -**
123 O ct
131 J ’ne 19 124 Jan
130 F eb
21
21
21*2 215S 203g 21
*20*2 22
*20*2 22
*20*2 22
800 N at E n am el’ g & Stam 'p'v
12%
F
eb
29
26
O
c
t
15
22 J ’ly
12%
D
ec
93*4 93
*90
93
593
93
93*2 *91
*90
93*2 *90
Do p r e f...
93
250
88 F eb 27
95% Jan
85 Jan
100% J ’ly
*64
65
64*2 6434 02
64*2 65
64*4 63*2 6.33.1 63I4 6.3I4 3,600 N ational L ea d
51% Jan 9
68%
O
ct
42%
Sep
59 F eb
IIOI4 *109*2 IIOI4 *109*2 110*2 *1091- 110*2
*1 0 9 * 2 110*8 *10912 11018 *109
D o p r e f________
105% F e b 1 110% A u g 20 104 Sep
109% A u g
213 3 2 1 %
2U2 2134 2H4 2134 2078 213g 21*8 2H4 2078 2U8 8.325 d N ev Cons C o p p e r .P a r $5 $18%
Jan 29 $24% Sep 30 $15% Sep
$21%
J ’ no
j *75
80
*76
78
*76
“78
*76
78
77
77
*76
80
200 New Y o r k A ir B rake
60 F e b 17
83 A u g 21
46 O ct
76 F e b ]
84
i
83*2 8312
84% 8-ll2 8312 8312 8312 83*2 *8312 84
1,100 N orth A m erica n Co (new)
74% Jan 3
877g A u g 21
64 Jan
76% May*
j *32
34
♦32*4 3412 *3214 33
323g 3212 *32
32*4 *32
32*4
200 O a c iflo M a i l..
30 Jan 3
33 S ep 30
23% A p r
33% N o v J
51
5134 49*8 51
i
50*2 5 2
49I4 50
50
50-*.,
50
505S 4,800 T acifio T e le p & Te'leg”
47 F eb 5
55% A p r 25
545g Jan
35 Sep
, 11834 11878 118*2 119
118 1187g 1175s 11812 *118 119*2 *11614 11712 2.325 P e o p le ’s G L A C (Chic)
103 Jan 8 122% O ct 9 101% A u g 109 J a n I
1 243s 2434
24
2412 23*4 24I4 2312 24*4 24
2334 2334 2,200 P ittsbu rgh Coal Co
24*8
16*% M ch 1 27% A u g 14
17 D ec
23% J ’no :
‘
94
94*4
9134 93
93*2 94
9112 92
93
93*s *91
D o p r e f_____
92
3,200
77
F
e
b
8
100%
A
u
g
14
67% Jan
90% J ’l y 1
1 209
209
210-34 212*2 211 212
208 209
209 210
206 209
2,600 P . L orillard C o . I
167 M ch 11 215% O ct 18
♦114
1 16*2 *114
11612 *114 115*2 *114 117
116 116 *114 117
100
Do p r e fe rr e d .
”
10734 Jan 12 118 A u g 20
1 38
38*2
38*2 38*2 37*2 38
37*4 38
38
38*2 *38
3812 2,000 Pressed Steel C a r .”
2834 F eb 27
407g Sep 30
25 Sep
37-8 J ’ne
*102
IO 2 I4 10112 1017S 102
102 *100 10212 100*2 100*2 101 101
1*0 nrei_____ H I ”
600
96 F e b 28 103% A u g 16
91 Sep
10234 j ’ne
*1 1 6 * 2 118
*116*2 118 *11612 118 *11612 118 *116*2 118 *116*2 118
Pub S e rvice Corp o f ’ N 'j l 10634 F e b 17 1207g A u g 13 108 O ct
120 F eb
5168 168 5169 169
*1 6 7 * 2 169
108 168 §166 167 *105*2 167*2
P u llm an C o m p a n y
236
1581F
eb
175
A
u
g21
154 Sep
163 Jan
I *36
37*2 *36*8 38
3634 363., 3012 3612 ♦36*s 37*2 *36
37
300 p a i l w a y Steel S p r in g .I
27% F e b 8
40*% Sep 25
26 O ct
39 J ’n e :
1021 *10012 102*2 *100 102*2 *100 102 *100 10212 *100 102
,* 1 0 0
JLt D o p r e f...............
100 M ch 12 105 A u g 28
92 Jan
103 J ’ no
2034 20 %
20% 2H4
20®3 211g
207s 2112 211- 22*8 2 U4 217g 50,175 d R a y C on sC opper Par $10 $10 Jan 29 $24%
Sep
23
$12 Sep $19 D eo i
325g 33*2
3214 32Bg 313g 32
307g 3112 3134 317g 3158 315g 6,050 R e p u b lic Iro n & S t e e l . . .
1534 F eb 26
35 O ct
18 O ct
36% F e b ’
9212 9234 92*4 9234 92
92
92*2
92
92*4 92-*4
D o p r e f_______
9212 92*2
64% F e b 27
93% O ct 25
74% O ct
99% F e b j
i 10212 102*2 102% 1027g IO2I4 IO2I4 1017g IO2I4 102*8 10214 *102 102% 2,200
1,195 R u m cJy (M) pref
100 J ’ne 20 103% O c t 25
I 208
208
210% 210% 209*2 210*2 209 210 X207 208 *207 20912 1,700
Sears, R o e b u c k & Co
140 Jan 16 220% Sep
125%
Sep
192
F ell
*54
57
*54
56
*54
57
*54
56
*54
55
*54
55
Sloss-S heffield Steel & 'lr
39% Jan 30
5934 Sep 20
34 Sep
66% F eb
!
27*2 271 2 *27
28*2 ♦27*2 2912 2712 2712 *27*2 30
*2734 30
200 S tan d ard M illing
16% Jan 19
33% J ’ n e 27
15 A u g
*62
64
17% J ’ne
*62
64
*62
61
*62
64
*60
6t
§64
6-1
10
Do
p r e f______
53 Jan 8
66 O ct 2
50 J ’ly
I 43*4 43 I4
53 D eo
43
43% 43*8 43*8 43
43
42*2 43
42I4 42L
1,000 S tu d cb a k cr C orp (T h e )”
30 J ’ ly 10
49% A u g 0
*95
97
*94
♦94
97
07
95
95
♦94*2 97
*95
97
100 , D o
p r e f........ ..................
9012 J ’ n e 28
98*8 A u g 13
i
4134 417g
41% 42% 41
413g 41*4 415g 41
41*2 40
41
6,650 ^ T ennessee C o p p .P a r $2B $34% F e b 1 $47% May21
$30% Sep
$44 J ’n t
I 2 H 4 122
122 123 *12033 123 *1203s 123 *120 122 *120% 122
2,700 I exas C o m p a n y (The) .
81 Jan 16 130% Sep 7
74% N o v 136% F e b
I 108
1 08
10034 107
105*4 1067s *105 107
108 108
105% 108
1,150 I I n d erw ood T y p e w rite r
9834 A p r 3 11534 J ’ ne28
63 M ch i l l J ’ne
,* 1 1 2
114
*112 114 *112 114 *112 114 ♦112 114 *112 114
'-J
D o p r e f . . .............
110 J ’n e l4 114% S ep 17 103 Mch 113% J ’ ly
*1214 13
12% 12%
12
12*2 117S I2I4
1212 12*3
12
12
2,900 U nion B a g & P a p e r
4% Jan 25
434 D ec
177s M ay 15
9 F eb
; *57
60
00
♦57
69*2 59*2 68*2 58*2 ♦57*4 61
♦57
61
Do
p r e f___________H I
200
4934 Feb 21
6734 M a y is
60% N o v
6912 Jan
! *1 9*2 21*4
*19*2 21%
1912 20*4 19*4 19U 20*4 20*4 *19
21%
620 U S Cast I P ip e & Fou ndr
13
F
e
b
16
221MaylG,
; *61
63
11
Sep
19 F e b
*61
62
*61
♦61
63
*61
62
100
62% 6234
D o p r e f___ __
60
Jan
4
61% O ct 18
; 627S 527g ♦51
40% Sep
*61 F eb
*52
65
5212 6212 *52
55
200 U S In du strial A l c o h o i ll
♦51
65
26 Jan 8
57l4 Sep 24
; *80% 82
24 A u g
30 M ay
*80% 82*2 8038 81
*8014 81*2 ♦8014 82
300 U S R e a lty & U n p r o v ’ t . .
♦80% 82
67 Jan 31
86% J ’ly 18
6518 Jan
61*4 51*4
79% M ay
§52
52
6084 Ollg
50*4 611
5U4
6158
3,915
51*s
5U
2
U
nited
S
tates
R
u
b
b
e
r
45%
F
e
b
1
677g
M
ay21
107
1071 2 107
30% Sep
48% D eo
107
107*2 1077g 10034 10714 107 1073g 1067g 1073s 1,670
D
o
1st
p
r
e
f....................
I
1055g J ’ly 25 116 M a y 20 104 Sep
; *75
80
♦77
116%
J ’ly
80
*77
80
*70
80
*75
80
80
D o 2d p r e f___________
75 Jan 23
1 7578 76*2
66 Sep
75**8 765,8 7*1% 76I4 7334 75*8 75*3 7614 *77
85*2 M a y 21
79 Mch
743j 757s 494,250 U nited S tates S te e l.
68%
F
eb
13
11234 11353
80*%
Sep
30
60 O ct
82% F eb
113*2 114*2 113*4 114 §114*4 1141.4 113% 114
4,360
D
o
p
r
e
f_________
107*% F eb 13 117 Sep 30 103 O ct
1 62*4 63*8
627s 6312 61*2 63
120% F eb
61*8 6212 621s 623,
623g 627g 22,150
46*2 47
47*2 47*2
40
40*2 46*8 4012 46*8 465g 46*% 46% 1,660 rfUtah C o p p e r . . . P a r 'j i o $52*2 Jan 29 $671- S ep 30 $38 Sep $57% D eo
V lrglnla-C arolina Chem
45 S ep 10
57% Jan 26
*1 1534 1163 4 ♦115*4 11684 *115*2 116*4 ♦115*2 11684
43*8 Sep
70% F eb
*115*4 11634 *115 116
D
o
p
r
e
t____
1153g O ct 18 122 M ch 27 114 Sep
*63
66
♦ 64
67
*03
60
128*2 M ch
63
63*2 *63
68
350 V irgin ia Iron C o a l '& 'c I I
64*2 6412
54 M ch 4
90 J an 2
52 Jan
7914 79*4
80
80
80
80
97 J ’l y
78*4 791S 78
78
1,900 V V estcrn U n ion l 'c l e g __
78
78
78
O
ct
31
86% Jan 18
823 4 8 2 3 ,
82
8234 8134 82*8 82
715s A p r
84% M a y
8212 83
8234 82
4,200 '
82
estln gh ’ s cE I& M fg ass
60% Jan 3
891? A u g 9
58% Sep
* 12212 128
♦12212 128 *122*2 128 *124 128 *122*2 128 *124 128
79 M ay
D o 1st p r e f . .
11478 Jan 5 126 A u g 8 110*2 A u g 123 Jan
1 13
1131s 11212 112*2 11212 11234 1123., 1133s 113
113% 11234 113%
2,100 W ool worth (F W ) ._
'
92%
J
’
ly
25
H778 O ct 2
115*4 115*4 *11412 11512 ♦11412 11512 *11412 115*2 *11412 1151- 114*2 114%
200
Do
pref_______ II
113%J ’ly 29 11631 J ’ly 2

*192
♦101
42*12-4*4

B A N K S A N D TR U ST COM PANIES— B A N K E R S ’ Q U O TATIO N S.
| Banks
! Brooklyn

Bid

Ask

155
280
295
160
Grnenpolnt. .
125
H l l l s l d e l l ...
_ _ 115
H o m e s tcadli
'M an u fao’ rs
405
425
M ech an ics’ II 230
240
M o n ta u k U.
160
Nassau ____ 212
225
N at C i t y . . . 275
295
C oney Is l’dT
iFlrst .

L

I * * * * 00*




Banks
Brooklyn

HU

North Side H 175
145
I’ e o p le’s ___

I’ r o s p ’o t P k ’ j 150

Ask
200
155
165

T ru st Co’ s

N Y CUy
A s t o r ______
Bankers’ Tr

D’ w ay 'T r ..

400
675
175

410
5S0
178

Trust Co’ 1
N Y City

Central l’r
Columbia_ Knickerb
Commercial
Empire . .
Eqult'blo Tr
Farm L o& 'i
F id e lity __
Fu* t o n ____
Guar'ty Tr.

t hi s w e e k ? 8* M

HU

Ask

1035

1050

570
97*2
300
510
1370
220
315
635

575
310
1100
225
325
639

° k f e d *

Trust Co's
N Y City
Guardian T

HU

Ask

Trus: Co's

H u d s o n ___
Law T l& T r
Lincoln T r .
M etro pot’ t’ n
M utual Alii
a n c e ______
M u t .( W e s t 
chester) . .

—

135
218

445

90
139
225
140
•155

145

152

140

150

N Y L lle * l r
N Y Trust.
l ’itleG u & Tr
U nion T r
US M tg& Tr
U nit States
W ashington
W estchester
W indsor . .

___

HU

Ask

N Y City

1010
630
515
1293
483
1110
400
150

HU

J it

B ro o k lyn Tr 475
C itizen s’ ___ 150
F r a n k lin ___ t225
H am ilton __ 275
H o m e _____
118

490

Trust Co’ s

Brooklyn
520

1310
495
1130
410
L Isl L <fc TT
160
___ 187*2 P e o p le s '___
J u een s C o .

300
130
$99
100

mrnmm^
310*

io T
no

S T t f S t f ^ S S tS S O B O C L

1186
'N e w Y o r k S to c k E x c h a n g e — B o n d R e c o r d , F r id a y , W e e k l y a n d Y e a r ly
Jan . 1 1900 ths Exchange method of quoting bonds was changed, and prices are now all— "and interest” — except for income and defaulted bond*.
BONDS
Y . STOCK E XCIIA
W eek Ending N ov 1.

§9
fe‘r
I !

U. S. Government.
Q -J
U S 2s consol cou pon____
Q -J
U S 3s registered_________
Q -F
tJ S 3s c o u p o n ___________ fciois Q -F
Q -F
U S 4s c o u p o n ____________ l » 2 i Q -F
0 S Pan Canal 10-30-yr 2s fcl930 Q-N
U S Panama Canal 3s g ____ 1961 Q -S

Price
Friday
Noo 1

IFctKs
Range or
Las' Sale

Bid
Ask L no
101%101%
101% 101% 1
10.*4 103 1
102% 103 1
113% 114% 1
113% 114% 1
101 101% 1
10134 102% 1

N,

High

101%

Foreign Government

95%
Argentine— Internal 5s ot 1909 M-S 1 95*g 97
91
Chinese (Hukuang) Ry 5s £ ___ J -D ; ____ 91
Imperial Japanese Government
01% Oils O ct ’ 12
F-A t 91
901*
2d Series 4
_______
J -J { 90% 90% tO
83*4 83% Oct ’ 12
J J t 81
02%
Oct
T2
t
____102
:
M-S
99 Aug T2
F-A l ___ 99
J -J t 97% 97% 93 O ct ’ 1
917s Sep ’ 12
903s 92
M-S
l'ok y o City loan of 1912, 5s.
96 Oct T2
Q -J J 95% 96
89%
89 x 31
J -D ____ 94
sis o
t These are p
State and City Securities
10012 62
N Y City— 4 U s __
M -S 10033 Salo
9814 101
98% Salo 98
M-N
981g
2
98
98% 981S
M-N
983*
9
98% Sale 08%
m- n
105% 10
\i n 105 135%
Ug'l2
M-N i o i % i o r 8
105% " 3
M-N 105% Sale
10U
8
M-N 101% Sale
853S
853s 8538
M-N 85
3 ^ % Corporate S tock.
1003.,
M-S ------ 101%
J -J 100% 101
J J 100*3 101%
____ _____ 005s
1005s
, J .J _________ 03% J’ly ‘ io
97% ____ 973., Apr '12
J -J
86l2 Dec '11
. . . 87
J -J
57 Sale 57
60
6s deferred Brown Bros ctfs.
Railroad
77
7S‘2 78%
79
Q -J
97*4 S. e 07%
9734
A -0
Oct '12
l
A-O
t>734
88l4
89
Nov . . .
91 F e b '12
87
88
Nov
8814
M-N 81 4 Sale 8734
J-D . . . ____ OSia Sep '12
1073S
J -D 106% 107% 07
105l4
J -D 104's Said 0l-%
10714
J-D 197% 103 .063.,
99 ____ 9914 J’ly 11
F -A
94% ____ 94
94
M -S
00%
O
ct
'12
91
91%
J -J
9934 100% 00 O ct 12
M-S
____
107
L0SI4
10S14
M-S
S Fe Pres A Ph 1st g 5 s ..
M-S 105 ____ [083s j ’ly 'l l
947*
94*4 Sale 94%
M-S
Atl Coast L 1st gold 4 s ..
93 ____ 98 O ct 00
M-S
108
M-N 107 103 103
93%____ 95 A u g '12
J -J
|- J 12,3 ____
03%
M-N 92% Sale 92%
1 A-O 122 123 .23% J’ ne'12
4 A-O 106 112% 11038 M ay’ l l
97 Oct '12
97 100
S J -J
915s
91% Sale 91%
5 J -J
alt A Ohio Prior 3 Hs .
008, A u g '12
5 Q -J ____90%
R e gistered ________
9758
97% Sale S7%
8 A-O
Gold 4s______________
96% ____ 96 Aug '12
8 Q -J
2 J -J 109%------ 112 Jan '12
87%
87 ____ 87%
5 M-N
88% O ct '12
1 M-N 88*4 89
89*4
S9% 89*4 8912
5 J-J
99
99 ____ 99
0 M-S
3 A -0 105 10J% 107 J'ao'12
9 F -A 101%------ 1021, J ’ne'12
r, j -D 107 ____ 1093a Mch'12
7 A-O 103 105 105% Apr '12
2 A -0 109 . . . . 1131* Fob '12
9634 ____ 9012 Oct '12
7 J -J
Pitts A W est 1st g 4s___
3 J -D
91 ____ 91 J ’ n e’ 12
7 M-S 109% 110 1093.1 O ct '12
7 M-N 101 105 10t O ct '12
0573 ------ 97 Feb 'l l
8 A -0
3 J - J 105 ____ 103 J 'ly '08
1 F -A 111%------ U334 N o v 'l l
2 J-C 112%____ 112 A u g ’ 12
72 llch 'lO
1 J -J
Bull A Susq 1st ret g 4s___
10018
3 J -J 100 ioo% 100
an So 1st ext 6a_______
99%
100
99% 100
2d 5s.............................
3 M-S
99 ____ 10034 Jan '11
3 M-S
Registered_____________
5 F -A 111%____ 11273 Apr '12
Central ot Ga 1st gold 5 s ..
109
5 M-N 109 Sale 109
•Consol gold 5s__________
5 M-,\ 106 ____ 107 A u g '12
Registered___________
103 Deo '11
5 Oct
105 Dec ’ l l
5 Oct
96 N o v 'l l
2d pref Income g 5s stam ped.
107 Dec '1
3d pret income g 53____pl94 5 Oct
85's Oct TO
3d pret Income g 5s stam ped.
1 J -D
90% 91% 9it2 J’ly ’ 12
6 J -J 107 109% 10714 Jan T2
7 J -J 105%____ 116 N o v ’05
Mid Ga A Atl Div 5s.
6 J -J 105 ____ 10934 May 11
7 M-N 100% 101% 101 Sep ’ 12
7 J -J n s% ns34 119 O ct T2
Cent ot N J gen’ l gold 6 s ..
U8I4 Oct T2
7 Q -J
’
Registered___________
1 J -J 105 1051s IO5I4 Oct T2
0 J -J 102 ____ 102i’>May*l2
100 " J ’ly T2
2 M-N
99 ____ 100 Sep T
1 M-S
90 ____ 00l2 Oct T
0 Q -S

B

C

WceKs
Range or
Last Sale

Price
Friday
Noo 1

BONDS
Y . STOCK E XCH AN G E
Week Ending N ov 1.

Range
Since
Jan. 1,

Low High
H igh
Hid
Ask lyno
Chesapeake A Ohio—
101% 104%'
Gen funding A Impt 5 s ..1929 J -J 100 101% 103% Oct T2
109 111*4
1st consol gold 5s_____________ 1939M-N
109%
109's Sale 109
110 111%
10,% 110 111 M ay’ 12
Registered.................................1939M-N
99*s
9978
General gold 4 K s ________ 1992 31-S
9 ,78 Sale 9938
98 9918 993* N ov T 1
Registered.................................1992Al-S
933s 165 925s 94
Convertible 4 H s______________ 1930F -A93 93% 93
86
89 !
80% 86 Oct T2
Big Sandy 1st 4s______________ 1944J -D85
85
88%
83
Coal R lv Ry 1st gu 4s____ 1945 J -D
881" Oct T2
1013S 10212
1013,10134
Craig Valley 1st g 5s____ 1940 J - J 100 ___ 10134 May’ 12
84
86*4
83% ___ 84 M a y '12
Potts Creek Br 1st 4s____ 1946 J -J
913, 96
9212 94
93
93
It A A Dlv 1st con g 4 s. .1989 J - J
9512 100
90% A u g ’ 12
90% 90%
2d consol gold 4s______ 1989 J -J
91 9512
Greenbrier R y 1st gu g 4s 1940 M-N *87* I I I . 95 Oct TO
70* 72%
Chic A Alt RU ref g 3s_____ 1949 A -0
____ 70
70
70%
9118 94
601, 65%
Railway 1st lien 3 ,%s____1950 J -J
65
651 r5
65%
90
93
9U12 9984 99% Oct '12
99% 100
8314 881g Chic B A Q Denver Div 4S..1922 F -A
8434 &5I4 8434
813,
833, 88
Illinois Dlv 3 H s ________ 1949 J -J
102 105
Registered____________ 1949 J -J
851" 80%
86% Aug '12
83
99
99%
Illinois Dlv 4s_________ 1949 J -J
<)77>i 100%
99
97% Sale 97%
97i8 983
Registered____________ 1949 J J
96 ____ 97 Sep '12
97
99%
9173 95
1037s 105
Iowa Dlv sink fund 5s___1919 A-O 10334____ 104% O ct '12
95l2 97I4
9812 ____ 99
99 99%
Sinking fund 4s_______ 1919 A -0
99
88 91
Nebraska Extension 4 3..1 9 27 M -N
9Gt2 99
0634
9G34
9C34 99%
*5 to £.
Registered____________ 1927 M-N
96
9712 06% Sep T
96% 96%
9S34 ____ 98% Oct '12
9334 99%
Southwestern Dlv 4s____1921 M-S
100t8 103
Joint bonds See Great North
98 10018
10018
101%
1913
M-N
Debenture
5s___________
10018
101%
100%
100%
93 10018
94% 97%
95 Sale 95
95
General 4s_______________1958 1M-S
977s IOOI4
77
81%
77
%
Oct
'12
Chic
A
E
111
ref
A
Imp
4
gs.1955
J
-J
77
7714
10512 10778
1191" 125
1st consol gold 6s_______ 1934 A-O 11934 125 119% Oct '12
102 1023,
10 % 111%
General consol 1st 5s____ 1937 M-N 107 109 107 O ct '12
10512 1077S
109% 109%
Registered____________ 1937 M-N
109% Feb T2
10U2 10278
97% 93
9712 98
98
98
Pur m oney 1st coal 5 s ..1942 F -A
847s 88
Registered______________________
100-% 1027g
108% 109%
Chic & Ind C R y 1st 5 s ..1936 J -J 10618 ------ 108% J ’nc'12
10038 10278
75
«3 ;
Chic Gt Western 1st 4s____1959 M-S
78%
80
70% 79
100% 103
125 129%
Chlo Ind & Loulsv— R ef 6 s .1947 J -J 1241S 128% 125 Aug 12
10012 102
10934 A u g '12
Refunding gold 5s______ 1947 J -J
0)93,11034
Refunding 4s Series C___1917 J -J
95-% Apr '11
9734 0734
so
90%;
86 J 'l y '12
Ind A Loulsv 1st gu 4 s ..1956 J -J ____ 81
90% 01%'
46 CO Chlo Ind A Sou 50-yr 4s____1956 J J ____ 0J12 90% A u g '12
Chlo L S A East 1st 4 ^ s._ .1 9 G 9 J-D
104 Dec '11
100% O ct '12
109% 102% 1
7612 84% Chic MU & St P terml g 5S..1914 J -J 100%____
973S 98
90% 99%
Gen’l gold 4s Scries A __cl989 J - J
07%
97%
9612 100
07% 98 j
Registered __________ c l 989 Q -J
05 ____ 97% Apr '12
9G18 0912
83% 867j 1
85
85
Gen’l gold 3 Us Scries B .el9 89 J -J
83
85
8734 9238
Registered___________ el989 J -J
86 J’n e 'll
9014 91
90
923j
90 Sale' 90
25-year deben 4s_________1934 J -J
90%
873., 9258
IOM4107 I
100
Conv 4
(lull pd rccts)__________ 10578 Sale 105%
IO6I4 10734
105 108 |
104%____ 105 Sep '12
Chlo A L Sup Dlv g 5s___1921 J -J
10534 111
108 IO8S41
Chlo A Mo R lv Dlv 5 3 ...1 9 2 0 J -J 106%____ 108 J ’no '12
10014 107%
10434 10512 10!% Oct T2
Chic & P W 1st g 5s_____ 1921 J -J
10 11" 106%
105 111
9234
921" 95% !
C M A Puget Sd 1st gu 4s 1949 J -J
92% 0234 9234
102 " 103
Dak & Gt So gold 5 s .. .1916 J -J 101%____ 102% Oct ' 12
94
963.,
1113., 113%
Dubuque Dlv 1st s f 6 s .. 1920 J -J 111 ____ 111% O ct '12
903., 91
Far & Sou assum g 0s____ 1924 J -J
113%____ 117*% Aug ’ l l
9934100t2
104% 104*4
LaCrosse A D 1st 5s_____ 1919 J -J
103%____ 10434 J ’ ne'12
1031.1 11012
10434 103% 105 O ct '12
105 1003*
W ls A Minn Div g 5s____ 1921 J -J
IUI4 11234
W ls Val! Dlv 1st 63............ 1920 J -J 110% H i 1113., Sep '12
94«s 96%
101 101%
MU A No 1st cons 6s____ 1913 J-D 100% Sale 100>
100%
100% 100%
Extended
4J4s________
1913
J-D
____
99
100%
A
u
g
'12
108
1013,108
9534 Chicago A N West cons 7 S .1 9 1 5 Q -P 105% 107% 10,";% Sep '12
ncio 03
Extension 4s______ 1886-1920 F -A
05 07% 961" Sep T2
R egistered ______ 1886-1926 F-A
96 98
05 ____ 96 "O ct '12
9212 96>4
83% 87
S4%
84%
General
gold
3
H
s________
1987
M-N
81
81%
1231s 12218
84% 80*4
Registered___________ p i 987 Q -F
82% 81% 84% J ’ly '12
95
0834 I
General 4a....................... ..1 9 8 7 M-N 07% Sale 97
97%
97
07
Sinking lund 6s____ 1879-1929 A -0 110 ____ 111% N o v ’ ll
9012 93
R
egistered______
1879-1929
A-O
109%
10934
109*%
Aug
’
12
109
____
90% 01%
Sinking fund 0s____1879-1929 A-O 105% ____ 10 i O ct '12
105 1007*'
9512 9914
R egistered______ 1879-1929 A-O 101%____ 104% Oct T2
101% 104% I
96
9818
Debenture 58___________ 1021 A-O 120% 101% 103% Oct ’ 12
102*4 100%:
112 112
Registered____________ 1921 A-O
100% Feb TO
8718 90
Sinking lund deb 5s_____ 1933 M-N 107 ____ 108% M ch’ 12
108% 108%
8S12 92
Registered_____________1933 Al-N
107-% A u g ’ ll
88U 91*2
From Elk A Mo V 1st Cs.1933 A -0 123 125 121
124
124'127%
99 101%
90% Sep ’09
M a n lG B A N W 1st 3 X 3 1041 J -J
107 IIU2
Mllw & S L 1st gu 3 !Ss._1941 J -J ____ 86%
IO2I4 104%
n il-, 115%
Mil L S A West 1st g 6 s ..1921 Al-S 111% l i t lU3";Sep*T2
1001s 1093g
100*4 n o
E xt A Imp s f gold 5 s ..1929 F -A 107%----- 1033, A u g ’ 12
105 10512
Ashland Dlv 1st g 6S..1925 Al-S 114%- — 142% Feb ’02
113% 113%
110*111634
Mich Dlv 1st gold C s.,1924 J -J 111%____ 116% May'12
9612 9712
92% 04
MU Spar A N W Is tg u 4 s .l9 4 7 Al-S
93
93 Sale 93
91
91
Northw Union 1st 7s g._1917 M-S 110%____ 115 J’ly ’ l l
1093,11212
109
HI
W
inona
A
St
P
1st
ext
7s
1916
J
-D
109%
111%
109
Sep
T2
104 107U
1003,1087*
Chicago R ock Is A Pa 6 s . .1917 J -J 106%___ 10 T, Sep T2
Registered____________ 1917 J -J 106 ___ 109 Aug TO
General gold 4s__________ 1088 J -J
941, 007*
01% 94% 94%
94%
Registered____________ 1988 J -J
00*s 96%
93 9 1 93% Oct T2
112 1165s
87
00*4
Refunding gold 4s_______1934 A-O
8738
87 Sale 8?
20-year
debenture
5
s____1932
J
J
91
£4%
91%
92
01
9:
100 102
Coll trust Series L 4 s ____1914 M-N
97% Sep 'l l
00
9912 101
P 4s.................
1918 Al-N ____95
9434 J’no '11
67
73%
Chic R I A Pac R E 4 s . . . 2002 M-N 68% Sale 68%
68%
11278 11334
7134 7234
7134 Meh'12
Registered....... ............... 2002 M-N
10334 111%
90 03
90 Sep T2
R X Ark A Louis 1st 4 y23 1934 Al-S I I I I *00
107 107
10J% 111%
Bur C R A N— 1st g 5 s . . 1934 A-O 109%110 109% O ct '12
Registered...................1934 A-O
120% Mch '03
C R 1 F A N W 1st gu 5s ’21 A -0 l02% Io<3 105% Sep 'l l
M A St L 1st gu g 7s___1927 J -D
102 102
Choc Ok A G gen g 5 s..o l9 1 9 J - J 101%____ 102 Sep '12
106 108%
Consol gold 5s_________ 1952 Al-N 100 10634 100 Oct T2
893s 91%
09 101%
K
eok
A
Dcs
M
1st
5s____
1923
A
-0
99
Oct
T2
!;8
99
107U 10714
8!)
91%
St Paul A K C S h L ls t 4 H s ’41 F -A
89
DC-3., 90 Oct T2
Chic St P M A O con 6s____1030 J -D 1203a l2l% 1 I038 120%
120*8 124
Cons
6s
reduced
to
3
JSs._1930
J
-D
93
Dec
'03
8
.%
-----101 103
i0*2*' 105 '
Debenture 5 s ------------------1930 Al-S 10.% Salo
102%
118 1223.,
122 123%
Ch St P A Minn 1st g 6s_. 1918 Al-N 120 . . . . . . J’ ne'12
11712 12214
Nor Wisconsin 1st 63____ 1930 J -J 120 . . . 129% M ay’09
105 107
109 111%
St P A S City 1st g 6s____1919 A-O 109 110 109
109
102I2 102I2
Superior Short L 1st 5s g.1030 M-S
100 100
107% 108%
Chlo A West Ind gen g 0s_.ijl932 Q-M io67S : : : : 107'% O ct *12
100 100
88% 92%;
Consol 50-year 4s.............. 1952 J -J
69
89 C0% S9
90 9214

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn R ap Tran g 5s__ 1945
1st refund conv gold 43..2002
B k City 1st con 5s 1916-1941
Bk Q Co A S con gu g 5s. 1941
Bklyn Q Co A S 1st 5 s ...19 4 1
Bklyn Un El 1st g 4-5S..1950
Stamped guar 4-5s____ 1950
Kings Co El 1st g 4s.......... 1949
Stamped guar 4s_______1949
, Nassau Elec guar gold 4s. 1951
C o n n R y A L ls t A ref 5 g 4 H * - ’ 51
r Stamped guar 4 Ms_______1951
Jet United 1st cons g 4H3-1932
1%Smith L t A Trac l s t g 5 s .1936
Jr&nd Rapids R y l s t g 5 s .. 1916
ia va n a Elec consol g 5s___1952
fnterboro-M ctrop coll 4 H * .1886

108 103% 103%
91
90% Sale 8934
102 102% 102 Oct '12
98*4 J 'ly '12
Al-N ____*99
J -J ____101
F -A ____101% 101*7s Oct*T2
F -A 101% 103% 102 Oct T2
87 Sep '12
85% 86
F -A
80
86
86% SO
F-A
79
79
78
79
J -J
t o r ’s J’n o ’ 12
J -J ____102
J -J ____ 101% 101% Sep '12
75%
751;
75% 76
J -J
M -S ____ 91% 93 Apr TJ -D
99% ____ 99 Sep '12
F-A *98 - , r . 98 Oct T2
80*4 Sale 80*4
A -0
A -0
J -J
J J

TIToTcioe'IPriday; latest this week,




d Due A p ril.

Street Railway.
22 103 105% Interboro R a n Tr 5s Scr A . ID52
222 83% 91% Manliat Ky (N Y) cous g 4 s .1990
Stamped tax-exem pt____1990
__ 101 102%
9834 98*4 Metropolitan Street R y —
—
Refunding gold 4s........... 2002
Farmers’ Loan A Tr c t f____
1013s 103%
S ta m p e d _______________
toil" 102%
B w a y A 7th A v Is t c g 5 s .l9 4 3
83N 87
Col A 0th A v 1st gu g 53.1993
2 84% S0%
L ex A v A P F 1st gu g 5 s .1993
G 77% 81
___ 101 101%
Third A v R R cons gu 4 s .2000
Central Trust Co certs_____
___ 101% 102%
Cent T rC o cts stam ped____
6 76
79%
Third Ave R y 1st g 5 s . . . 1937
93
95
99 100% Met W S El (Chic) l3t g 4 s .1938
. . . . 93
9934 Mllw Elec Ry A Lt cons g 531926
Refunding A exten 4)^3-1931
200 80% 84%
Mlnneap St 1st cons g 5 s .. .1919

* Duo May.

ft Duo July,

fc Due A u z.

0

M -N
A -O
A -O

103% Sale 103%
94%
____ 91%
95
93 3 95

A -O

61 M ay’ 12
01% J 'ly T2
5934 M ch’ 12
103
10 J Salo 10 5
____103% 101% Oct T2
____ 102% 102 J ’ no'12
74 J ’ly '12
74% J 'ly '12
74% Oct '12
108 199 107% Oct T2
93% J ’ly '06
____84%
104%Deo 'l l
94 ____ 91% Oct '12
101%
i o n . Sale 101%

J-D
M-S
M-S
J -J

J -J
F-A
F-A
J -J
J -J

104%
91%
95

____ 53

Duo Oot. .p Due Nov.

a Duo Deo.

103%105 I
94% 08%
94'% 08
68% 64
67% 62%
67% 62
103 104%
101% 103%
102 103
74 80
73 81%
72% 81%
107% 110%
■91’ % ‘ 95/i
101% 162%

» Option ealo.

Hov. 2 1912.]
Iff.

New York Bond Record— Continued— Page 2
Week's
Range or
Last Sale

Pries
Friday
Nov 1

BONDS
T . STOCK E X C H AN G E
W eek Ending N ov 1.

Did
Cin H A D 2d gold 4 Ms------ 1937 J -J
1st A refunding 4s---------- 1959 J -J
1st guaranteed 4s-------- 1959 J -J
Cin D A I 1st gu g 5a-------1941 M-N
C Find A Ft W 1st gu 4s g 1023 M-N
Cin I A W 1st g u g 4s------ 1953 J -J
Hay A Mich 1st cons 4 ^ s 1931 J - J
In<l Dec A W 1st g 5s------ 1030 J - J
1st guar gold 5s......... -.1 0 3 5 J -J
Clove Cin C A St L gen 4s__1993 J -D
20-yr deb 4 M s .................1931 J-J
Cairo Div 1st gold 4s-------1039 J - J
Cin W A M Dlv 1st g 4 s ..1091 J -J
St L Div 1st col tr g 4s___1090 M-N
Registered............
1990 M-N
Spr A Col Div 1st g 4s___1940 M-S
W W Val Dlv 1st g 4s___1940 J -J
C I St L A C consol 0s___1920 M-N
1st gold 4S_____ _____ k 1036 Q -F
Registered________ til 936 Q -F
Cin « & Cl con 1st g 5s___1928 J -J
C C O «S iI consol 7s.......... .1914 J -D
Consol sinking fund 7s_1914 J -D
General consol gold Os.1934 J - J
Registered__________ 1934 J - J
Ind Bl A W 1st pref 4s__ 1940 A-O
O Ind A W 1st pref 5s__dl938
Peo A East 1st con 4s___1940 U
Incom e 4s____________ 1990 Apr
Col Midland 1st g 4s________ 1947 J -J
Colorado A Sou 1st g 4s____1929 f - a
Refund A ext 4 Ms_______1935 M-N
Ft W A Den C l s t g 6 s ...19 2 1 J -D
Conn A Pas Rlvs 1st g 4 s . . 1943 A-O
Cuba H R 1st 50-yr 5 g .......... 1052 J -J
el Lack A W estern—
Morris A Essex 1st 7s__1914 M-N
1st consol guar 7s____ 1015 J -D
Registered _________ 1915 J -D
1st ref gu g 3 Ms--------2000 J -D
N Y Lack A W 1st 6s____ 1921 J -J
Construction 5s________ 1923 F-A
Term A Im prove 4s___1923 M-N
•Warren 1st ref gu g 3 Ms_2000 F-A
Del A Hud 1st Pa Dlv 7s___1917 M-S
Registered_____________1917 M-S
10-yr conv deb 4s________ 1916 J -D
1st lien equip g 4 Ms......... 1922 J -J
• 1st A ref 48......................... 1943 M-N
•A lb & Sus conv 3 Ms____ 1946 A-O
Rens A Saratoga 1st 7 s. .1921 M-N
D envA R Gr 1st con g 4s_1930 J -J
Consol gold 4 Ms.................1930 J - J
Im provem ent gold 5s____ 1928 J -D
1st A refunding 5s............1955 F-A
R io Gr June 1st gu g Gs._1939 J -D
R io Gr So 1st gold 4b ____1940 J -J
Guaranteed __________ 1940 J -J
R io Gr West 1st g 4s____1939 J -J
Mtge & col trust 4s A . .1949 A-O
Utah Cent 1st gu g 4 s.all) 17 A-O
De8 Mo! Un Ry lat g 5s____ 1917 M-N
Det A Mack 1st Hen g 4s---- 1995 J -D
Gold 4s.................................. 1995 J -D
Det Rlv Tun Det Ter Tun 4 Ms’01 M-N
P et T A l— O S Dlv la tg 431941 M S
Dul Mlssabe A Nor gen 53..1041 J -J
Dul A Iron Range 1st 5s__ 1937 A-O
R egistered----------------------- 1937 A-O
• 2d 6s...................................... 1916 J -J
Dul So Shore A Atl g 5s____1937 J -J
tTHgln Jol A East 1st g 5s_1941 M-N
J-'rle 1st consol gold 7s____ 1920 M-S
N Y & Erie 1st ext g 4S..1947 M-N
2d ext gold 5s_________ 1919 M-S
* 3d ext gold 4 Ms______ 1923 M -S
4th ext gold 5s________ 1920 A-O
5th ext gold 4s________ 1928 J -D
N Y L E A W 1st g fd 7s_1920 M-S
Erie 1st con g 4s prior___1996 J -J
Registered__________ 1996 J -J
1st consol gen Hen g 48.1996 J -J
•
R egistered__________ 1990 J -J
Penn coJl tr g 4s_______1951 F -A
CO-year conv 4s A ____ 1953 A-O
do
Series B ____1953 A-O
Buff N Y A Erie 1st 7s. .1910 J -D
Chic A Erie 1st gold 5 s ..1982 M-N
Clev A Mahon Vn! g 5 s ..1938 J -J
Long Dock consol g 6s___1935 A-O
Coal A RR 1st cur gu 6 s .1922 M-N
ock A Imp 1st cur 0 s ..1913 J -J
Y A Green L gu g 6 s ..1946 M-N
N Y Sus A W 1st ref 5s. .1937 J -J
2d gold 4 Ms...................1937 F -A
General gold 5s.............. 1940 F-A
Terminal 1st gold 5 s .. 1943 M-N
Mid ot N J 1st ext 5s____1940 A-O
•W llk A Ea 1st gu g 5s — .1942 J -D
v A Ind lBt con gu g 6 a . . . 1926 J -J
vans A T H 1st cons 6s— 1921 J -J
• 1st general gold 5s______ 1942 A-O
■M t Vernon 1st gold 6s___1923 A-O
■Sull Co Branch 1st g 5s__ 1930 A-O
Florida E Coast 1st 4 M s— 1950 J -D
ort St U D Co 1st g 4 J4S.1941 J -J
Ft W A Rio Gr 1st g 4s____ 1928 J -J
al II A H of 1882 1st 5 s .1913 A -O
reat Northern—
O 13 A Q coll trust 4S____ 1921 J -J
R egistered, h ..............1921
1st A refund 4 Ms scr A . . 1961 n
Registered...................... 1001
St Paul M A Man 4 s ..I I I l9 3 3 j - j
1st consol gold fls._
1933 j - j
Registered________" l o a n j - j
Reduced to gold 4~Msi933 j - j
■
________Registered........... _1933 j - j

D

S

g

1

G

Ask
100*8
. . . . 911
____ 91
101 ___

N.

Low
High
100*8 Oct '12

8fii4 J’nc '12
101
101
88 M ch’ l l
8G34 88k 8634 Sep ’ 1

1031*

104 O ct T2
10712 Dec '02
9014 OIL OOL
90l4
------ 02k
9213
02ls
____ 94
93k Sep T_
8812 89#j 90 J’ ly *12
90 0U2 90I2 O ct 12
8812 ..
O ct '07
88 ..
Dec '11
88 ____
Apr T2
10514 ____ 105*4 Dec '11
9012 ____ 9712
9712
0513____ 96 J’ly T2
1 0 5 k -.
107*8 J’ ly ’ 12
105 J ’ue'12
____ 105
____124
123 O ct '12
99 ____

94 J 'ly ’08

89*4 92
45 50
46 47
94 9412
94*s Sale
108 110

89*4
89
60
50
46*8 O ct *12
9U2
9 112
9 !*8
0438
10812 Oct ’ 12

80 87
101 IOH4
“86*4 88"
104"" io-112
9014
91
9318
90
89*g

03k
93*4
94b
93
031j

91

91

96 9712
96 90
10718 107*8
105 1050
123

I23k

87R 92
35 50
42 680
935s 975c
937S 98*8
10S1- 112*2

100 May TO
108*4 ____ 1063} Sep T2
106*8 109 106*4 Oct T
1051?____ 11138 Dec TO
90 M ch’ 12
111 ____ 1111-Sep T2
1041210512 1073.J May*12
9€l2 O ct T2
95k . . .
1021s Feb '03
ii078 ___ 11612 A u g ’ l l
149 A u g '01
07*a Sale 0714
97->?
---- 101*8 101 Oct '12
!>812 08' 988a
98'S
90
8912 0012 90
118 ____ 12U4 May'12
85*a 87k 87
87
97 Sep '12
97 98
9134 O ct ,12
____9412
83*2 84
8312
83 k
------ 10112 1011-2 A u g '12
30 7712 6H2 Apr 'l l
85 Mch '08
821z 83
821-*
83
80 “ J'ne'12
76 79
82 . . .
97 Jan '02
99 ____ [10 Sep 0;
92 N o v 'l l
____ 95
88 90
OOI4
90i4
9812 Oct '12
____98
75 Feb '12
'____60
104 105 105 Sep T2
103L 10312 103*8 ° ct ’12
10612 M ch'08
101 ____ 104 F e b 'l l
1035a ____ 101 Oct '12
110 ____ 110 A u g ’ 12
115 Sale 115
115
'94 ____ 101l2 J 'n e 'l l
10H2 ____ 101R M ch'12
09-s____ 99*4 Oct '12
101*4 103*4 105 Feb T
90 101 100 Jan T2
113 111- 11534 J’ ne'12
801* 87
86k
80**4
85 ____ 85 Sep T2
____ 7612 76*8 Oct T2
____ 771? 77 Apr T
88*2 £91* 8812
89
84k Sale 81
SVs
77k Sale 77L
771105 ____ 110 A p r '12
111 111? 112 Sep '12
107 ____ 109 May'12
1221* 124 1241** May’12
106 1071« 1073,5 Sep '12
100 101 1001,1 Oct '12
104 109 1031-Aug T2
103
____ 103k 103
82*8 00 IOOI4 Deo '06
87 Oct T2
85*4 *8
10«k 10.i*i 1081- Sep '12!
II l k May'12
I I I I l o o ' 9 *4 Oct '12
IIOI4 111 106 May’ 12
110*4 ____ 12 J’l y '12
071* 100 [02 J ’nc'12
[08 N ov 'U
10714 —
95 ____ 95 J'ne'12
96 961* 9634 Oct '12
92 Aug TO
78 81
771-Sep T2
9812 ____ 001$ A u g '12

103 108
110 11212
115 1185s

95®8
95*8 Sale n.r>l4
95*8 Sep T2
IOOI4
100 Bale 100

9514 9Sk
955a 98*s
100 1015g

97 075s 98 Aug'12
122*4____ 125*4 Sep T2
122 Sep '12
104
103*4 Oct '12
105*4 . . . 108*4 J'ne '09

98 9934
124*4125*4
122 122
103*8 10612

10-1*8 100*106*4 1091*
90 90
llll-lH L
10712 10734
95k 98

97L 99
101 101*4
9712 99*4
90 93
121L 121*2
84 01
9012 9812
04 9912
81 90
10112 10112
82
78

8.85s
81

90 9212
9812 10078
75 75
105 106
1035s 107

104*4 10112
99k 10234
105 105L
100 100
115*111612
865S 90
85 881763a 79*4
77 77
8813 91
84 9Hs
75I4 807.
108*4110*4
112 114
109 109
123*4 1141*
106 107*r
109L 101*,
103*2 105
103 105
87 90
108l2 110

llll2lllk

9912 1021-;
106 106
1111-112*8
10178 102*8
95
90

95
99k

70 8112
0912 100

1187
Price
Friday
Nov 1

BONDS
Y . STOCK E XC H AN G E
Week Ending N ov 1.

St P M A M {Continued)—
Mono ext 1st gold 4 s ..1937
Registered__________ 1037
Pacino E xt guar 4s £ ____ 1940
E Minn Nor Dlv 1st g4sl948
Minn Union 1st g 6s___1922
M ont C 1st gu g Gs____1937
R egistered__________ 1937
1st guar gold 5s____1937
R egistered__________ 1937
W ill & S F 1st gold 5 s .1938
Gulf & S I 1st ref A t g 5s._&1952
Registered______________ 51952
ock Val 1st cons g 4>is_1999
R egistered......... ........... 1999
Col A H V 1st ext g 4s___1948
Col A Tol 1st ex 4s_______1955
flous Belt A Term 1st 5s___1937
Illinois Central 1st gold4s_1951
Registered_________ _ 19 51
1st gold 3 y>s____________ 1951
Registered....... ............... 1951
Extended 1st g 3^$s____ 1951
Registered_____________1951
1st gold 3s sterling............ 1951
Registered..... ............. ..1 9 5 1
Coll trust gold 4s________1952
Registered_____ _______ 1952
1st ref 4s..............
1955
Purchased lines 3 ^ s ____ 1952
L N O & T ex gold 4s____ 1953
Registered_____ _______ 1953
Cairo Bridge gold 4s_____ 1950
Litchfield Dlv 1st g 3s___1951
Loulsv Dlv A Term g 3 H sl953
Registered....................... 1953
Middle Dlv reg 5s______ 1921
Omaha Dlv 1st g 3s__
1951
St Louis Dlv & term g 3sll951
R egistered_________
1951
Gold 3 H s______________ 1951
R egistered................... 1951
Spring Div 1st g 3 H *____ 1951
Registered_______
_ 1951
W estern lines 1st g 4s _ 1951
Registered.........
1951
B cllcv A Car 1st 6s
1923
Carb A Shaw 1st g 4s
1932
Chic St L & N O g 5s____ 1951
Registered_____________1951
Gold 3 y ,s..............
1901
Registered__________ 1951
Memph Dlv 1st g 4s___1951
R egistered__________ 1951
St L Sou 1st gu g 4s_____ 1931
Ind 111 A la 1st g 4s________1950
Int A Great Nor 1st g 6s__ 1919
Iowa Central 1st gold 5s__ 1938
Refunding gold 4 s ________1951
amestown Franklin &
Clearfield 1st 4s.............. 1959
an City Sou 1st gold 3s__1950
Registered __________ 1950
Ref 6c lmpt 5s______ Apr 1950
Kansas City Term! 1st 4 s ..I960
“ ake Erie A W 1st g 5 s . . .1937
' 2d gold 5s_____________1941
North Ohio 1st gu g 5s___1945
Leh Vail N Y 1st gu g 4 >4s_1940
R egistered.......... ......
1940
Lehigh Vail (Pa) cons g' 4s_2003
Leh V Ter R y 1st gu g 5s. 1941
Registered............................1941
Leh V Coal Co 1st gu g S ail 1933
Registered_______________ 1933
1st Int reduced to 4s___11933
Leh A N Y 1st g-uar g 4s___1945
Registered..... ...........
1945
El O A N 1st pref 6s......... 1914
Gold guar 5s__________ 1914
Long lsid 1st cons gold5s_ftl93l
1st consol gold 4s______ *1931
General gold 4d................... 1938
Ferry gold 4 y a ____r___1922
Gold 4s......... ..................
1932
Unified gold 4s__________ 1949
Debenture goid 5s___H Z 1934
Guar ref gold 4s_________ 1949
Registered....... ................1949
N Y B A M B 1st con g 5s 1935
N Y A R B 1st g 5g......... 1927
Nor Sh B 1st con g'gu 5s.ol932
Louisiana A Ark 1st g 5s___1927
Louisville A Nashville—
General gold 6s__________ 1930
Gold 5s.................
1937
Unified gold 4s______ ...1 9 4 0
Regis tered_________
1940
Collateral trust gold 5 s . . 1931
E H A Nash 1st g Cs____ 1919
L Cin A Lex gold 4 Ms___1931
N O A M 1st gold 6s____1930
N O A M 2d gold 6s____1930
Paducah A Mem dlv 4s__1946
Pensacola Dlv gold 6s___1920
St Louis Dlv 1st gold 6s. 1921
2d gold 3s....................... 1980
Atl K nox A Cin Dlv 4 s ..1955
Atl K nox A Nor 1st g 5s. 1946
Hender Bdge 1st s f g 6 s .1931
Kentucky Cent gold 4S..1987
L A N A M A M lS tg 4 Msl945
L A N-South M Joint 4s. .1952
Registered.....................*1952
N Fla A S 1st gu g 5s____1937
N A C Bdge gen gu g 4 Ms 1945
Pens A Atl 1st gu g Cs___1921
S A N Ala con gu g 53----- 1936
L A Jeff Bdge Co gu g 4s— 1945

Week's
Range or
Last Sola

Range
Since
Jan. 1. j

la

Did
Ask Low
High No. Low Higft
96k O ct T2
<J614 98
96k 98*4
95 ____
921-____ 92k Mch T1
97 Sep ’ ll'
94 97
9612 9812
114 110
111 ____ IUI4 Sep T2
121*8____ 125 Oct T2 . . . . 125 127k
123 ____ 136k May'06
110 ill&g IIH4 Sep ’ l l . . . . 11114 l i l k
1095s____ 112i2Sep 'l l
92 95
9234 Oct T2 . . . .

H

0912 101
*____IOOI4
91 ____
91*8 95
____100
10034 ____

5
lo o k
look
100l2Sep '08
941- Dec 'l l
96k Jan '12
100k Sep '12
101k Sep '12 . . . .
100 Sep 'l l
03^4------ 921-O ct T2 . . . .
89 A u g ’ 12
'09 . . . .
................. 93k M ay1
80 J ’ly '09

____99
99
99
. . . 3534 95k Sep '12
9»
9413 9514 9378
86I4 Feb '12
95
955g 95
95k
9434 Jan '11
947s J 'ly '12
74 76k 73k J ’ ne'12
82
85
85 O ct T2
81!2 85
S3 A u g ’ 12
1021- ____ 123 M ay'99
751.8 A u g ’ 12
7312 75
751- Mch T2
73
75k
85l2 ____ 86k O ct T2
83 ____ lOllg O ct '99
100 N o v '00
83 ____
9234 9G1- 9212 O ct '12
91 ____
112 ____
94l2 J ’ly T2
15314— . 114 O ct '12
114 Feb 'l l
82 ____ 90 Oct '09
9 1 k ____
92
95
91
92
107 ____
98*a 9 ‘k
60 62

J
K

*94
72

9011
111 ____
110 ____
105k____
91

____

10 h 10 3s
93 ____
93 Sale
96L 100
90 97
91 93
____103193k 9H4

99*4 103
96k 96k
993.8 IOOI4
IOR5 104
90
89

92k
89k

i

971? 100
95k 9514
93
96*4
86k 86I4
7 95 9912

11

— -

947.
7312
841.
83

....

75’
75k
75k 75k

....

S512 86*4

....

92k 96k

95"
7312
871j
S3

941- 96
11334 i i « 1

9212 A u g ’ 12

92k 9212

98 J ’ly '08
94 Aug'12 ___ 92*8 96
107 Oct '12
1003a IOSIj
9S33
98*8
3 951-105 .
ocij
G212
6212
1 ei

____ 94 M ay’ 12
Sale 713.1
72

98
09
____ OJk
10C12 ____
100 104
IOH4 106b
10312 101*3

9l‘k 65

98
93
2
9612
9r>l2
1
10634 Oct '12
104 Sep T2
104l4 J’ ne'12
101 Oct T2 . . . .
104k May'll.
2
‘ 6k
06k
11234 Oct T2 . . . .
11118 Dec ’ l l
LOCkOct 12 . . . .
93

04 941j
7134 7* j

16

J'ne'12 . . . .

101l2 Feb TO
103 M ch'12
10 ) Oct '12
96k M ch'12
93
93
G
98 J’ nc'12 . . . .
9914 Oct '00
00 Sep '12
10412 Dec '08
9.14
o ;i4
3

9612 100k
9Ck 98*4
10C3. 110
101 104k
104k 105k
104 106 1
104k 104k
95k 9 8 k !
1091-114 I
L06l2 108 |
93

M'S

109 110*8
90'a 9014
91-"s 0412
98 98
do

95k

93

97k

104 ____ 110k N ov '06
102k 103 193 Oct '12
10412 ____
----- 93 k 90 Oct '12 —

id3 PH
105 107k
93 96

1J2k 1131ll:.6s 112k
9Ji2 Sale
____ 97k
1 07k ___
110k 111k
101 ____
118*3___
114 ____
9312 ____
105*4____

1121-1171|
110*411 -k
97k 095*
901- 9S*j.
10858 110k
1101- l i l k
104k 105
120kl21
117k 117k
93k 96

113k O ct '12
I l l ’s O ct '12
97*8
0 712 49
U6i2Sep T2
110 A u g ’ 12
1101-Sep T2
104*4 May'12
120*8 Aug'12
1171?Jan '12
91 O ct T2 . . . .
105*4 M ch'11
112k J 'ly T 2 . . . .
------ „70!2 69*8 Sep ‘12
91*8 Sale 9l k
92
56
109 ____ 1121- May'12
1051g____ 106 A p r '11
92 ____ 9214
92k
4
10312 ____ 1031-Oct '12
------ U012 90i2 Oct '12
86 ____ 95 Feb '05
1073s____ 109-2 Oct '12
l o o k ____ 1001-Sep '12
no —
11314 O ct '12
10334110*3 109k J’ ly T2
____911*3 9H4 M c h 'l?

1121-113
69k 09k
0114 93
1121-H 2k
92
95 :
103k 104k
887s 90
IOSI4 109*4
1001- 100k
IIOI4 112
look 111k
91k 91»4

MISCELLANEOUS BONDS—Continued on Next Page.

B

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

83 871?
76*.i Sale
54k Sale
101 —

F .A —
06k
J J
M-N
98k
J -J 1 0 "
J -J
80\, Sale
A - O 73 Sale
A-O
97*4 98
j

-

j

—

A-O

M-N

83
—

86 Oct T2
7678
761*
54
65k
Look
100k
05

Oct T2

98 N ov *08
105 Sep '12
80k
8H4
73*8
72k
98 Oct '12

051f 917, Oct '12
85
85 Oct '12
84 Oct '08
83

M
c5
00

Street Railway
New Orl R y A L t gen 4 H h- 1935
H Y Uys 1st R E A ref 4s temp
30-year adj Ino 5s......... .1942
Portland R y 1st A ref 5s___1930
Portland R y L t A P o w ls t A
ref con v s f 5s_________ 1942
Portland Gen Elcc 1st 5 s .1935
Bt Jos R y. L, H A P lstg 5s 1937
fit Paul City Cab cons g 5 s .. 1937
Third Ave 1st ref 4s........... 1960
A di lno 0s_____________ a 19 60
frri-Clty R y A Lt 1st s f 5 s .1923
Underground of London—
1 4 M * ...................................... 1033
Incom e 8 s . . . ___________ 1948
nion Elcc (Chic) l s t g 5 s . . 1945
nlted Itys Inv 1st lien coll
trust 5s Pitts Issu e..____ 1926

Oct T2

Street Railways.
8412 8812 United Rys St L 1st g 4 s . . . 1934
St Louis Transit gu 5s---- 1924
7612 815S
61i2 593.i United R R s San Fr s f 4 s ..1927
99 1007fi Va Uy & l>wr lst& ret 5 e ...l9 3 1
(las and Electric Licht
Atlanta G L Co 1st tr 5s____ 1947
Bklyn U Gas 1st con g 5 s ..1915
Buffalo Gas 1st ff r>s............. 1947
105 106
Columbus Gets 1st g 5s_____ 1932
80*a 83
Detroit City Gas c 5s----------1933
70 801
Det G;is Co con 1st g 5s____1918
9758 9I>
Det Edison 1st coll tr 5 s . 1933
917S 9014 Eq G L N .Y 1st con g 5s___1932
Ga's A Elcc Berg Co c g 5 s ..1949
7412 90
Gr Rap G L Co 1st g 5s____1915
Hudson Co Gas 1st g 5s____1949
8212 86k ICan OltytMoiGas 1st it 5 a . . 1922

J -J
A-O
A-O
J -J

83

87

____ 96

J -D 101 ____
M-N 100*8 101k
A-O
60 65
J -J
J -J 100 l013j
F-A
J -J lOOljIOIS4
M-S ____106k
J -D 10212 ____
F-A 100 101
M-N 101*4____
A-O
9 7 k ____

76 Oct '12
76
1 S3
84
84
3 G412
66k
6612
96 Sep '12 . . . . 96

1C6
64

100
64

5 105*4 1077s
65*1
3 64

100 Sep T2 . . . . 100 101k
96*8 Sep '08
100k
101k 27 100k 102la
10612 Oct '12
105*4 1061f
103 Sep T2 . . . . 103 103
103 O ct '09
104*4
101*4
1 104k 10«k
9Sl2 Sep '12
9812 9M|

, £_Mo prlM i ’riOar; latest bid and Mltcd tUlj wook. a Dae Jan. * Duo F eb. d Duo A p ril, .ft Duo July, k Duo A u * . o Duo Oor. a Option aalo.




SO
85 ,
70 •
971f

118*
I f.

BONDS
Y . STOCK E X C H AN G E
Week Ending N ov 1.

TVTanUa H R — Sou lines 4 s .1936 M-N
J-VJ-exlcan Cent Inc g 3s tr reets.
Equip & coll g 5s_______ 1917 A-O
Mex Intcrnat 1st con g 4 s ..1977 M-S
Stamped guaranteed___ 1977 .U-S
iMlnn <Ss St L 1st gold 7s___ 1927 J -D
PacIQo E xt 1st gold 6s___1921 A-O
( 1st consol gold 5s________1931 M-N
' 1st and refund gold 4 s . . .1919 m - s
Des M & Ft D 1st gu 4 s .. 1935 j - j
M StP&SSM con g 4s lnt gu.1938 j - j
1st Chic Terml s f 4s____1941 M-N
M S S M A A 1st g 4s lnt gu 1926 J -J
Mississippi Central 1st 5 s .. 1949 J -J
Mo Kan & Tcxaslst gold 4sl99U J D
2d gold 4s....................... ..01990 F-A
1st ext gold 5s__________ 1944 M-N
1st & refund 4 s . . . ............ 2004 M-S
Gen sinking fund 4 Ms___1936 J -J
' St I.ouls Dlv 1st ret g 4 s .2001 A-O
Dal & Wa 1st gu g 5s___ 1940 M-N
Kan C & Pac 1st g 4s___ 199 ) F-A
Mo K & E 1st gu g 5s___1942 A-O
M K & Ok 1st guar 5s___1942 M-N
M If & T o f T 1st g u g 5s. 1942 M-S
Sher Sh & So 1st gu g 5s -1943 J -D
Texas & Okla 1st gu g 5s 1943 M-S
Missouri Pao 1st cons g 63..1920 M-N
Trust gold 5s sta m p ed ..n l9 1 7 M-S
Registered___________ al017 M-S
1st collateral gold 5s____1920 F-A
Registered_____________1920 F-A
40-year gold loan 4s_____ 1945 m - s
3d 7s extended at 4 % ___1938 M-N
1st & ref con v 5s________ 1959 M-S
Cent Br R y 1st gu g 4 s. .1919 F -A
Cent Br U P 1st g 4s____ 1948 J -D
Leroy & C V A L 1st g 53.1926 J -J
Pao R of Mo 1st ext g 4 s .1038 F-A
2d extended gold 5s___1938 J -J
StL Ir M&S gen con g 5s. 1931 A-O
Gen con stamp gu g 5 s .1931 A-O
:
Unified & ret gold 4 s . . 1929 J -J
r
Registered__________ 192 ij J -J
RlV & G Dlv 1st g 4 s . . 1933 M-N
Verdi V I & VV 1st g 5 s .. 1026 M-S
Mob & Ohio new gold 6s___1927 J -D
1st extension gold 63
h 1927 y - J
General gold 4s__________ 1938 M-S
Montgom Dlv 1st g 5s___1947 F -A
St L & Cairo coll g 4s___el930
Guaranteed gold 4s__ 1931
VTashv Ch & St L 1st 7 s ..1931 J -J
1st consol gold 5s_______1928 A-O
Jasper Branch 1st g 6 s ..1023 J -J
McM M VV & A1 1st 6 3 . . . 1917 J -J
T A P Branch 1st 6s____ 1917 J -J
Nat Rys of Mex pr lien 4 Ms.1957 J -J
Guaranteed general 4 s__ 1977 A-O
Nat of Mex prior lien 4 M s .1926 J -J
1st consol 4s_____________1951 A-O
N O Mob &ChIc 1st ref 5s 1960 J -J
N O A N E prior lien g 6 s ..p l9 1 5 A-O
New Orleans Term 1st 4s. .1953 J -J
N Y Central A H R g 3 Ms.1997 J -J
Registered_____________1997 J -J
Debenture gold 4s______ 1934 M-N
Registered.......................103» M-N
Lake Shore coll g 3 Ms___1998 F -A
Registered_____________1998 F-A
Mich Cent coll gold 3 Ms.1998 F -A
Registered_____________1998 F -A
Beech Creek 1st gu g 4 s . . 1038 J -J
(
Registered_____________1936 J -J
'
2d guar gold 5s________1936 J -J
Registered__________ 1936 J -J
■ Beech Cr E xt 1st g 3 Ms-61951 A-O
Cart A Ad 1st gu g 4s___1981 J -D
, Gouv A Oswe 1st gu g 53.1942 J -D
Moh A Mai 1st gu g 4 s ...1991 M-S
N J Juno R guar 1st 4 s ..1986 F -A
Registered_____________1986 F -A
1 N Y A Harlem g 3 M s .-.2 0 0 2 M-N
Registered____________ 2000 M-N
N Y A Northern 1st g 5S.1927 A-O
■ N Y A Pu 1st cons gu g 4sl993 A-O
Nor A Mont 1st gu g 5 s ..1916 A-O
Pine Creek reg guar 6s___1932 J -D
' R W A O con 1st ext 5s./»1922 A-O
Oswe A R 2d gu g 5s___el915 F -A
R W A O T R 1st gu g 5 s .1918 M-N
Rutland 1st con g 4 Ms. .1941 J -J
OgALCham 1st gu 4s g 1948 J -J
Rut-Canad 1st gu g 4s. 1949 J -J
St Lawr A Adlr 1st g 5 s ..1996 J -J
2d gold 6s....... ............... 1996 A-O
Utica A Blk R lv gu g 43.1922 J -J
Lake Shore gold 3 Ms____ 1997 J -D
/
Registered....................... 1997 J -D
Debenture gold 4s------ 1928 M-S
25-year gold 4s________1931 M-N
,•
Registered__________ 1931 M-N
K a A A G R 1st gu c 5s.1938 J -J
Mahon C’l R R 1st 5 s .. 1934 J -J
Pitts A L Erie 2d g 5 s..a l9 2 8 A-O
Pitts MeK A Y 1st gu 6s. 1932 J -J
2d guaranteed 6s-------- 1934 J -J
McKees A B V 1st g 6 s .1918 J -J
' Michigan Central 5s_____ 1931 M-S
Registered__________ 1931
4 s . ............
1940 W
Registered...................1940
J L A S 1st gold 3 M3--1951 M-S
1st gold 3 Ms..................1952 M-N
20-year debenture 4 s ..1929 A-O
N Y Chlo A St L 1st g 48.1937 A-O
Registered_____________1937 A-O
Debenture 4s__________ 1931 M-N

New York Bond Record— Continued— Page
ge
WecPt
Range or
Last Sal t

Price
Friday
Nov 1
Hid

Ask Low

____ 86

Range
Since
Jan. 1.

High No

Low

High

25% Apr '09

77 Mch'10
79 N o v 'lo
24% Oct '12
110% A u g 'l
99
99
’ 98 101
62 6434 62
62
76
7,% 77% J ’ly 'l l
9512 90, 95% Oct '12
95
9618 97% J ’n e ’ 12
0658 ____ 96% May'12
98% M c h 'll
94 95
92%
9212 9312 92%
80%
80%
8OI4 81
10018 10212 99% Oct '12
------ 7712 78 Sep ’ 12
8534
80
8512 86
78 J ’ly '11
____ 78
1047s Sep '12
’ « % : : : ; 88 Sep '12
106% IO8I4 10658 Oct '12
103% 105L 105 Sep ’ 12
99% Oct ’12
100% 101
99% 104 1037s Feb '12
10378 Mch ’ 12
____101
103
106 Sale 105
98% 100
9834
99
97 May'12
9734
97% 9734 97%
____125

124% 129
10

7134
*72*
96% M a y'll
87%
88
92
92
81 M a yl2
110 M ch'05
’ 93'% ’ 95'' 93%
93%
104% 105 103%
103%
104% Sale 104%
lu4%
1 0 4 % .... .04 Oct '12
81% Sale 81%
81%
8078 Oct '12
8334 84
82%
84
100
100 ____ 100
118 119% 118 Oct ’ 12
113% 114 11534 Feb ’ I2
85% 86% 85*4 Oct '12
107% 108% 108% A u g ’ 12
84% 85% 83 O ct ’ 12
93% M ch’ l l
101%
101% 10l7g 101%
10J%____ 10958 O ct '12
111%____ 1157s N OV ’ 10
105 ____ 107*4 M ch'12
105 ____ 113 J ’ly '04
87
88
____ 90
77%
7734
____ 77
____101% 99 Mch 1.
78 Oct '12
____ 78
87%
87%
------ 87%
104 1047s
87% Sep '11
____88
86% ^ 86%
86% 87
85 ____ 84% Sep '12
92%
92% 92% 92%
93 May'12
79
78% Sale 781*
76% 77% 77 Oct '12
79
78 78% 79
78 Sep '12
____ 77%
98% ____ 991. J ’n e ’ 12
97 ____ 99 M ay’ l l
107 ..
'717s Sale
____ 96%
88 Sale
92 92%
75 ____

88%____ 83* O ct ’ 12
103
95 ____ 99% M c h 'll
96 ____ 105 Oct '02
89

87%------

May’ 12

106 107
____ 96

108 Oct '09
9778 A u g 'll

120%____
106-%____
____ 105%
102 ____
96 97%
83
84

131% Jan '09
10634 Oct '12
101 M ch'12
104 J ’ n e ’ 10
96 Oct ’ 12
84% Sep '12
92 J ’no '09
103 Sep ’ I2
119% M ch’ 12
997a NOV’ l l
89
89
87% J’ly ’ 12
9258
93
92%
93
93 O ct '12

10734____
115 ____
95 ____
89 89%
80-% 87%
92% Sale
92% Sale
92 ____
107%..
110 ____
10512 ____
119 ____
119 ____

111% M ch’ l l
105 A p r '12
130% Jan ’09
123% M ch’ 12

111 Jan '12
119 J ’ne ’06
98 A p r '12
98% N o v ’ l l
90 J ’n e '08
86% M ch'12
88% A u g ’ 12
____89%
9334
98% Sale 98%
9934 M ch'12
88
87% 88% 87%

99 105
59% 697s
77
81
95% 97*4
97% 97%
96% 96%
92% 97
80 84%
99% 102%
77% 81%
85% 89%
76 78
10478 1053s
88 91
106% 110
105 107%
99% 104
10334 1037
1037S 105%
1047s 108%
9834 10034
97 97
96*4 100*4
70 ’ ’ 75%
84
92
81

89%
92%
81

9234 90
103% 103%
102% 10638
104 104
775s 823.,
78
80%
82% 84
100 100
117% 121
11534 11534
85 8734
107*4 11034
82
8358
101% 104
1093s 1097s
107*4 107*4
87 92%
7734 86%
99 100
77% 80
87% 95
87%
85
84%
917S
93
78%
76**4
78
77*4
99%

88%
88%
87%
90%
93
85
84
82%
79%
99%

83

83

8883 89

106*4 10734
101 101
96
84

98%
88

108 108
119% 119%
87%
87%
9134
91%
92
105

897S
88*4
94%
9378
93%
105

123% 123%
111

111

98”

’ 98

86% 8634
88% 92
97% 1001%
99
9934
87% 91

N.

BONDS

Y . STOCK E X C H A r
Week Ending N ov 1.

S3
2 *5

3

VOL. LXXXXV.
Price
Friday
Nov 1

W celts
Range or
Last Sate

■a*?
I 65

Range
Since
Jan. l;

As)t Low
High1 No. Low Higfe
98b!
£ 98% 101 ,
98
981;2 98%
1 90
90
9<i% 97%1 90
98%
100% J ’ly ’ll
N Y New Haven A Hartf—
5 J -J
91
92
91 Oct '121
S M-N
90 901;> 90 Sep '12
90 93%
3 J -J
90 . . . I ’ 92% Oct '1
90
94%
3 J -J 127 1271;. R8% Oct T2 ___ 1277s 132%'
I M-N _________' 99 Sep '12
99
99%
B &N Y
5 F-A . . .
’ " 99% J’n e ‘ 12
99% 99%
1 J -J
90% -o'ii]! 91%
91*4 L 90% 93%
7 M-N li>9%____ 115 Aug'12
114 115
i J -J
99 Sale 99
99% ” 45 98 100%
I M-N 102%____ 107 Aug '09
5 J -J
Conso’
5 J -J
99% Mch'12
99% 100
r M-N *8l” "83% 81 Oct T2
81
84
> M-S *92 ____ 92
92 *” e 92
96
! M-S
921* J’n e '12 ___ 92% 92%
_____
> J -D
89% Feb '12
89% 89%
F -A ____ 99%
93 Oct '12 _____ 99 100%
M-N 101 ____ 1023; A pr '12 _____ 102% 102*4
M-N 121%____ 125% j ’ly '12 ___ 12338 125%
1 F-A 122 . . . 1241* May'12 _____ 124 126*3
1 A-O 122% . . 124 May'12
124 124
: A-O
97 Sale 96%
97 '" '6 9t% 99%
, A-O
98 Jan 11
J -J
92% i i ’ dii* '94”
92% Sale 92
: J -D
50 107% 118 ;
115
115
116 Oct '12
108 117 ;
10-20-yr conv 4s fulTpd ret.
94
90*8 Oct '12 mmi 2 00
Pocah C & C Joint 4 s . . 1941 J -D
91% 92
J -J 10534 ____ 106*3 Mch '12 ___ IO633 106*8
98%
M-N
93%____ 95 Oct '12 _____ 95
98% 19 9738 IOOS4
Q -J
98% Sale 98
2 97
99%
y -j
97
97
69
It 68% 70%
69 Sale 69
q - f
Registered................ cr2047 y - F
68
68 ____ 68 J 'ly ’ 12 ___ 68
St Paul-Duluth Dlv g 4s. 1996 J -D
95% ____ 95% Oct '12 ___ 95% 96%
Dul Short L 1st gu 5 s ...1 9 1 6 M-S 100%____ 101% O ct '12 ___ 100 101%
St P & N P gen gold 6S..1923 F -A 113 ____ U43| Aug'12 _____ 11134 115%
Registered certificates. 1923 y - F 112% . . . 1153s A u g 'll
St Paul & Duluth 1st 5s.l931 F -A 109%____ 107 Jan 12
107 107"
2d 5s................................ 1917 A-O 101%____ 1023s Sep '12 _____ 102*3 102*8
9234 ______ 94 J ’ne'l2 _____ 9234 94
1st consol gold 4s_____ 1968 J-D
W ash Cent 1st gold 4s__ 1948 y-M
89*8______ 91% Apr '11
Nor Pac Term Co 1st g 6 s ..1933 j - j 111%____ 111% Oct ’12
i n i i i* j
Oregon-Wash 1st & ref 4s .1961 j - j ____ 91
91
91 " i s
89% 92*4
acific Coast Co 1st g 5 s ..1946 J -D 101%103% 104 Oct T2
103% 104
cnnsylvanla R R —
1st realest g 4 s _________ 192 3 M-N 100% 102 101%
101%
4 100 102
Consol gold 5s................ 1919 M- S ------ 110
110 Mch'12
108 110
Consol gold 4s...........
1943 M-N 101% 102 101*8
101*s ” 2 101 104
Convertible gold 3 H s . . 1912 M-N ______
1)9% Oct T.
99% 100%
Convertible gold 3 H s . ol915 J -D
96 Sale' 95*8
9634 330 95% 977j
Registered______
ol915 J -D
97 J ’ly ’ 12
97 97%
Consol gold 4s...........
1948 M-N i d l% ____ 101% Oct ’ 12 _____ 101 104%
Alleg Val gen guar g 4s. _ 1942 M-S ------ 100% 100% A u g ’ 12 _____ 00% 100%;
D R R R & Bge 1st gu 4sgl936 F-A 100 ____
99" io'2%,
Phlla Balt & w 1st g 4s 1943 M-N 100%____ 100 Oct T2
102 Jan '0c
Bod Bay & Sou 1st g 5s. 1924 J -J
05*8
Sunbury & Lewis 1st g 4s 1936 J - J
101% May’l2
i o i io i%
U N J R R & Can gen 4 s ..1944 M -S
Pennsylvania Co—
102%104
Guar 1st g 4 % s _________ 1921 J -J 102*s 103 102% Oct ’ 12
Registered.................. 1921 J -J 102%____ 101% Oct '12 _____ 101%103
Guar 3 %s coll trust t e g .. 1937 M-S
89 Sep ’ 12 ___ 88% 89%
Guar 3 %s coll trust ser B.1941 F -A *85% 86
88 Sep T2 ___ 88 89
Trust Co certfs gu g 3 %s 1916 M-N
97%____ 89 Sep ’ 12 . . . . 97% 98%
Guar 3 Hs trust ctfs C ...1 9 4 2 J -D
88 M ch’ 12 . . . . 88
88%
Guar 3 Ks trust ctfs D ...1 9 4 4 J -D *------ 87%
8734 Jan T2 _____ 87*4 87*4
Guar 15-25 year g 4s____1931 A-O
96 ____ 96 Oct '12
96
98%
Cln Leb & Nor gu 4s g
1942 M-N 90 ____ UG%Dco ‘ 11
Cl & Mar 1st gu g 4 14s” 1935 M-N
110 Jan '06
Cl & P gen gu g 4 %s ser A 1942 J -J 102%____ 10734 Dec ’ l l
Series B ................
1942 A-O 102%
109*4 J’ly ’09
ln t reduced to 3 Us 1942 A-O
9 0 % . : . : 91% Feb ’ 12
91% 91%
Series C 3 % s_____
1948 M-N 90% ____ 90% Oct '12 -I T . 90% 91%
90% 93% 90 M ay'08
Series D 3 H s_____
” 1950 F-A
Erie & Pitts gu g 3 %s B.1940 J -J
91% M ay’12 _____ 91% 91%
Series C ____________
1940 J -J
90% J ’ly ’ 12 ___ 90% 90%
Gr R & l e x 1st gu g 4 Hs.1941 J -J ------ 104
104 A u g ’ 12 _____ 104 105
Pitts Y & Ash 1st con 5 s .1927 M-N 105
109 May'10
Tol W V & O gu 4 % s A . . 1931 J - J 1 0 1 % :::: 102% J ’n e ’ 12 ___ 101*4 102%
Series B 4 H s ____
1933 J -J 101%____ 100 J ’ly '10
Series C 4s............
1942 M-S
94 ______ 95% Oct '12
95*8 95%
P C C & St L gu 4 >4s A . .1940 A-O 103 ____ 104% J ’ly '12 ___ 104% 106*4
Series B guar...................1942 A-O 103 ____ 104*4 J’ly '12 _____ 10434 107
Series C guar__________ 1942 M-N
106 J ’n e ’ l l
Series D 4s guar_______1945 M-N
90 Sale 96
96
1 96
99
Series E 3 %s guar g___1949 F -A
95% Sep '12
93% 95%
Series F gu 4s g ________1953 J -D
96 ____ 97 J ’ly '12
97
97
Series G 4s guar_______1957 M-N 96
97% 97 J ’l y '12
97
99
C St L A P 1st con g 5s. 1932 A-O 109 112% 113%Nov’ l l
Peo & Pek Un 1st g 6 s . . . 1921 y - F 107 . . . . 109 M ay’ l l
2d gold 4 % s.......................01921 M-N 90 92
93%Jan '11
Pere Marquette— R ef 4s. 1955 J -J ------ 60
6034 60%
60*4 Apr '12
Refunding guar 4 s ..
1955 J -J ------ 60% 59-% O ct ’ 12
523S 54
Ch & W M 5s...........
1921 J -D
98
99%
96
98 Oet ’ 12
Flint & P M g 6s.................1920 A-O 103% 106 101 Oct T2
101 108%
90 100
90 Sep '12
1st consol gold 5s. . .1939 M-N
96 . .
971* May’ 12 . . . . 97% 97%
Pt Huron Dlv 1st g 5S.1939 A-O
Sag Tus & H 1st gu g 4 s .1931 P > A
'84% '86*
Philippine R y 1st 30-yr s f 4 s .’37 J -J : : : : ’ 86% *86 * M ay’ 12
113 j ’ly ’ 12 _____ 113 113%
Pitts Sh & L E 1st g 5s____ 1940 A-O
113% N o v 'll
1st consol gold 5s________ 1943 J -J
R e a d in g Co gen g 4s............ 1997 J -J
96*8 Sale 96*8 TM 06*4 65 90 08*4
IV R e g iste re d ..............
1997 J -J
96% J’ly 12 _____ 90*8 98%
7 91% 98%
955« Sale 95%
Jersey Cent coll g 4s____1951 A-O
06
Atlan City gu 4s g ........... 1951 J -J
95
80 89%
t Jo & Gr Isl 1st g 4s____1947 J - J
8/38 ____ 87% Oct ’12 —
t Loul3 & San F r a n c is c o General gold 6 s _________ 1931 J -J 118% 12034 118% Sep ’ 12 ___ 118% 119%
General gold 5s__________ 1931 J - J 101% 106% 104% Oct ’ 12 _____ 101% 108%
84f2 Aug ’ 12 . . . . 84% 88%
St L & S F R R cons g 4s. 1996 J -J
82
83
18 83% 88%
84
Gen 15-20 yr 5s............ 1927 M-N
83% 837£ 8334
Southw Dlv 1st g 5 s .. 1947 A-O 100 ______ 9934 Sep ’ 12 _____ 99*4 99*4
77% 24 76*8 81%
Refunding g 4s.............. 1951 J -J
70*4 Sale 76%
80*4 M ch’ l l
Registered...................1951 J - J

NY C& H R— (Con)—

1 J -J
1 J -J
3 J -J

Hid

P

S

MISCELLANEOUS BONDS— Continued on Next Page.
Q a s an d E lectric Ligh t

Q as an d E lectric L ig h t

Kings Co El L & P g 5s____ 1937 A-O ____ 10178 1017g O ct T2
Purchaso money 6s_______1997 A-O 113 115*4 115 Oct ’ 12 . . . .
7
Convertible deb 6s............ 1922 M-S 124%____ 123
124
Ed El II Bkn 1st con g 4 s. 1939 J -J
88%____ 88 Oct ’ 12
Lac Gas L of St L l s t g 5 s ..81919 y - F 102%____ 102*8
102% . 4
4
Ref and ext 1st g 5s_____ 1934 A-O 101 101% 101
101
90 O ct T2 ___
Milwaukee Gas L 1st 4s____ 1927 M-N ------ 90%
Newark Con Gas g 5s............ 1948 J -D lo t ____ 106% Apr ’ 12 ___
48
103
N Y G E L H & P g 5s____ 1948 J -D 102 Sale 102
4
Purchase m oney g 4s____ 1949 F -A
88 Sale 8734
88
Ed El 111 1st cons g 5s__ 1995 J -J 109%____ 113*8 M ch’ 12 ____
NY & Q El LA P 1st con g 5 s .1930 F-A 100 101% 100 Sep ’ 12 . . . .
92% J ’ly ’09
N Y A Rich Gas 1st g 5 s ...19 2 1 M-N
PacIQo G A El Co Cal G A E
17
95
Corp unifying A ref 5 s ..1937 M-N
05 Sale 91%
P a c Pow A Lt 1st A ret 20-yr
9178 04
95 Oct ’ 12
5s Internat S eries............ 1930 F -A
Pat A Passaic G A E 5s____ 1949 M -S 102% 103 102% J ’ly ’ 12 ___

Peo Gas A C 1st con g 6s___ 1943
Refunding gold 5s______ 1947
Registered....................... 1947
Ch G-L A Cke 1st gu g 5 s .1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A OH 30-yr 5s ’36
Mu Fuel Gas 1st gu g 5s. .1947
Registered.......................1947
Philadelphia Co conv 5s___ 1919
Stan Gas A Elec conv sf 6 s .. 1926
Syracuse Lighting 1st g 53.1951
Syracuse L A P 5s_________ 1954
Trenton G A E 1st g 5s____ 1949
Union Eleo L A P 1st g 5 3 .. 1932
94
Ref A ext 5s____________ 1933
96*8
Utica El L A P 1st g 5s____ 1950
93
95
Utica Gas A E ref 5s_______1957
102% 102% Westchester Llght’g g 5s___ 1950

104% 105%
115 117
123 121
88 83
101% 103
10034 102
89*3 90%
106% 106%
102 104%
86% 89%
112% 113*8
100 102%

____ 116% 117 Oct ’12
101%
101% 101*4 101%
103 Feb '09
101% 1021? 102% Oct '12
J -J
____ 103% 103% Oct ’ 12
J -D
93 M ch’ 12
82 89
M-N
101% Aug 12
M-N
M-N
F-A ____ 100 109 Feb '12
J -D 1003s 101 100*8 Oct ’ 12
101 Dec ’ l l
J -D
85% J’n e ’ 12
J -J
M-S 1021*___ 109 Feb '01
99% ___ 100% A u g ’ 12
M-S
M-N 90 ___ 97 J ’l y ’ 12
103 ___
J -J
99 ___ 100% Deo '11
J -J
104% 105 104%
10412
J -D
A -O

M-S
M-S

116% 1171*
100% 102%
102% 104%
101% 103%
93
93
100% 101%
107
100

85% 86
100% 101 :
96% 98%.
104% 105

• N o prloo Friday; latest bid and asked, a Duo Jan. 9 Duo F ob . « Duo M ay. a Duo June. /> Due July. 0 Duo O ot. p Duo N ov. t Option sale*




109
101

Nov. 2 1912.]
5 Is

lit L & San Fran (Con)

M-N
i A -0
A -0
A -0
Ozark & Ch 0 1st gu 5s g.191 2 A -0
M-N
J -J
J -D
J -O
1 J -J
* J -J
) A-O
) A-O
A-O
Adjustment
F -A
A -()
1 M-S
J -J
Fla Cen & Pen 1st g 5s.
1 J -J
1 J -J
J -J
J -J
J -J
J -J
Southern Pacific Co—
J -D
1 J -I)
M- S
F-A
F-A
J-D
A-O
\l-N
n -N
M-N
n-N
7j-j
A-O
1n - N
j-j
A-O
J -J
A -0
J -J
So Pac of CalM-N
J -J
A-O
Tex & N O con gold 5s .
J -J
J -J
Southern—
J -J
J -J
A-O
M-S
J -J
J -J
J -J
J -J
J -J
A-O
J -J
J -J
M-N
M-S
A-O
J -J
J -J
J -J
J -J
J -J
Deb 5s stam ped______ 1927 A-O
Rich & Meek 1st g 4s__
M-N
So Car & Ga 1st g 5s___
n-N
Virginia Mid sor C Os____
,n -s
Series D 4-5s_________ 1921 n - s
n -s
Series F 5s____________ 1931 , n - s
n-N
j-j
A-O
F-A
J -J
J -J
A -0
F-A
J -J
A -()
Tex & Pac 1st gold 5s.
J-U
Mch
L, 1st g
J -J
W Min W & N W
_
F-A
rol & O C 1st g 5s................1935 J -J
•Western Dlv 1st g 5s____1935 A -0
General gold 5s__________ 1935 J-D
Kan & M 1st gu g 4s____ 1990 A O
2d 20-year 5s__________ 1927 J -J
rol P & W 1st gold 43......... 1917 J -J
rol St L & W pr lien g 3 « s .l 9 2 5 J -J
50-year gold 4s__________ 1950 A-O
Coll tr 4s g Ser A ________1917 F-A
fo r Ham it. Bull 1st g 4 s../il9 4 0 J-D
TTlster & Del 1st con g 5s. .1928 J-D
1st refund g 4s________1952 A -0
Union Paclllc—
1st RU & land grantg4s,1947 J -J
R egistered_______________ 1947 J -J
’ 20-year con v 4s______
1927 J -J
1st & ref 4s....................... j 2008 M-S
Ore R y <5c Nav con g 4 s ..1940 J-O
Ore Short Line 1st g 0 s .. 1922 F-A
• 1st consol g 5s_________ 1940 J -J
• Guar refund 4s________ 1929 J -O
• Utah & Nor gold 5s___1920 J -J
• 1st extended 4 s ______ 1933 J -J
|Tandalla cons g 4s Ser A . 1955 F-A
V
Consol 4s Series B ._
1957 M-N
Ifera Cruz & P 1st gu 4K S.1934 J -J

Price
Friday
Nov i

Weelts
Range or
Last Sals

|Bonds
| Sold

BONDS
Y . STOCK E XC H A I
Week Ending Nov 1.

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

BONDS
Y . STOCK EXC H AN G E
Week Ending N ov 1.

118911
Price
Friday
Nov 1

WeeKs
Range or
Last Sale

OCO

Range
Since
Jan. 1.

Bid
Ask
No.
H3I4 11334 U3I4
1 10
78 Sale 78
2 17
___
77ia
___
97*2 ____ 10312
99
991? 99
1
99
89*4 Sale 8)12
10
8J
80 ____ 80 O ct '1 ___
80*4 Sale 8012
62
81
10ei8 . .
101*8 Apr '0 ___
8G34 Sale 86*2
3
80
94 ____ 104 Oct '0
*80is ____ 861S Oct '1 ___
85l2 80
12
8512
80

IjOW High
Bid
Asl Low
High No. Low High
11334 118
10G3j
\X7abash 1st gold 5s............ 1939 n - N 10634 Sale 106
4 10412 1077s
77
8012 ’ ’
2d gold 5 s ..
1939 F
99
98*2 991 99
5 90 10012
771? 77*2
90 J ’n e ’ li
Debenture Series B ...1 9 3 9 J -J
00 100
10312 103 b
1st lien equip s fd g 5 s ...19 2 1 M - S
9S14 109
99 ___ 98*4 Sep T2
99 100
1st Hen 50-yr g term 4 s .. 1954 J -J
80 _
83 Dec TC ___
89*8 9212
88 551? 723s
67
1st ref and ext g 4 s ___ 1950 J -J
06 78 Sale 66*8
80
83
Cent Trust Co ctfs___
15 03 8 71
____ 03
63 s
OSA,
78*2 84l£
Do Stam ped.........
1 03*2 0934
0312
03*'
Eqult T r >st Co c t f s ..
5914 70
____ 67
05i2 Oct ’ 12
80 87*4
D o S ta m p ed ____ ___
11 60*2 693s
62i4 Sale 6214
03*;
100 107*4
Ret & Ch E xt 1st g 5 s . . . 1941 J -J 10/ ____ 107 Oct ’ 12
8d8 87*8
I]es Moin Dlv 1st g 4 s ...1 9 3 9 J -J ____ 80*. 80 A u g '12
80
89
85I2 90
Om Dlv 1st g 3 H s_______1941 A -0 ____ 70
6812 7134
70 O ct ’ ll
80
843. 80*s J ’ly '12
Tol & Ch Dlv 1st g 4s
1941 Al-S
7234 83*2
22 75
70 Sale 7512
70
8H4 W ab Pitts Term 1st g 45:111954 J - D
30
311; 30*4 Sep ’ 12 ___ 3014 3914
78
7834 7812
10 76*4 83
78.'«
Cent & Old Col Tr Co certfs
31i4 Sale 31
3H? 00 297s 4214
87
90
------ 87
88 J’ly T2
Columbia Tr Co c t f s ..
..
30 ____ 13*2 Oct '12
30
4112
90 ____ 9312 Apr T2 ___ 92*4 0312
2d gold 4s_____________” 1954 J -D
1
3
2*4 2*2 214 Oct '12 ___
IO3I4 . . . 103 M a y 'll ___
Trust Co c e r t fs .I .I I
212
2-*4 21
234 Sale
17s 3*2
10* . . .
Wash Terml 1st gu 3
1945 F -A
101 M ay’ 12 ___ 101 101
83 . . . 873g Oct '11
105*8____ 107 J ’n e ’ 12 ___ 107 107
__
1st 40-yr guar 4 s_. ' " 1 9 4 5 F -A
97ls ____ 100 Sep T2
971s IO)
105*8 106 !0512 10512
1 105*2 10714 West Maryland 1st g 4s ‘ " 1 9 5 2 A -0
9 85
88I4
85*2
85 Sale 85
____ 101*4 10534 West N Y & Pa 1st g s i l Z I m ? J -J 100 10 3.1 107 Oct ’ 12
10438 .
106 10S34
Gen gold 4s.........
1943 A -0 ____ 8034 86 O ct '12 —
____10618 105 M ay’12 ___ 105 100*8
8G 8312
Incom e 5s___________ H d l943 Nov
34 Feb '07
88*4 89
8314
I
30 88
9212 Wheeling & L, E 1st g 5s_I_i920 A -0 101*2____ 101i2 Oct \2 . . . . IOH4 i0512
------ 91
___ 91
91 J ’ly
Wheel Dlv 1st gold 5 s ." ” l928 J -J lOJlg 101 102*8 NOV'11
91
94*s Sale 93
Exten & Imp gold 5 s _ _ .Ii9 3 0 F - A 1.0*8 101 102 J ’ne'10
9U4 215 9312 97
94*4 95
9134
95
R R 1st consol 4s________1949 M-S
4 91
97
83*2____ 83*4
83*4 10 8214 851j
9-1*4 . . .
20-year equip s t 5 s .. 1922 J -J * ____10)
941? J’ly ’ 12 _
94*2 0412
98*2 Feb ’ ll
25 90*2 9112 Winston-Salem S B 1st 4s i960 J -J
9 0s 9U2 90 s
90
9034
5 9034 93
89*2 90*2 9034
90 9212 89 Sep ’ 1
89
9278 Wts Cent 50-yr 1st gen 4s. 1949 J -J
9184 Sale 91*4
92
10 91
93*8
__ _ 105*2 107
Sup&Dul div & term 1st 4s ’36 M-N 90*8 Sale 90
------105*2
9212
9 j12 21 90
___ 102*8 10134
- - - 10312
103
104 105
105 Aug ’ 1
and Industrial
_
_
103 105 I04l4 May’ l
104*4 10414 Allls-Chaimcrs 1st 5s______ 1936 J -J
02i4 Sale 02
6214
07*4
2 52
109*4
Trust Co ctfs d e p o sit______
10JU Sep ’U
lOJU n o
02 Sale 0112
6214 12 57*2 64
. 1928 A - 0 101*4 Sale IOII4
9312 Oct '12 . . 9312 95’.; Am Ag Chem 1st c 5s
03*2 . .
10112 10 1007s 102*4
Am Cot Oil ext 4 J^s.
1915 Q -F
.. .
114 118
97
9758 90-*4 Oct '1.
95*4 98*2
. 10712 107*2
Debenture 5s_________ ’ . ’ 1931 M-N 9234 Sale 92 ;4
93
5 921? 9512
l i t *4 .
111*4 11134 Am Hide & L 1st s f g C sII"l919 M-S IOOI2 Sale 10012 10034 30 98*8 101*2
IOOI4 .
i n M en’ l l IIII
Amer Ice Secur deb g 6s_ 1925 A - O
7-*2 77io 75 O ct 'I:.
7212 82
112 F e b '07
10434 17 1021? 106 ]
F - A 104i2 Sale 101*2
10*1*8
Am Spirits Mfg 1st g 6 s__IIl915 M-S ____101
101 Oct ’ 12
100
100
2 901? 101
108
110 M ay’07
91*2------ Am Thread 1st co* tr 4s____1919 J - J
925s 95
93*2 915g 9312 Oct 12
91
‘ 9U2 Sep ’ 12
88*2 91*;
120
A - 0 120 Sale 12)
7 11878 1211j
Registered___ _
1944 A-O 120 Sale 120
88.>s 901? 89-*s O ct ’ 12
____ 92
120
4 1187s 1213S
Certificates of deposit
100*8 101 10is8 M ay’ ll
:o i i n
1191? Sep '12
1187s 121*2
9334 Sale 9338
9534 97
9334 109 93*4 95*8
8 9178 9714
95*4
95*4
” 1951 F-A
G°nfl 4? ..........
Registered...
1951
9214 95*j
95*8 J’ne T2
F-A
100
12 10334 10S38 Am W rltg Paper 1st s f 5 s ..1919 J -J
-105*4 IOOI4
90 Sale 90
9012 10 88*4 913*
Baldvv L oco Works 1st 5s 1940 M-N ------104
Sep ’ l l
102-*., 104
103 Sep T2
7858 92 78
79*4 Beth Steel 1st ext s f5s
1920 J -J
7*8*2 Sale 783a
96*2 Sale 9G3g
90*2 4
93*?102
. . . .
A-O
8534
1 85 87*2
9514 9512 U0I4
85*g 85 s 8.534
9512 32 9134 O6I4
107*8 Oct ’ 12
108
107*8 111
F -A ------ Oolg 95'g O ct 'l l
9134 97
R e g iste re d ...................... 1951 F-A
2 87*4 9014
8712
8 /l2 8812 8712
orn Prod Ref s t g 5s......... 1931 M - N
95*4 97
96*4
9614
1 9512 97
1055S . . 10 ,14 Sep 'll
105*4 105*4
90ij N o v ’l l
83
1st 25-year s f 5s_________ 1934 M -N
95
94 Sale 94
96I2
9 94
8U2
97 Oct T2
82i4 Feb '12
90
9712
82*4 8214 Cuban-Ainer Sugar co'l tr 6s 1918 A-O ____ 97
85
72
7134 Sale 7U4
38 701? 7SI4
Distil Sec Cor conv 1st g 5s 1927 A - 0
E I du Pont Powder 4
1936 J - O
10312 ____
89*8 10 8478 9212
89 s Sale 89*8
83>s J'ne '12 . . . . 82
84
10612 108*?
10012 IOSI4 Gen Electric deb g 3 Ms____ 1942 F-A ____ 80
10-yr g deb 5s___________ 1917 J - I )
1 110
110 HO*s
181*2 Oct '12
I53i2 182
2 109*4 111*4
Debenture
5s
(rects)____
1952
J
’ly
T
.
1033., 138 102l2 10334
M-S 103*2 Sale 102*2
101*8
105*8 100
1915 A - O
03*2 . . . 04 ” A u g ’ 12
99*4 Sale 99*8
99*4 67 981Z 10078
04
64*2 Gcn’l Motors 1st lien 6s
109 .
11 J ’ly '12
111 1127g
A-O
9 J*8 901- 9014
901?
0 89*? U234
113 ____ 14 J ’n o ’ 12
114 115
M - N 10058 Sale 10012 1007s 81 100 101*8
105*8____ l0512 N o v '10
F - A 103*8 Sale 103
103*8 23 103 104»4
77*2____ 78 Dec ’ l l
Consol conv s f g 5s.
1935 J - J
S914
89*4 Sale 8914
2 8412 917S
___ 102 10434
101*8 10314
at St Pump 1st s f 5s.
1929 M-S
9H4 92
9134 Oct ’ 12 __
91U 9312
___ 104 104*4
ackaw Steel 1st g 5 s ..
*1923 A -0
0 /l2
971?
97*4 97l2 9714
i 94
71l2 .
73 ' Sep 'i2
73
73
1st con 5s Series A ___ *1950 M - S
80
8;34 81*4 Oct '12
77
82I2
102*2____
1 10214 104
102*2
5-year convertible 5 s .. *1915 M - S
9534 39 90l2 9534
95*8 Sale 95*8
10334 ____
120*8 12034 120*4
12038 31 11834 123
10334
5s temporary bonds.
9014 37 8934 9914
9 5 Sale 93
104*2 ____
>’4 "
A-O 102*2 103 10212 103
. . . . 105*4 106*4
12 95 IOJI4
j J ’ne'10
104*8____
J-D
94 95
95
93*2
95
0 93
•u
O
ct
’
12
100 1071?
8934 Sep T 2
87
95
8914 8934
. . . . 107**2 108**4
J -J
ii? J’ly '11
National Tube 1st 5s re c ts .1952 M-N
995s 19 99 101i2
108 109*2
9912 Sale 9912
95 Oct '12
M-N 111 1)2 101
95
<
j0
95
9734 N Y Air Brake 1st conv 6 s ..19
102's
0 97 10212
!)3i2 Sep ’ 12
94
12012 31 1193s 12334
'121 1201? 12038
90
931; P LorlUard Co 7s tcm ’pry bds.
5s temporary b o n d s..
102
.03 M ay’12 . . . . 103 103*2
9G14 09 9Ug 9U12
96I4 Sale 90
98*8
1 97
------103
J -J
98*8 Sale 98*8
98*2
102lo A Pr ’ l l
103*4 105
____105*4 "',i34 Oct T2
A -0 11358 . . . . 103*8 Oct '12
10278 104
10-30-year 5s s f ________*1940 A - O
___ 11034 112*2
12 9034 933s
91<8
92
91s 92
107*2 111*2
tandard Milling 1st 5s___T1930 M-N
94
90
------ 04*2
9014
9 ’*4
4 86
8912
89*4 90
10014 63 9412 10212
105 107
1001s 1071; Phe Texas Co con v deb 6s 1931 J - J 10J Sale 100
1071410.S14 ,v ..2 107*2
1 IOOI4 11012 "M o n Bag & Paper 1st 5 s ..1930 J - J
9212 9312 92 O ct '12
92
9412
51
S ta m p e d ___________
1930
497s Sep T2 —
____ 92
92*4 O ct T2 __ 9234 9412
49?s 60
95 ____ 99l2 Apr ’ l l
M-N 100*4 10034 10012 0 c t ’ ll
100*8 102
_________ ''—.N o v '04
8914 Sale 8914
90
2 87*2 91
J -J
Oct T2 ___ 105*8 1*0*9*12
loo 10834
25
3212 30 Oct T2
30
50
J -J
105*2 . 10734 10734
J -O
1033s 18 103 105
103's Sale :03*8
103 101 lUO'M
Registered______________ 1918 J -I )
103 104
10318 Jan '10
9012 . . . _ 9:l4 O c t ’ 12 ___ 91*4 93
S Steel Corp— /c o u p
H1963 M-N 102 Sale 101*4
102
280 idlA, 1041*
------ 987s
987s
S f 10-60-yr 5 s\ re g ____dl963 M-N 10134____ 1021s Oct ’ 12
5 97*4 991;
101*8 104
90
9378
U *.o'12 ___
9314 9478
J -D
97<8 Sale 97'8
io 9734101
98
83*2___ 8412 Oct ’ 12 ___ 84
J -J
101 Sale 10012 101
8712
18 10012 103*8
00 Sale CO
0014
9312 Sale 9312
8 60
J -J
9438 04 93
69*8
96
68
72
70 O ct ’ 12 ___ 08
10-year coll tr notes 5 s ..1917 A -0
UOI4 97*2 9Jl2 Oct *12 —
731?
9612 98
89
89 Sale 89
1 89
001?
103*8 104i2 ) 1 O c t ’ 12 __ 104 106
T elegrap h & Telephone
89*8 8912 893g
—
85*2 80*8
m Telep & Tel coll tr 4 s .. 1929 J - J
89*2 20 89
0118
Convertible 4s___________ 1936 M -S 112 113 11218 O ct ’ 12 . . . . 108*4 11058
99^8 Sale 9934 100
62 987g IO2I4
J-O
9712 99
99I4 Oct T2 ___ 9812 1017„
821?
M
ch’
12
80
8512
. . . . 8212 8212
Q -J
IO2I4 120 IOU4 101
102 102t4
. Registered......... .............. .2397 y - j
8312NOVT1
9534 32 95*s 977g
95U 95's 9512
81 ____ 85 A u g ’ 12
82
85
j - j
933.J 17 <)112 901,
92*4 93*4 93
102 103
M-N 101 103 102*4 Sep ’ 12
IIIS4 11 111 11334
11134 Sale
F -A
99 IOOI4 100 Oct '12 . . . . 9978 101
109
109 Sale
0 108*2 112
M-N
103U M ay’ l l
9214 01 9134 95*4
9134 Sale 9134
98 Sale 98
M-N
98*8 80 98 1007a
105*8____ 108 M ay’ l l
99'*s 91 987g IOH4
J-J
99*4 Sale 99I4
90
99
9S34 99
J-J
98*8
99
24 98*8 100
95l2
95i2
95*2____
18 9512 9658
J - J 101*8 IOU4 101
IOU4 11 100*4 10312
Fd and real est g 4 Ms___1950 M-N ____ 9G34 90
9U2 94*8 9212 Sep ’ 12
9212 97*2
96*8 17 96 lOOlf
9134 94
Mut Un Tel gu ext 5s___1941 M-N
91 O ct ’ 12 —
____ 93
104 J ’n e ’ l l
Northwest Tel gu 4 M~ g.1934 J - J
91* ____ 9614 J 'n e '12
95
9614
M I S C E L L A N E O U S B O N D S — C onclu ded .

C oal & Iron

$u(T & Susq Iron s f 5s.

1932
Debenture 5s_________*al926
Pol F & I Co gen s f g 5 s ..* 1943
Col Fuel gen 6s________ I l9 l9
1 Indus 1st & coll 5s g u . 1934

I

M iscellaneous

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

97 J’ly T2
91 N o v ’ l l
85 . . .
98*4 Sep ’ 12
98*4 100
108 10St2 107*4 J ’n e ’ 12
84*4 Sale 8312
84*4
____ 8414 85 J ’n e ’ ll
------ 9J7S 93 O ct T2
10258
Apr
’06
9312 96
98 Oct T2
98 . . .
87 Oct '12
85
88
79
81
80 Sep ’ 12
IOU4 1013g 10108
101*8
102 10234 103*4 Sop T2
102 I0212 10214 Oct ’ 12
10312 110 110 Jan ’09

....

97

98

98*., 100*8
1071.J 10734
” 18 7212 85*4

Adams E x coll tr g 4s-------- 1948 M -S ____ 8212 83
83
Armour & Co 1st real est 4 Ms ’39 J-D
916s Sale 9114
916s
Bush Terminal 1st 4s_______1952 A - 0 ____ 90
90 O ct '12
97 Oct ’ 12
Consol 5s________________ 1955 J - J 1____97
Chino Copper 1st conv 6 s ..1921 J - J 180 Sale 180
189
Irrigation Wks & D of A 4 4$s '43 M-N ____ 95
!>3i8 N ov 'l l
Inspir Cons Cop 1st 6s irectsi . .
107*2 Sale 107l2 108
65*4 Sale 053s
Int Mercan Marine 4y$*___ 1922 A -0
6534
Int Navigation 1st s f 5 s ...1 9 2 9 F-A
79 Sale 79
79
Mge Bond (N Y) 4s ser 2 ...1 9 6 6 A-O
100
100
10-20 yr 5s series 3 _____ 1932 J - J
Morris <&Co 1st s f 4 H s____1939 J - J ____ 90
89*4 Aug T2
N Y Dock 50-yr 1st g 4s___ 1951 F-A
78
SOI4 80
83
Nlag Falls Pow 1st 5s_____ 1932 J - J 100*4____ 1017g J’n e ’ 12
Ontario Transmission 5s___ 1945 M-N
94*4 Sep T2
Pub Serv Corp N J gen 5 s .. 1959 A -0
923s
92'8
9234 93
Hay Cons Copper 1st conv 0s 1921 J - J 122 126 124
124*8
Wash Water Pow 1st 5 s ...1 9 3 9 J - J 102 . . . 104 May’ 12

8212 88*t
9014 92*4
8834 92
97
99
110 195*1

J-D
J-D
. . . . 93
94
10412 11012
A-O
63
70
J-J
9734 9812
77*4 82I4
J-J
81*2 89*2
100 100
....
J-J
79*4 84*2
J-J
2 10U2 103*8
8912 8978
ns Ind Coal Me 1st 5s__ 1935J - J
103*2 104*2
81
8512
ns Coal of Md 1st & ref us 1950A-O
IO2I4 104
10012 1017g
R lv Coal & C 1st g 6 s ..7ii919J - D
9212 94*4
in & H C & C 1st s f g 5 s .1951M -S
92 941|
cah Con Collier 1st s f 5 s .1957J - J ____ 8534 85*4 Oct
. . . . 85*4 86
112 130
L R ock Mt & P 1st 5s___1955M -S
97
97'2 07*2
04*2 98*2
0
1027*104 :
nn Coal gen 5s_________ 1951
L Blrm
J N o price
Olv F
1st
r idconsol
a y ; la test
6 s ..1917
bid an d ask ed a D u o J a n dD ue A p ril «D u o M a y p D u c J u n e 7»Due J u ly fc D u e A u g o O u c O c t d D u e N o v q O u e Ueo sO p tlo n sale
Tenn Dlv 1st g 6s______ al917
Cah 0 M Co 1st gu g 6s. .1922
Jtah Fuel 1st g 5s________ 1931
notor Fuel 1st s f 5s______ 1953
fa Iron Coal & Coke 1st g 5sl949




CHICAGO STOCK EXCHANGE—Stock Record.

1190

STOCKS—HIGHEST A V D LOWEST SALS PRICES.
Saturday
Oct. 20

Tuesday
Oct. 29

Monday
Oct. 28

♦33
♦89
♦88
♦25
*8%
♦3U
♦20
♦40
8%
60

35
92
95
20
91.J
38.1
23
42
83.1
50

*32
*89
*88
25%
*812
*312
*20
*40
912
50

42%
122
♦400
♦130
*57
10412
*143
*62

43
123
...
138
58
104%
144
65

42
122
*400
*130
*57
106-%
1427s
*62

*32
*89
*88
25L
25%
*S12
*312
*20
*40
*012
*50

35
92
95
25-%
9%
334
23
42
10%
61

410
43
12212 120%
*400
138 *130
59
57
106% *105
143 *143
*60
65

35
92
95
925%
.-1.
9%
334
23
42
1012
55

W ednesday
Oct. 30
*32
*89
*88
25
*St2
334
*20"
*40
*9l2
*50

Thursday
Oct. 31

Last
Last
Last
*2 tl2
0I4
Last
334 *3l2
Last
23
Last
42
10t2 *9%
*50
55

42% 39% 41%
12034 121% 121%
*400
138' *130 138
*56
57
57
104% 1041;
106
141 *14212 143
62
*60
62

*90
91
*90
*54
60
*54
54% 54% 54

91
60
54

*88
*88
90
90
*54
60
60
*54
53% 5373 53% 53%

211 211 *210
14234 147% 147
*18% 19
19

211
147
19

*210 211 *210 211
145% 145%
145 145
17% 17% *168., 17%

Friday
Nov. 1

Sale 32
Oct’ 12
Sale 92% Aug-12
Oct’ 12
Sale 90
*21% 25
25
Sale 834 Oct’ 12
33, *3% 334
Oct’ 12
Sale 23
Oct’ 12
Sale 40
IOI4
10
10%
*50
55
55

40-84 40%
121% 121%
Last Sale
Last Sale
*56
57
105 100
*143 144
Last Sale
Last Sale
Last Sale
Last Sale
*53
54
Last Sale
*210 211
H5!2 145%
17
171,
Tsist Sale
•107% 108
*93
98%
*70
7012

40

403S

105 ju ly’ 12
135 Aug’ 12
*50
57
105 106
*143 141
62% Oct’ 12
47
Apr’ 12
91
Oct’ 12
55
Oct’ 12
53
53%
142 May’ 12
*210 211
145 145

17 Oct'12
*107% 108
*98
98%
69
69%
120 120-84
Last Sale 76% Aug’ 12
131 13112
■120 123
123' 127*
128 128
123 128
120 120
*61-84 65
'60* *66'
Last Sale .60 May’ 12
*91%
♦Olio
* 9 1 % ___ * 9 1 % ___
*91%
*91%
118-84 11s-34 118% 119
118% 11834 118 118% ■118 119 *118 119
*86
*8 i
87
87
*86
87
87
87
87
87
*86
87
Last Sale )
May’ 12
99 100
9934 993,| *99% 100
*99% 100
100 100
*99% 100
*102 104 *102 104 *102 104 *102 104
Last Sale 103% Oct’ 12
208% 209
209 210% 209% 210% 209 210% 207-3,1 208% 208% 208%
*123 123% 123 123% 123% 123% *123 123% 423 123% 123% 123%
*43
44
*43
*43
44
44
*43
44
Last Sale 41
Oct’ 12
*94
95
*94
*94
95
95
*94
Last Sale 97% Aug’ 12
95
106% 106% lOb^s 106*2 106% 106% 106 100% 106 1O03.| 100% 106%
3-43 343
345 347 *340 347
347 350 ■•347 350
350 350
*108% 109% 109% 109% 109% 109% 108-84 109% 109 110
108% 101%
*198 199
198% 198% 199 200-84 200 201
201 209% 209% 223
Last Sate 4% May’ 12
133 *1%
1% *1%
1%
*1%
1%
1% *1%
l'-t
1% *1%
76% 76% 75% VO’S 74-8., 76
74
75% 75% 75% 75
75%
*9
10
10
*9
10
*9
*9
10
Last Sale 10
Oct’ 12
108
*98%
*70
120-8,
♦. 131
*120
*128
*120
*643.,

108
99
70%
121%
72
131
123
130
123
05

107%
98
70
121%
* __
*130
*120
*128
*120
64-84

1073., 107%
*98%
98
70
70
122
120%
72 * ___
132 *130
123 *120
130 *128
123 *120
6I.84 65

107%
99
70
121
72
132
123
130
123
65

*107
98
*69%
120%
___
*130
*120
*128
120
65

107%
98
70
121
72
132
123
130
120
65

Sales
of the
tree l
Shares.

Inter
est
period

Price
Friday,
Nov. 4

Week's
Range or
Last Sale.

Range 10- Year 1912

Range lor Previous
Year 1911

Highest

Highest.

Railroads
Chicago Kiev Ry3 co m ___
30 Aug 23 40 Apr 24
Do pref________
90 May 27 9384 j an 20
Chio R ys part ct£ " 1 ” ___
85 J ’ly 15 101% Jan 18
Chio Rys part ctf “ 2“
22% Oct 11 38 Jan 9
Chlo R ys part ett ‘ ‘3’’ ___
0 J ’n e li
11 Jan 12
Ohio R ys part ctf “ 4” ___
3 Oct
573 Jan 13
Kansas City U y A L t.100
14% Aug 8 25 Sop 27
Do pref___________ 100
40 O ct 10 50% Jan 19
570 Streets VV Stable C L.100
0 M c h i11% Apr 10
118
Do pref____________100 35 Jan 30 52 J ’ne20
.Hiscei’ fincous
1,65) American Can________ 100
11%Jan 2 47 Oot 11
475
Do pref___________ 100
91 Feb ‘ 120 Sep 19
Amerloan Radiator 100 325 Fob
405 J ’ly 2
Do pref...............
100 131 Jan 15 135 A pr 30
Amor S h ipbu ilding.. 100
45 Aug
61 Oct 1
Do pref_________ 100 100 Feb 6 106-83 Oct 23
Amer Telep A T eieg_____ 139 Jan 11 198% Mch 17
Booth Fisheries co m ____
39 Mch 14 00% May22
Voting trust c t f.
43% Feb 2-. 5o Jan 9
Do 1st p r e f ..
77 itch 11 95 J ’no 5
Cal A Chic Canal A d I I oo 49 Feb 9 65% May 13
Chio Pneumatic T o o l .100
44 Mch 15 56% Oct 15
Chicago T elephone___100 137% Jan 4 145 Mch 9
18 Chicago Title & T ru st.100 184 Jan 4 222 J ’ne20
758 Comm onw’ th-Edison.lOO 135% Jan
150 Mch 7
225 Corn Prod R ef Co co m ___
10 Feb 13 21% Occ 21
Do
do
pref___
87 Oct 17 87 Oct 17
134 Diamond Matoh_____ 100 103 J ’ly 5 lll-84 Feb 5
15 Hart Shaifner A Marx p f.
98 Oct 2 102% Mch 8
215 Illinois Brick_________ 100
50 Jan 2
73% Sep 23
525 Internat Harvester C o___ 106 l-'cb 14 126% Sep lo
67 May 1 76% Aug 6
Knickerbocker Ico p r e f..
150 National Biscuit_____ 100 130% Oct
161% Apr 30
160
Do pref____________100 122% Oct 25 13984 May2S
300 National Carbon_____ 100 103 Mch 5 135 Sep 24
40
Do pref____________100 115 Feb 11 120 Jan 2
120 Pacific Gas A El Co
61 J ’ly 2 x 07 Apr 22
Do
r ig h t s ___
1 .60 May y r.05 A pr 23
Do
preferred
955 People’s Gas L A C okc.100 103% Jan 2 122% Oct 9
150 Pub S ervot No 111 com. 1 81 May 2 x OIL Apr 24
Do r i g h t s ___________ x.OS May 18
1% Apr 24
Do p r e fe r r e d _______ • 98% Oct 21 rl07i-> Anr 24
Rumely Co, preferred___
99% Apr 27 rl0J% Oct 25
1,105 Soars-Roebuck c o m .. 100 140 Jan 5 221 Sep 9
196
Do pref___________ 100 121% Jan 11 12584 J ’ne 8
30% J ’ly IS 49 Aug 9
Studebaker Corp com __
91% J ’ly 1
97Io Aug 7
Do preferred________
9S% Jan 2 101% Apr 4
912 Swift & C o____________100
80 The Quaker Oats C o ..100 215 Jan 1.
Oct 9
Do pref___________ 100 105% Jan 2 n o .Jan 15
91
4.747 Union Carbide C o_______ *13584 May S 223 N ov 1
Do
r ig h t s _________
3% May S
6 May 22
109 Unit B ox Bd & P C o .100
% May 2
1% Jan 18
1,850 United States Steel co in .
5S% Feb 13 S0% Sep 30
_____ Western Stone.
..10 0
9 Sep 80
1 4; ; Feb 7

Chicago Bond Record
BONDS
OIIICAGO STOCK
E XC H AN G E
Week ending N ov. 1.

STOCKS
CHICAGO STOCK
EXCHANGE

21 J ’ly
85 J ’ly
80 Apr
2034 May
8 May
4% Mch
15 Sep
39 Sep
7 Deo
38 Nov

32 Deo
04 N ov
101 Aug
377g Deo
12% Aug
7% Aug
25 Feb
72% Feb
13% Feb
50 Jau

9 Jan
707jj Jaa
205 Jan
126% Mch
48 Nov
108% Sep
131% Aug
35 Apr
33 J ’ ne
60 Sep
49% Apr
39% Sep
115 Jan
151% Jan
113 Jan
934 Oct
78 .Jau
92% Feb
100 Sep
49% Sep
991, Sep

12% May
93 Deo
304 Oct133 N ov
79 Feb
11-1 May
152% J’ ne
69% Mch
57-34 Mch
88% Deo
62 Feb
55% Feb
141% N ov
ISO Deo
13732 J ’ly
1533 J ’no
78 Jan
110-3.1 N ov
103-84 Deo
70 Jaa
129 May

117%Jan
12J Jan
100 Aug
117 Sep

142% Deo
130 Mch
120 Mch
120 Mch

101

Sep

108% Jan

123%'Sep
116 Sep

192-84'Jan
122 Mch

973., Sep
165 Mch
102% Feb

104 J ’no
212 Deo
107% J ’ly

1 Dec
50i« Oct
13 “ Dec

7 Jan
81% Feb

Chicago Banks and Trust Companies
li'ds
Soul

Range
lor
Year 1912

Hid.
Ask Low.
High No. Ijrw. High
91 Apr'12
Am Tel A Tel coll 43..1929 J - J
291
91
00% Q ct'12
90% 92%
Armour A Co 4 H s___1939 J - D
___
82% Apr’ 12
A uto Elec 1st M 6s___1928
282% 821.,
96% May’ 12
Oal Gas & El unit Aref 5s’ 37 M - N ___
3*9818 96*8
101% 101 v 2 7 101% 103
Chicago City R y 5s___1927 F - A 1)1% Sale
86
Oct’ 12
86
91%
ChlcOltyAGonRys 5s.<11927 A - O l 85% 81
Chicago' Kiev R y 5 s ..1914 J - J { 97% 97% 97% Oct 12 ___
97% 99
Oct’ 12
93% 92
90
95
Ohio Pno Tool 1st 5s.al921 J - J { 93
Chicago Rys 5s______ 1927 F - A { 99% Sale
99%
99% 59 99% 1011,
2 94% 97
Chio R ys 5s.-series " A " A - O t 94% 95% 94%
94%
96% Jan’ 12
Chic R ys 4s..series “ A ” A - O
901., 97%
1 84
Chio Rys 4 s..series “ B ” J - D t- —
85
84
84
91%
94 June’ 12 ___
Chio R ys 4 s..series “ C” F - A { - - - - 95
93% 95%
100
Jan’ 12
100 100
Chic R ys coll 6s___1913 F - A
70
85
Chio R y Pr m M g 4 s .c ’ 97 J - J t 70% 72% 70% Oct’ 12 ___
48
48
Oct’ 12 __
45
60
Chic R y Adj Ino 4s.cl927 May 1 { -15
6 100% 103%
Chicago Telephone 5 s.l923 J - D 10J% Sale 10073 100%
97% Oct'12 ___
97% 99%
Cicero Gas Co ref G M . 1932 J - J
102% 10 1021., 103%
Oommonw-Edison 53.1943 M - S 102% Sale 102%
Oct 12
Commonw Elec 5s.b 1943 M - S { - - - - 102% 102
102 103%
6 99% 101%
Cudahy Pack 1st M 5s.1924 M - N 10)% Sale 100% 100%
DIa Matoh Con db 6 s ..1920
108-:.
4 107 110%
{108% Sale 108%
___
Qon Mot 0% 1st L notes ’ 15 A - O
99% Apr’ 12
299% 99%
Ind Steel 1st g 5s____ 1952 M - N __ _ ___ 101% May’ 12 ___ rl01% 101%
___
____
Do
1st g 6s____ 1928
Int lia r 3-yr 5% g notes ’ 15 F - A {10 J% 100% 100% May’ 12
2100% 100%
Inl'il St'l Is. M g 63..1928 _____ ___ ___ 105% Apr’ 12
2105% 105%
Kan City R y & Light
Co 5s.................. ........ 1013 M - N ___
90
Oot’12
89
91%
Lake St El— 1st os___1928 •J - .1 { — . 8,8
88
Sop’ 12
87% 90
Motr W Side El 1st 4 s .1938 F - A 81 Sale
80%
81
3 80% 85%
Extension g 4s_____ 1938 J - .1 { 78
2 79
79
78
78
83
MU El R y A Lt 1st g 5sl926 F - A
104% Apr’ 12
2101% 104%
do rof A ext 4 J*s_1931 I - J
95
Apr’ 12
295
95
do gen A ref 5s___1951 J - l)
MllW Gas Lt 1st g 4 s ..1927 M -N
90% May’ 12
289 % 90%
Morris & Co 4 >$3_____ 1939 J - J { 87% 88% 88% Oct’ 12
88% 90%
Nat Tube 1st g 5s____ 1952 M - N
100% May’ 12
2100% 101%
Nor Shore El 1st g 5s. 1922 A - O {102%
103% Apr’ 12
2103% 103%
do 1st & rof g 5 s . . 1940 A - O (10.)% 100% 100% Apr’ 12
2100% 106%
Nor Sh Gas 0 III 1st 5s '37 F - A
95% Scp’ 12
295% 97%
North West El 1st 4 s .1911 M - S
100% July’ 12
100% 100%
N W G L A Coke Co 5s 1928 Q - M { 99%
99*\s
99^8
3 99% 100%
Ogdcu Gas 5s________ 1945 M -N ( 97
97"% 97% Oct’ 12
95% 99
Pas Gas A El ref g 5 s .1942 J - J
92 May'12
291% 92%
P a oT & T 1st col- tr 5 s .1937 J - J
rlOO 100%
100 May'12
Poarsons-Tatt 53_____ 1916 J - I)
98%
100% Meh'09
4.40s ___________ __
M - S 95
961<> Mch'10
4.00s Series E _________ M - N 96
97
Feb’ 10
4.80s Series F___
M -N
97%
98% Nov’ 11
>eop Gas L A C 1st 6s. 1943 A - O I . — 117
115% 118%
115% Sep’ 12
Refunding gold 5 s ..1947 M - S 101% Sale 101% 101%
17 100% 102%
Chio Gas LAC 1st 5s 1937 J - .1 t ___ 103% IO3I4 July'l’J
102), 103%
Consum Gas 1st 53.1936 J - D { ----- 101% 101% Seo’ 12
191% 103
Mut’ l Fuel Gas Ist5sl947 M -N {100% 102
100% 10U101
Oct’ l .
lab Serv Co 1st ref g 5s '56
2965, 100
( 93% 9773 9734 Oet'12
ou Bell T A T 1st si 5s '41 J - J
2100 100%
100%' May’ 12
South Side Elev 4 Ms.1924 J - J { . . . . 94
93 Oct’12
92% 96%
Swift A Co 1st g 5 3 ...1 9 1 4 J - J {100 Sale 100
6 100 100%
100%
Tri-City R y * Lt coil
trust lien 3 f 5s..........1923 A - O
98% Apr’ 12
298
931.,
Union Eleo (Loop) 5 s .1045 A - O ( ___
81
85
Apr’ 12
85
89
U S Gypsum Is) g 5 s ..1922 M - S
100 May’ 12
299% 100
U S Steel 10-60-yr s f cr 5s_
102% Apr’ 12
2102% 102%
Western Eleo Co 5s___1922 J - J {101% 102% 10)% Oct’ 12
100-5, 103
Note— Accrued interest musi be added t 0 all Chicago bon d prices.

NAME

Outstand
ing
Stock.
<T>

American S t a t e _______
Calumet National______
Cont’ tat A Comm N a t..
Corn Exchange Natioua!
Douglas State__________
Drexel State___________
Drovers’ Dep N ational.
Englewood State______
First N ational__________
First Nat Englew ood___
Foreman Bros U’k’g C o.
Fort Dearborn National
Hibernian Banking Assn
Kaspar State B ank__
Lake View State______
uLa Salle St N a tion a l..
Lawndale S t a t e ...
Live Stock E xch’ge Nat
Mech. & Traders State.
Nat Bank of R e p u b lic..
National C ity______
National P r o d u c e _____
North Avenue State__
North Side State S av’gs
North West S t a t e _____
People’s Stk Yds State.
Second Security_______
Security________________
South Chicago Savings.
South Side State______
State Bank of C h ica g o ..
Stock Yards Savings___
Union Bank of C hicago.
Washington Park N a t ..
Wendell State__________
Central Tr Co of 111___
Chio City Bk A Tr C o ..
Chicago Sav Bank A Tr
Chicago Title A T r u s t ..
Citizens Trust A Savings
Colonial Trust A Savings
Cont A Comm Tr A Sav
Drovers i’rust A S av___
F'lrst Trust A S av in gs..
F’ t Dearborn TrA SavB k
Franklin Tr A Sav Bank
Greene baumSo us B k ATr
Guarantee Trust A S a v .
Harris Trust A Savings.
Homo Bank A T r u s t ...
Illinois Trust A Savings
Kenwood Trust A S av .
Lake View Trust A S a v .
Mercantile T r. A S a v ..
Merchants’ Loan ATr Co
Michigan Ave Trust C o .
Mid-City Tr A Sav Bank
Northern Trust C o_____
North-Western Tr A Sav
Old Colony Tr A Sav Bk
People’s Tr A Sav Bank
Pullman Trust A S a v ..
Sheridan Tr A Sav Bank
Standard Tr A Savings.
Stockm en’s Trust A Sav
Union Trust Co_______
West Side Tr A Sav B k .
W oodlawn Tr A Sav Bk

$200,000
100,000
21.500.000
3,000,000
200.000
200,000
600,000
200,000
10,000,000
150,000
1.000,000
2,000.000
1,500,000
400.000
200,000
1,000,000
209,000
1,250,000
200,000
2,000,000
2,000,000
250,000
200,000
50,000
200,000
500,000
200,000
400,000
200,000
200,000
1,500,000
250,000
500,000
100,000
50,000
4,500,000
500,000
1,000,000
5,000,000
50,000
600,000
3,000.000
200,000
5,000,000
250,000
200,000
1,500,000
200,000
1,500,000
300,000
5,000,000
200,000
200.000
250,000
3,000,000
200,000
500,000
1,500,000
250,000
200.000
500,000
300,000
200,00!)
1,000,000
209.009
1,200,000
400,000
200,000

Surplus
ant
Profits.
<r>

Dividend Record.
In
1910.

Per
In
1911. iod.

Last Paid,
%

SI 79,7 79
Oct '12, I X
60,8 79
0
6
9,107,950
Q-J Oct '12, 2>$
10
6,054,26')
10
16
Q-J Oot '12,4
3,371 Beg. b us May 31 T l,V.92,pl538
75,791
8
Q-J Oct ’ 12. 1W
0
487,12-1
10
10
Q-J Oct '12, 2>S
57,533
6
6>* Q-J Oct ’ 12, 2
11,723,927
12
12 Q-M Oct '12 4X
210,063
12 Q-M 8ep30'12 2><
10
l ’rlv ato Ba
511,178
8
8
Q-J Oct ’ 12,2
680,779
1,539,307 8 + 2
Q-J
01)
(ID
151.700 10+15
10
J-J July’ 12, 5
2,312 Beg. b us Apr S ’ l l V.92,p. 1004
282,618 Beg b us. Ma y ’ 10 V.90,p. 1277
33.G14 Org- D
1911
554,010
10
10 Q-M Oct ’ 12, 2J*
55,235 Bog. b us. Aug 26’ l 2 .V 95,p593
1,374,189
8
Q-J 8ept30’ 12, 2
8
000,680
0
0
Q-J Oct '12, 1}*
103,075
4
Q-J Oct '12' i u :
6
78,134
Q-J Oct *12) 1\T
6J4
7
40,071
6
Q-J o ct 'i2 j m
0
44,751
Q-J Oct ’ 12, lj*
4
01,848
7
V'A Q-J Oct '12,28*
7,193 Beg. b 11s Nov l '11 V.93,p. 1233
109,022
*0
Q-J Oct '12, 1J*
Q-J Oct '12, 2
110,000
8
7J4
G Q-J o ct '12, IJ*
10,071
0
12
12
2,327,129
Q-J Oct '12, 3
8 Q-M 8ep30 ’ 12, 3
8
225,110
159,315
0
6 M-N May’ 12, 3
0
0
Q-J Oct ’ 12, 2
12,091
25,431 None None Q-M I)cc3r08,lU
1,959,871
8
7H
Q-J Oct '12 2
322.8C0
10
10
J-J July '12, 8
6
257,318
6
Q-J Oct '12, l>*
8
<2,271,355
Q-J Oct '1 2 ,2
7'A
Q-J Oct '12,3
10,510
0
10
477,377 8 + 2 8 + 2 Q-J 8cp30’ 12 2J*
m
1,542,325
167,774
8'A Q-J Oct ’ 12, 2U
8
16 Q-M Dec 30'11.4
12
2,177.116
3,336 Beg. b us Apr I ’ ll V. 92, p. 929
54,800 Beg. b us Apr 3'12 V.94, p 1030
208,457
2 A Q-J Oct '12. 2 W
J- J July '12, 3**
40,301
12
2,107,406 11+ 5
Q-J Oct '12,3
72.483 Beg b US Apr 10'1 1V.92,pl004
9,626,950 10 + 4 16+ 4
Q Oct '12, 1
77,463 7+ 1:%
7
Q-J Sep30‘ 12,l%
01,714
5A
6
Q-J Scp30'12,li»
38,901 Bog. b us. J'ly 1 ’ 12 . V .lH .p.isi
0,649,802
12
15
Q-J Oct '12, 4
64,759 Beg. b us Oct 29’ 1 0V.91,I>1221
75,843 Com b us Apr lO’ l IV.92 j)10O4
2,73 1,557
8
8
Q-J •Sep 30 ’ 1 2,3
127,611
0
8
j - j Jna 29 ’ 12, 4
50,661 Beg. b us J’nc i n i V.92,p. 1537
190,297
Q-J Oct '12,2 ,
273,511
8
8
Q-J Oct ’ 1U” 2
43,036
Q-J Oct ’ 12.' 1U
330,151 Comm enced bus. dept 0 1910
40,20.
5M
0
J-J July’ 12. 3 ,
1,453,03 ) •.8-1-2
Q-M
08,190
0
8 +2 Q-JI Oct ’ 12, 2 ‘ ’
86.840
7%
9
Q-J Oct ’ 12, 2(4 i

.
,?
ant* asked prices; no sales were made on this day.
o . (.cl0s?r
business) for national banks and Sept. 5 (opening of business) for Stato
Institutions, { No price Friday: latest price this week. i«LH.epit
_ e p. t . 1 'i1911.
js
II Dividends not published. Stock all acquired by tho Uont. & Comm. N at.
Bank, a Due Deo. 31. b Due June, c Due Feb. dDuo Jan
^ vli e^ d o f 5 0 % w asp ald ln* l~9n"on S ecudty Bank stook ftoiK ov ld olja p U a ^ fo ? tho newkSeCo n T se cu rlty ^ a n k a I V % i / ’pW}235eXtrfaAuvy j 'l la3! ^ " 1* Sales
.eported beginning April 18. a La Salle Street Nat. Bank converted Into tho La Salle Street Trust & Savings Bank Seo V 95 p 10J4
*




Nov. 2 m

2

]

THE CHRONICLE
— ........... - -

' Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Railroad,
Week ending
Nov. I 1912.

Saturday -------------Monday --------------Tuesday........... ........
Wednesday ----------Thursday......... ........
Friday____________

1101

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

ifirc ,

Par value.

Bonds.

$20,976,009
28.947.000
53.038.000
50,334,900
31,991,100
21,138,200

S800.000
1.013.500
1,525,630
1.517.500
1.502.500
1,3 ;0,500

Slate
Bonds.

547,000
80,000
32,00)
95.000
49.000
71.000

U S.
Bonds

$3,109
700
1 ,0 0 J

Telegraph and Telephone
Bid Ask
c Amer I’eicg & Cable... 100 68% 12
e Central A South Amer. 100 108% 115

Cornin'! Un Tel(N Y) .25 110
Empire & Bay State Tel. 100 65
Franklin ......................lot)
40
e Gold & Stock Teles. I 100 118
e M ic ;ay c s com .........100
80
e Pro.'erred................. 100
68
e Northwestern Teleg
50 118
Pacific & Atlantic........I 25 68
e Pao-Telep * Teleg pref.Ioo 100%
Southern * Atlantic........25 92

115
75
50

” o*
Cs%
*75

1 0 U2

07

Bid

Aik

9 47% oO
) 102% 105
100 102
4
3
Atl Gulf* VV1.3.3 LlnesSeeBo tStkE r list
16
Barney * Smith Car comlO.
88
SS%
Bliss (E W) Co com.
75 ^5
Preferred ............
6. 120 125
Bond & Mtge Guar....... io< 300 305
Borden s Cond Milk com 10. 116% 1.7%
Preferred...................10! 107 108%
British Col Copper Co___ .
4%
2
Casein Co o 1 Amer com.. 10’ 1 1
Preferred................... Id n 40 '4<i
Casualty Co of America! HP 110 12 !
Celluloid Co ...................Hi 138 140
45 4 t
City Investing Coll IIII 10
Preferred ......... H.Ilo:
loo lot
87 90
87 91
88 92
SI
73
15
11
50
60
753 56%
17% l.%
95% 96
*8
Davls-Daiy Copper Co.__l»
2%
(Diamond Mates—see Chic 8tkEx list.
195 200
98%
Gold 4>43 ’36— See N Y Si k EX list.
73% 74%
Preferred
99% 100%
implre Steel
5
10
Preferred
45
43
175 210
e Preierred...........
id, lu8 111
loodrlcu (B F) Co—Naa N Y .StkE X list
Greene-Cananea— See Bos, k Ex list.
k Hackensack Water Co—
£6 8712
8
6
8
15
65
/ 61
Hecker-Jones-Jeweu Mlllln.
1st 6s 1922 .............M-. 102 104
10 20
Preferred______

Short-Term Notes
Vrnal Copper 5s 1913 A-0 99% 997g
’ l"2o' Balt & Ohio 4Hs 1913 J-D 99% 99%
Bklyn Ua i i'r os 19l3(w I).. 96 96%
Total .................... 2,4 17,125,5213,325,200 S ,3J5,50ol 0380,000
$3,000 Giles & Ohio 4 >.$s 1914..J-D 98% 99
Chic & Alton 5s 1913.. M-iS 98I2 99%
Chic Elev Rys 5s 1914* J-J 9712 93
Sales al
Week ending Nov. 1.
Jan. 1 to Not). 1
Gin Ham & D 4s 1913 J-o 98!.i 991.)
Neio York Slock
Erie 0 s April 8 1914 A*-OS 99% 100%
Exchange.
1912.
1911.
1011.
1912.
Coll 5s Oct 1 1914
A-0
09%
99
Coll 5s April 1 1915.*.A-G 9778 98%
Stocks—No. shares__
105,512,101
2,147,125
3,080,447
110,008,551
Par value............... $213,325,200 $337,701,500 $0,020,787,525 $9,510,428,500 Gea’I Motors Os’ 15—See N Y StkEx list
Hudson
Companies—
Bank shares, par____
SI,438,500
$20,500
$13,300
$003,000
(is Feb 1 1913......... F-A
99 100
Bonds.
0s Oct 15 1913
A*ioi
99 100
$3,232,500
Government bonds__
$6,009
S10.000
$1,1 2,'00
99 ;
State bonds...............
85,253,100 III cent 4%js 1914 _.j&„ 99
3 0,000
1,110,000
23,408,000
635,110,500 Int & Gt Nor 5s 1914 F-A 97% 97%
RR. aud misc. bonds.
8,395,500 18,838,000
500,880,000
Inter Harvester 5s T 5 Faa
99 10U%
$723,007,400 K o Ry 4 Lt 0s 1912. rtt-s 89 91
Total bonds______
$3,781,500 $19,953,000
$501,209,000
Minn & St L g 5s 1913 F-A 97% 9M2
Mo Kan * Tex 5s 1913*.M-N 99 99%
DAILY TRANSACTIONS AT 1’HE BOSTON AND PHILADELPHIA
Missouri Paclllc 5s 1914 J-D 96% 97
EXCHANGES
Nat Rys of Mex 4>$s ’ 13.J-D 97% 98%
3 N Y C Lines Eq 5s 1912-22 6 4.7 1%%
4 Hs Jan 1913-1925. J-J ft 4.60 4.46
Boston.
Philadelphia
4 VaS Jan 1)13-1927 *J-J b 4.60 4.10
Week ending
N Y Cent 4>3s 1914___ M-S 99 99%
Bond
Listed Unlisted
Bond
Nov. 1 1912.
Unlisted
Listed
St L & S F os 1913 opt J-D 98% 99%
shares
shares
sa!ei.
sales.
shares.
shares.
0s Sept 1 1 ill opt. M-'' 9J 100
$20,700 South Ry g 5s 1913 ' F-A 99 100
7,659
0,207
$20,000
4,442
4,125
31,00) Wabash 4J-is 1913.. M-N 90 91
7,636
Monday".__________ 13,655
37,500
3,355
2,860
10,609
Tuesday.................. 19,233
00,00 ) Westlngh’se El * 11 ua 1 9 1 s luO 100%
29,0)0
8,369
0,478
5% notesOet’ 17— See NY itk E t ilSi
G7.2Uj
11,552
Wednesday________ 2.3,835
15,655
26,030
0,128
Railroad
Thursday_________ 15,905
8,095
38,900
37.000
6,182
4,049
a
Chic
& Alton com___ 109
1812 24
9,340
7,592
Friday.....................
01,700
27.000
2,300
9,737
a Preferred........
ioo 26 40
100 131 138
Total................ .
80,628
51,691 $170,5.,0
■10,070 $280,030 ■) Chic St lJ M A Ota
30,427
e Preferred............. I ll 00 150 160
104%
i Colo * South com .III100 38
40
8*
5
e 1 st preferred___ IIIlOO
72
75
1st g 5s 1961........
J-J 55
58
e 2 d preferred . . . 1 1 1 100
66% 70 Houston OU—See Bal t dtk 1 x list.
a N Y Chic & St L com . . 100 51 59% s Ingersoil-Rand com ...109 105
All bond prices are now "and Interest” except where marked "f "
cist preferred........... 100 102% 108
e Preferred_________ ioj
95
Bid Ask
btreet Kail ways—(Con.)
e 2 d preferred........... 10 U 86
11% 12
SO Interuontin Rub**com""li)0
5‘J
57
Street Railways
Northern Securities Stubs.. 105 HO interim Banking Co. ..loo 115 125
Bid Ask Union Ry Gas * El com. 100
88% 89% Pitts Bes3 & Lake Erie..60 *30
Preferred .................. 100
35 International Nickel___ ioo l 129 130
United Lt * Rys com..100 78
New York d ig
Preferred.................... 59 *60 G7
Preferred................. Iluo 106 10S
81
Uleock St 3c Ful Fy stk.100 20 25
First preferred______ 100
2
International Salt.........luo
5
3 Railroad .iecur.tles Co—
1st mtgo 4s 1950... .J-3 70
Second preferred........100
76
71
ill C stk tr ctfs Ser A ___
1st g 6s 1951............. A-o / 50 52%
83% 85
B'y * 7th Ave stk___ .100 170 180 United Rys ol St L—
West Pac 1st 6 s 1933._M-8 S212 85% International Silver com lOo 110 130
2d mtge 6s 1014___ ,1*3 09% 99% Co o vot tr etts......... 11')
11
12%
Preferred..........
ioo 135 140
e Preferred................ lou
Broadway Surface RR40% 11
Standard Oil Stocks
1st 6s 1948...............J-D 11 )
19 Interim Smelt * Refg. .cu 122 120
1st 5s 1924............. ,1*3 101% 103 Wash Ry * El Co____ lou 89 8 89% Anglo-American Oil....... £1 *18
Cent Crosstown stock. .1UU
10
Preferred............... 100 89% 90
Atlantic Rehulng......... loo 593 595 Kayser (Julius) * Co— See StkEx list
1st mtge 0s 1922___ M-N 104
4a 1951................... J-D 81 85
Borne-Scrymser Co........10 o 170 200 Lanston Monotype____ lou
91
91%
32% Buckeye Pipe Line Co__ 60 1 3) 183 Lawyers' Mtge Co
Con Pk N & E Rlv stock .100
West Penn Tr* Wat Pow 109
**100 217 219
81% Chcsebrough Mfg Cons..100 075 12) Lehigh Vai Coal Sales!.50 238 24!
Christopher* lotli St stk 1UU 130 140
Preferred _________ lou
81
Dry Dock E B & B—
Electric, (las & Power Cos
Colonial Oil...................loo 130 160 eLoooe-Wiles Bis— See N Y 5tk L X list
1st gold 5s 1932....... ,1-1) 100% ionNew York City
Continental 0 3 ............. loo 920 aoO MadDon Sq Gardin Stubs
•1
3
Scrip 6s 1914......... F-A 1 30 4) Cent U11 Gas os 1927___ J-J 101 102% Crescent Pipe Line C o ...50 *G5 70 Manhattan Shirt......... loo
71
74
Eighth Avenuo stock.. .100 310 (20 e Kings Co El L * P Co.. lou 130 132
Cumberland Pipe Llne.Iioo 70 80
PrcferreJ............... .100 101 101%
Scrip 6s 1914........... .F-A / 09 till New Amsterdam Gas—
Eureka Pipe Liao Co__ lilo 385 395 Manhattan Trans.t. . . . 2 0
* 1% 2
42cl & Gr St Fy stock. _-I0U 260 285
1st consol 5s 1948___ J-J 101 102
Galena-Signal OU com II 100 235 240 MonongahelaR Con C&clsu *__
IS
42d St M * St N Aye.. .10U
N Y * E R Gas 1st 5s'44 J-J 101 105%
Preferred................... ioo 130 140
Preierred.....................60 *
ISt Os 1910............. M-N f 99 101
101 103
Consol 5s 1045......... J-J
Indiana Pipe Line Co___ 59 *114 118 Mortgage Bond Co........100 1 0 0 100
2nd Inc Gs Jan 1 1015
eN Y Mutual Gas L___ 100 170 180
f 78
10
e National Surety........IlOo 2 2 2 227
National Transit Co....... 25 *44
Ninth Avenue stock. . .100 160 180 N Y * Q El L * l’otv Co. 100 50
58
New York’ Transit Co__ ioo 355 365 e New York Dock com..100 19
Second Avenuo stock. . .100
Preferred__________ luo
77 85
1
3
Northern Pipe Line Co..100 120 125
e Pre.crrcd.................lou
30 40
Consol 6s 1948 ctfs . F-A t 38 42 N Y * Richmond Gas. . . 100 58 65
Ohio Oil Co.................... 25 *125 128 N Y Mtge & Security__ 100 205 208
• Sixth Avenue stock . .100 115 126 NortlYu U11 1st 5s 1927 M-N 103 102
Prairie OH & Gas............ioo 315 ,20 N Y Transportation........2o *5
0
Sou Boulev 6s 1945___ -J-J 88 03 Standard G L 1st6s 1930 M-N 101 106
Solar Ueilnlng............... loo 0 2 . 650 Niles-Bem-l’ond com__loo
83
8/
So Fer 1st 6s 1919.
A-O 90 05
Other Cities
Southern Pipe Line Co.1100 290 235 Niplssing Mines— See Bust s Ik Ex list.
Tarry WP & M 6s '23..A1&8 / 75 80 Am Gas * Elec com____ 50 *90
92
South Penn Oil............. 109 740 ,60 Ohio Copper Co............... 10 *l;,ie D’ ta
28 * 29th Sts 6s '96 CtfsA-O ( 20 23
•18% Sou West Pa Pipe Lineal 100 165 170 e Ontario Silver............. 100
Preferred....................50 *47
2
212
Twenty-third St stock. .100 250
Standard Oil of Calif__ IOO 156 159 Otis Elevator com......... 100 70
Am Lt * Trao com........100 430 110
78
Union Ry 1st 5s 1942. F-A 101 105
Stand Oil of Indiana___ 109 330 335
Preferred.................. 100 109 110
Preferred................... lo. 102 103
Westchester 1st 5s '4i -J-J 91 98 Amer Power * Lt com.. 100 OS 00% Standard OH of Kansas.100 390 400 Pittsburgh Brewing....... 50 *10% 10%
Yonkers St ItR 5s 1910. A-O 88 95
Stand Oil of Kentucky.. 100 390 450
Preierred.................. 100 85 86
Preferred.................... no *40 40%
Brooklyn
Bay Stato Gas................ 60
*%
% Stand OH of Nebraska.. 100 300 315 s Pittsburgh Steel pref! ioo 101% 10334
Atlan Avo RR con 53 '31A-0 102 101 Buffalo City Gas stock.. 100
5
Stand OH of N J (old )... 100 1060 1100 Pope Mfg Co com......... 100 32 ^5
2
11 11 Jc W U 6a 1933... A-0 97 101 Cities Servlco Co com.. 100 119 121
Stand Oil of N J............100 397 399
Preferred ...................lou 70 7 5
Brooklyn City R R ___ ..10 153 161
Preferred...........
loo 88 90
Standard OU subsidiaries__ 670 593 Pratt & Whitney pref__ 100 106 108
Bklyn ilgts 1st 5s 1941. A-O 100 10! Columbia G.S3 & C.ec
loo 15
16
Standard Oil of N Y’ ___ 100 575 585 Producers till................. IOO 120
100
Coney Is! & Bklyn___
1st 5s 192/..................J-J 7 5
101 105
Standard Oil of Ohio... 100 260 280 Realty Assoc (Bkiyn)IIlOO 115 119
1st cons g 4s 1948__ -J-J 80 85 Con Gas ol N J 5s 1930 J-J 90 109
Swan & Finch.............. lUo 200 215 Royal Bak Powd com. lOu 215 221)
Con g 4s 1955______ -J-J 77 82 Consumers' L H * Pow—
Preierred.................. io< 106% 10734
Union Tank LlneCo___ 100
75 80
5s 1938.............
J-l) 100
Brk O & N 6s 1939. .J-J 93 101
Vacuum Oil__________ 100 177 ISO Rume y (Mi Co com __ 100 93 9S34
Consumers Power (Minn.) —
Nassau Elec pref.......... .100
Washington Oil............... 10 * 2 0
25 safety Car Heat & Lt__ loo 114 115%
1st 5s 1911.............. A-U 102 103% lst&ref 5s 1929op' 11 . M- N 89% 92
Waters-Plerco OU......... 100 1400 1600 .sears,Roebuck &Oo— sees y Stk E x list
Denver G * El 63 191).M-N 05 97
N Wmsburg * Flatbusli —
ePrelerred—See Chic Stk Ex lls l.
tobacco Stocks
1st 4Hs July 1941..F&A 92 95 Elizabeth Gas Lt Co___ 100 325
Singer Mfg Co............... 100 287 290
(See also Slock ExchangcLlsD
139
103
Essex
&
Hudson
Gas...lU0
135
Btelnway 1st Os 1922.. .J-J 100
Amer Machine & Fdy..l00 60 70 South Iron & B com___ 100
80
Gas * El Bergen Co.. ..100 87
Other Cities
1
3
Preferred...................100
Brltish-Amerlcan Tobac.lil *23% 23%
Gr’t West Pow 5s 1046..J-J 87% 87% Conley Foil.....................100 290 3U0 Standard Coupler com__10u 30 •;o
Buffalo Street Ry—
1st consol 5s 1931.. F-A 101 105 Hudson County Gas___ 100 130 139
a Hcimo (Geo W) com..100 190% 193
Preferred...................100 108 112
Deb Os 1917...
Indiana Lighting C o .... IDO ■10 45
A-O 101%
e Preferred.................100! 101 120 Stern Bros prel________100 80
81
72
eChlcngo Union Tract com..
2
2% 4s 1958 opt.............. F-A 69
Johnson Tin Foil &Metal 100 180 200 Sulzberger * Sons Co pf.lUU 98>2 100
ePrcforred...............
5
6 Indianapolis Gas.............50 35 -12
MacAndrews & Forbes..100 195 205 Texas * Pacific Coal...100 95
Com'w’lth Pow Ry * L .100 68 09%
1st g 5s 1952.............A-O 85 80
Porto-Rloan-Amer Tob.100 250 2.0 e Texas PaciUe Land Tr. 100 95 10 O
Preferred.............. .100 89 91 Jackson Gas 6s g 1937 A-O 98 102
Reynolds (R J) Tobacco.100 255 265 Title Ins Co ol N Y........100
122
« Conn Ry * Ltg com. .100 77% 791? eLaclede Gas preierred. 101 99 3,1
Tobacco Products com (w 1) 125 150 Tonopah MIn(Ne v) -SeePn ita Stk E x list
a Preferred............... Hill
79 82 Madison Gas 6s 1920. A-O 10! 111)
Preferred (v.- I ) ________ lv 6 130% Trenton Potteries com..100
4
7
FcJorat Light & Trac__ .100 32 33 Narragan (Prov) El Co 50 *9/
99
e United Cigar JIfrs com 100
Preferred new............loo 50 55
50 60
Preferred................. .100
85 Newark Gas Os Apr'44 Q-J 125 127
Trow Directory............. ioo 20 3 0
e Preferred_________ 100 101 no
e Havana Elec Ry L&P 100
Newark Consol Gas. . . 100 97 93
UnltedCIgarStoresof Am com 112% 112% Union 'Typewriter com ..100 40 42
e Preferred............... 100
061s No Hud L H * P 5s 1038 A-0 10)
Preferred.....................
1st preferred........... 10j 107 110
120 123
ft Loulsv St Os 1930___ .J-J 104-% 1051,, Paclllc Gas 1Sc E com___ 10U (>51? 60*12 a Weyman Bruton Co__ 100 250 300
2d preierred............... lou 102 104
* Now Orl Rys * Lt com 100
35 33
Preferred.......
100 5 0 1 % 93%
2
e Preferred................. 100 115 117 United Copper............... 1UU
1
* Preferred___
.100 75
Pat & Pas Gas * Elec__ 100 93 95
Young (J S) Co............. 100 175 135
8 15
Preferred...............II100
Pub Serv Corn of N J — See Stk E x llsl a Pblta Co— See Phlla iStk Ex lls t.
97% 1 0 0
i United Dry Goods___ loo
lr oils 2% to 0% perpet 103 1U9 •St Joseph Gas 5s 1937__J-J 91
95
Industrial and Miscellaneous
e Preferred_________ 100 106 108
worth Jersey St Ry .100 SO
Standard Gas & Elec(Del) .50 ♦22% 23% a Adams Express_____ 100 160 170 U S Casualty.................100 190 200
1st 4s 1948
Col ir g Is 1J47____ J-D /S2
M-N 78 80
Preferred....................50 *50% 60%
83 U S Envelope com____ 100 100 105
Cons Tract of N j
.100 761.1 76% United Electric of N J..100 90 95
Alliance Realty............. 100 118 120
Preferred__________ 100 119 121 ,
1st 6s 1933.
J-D 103 1 It
1st g 4s 1919..............1-1) 82l,| 83% Amer Bank Note com__50 *53
55 J U S express________ lOo 68 70
Ncw'k Pass Ry 5s *3 ( .J-J 107% 107% Western Power com___ 10J 27
Preferred______
50 *53
27%
55 U S Finishing................. 100
Rapid 'Iran St ltv
.100 234 ‘ 240 ’
Preferred.................. 100
57% American Book............. 100 170 175
Preierred................... 10' *99 ' 1()3
50
1st 5s 1921..
AO 103 105 Western States Gas*Elea—
American Brass..............100 139 142
1st g 5s 1919............. J-j 100 105 j
J C Hob & Pat 1919 M-N 78
American Chicle com__ 100 215 220
Con g 5s 1929............. J-J 95 100
1st * ref g 5sl94l op .J-D 92% 95
So J Gas El * lrac.. .100 126 131
Preferred...............1.100 103% 1 )5 U S Indus Alcoh—See N Y S Ik Ex list.
Gu g 5s 1953... M-S 99% 9934
eAmerican Express___ 100 176 185
Ferry Companies
105
« Preierred.................100 —
No Hud Co Uy 6* 1914 J-J 102 103 B & N Y 1st 6s 1911... J-J 95 102
Am Graphophone com.. 100 46
U S Steel Corporation—
Con M 5s 1928___ J-J 1021? 104 N Y * E It Ferry stock. 106
15
8
Preferred...................100
114
Cols
I
Apr
6s
1951
op
1911
Ext 53 1924......... M-N 100
1st 6s 1922...............M-N 50 <>u
American Hardware___ 100 139
Col s Apr 5s 1951 not opt 114
Pat lty con os 1931. J-D 111
Amer Malting 6 s 1 9 1 4 . .J-D 101 102 U S Tit Gu * lndem___ 100 90 95
N Y * Hob 5s May '46. J-l) 00% 100
2d (is 1914 opt___ A-0 100 103
70
Hob Fy 1st 5s 19 16..M-N 101
Amer Press Assoc’n ___ 100 60
Wells Fargo A: io ___ 100 110 120
Republlo Ry & Light.. .100 23% 28 N Y * N J 6s 1946___ J-J 93
Am Steel Fdy 6 s 1 9 3 5 . .A-0 99 10 .)!' Westchester * Bronx Titl
Preferred................ Mill 81% 81 10th * 23d Sts Ferry__ 100 25 85
73
Deb 43 1923............. F-A 71
ms :
«tc Mtge Guar............. 100
Tennessee Ry LAP com.100 22% 23%
1st mtgo 5s 1019....... J-D 55 05
American Surety............. 50 325 335 eWestlngh'se Air Brake..50 *138 140 t
Preferred................ 100 77% 78% Union Ferry stock....... 100
17
5 -Woolworth (F W) —See NY Stk E x list
15
American Thread prel___ 5 *4
Trent P * H 6s 1043.. J-D 9/ . . . 1
1st 5s 1920..............M-N
92
90
Worthington) HU)Co pi 100 105 10i%
* Per share a And accrueJ dividend, ft Basis.
t. x Ex-div.
f Ex-rlghts z
e found on a
preceding page.

Inactive and Unlisted Securities




110 2

BOSTON STOCK EXCHANGE—Stock Record.
________

SHARE PRICES— NOT PER CEN TU M PRICES
Saturday
Oct 20

Tuesday
Oct 29

Monday
Oct 28

Wednesday
Oct 30

Thursday
Oct. 31.

•107'3 108*8 *108 1081/s *107*2 108
108 108 *106*4 107
*1013/1 1 0 2 L *1013.i 1 0 2 is *1013q 1021s 1 0 H- 1021 s
214 214 215 215 *214 215 215 215 *212 215
1 2 2 l2 1221 ,
123
122
*122»2 123
12212 123
;*205 ___ *205 ___ *205 ___ *205
Last Sale
98 98
98
981- 981? 9712 98
• 98
OS
98
292 292 291 292 *291 295 *291 295
1*291 295
:*___ 15
15 *___ 15 *__
15
Last Sale
*___ 78 *__
78 *
78 *_
78
*812 10
| *81? 10
Last Sale
*81- 10
*812 10
-it
,*___ 50 *_
50 *
50
i*___ 169 * .
*
.
169 *_.
Last Sale
1C9
169
1*108 ___ *108 __ *108
*108
108 108
;*___ 265 *_ _. 265
Last Sale
265 it
265
*120
•
i
t
121
*120
1203.,
*120
121
121
121
121
*125 126 *12512 1261- *125 126 *125 126
1251- 12512
833, 833., *83
*8312 84
*8312 84
84 *831- 81
*1281;? 129 *1281- 129 !<
128
1281- *
19
19
1912
1912 191- *181- 19 * *18
1912 *19
*77
78
7773 7778 77
*76
77
77
77
78
1373.1 1377« 137 1371- 137 13714 136 137
13512 136
*175 178 *176
176 176 *175
*45
58 *45
58
*45
58 *45
16912 16912 16911 1701? 1685,1 169
16918
*8834
*152 '
*152
*152
*152
8 ll2
si
*S012 811- 8012 80"l2 *80
98 *97
*96
98 *96
98 *97
58 58L
581-* 59
100L IOOI4 IOOI4 loot,
4
4
*4
41,
20

20

124 124
* 12112 122
143 113

20

20

124 124
12U2 122
1423., 143

57
*100
*413
20

5712
loot,
4120

123 124
1 2 tl2 122
II 2 I4 143

877S 8 8 t,
88
88
88
8 8s*
*79
801- 8012 *79
81
80
99 99 *99 1 0 0
*99 100
*
63.i 7 *
73.1
7
1334 133., 13
*1334
14
*131*131- 1412 133., 13-Ti
2733.1 274 274 2741.1
2741,
180U 1803, 1795« 1803,
18Cli 181
93
9312 93
93
93*2 93
*96
*96
♦96
♦2231? 230 *223 230 2231- 2231*33., 4
*33., 4
*3*4 4
*___ 101
IOOI4 IOOI4 1 00 1 00
* . 101 *
101)
1 00
149G 151
149 149
151 151
1671- 168
167 16712
167
16
16
1061- 106 1061., 106 infill
281.1 2814 2 g14 28
281,
29
29
I7* *134 2 t.
178
186 189
188 189
185 18fil2
*54
541- 5412 541- 53
531?
2814 2 8 I4 *281- 291- 281- 281757s
76
761- 7438 76
•II3 I4 11334 11338 1133/, *11314 11334
167
16
106
*28

57

b rid-: 7
Nov. 1

*106*4 107
10212 Oct’ 12
21312 215
205 Oct'12
98
98
"291 295
14 Junc’ 12
7412 Oct’ 12
9
Aug'12
169 Aug’ 12
+----- 10,8
260 Aug'12
1203, 121
1251- 12512
*83
84
12812 Oct’ 12
+19
19*2
77
77
13533 130*2

200 Oct'12
*175 ___ 170 176
Last Sale 55
58
Oct’ 12
1691s 170 170 "16933 10978
891,
Last Sale 152 Oct'12
8112 8 U2 811- 8012 80198
9612 Oct’ 12

5712 58
58
loot, loot, IOOI4
*4
4>8 41j
414
ii4
"1
20
203, 2012 21
193d 2 0
122
1231- 1231,, 123*4 12212 123*2
1 2 ll 2 1 2 U2 1 2 ll 2 12112 1 2 1 12 1221.7
II 2 I4 14234 14212 1423, 14212 1423.,
28
28
8 6 I4 88
8012 87
8633 86*4
79
79
7912 7912 791- 80
100
1 00
100
100
*99 100
it
7
612 6*2
131- 133, 1212 I 3 I3
*1333 14 *___ 14 *131.1 ___
2731- 27312 *273 274 2 7312 27414
I 8 U4 I8 U4
18014 181
179*2 180
93
93
93
9312 93
93
96
*96
96
96*2 96
*223 226 *223 22512 *224 225U
+334 4
33., 33,,
334 4
*__ 100 *___ 1 00 *___ 100
*__ 100
101 Oct’ 12
151 15214 153 153
151 152
100

168

57
loot,

168

1051- 106
28
28

57

100

165*2 167 *165
IOC
28

10 612

167

106 1065a
28
2773 28
*134 214
13, 238
185 186
186 186
1851- 186
53
5 3 I3
53
5318 5212 52128l2 281- 2812 2812 281- 2817478 75%
74
753« 7514 76
11312 11378 114 114 r llU i 1113.,

Sales
o f the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Range since January 1
On basis o/ 100-share lots
Loicest

II Ighest.

Lowest.




ll ighest.

Railroads
2 ( Atch Top •&Santa Fe_10(

10378 Feb l< IIH4 Oct 2 100!>3 Sep Il l; J’ne
101
Sep
91 Boston & Albany____100 211i2 Sep 27 222*2 Apr 3 219 Ap’r 226 Feb
134*4 Mch 25 1241? Sep 13oi- Aug
Ilf Boston Elevated_____10( 120 Aug
Boston & Lowell_____1Ot 204 J’no U 218 Jan 4 207 Feb 218 Sep
9412 Sep 2( 10012 Jail 3
151 Boston & Maine_____101
9612 Oct 12238 Feb
2 2 Boston & Providence. 10(
291 Oct 21 300 Apr 27 292 Mch 300 Mch
Boston Suburban El Cos.
13 Jan •_*< 1- May 23
12 Sep
16 Mch
7412 Oct 1-'
7614 J’ne
Boston & Wore Elec Cos.
9 Aug 14
6
Feb
13 JTy
58 JTy
Chic Juiio Ry & USY.100 165 May b 170 Jan 19 156 " Apr 171 Dec
4 Do pref________ ____ 10?i2 Oct ; 112 J’nc 14 107 Mch 115i2 JTy
Connecticut River__ 1 0 C 260 J’ly 21 272 Jail 18
272 J’ne
109 Fitchburg, pref______10C 120 Oct t 128 Jan 25 125 Apr 130 Jan
2C Ga Ry & Elec stmpd.lOC 124 J’neT- 2179 Apr 1 311712 .Ian
30 Do pref.............. .. 10C 8312 Oct 2~' 0 1 l2Jan 6
86
Feb
931- J’no
123 J’ly 23 147*3 May3l
16 Apr
375 uass Electric Cos._ 100 I8 I4 J’ly 29 2 3 I3 Jan 8
24 J’no
76 J’ly 30 83 Feb 23
74
476 N V N H & Hartford.100 13jl2 Mayl8 142*3 Apr 2 12714 Sep
200 ” Oct 24 212I2 Jan 29
Did Colony............ ..100 cl74 J’no 11 187 Jan 31
Rutland pref_____
100
41 Jan 2 70 Jan 24
390 union Pacific_______ 100 100l2 Feb 1 176l4 Sep 30
11

Vermont & Muss____1 0 0 152 Sep 30 164 Jan 16
fit) 80 Oct 10 8 8 ’s Feb 2u
45 West E*ui St
9612 Oct 24 10312 Mch 19
774 Amer
287 D '
1 20 Amer
970 Do
353 Amer
131 Do
1,838 Amer

Miscellaneous
Agrlcul Chem__ 1 00
67 Oct 29 03*4 Mch 23
pref--------------100 z 99' 8 J’no24 105 Mch: 2
0 I4 J ’ne 19
Pncu Service._ 50
3 Aug 2
pref_________ 50
14 Mch26 21*4 Oct 7
Sugar Refill__ 1 0 0 11434 Jan 10 133*3 Maylo
pref................ 1 00 115*2 Jan 4 123*4 Aug 30
Te)-p & Teleg.100 137i2 Jan 2 149 Mch 26

20

Do pref................ 1 0 0
Amoskcag Manufacturing
Do pref__________ _
Atl Gulf & VV 1 SS L-100
Do pref_________ 100
iast Boston Lund__ 10
Sdlson Eleo Ilium__ 100
General Electric.........100
Massachusetts Gas Cos 100
Do p.et................ 100
2 Mergenthaler L ino.. . 101)
173 Mexican Telephone.. 10
25
13 Cotton Yarn___ 100

600
59
82
181
259
195
662
393
277
63

86
Feb 6
77 Jan 3
z90i4 J’ne21
5 Aug 20
10l2 Aug 21
10*4 Jan 2
27212Sep 28
155 Jau 2
Z8 8 I3 JTy 15
9312 Jau 5
217 J’no 21
212 Mch 14
1 00
J’ne 13

478 N E Telephone______ 1 0 0

148U Oct 25

172 Pullman Co.............. .100
51
378 Swift & Co__________ 100
502 I'orrlngton_______ . . . 25

158

520
1,440
2,476
198
7,415
88

183 Mch
32 Jan
153*2 Sep
90 Mch
156 Mch
85 Sep
1 0 J Aug

Feb 1

08i2 Jan
27 May

2
8

Union Copper L & M 25 .85 Jan 6
United Fruit.............. loo h 174 Sep 10
Un Shoe Mach Corp_25
4614 Jail 16
Do pref.............. .. 25 275S Jail 10
U S Steel Corp..........100
68*3 Feb 13
Do pref______. . . l o o 107*8 Feb 13

40 Sep
99
Jan
3i2 Aug
1213 Aug
112
Sep
111*4 Jan
131»8 Aug
26i- Dee
851*> Oct
9 II4 Mch 23
84 May b
7712 Doc
99
Dec
105 Mch 26
9 Feb 14
7*3 Dec
20 Jan 18
1412 Nov
17ij May27
714 Jan
300 Mch 27 275 Sep
1S778 J'ly 25 142 Sep
05 Oct 11
87*4 Jan
987a Feb ly
93
Deo
229 Aug 2b 211 Jan
41 ? J’ne 26
3 Oct
105 Jan 18 103 Oct
107 Mch 26 101 Nov
164 Mch 14 137 Jan
90 Mch20
174 Aug 21 153 Sep
17*3 Apr 11 xl2 Jan
9734 Sep
1091s Sep 25
29 Sep
32 Jan 10
31 Apr 17
27 Mch
*4 May
3% Apr 8
20812 J’ne 19 h178 Dec
40*4 Aug
57*2 Aug 29
29*4 Sep 13
2GI2 Sep
60 Oct
80a3 Sep 30
110*3 Oct 1
103*2 Sep

Mining
85 Adventure Con______25
4 Sep
6 l2
fil2
614 Mch 28 11*4 Apr 20
r>% *612 65fi
190 Algoinah Mining_____25
3 Sep 24
8*4 May 2
212 Oct
3
3
3
3*4 3 I4
40
40
710 Aliouez___________ __ 25 38U Feb 1 GOI3 J’ne 21
21 Aug
39
*3912 4012
60 Feb 1 U2% Oct 4
4434 Sep
84
8312 84*8 83*3 83*4 5,813 Amalgamated Copper 1 0 0
19*4 Oct
301.1 3014 31
3034 31
3,120 *m Zinc Lead & S m . 25 24*2 Feb 15 35 Oct 3
678 Apr 2
138 Dec
2 Jan 2
312 31- *37,o 312 2,850 Arizona Com’l ctfs dep.
3 7i«
.30 Oct 3 .65 Apr 11 .30 Oct
2 0 0 Bonanza Dev Co____10
.35 .35 * .30 .45
334 Aug
914 J’ne 6
6 I4 Feb 1
Bos&CorbCop &SUMg 5
7
7
Oct’ 12
5*4 Apr 2
3 Nov
378
885 Butte-Balaklava Cop. 10 2 l5io JTy 25
3*4 37s +378 4
191- Feb 7
45
4512 4112 45
45 Sep
7512 77l.i 75
75
763, 76
77
77
70*2 77t, 6,572 Calumet & Arizona.. 10 57l2 Feb 1 83l2 Aug 28 360
7512 76
Sep
405 Feb 1 1115 Sep 27
124 Calumet & Hecla___ 25
640 549
550 550 550 550 545 550 545 560
550 550
8
Aug
25 17l2 Jan 6 27l2 Apr 18
215 Centennial.............
19
19
*18
20
I 9 I4 I 9 I4 19
19
191, *181- 19 *18
16*3 Sep
471.1 4473 46t, 441- 45l2 453., 4Gt, 45
46*4 4738
457s 3,136 Chino Copper_______ 6 25*4 Feb 28 40% Oct 23
*
*
Cons Mercur Gold _.
1
.03 Mch 26 .09 Jail 19 03 Nov
.04 Aug’ 12
46*4 Sep
54*3 1,336 Copper Rungo Con Co 100 60 Jail 31 UU'2 Apr 11
54
54
5412 54
64
541- 54 54G 54
54
64
000 Daly-West______
20
312 Oct 14
7*2 Mch27
3 Feb
*33., 4
*33, 4
31- 33,
3*4 334
3*4 3*4
4
4
1134 15
87s Aug
143.1 147s 1134 I 5 I4 1412 15
14*.| 15*4 143., 143, 2,664 Sa?t Hutto Cop Mln__ 10 12L Jail 15 16*4 Sep 26
10
25
07s Sep 27 16*4 Apr 1
10
10
lot, lOt, * 1018 1012 1,630 1‘ranklin_____
10
10
6*2 Aug
10
Ids 10
453
565 Giroux Consolidated. 6
434
43, 4*4 *453 43,
413 Feb 27
6 ui0Apr 6
43,
3% Sep
4'>s 4 5s
■Ml
438 43,
5934 6153 GO 611- 6112 623, 0U2 623, 8,061 Granby Consolidated.100 33 Feb 5 851? Oct 21
5912 61
20 Aug
G01 - 61
938 0*4
93, 10
1,440 ireeno Cananca_____20
9"’3 93,
978 10
978 978
10
7i2 Feb 29 Ills Oct 4
6 *io Oct
22
2212 23
223, 223.,
2312 2312 23
23
595 Hancock Consolidated 25 22 Oct 30 37 J’no 14
233| 24
23
17 Sep
3,
%
*34
*.75
2
May b
.95
1
1
1
.95
215 Helvetia Copper _ . 2 5
34 Sep
+*4
1
*4 Oct 25
15
143s 143| 1412 1434 14
141- 14
5*4 Oct
HI4 14t, 1,695 Indiana Mining______25
IU3 Sep 20 23 Apr 24
u% 14
IQIo
*19
20*4 May
*5312 54 “ 55
*55 ___
2 0 island Creek Coal____
55
54
55
1 40ig Jan 17 05*4 J'neio
51
*54
65 *54
82% Sep
210
Do pref_________ 1 85 Jan 13 01% Aug 1
861- 8612 861- 8612 8612
861- 861- 861- 8612 8 6
*86
8 6 I2
111? Aug
367.1
Aug
21
20*4
Jan
15
303
4
2,025
Isle
Royalc
Copper..
25
32
33
3013
It,
3114
3113212
32
31%
31%
3212
268 Oct
3i/j Feb 13
2 Apr 9
234 23,
238 2->8
870 Kerr Lake__________ 5
23.J *238 23,
25g 238
2 5a
2%
2%
3 May b
i2 Nov
.80 Jan 2
2
2
650 Keweenaw Copper__ 25
2
2
2
♦2
2
2
*2
2 <lc
2
2 ‘ ib
49
Apr
10
27
Oct
25
22
Aug
3,180
2712
273,
Luke
Copper
Co
,
25
2753
281.,
27
271
2
28
29
28128l8
27»s 28
3 Aug
4l2 Feb 16
140 La Salle Copper .
43, 43.,
_ 25
*412 478 *41478
473 478
4%
47„
1078 Feb 8
6*2 Apr
•1238 13
216 Mason Valley Mines__ 5
1212 13
♦1238 13
*1212 13
*1 2 % 1 2 %
1212 13
6^3 Oct 20
4*2 Aug
57S 6
*618
0*2
612 1,605 Mass Consol_________ 25
*6
6161- 612
Gt, 612-34 Jan 3 I 8 i2 Apr 23 .20 Feb
1212 13
12
1212 13112
12
131., 1414 14
14ti 6,600 May (lower_________ _ 25
12*2
1078 Sep
266 Miami CoDDer_______ 5 23*3 Jan 29 30*3 Sep 25
•263_i 271.1 27
27
27
27 27
27
i 2678 2U7s
26*.| 27
1*4 Oct 11
5l2 Apr 21)
*ll 2
2
*11- 2
* 1160i2 Jan 30 73 J’no 27
418 Mohawk____________ 25
36 Apr
61
60
60
59
61
61
60
6078 611- 61
59
61
692 Nevada Consolidated. 5 18i4 Jan 29 24% Sep Jo
15 Sep
211 ., 2 H4
21
2 It,
21
2 h3 2 1 %
211 2 U8 2 U4
2 U3 21*3
2 I2 Oct 30
oi4 Apr lu
10 New Arcadian Copper 25
*2 I2 3
2 I2
21 ?
21 ■l Aug
2%
*212 3
*2 % 3
*212 3
8 % Sep 25
5*4 Jail 3
8
90S Nipissing Mines
z 6 i2 Dec
8
81.,
81_ 5
8
8
8 *s
8
8 I4
818 81,,
20 Sep
8,513 North Butte________ 15 2234 Feb 1 39% Oct 8
331, 33
34 341, 3414 341? 325s 3412 32
34
34
34
8*4
Apr
2
'
2%
Sep
2il
821 North Lake.................25
3*4 Aug
3
3
3
312
3
3
3
3
3
312
31- 31234 Oct 24 «0% Jilll 11
358 Deo
3
145 OJibway Mining
3125
3
3
*3
312 *3
3
3
3
3*2 312
13% May i .60 Jan
5,715 Old Colony______. . . 25
258 Jan 2
si2 9
8*4
9
9
8 I4
81?
8 I4
912
914 934
x>f
44 Jan 31 0 1 Oct 2
800 Old Dominion Co____25
58
34% Sep
58
581- 5878 59
58
♦58
59
5812 59
5812 59
81 Sep
389 Osceola__________
10312 1031- 104 105
25 101 Oct 25 13Ui? J'no 2 i
103 103
106 LOG 103 106
105 106
5,464
15 Mch 27
23
65 Sep
450 Quincy_____________ 25
731?. Jan 29 9.5 J’ne 22
81
7934 8 OI4 8012 8012 80
801- 80
803, 8 U- 82
82
12
Sep
linn Jan 21) 21% Sep 25
1,250 Ray Consol Copper.. 10
•205g 207ft 2034 21
203., 21*3 207S 213S 2158 2 2
2112 2112
*4 Apr
1 Jan 31
4.3 May23
3
3
3
3 2‘ ®18 2**16
2%
2%
3
3
23, 27« 1,170 Santa Fe Gold & Cop. 10
7 Oct
9 Jan 31 17?8 AUg 8
3,807 Shannon___________ 10
141, 14
1334 14
1418 I 4 I4 14
HI4 14
H% 13% 14
17 Feb 21 30 Sep 311 1412 Sep
2734 281- 2712 2712 27I2 271- *2712 29
335 Shattuck-Arlzona . . . 10
27
27
1% Apr 3
i 2 Doc
.50
•.40
.55 *.40
.50 *.40
Last Sale .50 Oct’ 12 _____ South Utah M & S__
5 48 Sep 0
.55 *.40
29 Oct
24 Feb 1 487h J ly ov
39l2 40l2 4012 41
3912 391- 39 391- 39
39
41
1,150 Superior____________ 21
39
47
s
Jan
13
lii
May24
e2is
Oct
11
?
2,468
11
?
1
3
.,
1
7
8
l
‘
*io
Superior*
Boston
Min
10
1%
3
1%
1 % i i5u
H2
»2
26 Jan 31 61 Apr 18
20 Sep
3812 40
40
40
40
42
40 40
340
40
40
39
39
0 i2 Apr 9
43.1
4% Oct 21
278 Oct
4 ,.,
412 41?
412
•13,
105 Trinity__________ . . . 25
•4
4% 41,
414 *4
41,w Mch 25
2 % J’ly
1*4 Sep
*212 23, *2 % 2 % *212 278 *212 2 % Last Sale 2% Oct’ 12 _____ Tuolumne Copper . . . 1
443, 4514 4434 45
30*3 Sep
4512 4534 4412 4534 441.1 45
4,988 U S Smelt Rot & Min. 50 34 Jan 31 x i 0% Sep 30
4512 46
47 Jan 10 52% Sep 2s
912
45U Aug
50 50I4 50 601- 50
50
5013 60% 5038 5038 5012 50*3
D . pref................ 50
*13.1 2 'in
2
540 Utah-Apex M ining... 5 l»5ie Oct 29 311ii Feb 9
17a N ov
2
*17S 2
*112 2
i i 5i. 2
l ‘ 5io 2
lit, 121 . * 1112 12
UUJ'ly 0 2l>% Apr 2
111 1,300 Utah Consolidated__ 5
y34 Jan
111 - 111 ?
1U2 1134 1012 11
6234 027r 6318 63% 62
38 Sep
621- 613., 613., 621, 021 - *6212 63
185 Utah Copper Co___ _ 10 521? Jilll 2U 67% Sep 24
*212 2 % *212 2‘3.a
212
212 * 212 2«3tfl
21 ? Oct 21
578 Jan 20
212
*212 2 %
170 V ictoria .._______ . . . 25
212
1 Aug
434
4
*4
5t, +4
5t,
320 Winona . . . . . . . . __ _ 25
4 Sep 13
4
4
4
41S *4
7*4 Mch 1
3*4 NOV
72
75
74
78
71
71
72
72
952 Wolverine_________ _ 25 7 l Oct 22 117 Apr 17
71
71
71
7 H4
74 Nov
11U2 ♦It,
10 WV-un’ ott
112 Oct 7
*lt. 11- *114
11?
•ii4 1*2
_
25
1«2
1>2
3% Mch 4 .30 Nov
• Bid ana asked prices, aNew stock, oAsst't_ paid. 0 Bi-stock_div. hEx-righta. aEx-div* and righto. x Unstamped.
6 l2
612
6 l2
7
61- *614
*3
4
3
*3
3 I4
*3
31,
39
39
39 39
39
40 40
847jj 847„ 8412 85l4 8278 843., 813,
2978
30
31
311.1 30*4 31
3m
338 3i>3
31?
3% 313 I4
3%
*.30
.45 *.30
.45 *.30
.45 .35
*6
*6
♦6 I4 6*4 *oi2 7
7
37s
4
*334 4
334
4
4
*6

-= S

Range lor Previous
Year 1911

190 Nov
45 Deo
JTy

10213

16418 Deo
93
Mch
63*4 Deo
105*4 Mch
61- Jan
19*4 Jan
122 Feb
120*3 May
153*4 J’ne
36*4 Mch
96i2 j ’ne
81 Nov
10012 Dec
U May
26 Jan
12
May
297 Dec
167*i May
96*4 Aug
98*2 Oct
285 Aug
478 Jan
119 Mch
116'- Mch
16512 Deo
163 Jan
15 May
104 J’ne
36 Jan
31 J ly
lHo Mch
197*2 JTy
6878 Feb
29*4 Jan
82*3 Feb
120% Feb
713 J’ne
11 J’ne
41*4 Deo
7158 J’ne
30*3 J’ne
2**18 Dec
.75 May
15*2 May
6*2 Jan

6334 Deo"
546 Jan
19 Deo
27l2 Deo
.15 J’ne
6934 Feb
7 Dec
1434 J’ne
14 J’no
8*3 Feb
431 ? J’ue
858 Deo
81l2 Deo
2 Feb
10 J'ua
44
91
23
778

Deo
J’no
Dec
Jan
334 J’no
40 J’no
6
Jan
117s Deo
M0 J’ne
3*i, Deo
24*3 Deo
67 Deo
21% J’no
414 Anr
11*3 Feb
36*4 J’no
U34 J'na
8*2 J’no
3*8 JTy
49 J’no
124 Jan
76 Deo
19 Deo
1*4 J 'ne
12% Fob
24 Jan
M«jr
421-Jan
8*4 J’no
62 Jan
6 i2 Dec
478 Mav
40*8 J’no
4U% J’UO
3f2j ’no
20 J’no
5753 Hoc
4*3 Deo
9% F e b

122 Feb
Feb

NOV. 2 19120
BONDS
BOSTON STOCK EXCHANGE
YVeok Ending Nov 1.

Price
Friday
Nou 1

Ponds
Sold

Boston Bond Record
Range
Since
Jan. 1.

1
1

WeeKi
Range or
Last Hate
Low

No

1M

BONDS
BOSTON STOCK EXCHANGE
Week Ending Nov 1.

Price
Friday
Nov 1

Une High

Weeis’s
Range or
Last Sals

Ask Low

Bid

High

101 U
Am Agrlcul Chem 1st 5s__ 1028 A-0
2 LOUs 102*4 General Motors 1st 5-yr 6s_ 1915 A-0
9 9 3 4 10018 9 9 I4 Feb T 2
51 8 8 /8 0114 Gt Nor C B Sc Q coll tr 4 s .. 1921 J-J
Am Tclep Sc Tel coll tr 4 s..1929 J-J
89i2 Sale 8938
955s
953s Sale 951s
108*4 115*4
Convertible 4s__________ 1930 M-S ___ 113 114i2J’ly '1 2
Registered 4s__________ 1921 Q-J
95l8
951S ----- 951g
89?SJ897S 90
Am Writ Paper 1st s £ 5s g._1919 J-J
Illinois Steel deben 5sl” ” 1913 A-O 9934 Sale 995s
9934
103 131
131 J’ne'12
Am Zlno L Sc S deb O s .....1915 M-N
la Falls Sc Sioux C 1st 7 s.” 1917 A-0
117 Apr *08
82 J
Arlz Com Cop 1st 6s ctfs of dep.
Kan C Clin & Spr 1st 5s__ I 1925 A-0
97 Mch'12
. . . . 51 88
9612 97
90*4 U934 Kan C Ft Scott Sc Mem 6s.I 1928 ,M-N 113U___ 11312 U312
9712
Atob Top & S Fo gen g 4 s .. 1995 A-0
113 1171*
Adjustment g 4s___ Juiy 1905 Nov
88
C
88
921S Kan C M <Sc B gen 4s_______ 1934 M-S ___ 92i2 92i2Sep '1 2
92 921*i
Stamped _______ July 1995 M-N
8912 91*8
Assented income 5s_” ” ” 1934 M-S 8J3S___ 8 6 Oct '12
84U 89 j
50-year eonv 4s______ 1955 J-D
1 0 2 i2 1 0 2 3 4 !
103 J’ly '1 2
104*4 1081s Kan C <5c M Ry Sc Br 1st” 5s” 1929 A-0
10-year eonv 5s______ 1917 J-D
Marq Hough Sc Ont 1st 6s 1925 A-O
115 J’ne'08
Atl Gulf & W1 S S Lines 5 s.1959 J-J
13 6212 6 8 I4 Mass Gas 4 Us_____
62i4 Sale
” " 1929 J-J
97>8 991*!
97 ___ 97 Oct '12
95 951S Mich Telephone 1st" 5s
Boston Kiev 30-yr g as------1935 M-N
1917 J -J
10018 1001 8 ;
10018 Apr '12
Boston Sc Lowell 4s_______ 1916 J-J
New Eng Cotton Yarn 5s” 1929 F-A ___ 96i2 96*8
96 99
963s
Boston Sc Maine 4 Us______ 1944 J -J
' 1915 A-O
New Eng Tel ;ph 5s__
lOUsMch'll
5 s ______________
Improvement 4s________ 193/ E-A
1 0 0 l2Sep '08
1916 A-O
Plain 4s________________ 1942 F-A
9934 997*
95 95
New England” cons g'ss” ” 1945 J-J
9978Jan T2
95 1'
Bur & Mo Rlv cons 6s_____1018 J-J
103 1031s
Boston Term 1st 4s.
103 J
1939 A-O
Cedar Rap & Mo R 1st 7 s..1916 M-N
11Pj Sep '11
New River (The) conv 5s” 1934 J-J
75 Dee 'll
Cent Vermt 1st g 4s__ May 1920 Q-F 90 90?t 90i4 Oct '12 13 8912 9214 N Y N H 4 H con deb 3 Us 1956 J-J
92l4 Mch’ 12
9214 923j
0 B & Q Iowa Dlv 1st 6s___1919 A-0
Conv deb 6 s _________
12814 Oct '12
128l4 1321*
1103 Oct '07
1948 J-J
99 99l2 Old Colony gold 4s
Iowa Dlv 1st 4s_________ 1910 A-0
99 A ug '12
101 Apr '09
1924 F-A
Debenture 5s__________ 1 9 1 3 M-N
OS's Sep '09
100*8 1 0 H2 Oregon Ry Sc Nav con”g"4s” 1946 J-D
100*8J’ly '1
9978 100
Denver Exten 4s________ 1922 F-A
Oreg Sh Line 1st g 6s
_ 1922 F-A
997s Feb '1
112 1133i
11138 Oct '1 2
9812 98*8 Pero Marquette deb g 6s
9812Mch'12
Nebraska Exten 4s______1927 M-N
95 Jan '12
95 95
1912 J-J
Repub Valley 1st s £ 6s
B i S W s l 4s___________1921 M-S
103 Jan '11
99ls Feb '11
1919 J-J
Illinois Dlv 3 Us________ 1940 J-J
88*4 87*4 •Savannah Elec 1st cons 5s” ” 1952 J-J
87i8 May’12
70i4 Deo '10
Chic Jet Ry & Stk Yds 5s_Il915 J J lOOig Sale 109
1001s *1 2 100 101*4 Seattle Elec 1st g 5s___ ” ” 1930 F-A
10Ji2 J’ly '12
1031') 105U
Shannon-Arlz 1st g 6s
88 Sep ’ 1
87 91
Coll trust refunding g 4 s.1940 A-O ___ 90
1919 M-N 91 96 97 Aug’ 12
83>2100
Terre Haute Elec g 5s
114 Jan 'll . . . .
Ch Mllw & St P Dub D 6 s..1920 J-J
1929 J-J
97 Apr '07
Torrlngton 1st g 5s___
Oh M & St P Wis V dlv 6 s.. 1920 J J
1133s Feb 'll
1918 M-S
101 Sep '12
9934 101
Union Pac RR & 1gr g 4s” 1947 J-J
91 May'12
91 99
Oh Sc No Mich 1st gu 5s___ 1931 M-N
100ig J’ly '1 2
100'8 lOOSg
20-year conv 4s________ " 1927 J-J
9G14 101
961o Oct '1 —
Ohio & W Mich gen 5s____ 1021 J-D
101's May’ 12
10178 10178
United
Fruit
gen
s
£
4
Us”
”
J-D
07i2Sep
'11
1923 J-J
Concord Sc Mont cons 4s__ 1920
96i4
95. 2 971S
95*8 9614 <1614
Debenture 4 Us________ 1925 J J 95's 9512 9514
100M IOOI4
100t4 Aug '1 2
Cudahy Pack (The) 1st g 5s 1924 M-N
9514
95 961j
U S Steel Co 10-60-yr 5s Apr 1903 M-N
0914 103
Current River 1st 5s_______ 1926 A-0 1 0 0 ___ 100 Aug'12
101*8 104
IO2 I4 Oct '1 2
West
End
Street
Ry
4s___
80
S
6
I
4
8 OI4 Sep '12 : : :
Det Gr Rap & W 1st 4s___ 1946 A-O
1915 F-A
99 May'12
99 991g
Gold 4 Us______________ 1914 M-S
98*4 99U
Dominion Coal ls t s f 5s___ 1940 M-N
99 Oct '12
993g Oct '12
993s IOOI4
Fitchburg 4s______________ 1915 M- S
Gold debenture 4s______ 1916 M-N
lOJij Apr '05
9878 Apr T2
48
...1 9 2 7 M-S
Gold
4s________________
95 95
1917 F-A
95 Oct '12
9S12 N0VT1
Fremt Elk & Mo V 1st 0s...1933 A-()
12712 Mch'12 : : : : 1271212712 Western Teleph Sc Tel 5s__ 1932 J-J
9914 10 1
9934
9912 Sale 9 U4
Unstamped 1st 6s_______ 1933 A-0
127 Mch’ 12
127 12712 Wisconsin Cent 1st gen 4 s.. 1949 J-J
93*8 Feb ' 12
93*8 93
N O T E .— Buyer pays accrued interest In addition to the purchase price for all Boston Bonds. • No price Friday; atest bid and asked. HFlat price

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share ?ricoi--Not Per Centum Prices
Saturday
Oct 26

♦___
♦__
2078
6712
125
♦1912
20

Monday
Oct 28

Tuesday
Oct 29

Wednesday
Oct 30

Friday
Nov. 1.

Thursday
Oct. 31.

1161? ♦__ 116 *___ 1151? 11412 11412 *__ 116 ♦114 1151?
*__ 1 12
*__ 112
110
110*8 ♦110
112
112
I ll
2 H4
20*4 2 U2
20
21
2 0 !4 21
20
1 912 201 ?
20*4
68
68
6812 07*4 68
67*8 68
67*4 07*4 6734 681?
125 125 +124 125
125 125
125
♦124 125
20
19*4 2 0
♦20
20
21
21
♦20*8
41) 40
*41)
50
2 6 I4
26
25*4 26
26«s 26l4 26
25*4 257g 25*8 2512

4 ♦__
4 *__
♦3*4 4 ♦__
4114 4112 4012
42 42*;8 4112 42
52
5214
62*8 6238 5U2 62
51
♦12
♦12
♦12
*1 2
6514 5514 5 5 I4 5514 55
*5514 56
2912
*2912 3012 *297S 3012 2912 30
70i2 7012 70
70
70
7012 69
♦IOI4 11
11
10
*10
10
♦10
31 3114 30*8 30*8 30 3012 3018
94
94
94
94
93*4 94
9312
♦86*8 867s ♦87^3 87i2 8 6 Jio 87iS 8 6 's
♦14^4 15 ♦14^4 15 ♦14*4 15
14*4
3 U4
31
3U8 31*8 *31
3 U8 31
617S 62‘ ,fl 6178 62*10 61*4 62',6 6 H4
*50
61
5 OI4 5 OI4
5 OI4 50*s
5012
23
2278 23
227S 2 2 /r 227g
23
2712 271? 2712 271? ♦2714 2712 271.1
8513io 8 6 I2 867s 8 0 78 z847,o 85*s 8412
612 6*4 *612
814 6 In
6*8
6*8
52
62
62
52
62
62
5U2
8914 89
89
8914 89
89*4 89
PHILADELPHIA
Inactive Stocks
American Milling______10

PU

Ask

4 ♦__
4
41
4012 40/r
60*8
51*8 x50
*12

55
55
65
2978 *2912 30
69l4 70
70
1 0 *.|
10
10
31
*3014 31
9312 z9214 92L
8 6 I4 86*4
8 6 13n
14*.| 14t2 14*4
3 l's ♦30 3012
62
617S 62
501? 501S 50M
23
22*4 227S
271? 2712 27*8
851.1 8513 85*8
6*8
6->s
6*8
51*8 5U2 6 U?
8912 8914 8 U14

♦312 4
407S 41
49*8 5012
*12
55

55
♦29
30
♦69*4 7014
101 g 1018
♦30
31
927S 927S
80*4 86*4
♦1412 14*4
♦34
3412
62
62IS
501s 5()14
22*4

2 2 /8

6*8

678

27*8 271?
85T„ 85*8
5U2 51*4
89
89

PHILADELPHIA

Sales
ACTIVE STOCKS
ot the
Week C
For Bonds and Inactive
Stocks see below)
Shares.

Baltimore
10C Con Gas El L Sc Pow.100
Do
pref ______100
60
5,195 Houston Oil tr ctfs . . 1 0 0
594
Do
pref tr c tfs.100
30 Northern Central____50
732 Seaboard Air Line__ 100
89
2,702 United Ity Sc Electric. 50
Philadelphia
American Cement____50
1,350 American Railways_50
4,211 Cambria Steel_______ 50
276 Elec Storage Battery.100
270 Gen Asphalt tr ctfs__ 100
355
Do
pref tr c tfs.100
110 Keystone Telephone. 50
1,442 Lake Superior Corp..100
308 Leh C Sc Nav tr c tfs .. 50
280 Lehigh Valley_______50
160 Lehigh Valley Transit 50
185 Do p r e f.. ______50
1,329 Pennsylvania R R __ _ 50
430 Phlladel Co(Pittsb).. 50
2,182 Philadelphia ElecJ.. 25
3,530 Phil R T vot tr c tfs .. 50
0,865 Reading____________ 50
1,895 Tonopah Alining_____ 1
1,401 Union Traction______50
878 United Gas Im pt____5o
PHILADELPHIA

Range Since
January 1
Lowest

96 Jan 3 117 May 6
Jan 2 116 Apr 3
Jan 3 2412 Oct 18
633j Jan 25 72i2 J’ly 18
124 Oct 17 130 Apr 8
19 Oct 19 27U May24
4 5 io Mchl4
1S>4 Jan 2 26*8 Sep 9
101
8 I4




212
1*8

Bond*

Prices are all “ and
interest'

Lowest

64
89
7
45
121
20

Jan
Jan
Mch
Feb
Jan
Jan

16i2 Jan

1 J’nel4
7
Jan 10
5 Nov
40i2 Oct 30 47 Sep 25
42
Jan
4ll 2 Alch 2 55*8 Oct 10
40?s Sep
lllo J’ly :u
62*4 Jan 16
48i2 Jan
58*8 Aug 12
18 Apr 2 33?s Feb 17
28i2 Aug
6934 Apr 2 73 Jan 3
68
Aug
6
Apr 4 13 Sep 16
6*8 Dec
211? Sep
27 Feb 20 3514 Sep 7
877s Alch20 100 Sep 25
83i2 J’rie
78is Feb 5 927 s Jan 16
75*4 Sep
8 i2Jan 3
6 i4 Jan
1678 Sep 16
23 Jan 12 33*s Sep 16
181? Jan
61*18 Jan 27 63*18 Apr 26
69*s Sep
50 Oct 14 6 6 I4 Feb 16
48i4 Sep
||1678 Jan 2 24*4 Sep 6
15i2 Nov
22is May 6 29 Sep 13
17 Apr
74i4 Jan 11 6 9 I4 Apr 30 GO1-*!? Sep
8 I4 Apr 15
5i2 J’ly
63,8 J’ly 19
43
Jan
4934 Feb 28 53 Sep 9
84i4 Sep
8 6 U Jan 9
92*8 Aug 6
Bid

Ask

Ph Sc Read 2d 5s 1933 A-O
Ex Imp M 4s 1947.A-O 98 99
Termin-1 5s g 1941-Q-F 113
Cambria iron_________ 5o
44 Alt 4 L V Elec 4 Us'33 F-A
P YV <Sc B col tr 4s '2 1 ..J-J 99 —
Central Coal Sc Coke.. 100
Am Gas <Sa Elec 5s '0 7 .F-A
8018 8612 Read Trac 1st 6 s '3 3 ..J-J
Am Rys 5s 1917.........A-O
95 95. Roch Ry Sc Leon 5 s’ 5 4 J-J 101 IOU4
Consol Trao of N J___ 100 75*4 . . . . Atl C Gas 1st s f 5s '00.J-J
Spanlsh-Am Ir 6 s '27_J-J 101 1 )2
Uerg&EBrew 1st 6s’21 J-J
Germantown Pass___ 50
Stan’d Gas Sc E 6 s '26.J-D 1 0 JU 1 ')u*s
Huntington & B T ___ 50 1014 . . . . Bethleh Steel 6 s 1998.Q-F
Stand Stl Wks lst5s’ :8 J-J
Oh Ok & G gen 5s 1919 J-J
10234 IJ Trac Ind gen 5s T 9 .J-J
Preferred__________ 50
Con Trac of N J 1st 5s '33 IO3 I4
Indiana Union Tr____100
Un Rys Tr ctfs 4s’49__J-J 74 7412
Insurance Co of N A __ 10
21*4 217g Del Co Rys tr ctfs 4s’49J-J
United Rys Inv 1st coll tr
Inter Sm Pow & Chem.50
Edison Elec 5s 1946.A-O
108t2
s f 5s 1926............... M-N 82 821?
Interstate Rys, pref__ 10
Elec Sc Peoples Tr tr c tfs..
85 8512 Welsbach s f 5s 1930..J-D 9312 94
Kentucky Securities.. 1 0 0
Fr Tac&H 1st 5s 1940.J-J
Wll-B G&E con 5T55.J-J
Preferred_________ 100
Gen Asphalt 5s 1916.M-S "of ”0412 York Rys 1st 5s 1937.J-D
*
Keystone Tclcp, pref..50 . . . . 44 HarwEleo 1st 6 s 1942.M-S 100 IOOI4
Keystone Watch Case.100
Interstate 4 s 1943__ F-A
o.)t2 61
BALTIMORE
Lit Brothers__________ 10
1712 1812 Keystone Tel 5s 1935.J-J
87 88
Inactive Stocks
Little Schuylkill.............50 6 6 is
Lake Sup Corp inc 5s'24„0
74 Atlan Coast L (Conn) .100
271
Mlnehlll A Scltuyl II__ 50
Canton Co____________100 135
Lehigh Nav 4 Us '1 4 ..Q-J
Nat Gas Elec Lt Sc Po.100 30
Consolidation Coal__ 100 1 JU2 lol *4
Gen M 4 Us g 1924.Q-F
Preferred__ . . . . . . 1 0 0
80 I I ” Leh V C 1st 5s g 1933.J-J 10634
Georgia Sou Sc Fla___ lOu 30
North Pennsylvania__ 50
Leh V ext 4s 1st 1948.J-D
1 st preferred_______ 1 0 0
93 95
Pennsylvania Salt_____50 108 107”
Conso1 6 s 1923____ J-D I l f
2 d preferred_______ 1 0 0
76
Pennsylvania Steel__ 1 0 0
Consol 4 Us 1923__ J-D
G-B-S Brewing_______ 100
4
414
9912
Preferred_________ 100
Annuity 6 s________ J-D 143 144
Bonds
4
4
I
4
”437
8
Gen
cons
’.s
2003..M-N
Phlla Co (Pitts) pref__ 5J
90 9018
Prices a n all “ and
Leh V Tran con 4s ’ 35 J-D
Phil German Sc Norris..50
interest”
1st series A 4s 1935.M-S
Phlla Traction________50 8212 8312
Balt City 3 Us 1 9 3 0 ...J-J 92
1st series B 5s 1935 M-S
4s 1954-1955__ Various 96
Tonopah Belmont Dev__l
0012
5s 1916...................M-N 193
9*8 9>2 MarketStEI 1st 4s'55 M-N
NatLH&P ser U 5s T9 J-J
United Cos of N J .
100
99 Anacostla Sc Potom 5s A-0 991j 100
United Trac Pitts pref.50 35 38 New Con Gas 5s 1948.J-D
AtCoastLconv dcb4sM-N 1 0 U2
N Y Ph & No 1st 4s’ 39 J-J
Virginia Ry Sc Pow__ 100
Atl Coast L(Ct)ctfs 5s J-D 10312
Preferred___
1 no
Income 4s 1939___ M-N
5-20-yr 4s 1925_____J-J 92
Warwick Iron Sc Steel 10 10 i2 11
Pa A N Y Can 5s 3 9 .A-O
U31S B S P & C 1 st 4 U» '5 3 F-A 95*4
Washington-Va R y .. loo
Penn Steel 1st 5s '1 7 .M-N
Balt Trac 1st 5s T29._M-N 106 106l2
Preferred_______ 1 0 0
People’s Tr tr ctfs 4s 1943
”9 l"
No Balt Dlv 5s 1942 J-D 107
Welsbach Co______. 1 0 6
P Co lst&coll tr 5s’49 M-S 102
Cent Ry cons 5s '3 2 ..M-N 105
West Jersey Sc Sea Sh..60
Con Sc coll tr 5s ’51 M-N 94 *95 "
Ext & Imp 5s 1932.M-S 105
Westmoreland Coal___ 50 81 83 Phil Elec gold tr ctfs. A-O 10212 103 Chas City Ry 1st 5s'23 J-J 103
Wilkes Gas Sc Elec____100
Trust ctfs 4s 1949 ..J -J
SO 8 OI4 Chas Ry G & El 5s '99 M-S 95 96
Tork Railway________ 50 13
1312 P & E gen M 5s g '20.A-O 105 100
City Sc Sub 1st 5s 1922 J-D 104*4 105
Preferred__________ 50 3512 36l4
Gen M 4s g 1 9 2 0 ...A-O
City Sc Sub(Was) 1st 5s *48 103 —
_*_Bld and naked; no sales on this day._1I Ex-dlv. & rights. II 515 paid. 4 13U paid. * 517 U paid.
2*8
1*8
4312

Highest

Range ior Previous
Year (1911)
Highest

9512 Deo
101 Sep
10 Aug
79 J’ly
130*4 J’no
27 J’no
197S J'iy

48*4 Feb
Oct
837s Jan
9i8 Jan
32 Feb
98 Jan
937i# Deo
97s Oct
25*s Oct
65 Feb
5914 J’no
18 J’ly
24is Aug
80*4 Feb
8*8 Jan
6234 Aug
893i Jan
3914

BALTIMORE
Coal Sc C Ry 1st 5s T9 A-O
Coal Sc I Ry 1st 5s ’20. F-A
Col&Grnv 1st 0s 1916 J-J
Consol Gas 53 1939__ J-D
Gen 4 Us 1951___ A-O
Cons G E & P 4 Us ’35 J-J
Consol Coal 5s 1950,.J-D
Fair & Cl Tr 1st 5s’38 A-O
Ga & Ala 1st con 5s '45 J-J
Ga Car&N 1st 5s g '29.J-J
Georgia P 1st 6 s 1922..J-J
Ga So & Fla 1st 5s ’45.J-J
G-B-S Brew 3-4s '5 1 .M-S
Houston Oil dlv ctfs .F-A
Knoxv Trac 1st 5s '28 A-O
AlaconRy&Lt 1st 5s’5J J-J
Md Elec Ry 1st 5s ’31 .A-O
Memphis St 1st 5s '45.J J
Monon V Trac 5s’42_J-D
Mt Ver Cot Duck 1st 5s..
Npt N Sc O P 1st 0s’38M-N
N & A Terml 5s '29. M-S
Nor&Port Tr 1st 5s'36J-D
Norf Ry Sc L 5s '49. M-N
North Cent 4 Us 1925.A-O
Series A 53 1926___ J-J
Scries B 5s 1926
J-J
P:tt Un Trac 5s 1997..J-J
Poto Val 1st 5s 1941. .J- j
Sav Fla Sc West 5s '34 A-O
Seab Air L 4s 1 9 5 0 ...A-O
Scab & Roan 5s 1926..J-J
South Bound 1st 5S..A-U
U El L&P 1st 4 Us’29 M-N
Un Ry Sc El 1st 4s '49 il-S
Income 4s 1949__ J-D
Funding 5s 1936...J -D
Conv notes 5s 1914. J-J
Va Mid 3d ser 63 '1 6 ..M-S
4th ser 3-4-58 1921.M-S
5th series 5s 1926 M-S
Va (State) 3s new ’32.J-J
Fund debt 2-3s 1991 JW
West N C con 6 s 1914.J-J
Wil Sc Weld 5s 1935...J -J

9314

100i2
104
107 103 :
94*8 94*4
88 8814
9212
100 ioo%
104*8
10412
110
104 106
5012 51
8312 84
104
*99”l2
'98 9812
98 9912
7314 731*
991*
”92*12 931*
9012 91
100
101

107
107

103*4

104
109
100

107
9U2 93”
84I4 841*
65*8 6578
8714 8 8
102 103 1
104
104I2
102
110

THE CHRONICLE

1194:

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

Investm ent and i^ailccracl Intelligence.
R A I L R O A D

G R O S S

E A R N I N G S .

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year docs not begin with July, but covers some other
period. The returns o f the electric railways are brought together separately
July 1 to Latest Date.

Latest Gross Earnings.
Week or
Month

Current
Year

Previous
Year.

Current
Year.

Previous
Year

s
S
S
3
At? N O A 1 ex Fac839,780
031,352
293,346 288,064
N O A Nor East. September
394.275
440,990
139,703
145,080
September
Ala A Vicksburg.
342,029
412,964
134,438 110.793
Vicks Shr A Pac. September
743,776
49,527
724,900
48,103
Ann Arbor------------ 3d wk Oct
Atch Topeka & S Fe September 10024 641 8,954,228 28,615,424 25,843,513
487,822
504,652
257,351 254,695
Atlanta Btrm A Atl A ugust__
Atlantic Coast Line A ugu st__ 2.437.705 2,123,256 4,905,552 4,381,581
285,963
257,203
129,088 151.409
Chariest A W Car A ugust__
212,426
196.128
108,695 110,231
Louisv HenASt L A ugu st__
a Baltimore A Ohio. September 3,766,371 8,279,301 25,097.527 23.890,972
400.819
472,319
152,386 139,955
B & O Ch Ter RR September
501,522
469,112
234,609 274.530
Bangor A Aroostook A ugust__
869,001 070,757 2,941,538 2,917,902
Bessemer A Lake E September
70,787
129,009
178,769
93,476
Birmingham South. A ugu st__
Boston & Maine__ September 4,378,150 4,250.286 13,223,818 12,298,260
3,189,864
200,145
257,006
3,640,069
3d
wk
Oct
Buff Roch A Pittsb
415,116
400,693
222,426 219,739
Buffalo A Susq___ August —
Canadian Northern. 3d wk Oct 561,100 459.000 6,803,500 5,873,300
Canadian Pacific__ 3d wk Oct 2,943,000 2,532,000 44,291,115 37,355,722
Central of Georgia.. 3d wk Oct 347,900 351,100 4,374,143 4,317,307
510,967
323.750 269,873
627,250
Central New Engl’d August —
Cent of New Jersey- August — 3,074,388 2,523,675 5,888,294 4,912,429
733,311
751,824
391,564 381,323
Central Vermont__ A ugust__
Chcs & Ohio Lines. 3d wk Oct 086,141 669,312 10,864,050 10,642,909
Chicago A Alton__ 3d wk Oct 393,260 361,960 5,113,543 5,092,096
Chic Burl & Quincy A ugust__ 8,487,985 8.018.070 15,783,908 15,060,121
330,280 320.794 4,496,377 4,246,595
p Chic Great West. 3d wk Oct
Chic Ind & Louisv. 3d wk Oct 149,488 144,901 2,237 809 2.180.702
Chic Mllw A St Paul September 6,653,083 5,962,267 18,673,767 16,502,265
Chic M il* Pug Sd September 1,951,187 1.369.304 5,435,328 4,064,428
eChic & North West September 7,812,947 7,005,105 22,703,056 20,564,270
eChlc St Paul M A O ieptember 1,659,806 1,430,369 4,434,133 3,922,109
302.509
300,039
164,961 159,806
Chicago T H & S E . A ugust__
037,867 915,972 2,785,740 2,790,645
Cln Ham A Dayton September
530,645
564.129
246,611 104,111
Colorado Midland.. September
i> Colorado & South. 3d wk Oct 332,860 325,958 4,499,701 4,674,224
47,754
61,752
14,908
19,638
September
C ornwall____
66,188
78,571
31,287
40,322
Cornwall A Lebanon A ugust__
780.275
967,76
259,823
324.060
September
Cuba Railroad.
Delaware A Hudson September 2,030,133 1,893,826 6,363,525 5,044,015
Dclaw Lack & West September 3,453,987 3,292,481 10,281,192 0,595,752
Denv A Rio Grande 3d wk Oct 577,300 513,400 8,349,798 7.908.702
922,165
543,893 500,080 1,074,159
Vugust__
Western Pacific
253,725
134,560 139,623
250,833
Denver N W A Pac. A ugust__
290,250
279,751
154,380 101,305
Detroit Tol A Iront A ugu st__
388,565
387,349
24,706
23,327
Detroit A Mackinac 3d wk Oct
968,255 1,046,738 3,097,650 3,014,008
Dul & Iron Range.. September
69,697 1,132,333 1,080,908
64,864
Dul Sou Snore A Atl 3d wk Oct
Elgin Joliet A East. A ugust__ 1,116,039 835,460 2,241,641 1,501,511
671,659 503.530 1,982,249 1.631.067
El Paso A Sou West September
September 5.443.706 5,094,261 18,506,951 15,382,018
E r ie ________
3,397
1,727
4,398
2,045
Fairchild A N E __ A ugu st__
442,178
525,778
265,022 213,492
Florida East Coast. A ugust__
275,502
287,542
85,240
87,186
Fonda Johns A Glov September
805,700
705,607
255,474 321,222
September
Georgia Railroad
Grand Trunk S yst.. 3d wk Oct 1,132,152 1,023,892 17,621,405 10,154,838
Grand Trk West 2d wk Oct 141,195 126,392 2,062,549 1,940,245
605,873
714,209
49,760
51,050
Det Gr Hav A Mil 2d wk Oct
641 224
722,343
46,500
53,989
Canada Atlantic. 2d wk Oct
Great Northern Syst September 7,554,405 0,549,357 20,899,402 18,296,225
486,970
492,116
164,68
150,409
September
Gulf & Ship Island
098.783 699,027 2,153,274 2,010,951
/Socking Valley----- September
jSilnois Central----- September 5,519,720 5,222,386 16,203,253 15,902,153
Intcrnat A Grt Nor. 3d wit Oct 282,000 201.000 3,750,318 3,073,793
131,259 147,132 2,534,774 2.013.068
a Interoceanlc Mcx. 3d wk Oct
601.372
617,331
320.750 324,731
.Kanawha A M lch.. August . . .
780,191 2,680,446 2,323,564
010,899
Kansas City South September
Lehigh Valley......... September 3.850,024 3,413,194 11,389,571 0,928,335
101,150
124,673
53,736
69,787
Lexington & E ast.. A ugust__
206,147
284,051
141,454 105.409
Louisiana A Arltan. A ugu st__
s Louisville A Nash. 3d wk Oct 1,239,635 1.189.305 17,822,329 17,173,050
39,650
40,719
16,079
13,505
Macon A Blrm’ham September
Maine Central____ September 1,035,817 1,012,898 3,071,847 2,927,705
123,618
131,5 18
49,237
40,291
Maryland & Pcnna. September
161,800 164,200 2,453,400 2,278,800
a Mexican Railway. 2d wk Oct
230,333
258,203
17,312
14,38o
Mineral Range_____ 3 d wk Oct
Minn A St L ouis.. 1 3 d wk Oct 237,545 196,617 3,125,741; 2,577,970
, Iowa Central__ /
Minn St P & S S Ml 2d wk Sep 718,072 556,326 0,132,022 5,383,853
Chicago Division,
230,928
82,044
254,561
82,940
Mississippi Central. September
9,230,513
« Mo Kan & Texas. 3d wk Oct 744,458 703,866 0,988,404 17,422,987
19,788,025
1,333,000
1,197,000
Missouri Pacific___ 3d wk Oct
1,098,297 1,019,634 2,142.492 1,990,139
Nashv Chat A St L . August
;o Nat Rys of M ex.f. 3d wk Oct 1,103,792 1,128,344 10,166,696 19,912,835
125,230
161,287
10,876
0,707
‘Nevarla-Cal-Oregon 3 d wk Oct
281,145
152.783 149,440
300,409
N O Great Northern August —
280,698
195,068 149,532
375,888
N O Mobile A Chic. August
«N Y C A Hud Rlv. September 10,091805 9,730,004 29,534,673 28,005,370
Lake Shore A M S September 4,800,207 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
356.061 309,240 1,011,838
\ Chic Ind & South September
, Michigan Central. September 2,901,688 2,792,506 8,520,100 7,950,356
V Cleve C C & St L. September 3,019,534 2,743,122 8,797,049 8,153,726
932,953
828,524
328,013 278,198
' Peoria A Eastern September
375,327
358,293
130,889 124,007
Cincinnati North, September
j Pitts & Lake Erie September 1,613,761 1,450,100 5,055,693 4,368,288
’ N Y Chic A St L. September 1,067,527 042,267 2,982,093 2,857,592
493,236 518,984 1,482,571 1,409,308
(. Tol A Ohio Cent. September
j Tot all lines above September 25370212 23784925 74,604,523 69,617,093
AGGREGATES

,

Weekly Summaries.

OF

GROSS

Cur'nt Year Prev’s Year Inc. or Dec.

.July 1 to Latest Date.

Latest Gross Earnings.
P O A D 3.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

S
5
$
795,729
N Y N H A Ilartf.. A ugust__ 6,410 194 5,598,020 12,163 ,959
,884,010
N Y Ont A West__ A ugust___ 1,023 883 051,498 2,001 .665
304 557 333,173
993,368
0 0 0 ,055
N Y Susq A W est.. September
289 986 260,531
585 ,819
515,584
Norfolk Southern.. A ugu st__
,545,574
Norfolk A Western- A ugu st__ 3,874 ,822 3,491,861 7,454 ,672
,764,899
Northern Pacific__ September 6,776, 765 6,008,309 18,562 ,670
791, 872 720,168 1,494 ,630
,444,629
Pacific Coast Co__ Vugust __
237,373
Pennsylvania R R .. September 15278 578 13752 647 45,742 ,374
27,306
126 ,206
113,732
30, 009
BaltChesA Atlan September
862 ,400
739,427
307, 558 268,731
Cumberland Vail. September
439,245
Long Island____ September 1,065, 819 1,035,768 3,647 ,598
58 ,432
56,712
15,844
16, 905
Maryl’d Del A Va September
095 ,996
898,425
298, 160 280,650
N Y Phlla A Norf September
156,741
Northern Central September 1,156, 913 1,142,734 3,337 ,620
956,317
Phil Balt A Wash September 1,814, 215 1,658,798 5,517 ,088
367,117
611, 437 641,181 2,481 ,069
W Jersey A Scash September
208,980
18,021
,525
5,179,286
5,798,
867
September
Pennsylvania Co __
429,175
522, 104 499,102 1,542 ,219
Grand Rap A Ind September
347,848
Pitts C C A St L. September 3,892, 684 3,546,459 1,418 ,679
579,908
V andalia_______ September 1,021, 957 860,388 2,882 ,777
Total lines—■
,152,717
East Pitts A E .. September 2093 651 20156 051 67,398,992
,909,406
West Pitts A E .. September 11366 631 1020S 537 34,220,240
.062,124
All East AWest September 33460 282 30361588 101628 242
,435,897
Pere Marquette___ September 1,530, 846 1,558,619 4,508,749
Reading Company,993,053
Phlla A Reading. September 4,328,,313 3,834,066 12,730 ,6 6 8
,184,167
Coal A Iron C o. September 3,354,,600 2,524,565 9,807 ,839
,177,221
Total both cos. . September 7,682,,913 6,358,633 22,538 ,507
379,701
455 ,843
218,,227 178,708
Rich Fred A Potom A ugust__
78,498
84 .276
78,498
84,,276
Rio Grando Juno__ July ........
157,807
200 ,649
8,351
14,,486
Rio Grande South.. 3d wk Oct
Rock Island Lines .. September 6,338,,015 5,931,596 18,670 ,284 16 .704,860
632,539
685 ,482
357,,167 319,534
Rutland ________ August . . .
300,617
307 .540
163,,277 152.381
St Jos A Grand Isl August . . .
393,292
165,,169 141,940
470 .438
St L Rocky Mt A P. September
,435,247
11,466
3,604,598
,350
,012
4,047,
St Louis A San Fran September
,600,487
f Chic A East 111 A ugu st__ 1,443,,501 1,373,790 2,745 ,430
,431,137
Total all lines___ A ugu st__ 5,391,,858 4,029,577 10,164 ,768
,570,073
St Louis Southwest 3d wk Oct 303,,000 267,000 4,135 ,770
,479,614
824,,277 750,845 1,664 ,053
San Ped L A A S L A ugu st__
,536,383
6,668
,909
460,416
,187
464,
3d
wk
Oct
Seaboard Air Line. .
,890,847
Southern Pacific Co September 12719,,893 11612,945 36,929 .471
,504,326
Southern R ailway.. 3d wk Oct 1,388,,062 1,322,256 20,747 ,122
,480,029
3
,6
1
1
,907
255.381
237
,687
3d
wk
Oct
Mobile A Ohio. . .
,978,927
Cln N O A Tex P . 3d wk Oct 185 ,764 188,929 3,132 ,172
380,835
85,688 1,512 ,630
Ala Great South 3d wk Oct 107 ,077
736,888
,217
731
49,823
864
49
Georgia Sou A Fla 3d wk Oct
877,512
941 ,283
486 437 454,973
Spok Port A Seattle A ugu st__
36,726
40 ,741
2,141
2 ,461
Tenn Ala A Georgia 3d wk Oct
273,834
275
,470
136,820
,767
149
Tennessee Central.. August . .
,934,243
Texas A Pacific----- 3d wk Oct 450 ,842 396,057 5,33 f ,590
17,859
19 ,830
10,276
9 ,863
Tidewater A West A ugu st__
401,496
433 ,842
25,457
30 ,309
Toledo Poor A West 3d wk Oct
,292,415
07,868 1,255 ,187
97 ,109
Toledo St L A West 3d wk Oct
,477,026
Union Pacific Syst. September 9,048 .411 8,397,782 25,318 .43
430,320
130 ,7 15 152,155
440 ,940
Vlrglnia A So West. September
752,115
488 ,870 404,004
865 ,419
Virginian_________ August . . .
,730,658
W abash__________ September 2,847 ,701 2,582,576 8.334 ,901
,225,780
6 6 8 ,643
637,860 1,238 ,023
Western Maryland. A ugu st__
,380,793
788 ,217 765,610 1,502 ,587
Wheel A Lake Erie. A ugu st__
45,986
40 ,265
25,366
20 121
Wrlghtsv A Tennillc A u gu st__
,323,410
850 443 731,770 2.335 ,439
Yazoo A Miss Vail. September
Current
Year.

Various Fiscal Years.

Delaware A Hudson--------------- Ian
N Y Central A Hudson R iver. e . Ian
Lake Shore A Michigan South Jan
Lake Erie A Western.n____ Ian
Chicago Indiana A Southern. Jan
Michigan Central___________ Ian
Cleve Cln Chic A St Louis__ Jan
Peoria A Eastern___________ Jan
Cincinnati Northern------------ Jan
Pittsburgh A Lake Eric____ Ian
New York Chicago A St Louis Ian
Toledo A Ohio Central.------- Ian
Total all lines---------------------- Ian
Pennsylvania IlailroaU________ Tan
Baltimore Chesap A Atlantic. Jan
Cumberland Valley_________ Jan
Long Island_______________ Jan
Maryland DelawarcA Virginia Ian
N Y Philadelphia A Norfolk. Jan
Northern Central___________ Jan
Philadelphia Balt A Wash — Jan
West Jersey A Seashore------- Jan
Pennsylvania Company ________ Jan
Grand Rapids A Indiana___ Jan
Pitts ClnclnChlcago A St L ._ Jan
Vandalia___________________ Jan
Total lines— East Pitts A Erie Jan
West Pitts A Erie Jan
All lines E A W . Jan
Deo
Rio Grande Junction______
Jan
Rutland ----------------------------

E A R IJ IN G S — W e e k ly

and

Monthly Summaries.

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
July
Aug

Previous
Year.

16,472,536 15,808,023
80,097,069 76,874,033
30,368,772 35,909,740
4,241,323 4,030,497
3,037,630 2,761,458
23,757,498 22,015,769
23,491,864 22,579,611
2,439,401 2,392,801
898,976
092,082
13,126,129 11,305,685
8,709,965 8,249,307
3,902,627 3,577,581
203164360 190595447
127772 490 115563 055
218,988
238,878
2,396,705 2,130,712
30 8,565,665 8,122,640
107,321
105,687
30
30 2,692,141 2,496,870
30 9,348,222 0,364,543
30 15,019,685 14,075,650
30 5,171,906 4,954,503
30 45,521,247 39,472,488
30 4,037,937 3,774,332
30 31,677,059 28,399,461
30 7,702,486 7,340,903
30 182064 890 167069 022
30 89,995,499 79,976,603
30 272060 388 247045 623
590,307 , 585,062
31
31 2,302,707 2,208,367

30
30
30
30
30
30
30
30
30
30
30
30
30
30
30

M o n th ly .
Cur'nt Year Prev’s Year Inc. or Dec.

$
s
Mileage. Cu r.Y r.
P rer.Y r.
5
232 ,275 ,17 7 + 1,339,735 0.57.
233,614,012
1,174,233 8.88
December ..238,581 235,685 ----•Jd week Aug (37 roads)___ 14,397,814 13,223,581 +
January ...237,888 2 3 4 , 1 0 2 ,210.704.771 213,145,078 — 2,440,307 1.14 !
1,083,689 7.99
[Sd week Aug (37 roads)___ 14,636,26) 13,552,577 ++ 1,544,446
February ..237,082 233,191)218,031.094 197,278,939 +20,752,155 10.52
7.52
4th week Aug (39 roads)___ 22,002,416 20,517,970
M arch ____ 238,218 234,692-237,564.332 224,608,654 + 12,955,078 5.77
+ 903,))J i 6.3 J
i,st week Sept (40 roads)___ . 3,035,249 14.131,55!)
A p r il______ 236,722 2 3 3 , 0 5 7 2 2 0 ,6 7 8 . 4 6 0 216,140,214 +4,538,251 2.10
+847,385 5.75
id week Sept (40 raods)----- 15,765,881 14,918,496
226,181,666 + 6,044,698 2.07 |
+
943,638
6.63
M ay .............235,410 231,5971232,229.364
............
14.238,720
15,182,364
:£d week Sept (39 roads)___
+729,309 3.88
J u n e ______ 235,385 230,894:243,226,498 228,017,383 + 14,579,115 0.38
■Jth week Sept (36 roads)___ 19,503,157 18,773,788
+ 593,635 4.17
J u ly ............. 230,712 227,191'245,595,532 222,587,872 +23,007,600 10.34
Jgst week Oct (38 roads)___ 14,964,703 14,366,037
+985,991 6.58
A u g u st___ 239,230 235,404 276,927,416 251,067,032 +25,860,384 10.30
lid week Oct (39 roads;___ 10,003,026 15,017,035
84,3561 75,580.043 70,591,572 +4,988,471 7.09
September . 85,901
fd week Oct (39 roads)___ 18,343,506 15,054,025 + 1,289,481 8.57
j
a Mexican currency.
b Docs not include earnings of Colorado Springs A Cripple Creek District I+allway. from November l lO lR j
• Includes the Boston A Albany, the New York A Ottawa, the St. Lawrence A Adirondack and the Ottawa A New York Railway, the latter oi
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission.
f Includes Evansville A ierre Haute and Evans
vlllo A Indiana RR. g Includes the Cleveland Lorain A Wheeling Ry. In both years, n Includes the Northern Ohio RR.
p Includes earn 'Mp
Mason City A Ft. Dodge and Wisconsin Minnesota A Pacillc.
s Includes Louisville A Atlantic and the Frankfort A Cincinnati.
t Includes m
Moxlcan International, u Includes the Texas Central, v Includes not ouly opcrat.ng revenues, but also all other receipts-




s

Nov. 2 1912.]

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which folows we cum up separately the earnings for the third week of
October. The table covers 39 roads and shows 8 .5 7 % in
crease in the aggregate over the same week last year.
1912.

Third week of October.

Alabama Great Southern--.
Ann A rbor_______________
Buffalo Rochester & Pittsburgh
Canadian Northern-.......... .
Canadian P acific.......................
Central of Georgia . ....................
Chesapeake & Ohio.....................
Chicago & A lto n ................... ..
Chicago Great W e ste rn ............
Chicago Xnd & I.oulsvlllc..........
Cine New Orl & Texas Pacific - Colorado & Southern_________
Denver & Ulo Grande........... ..
Detroit & Mackinac.............. ..
Duluth South Shore & Atlantic.
Georgia Southern & Florida___
Grand Trunk of Canada_____
Grand Trunk Western____
Detroit Gr Hav & Milwaukee
Canada A tla n tic____ _____
Internat & Great Northern___
Interoceanlc of Mexico________
Louisville & Nashville..............
Mineral R a n g e ...........................
Minneapolis & St L ouis..........1
Iowa Central........................ /
Missouri Kansas & Texas_____
Missouri Pacific..........................
Mobile & O h io ................... .......
National Railways of Mexico..
Nevada-Callfornla-Oregon ___
Rio Grande Southern ................
St. Louis Southwestern_______
Seaboard Air Line.............. ........
Southern Railway......................
Tennessee Alabama & Georgia.
Texas & Pacific........ .................
Toledo Peoria & Western..........
Toledo St Louis & Western___

1911.

Increase.

107,077
48,103
257,006
501,100
2,943,000
347,900
686,141
393,260
330,280
149,488
185,764
332,860
577,300
23,327
64.864
49.864

351,100
609,312
361.900
320,794
144.901
188,929
325,958
513,400
24,706
69,697
49,823

1,132,152

1.023,892

108,260

282,000
261,000
131,259
147,132
1,239,635 1,189,305
17,312
14,389
237,545
196,617

21,000

744,458
703,800
1,333,000 1,197,000
237,687
255,381
1.103,792 1,128,344
10,876
9,707
14,486
8,351
303,000
267,000
404,187
460,416
1,388,062 1,322,256
2,461
2,141
450,842
390,957
30,309
25,457
97,109
97,808

1
>

21,389

i
i

56,861
102,100
411,000
16,829
31,294
15,486
4,587
__
6,902
63,900
......
__
41

50’ 330
2,923
40,928
40,592
136,000
35,448
1,169
6,135
36,000
3,771
65,806
320
53,885
4,852

Total (39 roads)_________
16,343,506 15,054,025 1,337,808
Nctilncrease (8.57% )_________
1,289,481

Decrease.

1,424
______
3,200

3,165
1,379
4,833

15,873

17,694

______

759
48,327

Net Earnings Monthly to Latest Dates.— The table fol
lowing shows the gross and net earnings of STE AM railroads
andiindustrial companies reported this week:
----- Gross Earnings-------------- Net Earnings-----Roads.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

3
3
5
Buffalo Roch & Pitts.b.Sept
920,107
847,253
276,874
294,225
July 1 to Sept 30______ 2,866,821 2,530,244
834,106
922,327
Canadian Northern___ Sept 1,671,500 1,576,400
423,500
419,400
July 1 to Sept 30______ 5,247,000 4,472,900 1,288,900 1.095,700
Canadian P acific.a----- Sept 11,579,734 10,049,085 4,250,304 3 917,447
July 1 to Sept 30---------35,883,848 30,132,807 13,416,400 11,696,046
Central of Georgia.b__ Sept 1,103,021 1,284,362
0368,533
C472.601
July 1 to Sept 30______ 3,379,904 3,310,269
0893,838
C950.932
Chesapeake & O lilo.b-.S cpt 2,932,430 2,950,357
974,531 1,108,058
July 1 to Sept 30______ 8,048,703 8,687,078 3,088,785 3,205,301
Chicago & A lton .a------- Sept 1,353,148 1,338,728
S294.436
_
S333.160
July 1 to Sept 30--------- 3,087,018 4,056,084 Si,007,878 s i ,159,881
Chicago Great W est.b_.Sept 1,260,500 1,207,118
407,414
400.832
July 1 to Sept 30______ 3,500,735 3,361,560 1,007,283
965,457
Chicago MU & St Paul.a Sept 6,653,083 5,902,267 2,193,823 1,274,001
July 1 to Sept 30______18,673,707 16,502,265 6,003,005 3,486,089
Chicago Mil & PugSdaSept 1,951,187 1,309,304
874,033
512,208
July 1 to Sept 30______ 5,435,328 4,064,428 2,347,670 1,568,083
Chic St Paul M & Om .a.Scpt/1,050,800 f l , 430,309
490,842
456,814
July 1 to Sept 30_____ /4,434,133 f 3,922,109
1,149,513
000,271
Colorado & Southern.b-Sept 1,295,044 1,288,599
449,037
488,037
July 1 to Sept 30--------- 3,508,087 3,742,640 1,147,050 1,381,830
19,638
14,966
11,982
7,792
July 1 to Sept 30.
61,752
47,754
35,370
25,731
324,060
259,823
134,862
119,007
967,762
780,275
404,786
348,795
-Sept 2,030,133 1,893,826
841,539
829,019
—
16,472,536 15,868,023 6,145,705 6,275,706
3,453,087 3,292,481 1,396,064 1,344,923
—
10,281,102 9,595,752 4,063,268 3,707,584
.Sept
105,407
105,552
29,133
' 27,736
—
326,233
319,639
78,317
76,191
-Sept
671,659
563,530
296,263
206,615
1,982,259 1,631,067
866,226
583,897
Erie a.
5,443,706 5,094,261 1,520,354 1,343,610
- - — 16,566,954 15,382,018 4,907,207 4,531,711
-Sept
255,474
321,222
23,102
124,664
765,607
805,700
74,745
223,949
-Sept
608,783
609,027
290,306
285,741
—
2,153,274 2,016,951
869,586
815,982
-Sept 5,556,680 5,222,386 1,042,785 1,001,730
10,240,212 15,902,152 2,582,187 3,069,369
.Sept
670,080
609,165
198,598
222,492
—
2,215,313 2,166,064
709,266
738,060
1,035,847 1.042,898
340,321
355,698
—
3,071,847 2.927,705
959,299
931,001
-Sept
026,409
721,400 7i298,508 hl96,587
—
2,487,037 2,018,551
/»727,547
71488,741
-Sept
82,940
82,044
37,589
35,739
254,561
230,928
115,365
102,345
(Sept 2,943,529 2,694,295 d l,075,529
d860,718
—
7,918,082 7,229,992 d2,463,521 d l,671,902
Mlssourl
.Sept 5,333,445 4,752,982 1,341,790
938,009
-------10,130,281 13,949,903 4,343,709 2,577,082
■Sept 5,422,607 5,287,217 2,254,909 2,363,778
------ 115,806,203 16,261,995 5,711,150 7,165,845
.SeptlO.091,895 9,730,004 2,949,099 3,403,455
76,874,033 20,058,919 20,899,654
Sept 4,806,207 4,388,141 1,855,861 1,786,556
------ «5y,.H)8,772 35,909,740 13,105,359 11,092,451
.sept
566,201
507,698
190,683
171,341
—
4,241,323 4,030,407
037,368
824,610
Chic Ind & South.b .Sep
356,661
309,240
75,725
60,029
3,037,030 2,761,458
525,402
357,785
Michigan Central, b- Sept 2,901,688 2,792,506
952,452
1,074,734
Jan 1 to Sept 30. ----- 2 3,757,408 22,015,769 6,054,854
6,238,891
.Sept 3,019,534 2,743.122
067,622
958,494
Jan 1 to Sept 30.
.23,491,864 22,579,611 5,717,595 5,680,715




1195
---- Gross Earnings-----

Roads.

Current
Year.

Previous
Year.

----- Net Earn ings-----Current
Year.

Previous
Year.

N Y Cent & llud Rlv (Con)—
$
5
$
§
Peoria & Eastern, b--Sept 328,613
278,198
97,744
73,420
Jan 1 to Sept 30______ 2,439,401 2,392,801
628,787
452,741
Cincinnati N orth.b--Sept
130,889
124,607
31,938
33,986
Jan 1 to Sept 30______
992,082
898,976
91,187
116,225
Pitts & Lake E rie.b--Sept 1,613,761 1,450,160
827,709
750,454
Jan 1 to Sept 30---------13,126,129 11,305,585 6,350,954 5,602,523
N Y Chic & St L .b .-.S e p t 1,067,527
942,267
343,334
294,269
Jan 1 to Sept 30______ 8,709,965 8,249,397 2,231,676 2,203,794
Toledo & Ohio Cent.b.Sept 493,326
518,984
167,681
224,858
Jan 1 to Sept 30______ 3,902,627 3,577,581
982,561
928,134
Total all lines.b-------Sept25,376,212 23,784,925 8,460,748 8,921,596
Jan 1 to Sept 30_____203,104,360 190595,447 57,674,662 54,397,563
N Y Susq & W estern.a.Sept
304,557
333,173
77,010
105,100
July 1 to Sept 30______
900,055
903,368
186,721
314,059
Northern P acific.b------- Sept 6,776,765 6,008,309 2,882,909 2,689,702
July 1 to Sept 30---------18,562,670 16,704,899 7,323,870 6,901,350
Pennsylvania R R _a ----- Sept 15,278,578 13,752,647 3,912,347 3,155,347
Jan 1 to Sept 30--------- 127,772,490 115563,055 30,403,511 27,291,092
27,306
Balto Ches & A tl.a ..S e p t
30,009
5,444
6,536
Jan 1 to Sept 30______
238,878
218,988
41,900
49,701
Cumberland Valley.a Sept
307,558
268,731
123,470
100,461
Jan 1 to Sept 30--------- 2,396,705 2,130,712
737,627
592,154
Long Island.a---------Sept 1,065,819 1,035,768
303,147
291,187
Jan 1 to Sept 30--------- 8,565,665 8,122,640 1,972,915 1,779,016
Maryland Del & Va a Sept
16,905
15,844
2,126
2,942
Jan 1 to Sept 30______
107,321
105,687 defl 1,681
d e fl,979
N Y Phila & N orf.a-.S ept
298,160
280,650
72,121
68,249
Jan 1 to Sept 30______ 2 , 6 9 2 , 1 4 1 2,496,870
678.867
547,425
Northern Central.a..Sept 1 , 1 5 6 , 0 1 3 1,142,734
256,182
195,276
Jan 1 to Sept 30______ 9,348,222 0,364,543
824,890 1,055,226
Phila Balto & Wash a Sept 1,814,215 1,658,798
411,149
458,231
Jan 1 to Sept 30-------- 15,019,685 14,075,'656 2,648,290 2,956,990
West Jer & Sea Sh.a.Sept
611,437
641,181
130.868
150,659
Jan 1 to Sept 30---------- 5,171,006 4,954,503 1,165,860 1,211,141
?enn?£{vanla Company aSept 5,798,867 5 , 1 7 9 , 2 8 6 1,721,269 1,656,798
Jan 1 to Sept 30----------45,521,247 30,472,488 11,459,881 10,729,739
Grand Rapids & Ind a Sept
522,104
499,102
146,901
1 6 8 ,5 6 8
Jan 1 to Sept 30--------- 4,037,937 3,774,332
‘
641,558
678,964
Pitts Cine Ch & St L a Sept 3,893,685 3,546,459 1,034,657 1,058,281
Jan 1 to Sept 30---------31,677,059 28,399,461 7,597,309 6,996,588
Vandalla a- - ------------ Sept 1,021,957
860,388
326,851
170,396
Jan 1 to Sept 30---------- 7,702,486 7,349,003 1 ,4 39,926 1,279,168
Total East Pitts & E aSept 22,093,651 20.156,051 5.505.316
„ , ___
5,127,067
Jan 1 to Sept 30---------182,064,890 167069,022 39,593,738 36,357,630
Total West PIttS&E aSept 11,366,631 10,208,537 3 , 2 6 3 , 8 9 1 3,087,150
Jan 1 to Sept 30----------89,995,499 79,976,603 21,384,054 19,933,091
Total all lines.a . ----- Sept 33,460.282 30.364,588 8,769,207 8 214 2 1 7
Jan 1 to Sept 30-------- 272,060,388 247045,623 60,977,792 56,290,720
Perc Marquette.a---------Sept 1,530,846 1,558,619
402,420
418,203
July 1 to Sept 30______ 4,508,749 •4,435,897 1,061,329 1,078,029
Reading Company—
Phila & Reading.b .-S ept 4,328,313 3,834,066 1,800,704 1,276,963
July 1 to Sept 30_____ 12,730,668 10,993,053 4,979,985 3,492,051
Coal & Iron Co b ___ Sept 3,354,600 2,524,565
310,646
19,551
July 1 to Sept 30______ 9,807,839 6,184,167
883,493 dcf415,788
Total both companlesbSept 7,682,913 6,358,633 2,111,350 1,296,515
July 1 to Sept 30______22,538,507 17,177,221 5,863,478 3,076,263
Reading Company__ Sept
______
167,458
166,376
July 1 to Sept 30______
______
______
497,248
498,222
Total all companies. .Sept
__
.
.
2,278,808 1,462,891
______
______ 6,360,726 3,574,485
July 1 to Sept 30______
Rock Island L in es.b ...S ep t 6,338,015 5,931,596 1,850,705 1,819,252
July 1 to Sept 30______18,670,284 16,764,866 5,537,615 4,470,596
St L Rocky Mt & Pac.a,Sept
165,169
141,940
44,586
45,970
470,438
July 1 to Sept 3 0 ..........
393,292
120,567
127,367
St Louis & San Fran.b-Sept 4,047,012 3,604,598
.
1,418,908 1,179,813
July 1 to Sept 30______11,466,350 10,435,247 3,726,812 3,403,325
St Louis Southwest.a.-Sept 1,118,964 1,006,447
378,685
340,167
July 1 to Sept 30_____ 3,278,734 2,762,394 1,029,121
796,531
Southern Pacific.a------- Septl2,719,893 11,612,945 4,922,863
_
.
4,636,478
July 1 to Sept 30--------- 36,929,471 33,890,847 13,912,614 11,933,518
Southern R ailw ay.b .. .Sept 5,548,087 5,424,254 1,844,357 1,823,970
July 1 to Sept 30---------16,644,290 15,487,181 5,279,652
------------- 5,099,965
----Mobile & O hio-b___ Sept
974,455
910,330
261,856
244,005
July 1 to Sept 30--------- 2,925,382 2,704,234
770,416
705,259
Cln N O & Tex Pac.b.Sept
837,968
849,055
302,524
347,796
July 1 to Sept 30______ 2,447,493 2,406,505
846,311
976,632
Ala Gt Southern, b __ Sept
412,440
398,461
132,491
130,889
July 1 to Sept 30______ 1,204,940 1,118,950
359,086
361,139
Ga Southern & Fla.b.Sept
194,717
208,651
35,087
55,845
July 1 to Sept 30_______
583,902 587,420
132,657
108,583
Union Pacific.a______ Sept 9,048,411
8,377,782 4,215,513 3,958,932
July 1 to Sept 30______25,318,432 23,477,028 11,420,354 10,250,969
Virginia & So W . b -------Sept
139,715
152,155
38,618
62,773
July 1 to Sept 30--------440,940
430,320
131,436
*168,472
Yazoo & Miss Valley .a-Sept
848,513
781,778
124,043
122,664
July 1 to Sept 30--------- 2,333,509 2,323,440
179,091
391,614
INDUSTRIAL COMPANIES.
-N et Earnings----------- Gross Earnings-----Companies.

Current
Year.

Previous
Year.

5
$
Atl Gulf & West Indies SS lines—
(Subsidiary cos)-------Aug 1,464,781 1,274,850
Jan 1 to Aug 3 1 ______11,950,234 11,271,872
Northern Ont Lt & I’ .a.A ug
35,501
.
Jan 1 to Aug 31--------280,628
______
Southern Cal Edison ...S e p t
381,396
339,841
Jan 1 to Sept 30______ 3,231,360 2,729,674

Current
Year.

Previous
Year.
S

234,809
122,987
1,611,189 1,760,738
24,810
189,823
151,266
179,735
1,486,410 1,394,586
a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.
c After allowing for outside operations and taxes, operating income for
$322,988, against §430,749; from July 1 to Sept. 30 was
§759,644 In 1912, against §829,620 last year.
d After allowing for outside operations and taxes, operating Income for
Sept. 1912 was 8970.745, against §776.925; and from July 1 to Sept. 30 was
§2,135,836 in 1012, against §1.413,423 last year.
c Includes the Northern Ohio RR.
1 1ncludes not only operating revenue, but also all other receipts.
0 These results arc In Mexican currency.
h For Sept. 1912 additional Income is given as showing a deficit of §8 988
against a credit of §3,574 In 1911, and for period from July 1 to Sept 30
was a deficit of §18,967 in 1912, against a credit of §9,974 last year
’
q Includes the Boston & Albany, the N. Y. & Ottawa, the St.Lawrence &
Adirondack and the Ottawa & N. Y. Ry., the latter of which being a Cana
dian road, docs not make returns to the Inter-State Commerce Commission
s After allowing for miscellaneous charges to income for the month of
September 1912, total net earnings were §239,898, against § 2 6 8 5 5 2 last
year, and for the period from July 1 to Sept. 30 were §846 416 this "vear
against §965,347.
’

THE CHRONICLE

1196
GROSS EARNINGS.
------ Latest Month —
1912.
1011.
S
5
14,551
11,034
Central Mass Lt & Pow.Aug
10,541
13,064
Commonw’lth Gas & El.Aug
Dedham & Hyde Park Gas
5,576
5,195
& E le c tr ic ..............--A u g
50,752
53,710
Dayton (O) Pow & L t-.S cp t
1,820
3,070
Gardner (Mass) Fuel&LtAug
6,627
6,914
Marlboro (Mass) Elec__ Aug
77,684
87,442
Mass Lighting Cos____ Sept
36,713
41,124
Mass Northern Rys........ Aug
6,177
8,047
Weymouth Lt & Power.Aug
— Latest Month -----1911.
1912.
8
S
45,238
48,500
Columbia (S C) Ry,G&E Aug
13,578
15,232
Marlon (Ind) Lt & Htg.Aug
White River (Vt) R R —
Jan 1 to Aug 17--------— Latest Month -----1911.
1912.
8
S
13,508
14,555
Lynn (Mass) Realty Tr.Aug
— Latest Month -----1912.
1911.
$
§
38,937
42,130
Union (Dubuque, la) El.Aug

-J u ly 1 to Latest D ate-

1912.
5
27,261
25,574

1911.
?
21,256
21,157

9,920
10,997
141,086
150,414
3,534
5,901
14,428
13,733
236,485
211,950
82,234
76,718
15,311
11,797
-J a n . 1 to Latest Date1912.
1911.
8
8
421,785
370,469
129,978
115,524
28,646
25,695
-Oct. 1 to Latest Date1912.
1911.
S
8
154,046
143,306
-S ep t. 1 to Latest D ate1912.
1911.
8
8
402,107
433,123

lharges and Surplus.
Roads.

•Int., Rentals, & c. ----- —Bal. of Net Earns .—
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.

8
178,011
Buffalo Roch & Plttsb-.Sept
532,598
July l to Sept 30--------210,669
Chicago Grt Western__ Sept
664,606
July 1 to Sept 30--------210,292
Chic St P Minn & Om___Sept
561,420
July 1 to Sept 30--------282,980
Colorado Southern.------ Sept
848,482
July 1 to Sept 30--------67,347
Cuba R R ______________Sept
200,097
July 1 to Sept 30--------66,187
G eorgia---------------------- Sept
July 1 to Sept 30--------212,290
Missouri Pacific_______ Sept 1,510,699
July 1 to Sept 30--------- 1,573,434
852,000
Reading Company_____ Sept
July 1 to Sept 30--------- 1,556,000
33,149
St Louis Rocky Mt & P.Sept
98,588
July 1 to Sept 30--------St Louis Southwest____Sept
224,981
676,477
July 1 to Sept 30______

5
8
8
171,108
£171,251
£158,872
517,318
£469,221
£567,449
£184,618
227,639
£197,693
084,473
£427,810
£314,902
166,009
280,550
290,805
509,965
588,093
450,306
£244,883
277,096
£215,517
£678,492
832,368
£460,523
58,882
67,515
60,125
168,420
204,689
180,375
£64,447
68.807 £def34,540
£57,378
192,102xdef 111,462
£8,093£def301,178
1,490,073
£282,409£df 1,412248
4,518,783
839,916 1,426,808
622,975
2,519,748 3,804,726 1,054,737
31,281
11,437
14,689
92,315
35,052
21,979
193,283
£241,846
£213,834
578,517
£559,276
£390,793

[V O L . L X X X X V

------ Month of June ------ — July 1 to June 30
1911.
1912.
1912.
1911.
8
8
8
8
.
120,302
113,348 1,263,543 1,227,454
Misc. transportation revenue
4,819
5,478
485
506
Non-transportation revenue..
National Express Co .—

Gross receipts from op er..
Express privileges— Dr

120,809
65,043

113,834
53,147

1,209,022
529,006

1,232,274
477,515

Total operating revenues. .
Maintenance-------------------Traffic expenses--------------Transportation expenses------.
General expenses-------

55,765
5,112

60,680
Cr. 1,940

754,759
7,759

51,731
3,053

50,227
2,969

740,015
14,017
30
579,991
36 439

Total operating expenses. Net operating revenue-----One-twelfth of annual taxes.

59 90o
— 4 139
442

51 256
9 429
1 398

63 1 378
108 636
5 822

609 372
145 386
5 728

Operating income...............
Mileage of all/Steam roads,
lines covered\Other lines..

Express revenue----------------Misceil. transporta, revenue.
Non-transportation revenue.

564,247
37 305

139 658
8 031
1 422
218
-Northern Express — ------ Globe Express
----------- July -------------- —-----------July -------4 582
1 408
218

8
8323,217

5
79,922

5
8281,354

8
74,674

3,343

2,981

1,122

577

Gross receipts from op er..
Express privileges— Dr.........

8326,560
173,468

8284,335
143,806

81,045
40,400

75,252
37,872

Total operating revenues. Maintenance-------- ------------Traffic expenses-------- -------Transportation expenses----General expenses..................

8153,091
81,965
3,216
83,734
8,324

8140,529
81,237
3,178
79,887
7,559

40,584
893
1,659
25,130
3,980

37,379
684
1,748
24,608
3,567

Total operating expenses.Net operating revenue----One-twelfth of annual taxes .

897,240
55,850
4,500

891,862
48,667
4,500

31,602
8,921
800

30,608
0.770
800

Operatng Incom e------- . . .
Mileage of all/Steam roads,
lines coveredlOthcr lines.-

851,350
7,310
315

844,107
7,456
270

8,121
2,903

5.970
2,903

ELECTRIC RAILWAY AND TRACTION
Latest Gross Earnings.
Name of
Road.

Week or
M onth.

Current Previous
Year.
Year.

COMPANIES.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
8
S
8
274,557
285,114
35,733
37,099
Atlantic Shore R y --- September
1,344,192
cAur Elgin & Chic Ry September 182,851 107,422 1,430,292
438,368
525,050
57,994
66,175
Bangor Ry & ISlecCo September
75,617
95,750
9,997
11,767
Baton Rouge Elec Co A u g u st__
255,082
282,855
37.018
39,699
Binghamton Railway A ugu st__
81,589
82,803
14,872
15,958
A
ugust__
Brock & Plym St R y.
11,113,047
Bklyn Rap Tran Syst J u n e _____ 2195,014 2045,385 11,072,610
INDUSTRIAL COMPANIES.
213,184
225,729
29,834
31,598
A
ugu
st__
Cape
Breton
Elcc
Co.
200,229
— Int., Rentals, & c .- — Bal. of Net Earns .— Carolina Pow & Lt Co July .........
240,597
20,980
36,267
Current
Previous
300,477
Current
Previous
314,935
57,747
57,866
Cent Park N & E Rlv J u n e _____
Year.
Year.
654,401
Year.
Year.
Companies.
088,757
77,164
74,555
September
Central
Penn
T
r
a
c
...
697,236
8
$
$
$
782,340
83,116
94,808
Chattanooga Ry & Lt September
244,915
Atlantic Gulf & West Indies
255,450
43,385
39,901
A
u
g
u
st__
Clev
Painesv
&
East.
104,623
def3,938
SS lines (subsid cos)..A u g
130,186
126,924
846,214
.
877,712
107,155
109,713
September
560,855
733,232 Clev Southw & Colum A ugu st__
314.778
1,027,506
Jan 1 to Aug 31_ 1,050,334
350,006
39,574
44,758
Columbus (Ga) El Co
91,194
125,068
Southern Cal Edison------ Sept
60,072
54,667
Commonw P, Ry& Lt September 548,102 473,287 4,581,910 3,980,458
709,978
719,888
949,343
896,917
Jan 1 to Sept 30.
537,067
497,669
Coney Isl’d & Bklyn. J u n e ____ 169.552 154,490
Dallas Electric Corp. August __ 147,351 129,85) 1,133,367 ,1,019,043
x After allowing tor other Income received.
Detroit United R y .-- 2d wk Oct 213,982 190,009 9,096,100 8,009,959
298,824
300,716
51,417
50,923
D D E B & Batt(Rec) J u n e ____
EXPRESS COMPANIES.
746,810
701,755
Duluth-Superior Trac A ugu st__ 105,656 103,279
----------- June ------------- — July 1 to June 30—• East St Louis & Sub. September 217,962 197,030 1,773,135 1,067,850
430,457
495,618
1912.
1912.
1911.
1911.
63,401
50,588
E1 Paso Klee Cos----- A ugu st__
752,788
804,189
8
8
8
8
Adam s Express C o .—
159.199 142,891
42dSt M&SNAv(Rec) J u n e ____
990.732
199,208 142,326 1,302,842
Express revenue----------------- 2,974,532 2,732,567 33,750,833 32,470,578 Galv-IIous Elec C o.. August —
872,874
117,851 Grand Rapids Ry Co. September 109,59
125,586
10,624
10,523
924,205
107,168
Misc transportation revenue
309,535
200,755 Havana Electric R y . Wk Oct 27 48,172
25,975
31,495
42,296 2,102,300 1,967,695
Non-transportation revenue.
Gross receipts from o p e r.. 3,016,552 2,769,166 34,191,955 32,855,185 Honolulu Rapid Tran
325,519
305, 102
42,616
45,088
& Land Co_______ August __
Express privileges— Dr ------- 1,830,296 1,416,024 17,833,972 17,083,831
204,222
203 711
28,534
28,314
Co Trac Co August —
507,694
Total operating revenues.. 1,186,255 1,353,142 10,357,983 15,771,353 Houghton
112
1,842
070,177 Hudson & Manhattan J u n e ____ 283,357 237,920 4,698 763
835,193
Cr 18,715
62,700
387,702
Maintenance---------------------619,457
570,166
A
u
g
u
st__
Illinois
Traction..
74,613
112,935
10,530
,088,032
12,002
Traffic expenses----------------,404
23,438
2442,320
2373,478
September
Interboro Rap Tran.
377,688
Transportation expenses___ 1,118,260 1,063,016 13,175,087 12,525,082 Jacksonville
399 124
44,565
48,856
Trac Co. August __
68,026 1,029,376 1,000,568
102,022
837,409
General expenses--------------872, 777
Lakc Shore Elec R y. August . . . 147,887 143,584
92,147
14,271,041
233
15,152,593
90
1,304,992 1,122,848
22,718
19,870
Long Island Electric. J u n e .........
,238,933
230,294 1,205,390 1,500,312 Mllw El Ry & Lt Co. A u g u st__ 469.200 419,404 3,012 311
— 118,737
738,479
245,179 Milw Lt, Ht & Tr Co. August —
816 ,484
224,398
1,649
4,539
131,833 121,505
One-twelfth of annual taxes.
543,669
027 ,613
74,770
83,786
228,645
980,991 1,254,832 Monongahela ValTrac September
Operatlng income.............- — 123,277
137,810
213 ,510
20,014
39,507
N Y City Interboro.. J u n e ____
32,520
32,784
Mileage of all/Steam roads.
177,179
,238
180
35,541
37,178
N Y & Long Isl Trac. J u n e _____
4,780
3,775
__________
............. lines covercd\Other lines..
587.597
031 ,004
118,950
132.479
J
u
n
e
_____
N
Y
&
Queens
C
o
__
,969,721
------ Month of June ------ ---- July 1 to June 30 —
,730
9,011
1
148,050
1165,081
A
u
g
u
st__
New York Railways.
127,034
1912.
1912.
1911.
1911.
138 ,174
17,567
t6,000
Northam Easton & W September
,019,746
,866
8
8
Amertcan Express Co .—
8
8
Ohio Trac & Lt September 268,074 246,015 2,247
,041,916
,837
1,088
Express revenue----------------- 3,554,599 3,356,224 41,951,581 39,981,308 North
135,529
147,203
A
u
gu
st__
North Texas Elec Co
30,709
Misc. transportation revenue
45 ,030
13,424
17,326
...
151,913 1,700,292 1,701,887 Ocean Electric (L I). June
170,429
157,544
Non-transportation revenue.
184 ,965
21,470
23,954
Paducah Tr & Lt Co. A ugu st__
187,725
,457
188
23,555
43,714,874
41,683,196
25,905
3,508,138
3,712,144
Gross receipts from o p e r..
Pensacola Electric Co August —
,348,089
Exprcss privileges— D r ------- 2,197,021 1,713,520 21,076,806 19.372,526 Plilla Rapid Trans Co September 1926,043 1899.351 17,114 ,260
,697,008
517,830 4,018 ,750
Total operating revenues . 1,515,122 1,794,611 22,038,068 22,3 10,669 Port(Ore) Ry,L&PCo. September 542,387
5,478
,299
680,205
Puget Sd Trac, L & P August __
370,943
Cr.366 1,022,453
688,306
Maintenance---------------------159,748
35,651
167 ,368
38,720
June
.
.
.
371,176
Richmond
Lt
&
R
R
.
34,065
3
11,618
31,525
Traffic expenses___________
Rlo dc Janeiro Tram
Transportation expenses----- 1,569,625 1,435,521 17,949,819 16,582,961
8,403,502
9,509,277
1149,851
Light & Power Co. August __ 1272,527
110,411 1,582,567 1,413,911
150,974
General expenses--------------St Joseph (Mo) Ry.Lt
812,865
804,225
Total operating expenses. - 2,125,009 1,577,091 20,920,0 16 18,996,707
90,200
95,875
Heat & Power C o .. September
3,313,871
1,712,021
217,520
—
610,487
Net operating revenue----371,606
353,357 Santiago Eleo Lt. &
42,126
258,086
299,705
25,618
30,499
One-twelfth of annual taxes.
30,122
T raction_________ September
175,395 1,340,415 2,900,514 Sao Paulo Tram,L&P August . . . 387.480 303,796 2,903,831 2,271,490
Operatlng income________ — 636,105
488,502
452,985
58,081
04,073
5,439
56,402
Savannah Electric Co August __
Mileage of all/Steam roads,
424,608
402,217
80,283
90,058
2,985
2,538
lines covcred\Other lines.
Second Avenue (Hcc) J u n e ____
05,206
57.265
11,909
14.837
Southern Boulevard. J u n e ____
United States Express.
Great Northern.
140,843
10,312
160,772
19,676
Sou Wisconsin Ry Co September
117,428
28,383
31,424
123,340
Staten Isl’d Midland. J u n e ____
1912.
1911.
1911.
1912.
56,408
448,448
02,981
496,203
Tampa Electric Co__ August __
8
8
8
$
333,854 321,829 1,883,583 1,778,909
243,121 1,763,842 1,579,025 Third Avenue (Rec). June . .
310,223
Express revenue...........
230,688
259,878
Tri-City Ry & Lt Co. August —
Misc. transportation revenue
26,246
1,170
25,918 Twin City Rap Tran. 3d wk Oct 154,793 147,050 0,555,219 0,290,554
3,595
Non-transportation revenue.
Underground Eleo Ry
244,292 1,790,089 1,604,943
3 1 , 8 19
Gross receipts from o p e r..
of London—
888,535
788,08 6
1 10,732
£580,120
187,545
Express privileges— Dr_____
Three tube lines__ Wk Oct 26 £14,435 £14,025 £580, 415 £506,975
901,553
97,559
810,256
Total operating revenues..
Metropolitan Dlst. Wk Oct 26 £13,160 £12,028 £534, 594
126,274
40,700
1,782
34,112
United Tramways Wk Oct 26 £5,539 £5,574 £271, 018 £285,079
2,104
Maintenance _______________
11,731
10,361
1,585
Traffic expenses....................
London Gen’l Bus Wk Oct 26 £55,229 £37,582 £2,184 069 £1,616,535
2,444
830,549
790,3 13
65,919
q’ ransportatlon expenses___
74,945
Union (R ec)_______ J u n e ------- 244,454 282,120 1,207, 987 1,171,305
50,260
49,138
3,728
4,449
General expenses........ ..........
Union, RyG&ECO(Ill) September 345,875 257,203 2,772, 537 2,275,402
1001,729 9.075, 005 8,859,508
933,241
73,015
889,954 United Rys of St L .. September 1031,600
83,943
Total operating expenses..
Unlted RRs of San Fr liny ......... 687,013 644,512 4,795, 12 4,405,047
42,330
24,544 — 31,688 — 73,697
Net operating revenue-----274,870
57,875
272, 722
57,176
June
Westchester
El
(Rec)
10,213
9,899
3,404
4,713
One-twelfth of annual taxes.
327,044
69,044
350, 156
05,051
Yonkers RR (R e c ).. June
-41,901
175,400
21,139
— 83,597
37,616
Operating income-----------23,759, 22,798
170 ,153
Youngst
tc Ohio Rlv.September
28,817
8,466
28,965
8,644
Mileage of all/Steam roads.,
337
405
3,983
e These figures are for consolidated company.
3,943
lines coveredlOthcr lines..




THE CHRONICLE

N o v . 2 1912 ]

Electric Railway Net Earnings.— The following table gives
the returns of ELE C T R IC railway gross and net earnings
reported this week:
-------Gross Earnings

------ Net Earninos------Current
Previous
Year.
Year.
$
$
35,109
39,901
99,951
117,016

Year.
$
66,175
200 ,892

Year.
$
57,991
173,719

2,821,607

2,772,291

1,291,816

1,227,739

94,808
782,346
109,713
877,712
548,102
4,581,910
226,365
1,972,849
1,059,318
8,661,209
217,962
1,773,135
146,622
Federal Lt & T r a c .a __ Sept
Jan 1 to Sept 3 0 ........... 1,232,429
68,288

83,116
697,236
107,155
846,214

38,543
316,784
50,414
364,903

34,157
290,480
49,279
369,506

473,287
3,980,458
194,614
1,682,881
912,321
7,627,491
197,030
1,677,850
126,888
1,070,406

231,315
1,903,094
100,312
889,533

204,731
1,676,076

337,706
2,977,961

317,068
2,710,248
85,588
718,719
51,267
421,148

107,168
872,874
2,373,478
6,607,369

51,143
407,239
1,239,490
3,392,885

51,671
380,089
1,163,888
3,027,710

Roads.
Bangor R y & E le c t.a --S e p t
July 1 to Sept 30---------Bay State St R y .b —
July 1 to Sept 3 0 ...........
Chattanooga R y & Lt .a.Sept
Jan 1 to Sept 3 0 ---------Cleve Southwest & Col b Sept
Jan 1 to Sept 3 0 ---------Com'wealth IJ R y & L.a.Sept
Jan 1 to Sept 3 0 ---------Consumers Pow C o .a __ Sept
Jan 1 to Sept 3 0 ------ .
D etroit United R y b -.-S e p t
Jan 1 to Sept 3 0 ------ .
East St Louis & Sub .a .S e p t
Jan 1 to Sept 30----------

Grand Rapids R y . a ------ Sept
Jan 1 to Sept 3 0 ---------Interboro Rap T ra n s.a -S ep t
July 1 to Sept 3 0 ............
Mass Elec C o s.b —
July 1 to Sept 3 0 ...........
Monongahela Vail T r.b -S e p t
Jan 1 to Sept 3 0 --------New Orleans R y & L t .a —Jan 1 to Sept 3 0 ...........
North Ohio T ra c& L t.a .S ep t
Jan 1 to Sept 3 0 ...........

109,592
924,265
2,442,320
7,042,881

101,068
772,158
64,132
502,096

88,430
795,464

33,670

2,821,607
83,786
627,613

2,772,291
74,770
543,669

1,291,816
53,723
376,863

1,227,739
50,143
354,831

4,878,980
268,074
2,247,866

4,009,255
246,015
2,019,746
517,830
4,697,608

1,709,902
117,203
909,242

96,209
811,865
689,096
5,852,438

1,898,705
121,672
990,295
269,565
2,440,483
39,004
363,635
379,157
2,979,162

257,203
2,275,402

147,857
1,127,167

116,690
952,710

542,387
P ortl’n (Ore) R y L & P.aSept
Jan 1 to Sept 3 0 ______ 4.918,750
St Jos R y L t l i t & P .a .S e p t
95,875
Jan 1 to Sept 3 0 ______
861,225
Tw in City R ap T ra n s.b .S ep t
730,844
Jan 1 to Sept 3 0 ........... 6,089,072
Union R y G & El (111) .a.Sept
345,875
Jan 1 to Sept 3 0 ------ --- 2,772,537
United Lt & R ys (Including
subsidiary c o s )--------- Sept
389,124
July 1 to Sept 3 0 --------- 1,165,269

360,839
1,062,283

174,398
509,349

255,989
2,399,192
30,701
301,571
373,700
2,953,651

153,676
448,412

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

Interest Charges and Surplus.
Roads.
Bangor B y & E le c t ------Sept
July 1 to Sept 3 0 ______

-Int., Rentals, etc.— — Hal. o f Net Earns.—
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
5
16,620
13,139
23,281
21,050
49,736
39,235
67,280
60,716

Bay State St R y —
July 1 to Sept 3 0 ...........

495,762
22,596
Chattanooga R y & Lt__Scpt
Jan 1 to Sept 3 0 ______
196,789
Cleve Southwest & C o l..S e p t
31,886
Jan 1 to Sept 3 0 ...........
277,409
C om ’wcalth P R y & L t.S e p t
128,881
Jan 1 to Sept 30______ 1,117,240
Consumers Power C o___ Sept
52,391
Jan 1 to Sept 3 0 ______
460,114
D etroit United R y ----------Sept 175,756
Jan 1 to Sept 30______ 1,594,583
East St Louis & S u l)____ Sept
48,555
Jan 1 to Sept 3 0 ............
433,677
General Gas & E le c------- Aug
20,266
Grand Rapids R y ----------- Sept
14,753
Jan 1 to Sept 3 0 ............
131,794
In terb oro R ap Trans___ Sept 920,592
July 1 to Sept 3 0 --------- 2,758,665
Mass Elec Cos—
July 1 to Sept 3 0 ...........
495,762
M onongahela Vail T ra c.S ep t
24,737
Jan 1 to Sept 3 0 - ..........
186,818
New Orleans R y & Light—
Jan 1 to Sept 3 0 ........... 1,179,203
North Ohio Trac & L t .-S e p t
51,598
Jan 1 to Sept 3 0 ...........
415,340
Portl (Ore) R y Lt & I*..S ep t
148 320
Jan 1 to Sept 3 0 ---------- 1,308,532
St Jos R y Lt l i t & P ow .S ep t
19,710
Jan 1 to Sept 3 0 ______
177,009
Twin City Rap T r a n s ___Sept
143,079
Jan 1 to Sept 3 0 ........... 1,284,712
Union R y Gas & El (111) .Sept
91,502
Jan 1 to Sept 3 0 . .........
686,974
United Lt & Itys (Including
subsidiary cos) ........... sep t
74,930
July 1 to Sept 3 0 ______
228,904

468,676
20,134
177,933
30,356
270,792
108,383
939,770
43,494
354,520
177,196
1,588,689
46,377
410,135
15,007
135,361
910,885
2,704,824
468,676
17,021
116,178

796,054

759,063

15,947
14,023
119,995
112,547
18,528
£19,529
£88,026
£104,635
102,434
96,348
785,854
736,306
47,921
44,936
429,419
440,944
£178,728
£156,746
£1,535,137 £1,282,371
52,513
39,211
338,481
308,584
13,404
36,390
36,664
275,445
244,728
£352,259
£287,040
£723,990
£408,676
796,054
28,986
190,045

33,122
208,653

650,916
1,170,295
70,074
44,321
574,955
399,070
121,245
127,604
1,119,544 1,131,951
19,294
19,381
186,626
173,475
236,079
140,079 ,
1,260,712 1,694,450
64,297
56,355
552,772
440,193

490,875
72,882
510,172
128,385
1,279,648
11,320
128,096
233,621
1,692,939
52,393
399,938

78,310
233,491.

99,468
280,444

75,366
214,921

■£ A fter allowing for other Income received.

AN NUAL R EPORTSo
Annual Reports. An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published.
The latest index will be found in the issue
of Oct. 2G. The next will appear in that of Nov. 30.




1197

Chicago Burlington & Quincy R R .
{Report fo r Fiscal Year ending June 30 1912.)

The annual report is given on subsequent pages, embracing
the remarks of President Darius Miller, comparative income
account, traffic and mileage statistics for two years, and also
the detailed balance sheet.
Below we give comparative statistics and income account
for four years and balance sheet for two years.
T R A F F IC S T A T IS T IC S .
1908-09.
1911-12.
1910-11.
1909-10.
9,023
Average miles operated.
9,074
9,072
9,023
Operations—
Revenue pass, ca rr ie d .. 22,404,120 22,014,305 21,512,255 2 0,227,505
R ev. pass. car. 1 m ile ..1100846,373 1173135,093 1189871,613 1056225,686
1.881 cts.
1.854 cts.
Rate per pass, per m ile.
1.915 cts.
1.922 cts.
Revenue freight (t o n s ).. 30,111,513 28,328,338 27,867,618 25,055,767
R ev. freight (tons) 1 m .7675979,757 7116005,120 7435141,216 6620646,367
R ate per ton per m ile.
0.752 Cts.
0.816 cts.
0.783 cts.
0.789ctS,
A ver. No. of tons per
train m ile____________
437.75
406.33
381.26
387.44
SI .46264
$1.04401
$1.51109
$1.44743
Earns, per pass, train m.
$3.31378
$2.98566
$3.05713
Earns, per freight train m. $3.29282
Oper. revenues per m ile.
$9,557
$9,730
$9,738
$8,712
IN C O M E AC C O U N T.
1910-11.
1911-12.
$
Operating Revenues—
$
F r e ig h t ---.................
57,740,418 58,033,243
P a ssen ger_____________ 21,083,419 22,552,567
Mail, express & m ls ce l.. 6,978,540
6,748,795
Other than transp. r e v -788,589
832,357
132,102
Joint facilities.................
105,246

1909-10.
$
58,224,537
22,380,306
6,350,214
812,441
102,019

1908-09.
$
52,240,921
19,585,305
6,016,768
682,504
87,131

T otal oper. re v e n u e .. 86,723,068
Operating Expenses—
Maint. of way & struct13,541,030
M alnt. of e q u ip m en t-- .
14,294,033
Traffic expenses------------ 1,528,115
Transportation expenses
29,020,384
General expenses............ 2,263,387

88,272,208

87,869,517

78,612,629

12,406,279
14,761,137
1,581,805
28,543,204
2,249,500

15,725,461
15,057,165
1,654,452
28,340,052
2,233,835

12,986,773
13,366,415
1,576,361
24,554,729
2,076,719

T otal oper. expenses. 60,646,949
Per cent of oper. expenses
to revenue___________
(69.93)
Net operating rev en u e.- 26,076,119
Outside oper.— n e t d e f ..
122,701

59,541,926

63,010,965

54,560,997

(67.45)
28,730,282
107,089

(71.71)
24,858,552
164,282

(69.40)
24,051,632
158,407

T otal net revenue____ 25,953,418
Taxes accrued__________ 3,303,058

28,623,193
3,049,124

24,694,270
2,970,737

23,893,225
2,517,018

Operating Incom e____ 22,650,360
Joint facilities, &c., rents
614,749
Incom e from invests, &c. 1,536,295

25,574,069
676,479
1,498,220

21,723,533
745,786
1,777,908

21,376,207
653,749
290,097

Gross corporate I n c .. 24,801,404
Deduct—
Hire of equipment— b a l.
478,776
Joint facilities, &c_____
990,279
Interest on funded d e b t. 8,547,309
M iscellaneous__________
20,307
Sinking fun ds__________
657,979
A pprop. for betterments 3,944,216
Dividends ( 8 % ) _______
8,867,128

27,748,768

24,247,227

22,320,054

T otal deductions_____ 23,505,994
Balance, surplus_______
1,295,410

24,598,888
3,149,880

June 30
Year—
1911-12 . .
1910-11 . .

663,942
946,694
8,626,370
5,689
662,310
4,826,755
8,867,128

910,7671
853,746/
8,506,016
1,078
666,874
3,329,006
8,867,128
23,134,615
1,112,612

Net
Other
Rents
(.after taxes.) Income.
(C r.)
Gross.
..$9 2 3 ,3 60 def.$5,549 $23,902 $47,621
. . 747,726 def .104,865
31,124
21,892

1,307,790
7,875,507
89,847
675,829
2,237,081
8,867,128
21,053,182
1,266,872

Bettermeats.
$22,629
25,597

Bal.,
Def.
$6,639
139,694

GEN ER AL B A L A N C E S H E E T JU N E 30.
[For further details of 1912 balance sheet, see page 1214.]
1912.
1911.
1912.
1911.
Liabilities—
Assets—
S
S
S
•S
Road & cquipta382,972,533 376,507,939 Capital stock-.-110.839,100 110,839,100
Stocks & bonds. 27,600,503 27,613,926 Funded d e b t.. .209,853,000 209,809,000
Traffic, &c., bals 1,669,785 1,285,231
Adv. to prop.,
Vouchcrs&wages 7,955,602 6,599,261
&c., cos. for
construe., &c.
402,260
402,110 Matured interest
Mlscel. invests-. 2,976,743
2,707,624
2,150,140
divs., &c___ 2,182,398
Cash_________
8,73),765 10,652,950 Matu’d bds., &c.
6,000
59,000
Ronds In treas’y 10,625,808
447,330
9,318,200 Miscel. accounts
531,115
Marketable sec's
824,972
828,472 Accrued interest,
divs., A c___
1,493,729
1,483,594
Loans&bills rec. 2,895,531
2,023,087
Traffic, &c„ bals
692,578
72,000
68,400
748,879 Accrued taxes..
Agts.& conduc’rs 2,247,678
1,510,448
1,954,993 Oper. reserves.. 1,388,829
Mater’ls&suppl’s 6,806,180
7,812,558 Liabil. i n acct.
4,170,484
Mlscel. accounts 4,215,503
of prov. funds
496,539
496,539
Temp, advs., &c 1,303,000
715,942 Oth.def.cred.items 329,513
201,079
Sinking funds-. 18,281,801 17,246,689 Add’ns to prop,
Provident funds
496,539
496,539 since June30’07
through income 17,523,473 13,579,257
Unexlsting disc.
318,013 Sinking funds.. 31.321,700 29,752,509
on funded debt
311,199
Income account 46,230,663 44,935,253
Other deferred
1,325,786 Profit and loss.. 41,941,882 42,203,265
debit items.. 2,364,957
T o ta l............ 473,751,542 465,504,191

T o ta l............. 473,751,542 465,504,191

a A fter deducting reserve for accrued depreciation, $17,838,322.— V . 95,
I). 480, 236.

Chicago & Eastern Illinois R R .
{Statement fo r the Fiscal Y ear ending June 30 1912.)

The results for the fiscal year, including the Evansville &
Indianapolis R R ., compare as follows:
The results for the fiscal year, including the Evansville & Indianapolis R R ., com
pare as follows:
1910-11.
7911-12.
1911-12.
1910-11.
8
S
.
S
Operating revenue 15,215.513 14,880,409 Total income........ 4,718,361 5,219,097
Deduct—
Operating exps.. .10,899,752 10,105,097
Interest................ 2,985,583 2,831,944
674,979
845,386
Net oper. rev. . 4,315,761 4,775,312 Rentals................
426,593
461,969 Pref.divs. (6%) . .
Taxes .............. .
591,963
529,842
Com. divs___ (5%)360,890(9M)685,691
Oper. income. . 3,889,168 4,313,343
829,193
905,754
Other Income— .
Tot. deductions 4,613,415 4,892,863
Balance, Surplus..
i04,946
326,234
Total Income.. . 4,718,361 5,219.097
— V. 95, p. 749, 110.

St. Louis Rocky Mountain & Pacific Company.
{Report fo r Fiscal Year ended June 30 1912.)
J. van Houten, 1st V.-Brest. & Gen. Manager, Raton,
N . M ., Sept. 3, wrote in substance:
Results.— 'The markets for fuel in the territory Immediately tributary to
y o u r mines showed some improvem ent over the previous year, particularly
as to coal for dom estic use, and shipments of this fuel covered considerable
new territory in Nebraska. Kansas, Oklahoma and Texas. The demand for
c o k e , however, continued light, and the war in M exico caused almost com 
p lete suspension o f shipments o f coal and coke to that country last vear.

THE CHRONICLE

m )S

The decrease In annual surplus earnings (from 5227,460 to $116,021)
was occasioned partly b y the curtailment of shipments to Mexico on account
o f tnc war and decrease in sales of coke; by the extra cost of coal produced
at Sugar!te mine during the period of developm ent, which was charged to
operating expenses instead of to im provem ent account, and by the cost
of replacing ties and wooden bridges put in seven years ago, which cost was
also charged to operating expenses for the fiscal year instead of being dis
tributed over the seven years. There have also been considerable amounts
expended in developm ent work in the mines at Gardiner, Brilliant, Van
lloutcn and Koehler, and charged to operating expenses, which will serve
to increase net earnings in subsequent years.
Outlook.— The higher price o f copper which has now been maintained for
some months has caused a marked revival of tire mining industry in New
Mexico and Arizona, and the demand for coke is Improving. There has also
been a steady increase in sales o f coal and coke to sugar factories, and of
coal for use at pumping plants or towns and irrigation works.
The most encouraging feature of the fuel situation or this' com pany,
however, is the gradual but sure tightening o f the lines in the oil business.
During tile last few months there has developed a marked determination on
the part of the large oil producers to discourage the use o f crue l oil as fuel,
and it is apparent that railways and other large consumers must go back to
coal.
Tlic condition of all your properties is all that could be desired. The
continued regularity and thickness of the coa l veins are very gratifying.
Developm ent work has been pushed far ahead of production and the com 
bined capacity o f the five mining camps will enable the com pany to produce
8,000 tons of coal daily and 200,000 tons of coke annually for an indefinite
time without further outiay for equipm ent. Everything is in readiness to
take care of the increased dem and for fuel which m ay be expected from the
changing conditions now in progress.
There are good reasons for anticipating a substantial increase in railway
earnings for the current year. The fine crops of grain, alfalfa and fruit all
over Colfax and Union counties, and the increased acreage o f land under
cultivation along the lino of the railway promise increased freight traffic.
During the year an irrigation dam, costing about 5200,000, lias been com 
pleted,which will bring under irrigation several thousand acres of land near
M elodic on St. L. R . M. A P . B y ., and there are two other irrigation enter
prises being developed in our railway territory which should add consider
ably to the business of the railway.
Extract from Annual Report of U. S. Geological Survey for 1911.— “ The
coal of the R aton field is a true coking coal. The coal and coke com pare
favorably with those from Eastern ticlds, and there i3 no obvious reason
why they should not supply all of the needs of tile smelters of tile Southwest.
A t the present time practically all o f the coal from the Raton field comes
from a few large mines working the lowest bed of coal. There arc at least
live coal beds known to be thick enough to be of great economic Importance,
although com paratively little developm ent has been done on the higher beds.
The second bed from the bottom , known as the Sugarite coal, has been
opened east o f R aton at the Sugarite mine, and the third has been developed
to some extent at Yankee, and It is believed by some to be the same as the
coal bed opened at Brilliant, which Is located In Dillon Canon,northwest
of R aton.
(The St. Louis R ock y Mountain & Pacific Co. ranks first
among the coal operators of New M exico in production of coal during the
past fiscal year.)
Reduction of Liabilities.— In April 1912 the com pany paid off the last o f
its coupon gold notes amounting to $251,000, and has now no floating debt.
Prom the 3c. per ton set aside on all coal mined the trustee has retired
$39,000 bonds during the year.
Sugarite M in e.— This mine has been opened and equipped during the
year and has been practically on an operative basis for the last five months
o f the fiscal year. The results, as well as at the new mine at Gardiner, have
been entirely satisfactory, both as to thickness and regularity of coal veins
and quality o f coal. The Sugarite mine particularly produces a line domes
tic and steam coal, which has now been thoroughly tested on the market
and is being sold as far east as the Omaha district in Nebraska, where it is in
good dem and. The equipment of this mine will be fully com pleted within
the next 60 days and the entry developm ent has been pushed so that Its
capacity for the fall and winter trade will be 1,500 tons dally. The cost
of opening and equipping the Sugarite mine Is $176,945. The total length
of entries driven is 17,592 feet.
Railroad Betterments.— The wooden bridges on the railroad were repaired
with treated piling. There were 35,000 new ties put in, replacing the ties
which were laid at the construction of the road in 1906 and 1907. The
winter and spring were unusually storm y and w et, with much snow on the
east end of the line particularly, causing increased expense of operating
and necessitating additional ballasting in m any places.
[Attention is called to the maps in the report showing the general charac
ter of lands adjacent to the com pany’s railway, the area, A c., of the R aton
coal Helds, and the location of the properties with relation to the coal andcoke markets o f the South and VVest.l
IN CO M E AC C O U N T FOR

Y E A R S E N D IN G J U N E 30.

1911-12.
Gross revenue. . _____ $1,910,908
Cost, expenses and taxes. 1,304,819

1910-11.
$2,098,623
1,382,125

1909-10.
$1,974,244
1,306,733

1908-09.
$1,439,045
982,981

N et in co m e .. .
. .
$606,089
Interest charges . . . ----- 1 $388,368
Other d eductions_______ J
Reserved for depreciation
and renewals......... ........
101,700

$716,498
/$ 3 7 2 ,168
\ 14,952

$667,511
$391,045
10,071

$450,064
$350,935
24,752

Surplus

____________

$116,021

101,912

64,767

79,307

$227,466

$201,628

def.$4,930

CONSOLIDATED BALANCE SHEET JUNE 30.
1912.
1911.
Assets—
S
S
Property A equipment (cost)___ 19,087,933 18,773,703
300,341
Other investments 317,269
First mtge. bonds
182,000
434,736
290,124
Cash____________
176,107
246,531
Accts. receivable..
Coal and coke on
20,563
17,527
hand_____ ____
8,818
7,431
Sundry accounts..
Materials and sup115,345
111,858
plies..................
3,750
Other assets..........

1912.
1911.
Liabilities—
8
S
St.L.R.M.AP.Co.-Common stock. 10,000,000 10,000,000
Preferred stock. 1,000,000 1,000,000
First M. bonds. 7,148,000 7,4S7,000
251,000
Vouchers A wages.1 10,000
(119,706
Notes payable----- J
l ........ 133,856
Accts. payable,Ac
5,081
187,185
Accrued int., Ac.
179,810
Sundry accounts..
938
2,452
460,326
Reserved for depr.
378,919
915.S92
Surplus........ .........
813,571

T o t a l_________ 20,150,197 20,238,139
T o t a l................ 20,156,197 20.238,139
St. Louis Rocky Mountain A Pacitlc lty. Co. guarantees principal (SS0,000) and
Int. on 1st M. 7% 10-yr. gold bonds of Cimarron A Northwest. Ity. This guaranty is
secured by first lien on 22 miles of standard-gauge railroad, Ac.—V. 95, p. 1010,619.

Mobile & Ohio Railroad.
(Report fo r Fiscal Year ending June 30 1912.)

Pres. W . W . Finley, Sept. 27, wrote in substance:
The gross revenue was adversely affected by unprecedentedly unfavora
ble weather for three months of the winter and by serious Interruption
to traffic by floods in the Mississippi Valley, the main line between Mobile
and East St. Louis having been broken from the latter cause from April 3
to April 21 1912. The net Income was reduced by reason of loss in business
and increased cost resulting from these floods, and increased wages.
There lias been continued im provem ent in the agricultural and industrial
conditions of the territory served. The im provem ent in agricultural con
ditions has been due mainly to improved m ethods of farming, diversifica
tion of products, construction o f good roads and, probably m ost important
of all, the reclamation of waste lands b y scientific and effective drainage.
The last of these methods Is being successfully pursued at m any places along
the line, and especially In the rich bottom lands of Mississippi. The availa
ble agricultural lands of one of the richest counties in this State has been
doubled during the past six years by scientific; drainage.
T he com pany in the fall of 1910, In conjunction with other associated rail
way companies, organized a "co tto n culture departm en t.” The results
attained by tills department have warranted its being merged into a larger
"departm ent of farm Improvement w ork,” for the purpose not only to
prepare farmers for com batting the boll-w eevil, but also to advise them as
to the methods of culture and soil treatm ent.




[ VOL.

LXXXXV

The export and import traffic via Mobile, to which tills com pany is giving
special attention, has shown satisfactory progress during the year. Jointly
with the Southern Railway Co., arrangements have been made with the
Munson Steamship Co. for the inauguration o f line service between M obile
and the ports of Buenos Ayres, M ontevideo and Rosario South Am erica.
The first sailing from Mobile took place on Sept. 18.
OPE R AT IO N S, E A R N IN G S A N D C H AR GES.
1911-12.
1908-09.
1910-11.
1909-10.
Average miles operated.
1,114
1,114
1,114
1,114
Operattops—
Passengers c a r r ie d ____ 2,103,167
1,517,574
1,937,965
1,747,251
Passengers carried 1 mile 64,773,244 02,574,200 58,493,588 51,890,286
A v . rate per pass, per m. 2.199 c t s .
2.341 cts.
2.289 cts.
2.293 cts.
Revenue tons m oved ___ 5,994,179
5,217,311
6,023,764
5.911.133
Tons m oved one m ile___1340917,413 1331545,001 1296573.850 1147808.670
A v . rate per ton per m . 0.679 cts.
0.083 cts.
A v . rev. train-load (tons)
310
305
282
312
Gross earnings per m ile.
$10,058
$10,048
$8,730
$9,545

Operating revenues—
P a ssen g er_____________
Misc. pass, train revenue
F reig h t___________ ____
Other transportation rev.
Mail and express_______
Other than trans. re v ___

IN C O M E ACCO UN T.
1910-11.
1911-12.
S
$
1,424,357
1,432,323
37,786
38,403
9,107,093
9,098,746
130,140
119,724
368,240
390,822
139,487
119,945

1909-10.
$
1,341,263
29,530

1908-09.
$ $
1,214,599
27,231

8,835,840
356,329
73,770

8,062,187
358,900
64,749

10,030,733

0,727,726

Total oper. re v e n u e .. 11,207,732
Operating expenses—
1,269,157
Malnt. of way A s tr u c ..
Maint. o f equipm ent- . 2,002,108
415,898
T raffic expenses---------Transportation expenses 4,097,170
382,819
General expenses----------

11,197,346
1,285,758
1,910,299
385,132
3,895,803
416,994

1,218,7071
1,907,057 |
37 1,830 f 6,589,618
3,526,860
380,513 J

Total oper. expenses.
Net operating revenue. .
Outside oper.— net d e l.

8,167,152
3,040,580
11,956

7,893,986
3,303,360
14,093

7,410,907
3,225,760
30,6 13

6,589,6483,138,078
30,633

Net r e v e n u e --------------Taxes accrued__________

3,028,624
309,505

3,289,267
301,025

3,105,123
292,221

3,107,445
241,469

Operating incom e____
Rents, A c., received__
Incom e from lnvestm ’ ts.

2,719,059
73,772
156,201

2,988,242
72,085
158,103

2,002,902
86,273
143,607

2,865,976
79,632
122,975

2,949,032
T otal gross Incom e—
Deductions—
524,154
Rental S t.L .A C airo R R .
455,970
Other rents--------------...
30,896
Hire of equip.— balance
175,694
Miscellaneous . . ...........
1,225,130
Interest on bonds . . . . .
113,117
Int. on equip, obliga’ns.
D iv. on capital s t o c k .. * (4)240,824
A d d ’ns A betterm ’ ts___
10,751

3,218,430

3, 132,782

3,008,584

528,750
409,984
75,510
192,521
1,210,130
127,074
(4)242,824
8,335

491,805
461,198
109.966
159,362
1,198,880
158,985
(4)242,824
28,431

457,560
423,177
221,205
130,643
1,198,880
199,076
(5)30 1,030
19,446

2,855,740
302,690

2,851,451
281,33 1

2,951,623
116,961

Total d eductions____
Balance, surplus_______

2,776,530
172,490

* Dividend in 1911-12 was deducted from profit and loss, but
cluded for the sake of com parison.
G E N ER A L B A L A N C E S H E E T J UNE 30.
1912.
1912.
1911.
Liabilities—
$
/i
S
$
Itoad A equip’t..* 3 6 ,111,029 3 5,919,105 Capital stock____ 7,740,000
Funded debt-------25,252,000
Securities of prop.,
Equip, tr. obllg’ns 2,47G,500
Ac., cos.—
Pledged.......... - 2,914,493 2,913,493 Leasehold equip
ment equity__ 1,357,460
Unpledged____
141,801
140,801
529.009
512,706 Loans A bills pay’e 226,808
Physical property.
194,332
714.009
714,009 Traffic, Ac., bals.
Mlsc. securities__
C a s h ....................
74 i, 148
481,178 Vouchers A wages 1,462,477
395,416
Securs. in treas__ 1,710,900 1,709,900 Matured hit., A c.
306,884
Traffic, &c., bals.
217,349
225,693 Mlsc. accounts...
311,046
Agts. & conduc’s.
242,687
101,389 Accrued hit., A c ..
158,470
Material & supplies 564,978
537,971 Taxes accrued___
Misc. accounts__
730,020
608,910 Operating reserves 280,995
101,297
04,792
04,482 Oth .def.crcd.Items
Advances..............
102,480
115,883 Add’ns to property 217,660
Sinking funds----9,216 Profit and loss___ 4,918,066
Special deposits-. a3S0,402
193,883
Oth. dcf. deb. items 2S3.787
Wi

8S€t3~~~m

T o ta l................ 45,450,953 44,308,620

Is here In

1911.
S
7,730,000
25,372,000
2,390,500
1,091,210
41,667
114,600
1,159,213
398,484
274,844
310,713
150,267
238,665
123,997
206,909
4,705,551

T o ta l................ 45,450,953 44,308,020

* After deducting reserve for accrued depreciation, $2,622,606. a In 
cludes amount witli trustee under equipment trust agreement, Series F .—
V . 93, p. 1101, 1022.

Louisiana & Arkansas Railway.
(Report fo r Fiscal Year ending June 30 1912.)

Pros. W m . Buchanan, Texarkana, Sept. 10, wrote in subst.:
Results.— The gross operating revenues amounted to $1,495,111, an In
crease of S62.473, or 4 .36% . The revenue from forest products constitutes
the greater part of your revenuo tonnage, but it is gratifying to note the
substantial Increase In revenue from transportation of com m odities other
than forest products, which Is reflected in the following table;
1907-08. 1908-09. 1909-10. 1910-11. 1911-12.
Total such re v en u e..............$235,204 $238,006 $277,850 $347,488 $402,563
P e r c e it of total op. r e v ..
20.55
20.00
21.01
„ 26.93
Operating expenses amounted to $962,368 (04.37% of total oper. reve
nues), being an increase o f $53,484, or 5 .8 8 % .
Average Cost of Maintenance per M ile o f Road, &c.
[Including reserves for equipm ent depreciation c ‘*^J.gvd to op . exp.
Road M ile.
P er I.ocomo. Per Pass.Car. Oth.Cars
1911-12............................. ...$ 9 5 9
$2,286
$787 *
$103
1910-11_____ _____ ________ 911
1,934
630
100
On June 30 "the equipment reserve fund amounted to $647,302, an In
crease of $51,377 for the year.
. ,, .
.
Natchez Extension.— 'Flic construction of this extension was progressing
satisfactorily when we were com pelled to discontinue the work on account
of the flood of the Mississippi River and its tributaries. W hile this flood
caused untold damage in Louisiana, the rise being greater than in many
years, the location of this extension was such that very little damage was
done to the road com pleted and the embankments which had been partially
com pleted. On the line under contract from Jena to Jonesville 10 miles
has been laid with 75-lb. steel, 10 miles of grading has been com pleted and
about 15% of the grading has been done on miles 11, 1„ and 13, and about
80% of the grading has been done from mile 14 to Jonesville. All perma
nent bridges between Jena and Little R ivet (13 miles) have been com pleted
and the steel bridges over Little and Black rivers are being erected.
The extension o f the main line from Jena to the Mississippi River will
pass through one of the oldest and richest agricultural regions of the South.
The nlantations of the 'l’ ensas Delta have for years produced a laige amount
of cotton but recently rlee lias also been successfully grown in considerable
ouantitles
A large nort?on of the right of way goes through tills rich
plantation"land. There is a considerable am ount of hardwood tim ber in
some places, but in general the line traverses an agricultural region.
I he
extension to the Mississippi River will give us connections with the river
and Gulf division of the St. L . Iron Mtn. A Southern Ity , Illinois Central
R R . anil the Mississippi Central RR. W hen this extension is com pleted
it will give your com pany an operated mileage Of 302 miles.
•
R all.— Ot the 2 19.83 miles of track owned, 37.44 miles Is laid with 00-lb.
steel and 212.39 miles wltti 75-lb. steel. During the year 20.92 miles of
00-lb. steel was replaced with 75-lb. steel.
**
.
Bonds.— There was issued $509,000 1st M. bonds, making a to ta ljo u tstanding Juno 30 1912 of $5,090,000.
■

THE CHRONICLE

N o v . 2 1 3 1 2 .]

O PE R AT IO N S, E A R N IN G S , E X P E N S E S , &c.
1011-12.
1909-10.
1010-11.
255
210
Average miles operated.
Operations—
330,1*14
300,822
Passengers carried (No.)
260,039
7,361,488
6,120,349
Pass. carr. 1 mile (N o.)_ 8,054,441
2.04 cts.
2.63 cts.
R ate per pass, per m ile.
2.79 Cts.
1,283,247
1,194,738
Revenue tons car (No.) . 1,235,105
R ev. tons car. 1 m . (N o.) 101,554,999 104,963,827 99,047,889
1.11 cts.
1.13 cts.
R ate per ton per m ile—
1.20 cts
$5,863
Gross earnings per m ilc.
$5,618
$5,502
$
Ear nings—
$
S
1,183,760
1,102,544
Freight_________________ 1,225,616
211,453
194,105
170,467
Passenger--------------------58,042
Mall, express and miscel.
54,773
49,750

252,937
5,658,324
2.75 cts
1,064,860
94,381,693
1.04 cts
$5,253
S
979,413
155,659
51,328

Total earnings_______
ExpensesM aint. of way & structMalnt. of equipm ent—
Conducting transpotat'n
Traffic expen ses_______
G en era l________________
T a x e s .............

1,495,111

1,432,638

1,322,761

1,186,400

244,541
226,253
407,774
28,423
55,377
45,303

232,384
207,770
385,370
29,357
54,003
37,009

193,891
206,869
332,648
22,802
51,173
27,785

207,294
215,912
311,416
19,421
51,845
19,884

Total expenses______
P . c . of exp. to earnings
N et earnings..
Other Incom e-

1,007,671
(67.40)
487,440
38,461

945,893
(66.02)
486,745
49,527

835,258
(63.15)
487,503
53,347

825,771
(69.60)
360,629
55,521

536,272
525,901
540,850
229,350
244,460
226,390
39,596
63,832
17,111
(1 M % )6 2 ,500(2 H) 118,750(2 ]4) 112,500

416,150
197,930
13,581
(3)112,500

Total IncomeDeduct Interest.
Other deductlons.
Dividend ..................

1908-09.
226

..
370,792
387,696
356,000
__
155,109
148,576
184,850
BALANCE SHEET JUNE 30.
1911.
1912.
1912.
S
S
Liabilities—
8
Assets—
Road & cqulpm’t.*9 ,806,608 9,881,523 Capital stock........ 5,000,000
Adv. to prop.,&c.,cos 428,066
Mortgage bonds.. 5,096,000
143,530
16,996
Miso. Investments
136,469 Traffic, Ac., bals.
537,970
108,036
Cash ...... .............
570,015 Vouchers&wages .
100,000
6,487
Securs. In treas—
Misc. accts. payable
75,350
" 46,804 Acer. Int., dlvs.,&c. 83,267
Traffic, &c., bals.
145,710
Materials & supp.
22,098
124,542 Taxes accrued___
67,597
17,970
Misc. ncets. rec__
49,517 Operating reserves
Cash., Ac., In sink
Other deferred crcd.
313,312
244,220
ing, fee., funds.
6,280
item s................
39,138 Appropr. surplus.
Unext. disc, on sec
359,145
10,739
12,659 Profit and loss__
Oth. dcf. deb. Items
912,603
Total
Surplus

324,010
92,140
1911
S
5.000,000
4,587,000
12,270
121,416
64,457
70,450
18,800
15,125
5,962
301,988
901,419

T o t a l . ............. 11,628,882 11,101,887
T o ta l......... ....... 11,628,882 11,104,887
♦After deducting reserve for accrued depreciation, $647,302.—V. 95, p. 1010.

Alabama Great Southern Railroad.
(Report fo r Fiscal Y ear ending June 30 1912.)

Prest. W . W . Finley, Sept. 27, wrote in substance:

1 1 99

G E N E R A L B A L A N C E SH E ET J U N E 30.
1912.
1912.
1911.
Assets—
$
Liabilities—
S
8
Road & cquip’t .018,371,071 18,492,931 Common stock__ 7,830,000
Leasehold estates.
324,000
324,000 Preferred stock__ 3,380,350
Sec. of prop., &c.,
Mortgage bonds.. 5,686,600
cos., unpledged.
327,164
322,739 Kqulp. trust obligs. 1,591,000
Physical properties
26,093
45,578 Leasehold estates. 324,000
Other securities.. 1,612,589 1,612,589 Traffic, &c., bals.
93,381
Cash.................
530,014
487,617 Vouchers & wages 429,425
Sccurs. in treasury
1,000
1,000 Matured int., A c ..
54,510
Loans & bills re c..
14,396
4,855 Miscel. accounts..
122,025
Traffic. A c., bals.
256,582
225,390 Acer. Int.,divs.,Ac.
138,361
Agents & conduc.
64,573
83,308 Accrued taxes___
74,896
Materials & supp..
178,073
156,944 Def. credit items..
229.735
Misc. accou nts...
291,257
259,649 Profit and loss___ 2,158,406
Def. debit item s..
115,967
50,177
T o t a l........ ....... 22,112,779 22,066,777

1911.
S’
7.830.000
3,380,350
5,680,GOO
1.939.000
324,000
92,891
398,616
135,182
56,284
147,061
84,141
267,873
1,724,779

T o ta l................ 22,112,779 22,066,777

a A fter deducting reserve for accrued depreciation on equipment, $1,326,133.— V . 95, p . 1038.

Tonopah & Goldfield Railroad
(Report fo r Fiscal Y ea r ending June 30 1912.)

Prest. M. B . Cutter, Phila., Sept. 25, wrote in substance:
W hile the gross earnings have been somewhat disappointing, we have
been able to reduce operating expenses in still greater proportion by econ
om y in conducting transportation and a reduction in traffic and general
expenses, our percentage o f operation having, as is shown, fallen from 71.10
to 60.58. W hile there is no imm ediate prospect of an increase in our gross
earnings— in fact, owing to the building of new mills at Tonopah and ad
jacent camps we will m eet with a still further falling o ff in our gross earn
ings— your management feels that the same relative percentage of opera
tion can be maintained for the com ing year.
The renewal of ties is still
going on and will have to be continued for some considerable time.
IN C O M E AC C O U N T.
Operating Revenue—
1911-12.
1910-11.
1909-10.
1908-09.
F r e i g h t _________ _____
$351,162
$355,987
$354,619
$374,444
Ore ___________________
266,159
274,010
245,028
288,172
Passenger . ___________
102,494
136,876
113,433
192,233
Mail, express, A c . ____
40,627
44,947
52,682
55,170
T o t a l ________________
Operating Expenses—
Maintenance of way, &c.
Malnt. of equipm ent___
Transportation & traffic
General _______________

$760,442

$788,977

$789,205

$910,019

$88,692
118,486
218,183
35,309

$73,548
142,918
296,695
. 47,774

$75,214
111,457
326,503
71,966

$90,756
110,931
411,662
62,234

T o t a l ________________
P. c. expenses to revenue
Net earnings----------------Taxes _________________

$460,670
(60.58)
299,772
29,983

$560,935
(71.10)
228,012
29,283

$585,140
(74.14)
204,065
36,235

$681,583
(74.89)
228,436
45,851

Operating incom e____
Other incom e............... ..

$269,789
9,258

$198,759
3,298

$167,830
3,772

$182,585
3,165

$202,057
$171,602
$185,750
$279,047
Results.— High water during the spring months interfered to some extent
Total net incom e____
with the operation o f the com p any’s trains, and unusual floods In the
Deductions—
$43,590
$52,830
$57,450
$48,210
Mississippi Valley, resulting In the interruption of traffic over connecting Interest on bonds____ .
*17,548
9,733
12,113
22,846
lines, affected both freight and passenger traffic. Notwithstanding these Hire of equip., rentals, Ac
£78,925
78,925
78,925
78,925
unfavorable conditions, both freight and passenger business show increases, Sinking fun d----------------and the results obtained are an evidence of the strength of our position.
$140,063
T otal deductions_____
$136,868
$143,868
The decrease o f $93,097 In other Income was due to the falling oir In
$159,221
$138,984
Balance, s u r p l u s . . ___
$05,189
revenue from per diem rental of this com pany’s freight cars.
$27,734
$26,529
'The decrease of $16,850 In Interest on funded debt and equipment
obligations was due to a reduction during the year In the amount of equip
♦Hire o f equip., rentals, A c., includes in 1912 hire of equip., $2,383;
ment obligations outstanding and to the m aturity on Feb. 1 1911 o f the rental leased tracks, $7,212; rents paid, $6; reserve for accident liability
certificates for funded arrears of dividend.
insurance fund, $7,500. and other interest, $447. x Includes $39,462 paid
There were laid 4,191 tons of new steel rail of 85-lb. section; 233,970 N ov. 20 1911 and same am t. payable Dec. 1 1912 to retire $77,000 bonds.
cross-tics were used in renewals and 135,070 cu. yards of new ballast placed
BALANCE SHEET JUNE 30.
In track; 2,353 lineal ft. of wooden trestles were replaced b y ballasted deck
trestles. Renewal of approaches to bridges crossing the Warrior and T om 1912.
1912.
1911,
1911.
bigbee Rivers, with crcosoted timbers, was partially com pleted, and numer
Liabilities—
S
Assets—
’
S
S
S
ous other bridge structures received attention. Transportation expenses Road & equipment.a3 ,692,283 3,742,712 Preferred stock........ 500,000
500,000
show an Increase of 7 .9 0 % , due largely to higher wages and cost of fuel. Dwelling houses at
Common stock____ 1,650,000 1.650.000
Ton pah ________
Signals.— A utom atic electric block signals were added between Tusca
12,375 1st mtge. 6% bonds. 1,038,000 1.115.000
11,998
loosa and M oundville, A la., 16 miles, making a total of 170 signals In Securities in treasury 350,000 350.000 Vouchers_____ .___
22,560
19,963
service on June 30 1912, protecting 108.5 miles of track. Arrangements Marketable securities
400 W ages____________
1G.314
18,319
have been made to protect remainder o f line with manual block signals. Cash on band, & c..
55,947
100,784 Traffic, &c., balances 51,613
23,345
Outlook.— The year was marked by the location of new manufacturing Due from individuals
Divs. uncollected__
1,443
1.443
plants adjacent to our lines and by increases In the productive capacity of
27,046
and companies__
38,016 Accrued rents, A c ..
1,654
3,390
industries previously located.
15,520
Traffic balances, A c.
18,496 Accrued taxes..........
18,148
16,379
The com pany continues to give close attention to the developm ent of Due from agents___
5,053
1,084 Miscellaneous_____
6,759
14,827
agriculture In the territory traversed by its lines. The work of the Cotton
Bills receivable........ 256,423
6,423 Accident. Insur. fund
7,500
Culture Department, organized in association with the Southern R y . C o.,
62,224 Sinking fund............
Materials & supplies 54,453
39,463
39.4G3
and other com panies, has been merged into a larger and broader Special deposit........
30,000
30.000 Add’ns through inc. 385,000
Department of Farm Im provem ent W ork.
Other deferred debit
Deferred credit items
6,215
4.SOS
28,758
29,795 Profit and loss .'___ 6782,812 985,672
item s....................
O PE R AT IO N S, E A R N IN G S, E X P E N S E S , CHARGES, A C .
1910-11.
1911-12.
1909-10.
1908-09.
Operations—
T o ta l....................4,527,481 4,392,309
T o ta l.................... 4,527,481 4,392,309
309
309
309
309
Average miles operated
866,128
906,475
761,669
635,051
Passengers carried - a A f t e r d e d u c t i n g r e s e r v e f o r a c c r u e d d e p r e c ia t io n , S 1 7 8 ,4 2 1 .
6 A f t e r c r e d i t in g
Passengers carried 1 mile 55,176,048 53,106,663 47,479,568 41,856,317 5 7 7 .0 0 0 1 st M . b o n d s c a n c e l e d a n d r e t ir e d in 1 9 1 1 , 8 6 ,5 9 7 r e c e iv e d in s e t t l e m e n t o f
2.26 cts. fr e ig h t u n d e r c h a r g e s p r io r t o J u ly 1 1 9 1 1 , a n d $ 9 9 9 m is c e l la n e o u s , a n d d e d u c t i n g
2.10 cts.
2.12 cts.
2.24 cts.
Rate per pass, per m ile.
3,433,384
2,334,785
3,207,761
3,314,533
'Tons of rev. ferht. carried
5 3 8 5 .0 0 0 f o r a p p r o p r ia t io n a n d r e t ir e m e n t o f 1st M . b o n d s t h r o u g h o p e r a t i o n o f
N o. of tons carried 1 m .489,3/2,180 461.309,024 456,188,219 331,157,463
0.08 cts. s in k in g fu n d J u n e 3 0 190 7 t o J u n e 3 0 1 9 1 2 , a n d $ 4 1 ,4 3 9 m i s c .— V . 9 5 , p . 9 0 S , 8 1 8 .
0.64 cts.
0.61 CtS.
0.66 Cts.
Rate per ton per m ile__
Tons of freight in each
374.22
408.39
427.63
407.24
Reading Company.
train (revenue)______
$11,507
$15,435
$14,476
$13,642
Gross earnings per m ile.
(Balance Sheets o f June 30 1912.)
IN CO M E ACCO UN T.
1910-11.
1908-09.
1909-10.
1911-12.
The text of the annual report and comparative statement
Operating Revenues—
$
$
$
$
of earnings were given in the “ Chronicle” of Sept. 28, pages
2,954,793
2,259,333
F r e ig h t ______ _________
3,217,742
2,786,014
1,126,74 5
The balance sheets of June 30 follow:
944,448 811, 829.
P a ssen g er.................... ....
1,159,747
1,064,740
364,318
333,350
Mail, express & m isc__
340,847
361,606
R E A D IN G C O M P A N Y BALANCE SH EET JU N E 30.
33,264
Other rev. from op ert’ns
36,796
23,161
29,399
1912
1911.
1910.
4,479,120
'Total oper. revenues. 4,775,891
4,221,006
3,560,292
Assets—
$
$
$
Operating Expenses—
Railroad equipm ent
......................... 37,3.’! 1,088 34,610,518 33,783,761
570,040
582,208
523,615
450,318
Floating equipm ent_________________ 3,643 ,758
3,718.899
.Malnt. of way & struct3,768,818
1,03 9,768
1,040,604
683,819
891,844
Malnt. of equipment —
Equipm ent accounts________________ 6,243 ,339
9,861,042
8,015,053
123,665
13G.827
92,507
113,428
Traffic e x p e n se s ......... Real estate________ : ------------------------- 16.916 ,041 16,871,222 16,875,169
1,399,127
1,258,593
1,156,010 P hila. & Reading R y . bonds o w n e d .. 20,000 000 20,000,000 20,000,000
Transportation expenses 1,509,636
111,813
120,101
107,673
99,990
B o n d s o f s u n d r y c o m p a n i e s ____________ 2 6 , 9 6 0 .730
General exp en ses..........
27,465,268 25,540,956
Phila. & Reading R y . stock o w n e d .. 42,481 ,700 42,481,700 20,000,000
3,244,413
2,482,050
2,895,153
Total oper. expenses. 3,389,376
P . & R . Coal & Iron stock ow n ed____ 8,000 ,000
8,000,000
8,000,000
1,234,707
1,325,853
1,077,642
Net operating r e v e n u e .. 1,386,515
Stocks of sundry com panies__________ 53,312 453 53,141,215 53,141,441
10,648
5,284
7,944
5,949
Outside oper.— net delict
Phila. & Reading Coal A Iron C o____ 73,466, 530 74,423.817 75,395,787
2,964,639
Sundry railroads, & c________________ 3,242, 207
2,976,718
1,224,059
1,381,231
2,496,555
Net rev en u e..
1,317.909
1,071,094
C a s h ___________________________________________
4 ,6 0 6 525
5,255,586
162,041
'Taxes a ccr u e d ..
172,020
137,238 A ccrued incom e______________________
142,830
348,188
373, 291
355,864
948
21,820
Philadelphia
A
Reading
R
y
_________
155,
1,062,018
Operating incom e.
1,175,073
934,455
1,209,211
Notes receivable____________________
298, 000
244
369,385
Hire of equip .— balance.
228,054
227,424
84,981
493 705
1,093,659
1,144,428
119,634
In c. from lnvestm ’ ts, Ac.
167,867
97,258
62,481 M iscella n eou s_______________________
1,551,037
Total gross incom e. _
1,081,917
1,499,755
1,605,132
T otal Assets.................... - ..................297,525,315 297,498,786 274,253,582
Deductions—
Liabilities—
Miscellaneous, rents, Ac.
199,037
147,107 Stock (sec “ R y. A Indus.” s e c tio n )..140,000,000 140,000,000 140,000,000
173,147
211,960
Interest on bon d s---------300,221
300,221
300,221
300,221
Bonds (see “ R y. A Indus.” s e c t io n )..130,216,659 131,266,950 109,001,950
90,140
Int. on equip.obligations
84,335
97,815
80,355
Contingent a ccou n t---------------------------1,338,486
1,538,595
1,538,595
♦ Divs. on com m on
(2)156,000
(2)156,600
(5)39 1,500 (5)391,500
Accrued interest and taxes (e st.)____ 3,319,172
3,270,055
2,813,091
Divs. on pref. stock (6% )
202,821
202,821
202,821
202,821
Philadelphia A Reading R y _________
______
______
112,175
Total d eductions-----1,190,319
Current business......... .........
41,800
80,179
692,851
930,604
891,084
1,186,857
M iscellaneous.....................................
571
23
899
Balance, surplus---------418,275
360,718
560,151
190,833
* The com pany deducts the com m on stock dividends from the profit and Profit and loss, surplus....................... 22.608,627 21,342,984 20,094,021
loss surplus, but they are deducted b y us from the Income account for the
Total liabilities.............._ ...................297,525,315 297,498,786 274,253,582
sake o f sim plicity.




THE CHRONICLE

1200

P H IL A D E L P H IA & R E A D IN G R Y . B A L A N C E SH E E T J U N E 30.
1912.
1911.
.Assets—
$
5
R oad and eq u ip m en t_______________ al05,547,791 102,918,051
M arketable securities________________
1,550,610
1,477,110
C a s h _________________________________
3,950,316
3,760,687
A d vances to propl’ictary, & c., co s ---709,005
758,764
M iscellaneous investm ents----------------580,220
339,140
T ra ffic, A c., balances------------------------- 3,713,798
4,716,934
Due from agen ts_____________________
2,283,564
1,790,154
M aterials and supplies----------------------- 2,795,845
2,958,038
Loans and bills receivable.....................
12,414
236
A ccrued incom e on securities_______
_______
2,171
1,045,598
1,023,201
Insurance fu n d _ ......... ...........................
Other deferred debit item s__________
42,591
118,296

1910.
$
99,808,609
1,266,110
5,350,103
554,924
______
4,521,059
2,115,413
3,356,434
236
12,049
1,034,409
49,130

T otal assets________________
.122,231,752 119,862,782 118,068,476
Liabilities—
S t o c k ________________________________ 42,481,700 42,481,700 20,000,000
B onds (see " R y . & Indus.” section) _ . 49,188,752
49,131,752 67,881,752
B onds, & c., m atured________________
______
______
2,545,700
Mortgages and ground rents_________
196,831
201,831
199,831
Vouchers and wages_________________
3,989,068
3,685,615
3,911,933
Interest and rents m atured__________
304,479
307,974
403,293
2,990,130
3,004,852
Traffic balances and misccl a ccts____ 3,404,489
Interest, taxes, & c., accrued________
1,405,861
1,425,333
1,502,161
Operating reserves
539,869
727,483
1,392,669
Insurance fu n d ______________________
1,046,775
986,355
968,284
Other deferred credit item s__________
110,607
101,021
71,052
A ppropriated surplus b ______________ 10,797,341
8,167,602
4,814,043
Surplus__________
8,765,980
9,655,986 11,372,906
T otal liabilities____________________ 122,231,752 119,862,782 118,068,476
a For details In 1912 see V . 95, p .8 3 5 . b A ppropriated surplus represents
expenditures on property through Income since June 30 1907 and charged
as an asset.
P H I L A . & R E A D . COAL &. IR O N CO. B A L A N C E SH E E T JU N E 30.

73,151

1910.
5
50,385,196
841,568
790,097
1,351,571
553,138
376,169
851,892
386,339
12,959,224
9,563,915
678,200
3,109,475
35,228
734,917
3,817,482
1,406,986
300,004
72,905

T otal assets_______________________ 86,647,523
Liabilities—
„ „„„ „„„
Capital s to ck ________________________
8,000,000
Bonds (s e e " R y . & Ind us.” s e c t io n )..
1,110,000
Reading C om p any__________________ 73,466,530
Pay-rolls and vou chers--------------------1,033,421
Phila. & R eading R y . current account
647,870
Interest, taxes and m iscellaneous__
930,008
1,459,694
P rofit and loss....... ..................

87,999,254

88,214,307

8,000,000
1,140,000
74,423,817
1,147,656
1,274,437
725,225
1,288,119

8,000,000
1,170,000
75,395,787
980,214
564,933
711,908
1,391,435

T otal liabilities___________________
— V . 95, p. 829, 811.

87,999,254

88,214,307

1912.

Assets —

$

Coal lands___________________________ 49,397,660
T im ber lands________________________
841,691
New York and Eastern d ep ots______
839,540
W estern yards and d ep ots__________
1,736,979
553,138
Miners’ and other houses------------------Pottsvllle shops, real estate, &c -------391,463
Storage yards and washeries------------851,892
Other real esta te_____________________
388,425
Im provem ents and equip, at collieries 12,959,224
Stks.& bds. of, & loans to, cos. con tr'd 9,863,915
Cash on h a n d ________________________
2,692,618
3,221,693
Coal a ccou nts_______________________
R en t a ccou nts_______________
24,164
Companies and Individuals__________
796,146
776,701
Coal on h and________________________
Supplies and materials on ha n d -------1,236,240
Depletion o f coal lands fu n d ----------------------Stocks, bonds & m tges. ow ned, & c ..
76,034

86,647,523

1911.
$
49,913,026
841,691
839,540
1,651,644
553,138
391,463
851,892
388,425
12,959,224
9,863,915
456,949
3.480.268
29,647
854,524
3.333.268
1,517,489

New York Susquehanna & Western RR.
(Report fo r Fiscal Y ear ending June 30 1912.)

Prest. F . D . Underwood, N . Y ., Oct. 8, wrote in substance:
R esu lts— The gross revenue from operations decreased $203,408, or
5 2 5 % ‘ operating expenses increased $61,959, or 2 .6 3 % ; operating income
am ounted to $1,045,874, a decrease of $326,188. Increased expendi
tures were m ade for ties, rails and ballast, but the total expenditures for
m aintenance o f way and structures shows a net decrease due to heavy
expenditures in the previous year for repairs to bridges and for elimination
of grade crossing with the D. L. & W . R R . at W est E nd, Jersey City.
The increase In transportation expenses, $59,196, is largely explained by
higher rates o f wages and to increase in cost o f fuel for locom otives.
Additions, & c.— O f the net income for the year ($172,895) there was
appropriated $88,118 for additions and betterm ents, leaving a credit bal
ance to p rofit and loss of $84,776. “ R oad and equipm ent” increased
$1,197,297, representing additions and betterm ents, of which $1,108,558
represents charges for new equipm ent. [The list o f equipment shows a
decrease o f 4 in number o f locom otives, from 101 to 97, and increases of 7
In passenger cars and 978 in gondolas and a net decrease of 1 in other cars.]
Equipment Trust.— A 4 'A% 10-year equipment trust o f $800,000 was
created A ug. 2 1911, covering the purchase of 1,000 50-ton steel hopper
coal cars. (See Erie R R ., V . 93, p. 163.)
IN C O M E AC C O U N T.
Operating Revenue—
Freight ------------------------------- -----------Paasencrer _________________________
^Xail, express, & c___________________

1911-12.
$
2,775,089
593,554
135,305

1910-11.
$
2,949,546
602,942
116,226

1909-10.
$
2,606,637
645,390
104,016

Earnings— Railroad --------------------Earnings— Other operations-------------

3,503,948
169,322

3,668,714
207,964

3,356,043
118,317

T otal earnings-------------------------------Operating Expenses—
Maintenance of way, & c------------------Maintenance of equipm ent--------------Transportation expenses------------------Traffic exp en ses----------- -------------------General expenses-------------------------------T a x e s _______________________________

3,673,270

3,876,678

3,474,360

390,058
356,798
1,373,551
30,611
72,544
209,576

402,071
355,410
1,314,354
33,362
59,975
148,755

424,394
359,595
1,230,263
25,523
60,730
144,966

Expenses— R ailroad-------------------------Expenses— Other operations-------------

2,433,138
194,258

2,313,927
190,689

2,245,472
153,953

Total expenses-------------------------------R atio of expenses to earnings---------N et earnings— R ailroad--------------------Net earnings— All operations_______
Interest and dividends. -------- -------R ents— Joint facilities, & c__________

2,627,396
(71.53% )
1,070,810
1,045,874
60,030
119,040

2,504,616
(64.61% )
1,354,787
1,372,062
36,217
120,657

2,399,425
(69.06% )
1,110,571
1,074,935
47,891
83,047

Total net Incom e------ --------------------Deduct—
Interest on b on d s-----------------------------Interest on equipm ent trusts
Sink, fund, rentals and miscellaneous
A dditions and Im provem ents______

1,224,944

1,528,936

1,205,873

769,115
32,250
*250,685
88,118

775,407

805,936

218,993
163,904

210,183
1,808

T otal charges--------------------------------Balance, surplus--------------------------------

1,140,168
84,776

1,158,304
370,632

1,017,927
187,946

¥ * Includes in 1911-12, besides rentals accrued for lease o f other roads,
$24,939, other rents aggregating $225,306 for hire o f equipm ent (balance),
join t facilities, &c.




[V O L . L X X X X V i

CONDENSED BALANCE SHEET JUNE 30.
1912.
1911.
1911.
1912.
Assets—
Liabilities—
$
S
$
S
Road & cquip’ t-.a38,017,258 36,840,964 Stock (see “ Ry. &
Stocks of prop.,
Ind.” Section). .26,000,000 26,000,000
affil., &c., co s .. 3,827,396 3,827,396 Bonded debt (see
“ Ry.&Ind.“ See.>16.188,000 15,433,000
Funded debt of
227,094
400,000
400,000 Traffic, &c., bals.
prop., &c., cos.
166,203
287,456
809,530 Vouchers & wages. 279,254
Misc. investments. 6809,530
740,743
939,45 Int.,rents,&c .,due
114,173
113,161
Cash-----------------2,160
2,160 Matured mtge. Ac.,
Securs. in treasury
6,000
141,800
116,800
6,000
Marketable securs.
debt unpaid___
163,214
257,878 Miscell. accounts..
8,681
Traffic, &c., bals.
24,515
42,747
56,543 Interest & rentals
Agts. & conductors
135,560
162,957
262,839
Materials & supp..
149,810
accrued, not due
76,804 Def. credit items..
122,784
560,711
Miscell. accounts..
561,032
300,049
373,778
373,778 Appropriated surp. C389.357
A dvances............
582,231
580,230 Proilt and loss___ 1,509,496 1,471,649
Sinking fund------Oth.def.deb.items.
230
T o t a l_________45,386,828 44,544,374

T o t a l................ 45,386,828 44,544,374

a After deducting $98,529 reserve for accrued depreciation. 6 Miscellaneous In
vestments Include securities pledged, $291,500, and unpledged, $518,030. c Appro
priated surplus includes in 1912 additions to property since June 30 1907, through
income, $379,851, and reserves from income invested in sinking and redemption
funds, $9,507.— V. 95, p. 968.

Boston & Maine Railroad.
(.Report fo r Fiscal Y ea r ending June 30 1912.)

The usual tables were given in “ Chronicle” of Oct. 12,p.965.
Pres. Chas. S. Mellen, Boston, Sept. 10, wrote in subst.:
Results.— The gross operating revenues were $45,990,364, being the largest
in the history o f the com pany and an Increase of $1,175,279 over 1910-11.
Operating expenses decreased $61,408, taxes $3,041 and rentals of leased
roads $208,175, the latter amount being largely due to the purchase of
the W orcester Nashua & Rochester R R ., referred to in last y e a rs report.
Hire of equipment and other rentals increased $333,661, and interest on
the com p a n y’s funded and floating debt $249,531. The net corporate in
com e was $1,290,248, an increase o f $934,259, equivalent, after the pay
ment of the 6% dividend on the pref. stock, to about 2 .8 % on the com m on.
Capital Stock.— During the year 9,736 shares of com m on stock were Issued,
including 7,463 shares partly paid for In previous year and referred to in
that report. On June 30 1912 the outstanding capital stock consisted of
31,498 shares of pref. and 395,050 shares of com m on stock, a total of
426,548 shares, which were owned b y 8,122 stockholders, of whom 5,372,
owning 375,691 shares, resided in Massachusetts.
The stockholders will be asked on Oct. 9 [see another page] to approve
an increase of the com m on stock b y 107,637 shares (and to determine the
price at which such issue shall be m ade), for the purpose of paying the
floating debt occasioned by the following stock purchases, aggregating
$10,960,540:
$3,098,400 W orcester Nashua & R ochester R R ------------------------ $4,761,496
2,524,600 Maine Central R R ----------------------------------------------------- 2,527,696
280,000 Boston & Lowell R R ________________________________
617,448
333,500 C oncord & Montreal R R ------------------------------------------533,600
2,520,300 Maine Central R R . (new s to c k )-------------------------------- 2,520,300
Debt.— There has been no change in the funded debt, which remains at
$43,849,000. First M. 4 % bonds of the W orcester & Nashua R R . Co.,
$511,000 (assumed), will mature Jan. 1 1913. Notes payable amounting to
$12,000,000 were outstanding June 30 1912, being 1-ycar 4 % coupon notes
dated June 10 1912 (V . 94, p. 1448). These notes were issued to refund
other short-term notes, $8,250,000: to pay subscriptions to 25,246 shares
o f capital stock of Maine Central R R . Co.; to purchase 2,800 shares of caplof stock of Boston & Lowell R R . Corp., and 3,335 shares of Concord &
Montreal R R ., and the balance for Improvements.
On account of the increased charge for the use of freight equipment
agreed upon b y the American Railway Association, effective Jan. 1 1913,
it will becom e immediately necessary to Increase the freight car equip
ment at least 6,000 cars, at an estimated cost of $6,600,000, and the stock
holders will be asked to give their approval to an issue of bonds for an
amount o f $7,500,000 to pay for the same and for other Improvements,
which should be capitalized, and for refunding 1st M. bonds of the W oro.
Nash. & R och. H R . C o., maturing Jan. 1 1913, viz.:
6,000 freight cars, 100 passenger cars and 80 locom otives------- $8,650,000
182,000
Shop machinery and tools, $45,000; engine houses, $137,000-----2d track, $410,000; sidings, $59,000; 3d & 4th tracks, Lynn,
$1,140,000____________________________________________________ 1,609,000
Elimination of grade crossings, $225,000; bridges, $275,000;
miscellaneous, $96,000----------------- ------------ --------------------------- ■-596,000
Freight houses and yards, $600,000; real estate, $102,000; sta
tions, &c., $196,000------------------------------------- ------------ .................
»98,000
Bonds of W orcester Nashua & Rochester R R . C o-----------------------a i l . uu
Total o f the foregoing Items, $12,446,000; less $2,563,548 for property
sold, abandoned, &c., and $2,300,000 for unexpended balance from last
issue of capital stock for purchase of equipm ent; net total, $7,,i82,4.>l.
Additions and Betterments.— These during the year aggregated $ J,Jao,984, viz.: N otably for equipment, $996,102; right-of-w ay, station grounds
and real estate, $214,266; bridges, trestles and culverts. $638,611; In
creased weight of rail, $94,658: additional main tracks, $478,883; elimi
nation of grade crossings, $333,752; block and other signal apparatus,
$137,096, &c. The credit Items am ounted to $2,393,535 (cost of property
in Portland and vicinity sold to Portland 'I’erminal Co., $2,207,090; land
sold and property abandoned, $95,845); deducting which, leaves a net
amount for additions and betterments of $957,445. On account of the fore
going Items there was credited to capital account $501,008; charged to
leased roads, $1,374,522; charged as additional rental of leased roads, $84,021.
Sale to Portland Terminal Co.— All of the com pany s right-of-w ay, tracks,
terminal facilities and other property Incident thereto, situated within
the limits of Portland, South Portland and W estbrook, Me., were sold to
the Portland Terminal Co. on July 1 1911 for $2,581,568, and paid for
b y the issue of 1,850 shares of its capital stock, a
$2,386,000, since exchanged for 4$,', 1st M. 80-yr.
guaranteed by Maine Central R R . C o., and the balance of $o67 00 In cash
^W orcester Nashua & ^Rochester R R .— Of the capital stock only 14 shares
now remain outstanding.
, .
Suncook Valley R R .— The old lease having expired Dec. 31 1911, a new
lease of the property was taken on Jan. 1 1912 for a term of two years at an
annual rental of $10,551, being 3 % on the outstanding capital stock, with
organization expenses of $300 per annum. A proposition has been sub
m itted, with the approval of the Concord & Montreal R R ., to exchange the
stock of the Suncook Valley R R . for Concord & MogtieaI stock In the ratio
of one share Concord & Montreal for three shares S u n co o k Valley, and is

was $969,716, and the net addition to equipment for the year, amounting
to $996,102, has been charged to equipment account.
I here was charged
to operating expenses for renewals anti depreciation of equipment, $1,284,
437- to dining car service for depreciation of dining car equipment,
5,072, and to profit and loss for depreciation accrued prior to July 1 1907
on equipment retired during the year, $260,071.
New Shops.-— The work of grading the site for the new m otive power and
car shops a* Billerica, Mass., begun in the spring of 1911, Is novv practi
cally finished, 'l’his site contains about 600 acres of land, more than half

of which is being developed for shop purposes.

Block Sionals.— The work of Installing block signals has been a ctively
continued at a cost of $127,452, and on this Important work a total ex
penditure of $1,338,597 has thus far been made.
I he remaining portions
of the W ore. Nash. & Portland Dlv. and the main line of the White Moun
tains Division as far as W oodsville, N. II., will, It la expected, be fully pro
tected by the close of the year. A new system of lighting automatic signals
b y acetylene gas has been adopted, and 328 signals have already been
equipped In this manner. Highway crossing bells have been Installed at
22 unprotected crossings.
„ _
_
New Lines and Extensions.— The extension of the Connecticut R iver R R .
from Hinsdale, N. II., to a connection with the Vermont Valley R R . at
Brattlcboro, V t., 9)4 miles, Is nearly com pleted.

Not. 2 1912.]

T IIE C H R O N IC L E

Rlftns arc under way for the construction of an electric railway up Mount
W ashington as an extension of the Concord & Montreal HU ., with a new
hotel at the summit to replace the one destroyed hy fire a few years ago.
The Hampden R R ., now under construction, is a single-track railroad—
laid out for subsequent double tracking— extending from Springfield,
Mass to a connection with the Southern Division at Bondsville, Mass.,
a distance of 15.21 miles, thereby form ing a direct line between Springfield
and Boston via our Ccntial Alassachusctts UH, The work is progressing
rapidly, and the road is expected to be opened for tradfic before the close

Second 7 racks, etc. New second track lias been built between Lancaster,
Mass., and Nashua, N. H .; between Durham and Madbury, N. H ., and at
Gloucester, Mass., total 2„.90 miles. New second track is under construc
tion on the Conn. & Passumpslc Division for 2 miles north of Greenfield,
Mass. Appropriations will shortly be made for double traoking for a fur
ther distance of 11 miles to South Vernon, Vt.
. V1, c” nncctIon ' v*th tile elimination of grade crossings at Lynn, Mass.,
legislative authority has been granted for the construction o f third and
fourth tracks from the Saugus River Bridge easterly to the Swampscott
line, and the work is now under way.
Grade Crossings.— W ork has been com pleted on the elimination of nine
grade crossings, viz.: In Mass., 5; V t., .1: N. Y ., 1. Similar work is in pro
gress at 0 places. In the prosecution o f this work, $030,812 has been ex
pended during the year. A ccounts have been closed amounting to $855,which $101,722 has been charged to our construction account,
$492,011 has been charged to leased roads and $202,258 has been reim
bursed to the com pany by others participating in tile cost of the work.
Ih c total net expenditure for this work on the B. A M. and leased lines
to June 30 1012 has been $5,948,003.
Improvements at Mechanlcrllle.— Extensive Improvements arc in pro
gress at Alechanicville, N. Y .. in order to facilitate the handling of freight
traffic at that point. A new freight yard is under construction with a
capacity of about 3,000 cars, which will be used exclusively by tills com pany
in place o f the one now operated jointly with the Del. A Hudson Co.
General.— There have been laid during the year 16,084 tons of new rails;
25,184 tons of relay rails and 1,466,128 tics. Eleven miles of track have
geen ballasted and 15,995 rods of fence have been built.
The rehabilitation of the property, the addition to its shop plants, its
equipment and stations, will require at least two more years to com plete,
and In tlie meantime operation must continue to lie unsatisfactory.
Dividend Outlook.—-The full effect of the economies expected will not be
available, and the net results in consequence will not be flattering: but it
is believed the property will bo able under existing conditions to fully earn
the dividends now paid, and probably, if conditions continue as favora
ble as at the present time, an extra slight disbursement m ay be anticlcipatcd at about the close o f each fiscal year.

1201

BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
Assets—
$
*
Liabilities—
§
$
Road & equipment.a3 ,850,155 3,446,094
1,450,000
1,450.000
Bonds in treasury__ 519,000 276,000 Stock, preferred___ 750,000
750,000
Stocks owned _.
'
91,059
16,359
.1,415,000 071,000
Cash.......... .......
25,028
15,430 Loans & bills payable! 179,328
813
Due from agents
3,985
10,387 Accrued Interest___
8,180
5,788
Sierra Valley Hy. Co*
..........
102,859 Vouchers & wages..
30,023
45,349
Material & supplies..
59,651
83,628 Dividends accrued..
32,500
Traffic balances__ J
4,618
7,427 Traffic balances___
4.312
12,893
Miscellaneous accts
25,579
11,457 Miscellaneous.......... .
9,467
8,675
i 459,511
332,434
5273,255 470,190
1o t a l.................... 4,579.070 3,969,042

T o t a l..................... 4,579,076
3,969,642
4,579,076 3,969,642

'wlliisinwnt'nM,!!!!? $100,043 for depreciation. 6 After deducting $218,278 for
So f r u n h , ?
?,Ve? (’'It and renewal fund, $32,480 for reduction of value of
2‘7 d i i , ™ i h™ k _?fy ' st?ck aPd 81 >034 miscellaneous (net), but before deducting
tlscalllvear
St° Ck account
pald Sept'
20 out ot thc
earnings
($55,457) for tti«
nscai
jear 1911
1J11-12—see income
above.—V.
95, p.
818, 750.

Aurora Elgin & Chicago Railroad.
(Report fo r Fiscal Year ending June 30 1912.)

Pres. L. J. W olf, Cleveland, Oct. 12, wrote in substance:

ft
B lu ,f f City Boulevard line was extended 400
•it' car^arnsgat<Tnf f S m n ? an(i ,°,00 f t - o f storage track was constructed
at car Darns. In Aurora new rail was laid over the Snrlnir St viaduct
'l^OOtH't <nfttrank
Vpn,v 1ad.u ct Y;'cre repaved and practically rebuilt; also
n o w e A m fs n
f t f t n o th !’ ow 10° - llj- kirder rail. A t thc Batavia
and st
ra.d d ti 0na track was constructed and In Geneva
and b t. Charles 2,600 ft. of track was relaid with new 70-lb. steel rail. New
tics were placed to a total o f 28,000. A new steel bridere 120 ft lone*
S
Urebnu h theat° n ’ t0 rCPlaCC a Wooden structure. S<weral°tr^thS^have
Power H ouse.— The load on the pow er plant Is rapidly approaching- the
m aximum. Contracts have been let for a 60-ft. addition to the eng?nc room
a new and larger Intake and discharge waterway and an 8,300 k w turbow i H S O fh f ' These should be ready for operation before the end o f the
wlr*tw VfVjJ a<?P,r
mrptv,e y Tdi°Vb 1MA 11,1c Prescnt generating capacity.
^ tw f*lt™ \ u rP * £ er\ T l c ; s n lighting departm ent continues to grow
satisfactoiily, the increase In connected load being equivalent to 3,131
*1 ]alnps and ooO h. p. m otors. The Edison storage battery was
dOUWed iu capacity and a 1,000 k. w. m otor generator set will shortly be
IWARNINGS OF CONTROLLED C O M P A N IE S — Y E A R S E N D . J UNE 30
Lhout 3nV T h S o°'mnlerCila Il* htl.n g, bualne8s at W est Chicago increased
about 30 /o. A 2,300-volt transmission line was constructed from Batavia
Vermont Valley R R .
to south Batavia to serve a number of new light and power customers
, „ Oper. Net (after Other
Fixed A dd’ns
DM B al.,sur. a n d a sjinllar lliic was built to two manufacturing plants in North Aurora
1 raffle.— The volum e o f carload freight business, particularly o i coal
Fiscal Revenues. I a xes). Income. Charges. A Im ps.
dends
or Det
stone and gravel, shows a material increase. T hc excursion and picnic
Year—
$
$
$
$
$
s'
S
business was the largest in our history.
fS M ’ 9? Ji’ 8 -28*5 161,000 6,705 (10)100,000 sur54,081
191011. .476,168 129,333 130,606 106,726 29,028 (10)100,000 sur24,185
R E SU LT S FOR Y E A R S E N D IN G J U N E 30.
S ullivan C o u n ty 1
1911-12.
1910-11.
RR.
1909-10.
1911- 12
Gross earnings, railroad ___________ $1,780,637 $1,672,278 $1,500,212
-5 1 0 ,0 5 1
67,725
1,002 18,451 10,187 (8) 40,000
1910-11 . -489,956 107,715
do
do
light d ep a rtm e n t...
111,750
102,714
5,463 17,330 31,726 (8) 40,000
92,582
York H arb or & B each R R .

. . 48,428
. _ 48,034

18,002
15,242

. 21,281
. . 23,793

794
8,546

1,727
1,601

7,995
7,875

(2)
(2)

210

6,000
6,000

M t . W a s h in g to n R y .

5
35

780

—

(4)

8,460

19
121

S t. J o h n sb u r y & L ak e C h am plain R R .

911-12 -361,338
1910-11. .385,237

76,651
98,575

14,097 140,108
1,426 138,239

dcf49,360
def38,238

____

M on tp elier & W e lls R iver R R .

-263,577
.262,205

69,756
92,533

4,090
3,308

22,500
15,059

9,979
9,364

(5) 40,000
(6) 48,000

25,224
28,026

23,892
25,101

25,440 (5 M) 22,000
28,417 (6) 24,000

C o n w a y E lectric S treet R y .

1 911-12.. 12,191
1,609
1 9 1 0 -1 1.. 18,051
0,367
— V . 95, p. 968, 965.

____
______

6,341
6,367

.
______

def 4,672

Nevada-California-Oregon Railway.
{Report fo r Fiscal Year ending June 30 1912.)
V .-I’ rcs. and Gen. Mgr. T . F. Dunaway, Reno, N cv.,
Aug. 17, wrote in substance:
The extension north from Alturas, Cal., to I.akeview, Ore., 53 84 miles
was com pleted and opened for business Jan. 10 1912, increasing the totai
mileage operated from 184.01 June 30 1911 to 237.85 miles June 30 1012
all 3-foot gauge. Rail, 229.85 miles 40-lb. steel rail, 8 miles 35-lb. steei
rail. The property has been fully maintained and additions and better
ments have been made during the year. Bonds o f the com pany to the value
o f $10,000 were purchased for the sinking fund and canceled.
OP E R AT IO N S, E A R N IN G S, AC.
1911-12.
1910-11.
1909-10.
Miles o p e r a t e d ____
238
184
184
Operations—
Tons c a r r ie d ....... ...............
43,905
42,024
54,707
Tons carried one mile . . . 4,957,161
4,624,431
5,074,992
R ev. p. ton p. mile (ets).
4.252
4.203
4.735
Passengers ca rried --------29,305
22,921
25,044
Passengers carried 1 mile 2,459,897
1,994,505
2,280,228
R ev. p. pass. p. m. (c t s .).
5.809
5.618
6.428
Earnings—
$
$
$
F reight.................
210,761
194,344
208,721
P a ss en g er...........................
142,912
112,047
147,150
Mail, express and m ls c__
32,917
32,576
31,986

57,748
4,479,541
5.652
28,700
1,843,082
6.734
$
253,199
124,156
29,313

380,590

338,967

447,857

406,008

98,265
45,708
7,630
86,705
23,437

100,975
41,183
7,454
66,804
26,576

64,322
43,969
7,337
81,109
21,868

49,331
39,772
0,778
02,350
19,580

Net earnings....................
Outside operations (net) Other in com e...................-

261,745
124,845
1,139
4,377

242,992
95,975

218,605
229,252

177,811
228,857

89,904
40,457

86,692
18,774

9,491
13,114
14,633
130,361
Total net Incom e____..
105,460
242,366
243,490
Deduct—
41,814
Interest on bon d s............ 31,702
29,044
29,117
Rents p a id .........................
102
205
205
205
Taxes
...................... . _ ,
18,841
21,859
16,652
12,450
Sinking fu n d .................... .
9,710
9,810
7,890
7,960
Other Interest______ _ ,
4,191
616
5,417
Exting. of disc, on bondsi.
246
Preferred dividends
(2 % ) 15,000 (3% )22,500 (5% )37,500 (5 % ) 37,500
Common dividends (1%,1
)
___
______
14,500
14,500




-

105,791
136,575

$1,592,794
$853,140
49,638

Total operating expenses_________ $1,137,172
Per cent oper. exp. to earns______
(60.09)
Net earnings, all departments- ____
$755,216
Other Income- . .....
...................... ..
8,240

$1,053,348
(59.35)
$721,644
15,493

$902,778
(58.74)
$690,016
15,644

$737,137
$423,373
186,000
93,000

$705,660
$373,824
186,000
93,000

Total net Incom e......... .......................
Deductions from incom e____________
Dividend on preferred stock ( 6 % ) __
Dividend on com m on stock ( 3 % ) ____

$763,456
$386,127
186,000
93,000

$865,127
$702,373
$98,329
$34,764
B A L A N C E S H E E T J U N E 30.
1912.
1911.
1912.
Assets—
S
$
Liabilities—
$
Prop., plant, A c. 12,594,607 12,561,020 Preferred s to c k ... 3,100,000
Construe.,tmpt., Ac 1,763,465 1,493,058 Common stock. __ 3,100,000
Elgin A Aur. Impts
■'1st & ret." bonds 3,149,000
under leases___
12,383
14,751 First mtge. bonds. 2,900,000
Investments____
8,860
1,150 E. A. & S. Trac.
“ First A refund’g"
cons. 1st M. bds. 2,000,000
bonds in treas. .
120,000
Salaries & wages..
30,366
Sinking funds___
305,809
267,294 Vouchers & accts.
161,040
Material, supplies
Notes payable___
25,000
A prepaid accts.
159,553
118,072 Acer. Int. & taxes.
58,701
20,719
90,258 Accrued dividends
Cash on hand, A c.
69,750
95,102
Accts. receivable.
126,704 Outstanding tick
Deferred accounts
14,644
72,316
ets, A c..............
11,935
Reserves ..............
*31,164
Profit and lo s s ...
458,186
Total _.

15,095,142 14,744,690

$652,824
$52,836
1911.
$
3.100.000
3.100.000
2.818.000
2,950.000
2,000,000
25,351
184,174
37,820
61,122
69,750
10,271
33,478
354,724

Total.................. 15,095,142 14.744,690

receivable CS $24j064 for replacements and renewals and $7,100 for accounts

Maine Central Railroad.
1908-09.
176

E xpenses—
Maintenance o f way, Ac!Malnt. of equipm en t. . *
T raffic expenses________
Transportation expenseslGeneral expenses.
-

T o t a l ..................
Balance, su rp lu s..

$1,774,992
$1,002,690
50,658

Total deductions______ ___________
Balance, surplus____________________

Barre R R .

1911-12. -111,265
-112,259

Total gross earnings______________ $1,892,388
Expenses and taxes, ra ilro a d _______ $1,084,015
do
do
light d e p t.........
53,157

107,149
130,341

{Report fo r Fiscal Y ear ending June 30 1912.)

Prest. Chas. S. Mellen, Sept. 11, wrote in substance:
Results.— The operating revenues increased for the same lines $694,784,
or 6.9 8 % ; operating expenses increased $486,160, or 6.7 5 % ; taxes of all
classes, $48,362, or 10.04% , and operating incom e increased $141,067 or
6 .1 8 % . [The dividend rate was decreased from 8% to 6% O ct. 2 1911.1
There has been laid 10,435 tons of new steel rails and 9,069 tons o f re-lay
rails, thc greatest quantity for any fiscal year in our history. Some of the
items for maintenance and renewals, included in operating expenses, were
Repairs to roadway and track, $759,591; ballast, $61,796; renewals or
rails, $119,931; ties laid. $283,513; fencing location, $39,872; repairs and
renewals of bridges. S i06,617; repairs and renewals of buildings and
structures, including wharves, $133,917; repairs of locom otives. $896 678repairs o f passenger-train cars, $148,184; repairs o f freight-train cars’
$ 128,288; repairs of marine equipment, $9,785; shop machinery and tools’
$11,839; and depreciation o f equipment, $321,758.
Equipment.— The reserve for accrued equipment depreciation was in
creased $321,758 for depreciation charged to operating expenses and
$17,960 for the amount charged outside operations and was reduced
$249,160 for dcprec. on equip, retired, leaving to credit of fun d$3,753,479.
Charges have been made for equipment purchased, built, A c., aggre
gating $466,492 ($316,057 for 15 locom otives and $150,435 for 41 new cars
betterments, A c.), offset in part by $416,062, being the record value of
the following equipment retired, transferred or sold: 23 locom otives, 16
passenger-train cars, 321 freight-train cars, 37 work equipm ent. The
balance, $49,930, has been debited to additions and betterm ents.
Additions, A c .— Additions and betterm ents amounted to $579,221, of
which $61,849 was paid for out o f current Income. Im provem ents to
leased lines have aggregated $52,982 and, were charged as rental.
Balance Sheet.— The changes in "road and equipment account” are due
to thc deduction ot $1,496,114 on account of sale o f property to the P ort
land Terminal Co., to the taking over of the Washington County R y .,
Somerset R y. and Scbastlcook A Moosehead R R . through merger by legis
lative enactment, and of the Androscoggin R R . by deed of purchase dated
A ug. 19 1911: and to additions and betterments.
Capital Stock.— Ot thc $5,004,300 additional stock mentioned in the last '
annual report. $4,983,400 was taken by thc stockholders at par. The pro
ceeds were used in part for paym ent of maturing obligations, and In par
for additions and betterm ents and for investments (V. 93, p. 229).

THE CHRONICLE

1203

T o provide for a further reduction of the indebtedness your directors
v o te d that the capital stock be increased from $10,000,000 to $15,000,000,
the new stock being offered at par, to stockholders June 15. (V. 01, p. 1626).
Coupon N otes.— There was sold March 15 1912 at par $12,000,000 4 %
1-year coupon notes toward paym ent of $15,484,000 obligations due April 1
1912 (V . 94, p. 560).
„
Funded Debt.— The funded debt amounts to $8,661,500, a decrease of
$11,730,692, due to the paym ent of the consol, m tge. bonds and coupon
notes due April 1 1012 (V . 04, p. 912, 560) from proceeds o f sale of capital
stock and coupon notes, and the addition of the funded debt of the W ash
ington County R y . Co., $2,500,000 (V. 78, p. 822) and the Somerset
R ailw ay Co., $1,261,500 which were assumed under terms o f merger
act. The interest on funded debt has decreased $219,096. [As to new
$25,000,000 mortgage made in 1911, see V . 93, p. 346.]
Agricultural Development.— Believing the agricultural developm ent oi
our territory to be of great importance, we have taken an option at
nominal cost on 36,000 acres of land near Cherryileld Station in Washington
County, Me., which is suitable for ordinary farm crops, such as potatoes,
hay, oats, beans and wheat. In case the experim ent proves succesimii,
it is proposed to purchaseand colonize the tracr, and possibly other sections.
Extension.— The branch from Pittsfield to Mainstream, Ale., has been e x
tended 2 miles to Harm ony, to serve a farming and tim ber country.
Portland Terminal C o.— This com pany began operations under its en
larged powers on July 1 1911, and has purchased from the Ma ne Central
and Boston & Maine R R . all the r railroad property within th e limits of
the cities of Portland, South Portland and W estbtook, M e., and lias sub
leased from the Maine Central R R - the property within said limits belonging
to the Portland & Rum ford Vails R R . and The Portland & Ogdensburg R y,
The terminal property so purchased and leased b y Portland lcrmlna.1 Co.
including passenger and freight stations, wharves, coal-dlcharglng plants,
shops™ 4 a ir y ir d fa c ilitie s , Ts operated for the joint benelit of the Maine
Central and Boston & Maine railroads and will be developed to care for the
increasing traffic
The properties purchased were paid for in part by m oney
realized fr o m th e increase in the capital stock to $1,000,000 (all owned by
the Maine Central R R . Co.) and in part by the com pany s notes which will
be exchanged for its 4 % 50-ycar mortgage bonds. In order to pay for the
propertv purchased and for improvements and enlargements, a mortgage
lmsPbccn placed upmr the entire property for $10,000,000, of which $4.
500,000 m ay be issued at the option of the com pany for corporate purposes,
the balance being reserved for future additions and betterments (V. 92,
P 'Sandy River^&^iarmieu Lakes R R .— On A ug. 31 1911 we purchased the
entire capital stock ($241,600) of this narrow-gauge (2-ft.) railroad, e x
tending from Farm ington, Me., to Bigelow and Rangelcy in the Dead River
and Rangcley Rakes regions, 101.82 miles, of which 89.53 miles were
operated during the past year, serving a prosperous farming, lumbering
and tourist section. The capital stock has been increased by $15,000 for
additions and betterm ents, and your com pany lias purchased the same,
together with $232,000 1st M .bon d s,in order to pay off and cancel its entire
floating debt. This railroad is operated independently, our Income there
from being in the form of interest and dlvs. (V . 93, p. 408, 940, HOW.
Lease.— On Jan. 1 1912 tills com pany acquired control b y lease of the
27.49 miles of the St. Johnsbury & Lake Champlain R R . extending from
Lunenburg to St. Johnsbury, V t., where traffic connections are made for
Canadian and W estern business. This abolishes all terminal expenso at
Lunenburg. The rental is $25,000 a year, all betterm ents to be accounted
for at termination of the lease. (V . 94, p. 68).
„ „„ r m m r a m v
Purchase o) Bridgton A. Saco River H R .-—Since June 30 191- ^our comma y
has purchased at par nearly all the capital stock oftUisnarrow-gavig j•
road, 21.25 miles long, extending from Bridgton Junct on^to Biddgton and
Harrison, Me. The property is self-supporting, has paid rcgulai dividends
for some years, and furnishes us considerable traLlc (V. 9a, p. 176).
Rangeley Lakes & Meyantic R R .— Under this title there is being construc
ted an extension, 10.78 miles In length, from Oquossoc, Me., in the Rangcley
Lakes region, toward Megantic, Province of Quebec, where connection will
eventually be made with the Canadian Pacific and Quebec Central railways
for Quebec and other points In Canada. This road will be opened about
N ov 1 and should develop considerable traffic from hunters and fishermen,
as well as lumber traffic. The capital stock is owned by your com pany .
Ricker Hotel C o.— Your com pany having purchased the enthe capital
stock of the Ricker Hotel Co., which owns “ The SamOsct at Rockland, Me.,
has sold to that com pany the Klneo hotel propeity, leal estate and
stores at Mooschead Lake, acquired through the Somerset R y . C o-.t h u s
placing our hotels under the control of a separate corporation. 1 lie inqestm ent, we believe, will yield an adequate return and also be pLolitable
as a traffic producer.
T R A F F IC STA T IS T IC S (IN C LU D IN G M ERGED L IN E S IN 1911-12.)
1911-12.
1910-11.
1909-10.
1908-09.
Average miles op era ted .
1,192
932
932
'
5,663,876
No ^tons carried (re v .). 6,793,519
6,309,491 6,255,400
do do 1 mile (rev.) 612,514,656
534,643,972 536,090,797 02,950,065
268.46
0.995 Cts.
AvTrate *per°Rm perrnfle l . O ^ c f s
J .o K
0.9 °cts
3,878,688
T otal P ^ n « f e » can-icdi64;640.398 u j $ S
J 2 j u t fz lw
m .'W M
2-07 cts*

2 .0 5 * ts^

2.0659et°s!

2.04 cts.

INCOME ACCOUNT (INCLUDING MERGED LINES IN DOTH YEARS).
1911-12. 1910-11.
1911-12. 1910-11.
8
S
Earnings from—S
S
2,422,609
2,281,541
Operating
income__
Passengers_________ 3,333,504 3,242,616
79,792
48,402
F reight____________6,666,635 6,071,681 Rents received........
Mail, express, &c___ 643,012 633,7/1 Income from Invest’s 80,396 260,819
94,158
Int., discount, & c .. ---------Total ...................10.643,051 9.948,268
Grosscorp.Income2,582,707
2,684,920
Over. Expenses—
Malnt. of way, &c._ 1,880,247 1,610,872
Malnt. of equipment 1,434,052 1,460,002
Deduct—
________
89,761
Traffic expenses----- 104,473
Transportation----- 3,967,278 3,720,894 Interest on debt----- 931,580 l,lo0,676
--------3,107
General expenses... 304,796 323,157 Miscellaneous int—
Ilents .......................1,012,948 906,721
.7,690,840 7,204,0S6 Leased line improve
52,982
159,159
ments (rent)........
2,952,205 2,743,581
19,821 Dividends.......... (6% )441,897(8)398,152
027
Outside operations.
Hire of equipment-.
41,772
29,924
13,440
13,440
.2,952,832 2,763,402 Sinkiug fund............
530,223 481,801
T o ta l....................2,497,726 2,058,072
85,071
28,848
2,422,609 2,281,541 Surplus___________
From the surplus as at/ove in l y ii-iz there was deducted $61,848 for additions
and betterments, leaving $23,222, which was carried to contingent fund.
BALANCE SHEET JUNE 30.
1912.
1911.
1911.
1912.
S
Liabilities—
5
5
$
,979,700
Stock
(R.&I.
Sec.)
9
4,995,700
Road & equip’t. .a29 ,538,239 23,707,566
20,392,192
Equip, leased rds. 1 ,078.824 1,078,824 Bonds (R.&l.Scc.) 8 ,601,500
,078,824 1,078.824
Stocks owned----- 2 ,806,451 2,308,998 Equip, leaseh’d est. 1,000,000
407,783 Notes payable----- 12
593,800
Bonds owned----251,757
251,101
Traffic, &c.. b a l..
Hotel Itockwood
563,172
Vouchers & wages 929,929
30,319
property..........
238,066
33,608
Cash .................... 1 ,352,545 1,367,251 Miscel. accounts. .
451,541 Int. and dividends
Notes receivable.. 1,811,026
30,740
36,713
uncalled for----344,790
287,740
Traffic, &c., b al..
224,648 Rentals, int. and
Agts. & conductors 277,208
363,711
241,638
dlvs. July 1----550,306
649,245
Mdse, accounts—
340,430
Mat'l & supplies.. 1,250.920 1,344,777 Accr.lnt.,rents,Ac. 296,625
104,934
104,934
1,509,830 Sundry lease accts.
Somerset R y.ad v.
,692,754
1,458,049
Sundry
funds----b
1
*37',166
41,605
Prepaid insurance.
Approp. surplus.. 1,426,982 1,338,805
21,250
Disc't on securities
571,779
5-15,451 Profit and loss----- 3 ,149,045 3,147,142
Sinking funds-----

ASS6lS-~—

Total ................ 40,207,567 33,982,309

T o ta l................ 40,207,567 33,982,301

~JTxncludes in 1912 road, $22,565,090; equipment, $10,637,594; Maine Central
h r (New Brunswick), $89,034; less reserve for accrued depreciation, $3,753,479.
£ Sundry funds Include in 1912 $36,471 for improvements, $99,922 for injuries
and’ $1,556,361 for contingencies.
j
------- -...
•




[VOL. L X X X X V

EARNINGS OE CONTROLLED COMPANIES YEAR ENDING JUNE 3 0
Sandy River & Rangeley Lakes RR.
Balance,
DivlInterest,
Gross Net (after Other
Surplus.
dciuls.
Income. Rents, Ac.
Earnings. Taxes.
$902
$77
$33,972 (4 ^ % )S 1 1.000
1911-12___ ...$160,697 $45,917
2,269
(4%) 9,004
45,257
158
33,482
1910-11___ . . . 153,173
Bridgton & Saco & River * RR.
$1,772
(4% )$4,090
$15,441
$333
S6,912
1911-12___ ___$55,012
___
2,828
13,792
(4%) 4,090
0,874
1910-11___ . . . 51,673
Portland Terminal Co.
(5%)$37,500 $39,093
1911-12___ ...$101,370 $96,367 S224.579 $244,353
—V. 95, p. 680, 176.

The American Railways Co., Philadelphia.
(Report fo r Fiscal Y ear ending June 30 1912.)

Prest. J. J. Sullivan, wrote in substance:
Results.— T otal number of passengers carried was 97,676,138, showing
an increase of 11,000,701, or 12.69% . The gross receipts of the supsidiary com panies were $4,894,307, a gain of $259,142, which amounts to
5 .5 9 % . This does not include the Johnstown Passenger R y . C o., from
which w c derive a rental. It includes $709,000 received from the sale of
gas, electric light and power, vvhlcn is 14.69% of the total receipts. W e
paid for accidents $78,000.
,
After paying all operating expenses, fixed charges, interest and taxes,
including the United States Government tax, amounting to $10,011, we
had net of 8463,300, out of which we paid a dividend o f 6 % , amounting to
$392 289. Thisleavesa balance of $71,011, making the total surplus$625,199.
W e charged out during the year on track and roadway and on main
tenance of equipment $754,804, or 18.07% of the gross receipts, a sum
that should well maintain the property. Of this amount, there was
credited to depreication reserve on the books of the subsidiary companies
$247,263, leaving a credit balance In the sum of $518,126
Ih e hre insur
an ce fund has been increased by $40,494, to $272,177; the accident fund
$19,111 to $52,346. W c deducted from Income and ca n celed $ 2 o,000 bonds.
Altoona & Logan Valley E lectricity. — The gross earnings increased $20,
382
W ages increased ?5,000. \Vc expended oil track and roadway
$74 665, of which 870,153 was charged to operation and maintenance and
$4,512 to construction, VVe also paved 11,922 ft. of streets and lcco n structed 7,960 ft. of track on account o f city paving.
,
Home Electric Light & Steam Heating Co. of Tyrone.— On Jan. 1 191- wc
bought the property of the Logan Llg.it & Power Co. of T yrone, thus
adding about $5,500 to the gross earnings for the six m onths. W e now
control the electric lighting from Birmlnhgam via T yrone to B eliw ood.
The growth for the year was 2 2.2 3% .
. . .
,
~an
Chicago & Joliet Electric R g .— The gross receipts Increased $18,760 to
$500 519
W c have obtained a new 20-yr. grant tor part of our franchises
which would have expired in a few years and obtained a confirmation of
our 50-vr. franchise, still having 36 years to run. W e rebuilt and paved
1 850 ft of track on Jefferson and Chicago sts.; 2,850 ft. of additional new
track was laid on Jefferson and Chicago streets and 1,250 ft. of new track
on 4th A ve. W c reconstructed 6,900 ft. of track on the O rphans Homo
Line. W e paved 2,900 ft. of track on Hickory st. and on North Collins St.
We re-located 8 00ft.and raised to grade 1,300 ft. and installed 400 ft. of
track for additional car storage. T w o new 500 k. w. m otor generator sets
cost installed $18,390.
.
Scranton (Pa.) R u . C o.— The gross earnings increased $34,197; this
would have been at least $64,000 but for the suspension in the anthracite
coal mines, which lasted for several months. The coal wage dispute Is
now fixed for four years. W c spent $42,216 on new construction of tracks
and paving and $141,799 on reconstruction of tracks and paving and
m aintenance. This work covered 24,345 ft. of track; 6 H mlies of track
have been com pleted on the new County Road and 4 miles of additional
track laid but not paved. The new /Mulberry S t. viaduct should be com Pl T/%* peoples' Railway Co. of Dayton, O .— The gross Income decreased
$30 049 or 6 6 5 % , due to the failure of several manufacturers located on
our lines and the falling ofT in orders of several other factories whose emX y c c s patronize our cars. The analrs of the firms involved will probably
soon be settled and our business will continue to prosper. Traoks were
reconstructed to a total o f 13,560 ft.; 4,400 ft. o f double traf^ J?
finished on W ayne A ve. Reconstruction of double track on Ludlow bt.
will be com pleted this summer. W e have been assessed for new paving
$29,702. We now have 45 prepaym ent cars, 10 of them new . W e spent
$19,562 In altering cars and $43,999 for new ones. An additional car
barn will cost $30,000.

U L vivswcioUU OU
PV

.
11
/ •»»
- ----of $69 431, equal to 15.85% . W e rebuilt 9,043 ft. of track and spent $10,
000 Oil double-tracking 2nd A ve.; $42,987 went for betterm ents at steam
power station, $40,958 of which was for a new 2,500 k. w . turbine and
auxiliaries. A new car barn of reinforced concrete and shops were built
at a cost o f $68,696; $39,139 was spent to extend the lighting service.
Lynchburg (Va.) Traction A Light C o.— The gross business incicased
$45 621 or 11.45% . Six new pay-enter cars were bought at a cost of
$34 667
Electric lighting lines and gas mains have been extended. W e
paid a bonus of $20,000 and commission of $1,250 to secure location on
certain lands and arc thereby released from an annual paym ent of $6,o00.
In the com ing year a considerable sum should be spent on improvements.
Bridgeton A M illville (N . J .) Traction Co. Gross earnings ln cieiscd
$5,834, or 4 .6 4 % .
„ , ,
■.
. cr ski
« a-/®'
Bridgeton (N . J.) Electric C o — Gain in gross receipts o f $5,851, oi 8.82 /» .
Ohio Valley Electric R y. C o.— Gross receipts increased $40,249, oi 8 .3 4 % .
In our last report (V. 93, p. 957) w c mentioned that we had bought this
propertv, which Included the lighting in Huntington, Coredo and K cnovo
in W est Virginia, Ashland in K entucky and Ironton in O hio; also o l %
of the Ferry com pany between Ashland, K y ., and Coal Grove, Ohio. B y
this purchase, wc also control the Kanawha V a lleyT raction Co. property,
which is leased for 99 years to the Charleston Intcrurban R R . Co. W c
have erected a fire-proof steam power station 82 x 110 ft..w ith tw o l.zou
turbines; also a T c w fireproof substation at Huntington of steel and con
crete, 49x99 ft. W e built 1 X miles of new track, 1,048 ft.

Incom e from subsld. cos.
Miscellaneous incom e—

1911-12.
$
851,893
12^482

1910-11.
$
805,963
4,451

1909-10.
S
623,164
70,514

1908-09.
$
408,062
58,452

Gross incom e------------Gen. exp., legal exp., &c.
Taxes . . ----------------------Interest on funded d e b t.
Dlvidcnds paid (6% ) —

864,375
8,325
15,000
377,750
392,289

810,414
5,526
12,000
370,400
381,787

693,678
5,075
9,500
325,209
342,073

527,114
1,562
8,500
206,323
305,706

522,091
682,457
709,713
793,364
T otal deductions-----5|023
11,220
40.701
Balance, surplus for year• . . 71,011
.
B A L A N C E S H E ET JU N E 30.
1912.
1911.
1911.
1912.
s
Liabilities—
$
S
$
Assets—
6,303,150
Capital
stock........
0,713.lot)
Stocks and bonds
350,000
owned a . .......... 16,776,599 16,361,016 Cap. stock scrip.....................
Coll, trust bonds—
Coll. tr. conv. re'.
Conv. 5s, 1911.
--------- 2,435,500
5s, 1931, in treas. 500,000
Conv. 5s, 1931. 3,000.000
b Bills recelv., &c. 3,388,247 2,818,74 (
5% bonds 1917. 2,500,000 2.500.000
5,574
Furn. & fixtures..
5,919
Johnstown coll. 1,500,000 1.500.000
Engineering Dept.
Ohio Vail. co ll.. 2,000,000 2,000,000
5,325
Instruments----5,133
Lynch!).* Roan. 987,500
987,500
Fire insurance fund
Trustee
Scranton
229,667
investments----263,580
Ry. pref. stk. 5s 1,499,000 1.499.000
80,483
Int. <C divs. accr'd
41,066
Bills payable........ 1,812,210
1.070.000
Employee’s pension
75,098
fund Investm’ts.
2,812
..... Vouchers.Ac.,pay. 125,810
Accident ins. fund
52,340
33,235
Fidelity Trust Co.,
231,683
Fire
insurance
fund
272,177
trustee Ohio VaL
Employees’ pens.fd.
3,222
E t.R y. collateral
00.804
112,045
trust 5s________
23,868
34,672 Taxes * int. accrd
554,188
Cash on hand___
196,365
125,333 P rofit* loss, surp. 025,199
.......... 21,203,589 19,600,818
T o ta l................ 21,203,589 19,660,818
Total
a See list in “ Electric Railway” Scotlon.
b Chiefly advances to subsidiary companies.— V . 95, p . 817, 749,

Nov. 2 1912.]

THE CHRONICLE

Spokane & Inland Empire (Electric) RR.

1203

N E T E A R N IN G S FO R N I N E M O N T H S E N D IN G S E P T . 30.

{Report for Fiscal Year ending June 30 1912.)
Pres. J. H . Young, Spokane, Sept. 16, wrote in substance:

1912.
$
January _________ ___ *5,243,406
February _______ ___ *5,427,320
March_______

1911.
$
5,869,416
7,180,928
10,468,859

1910.
$
11,316,014
11,616,861
14,684,001

1909.
7,262,605
7,669,336
7,989,327

Earnings .— The Intcrurban freight business, in common with all other
business in this part of the country, has suffered from the general depression
First quarter___ ___ 17,826,973 23,519,203 37,616,876 22,921,268
and shows a decrease in the revenue received from transportation of
9,412,573 13,414,956
8,163,244
$86,968, or 21.74% . The intcrurban passenger business shows an increase April_____________ ___ *7,509,207
9,590,444 13,229,289
9,661,228
of 2.85%. The revenue received from other sources, mainly from the sale M a y _____________ ___ *8,846,821
9,105,503 13,526,715 11,516,019
of power, shows an Increase of 17.31% over last year’s figures. The total J une ...................... ___ *8,740,237
operating revenue was $1,632,509, a decrease of $52,845.
Second quarter.. ___ 25,102,265 28,108,520 40,170,960 29,340,491
The charges for operation show a decrease in every department: a
8,750,467 12,132,188 12,530,770
total of $127,806, or 10.49%. The taxes were Increased in the State of J u ly _____________ ___ *9,322,142
10,710,145 13,132,755 12,437,754
Washington from $65,847 to $126,962, based on a higher assessed valuation, August___________ ___ *10,583,377
10,062,113 12,100,244 13,278,383
which our attorneys believe to be unjustified. The matter is now pending September________ ___ *10,157,993
In the courts.
Third quarter. _. ___ 30,063,512 29,522,725 37,365,187
Power .— Our power plant at Nine Mile, on Spokane River, has a maximum
capacity of 20,000 h.p., with a continuous capacity of 15,000 h.p., and is fur Total, nine months. ___ 72,992,750 81,150,448 115,153,023
nishing for the operation of the Inland Division from 4,000 to 5,500 h.p.
* After deducting Interest on subsidiary companies’ bonds outstanding,
The power contract with the Washington Water Power Co. has yet three
years to run. We arc using, under this contract, 3,800 h.p., the mini $723,657, $722,439, $721,371, $807,038, $847,294, $847,120, $844,975,
mum amount permitted by the contract. This power is used on the Coeur $844,256 and $852,814, in the respective nine months.
d’Alene and Traction divisions. The Traction division is also using from
I N C O M E FO R N I N E M O N T H S TO S E P T . 30.
2,500 to 3,000 h.p., and the Coeur d'Alene div. about 1,200 h.p., which is
1911.
1910.
1909.
furnished by the Nine Mile plant. We arc selling about 4,500 h.p. for com
1912.
$
$
$
mercial and Irrigation purposes, for which we are receiving an average of
$
............... 72,992,750 81,150,448 115,153,023 90,508,666
$4 per h.p. per month. The revenue from the sale of commercial power Net earnings_________
Deduct—
shows an increase of about 30% over last year. Our two high-tension
5,484,264
power lines from Nine Mile to Spokane, on private right-of-way, are Sinking funds________ 1 21,677,576 21.173.278J 6,151,379
16,954,736 15,859,837
either of them capable of carrying the entire output of the plant. There are Deprcc. & reserve f ’dsj
68 miles of 66,000-volt high-tension power lines now In operation and Interest_________ _____ 17,139,924 17,355,244 17,550,121 17,736,970
Construction, & c ..
20,000,000 10,000,000
they are capable of supplying the business for several years.
q
Charges to Capital Account .— These aggregated $259,753, viz.: Addi
Total deductions___ 38,817,500 38,528,522 60,656,236 49,081,071
tional right-of-way In East Side Syndicate Addition, Spokane, $40,726;
new storehouse, stations and waiting rooms, $23,582; equipment, $13,412; Balance_______________ 34,175,250 42,621,926 54,496,787 41,427,595
Dividends—
traction line extensions and paving in Spokane, $132,936; afditional flowage
Preferred (5 M % )______ 18,914,757 18,914,757 18,914,757 18,914,757
for power plant, $42,437; miscellaneous, $6,660.
19,061,343 19,061,343 11,436,807
Outlook.— The country served is developing satisfactorily, and this Com m on_____________ 19,061,343
Rate of div. on c o m .. (3 « % )
(2 K % )
year is harvesting one of the largest crops in its history. Lumber trade
(3 %)
(3M%)
shows a marked improvement. Notwithstanding the satisfactory decrease
Total dividends______ 37,976,100 37,976,100 37,976,100 30,351,564
In operating expenses for the past year, the property is in excellent physical
condition and prepared to handle a large amount of traffic. Everything Undiv’d earns., 9m os. def.3,800,851 sr.4,645,826sr.l6,520,687sr.ll,076,031
— V. 95, p. 1126, 970.
points to a favorable showing for the ensuing year.
INCOME ACCOUNT FOR YEARS ENDING JU N E 30.

1911-12.
208.2
Average miles oper..
S
313,012
638,621
545,529
135,347

1910-11.
208.2
S
399,981
620,883
549,111
115,379

Maint. way & struct
Maint. of equipment
Traffic expenses___
Tranrportation exp.
General expenses__
Taxes accrued___

1911-12. 1910-11.
S
S
223.561 .77.810
166,979 185,203
27,212
: 7,197
505.654 545,399
167,413 182,955
72,000
149,000

1,63 ’ ,509 1,685,354
7,782.35 8,035.72 Operating income...
. . . 392.706
... 245,169
Deduct—Interest on funded debt.... ............................
Other interest.........................................................
. . . l.io,538
Accident, Gibbs, Idaho............................................. ........ . . .
14,108
Depreciation, line abandoned, rcconstruc’n, acct. flood & misc.
isc.
8,061

394,745
247,113
151,256
36,311
91,766

. . . 462,874
___ 70,168
. . . (75.94)

526,446
131,701
(70.58)

Balance,

GENERAL BALAN CE SHEET JUNE; 30.

1912.
1911.
$
S
Property invest't. 25,550,563 25,283,021
Material and sup
236,744
308,347
plies................
25,858
166,132
Cash ........... ......
12,0241
Agents & cond’rs.
1
77,274
Misc. accounts re
74.871]
ceivable —
18,751
30,616
Sinking fund-----5,002
2,904
Miscellaneous----Assets—

Total ........... 26,073,854 25,718.853
—V. 95, p. 818.

1912.

1911.

LiabilitiesS
S
Common stock__ 10,000,000 10,000,000

Preferred rights - - 6,409,100 6,409,100
First M. bonds... 4,879,000 4,951,500
Accounts payable.
176,501
281,148
Bills payable........ 4,025,702 3,607,449
Acc. Int. & taxes. 296,574
97,183
Sink fund rcse ve.
14,584
14,584
Def’d credit items;
7,103
10,6 5
Profit and loss___
265,290
281,283
Total...............26,073,854 25,718,853

United States Steel Corporation.

{Earnings for Quarter and Nine Months ending Sep .3 0 . )
FT The following statement of the corporation and its sub
sidiaries for the quarter ending Sept. 30 was given out on
Tuesday after the regular monthly meeting of the directors.
The “ net earnings” as here shown were “ arrived at after
deducting each month the cost of ordinary repairs and main
tenance of plants and interest on bonds and fixed charges of
subsidiary companies.”
U N F IL L E D ORDERS ON H A N D (Compare V . 95, p . 425, 685).
Tons.
Tons.
Tons.

*6,551,507
*5,807,346
*5,304,841
*5,084,761
*3,611,317
*3,361,058
*3,447,301
*2,674,757
*3,158,106
*4,257,794
*5,402,514
*5,927,031
*4,790.833
*4,057,939
*3,542,595

Dec.
Sept.
June
Mch.
Dec.
Sept.
June
Mch.
Deo.
Sept.
June
Mch.
Dec.
Sept.

31 ’08. *3,603,527
30 '08. *3,421,977
30 ’08. *3,313,876
31 '08. *3,765,343
31 ’07. *4,624,553
30 ’07. 6,425,008
30 '07. 7,603,878
31 ’07. 8,043,858
31 ’06. .8,489,718
30 ’06. .7,936,884
30 ’06. .6,809,589
31 '08. .7,018,712
31 ’ 05. .7,605,086
30 '05. .5,865,377

Juno
Mch.
Dec.
Sept.
June
Mcli.
Dec.
Sept.
June
Mch.
Dec.
Sept.
June
Nov.

30 ’05.
31 ’05.
31 ’04.
30 ’04.
30 ’04.
31 ’04.
31 ’03.
30 ’03.
30 ’03.
31 ’03.
31 ’02.
30 '02.
30 '02.
1 '01.

.4,849,655
.5,597,560
.4,096,203
.3,027,430
.3,192,277
4,130,961
.3,215,123
.3,728,742
.4,660,578
.5,410,719
.5,347,253
.4,843,007
.4,791,903
.2,831,092

On present basis—sec V. 91, p. 1333.
30.
1911.
1910.
5
$
29,522,725 37,365,187

R E S U L T S FO R Q U A R T E R S E N D IN G S E P T .

1912.
$
Net earnings........................ ............. 30,063,512
Deduct—
Sink. funds on bonds of subsld. c o s .. 1 7,658,049
Dcprco. & reserve funds (reg. prov.)/
Int. on U. S. Steel Corp. bonds
5,683,964
Sink, funds on U. S, Steel Corp. bonds 1,627,998
14,970,011
. B alance-----------------------------. ------ 15,093,501
Dividend on pref. stock (1 M % ) ___
6,304,919
Dividend on common stock ................ 6,353,781
Div. rate on common stock ............... ■ (1 H %)
oiuyiuij
vuv vtu .
----2.434,801
On account of expenditures made and
to be made for additional property,
new plants, construction, &c........ .. ...............
Balance, surplus for quarter...........




2,434,801

6,806,568/
5,761,157
1,550,806

760,907
5,555,555
5,824,116
1,487,816

14,118,531
15,404,194
6,304,919
6,353,781
(1 « % )

13,628,424
23,736,763
6,304,919
6,353,781
(1 « % )

2,745,494

11,078,063

2,745,494

3,578,063

7,500,000

Federal Mining & Smelting Company, New York.
{Report fo r Fiscal Year ending August 31 1912.)
Prest. and Gen. Man. Harry L . Day says in substance:
Earnings .— The operating profit amounted to $858,266 and miscel
laneous earnings to $108,676, a total of $966,942, from which sum there
has been deducted construction and betterments, $98,106, and miscel
laneous non-operating expenses, $71,512, leaving a net balance of $797,323,
as compared with $1,099,751 last year.
Production and Shipments.— There were mined 836,947 tons (wet weight)
of ore, of which 46,087 were first class [as against 32,609 In 1910-11], There
were milled 762,550 tons (dry weight) of ore, an average of 63,546 tons per
month [against 60,542 tons last year). The Increase of first class shipped
was due to the doubling of the amount of low-grade first class sorted at the
Morning mine and to the sorting plant operations at Wardner. The ton
nage of first class from Mace decreased approximately 3,000 tons.
We produced 118,734 tons of lead concentrates and shipping ore, aver
aging 42 9% lead and 20.8 ounces of silver per ton, and 2,532 tons of zinc
concentrates, averaging 46.03% zinc. Of this total, 46,087 tons were first
class or shipping ore, which carried from 22.2% to 52.2% lead and aver
aged 33.7%. The first class shipped from Wardner averaged 44.9% ,from
Macc 40.6% lead and from the Morning 27.7% lead. Also 1,869 tons were
shipped from the Omaha lease, averaging 26.6% lead and 47.7 ounces In sil
ver per ton. The Omaha lease ore also contained 27,233 lbs. copper. Our
profits from the Omaha lease amounted to $13,545.
The ratio of the silver contents to the lead In ore mined at Wardner
decreased about 5 % . The ratio of silver to lead In concentrates also showed
about 5% decrease. At Mace the ratio of silver contents in ore mined,
about 9 .3 % ,was unchanged, while the concentrates showed about 4% de
crease. The ratio of silver in the concentrates decreased from 0.85 ounce
to the unit to 0.815 ounce to the unit. At Morning there was a 7% de
crease in the ratio of silver contents of ore mined, the ratio also decreasing
in concentrates from 0.35 to 0.32 ounce to the unit, or about 9.5% .
Prices .— During the year the New York quotations for silver averaged
57.81c., and the average price received by us was 58.33c. per ounce. New
York quotations for lead averaged $4,352, and the average price received
by us was $4.38. The prices received for silver produced averaged 4.85c
higher thaq received during the previous year, while the average price
received for lead was 7c. per 100 lbs. lower.
Development.— The development work at the producing mines amounted
to 18,947 ft., [as against 17,152 ft. last year], of drifting, raising, sinking
and cross-cutting, viz.: Wardner, 9,705 ft.; Mace, 5,303; Morning, 3,939.
Estimate of Company's Engineers of the Reserves Sept. 1 1912. •£»» •
(Tons)—
M illing Ore.
Concentrates. 1st Cl s Ore
Wardner__________________________188,070
18,870
7,450
Decrease for year_______________111,860
14,350
Inc.2,135
Mace ____________________________ 107,200
10,364
3,000
Decrease for year-----------------------102,444
9,798
£.439
Morning__________________________ 507,600
46,880
37,100
Increase for year________________ 153,834
13,953
20,066

Grand total of reserve________ 802,870
76,114
47,550
Wardner.— At Wardner the milling ore in sight has decreased about 37%,
but the total metal content has decreased only 31%. At present rate of
cxtractl m the ore In sight would last about ten months, but there is a large
amount of unprospected territory from which wc are constantly Putting
more ore in sight, and there is a considerable quantity of old filling which
may be worked at a small profit. At the end of the last fiscal year 65%
of reserve In sight at this mine was above the Sweeny level, which now has
been increased to 77.5%, and it Is In this territory that we expect to find
the larger amount of new ore possible to find during the next two years.
M ace .— The milling ore In sight at this mine has decreased oyer 48%,
while the contents of the concentrates and first class recoverable therefrom
lias decreased nearly 52 % . The scattered position of the stopes and the
large amount of repair work made necessary by moving ground and the
age of the timbers has largely increased the dead expense, as compared with
the cost of actual production. This, coupled with constantly decreasing
vein widths and orc-producing area, Is responsible for the reduced profits.
The option on the Cleveland group, mentioned In last annual report, was
allowed to lapse Jan. 1 1912, but negotiations were resumed, as explained
elsewhere. As soon as the virgin territory of the Cleveland-Green Hill Is
made ready for ore extraction these conditions will be largely remedied.
M orning .—The reserves at this property have increased about 30%,
the first class showing an increase of 20,666 tons and the concentrates of
13,953 tons, being an Increase In lead contents of ore In sight of 37% .
Property Acquired .— In the case of the Mace mine, a portion of the ore
shoot which we have been pursuing raked west on the 1,450 level Into the
territory of the Green Hill. It Is believed that the apex controlling this
ore body is within the lines of the Cleveland group. The option formerly
held on the Cleveland group was allowed to elapse Jan. 1 1912. Negotia
tions for the equipment of this property on more favorable terms were,
however, continued, resulting In an option being secured during August
on seven-tenths of the Cleveland group, owned by the Idaho Investment
Co., all patented ground, for $180,000. It has been decided to redeem this
option and take up the property within the allotted time.
Contemporaneously with the foregoing, negotiations have been carried
on with the owners of the Green Hill ground, adjacent to the Cleveland
ground, with a view to a lease, purchase or consolidation. Two of the
majority interests In theGreen Hill claims are also the owners of three-tenths
of the Cleveland claims. The negotiations. It is believed, will be success
fully consummated within a short time. The extraction of this ore body
will require the utilization of the Federal Co’s Mace plant and mill, and the
terms of this arrangement should allow a satisfactory profit to this com
pany. besides avoiding threatened litigation.
Outlook.— As a result of continued Improvements In operations, the op
erating profit at the Morning mine for the year, as compared with last year,
has increased $201,419. At Wardner, while the profit has been satlsfao-

[VOL.

THE CHRONICLE

1204

tory, the amount of ground subject to exploration Is limited, and the profits
from the Omaha lease have ceased for the present. Profitable operation
of the old ground at Mace has virtually ceased, but the arrangements in
progress for extraction of the Cleveland-Green Hill ore bodies bid fair
to prolong the life of the property for several years.
Future Development.— The necessity for the company of obtaining addi
tional properties, if It is to maintain its commercial life, is becoming more
evident each year. At this time the company has an option on the Phi
Kappa group of mining claims, in Custer County, Idaho, upon which devel
opment work Is now proceeding.
DETAILS OF INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1909-10.
1910-11.
1911-12.
. $4,911,997 $5,338,653 $4,757,469
Deduct-

J$2,391,447
\
39,170
Devclopment ________________
./ ’
'
1,762,115
Smelter freight and treatment______. 1,723,222

$2,173,341
. 200,898
1,638,176

Rentals__________ _______ . .
In terest___________________
Miscellaneous______________
Dividends from investments-

. $4,053,731
. $858,266
.
21,157
21,934
.
1,184
.
64,400

$4,192,732
$1,145,921
23,179
17,256
1,944
82,600

$4,012,416
$745,053
18,334
23,362
8,210
35,050

General expenses.

.
.

$966,941
71,512

$1,270,900
29,785

$830,009
86,201

$895,429

$1,241,115

$743,808

Net earnings____________________

STATISTICS FOR YEAR ENDING AUG. 31—
DIVIDENDS. SURPLUS, &c.
1008-09.
1911-12.
1910-11.
1009-10.
832,568
Tons mined, total______
836,947
784,600
741,650
122.704
Concentrates&shlp’g ore
118,734
118,315
107,826
56,904
Contents— Lead (tons)- abt.50,937 abt.52,271 abt.48,15.)
3,111,931
Sliver, In ounces____ abt.2,469,607abt3,304,538abt2,801,319
$900,290
Net earnings__________
$895,429 $1,241,115
$743,807
Prof, dividends______ (6K)$749,131 (7)$839,027 (7)$839,027 (7) $839,027
89,894
Common dividends(1 H % )
-----------------

COM PARATIVE

.sur$146,298 sur$402,088
1,015,110
Surp. from prev. y c a r .. 1,275,835

def$95,220
1,761,416

def$28,C31
1,790,047

$1,422,133

$1,417,198

$1,666,196

$1,761,416

98,106

141,364

651,086

$1,324,027

$1,275,834

$1,015,110

New construc’n, uncol
lectible accts., &c-----

$1,761,416

BALAN CE SHEET AUGUST 31.

1912
1911.
1912.
1911.
Liabilities—
$
$
4ssett—
$
$
Mine & equlpment.18,000,000 18,000,000 Common stock__ 6,000,000 6,000,000
280,000 Pf. stk.(7% cum.). 12,000,000 12,000,000
Investments____ *280,000
224,202
124,655 Accounts payable- 256,034
Material & supplies 142,347
209,757
Accts. receivable. . 413,441
379,447 Dividends payable 179,791
924.064
925,691 Surplus................. 1,324,027 1,275,834
Cash....................
T otal________ 19,759,852 19,709,793

T otal...............19,759,852 19,709,793

* Bunker Hill & Sullivan stock at par, $280,000.—Y. 95, p. 1125.

American Malt Corporation, New York.
( Official Statement of October 23 1912.)
Prest. Wilberforce Sully, N . Y ., Oct. 23 1912 wrote in brief:
Additional deposits of stock of American Malting Co. have been made
under the plan, so that the total amounts owned and unassented are:
Owned.

Unassented.

Common stock_____________________
-$13,058,800
$341,200
500 *
'1r°i?-00
Preferred
stock----------------------------------------------(The balance
of the outstanding common stock oV*^80;
f the American
Malting
C o — $1,100,000— is held in the treasury of that company.)
Disposition of Stock of American Malt Corp .—
Common.
Preferred.
Exchanged for stock of Am. Malting Co. under plan .$5,745,872 $8,729,910
Reserved for outstanding stock of Malting Co---------150,128
222,890
Left free In treasury.. ___________________________
104,000
47,200
On Sept. 25 1912 the directors of the American Malting Co. declared a
semi-annual dividend of 51.55 per share upon the pref. stock of that com
pany, payable on Nov. 1 1912. As your company is the owner of 140,805
shares of said pref. stock, this dividend will bring into your treasury $218,
248. Your directors subsequently declared a semi-annual dividend upon
the pref. stock of the corporation of 2 ) j% , payable Nov. 2 1912. [In
Nov. 1911 and May 1912 dividends of 2% each were paid, Nov. 1910 and
May 1911 dividends of 1% each, and previous to these 2 \ i % each half
year from Nov. 1908 to May 1910, Inch] Compare report of American
Malting Co. below.— V. 95, p. 819.

American Malting Company, New York.

(Report for Fiscal Year ending August 31 1912.)
Chairman of the Board, Wilberforce Sully, N . Y . , Oct. 23,
wrote in substance:
Results.— The weather In the summer of 1911 was unpropitlous for the

growth of barley, and the result was a small crop of poor duality, with a
higher average price for barley during the entire season of 1911-12 than
had ruled for forty years. A large amount of cash was required to handle
our business, which was above the average In volume, well over $10,000,000
being tied up for a considerable time In the Inventories of barley and malt
and accounts and bills receivable and other quick liquid assets. However,
our credit Is such that we were easily able to handle our business by dis
counting the promissory notes of the company to the extent necessary at
the lowest rates of interest prevailing for the best commercial paper.
All loans were paid prior to Aug. 31 1912, the balance sheet of that date
showing no bills payable outstanding. The smaller cash balance on hand
at the close of the year and the larger Inventory arc due to the fact that
there was on hand an Inventory of malt of the usual quantity made from
the high-priced barley of last year remaining to be delivered on contracts
of sale. Most of that malt has actually been delivered since the close of
the fiscal year to brewers to whom It was due, leaving a very small balance
still to be taken on thecontracts of last year, and this is being rapidly de
livered and paid for at the contract prices. Collections are excellent, and
have been in such volume since the close of the fiscal year that we have
been able to handle our business thus far this season without discounting
any of our paper. It Is anticipated that, owing to the larger crop and conse
quent lower price of barley, it will not be necessary to Borrow during the
current fiscal year to any great extent, If at all.
__
D. . „ .
Stock .— Additional amounts of stock have been exchanged for stocks of
the American Malt Corp. in accordance with the Plan of rcmljustmcnt
(V. 81, p. 266, 1243), so that less than 2.43% of the stock remains out
standing In the hands of the public unassented to the plan. Holders of
non-assented stock should note that the Guaranty Trust Co., No. 28
Nassau St., N. Y. City, Is now acting as depositary of said stock under
the plan In place of the Standard Trust Co.
Sinking Fund, & c. — The amount of $179,056 due to the sinking fund and
$25,000 from property sold In Chicago, together with $ 1 ,4 1 2 otner cash,
has been satisfied by the cancellation of $201,000 bonds from the treasury
leaving a balance of $263 standing to debit of said sinking fund, and re
ducing the outstanding mortgago bond liability to $2 ,8 3 4 ,0 0 0 .
During the year the company purchased In the open market$86,000
(par value) of Its mortgage bonds, and now holds $91,000 of the Issue
aSN etCWorking Capital.— On Aug. 31 this amounted to $5,668,440 (against
$5 400,453 Aug. 31 1911). The inventories of barley and malt have been
vaiued at a figure under cost, and since the close of the fiscal year con
tracts have been made for the sale of all the malt and barley on a malt
basis on hand Aug. 31 1912 at a profit.




LXXXXV.

INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1009-10.
1910-11.
1911-12.
Profit on malt, barley &
.
other products dealt In,
incl. lnt. on securities
$549,156
owned, loans and bals. $1,172,764 $1,081,778
$880,993
184,398
190,429
Deduct— lnt. on bon ds..
171,969
169,973
70,384
79,616
73,445
Taxes ______________
99,333
53,565
51,922
75,320
Betterments & maint.
91,143
Total deductions___
$362,445
$318,738
$306,704
$323,610
Balance lor divs___ sur.$810,319 sur.$763,040 sur.$242,452 sur.$557,383
Pref. divs. paid In N ov.
$223,820
$179,056
$89,528
$225,264
Pref. dlvs. following May (Not declared) 170,056
89,528
225,264
Bal. after divs. (6 mos.
div.only In 1911-12)

$586,499

$404,928

$63,396 sur. 106,855

BALANCE SHEET AUGUST 31.

1912.
Assets—
8
Plants & good will.27,585,000
Common stock... 1,100,000
Securs. other cos..
18,725
Cash___________
723,864
Accts. & billsrec.. 2,436,467
Taxes & Insurance.
38,667
Inventories......... 2,401,686
Bonds purchased.
91,000
Sinking fund____
264
Mtges. on real est.
95,000

1911.
$
27,600,001
1,100,000
25,825
1,355,881
2,204,497
31,262
1,513,938
206,000
2,061
159,000

1912.
$
Liabilities—
Cap. stock, pref. .14 ,440,000
Cap. stock, com..14 .500,000
First M. bds., 6% . 2 ,834,000
114.000
Underlying mtges.
65,012
Accounts payable.
29,440
Accrued taxes----Accrued Interest on
42,510
bon ds...........
100.000
Reserve funds----Proflt and loss----- 2 ,365,705

1911.
$
14.440.000
14.500.000
3,035,000
114.000
21,268
29,174
45,525
100.000
1,913,498

Total - . ........... 34,490,673 34,198,465
T otal________ 34,490,673 34,198.465
See report of American Malt Corporation above.—V. 93, p. 1103.
M e r g e n th a le r L in o t y p e C o ., N e w Y o r k .
( R e p o r t f o r F i s c a l Y e a r e n d i n g S e p t . 30 1 9 1 2 .)

P r e s id e n t P h ilip T . D o d g e s a y s in s u b s ta n c e :
Generally speaking, the business has been satisfactory. The net gain
was $2,738,522 [against $2,733,270 In 1910-11J. A large number of plants
have Increased the number of their linotypes, and in the United States
alone 530 additional offices have adopted the machines.
The Brooklyn shop is in all respects In a satisfactory condition. During
the year certain old buildings were demolished, and In their place a new
9-story building of fireproof construction is approaching completion. A
supplemental power plant, with electric generators, operated with gas
engines, will be in use at an early day.
In the Canadian territory the business has been satisfactory, although
Interfered with and delayed by the prospect of free trade. The manu
facture in Canada has been reduced to a minimum because of the demand
for machines of modern design, and because the limited number of ma
chines required will not Justify the investment necessary for special tools
and machinery. The manufacture of the monoline lias been discontinued.
The German company Is In most excellent condition, and there has been
a substantial increase in the business of Germany and the Continental
countries supplied therefrom.
In Great Britain the manufacturing plant has been Increased In size, more
especially in the press department, and various steps have been taken to
Improve the business conditions. Owing, however, to the generally unset
tled conditions In Great Britain and In some of the territory supplied there
from, the improvement has not been as great as was hoped for.
R E S U L T S F O R Y E A R E N D IN G S E P T . 30.

1911-12.
Total net profits-...... ..$2,738,522
Dividends (about)______ 1,919,760
(15%)
Dividend rate..............

1910-11.
1909-10.
$2,733,270 $2,763,869
2,111,109
1,917,630
(16M%)
__ (15%)

1908-09.
$2,042,468
1,743,007
(15%)___

Balance, surplus______ $818,762
$622,161
$846,239
$899,461
Dividends as shown above in 1911-12, 15%, consist of 6% paid In Dec.
1911 (2 44% regular and 3 44% extra) and 2 44% regular and 44% extra
each in March, June and Sept. 1912; in 19 10-11, 16 44%, consist of 744%
paid In Dec. 1910 (2 44% regular and 5% extra) and 244% regular and
44% extra, each in March, June and Sept. 1911. (Compare V.93, p.137.)
B A L A N C E S H E E T OCTOBER 1.
1912.
1911.
1910.
1909.
Assets —
$
$
$
$
Cash _______________
859,417
1,198,622
836,391
423,451
Stock and bond account
4,282,612 3,801,516
3,092,800
3,096,617
Bills receivable________ 3,418,618
3,373,507
3,379,387
3,322,450
Accounts receivable___
1,315,775
1,531,346
1,332,133
1,191,680
Mergenthaler Co., L td .. ---------------------------------717,860
----- ...
Canadian Linotype, Ltd.
359,296
421,468
590,392
Raw materials, & c____ 2,216,229
2,080,357
2,126,247
1,930,952
Plant, & c ____________ 2,782,782
2,738,896
2,550,704
2,451,338
Linotypes____________
497,150
496,950
757,625
751,000
Office fixtures, &c____
58,392
55,971
51,814
51,622
Rights, prlvs., franch.,
patents & inventions.
4,031,987 4,000,000
5,000,000
7,323,218
Total assets_________ 19,822,158
19,698,633
Liabilities —
12,797,800
Capital Stock__________ 12,798,400
Creditors’ ODCll accts
34,367
129,579
B im p a y a b T
:..
223,’o99
334,759
Dividends unDtiid
811
700
-------------6,765,481 6,435,729
Total liabilities______ 1^822^158
— V. 93, p. 1537, 1189.

19,698,633

19,717,493

21,260,188

12,787,700
115,948
—
710
6,813,129

12,753,700
58,899
150,000
071
8,296,917

19,717,493

21,260,188

V ir g in ia I r o n , C o a l & C o k e C o ., R o a n o k e , V a .
(R ep o rt f o r F is c a l

Y e a r e n d i n g J u n e 3 0 1 9 1 2 .)

P re s . J o h n B . N e w t o n , R o a n o k e , A u g . 2 1 , w r o t e in s u b s t :
The past year has not been unlike the two preceding years in the Iron
industry. The problem has been to operate as economically as possible
and yet keep up the efficiency of your plants. The plants have been well
maintained and charges have been made against depreciation of plant and
equipment and against depreciation of iron ore lands and coal lands,
amounting to $320,809, and $149,696 has been expended in improvements.
We have operated only one furnace constantly and one furnace for five
months of the year, out of nine hot-blastfurnaces, and only one of our two
cold-blast charcoal furnaces for eight months of the year. Wo produced
only 77,200 tons of standard foundry Iron and 2,231 tons of coid-Diast
charcoal iron, and shipped 100,820 tons of standard foundry iron and
tons of cold-blast charcoal iron.
_________ .
Within the past 60 days the Iron market has shown marked improvement,
and at the present time there is a strong demand for lron at fairly remuneratlve prices. We now have orders on our books amounting to 62/100 tons
of iron, mostly for delivery between now and Jan. 1, and aic pooklng a
fair tonnage dally for delivery during the first three months of 1913. We
arc now operating one charcoal and two coke furnaces, will blow in Radfoid
furnace within the next ten days and our Pulaski
as Rraf*
tlcable. We have large stocks of ore on hand and are well prepared to
meet the increase In demand.
n,\,.___ i
Your coal business has shown splendid Improvement. The mines pro
duced 1,563,284 tons of coal at a profit of $308,419, as against a produc
tion the preceding year of 1,404,638 tons, at a profit of $226,698* which was
our best year In the coal business up to that time.
. . . .
Although we charged during last year, against the cost of mining your
coal, $83,779 for depreciation of coal lands and $45,696 for depreciation of
improvements at your coal plants, I feci that the value of your coal lands
has Increased several times that amount, and that your coal plants and
equipment were well maintained.
_ „ .
,'
We have retired by purchase during the year fourteen of our 1st M. bonds,
costing $13,412, and sixteen Carter Coal & Iron Co. bonds, costing $16,780.

.Not. 2 1912.]

THE CHRONICLE

E A R N IN G S FO R Y E A R E N D I N G J U N E 30.
-Year 1911-12-Year 1910-11Gross.
Net.
Gross.
Net.

Operatlon of —

Furnaces...... ................. $1,019,840 def.$29,095
70,591 def.11,670
Foundrles____________
Coalmines____________
1,378,802
308,419
242,507
Coke ovens___________
2,854
Saw mills...... ..................
83
181,331
Crist mills____________
8,009
T o ta l______________ $2,893,214

$278,517

$1,595,191
97,016
1,154,405
361,888
509
161,913

$87,007
598
220,698
17,538
______
4,394

$3,370,922

$336,235

IN C O M E A C C O U N T .

1911-12.
$278,517

1010-11.
$336,235

1909-10.
$517,879

9,822

0,187

7,856

23', 820

29,318

33447

1908-09.
$198,080
11,434
25,253
25,000
0,448

Total net income___
$312,159
Deductions—
Taxes .............................
$57,069
Bond interest_________
264,512
Insurance ____________
23,792
Expenses of idle plants.
65,490
Depreciation of idle plants
91,155
Deprcc. of active plants
29,048
Interest and discount
112,809
Dead rents and contracts
13,111
Miscellaneous__ __
168
Developm ent.................
28,044

• $371,740

$558,882

$269,215

$50,500
265,638
22,348
51,758
60,691
53,594
90,519
14,190
245
25,044

$49,280
267,082
19,602
151,202

$43,000
268,249
21,626
178,109

65,270
73,146
39,457
399
23,371

46,760
8,219
14,982

Net earns, from oper—
Interest and discount. _
Farms amd farm rentals
Homestead Co. dividend
Miscell., merch., dis.,&c.

Total deductions___
$685,199
$634,527
$688,809
$580,946
Loss lor the year_______
$373,010
$262,787
$129,927
$311,731
Operating accounts wero charged during the year with $320,809 for de
preciation, viz.: Depreciation of coal lands, $83,779: deprcc. of ore lands,
•14,808; deprec. of lmpts. to leased properties, $65,312; dcprec. of lmpts. to
owned properties, $147,052; furnace repairs, $19,858.
There was spent $149,696 during the year for improvements to owned
and leased properties, viz., lmpts. to owned properties, $37,853; lmpts. to
cased properties, $55,922; repairs to furnaces, $55,921.
B A L A N C E S H E E T J U N E 30.
1912.
1911.
1912.
1911.
Assets—
$
$
Liabilities.—
8
S
Heal cst.'A plant. 12,632,985 14,056,448 Capital stock........10,000,000 10,000,000
Equipment-------352,114
310,107 First mtge. bonds. 4,856,000 4,870,000
Securities owned. 230,663
435,000
197,363 Prior lien bonds.. 419,000
Sales ledger b a l... 348,580
339,504 Unpaid vouchers. 219,162
193,804
Bills receivable.. .
43,862
70.470 Unpaid pay-rolls.
69,503
73,994
Cash ______
167,456
104,428 Accounts payable.
10,123
16,607
Materials ........... 3,026,517 3,222,809 Bills payable____ 2,286,056 2,110,655
124,269
Miscellaneous___
70,468 Interest accrued..
86,104
86,604
Profit and loss... 1,039,502
653,614 Depreciation fund ........... 1,221,521
Furnace repair fd.
20,000
17,056
Total............. -17,935,948 19,02 3,2 1 1
—V. 03, p. 1321.

Total........... ..17,965,948 19,025,241

The Granby Consolidated Mining, Smelting & Power C o.,L td
(Report fo r Fiscal Year ending June 30 1912.)
Pres. Geo. Martin Luther says in substance:
At Phoenix and Grand Forks the mines and smelter were idle for four
months, due to lack of coke, incident to the labor troubles In the West
Canadian coal fields. The operations there for the balance of the year were
entirely satisfactory, and, owing to the advance In the price of copper and
the low operating costs, the company was enabled to close its year with a
net profit of nearly $600,000.
While no new ore bodies have been discovered at Phoenix, It appears
from the report of the Assistant Superintendent of Mines that previously
known ore bodies have been further developed, so that we have in reserve
as much as on June 30 1911. ‘ At Hidden Creek development work has pro
gressed steadily with satisfactory results as to quantity and quality of ore
developed: preparatory work preliminary to the construction of the smelter
Is well advanced, upwards of $200,000 having been expended for that pur
pose. It has been deemed wise to write off considerable for depreciation
and, further, to carry stocks and bonds at their market value rather than
cost; these amounts have been deducted from surplus.

Ore in sight July 1 1912, as reported by Asst. Supt. of
Mines G. M. Campbell:
Gold Drop.

Ironsides.

Ore developed------------------------------------- 1,188,000
Mine has produced and shipped_______ 881,254
Remaining developed ore__________

306,746

Total.

13,220,612
7,093,040

14,408,612
7,075,194

6,126,672

6,433,418

P R O D U C T IO N (I N C L U D IN G I N F I R S T T A B L E F O R E IG N O RE).
-Tons Smelted----------------- A ll Metals Produced
Granby.
Total.
Gold, Ot. Silver, Of. Copper,Lbs.

1902-------------------- 293,645
301,100
1904--------------------- 516,059
556,531
1906-----796,188
832.346
1908....................
858,432
882,611
1910
_______ 1,175,548 1,197,377
1911
959,563 984.346
1912
_______ 721,719
739,519
1901-12 (total)___ 7,944,,373 8,215,014

274,511 10,836,851
275,935 16,020,086
316,947 19,939,004
300,204 21,092,288
356,746 22,754,899
______ 17,858,860
______ 13,226,360
..................
....... 192,253,757
______
R E S U L T S F O R Y E A R S E N D E D J U N E 30.
Sales —
_______
1911-12.
1910-11.
1909-10.
1908-09.
Copper, fine (lbs.)____ 13,231,121
17,858,860 22,750,111 21,901,528
Average price received
$0.12912
$0.1322
$0.1558
$0.1232
•Silver, fine (oz.)_______
225,305
343,178
355,749
335,521
Average price received
$0.5906
$0,535
$0.5233
$0.5125
Gold, fine (oz.)________
33,932
41,707
48,804
45,701
$
$
$
$
Gross Income from sales. 2,874,760
3,219,272
4,099,925
3,983,537
Working exp. at mines <&
smelter, freight, refin
ing, selling & gen. exp. 2,128,211
2,710,073
3,130,122
3,343,150
Foreign ores purchased .
163,170
291,783
191,828
160,280
Total expenses..........
2,291,381
3,001,850
3,534,978
3,302,402
Net p ro fit------------------583,379
217,410
564,947
681,134
.S’urp. from prev’s y ear.. 2,533,305
2,404,370
2,698,687
2,455,181

Plymouth Cordage Co.
J u ly 31 1912.)

(Balance Sheet
ASMS—
1912.
1911.
Heal est. & mach.$2,197,947 $2,248,189
Materials & supp. 2,007,254 2,321,092
Cash, notes and
acc’ts receivable 3,474,831 2,639,214

Liabilities—
1912.
1911.
Capital stock____ $3,000,000 $2,500,000
Notes & acc’ts pay. 3,347,438 )
Spec. dlv. res’ve..
60,000 )3,522,480
Res’ve for employ|
25,000 j
ees* bonus__
Profit and loss___ 1,247,594 1,186,015

Total...............87,680,032 $7,203,495
—V. 93, p. 1322.

T otal...............$7,680,032 $7,208,495

The United States Finishing Co.
(Report fo r Fiscal Y ea r ending June 30 1912.)

Pres. J. H . Wright, Norwich, Conn., Oct. 1, wrote insubst:
Resuffs.— During the year the company finished 270,163,212 yards of
goods (I oj. oOO miles), a decrease of 16,308,435 yards. The gross Income
from production was $1,626,341, a decrease of $315,625. The cost of pro
duction was $3,5o9,523, an increase of $24,302, and the charges for main
tenance and general expenses were $841,799, a decrease of $54,324. Dis
bursements for maintenance and renewals are included in the charges for
maintenance and general expenses, and there is also included under this
head the sum of $75,780 for Interest on current bills payable.
The net earnings were $401,354 (decrease $160,399) and from this
amount there has been paid interest on bonds and dividends of 7 % on the
stocslc, leavlnjr a balance of $8,854, which was applied towards the
nnX d .u oS-aU hi^ ,w e ° /i 1
,on, thc common stock, aggregating $ 1 2 0 ,
000, the remainder, $111,146, being taken from the surplus account,
reducing that account from $1,626,880 to $1,515 7 3 4 .
'Fhe reduction in earnings the past year, as compared with previous
reports, is a natural result of the unsatisfactory conditions which prevailed
c uringthe entire year in the cotton industry, and which produced unusually
keen competition in the finishing trade, resulting in lower prices, while the
cost of production was considerably Increased by thc added cost of materials
used.
Outlook. -The Improved conditions prevailing since June 30 1912 have
already resulted In better prices for future work, and the board confidently
expects a satisfactory and prosperous business during the current fiscal year.
Expenditures for Additions and Renewals .— 1
These have aggregated $496,"
137, of which $243,159 was added to plant account, $227,909 was charged
to operating expenses and $25,068 was received from the sale of real estate
and machinery.
The more Important improvements were: (a) At Norwich plant, a large
building of steel and brick with cement floors, In which will be Installed
two calender rooms, now occupying space In two widely separated build
ings. (b) At Silver Spring an additional story on one of the large buildingsalso a reinforced concrete dam, 54 feet wide, on West River, with a capacity
of 70,000,000 gal. of pure water suitable for bleaching purposes, removing
danger of scant water supply, (c) At Pawtucket new boiler house and 1 2
Bigelow horizontal return tubular boilers, of 3,600 h.p., showing economy
in coal consumption and furnishing considerable additional power; also 16
wells, giving (Cor bleaching purposes estimated) 4,000,000 gals, of pure water
daily, which Is pumped into the various departments of the mill by com
pressed air. (d) New machinery to keep up with changing styles and
new demands of the trade.
Bonds .— The holders of $250,000 1st M. 5% bonds of the Sterling Dyeing
& Finishing Co., guaranteed, exchanged the same for $250,000 of our 5%
consols, thereby Increasing the latter to a total of $1,650,000.
Queen Dyeing Co .— This subsidiary company finished during the year
4.5,449,252 yards of goods and showed a gross Income of $749,987 and net
earnings of $131,508. After paying interest on the bonds and 7% on the
prcf. stook, and after appropriating $7,113 for general depreciation, there
was left a balance of $51,985. This amount, added to the previous surplus
of $95,923, made a total of $147,908, from which a dividend of 15% was
paid on thc common stock (all owned by the U. S. Finishing C o.), calling for
$112,500 and leaving a balance of $35,408.
RESULTS OF U. S. FINISHING CO. FOR YEARS ENDING JU N E 30.
1911-12.
1910-11.
1909-10.
1908-09.
Goods finished, yards........ ........270,163,212 286,471,647 294,591,793 323,902,633
Gross receipts.................... ........$4,626,341 $4,941,966 $5,122,201 $5,558,727
Cost of production............. ........ 3,559,523 3,535,221 3,635,664 3,859,753
Net earnings...............
Other Income...............
Total earnings..............

$1,066,818
176,335

$1,406,745 $1,486,537 $1,698,974
51,131
120,348
45,175

$1,243,153

$1,457,876 $1,606,885 $1,744,149

INCOME ACCOUNT.

1911-12. 1910-11.
1911-12. 1910-11
$
$
$
$
Total earnings....... ..1,243,153 1,457,876 Balance to surplus..
8,854 179,253
Maint. & gen. exp... 841,799 *896,123 Surplus forward___ 1,626,880 1,567,627
Net earnings......... .. 401,354
Interest on bonds.... 182,500
Pref. dlv. (7 % )...... 2 1 0 ,0 0 0
Balance, surplus. .

8,854

561,753
172,500
2 1 0 ,0 0 0

Total................... 1,635,734 1,746.880
Com. dlv. ( 4 % )....

120,000

120,000

179,253 Tot. sur. Juno 30...1,515,734 1.626,880

_

30,786
54,493
50,020
40,668
48,752

1205

T o ta l...........................
Deduct—
Exploration expenses. . .
Dividends paid-----------Allowed for dcprec’n __
Interest paid__________
Discount on shares sold.

3,110,684
600,562

2,081,780
(1) 148,481

3,263,634
(2)270,000
266,155
60,674
202,435

3,136,315
74,841
(2)270,000
10,000
82,787

.

600,562
148,481
799.264
437,628
Total deductions____
rota!
otai net surp. June 30. 2,516,122 2,533,305
2,464,370
2,608 687
There was expended in the last fiscal year In new construction and equip
ment at the mine and smelter, $48,267. Mine development, 6,365 lineal feet
diamond drill development, 0,311 lineal feet.
B A L A N C E S H E E T J U N E 30
1912.
1911.
1912.
1911.
Assets—
Liabilities—
S
$
S
Real estate, mach.,
Capitalstk. Issued.14,998,515 14,849 565
bldgs. & equip. 15,081,005 15,218,380 Accts. payable...
19,539
l 1 9 )5 9 2
Stocks and bonds. 619,333 1,205 890 Dividends held for
Hidden Creek Cop.
1,604
1,606
liquidator........
Co. Investment. 979,461
DIv. checks unpaid
733
Cash and copper..
791,790
920,513 Surplus............... 2,516,122 2,533,305
Fuel & store supp.
104,191
160,018
Total................ 17,535,780 17,504.801
—V. 93, p. 1598.




Total................ 17,535,780 17,504,801

♦Maintenance and general expenses include Interest on current bills payable,
$75,780 in 1911-12, against $91,928 in 1910-11.
BALAN CE SHEET U. S. FINISHING CO. JU N E 30.

1912.
1911.
Assets—
$
$
Liabilities—
Plants ................ 8,263,613 7.960,168 Common stock__
Sterling Improve
Preferred stock...
ment Co. stock. 250,000
250,000 Bonds outstanding
Queen Dyeing Co
Notes payable___
750,000
750,000 Accts. & pay-rolls
common stock..
Inventories......... 1,156,078 1,234,947 July divs.&coupon
C asli..... ............. 404,729
677,015 Sinking fund........
Notes receivable..
202,270
Surplus...............
Accts. receivable. 830,050
658,952
Cash In sink. fund.
575
707

1912.
$
3.000.
3.000.
2.961.000
1.085.000
121,256
173,750
575
1,515,734

1911.
$
000
3.000.
000
3.000.
3,040,000
575,000
115,451
173,750
707
1.626,880

Total............... 11,857,315 11,531,789
Bonded Debt June 30 1912—

Total.

U. S. F. Co. 1st M. 5%, due July 1919......... $1,750,000
Sterling D. & F. Co. 1st 5s, 1926....................
500,000
U. S. F. Co. cons. M. 5%, due July 1929----- 3,500,000

Redeemed. Outstanding.

$689,000 $1,061,000
"x "
250 000
"y”
1,650,000

" x " Exchanged for U. S. F. Co. consolidated M . bonds. $250,000.
" y " Reserved for retirement of above underlying Issues, $1,311,000; reserved for
account of U. S. F. Co. 1 st M. bonds in sinking fund, and underlying bonds, $539,000;
outstanding consolidated bonds, $1,650,000.
Total number of stockholders June 30 1912 was 869—preferred, 699; common, 170.
Note.—The company guarantees the principal and interest of $750,000 Queen
Dyeing Co. 5% 25-year 1st M.bonds due July 1934 and redeemable at 104 and
$500,000 7% preferred stock redeemable at 110. j

' iS A M 3 S C INCOME ACCOUNT QUEENJDYBINGJPO.
1911-12. 1910-11.
^
■ig?} 1911-12. 1910-11.
Gross receipts......... $749,987 $770, 0. Pref. divs., 7% ........ $35,000 $3 5 ,0 0 0
Total net earnings. . 131,598 136,881 Depreciation .........
7,113
6,389
37,500
37,500 Balance, surplus. . ■.
Bond Interest.........
51,985 57,992
The liabilities include $750,000 common stock (all owned by the U. S. Finishing
Co.), $500,000 preferred stock, $750,000 bonds, $11,249 accounts payable, $6,003
pay-rolls accrued and $27,500 reserved for coupons and prcf. dividends payable
Julv 1 1912. The total surplus June 30 1912. after deducting div. No. 1 (15%)
on the common stock paid June 25 1912, calling for $112,500, was $35,408.—
V. 95, p. 822.

000
000

[VOL.

THE CHRONICLF

1206

Street’s Western Stable-Car Line, Chicago.
(Report fo r Fiscal Y ear ending June 30 1912.)

Pres. F. J. Reichmann, Chicago, Sept. 24 1912, wrote:
In common with all Industries dealing In railway supplies and facilities,
the company suffered a loss In gross revenue; the gross earnings being
8 H % less than for the preceding fiscal year; they are, however, only 5 Y %
less than the calendar year 1909. Of the net earnings of $120,226, $89,782
was required to meet the interest on bonds, leaving a balance of $30,444
which has been carried to surplus account. The income account includes
adjustment of losses In the book value of cars due to the replacement of
20-ton trucks with new 30-ton trucks, &c., of $27,105; as these adjustments
required no cash outlay, the company's cash position was improved to the
extent of $57,549, or slightly in excess of the 7% requirement on out
standing pref. stock. This amount was not available for the payment of
dividends, as the funds were required to meet current bond maturities.
The company has expended the average for repairs and maintenance
required by its mortgage and car trust indenture. The special improve
ments required under these agreements securing the new bond issue have
now been completed. Since June 30 1911 the secured Indebtedness has
been reduced to $1,770,000.
.
The railroads have had a large surplus of cars, except for very brief
periods, during the last four or five years, and during the past year the
cattle movement has also been extremely light, prices having advanced
to a point that practically eliminated the export business, thus depriving
your company of the long hauls which it usually enjoys from the Western
markets to the Atlantic seaports. It is confidently believed that this is
but a temporary situation, and that the existing high prices will stimulate
the raising of cattle.
,
, , ,
.. „
............
The very large crqps and the improved business situation will, it is
generally believed, tax the railroad facilities to their utmost, and we look
forward to the placing of more of our cars on term leases, thereby over
coming the terminal delays and consequent loss of earnings incidental to a
purely mileage service. While the unusually severe business situation
through which the company has passed during the last few years has
demonstrated its ability to earn a surplus over fixed charges even under
most trying circumstances, it is somewhat early to make any definite
prediction as to its ability to resume the pref. dividend. The company
must maintain an ample working capital and maintain the efficiency of its
equipment. No new ventures of any kind arc being undertaken.
IN C O M E A C C O U N T .

1912.
Net earnings (after main
tenance, taxes, & c.)------ $120,226
Interest on bonds_________ 89,782
Int. on car lease warrants.. --------Propor. bond disc. & exp. - --------Net income------------------- $30,444
Dlvs. on preferred (7 % )---- --------Dividends on com ________ ______

------ Years end. Dec. 31—
1909.
1908.
$163,600)
91,3501
.

$250,996
52,564
25,362
9,735

$301,320
104
64,860

$163,334
$54,250
(3^)133,000

$236,356
$54,250
(2)76,000

$72,2501

Balance, sur. or def . . sur.$30,444 sur$72,250 def.$23,916 sur.$103,100
B A L A N C E S H E E T J U N E 30.

1911.
Assets—
S
Cars, franchises, pat
ents, real estate,
buildings, &c___ 7 ,653,272 7,697,158
Construc’n & mater’ls
64,752 78,850
15,000
Bond rederap. fund.
7,250
90,884
Accounts receivable. 87,795
11,682
15,500
Cash ......................
3,804
2,546
Prepaid expenses__
Bond discount........ 158,292 158,292

1912.
1911.
S
Liabilities—
$
Common stock........3 800,000 3.800.000
Preferred stock........ 775,000 775,000
5% equip, gold bonds 1,770,000 1.827.000
81,253
Car renewal funds— 108,333
73,928
68,608
Accounts payable...
80,000
15,000
Bills payable...........
52,038
Ues. for renewals, &c 55,571
Surplus—available
for deprec’n, & c..l 306,895 1,366,451

Total
...7.989,407 8,055,670
- V . 95. D. 822.

Total.................... 7,989,407 8,055,670

1912.
$

G E N E R A L

IN V E S T M E N T

N E W S.

LXXXXV.

Central Railway of Canada.— M erger P la n . — Secretary
J. D. Wells, Montreal, announces that the company will
apply to the Parliament of Canada for an Act—
(1) T o c o n fir m ce rta in transfers and agreem en ts m a d e and e n tered in to
b e tw e e n th e c o m p a n y and the O tta w a R iv e r R y . C o ., th e C en tral C ou n ties
R y . C o ., th e G reat E a stern R y . C o ., the O tta w a V a lle y R y . C o ., th e Caril
lon & G ren ville R y . C o . an d th e O tta w a R iv e r N a v ig a tio n C o ., an d t o
am a lg a m a te these co m p a n ie s w ith th e C en tral R y . C o . o f C anada.
(2) T o e x t e n d th e tim e fo r th e c o m p le tio n o f th e c o m p a n y ’s railw ay
(3) T o in crea se th e b o n d in g pow ers o f the c o m p a n y .
(4) T o a u th o riz e the c o n s tr u c tio n o f th e fo llo w in g bran ch es; (a) T o L a k e
S t . M a ry in A rg e n te u il C o u n ty ; (b) t o S t. S ch o la stiq u e in T w o M ou n tain s
C o u n ty ; (c) t o th e In te rco lo n ia l R y . a t o r near S t. R o s a lie , B a g o t C o u n ty ,
w ith b ra n ch fro m said branch t o In te rn a tio n a l B o u n d a ry in S t. J o h n ’ s
C o u n ty , Q u e b e c ; (e) fro m O rillia o r o th e r p o in t in S im co e C o u n ty t o G od e
rich , H u ro n C o u n ty .
(5) T o a u th o riz e th e c o m p a n y t o e n te r in to a greem en ts w ith th e P o n tia c
C en tral R y . C o ., th e W e ste rn C entral R y . C o ., th e Q u e b e c M on treal &
S o u th ern R y . C o ., th e M on treal & S o u th ern C o u n tie s R y . C o ., J o lie t t e &
L a k e M anuan C o lon ization R y . C o., N orth R y .C o .a n d Im p erial T r a c tio n C o.
O n o r a b o u t J u ly 25 1912 th e L o n d o n S to c k E x ch a n g e gra n te d a special
s e ttlin g d a y to th e first £ 1 6 2 ,0 0 0 1st M . 5 % bo n d s, an d it w as e x p e c te d
th a t a r r a n g e m e m s w ou ld be m ade at an early d a y fo r th e m a rk e tin g o f the
b alan ce o f th e $4 ,8 6 0 ,0 0 0 5 % bo n d s w h ich som e tim e a g o w ere o ffe r e d in
E n gla n d a t 95 and in t., b u t w ere o n ly p a rtly ta k e n .— V . 95, p. 175.

Charleston (S. C.) Consolidated R y. & Lighting Co.—
the
company and the city, the City Council on Oct. 22 passed a
resolution putting into effect cheaper gas, electric light and
power rates on and after Nov. 1.

Settlement.— As a result of the compromise between

T h e gas ra te is $1 10 p er 1,000 c u . f t .; e le ctr ic ligh t, 10 c t s .; arc ligh ts,
$54 p c r ’ lam p per y e a r : e le ctr ic p o w e r, 6 c t s . T h is m eans an ann ual savin g
t o the c it y o f $61,167 8 1 . T h e co m p ro m ise d oes aw ay, w ith th e litiga tion
o v e r ra tes. T h e C orp oration Counsel is in stru cted t o s ettle an d d isp ose
o f th e p e n d in g litig a tio n .— V . 95, p . 419, 297.

Chicago Railways Co.— Favorable D e c is io n — The U . S.
Circuit Court of Appeals has affirmed the decision of Judge
Kohlsaat dismissing the suit brought by Charles H . Vcnner,
a New York stockholder, to have the compromise franchise
of 1907 annulled.
*
T h e Issue, it is sta te d , w as th resh ed o u t in th e S ta te c o u rts , w h ere th e
co m p la in a n t lo s t.— V . 95, p . 1122, 618

(
T
C o ^ D rc f" o r c o m m o n s to c k th a t p a rticip a tio n c e r tific a te s (and ce rtifica tes
rep resen tin g a fra ctio n a l in terest therein) a p p o rtlo n a b le t o th e s to c k re p re
sented b v ce rtifica te s o f d e p o s it u p on w hich assessm ent has been p a id , are
re a d y fo r d e liv e ry u p o n surrender o f cc ritlfc a te s o f d e p o sit, sta m p e d t o
in d ica te th e p a y m e n t o f assessm ent th e re o n , a t th e C entral T ru st C o. o f
N ew Y o r k . N o exch a n g e s will b e m ade a fte r D e c . 1.— V . 90, p . 559.

Cleveland Cin. Chicago & St. Louis R y .— New

Directors.

T tie b o a r d has been Increased from 13 t o 15, F . J. J e ro m e a n d L . J . H a c h n e y be in g e le cte d to fill th e n ew positio n s.

Guaranty o f Evansville M t. Carmel & N ov. Bonds Approved.
T h e sto ck h o ld e rs o n O ct. 30 au th o riz e d th e g u a ra n ty o f h o t e x ce e d in g
$5 ,0 0 0 ,0 0 0 E v a n sv ille M t. Carm el & N orth ern R y . b o n d s.
C om pa re
V . 95, p . 8 9 0 .— V . 95, p. 1039, 890.

Cleveland Valley & Terminal R R .— Earnings. —
June SO.
Operating
Year—■ Revenue.
191 1-1 2. ..$ 1 ,3 1 4 ,4 5 9
1910-11. . . 1,350,497
— V . 93, p. 1105.

Net (after
Taxes).
$378,434
421,676

Otlisr
Income.
$29,669
31,721

Five.I
Charges.
$ 2 14,10a
246 ,127

Balance
Surplus.

$159,998
207,270

Cumberland County Power & Light Co., Portland, Me —
T he B o s to n S to c k E x ch a n g e has a d m itte d to th e list $ 1 ,500,000 6%

R A IL R O A D S , IN C LU D IN G ELECTRIC ROADS.
Algom a Central & Hudson Bay R y .— Neiv Term inal C o. —
On Oct. 18 “ Algoma Central Terminals, L td.," was Incorporated under
Can. Cos. Act., with Thomas Gibson, Sec. of Algoma Cent. & H. II. R y. Co.
as an incorporator. Cap. stock $100,000 in $100 shares.— V. 95, p. 748.
Algoma Eastern R y .— N ew Terminal C om pany.—
Algoma Eastern Terminals, Ltd., was incorp. under the Can. Cos. Act
on Oct. 18 with $100,000 of auth. stock in $100 shares. Among the incor
porators was Thomas Gibson of Toronto, Sec. of Algoma Eastern R y.
V. 95, p. 748.
American Railways, Phila.— Subscription Rights .—
Subscriptions for the $2,000,000 new 7% cum. pref. stock, offered at par
($100 a share) until Nov. 1 to stockholders of record Oct. 23 at ratio of
15 shares for each 100 shares of present holdings, are payable either (a) In
full at time of subscription; entitling the subscriber to all dividends there
after declared; or (b) 25% on subscription, 25% Jan. 15 1913, 25% March 1
1913 and 25% May 1 1913, the first three of such installments to bear inter
est at 5% per annum from sahlduedates to M ayl. See also V. 95, p. 1038.
Arizona Eastern R R .— -Application to Issue B on d s .—
The company has applied to the Arizona Corporation Commissi m for
permission to issue $600,000 additional bonds. Of the $7,000,000 first
and refunding bonds outstanding June 30 1911 the Southern Pacific Co.
owned $3,673.000.— V. 90, p. 446.
Boston & Maine R R .— Application. — Ti e company has

applied to the Mass. R R . Commissioners for authority to
issue $10,663,700 additional common stock and $7,500,000
20-yr. 4 % ,% bonds. Compare V . 95, p. 968, 749.
Brooklyn Union Elevated R R .— Consolidation.— The P.S.
Commission yesterday authorized the merger of the company
with the Sea Beach R y. Co. and the Canarsie R R . under the
name of the New York Consolidated R R . Co.

The stock of the new company is to be exchanged, share forsharc, for the
stock of the old companies. The Brooklyn Union company has outstanding
$5,000,000 pref. and $13,000,000 common stock, the Sea Beach Ry. $650,
000 common and the Canarsie RR. $250,000 common, a total of $18,900,000.— V. 95, p. 1039.
Brooklyn Rapid Transit Co.— Consolidation o f Subsidiaries.
See Brooklyn Union Elevated R R . below.— V. 95, p. 1039, 817.
Buffalo & Lake Erie Traction Co.— Circular.— The com

mittee of holders of “ first and refunding m tge.” 5 % bonds of
1906, of which Alvin W . Krech is chairman, urges by adver
tisement on another page the prompt deposit of these bonds
with the Equitable Trust Co., N . Y ., or the Girard Trust Co.
of Philadelphia
Opportunity will be given to withdraw, if
any plan submitted does not meet with the approval of the
depositor. Arrangements also have been made for an ad
vance on or after N ov. 11 of an amount equal to the interest
due N ov. 1 as to all bonds deposited.
Copies of the com
mittee’s circular and deposit agreement may be obtained from
the depositaries. See the adv. and also V . 95, p. 1121.
Central Park North & East River R R ., N. Y . — Sale.—
See New York Railways Co. below.— V . 95, p. 1122, 1039.




Detroit & Mackinac R y .— E arnings .—
June SO. Gross
Net
Other
Charges. P f.p i v . Com .D iv. Hal. for
Year— Earnings. Earnings. Income. Im pts.,& c.
_ 1|2,VS

1911-12.$1,248,102 $349,989 $22,176 $224,429 $47,500 S}00,000 $235
1910-11. 1,177,099 354,700 32,861 240,061 47,500 10.°>Pt9® Q
N°F?
“ Charges, &c..“ as above in 1910-11 include $14,420 for additions and
betterments and $27,794 for Rogers City extension, against a total oi
$130,510 for extraordinary purposes in 1909-10.— V. 93, p. 1187, 1105.

Dry Dock East Broadway & Battery R R ., New York.—
The P. S. Commission on Oct. 25 granted the application for permission
to electrify the road on Canal St. between the east side of the Bowery ana
the west side of Centre St., heretofore operated by storage battery. This
will complete an electric line from the North River to Brooklyn via Manhat
tan Bridge, the greater part of which is the property of the New York Rail
ways Co. The Third Ave. R R . and the New York Railways Co. arc seeking
permission to run a joint line across the Manhattan Bridge In competition
with the present Thrcc-Ccnt-Farc Line.— V. 95, p. 110a.

Duluth-Superior Traction Co.— Strike E n d ed.—The
mu
o to
nu
d co
du
u cvto
m e strike
siriKC of
or th
m ee in
iu rm
n n ecn
u a
an
u in
iu
w rhs in D u lu th , w h ich ! began
. - _ .on
..
Sept. 9 because a number of union men who had been
manage6
were not reinstated, has been ended, or practically e nP®'V.u-m„ ?,a” for
ment states that the strike was an expensive one (the earnings for the
month of September showing a decrease of 541,468. or 44.7 , , and mi the
first two weeks of October of $15,151, or 34.9%); but they believe icy have
won out completely without recognition of the
dlsnrrfelDn?
the service any of the strikers who were guilty
smne’ tima hniari
interference with the service. It will, It is s ® {! •t ° . ??i
normal earnings will be restored, but at present substantially full service is
being operated in Duluth and Superior.— V. 94. p. ooo.
Durango Central R R . — Deposit o f B on d s .— Holders of the
company’s 1st M. 50-year 5 % gold bonds are requested
to deposit the same, along with the defaulted coupons of
July 1 1904 and subsequent dates, with the U. S. Mortgage
& Trust Co., 55 Cedar St., N. Y ., as depositary under deposit
agreement dated Sept. 9 1912.
The bondholders’ committee consists of Chairman Thomas II. Watkins
(Pres, of the R R . Co.), Benjamin S. Harmon and Buell Hollister, with
Thomas Robinson as See., 55 Wall St., and Edward J . Patterson, counsel.
The agreement provides that: “ The committee shall have power to sell
or exchange or enter into agreements for the sale or exchange of the de
posited bonds or of the mortgaged property upon suoh terms and condi
tions as the committee In Its uncontrolled discretion may deem advan
tageous and for the Interests of the depositors. Any such sale or exchange
may provide for the sale or exchange of the deposited bonds or of the mort
gaged property or any part thereof In consideration of the shares of stock,
bonds, obligations or other securities of any other corporation now or here
after organized, or partly for cash and partly for any such shares of stock,
bonds, obligations or other securities or property upon such terms and
conditions as the committee, In Its uncontrolled discretion, may determine;
and any such sale or exchange, or agreement therefor, made by tho commit
tee In good faith shall be final and conclusive upon tho depositors.”
The committee is also empowered to prepare a plan of reorganization
(without limitation of the powers conferred upon the committee by tne
article just quoted), but this plan will be binding only on such of the de
positors as shall not dissent In writing within lo days after notice tUa-t tne
plan has been filed with the depositary; depositors withdrawing must pay
their share of the expenses and obligations of the committee.

Nov. 2 191U.]

THE CHRONICLE

[The road extends from Descubrldora to Conejos, Mcx., on the National
Itys, of Mexico, .11 miles, standard gauge. Locomotives, 2, and cars, 14
Operations, it is understood, were suspended some time ago.— Ed.] Com
pare V. 79, p. 1701, 569.
Edmonton Dunvegan & British Columbia R y .— Offering
in London o f £7 0 0 ,0 0 0 4 % Debenture Stock Guaranteed by
Province o f Alberta .—
“ Financial Post of Canada” , Toronto, Oct. 26, said: An Issue of £700,000
4% debenture stock of the Edmonton Dunvegan & British Columbia Ry.
was offered in London on Thursday last at 94 14• These debentures arc
guaranteed both as to principal and interest by the Province of Alberta.
Construction work on this line of railway, which extends from Edmonton
northwest to the boundary of British Columbia through the Peace River
country, touching Dunvegan, has Just started. The road is being built
by J. D. McArthur [of Winnipeg], who is also promoting the company.
Wood Gundy & Co., Toronto, are directing the financial affairs of the
company." [There was Illed with the Secretary of State for Canada at
Ottawa in August last a trust indenture dated July 22 1912, between tuc
railway company and the National Trust Co., Ltd., and His Majesty The
King, representing the Province of Alberta, covering the undertaking,
property and other assets of the company as therein mentioned to secure
30-year 4% guar, debenture stock. The company's charter, it is under
stood, permits the construction of two converging lines extending from
Edmonton and Fort George, B. C., respectively botli stations on the
Grand 1runic Pacific Ity., to a Junction in the Peace Itiver district [sec
map p. 56 of ‘ Hallway & Industrial” Section.— Ed. "Chronicle.” ]
Georgia & Florida R y .— N ew Director —
Douglas II. Gordon, Pres, of the Baltimore Trust Co., has been elected
a director to succeed George C. Morrison, deceased.— V. 9 1 , p. i l l s , 9 1 1 .
Georgia Railway & Electric Co., Atlanta, G a.— Bonds Of
fered . — Chas. C. Harrison Jr. & Co., Phila., are placing at

99 and int., yielding about 5 .0 5 % income, their block of
$250,000 “ ltef. & Im pt. M. sinking fund gold 5 % bonds.”
There is now outstanding $1,973,000 of this issue, also $10,
556,000 of prior liens. A circular says:
The company serves, without competition and under perpetual franchises,
an exceptional territory. Net earnings for 1911 were more than 3 M times
Interest charges. Direct equity back of these bonds, as Indicated by
quotations for Junior securities, Is over $16,000,000; total market value
of all Junior securities about $22,000,000. The Georgia Hallway & Power
Co., under terms of a 999-ycar lease effective Jan. 1912, guarantees all
ilxed charges and dividends of 5% and8 % ,respectively,upon the pref. and
common stocks.— V. 95, p. 1122.
Grand Trunk Pacific R y .— $25,000,000 Debenture Stock.—

Notice is given that the company will apply to the Parliament
of Canada for an Act authorizing “ a further issue of perpetual
or terminable debenture stock for a principal amount not
exceeding $25,000,000, which shall constitute a lien or
charge ranking pari passu in all respects with the debenture
stock authorized by Chapter 100 of the Statutes of 1906,
and to apply the proceeds thereof towards the completion
of the company’s railway, the providing of equipment and
to the general purposes of the company.” — V. 94, p. 911, 207.
Grand Trunk R y. of Canada.— Authority Sought to issue
P ossibly £5 ,000 ,00 0 Consol. Deb. Stock.— The company gives
notice of its intention to apply to the Parliament of Canada
for an Act authorizing the issue of further “ consolidated
debenture stock bearing interest at a rate not exceeding 4 %
per annum, to an aggregate amount’ the annual interest
upon which shall not exceed £200,000 sterling, and to apply
the proceeds in carrying out any of the powers conferred upon
the company by the Grand Trunk Acts of 1910, 1911 and
1912 and to the general purposes of the company.”
New Debenture Stock fo r Grand Trunk Pacific B y .—
See that company above ns to issue of further $25,000,000 deb. stock.
Ottaiva Terminals R y . — $6 ,0 0 0 ,0 0 0 N ot $3 ,000 ,00 0 Bonds —
Notice Is given that the Ottawa Terminals Ity. Co will apply to the
l™ i1\mcnt ° f Canada for an Act to amend Chapter 117 of the Statutes of
1907 by authorizing the company to issue bonds or debentures to the
amount of $6,000,000 instead of $3,000,000, as provided by Sec. 15
The Grand Trunk Act of 1911 gives the company authority to purchase the
securities of the Ottawa Terminal Itys. Co. (V. 92, p. 1237.)
D enial. — Prest. E . J. Chamberlin is quoted as denying the

rather persistent rumor that his company has any thought
of buying control of the Chicago Great Western Ry. Co.
Compare V. 95, p. 1122, 419.
Green Bay & Western R R .— Offer fo r Stock.— Sec.-Treas.
Charles W . Cox, 40 Wall St., N. Y ., in consideration of
$100,000 paid on account, has given to Frederick II. Prince
& Co., Boston (representing, it is understood, Newman Erb
and others interested in the Minneapolis & St. Louis R R .),
an option expiring March 1 1913 to purchase 18,750 shares
of the capital stock now owned or controlled by him out of
a total amount of 25,000 shares now outstanding. Itisprovided, also, that the firm will purchase upon the same terms
the stock of all other stockholders who may within 30 days
after the option is exercised elect to sell their stock.
lhepurchase price is equal to $110 a share with int. thereon
at 5 % per annum from Jan. I 1912 to the day on which said
stock is delivered, less any dividend which may before such
delivery be paid, and less also expenses, &c., as below stated.
Mr. Cox further agrees that upon the payment to him on or
before March 1 1913 of a furtlicr sum of $250,000. the time
within which the option may be exercised will be extended
to and including June 1 1913.
Tho minority shareholders arc given an opportunity to sign a blank form
dated Oct. 30 1912 agreeing to deposit their stock with Robert WInthrop
& Co., New York, for sale under the aforesaid option, it is also agreed
that out of tile earnest money, if the option is not exercised, and out of the
purchase price. If the option is taken up, there shall lie retained before the
remainder is distributed to the depositing shareholders (a) the expenses
in connection with said agreement, (ft) any transfer tax on the stock and
(c) the reasonable charges of Robert WInthrop & Co. not exceeding ’ / o f
1% of the face amount of the stock deposited.— V. 04, p. 908, 350.
Hampden Railroad Corporation.— Application to Issue
Securities.— The company has applied to the Mass. R R .

Commissioners for authority to issue $1,000,000 additional
stock and $2,500,000 50-year 1st M. 5 % bonds.— V. 94,
p. 279, 207.
Ithaca (N. Y .) Street R y. — D ecision .—
The P. S. Commission ordered the receivers to resume operation on a
short section of the lino which was discontinued because it did not pay.
Tho Commission says that the scope and intent of the law seems to place
the receivers of a railway in the precise position of the railway itself, so




1207

f;ir as regulation by the Commission is concerned. They are mere custo
dians, appointed by the court to preserve and operate the property, and it
is the duty of the Commission to see that all street railway properties under
its supervision shall be operated in the interest of the public, proper acaf ,(?nScAffo,rded and proper service given. The proper construction
or the I ubllc Service Commission law is, it is stated, that the right of the
receiver to discontinue service upon leasehold property described In the
mortgage and committed to his care by order of the court, must be exer
cised subject to the Commission’s power.— V. 85, p. 40.
Kansas City R y. & Light Co.— Notice to Holders o f Consol.
M ort. 5 / 0 Bonds o f Metropolitan St. R y . Co. (o f Kansas City)
— Interest P a ym ent. — The Old Colony Trust Co., Boston,

the trustee for these bonds, on Oct. 28 gave notice:
<i<>HMrpliCthT.r nHnr,ilr,cc}uef
a .majority of the bondholders, the trustee
qSp*ve on n r9 Q7 v ;iLof th^ c bonds ($7,242,000 maturing June 1 1913.
n£?i
P- 1362,: v - 92- P- 585) to be due on June 1 1912
and on June 14 1912 began suit to foreclose the mortgage, We are in
formed that the Metropolitan St. R y. Co. is endeavoring to avoid a fore
closure sale, and meanwhile it has provided the trustee with funds sufficient
to pay the interest on these bonds from May 1 (the date of last payment) to
Nov. 1 1912 at 5 /„ per annum. The undersigned will pay such interest
upon surrender of the interest coupon dated Nov. 1 1912 and upon presen
tation of their bonds as evidence of ownership thereof, and in order to be
stamped with receipt of Interest thereon. In the case of deposited bonds,
the protective committee will collect and distribute interest to the holders
of the certificates issued in exchange for bonds deposited
Sec also V 95
p. 297, 361, 618, 680. 752.
1
’
Kansas City Southern R y . — N am e Omitted, & c .— On
page 68 of the “ Railway & Industrial Section” , which was

issued last week, the words “ Kansas City Southern R y.
common stock” should be inserted on the eighth line of the
table at the top of the page, in place of the two words “ first
mortgage” , which accidentally went astray. In other
words, lines eight to fourteen in this table, show the out
standing stock, common and pref., bonds and equipment
notes of this important road and not any data relating
to the Kansas City Outer Belt & Electric R R . Co., whose
capital stock and first mortgage bonds happen to occupy
the space immediately preceding the lines in question, and
for want of the missing caption might perhaps be con
founded therewith.— V . 95, p. 1039, 904.
Manhattan & Jamaica (Electric) R y .— Franchises Sold .—
Mac Arthur Bros., contractors, have taken over the fran
chise owned by the company and will, it is announced, begin
immediate construction, an extension of 90 days having been
obtained. The Manhattan & Queens Ry. will be incorpor
ated to operate the road.
In the contract with the city there was a stipulation of forfeiture in case
the first section wasnot completed byO ct.31. Mr. MacArthur says: "W e
shall require an extension of 90 days on each of the 3 section franchises and
1 can guarantee that the entire road will be constructed, equipped and in
operation by next spring. It would not be possible to complete the road
before then, because we are hampered by winter weather and cannot make
as much progress as we could if we had a full season ahead of us.” Com
pare V. 05, p. 420; V. 94, p. 1696.
Manhattan & Queens (Electric) R y .— New C om pa ny. —
See Manhattan & Jamaica Ry. above.
Minneapolis & St. Louis R R .— Option on Stock.—
See Green Bay & Western RR. above.— V. 95, p. 236.
Minneapolis St. Paul & Sault Ste. Marie R y .— Denial.—

President Pennington denies the recent newspaper report
that the company had arranged to purchase the Wisconsin
& Michigan R R ., stating that the company has not purchased
that road and docs not contemplate doing so.
The report stated that the purchase would Include the Wisconsin &
Michigan company’s docks in Chicago, and that the company was also negotlatlng for dock property in Marinette or Menominee and would have a catbarge line from Marinette to Chicago. The plan, it was said, also Included
the construction of the “ Soo” road into Marinette from Bavley Junction
on tlic Wisconsin & Michigan, 6 miles, and the operation of direct trains
from Minneapolis to Marinette and Menominee.— V. 95, p. 968, 750, 7 4 5 ,
Missouri Pacific R y .— Increase in Earnings.—
The earnings of the system (published under monthly net earns, on preced
ing pages) show for month of Sept, an increase in gross of $580,018 and In net
of $402,991. The Surplus after chgcs. increased $312,000. For the 3 mos
ending Sept. 30 the gross shows an increase of $2,179,933, the net of $1,
765,019 and the surplus after charges of $1,694,565. As the annual report
for the year ending June 30 1912, recently published (V. 95. p. 813, 818),
showed a deficit of $1,979,091, it appears that this deficit has already been
almost wiped out by the increase in the first 3 months of the present flsc.al
year. I lie gross earnings for the first 3 weeks of October show an esti
mated increase of $328,000.— V. 95. p. 813, 818, 542.
Nutioucil R ys. of Mexico.— Notes Extended One Y ea r. —

1lie $13,000,000 1-ycar loan (V . 93, p. 1324) obtained from
Kuhn, Loeb & Co., Speyer & Co., Ladenburg, Thalmann
oc Co. and Ilallgarten & Co., secured by pledge of prior
lien and general mortgage bonds, which mature on Nov. 15,
has been extended for one year.
The notes are 6 per cents, interest May 15 and Nov. 15. Of the notes,
«
’00.0,000, I)'acc(* ' ,l the United States, arc in denominations of
510,000 each and the remainder (about $5,000,000), which were sold in
r.uropc, in various denominations, in foreign coin, German reichsmarks,
&C.— V. 95, p. 888, 891.

New York Consolidated R R .— New C om pa ny. —
Sec Brooklyn Union Elevated R y . above.
New York New Haven & Hartford R R .— Details o f “ Out
side•
' Operations.” — The following is a two-year detailed com
parison of revenues and expenses of “ outside operations” ,
which are shown only as a total net item in the annual
pamphlet report ($1,388,155 in 1911-12, against $1,399,792
in 1910-11— see V . 95, p. 964):
----------- Gross----------- ------------ Net------------

1911-12.
Ferry lines_............................
$2,352
Sleeping car service..............
016,011
Parlor and chair cars ............ 1,116,646
Dining and special cars____
554,560
Hotels and restaurants.........
99,155
Lighterage..............................
30,113
Miscellaneous........................
7,309

1910-11.
$2,601
573,798
1,061,004
528,337
95,122
35,955
6,812

1911-12.
*$4,983
450,190
805,620
97,271
14,613
30,118
*4,673

1910-11.
*$5,824
481,006
789,532
80,058
12,721
35,955
344

T o t a l - - - ............................ 2,426,151 2,303,629 1.388,151 1,399,702
* Deficit.— V. 95. p. 1123, 963.
New York Railways. — Transfer Settlement.— The Public

Service Commission, accepting in the main the olfer made by
Prest. Shouts on Oct. 29, made an order providing for trans
fers on a single 5-cent fare between the East and West Side
lines of the company and the Third Ave. Ry. by way of the

THE CHRONICLE

1208

59th 8t. Cross-town line of the Central Park North & East
ltiver R R .

The order by its terms would become operative on Dec. 1, but was
volun arily put into eilect early yesterday morning'.
—
This will enable passengers to travel In the same general direction from
which they started. The proceedings pending in the courts over the order
made some time ago providing for transfers at 151 points In Manhattan
will bo discontinued, since the former order is replaced by the new one,
which In effect grants much of the relief contemplated by the previous
order.
Bonds Authorized .— The P. S. Commission yesterday made

an order authorizing the company to issue $640,800 30-year
4 % real estate and ref. M. bonds.
Of the amount, §140,800 is allowed for the expense of marketing the
bonds and for discount, leaving about §500,000 to be applied to the pur
chase of the stepless cars. A special amortization fund to pay off the
§140,800 Is to be set aside at the rate of §2,700 a year and 4% on previous
payments, and whenever there is $10,000 available, it is to boused in pur
chase of bonds.
The Commission cut down the amount on the principle that the com
pany was seeking to capitalize replacements, which is forbidden by the
Dublic Service Commission law. Commissioner Maltble wrote the opinion.
Prospective Purchase.— The company, it is expected, will
bid for the Central Park North & East River R R . when the

property is put up for sale at the foreclosure proceedings on
N ov. 14.

A plan, it is reported. Is being outlined by which about §200,000 will be
expended for Improvements, most of the money to equip the two belt lines
with storage battery cars.— V. 95, p. 670, 619.

New York State Railways (Controlled by N . Y . Central &
Hudson River R R . Co.)— Sale o f B on d s. — Speyer & Co., New
York, have purchased from New York State Railways $6,
925,000 50-yr. 1st cons, nvtge. gold
bonds, series A ,
and on N o v .l made a public offering of same in conjunction
with Harris, Forbes & C'o., at 94)^ and int.
Dated Nov. 1 1912 a due N ov. 1 1962, but red. ,all or any
part, on or after Nov. 1 1913 at 105 and int. on 60 days’ no
tice. Par $1,000, c* & r*. Interest M. & N . in N . Y .
Total auth. issue $50,000,000; outstanding (present issue),
$6,925,000. Tax-exempt in N . Y . State. See map, &c.,
on pages 111, 112 and 113 of “ Electric Railway Section.”
Late yesterday afternoon the bankers announced that the
bonds had all been sold, but the advertisement, for record,
appears on another page.
Abstract of Letter from Pres. Horace E. Andrews, New York. Oct. 29 1912.
Controlled through stock ownership by the New York Central itc Hudson
River R R . Co., which owns §13,604,300 of the §19,952,400 common stock.
Formed March 23 1909 by consolidation of the Rochester R y . Co., Rochester
& Sodus Bay R y. Co. and Rochester & Eastern Rapid R y. Co.; and a further
merger Into the company of the Utica & Mohawk Valley R y. Co., Syracuse
Rapid Transit R y. Co., Oneida Ry. Co. and Rochester & Suburban Ry. Co.
was approved on Oct. 14 1912 by the P. S. Comm. Also owns the stocks
of the following subsidiary companies deposited under the first consol, mtge.:
Schenectady R y. Co., §2,050,000 (or 50% of the total of §4,100,000, balance
owned by Delaware & Hudson Co.), and Rochester Electric R y. Co.,
§174,700, being 87.35% of the §200,000 Issue.
Operates 585 track miles of standard-gauge electric street surface railways
and Interurban lines allied with the N . Y . Centralsystem, whereof 460 miles
arc owned and 125 miles are leased;atso operates, Jointly with Delaware &
Hudson Co., the Schenectady R y. Co. (157 track miles; 134 miles owned,
23 miles leased). The majority of the road In all cities is double track,
with 9-inch girder rail, laid either on concrete or stone ballast foundation:
suburban and interurban lines are standard T rail construction, well bal
lasted, and the majority of the mileage Is on private right of way. The
territory served (see aforesaid map) is constantly increasing In population
and wealth, and Includes such important and growing cities as Rochester,
Utica, Syracus and Schenectady, with Interurban lines running front the
various cities. Population contrlbutary estimated at 900,000. Fran
chises unlimited in time, except for a few minor extensions with 50-year
franchises.
Capitalization—

Authorized.

Issued.

First pref. stock (5% cum.) (2d pref. converted into
common May 14 1910)_____________ __________ §3,862,500 §3,862,500
Common stock (§13,604,300 ownod by N. Y. Cent.) _ 19,997,700 19,952,400
Underlying bonds of cos. now merged into N. Y . State R ys__ §11,496,000
First consolidated mortgage bonds duo Nov. 1 1962, series “ A ,” 6,925,000
Earnings [or Calendar Years 1911 and 1912 (3 months of 1912 estimated).
[After giving effect to the Issue of these §6,925,000 consol, mtge. 4J^s.]
1011.
(Est.) 1012.
Gross earnings________________
§7,312,475 §7,700,000
Net (after taxes and depreciation)--------------§2,713,722 §2,748,025
Interest on underlying bonds, notesand rents--------- §897,963 §936,400
Interest on §6,925,000 first consol. 4J4s....... .........
311,625
311,625
Hal. (on basis of present charges) available for tlivs_§l,504,134 §1,500,000
Has paid regularly 5% per ann. upon the first pref. stock from July 1
1909 and 6% per ann. on common stock from July 1 1910. The §4,500,000
2d pref. stock received 5% yearly until converted on May 14 1910.
§50,000,000 First Consol. Mortgage Covering Entire Property, Including A ll
Stocks in Said Subsidiary Companies.

Reserved to retire §11,496,000 underlying bonds and §2,000,000
Schenectady Ry. Co. 1st 4 Hs________________________ - ___ §13,496,000
Issuable on execution of mortgage (present issue)____________
6,925,000
For corporate purposes on approval of board of directors----- - _ 3,075,000
Reserved, Issuable at par to pay for equipment, extensions, im
provements and additions, to 90% of costthcreof, orforaddltlonal property or securities of other cos. at actual cost
(appraisement may be required by holders of over 25% of
first consols). Provided in every case the annual net income
(Including net income from securities owned) shall be 1 Yi
S' times the total annual Interest charge on all the bonds, in
cluding underlying bonds then outstanding and any additional
first consols desired to be issued________________________ _ 26,504,000
Doth principal and Interest are payable without deduction for any tax
or taxes which the company or the trustee may be required to pay or to
retain therefrom under any present or future law of the United States, or of
any State, county or municipality or other taxing authority therein. All
first consols of every series are subject to redemption at such price and
times as may be specified in the resolution authorizing the issue thereof.
Series “ A ” bonds are red. at 105 and int. on or after Nov. 1 1913. The
N. Y. Stock Exchange will be asked to list these bonds. The recording tax
having been paid, these bonds are tax-exempt in N. Y. State.
Directors: Horace E. Andrews, Pres.; VVUlalm K. Vanderbilt Jr.,
Walter N. Kernan and John Carstensen, Vice-Presidents; William C.
Brown, Granger A. Hollister, Albert H. Harris, Alexander M. Lindsay
and William II. Newman.— V. 95, p. 1040, 361.

New York Westchester & Boston R y . — Sale of $2,000,000
B on d s, Proceeds Applicable to Building Westchester Northern
R R . — Harris, Forbes & Co. and Kissel, Kinnicutt & Co.,
both of New York, have placed a further $2,000,000 1st M.
43^8 of 1911, making $19,300,000 outstanding. The fol
lowing is authoritative:

The sale of §2,000,000 4 43% bonds provides funds which may be used
for about 30% of the total construction of the Westchester Northern RR.
The bonds bring the total outstanding to §19,300,000 under an authorized
mortgage of §60,000,000. By provisions of the mortgage, directors of the
New York Westchester & Boston may apply a portion of the bonds to the
Westchester Northern, which is virtually an extension of the former road.
Total cost of the Westchester Northern, which is to run from White




[VOL.

LXXXXV

Plains to Danbury, will be something less than §7,000,000. Work on its
construction is being started. Its completion will bring much additional
freight and passenger traffic to New York Westchester & Boston, as the
New Haven expects to run fast Pittsfield expresses over this route as well
as freight trains from Boston and from the Poughkeepsie Bridge route.
Compare V. 95, p. 964, and see V. 95, p. 1040.
Norfolk Southern R R .— Ifew President.— Charles H . H ix,

formerly First Vice-Pres. and Gen. Mgr. of the Seaboard
Air Line R y ., has been elected President and Gen. Mgr. and
also a director and member of the executive committee.
Compare V . 95, p. 1123, 1040, 968.
Ohio River & Northern R R .— Application Rcneioed.—

The company has applied to the Ohio p . U. Commission for authority
to issue §1,000,000 stock at 75 and §1,750,000 bonds at 80. The earlier
application to issue §1,000,000 stock and §1,750,000 bonds was denied
by the Commission on Sept. 19. Compare V. 95, p. 818.
Old Colony R R .— Application. —
'liie company lias petitioned the Mass. R R . Commissioners for authority
to issue §800,000 additional capital stock, to be sold at auction. Compare
V. 95, p. 818, 680.
The total net Indebtedness to the New York New Haven & Hartford on
June 30 1912 was §1,078,992.— V. 95, p. 818, 680.
Oskaloosa (la .) Traction & Light Co.— Increase o f Stock.—
Tlie company has Increased its authorized stock from §300,000 to §500,
000. None of the new stock, we are informed, has yet been issued. The
amount of 1st M. bonds outstanding has been Increased from §200,000 to
§268,000.— V. 83, p. 1471.
Pacific Electric R y .— Bonds Authorized.— The California

R R . Commission has authorized the company to issue $5,
285,000 bonds to refund outstanding bonds.

These are §2,537,000 Los Angeles Interurban Ry. bonds, §500,000 issued
by Los Angeles & Redondo Ry. Co. and §2,248,000 of the Los Angeles
& Redondo R y. Co.-V. 95, p. 750, 298.
Pennsylvania Co.— Bonds Called.—
1,334 (§1,334,000) certificates of the 3 'A % gold loan of 1001, maturing
Nov. I 1916, were drawn for payment, at par, on Nov. 1 at Girard Trust
Co., Philadelphia.— V. 94, p. 1115.
Pennsylvania Southwestern R y .— Projected Coal Road.—

This company, incorporated July 22 1912 with $300,000
common stock, expects to begin work next year on a road to
run from Towanda, Pa., to coal fields at Oregon Hill, Pa., 65
miles. Interested parties are E . F. Kizer, Pres. First Nat.
Bank, Towanda; Cort H . Jennings, W . Worth Jennings,
D. O. Clark, Geo. R. Hill and F. A . Sawyer, all of Towanda,
and John A . Innes, Pres. Farmers’ Nat. Bank, Canton, Pa.
It is estimated that it will cost about $3,000,000 to build and
equip the road.
Pere Marquette R R .— A p p ea l. — The Farmers’ Loan &
Trust Co. of New York, as trustee under the consolidated
4 % bonds, has taken an appeal to the U. S. Circuit Court
of Appeals from the recent decision of the U. S. District
Court authorizing an issue of $3,500,000 receivers’ certifi
cates.— V . 95, p. 545, 481.
Public Service Corporation, Newark, N . J.— Sub. C o. Stk.
The Public Service Electric Co. 1ms obtained permission from the New
Jersey Public Utilities Commission to issue §2,750,000 stock (not bonds, as
currently reported) to provide for extensions, &c. Tills stock will be sold
to Public Service Corporation of New Jersey and pledgd under the general
mortgage of that company; §1,000,000 has already been disposed of.—
V. 95, p 111.
Rapid Transit in New York City.— New Brooklyn Construe’n.
Ground was broken on Oct. 26 witli ceremonies on the extension of the
Fourth Ave. (Brooklyn) subway from 43d St. to 89th St., Bay RUlge,
Brooklyn, on which work has been let under two contracts, 'flic Fourth
Ave. subway is almost completed as far south as 43d St., and it Is expected
that the B. it. '1'. will be running trains from 43d St. over the Manhattan
Bridge to City Hall by next July if the operating contracts are signed in
time. The abutting property owners at a meeting held on Oct. 22 voted,
it is stated. In the ratio of 13 to 1 in favor of the so-called double-decked
William St. subway route as proposed.— V. 95, p. 1040, 420.
St. Louis Southwestern R y .— Rumors D enied .-— Chairman

Edwin Gould on Tuesday issued the following statement in
regard to the rumors that control will be taken over by the
Louisville & Nashville R R .:

The physical condition and earning capacity of our property have shown
constant Improvement, and with the excellent business outlook, I think it
is natural to suppose that some time in the future the ‘ ‘Cotton Belt” will
become part of some large through system. At the present time, however,
no negotiations are under way for the sale of the control of the property
and no offers would be considered at the present market prices of the se
curities.— V. 95, p. 887, 680.
San Jose (Cal.) Terminal R y .— Bonds Authorized.— The

California R R . Commission has authorized the issue of
$400,000 bonds.

The company proposes to build an electric road from San Jose to Alvlso
and to maintain a ferry service from Alviso to San Francisco.— V . 04, p. 1120.
Seattle Renton & Southern R y .— Court Order.—
Judge Frater on Oct. 15 directed the receivers to order six steel cars from
the VVestinghouse Electric & Manufacturing Co., at a cost of §54,000, of
which §6,000 was paid by former [’ resident Crawford some months ago.
The Court was to take up on Oct. 30 a motion filed by Mr. Crawford asking
for an order requiring the receivers to request the State Public Service
Commission to appraise the railway property in connection with the pro
ceedings being taken by the city to acquire the railway as a link in a munici
pal system. A representative of the bondholders is ^seeking to adjust the
differences between the company and the city.— V. 03, p. 731, 545.
Southern Traction Co. of Illinois.— Franchises .—
The East St. Louis City Council on Oct. 21 granted a franchise to the
company bringing all of Its former franchises up to date and allowing it the
use of several additional streets extending to the city limits. President
W. E. Trautmann says that the new franchise completes present plans
allowing the road a right of way to the east approach of the St. Louis Free
Bridge and a belt crossing the East St. Louis & Suburban R y., the East
St. Louis Columbia & Waterloo Electric R y.. the Southern R y. and the
Illinois Central RR. The House of Delegates of St. Louis on Oct. 22
repealed that part of the company’s franchise which gave the company the
right to cross the municipal bridge. This Is expected to facilitate the
passage of the bridge bond Issue on Nov. 0 and the company, it is under
stood, was favorable to the step.— V. 04, p. 1764.

Terminal Railroad Assn , of St. Louis.— The U. S. Supreme
Court on Oct. 28 set Dec. 2 as the date for the hearing of the
controversy between Attorney-General Wickersham and
counsel for the company in regard to the form of the decree
of dissolution of the company under mandate of the Court.

The Government objects to certain features of the decree as now framed
and asks a writ of prohibition against Federal Judge Trleber, claiming
that the form of decree should be submitted to Circuit Court of Appeals.
The main point in dispute is as to whether tho Supreme Court in its de
cision abolished the arbitrary at St. Louis or merely directed that the
question of charges for service by the Terminal Association be submitted

Nov. 2 1912 ]

T H E C H R O N IC L E

to the Inter-State Commerce Commission In the regular way. The decree
prepared b y counsel for the Terminal Association and approved b y Judge
Trleber holds that the arbitrary was not abolished b y the decision, while
counsel for the United States take the opposite view .—-V. 05, p. 545.
U n i t e d P r o p e r t i e s C o . o f C a l i f o r n i a .— Denial.— C h a r le s E .
G r a h a m o f N e w Y o r k , th e p e r s o n a l r e p r e s e n ta tiv e o f H e n r y
E . H u n t i n g t o n o f L o s A n g e l e s in t h e E a s t , s a y s i n r e g a r d to
t h e r e p o r t s t h a t M r . H u n t i n g t o n w a s t o p u r c h a s e a n in t e r e s t ,

Mr. Huntington has never entertained the least thought of joining Mr.
Smith In his business Interests, and I cannot Imagine how those reports have
arisen. Mr. Huntington Is not after any more investments or business
cares, here or anywhere else. You cannot make this denial any too strong
because the rumors about a connection with Mr. Smith and com pany arc
absolutely unfounded.— V . 04, p. 1628.
U n i t e d R a i l r o a d s o f S a n F r a n c i s c o .— Note Issue.— T h e
s t o c k h o l d e r s w ill v o t e o n D e c . 1 7 o n i n c r e a s in g t h e b o n d e d
d e b t f r o m $ 3 5 , 2 7 5 , 0 0 0 t o $ 3 7 , 7 7 5 , 0 0 0 , b y t h e is s u a n c e o f
$ 2 ,5 0 0 ,0 0 0 n o te s to ru n n o t e x c e e d in g fiv e y e a r s .
T h e pro
c e e d s o f t h e s a l e a r e , i t is r e p o r t e d , t o b e u s e d t o w a r d s t h e
r e f u n d i n g o f u n d e r l y i n g b o n d s .— V . 9 5 , p . 7 5 1 .
V ir g in ia n R a i lw a y C o .—

Earnings.—

June 30.
Gross
Net (after
Other
Fixed
Balance,
Year—
Earnings. Taxes, & c.). Incom e.
Charges.
D eficit.
1911-12-------------- $4,837,598 $1,671,607
$92,715
$2,512,722 $748,401
1910-11._ ........ . 3,671,224
1,308,797 101,912
2,524,065 1,113,355
A ttention Is called to the fact that the change In the financial plan under
which the recent Issue of $25,000,000 1st M. 5% bonds was made did not
becom e effective until May 1 1912, so that for the 10 months ending April
30 1912 the report Just lnuod necessarily shows charges for interest,
& c., on m ore than $26,000,000, which, since the change in the financial
plan at May 1 1912 is represented by pref. stock. Had the change In the
financial plan been effective during the entire year 1911-12, the report would
have shown a substantial surplus over all charges for the year, l-'or the
two m onths o f May and June 1912, after the plan became effective, there
was a surplus over all charges o f $87,068. Compare V. 95, p. 49.
W a b a s h R R . — Interest Payment.— J u d g e A d a m s in t h e
U.
S . C i r c u it C o u r t o f A p p e a l s o n O c t . 2 6 g r a n t e d t h e re 
c e iv e r s p e r m is s i o n t o p a y t h e in t e r e s t ( $ 1 1 2 , 5 0 0 ) o n t h e
$ 5 , 0 0 0 , 0 0 0 4 }4% 3 - y c a r g o l d n o t e s m a t u r i n g N o v . 1 .— V . 9 5 ,
p . 1115, 968.
W a sh in g to n

( D . C .)

R a ilw a y

&

E le c tr ic C o .—

Control.—

See W ashington Utilities Co. below .— V. 95, p. 819, 481.
V / a s h i n g t o n ( D . C . ) U t i l i t i e s C o . — Merger or Holding Co.
— New Securities — O n N o r . 1 0 t h e s h a r e h o ld e r s o f t h e M a r y l a n d - V i r g i n i a R y . C o . ( i n c o r p o r a t e d in V a . in D e c . 1 9 1 1 ) w ill
v o t e o n (1 ) c h a n g in g th e n a m e to th e W a s h in g t o n U tilitie s
C o . , ( 2 ) in c r e a s in g jt h e a u t h . s t o c k f r o m $ 3 0 , 0 0 0 , 0 0 0 t o

$ 5 0 ,

0 0 0 , 0 0 0 ; ( 3 ) a u t h o r i z i n g a n is s u e o f n o t e x c e e d i n g $ 1 0 0 , 0 0 0 , 
0 0 0 b o n d s , to b e secu red on p r o p e r ty n o w o w n e d o r h ere
a fte r a c q u ir e d . T h e W a s h in g to n “ H e r a ld ” o n O c t . 2 6 s a id :

Officials of the Maryland-Vlrginia Co. have made the statem ent fre
quently that this proposition Is sim ply a financing m ovem ent of the Wash
ington R y . & Electric C o., but they have added that It would be m ade big
enough to take in other utilities, It desired.
The street railroads o f the District, Including the Washington-Vlrglnla
R y . Co., have a capital as follows: Capital Traction Co., $12,000,000;
W ash. R y. & Elec. C o..com m on, $6,500,000, and pref., $8,500,000; W ashington-VIrginta R y., com m on. $1,378,300, and pref., $1,000,000; Great
Falls & Old Dominion R R ., $1,000,000; total stock, $30,378,300; bonded
debt o f all railway companies, Including Potom ao Electric Co., $26,110,
000; total capitalization, $56,478,000.
The M aryland-Vlrginia R y . Co. is not as yet an operating com pany.
A t tim e o f incorporation the plan, it was said, was to build a 30-mile line
from Nauch Station, In Alexandria County, to Manassas, In Prince William
County, Va. heading New York and Phlla. bankers are m entioned as
likely to take the bonds. It Is said that the proposal to acquire the Braddock Light & Power Co. and tho Arlington Electric Co. has been abandoned
for the present.
■

Wages.— Settlement of Southeastern Wage Dispute.—
A settlement o f the controversy between the Southeastern railways
(representing a mileage of about 20,000 cast of the Mississippi R iver and
south o f the Ohio and Potom ac) and their conductors, brakemen, baggage
men, flagmen and yardmen, was reached on Oct. 3, under which the men,
about 13,000 In number, will receive an average Increase In wages o f ap
proxim ately 1 0% . The rules and working conditions remain substantially
unchanged. The Increase In operating expenses will, it Is stated, amount
to about $1,300,000 a year. Trackmen and shopmen were not involved.
The settlement was reached through the efforts of the medltors desig
nated by the Erdman A ct, Presiding Judge Martin A . Knapp of the Com
m erce Court and Charles P. Neill, Commissioner of Labor.— V. 95, p. 177.
W a sh in g to n

( D . C .) &

R o c k v ille R y

.— Bonds Authorized.

The Maryland P . S. Commission on O ct. 22 authorized the Issue o f $5,000
additional 5% bonds and an Increase in the stock from $50,000 to $300,000,
the proceeds to be used to pay debts and for Improvements. Tills Increases
the bond Issue to $100,000. Tho securities are all owned b y the W ashing
ton R y . & E lectric Co.
W i s c o n s i n M i n n e s o t a & P a c i f i c R R . — Extension a/Time .—
T h e p r o t e c t iv e c o m m it t e e fo r th e 5 0 -y e a r 1 st M . 4 % g o ld
b o n d s , J . N . W a ll a c e , C h a ir m a n , h a s e x te n d e d th e t im e fo r
m a k i n g d e p o s i t s w it h t h e C e n t r a l T r u s t C o . o f N . Y . , a s d e 
p o s ita r y , fr o m O c t . 3 0 to N o v . 3 0 .
A s u b s ta n tia l m a jo r it y
i t is a n n o u n c e d , h a s b e e n d e p o s i t e d .
V . 95, p . 1041, 892.

•The com m ittee has arranged with the Central Trust Co. to advance at
Its office, or at M artin* Bank, L td., 68 Lom bard S t., London, to any de
positing bondholder so requesting, the amount of the Oct. 1912 coupon
upon the security o f the bonds and coupons deposited.— V . 95, p . 1041, 892.
-J

IN D U S T R IA L ,

GAS

A d a m s E x p r e s s C o .—

AND

M IS C E L L A N E O U S .

Report asfiled in Mass.—

June 30
Year—

Gross
Net
Other
Fixed
Dividends Balance
Earnings. Earnings. Income. Charges.
Paid.
Surplus.
$
$
$
$
5
$
1911-12------ 34,191,955 1,205,390 1.927,083 1,255,044 1,210,080
667,348
1910-11------ 32,855,185 1,500,312 2,590.412 1,285,235 1,211,280 1,614,209
T otal surplus J une 30 1912, after crediting $102,401 profit on sale o f
securities and sundry small credits and debits, $26,726,685, against $25.
941,419 in 1911. Loans and bills payable June 30 1912, $1,000,000, against
$3,353,000 and $5,330,404 In 1911 and 1910 respectively.— V . 94, p . 561.
A l a m e d a S u g a r C o . , S a n F r a n c i s c o .—

Increase of Stock.—

The shareholders will vote on Dec. 20 on increasing the stock from $ 1,500 000 to $3,000,000 (par $25). The Meridian factory, It is stated, will be
ready for operation by June 1914, the com pany now having 10,700 acres
In that section.— V . 01, p. 591.
A llis -C h a lm e r s

C o .—

Demurrers Sustained.—

Judge Glcger In the Federal Court on Oct. 31 sustained the demurrers
interposed against the Intervening petitions o f Nathan Eisemann and other
bondholders I n the foreclosure suit. This Is expected to facilitate the re
organization of the com pany.— V . 95, p. 969, 751.
A m e r i c a n C a r a m e l C o . , Y o r k , P a . — $ 4 0 0 , 0 0 0 Debentures.
— T h e p r o p o s e d i n c r e a s e o f $ 4 0 0 , 0 0 0 in t h e i n d e b t e d n e s s is
t o b e in t h e f o r m o f a d e b e n t u r e is s u e .




12 09

There are now outstanding $300,000, instead of $325,000, 1st AI. 0s
due June 1 1920, $25,000 having been paid and canceled June 1 last. The
com pany owns $25,000 o f the $300,000 outstanding bonds, leaving In the
hands of Investors $275,000. Daniel F . Lafcan is Pres.; W endell P . Rice,
V .-P rcs., and Stuart B . Lafean, Sec. and T rcas., York, Pa.—-V .95.P.1124.
A m e r ic a n
F isc a l
Y ear—

E xp ress

G ross
E a r n in g s .

C o .—

N e t (a f te r
E x p en se s).

Earnings.—
O th er

F ix e d

D iv id e n d s

B a la n c e ,

In com e.
C h a rges.
(1 2 % ).
S u r p lu s .
19 11 -12-$43,714,874 $1,712,021 $1,576,357 $434,919 $2,160,000 $693,459
1910-11- 41,683,196 3,313,871 1,546,361 403,425 2,160,000 2,296,808
Total surplus June 30 1912, $21,499,301, against $20,758,071 In 1911.
— V . 94, p . 489.

A m e r ic a n

H ardw are

C o r p o r a t i o n , N e w B r i t a i n , C o n n .—
T h is c o m p a n y h a s p u rch a se d
th e e n tir e c a p it a l s to c k o f th e U n iv e r s a l M a c h in e S c re w
C o . , w i t h p l a n t a t H a r t f o r d , C o n n ., a n d h a s a s s u m e d t h a t
c o m p a n y ’s $ 1 0 0 ,0 0 0 1 st M . 6 % b o n d s . A p re ss d is p a tc h s a y s :

Purchase— Bonds Assumed.—

The concern is capitalized at $200,000 and em ploys about 100 hands.
The reason for the purchase Is the inability o f the Corbin Screw division to
keep up with its present rush o f business.— V , 95, p. 44.
A m e r ic a n L o c o m o t iv e C o ., N e w Y o r k .—

New Director.—

H arry Bronner of Hallgarten & Co. has been elected a director, succeed
ing Chas. Miller.— V . 95, p . 1041, 615.
A m e r ic a n P r in t in g C o ., F a ll R iv e r , M a s s .—

Divs. Omitted.

The com pany has again om itted to pay a quarterly dividend after paying
1% quarterly In July last, the first distribution since April 1911. The
reason given is that the com pany has been m ore short of operatives than
most other concerns In Fall R iver and has been unable to make a profit.
Compare V . 94, p. 1698.
A tla s

P ow der

C o .—

Incorporated in Delaware.—

The com pany was incorporated In Delaware on O ct. 18 with $5,000,000
authorizedstock, to take over a part o f the properties owned b y the E. I. du
Nemours Powder C o., under the dissolution plan o f the latter
(V. 94, p. 1386; V. 95, p. 51, 113, 969). The Hercules Powder Co. has also
been incorporated in the same State with $10,000,000 authorized stock to
take over a part o f the rem aining properties. The Incorporators o f both
companies are connected with the du Pont Company.
T h«P„I2u „Pont com Pany announces that the $3,000,000 Atlas Powder Co.'
and $6,500,000 Hercules Powder Co. 10-year 6s will be Issued in $100 de
nomination In coupon form , and In denominations o f $100 and multiples
thereof In registered form .
B e th le h e m

S t e e l C o r p o r a t i o n .—

Engraved Bonds Ready.—

The Equitable Trust C o., N . Y ., trustee under the Bethlehem Steel Co.
“ first and refunding” 5% mortgage, Is ready to deliver the engraved bonds,
which are guaranted b y the Steel Corporation, in exchange for the Interim
certificates. The coupons due N ov. 1 are also being paid at the trust
com pany.— V . 95, p. 892.
C a n a d i a n C e r e a l & M i l l i n g C o . , T o r o n t o . — Reorganization.
— T h e s h a r e h o ld e r s a t a s p e c i a l m e e t i n g h e ld o n S e p t . 3 0
a d o p t e d a p la n o n t h e f o l l o w i n g li n e s :
C a p ita liz a tio n o f S u c c e s s o r C o m p a n y — C a n a d ia n C e rea l &

F lo u r M ills . L td .

cum . Total a u th orized __________________ ..$2,000,000
T o present pref. shareholders 40% o f their present
pref. share h oldings............................................
$500,000
T o be sold (already underwritten) with 300% bonus
250,000
of com m on s to ck ______ __________________
Reserve for future requirements____________________ 1,250,000
C om m on S h a res.
Total authorized................................. ..................... $2,000,000
Bonus of underwriters of preferred shares________
$750,000
R eserve for future requirem ents________________
1,250,000
F i r s t M o r t g a g e 6% sinking fund 20-year bonds o f Canadian Cereal
& Milling Co. to be assumed by new com pany. Total auth.,
$1,000,000; Issued, $750,000; outstanding__________ ________ _
625,000
The present pref. shareholders, as above shown, will receive $40 in new
pref. stock for each $100 of their present holdings, but the com m on stock is
given no right of exchange. Every shareholder, however, is recomm ended
to participate In the plan as’an underwriter. The com pany’s bankers h ave
insisted upon the com pany liquidating its floating debt, and the new casli
capital Is therefore necessary.
The reduced replacement value of the buildings and plant, as appraised,
is $1,033,047, and the liquid assets July 31 1912 show a surplus over all
liabilities of $244,274; total, $1,277,321; deduct outstanding bonds,
$625,000; balance, nom inal surplus, $625,321.
The reorganization com m ittee says: “ The properties, with one or two
exceptions, are well situated and up-to date. T hey have a capacity of
100,000 bbls. of flour and cereals per m onth, which means a total yearly
volume of business of about $4,000,000. W ith the present perfected or
ganization and additional working capital, the directors estimate that,
com m encing Sept. 1, when the milling season began, the net prolits for the
year will not be less than $100,000 after p a yln g bon d ln t. This is only 2 Vi %
on the gross sales. It Is confidently expected that in the succeeding year
this can be increased to at least $200,000, which would on ly mean 5% on
the gross sales.
Reorganization com m ittee: A . E. McCualg, Pres, of com pany; K . W
Blackwell, J. P . Black, J. R . W ilson, J. Godfrey Bird, Edgar Smith and
F . E. M. Smith. (Compare International Milling Co. of Canada, V . 94,
p. 1700).
[In December 1911 the General Manager, G. E . Goldie, and in January
1912 the President, J . I). Flavelle, retired and were succeeded by A E,
McCualg as President and General Manager (for 16 years with the Ogilvie
H our Mills Co., L td .). The board was also reorganized and is now as
follows: A . E . McCualg, W . S. Andrews, W . M. Dobell o f Quebec, R . MacD.
Paterson o f Phoenix Assur. Co. o f L ondon, Montreal; L. G. Crosby of Crosby
Molasses Co., L td., St. John, N. B .; W . L. Mathews of Canada Malting C o.,
Toronto: J. M. Ross o f T oronto.}— V . 95, p. 819.
P refer red S to ck 7 %

C anada
M a g 31.
Y ea r—

Ir o n

C o r p o r a t i o n ,—

E a r n in g s
fo r Y ea r .

Earnings.—

B o n d ln t.,
D is c .,& c .

M erger
E xp en se.

O th er
E xp en ses.

B a la n c e
S u r p lu s .

1911-12--------------- $375,140
$272,226
$9,506
$46,841
$46,560
1910-11 ----------------- 401,886
182,000
9,506
______
210,380
“ Other expenses” as above consist o f sinking fund on original bond issue.
— V . 93, p. 729.
C a n a d i a n C o t t o n s , L t d . , M o n t r e a l .— Bonds Offered.— T h e
R o y a l S e c u r i t ie s C o r p ., T o r o n t o , M o n t r e a l , & c . , is p l a c i n g a t
8 6 a n d in t. $ 1 ,0 0 0 ,0 0 0 5 % 1 st M . b o n d s d a te d 1 9 1 0 a n d d u e
J u ly 2 1 9 4 0 .
T o t a l a u t h ., $ 5 ,0 0 0 ,0 0 0 .
O u ts ta n d in g , $ 4 ,
5 0 0 ,0 0 0 .
A c ir c u l a r r e p o r t s :

Interest J. & J. 2 at R oyal Tnrst C o., Montreal (the trustee),or at Bank
o f Montreal, N. Y ., or London. Eng., at $4 86 2-3 to the £ 1 . R edeem able
at 105 and Int. on any int. date before maturity on 6 m onths’ notice. Cum
sinking fund of 1% will begin July 1 1913. Par $1,000 $500, $100, £50 0 ,
£100, £50 (c * ). A first lien on all property now ow ned or hereafter acquired.
The com pany has not issued a statement for the 6 mos. ending Sept. 30but we are Informed that the net earnings available for bond Int. for that
period am ounted to over $350,000. which Is at the rate of $700,000 per a n 
num, or over three times the int. on all outstanding bonds.
Directors.— D . Morrlce, Pres.; Sir Edward Clouston, Bart., V lce-P rcs.,
and C. It. Hosmer (all directors o f Bank of M ontreal): H on. F. L. Belque
K .C ., Geo. Caverhill. T . K ing (banker, B oston, U. S. A .), D . Morrlce Jr.,
A . O. Dawson and A . A . Morrlce. (M ontreal).
Data from Letter o f Pres. D. M orrlce, M o n tre a l, A u g. 20 1912.
Incorp. in Canada in 1892; name, & c., changed as above in A ug. 1910Quarterly dlvs. of 6% per annum regularly paid o ,i $3,575,000 6 % non -cu m
pref. stock (total auth. $4,500,000). Com. stock auth., $3,500,000 ; issued,
$2,715,500. Mills owned (all brick with stone foundations): S t. Croix at
Mllltown, N. B .; Canada, Stormont and Dundas at Cornwall, O nt.; Ontario
at Ham ilton, Ont.; Gibson at Marysville, N. B .; and Mount R oyal at
Montreal. [The "M ount R oyal” Mill was com pleted in 1910 and has been
leased to Dominion Textile Co., L td ., for 10 years from Sept. 1 1910 at a
minimum rental of $165,000.]. Also has recently purchased control of the
Cornwall & York Cotton Mills C o., with 2 mills at St. Joh n , N. B . Likewise

owns two valuable water-powers, at MUltown, N. B ., and Cornw all, O n t.’
and has arrangements for delivery of cheap power at Its other mills.
Supplies practically the entire Canadian market with awnings, cotton a d es
denim s, shirtings, galateas, tickings, oxfords, dress ginghams, apron ging
hams, flannelettes, saxonys, doinets, cotton dress goods, cotton blankets
yarns, &c. Employs about 4,000 hands, wages annually over $1,200,000.
Unfilled orders June 30 1012, $1,250,000; at June 30 1911, $550,000.
Total depreciated value of the properties is $8,225,115, Including $800,000
of net current assets (after deducting all current liabilities) and Investments
at cost, but exclusive of water-powers and good-w ill. See also annual
report, & c., V . 95, p. 41; V . 94, p. 829; V . 93, p. 531.
C arb on

S te e l C o .,

P i t t s b u r g h .—

Bonds.—

The com pany, it is stated, will spend $100,000 on Improvements of Its
Pittsburgh plant, and is now installing a new 500-ton forging press. The
stockholders recently authorized an increase in the bonded debt from $700,
000 to $2,000,000.— V . 95, p. 752.
(J . I .)

[VOL. LXXXXV.

T H E C H R O N IC L E

1210

C a s e T h r e s h in g M a c h in e C o .—

Sales. —

T he gross sales for the 9 months ending Septem ber 30 were $8,758,690.
com pared with $6,494,282 for the same period of 1911, an Increase of
approxim ately 3 5 % .— V . 95, p . 1125.
C ed a r R a p id s M fg . &

P o w e r C o . , M o n t r e a l .— New

Stock.

The shareholders will vote N ov. 4 on increasing the capital stock from
$10,000,000 to $15,000,000 (par $100); also on changing the head office
from St. Joseph de Soulanges to M ontreal.— V . 94, p. 562, 633; V . 95, p. 50.
C e n t r a l U n i o n T e l e p h o n e C o .— Possible

Consolidation.—

See Indianapolis Telephone Co. below .— V . 94, p. 1319.

Had already contracted to sell 2,500 h. p. to Salt Lake & Ogden Ry. at
$75,000 per anil, for 25 years. Main canal extends from Weber River for
10 miles, with three branches, respectively 3'A, 2'A and 12 miles in length,
Irrigating some 24,000 to 30,000 acres. The company Is proceeding with
its plans, the power plant alone having been sold.
( E . I . ) D u P o n t d e N e m o u r s P o w d e r C o .—

9 AIos. to
Gross
Sept. 30— Receipts.

Earnings.—

Net (after *N on-oper.Bond P ref. Div.
Depr., &c.) Deduc. Interest.
(3M % ).

Balance,
Surplus.

1911-12..$27,128,640 $5,109,501*$102,440 $568,986 $593,793 $4,049,161
1910-11 . 25,839,725 4,960,780
33,910
577,339 573,925 3,843,426
1909-10.- 24,301,080 4,550,727
192,280 550,546
505.080 3,311.821
* Represents results from sales of real festate, securities and other transac
tions not due to current operations.
'Die balance as above for the nine months of 1912 is equal to 13.76%
(18.35% yearly) on the $29,426,332 common stock outstanding, against
13.06% (17.41% yearly) on the $29,426,548 common stock outstanding
in 1911. Net earnings for the nine months of 1912 are equal to an annual
income on the gross investment of 7.82%, against 8% in 1911.

Incorporation of New Cos. Under Dissolution Plan.—
See Hercules Powder Co. below, Atlas Powder Co. above.— V. 95, p.299.
E a s t e r n T e x a s E l e c t r i c C o .— Pref. Stock— Acquisition.—
S to n e
&
W e b ste r
r e c e n tly
s o ld
$ 5 5 0 ,0 0 0
0%
cum u
la t iv e p r e f. s t o c k a t 9 0 , to y ie ld 6 . 6 5 % , m a k in g th e t o t a l p r e f.
o u t s t a n d i n g $ 1 , 4 0 0 , 0 0 0 , w i t h $ 5 0 , 0 0 0 a d d i t i o n a l in t r e a s u r y .
C o m m o n s to c k o u t, $ 1 ,4 0 0 ,0 0 0 .
T o t a l a u t h ., $ 2 ,0 0 0 ,0 0 0
each.
N o b on d s.

C h i c a g o S e c u r i t i e s C o . ( o f D e l a . ) , C h i c a g o .— Offering of
proceeds of the $550,000 pref. stock will be applied to the purchase
Stock in Wollenberger Brokerage and Financing Co.— W o l l e n - of The
the electric-lighting, power and refrigerating properties in Port Arthur,

about 20 miles distant from Beaumont, and to further additions and Im
provements. The securities of the electric-lighting and power company in
Beaumont were acquired in Dec. 1911. Combined population served is
approximately 36,200.
Earnings o f Combined Beaumont and Port Arthur Properties (1912 part, c s t.).
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
Authorized to conduct a general securities, underwriting, financing and
developing business, and in this connection holds the entire stock of W ollen $138,913 $167,227 $182,511 $202,147 $220,269 $251,331 $281,588 $315,000
Results for 1912 (partly cst.), gross, $315,000; net after taxes, $149,500,
berger & Co., but m ay not do a general banking business, and will incur
no dem and liability in excess of its quick resources. II. W ollenberger and against a dividend charge on the $1,400,000 pref. stock now out of $84,000.
J. J. KahIf of W ollenberger & Co. are the principal officers and retain The company is under the management of Stone & Webster.— V. 94,
p. 1766; V. 93, p. 1791.
the controlling interest.

b e r g e r & C o . , C h i c a g o , a r e o f f e r i n g a t p a r ^ ($ 1 0 0 a s h a r e ) ,
w i t h 5 0 % b o n u s in c o m m o n s t o c k , $ $ 5 0 0 ,0 0 0 7 % c u m u l a t i v e
f i r s t p r e f . ( p . & d . ) s t o c k . R e d . a s a w h o le o n a n y d i v . d a t e
a t 1 2 0 a n d d iv . a fte r 6 0 d a y s ’ n o tic e .
D iv id e n d s Q .-J .

Capitalization (Org. in Delaware)—
Auth.
Iss.Oct.23.
Seven per cent cumulative first pref. stock ------------- $2,000,000
$152,200
500,000
500,000
Profit participating second pref. s tock ....... .............. Comm on s to c k ______________________________________ 2,500,000 2,500,000
The 2d pref. and com . shares are entitled to receive dividends (nostated
amount) only out of the net earnings remaining after the paym ent of 7%
on the 1st pref. and, after providing for a surplus, such earnings if distrib
uted to go one-half to the 2d pref. and the other half to the com m on shares.
In case of liquidation, after the 1st pref. shares have received par and all
accrued dividends, the remaining assets are in like manner to be dis
tributed equally between the 2d pref. and the com m on. All classes have
voting power, but to insure stability of management and control, the 2d
pref. shares have the preference In electing a m ajority of the board. All
the shares, as Issued, are fully-paid and non-assessabie. (N ot to be con
founded with the N . J. corporation in V . 84, p. 1370.)
C h ild s C o . ( R e s t a u r a n t s ) , N . Y

.— Increase of Stock.—

The stockholders on O ct. 30 voted to Increase the authorized preferred
stock from $3,000,000 to $5,000,000.— V . 95, p. 1012.
C o lo r a d o F u e l &

I r o n C o .— Neiv

Secretary.—

J. A . W riter has been made Secretary in place of Hichard II. H art.—
V . 95, p. 1125, 752.
. .
C o lu m b ia G a s &

E l e c t r i c C o .— Decision

of Commission.—

The Commission, in Its order denying the application of the Union Gas
& Electric Co. to issue $500,000 additional stock under the terms of the
contract with the Cincinnati Gas <5c Electric Co. of Sept. 1 1906, states that
it has no Jurisdiction to determine the effect or binding force of the con
tract, as it had no jurisdiction of the matters involved when the contract
was made; also, further, that if the terms of the contract are enforceable
under the laws of Ohio, the authority and consent of the Commission arc
not a necessary pre-requisite for the Issue of the stock.— V .9 5 , p. 1125, 752.
C o lw e ll L e a d C o ., N e w Y o r k

.— Increase of Stock.—

T he stockholders will vote N ov. 12 on Increasing the stock from $900,000,
consisting o f $300,000 7% cum . pref. and $600,000 com m on stock,
to $1,600,000, to consist of $800,000 pref. and $800,000 com m on stock.
J . T . Duryca is President and B . O. Tilden Secretary. Office, 107 La
fayette St.— V . 82, p. 879.
C o m p u tin g -T a b u la tin g -R e c o r d in g

C o .,

N.

Y .—

Earnings.

The net earnings of constituent companies for the 9 mos. ending Sept. 30
were $755,4 50 (exclusive of earnings of the London office for Sept.—
V . 95, p. 969, 238.
C o n s o lid a te d

L ig h t

&

P o w e r C o . , M t . P l e a s a n t , M i c h .—

The W ayne Circuit Court on O ct. 29 appointed Judge Codd of the Detroit
Trust Co. receiver of the com pany and of the Chippewa Construction Co.
In dissolution proceedings brought b y the receivers of the construction com 
pany. A consolidation and reorganization are deemed necessary, owing
to the death of J. L. Hudson, one of the large stockholders, and for other
reasons. The Consolidated Company operates a hydro-electric light and
power system and plants in Mt. Pleasant and .near-by towns and villages
and lines com pleted to within 1 'A miles of St. Louis and to within 5 miles of
Ithaca. It has 3 dams, one on Fiat Ittvcr, near Greenville, one at Clare
and one on the Chippewa Itiver, while a fourth (the largest) Is under co n 
struction on the Chippewa R iver about 6 miles from Mt. Pleasant.
C o n s u m e r s ’ G a s C o . o f T o r o n t o .—

Year ending
Total
Net
Other
Sept. 30— Income.
Income. Income,
1911-12
$2,464,368 $718,134 $102,962
1910- 11
. 2,214,873 697,006
13,234
— V . 93, p. 1598, 1262.

Earnings.—

F or year:

IlenewDivs.
Balance,
als, &c.
(10%,) S u r .o r D f.
$382,786 $438,209 sur. $101
342,768
416,180 def.18,708

C o n t i n e n t a l O il C o . , D e n v e r , C o l o .— 2 0 %

Dividend.—

A dividend of $20 per share has been declared on the $300,000 stock (par
$100), payable N ov. 20 to holders of record N ov. 4. The only previous
distribution' since the dissolution of the Standard Oil Co. of N. J. was on
Feb. 28 last, when $50 was paid.— V . 94, p. 354.
C r u c ib le S t e e l C o . o f A m e r i c a . —

Earnings.—

A u g. 31.
Gross
Net (after
Other
Interest Pref. Divs.
B ilance,
Year—
Sales.
D epr.,A c .). Income. Paid.
(7 % ).
Surplus.
1911- 12 _$ 19,256,167 $3,609,458 $62,216 $246,678 $1,750,000 $1,674,996
1910-11 15,902,139 2,595,138 134,628 172,248
1,730,277
827,241
Unfilled orders and contracts on hand A ug. 31 1912, 92,919 tons, against
92,123 tons In 1911.— V . 95, p. 892, 820.
D a lla s

( T e x .)

G as

C o .— Stock

Reduced.—

An agreement was filed in the Forty-fourth District Court on Sept 25.,
In the suit brought b y the State, under which $150,000 of the outstanding
stock will be canceled.
The litigation was begun about 4 years ago. The
petition asked for a reduction of the stock and bonds by $800,000 because
of alleged over-capitalization. There was outstanding $500,000 com m on
and $500,000 pref. stock, a id $1,000,000 5% bonds maturing May 1 1925.
II. D. Walbridge & Co., Hodenpyl, Hardy & Co. and O ’Connor & Kahlcr
are interested, the first-named owning all of the stock.— V . 94, p. 1629.
D a v i s & W e b e r C o u n t i e s C a n a l C o .— Power

Plant Sold.—

Sec Utah Power Co. below and Utah Securities Co., V . 95, p. 1045.
An issue of $500,000 1st M. 5>3% gold bds. of the Davis & W eber Counties
Ganal Co. (of Ogden) was offered last year by the G erm an-A m cr. Trust Co.
of Denver, the trustee, at 99 and lnt. Dated July 1 1911 and due July 1
1931, but red. July 1 1921. Int. J. & J. at office of trustee, C om m . N at.
Bank, Ogden, and Kountzc Bros., N. Y . Par $1,000 and $500 (c * ). The
com pany had then, it was stated, expended $800,000 on its property, e x 
clusive of water and reservoir values, and was about to apply the proceeds
of said bonds to liquidating $160,000 loans, for Improvements and exten 
sions, and the remaining $340,000 therefrom to increasing capacity o f East
Canon reservoir to 27,000 acre feet, and the installation of a 5,400 h. p.
(net) hydro-electric plant on the main canal, about 3 miles from Ogden.




G e n e r a l G a s & E l e c t r i c C o . ( o f M a i n e ) , N e w Y o r k . — Bonds
T h e E q u it a b le T r u s t C o . (th e m t g e . tru ste e) an d
R e d m o n d & C o ., b o t h o f N e w Y o r k , h a v in g s o ld th e g r e a te r
p a r t o f th e b o n d s , a r e o ffe r in g b y a d v . o n a n o th e r p a g e , a t
9 4 a n d i n t . , y i e l d i n g 5 J ^ % , t h e u n s o ld p o r t i o n o f t h e p r e s e n t
is s u e o f $ 1 , 3 0 0 , 0 0 0 f i r s t li e n 5 % c o n v e r t i b l e g o ld b o n d s d a t e d
J u l y 1 1 9 1 2 a n d d u e J u ly 1 1 9 3 2 , b u t r e d . a t 1 0 5 a n d i n t .
o n a n y s e m i-a n . in te r e s t d a te o n 3 0 d a y s ’ n o tic e .
C o n v e r ti
b le a t p a r a t o p t i o n o f h o ld e r a t a n y t i m e o n o r a f t e r J u ly 1
1 9 1 5 in t o 7 % c u m . p a r t i c i p a t i n g p r e f . s t o c k , u n l e s s c a lle d ?
f o r r e d e m p t i o n p r i o r t o J u ly 1 1 9 1 5 .
T h e ban k ers sa y :
D a ta Furnished b y VV. S. B a r sto w & C o ., In c. (M a n a g e r s o f C o s .) , N . Y

Offered.—

C ity , A u g . 2 3 1 9 1 2 .

We have had the physical properties thoroughly examined by our en
gineers, J. G. White & Co., covering part, and Westinghousc, Church,' Korr
& Co., covering part; legal matters passed upon by Strong & Cadwalador,
Murray, Prentice & Howland and Anderson, Iselln & Anderson.
Collateral— Val. of Physical Properties under 1sf M . Bonds and Cost of Stock

$1,100,000 1st M. 5% bonds of Northwestern Ohio R y. & Power
Co., a first lien on 57 miles of electric railway, Toledo to a
point opposite Sandusky; also electric station (company
does a large light and power business In the territory traversed) .$1,288,000
$200,000 1st M. bonds of Western Vermont Power & Light Co.
on hydro-electric plant (at Carver’s Falls, Vt.) valued a t . 2 2 o , 0 0 0
Practically all of the [$1,700,500] stock of the Rutland (Vt.) Ry.,
Light & Power Co. (acquired from the proceeds of the sale of
Gen. Gas & El. Co. pref. stock, cash cost----------------------------850,000
T otal value of properties and stock covered by this Issue------ $2,363,000
The purchase price of the properties covered was approxim ately $2,250,
000, so that the bonded debt is only about 60% of the cash cost. The
balance of the purchase price has been paid through the sale of the General
Gas & Electric Co. stock. The above valuation of the physical properties is
after allowing for depreciation, and does not include franchises, good-w ill,
&c., but Includes cash received from the bonds and deposited with the trus
tee to be expended on improvements. No bonds have been or can be issued
against the captal stock, and all Rutland R y ., Light & Power Co. stock
acquired will be deposited under the General Gas & Electric C o. mortgage.
'I'he entire outstanding capital stock of the Northwestern Ohio R y . &
Power Co. and Western Vermont Power & L t. Co. (except directors'
shares) is owned by the General Gas & Electric Co.
Combined Earnings, Year end. March 31 1912.
Ohio.
Vermont.
Total.
Gross earnings....................................................... $234,793
$331,613 $566,406
Net, after taxes and Rutland interest______
97,994
78,622
176,616
Interest on these $1,300,000 bonds of General Gas & Electric C o .. 65,000
Balance, surplus (being over 170% on said Interest)-------------------$111,616
Earnings Toledo Port Clinton & Lake Side I iy . (now N . IF. O. R y . & P . Co.)
and Rutland R y ., Lt. & P . Co.
CItgw Varnina*
1909.
1910.
1911.
O M o m O O c n v ._____ __________ ____________$179,060 $196,377 $228,513
Rutland ity .. Light & Power C o------258,992
2i l 0.’ rfLnnvI-rHiUn
Unless previously called for redem ption these bonds sue convertible
on or after July 1 1915, at the option or the holder, at par, into 7 /„ cumu
lative pref. stock, which also participates with the com m on in any divi
dends over 7 % . 8%, Is now being earned on this stock. I he com pany s
outstanding capitalization is: First lien 5% comvertlblc bonds (auth-.
$20,000,000); $1,300,000; pref. stock (auth., $10,000,000), $1,300,000,
com m on stock (auth., $10,000,000). $2,600,000.
Aside from $400,000 bond.s which m ay be Issued presently on deposit
of an equal amount of bonds of subsidiary companies, additional bonds can
be issued only when the annual net earnings of the General nas & Electric
Co. are double the Interest on all of Its outstanding bonds, including those
applied for, and against the deposit of an equal par value of 1st M. bonds
which must be secured on property at not to exceed 8 o ,<> or its actual physi
cal value. The mortgages of the N. W . Ohio R y. & Bow., Co, and the
Western V t. Power & Lt. Co. provide for a sinking fund beginning July 1
1917 of 1% of the bonds outstanding, for five years, l 'A /o for thei next five
years and 2% thereafter. The funds so received will be used for the retire
ment of the General Gas & Electric Co. bonds.
The Rutland Ity., L t. & P ow . Co. owns entire street railway, gas, elec
tric light and power business of Rutland, V t., and vicinity (32 miles of
track covering the city, and an lnterurban road serving towns within 16
miles of Rutland) and amusement park at Lake Bom osccn. The Western
V t. Power & Lt. Co. and the Rutland R y .. L t. & I’ ow . Co. together own
power sites which lt Is estimated will, under full developm ent, yield a maxi
mum output of 15,000 to 20,000 h.p . Of this, approxim ately 3,500 h .p .
Is now developed, and lt Is estimated that there Is an Immediate market for
approxim ately 5,000 h.p. additional. Franchises, favorable and unlimited
as to time, recently ratified by Vermont Legislature.
Total population served by the Ohio and Vermont cos. is estimated at
250,000.
See further data V . 95, p. 110.
G r e a t E a s t e r n T e le p h o n e C o ., N .

Y . — Appeal to Federal Cl.

Associate Justice Hughes of the U. S. Supreme Court on Oct. 22 granted
the petition of the New York Electric Lines Co. for leave to appeal to that
Court front the decision of the Court of Appeals of New York State deny
ing its application for a writ o f mandamus to com pel the Empire City Sub
way Co. to grant space in its conduits for the plaintiff’s wires.— V .92,p.884.
H a r tle y

Offered.—

S il k M f g . C o . , T o w a n d a , P a . , & c . — Pref. Stock
T u r n e r , T u c k e r & C o ., B o s t o n a n d N . Y . , are p la c -

Nov. 2 1912]

T H E C H R O N IC L E

i n g a t $ 1 0 2 5 0 p e r s h a r e t h e p r e s e n t is s u e o f $ 3 5 7 , 7 0 0 7 %
c u m . p r e f . ( p . & c l.) s t o c k , d i v s . Q . - M .
T o t a l a u t h ., $ 5 0 0 ,par $ 1 00.
A c ir c u l a r r e p o r t s :

, Incorp. in Mass, (in O ct. 1912, succeeding N. Y . co rp .). Manufactures
broad silks, messalines, taffetas and taffetalines o f standard grades. Busi
ness established in 1894 as a copartnership with capital of $7,500, and has
shown steady expansion. Operates four plants at Towanda and T opton,
P a ., and Sidney and Trumansburg, N. Y . There are 624 looms installed
which, operated to their full capacity, will enable the com pany to do a
gross business of $1,560,000 per annum.
X»No lien or mtge. without consent of 75% of pref. stock. W hen pref. divi
dend Is one year in arrears, the entire voting power passes to pref. stock
holders. A t dissolution, pref. stock has prior right to $110 per share and
accrued divs. No div. on com m on unless the net assets are twice the out
standing pref. stock. Divs. on com m on stock limited to 10% per annum
and 50% remaining earnings for previous year, the balance to surplus.
•Net earnings for fiscal year end. A pr. 30 1912 nearly 3 times pref. div.
Man 1 1912, Inel. Proceeds of P ref. Slock. (Total Each Side $1,002,941.)
Band aDd buildings_________ $146,507 Common stock (par $100)--$250,000
Machinery, tools, & c______ 233,338 Pref. stock (auth. issue
Cash & acc'ts receivable___ 320,465
$500,000)________________ 357,700
Materials, A c_______________ 288,138 A cc'ts & notes payable------ 223,164
14,494 Surplus_________
Invest’ ts in other c o s ______
172,078
Directors and officers: N orbcrt Hartley, President: John Hartley, V .-P .
and lrca s.; L. J. W aterbury, Sec.; Henry Gibbon, E . F . Kizer and C. H .
Jennings, respectively Pres, and director 1st Nat. Bank, Towanda, P a.;
J . Kearsley M. Harrison, with Turner, Tucker & Co.
H e r c u le s P o w d e r C o .—

•See Atlas Co. above.
I llu m in a tin g

&

Pow er

Incorporated, in Delaioare.—
S e c u r itie s

C o r p o r a t i o n .— ls<

Div.

_ An initial quarterly dividend o f 1 ?(% has been declared on the $1,250,000
7% cumulative pref. stock for quarter ending Oct. 31, payable N ov. 15 to
holders of record Oct. 31.— V. 95, p. 239.
In d ia n a p o lis

(I n d .)

T e le p h o n e

C o .—

Proposed Consol.—

The com pany and the Central Union Telephone Co. have notified the
Board o f Public Works o f Indianapolis o f their willingness to unify their
systems under a maximum residence telephone rate of $33 a year and the
business telephone rates permitted under the franchise o f the Indianapolis
Telephone Co. Negotiations with the cos. are pending.— V. 89, p. 46.
I n t e r n a t i o n a l A g r i c u l t u r a l C o r p o r a t i o n .— Bonds— W h i t e ,
W e l d & C o . , N . \ ., B o s t . a n d C h i c ., h a v i n g d i s p o s e d o f t h e
la r g e r p o r t i o n o f t h e ir b l o c k o f $ 9 , 8 9 2 , 0 0 0 1 s t M . c o ll a t e r a l
t r u s t 5 % 2 0 - y e a r s i n k i n g f u n d g o ld b o n d s , d u e M a y 1 1 9 3 2 ,
a r e o t t e r in g t h e r e m a i n d e r a t 9 5 a n d i n t . , y i e l d i n g o v e r 5 . 4 0 % .
A u th o r iz e d , $ 3 0 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 1 3 ,0 0 0 ,0 0 0 .

Ket earnings as reported for each of past two years over three times
interest charges on these bonds. Par, C$100, $500 and $1,000; r$ l,0 0 0,& c.
bee rurther particulars in V . 94, p. 1767: V . 95, p. 967.
lo la

( K a n .)

P o r tla n d

C em ent

C o .—

Foreclosure.—

F. It. Bisscll of St. Louh on Oct. 28 took over the management o f the
plant as trustee for the bondholder!, succeeding the Commonwealth Trust
Co. o f St. Louis. The change amounts to a foreclosure o f the m ortgage
by the bondholders.— V. 95, p. 752.
J o s lin -S c h m id t C o .,

C in c in n a ti

(F e r tiliz e r , G lu e ,

& c .) .—

The Ashbrook & Chatficld Co., Cincinnati, is offering for sale a small
amount of the 7% cum. pref. stock; total auth., $300,000; Issued, $239,700.
Pui'. S I00. Div. O .-F. 15. Common stock is $300,000; out, $252,100.
No bonds or mortgage. Last year 6% was paid on com m on stock. Busi
ness was started In 1895 b y Mr. Joslin, incorp. In 1901. Has plant, at St.
Bernard, Cincinnati, covering 12 acres, also 4-acre plant at stock yards
f Inclnnatl. Net earnings for the three years ending April 30 1912 averaged
$74,492, or over 4
times the pref. dividend. Gross sales: Year 1908-09,
$446,845; 1909-10, $630,015; 1910-11, $957,030: 1911-12, $924,389. Net
book value o f pref. stock, $264 per share. Pres., Omar T. Joslin; Seo.Ircas., Herman B. Schm idt.
K an sas

C ity

S to c k

Y ard s

o f M a i n e .—

New Co.— Plan.—

The stockholders of the Kansas City Stock Yards o f Missouri (the present
com pany) have voted to form a new com pany, the Kansas City Stock Yards
Co. o f Maine, with $11,500,000 capital stock, consisting o f $2,500,000
com m on and $9,000,000 5% cum ulative pref. stock. The latter will not
have any voting power except in case of failure to pay two consecutive divs.
Kidder, I eabody & Co. o f Boston notify stockholders o f the Missouri
com pany that they m ay exchange each share in the Missouri corporation
for one in the preferred of the Maine corporation and $10 cash, and such
stockholders as accept m ay .subscribe to one share of com m on stock o f the
new Maine corporation at $50 for each seven shares in the Missouri corpora
tion. The entire Issue o f new com m on stock has been underwritten. 4'he
proceeds o f the sale o f the new com m on stock will be used to provide for
the paym ent o f $10 per share to stockholders of the Missouri corporation,
the underwriting com m ission of 5% on the $1,250,000 com m on stock o f 
fered and other expenses.— V . 94, p. 1387.

1211

Condensed Extracts from Letter of Pres. Wm. Dignan Jr., Phila., Oct. 15.
Org. in K y . F eb. 1 1912 as a consolidation of Capital Gas & Electric Co.,
Frankfort, K y .; City Light C o., H opkinsville, K y .; Bowling Green (K y.)
Gas L t. Co. and Owensboro (K y .) Gas Light Co., and on O ct. 14 1912 ac
quired also the properties of the Clarksville Gas Co. and the Clarksville
Electric C o., Clarksville, Tenn.
Capitalization—
Auth.
Out.
Underlying bonds (on Frankfort and Bowling Green
properties).................... _............. ........ ...................(Closed mortgages) $51,000
1‘ lrst and refunding 6% bonds (this issue) - ....................$2,000,000 559,000
6% cumulative preferred s to c k -............................. ..........
500,000 425,000

Common stock. .......................... ........... ........................... 1 ,000 ,000

856 ,250

* Q.r,i1o«c.0rnt>lneii carnlngs for the year ended A ug. 31 1912 were: Gross
n et, $84,897; Interest on $559,000 bonds and underlying bonds
$36,600; balance, surplus, $48,297.
Im provem ents to properties and extensions of mains are being made
that will enable the com pany to effect economies in operation and to very
considerably increase its business under the management of J. G. W hite
& C o., engineers. See also V . 94, p. 1253.
K n o x A u t o m o b i le C o ., S p r in g fie ld , M a s s .—

Reorganization.

The com pany on Sept. 28 made an assignment fo r the benefit of creditors
to Edward O. Sutton and Harry G. Fisk.
The shareholders on Oct. 9 appointed Judge T. Z. Lee of Providence,
I .; J. J. Shaughnessy, Pres, of Marlboro Nat. Bank of Marlboro, Mass.,
and Charles C. Lewis of Springfield a com m ittee to draw up a plan o f or
ganization. A t a m eeting on Oct. 17 there was presented a statement
showing assets estimated at $2,115,902 and liabilities of $1,252,361, viz.:
Mortgages payable, $36,900; notes payable, $978,500; accounts payable,
£
advanc ed on orders, $8,562; accrued interest, pay-roll and taxes,
i m,c assc) s are understood to include (approx.) real estate,
$31o,000; bills receivable, $200,000, and automobiles com pleted and in
process o f m anufacture abt. $1,200,000. It is rumored that the Fisk
R ubber Co., which holds $75,000 notes of the K n ox Co. endorsed b y its
lrca s., the late Alfred N. M ayo, has been desirous o f taking over the com 
pany. Compare V. 90, p. 113; V. 91, p. 1388.
L i g g e t t & M y e r s T o b a c c o C o .— O n 1 2 %

Basis.—

An initial dividend o f 3 % (understood to be a quarterly one) has been de
clared on the $21,496,400 com m on stock, payable Dec. 1 to holders of
record N ov. 15.— V . 94, p. 770, 765.
L o n g A c r e E le c . L i g h t & P o w e r C o ., N . Y

.— Coupons,

cfee.

John C. Sheehan, until recently V icc-P res., is now quoted as saying that
all over-due coupons on the $500,000 4 % 50-year bonds o f 1906 due O ct. 15
19o6 (int. A . & O., Met. Tr. Co., truR ee), will be paid on presentation, and
that therefore there is no danger of the com pany’s being absorbed or put
out of business, even if a m ajority o f the issue has been purchased b y in
terests friendly to the Consolidated Gas Co. or its sub. co ., the E dison.— V .
95, p, 1042.
L o w e ll M a c h in e

S h o p .—

Merger Authorized.—

The stockholders o f the Lowell Machine Shop and o f the S a co -P e tte e
Co. on N ov. 1 authorized the consolidation o f the com panies under the name
o f the Saco-Lowell Shops.— V. 95, p. 1125.
L u d lo w

M a n u f ’g A s s o c i a t e s , B o s t o n . —

Stock Increased.—

T he stockholders on O ct. 9 authorized an Increase o f 10,000 shares
($1,000,000), making the total capital stock 50,000 shares ($5,000,000),
the new stock being offered to shareholders pro rata at par, the proceeds
to be applied in part for extensions. Payment in two equal installments,
March 15 and Sept. 15 1913, or in full March 15.
M c C r u m - H o w e l l C o . — Circular— Creditors' Option to Re
2 5 % Cash.— I n a l e t t e r d a t e d S e p t . 2 7 t h e c r e d i t o r s ’
c o m m i t t e e , A l b e r t I I . W i g g i n , C h a i r m a n , s a y s in s u b s t a n c e :

ceive

Our investigations have convinced us that if the property be disposed of
at a forced sale, the creditors can realize but a small percentage of their
claims. The business, however, appears to have an earning power. Mr.
Strong estimates the earnings, after making certain improvements, at
$209,000 a year, with a gradual increase. Others name higher figures.
The creditors’ com m ittee proposes to purchase at a Judicial sale all, or
such portion thereof as m ay appear desirable, of the assets, and in turn
to transfer such assets to a new corporation in exchange for S I,575,000of
pref. stock of that com pany and $3,150,000 of com . stock [the new stock
to be applied as stated in the plan, V . 95, p. 893].
The com m ittee has, however, made an arrangement b y which creditors
who are unwilling to accept securities of the new com pany (namely in voting
trust certificates, 25% of new pref. stock and 75% of new com . stock)
m ay receive 25% of the face value of their claims in cash for a transfer of
such new securities.

Condensed Extracts from Statement of Receivers, New York, Sept. 16 1912.

The revised balance sheet of March 14 1912 differs from that previously
submitted (V . 94, p . 1314) mainly in that tangible assets are reduced by
$98,424 and admitted liabilities arc increased by $22,386, and a deduction
lias been made from the appraised valuation of plants, and further amounts
have been reserved for possible, or probable, losses in the collection of
accounts and bills receivable, and for the conversion of inventoides into cash.
Assets, etc., M ch. 14 1912, Revised Sept. 1 1912 (Basts Goina Concern.)
Assets ($2,179,361, exclusive of patents, trade-marks and good-w ill)—
Cash ($51,929 less $8,013 seized), $43,916; investm ’ ts, $ 3 4 ,4 3 0 ..
$78,398
K e l l y - S p r i n g f i e l d M o t o r T r u c k C o . , S p r i n g f i e l d , O . — Stock Bills and accts. receiv., $640,249; Chicago stock pool, A c., $9,
578; total, $649,827; less accts. sold, $15,989, and additional
Offered.— E m e r s o n M c M i lli n & C o . , N e w Y o r k , o f f e r e d f o r
reserve, $49,894; balance_____________________________________
583,944
s u b s c r ip t io n o n O c t . 1 8 th e 8 % c u m . p r e f. ( p . & d . ) s to c k a t
Inventories as appraised, $667,353; less reserve, $163,100______
504,253
Estimated amount collectible on claim of $441,341 against the
1 0 5 ( p a r $ 1 0 0 ) ; a l s o , t o s u b s c r ib e r s o f t h e p r e f e r r e d , t h e
Richm ond Sales C o_____________
30,000
c o m m o n s t o c k , p a r v a l u e $ 1 0 0 , in a m o u n t s n o t e x c e e d i n g
Fixed assets as appraised: Land, mortgages deducted, $180,
186; buildings, $381,839; m achinery, $103,010; tools and equip
2 5 % o f th e p re fe rre d s u b s c r ib e d f o r , a t $ 5 0 p e r s h a r e .
A llo t
m ent, $183,975; flasks and corcpans, $46,632; patterns and
m e n t s w ill b e m a d e o n o r b e f o r e N o v . 4 1 9 1 2 . A c ir c u l a r s a y s :
drawings, $178,490; office furniture and fixtures, $25,945;
We recently organized tills com pany in Ohio to take over and finance the
total, $1,100,077, less deduction by expert W . fi. S. Strong,
established and profitable business of the Kelly Motor Truck Co. of Spring
$117,309; b a la n c e -.-________
982,768
field. O. [Owns plant of brick and stone. Annual output capacity over Liabilities ($2,606,266, showinn excess of $426,905 over assets as above)—
1,000 trucks, (engines hereafter to be water-cooled instead of air-cooled]. A ccounts payable, $326,647; bills payable, com pany's own notes
Capitalization of New “ The Kclly-S nr Inofield Motor Truck Co.” (No Mine.)
($2,081,247 less $34,191 seized), $2,047,053; endorsed or guar
Total
— A m (j. to be Issued Presently—
anteed ($223,950 less $11,257 seized), $212,693; to ta l________ $2,586,394
(Par of All Shares $100)—
Authorized.
Total.
OldCo. CashS670,833 Accrued expenses, $12,472; reserve to purchase 74 shares Model
Common s t o c k ..........................$1,000,000 $510,000 $219,875 $290,125
Heating Co. outstanding, $7,400. _____________________________
19,872
8% cumulative pref. s t o c k ----- 1,500,000 800,000
219,875
580,125
In addition to other liabilities shown above, there are: Contingent lia
[Pref. stock has full voting power: dividend period Q .-F.]
bility on endorsements and guaranties, $53,650; claim o f Geo. C. Schm itz
As here shown, of the $1,310,000 new stock now to be issued, $439,750 for royalties, which Is being resisted. $73,686: claim of F. J. M atchctte for
($219,'“ '’ “
•••"’ 1---------* • ••
................... — r '■ ■
royalties and to enforce a guaranty in respect to the value o f stock of the
Truck
com pany. $540,000; sundry claims, $24,000.
$676
The receivers say: "T h e com pany originally manufactured boilers,
soil I
_
radiators, enameled bath tubs, lavatories, A c., but early in 1910 adopted
discharge obligations of the old com pany assumed a n d th e rem ain ing$273,- a policy of expansion, to which its embarrassment is largely attributable. . .
000, together with liquid assets from the vendor com pany, will provide
None of these purchases proved profitable; the portable vacuum cleaner
working capital of over $500,000. No stock will be Issued for prom otion
business resulted in heavy losses. W e have curtailed operations in that
purposes. While the com m on stock U herein offered at 50",',, the total department, and have abandoned the manufacture of soap savers and con
amount expended for property and for working capital and in the develop cealed transom lifts, but have an arrangement with the owners of the
ment of the truck exceeds the aggregate par value of all stock, com m on
patent covering the latter, which may prove of substantial value.
and preferred, that is to be presently issued.
As to the stationary vacuum cleaner, we found conditions m ost unsatis
The old com pany U making net earnings at the rate of more than double fa ctory. The com pany owned no plant for its m anufacture. Some ma
the amount of the dividends on the new pref. stock to be Issued as set forth chines were made at Tacony (plant rented: machinery owned): others in a
above. The additional working capital that Is being provided will enable rented building in Chicago and certain parts at Racine. Licenses under
the new com pany to largely increase Its output. The com pany owns till of patents required the paym ent each year of large amounts as minimum
royalties. One of these patents was in litigation, and a large number of
concerns had engaged in the business, and yet the com pany was required
to pay each year as minimum royalty $50,000, though receiving no pro
tection by reason thereof. An arrangement with the owners of said patent
service, was found to be 11 miles per gallon of gasoline, while the oil con will henceforth relieve the com pany from paying any stated royalties,
sumption was found to be one gallon to 350 miles.
but which may result in its receiving a substantial incom e each year during
[Officers: S. E. Kelly, Frcs., Springfield, O.; Marion McMillin, V .-P res.,
the life of the patent, apart from any profit that m ay be realized in the
N . \ J. II. Cartmell, Sec., and J. S. Crowell, Trcas., Springfield, ().]
manufacture and sale of stationary vacuum cleaners.
The stationary vacuum cleaner department can, we believe, be developed
K e n t u c k y P u b l i c S e r v ic e C o . , F r a n k f o r t , & c . , K y . —
and made profitable, but to accomplish this result tim e and m oney will be
Bonds Offered— New Acquisitions.— M o n t g o m e r y , C l o t h i e r & required for standardization of machines, acquisition of a suitable plant, A c.
The reports of engineers indicate that a fair profit m ay be anticipated
T y l e r , P h i l a d e l p h i a , a r e o f f e r i n g t h e u n s o ld p o r t i o n o f $ 5 5 9 , 
in boilers and radiators, and that, while the enameled ware department
lias been unprofitable for the last year or so. it would be well to continue
0 0 0 “ f ir s t a n d r e f u n d i n g M . ” 6 % g o ld b o n d s , d a t e d F e b . 1
this line in the belief that market conditions, which have been greatly
1 9 1 2 , f u lly d e s c r ib e d in V . 9 4 , p . 1 2 5 3 .
demoralized, may in time im prove. W hile some of the paints arc said




T H E C H R O N IC L E

1212

to be In good condition, approxim ately $200,000 is recomm ended for various
Improvements, A c., with a view to reducing costs, A c.
Gunn, Richards A Co. in their report of April 27 1912 expressed the opinion
that under com petent management and with adequate working capital,
net profits of $330 000 per annum could be realized on sales of $2,500,000,
after deducting $120,000 for selling and administrative expenses, and
$180 000 for depreciation, bad debts, interest and royalties. W . E . S.
Strong (long in the boiler and radiator business) estimated the possible
net profits at $210,000 per year on a volum e of $2,000,000 after deducting
$ 102 000 for selling and administrative expenses, and stated that earnings
might be increased from yea r to year until they amounted to about $320,000,
but only after making improvem ents, A c., which would require some tim e.
A dditional capital of $800,000 to $850,000 would probably be sufficient,
provided the credit of the new com pany permits it to borrow for a season’s
operations and other purposes. See plan V. 95, p. 893.
(G e o r g e B .) N e w to n C o a l C o . (W h o le s a le a n d R e ta il
C o a l D e a l e r s ) , P h i l a d e l . — Pref.Stock Offered.— B r o w n B r o t h 
e rs & C o ., C a s s a tt & C o . a n d M o n t g o m e r y , C lo th ie r & T y le r ,
a ll o f P h ila d e lp h ia , a re o ffe r in g a t p a r ( $ 1 0 0 a s h a r e ), “ w h e n ,
a s a n d if i s s u e d ,” $ 1 , 7 5 0 , 0 0 0 7 % c u m u l a t i v e 1 s t p r e f . ( p . & d . )
s t o c k ( f u ll v o t i n g p o w e r ) , r e d e e m a b l e a t o p t i o n o f c o m p a n y ,
in w h o le o r in p a r t , a t 1 1 5 a n d a c c r u e d d i v i d e n d s . D i v i d e n d
p e r io d s M . & N . 1 .
A c ir c u l a r s a y s in s u b s t a n c e :

The real estate, improvements and equipment have been independently
appraised at $1,520,791; add quick assets, $734,000; total assets, $2,254,794;
deduct real estate mortgages, $254,000; net assets, $2,000,794.
Digest of Letter from Pres. Samuel IS. Crowell, Philadelphia, Oct. 24 1912.
Incorporated in Pcnna. in Sept. 1912 (as H cg Coal C o .), and is to acquire
the property and business o f the following wholesale and retail coal com panics and firms, which arc among the leading com panies operating in
Philadelphia, namely; George IS. Newton & C o., Black Diamond Coal Go.,
R obert Henderson & C o., George VV. Edm onds A Go., Mason Coal Go.,
Chalfant Brothers, W alter C. Shipley, W . C. Kirk & Go., M cKee A Go.,
McCaullcy Bros, and Rowland Bros.

000 to be reserved for conversion of 2d pref. stock. The proceeds of the
1st pref. stock will be used in connection with the acquisition of the yards,
plants and equipment and also adequate working capital. Present m ort
gages only $204,000 on some of the plants; no new mortgage can be created
without the consent of 75% of the 1st pref. stock. Sinking fund for 1st
pref. stock, $35,000 per annum, com m encing in 1913. Certain rights arc
conferred upon the 1st pref. stock for their protection in case the net quick
assets arc not maintained at $600,000 and the total net assets, exclusive
o f “ good-w ill,” at $2,000,000.
Net profits, as certified by chartered accountants, for the periods as
stated below, after deducting all operating expenses, adequate deprecia
tion and bad accounts, but without allowance for salaries of executive
officers: Average per annum, $318,856; net average for last fiscal yeai
.
. .
........a « n't ____ o*o n i e>*1
oxrnrn<r<» VPflrlV
ley Bros 3 years end. Feb. 28 1912, and for W alter C. Shipley 4 '\_ ycais
ending May 31 1912, while for W . C. Kirk A Co. the profits are approxim ate.
The net earnings for the first fiscal year of the new com panv should
am ount to $510,000, or about 3 K times the dividend and sinking fund
on the 1st pref. stock.
O n ta r io P o w e r C o . o f N ia g a r a F a l l s .—

Earnings.—

S M o s .t o
Sale of
Govt.
Gross
Net
Other
I n t.o n
S a l.,
Sept. 30— Power.
Rental. Incom e.
Earns. Income. Bonds. Stirp.
191 2______ $308,434 $16,615 $291,819 $249,104 $6,817 $162,447 $93,474
191 1 _______ 227,753 14,284 213,469
175,941 2,370 157,329 20,981
Interest on bonds for the 3 months of 1912 ($162,447) Includes: Ontario
Power Co. 1st 5s, $94,558 (against $90,108 In 1911), Ont. Trans. Co. 1st os,
$23,043 (against $22,221 in 1911),and O .P .C o . 6% debs., $44,847(against
$45,000 In 1911).— V . 94. p. 1691.
P r a ir i e

O il

&

G as

C o .—

Bonded Debt.—

The

c o m p a n y ’s

b o n d e d d e b t o n O c t . 1 6 , w e a r e r e lia b ly in fo r m e d , w a s $ 1 1 ,
5 0 0 ,0 0 0 .
T h e y a r e 5 0 - y e a r d e b e n t u r e s m a t u r i n g in 1 9 5 5
to 1 9 6 0 , in te r e s t

r a t e 6 % , p a y a b l e J a n . 1 a n d J u ly 1 .

Com 

pare V . 9 5 , p . 1 1 2 6 .
P o r tla n d

( M e .)

G as

L ig h t

C o .—

Offer.—

H odenpyl, Hardy & C o., New York, offer $130 a share (par $50) for the
stock, providing ail of it is deposited with the Union Safe Deposit & I rust
Co. o f Portland b y N ov. 15. Under this arrangement tire city would re
ceive for its holdings $221,000. Extensive im provem ents, it is stated, will
be made to the plant if stockholders accept the offer.— V . 84, p. 342.
R o b y C o a l C o . , C l e v e l a n d , O h i o .—

Bonds Offered.—

T he Cleveland Trust Co., the m ortgage trustee, ls'offerlng at par and int.
$200,000 consolidated (now closed) first mortgage 6% bonds, the balance
o f an authorized issue of $675,000, o f which $75,000 has been retired.
Dated July 1 1905 and due July 1 1925, but subject to call after July 1 191o
at i07 and int.; sinking fund 5 cts. per ton. Par $1,000. Int. J. A J. at
office o f trustees. The com pany has $800,000 of auth. stock, all of one
class, and Is stated to be mining at the rate of 1,000,000 tons a year. The
property is said to be valued at three times the bonded debt, Including
10,000 acres of coal lands in Harrison. Belm ont and Jefferson counties,
the No. 8 fields, including modern equipment, power houses, Ac. C. VV.
Somers of Cleveland is President and J. A . Foerstner, Sec. and Treas.
An Ohio corporation, which in Jan. 1902 increased its capital stock from
$100,000 to $400,000 and m oved Its headquarters from Cleveland to Short
Creek. Harrison County, Ohio, and later, in A ug. 1905, further increased
its stock from $400,000 to $800,000.
S e a ls h ip t

T.

O y ste r

C o .—

New Directors.—

R obert Gorham and James Tlldcn have been elected directors to succeed
F. Mansvllle and F. S. Beardsley, who resigned.— V . 94, p. 1769.
S h e ffie ld C o a l &

I r o n C o .—

Securities Sold.—

The securities pledged under the mortgage to the Bankers Trust Co. of
New York were sold at public auction by Adrian N. Muller A Sons on
O ct. 30. The $35,000 1st M. 6% Wise Terminal Co. bonds brought $10,000
and the $99,500 Wise Terminal stock, $5,000.— V . 95, p. 893.
S p r i n g f i e l d ( O .) L i g h t , H e a t & P o w e r C o . —

Nearly all of the outstanding com m on and preferred stock have been de
posited under the option to sell to H odenpyl, Hardy A Co. Under the op 
tion the purchasers are allowed until N ov. 16 to com plete the deal. Com
pare V. 95, p. 754.
S ta n d a rd

C ordage

C o . ( I n L iq u id a t io n ) , N e w Y o r k .—
Report of Committee.— T h e p r o t e c t i v e c o m m i t t e e o f 1 s t M .
b o n d h o ld e r s , H o r a c e L . H o t c h k is s , C h a ir m a n , re p o rts b y
c ir c u l a r d a t e d S e p t . 2 1 1 9 1 2 in s u b s t a n c e :

There were deposited under the agreements $2,559,200 1st M. bonds ou*
of the total issue o f $2,806,000. The different properties were sold under
foreclosure for $275,000, for which sum they were purchased by the com 
m ittee. They were in a dilapidated condition and three years’ taxes of
$45,000 were a lien thereon. This lien was assumed by the com m ittee and
must be paid out of the first realization o f assets. The fixed or stationary
m achinery, which was all covered by the mortgage, will require time to
dispose o f and must be insured and cared for.
The Standard Assets Corporation has been organized In N. Y . State
(under Incorporation A ct amended April 1912), for the liquidation
o f the assets, as contem plated by the depositary agreements (V. 92, p.
1440) , and, having taken title to all the properties and equities and having
assumed all obligations o f the com m ittee, lias Issued to the com m ittee all
o f its 2,560 shares of capital stock, which have no fixed par value. This
full-paid stock will be distributed pro rata to the owners of the certificates
of deposit of tiie Title Guarantee A Trust Co. on surrender of same on and
after S ept. 26 1912,on the basis o f a $1,000 bond, being entitled to one share.
The expenses of foreclosure, which cover cost of legal services, insurance,
engineers, watchmen, coal, labor and superintendents o f properties in N . Y .,
N . J. and Mass., and expenses o f com m ittee, were $296,339, as follows:




[VOL. L X X X XV .

(1) Care, A c., of 5 properties in N . Y ., Mass, and N. J -------------------$74,137
(2) Property acct. (a) Interest, $134; (ft) bonds and coupons ($2,
559,200) applied by com m ittee upon purchase price, $200,729.-200,803
(3) Expenses of com m ittee for printing, clerical force, fees, A c ------ 21,339
Items Nos. 1 and 2 aggregate $275,000. This was the cost of the prop
erties at foreclosure sale and It Includes the sum of $19,315 paid on account
of the net distributable value of the bonds, $2 16,800, not deposited.
The deficiency judgm ent recorded under foreclosure proceedings Is a
lien on the free assets in the hands of Receiver Clarence II. Kelsey, and
after adjustm ent through the courts this equity of the depositing bondhold
ers will be collected by the Standard Assets Corporation, It is expected
that the receiver will have in his hands from the liquidation of all of the free
assets about $400,000. Against this sum claims of the adjustm ent bond
holders amounting to $2,500,000, and the deficiency judgm ent of the Its
m ortgage bondholders amounting to $3,040,229, will be presented to the
courts for adjudication. The offices of the Standard Assets Corporation
arc at 43 Cedar St., room 1002, where further information m ay be obtained
if desired.— V . 95, p. 55.
S t a n d a r d O il C o . o i O h i o .—

Five Per cent Dividends.—

A dividend of $5 (5% ) has been declared on the $3,500,000 stock out o f
the earnings of the last six months ending Oct. 30, payable Dec. 16 to hold
ers of record N ov. 13. This is the first distribution since the disintegration
o f the Standard Oil Co.
S o lv a y

P rocess

C o .,

S yracuse,

N.

Acquisition.—

Y .—

Negotiations, it is reported, have been practically com pleted for the
purchase of the Empire Coke Co., whose plant is .situated at Border City,
near Geneva.— V . 94, p. 357.
S o u t h e r n B e l l T e l e p h o n e & T e l e g r a p h C o .— Bonds, &c.—
T h e R o b e r t s o n -H u m p h r e y -W a r d la w C o ., A t la n t a , h a v e re
c e n t l y b e e n p l a c i n g t h e ir b l o c k o f $ 3 , 0 0 0 , 0 0 0 3 0 - y c a r 1 s t M .
s i n k i n g f u n d 5% g o ld b o n d s ( d u e J a n . 1 ,1 9 -1 1 ) a t 9 9 a n d i n t . ,
b e i n g p a r t o f $ 1 2 , 9 0 3 , 0 0 0 li s t e d o n N . Y . S t o c k E x c h a n g e .
D ata

F u rnish ed

by

P res.

W .

T,

G e n try

A tla n t a .

G a ..

Sept

4

1912

The outstanding capital stock is $21,400,000, o f which $21,390 200 Is
held b v the A m . Tel. & Tel. Co. Present replacement value o f physical
property, without considering good-will or franchise,
1
over S21 000,000 and the present replacement value of the pnyvSical prop
erty of theC um berland Telephone & Telegraph Co (97% of whose cap
stock is owned by the Southern) is over $29,000,000, leaving an cqult*
for its stock of approxim ately $13,000,000.
GrossEarntnas. Not Incl. Cumberland Co.— Dividend Rale Since 1906 0%, p.a.
1906
1907.
1908.
1909.
1910.
1911.
$3 703 427 $4,390,600 $4,612,456 $5,230,666 $6,028,631 $7,202,056
jvn. 'of Stations July 31 1912—
Southern.
Cumberland.
Total.
Stations o w n e d ------------------------------------143,212
183,314
326,526
Service and connected stations----------121,343
66,497
187,840
T o ta l........... - ...................................... ..2 6 4 ,5 5 5
249,811
514,366
T otal population served by the com pany is estimated at over 9,500,000.
Operates telephone exchanges in practically every city and tow n in the
territory served (all connected b y long-distance wires), including W ilming
ton, Charleston, Savannah, Atlanta, Jacksonville, Birmingham, Ac.
I he
cities mentioned show an average Increase of 71% in population in lin o
over 1900. Population in territory o f Cumberland Co. over 8,500,000.
Sec also V. 91, p. 1714; V. 95, p. 893, 684.
S u t t e r -B u t t e

Canal

C o .—

Securities Authorized.

The California R R . Commission has authorized the issue of $52,000 bonds
for refunding and of $197,000 promissory notes in exchange for outstand
ing certificates of indebtedness.— V . 93, p. 1026.
T obacco

P r o d u c ts C o r p o r a tio n , N . Y . —

Officers,

<fcc.-—

The directors of this new holding com pany have elected as President
Daniel G. Reid and as Vice-President and directors William H. Butler
who is Chairman of the board of the Surbrug Co., that was recently taken
over by the new corporation as a nucleus for future growth, and who is m
charge of the operating end o f the corporation's business, and M. Meiachrino, the President of M. Mclachrino A Co., In c., that was also acquired
by the T obacco Products Corporation.
„
„
„ ___ .
The other directors are: Francis G. n ine, J. Horace Harding, oew aid
Prosser, John D . R yan, Albert II. W iggin and J . Du Pratt W hite,
lh e
Sec. and Treas. is Gray Miller.
,
.
T
,
(The pref. (p. A d.) stock is 7% cumulative after Jan. I 1913, callable
after three years from date, all or part, when drawn at 120 and accrued divi
dends. No m ortgage unless 66 2-3% of all stock assents. Directors be
fore paying dividends on com m on stock may set aside such amount as
deem ed best for working capital, and also each year an amount equal to
not over 5% on all stock into a surplus fund for redemption of the p rci.
It seems that up to Dec. 1 1911 the Surbrug Company was making m oney,
but thereafter lost ground owing to thesevere com petition following the segre
gation of the A m . T obacco Co., and om itted its pref. dividend,
in tins
deal Its pref. shareholders receive par, but the com m on stockholders, it is
stated, will get little or nothing.] See V. 95, p. 1043, 1044.
T o r o n t o P a p e r M f g . C o . , L t d . , C o r n w a l l , O n t . — Bonis.
T h e D o m in io n B o n d C o ., L t d ., T o r o n t o , M o n t r e a l, V a n 
c o u v e r a n d L o n d o n ( E n g . ) , is p l a c i n g a t 9 8 a n d i n t . t h e p r e s 
e n t ssu e o f $ 5 0 0 ,0 0 0 6 %
$500 and

1 s t M . s in k in g -f u n d b o n d s , p a r $ 1 0 0 ,

$ 1 ,0 0 0 .

,

. . .

. Dated Sept. 1 1912 and due Sept. 11 942, but|redecmable at 110 anil at
for annual sinking fund of 1 H % (which begins in 1915), when drawn b y l o t .
Int. M. A S. payable at Bank of Montreal in T oron to, Montreal, N . Y . Gity
and L ondon . R oyal Trust C o., trustee and transfer agent; N a tio n a l! mat
C o.. L td ., registrar. T otal auth., $750,000; the remaining $250,000 can
be issued for only 66 2-3% of cost of future extensions.
.
,,
Directors: G. P . Grant (Pres. Dominion Bond Go.,
• 1 r° s
, 1'
W atson, V lce-P res.; A . W . Briggs, Sec.; It. S. W aldie, R e v . Dr. W in.
Briggs, Richard Brown and R . A . I,yon .
Plant at Cornwall, O n t., on Grand Trunk Ity., St. T.awrenco ll vei and
Cornwall Canal, site of 8 acres. Has 21-year renewable leasc for watei
power from the G ovt, on satisfactory terms. Plant Includes
substantial
brick and stone buildings (sulphite mill, paper mill, A c .) , arranged most ad
vantageously for manufacture of high-grade linen, bond, book anil litho
graphing papers. Average dally output of paper during 1911 was 39,500
lbs.; during 1912, probably 40,000 lbs. daily. Is operated day and night.
Established hi 1882; one of the best-known makers of high-grade papers
in Canada. The output Is sold chiefly In Toronto and Montreal, and It lias
been impossible to keep up with the orders. Enlargements and im prove
ments arc already planned. Capital stock, auth., $1,000,000, issueu,
$750,000. [The controlling interest, held by John R . Barber, was recently
purchased by Garnet P. Grant and his associates In the Spanish River i uip
A Paper Mills, and the com pany, it is understood, re-m coiporated with
Depreciated appraised value of plant, $645,000; surplus of liquid assets
over liabilities, $200,000; total, $845,000. Net earnings, years ended
April (after deducting all expenses, Interest charges, repairs and replace
ments)- 1910-11, $83,000: 1911-12, $77,000 (special reserves of $19,000
also were created); 1912-13 (cst.), $100,000 (during July and August earn
ings were 25% in excess of this estim ate).
U n i t e d S h o e M a c h . C o r p .—

Reforts in Canadian Invesligat’ n.

The commissioners who were appointed under the Canadian statute

I I]L I)f UvvGViIll]^u If V*V 111*VIVbVVVI III Al VI I I VI V/^ VIAV

|

Board was held In March 1911 and the taking of testimony was begun
in Deo. 1911.
.
. T n
The m ajority report, signed by Judge Charles Laurcndeau and .J. I .
Walsh, holds that while the com pany does business in a fair, honest and
honorable way, and its machines are the best on the market, its service
excellent, and prices have not been enhanced nor trade or com m erce in
jured, the com pany is a com bine which unduly prevents or lessens com pe
tition in the production, manufacture, sale and supply or shoe machinery.
They recomm end that under the circumstances, Instead of giving ten
days to the com pany to make changes deemed necessary in its way of doing
business, it be given six months from the date of the publication of the
report in the “ Canada Gazette.”
,.
,
The m inority report, signed by W . J. W hite, finds that the price of
boots and shoes has not been enhanced by the use of the com pany s m a-

TH E C H R O N IC L E

Nov. 2 1912.]

oh in cry. that the price o f the machinery itself has not increased, that as far
jus com petition is concerned, within the last 5 or 6 years a number o f new
shoe manufacturers have established themselves in the country, and that
the field was open to any new m achinery com pany which might either manu
facture or sell machinery in Canada, and further, that as neither com sum er nor producer nor the wearer of shoes has been damaged, it cannot
he said that com petition has been unduly lessened.
The reports are given at length in pages 1310 to 1324 o f the “ Canada
Gazette” of Oct. 10.— V. 95, p. 116.
U n i t e d S t a t e s E x p r e s s C o , , N e w Y o r k . — Dividend

Omitted.

__ .T h e d ir e c t o r s o n O c t . 2 9 d e c id e d n o t t o d e c la r e a s e m i 
a n n u a l d iv i d e n d t h i s N o v e m b e r . A n o f f i c i a l s t a t e m e n t s a y s :

For the year ended June 30 1012, the gross revenue from operation in
creased $700,181. The Increase of expense was $1,140,484. The net earn
ing's from all sources applicable to dividends was $233,228.
In view of these results and of the parcels post and the other problems
now confronting the com pany and the uncertainty arising therefrom as to
future earnings, the directors do not feel justified in declaring a dividend
at this time. The annual statement usually sent with the Novem ber divi
dend will be Issued within a few davs.
,
Comparative Statement for Years ending June 30— Prepared by “ Chronicle.
1011-12.
1010-11.
1000-10.
Gross revenue from operations _____ $10,054,803 $20,304,074 $17,080,237
Total net for dividends . ......... _..........
$233,228
$750,821
$705,800
Dividends paid....... ........................... . . (3% ) 300,000
600,000
600,000
$66,772sur.$150,821 sur.$105,80O
Balance, deficit......... ............ .........
Dividend Record Since 1000 (Per Cent).
1002 to 1906.
1007.
1008.
1009.
1910.
1911.
1912.
4 yearly
5
1
5
6
0
May. 3
V. 04, p . 636, 567, 420.
,

1901.

S t a t e s M o t o r C o . , N e w Y o r k . — Sale—Receivers
(fee.— - A s d e s ir e d b y t h e r e o r g a n i z a t i o n c o m m i t t e e ,
J u d g e H o u g h in N . Y . C i t y o n M o n d a y d i r e c t e d t h a t a s a le
U n ite d

Certificates,

w i t h a f i r s t lie n a g a i n s t a l l t h e p r o p e r t ie s e x c e p t t h e M a x w e l l 13 r i s c o e C o . , t h a t c o n c e r n t o b e i n c l u d e d o n l y i f n e c e s s a r y
fo r e ffe c tin g th e s a le o f t h e c e r tific a te s .

Permission to liquidate tho selling companies was denied, but the re
ceivers were directed to make separate application for this in the court of
proper Jurisdiction In each case. The repaym ent of dealers’ deposits
($32,513) and the paym ent of about $100,000 to the merchandise creditors
were allowed.
Tho reorganized com pany will have net assets in excess o f $15,000,000,
o f which $5,000,000 will represent real estate, buildings and equl ment
There arc liquid assets In excess of $10,000,000, o f which $3,000,000 consist
o f cash. The only liabilities are $164,000 In real estate m ortgages.—
The receivers presented substantially the following for the present
(old) com panies as going concerns:
Consolidated Statement of Assets and Liabilities Sept. 11 1912 before
Reorganization. (See Plan, V. 05, p. 1044).
Liabilities ($11,817,856).
Assets ($12,728,105).
R ca le s t., bldgs. & equip *$4,999,836 Cap. s tk ........... ..........................Om itted
164,540
Roal estate investm en t. - . *110,520 P.eal estate m ortgages-----Furniture and fixtures___
76,000 Debenture bonds & ln t — 6,161,500
Inventories (e s t)------------- v 1,500,000 Notes sub. cos. endorsed
b y U. S. M otor C o .i 2 ,101,258
A ccounts r c e lv a b le -------550,000
Notes receivable--------- -34,830 Notes U. S. M. Co. end. by
650,820
subsidiary c o s ............... ..
C ash.......................
412,028
Cash for dealers' deposits .
62,513 Claims against U . S. M.
1,061,875
Co. o n ly ............. ........
45,440
Prepaid expenses...............
Inter-com pany acc’t s ----- 1,108,769 Claims against Col. Co. or
91,780
both c o s ...........................
6,043
Miscellaneous................ - - 
63,690
Notes secur’d b y sight draft
Briscoe Mfg. Co. stock
74,256
(par $310,000)......... - . .
307,095 Wages and accrued e x p . Dealers’
deposits
(partly
Providence Engine Works
55,113
o f f s e t ) ...............................
stock (par $500,000). . .
1
E n d . notes o f E . R . Thomas
National Motors C o. stk.
Motor Car Co. (contln.) *400,000
(par $840,600)________
355,100
[Excess assets over 11a., $910,309.1
x Appraised b y Gunn, Richards & Co. y Estimated by A nthony, Max
well & Jameson, z It Is estimated that the branch selling houses can pay
$750,226 on tlielr notes after providing for their local indebtedness. * The
receivers of the E . R . Thomas Motor Car Co. estimate that that com pany
will pay from 25% to 40% to its creditors. The stock of E . R . Thomas
M otor Car Co. (par $2,400,000) and Courier Car Co. (par $500) are given
no value among tho assets. There are also a disputed claim of Prccldcncc
E ng. W orks for $138,532 and $313,070 debts o f the solvent Briscoe Mfg. Co.
See reorganization plan, V . 05, p . 1044, 1126.
_

Over 6 5 % of Indebtedness Deposited— Further Deposits
Till Nov. 9 . — T h e r e o r g a n i z a t i o n c o m m i t t e e a n n o u n c e s b y

a d v e r t i s e m e n t o n a p r e v i o u s p a g e t h a t o v e r 6 5 % o f t h e in 
d e b t e d n e s s o f t h e c o m p a n y a n d it s a l li e d c o m p a n i e s , p r o 
v i d e d f o r b y t h e p la n d a t e d O c t . 1 0 1 9 1 2 (s e e “ C h r o n i c l e ”
o f O c t . 1 9 , p . 1 0 4 4 ) lia s b e e n d e p o s i t e d w i t h C e n t r a l T r u s t
C o ., d e p o s ita r y .

A fter N ov. 9 no deposits, either o f Indebtedness or stock, will be received
excep t with the consent o f the com m ittee, and under such penalty as it
shall impose.— V . 05, p. 1126.
U t a h P o w e r C o .—

Merger Company— Incorp. in Maine.—

This com pany, mentioned in V. 95, p. 1045 (under Utah Securities C o .)‘
as having purchased the Knight Consolidated Rower Co. and the power
plant of the Davis & W eber Counties Canal Co. [see that com pany], &c.,
was incorporated in Maine on S ept. 7 1012 with $6,000,000 of auth. capital
stock in $100 shares.
Tho Knight Rower Co. (Provo, U tah ), capital stock $2,000,000, some
time ago absorbed the Snake R iver Rower Co. and the Mill Creek Rower Co.
and lias been furnishing power to the Tlntic district. Plants, Santaquin,
1,000 k. w .; Snake R iver, 1,000 k. w .; Mill Creek, near Murray (N o. 1), 300
k. w ., and (N o. 2), 1,400 k. w .; Murdock, near U lber City, 2,500 k. w.,
the last two being at latest accounts under construction.
All of the Issued securities o f the Utah Rower Co. are deposited under
tho trust indenture securing Utah Securities Corporation 10-year 6% gold
notes. A third com pany— Utah Power & Eight C o.— eventually will be
the operating com pany for all properties now or hereafter controlled by
Utah Securities Corporation. Sec Vol. 05, p. 1045.
U ta h

S e c u r i t ie s

C o .—

Controlled Company.—

Sec Utah Rower Co. abovo and compare V . 05, p. 1045.
U t ilit ie s I m p r o v e m e n t C o ., N e w Y o r k .—

Oversubscribed.—

Henry L. Doherty & Co. announce that the pref. stock which was re
cently offered for public subscription has been about $10,000,000 over
subscribed. The number of subscriptions received total more than 3,700
and were from every State in the Union. It is expected that subscriptions
for $1,000 or less will receive the full amount, while the larger subscriptions
will probably be materially reduced. The offering was made on tho basis
of $1,000 pref. and $400 com m on stock for $1,000 cash. See V .9 5 ,p . 1045.
V i r g i n i a n P o w e r C o . — New Company.— T h i s c o m p a n y w a s
in c o r p o r a t e d in M a s s , o n S e p t . 2 5 1 9 1 2 w i t h $ 1 0 , 0 0 0 , 0 0 0 o f
a u t h . c a p i t a l s t o c k , in $ 1 0 0 s h a r e s , o f w h i c h
t h e r e is n o w
o u tsta n d in g
$ 5 ,0 0 0 ,0 0 0
com m on and
$ 1 ,2 0 0 ,0 0 0
o f th e
$ 5 ,0 0 0 ,0 0 0 6 % p r e fe r r e d .
T h e r e is a l s o a n a u t h . i s s u e o f
$ 1 5 , 0 0 0 , 0 0 0 fir s t a n d c o l l a t e r a l t r u s t m o r t g a g e 5 % b o n d s
d a te d O c t. 1 1912 an d du e O c t. 1 1 9 4 2 .
T h e c o m p a n y is f o r m e d “ f o r t h e p u r p o s e o f a c q u i r i n g a l l
th e la n d s , w a te r r ig h ts , & c ., o w n e d o r c o n tr o lle d b y th e W e s t
V ir g in ia P o w e r C o ., th e D o m in io n P o w e r P o . o f W e s t V ir 
g i n ia a n d t h e D o m i n i o n P o w e r C o . o f V i r g i n i a ( i n c o r p . in




13 13

V i r g i n i a in M a y 1 9 1 1 ) , a n d f o r t h e a c q u i s i t i o n o f o t h e r p u b l i c
u t i l i t y p r o p e r t i e s o p e r a t i n g in t h e S t a t e o f W e s t V i r g i n i a . ”
O f th e c a p ita l s t o c k o f th e n e w c o m p a n y , a s n o w issu e d ,
$ 1 , 1 9 9 , 5 0 ! ) p r e f . a n d $ 4 , 9 9 9 , 5 0 0 , i t i s s t a t e d , is is s u e d f o r
6 2 ,0 0 0
s h a r e s o f th e W e s t V ir g in ia P o w e r C o ., w h ic h w a s
i n c o r p o r a t e d in W . V a . o n M a r c h 2 1 9 1 2 w i t h $ 5 , 0 0 0 , 0 0 0
s t o c k to d e v e lo p w a te r p o w e r p r o p e r tie s .
A . B . Leach &
C o . , N . Y . , it is u n d e r s t o o d , a r e f i n a n c i n g t h e c o m b i n e d
e n te r p r is e s .
W i l l i a m T u s c h ( w i t h s a id f i r m ) , 1 4 9 B r o a d 
w a y , N . Y . , S e c r e t a r y , m a k e s th e fo llo w in g s t a t e m e n t :
T h e V irgin ia n R ow er C o . has co m m e n ce d co n s tru ctio n o f au x ilia ry stea m p o w e r sta tio n o n G reat K a n a w h a R iv e r a t C abin C reek. 12 m iles s ou th ea st
o f C h arleston; c a p a c it y 15,000 k ilow atts an d lo ca te d p rin cip a lly a t several
m in es a t C abin C reek J u n ctio n , from w h ich c o m p a n y ca n p u rch ase c o a l fo r
p la n t. P lans p r o v id e fo r e re ctio n o f a b o u t 200 m iles transm ission lines
p e n e tra tin g K a n a w h a a n d N ew R iv e r d istrict c o a l fie ld ; e stim a ted p ow er
requ irem en ts o f m ines lo ca te d in d is tric t In e xcess o f 100,000 h o rse-p ow er.
C o m p a n y also ow n s f o u r w a te r-p o w e r sites o n N ew R iv e r as fo llo w s :
B u ll Sh oa l, drain age a rea, 4 ,1 2 0 sq. m iles, 100 ,000 k ilo w a tts a v a ila b le
p ow er; B lu e s to n c . 4 ,4 0 0 sq . m iles, 125,000 k ilow a tts; R ic h m o n d F alls,
5,900 s q . m iles, 15,000 k ilo w a tts; G au ley J u n ctio n , 6,2 5 0 s q . m iles, 3 0 ,0 0 0
k ilow atts; has c o m m e n c e d co n s tr u c tio n o f dam a t Bull Sh oa l, plans p r o 
v id in g fo r dam 125 fe e t in h e ig h t w ith crest length o f a p p ro x im a te ly 1,400
f t .; th rou gh e r e ctio n o f this dam w a te r w ill b e b a c k e d u p a b o u t 28 m iles.
W a r d B a k i n g C o . o f N e w Y o r k . — Bonds Ofered.— T o b e y
& K ir k , N . Y . , o ffe r e d o n O c t . 2 5 a t p a r th is c o n s o lid a te d
c o m p a n y ’s 1 s t m o r t g a g e 6 % g o l d b o n d s , d a t e d J u n e 1 5 1 9 1 2
a n d d u e J u n e 1 5 1 9 3 7 , b u t c a lla b le a t 1 0 5 a n d in t .
S in k ,
fu n d a fte r 1 9 1 5 2 %
o f o u tsta n d in g b o n d s .
P a r $ 1 ,0 0 0 ,
5 0 0 a n d $ 1 0 0 .c *
E m p ir e T r u s t C o ., N . Y . , tr u s te e .
In t.
J . & D .1 5 .
A c ir c u l a r s a y s in p a r t :
A u th o riz e d issue $10 ,0 0 0 ,0 0 0 , o f w h ich $6,00 0 ,0 0 0 rem ain in trea su ry t o
p r o v id e 8 0 % o f c o s t o f fu tu re p erm an en t b e tte rm e n ts an d a d d itio n s . T h e
$4,000,000 w as issued t o pu rch ase p rop erties a n d secu rities fo r th e c o n 
so lid a tio n o f th e fo llo w in g co m p a n ie s o p e ra tin g 8 ba k eries a n d 1#0 o v e n s .
W a rd C o rb y C o . o f N . J .— B o s t o n ,M a s s ,30 o v e n s ,P r o v id e n c e , R . I . , 6 ;
82
C h ica g o . 111. (2 b a k e rie s ), 36 o v e n s; t o t a l-------------------------------------W a rd B a k in g C o . o f P ittsb u rg h (fo rm e rly W a r d -M a c k e y C o .), o v e n s . .
32
O h io B a k in g C o . o f C levela n d , n u m b e r o f o v e n s _________________________
16
W a rd B read C o . o f N . Y . — B ro n x , 30 o v e n s; B r o o k ly n , 30 o v e n s ; t o t a l.
[in o p e ra tio n less th a n a y e a r ]____ ____________________________________
60
T h e se bak eries h a v e a c o n s u m p tio n o f n ea rly 2,5 0 0 barrels o f t o u r p e r
d a y , a sale o f a p p ro x im a te ly 4 ,0 0 0 ,0 0 0 lo a v e s o f b re a d p e r w e ek , w ith a
business a ggre ga tin g c lo s e ly $8 ,0 0 0 ,0 0 0 p e r an n u m .
P u b lic a cco u n ta n ts h a v e a u d ite d th e a cco u n ts o f th e fo u r o ld co m p a n ie s
flrat-nam ed fro m J a n . 22 1910 to J a n . 27 1912 an d th e W a rd B read C o.
(in o p e ra tio n less th an a y e a r ), fo r the five w eeks e n d e d A p ril 0 1912 a n d
assum ing the rate o f n e t Incom e fo r this p eriod as a fair basis o f estim a te
fo r th e W a rd B read C o ., th e to ta l ann ual a v erage n e t in c o m e a ggrega tes
m ore th an th ree tim es th e in terest ch arges on th e o u ts ta n d in g b o n d s.
T h e W a rd B akeries are w ell k n o w n fo r ex ce lle n ce an d e ffic ie n cy , b oth fro m
a stru ctu ra l an d m a n u fa ctu rin g s ta n d p o in t and th e su p erior q u a ljty o f
th e ir g o o d s insure a co n tin u e d de m a n d fo r " W a r d 's T ip -T o p B rea d a n d
o th e r v a rie tie s . C o m p a re V . 95, p . 360 .
W a t e r s - P i e r c e O il C o .— Reported Settlement.—
T h e a d jo u rn m e n ts (th e last t o N o v . 4) w h ich h a v e b e e n r e p e a te d ly ta k en
r e c e n tly o f th e hearings in this c it y in th e p ro ce e d in g s D rought b y th e
S ta n d a rd O il C o . in th e M issouri co u rts, g ro w in g o u t o f th e refusal t o
c o u n t the v o t e s c a s t o n its sto ck h o ld in g s in th e e le ctio n o f o ffic e r s, h a v e
g iv e n rise to rep orts th a t a se ttle m e n t is pe n d in g u n d er w hich th e s to c k
r e c e iv e d b y the S ta n d a rd O il in terests u n d er th e S ta n d a rd OH dissolu tion
plan w ill b e sold t o I I . C . P ie rce and asso cia te s. I t Is said th a t an e ffo r t
will b e m a d e t o in clu d e in th e sale th e in terests o f sm all h old ers, w hich are
w id e ly sca tte re d , so th a t th o se in co n tr o l m a y ow n su b sta n tia lly all o f t h e
s t o c k .— V . 94, p . 1312.
W e s t e r n C i t i e s G a s & E l e c t r i c C o r p .— Pref. Stock Offered.
— W illia m P . B o n b r ig h t & C o ., N . Y . , P h i la ., B o s t o n a n d
L o n d o n , are p la c in g a t 9 0 a n d a c c ru e d d iv . $ 5 0 0 ,0 0 0 7 %
p r e f. ( p . & d .) s t o c k , c u m u la t iv e fr o m d a t e o f is s u e .
R e
d e e m a b le a t o p tio n o f c o m p a n y a t 1 1 0 a n d d iv . u p o n 6 0 d a y s ’
n o tic e .
D iv s . Q .- J .
P r e f . a s t o a s s e t s a s w e ll a s d i v s .
P a r $ 1 0 0 a sh a re.
A c ir c u l a r s h o w s :
T o b e In corporated a n d w ill acq u ire th e e n tire c a p ita l s to c k o f th e P a cific
Gas & E le c . C o . (o f A r iz o n a ), w h ich ow n s an d operates the gas and e le ctr ic
plan ts in c it y o f P h o e n ix (V . 92. p . 1246; V . 9 4 , p . 8 3 0 ). T h e p r e f. s to c k
n o w o ffe re d w ill b e th e sam e In a m o u n t as th e prer. s to c k o f th e P a cific G as
& E le c. C o . (o f A r iz o n a ), n o w o u t s ta n d in g . T h e new c o r p o r a tio n also m a y
aoqu lre securities o f o th e r o p e ra tin g c o m p a n ie s .
S u b scribers t o th e p resent o ffe rin g w ill b e g iven receip ts e n titlin g th e
re giste re d h old er t o ce rtifica te s o f th e p r e f. s to c k o f W estern Cities G as &
E lc c C o r p ., If, as and w hen Issued, an d a m o u n ts e q u iv a le n t to d iv id en d s
u p o n the p r e f . s to c k w ill be p aid fo r th e qua rters e n d in g D e c. 31 1912 a n d
M arch 3 1 1913 and Ju n e 30 1913, if such receip ts b e s o lo n g o u ts ta n d in g .
W illia m R . B o n b rig h t & C o . reserve th e o p tio n t o issue ce rtifica tes o f
c u m . p re f. s to c k o f P a cific Gas & E le c . C o . (o f A r iz o n a ), If ch an ged fro m
th e present rate o f 5 % t o 7 % per an n u m , t o h olders o f th e a b o v e re c e ip ts .
In lieu o f a like a m o u n t o f th e p re f. s to c k o f W estern Cities Gas 6s E le c .
C o r p ., sh ou ld It p r o v e Inadvisable b e fo re J u ly 1 1913 t o form th e p r o p o s e d
c o r p o r a tio n o r. In lieu o f d eliv erin g th e s to c k o f c ith e r c o r p o r a tio n , t o retu rn
o n J u ly 1 1913 the am o u n t o f th e purchase p rice p a id , n o t In clu din g, h o w 
e v e r , a n y a m o u n t paid b y the pu rchaser In lieu o f accru e d d iv id e n d s .
C a p italization o f P rop osed H o ld in g C o . an d E x is tin g P hoen ix C o s.

Western Cities Gas & Elec .Corp.— Proposed Capital.
Auth.
Out.
P referred s to c k 7 % c u m u la t iv e __________________________ $ 3 ,0 0 0 ,0 0 0 $ 5 0 0,00 0
C o m m o n s t o c k ____________________________________________ 3 ,0 0 0 ,0 0 0
7 00 ,000
PacificGas & Elec. Co. (of Arizona), Phoenix, A r iz .—
P referred s t o c k ________________________________
75 0 ,0 0 0
50 0 .0 0 0
C om m on s t o c k ____________________________________________ 1 ,2 5 0 ,0 0 0
7 00 ,000
1st M . 6s o f 1911 d u e J a n . 1 1931, b u t r e d . on and a fte r
Ja n . 1 1921 at 105 (V . 92. p . 1 2 4 0 )...........
1 ,2 5 0 .0 0 0
670 .000
Earnings of Phoenix C o .:— 12 M o s . ended July 31 1912— Cal. Year 1912
Parity Estimated.
191 1-1 2. ’ 12 (e sf.)l
191 1-1 2. '12(est.)
G ross ____________ $ 2 5 6,67 0 $270,000 ‘ B o n d & g e n . In t- $ 4 3 ,3 7 5
$ 42 ,000
N e t, a fter t a x e s . ,
9 9.644
1 0 5 ,0 0 0 1B a l.a p p .to n ew c o . 56,269
6 3 ,000
D iv ., 7 % , on p re f. s to c k W estern Cities Gas & E l. C o r p .............. .......
$3 5 ,0 0 0
•All flo a tin g d e b t has n o w been fu n d e d w ith m aterial r e d u ctio n o f In
terest ch arges.
T h e P a c. Gas 6c E le c . C o . c o n d u c ts w ith o u t c o m p e titio n a c o m m e r c ia l
gas, ele ctric ligh t, heat a n d p ow er business in and a d ja c e n t t o th e c it y o f
P h o e n ix . P h o e n ix Is th e ca p ita l and prin cip a l c it y o f A r iz o n a an d th e
d istrib u tin g cen tre o f th e fertile S a lt R iv e r V a lle y , o n e o f th e largest Irri
ga ted s ection s o f th e w o r ld . W h ile there is also c o n s id e ra b le m in in g a c 
t iv it y , the d istrict is p rim a rily agricu ltu ra l, p ro d u c in g th e h igh est g ra d e o f
oran ges, grape fru it, c a n ta lo u p e s , d e cid u o u s fru it, asparagus, o liv e s , su gar
b eets, grain and a lfa lfa ; also large qu a n tities o f ca ttle , sh eep , p o u lt r y ,
d a iry p ro d u cts and h o n e y . T h e p o p u la tio n o f P h oen ix Increased fro m 1890
t o 1900 7 5 % ; fro m 1900 t o 1910, 1 0 1 % . b e in g then 11 ,1 3 4 . P res en t
p o p u la tio n served b y c o m p a n y , a b o u t 2 0 ,0 0 0 . T h e b u ild in g p erm its
granted In P h o e n ix a m o u n te d t o $113,162 in 1906, t o $914,661 in 1911 a n d
d u rin g 1912 w ill p r o b a b ly ex o e e d $ 1 ,0 0 0 ,0 0 0 . P o s t -o ffic e re ce ip ts are n ow
increasing at rate o f 2 4 % o v e r last y e a r. V a lu e o f p r o p e r ty in M a ricop a
C o u n ty , w ith P h o e n ix th e c o u n ty s e a t. Increased fro m $ 1 0 ,5 5 2 ,0 0 0 in 1905
to $21,418 ,00 0 in 1911, w hile th e p o p u la tio n Increased a b o u t 5 0 % .
A t a p o in t 65 m iles n o rth e a s t o f P h o e n ix th e G o v t, has e x p e n d e d o v e r
$9,000,000 In co n s tr u c tin g th e m assive R o o s e v e lt sto n e d a m , fo rm in g a lak e
25 m iles lon g, o f c a p a c ity e x ce e d in g 56,0 0 0 .0 0 0 .0 0 0 c u . f t ., su ffic ie n t t o
w ater 240,000 acres In th e v a lle y three years w ith o u t ra in fa ll. O w n ersh ip
u n d er this s u p p ly Is lim ited t o 160 acres per c a p ita , an d it is estim a ted th a t
th e o u tp u t or th e v a lle y will thus be m u ltiplied five tim e s, w h ich s h o u ld
m ak e P h o e n ix a c it y o f 50,000 p o p u la tio n w ithin 10 ye a rs.
(See fu r th e r
p a rticu la rs, V . 92, p . 1246.)_____________________________________________________
F or O th er In v e s tm e n t N ew s, sec p a ge 1 21 6.

1214

[VOL. LXXXXV

T H E C H R O N IC L E

l^ q K r r ts

and

^ o tn m m ts .

CHICAGO BURLINGTON & QUINCY RAILROAD COMPANY
F I F T Y -E I G H T H

AN N U AL

REPORT— FOR

Chicago, July 1 1 9 1 2 .
To the Stockholders of the Chicago Burlington & Quincy Rail
road Company:
T h e f o l l o w i n g is t h e r e p o r t o f y o u r B o a r d o f D i r e c t o r s f o r
th e y e a r e n d ed J u n e 3 0 1 9 1 2 :
C H IC A G O

P er Cl.
0 6 .5 8
2 4 .3 1
2 .7 3
2 .0 8

1012.

O P E R A T IN G

R E V E N U E S.

0 2 ______ F r e i g h t R e v e n u e ___________ $ 5 8 , 0 3 3 , 2 4 2
7 4 _____ P a s s e n g e r R e v e n u e ______ 2 2 , 5 5 2 , 5 0 7
3 4 __________ M a i l R e v e n u e __________
2 ,3 7 5 ,7 1 3
3 7 ______ E x p r e s s
R e v e n u e ________
2 ,4 9 3 ,2 5 2
M is c e lla n e o u s T r a n s p o r t a t io n
2 , 0 3 1 , 2 8 1 7 7 _____________ R e v e n u e ______________
1 ,8 7 9 ,3 2 8
R e v e n u e fr o m O p e r a tio n s o t h e r
7 8 8 , 5 8 8 9 4 _____ t h a n T r a n s p o r t a t i o n --------8 3 2 ,3 5 7
1 3 2 , 1 0 2 1 9 ______ J o i n t
F a c i l i t i e s ___________
1 0 5 ,2 4 6

.9 1
.1 5

01
22
08
45

0 5 .7 4
2 5 .5 5
2 .6 0
2 .8 3

61

2 .1 3

32
08

.9 4
.1 2

$ 8 6 ,7 2 3 ,0 0 7 9 7 . . T o t a l O p e r a t in g R e v e n u e . -$ 8 8 ,2 7 2 ,2 0 8 27

1 0 0 .0 0

O P E R A T IN G
1 5 .6 1
1 6 .4 8
1 .7 6
3 3 .4 7
2 .0 1

COM

P er Cl.

1911.

$ 5 7 ,7 4 0 ,1 1 8
2 1 ,0 8 3 ,4 1 8
2 ,3 6 8 ,4 4 7
2 ,5 7 8 ,8 1 0

2 .3 4

1 0 0 .0 0

B U R L IN G T O N & Q U IN C Y R A IL R O A D
P A N Y , Y E A R S E N D E D JU N E 30.

$ 1 3 ,5 4 1 ,0 3 0
1 4 ,2 9 4 ,0 3 2
1 ,5 2 8 ,1 1 4
2 9 ,0 2 0 ,3 8 4
2 ,2 0 3 ,3 8 7

E X PE N SE S.

3 9 - M a i n t . o f W a y & S t r u c t u r e s .$ 1 2 ,4 0 0 ,2 7 8
6 9 .M a in t e n a n c e o f E q u i p m e n t . 1 4 ,7 6 1 ,1 3 7
E x p e n s e s _______
1 ,5 8 1 ,8 0 5
6 3 _______ T r a f f i c
1 1 _ - T r a n s p o r t a t io n E x p e n s e s . . 2 8 ,5 4 3 ,2 0 4
3 4 _______ G e n e r a l
E x p e n s e s ________
2 ,2 4 9 ,4 9 9

81
51
25
54
55

1 4 .0 5
1 6 .7 2
1 .7 9
3 2 .3 4
2 .5 5

6 9 .9 3

$ 6 0 ,6 4 6 ,9 4 9

16 . . T o t a l O p e r a t i n g E x p e n s e s . . $ 5 0 , 5 4 1 , 9 2 5 6 6

6 7 .4 5

3 0 .0 7

$ 2 6 , 0 7 6 , 1 1 8 8 1 ____N e t O p e r a t i n g R e v e n u e . . . $ 2 8 , 7 3 0 , 2 8 2 61
N e t D e fic it fr o m O u ts id e O p e r
1 2 2 , 7 0 0 5 1 _______________ a t l o n s _________________
1 0 7 , 0 8 9 13

3 2 .5 5

TH E

Y E A R

ENDED

JU N E

30 1912.

-Additions and Betterments—
New Lines Charged to
Charged
and E x
Road and
to
Total
tensions.
Equipment.Income.
Expenditure.
$
$
$
$

ACCO UNT.
I .— Road—

T e le g r a p h
and
T e le 
p h o n e L i n e s -----------------2 ,0 5 3 0 7
S t a tio n B u ild in g s a n d
F i x t u r e s ________________
6 ,4 1 8 7 8
G e n e r a l O ffic e B u ild in g
a n d F i x t u r e s __________ ____________
S h o p s , E n g in e H o u s e s
a n d T u r n T a b l e s _____
5 38
Shop
M a ch in e ry
and
T o o l s ___________________
____________
W a t e r S t a t i o n s ________ _
9 ,6 2 4 58
F u e l S t a t i o n s ------------------ C r . 1 ,0 0 7 0 5
S t o r a g e W a r e h o u s e s ___
____________
D o ck an d W h a rf P rop 
e r t y --------------------------------- 4 3 , 7 8 6 6 7
M is c e lla n e o u s
S tru c
tu res
__________________ C r . 2 , 0 4 7 3 2
T r a n s p o r ta tio n o f M en
a n d M a t e r i a l _____ . C r . 1 5 ,0 9 1 11
R e n t o f E q u i p m e n t ___ 1 6 ,7 1 3 7 0
R e p a ir s o f E q u ip m e n t .
612 32
I n j u r i e s t o P e r s o n s _____
462 85

C r .8 , 5 3 3 5 0
2 1 6 ,6 0 4 8 9

25

1 3 ,1 7 8 8 2

3 3 3 ,9 4 3 2 3

1 0 ,6 5 9

5 5 6 ,9 6 6 9 0

----------------- 1,000,000 00 1,000,000 00
4 9 ,5 9 3 0 4
2 9 ,1 4 2
7 ,2 4 9
7 ,7 6 5
1 ,0 0 0

69
72
53
79

8 2 ,2 5 1

-------------------3 ,4 5 0 5 5
4 0 ,7 4 8 0 0
_____________
_____________
3 09

74

1 3 1 ,8 5 0 16

4 7 ,5 6 0 0 9
7 3 ,8 1 8 06
1 1 ,0 1 5 73
--------------- . . .

7 6 ,7 0 2 78
9 0 ,6 9 2 3 6
1 7 ,7 7 4 2 6
1 ,0 0 0 7 9

776 36

4 4 ,5 6 3 03

2 2 ,7 1 0 28

2 4 ,1 1 3 51

_______________

.

2 5 ,6 5 6
1 6 ,7 1 3
612
465

89
70
42
94

.4 5 1 ,5 0 2 87

2 ,3 2 4 ,9 7 8

75

3 ,1 4 5 ,8 7 2

67

5 ,9 2 2 ,3 5 4 2 9

-

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

1 ,6 3 3 8 6
...

C r .9 ,9 5 5 24
3 , 1 5 6 , 5 0 7 12
3 4 0 , 0 1 4 11
8 6 ,9 5 2 92

2 7 4 ,7 3 5
2 1 ,5 2 7
1 7 6 ,9 0 4
1 0 ,0 8 1
459

50
04
83
71
44

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

50
80
95
68
36

.

1 ,6 3 3 8 6

3 ,5 7 4 ,4 1 8 91

7 9 2 ,7 0 8 52

4 ,3 6 8 ,7 6 1

29

12 6 5
38 72
85 80

1 43

5 ,0 3 4 8 9

II .— Equipment—

.

-------------—

l

ditures—

$ 2 5 , 9 5 3 , 4 1 8 3 0 _______T o t a l N e t R e v e n u e _______ $ 2 8 , 6 2 3 , 1 9 3 4 8
3 , 0 4 9 , 1 2 4 17
3 , 3 0 3 , 0 5 8 11 ________ T a x e s A c c r u e d _________
$ 2 2 ,6 5 0 ,3 6 0

1 9 .. .

I n c o m e _______ $ 2 5 , 5 7 4 , 0 6 9 3 1

..O p e r a t in g
O TH E R

IN C O M E .

T ota l
$ 6 7 6 ,4 7 9 4 2
1 ,4 9 8 , 2 1 9 4 5

$ 6 1 4 , 7 4 9 5 0 .................. ........ R e n t s . . ____________
1 , 5 3 6 , 2 9 4 6 5 ___ M i s c e l l a n e o u s
I n t e r e s t ____
$ 2 ,1 5 1 ,0 4 4

1 5 _____ T o t a l

$ 2 4 ,8 0 1 ,4 0 4 34 ..G r o s s
D E D U C T IO N S

O th er

I n c o m e ______

C orp ora te

FRO M

GROSS

CO RPO RATE

$ 1 0 , 6 9 4 , 6 5 0 5 6 ------------- T o t a l
N et

IN C O M E .

$ 1 ,6 1 0 ,0 3 6 54
3 ,7 0 2 0 7
8 ,6 2 6 ,3 6 9 54
0 6 2 ,3 1 0 50
1 ,9 8 6 8 0

I n c o m e ___ $ 1 6 , 8 4 3 , 7 0 2 7 3

$ 8 , 8 0 7 , 1 2 8 0 0 ___________ D i v i d e n d s --------------------- $ 8 , 8 0 7 , 1 2 8 0 0
3 ,9 4 4 ,2 1 0 0 8 - A p p r o p ’n s f o r B e t t e r m e n t s .
4 , 8 2 6 , 7 5 5 01
$ 1 2 ,8 1 1 ,3 4 4 0 8

$ 1 3 , 6 9 3 , 8 8 3 01

$ 1 , 2 9 5 , 4 0 9 7 0 -------- S u r p l u s f o r t h e Y e a r --------- $ 3 , 1 4 9 , 8 7 9 7 2

C A P IT A L IZ A T IO N .
C A P IT A L

Number
Shares.

of

Total Par Value
Authorized a n
Outstanding.

1 ,1 0 8 ,3 9 1

$ 1 1 0 ,8 3 9 ,1 0 0 0 0

d

FU N DED

STOCK.

Dividends Declared During Year.
----------------------------------------------------Rate.
Amount.
8%

$ 8 ,8 6 7 ,1 2 8 0 0

D EBT.

Total Par Value.
Description
of Bond—

Authorized.

InTreasury
in Sinking
Outstanding. Funds or
Pledged as
Collareral.

In Bands
of Public.

Interest
Accrued
During
Year.

M o r t g a g e ........... § 2 0 8 , 8 0 6 , 0 0 0 ' S 1 9 1 ,7 1 3 ,8 0 0 $ 2 0 ,9 0 0 ,4 0 0 S 1 7 0 .8 1 3 .4 0 0 S 7 .7 0 6 .2 9 9 12
C o lla t e r a l T r u s t
7 ,9 6 8 ,0 0 0 i
7 ,3 1 0 ,2 0 0
5 ,2 2 7 ,1 0 0
2 .0 8 3 ,1 0 0
2 9 2 ,4 0 8 0 0
P la in o r D e b e n 
1 3 , 3 0 0 , 0 0 0 1 1 0 ,8 2 9 ,0 0 0
2 ,9 5 6 ,0 0 0
t u r e ........... .......
7 ,8 7 3 ,0 0 0
5 4 8 ,6 0 1 9 2
T o t a l ................ 5 2 3 0 , 0 7 1 ,000| $ 2 0 9 ,8 5 3 ,0 0 0 $ 2 9 ,0 8 3 ,5 0 0 $ 1 8 0 ,7 6 9 ,5 0 0 $ 8 ,5 4 7 ,3 0 9 04

E X P E N D IT U R E S F O R N E W L IN E S A N D E X T E N S IO N S
A N D E Q U IP M E N T , A N D F O R A D D IT IO N S A N D
B E T T E R M E N T S , D U R IN G T H E Y E A R .

ACCO UNT.
I . — Road—

New Lines
and E xtensions.
$

— A dditions and Betterments—
Charged to
Charged
Road and
to
Total
Equipment.
Income.
Expenditure.
$
$
$

E n g i n e e r i n g ________ . .
1 3 , 6 7 9 7 7 C r . 1 3 , 9 5 9 18
R ig h t o f W a y a n d S ta 
t i o n G r o u n d s __________ 7 1 , 9 2 8 61
4 8 9 ,8 9 1 7 7
R e a l E s t a t e _______________
9 1 9 ,5 1 0 58
G r a d i n g __________________ 1 2 1 , 0 8 8 0 6 C r 2 2 1 , 1 4 7 9 4
T u n n e l s ___________________
1 3 0 8 5 C r .3 3 ,8 0 0 0 0
B r id g e s ,
T re s tle s a n d
C u l v e r t s _______________ 1 0 6 , 3 8 7 5 8
1 5 3 ,0 3 5 72
T i e s ________________________
1 1 ,3 5 7 4 6
3 3 ,2 6 1 8 7
R a i l s _______________________ 1 1 , 3 0 2 9 8
1 7 2 , 6 5 6 13
F r o g s a n d S w i t c h e s ___
24 69
4 1 ,5 4 9 7 6
T r a c k F a s t e n in g s a n d
O t h e r M a t e r i a l _______ 1 4 , 8 4 0 9 3
8 0 ,9 5 5 73
B a l l a s t ___________ ________ 2 5 , 9 6 5 8 0
9 0 ,8 0 9 00
T ra ck L a y in g a n d S u r
fa cin g —
1 ,0 7 6 5 9
1 4 6 ,6 7 8 8 6
R o a d w a y T o o l s __________
225 87
C r . 2 , 2 0 0 00
F e n c in g R ig h t o f W a y .
4 ,4 4 2 63 C r .2 0 ,8 7 4 3 6
1 ,0 4 5 9 4
C r o s s i n g s a n d S i g n s ___
1 4 ,7 1 1 3 7
In te r lo c k in g a n d O th e r
6 ,4 7 3 14
S ig n a l A p p a r a t u s . . .
1 2 6 ,8 7 4 64




1 3 ,9 8 2 78

1 3 ,7 0 3 3 7

75

5 6 1 , 8 2 1 13
9 1 9 ,5 1 0 58
1 8 6 , 9 1 8 71
C r . 3 3 , 6 6 9 15

2 8 6 ,9 7 8 59

4 1 3 , 9 6 7 14
C r .2 ,5 3 7 9 5
3 3 1 ,3 1 0 66
8 ,8 8 8 55
1 8 1 ,7 0 4 5 0
1 3 1 ,9 9 7 4 5
6 9 ,4 2 1 4 4
7 3 9 15
1 0 0 ,2 9 5 5 5
1 7 ,3 8 9 2 7

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

44
38
77
00

2 7 7 , 5 0 1 16
2 4 8 ,7 7 2 2 5
2 1 7 ,1 7 6
C r . 1 ,9 7 4
C r . 1 5 ,6 9 2
1 1 6 ,0 5 2

137

17

1 43

.4 5 3 ,2 7 3 9 0

5 ,8 9 9 ,3 9 9 09

5 ,6 3 4

L2 (>5
38
5 ,7 2 2 1 2

89

5 ,7 7 3 4 9

3 ,9 4 4 ,2 1 6 08

1 0 2 0 6 , 8 8 9 Q7

W O RK .

C h a r g e s to C a p ita l A c c o u n t a g g r e g a tin g § 6 ,3 5 2 ,6 7 2 9 9
w e r e m a d e d u r i n g t h e f is c a l y e a r f o r a d d i t i o n s t o t h e p r o p 
e rty .
O n th e e x te n s io n fr o m K ir b y to P o w d e r R iv e r , W y o .,
§ 2 1 5 ,3 5 0 0 8 h a s b e e n e x p e n d e d th is y e a r .
T r a c k is la id
f o r e i g h t y - f i v e a n d t h r e e - t e n t h s m i le s s o u t h e a s t o f T h e r m o p o lis ; g r a d i n g is f in i s h e d e x c e p t a t A l k a l i S u m m i t , w h e r e a
t e m p o r a r y t r a c k h a s b e e n l a i d ; t u n n e ls a n d a p p r o a c h e s a r e
y e t to b e fin is h e d .
T h e a m o u n t e x p e n d e d o n th e H u d s o n -G r e e lc y L in e , C o lo .,
d u r in g th e p a s t y e a r w a s § 1 0 ,2 2 5 fo r r i g h t -o f-w a y .
A d d i t i o n a l la n d w a s p u r c h a s e d f o r n e e d e d f a c ili t ie s a t
C h ic a g o , S t . L o u is , D e n v e r a n d o th e r p o in ts .
N e w s e c o n d t r a c k c o s t i n g § 9 3 6 , 1 0 6 3 2 h a s b e e n la id a t
v a r io u s p o i n t s , a n d f r e i g h t a n d p a s s e n g e r s t a t i o n s r e b u i lt
o r e n la r g e d w h e r e b u s in e s s r e q u ir e d i t .
4 3 . 0 6 m ile s o f s e c 
o n d t r a c k a n d 4 3 . 6 m i le s o f y a r d t r a c k s a n d s i d i n g s w e r e p u t
in t o o p e r a t i o n d u r i n g t h e y e a r .

18

D e d u c t i o n s _______ $ 1 0 , 9 0 5 , 0 0 5 4 5

C o rp o ra te

-

N EW

$ 2 ,1 7 4 ,6 9 8 87

I n c o m e . . $ 2 7 ,7 4 8 ,7 6 8

$ 1 , 4 6 9 , 0 5 5 0 4 ----------------------- R e n t s ________________
1 3 ,4 9 3 4 6 — M is c e lla n e o u s
I n t e r e s t ___
In te re st A c cru e d on F u n d ed
8 , 5 4 7 , 3 0 9 0 4 _______________ D e b t .
____________
6 5 7 , 9 7 8 5 8 ----------------S i n k i n g F u n d s . . . . . . .
6 ,8 1 4 4 4 . . D i s c o u n t o n F u n d e d D e b t . .

$ 1 4 ,1 0 0 ,7 5 3 7 8 —

L a w E x p e n s e s . ............... T axes
------------------------------ O th e r E x p e n d it u r e s . . -

89
13
58
86

1 5 0 ,7 3 7 0 5

A p p r o x im a t e ly 1 4 ,7 0 5 fe e t o f te m p o r a r y tr e s tle w a s re 
p la c e d w i t h p e r m a n e n t s t r u c t u r e s d u r i n g t h e y e a r .
3 2 1 . 4 6 m ile s o f n e w 9 0 - p o u n d r a il a n d 5 9 . 7 1 m i le s o f n e w
1 0 0 - p o u n d r a il w e r e la id d u r i n g t h e y e a r , r e p la c i n g r a ils o f
lig h te r w e ig h t.
A d o u b l e - t r a c k in c lin e is b e i n g c o n s t r u c t e d a t M e t r o p o l i s ,
111., o n t h e b a n k o f t h e O h i o R i v e r , t o e n a b le b a r g e s t o m o o r
a l o n g s i d e t h e c a r s s o t h a t t i m b e r a n d tie s m a y b e l o a d e d d i 
r e c t , w i t h o u t in t e r m e d i a t e h a n d l i n g .
T he am ou n t expended
f o r t h i s p u r p o s e d u r in g t h e y e a r w a s § 1 7 3 , 2 2 8 3 9 .
T he dock
f a c i li t i e s a t t h is p o i n t a r e a ls o b e i n g i m p r o v e d .
A u t o m a t i c b l o c k s ig n a ls w e r e i n s t a l l e d o n t h e s in g le t r a c k
b e tw e e n C a m e r o n J u n c tio n a n d B ir m in g h a m , M o ., a d is ta n c e
o f 4 4 .6 m ile s .
T h e y w e r e i n s t a ll e d a l s o o n t h e n o r t h t r a c k
b e tw e e n B ir m in g h a m a n d H a r le m , M o ., 8 .2 m ile s .
A d i s p a t c h e r s ' t e le p h o n e c ir c u i t h a s b e e n a d d e d b e t w e e n
N a p i e r , M o . , a n d C o u n c il B l u f f s , I o w a , a d i s t a n c e o f 9 3 . 7
m ile s , w ith s ix te e n s t a t io n s .
D i s p a t c h i n g o f t r a in s b y t e le 
p h o n e is n o w d o n e o n 2 , 5 8 9 m ile s o f t h e r o a d .
N e w s t a t i o n b u i l d i n g s a r e in c o u r s e o f c o n s t r u c t i o n a t
M t . P le a s a n t a n d F a ir fie ld , I o w a ; a t A u r o r a a n d S e w a r d ,
N e b ., a n d a t S h e r id a n , W y o . ; b r ic k a n d s te e l fr e ig h t h o u se s
a t S t . J o s e p h , M o . , O m a h a , N e b . , a n d a t D e s M o in e s a n d
O t t u m w a , I o w a ; a l s o a n e w b r ic k a n d s t e e l p a s s e n g e r s t a t i o n
a t G a l e s b u r g , 111.
W o r k o n t h e n e w g e n e r a l o f f i c e b u i l d i n g a t C h ic a g o is p r o 
g r e s s i n g f a v o r a b l y , a n d it is e x p e c t e d t h e b u i l d i n g w ill b e
r e a d y f o r o c c u p a n c y b e fo r e t h e e n d o f t h e p r e s e n t c a le n d a r
year.
IN C R E A S E D

E F F IC IE N C Y ,

T h e f r e i g h t a n d p a s s e n g e r t r a in r e v e n u e s o f t h e C o m p a n y
f o r t h e f is c a l y e a r 1 9 1 2 , c o m p a r e d w it h t h o s e o f t h e p r e v i o u s
y e a r , w e re a s fo llo w s :

Freight Train
Revenue.

Passenger Train
Revenue.

1 9 1 2 .................. .................................................. ................ $ 5 7 , 7 4 0 , 4 1 8 6 2
1 9 1 1 ............... - ............................................... .. ................. 5 8 , 0 3 3 , 2 4 2 9 1

$ 2 6 ,7 2 1 ,9 3 3 24
2 8 , 1 1 2 ,7 7 1 17

D e c r e a s e _____
T o ta l d ecrea se

$ 2 9 2 ,8 2 4 29

$ 1 ,3 9 0 ,8 3 7 93
$ 1 ,6 8 3 ,6 6 2 22

STov. 2 1912 ]

THE CHRONICLE

An increase in revenue, however, from other operations,
of $134,521 92, reduced the net decrease in total operating
revenues to $1,549,140 30, or 1.8 per cent.
N o t w i t h s t a n d i n g t h e s e d e c r e a s e s in e a r n i n g s , t h e b u s in e s s
o f t h e C o m p a n y s n o w e d a n in c r e a s e in r e v e n u e t o n s m o v e d
a n d p a s s e n g e r s c a r r ie d a s f o l l o w s :

Tons.
1 9 1 2 ____________________________ .10,111,51.2
1911 ____________________________ 28,328,3,38
Increase ---------------------------------

Passengers.
22,404,130
22,014,305

1,783,175 or 6 .3 %

389,815 or 1 .8 %

For the fiscal year just closed, the average rate per ton
per mile was 7.52 mills, the lowest in the history of the road.
The average earnings per ton of freight carried was $1,917,
which is less than that earned in any year since 1900
The
average length of haul per ton was *254.92 miles, which,
while an increase of 3.72 miles over 1911, is a decrease of
11.88 miles below the average haul in 1910. It is undoubt
edly true, therefore, that the decreases noted in freight earn
ings per unit, while to some extent the result of a larger move
ment of low-grade traffic, were the result, in considerable
measure, of reductions in important rates made by the Inter
State Commerce Commission and certain of the State Com
missions. In the passenger department, the average amount
received from each passenger was 94.1 cents, as compared
with $1,024 in 1911 and $1,040 in 1910.
From these figures it is apparent that in volume of business
transacted there has been a greater use made of the facili
ties of the Company during the past year, but this has been
accompanied by a decrease both in gross earnings and in unit
revenue for the service rendered. In order to meet the con
tinued demand for more and better service and facilities,
the Company has in past years expended very large sums
in the reduction of grades and curvature, for more and longer
side and passing tracks, heavier locomotives and larger equip
ment whereby the train-load has been very greatly increased.
This is to be seen from the fact that in 1901 the freight train
miles (including mixed) were 19,314,987, as against 17,
554,338 in 1912, or a decrease of 9.1 per cent.
During the
same period the ton miles increased from 3,871,337,916 to
7,675,979,757, or an increase of 98.3 per cent. In other
words, in 1912 substantially twice the volume of freight busi
ness was handled, with nearly 10 per cent less of freight train
miles run to move it. During that period the average num
ber of revenue tons per train mile increased from 200.43 in
1901 to 437.75 in 1912, or an increase of 118.4 per cent. The
average number of tons per loaded car mile increased from
12.50 in 1901 to 18.2 in 1912, or an increase of 45.6 per cent.
In relation to these increases in volume of business, there
has been the following relative increase in mileage:
1912.
Ton m iles____________________ 7,075,979,757
T otal operated m ileage__ ___
12,038.24
9,074.10
Single main track m ileage____
Additional tracks, yard tracks
and s p u r s ..______ _________
3,504.14

Increase.
1911.
Per Ct.
3,871,337,910
98.3
9,998.85 20.4
7,789.40 10.5
2,209.39

01.3

The increase of additional tracks, yard tracks and spurs,
that is, 61.3 per cent, in relation to the increase in volume
of business during the period, shows a gratifying growth of
yard and terminal facilities.
These various figures demonstrate that the' efficiency of
the transportation service performed by the Company has
been enormously increased, and justify the very large ex
penditures that have been made to accomplish it. It is not
to be expected, however, that the same proportionate in
crease in efficiency can be continued, at least without con
tinued expenditures for necessary additions and improve
ments to tiie property.
D EM AN D S OF T H E F U T U R E .
Furthermore, many improvements and additions that in
no way increase earnings are demanded by the public in
many places, and it is certain that sums required for these
purposes will continue to be very large in the future. Eleva
tion of tracks through towns and cities, elimination of grade
crossings, both rail and highway, new and more expensive
passenger stations are some of the expenditures of this class.
W ith the refusal of public authority to permit any increase
of importance in rates, the problem of providing funds for
these non-re venue-producing improvements has become
more difficult. It is unwise to pledge the credit of the Com
pany for expenditures of this character because there is no
compensation for the increase in fixed charges that results,
and a prudent regard for the welfare of the Company re
quires that such expenditures should be provided as far as
possible out of income.
With the growth of business, the demand for increase in
double-tracking, side and passing tracks, grade and line
revisions, new and enlarged terminals, new equipment, &c.,
may be expected to continue, and while a large amount of
this character of new work has been done, there remains a
great deal, of immediate and urgent importance that must
be accomplished during the near future if the Company is
to maintain its power to economically and successfully re
spond to the demands upon it.
Following is the report of the General Auditor, with state
ments prepared by him.
By order of the Board of Directors.
D A R IU S M IL L E R ,




President.

1215

G E N E R A L B A LA N C E SH E E T JUNE 30 1912.
AS S E TS
Property Investm ent— R oad and Equipm ent—
R o a d .................
$336,894,788 52
E quipm ent______________________________
62,394,465 08
General E xpenditures____________________
1,521,601 39
— -----------------------$400,810,854 99
Reserved for A ccrued Depreciation— Credit_____ _______ 17,838,321 92
T o ta l....................................................................................... .$382,972,533
Securities:
Securities of Proprietary, Affiliated and Controlled Com
panies, Pledged—
S tocks...................
$19,363,139
Securities Issued or Assumed, P ledged—
31,000
Funded D eb t______________
Securities o f Proprietary, A ffiliated and Controlled Com
panies, Unpledged—S tocks.......................
$7,505,313 46
Funded D e b t_____
. -.
701,050 00
------------------------8,206,363

07

38
00

46

T o ta l...............
$27,600,502 84
Other Investments:
Advances to Proprietary, Affiliated and Controlled Com
panies for Construction, Equipm ent and B etterm ents..
$402,259 91
Miscellaneous Investm ents—
Physical P rop erty......... ............................ $1,487,386 78
Securities U npledged______ . . _____
1,489,356 26
2,976,743 04
T otal________________________________________________
W orking Assets:
C a s h _____________________________________________________
Securities Issued or Assumed, Held in Treasury—
Funded D eb t_______
_
Marketable Securities—
S tocks--------------------------------------- ---------$756,572 12
Funded D eb t______ _________________
68,400 00
Doans and Bills R eceivable______________________________
Traffic and Car Service Balances due from other Com
panies ____________ _____ ______________________________
Net Balance Due from Agents and C onductors............ ..
Miscellaneous A ccounts R eceivable.................. .....................
Materials and Supplies_____________________________ ______
Other W orking Assets___________________________________

$3,379,002 95
$8,733,764 82
10,625,800 00

824,972 12
2,895,531 14
692,578
2,247,678
4,166,193
6,806,179
49,309

58
16
95
77
43

T otal....................................................................................... $37,042,007 97
Deferred Debit Item s—
Advances—
Tem porary Advances to Proprietary,
Affiliated and Controlled Companies
$450,896 52
117,880 36
W orking F u n d s...............
Other Advances_______________________
734,223 20
$1,303,000 08
Insurance Paid in A dvance_____________
147,722 62
Cash and Securities in Sinking F u n d s ................
18,281,800 61
Securities in Provident Funds________________________ 1 .
496,538 89
Unextinguished Discount on Funded D e b t______ _______
311,198 76
2,217,234 35
Other Deferred Debit Item s________________________________
T otal................................................................................................$22,757,495 31
Grand T otal............................................................

$473,751,542 14

L IA B IL IT IE S .
Capital Stock:
Common S tock______________________________ ________ ___ $110,839,100
Mortgage, Bonded and Secured Debt:
Funded Debt—
Mortgage B o n d s Held by C om pany_____________________ $10,068,800 00
N ot Held by Com pany________________ 181,645,000 00
------------------------- $191,713,800
Collateral Trust Bonds—
Held by Com pany_____________________
$351,000 00
6,959,200 00
N ot Held by C o m p a n y ..........................
------------------------7,310,200
Plain Bonds—
Held by Com pany_____________ _______
$237,000 00
• N ot Held by C om pany.................. ........... 10,592,000 00
------------------------10,829,000
T o ta l........................................................................................$209,853,000
W orking Liabilities—
Traffic and Car-Service Balances Due to Other Companies $1,669,784
Audited Vouchers and W ages Unpaid---------------------------7,955,601
Miscellaneous Accounts Payable_________________________
404,694
Matured Interest and Dividends U n p a id ............ ............ 2,182,398
Matured Mortgage, Bonded and Secured Debt U n p a id ..
6,000
Other W orking Liabilities_______________________________
42,635

00

00

00

00
00
79
59
04
00
00
76

T o ta l....................................................................................... $12,261,114 18
Accrued Liabilities N ot Due—
Unmatured Interest and Sinking Fund Paym ents---------- $1,493,729 13
Taxes A ccru ed___________________________________________
72,000 00
T o ta l...................................................
Deferred Credit Items—
Operating R e se rv e s _____________________________________
Liability on A ccount o f Provident Funds________________
Other Deferred Credit Item s_____________________________

$1,565,729 13
$1,388,829 20
496,538 89
329,512 94

T o ta l.......................................................................................
$2,214,881 03
Appropriated Surplus—
Additions to Property since June 30 1907 through Incom e $17,523,473 03
Reserves from Incom e or Surplus—
Invested in Sinking Funds___________________________
31,321,700 07
T o ta l....................................................................................... $48,845,173 10
Profit and Loss—
Incom e A cco u n t_________________________________________ $46,230,662 67
Profit and Loss___________________________________________
41,941,882 03
T otal................................... ................................................... $88,172,544 70
Grand T otal................................... ........ ..............................$473,751,542 14

INCOME ACCOUNT.
O P E R A T IN G INCOME.
R A IL O PE R ATIO N S—
Operating Revenues:
Revenues from Transportation:
Freight ...............................$57,740,418 02
Passenger ................
21,083,418 74
Excess Baggage__________
310,267 12
M ail______________________ 2,308,447 34
E x p r e s s _________________ 2,578,810 37
M i l k ____________________
370,713 84
Other Passenger Train___
10,275 83
Switching ______________
1,220,351 07
Special Service Train____
39,925 84
Miscellaneous Transporta
tion .................................
79,748 07
•----------------------- $85,802,376 84

1216

THE CHRONICLE

Drought forward_________
_______ _______ -$33,332,376
R eceived from operations
other than Transportation;
Station & Train Privileges
$8,578 40
Parcel R oom R e ce ip ts .7,565 97
Storage Freight_______ 10,278 08
Storage Baggage-------------17,459 80
Car Service_____________
250,408 52
Telegraph and Telephone
S e rv ice ________________
205,186 98
Rent of Buildings and
106,480 03
Other P r o p e r t y ...........
Miscellaneous------------------152,636 16
--------------------------- $788,588
Joint Facilities, Dr
..........................
D r.7,412
Joint Facilities, Cr . .
______________
139,514

81

Drought forward__________________ * __________________________ $22,630,360 1
O T H E R INCOME.
Rents Accrued from Lease o f R oad s________
$2,976 36
Other Rents— Credits:
Joint F a cilitie s____________
$476,190 25
135,582 89
611,773 14
Miscellaneous R ents_______
Dividends Received on Stocks Owned or Con
trolled_____________________________________
768,342 00
Interest P.ecelvcd on Funded Debt Owned or
C o n tro lle d ________________________________
550,122 93
Interest on Other Securities, Loans and A c
cou n ts______________
217,829 72
$2,151,044 15

94
23
42

Gross Corporate In com e______________________________ $24,801,404 34
DEDUCTIONS FROM GROSS C O R P O R A T E INCOM E.
Other Rents— Debits:
Hire o f Equipm ent— Balance $478,776 14
Joint F a cilitie s ____________
973,001 GO
Miscellaneous R ents_______
17,277 30 $1,469,055 04
8,547,309 04
Interest Accrued on Funded D eb t________ . .
Other Interest_______________________________
13,493 46
Sinking Funds Chargeable to I n c o m e .______
657,978 58
Extinguishment of Discount on Securities__
6,814 44
------------------------ 10,694,650 56

Total Operating Revenues____________ $80,723,067 97
Operating Expenses:
Maintenance of W ay and
S tru ctu res____________ $13,541,030 39
Maintenance of E qu lpm 't. 14,294,032 69
Traffic Expenses....... .......
1,528,114 62
Transportation Expenses. 29,020,381 11
General Expenses_______
2,263,387 34
60,646,949 16
Net Operating R evenue___________________ __________ $26,076,118 81
O U TSID E O PE R A TIO N S :
R evenue_________________________________
$906,174 65
E xp en ses_______________________________
1,028,875 16
Net Deficit from Outsido O perations_______ ____________

122,700 51

Total Net R evenu e______ _______ ________ _____________ 25,953,418 30
T A X B S A C C R U E D ....... ..................................................... ............

[V O L . L X X X X V

3,303,058 11

Operating In com e___________________ ________ ________ $22,650,360 19

Not Corporate In com e___________ _____ ______________ $14,100,753 78
DISPOSITION OF N ET C O R P O R A T E INCOME.
Dividends Declared on Stock:
2 % , payable Sept. 25 1911. $2,216,782 00
2 % , payable Dec. 26 1911. 2.216.782 00
2 % , payable Mch. 25 1 91 2 .. 2.216.782 00
2 % , payable June 25 191 2 .. 2.216.782 00 $8,867,128 00
Appropriatlons for Betterments:
Expended during the y e a r_______ _____ ___ 3,944,216 08
12,811,344 08
Surplus for the y e a r . . ___________________________ . . . $1,295,409 70

T R A F F IC A N D O P E R A T IN G STA TISTICS.

PA SSE N G ER T R A F F IC —
Number o f Passengers Carried Earning R evenu e........... ..
Number of Passengers Carried One M ilo____________ ____
Num ber of Passengers Carried Ono Mile per Mile of Road
Average distance Carried, Miles____________ ______________
Total Passenger Revenue ----------------------------------- -----------Average Am ount R eceived from each passenger------------Average Receipts per Passenger per M ile....... .......... —
T otal Passenger Service Train R even u e__________________
Passenger Service Train Revenue per Mile of R o a d -----Passenger Service Train R evenue per Train M ile....... ........
F R E IG H T T R A F F IC —
Number o f Tons Carried o f Freight earning R evenu e.
.
Number of Tons Carried One M ile_____ _________________
Number of Tons Carried One Milo per Mile o f R o a d ____
A verage Distance Haul o f Ono T on, M iles______________
T otal Freight R evenu e-----------------------------------------------------Average A m ount Received for each Ton o f Freight______
Average Receipts per Ton per M ile_____ _____ ___________
Freight R evenue per Milo o f R o a d ............... - ...................
Freight Revenue per Train M ile_________________ _____ _
O P E R A T IN G —
Operating R evenu e__________________ __________ __________
Operating Revenues per Milo o f R o a d ____________________
Operating Revenues per Train M ilo___________ ________ _
Operating E xpenses______________________________________
Operating Expenses per Mile o f R o a d .------ ----------------------Operating Expenses per Train M ile___________ ___________
Net Operating R evenu e__________________________ ________
Net Operating R evenue per Mile o f R o a d _____ _____ ____
Average Number of Passengers per Car M ilo---------------. . .
Average Number of Passengers per Train M ile__________
Average Number o f Passenger Cars per Train M i l e .......
Average Number of Tons o f Freight per Loaded Car Mile
Average Number of Tons o f Freight per Train M ile— .
•Average Number o f Freight Cars per Train M ile----------Average Number of Loaded Cars per Train M ile_____ .
Average Number of E m pty Cars per Train M i l e ----------- .
A verage Mileage Operated During Y e a r -------------------------

Increase or Decrease.

1912.

1011.

Cents and
Dollars and
Whole Num'rs Decimals.

Cents and
Dollars and
WholeNum 'rs Decimals.

Dollars and
Whole Numbers.

22,404,120
1 tOO, 840,372
121,214
49 14
$21,083,418 74
94105
01915
$26,721,933 24
$2,944 78
$1 46261

22,014,305
1,173,435,093
120,350
53 30
$22,552,567 22
$1 02445
01922
$28,112,771 17
$3,098 92
$1 54401

Dec. 72,588,720
Dec.
8j)S6
Dec.
4 !•
Dec. $1,469,148 48
Dec.
........... 08310
00007
Dec. $1,390,887 93
Dec.
$151 14
Dec. _________ 08137

30,111,513
7,675,970,757
845,900
254 92
$57,710,418 62
$1 91755
00752
$6,363 04
$3 29282

28,328,338
7,116,005,120
784^409
251 20
$58,033,242 91
$2 04859
00816
$6,397 10
$3 31378

Inc. 1,783,175
In c.559,974,637
Inc.
61,491
Inc.
3
Dec.
$292,824
Dec.
........... Dec. _____ ___
Dec.
$84
Dec. -------------

IT E M .

$86,723,067
$9,556
$2
$60,646,949
$6,683
$1
$26,076,1 18
$2,873
15
6
18
437
35
24
10
9,074

97
96
47941
16
35
73380
81
61
19
20
75
37
05
36
34

$88,272,208
$9,730
$2
$50,541,925
$6,563
$1
$28,730,282
$3,166
16
04
6
17
406
34
23
10
9,071

Cents and
Decimals.

72
20
13104
00061
06
02096

27
40
53455
66
41
70962
61
99
__

Dec. $1,549,140 30
Dec.
$173 44
Dec.
.........
. 05514
Ino. $1,105,028 50
Inc.
$119 94
Ino....................... 02427
Dec. $2,654,163 80
Deo.
$203 38
Dec.
1 __

is
21
33
71
61
15
80

Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.

......... ......
-----31
- -_________
- - ______
2

04
99
42
6S
44

21
64

•Including Cabooses.

Wayagamack Pulp & Paper Co., Montreal and Three
Rivers, Que.— In Operation .—
T he com pany began operating Its plant on Baptist Island, Three Rivers,
Que., on or about S ept. 10, with an output of 25 tons daily, which has since
been Increased to 40 tons, the first unit having a capacity of 100 tons of
pulp and 50 tons of " K r a ft ” paper a da y.
Hydraulic power, it is stated.
Is obtained on favorable terms fron the Shawlnigan W ater & Power Co.
Incorporated under the Canadian Companies’ A ct O ctober 24 1910
with $5,000,000 of auth. ca p . stock in $100 shares and $3,000,000 of out
standing 1st M. 6% sinking fund 40-ycar bonds of an issue limited to $5,
000,000, dated F e b .l 1911 and due F e b .l 1951, but callable on or after
Feb. 1 1915 at 105 and lnt. (par $100, $500 ami $1,000, c*; sinkingfund
1% on bonds out., beginning Feb. 1 1915); $2,000,000 of the stock and
$1,500,000 of the bonds, It was reported in June 1911, were purchased for
French interests. The com pany is said to hold a G ov't license on 1,121
sq. miles of tim ber lands in the St. Maurice River district, Quebec, and also
to have acquired the large tim ber and sawmill of Alexander Baptist at Three
R ivers. The saw mill has been cutting 2,000 logs per day, the output for
the season July 1 to N ov. 1 being, it is said, about 11,000,000 ft. Montreal
capitalists are largely Interested. James Reid Wilson has been elected a
director, succeeding Sir Rudolph Forget, who resigned. Other directors:
J. N. Greenshields (P res.), C. R . W hitehead (V .-P . and Managing Direc
tor), Hon. R obert Mackay, I). II. Pennington, James Rein W ilson.
Montreal office, 8 6 ,Notre,Dame^St. ,-■! fc t,
t- l i l,. t .t -

£ Wilmington (N.TC.) Sewerage Co.— Sold to C ity .—

•

•See “ W ilm ington” inV’Stato and C ity '” departm ent.— V . 93, p. 1480. •

pFZanesville (0.) Gas & Electric Co.— Bonds Offered.— The

N. Y.

B o n d & F i n a n c e C o . is o f f e r i n g a t p a r a n d i n t . $ 2 0 0 , 
0 0 0 1 s t M . 2 0 - y r . 6 % g o ld b o n d s o f t h i s n e w p r o j e c t , w h ic h
o w n s n a t u r a l g a s p r o p e r t i e s a n d h a s a f r a n c h i s e in Z a n e s v i l l e .
C ond en sed E x tra c ts from P rosp ectu s of S ep tem b er 19 11

Capitalization.— Capital stock, full paid, $450,000 (par value $25); first
m tge. bonds (this issue), $200,000: reserved for enlargement and further
developm ent, $200,000. T itle Guarantee & Trust Co. of N . Y ., trustee.
[Total auth. $400,000, dated Sept. 3 1912, due 1932. Par $1,000, $500
and $100. Int. M. & S. Beginning Jan. 1 1914 callable at 105 and int.
for sinking fund, equal to 10% of net earnings.!
Formed to acquire leases o f gas and oil lands In Muskingum, Perry and
adjoining counties, and purposes to furnish artificial and natural gas and
electricity for light, heat and power. The City of Zanesville has granted
the com pany a franchise for tho laying o f mains and service pipe lines,
and franchises have also been obtained from the counties and incorporated
towns therein between the boundary lines o f Zanesville and the com pany's
gas and oil fields. It is the Intention to utilize the gas from the wells




drilled and to be drilled by erecting a pumping station in tho field, near
Somerset, Perry C o., constructing a 20-mlle pipe line thonce to Zanesville,
and also constructing distribution lines In Zanesville and supplying the
inhabitants and factories o f that city and Somerset and other towns.
The com pany's gas llelds are situated near Somerset and contain about
7,200 acres of land, upon which are already "drilled in” 8 wells, capable of
producing from 9,000,000 to 12,000,000 cu. ft. o f gas per d a y.a n d the acre
age owned and controlled is callable of maintaining many such wells, drilled
to a depth of 3,000 ft. and over, usual life 10 to 12 years. Financial state
ment: 7,200 acres valued at $60 per acre, $432,000; 8 drilled wells, $62,000;
rentals and renewals, $13,000; proposed plant, com plete, $318,388; total,
$825,388. Market, Zanesville and villages of Somerset, Fultonham W hite
Cottage and South Zanesville. Holds written 5-year contracts with per
sons and corporations in these localities to the number of about 6,000 con
sumers, at the rate of 20 cts. per 1,000 ft. for dwellings and business houses.
The Ohio Fuel Supply C o., our only com petitor, is charging, net, 2.) cts.
Estimated receipts, based on the sale of 5,000,000 c u .'ft . o f gas per day
under said 6,000 contracts: Gross, $365,000; net after royalty ($R 000),
taxes, &c., S266.000. Deduct interest on $200,000 6% bonds, $12,000,
and sinking fund, 10% of net earnings, $26,600; bab, surplus. $227,400.
Directors (and officers): Noah At. Kinkadc (President), I'red. S. Gates
(V .-P rcs., Sec. and Gen. Counsel), Charles II. T aylor (2d V .-I res.), William
G. Taylor (Treas.), Ralph Kinkadc and Prof. Harold T . Gates.
[Recently known as “ New Gas Supply C o .,” Into which was merged the
M cIntyre Oil & Gas C o., organized tw o or three years ago

— The firm of Cobe & McKinnon, composed of Ira M. Cobo
and John W . McKinnon, celebrated its 20th anniversary on
Tuesday. A feature of the celebration was a dinner tit Dclmonico’s to the board of directors of the Assets Realization
Co., of which Messrs. Cobe & McKinnon were the founders.
— L. A Norton, 25 Broad S t., N . Y ., is offering Republic
R y. & Light Co. common stock trust certificates, total
amount outstanding, $0,201,000. See map, &c., pages 130
and 131 of “ Electric R y .” Section and comparo V. 94,
p. 1119; V . 95, p. 112.
— H . K . Taylor & Co., Hartford, Conn., are offering at a
price to yield 6 f $ % the 6 % pref. stock of the Aurora Elgin
& Chicago (Electric) R R ., which shows “ net earnings over
four times the pref. dividend requirements.” (V .9 5 ,p ,8 1 7 .)

Nov. 2 1912]

THE CHRONICLE

< & o m m z x tm l

1217
C

'g x m z S c

O

T

T

O

N

.

F rida y Night, N o v . 1 1912.

C O M M E R C IA L

E P IT O M E .

F rid a y Night, November 1 1912.

T H E M O V E M E N T OF T H E CROP, as indicated by our
telegrams from the South to-night, is given below. For the
Mft c i ? ? ’ 1}® this evening the total receipts have reached
529,516 bales, against 512,935 bales last week and 500,942
bales the previous week, making the total receipts since
Sept. 1 1912 3,357,883 bales, against 3,474,370 bales for the
Penod of 1911, showing a decrease since Sept. 1 1912
of 116,487 bales.

The country is undergoing an experience, not too often
witnessed, of enormous activity in almost all the ereat
avenues of trade and industry, founded at the same lim e
on a conservative basis of supply and demand. Speculation
is dull. It is hoped that the Balkan war is about to end.
Bank exchanges continue large, showing increases over
1911 and 1910.
The iron and steel trade is active, and
Receipts at—
Sat.
M on .
material is being sold ahead for delivery throughout 1913.
Ihe rmiroad companies are buying heavily. Southern print G alveston______ 21,869 26.986
Texas C i t y _____
cloth mills are sold ahead up to next April. Distribution Aransas Pass,& c. 2,076 4,552
9,14i
or merchandise keeps pace with production, even if it does New Orleans____
9,141
G u lfp o r t_______
n°T 1i1r)s£ nIe lndustries outrun it. Prices are generally firm. Mobile ________
2,938
2', 741
L A R D has declined, though within a few days it has be P en sa cola ______
9,000
-;..
Jacksonville, &c.
—
—
come more steady. Prime Western $11 55, refined Conti Savannah ______ 14,074
14,554
nent $11 80, South America $12 60, Brazilian, kegs, 13 60. B ru n sw ick _____
C h a rle sto n _____
3,282
4,813
Speculation for a decline has been stimulated by considera
G eorgetow n ____
ble liquidation. On the decline shorts have bought quite W llm ln g to u ____
3,612
2,837
N
o
rfo
lk
_________
7,080
freely. Some large packing interests have been good buyers. N 'port News, &c. 5,384
—
—
Quite a little of the selling has been by stock yard interests New Y o rk ______
B o s t o n ________
150
at Chicago. Houses with foreign connections have been sel B
altim ore______
—
—
lers of May lard. The cash trade has latterly been somewhat Philadelphia____
—
—
better in lard as well as meats.
D A IL Y CLOSING PR ICE S OF L A R D FU TU R E S IN CHICAGO.
,
.
SatM on.
T ubs.
Wed.
Thurs
Fri.
October delivery .. c t s . 10.95
10.821* 10.77>* 10.871* 10 95
Decem ber d eliv ery ------ 10.80
10.65
10.60
10.721*
10 771* lb'071*
January d e liv e ry ............10.75 10.621* 10.52 1* 10.62 J*
10.67 }* 10350
May d elivery....... ........... 10.30
10.25
10.171* 10.25
10.271* 10.221*

Totals this w eek.

71,526

Tues.

Wed.

Thurs.

49,255
17,274

32,631
____

15,786

14,417

29,042
9,885
4,698
28,854

l",745
____
_
19,071
6,000
4,004

2,271
____

4', 004
____

M 62

12,805

3,910
7,649
—

4,172
3,359
—

4', 033
5,184
_.
—

3,241
3,853
1,387

2l"805
32,509
1,387

____
—

4,468
—

166
800
100

340
5,268
100

2,907

"6 6
—
—

72,704 124,784

F ri.

Total.

28,566 188,349
4,239 38,026
3,064
7,762
4,783 82,122

15,161
9.000
1,343
1,343
12", 03 5 14,046 86,585
12,000 18,000
2,630
4,123 21,759

72,562 104,833 83,107 529,516

„

P O R K quiet and unchanged; mess $19 2 5 @ $ 1 9 75, clear
$ 2 2 @ $ 2 4 50, family $ 2 2 @ $ 2 3 . Beef was steady; mess
$ 1 8 @ $ 1 9 , packet $ 1 9 @ $ 2 0 , family $ 2 2 @ $ 2 2 50, extra India
mess $ 3 7 @ $ 3 8 . Cut meats irregular; pickled hams, 10 @ 2 0
lbs., 1 3 % @ 1 3 % c .; bellies, clear, f.o .b . New York, 6 @ 1 2
lbs., 1 5 @ 1 5 % c . Butter, creamery extras, 32c. Cheese,
State, whole milk, white, specials, 1 7 % @ 1 7 % c . Eggs,
fresh-gathered, extras, 3 5 @ 3 8 c .
O IL .— Linseed easier. City, raw, American seed, 58c.;
boiled 59c., Calcutta 70c. Cottonseed oil weaker; winter
6 .1 0 @ 6 .7 0 c ., summer white 5 .8 5 @ 6 .3 0 c . Cocoanut oil
easier; Cochin 1 0 % @ l l c . , Ceylon 9 % @ 9 % c .
Chinawood
weak at 8 % @ 9 % c .
Corn easier at 5 .5 5 @ 5 .6 0 c . Cod
lower at 4 1 @ 4 3 c . for domestic.
CO FFEE has been quiet as a rule, though latterly there
has been a fair jobbing trade with No. 7 Rio 15c.
Mild
grades have continued to sell on a very moderate scale only.
Fair to good Cucuta has remained at 1 6 % @ 1 7 c . Specula
tion in coffee futures has been in the main very sluggish
and the fluctuations have kept within narrow limits, whether
upward or downward, so that the net changes for the week
are slight. Of late European markets and also Rio quota
tions have advanced. Here prices have steadied on cover
ing of shorts and local support. But whereas recently some
estimates of the present Santos crop were as low as 8,000,000
bags, in some other bullish quarters it seems to be conceded
that it is likely to be 10,000,000 bags.
Closing prices are:
N ov --------14.10@ 14.11 M a rch ___ 14.15@ 14.17
D e c ----------14.02@ 14.04
A p r il____ 14.18® 14.20
January . . 13.93® 13.95 May ____14.22 @ 14.23
February . 13.9 o @ 13.90 J u n o --------14.2 3@ 14.25

July
14 2 5 0 1 4 26
August '
14 2 5@ 14 25
S ept- 11114 j e @ 14.27
O ctober___ 14.2 6 @ 14.28

SU G A R . Raw quiet but steady. Centrifugal, 96degrees test, 4.05c; muscovado, 89-degrees test, 3.55c ;
molasses, 89-dcgrees test, 3.30c. A telegram from New
Orleans stated that a large refining interest had bought
7 5 ,0 0 0 @ 8 0 ,0 0 0 tons. Another report stated that the total
purchases by local refiners were about 140,000 tons. The
visible supply is estimated at 570,000 tons. Refined was
quiet; granulated 4.90c.
P E T R O L E U M .— Refined quiet but steady. Seaboard
clearances are fairly large. The domestic consumption is
quite large. Barrels, 8.35c., bulk 4.65c. and cases 10.25c.
Naphtha firm with a good demand; 73@76-degrees, in 100gallon drums, 22c.; drums extra $8 50. Gasoline, 86degrecs, 27c.; 74@76-degrees, 24c.; 6 8 @70-degrees, 21c.
and stove, 19 % c . Spirits of turpentine 4 2 @ 4 2 % c . Com
mon to good strained rosin $6 50.
TOBACCO — Filler has been in only light demand, but it
.it believed that before very long the trade must increase,
as buyers have either been purchasing very little or have
absented themselves from the market for some little time
past, and it is naturally supposed that their stocks cannot
be very large and need replenishing. Better grades of
eaf are firm with a moderate demand. In Sumatra to
bacco the ordinary tr^de is noticeable, but nothing more.
On the other hand, Cuban leaf is in good demand, more
particularly the new crop of Havana. Aside from this
binder meets with the best demand.
COPPER has been in moderate demand with Lake 17%
and electrolytic 17 .20@ 17 .25 c, exhibiting some decline
partly in sympathy with the depression in London. Stocks
are increasing. Exports have been less than expected.
Imports have increased somewhat. Tin has been steady
at 50 % c . and London prices have been strong. Lead dull
at 4.80c., a noticeable decline during the week. Smelter
7.40c., which is also lower. Iron and steel continue active.
Some rail mills are sold up to next June. Large car orders
are reported.




. The following shows the week’s total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
Stock.

Receipts to
November 1.

This Since Sep
Week.
1 1912.

G a lv e s t o n ___
188,349
Texas C ity___
38,026
Aransas Pass, &c.
7,762
New Orleans____ 82,122
G u lfp o r t

_________

M o b i l e __________
pcnsacola ______
Jacksonville, & c.
S avannah.............
B run sw ick______
C harleston______
Georgetown ____
W ilm ington ____
N orfolk__________
Newport News.&c
New Y o r k ______
B o s t o n __________
B a lt im o r e ______
P h ila d e lp h ia ____

This Since Sep
Week.
1 1911.

,501,431 149,173 1,224,150
240,771 32,265
175,681
67,385 17,290
34,526
309,731 73,160 275,043

15,161
9,000
1,343
86,585
18,000
21,759

77,394
26,607
5,203
523.693
107,700
149,921

16,510
726
2,856
98,329
16,150
14,125

21,805
32,509
1,387

157,429
165,906
7,782

'340
5,268
100

2,106
14,722
102

24', 789
33,444
1,392
385
4,226
3,135

lVo'.ois

34,086
13,765
927,286
121,045
158,177
135
178,435
196,358
1,904
1,057
7,499
15,205

T o t a l........... ----- 529,516 3,357,883 487,955 3,474,370 '

1912.

1911.

327.242
22,257
4,562
177,380

233,612
33,908

32.765

55,673

" ‘ 670
150,251
18,855
44,083

193,719
10,340
54,590

20,061
55,706

31,003
41,297

127,134
4,434
11,185
2.925

81,784
2,239
1.846
2,668

998,339

870,970

128,291

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at—
G a lv e sto n ___
Texas C lty,& c
New Orleans.
M o b ile _______
Savannah . . .
Brunswick__
Charleston, &c
W ilm in g ton ..
N o r fo lk .........
N'port N., &c
All others____

1912.

1911.

1910.

1909.

1908.

1907.

188,349
45,788
82,122
15,161
86,585
18,000
21,759
21,805
32,509
1,387
16,051

149,173
49,555
73,160
16,510
98,329
16,150
14,125
24,789
33,414
1,392
11,328

118,961
28,369
62,015
10,055
59,925
9,250
13,533
30,012
32,972
487
15,951

130,569
9,716
67,734
12,611
79,053
8,900
12,420
21,243
30,889
3 46
27,967

207,545
2,882
98,459
17,005
73,501
9,048
10,336
21,155
30,915
102
13,533

98,308
9,266
83,934
16,211
77,989
3,976
13,658
18.583
26,104
487
17,402

Total this w k .
529,516) 487,955 381,530i 401,448
484,481
365,918
Since Sept. 1 . 3,357,883 3,474,370'2,900,812 3,228,329 3,079,595 2,267,423

. ^ i <i exPorts f ° r the week ending this evening reach a total
of 517,534 bales, of which 199,207 were to Great Britain
94,026 to France and 244,301 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:

Exports
from—
Galveston - .
Texas City.
Aransas
Pass, &c_.
NewOrleans
M obile___
Pensacola..
Savannah..
Brunswick .
Charleston .
Wilmington
Norfolk___
New York .
B oston___
Baltimore..
Phila..........
San Fran..
Pt. Towns’d

Week ending N v. 1 1912.
Exported to—
Great
Conti
Britain. France. nent.

From Sept. 1 1912 to Nov. 1 1912.
Exported to—

Great
Total. Britain.

76,772 38,541 79,100 194,413
39,242 23,995 12,775 76,012

France.

Conti
nent.

Total.

509,909
136,830

159,465
62,476

401,549 1,070 92319,226 218,532

18,875
l'.SOO 11,340 11,260 23,900
66,250
___
6,635 7,438 14,073
17,303
9,000 9,000
3,695
26,656 12,865 43,484 83,005 1 61,895
___ 12,350 28,860
16,510
47,567
___ 16,800 27,200
10,400
30.893
14,430
13,404 27,834
43,385

17,155
30,404
10,070
13,912
41,181

m i"

11,200
47,230
49,465 146 119
7,43$
34 [811
9,000
26,607
163,103 266.179
41,497
89,064
50,600
86,493
68,054 133,677
10,593
11,093
60,957 158,298
773
42,975
19,934
22 930
2,659
14,519
26,209
26,209
6,948
6,948

375,312

949,205 2,402.607

6,223
3,734
500
3,440
—

'650
___
___
—
—

4,822 11,695
3,734
2.700 3,200
1,559 4,999
4,111 4,111
5,498 5,498

84,430
42,202
2,996
11,860

Total___ 199,207 94,026 224,301 517,534 1.078,090
Total 1911. 138,461 26,459 166,427 331.347 1,152,216

5,000
22,238
500
12,911

313,810 1,043,995 2,510,021

Note.—New York exports since Sept. 1 Include 13,140 bales Peruvian to Liverpool.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
........................................................

THE CHRONICLE
On Shipboard, Not Cleared for—

N o t.

Great
Britain. France

1 at—

New Orleans. G a lv e s to n -----Savannah -----Charleston-----M o b ile _______
N o r fo lk ---------New Y o r k -----Other p o r t s ...

7,768
43,400
800
2,000
6,409

10,949
14,737

2,500
10,000

1,200

Total 1 9 1 2 ..
Total 1 9 1 1 ..
T otal 1 910-.

72,877
83,096
58,015

27,184
28,119
16,540

298

—

Ger
Other Coast
many. Foreign wise.

Leaving
Stock.

Total.

7,240
3,466
46,698 23,760
7,000
4,000
228
10,000
2,200
1,200
12,000
2,000

396 29,819
4,490 133,091
9,050
1,250
6,000
9,335
2,400
15,000 25,000
7,100
24,000
—

147,561
194,151
141,201
38,083
23,370
30,706
120,034
59,838

84,592
76,086
64,227

23,536 243,395
18,405 235,573
27,700 204,134

754,944
635,397
431,233

35,206
29,867
37,652

Speculation in cotton for future delivery has been more ac
tive at rising prices, mainly owing to a big demand at home
and abroad for the actual cotton. The demand for cotton
on October shipping engagements has been large, but there
has also been brisk buying of spot cotton apart from this.
The trade demand has been good. Liverpool at one time
bought. Fears of frost in Texas and Oklahoma have stimu
lated buying and given a noticeable fillip to speculation. An
estimate issued by a London firm of 13,970,000 bales has had
considerable influence. So have reports to the effect that
the yield east of the Mississippi is turning out to be disap
pointing. The recent small ginning in the eastern section
of the belt is not forgotten. The Balkan war has had less
influence than might have been expected, for the reason that,
with the near approach of winter, no protracted war is looked
for, particularly as it is believed in the cotton trade that the
great Powers of Europe are opposed to it.
Trade is good on
both sides of the water, and mills are believed to be making
good profits. Much of the time the spot sales in Liverpool
nave been liberal. Manchester reports a large business in
cloths at firm prices. There is talk here to the effect that
the world’s consumption of American cotton is likely to
be very large this season, some contending that it will be
fully as large as that of last year. Still others maintain that
there is every likelihood that the consumption this year will
surpass all previous records. Liverpool, Memphis and other
operators snort of the market have been covering. In not a
few cases shorts were understood to have liquidated their
accounts and doubled up on the long side. The activity and
strength of the spot markets has been a leading feature.
Also, the predictions of frost have played no small part in
the advance, even conceding the fact that the demand for
the actual cotton has been by far the most important fac
tor. Predictions of frost over Thursday night in Texas
and of freezing weather in Oklahoma had not a little effect.
Liverpool prices of late have been generally better than due.
The Continent has been a large buyer there. On the other
hand, after a rise of 100 points recently, many believe that
a reaction is due. November purchases of the actual cot
ton, in the estimation of some, are not likely to be as large
as those of October. Crop advices from Texas and Okla
homa are very generally favorable. The receipts have con
tinued enormous. To-day prices advanced, owing to a con
tinued brisk demand and fears of frost. Wall Street, the
South, the W est, the Waldorf element and scattered inter
ests bought. Liverpool sold in undoing straddles. Spot
cotton closed at 11.75c. for middling uplands, showing an
advance for the week of 50 points. The New York Cotton
Exchange will be closed on Saturday, N ov. 2, out of respect
to the late Vice-President Sherman.
The rates on and off middling, as established Sept. 11 1912
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a ir...... ..............C-1.50 on
Strict mid. fair____ 1.30 on
Middling fair............1.10 on
Strict good mid____ 0.68 on
Good middling____ 0.40 on
Strict middling-------0.24 on

Middling............ c_ Basis
Strict low mid_____0.35 off
Low middling.........0.80 off
Strict good ord____1.40 off
Good ordinary____2.15 off
Strict g’d mid. tgd.0.35 on

Good mid. tinged.c. Even
Strict mid. tinged..0.15 oft
Middling tin g ed ...0.30off
Strict low mid. tlng.0.80 off
Low mid. tin ged... 1.90 off
Middling stained...0.90 oft

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 26 to N ov. 1—
Sat.
Middling uplands......... ...............11.25

Mon.

11.25

Tues.

11.35

W ed . Tiiurs.
11.55 11.70

Fri.

11.75

N E W Y O R K Q U O TA TIO N FO R 32 Y E A R S .
The quotations for middling upland at New York on
N ov. 1 for each of the past 32 years have been as follows:
1912.C-- . . .1 1 . 7 5
1911___ ___ 9.40
1910_______ 14.55
1909_______ 15.10
1908_______ 9.30
1907____
1906___
1905___ ...1 0 .9 0

1904.C .. ...1 0 .0 0 1 8 9 6 .0 .. . . . 8.12
1903____ ...1 0 .6 0 1 8 9 5 .. . . . . 9.00
5.75
1902____ . . . 8.65 1894____ . .
1901____
1893____ . . . 8.19
1900____ . . . 9.62 1892____ . . . 8.31
1899____ . . . 7.38 1891____ . . . 8.38
1898____ . . . 5.31 1890____ . . . 9.88
1897 . . . . . . 6.00|1889 . . . -_ _ 1 0 .38

1888.0. ____9.81
1 8 8 7 ...
1 8 8 6 ... ____9.19
1 8 8 5 ... ____9.50
1884___ ------9.88
1 8 8 3 ... ____10.56
1 8 8 2 .. .
1 8 8 1 ... ------ 11.62

M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.

S a tu rd a y .. .
M on day-----Tuesday __
W ednesday.
Thursday . .
F rid a y --------

Spot Market
Closed.

Futures
Market
Closed.

Q u i e t -------------------Quiet --------------------Steady, 10 pts. a d v .
Steady, 20 pts. a d v .
Quiet, 15 pts. a d v ..
Steady, 5 pts. adv -

Barely s te a d y ..
Very stead y__
Very stea d y__
Very stea d y__
E a s y __________
F i r m __________

r T o ta l------




SA LES.
Spot.

___
—
—

Contr'ct Total.
2,966

—

2,666

297

1,400
1,100

1.400
1,397

297

5,400

5,697

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

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

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T H E V IS IB L E SU P P L Y OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
November 1—
Stock at L iverpool________ bales.
Stock at L o n d o n ________________
Stock at M anchester........... ..........

1912.
643,000
7,000
21,000

1911.
404,000
6,000
20,000

1910.
452,000
6,000
21,000

1909.
742,000
5,000
42,000

Total Great Britain s to c k _____
Stock at H am burg______________
Stock at B rem en -----------------------Stock at H a vre---------------------------Stock at Marseilles---------------------Stock at Barcelona - - ............
Stock at Genoa------------------Stock at Trieste ---------------

671,000
8,000
209,000
158,000
2,000
12,000
12.000
3,000
5,000

439,000
12,000
86,000
103,000
2,000
10,000
17,000
4,000

479,000
5,000
89,000
84,000
2,000
7,000
27,000
1,000

789,000
6,000
191,000
254,000
2,000
6,000
35,000
3,000

T otal Continental stocks----------. 397,000

234,000

215,000

497,000

664,000
T otal European stocks-------------.1,068,000
31,000
11,000
India cotton afloat for Europe — .
Amer. cotton afloat for E urope. . 1,0«4,575 1,076,581
Egypt,Brazil,& c.,aflt.for E urope..
70,000
50,000
115,000
Stock In Alexandria, E g y p t--------. 210.000
222,000
Stock In Bom bay, India------------- . 280,000
870,970
Stock In U. S. p o r t s ------------------- 998,339
664,364
Stock In U. S. Interior towns------. 554,786
23,810
166,838
U. S. exports to -d a y------------------

694,000 1,286,000
113,000
36,000
882,128
914,516
88,000
59,000
143,000
166,000
93,000
162,000
035,307
890,599
565,684
542,929
55,357
40,152

3,361,904 4,010,768
T otal visible supply----------------- 4,443,538 3,697,725
3,
Of the above, totals o f American and other descriptions arc as follows:
Am erican—
364,000
307,000
664,000
Liverpool s to ck ____________ bales.1. 508,000
19,000
14,000
34,000
14,000
Manchester s to c k ------------------------.
.
195,000
198,000
473,000
Continental s to c k ------------------------. 372,000
914,516
882,128
1,004,575 1,076,581
American afloat for E urope--------.1,064,575
635.367
870.970
890,598
U. S. port stocks________________ 998,339
542,929
664,364
565,684
U. S. Interior s t o c k s ____________. 554,786
551,786
46,152
23,810
55,357
U. S. exports to -d a y____________. 166,838
.3,678,538 3,154,725 2,716,964 3,564,768
Total A m e r ic a n __________
East Indian, Brazil, A c .—
88,000
97,000
78,000
Liverpool stock ---------------------------- 135,000
6,000
6,000
5,000
7,000
London s to ck ..................—
“
2,000
6,000
8,000
7,000
Manchester stock --------------.
20,000
36 000
24,000
Continental sto ck -----------25,000
11,000
113,000
31,000
36,000
India afloat for Europe__________
50,000
88,000
70,000
59,000
E gypt, Brazil, &o., afloat_______ .
115,000
166,000
143,000
Stock in Alexandria, E g y p t.......... 210,000
222,000
162,000
93,000
Stock In B om bay, India................. 280,000
Total East India, <Sto.................

765,000
76S*992

543,000

645,000

446,000

3,678,538 3,154,725 2,716,964 3,564,768
Total Am erican.........................3,678,538

Total vlslblo supply--------------------------------------------------- 4 ’ 4i 3A.n3.8 3,6? 7;X2,54,010,768
Middling Upland, L iverpool-------6.63d.
0.17(1.
7.81d.
7.59d.
Middling Upland, New Y o rk -----1-f-7??9.45c.
10.65c.
14.70c.
Egypt, Good Brown, Liverpool . .
10.16:1. 10 3-10d.12 5-16d. 12 11-16(1.
Peruvian, Rough Good, Liverpool lO.OOd.
9.75d.
10.75d.
9.25d.
Broach, Fine, L iverpool------------- 0 -I-1®ll
A 54',1- 7 0-16d. 7 l-16d .
Tinnevclly, Good, L iverpool-----6 ) ii l .
5M d.
7 Mil.
6M d .

Continental imports for the past week have been 152,000
bales.
The above figures for 1912 show an increase over last week
of 386,020 bales, a gain of 745,813 bales over 1911, an ex
cess of 1,081,574 bales over 1910and again of 432,770 bales
................................................
over 1909.

Not. 2 1912.]

THE CHRONICLE

P^AT T H E IN T E R IO R ]T O W N S the improvement— that is,
the receipts for the week and since Sept. 1, the shipments
for The week and the stocks to-night, and the same items
for the correspondingjperiod for the^previous year— is set
out in detail below.
. .H .H M OQ2S: . .

1 II II w

Towns.

••<*•
• • • r - • ■ • *< •
••a •• • • • . • ' i i • i i

OO

Mi l l

ufaula
-Mont
-Seim;
-H e ld
-Little
-Albai
_ A +Vi r»i
-Atlan
-Augu
-Colur
-Maco
-R om i

1,133Towns
•
•

‘ ‘
!• g P ? T o P 111111t 111111 11 1IM M

-Natchez .
-Vicksburg
-Y azoo Clt
-St. L ou is.
-R aleigh . .
-Cincinnati
-H ugo * . .
-Greenwoo;
-Memphis
-Nashville
-Brenham .
-Clarksville
-D a lla s __
-H oneyGro
-H ouston .
-P a r is ____

g
p

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* Figures for last year are for Louisville, K y.

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SINCE SE PT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
Week.
.14,407
.14,170
.
250
. 4,960
_ 3,522
. 8,024
.10,328

Since
Sept. 1.
49,139
33,205
550
. 12,030
10,337
23,561
55,210

W eek .
21,023
11,089
50
6,042
508
0,218
7,917

Since
Sept. 1.
04,068
42,781
333
21,520
3,738
28,305
44,457

-62,267

184,038

54,107

205,202

- 5,708
. 1,248
Inland, & c., from S outh_______ . 2,419

10,930
0,434
13,563

7,740
3,408
2,387

23,701
7,283
11,344

November 1—
Shipped—
Via Hock Island

Deduct Shipments—

_ 9,375

36,927

13,601

42,388

Leaving total net overlan d*_____.52,892
52,892

147,111

40,506

162,814

Canada.

N E W O R LEAN S OPTION M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat’day,
Oct. 26.
Oct.—
R a n g e _____
Closing_____
N ov.—
Range ______
Closing_____
D ec.—
R ange ______
Closing______
Ja n .—
R a n g e ______
Closing______
F eb.—
R a n g e _____
Closing.
M ch.—
Range _____
C losin g..........
M ay—
R a n g e ______
Closing______
July—
Range ______
C losing______
Tone—
Spot _______

Monday, Tuesday, Wed'day, Thursd'y, Friday,
Oct. 28. Oct. 29. Oct. 30. Oct. 31. Nov. 1.

10.96 — — (3$ — 11.07.-25 11.20 — __( a ___
10.94-.90 11.06.-08 11.20-.21 11.28-.30 __ (rk __
— @ — — @ — — (3) — — (5) — —
—
10.80-.82 10.95-.97 11.07-.10 11.27-.29 ll.4 4 -.4 6
10.83-.93 10.78-.00 10.95-.15 11.04-.34 11.42-.63
10.84-.85 10.97-.98 11.10-. 11 11.29-.30 11.45-.46
10.8G-.97 10.80-.02 10.98-.17 11.05-.36 11.43-.63
10.86-.87 10.98-.99 11.11-.12 11.31-.32 11.47-.48

H O L IDAY

— (u) — — @ — --- @ --- — (3) — — (fh —
10.88-.90 11.00-.02 11.13-.15 11.32-.33 11.49-.51
11.03-.13 10.97-.19 11.16-.35 11.22-.54 11.60-.82
11.04-.05 11.16-.17 11.28-.29 11.49-.50 11.65-.66
11.15-.23 11.09-.30 11.28-.45 11.35-.04 11.72-.92
ll.1 5 -.1 6 11.26-.28 11.40-.41 11.00-.61 11.76-.77
11.31 — 11.34-.41 11.41-.56 11.46-.75 11.85-.97
11.25-.26 11.38-.40 11.50-.51 11.71-.72 11.86-.87
Firm.
Steady.
Bar. sty. Steady.

Steady.
Steady.

Steady.
Steady.

Steady. Steady
Steady. ..............-

E L L IS O N ’S A N N U A L COTTON R E V IE W FO R T H E
SEASON OF 1911-12.— In our editorial columns will be
found an article in which we give the figures from Mr. Elli
son’s annual review of the European cotton trade for the
season of 1911-12 as received by us this week by cable.
Reference is also made thereto in the Financial Situation.

to
MM
00 COto M
*m*c« M
*to M*-vj COo m*to *s|M
*toG1O O

OOOCOGtCO

1 2 19

a Revised.

The foregoing shows the week’s net overland movement
has been 5 2 ,892bales,against40,500 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease from a year ago of 15,703 bales.

A M O U N T IN S IG H T .—-Supplementary to our Annual
Cotton Crop Report, and in response to various requests,
we give below a table showing the amount of cotton which
came into sight during each month of the cotton season
1911-12. For purposes of comparison, similar results for
the three preceding years are appended.
Months.

1911-12.

1910-11.

1909-10.

1908-09. }

September . ......... .......... bales.
O c t o b e r __________________
N ovem ber..................................
December __________________
January______________________
F e b r u a r y ____________ _____ _
M a rc h _______________________
A p r i l ____________ ________ ___
May ________________ _______
J u n e __________ _____ _____
July _________ ______________
A u g u s t ______________ _____
A dditions a ___________

1,596,680
2,693,803
2,690,696
2,416,813
1,731,783
1,493,311
1,069,705
718,977
429,907
323,174
259,718
505,778
112,971

1,181,451
2,390,210
2,451,159
2,185,301
1,179,175
702,427
458,285
330,631
343,548
231,379
201,992
445.357
fc28,583

1,427,506
2,485,095
1,923,771
1,333,084
866,870
534,429
509,011
457,115
340,976
249,431
235,320
278,643
9,710

1,276,257
2,466,322
2,542,850
2,284,139
1,434,091
981,135
718,419
606,086
549,648
345,035
285,020
329,919
9,925

T otal c r o p ..............

16,043,316 12,132,332 10,650,961 13,828,846

* i.
*
* inwuuc an luucluuhs in purt rccuipis ana overiana maae
at the close of the season, as well as the excess in Southern consum ption,
as shown by the actual results. This total is increased or decreased by
Interior town stocks. ^Deductions.

E X P O R T S OF COTTON GOODS FROM G R E A T
B R IT A IN .— Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of Sept, and
and since Oct. 1 1911-12 and 1910-11, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
Yarn & Thread
Cloth.
Total of All.
000*
omitted 1911-12 1910-11 1911-12. 1910-11. 1911-12. 1910-11. 1911-12. 1910 11.
Lbs.
Lbs.
24,139 20,079
22,621 18,006
20,508 19,595

Yds.
663,504
580,682
517,204

Yds.
519,432
511,046
547,961

Lbs.
124,020
108,538
96,674

Lbs.
93,642
92,130
98,785

Lbs.
148.159
131.159
117,182

Lbs.
113,721
110,138
118,380

4th qr. 67,268 57,680 1,761,390 1,578,439

329,232

284,557

396,500

342,237

104,615
91,501
110,325

106,585
98,881
118,915

127,319
113,587
142,142

127,954
118,178
143,057

O c t __
N o v __
Dec___

-1012Since
In Sight and Spinners'
Sept. 1.
Takings.
Week.
Receipts at ports to N ov. 1---------- 529,510 3,357,88:$
147,111
Net overland to N ov. 1__________ 52,892
Southern consum ption to N ov. 1. 56,000
490,000

Week.
487,955
40,500
47,000

Since
Sept. 1.
3,474,370
102,814
371,000

J a n __
Feb___
Mch . . .

Total m arketed....... ..................... 038,408
Interior stocks In excess_________ 09,528

4,000,994
457,750

575,461
80,858

4,008,184
503,927

2d q r .. 70,607 64,808 1.671,563 1,733,433

312,441

324,381

383,048

389,189

6 m os.. 137,875 122,488 3,432,953 3,311,872

641,673

608,938

779,548

731,426

Came Into sight during w eek___707,930
Total In sight N ov. 1 __________ _____
Northern splnn’s takings to N ov. 1 80,205

................
4,458,744
400,903

050,319
_____
72,932

April . .
May . . .
June . .

97,968
104,822
97,171

97,197
101,784
96,656

118,848
127,530
118,834

116.591
122,559
115,469

365,212

354,619

-1911-

4,572,111
485,970

Movement into sight in previous years.
Week—
1910— N ov.
1909— N ov.
1908— N ov.

Bales.
Since Sept. 1—
Bales.
4 .......................... 547,207 1910— N ov. 4 . ..................... .3,900,535
5 ______________ 535,090 1909— N ov. 5 ......................... 4,344,145
7 ______________ 049,999 1908— N ov. 7 - ..................... -4,275,057

Q U O TATIO N S FO R M ID D L IN G COTTON A T O T H E R
M A R K E T S .— Below arc the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Qoutations for Middling Cotton on—
N ov.

1.

G a lv e s to n _____
New Orleans__
M o b ile ____
Savannah
Charleston
W ilm ington____
N o r fo lk _______
B a ltim ore-------Philadelphia . . .
A ugusta........... ..
M em p h is---------St. Louis--------Houston --------Little Rock

Sat'day.
11 3-10
10 15-10
10 H
10 13-10
10 R
10R
11
11
11.50
11
11
11H
ll R
ll




Monday. Tuesday. Wed’day. Tliursd’y. Friday.
11 3-10
10 15-16
10 R
10 13-16
10 13-16
10
11
ii r
11.50
11
11
11 r
HR
10 15-10

11 R
It 1-10
10 13-10
10 15-10
10 15-10
10 R
HR
11 R
11.00
HR
11 R
HR
HR
10 15-10

11 7-10
11 3-10
10 15-10
11
11
11
HR
11R
11.80
HR
h r

11 R
11 R
11

11 R
11 7-10
HR
11 5-10
11 5-10
HR
HR
11 R
11.95
h r
h r

1l R
11 9-10
11 R

11 R
11 7-10
HR
11 7-16
11 7-10
11 %
11 R
HR
12.00
11 M
11 R
11 R
11 11-10
11 R

22,704 21,369
22,086 19,297
25,817 24,142

20.880 19,394
22,708 20,775
21,663 18,813

559,693
489,529
622,341

524,131
560,800
519,865

568,228
529,007
636,198

521,003
544,545
517,112

3d qr. 65,251 58.982 1,614,786 1,582,660

299.9G1

295.637

9 mos 203,120 181,470 5,047,739 1.894.532

941,634

904.575 1,144,760 1.086.045

118,759
119,959
106,471

87,825
108.0R
98,842

July . . .
Aug . . .
Sept. . .

22,548 16.580
22,812 21.640
20,730 17,562

635,301
641.781
569,622

469,866
577,897
528,367

141,307
142,771
127,201

104,405
129,658
116,404

4th qr 66,090 55,782 1,846,765 1,576,130

345,189 294,685 411,279 350,467
Year. 209,216237,252 6,894,504 6,470,662 1,286,823 1,199,260 1,556,039 1,436,512
Stockings and socks........ .....
1,095
1,206
Sundry a rtlcles.
48,820
45.292
Total exports of cotton manufactures.................................... 1605,951 1483,010

The foregoing shows that there had been exported from
the United Kingdom during the twelve months 1,604,954,000
pounds of manufactured cotton, against 1,483,010,000
pounds last year, or an increase of 122,944,000 pounds.
JAPAN ESE C O TTON M IL L S.— Through the courtesy of
Mr. O. Shoji, Secretary of the Japanese Spinners’ Association,
we have obtained the details of operations of the cotton mills
in Japan for 1911-12, and give them below in conjunction
with the revised results for the three preceding years:

THE CHRONICLE

1220
Years ending June 3 0 -

1911-12.

1910-11.

1908-09.

1909-10.

36
38
36
34
E stablishm ents_____ N o.
1,843,598
2,099,764
2,004,968
2,169,796
S p in d le s ------------------- ]
12,176
17,202
15,515
L oom s -------- -------- “
17,391
18,195
18,337
17,531
Hands em ployed,m ale “
68,471
74,765
76,462
76,361
“
“ fem ale “
Consum ption—
A m e r ic a n _________lbs. 182,620,083 69,456,504’ 90,030,625 99,731,316
324.184,116 372,808,800 350,134,375 261,352,561
I n d i a n ___________ "
13,676,600 11,374,716 12,676,808 12,139,575
B gyptian .............. “
2,425
62,632,554 79,219,308 61,644,733 55,579,575
C h in ese___________ “
95,614,488 10.732,697 13,165,040 11,612,224
Other_____________ “
678,730,266 543,592,025 527,651,581 440,415,251
Total ........... ........ “
880,830
1,087,184
1.055,303
1,357,460
E qual'g 500-lb. net bales
Yarn produced______ lbs. 451,706,800 445,912,200 441,974,400 367,869,200
Piece goods produced yds 289,039,671 226,313,958 196,728,208 164,537,299
Stock of raw cotton held
261,951
324,461
227,113
188,275
at mills— 40C-lb. bales

PORTO RICO COTTON C R O P — The production of
cotton (Sea Island) in Porto Rico in 1911-12 showed a fair
increase, the total exports having been 637 bales, as against
439 bales in 1910-11. As a matter of record, we give below
the statistics for the last five seasons as secured from offi
cial sources:
1911-12.
Exported,—
Bales.
T o New York, & c _________
506
T o Great Britain & Contln’ t
131

1910-11.
Bales.
236
203

T otal crop _______________
637
T otal weight, poun ds______ 216,283
Average weight per bale—
339.5

439
155,889
355.08

1909-10. 1908-09. 1907-08.
Bales.
Bales.
Bales.
160
521
280
157
117
208
317
111,710
352.40

488
174,309
357.19

638
236,313
370.40

W E A T H E R R EP O R TS B Y TELEGRAPH.— Reports to

Sept. 1 for the last two seasons, from all sources from whic
statistics are obtainable; also the takings, or amounts gone
out of sight, for the like period:

the crop has progressed rapidly

the past week, and cotton is being marketed freely.

1911.

1912.

Cotton Takings.
W eek and Season.

Week.

Visible supply Sept. 1 ----------- American In sight to N ov. 1____
Bom bay receipts to O ct. 31____
Other India shlp’ts to O ct. 3 1 - .
Alexandrla receipts to O ct. 3 0 - Other supply to O ct. 3 0 *______

707,936
10,000
4.000
65,000
9.000

4,852,854
Total su p p ly______________
Deduct—
Visible supply N o v . 1 __________ 4,453,538

Season.

Week.

Season.

2,417,616

4,056,918
2,135,485
4,458,744
47.000
44.000
279,000
55.000

1,603,418
4,572,111
50.000
53.000
155,500
64.000

656,319
6,000
1,000
46,900
8,000

7,019,229 4,135,835

6,498,029

4,453,538 3,697,725

3,697,725

438,110 2,800,304
399.316 2.565.691
T otal takings to N ov. 1______
382,210 2,269,802
332.316 2.145.691
Of which A m erican________
530,500
55,900
67,000
420,000
Of which other ____________
* Embraces receipts In Europe from Brazil, Smyrna, W est Indies, Sec.

IN D IA COTTON M O V E M E N T FROM A L L P O R T S.—
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:
1911.

1912.

October 31.
Receipts al—

Week.

Bombay.......... .....................

16,000

Since
Sept. 1.

Week.

47,000

6,000

Exports
from—
B om bay—

1912 . . .
1911 . . .
1910 . . .
Calcutta—
1912 . . .
1911 . . .
1910 . . .
Madras—
1912 . . .
1911 . . .
1910 . . .
All o hers—
1912 .
1911 .
1910 .

Great Conti- Japan |
Britain, nenl. JcChlna, Total.
3.000
1.000
26,000

6,000
3,CO
1,000
V.000 27,000

Since
Sept. 1.

1910.
Week.

50.000 28,000

Since
Sept. 1.
79,000

Since September 1.

For the Week.

us by telegraph this evening indicate that, favored by the
weather, the gathering of

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

Great
Britain.
2,000
' 2,666

Conti
nent.
44.000
17.000
112,000

Japan
<fc China
6,000
7,000
17,000

52.000
24.000
131.000

5.000
4.000
1,000
Galveston, T e x . — W e have had no rain during the week.
7.000
6.000
l ,000
1,000
1,000
The thermometer has ranged from 48 to 81, averaging 65.
6.000
4.000
2,000
1,000
1,000
A bilen e, T e x . — There has been rain on one day during the
3.000
2,000
5.000
1,000
1,000
week, to the extent of twenty-eight hundredths of an inch.
5.000
6.000
1,000
5.000
6,000
1,000
1,000
1,000
Minimum thermometer 36.
,
Palestine, T ex . — We have had rain on one day of the past
1,000
34.000
32.000
1,000
3,000
3,000
40.000
1,000
35.000
4.000
week the rainfall being four hundredths of an inch. The
30.000
20.000
4.000
' i ’,666
thermometer has averaged 63, the highest being 82 and the
lowest 44.
,
Total all—
96.000
7.000
6.000
83,000
7.000 3.000 , 10000
1912 . . .
Taylor, T e x . — Rain has fallen on one day of the week,
77.000
8.000
6.000
63,000
2,000
2.000
1911___
the rainfall being ten hundredths of an inch. Minimum
173,000
17,000
9.000
147.000
1,000'
30.000
1,000
28.000
1910 .
thermometer 44.
,
,
.
According to the foregoing, Bombay appears toshowaninSan A ntonio, T ex . — No rain all the week.
The thermome
crease compared with last year in the week’ s receipts of 4,000
ter has ranged from 44 to 84, averaging 64.
Exports from all India ports record an increase of
New Orleans, L a . — Light rain on one day of the week, the bales.
precipitation reaching ten hundredths of an inch. The ther 8,000 bales during the week and since Sept. 1 show an
increase of 19,000 bales.
mometer has averaged 69.
.
,
, ,,
Vicksburg, M is s . — We have had rain on one day of the
M A N C H E STE R M A R K E T .— Our report received by cable
past week, the rainfall being eighty-one hundredths of an
inch. The thermometer has averaged 64, the highest being to-night from Manchester states that the market is strong
for yarns and firm for shirtings. The demand for both
82 and the lowest 44.
,
.
.
Helena, A r k . — Good picking weather.
There has been rain yarn and cloth is good. W e give the prices for to-day below
on one day of the past week, the rainfall being fifty-nine and leave those for previous weeks of this and last year
hundredths of an inch. The thermometer has averaged 60, for comparison.
ranging from 39 to 77.
.
,
. . . .
.
1912.
Little Rock, A r k . — W e have had rain on one day during the
week, the precipitation reaching ninety-two hundredths of
SH lbs. Shirt- C.ol'n 8t* lbs. Shirtlugs, common Mid.
32* Cop
ings common Mid.
32* Cop
an inch. The thermometer has ranged from 46 to 78, aver
Upl's
to finest.
Upl's
Tivist.
to finest.
Ticist.
aging 62.
.
,.
,
n.
s d d. d.
d. s. d.
M em ph is,
T en n . — Picking is making good
progress.
d.
There has been rain on one day during the week, to the ex Sept
6.75 9 1*
@ 10 h 5 9 ©10 lot* 7.18
13 9t* @ 10t* 6 2 t * @ ll 2
9 @10 lot* 6.80
6.79 9 11-16 @ 10H
tent of twenty-five hundredths of an inch. Average ther
10
@ 11 6 2 @11 2
20
6.59 9 7- 16 @ lot* 5 8t*@ 10 9 t* 6.11
10J* 6 2 @11 2
16@
9
1327
mometer 62, highest 78, lowest 46.
. , . , , Oct.
5 7 t*@ 10-8 5.59
@ 10
M obile, A la . — Dry all the week.
Picking rapid, with ideal
4 9 t* @ 10JS 6 1 @11 IK 6.32 9t*
9 t* 5 7 @10 74* 5.31
@
11 9>4 @ 101 6 1 @11 it* 6.30 9
weather. The thermometer has averaged 65, the highest
5 6 @10 6
9t*
5.29
(ft
1
6.0)
@11
8t*
18 9tS @ lot* 6 0
9t* 5 5t*@10 44* 5.17
being 80 and the lowest 49.
25 9 7- 6@ lot* 6 0 @11 It* 6.10 8 11-16@
Nov
Selma, A la .— There has been a trace of rain on one day
5.17
9tS 5 5 @10 4
@
1 9tS @ lot* 6 1 @11 2t* 6.63 8tS
during the week. Thermometer has ranged from 45 to 78,
SH IP PIN G N E W S .— As shown on a previous page, the
averaging 60.
, ,
.
,
,
M ad ison , F l a — W e have had no rain the past week. exports of cotton from the United States the past week have
Average thermometer 69, highest 80, lowest o3.
reached 517,534 bales. The shipments in detail, as made
Savannah, Ga.— W e have had no rain the past week.
The u p f r o m m a il a n d t e l e g r a p h i c r e t u r n s , a r e a s f o l l o w s .
thermometer has averaged 64, the highest being 1 8 and the
*
Total bales
N E W Y O R K — To L iverpool— Oct. 30— Cedric, 6,186 upland, 20
lowest 49.
,
i .
,,
6,223
Sea Island, 17 P eruvian-------------------- ---------- ------------------- —
Charleston, S . C . — It has rained on one day during the
650
To Havre— O ct. 26— La Touraine, 650. - - - - - - - - - - - - - -;T
o
Bremen—
O
ct.
26—
Friedrich,
907
—
Oct.
30
Geo.
Wash
week, the rainfall being two hundredths of an inch.
Hie
3,772
ington, 2,865----------------------------- ------------------------------------------thermometer has averaged 63, ranging from 51 to 7a.
150
T o Barcelona— Oct. 29— Fllom achl, 150......... ...................- ..........
600
T o Genoa— Oct. 26— Perugia, 600-------------------------- -------------- Charlotte, N . C . — There has been rain on one day during
300
T o Leghorn— Oct. 26— Perugia, 3 0 0 - - ......... r ------------------------the week, the precipitation being eight hundredths of an inch. G A LVESTON
— T o Liverpool— Oct. 28—-Spyros VI llance, 12 487
__ Oct. 29— Drumcralg, 1 0 ,5 7 6 ---O ct. 30 V lctoilan, 23,229 46,292
Thermometer has ranged from 45 to 78, averaging 64.
T o Manchester— Oct. 26— Asuncion dc Larrinaga, 12,646 —
The following statement we have also received by tele
Oct. 31— Miguel d c Larrinaga, 12,340........... .....................— . 24,986
T o Belfast— O ct. 25— Torr Head, 5,494
----o ,4 9 l
graph, showing the height of rivers at the points named at
T o Havre— Oct. 23— Nlnian, 1 4 ,1 0 0 ---O o t. 2o St. Andrew,
8 a. m . of the dates given:
1 2 ,3 5 5 ..-O c t . 30— Elswlck Hall, 12.08038,541
Nov. 1 1912.
Feet.

New Orleans..................Above zero of gauge.
M em phis_____________ Above zero of gauge.
Nashville-------------------- Above zero of gauge.
Shreveport____________ Below zero of gauge.
V icksburg____ _______Above zero of gauge.

5.2
8.4
7.2
2.9
7.9

Nov. 3 1911.
Feet.

6.5
17.8
7.3
3.8
21.7

W O R L D 'S SU P P L Y A N D T A K IN G S OF CO TTON .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week andsince




T o Bremen— Oct. 25— Norderney, 9,454-- - O c t . 26— LIddcsdale, 10,672. Oct. 30— Celtic King, 13,709------------------------ 3o ’?25
To Hamburg— Oct. 30— Dortm und, 2.477 ---------------------------- 2,477
T o Rotterdam — O ct. 25— Standlsh Hall, 6 6 0 - . - ..........................
660
T o Antwerp— O ct. 29— S irocco, 1 .4 7 3 - - - ........... - .........................
1,473
T o Gothenburg— Oct. 24— Texas, M 0 0 - - - - - - - - - - - - - - - - - 1.100
T o Ghent— Oct. 29— Sirocco, 4,038 — Oct. 31
Ihurland
.
Castle, 6,688 .................................................................................... J O -'f?
T o Genoa— Oct. 25— Asprom entc, 14,341 .. . . . . .
----------- i *.*'*1
T o Barccloan— Oct. 30— Martin Saenz, 3 ,3 4 6 ...O c t . 31— bed ora .,6,55 7 ______________ _________ - .......... ............ ................... - V m m
T o Venice— Oct. 31— Fedora, 1,050-------------------------------------- - 
T o Trieste— Oct.
31— Fedora,
3,535---------------------------------------- 3,00

Nov. 2 1912.]

T H E C H R O N IC L E
Total bales.

T E X A S C IT Y — T o Liverpool— Oct. 25— Chancellor, 10,721. . -O ct.
28— Artist, 0,927; Inkum, 12,792. . _Oct. 31— Aphrodite,
8,802 ____________________________________
_ 39,242
T o Havre— Oct. 25— Dalecrcst, 1 2 ,7 10 .-.O c t . 31— Bendu,
11,285 ----------------------------------------------------------------------- 23,995
T o Bremen— Oct. 31— St. Leonards, 1 2 ,7 7 5 ..
. 12,775
N E W O R LE A N S— T o Belfast— Oct. 31— Torr Head, 1,300______
1,300
T o Havre— Oct. 25— Virglnle, 7 , 2 8 6 . ..Oct. 29— Hudson, 4,054 11,340
T o Bremen— Oct. 30— Swedish Prince, 5,400______
...
5,400
T o Hamburg—-Nov. 1— Hetfeld, 6 0 _______________________ ____
60
T o Naples— Oct. 31— IHllbrook, 2 00........................
_ _
200
T o Gothenburg— Oct. 29— Texas, 500__________
_
500
100
T o Christiania— Oct. 29— Texas, 100______ .
T o Genoa— Oct. 31— IHllbrook, 5,000___________
5,000
M O BILE — T o Havre— Oct. 29— Glcndene, 6,635 __
_
6,635
T o Bremen— Oct. 29— Irlston, 6 ,913____________
_
6,913
To Hamburg— Oct. 28— Jengeld, 525______
_
525
PENSACO LA— To Bremen— Oct. 26— Cayo Dom ingo, 9,666
9,000
SA V A N N A H — T o Liverpool— Oct. 27— Lucerlc, 19,610 .
19,610
_
_
7,046
T o Manchester— Oct. 25— Antigua, 7,046________
T o Havre— Oct. 31— Bretwalda, 12,865______
12,865
T o Bremen— Oct. 28— Lindenhall, 12,2 27 .. .O ct. 29— Fernley,
7 ,0 1 3 ...O ct, 31— Diadem, 5,650; Oct. 31— Theodore Wllle
4 ,1 1 1 ------------------------------------------------- -------------------29,001
T o Hamburg— Oct. 31— Diadem, 1,000__
1 000
T o Rotterdam — Oct. 26— Callisto, 1 0 0 ..-O ct. 31— Theodore
W llle, 1,918____________ ___________________
_
2,018
T o Oporto— Oct. 28— Lucerlc, 100_______________
100
T o Barcelona— Oct. 26— Teresa, 2 ,965___________
_
2,965
T o Trieste— Oct. 26— Eugenia, 7,200; Teresa, 1,200 .
. . 8,400
B R U N SW IC K — To Liverpool— Oct. 26— Mercian, 16,510
. 16,510
T o Bremen— Oct. 28— Gafsa, 12,350___________________ _____ 12,350
C H A R LE STO N — T o Liverpool— Oct. 26— Rosebank, 10,400
_ 10,400
T o Bremen— Oct. 29— Moorlands, 12,200____
12,200
To Barcelona— Oct. 31— Teresa, 2 ,200_____________
..
2,200
T o Trieste— Oct. 31— Teresa, 2,400------------------------------ ---------- 2,400
W ILM IN G TO N — T o Liverpool— Oct. 31— Snowdonian, 14,430 . . 14,430
____13,404
T o Bremen— Oct. 31— King Edgar, 13,404_____
BOSTON — T o Liverpool— Oct. 24— Sagamore, 2,233
Oct. 28—•
Franconia, 503----------- '------------------------------ .
___ 2,736
T o Manchester— Oct. 25— Caledonian, 998
_
998
B A L T IM O R E — To Liverpool— Oct. 25— V edam orc, 500
...
500
T o Bremen— Oct. 30— Main, 2 ,0 0 0 ..
_
2,000
.
400
T o Hamburg— Oct. 29— Bulgaria, 400_______
T o Antwerp— Oct. 25— Georgian, 300..........
.
300
P H IL A D E L P H IA — T o Liverpool— Oct. 26— Ilaverford, 3,440 . . . 3,440
T o Genoa— Oct. 21— Taormina, 1,559 .
1,559
SAN FRAN CISCO— To Japan— Oct. 26— Siberia, 4,111 .
. 4,111
P O R T TO W N SE N D — T o Japan— Oct. 25— Shidzuaka Maru, 731
. . . O c t . 30— Canada Maru, 3 ,5 1 0 .. . Oct. 31— Protcsilaus,
1,257 -----------------------------------------------------------------------------------5,498
Total ---------------------------------------------------------------------------------------------517,534
T h e p a r t ic u la r s o f th e fo r e g o in g s h ip m e n ts f o r th e w e e k ,
a r r a n g e d in o u r u s u a l fo r m , a re a s fo llo w s :
Great
Britain,
New Y o r k _____ 6,223
G a lv e s to n --------- 76,772
T e x a s C ity --------- 39,242
New O rlea n s .. . 1,300
Mobile ............. .. .......
P e n s a co la _____ ____
S a v a n n a h ______ 26,656
B r u n s w ic k --------16,510
C h a rle sto n ------10,400
W ilm ington--------14,130
Boston _______ 3,734
B a ltim o r e _____
500
P h ila d elp h ia __ 3,440
San F ra n cisco.. ____
P ort Tow nsend.............

French Ger- — Oth.Europe— M ex.,
ports, many. North. South.
&c.Japan.
650 3,772
1,050
...
...
38,541 36,312 13,959 28,829
...
...
23,995 12,775
........ ..
...
...
11,340 5,460
600 5,200
..
6,635 7,438
____
____
...
...
____ 9,000
____
____
..
..
12,865 30,001 2,018 11,465
..
..
12,350
______
...
...
--- 12,200
4,600
..
13,404
______
...
..
.......
.....................
.......
.....
.....
____ 2,400
300
____
___
___
____
____
____ 1,559
___
__
____
____
____
____
___4,111
. . . 5,498

T o t a l ---------- 199,207 9 4,026 145,112 16,877 52,703

...

Total.
11,695
194,413
76,012
23,900
14,073
9,000
83,005
28,860
27,200
27,834
3,734
3,200
4,999
4,111
5,498

9,6 0 9 5 1 7 ,5 3 4

The exports to Japan since Sept. 1 have been 33,157 bales
from Pacific ports.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
,
Sat.
L iv e r p o o l ----------------- 4 0 @ 4 5
M a n c h e s t e r ...........................
H a v r e -----------------------45
B r e m e n ---------------------55
45
H a m b u r g .....................
A n tw e rp ------------------- 4 5 @ 5 0
G h en t, v ia A n tw e r p 5 1 @ 5 8
R c v a l -------------------------45
..
B a r c e lo n a ___________
G en oa ---------------------- 5 0 ® 5 5
T r i e s t e -----------------------65
J a p a n _________________
55
B o m b a y -------------------60

Mon.

40@ 45
..
45
55
45
45@ 50
51® 56
45
..
50@ 55
65
55
60

Tues.

Wed.

Thurs.

Fri.

40@ 45
..
45
55
45
45@ 50
51@ 56
45

40@ 45

40@ 45

40@ 45

45
55
45
45@ 50
51@ 56
45

45
55
45
45@ 50
51@ 56
45

45
55
45
45@ 50
515056
45

50@ 55
65
55
60

50@ 55
65
55
60

50@ 55
65
55
60

505055
65
55
60

LIVERPOOL.— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
Oct. 11.
S ales o f th e w e e k ---------------------- -b a le s . 6 1 ,0 0 0
2 ,0 0 0
O f w hich sp eculators t o o k . ................
O f w hich e x p o r tc is to o k ____ ........... ..
2 ,0 0 0
S a le s, A m e r ic a n _________________
A c tu a l e x p o r t ................................................. ..
4 ,0 0 0
F o r w a r d e d ___________ _________............. .. 7 5 ,0 0 0
T o ta l sto ck — E s tim a te d _______ ............. .4 8 9 ,0 0 0
O f which A m e r ic a n .................. ................3 4 7 ,0 0 0
T o ta l Im ports o f the w e e k ____ ------------- 8 0 ,0 0 0
O f which A m e r i c a n ................. ------------- 7 2 ,0 0 0
A m o u n t a f l o a t . . ........... ...............-------------4 1 8 ,0 0 0
O f which A m e ric a n __________ ________ 3 6 5 ,0 0 0

Oct.

18.
6 0 ,0 0 0
2 ,0 0 0
4 ,0 0 0
4 5 ,0 0 0
2 ,0 0 0
8 9 ,0 0 0
5 1 9 ,0 0 0
3 7 6 ,0 0 0
1 2 1 ,0 0 0
1 0 3 ,0 0 0
4 8 6 ,0 0 0
4 3 9 ,0 0 0

Oct.

25.
5 2 ,0 0 0
1 ,0 0 0
2 ,0 0 0
4 1 ,0 0 0
3 ,0 0 0
9 4 ,0 0 0
6 0 8 ,0 0 0
4 6 8 ,0 0 0
1 8 6 ,0 0 0
1 7 7 ,0 0 0
4 8 0 ,0 0 0
4 1 6 .0 0 0

Nov.

1.
5 2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
4 2 ,0 0 0
6 ,0 0 0
1 0 9 ,0 0 0
6 4 3 ,0 0 0
5 0 8 ,0 0 0
1 5 0 ,0 0 0
1 3 2 ,0 0 0
5 4 9 ,0 0 0
4 8 2 ,0 0 0

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

Saturday.

Monday.

Tuesday.

1
j

Dull.

Good
demand.

Good
demand.

Wednesday. Thursday.
Fair
business
doing.

Fair
business
doing.

Friday.
Fair
business
doing.

Mld.Upl’ds.

6.28

6.21

6.29

6.36

6.50

6.63

S a le s.........
Spcc.& cxp.

4,000
300

10,000
500

10,000
1,500

8,000
500

8,000
500

8,000
500

Futures.
Market
opened

j 1 pt. adv.

Steady,
u n c h .to

Quiet,
7 points
decline.

Steady,
5 points
advance.

Quiet,
1 point
advance.

Firm,
11® 12 pts.
advance.

Steady,
3 @ 4 pts.
decline.

Market,

1

Steady,
X@ 4X
1 pts. adv.

Easy,
6 @ 8 pts.
decline.

Steady,
10X @ 11X
pts. adv.

Steady,
IX @ 3 X
pts. adv.

Firm,
19X @ 20
pts. adv.

Very sty.,
4 X @ 8 pts.
advance.

P. M.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.




1221

The prices are given in pence and lOOths.
Oct. 26
to
N ov.

1.

O c t o b e r ..
O c t .-N o v .
N o v .-D e e .
D e c .- J a n .
J a n .- F e b .
F e b .-M ch .
M c h .-A p r.
A p r.-M a y .
M ay-Ju n e
J u n e -J u ly
J u ly -A u g .
A u g .-S e p .

Sat,

M on.

12 x 12 x
p .m . p .m .
d.
06
05
95
95
95
96
98
98
99
99
08

Thus, 6 06 means 6-06-100d.

T u e s.

T h u r s.

W ed.

Fri.

12H\ 4

12 M
4
4
4
12 M
4
12'A
12 K
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

d. 1 d.
X 99 X
98X
88
88
X 89
X 90
91
X 92
92 X
92 X
X 92

98 X
97X
87 X
87 X
88 X
90
91
92
93
93
92

d.

d.

d.

d.

d.

d.

X 28
25
13
12 X
X 13
14 X
15 X
16 X
X 18
X 18
17 X
11 X

32
20
19 X
20
21 X
22 X
24
25
25
24 X
18 X

41 X
29
28 X
28 X
30
31
32
33
33
32 X
26 X

d.

14
13
06 X 10
05
09
12
12
00
94 X 98 X 00
00
94 X 98 X 00
95
99
oox 00
96
02
00 X 02
97
03
01 X 03
98
04
02 X 04
99
03 X 05
05
99
03 X 05 X 05
03
98
04 X 05
00
99

d.
40
27
27
27
28
29
29
30
30
29
23

X

X
X
X
X
.

OR E A D S T U F F S .
F rid a y N ig h t, Nov. 1 1912.
Flour has met with a moderate demand and prices as a
rule have been fairly steady. Buyers continue to purchase
only from hand to mouth, evidently being disposed to await
the drift of prices for wheat before abandoning this policy,
which they have pursued for so long a period as to suggest
that their stocks cannot be large. At the Northwest there
has been a notable falling off in business as far as most mills
are concerned. In one or two cases, it is true, they have done
a good business, some round lots of patent for export being
included in the sales. Most mills have plentiful directions.
But with some of them the new business shows a decrease
of 50%. The production at Minneapolis, Duluth and Mil
waukee last week was 493,020 barrels, against 497,170 in the
previous week and 375,870 in the same week of 1911.
Wheat has declined at home and abroad, despite the war
in the Balkans. With winter near at hand, however, it is
reasoned that the war is not likely to be greatly prolonged,
especially as the big Powers of Europe are supposed to be
inimical to its continuance and to be resolute in the deter
mination not to be drawn into any entanglements concern
ing it. Meantime the receipts at Northwestern markets are
very large. The world’s stock, moreover, during the past week
has increased some 12,000,000 bushels, against an increase
in the same week last year of only half this quantity. At the
same time the world’s shipments continue very large. They
reached the total of 14,144,000 bushels, against 13,968,000
in the previous week and 10,704,000 last year. Russia’s
exports reached the unexpected total of 3,584,000 bushels,
against 2,808,000 in the previous week and 2,453,000 in the
same week last year. Of late the diminished flour trade has
had some effect. So has the downward drift of European
markets. The stock at Minneapolis is steadily increasing.
While there has been some export business, it has not been
of large proportions. The domestic cash demand, too, has
shown some falling off. Foreign crop advices have been in
the main more favorable. The Argentine crop outlook is
very promising. In Liverpool they look for an increased
world’s movement of wheat in the near future, though they
are inclined to think that shipments from the Black Sea
may be small for a time, whatever they may have been of
late. The first cutting of the Argentine crop will begin in
the middle of November and that of the main crop in De
cember, In France the weather is very favorable for the
sowing of the new crop and a full acreage is expected. Native
wheat is offered more freely in that country. In Germany
the weather has been good for sowing winter wheat. Needed
rains have fallen in Australia, even if a larger rainfall is de
sirable. Yet, on the other hand, prices have shown some
resistance to the effects of a big increase in world’s stocks,
large world’s shipments and liberal receipts at the North
west. It is believed that Europe will need a good deal of
American wheat. Last week’s exports from American ports
were large, exceeding 6,000,000 bushels. There has been a
clash at Chicago over shipments of Duluth wheat to that
point. Three out of four cargoes or more which arrived at
Chicago of late, it is true, were accepted as No. 1 Northern
by both the State Department and the Board of Trade Grain
Committee, but one or two cargoes have been rejected by the
Board of Trade Committee in spite of their acceptance by
the State Department. Grain rejected by the Board of Trade
cannot be delivered on future contracts of the Board. De
spite the recent big increase in world’s stocks, they are still
only about half as large as they were a year ago. Offerings
of wheat are smaller in Germany. Complaints of poor qual
ity are heard from Russia. Rains have delayed sowing in
Roumania and Bulgaria. Native wheat is still very scarce
in Italy. Rain is needed in Spain and in parts of India as
well as Australia. To-day prices declined, owing to favorable
weather, expectations of increasing receipts and lower prices
in Liverpool. The Chicago Board of Trade and the New
York Produce Exchange voted to adjourn over Saturday,
Nov. 2, out of respect to the late Vice-President Sherman.
D A I L Y C L O S IN G P R I C E S O F W H E A T

Sat.

F U T U R E S IN NEW YORK.

Mon. Tues.

Wed. Thurs. Fri.

108
107
107
106
N o . 2 r e d ......................................... c t s . l 0 6 X 108
98 X 98 X
98 X 97 X
D e ce m b e r d e liv e ry in e le v a t o r ____ 100 H 99 X
M ay d e liv e ry in e le v a t o r ....................104 X 104
103 X 102 X 102 )4 101 X
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN CHICAGO.

Sat.

D e ce m b e r d e liv e ry in e le v a to r .c t s 93 X
M ay d e liv e ry In e l e v a t o r . ................. 98
J u ly d e liv e ry In e le v a to r .................... 94 X

Mon. Tues. Wed. Thurs. Fri.
92 X
97 X
93 X

92 X 91
97 X 96 X
93 X 92 X

91 X
96 X
92 X

89 X
95 X
91 X

L XXX\

T H E C H R O N IC L E

1222

G R A IN .
Corn has declined, especially on cash and October de
Corn.fperlbushel—
Cents-.
pcrlbushel— t.’ o f j s .
livery, under the weight of very heavy offerings. In two W heat,
N o.
N. Spring, N o. 1,
new ----------- 50 97
94 2 ____________ elevator Nominal
S te.a m e r ________ elevator Nominal
days October broke 7 cents a bushel. Cash corn in a single
N. Spring, No. 2,
new ----------nom
N o. 3 ________________ e .i.f. Nominal
lie d winter, N o. 2, new— 1 06
day fell 2 to 4 cents in various markets. The weather has
Hard winter. N o. 2 _______ 1 00 94 R ye, per bushel—
been more favorable and offerings of new corn have in Oats, per bushel, new—
68
N o. 2 ________________
Cents.
State & Pennsylvania.
nom .
S ta n d a r d s -----------------------39
creased. The world’s shipments have also been very
60 @ 7 0
N o. 2, w h ite........................... nom. Barley— M a ltin g _______
heavy. The total was 7,681,000 bushels, against 5,532,000
39
N o. 3 ........... ................... ........
bushels in the previous week and 1,530,000 last year.
The statements of the movement of breadstuffs to market
Liverpool and Buenos Aires prices have been declining. The indicated
below are prepared by us from figures collected by
Eastern demand for old corn has been small. The decline the New York Produce Exchange. The receipts at Western
in wheat has reacted on corn. Also, however, as already lake and river ports for the week ending last Saturday and
intimated, the weather has been favorable for curing the since August 1 for each of the last thee years have been:
crop. This has been one of the principal factors in the de
cline. At one time a good demand for export for new corn
Rye.
Corn.
Oats.
Barley.
Wheat.
for January and February shipment and covering of shorts Receipts at— Flour.
and wet weather had a tendency to strengthen prices. To
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAHlbs. bu. 56 lbs.
897,000 106.900
168,972
1,279,000 4,411,300
840,000
day prices were lower. The weather was better. New Chicago----568,100 148,500
500,100
84,960
Milwaukee..
67,600
241,500
corn is arriving at Chicago in increasing quantities, mostly
74,785
899,384
404,591
32,660 4,708,901
200.900
1,149,400
458,201
67,940
4,355,910
Minneapolis.
sample corn.
27,700
139,500
T oledo........
D A IL Y CLOSING PR ICE S OF NO. 2 M IX E D CORN IN NEW YORK.
Sat. M on . Tues. Wed. Tliurs. F ri.
............................ c t s . n om . nom . nom . nom . n om . nom .
Cash corn
December delivery in e le v a to r------nom . nom . nom . nom . nom . nom .
D A IL Y CLOSIN G PR ICE S OF CORN FU TU RE S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri.
October delivery In eleva tor— cts.
64 % 63 %
59 % 55%
50 94 ------December delivery in elevator. . . .
53 % 5 5%
52% 5 1 %
52% 51
May delivery In elevator___________ 52 94 52 94 52
51 94
51 94 50 94
July delivery in e le v a to r.................. 53
53
52 94 52 94
52)4 51 94

Cleveland . .
St. Louis__
Kansas City
Omaha____

26 000
16,000
35,916
940,228
23,000
1,310,400
793,200

24,000
43,113
176,875
251,766
106,800
57,375

396,212 13,297,115
336,016 6,560,298
374,379 5,907,305

2,120,129
2,804,379
3,069,135

' ' ' 5 ,400
10,500
72,680
38,400
..............

Tot.wk.’ 12
Same wk.’ ll
Same wk.’ lO

99,000
151,405
598,400
206,107
146,200
379,475

110,800
112,100

9,052
10,800

7,494,282 3.742,844
3,186,776 2,451,573
3,605,984 2,703,029

556,937
291,525
114,642

Oats have declined to some extent, but really have shown Since Aug. 1
1912 ___ 4,610,997 128,284,607 41,120,500 •70,644,674 20,270,745 6,418,418
more firmness than any other grain. Stocks are small and
1911 ___ 4,192,021 85,913,616 41,108,730 49,845,293 29,101,216 3,449.478
there is a steady demand. Cash prices have shown much
1 9 1 0 ----- 4,920,740 100,773,906 46,595,051 71,270,744 22,332,780 1,915,634
more firmness than those of corn. The visible supply is
Total receipts of flour and grain at the seaboard ports for
some 20,000,000 bushels smaller than it was a year ago.
Receipts have been liberal, yet the consumption has been the week ended Oct. 26 1912 follow:
Rye,
Harley,
Oats,
Corn,
Wheat,
Flour,
on a sufficient scale to prevent the free marketing from
bush.
bush.
bush.
bush.
bush.
Receipts at—
bbls.
weighing heavily on the price. Some large interests have New
16,650
572,100 227,027
208,125
York............. 216,458 1,316.460
1,170
5,962
129,462
15,857
been sellers. Commission houses have bought on a fair B oston__________ 52,725 303,050
5,100
313,058
15,150
656,180
Philadelphia........
77,148
ssale. Chicago’s receipts in a single day have been as high Baltimore________
4 7 .'
1,938
88,018 1,159.747
200,291
52,424
190,300
56,600
544,100
as 664 cars. But, as already intimated, the quiet absorptive New Orleans *___ 21,121
652,000
5,000
Newport News___
power of the market has neutralized the effects of the free Galveston________
1,000
1,000
26,000
419,000
______
24,046
6,515
movement of the crop. To-day prices declined. Con Montreal________ 11,425 1,816,333
siderable domestic and export businesswas done at Chicago, Total week 1912.. 437,301 5,255,354 416,565 3,041,703 6*2,417 65,812
however.
Since Jan. I 1912.14,513,977 111320,721 29,356,242 57,564,685 4216,72) 642,296
D A IL Y CLOSING PR ICE S OF OATS IN NEW YORK.
Sat. M on . Tues. Wed. Thurs. F ri.
39
39
S ta n d a rd s ...................... - .............cts . nom . nom . nom . nom .
No. 2 w h i t e . . ......................................n om . nom . nom . nom . nom . nom .
D A IL Y CLOSIN G P R IC E S OF OATS FU TU RE S IN CHICAGO.
Sat. M
" on. Tues.
"
—
• —
- ri.•
Wed.
Thurs. F
32
December delivery in elev a tor.cts. 32 >4 32 % 3 2 % 32
3\'A
33 % 33 %
May delivery In elevator.................. 34 94 34 % 34 % 34
33 % 33
July delivery in elevator.................. 34 94 34% 34 % 34

September 1912.
Ports.

New York----Baltimore___
Philadelphia. .

Wheat,
Bushels.
3,173,386
459,459
1,013,972
233,644

Other Atlantic
New Orleans.. 1,445,689
Other Gulf___ 2,044,280
924,567
Portland, Ore.
606,578
Puget Sound..
84
San Francisco.
151,000
Other border . . 3,089,272
Total all----- 13,141,931

Flour,
Barrels.
253,777
17,000
56,306
5,660
11,929
59,405
70,029
108,824
224,527
24,514
9,598
4,107

* Receipts do not include grain passing thorugh New Orleans for foreign ports
on through bills o f lading.

The exports from the several seaboard ports for the week
ending Oct. 26 are shown in the annexed statement:

Nine Months 1912.

Nine Months 1911.

Com,
Wheal,
bush.
Exports from—
bush.
26,476
New York______ 1,534,703
17,058
Boston_________ 292,695
Philadelphia___ 469,000
42,649
Baltimore_______ 103,910
9,000
New Orleans___ 736,000
Newport News....
..........
Galveston........................... 128,000
Montreal .............1,148,000
St. John.............................

Wheat,
Bushels.

Wheat,
Bushels.

Total week___ 4,412,308
Week 1911......... 2,182,384

EXPORTS OF WHEAT AND FLOUR FROM UNITED
STATES PORTS.— We give below a compilation showing
the exports of wheat and flour from United States ports
during the month of September and the nine months of the
calendar years 1912 and 1911.
Flour,
Barrels.

Flour,
Bane's.

6,844,811 2,357,052 6,253,075 2,684,794
1,885,781
315,219 4,670,970
727 932
447.98S 2,412,902
691 913
2,164,761
233,644
49,364
965,434
319.201
178 592
12,698
66,607
136,588
1,885,420
375,859
443,438
525 .56
687.057
3,150,722
612,566
250,760
45 ',042
516,096 4,051,208
2,988,540
2,260,228 1,927,207 1,731,528 1,361.386
215./: 2
307,374
433,113
27,125
21.1 4
14,574
879,700
581,000
95 865
3,089,272
45,548
310,305

846,276 25,140,008 7,035,454 22,989,081

7,975 897

EXPORTS OF BREADSTUFFS, PROVISIONS, COT
TON AND PETROLEUM.—The exports of these articles
during the month of September and the nine months, for
1910.
1912.
1911.
Exports
from
United States September. 9 Months. September. 9 Months. September. 9 Months.
Quantities.
Wheat ..bus 13,141,931 25,140,006 4,937,451 22,989,081 2,207,690 13,571,825
876,135 5,439,570
846,276 7,035,454 1,245,800 7,975,844
Flour___ bbl
Wheat*, bush 16,950,173 56,799,551 10,543,551 58,880,379 6,150,297 38,049,890
829,859 24,916,881 3,751,914 50,606,176 2,261,461 27,141,951
Total bush. 17,780,032 81,716,432 14,295,465 109,486,555 8.411.758 65,191,841
S
S
S
S
S
Values.
$
Wheat A Horn*16,567,801 57,709,989 10,606,986 59,152,770 6,818,912 41,999,631
779,264 19,570,445 2,823,506 29,624,003 1.491.759 19,170,034
Coni and mca
935,052
69,769
56,727 1,419,606
2,492,561 3,648,580
781,211 1,884,804
19,712 2,095,932
746,361 1,215,530
Barley
74
13,889
85,686
497
243
84,060
Pye ....
Breadstuff* 20,670,047 82,230,230 13,507,174 92,292,808 9,161,725 64,003,470
9,902,392 96,167.385 13,583.654 105,550,535 8,824,306 81,736,753
889,055 11,798,557
638,569 5,815,876
54,000 3.405,330
Cattle A hog:
Cotton.......... 45,406,258 332,892,449 58,915.400 298,604,533 54,886,037 247,064,284
Petroleum,Ac. 12,013,690 91,194,670 9.867.081 78,801,397 7,998,501 70,566.462
261,020 8,414,539
718,417 13,611,406
833,071 15,640,952

F LO U R .
W inter, low grades____$3 60@ $3 95 Kansas straights, s a ck s.54
W inter p a te n ts .----------- 5 2 5 @
540Kansas clears, sacks— 4
W inter straigh ts---------- 4 6 5 @
480City patents.................... 6
w in ter c le a r s __________ 4 25@ 4 30 R ye f l o u r _____________ 3
Spring patents------------- 4 8 0 @
510Graham flou r.................. 4
Spring straights----------- 4 6 0 ^
475Buckwheat, c w t ---------S pringclcars....... .......... - 4 5 0 @ 4 60




3 0 @ $ 4 45
0 0 @ 4 25
20(a) 6
85(ft, 4 10
0 0 09 4 70
Nominal

Oats,
bush.

F lo u r,

bbls.

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

Rye,
bush.

Barley,
bush.

9 0 ,9 7 8 ..............
5 3 ,5 3 9
6 9 ,8 0 9 ..................................
.....................................................
1 ,5 9 5 ,0 6 1
..................................
2 0 0 ..................................
6 5 2 ,0 0 0 ........... ......................
............................ ........................
2 ,0 0 0
1 7 ,0 0 0
1 ,0 0 0

1.000

Peas,
bush
8,613

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

95,183 205,907 2,410,048 17,000 54,530
621,603 292,879
170,151 -------- - ---------

8,613
7,614

The destination of these exports for the week and since
July 1 1912 is as below:
--------Wheat-------------------Flour--------------------Wheat------------------------ CornSince
Since
Since
July 1
Week
Week
July 1
Week
July 1
1912.
Exports for week and Oct. 26.
1912. Oct. 26.
1912. Oct. 26.
bush.
bush.
since July 1 to—
bbls.
bbls.
bush.
bush.
233,633
55,607
United Kingdom...110,591 1,396,114 1,805,533 24,035,913
14,000
Continent................ 56.609
474,684 2,359,719 23,101.032
261,780
1,129
So. & Cent. Am cr..
10,762 389,853
285,230
502,274
19,297
West Indies______ 23,130
529,024
16,725
36,642
19,150
Brit. No. Am. Cols.
4,786 30,587
....
16,026
Other Countries___
29
84,328 247,056
396,862
Total
205,907 2,904,590 4,412,308 48,435,762
Total 1911............. 292,879 3,519.923 2,182,384 29,038,259

95,183
621,603

1,064,355
9,016,853

The world’s shipments of wheat and corn for the week
ending Oct. 26 1912 and since July 1 1912 and 1911 are shown
in the following:

Exports.
Week
Oct. 26.
Bushels.
North Amcr. 6.672.000
Russia____ 3.584.000
Danube___ 1.096.000
Argentina . . 760.000
776.000
Australia . .
In d ia _____ 1.160.000
96,000
Oth. countr’s

Since
July 1.

Since
July 1.

Week
Oct. 26.

Since
July 1.

Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
342,000 8,037,000
56.000
73.546.000 57.066.000
68.000 4.872.000 18.084.000
46.499.000 34.418.000
68,000 8.189.000 23.768.000
23.785.000 31.383.000
60,000
24.730.000 17.816.000 7,489,000 101.827,000
8.352.000 15.880.000
29.936.000 17.058.000
2.998.000 3,523,000

T o ta l___ 14144000 209,846.000 177,144,000 7,681,000 115,230,000 49,049,000

The quantity of wheat and corn afloat for Europe on^dates
mentioned was as follows:
Corn.

Wheat.
United
Kingdom. Continent.

88,879,458 621,531.016 •'7,480,781 600,662,236 81,770,106 477,601,384
♦Includes flour reduced to bushels.

The following are closing quotations:

48,045
820,871

Week 1911........... 392,572 .3,244,182
385,284 1,115,697 102.816
Since Jan. 11911.15,768,967 71,231,991 59,844,260 45,927,894 3636,148

Oct.
Oct.
Oct.
Oct.

26
19
28
29

1912..
1912..
1911. 1910..

Bushels.
18.144.000
18.256.000
20.880.000
18,024,000

Bushels.

Total.
Bushels.

United
Kingdom. Continent.
Bushels.

Bushels.

H

4

Total. ’I
Bushels.

20.464.000 38,608.000 13.336.000 19.627.000 32.963.000
18.584.000 36.840.000 11.348.000 19 975,000 31.323.000
10.272.000 1,152,000 1 ,S02,000 2,695,000 4,497,000

20.744.000 38.768.000 8.687,000 15.742.000 24.429.000

The visible supply of grain, comprising the stockstin
granary at principal points of accumulation at_iklakeXan(^
seaboard ports Oct. 26 1912, was as follows:
•

Nor. 2 1912.]

T H E C H R O N IC L E

UNITED STATES GRAIN STOCKS.
Amer.Bonded Amer. Amer.
Amer. Amer.Bonded
Wheat. Wheal. Corn.
Oats.
Rye. Harley. Barley
In Thousands—
bush. bush. bush.
bush. bush. bush, bush
New Y o r k ................ -913
26
124
985
6
4
100
B oston ........ ............. . .
170
2
5
125
3
2 .
Philadelphia.............. -508
49
11
318
Baltimore................ . . .
909
1
46 1,445
60
New Orleans.............. - 733
156
152
Galveston.................. - 836
20
Buffalo ...................... - 730
734
409
248
24
314
Toledo_____ _______ - . 1,188
101
565
42
D etroit........ - ........... - 173
106
25
12
Chicago ....................
1.227 1,633
122
123
Milwaukee........ ....... - 203
44
254
125
129
D uluth____ _______ -- 5,688
241
259
158 1,450
406
894
St. Louis.................... . . 3,430
28
282
18
1
Kansas City.............. - . 5,646
14
52
Peoria_____ _______ ..
4
69
340
Indianapolis_______ - .
390
306
294
Om aha____ _____ __ . .
744
154
481
21
46
On Lakes--------------- -- 4,325
173
481
98 1,038
On Canal and River. . .
433
—
67
175
Total Oct. 26 1912. ..39,246 1,053 3,000 8,711
1,093 4,273
Total Oct. 19 1912. -.36,668
770 3.164 9!l2fl
987 4,110
Total Oct. 28 1911. ..62,618
2.500 22.520
1,017 4,151
Total Oct. 29 1910. ..40,120
—
3,510 17,023
433 2,958
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats,
Rye. Barley. Barley
In Thousands—
bush. bush. bush. bush.
bush, bush bush. bush, bush
Montreal ____________ 1,339
.
8
~—
252
54
143 .
Et,.William A Pt.Arthur 9,265
1,450
Other Canadian............ 3,624
1,218
Total
Total
Total
Total

The value of these New York exports since Jan. 1 has
been. $21,750,180 in 1912, against $19,477,480 in 1911.
The political situation has been responsible for a quiet
trade in domestic cotton markets during the past week, but
despite this fact a steady undertone has been maintained.
Many buyers from distant parts of the country will not leave
their home centres until after election, and prior to this day
mad orders will comprise the major part of the business.
Merchants, however, appear to be content with the situation
and outlook. Liberal sales have been made for near-by and
future delivery and stocks are light. Ducks, drills, sheet
ings and other heavy goods are well sold up until spring.
An active business has been booked in blankets. Denims,
tickings and coarse colored cottons are well sold for a number
of weeks, with stocks in mill hands at a minimum. More
attention has been given a number of lines of wash fabrics,
although buyers are not inclined to place substantial orders
until after election. A fairly active trade has been passing
in dress ginghams, with a large business predicted for the
spring. Bleached cottons are in moderate request; sizable
sales are reported in napped goods, while there is also a
fairly good demand for hosiery and knit goods. Regarding
knit fabrics, indications are that there will be a scarcity in
many lines. Among buyers of carpets and rugs there is
considerable talk of an uplift in prices, no matter what the
outcome of the election is.
Print cloths are developing a
firmer undertone, particularly wide cloths, and fair sales
have been made. Narrow cloths are quiet. Gray goods,
383^-inch standards, are qouted at 5 to 5>^c.
WOOLEN GOODS.— Markets for men’s wear and dress
goods continue in a strong position, with mills working at
full capacity to meet deliveries on business booked. Buyers
are already talking of fall 1913 contracts, and it is reported
that a few fair-sized orders have been placed in fancy worsted
suitings and staple woolens. The approach of the election
has had a tendency to restrict business in some quarters, but
there are many who are not troubling themselves about
politics and are placing orders in a moderate way.

Oct. 26 1912... 14,228
Oct. 19 1912...11,428
Oct. 28 1911... 8,030
Oct. 29 1910...11,031

8 2,920
143
16 1,459
58
334 4,412
28
119
483
30
SUMMARY:
Bonded
Bonded
Bonded
Wheat. Wheat, Com. Oats. Oats, Rye. Barley. Barley,
In Thousands—
bush. bush. bush. bush. bush. bush. bush. bush.
American------------------ 39,246 1,053 3,000 8,711
1,093 4,273
60
Canadian.......... .......... 14,228
8 2,920
54
143
Total Oct. 26 1912...53,474 1,053 3,008 11,631
37 1,147 4,416
Total Oct. 19 1912...48,096
770 3,180 10,588
37 1,058 4,108
Total Oct. 28 1911.. .70,648
2,834 26,932
1,017 4,170
Total Oct. 29 1910...51,151
3.029 17,506
433 2,988

DRY GOODS TR A D E .
. New York, F rid a y N ight, Nov. 1 1912.
ihe dry goods situation continues satisfactory from every
standpoint except that of deliveries. Most lines are in active
request and mills are being urged to complete October
deliveries. Viewed from the position of manufacturers, the
past month has been a good one, and as mills are well filled
with business for the remaining two months of the year, there
is little prospect of any shading of prices during that period.
Also, considering the excellent crops and the general expan
sion in all other lines of business, the dry goods industry, by
reason of its prominence, must be among the first to be bene
fited. In cotton goods prices are firmly maintained, and
with the price of the staple again on the upturn, buyers who
have recently been expecting a lower range of values during
the coming month are now despairing of their hopes. Job
bers are in receipt of a steady volume of mail orders, but
store trade is rather slow, owing to the proximity of the
elections, which has taken many buyers home, not to return
until they are over. Marked improvement in export quar
ters has also given new impetus to trading. Print cloths are
steadier and more active this week, recent sales having pretty
well cleaned up supplies. The fall season in heavyweight
underwear is practically closed, although much business is
still being offered where manufacturers and selling agents
are in a position to make suitable deliveries. Retail stocks
of these goods are very poor, and, with the approach of cold
weather an unexpected heavy demand has come forward to
jobbers. The latter having failed to make ample provision
in advance, and being unable to secure additional supplies
from manufacturers in time to be of any use, are being
rapidly cleaned out, and indications point to a severe short
age of these goods as the season progresses. In woolens and
worsteds the pronounced shortage of desirable dress fabrics
for fall and winter is a source of much anxiety to retailers
and clothiers. With the approach of cooler weather, initial
stocks in the hands of retailers arc found to be wholly
inadequate to meet the demand, while manufacturers and
jobbers are in no position to relieve the situation. In men’s
wear the^ situation is a shade quieter, duplicating on spring
goods being very slow. This is due to the unusually heavy
initial business. Mills are taxed to meet their present book
ings, and in some instances there have been cancellations on
the part of buyers who had overbought at the opening.
Consequently clothiers are not expected to require much
more in the way of spring materials, and duplicate ordering
will probably be light.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Oct. 26 were 9,541
packages, vivlued at $653,615, their destination being to the
points specified in the tables below:

THE

New York to Ociober 26—
Great B ritain..........................
Other E urope......... ..........
China------------------------ --------I n d i a .......................................
A rabia_______________
Africa .................... .......................
W est Indies.................................
M exico _______________________
Central A m erica________________ —
South A m erica...............................
Other countries.............................
T o t a l ...........................................




Week.

...

215

--.9 ,5 4 1

Since
Jan. 1.
O
1)01 X
KK RJA
9/1
tL
'1,77H
#/ U
An
aX
1U
«) , O
9/1 RS7
*17
O
i i770
f #u
2 881
17)387
60,562
61,304
333,600

FOREIGN D R Y GOODS.— An active demand is reported
for all kinds of linens at advancing prices, and buyers are
experiencing considerable difficulty in obtaining deliveries
when promised. Advices from abroad note firm markets,
due to the scarcity of raw material and increased manufac
turing costs. Orders for dress linens for spring delivery have
been large. Housekeeping linens are selling well and there
is an active call for colored linens of all qualities. Burlaps
during the week have not developed any particular new fea
ture, continuing firm, with business fair. Lightweights are
quoted at 6.85c. and heavyweights at 8.75c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Oct. 26 1912 and since
Jan. 1 1912, and for the corresponding periods of last year,
were as follows:
g

i

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OI

>u
Co CO
t'O»-*

O
<1n
you
JL,OU6
91lU
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1
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281
903
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5,670

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COCO Cl *-» COttk -si
oo CX CDCDO CI O
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COCOCO

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i ci b b b
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oi o o to co
to 00 00 o MCO oo
01 to to oo to
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00 «s|CXO ■“!

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£
M
a
W
2
o
o

g

1-9
0
1 ►SS £ g £ g ? ~

H* ^

b
8
Sr
O
9 ap
*

g

g

s a g g s iS

£
5
o
a
H

B

CO

§
*-9
w
a
a
G
a
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II

Oi Cl >-* Kl
o m o co
^ CO^
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a

to *0 .
b b b co -si

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764
1,064
82,264
21,285
17.661
11,618
34,645
2,006
16,813
47.662
34,250 |
270,032

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2. t» £ S o e
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•1911-----Since

Week
00
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CO4k. Ci co to a S
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4* to oo 4* 4* oo g. £ 2*
■“ S’
o b o b b
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a

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T H E C H R O N IC L E

1224

N ew s Ite m s .
Colorado.— Attorney-General Asks D ism issal o f A ppeal in
Bond C ase.— Washington dispatches state that on Oct. 25
Attorney-General Benjamin Griffith of Colorado filed with
the Supreme Court of the United States a motion to dismiss
the appeal brought recently by the Post Printing & Publish
ing Co. from the decision of the Supreme Court of Colorado
upholding the constitutionality of the refunding amendment
to the State constitution providing for a bond issue of $2,
115,000 to refund old State warrants. V. 94, p. 1712.
Copiah County (P. O. Hazlehurst), Miss.— Bonds Declared
V alid.— The Mississippi Supreme Court on Oct. 21 declared
valid the $75,000 5% coup. Road District No. 1 bonds
awarded several months ago to the Capital National Bank
of Jackson. V. 95, p. 127.
New Jersey.— W ater L and Deal Approved.— On Oct. 22
Governor Wilson approved the plan of the State WaterSupply Commission for the purchase of certain property
known as the Wharton tract consisting of about 110,000
acres of land in Camden, Burlington and Atlantic counties.
After considerable negotiation through the State WaterSupply Commission, the property was finally offered to the
State for $1,000,000, the executors of the estate of the late
Joseph Wharton taking in exchange for same 50-year bonds
bearing 2% interest for the first and second years, 3% for
the third and fourth years and 4% for the succeeding years.
A ccording to the resolution adopted by the Commission, the property,
which Is now owned by the estate of Joseph W harton, controls the entire
rights to the flow of the Batsto, Mulllca and Atslon rivers at tidewater at
B atsto, Atslon and Harrlsville, making this one of the greatest, practically
unpopulated, watersheds cast of the Mississippi Klver, the water being
of such quality as to make it particularly desirable for potable and manu
facturing purposes. The resolution further states that the streams within
the tract are capable o f a developm ent of 400,000,000 gallons of water
dally, or enough to supply 4,000,000 people and sufficient adjacent property
can be acquired at low cost in addition to what near-by property Is already
owned by the State to furnish an additional supply for 2,000,000 more peo
ple and provide all necessary reservoir sites.
___,
,
An appraisal of the property shows a value of $378,000 for 460 acres or
cranberry bogs, 650 acres of cedar and 300 acres of farm land, the balance
o f 108,690 acres, valued at $6 per acre, making a total valuation of $1,030,
140, exclusive o f the water rights.
,. . .
The net revenue at the present time from this property Is said to nc
abou t $20,000, and the Commission believes this revenue can be greatly
Increased by placing the 11,540 acres o f undeveloped cranberry land under
cultivation, renting the many acres of undevclaped farm land, selling the
tim ber under proper restrictions, provide for raising berries and fruit (this
land being surrounded by cranberry growers and profitable berry and fruit
farm s), and develop In other ways the great reaches of this tract under prope
regulations and restrictions so as to produce a large revenue for the carrying
of the property without In any way Impairing the purity of the water supply.
It is also suggested that a part could be set aside for the raising of game
and thus provide a vast preserve, meeting the widely expressed desire for
the establishment of a great feeding groung for game animals and birds
and migrating wild fowl during the winter months.
The waters from this tract, It is set forth, could by State distribution be
delivered to the municipalities south of the Karl tan Klver at a low cost
and with the assurance of a larger and better supply than could be pro
cured elsewhere, and, m oreover, afford a potent inducement for the loca
tion o f manufacturing plants requiring soft and pure water.

New York City.— Budget fo r 1913.— The Board of Estimate
and Apportionment on Oct. 31 finally adopted the budget for
1913, anounting to $193,047,246, an increase of almost 12
millions over the 1912 budget, which was fixed at $181,090,
657 (V. 93, p. 1619). It is not expected, however, that it
will be necessary to raise the tax rate, as the rise in the as
sessed values is considered sufficient to offset the increase in
appropriations. The principal items in the 1913 budget,
with increases over 1912, are as follows:
E d u ca tio n ....... ................... ..................
P o lic e __________________ __________
F ire_________________________ ______
W ater Supply, Gas and Electricity
Street Cleaning___________________
Parks (including Institutions)-----Bridges...................................................
Docks and Ferries...................... ........
H e a lt h ......... .........................................
Public Charities-----------------------—
C o rre ctio n .......................... .................
Bellevue and Allied H ospitals-------Tenem ent H ouse___________ _______
Law Departm ent___________ ______

Appropriation
1913.
$36,734,838
16,738,071
. 8,945,945
. . . 7,543,191
. . . 7,714,076
___ 3,595,891
...
922,255
...
2,957,677
. . . 3,381,619
...
3,625,026
. . 1,269,246
...
1,364,276
.
809,275
.
892,440

[or
62
46
40
86
46
71
25
57
50
38
87
00
00
00

Increase over
1912.
$1,734,349 91
315,670 24
308,579 85
149,852 01
211,888 79
15,290 86
16,961 00
15,229 06
230,322 50
304,863 00
41,340 13
65,930 00
2,948 00
54,030 00

New York State.— M odification of Proofs Allowed in S u it
fo r Registration under Torrens L and R egistration Law .—
Justice Crane in the Supreme Court, Brooklyn, on October 25
handed down an interesting opinion in a case (Crabbc vs.
Hardy) in which a title to land at Rockaway Beach was
permitted (after modification of proofs) to be registered
under the provisions of the Torrens Land Registration Law,
which went into effect on Feb. 1 1909.
Justice Crane,
then sitting at Special Term in New York County, had on
May 6 1912 declined to register the title on the ground that
the proofs presented were not sufficient to prove good title
to tho premises in question. The Court at that time stated
that the law providing for the registration of title to real
property is not intended for the registration of bad titles
giving applicant a judgment title which he does not have,
or as a means of curing defects or clearing title, but to
establish by final judgment that the applicant has title so
that thereafter the records need not be re-examined. There
are, it is stated, other kinds of actions at law for curing
defects or clearing clouds on titles (135 N. Y. Supp. 119.)
The Court, in the opinion now rendered, states that the
plaintiff made application to reopen the case and to intro
duce evidence to meet the defects in title pointed out in the
earlier opinion and rendered sufficient proofs (which are
mentioned in detail by the Court) to warrant the registration




[VOL. LXXXXV.

of the title. (“ New York Law Journal,” Oct. 26 1912). Tho
decision is deemed important by strong advocates of the
Torrens’ system as tending to show the feasibility of proving
title under its requirements in cases not devoid of com
plications in regard to proofs. We are reliably informed by
counsel in position to know that the question of the con
stitutionality of the law has not been passed upon by the
courts in any of the cases brought to secure the registration
of titles. While as a fact it was attempted in some of the
cases to secure a decision on that point, the courts for one
reason or another held that the question had not been proper
ly raised or need not be passed upon. Hence, the only
points thus far considered by the courts have been technical
questions involving proofs of title under the law similar
to those which constantly arise on transfers of title from
old to new owners or when the validity of the title is dis
puted by other claimants.
Newark, N. J.— Court of E rrors and A ppeals Decides
A gainst City in P ru d en tial T ax Case.— The Court of Errors
and Appeals on Oct. 25 announced its unanimous decision
affirming the ruling made by the New Jersey State Supreme
Court on Dec. 28 1911 holding that the fund reserved by the
Prudential Insurance Co. upon its deferred dividend policies
was exempt from taxation by the City of Newark. V. 94,
p. 575. In accordance with this decision the Insurance Com
pany on Oct. 28 filed a formal petition with the County Board
of Taxation upon which a hearing will be held Nov. 18, ask
ing the exemption of its deferred dividend fund of $29,342,
647 12, included in the present tax roll.
Nicaragua.— E xternal Debt A djusted.— Cable advices re
ceived yesterday announced that the agreement for the
settlement of the external debt of Nicaragua had become
operative, the holders of more than five-sixths of the total
issue of 6% gold bonds of 1909 having signified their assent
by depositing their holdings with the Corporation of Loreign
Bondholders of London (see V. 95, p. 560). The facts
leading up to the agreement referred to are stated as follows
by the New York Counsel of the Corporation, Edward L.
Andrews:
In 1909 Nicaragua arranged through the Ethclburga Syndicate for an
Issue of £1,250,000 6% 35-year bonds, £500,000 to be reserved for exchange
with holders of antecedent Issues and the remainder to be applied In large
part to the construction of a railroad. The bonds for that purpose were sold
In Europe at 92 to 93 K : and the proceeds deposited by the Ethclburga
Syndicate In English and French banks.
The construction of the railroad, which was to furnish a part of tho
security for the bonds, was prevented by the Nicaraguans, according to Mr.
Andrews, and the m oney laid inactive In the depository banks. The bonds
were also secured by a first lien on the export and Import duties of Nicara
gua. The interest was paid until July 1 1911, at which time the Nicaraguan
Government became involved in civil difficulties and failed to remit the
funds for the paym ent of the coupons falling due on that date, whereupon
the Ethclburga Syndicate applied a sufficient portion o f the moneys In the
European banks to that purpose. When the coupon of Jan. 1 1912 ma
tured, Nicaragua still failed to remit the necessary funds, claiming some
difference with the Ethclburga Syndicate, and a default then transpired
in the paym ent of the interest.
, , , ,
A t this stage The Corporation of Foreign Bondholders was invited by
the security-owners to undertake the adjustment o f the business.
In effecting a com prom ise b y an agreement which was executed on
May 25 1912, after approval by the Congress o f Nicaragua, the cash In
bank, amounting to nearly $1,900,000, was taken into account in the
following way. The bondholders received sufficient to pay the defaulted
coupons and the coupons falling due on Jan. 1 !9 1 2 a n d J a n . 1 1913. Inter
est on defaulted coupons was also provided: and the sinking funds were
placed in full operation. The balance, amounting to nearly $1,200,000,
was turned over to the republic.
, .
. . _ . _____
The future of the security Is arranged on this basis: T he Interest Is reduced
from 6% to 5 % , but this concession is accompanied b y a provision for the
collection of the revenues by officials "approved by the I resident of the
United States of Am erica” ; for the m onthly remittance o f revenue collec
tions to New York: and by N icaragua’s recognition of the right to apply
to the United States for protection against the violation of the agreement.
There is also a clause for taking up the bonds at prices ranging from 93 and
upwards after the continuation of the pending treaty by the Senate.
This Is the arrangement whch has now been declared operative.

Texas.— Condition of State F u n d s.— The State Permanent
School Fund of Texas on Sept. 1 1912 contained $90,72!) 80
in cash and $18,290,262 03 of various investments. In
addition, the fund owned on the same date land valued at
$2,454,264 73 and land notes amounting to $50,909,287 42.
The details of the investments held Sept. 1 1912 are as follows:
Cash on hand.................. ................................ .......... JSVan l Y a i k
$00*720 80
City and Independent school district bonds — $.>,28U,729 /a
County bonds..............- .......................................... T’ SiX’Siln Sn
County com m on school district b o n d s-......... - 1,263,750 uu
State penitentiary railroad bonds................. - 100,000 00
State of Texas b o n d s ............................................ 2 '77? ’ 995
•Houston & Texas Central K R . bonds_______
432,000 00
•Galveston Harrisburg & San Antonio K y. bds.
408,000 00
•Washington County K R . bonds-------------------37,017 00
295,800 00
x H. T . & B . R y . Co. bonds........................ ........
« Texas & New Orleans K y. bonds----------------430,500 00
A ccrued lnt. to May 1 1870 on T .& N .O .K y .b d s.
220,631 25 ^
^ ^
^
Land
Land

notes, 3s............................................ $48’ a7o’7:m
notes, 4s.............................................
3Z$'720

5SSS 233: 12::::::::::::::::::::::::::: 'il l& l
Land

notes. 10s..................................................... ...........M J 9 60 5Q,909,287 42

T o ta l..................................................................................................$69^290^27915
Debits to be Deducted from Face o[ Bonds.
Sinking fund paid on county bonds....................
$42,860 00
Sinking fund paid.on T . & N. O. K y. b o n d s ..
150,592 00
•Houston & Texas Central K y. bonds.............
432,000 00
•Washington County R R . b o n d s .-................
37l0j^ n n
•Galveston Harrisburg & San Antonio Ky. bds.
408,000 oo
„I I w
m
ft.
B
.
R
v.
Co
295,800
00 1,366,269 00
I . l . o e u . u y . v u .............................................. ........... .. .............
Actual value of above securities____________ ________ ____ $67,924,010 25
•H. & T . C. K y., W ashington County R y. and G. H. & S. A . R y com 
panies bonds, debt discharged under the decision of the Supreme Court,
United States, allowing the roads credit for payments made on account
Interest and sinking funds, said payments having been made In Treasury
warrants during the Civil W ar.
. . . . . . . .
.
.. . .
x H .T . & B. K y .C o. bonds were never paid In full, the road was soul at
auction In 1871 and bought In by the State, and afterwards sold by the State
for $ 1 3 0 ,0 0 0 .
.....................................................................

Nov. 2 1912. j

T H E C H R O N IC L E

V T. & N .O .R y . bonds, face value $430,500, and accrued Interest on said
amounts to May 1 1870, $220,631 25. Total debt $651,131 25, the sum of
$359,761 86 principal has been paid, leaving the balance due on said bonds
$291,369 39. On tills last amount Interest and sinking fund Is paid semi
annually.
Land Account.
1,636,176.49 acres owned Sept. 1 1912, value $1 50 per a cre. $2,454,264 73
Number of acres leased—
150,407.61 acres leased at 3
cents per acre...
$4,524 22
26,866.00 acres leased at 3
Mcents per a c r e .. 1,141 80
103,032.60 acres leased at 3
Hcents per a c r e .. 5,151 63
67,886.20 acres leased at 4 cents per a c r e ..
2,715 44
51,190.50 acres leased at 5 cents per a c r e ..
2,559 52
2,181.20 acres leased at 6 cents per a c r e ..
130 87
1,920.00 acres leased at 7 cents per a c r e ..
133 40
4.30 acres leased at 10 cents per a c r e ____
43
2.20 acres leased at 20 cents per acre____
44
6.66 acres leased at 40 cents per acre
2 66
---------------------16,360 41
Total amount received per year on leases
..................
$16,360 41
Number of acres leased, 403,997
Estimated Income to Permanent School Fund for Year ending A u g. 31 1913
Annual Interest on cou nty bonds_____________
$281 857 71
Annual int. on city and ijid. sch. dlst. b o n d s ..
320)200 49
Annual Interest on State bonds_______________
92 605 00
Annual Interest on T . & N. O. R y. bonds____
14)794 qg
Annual Interest on land n otes________________ 1,576,036 32
Total annual Income (lease on land not included)________ $2,285,494 00

In addition to the Permanent School Fund, which is the
largest and most important fund carried by the State of
Texas, there are a number of other funds. The condition
of these funds on Sept. 1 1912 is reported as follows, the
land leases being as of Sept. 1 1910, the last report made.
Permanent University Fund.
Cash on hand S ept. 1 1912_____________ ___ ___
State of Texas bonds __________ _
" '
Land notes, 5 s-----------------------------------------11111" '$'38,174'48
Land notes, 10s........... ......
.........
jg
2,067,105 acres o f land 1910— estimated value $1 per a c r e ..

$10,260 06
603,600 00
39,021 63
2,067,105 00

. Total value------------------------------------------------------------------------ $2,719,986 69
Lands Leased by Permanent University Fund Sept. 1 1910.
204,966 acres at 2
cents per acre 313,280 acres at 5 cents per acre.
179,874 acres at 2 'A cents per acre
28,063 acres at 6 cents per acre.
107,880 acres at 3
cents per acre 793,662 acres at 7 cents per acre.
119,040 acres at 4 y, cents per acre. 24,960 acres at 8 cents per acre.
„
...
,
,
.
295,380 acres at 10 cents per acre.
2,067,105 acres leased, annual Incom e______________________
$121,628 29
AffrfcuWiiral and Mechanical College Fund.
2 654 04
Cash on hand Sept. 1 1912______
State of Texas b o n d s_____ ________ ZZZZZZZZZZZZZZZZZZZZZ
205 000 00
T ota l..................................................................................................
_ .
,
. _, . ,p f ™ " lnent Orphan Asylum Fund.
Cash on hand Sept. 1 1912___________
State of Texas b o n d s .________
_____
Land notes, 3s, $30,329 08; land notesZ 5s, $8,404 12 ~.........

$207,654 04

T ota l........................ - .......................................................................
„ ,
, „
„ Permanent Blind Asylum Fund.
Cash on hand Sept. 11912____________
State of Texas bonds--------------Land notes; 3s, $26,401 28; 5s, $9,706 34; lbs, $623 5 7 .Z """

$78,606 81

T otal..................................................................................................
Permanent Deaf and Dumb Asylum .
Cash on hand Sept. 1 1912_________________________________ _
State of Texas bon d s__ ___________
_
Land notes: 3s, $37,262 88; 5s, $28,319 05; 10s, $257 16____

$175,600 56

T otal..................................................................................................
Permanent Lunatic Asylum Fund.
Cash on hand Sept. 1 1912___________________________________
State b o n d s .--------- ----------------------------------------------- . . . . .
Land notes: 3s, $20,783 48; 5s, $8,923 21; 10s, $1,189 30____

$175,982 22

T o t a l-................................................................................................

$160,314 86

$9,273 61
30,600 00
38,733 20

$4 469 37
134’400 00
36,’731 19

$5,843 19
104*300 00
65)839 03

$3,118 87
126,300 00
30,895 99

The figures for the fiscal year to Aug. 31 1911 were pub
lished in the “ Chronicle” Jan. 27 1912, page 293.
United States.— Income T ax Amendment R atified by Thirtyfo u r States. According to press dispatches from Washing
ton, thirty-two States have notified the State Department
of the action of their legislatures in ratifying the proposed
Amendment to the Federal Constitution giving Congress
power to levy a tax upon incomes. The list of States that
have submitted notices of approval does not include Ohio or
Louisiana, but our records show that the legislatures of
both of these States have ratified the Amendment. The
Ohio Legislature adopted a resolution ratifying the Amend
ment as far back as Feb. 8 1911, while the Louisiana law
makers took favorable action in June this year. The follow
ing States are those which have sent notice of approval:
Alabama, Arkansas, Arizona, California, Colorado,
Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,
Maine, Maryland, Michigan, Minnesota, Mississippi, Mis
souri, Montana, Nebraska, Nevada, New York, North Caro
lina, North Dakota, Oklahoma, Oregon, South Carolina,
South Dakota, Tennessee, Texas, Washington and Wis
consin.
Connecticut, New Hampshire, Rhode Island and Utah are
said to have notified of rejection.
The following States have not yet taken any definite ac
tion: Delaware, Florida, Massachusetts, New Jersey, New
Mexico, Pennsylvania, Vermont, Virginia, West Virginia
and Wyoming.
Washington.— Proposed Constitutional Amendments.— Four
proposed amendments to the State constitution will be sub
mitted to the voters on Nov. 5. Two of these, establishing
the initiative and referendum and relating to the recall were
printed in full in the “ Chronicle” of April 15 1911. page’ l049.
The other amendments to be voted upon relate to tlie time
when laws shall take effect and remove the prohibition
against county officers, except County Treasurer, holding
office for more than two terms.
Wilmington, No. Caro.— City Purchases P la n t of Sewerage
C o m p an y — The long pending negotiations for the purchase
of the plant of the Wilmington Sewerage Co. by the city
were consummated on Oct. 17, when the deed transferring




1225

the property was recorded. The city then made its first
payment of $30,000 cash on account of the purchase. In
addition, the city assumes the payment of the principal and
interest of a new mortgage made by the Sewerage Co. to the
West End Trust Co. of Philadelphia as trustee to secure
an issue of $100,000 5% bonds dated Oct. 10 1912 to pro
vide for the extension and improvement of the plant. The
bonds are to run for 20 years, but may be redeemed at par
and int. on Oct. 1 1913 or thereafter. The city makes a
payment of $5,000 yearly on account of the new mortgage.
1he old mortgage for $150,000 to the same trust company
has been canceled.

B o n d P ro p o s als and N e g o tia tio n s this week
have been as follows:
(P Cum berland), M d.— B O N D S A L E .— On
owL i. h .
2 H -year road-im pt. bonds (V . 95, p. 1147) were
a™ e J to the Citizens’ N at. Bank of Frostburg and R . W . McMIchael
01 Cumberland. The bids follow 7
Townsend Scott & S on,B alt. 100.72 Baker, W atts & C o., B alt__ 100.42
First N at. Bank, B arton____100.40
R . W . McMIchael, Cum b’d l *101 05 J . H . Ilo lsch n & C o ., C u m b - .l 6 o . 3 5
\ *101
H ambleton & C o., B alt_____ 100.175
„
1*100.875 B. A . R ichm ond, Cumberl’d.100
Citizens N at. B k., Frostb
100 56 Nellie S. Piper, M t. S a v a ge ._ l6 o
* Bids for one bond of $500 each.
s in o T o ^ o ^ pdd,y 9 ° u n ty- N. Alex.— B O N D S A L E .— On O ct. 22 the
* 19’ ° ( o p t
) water-works and street-lm pt. bonds (V. 95, p. 993)
bids5 follow-*1 t0 Sutherlin & C o- of Kansas City at 100.25 for 5>^s. Other
__ . . .
J
F o rd s,
r tt on rr\°f n i f f '
.
Sutherlin & C o., Kansas City .$10.237
C. H . Coffin, Chicago----------- $10,051 S. A . Kean & Co., C h ica g o .. 10,100
n tt n„rr\°f M i
Farson, Son & Co., C h ica g o .. 10,090
v , ,lLn’
----------10,3011Duke M. Farson, Chicago____ 10,027
*ca^ ° - - 10,237 H anchett Bond Co., Chicago. 10,000
Denom. $500. Date Dec. 2 1912. Int. J. & J.
COUNTY (P. O. Jefferson), Ohio.— BO N D OFFE R IN G.—
f v bc™ elveJ , UIl tl1, 2 P- m - N ov. 6 by the Board of County
bonds- ” A ' V ‘ Hillyer’ Clerk* *°r the following \ y % coupon dltch-im pt.
$4,000 dltch-im pt. bonds in Dorset T w p. Denom . $500. Due $1,000
yearly Sept. 1 from 1914 to 1917, Inclusive.
2.000 dltch-im pt. bonds In Lenox and Jefferson Twps. Denom . $250.
Due $500 yearly Sept. 1 from 1914 to 1918, inclusive.
A uth. Sees. 6442 to 6535, incl., Gen. Code. Date N ov 1 1912
Int
M. & S. at the County Treasurer's office. Bonds to be delivered and paid’
for within 10 days from date of award. All bids for each of said two issues
of bonds shall be separately sealed and subm itted. Cert, check on a bank
other than the one making the bid, for $100, payable to the County T rcas.,
required. Purchaser to pay accrued interest.
AUGUSTA, Ga.— BO N D O FFE R IN G .— A ccording to reports, proposals
will be received until N ov. 14 for $100,000 water-works, $150,000 hospital
and $250,000 river-protection bonds of the Issue of $1,250,000 4
30-year
coupon bonds (V. 95. p. 312). Denom. $1,000.
AUSTIN, Mower County, Minn.— BON D E L E C T IO N .— On Nov. 5 the
voters will have submitted to them the question of issuing $20,000 4 %
refunding bonds.
BARNESVILLE. Belmont County, Ohio.— B O N D S A L E .— On O ct. 28
the three Issues of 5% assess, bonds aggregating $6,841 29 (V. 95, p. 994)
,^ > arde? . to thc Tlllotson & W olcott Co. of Clcve. for $7.095 08
(103.709) and Int. Other bids follow;
m
Premium. I
Premium.
Nat. Bank of Barnesville------$188.77 ISecui. Sav. Bk. & T r. Co.,Tol$156.75
hirst Nat. Bank, B a r n e s v ... 156.801Hayden, Miller & C o., C le v .. 149.00
BASTROP COUNTY (P. O. Bastrop). Tex.— P U R C H A S E R OF BO N D S .
— Ihe purchaser of the $100,000 5% 1-40-yr. (ser.) Smlthvllle Road D lst.
n °'
ond? *v - 95> p - 1060) was the Provident Sav. Bank <fc Trust
Uo. o f Cincinnati. according to reports.
The $80,000 5% 10-40-yr. (opt.) Bastrop R oad D lst.
No. 2 road-im pt. bonds offered on O ct. 10 (V. 95, p. 700), have been sold,
U 's s m e d , to uien & Co. of Chicago at par.
rkg J sJ E R E D .— O n O ct. 25 the $100,000 5% Road Dlst. N o. 1
troller SO C* on
(V . 95, p . 1069) were registered by the State C om p-

_ IjE-UFORD TOWNSHIP (P. O. Monroe), Monroe County.Mich.— BON D
L L E C i IO N . An election will be held N ov. 5 to submit to the voters the
proposition to Issue $10,000 5% road-lm provcm ent bonds.
D BERRIEN COUNTY (P. O. St. Joseph), Mich — B O N D E L E C TIO N
P R O l OSLD.—-A ccording to reports, at the spring election the voters will
have submitted to them the question of issung $500,000 road-construction
and improvem ent bonds.
BIO RAPIDS. Mecosta County. Mich.— B ON DS V O TE D .— The election
to vote on the question o f Issuing the $50,000 water-works bonds (V . 95.
p. 767) resulted In a vote of 701 ’ ’for” to 272 “ against.”
BILLINGS COUNTY (P. O. Medora), No. Dak.— BO N D E L E C TIO N . —
eJ$ct
, w*11 bc held N ov. 5 to vote on the proposition to Issue $35,00(*
5% 20-yr. bridge bonds.
B1JW>X I/ Harrison County, Miss.— B O N D S VO TE D.— This city has
voted the Issuance of $70,000 water-works bonds, according to reports.
BONHAM. Fannin County. Texas.— BON DS V O T E D .— Local papers
state that an Issue of $100,000 street-lm pt. bonds was recently voted by
this city .
J
BRISTOL COUNTY (P. 0 . Taunton). Mass.— BO N D S A L E . — This
county has disposed of the following 4 % bonds:
$100,000 F. R . & Somerset bridge bonds. Date April 15 1912. Due
April 15 1916.
80.000 “ Registry Bldg. N. B edford” bonds. Date July 23 1912*
Due July 23 1917.
BROAD OAKS, Harrison County. W. Va.— BON D OFFE R IN G.—
I roposals will be received until 12 m. Dec. 2 by H . T . W estfall, City R e
corder, for $17,000 water-works-system amd plant-construction and $5,000
sewerage-system- construction 6% bonds authorized at an election held
^ pt,-.28' D enom . $500. Date Dec. 1 1912. Interest annually in Dec. at
the Home Bank for Savings at Clarksburg. Due Dec. 1 1942, subject to
call beginning in 1922. Bonds to be delivered and paid for within 20 days
after day of sale. Cert, check for 5% of bid, payable to the "T ow n of
Broad Oaks,” required.
BUFFALO. N. Y.— B ON DS A U T H O R IZ E D .— An ordinance has been
passed providing for the Issuance o f $944,740 4 X % property-purchase
ponds. Date Dec. 1 1912. Int. J. & D. at the City Compt. office or the
H anover Nat. Bank In N. Y . Due Dec. 1 1962, op t. In 20 years.
, BURLESON COUNTY (P. O. Caldwell). Tex.— B ON DS P R O P O S E D .—
The Issuance of $90,000 court-house bonds Is being considered, according
to reports.
BYROMVILLE. Dooly County, Ga .— BO N D S A L E .— We are advised
that this town has disposed of $10,000 bonds.
CALHOUN COUNTY (P. O. Rockwell City). Iowa.— BO N D ELEC TIO N
— A vote will be taken on N ov. 5 on the proposition to Issue $ 125 000 court-"
house bonds.
CORES HIGH SCHOOL DISTRICT, Stanislaus County, C al— PR IC E
P A ID FOR B ON DS — The price paid for the $35,000 5% bondS awarded
on O ct. 15 to h . II. Rollins A Sons of San Fran. (V. 95. p 1147) was 100 27
Date O ct. 15 1912. In t. A . & O.
CHAMBERSBURG, Franklin County, Pa.— B O N D S A L E .— On O ct. 24
thc $50,000 4
coupon sewer-lm pt. bonds (V. 95, p . 1070) were awarded
to thc Nat. Bank of Chambersburg, the Valley Nat. Bank and the Farmers’
& Merchants Trust C o., all In Chambersburg, at their Joint bid o f par
and interest.

[VOL. LXXXXV.

T H E C H R O N IC L E

1226

C H E H A LIS, Lewis County, W a s h — B O N D S N O T SO L D . — Concerning
the reports that proposals would be received on Oct. 21 tor the 5115,000
6 % and 570,000 5% water-system bonds (V. 95, p . 994), we are advised
that only tw o bids were received for the 570,000 issue and, on account ot
proceedings in the Federal Court, both were r e je c t e d ....................................
i <?CA r K £ “' £ 5 ' 0 M V “ (p r o r 'Q m t m a n fr M i s s .— B O N D * O F F E R IN G .—
Proposals will he received until 2 p. m . N ov. 4 by W . H . Foster, Clerk of
Board, for 550,000 5% 5-20-year (opt.) court-house and jail bonds. Int.
annual. A similar Issue of bonds was offered on Oct. 7 (V . 95, p. 708).
•C L E M O N S C O N S O L ID A T E D SCHOOL D I S T U ic t, M arshail^Coiinty.
Iow a.— B O N D S A L E . — Reports state that an issue of 512,000 5% bldg,
bonds has been sold to George M. Bechtel & Co. of D avenport. Date
M ay 1 1912. Int. M. & N . Due May 1 1922, subject to call beginning
May 1 1915.
C L E V E L A N D , C u y a h o g a C o u n ty , O h io . — D E S C R IP T IO N

O F B O N D S.

— The 52,000,000 coupon Cuyahoga R iver purification bonds authorized
b y the City Council on Oct. 21 (V . 95, p. 1147) arc to bear 4 % Int. and arc
In denom . of 51.000 each. Date D ec. 1 1912. Int. J. & D . at American
Exchange National Bank In N . Y . Due Dec. 1 1943.
im
f C L O V I S , Fresno C o u n ty . C a l.— B O N D E L E C T IO N 'P R O P O S E D . — Re
ports state that an election will probably be held to vote on the proposition
to Issue water-works bonds.
C L Y D E . Sandusky C ounty, Ohio.— B O ND S A L E — On O ct. 28 the
514.000 5% l-io -y r . (ser.) coupon Maple St.-pavlng bonds (V. 95, p. 1147)
were awarded to the Tlllotson & W olcott Co. o f Cleve. at 103.79 and Int.
Other bids follow:
Colonial S av. Bank & T r.
IFirst Nat. Bank, C lev e.-.5 1 4 ,4 80 60
Co., Frem ont
.514,530 0 0 1W ell, R oth & C o., Cin------ 14,448 00
S e c .S a v .B k .* Tr.Co., T ol. 14,512 80|Spltzer, Rorlck & Co., Tol. 14,359 80
C O B L E S K I L L , Schoharie C o u n ty . N . Y .— LOAN VO TED.— An election
held Oct. 29 resulted in fa vor o f a loan of 568,000 for a high school. The
▼ote was 201 to 61, reports state.
C O L E R I D G E . Cedar County. Neb.— B O N D S N O T SO L D .— Wo arc ad
vised by the V il. Clerk, under date o f O ct. 26, that the 58,500 5% 5-20-yr.
(opt.) w atcr-w orks-ext. bonds (V . 95, p . 768) have not been disposed of.
C O N R A D , Teton County, M ont.— B ID S . — The other bids received on
O ct. 21 for the 510,000 6% sewer bonds awarded to Spltzer, R orlck & Co.
o f Toledo at 102.61 and hit. (V. 95, p. 1147) were as follows:
Jas.N .W right& C o.,D env.510,152 5 0 1John Nuveen & Co., Chicago-510,081
Sutherlin & Co., Kans.Cy. 10,147 50 H oehler & Cummings, T o l . . 10,000
Tlllotson & W ole. Co., Clev. 10,108 00] Union T r. & Sav. B k., S p o k . 9,910
S .A . Kean & C o., Chic___ 10,102 00) Pondera Val. State Blc.,Conrad 9,900
Farsoti, Son & C o., C h ic .. 10,085 00|Causey, Foster & C o., Denver 9,753
A bid was also received from Bolger, Mosser & Wlllaman o f Chicago.
C O O P E R , Delta C o u n ty , T ex.— B O N D S R E G IS T E R E D — On O ct. 21
the State Comptroller registered the 56,000 5% 25-40-yr. (opt.) school
bonds voted S ept. 7 (V. 95, p. 768).
C O W LITZ COUNTY SCHOOL DISTRICT NO. 32, W ash.— BO ND SA L E .
■>—On O ct. 21 the 55,000 1-10-yr. (opt.) coupon bldg, tax-free bonds (V. 95,
p. 1070) were awarded to the State of W ash, at par for 5 H s. A bid of par
for 6s was also received from W . D . Perkins & Co. of Seattle.
•C R O S B Y C O U N T Y , T ex.— B O N D S R E G IS T E R E D — On O ct. 25 $15,
000 5% 30-yr. road and bridge bonds were registered b y the State Comp
troller.
..............................................................................
C U M B E R L A N D C O U N T Y (P . O . B r id g e to n ), N .

J . — DOND S A L E .—

On Oct. 30 59,000 4 M % 9-yr. road bonds were awarded to James W .
Trenchard at 101.10. Denom. 51,000. Date N ov. 1 1912. Int. M. & N.
C U Y A H O G A C O U N T Y (P . O . C lev e la n d ), Ohio.— B O N D O FFE R IN G —
Proposals will be received until 11 a. m . N ov. 27 by J . F. Goldcnbogen,
Clerk Board Co. Supervisors, for the following 4 >4% coupon bonds:
53.000 Barton R oad im pt. assess, bonds. Denom 5250. Due 5250
yearly on April 1 from 1913 to 1920 and 5500 on April 1 1921
and 1922.
9,995 Barton R oad im pt. (county’s portion) bonds. Denom . (1) 5995,
(9) 51.000. Due 5995 April 1 1914 and 51,000 yrly on April 1,
1915 to 1923 Inclusive.
A uth. Secs. 2294, 2295, 6912, 6912-1 and 6913 Gen. Code as amended
by O . L . 101 p. 334 passed May 10 1910. Date N ov. 1 1912. I n t .A . & 0 .
beginning April 1 1913, payable at office ot County Treas. An uncon
ditional certified check on a bank other than the one making the bid, for
1% of bonds bid for, payable to the County Treas., required. Bonds to
be delivered within 10 days from time o f award. Purchaser to pay
accrued Interest.
m
_
B ID . — In addition to the successful bids of the Cleveland Trust C o .and
Tlllotson & W olcott Co. o f Cleve. and Associates at 100.76 for the 51,
000,000 4 % couupon bonds offered on O ct. 23 (V . 95, p. 1147), a bid of
100.71 was also received from H ayden, Miller & Co. and Otis & Co. o f Cleve.

Third N at. E xch . Bank of Sandusky for $43,150 (100.348) and int. (V . 95,
p. 1070) were as follows:
,
Citizens Bkg. & Trust Co-$43,108 50] P r o v .S a v .B .* T r.C o.,C ln .$43,012 9*
A m er. B kg. & Trust C o .. 43,020 00 Otis & C o., Cleveland------ 43,010 0*
W eil, R oth & C o., C in --- 43,015 0 0 1
E U C L I D , C u y a h o g a C o u n ty . Ohio.— B ON D OFFERING — Proposals
will be received until 12 m . N ov. 25 by F. H. Shoaff, Village Clerk, for the
following 4 )4 % coupon assessment bonds:
$5,083 Church St. watcr-m ain-lm pt. bonds. Denom. (5) $1,000 and (1)
$83. Due $83 O ct. 1 1913 and $1,000 on O ct. 1 In 1914, 1916, 1918,
5.220 LU>yd.a Road water-main bonds. Denom . (5) 51,000 and (1) $220.
Due $220 O ct. 1 1913 and $1,000 on Oct. 1 in 1914, 1916, 1918, 192#
3

216 Lamt)9 A ve. water-main bonds.
Due $216 Oct. 1 1913 and $500
1920, 1921 and 1922.
3.121 Locust A ve. water-m ain bonds.
Due $121 O ct. 1 1913 and $500 on

Denom . (6) $500 and (1) $216.
on Oct. 1 In 1914, 1916, 1918,
Denom . (6) $500 and (1) $ 1 -1 .
Oct. 1 in 1914, 1916, 1918, 1920,

3.196 Iddlngs A ve. water-main bonds. D enom . (6) $500 and (1) $196.
Due $196 Oct. 1 1913 and $500 on O ct. 1 in 1914, 1916, 1918, 1920,
2,690 Dllle R oad water-main bonds. Denom . (5) $500 and (1) $ 190.
Due $190 O ct. 1 1913 and $500 on O ct. 1 in 1914, 1916, 1918, 192*
D ate, day of sale. Int. A . & O . at the Village Treas. office
Purchaser
to pay accrued interest. Certified check for 10% of bonds bid for, payable
to the Village Treasurer, Is required.
FERN DALE. W hatcom County, W ash . -B O N D S VOTED -— An election
held O ct. 15 resulted, it is stated, in favor o f the proposition to Issue $12,00*
water-system bonds.
.
FLO R E SV ILLE , W ilson County. T e x — B ON D S A L E . Cutter, M ay 4
Co. o f Chicago have been awarded the $20,000 school bonds (V. 9o, p. 708.)
F O R S Y T H S C H O O L D I S T R IC T (P

O . F o r s y th ), M onroe C o u n ty . G a .—

B O N D S A L E .— On O ct. 25 the 510,000 6% 30-yr. bldg I:>ondsi (V . 9o, p
845) were awarded to O . G. Persons at 108.40. Denom . $1,000. Dat*
O ct. 1 1912. Int. ann. In O ctober.
FORT PIERCE, St. Lucie County, Fla.— B O N D O FFER IN G. Pro
posals will be received until 8 p. m . Jan. 15 1913 by F. M. Tyler, City Clerk,
for $10,000 6 % public-utility-bonds. Denom . $500. Date Jan. 1 1912.
Int. J. & J . Due Jan. 1 1942. Cert, check for $200 required.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
GEORGETOWN SCHOOL DISTRICT (P . 0 . G eorgetow n). Vcrm ilio*
County 111.— B ON DS VO TE D .— An election held Sept. 28 lcsultcd im
favor of the question of Issuing $34,000 5% bldg, bnods. The vote was
364 to 161. Due $2,000 yearly, beginning A ug. 1 1916. These securities
will not be offered for sale until next year.
G L O U C E S T E R C O U N T Y (P . O . W o o d b u r y ) , N . J .— B O N D OFFERIN G.
— Proposals will be received until 2 p. m. N ov. 19 by G. E . I ierson. County
Collector, for the following 4 )4 % rcg. tax-free bonds, aggregating $69,00*
$25,000 Paulsboro bridge bonds. Due $2,000 yrly. Jan. 1 1920 to 1930,
Incl., and $3,000 in 1931.
...........
,
_
, 1a,_ .
7,500 Mount R oyal bridge bonds. Due $1,500 yrly. Jan. 1 1920 t#
12,500 bonds for twelve cou nty bridges. Due $1,500 yrly. Jan. 1 192*
to 1926 and $2,000 in 1927.
4
24,000
funding bonds. Due $3,000 yearly Jan. 1 1916 to 1923 Incl.
Denom . $500. Date Jan. 1 1913. Int. J . & J. at the County Collec
tor’s office. Cert, check for $500, payable to the Collector, Isnrequired.
Official circular states that there has never been any default in the pay m ent
o f any o f the m unicipality’s obligations nor Is there an/ . . con t? ° ye,i?y t P!i
litigation pending or threatened concerning the validity of these bonds, tn*
corporate existence or boundaries of the municipality or the title of th*
present officers to their respective offices.
G L O V E R S V I L L E . F u lton C o u n ty , N . Y .— B /D B .— The other bids
received on Oct. 25 for the $10,000 4 )4 % coupon tax-free bridge bonds
awarded to Adam s & Co. of N. Y . at 100.4376 and Int. (V . 95, p . 1148)

Curtis** Sanger," N . Y ..........100.4375| Douglas Fenwick & Co., N .Y .100.425
G R A N I T E C I T Y . M ad ison C o u n ty , 111.— VO TE .— W e are advised that
the vote cast at the election held O c t .22, which resulted in the defeat of the
proposition to Issue the $43,000 park bonds (V . 9o, p . 1148), was 144 for
to 976 "against.”
H A D D O N H E IG H T S , C am d en C o u n ty , N . J — B O N D S A L E .— On O c t
D A Y T O N , O h io . — B O N D S A L E . — O n O c t . 19 5 7 ,0 0 0 C lover S t . im p t.
30 the $30,000 5% 20-year road, street and hlghway-lm pt. bonds V 95,
an d 5 3 ,0 0 0 sew er b ond s w ere p u rch ase d . It is s t a te d , b y th e S ch ool Sink ing
p. 1148) were awarded to Douglas t e n wick & Co. of New York for $30,380,
Fund Trustees.
....................................................................................................
making the price 101.267. Denom . $1,000, Int. A . & O.
D E E R i P A R K (P . O . Colum bus), Franklin County, O h io .— B O N D S NOT
H A Y W A R D A lam e d a County, Cal.— BOND ELEC TIO N P R O P O S E D .
SO L D . — R eports state that no bids were received on O ct. 23 for the 51,500 — It is reported tha^an election will be called within the next few weeks t*
4>$% 20-yr. sldewalk-impt (village’s portion) bonds offered on that day submit to* the voters the question ot Issuing $15,000 llrc-statlon-construct(V . 95, p. 844).
.........................................................
and tlrc-alarm-systcm bonds.
D E S M O I N E S IN D E P E N D E N T S C H O O L D I S T R IC T ( P . O . D e s M o in c s ) .
H E N D E R S O N S C H O O L D I S T R IC T (P. O . H e n d e r so n ). R u sk C o u n ty ,
Polk C o u n ty , Iow a.— B O ND S A L E . — The following bids were received
T e v — B O N D S VO TE D .— By a vote of 105 to 4 the question of Issuing
on O ct. 28 for the 570,000 4 H % 20-yr. refunding bonds (V . 95, p. 1148):
$25,000 building bonds carried, it Is reported, at the election held O ct. -4 .
John N uveen & Co., Chicago 570,4761W oodln.M cNear& M oore.Ch. 570,225
E R M I S T O N S C H O O L D I S T R IC T . U m atilla C o u n ty , P ™ .— n O N D S
G. M. Bechtel & C o., Davenp. 70,270 Harris Tr. & Sav. B k., C hlo. 70,200 VOHTED.—
An election held recently resulted in favor of the question of
A . B . Leach & Co., C hicago.. 70,2 50 (W estern Securities Co----------70,100
Issuing $5,000 bonds, according to reports.
D E T R O I T . Mich.— B ID S .— On O ct. 28 bids were received at par and Int.
from the Detroit Trust C o., the Union Trust Co. of Detroit, the Detroit
Fire & Marine Ins. Co. and the City Treasurer, for the five Issues of 4%
coupon (with prlv. of rcg.) tax-free bonds, aggregating 5715,000 (V . 95,
Detroit (V . 95, p. 769), have been re-awarded to Geo. D. Coancy or Detroit
p . 9 9 5 ). The Comptroller will recomm end, we are advised, the acceptance
B ON D S A L E — An Issue ot $25,000 4 )4 % bldg, bonds was also awarded
to Geo. D. Coaney. Date Oct. 1 1912. Due Oct. 1 1927.

HI

EAST

P A L E S T IN E ,

C olu m b ian a C o u n ty , O h io . — B O N D

S A L E .— On

O ct. 21 the 51,900 5% 5 1-3-year (av.) cou p. Taggart S t. ext. and sewerage
bonds (V . 95, p. 845) were awarded to the First N at. Bank of East Pales
tine for 51,948— making the price 102.526.
................................................
EAST W IND SO R TOW N SHIP SCHOOL DISTRICT (P .O . H ightstow n),
M ercer C ounty, N . J .—B O N D S A L E .— On Oct. 28 the 530,000 4 *4% school
bonds (V . 95, p. 1148) were awarded to the First N at. Bank In Hightstown
at 100.0025. Denom . 5500. Date N ov. 1 1912. I n t .M .& N . Due 1945.
These securities arc part o f an issue of $40,000; the remaining 510,000,
we are advised, will be disposed of to local I n v e s to r s ...................................
E D G A R C O U N T Y , III.— B O N D S O FFE R E D B Y B A N K E R S . — Cooke,
H oltz & Co. o f Chicago are offering to Investors 535,000 5% cou p. Em
barrass Township road bonds. Denom . 5500. Date Sept. 2 1912. Int.
ann. In S ept, at the Bank ot Brocton In B rocton. Due $3,500 yearly
S ep t. 1 1913 to 1922 incl. No other debt. Assess, val. $1,165,387.
__

water and light bonds.
celH
vc°d°oDn
W
R oth & Co. of Chlo. at 99 16 and Int. for 5s (V . 95,
1148) were as follows:
F o r 5 Ms.
F or 5s.
' Union T
""
r. & Sav, Bank .-592,835 00
W eil, R oth & C o., C h lo -.589,244 00
Harris T r.& S a v.B k .,C h ic. 89,172 00 N W Halsey & C o., San Fr.92,250 00
F oster* Co.,Denv. 91,655 00
Morris Bros., P ortland— 88,443 00 Causey,
Union Tr.& Sav. Bank - - - 88,038 00 H anohctt Bond C o., Chic. 90,607 00
Merch. Sav. & Trust C o - - 86,867 00 Ilochler & Cummings, Tol. 90,227 50
W ash. Sav. & Trust C o . . 90,000 00
For 5 Ms.
'
F o r 0s.
Harris T r.* S a v .B k .,C h lo . 94,410 00
Morris Bros., Portland---- 93,397 50 H oehler & Cummings, Tol. 92,945 00
S. A . Kean & C o-----------------------

H n p t P c A VP SCHDOI DISTRICT (P . O. Horse Cave), Hart County.
K } } — n o N D S N o r TO B B O F F E flB D A T P R E S E N T .— W e arc advised
by the Secretary of the Board of Education that the 'b uilding bonds voted
40*1941 Incl. Cert, check for 3 % of amount bid, payable to the Pres. Sept. 16 (V. 95, p. 769) will not be issued before Match 1913.
Board of Trustees, is required.
..................................................................... ■
IASPFR COUNTY SUPERVISORS DISTRICT (P . 0 . P aulding), Miss.—
ELLINGTON TO W N SH IP, Tuscola C ounty, Mich.— B ON D E L E C T IO N . n n N n f t F C T IO N — A n election will be held on N ov. 5. it Is reported, to
■
— A ccording to reports the question of.issuing $3,000 bridge-building bonds determine whether "or n o t road bonds shall be Issued in the following dis
m Nos. 1. 2 and 3 and $35,000 in N o. 4.
will be subm itted to a vote on N ov. 5.
^
< .■ t r i c t s ™
KANSAS CITY SCHOOL DISTRICT (P .O . Kansas City), M o.— B O N D S
E LLIS COUNTY (P. 0 . W axahachie), T e x a s — B O N D S REGISTERED
— The State Comptroller on O ct. 25 registered the $100,000 R oad Dist. O FFERED B Y B A N K E R S .— Francis, B ro. * Co. of St. Louis are offering
No. 9 and $73,000 R oad Dist. N o. 8 5% bonds sold on O ct. 10 (V . 9o, p. to investors $100,000 o f the $2,000,000 4 % gold coupon building bonds
mentioned In V . 95, p. 1071.
1148).
............................................................................................................. ....
KINO COUNTY (P O . Seattle), W ash .— BON D E L E C T IO N .— An elec
E L Y R IA SCHOOL DISTRICT (P. O. Elyria), Lorain County.' O hio.^B O N D E L E C T IO N .— On N ov. 5 the voters will decide whether or not this tion will be held N ov. 5 to vote on the propositions to Issue $280,000
district shall issue $300,000 slte-purchase-building-construction and county-fair, $3,000,000 road, $950,000 Third A ve. court-house and $1.
• 400,000 civ ic centre-court-house 20-ycar coup, bonds at not exceeding
equipment bonds, i ....................................................................................... ....
5% Interest. Denomination $1,000.
r E N ID , Garfield County. Okla,— B O N D OFFERIN G. -Proposals will be
KITSAP COUNTY (P- O. Port Orchard), VVash.— B O N D E ^ C T /O N .—
received until N ov. 11 b y W . C. Rogers, City Clerk, for $25,000 5% gaswell bonds. These bonds were previously offered on O ct. 28 (V . 9o, p. An election will be held N ov. 5 to vote on the proposition to Issue $2-o,uuu
coup, road bonds.
1148), but the bids received on that day were rejected.
.
LAGRAN GE. Troup C ounty. Ga.— BONDS VOTED — The election held
” " e R iE COU N TY“"(p T o^ S -in d u sk y )7 Ohio.— BEDS.— 1T he other bids re
ceived on O ct. 17 for the $43,000 4 % refunding bonds awarded to the O n t . 2 0 resulted in favor of the nrouosltion to issue the $ 150,000 water-works,




¥ov. 2 1912.]

THE CHRONICLE

*40,000 gas-plant and 540,000 school-bldg. 4
bonds (V. 05, n. 8 4 0
W * arc advised that these sccuiitles will be offered for sale about Jan. 15 ’ 1;t.
L A R G O , H illsb o ro C o u n ty , F la.— B O N D S VO TE D . — A t a re ce n t e le c
tio n , It Is rep orted , th e qu e stio n o f Issuing $10 ,000 e le ctric-lig h t and
w a te r-w o rk s -p la n t-co n s tr. bon d s re c e iv e d a fa v o r a b le v o t e .
L A W R E N C E . Essex C o u n ty , M ass.— B ON D S A L E .— On O ct. 30 $100,

000 4% cou p, paving bonds o f 1912 were awarded, It Is stated, to the Old
Colony Trust Co. of Boston at par. Denom . $1,000. Date May 1 1912.
In t. M. & N . at the office of the purchaser or at the City Treas. office. Due
$15,000 yearly May 1 from 1913 to 1918 Incl. and $10,000 Alay 1 1919.
R J S T R IC T (P . O . L e x in g t o n ), M cL ean C o u n ty ,

III.— BOATD S A L E .—-John N uvcen & Co. o f Chic, were awarded on O ct. 19
the $2o,000 bldg, bonds voted July 20 (V. 95, p . 314), reports state,
At 102.81.
L IB B Y , L incoln C o u n ty , M o n t. — B O N D O FFE R IN G .— Bids will be
received at public auction at 8 p. m . N ov. 23 for $15,000 6% 10-20-year
sewer bonds. Date July 1 1912. Int. semi-annually In L ibby or at
i 0® Continental & Commercial National Bank on Chicago. Certiiled check
fo r 5 % of tdd required. Al. G. R ice Is City Clerk.
.
„ L I M A , A llen County. Ohio.— B O N D S A U TIIOR IZE D.— An ordinance
w ^ i £ af SC(l ^ c t * 21 providing for the Issuance of $100,000 5% cou p, watcrworks-lm pt. and ext. bonds, wSerles “ E .” Denom. $1,000. Date Dec. 1
i
&
at office o f Sinking Fund Trustees. Due $2,000 each
six months from April 1 1917 to O ct. 11941 incl.
n o LA5nEH 9 ^ E B O U N T Y COM M ON SC H O OL D IS T R IC T NO. 82, T e x —
t i abb
1C N ation a l B a n k o f T h u rsto n has been aw arded the
* i,u u o o/o 1 0 -20-year (o p t.) b o n d s registered on S e p t. 4 ( V . 95, p . 702).
L IN C O L N C O U N T Y SC H O O L D IS T R IC T NO. 4 2 . I d a h o .— B O N D S

A UI H O R IZE D .— This district has authorized the Issuance of $25,000
bonds, according to reports.
„ L IV IN G S T O N SC H O O L D IS T R IC T (P . O . L iv in g s t o n ). E sse x C o u n ty .

N. J — B O N D S V O T E D .— 'The election held Oct. 15 resulted In favor of
the proposition to issue the $17,500 4 V>% building bonds (V. 95, p. 919).
Interest semi-annual. Due part yearly for 20 years.
L LA G AS SCH O OL D IS T R IC T , Santa Clara C o u n ty , Cal.— B ON D ELEC
T IO N .— An election will be held N ov. 9, reports state, to vote on the propo
sition to Issue $1,500 bonds.
LONG B E A C H . L os A n ge le s County, C a l, — B O N D ELEC TION PROA ccon l‘nff
teports this city is contem plating the issuance of
$4o0,00Ci A m er. A ve. & Devil s Gate Pier, $350,000 sewer, $300,000 harbor-frontage-im pt. and $100,000 clec-light-plant-im pt. bonds.
' LP,Nnr i V , r: \ y’ (j r?S ? County, T e x a s . — B O N D S A L E .— The Commerce
Trust Co. o f Kans. City has been awarded at par and Int. the $10,000 5%
sewer-extension bonds registered on Sept. 7 (V. 95, p. 702) and the $20,000
«i°ooXate?'n'i orrks^b? ridV C!’ristcrc(1 on ‘S cPt- 9 (V. 95, p. 770). Denom.
$1,000. Int. J. & J. Due 40 years, op t. In 20 years.
th J;0 i BiM
Ail,0S?’r M cr^ d C o u n ty , C a l.— B ON D ELEC TIO N — R e p o rts sta te
s^ on n M
on ,w
b e h cld to v o t e o n a p ro p o s itio n to issue
w d d ls t H b t t t o g system 0"
pu rch ase o t th e M iller & L u x w a ter-w ork s

„
ha™

M id d le se x County, M a ss.— B O N D S A L E .— O n Oct. 28 the
Paving bonds (V. 95, p. 1149) were awarded to Merrill, Old1917 t o m T i n c I 1 1 0 0 ’ 17!L

D a t c A u &- 1 1912-

ln t- F - & A -

Due

L O W E L L V I L L E , A lahon ing C o u n ty , O h io . — B ON D ELEC TIO N .— It is

stated that the proposition to issue $40,000 watcr-works-construction
bonds will be submitted to a vote at the N ovem ber election.
M A N D E VILLE , La. B ON DS VO TED. — A n e le ctio n held O c t . 22 re

su lted in fa v o r o f the p ro p o sitio n t o Issue sea-w all b o n d s, th e v o t e , a c c o r d 
ing to rep orts, h a v in g been 92 t o 2 5 .
’

— B O N D S°A W A R D E D 7V / M m ^ T t f e sla t^ Sch Jo* IN m d w a^ a J a r re d
S ? id .14d a « ^
^ l l W 00 ° l an ISS',C
* 12’ 000 20-40- ^ r optional
The State Comptroller registered these securities on Oct. 18
M A T A G O R D A C O U N T Y COM M ON SC H O O L D IS T R IC T NO. 18 T e x a s

1227

N E W A Y G O C O U N T Y (P . O . N e w a y g o ), M ich .— B O N D E L E C T IO N —
1 he qu e stio n o f Issuing 510 .000 bon d s to e rect a ja il and S h e r iff’s resid en ce
w ill be s u b m itte d t o a v o te s on N o v . 5, It is sta te d .
N E W B U R Y P O R T , E sse x C o u n ty , M ass — TE M P O R A R Y L O A N . — A
loan o f $ 2 o ,000, d u e A p ril 5 1913, w as n e g o tia te d w ith F . S . M o s eley & C o.
ox B o s to n a t 4 .5 3 % d is c o u n t, a c c o r d in g t o r e p o rts.
N E W W A T E R F O R D , C o lu m b ia n a C o u n ty . O h i o — BO ND O F F E R IN G .
° p osa ls w ill be r e ce iv e d u n til 12 m . D e c. 2 b y J . T . M ercer, V illa ge
C lerk , f o r th e fo llo w in g 5 % bo n d s:
$3,141 92 S o . S ta te S t. im p t. assess, b o n d s . D e n o m . $314 19.
D ue
i
3314 19 y e a r ly o n J u ly 1 fro m 1913 to 1922 incl.
1,0 0 2 l o
E a st M ain S t. im p t. assess, b o n d s. D e n o m . $163 2 2 .
Due
i
3163 22 y e a r ly o n J u ly 1 fro m 1913 t o 1922 in cl.
i , i 0 2 88 E a st M ain S t. Im pt. assess, b o n d s .
D e n o m . $113 3 0 .
D ue
...
?1 1 3 30 y e a r ly on J u ly 1 fro m 1913 to 1922 incl.
414 13 S llllm an S t. im p t. assess, b o n d s.
D e n o m . $ 4 1 .4 1 . D u e $41.41
. n . . . „ y e a r ly o n J u ly 1 from 1913 to 1922 incl.
10,000 00 s tr e e t-im p t. b o n d s.
D e n o m . $500.
D u e $500 y e a r ly o n J u ly 1
fro m 1913 to 1932 Incl.
W J2I n t. J. & J . C ert, c h e c k fo r 5 % o f b o n d s b id fo r .
p a y a m e t o th e V il. T re a s ., r e q u ire d . B o n d s t o b e d e liv e re d w ith in 10
a a y s rrom tim e o f a w ard .
P u rch a ser t o p a y a ccru e d Interest.
r nl ° tRvT n ^ ACK nS? N SC H O O L D IS T R IC T (P . 0 . N o. J a c k s o n ) , M a h on in g
n it y *
. — B O N D E L E C T IO N .— A t the N o v e m b e r ele ctio n th e v o te r s
w h e th e r o r n o t this d is tric t shall issue $10 ,000 sch o o l-b u ild in g
b o n d s, it is r e p o r te d .
,,P K T P
N• P a ss a ic C o u n ty , N. J , — B O ND E L E C T IO N .— A n
s i n nnn
be b e ld N o v . 5 t o su b m it t o th e v o te r s th e qu e stio n o f Issuing
$ 20,000 s t r e e t-im p ro v e m e n t b o n d s.
T O N A W A N D A . N iagara C o u n ty . N . Y — B O N D O F F E R IN G .—
P rop osals wlU b e r e ce iv e d until 8 p . m . N o v . 12 b y N . N . O ille, C ity C lerk,
p u j 15,500, $ 12 ,000 an d $ 5,000 4 Vi% r e g . s tr e e t-im p t. b o n d s . A u th .
1 9 1 ? ’ 7Tn7t t I S T°r l 90,7 ’ D e n o m . $1 ,5 5 0 , $1 ,2 0 0 , $50 0. D a te J a n . 1
hnnH nf
* J • a t tb e S ta te N a t. B a n k , N o . T o n a w a n d a .
D u e, on e
J a n ’ rer,
1 from
p a y a bmlel t o th 'e SAY;
C ity° “T reasu
r e q1914
u ir e dt.o 1923 ln c l- C er4- c b e ck fo r $500,
™ n ,£ .u 'Vi£ .H ’ *iN ew L o n d o n C o u n ty , C o n n .— B O N D S A U T H O R IZ E D . —
rtninr,1
y a u th orized th e issuance o f $ 3 2 0,00 0 2 5 -yea r S to n y B r o o k
R e s e r v o ir -c o n s tr u c tio n b o n d s a t n o t e x c e e d in g 4 'A% in t. D e n o m . $ 1,0 0 0 .
& 2 & land» C o ‘ ,n ty . N . Y — B O ND E L E C T IO N .— O n N o v . 7 th e
w o rk s b o n d s CC d e w b ettier o r n o t
v ^ la&c shall issue $2 5 ,0 0 0 w a te r« ^ ? £ £ Ei^,V»'VeA ei „ C o u n ty .

U t a h .— D E S C R IP T IO N

O F B O N D S .—

The

5 5 0 ,000 4 H /a 1 0-20-year (o p t.) re fu n d in g b o n d s aw arded o n S e p t. 30 t o
Ito lu n s & S on s o f D e n v e r a t 98, Int. an d blank bo n d s ( V . 95, p .
996) a rc In th e d e n o m . o f $ 1 ,000 ea ch an d d a te d D e c . 1 1912. I n t . J . & D
t o. ?, R, LA
Co u n t y . F la.— B O N D S V O T E D — R e p o r t s sta te
t h e * x i4 n n n i f w !?e ,d ° c t ’ 19 resu lted in fa v o r o f th e p r o p o s ition t o issue
t o 7 140,000 °y° C0UP- s e w e ra g e -sy ste m b o n d s (V . 95, p . 8 4 6 ).
V o t e 174
PE LH AA I (T ow n ) U N IO N F R E E SC H O O L D IS T R IC T NO 1 W e s t 
c h e s te r C o u n ty . N. Y .— B O ND O F F E R IN G ? - P rop osals w ill be r e c e iv e d
u n til 7 p . m N o v . 7 b y K S . D u rh a m , Clerk B d o f E d . (P O N o rth P c lh a m ), fo r $40 ,000 S eries D sch ool bon d s a t n o t e x c e e d in g 5 % Int. A u th .
S e c . 467 A r t . 16, an d S e c . 480, A r t . 17, C h ap. 16, C o n so lid a ted L a w s o f
N e w Y o r k ; also v o t e o f 70 t o 62 a t an e le ctio n h eld S e p t . 2 0 . D e n o m . $ 1 ,0 9 9 Da t e J a n . 1 1913 . I n t. J . & J . a t th e U . S . M o rtg a g e & T r u s t C o .
o f N . Y „ t o th e h o ld e r t h e r e o f In N ew Y o r k e x c h a n g e .
D u e 5 1 ,000 y e a r ly
J a n . 1 fro m 1918 t o 1957 Incl. C e rt, c h e c k , cash o r ban k d r a ft f o r 5 % o f
b o n d s, paya W e t o th e " D i s t r ic t ,” r e q u ire d . P u rch a se r t o p a y a c c r u e d Int.
O fficia l circu la r states th a t th ere Is n o litig a tio n p e n d in g o r th re a te n e d , and
th a t n o d e fa u lt has e v e r b e e n m a d e In p a y m e n t o f ln t. o r p r in c ip a l.
PE N N Y A N SC H O O L D IS T R IC T N O. 1 ( P . O . Penn Yan) Y a te s C u n t v
N \ - B O N D S N O T YET SOLD - N o aw ard has be e n m a d e o f t h c $25,000
4 H % 1-25-year (serial) re g . bu ild in g bo n d s o ffe r e d w ith o u t su ccess on
A u g . 5. T h is ite m w as In a d v e rte n tly r e p o r te d u n d er P en n Y an School
D istrict N o. 1. P a .. In V . 95, p . 996.

— B ON D S A L E .— On Oct. 14 $1,200 5% 20-ycar bonds were purchased by
the State School Fund at par and Interest.
y
B ON DS R E G ISTE R ED .— These securities were registered on Oct. 17
b y the State Comptroller.

P I K E C O U N T Y (P . 0 . M a g n o lia ), M is s .— B O N D S D E F E A T E D . —
L o c a l papers sta te th a t the ele ctio n held O c t. 26 resu lted in th e d e fe a t o f the
b o n d s 0^ ° 95*SSp * 8 4 7l ? C 320 ,000 c o u n t y - a £r lcu lW r a l-h Ig h -s ch o o l-eq u Ip p ln g

H|MATT0 0 N SC H O O L D IS T R IC T NO. 99 (P . 0 . M a tto o n ), C oles C o u n ty .
III.— B ON D S A L E . — W e arc ad v ise d th a t th e $1,000 b ld g , bon d s v o te d
S e p t. 7 (V . 9 5 , p . 770) h a v e been so ld .

1 L L E . W e s tch e s te r C o u n t y , N. Y —B O N D O F F E R IN G .—
P ro p o sa ls w ill b e r e ce iv e d u n til 8 p . m . N o v . 11 b y W . H . J ah n e, V ill. C lerk,
*26 000 reg w a te r-s y s te m -lm p t. b o n d s (V . 95, p . 997) a t n o t e x c e e d r
D e n o m . (1) $ 2 ,000 (24) $ 1 ,0 0 0 .
D a te D e c . 1 1912. I n t .
Jr J v n n V
,M t - P le a sa n t B a n k In P le a s a n tv ille . D u e $ 2 ,000 D e c . 1 1917
a n d $1,000 v r ly . o n D e c. 1 fro m 1918 t o 1941 In cl. C ert, c h e c k f o r 5 % ,
p a y a b le t o A lb e r t S ee. VII. T r e a s ., re q u ir e d .

M E A D V ILL E . Crawford County.

Pa.— B O N D S PR O PO SED .— This

c it y Is con sid erin g th e Issuance o f $2,000 4 % im p t. b o n d s, w e are a d v ise d .
M ID D L E T O W N , B u tler C o u n ty . O h io .— B O N D S N OT SOLD. — N o
a s s e s 7 eb o n d s e( v e 9 5 np0 846)25 * °r th e 33,416 08

C h ristie A v e . lm p t.

A 1IN N E A P O L IS, M in n .— B O N D O FFE R IN G .— P rop osals w ill b e re
c e iv e d until 2 p . m . N o v . 21 b y D an C. B r o w n , C ity C om p troller, fo r
$100,000 4 % h ig h -sch o o l b o n d s.
D a te O c t. 1 1912. I n t. sem l-an n . at th e
fiscal a g e n cy o f the C ity o f M in neapolis In N . Y . B o n d s are ta x -e x e m p t In
M in n esota. D e n o m . $50, $100, $500 an d $1,000, as th e pu rch aser m a y d e 
sire. D u e O c t . 1 1942. B ids w ill n o t b e en te rta in e d fo r less than 9 5 %
o f p ar va lu e o f bon d s and in t. C ertified c h e c k fo r 2 % o f b o n d s b id fo r,
p a y a b le to C . A . B lo o m q u is t, C ity T rea su rer, Is r e q u ire d .

TH* official notice of this bona offering will be founa among the advertise
ments elsewhere in this Department.
„ { " m . - T h c fo llo w in g bids, all o f w h ich w e re r e je c t e d , w ere re c e iv e d o n
O c t. - 4 for th e $200,000 4 % 3 0 -y e a r h ig h -sch o o l b o n d s (V . 951, p . 149)h s ta b r o o k A C o ., B o s t o n .. .9 5 .5 9
I B lo d g c t & C o ., B o s t o n _______95.39
Allan. I.qan & T r u s t C o.,
R . L . D a y & C o ., B o sto n
95 34
.M inneapolis -------------------- 9 5 .5 0 1 2 5 1Merrill, O ldh am & C o ., B o s t-9 5 .0 8 9
N T y (,P ’
^ in|!man) . A riz — B O N D OFFERING —
IPmr^sn^HVwlllS?oli
roposals w ill b e re ce iv e d until 10 a . m . N o v . 25 b y I . B a rth o lo m e w Clerk
$1

noo

S n T ’ w S,i n

A 8 0 -0,00 r /o . CT° U.P- c o u r t h o u s e bSSds

D enom .

„V, ,. t te ° c t - 14i 912- In t- J- * J. In Kingman. Due O ct. 14 1952,
Clcrk f is rcqufrcdrS' Ccrt- C'1CCk f° r 5% o f amount bbL payable to the
M O H A V E C O U N T Y SCHOOL D IS T R IC T NO. 3 , A r iz .— B O N D ELEC Ll ^ ~ A n,^k cc^ on , w lu b c h e ld - s p o r t s state, to v o t e o n the q u e stio n o f
issuing $ 2 ,0 0 0 b on d s.

M O N T A A H .-B O N D
building0florid's, R^s S

e l e c t io n

S

.— On N ov. 5 the voters o f this State

' 1' qUCSt‘° n ° f l8SUln6: 3050’ 000 msanc-asylurn-

th c
,C h cb a lis C o u n ty , W a s h . — B O N D S A L E .— On O c t . 21
1 0 7 2 )w c r i
bon d s a BK‘'e g a tln g a p p ro x im a te ly $ 8 ,000 ( V . 95, p .
bids" w c r e V S ‘ C.d ,t0 W ' n - D - 1 erklns & C o . o f S e a ttle a t 100.50. O th er
S t a t c X n k ln n f / T
C arstens & E a rles, I n c ., o f S e a ttle , th e O ak ville
D ate N o v o i 9 l ? a k V n tc r ls t arVnual: ^

M o n te s a n o ’

D e n b m - 310° -

~ On N ov ^5AtbV£?nV,NT,Y (P -R - Stanley), No. D ak.— B ON D E LEC TION .
will b o^ su b m iU cd ^ ^ th fvoters.
?5° ’ 000 4 % 2° " ycar coort- llousc boada

T O R T L A N D . O re .— B O N D S A L E . — O n S e p t. 23 th e fo llo w in g b id s w er#
r e c e iv e d fo r th e $165,184 6 % 1 0 -yea r m u n ic lp a l-lm p t. b o n d s (V . 9 5 ,p .7 0 4 )
Bidder—
Ami.
Price.
Bidder—
Amt.
Price

F. Henderson.................$2,000
B. S. Griffiths.........
$500
S. Ward......................
500
f 50,000
„
50,000
Morris Bros., PortTd.t 25,000
I 25,000
l 15,183
Lumberman’s Nat. Bk_ 60,000

102.80
102.80
102.80
102.62
102.523
102.421
102.33
102.271
102.60

Widows’ and Orphans'
Mutual Aid A ss'n... $3,500
Henry Teal................. 165,183
Leo Peterson............... 3,500
N. W. Halsey & Co___ 165.183
Chas. Cornelius........... 5,000
Security Sav. &Tr. Co. 50,000
Wm.Adam8,City Treas.165,183
A. G. Rushlight, Mayorl26,000
Wm. Adam8,CityTreas.l21,000

102.50
102
102
101.54
101
100.125
100
100
100

The successful bids were as follows:
Bidder—
Amt.
Price.
Bidder—
Amt.
Price.
F. Henderson..... $2,000
102.80 S. Ward......................
$500 102.80
B. S. Griffiths..
500
102.80 Lumberman’s Nat. Bk. 60,000 102.60
Morris Bros., Port- 1 50,000 102.62 Widows’ and Orphans’
land.........................J 49,000 102.523
Mutual Aid Ass’n ... 3,183 102.50
B O N D S A L E . — On O ct. 21 the $250,000 4 % 25-year bonds (V . 95, p.
b?ds folirowaWarded t0 MorrIs B ros’ o f Portland at 93.78 and int.

Other

?r o ’ Eean & C o - C h ica go...9 3 .5 0 1Harris Trust & Sav. B „ Chlc.92.601
U . S. N at. Bank o f P o rtla n d ..93 .1 5 Merrill, Oldham & Co., B ost.92.57
Seasongood & Mayer, C in cln..93.05| N . W . Halsey & C o.. San F r.91.053
SCH OOL

D IS T R IC T .

M erced

C o u n ty .

C a l.-

VOTED .— The election held O ct. 19 resulted in favor of the
fthese
f h n bonds
n r tlw
J i be
/ h *offered
l « 00<l for
i 4‘
^r ’about
bulldbJff
W e are advised that
will
sale
D ec.bonds.
1.
P R E S T O N . O n e i d a C o u n t y . I d a h o . — B O N D S A L E .— W e have Just been
advised that the A . C. Bird Constr. Co. of Salt Lake City was awarded a t
par some time ago an issue o f $75,000 5% 10-20-vear (opt.) water-system
bonds. Denom . $1,000. Date Jan. 1 1912. In t. J . & J.
R A N D O L P H , C a tta ra u g u s C o u n ty .

N.

Y .—

B O N D O FFE R IN G . —

will be received until 8 p. m . N o v .4 by the
gosals
abbltt. Clerk, for $10,000 street-im pt. bonds.

P ro-

Board o fT ru stees.F .A .
Denom. $400. Date
A ug. 1 1912. Int. (at not exceeding 5% ) annually at the State Bank of
Randolph in Randolph. Due from 5 to 30 years. C e r t i f i e d check fo r 2%
o f bid, payable to F. L . Seager, Village Treasurer, Is required.

W MC ' M cN e!?Earttnm i!!i<>h - ~ D 0 N D S A L E NOT C O N S U M M A T E D .—
bonds' sold Sent *3 tv U or tbc Purchasers of the $50,000 4 % cou p, sewer
b eca u s eof a'ifeVee’ t I n 'c o ^ n h c i l ^ e 'd i n ^ 13 StatCd’ dCClarCd the 1S^UC Vold

R H O D E I S L A N D . — B O N D E L E C T IO N .— An election will b e h e ld N ov 5
to vo te on the proposition to Issue $300,000 park and $1,000 000 shoreim provem ent bonds.

Cou'nt'y V NR NY - b o n ) ? n r
8 d m 'N o v 4 bv Edwin

u n til 2 p

ROCH ESTER,

' CT (P ’ ° -

M t - V e r n o n ).

W e s tc h e s te r

Proposals will be received until
reg' school bonds
n i l Dlcnvenu, Clerk Bd. of E d., for $55,500 4 14%
In t' M & N
Du'e *20 nno\r(54) ,51’ 000’ (1) 31-500- Date N ov. 1 1912.
Cert check for $1^000°
mOV’ 1 1952 an<1 1053 aad $1,500 N ov. 1 1954.
delivered on N o v i s ’ wiK hi® t0 Ri? U d’ of E d " rc<UiIrcd. Bonds, to bc
Mortgage A Trust' Co o f
v ccrt flcd a« to genuineness by the U . S.

^CaldUvcll, Ma8sB<^0&°R<^d,^N.aYdl v^ose^plrSo^^B^be^urnlsh^^to the
purchaser. T hese securities were offered without success as 4 V i 8 on Oct. 25.
- B O N D S ^ Y F T ^ M R ,CTN i Pn- ° * JJ\o o s ic ) ’ L ack aw an n a C o u n ty . P a.
5

bm ids offered w R h o u f s ^ c c e ^ o n X g . 1' ^




Y
(V .

"

to)

° f thC $ 3 4 ’ ° ° 0

N.

m . N ov

Y

.— N O T E O F F E R IN G . —

6 by E

P rop osals w ill b e received
S . O sb o rn e. C ity C om p trolle^ . fo r $H K >,376

CfT«mX-t^r1’ i>? 0iQOiC9l ! tViPt T-a,ld 330-000 city-garage rotes, payable
6 m onths from N ov. 11 1912 at the Union Trust Co., N. Y . Bidders to des
ignate rate o f interest and denom ination o f notes desired.
rtrN n K Er. SiVrn\' 0 n ° c t - 29 tbe fo i‘ r Issues o f notes aggregating $434,500
( V . 9 o . p . 1 loO) were awarded to Bond & Goodwin o f N. Y . at 5.45% lnt.
and $11 premium. Other bids follow :
/0
Bath N ational Bank, B ath__________ $30,000 at 5.40% Interest
H :tL ee A nstey New Y o r k --------------- 434,500 at 5.70% Int. and'$52 prem.
L uther R obbins, R ochester__________100,000 at 5.70% interest
S ecurity Trust Co., R o ch e ste r............ 174,500 at 5.70% Interest!
D aniel A . Moran & Co., New Y ork ___400,000 at 5.80% interest
E stabrook & Co., New Y o rk ------------- 434,500 at 6% lnt. and $26 prem.
U nion Trust C o., New Y ork --------------160,000 at 6% interest.

THE CHRONICLE

1228

RO CKCASTLE CO U N TY
(P . O . M t . V ernon) K y .— B ON DS DE
F E A T E D .— The election held O ct. 26 resulted in the defeat of the pro
position to ussue the 5100,000 road bonds (V . 95, p. 704.)
R U PE R T. Lincoln C ounty, Idaho.— BON D S A L E .— On Sept. 1 525,000
water-works and 53,500 paving 6 % 10-20-year (opt.) bonds were awarded
to J. N. W right & Co. of Denver. D enom . 51,000. Date O ct. 1 1912.
Interest A . & O.
ST A N T H O N Y C O N S O L I D A T E D S C H O O L D I S T R IC T . M arsh all C o u n ty .

i ow a’ __BO N D S A L E .— G. M. Bechtel & Co. of Davenport have pur
chased, It Is stated, an Issue of 510,000 5% bldg, bonds. Date May 1 1912.
In t. M. & N . Due May 1 1922, subject to call at any Interest paying date
after N ov. 1 1914.
S A N DIEOO, C a l. — BO N D O FFE R IN G .— Proposals will be received
until 10 a. m . Dec. 2 b y Allen H . W right, City Clerk, for the 52,500,000
4 yi% coupon bonds authorized by a vote of 6,948 to 1,405 at the election
held A ug. 15 to purchase the system of the Southern California Mountain
W ater Co. (V . 95, p. 500.) Denom. (52,480) 51,000 and (40) 5500. Date
Jan. 1 1913. Int. J. & J. at the City Treasury. Due 562,500 y rly. Jan. 1
from 1914 to 1953 Incl. Cert, check on a responsible bank In San Diego for
525,000, payable to the City Treasurer, required.
S A N F R A N C IS C O , Cal.— R O N D OFFE R IN G .— Proposals will be re
ceived, it is stated, until 3 p. nr. N ov. 4 for 5179,600 school bonds.
S A N T A M O N IC A C I T Y H IG H S C H O O L D I S T R I C T , L o s A n g e le s C o u n ty .
C a l. — B ON DS OFFERED B Y B A N K E R S .— The W m . II. Staats Co. of

Los Angeles Is offering to Investors the $70,000 5% bldg, bonds offered on
Oct 14 (V 95, p. 920). Denom. $1,000. Date O ct. 1 1912. Int. semlann. In Los Angeles. Due on O ct. 1 as follows: $1,000 from 1917 to 1928
lncl.: $2,000 from 1929 to 1951 incl. and $12,000 in 19o2.
SANTA MONICA CITY SCHOOL DISTRICT. Los Angeles, County Cal —
B O N D S A L E .— The $80,000 5 % bldg, bonds offered on O ct. 14 (V . 9o,
p. 920) were awarded an O ct. 21, it is stated, to W m . R . btaats C o., or
Los Angeles at 102.86.
SARATOG A

S P R IN G S

SCHOOL

D I S T R IC T

NO.

8

(P . O .

S aratoga

S p rin gs N Y ) ^ B O N D S A L E - O n O ct. 23 $2,800 5% bldg bonds were
awarded to J. Finn for $2,802, making the price 100.072. A bid o f par
was also received from the Adirondack Trust Co. Denom. $200. Date
N ov. 15 1912. Interest annually in N ovem ber.
S A U I T S TF M A R I E . M ich .— T E M P O R A R Y L O A N .— A loan of $20,
000 due Jan. 16 1913, was negotiated join tly with the First Nat. Bank and
Sault Sav. Bank in Sault Ste. Marie at 6 % . D enom . $10,000.
S C H E N E C T A D Y C O U N T Y (P . O . Schenectady), N . Y .— BO N D OFFER
IN G .— Proposals will be received until 12 m . N ov. 12 by J . A . w 'noo>
Co. Treas., for $200,000 4 'A % coup (with prlv of reg.) site-purchase,
court-house and jall-constructlon bonds. A uth. Chap. 415, Laws of 1908
Denom. $1,000. Date July 1 1912. Int. J. & J. at the Schenectady
Trust Co. and at the Citizens' Trust Co. In Schenectady. Due $8 000
July 1 1942 and $12,000 yearly on July 1 from 1943 to 1958 incl
L crt.
check, bank draft (or cash) on a N. Y . State national bank or tiust com pa y
for 2% of bonds bid for. payable to the County Ireas., required, rjonus
to be ready for delivery N ov. 12 and will be certified ^ ^ f f ^ o n d T w e r e
the trust com pany at which the Interest is payable.
These bonds were
offered without success on O ct. 5 (V. 95, p. 997.)
S C O T T S B L U F F , S co tts B lu ff C o u n ty , N e b .— BON DS D E F E A T E D —
The proposition to Issue the $38,000 water-system -lm pt. bonds (V . 95,
p . 438) failed to carry at the election held A ug. 27.
S E B F V V A IN G , H u ron C o u n ty , M ich.— B ON DS D E F E A T E D . An elec
tion held O ct. 28 resulted In the defeat of the proposition tolssue$6,000
bonds. The vote was 92 " fo r " to 60 "against ,atw o-thitds m ajority being
required to authorize the Issue.
c p i M A D a lla s C o u n ty , A la .— B O N D S A L E . — According to the M ont
gom ery "A d v ertiser,” this city sold on O ct. 28 $35,000 5% 25-yr. gold hlghschool-bldg. bonds to Birmingham bankers at par. It was reported In the
newspapers some months ago that these bonds were awarded to the New
YoHc LFfe Insurance Co. during June (V. 95, p. 1782), but this report was
later denied by the Mayor.
c h d f VF
W a v n e C o u n ty . Ohio. — BO N D O FFE R IN G .— Proposals will
be received until 12 m . N ov. 16 by Clem Morgan, Vil. Clerk, for $1,000
5% coud real-estatc-purch. bonds. A uth. Sec. 3939, Gen. Code. Denom.
*500
Date Sent 1 1912. Int. M. & S. at the V ll. Clerk's office
Due
*500 S eot 1 1914 and 1915. Cert, check on a bank other than the one
making the bid, for 10% of bonds bid for, payable to the Vil. Treas reotilred
Bonds to be delivered within 10 days from time of award. Offi
cial circular states that this village has never defaulted In the paym ent of
any of its obligations and that the legality of these bonds has not been
questioned.

[VOL. LXX X X V .

U H R I C H S V I L L E , T u sca r a w a s C o u n ty , O h io. — B O N D O FFE R IN G .—
Proposals will be received until 7 p. m. Dec. 3 by H. O. Ruyder, Village
Clerk for $22,000 4 % coup. Trenton A ve. paving bonds. Denom. $o00.
Date N ov. 1 1912. Int. semi-ann. at the Village Treas. office. Due $1,500
yearly N ov. 1 1913 to 1916 incl. and $1,000 yearly thereafter. Certl check
for $600, payable to the Treas., required. Purchaser to pay accrued Int.
V A N D E R B U R G C O U N T Y (P . O . E v a n sv ille ), In d . — BO N D S A L E .—
On O ct. 14 the $51,705 (not $51,700 as first reported) 4 'A% road bonds
(V. 95 d . 1150) were awarded to the City Nat. Bank of Evansville for
$5i 710— making the price 100.009. D enom . $500. Int. M . & N . Due
O ct’. 14 1922.
V E N IC E C I T Y S C H O O L D I S T R I C T , L os A n g e le s C o u n ty , C a l,— B O N D
OFFERIN G — Proposals will be received until 2 p. m. N ov. 11 by H . J.
Lelande, County Clerk, (P . O . Los Angeles) for $92,000 5% 24 H -y r. (aver )
bldg bonds, reports state. Cert, check for 3% is required. It Is fuitnei
stated that the sale of these bonds to Torrance, Marshall & Co. (V . 9o,
p. 1073) was not consum m ated.
W A R W O O D , O hio C ounty. W . V a .— BON D O FFERIN G.— Further de
tails are at hand relative to the offering on N ov. 7 of the $12,000 5% sewer
bonds (V. 95. p. 1150). Proposals for these bonds will be received
until 7:30 p. nr. on that day at the "B ank of W arw ood.”
Denom. $500.
Date Oct 1 1912. Int. annual. Due O ct. 1 1922. No bonded debt at
present. Assess, val. 52,112,897. Official circular states that there
Is no litigation or controversy pending or threatening the corporate exist
ence or the boundaries thereof, or the titles of its present officials to their
respective offices, or the validity of these bonds.
W A S H I N G T O N . — NO AC TIO N YET T A K E N .— No further action has
yet been taken looking towards the Issuance of the $920,000 4 % cou p, bonds
offered but not sold on Sept. 1 (V. 95, p. 705).
W A S H I N G T O N T O W N S H I P , B elm o n t C o u n ty , O h io .— BON D OFFER
IN G .— Proposals will be received until 12 m. Dec. 2 by W . McICccn, £wp.
Clerk (P. O. Arm strong’s Mills) for $20,000 5% Road Irnpt. Dist. lrnpt.
bonds. A uth. Secs. 7033 to 7052 incl., Gen. Code. Denom. $1,000.
Date Sent. 15 1912. Int. M. & S . Due $1,000 each six months from
March 15 1918 to Sept. 15 1927, Incl. Cert, check for 6% of bond* bid
for, payable to the Township Trustees, required. Bonds to be delivered
within 5 days from time of award.
W A U S A U . M arathon C o u n ty . W i s — NO A C T IO N _ YE T T A K E N .—
W e are advised under date of O ct. 28 that no action has yet been taken
toward the Issuance of the two Issues of 4 A % coupon tax-free bonds,
aggregating $40,000 (V . 95, p. 772.)
W E B S T E R G R O V E S (P . O . S t. L o u is ). S t. L ou is C o u n ty , M o .— BON DS
VO TE D.— A t an election held O ct. 29 the question of issuing $15,000 fire
house bonds carried, it is reported, by a vote of 254 to 37.
W E B S T E R G R O V E S H IG H S C H O O L D I S T R IC T (P . O . S t. L o u is ), S t .

I ouis County M o — BON D O FFERIN G.— Proposals will be received until
8 p m N ov 7 by F. B. Miller, Sec. B d. o f E d., for the $40,000 4 A % cou p ,
high-school-add.-constr. bonds (V. 95, p. 1073) voted O ct. 12. A uth.
Sec 10777, R ev. Stat. o f M o., 1909. Denom. $500 or $1,000. Date
N ov. 1 1912. Int. M. & N. at some bank or trust com pany In S t. Louis.
Due N ov. 1 1932, subject to call beginning N ov. 1 1022. Cert, check
.................
for $1,000, payable to the District, required.
W E S T C H E S T E R S C H O O L D I S T R I C T (P . O . W e s t C h e ste r ). W a s h in g 

ton C o u n ty , Iow a.— BON DS N OT TO BE ISSU ED A T PRESENT . W e
are advised b y the Secretary of Bd. of E d.,!under date of O ct. 25 that n o
further action will be taken towards the issuance of the 51^,000 building
bonds recently voted (V. 95, p. 772) until next year.
• • • • •
W H IT F F O R D T O W N S H IP

( P . O . M o n r o e ), M on roe C o u n ty . M ic h .—

BOND E LEC T!O N PR O PO SED .— A t an election in Novem ber the voters
will have subm itted to them the question of issuing $10,000 road b ond s.lt
Is reported.
W I L M E R D I N G . A lle g h e n y C o u n ty . P a .— NO AC TIO N Y E T T A K E N s —
No action has yet been taken looking towards the issuance of the $2o,000
street-lm pt. bonds (V. 95, p. 772).
W I N T E R P A R K , O ran ge C o u n ty , F la .— BO N D S A L E 'On O ct. 25
the $12,000 6% 13-25-yr. (ser.) water-works bonds (V. 95, p. 1074) were
awarded to the Bank of W inter Park, W inter Park at par.
•
W O O D C O U N T Y ( P . O . Q u itm a n ), T e x a s . — BON DS R E G IS TE R E D .—
The State Comptroller on O ct. 25 registered the $120,000 5% 10-40-yr.
(opt.) road and bridge bonds recently sold (V. 05, p. 1151.)
. . . .
W O R C E S T E R C O U N T Y (P . O . S now H ill), M d .— BON D O FFE R IN G .—
Proposals will be received until 12 m . N ov. 26 by J. Edward W hite, Clerk
and Treas., for $25,000 5% coupon reg. tax-free road-lm pt. bonds. A uth.
Chao 378, Session of 1908. Denom . $500. Date J an. 1 1913
Interest
J & J . at Merchants' National Bank in Baltimore or the birst National
Bank
of
Snow
Hill,
at
the
option
of
purchaser.
Due
$1,000
July
1
194o
and
S M I T H F I E L D IN D E P E N D E N T S C H O O L D I S T R IC T (P . O . S m ith fie ld ).
$2,000 yearly July 1 from 1946 to 1957, Inclusive.
T arran t C o u n ty T e x a s . — B ON DS R EGISTERED .— On O ct. 23 the State
Y
A
K
I
M
A
C
O
U
N
T
Y
S
C
H
O
O
L
D
I
S
T
R
IC
T
N
O
.
9
8
.
W
a
s
h
.—
f
O
N
D
OF
Comptroller registered $7,500 5% 40-year bonds.
FE R IN G .— Proposals will be received until 10 a. m. N ov. 9 by brank
S N O H O M IS H C O U N T Y S C H O O L D I S T R IC T N O . 9 9 . W ash.— B O N D S
Bond, County Treas. (P . O. North Yakim a), for $1,500 1-20 yr. (opt.)
VO T E D .— The proposition to issue $30,000 bldg, bonds carried at an elec coup,
slte-purch. and constr. bonds at not exceeding 6% Int. A uth. Secs.
tion held O ct. 12, reports stato.
1177 118, 119. &c.. Code of Public Instruction, Laws of 1897, pages 357
S O U T H O R A N G E T O W N S H I P , E s s e x C o u n ty . N .
et seq., and election help Sept. 23. Date “ day of sale” or the first day o f
tajq — Proposals will be received, it is stated, until 8 p. M. N °v . 19 py
some m onth, as purchaser may desire. Int. ann. at office of County Iff*1®E . It. Arcularius, Township Clerk, for $33,000 4 A % 30-yr. park bonds.
No bonded debt. Floating d eb t, $5.50. Assess, val. 1912, $165,130.
Interest semi-annual.
Cash val. (est.), $366,960.
' ' '
Y A K I M A C O U N T Y S C H O O L D I S T R I C T N O . 9 9 . W a s h . — BOND^ OF
Proposau'w ll|Cbe^rccclvcd) *u?tll
¥ s^ statc<lf'by^ j('T . FE R IN G .— Proposals will be received until 11 a. m. N ov. 9 by I rank
S S t
'a * ”
”
« ‘ « 7 f o 5% d ra ln .ee bonds. Denom. (t)
Bond, County Treas. (P. O. North Y akim a), for the $3,000 1-20 yr. (opt.)
$877 70 and (9) $400. Int. J . & J ., beginning Jan. 2 1914.
coup, slte-purch. and bldg, constr. bonds. A uth. Secs. 117, 118, 119, « c . .
Code of Public Instruction, Laws o f 1897, pages 357, et seq.; also election
SIIISUN Salano C ounty, Cal.— B O N D ELECTION PR O PO S E D .—
A ccording to reports this town Is considering the proposition to submit to held Oct. 11. Date "d ay of sale” or the first day of some m onth, at option
of bidder. Int. (rate not to exceed 6 % ) annual at Co. Treas. office. No
the voters the question of issuing $20,000 water-works bonds.
other d e b t. Assess, val. 1912. $72,680; cash val. (est.). $161,510.
• •
SW FFTW ATER
Nolan C o u n ty , T e x .— PR IC E P A ID FOR B O N D S . —
Y O R K T O W N S H I P S C H O O L D I S T R IC T <P. O . Bellevue). H u r o n
W e are ad vised b y th e M a y o r th a t the price paid for th e $ 3 5 ,0 0 0 5 % 2 0 -4 0 Coim
lv
O
h
io
—
BON
D
ELECTION
.—
An
election
w
ill-be
held
N
ov.
5
to
ve ar (oDt ) cou p on sew c r a g e-sy stc m -co n str u ctlo n b ond s recen tly aw arded
vote cn the Issuance of $30,000 school-lm pt. bonds, according to reports.
t ^ O t i r * C o. T c n e v e la n d ( V . 9 5 . p . 1150) w as $ 3 5 ,2 8 2 5 0 (1 0 0 .8 0 7 ) and
7AN FSVII I F Ohio — B O N D O FFERIN G.— Proposals will be received
in te re st and n ot par an d In terest, as first rep o rted .
until 12 m N ov 15 by F . H . Boiln, City Auditor, for the $3,000 4% 10-year
SYRACUSE O n o n d a g a C o u n ty , N . Y . — BO N D S A L E .— On O ct. 29
the 5220T000 4 H % l-20-year " er.) reg. m unlcipal-im pt. tax-free bonds rev tax-free water-works-lm pt. bonds authorized June 17 (V. 9o, p. 70).
Denom $500
Date S ept. 1 1912. Int. M. & S. Certified check for 5 % ,
(V 95, p. 1150) were awarded to Rhoades & Co. of N. Y . at 101.569,
payable to the City Treasurer, is required.
a basis of about 4.3 1 3% .
Other bids follow:
... . .
00
Curtis & Sanger_________ $223,429 29 Adams & C o-----------$222,411
Harris. Forbes & C o____ 222,899 60 W atson & Pressprich.- . 222,062 00
Estabrook & C o_________ 222,838 00[B lod get & C o . . . .....221,958
00
Syracuse Trust C o _____ 222,710 00 Kountzc B ros......... ........ 221,892 00 C a n a d a . I t s P r o v i n c e s a n d M u n i c i p a l i t i e s .
James IL M agoffin......... 222,618 00 Parkinson & Burr. 221,779
87
Ilarrlman & C o__ ______ 222,420 00|VV. N. Color & C o-------- - 220,865 00
j n « DIVER (Rural Alun. No. 252), Sask.— D E B EN TU R E OFFERIN G.
The above bidders are fill of New York except Syracuse Tr. C o., Syracuse. — Proposals will be received for $5,800
'^hentures, ac
cording to reports. A . J. R obertson Is Sec.-Treas. (I . O. Davidson).
T A F T Kern C o u n ty C a l. — BO N D E LE C T IO N .— The question of Issuing
$25,000 sewer-system and firc-dept. bonds will be submitted to a vote on
AURORA On I __NO AC TIO N Y E T T A K E N .— N o action has yet been
N ov. 12. according to reports. A similar Issue of bonds was offered on taken looking towards the Issuance of the $15,000 bonus debentures
A ug. 19,’ but not sold (V. 95, p. 639).
recently voted (V . 95, p. 772.)
T A M P A . H illsb oro C o u n ty , F la .— BO N D OFFERING .— Proposals will
RIRCH H11 I S Snsk __D E B E N TU R E OFFERIN G.— Proposals will be
be received until 2 p. m. Dec. 4 by the B d. of Comm rs of Public W orks, received for $2,000 pcrm ancnt-lm pt. debentures, it Is reported. G. W .
D B M cK ay. Chmn.. for the $1,700,000 5% gold cou p, public-lmpt.
b o n d s'v o te d A u g . 20 (V. 95. p. 563). Denom. $1 000. Date D ec.1 1912. Giles Is Sec.-Treas.
BLAIRMORE. Alta.— D E B E N TU R E S PR O PO SED .— Tills place Is con
Int. J. & D. at the U. S. Mortgage & Trust Co. in N . Y . Bids must be un
templating the issuance o f $15,000 water-works-systcm-construotion de
conditional. Due Dec. 1 1962, op t. after 20 years. Cert, check for 1%
of bonds bid for, pa
Full text of Commercial and Financial Chronicle : November 2, 1912, Vol. 95, no. 2471

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