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Mr.
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INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, NOVEMBER 23 1912
VOL. 95
The Thronicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2474
Week ending November 16.
Clearings at
1912.
1911.
Inc. or
Dec.
1910.
1909.
Chicago
325,160,882 291,954,980 +11.4 278,299,356 272,580,564
Cincinnati
27,565,500
25,098,450
25,658,450 +7.4
26,853,050
Cleveland
25,343,165
22,584,117 +12.2
20,823,565
22,814,695
Detroit
25,957,730
22,505,159 +15.3
20,402,725
17,858,326
Milwaukee
16,043,534
15,294,009 +4.9 .13,879,349
13,185,754
Indianapolis __ _ _
9,914,169
9,163,943 +8.2
9,273,265
9,264,155
Columbus
6,637,500
5,732,100 +15.8
5,771,400
6,061,800
5,868,291
Toledo
4,776,628 +22.8
5,022,417
4,469,538
3,975,682
Peoria
4,077,135 ---2.5
3,432,197
3,071,752
3,430,536
3,289,819 +4.3
Grand Rapids_ _ _
3,130,388
.2,871,142
2,075,082 +11.2
2,307,133
Dayton
2,238 165
1,961,506
2,544,582
2,693,247 +8.8
2,929,479
Evansville
2,078,100
858,507 +2.6
713,189
880,337
Kalamazoo
767,476
995,472 +16.7
930,066
1,161,278
Springfield
944,325
Terms of Advertising-Per Inch Space
1,054,898
1,204,247
1,003,865 +20.0
Fort Wayne_ _ _ _
976,369
Transient matter per inch space(14 agate lines)
$4 20 Youngstown - -1,027,288
1,106,557
1,701,412
1,369,783 +24.2
Two Months
(-i times)
22 00 Rockford
760,410
952,225
835,576
832,159 +14.4
Three Months (13 times)
29 00 Akron
1,036,800
1,131,000
1,043,000 +26.0
1,768,000
Standing Business Cards
Six Months
50 00 Quincy
(26 times)
573,715
596,333
698,637 +13.7
794,077
Twelve Months(52 times)
87 00 Canton
1,263 750 +14.6
1,447,363
714,115
1,009,707
782,193 +24.3
972,029
957,841
1,050,614
CHICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Block;Tel.Harrison 4012 Lexington
744,090
Springfield, 0_ _ _
622,757 +19.6
554,396
437,990
LONDON OFFIcE-Edwards ea Smith,1 Drapers' Gardens, E. C.
596,701 +174.7
1,640,059
608,070
South Bend
469,403
592,417 +11.3
Bloomington_ _ _ _
572,386
WILLIAM B. DANA COMPANY, Publishers,
659,858
465,904
445,578 +32.8
591,300
405,078
Decatur
342,296
New York.
P.O. Box 958. Front. Pine and Depeyster Sts.,
548,588
600,000
300,553
576,000 +4.2
Jackson
389,031
411,095
426,358 +5.8
451,036
Mansfield
morning by WILLIAM B. DANA COMPANY, Danville
Published every Saturday
391,365
- 392,826 +12.5
442,061
397,282
tacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Lansing
410,214
555,822
402,785 +38.0
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company, Lima
383,450
410,159 +14.4
469,293
336,215
263,080 +16.0
305,259
Jacksonville
272,124
259,323
159,735 +26.3
201,054
Ann Arbor
203,159
186,831
RETURNS.
CLEARING-HOUSE
39,124
22,025 +13.6
25,000
Adrian
23,975
441,584 +1.2
447,068
340,000
434,635
Tho following table, made up by telegraph, &c., indicates that the Owensboro
total bank clearings of all clearing houses of the United States for the week
Tot. Mid. Wes. 473,146,469 424,364,040 +11.5 405,544,175 392,811,279
ending Nov. 23 have been $3,640,501,171, against $3,903,276,816 last San Francisco_ _ _
59,713,082
48,020,947
51,925,655
58,128,626 +2.7
week and $3,203,230,765 the corresponding week last year.
27,938,230
18,490,778
22,127,676 +26.2
Los Angeles
16,388,188
14,040,118
11,657,418
11,942,726 +17.6
14,203,883
Seattle
9,086,439
8,497,942
9,624,801 -5.6
Salt Lake City
8,827,178
Clearings-Returns by Telegraph.
Per
5,552,612
Spokane
4,774,416
4,883,639
4,847,739 +14.5
1912.
1911.
Week ending Nov. 23.
Cent.
14,813,487
12,994,645 +14.0
Portland
9,450,000
10,945,125
4,624,352
4,682,734 -1.2
4,534,584
5,958,561
$1,672,182,755 $1,495,103,515 +11.8 Tacoma
New York
4,134,642 -7.5
3,825,878
3,114,929
1,832,520
136,685,529
136,532,584
-0.1 Oakland
Boston
2,455,841
1,832,744
2,134,459 +15.0
1,460,012
123,379,423 +22.4 Sacramento
151,024,866
Philadelphia
1,499,811
2,300,000 +22.2
2,810,693
1,035,248
32,245,464 +11.4 San Diego
35,934,756
Baltimore
1,066,325
1,238,996 +25.7
1,557,672
830,874
235,631,253 +17.1 Fresno
275,971,987
Chicago
908,251
1,061,714 +0.7
755,268
1,069,511
69,263,913 +10.5 Stockton
76,501,647
St. Louis
627,444
883,894
924,088 -4.4
645,549
21,135,315 +10.3 San Jose
23,306,467
New Orleans
784,288
1,295,933
Pasadena
600,000
959,705 +35.0
592,251
659,103
533,123 +11.1
425,465
$2,371,455,062 $2,113,444,412 +12.2 North Yakima
Seven cities, five days
361,784
340,303 -2.0
333,363
324,953
638,947,368
530,297,846 +20.5 Reno
Other cities, five days
Total Pacific- 150,593,356 137,975,977 +9.1 120,399,009 113,477,804
Total all cities, five days
$3,010,402,430 $2,643,742,258 +13.8
All cities, one day
630,098,741
559,488,507 +12.6 Kansas City_ - _ _
55,437,166
62,402,311
51,006,112
56,195,475 +11.0
26,343,107
36,280,213
Minneapolis --28,649,510
27,469,673 +32.1
Total all cities for week
171 $3 2031230t765 _ +13•
6 Omaha
.$3 640 501, .
, ,
,
16,684,101
17,793,320
14,147,841
15,586,191 +14.2
15,462,180
12,850,629
St. Paul
14,193,682
12,351,491 +25.2
The full details for the week covered by the above will be given next
10,837,979
10,137,670
10,367,306
10,307,616 +5.1
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
9,999,396
7,045,616
4,714,945
6,648,258 +50.4
clearing houses at noon on Saturday, and hence In the above the last day of Duluth
6,514,719
6,770,564 -3.8
6,365,253
7,705,913
St. Joseph
the week has to be in all cases estimated, as we go to press Friday night.
4,900,000
3,883,120
4,264,319 +14.9
3,754,568
We present below detailed figures for the week ending with Saturday Des Moines
3,100,000
2,401,642 +29.1
2,847,684
2,608,481
Sioux City
noon, Nov. 16, for fourAyears.
3,903,946
3,391,610
3,324,762 +17.4
2,710,337
Wichita
1,808,326
1,570,602
1,359,420
1,671,123 +8.2
Lincoln
1,432,471
1,356,760
1,457,102
1,594,419 +10.2
Topeka
Week ending November 16. •
1,610,911
1,590,662
1,134,197
1,481,549 +8.7
Davenport
'lcarincs at
_
1,210,492 +35.1
1,409,9)0
1,582,278
1,635,456
Cedar Rapids--Inc. or
969,700
976,581
638,563
963,627
Fargo
1911.
Dec.
1910.
1912.
1909.
762,303
711,355
707;737 +9.2
772,618
Colorado Springs
730,650
1,018,895
922,634 +0.4
926,764
Pueblo
$
$
$
$
%
237,717
295,761
218,854 +35.2
257,826
2,244,792,548 2,011,205,699 +11.6 1,872,470,525 2,091,858,744 Fremont
New York
192,000
176,845 +7.0
189,396
Philadelphia_- 179,674,740 182,239,457 +10.7 167,889,791 148,397,260 Hastings
636,120
507,923
410,000
369,939 +10.8
51,021,199 +10.5
Pittsburgh
56,377,930
49,122,843
50,094,033 Aberdeen
1,190,059
1,553,044
1,274,261 +21.9
44,674,641
38,100,049 +17.3
35,689,323
Baltimore
31,827,973 Waterloo
1,041,340
1,091,075
1,031,833 +39.7
1,441,940
Buffalo
11,581,135
13,496,379
11,592,457 +16.4
10,308,328 Helena
315,000
176,209
429,313
525,037 -18.3
Albany
7,169,610
7,456,261
3.8
6,305,683
7,512,844 Billings
Washington
7,464,228
8,298,010
7,479,411 +10.9
6,848,777
Tot. 0th. West 184,338,627 157,482,885 +17.1 156,493,165 150,614,206
Rochester
5,828,270
4,689,498 +24.3
4,457,699
4,382,269
3,208,702
2,696,938
Scranton
3,070,628 +4.5
2,559,642 St. Louis
71,798,116
84,632,830
90,248,749
82,082,939 +9.9
3,127,141
2,532,135
2,403,305 +25.1
Syracuse
2,659,500 New Orleans_ --22,895,324
24,144,802
25,639,210
23,476,987 +9.2
1,685,809
1,552,641
1,671,253 +0.8
Wilmington
1,413,599 Louisville
14,433,902
12,859,892 +12.2
13,429,215
14,479,771
2,058,561
1,602,845 +28.5
1,611,278
Reading
1,658,689 Houston
17,031,544
24,703,201
18,345,262 +34.7
14,844,575
1,481,235
1,541,179 -3.9
1,414,740
Wilkes-Barre
13,043,000
11,457,000 +13.8
1,409,765 Galveston
7,536,000
11,327,000
1,958,305 +25.5
2,457,346
Wheeling
1,800,628
7,621,742
1,860,319 Richmond
9,325,464
9,262,059 +0.7
7,894,106
1,938,551 -3.2
Trenton
1,870,086
1,466,242
12,454,958
2,038,995 Memphis
7,371,428
14,069,686
11,907,738 +18.2
York
987,000 +8.6
,
1,052,041
1,120,798
16,999,597
056,920 Atlanta
13,427,592
17,794,136
17,811,576 -0.1
Erie
,921,344 +20.7
1,112,194
921,007
8,731,411
7,972,278
756,193 Savannah
6,203,407
7,634,487 +4.4
Greensburg
,:,514,847 +7.0
550,000
523,187
8,740,244
12,832,816
477,351 Fort Worth
8,001,256
9,257,701 +38.6
Binghamton
571,500 +20.6
689,000
574,400
8,351,494
4,150,557
5,207,181 +60.5
3,601,567
433,700 Nashville
Altoona
790,762
645,762 +22.5
560,999
3,587,192
4,293,058
4,676,149
4,018,218 +16.3
463,081 Norfolk
Chester
767,593
542,636 +41.5
560,528
3,109,064
4,424,367
2,906,400
3,112,108 -6.6
488,269 Augusta
Lancaster
1,524,037
1,001,231 +52.2
924,032
2,529,640
3,889,024
2,944,995 +32.1
2,806,155
Birmingham _ _
Montclair
521,165 Not Included in total
2,878,905
2,657,518 +34.1
2,083,715
3,564,781
Little Rock
2,210,531
2,710,609
2,282,590 +30.4
2,975,476
Charleston
Total Middle- 2,582,692,635 2,313,154,417 +11.6 2,173,240,780 2,368,406,151 Chattanooga_ _ _ _
1,531,320
2,355,805
2,997,316
2,253,837 +32.9
1,908,648
2,767,195
3,500,000
2,950,500 +18.6
198,716,530 180,465,705 +10.1 187,550,569 186,722,027 Jacksonville _ _ _ _
Boston
1,712,250
2,019,127
1,643,522
Knoxville
1,817,908 +11.1
10,525,000
Providence
9,558,300 +10.1
9,752,000
10,298,300
1,593,066
1,602,300
1,404,680
1,551,744 +3.4
5,059,541
Hartford
4,619,963 +9.5
4,028,764
3,577,129 Mobile
2,237,148
2,815,000
2,254,007
2,319,401 -3.5
New Haven
3,314,870
3,173,366 +4.4
3,120,388
2,856,031 Oklahoma
2,915,582
1,571,407
936,190
2,120,695 +37.5
3,112,685
Springfield
2,567,653 +21.3
2,469,287
2,675,000 Austin
5,524,761
1,325,661
1,467,612
4,861,174 +13.6
2,382,415
Portland
2,161,557 +10.2
2,241,720
1,993,297 Macon
509,069
460,184
441,717
417,547 +21.9
Worcester
2,795,669
2,753,582 +1.5
2,614,639
1,925,383 Vicksburg
518,000
600,000
667,638
556,983 +20.0
Fall River
1,822,555
1,443,763 +26.2
1,508,028
1,699,008 Jackson
715,416
930,000
945,728 -1.7
735,828
NewABedford1,144,325 +13.8
1,302,961
1,554,929
1,225,970 Wilmlon, N. C.
901,446 +11.8
1,007,466
Lowell
637,889 +13.0
720,089
551,199
553,009 Muskogee
1,071,274
625,439 +71.7
Holyoke
619,081
626,473 -1.2
613,143
606,207 Tulsa
Bangor
561,603 +29.4
726,886
Total Southern 281,407,437 245,640,653 +10.51 243,667,020 203,180,769
- MI
Total all
379036,816 3,488,332,161 +11.9 3,315,348,734 3;442,621,577
Tot.INew Eng. 231,098,292 209,714,179 +10.2 216,004,585 . 214,131,261
Outside N. Y.__ 1,658,434,268 1,476,126,4621 +12.2 1,442,878,209 1TS50,762.837
ote.-For Canadian clearings see "Commercial and Miscellaneous News."
$10 00
For One Year
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13 00
European Subscription (including postage)
7 50
European Subscription six months (including postage)
22 14s.
Annual Subscription in London (including pcstage)
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$11 50
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Subscription includes following Supplements
BANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
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1354
THE CHRONICLE
THE FINANCIAL SITUATION.
If reports are to be believed, one of the things
which the Democrats are to take up at the extra
session of Congress, to be convened next April,
besides the matter of tariff revision, is the amendment of the Sherman Anti-Trust Law, with the view
to making it more effective and more all-embracing.
But a decision rendered by the United States Supreme
Court on Monday of this week in the so-called
"Bath-Tub" cases furnishes further evidence to
show that the Sherman Law is a pretty effective
measure as it stands; and it is difficult to see how its
operation could be extended—at least in preventing
restraints on competition in inter-State commerce
or attempts to monopolize the same.
There has been much harsh talk at times, in
legislative halls and on the part of politicians, concerning the opinions of the Supreme Court interpreting the Anti-Trust statute. Attempts have been
made—William J. Bryan, who is now mentioned as
a possible member of the President-elect's Cabinet,
being particularly prominent in these efforts—to
create the impression that the Court was construing
the law in such a way as to render it innocuous to
wrongdoers. But now that the Presidential contest
is behind us and it is possible to take a calm and
unprejudiced view of the working of the statute, it
does seem as if the fact should be recognized that
the Court has been sustaining in a most signal way
the action of the Government in prosecuting violations of the provisions of the Anti-Trust Act. As
suit after suit reaches the highest judicial tribunal,
the Government continues to score victories, and the
law is proving a powerful weapon in its hand.
There could have been no room for doubt as to
the outcome of the present case except that it involves the question of the use of a patented article
and that a decision of the Supreme Court rendered
last spring had been taken to mean, in certain quarters, that the monopoly rights conferred under the
patent laws were such that the owner of the patent
was protected in almost anything he might undertake
—even to the extent of ignoring the existence of the
Anti-Trust Law. This week's decision shows that
that notion was entirely erroneous. The owner of
the patent is protected in his monopoly in the particular article patented but is not relieved from the
obligation to observe statutes of general application
like the Anti-Trust Law.
In the decision last spring (not last year, as stated
erroneously in so many of the papers), in the case
of the A. B. Dick Co., which sold a patented "rotary
mimeograph" under conditions that the device could
be used and was licensed to be used only with ink
and other materials for its operation which were
made by the makers of the machine, the Supreme
Court held, by a vote of four to three, that this
was a restriction well within the rights of the owner
of the patent. The patent law gives to a patentee
or his assigns the "exclusive right to make, use and
vend" the thing patented. It was held that the
patentee may sell his article with the condition attached that the purchaser shall agree to use in connection with it certain other articles made by him.
There appeared an element of justice in this, inasmuch as a patented device might conceivably be
used in connection with articles not suited to it, and
thereby its reputation before the public might be injured, to the detriment of the patenteej
[VoL. Lxxxxv.
In the "Bath-Tub" case, however, the situation
was entirely different. The defendants included the
Standard Sanitary Manufacturing Co. and sixteen
corporations and thirty-one individuals, who together
controlled the manufacture and sale of about 85%
of the enameled ironware in the United States.
Under a license agreement the manufacturers were
allowed to use a patented dredger only on condition
that they would abide by an attached price list,
would not sell to jobbers who bought from independents, would not sell in certain territory, &c., all of
which is in direct contravention to the Sherman Law.
Justice McKenna, who wrote the opinion of the
Court, said that the effect of the agreements was to
convert independent and competitive companies into
a combination subjected to rules and regulations.
"The trade was practically controlled from producer
to consumer, and the potency of the scheme was established by the co-operation of 85% of the manufacturers, and their fidelity to it was secured not only
by trade advantages but by what was practically
a pecuniary penalty, not inaptly termed in the
argument, 'cash bail.'"
It is held that these license agreements "clearly
transcended what was necessary to protect the use
of the patent or the monopoly which the law conferred upon it. They accomplished a restraint
of trade condemned by the Sherman law." Justice
McKenna said there was nothing in the mimeograph
case which contravenes the views he was expressing,
and then went on to say that "the added element
of the patent in the case at bar cannot confer immunity. Rights conferred by patents are indeed
very definite and extensive, but they do not, any
more than other rights, give a universal license
against positive prohibitions. The Sherman law
is a limitation of rights—rights which may be pushed
to evil consequences and therefore are restrained."
Stated in brief, the Supreme Court in the present
case, in what has been called an "epoch-making"
decision, holds that"the monopoly of a patentee does
not include control over commerce in the unpatented
product of the patented machine." The decision,
which was concurred in by the entire Court, is
clearly a wholesome one, and thus the Sherman law
is again vindicated.
Phenomenal expansion in both the export and import totals of merchandise are the salient features
of the foreign trade statement of the United States
for the month of October 1912. In each instance
all former records are broken, and in the case of
exports most decidedly so. Heretofore the heaviest
outflow of merchandise was in December 1910, when
the value of our shipments was 229 million dollars;
last month that aggregate was exceeded by over
253/2 millions. Imports have run ahead of the total
for March 1910 (the former high-water mark) by
15 million dollars. It is true that the high price received for the large volume of cotton sent out was
an important element, contributing to the export
result; still only 16 million dollars of the 44 millions
increase over 1911 is to be accounted for in that way.
The breadstuffs outflow, reflecting our better crops,
was also comparatively heavy, showing an increase
of 14% millions and exceeding any month since December 1907. Provisions and cattle and hogs exports, however, were well below those of last year,
cottonseed oil slightly so, and mineral oils exhibited
only a nominal increase.
Nov. 23 1912.]
THE CHRONICLE
The various items here enumerated make up an
aggregate of $133,715,629, which compares with
$105,538,806, or an increase of 28 million dollars.
*Other articles of export (manufactures, Szc.) totaled
$120,981,356, or 16 millions more than a year ago.
The combined exports of commodities for the month
were, therefore, $254,696,985, against $210,365,516
in 1911 and $207,709,086 in 1910. For the ten
months of the current calendar year the merchandise
exports, at $1,870,557,254, are far ahead of any
earlier year. As contrasted with 1911 the gain is
205 millions, and there is an increase of 440 millions
over 1910.
The large gain in imports in October (from $132,605,751 in 1911 to $177,995,830 in 1912) following
record totals in all but one of the preceding months
of the year, does not constitute an altogether
assuring feature and would seem to point to growing
extravagance, inasmuch as a considerable part conFor
sists of what is ordinarily classed luxuries.
the ten months the imports aggregate $1,511,129,557, against $1,265,522,936 in 1911, and, furthermore, exceed all earlier years. The export balance
of merchandise for October reaches $76,791,155 and
for the ten months is $359,727,697, this latter comparing with 400 millions in 1911 and 134 millions
in 1910.
Transvaal gold production in October, in line with
previous months in the current calendar year,
showed an appreciable gain over the like period of
1911, the comparison being between 768,681 fine
ounces and 708,664 fine ounces; contrasted with
1910, the gain was over 100,000 fine ounces. For
the ten months of 1912, the aggregate yield is stated
at 7,590,556 fine ounces, or a per diem average of
24,887 fine ounces, as against 6,808,106 fine ounces,
or a daily product of 22,400 in 1911, and 6,250,534
fine ounces and 20,560 in 1910. The maintenance of
the daily average for the elapsed portion of 1912
referred to above would assure for the full year a
product of 9,108,663 fine ounces, or some 900,000
fine ounces more than in 1911, nearly 1.3/ millions
greater than in 1910 and almost double the product
of 1905.
Building construction returns for October 1912
make a very satisfactory showing for so late in the
year, exhibiting, as they do, an aggregate volume of
operations greater than in the corresponding month
of either 1911 or 1910, a result, moreover, not in
any degree ascribable to activity in this city. On
the contrary, the work for which arrangements were
made in the Borough of Manhattan during the month
was of noticeably restricted proportions, having been
barely half the total for 1911, a decrease too great
for the gains in the other boroughs of the city to
overcome. Outside of New York greatest activity
was displayed in October in Southern and Middle
Atlantic districts of the country, but in every section
there were conspicuous instances of activity in the
building line, and at some points where less work
was in progress than heretofore it seemed merely
a natural pause following a period of large operations.
In Greater New York the construction work
arranged for in October this year covered an estimated outlay of $10,764,267, against $12,048,042
in 1911, the Borough of Manhattan recording a
1355
decline of $3,211,848 and Brooklyn, the Bronx and
Queens a combined gain of $1,928,072. For the
territory outside of this city our compilation covers
136 municipalities for the month, the contemplated
expenditure under the permits issued aggregating
$65,331,719, against $59,281,681 a year ago and
$53,220,636 in 1910. The total for 32 cities in the
Middle Atlantic section, at $14,044,326, compares
with $11,781,978, such points as Philadelphia, Buffalo, Washington, Albany, Allentown and Syracuse
showing large percentages of increase. For all the
cities from which returns are at hand the Oct. 1912
aggregate is $76,095,986, comparing with $71,329,723 last year and $67,220,247 in 1910.
For the ten months of the calendar year 1912
the compilation covering the same 137 cities for the
month clearly indicates the activity that has prevailed in the building industry and gives further proof
of the prosperity the country is enjoying. It is
hardly necessary to state that as compared with the
corresponding period of any earlier year, gains of
considerable proportion are shown. The results for
the last three years are 821 millions, 782 millions and
757 millions, respectively. Greater New York's
operations at 183% millions exceed those of
1911 by about 19 millions and 1910 by 18 millions. Outside of this city the comparison is particularly gratifying, being between 637 millions
this year and 617 millions in 1911 and 591 millions in
1910.
In the Dominion of Canada the decided activity
in building so often referred to of late continued in
October, giving, of course, a new record for the
period and increasing largely the gain for the elapsed
portion of 1912 over the corresponding period of any
earlier year. Returns from 47 cities are at hand and
they indicate a contemplated outlay under the permits issued during October of $17,175,603, as compared with only $11,945,799 in 1911 and but $9,605,951 in 1910. For the ten months of the current
year the projected expenditures at the same 47 cities
(24 in the Eastern provinces and 23 in the Western)
totals 1693/ million dollars (66 millions in the East
2
and 1033/ millions in the West), or 483 millions more
than a year ago and 783/ millions in excess of 1910
—over 86%. These figures naturally convey to us
knowledge of the phenomenal growth that is taking
place in Canada, and more particularly is one impressed by the figures for the various cities in Alberta and Saskatchewan. In Edmonton, for instance, the contemplated outlay for building in the
ten months of 1910 was less than 2 million dollars,
increasing to 33 millions in 1911 and standing at no
less than 13 1-3 millions in 1912. Moose Jaw,
Prince Albert, Medicine Hat and Oak Bay, too,
have made prodigious strides, the current year's
figures in each case more than doubling those of 1911,
and, furthermore, conspicuous gains are to be seen
at Calgary, Saskatoon and Winnipeg and at Victoria
on the Pacific Coast. Montreal and Toronto make
a goods showing in the East.
The Balkan war is pursuing the usual course of
conflicts that are ending. The Porte having asked
an armistice in order that peace might be discussed,
a temporary cessation of hostilities before Constantinople was agreed to. On Tuesday in reply to a dispatch sent by the Turkish Grand Vizier, King Ferdinand of Bulgaria sent the following note: "The Bill-
:.•
1356
THE CHRONICLE
[VoL. Lxxxxv.
4
garian Government, after agreeing with the allied
Cabinets of Servia, Montenegro and Greece, informs
the Porte that plenipotentiaries have been appointed
with instructions to arrange with the Commanderin-Chief of the Turkish armies the conditions of an
.
armistice and subsequently to proceed to the conclusion of peace." The Ottoman Government thereupon instructed Nazim Pasha, the Turkish Commander-in-Chief, to confer with General Savoff, the Bulgarian Commander. Press dispatches state that
Turkey rejected the Bulgarian terms for an armistice
before the •plenipotentiaries had time to come together at Hademkeui, which had been designated
as the meeting place. Kiamal Pasha, the Grand
Vizier, declared that the overtures by the allies were
impossible, and ordered the Commander-in-Chief
to continue fighting "with the help of the Almighty,"
until reasonable and moderate conditions were
proposed.
This seems, on the surface at least, to be a part
of the usual heroics that are customary with negotiations of this character, and, according to London
dispatches, should not be taken too seriously. Yesterday's advices state that the action of the Grand
Vizier has already had the desired effect, as Bulgaria
has decided to modify the original armistice terms
presented to Turkey. These terms contemplated
the surrender of Adrianople and Scutari, both of
which strongholds are making an historic defense,
as well as the cession of all the territory now occupied
by the allied armies except a narrow strip above Constantinople. These conditions, it was subsequently
explained, were advanced as overtures, and were
apparently put forward merely as a basis of negotiations. The Porte treated them as an ultimatum.
The Turkish Government has not yet abandoned
hope that the Powers will attempt to dictate a compromise. That there is slight probability of this,
however, is indicated by an announcement on Thursday evening by Sir Edward Grey, the British Foreign
Secretary, that the Powers had not gone so far as to
arrange a general conference after the conclusion
of the war. Their only agreement, so far as surface
indications go, is to keep their hands off. A Balkan
diplomat in London has pointed out that the terms
of peace were submitted by Bulgaria merely as an
answer to Turkey's pressing and repeated demands
for an armistice. He said: "It is practically certain that their rejection will result in a more active
and determined resumption of activities. Probably
the allied groups will now refuse to treat with Turkey
until they are in a position to dictate.perhaps sterner
terms in the capital of the Sultan." This, however,
does not seem natural. The Turkish successes in
defending their Chatalja line of fortifications has
shown that further progress by the allied armies
can only be made at the expense of many thousands
of lives.
The tension between Austria and Servia has intermittently increased and relaxed during the week.
In diplomatic circles in London the opinion appears
to prevail that an amicable agreement will finally be
reached. On the other hand, a dispatch from Vienna
yesterday stated that "all Austrian reserves were
summoned to the colors to-day." Aside from the
tension over the determination of Austria to prevent
Servia obtaining a port on the Adriatic, one of the
usual small incidents that under such circumstances
is utilized to bring a larger question to issue has
occurred. It appears that the Austrian Consul,
named Prochaska, attempted to shelter a number of
native women and children in his house when the
Servian troops captured the Albanian town of
Prisrend. He was wounded. According to the
Servian accounts, the Consul fired on the troops when
they approached. Austria's information was that
the Servians broke into the Consul's residence,
wounded him with a bayonet, looted the house and
butchered the refugees. Whatever the reason,
Prochaska ceased abruptly to communicate with
Vienna after the fall of the town. The Austrian
Foreign Office dispatched a courier to investigate
the matter but the Servians stopped him at Belgrade. On Wednesday Servia deferred to Austria's
demand for an investigation of the reports that Consul Prochaska was ill-treated, but this hardly closes
the incident,,especially if Austria is fully determined
to pick a quarrel. It may, of course, be that the
Prochaska charges may prove true and a serious
situation could very readily develop. Premier
Pasitch of Servia was quoted on Thursday in a
dispatch from Belgrade as denying that his Government had yielded to Austria's demand concerning
the Adriatic coast. He declared that the Servians
were determined to have a port. The Turkish fortress of Monastir was surrendered on Monday to the
Servian troops.
The crisis in the British House of Commons which
was expected to develop on Monday, to which day
adjournment had been taken as a result of last week's
decision of the Unionists to prevent a re-consideration
of the Government defeat on a financial clause of the
Home Rule bill, did not occur. An amicable arrangement was reached and the dispute as to the
Government's method of procedure was settled.
The Government announced its intention of reaching
the end it desired by a more roundabout means,
and the Unionists, having made good their demand
for the observance of precedence,'raised no objection.
Premier Asquith explained his change of mind partly
to repugnance at a possible recurrence of disorder
and partly to a desire not to ignore the appeal of the
Chair. The House then, on motion of the Premier,
negatived its original financial resolution, the amendment of which by Sir Frederick Banbury in committee, led to the trouble. Another resolution will be
submitted for it. The net result of the contest will
be to delay the progress of the Home Rule bill for
ten days or more.
Press dispatches from Peking announce that the
Chinese Government had opened negotiations with
the Russian Legation in respect to the Czar's recent
recognition of the autonomy of Mongolia, which has
created anti-Russian agitation throughout the province. The Chinese Minister of Foreign Affairs on
Wednesday visited the Russian Legation and voiced
China's claim to the control of Mongolia's foreign
relations. He suggested that no foreign Power
should send troops to Mongolia and that China's
representatives should have the same status there as
in Tibet. Many of the Mongolian princes have
strongly opposed • the convention between Russia
and Mongolia by which the former recognized and
guaranteed the independence of the latter. They
urged President Yuan to afford military protection
to those Mongolians who were ready to join the
Chinese Republic. It is stated that Chinese troops
Nov. 23 1912]
THE CHRONICLE
1357
to the number of 45,000 attached to the Northern were reduced £178,000. The bullion holdings now
army are already under orders ready to proceed to amount to £37,465,154, comparing with £36,869,215
one year ago and £35,591,024 in 1910. The reserve
the Mongolian frontier if necessary.
amounts to £27,637,000 and compares with L26,This week's cable advices from London and the 817,810 in 1911 and £25,888,054 in 1910. The loans
Continental centres suggest a more cheerful and con- during the week increased £105,000 and now stand
fident situation in all the Old World markets. But about £2,- 00,000 in excess of last year's figures,
there is no evidence of distinct enthusiasm or indi- amounting to £31,671,000, comparing with £28,ca ion of anything approaching a boom. In the 978,562 in 1911 and £27,510,260 in 1910. Our
British centre there was a degree of firmness in se- special correspondent furnishes the following details
curities as a whole during the early days of the week. of the gold movem nt into and out of he Bank for
This was largely due to reports of an important com- the Bank week: Imports, £2,589,000• (of which
bination of the larger British shipping companies, £1,876,000 from India, £18,009 from Ecuador and
including the Cunard line, the Peninsula & Oriental £695,000 b ught in the open market); exports,
Co., the British India Steam Navigation and the £2,350,000 (of which £500,000 to Egypt and £1,Royal Mail Steam Packet Co. The report was sub- 6)0,000 ear-marked Indian paper curre cy and
sequently discredited in responsible circles and the £250,000 Indian gold standard) and receipts of
stimulating influence on the general price level was £599,000 net from the interior of Great Britain.
checked. The English market was somewhat unThe gold holdings of the Bank of France were infavorably affected by the compromise reached in
the Parliamentary situation by which the resigna- creased this week 1,541,000 francs and the silver
tion of the present G vernment seems to have been, holdings 1,229,000 francs. Notes in circulation
for the present at least, averted. But the varying showed a contraction of 53,175,000 francs, general
aspects of the peace negotiations between Turkey deposits were reduced 18,725,000 francs; discounts
and the Balkan allies seemed responsible for irregu- also showed a contraction of 74,250,000 francs and
larity that later became quite generally evident. advances of 5,025,000 francs. Treasury deposits
Foreign .State funds, and especially those of the increased 31,700,000 francs. The week's changes
Balkan countries, have been rather uncertain this make the Bank's stock of gold 3,222,785,000 francs,
week. The closing price of Consols last evening was comparing with 3,213,575,000 francs one year ago
75 3-16, which compares with 75 7-16 a week ago. and 3,296,950,000 francs in 1910. The stock of silver
French Rentes (in Paris) closed at 89.87M francs;last is about 55,000,000 francs be ow that of a year ago,
week's quotation was 90.20. On the London Stock amounting to 751,277,000 francs, against 806,750,000
Exchange Bulgarian 6s closed 1 point lower for the francs in 1911 and 835,025,000 francs in 1910.
week at 102; Greek Monopoly 4s were also 1 point Meanwhile liabilities are considerably in excess of
lower at 53. Servian Unified 4s remained without last year. The outstanding circulation is 5,667,125,change at 80, while German Imperial 3s closed 000 francs, against 5,240,009,835 francs in 1911 and
1 point higher at 77 and Russian 4s at M point higher 5,167,108,975 francs in 1910. Discounts aggregate
1,571,404,000 francs and compare with 1,389,426,at 91. Money in London closed at 33i@332%.
No additional changes have been announced this 854 francs in 1911 and 1,107,763,574 francs in 1910.
week in the discount rates of the official banks at any
of the European centres. Private market rates are
The Imperial Bank of Germany in its weekly
perhaps a shade easier, though in most instances they statement published on Monday showed an increase
are well up to the official rates. In Lombard Street in gold on hand of 5,913,000 marks and in gold and
yesterday short bills were quoted at 4%@4 15-16% silver combined of 18,810,000 marks. The stateand long bills at 4W
1@4 13-16%, while bills to arrive ment bears out, however, the remark that we quoted
for both these maturities were 1-16% below these last week of President Havenstein advocating the
figures. A week ago 5% was the spot rate for 60- advance in the Bank rate, namely that it was necesday bills and 4 15-16% for 90-day bills, and bills to sary for the German money market to continue to
arriv 1-16% below these figures. In Paris the open practice self-restraint. While there had unquestionmarket rate remained unchanged for the week at ably been improvement in the Berlin banks, the prog39%, both for spot bills and those to arrive. In ress, he said, had not been as rapid as could be
Berlin, after some hesitation during the early days wished. So far as the Reichsbank itself is conof the week,the spot quotation suddenly advanced cerned, this week's statement shows larger holdings
i%
and closed h higher at 5%%,while therate to arrive of the two metals than either one year or two years
i%
also:closed Y higher at 5%%. Amsterdam still ago, but the obligations are also higher. Thus,
remains unchanged at 3% and Brussels was quoted while the circulation by this week's statement
last evening at a range of 49g©4%%,comparing with showed a reduction of 49,541,000 marks, the amount
a single rate of 4%% a week ago. At Vienna the still outstanding is 1,865,042,000 marks, comparing
open market remains at 59'%. The official Bank with 1,730,060,000 marks in 1911 and 1,591,160,000
rates at the leading foreign centres are: London, 5%; marks in 1910. The loan item, according to the presParis, 4%; Berlin, 6%; Vienna, 6%; Brussels, 5%; ent statement,shows an expansion of 1,715,000 marks,
Amsterdam, 4%; Bombay, 5%, and Bengal, 6%.
while discounts were reduced 1,190,000 marks.
The Bank of England statement this week re- The total of the loans and discounts outstanding
vealed a fairly strong position. The gold coin and is at the present time 1,483,105,000 marks, which
bullion holdings registered an increase of £837,995. is an increase of 245,000,000 marks from the correThe total reserve showed an improvement of £861,- sponding figures of a year ago and compares with
000 and the proportion of reserve to liabilities is now 1,148,920,000 marks in 1910. The Bank's deposits
50.67%, against 49.95% last week and 51.04% at the during the week increased 6,872,000 marks.
corresponding date last year. Public deposits were
Mail advices bring the bi-monthly returns of the
further increased £1,119,000, while ordinary deposits eight big joint-stock banks of Berlin, which, however,
1358
THE CHRONICLE
only cover the two months' period ending Aug. 31.
but are the latest data available. They certainly
do not show improvement in the Berlin position.
Indeed,they indicate further depreciation in strength.
Comparing their quick assets (cash and balances with
other banks, discounts, contangoes and loans in
collateral securities held, and advances upon merchandise) with their current liabilities, it is found
that the latter were covered by the former to the
extent of only 64.84% at the end of August, comparing with 65.10% at the end of June and 67.48% at
the end of December. On only one previous date
since the publication of such returns, begun in 1908—
namely October 1911, when the withdrawals of foreign credits had greatly depressed the banking position in Germany—was a worse showing registered.
At that date the figure in question dropped to 63.92%.
The unsatisfactory result at the end of August was
due to the decline in the position of one of the banks,
the other concerns having improved their position
since June 30. Nevertheless the returns do show
some effect of the endeavors of the banks to retrench credits. Outstanding credits were only
slightly expanded during the two months while
acceptances were further reduced by about 40,000,000 marks.
The news of the resumption of gold importations
caused a somewhat easier tone to the local money
market, though thus far, it must be conceded, the
ease is in sentiment rather than in substantial reductions in quotations. The highest rate for call
money this week has been 6%, which compares with
63/2% last week, 7% the week preceding and 9%
the week before that. There is a disposition among
lenders to discriminate somewhat against industrial
collateral, on the theory that the industrials are likely
to be most affected in the event of unsettlement in
the market for securities resulting from the uncertainty in business that is usually coincident with
tariff legislation. The announcement by the President-elect that he will call an extra session of Congress not later than April 15 to take up the tariff
question has of course brought the entire question
into immediate prominence, and this is responsible
for indications of a waiting attitude that has developed in financial no less than in mercantile and industrial circles. Should this attitude take the form
of a definite slowing down of business, there will not
unnaturally be a corresponding curtailment in the
demand for banking accommodation; but even in
that event it is evident there is not likely to be any
distinct pressure of funds when the foreign monetary
situation is taken into consideration.
Notwithstanding the Balkan war trade in England
continues at record proportions. The same remark
holds good as regards Germany, France and Russia.
The European demand for funds may, therefore, be
expected to keep active, regardless of the large volume of capital that will be necessary to repair the
waste of war. Bulgaria is already reported to be
borrowing on short-term notes in Paris—on a 5%
.basis—and the other Balkan States, as well as Turkey, will of necessity come into the market as extensive borrowers as soon as peace shall become an established fact. On this account there is quite likely
to be resistance to any important amount of gold
.being exported to this country from Europe, although
the activity in our exports of foodstuffs and cotton,
and possibly the continued heavy outward movement
[VOL. Lxxxxv.
of manufactured goods, will accumulate a large international balance in our favor. This will also be
aided by the possible curtailment of merchandise
imports, such as is usually the result of prospects of
an early and substantial reduction in the rates of
customs duties.
Neither importing merchants nor manufacturers
are likely to stock up with foreign merchandise that
may have to compete, if it does not promptly enter
into consumption, with similar merchandise brought
into the country under more favorable conditions.
A rather significant indication of the local money
situation is contained in the sale of $40,000,000 notes
at 9932 by the New York New Haven & Hartford
Railway. These notes mature in one year and pay
5%. They were, of course, promptly recognized as
an excellent investment and were immediately and
largely oversubscribed. The s gnificance of the incident, however, is that of the total amount $30,000,000 will be required to take up 4% one-year
notes that mature next January. Counting the
discount at which the bankers have sold the new issue
and adding the bankers' commission, it is evident
th t the road is paying fully 6% for he money. This,
of course, it may be argued, represents a belief or
hope that conditions in the investment situation
will change in the course of a year to an extent that
will permit refunding of the new issue into long-term
bonds. But it is also evident that the important
financial interests associated with the road do not
consider the present moment propitious for offering
a long-term bond issue. Counting the $30,000,000
New Haven notes that mature in January, there are
more than $200,000,000 in short-term obligations
to be provided for during the first half of 1913. The
original intention when these notes were issued was
to fund them into long-term bonds; but if the action
by the New Haven directors can be regarded a sufficient index, it is evident that the more general
policy in respect to the short-term notes will be to
take them up with new issues of short-term obligations.
Referring to money rates in detail, the week's
range for call money has been 4@6%. On Monday
the lowest and highest figures, respectively, were
53/ and 5%%, with 5%% the ruling quotation; on
Tuesday6% was the maximum and 4% the minimum,
with 5%% the renewal basis; Wednesday's range was
53@6%, while Stock Exchange loans were again
renewed at 5%%; on Thursday 6% was the highest,
532% the lowest and 5%% remained the ruling figure;
on Friday the extremes were 5%@6%,with renewals
4
at 53 %. Time money closed fractionally easier for
the more distant maturities. Final quotations were
for
6% for sixty days, 5%% for ninety days, 5
4% for
4
months, 51 @5,IA% for five months, 51
four
six months and 5@53i% for longer maturities. Mercantile paper is not being pressed for sale. Sixty and
ninety-day endorsed notes are in light supply and the
2%. Choice four to
nominal quotation remains at 5Y
names are still quoted at 5%@6%,
six months' single
while names not so well known require 63/2%.
Sterling exchange has continued in active supply in
all f rms of produce and commercial bills, and rates
have been under pressure, demand reaching as low as
4 8470 on Wednesday, which compares with 4 85@ •
4 8510 at the close of last week. On Thursday, notwithstanding the ann.ouncemeut of an engagement of
$750,000,in bars in London fok shipment to New York
Nov. 23 1912.]
THE CHRONICLE
1359
on the Cunard steamer Carmania to-day, there was and sixty days, which were again quoted at 4 85®
a recovery of 10 points in quotations and the market 4 8510 and 4 8065@4 8075, respectively; cable
yesterday continued steady, though Wednesday's transfers advanced to 4 8555@4 8565. On Monday
engagement of gold in London was increased to rates ruled steady on a slightly higher level, with the
$1,250,000 and cabled reports stated that $1,250,000 close at 4 8505@4 8510 for demand, 4 8560@4 8570
had in addition been engaged in Germany for Amer- for cable transfers and 4 8070®4 8080 for sixty
ica. The cabled report could not be confirmed in the (lays. Sterling quotations suffered a severe break
local market last evening.
on Tuesday, demand touching a new low level for
As is usual with initial engagements of gold move- the current movement, due in some measure to heavy
ments, the current ones are described as "special" offerings of commercial bills and easier discounts at
in sterling exchange circles. There is some un- London; before the close the undertone became
certainty whether American bankers will bid at firmer and the final range was 4 8490®4 85 for
Monday's London auction of Cape gold. At demand, 4 8535@4 8545 for cab!e transfers and
last Monday's offering of £700,000, £150,000 4 8055®4 8065 for sixty days. There was a further
was obtained for India and the remainder went to decline on Wednesday, when demand and cable
the Bank of England at the Mint price of 77s. 9d. transfers went as low as 4 8470 and 4 8520 at one
The $1,250,000 to be imported is consigned time; later, however, there was a partial rally on
to the Guaranty Trust Co., in this city. London covering of shorts and firmer discounts abroad,
cable advices state that the buyers refused additional although the close was considerably below yesterday's
gold when it was offered, and it is believed in Lon- figures, at 4 8045®4 8055 for sixty days, 4 8475®
don that the sale, to quote a London dispatch, 4 8485 for demand and 4 8525@4 8535 for cable
"which is hardly profitable at the present rate of transfers. On Thursday the market was dull but
exchange, is a covering transaction. Bullion brokers firmer, demand advancing to 4 8480@4 8490, cable
here [in London] do not anticipate strong American transfers to 4 8530@4 8540 and sixty days to
competition for next Monday's offerings unless ex- 4 8055®4 8065. On Friday the market continued
change weakens further." The London "Times" firm at a general advance of 10 points. Closing
in its financial article yesterday declared that "in quotations were 4 8065@4 8075 for sixty days,
some quarters this demand for bars for dispatch 4 8490®4 85 for demand and 4 8540@4 8550 for
across the Atlantic is taken as a sign that the Bank of cable transfers. Commercial on banks closed at
England will be applied to for gold coin before long. 4 783 @4 80% and documents for payment at
%
But in other quarters it is thought that the demand 4 801 @4 81. Cotton for payment ranged from 4 80
4
will prove to be of small dimensions and will be con- ®4 803; grain for payment from 4 80%@4 81.
fined to bars." The arbitrage transactions between
New York and London Stock Exchanges this week
The New York Clearing-House banks, in their
have been light, but there has been some additional operations with interior banking institutions,
have
selling reported of American securities on direct cable gained $1,835,000 net in
cash as a result of the curorders. There have also been necessary remittances rency movements for the
week ending Nov. 22.
against a considerable block of New York City Their receipts from the interior have
aggregated
revenue notes that have been returned to this $11,039,000, while the shipments
have reached
market.
The present high rates for dis- $9,204,000. Adding the Sub-Treasury
operations,
counts in London are discouraging the drawing which occasioned a
loss of $2,900,000 the combined
of long finance bills at the moment as, with commis- result of the flow of money
into and out of the
sions, the money would cost about 6% and would New York banks for the
week appears to have been a
still leave drawers short of exchange at the low figure loss of $1,065,000, as follows:
of about 4 84% for three months hence, so that a
Week ending Nov. 22 1912.
Into
Out of
Net Change in
probability of loss in the exchange transaction
Banks.
Banks.
Bank Holdings.
proper is present. Exports of merchandise from this Banks' interior movement
$11,039,000
$9,204,000 Gain $1,835,000
25,200,000
28,100,000 Loss 2,900,000
country continue at high-water mark, the October Sub-Treasury operations
$36.239,000 $37.304.0O0 LOIS $1,065,000
returns showing the value of the month's outward Total
1
movement to have been $254,696,985, comparing
The following table indicates the amount of bullion
with $210,465,516 in October of last year and in the principal European banks.
$228,602,683 in the former high-record month
Nov. 21 1912.
Nov. 23 1911.
December 1910. Imports, however, are also es- Banks of
Gold.
Silver. I
Total.
Gold.
Total.
tablishing high records each month, the October figures showing a value of $177,995,830, against England__ 37,465,159
37,405,154 36,869,215
36,869,215
$132,605,751 in October of last year and $162,571,159 France _— 128,911,240 30,050,760 158,962,000 128,543,4 32,243,300160,786.700
Germany.. 41,185,15 15,350,000 56,535,150 40,974,3
14,460,950 55,435,250
Russia a _ _
6,459,000163,977,000142,072,
6,044,000,148,116,000
in the former high-record month of April 1912. For Aus.-Hunb 157,518,000 10,829,000 62,885,0001 53,726, 11,580,000 65,306,000
52,056,000
Spain __ - - 17,357,000 29,446,000 46,803,000, 16,697,000 30,207,000 46,904,000
the ten months of the calendar year the excess of Italy d_ 42,560,00 3,500,000 46,080,000 40,652,0 3,569,000 44,221,000
554,900 14,507,900
Netheri.ds 13,953,000
1,142,300 12,672,300
exports over imports was $359,727,697, which, how- Nat.Beigd 7,486,000 3,743,000 11,229,000 11,530,000 3,339,667 10,019,000
6,679,333
Sweden _ _ 5,510,000
5,510,000 4,735,
4,735,000
ever, compares with an excess of $400,343,914 in the Switzerl'd. 7,083,000
, 7,083,000 6,452,III
6,452,000
Norway _- 2,225,00
I 2,225,000 2,234,I I I
2,234,000
corresponding months of 1911. The probabilities 'lot.
week.513,309,544 99,932.660613,242,2041491,164,248 102,586,217593,750,465
are that with the active shipments of grain and cotton Prey. week 511,597,926 99.871.833611,469,759487,794,789 101,592,560,589,387,349
that promise to be features of the next few months, a The total of gold in the Bank of Russia includes the balance held
abroad
held for Russian account
Continental banks. The
our exports will continue to be fairly well maintained, that is, thesoamountand consequently duplicatedininotherabove statement, is about
held,
proportion
the
one-seventh of the total in each year.
though there is a disposition in foreign exchange y The Austro-Hungarian Bank statement is now issued In
Kronen and Heller
The reduction
circles to expect somewhat of a slowing down of im- Instead of Gulden and Kreutzen.Gulden to haveof the former currency to sterling
l'ounds was by considering the
the value of 80 cents.
As the
really
Kronen
correspondent in
portations because of the uncertainty incidental to London,hasorder tono greater value than 20 cents, our cablebasis of conversion
reduce Kronen to Pounds, has altered the
in
by dividing the amount of Kronen by 24 Instead 01 20.
tariff legislation that is so definitely in sight.
d The division between gold and silver given in our table of coin and bullion in
Vie Banks of Italy and
from
Compared with Friday of last week, sterling obtain; it is not claimedBelgium is madeas the the best estimates we are able to
to be accurate,
banks make no distiaction in the
weekly returns, merely reporting the total gold and silver, but we believe
exchange on Saturday was unchanged for demand division we make is a close approximation
1360
THE CHRONICLE
Lxxxxv.
class Continental Powers, with the good roads and
the abundant railwair communications which conOF THE BALKAN WAR.
PROBABLE ENDING
With the Turkish army fought to the point of vir- nect the Central European States?
This consideration has an important bearing on
tual exhaustion, and with the victory of the allied
Balkan armies incontestable, terms for an armistice the general question of the relation of such a war to
were proposed by Bulgaria on Wednesday and re- financial markets; for the expense of the war itself
jected the following day by Turkey. But this was and the burden of the heavy war loans on the marassumed in all the cables to be merely preliminary to kets are the main questions at issue in finance. How
revision of the terms of truce, which, when ac- great might be the importance of the question becepted by both parties, would lead the way to dis- tween a long war and a short one, were the larger
cussion of the larger terms of peace. In the Russo- Powers involved, is shown by the estimate of the
Turkish war of thirty-five years ago a similar armis- well-known French critic, M. Jules Roche, in 1904,
tice was arranged under closely parallel circumstances, that the cost of war to any two first-class Euroyet the Russian troops continued their advance on pean governments, during the first two months of
Constantinople during the armistice, and their cap- conflict, could not well be placed below $6,000,000
ture of the city was probably only averted by the per day.
On the other hand, there have been certain cirentry of the British fleet into the Sea of Marmora.
upshot was the virtually complete cessation cumstances peculiar to this war. The thorough orBut the
of hostilities, shortly followed by the international ganization shown by the armies of the Balkan States,
Congress of the Powers at Berlin, where the final and the exactness of the plan of campaign with which
terms of peace and of territorial partition were ar- the Bulgarian General Staff was ready, were unexpected incidents. They would undoubtedly be duranged.
If this week's negotiations similarly mark the end plicated in any larger European war; but what might
of the fighting in the field, they have brought to a not be similarly duplicated is the demoralized condifinish what amounts to a thirty days' war. Al- tion which has shown itself in the Turkish War Ofthough Montenegro invaded Turkey as early as fice and in the organization of its army. Turkey was
Oct. 8, and the Balkan States sent their defiant already at war with Italy, and for obvious reasons
identical note to Turkey on Oct. 13, the actual de- had concluded that its army could not be involved
claration of war by Turkey occurred on Oct. 17, the on any considerable scale. The revolution at ConBulgarian-Greek declaration of war on Oct. 18 and stantinople several years ago had apparently caused
the invasion of the Turkish frontier by the Bulgarian,. much administrative confusion, and although the
Greek and Servian armies on the 19th of the month. war party was itself in powpr, thorough army organThis is a conflict of exceptional briefness. It has ization seems to have been neglected. Perhaps this
few parallels in recent history, outside of the Greco- neglect was actually encouraged when Bosnia and
Turkish War of 1897, which also lasted only a single Herzegovina were allowed to pass into Austria's
month; and, in fact, that episode hardly provides a hands virtually without protest.
At all events, it is plainly true that no coherent
parallel, since the Greeks were routed and finally
engagement, the first of the plan of campaign was drawn up by the Turkish War
defeated in a single
campaign. One interesting aspect of the present Office, even of the defensive sort. This, to be sure,
Balkan conflict, therefore, is the sidelight which it may not have been possible. The Turkish army was
throws on the theory prevalent among European scattered when the war broke out; Turkey was atmilitary critics, a dozen years ago, to the effect that tacked on all sides at once. But quite aside from
all great European wars of the future would be short. that, such evidence as has come to hand has shown
Such contests would, so these critics argued, be wholly defective discipline and inadequate preparaended speedily through the destruction of a hostile tion. All the dispatches report failure of the comarmy or the capture of a hostile capital. The wars mander to keep in touch with his different divisions.
which actually followed those predictions did not There was no adequate field telephone or telegraph,
seem to confirm the theory. General Buller, em- no competent staff, and even the line of battle seems
barking for the Boer War in October, 1899, promised to have been made up in considerable degree of conthe Prince of Wales to "take his Christmas dinner in scripts hastily drawn from mixed races, whose loyalty
Pretoria," yet the war actually lasted two and a half to the Turkish cause was problematical.
It must also be remembered that, while the Balyears. General Kuropatkin gave very similar asCzar in the spring of 1904, kan armies invaded a nominally hostile territory,
surances to the Russian
when he departed for Manchuria; yet the war against they were really marching through friendly communities, more allied to them in race than to the Turks-.--Japan was not ended until the middle of 1905.
These facts may partly explain why markets and a most important consideration in matters of inforcorrespondents, a month ago, were so generally pre- mation, subsistence and unimpeded progress. And,
dicting a long war in the Balkans, with the possible last of all, the formidable outbreak of cholera among
necessity for the belligerent troops to go into winter the troops of both armies, but with particular seri.
quarters. Such expectation was largely responsible ousness in the case of Turkey, may easily be a confeeling on the European stock ex- sideration which the armies of first-class European
for the panicky
changes and for the tightening of the European Powers, with their thorough study of sanitary armoney markets in the middle of October. But the rangements, would entirely escape.. It cannot be
actual course of events in the present war revives taken with entire assurance, therefore, that this Balthe older theory. If this war, with the enormous kan war is to be in nature and character a precenumber of combatants engaged, is completed within dent for such larger conflicts as conceivably may folthirty days of its actual outbreak, and with a series low.
It seems safe to assume that the eventual terms of
of engagements of the first importance during the intervening period, what might not be the conceivable peace will cover such surrender of territory by Turstory in a similar campaign between two of the first- key as will practically confine that Government's
Nov. 23 1912.]
THE CARONICLE
European suzerainty to the City of Constantinople.
The allies have not demanded cession of that city,
though even that question is regarded as problematical by some European critics. The demands to be
severally made by Bulgaria, Servia and Greece for
additional territory must have been agreed on between those governments in advance. Hence, there
has been no talk of conflicting claims by the allies,
although each has singular historical warrant for
claims which would supersede those of its associates.
Greece, for instance, might, on a strict historical
basis, claim to be the heir of Constantinople, where
the Eastern Byzantine Empire, a powerful Greek
institution, flourished for so many centuries. In the
territory now under dispute there are large districts
over which, in centuries past, the Bulgarian and
Servian governments have alternately exercised
sovereignty. As to the theories of a Balkan empire,
formed through an alliance of the belligerent Balkan
States, this may as yet be pronounced very remote.
It is the attitude of the neutral Powers which remains to be settled, and which will perhaps not be
finally settled until after an international conference.
Events have made it plain that the general position
of the European States has been dictated by the attitude of England, France and Germany, with the
co-operation of Russia—whose foreign ministers in
fact began the negotiations between the neutral
Powers. This must be stated as a most creditable
episode in Russia's history, for Russia, of all the neutral Powers, had most at stake in the territorial
settlement of the war, and the Russian people are
known to have been restless over the peaceful attitude of their Government. As matters have developed, Austria has been the sticking point. With its
territory touching on that of the Balkan States, it
opposed in vigorous terms the demand of Servia for
cession of a port on the Adriatic, which would alter
its status,from that of a.country bottled up with access to the sea only through Austrian territory, to
a country with at least the organization of a maritime
Power.
This Servian desire for a seapott, in the very territory which has so long been the centre of Austria's
own intrigues, has been the disturbing factor. The
dispute was responsible for the mobilizing of the
Austrian troops and the advancing of them to the
frontier, the news of which has repeatedly upset the
financial markets, even in the period of recovery. It
seems hardly wise, however,to give very much significance to this part of the episode. One remembers 1896
when England, as a reply to the Kaiser's telegram to
Kruger, suddenly mobilized its flying squadron—
not because it meant to fight but because it was determined to avert trouble, and thought the surest
way to attain that end was to show its fighting power.
It must be remembered that for Austria to fight, in
the present condition of its own provinces and races,
with the empire held together almost by a thread,
would be a most hazardous undertaking; while as for
Servia, that country clearly has no credit on the
money markets to use for further warfare. When
it is also considereil that Servia, in these negotiations, is probably backed by the allies, and that
Austria must have been discouraged in any actual
belligerent purposes by the other larger Powers (including at least one Power in the Triple Alliance),
it is a natural conclusion that compromise of this
stubborn difficulty is altogether probable.
1361
As to what is to be the longer outcome of this peculiar readjustment of European Turkey, that will
undoubtedly be left in large degree to the conference
of the Powers, which presumably will follow formal
termination of the war. These later negotiations
may conceivably place the Balkan question on the
basis where it will cease to trouble Europe's rest, as
it has done for fully two generations past. On the
other hand, the outcome might leave the Balkan
problem even more troublesome, through the intrigues and jealousies of the smaller Powers, whose
interests might readily conflict at a time when their
common interest in attacking Turkey had been removed through the fall of the Turkish Empire, and
when new questions of trade relations and territorial administration had arisen. To avoid such
a result will be a problem of large .statesmanship.
Whether the problem as a whole can be finally and
satisfactorily solved so long as the Turks remain on
European territory is a question that cannot be
abswered save in the longer progress of events.
RECENT CONSTITUTION- MAKING AS
ILLUSTRATED IN OHIO.
In the current number of the "North American
Review" Mr. Daniel J. Ryan, twice a member of the
General Assembly in Ohio and in 1889-91 its Secretary of State, writes a brief sketch of the processes
and influences which have produced the latelyadopted sweeping changes in the Ohio constitution.
The constitution of 1851 required submission to the
people every twenty years of the question of holding
a constitutional convention. In 1871 the people
authorized a convention, 'but rejected its work;
in 1891 the proposition to hold a convention obtained not quite one-eigth of the total vote cast at
the election; from 1851 to 1911, although separate
amendments have been brought up and 39 have
been submitted to the people, only 10 of them have
been ratified. Mr. Ryan cites these facts to show
that "in the past there has been a marked conservatism on the part of the people of Ohio in regard
to changes in their constitution."
The question of a convention having now come
up again in regular course, both political parties
inserted in their ballot the words "constitutional
convention—yes." An alternative form, "constitutional convention—yes or no," was put on the
ballot in a separate column, "but was generally
disregarded." This vote (evidently the first of the
two above) "expressed by a single line buried in
the middle of a ballot two feet long, was not observed
or read by one voter in five; the result was that every
Democrat and Republican that cast a straight
ballot voted for a convention." So Mr. Ryan says,
and "thus was obtained for the convention 693,263
votes in a total of 932,262." He adds that during
the election campaign not a newspaper discussed
the subject and the orators on both sides were silent
about it. "In truth, it was practically unknown
to the large mass of the people; there was no public
sentiment for a new constitution." Mr. Ryan
notes one exception: the Socialistic, the trades-union,
the single-tax and the most radical opinion was
hot for the convention and deemed it opportune;
yet, he declares, "so far as the calling of the convention is concerned, the result was a forced vote
and practically a fraud on the majority of the people
of Ohio." As proof of the slip-shod and semifraudulent character of the whole proceeding, 116
1362
THE CHRONICLE
says that less than 25 per cent of the voters in Ohio
took any part in the election of delegates to the
convention, "and not a single delegate received a
majority of the electors of the county from which he
was elected." To this may be added the remark
that the vote at the special election which ratified
the convention's work was similarly fragmentary.
The forty and more propositions presented by the
convention and nearly all ratified on September 3
were summarized on page 187 of the "Chronicle" of
July 20 and editorially considered in "Chronicle" of
September 7. It is not worth while now to speak of
them particularly or to note Mr.Ryan's severe comments upon them. He selects as their climax of badness,the same one we selected:the provision that "laws
may be passed fixing and regulating the hours of
labor, establishing a minimum wage, and providing
for the comfort, health, safety and general welfare
of all employees; and no other provisions of the constitution shall impair or limit this power." Upon
such a provision as this any comment would be
wasted; it carries its own condemnation with it.
Mr. Ryan is evidently opposed to the single-tax.
and to the advocates of that he largely ascribes
the convention and its strange work. The acknowledged leader of that movement, he says, was
the leading spirit in the convention, and to win
support for "direct legislation" he sacrificed his pet
measure by providing that initiative and referendum
shall not be used to pass any law authorizing levy
of such a tax. But this exception was apparent
only, for the initiative for constitution-amending
could at any time be used to change this. In proof
Mr. Ryan quotes two expressions from advocates
of single-tax, thus:
"The new constitution of Ohio can be amended by
Initiative to strike out the inhibition; as soon as
public opinion is behind the single-tax, all that will
be needed is ten per cent of the voters to petition
for such an amendment.
"We single-taxers are satisfied, because we can
soon get rid of the inhibition when the powers of
initiative and referendum are established.
It is no more plain now than it was at any past
date that the people are supreme. We have had this
dinged at us all through the campaign, as if it were a
new discovery or had been disputed; but it has always
been so. No outside power can deliver or shield the
people from rashness, folly or injustice; they must
choose their own course and take the responsibility
with the power of choice. Oregon has probably
followed Ohio in wild tinkering, and other States had
preceded those. Constitutions are the lowest foundations of a political structure, and therefore ought
to be laid or changed with the utmost slowness and
deliberation, awaiting the effects of one change
before venturing others.
Inflamed by demagogic orators and writers, whose
tone is always that possession of property implies
wrong-doing, the people have been tearing at constitutional foundations in the name of "social
justice". The remedy is violentl and will pretty
surely distress even those who have seized it eagerly,
but we must give it time. Meanwhile, it behooves
us all to stop loud talking and return to quiet thinking. Mr. Ryan offers a contribution to such thinking when he admits indolence and indifference in
the Ohio electorate, but adds:
"The neglect is partly chargeable to the fact that
our farmers, manufacturers, business men and
[VoL. Lxxxxv.
property-owners are busier and more prosperous
than they have ever been in the history of the State.
This condition is not conducive to attention to public
affairs. Admittedly, this is a poor excuse, but it is
the best that can be given, and the apathy referred
to is not confined to the State of Ohio. The businessattending element will learn, later, that the most
important part of their private affairs is to take part
in the public business. They will discover that the
necessities of business are not limited to creating and
directing property, but include the preservation of
its ownership."
THE PROBLEM OF THE PIERS.
The problem of berths to fit long ships has been
once more brought forward by Secretary Stimson's
announcement of refusal to accept the recommendation of the Board of Engineers and authorize a
temporary extension of several Hoboken piers.
Applications for permanent extensions, he says, have
been denied by four War Secretaries before himself.
Further narrowing of the fairway of the river he
deems too important to be decided except by a full
and fair decision "which will have the responsibility of finality." Such consideration is now being
given by the Harbor Line Board and by the commissions appointed by New York and New Jersey.
Any further encroachments, even if designated as
temporary, "cannot but tend to foreclose such a
fair and impartial decision."
Reducing this complicated subject to its fundamental propositions, we have to recognize that while
the 1,000-foot ship is not yet built, she is not far
distant, and while any greater length does not seem
likely, it is not impossible. We must have the
1,000-foot ship; she cannot protrude beyond the pier;
the pier to fit her must be provided, and New York
cannot afford to bid her go elsewhere for it. For a
permanent provision, the pier must go farther into
the river where it now is; or must move up the Hudson or to some other portion of the harbor; or the
ships must lie alongside instead of at right angles
with the shore, an arrangement which immediately
reduces the water line; or the needed length must be
had by cutting in-shore. It is said that South
Brooklyn has room enough, and even has piers long
enough; but obviously this does not cover all conditions of the case. Before each of these expedients
for permanency there are difficulties. As to further
narrowing of the stream, it was said long ago that
the 100 feet temporarily granted in 1911 left more
width than in either the Mersey at Liverpool, the
Thames through London, the Scheldt through Antwerp or the Maas through Rotterdam. Further, it
is plain that the sole benefit of any fairway at all is
to have it used by ships; that some reduction of
traffic through the Hudson has already been produced by tunnels and is likely to increase; and that
it is a sore waste to spend millions on the harbor
channel with the result of practically "making the
neck bigger than the bottle."
It happens that the temporary permit granted to
the International Mercantile Marine Co. in March of
1911 will expire at about the date of the expected
arrival of the Imperator, thus fai; the largest vessel.
Secretary Stimson has gone to the Isthmus, after
having declared his unfavorable decision final and
having turned the problem over to the city. It is
true, as the Secretary says, that past encroachments
on the river (if they should be called such) have been
created by exigencies caused by successive growth
N ov. 23 1912.]
THE CHRONICLE
in the size of vessels, and there is also much truth in
the following remarks by him:
"Instead of meeting this continuous growth by
the intelligent adoption of an elastic system of harbor
terminals which will accommodate such growth, the
city of New York has throughout the past permitted
its piers to be built further and further out into the
river, in such manner as to make further and further
encroachments upon the navigable water. It seems
to me that the limit of such encroachments has been
reached and that the city of New York must deliberately set itself to the adoption of a system of
harbor terminals which will be sufficient for the
future."
That is, this city has not been wise, far-seeing,
prompt and provident in relation to its piers and
water-front. There is no public matter as to which
it has been, for its governing has long been very far
from ideal. But the vast difficulties of reaching a
genuine solution are enhanced by the doubled jurisdiction along the lower Hudson. "We must get a
gait on us," says Mayor Gaynor. But we must be
sure we are right before going ahead. The "gait"
appears to have been already taken in respect to
realization of the serious importance of the subject.
What seems to be one of the best plans suggested
is the one favored by. Commissioner Tomkins,
Mayor Gaynor, the State Harbor Commission and
the Board of Estimate, namely making eight long
piers by cutting in-shore between West 44th and West
56th streets. Here is an almost desolate strip of
water-front, beginning just above the West Shore
Railway ferries, on which there are neither any important interests or any very useful docks. The incutting would extend across Twelfth Ave., which
at that point is not much more than a line on the map,
and into the blocks east of that, incidentally clipping
a piece from the end of a neighborhood park which
occupies one block; and although there will be protests by a few parties whose conveniences may be
disturbed, no public step can ever be taken without
some individual objections. As for the later suggestion of longitudinal piers between 72d and 108th
streets, it is plainly undesirable to go farther upstream than necessary, and it ought to be enough
for disposal of this plan to say that during the entire
length of this strip the water is cut off from access by
Riverside Park and Riverside Drive and a necessity
which required sacrifice of those would be desperate
indeed. The whole subject, however, now stands
over for further hearing on Wednesday next.
ATLANTIC COAST LINE RAILROAD AND
GROWTH IN OPERATING COST.
The Atlantic Coast Line Railroad shows uninterrupted development of its traffic and revenues, and
a larger total of gross is reported with each succeeding
year, in good times and bad times alike. Owing,
however, to the growth of operating cost, the increasing traffic and revenue are yielding no addition to
net. That is a feature common of course to all the
railroads of the country, but it finds striking exemplification in the results for the Atlantic Coast Line
property. In the year under review (covering the
12 months ending June 30 1912) gross earnings increased $1,841,108, but this was attended by an
augmentation in expenses and taxes of $2,213,191,
and consequently there was a loss in net of $372,083.
In the previous fiscal year the result was the same.
Then there was an increase of $1,812,181 in gross
1363
earnings, but an increase of $1,904,669 in expenses
and taxes, thus leaving a loss in net of $92,488. Put
in another way, in the last two years gross earnings
have risen from $29,810,267 to $33,463,557, but net
earnings, after the deduction of expenses and taxes,
have fallen from $9,987,150 to $9,522,579.
The late year's further gain in traffic and gross
revenues occurred notwithstanding conditions were
not altogether favorable. The road had an advantage in a larger agricultural tonnage, particularly
in the case of cotton, where the 1911 crop was of unexampled dimensions, but many other items of tonnage fell below the amounts of the year preceding;
the tonnage in forest products, for example, was reduced 148,006 tons. But the system enjoys a diversified traffic, and,with the help of the larger agricultural tonnage was able to increase the total of its
freight traffic from 11,688,577 tons in 1911 to 11,885,030 tons in 1912. Then, also, the passenger
traffic is being developed in an encouraging way, as is
illustrated by the fact that for 1912 the passenger
earnings were $8,407,623, against $7,723,853 in 1911
and only $6,773,332 in 1910. And, as showing the
steady increase in aggregate gross earnings from all
sources, the record for the last five years is a noteworthy one. We have already indicated that at
$33,463,557 for 1912, the comparison is with $31,622,449 for 1911 and $29,810,267 for 1910. But
going further back we find that for 1909 the total
was only $26,144,064 and for 1908 $26,029,052,
Direct comparison with earlier years is not possible,
owing to the changes in the classification of revenues
and expenses enforced by the Inter-State Commerce
Commission beginning with July 1 1907. In the last
five years the number of tons of freight transported
one mile has risen from 1,493,000,000 to 1,825,000,000, and the number of passengers one mile from
237,000,000 to 376,000,000. The increase in the
last instance, it will be seen, is nearly 60%.
With all this expansion in the traffic, net revenues,
as we have already seen, are declining, showing
under what trying conditions railroad operations have
to be carried on. For the late year the ratio of operating expenses and taxes to gross earnings was
71.54%, as compared with 68.71% in 1911 and
66.50% in 1910. The augmentation in expenses
is marked under all the different heads, but is particularly noteworthy in the case of the transportation expenses. In 1912, out of $2,213,191 total increase in expenses, $1,195,718 was in the transportation cost and in 1911 $1,328,998 out of $1,904,669
increase was explained in that way, advances in
wage schedules being the chief component element
in the rise. And yet operating efficiency is all the
time being advanced through improved methods
and the careful looking after of all the details connected with the handling and transportation of
traffic.
As noted by us in previous annual reviews, conditions on the Atlantic Coast Line system are not
such as to admit of a very high average train-load.
Nevertheless the lading of the trains is being steadily
increased. For 1912 the average number of tons
of freight moved per train mile was 210, against 207
in 1911 and 201 tons in 1910. At these figures
comparison is with 194 tons in 1908-09, with 185
tons in 1907-08, with 178 tons in 1906-07 and with
but 167 tons in 1905-06. On account of the character of the tonnage, rates realized rule higher
on the Atlantic Coast Line system than on most
1364
THE CHRONICLE
[VoL. Lxxxxv.
other large systems, but this average is tending down- $1,925,000. There were no other changes in the
ward, though in the late year, owing to the large bonded debt of the company during the year and no
increase in the cotton traffic, there was a temporary change in the amount of the company's own securiupward reaction. In other words, for 1912 the ties held in its treasury. Thcrugh $2,156,019 was
average was 12.30 mills per ton per mile, against 12.15 spent during the year for additions and betterments
mills in 1911, but against 12.73 mills in 1909-10, and for new lines and extensions, the balance sheet
12.60 mills in 1908-09 and 13.10 mills for 1904-05. June 30 1912 shows only slightly less cash on hand
The effect of the larger train-load has been to give than on June 30 1911, namely $12,823,463, against
the road increased earnings per train-mile, not- $13,661,870. The company is now to issue $6,000,withstanding the decline in average rate realized. .000 new stock at par, but the proceeds will go to pay
Thus, for 1912 the freight trains earned $2 59 per for the company's share of the new Louisville
mile run, as against $2 52 per mile run in 1910-11, Nashville stock to be issued.
$2 56 in 1909-10, $2 44 in 1908-09, $2 29 in 1907-08,
The figures in the report cover an average of 4,524
$2 20 in 1906-07, $2 17 in 1905-06 and only $2 08 miles, as against 4,494 miles in the previous year.
in 1904-05.
The Louisville & Nashville Railroad is operated as a
There are some illuminating figures in the present separate property, and the same is true of the
annual report bearing on the rise in operating ex- Charleston & Western Carolina and the Northwestern
penses. The officials "ask the co-operation of every Railroad of South Carolina, which are also controlled.
stockholder (as they well may, in view of the facts Altogether, over 12,000 miles of road are owned or
given above) in disseminating knowledge as to some controlled. Control of the Louisville & Nashville
difficulties overcome during the past ten years in is held through the ownership of $30,600,000 out of
the economical management of your property." the $60,000,000 outstanding capital stock of that
For this purpose a little table is presented showing company. The purchase was made in October 1902,
unit costs of most of the important items of mainte- the Atlantic Coast Line Railroad giving as consideranance and operation in 1912 as compared with 1902, tion $35,000,000 of its collateral trust bonds, besides.
a ten-year interval. Steel rails now weigh 135 tons $5,000,000 in the common stock of the Atlantic
to the mile and cost $29 50 per ton, making the out- Coast Line Railroad and $10,000,000 in cash. The
lay per mile $3,982 50. In 1902 the weight was only cost of the purchase was subsequently reduced on.
110 tons per mile and the cost $28 per ton, making the books of the Atlantic Coast Line Railroad to
the outlay then $3,080 per mile. The increase here, $45,554,220, -by the application of $5,000,000 of
therefore, has been 29.3%. The cost of a cross-tie accumulated surplus.
now is 38.6 cents, whereas in 1902 it was only 25
The Louisville & Nashville, being operated sepcents, giving an increase in that item of over 54%. arately, the Coast Line Railroad's investment in the
Lumber costs now $16 12 per 1,000 ft., against same appears merely in the dividends received on its
$11 75 in 1902, the addition here being over 37%. holdings of the stock of the company. As these
Locomotive engines cost $19,348, against $12,600; dividends are now 7%, the Coast Line has realized
passenger coaches $9,422, against $6,744; express $2,142,000 per annum on the $30,600,000 of stock
cars $5,528, against $2,416; mail cars $10,026, against held. On the other hand, the annual call for interest
$3,731; box cars $883, against $524, and flat cars on the $35,000,000 Atlantic Coast Line Railroad
$877, against $494. Daily wages are also given of 4% collateral trust bonds issued in part payment for
three average classes of employees. The first class' the Louisville & Nashville stock purchased is only
is getting now $4 96 per day, against only $3 64; the $1,400,000 per year. With the increase in L. & N.
second class $4 15 now, against only $2 39 in 1902, stock the Atlantic Coast Line Railroad will get
and the third class $2 90, against $1 50, the increase $6,120,000 more stock of that road for the same
in this last instance being over 93%; and as show- amount of cash, making its total holdings $36,720,000
ing the part played by higher wages in adding to out of $72,000,000 and increasing correspondingly
operating cost, it is only necessary to say that in its income from these share holdings.
1910 wages represented 51.69% of total operating
• POOR RESULTS IN FALL RIVER COTTON
expenses and in 1912 no less than 54.51%.
MANUFACTURING.
fortunate in having a large margin of
The road is
Stockholders hi the cotton mills of Fall River have
yearly surplus to encroach upon, so that even diminishing net earnings leave its prosperity unimpaired. had, on the whole, even less cause for satisfaction in
For 1912 the surplus of earnings above fixed charges 1912 than in 1911 as respects the return to them from
on the operations of the 12 months was $7,010,881, the year's operation. Excepting the few mills that
against $7,506,994 in the previous year. But as for some years have pursued the policy of making
the 7% dividends paid on the common stock, besides a stated annual distribution, whether earnings be
the small amount required for the 5% dividends large or small, dividends as a rule have been at a
on the preferred stock, together called for only lower rate than in 1911, and in a number of in$4,098,586, a balance remains on the right side of the stances have been passed entirely. And even
where nothing, or less than usual, has been returned
account in amount of nearly $3,000,000.
The outstanding amount of common stock was in- to shareholders, surpluses have been quite generally
creased $780,800 during the year, the same being is- reduced. This, in brief, summarizes the situation
sued in exchange for $1,054,080 of convertible 4% at the leading centre of cotton manufacture in the
debenture bonds retired. To provide additional United States. Profits in the turning out ,of goods
equipment the company put out a new issue of equip- have been decreased, first by the going into operament trust bonds,series "B,"for $2,500,000, of which tion of the 54-hour law and later by the granting
$125,000 was paid off, leaving $2,375,000 outstand- of increased wages that the margin between the
ing June 30 1912. But it also paid off $450,000 of raw material and the finished product did not,
equipment trust bonds, series "A," making the net warrant. Moreover, it has been impossible to run
addition to these equipment trusts for the 12 months all machinery to full capacity, owing to shortage
Nov. 23 1912.]
THE CHRONICLE
1365
of hands. Conditions, of course, have not been
THE INVESTMENT BANKERS' ASSOCIATION.
uniform throughout the year in the various branches
With the first annual convention this week of the Investof the industry at Fall River, for while improvement in the business of the mills running on the ment Bankers' Association, a new era is opened for that
most important phase of financial business, the investment
coarser goods is to be noted in the last half, finebanking field. The laudable purpose of the movement,
goods mills have done no better than in the first which,
as explained yesterday in the address of President
half.
George B. Caldwell, is to make the Association a vital conVarious mill officials, referring to the unsatis- structive
force in the realm of conservative investment, has
factory profits in the fine-goods establishments, served to gain for the
plans of the promoters universal apascribe the result to the prevailing styles in women's proval. The meeting was
held at the Waldorf-Astoria; it
apparel. In fact, at the recent annual meeting of covered two days, Thursday and
Friday, a banquet concludone of the leading mills, the Treasurer, in reply to a ing the proceedings last night. The large number of delequestion of a stockholder, remarked that it was not gates who by their attendance and interest have contributed
what women wore to-day, but what they did not wear, to the success of the Association represent not only every
that was the cause of the poor business. He felt, section of the country, but the leading investment interests
he said, that it was useless to accumulate goods as well. This week's event was preceded three months ago
because there was absolutely no demand for narrow (on Aug. 8) by a meeting at which the organization of the
Association was perfected. In
fine fabrics, and, he continued, in effect that mills the organization on Thursday, discussing the purposes of
President Caldwell said:
manufacturing such already had much more stock
At that meeting (Aug. 8) we attempted in a general way to lay a broad
for the future growth of
on hand than desirable to carry. Under the cir- foundation its principal assets is thatthis Association. It is now organized,
and one of
it is representative—in that its mem:
quite natural that the mill official bership extends from ocean to ocean and from the Lakes to the Gulf; it is
cumstances, it is
also composed of bond houses of experience having both a financial reshould consider it hazardous to predict as to the sponsibility and a moral responsibility. As an association, we shall not
hazard prophecies
future outlook in the fine-goods business, but ,as he emphasize any as to the course of the investment market, nor unduly
particular securities, but realizing that the number of inintimated, styles might change at any time and bring vestors in high-grade bonds and mortgages increase in direct proportion
to the dissemination of investment knowledge, I believe now, as I said to
improved trade. As indicating the extent to which you on Aug. 8: "That through an association of this kind we can expect to
some of the mills have suffered during the year, it is receive and extend to one another some support and deal with investment
hanking and business problems from a scientific
only necessary to cite the decided shrinkage in the th rfore,endeavor to set forth in this meeting,and in standpoint." Let us,
those that may follow,
surpluses of the Parker and Hargraves mills, not- salient and pertinent facts bearing upon the development of municipalities, the railroads and public utilities of our country, the governmental
withstanding that no dividends have been declared safeguards surrounding invested capital, and other matters of interest for
the public good.
during the year, and the important reduction in
Every progressive move in history to purify a condition has entertained,
the same item of the Granite and King Philip mills.
first, a breaking down of the bad features that have existed,and,second,
substitution of the
The average rate for 1912 at Fall River is not a building up or aas organized to fightgood for the bad. We have been
widely advertised
"get-rich-quick" schemes. While
only the lowest of any corresponding period since nis is a worthy object, it is, however, incidental to the field of usefulness
w hope to occupy. Our Bureau of Investigation cannot be burdened with
1906, but below that of all but four of the preceding a corps of engineers, accountants and lawyers scouring the country seeking
years, and, as a rule, appreciably so. whom they may devour, simply because their standard of integrity does
twenty-five
not equal ours—nor have we funds at $50 per year a member to carry
Five mills passed their dividends, fourteen reduced such a work. We are not expecting to publish a blacklist nor to act on
in
the rate, one resumed payment, twelve adhered to an advisory capacity on questions as to what the investor should or should
not buy. No association of investment bankers would attempt so large a
the percentage of the previous year and four made responsibility. The individual houses must continue to do this work.
The farthest we can go to first keep our membership of
some increases. Collectively, the returns to stock- t3r and our own skirtsisclean, and give such moral andthe highest characactive support to
holders by the 36 corporations included in our r3oting out of the field the "get-rich-quick" schemes as our means of inmay warrant.
compilation is only $1,129,625, on a capital of vestigation should not be overlooked in this connection that many factors
Again, it
hive contributed their share to making fraudulent promotion so general
$27,756,670, or an average of 4.07% (1.09% of and so profitable as to become almost a national disgrace.
Among them
which in the last quarter), this contrasting with a,t3 the complication and diversity of laws for each of our forty-nine commonwealths: the laxity of our prosecuting authorities; tho difficulty of
$1,392,109, or 5.01% in 1911 and $1,827,050, or p eying "Intent to defraud" under the Federal statutes; the absence of any
registration, or
6.74% in 1910. In 1909 and 1908 the average rates Federal bureau ofproviding some responsibility of State officials after a
supervision over security issues; and the
c tarter is issued
were 7.40% and 6.90%,respectively, and in 1907 the acceptance by many newspapers and some magazines of fraudulent and
mIsleading advertisements. There Ls no doubt but that an awakening of
shareholders received on the average no less than tie public conscience is bearing fruit, for already nine States
have placed
11.09%—the highest in our record, which extends a "prospectus" law on their statute books, making false representations
that effect stock or bond sales a misdemeanor, and two other States have •
back to the early 80s. The four years in which the a "Blue Sky Law," compelling corporations to register and submit a financial statement before they can sell their securities. These are strong indiowners in the mills r9ceived less favorable returns cations of aroused public sentiment, which this Association will analyze
investments than in 1912 were 1897 and aid, and in that way do for a time its most effective work.
upon their
More concisely stated, the work which I think
busy the first
(3.39%), 1898 (2.41%), 1904 (3.56%) and 1905 year and lay a good foundation for the years to will keep usbe outlined as
come may
follows:
(3.34%.)
First. Careful attention to the ethics of bond trading by our members.
Notwithstanding the poor showing of the mills, Second. Pay careful attention to the proposed legislation lending aid to
passage of various measures
standardize
the operatives are said to be making a formal move to the bonds and the work of publicthat willcommissions.the issuance of municipal
utility
secure a further advance in wages. At least that is Third. Make our Association a working association and not purely a
the information contained in a press dispatch from fraternal organization. Secretary's
office with such information as recent
Fourth. Furnish
Fall River on Thursday night, which adds that the court decisions and the of the Inter-State Commerce and public service
those
Council has been instructed commissions; also information regarding defaulted issues and those in
Secretary of the Textile
which money has been lost and the houses that put them out and deal
to ask a conference with the executive committee of In them.
the Cotton Manufacturers' Association to be held
Fifth. Co-operate with the public press and State and Federal officials
for the elimination of all unreliable promotions by irresponsible promoters.
at the earliest possible date.
If I read the sentiment of "the market" and the times, it is that there is
—A. Barton Hepburn, President of the New York Chamber of Commerce and Chairman of the board of directors
of the Chase National Bank of this city, has been appointed
an Officer of the Legion of Honor by the French Government. Mr. IIepburn has been advised of this appointment
by Ambassador Jusserand. The honor was conferred on him
in appreciation of the reception accorded by the Chamber
of Commerce last May to the French delegation commissioned to present the Rodin bust "La France" to the United
States in connection with the Champlain ceremonies at
Crown Point.
an ever-increasing demand for broader information on all matters of
finance. Investors are becoming less haphazard, more vigorous and selfreliant in the selection of their investments. Knowledge spells conservatism--conservatism in investmentaffairs Is a national as.set, for the wealth
of the nation is increased by every wise investment and impaired by eve: y
foolish one.
In his report as Secretary of the Association, Frederick R.
Fenton, of, Devitt, Tremble & Co. of Chicago, showed a.
total membership of 277. Mr. Fenton, however, took
occasion to remark that the policy of the Association is not
the strength exhibited numerically—that its strength depends
alone upon the character of its members, and the success of,
1366
THE CHRONICLE
the Association, he pointed out, depends in a great measure
upori the efforts of the individual members in bringing into
it firms of high standing. With the idea of expanding the
usefulness of the Association, he recommended that in the
various financial centres where it has members meetings be
held at frequent intervals wherein matters of direct interest
to the members can be discussed and recommendations made
to the Board of Governors for action. At the business session yesterday the members adopted a new constitution and
by-laws which had been prepared by a committee designated for the purpose. The time within which admission
as charter members will be permitted has been extended to
Jan. 1. The fee for charter members is $50, and that rate
will apply until the date mentioned, after which the mem bership fee will be $100.
A lively discussion followed the reading of one of the proposed by-laws to the constitution prohibiting the use of the
Investment Bankers' Association's name in the advertisements, letter-heads and other advertising literature by its
members. The question was debated for a long time in the
open convention during the afternoon session when the several by-laws came up for adoption. The matter was finally
settled by almost unanimous vote in favor of prohibiting
the use of the Association's name on the ground that in the
early formation of the organization it would be unwise and
inadvisable for the best interests of all its members to exploit
the Association for private advertising purposes. Addresses
were made at both the business sessions yesterday and the
banquet in the evening. In view of the importance of the
movement, we have endeavored to make room for a considerable portion of some of the remarks.
Warren S. Hayden's address, "Blue Sky Laws and Their
Relation to the Investment Banks," was the feature of the
afternoon session. His remarks met with hearty approval
Afterwards a resolution was passed requesting the legislative
committee to draft a blue-sky law which would be representative of the best views of the Association.
Robert R. Reed, of Caldwell, Masslich & Reed, spoke
on the subject of "Uniform Municipal Bond Legislation."
We make the following extracts from the address:
Before we go very far toward determining our course as to future legislation in municipal matters we must know the principles of government
under which it is to be effected. I, for one, believe that no radical and
permanent changes are imminent. Our representative or republican
system of government is too firmly established and its general benefits
too widely distributed and too well recognized to make its destruction
possible. The good of these supposedly new experiments is going to last.
Their evil extremes will disappear. From our own experience, we know
that these evils are best appreciated by the people who are subject to thorn.
Their absurdities demonstrate themselves in practice and it is only a question of time until they will be remedied.
*•
*,
It is with the optional referendum that I would begin in simplifying
the procedure on municipal bonds. By optional referendum, of course,
I mean a requirement that a municipal ordinance authorizing bonds,
granting a franchise, &c., should be published, and a period of ten to
thirty days allowed for a referendum petition, after which, if no such
petition is filed, it shall be law. If the veto power over such legislation is
given for a limited period to the voters, every purpose of all the cumbersome laws now existing will be accomplished, and in the majority of cases
formality, delay and legal pitfalls of the election will be saved. Some
present statutes require an election of taxpayers, others of voters. Each
class, as a matter of right, should probably have a veto, that is, a right
to file the referendum petition and require an election, or possibly a written
consent of a majority of the class for which they petition, as a pre-requisite
to the issuance of the bonds. This right must be given if we are to secure
uniformity. From its very nature it will only be exercised when the
occasion demands it. in three cases out of four, there will be no referen• dum and no election. The determination of the council that no petition
has been filed should be made conclusive in favor of the bonds.
If the petition is filed and an election is to be held, we come to the second
step, where the right principle also seems clear enough to effect uniformity
in the essential thing—the determination and legality of the result. If we
adopt the Pennsylvania practice of a canvass by the court, we can provide
that the court (or other canvassing body) shall examine and declare the
sufficiency of the notice given and of the proposition submitted, and
second, canvass and determine the result declaring its determination
conclusive.
There are some who approach this subject of uniformity with the idea
of getting a law that will practically declare all municipal bonds conclusive evidence of their own legality. It is easy to work such an idea
out in paper conferences. It is sometimes possible to get such a law in
a particular case or from a particular legislature, but it is useless to consider it as a basis for uniform legislation. Public intelligence will always
demand actual checks on municipal procedure and refuse to vest in any
one or two men the absolute power to pledge the public credit. The
best we can do is to provide that the determination of a court or of the
municipal body shall be conclusive as to certain facts. For both these
suggestions there is good precedent and also good reason from the point
of view of the law-maker. I have not time to cover them fully in this
address. It is also feasible, with respect to the mandatory public sale
of bonds, to provide that the failure to sell publicly or above par shall not
affect the legality of the bonds, but shall subject the officers to a penalty
not exceeding, say, in the case of a sale under par, twice the loss to the
municipality. Every such provision designed to protect the investor
brings a very substantial benefit to the municipality by enabling it to
borrow at a lower net rate of interest. It is a matter of dollars and cents
to the taxpayer, and when this is presented clearly to municipal officers
Lxxxxv.
and legislators they are not slow to realize it and accept suggestions that
accord with it.
In connection with the public sale, there is one provision that has been
found very acceptable, particularly With New York villages. It is to
require the sale to the person who offers to take the bonds at the lowest
rate of interest. You could not get uniformity in the abandonment of
this practice, and it might be a good thing to extend it. It means, of
course, a sale of bonds bearing the lowest available interest rate, and under
the New York statute it has the disadvantage at times of causing bonds
bearing a decimal interest rate. This is a matter as to which a permissive
provision would probably work effectively. For instance, in some recent
cases when acting for a city, I have had the bonds advertised bearing 71X %
with a statement that if no bids were received at that rate, bids for 4 %
bonds would be considered. Such a practice, it seems to me, should be
permitted under any model statute.
A subject of sometimes serious difficulty is that of the execution of
bonds. Some method should be devised of protecting the bondholder
against the invalidity of bonds caused by an accidental change of officials
in the few days that frequently must occur between execution and delivery.
The law on this point is not altogether settled, but the rule of safety among
examining counsel is that bonds should be executed by the officers in
office at the time of delivery. As a practical matter, we have to rely
on an affidavit in advance stating the names of the officials and when
their terms expire. We are not in a position to obtain final legal proof at
the moment of delivery when our opinion is called for,and the small resulting
risk is, as you know, with the bond house. This risk might be removed
by a statutory provision declaring the bonds to be legally executed if
signed by officers in office at the time of their execution, and providing
that they might be delivered not later than five or ten days after their
execution. It is impossible, of course, to obtain a statute broad enough
to protect you against the danger of forgery. Both the municipality and
the bond house have in recent years come to favor the plan of certification
of genuineness by a responsible trust company as the surest method of
protection, both against forgery and overissuance.
Other matters of detail that must find a place in your model statute
must be the authorization, of payment in New York or Chicago and a
provision for the registration of coupon bonds, and possibly, in the case
of larger municipalities, the alternative exchange of coupon and registered
bonds. Registration as to principal only does not, in my opinion, require
statutory authority, but it is better to include it in any statutory provision for registration.
• Right here I might mention a suggestion which appeals to many as a
desirable one in any proposed bond legislation. It is to require the payment of bonds in installments, as opposed to the more general practice
of issuing long-term bonds, with or without a sinking fund. There is
probably no doubt that the installment feature is, generally speaking. a
desirable one,from the point of view of legal enforcibility. It is, of course,
easier to take care of a maturing installment of bonds than of a whole
issue. How practicable, or in all respects desirable, it would be to obtain
uniformity in such a requirement may be open to question. A good
working law, if you could get it, would be one with a mandatory sinking
fund provision, with a clause permitting installment maturities. In most
cases, where the tax must be raised anyhow, the issuing municipality will
prefer to apply it to the bonds as it is collected.
The matter of procedure is not perhaps the most important one, nor
the one which from your point of view and that of the municipality is
most in need of uniform and far-sighted legislation. Security is the main
thing, and uniformity in security a very necessary thing in improving the
character of municipal bonds. There are two important elements in this—
debt limitations and tax provisions. Constitutional or statutory debt
limitations with respect to municipalities bear a relation to security,
similar to that of the limitations in a corporate mortgage of the amount
of bonds that may be secured under it. Generally speaking, all lawful
municipal debt stands on the same basis, and looks to the general taxing
power for its payment. In the absence of special provisions or conditions
the last bond issued is just as good as the first one. When a municipality
is in actual danger of default, the first bond maturing is, of course, in the
best situation, regardless of when it was issued. The result is that the
best security of any bond purchaser is a reasonable limitation in the authorized debt. It is also an advantage to have a requirement that a certain
part of the debt shall be represented in permanent improvements, and a
further advantage if such debt is taken care of by the revenue produced
by such improvement. But right here we should, I believe, sound a note
of warning. To say that it is an element of security to have these permanent improvements and the additional revenue which they supply, is
a very different thing from providing, as our New York Constitution does
now in some cases, that revenue-producing bonds shall not be counted in
the debt limit. A year or two ago I ran across a Southern town with a
tax limit of fifty cents, supported by a revenue largely in excess of taxes,
which was chiefly received from a power plant and a whiskey distillery.
The bonds of that town rested for their security on this revenue. It
was a public service proposition—if you consider it such. In the event
of default, the fifty-cent-tax would be essential to maintenance. You
could not raise the power or liquor rates by judicial process. You could
not increase the returns by mandamusing the thirst of the inhabitants,
on which, to some extent, the local government seems to have rested.
The same thing applies to larger municipalities. When you remove the
debt limit from revanue-producing activities, your bonds tend to become
public service bonds, with the possibilities of municipal extravagance
and incompetence thrown into the scale against your security.
In working out the details of debt limitations, with a view to substantial uniformity, it will, of course, be necessary to consider the interest
and views of many classes. It is a practical matter, and I take it that
no body of men is in a position to act more intelligently and effectively
than your association, both in formulating a practical plan and in inducing
its general acceptance. I doubt if you can obtain the acceptance of a
fixed percentage for the debt limit in the different States. Ten per cent
for debt payable out of the general taxes and five per cent additional for
debt payable primarily from special revenue is probably a liberal allowance, one that would be accepted in most States as an outside margin.
Many States would prefer to retain their lower limits. If a fixed limit
were otherwise feasible, you would still have a lack of any kind of uniformity in the relation of the assessed valuation on which it is based to the
actual values of the taxable property.
Assuming that a proper debt limit has peen provided, and that every
necessary consideration of public safety has been attended to, in the
Issuance of our bonds, we come to the question of their payment, a question that does not always bother the municipal official quite as much as it
does the far-sighted bond purchaser. Municipal bonds must be something more than moral obligations. In fact, they must, in a sense, be
more than a legal obligation: that is: even though the bond is legally
authorized and issued, there must be adequate power under the statute
to raise the taxes for its payment. If there is power to pay, the courts
Nov. 23 1912.]
THE CHRONICLE
will enforce its exercise. In some States and under some charters we
find tax limitations that are so low as to practically deprive the bond
of the assurance of enforcibility, which is the chief concern of the investor.
It is difficult to sympathize with a constitutional or legislative policy that
authorizes municipalities to borrow money for specific purposes to a specific
amount or percentage of its taxable property, and then limits their power
to pay the money so borrowed. This is entirely apart from the general
policy of limiting the general taxing power. I do not question the wisdom
of such a policy, but the payment of authorized loans should be excepted
from it. In other words, as a matter of plain public interest, where the
intention is to pay the debt, the municipality is the loser if it is unable
to give with its bonds a definite assurance of their payment. It pays
very heavily in excessive interest charges for the sovereigr privilege of
floating a moral obligation. I have no figures at hand, but I should
not be surprised if this mistaken policy costs the taxpayers of Alabama
alone a hundred thousand dollars a year.
If there is one thing of more importance than any other in a movement
for better or more nearly uniform legislation, it is to do away with tax
limitations applicable to the payment of bonds. They aro even more
prejudicial to the municipality than to the investor. They do not often
entirely prevent the payment of bonds. They frequently prevent their
Issue, and more frequently result in raising the rate of interest on municipal
indebtedness.
These same considerations apply with some force to the bonds of socalled taxing districts, including water, sewer, road, drainage and light
districts, &c. These bonds are generally issued by a county, city or
town, and are payable primarily not of the particular district improved.
It is right that they should be so payable. But they should also, as many
of them do, have the general pledge of the municipal credit back of them,
as the use of this credit makes it possible to borrow the money at a very
much lower rate than is possible where it is not used. This is so even
where the taxing district is big enough and rich enough to furnish the
fullest security for the debt,because of the fact that as a rule bonds which
are not general obligations of the municipality fall into a lower class as
investments and in particular are generally not legal investments for
savings banks. The use of the municipal credit means a very substantial
saving to tho community, and is in every way to be preferred from the
'point of view of the community. The distribution of the burden is a local
matter, and one which can and should be taken care of locally. The
general taxpayer can relieve himself of all actual burden by seeing that it is
properly and sufficiently imposed on the proper district. The pledge
of the general credit should, of course, be subject to the debt limitation
to which I have referred.
When we come to the practical proposition pf effecting now legislation,
we are met by varying situations in the different States. If our task was
to entirely overturn established practice and existing statutes, it would,
I believe, be long before we could make much headway. But there are,
of course, better methods of approach. Anything that you propose will
be found to have some connecting link with the present system in nearly
every State. It can be presented primarily as an amendment and improvement of the existing law. If you set forth simply the correct principles
and clear advantages of efficient legislation, you will, I believe, find a
response in the proper committees of the State legislatures. There is
me way of approach that should be very effective in many States; that is,
to propose and have enacted a substantially uniform statute, with the
understanding and provision that it is permissive merely and does not
repeal the existing law.
We have in the State of New Jersey a peculiar system of municipal
legislation that lends itself best to this suggestion. The municipalities
of that State have a time-honored individuality and passion for home rule
that was not destroyed ,by the constitutional prohibition of 1873 against
special legislation. This prohibition has created a system of general
permissive laws, with a variety of general statutes on all subjects, each
enacted at the request of some particular municipality, but open to the
use of any other of the same general class. The admitted evil of this
system has its uses. A municipal bond law has already been drawn
somewhat along the lines which I have indicated in this address, which
I hope will be introduced in the New Jersey Legislature during the coming
winter. If adopted by the Legislature, it will, I believe, be generally
accepted and used by municipalities. The complications of the present
system will almost compel it. The same thing could be done in many
other States, even where such permissive statutes are not the rule. Such
statutes disarm opposition if proper in themselves. The bugbear of upsetting existing laws will not retard us, where we proceed along this lino.
The now statute will displace the old in practice simply by force of its
convenience and efficiency.
The address of Warren S. Hayden, of Hayden, Miller &
Co., Cleveland, on "Blue Sky Laws and Their Relation to
i-printed herewith:
the Investment Banker," is.
5,V
Blue Sky legislation aims to destroy the business of thoso who sell
fraudulent or otherwise non-meritorious securities. Probably the expression "Blue Sky" is used because the makers of bad securities are conceived
as capitalizing the blue sky and selling shares therein. The object of such
legislation, of Course, is praiseworthy; but the difficulty is that any laws
calculated to achieve that object must in some degree put limitations on
those whose activities would never of themselves occasion legislation.
This is true, to some extent, even if the law is drawn skilfully and with full
knowledge of the investment business, but it is true to a highly embarrassing
degree when, as can easily be the case, the law is drafted hurriedly by those
unfamiliar with business conditions and methods.
The interest of the investment banker is, therefore, vital, and for his own
protection he will bestir himself if he is convinced that Blue Sky Legislation in some form is coming, and coming soon in States where he has
business.
In my own State of Ohio the Legislature is almost sure to consider
this
subject this winter. I have heard of three bills now in preparation
. I
have a letter from a Senator in Maine saying that ho is about to
write a
Blue Sky Bill. Similar activities are going on in Washington,
Oregon,
Nebraska and Indiana. Blue Sky measures failed of passage
last year in
Massachusetts and Illinois, and, no doubt, will be re
-Introduced. Like
legislation providing for utilities commissions, this is the sort of
thing to
spread rapidly from State to State. The imminence of a mass
of this
legislation, so importantly affecting our business, may be taken as
beyond
doubt, and this Association is wise in having the matter promptly
considered and acted upon by its appropriate committee.
Any Blue Sky Law follows one of two theories, whose opposition in
principle is as old as representative government, and is especially familiar
to Americans in these times. These opposing principles are paternalism
and democracy. In the present application one would make
government
regulate business by passing in advance on the merits of concrete
transactions—the other by 'punishing transgression of a prescribed general
rule.
This is old debating ground, andleachimember/of this Association,
no
1367
doubt, has long since made his choice of sides. Some hold that individuals
ought, as far as possible, to be deprived of opportunity to make mistakes;
while others believe that to protect fools against their own folly is only
to make more fools, and that opportunity to make mistakes of necessity
accompanies opportunity for progress. This is not inconsistent with
protecting people against professional liars. The distinction as applied
to BlueSky Legislation is between having gavernmont give citizens opportunity to get the facts and having government determine for citizens
the effect of the facts.
In my opinion the Kansas Law is of the paternalistic typo. It is the
only/Blue Sky Law now in existence—except as general laws against fraud
are Blue Skynaws—and for this reason it is studied by all who are considering legislation of similar purpose. Blue Sky acts in other States are
exceedingly likely to be patterned after that in force in Kansas.
The Kansas "Blue Sky Law" was approved March 10 1911. Under that
law it is a severely punishable offense to attempt to sell securities without
obtaining from the bank commissioner a statement that the vendor is
solvent; that his plan of doing business and proposed contract contain and
provide for a fair, just and equitable plan for the transaction of business.
and, in the commissioner's judgment, promise a fair return on the securities.
An applicant for such a statement must file with the commissioner his
plan of doing business; a copy of all contracts he proposes to make with
or sell to his contributors (customers); an itemized account of his financial
condition, and,if a corporation or association, copies of all papers pertaining
to organization.
An approved applicant must register his agents in the commissioner's
office; semi-annually—oftener if called for—file his balance sheet, and take
a trial balance monthly for the information of inquiring customers.
Certain concerns and securities are not within the purview of the law.
The excepted concerns are banks, real estate mortgage companies, building
and loan associations and corporations not organized for profit. The
excepted securities are Government bonds, bonds of the State of Kansas
and Kansas municipalities and Kansas real estate mortgages. Taking into
account the exceptions made by the law, it says in effect that anybody but
a bank must satisfy the commissioner if he wants to sell private corporation
bonds.
I thought I knew what the Kansas law meant; but, wishing to be sure,
I sent to Topeka a typical general circular of an old line bond house, and
asked whether the bonds described therein were within the purview of the
Blue Sky Law. The circular exhibited only good bonds made up of obligations of large cities and municipalities of moderate size and issues of
highly respectable public utility corporations. The banking department
replied that these securities could not lawfully be sold in Kansas without.
the Department's advance approval. I also asked whether,in case of such
bonds as the circular described, more would be required before approval:
than presentation of a copy of the face of the bond—that being the "contract proposed to be sold." To this the Department responded that the.
Department must be satisfied that each security is all right, and this neces
sitates submission of all the statements called for by the law.
Some houses customarily have as many as two hundred issues represented
on their lists—very many have upwards of fifty. As to each of these
,
issues, except domestic municipals, advance submission of data and
approval thereof would be necessary. If in a list of fifty items five new lots
were acquired every day, the correspondence of a single house with the
Department would be rather heavy. If many other States adopted the
Kansas plan, the burden would be multiplied by the number of such
States. The factor of delay must be considered. If the Department acted
very promptly, and in the ordinary case approval required but three or four
days, there would be that interval in many cases which now require only an
instant for the transaction "both ways." Such a state of affairs
would
be intolerable, not only to the bond house but to the investing publid.
The bond house might care primarily about its own loss or profit, but the
public would be concerned about the loss of service. As usual,
the
consumer would pay—the annoyance never stops with the middleman.
I have no doubt all this is appreciated in Kansas, and I do not believe
that
the technical requirements of the statute are fully enforced against the
small number of well-established bond houses which have Kansas customers. Such a situation would show the common sense of the Bank
Commissioner,but could hardly be considered evidence that the law itself is
judicious. Assuming the strict enforcement of the law, it might appear
that its effect would be to turn the bond business over to the banks. I
think I can show that this would not happen in any manner which would
suit the cupidity of a bank which might hope, through Blue Sky Legislation
to got some of the "business of the bond houses. I have discussed this
elsewhere, and shall not now go over the same ground. However, it is safe
to assume that any house doing a legitimate business with a large clientele
will not find its business destroyed.
In Ohio some of us are thinking about a law on the democratic principle.
The elements of such a measure would be: (1) licensing distributers of
securities; (2) publicity of data relative to the merits of securities; (3)
penalties for fraud or other unlawful conduct.
Licenses should be issued only to those of good character, and the State
officer should have wide discretion and ample means in respect to his
investigation of an applicant. Publicity of investment data should be
assured, but the inevitable hindrance to the ordinary course of business
should be minimized by exemption from the obligation to file data as many
classes of cases as is possible without defeating the object of the law.
Among the classes exempted should be sales to corporations and dealers;
transactions of brokers for fractional commission; sales in large sums where
the buyer waives the filing; sales of public securities, securities authorized
by utilities commissions and bank stocks; sales of securities in respect to
which the required data are in standard manuals or other readily accessible
places; sales of mortgage securities where the loan is less than assessed
valuation. This part of the Act should be worked out with extreme care—
enough must be accomplished, but, not too much. For example: a company may be insolvent and its capital impaired, and yet its securities have
substantial value. The securities would not be choice investments, but it
certainly would be unwise to make difficult the rehabilitation of the business. Again, wholly new enterprises should not be discouraged, and that
would often be the case if it were necessary to make public every detail of
the project in the early stages of its promotion. These cases are in mind in
suggesting avoidance of filing data where transactions involve large sums
andsthe buyer waives the statute.
Penalties should be severe enough to discourage transgression. In
subjecting violators to these penalties, much aid can easily be had from
civic bodies like chaMbers of commerce and financial associations. No
doubt it would be an important function of this Association to discover
violations of the law and assist public officers in getting evidence against
the violators.
I earnestly hope that the proper committee of this Association will
carefully study the whole subject before the impending legislation is fully
formed, report its conclusions as to the appropriate type of legislation;
with its precedent reasoning, and that the results of the study will be corn-
THE CHRONICLE
1368
.
L XXXI/
rest at* Bermuda. It was his intention originally to delay
the announcement of his plans with respect to a special
session until his return on December 16, but as the uncer"Louisiana Municipal Drainage Bonds" was the subject tainty appeared to be ca,using uneasiness in business circles,
of a discussion before the convention yesterday by R. S. he decided to make a prompt declaration of his purposes.
Hecht, Trust Officer of the Hibernia Bank & Trust Co. of In his announcement Governor Wilson said:
New Orleans. In his treatment of the matter Mr. Hecht
I shall call Congress together in extraordinary session not later than April
15. I shall do this not only because I think that the pledges of the Party
laid before his hearers the following facts:
munleated to the entire membership. Our members in their several States
can then conveniently and promptly offer a definite program to their lawmakers, and helpfully influence the course of legislation.
Statistics show that only about one-tenth of the lands in the State of ought to be redeemed as promptly as possible, but also because I know it to
Louisiana are at present under cultivation, and the greatest portion of the be in the interest of business that all uncertainty as to what the particular
uncultivated area consists of wet land, which, if properly drained, will make items of tariff revision are to be should be removed as soon as possible.
the most fertile kind of soil.
No further intimation than is furnished above of what is
Government experts and practical land men, who have made examinaplanned in the revision of the tariff was conveyed by Governor
tions of the soil of these wet lands, are unanimous in their opinion that there
are no richer lands to be found anywhere upon the habitable globe. Formed Wilson before leaving for Bermuda.
as they were by the overflows from the Mississippi River and its tributaries,
—Carmi A. Thompson was appointed Treasurer of the
they consist of the richest river slit and decayed vegetation,making a humus
United States by President Taft on the 20th inst. and
which contains a large percentage of nitrogen and other plant foOd. Nor
is there any difference of opinion among first-class engineers concerning was sworn into his new office on Friday. He succeeds
the feasibility of draining such lands, and its practicability has been dem- Lee McClung, who resigned on the 14th inst. Since
onstrated by many reclamation propositions which have already been
last July Mr. Thompson had been Secretary to the
completed and have proven to be successful in every respect.
To furnish the necessary capital for carrying on this reclamation work, President, taking the place of Charles D. Hilles, who retired
the State of Louisiana has authorized the forming of drainage districts and from that post to become Chairman of the Republican
sub-drainage districts, which are recognized as political subdivisions of the
State, and have the power to incur debt and issue bonds therefor, bearing National Committee. Mr. Hilles now resumes his former
interest at not more than 5% per annum.
position under the President. The change in the office
However, bonds issued by such districts are by no means uniform, but
of Treasurer of the United States makes necessary a count
must be divided into two distinct groups, one being generally called "Election Bonds" and the other "Petition Bonds",and each 'group may again of the moneys in the vaults of the Treasury (amounting
be subdivided into two different classes of bonds.
close to $1,500,000,000) before the accounts are formally
Following an extended analysis of the bonds and their transferred to the new appointee, a task consuming from
legal safeguards, he offered the following summary of the six to eight weeks.
—It was announced yesterday that Secretary of the
main points to be considered by the prospective investor
Treasury MacVeagh has requested the resignation of Gideon
in Louisiana drainage bonds:
The law which governs their Issue is based on the experience of other C. Bantz as Assistant Treasurer of the United States.
States, and has twice been voted on by the people of Louisiana, who put the Christian S. Pearce, chief of the division of banks, loans and
stamp of their approval on it by giving it immense majorities both at the
election in 1910 and again in 1912. The Supreme Court of Louisiana has postal savings, will, it is reported, sucdeed Mr. Bantz, and
also given a favorable verdict, and the most prominent bond attorneys and it is expected that the latter will be offered a place as
in the country have already approved some of these bond issues. Every
chief of division in the Treasury Department. Commenting
possible safeguard has been thrown around the bonds, and they compare
very favorably with the 5% levee bonds which were issued in Louisiana on the changes instituted in his department, Secretary
years ago, and which at one time sold at The. on the dollar, but almost MacVeagh was quoted yesterday as saying: "I intend
without exception now command a premium of from 5% to 10%. Of
charge who are in sympathy with my policy
course, Louisiana municipal drainage bonds are comparatively now, and placing men in
capital is proverbially timid, but we think that these bonds will grow moro so that there will be no likelihood of a reaction to the old
popular as their value becomes better unnderstood, and it is our opinion methods when I leave office, compelling my successor as
that investors may feel quite safe in purchasing Louisiana municipal drainof the Treasury to spend his term of office going
age bonds when they are recommended by responsible bond houses and Secretary
banks whose reputation insures the fact that not only the legal but also the over the ground I have covered."
practical side of the project has been thoroughly investigated and every
—At a meeting on Wednesday of the sub-committee of
precaution has been taken to protect the bondholder.
Toastmaster Lewis B. Franklin, Vice-President of the. Congress having in charge the "Money Trust" inquiry, it
was announced that the oral hearings would be resumed on
Guaranty Trust Co. of this city, at the banquet last night
well- December 9. According to a statement issued earlier in the
stated that two years ago it would have been deemed
week by Chairman Pujo, it is hoped to conclude the hearings
nigh impossible to unite in a compact organization the innot later than December 20. It was furthermore stated
dealers of the country, and he declared that the
vestment
in this announcement that it is his desire that the report
conception of the idea showed a broad imagination and its
investigation be submitted to Congress not later than
execution a splendid courage. For both the conception and of the
to one man, and January 20, so that the latter may take such action in the
execution, he continued, we are indebted
existing abuses or
that man deservedly occupies the position of first Presi- way of remedial legislation "to correct
evils in the carrying on of the business of the clearing-houses,
dent of the Association. Mr. Franklin also said:
stock exchanges and national banking associations of the
Our Committee on Legislation has before it work of great importance.
country as may be warranted by the facts." Edgar H.
Just now legislatures in many States are preparing to create public service
•commissions. The investment banker is not opposed to such commissions Farrar, of New Orleans, whO, with Samuel Untermyer,
when the laws under which they act are drawn with due regard for the pro- acted as counsel for the Committee, resigned that post on
tection of the investor, but, as a matter of fact, the interests of the inTuesday because of the demands of his professional affairs.
vestor are frequently neglected in the effort to make a record for the lawmakers as guardians of the public welfare. Regulation may be entirely Judge Farrar, in his letter of resignation, said:
proper when accompanied by a guaranty of freedom from competition,
but in many cases the regulative power is emphasized and tho protective
power minimized.
The other speakers who addressed the delegates at the
banquet last night were Frank Trumbull, Chairman of the
Board of the Chesapeake & Ohio Ry., and of the Board
of the Missouri Kansas & Texas Ry., and Samuel 0. Dunn.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
—The public sales of bank stocks this week aggregate 73
shares, and were all made at the Stock Exchange. One lot
of 4 shares of trust company stock was sold at auction.
Low. High.
Shares. BANKS—New York.
230
*14 Amer.Exch. Nat. Bank____ 230
435
435
*5 City Bank, National
*25 Commerce, Nat. Bank of_ _ _ 200 200
202
202
National Bank
*24 Fourth
*5 Mech.& Metals Nat. Bank_ 270 270
TRUST COMPANY—New York
376
376
4 Washington Trust Co
Close.
230
435
200
202
270
Last previous sale.
Mch. 1912— 245
Nov. 1912— 440
Nov. 1912— 200
Nov. 1912— 205
July 1912— 265
376
Nov. 1912— 375
* Sold at the Stock Exchange.
—The much mooted question as to whether an extra
session of Congress would be called after his inauguration by President-elect Woodrow Wilson was answered in
an announcement issued by him on the 15th inst., in which
he indicated it as his purpose to convene Congress in extraordinary session not later than April 15 for the purpose
of revising the tariff. This information was given out by
Governor Wilson the day before his departure for a month's
Complications and exigencies have arisen in my professional affairs
which make it imperative that I should resign my post as counsel for your
honorable committee in the "Money Trust" investigation.
I am not in position to make the sacrifice required in giving up my whole
practice to devote myself to your service, as it would be my duty to do in
order to serve you as you should be served.•
As you know, since the adjournment of the committee in Juno, all my
time, except September—spent in New York with Mr. Untermyer over
the business of the committee—has been devoted to a thankless and nonremunerative public service in my own State. During this period, which
I had hoped to devote in putting my professional business in such shape
as to permit my devoting my whole time up to March 4 to the affairs of the
committee, matters have accumulated in my office which nobody but myself can attend to. I had hoped up to to-day to adjust these matters,
but have failed.
My a.ssociate, Mr. Untermyer, and his as.sistant, Mr. Todd, employed
by us with the committee's consent, are able to do all the professional work
required by the committee. Mr. Untermyer and I have canvassed the
matter thoroughly, and, in the absence of the necessary act of Congress
which would enable a probe of the national banks,have laid out and agreed
upon for submission to the committee lines of further investigation of the
clearing houses, stock exchanges and the concentration of the funds and
control of the affairs of the great inter-State commerce corporations by
a handful of men in New York, who are part of the financial ring that
controls the bank and trust companies and have power to create panics
on the Stock Exchange at any time they wish, as they did on October 24
1907, by withdrawing their loans from the brokers on the floor of the
Exchange.
I profoundly appreciate the honor conferred by the committee in naming
me one of their counsel, and it is with greatest regret that I find myself
unable to continue in the service and in an investigation of the supremest
importance to the people of this republic and which I know will disclose
abuses which require legislation, both State and Federal. I shall make
no claim against the committee for my professional services, but will
forward a statement of my actual expenses for the consideration of the
committee.
Nov. 23 19121
THE CHRONICLE
In announcing on Wednesday the date of the public
hearings, Chairman Pujo outlined the course of the Committee in the continuance of its inquiry, the statement he
submitted in the matter saying:
The oral hearings before the committee will begin December 9 and will
be continued from day to day in sa far as the engagements of the members
of the Committee and their counsel will permit. The Committee will
first complete the testimony with respect to Clearing-house associations
and stock exchanges and will then take up the main head of the inquiry,
relating to the concentration of money and credit and the causes therof.
The Chairman has heretofore repeatedly announced, and now repeats,
that this part of the inquiry cannot be concluded unless or until the committee has secured the additional power provided for by the amendment
to tho banking law that has passed the House and is now pending in the
Senate. Efforts have been made during the vacation to secure this data
from the Comptroller of the Currency. He in turn, referred the Committee to the President, in 'view of the promulgation during the administration of President Roosevelt of a general order forbidding the heads of
departments to furnish information without express Executive order.
That regulation was confirmed and repeated by President Taft. The
request to the President was first informally made through counsel for the
Committee at an interview with the President on September 23 and at
the request of the latter was repeated formally in writing on September 24,
accompanied by the statement of the reasons for asking prompt action.
The subject was referred by the President to the Attorney-General, who
• has from time to time promised to act upon it, but, owing, doubtless, to
pressure of engagements, no decision has yet been communicated to the
committee.
Notwithstanding these embarrassments, the Committee proposes to press
forward with the taking of testimony on the main head of the inquiry as
rapidly as possible so far as it can go in the face of these obstacles. It
should also be clearly understood that no comprehensive inquiry can be
completed until all doubt as to the power of the committee to secure the
data that it requires has been removed by the legislation for which the
Committee asks.
On Monday evening just as Judge Farrar was about to take his train from
New Orleans to attend to-day's meeting he was confronted by serious
matters involving his personal affairs, which will unfortunately render it
•impossible for him to take part in the inquiry with which he Is and has been
thoroughly in hearty sympathy.
This unfortunate and unforeseen contingency of Mr. Farrar's resignation
Is a great disappointment both to the Committee and to Mr. Untormyer.
There is no truth in the rumors that have been circulated of any breach
or threat of breach in the entirely harmonious relations that have existed
between the Committee and its counsel from the beginning.
Some of the papers this week reported the likelihood of
the Committee undertaking an investigation into the
cessation of work on the Grand Trunk extension in New
England and the alleged traffic agreement between the
Grand Trunk and the New York New Haven & Hartford
RR., to which the stoppage of work is ascribed. The
"Evening Post" in a reference to the matter, says that the
statement attributed to President Chamberlain of the
Grand Trunk, that work was discontinued because of lack
of funds, will lead the Pujo Committee, if it takes up this
inquiry, to try to ascertain whether the credit of the Grand
Trunk with British capital was interfered with at the behest
of American financial interests concerned in the New Haven
road.
—In a proclamation issued on the 13th inst., President
Taft announced the rates of toll which will apply on vessels
passing through the Panama Canal. Under the Act governing the Canal, American vessels engaged in the coastwise
trade are exempt from tolls. American naval vessels, it is
stated, are exempted without specific mention either in
the Act itself or the proclamation, because the authorities
believed it unnecessary to explain the uselessness of payment
by its Navy Department to its Treasury Department. The
rates proclaimed by the President are as follows:
1. On merchant vessels carrying passengers or cargo, $1 20 per net
vessel ton—each 100 cubic feet—of actual earning capacity.
2. On vessels in ballast without passengers or cargo, 40 per cont less
than the rate of tolls for vessels with passengers or cargo.
3. Upon naval vessels, other than transports, colliers, hospital ships and
supply ships, 50 cents per displacement ton.
4. Upon army and navy transports, colliers, hospital ships and supply
ships, $1 20 per net ton, the vessels to be measured by the same rules as arc
employed in determining the net tonnage of merchant vessels.
The President also stated that the Secretary of War will
prepare and prescribe such rules for the measurement of
vessels and such regulations as may be necessary and proper
to carry the proclamation into full force and effect. The
rates are based upon the report and investigation of Prof.
Emory R. Johnson of the University of Pennsylvania, an
expert designated by Executive order for the task. This
report was made public co-incident with the President's
declaration, and the following extract from it is published
by the New York "Commercial:"
It has been estimated by the Isthmian Canal Commission that •the
annual expenses for the operation and maintenance of the Panama Canal
during the early years of its operation will amount to $3,500,000 and
that
$500.000 a year will cover the annual outlay for sanitation and
civil administration, provided the Canal Zone is made a Government
reservation,
and the population is limited to the Canal operatives and their
families.
It Is thus anticipated that the annual expenses for the operation
and
maintenance of the Canal and the sanitation and government
of the Zone
will amount to $4,000,000. The Canal will cost $375,000,000.
This
ncludes the $40,000,000 paid the French canal company and the
$10,000,000 given to the Republic of Panama for the Canal
concession.
The cost of the construction work, now within one year of practical
completion, has been kept within the estimates, and unless unforeseen
1369
contingencies occur,the Canal, when finished, will have required an outlay
of $375,000,000 on the part of the United States Government. The interest
on this amount at 3 per cent a year will amount to $11,250,000. The Canal
concession treaty between Panama and the United States requires the
United States, beginning in 1913, to pay $250,000 annually to Panama.
Thus the total annual expenses for operation and maintenance of the
Canal, government and sanitation of the Zone, for the annuity to ?amnia
and for the interest on the investment, will be $15,500.000.
If all vessels, American and foreign, using the Canal are required to p
tolls at the rate of $1 20 a net ton, the yearly revenues during the firs
two or three years of the Canal's operation will average between $12.
000,000 and $13,000,000. By the end of the first decade the revenue
probably will have risen to $20,000,000. If only foreign ships are re
quired to pay tolls, the receipts during the first few years will be between
$10,000,000 and $11,000,000 a year and will rise to $16,000,000 or $17,000,000 by the end of the first 10 Years.
It is not probable, however, that the rate of $1 20 a net ton will be maintained throughout the decade. That is the rate that will be charged by
the Suez Canal Co. in 1913 and it is more than Irobable that the Suez
Canal Co. will reduce its tolls below that rate within a few years after 1913.
It will probably be unwise for the United States to maintain higher tolls at
Panama than are charged at Suez.
It will hardly be possible to obtain from foreign shipping enough revenues
during the first decade of the Panama Canal's operation to meet all operation, depreciation, interest, annuity. Zone government and sanitation
charges. On the other hand, if the Panama tolls are charged both upon
American and foreign ships at the rate of tolls that may be expected to
prevail at Suez, it will apparently be possible to obtain revenues from the
Panama Canal that will make it commercially self-supporting during the
first decade.
With the growth of traffic through the Panama Canal during the second
and succeeding decades of its operation, It will be possible with tolls at that
time of not exceeding Si a net ton for the United States Government to
obtain revenues that will permit of the ultimate amortization of the investment in the Canal.
It will be possible and advisable for the United States, beginning with
1925,to Invest 1 percent a year of the $375,000,000 investment in a sinking
fund. If this is done the annual revenues must amount to $19,250,000 or
$3,500,000 for operation and maintemance, $500,000 for government and
sanitation of the Zone, $11,250,000 for interest, $250,000 for the Panama
annuity and $3,750,000 for the sinking fund.
During the second and succeeding decades, moreover, it will unquestionably be necessary to devote relatively large amounts yearly to the betterment of the Canal, to keep the waterway abreast of traffic needs. Will
this be possible? An increase of 60 per cent during the first decade, as
has been stated, will bring the Canal traffic to 17,000,000 net tons in 1925.
Should this rate of increase continue, as it undoubtedly will, during the
—
second decade, the traffic in 1935 will amount to 27,000,000 net tons;
and with tolls at that time of $1 per net ton, revenues of $27,000,000 per
annum may readily be attained. Receipts of this amount would enable
the Government to meet all expenses, including operation, maintenance,
betterments, Zone sanitation and government, the Panama annuity and
the sinking fund.
The report opposed the levying of tolls on passengers as
such a charge would impose an unjustifiable tax on the
portion of the ship devoted to passenger accommodations,
a charge having already been made on the net-tonnage or
earning-capacity basis.
—According to a statement issued by the Post Office Department at Washington on the 9th inst., postal savings deposits have reached the sum of $28,000,000. This total, it
is stated, represents the deposits of 290,000 individuals,
making an average of 6 for each depositor. The system
is in operation at 12,773 post offices, including 644 branch
offices and sub-stations. The Department recently announced that applications for the conversion of postal savings deposits on Jan. 1 1913 into the United States registered
or coupon bonds in denomination of $20, $100 or $500, and
bearing 2Y2% interest, must be made before Dec. 2. Postal
savings deposits converted into bonds are not counted as
part of the maximum of $500 allowed one depositor, and there
is no limitation on the amount of available postal savings
bonds which may be acquired finally by a depositor.
—Arrests made simultaneously in seven cities on Monday
at the direction of the U. S. Government are said to have
resulted from an investigation made by the postal authorities into a scheme through which small corporations and stock
sellers have been mulcted of $1,500,000 in the past three
years. Those taken into custody are Mason G. Worth,
head of the Worth-Bulwes-Travares. Co., of 43 Cedar St.,
New York; H. B. Wardin of Rochester; A. Bruce Crane,
Newark, N. J.; Thomas Fishwick, Boston; F. D. Minyard,
Cleveland; George S. Hannaford and S. G. Durant,Dubuque,
Iowa. Three of these, Minyard, Hannaford and Fishwick,
are said to have been indicted in Cincinnati, and the arrests
in the other cases, it is stated, were made on complaints of
officials of the Department of Justice. J. R. Long and
J. Gordon Malcolm are also said to be named in the indictments. The charges, it is understood, allege the use of
the mails to defraud. The American Redemption Co. of
Rochester and the Chicago Debenture Co., it is stated, are
involved in the proceedings; H. B. Wardin is Vice-President
of the former and Hannaford is said to have been at one time
a President of the Chicago concern, which he claims (according to the Chicago "Tribune") failed in May 1911. The
New York "Sun," in reporting the investigation and arrests
made by the Government, said:
The ring, with its international connections in Canada and England, ill
said to have had an easy time defrauding promoters and budding companies
1370
THE CHRONICLE
through fees received on promise of guaranteeing securities and securing
their sale through stock and insurance companies controlled by themselves.
The Post Office people say fees also were secured for 'Investigating" property and that some excuse always was found by the men under arrest for
failing to render the promised service.
The scheme,which was launched in Cincinnati, is said to have proved so
successful in netting thousands of dollars from its dupes that it soon led to
the organization of the American Redemption Co. and the Chicago Debenture Co. as "clearing houses." The men who were arrested in the
different cities yesterday merely acted as the agents or "cappers" of these
two central concerns, say the Post Office inspectors.
—A suit similar to that brought under the Sherman AntiTrust Law by Pincus Mullman, a wholesale confectioner, in
an attempt to dissolve an alleged "candy combine," has been
filed by Silverman Bros. of 609 Ninth Ave., this city. The
action in this instance is against Henry Heide, Greenfield &
Sons, the Novelty Candy Co., James A. McClurg & Son,
A. Slauson & Co. and Hawley & Hoops, candy manufacturers, who were all named as defendants in one of the two
suits instituted in behalf of Mr. Mullman, and referred to
in our issue of Nov. 9. The complaint of Silverman
Bros., as in the case of Mr. Mullman, charges that two national organizations, one composed of jobbers and the other
of manufacturers, and both having local branches in largo
cities, have combined in an attempt to monopolize trade.
—The First National Bank of Boston issued on the 15th
inst. the initial number of a circular which it purposes publishing at monthly intervals under the title of the "New
England Letter." The Jotter will deal with commercial
and financial conditions as viewed from the New England
standpoint, and in each of the subjects discussed the bank
will have the opinions of the leading business men in New
England who are recognized as authorities in their respective
lines. In the first number of its "Letter" the bank says:
Lxxxxv.
appeal to the U. S. Circuit Court of Appeals, and it is understood that this will be availed of.
—A test of the efficiency of those desiring to qualify as
cashier or active managing officer of State banks in Kansas
is hereafter to be made. The Banking Department of the
State has devised regulations which are to apply in filling
such positions. The requirements are set out in the following official order, as printed in the New York "Evening Post":
All cashiers or active managing officers of new or old State banks in
Kansas must have had two years' previous continuous experience in actual
banking. Their record of this two years' experience must show that they
were persistently faithful in their work.
After having had two years' service, should they wish to serve as Cashier
or active managing officer of a State bank, they will be granted thirty days
in which to prepare themselves for an examination before the Board of
Examination of the Banking Department at Topeka, which will occupy
three days of their time. They will be examined upon the following points:
The corporation law as it applies to banking in Kansas, the guaranty law,
the negotiable instruments law, the Kansas banking statutes and the prac•
Lical and technical points of every-day banking.
The standard of perfection will consist of 100 points. Any applicant
who may receive 70 points of merit, or more, will be passed by the Examining Board as successful, and said Board will issue a certificate of approval
of the applicant as managing officer of a State bank. Should he fall below
70 points, he will be granted any additional time he may wish, not exceeding thirty days, to prepare himself for a second examination. Should he
fall below 70 points in his second examination he will be rejected by the
Board for one year, when he will again be eligible for examination.
It is stated that cashiers and other officials already having
positions and those whose work on inspection shows competence will not be affected by the order.
—Recommendations concerning the State banking institutions in California are made in the annual report of W. R.
Williams, State Superintendent of Banks, just presented to
Gov. Johnson. Mr. Williams recommends that a more
liberal policy be adopted by permitting loans to firms,
partnerships, companies and corporations in which directors, officers and employees of commercial banks are interested. As to the reason for this, he says:
Now that the Presidential election is over, New England is in a favorable
position to take account of stock. To-day industrial New England is
operating at capacity and is sold well ahead. The energizing new blood
I believe that the justification for such freedom from present restraint
of our most bountiful harvest is effective in every artery of trade—vitalizing
our industries even while the crops are in transit. For the first ten months is to be found in a desire to meet normal conditions of trade which commerof the current year bank clearings for New England totaled $8,683,248,- cial banks are expected to satisfy. Under our present State system State
894, which, even if discounted by a reasonable percentage because of the banks are are at an unnecessary advantage as compared with:national
increase in the price of commodities in 1912 over 1911,establishes for New banks, which are permitted to loan without concern as to the relationship
England a new high-water mark. By a striking anomaly, this record of the borrower to the loaning bank, the transaction being based strictly
volume of business has risen in the face of threatened tariff reduction. upon honesty of purpose. In the smaller communities of the State,the reThe important fact in the situation is that this record volume of business striction placed upon commercial banks by our system works a distinct
has been accompanied by a generally slender and unsatisfactory margin hardship upon those engaged in trade and commerce. Men grounded in
of profit. These features, however, have marked business generally sound principles of finance are excluded from participation in banking afthroughout the United States. * * * It is important to note in this fairs because they are interested in enterprises which require encouragement
connection, however, that selling prices are rising in such a manner as to and reasonable support. They cannot in justice to the needs of the comexpand the margin of profit, and should in due time establish business on munity in which they live associate themselves in banks because of the
present restrictive legislation. I am convinced that this restriction may
a normal and thoroughly healthy basis.
be modified with perfect safety and with entire justice to the requirements
the investment broker of Columbus, of good banking.
—Claude Meeker,
In making this recommendation I am conscious of thefact that most of
Ohio, discusses in the "Ohio State Journal" the elements
has come to American banking institutions had its source
the
which to his mind will co-operate to bring the general in adisaster whichrelationship between the officers of destroyed banks with
too intimate
public more and more into the securities market in the borrowing corporations in which these officers had vital financial concern.
I do not recommend that our laws be extended so as to give to the banks
capacity of purchaser. He says in part:
in the
I think the future will show a steady increase in the demand for first- of this State the complete liberty of action which is now indulged
of privilege in which
class securities. For this there are two reasons. In the first place rea- conduct of national banks. I recommend a medium
department will contribute to make a safe
estate is constantly appreciating in value and the opportunities for a person both the banks and this
which appears to be very necessary for the logical development
with small means to invest must become increasingly scarce. In the second process
of the resources of the State, particularly in its smaller communities.
place, in the finality of things all the money for the promotion of big deals
If the broadening of the loaning capacity here advocated
must come from the people, and corporations must so conduct their affairs
that they will inspire the confidence of the man or woman with a few hun- be granted, he would have banking corporations submit to
dred dollars to invest.
extension of supervisorial authority by which all
Of two concerns that are appealing to the public to invest in their securi- a further
ties, it has been found that the one that is the most open and frank in re- loans may be scrutinized in every aspect which will reflect
gard to its management and results is the one that most easily secures aid. any possible concern to the safety of the institution and its
Thus competition has encouraged publicity, and the public and the market
the same time recommends that the borhave benefited thereby. I cannot see anything but that this process, still depositors. He at
comparatively new, must continue through the future, and thus greatly rowing capacity of the banks be restricted within the limits
increase the number and scope of investment buying and investors.
of capitalization. Among other amendments recommended
This, I believe, will have a far-reaching political and economic effect.
eople will have interest in large corporations about which they before to the bank Act, he suggests that the banks be allowed to
knew nothing. It will tend to disabuse the public mind of erroneous ideas levy a larger assessment than the 10% limit now fixed by
concerning such institutions. Property rights will be more sanely regarded. law
in restoring impaired capital; he is also in favor of an
On the other hand, with the securities of companies widely held, the conscience of the people will be voiced through the directorates of these com- amendment which would allow the banks to use their surpanies. This cannot but have a beneficial effect upon both corporation plus in repairing losses. A further recommendation is that
and public.
investments which were
—Judgment in the so-called "Danbury hatters' case" was
filed in the United States District Court at Hartford on the
16th inst. Under the verdict on Oct. lithe jury awarded
the plaintiff, D. E. Loewe & Co., independent hat
manufacturers of Danbury, the full amount of damages
claimed, viz., $80,000, which amount was trebled to $240,000 under the provisions of the Sherman Anti-Trust Law;
with the attorneys' fees of $5,000 and additional court costs
of $7,130 90 the total judgment aggregates $252,130 90.
As we have stated on several recent occasions, the action
was brought by the firm against the members of the United
Hatters of North America because of boycotts of the firm's
products by union hatters in an attempt to force it to unionize
its shops. After the jury reported its findings on Oct. 11 a
motion that the verdict be set aside was made on behalf
of the defendants. Judge Martin denied the motion, but
allowed the defendants several months in which to enter an
the bank Act be amended so that all
legal when made, but which have become illegal by the operation of the Act, be eliminated within five years by writing
off at least 20% of the original book value of the unsold part
every year until the full amount has been retired. According to Superintendent Williams, trust companies in California are essentially conducted without supervision, and
he makes the following recommendations with respect to
amending this defect:
I wish also to advise you that the vast operations of the trust companies
which are so vitally the concern of those whose affairs they conduct are,
under the restrictive machinery provided by law, essentially without supervision. This defect of manifest duty on the part of the State leads me to
urge respectfully the serious consideration of the Legislature for necessary
amendment. Trust companies are not now properly supervised. Their
affairs are not even within the knowledge of this department, much less
under its government. Obligations of the utmost moment to individuals
and to communities are without inspection. They are beyond theauthority
of this department. * * *
It is my conviction that trust companies in this State shouldjbercompletely within the jurisdiction of a visitorial and regulative authority or
Nov. 23 1912.]
TIIE CHRONICLE
their place in the body politic should be more clearly defined. I am constrained to suggest that the smallest measure of reform in the administration of trust companies will compel a separation complete and distinct
between the so-called public or court trusts and those more generally but
loosely characterized as private.
Such segregation would at least possess the merit of informing the public
critically of the character and growth of State authority in the concerns of
trust companies. Confusion which now confounds would be dissipated and
the bounds of authority would be established. Such a line of demarcation
would be drawn that what is now a practical misunderstanding of State
supervision would be removed.
The largest measure of reform I believe would be to place trust companies,as they are supposed to be,completely under the supervision of this
department. For all practical purposes private trusts, manifold in their
relationships of importance to the intimate affairs of the public, are beyond
control and without supervision.
1371.
Trust Co. of this city, was affirmed on the 16th inst. by
the Appellate Division of the New York Supreme Court.
He was convicted of the larceny of $140,000 of the institution's funds, and sentenced to an indeterminate prison
term of not less than four years and eight months and not
more than eight years and eight months. He had been out
on $60,000 bail under a certificate of reasonable doubt issued
on Dec. 15 1911 by Supreme Court Justice Cohalan pending
an appeal. On Monday of this week Justice Miller of the
Appellate Division of the Supreme Court issued a certificate of reasonable doubt, and fixed bail at $75,000 pending
an appeal to the Court of Appeals.
—At• a meeting of the board of directors held on Thurs—Gustav Schwab was on Thursday elected a director of
day, General Thomas L. James, formerly PostmasterGeneral of the United States, tendered his resignation as the Merchants' National Bank of this city to succeed his
President of the Lincoln National Bank of this city, after father, the late Gustav H. Schwab.
—On the 8th inst. the trial of David S. Mills, former
having served in that capacity for thirty-one years, and was
unanimously elected Chairman of the board. Charles Eliot President of the Audubon National Bank of this city, was
Warren, who for some years has been the active Vice-Presi- ended through the dismissal of the indictment by Judge
dent and a director of the institution, was elected President. Hough in the Criminal Branch of the U. S. District Court.
Mr. Warren was formerly President of the N. Y. State Joseph E. Blackburn, a director of the bank, and Charles
Bankers' Association, a member of the finance and executive W.Ridgway, who had been counsel for President Mills, were
committees of the American Bankers' Association and a mem- joint defendants with the latter in the trial, which had
ber of the Committee on Admissions and the Examining Com- opened on the 7th. The action, it is said, concerned the almittee of the New York Clearing-House Association. He is leged misapplication of $50,000 of the bank's money, funds,
now Vice-President, Treasurer and director of one or more it is claimed, which had been obtained on notes made in the
of the New York Central subsidiary lines west of Buffalo names of two of the employees of the institution and used
and Treasurer of the Eastern Power Co.of New York. The in a transaction involving the purchase of control of the
new President is well known in club circles as a member of securities of the Keystone Guard Insurance Co. of Athens,
the Union League, Army and Navy, Piping Rock and Sleepy Pa. Judge Hough is understood to have held that since
Hollow Country Clubs, St. Nicholas Club, Society of the Mills as President had retained the $50,000 until the seCincinnati, Sons of the Revolution, Society of the Colonial curities were turned over as collateral, there did not appear
Wars, Mayflower Society, Military Society of the War of to be a misapplication as charged in the indictment. Two
1812 and the Veteran Corps of Artillery of the State of New other indictments, it is understood, are pending against
York. Mr. Warren is a graduate of the First National Bank President Mills—one against him individually charging the
of this city, and has served the Lincoln National as Assistant misapplication of $50,000 and the other in which he is
Cashier, Cashier and Vice-President. He becomes one of charged with misapplication jointly with Blackburn.
the youngest Presidents of New York's leading financial in—Schedules in bankruptcy of the Consolidated Stock
stitutions, not yet having reached the age of forty-five.
Exchange house of Blair Brothers at 20 Broad St., filed on
—All doubt as to who had become the owner of the five the 11th inst., show liabilities of $135,667 and nominal
story building at 50 Wall St., this city, was dissipated this assets of $63,834. The firm assigned Sept. 30.
—The German Savings Bank of Brooklyn Borough voted
week with the announcement by Gates W. McGarrah,
President of the Mechanics' & Metals' National Bank, last week to reduce the rate of interest on deposits from 4%
that his institution had purchased the property and would to 332%. The reduced rate applies to deposits for the curoccupy it about May 1 next. The sale of the building by rent six months to Jan. 1. The bank is the eighth in Brookthe New York Life Insurance & Trust Co. was reported in lyn Borough to adopt the lower figure.
our issue of Oct. 19, but the name of the purchaser remained
—According to the Brooklyn "Eagle," the proposed movea secret until President McGarrah's statement the current ment to reduce the bapital of the Flushing National Bank of
week. Both the Mechanics' & Metals' National and the Flushing, L. I., from $150,000 to $100,000, is undertaken
Bank of New York, N. B. A. (which is in the adjoining at the instance of the Comptroller of the Currency. It is
building at 48 Wall St.), had been rumored as possible pur- stated that it is prompted by the discovery by the National
chasers of 50 Wall Street. The news that the Mechanics' & Bank Examiner of a number of loans considered of doubtful
Metals' is the purchaser is not so surprising since the bank character, in that the collateral securing them is composed
is obliged to secure new quarters, having disposed of its of real estate securities. Most of these loans, it is said,
premises at 33 Wall St. to J. P. Morgan & Co. It is under- were accumulated during the early months of the bank's
stood that work on the latter's new building at Wall and operation; the reduction of $50,000 in the capital is to be
Broad streets will begin about May 1. Pending its erection, applied to these accounts as a credit, thereby practically
the firm has arranged for additional accommodation in the eliminating all the doubtful items. These loans, it is added,
Mills Building, which adjoins its own building on Broad St., will be placed in a suspense account, and as they are graduand in which it already utilizes considerable space, the quar- ally liquidated the present stockholders will receive their
ters in both buildings being connected by a doorway through pro rata share of the proceeds.
the party wall.
—Edward E. Moberly has been elected a director of the
—William 0.Jones,Assistant Cashier of the National Park Fidelity Trust Co. of this city.
Bank of this city, has been elected a director of the Broad—The American Bank & Trust Co. of Bridgeport, Conn.,
way Trust Co.
announces the completion of its new banking house. Invi—The Central Trust Co. of 54 Wall Street, James N. Wal- tations to inspect the new
quarters at an informal receplace, President, will open an uptown office in this city about tion to be held to-day (Saturday) from
2 to 8 p. m., have
May 1 next. The branch will be located on the southwest been issued by the management. W. W.
Manwaring is
corner of 42d Street and Madison Avenue, in the new President of the institution.
"Forty-second Street Building," now in course of erection.
—Downie D. Muir has been elected Cashier of the First
The branch will be situated only one square east of Fifth AveNational Bank of Boston, to succeed Frederic H. Curtiss
and within one square of the new Grand Central Station.
nue
resigned. Mr. Muir, in addition to serving in the cashierOther trust companies of the Wall Street district which have
ship, retains his position as Vice-President of the instituuptown branch offices are the Union, Farmers' Loan &
tion. Owing to the growth of its business, the First NaTrust, Equitable, Guaranty, United States Mortgage &
tional has found it necessary to enlarge its banking rooms.
Trust, Columbia-Knickerbocker, Empire and Windsor.
In the changes which have been made the space allotted
—John T. Willetts, of the firm of Willetts & Co. of this every department has practically been doubled in size,
city, dealers in furs, and a director of the Market& Fulton to provide for the growing needs of the institution,
as
National Bank, died on the 13th inst. He was some years well as to take care of the future demands of its depositors.
ago President of the Leather Manufacturers' National Bank, In its September 4 report to the Comptroller of
the Curwhich was consolidated with the Mechanics' National Bank rency the First National had deposits of $76,271,912.
It
in 1904. Mr. Willetts was seventy-seven years of age.
has a capital of $5,000,000 and surplus of $10,700,000.
—The conviction last November of William J. Cummins,
—The stockholders of the Exchange Trust Co. of Boston
Chairman of the Executive Committee of the failed Carnegie ratified on the 12th inst. the proposal to increase
the capital
1372
THE CHRONICLE
from $250,000 to $500,000. The selling price of the new
stock is $150 per $100 share. By the quarterly dividend of
1 M% (payable January 1 to stockholders of record December 1)the annual return on the stock has been increased from
4% to 6%.
—Lester Leland, Vice-President of the United States
Rubber Co. and Treasurer of the Boston Rubber Shoe Co.,
has accepted an invitation to become a director of the Second
National Bank of Boston. He will sit with the board pending his formal election to the directorate.
—France Cornell has succeeded Harry F. Goodnow, resigned, as Cashier of the South End National Bank of Boston. Mr. Goodnow retired from the cashiership to become
affiliated with the Ward Manufacturing Co. of Fort Smith,
Ark.
—Frank R.Briggs, Treasurer of the Thomas G.Plant Co.,
has been elected a director of the People's National Bank
of Boston. According to the Boston "Advertiser", the bank
announces that it will collect for its depositors, without
expense to the latter, checks drawn on any banking insti—
tution in the country. The Peoples' National, it is stated,
is the only bank in Boston which did not become a party to
the agreement by which all the Clearing House banks and
banks which clear through members of the association
make a charge for the collection of checks on certain points
outside of Boston. In the opinion of the management of
the bank the deposits which it obtains as a result of this
decision more than make up for the expense of collection.
In explaining that the management does not intend to lose
money thereby, the "Advertiser" states that the charge is
omitted only when the account warrants it.
—The State National Bank of Boston was placed in
voluntary liquidation on the 9th inst., when the stockholders
formally ratified the consolidation of their institution with
the Merchants'INational Bank; the merger went into effect
on October 14. Alfred L. Ripley, President of the State
National, who is now Vice-President of the Merchants',
and George B. Warren, Cashier of the State, are the liquidating agents.
—Willard Austin Bullard;President of the Harvard Trust
Co. of Cambridge, Mass., died on the 12th inst. He was
eighty-four years of age. Mr. Bullard had been President
of the company since its organization in 1904, and had
previously been President of the First National Bank of
Cambridge, whose business was taken over by the trust
company. Walter F. Earle has been elected to succeed
Mr. Bullard in the presidency, and Mr. Earle is in turn
succeeded as Treasurer by Herbert H. Dyer.
—B. Farnham Smith, Assistant Treasurer of the International Trust Co. of Boston, has been appointed Treasurer
of the Cambridge Trust Co.of Cambridge, to succeed Sumner
E. Swazey, resigned.
—The stockholders of the First National Bank of Greenfield, Mass., have signified their approval of the issuance
of $100,000 of new capital, which will serve to increase it
from $200,000 to $300,000. The proposed issue will be
offered to the present stockholders at $160 per share. It is
stated that the bank some years ago had a capital of $300,000,
but reduced it (in 1879) to the lower figures.
—It is announced that Clarence L. Harper will resign
on January 1 as First Vice-President of the Merchants'
Union Trust Co. of Philadelphia to form a partnership with
Albert E. Turner, of Edward B. Smith & Co. Mr. Harper
was President of the Union Trust Co. before its consolidation in 1911 with the Merchants' Trust Co.
—David C. Nimlet, a manufacturer of cotton goods and a
director of the First National Bank of Philadelphia, and the
Second National Bank of Frankford, died on the 11th inst.
—G. C. Purves, President of the Philadelphia Savings
Fund Society, has been elected a director of the Fidelity
Trust Co. of Philadelphia, to succeed the late Clement A.
Griscom.
—William Jennings was elected President of the Commonwealth Trust Co. of Harrisburg on the 15th inst. to succeed
Lane S. Hart, resigned.
—A report respecting the regulation of interest rates on
deposits of Baltimore banking institutions, prepared for the
Maryland Bankers' Association by a committee representing
the banks of that city, has just been published, we learn
from the Baltimore "Sun". An investigation into the
matter, with the view to the adoption of more uniform rates
[VoL. Lxxxxv.
throughout the State, was directed at the 1910 convention
of the Bankers' Association. At the meeting the following
year the committee which had been delegated to conduct
the inquiry reported that no practical plan had been reached
by which uniformity could be established, and it expressed
the opinion that in order to bring the matter to a definite
and satisfactory conclusion, it would be necessary for the
banking institutions of the State to form themselves into
groups controlled by like local conditions and, by free discussions at meetings called for the special purpose of stating
reasons that have determined the existing rates and methods,
a uniform plan could be agreed upon that would govern
and control localities. A resolution was thereupon adopted
providing for the division of the State into districts and the
appointment of committees in the various groups to work
out the desired results. The Baltimore Committee was
one of these committees and in its present report, which
has just been published, regards as futile any attempt
to secure the adoption of a uniform rate. Its conclusions
are quoted in part by the Baltimore "Sun" as follows:
It is hardly worth while to even refer to the different forms which such,
competition may take, such, for instance, as concessions in the interest
rate on loans, free and expensive stationery, bonuses, of one kind or another, the sacrifice of thoroughness and direct dealing in the dispatch
of business for the sake of effected economies, the acceptance at par of
country checks by banks not subject to clearing-house rules, and other
schemes which would readily occur to the minds of many the moment
they were not permitted to longer employ some particular method of
soliciting business. It would seem, therefore, that until that time shall be
reached in which all banks in a particular community shall be subject to
the operation of controlling law governing all alike,it must be impossible
to adopt any rule capable of enforcement seeking to lessen the number
of factors employed in competition for business.
We, therefore, would not only regard as futile any attempt made to
obtain the general assent of the Baltimore banks to a rule for the payment
of a uniform rate of interest on deposits, but we feel that until uniform
basic conditions in banking can be had as a matter of law, it would be
wiser to have at command, in negotiating for business, as wide a range of
competitive factors as it is possible to offer. At the same time we deprecatethe tendency to pay increasing rates on accounts subject to check.
—Rev. David H. Carroll, President of the National City
Bank of Baltimore and a director of the Continental Trust
Co. of that city, died on the 15th inst. Dr. Carroll had
been President of the bank since its organization in 1910.
He was also President of the Consolidated Cotton Duck Co.
and Vice-President of the International Cotton Mills Corporation. Dr. Carroll was born in 1840; in 1863 he was
ordained a deacon in the Methodist Episcopal Church and in
1865 became an elder, but he was obliged to withdraw from
active work in the ministry in the early seventies because
of ill-health. He continued, however, prominent in religious affairs, and was President of the Trustees of the
American University of Washington, D. C.; Vice-President
of Morgan College, Baltimore; President of the Educational
Fund of the Baltimore Conference of the Methodist Episcopal
Church, Treasurer of the American Methodist Historical
Society and a trustee of Dickinson College.
—Charles A. Paine, Vice—President of the Superior
Savings & Trust Co. of Cleveland, was elected President
of the National City Bank of Cleveland on the 6th inst.
As President of that institution Mr. Paine fills the vacancy
which was created last June through the death of John F.
Whitelaw. In shouldering the duties of his new office,it is
understood that Mr. Paine will retire from the management
of the Superior Savings & Trust. His election as head of the
bank is one of several steps planned by the new interests to
extend the activities of the institution. As was incleated in our issue of September 21, Addison H. Hough,
D. R. Hanna and Robert L. Ireland are at the head of a
syndicate which has acquired a large interest in the bank.
Under the changes in view the capital is to be increased,
with the approval of the stockholders, from $250,000 to
$500,000, the new stock to be sold at $200 per share and the
premium placed to surplus, thereby furnishing the institution with a working capital of over a million dollars.
It is also proposed to make Vice-President T. W. Burnham
Chairman of the Board, and it is intimated that Cashier
William D. Young will become a Vice-President. The
directorate of the bank is at present limited to seven me mbers
and in order to provide room on the board for President
Paine, Mr. Young has withdrawn as a director. It is
expected, however, that he will again become a member
as soon as arrangements are completed for enlarging the
board. There will also, it is understood, be other additions
to the present membership. Mr. Paine has had nearly
thirty years' experience as a banker. He started as a
collector with the old Ohio National Bank, and was subsequently in the employ of the Euclid Avenue National. He
entered the Central National as Assistant Cashier at the
Nov. 23 19121
THE CHRONICLE
time of its organization in 1890 and in 1900 became the
Cashier, serving in that capacity until his election as Active
Vice-President of the'Superior Savings & Trust Co. in 1909.
He is at present a director of the Central National.
—A comparative statement showing the growth and
development of the National banks in Cleveland from 1900
to 1912 has been prepared by the First National Bank of
that city. From this it appears that that institution has
expanded in a larger degree than any of its competitors,
its deposits having grown in the twelve years from $2,177,926 to $32,443,336. Consolidations have contributed
in part to this result, but there has been material development in the institution independent of merger proceedings.
It is interesting to recall some of the consolidations with
which the First National has been concerned. The Euclid
Park National, which was consolidated with the First in
1905, represented a consolidation of the Euclid Avenue
National and the Park National banks; before that the
Park National had taken over the American Exchange National Bank, while the last named had previously absorbed
the Metropolitan National Bank; the Bankers' National and
the State National Bank were both taken over by the EuclidPark National Bank. Before the consolidation of the
Euclid-Park National with the First National was effected,
the latter took over the Coal & Iron National Bank.
—The motion.to.quash fourteen of the twenty-nine counts
in the indictment returned early last month against Elmer
E. Galbreath, formerly President of the Second National
Bank of Cincinnati, was sustained by U. S. District Judge
John E. Sater on Oct. 30. The motion to dismiss the first
fifteen counts was overruled; the charges in these, on which
the former President is to be tried on Feb. 4, concern misapplication of funds and the making of false entries. Those
which have been quashed charged embezzlement and abstraction. In reporting the dismissal of the fourteen
counts, the Cincinnati."Enquirer" says:
1373
place as President was recently filled by the election of
Thomas B.Janney.
—It is officially announced that the purchase of all the
shares of stock of the Northwestern Trust Co. of St. Paul,
Minn., on behalf of the shareholders of the First National
Bank of St. Paul, has been consummated, and as a result
the trust company became affiliated with the bank on the
15th inst. The management of the trust company states
that no change in the conduct of its affairs is contemplated,
and that the policy of the company will likewise remain
unchanged. The company was organized primarily to
act in a fiduciary capacity in the handling of estates, trusts
and other business of a like nature, and it will continue to
operate along these lines. This change in the ownership
of its stock is preliminary to the acquisition of the First
National Bank by James J. Hill, who recently acquired the
Second National Bank of St. Paul. It is stated that when
Mr. Hill has completely worked out his financial ideas, the
three institutions will be housed under one roof. According
to the reports in St. Paul,the Second National will be merged
with the First National and the latter will become a
$5,000,000 institution, $3,000,000 representing capital and $2,000,000,surplus. The present capital of the First National is
$1,000,000 while the Second National has $400,000 capital.
E. H. Bailey, President of the Northwestern Trust Co. and
of the First National Bank will, it is stated, be retained
as President of the enlarged First National. It is expected
that an increase will also be made in the capital ($200,000)
of the Northwestern Trust Co., which will remain a distinct organization, but operating in conjunction with the
First National.
—The sale of controlling interest in the ScandinavianAmerican Bank of St. Paul by President A. L. Alness is
announced in the St. Paul "Pioneer Press." The stock disposed of by President Alness has been divided among the
officers and stockholders, who formed a syndicate to buy it.
The contention of Galbreath's attorneys that the words "moneys," With
this transaction, it is stated, no one person controls
"funds" and "credits" represent different things, and that the defendant
Is not apprised with sufficient definiteness as to what he embezzled, was more than 100 shares. Another feature of the proceedings
sustained by Judge Sater. These averments were made in each of the is the declaration of a special dividend by the bank
of 190%,
last 14 counts of the indictment, and in sustaining the motion as to these or $190 per
share. The institution has a capital of $100,00
counts, Judge Sater held there is no statement in any of these counts which
indicates whether the property embezzled was moneys, funds or credits, in $100 shares. Mr. Alness, it is understood, controlled 512
or how much of any one of them was embezzled. He based his ruling on shares; he is said to have sold 450 shares
and the net return
these last 14 counts on the opinions of a number of authorities, which were to
the effect that an indictment is bad that does not specify with some degree to him is given as $410 per share. He will remain as President of the bank, but some changes of importance have ocof certainty the article stolen.
—The practical completion of negotiations whereby a loan curred among the other officials. Charles L. Johnston has
of $6,000,000 is secured by interests in the Continental & retired as Vice-President; J. B. Jensen, who had been AssistCommercial National Bank of Chicago from the Northwest- ant Cashier since the bank began business in 1887 has been
ern Mutual Life Insurance Co. was announced by the Chi- elected Vice-President and a director; C. H. Biorn has also
cago "Tribune" on the 20th. The loan is made to com- become a director and A. G. Hultgren has been elected
plete an investment of $12,000,000 in the new building which Assistant Cashier. J. A. Swensen continues in the Cashierthe bank will erect on the block bounded by La Salle, Adams ship. Mr. Jensen is reported to have been chosen as Viceand Quincy streets and Fifth Ave. According to the: au- President with the view to relieving President Alness of
thority quoted, the transaction just announced much ex- some of the managerial duties.
ceeds in size and general ;mportance any mortgage loan pre—The American National Bank of St. Paul will particiviously placed on Chicago real estate, and establishes as pate in the general development recently witnessed among
well the record for such transactions in the West. The the banking institutions in that city by increasing its capi"Tribune" also says:
tal from $200,000 to $500,000. At the same time the surThe present loan runs to the Continental & Commercial Safe Deposit plus will be increased
from $100,000 to $250,000. This
Co., in the name of which rests title to the fee on which the building will
taud. Its capital stock of $6,000,000 is all owned by the bank. The loan step was decided upon at a meeting of the directors on the
carries for fifteen years, bears about 435% interest, and may be paid off 12th inst. The American National has deposits of over
,
serially in installments of $100,000 or multiples thereof upon sixty days' $2,000,000.
notice prior to any semi-annual interest period. Nobonds will be issued
—The formal opening of the Omaha State Bank of Omah&
against the property, since the transaction is a straight mortgage loan,
which will be presently retired, leaving a clean investment. Tho annual was signalized on the 16th inst.,
when the institution was
rentals from the office leases, it is figured, will meet the interest and exopen for public inspection from 9 a. m. to 9 p. m. While the
tinguish the debt.
—John J. Geddes has been elected an Assistant Cashier formal proceedings took place on the 16th, the bank actually
of the Merchants' Loan & Trust Co. of Chicago and A. began business some two weeks earlier. It is the only
Leonard Johnson has been made Assistant Secretary of the State bank in the city and thus the only one there to come
under the Nebraska bank deposit guaranty law. The insinstitution.
titutjon has a capital of $300,000, and the management
—A special meeting of the stockholders of the Harris consists of Albert L.Schantz,
President; Albert S. White,
Trust & Savings Bank of Chicago is to be held on Decem- Vice-President; J. L. Svoboda,
Cashier, and F. M. High,
ber 11 to vote on the proposal to reduce the number of the Assistant Cashier.
directors from twenty-five to eleven.
—Col. William E. Hughes formally assumed control of
—The Indiana State Bank, a new institution in Indian- the Continental Trust Co.
of Denver on the 12th inst.,
apolis, began business on Monday, the 18th inst., at 18 when he was elected to the
presidency to succeed John W.
North Meridian St. The institution operates commercial Springer, resigned. Col
Hughes' acquisition of control of
and savings departments, as well as a foreign exchange
the institution was reported in our issue of Oct. 19. Mr.
department. Edwin M. Hinshaw is President, and his Springer, the retiring
President, retains his interest in the
associates are Frank I. Galbriath and H.H. Woodsmall,
affairs of the company by remaining one of its largest
Vice-Presidents, and William J. Fickinger, Cashier, The stockholders.
Luther M. Beck, who is understood to have
bank has a capital of $300,000 and a surplus of $60,000.
sold his holdings to Col. Hughes, has resigned as Vice—Karl De Laittre has been elected a director of the President and Treasurer. The other
officers continue as
Farmers' & Mechanics' Savings Bank of Minneapolis, to follows; Allen F. Ayers,
Vice-President and Secretary;
succeed his farther, the late John De Laittre. The latter's P. J. Spencer, Vice-President and
Trust Officer; Paul B.-
Gaylord, Vice-President; E. S. Harper, Assistant Treasurer,
and Ernest R. Stadler, Assistant Trust Officer.
-The Merchants' National Bank of Fargo, N. D., has
taken over the business of the Commercial Bank of Fargo.
The sale was ratified by the respective stockholders on Oct.
15, at which time the transfer occurred. No change has
been made in the name of the Merchants, its capital ($100,000) or its officers. The Commercial Bank had a capital
of $50,000 and deposits of $300,000.
-The organization of the new Commonwealth Trust Co.
of Memphis, Tenn., was perfected on the 7th inst., when
the following officials were elected: George H. Barney,
President; P. P. Williams and B. B. Beecher, Vice-Presidents; and A. Y. Allen, Cashier. The proposal to establish
the institution was referred to in our issue of September 7.
Interests in the company have arranged to purchase and
remodel the building at 147 Madison Avenue.
-The Manchester National Bank at Manchester, Va.,
has changed its title to the Manchester National Bank of
Richmond. Manchester was annexed to Richmond in 1910.
-A proposal to merge the American National Bank and
Fourth National Bank of Macon, Ga., is said to have been
disapproved of by the directors of the latter when the matter
was brought up for consideration on the 14th inst. It is
stated that it was the opinion that such a move would be
unwise for the interests of the bank. A report that J. F.
Heard intended to resign as President of the Fourth National
because of ill-health has been denied by Mr. Heard; he will,
however, avail of a rest from business cares, the directors
having granted him a leave of absence from Jan. 1.
-James Anderson has been appointed Superintendent of
Branches in the Bank of British North America (head office
Montreal), to succeed H. B. Mackenzie, who, as noted on
the 2d inst., has been chosen to take General Manager Sakeman's place when the latter retires at the end of the month.
-J. H. Horsey, Manager at Montreal of the Dominion
Bank (head office Toronto), has been appointed Manager of
the bank's London branch. It is understood that Mr. Hrsoy's place in Montreal will be taken by M. S. Bogert,
Superintendent of the Eastern branches.
-A Complete Digest of all the
BANKING LAW JOURNAL DIGEST.
legal decisions which have appeared in the issues of the "Banking Law
Journal" from January 1900 to June 1912. Published by the Banking
Law Journal Company, 27 Thames St., New York. Price, $3; postpaid
in the United States.
The object of this Digest, as stated in the preface, is to enable the
banker to acquaint himself quickly and thoroughly with the law on questions which arise in his daily business transactions. It contains the
digest of approximately twenty-four hundred legal decisions affecting the
law of banking and negotiable instruments, from the State and Federal
courts of this country;which have been published in the "Banking Law
Journal" during the past twelve years and a half-Januaryl 900 to June
1912 inclusive.
The arrangement of the Digest is chiefly characterized by its simplicity.
Each decision is carefully digested so as to present in the fewest possible
words the facts involved, the question of law presented, and the holding
of the court. The digests are grouped under a number of main headings,
alphabetically arranged, such as "Acceptance," "Accommodation Paper",
&c., and are then divided under some five hundred appropriate headings.
A complete system of cross references, in addition to the features mentioned, renders it a comparatively simple matter to locate the decisions
on any question of banking law likely to arise. A full table of cases is
appended, showing where the decisions may be found in the different
official reports and in the pages of the "Banking Law Journal."
The Digest was compiled by Mr. John Edson Brady, of the Now ;York
Bar, author of a work on the law of Bank Deposits. It is a book of reference for which there has long been a demand and one which bankers
generally will, doubtless, greatly appreciate.
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco haefurnished
us this week with the details of the imports and exports of
gold and silver through that port for the month of October,
and we give them below in conjunction with the figures for
preceding months, thus completing the results forAthe ten
months of the calendar year 1912.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Gold.
Silver.
Months.
Coin.
1912.
January
February
March
April
May
June
Julyi
August
September_
October
$
27,948
18,747
290,587
250,000
500
259,294
Bullion.
$
107,001
203,849
213,008
142,866
313,659
149,064
195,341
223,255
178,565
253;993
Total.
$
134,949
222,596
213,098
433,453
313,659
399,064
195,341
223,755
178,565
513,287
Coin.
$
10,860
3,200
21
15,472
225,000
5,254
352,200
Bullion. I
Total.
I$
124,736
$
113,876,
57,5581
75,350
86,403,
124,7331
32,392;
39,8071
53,7171
30,600,
91,100,
60,758
75,371
101,875
124,733
257,392
45,061
53,717
30,600
443,300
847,076 1,980,691 2,827,767
612,007
705,536 1,317,543
10 mos. 1911__ 4,977,907 2,233,363 7,211,270
584,437
672,1821,258,619
I
Total 10 mos
VOL. Lxxxxv.
THE CHRONICLE
1374
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Silver.
Gold.
Months.
Coin.
1912.
January
February
March
April
May
June
July
August
September_ _
October
Total 10 mos
10 mos. 1911._
$ H
Total.
I
$
i Bullion.
I
.
5 130i
945'
4
9 51
11140
5, 3
1,145'
5
1 3,999,168 3,999,168,
6,270 1,019,395 1,025,665!
1
I
I
1,000,
1,5 0'
;
15,990: 5,018,563 5,034,553
I
680,8901
7,890; 673,000
1,000,
1,500,
1
Coin.
Bullion.
$
1,147,400
543, 29
1,145,300
814,632
1,371,514
661,663
840,487
400,631
7,150
508,997
1,154,572
Total.
1,1474,00
543,%29
1,145,300
814,632
1,371,514
661,663
840,487
407,781
508,997
1,154,572
7,150 8,588,525 8,595,675
219,086 7,807,956 8,027,042
DEBT STATEMENT OF OCT. 31 1912.
•
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Oct. 311912. For statement of Sept. 30 1912,
see issue of Oct. 26 1912, page 1096; that of Oct. 31 1911, see
issue of Nov. 25 1911, page 1437.
-BEARING DEBT OCT. 31 1912.
INTEREST
Amount -Amount Outstanding
Total.
Registered. Coupon.
Issued.
Interest
$
$
$
Payable.
$
Title of Loan25, Consols of 1930
-J. 646,250,150 642,419,150 3,831,000 646,250,150
Q.
-F. 198,792,660 44,383,720 19,561,740 63,945,460
Q.
3s, Loan 01 1908-18
4s, Loan of 1925
-F. 162,315,400 100,319,750 18,170,150 118,489,900
Q.
23,600 54,631,980
-F. 54,631,980 54,608,380
2s, Pan. Canal Loan 1906_Q.
336,080 30,000,000
-F. 30,000,000 29,663,920
2s, Pan. Canal Loan 1908..Q.
50,000,000 35,043,000 14,957,000 50,000,000
-S.
3s, Pan. Canal Loan 1911_Q.
41,900
4,820
37,080
41,900
-J.
230,Post.Sav.bonds 1911 J.
417,380
96,980
320,400
417,380
-J.
2As,Post.Sav.bonds 1912 J.
854,860
136,840
718,020
854,860
-J.
2s,Post.Sav.bonds 1912 J.
Aggregate int.-bearing debt_1,143,304,330 907,513,420 57,118,210 964,631,630
DEBT BEARING NO INTEREST.
October 31.
September 30.
5346,681,016 00 $346,081,016 00
United States notes
53,282 50
53,282 50
Old demand notes
22,384,261 00
22,170,493 50
National bank notes Redemption account
Fractional currency, less $8,375,934 estimated as
6,855,829 90
6,855,829 90
lost or destroyed
Aggregate debt bearing no interest
$375,974,389 40 $375,769,621 00
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
October 31.
September 30.
Funded loan 01 1891, continued at 2%, called May 18
$5,000 00
$5,000 00
1900, interest ceased Aug. 18 1900
23,650 00
23,650,00
Funded loan 01 1891, matured Sept. 2 1891
13,250 00
13,250 00
Loan of 1904, matured Feb. 2 1904
746,950 00
768,300 00
Funded loan 01 1907, matured July 2 1907
13,970 00
14,010 00
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
904,050 20
904,150 26
subsequent to Jan. 1 1861
Aggregate debt on which interest has ceased since
$1,728,360 26 $1,706,870 26
maturity
RECAPITULATION.
Increase (+) Or
Decrease (-).
Sept. 30 1912.
Oct. 311912.
Classification$964.631,630 00 8064,631,630 00
nterest-bearing debt
1,728,360 26
-$21,490 00
1,706,870 26
Debt interest ceased
375,974,389 40
-204,767 50
375,769,621 90
Debt bearing no interest_ _
$1,342,108,122 16 $1,342,334,379 66
Total gross debt
299,846,615 44
298,724,218 89
Cash balance in Treasury._ _
-5220,257 50
-1,122,396 55
$1,043,383,903 27 $1,042,487,764 22
+$8913,139 05
Total net debt
* Includes $150,000,000 reserve fund.
The foregoing figures show a gross debt on Oct. 31 of
$1,342,108,122 16 and a net debt (gross debt less net cash
in the Treasury) of $1,043,383,903 27.
TREASURY CASH AND DEMAND LIABILITIES.
The cash holdings of the Government as the items stood
March 31 are set out in the following:
LIABILITIES.
ASSETS.
Trust Fund Liabilities
$
Trust Fund Holdings1,056,017,169 00
1,056,017,169 00 Gold certificates
coin
Gold
489,260,000 00
489,266,000 00 Silver certificates
Silver dollars
2,836,000 00
2,836,000 00 Treasury notes of 1890._
SI ver dollars of 1890...
1,548,119,169 00
Total trust fund
Gen. Fund Holdings910,381
Cert. checks on banks
Gold coin and bullion.. 40.203,779 65
112,471,740 00
Gold certificates
7,516,864 00
Silver certificates
2,576,930 00
Silver dollars
2,587,182 37
Silver bullion
4,137,102 00
United State notes
10,113 00
Treasury notes of 1890_
27,700,595 39
National bank notes
20,498,062 41
Fractional sliver coin
440 82
Fractional currency_ _ _ _
1,760,665 50
Minor coin
5,736 50
Bonds and interest paid.
Total trust liabilities 1.548,110,169 00
Gen.Fund
National bank 5% fund 26,063,821 24
Outstanding checks and
15,258,400 72
drafts
Disbursing officers' bal78,262,270 89
ances
Post Office Department
4,011,936 81
account
1,585,104 91
Miscellaneous items
Total gen.liabilities
125,181,534 57
Tot. in Sub-Tteas's_ 220,379,573 60
In Nat. Bank Depositaries:
Credit Treas. of U. S_ 34,230,473 35
Credit U.S.dia. officers 12,556,536 85
46,787,010 20
Total in banks
In Treas. of Philippine Islands:
Cash balance and Reserve-.
3,905,011 79
Credit Treas. of U. S.
Credit U.S.dis. officers 2,834,157 87 Total cash and reserve__ 208,724,218 89
Made up of
6,739,109 66 Available 5148,724,218 80
Total in Philipines __
and
Reserve F'dReserve Fund Holdings-GoldJibull150,000,000 00
Gold coin and bullion... 150,000,000 00
Grand total
1,972,024,922 46
Grand total
1,972,024,922 46
-The following
TREASURY CURRENCY HOLDINGS.
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the _first of August, September, October and
.
November 1912.
Nov. 23 1912.]
THE CHRONICLE
TREASURY NET HOLDINGS
Aug. 11912. Sept. 1 1912. Oct. 1 1912. Nov.1 1912.
Holdings in Sub-Treasuries$
$
$
268,747,666 271,733,772 285,229,839 302,675,520
Net gold coin and bullion
24,379,131 24,503,578 16,523,291 12,680,976
Net silver coin and bullion
8,454
12,573
10,113
Net United States Treasury notes
8,740
8,087,352
4,137,102
8,497,777
5,295,957
Net legal-tender notes
42,711,981 40.879,280 36,770,326 27,700,595
Net national bank notes
25,530,820 25,308,849 23,100.165 20,498,062
Net fractional silver
3,140,921
2,795,929
2,695,.:54
2,677,205
Minor coin, &c
Total cash in Sub-Treasuries.373,020,860 373,297,214 369,623,5721370,379,573
150.000,000 150,000,000 150,000,000 150,000,000
Less gold reserve fund
Cash balance in Sub-Treasuries_ _223,020.869 223,297,214 219,623,572 220,379,573
47,924,685 47,417,809 47,136,906 46,787,010
Cash in national banks
5,051,664
Cash in Philippine Islands
6,020,499
6,506,882 6,739.170
1375
1912.
Nov. 13.
1911.
Nov. 15.
1910.
Nov. 16.
Circulation
28,300,405 28,446,685
Public deposits
12,784,391 10,635,485
Other deposits
40,813,188 40,864,000
Governm't securities 13,034,506 14,438,210
Other securities_ - 31,565,992 28,781,383
Reserve,notes&coin 26,778,754 26,035,324
Coin&bull.,both dep 36,627,159 36,032,009
Prop. reserve to liap. 0. 49 15-16
bilities
50%
5
Bank rate
4
IL c•
74 16-16
Consols, 234 p. c___
78%
28 15-16d.
26d.
Silver
Clear -house returns278,882,000 300,659,000
1909.
Nov. 17.
28,522,745
10,076,210
37,433,191
14,603,588
25,732,458
24,891,269
34,964,014
28,431,490
6,323,867
40,228,009
16,007,788
22,956,803
25,363,669
35,345,159
1908.
Nov. 18
28,403,660
8,996,781
40,018,336
14,750,533
26,184,918
25,848,276
35,801,936
52%
52%
54;4
5
2%
5
78 15-16
823
84%
25 13-16d.
23 1-16d.
2334d.
304,541,000 289,398,000 254,790,000
The rates for money have been as follows:
Net Cash in banks, Sub-Treas.275,997,218 276,735.52 273,267,360 273,905,753
Deduct current liabilities_a
114,348.431 122,093,738 123,420,745 125,181,534
Available cash balance
161,648,787 154,641,784 149,846,615 148,724,219
a Chiefly "disbursing officers' balances," f Includes $2,587,182 37 silver bullion
and $2,677,234 138 minor coin, &c., not included in statement "Stock of money."
Worcetatlggammerclaignglifilt
4 15-16@5
454
494
4 13-16 454 "4 15-18
494
434
4 11-16,
4%
494
534@534
534@534
534
55154554
554
5340534
klITS
[From our own correspondent.)
London, Saturday, November 16 1912.
The stock markets have been surprisingly active and firm
throughout the week; but they have not reflected the real
feeling of the city and much less of political circles. The
claim of Servia for a port on the Adriatic is almost everywhere throughout Europe acknolwedged to be good. Yet
Austria-Hungary vetoes it; and not only that but also
:
forbids Albania to be added to Servia. She is massing
troops at Trieste, and she, as well as Germany, has issued
notices to all reservists to hold themselves in readiness when
the order to mobilize is given. In consequence Russia is
also mobilizing. This very serious state of things is naturally causing much apprehension all over Europe. In the
city bankers are not lending and discounting as freely as
usual; while in political circles, though it is hoped that an
extension of the war will be averted, there is a good deal of
nervousness.
In Paris, Berlin, Vienna and St. Petersburg the feeling
of uneasiness is greater even than it is here. The French
Prime Minister in his latest speech has made known that
England, France and Russia are quite agreed in their
policy, while, though the Powers of the Triple Alliance profess to be ready to support Austria-Hungary, the belief is
very general all over Europe that Germany is trying to
induce Austria-Hungary to adopt a more moderate policy.
The victorious Balkan States profess themselves determined
to carry out the agreements amongst themselves which
they came to before the war broke out,and,if so, they will
insist upon the incorporation of Albania in Servia. It is
unquestionable, therefore, that there is much apprehension.
Yet nobody can bring himself to believe that a world-wide
war will be forced on by Austria-Hungary for so small a
matter as the giving of a port on the Adriatic to Servia.
The Stock Exchange is so confident that a compromise will
ilver, oz
31 5-16
31 5-16
The following shows the imports of cereal produce into
be arrived at that business there is wonderfully active and
the United Kingdom during the season to date, compared
quotations have improved.
Meanwhile the desire of the banks everywhere to with previous seasons:
IMPORTS.
strengthen their reserves and prepare for all contingencies is
Ten weeks1912-13.
1911-12.
1910-11.
1909-10.
making money even scarcer and dearer than it was. Here Wheat
ewt.24,344,100 18,878,100 20,829,200 21,184,100
6,764,100 8,137,700
5,267,300 6,558,000
in London rates are moving up towards the Bank rate; Barley
Oats
4,013,000
3,460,300
4,224,200
2,525,500
but the Bank of England is very strong. It is receiving Peas
827,607
766,931
326,030
559,615
455,090
every week a very large part of the new gold coming from Beans
224,990
371,570
925,480
11,179,200
4,330,500 9,603,600
8,423,700
South Africa, and it is likely to continue to receive it. In Indian corn
1,888,100
Flour
2,511,500
2,204,500
2,599,700
Berlin, Vienna and St. Petersburg, however, money is both
Supplies available for consumption (exclusive of stock on
scarce and dear, and the foreign exchanges are all against September 1):
those countries. The Imperial Bank of Germany on
1912-13.
1911-12.
1910-11.
1909-10.
ewt.24,344,100 18,878,100 20,829,200 21,184,100
Wheat imported
Thursday raised its rate of discount from 5 per cent, to which Imports
1,886,100 2,511,500
of flour
2,204,500 2,599,700
it was advanced on the 24th of October, to 6 per cent. Sales of home-grown
5,020,871
7,686,198
5,241,271
5,764,286
The next day, Friday, the Austro-Hungarian Bank followed
Total
31,251,071 29,075,798 28,797,986 39,025,071
53/i per cent also to Average price of wheat,
the example and put up its rate from
week_ _ _ 33s. Id.
335. 4d.• 29s. lid. 328. 5d.
6 per cent. The expectation is general that the Imperial Average price, season
328. 7d. 30s. 5d. 32s. lid.
32s. 9d.
Bank of Russia will follow suit. The advance in the rates
The following shows the quantities of wheat, flour and
both in Germany and in Austria-Hungary is less than was maize afloat to the United Kingdom:
informed, but probably the two great
expected by the best
This week. Last week.
1909-10.
1910-11.
Wheat
qrs. 2,315,000
1,455,000
2,145,000
2,715,000
banks fear that a rise to 63/i per cent would alarm the Flour, equal to
qrs_
240,000
220,000
200,000
180,000
public. Besides, both banks are confident that though there Maize
qrs. 1,830,000
445,000
195,000
1,845,000
The British imports since Jan. 1 have been as follows:
is a handsome profit on the exporting of gold, they are
1912.
Difference.
Per
1911.
powerful enough to prevent gold being withdrawn from them. ImportsL
£
Cent.
£
For weeks, indeed, it would have been profitable to take January
67,002,582 62,693.421
+4,309,161
+6.8
59,719,722
56,071,259
+3,648,463
+6.5
the gold, and yet it has not been taken. How far the rise February
March
61,187,949
58,538,382
+2,648,567
+4.5
in the rate of the Imperial Bank of Russia will be, remains Anril
60,414,742
51,850.615
+8,564,127 +16.5
55,130.632
53.932,092
+1398,540
+2.2
to be seen. Upon the Continental bourses business is very May
50,668,135
51,102,539
-434,404
-0.8
slack, and there is not likely to be really active business June ..
58,304.351
Julv _
51,038,081
+7,266.170 +14.2
59,686,976
until the Near Eastern question is settled. Even in the August
50,548,929
+9,138,047 +18.0
57,184,788
+3.505,233
53,679,555
+6.5
London Stock Exchange the general public is not doing September
71,026,531
October
60,704,769 +10,321,782 +17.0
much. The activity of business is due to members of the
Ten months
599,947,503 550,060,683 +49,888,840
+9.0
house itself and to professional operators.
have
The India Council offered for tender on Wednesday 80 laes ' The exports since Jan. 11912. been as follows:
1911.
Difference.
Per
of its bills and telegraphic transfers and the applications
L
ExportsL
£
Cent.
37,720.831
40,416,812
+7.1
+2,685.981
amounted to 703 laes at prices ranging from is. 4 1-32d. January
35.653,120
37.490,329
+5.2
+1,837,209
to is. 4 1-16d. per rupee. Applicants for bills at is.4 1-31d. February
40,713,971
Marc]
40,863,912
-149.941
-0.3
32,887,127
35,692,456
-2,085,329
-7.8
per rupee were allotted 8 per cent, and above in full, while April
38.832,475
May
37,614,823
+3.2
+1,217,647
applicants for telegraphic transfers at is. 4 1-16d. per June
34,972,331
36,113,150 -1,140,819 -3.1
41,986.360
+7,378,724 +21.3
34,607,636
rupeo were allotted 8 per cent.
August
43,778,721
+7,696,021 +21.3
38,082,700
The following returns show the position of the Bank of September
43,204,469
+6,385.215 +17.3
313,819,254
England, the Bank rate of discount, the price.of consols, October
48,333,982 43,546,303
+4,787,679 +10.9
&c., compared with the last four years:
Ten months
402,616,577 374,724,190 +27,892,387
+7.0
--•
THE CHRONICLE
1376
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exportsJanuary
February
March
April
May
June
July
August
September
October
1912.
£
9,594,626
10,724,619
10,866,706
10,084,058
10,825,163
5,738,549
7,093,669
9,957,760
8,034,788
10,044,724
1911.
£
8,641,472
9,994,156
9,174.666
9,488,811
8,834,951
8,753.388
8,178,719
6,649,132
7,818.319
8,673,107
Difference.
£
+953,154
+730,463
+1,692,040
+595,147
+1.990,212
-3,014,839
-1,008,505
+3,308,628
+216,469
+1,371,617
Per
Cent.
+1.1
+7.3
+18.4
+6.3
+22.6
-34.6
-13.2
+49.7
+2.7
+15.8
Ten months
92,964,662
+7.8
86,206,721
+6,757,941
Note.
-The aggregate figures are official. They indicate that slight adjustments
have been made in the monthly returns as issued.
English Financial Markets-Per Cable.
The daily closing quotations for securities, 8cc., at London,
as reported by cable, have been as follows the Last week:
London,
Week ending Nov. 22.
Mon.
Sat.
Tues.
Wed. Thurs.
Fri.
Silver, per oz
d. 29
29 1-16 28 15-16 29
29 1-16 29%
d Consols, 2% per cents_ _ _ _ 75 3-16 75 3-16 75 3-16 75 5-16 75%
75 3 16
d For account
75 3-16 75 5-16 75%
75%
75 5-113 75%
d French Rentes (in Parts) fr. 90.07
89.87% 89.70
89.90
89.90
89.87%
87%
86%
Amalgamated Copper Co_ 87%
87%
88%
88
Am.Smelt. & Refining Co
82
82
82
82
82
83%
b Anaconda Mining Co
9%
9
9
9
9
9
Atch. Topeka & Santa Fe
111%
111%
111
110%
111%
111%
105
105
Preferred
105
105
105
105
Baltimore & Ohio
109%
109%
109%
109%
110
110%
89%
Preferred
89%
89%
89%
89%
89%
272%
275%
Canadian Pacific
273%
275%
274%
27434
84%
84
Chesapeake & Ohio
83%
83%
83%
83%
Chicago Great Western
18%
18%
1834
1834
19
1834
Chicago Milw.& St. Paul_ _119
119%
11934 11834 118% 119
Denver & Rio Grande
2334
23
23
23
2334
233j
Preferred
42
42
4134
41%
4134
4134
3
Erie
35%
35%
35%
353s
/
35%
3534
First preferred
53
53
53
53
53%
5334
44
44
Second preferred
44
44%
44
44
142%
141%
141%
142%
Great Northern, preferred_141%
14234
132
131%
132
132
13134
Illinois Central
132
151
151
150%
151
151
Louisville & Nashville
15134
29%
29
28%
29%
Missouri Kansas & Texas.._ _ 29%
29%
64
64%
64
Preferred
64%
6434
6434
45%
45
4434
Missouri Pacific
44
45
45%
Nat. RR.of Mex., 1st pref 65
65
65
65
65
65
Second preferred
28
28%
28%
28%
2834
28%
118%
118
N.Y. Central & Hudson Riv.118
118
118
11811
36
N. Y. Ontario 8c Western_ _ _ 36%
36
36
36
3634
119
Norfolk & Western
119
119
119
119
119
Preferred
9292%
93%
93%
Northern Pacific
128%
128%
128
lii3-129
ligii
8
a Pennsylvania
63%
63%
63%
63%
63%
63%
a Reading Company
88%
88%
88
87%
88%
88%
a First preferred
47
47
47
47
47
47
a Second preferred
4934
_
49
4934
--4934
Rock Island
26%
26%
__26%
26%
26%
26%
Southern Pacific
115%
114%
114%
115
11434
114%
Southern Railway
30%
30%
30%
30%
30%
30%
Preferred
84%
84%
84
84
84
84
Union Pacific
177%
177%
1765
177%
177%
178%
%
Preferred
94
94
94
94%
94%
94
U.S. Steel Corporation
76%
7734
76%
76%
77%
77%
Preferred
115%
115%
115% 115% 115% 115%
4%
Wabash
4%
4%
4%
4%
434
Preferred
14%
14%
14%
14
14
14%
Extended 4s
68
69
70
70
70%
70%
a Price per share. b £ sterling. d Quotations here given are flat prices.
igoinnterctaland Wiscellantons tiw
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1912
APPLICATION TO CONVERT APPROVED,
Sutter County Bank into"The First National Bank of Yuba City, Cal.,
Capital, $50,000.
CHARTER ISSUED TO NATIONAL BANK NOV. 7.
-The Bethel National Bank, Bethel, Conn. Capital, $25,000.
10,289
L. 0. Peck, President. J. D. Van Olinda, Cashier,
STOCK OF MONEY IN THE COUNTRY.
-The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circulation, on the dates given. The statement for Nov.1 1911 will
befound in our issue of Nov. 1 1911, page 1301.
Stock of Money Nov. 1 '12. -Money in Circulation
In United
Held in
Nov.1
Nov. 1
Stales.
Treasury.d
1912.
1911.
$
Gold coin and bullion_ _ _ _*1,856,835,157 190,203,780 610,614,208 594,417,161
Gold certificates_ b
112,471,740 943,545,429 916,961,999
Standard silver dollars..___ 565,442,020
2,576,930
73,599,090
74,210,300
Silver certificates_ b
7,516,864 481,749,136 475,690,414
Subsidiary silver
a172,078.534 20,498,062 151,580,472 142,646,570
Treasury notes of 1890.. 2,836,000
2,825,887
10,113
3,128,132
United States Notes
346,681,016
4,137,102 342,543,914 341,912,915
National bank notes
749,348,859 27,700,595 721,648,264 705,998,960
Total
3,693,221,586 365,115,186 3,328,106,400 3,254,966,451
Population of continental United States Nov. 1 1912, estimated at 96,215,000;
circulation per capita, $34 59.
* A revised estimate by the Director of the Mint of the stock of gold coin was adopted in the statement for Aug. 11907. There was a reduction of $135,000,000.
a A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the statement of Sept. 1 1910. There was a reduction of
$9,700,000.
b For redemption of outstanding certificates an exact equivalent in amount of the
appropriate kinds of money is held in the Treasury, and is not included in the account
of money held as assets of the Government.
S This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in national bank depositaries to the credit of
the Treasurer of the United States, amounting to $34,230,473 35.
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
October. From previous returns we obtain the figures for
previous months, and in that manner complete the statements for the 10 months of the calendar years 1912 and 1911.
1911.
(000s omitted).
Aug. Sept.
Oct. 10 Mos. Aug. Sept.
Oct. 10 Mos.
Receipts
$
$
$
8
$
$
$
$
30,205 27/475 30,217 276,425 25,953 24,746 25,757 251,871
Customs
Internal IOrdinary._ 25,832 24,422 29,529 246,750 23,845 26,148 25,536 237,197
61 28,557
RevenuelCorp. tax
335
121
173 28,751
207
187
3,833 3,664 4,550 50,088 4,819 5,234 4,700 60,865
Miscellaneous
60,205 56,335 64,469 602,014 51,804 56,335 56,054 578,190
Total receipts
Disbursements
Civil and miscellaneous 17,095 15,574 16,462 151,323 16,104 13,789 17,250 155,047
16,055 18,880 17,457 135,007 14,823 13,566 14,505 139,463
War
11,370 11,557 10,345 109,763 12,989 11,341 11,682 105,326
Navy
Indians
941 1,654 2,729 17,109 1,000
882 1,900 17,917
11,935
1_ 5
,
Pensions
15,087 12,858 13,L3i 127,656 14;719 12,340 11,280 120,521
Postal deficiency
2,000 3,119
2,000
20 445 1-,olo
2 783
:
Interest on public debt_ 1,934
3,266 19,424
Panama Canal
3,207 1,820 4,759 31,202 3,255 2,318 2,990 28,720
Total disbursements_ 67,689 62,81366,954 595,378 64,809 54,582 64,873 598,537
Less repayment of un614
expended balances__ 1.167 2,547 1,589 1,695 1,267 1,458 1,606
--Total
66.522 60,266 64,765 593,683 63,542 53,124 63,177 597,923
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Customs Receipts
at New York.
Merchandise Movement to New York.
Imports.
Month.
1911.
1912.
$
January.... 87,174,822
February.. 80,426,111
March _ _ _ 94,289,891
April ____ 95,298,037
May ____ 88,860,861
June ____ 74,937,441
85,764,897
July
86,569,092
August
September 84,440,226
October 109,821,079
Exports.
1912.
I
$
74,513,315
66,677,912
84,752,890,
71,065,44N
73,970,513
69,527,1711
69,247,136,
74,673,583
73,303,594i
77,295,8421
1911.
1912.
1911.
$
66,475,205
69,345,534
72,192,950
70,515,688
77,217,457
61,039,548
66,670,27
72,500,822
73,336,565
76,908,550
$
61,365,707
61,749,886
71,039,369
73,279,672
66,054,021
65,127,728
58,702,124
62,055,957
70,231,541
65,514,865
8
17,425,585
17,291,791
18,961,616
16,539,318
16,332,160
15,257,299
18,180,402
18,322,736
17,936,175
19,983,599
$
16,808,957
16,334,953
19,487,785
14,903,015
16,013,192
14,917,580
16,481,668
18,023,013
15,834,097
16,968,975
Total __ 887,582,455735,027,402706,202,589655,021,871 176,230,771 165,773,234
The imports and exports of gold and silver for the ten
months have been as follows:
Gold Movement at New York.
Month.
Imports.
1912.
1911.
$
January__
1,894,701
February.. 1,441,106
March ___ 2,464,940
April _ _ _ _ 1,665,013
May ____ 1,802,253
June ____ 3,024,221
1,838,482
July ____
August..__ 2,376,892
September 1,481,485
October.. 8,799,437
Total
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
[VoL. Lxxxxv.
I
1912.
$
$
1,325,148 1,751,573
632,423 10,507,393
1,158,724 7,332,800
470,074 1,616,931
2,850,931
376,740
2,319,280 6,025,618
519,068
858,180
1,873,940
38,800
1,661,591
404,852
2,045,191
186,996
26,788,820 14,856,370 29,099,883
Silver-New York.
I Imports. i Exports.
Exports.
1911.
I
1912.
I
$
I$
871,445 1,458,551
351,125 1,232,507
436,292
678,165
591,794 1,577,783
395,600 1,116,472
49,777
799,683
269,508
585,335
84,400
893,282
179,027
613,718
2,816,299 1,383,480
1912.
$
4,817,026
4,513,845
4,583,188
4,053 A08
5,291,820
4,320,367
5,687,472
606,930
5,410,412
4,909,601
6,045,267 10,338,928 44,794,067
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for Oct. 1911
will be found in our issue for Nov. 4 1911, page 1238.
Bonds and Legal Tenders
on Deposit for
Circulation Afloat Under
-
1911-1912.
Bonds.
Oct. 31 1912
Sept. 30 1912
Aug. 31 1912
July 31 1912
June 30 1912
May 31 1912
April 30 1912
Mch. 31 1912
Feb. 29 1912
Jan. 31 1912
Dec. 31 1911
Nov. 30 1911
730,257,280
728,984,230
727,317,530
725,505,460
724,493,740
724,265,600
723,035,910
721,315,120
722,026,820
719,811,320
717,578,120
715,560,170
Legal
Tenders.
Legal
Tenders.
Bonds.
22,179,543 727,160,316
22,384,311 725,395,343
22,595,751 723,905,550
23,282,793 721,623,148
24,710,882 720,424,110
25,631,642 719,861,030
27,115,655 718,604,693
27,869,700 717,001,493
25,724,070 718,548,203
26,167,072 715,493,996
26,240,119 714,363,068
27,649,008 712,115,338
Total.
22,179,543 749,348,859
22,384,311 747,779,654
22,595,151 /46,501,307
23,282,793 744,905,941
24,710,882 745,134,092
25,631,642 745,492,672
27,115,655 445,720,348
27,869,790 744,871,283
25,724,070 1
114,272,273
26,167,971. 741,661,968
26,240,119 740,603,187
27,649,008 739,764,346
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Oct. 31:
U. S. Bonds Held Oct. 31 to Secure
Bonds on Deposit
Od. 31 1912.
4%,U.S. Loan of 1925
3%, U.S. Loan of 1908-1918
2%, U.S. Consols of 1930
2%, U. S. Panama 01 1936
2%, U. S. Panama of 1938
3%, U.S. Panama 01 1961
4%,Philippine Loans
4%,Porto Rico Loans
3.65% District of Columbia
Various, Territory of Hawaii
4%,Philippine Railway
Various, State, City and Railroad
Total
Bank
PublleDeposits
in Banks.
Circulation.
26,817,000
20,419,220
601,762,600
52,684,280
28,574,180
730,257,280
Total
Held.
$
3,741,000
3,681,300
12,516,700
1,468,500
657,000
16,888,000
4,434,000
688,000
812,000
715,000
146,000
1,310,000
$
30,558,000
24,100,520
614,279,300
54,152,780
29,231,180
16,888,000
4,434,000
688,000
812,000
715,000
146,000
1,310,000
47,057,500
777,314,780
THE CHRONICLE
Nov. 23 112)
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Oct. 1 and
Nov. 1, and their increase or decrease during the month of
'October:
National Bank Notes-Total Afloat
Amount afloat Oct. 1 1912
Net amount issued during October
$747,779,654
1,569,205
$749,348,859
Amount of bank notes afloat Nov. 1 1912
Legal-Tender Notes
Amount on deposit to redeem national bank notes Oct. 1 1912
Net amount of bank notes retired in October
$22,384,311
204,768
$22,179,543
Amount on deposit to redeem national bank notes Nov. 1 1912
Canadian Bank Clearings.
-The clearings for the week
•ending Nov. 16 at Canadian cities, in comparison with the
same week of 1911, shows an increase in the aggregate of
12.4%.
Week ending Nov. 16
Clearings at
1912.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
. Quebec
Halifax
Calgary
St. John
Hamilton
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
Total Canada
1911.
$
62,078,865
43,922,534
44,718,162
13,448,324
3,981,204
3,631,048
2,150,844
6,533,312
1,829,880
3,678,267
4,112,855
1,714,608
6,327,164
3,131,193
941,688
710,590
3,003,790
1,770,702
659,345
856,223
$
58,214,075
43,999,845
36,067,122
11,908,573
5,204.285
3,206,918
2,163,449
5,254,744
1,661,824
2,933,092
2,757,784
1,418,724
3,400,839
1,744,399
860,905
716,654
2,012,988
1,503,248
652,611
555,596
Inc. or
Dec.
1910.
1909.
if
$
%
+6.6 42,383,307 44,434,985
-0.2 33,781,674 34,960,203
+24.0 29,291,167 27,658,559
+12.9 9,863,904 7,372,207
-23.5 4,266,272 3,979,248
+13.3 2,809,348 2,750,152
-0.6 1,633,389 2,175,238
+24.3 3,696,842 2,639,233
+10.1 1,560,353 1,524,190
+28.8 2,351,039 1,934,549
+49.1 2,462,075 1,811,179
+20.9 1,385,267 1,184,262
+86.1 1,765,641 1,148,826
+22.2 1,425,716 1,158,703
683,527
+9.4
659,900
-0.8
+49.2
916,600
+11.1
+19.4
+64.2
209,200,498 186,137,575 +12.4 140,836,021 134,731,534
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, ordinary
Preferred
Atch. Top.& S. Fe, corn.(qu.)(No. 30)._
Atlantic Coast Line Company (guar.)
Atlantic Coast Line RR. common
'
Boston & Albany (guar.)
Boston rtt Lowell
Boston & Maine, common (quar.)
Canadian Pacific, common (guar.)
,Chesapeake & Ohio (guar.)
Chestnut Hill (quar.)
Chicago & North Western, common (guar.)_
Preferred (guar.)
Cin. N.0. & Texas Pacific, common
Common (extra)
Preferred (guar.)
Cleveland & Pittsburgh, reg. guar. (quar.)
Special guaranteed (guar.)
• Cripple Creek Central, common (No. 12).
Preferred (quar.) (No. 28)
Hocking Valley (guar.)
International dr Great Northern, pref_ _ _ _
Interoceanic, first preferred
Second preferred
N. Y. N.H.& Hartford (guar.
New York Philadelphia & Norfolk
Norfolk & Western, common (quar.)
North Pennsylvania (quar.)
Pennsylvania (guar.)
Phila. Germantown & Norristown (quar.)
Pittsburgh Bessemer & Lake Erie
Pitts. Youngs. & Ash., corn. & pref. (qu.)
Reading Co., first preferred (quar.)
Reading Company, second preferred (guar.)_
St. Louis Rocky Mt. & Pacific Co., pref_
Southern Pacific ((War.)(No. 25)
Union Pacific, common (quar.)
1Vhile Pass & Yukon
Street and Electric Railways.
American Railways (quar.)
Chicago Elevated Rys:, preferred (guar.)_
Chippewa Valley fly., L. & P., pref.(guar. ..
Cleveland fly. (guar.)
Columbus(0)Icy., corn.(guar.)(No.38)_
Detroit United By. (quar.)
Federal Lt. & Tr. pref. (quar.) (No. 10)._
Nor. Ohio Trac.& Lt., corn.(quar.)
Northern Texas Elec. Co., cam.(qu.)
(No.13)
Pensacola Electric
preferred (No. 12)
Portland (Ore.) Ry.,L.& P.(qu.)(No. 8)
Co.,
Special
Rochester fly. & Light, pref. (guar.)
St. Jos. Ity.,L.H.&P.,com. (qu.) (No. 17)
Tennessee Ry., L.& P. pref.(qu.) (No. 2)
Washington (D.C.) Ry:&Elec., coin.(qu.)
Preferred (quay)
Miscellaneous.
Adams Express (quar.)
Amalgamated Copper (quar.)
American Cotton Oil, preferred
American Express (quay.)
American Gas (guar.)
American Radiator, common (quar.)
Am.Smelt.& Ref., corn.(quar.)(No. 37).
Preferred(quar.) (No. 54)
Amer. Sugar Refining, corn. & pref. (qu.).
Amer. Teleg. & Cable (quar.)
American Tobacco, common (quar.)
Associated Merchants, common (quar.)
Common (extra)
Blackstone Val. Gas & Elec., corn.(No. 1)
Preferred (quar.) (No. 1)
Borne, Scrymser Company
British Columbia Packers' Assn., common_ _
Preferred A de B
Brooklyn Union Gas (guar.) (No. 47)
Extra
Buckeye Pipe Line (quar.)
Butteriek Co. (nuke.)
When
Per
Cent. Payable.
234
3
134
3
334
234
4
1
234
134
134
134
2
3
234
134
134
1
1
1
134
4
b5
b2
2
6
134
2
134
3
3
134
1
1
134
134
234
1
134
134
1X
134
lg
134
134
1
134
3
134
$5g
134
34
134
1
134
Books Closed.
Days Inclusive.
Dec. 23 Holders of rec. Nov.300
Feb. 24 Holders of rec. Feb. la
Dee. 2 Holders of rec. Nov. la
Dec. 10 Nov. 30 to Dec. 9
Jan. 10 Dec. 20 to Jan. 10
Dee. 31 Holders of rec. Nov.30a
Jan. 2 Nov. 25 to Nov. 30
Jan. 1 Holders of rec. Nov.30a
Jan. 2 Holders of rec. Dec. 2a
Dec. 31 Holders of rec. Dec. 6a
Dec. 4 Nov. 21 to Dee. 3
Jan. 2 Holders of rec. Dec. 2a
Jan. 2 Holders of rec. Dec. 2a
Dec. 13 Holders of rec. Nov.30a
Dec. 13 Holders of rec. Nov.30a
Dec. 2 Holders of rec. Nov.23a
Dec. 2 Holders of rec. Nov. 9a
Dec. 2 Holders of rec. Nov.9a
Dec. 2 Holders of rec. Nov.20a
Dec. 2 Holders of rec. Nov.20a
Dec. 31 Holders of rec. Dec. 6a
Jan. 2
Not closed.
Nov. 15 Nov. 1 to Nov. 14
Nov. 1 Nov. 1 to Nov. 14
Dec. 31 Holders of rec. Dec.10a
Nov. 30 Holders of rec. Nov.15a
Dec. 19 Holders of rec. Nov.306
Nov. 25 Nov. 15 to Nov.20
Nov. 30 Holders of rec. Nov. 4
Dec. 4 Nov.21
to Dec. 3
Dec. 2 Holders of rec. Nov.150
Dec. 1 Holders of rec. Nov.20a
Dec. 12 Holders of rec. Nov.26a
Jan. 9 Holders of rec. Dec. 24
Dec. 31 Holders of rec. Dec. 10
Jan. 2 Holders of rec. Dec. 2a
Jan. 2 Holders of rec. Dec. 2a
Jan. 15
Name of Compan
1377
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Calumet & Recta Mining (guar.)
Dec. 20 Holders of rec. Nov. 22
$12
Canadian Car & Foundry, corn. (guar.).2 Dec. 2 Holders of rec. Oct. 31
Chesebrough Manufacturing (guar
Dec. 21 Dec. 3 to Dec. 22
Extra
Dec. 1 Dec. 3 to Dec. 22
Cities Service, common (monthly)
1-3 Dec. 1 Holders of rec. Nov.15a
Preferred (monthly)
35 Dec. 1 Holders of rec. Nov.15a
Cities Service, common (monthly)
1-3 Jan. 1 Holders of rec. Dec.154
Preferred (monthly)
X Jan. 1 Holders of rec. Dec.15a
Cleveland & Sandusky Brewing, common
1
Dec. 15 Hold. rec. Nov.30 1907
Preferred
134 Dec. 15 Hold. rec. Nov.30 1907
Columbus (0.) Gas Sr Fuel, corn. (quar.)..
X Dec. 2 Holders of rec. Nov. 15
Consolidated Gas (quar.)
134 Dec. 16 Holders of rec. Nov.14a
Crescent Pipe Line (quar.)
$134 Dec. 16 Nov. 21 to Dec. 16
Crex Carpet
3
Dec. 15 Holders of rec. Nov.30a
Cuban-American Sugar, pref. (guar.)
134 Jan. 2 Holders of rec. Dec.16a
Cumberland Pipe Line
6
Dec. 16 Holders of rec. Nov.300
Deere & Company, pref. (quar.)
134 Dec. I d Nov. 20d to Dec. 2
Diamond Match (quay.)
134 Dec. 16 Holders of rec. Nov.30a
du Pont Internat. Powder, pref. (quar.)___ _
134 Jan. 2 Holders of rec. Dec. 20
Eastman Kodak, common (quar.)
234 Jan. 2 Holders of rec. Nov.30a
Common (extra)
254 Dec. 2 Holders of rec. Oct.31a
Preferred (quay.)
134 Jan. 2 Holders of rec. Nov.30a
Essex & Hudson Gas
4
Dec. 2 Holders of rec. Nov.20
Fay (J. A.) & Egan, preferred (gnat.).. _
134 Nov. 20 Nov. 13 to Nov. 20
Federal Mining dc Sme'ting, pref. (quar.)_ _
134 Dec. 15 Holders of rec. Nov. 23
Federal Utilities (Inc.), pref. (qu.) (No.6) 134 Dec. 2 Holders of rec. Nov. 15
General Asphalt, pref. (guar.)(No. 22)_ _ _
14 Dec. 2 Holders of rec. Nov.15a
General Chemical, common (guar.)
134 Dec. 2 Holders of roe. Nov. 21
General Chemical, common (extra)
5h Feb. 1 Holders of rec. Dec. 31
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec.19a
Gen. Chem.of California, 1st pref. (qu.). _
134 Jan. 2 Holders of rec.Dec. 19a
General Electric (quar.)
Jan. 15 Holders of rec. Nov.30a
2
Great Northern Paper (guar.)
134 Dec. 2 Holders of rce. Nov.30a
Greene-Cananea Copper Co
25e. Nov. 30 Nov. 13 to Dec. 1
Harbison-Walker Refrac., common (qu.)_
M Dec. 1 Holders of rec. Nov.20
Homestake Mining (monthly)(No. 456).... 50c. Nov. 25 Nov.21 to Nov.25
Independent Brewing, preferred (quar.)_ _
134 Nov. 30 Nov. 18 to Nov.29
Internat. Harvester, pref. (quar.)(No. 23) 134 Dec. 2 Holders of rec. Nov.11a
International Nickel, common (quar.)_ _ _
2
Dec. 2 Nov. 14 to Dec. 2
Internat. Smelting & Refining (quar.)___ _ 2
Nov. 30 Holders of rec. Nov.22a
Internal. Smokeless Powd.& Chem., pf. (qu.)
X Jan. 2 Holders of rec. Dec.20a
Kings Co. El. Lt. & Pow.(qu.)(No. 51).. 2
Dec. 2 Nov. 15 to Nov.26
Laclede Gas Light, common (quar.)
134 Dec. 16 Holders of rec. Nov. 30
Preferred
234 Dec. 16 Holders of rec. Nov.30
Lehigh Coal & Nay. (quar.) (No. 136)_ $1
Nov. 30 Holders of rec. Oct. 31
Liggett & Myers, common (No. 1)
3
Dec. 2 Holders of rec. Nov.15a
Mackay Companies, corn .(quar.) (No. 30)
14 Jan. 2 Holders of rec. Dec.11a
Preferred (quar.) (No. 36
1
Jan. 2 Holders of rec. Dec.11a
Massachusetts Gas Cos., pref. (quar.)_ _
$2
Dec. 2 Nov. 15 to Dec. 1
May Department Stores, common (quar.)_
134 Dec. 1 Holders of rec. Nov.16a
Mexican Petroleum (quar.)
1
Nov. 24 Holders of rec. Nov.9a
Middle West Utilities, pref. (quar.)
154 Dec. 1 Holders of rec. Nov. 15
National Biscuit, common (quay.)
134 Jan. 15 Holders of rec. Dec.284
Preferred (quar.) (No. 59)
134 Nov. 30 Holders of rec. Nov.16a
National Lead, common (guar.)
X Dec. 31 Dec. 14 to Dec. 17
National Lead, preferred (quar.)
134 Dec. 16 Nov. 23 to Nov.26
National Transit (guar.)
75c. Dec. 16 Holders of rec. Nov.30a
New England Telephone & Telegraph (guar.) 134 Dec. 31 Holders of rec. Dec.16a
1
New Jersey Consolidated Gas
Dec. 2 Holders of rec. Nov. 19
134 Dec. 16 Holders of rec. Dec. 2a
New York Air Brake
-Pond, common (quar.)_ _ _ _
Niles-Bement
134 Dec. 21 Dec. 13 to Dec. 22
North American Company (quar.)
134 Jan. 2 Holders of rec. Dec. 16
Ogilvie Flour Mills, Ltd., preferred (quar.)_
1X Dec. 2 Holders of rec. Nov.20
Ohio 011(quar.)
$1 25 Dec. 20 Holders of rec. Nov.28
People's Gas Light & Coke (quay.)
134 Nov. 25 Holders of rec. Nov.2a
Philadelphia Electric (quar.)
2614e Dec. 14 Holders of rec. Nov.21a
Pittsburgh Brewing, preferred (quay.)........ 14 Nov. 30 Nov. 20 to Dec. 1
Pittsburgh Steel, preferred (quar.)
134 Dec. 2 Holders of rec. Nov.14a
Porto Rican-American Tobacco
4
Dec. 5 Nov. 16 to Ded. 5
Extra (payable in scrip
201
Holders of rec. Nov. 15
Prairie Oil dr Gas
$6
Nov. 30 Nov. 10 to Dec. 10
Pure 011, common (quar.)
234 Dec. 1 Nov. 15 to Nov.30
Quaker Oats, common (guar.)
234 Jan. 15 Holders of rec. Jan. 2a
Common (payable in common stock)_ _ 150
(f) Holders of rec. Nov.25a
Preferred (quar.)
134 Feb. 28 Holders of rec. Feb. la
Preferred (quar.)
134 Nov. 30 Holders of rec. Nov. la
Quincy Mining (guar.)
$1 50 Dec. 23 Holders of roe. Nov.27a
Republic Iron & Steel, pref.(qu.)(No. 41) 154 Jan. 1 Holders of rec. Dec.14a
Solar Refining Co
20
Dec. 20 Nov. 20 to Dec. 20
Southern Pipe Line (quay.)
8
Dec. 2 Holders of roe. Nov. 15
South Penn 011 (quar.)
Dec. 14 Nov.24 to Dec. 15
10
South Porto Rico Sugar, common (guar.)
1
Jan. 2 Holders of rec. Dec. 14
Common (extra)
2
Jan. 2 Holders of rec. Dec. 14
Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 14
Standard Oil of California
234 Dec. 18 Holders of rec. Dec. 2
Standard Oil of Indiana (guar.)
3
Nov. 30 Nov. 13 to Nov.30
Extra
Nov.30 Nov. 13 to Nov.30
7
Standard 011 of Kansas..
Dec. 14
Dec. 14,Nov. 16 to
3
Extra
Dec. 14
Dec. 14 Nov. 16 to
'
2
Standard Oil of Nebraska
10
Dec. 20 Holders of rec. Nov. 20
Standard Oil of New Jersey (quar.)
5
Dec. 16 Holders of rec. Nov.20a
Standard Oil of Ohio
5
Dec. 16 Holders of rec. Nov. 13
Stern Bros., pref. (quay.) (No. 8)
134 Dec. 2 Nov. 19 to Dec. 2
Studebaker Corporation, preferred (quar.) 134 Dec. 2,Holders of rec. Nov.15a
Underwood Typewriter, common (quay.).. 1
Jan.
Holders of rec. Dec.20a
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec.20a
Union Stock Yards, Omaha (guar.)
114 Dec. 11Nov. 21 to Nov. 30
United Cigar Mfrs., pref. (quay.)
134 Nov. 30 Holders of rec. Nov.22a
United Dry Goods Cos., pref. (quay.)._
134 Nov. 30 Holders of rec.Nov.23a
U.S. Steel Corp., common (quar.)(No.36) 14 Dec. 30 Dee. 3 to Dec. 8
Preferred (quar.) (No. 46)
134 Nov. 29 Nov. 5 to Nov. 12
$1
Dec. 17 Nov. 24 to Dec. 1
Utah Consolidated Mining
3
Dec. 21 Holders of rec. Nov.15a
Waltham Watch, preferred (No. 13)
Woman's Hotel (No. 11)
254 Dec. 16 Holders of rec. Dec. 2a
Dec. 20 Holders of rec. Nov.30a
Woolworth (F. W.), common (No. 2)_ _ 1
Preferred (quar.) (No. 4)
134 Jan. 1 Holders of rec. Dec.10a
Dec. 16 Holders of rec. Nov.29a
Dec. 2 Holders of rec. Nov. 20
Dec. 1 Holders of rec. Nov.30a
Jan. 2 Dec. 1 to Jan. 1
Dec. 2 Holders of rec. Nov.15a
Dec. 2 Holders of reo. Nov. 15
a Transfer books not closed for this dividend. b Less income tax. d Correction.
Nov.30 Nov. 16 to Nov. 30
Dec.15 Holders of roe. Nov.30a !Payable in common stock on Dec. 5 or as near as possible to that date. Li DeDee. 2 Holders of rec. Nov.23a clared out of surplus and not to be paid in cash but credited as part payment of
•
Dec. 2 Holders of rec. Nov. 20 cash call on stock. h Payable in common stock at par. i Payable in scrip.
Dec. 2 Holders of rec. Nov. 16
Dec. 2 Holders of rec. Nov. 16
Auction Sales.
-Among other securities, the following;
Dec. 2 Holders of rec. Nov.25a
Dec. 2 Holders of rec. Nov. 15 not usually dealt in at the Stock Exchange, were recently sold at
Dec. 2 Holders of rec. Nov. 16 auction in New York, Boston and Philadelphia:
Dec. 1 Nov. 17 to Nov. 18
By Messrs. Adrian H. Muller & Sons, New York:
Dec. 1 Nov. 17 to Nov. 18
Per Cent. Shares.
Shares.
Per Cent.
$3 Dec. 2 Nov. 19 to Dec. 1
15 Chic. Ind. & Louisv. Ry, Co.
92 La Dicha Mining & Smelting
134 Nov. 25 Holders of rec. Oct.26a
Co., S. A
$50 lot
preferred
663
3
Dee. 2 Nov. 15 to Dec. 6
4 Washington Trust Co
376
50 Lord & Burnham Co., com_ ___ 30
$3
41
Jan. 2 Holders of rec. Nov.30a
50 Columbia Shade Cloth Co
700 Sylvester Co., $10 each
$5 lot
134 Nov. 30 Holders of rec. Nov. 20
By Meisrs. Francis Henshaw & Co.. Boston:
2
Dec. 31 Dec. 22 to Dec. 30
1
Dec. 16 Nov.28 to Dec. 5 Shares.
$ Per sh.
$ per sh. Shares.
134 Dec. 2 Nov. 16 to Nov. 24
1 National Shawmut Bank
242
6 Charlestown Gas & Elec. Co.,
134 Jan. 2 Holders of rec. bee. 2a
2 Bates Manufacturing Co
128
2704
1150 each
134 Dec.
2 Pacific Mills
380254
10 Esmond Mills, preferred
100
234 Dec. 2 Holders of rec. Nov.15a
1 Con.& Mon. RR ,claas 4
140
7 Heywood Bros. & Wakefield
2 Con.& Mon. RR.,class 1
10334
134 Nov. 30 Holders of rec. Nov. 23
135
Co., preferred
34 Nov. 30 Holders of rec. Nov. 23
By Messrs. R. L. Day & Co., Boston:
Dec. 2 Holders of rec. Nov.20a
$2
11 60 Dec. 2 Holders of rec.Nov.20a
$ per sh. Shares.
3 perch.
Shares.
20
Dec. 20 Nov. 28 to Dec. 20
222
1 Boston Library Society
1 National Union Bank
30
3
Nov.21 Nov. 10 to Nov. 20
345
7 Library Bureau, pref., Soy. B_..100
3 Old Colony Trust Co
334 Nov. 21 Nov. 10 to Nov. 20
100 Charlestown Gas & El., $50 oa..12634
5 Ludlow Mfg. Associates rights.. 34
134 Jan. 2 Holders of rec. Dec. 14
Mfg. Co., $500 ea_624-62534 10 Lowell Electric Light Corp_ _201
9 Nashua
1
Jan. 2 Holders of rec. Dec. 14
205
1 New London de Nor. RR
E5
Dee. 16 Holders of rec. Nov. 25
2 Manches. dr Lawrence RR_ ...._220
Per Cent.
Bonds.
54 1-10‘•
"Vny• I Ka
TrnIriPrg nf
Con. & Mon. RR, class 4
140
10)
81,000 Swift & Co. 5s, 1914
1378
THE CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia:
$ per sit. Shares.
Shares.
$ per sit.
1,000 Alice Mg. Co. of Wonder,
5 Philadelphia Nat. Bank__ _470
$5 lot
15 Chelten Trust Co., $50 ea_ 75
$1 each
600 Atlanta Mines Co., $1 ea_17%c.
18 Commercial Tr. Co_ _ _446-447%
1,700 Blue Light Mg. Co., $1 ea_$4 lot
5 Commonw.T.I.& Tr. Co_240
10 Franklin Tr. Co., $50 ea__ 55
8,500 Ely Nat. Copp. Co.,$1 ea_$8 lot
1,100 Goldfield Berkeley Mg.Co.,
18 Girard Trust Co
985
$4 lot
100 Finance Co. of Pennsylv_ _117
$1 each
50 Gibraltar Mines Synd., $1
12 Corn Exchange Nat. Bank.300
$1 lot
each
10 Logan Trust Co
1353
1,000 Katherine Goldfield Min.
10 Northwestern Trust Co_ _ _180%
Co., $1 each
$2 lot
5 Penn. Co. for Ins., &c_ __ _650
100 Kendall Goldfield Mining
30 People's Tr. Co.,$50 each 50
Co., Si each
$1 lot
Phila.Tr.& S.D.Co_73614-73834
100 La Noria Mg. Co., $1 ea_ _$1 lot
2 Prov. Life & Tr Co_ _875%-880
300 La Chivia Mg. Co., $1 ea..$1 lot
12 Real Estate Tr. Co., pref.. _ 96
20 Mototina Cons. Mg. Co.,
7 Tacony Trust Co
225
$1 each
$1 lot
20 Franklin Fire Ins. Co., $25
100 Mohawk Ext. Mg. Co.,
each
474-48
$1 each
lot
.81
20 Lumbermen's Ins. Co., $25_
400 Monica Mines Co., $1 ea__ lc.
each
973-98%
173,375 Nevada Alpine Min. Co.,
27 People's Nat.Fire Ins. Co.,
$1 each
$40 lot
$25 each
22
1,000 No. Star Mg. Co. of Won65 Amer. Pipe & Const. Co_91-9134
der, $1 each
$21 lot
30 N. J. Consol. Gas Co
20
200 Nev. Boy Goldfield Mg.
45 Union Transfer Co
50
Co., $1 each
50 Harrison Bros.& Co., Inc..
$1 lot
520 So. Comstcck Cons. Mines
common
11
Co., $1 each
100 Standard Roll. Bear. Co.,
$5 lot
35 Tonopah Bonanza Mg.Co..
common
7
25 Phila. Life Ins. Co.,$10ea_ 1034
$1 lot
$1 each
3 Nat. Bank of the Northern
20 Phila. Bourse, pref.,$25 ea_ 14
12 Phila.Bourse,com.,$50ea.43.g-4%
Liberties
248%
8 Northern National Bank_ _ 205% Bonds.
Per Cent.
3 Sixth National Bank
$1,000 Buff. & Lake Erie Trac. Co.
200
4 Pennsylvania Fire Ins. Co_403
1st ref. 5s, 1936
5134
22 H.K. Mulford Co.,$50 ea_ 59% $1,500 Willis. & Ches. Trac. Co.
6,000 Cherry Run Petrol Co.,$10
coil trust 5s, 1918
0534
each
$1 lot $2,000 Fidelity Stor. & W. H. Co.
400 Sutherland Petrol. Co.,$10
1st cons. 5s, 1919
9634
each
$5,000 Massachusetts Co.coll. trust
200 Fulton 011 Co.,$3 each -5s, 1937, guar
89
200 Phil. Jr Cal. Petrol Co.,
$1,000 Lackawanna Coal & Lumber
$50 each
Co. cons. 6s, 1961
$4
60
100 Penn.sy. Petrol. Co.,$10ea
lot $500 Springf. Wat. Co. 5s, 1926_ _ _ 96
75 Langdon Rolling Mill Co_
$1,000 N.Springf.Wat. Co.5s, 1928 96
18 Central National Bank_ _ _ _440
$3,000 Phil. & W.Ches. Trac.stock
25 Farm.& Mech. Nat. Bank.14134
trust 5s
75
8 Fourth St. Nat. Bank _325-326% $1,000 Cumberland Water Co. 1st
5s, 1925
15 Franklin National Bank _505-510
$120 lot
By Messrs. Samuel T. Freeman & Co., Philadelphia:
[VoL. Lxxxxv.
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. lcithC.H. Deposits.
Average. Average. Average. Banks. Average.
Reserve.
$
$
$
$
$
$
% Brooklyn ____ 2,440,3 16,644,0 1,387,0
462,0 1,297,0 12,447,0 14.8+ 9.2
Bankers'
16,412,4 126,965,0 14,791,0 . 46,0 11,051,0 98,359,0 15.0+10.1
U.S.Mtg.&Tr. 4,569,4 41,678,0 3,957,0
457,0 3,304,0 29,412,0 15.0+10.2
1,368,6 20,072,0 2,113,0
Astor
33,0 1,404,0 13,351,0 16.0+ 8.9
Title Guar.&T. 11,335,3 33,889,0 1,852,0 1,405,0 2,255,0 21,39 ,0 15.2+ 9.4
23,324,0 171,482,0 14,105,0 1,152,0 11,852,0 101,006,0 15.0+10.4
Guaranty
Fidelity
1,303,2 7,731,0
727,0
235,0
739,0 6,085,0 15.8+10.7
LawyersTI&T. 6,394,9 17,351,0 1,254,0
549,0 1,345,0 11,976,0 15.0+10.0
Col .-Knicker_ 7,192,6 48,584,0 5,027,0
875,0 4,515,0 39,499,0 15.0+10.2
Peoples
1,690,5 16,824,0 1,920,0
395,0 1,799,0 15,378,015.0+10.3
New York
11,713,5 42,230,0 3,959,0
422,0 3,160,0 28,496,0 15.3+10.0
Franklin
1,281,4 9,022,0 1,034,0
228,0
858,0 8,167,0 15.4+ 9.4
Lincoln
557,2 10,081,0 1,164,0
229,0 1,044,0 9,084,0 15.3+10.3
Metropolitan _ 6,103,4 21,874,0 2,059,0
9,0 1,821,0 13,774,0 15.0+11.6
565,3 8,703,0
Broadway
974,0
322,0 1,021,0 8,565,0 15.1+10.4
Totals aver_ 96,252,0 593,130,0 56,323,0 6,819,0 47,555,0 417,077,0 15.1+10.2
Actual figures_ Nov. 16 588,688,0 56,203,0 6,670,0 50,349,0 410,762,0 15.3+10.9
The capital of the trust compan es is as follows: Brooklyn, $1,000,000-13ankerse
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000- Titl;
Guarantee & Trust, $5,000,000: G laranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4.030,000: Columbia-Knickerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Nov. 16.
Capital. Surplus.
Loans.
On Dep.
Specie.1 Legal with C.H.1
Net
Tenders. Banks. I Deposits.
Averages.
I
$
$
$
I
$
Banks __ _ 133,650,0199,887,6 1,313,338, 255,529,0 74,059,0
1,299,595,0
Trust cos.. 45,250,0 96,252,0 593,1.0, 56,323,0 6,819,0 47,555,0, 417,077,0
Total _ _ 178,900,0296,139,6 1,906,468,0311,852,0 80,878,0 47,555,0 1,710,672,0
Actual.
Banks
1,312,507,0256,027,0 74,936,0
1,299,814,0
Trust cos_
588,688,01 58,203,0 6,670,01 50,340,0 410,762,0
I
Total
1,901,195,0312,230,0 81,606,011 50,349,01,710,576,0
Shares.
$ per sit.
10 Corn Exchange Nat. Bank _ _ _ _300
50 Commonwealth Casualty Co.._ 15
28 Real Estate Trust Co., pref.. _ 96
19 Reliance Real Estate
25
100 Amer. Rys., pref. (first paid)
2734
28 Chelten Trust Co.,$50 each ._ _ 75
5 Del. & Bound Brk. RR., guar_10434
2 2d & 3d Sts. Pass Ry
249h
Bonds
Per Cent
$2,000 Citizens' L., H.& P. 1st 5s,
1934
99
$2,000 Luzerne Co. Gas & Elec. 1st
ref. 55, 1948
06M
$1,000 Pitts. Term. W.H.& Trans.
1st 5s, 1936
09
$2,000 Wilkes-Barre Co. 1st ref. 5s,
A, 1960
94
$500 Wilkes-Barre Co. 1st ref. bs,
Bonds.
Per Cent.
13, 1960
05
$4,000 Amer. Pipe Mfg. coll. trust
$400 Springfield Water Co. 5s, 1926 96
58, A. 1927
$1,000 Phila. Bourse 1st 5s
95
100
$2,000 Amer. Pipe Mfg. coll. trust
$2,000 West Penn. Ry. 1st 5s, 1931.10134
5s, B, 1929
9434 $100 Phila. City 314s. 1031
93
The State Banking Department also furnishes weekly
returns of the State banks and trust compnies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
are made up, see "Chronicle," V. 86, p. 316.
and Trust Companies.
-The detailed statement below
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Nov. 16. The figures for the
separate banks are the averages of the daily results. In
State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
the case of the totals, actual figures at the end of the week Week ended November 16.
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. F.
are also given.
For definitions and rules under which the various items are
$
22,325,000
62,775,000
9,950,000
0,548,000
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Sept.9
banks, and V.92, p. 1607,in the case of the trust companies. Surplus as of Sept.9
38,321,500 172,033,200
12,471,974
12,508,781
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
298,703,200 1,101,800,000
+283,000 -1,224,900
Specie. Legals. Net Depos- ReAverage. Average, its, Aver. serve.
Specie
Change from last week..
54,061,600
-969,700
$
$
909,0 18,010,0 25.2
3,842,0 20,049,0 3,646,0
4,835,2 32,111,0 7,717,0 1,497,0 36,160,0 25.4
1,090,9 17,527,0 3,279,0 1,056,0 16,865,0 25.7
8,640,5 54,269,0 10,175,0 2,051,0 50,741,0 24.0
6,260,
23,667,0 3,817,0 1,858,0 22,599,0 '25.1
29,540,7 173,257,0 34,242,0 5,687,0 161,276,0 24.7
7,134,
28,978,0 4,979,0 2,002,0 26,189,0 26.6
6,823,0 1,469,0
515,9
238,0
6,907,0 24.7
127,1
409,0
2,304,0
74,0
2,028,0 23.8
8,847,0 2,319,0
949,4
195,0 10,020,0 25.0
4,766,2 38,106,0 7,380,0 1,588,0 35,153,0 25.5
16,157,5 126,763,0 17,327,0 7,861,0 100,082,0 25.1
4,620,0
958,6
451,0
629,0
4,287,0 25.1
1,243,0 17,974,0 2,805,0 1,743,0 18,122,0 25.0
2,206,0
472,8
366,0
152,0 . 2,162,0 23.9
13,471,3 70,299,0 13,565,0 5,732,0 76,437,0 25.2
2,139,1 22,088,0 4,838,0
627,0 20,705,0 46.3
485,0 10,452,0 1,669,0 1,118,0 11,706,0 23.8
9,191,0 1,273,.
1,871,3
055,0
8,930,0 25.0
15.543,0 4,003,0
1,725,7
261,0 16,913,0 25.2
5,753,6 48,283,0 8,243,0 5,629,0 56,430,0 24.5
7,661,1 25,642,0 3,573,0 2,234,0 22,757,0 25.5
13,313,0 81,848,0 20,108,0 1,621,0 84,011,0 25.8
68,1 11,540,0
361,0
122,0 t 1,664,0 29.0
5,821,2 29,520,0 5,745,0 1,900,0 29,343,0 26,0
2,469,0 14,212,0 3,385,0
172,0 13,837,0 25.7
21,582,3 109,550,0 23,283,0 4,363,0 101,226,0 27.3
3,131,7 34,534,0 5,582,0 3,252,0 34,374,0 25.7
93,0
843,0
3,543,0
799,2
3,740,0 25.0
759,0 • 9,063,0 25.1
8,973,0 1,519,0
1,836,9
240,0
779,0
711,6
3,906,0 26.0
4,108,0
9,359,0 88,283,0 19,057,0 5,481,0 97,250,0 25.2
2,119,4 13,883,0 2,725,0 1,213,0 15,729,0 25.0
568,0
3,608,0
830,9
371,0
3,627,0 25.8
254,0
5,45 ,0 1,363,0
1,064,3
6,355,0 25.4
1,773,0 15,219,0 2,996,0
824,0 15,564,0 24.5
9,012,0 1,707,0
1,270,8
780,0
9,311,0 26.7
463,0
3,491,0
524,5
3,678,0 24.7
450,0
2,182,4 12,830,0 1,462,0 1,655,0 12,711,0 24.5
284,0
4,434,0 1,010,0
1,023,0
5,104,0 25.3
2,226,
26,424,0 5,700,0 1,974,0 30,795,0 24.7
2,725,2 21,858,0 4,758,0
985,0 23,307,0 24.6
895,2
395,0 10,892,0 25.3
9,281,0 2,363,0
385,0 22,706,0 25.3
607,9 17,603,0 5,367,0
416,1
11,054,0 2,523,0 1,298,0 15,170,0 25.1
457,0
507,3
6,613,0 25.2
6,600,0 1,214,0
360,0
8,911,0 25.2
9,011,0 1,893,0
967,3
264,0
1,119,9
6,229,0 23.8
7,581,0 1,223,0
Legal-tender & bk. notes_
Change from last week..
21,020,700
-51,200
116,422,400
-127,600
176,574,200
+2,971,900
123,993,200
+739,800
180,941,800
+1,107,700
23,949,200
+763,100
21,914,300
-264,700
110,637,900
-1,310,000
10,758,900
-261,700
Capital. Surplus.
$
Bank of N. Y_
2,000,0
Manhattan Co 2,050,0
2,000,0
Merchants'_ _ _
Mech. & Met_ 6,000,0
1,500,0
America
25,000,0
City
Chemical _ _ _ _
3,000,0
Merchants'Ex.
600,0
300,0
Butch.&Drov.
Greenwich _
500,0
Amer. Exch
5,000,0
Commerce _ - 25,000,0
500,0
Pacific
Chat .&Phenix 2,250,0
200,0
People's
Hanover __ _ _
3,000,0
Citizens' Cent. 2,550,0
Nassau
1,000,0
Market & Fult 1,000,0
Metropolitan _
2,000,0
Corn Exch_
3,000,0
Imp .&Traders 1,500,0
5,000,0
Park
250,0
.East River__ Fourth
5,000,0
Second
1,000,0
First
10,000,0
Irving
4,000,0
Bowery
250,0
N.Y.County_
500,0
German-Amer.
750,0
Chase
5,000,0
Fifth Avenue..
100,0
German Exch.
200,0
Germania _ _ _ _ -• 200,0
Lincoln
1,000,0
Garfield
1,000,0
Fifth
250,0
MetropolLs _ _ _
1,000,0
West Side.._ _ _
200,0
Seaboard
1,000,0
Liberty
1,000,0
N.Y.Prod.Ex. 1,000,0,
State
1,000,0'
Security
1,000,0
Coal & Iron.._
1,000,0,
Union Exch
1,000,0
Nassau, Bklyn
1,000,0
Loans.
Average.
Loans and investments_ _
Change from last week ..
Totals, Avge 133,650,0 199,887,6 1313,338,0 255,529,0 74,059,0 1299,595,0 25.3
Actual figures Nov. 16
1312,507,0 256,027,0 74,936,0,1290,814,0 25.4
Circulation.
-On the basis of averages, circulation of national banks in the ClearHouse amounted to $46,628,000, and according to actual figures was $46,870,000.
Deposits
Change from last week..
Reserve on deposits
Change from last week_
P. C. reserve to deposits..
Precentage last week....
342,478,400 1,135,143,600
+331,300 -8,561,200
89,q02,900
-832,200
27.1%
27.4%
128,132,000
-2,038,700
16.1%
16.2%
20.7%
20.0%
13.2%
13.3%
+ Increase over last week. -Decrease from last week.
-"Surplus" includes all undivided profits. "Reserve on deposits" includes
Note.
for both trust companies and State banks, not only cash Items but amountsdue
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyes
represented by certificates, and also exclusive of deposits secured by bonds o
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust gor it by any publicdepartment.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Trust Cos.- -State Banks
Total
Of
Reserve Required for Trust Companies
Total
Of
Reserve which Reserve which
and State Banks.
Required, in Cash. Required, in Cash.
Location15%
15%
Manhattan Borough
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
Other Boroughs (without branches in Manhattan)15%
Brooklyn Borough, with branches in Manhattan_15%
Other Boroughs, with branches in Manhattan__ _15%
Cities of the first and second class
10%
Cities of the third class and villaget
10%
3%
Elsewhere in State
__
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing
Nov. 23 1912.]
THE CHRONICLE
1379
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.
-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
affording an aggregate for the whole of the banks and and Philadelphia:
thus
it two ciphers (00) in all thesefigures.
trust companies 'n the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Nov. 16
Nat. banks1
Capital Sept. 4 and
State banks
Surplus Sept.9
Clear.
-House Clear.-House State Banks &I Total of all
Members.
Members. Trusr Cos. Not Banks&Trust
ActualFigures
Average. in C.
-H. Aver. Cos. Average.
178,900,0001
178,900,000
296,139,600, 296,139,600
Loans and investments 1,901,195,000 1 1,906,468,000
Change from last week --6,795,000; -3,559,000
1
Deposits
1,710,576,000 1,716,672,000
Change from last week -8,666,000; -7,681,000
1
Specie
312,230,000, 311,852,000
1
Change from last week
-950,000, -1,241,000
1
Legal-tenders
80,878,000
81,606,000:
Change from last week +1,486,000; +1,390,000
29,025,000
207,925,000
80,906,9001 377,046,500
1
587,368,100, 2,493,836,100
+659,400 --2,899,600
a586,472,9001 2,303,144,000
+2,024,900 -5,656,100
62,457,500
374,309,500
-228,7001
-1,467,700
b8,534,700.
+164,000
89,412,700
+1,554,000
12,735,100
14.37%
342,323,100
Banks: cash in vault
Ratio to deposits_ _ _
330,963,000/
25.46%
I
329,588,000
25.36%
Trustees; cash in vault
62,873,000
1
393,836,000,
+536,0001
63,142,000
58,257,100
121,399,100
Aggete money holdings
Change from last week
392,730,000
+149,000
70,992,200
-62,700
463,722,200
+80,300
Money on deposit with
other bks. At trust cos_
Change from last week
1
50,349,000,
+2,302,0001
47,555,000
-953,000
15,246,700
-662,000
CapTre
ua
and I Loans.
Surplus.,
Banks.
Specie. Legals.I Deposits. Circu- Clearings
lation.
I
Boston.
I
3
1
$
$
$
'3
I
$
$
Sept. 28
,41,575,0 237,684,0 24,123,0 5,095,0 267,360,01 7,591,0 161,914,1
Oct. 5
41,575,0 237,024,0 23,131,0 4,775,0 275,144,0 7,355,0 200,853,7
Oct. 11
;41,575,0 235,741,0 23,470,05,028,0 275,689,0: 7,090,0 144,244,8
Oct. 19
'41,575, ,232,772,0 24,753,05,245,0 286,030,0, 7,050,0 231,211.9
Oct. 26
41,575,0 225,292,0 24,972,0 4,465,0 269,514,0; 6,973,0 194,857.1
Nov. 2
41,575,0 226,518,0 23,777,0 4,162,0 272,366,01 6,976,0 182,975,5
Nov. 9
41,575,0 228,451,0 23,209,04,253,0 268,579,0, 7,001,0 172,823,0
Nov. 16
41,575,0 226,297,0 24,442,0;4,270,0 278,186,01 7,163,01 198,716,5
Philadelphia.
1
Sept. 28
80,623,2,390,007,0
93,115,0 *1429,233,0 15,135,0 158,782.6
Oct. 5
80,623,2389,682,0;
93,960,0 *434,124,0 15,116,0 186,156,6
Oct. 11
80,623,2 388,815,0;
92,265,0 *,433,541,0 15,096,0 142,057.6
Oct. 19
80,623,2 387,500,0 . 93.351,0 *,435,c92,0 15,110,0 197,262,5
Oct. 26
80,623,2 385,334,0,
92,303,0 *,426,934,0 15,113,0 169,265.0
Nov. 2
80,623,2 386,035,0'
89,430.0 *1420,799,0 15,125,0 173,550,3
Nov. 9
80,623,2,385,576,01
86,477,0 *.423,799.0 15,126,0 157,540,2
Nov. 1680,8
,
88,961,0
* 423,754,0 15,135,0 179,674,7
1
23,2138"9"
1
1
1
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $874,000 on November 16, against $840,000 on
November 9.
* "Deposits" now includes the item of "Exchanges for Clearing House," which
were reported on Nov. 16 as $15,913,000.
62,801,700
-1,615,000
FOREIGN IMPORTS AT NEW YORK.
For Week.
Total reserve
Change from last week
444,185,0001
+2,838,0001
440,285,000
-804,000
Surplus CASH reserve
Banks (above 25%)_ Trust cos.
(above15%)
6,009,5001
1,258,7001
4,689,250
580,450
Total
Change from last week
7,268,200,
+817,600
5,269,700
+1,329,150
86,238,900
--724,700
526,523,900
--1,528,700
1912.
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 46 weeks
% of cash reserves of tr ustcos.-Cash in vault
15.30%
Cash on dep. with bks
10.91%
Total
Imports and Exports for the Week.
-The followingare
the imports at New York for the week ending Nov. 16; also
totals since the beginning of the first week in January:
15.13%
10.23%
26.21%
25.36%
15.19%
1.07%
1
16.26%
11
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
and other banks and trust companies in New York City:" with this item included,
deposits amounted to $634,073,000, a decrease of $2,125,800 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.
1
1911.
1
1910.
1909.
$3,948,192
16,786,504
$2,873,4181 $3,021,166 $3,016,436
17,210,9491 12,672,405 16,032,730
$20,734,696, $20,084,367 $15,693,571 $19,079,166
$134,105,237 $124,583,481 $139,366,325 3149,016,328
764,802,002 653,312,958 667,443,163 624,671,366
$898,907,239 $777,896,439 $806,809,488 $773,687,694
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov. 16 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
For the week
Previously reported
1911.
1910.
1909.
•$16,201,512 $17,565,863 $17,947,170 $12,584,232
719,794,225 669,745,198 593,803,366 538,824,879
Total 46 weeks
$735,995,737 $687,310,861 $611,750,536 $551,409,111
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Nov. 16
Clearing House,compare as follows for a series of weeks past: and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
_
Week Ended-
Loans and
IInvestments
Deposits.
$
$
$
1
I
2,618,939,0 2,467,559,4 400,137,8
2,586,878,2 2,434,513,2 396,837,7
2,572,002,4 2,420,349,5 393,528,7
2,546,392,912,395,942,4 388.472,0,
2,535,672,1 1 2,378,856,4 386,925,5
2,530,437,1'2,371,614,1 390,217,5
2,534,880,0 2,372,940,0 385,208,1
2,515,054.6 2,335,724,8 378,728,8
2,496,735,7 2,308,801,0 375,777,2
2,493,836,1 1 2,303,144,9 374,300,5
I
Sept. 14
Sept.21
Sept.28
Oct. 5
Oct. 11
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Specie.
TotMoney Entirelies.
Legals. Holdings. onDeposit
$
1
$
1
S
91,421,3 491,559,1 566,766,7
91,696,9 488,534,6 559,906,3
91,815,1 485,343,8 554,697,3
90,687,6 470,159,6 549,168,6
89,606,9 476,532,4 542,235,0
90,192,1 480,409,6 551,499,5
90,701,4 475,909,5 543,007,5
91,511,3 470,240,1 536,079,5
87,858,7 463,835,9 528,052,6
89,412,7 463,722,2 526,523,9
Reports of Clearing Non-Member Banks.
-The following 's the statement of condition of the clearing non-member
banks for week ending Nov.16, based on average daily results:
We omit two ciphers (00) 'n all these figures.
I
Banks.
Capitat.
Surplus.
Legal
Loans,
On
7'ender Deposit
Disc'ts
Specie, and
and
with
Net
Bank
C.
-H. Deposits.
InvestNotes. Banks.
ments.
New York City.
Manhattan and Bronx.
$
$
$
$
$
$
$
500,0
Aetna National
94,0
544,9 3,135,0 713,0
62,0 2,914,0
Washington Heights. 100,0
98,0
336,0 1,728,0 155,0
224,0 1,492,0
Battery Park Nat_ _ _ _ 200,0
57,0
115,1 1,589,0 353,0
89,0 1,688,0
Century
500,0
515,5 6,327,0 646,0 430,0
808,0 7,250,0
Colonial
400,0
549,4 6,675,0 900,0 405,0
941,0 6,926,0
Columbia
300,0
787,4 6,654,0 635,0 537,0
786,0 7,563,0
200,0
Fidelity
188,9 1,194,0
76,0 123,0
122,0 1,168,0
Mount Morris
250,0
337,4 2,512,0 422,0
45,0
322,0 2,816,0
Mutual
200,0
411,0 4,894,0 522,0 346,0
407,0 4,998,0
200,0
New Netherland
281,4 2,943,0 310,0 102,0
141,0 2,681,0
Twenty-third Ward_ 200,0
96,0 2,042,0 251,0 109,0
233,0 2,237,0
..
Yorkville
100,0
515,8 4,468,0 600,0 262,0
546,0 4,963,0
Brooklyn
300,0
First National
672,3 3,894,0 298,0 106,0
475,0 3,038,0
Manufacturers' Nat
252,0
910,2 6,056,0 542,0 341,0
626,0 5,829,0
1,000,0
Mechanics'
765,7 11,034,0 1,375,0 654,0 1,355,0 13,139,0
300,0
578,5 4,406,0 506,0 139,0
National City
650,0 4,331,0
200,0
174,5 2,464,0 189,0 108,0
North Side
199,0 2,460,0
Jersey City.
400,0 1,335,0 5,214,0 287,0 343,0 1,778,0 4,100,0
First National
798,4 3,489,0 180,0
Hudson County Nat_ 250,0
701,0 1,807,0
99,0
417,9 2,395,0 101,0 130,0
200,0
Third National
360,0 1,523,0
Hoboken.
649,0 4,223,0 218,0
220,0
First National
57,0
322,0 1,638,0
275,7 3,298,0 201,0
125,0
Second National
40,0
277,0 1,243,0
Totals Nov. 16_ _ _ 6,597,0 11,238,090,634,0 9,480,0 4,631,0 11,430,0 85,602,0
6,597,0111,236,0 90,142,0 9,223,0 4,481,0,11,869,0 84,780,0
Totals Nov. 9
Totals Nov. 2
6,597,0 11,236,0 89,983,0 9,163,0 4,334,0 10,932,0 84,648,0
1
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports.
Gold.*
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Joni.'
Week.
Since Joni.
1
$20,146,222.
15;
$100 2,877,262,
1
10,133,499;
53,483:
3100 $33,210,481j
36,310 7,782,845'
45,087,538
Total 1912
Total 1911
Total 1910
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$6,804,476
2,036,283
2,569
320,100
443,005
152,021 12,297,534
7,987 3,217,403
1,632,098
slso.los $26,433.308
581,593 13,988,421
126,921 21,290,192
$1,143,297 $43,339.747
67,0261 6,509,003
92,356 •
1
25,3491
708,790,
100
2001
Total 1912
Total 1911
Total 1910
84,018
3,166
121,851
23,245
$118,649
6,914
21,007
45,701
4,230,672
2,784,105
1,428,537
$1,210,623 $50,675,245 5208,280 $8,635,585
'
87,6511 6,341,590
• 1,023,495 43,434,708
1 1,250,3171
88,9851 4,237,766
38;193'7791
1
Of the above imports for the week in 1912, $
American gold coin and $3,064 American silver coin.
were
*aulting anti T,InanciaL
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks, Semi
Investment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE
-NEW YORK.
Chicago. Ill. Boston. Mass. Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
111 DEVONSHIRE STREET
CHICAGO
BOSTON
[VoL. Lxxxxv.
THE CHRONICLE
1380
AlauttrirsY (Sweatt.
Wall Street, Friday Night, Nov. 22 1912.
The Money Market and Financial Situation.—The
security markets have attracted little attention this week.
The war in Turkey has had a tendency to restrict all kinds of
financial operations abroad and local money market conditions do not,.as is well known, encourage a demand, either
speculative or investment,for securities. There is, however,
a little more activity in Wall Street as the week draws to a
close. The prospect of a gold movement favorable to this
market,which begins with the engagement of $1,250,000 in
London for shipment to New York, and the practical ,certainty that peace in the Orient will not long be delayed, have,
to some extent at• least, lifted the embargo which was in
force during the early part of the week and stimulated the
renewed activity mentioned.
The Government report of our foreign trade for October,
showing the largest totals for the period in the history of
such trade, with the largest excess on the export side of the
statement, accounts sufficiently perhaps for a decline in
foreign exchange rates to the lowest figures recorded in
nearly two years past and foreshadows the gold movement
referred to. It seems to us useless, however, in view of the
various influences bearing upon the matter, to attempt any
estimate of the extent of such movement. The Bank of
England reports an addition to its gold holdings and an increased percentage of reserve. It is also reported that
requests to participate in the distribution of $40,000,000
short-term notes being issued by the New York New Haven
& Hartford RR. have come from many European ho ses—
all of which goes to show that the financial situation abroad
has substantially improved.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 4@,6%. To-day's rates on call were 5%@6%.
-day enCommercial paper quoted 532% nom. for 60 to 90
dorsements and 53%@6% for prime 4 to 6 months' single
names and 6%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £837,995 and the percentage
of reserve to liabilities was 50.67, against 49.95 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. The Bank of France shows an increase of 1,541,000
francs gold and 1,229,000 francs silver.
vailed for several weeks past. Average transactions about
$1,850,000, par value
-13 are higher, 6lower, 5 unchanged.
Local tractions have been conspicuously active. Wabash
ref. and ext. 4s are over 2 points higher and Brooklyn R. T.
%
ref. cony. 45 are up 13 .
United States Bonds.—Sales of Government bonds at
the Board include $10,000 3s coup. at 102%, $1,000 4s reg.
at 1143/i and $1,000 Panama 3s coup. at 102. For to-day's
prices of all the different issues and for yearly range see the
third page following.
Railroad and Miscellaneous Stocks.—On Saturday
of last week the stock market was active and strong. These
characteristics have not been maintained, however, and the.
market has been dull and narrow throughout this week.
Monday's market was exceptionally inactive, only 236,157
shares having been traded in, but the volume of business
steadily increased until on Thursday there was a decidedly
firmer tone and the transactions included 498,000 shares.
To-day's market was dull and after early strength became.
soft. At the close prices were an average of about % point
lower than yesterday. The list as a whole, however, shows
in most cases sightly higher closing figures than a week ago.
Of the railway list only St. Paul is fractionally lower, but
some of the industrials, notably those likely to be affected
by tariff revision, are down 2 to nearly 3 points. On the
other hand, Brooklyn Rapid Tran, is up 23%, Lehigh Valley
1%,Cal. Petroleum 2,Mex.Petroleum 2 U. S. Rubber 4.
For daily volume of business see page 1390.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Nov. 22. for
Week.
Allis-Choi tr rec 2d paidAm Brake Shoe & FdryPreferred
Rights
Amer Coal Products, pf..
American Express
Am Water Works, pref.
Batopilas Mining
Canadian Pat rights_ _ _ _
Chic Un Trac rec stmpd.
Colorado & Southern_
1st preferred
2d preferred
Crex Carpet
E I duPont Powd, met
Green Bay & W,deb 11G W Heime
Havana Elec Lt & PowPreferred
NEW YORK CLEARING-HOUSE BANKS.
lot Agricul Corp v t c
(Not Including Trust Companies.)
K C Ft S & M, pref ctfs_
Knicker Ice (Chic), prof_
LouLsv & Nashv rights
1911.
1912.
1910.
Mackay Companies_ __ _
Differences
Averages for Averages for
Averages for
Preferred
from
week ending week ending
week ending
Mexican Petrol, pref_ _ _
previous week.
Nov. 18.
Nov. 19.
Nov. 16.
Nash Chatt & St Louis
N Y Chic & St Louis__ - _
$
135,150,000 133,350,000 Ontario Sliver Mining
133,650,000
Capital
196,020,300 195,801,900 Peoria & Eastern
190,887,600
Surplus
Loans and discounts_ _ _ 1,313,338,000 Dec. 2,156,000 1,364,430,000 1,201,508,600 Philadelphia Co (Pitts)_
50,626,000
48;463,600 Pittsburgh Steel, pref_
46,628,000 Inc.
73,000
Circulation
1,299,595,000 Dec.
280,000 1,370,453,000 1.170,315,100 Quicksilver Mining, pref
Net deposits
255,529,000 Dec.
245,000 281,061,000 243,320,800 St L & S F—C & E Ill
Specie
new stock trust certfs_
75,934,000
67,031,300
74,059,000 Inc. 1,722,000
Legal tenders
Sears,Roebuck&Co, pref
Inc. 1,477,000 356,995,000 310,352,100 Sloss-Sheff S& I, pref320,588,000
Reserve held
70,000 344,863,250 292,578,775 So Porto Rico Sug, pref_
324,898,750 Dec.
25% of deposits
United Cigar Mfrs
1,547,000
12,131,750
17,773,325 United Dry Goods
4,689,250 Inc.
Surplus reserve
Preferred
--—
U S Express
Note.—The Clearing House now issues a statement weekly, showing the actual US Redue & Refg, pref_
of the banks on Saturday morning, as well as the above averages. The Virginia fly & Power__ _
condition
figures, together with the returns of the separate banks and trust companies, also Vulcan Detinning
the summary issued by the State Banking Department, giving the condition of State
Preferred
banks and trust companies not reporting to the Clearing House,appear on the second Wells, Fargo & Co
page preceding.
West Maryland, pref_ _ _
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
800 234 Nov 18 29-4 Nov 21 234 Oct 33-4 Oct
200 1053-4 Nov 1610634 Nov 16 0134 Jan 10734 Nov
Jan 160
Sept
93013634 Nov 21 145 Nov 19 130
100 234 Nov 21 23-4 Nov 21 2% Nov 234 Nov
100113 Nov 19 113 Nov 19 10894 July 114
Sept
40178 Nov 18 180 Nov 22 172
Nov 225 April
1,700 9734 Nov 2 98 2 Nov 22 979-4 Nov 98 4 Nov
'
200 $134 Nov 18 $134 Nov 22 :FA Mch S234 April
4,200 2034 Nov 2 21 Nov 21 2034 Nov 21
Nov
400 1 _ Nov 22 2 Nov 16 13-4 Feb 334 April
200 38 Nov 19 39 Nov 21 3794 Nov 45
Feb
20 72 Nov 18 73 Nov 22 72
Nov 763-4 Jan
1 6634 Nov 20 6634 Nov 20 663-4 Nov 71
July
100 85 Nov 21 85 Nov 21 72
Mch 86 June
110400 Nov 16 100 Nov 16 9034 Jan 100
Nov
4 153.4 Nov 20 16 Nov 18 1034 Feb 18
Oct
23!i86 Nov 18 186 Nov 18 155
May 19734 July
Aug
100 86 Nov 20 86 Nov 20 8534 Nov 89
11 9594 Nov 22 9514 Nov 22 953-4 Nov 9634 Sept
Nov 533,4 July
10t 40 Nov 21 40 Nov 21 40
Mch
10 7434 Nov 19 743-4 Nov 19 743,4 Nov 81
60t 75 Nov 22 76 Nov 18 70
July 783,4 Aug
3,41
834 Nov 19 83-4 Nov 16 83-4 Nov 99.4 Oct
3
2
843-4 Nov 21 85 . Nov 22 7534 Jan 9231 July
300 68 Nov 16 68 Nov 2 6734 Nov 7034 Jan
1,100103 Nov 21 104 Nov 21 103
Nov 104
Nov
i2(175 Nov 18 175 Nov 1 16034 April 180
Oct
4 56 Nov 18 56 Nov 18 54
Feb 6134 April
100 29-4 Nov 19 23-1 Nov 19 1
Feb 331 May
i0t 133 Nov 20 13% Nov 20i 1334 Oct 1834 Oct
%
100102 Nov 16 102 Nov i61003-4 Oct 11134 Feb
10010034 Nov 22 10094 Nov 22 10034 Nov 10434 Aug
300 7 Nov 19 7 Nov 19 334 Feb 1234 May
6 48
100124
30 9534
170110
200 52
50010094
264 106
12 65
20i 4
70c 52
87 21
365 8534
22 118%
100178
Nov 19 4834
Nov 19 124
Nov 18 9534
Nov 18110
Nov 16 53
Nov 18 101
Nov 18 106
Nov 20 65
Nov 18 4
Nov 16 55
Nov 19 25
Nov 19 87
Nov 21 110
Nov 22 78
Nov 19 48
Nov 19 121
Nov 20 90
Nov 18 100
Nov 16 52
Nov 16 97
Nov 18 1033-4
Nov 20 623,4
Nov 20 4
Nov 19 41
Nov 20 15
Nov 19 70
Nov 21 115
Nov 22 75
Nov 57
Feb
Jan 12434 Aug
Feb 105 April
Aug 110
Jan
Nov 6434 May
Feb 102% July
Feb 10834 July
Nov 10034 April
Aug 103,4 April
Jan 55
Nov
Jan 2734 Feb
Sept
Jan 87
Nov 151
Jan
Jan 81 April
Foreign Exchange.—Sterling exchange quotations were
Outside Market.—With the exception of the Tobacco
depressed during the early part of the week but closed at
issues, "curb" trading this week has continued quiet. There
partial recoveries.
To-day's (Friday s) nominal rates for sterling exchange were 4 82 for was a generally heavy tone in the first part of the week, but
United .Cigar
sixty days and 4 86 for sight. 'L'o-day's actual rates for sterling exchange later a firmer tendency was in evidence.
were 4 806504 8075 for sixty days, 4 8490©4 85 for cheques and 4 85400
selling down almost 2 points at
4 8550 for cables. Commercial on banks 4 783/s 64 80% and documents Stores corn. was the feature,
on heavy transfor payment 4 80% ©4 81. Cotton for payment 4 80P4 803/s and grain first to 1137 then developing strength, and
8,
for payment.4 80%04 81.
1183%—a new high point. The closeThe posted rates for sterling, as quoted by a representative house, were actions advancing to
to-day was at 1173-i. Tobacco Products pref. dropped from
not changed during the week from 4 82 for sixty days and 4 86 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 23% less
to 1023%, recovered to 1043/2 and moved back finally
1-16©5 233i for long and 5 20 less 1-1685 20 less 1-32 for short. Ger- 1033%
8,
many bankers' marks were 93 13-16©933'4 for long and 949-4 less 1-324394% to 103%. British-Amer. Tobacco fell from 233% to 227 but
Amsterdam bankers' guilders were 4034 less 1-16©403-4 less regained all the loss. Deere & Co. pref., a newly listed
for short.
1-32 for short.
4 with the final
,
Exchange at Paris on London, 25f. 233/sc.; week's range, 25f. 243'Ic. issue, was traded in between 101% and 1013 ,
high and 25f. 23c. low.
figure to-day 101%. Emerson-Brantingham corn., after
Exchange at Berlin on London,20m. 5034pf.; week's range, 20m. 5134 pf.
.
an early advance of a point to 77, ran down to 743%, the closehigh and 20m. 50pf. low.
to-day being at 753. The pref. lost a point to 100 and
The range for foreign exchange for the week follows:
Sterling, Actual—
Cables.
Sixty Days,
Cheques.
closed to-day at 101%. Houston Oil corn. sold up from 21 to.
High for the week _ _4 8080
4 8570
4 8515
Low for the week _A 8045
4 8470
4 8520
263. and closed to-day at 243/2. Manhattan Shirt corn, was
Paris Bankers' Francs—
traded in at 727 and 72, the pref. advancing from 1023%,
High for the week _..5 2314
5 20
5 193-4
to 103. Standard Oil of N. J. lost 3 points to 390, then rose
Low for the week _ _ _5 2334
5 2034
5 20
Germany Bankers' darks—
to 397 and dropped back to 389, ex-diy. The close to-day
9454 plus 1-32
High for the week -- 933-4
949-( plus 1-32
was at 391. Rivaling previous sensational advances made
Low for the week ___ 93 13-16
94 9-16
94 11-16
Amsterdam Bankers' Guilders—
by other Standard Oil subsidiaries was the reported gain made
High for the week __ 39 80
40 10
40 15
by Continental Oil this week of some 400 or 500 points to.
Low for the week _
40 07
40 12
39 75
--Chicago, 10c. per $1,000 discount. Boston, around 1,500. Borne, Scrymser Co., another of the segreDomestic Exchange.
par. St. Louis, 15c. per $1,000 discount. San Francisco, 10c. per $1,000 gated properties, moved up some 50 or 60 points to around
premium. Savannah, buying, 3-16% discount; selling, par. St. Paul,
.
,
10c. per $1,000 premium. Montreal, 46%c. discount. Charleston, buy- 230, though after this there was a considerable reaction.
ing, par; selling, 1-10% premium.
This latter company declared its first dividend since the
State and Railroad Bonds.—Sales of State bonds at the dissolution, $20. The Now York New Haven & Hart-,
Board include 81,000 N.Y.4s, 1958, at 101;$1,000 N. Y.4s, ford new 5% notes were traded in up from 99 11-16
3
1961, at 101; 81,000 N. Y. 4s, 1962, at 1013i and $2,000 to 99 13-16 and down to 99%. Western Pacific 5s weakened
from 843% to 833 , closing to-day at 837g. Copper shares
4
Virginia 6s deferred trust receipts at 553'.
In the market for railway and industrial bonds conditions quiet. Braden was off from 93/i to 83%, but sold back to 9A.Outside quotations will be found on page 1390.
remain practically identical with those which have pre-
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1381
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding
page.
_
STOCICS-HIOHRsT AND LOWEST SALE PRICES.
Saturday
Nov. 16
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov 21
Friday
Nov 22
Sates 01
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis ol 100
-share lots.
Range for Previous
Year 1911.
Lowest.
Highest.
Lowest.
Highest.
•
Railroads
10738 1077 1073 108
4
1073 1073 10714 10712 1075 10814 10734 108
8
4
12,500
Topeka 44 Santa Fe 10314 Feb 1 11134 Oct 4 99 8 Seri 11634 J'ne
7
1017 102
10134 10134 1102 102 *10138 102 *101% 102
•1015 102
8
431 A. Do pref
1013 Jan 2 10414 Feb 10 1003 Jan 10
4
512 J'Ile
*133 13313 138 138
13712 13712 13718 138
138 1388 13812 139
2,050 Atlantic) Coast Line RR
13318 Jan 10 14812 Aug 12 117 Jan 13914 Nov
4
100 1063 10612 10618 10614 10612 10614 10618 1063 1075 10714 1073
Raltimore & Ohio
4 5,150
x10114 Feb 1 11178 Aix:30
9312 Sep 10914 PlY
8714 *86
*86
87
87
8714 *86
8712 .86
*86
88
8714
100 a-5 Do pref
8618 Aug 13
8512 Aug
Jan 23
91 Jan
8914 8912 8918 893
4 8912 90
8934 0034 9138 9318 9214 9314 24,350 Brooklyn Rapid Transit_ 7634 Jan 2 91 J'ly 2
9413
72 Serb
845 J'ly
8
26614 26814 2663 267 8 26412 2653 26512 267
4
,
4
267 26814 2657 26734 24,260 i lanadian Pacific_
8
226% /deb 4 283 Aug 15 19553 Jan 247 J'1Y
*365 380 *365 380
368 368 *365 376 *365 375 *365 375
100 kientral of New Jersey _ 305 Jan 9 395 Apr 29 200 Aug
320 Dec
807 8114 8118 8118 81
813
8013 81
815 13,650 Chesapeake & Ohio
6814 Feb 1 8514 Oct 3
683 Sep
8
8634 Feb
1814 1814 183 1818 1814 1812 1814 1814 81
1814 8114 8113 1878 3,100 Chic Gt West trust ars_
1812 1813
1638 J'ly 12 2034 Oct 26
35
17 Sep
2514 J'ae
3514 *3412 353
4 3514 3512 3514 3534 3512 3512 *34
Do pret trust etre
3118 Sep 18 3913 Apr 8
3634 1,000
3513 Dec
4914 Feb
11414 1153 11534 116
4
11413 11514 11412 11513 113 116
115 116
30,520 Chicago 11111w & St Paul
,
9933 J'11 13 11734 Nov 7 10534 Oct 13312 Feb
11413 14134 *140 143 *140 143 *140 143
4
Do prof
141 141 *141 143
150
140
140 140
139 1397 13713 1383 13814 13812 13812 13913 139 14034 10,500 Chicago & North Western 13412 J'ly lb 146 Jan 2 141 Sep 15513 Feb
8
4
J'ly 12 145 Apr 26 13813 Sep 15013 J'ne
*180 190 *180 190 *181 190 *181 190 *181 190 *181 190
Do lord
188 Nov 9 198 Mch26 191 Nov 4209 Jan
*5112 53
53
53
53
53
*52
5913 53
53
*5112 6912
699 Cleve Olin Ohio h St L
52 Nov15 6212 Apr 23
4818 Sep
60 Jan
*97 10134 *97 10134 *97 10134 *97 1013 *97 10134 *97 101
Do prof
4
49578 Feb 24 10113 Apr 17
9414 J'ly
98 Feb
*167 169 *167 16812 16812 16813 16712 16713 168 168
16813 16812
400 Delaware & Hudson
166 J'17 8 17512 Feb 6 15912 Sep 1748 J'ne
•540 550 5498 54978 *535 551 *540 541 *540 541 *535 550
200 1Jelaware Lack & West_ 530 Aug 23 569 Jan 29 505 Sep CO Nov
213 213 *2134 2212 2112 2113 2134 2134 2213 2218 *2114 2212
4
4
400 Denver 41 Rio Grande
1813 J'ly 12 24 Mch27
1758 Dec
35 Feb
4012 4012 *40
*40
41
40
41
40
4014 4014 *3934 4034
Do pref
400
3414 J'ne 19 4814 Jan 24
3634 Dec
74 Feb
*812 9
*834 9
*838 9
.838 9
Duluth So Shore & Atlan
*83
8 9
•83
3 9
8 Sep 9 1134 May16
9 Nov
155 Mch
4.1612 18
*1612 18
1613 *1514 17
10
325
*1514 1714 17
Do prof
17
1513 Sep 9 23 May15
1718 Dec
3018 Mch
3334 3438 3418 3414 .341k 3412 341 343
8 3412 3478 3423 3434 0,900
3014 Jan 15 3918 Apr 11
2714 Jan
883 J'IY
8
5114 62
5134 5134 5118 5112 5112 52
5034 513
Do lit preferred
5214 5214 3,500 Erie
13
50 Feb 3 577„ Apr 11
45 8 Jan
5
6114 J'ly
4212 4212 *4212 4412 *4212 43
*4212 43
4314 4312 *4212 4312
Do 3d preferred
400
40 Feb 3 48 Apr 11
35 Jan
493 J'15r
4
13714 1377 13734 138
138 13812 1373 13818 13812 13914 13812 1393 11,200 Great Northern prof
4
126 Jan 15 14334 Aug lo 119 Sep 140 J'ne
4534 46% 4614 4638 4534 4638 46
4638 465 47
Iron Ore properties__
47
4718 3,100
36 Jan 31 53 Sep 26
3334 Dec
6334 Feb
127 12714 128 128
*127 129 *128 131
128 128 *12712 12812
813 Illinois Central
120 3 May 9 14113 Jan
5
2013 193 20
1958 19% 19% 1978 20
2 nterboro-Metrop v t ctfs 16 Jan 3 22 Ply 23 132 Jan 147 J'ly
4
20
2014 20
2012 19,700
33
2
1318 Sep
2038 Feb
65
6434 65
654 6513 66% 6553 6614 6014 663
Do prof •
4 6612 67
5333 Jan 3 6733 Oct 15
15,500
3934 Sep
568 J'11
4
*273 28
273 28
273 28
277 28
2734 2814 *2734 2814 1,900 [Tenses City Southern
2212 May29 3114 Sep 30
2514 Sep
3738 J'ne
641, 0112 *6118 63
*6118 63
*6118 63
6212 6212 6212
62
700 Ix- Do
56 May29 6553 Alc1225
preferred
6113 Sep
6934 J'ne
*13
15
*1212 15
15
•13
*1213 15
*1212 15
f ako Erie & Western__
*1212 15
1113 Jan 20 18 Apr 24
10 Sep
17 Nov
39
3812 .35
*33
*35
38
*33
.1J Do preferred
3812 *33
30 Jan 8 40 May21
3812 *35
38
25 Sep
40 Jan
173 17458 17334 17412 174 175
174 1744 1745 17513 1747 17618 25,400 Lehigh Valley
3
1557 Feb 5 18534 Jan 16 151 Sep 18678 Dec
8
116 14612 146 146
14534 1457 14512 148
8
14512 14612 14614 147
2,400 Louisville & Nashville
14512 Nov20 170 Aug 14 13613 Sep 16034 Nov
*131 133 *13112 13212 *131 133 *133 13412 *131 133 *131 133
anhat tan Elevated_ 13134 Sep 18 1383 Itch 13 13114 Sep 14212 Jan
4
2512 2512 *---- 27
160 Minneapolis de St Louis 1813 rly 24 2712 Jan 23
12512 2512
2113 Apr
4212 Sep
*47
50 *
_.
Do preferred
50
_
440 Feb 26 457 Jan 15
35 Mch
0312 Sep
1W 112 4 ii:iii Ili" iiii2 fill' 14038 14033 iiiia 14278 iii fii -- Minn St P & S 8 Marie
-32,iiio
129 Feb 3 15413 Aug 12 212434 Sep 15214 Mch
*150 153 *150 156 *150 156 *149 155 *150 150 *149 155
Do preferred
14714 Feb 1 158 Aug 19 140 Nov 160 Aleh
28
28
*2818 29
2812 2812 2712 273
4 2734 2834 2812 2812 1,400 MO Kansas & Texas
2558 J'ly 13 3134 Mch 2O
27 Sep
3818 J'ne
*58
6212 62
62
*60
04
*6178 6312 *6178 633
4 6313 6312
100
Do preferred
6234 Sep
5734 May29 66 Apr 17
70 Oct
4312 4414 438 4413 43
441
421 4334 4234 4414 4334 4414 21,060 Missouri Pacific
35 J'ly 12 4734 Atch27
3314 Sep
63 Feb
*62
64
*61
6414 *130
64
*62
65
*62
64
Mat Itys of ltex 1st pref 6218 Oct i 71 Jan 4
*62
6412
60 Aug
723 Jan
8
•27
2718 27% 27% *2634 2714 27
2718 273 2712 2734 2734
2638 Oct 18 367
700 11 Do 2d preferred__
257 Aug
8
3834 Feb
11414 11514 1143 1143 11412 11412 114% 11413 11434 11513 11434 11514 3,700 N Y Central & Hudson__ 10614 Jan 9 12112 Jan 20
4
4
Apr 25 3998 Sep 11512 Feb
135 135 *13413 13413 134 13412 133 133
13318 134
13314 134
1,547 N Y N II & Hartford__ 133 Nov20 14214 Apr 1 12373 Sees 15113 Feb
35
35
135
35
35
35
*3412 35
347 347
3413 35
750 N Y Ontario & Western_ 2J7 J'ne28 4134 Apr 12
8
373 Sep
4
43 3 J'IY
7
8918 8918 8934 8934 *883 9014 8912 8912 *8834 9014 8934 89 8
4
400 N Y State Railways__ _
3313 Oct 25 9334 Apr 26
11512 11513 116 116
11513 11534 115 11513 116 11618 116 116
2,385 Norfolk & Western
9934 Selz 11114 Nov
- /10734 Feb 1 11914 Aug 12
,
*90
9212 *9013 9212 91
91
*85
135 .88
94
*88
93
400
Do adjustment pref__
88 J'ne 12 92 Feb 17
8534 Apr
9114 J'ne
72
72
*72
75
*7212 80
7312 74
76
7434 7412 75
900 Nor Ohio Trac h
50 Mobil
3913 Jan
5534 Nov
12334 1247 12412 12514 124 12434 1233 1247 12413 12538 12434 12514 12,975 Northern PacificLight__ 115 8 Jan 15 76 Nov22
8
4
3
13112 Aug 14 11034 Sep 13778 J'ne
12314 12312 1231g 12314 123 12314 123 12314 123 124
12334 1237 10,421 Pennsylvania
8
12213 Jan 9 12614 May 2 11834 Sep 13013 Feb
*10013 10713 *104 10712 *10618 10712 *10618 10112 *10613 10714 107 107
100 Pittsb Gin Chia h St L
9813 Jan 2 11112 Sep 23
9013 Sep 100 Jan
*110 120
___ *110 120 *110 120 *110 120 *110 120
____
Do preferred
10512 Jan 2 117 Feb 20 10218 Sep 112 Feb
17013 172
170 172
1697 17114 170 17138 17134 173
17213 1727 369,350
3
14813 Jan 11 17914 Apr 29 134 Sep 16173 J'ne
.90
91
91
91
9118 9118 *90
9112 *90
0112 9113 9118 1,100
1st preferred
8712 J'ne 2i 9314 Apr 29
88 Mch
92 J'ly
*95
*95
97
97
95
95
95
95
*91
90
*94
2d preferred
96
350
91 Jan 11 10112 Apr 29
9013 Sep 101 May
2512 26
253 2618 253 26
4
4
2514 2578 2534 26
253 20
4
4,200 Rock Island Company
2213 May31 3012 Apr 8
2234 Sep
3438 J'ne
49
49
5
501 *49
5012 4914 495 *4914 5012 49
50
3,500
Do preferred
.5714 J'ly 16 595 Apr 9
4334 Dec
6858 J'ne
*20
2212 -------- 1912 2012 19
_
2012 1914 2014 19% 193
4 2,990 St Louis le San Fran __
19 Nov20 2913 Atc1226
23 Dec
27 Oct
*60
64
*60
63
61
61
603 6034 *60
62
*60
62
Do 1st preferred._ _
200
3
603 Nov20 6912 Jan 23
59 Sep
6914 rly
31
3412 *34
35
32
3413 2912 33
3012 3134 31
Do 2d preferred
3134 4,930
2912 Nov20 433 Apr 11
37 Sep
4
4012 J'ly
*30
:3912 3912 3912 *3834 3912 3914 3914 39
39
3834 3918 1,800 St Louis Southwestern__
2934 Jan 22 4038 Oct 4
24 Jan
39 Feb
*75
7712 *7618 7712 *75
7712 *7612 771 *7612 7712
7712 7712
6312 Jan 17 8033 Oct 4
Do preferred
300
503 Jan
4
72 J'ne
*2013 2114 2012 21
20
2012 2012 201 *2012-__ 2012 2012
900 Seaboard Air Line
PA Oct 25 2713 Apr 4
4834 4918 49
49
4834 483
4 487 49
487 4938 48
Do preferred
491
2,600
4713 Oct 25 5612 J'ne 7
8
1105 11178 11112 11134 111 11134 1107 11134 1115 11218 11134 1117 11,500 Southern Pacific Co
8
3
8
10513 Feb 1 11512 Apr 8 10412 Sep 1263 J'ne
2918 2934 2914 2934 2918 2934 29
2938 2934 3014 295 30
0,450 Southern v tr ctfs stmpd_
2813 Jan 31 32 Seri 30
2434 Sep
338 J'ly
817 82 .8138 8212 8114 8114 8112 811
8134 813
4 82
1,838
82
pref
do
6814 Feb 4 8678 Oct 2
6114 Jan
7514 J'ly
2414 2414 *2414 25
2414 2414 2312 24% 2312 24
24
2,250 ri exas & Pacific
24
2013 Jan 3 2613 Nov 7
1978 Dec
3014 Feb
3634 3712 38
38
37
3812 3812 391
387 387
5,450
hird Ave New
3812 387
35 Sep 14 4934 Jan 9
31 Nov
41 Dec
*4
578
414 414
413 434
412 43
4 *4
414 414 1,280 Toledo Railways & Lt_
5
3 Jan 15 105 Apr 16
4 Nov
814 Jan
*13
14
*13
14
13
13
*12
131 *12
14
*11
13
100 Toledo St L & Western._
12 Sep 11 1638 Mch27
12 Deo
24$4 Feb
.2912 33
*2912 33
*2913 33
*2912 331 *2912 32
311 3118
100
Do prelerred
28 J'ne 7 36 Apr 8
3478 Dec
5378
*1041.----'104'2 __ *10412 _ _ *10413 106
105 105 *10434 107
100 Twin City Rapid Transit_ 104 Oct 14 11118 Sep 17 104 Sep 111 Jan
Feb
17078 173% 1717 1727 1713 177238 17112 17212 17213 174
8 - ;
1725 173% 151.700 I 1-nion Pacific
160 Feb 1 17634 Sep 30 15313 Sep 19238 4'ly
0118 9118 9134 9134 915 913
8
4 9114 9138 *90
9114 *9013 9114 1,420 t-/ Do preferred
8814 Oct 31 9334 Feb 27
89 Sep
96 J'1Y
*36
37
*30
37
*3513 37
*3513 37
3612 3714 3712 3778
950 Unit Rys Inv't of San Fr 28 J'ly 11 3913 Oct 23
2813 Sep
49 Feb
•64
64
65
64
*6313 65
*6313 65
6418 6512 6512 6512 2,800
Do preferred
57 J'ly 18 68 Nov 7
52 Sep
7614 Mob
41
413
*9
433 434
41
4
4
418 414
4
4
1,750 W abash
934 Mayll
3 4 rile 19
534 Dec
3
1838 Feb
1414
14
1418 1412 1353 1414 1312 1358 1312 14
*133 1412 2,500 3 v
4
Do preferred
1233 J'ne 27 2278 Apr 9
1414 Dec
4034 Feb
55
55
*5412 56
5413 5412 543 5412 55
8
55
55 55
1,200 Western Maryland Ry___ 5334 Oct 30 6414 Atch25
4878 Apr
914 934 *9
66 J'ly
*8
912
912 *9
012 *83
4 912 *83
4 914
300 Wheeling & Lalte Erie_
4 Jan 10 1134 Oct 10
212 Sep
614 Feb
3113 32
32
30
31
30
*31
3212 32
32
*31
32
1,240
Do 1st preferred
11 Jan 3 3613 Oct 9
7 Sep
1758 Feb
1512 *15
1414 1512 15
15
*13
1512 15
15
*15
1513 1,450
Do 2d preferred
6 Jan 19 1712 Oct 9
3 Aug
8 Feb
*5312 55
*5212 55
55
*53
5213 5213 *5214 55
*5214 55
100 WIsconsIn Central
48 Feb 5 6213 Aug 12
48 Sep
7213 May
In dustrial&Mi
833 8512 8412 85
84% 85
85
8618 8514 857 84,290 A matrramatescellaneous
4
83% 85
8
d Copper_
60 Feb 1 9234 Oct 4
4434 Sep
7158 J'ne
*5613 5712 *5612 58
58
*50
*56
*50
53
58
*5612 57I2
(1 merAgrIcultural Chem
7 Nov12 6333 Nieh22
53
6313 Dee
44 4 Sep
3
*99 10014 *99 100
*99 100
*99 100
*99 103
*90 100
Do pref
98 J'ly 17 10414 Mch20
9911 Oct 105 Deo
5412 5434 50
53% 55
4 54
543
54
8 54
545
551,1 557
8 9,100 American Beet Sugar
523 Nov12 77 Sep 10
4
3914 Jan
5934 Oct
0...._ 94
00
90
94
*90
*90
91
04
0212 0012 9112
900
Do prof
1.
0 Nov20 10114 J'ne 19
9212 Jan 101 Oct
4013 4113 4012 4112 4034 4134 403 4134 4138 4234 42
4
4314 46,275 American Can
1114 Feb 1 4734 Oct 11
873 Jab
1213 Mal
122 12214 *12112 12212 122 12212 12212 1223 1227 134
4
124 12413 6,820
Do pref
77 Jan
9313 Dec
60
60
60
6012 5913 5934 5012 5978 60
6014 593 5034 2,000 American Car & Foundry 9058 Feb 1 12614 Sep 1(3
4
49 Feb 5 6334 Sep 25
42 3 Sep
3
5814 J'ly
•1177 1197 *11878 11073 11918 11918 11914 11014 *118/2 11914 *11814 11034
s
215
1)0 pref
115 Feb 14 120 May24 113 Oct 120 Mc
41
443
4 4313 4573 43
4634 4734 46% 47
4634 47
47
11,697 Amerlean Cities
3034 Oct 8 4734 Nov21
•80
8113 8012 807
8112 82
8 803 8118 8114 813
4
8213 8234 3,630
Do preferred
7514 Aug 6 831 J'ne 20
58
5912 5918 6014 5734 5912 573i 5914 5814 59
5814 59
28,650 American Cotton 011____
4512 Jan 19 6014 Nov18
4134 Nov
*95 - __
6238 Yet
*95 - _
*96 100
*9518 _ - *96 - -- *96 - - ...___
Do pref
95 Jan 19 991 Feb 13
92 Nov 10513 Feb
53 53 - 4
4 535353
8
512 - 4
512 .518 - 4
534 512 *518 - 53800 Amerloan Hide & Leather
3 Feb 19
714 Sep 23
313 Sep
5 J111
*213
2812 23
28
2713 271: 2712 2712 2712 2712 *2712 30
600
Do pref
•
20 Feb 26 34 Sep 24
237 J'm
13 Sep
1912 1912 1913 1912 *193 20
20
8
1914 *18
19
1914 1914 1,100 American Ice Securities_
18 Jan 2 3034 May20
11:12 Aug
4
4
123 1334 1234 13
253 J'111
1234 1234 1234 13
1314 133g
1313 131
4,100 American Linseed
9 Ateh 6 177 Apr 23
3414 3414 335 3418
3 Aug
8
35
35
123 Fel
8
343 *3312 35
4
3334 3334 34
1,600
Do pref
30 Feb 20 43 Apr 23
2618 Oct
4534 46
3413 Dec
4612 4712 4634 4734 4634 4734 47
475
463 473 18,750 American Locomotive
4
3134 Feb 27 4712 Nov18
3213 Oct
4314 Ma:
1063 1063 *10612 10713 *106 108 *106 10812 10714 10714 10634 10634
4
4
320
Do pref
103 Jan 15 11013 Aug 14 102 Oct 11034 Mel
15
*1413 1514 *14
*1414 15
*1412 1512 15
1514
1434 15
500 American Malt Corp
43 Jan 10 191 Aug 5
4
3 Sep
6 s Jar
3
6214 6212 6214 6214 6213 627
6258 6234 6234 623
4 6212 6234 1,400
Do pref
42 Jan 8 6914 Aug 14
3112 Mch
435 J'13
86
*843 8534 *85
4
8514 8514 *85
86
*85
86
*85
80
100 Amer Smelters See pref 13 85 Nov15 8912
22 Sep
8918 J'1)
7814 793
4 79
7912 78
4 7914 793
7913 7934 8138 801.4 811 26,950 Amer Smelting& Refining 6778 Feb 1 91 J'ne 10
Sep 26
5638 Sep
1063 10634 106 106
4
8378 J'n
*1061 107 *106 108
10612 10638 1067 1007
3
8
863
Do pref
10233 Jan 2 10938 Sep 26
9834 Sep 10812 J'n
Reading
Do
BANKS AND TRUST COMPANIES-BROKERS' QUOTATION&
Banks
New York
Aetna
America 11...
Amer Exch.
Battery Pk.
Bowery].._.
Bronx13orol
Bronx. Nat_
Bryant Pk 1
Butch di Dr
3enturY 11
Obese __.
1A:
203
620
1230
12.4
400
300
1,
,0
155
130
230
760
Ask
210
630
....
130
_.
____
1J5
___
140
235
790
Banks
Ilid
Chat&Phenls 183
Chelsea Eat 140
Jhemlcal __ 445
attzens' Ctl 190
City
1435
Coal & Iron 157
Colonial 11.... 425
Colunibla 11. 335
Commerce _ 1203
Corn lex II- 321
dast Myer- 93
Fidelity 1... 165
Ask
Banks
BL1 Ask
Dia
Banks
187 Fifth Avail- 1300
____ Rardmart _. 290
155 Fifth
300 325 Imp & Traci 557
450
First
1005 1023 Irving
200
193 Fourth
1202
____ Liberty--635
____ Garfield
280 205 Lincoln__ 375
165 Germ-Ala t 143
_. Manhattauli 350
-. Germ'n BM] 400 453 \fark'thleul 233
315 Germania 11.. 525 540 Aleche4Met's 1270
___ Gotham
158
163 \torch Each 1;56
327 Greenwich li 250
____ Merchants'. 200
100 Hanover- 705
720
175
Ask
313
570
204
663
____
355
259
_. _
162
210
Banks
Metropolis 1
Aletropol'nt
Mt Morris.
Mutual e___
Nassau ____
New Neth..1
NewYerken
New York_
FacifIcli--Park
People's 111„
Hist
375
190
20)
285
215
220
825
400
255
368
240
Ask
385
198
___
295
225
____
___
410
263
153
250
Banks
Prod Each 1
Reserveleaboard -Second ____
SeenrItyll .._
aberman___
Statej .......
234
&reit
Vteon Exc.,
Nash WU '1,
West Side 1,1
Yorkville ?,_
Ma
Ask
16713 17212
459
__
375
400
_____ 115
1,35
_-40
260
175
162
103
275
_....
575 625
,
Cl')
......
• Bid and asked prices : no sales were made, on this day.
tEx-rIghts. Mess
1 Sale at Stock Exchange or at auction this week. it First Installment paid. than 103 shares. tState banks. a Ex-div dead and rights. a New stook.
n Sold at private sale at this price. z Ex-dividend. 1 Pull paid.
For record of sales during the week of stocks usually inactive see seconl iag
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Satyrday
Nov. 16
EvoL. Lxxxxv.
New York Stock Record-Concluded-Page 2
1382
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday
Nov. 20
Thursday
Nov 21
Friday
Nov 22
Sales 01
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
',receding,
flange since January 1
On basis o1 100-share lots
Lowest
If(guest.
Range ior Previous
Year 1011.
Lowest.
(Con)
Industrial and Misc.
•
1,23,
b 9 10
h 6 99 Oco8 225 Sep
5 Aut 15
19112 19112
192 192
420 American Snuff
193 193 *190 193 1191 191
*190 194
Feb
Do pre, new
*100 105 *104 105 *104 105 *104 105 *104 105 *104 105
25 Sep
300 Amer Steel Found (new). 26 Jan 19 4438 Oct 8
40
*38
40
*39
40
40
40
*39
40
*39
41
*40
12034 12034 1,400 American Sugar Refining 11434 Jan 12 13312 May13 11214 Sep
• 12014 12014 12014 12014 12014 12014 12014 12012 121 122
11513 Jan 5 124 Sep 27 111 Jan
Do pref
200
12028 12012 *120 123 *120 123
*120 122 *129 123 *120 123
2
13758
14234 14278 14234 14278 14258 14258 14214 14234 14212 14258 14218 14212 3,000 American Teleph & Teieg 21118 Jan 29 14918 Mch 25 13112 Aug
Feb
32412 J'iy 1
525 American Tobacco
268 270 270 270 *26812 270
*267 270 *268 273 *267 273
10114 Jan 11 10633 Jan 19
Preferred, new
500
105 10514 *104 105 *105 10512
10412 10412 10414 10414 *104 105
18 Nov19 31 MayI7
2512 Dec
1912 20
1978 2012 1,010 American Woolen
18
13
*19
23
18
19
20
20
7912 Nov 19 9412 hich11.
8514 Oct
Do prof
8 81
8114 3,070
7912 7978 7912 8018 8012 807
82
84
793 81
4
2412 Sep
600 Amer Writing Paper, prf. 2518 Jan 25 413 May 2
8
36
343 *33
4
3334 *3:3
3212 3314 *33
, 333
4 3312 3312 *33
4278 4378 4338 4334
4314 4358 4338 4358 4358 4418 4358 4418 9,300 aAnacondaCopper Par$25 334 Feb 1 $48 Oct 2 $29 Sep
,
Assets Realization
10512 Feb 7 12712 Oct :s 10612 Dec
*12112 122 *121 122
*12112 12312 *12112 1224 *12112 122 *12112 12258
5358 J'ne 18 6034 Aug 3()
• 900
Locomotive
56
8
5634 563 5638 5612 5612 56
57 *
573
4 56
*57
10234 Feb 2 10818 J'ne 17 10314 Dec
600 Baldwin pret
110 Do
107 1074
10678 10678 107 107
01067 10714 107 107 *10678 107
8
.0 Sep
• 2734 Feb 27 515 Oct 2
8
• 4014 413
4 40
3912 4014 4038 4114 4034 4114 29,650 Bethlehem Steel
4112 3918 41
5612 Feb 27 80 Sep 23
54 Sep
Do pret
3,200
71
71
70
70
7034 6812 6958 6812 69
713
4 70
70
Brooklyn Union Gas____ 13712 Nfch21 149 Aug 12 z129 Sep
*143 146 *142 146 *143 148 *143 146 *143 146 *144 146
28 Feb
29 Nov22 4018 Apr 30
8 29
293
700 Butteriok Co
8
4
31
31
*30
32
3012 3012 *2912 3112 297 297
(
4
6112 6034 6158 6114 6312 623 6414 6312 6418 40,300 ialiforPetrol vot tr ctfs 5934 Nov12 7212 Oct
6013 6112 61
8
9078 9112 9112 9112 913 9112 4,600 k-I Do pref vot tr ctts 8934 Nov18 9512 Oct
91
90
9014 8934 90
90
8
1007 1007
8
8
600 Case(JI)1 hreshMpt tr ctfs 100 Oct 18 101 Nov 6
4
1003 10034 *1007 101
*100 10012 10012 10012 *100 101
1834 Sep
4
2958 30
1612 Feb 27 3358 Sep 24
0,800 C entral Leather
4 2814 2858 283 30
2834 2912 2758 283
2878 30
9118 Dec
80 Feb 27 10012 Oct 17
4
Do pret
4
1,600
963 963 *9512 97
*9512 97
964 9618
97
955 9712 95
8
4 4778 4858 21,530 dChino Copper__ _ _ Par $5 $25 Jan 15 $5038 Nov 8 $1612 Sep
8
48
484 4812 4858 4814 4812 477 4812 4818 483
25 Sep
2318 Feb 28 43 4 Sep 26
3
3634 37
36
3634 363
4 1,900 Colorado Fuel & Iron__
3612 36
3638 3634 3638 3612 36
4
14112 1423 14214 14312 143 143
5,600 Consolidated Gas (N Y): 13814 Feb 17 14912 Aug 12 1283 Sep
4
142 142
142 14212 142 142
958 Oct
10 Jan 16 2218 Oct 19
2 1714 174 14,700 Corn Products Refining
8
8 157 175
1534 1534 1553 157
1534 16
1534 16
73 Sep
27614 Jan 3 8912 Oct 18
7812 8112 8112 8112 2,700
79
79
Do pref
80
7934 *78
79
8018 79
29 Sep
28
2634 28
4,400 Distillers' Securities Corp 25180ct 25 3614 Aug 21
27
2734 267 2734 *2614 2712 2658 274 27
8
13 Dec
18
1338 1312 *13
200 Federal Mining & Smelt'g 1114 Feb 28 2134 Sep 25
*1338 18
18
*1312 18
*14
*14
18
37 Dec
3718 Jan '23 5234 Sep 26
44
45
Do prof
800
24414 4414
*4212 46
4214 4214 43 43
44
*43
155 Jan 2 18812 J'iy 25 142 Sep
8
1825 18514 18412 1847
8 4,400 General Electric
182 182 *182 188
181 181 *18114 183
35 Nov
30 Feb 28 424 Sep 3
3512 3578 *3412 36
775 Gen Motors vot tz ctts
353 36
4
35
*3412 36
*3412 3514 35
7412 Dec
7014 May 3 82 4 Sep 3
3
Do pret vot tr ctfs
82
800
78
78
7914 7914 *78
78
*763 78
4
78
*7634 78
$312 Oct
238 212
238 212
238 238 10,750 dGoldneld Con M Par $10 5238 Oct 9 $5 Mch 18
238
238
212 212
212 212
27018 Nov 4 81 Sep 9
1,600 Goodrich (B F)
71
7038 71
7014 7014 7112 7134 7112 7112 7012 7114 71
106 Sep 26 10912 Sep 16
600
Do pref
10714 10712 *107 10734 10714 10714 *107 10712 107 10714 *107 10714
500 dOuggenh Explo_Par $25 353 J'ly 11 46238 J'ne 14
55
4 55
*543 553
4
55
55
5518 55
*55
5512 *5514 56
2058 2038 205 31,800 d I nsp'n ConCop Par $20 $1814 J'ne 3 $2118 Oct 10
8
1938 1912 *1012 2038 1912 1912 1912 1934 20
9918 Sep
120 12034 120 12014 120 12114 3,000 -international Harvester 10514 Feb 1 12678 Sep 10
121 121 *120 12212 121 121
4
Do pret
11512 Nov22 1213 Apr 4 115 Sep
100
*11314 11934 *11314 1193 *1134 118 *11314 11714 *11314 11714 11512 11512
4
314 Sep
4 Mch 7
778 Mch 29
400 Int Mer Marine stk tr ctfs
514
5
5
514 514 *5
*5
512
5
*478 512
5
14 Aug
300
Do prat
1534 J'ly 30 26 Mch 29
2012 2012 20 20
*1912 20
2012 *1938 20
*19
2014 *19
938 Jan 17 1034 May23
7,600 International Paper
0 Sep
4 1334 14
1314 1314 133
*13
13
1314 13
12
13
13
4458 May
24578 Jan 3 6278 May23
Do pref
5312 537
8 5312 533
54
4 4,750
*52
54
*52
52
54
64
54
23 Nov 9 34 Jan 2
23 Oct
2614 2612 2612 *2512 27
1,600 Internat Steam Pump
2812 26
*2412 28
254
2478 25
*79
80
80 Oct
80
7858 Nov 4 8458 Apr 8
*7834 7912
200
Do pref
4
793 7934 *79
4
783 783 *7912 80
4
*91
94
*91
94
94
9114 Nov16 9534 Oct 24
*91
200 Kayser & Co (Julius)
04
9114 9114 9234 9234 *91
4
108 Nov 4 103 Oct 24
200 Do 1st pref
*107 109 *107 10912 *107 109 *107 10912 10812 1083 *108 109
71 Sep 25 8912 Oct 2
200 Kresge Co (S S)
8178 8212 *7812 8312 *7812 8312 *7812 8212 *7812 8312 *7812 8312
100 Oct 30 10512 Oct 2
pref
Do
0101 10312 *101 1031 *10112 10312 *101 10312 *101 10312 *10112 10312
30 Sep
29 Mch21 5512 Sep 30
60
5012 50
49
50
4912 5014 51
50
2,000 Lackawanna Steel
50
50
50
104 Mch 16 10334 Jan 4 10114 Sep
440 Laclede Gas (St L) corn
10578 10578 10512 10512 10512 10512 *10538 106 1106 106 *10512 106
21434 21434 *214 215
4
250 Liggett & Myers Tobacco 15678 Jan 15 225 Oct 18
21434 2143 *213 215 *211 21412 *212 215
10512 Jan 12 118 Aug29
Do preferred
134
11612 11612 *115 117 *112 117 *112 117 *114 117 *112 117
4134 *41
4178 4118 4118 4118 4134 4112 4112 4158 4158 2,200 Loose-Wiles Bis tr co offs 41 Nov16 474 J'iy 26
41
10212 Oct 7 10538 Nov16
Do 1st pref
344
10412 10538 *1044 10512 10412 10412 *10414 10512 *10412 10512 *10414 10512
90 J'ly 22 9234 Oct 14
Do 2d Prof
100
0034 9034 *9012 9134 *9034 9134 *9012 9112 *9012 9112 *9012 9112
70 Apr
8138 8112 *8018 8258 1,400 May Department Stores_ 69 Apr 11 88 Oct 7
8112 8112 8012 81
*82
8258 815 82
8
Do prat
10534 J'ne 24 112 Jan 11 10734 Sep
*106 10712 *106 10712 *106 10712 *106 10712
*10534 10712 *1053 10712
4
6234 Apr 20 9012 Oct 17
20,700 Mexican Petroleum
8518 84
85
8414 84
8112 82
80
81
8012 8012 80
3
2814 11,000 &Miami Copper__ _par $5 $2318 Feb 14 $3014 Sep 25 $163 Set)
2814 2812 2838 283
4 2814 284 2814 2838 28
8 2814 283
600 Vational IlIsoult
12912 XIV 26 161 Apr 30 11714 Jan
8
*13258 13312 1327 13278 13212 13212 13212 13212 13212 13212 *1324 13312
200 iI
Do pret
123 Oct 4 131 J'ne 19 124 Jan
12478 12478 *12214 120
125 125
*12214 12612 *12214 12612 *12214 126
1,525 Nat Enamel'g & Stamp'g 1214 Feb 29 26 Oct 15
1212 Dec
21
*2012 22
2012 2012 2012 2012 21
2058 2078 *2012 22
9312
*91
93
Do pref
85 Jan
9314 *91
88 Feb 27 9512 Jan 2
*91
93
9312 *91
*91
93
091
6012 6158 8114 6114 4,800 National Lead
4212 Sep
5118 Jan 9 6814 Oct 7
5914 5914 60
59
60
5934 6012 59
450
Do pref
8
8
8
10512 Feb 1 11078 Nov20 104 Sep
*110 11012 *11014 11012 111012 11012 11012 1107 *11012 111 21097 1097
8
2318 7,000 dNev Cons Copper_Par 35 21314 Jan 29 $2418 Sep 30 $1518 Sep
8 2258 2278 2212 2258 227 2318 23
4
2258 2278 223 227
45 Oct
82
50 Feb 17 85 Nov18
82
*81
8312 2,825, New York Air Brake
84
8378 8412 83
85
: 814 8214 84
64 Jan
8412 8334 8334
200i North American Co (new) 7412 Jan 3 8778 Aug 21
__ ___ *83
83
8312 83
*8312 ... *83
2313 Apr
8
30 Jan 3 33 Sep 30
3412 3412 3414 3412 3434 3434 347 364 3514 3534 3,6501 1./acific Mall
*3414 35
35 Sep
4912 493 *49
4
50
5001I- acilic Teiep 53 Teleg- 47 Feb 5 5538 Apr 25
50
*49
*49
50
50
4918 4912 50
11612 11634 4,000 People's G L & C (Chic)- 103 Jan 8 12212 Oct 9 10112 Aug
115 11512 11512 117
4
1163 1153 116
8
8
116 1163 1164
17 Dec
1634 Mch 1 2714 Aug 14
2334 24
2334 24
1,950 Pittsburgh Coal Co
23
23
23
2378 2314 2314 123
23
6734 Jan
77 Feb 8 10034 Aug 14
4
Do pref
923 9318 93
94
1,800
: 9134 9212 9212 9212 *9112 9314 *9112 93
206 206
167 Mchll 21512 Oct 18
206 206
910 P. Lorillard Co
204 205
210 *205 208
206 206 *205
Do preferred
10734 Jan 12 118 Aug 20
8
8
8
*114 117 *11434 117 *11434 1167 *116 11678 *116 1167 *116 1167
25 Sep
*38
2834 Feb 27 4078 Sep 30
3814 1,200 Pressed Steel Car
37
374 3712 3734 3734 3734 3734 3758 38
37
Do ores
91 Sep
8
300
96 Feb 28 10334 Aug 16
*101 10112 10138 1013 *10114 10112
'10114 10114 10114 10114 *101 10112
100 Pub Service Corp of N J. 10634 Feb 17 12078 Aug 13 108 Oct
114 114 *112 116 *112 116 *114 11514 *112 116
0112 116
15812 Feb 2 175 Aug 21 154 Sep
950 Pullman Company
4
• 16612 1663 18612 16612 16612 16612 *165 16612 16612 16612 *16512 16612
26 Oct
2712 Feb 8 4034 Sep 25
4 1,100 V allway Steel Spring
3714 *3614 3712 3712 373
37
3658 3658 *3612 3712 3612 37
92 Jan
it
, Do pref
100 Mch 12 105 Aug 28
0100 10212 *100 10212 *100 103 *100 10212 *100 10212 *100 102
2238 22
2238 2238 224 2214 225 26,910 dRay ConsCopper Par $10 $16 Jan 29 $2418 Sep 23 $12 Sep
8
, 2218 2212 2238 2258 22
18 Oct
1534 Feb 26 35 Oct 4
2818 2734 2814 11,400 Republio Iron & Steel
2912 2812 2914 2778 2812 2614 2758 27
29
7418 Oct
Do pret
6412 Feb 27 9338 Oct 25
5,400
90
90
9018 8812 8934 8912 8912 00
91
9112 9034 91
9814 Nov16 101 Nov14
• 9814 9834 9834 9834 9812 9834 9812 9878 9812 9938 9812 9914 3,200 Rumely (M) Co
100 J'ne20 10312 Oct 25
200 Do pref
*10212 10312 *10212 10314 10338 10338 10212 10212 *10212 10312 *10212 10312
140 Jan 15 221 Nov 8 12512 Sep
21614 21712 21878 21738 216 21634 3,150 Sears, Roebuck & Co
217 217
2164 217
21512 210
34 Sep
54
*4812 53
*50
53
700 Sloss-Sheffleld Steel & Ir. 3914 Jan 30 5934 Sep 20
50
50
50
*4812
50
50
; 50
15 Aug
1614 Jan 19 3312 J'ne27
2912 2012 *294 31
30
30
500 Standard Milling.
2812 29
' 2814 2814 *2818 30
50 J'ly
Do pref
• 53 Jan 8 66 Oct 2
200
• *6212 6312 *8212 6412 *6212 6334 6312 6312 634 6312 *6312 64
43
*42
44
4312 4312 1,400 Studebaker Corp (The).. 30 J'ly 10 4912 Aug 0
, .4112 4212 4212 4378 *4112 4312 43
9012 J'ne 28 9818 Aug 13
*9412 97
*9412 97
Do pref
*9412 97
*9412 97
*9412 97
*9412 97
4114 4112 1,650 dTennessee Copp_Par $2t $3413 Feb 1 $474 May21 $3014 Sep
4058 4034 4012 4058 *4014 4034 4034 41
• 4034 41
7412 Nov
8
81 Jan 16 1305 Sep 7
122 122
122 122
1,350 Texas Company (The)
120 121
• 119 11914 120 120 *11834 121
03 Mch
104 10434 • 1,500 Underwood Typewriter. 9834 Apr 3 11534 J'ne 28
4
4
4
' 1053 1053 1053 1053 10512 10512 105 10512 105 105
4
100 k) Do pref
110 J'ne 14 11412500 17 103 Mch
114 *113 114
114 114
*113 114 *113 114 *113 114 *113
43 Dco
4
.
458 Jan 25 1778 May15
812 878
714 53
9 9
918 918 6,200 Union Bag & Paper
4
818 812
812 87
8
5018 Nov
Do pref
4812 Nov15 6734 May15
52
52
1,550
52
5212 *52
54
51
50
4978 5018 51
47
11 Sep
300 U S Cast 1 Pipe & Found]
13 Feb 16 2212 May16
19
19
1958 1938
*1812 20
*1812 20
1834 1834 *1812 20
240412 AugS
Do pret
50 Jan 4 6438 Oct 18
*5912 63
270
83
*5912 63
*60
63
4
3
. 6018 6018 60 4 603 *60
,
100 U S Industrial Alcohol..
26 Jan b 5714 Sep 2
50 *.--- 52 *___ 52
50
55
*50
52
*50
55
*50
6518 Jan
67 Jan 31 8612 J'ly 18
*81
83
100 U S Realty & 1rnprov't_.
*81
83
81
*7934 82
81
*793 82
4
; *7934 82
3012 Sep
4514 Feb 1 6778 Ma72
5438 554 5512 5618 5618 5778 5818 5938 5912 6038 5878 6018 50,550 United States Rubber__
Do 1st pref
10558 J'iy 25 116 May20 104 Sep
8
4
• 10758 1075 *1073 10812 10814 10814 10812 1087 109 10914 109 10938 1,053
8
60 Sep
Do 2d pref
75 Jan 23 8512 May2
80
800
• *7918 8014 *79
8014 8014 8014 80
80
80
8014 80
50 Oct
5814 Feb 13 803 Sep 30
4
4
754 7558 330,700 United States Steel
7478
7378 7434 743 76
' 7358 7538 7438 7514 74
Do pref
10738 Feb 13 117 Sep 30 103 Oct
2,976
4
8
11134 11214 1113 1113 1113 1117 11112 11158 11134 11238 112 112
4
4
6358 6358 6414 633 6418 15,270 dUtah Copper_ _Par 510 $5212 Jan 29 $6712 Sep 30 $38 Sep
4
63
6234 6312 634 6312 6278 6312
45 Sep 10 5714 Jan 26
4318 Sep
4638 464 2,600 VirXinia-Carolitia Chem_
4634 4658 47
4612 4718 4634 467
8 48
• 4538 46
Do pret
11514 Nov 11 122 Mch27 114 Sep
11534 11534
138
*11514 116 *11512 11634 1116 116 *115 116 *11538 116
79
1,100 Western Union Teleg_
713 Apr
8
7712 Nov13 8614 Jan 18
*773 784 7812 7914 79
4
7778 78
78 78
78
78
5858 Sep
6614 Jan 3 8012 Aug 9
8012 8034 8012 8012 8214 8212 8212 8212 5,100 12 estIngh'seEl &Mfg as
8034 81
807 81
8
Do 1st pret
11478 Jan 5 126 Aug 8 11012 Aug
*122 130 *122 130 *125 130 *125 130 *122 130 *122 130
115 115
3,100 Woolworth (F W)
9212 J'iy 25 11778 Oct 2
11518 1157 *11514 11614 11514 11514 115 11512 11512 116
8
Do prof
11:314.1'1y 29 11634 J'iy 2
110
4
•11512 ____ *114 ___ 1153 11534 *11512 ____ *11512 ____ *11512 -___
Highest.
325
May
5212 Feb
12212 Feb
11912 Feb
15318 J'ne
3012 Mch
9614 J'ne
3412 Feb
$4118 J'ne
108 Deo
107 Dec
3818 Aug
663 J'iy
4
14814 Nov
31 Mch
334 Feb
105 Feb
$2712 Dec
3638 Feb
14812 J'ne
1534 May
85 My
3814 Mch
36 Feb
6612 May
16838 May
5134 Aug
8658 Aug
2778 Jan
12938 May
12814 May
578 Jan '
2212 Dec
1338 Jan
5638Jan
44 Feb
0012 J'ne
48 Apr
11412 Jan
87 J'ne
11314 J'ne
52412 Dec
14334 NoV
130 Feb
22 J'iy
1003 J'11
4
,
59 Feb
1093 Aug
4
$2114 J'ne
76 Feb
7434 May
3338 Nov
5458 Jan •
109 Jan
2314 J'ne
0078 J'137
3738 J'ne
10234 J'ne
120 Feb
163 Jan.
39 J'ne
103 J'no
$19 Deo
3514 Feb
993 Feb •
8
102 Feb
5614 Feb •
1718 J'ne
53 Dec
844 J'ne
13812 Feb
111 J'ne
11378 J'ly
0 Feb
5912 Jan
19 Feb
0 Feb
y
May,
7934 May
4812 Deo
11512 J'iy
70 Mch ,
8218 Feb i
12078 Feb'
$5778 Dec
7038 Feb
12
812 Mch
8412 MaT
79 May
123 Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
Banks
• Brooklyn
Coney Isidi
First
280
Greenpo Int
Ask
155
295
160
125
Homestead/
115
Manutac'rs 405 425
Mechanics'/ 230 240
150
Montauk
21/- 225
Nassau __
295
Nat City-. 275
Banks
Brooklyn
Narth Side /.
People's
Prosp'ctPli/
Bid
175
145
150
Ask
200
155
165
Trust Co':3
N Y City
400
Astor
Ilankers"fr 565
B'way Tr
170
410
575
178
Bid
Ask
Trust CO 1
.
N Y City
Central '1'r_ _ 1035 1045
ColumbiaKnickerb 560 570
Commercial
9712
Empire
300 if&
Equit'bie Tr 535 540
Farm Lo&T
1360
Fidelity
218
Ful ton
315
Cluar'ty Tr_ 620 630
SE"
Trust Co's
N Y City
Guardian Tr
ilt(Lson
Law 1'I&Tr
Lincoln Tr.
Metropol t'n
'
Mutual Alliance
Alut.( Westchester)._
Bid
80
135
215
440
Ask
Ho"
220
140
450
145
152
190
150
Ask
Truss Co'3 Bid
N Y City
NY Life& fr 1060 1080
N Y Trust. 630 645
510
TitieGu & Tr 505
Union Tr.. 1290 1310
US Mtg&-Tr 470 485
Unit States_ (125
Washington f376
160
Westchester 150
185
‘Vindsor
Trust CO's
Brook lyn
Brooklyn Tr
Citizens ___
Cranklin _ _ _
i iamilton
[tome
Kings Co
L is! L & Tr
Nassau
Peoples'
4ueens Co_
Bid
Ask
475
150
400
275
118
520
300
130
295
100
310
ifer
idi"
no
!Bid and asked prices' no sales on this day. 0 Less than 100 shares. t Fx-rights. a Ex-div. and r ghts. 8 New stock. d Quoted dollars per share. ,
4
Sale at Stock Exchange or at auction this Week. s Ex stook dividend. 11 Banks Marked with a paragraph (11) arc State banks. x Ex-dividend. . 3
1383
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1900 th3 Exchange method of quoting bonds was changed, and prices are now all-"and interest"-excep for income and defaulted bonds.
i.
tlI:
BONDS
Y. STOCK EXCHANGE 'E
-,a.
Week Ending Nov 22.
Price
Fridav
Noa 22
Week's
Range or
Las: Sale
Q.
a
alol
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE ,t
Week Ending Nov 22.
.o,
Wcelea
Range or
Last Sok'
ange
ince
n 1
-----High No. Lou High
Ask Low
Bid
100 10178 101 Nov'12 ____ 101 10412
10913 110 10978
1 109 11134
1097
4
10834
1o988 10938 10 1093511114
093 993 9938
9934 45 9:, 103
.
4
98 9938 0933 Nov 11 _.-- _ _.
9278 Sale 0234
69 92as 34
93
858 83 861 Nov 12 ____ 86 89
_
$3 __ 8812 Oct '1. ___ 85 8812
10212 __ 10134 Mar12 ____ 10114 10134
8314
84 May'12 ____ 84 863
4
9378
92 ___- 93 Oct '12 ____ 913 06
4
8854_ ___ 0012 Aug'
9012 9012
8712 ____ 95 Oct 'It ____ .._
12____
7212
_.__ 69 69 Nov'12 ____ 69
05 6514 6514
3 6014 6512
6514
991 100 100
100
2 9918 100
8514 86 86 Nov'12 ____ 8334 88
83 ___. 8614 Aug'12 ---, 8512 8614
9 9753 10018
981 Sale 981
9814
96 _- 97 Sep '1k ---- 97 9911
8
10334 ___ 10418 Oct '12 __ 1037 105
9812 100 9812
0813
3 9812 99%
2 90% 9958
9612
062 Sale 9612
9812 97 9658 Sep '12 ..... 9635 96513
2 98 4 9912
4
9834 Sale 9834
983
Price
Friday
Nov 22
No. Low High Chesapeake & Ohio___ 1007t 10118
Gen funding & impt 5s__1929 J -J
1st consol gold 52
____ 1003 1013
4
4
1939 11-N
• Registered
4
102 1023
1939 n-N
General gold 434s
10 10112 10314
1992 M-S
Registered
1 11314 1145p
1902 11-S
4
____ 11314 1143
Convertible 4 ;is
1930 F-A
Big Sandy 1st 4s
1949 J -D
1 1013 101
: Coal HIV ny 1st Cu 4s
8
1945 .1 -D
Craig Valley 1st g 5s
1940 J-J
Potts Creek Br 1st 4s
Foreign Government
1946 J-J
It & A Div 1st con g 4;:1989 J -J
Lrgentine-Internal 55 of 1009_ 111-S t 0612 98 0612
97
11 9512 100
2d consol gold 4s
)1iinese (Hukuang) Sty 55 1:____ J -D t---- 91 01 Oct '12 ____ 91 9,512
1989 J-J
Greenbrier Ity 1st gu g 4s 1940 M-N
inperlal Japanese Government
Chic & Alt RR ref g 35
Sterling loan 4345
1925 F-A t 00 4 Sale 9012
9114 12 0012 94
3
1949 A-0
Railway 1st lien 3 34s
2d Series 4 ;is
93
1925 J-J I 90 Sale 803
1950 J-J
4
90t8 13 893
4
Sterling loan 49
1931 J J t 83 8312 83
83
5 8253 8818 Chic 13 & Q Denver Div 4s 1922 F-A
Illinois Div 3 345
lepubilc of Cuba Is exten debt_ M-S 310112 Sale 10112
10112
6 10112 101
1949 J-J
llegisteied
External loan 434s
99 Aug 12
98
1949 F-A t
1949 J-J
99 0914
Illinois Div 43
inn Paulo (Brazil) trust 52_1919 J -J t 97 9712 98 Oct '12 ___. 9718 9834
1949 J-J
Registered
Cokyo City loan of 1012, 5s____ M-S ..„ 933 9173 Sep '12 ____ 9178 05
1949 J J
4
Iowa Div sink fund 52_19111 A-0
J S of Mexico at g Is of__ 1899 Q-J 1 051 416 06 Oct '12 ...... 0512 9714
;
Sinking fund 45
Gold 4s of 1904
1919 A-0
88 01
1954 J-D
94 89% Nov'12
Nebraska Extension 4s 1927 n-N
:These are p rico on /lobe 315 6 I 35 to £.
Registered
State and City Securities
1927 111-N
Southwestern
So u th ut uoe,rsie rnDlv 4s__ N0rtb1 11-S
J o unetnw
ei
Grea
g Y Clty-4 3,g's
192
1004 55 100 103
1960 M-S 100 Sale 100
See
4% Corporate Stock
98
37 97 10018
1959 11-N 97 Sale 97
4% Corporate Stock
Is
8 20 9714 10018
1958 111-N 9714 Sale 9714
977
1913 M-N 100 10018 10018 Nov'12 ..- 10018 10158
li
General 4s
4% Corporate stock
1958 M-S 943 Sale 941
98
1957 11-N 97 Sale 9634
23 0634 10014
4
948 46 9112 9714
• New 434s
8112
1047
1957 M N 104 10434,10412
55 10412 10778 Chic & Sill ref & imp 4 gs_1955 J-J
7 I 18 7714 7718 Nov 12 _a __ 77
1st consol gold es
New 4 ;is
1934 A-0 11934 125 11912 Oct '12 ___ 1191,125 ,
1017 M-N 10112 10178 10158 Aug'12 _ __ 10158 10234
General consol 1st 5s
1937 SI-N 108 109 107
• 4 38% Corporate Stock_ _1957 11-N 10412 Sale 10412 1047
8 15 10412 10778
107
6 10717 1111$
Registered
' 4 % assessment bonds..1917 111-N 1i,112 Sale 10112 10112 10 10112 10278
1937 MN __
10914 Feb '12 ..... 10914 10914
Pur money 1st coal 5s 1942 F-A _ _ _ _ 98 98 Oct '12 ____ 9712 93
8414
3 8418 88
3_15% Corporate Stock_ 1954 M-N 8412 85 8414
Registerad
101 101
101
g Y State 48
1 100%10278
1961 11-S
---- ---- - - ----Chic & Ind C By 1st 5s__1936 - -- lows __ _ _ 10812 J'ne'12 ---- - idd12
8
Canal Improvement 4s_ _1061 J -J 1005 10114 10114 Nov'12 _a_ 10038 10278
J-,1
'12 ____ 108
Canal lin p'ment (new) 4s1961 J - J 10012 101 10018 Oct '12 __ 1003 103
Chle (it Western 1st 4s____1959 1),I-S
8
7712
20 75
77 78
78
83
Canal Improvement 4s 1960 J -J - -- ___ _ 100)8 Oct '12
10012 102
Chic hid & LouisV-11e1 62_1947 J-J 12414 1281 12413 12412
4 1241312912
Refunding gold Is
_
1933 J -J -_-- --_ 10313fly '10 __ _
1047 J-J __ _ _ 10878 10934 Aug'12 ___ 1093 1103
lo Carolina 434s 20-40
4
4
Refunding 42 Series C
U75 09 9734 Apr '12 ____ 9•/34 9'7Y,
8
1913 J-J
1917 J-J ---- - ___ 95% Apr '11 __-- .....
Nun new settlement 3s
Ind & Louisv 1st gu 42_1956 J-J -___ 84 86 J'ly '12 ____ 86
Virginia fund debt 2-3s__1991 J-J
_ 85 8612 Dec '11
_
9012
_
6s deferred Brown Bros ctfs_ ___ 55 50% 5512
1956 J J__ 9312 9014 Aug'12 ____ 9014 0152
2 id do' Chic Ind & Sou 50-yr 4s
5512
Chic L S & East 1st 434s__1989 J-D ___ _
Railroad
104 Dec '11 _ _ _.
77
3 7612 8414 Chic Mil do St P terml g 5s 1914 J-J 1007 Sale 10078
A nn Arbor 1st g 48
7612 78 77
81995 Q-J
3
10078 - 103 ;10214
2
Clen'l gold 42 Series A__61989 J-J
[Itch Top & S Fe gets g 42_1995 A-0 97 Salo 97
9735 Sale 9735
978 189 9612 100
10 9612 991%
981
Registered
Registered
0618 9912
98 9631 Oct '12 _
0989 Q-J 95_ 9712 Apr '12 ____ 9712 98
1995 A-0
Gets'! gold 3 34s Series B_e1989 J-J
88 873 Nov'12 . ___ 873 923
871
8
Adjustment gold 43_81995 Nov
4
4
8
8312 9
-552 85 Oct '12 ____ 835 8678
Registered
Registered
'
86 Nov'12 _
e1989 J -J .82 ____ 86 J'ne'll
81095 Nov 86
86 91
__.
25-year deben 42
Stamped
,
1934 J-J
81905 IvI-N 88 Sale 8734
9034 Salo 9035
88
9078 25 90 "die
s
4
8 873 925
Cony 4 34s (full pd rects)a.-- - , 1003 Sale 10635
Cony 48 issue of 1909____1955 j-D _.„ __ 10818 Sep '12 ____ 10614 10734
4
4
4
1063 330 1013 107
Cony gold 4s
Chic & L Sup Div g 55._ _1921 J-,1 10435__ 105 Sep '12 ._ _ _ 105 108 1
10738 18 10534 111
4
-1955 J -D 1073- Sale 10735
Chic & Mo Itiv Div 5s
Cony 42 (issue of 1910)_1960 J4) 10514 Sale 105
1925 J-J 10614____108 J'ne'12 ____ 109 108 4
1053 310 10014 111
3
Chic 6o P W 1st g55
' 10-year cony gold 5s__1917 J-1) 108 Sale 10713 10818 93 105 10714
1921 J -J 10414 1041 10412
10412 13 10412 1005s
Debentures 4s Series li 1913 F-A 987 ___ 9914 J'iy 11
C M & Puget Sd 1st gu 48 1949 J-J 9358 Sale 9314
_
8
9358 113 9212 9514
, East Okla Div 1st g 42_1928 m-s 95 06 94 Oct '12 ____ iii- (16:34
Dak & Gt So gold Is
1916 J-J 101% ____ 10214 Oct '12 ____ 102 103
. Short Line 1st 48 gold_1958 J-J
Dubuque Div 1st s f 62._1920 J-J 111 11112 111
0114 0112 91
0114 12 9034 94
111
1 113%
Far & Sou assum g 6s
Cal-Ariz 1st & ref 4 34s 1062 111-5 100 10012 100 Oct '12
0934101)12
1924 J -J 11338 ____ 117% Aug'11 -----S Fe Pres & Pli 1st g 52_1942 M-S 1,712 _.10814 Oct '12 ____ 10814 11012
LaCrosse & D 1st Is
1919 J-J 10314 ___ 1044 J'ne'12 ___ 109 1210434
Chic & St L 1st Os
Wis & Minn Div g 53
1015 M-S 105 ,..-- 10638 J'iy '11 ___
1921 J-J 104%10014 105
1 102 lows
105
1Vis Vail Div 1st 6s
i -J41; 917;
951
Lti Coast L 1st gold 48_81952 MS 9512 Sale 05
4
1920 J-J 11018 113 11134 Sep '12 ___ 1113 1 123
4
MU & No 1st cons 6s__ 1913 J-D 10012 _ _ 10012 Nov'12 ____ 101 10114
Registered
81952 111-S 03 ____ 08 Oct '06_
_
Ala Mid 1st gu gold 5s___1928 M-N 10612...- 103 Oct '12 _
Extended 4 14s
1913 J -D 9913 ____ 10013 Aug'12 __ 10C 1s 10018
_
108 108
Aug'12
, Bruns & W 1st gu gold 45 1938 J -J
933
5
9534 Chicago & N West cons 78 _1915 Q-F 10514 Sale 10514
10514 10 10134 108 -1
Charles & Say 1st gold 7s 1936 J -J 128 ----------------------- _
Extension 4s
18864926 F-A 95 071: 9612 Sep '12
98
_ 9fi
5
,
Registered
o19.52 M-N 02 Sale di0214 ai i iwin
' I., & N coil gold 45
1886-1926 F-A
95 _ __ 06 Oct '12 ____ 96
Say F .50 W 1st gold 62_ _ _1934 A-0 121 12412 12318 J'ne'12
General gold 3 Ms
52318 12318
1987 M-N 8418 Side 84%
8414 1.0 (33 87 I
8
8
1st gold Is
Registered
1934 A-0 1063 11212 1105 May'll
4
p1987 Q-F 8212 8414 843 J'iy '12 ____ 84 8E4
4
'2
General 42
97 97
Sit Sp Oca & G gu g 4s_1918 J -J
97 100 07 Oct '12
1987 3,1-N 9738 Sale 97
08342
% 2a 95
07
Sinking fund 63____1879-1929 4-0 110 __
91 9112 9114
alt & Ohio Prior 3;is _1025 J-J
9114
i 1)012 93
Ma Noy'll .... __.
Registered
Registered
9014 Nov'12
81925 Q-J 89
1879-1929 A-0 109 ....„ 1093 Aug'12 ___. 10934 10934
0014 913::
4
Sinking fund 5s
Gold 45
1879-1929 A-0 10518 -___ 103 Oct '12 ____ 10.5 10(178
9512 9914
0948 A-0 973 Sale 9713
8
971
. 78
,
•
Registered
Registered
81948 Q-J *0612 061
0612
1 06 0818
1879-1929 A-0 10458._ 10439 Oct '12 _ _
3
81015
1045
Debenture Is
.Pitts June 1st gold Sc
1922 J-J 11.91 3
112 Jan '1'
112 112
1921 A-0 10214 101 103120ct '12____ 102 4 10512
PJunc & M Div 1st g 3 As1925 3,1-N 8718 __ _ 8718 Oct '12 ____ 8718 90
Registered_i.
1021 A-0 ___ ____ ioni2 Feb '10 ____
.
• P L E & W Va Sys ref 48_1911 Itl-N 89 Sale 89
Sinking fund deb 158
8914 11 81 2 92
1933 111-N 10814 Sale 10814
4
10814
2 1081- 10812
Southw Div 1st gold A ;is 1925 J-J
8914 00 8914
Registered
893
42 8812 9112
1933 M-N ___
10734 Aug'11
Cen Ohio 10 1st c g 4;0_1930 M-5 100% --- 10158 Nov'12
Frem Elk' & Mo V 1st 62_1933 A-0 123 - 125 124 Oct '12 _
93 10134
_-__ 124 lift;
CI Lor .5: W con 1st g 53_1933 A-0 107 10)12 107 J'ne'12 __ 107 11112
Mani G 11 & NW 1st 3 As 1941 j-J _
9012Sep '09 _7._
Monon Inv 1st gu g 5s---1919
Mi(w .5c S L 1st gu 3 30_1941 J -J
10214
4
1013
10214 10412
--: -gal,
-'
: Ohio River RR 1st g 5s__1036 F-A 10814 _ _. _ 10938 J'ne'12 ___ 10018 1093
J4)
Mch'12
Mil L 8 & West 1st g 6s 1921 n-s iii18 11314 i113 Seii4
'15 :::
General gold 52
1937 A-0 101 10614 10512 Apr '12 _ 105 10517
Eat & imp s I gold 5s 1929 F-A 1073 -- 1033j Aug'12 ____ iii12 11513
1063 110
4
Pitts Clev & Vol 1st g 62_1022 A-0 112
11313 Feb '12 __ 11312 11:312
Ashland Div 1st g 62_1925 11-S 1147___ 14212 Feb '02
Pitts & West 1st g 4s__1917 J-J
Mich Div 1st gold 6s 1924 J-J 11438
97 ____ 9012 Oct '12
9612 9712
4
Stat Is! By 1st gu g 434s_1943 J-D 91 __ 01 J'ne'12
Mll Spar &N W 1st gu 48_1947 n-s 927 ____ 11634 May'12 __.:: 1163 11684
91
91
8 9314 9314 9314 2 9212 94
1937 NI_ s 110 _
1093 Noc'12 .._ ... 1093 11212
4
BUffalo R & P gets g 5s
Northw Union 1st 72 g_1917 11-S 11018 ___
4
__.
Consol 4348
Winona do St P 1st eat 72 1918 JD 10918 11158 115 J'iy '11 __
1957 11-N 104 108 101 Oct '12 ___ 101 10714
109 Sep '19 _ -_-_ 109 111
1998 A-0 957 .__ 97 Feb '11 _
All & West 1st g 4s gu
8
_ Chicago Rock Is & Pa Os 1099 17 jjj,J ....:1 1906 4 s3.;..: 10 718 Se p
1.0_4 2 i ie 19913 A ug
6.1 - .
.1_
111088878 .
1
4
2
.
__ ...- _ __ 10_6 4 105%
1943 J -J 105 ____ 103 J'iy '08 _-_-_- --- Cl & Mali 1st gu g 5s
Registered
10
2
Hoch & Pitts 1st gold 82_1921 F-A 1111
.11334 Nov'll _.: --- --General gold 48
.67-6 s
1922 J -I) 11212._ 112 Aug'12 - fii" Hai
Consol 151 g Os
Registered
Oct' __.... -93 9614
5
12 -9 93
Buff So Susq 1st ref g 4s___d1951 J -J
-.
72 Mch 10 ___ _
Refunding gold 43
1934 A-0 87% Sale 8718
8738 44 87 9084
an So 1st cat Os
1913 J -J 100 10012 100
20-year debenture 5s___1932 J- J 91 Sale 91
1001a
7 for idi 1423
013
1913 A1-5 99'8 -. 997
2d 55
997
s
Coll trust Series L 48 ____1914 n-N 98
5 9912 101
973 Sep '11________
Registered
1913 11-S 99
10034 Jan '11
P 9s
1918 11-N a__ 95
9934 J'ne'11 _ -- Dentral of Ga 1st gold 5s_p1945 F-A 11012.-- 1127 Apr '12 ____ 1127 1133
8
Chic It 1 & Pac RR 48-2002 li-N ...6712 Sale 67
673 -dg -di
4
1945 MN 10814 10812 108
10812
9 106%11118
Registered
,• Consol gold Is
2002 M-N ______ 6712 Nov'12 ____ 6712 723
4
Registered
1945 M-N 106 __ 107 Aug'12 __ 10'7 107
•
RI Ark & Louis 1st 434s 1934 M-S 85 90 8712
87%
4 8712 93
• 1st pre( income g 5s____p1945 Oct _
..... 103 Dec '11 -- __-___
Bur C R & N-lst g 55_1934 A-0 10914 110 10914
10914
1 10314 11113
pref income g 55____7)1945 Oct ---- ----105 Deo '11
, 2(1
_
Registered
1934 A-0 ____ ___ 12012 Mch'03 ____ ___
2d peel income g Is stamped__ _
C It I F & N W 1st gu 53'21 A-0 102%108 10514
- ---- ---- 96 Noy'll _
__
SeP '11 ---_ .... ad pref income g 52.. 4)1945 C)ct ---- -.107 Dec '11
M & St L 1st gu g 78..„1927 J -D
3d pref Income g Is stamped__
8518 Oct '10
__
_ _
Choc Ok & G gets g 52_01919 J-J FE" :-..": idti- Sell'I'2 -_--- idi far
_
..
Chatt Div pur mon g 9s 1951 J -D 14013 9112 9112 J'iy '12 _
Consol gold 5s
17f
1 12
1952 11-N 10512 __ 106 Oct '12 _-___ 106 10214
Mac & Nor Div 1st g 52_1940 J -J 105 1001 10714 Jan '12___ 10'714 10714
Keok & Des /%1 1st 5s_ _1923 A-0 98 99 99 Oct '12 _
99 10114
Mid Ga & At) Div 52
J -J 10578 ..
1947_ _ 115 Nov'05
_
St Paul& KCSh L 1st 4 Hs'41 F-A 89 903 91
4
2 89 9112
91
Mobile Div 1st g 5s
1940 J -J 105 ____ 1093 May 11
4
Chic St P Al & 0 con 6s
1930 J-D 120 12112 12)38
12038
4 120 124
Den RR & B of Ga col g 53_1937 /11-N 100%10112 101 Nov'12 ---- - - - 103
____ 101
Cons 62 reduced to 3 Xs_ 1930 J -D 8914 _ __ 93 Dec '03 __
_
Dent of N J gen'i gold 5211)87 J-J 118 11812 11818
11818
Debenture 5s
1 118 12234
1930 M-S 1023 10212 -2 102 fa'
8Sale 10218
Registered
81987 Q-J ___ 11812 11814 Oct '12
(171212214
Ch St P &Minn 1st g 62._1918 I11-N 120 ___ 122 J'ne'12 ____ 122 12312
Am Dock & Imp gu 5s___1921 J -J 10512 106 106 Nov'12 __ 105 107
Nor Wisconsin 1st 6s
1930 J -J 120 ___ 12958 May'09 ....... __.
Le & Stud It gets gu g 55_1920 J-J 102 __ 10212 May'12 ___ 10212 10212
St P & S City 1st g (12..
1919 A-0 109 110 100% Nov'12
109 11113
Leh & Wilkes-B Coal 58_1912 11I-N _..
100 J'iy '12
Superior Short L 1st 5s
-g_1930 M-S ____
100 100
_
N Y & Long Br gels g 45_1941 M-S 99 --- _ 100 Sep '12 .._. 100 100
Chic & West Ind gets g 85-41932 Q-M 10612 10812 10712 Oct'12 ___ 107 2 10812
Dent Vermont 1st gu g 4S-61920 Q-F 897 9012 9012
s
901
Consol 50-year 4s
1 8978 9214
1952 J-J
8935 9014 90 Nov'12 ____ 9812 9218
1
1
J
1
J
1
1
I
U. S. Government.
S 2s consol registered_d1930 Q-J
S 28 consol coupon__ _d1930 Q-J
k1918 Q-F
S 38 registered
/1918 Q-F
S Is coupon
1925 Q-1
1
S 45 registered
1925 Q-F
S 49 coupon
S Pan Canal 10-30-yr 29 /1936 Q-N
s panama canal 38 g_ _ _ _1961 Q-S
High
Ask Low
Bid
12
101 10112 10113 Oct :
101 1011, 101 Oct 12
10212 103 10212 J'iy '12
10212 103 10278
8
1027
11418
4
1133 11414 11418
1133 11414 11418 Nov 12
4
101 10112 10012 J'ne'11
4
1013 10214 102
102
B
C
--8d5-8
MISCELLANEOUS BONDS
-Continued on Next Page.
Street Railway
'Brooklyn Rap Teats g 58_1945 A-0
1st refund cony gold 42_2002 J-J
13k CRY 1st con Is 1916-1941 J J
Bk Q Co & S con Rug 52_1941 M-N
Bklyn Q Co & 5 1st 5s__1941 J-J
13klyn Un El 1st g 4-53....1950 F-A
Stamped guar 4-5s___1950 F-A
Kings Co Si 1st g 42
1949 F-A
Stamped guar 4s
1949 F-A
, Nassau Bice guar gold 48_1951 J -J
}Conn Ity&Llst &ref 5g 4 5,48_'51 J-J
1951 J - 1
Stainped guar 4348
.
Det United 1st cons g 4;0_1932 J -J
Ft Smith Lt 66 Trae 1st g 55_1936 M-S
Grand Rapids Ity 1st g 52-1916 JD
Havana Elec consol g 55-1952 P-A
Interboro-Metrop coil 4348_1956 A-0
Street Railway.
103 10312 10314 Nov'
12
92 Sale 90
927
102 ____ 102 Nov'12
__ 99 9834 J'iy '12
.._ _. 101 ___
- - 15
'
101 10112 1014 Nov 101 102 101 Nov'12
84% 86 87 Sep '12
8412 861s 8512 Nov'12
79 Sale 79
10012 102 101% J'ne 9
7 12
'
10012 101% 10112 Sep '12
7612 Sale 74%
7612
- 13112 93 Apr '12
991; _ _ 99 Sep '12
-___ ds
7 98 Oct '12
81 Sale 803
4
81
,
2 No Price Friday; latest this week
4 Due April.
5 interboro Rap Tr Is See A_1952 Si- N 10334 10418 10312 10334 73 10318 105
103 105
8378 0434 Manhat By (NY) cons g 4s_1990 A-0 ___91 9314
931
10 0312 9818
Stamped tax-exempt____1990 A-0 937 Sale 937
101 10212
94
24 937 98
8
9834 9834 Metropolitan Street RyRefunding gold 48
etf!!! _A_-_0_ ____ 58 64 May'12
5812 6414
712 6
2
1131- iddli
Farmers' Loan & Tr
6114 J'iy '12
101 10212
Stamped
--- ---- 5934 Mch'12
,
57% 62
8312 87
Bway & 7th Av lstcg 52_1943 J-13 ____ 10311. 1031*
10312
3 103 10412
8414 8612
Col & 0th Av 1st gu g 5s_1993 M-S ____ 10258 101,4 Oct '12
10112 18314
72 4 0 1
%
Lex Av & P F 1st gu g 5s_1993 Ni-S : .
:::10_1_14_ 102 J'ne'12
a
102 103
101 15178
77'2 0
Third Av RR cons gu 42.20C10 J-J __ __ 7412 J:i y 4122
l
74 80
10112 10211
Central Trust Co certs
-__
74 79%
'
Third A rr Cty st e m
Ce nt ve io cr sta5sp_e_d_ iiii i.:
. ______.. itif4 74 Nov'12
a
..
03 95
10734 Nov'12
10
73 181011118
'734
2
99 10014 Nlet W S El (chic) 1st g 45_1938 F-A __ 8418 9312J'iy '06
---- ---93 9934 1111w Dec Sly & Lt cons g 581926 P-A __ 10514 10412 Dec '11
Refundlng & cxten 4345.1935 J -J
8012 8412
9412 951;
94 ____ 9412 Oct'12. - - Minneap St 1st cons g 5s._ _1919 J -J 101 102 102
1
102 - lops jors,
a Due May. la Due July. 8 Due Aug. 0 Due Oct.
p Due Nov. q Due Dec. a Option sale. i
[VoL. Lxxxxv
New York Bond Record—Continued—Page 2
1384
Price
Friday
Nov 22
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov 22
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
t.'d
N. Y. STOCK EXCHANGE 31
4;
Week Ending Nov 22
Price
Frir:ay
Nov 22
Week's
Range or
Last Sale
Range
Since
Jan. 1
-2.
0,.,
03,Z
tact
—
Bid
High No. Low High
Ask Low
Bid
Ask Low
High No. Low High St P M & M (Continued)—
2 96 9814
96
Mont ext 1st gold 48_1937 J-D 9614 97 96
Hs____1937 J-J --- 10114 1003 Oct '12
8
10082 101
Cin H & D 2d gold 4
1937 J -D 95 ____ us J'ne '11
Registered
9112
1059 J-J
_
1st & refunding 4s
-----------—
Pacific Ext guar 4s £_ _1940 J-J 0212 ____ 9258 Mch'11 -1959 J -J
— 91 8614 J'ne'12
86 $7
1st guaranteed 4s
101 Nov'12
E Minn Nor Div 1st i4sI948 A-0 93 . 97 97 Sep '12 --- 9612 9812
101 10414
• Cln D 621 1st gu g 5s__ _1941 M-N 10312
Minn Union 1st g 63_1922 J-J 111 ___ 11414 Sep '12 ____ 114 116
g
— -- 88 Mch'll
• C Find & Ft W 1st gu 45- 1923 M-N
8
2 1295 1271
Mont 0 1st gu g 6s......_1937 J-J 12458 Sale 12453 12458
4
4
Cin I 62W 1st gu g 48_ __ _1953 J-J 863 8812 863 Sep '12
8634 88
1937 J-J 122 _ _ 13014 May'00 ----------Registered
Day h bitch 1st cons 4 Hs 1931 J-J
1 11018 1114
1937 J-J 110 11158 11018 110%
1st guar gold 5s
1935 J-J
104 Oct '12
Rif" Mil;
Ind Dec & W 1st g 5s
1937 J-J
..--- --..........
____
Registered
1035 J -J
10712 Dec '02
1st guar gold Is
4
Will & S F 1st gold 5s_1938 J-D 1093 ____ 11212 Sep 11 --- - - ---90 0314
Cleve Cln 0 & St L gen 4s.._1993 J -D 9014 "oils 90 Nov'12
O17a 9212 9218 Oct '12
20 -yr deb 4 Hs _ ..._1031 J-J
3
01 93 4 Gulf 6251 lst ref & t g 5s- -51952 J-.1 9112 - — _ 92 Nov'12 ___ -9118 95
51952 J -J
Registered
1939 J -J __ 9412 931$ Set) '12
Cairo Div 1st gold 4s
9318 9412
-18
4
- 12 9934 103
T_Tock Val 1st cons g 4 Hs _1909 J-J 10058 1007 160 4 1(563
Cin W 62M Div 1st g 4s 1991 J-J —__ 89 90 J'ly '12
90 03
1999 J-J
__ 10014 10012SOP '08 ---- --,- --_,89% 9312 -LA Registered
1900 M-N 9018 9112 90 Nov'12
St L Div 1st col tr g 4s
1048 A-0 -92 94 92 Nov'12 ____ 02 92
Col & II V 1st ext g 4s
Registered
88 ____ 91 Oct '07
1990 M-N
-1955 F-A 02 95 961 Jan '12 ..___ 9618 9618
Col & Tol 1st ex 4s
Spr & Col Div 1st g 4(3_1990 M-S 88 __ 90 Dec '11
%
W W Val Div 1st g 4s_1940 J-J 83 ___ 91 Apr '12
if" "ii- Roos Belt & Term 1st 5s_,.1937 J-J 0912 100 10014 Sep '12 ._-- 00 10014
1 10034 109
101
101
Illinois Central 1st gold 4s_1951 J-J 11
'11
0 I St L & C consol 63_1020 51-N 10514 ____ 10534 Dec
-6(i"
1951 J-J ---- ---- 100 Sep '11 ______
Registered
9712 Nov'12
1st gold 48
81936 Q-F
9212 Oct '12 _-__ 00 9212
1951 J-J
1 .
96 96
1st gold 334s
96 J'iy '12
81936
Registered
1951 J-J ---- ---- 89 Aug'12.— 89 8912
Registered
10718 J'ly '12
10512
chi s 62 Cl con 1st g 5s___I928
10718 10718
___ ___
1951 A-0 -------- 9312 May'09 __-- _ __
Extended 1st g 3 Hs
OCC &I consol 7s
103 15512
1914 J -D --- 105 105 J'ne'12
____ --- ---- ---.._..
1951 A-0
Registered
Consol sinking fund 78_1914 J -D
1E- iiii
_ _ _ __
2
1951 11-S ---------80 J'ly '09 -- ----1st gold as sterling
• General consol gold 6s_1934 J -J ___ 124 123 Oot '12
1051 M-S _—_ _- _ _
Registered
1934 J -J
Registered
Coll trust gold 4s
1952 A-c• id 6112 66- Oct '12 ____ 0712 idci
Ind 131 62W 1st pref 4s_1940 A-0 ---- -- 94 J'ly '08
---- ---1052 A-0
4
953 9514 Sep '12 ____ 9514 9514
Registered
90 _
,O Ind & W 1st prof 5s_d1938
---- - —
1955 M-N --- Sale 95
9514 13 03 963
1st ref 4s
9514
4
v 12
Peo & East 1st con 4s_1940 t1. 8812 90 -66- No- 8714 92
48% 50 49 Nov'12
1952 J-J ____ _ _ _ 8614Feb '12 ___ 8618 8614
Purchased lines 3 Hs
1990 Apr
35 50
Income 48
1
9514
e
41 Sale 36
L N 0 & Tex gold 4_,.1953 el-p 9512 967 9514
46
1947
25 86 3812
Col Midland 1st g 4s
9934Jan '11 -----------1963 M937__
Registered
4
93% 64 0312 9752
1929 F-A 933 Sale 93%
Colorado & Sou 1st g 4s
---- ----948 J'ly '12 ___. 9478 95
1950 J94% 25
1935 51-N 9414 941 9418
Refund & ext 4 Hs
8 9818 • Cairo Bridge gold 45
1951 J
-..,. 7518 7518 Nov'12 ___ 7312 7512
Litchfield Div 1st g 3s
1921 J -D 108 109 10812 Oct '12
Ft W & Den 0 1st g 6s
10812 11212
-JLouisv Div & Term g 3;01953 J-J 82 85 85 Oct '12 ____ 8412 8718
Conn & Pas Rivs 1st g 4s1943 A-0
1953 J-J
8112 85 83 Aug'12__ 83 83
Registered
iou Mal'io
1952 J-J
Cuba RR, 1st 50-yr 5 g
Middle Div reg Is
1921 F-A 10212 ____ 123 May'99 ____ __ ......
1 1el 1.4 ok & Western—
1951 F-A ...........__ 7518 Aug'12 —_ 75 7514
MOMIS & Essex 1st 7s 1914 51-N 10312 _ 10634 Sep '12 -- 10118 10631
Omaha Div 1st g 35
St Louis Div & term g 38_1951 J-J _ _ 7914 7512 Moll 12 __ _ 7512 7512
1st consol guar 7s_1915 J -D 106's led 10618 10634 "" 2 10618 10018
1051 J-J fi 7518 _
Registered
---- -- ,11138 Dec '10
1915 J -D
Registered
1951 J-J 8234..... 8512 Oci--2 ____ -1151- -863Gold 33.s
1.
'
3
4
90 90
90 Mch'12
2000 J -D
1st ref gu g 3 Hs
1951 J-J 83 _ _ _ 10118 Oct '99 _ _ _ -- - — Registered
4 11114 11914
1921 J -J 11114 Sale 11114 11114
N Y Lack & W Ist 6s
Spring Div 1st g 3 Hs_
_ ____ 100 Nov'00 ____ ____ _1951 J-J
1 10512 10734
1923 F-A 10412 10718 10512 1051
Construction 5s
1951 J-J -U
Registered
9612
I923 m-N 951s
Term & Improve 4s
2
96,
1 95% 98
Western lines 1st g 4s_1951 F-A 9214 931- -921- Oct '12 ____ 9212 9014
8
2
102%Feb '03 ____ ---- ---I • Warren 1st ret gu g 3 Hs.2000 F-A
1951 F-A 91
___ ___
Registered
___ -- _ _ ._.11512 Aug'11
'Del & Hod 1st Pa Div 78_1917
Mira
--- — Belle"& Car 1st 6s
2 171 May'10
1923 J-D 112 ,
149 Aug'01
1917 51
Registered
M-I
074 99
& Shaw 1st g 4_,,1932 51-S ---- -----0412 J'ly '12.— 0412 95
Carb
---1
2
973
1916
9714 9712 973
10-yr cony deb 4s
Chic St L & N 0 g 5s
1951 J-D 11314 __ 114 Oct '12 ___ 11'334 116
1 100%10134
8
1007 101 10078 1007
8
1922
1st lien equip g 4 Hs
1951 J-D 11112 __ 119 Feb '11 ____ __ -Registered
4
1943 51-N 978 988 9712
4
• 1st & ref 4s
973 44 9714 993
1951 J-D 82 ___ 90 Oct '09
Gold 3 Hs
-Ms 10 90 93
,• Alb & Sus cony 3 Hs_ _1946 A-0 90% Sale 9018
1951 J-D
__ ____ ___
......
Registered
12114 12112
, Rens do Saratoga 1st 7s_1921 51-N 118 __ 12114 May'12
Memph Div let g 4s1951 J-D 9118 __-_ -9212 Aug'12 __ 921- -9212
2
1 84 91
4
883
4
,Denvdo It Or 1st con g 4s1936 J-J 883 88 8684
1951 J-D _
_
____
1036 J-J 97 98 97
Registered
97
2 0612 9812
' Consol gold 4 Hs
1931 111-$ 92171 954 98 J'iy '08 -----------St L Sou 1st gu g 4s
1928 J -D 9212 9414 9454 Oct '12 _ _ 04 9912
Improvement gold 5s
8
1950 J-J
91 9434 94 Aug'12 ___ 023 -96
27 81 90
Ind III & Ia 1st g 48
831
1955 F-A 83 8312 8314
1st & refunding 5s
107
4 1063410 's
8
1013 10112 Aug'12
4
10112 10112 lot & Great Nor 1st g 63_1919 11-N 107 Sale 107
Rlo Gr Juno 1st gu g 5s 1930 J -D
7 9512 105
9912
Iowa Central 1st gold 53_1938 J-D____ 100 0012
6112 Apr '11
• Rio Gr So 1st gold 4s__1940 J-J - — 7712
-_— —_
2 61 6612
61
1951 51-S 61 Sale 61
Refunding gold 45
85 Meh'08
1940 J-J
Guaranteed
\,
1939 J-J 827 8334 8213 Nov'12
kiss Tamestown Franklin &
, Rio Or West 1st g 4s
1959 J-D -------- 01 May'12 ____ 94 9912
4
01 Clearfield 1st 48
Mtge & col trust 45 A....1949 A-0 773 79 80 J'ne'12
78 81
1 7134 74
7an
72
Sale 72
97 Jan '02
Utah Cent 1st gu g 48..a1917 A-0 82
,•
--__ ____ IN. City Sou 1st gold 2s 1950 A-0
Registered
1950 A-0 ---- --- 63 Oct '00 ____ ...... ,..„
1917 DJ- N 99110 Sep '01
Mol Un Ry 18t g 5s
iDes
74 9613 10014
98
Apr 1050 J-J 97 4 99 9734
8
Ref & impt 55
--- ---95- 92 Nov'll
1Det & Mack 1st lien g 4s_1095 J-D
4
1995 J -D 8
.
Gold 4s
8 90 9014 Oct '12
ir -012 Kansas City Term! 1st 43_1960 J -J 9618 97% 9812 Nov 12 ____ 9614 083
10612 110
98
Dot Riv Tun Det Ter Tun 4 363'81 11-N ---- 98 98
98 10078 T ako Erie & W 1st g 53_1937 J-J 10612 _ _ 10712 Nov'12 ____ 104 10
,
-EA 3d gold 5s
6 75
7
1941 J-J 100 10312 104 Sep '12 ____
414
75 Feb '12
Det T & 1-0 S Div 1st g 481941 M-S
North Ohio 1st gu g 5s
1945 A-0 ___ 105 10414 J'ne'12 ....._ 10414 10512
5
3 Noy 1
105 108
,Dui Missabe do Nor gen 5s 1941 J-J 104 105 10 12 Scp : 2
Leh Vail N Y 1st gu g 4Hs_1940 J-J 10414 Sale 103%
10914 12 10378 106
10212 10312
10312 107
1937
iDul & Iron Range 1st 53
Registered
1940 J-J l'___ 10314 10418 Alay•i2 __ 10912 10912
_ 10012 Mch'08
1937 A -2
AReglstered
Lehigh Vail (Pa) cons g 48_2003 M
101 _ _ 104 Feb '11
4
-N— 9113 9618 Oct '12 __-_ 9512 0814
1918 J
e • 2d 6s
Leh V Ter Ry 1st gu g 5s_ 1941 A-Q ii() ___ 1123 Oct •12 .._ 10012 114
4
iff 108
;Dui So Shore & Atl g 5s_.,1937 -,7 10334 --- 103 Oct '12
Registered
"1941 A-0 100 ___ 11118 Dec '11
110..._ 110 4ug'12
110 11212
Vlgin Jot & East 1st g 53-1941
2
N
1920 -S 11433 116 115 Nov'12
115 11858 Leh V Coal Co 1st gu g 5s 1933 J-J 10534 ___ 106120ot '12 ____ 1061- 108 :lurie 1st consol gold 7s
10112rne'll
Registered1933 J-J
_
N Y & Erie 1st eat g 4s 1947 M-N
1933 J-J
1st Int reduced to 4s
2
jai jaii
10914 Mch'12
1919 M-S
2d eat gold 5s
•
if%
- li
'
4
993 Oct '12
1923 M-8 997
9934 10234 Leh & NY 1st guar g 49_1945 M-s sii ____ oa" J'ile - -. -_-__ lir 3d ext gold 4 Hs
Registered
10452.1-S __— ---4 ___1920 A-0 1013 10334 105 Feb '12
105 105114
9th eat gold Is
'10 2
-iiii12Fe15- 7.1914 A-0
1928 J -D 92 101 100 Jan '12
El 0 & N 1st pret 68
100 100
5th eat gold 45
1914 A-0 -------- 105 Meh'12.._ 103 103
Gold guar Is
11534 11612
. NYLE &W lstgfd 75_1920 M-S 113 11614 11534 J'ne'12
4
1996 J-J 8612 Sale 88%
88% 21 86 90 Long Isld 1st cons gold 53_0931 1-J 10834 112 1083 Nov'12._ 108341103$
grle 1st con g 48 prior
845 8512 85 Sep '12
4
1996 J
/0931 -J 95 _ _ 11614Meh'12 ___ 0014 9614
1st consol old 45
Registered
85 8812
8
7 915 0412
93
1938 -D 92 a 93
.
77
General gold 43
4
10 7312 793
1st consol gen lien g 4s1996 J -J 77 Sale 7612
7712 77 Apr '12
9814
1 9614 98
1922 51- S 9614 100 9614
Ferry gold 4 Hs
1096
77 77
Registered
•
2
Gold 4s
1.11114 Oct '06 _..
1933 J-D 90 97
1951 -A 885 8912 8812 NOv'l
8818 91
Penn coil tr g 4s
681
8
Unified gold 48
1949 M-S 91 9214 91 Nov'12 ____ 66— - 2
17 84 9118
-year cony 45 A.__1953 A-0 8412 8512 84%
50
1934 J-D
Debenture gold 158
_ ... 104% Deo '08 _
is
2 7514 8078
1953 A-0 7712 78 78
Series 13,
do
Guar ref gold 45
1049 M-S 95
.110 Apr 12
. 941 -951 9414
- '1
3
10834 110 4
N Y & Erie lst 78_1916 J -D 105
Buil
-- 05 Jan '11 -----------1949 M-S --- Registered
11O1114
111 11012 11012
• Chic & Erie 1st gold 58_1982 51-N
7
NY B & M B lit con g Is 1935 A-Q 104 - ____ 11014 Nov'06
109 109
Clev do Mahon Val g 58_1938 J -J 107 ____ 109 May'12
1927 MS 102%103 103 Oct '12
NY & B B 111/ g 5s
124
123%12412
• Long Dock consol g 6s_193 A-0 125 ____ 124
106 10734 1 Nor Sh B lst con g gu 53.01932 Q-J 10414 __ 105 Aug'12 ____ 105 10714
• Coal & RR 1st our gu 65_1922 .11-N 106 10718 10734 Sep '12
931s
2 93 06
4
Ao g 21
0ut :12
10014 1013 ILou1sIana & Ark Jet c 58_1927 M-S -- 9314 93
Dock & Imp 1st cur 65_1913 J-J
Louisville & Nashville-100 1 "
9 1
10312 105
' NY & Green L gu g 53_1946 51-N 104 1 0. 1011142
1930 J-D 11213 _ _ 114 Nov'12 ___ 11213 11712
General gold 6s
103 Oct '12
103 105
N Y Sus & W 1st ref Is. 1937 J -J
_1937 M-N 11058 11214 11118 Oct '12 __•.. 11034 1121
Cold 56
10014 Dec '06
1937 F-A -815-s
• 2d gold 4 Hs
9738 40 97 9958
1940 J-J
2
967 97 1/7
863 8713 Nov'12
1040 F-A
General gold Is
•
§7 90 I Unlfied gold 48
8
013 SOP '12 - -- 9012 983
1940 J-J _ _ ... _
Registered
10812 110
'
Terminal 1st gold 5s.._1043 M-Dt 10812 10834 10812 Sep 12
_Collateral trust gold 58_1931 M-N 10714 109 110 Aug 12 ___ 10858 11012
1940 A-0
-„ 11113 May'12
11112 11112
Mid of N J 1st ext 5s
1 11018 1113
8
Oct
B H & Nash 1st g 63____1910 J-D 1101 Salo 110% 11018
1942 J -D
9912 10212
• Wilk & Ea 1st go g 5s
12
1
ovrs 111 1006234 May'12
L Cm n & Lox gold 4 Hs___1031 M-N 101 ___ 109;4•May'12 ____ 10412 105
106 100
By & Ind 1st con gu g 68_1926 J -J i
112 rly '12
1931 J -J 110
N 0 & 11 1st gold 63_1030 J-J 119 __ 1203 Aug'12 ___ [2014121
1111211238
H 1st cons 6s
Evans &
N 0 & M 2d gold 6s____1930 J-J 114 ____ 11712Jan '12 __ 1171211712
1942 A-0 9712 199 102 J'ne'12
10178 10218
1st general gold Is
101
14 _u3
Paducah & Mom dly 4s_10.16 F-A 90 ...... 91 Oct '12 __ 9314 96
-4
1923 A-0' _u -.. 108 N v 11
Mt Vernon 1st gold 6s
'
_
_ 10534 Alch '11
Pensacola Div gold 6s_ _1020 51-S 10.534
95___- 95 J'ne'12
Soil Co Branch 1st g 55_1030 A-0
-if- -di943 96 0634 Oct '12
4
St LOUIS DIV 1st gold es_1921 N1-S ......- Ili 1121. J'iy '12 ____ 11V1sifS118 9912
.Viorida E Coast 151 4 Hs_ _1959
4
1980 M-S _ _ _ _ 7012 6934 Sep '12 ...._ ., 6918 693
_ 92 Aug'10
2d gold 3s
ort St II D Co 1st g 4 10_1941
0114
8 17 9114 93
015
— 80 7712 Sep '12
1928 J-J
2
"fr -fil-1- Atl Knox & Cin Div 43_1955 M-N 9112 Sale 11213 May'12 __.. 11212 11212
-Ft W & Rio (Jr 1st g 4s
0912 100
Atl Knox & Nor 1st g 53_1946 J-D 109 ____
of 1882 1st 53_1913 A-0 9812 .___ 9912 Aug 12
tH &
'flat
Homier Bdge 1st s f g 63_1031 M-S 105% _ _ _ _ 106 Apr '11 ____ .........
rent Northern—
9534 176 0514 9838
Kentucky Cent gold 48_1987 J-J gm% 9212 92 Nov'12 ____ 92 tig
9558 Sale 953
s
() B & Q coil trust 48_1921 J-J
L & N & NI do DJ 1st g 4 Hs1045 M-S 108% __ 10312(Jot '12 ____ 10313 10453
9512 42 0518 083
1921
9512 9514
Registered_h
L & N-South M joint 4s_1052 J-J _ _ 9012 9012 Oct 12 .___ 887 0012
4 US scr A 1961 ?-j 100 10034 10014 10014 24 100 10188
1st & refund
h1952 Q-J
Registered
ti6 ____ 05 Feb 05 .... ____ ,,,,
1961
Registered
4
N Fla & S 1st gu g 0s____1037 F-A 105 ___ 109120ct .2 ..._ 10814 10113973 98 975
4
1933 J-J
4
4
975
3 975 9934
St Paul M & Man 45
.
12434 125.34
N 620 Bdge gen gu g 4 Hs 1045 J-J 10112 ____ 10012 Sep ' 2 _ _ 10012 10012
1933 J-J 1223 ___ 125:44 Sep '12
4
1st conga! gold Os
122 122
Pons & Atl 1st gu g 6s...._1921 F-A 110 _ 11014 Oct '12 ....... 11014 112
1933 J-J
Registered
- — 122 Sep '12
•
;
S & N Ala con gu g 5s___1936 F-A 10834 1105 1091 J'iy '12 ....._ 10918 11118
10358 10512
'
Reduced to gold 4)s1933 J-J
- _ 10112 Nov 12
all. MekV12 _ _ _ _ Olt. 011.
an
1 OA K /1.1.-.2
,
T. & Jeff rid Vii Co oil de
1033 J
10334 ____ 10834J ne
Registered
MISCELLANEOUS BONDS—Continued on Next Page.
-67 2 J.
7
S
F
:
1
-
1
rIT
•
Street Railways,
Street Railway
78 Oct '12
8412 8812 United Rys St L 1st g 4s___1934 J-J
New Or! By & Lt gen 4 14s1935 J-J 83 8712 86 Oct '12
83
St Louis Transit gu 5s__1924 A-0 83 . 71K 83
S
77% 74 7612 808
7714 Salo 7714
N Y Ilys 1st R E & ref 95 temp J -J
6612
5112 593 United RRs San Fr s f 45_1927 A-0 6612 Sale 66
4
55% 631
1942 A-0 55% Sale 5415
30-year adi Inc Is
95 9534 Nov 12
99 100% Va By & Pwr 1st& ref 5s___1034 J-J
Portland By 1st & ref 5s___1930 11-N 101 ____ 10072 Oct '12
Portland By Lt& Pow 1st &
Uas and Electric Light
1942 F.A
_ 06 90 Oct '12
ref cony s I Is
_ Atlanta G L Co 1st g 5s____1047 J-D 101
Portland Gen Elea 1st 53_1935 J J
2
odi
Bkiyn U Gas 1st con 1r 53 1945 M-N 10612 107 10812
9812 -661; 98 Nov'08
St Jos By, L, H 62P lstg 5s 1937 IdBuffalo Gas 1st g 513
1947 A-0 50 85 51 Oct - 12
St Paul City Cab cons g 5s 1937 J-J 105 ____ 105 Sep '12 "TT idi 106
Columbus Gas 1st g 53
1932 J -J
1960 J- J 8112 Sale 81
Third Ave 151 ref 43
8112 169 8014 86
ido 1023 J -J idd idi 100
Adj Ina 55
74% 538 70 8014 Detroit City Gas g 53
a1960 A-0 74% Sale 74
0712 09
um,Sep 08
Dot Gas Co eon 1st g 5s
1918 F- A
Tri-City Fly & Lt 1st s I 58_1923 A-0 97 9712 9713 Nov 12
101%
Dot Edison 1st coll tr 5s
101%
1933 J Underground of London
idles
Eq 0 L N Y 1st COO g 5s
8
947 OW
1933 J-J 94% 96 9512 Nov'12
4!'8
1932 fit-S ____ 107 100% Oct 12
Gas & Else Berg Co o g 5s 1949 J -D 102 _
108 Sep '12
1948-.
Income 65
87% 89 87
8712 19 7412 90
Gr Rap L Co ist 53
_ 101 10 t Oct 1(9
1915 F-A
Union Elea (Chic) 1st g 53_1945 A -()
---- 84 Oct '08
Hudson Co Gas 1st g Is_
1949 51-N 1037s 104 s 10378 Nov'12
5
United Rys Inv 1st lien con
8212 8612 Kan City(Mo)Gas 1st g 6a,,,.1922 A-0
1926 /11-N ____ 83 8213 Oct '12
9812 Sep 12
trust 54 Pitts issue
No price Friday: latest bid and asked this week. a Due Jan. S Due Feb. d Due April. h Due July. k Duo Aug. 0 Due Oct. s Option
70
10 83
19 6913
9534
80
85
70
9713
4 1053410775
54 65
82
10 100" 10114
a
10014 10215
10534 10612
103 103
11537- -6 3
. 8 10 .19812 0934
sale.
New York Bond Record—Continued—Page 3
Nov. 23 1912.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending Nov 22
lYcett
Range or
Last Sal,
Price
Friday
Nor 22
1414
Ast Low
86
iE52
-
A
Range
Since
Jan, 1
High No. Loa) 1119h
VranIla RR—Sou lines 43_1036 M-N
43,1-exican Cent Inc g 35 tr reets_
1917
Equip & coil g Is
Mes Internat 1st con g 4s 1977 144-S
57 Meh'
- -115
_ 79 Nov'10
1977 M- S
Stamped guarantccd
1021 J -D
_ 125 :2413 Oct '12
Minn & St L let gold 75
12.112 129"
1021 A-0
Pacific Ext 1st gold es
11018 Aug 11
1934 M-N 9912 102 10012 10012
1st consol gold 5s
"tit; 105
1943
63 65 63
03
1st and refund gold 4s
5378 6978
"i8
7714 J'iy '12
Des AI & Ft D let gu 4s 1033 J -J
77 81
9514 _ _ _ _ 95 Nov'12
M StP6S311 con g 4s int gu.1038 J -J
95 9734
1941 St-N 95 _ _
9714 J'ne'12
1st Chic 'fermi s f 4s
9714 9714
08 ____ 9614 May'12
MSSAIAA 1st g 43 Int gu 1926 J -J
9614 9614
94 95 9812 Mch 11
Mississippi Central 1st 53_1049 J-.1
Mo Sian & Texasist gold 431900 J I) 0378 Salo 9833
9378 19 07897
g1990 13-A 8034 8118 81
2(.1 gold 4s
lii
2 80 8413
1st ext gold Is
4
1944 M-N 08 2 99, 993 Oct '12
,
3
9912 10212
7034 /3 Sep '12
1st & refund 49
2004 M-S
7712 8112
Con sinking fund 4 36s
8814
1036 J-J 85 87 86
8514 8914
St Louis Div 1st ref g 4s_2001 A-0 ____ 7712 78 J'ly '12
Dal & Wa 1st go g 53
1940 8.1-N
_ 10478 Sep '12
117 73 17318
4
05
Icon C & Pao 1st g" 4s
1990 F-A
83 Sep '12
'do K & 15 1st gu g 5s
1942 A-0 10678 ii5;371 108 Nov'12
100:22 104
88 91
96
10
M K & Olt 1st guar 53_1042 M-N 10414 1061, 10334 Nov'12 7_7 10334 10712
M K & T of T lst go g 53_1942 11-S 10012 10112 101
10 14
2
5s.1943 J-1) 1,412 106 1)1:17 Feb '12
' Sher Sh & So 1st gu g
8
10334 10 ;78
Texas 63 Okla 1st go g Is 1943 M- S 101 10334 101 Nov'12
10012 10514
Missouri Pao 1st cons g g
1920 11-N 106 Sale 106
106
23 10173 10813
stampcd__a1017 M-S 9913 Sale 9918
Trust gold 51
0912 13 9853 1003
4
S
a1017
Registered
07 May'12
97 07
, 1st collateral gold Is_ ___192() F-A 9738 Sale 9753
.1
4
073
4
6 963 1003
1920 F-A
Registered
AI- S 7134 72
40-year gold loan 4s
7i7
711
4
-rid" -7E113d 7s extended at 4% —1038 51-N ____ 9612 9612 May'll
1945
1959 M-S 87
1st & ref cony Is
871 87 4
,
1 81 -i65;
87
'4
Cent Br fly 1st go g 43_1019 F-A 0234 Sale 0234
023 __. 92 9234
4
2
1043 J-1) 75 80 81 May'12
Cent Br U P 1st g 4s
81 81
Leroy Li OVAL let g 55_1925 J -J
110 Meh'05
Pao It of illo 1st eat g 45_1933 F-A 03
_ _ 93 Nov'12
4
-Cd3 Oil extended gold 53
1038 J -J 10314 104 10314 Oct '12
241
BtL Ir 11 hs gen con g 5.5_1931 A-0 10453 Sale 10412 10458 12 L)212 0 64
03 14 1 31
Gen con stamp gu g 53_1931 A-0 4114418 _ _ 101 Oct '12
101 104
Unified St ref gold 43_1929 J -J
8112 Sale 8138
3
4
8112
7 775 823
Registered
1029 J-J
807 Oct '12
8
4 •fly & G Div let g 43_1033 M-N 83 833 8312
4
6 W212 84
8312
• Verdi V I Li W 1st g 53_1926
S
100 Oct '12
15
034 10
10 10534
Mob R., Ohio new gold 63
1927 J-1) 11712 118 11714
118
(17 4 88 4
1 11 1 1:
10 17812 120 8
• 1st extension gold 6s___51927 Q-J 11234 _„ 11514 Feb '12
General gold 4s
1938 51-s 8578 8612 86%
8578
85 8734
Montiom Div 1st g 53_1947 17-A 10112 lull. 10712 Nov'12 -"ib
Cairo coil g 43___e1030 Q-I
' St L
3 85 -- 8518
8513
82 8518
Guaranteed gold 43
1931 J -J 02
92 Nov'12
Mashy Ch & St L 1st 73_1031 J -J 10114 ja7 10114 Nov'12
-191 14 102
0 2 04
.101 1st consol gold Is
A-0 109
-- 10912 Nov'12
10938 1097
3
Jasper Branch 1st g 08_1023 J -J 11112
1928
11578 Nov'10
Me11 M W 63 Al 1st 61_1917 J -J 105 -10734 Meh'12
4
joi3'1' & P Branch let 03_ _1917
105
113 J'ly '04
Nat Rya of Alex pr lien 4 3_s.1057 j- 1
2 "AV - 0212
8812
J
8812
• Guaranteed general 43
8014 7912
1977 A-0
7958
2 7712 8612
Nat of Mex prior lien 4 Ms_1926 J-J
1011 99 Meh'12
99 100
1st oonsol 45
78
1951 A-0
73 Oat '12
7712 80
kr 0 Mob Li Cilia let rot 5s 1 960 J -J
1
875 88 8712
8
3 —11 8714 96
1' U & N 15 prior 'long 63__p1015 A-0 104 1017
New Orleans Term 1st 4s 1953 J-J
_ 88 871- Sep -U
4
-8713 8812
Y Central & II It g 3 Ms.1097 J-J -gois Sale 80
8614 16 85 8812
Registered
85 86 8414 Sep '12 __
1997 J-J
8414 8714
,
Debenture gold 43
1934 51-N 02 92 8 913
4
11 0134 9614
92
• Registered
193 11-N 91
7. - to May'12
03 93
783 satc 7813
4 Lake Shore coil g 3 95s
1998 F-A
7878 -44 7814 85
7714 77 4 77 Oct '12
Registered
,
1998 F-A
7034
Mich Cent colt gold 3 M3_1908 F-A 78 7812 7814
7814
0 84
1 78 % 8212
Registered
1098 11-A _
78 78 Sep '12
773 7912
4
Beech Creek 1st gu g 4s_1936 J -J
fig5- 100 9814 Nov'12
4
9834 9918
Registered
•
1936 J-j 97 ---- 09 May'll
, 2d guar gold is
1930
107
Registered
1935 jJ13ccell Cr Ext let g 3 3-0_1)1951 A-0
Cart & Ad 1st gu g 4s
1981 J -I)
"ii- Oct '12
• Gouv & Oswe 1st gu g 53_1042 J-1) 108 -• Mob & Mal 1st gu g 4s
8
1091 11-S 05
- -561 5fch - 1
-'
- 1NJ Juno It guar 1st 4s_1086 17-A 96
- - 105 Oct '02
Registered
1086 P-A
N Y & Harlem g 3 3'is
2002 M-N 8713 ---. so May'12
Registered
2000 11-N
N Y & Northern 1st g 53_1927 A-0 106 107 103 Oct '09
_
• N Y & Pu 1st cons gu g 4s1993 A-0
93 0778 Aug
_
Nor & Mont 1st go g 5s 1916 A-0
", Pine Creek reg guar Os__ 1932 J-1) 119
--- 13112Jati- 3
'07
R W & 0 con 1st ext 5s_/i1922 A-0 10638Sale 10638
10638
a 10633 10784
• ()awe & 11 241 go g 53_01915 F-A
_ 10512 101 Mch'12
101 101
R VI & 0 T It 1st go g 63_1918 111-N rei2:
104 J'no'10
• Rutland 1st con g 4 Sis 1041 J -J
96
96 Oct '12 --•
- -614
6
•
Og&LCharn 1st go 4s g 1048 J -J
85 Sale 85
85
i 81 80
ltut-Canad let go g 4s_1049 J -J
92 J no'09
St Lawr & Adir 1st It is .1990 J -J -6734
1
.
103 Sop '12
- 105 108
2,1 gold Is
•
1008 A-() 115 ---- 11912 Mch'12
11912 11912
Utica & Ilik lily go g 48_1022 J -j
907 Nov'11
8
Lake Shore gold 3 lis
1997 j-I) 88 8312 8814 Nov'12
2
8712 -111/7Registered
_
8818 873i Nov'12
1997 j-D
8714 883.4
•
Debenture gold 4s
1928 M-S 9234 03 0238
03
1
20 9234 94:
31
, 25-year gold 43
1931 M-N 0234 Sale 0238
03
28 1)112 0378
•
Registered
1931 M-N 92 ---. 93 Oct '12
•
Ha A 61 G It lst go o 53.1938
10912 ---Mahon Cl RR 1st Is_ _1934
110 --__
Pitts & L 15rlo 2d g 65--a1028 A-0 10512
105 Apr '12
Pitts Mai & Y 1st Cu es_ 19:12 J -j 119 ---- 13018 Jan '09
2(1 guaranteed es
1934 J -J 111/
12314 Aleh'12
Moliees & 11 V 1st g 03_1013 J -J
Michigan Central Is
1931 51-S 107
Ill Jan '12
111 111
Registered
1031 Q-M 100
119 J'ne'08
•
1940 J -J
4s
93 Apr '12 ..-__ 98 03
Registered
1040 J -J
9812 Noy'll
—
J L & 8 lat gold 3 3i3_1951 81-S
90 J'ne'08
1st gold 3 is
1952 61-N 8512 855 8612 Arch'12
-W1- -8.2 . 34
6
20-year debenture 4s_ _1929 A-0 ____ 891 ssil Aug'12 ___
8812 92
• N Y Chic &St L 1st g 43_103 7 A-0 0918 Sale 9918
9913
1 971 1005(
,
1 teg,Istered__
19:17 A-0
9834 Nov'12
964 9934
1031 M-N 871 89 83
Debentaire 43
1 871 91
88
•
I
--i3-8
1385
BONDS.4
Price
IV fer ,
native
. Y. STOCK EXCHANGE
Friday
E
Since
'tango or
Week Ending Nov 22
,3..,
Na' 22
Last Sale
Jan, 1,
iN
Y C & 11 11—(Con)—
Ski
Ask Low
Ilig%, No Low Ilfgh
West Shore 1st 43 gua.r__2301 J -J
9313 081 98
0812 17 9.3 101
Registered
23)31 J -J
9678 Sale 9678
97
96 9813
N Y Cent Lines eq tr 4 ;is 1923 .1-J _
10012rly '11
Y New Haven & Ilartf—
Non-cony deben 45
1955 J -J
6912 _ _
02
91 Oct '12
91
Non-cony 43
1056 61-N
90 9313
8914 90 4 90 Sep '.2
_3
Cony debenture 3 Ms
1956 J -J
88 9114 90
00
8 90 9432
Cony debenture 6s
1948 J-J 12612 Sale 12614
12678 18 12614 13212
Harlem 14-Pt Chet; 1st 4s_1054 31-N ___ —_ 9914 Nov '1:,
99 9918
B & N 'Y Air Line 1st 4s1955 F-A
9912 J'ne'r2
9912 9912
Cent New flog 1st go 43 1961 J-J
91
9212 9212
1 9014 9352
9212
llousatonlo It cons g '.43.._1937 11-N 111 --- 115 Aug' 2
114 115
N YW'ehes &Hist ser I 4 it3 '4G 1 -J
93). Sale 983
9812 32 98 10014
N 11 & Derby cons cy 53_1918 11-N 10'252 ____ 107 8 Aug'uu
Now England cons 5s
1945 J-J
--- -Conseil 43
1945 J-J -----------9912 810'12
____
-9912 166Providence Secur deb 4s_1957 /1-N 81 ---- 81 Oct '12'
83
81 84
Y 0 & W ref let g 45_41992 MS 03 -_. - 9314
1 92 06
0314
Registered 35,000 only_g1992 Al-S _
1,212 J'ne'L,
9212 9212
General 4s
- - -89
1955 J -D
895 8938
8
8
893 Feb '1:
orfolk Sou 1st & ref A 5s 1961 I-1 - A __
99 1001,2
9:3 Oct '12
OS
ort & South 1st gold 53_1041 ,11-N 10178 --- 10234 Apr '12
10212 10234
ori & West gen gold Os_1931 fl-N 12114 —__ 12518,1'1y '12
12332 12512
Improvement & ext g 63_1034 F-A 12212 ___ 12412 Mayl2
124 12832
New River 1st gold 63_1932 A-0 12012 -___ 121 May'12
124 124
N & IV Ry 1st cons g 4s_1906 A-0
904 9972
18 Sal 9713
9712
•Registered
1996 A-0 --- -----98 Jan '11
Dly'l 1st 1 & gen g 4s 1944 J-J
_ 9214 923 Nov 12
3
-S;171- 04
2
l0-25-year cony 4s
1071,118
1032 J-D
116 116 Nov'2
10-20-year cony 43
1932 Si- S ---------116 Oct '12
_
108 117
Pocah C & C joInt 4s1941 J -D -90 94
_ _9114 9112 Nov'12
0 0& T let guar gold 53_1022 J -J 1053 --- 10638 Mch.'12
1063 10633
8
4
Selo V & N hl 1st gu g 4s_1989 M-N 9333 -- _- 95 Oct '12
95 9812
orthern l'ao prior 1 g 4s 1997 Q-J
9812 57 9733 10034
9813 Sale 0814
Registered
1997 Q-J
--- 9712Nov'12
97 9912
General lien gold 3s___a2047 Q-1 - 3 -1 6814
,
6812 37 6814 7012
Registered
a2047 0-F ---- -------68 Nov'12
___
68 68
St Paul-Duluth Div g 43_1096 J -D O38----9512 Oct '12
9512 9812
Dui Short L 1st go 53_1916 11-S
0112Oct '12
100 10113
St P & N P gen gold (1s__1923 F-A 10012 -- -- 11434 Aug'L.
11212 ____
11434 11513
Registered certificates_1923 Q-F 112 -_-_ 11533 Aug'11
St Paul & Duluth 151 5s_1931 F-A 10914 -___ 107 Jan '12
107 107
2(111
1917 A-0 10213 -__ - 1023 Sep '12
8
10233 10232
1st consol gold 48
1968 J-D 923 ____ 94 J'ne'12
4
9214 94
Wash Cent 1st gold 4s
1948 0-61 8953 -___ 9113 Apr '11
or Pao Term Co 1st g 6s 1933 J -J 11113 .._
111 11134
11114 Oct'
12
rogon-Wash let & ref 45 _1961 j-J
9112 0f3- 91
4
891, 9234
0112
laciflo Coast Co 1st g 5s 1946 J -D 10014 10212 101 Oct '12 35 1031"2 101
ennsylvanla Bil—
let real est g 48
1023 M-N 10112 102 10118 Oct '12
100 102
Consol gold Is
110 110 Mch '12
1919 51-s
108 110
Consol gold 45
11 102 10214 Nov'12
1943 51-N
101 104
Convertible gold 3 Ms_1912 1.1-1%1 --- - ------997 Oct '12
9912 10012
8
Convertible gold 3 Ms_o1915 J-I) 9G7 Sale9612
0678 111 95-,3 9773
Registered
o1915 J-D ---- ------07 J'iY'
97 9718
12
Consul gold 41
1948 51-N 102 103 0218
2 101 1044
10214
Alleg Val gen guar g 4s.._1942 11-S ____ lows 1008 Aug '12
13953 1001s
1) It 11 18 & Bg'e let gu 4sg1936 F-A 100 --- __---,Phila Bait & IV 1st g 4s 1943 11-N 08 ____ 100 Oct '12
99 10214
Sod Bay 64 Sou let g 53_1924 J-.1 ___ ____ 102 Jan '03
Sunbury & Lewis lot g 4s 1936 J-J
96
-4,7
U NJ RR & Can gen 4e 1944 ,11- S __ ____ _-101 10111
---- 10112 MaY.12
mnsvivania Co—
Guar let g4 3is
1021 J-J 10273 ___ 10214
10234 13 10211 104
Registered
1921 J-,11 102 ____ 10P8 Oct '12
10153 103
Guar,3s coil trust leg_ _1937 11-S __
89 Sep '12
88, 8914
2
Guar 3 s coil trust ser B.1941 F-A __ -8614 86
86
8512 89 ,
Trust Co certfs go g 3 Ms_1916 81-N
___ . 89 Sep '12
97 2 981
,
4
Guar 3 Ms trust cue C__1942 J -D
___ 8653 88 Meh'12
738 884
Guar 3 3s trust cas D
1944 J -I) -8614
_ 8734 Jan '12
8734 8734
Guar 1 5-25_ year g 4s
1931 A-0 '96 ___. 90 Nov'12
,
9853
uu
Gin Lob & Nor go 45 g
1942 81-N 00 ___ 9612 Dec '11
CI & Mar let go g 4 Me_1935 11-N __
110 Jan '05
CI 14 P gen go g 4 Ms scr A 1942 J -J 10214 ___ 10734 Dee '11
Series B
1942 A-() 10214 —__ 10934 J'ly '00
Int reduced ,to 3;0_1942 A-() 90 ____ 9114 Feb '12
-011 -911; 4
Series 0 3188
1948 11-N 9014 ____ 0013 Oct '12
uuls 9114
Series D 3;is
1950 1 -A 0014 .__ _ 90 May 08
,
Erie h Pitts go g 338s 13_1940 J-.1 ____ ____ - 9112 May'12
"lift; "tin;
Series C
1040 J-3 ___
9018 J'ly '12
11013 9018
Grit & tea let gu g 4 33s_1941 J-J ____ 10c 104 Aug '12
104 105
Pitts Y & Ash lit con 5s_1927 11-N 105 ____ 109 Alay'10
Tol IV V & 0 gu 4 Ms A 1931 J -J 10113 ___ 10218 J'ne'12
i6)14
.
Series B 4 ;is
1933 J-J 10112 ____ 10218 Nov',2
10238 19238
Series C 4s
1942 51-5 131 98
9558 Oct '12
95 8 0558
3
P C C & St L go 4518 A 1940 A-0 103 10573 10414411y '12
10114 1065
4
Series 11 guar
101% 107
1942 A-0 103 ____ 10134 J'ly '12
Series 0 guar
1942 M-11 ___
.
106 J'ne '11
Series D 4s guar
1045 51-N 06 ___- 06 Nov'12
"lid" -61i-1
987
8
Series E 3 358 guar g _ _ _1940 F-A 90 9312 9514 Sep '12
9318 9533
Series F gu 45 cr
1953 J-D 06 -___ 96 Nov'i2
93 97
Series G 4s guar
1057 SI-N 96 9712 97 J'iy '12
97 90
0 St L & P 1st con g 5s_ _1032 A-0 109 11214 11312Nov'11
2.4) & Pelt Un 1st g Gs
1921 Q-P 10112 ____ 100 May'll
2d gold 4 349
b1021 NI-N 490 ____ 0312Jan '11
.:re Marquctte—Itet 4s-__1955 J -.I ____ 591, 5812
-J63
4
5812 --2
Refunding guar 45
1955 J -J .___ 6014 5612
6512
1 521;8 5932
Ch & W M 5s
1931 J-1) 96 912 !08 Oct '12
98 9983
Flint & P M g Os
1920 A-()
101 10833
4 071 101 Oct '12
let consol gold Is
uo leo
1939 ,11-N ---- ----__ .16 Sep '12
Pt Huron Div 1st g 53_1939 A-0 97 981, 9712 May'12
9712 971i
Sag Tus & H let go g 4s_1931 F-A ____
_
litlippine Ity 1st 30-yr s f 4s_'37 J-J --- -861- -86 Ma - - 2
2
-y 17
'
8414 86
,tts Sh & L II let g 5s
1940 A-0 ____ ___ 113 fly '12
113 11314
let consol gold is
11314Nov'll
1043 41-.1 ____
?ceding Co gen g 43
1997 J -J
9714 Sale '4163
-814
"tier "6 9714
t Registered
,
11197 J -J
_ 95
2 95 9814
95
Jersey Cent coil g 4s
1951 A-0 94412 06
90
2 0112 9313
90
Atlan City gu 4s g
1951 J -J 95--_
4.,I Jo & Or 1st lot g 4s
1947 J-J
8/.38 _
_ 8753 -87,1s
"titi" -E791;
't Louis Li San Francisco—
General gold Os _..... 1931 J-J 11812 12034 11812 Sop '12
11812 11932
General gold Is
1931 J-J 10434 105 10452 Nov'12
10412 10812
St L & S le RR cons g 45_1996 J-J
83 8512 83 Nov'12
83 8814
(len 16-20 yr is
1927 11-N 8312 Sale 8312
8334 28 4.312 8812
Southw Div let g 53_1947 A-0 100 ___ 0914 Sep '11
9934 093
4
Refunding g 43
1951 J -J
7613 77
763
4
7714 21 7658 8134
Rewlstered
1951 3-li
803, Adch'11
•
MISCELLANEOUS BONDS—Continued on Next Page.
•
Gas and Electric Licht
Kings Co Ni L & P g 5s____1037 A-0
Purchase money Os
1907 A-0
Convertible deb 65
1922 M' Ed El II 1114n 1st con g 45_1939 j-J
Lac Gas Lot St hist g 53_01019 Q-F
itef and cxt 1st g 5s
1934 A-0
1027 11-N
IIWallliC0 Gas L 1st 18
Newark Con (las g 53
1948 J-1)
1048 J-1)
Y GE Lit & P g 5s
1949 1
Purchase money g 4s
1-A
Ed rn Ill 1st eons g 58_1995 J -J
[1Y Q El LISP 1st con g 53_1930 F-A
Y & Rich (las let g 53
1021 51-N
Fachis U & 151 Co Cal G & 15
Corp unifying & ref 55_1937 M-N
Pac Pow & Lt lit & ref 20-yr
Si Internet SeriO4
1930 F -A
pat & Passaic)0 64 15 5s
1940 11-S
___ 10178 101720ot '12
114 Sale 114
114
12311 _ 124 Nov 12
5813 _ __ 8814 Nov'12
102 Sale 102
10214
10034 10112 10113 10112
9032 Sale 0053
9058
101
10014 Apr '12
10212
10212 Sale 101/2
4
8734 Sale 873
87/s
10912 _ _ 11318 Meh'12
9934 10113 100 Sep '12
_ 9212,1'1y '09
9478 Sale 9473
93 95
10212 103
9513
95 Oct '12
10253 J'iy '12
(las and Electric Light
Pea Gas 41c 0 let con g 6s___1043 A-0
1947 M-S
Refunding gold Is
Registered
1947 51-5
Oh G-L & Clco 1st gag 55_1937 J-J
Con 0 Co of Ch 1st gu g 55 1036 J-1)
Ind Nat Gas & 011 30-yr 5s '36 M-N
h111 Fuel Gas 1st gu g 53_1947'81-N
Registered
1947 11-N
Philadelphia Co cony 5s
1919 F-Ai
Stan Gas& Elea coav sf 0_1928 J-1)
Syracuse Lighting let g 55_1951 J -I)
Syracuse L & P 5s_ ,._
1954 J -J
'rrenton G & II let g 5s
1949 11- S
Union Eleo L & P 1st g 5s1932 M-S
2 94
Ref & ext Is
963
,
1933 31-N
Utica El L ds l' 1st g 53....„1960 J -J
Utica Gas h B ref 53__1957 J -J
.- 93 95
_ 10232 102N Westchester Light's' g 5s _ _ _ 1050 3-1)
. 10414 1051::
1 114 117
123 124
• 88 8814
4 10112 103
1 1003i 102
1 8972 90f ./
,
10612 10611
'5 10171110414
8 N-4,14 8912
_ 112121i3)7
_ 100 10212
•. ___ ..._ _
_ .. ....„ 11638 Nov'12 ____
101 1011 10134 Nov'12 ____
- -12
_
_ 103 Feb '09
itii Hill 10212 Oct .12 ____
—_102,& 10314 Oct '12 _ ___
93 Mch'12 __-_
--------10114 Aug':2 ____
__
__
_
— -- 156- N ov
--ii --- __ 108
___
1003
4 12
i0012 Sale 10012
01 Dec '11 ____
---------8512 J'ne'l:: ____
10212 ____ 109 Feb '01
0912 ____ 10.)12 Aug '12 ____
'96 ---- 06
1
95
103
___
__ —_
99 ...._ mold Dc '11
19573 103 10478 Nov'1Z _
11614 1171g
LOA 10212
16114 Jails
10112 10311
93 93
10053 10114
i'Od - foi
100 101
_
_
8512 86
____ ___
10012 101
96
9812
____ _—
104 106114
.32
!
No plias Friday; latest bid and asked. a Duo Jan. 5 Duo Feb. o
Duo May. g Duo June. h Duo July. o Doe Oat. p Duo Nov. s Option sale.
1386
P
N.
'd
BONDS
T. STOCK EXCHANGE 41
Z
..,a.
Week Ending Nov 22.
voL. Lxxxxv.
New York Bond Record—Concluded—Page 4
Price
141day
Nov 22
Week's
Range or
Last Sots
4.
ga
1.1 —
Range
Since
Jan. 1.
N.
Bid
High No. Low High
Ask Low
Is t L & San Fran (Con)
' K C Ft S Ze M con g 8s_1928 M-N ,
11314 11314 Nov'12 __ 11314 118
; K C Ft S & M Ity ref g 43_1936 A-0 773 S
15 77 8012
78
773
4
1.
Registered
_
1036 A-0 --------- 7713 J'ly '12 ........ 7712 7712
i• K C & M It & B 1st gu 53_1929 A-0 9712 _ __ 10312 J'iy '12 --- 10312 10312
Ozark 6: Ch C 1st gu 5s g_1912 A-0 90 9912 9918
1'
9918
1 99 100
St L S W 1st g 4s bd ctfs 1989 NI-N 893 Sale 8934
48 8938 9212
90
4
2d g 4s Inc bond ctfs____p1989 J-J
80
80 ___ 80
9 80 83
' Consol gold 45
81
28 7812 84,
8034
4
1932 JD 803 81
Gray's Pt Ter 1st gu g 53_1947 J -D 1003
10118 Apr '07
8
go
5 A & A Pass 1st gu g 4s
8 857g 873
8678
1043 J-J 8512 ___- 86
4
S F & N P 1st sink I g 5s 1919 J-J
_ 104 Oct '09
94
Seaboard Air Line g 4s__1950 A-0 8578 ____ 8618 Oct l'i ...-,._ 8618 87
-3t,
Gold 4s stamped
8612
8612 Sale 8612
7 8512 90
1950 A-0
_
, itc3'istered
_ _ _
1050 A-0 - - _ _ __
, Ad rustinent 53
'id ii fg gii,
01940 F- A ij Sale 751k
i• Refund:11z 4s
78 Nov'12 ____ 7614 83
1959 A-0 ---- 78
, Ati-Birm 30-yr 1st g 4s_e1933 .11-S --- 87 88 J'ly '12 --- 87 90
Car Cent 1st con g 4s
4
90 ___ 9312 Apr '12 — 923 0312
1949 J-J
_ 103 May'll
, Fla Gen & Pen 1st g 55
1918 J -J 10314
101 Nov'12 --- 104 iOi
1st land gr ext g 5s
1930 J -J 10312
,
3
Consol gold 5s
1943 J -J 1053 __ 107 J'ne'12 ---. 107 107
; Ga & Ala Ity 1st con 53_01945 J-J 1017
g106 10478
10478
1 10478 10714
10134 Sep '12 .--- 1004 10534
• Gs Car & No 1st gu g 53.1929 J-J 10110
' Scab Fe Roa 1st 53
•
1925 J-J ---- 10618 105 May'12 ---- 105 1061s
Southern Pacific Co—
(bold 4s (Cent Pac coil) _k1949 J-D 8914 Sale 89
8014 26 88 9212
,
Registered
k1949 J-D -_-,•_„- 8814 91 J'ly '12 .... 91 91
4
933 125 9312 97
, 20
4
g1929 NI- S 933 Sale 9312
-year cony 4s
8
Cent Pac 1st ref gu g 4s__1949 F-A 947 Sale 913
9518 24 94 97
4
'•
9412.1'1y '12 --- 9412 9413
Reglstered
1949 F-A 0,„.) Mort guar gold 3)s _k1929 JD 90.4 007- 9018 Oct '12 ____ 9012 9112
8
Through St List gu 48.1954 A-0 01 9134 9114 Nov'12 ---. 89 9278
1 G II 63 S AM & P 1st 53.1931 M-N -- - 10512 105
105
.
6 105 107
,. 10312 10218 J'ly '12 ---- 10218 10434
,• Glla V G 63 N 1st gu g 5s_1924 11-N
10318
' Nous E & W '1' let g 58_1933 M-N .„- _ _ _ 105 Aug'12 ---- 104 105
1st guar 55 red
1933 M-N 10318 165 10414 May'12 --- 10414 10414
10914 Sep '12 _--- 10914 110
' If &V C 1st g 55 int g
-u 1937 J-J 10914
94
1 9312 951,
A-0 9334 __
94
l•
Gen gold 4s int guar
' Waco 33 NW div 1st g Os'30 .11-N 114
•
11914 Moll'10
105
105
5 108 10712
1. A & N W 1st gu g 5s
1941 J -J 105
,. organ's La &T 1st 7s 1918 A-0 111
11134 Aug'12 ---- 1113 11134
4
1st gold Os
Ill Mch'll --- __ __
ty
4
1020 J-J 1063
1
. No of Cal guar g 5s
112 Feb '07 ---1938 A-0 .„-1 Ore & Cal 1st guar g 5s_1027 J-J 1011
8._ 101 Oct '12 —__
110 May'07 ---- __
, So Pao of Cal—Cu g 5s _1937 M-N 108
-t
, So Pac Coast 1st gu 4s g_1937 J-J
9112 Sep '12 --. 9f12 91 !
91
San Fran Tenni 1st 4s_ _1950 A-0 8914 Sale 8914
90
6 8812 92
Tex & NO con gold 5s 1943 J-J 10018 101 10158 MaY'll ---- 101 101
So Pac BR 1st ref 98
9418 43 9314 953,
4
1956 J-J 9418 Sale 933
Southern
1st consol fr Os
10614 34 10558 10838
.__1094 J - J 10614 Sale 106
_
.
Registered
105 Sep '11 _
1994 J-J -,, Develop & gen 4s Ser A..1958 A-0 /814 Sale 78
7814 aZi ii '11/34
)
8518
, Mob & Ohio colt tr g 4s_1038 M-S 857 8812 8518
s
1 85 8712
108 Nov'12 _.-- 10733 111
, Mem Div 1st g 4 4i-55_1998 J-J 1084
8712 8734 83 Nov'12 ---- 8714 9014
1951 J-J
, St Louis dtv 1st g 4s
4
, Ala Cen It 1st g es
10514 Sep '12 ---- [0514 1051,1
1918 J-J 1c53 _
8358,,,, 9012 Nov'li ......
_ _
1048 J -J
,. AU & Danv 1st g 4s
;• . • 2d 4s
8113 -1048 J-J
•
8214 Fab '12 ---- 'j1 0
14
____ —_
, Att &Yad 1st g guar 4s1049 A-0 841a 88 _-10634 Doe '11
Col & Greenv let Os
1916 J -J 10312
16612 10814
• E T Va 63 ()a Div g 5s
1930 J-J 10614 10812 10612 Oct '12 ___ .
10934
., • Con 1st gold 58
_ 10918 Nov'12 .—_ 10918 1113
4
X 'Fen reor lien g 5s
8
10518 J'ly '12 ---. 10518 106
1938 111-S 1045
2
64 Aug'12 ...... 64 60
• Ga Midland 1st 3s
22 A-9 6312
1946 .J..
1008
.Ga Pac 1ty 1st g 6s
_ 111 J'iy '12 -- Ill 11278
114 J'(16'1212 ---- 119 115
, Knox & Ohio 1st g Cs_ _1926 1f .1 113
1 55 J- 14
.Mob & Bir prior lien g 6_1045 J-J 10512._ 10512 Nov'10
7712_
1945 J-J
•
Mortgage gold 43
78 Deo '11 -• Rich & Dan con g 6s
8
1915 J-J 1015 10312 102 Oct '12 ___- 102 10434
• • Deb 53 stamped
10434 Apr '12 .-- 104 1043
1927 A-0
4
73 Sep '12 ____ 73 73
'• Rich & Meek 1st g 4s__1948 11-N 7112
10238
4
1 10214 104
_ 10238
• So Car 63 Ga 1st g 5s
1919 81-N 1023
112 Oct '00
4
Virginia Mid scr 0 6s
1916 111-S 1o33
!.
3
12. • Serbs D 4-53
1921 NI- S 103 4 104 10334 N ov'12 — - 10334 1031,
... • Series E 5s
1926 AI- S 10412 _ _ 10534 J'ly '12 _..- 10534 10534
___ ____
5
105 J'ne'10
1931 111-S 104 8 __
" Series F Os
5
General 5s
1938 111-N 106 3 10814 10612 Nov 12 ---- 10812 10814
f_,
•
• Va Ee So'w't 1st gu 5s.2003 J-J 108 10912 10812 J'ly '11 ___
4
9512 ( sig 973
''•
• 1st cons 50
.
1
-year 5s_1958 A-0 9512 98 95
r. NIT 0 a W 1st cy gu 48_1924 F-A 9312
9312 Sep '1k ---- 9U 931.
102 Nov'12 __-- 102 1031.
8
4- West N C 1st con g 6s_1914 J-J 1015
•
2
_
_
Spokane Intermit 1st g 53_1955 J-J ---- 103 10212 Apr '11
4
Mer A of St L 1st g 4;0_1939 A-0 „ - 10412 1033 Oct '12 ____ 16:33.1 idE
J. 1st con gold 5s_1894-1944 F-A 10112 11112 111 Aug'12 ......_ 11034 11212
; Gen refund s 11 g 45
1953 J-J ---- 0434 9153 Oct '12 ...-- 94 08
• St L M Bge Ter gu g 58_1030 A-0 105 107 10618 Sep '12 ____ 10518 1071;
Tex & Pao 1st gold 5s
2000 J-D 10612 10712 10712 Nov'12 ___ 10614 11012
5112 _
51 Nov'12
2d gold Inc 5s
q2000 Nlch
4978 51
1931 J-J
95
9912 Apr '11
La Div B L 1st g 5s
10612Nov'04
' W Min W 63 NW 1st gu 5s..'30 F-A ....„
Tol & 00 1st g 5s
1935 J-J luu 108 10012 Nov'12 ___ 10538 10912
Western Div 1st g 5s
1935 A-0 10558 _ _ 10734 J'ne'.12 __-. 10734 10734
General gold 5s
1935 J-D 103 16314 10353 Nov'12
103 104
7 Kan & ht 1st gu g 4s
1990 A-0 .9012
9114 Oct '12 ____ 9114 03
. 2d 20-year 55
2 9714 99i.
1927 J-J 0812 987 9853
9858
8
Tol P & W 1st gold 4s
1917 J-J
93 8 Sale 9378
7
4 9314 9478
931
8
84 -8412Oct '12 —. 84 8712
Tol St L Ee W or lien g 3 5.0_1025 J -J
_.
1950 A-0 59 Side 59
50
-year gold 4s
59
2 50 6958
68
1 68 731,
Coll tr 4s g Ser A
1917 F-A 68 75 68
_ _ 89
89
2 89 901;
Tor Hans & Bull lst g 4s_h19413 J-D 89
10318.10414 104
104
1ster & Del 1st con g 53_1928 J -D
1 104 106
.
1st refund g 4s
— 86 8512 J'ne'12 ___. 8512 86is
1952 A-0 .
,Union Pacific—
0078 115 987 10214
let RR & land grantg4s.1947 J-J
8
9938 Sale 0053
1
• Registered
9712 _ _ 98, Nov'12 ____ 9812 1017
3
1047 J-J
10212 287 10114 104
!, 20-year cony 4s
1027 J-J 10212 Sale 10218
.
8 13 9533 9771
957
• 1st eG ref 4s
g2008 41-S 96 9612 9558
1 9112 961,
9.312
. Ore Sly & Nay con g 4s1948 J-D 0312 9334 9312
1 111 113;
111
,• Ore Short Line 1st g 6s__1922 F-A 11118 11112 111
•
1st consol g 53
1940 J-J 10812 10834 109 Nov'12 ___ 10812 112
87 0112 9534
92
' • Guar refund 45
•
1029 J-D 9173 Sale 9112
•
Utah & Nor gold 58_1926 J-J 104_ 108 May'll
99_
• 1st extended 43
1933 J-J
91
_
---- ---- -,,.- -.,,•_Vandalla cons g 45 Ser A_1955 F-A 94 Sale 94
94
1 04 063
f
V
9438
Consol 4s Series B..
1 92ls 971
1957 .41-N 9112 94 948
:
'Vera Cruz 63 P 1st gu 4 Hs_1934 J-J __— 93 94 Oct '12 ___ 9134 94
U
MISCELLANEOUS
BONDS
Y. STOCK EXCHANGE 4•0
c
Week Ending Nov 22.
Wabash 1st gold Os
1939 8%-N
2d gold Os
Debenture Series B__1939 F- A
193 9 J J
1st ilen equips fd g 5s
1021 M-S
1st lien 50-yr g term 4s....1954 J-J
1st ref and ext g 43
1956 J -J
Cent rust Co etfs
Do Stamped
__—
Equit Tr-3st Co ctfs
Do Sti_mped
Det & Ch Ext 1st g 5s_1041 J-J
Des Moils Div 1st g 4s___1939 J-J
Om Div 1st g 3 59s
Tol & Cis 1)1v 1st g 4s
94 1 A
1041 111-1
Wats Pitts Terns 1st g 4s
1954 J-D
Cent & Old Col Tr Co certIs—
Columbia 'Sr Co ctfs
2d gold 4s
1954 J -D
Trust Co certfs
Wash Terinl 1st gu 3 453_1945 F-A
1st 40-yr guar 43
West Maryland 1st g 4s
1945 F- A
952 A-0
West N Y & Pa 1st g 53_1937 J -J
Gen gold 43
1943 A-0
Income 5s
Wheeling & L
let g5s...,,1926 N-0
5s...,,1926 A o v
Wheel Div 1st gold 5s__1028 J-J
Extcn & Imp gold 5s......_1930 F-A
RR 1st consol 48
1949 M-S
20-year equip s f 5s
1922 J-J
Winston-Salem S B 1st 4s 1980 J-J
Wis Cent 50-yr 1st gen 43._1049 J-J
Sup &Dul div & term 1st 48'36 m-ri
Manufacturing and Industrial
Allis-Chalmers 1st Is
1938 J-J
Trust Co ctfs deposit
Am Ag Chem 1st c 55
1928 A-0
Am Cot 011 ext 438s
1915 C)
-F
Debenture 53
Am Hide & L lst s f g 88_1931 M-S
1919 -N
Amor Ice Scour deb g 0_1925 A-0
Am Smelt Securities s f 83._192 F-A
Am Spirits Mfg 1st g 6s
1915 M-S
Am Thread 1st col tr 4s
1919 J-J
Am Tobacco 40-yr g 8s
1944 A-0
Registered
1944 A-0
Certificates of deposit
Gold 4s
1951 F-A
Registered
1051 F-A
Am Wrltg Paper 1st s f 5s 1919 J-J
Baldw Loco Worlds 1st 55_1040 111-N
Beth Steel 1st ext s f 5s
1928 J -J
Cent Leather 20
-year g 53_1925 A-0
Consol Tobacco g 45
1951 F-A
Registered
1951 F-A
Corn Prod Ref s f g Is
1031 .11-N
1st 25
-year s f 5s
1034 111-N
Cuban-Amer Sugar con tr 681918 A-0
Distil Sec Cor cony 1st g 5s_1927 A-0
E I du Pont Powder 433._1936 J -I)
Gen Electric deb g 3%s
1942 F-A
10-yr g deb 53
1917 J -I)
Debenture 5s (rects)
1952 Ni-S
Gen'l Motors 1st lien 6s
1915 A-()
Ill Steel deb 4 %s
1940 A-0
Indiana Steel 1st 5s
1952 M-N
lot Paper Co 1st con g 8s....1918 F-A
Consol cony s f g Is
1935 J-J
Int St Pump 1st s f 5s
1920 NILackaw Steel 1st g 5s
1923 A-0
1st con 5s Series A
5-year convertible 5s
19551S
919 ,1-S
11Ligg & Myers Tob Co7s tpy bds-5s temporary bonds
Mexican Petrol Ltd env 6s A '21 --A-(5
Nat Enam & Stpg 1st 5s___1929 J -D
Nat Starch 20-yr deb 5s__1930 J -J
National Tube 1st Is
1952 ,11-N
N Y Air Brake 1st conv tis_ _1928 31-N
P Lorillard Co 7s tem'pry bds_
Is temporary bonds_
fly Steel Spgs 1st s f 5s
1921
Repub I &-S lst&eol tr 5s_1934 A-0
10-30-year Is s f
1940 A-0
Standard Miffing 1st 5s
1930 41-N
Tile Texas Co cony deb 6s 1931 J -J
Union Bag 63 Paper 1st 5s_1930 J-J
Stamped
U S Leath Cost deb g 6s.,_1913
19
93
N
S Realty & I cony deb g 58_'24 J-J
U S Red Ec Refg 1st g 89_1931 J-J
S Rubber 10-yr coil tr 8s_1918 J-14
Registered
1918 J-1)
U S Steel Corp—fcoup __d1963 11-N
S f 10-60-yr 5slreg
NI-N
Va-Car Chem 1st 15-yr 5s 1923 J-D
West Electric 1st 5s Dec 1922 J-J
Westinghouse E & 4,1 s C 53_1931 J-J
10-year coil tr notes 5s 1917 A-0
Price
Friclau
Nov 22
Wrek'Range or
U
Last Sate
-Bid
Ask Lcw
Htql, No.
10534 Sale 10534
1063
4 48
99 9912 33,1
3
99
90 J'no'12
66: .767 : 991s 9913 2
:
:
80 ___
83 Dec '10
6912 216
8814 883 67
4
63. 8 Oct '1- 318
'
_
63 (
1312 Oct '12
63 67 6512 Oct '12
64 85 635
31
s
66
lot _
10/ Oct '12
;(; 14 8
--0 Aug'12
6612 70 70 Oct '12
80 83 8018 J'ly '12
30 31
301 t Sep '12
30
3012
31
3034 30 Nov'12
4 23 Nov'12
s
,14 23
27
8
278 3
23
8
83 _
8745 Oct '11
9718 _
100 Sep '12
8534 Sale 8512
853
4
10618 __ 10/ Oct '12
-- - - ge 4 86 Oct '12
3
34 Feb '07
iolJ- 103 10112 Oct '12
-2
10013 101 10218 Nov'11
10018 101 102 J'no'10
8212 83 8212
8212
_ $2 Feb '11
8912 91
1103 Nov'12
4
9178 Sale 9178
92
18
893 9014 90 Nov'12
4
1
61 64 65 Nov'12
61(2 Sale 60
10134 102 102 Nov 1 2 -_-203
_-_:
__
91 12 1 1
1
9252 9734 92511
613 9
2
6
92 3
6314
100 1003 10012 1003 __ _4_
4
4
173 sal0 10 34 cIow --__
0434 7812 75
4
a
36
101 10J Oct '12 ____
11 0 N ov
2312
)
11912
120 Nil: 11012
Range
Since
Jan, 1,
Low High
10412 10778
90 10012
00 100
9814 100
5E1- -7233
2
033 71
163
6934
5914 70
6012 6958
100 10711
80 80
6812 7134
7234 8312
3014 3914
297 4214
8
30 4112
1
3
17
8 312
-6f1;
85 8814
100 10834
80 8812
10114 1135 2
-17
8214 8512
0034 93
91 9338
90 9212
11190148388 1041,
1 07217712 665 4
51:8887 0 2
5
%4
2
994 98 2
9818 10112
7212 82
10212 103
.
5
,9582 101
921 ,
; 31
1t2 131 ,8
11 1 12
_
95
19.7 96
00
10 017
8 7
13
:
95138:
9214 955
9 3 ;11 :2
8 1 1
12
8914 Sale 8914
8978 11 8814 9
104 103 Sep '12 ..._ 10234 104
9534 Sale 953
4
1
9012 6_8 931:192
. 9 3 01
;6.; 97:4
11i
913 _176.
95'2 S e 957 ct95 2 77 .1,
6 Z
2 5s
'2
1i
77 Nov'm
8
-65371 -065- 9612 9612
033 0414 9412 Nov'12
4
97
9/ Oct '.2 -7112 7214 72
7214 .. 76112 7( 1 4
23 990
-.
:
S:1
8058 Sale 883
4
803i
80 8 J'n2
8313182
e ;1
21
Oct
1
,i 1
111334 Si"J 10313
- *
101
156 100783 101718
3 0212 : 2
160 8471 1 1)21 32
8
2
58313 1 8
9912 —13 19812 111(1/
9912 Sale 9914
90 Sale 90
53 8912 9234
91
( 4
10078 Sale 1007
3 03 1 1%3
8
101
42 1110 11113
103 10:38 10338
0 18 91
1
11,338
_
8912 89
89
91
9118
22 94 9755
'78 sale 8513
97 S ol2 9692
9
0 8l
9
0
8012 13 77 8212
7
0512 11 9012 07
12014 Salo 12018
12038 53 1183 12314
1
, ,
28 8 3 ,
9612 Sale 0614
0012
1025 10314 10212 103
8
38 95 10214
9312 95 05 Oct '12
95 8914 Sep '12
0918 35 99 lo112
995s Sale 9914
102 105 102
10358 —21 87 181)38
— 9914 0351
12334
12,134 Sale 1205
8 12034 — 15 19
1953
34
- 1
063 Sale 9614
8
0612 25 9118 0912
9814
19758 _98. 1093% Nov 12
03
9158 6S 9112
5 0 7' 9,8 2
- 9 4 9) %3l
0
013 —10 19723 1'1 3
4
8014 8912 8914 Nov 12 __ __ 86 1;123t
10038 87 9412 10212
10014 Sale 100
9212._ 92 Oct '12
_ 92 92 Nov 12
111
,1
faci 10012 100
10014 -— 52 100:12 11992 23
- - -2 92 04
-- 8
88 90 89
89
25 3212 3) Oct '12 iio i6i i501i
1
_ _. 30; 6.i
10314 Sale 10314
10332 11 103 105
Jan
0378
1
ioi" lat.; 1018 101°
10134 10214
9 10138 101
4 ,754 1)4
98
,
, 3
101 __3.9 192 2 10818
101 Sale 191
98 S
7_ 011142 ,10
0
8
al
4
933
9318 9312 923
8
96 9/12 9/12 Nov12
z
Telegraph & Telephone
Am Telep & Tel coil tr 48_1929 J-J
893
8 61 89 9118
8918 Sale 89
11212 20 10834 11558
Convertible 43
1938 hi- S 11212 Sale 112
Chicago Telephone 1st 5s_1923 J-D
- -'11.
Commercial Cable 1st g 4s..2397
82.12 8212
80 851:, 8217 Meh 2
8312Nov'll
Registered
2397
Keystone Telephone 1st 5s_1935 J-J 81-- 85 Aug'12
82 8.)
102 103
Metropol Tel & Tel 1st s 5s 1918 ,11-N 10112 11.13 10214 Sep '12
----- 9078 101
Mich State Telep 1st 5s
1924 F-A 99 10014 10014 Nov')
10314 May'll
NY &NJ Telephone 5s g_1920
8
9,
•;
106 975 i1567
N Y Telep 1st & gen 814 As 1939 NI-N 9731 Salo 975
3
9932 51 0873 10114
Pao Tel 63 Tel 1st 5s
9938 Sale 99i8
1937 J-J
South Bell Tel &T 1st sf 5s_1941 J -J
9878 44 9812 100
9878 Sale 0838
West Linton col tr cur 5s..„1938 J-J 10014 1003 10012 10012
1 10014 10312
4
95
3 95 10012
Fd and real est g 4 40_1950 8%-N 9514 9512 95
104 J'ne'll
Nut Un Tel gu ext 53_1941
9614 J'ne'12
Northwest Tel gu 4 8s g_1934 J-J
91
"6E" 76;
2:
BONDS—Concluded.
Coal Ec Iron
Miscellaneous
Buff & Susq Iron s f 5s__1932 J-D_.— -.— 97 J'ly '12 ____ 97 98
Adams Ex colt tr g 4s
7 81 8813
1945 M-S 8312 8118 8313
85
Debenture 5s
1 Sale 91
9114 29 00 0214
a1926 M-S 85 ____ 01 Nov. .... _
__ Armour 63 Co 1st real est 4;0'39 J-D
11
8834 112
Coil" & I Co gen s t g 5s____1043 F-A 98 ....... 9831 Sep '12
_
1952 A-0 ---- ---- 130 Oct '12 ___
983 10033 Bush Terminal lst 4s
4
GOnS01 55
3 9812 09
1919 M-N 108 10813 10714 J'ne'12
9612
0612
0612 07
Col Fuel gen 05
1955 J-J
.
10714 10734
Bldgs Is guar tax ex _1960 A-0 0812 07 9612
Col Indus 1st & coil 5s g11-1934 F-A 8312 Sale 8312
073
4 18 9612 973
4
8412 42 7212 8514
194
2 116 200
Cons Ind Coal Me 1st 531935 J-D ---- 84
—
110•11 -- --- —_ Chino Copper 1st cony 8s_1921 J-J 190 104 194
85 J'
4
Cons Coal of Ald 1st & ref Is 1950 J-1) ___ 94 03 Oct'12_ 93 94
InspIr Cons Cop 1st 8s mots)------110 Sale 10812 11018 102 10412 1193
__-_
Gr Riv Coal & 0 1st g Gs_h1019 A-0 98 100 10'258 Apr '00 -- „
0
6 8 16 63 70
1922 A-1 6614 665 6614
s
_ Int Mercan Marine 4%s
Kan & II C & C 1st s f g 53-1951 J-J 08 -,,- 98 Oct 12 ---- -973- -9812 Int Navigation 1st s f 53_1929 F-A
78 7912 7918 Nov'12 .___ 773 8214
4
4
'
pocab Con Collier 1st s f 53_1957 J-J
90
_
_
_
85 86 873 Nov'12 ____ 8112 8912 Mge Bond (N Y) 48 ser 2_1960 A-0 _
____
4
; id
jot y St 1, Hock Mt 6c P 1st 5s.....1055 J-J
81 Sale 81
81
1 7934 8412
01; — iOO Oct ii __
10-20 yr Is series 3
1932 J -J
10134
Tenn Coal gen 5s
1 10118 10378 Morris & Co 1st s f 4 4is
4
1951 1- J 1013 Sale 10134
1939 J-J _ ___ _.__ 8934 Aug'12 ____ 8912 8978
Bin m Div 1st consol 63_1917 J-J 102 10312 133218 Nov'12 ___ 10218 10412 N Y Dock 50-yr 1st g 45_1951 P-A
78 80 70 Nov'12 _. 70 8512
• Tenn Div 1st g Os
4
a1917 A-0 102 10334 10214 Oct'12021
Niag Falls Pow 1st 5s
10012 10214
1932 J-J 1003 ____ 10214 Nov'12
Cab C M Co 1st gu g 63_1022 J-D 10312 110 110 Jan '09 -----------Ontario Transmission 55_1945 M-N 90 ,____ 1)134 Sep IL
. 9212 9434
Utah Fuel 1st g 55
1931 111-S ____ -_-- -,..
,--- ---- --,. --- _ Pub Serv Corp N J gen 50_1959 A-0 9214 Sale 9214
9312 29 92 941
4
Victor Fuel 1st 5 f 5s
125
Ray Cons Copper 1st cony Os 1921 3 -J 122 125 125
3 112 130
1953 J-J ____ 85 813- Oct '12 .... 851 86
4
97
1 9412 9812 Wash Water Pow 1st 5s..._1939 J-J 102 ___ 104 May'12 .... 10278 104
Va Iron Coal & Coke 1st g 531949 M-S 97 9712 97
.
I *No Price FrldaY; latest bid and asked aDue Jan dDue April eDue May gDuo June hDue July k Due Aug oDue Oct dDue Nov qDuc Dec sCpticzi I
CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST' AND LOWEST SALE PRICES.
-.
Saturday
Itanday
2'nesday
Wednesday 7'hursday
Friday
Nov. 19.
Nov. 18.
Nov. 20.
Nov. 16.
Nov. 21.
Nov. 22.
Sales
of Ow
Weet
Shires.
1387
srocks
Range for Year 1912
Range for Previous .
Year 1911
Lowest.
CHICAGO STOCK
EXCHANGE
Lowest
Highest.
Highest.
Railroads
3012
Last Sale 3012 Nov'12
Chicago net/Ilys corn___
30 Aug 23 40 Apr 24
21 J'ly
32 Dec
9112
Last Sale 9212 Aug'12
Do prei
90 May27 933 Jan 20
4
85 J'ly
94 Nov
05
Last Sale 90
Chic Rye part ctf "1"
Oct'12
8
85 .Ply 15 1013 Jan 18
80 Apr 101 Aug
571 Chits Rya part ctf
2314 2318 2312 2234 23
2212 Oct 11 38 Jan 9
_
2034 May 377 Dec
s
25 Chic Rys part ctf "3"....6 J'ne 13 11 Jan 12
83
4 *8
'8
0
9
"2"_8 May
1212 Aua
50 Chic Itys part ctf "4"
3
'3
1
313 '3
312
3 Oct 1
578 Jan 13
412 Mch
.71: Aug
20
Last Sale
Kansas City ity & Lt_100 1414 Aug 8 25 Sep 27
v'12
15 Sep
2
5 Feb
40
----41
4012 4012 -------Do pref
100 40 Oct 10 5012 Jan 19
39 Sep
721. Feb
2
1012 *912 1012 *1)2 012
15 Streets W Staulo C L_100
6 Mch2,, 1178 Apr 10
7 Dec
1314 Feb
55
Last Sale 50 Nov'12
Do prof
100 35 Jan 39 52 J'ne 20
38 Nov
50 Jan
Miscei aneaus
4112 4034 4158 4038 4114 4138 4214 4214 43
4112 41
41
1,770 American Can
100 3113 Jan 2 47 Oct 11
9 Jan
1212 May
12212 12234 12273 12378 12438 12438
1221 i 12214 *12214 12212 122 122
770
Do prof
100 91 Feb 1 126 Sep 19
7678 Jan
93
*450 480 *450 480 *450 480
_
*450
Last Sale 405 July'19
American Radlator_100 325 Feb 1 405 J'ly 2 265 Jan 304 Dec
Oct
__*133 136 *130 136 *130 136 *130 136
Last Sale 135 Aug'12
Do pref
100 131 Jan 15 135 Apr 30 12612 Mcb 133 Nov
*50
57
*56
57
*56
57
*53
58
*57
5314 5814 60
205 Amer Shipbuilding
100 45 Aug 7 61 Oct 1
48 Nov
79 Feb
*10112 106 *10412 106 *10412 106 *10412 10512
Last Sale 105 Nov'12
Do prof
100 100 Feb 6 10638 Oct 28 10612 Sep 113 May
*143 144 *14212 143
4
4
1423 1423 14212 14212 .142 144
115 Amer Telco & Tcleg
14214 14214
133 Jan 11 198, Mch 17 13158 Aug 15214 J'ne
8
60
60
*60
*60
62
62
*60
62
*60
62
*60
62
25 Booth Fisheries com ___ _
39 Meta 14 6612 May22
35 Apr
5914 Meli
Last Sale 47 Apr'12
Voting trust at
4312 Feb 2, 50 Jan 9
32 J'ne
5734 Men
90
00
90
*89
90
90
90
0
38
*89
Do 1st met
00
89
90
77 Melt 14 95 J'ne 5
GO Sep
8838 Dec
60
*55
*54
58
*55
*55
53
58
Last Sale 55 Nov'12 ____
Cal & Chic Canal & D_100 49 Feb u
491. Apr
655 May13
8
52 Feb
54
5434 5414 5412 54
51
5312 51
5312 5312 5312 5334
831 ,
31110 Pneumatic Tool_100 44 Mch15 5512 Oct 15
3912 Sep
8512
Last Sale 142 May'12
Chicago Telephone_ 100 13712 Jan 4 145 Mch 9 115 Jan 14114 Feb
Nov
*211- 215 .211 215 *211 215 *210 212
Last Sale 212 Nov'12
Chicago Title & Trust.100 184 Jan 4 222 J'ne 20 15112 Jan 180 Dec
*144 145
14412 14412 144 145
145 145
45
_
_
193 Commonw'th-Edlson_100 13514 Jan 4 150 Melt 7 113 Jan 13738
*1614 163 "1614 163
4
4 1534 153 *1614 163 ---- --- -1734 -- 4
4
Corn Prod Ref Co corn_ _
_
100
173
4
10 Feb 13 2112 Oct 21
034 Oct
1538 J'ne
_ ____ ____
Do
Last Sale
do
pref
87 Oct 17 87 Oct 17
78 Jan
78 Jan
ii7.:6- fdi- iiii72 iiiii; iiii- 108 10712 10712 *10712 108 87 Oct'12
177 Diamond Match
10712 103
9212 Feb 11034 Nov
100 103 J'ly 5 11134 Feb 5
*93
9812 9812 9812 *98
9812 *98
0812 *98
150 Hart ShatIner & Marx pf_
9812 9814 9812
98 Oct 2 10212 /deb 8 100 Sep 10334 Dec
72
*'1 72
72
6934 72
69
70
69
1,138 Illinois Briok
6012 6912 70
100 56 Jan 2 7312 Sep 23
4978 Sep
70 Jan
121 121
---- ----121 121
120 120
__
120 121
275 Internet Harvester Co__ _ 106 Feb 14 12678 Sep lu
9914 Sep 129 May
---- ---- ---- --__
Last Sale 7633 Aug'12
Knickerbocker Ice pref_
67 May 1 7638 Aug 6
133 133 *133 134 *132 134
13212 13212 *1132 134 '132 134
150 National Biscuit
100 130 Nov11 16112 Apr 30 11714 Jab 14212 Dec
*124 126 *124 1213 *124 126
124 124 *124 126
Do pref
124 126
4
100 12214 Oct 25 13034 hlay28 123 Jan 130 Men
*123 126 *123 126 *121 125 *124 125
Last Sale 125 Nov'12
National Carbon
100 103 Mch 5 135 Sep 24 100 Aug 120 Meli
*116 11712 118 118 *11712 11812 *11712 11812 *11712 11812 *11712 11812
Do pref
25
100 115 Feb 11 120 Jan 2 117 Sep 120 Men
6514 *65
6518 (3518 *65
6514 *65
6514 6478 6518 65 65
Pacitic Gas 6: El Co
163
z 61 J'ly 2 z 67 Apr 22 ..........
------- _ _ ___
---Last Sale .60 May'12
Do
rights
x .60 May 3 x .65 Apr 23
.5i7
7 2
..
_ ;voii2
_ *5112 . .9112
_ *9112 . ___
Do
preferred
--1163 1 16
8 - - -38 116 1 1638 116 1
-1(314 1 1512 nif 11512 ff6
-52 1 1612 1-1- -12 994 People's Gas L&Coke-100 10312 Jan 2 12238 Oct 9 101 Sep 10858 Jan
6
8612 *86
*86
8612 *86
8612 *86
Last Sale 80 Nov'12
8612
Pub Serv of No 111 corn. x 88 May2, x 941. Apr 24
---- ..---- - - ---___ ____
Last Sale 18 May'12
_
Do rights
1.08 May18 x 112 Apr 24
9873 9LT7 *9878 99
8
99 99
99 --- *987 09
99
*9878 09
8
115
Do preferred
_ - 1 0812 Oct 21 110712 Apr 24
*102 101 *102 101 *102 104 *102 101
Last Sale 100 Nov'12
Homely Co, preferred_ _ z 9J12 Apr 27 210312 Oct 25
215 219
21612 218
21612 2173 216 21712 217 2171 211 217
4
5799 Sears-Roebuck corn__100 140 Jan 5 22112 Nov 8 12334 Sep 19234 Jan
.
*123 12312 12314 121 *123 12312 124 12118
1 125 - -------Do pref
-395
100 12112Jan 11 12534 J'ne 8 116 Sep 122 Itch
*42
44
43 43
*42
44
43
43 --- - ------------100 Studebaker Corp com-._ 30, J'ly 18 49 Aug 9
8
*94
96
*94
96
*94
96 **94
93
Last Sale 9712 Aug'12
Do preferred
9112 J'iy Is 9712 Aug 7
10612 1065 10612 10658 10638 10658 10614 10612 10638 10378 10678 1067
8
8
710 Sw3a. & Co
100 9834 Jan 2 10914 Apr 4
9734 Sep 106 J'ne
*360 380 *360 380 *360 380 *360 380 *360 380
390 395
37 The 4uaker Oats Co 100 215 Jan 15 395 Nov22 105 Itich 212 Dec
*108 110 *108 110
110 110 *108 110 *108 110
10912 10012
45
De pref
100 10512 Jan 2 110 Jan 15 10212 Feb 10712 J'ly
212 21212 210 210 211 211
21038 21038 210 21512 215 21612
935 Union Carbide Co
4
21353 May 8 231 Nov 4
Last Sale 112 May'12
Do
rights
I 314. May 8 z 6 May22
•114
112 *1
112 *1
112 *1
Last Sale 138 Oct'12
112
Unit Box Ild & P Co..100
38 May 2
178 Jan 18
1 Dec
7 Jan
7412 7518 7414 7558 74
733 75
4
7412 743 753
4
4 753 755
8
8 1,575 United States Steel corn_ 5858 Feb 13 8012 Sep 30
8012 Oct
8178 Feb
*9
10
*9
10
*9
912 *9
912 *9
912
934 14
445 Western Stone
100
9 Sep 30 147s Feb 7
13 Dec
25 Jan
I...._
*89*88
2312
*8
*3
*18
538
*913
*50
3012 *___*89
92
*88
95
2312 2312
*8
9
312 *3
*18
20
*33
40
912
1012
*50
55
3012 *___
*89
92
95
*88
2312 23
*8
9
312 *3
20
*18
40
*38
912
915
55
*50
3012 *___
9112 *89
95
*88
2338 2314
9
83
4
312
3
20
*18
40
*33
91s *912
55
*50
Chicago Bond Record
BONDS
OHIOAGO STOCK
EXCIIANGE
Week ending Nov. 22.
Interest
period
Price
Friday,
Nov, 22
bid.
Ask
Week's
Range or
Last Sale.
Chicago Banks and Trust Companies
Sold
Range
for
Year 1912
No. tow IV:111
Am Tel & Tcl coil 48_1020 J - J
Apr'12 .--. 291
01
01
Armour de Co 4 35s___1939 J - D 9118 9138 1'7 7114 Noi 4 1 --- 9012 9214
(
li12
'
v
Auto Eiec 1st AI 6s___1928
8214 Apr'12 -- 8214 8214
Cal Gas & El unit &ref 5s'37 Ii - N 0(118 May'12 - - 796 0618
13
Chicago City Ity 5s___1027 F - A 10114 Sale
10114 10112 19 10114 103
ChicCity&ConItys 58.41927 A - 0
87
86
Oct'12
86
9258
Chicago Mei, By 58_1914 J - J 1 9712 973
9738 99
4 9712 Oct'12
Chic Pne Tool 1st 5s_a1921 J - J t 93
95
9312 Nov'12
00
95
Chicago Itys 5s
1027 F - A 9914 Sale
9938 26 9914 10114
9914
Chic Itys 5s_series "A" A - 0
05
9458 Oct'12
41458
Chic Itys 4s__serles "A" A - 0
9638 Jan'12 ____
9614 9738
Chic Itys 4s__series "11" J - D 8112 Sale
84
8114
Chic ltys 4sseries "C" F - A
92
9314 93 Nov'12 _ _78
_
93 4
952g
15
Chic ltys coil 68_1913
-A
100
Jan'12 __ i. 100 103
e.._
Chic By Pr in M g 4s_c'97
- J 1 7118 7238 703 Oct'12
8
Chic By Adj Inc 4s.c1927 NIayl 1 45
50
48
Oct'12
Chicago Telephone Is_1923 J - I) 1101078 101
10073 101
; 1 7 1; a8
0: ' 3
13 t( 14
8 .
)
:3
Cicero Gas Co ret G 51.1932 J - J
9712 Oct'12
Conunonw-Edison 53..1043 M - S 102- Sate 10178
10218 26 10178 I033
4
Commonw Bice 5s.b 1943 .31 - S t___ 10178 102
Oct'12 _ 323 1(228 11(03
_. 1 0/ 1 1)11,1
)9 (' 4
):
;
Cudahy Pack 1st II 58.1924
N 1100 100 2 10014 10014
Dia Match Con db (3s_ _1920
109 Sale 109
109
Gen Mot 6% 1st L notes'15 A - 0
9934 Apr'12 ___ 29958 9934
Ind Steel 1st g 5s____1952 M - N
10114 May'12
clull4 10112
Do
1st g 6s____1928
Int liar 3-yr
g notes'15 F - A a 9038 0958 10058 May'12
£10013 1005
8
St'i Is. II g 6s__1928 .....
10518 Apr'12
x10518 10518
Kan City By & Light
1013 M - N
• (40 53
90 Oct'12
89
9414
1928 J - J 1____ 88
Lake St El-1st 5s
88 Sep ]
.2
Mctr W Side El 1st 4s.1938
- A 1 8012 8112 81 Nov'12
8712 91)3
80 4 85 4
1938 J - J 78
Extension g 4s
7812 7812
7812
3 7812 83
Mil El By & Lt 1st g 591026 F - A ____
10178 Apr'12
2104-,3 1017
8
do re; & eat 4 54s-1931
- J ------- 05 Apr'12
295
05
53_1951 J - D
do gen & ref
Milw Gas Lt 1st g 48_1927 11 - N
-oafs NP1W.12
28934 - - 2
0611930 J - J -8758 - - Morris ec Co 4 35"
885; 8778 Nov'12
Nat Tube 1st g 5s
1952 ,31 - N
10034 May'12
2187 4 100118
, 2 9714
105
:14
003 :10
1
Nor Shore El 1st g 55_1922 A - 0 110278
10314 Apr'12 __ 210314 10314
do 1st & ref g 5s_1940 A - 0 :10J38 1037& 10038 Apr'12
_ 210033 10038
Nor Sh Gas o
0
1st Is '37 1 - A ___
9512 Sep'12
North West El 1st 43_1911 DI - S
10014 July'12
NSVGL& Colic Co 5s 1928 Q t 3)012 __ 0938 Oct'12 ....__
9934 10012
_1045 31 Ogden Gas Is
9612
9012 97
97
6 953.4 99
J
Pas Gas & El ref a 58_1942 J - N.
92 May'12 _
29178 9218
Pac T&T lst cell tr 5s..1937 J - J
100 May'12 ---- 2100 10018
Pcarsons-Taft 5s
1916 J - D I-oily 10038 hich'09
4.40s
1 94 ---- 9612 McW10
4,609 Series E
It - N I 95 -- 97 Feb'10
---4.80s Series F
51- N I 9614 -- 9814 Noy'll ---Peop Gas L & C 1st 68_1043 A - 0 t _ 117
11512 Sep'12
- 11512 11812
Refunding gold 53_1947
- S 110118 10138 10113 10114 13 10034 10214
Chic Gas L&C 1st Is 1037 J - J :102 -- 102
102
1 102 1033
4
Consum Gas 1st 53_1936 J - D
10114 Scp'12
_ 10114 103
Fuel Gas 1st5s1947
- N :10312 11)2 - 101
Oct'12
10034
Pub Set / Co 1st ref If Is '56____ _ t____ 9712 973 Oct'12 _ zi3634 10112
,
4
100
5011 Bell '1' & T 1st sr Is '41 .1 - J
10014 May'12
x100 10014
South Side Hie*/ 4 30_1024 .1 - j 10114 94
02 Nov'12
92
9614
Swift & Co 1st g 5.3_1014 J - J t10018 10014 10014 Nov'12
100 100 4
3
Tri-City By & Lt coil
1023 A - 0
tru3t lien 3 f Is
9814 Apr'12
__
x98
9814
Union Bice (Loop) 53_1045 A - 0 t____ 81
85 A pr'12
85
89
U 13 Gypsum isI g Is....1922
- S
100 May'12
2997 100
3
U C Steel 10-60-yr sf g is
10212 Apr'12
210212 10238
Western Rico Co 53_1922 J _ _ tioif2
10078 Oct'12
10031 103
Note-Accraed interest Must be added t o all Chicago bon d prices.
NAME
American State
Calumet National
Cont'tal & Comm Nat
Corn Exchange National
Douglas State.
Drexel State
Drovers' Dep NationalEng cwood State
First National
First Nat Englewood
Foreman Bros 1.1'k'g Co_
Fort Dearborn National
Hibernian Banking Assn
Kaspar State Bank____
Lake View State
uLa Salle St NationalLawndale State
Live Stock Exclfge Nat
Mech. & Traders State_
Nat Bank of Republic__
National City
National Produce
North Avenue State
North Side State Sav'gs
North West State
People's Stk Yds State_
Second Security
Security
South Chicago Savings_
South Side State
State Bank of Chicago
Stock Yards Savings
Union Bank of ChicagoWashington Park Nat
Wendell State
Central Tr Co of Ill
Chic City Bic & Tr Co..
Chicago Say Bank & Tr
Chicago Title & Trust
Citizens Trust & Savings
Colonial Trust & Savings
Cont & Comm Tr & Say
Drovers Trust & Sav
First Trust & Savings
Ft Dearborn Tr&SavIlk
Franklin Tr & Say Bank
GreenebaumSonsBk &Tr
Guarantee Trust & Saw_
Ilarrls Trust & SayingsHome Bank & Trust
Illinois Trust & Sayings
Kenwood Trust & Saw_
Lake View Trust & SavMercantile Tr. 64 Say_
Merchants' Loan&Tr Co
Michigan Ave Trust Co_
Mid-City Tr & Say Bank
Northern Trust Co
North-Western Tr& Say
Old Colony Tr & Say Bk
People's Tr &Saw Bank
Pullman Trust & Say
Sheridan Tr ee Say Bank
Standard Tr & Savings_
Stockmen's Trust de Say
Union Trust Co
West Side Tr &Say Bk.
VITnnflinwn Tr A, sq.:. ilk
Outstanding
Stock.
(i)
Surplus
and
Profits.
(t)
Dividend Record.
In
1910.
In Per- Last Paid,
70
1911. iod.
$200,000 $179,779 ____
___ ___ Oct '12, 13i
100,000
60,879
6
6
An Jan '11, 6
21,500,000 9,107,950 ____
10
Q-J Oct '12, 235
3,000,000 6,051,259 16
16
Q-J Oct '12, 4
200,000
3,371 Beg. b us May 31 '1 1,V.92,915.38
8
200,000
75,791
6
Q-J Jet '12, 135
487,124 10
600,000
10
Q-J Oct '12, 235
200,000
57,533
6
634 Q-J Oct '12, 2
10,000,000 11,723,927 12
12 Q-M Oct '12 43-i'
150,000
210,063 10
12 61-S1 Sep30'12 254
1,000,000
541,178 Priv ate Ba nit
2,000,000
680,770
8
Q-J Oct '12, 2
8
1,500,000 1,539,807 8+2 (1) Q-J
(11)
400.000
151,766 10+15 10
J-J July '12, 5
200.000
2,312 Beg. b us Apr 811 V.02.p. 1004
1,000,000
282,618 Beg b us. Ma y'll) V.90,p. 1277
203,000
38,614 Org D ee. 16 lull
1,250,000
554,940 10
10 Q-51 Oct '12, 234
200,000
55,235 Beg. b us.Aug 26'1 2.V 95,1)593
2,000,000 1,374,189
8
Q-J Sept30'12, 2
8
2,000,000
606,680
6
6
Q-J Oct '12, I%
103,075
250,000
4
6
Q-J Oct '12, 135
200,000
78,131
635
7
Q-J Oct '12, 134
50,000
46,071
6
Q-J Oct '12, 1%
0
200,000
44,751
4
5
Q-J Oct '12, 1%
500,000
94,848
7
934 Q-J Oct '12, 235
200,000
7,193 Beg. b us Nov I'll V.93,1). 1235
160,022
400,000
435
s6
Q-J Oct '12, 134
200,000
110,000
8
Q-J Oct '12, 2
734
200,000
16,971
6
6
Q-J Oct '12, 134
1,500,000 2,327,129 12
12
Q-J Oct '12,3
225,110
250,000
8
12,
8 Q-M et/30 , 3
500,000
159,315
6 51-N Nov'12,3
6
100,000
12,091
6
Q-J Oct '12, 2
6
50,000
25,434 None None Q-M Dec31'08,154
4,500,000 1,959,874
Q-3 Oct '12 2
8
739
500,000
322,860 10
10
J4 July '12, 5
1,000,000
257.318
6
Q-J Oct '12, 134
6
5,000,000 12,271,355
735
Q-J Oct '12, 2
8
50,000
16,510
6
10
Q-J Oct '12,3
600,000
477,377 8+2 8+2 (1-J Sep30'12 234
3,000,000 1,542,325 ___ _
____
__
200,000
167,774
8
834 Q-J Oct '12, 234
5,000,000 2,177,116 12
16 Q-M Dec 30'11,4
250,000
3,336 Beg. b us Apr I'll V. 92, p 929
200,000
54,806 Beg. b us Apr 8'12 V.94, p 1030
1,500,000
208,457
-2
Q-J Oct '12, 234
200,000
40,391 ------ 5- J July '12. 3
1,500,000 2,107,466 11+5
12
Q-J Oct '12, 3
300,000
72,483 Beg b us Apr 10'1 1V.92,01004
5,000,000 9,626,950 16+4 16+4
q Oct '12,4
200,000
77,463 7+134
7
Q-J BeP30'12,13
4
200,000
61,714
8
Q-J B000'12,112
554
250,000
38,904 Beg. b us.Jay 1 '12 . V.91,p.484
3,000,000 6,649,802 12
Q-J Oct '12,4.
15
200,000
64,759 Beg. b us Oct 29'1 OV.91,p1221
500,000
75,813 Corn b us Apr 10'1 1V.92,p1004
1,500,000 2,734,557
8
8
Q4 Sep 30'l 2,2
127,511
250,000
8
6
J-J Jao 29'12,4
50,661 Beg. b us Yee I'll V.92,P, 1531
200,000
190,297 ..-- --- Q-J Oct '12, 2
500,000
273,541
8
300,000
Q-J Oct '12, 2
8
43,036 __-__ Q-J Oct '12, 14
200,000
1,000,000
380,453 Comm eaced bus. Sept 6 1910
200,000
46,209
554
6
J-J July'12,3
1,200,000 1,455,633 k8+2 8+2 Q-M Sept 30'l2, i
400,000
98,190
6
8+2 QM Oct '12,2
71.4
200.000
56.340
91.4 04 Oct '12. 21,
• 1315 and asked prices: no sales were made on this day. t Sept. 4 (close of business) for national banks and
institutions. I No price Friday: latest price this week. 4Sept. 1 1911. 11 Dividends not published. Stock alSept. 5 (opening of business) for State
acquired by the Cont. & Comm. Nat.
Bank. a Due Dee. 31. b Due June. c Due Fob. (Mao Jan. 1. k Also 20% in stock.
q Dividends arc paid Q.4. with extra payments Q-F. s A
dividend of 50% was paid in 1911 on Semity Bank stook, to Provide
the new Second Security Bank. V.93. p. 1235. 1 Aug.31 1012. z Said
reported beginning April 18. it La Salle Street Nat. Bank converted Into thecapital for
La Salle Street Trust & Savings Bank. See V. 05, p. 1091.
BOSTON STOCK EXCHANGE-Stock Record.
1388
-NOT PER CENTUM PRICES
SHARk. PRICES
Saturday
Nov. 18
Monday
Nov. 18
Tuesday
Nov. 19
Wednesday I Thursday
Nov.20
Nov. 21.
Friday
Nov. 22.
8
3
4
*1073 108 •1073 1077 *10712 10734 *10714 107121 108 108 310734 108
10112 1014 +10112 102
4
•1013 10218 *10178 10218 102 102
21412 21412 21412 21412 215 215
215 21512
214 214
12214 12214 1214 123
122 122
122 122
122 12314 122 122
*205 ____ *205 ____ 208 206 *205 _--- *205 ____ 206 206
8 974 9712
9738 9753 9712 975
____ 0712 9712 *9734 98
*98
__ *290 ____
____ *290 __ __ *290
Last Sale 292 Oct'12
*290
*-__ 15
•__ __ 15 •____ 15 *
Last Sale 14 June'12
Last sale 72 Nov'12
•____ 75 *____ 75 *
75 •____ 75
*813 10
*812 10
*812 10
*812 10
812 812 *312 9
50 •____ 50 *____ 50
50
Last Sale 50 Oce12
•___ 170 *____ 170 *___ 170 *___ 170
Last Sale 168 Nov'12
____ 108 108 *108 ____ *108 ---- *108 __-- *108
108
.
*____ 265 •___ 265
Last Sale 260 Aug'12
121 121
*12012 ____ 12012 121
12012 120121.12012 ---- 121 121
125 125 *___ 12712 *124 1254 *124 12514 *124 125 *____ 12712
85
*8312 8412 *8312 844 *8312 8412 8414 8412 8434 843 *84
4
e____ 128
4
1273 1273 12734 1273 *. __ 128 •___ 12612 125 125
4
4
*1812 19
*1812 19
1813 1812 *1813 19
, *1813 19
*1812 19
77 • 77
77 77
77 77
7713 *____ 774 7634 77
77
13314 134
13312 13414 13312 134
13312 135
135 18512 13434 135
Last Sale 130 Nov'12
•131 __-_
*129 131 *129 131 *131
202 202 *200 -- *200 205
'176__-_ 175 175 *175
giii :::: iiii- ifE- •175
Last Sale 52 Nov'12
55
•45
55
*____ 5713•_ 5712 *
8
*17134 172 *17218 1724 *17353 1737 *17268 17278
•17318 17314 17213 17212
0112
*9114 9112 9012 0012 *91
*914 92
914 *9112 92
, *91
•152 ____ 152 152 *152
*152
*152 ____ •152
8214 8214 *--- 81
•__ 83 •_..__ 83
8212 8213 8212 8212
98
99
99
•98
99 99
98 100
99 •____ 98
98
5714 5634 57
57
*5612 5712 57
5714 57
*56
100 100
100 100
8
097 O97
9934 100
100 100
100 100
3
4
424 47
8 *454 472
434 43
12 43 *453 47
4
4
*44 43
4
2378 2412 2112 2412
2214 237
3 2313 24
22
2212 2212 23
12038 12138 121 12138
120 12014 12034 121
12014 121
12014 121
120 12012 120 120
120 121
12012 121
121 121
14212 14278 14238 14234 14212 14234 14214 14212
143 14318 14234 143
17
21
19 '
*19
*14
19
22
22
21
20
*
3
7934 80 3 80
7914 82
84
7914 80
81
804 8012 81
78 *-- 78 •____ 78 •____ 78
4
*---- 783 •____ 7813 78
*99 100 •____ 99
*99 100
100 100
•99 100
*99 100
Nov'12
Last Sale 7
7
,•____
Last Sale 1313 Nov'12
*1214
*124
*124
*1214
134 1318 1313 14
13
134 1313 13
14
1312 1312 •13
2814 28134 28134 28812 284 28412 284 2814
281 281
, 28012 281
184 185
18234 185
181 18278 18234 1827 18213 183
• 182 182
8
93
93 93
9314 9234 9234 0312 9378 9312 9334
93
93
9534 9534 954 9518
95
944 0534 95
4 9512 96
4
953 963
22312 22312
225 O223 225 •223 225 *223 225 *223 225
•
Last Bale 33 Nov'12
4
*334 4
4 4
*33
4
*33 4
4 4
*33
9914 9914 *___ 100 *--- 100 •__ _ 100
*____ 100 •___ 100
Last Sale 9958 Nov'12
*____ 100 •__ 100 * _ 100 *-- - 100
15413 155
155 155
155 155
153 155
O153 155 *1.5412 155
Last Sale 90 Meh'12
2
'16634 187 la- 18612 186 1661- iii- lg.. 188 1864 *166 1684
•1512 1614
16
1612 16
1812 •16
•18
16
16
' 1812 16
4
4
4
106 10634 106 10612 1081 1064 10838 1083 1083 10714
106 106
2712 274 2713 2712 2712 274
, 2712 273
4 274 2712
4 2713 273
29
*28
4
283 29
29
29 •28
29 '28
29
29
*28
258 3
213 234
24
214 212
*2
214 238
18212 18312 183 18338 183 183
18312 184
" 182 18312 18212 184
5012 50 4
51
3
50
51
50
5112 52
53
52
5234 53 '
2884 283
*2812 29
4 2812 2813 2814 2814 2813 2812 284 2812
4
7513 753
744 7478 70
7438 74
74
74
4 7412 75
743
2
11138 11158 1113 1113
8
• 11214 11214 11113 112
11112 112
STOCKS
BOSTON STOOK
EXCHANGE
Sales
if the
Week
Shares.
Range since January 1
-share tots
On Oasts 01 100
Lowest
Highest
Lowest
Highest.
Railroads
Sop 11614 J'ne
2 Atoll Top & Santa Fe_100 10373 Feb 10 11114 Oct 2 10033 Sep 105 J'ne
100 10114 Nov 9 10414 Feb 7 101
Do pret
25
100 21112 Sep 17 22212 Apr 3 210 Apr 226 Feb
57 doston & Albarty
4
100 120 Aug 7 1343 MC14 25 12412 Sop 13012 Aug
252 Boston Elevated
100 204 J'ne 10 218 Jan 4 207 Fob 218 Sep
39 Boston & Lowell
9612 Oct 12233 Feb
95 Boston & Maine___ _100 9412 Sep 2t) 10012 Jan 3 292 Mee 300 Mch
Boston & Providence_100 291 Oct 29 300 Apr 27
10 Mch
12 Sep
Boston Suburban El Cos.. 13 Jan 24 1_ May-3
7614 J'ne
70 Oct
7412 Oct 10 80 J'ne to
Do pref
13 J'ly
0 Feb
32 I3oston & Woro Eleo Cos_ 84 Nov2I 1213 Jail 6
68 J'ly
3812 Jan
50 Aug 30 67 Jan 8
Do pret
Chic June By & USY.100 185 May 6 170 Jan 10 150 Apr 171 Dec
10713 Oct 3 112 J'ne 14 102 Meh 11512 J'ly
Do pret
Connecticut River _100 260 J'ly 24 212 Jail 18 165 Jan 272 J'ne
100 120 Oct 9 128 Jan 25 125 Apr 130 Jan
93 Fitchburg, pre
35 Ga 14y & Eleo stmpd_100 124 J'ne 12 2179 Apr 1 v11712 Jan 2164 Oct
86 Feb
9312 J'no
100 8312 Oct 22 9112 Jan 5
60 Do prof
100 125 J'ly 23 14738 May31 135 Sep 215 Jan
64 .11).1no Central
24 J'ne
10 Apr
Mass Electric, Cos_ _1
13 Nov13 2318 Jan 8
100
Do prof Stamped _100 76 J'ly 30 83 Feb 28
385
12714
IG n
1,392 NYNH N llartford_100 13314 Nov22 14238 Apr 2 139 Sop 15138 Feb
Jan 142 Melt
Northern
100 12813 Oct 3 143 Jan 24
li
(d colon3,
5 N orwleh537or pret.100 200 Oct 24 21212 Jan 29 210 Jan 214 Nov
100 z171 J'ne 1 187 Jan 31 183 Mch 190 Nov
5
22 Jan
95 Deo
Rutland prof
100 41 Jan 2 70 Jan 24
100 16012 Feb 1 17614 Sep 30 15312 Sep 19213 J'ly
20 Union Pacific,
00 Moil
2518 May
Do pref.,
100 8913 Sep 23 9213 Feb 8
c ,
Vermont
100 152 Sep 30 164 Jan 16 156 Mel 1644 Dec
8 rist .ed&Mass
85 Sep
03 Mob
8
St
50 80 Oct 10 887 Feb 26
37
Do pret
50 96 Nov 4 10012 Moll 19 103 Aug 105 Jan
263
Miseellaneou
154 Amer Agricul Chem_ 100 5634 NOV21
50
20
ueu
D pprot servi80. 0 291)38 J'ne 24
244
3 Aug 2
Amer
Do pret
50 14 Mch 26
3,090
560 Amer Sugar Refln-100 11434 Jan 10
100 11512 Jan 4
322
po
Amor Tffielropet & Teleg 100 13712 Jan 2
2 292 AmeriOan Woolen...JO° 22 Nov18
'10
Do prof
100 7014 Nov18
,
2 235
10 Amoskeag Manufacturing 77 Jan 3
59014 J'ne 21
10
5 Aug 20
1
D
as 5
f t 1
Atul ret -7- SS L..100
100 1013 Aug 21
Do pret
3
285 East Boston I
fand_. 10 10 4 Jan 2
100 27213 Sep 28
259 Edison Eleo 1 lum
100 155 Jan 2
537 General Electric
492 Massachusetta Gas Cos100 x8818 J'iy 15
172 Do pret_._.....100 9312 Jan 5
6 kIergenthaler Lino...100 217 J'no 21
212 Mch 14
Mexican Telephone__ 10
2 N E Cotton Yarn__100 D914 Nov19
100 98 J'ne 28
oret
100 14814 Oct 25
N E Telephone
Portland (11.2) Eleo_100 7213 Jan 17
100 158 Feb 1
98 Pullman On
45 Reece Button-Hole_ 10 1334 Jan 2
100 0812 Jan 2
252 Swift & Co
505 Torrington
23 27 May 8
Do prof
54
25 28 Jan 5
2,010 Union Copper L & M 25 .85 Jan 8
100 8174 Sep 18
434 United Fruit
25 4614 Jan 15
1,889 Un Shoe Mach Corp
25 2753 Jan 10
679 Do pret
8
100 583 Feb 13
9,517 U S Steel Corp
96 Do pre!
100 10718 Feb 13
46 Sep
3
63 4 Meh 23
09 Jan
105 Arch 22
313 Aug
514 J'no 19
1213 Aug
2413 Nov 11
13358 MaY 13 112 Sep
4
4
1233 Aug 30 1113 Jan
149 Moh25 13158 Aug
2612 Dec
30 Mch
8513 Oct
9414 bids 23
7712 Dec
84 May
99 Dec
105 Mob 2S
733 Deo
9 Feb 14
1412 Nov
20 Jan 18
714 Jan
1714 MaY27
300 Mcti27 275 Sep
8
1877 J'ly 25 142 Sep
8734 Jan
95 Oct 11
93 Dec
9878 Feb 12
229 Aug 28 211 Jan
3 Oct
412 J'ne 26
105 Jan 18 103 Oct
107 Mch 26 101 Nov
164 Alai 14 13/ Jan
6234 J'ly
00 bich20
184 Aug 21 153 Sep
1738 April x12 Jan
9734 Sep
10918 Sep 25
29 Sep
32 Jan 10
27 Mob
31 Apr 17
4
3 May
3
3 4 Apr 8
20812 J'ne 19 /1178 Dec
4014 Aug
5712 Aug 2u
2612 Sep
2934 Sep 13
50 Oct
3
80 8 Sep 30
8
1163 Oct 1 10312 Sep
Mining
•
,
514 Mch 28 1114 Apr 20
25
550 Adventure Con
6 14 614
6
8
6
6
614
6
614 814
' 612 812
814 May 2
3 Sep 14
25
ouez
ilfOnlah Mininv
1
3
1
334 4
313 418
34 313
*34 4
3
•
, *314 3 4
23 3814 Feb 1 5018 J'ne 21
205
---- ----4112 43
411
•4112 424 4112
43
43
*41
1 42
8 853g 853g 5,080 Amalgamated Copper 100 GO Feb 1 9268 Oct 4
857
85
8438 8414, 843
84
8458 85
3114 1,043 ans no Lead & Sm_ 25 2913 Feb 16 35 Oct 3
7
3
Si' 30 4 30 3 31
314 31
*31
314 304 31
: 31
673 Apr 2
2 Jan 2
418 418 1,895 Arizona Core! ctts dep_
418 414
44
4
414
4
4
418 *4
4
Bonanza Dev Co.__ _ 10 .30 Oct 3 .55 Apr 11
Last Sale .35 Nov'12
.30 .45 •.30 .45
.30 .45 •
.30 .45 •
•
914 J'ne 6
54 Nov22
270 Bos&CorbCop &S1111g 5
512 512
6
6
6
*5
8
6
614 614
612
•6
534 Apr 2
8 1,585 Butte-Balaklava Cop_ 10 21318 J'iy 25
8 37
37
7
3838
4 4
33
418 4%
414 412
4
418 13
4
6,116 Butte& Sup Cop(Ltd) 10 1912 Feb 7 513 J'ne 12
4778 4814 4778 48
3 4712 4773 4212 48
4712 4814 4734 483
•
942 Calumet & Arizona_ 10 6713 Feb 1 8312 Aug 28
79
7912 79
4
7838 7818 7834 783 7938 79
4 78
783
• 78
8
9 Calumet & Heels__ 25 905 Feb 1 615 Sep 27
582 59014 z570 570
585 590
585 588
690 590 *580 585
25 1712Jan 5 2712 Apr 17
1gs Centennial
1.
2012 20 20
20
1912 1912 1912 1912 1912 1912 *1912 20
5 254 Feb 28 5014 Nov 8
8
4 48
4812 4814 4834 486 4858
4
4773 4812 4838 483 *4812 483
Cons Merour Gold.... 1 .01 Nov14 .09 Jan 19
Last Sale .01 Nov'12
4
-E-634 - - -5634 if- -8 2 4
5712 5612 57
s.
i p vvRange Con Co 12s 50 Jan 31 6612 Apr 11
2
:
1,( 2 So yer•
6 2 if- -Li- WI- 57
671
712 Nleh 27
312 Oct 14
*334 4
4
4
*334 4
*34 4
4 4
3
5
3 s 3 3 *33
1634
1518 2,865 itavt Butte Cop Min_ 10 1214 Jan 15 1614 Sep 26
1512 15
15
15
15
4
143 1514 1478 1518 1173 15
Apr 1
8 Sep 27
67
867 Franklin
25
912 95
10
8
913 912
1014 10
1018 1012 1014 1012 *10
44 Feb 27 Who Apr 6
412 413 1,145 Giroux Consolidated_ 5
4% 458
412 458
4% 458
458 434
434 434
4
Granby Conso1idated_100 33 Feb 5 773 Nov11
7414 7412 4,236
76
24
8 7312 76
4 7513 783
7512 7613 7614 763
712 Feb 29 1113 Oct 4
20
8 3,185 Greene Cananea
913 95
3
912 97
4
912 93
4
/
93 4 93
4
8 93
95
912 913
207 floncook Commaidated 25 22 Oct 30 37 J'ne 14
27
*25
2412 2112 25
25
25
25
2513 26
26
•25
2 May 8
35 Helvetia Copper
25
4
3 Oct 26
4
.4 ,35
4
3
4
3
*34 .95
4 1
•3
4
*3 .95
"4 1
25 1118 Sep 26 23 Apr 24
420 Indiana Mining
17
1712 1712 1713 1714 1714 1634 1634 17
1834 1714 17
830 Inspiration Consol C., 20 18 Feb 6 2158 Jan 24
5818 52
2012
1914 1914 2014 2055 2012 52
1914 1914 1914 1914 *1914 20
12 Island Creek Coal__ 1 4012 Jan 17 0534 J'no 10
59
59
59 •
9
5
1 85 Jan 13 911,1 Aug 1
Do pref..
18
8713 8712 *888 8712
4
.
;iii3 88
88
•87
4
*8812 8712 .863 88
1,588 Isle Royale Copper_ 25 2034 Jan 16 374 Nov21
4
3512 3513 3512 3638 3714 363 3873
*35
36
3534 3534 36
318 Feb 13
2 Apr 9
2
0
*23
4 273
rs r8 1,F3 IlleerrweeLakwe
3
4
234 23
4 23
23
4 1 4 E.;
212fe 23
4
3 May 8
.80 Jan 2
Copper.,
0
2%, 251 '1%0 218 •
218
218 •2
*2
25 27 Oct 25 49 Apr 10
2,851 Laho Copper &
3114 314
3
3112 3013 314 3034 3114 307 31
3012 3134 31
8 Apr 17
14 Feb 15
25
614 614 1,185 La Salle Copper
612 612 *614 612
612 612
618
6
4
4 53
63
8 121g 1238 2,102 Mason Valley Alines_5 1073 Feb 8 1412 J'ne 27
125
124 12
124 1212 7238 1238 1212 1212 12
914 Jail 4
573 Oct 20
25
Mass Consol
10
*514 634 *614 63
6 114
4 *6
64 64 *614 63
4 *614 631
234 Jan 3 1812 Apr 23
25
5
0 ayllower
4 tta
1812 1714 11,57 IN(ini
18
15
14
144 1514 1558 1638 17
4
133 14
5 2333 Jan 29 3033 Sop 26
Copper
284 *2814 2812 2812 2812 *2314 2812 *2814 2812 2818 2818
*28
512 Apr 20
4
13 Oct 11
25
Michigan
Nov'12
Last Sale 2
.134 2
4 2
*13
4 2
*13
*134 2
25 5013 Jan 30 73 J'ne 27
206 Mohawk
85
85
*6413 65
65
85
64 64
65
•64
65
*64
517 Nevada Consolidated_ 5 184 Jan 29 2418 Sep 30
2313 2318
3 2258 2218 *2212 2234 2212 2258 2213 2318
3
223 223
614 Apr 10
212 Oct 30
210 Now Arcadian Copper 25
4 3
233 258 *23
.212 3
*231 3
4 3
234 278 *23
5
534 Sep 26
858 NIpissing 3,11nos
3
6 4 Jan 3
8
812 85
812 812
858 8%
833 83
853 8%
4
313 815
Nor
15 2234 Feb 1 3933 Oct 8
Butte
3614 3614 8.759 North L e
3618 374 3673 3714
4
353 3633 3534 364 3558 36
Sep 26
218
3
8 4 Apr 21
Lake
25
Last Sale 312 Nov'12
4 *314 334 *312 4
33
4 *3
33
*3
3634 Jan 11
234 Oct 24
23
820 Ojibway Mining
314
318 *3
*3
3
3
3
3
3
3
314
*3
238 Jan 2 1314 May 1
23
1034 12,902 Old Colony
7
Oh 1014 1014 10 3 1034 1133 1013
934 10
938 938
64 Oct 2
5 u
2 1( eeeio
417 Old D aminlon Co-- 25 44 Jan 31
5312 5812
*5814 59
58
58
59
59
60 60
59
59
25 101 Oct 25 13012 J'ne 22
111 111
111 113
111 112 *109 111 *110 111
109 109
3.370 Pond Creek Coal -- 10 15 !deb 27 2834 Nov 7
27
278 27
4
263 2714 2713 2734 274 2712 2713 2713 27
191 Quinec
25 7312 Jan 29 Üà J'ne 22
87
87
89
88
88
88
89
88
884 89
88
88
845 Ray onsol Copper
10 184 Jan 29 2418 Sep 25
22
2214 2212 2214 2214
8 2214 2214 22
3
223 2212 224 223
478 May23
1 Jan 31
313 312 1,845 ianta Fe Gold & Cop_ 10
3
4 34
33
334 33
8
33
4
4
4 33
3
3 4 37
3
4 34
33
1723 Aug 8
9 Jan 31
10
4 1414 1414 1413 1478 144 1413 1,050 Shannon
1414 1412 1412 1412 1434 143
3412 Nov13
3212 3212 1,754 Shattnek-Arlzona _ 10 17 Feb 2i
33
3233 3214 324 32
3214 32
• 32
3233 32
14 Apr 3
560 :Muth Utah 11 & 5._ 5 .85 Nov 20
3.30 .36
.35 .35 '
.35 .35
.30 .37 •.30 .40
.37 .40 •
,
347 Super1or,
4434
25 24 Feb 1 4872 J'11 27
44
444 443
4414 4434 4313 4312 4313 44
43
43
478 Jan 13
14 May24
85 raraarae
214 24 8,955 Su periort Boston Iiin 10
178 212
24 2%
234 273
234 273
234 234
25 28 Jan 31 51 Apr Is
4212 43
4212 4212
*4114 43
41
41
*41
43
43
*41
912 Apr 9
413 Oct 24
25
3 2rintty
514
4 *5
53
*5
5
5
54 51
2
63
512 *5
*5
238 J'ly 27 41114 Meh 26
4
Last Sale 23 Nov'12
8 313
Tuolumne Copper _ 1
*27
*212 3
*278 3
*278 3
53
45
3,741 U S Smelt Bet & Mln.. 50 34 Jan 31 x50 Sep 30
4478 4514 454 4533 45
4518 4612 45
4512 4478 45
51
504 51
50 47 Jan 10 5234 Sep 23
51
D . pret
808
51
5012 5012 5012 5034 51
51
51
1 Nov20 3114,, Feb 0
5
1,154 Utah-Apex Ilining
'178 2
2
14', 2
1
•178 2
1% 1'33',
•184 2
2038 Apr 2
912 J'ly
5
1212 1,525 Utah Consolidated
1314 1312 1313 1333 1313 1334 134 1334 1312 1313 z12
10 5212 Jan 29 07h Sep 24
Last Sale 64 Nov'12
Utah Copper Co
*133h 8334 *634 6312 *634 6312 *63
8312
573 Jan 20
212 Oct 21
25
24 212
280 Victoria
*212 234
232 238
212 212 •212 258
212 2%
734 Melt 1
25
4 Sop 13
413 412
445 Winona
418 418
413
*4
4
4
418 414 *414 5
71 Oct 22 117 Apr 17
25
178 Wolverine
74
75
76
*75
75
76
74
73
74
75
75
76
31i Itch 4
113 Oct 7
25
113 *14 112
200 eVean ,
14 14 *114
113 113
' 14
112 *114
113 112
,
paid. t Ex-stook dly.. Is Ex-rights. a x- v, and rights. • nstamped.
e, Bid and asked prices. a New stook. 0 AM
Range 70r PIeVIOUS
Year 1911,
•
4 Sep
212 Oct
21 Aug
4434 Sep
1934 Oct
13 Deo
3
.30 Oct
334 Aug
3 Nov
6334 Dec
10514 Mch
612 Jan
1914 Jan
122 Feb
12013 May
15314 J'ne
3614 Mch
9012 J'no
81 NOV
10013 Dec
11 May
20 Jan
12 May
297 Deo
4
1073 May
11634 Aug
0812 Oct
235 Aug
478 Jan
119 Mch
11612 Meh
16512 Deo
7334 Nov
163 Jan
15 May
104 J'ne
36 Jan
31 J 17
1148 Meh
19212 Ply
5878 Feb
294 Jan
8218 Feb
12012 Feb
713 J'ne
11 J'ne
4414 Deo
7153 J'ne
3038 J'ne
21140 Dec
.75 May
1512 May
612 Jan
4
45 Sep
633 Deo
360 Sep 595 Jan
8 Aug
19 Dec
2712 Dec
1638 Sep
03 Nov .15 J'ne
6934 Feb
4634 Sep
3 Feb
7 Deo
878 Aug
1134 J'ne
512 Aug
14 J'ne
813 Feb
338 Sep
4312 J'ne
,::(1 Aug
858 Deo
5340 Oct
3112 Deo
17 Sep
2 Fob
4
3 Sep
18 J'ne
64 Oct
2914 May
8218 Sep
1132 Aug
253 Oct
12 Nov
22 Aug
3 Aug
612 Apr
412 Aug
.20 Feb
8
187 Sep
14 Nov
36 Apr
15 Sep
2 Aug
x612 Dec
20 Sep
331 Aug
358 Dec
.50 Jan
414 Sep
3
81 Sep
55 Sep
12 Sep
4
3 Apr
7 Oct
1413 Sep
12 Dec
20 Oct
c218 OCT
1.0 Sep
WS Oct
134 Sep
3034 Sep
4514 Auz
178 Nov
1134 Jan
38 Sep
1 Aug
334 Nov
79 Nov
.30 Nov
44 Dec
91 J'ne
28 Doe
773 Jan
334 J'ne
40 J'no
6 Jan
1178 Dec
c10 J'ne
3143 Dec
2433 Dee
312 Jan •
57 Dec
2114 J'ne
414 AO!
1133 Feb
3014 J'ne
934 erne
813 J'ne
8
8/ J'ly
99 J'ne
124 Jan
75 Dec
19 Dee
4
13 J'ne
1214 Feb
24 Jan
OH May
424 Jan
814 J'ne
52 Jan
513 Dee
478 May
404 J'ne
4912 J'ne
812J'ne
20 Jab
578 Dec
418 Dee
94 Feb
122 Feb
2 Feb
Nov. 23 1912.]
Boston Bond Record
,
11
BONDS
I30STON STOCK EXCHANGE 'tj
Week Ending Nov 22.
.--- ss,
—
Price
Friday
Nov 22
' Range
o6
Since
Jan. 1.
Weer r
Range or
Last Sale
1389
BONDS
BOSTON STOCK EXCHANGE
Week Ending Nov 22,
Prier
Fri au
Nov 22
1Vca'f.
Bangs sr
Las! Sal.;
I:anqc
Since
'an.
our
Ifh Ne Low 11.9..
f•g
Ask Low
Bid
13111
As!
igh
.9 . X, .as
6 10118102o, f3eneral Motors 1st 5-yr 63_1915 A-() 9934 100 9914 Feb 'r
102
Am Agrlcul Chem 1st 5s__1921 A-() - ---------1013
4
_
9914 9914
km Teiep & Tel coil tr 43_1929 J-J
9512 9534 • 3
8914 40 3.45s8 9114 :it Nor 0 13 & Q coil tr 4s__1921 J-J
891 Sale 89
9812
9512 13 'Jb
3
108341153,
Registered 43
1921 Q-J
Convertible 4s
11238 Nov 12
. 514 Nov 12
1036 M-S 112 113
9518 9733
9514 - 80,3 00
Harlots Steel dcben Is
1911 A-0 995810018
,
,.m Writ Paper 1st at 53 g 1019 J- J --------808 J'ns 12
983,310034
fa Falls h Sioux C 1st 71917 A-0
103 131
131 J'ne'f_
.1n Zino L & S deb Os
1915 81-N ____
117 Apr 1,,
J'ly '12
Kan C Clin & Stir 1st 5s__1923 A -C)
54 88
_ ____ 82
iris Corn Cop 1st Os etfs of dep_ _
_
97 : 3.-h I
1(91- - 2 97
9534 993., ,ian C Ft Scott & Mein 63_1028 St-N
__
113 Nov 12
Itch Top & S Fe gen g 4s 1995 A-1) --------9712 Oct' 1
113 11712
8758 9212 LCan C M & B gen 4s
1934 Al- S _ _
9212 9212 Sep
p Adjustment c 4s____Juiy 1005 Nov ____ ____ 8758 Nov'12
_
92 9212
mns 01bl
9912.1.1y '12
St-N
1934
Assented income Is
S
July 1995
3,
Stamped
338 Nov 12
s:138 89
1043
3
1955 J-I)t04 4 Sep
41081r Kan C & it Ity & Br 1st 53_1929 A-0 lo114 10
- 1 102
L. 50-year cony 43
102
3 102 10234
11038 Itch 11
Alessi Rough de Ont 1st 63 1925 A-0
1917 J -D
10--, ear cony 53
J'ne
Nov'12
- -- 6814 Mass Gas 4 3S,s.
62
C258
625 a
1929 J -J
,
- Sale 9)
Itti Gulf & W 138 Lines 53_1950 J -J
98
9912
4
9518 Mich Telephone 1st 53
-05
1917 J • J
1935 M-N - - --- 9513 Feb 12
_ lotus Apr 'I
130 ton Elev 30-yr g ss
1001810018
10014 dich 09
New Eng Cotton Yarn 53_1929 F - A
1916 J -J
Boston & Lowell 42
9638 Out
96 99
-J104120et '03
New Eng Tel ph Is
1944 J
Bostou & Maine 4 54s
1915 A-0
_ lot Men 1
}'-A.
______
53
_
103,
improvement 4s
1916 A-0
10012 Sep
New England cons g 5s
973 95
1942 F-A --------05 Feb .12
1945 J -J -- i Plain flo
993 997
3
- s3173Jan
8
12
103 J'ne.
103 10313
1916 J -J
Boston Terns 1st 43
Bus 63 Mo Illy cons 6s
1039 A-0
New River (The) cony 53_1934 J -J
Cedar Rap 6) Mu It 1st 78_1914 .51-N __ _ ____ 11138Sep '11
_ 75 - Dec tI
803
Cent Verret 1st .s 43_May 1920 Q-I
0214 N Y N 11 63 11 con deb 3 3-13s_1955 J -J
0214 Meh
, 8934 Sale 8934
8912
4
-8
3
---4 92 U21i'sa4(set '12
s
Cony deb (is
0 13 & Q Iowa Div 1st 53_1919 A-0_ 1103 Oct '07
1948 J -J
)2814 13212
'Iowa Div 1st 49
9•J Aug '1•_
99 991, Old Colony gold 43
101 Apr 'us
1919 A-()
1924 F - A
Debenture 5s
10033.1.1y '12
..
1913 M-N
100;310112 Oregon Hy & Nay con is 43_1946 J -I)
03 :: Sep
,
()rex Sli Line 1st ts es
- Deaver Eaten 4s
1922 F- A -------- 997s Feb '12
9978100
1922 F - A
112 1133;
- 11138 Oct '1.
, Nebraska Eaten 42
__ _ 9812 lich'12
1927 M-N
9813 989,, Pere Marquette deb is 63
95 Jan .12
1912 J -J
95 95
•B&SWs143
9018 Feb '11
itcpub Valley 1st s f 6s_
1921 M-S ----103 Jan '11
_1919 J -J
_ 8718 May'12
Illinois Div 3 345
1949 J -J
8O - . .3avannah Mee 1st cons 53_1952 J -J
7014 Dec lii
873
873,
1 ;0
s J'ly 1.
,
4 WO 10134 -Seattle Eke 1st is 5s
Dille Jet fly & Stk Yds 53_1915 J J -043 101518 10 )
193)) F- A
I0:3ls 10514
4
Shannon-Ariz 1st is 6s
Coll trust refunding g 4s_1040 A-0 ._ _ 8712 8734 No: 12
87 91
8312 100
1919 11-N
96
96 Sale 95
Terre 'Saute E'ec g Is
Dh Milw & St P Dub I) 63_1920 J -J ____ ____ 114 Jan .11
1929 J -J
Apr
--Oh NI es St P Wis V div 63 1020 J J
5s
forrington 1st g Is
113 Feb '11
993 101
___
4
1918 M-S ---Id Seri
Oh & No Mich lit gu 5s
Union Pao RR 63 1 gr g 4s_1947 J -J
_
91
1931 ,A1,-N ---- -- --141 Mar 12
99
1001s;Ely '
10028
9614 Nov 12
20
Chic 63 W Mich gen Is
-year cony 4s
1021 J -D
1927 J -J
10118 Niay'12
111173 10178
United Fruit gen s f 4 54s__ _1023 J -J
012:Sep '11
_
Concord & Mont eons 48._1920 J-0
955
96,, Nov 12
9512 071s
Debenture 454s
Oudalay Pack (The) 1st g 53 1924 M-N ------ - - 10014 Aug'117
_
1925 .1- J
9,518 0578 9518 9 14 2 95 0613
U S Steel Co 10-60-yr 53 Apr 1963 11-N
9914 103
1026 A-0 05 100 100 Aug'12
Current River 1st 53
101 •Nov'12
1015 104
8
1915 FsA
8014 Sep '12
1946 A-0____ 100
80
Dot Or Rap & W 1st 43
8614 West End Street Ity 4s
99 9918
99 May'12
Gold 4 s
1014
1940 M-N ___ ____ 99 Oct '12
Dominion Coal 1st s t 5s
9834 9914
S
99)s Oct '12
9938 10014
1916 m-N
10313 Apr .
1911 M-S
Gold debenture 4s
05
Fitchburg 4s
98 8 Apr
7
_1917 F-A
95 Oct '12
1927 M-3
Gold 45
48
'5 95
• 8' • Nov 11
1933 A-() --------12712 Nleh'12
Fremt Elk & lio V 1st Gs
1271212712 Western Teleph & Tel 53__ _1932 J -J 100 Sale 9919
100
37 99 101
Unstamped 1st Gs
1933 A-() ____ ____ 127 Nlch.12
127 1271? Wisconsin Cent 1st gen 43._19413 J-'1
9 .53 93
12
• Feb
,
----
---.
iollts
9(04 101
1014 1001,-,
NOT13.—Buyer pays accrued Interest in addition to the purchase price for all Boston Bonds.
* No price Friday: atest bid and asked. 11 Flat price
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, -Veekly, Yearly
Share Prices—Not Per Cea turn Prices
&funfair
Nov. 16.
Monday
Nov. 18.
43_
114 *____
_ _ 11013
20
1934
.13112-2018
13713 6712 6712
•____
Tuesday
Nov. 19.
113
11012 110
2012 2012
6712 *6712
12412 124
253 2553 2513 25
8
212 212
*4112 42
50
50
012
55 gi
*2912 30
*69
70
*11
1112
*31
3112
9212 9212
8
*867 874
1512
*15
3112
*31
61X. 615
8
51
61
8
237 2:31
8
273s 271
85 85
612 612
05113 513
4
00
00
Wednesday
Nov. 20.
113
11013
2158
6812
124
114
2012 21
68
68
124
1 -.1172
E371 2
212
212 23
4
4212 *4112 42
4914 493
50
4
*12
5473 5478
55
30
*2912 3012
70
*69
70
*1114 12 *1114 113.1
*31
:313.1
313 *31
4
9234 9213 9212
*92
8718 8718 8678 8678
*15
1512 .15
1512
3112 .31
3112
*31
6112 6153 0112 615
8
51
•5014 51
.50
2378 24
2378 24
2712 2712 2758 275
8
85946 85% 855f. 8512
6% 67
A
612 012
5138 5134 51% 513
4
90
90
0018 901s
212
.4112
50
.12
54
•2912
.69
IE12
212 212
42
42
4934 493
4
.12
*5478 55
2812 2912
69
6912
11
11
*31
3134
9278 9278
.8713 873
8
*15
1512
*3012 3112
6112 6158
51
*50
233 24
4
27
27
851, 5 85X.
,
f
6% 6X.
5112 6134
91
90
Thursday
Nov. 21.
.____
*10912
2138
68
255
Friday
Nov. 22.
ACTIVE STOCKS
Saler
or the
1Veck (For Bonds and Inactive
Stoats see bolow)
Shares,
Baltimore
Con Gas El L it Pow_100
113 *____ 113
110 110
pre(
Do
100
110
175
24
25)8 11,801 Houston Oil tr etfc 100
23
prel tr ctfs_ 100
6912 1,180
Do
6512 69
124
12313 124
50
23 Northern Central
Seaboard Air L1E113_100
;4 334491
--1
pro.:
Do
100
215
8 255 255
8
8
933 United fly it Electric_ 50
2
2
42
4214
4912 4912
*12
5518 5518
.283 293
4
4
6918 6914
11
11
3012 3112
9258 93
8712 8712
1518 1513
3114
.31
6113 6178
5034 5034
52358 23%
2712 2712
8534 863 6
/
Xe 57 6
/
5134 5134
9o18 0038
2
2
42
42
*4912 50
1212
*12
55
5514
*29
30
*6912 70
*11
1112
3138 3138
9314 9314
8713 88
1478 1478
*31
3112
6134 6178
*50
51
2338 2334
2738 273
863 6 863-i'.
/
67 i 612
/
517 62
8
9014 9014
Philadelphia
50
332 American Cement
36 Amerlean Italiways_ 50
50
1,974 Cambria Steel
Electric Co of America 10
235 Elec Storage Battery _100
3)50 Gen Asphalt tr ctfs ,_100
Do
pret tr etts_100
230
20 Keystone Telephone_ 50
170 Lake Superior Corp_ 100
50
127 Leh C it Nay tr ctfs
50
99 Lehigh Valley
38 Lehigh Valley Transit 50
Do pref
50
50
1,226 Pennsylvania alt
50
120 Phlladel Co(Plttsb)
23
7,510 Philadelphia Elea
50
2,350 Phil it T vol tr ars
50
4,280 Readln
1
1,193 Tonopah Alining
50
397 Union Traction
3,360 United Gas Impt
Range Since
January 1
Lange lor Previous
Year (1911)
Lowest
Highest
04 Jan
149 Jan
7 Meh
45 Feb
121 Jan
20 Jan
33 Jan
1912 Jan
9512 Deo
101 Set)
10 Aug
79 J'ly
13034 J.ne
27 J'no
50 Nov
1978 J'ly
5 Nov
1 J'ne 14
7 Jan 10
42 Jan
4013 Oct 39 47 Sep 25
4112 Mch 2 5518 Oct 10
4078 Sep
1113 Jan
1112 J'ly 31
1212 J'ly
8
5234 Jan 19 583 Aug 12
4812 Jan
18 Apr 2 3378 Feb 17
3812 Ana
614 Aug
5914 Apr 2 73 Jan 3
6 Apr 4
13 Sep 16
638 Dec
2112 Sep
27 Feb 20 3514 Sep 7
5312 J.ne
8
877 Itch 20 100 Sep 25
7334 Sep
7818 Feb 5 9278 Jan 16
614 Jan
812 Jan 3 11378 Sep 16
1813 Jan
23 Jan 12 3338 Sep 16
611se Jan 27 013113 Apr 211
8
593 Sep
50 Oct 14 6614 Feb 15
4114 Sep
1512 Nov
3
8
11167 Jan 2 24 4 Sep 6
2218 May 6 29 Sep 11
17 Apr
1,914 Apr 36 6051s Sep
7414 Jan 11
512 J'ly
6318 J'ly 19
814 Apr 15
49 14 Feb 28 53 Sep
,
43 Jan
8614 Jan 9 9238 Aug
8414 Seri
1712 Jan
4811 Nov
4834 Feb
1219 Jan
5618 J'ne
33;14 Oct
8378 Jan
918 Jan
32 Feb
98 Jan
93118 Dec
978 Oct
253;3 Oct
63 Feb
5914 J'ne
18 J'ly
2418 Aug
8034 Feb
8:8 Jan
,
623.1 Aug
8'2, Jan
7,;
L9t0C31
HigLest
96 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 2518 Nov22
53.1 Jan 25 72-2 J'ly 18
12312 Nov22 LA) Apr 8
19 Oct 19 2,14 May24
4512 Me1114 5534 J.ne 10
1814 Jan 2 26 Sep 9
533
>
Ask
PHI LA DE L131-1 IA
Inactive Stocks
10
American Mililne
Amer Itys receipts
50
Cambria Iron
Central Coal & Coke_ 101)
100
Preferred
100
,Consol 'frac of N J
-Germantown Pass
50
100
'Harwood Electrle
Huntington it 13 T___50
Preferred
50
Insurance Co of N A._10
Inter Sin l'ow it Chetn_59
.Interstate ktys, pret
10
Kentucky Socuritles_100
100
Preferred
,Keystone Talcs), prof_ 50
Keystone Watch Case_10u
Lit Brothers
.10
Little Schuylkiii
50
Minehili it Schuyl 11_50
Nat Gas Elec Lt it Po_100
Preferred
100
North Pennsylvania___50
Pennsylvania Salt
50
Pennsylvania Steel_ __100
100
Preferred
Phila Co (PM!) pref_50
Phil German it Norris_50
50
Phila 'Fraction
10
Railways General
Tonopah Belmont Dev__1
United CO3 of N J____100
,United Trac Pitts pret_50
Virginia Fly it Pow_10
Preferred
100
Warw' iron it Steel _ _ 10
ck
Washla tton-Va Ry
10
Preferred
10
Wel3bacti Co
100
West Jersey it Sea Sit __50
WC.Itinorcland Coal___50
Wilkes Gas it
York itallway
5:,
Preferred
50
2
218
10234,103
44
90
91
80
81
4
753
25
26
217, 22
72
74
1712 1812
4_
561
_ _ 5912
30 ____
80
__
9512
iod 107
4334 44
141 ____
82
8212
_
838 —83
4
23,
1
35
1114 10
-12
50
47
78
____ 52
80
78
- -13t8 - 1412
3712 3312
Bond:
Prices are all "and
interest'
Alt de L V Elms 4 343'33F-A
Am Gas & Mee Is '07_1 -A
0
Am flys Is 1017
A-0
Atl Ii Gas 1st s f 5s '60_J-J
Berg&EBrew 1st 63
.21 J-J
Bethleh Steel Os 19138_Q-F
(SiOk it (1 gen 53 1919 J-J
Con 'Frac of N J 1st 54 '33
Del Co Itys tr ctfs 48'49J-J
Edison Eleo Is 1946_A-0
Elec it Peoples Tr tr ctts__
Fr Tac&11 1st Is 1940.J-J
Gen Asphalt 58 1916_AI-S
Ilarw Eleo 1st (Ss 1942_M-S
-A
Interstate 42 1943—F
Keystone Tel 55 1935_J-J
Lake Sup Corp Inc 5s.24_0
Lehigh Nay 4 149 '14__Q-J
Gen AI 4548 g 1924_Q-F
Leh V C 1st Ls g 1933_J-J
Lets V ext. 4s 1st 1948_J-D
J-D
Conso Os 1923
Consol 4545 1923_,I-1)
J-1)
Annuity Gs
Gen cons ss 2003_51-N
Leh V 'Iran con , '35 J-D
Is
1st series A 4s 1935_M-S
lit series 13 58 1935 111-5
AfarketStILI 1st 4353 51-N
NatLII&P ser 11 5s '19 .1-4
New Con Gas 53 1948_J-1)
NY Ph 63 No lit 43'39 J-.1
M-N
Income 4s 1939_
Pa 63 N Y Can Si '39_A-0
Penn Steel 1st Is '17_11-N
People's Tr tr ctts 4s 1943
P Co Ist&coli tr 5349 df-S
Con it colt tr 54 '51 14-N
Phil Elee gold tr ctts_A-0
Trust etts 4s 1949 __J-J
P it IS gen M Is g '30-A-0
(len It 4s g 1.920
A-0
• .! Bld and asked; no sales on this day.
Bid
PHILADELPHIA
rights.
Ask
"WI; -V,5i
953 06
4
8934
_
11.634
10218 10238
103 ___
85
PHILADELPHIA
Ph it Read 2d Is 1933 A-0
Ex Imp Ni 48 1947_A-0
Vermin. l 53 g 1941_Q-1.'
P W it B col tr 4s '21.._J-J
Read Trac 1st (Is '33__J-J
Koch fly it L con 53'5-1J-J
Spanish-Ain Jr as '27__J-J
Stan't1 Gas it H 63'26...1-1)
Stand SU Wks lst3s 28 J-J
.
(I 'frac Ind gen Is '19 _J-J
Itys Tr ctts 43
.40__J-J
United Rya Inv 1st colt tr
s f 5s 1926------- 51-N
IVelsbach s f 58 1930,,J-j)
Wit-B G&E con 53 55_J-J
.
York Ityo 1st Is 1037_,J-D
8512
_
_ -1;134
007 10018
8
'4)4 6112
BALTIMORE
87
8712
Inactive Stocks
74 ____ Atlan Coast L (Conn) _100
Canton Go
100
Consolidation Coal__ _10
1015 ____ Georgia Sou it Fla_ __100
1st preferred
100
2d preferred
100
103
_ G-13-8 Brewing
100
14.3 _
Bonds
96
9614
Prices arl all "and
Interest"
Balt ()Ay 3 yis 1U30
J-J
_
48 1954-1055_Various
9034
Is 1916
Anacostla it Potom 53 A-0
A tCoast L cohy deb 4sNI-N
_ Atl Coast L(Ct)etts Is J-I)
5-20-yr 43 1925
J-J
11.31s B S P 63 C lst 4 318 '53 F-A
__
Balt Trae 1st 59 '29__M-N
91 - -9113
No Balt Div 53 1)42 J-D
11.214 113
Cens Fly cons tei '32 _ _M-N
0514 06
Ext it Imp Is 1932 _M-S
1(1334 _ _ _ Chas City Ay 131 53
.23 J -J
81 4 82 Chas lty (3 it 1131 15s 'OS NI-S
,
106 l(612 City it Sub 1st Is 1922 J-D
,
9912 100
Say it Sub(Was)1st 53 '48
U$15 paid.
4 1314
paid.
Ask
iff
113
99
9914
10114
1011 1
-62
:
7038 1_023_58
1:
7434
8212
82
93
931
10212 102;
9412 95
_ 268
135
_
29
77
33
4
101;
____
414
BALTIMORE
Bid I Ask
Coal it C Ity lit 54 '19 A-0
Coal it I Ay 1st 5s '20_F-A
Col&Gruv 1st Cs 1)16 J-J
Consoi Gas 5.: 1939___J-D
1954____A-0
Gen 4
it P 4 54s '35 J-J
Cons G
Consol Coal 54 11130_ _J-D
.38 A 0
Fair it Cl Tr 1st 5s
Ga it Aia 1st con Is '45 J-J
(;a Car&N 141 55 g '29_J-J
Georgia P 1st 6s 11122 __J-J
(Ia So it Fla 1st Ss '45_J-J
0
-B-S 131-Lw 3-4:, '51_M-S
Houston 011 dly ctfs _F-A
linoxv 'frac 1st Is '28 A-U
blaconity&Lt 1st 5s'53 J-J
did Eke Ity 1st 53'31.A-0
Memphis St LA 53 45_J
dionon V Trao 53'42_J-D
Mt Ver Cot Duck 1st 53-Npt N is 0 P 1st ),s'38M-N
N it A Terml Is '29_ M-S
Nor &Port Tr 1st 53'36 J-l)
Norf fly it L 53 '49__14-N
North Cent s54s 1925-A-0
hernia A 5s 1126____J-J
Series II Is 1926____J-J
P.tt Un 'frac 5s 1997__J-1
Poto Val 1st 54 11141__J-J
Say Fla it West 5,'34 A-0
Scab Air L 43 1950___A-0
Scab it Roan 5s 1926__J-J
South Bound 1st 5s__A-is
U ISI L&P lit 4 3.4a'29 M-N
tinily & El 1st 4s '49 SI-S
93121 9412
100
92
OG
1023
99
1011
103
92
951 __
IncomeFundin 48 93496
1D
53 u
:
U
105 10014
Cony notes 5$ 1914_ J-J107
Va Mid 3d ser 6s'lt3_ _Ni-s
1014th sec 3-4-69 1921,14-b
106
5th series 55 1926_,m-,_o
1028 1031 Va (State) Is new '32_J-J
Fund debt 2-3s 1091 J-J
96,
Ile
1043 West N C con Gs 1914_J-J
WU 63 Weld 53 1933___J-J
__ 104
t 517 54 Paid.
94
9414,
8734 88
9212 93
9978
534
10113 105
110
10434 log5012 51
8312 8512
1, 431 .___
9812 9914
9712 98
_
98
921
92
9912 100
101
104
108
_
105
169
idi3;
1063, ____
9238 921s
841,
--
Cell -'
873 88
101 10413
10-484
84
84
1015
4
11,914
1390
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks
Week ending
Nov. 22 1912.
Par value.
Shares.
Railroad,
&c.
BOnd's.
340,797 $30,119,700
231.157 20,162,950
265,879 24,390,400
305,806 27,880,600
497,998 43,909,000
285,325 25,910,000
Total
89,094,500
Week ending Nov. 22.
Sales at
New York Stock
Exchange.
1912.
Stocks
-No.shares--_
Par value
Bank shares, par
Bonds.
Government bondsStat,! bonds
RR.and misc. bonds..
1011.
U S.
Bonds.
Slate
Bonds.
5843,500
1,400,500
1,770,000
1,562,500
2,184,000
1,334,000
1,926,962 8172,372,650
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Totalbonds
$27,000
39,000
63,000
36,000
74,500
38,000
$10,000
1,000
8277,5001 511,000
Jan. 1 to Nov. 22.
1912.
1011.
1,926,962
116,314,755
2,805,031
117 206,
,
8041
$172,372,650 $256,830,350 810,576,110,825 510,494,365,150
717,600
1,507,600
$3,100
$7,300
$46,000
2,031,000
18,475,000
$1,120,000
24,279,500
597,983,500
$3,281,000
88,852,400
692,224,700
$9,383,000 $20,552,000
5623,383,0001
$784,358,100
$11,000
277,500
9,094,500
DAILY TRAN8ACIIONS AT rHE BOSTON AND PHILADELPHIA
EXCHANGES
Boston.
Week ending
Nov. 22 1912.
[VoL. Lxxxxv.
THE CHRONICLE
Listed
shares
Untived
shares
Philadelphia.
Bond
sales.
Listed
shares.
Unlisted
shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
12,626
15,543
17,253
22,685
27,407
10,284
9,345
5,854
4,594
6,670
10,596
4,601
$7,000
35,500
45,500
24,000
20,000
15,500
3,892
3,185
9,186
6,743
10,775
4,763
5,242
2,855
4,900
5,682
8,875
4,767
Bond
sales.
•
$23,300
31,000
47,000
66,300
70,300
54,000
Total
105,798
41,750
$147,500
38,544
32,321
$291,900
Inactive and Unlisted Securities
MI bond prices are now "and interest" except where marked "1 ".
Bid Ask
Street Rail ways-Won.)
58
Ask Union By Gas & El corn_ 100 56
Preferred
100 8812 90
80
United Lt & Rye corn. 100 77
New York Clay
28
First preferred
100 8312 8512
Bieeck St lfr Fist Fy stk 100 20
76
Second preferred
100 74
.
J-J 70
1st nage 43 1950
-.
100 175 181 United Eye of St 14
B'y & 7th Ave stk
10014
1118 12
100
Corn vol tr ctfs
2d mtge 5s 1914
J&J 9014
3914
e Preferred
100 39
Broadway Surface RR
90
1st 5s 1924
100 86
J&J 10214 1033 Wash Ry & El Co
4
8012
Cent Crosstown stook_11.10
10
Preferred
100 88
4
1st mtge 63 1922.. .M-N 1,64 9s 1951
J-D 833 8414
32
Cen Pit N & E Riv stock_100
3 -io West Penn Tr& Wat Pow 100 31
Preferred
Chrlstopher&lOth St stk IOU
_
Dry Dock E B BElectric, (Jas dc Power Cos
10s
5112
J-D 10014 10111
New York City
1st gold Is 1932
F-A 1 30
45 Cent On Gas Is 1927_ _J-J 102
Scrip bs 1914_
Eighth Avenue stock___100 310 320 e Kings Co El L & P Co...100 120 131
Scrip 6s 1014
F-A f 99 101 New Amsterdam Gas
42d & Or St Fy stock_ _100 260 285
J-J 100 101
1st consol Sc 1948_
428 St AI & St N Ave.
..100
NY &ER Gas 1st 5s44 J-J 101 10512
j
-j 101 103
Ist Us 1910
M-o1 99 idi
Consol 5s 1945
2nd Mc(is Jan 1 1915.- 1 78
e N Y Mutual Gas L....100 170 130
58
Ninth Avenue stock
160 180 N Y & Q El L & Pow Co_100 50
85
1
3
Preferred
100 71
Second Avenue stock...100
_100 60
Consol 58 1948 ctfs_F-A 1 35 40 N Y & Richmond
•Sixth Avenue stock....100 115 126 North'n Un 1st SsGm_- 11-N 10) iGi 1927
93 Standard0I. 1st 581930 M-N 101 106
Sou Boulev fis 1945.
J-J 88
Other Citie.s.
So Fer let bs 1919
95
A-0 00
50 *85 90
Gas & Elec corn
Tarry WP & 5153'28..M&S f 75
80 Am
48
50 *46
Preferred
28
28 & 29th Sts 5s '06 ctfsA-0 f 20
100 430 434
.
Twenty-third St stock _100 250 275 Am Lt & Trac corn
100 10812 11012
Preferred
Union ity 1st bs 1942..F-A 103 106
70
98 Amer Power & Lt com 100 6/
Westchester 1st 51 '43.J-J 91
100 84
8612
Preferred
95
Yonkers St RR 58 1946.A-0 88
Bay State Gas
50 *X4
Brooklyn
5
2
Atian Ave Rit con 59'31A-0 102 104 Buffalo City Gas stock _100
B 13 & W E 54 1933.....A-0 97 lot Cities Service Co corn_ _WO 120 124
.
89
100 . _ 92
Brooklyn City RR __ _10 162 164
Preferred
10
13klyn lIgts 1st 53 11)41.A-0 100 105 Columbia Gas &
76
78
J-J
Coney Isl & Bkiyn
1st 5.3 1027
100 100 100
1st cons g 4e 1948
J-J 130
85 Con Gas of N J Is 1936 J-J 99 10.1
J-J
Con g 4s 1955
77
82 Consumers L 11 & Pow
_ 100
Brk C & N bs 1939___J-J 99 101
5s 1938
Consumers Power (Mien.)Nassau Elea pref
.100
lst&ref 5s 1929op'14_41-N 88
1st 53 1944.
A-0 103 105
117
N ‘Vmsburg & Fiat's118h
's Denver 0 dr El bs 1949_M-N 90
100 325
05 Elizabeth Gas Lt Co
1st 4 As July 1941 F&A 92
Steinway 1st 63 1922.__J-J 100 103 Essex & Hudson Gas.....100 135 Ur
8/ • 89
Gas & El Bergen Co_ _100
Other Citiec
Butt St Ry 1st con5s'31F-A 104 105 (let West Pow Is 1946__J-J 8612 8712
Hudson County Gas
Deb (is 1917
..100 134 137
.
A-0 10412
44
sChicago Union Tract corn-112 2 Indiana Lighting Co.,...100 41
71
4s 1958 opt
F-A 68
ePreferred
5
4
42
50 35
Com'w1th Pow Ry & L_100 67 69 Indianapolis Gas..
89
A-0 80
let g 5s 1952
100 89
11 Preferred
901
4 Cona Ity & Ltg com_100 7712 791 Jackson Gas 53 g 1937_ A-0 08 102
100 70
82 eLaclede Gas preferred _100 -___ 101
.
e Preferred
Madison Gas 68 1926....A-0 103 110
e Detroit United Ity -100 7114
98
Federal Light dr Trac ___100 34
37 Narragan (Prov) El Co _50 *90
Preferred
100 c 8112 83 Newark Gas Us Apr'44...Q-J 125 127
99
• Havana Elm lty. L &P 100 8514 861 Newark Consist Gas
100 97
e Preferred
100 953 97 No Hud L &P 5s 1938 A-0 100
4
6512
Loulav St bs 193()
100 65
.
J-J 1043 105 Pacific Gas & E corn
4
eNesy On Rye & Lt coos IOU 35
Preferred
38
(;
)1
1).) )
e Preferred
Pat & Pas Gas &
_101 9
1
100 75
94
Pub Serv Corp of N J -See Stk E x list St Joseph Gas Is 1937
J-J 90
etfs 2% to 6% perpet 10812 10912 Standard Gas & Elec(Del) 50 *21
22
51
Preferred
. North Jersey St Ry 100 80
50 *50
lot 4s 1948
M-N 78
80 United Electric of N J_.100 90 115
let g 48 1049
J-D 8214 8314
Cons Tract of N J _ _100 75
761
J-1) 103 1.04 United Gas Sr Eke Corp
1st 5s 1933
Now'k Pass Ity 59 '3() J-J 10714 1073
Cony 5% notes 1915_A-0 9612 9712
4
100 23.) 240 Western Power com____100 2612 2012
Rapid 'I'ran St ity
57
AA) 103 105
100 54
Preferred
1st 5s 1921
JO Bob &Pat 45 1940 11-N 78
Western States (ias&Elec1st dr ref g Is 1941 op_J-D 9212 95
So J Gas El & Trac. 100 126 131
Go g Is 1953
Ferry Companies
M-S 99 100
B & N Y 181 68 1911_
90
97
No Hud Co By 6.3 1914 J-J 10212
15
S
.
Con M be 1928
J-J 10212 104 N Y &ER Ferry stool..100
60
M-N 50
1st Is 1922
Ext Ss 1924
M-N 100
N Y & Bob 58 May '46__J-I) 9914 100
Pat By con 691931 _J-D 112
_
Bob Fy 1st 531946._M-N 104
2d 63 1014 opt_
A-0 100 103
Republic Ry & Light__100 2512 27 N Y &NJ 5s 1946___J-J 98
100 8012 8112 10th es 231 Sts Ferry. .100 25 :16"
Preferred
J-D 55
65
let rntge Is 1919
Tennessee Ry L&P com 100 2314 2414
_100 15
100 z 76
17
77 Union Ferry stock
Preferred
41-N 93 97
1st bs 1920
J-D 97 Trent P & H Is 1943
Street Railways
Bid
Indust and Aliscell-(Con.) Bia Ask
Amer Typefounders com 100 49
51
Preferred
100 10212 105
Deb g 6s 11139
hi-N 100 102
212 3.
Amer Writing Paper__ ...100
All Gulf& WISS LinesSeeBos [Stk. x list
10
15
Barney & Smith Car comlOi
100 75 90
Preferred
88
5() 80
Bliss (E W) Co coin
'
50 120 125
Preferred
101 300 310
Bond & Mtge Guar
Borden's Cond. Milk cona 10: 116 1,7
108 109
Brytrisehfercroedi
Copper Co _ 1 _1 *2318 2314
_0,
2 •
Casein Co of Amer coni
Short
-Term Notes
Oii n 1
10), n 40
Preferred
46
Amal Copper Is 1913 A-0
94
93
Bait & Ohio 430 1913_J-D 99 19134 Casualty Co of Amertea_111i, 119 12)
destl
v Co
3
9 12 9 74 f.;lt1
6
8
Balya Rap Tr 53 1913 _ __J-J 9 58 9638 cely
too 138 140
ng Co
43
Ches & Ohio 43-is 1914 __J-D
41
9912
Preferred
Chic dr Alton Is 1913
M-S 90
La/ lot
_lot 85
Chia Eiev Rys Is 1914_4-J 9712 973 e. Cla111n efeBrr)eCdo corn
90
: e 151 1)
(rti
Cln Ham & D 4s 1913___J-J 99 991
100 87
91
e 2d preferred
Eric (is April 8 1914..A-08 100 10012
92
iOu 88
Coll 55 Oct 1 1914..... A-0 9914 9958 Consol Car fleating_ 100 73
84
4
Coll 5s April. 1 1915__A-0 973 9814 Consot Rubber Tire___ 10u 12
14
Preferred
Gent Motors 63'15-See N Y dtkEx list.
5212 60
Debenture 43 1951_ _A-(
Hudson Companies
1()U 55 60
)
1638 1612
Os Feb 1 1913
F
-A 9812 9912 e Crucible Steel Coln...JOU
e Preferred
63 Oct 15 1913.....A&015 0812 9912
4
10() 0614 963
8
Ill Cent 43is 1914___J&J 094 99 „ Davis-Daly Copper Co....1t, *2
214
4
let & (It Nor Is 1914_F-A 975 9814 !Diamond Matcn-See C11(m, StkEx Ilst.
11c
Inter Harvester bs '15_F&A 993 99 duPont(I) de Nem Pow 100 195 200
8
e Preferred
09 100
K C By & Lt 68 1912._ M-S
Emerson-13rantinghani AO() 7412 7512
Minn & St L g 5s 1913__F-A 97
Ms 908 Em rirerrteei
Ppef sed
110 Han & Tex 58 1913.M-N
1011 100 10012
8 4 9 14
5
It)
5
& Iron corn 100
Missouri Pacific Is 1914...1-D 968 9712
48
Preferred
100 45
Nat Rye of Hex 430'13.J-D
434 4.55 e General Chemical com.100 189 210
eN YC Lines Eq 58 1912-22
10() 109 114
e Preferred
4)is Jan 1913-1925_ __J-J b 4.65 4.45
41s Jan 1913-1927. .J-J 4.65 4.45 Joodrich (B F) Co-gee N Y SAKE x list
0912 Greene-Cananea-Bee Bos St k Ex list.
NY Cent 4s
. A-5 09
1914.4
St L ds S F 53.1913 opt J-D 983 9914 k Hackensack Water Co
4
Ref g 4s '52 op 1912
87
J-J 86
6s Sept 1 1914 opt_M-S 99 993
Havana Tobacco Co _100
6
8
South Ry g 50 1913-A
Preferred
M-N
15
8
Wabash 44is 1013
100
let g bs June 1 1922_J-D 1 61
West Maryland 5s 1915_ J-J
67
1-2
1 -3:1
089
Weetingh'se Et & H 63 1913 -99-0 1.1900--800--12 Hecker-Jones-Jewell
let l: 1a11_
5% notesOet'17-See NY Stk E a list uerrin u 922
M-o 10112 10312
Ma.....
20
Railroad
IOU 10
20 Hoboken Land & Improvel
e Chia es Alton corn.. 100 18
40
1st Is Nov 1930
e Preferred
M-N 10412
100 20
4
e Chic SIP M & Oiaa_ _100 130 140 Hocking Val Products_100
lot g Is 1961
55
58
e Preferred
J-J
100 150 160
x list.
40 Houston 011-See Bait Stk
3 Colo & South corn.. _100 38
75 e Ingersoll-Rand corn. 100 124
e let preferred
100 72
e Preferred
100 95
e 2d preferred
100 6612 70
60 Intercontin Rub corn_ _1110 1112 12
Y Chic dr St L corn -100 56
Internet Banking Co
10(1 110 115
e 1st preferred
100 10214 108
.JO()/ 143. 148
o 28 preferred
100 8212 90 International Nickel..
Preferred
' 10() 10512 107 1
Northern Securities Stubs_ 103 1.10
2
5
35 International Salt
100
Pitts Bess & Lake Erie..50 *30
1st g 52 1051 _
/ 50
521y,
Preferred
50
international Sliver corn 100 110 130 .
o Italiroad Securitles CoPreferred
100 134 138
ln C elk tr eta Ser A..... go 65
11J 11114
West Pao 1st Is 1933..M-S 8334 8414
Internal Smelt & net
lettie
125 128
Lanston Monotype
.
Standard 011 Stocks
100 1)11-2 92
19 Lawyers' Mtge Co
100 217 220
Angto-AmerIcan 011
£1 *18
Atlantic Redoing
100 580 590 Lehigh Val Coal Sales...50 231 - 240
3'
Madison Sq Gardsn Stubs ..
Borne-Serymser Co
10() 205 225
74
Manhattan Shirt
Buckeyo Pipe Line Co...I0 *179 181
100 70
Preferred
100 102 103
Chesebrough Mfg Cons_100 • 660 700
20 *1 .f(i 1 X4
Colonial 011
100 140 151 Manhattan Transit
Continental Oil
RAJ 1430 1500 MonongahelaR Con C&C_50 *1212
P te ag r
7
5 siorr gfereet
8
50
75
Crescent Pipe Line Co.....5() '65 6
Bond Co
102 105
Cumberland Pipe Line 100
100 222 227 .
Eureka Pipe Line Co
100 390 400 e National Surety
(ialena-Signal Oil com 100 237 242 0 New York Dock corn 100 19
e Preferred
100 32
100 132 136
Preferred
205 208
Indiana Pipe Line Co__ _50 *149 152 N Y Mtge & Security,
45 N Y Transportation.....20 *5
25 .44
National Transit Co
. 87 .
New York Transit Co.....100 345 355 Niles-Bem-Pond corn. 100 83
Niplssing Mines-See Bost S tit Ex list..
Northern Pipe 'M1000_100 120 125
25 *125 128 Ohio Copper Co
10 sips 112
Ohio 011 Co
100 310 315 e Ontario Silver
212
2
Prairie Oil dr Gas
100
101) 540 570 Otis Elevator corn
Solar Refining
78 ,
100 76
Southern Pipe Line Co 100 274 230
Preferred
10:) 102 103'
South Penn 011
10 775 795 Pettibone -Mulliken Co _100 3212 34'
'
1st preferred
5ou West Pa Pipe Lines 100 170 175
100 99 100
50 *1012 11
Standard 011 of Calif_ 100 168 170 Pittsburgh Brewing
Preferred
50 *3918 40.
Stand 011 of Indiana,. 100 310 315
Standard Oil of Kansas_100 340 30 0 Pittsburgh Steel pref _100 10034 10114
32
100 28
Stand 011 of Kentucky .100 360 390 Pope Mfg Co corn
75
100 72
Preferred
Stand Oil of Nebraska_10( 290 300
100 106 108
Stand 011 of NJ (old). ,100 1060 1090 Pratt & Whitney pref
100 120
5tand 011 of N J_
100 389 392 Producers 011
Realty Assoc (Bkiyn) _100 115
Standard Oil subsidiaries... 670 700
Royal Bak Powd corn
100 . 215 220
Standard 011 of N
572 576
Preferred
.100 10634 1073
4
Standard 011 of Ohio
100 275 290
Swan & Finch
,.100 210 225 s Rumely (H) Co corn-See OtkEN list
80 Safety Car Heat & Lt....100 11434 11512
Union 'rank LineCo.....100 75
.
100 180 183 Sears,Roebuck &Co-SeeN Y Ste E •C list
Vacuum 011
,
ePreferred-See Chic Stk Ex 11. E.
10 *2.) 25
Washington 011
100 288 290
100 1375 1500 Singer Mfg Co.
NVaters-Pierce 011
2
Sopteferr ed& com........100
u rh I on
I obacco Stocks
3
100
(See also Stock ExchangeList)
40
Amer Machine & Fdy _100 50 60 Standard Coupler corn __IOU 3'J
100 108 112
Preferred
British-American Tobao.£1 *2318 2314
100 7812 80
10 290 360 Stern Bros prof
Conley Foil
e Helms ((leo W) com_10 188 190 Sulzberger dr Sons Co pf 100 09 100
100 95 100
100 103 120 Texas it Pacific Coal
e Preferred
Johnson Tin Foil &Metal 100 180 200 e Texas Pacific Land Tr 100 95 100
122
10
MacAmirews & Forbes 100 195 200 Title Ins Co of N Y
Tonopah Min(Nev)-SeePhlia Stk E a list
Porto-Rican-Amer Tob.100 255 265
7
4
Reynolds(R J) Tobacco 100 250 26) Trenton Potteries com_100
55
Preferred new
100 50
Tobacco Products corn (w I) 130 150
100 2(1
10312 10334 Trow Directory
Preferred (W 1)
41
Union Typewriter corn 106 39
e United Cigar Mire corn 100 5118 55
100 107 110 .
100 10412 109
let preferred
ePreferred
.100 102 104
UnitedCigarStoresofAin corn 11714 11712
2d preferred
1
100
2
Preferred
120 121
Caned Copper
8
100
15
Preferred
e Weyman Bruton Co
100 250
0
0
e Preferred
100 118 117 e United Dry Goods ____ 100 10034 101
z104 10512
e Preferred
Young (J 5) Co
100 175 180
100 190 '200 .
Casualty
100 100 105 .
U S Envelope corn
Industrial and Miscellaneous
Preferred
100 119 121 ,
e Adams Express
100 15512 168
100 64 68
Col tr g 48 1947
J-D 18012 83 0 U S Express
US Finishing
100 -.- 75 •
Alliance Realty
100 116 119
Preferred
53
100 99 103
51
Amer Bank Note corn ..S0 .
let g 53 1919
54
J-J 100 105
52
50 .
Preferred
Con g 5s 1929
J-J 95 100
100 170 Ii-.
American Book
U S Indus Alcoh-See N Y S tk Ex list.
100 139 142
American Brass
105
100
e Preferred
American Chicle corn. 100 215 220
U S Steel Corporation
100 101 103
Preferred
Col s f Apr 5s 1951 op 1911 114
eAmerIcan Expres.
,
100 175 182
u Co1itl Apr 58 1951 not opt 114
sl s
Am Graphophone corn _100
100 90
95
77 2
100 53114 8555
Cu & Indem
Preferred
66
100 139
e Virginia Iron 0 & C-100 62
American Hardware
100 116 120
Amer Malting 85 1914_J-D 101 i.61- e Wells Fargo & Co
70
Westchester & Bronx Title
Amer Press Assoen._ 100 60
105
100
& Mtge Guar
Am Steel Fdy 63 1935. A-0 99 10012
142 •
FA 71
73 eWestingh'se Air Brake _50
Deb 45 1923
50 400 410 !Woolworth (F W)
-See NY Slit E x lilt
American Surety
5 Worthington(HR)Co f _100 106 110
American Thread pref __5 *4
Telegraph and Telephone
e Amer Teleg dr Cable ___100
e Central & South Amer.100
Comml Un Tel(N
Empire es Bay State Te1 100
Franklin
100
6 Gold & Stock Teleg.-100
100
e Mac:tay Cis corn
100
e Pris;erred
c Northwestern Teleg....50
25
Pacific & Atlantic
e Pao Telep & Teleg pref_100
25
Southern & Atlantic
Bid Ask
(5918 70
112 115
11) 115
75
65
40
50
118 . ._
8
_6
84
6712 0814
118
66 -74 100 10112
95 100
* Per share a And accrued dividend. b Basis. k Llstei on Stock Exchange but usually inactive. f Flat pr cc. a Nominal. a Sale price. I New stock. x Ex-dIv.
on a
Vx.Ilsteg Includes all new stock dividends and subscriptions. e Listed on Stock Exchange but infrequently dealt kg record of sales, if any, will be found
Nov. 23 1912.]
THE CHRONICLE
1391
inuestment and ilailroaa intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
co. mns 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 does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent pag3.
Week or
fonth.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
•
$
Ala N 0& Tex PacN 0 & Nor East_ October...._ 336,837 376,750 1,268,189 1,216,530
622,499
553,874
Ala & Vicksburg_ October..__ 175,509 159,599
566,782
468,900
Vicks Shre & Pac October_ __ 153,818 126,871
47,524
44,696
880,397
904,244
2d wk Nov
Ann Arbor
Atch Topeka & S Fe September 10024 641 $,954,228 28,615,424 25,843,513
262,276 294,785
766,927
782,606
Atlanta Birm & Atl September
Atlantic Coast Line September 2,455,841 2.529,241 7,361,392 6,910,821
142,957 167,900
400,160
453,863
Chariest & W Car September
306,474
328,329
Louisv Hen&St L September • 110,346 115,903
October_
o Baltimore &Ohio _ September 9,408,363 8,259,823 35,105,890 32,150,795
152,386 139,955
472,319
406,819
B (Sz 0 Ch Ter RR
256,112 340,370
September
725,224
841,892
Bangor & Aroostook
869,901 970,757 2,941,538 2,917,902
Bessemer & Lake E September
77,180
94,267
273,036
Birmingham South.. September
206,189
September 4,378,150 4,250,286 13,223,818 12,298,260
Boston & Maine_
2d wk Nov 239,276 191,332 4,419,288 3,805,285
Buff Roch &
September
203,348 211,211
604,452
Buffalo & Susq _
626,328
Canadian Northern 2d wk Nov 609,500 504,000 8,798,000 7,631,800
Canadian Pacific 2d wk Nov 2,916,000 2,486,000 54.697,848 46,224,807
Central of Georgia.. 2d wk Nov 302,600 279,000 5,440,064 5,338,069
Cent of New Jersey September 2,666,579 2.568,892 8,554,873 7.481,321
348,682 282,812
Cent New England.. September
793,779
975,938
380,673 377.379 1,132,497 1,110,690
Central Vermont September
Cne3 & Ohio Lines.. 2d wk Nov 692,527 621,905 13,242,419 12,740,371
2d wk Nov 358,372 334,483 6,250,341 6,076,957
Chicago & Alton
Chic Burl & Quincy September 8,608,310 8,084,806 24,392,218 23,144,928
p On ic Great West.. 2d wk Nov 299,542 294,608 5,441,198 5,164,528
Chic. Ind & Louisv_ 2d wk Nov 137,657 121,054 2,753,324 2,618,850
Chic Milw & St Paul September 6.653,083 5.962,267 18,673,767 16,502,265
Chic Mil & Pug S September 1,951,187 1,369,364 5,435,328 4,064,428
'Chic & North West September 7,812,947 7,005,105 22,703,056 20,564,270
vehic St Paul M&O September 1,659,806 1,430,369 4,434,133 3,922,109
Chicago T H & S E.. September
475,864
175,825 156,369
458,938
Cin ham & Dayton September
937,867 915,972 2,785.746 2,796,645
Colorado Midland_ September
564,129
530,645
246,611 194,111
b Colorado & South 2d wk Nov 335.511 313,810 5,649,781 5,727,192
Cornwall
61,752
September
14,968
47,754
19,638
109,116
Cornwall &Lebanon September
92,065
25,876
30,545
780,275
967,762
September
Cuba Railroad_
324,060 259,823
Delaware & Hudson September 2,030,133 1,893,826 0,363,525 5,614,015
Delaware Lack & W September 3,453,987 3.292,481 10,281,192 9,595,752
Deny cc Rio Grande 2d wk Nov 544,300 478.700 10,218,340 9,623,148
Western Pacific_ September
583,900 537,692 1,658,059 1,459,855
371,620
376,592
Deny N W & Pac_ September
120,787 122,867
438,080
158,329 ' 161,450
451,701
Detroit Tol & Iront September
21,452
473,674
22,102
462,873
Detroit & Mackinac 2d wk Nov
61,355 1,352,772 1,350,089
60,741
Dul Sou Shore & Ati 2d wk Nov
968,255 1.04(1,739 3,007,650 3,014,008
Dal & Iron Range September
Elgin Joliet & East.. September 1,006,677 838,584 3,248,318 2,400,095
671,659 563,530 1,982,249 1,631,067
El Paso & So West.. September
September 6,443,706 5,094,261 16,566,954 15,382,018
Erie
Fairchild & N E.._ _ September
1,960
6,467
2,069
5,357
Florida East Coast.. September
255,129 213.996
780,907
650,174
Fonda Johns & Glov September
287,542
85,240
87,186
275,502
Georgia Railroad_ _ September
255,474 321,222
805,700
765,607
Grand Trunk Syst_ 2d wk Nov 1,064,317 959,980 21,305,820 19,535,132
Grand Trk West.. 1st wk Nov 143,396 123,945 2,573,484 2,392,394
Det(Jr 11 & Milw 1st wk Nov
50.758
55,401
909,294
849,745
Canada Atlantic_ 1st wk Nov
40,898
46,648
793,416
902,084
Great Northern Sys October
8,766,446 7,112,815 29,669,379 25,409,040
Gulf & Ship Island_ September
492,116
156,409 164,682
486,970
Hocking
September
698.783 699,027 2,153,274 2,016,951
Illinois Central
October _ 5,890,389 4,639,641 22,130,601 20,541.794
Internet & Gt Nor.. 2d wk Nov 274,000 263,000 4,783,075 3,972,024
a Interoceanic Mex_ 1st wk Nov 150,969 159,204 3,146,705 3,123,280
Knanwhe & Mich_ _ September
285,831 294,593
903,162
895,965
Kansas City South_ October_ __ 953,987 848,741 3,634,434 3,172,306
October___ 3,947.469 3,465,306 15.337.039 13,393,641
Lehigh Valley
Lexington & East_ _ September
59,376
47,267
171,940
160,526
Louisiana & Arkan_ September
117,549 114,164
401,600
320.311
sLouisville & Ncshv 2d wk Nov 1,206,105 1,123,175 22,084,236 21,074,540
17,254
18,158
Macon & Birm'nam October.. _ _
57,973
57,808
3eptember 1,035,847 1,042,898 3,071.847 2,927,705
Maine Central
49.237
46,291
134,548
Maryland & Penna.. September
123,648
a Mexican Railway_ 1st wk Nov 153,700 138,800 2,929,500 2,785,700
2d wk Nov
14,576
16,529
Mineral Range_
317.227
276,781
Minn & St Louis....1 2d wk Nov 209.389 166.422 3,844,639 3,116,286
Iowa Central__ J
Minn St P & S S M_ September 1,975,165 1,783.591 5,073,261 4,488,786
904,209 881.532 2,685,092 2,486,822
Chicago Division September
254,561
82,044
82,940
Mississippi CentraL September
230,928
u Mo Nan & Texas_ 2d wk Nov 731.761 624,079 12,656,851 11,550,149
x Missouri Pacific_ _ 2d wk Nov 1,275,000 1,161,000 24,337,832 21,534,460
Nashv Chatt & St L September 1,079,099 1,034,817 3,221,591 3,024,956
aNat Rys of Mex_t_ 2d wk Nov 1,320,351 1,210,703 23,628,201 24,074,713
Nevada-Cal-Oregon 1st wk Nov
7,977
9,601
187,467
145,651
N 0 Great Northern September
429,217
128,748 149,269
430,414
N 0 Mobile & Chic_ September
561,204
439,198
185.315 149,500
sN Y 0& Hud lily_ September 10091 895 0,730,004 20,534.673 28,065,370
, Lake Shore & M S September 4,806,207 4,388,141 14,322,852 13,164.697
nLake Erie & W.. September
566,201 507,698 1,587,763 1,506,330
Chic Ind & South September
356,661 309,240 1,011,838
888,611
Michigan Central September 2,901,688 2,792,506 8,520,106 7,956,356
Cloy(.0 & St L_ September 3,019,534 2,743,122 8,797,049 8.153.726
t Peoria & Eastern September
328,613 278,198
032,953
828,524
Cincinnati North September
130,889 124,607
375,327
358.293
Pitts & Lake Erie September 1,613,761 1,450.160 5,055,693 4,368,288
NY Chic & St L_ September 1,067,527 942.267 2,982,693 2,857,592
• Tol & Ohio Cent_ September
493,236 518,984 1,483,571 1.469,308
Tot all lines above September 25376 212 23784 925 74.604,523 69,617,093
Latest Gross Earnings.
ROADS.
Week or
lonth.
Current
Year.
July 1 to Latest Dale.
Previous
Year.
Current
Year.
Previous
Year.
$
NYNH& Hartf__ September 5,985,231 5,649,466 18,149,190 16,445,195
N Y Ont & West__ September
822,887 789,731 2,824,551 2,673,741
N Y Susq & West__ September
304,557 333,173
993,368
900,055
Norfolk Southern__ August __ _ 289,985 260,531
515,584
585,819
Norfolk & Western.. September 3,677,874 3,478,361 11,133,546 10,023,935
Northern Pacific_ _ _ September 6,776,765 6,008,309 18,562,670 16,764,899
Pacific Coast Co_ __ September
712,808 706,338 2,207,438 2,150,966
Pennsylvania RR.._ September 15278 578 13752 647 45,742,374 40.237,372
Bait Ches & Atl_ September
113,732
126,206
27,306
30,009
Cumberland Vail September
739,427
862,400
307,558 268,731
Long Island
September 1,065,819 1,035,768 3,647,598 3,439,245
Maryl'd Del & Va September
56,712
15,844
16,905
58,432
N Y Phila & Norf September
898,425
298,100 280,650
995,996
Northern Central September 1.156,913 1,142,734 3,337,620 3,156,741
Phil Bait & Wash September 1.814,215 1,658.798 5,517,088 4,956,317
W Jersey & Seash September
611.437 641,181 2,481,069 2,367,117
Pennsylvania Ca.__ September 5,798,867 5.179,286 18,021.525 15,208,980
Grand Rap & Ind September
522.104 499,102 1,542,219 1,429,175
Pitts 00 & St L.. September 3,893,684 3,546,459 11,418,679 10,347,848
Vandalla
September 1,021,957 860,388 2,882,777 2,579,908
Total Lines.._
East Pitts & E
September 22093 651 20156 051 67,398,992 60,152,717
West Pitts & E.... September 11366 631 10208 537 34,228,249 29,909.406
All East &West September 33460 282 30364 588 101628 242 90,062,124
Pere Marquette_ _ _ September 1,530,846 1.558,619 4,508,749 4,435,897
Reading CompanyPiffle & Reading_ September 4.328,313 3,834.066 12,730,668 10,993,053
Coal & Iron Co.._ September 3,354,600 2,524,565 9,807,839 6,184,167
Total both Cos September 7,682,913 6,358,61; 22,538,507 17,177,221
203.243 189,650
Rich Fred & Potom September
569,351
659,087
Rio Grande June August ___
98,344
88,383
182,620
166,881
13,576
Rio Grande South_ 2d wk Nov
.),984
249,580
183,399
Rock Island Lines.._ September 6,338,015 5,931,596 18,670,284 16,674,866
September
344.614 331,076 1,030,096
Rutland
963,615
St Jos & Or Island_ September
144,203 154,863
451,743
455,480
St L Iron Mt & Sou September 2,713,689 2,502,809 8,494,321 7,285,163
St L Rocky Mt & P September
165,169 141,940
393,292
470,438
St Louis & San Fran September 4,047,012 3,604,598 11,466,350 10,435,247
f_Chic & East Ill_ September 1,386,943 1,357,993 4,132,373 3,958,480
Total all lines
September 5,433,955 4,962,591 15,598,723 14,393,728
St Louis Southwest 2d wk Nov 297,000 281.000 5,119,734 4,515,519
San Ped L A & St L September
826,285 748.299 2,490,338 2,227.913
Seaboard Air Line. 1st wk Nov 511,514 515,670 7,798,291 7,691,246
Southern Pacific Co September 12719893 11612 945 36,929,471 33,890,847
Southern Railway 2d wk Nov 1.358,636 1,276,030 25,614,050 23,936,609
Mobile & Ohio_ _ _ 2d wk Nov 249,728 247,293 4.466,634 4,331,387
Cin N 0& Tex P_ 2d wk Nov 189.642 176,921 3,707,143 3,589,848
Ala Great South_ 2d wk Nov 101.510
84.489 1,878.759 1,712,993
Georgia Sou& Fla 2d wk Nov
52,291
47,782
909,865
901,073
Spok Port & Seattle September
457,145 428,798 1,398,428 1.306,310
Tenn Ala & Georgia 2d wk Nov
2,829
1,813
43.523
50,579
Tennessee Central_ September
138,434 141,937
413,904
415,771
Texas & Pacific_ _
2d wk Nov 435,058 406,191 6,976.990 6,356,742
Tidewater & West.. September
8.552
8,718
28,548
26,411
Toledo Peor & West 2d wk Nov
24,760
24,344
530,280
488,044
Toledo St L & West'2d. wk Nov
85,472 1,523,252 1,548,858
85,642
Union Pacific Syst _ September 9.048,411 8,397.782 25,318,432 23,477,026
Virginia & So West_ September
440,940
139,715 152,155
430,320
Virginian
September
411,972 409,700 1,277,392 1,161,816
Wabash
October __ 3,053,912 2,691,293 11,503,767 10,421.951
Western Maryland_ August _ _ _ 668,643 637,860 1,236,023 1,225,780
Wheel & Lake Erie_ September_ 735,612 732,388 2,238,199 2,113,181
Wrightsv & Tennille September
28.365
35.416
68,631
81.403
Yazoo & Miss Vali_ October __ 1,015,506 784,921 3,349,015 3,108,361
Various Fiscal Years.
Current
Year.
Period.
Jan
Delaware & Hudson
N Y Central & Hudson River_e_ Jan
Lake Shore & Michigan South Jan
Lake Erie & Western_n
Jan
Chicago Indiana & Southern.. Jan
Michigan Central
Jan
Clev Cin Chic & St Louis
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
I ittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic.. Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaware & Va...... Jan
N Y Philadelphia & Norfolk.. Jan
Northern Central
Jan
Philadelphia Bait & Wash
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cinc Chicago & St L
Jan
Vandalia
Jan
-East Pitts & Erie Jan
Total lines
West Pitts & Er Jan
All lines E & W.. Jan
Dec
Rio Grande Junction
Jan
Rutland
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
ggssasIsngs.
gggsaggggs-gsggggggg
Latest Gross Earnings.
ROADS.
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Setp
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Sept
Previous
Year.
30 16,472,536 15,868,023
30 80,097,069 76,874,033
30 39,368,772 35,909,740
30 4.241,323 4,030,497
30 3,037,630 2,761,458
30 23,757,498 22,015,769
30 23,491,864 22,579,611
30 2,439.401 2,392,801
30
992,082
989,976
30 13,126,129 11,305,585
30 8,709,965 8.249.39730 3,902,627 3,577.582
30 203164 360 190595 4471
30 127772 490 115563 055'
30
218,988
238,878
30 2.396,705 2,130.712
30 8,565,665 8,122,640
107,321
30
105,687
30 2,692,141 2,496,870
30 9,348,222 9,364.543
30 15,019,685 14,075,656
30 5,171,90i 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 7,349,903
30 182064 890 167069 022
3089.995,499 79.976,603
30 272060 388 247045 623
31
688,651
673,445
30 2,647,381 2,537.443
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
lfonthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
3
tfileage. Cur. Yr. Prey. Yr.
3
$
1st week Sept 140 roads).-- 15,035,249 14,131,559
+1f03,690 6.39
January ....237,888 234.402 210,704.771 213,145,078 -2,440,307 1.14
2d week Sept 40 roads)......- 15,765,881 14,918,496
+847,385 5.75
February __237,082 233.191 218,031,094 197,278,939 +20,752,155 10.52
3d week Sept 39 roads)....- 15,182,364 14,328,726
238,218 234,692 237,564,332 224,608,654 +12,955.678 5.77
+943,638 6.63
March
4th week Sept 36 roads)...._- 19,503,157 18,773,788
236,722 233.057 220,678.465 216,140.214 +4.538.251 2.10
April
+729,369 3.88
1st week Oct 38 roads)........ 14,964,702 14,366,037
235,410 231,597 232,229.364 226,184,666 +6,044,698 2.67
+598,665 4.17
May
2d week Oct 39 roads)........ 16,003,026 15,017,035
235.385 230.894 243,226,498 228.647,383 +14,579,115 6.38
Juno
+985,991 6.56
3d week Oct 39 roads)..___ 16.343.506 15,054,025 +1,289,481 8.57
July
230,712 227.194 245.595,532 222,587.872 +23.007.660 10.34
4th week Oct 39 roads).._.... 24,173,996 21,461,606 +2,712,390 12.64
239,230 235.401 276,927,416 251,067,032 +25,860.384 10.30
August
1st weak Nov 38 roads)___.. 14,696,080 13,774.233
September_237.591 235.140 272,209.629 252,318,597 +19.891,032 7.88
+921,847 6.70
2d week Nov _ 37 roads)____ 15.621,495 14,075,098 +1.546.307 10.98
85,457 85.141,427 75,813,471 +9.327,956 12.30
October......_ 86,131
------ - •- .
- , a Mexican currency. b Does not include earnings of Colorado Springs& Cripplo Cieek District Railway from Nov. 1 1911. e Includes the Bos-ton & Albany, the New York & Ottawa. the St. Lawrence & Adirondack and tho Ottawa & New York Railway, the latter of which, being a Canadian
road,does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & IndianaRR.g Includes the Clebeland Lorain & Wheeling By. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Ft. Dodge and
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Includes
the 'rexas Central in both year and the Wichita Falls Linos in 1912. beginning Nov. 1. e Includes not only operating revenues, but also all other
:ecelpts. x Includes St. Louis Iron Mountain & Southern.
[VoL. Lxxxxv.
THE CHRONICLE
1392
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of November. The table covers 37 roads and shows
10.98% increase in the aggregate over the same week last
year.
EXPRESS COMPANIES.
-Month of June- -July 1 to June 301912.
1911.
1911.
1912.
Wells, Fargo & Co.$
$
$
$
Express revenue
2,840,143 1,999,179 31,923,923 24,725,879
Miscell. transporta. revenue_ Dr. 942 Dr.1,423
4,893
4.554
Non-transportation revenue_
436,993
37,649
537,154
17,560
Increase. Decrease.
Total operating revenues.. 1,510,234 1,016,900 17,026,262 13,371,406
Maintenance
497,730
85,792
71,723
649,919
Traffic expenses
195,926
24,582
16,723
321,915
Transportation expenses..
1,083,644
764,428 12,459,267 9,534,327
General expenses
767,807
93,662
80,444 1,052,313
Second Week of November.
1912.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Indianapolis & Louisv_
Cincin New Orleans & Texas R.
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic..
Georgia Southern & Florida..___
Grand Trunk of Canada
Grand Trunk Western
Detroit Grd Haven & Milw_
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Railways of Mexico__
Rio Grande Southern
St Louis Southwestern
Southern Railway
Tennessee Alabama & Georgia_
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_
Total (37 roads)
Net increase (10.98%)
1911.
17,021
84,489
101,510
47,525
44,696
191,332
239,276
504,000
609,500
2,916,000 2,486,000
279,000
302,600
621,905
692,527
334,483
358,372
294,608
299,542
121,054
137,657
176,921
189,642
313,810
335,511
478,700
544,300
21,452
22,102
61,355
60,741
52,291
47,782
47,944
105,500
430,000
23,600
70,622
23.889
4,934
16,603
12,721
21,701
65,600
650
1,064,317
959,980
104,337
274,000
263,000
150,969
159,204
1,206,105 1,123,175
16,529
14,576
209,389
166,422
11,000
731,761
624,079
1,275,000 1,161,000
249,728
247,293
1,320,351 1,210,703
5,984
13,570
297,000
281,000
1,358,636 1,276,030
2,829
1,813
406,191
435,058
24,344
24,760
85.642
85,472
2,829
Operating income
Mileage of alliSteam roads..
lines covered'Other Ulu's
Latest Gross Earnings.
Name of
Road.
8,235
82,930
1,953
42,967
107,682
114,000
2,435
109,648
7,586
16,000
82,606
1,016
28,867
416
170
12,094
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Companies.
Year.
Year.
$
$
$
3
Amer Public Utilfties__ _Oct
99,872
82,339
47,835
40,657
July 1 to Oct 31
360,342
309,870
174,306
147,581
Atlantic City Elect
Oct
37,942
34,879
22,425
20,206
Canton Elect
Oct
30,463
28,254
15,887
14,546
Kings Co El Lt & P_ a_ __Oct 427,016
406,861
130,017
150,499
Jan 1 to Oct 31
4,194,530 3,803,238 1,440,925 1,391,660
gMexican Lt & Power__ Oct 808,175
729,408
598.052
549,786
Jan 1 to Oct 31
7,324,596 6,755,861 5,275,093 4,489,864
Muncie Elect Light
Oct
36,993
30,880
19,286
16,320
Rockford Elect
Oct
37,822
35,068
20,278
17,975
Jan 1 to Oct 31
331,895
307,567
154,921
124,508
Scranton Electric
Oct
72,693
43,018
65,148
40,736
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
8,839
27.677
7,140
30,849
x6,384
x14,938
2609
x5,015
81,996
257,043
79,678
240,518
60.335
x161,368
x52,441
x169,280
3,834
4,887
xdef117
z2,785
INDUSTRIAL COMPANIES.
-list., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
Atlantic City Elect
Oct
8,769
8,373
13,656
11,823
Oct
4,699
Canton Elect
4,756
11,188
9,790
Kings Co El Lt & Pow_ _Oct
72,236
72,235
x57,469
z83,515
Jan 1 to Oct 31
722,358
680,566 x749,051 5767,441
Muncie Elect Light
Oct
6,893
6,076
12,393
10,244
Rockford Elect
Oct
7,950
7,829
12,328
10,146
Jan 1 to Oct 31
78,625
74,426
76,296 • 60,082
Scranton Elect
Oct
12,991
11,892
30,027
28,954
Week or
Month.
Current Previous
Year.
Year.
van. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
October __
29,274 23,369
314,388
297,926
Atlantic Shore Ry_
cAur Elgin & Chic Ry October __ 146,069 156,742 1,602,361 1,500,934
438,368
Bangor By & Elec Co September
66,175 57,994
525,050
85.722
Baton Rouge Elec Co September
11,432 10.075
107.188
292,100
Binghamton Railway September
38,570 36,418
321,425
Brock & Plym St Ry_ September
93,708
11,711 12,119
94,514
Bklyn Rap Tran Syst June
2195,014 2045,385 11,772,616 11,113,047
Cape Breton Elec By September
243,498
34,364 30,314
260,093
Carolina Pow & Lt Co July
36,267 26,980
200,229
240.597
Cent Park N & E Riv June
306,477
57,866 57,747
314,935
Central Penn Trac__ October
74,249 69,494
763,006
723,895
Chattanooga By& Lt September
94,808 83,116
782,346
697,236
Cleve Painesv & East September
38,885 34,677
279,592
294,335
Clev Southw &Colum September 109,713 107,155
846,214
877,712
Columbus(Ga) El Co September
45,477 41,816
395,483
356,594
Commonw P. Ry &Lt September 548,102 473,287 4,581,910 3,980,458
Coney IsI'd & Bklyn_ June
169,552 154,490
719,888
709,978
Dallas Elec
__ September 147,473 131,249 1,280,840 1,150,892
Detroit United Ry__ 4th wk Oct 302,815 258,802 9,615,807 8,452,090
298,824
DDEB& Batt(Rec) June
51,417 50,923
306,716
Duluth-Superior Trac September
814,591
845,332
52,836 98,523
East St Louis & Sub.. September 217,962 197,030 1,773,135 1,677,850
El Paso Electric Cos.. September
493,419
566,052
70,434 56,962
752,788
42dStM&SNAv(Rec) June
864,189
159,199 1't2,891
Galv-Hous Elec Co__ September 184,899 130,685 1,487,741 1,121,417
872,874
924,265
Grand Rapids By Co September 109.592 107,168
Havana Electric By.. Wk Nov 17 48,611 46,268 2,247,751 2,112,269
--4
Honolulu Rapid Tran
367,145
414,474
September
49,372 41,626
& Land Co
229,897
232,122
28,410 25,675
Houghton Co TracCo September
283.357 237,920 1,842,112 1,507,694
Hudson & Manhattan June
Illinois Traction _ _ _ _ September 636,027 595,533 5,334,790 4,983,296
Interboro Rap Tran_ September 2442.320 2373,478 23,438,404 22,088,032
377,688
399,124
Jacksonville Ti-ac Co August
48,856 44,565
962.237
Lake Shore Elec Ry_ September 125,742 124,767
998,520
Long Island Electric.. June
92,147
22.718 19,786
96,233
Milw El By & Lt Co_ August ..._ 469,200 419,464 3,612,311 3,238,933
Milw Lt, lit & Tr Co August
131,833 121,505
738,479
816,484
MonongahelaValTra September
83,786 74.770
627,613
543,669
N Y City Interboro_ _ June
39,507 26,014
213,516
137,810
N Y & Long 1st Trac_ June
37,178 35,541
180,238
177,179
N Y & Queens Co__ _ June
132,479 118,956
587,597
631,664
New York Railways_ September 1169,395 1183,291 10,181,134 10,153,012
138,174
127,034
Northam Easton & W September
16,000 17,567
North Ohio Trac & Lt September 268,074 246,015 2,247,866 2,019,746
North Texas Elec Co September 160,275 136,088 1,249,112 1,178,004
36,769
45,936
Ocean Electric (L I).. June
17,326 13,424
193,230
208,464
23,499 22,801
Paducah Trac& Lt Co September
212,392
212,272
Pensacola Electric Co September
23,815 24,667
Phila Rapid Trans Co October_ .. _ 2093,814 1947,003 19,208,074 18,295,092
Port(Ore)Ry,L &PCo September 542,387 517,830 4,918,750 4,697,608
Puget Sd Trac, L & P September 684,221
6,162,520
__._ _Richmond Lt & RR_ June
159,748
38,720 35,651
167,368
Rio de Janeiro Tram
Light & Power Co.. August
1272,527 1149,851 9,509,277 8,403,562
StJoseph (Mo) Ry,Lt
'41
Heat & Power Co_ September
05,875 06,209
811,865
864,225
Santiago El Lt& Trac October...... 35,036 34,380
334,801
292,466
387,486 303,706 2,063,831 2,271,490
Sao Paulo Tram.L&I lAugust
Savannah Electric C September- 62,783 58,429
511,414
551,285
Second Avenue (Rec) June
90.568 86,283
424.668
462,217
Southern Boulevard_ June
57,265
14,837 11,969
65,206
Sou Wisconsin By C October
163,579
20,278 16,736
187,050
117,428
Staten IsI'd Midland June
123,340
31,424 28,383
505,288
Tampa Electric Co.._ September
559,252
62,989 56,840
Third Avenue (Rec)- June
333,854 321.829 1,833,583 1,778,969
Tri-City Ry & Lt Co_ August
259,878 230,688
Twin City Rap Tran_ 2d wk Nov 158,669 143,019 7,099,040 6,792,309
Underground Elec By
of London
Three tube lines Wk Nov 16 .£14,860 £14,255 £623,755 £024,435
Metropolitan Dist_ Wk Nov 16 £13,847 £12,333 £575,229 £545,345
United Tramways.. Wk Nov 16 £5,400 £5,397 £288,192 £301,819
London Gen'l Bus.. Wk Nov 16 £55.366 £37,295 £2,354,837 £1,732.451
Union (Rec)
June
244,454 282,126 1,207,987 1,171,365
UnionRy G&EC0(111) September 345.875 257,203 2,772,537 2,275,402
United Rys of St L_ _ September 1031,600 1001,729 9,075,065 8,859,508
United RRs of San Fr July
687,013 644,512 4,795,125 4,465,647
Westchester El (Rec) June
272,722
274,870
57,875 57,176
Yonkers RR (Rec)
356,156
June
327,044
69,044 65,951
Youngst & Ohio Riv_ September
176,153
23,759 22,798
175,400
1
-Gross Earnings- -Net Earnings
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
Bait & Ohio_b
Oct 9,408,363 8,259,823 3,086,855 2,672,344
July 1 to Oct 31
35,105,890 32,150,795 10,978,321 10,551,517
Greenwich & Johnsonv_b
July 1 to Sept 30
29,650
21,860
14,511
6,043
Jan 1 to Sept 30
80,811
87,567
33,503
40.452
848,741
Oct 953,987
390,619
323,393
Kansas City Sou_ b
3,634,434 3,172,306 1,438,162 1,113,143
July 1 to Oct 31
Lehigh & Hudson River_lb365,916
142,331
121,252
449,618
July 1 to Sept 30
1,272,698 1,107,653
414,466
398,931
Jan 1 to Sept 30
Oct 3,947,468 3,465.306 1,342,223 1,193,149
Lehigh Valley- b
July 1 to Oct 31
15,337,039 13,393,641 5,688,212 4,672,007
,
Little Falls & Dolgeville_bJuly 1 to Sept 30
22,048 • 25,251
3,675
7,548
z After allowing for other income received.
55,155 2,186,082 2,126,705
47,355
11,115
ELECTRIC RAILWAY AND TRACTION COMPANIES.
4,509
15,621,495 14,075,098 1,558,491
1,546,397
Greenwich & Johnsonville
July 1 to Sept 30
Jan 1 to Sept 30
Lehigh & Hudson River
July 1 to Sept 30
Jan 1 to Sept 30
Little Falls & DolgevilleJuly 1 to Sept 30
167,895
64,351
.17,643
933,320 14,483,415 10,995,791
83,580 2,542,846 2,375,615
28,425
248,909
356,764
614
Roads.
Roads.
2,876,850 2,015,316 32,465,970 25,167,427
1,366,615
998,415 15,439,708 11,796,021
Total operating expenses_ 1,287,681
Net operating revenue__ ..
222,552
One-twelfth annual taxes..
54,657
Net Earnings Monthly to Latest Dates.
-The table
following Shows the gross and net earnings of STEAM railroads and industrial companies reported this week:
•
Gross receipts fron oper
Express privileges
-Dr
c These figures are for consolidated company.
-The following table
Electric Railway Net Earnings.
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Net Earnings
-Gross Earnings
Current
Previous
Previous
Current
Year.
Year.
Year. .
Year.
$
$
Amer Light & Trac
388,728
Oct 398,100
367,641
356,884
Jan 1 to Oct 31
3,370,748 3,293,344 3,272,580 3,198,718
Atlantic Shore Ry_b_ _ _Oct
3,988
23,369
29,274
387
Jan 1 to Oct 31
85,603
297,026
314,388
73,185
Aurora Elgin & Chic_a_ _Oct 166,069
69,455
156,742
67,302
July 1 to Oct 31
338,881
699,716
739,819
329,729'
Central Penna Trac____Oct
22,725
60,494
74,249
18,092
Jan 1 to Oct 31
231,120
723,895
763,006
215,795
Coney Isl & Bklyn_aApr 1 to June 30
415,815
98,221
418,707
108,083
July 1 to June 30
1,415,134 1,538,003
324,092
463,421
Hudson & Manhattan-a
Apr 1 to June 30
415,229
906,697
749,369
534,955
July 1 to June 30
3,379,172 2.802.
827 1,919,801 1,480,783
Roads.
THE CHRONICLE
Nov. 23 1912.]
1393
-Gross Earnings- -Net Earnings
Operating expense1911-12.
1910-11.
1909-10.
1908.09.
Previous
Current
Previous
Current
Maint. of way & structs_ $5,118,924 $5,470,179 $5,778.268 $4,987,633
Year.
Year.
Year.
Year.
Maint. of equipment... 5,521.171
Roads.
5,738,290
5,940,310 4,596,862
Traffic expenses
$
$
$
$
1,098,446
1,085,847
1,036,821
873,292
62.044
61,969
27,696
Kentucky Traction
28,028 Transportation expenses 15,678,945 15,737,165 14,698,094 13,103,878
Oct
700.022
666,534
192,101 General expenses
271.402
Nov 1 to Oct 31
1,288.919
1,292,103
1,223.348
1,198,426
543,751
315.754
pMexico Tramways
277,425
Oct 586.273
Total oper. expenses.$28,709,589 $29,320,400 $28,676,842 $24,760,091
5.594.705 5,089,920 2,944,870 2,623,215
Jan 1 to Oct 31
Net operating revenue...$13,390,775 $13,838,828 $12,489,097 $12,996,895
N Y City Interborough_aTaxes
1,957,583
1,811.827
1,458,186
1,532,149
115,300
75,312
24,043
Apr 1 to June 30
18,103
389.806
267,276
July 1 to June 30
62,089
48,430
Operating income_ ___311,433,192 112.027.001 111,030,911 $11,464,746
Hire of equipment
N Y & Long Isl Trac_aDr.282,555 Dr.323,641 Dr.609,988 Dr.260,086
102,867
102,419
21,565
Apr 1 to June 30
40,278 Other income
1.841.873
2.910,417
1,715,112
2,657,611
392,227
387,893
74,662
July 1 to Juno 30
128,533
Total income
$12,992,510 $14,360,971 $13,331,340 112.919,772
New York & Queens Co_aDeduct
359,524
337,514
Apr 1 to June 30
14,745
39,964 Interest
$7,778,106 $7,850,607 $7,447,806 $6,517,319
1,298,048 1,202.911 def78,352
July 1 to June 30
27,274 Int. on guar. sec.
(rentals)
2,591,631
2.604.038
2,594,391
Phila Rapid Transit_ ___Oct 2,093,814 1,947,003
854,174
792,077 0th. rentals & sink. fds_ 2.563,959
894,571
836.040
627.302
661,563
7.851.893 7,498,160 3,182,907 2,944,687 Divs. on trust certs.July 1 to Oct 31
K.C.Ft.Scott&M.Ry.
Puget Sd Tr,L & Pow_a Sept 684.221
298,661
540.400
540,400
540,400
540,400
Chic. & E. Ill. RR__
6,162,520
Jan 1 to Sept 30
2,589,914
1,038.075
994,482
999,482
1,094,482
Divs. on pref. stock(4%)
199.742
199,742
199,742
199,742
Richmond Lt & RR-a
96,669
92,687
10,433 def13,583
Apr 1 to June 30
Total
369,653
353,549
July 1 to June 30
18,956 Balance deductions____$13,014,853 $13,025,309 $12,409,123 $11,605,138
55,865
def.$22.343sur$1.335,662 stm$922,217sur$1314.634
Staten Island Mldland_a-V. 95. p. 1274, 750. 680, 420.
74,011
71,235
Apr 1 to June 30
4,961
19,723
285,631
July 1 to June 30
270,471
46,776
73.264
Atlantic Coast Line Railroad.
Third Avenue_a973,265
Apr 1 to June 30
937,709
446,478
398,508
(Report for Fiscal Year ending June 30 1912.) .
3,785,024 3,463,167 1,583.133 1,583,721
July 1 to June 30
United Lt & Rys (Mich)_Oct 410,743
156,012
369,803
181,089
The remarks, signed by Chairman Henry Walters and
1,576,011 1,431,118
603,438
July 1 to Oct 31
690,437
Oct 408,476
Virginia Ry & Pow Cob
177.973 President T. M. Emerson, together with the comparative
384,989
203,803
1,619,961 1,552,970
720,933 balance sheet, will be found on subsequent pages. Below
July 1 to Oct 31
802,426
a Net earnings here given are after deduaing taxes.
we give comparative statistics of operation and comparative
b Not earnings hero given are before deducting taxes.
income account for several years.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Current
Previous
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
Aurora Elgin & Chicago_Oct
32,083
31,378
35,924
July 1 to Oct 31.
128,345
125,488
210,536
204,241
rs1 te lne
Oonex I 1& Byuyn 30
82,730
82,050
:22,735
z35,279
July 1 to June 30
l)
329,645
308,240
x25,681 x181,136
Hudson & Manhattan
Apr 1 to June 30
643,701 zdef13,971
799,841
z5,861
July 1 to June 30
x30,447 zdef53,330
2,855,334 2,425,945
x9,421
Kentucky Traction
19,401
19,266
Oct
z9.434
224,347 z103,192 zdef.8,006
• Nov 1 to Oct 31
193,823
N Y City InterboroughApr 1 to June 30
35,240
22,860 zdef10,360 zdef3,854
July 1 to June 30
93,393 zdef40,656 xdef43,107
104,420
N Y & Long Isl. Tracx24,621
x5,683
Apr 1 to June 30
16,132
15,782
z12,086
z63,426
64,282
65,610
July 1 to June 30
N Y & Queens County
65,023 zdef57,037 zdef24,774
72,080
Apr 1 to Juno 30
254,984zdef346,893xde1228,368
269,094
July 1 to June 30
Oct 759,121
Flint*, Rapid Trans
737,019
95,053
55,058
July 1 to Oct 31
3,036,443 2,948,189
146,464 zdef3,502
Pow Sept 149,897
Puget Sd Tr, Lt &
148,764
Jan 1 to Sept 30
1,296.233
1,293,681
Richmond Lt & RR
Apr 1 to June 30
31,763
31,739
z24,441 zdef1,392
July 1 to June 30
127,071
131,779 :120,259
z58,949
Staten Isl Midland
Apr 1 to June 30
13,893
13,405
z6.038 zdef8,362
July 1 to June 30
55.319
54,734
z18,645 zdef7,271
Third Avenue
Apr 1 to June 30
237,107
133,779 z457,026 x315,825
July 1 to June 30
657,285
435,510 z1,342,432 z1,157,750
United Lt & Rys(Mich)_Oct
80,242
79,690
100,847
76,322
309,146
July 1 to Oct 31
316,381
381,291
287,057
Virginia Ry & Power Co Oct 124,725
118,606
x85,163
:66,075
July 1 to Oct 31
496,114
473,756 z335,841 :269,816
z After allowing for other income received.
A,372
ANNUAL REPORTS.
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. 26. The next will appear in that of Nov. 30.
St. Louis & San Francisco RR.
(Report for Fiscal Year ending June 30 1912.)
The text of the report is given on a subsequent page; also
comparative tables of earnings and operations and balance
sheet for two years past, &e. Below are comparative operating statistics and income account for several years. The
figures do not include the New Orleans Texas & Mexico division lines, 990 miles, which are operated separately.
TRAFFIC STATISTICS.
1910-11.
1911-12.
1909-10.
1908-09.
Miles operated (average)
5,188
5,241
5,072
5,073
Equipment
Locomotives
998
047
1,029
904
Passenger equipment
622
579
688
531
Freight equipment
29,242
27,899
29,646
26,615
Company cars, &c
2,588
2,692
2,478
2,677
OperationsPassongors carried
10,784,677 11,275,043 10,413,792 10,534,196
Passengers carried 1 mile474,409,917 506,048,947 477,089.090 467,385,711
Rate per pass. per mile_
2.21 cts.
2.37 cts.
2.42 cts.
2.05 cts.
freight (tons) card 16,985,882 17,128,146 17,829,713 15,952,144
Rev.
Revenue freight (tons)
carried one mile
2714876,424 2675695,200 2829482,793 2518944,746
Rate per ton per
_ 1.013 cts.
1.049 cts. 0.977 cts.
1.003 cts.
Av. train-load (rov.) tons
mile..223
221
255
221
Earn, per pass. train in..
$1.0844
$1.0272
10.9951
$0.9976
Earn.per freight train m
$2.178
$2.318
$2.585
$2.215
Gross earnings per mile..
$8,032
$8,116
18,319
$74.43
INCOME ACCOUNT.
Operating revenues1911-12.
1009-10.
1910-11.
1908-09.
Freight
$27,505,798 $28,071,782 127,645,863 $25,262,516
Passenger
11.490,509 11,999,385 10,548,970 9,603,340
Mail, exp. & miscall_ _ _ _ 2,768,495
2,780,460
2,694,958
2,657,088
Other than transp. rev_
335,562
307,601
276.148
234,042
Total oper. revenue__$42,100,364 343,159,228 $41,165,939 $37,756,986
OPERATIONS AND FISCAL RESULTS.
Operations1911-12.
1910-11.
1909-10.
1908-09.
Average miles
4,524
4.494
4,482
4,434
Passengers carried (No.) 8,552,506
8,159,880
7.232.089
6,303,137
Pass. carried one mile_ _376,292,408 350,521,055 304,534,696 260,305,318
Av.rate per pass. per m. 2.234 cts. 2.204 cts. 2.224 cts. 2.224 cts.
Freight (rev. tonnage)._ 11,885.030 11.688.577 11,297,846 10,242.568
Tons one mile (revenue)_1825598508 1776418010 1639880095 1455421830
Av. rate per ton per mile 1.230 cts.
1.273 cts.
1.215 cts.
1.259 cts.
Pass. earns, per train m..
10.97
$0.87
$0.93
$0.82
Freight cars per train m_
$2.58
$2.52
$2.56
$2.44
Gross earnings per mile..
$6,651
$7,395
$7,036
$5,896
INCOME ACCOUNT.
Operating Revenues1911-12.
1908-09.
1909-10.
1910-11.
Freight
$22,452,360 121,587.361 $20,870,397 $18.328,176
Passenger
8,407,624
7,723.854 6,773,332 5,842,059
Mail, express & misc.__ 2.603,574 2,311.234
2,166,539
1,973,829
Total oper. revenues.$33.463,558 $31,622,449 $29,810,268 $26,144,064
Operating ExpensesMaint. way & structures $4,273,545 $3.926,568 $3,760.197
Maint. of equipment__ _ 5,038,547 4,583,890 4,275,066 $3,566,702
3,681,457
Traffic expenses
566,317
537,083
499.323
430,092
Transportation expenses 11,752,552 10.556,834
9,227,836 8.520.714
General expenses_
910,622
843.164
850.836
744,396
Total oper. expenses.$22,541,583 $20,447,539 $18,614,157 $16,943,361
Net operating revenue_ _$10,921,975 $11,174,910 $11,196.111 $9,200,703
Taxes
1,399,395
1.280,247
1.119,538
1,208,960
Operating income_ ___ $9,522,580 $9,894,663 39.987,151 $8,081,166
Int. & divs. received_ __ $2,522,799 $2.632.830 $2,446.763 $2,074.468
Other int.. rents, &c___
597,249
534,274
435,470
413,238
Hire of equipment
16.345
64,923
32,167
Inc. from Ga. RR. lease
68.911
76.964
Gross income
$12,727.884 113.138.731 $12,934,307 $10,601,039
DeductInt. on funded debt, &c.. $5,446,784 $5,345,360 $5,256,650 $4,750,628
Int. on certs. of indebt
9,378
9,378
379.359
757,122
Int. on 3-year notes_ _ _ _
75.954
221,705
Int. on equipment trusts
162.498
115,420
133.420
151,420
Rentals of leased lines
40,276
40,276
40,276
42,815
Hire of equipment
70.123
Rentals of terminals_
51,179
55,394
58,066
48,569
Dividends on common
3,417,864 3,135,060
4.018.661
2,614,568
Per cent divs. on com
(6%)
(6%)
(7%)
(54)
Divs. on R.& P."A" stk (7)70,000 (6)60.000 (6)60,000 (5)55,000
Divs. on pref. (5%)......
9,925
9,925
44.877
79,830
Total
$9,815,588 19.119,525 19.180,990 18.721.657
Surplus incone for year_ 12,912.296 $4.019,206 $3,753,317 $1,879,382
Note.
-The company charges dividends in "profit and loss," but
here deducted for the sake of simpllcity.-V. 95, p. 1121, 967. they are
Chicago & Eastern Illinois Railroad.
(Report for Fiscal Year ended June 30 1912.)
Pres. B. L. Winehell, Chicago, Oct. 3, wrote in substance:
Results.
-Total operating revenue shows an increase of $335,104, or
2.3%, but as operating expenses increased $794,654. or 7.9%, the net operating revenue decreased $459,550, or 9.6%. After paying 6% in dividends on preferred and 5% on common stock, there remained a surplus for
tho year of $104,916.
Heavy snow storms, often following closely upon one another, caused
practical stoppage of operation at times, and rendered it impossible to
haul normal tonnage trains during the larger part of the unusually long
winter. Following closely thereupon, the coal mines, upon which this
Property depends to a large extent for earnings, were closed on Ail 1 for
two months by reason of the biennial misunderstanding and readjustment
is
between the operators and the miners. While this caused a loss o 573.552
tons of coal handled during the fiscal year, it is noteworthy that during the
coal year April 1 1911 to March 31 1912 the total coal tonnage handled by
your line was the largest in its history. (Bituminous coal carried for year
ending Juno 30 1912 was 7.363,317 tons, being 53.43% of total tonnage,
against 7,936,869 tons, or 56.33% of total tonnage in 1910-11.
Merger-Stock.
-The consolidation with your company of the Evansville
& Terre Haute RR. Co. and the Evansville Belt By. Co. took place
July 1 1911, effecting material advantages and economies in the operations
of the properties. The authorized issue of pref.capital stock was increased
from $10,000,000 to $15,000,000, to provide for this consolidation,of which
authorized increase $3,154.500 was issued.
The statements and statistical sheets in this report for the fiscal year
1910-11 have been revised to include the Evansville & Terre Haute RR.Co..
the Evansville Belt By. Co. and the Evansville & Indianapolis RR. Co.
where necessary for comparison.
Bonds.-Tho mortgage, bonded and secured debt increased as follows:
Refunding and improvement mortgage bonds issued (V. 94,
p. 487) against car trust obligations paid
$907,000
General consols issued for equipment at $7,000 per mile of road
acquired by consolidation, $1.203,000, and to provide for
bonds due Feb. 11912,$27,000
1,230.000
Purchase money first lien coal bonds (see below)
5,031,000
By consolidation of Evansville & T. II. RR.and Evans.Belt By. 11,693,000
Total additions to funded debt
$18.854,000
Redeemed, sinking fund collateral trust bonds due Feb. 1 1912,
$27,000; equipment notes and bonds, $1,365.058
1,392,058
Net addition to funded debt
$17,461,942
1394
THE CHRONICLE
V. L. Lxxxxv.
New Coal Properties
-The matter of locomotive fuel supply offered by the Dominion Government in territories adjacent to your railway;
-Coal Bonds.
in abundant quantity and at reasonable price has come to be more and 2,479,000 acres of these lands were entered upon by settlers during the year,
more difficult. Your company therefore decided to purchase its own coal of whom a largely increased number were most desirable British emigrants.
supply, and during the year has bought ten operating mines in Montgomery
Steamships.
-The operation of the Royal Line of steamships continues to
County, Ill., and Vermillion County, Ind., and coal lands in Sullivan vindicate the wisdom of engaging in the Atlantic trade. The increasing
County, Ind., with a total acreage of 41,425.028 acres of coal. These popularity of the route emphasizes the necessity for extending the service
mines will not be operated by your company, but have been leased to other so that the company may take the full benefit of the business controlled
parties under conditions which will insure an adequate supply of coal for by its organization. The negotiations referred to in the previous annual recompany's use. We feel that the company is now protected in this par- port, having in view the increase of the fleet, did not terminate satisfactorily, and your directors are considering other means of attaining the object.
ticular for a long time to come.
Agricultural Development.
-The educational propaganda for diversified
In order to pay for these properties, the company made what is known as
"Chicago & Eastern Illinois purchase money first lien coal mortgage," with farming, which is being actively carried on in the Prairie Provinces by the
an authorized issue of 5% bonds limited to $7,000,000 at any one time out- various railway companies, in conjunction with the Federal and Provinstanding. During the year $5,031,000 of bonds have been issued under cial Governments, is meeting with gratifying results. This movement was
inspired, primarily, to offset the reduction in the production of beef and
this mortgage. (See V. 94, p. 629; V. 95. p. 1122.)
Industrial Department.
-This department has located 39 new industries, other cattle products which followed the settlement of the'large ranch
estimated cost of which was $627,200,employing 2,418 men,with a yearly leases by homesteaders, who have been disposed to engage in the producoutput of 6,835 cars. In addition to this, arrangements were practically tion of grain to the exclusion of other agricultural products.
completed for the location of two additional large industries costing $1,Constructian.-Great progress has been made in the construction of our
250,000 and employing 900 men, with a yearly output of 2,000 cars.
transcontinental line, which, it is hoped, will be completed by the end
Rolling Stock.-Tho following new equipment, which cost $1,606,261, was of 1913; the line through British Columbia to connect the Western lines
placed in service: seven 60-foot steel mail cars, 1,000 30-ton capacity re- of your railway with tidewater at the Pacific Coast is advancing rapidly.
frigerator cars, 4 passenger coaches, 2 chair cars, 3 baggage cars, 2 lounging In addition to a fortunate advantage of easy gradients, the line enters
observation cars, 8 Pacific type locomotives. [As to sale of $3,310,000 of without competition into a large territory, the physical characteristics of
equipment bonds in Sept. 1912 on account of 3,020 cars and 25 locomotives, which will attract a very desirable class of settlers. The line will also give
access to an hitherto unknown section of the "Canadian Alps," of which the
see V. 95, p. 749.
scenic attractions are such as will divert a large volume of the transcontiWEIGHT OF RAIL IN TRACK(MAIN, SECOND & THIRD JUNE 30. nental tourist traffic to the route.
The work of linking up the lines of your railway in Western Canada
-lb. 75-lb. 72
Total. 85-lb. 80
-lb. 70
-lb. 67-lb. 65
-lb. 60-lb. 58,ctc.
1912_1,314.95 309.80 368.81 2.64 17.79 39.54 12.97 135.65 273.94 153.81 with the railways of the Canadian Northern system in the Eastern Pro.
1911_1,314.95 268.41 376.23 2.64 17.79 41.48 12.97 139.93 281.65 155.85 vinces is also making satisfactory progress. Capital is only awaiting the
completion of these transcontinental facilities before entering upon the deOPERATIONS, ETC. (incl. EVANSVILLE & INDIANAPOLIS RR.). velopment of iron and other mineral deposits, extensive pulpwood and timber areas. In addition to the tonnage thus assured, there are the traffic
1911-12. 191e-1 1.
1911-12. 1910-11.
Miles op. June 30..
1,275 Rate per pass. p.m 1.79 cts.
1,275
1.78 ets advantages which will accrue from the agricultural development of the
Operations
Rey. frt.(tons)car.13,781,958 14,089,989 great clay belt of Northern Ontario, through which your railway will pass
Pass. carried, No 4,594,737 4,416,958
do do 1 mile_*2,105,914 *2,126,503 for 350 miles. Experienced officers of your company estimate that the
Pass. car. 1 mile_ _162399,596 157588,500 Rate per ton p. m- 0.53 eta. 0.52 eta. industrial and agricultural resources of this territory will attract and support a population of over 2,000.000.
*000.3 Omitted.
During the year another section of the Canadian Northern Ontario By.
was opened for traffic, but, duo to adverse weather and other conditions,
INCOME ACCOUNT.
the completion of the line between Ottawa and Toronto has been delayed.
1911-12. 1910-11.
1911-12. 1910-11.
The work is, however, progressing, and it is hoped in a short time to estabOper. revenuesIS
lish a through service
Freight
11,138,149 11,042,556 Taxes
426,593
461,969 Quebec. The pulp and connecting Toronto with Ottawa, Montreal and
paper industries in Northern Quebec are expanding
Passenger
2,900,522 2,810,413
Mall, express, &c_ 1,087,114
944,177
Operating Inc__ 3,889,168 4,313,343 quite satisfactorily, the traffic advantages of which accrue chiefly to railin
Other than transp.
89,728
83,263 Outside operations deb31,410 deb23,711 ways operated under your control of the Province of Quebec. and recogCrop of 1912.
-The movement
crop has now begun,
Hire of equipment 125,153
204,107 nized authorities estimate the yield thisthe Provinces of Manitoba, Sasof
Total
16,215,513 14,880,409 Other income_ __ 735,450
725,358 katchewan and Alberta at 483,000,000 bushels, viz.: Wheat,
196,000,000;
Oper. expenses
Mafia. way&struc. 1,462,391 1,617,682 Total income
4,718,361 5,219,007 oats, 224,500,000; barley, 49,600,000; flax, 12,900;000. As the yield is
greater than in any previous year and the quality is good and the market
Maint. of equipt.._ 2,778,230 2,347,107
Deduct
value satisfactory, your directors anticipate ahother year of substantial
Tranic expenses
2,985,583 2,831,944 growth in
346,853 Interest
362,649
revenue.
Transpor. expens_ 5,810,823 5,415,155 Rentals
674,979
845,386
Results
-The gross and net earnings for July and
General expenses_ 485,769
478,301 Divs. on pref.stk.(6%)591.963 629,842 August since June 30 1912.
1912 show the following satisfactory increases:
Divs. on com.(5%)360,890 (930685,691
Increase.
Total expenses_10,899,752 10,106,098
1912.
1911.
$679,000
Total deductions 4,613,415 4,892,863 Gross earnings
P.c. exp. to earns_
$3,575,500 $2,896,500
(71.63) (67.91)
$189,100
$676,300
4,315,761 4,775,310 Balance
$865,400
Net earnings
1.,4,946
326,234 Net earnings
BALANCE SHEET JUNE 30.
[Regarding now bond issues, &c., see the "Chronicle" as follows: (a) $1,[The large increase in 1912 in both assets and liabilities is caused by 500,000 equipment bonds, series B-1. V. 93, P. 1385; (5) Canadian 'Norththe
consolidation with the Evansville & Terre Haute RR. and Evansville ern Pacific By. £1,438,356 1st M.4% debenture stock, guaranteed by By.
Govt. of Brit. Col., V. 93, p. 1461; (c) Canadian Northern Ontario
Belt Ry.]
£7,000,000 334% debenture stock, guaranteed p. & 1. by Dom. of Can.,
1912.
1911.
1912.
1911.
V. 93, p. 1667; (d) Canadian Northwestern By. . $4,000,000 1st M.4s, guarAssetsh:$
5
Liabilities$
anteed p. & 1. by Candian Northern By., V. 93, p. 1724; (e) Montreal
$
Road & equip_a_ _75,541,258 58,369,804 Common stock _f13,626,100 f13,626,100 Terminal loan, V. 94, p. 697, V. 95, p. 235; (j) further £3'75,000 each of
Bds.pledged(par)b 1,218,000
Preferred stock_ _ _12,146,500 8,992,000 Alberta and Saskatchewan debenture stock, V. 94, p. 1316; equipment
Stks.prop.,&c.,cos. c184,687
:•7 ,232 Stock nab. outst'g
trust 434s, C-1 and D-1, V. 94, 13. 1448: (g) Canadian Northern BY,
Other investments d4,907,305
215,744 secs. constit. cos_ 181,102 rr-1 169 £1,438,356 4% perpetual consol. debenture stock, V. 94, p. 1694; (h) CanaCash
66,739,174 49,277,232 dian Northern By. further £2,057.612 5% income charge convertible do1,394,713 1,183,763 Funded debt
C.& E. I. pf. stk_ 1,578,600
Loans & bills pay_ 1,653,999
528,249 benture stock, V. 95, p. 1039.
-Ed.]
E.T.IIACh.inc. bds. 2,000
2,000 Traffic, &c., bal_ 208,077
244,635
Marketable securs. 119,635
192,335 Vouchers & wages 1,456,382 1,159,470
EQUIPMENT.
Loans & bills rec__ 103,977
645,076 Matured int., &c...
69,351
67,232
Traffic, &c., bals_ 353,790
258,063 Miscell. accounts.. 216,574
173,844
MiscelLocomo- Passenger
Freight
Agts.& conduers_ 448,253
326,009 Accr.int.,divs.,&c. 1,109,110
757,582
Cars.
Equipment awned June 30Cars.
Cars.
lives.
Material & supp's 1,528,804 1,171,035 Taxes accrued_ ___ 306,523
229,866 1911
723
14,778
366
398
Miscell. accounts_ 823,119
654,891 Operating reserves 211,116
11,735
200,262 1910
611
325
372
Disc. on securs_ _ _ 1,704,833 1,772,894 Other def. credit
480
9,465
1909
275
346
Special deposita__03 8,616,091 10,578,092
items
367,419
236
290
8,085
227
330,870 1908
Other def. debit
Profit and loss_ _ 2,248,896
813,871
items
1,614,358
746,654
DESCRIPTION OF FREIGHT CARRIED YEARS ENDING JUNE 30.
1910-11.
1911-12.
Total
100,539,323 76,391,383
Total
100,539,323 76,391,383
2,215,094
2,854,136
a After deducting $280,769 reserve for accrued depreciation. b Bonds Flour, sacks (100 lbs.)
40.249,939
*53,441,149
Grain, bushels
pledged (par) include C. & E. I. RR. ref. and impt. bonds, $907,000; Live stock, head
137,295
188.669
Evansville Belt By. 1st M.bonds, $142,000; Evansville & Terre Haute list Lumber, &c., feet
405,395,000 324,221,000
gen. M. bonds, $30,000, and ref. bonds, $139,000. c Stocks of proprie- Firewood, cords
227,030
210,625
tary, affiliated and controlled companies ($184,586 book value, $2,250,014 Coal, tons
804,803
370,161
par value) include $2,000,000 Evansville & Indianapolis RR. common Immigrants' effects, cars
5,644
5,154
stock (pledged). $250,000 Evansville & Terre Haute corn. stock (unpledged) Building materials, cars
53,425
36,328
and stock of constituent cos. absorbed, held at nominal sum of $1 for each
1,170,964
1,203,887
item (unpledged), $4. d Other investments ($4,907,305 book value) in- Miscellaneous, tons
clude physical property, 34,672,347, and securities pledged at par value,
OPERATIONS, EARNINGS,CHARGES, ctc.
$600,000, and unpledged,$5,000. e Of this,$6,408,300 consists of common
stock (see V. 85, p. 1001); balance sundry investments. f Of this, $6,408,1911-12.
1908-09.
1910-11.
1909-10.
300 is treasury stock held ;n trust by Trust Co. of America.
Average miles operated..
3,013
3,888
3,179
3,383
Note.
-The above assets include $1,000,000 (or proceeds) of refunding
Operations
and improvement bonds advanced by trustees for working funds.
-V.95, p. Passengers
1,028,787
1,268,296
carried
1,681,760
1,394,361
1197, 1122.
Passengers carried 1 m_158,400,017 113,506,430 106,217.424 78,044,255
2.344 cts.
Earns. per pass. per m_ - 2.115 cts.
2.184 cts.
2.428 cts.
Canadian Northern Ry.
$1.04453
$1.08115
Earns. per pass. tr. mile 31.21074
$1.17116
2,958,802
3,809.859
Freight (tons) carried.... 5,970.449
4,675,405
(Report for Fiscal Year ending June 30 1912.)
Freight (tons) 1 mile_ _ _2024003946 1385711579 1356351140 1000875386
President Sir William Mackenzie, Toronto, in his report Earns, per ton per mile_ 0.758 cis. 0.849 cts. 0.734 cis. 0.736 cts.
$4,351
$3.512
$4,836
$5,365
dated Sept. 1912, says in substance (see map on page 21 of Earns, per mile of road..
$
$
Gross Earnings$
$
"Railway & Industrial Section"):
440
1,928,686
2,415,
Passenger
2,869,077
3,434,141
7,481,326
15,567,998 11,951,994 10,102,510
Results.
-The gross earnings increased $4,499,381, or 27.50%, and the Freight
987,596
1,091 ,608
1,182.588
1,279,620
net earnings $890,698. or 17.85%, over the preceding year. The working Miscellaneous
77,599
74,382
88,008
112,178
expenses were 73.82% of the gross earnings of the railway proper and Mails
145,904
109,777
268,445
466,157
71.81%, including taxes, of the gross earnings from all sources, compared Express
with 72.59% and 69.50%, respectively, last year.
Total gross earnings__ 20,860,094 16,360,712 13,833,062 10,581,768
During the year over 586 miles of newly-constructed tracks were added
to the system, the average mileage operated being 3,888 miles.
Operating expensesThe classified table of freight carried again reflects a substantial develop- Maint. of way. &c
2,047,831
2,362,004
1,405,213
2,608,866
ment of the industrial and agricultural resources of the country served. MaInt. of equipment
1,840,112
2,216,842
1,200,581
3,262.727
The statistics covering grain and flour show a total movement of over 60,- Transportation expenses 8,013,253
4,879,153
5,879,358
3,853,588
000,000 bushels, approximately 32% of the total inspected crop of Western Traffic expenses
360,474
Canada. This shows a notable advance over any previous year, and is a Gen. exp., incl. taxes_
733,728
648,618
reliable indication of the productiveness of our territory.
9,488,672
An increase of 120% in the total bulk of commercial coal carried is also
Total oper. expenses_ 14,979,049 11,370,365
7,015,406
remarkable, the figures being 804,803 tons moved this year, compared with P. c. of gross earns
(68.59)
(69.50)
(66.30)
(71.81)
370,161 tons for 1910-11. This increase is indicative of the growth of Net earnings
4,990,347
4,344,390
3,566,362
5,881,045
the coal-mining industry in Western Canada, which, upon the completion
Fixed
of the extensions of your railway now being constructed in the larger coal Int. on charges, eic.bonds guar. by
areas, will receive an even greater stimulus. A further indication of the
933,268
Manitoba
709,158
695,641
951,539
prosperous extension of the cities, towns and settlements along our lines is
shown by the increase of 48% in the amount of building materials carried. Int. on bonds guar. by
359,257
Dominion of Canada..
280,800
280.800
539,205
66,560
Int.guar.by Saskat'wan.
236,319
Gross and Net Earnings per Mile of Track Operated.
Int. guar. by Alberta_ _ _
89,960
1902-03 1904-05 1906-07 1908-09 1909-10 1910-11 1911-12 Int.on perp.con.deb.stk. 1,496,989
1,388,410
1,150,055
938.399
Miles
1,276
1,586
2,509
3,013
3,179
3,383
3,888 Int. on Qu'Ap. L. L.& S.
Gross
¶81,918 $2,641 $3,328 $3,512 34,351 $4,836 $5,355
203,983
deb. stock and bonds..
203,019
203,983
203,083
Net
$674
$974 $1,166 $1,184 $1,367 $1,475 $1,513 Int. on 4% land gr. bds..
191,533
184,563
96,107
163,793
Lands.
-Land sales were 55,111 acres, for $836,084, an average of $15 17 Rentals leased lines__ _ _
225,210
223,960
223,960
238,960
per acre, compared with 279,151 acres for $3,345,499, an average of $12 per Int. on equip. leases_ .. _
621,399
480,727
554,143
711,060
acre, the preceding year. The reduction in sales is substantial, but your Int. on inc. charge cony.
directors, recognizing that the value of productive acreages in Western
312,872
674,804
deb. stock (5%)
Canada is assured, and being desirous of, as far as possible, selling to set2,919,617
4,295,523
tlers only, have not pressed the sale of the company's lands. On the other
Total fixed charges- -- 5,305.648
3,313,633
646,745
they have adopted an aggressive policy of colonizing the free lands ' Surplus for year
694,824
575,397
1,030,757
•
flkigN128,722
Nov. 23 1912.]
THE CHRONICLE
GENERAL BALANCE SHEET JUNE 30.
1912.
1911.
1911.
AssetsLiabilities
3
Cost of railway &
Capital stock _ _ _ 70,)_
000 70,000,000
_191,993,361 170411,188 4% cons. deb.stk_39,46 717 38,964,720
_
equipmentCapital stk. &bds.
Bonds and stock
oth. cos. owned,
guar. by Govt._ 54,390,!! 1 49,097,159
a8,294,007 8,232,007 Income deb.stock 15,000, 0 15,000,000
cost
Adv. to other cos_ 2,817,092 2,377,332 Land gr. bds. '99_x2,000, 0 2,000,000
Land gr. bds. '09_ 4,040,3 • 4,513,347
Adv.to lines under
constr.& WinniCar trust oblig'ns_15,177,8 12,472,193
peg terminal_ _ 6,935,411 13,819,194 Unpaid pay-roll& 1,074,168
929,455
Deferred paymis
Audited vouchers_ 2,058,660 1,238,083
0,082,674 9,409,081 Due other cos____ 3,321,115 2,967,061
on land sales
Material & suppl's 2,235,050 1,538,534 Coupons & diva.
Due from agents &
due July 1
1,690,569 1,733,664
cos., traffic balAccrued int. on
1,213,479
ances, &c
803,367
bonds, &c
459,090
304,342
Cash with Nat. Tr.
Equip. replacem't
Co. acct. land
fund
345,561
230,541
2,869,618 2,471,767 Surplus land grant
sales
1,931,642 6,076,101
Cash on hand_
account
z16,874,826 16,421,530
Other cash
b4,511,606 5,280,305 Surplus of railway 5,986,553 5,565,905
Installments due
on Inc. deb. stk_
1,019,124
Total
231,883,940221438,000
Total
231,883,940 221438,000
a This amount represents the stocks and bonds (par, $16,390,393)
pledged to secure the 4% perpetual consolidated debenture stock. In addition to the list in V.89. p. 1480, the deposited securities comprise $3,000,000
1st M. 4s and $1,000,000 capital stock of the Canadian Northern Ry. Express Co., $2,920,000 1st M. deb. 5s and $2,000,000 capital stock of the
Canadian Northern Steamships, Ldt.,and $437,000 5% 1st M. bonds (instead of $375,000) of the Canadian Northern Coal & Ore Dock Co.
b Includes cash with Dominion Govt., $1,175,464; with Province of
Manitoba, $18,278; with Province of Saskatchewan, $1,978,110, and with
Province of Alberta, $1,339,753.
x The surplus in land grant account, $16,874,826, was obtained after
deducting $2,000,000 land grant bonds (Issue of 1899), as above, the money
to redeem which is in the hands of the National Trust Co.
-In addition to the above assets, the company owns 816,755 acres
Note.
and in Manitoba and Saskatchewan.
-V.95, p. 1039, 235.
Wabash-Pittsburgh Term. Ry. and West Side Belt. RR.
(Report for Year ending June 30 1912.)
EARNINGS, OPERATIONS. &c., YEARS ENDING JUNE 30.
-Combined Earnings- -Wab. Pitts. Ter. Ry.Statistics1911-'12.
1911-12.
1910-11.
1910-11.
Passengers carried
450,396
412,854
371,316
352,065
Passengers carried 1 m_ 5,008,484
4,543,837
5,114,990
4,750,501
Tons freight carried_ __ _ 3,921,050
2,708,301
3,338,266
2,537,285
Tons carried 1 mile_ __ _ 94,847,859 90,859,859 60,565,480 63,309,563
Earnings$
Freight
1,015,624
542,639
934,673
554,932
Passenger
132,001
1106,208
130,928
111,508
Miscellaneous
1 13,972
10,690
Total
1,147,625
1,065,601
662,819
677,130
Oper. expenses
844,115
817,265
570,401
550,286
Not earnings
248,336
303,510
92,418
126,844
Other income
86,581
79,566
109,381
89,746
Total
383,076
334,917
201,799
216,590
Deduct
Taxes
73,200
76,800
72,000
72,000
*Int. on floating debt_}
1183,929
143,173
Rentals
323,390
368,270
{ 22,757
22,791
Miscellaneous
92,851
1
Total deductions_ _ _ _
396,590
445.070
278,685
330,815
Balance, deficit
13,514
110,153
76,886
114,225
* "Interest on floating debt" includes interest on receivers' certificates.
On June 30 1912 the Wabash-Pittsburgh Term. Ry. Co. had on hand 17
locomotives, 1,500 freight cars and 72 service cars.
GENERAL BALANCESHEET OF WABASH PITTSBURGH TERMINAL
RY. JUNE 30.
•
1912.
1911.
1911.
1911.
Assets
Liabilities3
Property invest't_55,764,008 55,757,466 Capital stock
10,000,000 10,000,000
Securities
12,672,227 12,672,227 Secured debt
58,675,965 58,633,638
Working assets
785,688
945,614 Working liabilities 2,161,242 2,265,382
Deferred items...
27,120
39,657 Accrued liabilities_
82,842
07,330
Deficit
1,676,606 1,599,710 Deferred items
5,600
18,333
Total
70,925,649 i1,014,683
Total
70,925,649 71,014,683
Receiver's certificates of "Wabash-Pitts. Term. Ry. ($2,376.098 6s) outstanding June 30 1912 include $433,772 dated Mch. 111909, due
Mch. 11
1912, extended to Mch. 111913,int. M.& S.; $973,000 dated
Nov. 11010.
due Nov. 1 1912, extended to Feb. 1 1913, int. M. & N.; $969,326
dated
Dec. 11910, due Dec. 11912, int. J. & D.
-V. 95, p. 1274, 237; V. 95, p.
751,421.
Grand Trunk Railway of Canada.
(Address of Chairman Smithers to Stockholders on Oct. 24.)
The results for the half-year were given in "Chronicle"
of Aug. 17, p. 419. At the ordinary half-yearly meeting
held on Oct. 24 in London, Mr. Alfred W. Smithers, the
Chairman, said in substance:
Growth Under Mr. Hays.
-Mr. Hays came to the Grand Trunk as General Manager on Jan. 1 1896, when
lowest ebb. From that date to the the fortunes of the company were at the
day be met his sad
he worked indefatigably in the company's interests.fate, nearly 17 years,
In this period the
gross traffic increased from £4,417.000 to just on £10,000,000;
revenue from £1,067,000 to £2,370,000, and, notwithstanding thethe net
cost
labor and materials increased at least 50%, the working expenses only of
increased from 75.83% to 76.20%. When Mr. Hays came to the company,
it had an accumulated deficit of £260,000 on its fixed interest
charges.
He built up the company to a position that enabled it to pay off that
out of revenue and to raise over £16,000,000 of capital, the value deficit
of the
property also being increased by over £20,000,000, quite apart
from the
new capital raised.
In 1903 Mr. Hays worked on a scheme for a new trans
-continental line,
to be built partly by the Government and partly by the Grand
Trunk Pacific
Ry. Co. The line of the Grand Trunk Pacific Co.,
all either completed or under contract, there being about 1,940 miles, is
at Mr. Hays's death a
gap of about 400 miles to construct. The
capital
the Grand Trunk Pacific Ry., partly guaranteed raised to that Mme for
by the Canadian Gov't,
which took a first mortgage as security,
By. Co., amounted to over £22,000,000. and partly by the Grand Trunk
New President.
-We have been fortunate
who had been Vice-President and General in inducing Mr. Chamberlain,
Manager of the Grand Trunk
Pacific Ry. since 1908, to become Mr.
Hays's successor as President.
Results.
-The gross receipts show an increase
-year of £273,000,
and the working expenses, excluding taxes, anon the half
increase of £168,000, being
71.68% of the gross receipts, as compared with 72.47% in the
corresponding
period of 1911. The chief cause of the increase
in working expenses was
again an increase in wages.
Additions, &c.
-The traffic
years, and the terminal points has shown increase on increase for several
have become congested, thus delaying the
five movement of cars. On the recommendatio
lain, the board has ordered for the Grand Trunk n of President ChamberRy. 100 engines on capital
account and 5,000 cars on revenue account,
and 2,000
dered by the Grand Trunk Western Ry. on capital cars have been oraccount. Owing to
the great Prosperity of the country, the locomotive works in Canada were
1395
full of orders, and it had been necessary to order some of this rolling stock
in the United States. Mr. Chamberlain has also taken in hand the enlargement and improvement of the yards at several terminal points. where
the worst congestion has been experienced. The expenditures on capital
account have amounted to £998,000, and there has been a decrease in the
net revenue of the Canada Atlantic By. of £11,000 and a decrease of
000 in the net revenue of the Detroit Grand Haven & Milwaukee £11,By.,
owing to exceptional charges for rails and renewal of bridges.
Position in Canada.
-Notwithstanding that both this season and tho last
have been unsatisfactory as to weather, the amount of wheat and other produce grown in the Northwest has increased
The
crops to the producers in the Northwest thiseach year.placed value of all
by the Statistical Department of the Candaian Bank ofyear was
Commerce at £61,000.000,
which is further evidence that the railways are unable to handle
considerable congestion of traffic. This will be remedied, weit without
increased storage accommodation, thus allowing longer time for hope, by
the railways to carry the produce. Notwithstanding the
wheat, the price has kept up,and as long as that is the increased supply of
case, it appears that
new land will be broken up for cultivation and the growing of wheat every
year. The continuance of those conditions will be a
the future wealth of Canada. Canada requires more sure foundation for
capital, but
present moment she requires labor far more than capital. Had at the
able to obtain sufficient labor, the Grand Trunk Pacific would we been
have been
completed through a year ago.
New Line.
-The deficiency and dearness of labor
caused
but the first glimpse of the "end in sight" should appearhave year, delay,
next
when we
hope the Government will finish the line connecting the
cific with Cochrane, whence, by the arrangement with Grand Trunk Pathe Temiskaming
& Northern Ontario By., North Bay will be reached, thus connecting with'
the whole system of the old Grand Trunk, bringing the manufacturing
towns in the East in new communication with the Northwest. We hope
on Jan. 1 next to commence the weekly publications of earnings on the
Prairie section of the Grand Trunk Pacific Ry. and on the Lake Superior
branch, a distance of over 1,100 miles, and we venture
earnings will show up in quite a satisfactory manner. to believe that the
The connection at
Cochrane should have a very beneficial influence on traffic on the old Grand
Trunk Ry., the effect of which should grow year by year. Another favorable feature is the splendid record of crops in the United
which can
not fail to have a good effect in Canada and on their States,receipts.
traffic
In reply to a question as to the truth of the report that there was some
talk of taking over the Chicago & Great Western, the Chairman said that
the directors had cabled to the other side and had received
following:
"No Grand Trunk officials have made statement in regard theChicago &
to
Great Western, and no truth whatever in newspaper reports."V.
95, P. 1331.
Toledo St. Louis & Western RR.
(Report for Fiscal Year ending June 30 1912.)
Pres. T.P. Shonts, New York, says in substance:
Results.
-Total operating revenue increased $87,552,
operating revenue increased $21.216, but the income or 2.32%, and net
from
decreased $72,467 [owing chiefly to the suspension of dividendsinvestments
on the noncum. pref. stock of the Chicago & Alton (which see above), offset in part by
an increase in the dividend distribution of the Det. & Tol. Shore Line from
$57,126 (8%) to $114,240(or 16%).
-Ed.]while operating incomedecreased
$81,974 and int. charges decreased $4,500, resulting in a deficit for the year
of $55,928 before the deduction of pref. divs., contrasting with a surplus of
$72,797 in 1910-11. [No divs. have been paid on the 4% pref. stock of
the company since Oct. 19111
Revenue from freight traffic shows an increase of $123,302, or 4%,for,
while the number of tons of revenue freight carried decreased 7.37%, the
average haul was increased 16.40 miles, or 9.64% and the revenue per ton
per mile increased 2.47%. A number of new industries have been located
on the line of road. The revenue from passenger traffic decreased $48.313,
or 10.57%, and the passenger train mileage shows a decrease of 9.72%.
During the year 114 tons of new rail and 131,492 cross-ties were placed
In tracks. There was expended $941 per mile of road for maintenance of
way and structures (against $1,012 in 1910-11). Expenditures for maintenance of equipment were $620,322, an increase of $51,296, or 9.01%;
increase was the result of extensive repairs to locomotives, freightthis
-car
equipment and greater charges to renewals on account of the destruction
of freight cars and work equipment.
Taxes.
-The total amount paid in taxes account of the calendar year 1911
-was $177,567, an increase over the previous year of $2,723, or 6.6%. Since
1905 there has been an increase of $58,612, or 49.2%,in yearly taxes paid.
St. Louis Terminals.-During the year the company has occupied the new
freight terminals of the Missouri Kansas & Texas By. Co. at St. Louis, Mo.
These facilities have proven not only a valuable aid in the solicitation of
freight to and from St. Louis proper, but has also made it possible to
materially strengthen traffic alliances with other lines on business to the
East, West and Southwest.
•
Wages, &c.
-Notwithstanding that very substantial increases have been
granted to employees generally, the unrest in labor circles still exists and
their demands are constantly before us in some form. It is a question how
your management shall meet the increased expense due to increased wages
and other causes, and, at the same time serve the public in the manner
demanded, and also properly to maintain the property, unless proportionate
advances can be obtained in rates of transportation to offest the increase in
cost of operation. Labor organizations seek to control the cost of railroad
operations and Government officials determine the income derived from the
operations. Many operating difficulties also were encountered during the
year due to the activity of State and Federal commissions and the conditions of service stipulated, which resulted in increased cast of operation.
01111111
CHARACTERISTICS OF LINE
-TOTAL MILES 450.58.
Curved Tangent Level -Ascending-DescendingMiles. Miles. Miles. Sum in ft. Miles. Sum in ft. Miles.
50
19
400
3,426
220
3,608 •
211
50
400
19
3,426
220
3,608
211
COMPOSITION OF TRACK JUNE 30
-TOTAL MILES 450.58.
-Ft. Bridges, &c.- -Miles of Ballast- -Miles of Rails
June 30- Steel. Trestles. Rock. Gravel. Cinders. Slag.80
-lb. 75-lb. 10
-lb. 61%
1912
7,858 31,217
24
13
1-2
406
32 244 173
1
1911
7.577 33,897
23 406
13
3-5
31 244 174
1
June 301912
1911
AVERAGE REPAIRS PER YEAR.
Per Mile
Per
Per Pass. Per Freight
Road.
Locomotive.
Car.
Car.
1911-12
$940 79
$2,913 10
$669 45
$75 80
1910-11
1,012 01
2,685 23
67 08
719 37
CLASSIFIED STATEMENT OF TONNAGE.
Fiscal
Products (tons) of
Total
Year- Agricul. Animals.
Mines.
k °rests.
Other.
All.
1911-12_ _ _ _572,099 232,964 1,074.666 286.126 1,021,097 3,186,952
1910-11_ __ _549,864 166,207 1,450,377 274,852
999,071 3,440,371
1909-10_ _483,633 121,244 1,267,298 305,068 1,063,288 3,240,531
1908-09- __ _477,749 117,326 1,120,196 253,779
961,326 2,930,376
In 1911-12 "other" includes iron and steel rails, 17,859, decrease 88;
bar and sheet metal, 39,332 tons, decrease, 1,341; iron-pig and bloom.
116,050 tons, decrease, 21,039.
Equipment
-Locomotives- Pass.
-Freight Cars
June 30No. Trac.Pow.(lbs.) Cars.
No. Cap.(tons).'
1912
94
2,546,541
3,183
101,260
42
1911
2,546,541
94
42
3,261
103,495
TRAFFIC STATISTICS.
Operations
1911-12.
1910-11.
1909.10.
1908-09.
Miles operated
451
451
451
451
Passengers carried
623,087
664,497
692,156
661,001
Passengers carried 1 rii_ _ 22,259,001 25,595.531 26,640,808 27,659,139
Earn. per peas. per mile_ 1.835 cts.
1.785 eta.
1.676 eta.
1.652 eta.
Pass. earns, per train m_
$0.72
$
$0.70
$0.73
Tons rev. fght. carried
3,186,952
3,440,371
0 70
'
3,240.531
2,930.376
Tons rev.fght. carr. 1 m.594,292,909 585,108,885 619,641,032 .531.797,878
Earns, per ton per mile
0.540 eta.
0.527 eta. 0.499 cts.
0.514 eta.
Fght. earns, per train m_
$2.23
$2.40
$2.37
Avge. tons per train mile
412.3
$5.39
420.
8
481.3
460.9
Gross earnings per mile_
$8,578
$8,381
$8,370
$7,607
1396
THE
CHRONICLE
[VoL. Lxxxxv.
-Outstanding June 30 1911, $601,400;
Equipment Trust Obligations.
REVENUES AND EXPENSES.
1908-09. retired during year, $240,167; outstanding Juno 30 1912, $361,233.
1909-10.
1910-11.
1911-12.
Operating RevenuesIn June 1912 your board authorized the issue of $1,200,000 equipment
$3,207,823 $3,084,521 $3,090,773 $2,734,152 434% notes dated July 1 1912, payable in 20 semi-annual installments, to
Freight
456,963
446,672
456,773
408.459
Passenger
237,529 cover about 90% of the cost of the new equipment ordered (V. 94, p. 1695)1
235.191
236,383
Mail,express and miscell_
248,948
-PRODUCT OF (TONS).
CLASSIFICATION OF FREIGHT
Total oper. revenues.. _ ..$3,865,230 $3,777,677 $3,772,636 $3,428,6 4
Forests. lanufac's. Misc.
Agriculture. Anim'als. Mines.
YearExpenses211,254 20,864 4,519.131 317,250 186,529 107,789
1911-12
$374,456
$407,870
$456,134
Maint. of way & struc_
$423,902
230,367 16,631 4.469,855 314,997 194,916 60,351
378,036 1910-11
533,060
569,026
Maint. of equipment_ _ _ _ 620,322
Bituminous coal traffic in year 1911-12, 4.312,555 tons, against 4,206,527
71,487
92,047
108,047
Traffic expenses
96,991
1,158,378 tons in 1910-11.
1,245,382
1,365,427
Transportation expenses_ 1,421,708
TRAFFIC STATISTICS.
95,363
107,413
109,379
General expenses
102,935
1908-09.
1911-12.
1909-10.
1910-11.
176
177
176
176
$2,608,013 $2,385,772 $2,077,721 Aver. miles operated_ _ _
Total expenses
$2,665,858
Operations
Net operating revenues_ _$1,199,372 $1,169,664 $1,386,864 $1,350,923
968,703
1,206,356
1,195,993
1,120,755
Passengers (No.)
18,596,362 19,114,684 17,166,309 16,682,443
Pass. carried 1 mile
INCOME ACCOUNT.
1.85 cts.
1.88 cts.
1.86 cts.
1.86 cts.
Av. rcts. p. pass. p. mile
1908-09.
1909-10.
1910-11.
1911-12.
5,287,117
5,362,817
4,698,829 3,377,115
(No.)
Net operating revenue_ _ _31,199,372 $1,169,664 $1,386,864 $1,350,923 Tons freight 1
677,137,798 671,442,265 461,142,238 349,910,62)
Tons freight mile
Divs on Chic. & Alton
259,200 Av. rcts. p. ton p. mile_ 0.404 cts. 0.400 cts. 0.519 cts. 0.504 cts.
259,200
129,600
Preferred stock
552
703
433
761
576,800 Av.tons per train mile
288,400
Common stock
$0.8067
$0.8413
$0.0171
$0.8172
42,840 Earns, per pass. tr. mile
57,120
57,120
Div. on D.& T.S. L.stk. 114,240
$2 87
$2 18
$2 81
$3 07
4,774 Earns. per frt. tr. mile
28,501
27,419
11,155
Other income
$15,773
$12,040
$17.717
$17,861
Gross earns. por mile...
INCOME ACCOUNT
$1,324,767 $1,383,803 $2,020,085 $2,234,537
Total net income
Deduct
1908-09.
1909-10.
1910-11.
1911-12.
Earnings
$148,711
$164,147
$171,052
$179,543
Taxes
$313,362
$319,463
$354,172
$346,360
114,777 Passenger
89,653
133,375
180,069
Hire of equipment
-bat
1,762,341
2,732,888
2,394,148
2,688,647
21,139 Freight express
15,021
3,964
22,967
Rentals-balance
39.069
31,816
34,973
33,818
954,390 Mail and
954,390
954,390
954,390
Interest on bonds
12,237
19,300
20,625
14,061
35,625 Miscellaneous trans
31,125
26,625
22,125
Int. on equip. trust certfs.
9,864
7,881
10,406
8,166
21,600 Other than from
16,200
21,600
21,600
Adv. Tol. Term. By. int_
*Preferred dividends_.:_(2%)199,052 (4)398,104 (4)398,104 (4)398,104
Total oper. revenue... $3,145,252 $3,111,052 $2,769,657 $2,127,637
Expenses$1.579,746 $1,709,110 $1,668,640 $1,694,346 Maint. of way & struct_ $405,947
Total deductions
$449,449
$517,446
$368,251
Balance,surp. or def._ _def.$254,980 def.$325,307sur.$351,444 sur.$540,191 Maint. of equipment__ _
559,333
646,813
552,193
570,346
660,059
690,839
867,169
27,675
shown for simplicity. Transportation
* Deducted from profit and loss account, but here
29,004
24,642
27,502
Traffic
928,427
33,877
53,542
82,785
81.165
General expenses
BALANCE SHEET JUNE 30.
1911.
1912.
1911.
1912.
$2,013,560 $1,897.900 $1,933,283 $1,731,722
Total
$
Liabilities8
Assets(81.39)
(64.02)
(61.00)
(69.80)
Per cent exp. to earns._ _
Cost of road, &C.a38,486,345 38,497,636 Preferred stock.._ -10,000,000 10,000,000 Net operating revenue
$1.131,692 $1,213.152
$395,915
$836,374
Secure, pledged.. b11,527,000 11,527,000 Common stock_ _10,000,000 10,000,000 Rents
209,240
166,502
}
198,876
186,393
009,501 Funded debt (See
Secure. unpledged. c909,501
1 1,135
Miscellaneous
Ry.& I. Sec.)_ _28,477,000 28,577,000
502,402
Sec. (work, assets) d503,100
150,000
770,000
390,950 Bills payable
395,591
$495,925
Cash
$1,293,194 $1,422,392 $1,022,767
Total income
324,503
Vouchers & wages.. 384,243
40,678
43,443
Agts. & condue._
Deduct83,701
87,345
152,539 Agents' drafts_
$223,760
$202,660
Traffic, &c., bale_ 154,233
$223,760
__ _ $223,760
171,620 Int. on funded debt_
226,000 Int.,divs.,&c.,unpd 171,168
64,468
68,673
Cos. & individuals 229,673
37,543
30,139
Other
104,452 Taxes int. (incl. equip.)_
141,056
221,885 Misc. accts. pay
502,389
80,093
Loans & bills rec
86,669
94,036
104,538
114,781 Add'ns and improve'ts
174,993 Taxes accrued_ _ _ _ 107,668
Materials & supp_ 210,422
118,468
141,692
452,623
223,308 Rents paid, &c
221,808
13,061 Interest accrued
11,307
Miscellaneous
14,188
13,290
13.692
21,521
108,306 Eq. tr. oblig'ns retired_
104,026
111,822 Oper. reserves_ _ _ _
Unac1,1 fgt. claims. 119,258
239.000
70,200 Reserve for T. T.
91,800
Adv. to T. T.By..
(5)450,000 1(4)360.000
70,200 Dividends
91,800
21,491
By advances..-..
20,767
Oth.def.deb.items.
1,807
3.376
Oth.def.cred Items
$479,877
$829,958 $1,420,654
$534,084
Total
Profit and loss.. e2,644,440 2,931,289 Balance, surplus
$488,682
$1.738
$18048
$468,236
GENERAL BALANCE SHEET JUNE 30.
53,204,830 52,861,057
53,204,830 52.861,057 Total
Total
1911.
1912.
1911.
1912.
Liabilities
$
$
Assetsa After deducting $171,322 reserve for accrued depreciation. & Alton
Road & equip...a14,637,352 14,385,464 Capital stock..... 9,000,000 9,000,000
b Securities pledged (par value $20,900,000) include Chicago
4,969,000 4,969,000
Bds.&stks.pledged 2,000,000 2,000,000 Mortgage debt
RR. preferred stock, $6,480,000, and common stock, $14,420,000.
601,400
2,000 Equip. obligations 361,233
2,000
c Securities unpiedged include Detroit & Toledo Shore Line RR. stock, Stocks unpledged_
130,000
4 Bills payable
4
Physical property..
$714,000, and first mortgage bonds, $230,000.
63,813
40,111
261,255 Traffic balances
include Toledo St. Louis & Western Material & supplies 246,709
d Securities owned (working assets)
498,237
Vouchers & wages_ 417,332
RR. pref. stock, $47,400; corn. stock, $5,000; prior lien bonds, $450,000, Cash, cash for cou6,424
5,987
532,372 MIscell. accounts
189,496
pons, &c
and miscellaneous. $700.
3,588 Matured interest,
12,334
e After adding $1,825 for depreciation provided prior to July 1 1907 In Agts. & conductors
424,435
66,119
156,901 dividends, &c
respect of equipment still in service, now written back, and adding miscel- Traffic balances_ 240,718
33,927
31,052
150,248 Accrued Int., &c...
99,932
laneous adjustments, and also deducting miscellaneous adjustments, $34,- Miscell. accounts
29,329
Accrued taxes__
29,086
Miscellaneous de638.-V. 95, p. 421.
326
58,310
208
104,117 Oth.def.cred Items
ferred deb. items
Appropriated surp.b1,068,676 1,068,676
Kanawha & Michigan Railway.
900,382
Profit and loss_
1,368,050
(Report for Fiscal Year ending June 30 1912.)
Prest. F. B. Sheldon, Columbus, 0., says in substance:
-Total operating revenues increased $34,201, but as operating
Results.
expenses increased $115,660, net operating revenue decreased $81,460.
Income from other sources also decreased $42,738, while total deductions
increased $10,928, so that net income decreased $135,125, to $918,236.
After paying dividends Nos. 2 and 3 of 2%% each, calling for $450,000,
there was a balance carried to profit and loss of $468,235.
The apparent increase in the cost of maintenance of way and structures
results from extraordinary credit adjustments included in the previous
year's expenses and amounting to $54,829. The increase in maintenance
of equipment was due to heavier passenger car repairs and to the greater
number of freight cars retired and charged to renewals. The increase in
transportation expenses was due to extraordinary payments on account
of personal injury settlements, a large portion of which covered claims of
previous years, the increase in cost of fuel due to heavy business of the fall
months and the unusually severe winter, and the balance of the increase)
is well distributed through the remaining accounts, and is chiefly attributable to additional business, advance of wages in certain classes of service
and increase in passenger train mileage.
-It having been necessary to borrow motive power from conEquipment.
necting lines the greater part of the year, it was decided in April 1912 to
purchase 10 new consolidation freight locomotives, also two switch engines
for use in the mining region and two passenger locomotives; all of these to
be received in August. Orders were placed for the dellVery of three new
first-class coaches and two new baggage and mall cars in September.
The increasing coal production at the mines and the inability of connect,
ing lines to furnish an adequate car supply during the months of February
and March made it necessary to promptly secure additional coal car equipment; accordingly orders were placed for the purchase of 1.000 all steel
-tons capacity and 100 steel underframo condrop-bottom coal cars of 50
vertible coal and ballast cars, to be delivered in July and August; 101 freight
cars were retired during the year.
Reserve for depreciation of equipment: balance July 1 1911, $207,598;
depreciation charged to expenses ($61,985), less depreciation on equipment
retired ($5,528), $56,457; balance June 30 1912, $264,056.
-Nine miles of maln track, 2 in Ohio and 7 in West
Maintenance of Way.
Virginia, were relaid with steel rail weighing 90 lbs. per yard. The main
is now laid 131.2 miles with rails weighing 90 lbs. per yard, 1.7 miles
track
with 80 lb. rail and 20.6 miles with rails weighing 70 lbs. per yard. 79,830
white oak cross-ties were laid in the main track and 56,431 in sidings.
Four steel girder bridges aggregating 432 ft. In length were erected upon
new masonry, two masonry culverts were constructed replacing wooden
structures and 770 ft. of wooden trestles filled.
Owing to the heavy tie renewals required,it was not practicable to apply
much ballast before the close of the fiscal year, the expenditures under that
head covering 8 miles of ballast with gravel and 3 miles of coke cinders;
after the arrival of the 100 Rodger ballast cars the supply of gravel for the
year can be economically distributed and placed under the track.
Additions and Betterments.
-The expenditures on the road for this account
aggregated $269.062 on equipment, net, $39,283.
The new approach at the north end of the Ohio River bridge was put
in use Aug. 9 1911, eliminating the service of helper engines on southbound freight trains; the new approach, which Is one mile longer than the
old one, has a gradient of 26 ft. per mile (decrease 54 ft.), with curvature
of less than 3 degrees (decrease 5 degrees). The alignment and grades of
the main track were improved at five other points aggregating three miles
in length; 98 degrees of curvature were eliminated entirely and the remain
ing curvature reduced to 3 degrees or less.
The arrangements partially executed in 1909 for joint passenger and
freight stations with the B. & 0. RR. Co. at Point Pleasant were completed
during the past year, and joint station service, under the management
of this company, was inaugurated Oct. 25 1911; a half interest was acquired
in the passenger station building of the B. & 0. RR. Co., which in turn
acquired a half interest in this company's freight station building, etc.
.17,486,855 17,595,949
17,486,855 17,595,049 Total
Total
a After deducting reserve for depreciat on of equipment, $264,056.
b Appropriated surplus represents add Bons to property through income since
June 30 1907.-V. 95. p. 111.
Lehigh & Hudson River Railway.
(Report for Fiscal Year ending June 30 1912.)
Pres. Lewis A. Riley, Warwick, Oct. 1, wrote in subst.:
-The gross earnings increased $156.095, or 10.65%; the operResults.
ating expenses increased $155,478, or 17.13%. The surplus for the year
(after charges) amounting to $236,771, is accounted for as follows: Additions and betterments, $43,569; bills payable paid, $195,000; locomotive
rental notes paid, $39,217; equipment trust certificates paid, $40,000; materials and supplies increased, $53,581; total, $371,368, less $134,597 for
replacement accounts, &c; net, $236,771.
The revenue from freight traffic shows an increase of $152,684, or 10.90%.
The entire freight traffic increased 509,592 tons, or 13.56%. and the number
of tons carried one mile increased 41.616,161, or 16.14%. The tonnage
originating on the line was 918,218, an increase of 118,254 tons, or 14.78 o,
he
and amounted to 21.52% of the total tonnage moved during the year.
average revenue per ton per mile was 5.19 mills, a decrease of 4.62%.
Expenditures amounting to $202,201 were made for maintenance of
o
way and structures, an increase of $45,288, or 28.867. During the year
5.96 miles of 100-1b. rail were laid, replacing an equal length of 80-lb. rail.
[There is now laid with 80-1b. rail 65.64 miles; with 100-lb., 8.96 miles.
There were 34,140 ties placed, as against 30,879 during 1910-11 32,476 for
replacement and 1.664 for new track. Now machinery was added to Warwick Machine shops at a cost of $15,893. Land at Warwick cost $10,126
The sum of $230,229 was charged to maintenance of equipment, an increase
of $20,871, or 9.97%. Eight steel undorframe flat cars of 80.000 pounds
capacity each were purchased, costing $6,155. The total number of freight
cars in service June 30 was 575, having a capacity of 22,110 tons, as compared with 21.670 tons last year.
Tazes.-The total taxes amounted to $44,231, an increase of $2,464, or
5.90%,and were 2.73% of the gross earnings.
-A payment of $40,000 was made on the issue of equipment
Bonds, &c.
trust certificates, which now amount to $160.000. The original amount of
issue was $400,000. All outstanding locomotive rental notes were paid
during the year, the amount of which was $39,217. Bills payable decreased
$195,000, from $232,000 to $37,000.
The $145,000 Warwick Valley RR. Co. 1st M. bonds, the $800,000
Lehigh & Hudson River RR.1st M.bonds which fell due July 1 1911 and the
$240,000 Warwick Valley RR. Co. 2d M. bonds which became due April 1
1912 were refunded by the sale of our general mortgage 5% bonds, due 1920.
reserved for this purpose (V. 94, p. 826; V. 92, p. 1701).
-By the consolidation of the Orange County RR. Co. with
Consolidation.
this company, on May 23 1907, the capital stock of the Orange County
RR. Co., amounting to $200,000, was to be exchanged, share for share,
for the capital stock of the Lehigh & Hudson River By. Co., and such
capital stock, which was deposited under our general mortgage, has been
delivered by the Central Trust Co., trustee, to this company under the terms
of said mortgage, and is now in the treasury of this company.
By the consolidation of the Mine Hill RR. Co., the South Easton &
Phillipsburg RR.Co. of N.J. and the South Easton & Phillipsburg RR. Co.
of Pennsylvania, which consolidations became effective on April 2 1912,
the capital stock of the three companies, which aggregated $180,000, is to
be exchanged for the capital stock of this company, share for share, except
as to the stock of the South Easton & Phillipsburg RR. Co. of Pa., as to
which the exchange is to be two shares for one of this company, and such
stock, aggregating the sum of $180,000 par value, when secured from the
Central Trust Co. under the terms of tho said general mortgage, will, with
the stock of the Mine Hill RR. Co., be in the treasury of this company.
making the total authorized capital stock of this company $1,720,000.
Nov. 23 1912.]
THE CHRONICLE
The addition to cost of property by reason of these consolidations was
3458,649, which was formerly represented in the accounts of this company
under the head of advances for construction, $308,649 47, and capital
stock owned,$150,000.
COVIPARATIVE FREIGHT TRAFFIC.
Ores.
Anth.Coal. Bit.Coal. Merch'dise. Milk.
452,634
753,039 1,044,230 1,972,228
1911-12, tons
45,096
360,171
763,287
1910-11, tons
729,385 1,848,445
56,347
417,100
756,221
1909-10, tons
602,203 1,796,560
57,764
444,096
703,635
1908-09, tons
390,256 1,418,245
63,751
$165,287 $327,139 $256,931 $738,392 $65,707
1911-12, earnings
132,122
324,498
1910-11, earnings
177,857
74,262
692,034
161,490
328,446
1909-10, earnings
149,728
666,294
72,573
170,404
302,890
1908-09, earnings_ _
97,930
545,760
67,766
OPERATIONS FOR YEAR ENDING JUNE 30.
1911-12.
1910-11.
1909-10.
1908-09.
Passengers carried
163,060
157,000
152,172
160,333
1,989,670
Pass. carried one mile
1,955,150 1,849,054
1,976,616
Rate per pass. per mile_
2.38 cts.
2.36 cts.
2.40 cts.
2.335 cts.
Freight (tons carried.._ 4,267,227
3,757,635
3,629,848
3,009,983
Fr't (tons) car. 1 mile 299,423,415 257,807,254 244,561,312 200,075,041
Av. rate per ton per mile
0.52 cts.
0.54 cts.
0.56 cts.
0.59 cts.
EARNINGS, EXPENSES AND CHARGES:
1910-11.
1911-12.
1909-10.
1908-09.
Gross earnings
$1,621,891 $1,465,795 $1,440,033 $1,251,316
Operating expenses_ _ _ 1,063,234
907,756
889,401
868,656
Net earnings
Other income
$558,657
13,628
$550,632
$382,660
$572,285
Deduct
Taxes
Interest on bonds
Int. on floating debt_ _ _
Rentals
$558,039
$558,039
$550,632
$382,660
$44,231
160,101
4,947
126,235
$41,767
161,845
13,850
96,313
$37,413
163,645
15,193
a89,209
$32,913
161,241
12,345
95,761
$335,514
Total
$313,775
8305,460
8302,260
$236,771
Balance, surplus
$244,264_
$245,172
$80,400
include hire of equipment balance of $48,539 in 1911-12
a Rentals
,
against $29,818 in 1910-11, and joint facilities, $77,696, against $66,494.
BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
Assets$
$
Liabilities$
$
4,169,587 3,673,829 Capital stock
Cost of road
1,340,000 1,340,000
equipment_ _1,437,606 1,435,719 Funded debt
Cost of
2,669,000 2,669,000
So. East. dc Ph.stock
150,000 Debenture bonds_
400,000 400,000
do adv. for constr_
258,440 Eq. tr. ars , Ser. A.. 160,000 200,000
Mine Hill RR. adv.
Locom. rental notes
39,218
for construction_
50,438 Equip, replace. ace't 230,417 156,388
185,242 165,727 Int. on funded debt_ 69,992
Cash
65,783
Due by agents
3,677
6,079 Vouchers & pay-rolls 139,157 110,201
Traffic balances._ _ _ 385,206 319,544 Loans and bills pays. 37,000 232,000
Open accounts
48,110
41,916 Traffic valances.. _ _ _ 300,490 175,962
Material and suppl's 153,151
99,570 Miscellaneous
3,575
11,731
1,032,948 800,979
Profit and loss
Total
-V. 95,
6,382,579 6,201,202
Total
6,382,579 6,201,262
p. 1123.
(The) Interoceanic Railway of Mexico, Ltd.
(Report for Fiscal Year ending June 30 1912.)
The report, signed by N. Strzelecki, Sec., says in sub.:
The average rate of exchange was 24.50d. per dollar, as against 24.57d.
in 1910-11; the Mexican dollar on June 30 1912 was worth 24.40d., compared with 24.53d. on June 30 1911.
-Our business has to some extent been adversely affected by the
Results.
unsettled condition of affairs in Mexico, although the actual damage to
property has not been groat. The disturbances caused suspension of
traffic on portions of the line for considerable periods and increased the
cost of operating. The cost ($240,696) of repairing the damage has been
charged to revenue. A claim will in due course be presented to the Mexican Government on this account.
On account of the unsettled state of the country there was a large decrease in revenue from imported goods, but general traffic improved, so
that the actual decrease from goods traffic was limited to $106,183, or
1.67%. This decrease was more than offset by an increase in receipts
from passenger and parcel traffic, the net result being an increase in the
total receipts of $98,873, or 1.127
0.
About 70% of the locomotives had been converted to oil-burning on
June 30 1912, and the use of oil fuel ha..s proved economical; it is expected
that the economy will become more emphasized during 1912-13.
The net receipts of the Mexican Southern By. amounted to £45,382 is.
11d., the rental payable being £78,618, a difference of £33,236. This
portion of the system suffered severely from the revolutionary disturbances,
which caused the complete suspension of traffic on numerous occasions.
In view of the unsettled conditions still ruling in Mexico the directors
object to entrenching to any large extent on the reserve fund towardOnaking
up this difference, and they have therefore decided to transfer from that
fund only £1,496, being the sum required to make up the dividend on the
2d pref. stock to 2% for the year.
Construction.
-The Metepec-San Lorenzo deviation was finished in January last, eliminating heavy grades and sharp curves.
In addition to the cost of repairing the damage caused by revolutionaries
($240,696), the working expenses include $118,000 representing a portion
of the expenditure incurred in connection with the supply of oil fuel plant
and the conversion of the locomotives from coal burning to oil burning.
EARNINGS AND EXPENSES (MEXICAN CURRENCY).
1911-12.
1910-11.
1909-10.
1908-09.
Average miles operated..
1,056
1,033
878
734
Passengers carried
2,521,887
1,955,886
2,385,203
1,662,243
Beets. per pass. per mile
2.8 cts.
2.7 cts.
2.8 cts.
2.5 cts.
Tons freight carried _ _ _ _ 1,012,113
974.166
943,791
820,010
Recta per ton per mile_
5 cts.
5 cts.
5 cts.
6 cts.
Number of ton
_ _116,788,360 119,401,119 107,848,225 84,473,318
Earnings$
Passengers
2,022,862
1,872,612
1,475,138
1,144,085
Freight
6,247,425
6,353,608
5,869,290
4,710,570
Miscellaneous
692,868
638,062
642,870
864,073
Total
8,963,156
8,864,282
7,987,298
6,718,728
Operating expenses
5,708,893
5,676,351
5,043,184
4,419,856
Net earns. (Mex. cur.).. 3.254,263
3,187,931
2,944,113
2,298,872
Net earns. (sterling)___
£326,821
£331,071
1300,911
£234,719
INCOME ACCOUNT (STERLING).
1910-11.
1911-12.
1909-10.
1908-09.
Net earnings(as above)_
326,821
331,071
300,911
234,719
Other income (see "a")_
8,763
4.367
11,699
3,784
Net income
335,584
335,438
312,610
238,503
Deduct
Rolling stock res've acct.
3,000
3,500
Rent Alex. Eastern Ry_
20,000
20,000
20,000
20,000
Rent Mex. Southern
72,621
78,618
b33,225
Int. on pr. lien deb. 5s_ _
13,308
Int. on 1st deb.stk. %)
(4
46,000
46,000
46,000
36,999
Int.on 2d deb.stk.(435%)
,
68,600
52,312
51,750
51,750
Divs.on"B"deb.stk.(7%)
32,862
32,862
32,862
32,862
Divs.on 1st pf.stk. %)
(6
70,000
70,000
70,000
70,000
Divs. on 2d prof. stock_(2%)20,000
(4)40,000
(4)40,000
(1)10,000
Acct. expenses making
Mex. Southern lease_
d9,458
d9,458
c8,187
Total deductions
__
335,438
343,253
305,024
238,419
Balance, surplus or def_
def.7,669
sur.7,586
sur.84
a Other income in 1011-12 inelodes, besides transfer fees. £141, and interest received, £2,730, the amount transferred from reserve account
1397
£1,496 (agst. £5,539 in 1910-11), towards the deficit of £33,236 (agst. £24,703 in 1910-11) resulting from the operations of the Mex. Sou. Ry., being
the difference between net receipts of £45.382 (agst. £47,919 in 1910-11)
and rental payable of £78,618 (agst. £72,622 in 1910-11). In 1909-10 the
entire deficit for the 6 mos.' period of operation, viz., £5,322, was transferred from the reserve fund.
b 6 months. c One-third of expenses. d One-half of balance of expenses.
-V.95, p. 1331.
Virginia Railway& Power Co., Richmond, &c., Va.
(Report for Fiscal Year ending June 30 1912.) '
The report, signed by Vice-Pres. F. S. Sitterding as of
Nov. 20 and approved by Frank Jay Gould, Chairman of
board,says in substance (see map in "Electric Ry.Section"):
Merger.
-By consolidation, effective on July 1 1911, the properties of
the Norfolk & Portsmouth Traction Co. became properties of this company.
Therefore where comparisons are made in this report with 1910-11 the results
of the two companies for that year are combined to show the comparative results. In order to cover the entire system, the operations of the
Norfolk
& Ocean View By. Co. and the City Gas Co. of Norfolk (both controlled
through stock ownership) are included in this report, though separate reports are made to the stockholdrs of each. The properties of the Norfolk
lty. & Light Co. are included as leased properties.
Results.
-The revenues from the railway department in
affected slightly by the fact that the Richmond & Henrico Richmond were
By., 6 miles in
length, competitive with the lines of this company, began operation about
Aug. 1 1911. but the grass earnings showed a good increase for the year.
The revenues of the light and power department in Richmond were affected
to some extent by the fact that the city constructed its own plant for
and municipal lighting, which began operation on Dec. 20 1910, our street
arc lighting being entirely discontinued in Richmond on Dec. 5 1911.street
Included in operating expenses is $100,000 set aside for depreciation on
Richmond, Petersburg and Interurban divisions, as against $75,000the
in
the preceding year. Maintenance of way and equipment amounted to
16.25%, as against 16.14% in 1910-11. The increase (of $43,772) in cost
of conducting transportation was due to the increased charge for depreciation and to the fact that the increased wages of conductors and motormen
were effective for the entire year against only six months in 1911.
The results of the acquisition of the properties of the Norfolk & Portsmouth Traction Co. by merger which became effective July 1 1911 have
been satisfactory. A number of economies have already been effected
and the operating conditions improved. It is our policy to keep the
physical and operating condition in advance of the needs of the service.
Sale of Seven Pines Line to Richmond & Rappahannock River Ry.-On
June 29 1912 this company conveyed to the Richmond & Rappahannock
River Ry. Co. the "Seven Pines Lino" of railway, 29th and P streets, Richmond, to Seven Pines, Henrico Co., total length, including sidings, 8.88
miles. The Supreme Court of Appeals of Virginia had held that our franchise required transfers to and from the "Seven Pines Line," and the line
was consequently unprofitable. Early in 1912 the Richmond & Rappahannock River Ry. Co. was organized to construct a line of railway from
Richmond to Urbanna in the northeastern part of Virginia, and desired to
purchase the "Seven Pines Line." The City of Richmond consented to the
sale free from the obligation to give and receive transfers at 29th and P
streets upon the condition that the Richmond & Rappahannock River By.
Co. should c-mstruct its line in accordance with the ordinance. Your company, with the consent of the trustee, thereupon conveyed the "Seven Pines
Line" to the Richmond & Rappahannock River By. Co. free and clear of
all mortgage liens for a consideration of $25,009 in cash, and posseession
was delivered June 30 1912. Coincident with the sale a contract was made
by the Richmond & Rappahannock River By. Co.for the purchase of power
for a term or years from this company for the operation of said lines.
Ferries.
-The operation of the ferry between Norfolk and Pinner's Point
having proved unprofitable, it was determined to abandon this service and
sell the steamer Volunteer operated thereon. On April 25 1912 this company leased to Chesapeake Ferry Co.for 10 years, the kerries between Willoughby Spit and Old Point Comfort and Sewell's Point and Newport
News.
Capital Stock.
-By the aforesaid agreement of merger the authorized
capital stock was increased from $5,000,000 pref. stock and $7.500,000 common stock to $8,000,000 pref. stock and $12,000,000 common stock, and
provision was made for the exchange of pref. stock for the pref. stock of the
Norfolk & Portsmouth Traction Co., share for share, and for the exchange
of common stock on the basis of 1% shares of our common stock for ono share
of common stock of the Norfolk & Portsmouth. During the year all of the
Norfolk & Portsmouth stock was surrendered on the basis aforesaid, except
10 shares of pref. stock and 33 shares of common stock.
Changes in the Capital StockPreferred.
Common.
Outstanding June 30 1911
$4,700,000 $7,450,500
Exchanged for Norfolk & Portsmouth stock under
merger agreement
2.998,400 4,494,600
Total outstanding June 30 1912
$7,698,400$11,945,100
In treasury for exchange for Norfolk & Portsmouth
stock and scrip under merger agreement
1,000
5.400
Balance in treasury for future disposition
$300,600
$49,500
Funded Debt.
-During the year refunding operations were completed as
to the bonds of the Virginia Elec. By. & Development Co. and the Richmond Traction Co., and these mortgages were released of record on Apr. 15
1912 and May 2 1912. respectively. An additional amount of the bonds
of Richmond Ry. & Elec. Co. was acquired, making a total of $93,000
purchased, of which $91,000 have been turned in to the trustee under our
"first and refunding mortgage," and $2,000 are in the treasury, leaving
only $30,000 in hands of the public. When the remaining $30,000 bonds of
the Richmond By. & Elec. Co. have been acquired and that mortgage canceled, and the Richmond & Allegheny RR. Co. mortgage (all of the $36,000
bonds secured thereby have been paid) has been canceled, our first and refunding mortgage dated July 1 1909 will be a first mortgage lien upon all
the properties covered, and the refunding operations will be completed.
By the merger of the Norfolk & Portsmouth Traction Co. the bonds of
that company were assumed by and became a part of the funded debt of
this company. Under the lease also between the Norfolk & Portsmouth
Traction Co. and the Norfolk By. & Light Co. dated April 26 1906, the
former assumed, as a part rental, the payment of the interest and sinking
fund charges upon the bonds of the Norfolk By.& Light. The funded debt
of that company is, therefore, carried as a part of the funded debt of this
company as lessor of its property and franchises. The Norfolk & Ocean
View By. Co., substantially all of whose stock is controlled by this company, has outstanding $1,000,000 bonds, all of which are in our treasury,
though the ownership of a small amount of the same is in litigation. The
City Gas Co. of Norfolk, also controlled through ownership of capital stock,
has $500,000 6% bonds, which are included as a part of our funded debt.
In May 1912 this company sold to bankers $1,000,000 "first and refunding
mortgage" 5% bonds, of which $500,000 were delivered to the purchaser
on June 15 1912, the contract of sale providing that the remaining $500,000
were to be delivered July 15 1912. The proceeds were used to reimburse
the treasury for additions and extensions, to pay liens and valid obligations
and to provide for contract liabilities incurred in the construction of a new
power station and a general office building in Richmond (V. 95, p. 1274)•
-The expenditures for additions, extensions and
Capital Expenditures.
betterments and charged to capital account amounted to $430,115, viz.:
Railway department, $166,952; light and power department, $220,222:
gas department. $37,941; general, $5,000. The above statement includes
only capital expenditures on work completed during the year. On June 30
1912 the balance charged to "work in progress" account was $552,654.
Improvements Completed.
-Total tracks rebuilt, 45,821
number of rail
joints welded, 7,468; square yards of pavement laid, 46.008; transmission
ft.•.
line from Locks Power House to Centralia was completed and put in operation; sub-stations at Centralia and Petersburg completed; wooden head
gates at Appomattox Canal replaced with concrete and the mouth of the
canal made deeper, increasing the water available at the Locks Power
House approximately 50% without appreciable loss in head
A 500 k.w.
railway rotary at Cove St. sub-station replaced by a new 1,000 k.w. rotary
three 3,000 k.w. generators installed in 1907, which failed to meet the guarrequirements as to temperature, have been rebuilt without expense
anteed
to the company and are now being operated with a continuous capacity of
approximately 5,000 k.w. and for short periods 6,000 k.w.; maximum capacity of this station is now approximately 19,000 k.w. Gas department:
Mains laid for high pressure, 44,954 ft., one new gas holder capacity
1,000,000 ft.
New Car Barns.
-The company has acquired a tract of land on 18th St.
In Norfolk at a cost of $35,448, and modern fireproof car barns costing
1398
about $125,000 will be completed thereon about Dec. 1 1912, saving in
expenses, it is estimated, $10,000 per annum and in insurance over
$5,000 per annum.
-The general offices in Richmond are now located
New Office Building.
in a building which is leased till Nov. 30 1912 at a rental of $4,500 per
annum, a building that is not fireproof and which lacks adequate vault
space. To obtain satisfactory quarters a contract was entered into for
the construction of a building of steel and brick fireproof construction,
12 stories high, on property owned at 7th and Franklin streets, Richmond.
The company will occupy the first floor for display purposes and for the
Cashier's office and three floors above for the general offices. It is be-.
loved that the remainder can be rented so as to give a reasonable return
upon the investment. To insure permanent light and air, we purchased
-story building will be erected and leased.
26 ft. of ground, upon which a 2
New Power House.
-Contracts have been let for a new power house as an
addition to our present central station at the foot of 12th St., Richmond, at
an approximate cost of $600,000. The additional plant should be ready
for service by Jan. 1 1913. This plant will contain one 9,375 KVA-GE
horizontal turbine and an additional large unit can be installed at low cost
whenever the business requires. The plant will result in a great saving
in operation to the Richmond, Petersburg and Interurban systems, and provide for the growing need of the light and power service in that territory.
Taxes, &c.
-If the amount paid during the year for paving and losses
on special rate tickets be added to the actual taxes and licenses paid, the
result is $446,961, as follows:
Taxes and licenses, $266,789; paving chgs. during year, $108,372_3375,161
,
Loss on school and labor tickets at 236c. each, as compared with
71,800
the regular ticket at 4 1-6c. each
This amount is approximately 10% of the gross earnings from all sources,
which would seem to show that our burden of taxation is excessive.
-In 1902 certain interests in Richmond
Richmond & Henrico Ry. Co.
secured a franchise for the construction of a railway in that city of about
6 miles in length, in competition with our lines. This franchise was not
exercised until 1910; operation commenced in August 1911. Under the
terms of this franchise the Richmond & Henrico Ry. Co. has the right to
operate its cars for short distances at several points over our tracks, the
reciprocal right being given this company, with the consent of the City
Council, to operate upon the tracks of that company. The municipal
franchises also required the companies to exchange transfers at certain
points. By the award ofarbitrators, the Richmond & Henrico Ry.Co.was required to pay this company 12 cents per car mile as compensation for operating on its tracks, this price to include the cost of current, and was required to redeem all transfers issued to this company at 3 cts. each, and
this company was required to redeem its transfers to the Richmond & Henrico Ry. Co. at 1 ct. each. This company has not availed itself of the franchise provision permitting the operation of its cars upon the lines of the
Richmond & Henrico Ry. Co., as we already serve the entire territory.
During the year the Richmond & Henrico Ry. Co. applied to the City
Council for a franchise to do a light and power business in Richmond, but
to June 30 no definite action was taken upon this application.
-The territory served is sharing in the wonderful progress and
Outlook.
development which is taking place in the entire South, and the growth of
the cities of this portion of Virginia, both in capital and industrial enterprise, far exceeds that of any period in their history, and gives promise
of increasing prosperity in the future.
RESULTS FOR YEARS ENDING JUNE 30, OWNED, LEASED AND
OPERATED (EXCLUDING OFFSETTING TRANSACTIONS
BETWEEN COMPANIES AND DEPARTMENTS).
1911-12. 1910-11.
1911-12. 1910-11.
StatisticsOperating exp.passengrs 60,500,584 57,821,444
Revenue
$446,014 $425,404
Transfers& pa.ssen.16,833,441 17,001,934 Maintenance
25,443
21,509
Traffic
841,387
885,158
Total passengers77,334,025 74,823,378 Transportation__
280,116
Gen. Ry. expenses 270,330
Aver,fare per pass.
52,875
53,300
$0.035 Deprecia'n (Ry.)_
$0.035
(Incl. transfers)_
650,825
12,098,522 11,797,493 Light, power & gas 703,779
Car mileage
42,814
56,626
Ferries
Receipts per car m.
$0.222
$0.225
(excl. advents.)
Total oper.exp_$2,422,904 $2,341,676
K.w. hours (com.)38,070,985 36,192,166
Gas sold(cu.ft.)_380,098,000 304883,000 Net oper. revenue $2,135,290 $1,994,530
$46,296
$69,159
Other income_
Railway Revenues$2,688,943 $2,587,052
Passenger
20,644 Gross income
$2,204,448 $2,040,826
28,067
Freight
257,302
1,509 Taxes and licenses 266,789
1,468
Mail
20,919
27,815
Outside operations
Balance for chgs.
and rentals_ _$1,937,660 $1,783,524
Total Ry. revs_$2,746,294 $2,636,124
Int. on bonds_ _ _ _31,032,923 $1,009,244
Light, Power & Gas39,463
49,456
Elec. and gas sales $2,207,693 $2,056,072 Sinking fund pay_
420,201 Nor. It. & L. rent_
82,500
83,875
Less rebates & disc. 455,166
Cr1,560
Other int. charges
151
Net from sales_ _$1,752,527 $1,635,871 Proportion discount
5,562
6,202
58,665
on bonds, &c_ __
18,910
Outside opera'ns__
Net misc. charges
32,568 Cr21,621
(not operation)_
Total electric &
228,653
.5% 384,960
gas revenues_$1,758,089 $1,642,074 Divs. pref.stk.
58,008 do com.stk.,2% 238,989
53,811
Total ferries rev__
Total deduc'ns.$1,831,840 $1,405,338
Balance, surplus- $105,820 $378,186
COMBINED BALANCE SHEET JUNE 30.
(Including Norfolk Ry. & Light Co., Norfolk & Ocean View Ry. Co. and City
Gas Co. of Norfolk, Eliminating All Charges Between Companies.)
1912
1911.
1011.
1912.
$
$
Liabilities$
$
AssetsCommon stock_ _14,200,500 14,200,500
Prop., plant,franchises At priv__ A0,620,848 40,318,860 Preferred stock_ __ 7,699,400 7,699,400
22,029,126 20,677,626
629,080 Bonds
New constr. & bet. 1,071,529
374,412 Bonds, borrowed
Work in progress_ 552,654
1,800,000
1,596,890 2,030,990 (refund'g oper.)
Investments
953,274 Pay-rolls & acc'ts
869,623
Cash
260,342
payable
252,226
126,440
Consumers' acc'ts 107,958
1.55,004
328,696 Dividends unpaid 193,414
Sundry acc'ts____ 539,159
279,950
107,027 Mat'd int. on bds. 442,250
98,759
Notes receivable__
252,055 Consumers' & emMaterial & suppl's 260,866
60,185
55,209
ploy's cred., &c.
36,946
38,501
Prepaid accounts..
10,256
5,807 Unredeemed tickets 13,754
5,026
Interest accrued__
55,220
Sale of property._ 113,284
Derd chgs., prem.
59,046
. 56,010
394,921 Accr. bond int.._
Jr bond disct__ _ 461,439
123,350
Accr. taxes & rents 129,055
3,467
Suspense items_ __
Trustee accounts_ 591,510 1,237,519 Reserve for iniur37,255
49,999
lee & damages__
815
Dividend deposits
544,054
101,000 Res've for deprec_ 616,445
Sinking fund bonds 145,000
Res've for bonds to
4,000
be redeemed_ _ _
737
Res've for bad acets
2,153
1,413
Suspense items_ _ 125,764
Sink. fund install_ 169,819
820,017
Profit and loss_ _ _ - 924,308
Total oper. rev_$4,558,194 $4,336,206
Total assets_ _ _ A6,964,044 46,897,027
Total liabilities_46,964,044 46,897,027
Detroit & Mackinac Railway.
(Report for Fiscal Year ending June 30 1912.)
Vice-Pres. and Gen. Man. J. D. Hawks, Detroit, Oct. 5,
wrote in substance:
There was a slight improvement ($71,003) in our gross earnings, but
as against this the operating expenses and taxes increased $71,037. Taxes
were $101,805, or 8.16% of our entire revenue. We were able to put into
additions and betterments only $22,490.
Contracts were entered into during the latter part of the year for 200 steel
frame box cars and three locomotives, which have all been delivered
since June 30; 35 old freight cars were torn down and rebuilt as steel underframe box cars; four new refrigerator cars were added to our equipment.
The roadbed and tracks are in good condition. The handsome station at
Alpena was finished and put into use in December. Rogers City is growing faster than any other town on our road, thanks to the development of
the limestone deposits. The quarry at Calcite, near Rogers City, bids
fair to be one of the largest in the country.
We have leased the Au Sable & Northwestern Ry. with an option to
purchase. This is a narrow-gauge road running northwesterly from our
road at Au Sable. The lease will afford time to thoroughly look over the
[VoL. Lxxxxv.
THE CHRONICLE
country so as to know whether or not the road can be made into a profitable
feeder. [The line extends from Au Sable to Comins,56 miles, with branch
-Ed.
from Hardy to Beevers, 12 miles.
OPERATIONS, EARNINGS, EXPENSES, &c.
1908-09.
1911-12.
1909-10.
1910-11.
347
429
364
358
Miles operated
Operations
365,701
421,520
394,425
375,969
Passengers carried (No.)
Passengers carried 1 mile 14,965,655 14,306,134 14,133,334 13,259,787
2.141 cts.
2.214 cts.
2.105 cts.
Rate per pass. per mile_ 2.211 cts.
1,189,742
1.228,700
1,079,596
Freight (tons carried)_ _ 1,083,713
Freight (tons car'd 1 m.) 95,821,903 91,733,272 93,364,720 83,781,632
j
9.879 cts. 0.860 cts. 0.926 cts. 0.958 cts.
Rate per ton per na le
$3,309
$3,457
$3,528
Gross earnings per mile_
$3,395
Earnings
$806,727
$842,321
$788,511
$864,889
Freight
292,302
330,960
316,705
Passenger
297,517
49,945
74,821
71,883
Mail, express, &c
68,838
$1,248,102 $1,177,099 $1,231,244 $1,148,974
Total
Expenses
$174,532
$199,824
$183,863
Maintenance of way,&c. $201,752
203,439
185,230
196,889
Maintenance of equip't_
218,290
26,065
22,320
Traffic expenses
26,552
29,504
385,415
392,788
371,944
Transportation expenses
411,688
33,400
32,687
General
32,948
36,879
Total
Net earnings
Hire of equipment,&c
$898,113
$349,989
22,175
$822,399
$354,700
32,861
$849,453
3381.791
18,380
$796,044
$352,930
15,874
Total income
Deduct
Interest on funded debt_
Taxes
Rogers City extension
Hillman branch
Hillman branch reserve_
Loss by forest fires
Int. on car tr.&oth.notes
Add'ns and betterments
Alpena Pass. Sta. res've
Mkscellaneous
Div. on pref. stk.(5%)_
Div. on corn. stk.(5%)_
$372,164
$387,561
$400,171
$368,804
$92,000
101,805
$92,000
101,591
27,794
$92,000
103,585
$92,000
85,345
88,468
41,937
45,256
25,000
9,175
11,514
Total
Balance
22,490
14,420
8,134
47,500
100,000
4,256
47,500
100,000
2,148
42,041
21,599
2,830
47,500
11,078
47,500
$387,561
$400,171
$368,804
$371,929
235
CONDENSED BALANCE SHEET JUNE 30.
1912.
1911.
1911.
1912.
Assets
Road dr equipment_ _5,056,835 5,656,835
30,155
Rogers City extens'ns 57,375
Alpena depot sus21,471
pense account _ _ _ _
Treas. Dot.& Mack.
950,000 900,000
Ry. bonds
72,403
Materials & supplies 79,936
4,316
3,165
Cash on hand
38,823
Cash in special fund.. 42,068
27,556
Current accounts__ _ 38,666
453
367
Miscellaneous
6,849,969 6,730,456
Total
-V. 95, p. 1206.
2,000,000 2,000,000
Common stock
950,000 950,000
Preferred stock
3,250,000 3,200,000
Funded debt
Equip. & rail res've_ 483,161 440,172
Alpena Pass. Station
8,933
reserve
72,697
Aud. vouchers, &c
108,694
58,654
Taxes and miscell__ 57,879
235
Profit and loss
Total
6,849,969 6,730,456
Alabama & Vicksburg Railway.
(Report for the Year ending June 30 1912.)
Prest. & Gen.Manager,D.D.Curran, Aug.15, wrote in subst.
-The spring floods of 1912 made a break in the levee. at Alsatia,
Results.
La., and Panther Forest, Ark., overflowing the track of the Vicks. Shreve.
& Pac. Ry., the direct connection of the Ala. & Vicks. on western traffic,
and causing a diversion of all business to and from western points between
April 14 and June 14 1912, and the reduction in your traffic earnings is
largely due to this cause. A similar break in the levee at Rosedale caused
a large amount of flood water to be diverted into the valley of the Yazoo
River, and the rise in this stream caused a considerable sloughing off in the
bank at the Vicksburg incline. This damage will require to be repaired
at considerable expense during low water.
There is a decrease in operating revenues of $136,793, or 7.85%; a decrease in operating expenses of $26,044, or 2.05%; an increase in taxes of
$4,455, or 7.93%, and a decrease in net operating revenue of $115,204.
The large increase of 21% in the wages of trainmen, effective April 1
1911, is reflected for the first time in the year's expenses, and this, as well
as an increase of about 18% granted to engineers in Dec. 1911, has to be
considered as a permanent increased cost of operation.
Additions,&c.
-There has been constructed during the year 16 miles of
electric automatic block signals, at a cost of $24,171. Incident to thisinstallation it was decided to reduce the summit of the grade at Lost Gap
about 7 feet; the work is still in progress and the cost is not dealt with in thW:
-lb. rails laid to replace 60-1b. rails on
report. The increased cost of 75
11.19 miles of track was $8,421. The work of ballasting, with slag, track
not heretofore ballasted was continued at a cost of $17,509. At the close
of the year 101 miles of track were ballasted with slag.
Of the 142.78 miles of main track, 136.30 miles are laid with 75-lb. steel
-lb. steel rails. During the year there were laid
rails and 6.48 miles with 60
-lb. steel rails in replacement of old 60-1b.
In main track 11.19 miles of 75
rails. There are 19,039 feet of bridge structure in the main track, of which
2,369 lineal feet are steel bridges, 920 ft. are concrete trestle and 15,750
lineal feet are wooden trestle. There are 730 ft. of trestle on side tracks.
We now own 39 locomotives (increase 5). 31 passenger cars and 1,280
freight and other cars (decrease 20). During the past ten years the freight,
7
equipment has been increased 860 and its carrying capacity has been increased from 18.445 tons to 39,650 tons, or 115%.
OPERATIONS AND FISCAL RESULTS (143 MILES).
1909-10.
1908-09.
1910-11.
1911-12.
Operations488,106
529,048
462,688
509,094
Passengers carried
Pass. carried one mile.._.. 18,785,112 19,754,134 18,475,043 16,998,656
2.53 cts.
2.61 cts.
2.54 cts.
2.52 cts.
Rate per pass. per mile
1,067,845
1,151,114
914,291
Tons fr't carried (rev.).._ 1,072,380
Tons fr't carried lmile_ _101,084,278 112,659,778 106,692,877 9,063,858
1.02 cts.
1.05 cts,
0.99 cts.
1.00 cts.
Rate per ton per mile
$12,182
$11,695
$10,674
$11,225
Gross earnings per mile_
16
$
Earnings496,797
466,681
431,582
473,553
Passenger
1,113,206
1,086,629
1,013,974
981,033
Freight
119,040
131,979
117,663
113,742
Mail. express, &c
1,741,982
1,672,350
1,605,190
1,526,357
Total
248,229
243,645
240,607
250,647
Maint. of way &struct
308,009
266,816
319,954
322,682
Maint. of equipment
44,999
46,062
45,593
40,549
Traffic expenses
602,429
515,038
521,102
573,972
Transportation expenses
64,585
62,081
63,910
60,708
General expenses
56,152
60,608
52,721
50,070
Taxes
1,302,815
(81.16)
302,375
a86,427
1,324,403
(76.03)
417,579
70,842
1,194,256
(71.41)
478,094
84,371
1,239.692
(81.22)
286,665
72,763
Total net Income
Rentals, &c
Interest on bonds
Dividends (7%)
388,802
b19,617
111,156
147,000
488.421
10,979
111,185
147,000
562,465
0,095
111.341
147,000
359,428
8,522
111,810
73,500
Total deductions
Balance, surplus
277,773
111,029
269,164
219,257
267,436
295,028
193,832
165,596
Total
P. c. exp. & tax.to earn_
Net revenue
Other income
a Other income includes in 1011-12 rentals and hire of equipment (balance) aggregating $5.137. and interest on current accounts, $28,290.
b Includes loss on dining car operations, $8,402
Nov. 23 1912.1
THE CHRONICLE
1399
BALANCE SHEET JUNE 30.
Vicksburg Shreveport & Pacific Railway.
1911.
1911.
1912.
(Report for Fiscal Year ending June 30 1912.)
Liabilities
Assets
Road & equipment_a4,879,412 4,791,413 Common stock
2,100,000 2,100,000
Prest. and Gen. Mgr. D. D.Curran, Aug. 9, wrote in subst.
33,700 Bds.(see R.& I.Sec.)2,020,900 2,023,700
Stock of prop'y cos__ 34,700
-There is a decrease in operating revenues of $99,298, or 6.83%,
9,116
11,882 Traffic, &c., balances 57,785
Physical property_
53,669 a Results.
decrease in operating expenses of $16,376, or 1.54% and an increase in
55687
81,937 Vouchers and wages. 78,265
Materials, ctc
74,795
taxes of $7,740. Net operating revenue shows a decrease of $90,663.
737,645 737,950 Miscell. accounts__ _ _ 28,352
Cash
33,346
The Mississippi River north of Vicksburg rose during the spring floods of
9,378
13,879 Accrued interest, &c. 28,334
Loans & bills receiv_
28,421
8,613
5,703 Accrued taxes
Traffic, &c., balances
30,075
25,149 1912 to a height heretofore unknown and on April 12 1912 the levee at
Alsatia, La., 14 miles north of Tallulah,broke, submerging our tracks
conductors__ 41,535
40,780 Operating reserves
Agts. &
43,546
55,978
35,867
32,394 0th. def. cred. items 18,862
Miscell. accounts__ _
24,625 between Thomastown and Delhi ,a distance of 24 miles, and a similar break
219,442 191,042 Appropriated surplus 538,374
Sinking funds
509,974 In the levee at Panther Forest, Ark., near the headwaters of Boeuff River
56,530 Profit and loss
0th. def. debit items 90,006
1,176,908 1,070,553 and Bayou Lafourche, on the same date, submerged the country adjacent
to the track from Dunn's to Millhaven, 24 miles. All traffic was abandoned
6,121,401 6,000,210
Total
Total
6,121,401 6,000,210 between Vicksburg and Delhi on April 14 and was not resumed until after
the recession of the waters on June 14 1912.
In addition to the loss of revenue due to the discontinuance of traffic
a After deducting reserve for accrued depreciation, $199,917.-V. 95, p. 067.
and to the damage to the track and washing away of the road bed, your
company will experience a heavy loss in local traffic in the territory east
New Orleans & North Eastern Railroad.
of Monroe throughout the next fiscal year, as the crop throughout this
district for this year will be a total failure, causing general depression.
Maintenance of way expenses include $30,000 for replacement of Red
(Report for Fiscal Year ending June 30 1912.)
River bridge and $17,021 for replacement of bridges at Bayou Macon and
were completed during the year. 3.73 miles of 60-lb.
Prest. and Gen. Mgr. D. D. Curran, Aug. 13, wrote in subst. 'Boma! River, whichby 75-1b. rails and maintenance was charged with the
rails were replaced
-There is an increase in operating revenues of $237,823, or cost of the original weight. 73,324 ties
Results.
were replaced, 74,027 yards of
6.74%, an increase In operating expenses of $367 289, or 15.23%, an in- filling were used in restoring banks
and repairing washouts.
crease In taxes of $1,158, or 1.07%, and a decrease in net operating revenue
Employees in the mechanical department have been granted an increase
of $130,624. A dividend of 04% on the common stock was paid Sept. 4 of one cent per hour effective June 1 1912 to meet advances by other lines.
1911 [and 5% in Sept. 1912.-EdJ.
The pressure from employees for increased wages continues and a further
Maintenance of way expenses includes $20,000 on account of work in increase of about 18%
engineers, effective Dec.7 1911. The
progress in rebuilding that portion of the fruit wharf at New Orleans oc- company carried the was granted to the Board of Mediation.
matter before
cupied by your tracks, and $11,882 for the re-arrangement of track and
Additions, &c.
-The new steel bridges on concrete piers at Bayou Macon
buildings incident to the construction of the new levee at New Orleans. and Boeuff River were completed at a total cost of $70,474, of which
This work is still in progress.
$35,193 represents the increased cost over the old bridges and is dealt with
14,430 cubic yards of filling have been used in maintaining banks; 11,441 as a betterment. The betterment expenditure
the year on this
cubic yards of slag and 3,527 cubic yards of gravel were used in repairing work was $18,193. The bridge at Bayou Macon during of one 183-foot
consists
ballast; 113,084 ties have been used in replacement on main line and 21,419 through plate girder draw span on concrete piers and that at Boeuff River
Maintenance of equipment expenses include, in addition is of similar construction and is
in side tracks.
143 feet In length.
to ordinary maintenance charges, $92,345 for depreciation charges.
Physical Condition.
-01 the 171.47 miles of main track operated, 134.05
All classes of shop mechanics were granted an increase in wages of one miles are laid with 75-1b. steel rails and 37.42 miles with 60-113. steel rails.
cent per hour on June 1 1912 in order to meet advances by other lines.
During the year there were laid in the main track
Transportation expenses show an increase of $186,660, or 14.68%, rails in replacement of 60-lb. steel rails. There 3.73 miles of 75-1b. steel
are 36,515 lineal ft. of
against an increase of 1.47% In passenger train mileage, 3.76% in freight bridge structures on the main line between Delta and Shreveport, of which
train mileage and 7.44% in ton mileage. Of this sum $72,061 is made up 2,905 ft. are steel and iron spans and 33,610 ft. wooden trestles. -There
are
in increased wages paid to engine, train and yard crews and $33,807 in fuel. also 134 ft. of steel bridges and 304 lineal ft. of trestles on side tracks.
There is an increase of $61,019 in compensations paid for injuries, of which Trestles were shortened
year. Since June 30 1886 the
$34,566 covers payments for claims arising through the derailment at length of wooden trestles148 ft. during the from 56,778 lineal ft. to
has been reduced
33,610
Eastabuchle, Miss., on May 6 1912. During the year $19,000 was paid for lineal ft. and 280 openings have been
closed.
death and Injury claims to trespassers.
We own 32 locomotives, increase 1; 32
train cars, decrease 1:
The unreasonable demands of organized labor for increased compensation and 983 freight and other cars, (decreasepassenger additional freight cars
continue. On Dec. 7 1911 the locomotive engineers were advanced ap- are being purchased under trust plan, the 25); 200
last payment due April 1 1913.
proximately 18% after prolonged negotiations and a final reference to the Since May 1 1901 the freight equipment has been increased from 671 cars
mediation board under the Erdman Act. Similar demands are now being to 1,149 cars, or 71%, while the total carrying capacity has been increased
made by the conductors and trainmen, notwithstanding the increases of from 14.472 tons to 32.860 tons. or 127%.
.about 21% in July 1910 and 27% in April 1911 over wages previously paid.
OPERATIONS AND FISCAL RESULTS (171 MILES.)
Additions, &c.
-Electric automatic block signals have been constructed
Operationsand put its service from Poplarville to Hattiesburg at a cost for the year
1911-12
1908-09.
1910-11.
1909-10.
of $80,719 and your track is now protected for a distance of about 109 miles. Passengers carried
395,137
421,217
426,498
413,749 •
Physical Properties.
-The main and second track arc laid with 75-113. Pass. carried 1 mlle
18,183,912 17,753,061 16,921,981 • 17,259,645
2.73 eta.
steel rails; 20.72 miles of side track are laid with 75-1b. rails and 76.90 miles Rate per pass. per mile..
2.73 eta.
2.72 eta.
2.69 eta.
with 60-lb. rails. There are 2,621 lineal ft. of steel bridges and 60,072 ft. Tons of revenue freight_
690,494
798,942
767,956
782,718
-in all 62,693 ft. (11.87 miles) of bridge Tons of rev. frt. 1 mile
67,812,811 86,673,121 77,733,485 69,606,021
(decrease 25 ft.) of wooden trestles
1.16 eta.
structure in • the main line. This includes Lake Pontchartrain creosoted Rate per ton per mile_ _ _
0.97 eta.
1.15 eta.
1.08 cts.
miles). There are also 120 ft. of steel bridges Gross earnings per mile_
$7,892
trestle, 30,206 lineal ft. (5.72
$8,471
$8,270
$7,971
Earningsand 4,220 lineal ft. of trestles on side tracks.
$
Equipment.
-We own 70 locomotives (added 6, destroyed or sold 4, Passenger
441,725
484,455
460,613
463,439
and 2,305 freight and other cars(de- Freight
784,200
844,149
Increase 2), 54 passenger train cars
797,918
843,081
127,588
124,208
crease 88); 600 additional freight cars arc being purchased under equip- Mall, express, &e
114,618
105,753
ment trusts, and during the year six additional (freight) locomotives were
purchased for $101,041 under a trust plan, one-half cash, the remainder
Total
1,353,513
1,452,812
1,418,312
1,367,110
Oper. exp. & taxesto be paid at the company's option prior to date of maturity, April 22 1914.
During the past ten years the freight equipment has been increased 47% Malnt. of way and struc.
249,253
258,284
255,471
239,302
while the carrying capacity has been increased 91%.
264,258
Maint. of e quipment_ _ _
253,468
249,031
272,882
-$150,000 general 4 Ms were sold to provide funds forimprov'ts. Traffic expenses
Bonds.
39,608
38,613
41,971
39,739
agreement has been entered into with the New Transportation expenses
Trackage Agreement.
-An
456,170
448,749
425,178
433,541
Orleans Mobile & Chicago RR. Co. under date of Feb. 6 1912 granting to General expenses
53,620
56,669
53,081
51,201
that company the use of your tracks from Laurel, Miss., to Terminal Junc- Taxes
80,612
72,872
72,853
78,290
tion, La. This agreement became effective March 1 1912 and continues
. Total
until terminated by two years' notice, minimum term three years.
1,127,145
1,110,273
1,109,518
1,135,781
P.c. exp. & tax. to earns
(78.28)
(83.28)
(78.18)
(81.16)
OPERATIONS AND FISCAL RESULTS. (196 MILES.)
Net oper. revenue
226,368
317,031
308,039
257,592
1908-09.
1909-10.
1910-11.
1911-12.
OperationsOther income
al01.643
104,091
69,285
93,951
495,779
535,367
535,383
549,774
Passengers carried
Total net income
328,011
421,122
401,980
326,877
Passengers carried 1 mile 26,889,432 26,582,714 26,540,994 23,371,802
Deduct
2.37 eta.
2.33 eta.
Rev, per pass. per mile..
2.33 eta.
2.33 eta
Interest on bonds
175,480
175,480
175,480
.175,480
2,452,727
Revenue tons carried.... 2,807,707
2,583,665
711
1,871.
6,022
6,202
5,195
6,088
Rev,tons carried 1 mile_429,594,334 399,849,011 361,607,882 289,726,909 Interest, rentals, &c
107,140
107,140
107,140
107,140
Rev, per ton per mile__ _
0.67 eta.
0.78 eta. Div. on pref. stock (5%)
0.67 eta.
0.71 ots.
Total
Earns. per pass. train m.
$1.31
8$21...5108
$1.28
$1.25
288,642
,
287,815
288,708
Balance,surplus
Earns, per frt. train m_..
$2.56 •
$2.52
39 369
:
114,175
38,169
132,300
Gross earnings per mile_
$192,22635
$17,576
$15,493
$18,009
Earnings
a Other income includes rentals and hire of equipment (balance) aggrePassenger
627,251
619,286
618,745
553,176 gating $74,193, and interest on current accounts. $27.450.
Freight
2,861,932
2,662,061
2,561,627
2,269,635
BA LANCE SHEET JUNE 30.
Mail, express, &c
276,571
246,584
212,277
262,730
1912.
1911. 1
1911.
1912.
AssetsLiabilities
$
Total
3,765,754
3,527,931
3,443,102
3,035,088 Road & equipment_58,337,007 8,333,493ICommon stock -----2,866,500 2,856,500
Oper, expenses and taxesof other cos__
15,800
15,800 Preferred stock
2,142,800 2,142,800
365,274
MaInt. of way & struct_
354,599
359,593 • • 307,647 StockInvestments__
Misc.
1,8.31
1,8.31 Bds.(see Ry.&I.Sec)3,245,000 3,245,000
701,357
Malnt. of equipment__ _
537,671
527,636 • • 538,396 Cash
653,903 743,347 Equipment notes_
20,191
40,382
113,574
Traffic expenses
112,393
112,402 • • 91,447 Agents
29,701
26,541 Traffic, &c., balances
18,570
8,955
Transportation expenses 1,458,047
1,271,387
1,143,745
1,038,382 Material & supplies __ 144,846
140,082
General expenses
134,995
126,847
122,052 Traffic, &c., balances 40,182 113,264 Vouchers dr wages_ _ 96,164 107,956
36,977 Miscell. accounts.... 28,726
29,669
Taxes
109,185
108,026
98,786
94,000 Loans & bills reedy_
9,000
15,000 Accrued int., &c _ _ 29,247
29,705
Miscell. accounts__ _ 52,339
43,132 Accrued taxes __
35,781
_ 37 ,507
Total
2,887,519
2,519,071
2,191,924 Deferred debit items_ 83,743
2,369,009
53,823 Operating reserves _ 169,543 160,673
P.o.exp.&taxes to earns.
(76.68)
(71.40)
(68.80)
(72.22)
0th. def. cred. Items.
11,090
9,054
r843,164
Net operating revenues_
878,235
1,008,859
1,074,093
Appropriated surplus
_ 17,000
_ _
Other income
108.364
•148,578
100.184
00.815
Profit and 1093
724,665 688,082
Total net revenue_ _ _ _ 1,026,813
1,117,223
1,174,277
uoo,i79
-Deduct
• • • •
Total
9,368,352 9,383,2081 Total -----------9,368,352 9,383,208
346,365
Fixed int. on bonds_ _
343,740
344,490 • • 336,065
Interest on incomes_ _ _ _
67,500
67,500
*After deducting reserve f3r accrued depreciation. St 98,710.-V. 95, p. 968.
67,500 • • 67,500
99,321
Rentals, &o
87,774
58,388 • • 61,790
137,848
Hire of equip. (balance)
Virginia & Southwestern Railway.
80,819
24,483 . .• p3,964
Int. on equip. trusts
4,395
6,499
9,105 . • 11,706
(Report for Fiscal Year ending June 30 1912.)
Dividends
(5)300,000(6 M)
390,000(634)390,000 (5)300.000
. Total
955,429
976,332
803,966
Prest. W. W. Finley, Washington, Sept. 17 1912, wrote:
781,026
Balance, surplus
71,384
140,891
280,311
152,753
Results.
-With an increas e of 12.94 miles (5.7%) in the average length
of road
*Other income Includes In 1911-12, rentals, $114,921, and interest on 26.16%; operated, the gross operating revenues increased $364,476, or
operating expenses Increased $204,581 (21.81%); and taxes incurrent accounts, $33,657
creased $7,135(13.43%). Other income increased $44,543 and interest and
deductions from income increased $39,639, with the result that the
BALANCE SHEET JUNE 30.
balance of income over charges was $266,951, against $109,288 in 1910-11,
being an increase of $157,664 or 1491i %•
1912.
1911.
1912.1911.
AssetsClassification of Tonnage Moved-Veers ending June 30 (No. of tons).
$
Liabilities
$
$
Read & equIp't _ _ 1
AntdiscelForest
'15,305,088 15,147,694 Common stock _ 6,000,000 6,000,000 Products AgriCoal
Stone.
Total
Stock of other cos_
of- culture. mats.
18,800
&c. Products. laneous. of all.
& Coke.
17,800 Bds.
(seeR.&I.Sec.) 8,832,000 8,682,000
Physical property_
843
843 Equip. obligations. 134,100
156,000 1911-12_ _19,779 8,436 1,930,293 26.038 141,789 57,967 2,184.302
Securs. unpledged_
104
85 Traffic, &c., bats_ 227,569
207,705 1910-11-16,005 5,163 1,401,800 58,600 156,526 68,778 1,706,872
Marketable securs_
20,191
40,628 Vouchers & wages_ 357,200
First Dividend.
314,567
-A dividend of 5% on the capital stock, amounting to
Material & supplies 310,908
313,167 Miscell. account&
26,131
33.52 3 $100,000, was paid June 24 1912.
,
Agents
109,446
126,463 Accrued Int., Am __
88,627
Property Investment
89,323
.-Th e road investment increased (net) $68,597.
Cash
1,035,212 1,150,813 Matured int., &O_
142,234
137,770 The investment in equipment as of June 30 1 912 was $3,090,920, being
Traffic, &a., Ws_
32,530
40,213 Accrued taxes__ _
38,720
32,820 an increase of $590,914, as follows: acquired under equipment trust, Series E
Miscell. accounts
243,541
200,182 Operating reserves 193,598
234,681 dated Nov. 1 1911, $649,841; other items, $5,932; total $655,773; Less
Def. debit Items
373,228
242,198 Oth.def.cred.items
71,509
16,154 equipment retired: (1 locomotive, 97 freight cars and 2 work cars), $84,858;
Profit and loss_ _
1,347,203 1,375,538 Oct increase, $590,914.
Bonds, &e.-$430,000 first consols. were sold during the year (making
Total
17,458,891 17,280,086
Total
17,458,891 17,280,088 the total out $7,000,000) to reimburse the treasury in part for expenditures
made in connection with the construction of the Holston River lhie and
*After deducting reserve for accrued:depreciatIon.-V.:95,%). 968,750.
other improvements. (V.93. p. 1192.)
.
. . . . ....
1912.
[VoL. Lxxxxv.
THE CHRONICLE
1400
There were issued during the year (V. 93, p. 1106) $500,000 434%
equipment trust obligations, series E, dated Nov. 1 1011, payable $25,000
semi-annually, the last due Nov. 1 1921, in part payment for 7 Mikado
locomotives, 600 steel double-drop bottom gondola coal cars and 65 stee
underframe box cars, all received during the year. Equipment trusts paid:
Series D (final payment), $60,000; Series E, $25,000.
Improvements.
-Owing to the construction of a dam by the Watauga
Power Co. alongside the company's tracks on the Watauga River,on the
line from Elizabethton to Mountain City, Tenn., it was necessary through
an agreement with the Power company to raise the grade and change the
alignment of this company's tracks for a distance of 3,000 feet in the
vicinity of Wilbur, Tenn., by which change the curvature was reduced.
A new steel deck plate girder 75 ft. in length was erected over Watauga
River, replacing wooden trestle. A deck plate girder 35% in length, was
erected over the highway leading from Big Stone Gap to Appalachia, Va.,
to provide an underpass for the public road. Overhead bridges for public
highways were erected at Elverton and Appalachia, Va. During the year
3,211 ft. of standard trestle were rebuilt.
Miscellaneous.
-By the operation of agricultural trains we have stimulated the farmers to raising more diversified crops and more and better
live stock. There has been some increase in the output of coke by the
operations served, with prospects of still greater increase during the coming
year. Developments of coal have progressed steadily, with favorable
Indications of continued improvement in the output and sale of coal for
domestic and steam purposes. The Imperial plant of the Virginia Iron
Coal & Coke Co. was completed and put in operation during the year, which
will add materially to the output of coal from the Black Mountain field.
The Pardee improvements at the head of Roaring Fork Creek in Wise Co.,
Va., were completed and put in operation during the year.
The Laurel Fork Ry. Co. has completed and now has in operation about
8 miles of Its line,extending from Elizabethton,Tenn.,point of connection
with this Company's line, to Hampton, Tenn., and has under way the
construction of a line into large boundaries of timber in Carter Co., Tenn.
The lumber operations on Virginia & Southwestern Ry. have been active,
and prospects are favorable for a substantial increase in this class of traffic.
Power Stations.
-The new power station at South Boston and sub-stations.
at Roslindale, Coolidge Corner, Brookline; Kendall Square, Cambridge;
Arlington and East Boston (V. 93, p. 1384), have been completed, and the
South Boston plant began supplying power to these sub-stations and the.
sub-station at Egleston Square on Nov. 14 1911. A third 15,000 k. w.
turbo generator for the South Boston station is now being installed, and,
when completed, the station will have a generating capacity of 45,000 k. w.
Eguipment.-The pre-payment car has proved to be such a success that
the company has ordered 75 more of the same design as the 50 received last
year, and alterations are being made to the earlier semi-convertible cars to
convert them to the pre-payment type. The 20 additional elevated cars
and the 40 large cars for the Cambridge Subway ordered last year have been
received, and 20 more cars to be used in this subway have been ordered.
Bonds.
-The company issued during the year $5,000,000 43 % 30-year
gold bonds, dated Nov. 11911. [See V. 93, p. 795, 870, 1165. On Nov.4
1912 the shareholders voted to increase the capital stock by the issue of not
exceeding 34,000,000 new stock, and to authorize the issue of not exceeding$5,000,000 bonds to be secured, as well as all other bonds now outstanding,
by a mortgage or pledge of the property.]
Leases.
-Leases of the Dorchester Tunnel, the Boylston St. Subway and
the East Boston Tunnel extension, and the extension of the leases of the.
Tremont St. Subway,the East Boston Tunnel and the Washington St. Tunnel, provided for by Chap. 741 of the Acts of 1911, were executed on Dec. 11
1911. The leases for all these subways and tunnels run till July 1 1936,
and thereafter until terminated by a two-years' notice by either the City of
Boston or by the company (See V. 93, p. 344, 1384, 1785).
Stockholders June 30 1912.
-Total number,4,828, of which 4,314, holding
178,159 shares (893. % of total), live in Massachusetts.
OPERATIONS,EARNINGS, CHARGES, &C.
1911-12.
1910-11.
1909-10.
1908-09.
290
227
188
188
Average miles operated_
236,608
Passengers carried
297,521
284,116
242,831
4,619,689
5,263,499
Pass. carried one mile
5,645,255
4,660,805
2.88 cts.
2.91 cts.
2.96 cts.
Av. rcts. per pass. perm. 2.88 cts.
1,545,412
2,184,302
1,706,872
1,609,185
Tons carried (rev.)
Tons carr. 1 mile (rev.)_183,891,131 129,808,673 115,754,651 108,721,112
0.88 cts.
0.88 cts.
0.92 cts.
0.84 cts.
Av. rcts. per ton per m_
$6,133
$6,350
$6,032
$7,320
Gross earnings per mile..
$
$
$
$
Operating revenues1,020,458
959,576
1,196,948
1,553,620
Freight
151,666
135,804
136,906
162,520
Passenger
34,696
36,747
38,341
32,364
Mail, express, &c
5,236
5,037
6,993
7,440
Other rev. from oper__ _
14,024,768
331,044
Total oper. revenue_ _
Maint. of way & structMaInt. of equipment_ _ _
Traffic expenses
Transportation expenses
General expenses
1,757,924
212,341
362,599
22,283
500,663
44,837
1,393,448
160,803
302,182
18,837
409,119
47,201
1,196,194
165,777
271,202
16,250
353,900
39,465
1,136,286
144,354
227,697
12,123
• 344,825
44,655
Total oper. expenses_
Net operating revenue_ _
Taxes accrued
1,142,723
615,201
60,299
938,142
455,306
53,113
846,594
349,600
57,190
773,654
362,632
49,243
Operating income_ _ _ _
Hire of equip.-balance.
Rentals, interest, &c_ _ _
554,953
113,228
9,203
402,193
67,344
10,544
292,410
73,410
12,155
313,389
72,566
10,348
Total gross Income_ _ _
Rentals, int., disc., &c..
Replacement of trestles..
Int. on bds.& equip.notes
Div. on corn.stock'
(5%)
Add'ns and betterments.
677,384
58,059
480,081
53,580
377,974
28,260
352,374
100,000
3,259
317,213
235,101
396,303
23,465
20,000
238,876
224
1,012
15,545
Total deductions
Balance, surplus
513,692
163,692
371,017
109,064
264,373
113,601
297,886
98,417
'Dividend in 1911-12 was deducted for profit and loss, but is here included for the sake of comparison.
GENERAL BALANCE SHEET JUNE 30.
1911.
1912.
1912.
1911.
Liabilities
Assets
2,000,000 2,000,000
Road & equipment59,572,717 8,990,950 Capital stock
7,000,000 7,000,000
930,000 Mortgage bonds
Securs.-pledged _
30,133 Equip. tr. obliges 475,000
60,000
30,133
Misc. investments_
117,991 Dills payable
300,000
204,078
Cash
199 Traffic, &c., bals_
51,707
29,723
Loans & bills rec _
38,659 Vouchers & wages_
91,484
93,559
59,486
Traffic, &c., baLs_
9,314 Matured int., &c....53,550
3,145
52,000
Agts. & conductors
67,563 Miscellaneous
26,836
18,000
Materials &supp__ 112,032
46,974
17,985 Accrued int., &c
66,063
60,808
Miscellaneous _
361,072
358,589 Accrued taxes__
29,849
29,748
Advances
Def'd credit items_
99,192
34,940
Unexting. discount
211,083 Add'ns to property
89,933
86,674
on securities _ _ _ 137,250
Reserves
100,000
Other def'd debit
17,043
35,089 Profit and loss
610,316
items
436,603
Total
.10,543,930 10,302,055
Total
10,543,930 10,302,055
*After deducting $671,010 for reserve for accrued depreciation on equipment.
V. 95, p. 1041.
Boston Elevated Railway Company.
(Report for Fiscal Year ending June 30 1912.)
Prest. Wm. A. Bancroft, Boston, Oct. 31, wrote in subst.:
-A strike of some of the car service employees,
Deficit Caused by Strike.
which began on June 7 and lasted until about Aug. 1, seriously affected
the company's receipts and expenses and was the sole cause of the deficit.
-Several increases in wages have been made, and notice has been
Wages.
given to car employees that the Act providing for shorter hours of labor in
effect Jan. 1 1913 will be carried out without reduction in pay.
-Important additions to the rapid transit facilities have been
Additions.
made during the past year. The Cambridge Subway, which was built by
the company, with the Beacon Hill Tunnel connection built by the Boston
Transit Commission, was opened for business on March 23 1912. The East
Cambridge Elevated Extension, running from the North Station through
the West End district and over the Charles River Viaduct to Lechmere
Square, Cambridge, was opened to the public on June 1 1912.
An additional station at Green St.on the Forest Hills Elevated Extension
has been built, and was opened to the public on Sept. 11 1912. Changes
have been made in the Sullivan Square station which provided separate
loading and unloading platforms for inward and outward-bound elevated
trains, and these now facilities were first opened for public use on Aug. 25
1912. Important changes are being made in the Dover St. Station that will
materially increase its capacity. Additional stairways have been provided
at the Rowe's Wharf and the Forest Hills stations.
The extension of platforms to provide for eight-car trains at all stations
except Dover St. have been completed, and when the new station at Dover
St. is finished, the entire Elevated System, including the Washington St.
Tunnel, will have platforms of sufficient length for eight-car trains.
Surveys have been completed for the Malden Elevated Extension and
contract has been placed for the structure and bridge over the Mystic River.
There have also been added during the year 7.117 miles of surface track,
the principal additions being in and around Harvard Square, Cambridge; on
Geneva Ave., Dorchester, Southampton St., Roxbury and South Boston.
The total length of surface tracks controlled by the company is now
472.073 miles. This, with the elevated mileage of 35.018 miles, makes a
otal mileage of 507.091.
-
RESULTS OF OPERATION.
Year end.
Year end. 9 Mos. end.
June 30'12. June 30'11. June 30'10.
Revenue miles run
54,790,173 54,647,196 39,296,522
Revenue pass. carried_ _310,310,009 305,098,665 220,127,890
Earnings$
Passenger
15,467,352 15,199,971 10,984,441
Mails,rentals, adv.,&c_
261,182
435,994
436,695
Year end.
Sept. 30'O9.
51,127,681
281,008,471
Total
15,904,047 15,635,965 11,245,623 14,355,812'
Operating Expenses
General
1,857,126
999,285
1,645,023
862,443
Maintenance
Way and structures_
1,593,014
1,556,163
831,538
1,415,478
Equipmant
1,428,575
1,269,898
736,871
1,042,855Transportation
6,062,135
5,542,2501 4,890,544
6,030,866,
Traffic
35,785
105,7301
Total oper. expenses_ 10,976,034 10,119,064
7,321,397
9,488,484
Net earnings
4,927,413
5,516,901
3,924,226
4,867,328.
Int. on deposits, &c
52,508
39,070
138,064
138,041
Int. from securs. owned
69,460
24,180
Int. charged to construe.
496,527
281,492
135,998
177,091
Total
5,545,908
DeductionsInt. on West End debt
725,593
Taxes, West End
613,839
Taxes, Boston Elevated.
454,759
Tax on earnings and U.
153,159
S. corporation tax_ _ _
Rental of subway
x185,740
Divs. on West End stock 1,387,710
Dividends on Somerville
9,180
Horse Ry
Rent. Old C. St.Ry.,&c.
56,040
Int. on Bos.El.fund debt
706,000
Int. on unfunded debt
131,033
Washlon St. tunnel rent
340,500
East Boston tunnel rent
58,782
Cambridge Connec. rent
18,204
Depreciation fund
5,861,643
4,198,288
5,182,460
716,180
662,261
437,462
510,135
468,032
342,418
680,180'
631,116.
293,488
145,109
185,305
1,358,848
106,239
138,623
967,808
139,171
186,792
1,290,410'
9,180
59,054
556,000
6,885
36,278
417,000
9,180
46,566.
556,000
324,000
57,783
255,000
41,674
254,924
53,216.
200,000
Total deductions _ _ _ _ 4,840,539
4,511,182
3,290,092
4,341,043
Balance
705,368
1,350,461
908,196
841,41T
Dividends
(6%)1,197,000(6)1,197,000(43)897,750 (6)802,503.
Balance for year
def.491,632 sur.153,461
sur.10,446
sur.38,914
x After deducting $26,011 collected from the Bay State Street Ry.
BALANCE SHEET BOSTON ELEVATED RAILWAY JUNE 30.
1912.
1912.
1911.
1911.
LiabilitiesAssets$
$
$
$
19,950,000 19,950,000
Railway equip,&c.45,105,562 37,712,562 Capital stock
18,300,000 13,300,000.
Cash
1,776,707 3,433,965 Funded debt
Notes payable__ ... 3,600,000 2,500,000
Bills and accounts
268,182 Vouchers & accts_ 975,097
407,959
993,791
receivable
Salaries & wages.... 246,205
165,978.
Bonds depos. with
500,000 Div. and coupons_
500,000
75,972
58,225
State
Rentals unpaid_.. 262,084
256,000*
Materials and sup1,277,007 1,589,699 do not due__ 288,239
piles
285,229
IntAtaxes not due 1,976,486 1,382,078
Insur., &c., funds
1,135,750 1,135,750 Tiekets,checks,&e.
investment ..
35,272
35,016
West End lease acWest End open ac888,686
888,676 counts
counts
1,207,202 1,207,202'
911,205 Bay State St. Ry.
Property account_ 1,118,131
Stocks and bonds.. 208,011
208,011
1,195
property acct.
Damage fund _. 1,066,681 1,066,681
Somerville Horse
809,725
102,851
102,851 Insurance fund.... 809,725
Railroad
900,000
27,206 Depreciation fund.. 000,000
Old Colony St. Ry.
299,250
Dividend reserve
Premium from sale
5
,g
ig
of stks. & bonds 2,m,f 2,0
Surplus
52,520,659 46,778,108
Total ___
-V.95, p. 1121, 618.
Total
52,520,658 96,778,108
American Shipbuilding Co., Cleveland.
(Report for Fiscal Year ending June 30 1912.)
The report, signed by W. L. Brown, Chairman of the
Board, and James C. Wallace, President, says:
During the past fiscal year,up to the close of navigation in 191 Vmarino
business continued very dull and discouraging to the vessel interests; but
the opening of navigation this year was more encouraging, and atAthe
end of the company's fiscal year there was a fair revival in business.
The plant at Port Arthur, Canada, is now in full operation, with contracts for steamers that will keep it busy for the next six to eight months.
and have additional negotiations pending. It is also well employed in
dry dock and repair work. A considerable part of its equipment has been
completed and is in operation, and its permanent machine shop, joiner shop
and power plant are well under way toward completion. At Lorain the
new machine shop is about completed and will add materially to our business.
During its fiscal year the company has built and completed twelve vessels,
carrying capacity 26,000 net tons, and has now Under construction 19,
among them a side-wheel passenger steamer, which will be'equal in type,
construction and finish to anything afloat on inland waters.
The general prospect for the business is much more favorable than for
several years, and while it does not seem probable there will be any material
demand for large bulk freight carriers, there is manifestly a fair demand for
various types of lake carriers that in the aggregate should bring a fair business, and is likely to do so. The favorable crop prospect is also encouraging
-carrying demand.
to lake marine interests, and will add to the freight
Vessels Built at the Several Plants and Carrying Capacity, Net Tons.
(Carrying capacity is based on 19-ft. draught.)
Lorain. Cleveland.
Detroit. Pt.Arthur.
Total.
3
5
3
12
Vessels built
1
6,000
26,000
tons
8,000
9,000
Net
3,000
Nov. 23 1912.]
THE CHRONICLE
1401
RESULTS FOR YEARS ENDING JUNE 30.
RESULTS FOR FOURTEEN MONTHS ENDING SEPT. 30.
1911-12.
1910-11.
1908-09.
1909-10.
Years end.
14 Mos.
Vessels built(number)_ _
12
22
10
23
end. Sept. 30,
July 31
Carry.capacity,net tons
26,000
54,000
60,500
153,500
1911-12.
1910-11.
1909-10.
1908-09.
*$802,528 *$954,862 *$1,980,654 *$1,257,722 Profits after paying all
Net earnings
553,000
Div. on pref. stock(7%)
def$379,211'
553,000
553,000
I $1,264,185
553,000
4Deduct-Interester expenses*
209,723
Deprn. & maintenance_
on bor289,423
194,851
272,032
rowed money
Rebuilding docks, &c
12,105
28,221
59,090
Not reported.
184,793
271,299
$186,109
Deprec. charged off
40,000
98.475
$27,700
Balance, surplus
$84,218
$325,078
$884,322
Net profit for year ._
surplus
6,480,192
Previous
def$478,301
7.003,975
$720,952
$434,611
$979,601
6,423,652 6,098.574
*Receipts from all sources in 1911-12 less shortages ,shrinkages, &c..
$6,507,892 $7,088,193 $7,307,974 $6,423,652
Total
were $1,297,008, operating expenses, $1,676,219, making an operating
Common dividends_ _
(8%)608,000 (4)304,000
loss, as above, of $379,211.
Balance, forward_
$6.507,892 $6,480,193 $7,003,974 $6,423,652
BALANCE SHEET.
*The net earnings as above include contingent earnings on unfinished
Sep. 30'12. July 31'11.
Sept.30'12. July 31'11.
construction during previous years as follows: In 1911-12, 1910-11 and
Assets
Liabilities
1909-10, $100,000, and in 1908-09, $200.000.
Plants, equip, and
Common stock _16,750,000 16,750,000
inventory
31,637,695 31,261,085 Preferred stock......16,750,000 16,750,000
BALANCE SHEET JUNE 30.
Traffic imp. acc't_
23,522
Bonds payable...... 315,000
315,000
1912.
1911.
Investments
1911.
1012.
503,024
501,685 Current accounts..
31,951
22,792
Assets
LiabilitiesAccts. receivable.. 672,215
$
863,740 Surplus
$
767,969 1,246,270
Plants & property.18,916,436 18,531,958 Stock, preferred__ 7,900,000 7,000,000 Notes receivable
45,118
49,156
Bds. & stks. (cost) 1,032,974
968,500 Stock, common.. __ 7,600,000 7,600,000 Cash & cash items 1,647,250 2,321,016
Materials on hand. 616,167
540,300 Accounts and bills
Corn. stk. in treas.
27,970
27,970
Accts. & bills ree__ 2,215,427 3,198,992
payable
26,352
3,060,273 2,088,466 Pref. stk. in treas..
26,352
1,119,530 1,073,616 Reserve funds__
Cash
23,715
*968,233 1,052,085 Unearned insur_ _ _
24,149
593,633
Adv. to sub. cos
Surplus
6,507,892 6,480,193 Pro. Exch. memb_
486
486
Work under constr 642,231
807,288
Bd. of Trade mem.
7,573
8,423
26,036,398 25,120,744
Total
Total
34,614,920 35,084,062 Total
26,036,398 25,120,744
34,614,920 35,084,062
-V. 95, p. 1333.
* Reserve funds (total $968,233) include in 1912: For maintenance, $500,000; for
insurance, $198,032; dividends (payable July 15), $138,250; sundries (taxes, rents,
Iron Steamboat Co. of New Jersey.
liability Insurance, expenses, &c.), $131,951.
(Report for Fiscal Year ending Oct. 31 1912.)
Note.
-In addition to the foregoing there exists a contingent liability from the
guaranty of first mortgage bonds on steamships built by the company aggregating
Earninos1911-12.
1910-11.
190940.
1908-09.
-V. 95, p. 989,
$950,000, and carrying interest.
Ticket sales, Coney La_
$268,286
$269,949 $ 309,647 15214.406
Fishing route
90,540
Avery Company (Agricultural Machinery), Peoria, Ill. Charters
47,606
127,075
30,260
29,023
Privileges, &c
116,852
19,888
18,181
(Statement for 9 Months ending Sept.30 1912.)
Hudson-Fulton Celebr'n
25,200
Seeing Warships
5,067
An official statement says
Total
in subst. (V. 95, p. 482, 492):
To61
The net earnings are at the rate of over ten times pref. stock
$320,959
$313,876
$359,795
$377,350
requirements. This result has been attained notwithstanding dividend
Expensesthe fact
that the proceeds of the pref. stock issue were not available during the period Oper.. gen. repairs, &c.. $247.820
$230,992
$253,453
$255.030
covered in the statement. Our business is at the rate of 50% in excess of Terminal charges-rents,
wharfage,&c
that of any previous year in its history. In Oct. 1911 the company em39,192
46,816
71,847
70.022
ployed an average of 331 men;during Oct. 1912 840 men were on the pay-roll. Taxes
1,511
1,468
2,804
3,131
The 9 months' profits ($546,608) shown by the balance sheet below are
after deducting $44,813 interest paid on floating debt, which amount would
Total
$279,276
$288,523
$328,104
$328,183
have been applicable to pref. stock dividends had the pref. issue been out- Net earnings
$32,436
$34,600
$31,691
$49.167
standing during this period.
"Other income"*
60,880
1,354
BALANCE SHEET SEPT.30 1912.
Total income
$32,436
$34,600
$92,571
$50,517
Assets ($5,090,096)
Liabilities ($5,090,096)
Deduct
Real estate and buildings.. _a$940,880 Preferred stock, 7% cum.
Interest on bonds
$24,352
$24,962
$25.000
$25,000
Machinery and equipment.. a541,030 ($1.600.0001
$865.000 Dividends (5%)
15,217
Patents
135,838 Common stock
2,245,000
Supplies, &c
1,019.615 Notes payable
Total deductions_ __ c981,860
$24,352
$24.962
$40,217
$25,000,
Accts. & notes receivable_b1,770.288 Current accounts payable_ 296,507 Balance, surplus
$8,084
$9,638
$52,354
$25,517
Prepaid insurance and mt..35,411 Surplus
155,121
Investment in other cos- 46,651 Profit, 9 months ended
*"Otherincome"in 1909-10includes$60,880for 6,088 shares capital stock
530,181
Sept. 30 1912
Cash
•
546,608 sold at par; in 1908-09. $1,350 for 135 shares, and in 1907-08. $10,210 for
70,201
Deferred charges
1,021 shares.
BALANCE SHEET OCT. 31.
a After allowing for deprec. b Afterirdeductinareserve. c This item
1912.
1911.
was reduced by the payment of $518,540. Compare V. 95, p. 482, 892.
1912.
1911.
AssetsLiabilities-$
$
$
Cost of property_ .... _1,000,000 1,000,000 Capital stock issued_ 365,230 365,231)
Independent Brewing Company of Pittsburgh.
Bright.P.&N.Co.stk.
60,480 Cap.stock in tress__ 34,770
34,771)
(Report for Fiscal Year ending Oct. 21 1912.)
Accounts receixable_
6,081 hat M.5% bonds__ 76,100
98,000
Valley Grove
8,744 2d mtge. 4% bonds.. 500,000 500,000
8,744
RESULTS OF OPERATIONS.
Repair shops
5,690 Bond redemption ac5,690
1911-12.
1910-11.
1909-10.
Cash
44,160
count
35,877
1908-09.
23,900
2,000
Sales (barrels)
486,01.6
514,695
514,226
Profit and loss
423.349
*58,594 116,872
Income, all sources
$3,519,202 $3,500,095 $3,404,579 $2,778,604
Total
1,058,594 1,116,872 Total
1,058,594 1,116,872
Cost of produc. & oper_ 2,704,964
2,683,498
2,448.558 2,155,529
*
Profit on sales
$814.238
$816,597
$956,021
$623,075 and After deducting 2,016 shares of Brighton Pier & Nay, stock. $60.480.
accounts receivable, $5.588.-V. 95, p. 1334.
Disbursements
Interest on bonds
$270,000
$270,000
$270,000
$270,000
Preferred diva. (1 X %)..
56,250
Pittsburgh Brewing Co.
Common diva. (1%)._ _
Int. on bds. constit. cos.
3,927
4,657
5,108
(Report for the Year ending Oct. 26 1912.)
5,557
Depreciation
243,008
257,347
257,113
246,547
INCOME ACCOUNT.
Total disbursed
$573,185
$532,004
$532,221
$522,104
1911-12.
1910-11.
1909-10.
1908-09.
Balance for year
sur.$241,053 sun$284,593sur.$423,800 sur.$100,971
Gross rents(all sources)_a$5,414.152 ;5,055,497 $5,714,642 45,324,176
profits prey. yrs. 1,311,784
Undiv.
1,027,191
603,391
502,420 Expenses __
54,109,514
3,694,028
4,053,562
3,850,340
Net sur.& undiv. prof. $1,552,836 $1,311,784 $1,027,191
$603,391
Net earnings
$1,304,638 $1,361,469 $1,661,080 $1,473,836
BALANCE SHEET.
Deduct
;379,140
Oct. 19 '12. Oa. 21 '11.
;379,140
;379,140
'1
$379,144
Oct. 19 '12. Oct. 21 '11: Interest
NI
Pref. dividends (7%)
427,000
Assets
-1
427,001
$
$
427,001
Liabilities-427,002
$
Corn. dividends(5%)-- Real estate, &c......11,845,224 11,779,872 Common stock__ 4,500,000 4,500,000
298,106
298,107
298,107
202,918
203,457 Preferred stock___ 4,500,000 4,500,000 Bad accounts and notes
Cash
charged off
99,898
receivable.. _ _ a996,962
Bills
918,664 Bonds
4,500,000 4,500,000
Depreciation
387,150
Accts. receivable_ 360,786
556,832
531,461
380,491 Bonds of constitu369,587
Securities at par_ _b1,526,825 1,579,975 ent companies....
60,730
75,010
Total
$1,293,188 $1,635,708 $1,661,080 $1,473,836
11,823
Office furniture.. _ _
11,823 Accounts payable_ 178,173
238,472 Surplus
or deficit
sur$ 11,450 def$274,239
Capital stock tax
Insurance, taxes,
3,810,995 4,085,234
12,559 due
32,940
&o., unused_ _ _ _
4,085,234 $4,085,234
19,061
19,444 Previous surplus
Improvements ___
23,456 Bond int. accrued
28,004
82,000
81,000
Total surplus
Materials and fin$3,822,445 $3,810,995 $4,085,234 $4,085,234
Undivided profits.. 1,552,836 1,311,784
315,413
ished product.._ 335,818
a Includes ;207,628 income from interest, rents, &c. b Expenses in
Sinking fund bds_
51,500
1911-12 ($4,109,514) includes operating cost of sales, ;3,722,655 and
15,302,800 15,225,711
general expenses, ;386,859.
Total
Total
15,392,800 15,225,711
BALANCE SHEET.
a Bills receivable are secured by judgment notes and mortgages.
$400,000 bonds, $534,850 pref. and $581,050 common stock of
Oct. 26 '12. Oct. 28'11.
b Includes
Oa.26'12 Oct. 28'11
Assets
Independent Brew. Co. and $10,925 stocks of other cos.-V.95,p.1275, 423.
Liabilities
Plant & equipm't.18,535,331 18,920,656 Bonds
6,319,000 6,319.060
72.635
Cash
345,311 Preferred stock.... 6,100,100 6,100,100
American Linseed Co., New York.
Bills rec. & mtges_ 2,306,865 2,155,237 Common stock...... 5,962.250 5,962,250
(Report for 14 Months ending Sept. 30 1912.)
Accts. receivable.. 465.295
518,242 Due for mdse., &c.
8.3,994
293,907
310,465
Real estate
Bills payable
325,000
450,000
President R. H. Adams says in part:
Construction accts.
Mortgage payable..
52,600
48,600
!mints. at Brew.
4,981 Res. for tax,
As the flax crop is maturing later each year, which affects
87,453
42,523
and delivery of the seed, your management has felt that the marketing Brewery invent's1 524,3151 570,829 Accrued interest on
it
1
23,500 bonds,4 months 126,380
company's interest to change the fiscal year to end Sept. 30was to the Gen.office invent'yf
126,380
instead of Sinking fund acct.. 664,315
July 31; thus the yearly inventory is taken at a time when prices are most
614,960 Undivided profits_ 3,822,445 3,810,995
likely to be lowest.
Conditions have been unusual and our losses are made up entirely
Total
22,879,221 23,153,755 Total
22,879.221 23,153,755
of
three items: (1) shrinkage in weight of seed, through the excessive moisture
which it contained,a condition unknown in past years,and
-Unsold stocks and bonds in treasury: $181,000 bonds of the ;6,Note.
a loss of $306,229; (2) unavoidable bursting of one of ourwhich occasioned 500,000 auth.; 7,988 shares of pref. stock (par ;50), or ;399,900 of the $6,largo
tanks, located on Staten Island, causing a loss in oil of $18,461;oil storage 500,000 auth.; 10,755 shares common stock (par ;50), or ;537,750 of the
(3) inven- ;6,500,000 auth.-V. 94,
tory loss on seed and linseed oil, $367,389.
p. 021, 830.
During the year we have increased our business 20% and have cut the
overhead expenses $40,000, while we believe increasing the efficiency
of our
organization. Unusual repairs amounted
expenditures we feel that our plants are to $40,000, but in making these
in up-to-dato condition
expect during the coming year to be able to crush more flaxseed, and we
at a less
cost, than in any past year.
RAILROADS, INCLUDING ELECTRIC ROADS,
Both the United States and Canada have raised this year a very important
crop of flaxseed and the prices are now more than $1 per bushel less than
Alaska Northern Ry.-New Officers.
year ago at this time. Linseed oil is proportionately less
they were one
v. E. Stavert
Canada, has been
in price and we feel that gallonage will be increased during the coming eral Manager to of Montreal,G. Laberee, who elected President and:Gensucceed 0.
resigned, and who recentlyyear, duo to the low price at which linseed oil is selling.
sold the controlling interest to a Canadian syndicate.
GENERAL INVESTMENT NEWS,
:)
1402
THE CHRONICLE
J. C. Williams of Spokane has been re-elected Vice-President; F. G•
Jemmett of Toronto, Canada, Treasurer. and James A. Haight, Secretary
The;directors chosen (in addition to the officers) are: Col. A. W. Swanitz
of Alameda, Cal.; A. II. Wheatley and L. W. White of Seattle, Wash.
—V.95, p. 1330.
Atchison Topeka & Santa Fe Ry.-3-Cent-Fare Suit.—
The company has brought suit in the U. S. District Court to•restrain the
-cent-faro law which was voted by the electors at the
enforcement of the 3
recent general election on the ground that it is confiscatory and in violation of the State constitution. The Southern Pacific has brought a similar
sult.—V. 95, p. 1121, 980, 962.
Atlantic Coast Line RE.—See "Annual Reports."
Stock Increase—Right to Subscribe.—The shareholders on
Nov. 19 1912 authorized an increase in the common capital
stock "of $6,000,000, making the total capital stock authorized to date $76,000,000."
WAR holders of stock of record Dec. 19 (total outstanding
Nov. 19 $59,854,700 common, $1,000,000 Class A and
$198,500 pref. stock; total $60,053,200) will accordingly be
offered the right to subscribe on the company's warrants,
atipar, $100 a share, until 3 p. m. Feb. 3, for new common
stock to the extent of 10% of their respective holdings,
subscriptions to be filed with payment in full at the offices
of J. P. Morgan & Co., New York, or Safe Deposit &Trust
Co. of Baltimore, 13 South St., Baltimore. A circular
dated Nov. 19 says:
[VOL. Lxxxxv.
Also from Sarnia to Chatham and from Orillia to Goderich via Owen
Sound, or with a branch to Owen Sound.—V. 95, p. 1039.
Canadian Northern Ontario Ry.—New Lines.—
See Canadian Northern By. above.—V. 94, p. 629.
Canadian Northern Quebec Ry.—New Lines, &c.
See Canadian Northern By. above.—V. 84, p. 748.
,
•
Canadian Pacific Ry.—Option to Subscribe for New Stock.
—The company is offering, by advertisement on another
page, to ordinary shareholders of record Jan. 2 1913, the
privilege of subscribing at 175 until 3 p. m. Feb. 13 for the
$60,000,000 new ordinary stock to the extent of 30% of
their respective holdings. Subscriptions are payable at the
Bank of Montreal, London, New York or Montreal, in five
equal installments of $35 per share in 1913, viz.: Feb. 13,
April 14, June 16, Aug. 18 and Oct. 20. Interest at 7% will
be paid in October on installments up to and including that
of Aug. 18 1912, if paid on or before due dates. All shares
on which installments have been paid in full on the due dates
will rank with the existing stock for the full dividend accruing
for the quarter ending Dec. 31 1912. A circular stating the
terms of subscription and payment, and enclosing warrants
of subscription, will be mailed to shareholders on or about
Jan. 15. See also V. 95, p. 889.—V. 95, p. 1331, 1037.
Central Park North & East River RR., New York.—
The proceeds of such sale, with other cash to becomeavailable therefor,
Judge Lacombe in the U. S. District Court on Nov. 21 confirmed the
will be applied,as the work is completed,to the payment of the balance of
Mr. Cornell
$7,787,375. due on capital expenditures heretofore authorized by the board, sale of the road on Nov. 14 to Edward Cornell for $1;673,000already paid,
paid $116,300 into court, which, with the $50,000 deposit
namely: for the construction of new branches, additional equipment,
permanent bridges and trestles, yards and terminals, shops, double track, made the required 10% of the purchase price. The balance is to be paid
creosote and rock-crushing plants,'automatic block signals and telephone by Dec. 21.—V. 95, p. 1331, 1272.
circuits, and other additions; and to the payment of $6,120,000, the amount
Chicago Fox Lake & Lake Geneva RR.—Receivership.—
of this company's subscription to the increased capital stock of the LouisJudge Kavanaugh in the Superior Court at Chicago has apville & Nashville RR.—V. 95, p. 1121, 967.
Baltimore & Ohio RR.—Mergers Approved.—
The stockholders on Oct. 18 approved the merger of the Pittsburgh &
Connellsville RR., Berlin RR., Salisbury RR., Mt. Pleasant & Broad Ford
RR., Ohio River & Baltimore Short Line Ry. Somerset & CambriaRR.,
Glenwood RR. and Fayette County RR., Ohio River RR., Parkersburg
Branch RR. Ripley & Mill Creek RR., /tavenswood Spencer & Glenville
and Huntington & Big Sandy RR. Compare V. 95, p. 681, 1121.—V. 95,
p. 1268, 1277, 1121.
Bartlesville (Okla.) Gas, Elec. & Ry.—Successor.—
pointed F. B. Bronder of Franklin Park, receiver.
Chicago & Northwestern Ry.-6,052 New Cars Etc.
The company has recently ordered 11 Pacific type passenger locomotives,'
15 Mikado locomotives and 45 consolidation locomotives from Am. Locomotive Co. and 29 switching locomotives from the Baldwin Locomotive
Works; also 1,000 box cars, 500 flat cars, 1,000 steel ore cars and 42 steel
cars for passenger service from the Pullman Company and 1,500 steel underframe box cars, 2,000 steel gondola cars and 10 steel smoking cars from
Am. Car & Foundry Co.
--V. 95, p. 1039.
This company was incorp. in Dela. Nov. 16 with $1,000,000 of auth.
cap. stock as successor of Bartlesville Interurban By., &c.(V. 95, p. 749).
See Utilities Improvement Co. in V. 95, p. 1045.
Chicago Peoria & St. Louis Ry.—Foreclosed.--At the
sale in Springfield, Ill., on Nov. 18, under foreclosure of the
Bartlesville (Okla.)Interurb. Ry.—Company's Successor consol. mortgage, the property of the old Railway Co. was
bid in for $750,000 by the reorganization committee, per
See Bartlesville Gas, Elec. & By. above.—V. 95, p. 749.
Boston Elevated Ry.—New Debentures.—The $5,000,- plan in V. 89, p. 1141. Compare V. 95, p. 1122, 968, 889.
Chicago Railways Co.—Purchase of New Mileage.—
000 bonds which the company proposes to issue will prob--V. 95, p. 1331, 1206.
See Suburban RR. Co. below.
ably be debentures, not mortgage securities as originally.
planned. If the company does not issue a mortgage seCincinnati & Columbus Traction Co.—Decision.—
The U. S. Supreme Court on Nov. 11, sustaining the Commerce Court
curity, its present debentures will remain unchanged.
order of the Inter-State Commerce Commission, held that
and annulling an
the Baltimore & Ohio Southwestern and the Norfolk & Western (steam)
roads cannot be compelled to grant physical connections with the company
at several crossings in Southern Ohio. The Court did not pass upon the
question of the power of the Commission to require steam roads to grant
connections with electric lines as such nor upon the scope of the meaning
of "lateral branch," but rested its decision on the finding that in this case
Boston & Maine RR.—Stock Issue Approved.—The the roads intercepted in such a manner, and were built with such purposes,
a lateral branch.
Maine RR. Commission has sanctioned the increase of that the electric road could not beopinion, said: "The Commission stated
Justice Holmes, who wrote the
$10,663,700 in common stock, but reserved decision on that it based its conclusion more largely upon its own investigation than the
testimony of witnesses. It would be a very strong proposition to say thai.
proposed issue of $7,500,000 bonds.
the parties would be bound in the higher courts by a finding based on speShares Purchased (Represented by Short-Term Notes) to be Permanently cific investigations made in the cases without notice to them. Such an
Fznanced by the New Stock Issue.
different from a view by a jury taken with notice and
investigation
Av.perSh. Date Purch. subject to theis quite a court, and different again from the question of the
Cost.
Amt. Purch.
order of
$5,044,900
$5,047,996 $100.06 Lii to Oct'12 right of the Commission to take notice of results reached by it in other cases
Maine Central
Aug. 1911 when its doing so is made part of the record, and the facts thus noticed are
220.51
280,000
617,448
Boston & Lowell
Apr. 1912
160.00
533,600
Concord & Montreal.._ _ _ 333,500
that matters of law are saved."—V. 94, p. 278.
10toJ'ne'12 specified so
153.95
4,770,098
Wore. Nash. & Roch__
3,098,400
The company reports to the RR. Commission the condition of the improvement and addition account as follows: Balance available for authorized
Purposes, $1,278,137; excess expenditures over amount authorized, $6,292,425; estimate for further expenditures to Nov. 1 1914, $8,365,000.
The balance sheet of Aug. 31 1912 shows floating debt of $8,480,856.—
See also V. 95, p. 1272.
$8,756,800 $10,969,142
Total
—V. 95, p. 1206, 1200.
Boston Revere Beach & Lynn RR.—
The stockholders have ratified the purchase of the Point Shirley Street
By.for which $30,000 bonds will be issued. Compare V. 95, p. 1121.
Bridge Operating Co., New York.—Decision Affirmed.
The Appellate Division of the Supreme Court, First Department, on
Nov. 15 unanimously sustained the order of the P. S. Commission made on
April 11 last reducing the local fares over the Williamsburg Bridge from 3
cents to 2 cents for single trips, or from 2 tickets to 3 tickets for 5 cents.
This will result in a saving of from $80,000 to $90,000 a year to the public.
Commissioner Maltbie in the opinion found that the company was making
a profit of over 100% upon its authorized capital, or over 200% upon the
present value of the property. Earnings for the year ending June 30 1911
were $252,387, and the total deductions, including operating expenses,
taxes and rentals, $140,200, leaving a surplus $112,08'7. The company
claimed that deductions for depreciation and amortization aggregating
36,400, should be made from this amount. The fixed capital on the basi
of cost was figured at $100,734, although the present value of the property
was estimated by the Commission at only $45,400 (certain track, roadway
and terminal property originally built being no longer used). The company
was formed in 1904 by the New York City By. and the Brooklyn Rapid
Transit Co., each taking one-half of the $100,000 stock, and in the same
year the Bridge Commissioner made a contract for the operation of local
cars at the prices charged by the company, which have been ordered to be
reduced. The contention that the operation of cars by the allied companies
over the bridge was conducted at a loss and that the profits of the Bridge
Operating Co. should be regarded as an offset to these losses was overruled.
Cincinnati New Orleans& Texas Pacific Ry.—Earns.—
Gross Net (after Other Rentals cFc Pf.Div.Com.Div. Balance,
(*)
Surplus.
June 30 Revenues. Taxes). Income. Interest. (5k).
$
Year—
1911-12..9,756,265 2,994,263 313,992 1,361,089 122.670 330,000 1,494,496
1910-11..9,205,405 2,818,288 440,101 1,353,018 122,670 150,000 1,632,701
* The dividends on the common stock shown above (11% in 1911-12,
consisting of 5% regular and 6% extra), against 5% in 1910-11, wore deducted by the company from profit and loss, but are shown above for the
sake of simplicity.
From the balance as above in 1911-12 was deducted $579,343 for "permanent improvements, additions and betterments," against $606,671 in
1910-11, leaving $915,153 in 1911-12, against $1,026,030.
Stockholders on Nov. 19 authorized the proposed change in the lease,
providing for an increase in rental to the Cincinnati Southern By. sufficien
.
to cover interest and sinking fund on $500,000 bonds. See V. 95, p. 1273
-Colorado Midland Ry.—New Committee Member, &c.
W. de Lancey Kountze of Kountze Bros., has been added to the protective Committee; J. N. Wallace, Pres. Central Trust Co., Chairman.
The sale at auction on Nov. 13 of $523,000 1st M. 4s of the Colorado
Midland at 16% and $737.500 stock of the Rio Grande Junction fly.
(total issue 32,000,000) at 55% marks the closing out of demand notes
due July 11912, aggregating over $300,000, which were held by the Equitable Trust Co.—V.95, P. 1331.
County Traction Co., Chicago.—Operating Agreement.
Lewis Iselin has been elected a director to succeed Harry Yates, who resigned.—V. 95, p. 817, 749.
A tentative operating agreement was made on Nov. 14 at a sub-committee
meeting of the local transportation committee, under which the Chicago
Railways Co. will operate County Traction lines extending into Morton
Park and Cicero. The Traction company is to continue to maintain the
tracks. Objection has been made to the clause providing for the termination of the agreement by either party on 30 days notice. See also Subttrurban RR. below.
--V. 94, p. 630.
New Lines, Bonds, &c.. for which Authority Is Sought.
(1) Canadian Northern Railway.
Line, Swift Current, to auth. lines to MacLeod and Lethbridge.
Agreement with Canadian Pacific By. Co. respecting Regina terminals.
Also to increase the bonding powers of the company.
(2) Canadian Northern Quebec Railway Co.
Line from Montreal, crossing the St. Lawrence River to Levis, via St.
Rosalie Junction, to Sherbrooke or Lennoxville.
Also defining and increasing the bonding powers of the company.
(3) Canadian Northern Ontario Railway Co.
Extension of the line already authorized from Berlin to Toronto:southwesterly to Stratford and St. Mary's, with branch to Woodstock.
the electricity for the Colorado lines. The improvements to be undertaken
by the Denver & Rio Grande, the Central Colorado Power Co. and the Utah
Utilities Co. will aggregate between $20,000,000 and $25,000,000, most of
which will be expended during 1913 and 1914.
Other units will be added from time to time, and eventually the entire
system will be operated by electricity generated by the great power in the
torrents now coursing down the mountain sides and which is only waiting
to be harnessed. This transition from steam to electric power is by far the
most important improvement plan yet announced by the new management
of the Denver & Rio Grande.
Vice-President Brown on Nov. 18 awarded to the Utah Construction Co
of Ogden, Utah,a contract for $1,500,000 for the grading of the new doubt
track detour line over Soldier Summit, where the road crosses tho Wa at •
Buffalo Rochester & Pittsburgh Ry.—New Director.—
Denver & Rio Grande RR.—Electrification.—The com1K Canadian Northern Ry.—See "Annual Reports" above.
has issued
,.com- pany's publicity department 17 announcedthe following:
.
W NewiLines Projected.—The company and its allied
that the first steps in
Vice-Pres. E. L. Brownlon Nov.
panies have given notice of application to Parliament for an electrifying the system are to be taken at once. The first unit to be electhe
Salt Lake City, 114
extension of time for completing their lines and also for the trified will be from Helper, Utah, to Continental Divide in miles, and and
Colorado,
Tennessee Pass, the great
right to construct various additional lines, including one second over electrification of the line from Salida to Minturn, Col.,87 miles.
will involve
The Utah work will be commenced early in 1913, and it is hoped will be
from Montreal to Sherbrooke, Que., 110 miles, with a view,
line over Soldier
the
completed
itlis supposed, to a seaboard outlet through New England to finished, in by the time The new 2% detour is to furnish theSummit is
power for
Utah Utilities Co.
July 1913.
Boston via the Boston & Maine.
the Utah lines, and the Central Colorado Power Co. will probably furnish
NOV. 23 1912]
THE CHRONICLE
1403
Range in Utah. The change involves the building of 15 miles of new line
Mid-Crosstown Ry., N. Y. City.—Decision.—
and reduces the grade from 4 to 2%. Construction will begin at once.
The I'. S. Commission on Nov. 5 denied the application
and be completed Aug. 1 1913. The work will be very heavy, and includes
for permission to issue $500,000 stock, $200,000 in 1st M.of the company
one tunnel 255 feet long. There will be no bridges but numerous concrete
5% bonds and
arches. The90
-lb.steel rails will be rolled by the Colorado Fuel & Iron Co. $300,000 5% adjustment income bonds. The company is a reorganization
Vice-President E. L. Brown says that steam locomotives will still be of the 28th & 29th Sts. Crosstown RR. The Third Avenue Ry. Co. now
operates the road by storage cars. The opinion of Commissioner Maltbie
used on the branch lines of the road, even after the entire main line is
electrified. An expenditure of about 33,000,000 for locomotives, which holds that there is no justification for the formation of a new company
was recently made will not be lost, for several years' time will be required and the issuance of securities merely in order to sell to the Third Avenue
Ry. but that the latter can buy direct from
to put the entire system under the new power.—V.95, p. 1273, 623,613.
The
mission estimates the value of the property the old company. and Comdebts are about $150,000, the company,it isas.about $170,000, onlyas the
Denver Northwestern & Pacific Ry.—Construction, $20,000 in
stated, could issue
about
securities, as its earning capacity is not sufficient to provide
&c.—Construction was recently begun on the extension from for any profit.—V. 94, p. 487.
Steamboat Springs, Colo., to Craig, about 40 miles.
Mr. Erb says that the failure to approve the proposed issue of $4,000,000
bonds at the State ele,c. on Nov. 5 for building the James Peak (or Moffat)
tunnel, will not interfere with the extension of the road. The Denver &
Salt Lake Construction Co. has been incorporated in Del., with $600,000
stock to do the work. The Chamber of Commerce of Denver, with the
nverofteondng;ftheyrorueameamoodertoensuretie
approval l Mr. Erb, is agitating the authorizationb, the electors of
building of the tunnel more rapidly than the resources of the company
itself would permit. The Board of Supervisors of Denver on Nov. 15
passed a resolution providing for the appointment of a Councilmanic
committee to devise ways and means to promote the building of the tunnel.
The new company to be probably called the Denver & Salt Lake RR., is
to be incorporated shortly, the matter being in the hands of the lawyers.
—V.95, p. 1122, 890.
Missouri Kansas & Texas Ry.—Legislation Sought.—
This company's dependency, the Mo. Kan. & Tex. Ry. of
Texas, gives notice of its intention to apply to the Texas
Legislature of 1913 for authority to take over the following
subsidiary roads under 25-year leases, with option to complete, extend and purchase, and to assume their bonded or
other indebtedness and to give its own stock and bonds in
exchange for their stock and bonds, with the approval of the
Texas Railroad Commission:
Texas
Central RR.
Wichita Falls & Northwestern Ry.
Wichita Falls & Southern Ry.
Wichita Falls & Wellington Ry.
—V.95, p. 1274. 1056.
Wichita Falls Ry.
Denison Bonham & New Orleans RR.
Dallas Cleburne & South West. Ry.
Beaumont & Great Northern RR.
Des Plaines Valley Ry.—Mortgage Filed.—This subsidiary of the Chicago & North Western By. has filed a
Mobile & Ohio RR.—Anti-Trust Suit.—
mortgage to the Farmers' Loan & Trust Co. of N. Y., as
See Southern Ry. below.—V. 95, p. 1198, 1123.
trustee, to secure an issue of $2,500,000 5% bonds maturing
Montour RR.—Extension.—Sale of Bonds.—
March 1 1947. Compare V. 93, p. 1190, 1786.
See Pittsburgh Coal Co. under "Industrials" below.
Erie RR.—Equipment Bonds Authorized.—The P. S. ComNational Railways of Cuba.—New Company.—The commission has authorized the company to issue $2,000,000 pany was incorporated in Delaware on Nov.
equipment trusts, payable in installments for 10 years from 000,000 capital stock, of which $16,500,000 20 with $20,is common and
Dec. 2, at 97.23 and accrued interest.
$3,500,000 6% non-cumulative pref. (par $100). Bonds,
Drekel & Co. will purchase the issue. The agreement will provide for
the construction of 1,500 steel underframe box cars, 30 Mikado locomotives it is stated, may be issued later.
The company has taken over the Puerto Principe & Nuevitas
and 5 locomotives a the Pacific type.—V. 95, p. 962, 975, 818.
p. 1274), extending from Camaguey to Nuevitas, Cuba, 45.6 Ry.(V. 95,
miles, with
branch to Central Redencion (5 ft. gauge),
Georgia Southern & Florida Ry.—Earnings.—For yr.: 42 miles (single track standard gauge), and and the Jucaro & Moron Ry.,
June 30
Opera ing Operat'g
Other
Interest, Divs.
Bal,,
Year—
Revenues. Inc.
Inc.
&c.
Paid.
Sum.
1911-12
32,447,589 $423,109 $86,695 $334,814 $88,400 $86,590
1910-11
2,399,398 457,845 125,628 329,448 88,400 165,625
Dividends include yearly 5% ($34,200) on first pref. stock and 5% ($54,200) on second pref. stock.—V. 95, p. 1122.
Grand Trunk Pacific Ry.—Line Opened.—The line
between Moncton, N. B. and Edmonton, Alberta, 230 m.,
was opened for traffic on kov.
20. A tri-weekly service will
be maintained for the present.—V. 95, p. 1217, 750.
Grand Trunk Ry. of Canada.—Proposed Traffic Contract.—It was announced this week that a 25-year traffic
agreement between this company and the N. Y. New Haven
& Hartford RR. has been indorsed by the directors of the
former road, signed by President Mellen and submitted to
President Chamberlain of the Grand Trunk and the directors
of that road in London. It is likely to be some time before
the matter is acted upon.
It has not yet been determined whether the partly-constructed line of
the Southern Now England RR. to Providence is to be abandoned in the
event of the ratification of the traffic agreement by the Grand Trunk Ry.
Attorney-General Wickersham has, at the request of the Rhode Island and
Massachusetts State authorities, been inquiring into the matter with a view
to possible Federal action to restrain the carrying out of the contract; but
no decision has yet been reached as to whether any steps will be taken.—
V. 95, p. 1331, 1207.
Hocking Valley Ry.—New Director.—
H. E. Huntington has been elected a director and member of the executive committee, to succeed Gen. Thos. H. Hubbard, who resigned.—V. 95,
p. 1122, 814.
Houston & Brazos Valley RR.—Trackage to Houston.—
A five-year trackage agreement has been made for the use
of the International & Great Northern By. between Anchor
and Houston, Tex., 40 miles, effective Nov. 10.
The company
owned from Anchor to Velasco, Tex. 20.2 miles, and the
road has been extended from Velasco across the Brazos River to the new
'
town of Freeport and to Light House, 3.4 miles. A double daily passenger
service from Velasco and Freeport to Houston has been inaugurated.
—V. 95, p. 297.
Kentucky & Indiana Terminal RR.—
The new double-track bridge, 2,713 ft. in length, with approaches 2,026
ft., will be formally opened on Thanksgiving Day, the parts having been
finally connected on Nov. 15 and the laying of tracks since laid.—V. 95,
p. 297. 1126.
Lehigh & New England RR.—Increase of 101 Miles in
Road Operated-31 Miles Owned, Remainder Trackage.—
The company's operated mileage has been increased from 170 miles (as of
Juno 19111 to 271.87 miles, the latter consisting of 158.07 miles owned,
8.5 miles leased and 105.30 miles operated under trackage rights. The
Increase, 101 miles, includes:
Now branch from Danielsville towards Tamaqua, Pa
New trackage—Swartswood Jct., N. J. to Little Ferry, N. J.31 miles
(N. Y. Susquehanna & Western RR.)
61 miles
Haute, and Summit Hill to Tamaqua,Pa.(Lehigh Coal & Nay.) 9 miles
—V. 95, p. 111.
also the North Coast Ry.
cession recently granted by the Cuban Government under which roads conwill
be built connecting Camaguey with Santa Cruz del Sur and Nuevitas
(Camaguey Province) and Caibarien (Santa Clara Province). The
main
line along the north coa.st will be about 185 miles in length, and the extension of the Puerto Principe & Nuevitas line to Santa Clara del Sur on the
south coast. At Nuevitas, the only deep-water port on the north coast
between Matanzas and Nine, wharves are being constructed to accommodate vessels of 30 feet draft.
The north coast road will pass through the iron ore lands of the Lackawanna Steel Co. and Witherbee, Sherman & Co., who expect, it is stated,
to be mining 1,000 tons a day by the time the road is finished. The lands
whose product will be brought to the Port of Nuevitas are primarily sugar
lands. The company plans to build two large sugar mills, in addition to
the mill nearing completion at Moron, that will have a capacity of 50,000,000 pounds a year. The road will touch the American colony of La Gloria,
whose production of citrons fruits is said to bo the finest that can be produced, and it is expected that within 6 years they will be shipping 1,000,000
boxes of the fruit, against 50,000 boxes now exported.
The President is Roland R. Conklin of No 1 Wall St., N. Y.(who is also
Vice-Pres. of the Central Cuba and Central Noron sugar companies, and
associated with the National Bank of Cuba, Cuban Telephone Co.and other
large enterprises in Cuba. Other officers and directors are Col. J. M.
Tarafa, Stanley L. Conklin. Cecil A. Clarke, Lionel Emdin, Haydock H.
Miller, Howard K. Wood, H. 0. Coughlan, Joseph F. Qurtin, J. M. Satterfield and A. J. Besuzzi.
Newport & Providence (Electric) Ry.—Mortgage.—The
company has filed a mortgage to the Augusta Trust Co. of
Augusta, Me., as trustee, to secure an issue of $300,000
1st M.5%20
-year bonds, dated July 11912, all outstanding.
I'ar $500. Interest
J. & J. at office of trustee.
red. on any irt. day at par. Capital stock is now Principal due 1932, but
In $100 shares, $150,000 being non-cum. pref. $450,000, all outstanding,
The outstanding issue of
3425,000 1st 20-yr.5s due 1925 has been "paid and canceled."—V.78,p.
2599.
New York Central & Hudson River RR.—All Sold.—
Lee, Higginson & Co. and Kissell, Kinnicutt & Co. announced on Nov. 18 that the issue of $5,220,000 432%
B. & A. equipment trusts had all been sold. See offering
in V. 95, p. 1332.
New York Central Lines.—New Equipment Trust.—The
directors of the N. Y. Central & Hudson River RR. Lake
Shore, Michigan Central, Cleve. Cincin. Chic. & St. Louis,
'
Pittsburgh & Lake Erie and Toledo & Ohio Central companies
on Nov. 20 adopted a resolution authorizing a joint equipment trust for $24,000,000, to pay for cars and locomotives
to be delivered next year. The Guaranty Trust Co. of
New York will be the trustee.
This action is merely of a preliminary character. The details as to rate
of interest and other terms will be announced later. Orders have already
been placed for 220 locomotives, 25 electric motor cars, 4,000 freight and
223 passenger, baggage and postal cars, sufficient to take up only one-third
of the issue authorized to-day.—V. 93, p. 1726.
New York State Rys.—Board Increased.—The board
having been increased from 9 to 15,the following were elected:
Harold T. Brewster, Allan C. Forbes, Syracuse; Charles B. Rogers,
Uzica; Robert M. Searle, Rochester; and Alfred H.Smith and Harold S.
Vanderbilt, New York.—V. 95, p. 1208, 1040.
New York New Haven & Hartford RR.—Notes Offered.
Massachusetts Electric Cos.—Notice to Pref. Shareholders.—Treas. Goodspeed, in a circular dated Boston, Oct. 31, —J.P. Morgan & Co., the First National Bank and the National City Bank, all of New York, offered on Nov. 21 1912,
sa,ys in substance:
A dividend of 2% per share has been declared and will be paid Jan. 1 at 9932 and int., $40,000,000 one-year 5% notes dated
1913 on pref. shares of record Dec.5 1912. Pref. shareholders who have not Dec. 2 1912 and due Dec. 1 1913, to be
paid for at the option
already accepted the offer of Dec. 30 1911 (V. 94, p. 68) should, if they
desire to participate in the dividend of Jan. 11913, accept this offer before of the purchaser on any day from Dec. 2 to Dec. 16 1912.
Dec. 5 1912, as only in this event can the shares offered by circular of Interest (from Dec. 11912) payable
June 1 1913 and Dec. 1
Dec. 30 1911 carry the January dividend. The offer has now been accepted
by 187,339 shares out of 205,574 shares outstanding, and the trustees have 1913. These notes are in coupon form, endorsed in blank,
voted that it be withdrawn on Dec. 5, except in such individual cases as in denominations of $5,000, $10,000, $25,000 and $100,000.
their opinion the interests of the trust may warrant.—V. 95, p.
1123. 750
The notes have been over-subscribed, but for record are
Mexico Tramways.—$3,500,000 New Stock Offered.—
advertised on another page.
Shareholders of record Nov. 16 and holders of bearer shares
Allotments of the above notes may be paid for in the 4%
same on or before Nov. 28 are offered the right to subscribe at who deposit
par, $100 a
share, on or before Nov.28,for the final $3,500.000 of the auth. $20,000,000 notes ($30,000,000) due Jan. 15 1913 (V. 94, p.
124) at par
capital stock, to the extent of seven thirty-thirds of their respective holdings, subscriptions to be paid 10% with application and 90% on Jan. 10 and int. The proceeds of $10,000,000 of the new notes will
1913. The new certificates will be ready on Feb. 1, when 7% per an. to be used to pay maturing notes of subsidiaries and for purJan. 31 will be allowed on the installments paid.
chasing new equipment.
The proceeds will be used "for extension of the tramway system, for
Proposed Traffic Contracts.—See Grand Trunk Ry. of Canvances to subsidiary companies in connection with the developmentsadof
plants and business, repaying temporary loans therefor," &c.
their
ada above.—V. 95, p. 1123, 1207.
Subscriptions, with cheque on basis of each $10 equaling .C2 is.
id. or
frs. 51.80) and assignments o rights may be delivered at the Canadian
Ocean Shore RR., California.—New Officers &c.—
Bank of Commerce, Toronto, Bank of
F. W.Bradley,former
Scotland, London, E. C., or at
various banks in Brussels, Liege and Antwerp. Compare V.
94, P. 1623
V. 95, p. 1274.
Chairman of the Board, has been elected President
and Alfred Williams, former President, Vice-President and General Manager. J. W. Crosby remains Secretary and Treasurer.
THE CHRONICLE
1404
Directors: Charles C. Moore, F. W. Bradley, Maurice Schweitzer,
- R. R. Robbins, Henry E. Bothin, John E. Sutter and C. E. Lilly.
Earnings for the 11 mos. from Dec. 11911 to Nov. 1 1912 were: gross,
$240,919; net, $22,026. Cash on hand Dec. I 1912, $78.062.—V. 94, P
1627.
Pacific Great Eastern Ry.—Subsidiary Co.—
Letters patent have been issued to the Pacific Great Eastern Developwith $250,000 (nominal) stock, by the Provincial Government Co.,
ment of BritishColumbla, to act as a subsidiary of the railway. The powLtd.,
ers conferred include the right to operate hotels and electric railways,
develop water powers and conduct a general land and real estate business.
It will be vested with land at Newport and other towns along the proposed
line acquired for other than railway purposes.
--V. 95, p. 1332, 481.
Portland Eugene 85 Eastern (Electric) Ry.—Acguisition.—The company, it is stated, has purchased, from the
Portland By., Light & Power Co.,the Willamette Falls By.,
9 miles long, for a consideration said to have been $200,000.
The road Is to be used as part of the electric system between Portland and
•
alezn.—V. 95, p. 420. 48.
Portland (Me.) Terminal Co.—Bonds Sold.—
The $4,500,000 1st M. 4% gold bonds offered last week have all been
sold. Compare V. 95, p. 1332.
Richmond& Rappahannock (Elec.) Ry.—PurChaSe,cte.
See Virginia By. & Power Co. under "Annual Reports."
Saginaw (Mich.) & Flint Ry.—Decision.—
The Genesee Circuit Court in the suit brought by the company held that
-cent fare within the entire city limits.
the company must put into effect a 5
The city annexed a large amount of territory through which the company
operated its cars. The company contended that the annexation did not
affect its right to charge a second fare in the territory annexed, and ques-cent
tioned the legality of the annexation. The franchise providing for a 5
fare within tho city limits, it is stated, applies to the extension of the
limits.—V. 94, p. 983.
-2d DiviSt. Louis Rocky Mountain & Pacific Co.
.—A second dividend of 1h% has been declared on the
dend$1,000,000 5% non-cumulative pref. stock, payable Dec.31
to holders of record Dec. 10. A disbursement of the same
amount was made on Aug. 31.—V.95, p. 1332, 1197.
Seattle Renton & Southern Ry.—Valuation Ordered.—
Judge Frater in the Superior Court on Nov. 11 granted the motion made
by former President William R. Crawford directing the State Public Service
Commission to make a valuation of the physical property of the road.
The Court held that as the city may commence condemnation proceedings
to acquire the road and also that the receivership suit is pending, a valuation by the Commission would be helpful. The motion was opposed by
the interests represented by Peabody, Houghteling & Co., who in behalf
of the bondholders are negotiating to adjust the differences between the
company and the city.
The State Supreme Court on Nov. 16 affirmed the action of the King
County Superior Court in appointing a receiver for the road.—V. 95, p.
1208. 751.
Southern Ry.—Suit.—Atty.-Gen. Ross A. Collins of
Mississippi on Nov. 14 brought suit in the Chancery Court
of Lauderdale County against the Southern Ry. Co. of Virginia, Southern By. Co. in Mississippi, the Alabama Great
Southern RR. and the Mobile & Ohio RR., praying for a
forfeiture of the charter and right to do business in that State
of all of said companies, and requesting that fines be imposed
aggregating fr.pm $1,000,000 to $40,000,000, according to
whether the m%ximum or minimum penalties provided by the
State laws should be imposed.
[VoL. Lxxxxv.
25 ft. than Niagara, and the Blue Lakes Ranch,3 miles north of Twin Fails.
Our cars will run to the top of the grade leading to this unique ranch in the
canyon 600 ft. below; 15,400 people visited this ranch in 1911. Sec.Treas., R. R. Spafford. See also V. 95, p. 681.
Underground Electric Rys., London.—Agreement
Reached Looking to Greater Co-Operation of the Tube, Tramway
and Motor Bus Service of London.—Speyer & Co. say:_
Negotiations have been conducted for some time between the Underground Co.and the representatives of the Central London By., City & South
London and Metropolitan Electric Tramways Co. which have resulted in
'
an agreement to offer all the stockholders of the latter companies an exchange of securities or a guaranty of minimum dividends, which will be
made publicly to all the stockholders and recommended by the respective
boards. If this offer should be accepted (as is probable) by the stockholders
of these companies, it would in effect give the Underground Electric RYs.
Co. of London sufficient influence in the companies to carry out a policy
of co-operation for handling the immense traffic of London. This would
result in greater co-operation and co-ordination of underground railways,
tramways and motor bus services, and would also result in increasing the
facilities, and comfort and safety of the passengers, and consequently would
be of benefit to the owners of the properties concerned. This scheme does
not require the Underground to issue any now securities.—V. 95, P. 478.
United Railways Co. of St. Louis.—Decision.—
The Supreme Court of Missouri en bane on Nov. 14 by a vote of 4 to 3
affirmed the decision rendered in the St. Louis Circuit Court in the suit
brought by J. Brooks Johnson and others to recover judgments aggregating $63,834, which were obtained for personal injuries, against the St.
Louis Transit Co. The latter was taken over in 1904. The Court approved
the doctrine laid down by the St. Louis Court of Appeals in the Barrie case.
The outstanding claims of this nature have been variously stated as from
$90.000 to $250,000, a large amount having, it is reported, been acquired
by the United Rys.—V. 95, p. 1124.
Wabash RR.—Purchases Authorized.—
Judge Sanborn in the U. S. District Court at St. Paul, Minn.,on Nov. 18,
signed orders authorizing the receivers to expend $200,000 in the purchase
of 3 large ferry boats from the Michigan Central RR. to carry cars across
the Detroit River and $50,000 for the repair of ferry boats.; also $75,000 in
the purchase of the Detroit & Western RR. Co.'s capital stock and to accept certain ordinances in Kansas to facilitate the construction of a new
depot in Kansas City. The Detroit & Western is a small road 1% miles in
length, which crosses the main streets of Detroit. It is proposed to extend
the road to connect with the outer belt line of the Grand Trunk and the
Michigan Central, putting the Wabash in a position to offer the two roads
trackage.—V. 95, p. 1209, 1115.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Brake Shoe & Foundry Co., N. Y.—Rights.
The directors have decided to issue 81,000,000 new prof. and $1,000,000
new corn. stock. Stockholders of record Nov. 30 have the right until
Jan. 2 to subscribe for the same at $215 per unit, consisting of one share of
pref. and one share of corn. stock to be subscribed for together. As there
is outstanding $3,600,000 corn. and $4,000,000 pref. stock, the ratio of'
subscription is 26.3158% of present holdings. A holder of 100 shares of
corn. stock ($10,000) will be entitled to subscribe for 13.1575 shares
($1,315 75) of the new pref. and also new corn. on the basis named.
Arrangements have been made with Pomroy Bros. of 30 Pine St. to buy
any fractional amount that stockholders may desire to sell at the rate of
$235 per unit, and to sell fractions at the same rate to any stockholder
desiring to purchase a fractional amount necessary to make up a full unit.
A letter to stockholders states that the directors have had the opportunity
to buy four car-wheel foundries located in the South at an attractive price
and the larger part of money received from sale of this stock will be used to
pay for them, the remainder to strengthen company's cash resources as
recommended by the finance committee—V. 94, p. 204.
American Surety Co. of New York.—New Stock, &c.—
The plan contemplates paying in December an extra dividend of 100%
The bill alleges that the purchases in 1895 of a controlling interest in
the stock of the Alabama Great Southern and in 1901 of 75% of the stock $2.500,000 to $5,000,000 also on amending the company's charter rights.
of the Mobile & Ohio were these of stock of parallel and competeing lines,
The plan contemplates paying In December an extra dividend of 100%
in violation of the Mississippi code of 1892 and 1906.
out of surplus, with the right to existing stockholders to apply the same to
subscribing for the new stock at par. The company will then have a capital
Statement of President Finley.
The railroad companies regret that the Attorney-General of Mississippi of $5,000,000, a surplus of about $1,500,000 and assets of more than
is of the opinion that the facts in this matter justify the bringing of this suit. $9.000,000. William Skinner (Vico-Pre3. of N. Y. N. H. & Hartford RR.)
The officers of the several railroads involved are confident that no law of has been elected a trustee.—V. 95, p. 1041.
the State of Mississippi has been violated by these railroad companies.
-1610,000,000
American Telephone & Telegraph Co.
Especially is this true inasmuch as the comsummation of the transaction,
now more than ten years ago, was with the consent of, in the manner pre- Fund for Employees' Pensions, Disability Benefits and Inscribed. and on conditions stipulated by, the proper officers of the State
last week that a fund of
of Mississippi,and we believe that when the Attorney-General becomes ac- surance.—The company announced
quainted with all the facts on both sides of the issue,he will so conclude.- $10,000,000 for pensions, sick benefits and life insurance
-V.95, p. 963, 968, 971, 681.
of every rank,
1 for the
employees,
would be available on Jan.
Lines.— in the Bell system and its associated interests, said employees
The Chicago Railways Co. has completed arrangements for purchasing
nearly all the mileage of the Suburban RR. inside the city limits, and will numbering 130,000 and 45,000 respectively, total 175,000,
soon be authorized by the Board of Supervising Engineers to issue bonds representing a yearly pay-roll of about $115,000,000, and
to cover the cost. The property taken over includes:
Track in 52nd Avenue, from West 12th St. to Chicago & Northwestern with their families and dependents amounting to over 250,right-of-way and in West Harrison St. from South 60th Av. to S. 48th Av. 000 people. This $10,000,000 fund will be made good from
A valuation is being fixed by the Board. An ordinance has been preby the parent compared which the City Council will be asked to pass permitting the purchase. year to year by annual appropriations
As the amount of bonds to finance the deal will not beiarge,there may pany and its associated companies, the Western Union
-cent-fare provision will
possibly be no public offering at nresent. The 5
Telegraph Co. and the Western Electric Co., this provision
be extended over the new lines.—?. 94, p. 632.
the various companies inTwin Falls (Ida.) Ry.—Bonds Offered.—Lewis Bros. & being entirely at the expense ofof any kind from the emterested, without contributions
Co. Boston, are placing at 100 and int. $125,000 1st M.6%
The official resume of the plan 'shows:
sinking fund gold bonds, dated June 1 1912 and due June 1 ployees themselves.
in service, may,on reaching
years or
Pensions.—Male
$1,000, the ago of 60, retireemployees, 20and aftermore
1932, but red. after June 1 1917 at 105 and int. Par,
25 years service may be retired
on pensions,
at Chicago and New York. at co.'s option at age of 55 years. Pension ages of female employees five
$500 and $100. Int. J. & D.
years less than the above. Any employee 30 years in service, regardless of
Trustee, Central Tr. Co. of Ill. Total auth. $3,000,000.
age, may be pensioned on approval of President. Amount of pensions 1%
Suburban
Railroad,
Chicago.—Sale
of
Condensed Letter from Pres. I. B. Perrine, Twin Falls, Ida. Oct. 12.
'
City of Twin Falls.—Itapidly growing city; centre for the people on nearly
just begun. City
a million acres of irrigated land, with developmentcourt-house, costing
already has 3 school-houses which cost $250,000; new
$150,000; asphalt streets. sewers &c. In five years the city should double
its population. Entire city admirably suited for fruit-growing; thousands
of orchards planted. It is estimated that not less than 100,000 people will
be established on the several Twin Falls tracts during the nest five years,
all contributing to the prosperity of the railway.
Railway Operated with Storage-Battery Cars.—First installation, 12 miles,
from Oregon Short Line RR. station at city limits to Shoshone Falls, and
back to the city by another route. Will serve a total pouplation (city and
county) of some 20,000. Extensions projected when conditions warrant
to towns of Kimberly and Hansen and Jerome and Buhl. Rails, steel,
-lb. in country; only one short grade over
-lb. on paved city streets, 60
80
2%, and that only 2%%.
Will haul at a time several loaded cars of the Oregon Short Lino RR.,
with which we have a 25-year contract for the interchange of traffic and
cars, thus affording to the Twin Falls district an outlet for fruit, hay,
potatoes, live stock,
in car lots. Cars equipped with Edison storage
&c.,
batteries; favorable contract has been made for purchase of inexpensive
hydro-electric power for charging same.
Franchises cover all principal streets of city and county highways and
run until 1961, without unusual restrictions.
Bonds.—Additional bonds, limited by careful restrictions to not over
80% of actual cost of additions, extensions or improvements. [Issue limited
to $3,000,000.—Ed.) Sinking fund will draw and call in at 105 and int.
.annually beginning June 1 1922,2% of the highest amount of bonds then out.
Earnings.—Should aggregate $100,000 gross for year 1913, and net, $45,000; interest charge, only $7,500. In addition to large earnings from local
passenger and freight business, will derive a large income from the excursionists who wish to visit the great Shoshone Falls (1,000.ft. across, descent
$O fb. greater than at Niagara), the neighboring Twin Falls, also higher by
of average annual pay for ten years multiplied by Years of service. Therefore, a man 30 years in service witt get 30% of his average salary during
last ten years' service, but in no case less than $20 a month.
Disability Benefits, in Case of Accidents Due to Performance of Work for
Company.—(a) For total disability, full pay for 13 weeks and half pay for
the remainder of disability, up to six years. (b) For temporary disability,
full pay for 13 weeks and half pay until able to earn a livelihood, not exceeding six year.
Sickness Benefits for Employees Disabled by Sickness or Accident Outside
of Regular Course of Duly.—(a) If 10 years or more in service, full loay for
13 weeks and half pay for 39 weeks. (b) If from 5 to 10 years in service, full
pay for 13 weeks and half pay for 13 weeks. (c) If from two to five years
in service, full pay for four weeks and half pay for 9 weeks. (d) If less
than 2 years in service, at discretion of heads of departments, pay may be
continued during temporary illness.
Life Insurance.—(a) In case of death resulting from accident due to performance of work for company, an amount equal to three years' pay will
be paid to dependents of the employee, maximum payment 55,000. (b)
Upon death from sickness or accident outside the business, one year's pay
for employees 10 years or more in service, and one-half of ono year's pay
for employees from five to ten years in service, maximum payment $2,000.
If any State statutes provide more liberal compensation, statutory provision to prevail.
The Am.Telephone & Telegraph Co. has set aside from its surplus a fund
which provides for those whom it directly employs, and also provides a
reserve upon which, under certain conditions, the Associated Companies
may draw. This fund is supplemented by funds set aside by each company.
The total appropriations will aggregate something more than $10,000,000.
The benefits, it is estimated will cost annually about $1,000,000 more than
the present payments on this account.
The administration of the funds will be in the hands of committees of
five, appointed by the directors of each company, with the Employees'
Benefit Committee of the Am. Telephone & Telegraph Co.in general juris-
Nov. 23 1912.]
THE CHRONICLE
1405
diction over the plan for the entire system and specific authority as to the
company's own employees' benefits. (Compare V. 95, p. 1294.),
Commonwealth Edison Co., Chicago.—Purchase—Explanation.—Pres. Samuel Insull, writing to "Chicago EconoWestern Telep. & Teleg. Dissolved and Its Bonds Assumed.— mist,"
Nov. 7, said:
See that company below.—V. 95, p. 681, 482.
The statement in
"Economist" to the effect that
American Tobacco Co. N. Y.—Official Statement as to the Commonwealth last week's issue of the July 1 the Continental & ComEdison Co. "took over
mercial National Bank Building
Result of Disintegration
123/-page typewritten in the "Economist" of Jan. 13"in accordance with the plan as set forth
2
The
as follows:
statement, signed by President Percival S. Hill, was made I have purchased, individually, is erroneous. stock facts areCommercial
the capital
of the
National
public on Nov. 18 reviewing the effect of the dissolution from the Safe Deposit Co., which owns the building. Any profit accruing
transaction will go to the Commonwealth Edison
decree. The subject is discussed under headings:
ultimate benefit I made the purchase. There has been no Co., for whose
assumption
(1) The decree itself. (2) Company required to distribute among its
stockholders securities that had produced an annual income of more than
$9,000,000, and that therefore had a total value of substantially $100,000,000. Had company never possessed the things of which It thus denuded
itself, it is likely that it would never have been proceeded against as a
monopoly. (3) Creation of new companies produce a competitive condition. (4) (Offset to] common ownership of stock. The company's common stockholders numbered more than 1,100; the decree provided that
full voting rights be given to the pref. stockholders, numbering over 6,000,
who theretofore had had no votes.
(5) Injunctive features of the decree. These injunctions, if obeyed,
insure the reality of competition, and, if disobeyed, detection is certain
and personal punishment imminent. (6) Course of business since the
decree. (7) Changes in stock ownership. Progress evident from public
sales and transfer books. (8) Effects of competition on purchase of raw
material. Temporarily higher prices. (9) Why and how the consumer
controls the tobacco business. (10) Why price-cutting does not increase
the manufacturer's business. (11) Manufacturers cannot control prices
charged by retailers. (12) The most effective methods of competition.
(13) Increase in quantity (also gift coupons, &c.) a better method than
price-cutting. (14) Injunctions prevent secrecy or restraint. (15)
Market value of securities.
The statement ends with, "Undoubtedly in the tobacco business, cornPetitive efforts do increase volume of business, and whether such increase
of volume will serve to maintain or increase the amount of profits in the
face of the additional expense in marketing goods, remains to be seen."
—V. 95, p. 362.
Appalachian Power Co.—$1,000,000 Convert. 6% Notes.
The company has authorized an issue of $1,000,000 2-yr. 6% convertible
coupon notes dated Nov. 20 1912 and due Nov. 201914,of which $500,000
are now issued and are being offered by II. M. Byliesby & Co. and others at
99. The proceeds will bo used for extensions of the dLstributins system
and for further acquisitions. Par $1,000. Redeemable on 30 days' notice at option of company at par and int. and convertible at option of holder
into 75' preferred stock, $ for S. Int. May 20 and Nov. 2() at office of
It. M. Byliesby & Co. in Chicago and N. V.
The Byllesby "Weekly News Bulletin" of Nov. 14 1912 said in subst.:
"The company, which has outstanding 55' bonds,$5,450,000, pref. stock,
$2.180,000 and common stock $6,000,000, has now passed the preliminary
construction stage and become an operating concern. All construction'
projected in the original underwriting agreement has been completed, and
(Ion. Man. Fuller has recently estimated the gross earnings for the calendar
year 1913 at $750,000; net earnings (after taxes) $511,000, or almost twice
the interest on bonds outstanding.
"Since organization, the bonds and stocks have appreciated materially,
the bonds now selling at 82 to 84, pref. stock 75 to 77,common 24% to 25%.
"The company has already secured many large power contracts with
various coal operators, salt, gypsum and other mines and factories, and a
contract covering the sale of power at wholesale to the Roanoke By. & Elec
Co. for distribution in Roanoke Va. With the business already connected
and that now being secured, it is evident that the energy generated by developments Nos. 2 and 4 on the New River (recently completed), having a
combined capacity of 29,000 h. p., will he entirely utilized. As is well
known, the company has three other water-power sites on the New River.
High-tension transmission lines are being constructed as rapidly as possible
to new communities and mining operations. Sub-stadons have been constructed at Roanoke. Pulaski, Bluefield, Switehback and Coalwood, and
one's now under construction at Saltville."—V.93,p.529,874; V.95,p.112.
of
bonds of the safe deposit company by the Edison Co. and there will be
none.
The property will continue to be held and managed
company, I being the holder of its capital stock as aboveby the safe deposit
V. 94, p. 210; V. 95, p. 1042.)—V. 95, p. 1275, 1042. stated. (Compare
Deere & Co. (Plows, &c.), Moline, Ill.—Monthly Sales.
August.
September.
October.
1912
52.564,065
$2,147,227
$1.725.366
1911
1.727,232
1.622.040
1,284.742
Increase
525,187-32%
836.833-495'
440,624-34%
Full figures for fiscal year ending Oct. 31 1912 are not yet completed,
but an official estimate places the amount available for dividends at
$4,345,000, equivalent to 7% on pref. and over 85' on the common stock.
The $37,825,900 7% cum. pref. stock has been listed on the New York
curb.—V. 95, p. 820, 299.
Electric Cable Co., Bridgeport, Conn.—Pref. Stock.—
Thomas C. Perkins, Inc., Hartford, Conn., purchased last May the entire issue of 3500,000 7% cum. pref. (p. & d.) stock (divs. Q.
-F.) of this
company, $300,000 of which was sold at once to retire an outstanding
mortgage and to provide additional working capital to take care of the
rapidly increasing business. A large part of the remaining $200,000 has
now been sold and the remainder is offered at par, in order
to enable the
company to construct a brick
than double its output, and to and steel factory addition which will more
provide still further working
One of the most prosperous manufacturing companies capital.
in the State.
Organized some six years ago in Connecticut, being a
eral companies manufacturing insulated wire, notably consolidation of sevCable Co., of Roxbury, Mass., the original makers the Eastern Electric
of the Clark rubbercovered insulated wire. Manufactures both rubber-covered
and other
insulated wires and cables of the highest quality, used extensively
out the U. S. for electrical installations. Manufacturing plant throughat
port, brick and steel, equipped with the most modern machinery, Bridgemuch of
which is operating continuously at night, and yet of
business offered. Since Jan. 1 1912 the net earnings late unable to do the
have been running at
the rate of $75,000 a year, or over twice the pref. dividend.
Capitalization: Common stock, au diorized, $500,000;
pref. stock (Windsor Tr. Co., N. Y., registrar) auth. and issued, $368,100;
issued, $500,000.
No mortgage debt without the consent of 75% of the pref. stockholders.
Directors: Pres., Edwin W. Moore; Treas., J. Nelson Shreve;
Alfred
Skitt and John Carstensen, N. Y. City; George C. Edwards, Bridgeport,
Conn.; Thos. R. Fisher, Scarsdale, N. Y.
Federal Sugar Refining Co., New York.—Decision,--
The U. S. Supreme Court on Nov. 15 in the suit of the Baltimore & Ohio
RIt. et al against the company and others (which has been pending for
several years , involving lighterage charges in and about New York
harbor, made permanent the temporary injunction previously granted
suspending the order of the Inter-State Commerce Commission. The Commiasion held that the Federal Company was discriminated against,because
of the lighterage allowance of from 3 to 4% cents per 100
to Arbuckle Bros., and ordered that the railroads either pounds given
paying
them, or make similar concessions to the Federal Company. cease original
The
complaint, on the basis of shipments from the refinery at Yonkers was
dismissed by the Commission because Yonkers was held to be outside the
lighterage limits of New York harbor. The Federal Company then brought
its sugar from Yonkers to Pier 24, North River, and again claimed the
same allowances.
The Commerce Court granted a temporary injunction, and an appeal
was taken to the U. S. Supreme Court, which sustained the Commerce
Court and remanded the case for final hearing. The decision just
Borne-Scrymser Co.—Dividends Declared.—
rendered
A dividend of $20 a share(20%) has been declared on the $200.000 stock, holds that the roads have no part in the actual transportation of the Fedpayable Dec. 20 to holders of record Nov. 27. This is the first distribution eral Company's sugar until it reaches the New Jersey terminal (the shipping
of the sugar from Pier 24 to the Jersey terminals by the Ben
since the disintegration of the Standard Oil Co. of N. J.
Franklin
Transportation Co. being termed "a plain device"), while the transportation of Arbuckle Bros.' sugar actually begins from the Jay St.
Brooklyn Union Gas Co.—Extra Dividend of 1%.—
termina
An extra dividend of 1% has been declared in addition to the regular in Brooklyn.—V. 94, p. 70.
% quarterly, payable Jan. 2 to holders of record Dec. 14.
General Motors Co.—New President and Chairman.—
Six months and a year ago similar extra dividends were paid on account of Charles
W. Nash, manager of the Buick Motor Car Co. of
the 9%% difference between distributions made and an average of 6%
Flint, Mich., has been elected President to succeed Thomas
yearly since 1906. Compare V. 94, p. 1451; V. 95, p. 1333.
Previous Dividend Record Since 1900 (Per Cent).
Neal, who resigned to become Chairman of the Board, suc1901-03. 1904. 1905, 1906. 1907. .1908. 1909. 1910. 1911. 1912.
ceeding as a director James N.Wallace.—V.95, p. 1038,1060.
8 yearly.
%
8%
3
0
5i
6
6
6
8
p.91333.
General Petroleum Co.—Option on Union Oil Co.—
See'Union Oil Co. below. The General Petroleum Co. guarantees
Brown Shoe Co., St. Louis.—To Vote on Recapitalization.
the
The stockholders, it Ls stated, will vote Nov.30 on authorizing the forma- bonds of the General Pipe Line Co.(V. 94. p. 1568).—V. 94, p. 985.
atio of a new company, with $16,000,000 authorized stock, consisting of
Great Lakes Coal Co., Pittsburgh.—Deposits, &c.—
36,000,000 7% cumulative preferred and $10,000,000 common. A newsA circular to holders of the 1st M. 5% bonds calling for the deposit
of
paper report says that $3,000,000 of the now pref. and 56,000,000 common these bonds with the Commonwealth Trust
Co.
will be paid for the assets of the old Brown Shoe Co. and $3,000,000 pref. stance: "The cash investment in the propertiesof Pittsburgh says in subof the coal company and
and $1,500,000 common stock will be turned over to Goldman, Sachs & Co. the Western Allegheny RR. Co.(whose
$1,511,100 eap, stock and $1,129and Lehman Bros. to be sold and the proceeds divided among the present
promissory note is owned by the Great Lakes Coal Co.) is approxistockholders of the Brown Shoe Co., the holders of the preferred stock re- 435
mately in purchase of coal land, $900,000; opening and equipping the
colving $100 per share in cash and the holders of the common stock $100 in mines, including tenement houses, &c.. $800.000;
construction and equipcash and 3 shares of common stock of the new company.—V.95, p. 1275.
ment of the railroad, excluding the unpaid interest on advances, $2,250,000.
The original cost of the coal field (20,000 acres) was
F. N. Burt Co., Ltd., Toronto.—$545,000 New 7% and inquiry by the committea would indicate that it about $40 per acre,
has not depreciated
In value. the bonded debt consists of 1st M. 5% bonds due Oct. 1 1944
Cumulative Convertible Preferred Stock.—
The shareholders having voted on Oct. 31 to increase the capital stock as follows: Sold and in hands of investors, $1,856,000; treasury bonds
from $2,250,000, consisting of $750,000 common and $1,500,000 pref.,to pledged on notes, $328,000; treasury bonds on hand, $5.000; total now out
$2.750,000, by the addition of $500,000 new pref. stock, these new shares, standing. $2,189.000. Of the original issue $148,000 have been retired
together with $45,000 of the $69,800 unissued pref. stock, are now offered by the sinking fund.—See V. 95, p. 1125.
at par, $100 a share, on or before Dec. 5 (or Dec. 10 for European holders)
Holland (Mich.) City Gas Co.—Suit in Federal Court.—
to all shareholders of record on Nov. 25, to the extent of one share for every
The company
four shares held by them.respectively Subscriptions are payable at co.'s authorities from has brought suit in the Federal Court to enjoin the city
office either (a) in full at once, entitling the subscriber forthwith to stock 90 cents to 82%enforcing the ordinance reducing the price of gas from
cents per 1.000. Capitalization reported as $200,000
certificates bearing the full regular 7% dividend, r (b) 25% with applica- stock, $184.000
5% bonds duo 1930. J. A. Covode, Pres.
tion. 25% Jan. 15 1913. 25% Mch. 11913, 25% April 1 1913. Installment
Illinois Northern Utilities Co.—Change in Control.—
payments will bear interest at 6% per annum, payt.ble on dividend dates.
See Middle West Utilities below.—V. 95, p. 1123. 1331.
Pres. S. J. Moore,in circular of Nov. 11912,said in subst.: "Our business is steadily expanding, both in the United States and Canada, and
Indian Refining Co.—Majority Dep. Limit Nov.29.—
plant extensions and enlargements have been in progress most of the time
The stockholders' protective committee, Evans R. Dick, Chairman,
during the last two years. Such extensions and enlargements are now nearly
complete. In order to provide for the capital expenditures already made, give notice that more than a majority of the stock has been deposited under
and for additional working, capital, rendered necessary by the growth of the the stockholders' agreement of Nov. 12 and that the time to make deposits
business, it has been decided to increase the pref. stock by $500,000. The thereunder has been extended to Nov. 29 at 10 a. m. See full particulars.
directors believe that it will be unnecessary to further increase the capital V. 95, p. 1334, 1330.
for some years to come."
International Steam Pump Co., New York.—New
Annual Results as Shown by Reports of P. N. Burt Co, Ltd., for Cal. Years. President.—William
B. Dickson [until recently for a number
Profits.
Fees, Pref. Div.
Corn. Div. Reserve. Bat.,Sur.
1011
5178.442 $2,750 $94,381
(8%)$45,000 $25,000 $11,311 of years First Vice-Pres. of the U. S. Steel Corp.] has been
1910
160,901
3,187
52,500 (434%) 33,750
25,000
46,464 elected President, to succeed Benjamin Guggenheim, who
—V. 90 P. 701.
,
lost his life
Calumet & Hecht Mining Co.—Calendar Year's Divs.— continues in the Titanic disaster. William Guggenheim
as Chairman of the Board.—V. 94, p. 1510.
Jackson (N. H.) Co., Nashua, N. H.—Denied.—
A quarterly dividend of $12 per share (48%) has been declared on the
$2,500,000 stock, payable Dec. 20 to holders of record Nov. 22, being the
same amount as in Sept. last and comparing with $10 (40%) in June and
$8 (32%) in March last.
Partial Div. Record—Stock Now $2,500,000 in $25 Shares, $12 Paid in.
'99. '00. '01. '02. '03. '04. '05. '06. '07. '08. '09. '10. '11. '12.
Year
400 280 180 100 140 160 200 280 260 80 108 116 96 168
Per cent
_sr. 95, p. 1275, 483.
The U. S. Circuit Court of Appeals on Nov. 2 denied the application
for a
re-hearing of the suit in which a decision was rendered on Oct. 23 prohibiting
the merger of the Jackson and Nashua Mfg. cos. Compare V. 95.
p. 1125.
City Fuel Co., Chicago.—Knickerbocker Ice Merger.—
The stockholders will vote Dec. 23 on ratifying the purchase
of control of the Knickerbocker Ice Co. See V.95, p. 1334.
Commercial Nat. Safe Deposit Co., Chicago.—Status.
Commonwealth Edison
Germany.—
During the summer the company was ordered by the Saxon
Government
to close its factory at Muhiau, Saxony, and leave the Kingdom.
An
appeal was taken to the courts, which have decided adversely to
the
pany. In the event of not being able to continue manufacturing in commany, there is a strong probability that the entire manufacturing GersoperaHens will be transferred to France.—V. 95, P. 1125.
•
Bea
Co. below.—V. 95, p. 1042.
James Lake Irrigation Co.—Default.—
See Laramie Valley Irration District in "State and City" Dept.
(Julius) Kayser & Co., N. Y.—Removalfrom
1406
THE CHRONICLE
Klets Throwing Co. (Silk Throwers), New York and.
Scranton.—Bonds Offered—Status.---Brooks & Co., WilkesBarre and Scranton, are placing at par and int. $100,000, 1st
M.6% bonds, being the remainder of a closed mtge. issue of
$650,000, dated 1909, due Mch. 11939. A circular shows:
Callable for sinking fund at 105 and int. March 1 1915 to 1919, and thereafter callable at company's option by lot on any March 1 at par and int.
Int. M. & S. at Knickerbocker Tr. Co., trustee, N. Y. City. Tax-free in
Penn. Incorp. in Oct. 1895 in N. J., and does one of the largest independent silk-throwing and silk-merchandlzing businesses In the United States.
Digest of Letter from Pres. H. D. Klots, New York, Oct. 16 1912.
This issue covers six of our seven mills, the seventh, erected since the
execution of the mortgage, being valued at about $75,000. We own plants
at Carbondale, Scranton, Archbald and Forest City, in Pennsylvania;
Fredericksburg, Va., Cumberland and Lonaconing, Md., now insured for
over $1,000,000, with $175,000 additional for loss of time in case of fire.
Annual sinking fund for bonds out of gross receipts from March 1 1915, not
less than $12,000, and a larger annual sum as the business increases beyond
the minimum of 60% of capacity,now considerably greater than minimum.
We have recently increased our capital by issuing $500,000 8% pref.
stock, making a total of $1,000.000 of pref. stock. We have also $1,000,000
of corn. stock outstanding. Of the new pref. stock $350,000 was used to
acquire the remaining $350,000 of the stock of the Villa-Stearns Co.,
$100,000 being already owned. The Villa-Stearns Co. deals in raw silk,
having agencies in all the primary markets of the world, and in silk converted for future manufacture, and it is, therefore of great value as an
outlet for our output. The total assets will now be about $2,000,000.
The average earnings of the two companies for the past five years amount
to over four times the interest on the total bond issue, and the Klots
Throwing Co. has continuously paid full dividends on its pref. stock, at the
rate of 8% per annum, since its incorporation in 1895, the 68th 2% quar.
div. having been paid Oct. 1 1912. The surplus of the two companies at
the end of the last fiscal year was over $300,000. The physical replacement
value of our plants was recently appraised by an Independent expert at
$1,102,762. The proceeds of these bonds will be used as liquid capital to
care for the greatly increased volume of business occasioned by the aforesaid
acquisition.—V. 95, p. 622.
Knickerbocker Ice Co., Chicago.—New Control.—
Directors W. H. Taylor, E. R. Chapman and Pemberton Berman have
resigned, being succeeded temporality by Alexander Dahlman, Treas.;
Frederick Kraeckmann, V.-Pres., and Philip F. W. Peck, Asst. Sec. The
stockholders will meet Dec. 23 to act on changes in charter to coincide
with City Fuel Co.'s broader charter in accordance with merger plan. See
City Fuel Co. above and V. 95, p. 1334.
[VOL. Lxxxxv.
Owens Bottle Machine Co., Toledo.—New Stock-50%
Stock Dividend.—The shareholders will vote Dec. 17 on increasing the authorized capital stock from $3,000,000
($2,500,000 common and $500,000 pref., all subscribed) to
$15,500,000, by adding $12,500,000 of new common stock,
of which $2,500,000 will be distributed as a 50% stock dividend to common shareholders of record Dec. 24 1912 on
account of accumuluted earnings "largely represented by
investments yielding additional earning power." The remainder of the new stock will be available for future capital
requirements.
Earnings.—For year ending Sept. 30:
Surplus.iuces:
Balance,
Pref.Divs.
Net
Common
Gross
Sept. 30
Dividends.
Year
Year—
(7%)
Earnings.
1911-12 _ _ _ _$2,734,384 $1,308,651 $32,480 (12%)$300,000 $976,171
637,020
32,480 (10%) 250,000
919,500
1910-11 ____ 1,496,395
The company expects to continue paying 12% yearly on the common
stock as increased to $3,750,000.—V. 84, p. 1310, 1305.
Pacific Telephone & Telegraph Co.—Favorable Decision
The Superior Court at San Francisco in the suit brought by the city
to set aside the purchase of the Home Telephone Co. overruled the demurrer to the city's complaint. The city complained that the sale was void
because of a provision in the Home company's franchise forbidding it to
sell or transfer its property, rights or privileges under the franchise.
The Court says that there is nothing in the provisions of the city and
county of San Francisco that confers upon the city the power to place such
a provision in a franchise and that the condition is clearly against the
policy of the State as expressed in its statutes granting to telephone companies the power to sell their property. The decision is said to be of
wide application, as many California corporations hold franchises containing similar clauses prohibiting their transfer.—V. 95, p. 180.
Pittsburgh Coal Co.—Sale of Bonds.—The company
recently sold to the Union Trust Co. of Pittsburgh $4,000,000
bonds, which will be used to extend the Montour RR. from
North Star, the present terminus, to over 100,000 acres of
undeveloped coal acreage of the company in Allegheny and
Washington Counties and about 25,060 acres owned by the
U.S. Steel Corporation.
The road now extends from Montour Jct. to North Star, Pa., 13 miles.
The extension will give the Pittsburgh Coal Co. an independent outlet to
the Lakes by the Bessemer RR. A contract has been signed and filed with
the Inter-State Commerce Commission at Washington between the Pittsbecome
burgh Bessemer & Lake
Long Acre Elec. Light & Power Co., N. Y.—Suit.— operative when the roadErie RR.and the Montour RR., which willwhere it
has been extended to Mifflin Township,
in this city on Nov. 19 by
A suit was brought in the Supreme Court
will make connection with the Steel Corporation's road. The Commission
Frank A. McIntyre against A. B. Leach & Co., Harvey Fisk & Sons and
Lake rate from the Pittsburgh district from 88 cents
the Manhattan Transit Co. No complaint was served with the summons recently reduced the Under the new arrangement, the Bessemer will ob(this is to be done later), but it is supposed the action is in the nature of a, to 78 cents per ton.
tain 65 cents for carrying coal to the Lakes after the charges of the Montour
stockholder's suit to prevent the sale of the majority stock and thus interbeen taken out. The Bessemer road brings down a large number
fere with the plans of the bankers who have formed the Inter-City Power road have
of cars from the Lakes, which have been going back mostly light; By the
Co. to enlarge the scope of the enterprise.—V. 95, p. 1276, 1211.
contract the Bessemer will obtain a back haul and the Pittsburgh Coal Co.
a practically unlimited supply of cars. When necessary changes have been
McCrum-Howell Co.—Plan Operative—Call.—
assents having been received from creditors and stockholders, made,it is estimated that the coal trade to the Lakes will show an increase
Sufficient
the plan of reorganization dated Sept. 27 1912 has been declared operative of 50% from the Pittsburgh district.
The Pittsburgh coal trade (including shipments outside of the district)
as of Dec. 2 1912, and the balance due on subscriptions to the new shares,
subscribed for on form 1, must be paid on or before that day. See plan will, it is stated, be about 95,000,000 tons during the present year,of which
63.000,000 will be from the Pittsburgh district proper and 32,000,000 tom.—
&c., V. 95, p. 893, 1211. 1334.
equal to 21,000,000 tons of coke—will be from the Connellsville basin.
Metal Shingle & Siding Co., Ltd., Canada.—Pref. Stock Lake shipments aggregate about 16,000,000 tons.—V. 95, p. 1043, 893.
I Turner, Tucker & Co., Boston and New York, are offering at par, $100
-20% Scrip Div.—
Porto-Rican American Tobacco Co.
a share, the unsold portion of the $500,000 7% cum. pref. stock, diviA regular quarterly dividend of 4% has been declared on the $2.000,000
-J. 15. Estimated net earnings, including Ormsby Co. (recently
dend Q.
acquired) for year end. Nov. 30 1912, based upon figures for first 10 stock, payable Dec. 5 to holders of record Nov. 15; also a scrip dividend of
abt. $200,000. Bal. sheet Sept. 30 1912, including proceeds of $500,- 20%, bearing 6% interest, payable July and January, redeemable in cash
000 pref. stock, show assets: Plants and machinery, $284,950; merchan- or stock at par at the option of the company in three years from Dec. 31.
dise, $171,571; cash and bills receivable, $508,047; investments in sub. —V. 95, p. 418, 301, 180.
cos., $48,905; total, $1,013,473; against liabilities (accounts and bills pay-50% Div.—
Quaker Oats Co., Chicago.—New Stock.
able) of $73,553. No bonds without consent of 75% of the stock. ComStockholders on Nov. 20 voted to increase the total authorized common
pare V. 94, p. 915, 1569.
stock from $5,500,000 (including $500,000 in the treasury) 10 $10,000.000.
Middle West Utilities Co., Chicago.—Purchase of The amount of common stock outstanding will be increased to $7,500,00
to common stockto be paid
by payment of a 50%
Nearly Entire Common Stock of Illinois Northern Utilities Co. holders of record Nov. stock dividend, remainder Dec. 5 issue ($2,500,000)
of the
25, leaving the
Chicago "Inter-Ocean" Nov. 7 said in substance: Contracts have been In the
is also outstanding. $9,000,0006% cum. pref. stock.
treasury. Them
signed whereby the company secures control of the Illinois Northern
Pres. Crowell in a letter to the stockholders states that the stock diviUtilities Co. (V. 94, p. 1' 83; V. 95, p. 1123, 1331) through the purchase
the shareholders their interof nearly all of the $4,650,000 outstanding common stock, by exchanging dend is paid for the purpose of turning over to
&c., acquired from earnings, the company
$15 in preferred and $18 33 1-3 in common stock of the Middle West Co. est in additional properties,source in the last few years some $2,300,000
stock, Central Trust Co. of having expended from this
for each share of Illinois Northern common
new plants, buildings and machinery. The surplus
Illinois being depositary. Both corporations were organized early in 1912 for the purchase of
Dec. 31 1911 was $3,526,154 (V. 94, p. 626.)—V. 95, p. 1276, 485.
by Samuel Instill and associates.
preferred stock ($2,000,000) and
The Illinois Northern Utilities Co.
Quincy (Copper) Mining Co.—Dividend Increased.—
other securities will not be disturbed in the present deal; present earnings
A quarterly dividend of $1 50(6%) per $25 share has been declared, payare at the rate of $650,000 gross and $180,000 net after charges annually. able Dec. 23 to holders of record Nov. 27, comparing with $1 25 (5%) in
The Middle West Utilities Co. has a capitalization of $6,000,000 common Sept. and June last and 81(4%) quarterly from Dec. 1910 to Mch. 1912.
and $4,000,000 6% preferred stocks, about $1,000,000 of each of which Inclusive, $1 25 (5%) in Sept. and June 1910 and $1 50 (6%) in March
is in the treasury. [The present deal calls for $697,500 of the pref. and 1910. Compare V. 90, p. 508.
.
$852,500 common.] See V- 94, p. 1189, 1253, 1627; V. 95, p. 481, 1040.
Previous Annual Dividend Record (Per Cent) Since 1893.
National Sugar Refining Co. (of N. J.), New York.— '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
32 48 80 48 26 38 36 36 28 22 20 24 50 54 18 16 20 16 20
$10,000,000 New Common to be the Only Stock.—
r- The stockholders on Nov. 18 ratified the capitalization changes made —V. 94, p. 1452.
necessary by the cancellation of the Havemeyers' holdings. Asa result,
Smart Bag Co., Ltd., Montreal.—Merger.—
the existing $10,000,000 6% cumulative preferred will be paid off at par
See Smart-Woods, Ltd., below.—V. 94, p. 1123.
with cash Jan. 2 and replaced by $10.000,000 new common stock. The
American Sugar Refining Co. owns $5,128,000 of the old prof. and will thus
Smart-Woods, Ltd., Montreal.—Proposed Merger.—
come into control (V. 91, p. 1571, 1572). See also V. 95, p. 1276.
,
This company was incorporated on Oct. 19 under the Canadian Cos. Act
of auth. capital stock in $100 shares
with
Rights. said, $5,000,000 cum. pref.) to carry out the proposed (part of which, it is
New Haven (Conn.) Gas Light Co.—Subscription
merger of the Smart
will be 7%
Stockholders of record Nov. 19 at 5 p. m.are offered the right to subscribe Bag Co. of Montreal(V.94, p. 1123), Woods, Ltd.,of Ottawa and other cos.
shares) on or before Jan: 1, to the extent
for $500000 new stock (20,000
The plan calls (a) for the exchange of the $600,000 preference shares of
of one-ninth of their holdings. Installments of 25% each are payable on the Smart Bag Co. for pref. shares of the new company,$ for $: (b) for the
Feb. 11913, July 11913, Jan. 1 1914 and July 11914. when the new stock exchange of the $450,000 Smart corn. stock for $900,000 corn. stock of the
will be issued, with the right to participate in the dividend payable Sept. 30 new company; and (c) the opportunity to the holders of Smart Bag pref. and
1914.—V. 94, p. 830.
com,stock to subscribe at par for $210,000 pref. stock of the new company
(with 33 1-3% bonus in corn. stock) to the extent of one new for five old.
New York Air Brake Co.—Dividends Resumed.—
on the $10,000,000 stock, The Smart Bag shareholders will meet Dec. 2 to ratify the agreement. In
A quarterly dividend of 1M % has been declared
Ltd., there will, it is said, be
payable Dec. 16 to holders of record Dec. 2. Checks are nialled. This is addition to the Smart Bag Co. and Woods, them, possibly, the Montreal
several other companies taken in later, among
the first payment since July 28 1911, when 1 % was also paid.
Tent & Tarpaulin Co. and the Empire Cotton Co. of Welland, Ont.
Previous Dividend Record (Per Cent).
1911.
1910.
1908-09.
1899 to 1907.
1807-98.
South Porto Rico Sugar Co., N. Y.—Extra Dividend.—
434
3
None.
8 yearly.
None.
An extra dividend of 2% has been declared along with the regular quar
President Starbuck is quoted aS saying that the October earnings (also terly disbursement of 1% on the $3,371.000 common stock, both payable
the unfilled orders on the books were the largest in the company's history,
14. Similar extra distribntions were made
exceeding Oct. 1911 by 116%. The sales were $413,000 and the net profit Jan. 2 to holders of record Dec. Regular payments have been made sin, e
1910.
$123,373, or equivalent to i% on the capital stock. While business In Jan. 1912 and Oct.1607.
during the spring and early summer,it is stated, was dull, very heavy orders Jan. 1910.—V. 93, p.
have since been received, and profits so far this year are more than sufficient
Southwestern Gas & Electric Co., Chicago.—Bonds—
to wipe out the deficit from last year's operations and to provide for the
payment of the dividend. .The general outlook is reported flattering.— Further Data.—Referring to the $2,133,000 "first and refundV. 95, p. 484, 180.
mortgage"20-year 5% bonds which were offered in the
La Belle Iron Works.—Bonds Called.—
$100,000 bonds dated Dec. 1 1903, for payment at par and interest on
Dec. I at the Dollar Savings & Trust Co., Wheeling, W.Va.—V.95,p.1042.
ing
Northern Ontario Lt. & Pow. Co., Ltd.—New Status.— "Chronicle" last week (see V. 95 p. 1335), Pres. Henry M.
Dawes, Chicago, Noit. 4, wrote in brief:
electric lighting
A. D. Converse & Co., 49 Wall St., in a statement regarding the enterprise say: "This company has recently acquired the British Canadian
Power Co. of Canada, and in doing this has issued additional bonds and
shares, which have been taken by a syndicate in London. The capitalization, with the British Co. absorbed, is now 164.555,000 6% gold bonds;
$2,400.000 pref. shares, 6% cum.from Jan. 11912; $4,585,000 common.
The earnings of combined companies for Sept. 1912, being the month
prior to consolidation, were: Gross earnings, $57,545; net earnings, $38,447; bond charges, $22,605. Balance,surplus,$15,842. "The net earnings
are here shown after deducting $2,457 for extraordinary maintenance expenses. We understand that the October results exceed the foregoing,
being at the rate of $756,000 gross, while a now contract for 700 electrical
h.p. going into effect this month will bring the November figures consid
erably forward." See also V. 95. p.1970.
business in the
The company does the entire gas and
city of Shreveport, La., and its suburbs, and the entire gas, electric-lighting
and street railway business in Texarkana, Tex., and Arkansas; also owns
very valuable natural gas properties and is furnishing natural gas through
its artificial-gas-distributing system in Shreveport and Texarkana,gas being
,
used with considerable saving Of expense in generating electricity . Embracing, it is understood, the properties of the Caddo Gas & 011 Co.. as
well as Shreveport Gas, El. IA. & P. Co. and Texarkana Gas & El. Co.—
Ed.] Our plans include the ultimate erection of a central by-product coke
plant for the manufacture of artificial gas, which will be delivered in Shreveport and Texarkana through the company's present pipe lines. This will
enable the company to serv0 both cities from one manufacturing plant and
Nov. 23 1912.1
THE CHRONICLE
place the company in a position to provide artificial gas economically
whenever it may become uesirable. All the necessary construction work
has been done on an artificial gas basis with this end in view. The company does a large and rapidly growing business in supplying electricity
for lighting and power purposes in Shreveport and Texarkana, as shown
by the following statement of connected load:
Street, &c., Incand. Lamps, H.P. of Electric
Electric Business
(Connected)—Arcs.
16-C.P. Equiv. Motors. Fans.
1,132
46,185
459
462
Oct. 1 1912
39,640
910
369
315
Oct. 1 1911
These bonds are, in the opinion of counsel, secured by a direct first mortgage on property representing an investment of approximately $1,500,000,
and by a direct mortgage on all other property of the company,subject only
to the $423,500 5% bonds of the Shreveport Gas, El. & P. Co. due Oct. 1
1922 (closed mtge., callable after Oct. 1 1912 at 105, sink. fd. 2%; V. 76,
13• 162; V. 90, p. 703) and the $443,500 5s of Texarkana Gas & El. Co.
due July 1 1930 (closed mtge., redeemable on any int. date at 105 and int;
compare V. 91, p. 721; V. 95, p. 622). The properties cost the present
owners more than $1,000,000 in excess of all outstanding bonds. The
mortgage also covers all property hereafter acquired. It also provides that
no bonds shall be issued on account of expenditures for additional natural
gas or oil wells or leases, nor on account of expenditures properly chargeable
to replacements and renewals. Sinking fund, beginning Oct. 1 1913,
$75,000 per annum for first ten years and $50,000 per annum thereafter,
to retire bonds, or for extensions and additions, on account of which no new
bonds may be issued.
Of the $7,500,000 bonds authorized under the trust deed, $867,000 are
reserved to retire the aforesaid Shreveport and Texarkana 5s. The remaining $4,500,000 are in escrow,to be issued from time to time under conservative provisions for not exceeding 80% of the reasonable cost of permanent
extensions and additions, with the provision that, except for bonds issued
on account of expenditures for additional artificial gas-manufacturing plants,
or for extensions of the present artificial gas-manufacturing plants, no bonds
shall be issued until the annual earnings are 1
times the annual interest
charge, including tho underlying bonds and the new bonds applied for.
Franchises.—Operates, under favorable franchises, the natural gas franchises running beyond Aug. 11932, the artificial gas and electric franchises
in Shreveport running until 1987 and the artificial gas, electric and street
railway franchises in 'Texarkana until 1952. See also V. 95, p. 1335.
1407
profit, this company is organizing the two companies below
described, to take over, respectively, its engineering-construction department and operating department. Present
shareholders of J. G. White & Co., Inc., are offered the right
to subscribe at par for $350,000 pref. stock in each of the new
companies to an amount in both eases equal to 10% of their
respective holdings, with 10% bonus in common stock of
J. G. White & Co., Inc. (out of $150,000 donated for such
purpose). Subscriptions payable 50% Jan. 10 1913 and
the remainder March 1 1913, or optionally in full on or after
Jan. 10. Pref. div. guar. from Feb. 1 1913. Bonus stock
may be sold at $75 per share.
The U. S. Supreme Court on Nov. 18 unanimously affirmed the decision
of the Federal Court for the District of Maryland on Oct. 13 1911 holding
16 companies (including the Standard Sanitary Mfg. Co.) and 34 individuals, constituting what is known as the "Bath Tub Trust," guilty of violation of the Sh.orman Anti-Trust Law. Justice McKenna wrote the
opinion. The Court held that "the agreements clearly transcended what
was necessary to protect the use of the patent and the monopoly which the
law conferred upon it. They passed to the purpose and accomplished the
restraint of trade condemned by the Sherman law." The principle that
is laid down by the decision has been briefly expressed to be that a monopoly under a patent will not be permitted to be perverted so as to sanction
unlawful trade agreements by which prices can be controlled from the
producers to the consumers and all of the necessary power and oppression
of a trade monopoly exercised thereby. Compare V. 93, p. 1203; V. 91,
p. 877.—V. 95, p. 1126.
(1) J. G. White Engineering Corporation. Auth. Capital Stock, $2,000,000
($1,000,000 Pref., p. & d. 7% Cumulative; $1,000,000 Common).
All of the $1,000,000 common stock will be issued to J. G. White & Co.,
Inc., in return for the good-will, business, contracts, plant, tools, engineering instruments, &c., of its engineering-construction department. J. G.
White & Co., Inc., will subscribe for the entire immediate issue of $500,000
pref. stock at par and will offer $350,000 thereof to its present stockholders
and the balance of the $500,000 to others, in both eases at par, with a 10%
bonus in the common stock of J. G. White & Co. Inc. The pref. will be
red. at 115 and accrued div. any time in amounts not less than $50,000.
'
The aggregate cost of work under construction in the hands of the
engineering construction department during the year to date has been about
$28,000,000, covering (a) complete rehabilitation of several public service
properties; (b) construction and equipment of two high-speed interurban
railways, one—the Oakland Antioch & Eastern—running from Oakland, 84
miles into the Sacramento Valley, with 3,500-foot tunnel into Shepherd's
Canyon; (c) engineering for the drainage of' 18,000 acres in Florida;
(d) 124-mile 12
-inch natural gas pipe line, Bakersfield to Los Angeles,
pressure of 450 lbs. per sq. in.; (e) hydro-electric developments now in
band, having aggregate capacity of about 250,000 h. p., including developments on Big Sandy River, Ore., Deerfield River (tributary of(onnecticur
River), Savannah River, near Augusta, Ga., Broad River near Columbia.
S. C., Ocoee River in Tennessee, San Joaquin development in California,
and leauharnois development in Canada; (f) appraisals and reports
(during past year upon properties agrgegating in value more than $400,000,000 at present on Spring Valley Water Co., Pacific Gas & Electric Co..
San Joaquin Light & Power Co.. Pacific Light & Power Co.. &c.
Excluding fixed price contracts (none taken during last five years) the
average profits for past six years of this department have substantially
exceeded $150,000 per annum, or over twice the dividends on the aforesaid
$1,000,000 7% pref. stock. Will have $1,000,000 cash working capital and
participations in enterprises of the parent company should add to profits.
(2) J. G. White Management Corporation, Auth. Stock $1,000,000 ($500,000
p. & d. 7% Cum. and $500,000 Common).
All of the $500,000 common stock will be issued to J. G. White & Co.,
Pref.
Inc. in return for the good-will, business in hand, contracts, organization
'
and equipment of its management department. J.G.White& Co. will subscribe for $350,000 of the $500,000 pref. stock at par, and will offer thesame
to its present stockholders, and the balance of the $500,000 pref. may be
offered to others, all at par, with a 10% bonus in common stock of j. G.
White & Co., Inc. The pref. stock will be redeemable in amount not less
than $50.000 at any time at 115 and dividend.
The Management Dept. is in charge of the operation of the electric railway and lighting properties at Manila, P. I.; the electric railway, electric
light and hydro-electric properties of Augusta, Ga.; the electric railways,
electric light and power and gas properties of Helena, Mont. It also acts
as operating manager of Associated Gas & Electric Co. and as consulting
operating manager of the United Light & Railways Co., which controls the
Tr -City Railway & Light Co., &c., &c.
During the past 3% years the fees received from the various properties
operated have given average net profits approximately equal to the dividends of 7% on the proposed $500,000 pref. stock, while with its $500,000
cash working capital the profits from financial participations should add
materially to profits. The parent company will continue to do the active
financial business. Compare V. 94, p. 1445.
Union Oil Co., Los Angeles.—Change in Control.—
Prest. Lyman Stewart announced in Los Angeles on Nov. 15
that the majority interest of the Union Provident Co. and
United Petroleum Co. (V. 87, p. 222) in this company's
($31,012,200) capital stock had been sold, subject to ratification by the Los Angeles holders to parties in New York,
namely, he supposed, Eugene De Sabla and others, representing the General Petroleum Co. (see General Pipe Line
Co. V.94, p. 1568.)
The Kansas Supreme Court on Nov. 9 held that the company cannot
increase its rates in Kansas City, Kan.. or in Rosedale without the consent
of the Public Utilities Commission, holding that the laatter has complete
control of any public utility operated for the benefit of more than one city.
The company desired to increase its rates from 25 to 27 cents per 1,000 Cu.
ft. in Kansas City, Kan. The contract between the company and the city
was held invalid as against the public interest. The injunction granted in
Wyandotte County was modified so that on a proper showing the rate may
be increased to 27 cents,or other amount, on approval of the Commission
without regard to the limit of 27 cents fixed by the ordinances of Kansas
City, Kan.—V. 79, p. 217.
Spring Valley Water Co., San Francisco.—Status.—
The Board of Supervisors on Oct. 19 rejected the counter offer made by
the company to sell for $38,500,000 all of its properties except 2,289 acres
of Lake Merced lands (giving the city the lakes and a narrow strip around
them). The letter of Mayor Rolph to the company stated that the city
could not consent to any proposal which eliminates the lands around Lake
Merced, as that would seriously impair the usefulness of the lake for
emergency water supply. The company on Nov. 13 declined the city's offer
to pay $38,500,000 for all of the property, including the Lake Merced
lands, which it says are of great value for residential purposes and not
necessary to the city, and suggested that some form of arbitration be agreed'
upon under which due recognition could be given to the rights of the stockholders to the enhanced value of their real estate holdings not required
for water supply.—V. 95, P. 485.
Standard Sanitary Mfg. Co., Pittsburgh.—U. S. Supreme Court Affirms Judgment for Violation of Sherman Law.—
It was recently reported that the Shell Transportation Co. of London
was preparing to acquire control of the Union 011 Co. and the output of
the General Petroleum Co. and other producers, and this may prove to
be the deal now arranged. The sale put an end to the right of the stockholders of the Union Oil Co. to exchange their stock for stock in the Union
Provident Co. (see V. 87, p. 222). The Stewarts, it is stated, will continue to hold about 31,750,000 Union 011 Co.stock. The stock on Nov. 1516 was quoted in Los Angeles at about 91 to 95. See also V. 95, p. 549;
V. 94, p. 625; V. 93. p. 109.
United Coal Co., Pittsburgh.—New Offices.—
The company's new general offices in the First Nat. Bank Bldg., Pittsburgh, Pa., were opened last week. The total daily capacity of the mines,
including the capacity of three new openings now being made, is reported
as about 25,000 tons. Compare V. 92. p. 1706.
United States Motor Co.—Additional Officers.—The
reorganization committee, which has selected Walter E.
Flanders as President of the reorganized company,announces
that William F. Maguire will be made Vice-President and
W. M. Anthony, Comptroller.
Bids for the sale of all the properties, either as a whole or as individual
plants, will be opened in the U. S. Court in N. Y. Jan. 8 under order approved by Federal Judge Hough on Nov. 18. See V. 95, p. 1044, 1126,
1213. 1335.
United States Worsted Co., Boston.—Plan Voted, &c.
The stockholders on Nov. 16 voted to merge with the Silesia Worsted
Mills, per plan in V. 95, P. 1044, 1126.
The Treasurer of the consolidated company, it is stated, will be John
Simson, at present General Manager of the Aetna Mills and a manufacturer
of nearly 30 years' experience.
New "United States Worsted Co." Incorporated in Mass.—
The consolidated company was incorporated in Massachusetts on Nov. 20
with $17,000,000 of auth. cap. stock in $100 shares, viz.: $7,000,000 corn.,
$6,000,000 1st pref. 7% cum., $4,000,000 2d pref. 7% non-cum. See
V. 95, p. 1044, 1126.
Western Telephone & Telegraph Co.—Company Dissolved—Bonds Now Being Endorsed as Obligations of American
Telephone & Telegraph Co.—
The company has been formally dissolved under decree of court, its
property having been taken over by the Amor. Telep. & Teleg. Co., which
assumes all obligations, and has been substituted as party of the first part
under the indenture of Jan. 25 1902. securing the collateral trust 5% gold
bonds. The Old Colony Trust Co. of Boston, trustee under the indenture,
is now receiving said bonds for endorsement with the agreement of the
American Co. to pay principal and interest thereof, and agreement of holder
to accept said agreement of American Co. in lieu a that of the Western Co.
95, p. 180.
J. G. White & Co., Inc., Engineers, Contractors,
New York.—Right to Subscribe for Pref. Stock in Two New
Subsidiaries.—In view of the large and increasing volume of
engineering and construction work now being undertaken
by it, and for the purpose of securing greater efficiency and
Wyandotte County (Kan.) Gas Co.—Rate Decision.—
—C. M. Keys, investment counsel, at 35 Nassau St.,
New York City, whose business is to advise and act for individual investors, banks, institutions, businesses and those
handling trust funds, invites correspondence from parties
desiring his services. Mr. Keys was formerly railroad editor
of the 'Wall Street Journal' and later financial editor of
"World's Work," having established the financial department
of that magazine. He has traveled over many of the big
railroad systems of the country, personally inspecting their
physical characteristics and informing himself of their investment value.
—We are informed that the condition of P. C. Kauffman,
Vice-President of the Fidelity Trust Co., Tacoma, and
formerly Treasurer of the American Bankers' Association,
who has been confined to the house for the past month by a
serious attack of pericarditis, or inflammation of the covering
of the heart, has greatly improved. It is expected that he
will be able to be back to his desk within a week or two,
but he will be compelled to avoid all undue exertion for
some time to come.
—Harry Benner, recently connected with the corporation
department of the Harris Trust & Savings Bank of Chicago,
has become associated with the Chicago office of William
Salomon & Co. Before his association with the Harris Trust
& Savings Bank, Mr. Benner was indentified with the Pennsylvania Lines West of Pittsburgh and later was Secretary
to the General Manager of the Panama RR. at Colon.
—Important items affecting investment securities are
summarized in the monthly digest of "Fundamental Conditions" issued by Hornblower & Weeks, at 42 Broadway,
this city, members New York Stock Exchange. The firm's
bond department will mail a copy free on request.
—The Lehigh Valley RR. folder, describing fifteen bond
issues, compiled by Fabian F. Levy, 1309 Walnut St.,
Philadelphia, is now ready; price 50 cents. See advertisement in our issue of Nov.9, page xiii, describing the specially
prepared circulars issued from time to time by Mr.Levy.
—Attention is called to the page advertisement offering
Packing House bonds at attractive yields. The offerings
include the bond issues of the Cudahy Packing Co., Swift &
Co., Morris & Co. and Armour & Co.
THE CHRONICLE
1408
Reports and
pacnnunts.
ST. LOUIS & SAN FRANCISCO RAILROAD COMPANY
SIXTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1912.
CAPITAL STOCK.
To the Stockholders:
The Directors herewith submit their report of the operaThere was no change during the year in the Company's
tions and affairs of the St. Louis & San Francisco Railroad Capital Stock issued or outstanding.
Company for the fiscal year ended June 30th 1912.
The capital stock outstanding (all classes) per mile of
The results of operation for the fiscal year were as follows: road owned at end of fiscal year was $9,858 56, as compared
with $14,723 68, in year 1902.
Operating revenue (decrease $1,058,863 96,or
$42,100,363 73
2.5 7)
FUNDED DEBT AND EQUIPMENT BONDS AND
Operating expenses (decrease $610,810 87, or
2.1%)
28,709,589 13
NOTES.
Net operating revenue (decrease $448,053 09, or 3.2%)_ _$13,390,774 60
1,957,582 76
Taxes (increase $145,755 61, or 8%)
•
$11,433,191 84
1,559,318 27
Miscellaneous income
Total income
Interest, rentals and other fixed charges
$12,992,510 11
12,815,111 34
Net income, after providing for all charges, transferred to
credit of profit and loss
$177,398 77
The outstanding funded debt at June 30
1912 was
$237,872,162 31
The outstanding equipment trust bonds and
notes were
13,469,461 39
Total
$251,341,623 70
The outstanding funded debt at June 30
$228,924,224 68
1911 was
The outstanding equipment trust bonds and
14,498,401 59
notes were
Total
243,422,716 27
The average mileage operated during the year was 5,- The net increase for the year was
$7,918,907 43
241.39 miles, being an increase over preceding year of 53.46
Statements on pages 19 and 20 [see pamphlet report] give
Orleans Texas
miles, or 1%. This does not include the New
& Mexico Railroad Lines, the mileage and operating re- in detail the changes in funded debt and equipment notes.
EQUIPMENT.
sults of which are shown separately below.
The following equipment was purchased during the year:
5,254.98 miles
The main track mileage at June 30 1912 was
The main track mileage at June 30 1911 was
Showing an increase of
5,227.37 miles
27.61 miles
This increase is explained as follows:
MILEAGE CONSTRUCTED.
1,7.65 miles
Brownwood, Texas, to May, Texas
MILEAGE OPERATED UNDER TRACKAGE CONTRACTS.
Avard, Okla., to Wavnoka, Okla
9.70 miles
Irving, Texas, to Dallas, Texas, as reported in
10.50 miles
year 1911
Irving Texas, to Dallas, Texas, as corrected
10.76 miles
.26 miles
at June 30 1912
1. Under Trust Agreement. Series "S": 3 Steel Mail and Passenger Cars.
20 Pacific Type Locomotives.
2 Steel Baggage Cars.
12 Switching Locomotives.
12 Steel Mail Cars.
4 Steel Buffet Coach Cars.
500 Steel Underframe Refrig'r Cars.
1 Steel Coach Dining Car.
2. Purchased for Cash:
3 Steel Buffet Dining Cars.
192 Ice Cars.
11 Furniture Cars, 1Built at Corn5 Steel Dining Cars.
1 Refrigerator Car. fpany's shops.
10 Steel Chair Cars.
15 Steel Coaches.
.All of this additional equipment was in use at June 30 1912.
On pages 38 and 39 [see pamphlet report] will be found
statements showing the number of each class of equipment
27.61 miles owned and leased.
Total increase
CONSTRUCTION.
pages 79,80 and 81 [see pamphlet report] will be found
On
THE BROWNWOOD NORTH & SOUTII RAILWAY.
details of the mileage of all the lines operated, owned or
A line extending from Brownwood, Texas, to May, Texas,
controlled by this Company.
17.65 miles, completed and put in operation November 2
NEW ORLEANS TEXAS & MEXICO RAILROAD LINES 1911. This line has a reserve fund sufficient to meet its
The following shows the results of operation of the New fixed charges for a period of six years; it serves a section rich
Orleans Texas & Mexico Railroad Lines for the fiscal year in agricultural products, and will contribute additional
1912. These lines were placed on an operating basis on through business to the main lines.
NEW ORLEANS TEXAS & MEXICO RAILROAD COMPANY.
July 1 1911:
1912.
The Erwinville Branch Extension, 12.88 miles. This
983.12
Average mileage operated
branch provides facilities for extensive rice and sugar cane
Operating ratio
81.32
and sugar mills, and will contribute a large tonnage
Operating revenue
$4,677,093 01 fields
3,803,469 95 to the main lines.
Operating expenses
On February 1 1911 the New Orleans Texas & Mexico
$873,623 06
Net operating revenue
89,394 07 Railroad Company leased the property of the Louisiana
Taxes
Southern Railway Company, consisting of approximately
$784,228 99
Operating income
120,015 90 45 miles of main track and equipment, for a period of twelve
Add—Miscellaneous income
years, the lessor agreeing to furnish funds necessary to im$904,244 89
Total income
prove, reconstruct and extend its lines. During the past
$1,279,184 27
Interest
334,281 60 year 20.09 miles of additional main track were built, making
Rentals
194,748 19 the total mileage at June 30 1912 65.29 miles of main track
Hire of equipment
$1,808,214 06 and 8.86 miles of side tracks.
Total interest and all other charges
The lease of this property to the New Orleans Texas &
$903,969 17 Mexico Railroad Company 'gives the latter control of all
Balance transferred to debit of profit and loss
The above deficit is charged to profit and loss account of through business originating, on the leased property, while
the St. Louis 8c San Francisco Railroad Company. About the lessee incurs no financial responsibility under the lease
one-half the deficit occurred during the last two months of beyond the accounting for the not earnings from the operathe fiscal year, in consequence of the disastrous floods from tion of the property.
the overflow of the Mississippi River mentioned herein.
GENERAL.
The steady progress of the New Orleans Texas & Mexico
The extraordinary operating and traffic difficulties exDivision is indicated by the increase in gross earnings for perienced during the past winter and spring are partly illusthe year amounting to over 25%, it being noteworthy that trated by a comparison of the results for the earlier and for
each month shows a gain over the corresponding month of the later months of the fiscal year.
the previous year. In the month of April, just prior to the
In the six months ended December 31 1911
floods, these lines as a whole showed a surplus over all fixed Gross operating revenue decreased
$573,298 68
1,031,811 32
charges.
Operating expenses were decreased
The increase in the number of settlers has again been and Net operating revenue increased
$458,512 64
gratifying.
During this period the ratio of operating expenses to total
This Division will be greatly benefited by the recent construction in the richest part of the Rio Grande Valley of a revenue was 65.86%, as compared with 68.73% during the
new tributary line, the San Benito & Rio Grande Valley corresponding period of the previous year.
The most severe winter weather for many years was folRailroad, extending north and south of San Benito, Texas,
43.6 miles of which are now completed and in operation. lowed by the most disastrous floods which have occurred in
There are also under construction 22 miles additional north the Mississippi Valley since its settlement, with the result
that during the six months ended June 30 1912
and south of Mission, Texas.
Gross operating revenue decreased-------------------------$485,568 28
The business of this Division to date has had no material Operating expenses increased------------------------------ 421,000 45
benefit from the through traffic anticipated with Mexico
via the National Railways of Mexico. The subsidence of and Net operating revenue decreased-----------------------$906,565 73
The operating ratio during these six monthsrose to 70.79%.
political troubles in Mexico should, therefore, add considConducting transportation ratio for the first six months.
erably to the volume of the traffic now handled.
Since the close of the fiscal year the gross earnings of the was 34.51%, for the last six months 40.29%.
In consequence of a stage of water in the Mississippi River.
Division continue their gains noted above, the increase for
the three months ended September 30 1912 being over averaging five feet above previous flood records, the pro$225,000 00, or about 22% more than in the same three tection levee broke at Point Pleasant, opposite Portageville,
Mo., on March 24th. Subsequent breaks below that point
months in 1911.
Nov. 23 1912d
THE CHRONICLE
and above Memphis, Tenn., put 153 miles of your tracks
in Missouri and Arkansas out of commission, breaking the
important main lines between St. Louis and Memphis, and
between Kansas City and Memphis. These lines were
not restored to service until May 10th. The direct cost of
their restoration, as taken into the accounts, was $274,008 15, and collateral costs, not included therein as flood
damage, doubtless amounted to more than $100,000. It is
difficult to closely estimate the resulting loss of gross earnings
from traffic, but the total was beyond doubt in excess of
$500,000.
On May 3d the flood waters broke the levees in Louisiana,
breaking the main line of the New Orleans Texas & Mexico
Railroad, and submerging it for a distance of 46 miles; train
service was impossible until June 27th, during which time
the expense of protecting and rebuilding the property was
large, with earnings largely reduced.
An increase of 34.26 tons of revenue freight per train mile
more than offset the slight decrease in revenue per ton mile,
and brought an increase of 26.7 cents in earnings per freight
train mile.
The large loss in passenger earnings, as shown on page 14,
resulted in part from flood conditions, but to a greater extent
was due to the general conditions throughout the territory,
as reflected in the reports of nearly all other carriers.
The largest expenditures for betterment account during
the year were for additional ballast work, amounting to
more than $600,000.
16.14 miles of new industrial and side tracks were constructed during the year.
The Industrial Department reports show that during the
year 320 new industrial plants, costing over $5,800,000 and
employing 5,700 men, were located on the company's tracks.
The tonnage producing capacity of these plants will approximate 66,000 carloads per annum.
The same industrial activity is shown for the New Orleans
Texas & Mexico Railroad Lines. On the tracks of these lines
there were located 90 new plants, costing over $2,800,000
and employing 3,500 men. It is estimated that their tonnage producing capacity will approximate 35,000 carloads
per annum.
The balance sheet is in accordance with the form prescribed
by the Inter-State Commerce Commission, and on page 45
to 81 [report] will be found consolidated balance sheet and
statistical statements, including the figures of the Chicago
& Eastern Illinois and New Orleans Texas & Mexico Railroad Companies.
Acknowledgment is gratefully made to officers and employees whose devotion and loyal efforts brought the property through a most difficult year.
By order of the Board of Directors.
B. L. WINCIIELL, President.
ST. LOUIS & SAN FRANCISCO RAILROAD COMPANY.
INCOME ACCOUNT
-FISCAL YEAR ENDED JUNE 30TH 1912,
COMPARED WITH PREVIOUS YEAR.
Inc. (-I-) or Dec. )
1911-12.
1910-11.
Amount.
Average mileage operated
5,241.39
5,187.93
+53.46 1.0
Operating revenue$
$
$
Freight
27,505,797 98 28,071,781 86 -565,983 88 2.0
Passenger
11,490,509 18 11,999,385 31 -508,876 13 4.2
Mail
1,030,424 95 1,010,218 61
+20,206 34 2.0
Express
1.113,882 24 1,120,194 06
-,-6,311 82 0.6
Miscellaneous
624,188 49
650,047 02
-25,858 53 3.9
Total transportation
revenue
41,764,802 84 42,851,626 86 -1,086,824 02 2.5
Revenue from operation other than transportation
335,560 89
307,600 83
+27,960 06 9.1
Total oper. revenue_42,100,363 73 43,159,227 69 -1.058,863 96 2.5
Operating expenses
Maintenance of way
5,118,923 81
and structures
Maintenance of equipment
5,521,171 47
Traffic expenses
1,098,445 92
Transportation expens.15,678,944 58
General expenses
1,292,103 35
Total operating expenses
28,709,589 13
Net operating revenue..
13,390,774 60
Taxes
1,957,582 76
Operating income_ _ _ _11,433,191 84
5,470,178 59
5,738,290 32
1,085,846 84
15,737,164 89
1,288,919 36
---351,254 78 6.4
---217,118 85
dr12,599 08
-58,2203i
d-3,183 99
29,320,400 00
---610,810 87 2.1
13,838,827 69
1,811,827 15
---148,053 09 3.2
d-145,755 61 8.0
12,027,000 54 ---593,808 70
iscellancous income
Hire of equipment_ _ _ _deb282,555 04 deb323,640 85 -deb 11,085 81
Other income
1,841,873 31 2,657,611 58 -815,738 27
Total miscellaneous
income
1,559,318 27 2,333,970 73 -774,652 46
Total income
12,992,510 11 14,360,971 27 -1,368,461 16
7,778,105 79 7.850,606 63
Interest
-72,500 84
Rentals and sinkingfunds
Interest on guaranteed
2.563,959 33 2,604,038 36
securities
-40,079 03
Other rentals and sink894,571 22
ing funds
836,040 18
+53,531 04
Dividends on trust certificates. The Kansas City
Ft. Scott et; Mem. Ry_ _ 540,400 00
540,400 00
Dividends on trust certificates, Chicago (% Eastern Illinois Railroad_ _ 1,038,075 00
994,482 00
+43,59300
Total charges
12,815,111 34 12,825,567 17
-10,455 83
Income balance transferred to credit of
profit and loss
3.8
1.2
0.4
0.2
4.9
12.7
30.7
33.2
9.5
GENERAL PROFIT AND LOSS ACCOUNT AND ADJUSTMENTS
THEREIN. JUNE 30 1911 TO MINE 30 1912.
Credit•
Balance at credit, as per annual report June 30
1911
$4,833,209 88
Surplus for the year ended June 30 1912
Sundry adjustments not affecting current 177,398 77
year's income
104,625 29
Total credit
$5,115,233 94
Debit
New Orleans Texas & Mexico Railroad Lines
deficit
Proportion for the year of discount on securities $903,969 17
Dividends paid, four per cent on first preferred 857,152 49
stock
199,742 12
Total debit
1,960,863 78
Balance
3,154,370 16
$5,115,233 94
By Balance at credit June 30th 1912
7.0
4.4
0.1
177,398 77 1,535,404 10 -1,358,005 33 88.4
$3,154,370 16
EXPLANATION OF CHANGES IN FUNDED DEBT DURING
FISCAL YEAR ENDED JUNE 30TH 1912.
Total funded debt at June 30th 1911 (including owned and
pledged)
$299,238,266 27
St. Louis & San Francisco Railroad Company.
Additions
St. Louis & San Francisco Railroad Company:
Refunding mortgage 4% bonds:
Issued for all of the capital
stock and bonds of The
Brown'd North & South
Ry. Co.(17.65 miles)___ $319,000 00
Additions and betterments
on the Northwestern Division
10,000 00
Redemption of underlying
bonds (Missouri and
Western Division)
5,000 00
$334,000 00
General lien mortgage 5% bonds:
Issued for:
Additions, betterments
and new equipent expenditures after July 1
1911
$2,526,000 00
Redemption of underlying bonds
280,000 00
Retirement of equipment
bonds and notes
2,695,703 71
5,501,703 71
New Orleans Texas & Mexico Division first
mortgage bonds:
Issued for:
Indebtedness of the N.O.
T. & M. RR. Co. to
this company account
advances as follows:
For construction of
line, Erwinville to
Mix, La., 12.88 miles $132,178 52
For construction of
line, Simpsonville to
Collegeport, Tex.,
7.9 zWies
115,408.13
For construction of
Brownsville BeltLine,
Texas, 7.95 miles
91,474 49
Additions, betterments
and now equipment
of the N. 6. T. &
M. Lines
1,042,172 78
1,381,233 92
c. & E. I. RR. preferred stock trust certificates:
Issued in exchange for C. & E. I. RR.
Co. preferred stock
2,826,450 00
Total
$10,043,387 61
Deductions
St. Louts & San Francisco RR. Co.
Seven-year 4 % gold notes
redeemed
$280,000 00
Three- year collateral trust
5% notes of 1911 redeemed 250,000 00
Three-year 5% secured gold
notes calk for payment on
-d
June 1 1912 and cash deposited for redemption of
same
8,000,000 00
St. L. & S. Fr. Railway Co.:
First mortgage 6% bonds
(Missouri and Western Division) redeemed
5,000 00
Total
8,535,000 00
Net increase
1,508,387 63
Leasehold Estate(The Kansas City Ft. Scott& M. RY.)
Additions
The Kansas City Ft. Scott & Memphis Railway Company:
Refunding mortgage 4% bonds-Issued for:
Construction of Bellevue Yards, Tenn
266,000 OS
Fort Worth & Rio Grande Railway.
Fort Worth & Rio Grande Ry. Company:
First mortgage 4% bonds
Additional issue account Brady-Menardville Extension
17,000 00
The Brownwood North & South RY.
The Brownwood North & South Railway Company:
First mortgage 6% bonds-Issued for:
Construction of The Brownwood North & South Ry__
91,000 00
$301,120,653 90
0.9
1.5
1409
Deductions
Equipment obligations paid during year ____$2,805,030 20
Additions
Issued during you*
St. Louis & San Francisco Railroad Company Equipment Gold Notes, Series "S,"
dated October 1 1911
1,776,000 00
Total net decrease
1,029,030 20
Total funded debt at June 30th 1912, as per balance
sheet
$300,091,623 70
Deduct amount owned and pledged, included in above
48,750,000 00
Total amount outstanding at June 30th 1912_ _
3251,341,62370
(VoL. Lxxxxv.
THE CHRONICLE
1410
CONDENSED GENERAL BALANCE SHEET JUNE 30 1912 AND COMPARISON WITH PREVIOUS YEAR.
ASSETS.
Increase(+)or
Decrease (-).
$
•
1911.
1912.
Property Investment$
$
Road and Equipment
Investment to June 30 1907:
208,885,657 26 208,885.657 26
Road
34,247,705 12 34,247,705 12
Equipment
LIABILITIES.
Stock
Capital Stock:
Common Stock:
Held by company__ 30,143,449 60 29,918,449 60
Not held by company_ 28,999,850 40 28,999,850 40
59,143,300 00 58,918,300 00
243,133,362 38 243,133,362 38
Investment since June 30 1907
11,486,318 91 10,664,400 26
Road
Equipment
12,941,568 13 10,916,092 31
+821,918 65
+2,025,475 82
24,427,887 04 21,580,492 57
+2,847,394 47
Total
36,000.000 00 36,000,000 00
95,143,300 00 94,918,300 00
Total
Mortgage, Bonded and Secured Debt
Funded debt:
Mortgage bonds:
Herd by company_
4,364,151 31 14,915,012 61 -10,550,861 30
Not held by company_227,863,731 00 209,726,932 07 +18,136,798 93
+3,051,450 00
+108,000 00
+1,381,233 92
Collateral trust bonds:
Held by company_
3,990,000 00 3,9, (00 00
Not held by company_ 44,081,500 00 40 •.,,050 00 -5,703,550 00
+88,217 34
Securities
Securities of proprietary,
affiliated and controlled companies
Pledged
75,535,023 56 72,483,573 56
Stocks
_ 3,561,500 00 3,453,500 00
Funded Debt
27,208,911 41 25,827,677 49
Miscellaneous
232,227,882 31 224,641,944
106,305.434 97 101,764,751 05 +4,540,683 92
Securities Issued or Assumed
-Pledged-Funded Debt 4,040,000 00 13,852,027 55 -9,812,027 55
Securities of proprietary,
affiliated and controlled
o
ngnies-Unpledged+18,000 00
314,446 25
296,446 25
110,659,881 22 115,913,224 85 -5,253,343 63
00
399.5007
5,J.;3,280 00
Total
3,812,170 98
-40,377 36
1,036,522 48
257,247 99
+129,479 38
+1,877,215 89
+221,514 43
1,624,338 64
+2,187,832 34
Total Property Invest381,562,749 26 381,869,083 42
ment
Working Assets
6,049,999 42
Cash
Securities issued or assumed:
Held in treasury
6,737 70
Stocks
Funded debt
730,151 31
Marketable securities
Stocks
1,137,514 53
Funded debt
30,393 03
13,000 00
Miscellaneous
Loans and bills receivable_ 3,464,411 49
Traffic and car service bal-due from other
ances
1,710,513 35
companies
Net balance due from
502,341 00
agents and conductors
Miscellaneous accounts re2,651,156 98
ceivable
Materials and supplies_ __ _ 3,114,281 12
Total
19,410,499 93
Accrued Income Not DueUnmatured interest, dividends and rents receivable_ _
51,299 20
--306,334 16
+1,346,491 20
4,703,508 22
6,699 44
991,639 16
+38 26
-261,487 85
.
1,077,514 53
112,000 00
2,294,061 72
+60,000 00
-81,606 97
+13,000 00
+1,170,349 77
1,156,439 01
+554,074 34
719,267 90
-216,926 90
2,441,189 15
3,084,360 15
+209,967 83
+29,920 97
16,586,679 28
+2,823,820 65
251,457 14
399,500 00
5,923,280 00
6.322,78000
6,322,780 00
Equipment trust oblIgat ens.
Not held by company_ 13,469,461 39
Total
330,568 17
+7,585,937 63
48,071,500 (1.) 53,775,050 00 -5,703,550 00
Income bonds:
Held by company_ ___
Not held by company_
r
Total
+225,000 00
+2,759,177 13
267,090,697 06 264,331,519 93
Other Investments
Advances to proprietary,
affiliated and controlled
companies for construction, equipment and bet290,190 81
terments
Miscellaneous investments:
Physical property
1,166,001 86
Securities-Pledged
1,877,215 89
478,762 42
Securities-Unpledged__
+225,000 00
Preferred Stock:
• Held by company_ _ __ 15,006,588 10 15,006,588 10
Not held by company_ 20,993,411 90 20,993,411 90
+2,847,394 47
267,561,249 42 264,713,854 95
Reserve for Accrued Depreciation-Cr
382,335 02
470,552 36
+*225,000 00
14,498,491 59 -1,029,030 20
300,091,623 70 299,238,266 27
Working Liabilities
Loans and bills payable__ _
Traffic and car service balances due to other companies
Audited vouchers and wages
unpaid
Miscellaneous accounts
payable
Matured interest, dividends
and rents unpaid
Matured mortgage, bonded
and secured debt unpaid
Other working liabilities
2,790,000 00
1,075,000 00
+853,357 43
+1,715,000 00
1,599,302 98
1,166,951 65
+432,351 33
5,054,781 88
4,517,034 69
+537,747 19
253,328 88
52,258 20
+201,070 68
3,494,644 13
4,110,575 53
-615,931 40
867,025 00
27,035 05
5,024,816 64 -4,157,791 64
-8,997 64
36,032 69
14,086,117 92 15,982,669 40 -1,896,551 48
Total
-Not DueAccrued Liabilities
Unmatured interest, dividends and rents payable_ 1,440,740 65
650,298 69
Taxes accrued
1,610,494 70
570,549 07
-169,754 05
+79,749 62
2,091,039 34
2,181,043 77
-90,004 43
Deferred Credit Items
Other deferred credit items
1,632,214 37
648,520 59
+983,693 78
Appropriated Surplus
Reserves from income or
surplus:
Invested in sinldng or
redemption funds..
236,494 01
241,994 01
-5,500 00
Total
Profit and Loss
Balance
-200,157 94
3,154.370 16s
4,833,209 88 -1.678,839 72
Deferred Debit Items
Advances: Temporary advances to proprietary,
affiliated and controlled
3,121 09
+409,000 22
412,121 31
companies
+36,195 51
73,660 53
109,856 04
Working funds
Rents and insurance paid
-8,156 58
149,153 56
140,996 98
in advance
Unextinguished discount on
12,929,614 53 11,590,239 26 +1,339,375 27
funded debt
-277,174 76
390,182 99
113,008 23
Special deposit
Cash and securities in sink468,730 49 5,535,736 35 -5,067,005 86
ing and redemption funds
Cash and securities in insurance and other reserve
-10,000 00
114,000 00
104,000 00
funds
-348,40677
1,480,690 30
Other deferred debit items_ 1,132,283 53
Total
Grand Total
15,410,611 11
19,336,784 08 -3,926,172 97
416,435,159 50 418,044,003 92 -1,608,844 42
Grand Total
416,435,159 50 418,044,003 92 -1,608,844 42
*This increase is capital stock of The Brownwood North & South Ry. Co., issued and delivered to St. Louis & San Francisco RR. Co., and by it
pledged under its Refunding Mortgage.
ATLANTIC COAST LINE RAILROAD COMPANY
ANNUAL REPORT-FOR THE YEAR ENDING JUNE 30 1912.
Richmond, Va., November 19, 1912.
To the Stockholders of the Atlantic Coast Line Railroad Co.:
The Board of Directors of the Atlantic Coast Line Railroad Company respectfully submits the following report for
the fiscal year ended June 30 1912:
4,382.47
Miles owned June 30 1911
Miles not owned but operated under lease and trackage
123.19
contracts
Miles owned but not operated by this Company
Less decrease in main line mileage account line revision
a Weldon
4,567.72
Average mileage operated during year
4,524.71
Mileage owned June 30 1912
4,446.11
137.58
Second track mileage operated Juno 30 1912
INCOME ACCOUNT.
Increase (-I-) or
1911.
Decrease (-).
1912.
Operating revenues
$33,463,557 70 $31,622,449 24 +$1,841,108 4
Operating expenses & taxes 23,940,977 96 21,727,786 75 +2,213,191 21
4,505.66
7.05
Miles operated June 30 1911
Miles added during fiscal year:
New line at Weldon, N C
Haines City Branch
Lines to factories, mills, &c
Lines operated under trackage rights
Total miles operated June 30 1912
Net oper. rev. less taxes_ $9,522,579 74 $9.894,662 49
3,244,068 10
3,205,304 31
Other income
-$372,082 75
-38.763 79
$12,727,884 05 $13,138,730 59
5,658,936 32 5,510,434 16
-$410,846 54
+148,502 16
$7.068,947 73 $7,628,296 43
4,498.61
-$559,348 70
3.86
46.24
14.55
7.86
Gross income
Interest and rentals
72.51
Miscellaneous deductions
from income
3.40
69.11
Net income
58,065 97
121,301 84
63,235 87
--7
$7,010,881 76 $7,506,994 59
-496,112 83
Nov. 23 1912.]
TIIE CHRONICLE
INTEREST AND RENTALS.
1912.
1911.
Interest on funded debt
$5,444,484 40 $5,342,760 16
Interest on certificates of indebtedness
9,378 00
9,378 00
Interest on equipment trust bonds of March 1
97,341 67
1907
115,420 00
Interest on equipment trust bonds of Decem65,156 25
ber 1 1911
Interest on Brunswick & Western income bonds
2,300 00
2,600 00
Rentals
40,276 00
40,276 00
Operating revenues increased
Operating expenses increased
Taxes increased
Net operating income, less taxes, decreased
$5,658,936 32 $5,510,434 16
5.82
10.24
9.31
3.76%
The ratio of operating expenses and taxes to operating
revenues was 71.54 per cent, as compared with 68.71 per
cent for the previous year.
DIVIDENDS.
Dividends were paid as follows during the year:
To Preferred Stockholders 5 per cent, equal to
$9,925 00
To Common Stockholders 7 per cent, equal to
$4,098,586 50
OPERATING REVENUES.
1912.
Increase.
1911.
Freight
$22,452,360 40 $21,587,361 22 $864,999 18 4.a
Passenger
8,407,623 64 7,723,853 86
683,769 78 8.85
Express
1,177,926 06
1,029,151 11
148,774 95 14.46
Mail
590,640 00
607,869 19
*17,229 19 2.83
Excess Baggage
95,318 10
108,352 65
13,034 55 13.67
Miscellaneous
578,895 76
726,654 95
147,759 19 25.52
Total
$33,463,557 70 $31,622,449 24 $1,841,108 46 5.82
* Decrease.
OPERATING EXPENSES AND TAXES.
1912.
1911.
Increase.
Maintenance of way
and structures
$4,273,544 72 $3,926,568 50 $346,976 22 8.84
Maintenance of equipment
5,038,546 80 4,583,889 71
454,657 09 9.92
Traffic expenses
566,317 38
537,083 07
29,234 31 5.44
Transporta'n expenses 11,752,552 46 10,556,834 22 1,195,718 24 11.33
General expenses
910,621 59
843,163 85
67,457 74 8.00
Taxes
1,399,395 01
119,147 61 9.31
1,280,247 40
Total
$23,940,977 96 $21,727,786 75 $2,213,191 21 10.19
FREIGHT TRAIN MILES AND LOADING.
Freight cars per train mile decreased
0.28 per cent
Loaded cars per train mile increased
0.49
1.37
14
Tons per freight train mile increased
Loaded freight car mileage increased
2.46
Empty freight car mileage decreased
2.05
CAPITAL ACCOUNT.
To provide payment for 35 locomotives, 2,000 steel underframe freight-train cars and 49 steel underframe passengertrain cars, costing $2,789,426 83, it was deemed advisable to
issue equipment trust bonds, Series "B." The indenture securing said bonds is dated Oct. 19 1911, and under the same
a cash payment of $289,426 83 was made, the balance of
the principal being payable semi-annually at the rate of
$250,000 per annum, the first payment of $125,000 being
made June 1 1912 and the last payment to be made Dec. 1
1921. The deferred payments bear interest at the rate of
432% per annum. The net amount realized from the sale
of the $2,500,000 of bonds was $2,450,000.
There was no change during the year in the amount of
preferred stock outstanding.
Common stock outstanding June 30 1912 amounted to
$58,745,200,an increase of $780,800, the same being issued in
exchange for $1,054,080 of Convertible Four Per Cent Debenture Bonds, which were retired, leaving $9,292,040 of
said Convertible Debenture Bonds outstanding June 30 1912.
There were paid during the year $450,000 of Equipment
Trust Four Per Cent Bonds, Series "A" and $125,000 of
Equipment Trust Four and One-Half Per Cent Bonds,
Series "B," leaving Equipment Trust Bonds outstanding
June 30 1912 as follows:
$2,248,000 4%
Bonds, Series "A."
2,375,000 4Yi% Bonds, Series "B."
$4,623,000
There were no other changes in the bonded debt of your
Company.
CHANGES IN HOLDINGS OF COMPANY'S OWN SECURITIES,IN
ITS TREASURY.
There was .no change during the year in the amount of
Company's own securities held in its Treasury, viz.:
Unified Mortgage Four Per Cent Gold Bonds
First Consolidated Mortgage Pour Per Cent Bonds
$8,842,000
2,438.750
$11,280,750
TRAFFIC.
Freight
Tons of freight earning revenue, increased
1.687
Tons carried one mile, increased
2.77
Mileage of revenue freight trains, increased
1.67
Tons per freight train mile, increased
1.37 0
Passenger
Number of passengers carried, increased
4.79
Number carried one mile, increased
7.35
Mileage of revenue passenger trains, increased
5.03
Passengers per train mile, increased
4.76%
OPERATING REVENUES AND EXPENSES.
Operating revenues increased $1,841,108 46, or 5.82 per
cent over the preceding year. The revenue from U. S. Mail
decreased $17,229 19, or 2.83 per cent over the preceding
year, and the revenue received from this service for the last
fiscal year was $9,681 00, or 1.61 per cent less than was received in the year 1903, notwithstanding increased weight
of mail and requirement of the Post Office Department for
more expensive equipment and extra service, which have
caused much greater expense to the Railroad Company for
carrying the mails.
Operating income showed a decrease of $372,082 75, due
to a greater increase in Operating Expenses and Taxes. The
1411
total increase in Operating Expenses was $2,094,043 60, or
10.24 per cent, the major part of which is attributable to the
large increases in wages made during the year. Taxes increased $119,147 61, or 9.31 per cent.
INDUSTRIAL.
Beginning in November 1911, and extending until February 1912, your Company operated over its entire line the
National Good Roads Train, under the auspices of the National Association, accompanied by special representatives
of the United States Department of Roads. This train
stopped at points in each county of the six States served by
the Atlantic Coast Line, where the demonstrations and lectures given attracted an attendance of over 21,000 people.
In the fall of 1911 an Agricultural Train, under the auspices of the Agricultural Department of the State of Georgia,
was operated over your line in that State; attendance approximately 10,000 people.
In the spring of 1912 the Farm Demonstration Train,
under the auspices of the State University of Florida, made
a complete tour of your lines in that State,and attracted an
attendance of over 24,000 people.
Between June 1911 and September 1912 a Farm Demonstration Train was operated under the auspices of Clemson
College (State Institution) of South Carolina, over all of your
line in that State, with an attendance of about 25,000 people.
Since July 1st a similar train has been operated in North
Carolina, and in the fall of this year one will be operated
in Alabama.
The facts presented to the rural population and the farmers
by these Farm Demonstration trains are bringing forth excellent results.
During the year 3,844 heads of families located on your
lines in various States and engaged in agricultural pursuits.
The number located shows an increase over the previous year
of 941, or 26.7 per cent.
215 factories, mills and other manufacturing industries
were located at local points on your line.
During the past year your Company has constructed 170
industrial side tracks and extensions to reach new plants'or
the enlargement of same.
An exhibit of the various agricultural products grown along
your lines has been prepared, and is being displayed at many
State and County fairs throughout the Middle West, and is
successfully attracting attention to the agricultural possibilities of the South.
DOUBLE TRACK.
Additional second track has been under construction and
all but the last item will be completed and in operation before
January 1 1913, as follows:
Battleboro to Weldon, N C
Roanoke River to Virginia State Line
Mount Holly to Santee River, S. C
Failing Creek to James River, Va
Miles.
28.0
7.6
27.6
5.9
69.1
RAIL RE-LAYING AND INCREASE IN SIDE TRACKS AND YARD
TRACKS.
There were laid during the year 14.55 miles of additional
industrial tracks and 48.17 miles of side and yard tracks,
a total of 62.72 miles.
There were re-laid 213.55 miles, or 5%, of total main and
branch line mileage, 143 miles of which was new 85-1b. rail.
At the close of the year 31.7% of your main and branch
line mileage was laid with rail weighing 85 pounds per yard;
and 65.5% was laid with rail weighing 70 to 85 pounds.
NEW CONSTRUCTION.
The new line between Weldon and Garysburg, N. C., including the elevated structure through Weldon, the steel
viaduct and bridge across Roanoke River, was put into
service in December, 1911. This work was referred to in
last year's report.
The new line from Haines City, Fla., to Sebring, Fla.,
referred to in last year's report, was completed and put into
operation in June 1912.
Construction of new line from Dunnellon, Fla., northwestwardly to a point 1.5 miles west of Wilcox, Fla., a distance
of 50.1 miles, was begun in April 1912, and should be completed prior to June 30 1913.
Work was begun on the James River branch at Richmond,
Va.,a distance of 5.9 miles, in May 1912,and should be completed early in 1913.
Construction was begun in January 1912 of the Lucerne
Park branch, 5.7 miles, leading out from the Bartow branch,
and the work was completed in September 1912.
Construction of a new line from Archer, Fla., to Morriston, Fla., a distance of 20.23 miles, has been commenced and
should be completed in June 1913. The present line between these two points is owned by the Seaboard Air Line
Railway, and trains of your Company are operated over it
under a trackage agreement.
GENERAL REMARKS.
Weather conditions during the past twelve months have
had a marked influence on the operation of your railroad.
Excessive snow and rain in the late winter months interfered
with the movement of fertilizer, with the consequent effect
of delaying crops. Continued rains throughout the spring
caused much damage to track and serious delays to the
large amount of new construction work being carried on.
On May 12 1912 a serious fire, caused by lightning, destroyed your Company's cotton sheds and warehouses at
Savannah, Ga. Contracts were immediately let to replace
the destroyed structures by modern ones with concrete base
and creosote block floors. These buildings, and the increased facilities that are being provided, will have ample
fire protection, and should be completed in time to take care
of the fall cotton movement.
Anticipating a larger freight movement, contracts were
placed for 4,519 freight cars to be delivered during the fiscal
year 1911-1912 and summer of 1912. When this equipment
is all delivered the Company will have added over 15% to
its freight-car roster.
Your officers deem it important to present to you the following facts and ask the co-operation of every stockholder
in disseminating knowledge as to some difficulties overcome
during the past ten years in the economical management of
your property.
Unit costs of most of the important items of maintenance
and operation in 1902 and 1912 were as follows:
1902.
P. C.
Inc'se.
1912.
Steel rails, per mile_ 110 tons ® 322=$3,080 135 tons ® $29 50=83,982 50 29.3
54.4
$0.386
$0.25
Cross ties, per tie__
37.2
16 12
11 75
Lumber, per 1,000d.
53.6
19,348 00 '
12,600 00
Locomotives
39.7
9,422 00
6,744 00
Passenger coaches_ _
128.6
5,528 00
2,416 00
Express cars
168.7
10,026 00
3,731 00
Mall cars
68.5
883 00
524 00
Box cars, A. C. D_ _
77.9
494 00
879 OC
li icars
36.26
4 96
3 64
ofilwages of three
73.64
4 15
2 39
average classes of
93.33
90
2
employees
1 50
• During this period the average freight rate per ton per
mile has decreased 12.1 per cent.
Comparing 1910 with 1912, the period of greatest increase in rates of wages, we find:
In 1910, wages paid represented 51.69 per cent of total
Operating Expenses.
In 1912, wages paid represented 54.51 per cent of total
Operating Expenses.
In 1912, the increase over 1910 in Gross Operating Revenues was 12.26 per cent.
In 1912, the increase over 1910 in Operating Expenses
was 21.10 per cent.
In 1912,the increase over 1910 in Taxes was 15.75 per cent.
The decrease in Net Operating Revenues was 4.65 per cent.
EQUIPMENT REPLACEMENT ACCOUNTS.
$2,900,838 39
Balance to Credit June 30 1911
Credits During the Year:
From Operating Expenses:
Depreciation
$230,180 85
For locomotives
69,826 73
For passenger train cars
604,867 51
For freight train cars
15,214 13
For work equipment
3,001 83
For floatimg equipment
923,091 05
From Operating Expenses:
Renewals, equipment destroyed, sold or transferred to other
classes
$3,693 50
For 2 locomotives
2,540 79
For 6 passenger train cars
23,676 83
For 436 freight train cars
2,696 67
For 27 work equipment cars
$32,607 79
•
From depreciation accrued prior to June 30 1907 125,583 60
From salvage,fire insurance and foreign roads.. 82,876 37.
241,067 76
$4,064,997 20
Total Credits to Replacement Accounts
•
Charges to Replacement Accounts:
For cost value of equipment retired by destruc$294,370 00
tion, sale or transfer to another class
Less value at which equipment was transferred
19,073 84
to other classes
$275,296 16
Cost of transferring equipment from one class
2,378 67
to another class
Balance to Credit of Replacement Accounts,
June 30 1912
277,674 83
$3,787,322 37
The following table shows the equipment owned, or leased
under ear trusts, on hand at the close of each year:
1903. 1904. 1905.11906. 1907.11908. 1909. 1910. 1911. 1912.
467 501 5451 641 672 669 663 686. 719
_ _45
Locomotives
Passenger tral
564 606 602 605 603 646
5231 53
50
50
cars
Freight tral
cars
i4,439f 15,53018,108i23,00924,66824,508 24,58125,47227,510
391 42
4541 4991 593 600 657 773 8471 946
Work equipm'
1
' There were purchased or leased and put in service during
the year 35 locomotives, 25 coaches, 7 combination mail and
express cars, 9 express cars,8 all-steel postal cars, 2,300 box
cars, 100 flat cars, 50 ballast cars, 50 phosphate cars, 1 pile
driver, 1 ditching machine, 1 derrick car, 6 tank cars and 2
house barges. In addition, 17 caboose cars and 2 box cars
were built at the company's shops.
During the year additional orders were placed for 1 dummy
yard engine, 14 standard yard locomotives, 12 Pacific type
passenger locomotives, 8 ten-wheel freight locomotives, 12
coaches, 6 express cars, 4 combination passenger and baggage cars, 1,900 box cars, 100 flat cars, 25 caboose cars, 1
steam shovel, 1 pile driver and 1 house barge. Later, an
additional order was placed for 12 express cars. All of this
equipment has been received with the exception of 1,900
box cars, 1 coach and 12 express cars.
T. M. EMERSON, President.
H. WALTERS, Chairman.
[VOL. Lxxxxv.
THE CHRONICLE
1412
COMPARATIVE GENERAL BALANCE SHEET.
Assets.
•
June 30 1912. June 30 1911.
Property InvestmentRoad and Equipment:
to June 30 1907
Investment
Road
$118,942,804 70 $118,942,804 70
25,803,719 39
25,803,719 39
Equipment
$144,746,524 09 $144,746,524 09
Investment since June 30 1907
Road
Equipment
General Expenditures
$10,632,392 65
7,635,777 22
259,931 50
$8,476,372 86
4,635,143 73
259,931 50
$18,528,101 37 $13,371,448 09
Reserve for Accrued Depreciation-Cr_
$163,274,625 46 $158,117,972 18
7,224,516 88
8,477,578 85
$154,797,046 61 160,893,466 30
Securities:
Securities of Proprietary. Affiliated and
Controlled Companies--Unpledged:
Stocks
8145,440 06
$142,440 06
$706,149 86
45,554,220 58
4,116,231 56
Other Investments:
Miscellaneous Investments:
Physical Property
Securities-Pledged
Securities-Unpledged
$618,891 44
45,554,220 58
4,030,798 28
$60,376,602 00 $50,203,910 30
$154,797.046 61 $150,893,455 30
Total
Working Assets$12,823,463 59 $13,661,870 10
Cash
Securities Issued or Assumed-Held in Treasury:
11,280,750 00
11,280,750 00
Funded Debt
Marketable Securities
1912.
1911.
Stocks
$129,009 $129,009
3,200.692 2,106,102
Funded Debt
16,500
13,200
Miscellaneous
3,342,902 17
2,341,612 45
244.490 31
18,688 35
Loans and Bills Receivable
Traffic and Car Service Balances due
428,319 74
550,436 03
from Other Companies
Net Balance Due from Agents and Con449,561 33
536,953 61
ductors
721,615 96
752,723 12
Miscellaneous Accounts Receivable
2,660,775 35
2,487,063 59
Materials and Supplies
68,391 77
82,705 10
Other Working Assets
$31,876,685 66 $31,867,387 01
Total
Accrued Income Not DueUnmatured Interest, Dividends and Rents
$1,181,391 68
Receivable
$1,161,018 04
Deferred Debit Items
Advances:
Temporary Advances to Proprietary,
Affiliated and Controlled Companies_ _ _ $1,574,352 78
9,320 87
Working Funds
25 00
Other Advances
$980,159 88
9,298 82
25 00
1.583,698 65
602,011 18
$989,483 70
625,011 18
Special Deposits
Cash and Securities in Sinking and Redemption Funds
Cash and Securities in Insurance and
Other Reserve Funds
Other Deferred Debit Items
173,833 33
Grand Total
168,182 25
548,440 36
$3,098,415 03
Total
157,000 00
185,904 86
552,967 01
82,488,117 49
$241,474,580 94 $236,746,328 20
Liabilities.
Stock
Capital Stock:
$57,745,200 00 $56,964,400 00
Common Stock
Class "A" Richmond & Petersburg RR.
1,000,000 00
1,000,000 00
Co. Stock
198,500 00
198,500 00
Preferred Stock
$58,943,700 00 $58,162.900 00
2,949.880 00
3,223,160 00
Premiums realized on capital stock
$62,166,860 00 $61,112,780 00
Total
Mortgage, Bonded and Secured Debt
Funded Debt:
-Held by
Mortgage Bonds
$11,855,750
Company
84,244,000
Not held by Company
$06,099,750 00 $96,099,750 00
-Not held by
Collateral Trust Bonds
35,000,000 00 35,000,000 00
Company
Plain Bonds, Debentures and Notes
10,580,120 00
9,526,040 00
by Company
Not held
46,000 00
46,000 00
-Not held by Company..
Income Bonds
-Not
Equipment Trust Obligations
2,698,000 00
4,623,000 00
held by Company
$145,295,790 00 $144,423,870 00
Total
Working Liabilities
Traffic and Car Service Balances duo to
Other Companies
Audited Vouchers and Wages Unpaid.._ _ _
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents
Unpaid
Matured Mortgage, Bonded and Secured
Debt Unpaid
Other Working Liabilities
$646,091 84
2,034,456 32
293,186 83
444,980 09
$3,215,872 99
699,697 50
82,903,344 74
499,797 92
$3,915,570 49
$3,403,142 66
8431,973 28
658,573 45
$1,781,647 08
354,499 13
81,090,546 73
82,136,146 21
$73,820 15
150,000 00
------- _____
$150,000 00
8223,820 15
Total
Appropriated Surplus
Additions to Property since Juno 30 1907
through Income
Reserves from Income or Surplus
Gratni Total
53,355.865 10
$150,000 00
Rents
Total
Profit and Loss
Balance
7,000 00
288,824 06
$3,554,930 06
Deferred Credit Items
Operating Reserves
Other Deferred Credit Items
Total
446,100 09
3,000 00
133,214 98
Total
Accrued Liabilities Not DueUnmatured Interest, Dividends
Payable
Taxes Accrued
$549,389 54
1,811,397 32
253,154 09
•
$25,228,063 51 $22,164,524 23
$241,474,580 94 8236,746,328 20
NOV. 23 1912.]
THE CHRONICLE
The Tammercial
winus.
COMMERCIAL EPITOME.
Friday Night, Nov. 22 1912.
Trade is still on an enormous scale, consumption in some industries severely taxing production. For many consecutive
weeks the bank exchanges have shown increases, not only
over those of last year but also over those of 1910. The
activity in textile industries is a noteworthy feature. So is
that in the iron and _steel trade, where large contracts are
being made for 1913. The principal iron and steel interest,
significantly enough, is producing at the rate of about 95%
of its capacity. Cotton has advanced sharply under the
spur of a big consumptive demand, and some speculation.
Yet speculation in this country is for the most part light.
LARD has been firmer, with a fair demand. Prime Western $11 85, Continent $12 15, South America $12 70, Brazil
in kegs $13 70. Speculation in lard has been at a higher
range of prices on a fair volume of transactions, but of late,
however, packers have been selling. Houses with stockyard connections have also sold on a considerable scale,
owing to the large Western movement of hogs and a decline
of 10 cents. The tendency towards a setback in lard, however, has been mainly attributable to selling by packers.
DAILY CLOSING PRICES
Sat.
December delivery_cts_11.05
January delivery
10.7734
May delivery
10.30
1413
OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
11.12% 11.07
11.17% 11.123 11.02M
10.82% 10.77% 10.90
10.82% 10.70
10.30
10.25
10.35
10.27% 10.173
COTTON.
Friday Night, Nov. 22 1912.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
508,800 bales, against 549,698 bales last week and 502,894
bales the previous week, making the total receipts since
Sept. 1 1912 4,919,275 bales, against 4,846,255 bales for the
same period of 1911,showing an increase since Sept. 1 1912
of 73.020 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Galveston
28,744 26,109 45,533 25,317 25,871 24,968 176,542
Texas City
4,852 9,842 7,18'7 6,840 5,6'75 8,916 43.312
Aran. Pass.. &c_
6,938 6,938
New Orleans_ _ _ _ 14,98 14,696 15,798 22,014 12,935 12,733 92,474
Gulfport
Mobile
2 7 2,§'75 3,615 2,Iii
,
-g§d 1,&46 12,645
Pensacola
10,800
____
--_---- -_- 10,800
Jacksonville,&c_
1,026 1.026
Savannah
12,656 12 ,- 168 13.84i 9,56,- 8,8g) 10,959 67.515
,
- .
- 1
Brunswick
13,500 13,500
Charleston
4,2715 4,i156
-'ii6 2,764 2,000 3,026 17,059
.
_
_
Georgetown
Wilmington
37,56 2,54 4.65! 1.802 2,864 1,65 17,686
Norfolk
6,696 4,860 8,94'7 2,641 5,374 6,298 34,816
N'prt News, &c_
New York
W) ---------448 - _86 6,729 6,729
52
609
Boston
602
641
-221
541
55'7
189 2,751
Baltimore
- -__
____
____
____ 4,342 4,342
Philadelphia_ _ _ _
394
394
Totals this week_ 77,710 89.476 99.878 73.761 64.442 103.533 505.800
PORK has been strong; mess $18 75(019 25, clear $22@
$24 50, family $22@$23 40. Beef quiet but steady; mess
The following shows the week's total receipts, the total
$18@$19, packet $.19(020, family $22(022 50, extra since Sept. 1 1912, and
the stocks to-night, compared with
India mess $37@$38. Cut meats firm; pickled hams, 10 to
20 lbs., 123/2@133'c.; bellies, clear f. o. b. N. Y., 6 to 12 last year:
lbs., 1338@15c. Butter, creamery extras, 35c. Cheese,
/
1912.
1911.
Stock.
State whole milk, colored specials, 17%@18c. Eggs,
Receipts to
fresh-gathered extras, 38@41c.
November 22.
This Since Sep This Since Sep
Week. 11912. Week. 1 1911.
1912. 1 1911.
OIL-Linseed easier. Receipts of seed at Duluth have
latterly been liberal. City, raw, American seed, 52@53c; Galveston
176,542 2,045,424138,529 1,619,081 443,830, 346,278
43,312 364,509 40,826 262,721
64.789' 51 531
boiled 53@54c., Calcutta 700. Cottonseed oil stronger; Texas City
Aransas Pass&c_ 6,938
89.615 10.125
63,843
9,562,
winter 6.60@6.70e. summer white 6.20@7c. Cocoanut New Orleans_ _ _ _ 92,474 568,639 83,295 493,721 228.760 178,583
Gulfport
2,700
2,975
oil steady; Cochin 10M@I.lc., Ceylon .93(@9Mc. China- Mobile
2.700
1
12,943 116,276 11,925 150,021
44,413
55,048
wood slightly easier at 8%@8%c. Corn fairly active at Pensacola
10,800
51,940 7,150
57.083
Jacksonville, &c_
1,026
9,630 1,181
20,543
5.55@5.60c. Cod steady at 41@43c.
1,360
67,515 754.602 87,176 1,189,180 208,665 237.645
COFFEE has been quiet on the spot, with the tone some- Savannah
Brunswick
13,500 161,100 10,350 157,995
25,259
4,312
Charleston
17,059 208,914 21,426 220,056
what easier. It is difficult to give a really exact quotation Georgetown
57,804
56.224
183
368
on No. 7 Rio, as its value is largely nominal. It has latterly Wilmington
17,050 222,702 25,333 258,706
12,098
38,189
34,816 265,614 35,669 300.185
been quoted anywhere from 145 to 147 c. Mild grades Norfolk
4
73,706
60,861
%
N'port News.
_
2,609
have met with only the routine demand and have shown New Y9rk &c_ 6,729 21,735 _ _ _ _
609
659
2,150 106,051
98,979
more or less weakness; fair to good Cucuta 163'@163'c. Boston
2,751
8,104 2,785
15,613
4.204
3,523
Baltimore
4,342
29,316 4,985
29.405
11,438
6,610
Speculation in coffee futures has latterly dwindled to very Philadelphia
394
496
2.585
5,306
small proportions and prices have declined co-incident with
Total
508,800 4,919,275 483,606 4.846,255 1,294,524 1,145.789
liberal receipts at Rio and Santos and falling markets much
of tho time in both Brazil and Europe. On some days the
In order that comparison may be made with
receipts at Rio and Santos have been noticeably larger than we give below the totals at leading ports for six other years,
seasons:
on the same day last year. For instance, on Thursday there
were stated at 60,000 bags, against 49,000 a year ago and Receipts at- 1912.
1911.
1910.
nos. I 1908.
1907.
48,000 in 1910. At Sao Paulo and Jundiahy, however, the
Galveston _ _ _
arrivals have been noticeably light at times. American Texaseity,&c. 176,542 138,529 104,069 84,373 164,826 86,028
50.250
50,951
18,950
1,894
9.997
10,264
warehouse deliveries have made no bad exhibit either.
New Orleans_
92,474
83,295
92,323
36,701
90.906
93.807
Mobile
12,943
11,925
11,778
Closing quotations were as follows:
8,885
19.585
12,153
Savannah _ _
67,515
87,176
58,326
25,782
49.915
November 13.46013.50 January -.13.51013.52 I March _ _ _13.75013.76
December_13
.46013.47 I February _13.51013.52 I April
13.82013.84
SUGAR.
-Raw quiet but steady. Receipts at Atlantic
ports for the week have been 14,271 tons, against 6,424 last
week and 25,424 last year. Centrifugal, 96-degrees test,
4.05c.; muscovado, 89-degrees test, 3.55c.; molasses, 89degrees test, 3.30c. Refined quiet and steady; gran. 4.90c.
PETROLEUM.-Refined has been stronger. There
has been a good deal of chartering of freight room of late for
forward shipments of case oil to Brazil and Australian ports.
Barrels, 8.50c., bulk 4.800., and cases 10.40c. Naphtha
continues firm; 73®76-degrees, in 100-gallon drums, 22c.;
drums $8 50 extra. Gasoline, 86-degrees, 27c.; 74@76degrees, 240.; 68@70-degrees, 21c. and stove 193 c. Spirits
4
of turpentine 40c. Common to good strained rosin $6 40.
TOBACCO.
-Binder continues in moderate demand at
firm prices, more especially as the.supply of new-crop binder
has already been pretty well absorbed. It is noticeable that
trade is somewhat affected by the possibility of a revision
of the tariff. Filler is still rather dull. For Sumatra leaf
there is only a light demand, as the assortment taken as a
whole is said not to be very attractive. Cuban tobacco meets
with the ordinary demand. On the whole, the tobacco
trade is inanimate. It is in a somewhat anomalous condition, inasmuch as manufacturers are busy, and yet tobacco
is quiet.
COPPER has latterly been more freely offered, but for
all that has been pretty steady, though at t mes there has
possibly been a slight tendency to shade prices here and there;
Lake 174c. and electrolytic 17.45©17.55c. Latterly
London prices have declined somewhat on small transactions. Tin 49.55o. here, showing some decline, with business light. Latterly, however, London has been more
steady. Lead here is down to 43/2c. Spelter steady at
734. Pig iron stronger with a steady demand; No. 2
,
Foundry East at furnace $17 50@$18. Larger sales are
noted for structural steel for business buildings. It is estimated that over 2,000,003 tonsare booked for 1913 and fully
.5,000,000 tons of iron ore.
Brunswick_ _ _
Charleston,&c
Wilmington_ _
Norfolk
Newp't N.
,&c
All others_ __ _
13,500
17,059
17.050
34,816
6,729
19,922
10,350
21,609
25,333
35,669
Total this wk. 508,800
63,629
6,679
7,104
18.367
22,045
273
12,968
483,606
18,769
18,000
16,752
17,986
39,426
149
15,621
7,090
6,890
7,914
15,281
1,255
8,219
10,649
8,509
20,873
29,376
168
8,849
393,380 201,284 413,653 333.317
Since Sept. E 4.919,275 4,846,255 4,083.412 4.078,360 4.368.485 3,299.982
The exports for the week ending this evening reach a total
of 397,848 bales, of which 140,186 were to Great Britain,
65,802 to France and 191,860 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
Exports
fromGalveston _
Texas City_
Aransas
Pass, &c _
NewOrleans
Mobile _ _ __
Pensacola_ _
Savannah_ _ ,
Brunswick _
Charleston_
Wilmington
Norfolk _ _
New York_
Boston _ _ _ _
Baltimore
Philadelphia
San Fran_ _
Pt.Towns.d.
Week ending Nov. 22 1912.
Exported to
-
From. Sept. 1 1912 to Nov. 22 1912.
Exported to
-
Great I
I ContiGreat
Britain. France .1 nent. I Total. Britain. I France.
Continent. I Total.
47,842 33,297 61,351142,490 685,1251, 209,347 543,8981,438,370
19,586 12,192
300 32,078 193,3371 85,667 19,626i 298,630
1
__
24,875,
I
30 5i 58;473 192,528
,
8,175 29,878
10,428
46,55i, 4(
0
5:17: 87,054
12,010, 12,010 59,752
_ 71 7,275 46,546
14,605, 23,898 62,259
2,999;
_
17;710, 2;264 3,iiii 23,iii7 115,902,
7,808;
7,808 61,2811
3,295
-7 16 . 710
7
641 2,
___
1,697
17,083'
1
____
20,767 20,767
371
371
___
i
20,800, 7,iiii
8,175
10,i3.56
-_ -: : :_ .1 _
7,275,
9,2931 _ _ __
17,155 17,2001 59,230
59,301 101,336 353,165
10,0701 10,772 50,720
24,712' 16,800 51,940
41,181 257,8.53 386,088
65,265 125,017
5,0001 72,009 123,555
37,150 105,706 205,115
500 20,813 24,312
19,672 71,323 206,897
1,573 62,8.54
25,076 28,372
3,300 20,383
48,835 48,835
11,019 11,019
Total_ _ _ _ 140,185 65,802 191.860397,848'1,592,343, 509,755 1,392,4043,494,502
Total 1911_ 141,7021 75,477 149,911 367,090 1,570,8611 434,1571.490,998 3.496,016'
Note.
-New York exports since Sept. 1 include 14.716 bales Peru,&c., to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures kir
New York:1
THE CHRONICLE
1414
On Shipboard, Not Cleared for
GerOther CoastGreat
Nov. 22 at- Britain. France. many. Foreign Ivise.
I Leaving
Total. I Stock.
150 41,566
New Orleans__ 15,183 10,177 11,067 4,989
Galveston ____ 51,452 25,054 49,753 36,227 6,370 168,856
1,700 20,811
Savannah ____
4,351
960 13,800____
10,000
____
Charleston ___
____ 8,000
2,000
2.017 20,494
Mobile
____
4,558 10,561 3,358
Norfolk
____ 20,000 • 35,900
____ 7,900
8,000
____ 8,500
New Yotk
3,000 1,000 2,500 2,000
____ 55,000
Other ports_
20,000 6,000 28,000 1,000
A
gl cc l 41 21 KI Al 1;1
187,194
274,974
187,854
47,804
23,919
37,806
97,551
76,295
Total 1912_ _ 108,544 53,752 124,378 44,216 30,237 361,127
Total 1911 108,761 39,054 72.986 58,090 26,026 304,917
Total 1910.._ 99,633 26,039 60,377 48,793 25,198 260,040
-The highest, lowest and closing prices at
FUTURES.
New York the past week have been as follows:
933,397
840,872
653.368
Speculation in cotton for future delivery has been fairly
active at rising prices. The advance was traceable largely
to what was very generally regarded as a very strong spot
situation. One of the interesting incidents of the week has
been a very marked decrease, it is understood, in the supply
of unsold cotton in New York. No matter what the nominal
figures in the stock statement, the common understanding
is that the amount of unsold cotton here does not much, if
at all, exceed 25,000 bales. As a concommitant to this, the
December option has been creeping up on the later months.
Some time ago the premium on May over December was
42 points, but of late it has been reduced to as low as a single
point. Though the congestion in the near months has excited comment, no serious corner is talked of, and no one,
it is understood, is attempting to bring about a corner. But
the point is made that the New York prices are so much
below the parity of the South that it is impossible to bring
cotton here except with a serious loss, the difference being
stated at something like 75 to 100 points against New York.
On the basis of middling, New York is at a great disadvantage, but it is even more so on the lower and the higher
grades. The reason is that the discounts here on the lower
grades are greater than at tile South and the premiums on
the higher grades are smaller here than at the South. The
Revisions Committee met on Wednesday but made few
changes in the differences. The committee will not meet
again until February. Its action was regarded as bullish,
inasmuch as it failed to increase the premiums on high grades
or to reduce the discounts on the great bulk of
the lower grades, so that nothing was done to facilitate the
delivery of cotton on New York contracts. Therefore prices
here must advance to a point that will attract spot cotton
from the South before any material increase on the stock
here can be expected. This is how very many, at any rate,
regard the matter. Large spot interests have been good
buyers. Big sales of spot cotton haVe been made here.
Shorts have covered freely. Waldorf-Astoria interests in
some cases have taken the long side. Wall Street houses
have bought. Spot markets at the South remain generally
firm under the stimulus of increased buying, attributed for
the most part to domestic mills. The ginning report on
Thursday put the total up to Nov. 14 at 10,291,431 bales,
against 11,313,236 up to the same time last year and 8,780,433 two years ago. The most striking features of the report
were, on the one hand, the small ginning in the important
State of Georgia and the enormous ginning in the still more
important State of Texas. Liverpool spot sales have been
comparatively small, that is, generally only 7,000 to 8,000
bales a day. The advance has been so marked of late that
most people are looking for a sharp reaction sooner or later.
To-day prices again advanced on big buying by important
trade interests and also by speculators. The Liverpool spot
sales increased to 10,000 bales. Manchester and Fall River
have recently been active. Spot cotton closed at 12.60c.
for middling uplands, showing a rise for the week of 70points,
after the largest business in a long period.
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:
eq
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows., Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
1912.
bales. 821.000
5,000
35,000
1911.
548.000
3,000
36,000
1910.
658,000
3,000
38,000
1909.
840,000
7,000
56,000
Total Great Britain stocks....__ 861,000
12,000
Stock at Hamburg
333,000
Stock at Bremen
256,000
Stock at Ilavre
2,000
Stock at Marseilles
14,000
Stock at Barcelona
11,000
Stock at Genoa
7,000
Stock at Trieste
587,000
9,000
183,000
127,000
2,000
11,000
26,000
4,000
690,000
5,000
165,000
154,000
2,000
8,000
35,000
903,000
6,000
182,000
313,000
2,000
8,000
48,000
1,000
November 22Stock at Liverpool
Stock at London
Stock at Manchester
635,000 362,000 369,000 560,000
Total Continental stocks
Total European stocks_ _.._ _ _ _1,496,000 949,000 1,068,000 1,463,000
60,000
80,000
9,000
25,000
India cotton afloat for Europe_ __
Amer. cotton afloat for Europe...1,127,072 1,013,773 737,861 897,4R6
82,000
91,000
81,0(10
Europe.. 114,000
Egypt,Brazil,8te..afit.for
277,000 169,000 236,000 199,000
Stock in Alexandria, Egypt
283,000 216,000 176,000 225,000
Stock in Bombay. India
1,294,524 1,145,789 913,408 908.438
Stock in U. S. ports
Stock in U. S. interior towns_ __ _ 685.834 827,931 711,879 697,759
1,957
61.123
50,548
102,949
U. S. exports to-day
c 1.50 on Middling
c Basis' Good mid. tinged_c_ Eye!.
Fair
5,405,379 4,462,341 4,075.271 4,534,640
Total visible supply
on Strict low mid_..0.35 off Strict mid. tinged _0.15 off
Strict mid. fair_ __ _1.30
0.80 Oft Middling tinged__ _0.30 of
1.10 on Low middling
Of the above, totals of American and other descriptions are as follows:
Middling fair
Strict good mid.._ _0.68 on Strict good ord_ _ _1.40 off Strict low mid.ting_0.80 off
American
mid. tinged_ _1.90 off Liverpool stock
bales.. 685,000 458,000 559,000 763.000
Good middling_ _ 0.46 on Good ordinary_ _2.15 oft Low
26,000
29,000
50,000
21,000
Strict middling_ _ __0.24 on Strict g'd mid. ting.0.35 on Middling stained_ _0.90 off Manchester stock
599,000 330,000 343,000 533,000
Continental stock
1,013,773 737,861 897,486
The official quotation for middling upland cotton in the American afloat for Europe
1,127,072
1.294,524 1,145,789 913,408 908,438
U. S. port stocks
New York market each day for the past week has been:
685,834 827,731 711,879 697,759
U. S. interior stocks
61,123 % 6,11,957
50,848
Sat. Mon. Tues. Wed. Thurs. Fri. U. S. exports to-day
Nov. 16 to Nov. 22102,949
12.60
11.90 12.10 12.40 12.40 12.55
Middling uplands
4,515,379 3,855,341 3,352,271 3,851,640
Total American
East Indian, Brwal, &c.
NEW YORK QUOTATION FOR 32 YEARS.
90,000
99,000
77,000
136,000
Liverpool stock
3,000
3,000
7,000
5,000
upland at New York on London stock
The quotation for middling
7,000
12,000
6,000
14,000
Manchester stock
have been as follows:
Nov. 22 for each of the past 32 years
32,000
26,000
36.000
27,000
Continental stock
10.00 India afloat for Europe
9,000
80,000
60,000
7.62 1888_c
12.60 1904_c
25,000
9.90 1896_c
1912_c
10.38 Egypt Brazil, &c., afloat
81,000
91,000
82,000
8.50 1887
114,000
9.45 1903
11.30 1895
1911
9.19 Stock in Alexandria, Egypt
5.81 1886
277,000 169,000 236,000 199,000
14.85 1902
8.50 1894
1910
9.44 Stock in Bombay, India
283,000 216,000 176,000 225,000
8.00 1885
8.00 1893
14.85 1901
1909
10.44
9.62 1884
10.25 i892..
9.40 1900
1908
10.50
7.56 1891
8.12 1883
890,000 607,000 723,000 683,000
11.20 1899
1907
Total East India, &c
10.56
9.44 1882
5.44 1890
4,515,379 3.855,341 3,352,271 3,851,640
1906
11.00 1898
Total American
10.25 1881
11.94
5.81 1889
1905
11.65 1897
5,405,379 4,462,341 4,075,271 4,534,640
Total visible supply
6.91d.
7.62d.
5.22d.
8.10d.
MARKET AND SALES AT NEW YORK.
Middling Upland, Liverpool
12.60c.
14.80c.
9.45c.
15.10c.
Middling Upland, New York
123.6d.
10d. 11 13-16d.
Egypt, Good Brown, Liverpool.... 10.50d.
SALES.
9.25d.
Futures
9.50d. 10.75d.
Peruvian, Routh Good, Liverpool 10.00d.
,
734d.
”4(1.
Spot Market
Market
6 3-8d. 5 5-16d.
Broach, Fine, Liverpool
Spot. Contr'ct Total.
Closed.
Closed.
Tinnevelly, Good, Liverpool_ _ _ _ 6 546d. 5 546d. 7 9-16d. 6 1546d.
Saturday_ _ _
Monday _
Tuesday _ _ _
Wednesday_
Thursday __
Friday
Quet
Steady
Steady, 20 pts. adv_ Very steady
Steady,30 pts. adv.. Steady
Steady
Steady
Steady, 15 pts. adv_ Easy
Steady. 5 pts. adv.. Firm.
Total..
8,476
2,600
200
1.200--..ioti
300
8,476
2,600
200
1.200
400
100
12.879
12,776
Continental imports for the past week have been 197,000
bales.
The above figures for 1912 show an increase over last week
of 359,841 bales, a gain of 943,038 bales over 1911, an excess
o190f19.
,330,108 bales over 1910 and.a gain of 870,739 bales over
THE CHRONICLE
Nov. 23 1912
AT TB I.: INTERIOR TOWNS 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 corresponding period for the previous year-is set
out in detail below.
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Range
Closing
Range
Closing
Jan.
Range
Closing
Feb.
Range
Closing
Mch.Range
Closing
May
Range
Closing
July
Range
Closing
Tone
Spot
Dec.
-
E moyliqoqi*&tk- sqltg15
10, !"R'g
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124
12 3-16
12
12%
12%
12
12 7-16
12%
12.65
12%
12%
124
124
124
124
12 3-16
12%
12%
12%
12
12%
12%
12.65
12%
12%
12%
124
12%
12 5-16
124
12%
124
1234
12%
12%
12.80
12%
13
12%
124
12%
11234
1234
12%
1234
1234
12%
12%
12%
12.85
12%
13
13
12%
12%
Nov.
-
,
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123/s
12
11 15-16
113/s
1134
1.”.4
12 3-16
1234
12.35
12%
12p
12
12 3-16
Sat'day, Monday, Tuesday, Wed'day. Thursd'y, Friday,
Nov. 16. Nov. 18. Nov. 19. Nov. 20. Nov. 21. Nov. 22.*
•F ----.
co
Co
Galveston
12
,
New Orleans.... _ 11%
Mobile1115-16
Savannah
11%
Charleston
1134
Wilmington_ _ _ _ 12
Norfolk
1234
Baltimore
123/s
Philadelphia
12.15
Augusta
1234
Memphis
1234
St. Louis
1234
Houston
11 13-16
Little Rock
12 3-16
<7:.1
F,.
isD
Ito
Closing Quotations for Middling Cotton onSat'day, !Monday, Tuesday, Wed'day, Thursd'y,1 Friday.
NEW ORLEANS OPTION MARKET.
-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
'
"- 1
,
CO
Week ending
Nov. 22.
1415
11.72-.76 12.0-.11 12.30-.32 12.2'7-.29 12.24-.26 12.38-.40
11.74-.82 11.91-.12 12.17-.34 12.20-.37 12.26-.41 12.25-.43
11.74-.76 12.11-.12 12.32-.33 12.29-.31 12.26-.27 12.41-.42
11.78-.89 11.95-.16 12.21-.38 12.20-.37 12.27-.43 12.25-.43
11.78-.79 12.15-.16 12.33-.35 12.29-.30 12.27-.28 12.41-.42
- 0 -- 0 -12.29 -- 0 -- 12.33- 0 11.81-.83 12.18-.20 12.36-.38 12.32-.34 12.30-.32 12.44-.46
11.91-.03 12.07-.28 12.32-.48 12.30-.47 12.37-.53 12.35-.52
11.92-.93 12.26-.27 12.43-.44 12.39-.40 12.37-.38 12.51-.52
12.03-.15 12.18-.40 12.45-.60 12.41-.58
12.03-.04 12.37-.38 12.55-.56 12.50-.51 12.47-.63 12.45-.63
12.47-.48112.61-.62
12.15-.27 12.30-.49 12.57-.70 12.52-.68 12.58-.73 12.56-.72
12.16-.17 12.47-.49 12.66-.67 12.61-.62 12.57-.58 12.71-.72
Steady. Steady. Steady. Quiet. Quiet. Steady.
.
. •
.
•
.
.
.
REVISION OF DIFFERENCE BETWEEN GRADES
-At the meeting of the revision commitAT NEW YORK.
tee of the New York Cotton Exchange held Wednesday,
Nov. 20, only slight changes were made in the differences
0
that will determine contracts until next February. In fact,
,
0
0
.
0.q.....1.00..1.0)0M0C.t=c =W
.4-4-4 O0A.b.10W
,
beyond increasing the discounts on strict low middling
Co
ws ,r8 • A81:22.1t:ZD
tinged to 85 cents off middling and on low middling tinged
44elT,2;
:
to 2.00 cents, the 'differences as fixed Sept. 11 were left
* Last year's figures are for Louisville, Ky.
unchanged. The committee decided to leave the general
The above totals show that the interior stocks have in- revision of the various grades until the February meeting,
creased during the week 57,464 bales and are to-night 142,097 when a better idea of the quality of the present crop may
be obtained.
bales less than at the same time last year. The receipts
at all towns have been 13,878 bales more than the same
CENSUS BUREAU'S REPORT ON COTTON GINNING,
week last year.
-The Division of Manufactures in the Census Bureau
completed and issued on Nov. 21 its report on the amount
OVERLAND MOVEMENT FOR THE WEEK AND of cotton ginned up to Nov. 14 the present season, and we
give it below, comparison being made with the returne for
-We give below.a statement showing the
SINCE SEPT. 1.
the like period of the two preceding years.
overland movement for the week and since Sept. 1, as made
-Counting Round as Half Bales
1912.
1911.
1910.
up from telegraphic reports Friday night. The results for Alabama
961,378 1,239,211
895.894
545,988
563,115
479.122
the week and since Sept. 1 in the last two years are as follows: Arkansas
Florida
42,154
65,236
46.847
Georgia
-----1912
1911
1,331,111 2,106,305 1,436,997
November 22Since
Since Louisiana
300,811
269,548
183 818
Week.
Mississippi
ShippedSept. 1.
Week.
Sept. 1.
644,115
719,638
759.152
27,416 119,746
Via St. Louis
20,735 131,430 North Carolina
627,045
716,200
494,920
11,329 67,053 al6,683 a86,471 Oklahoma
Via Cairo
722,512
657,497
727,654
Island
687
2,551
South Carolina
195
Via Rock
882,976 1,163,984
888,291
1,013
4,639 24,536
5,163 38,424 Tennessee
Via Louisville
158,072
264,777
192,213
6,578 26,651
2,984 20,769 Texas
4,019,317 3,473,702 2,636.696
Via Cincinnati
9,342 51,631
7,896 49,718 Others
55,952
Via Virginia points
74.023
38,829
18,763 95,951
10,736 73,007
Via other routes, &c
United States
10,291,431 11,313,236 8;780.433
78,754 388.119
64,392 400,832 Percentage of crop
Total gross overland
72.7
75.9
Deduct Shipments
The statistics
1912, 75.963 for
7,738 47,168 1911 and 93.964in this report include 62,400 round.bales for included 41,321
Overland to N. Y., Boston, &c_ _ _ 8,096 38,575
for 1910. The number of Sea Island bales
974 10,446 for 1912. 71,204 for 1911 and 52,631 for 1910. The distribution of the Sea
4,894 14,834
Between interior towns
3,091
18,702
513 13,116 Island cotton for 1912. by States, is Florida, 14,952; Georgia, 23.822,
Inland, &c., from South
16,081 72,111
9,225 70,730 and South Carolina, 2,547. for 1912 are subject to slight corrections
Total to be deducted
The statistics of this report
when
the individual returns of the ginners being trans62,673 316,008
55,167 330,102 mittedchecked againstcorrected statistics of the quamtity of cotton ginned
Leaving total net overland *
by mail. The
this season prior to Nov. 1 are 8,869.222 bales.
* Including movement by:rail to Canada. a Revised.
Co
b.D. .
A.
tA
v4ta
CO o.. w..ww..owo owner,
powobo , Co
1
.
84
.
1
"co :e;),W0:4:t: LJA.ND'0001, 1A20C0003,1 7
.
2tbDo F'F'?
oo -04,820). t'f2g1,14c18.T.Wart&W,0.0.8R4
oo
W
.
.
The foregoing shows the:week's net overland movement
has been 62,673 bales, against 55,167 bales for the week last
year, and that for the season to date:the aggregate net overlankexhibits a decrease from al:year ago of 14,094 bales.
1912
1911L.,,i_.
4 Since
Since
In Sight and Spinners
Week.
Sept. 1.
Week.
Sept. 1.
Takings
508,800 4,919,275 483,606 4,846,255
Receipts at ports to Nov. 22
Net overland to Nov. 22
62,673 316,008 55,167 - 330,102
Southern consumption to Nov. 22 56,000 664,000 53,000 529,000
k Total marketed
627,473 5,899,283 591,773 5,704,357
Interior stocks in excess
57,464 588,798 45,775 727,494
ff Came into sight during week__684,937
637,548
Total in sight Nov. 22
6,488,081
6,432,851
Nor spinners'takings to Nov.22_110,639 746,198 95,353 763,125
Movement into sight in previous years,.
Fr
Week-
Bales.
Since-Sept. 1-
Bales.
1910-Nov.1 25
5,593,177
563,225 1910-Nov.25
1909-Nov.;26
5,836,828
328,972 1909-Nov.26
1908-Nov. 28
6,054,698
567,396 1908-Noy.28
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.-Below„are the closing quotations
for middling cottonS at Southern and/other principal cotton
marketsJor each.day of theaweek.
DOMESTIC EXPORTS OF COTTON MANUFAC-We give below a statement showing the exports of
TURES.
domestic cotton manufactures for September and for the
nine months ended Sept. 30 1912, and, for purposes of comparison, like figures for the corresponding periods of the previous year are also presented:
Manufactures
Cotton Zxported.
Piece goods
Piece goods
30.9 Mos. ending Sept. 30.
1912.
1911.
1912.
1911.
yards 31,656,65533,025,707 359,062,941 284,015.689
value
Month end. Sept.
$2 204 691 $2,290,794 $23,647,178 $19,997,680
Clothing,&c.,knit goods.vall 251,411
153,486 1,730,879 1,364,926
Clothing,&c., all other_val
536,719 • 518,573 6,001,910 4,468,965
Waste cotton, &c_ _ _value, 329,566
value
271,807 2,942,775 2,538,893
Yarn
value I
48,946
33,445
433,919
431.635
All other
value, 559,003
489,006 4,978,011 4,166,233
I
Total manufact. of.value $3,914,835 $3,772,612 $39,735,672 $32,968,332
i
-We have been favored this week with a complimentary
copy of "Cotton Facts," issued by the Shepperson Publishing Co., of this city, a compilation of statistical matter
relating to the staple that has been published annually
since 1876. In the present edition several new . features
have been added, increasing the already great value of the
handy little pocket manual to all those interested in cotton.
THE CHRONICLE
1416
-Our adWEATHER REPORTS BY TELEGRAPH.
vices by telegraph from the South this evening denote that
dry weather has prevailed over most of the cotton belt
during the week, and where rain has fallen the rainfall
having been light as a rule. The picking of the crop, therefore, has progressed rapidly. Marketing continues liberal.
Galveston, Tex.
-Rain has fallen on two days of the week,
the rainfall being fifty-four hundredths of an inch. Average
thermometer 60, highest 65, lowest 54.
Abilene, Tex.
-There has been light rain on one day during
the week, the precipitation reaching thirty-two hundredths
of an inch. The thermometer has ayeraged 40, the highest
being 48 and the lowest 32.
-There has been only a trace of rain on
Palestine, Tex.
one day during the week. The thermometer has averaged
46, ranging from 42 to 50.
-We have had rain on one day during
San Antonio, Tex.
the week, the ra'nfall being one inch and forty-two hundredths. The thermometer has ranged from 46 to 56, averaging 51.
-Rain has fallen on two days of the week,
Taylor, Tex.
the rainfall beingone inch and thirty hundredths. Average
thermometer 52, highest 60, lowest 44.
-We have had no rain the past week.
New Orleans, La.
The thermometer has averaged 59.
-It has been dry all the week. -The therShreveport, La.
mometer has ranged from 38 to 72.
-We have had no rain during the week.
Vicksburg, Miss.
The thermometer has ranged from 37 to 73, averaging 56;
Helena, Ark.
-Fine weather and cotton is well out. No
rain during the week. Average thermometer 48.8, highest
66, lowest 31.
Memphis, Tenn.
-Picking and marketing are making
good progress. There has been no rain the past week.
Thermometer has averaged 51, ranging from 34 to 68.
Mobile, Ala.
-We have had no rain rain during the week,
Thermometer has ranged from 40 to 76, averaging 57.
-Dry all the week. The thermometer
Charlotte, N. C.
has ranged from 29 to 70, averaging 50.
-There has been a slight mist on one day the
Selma, Ala.
past week. The thermometer has ranged from 30 to 70,
48.
averaging
-We have had no rain during the week.
Madison, Fla.
The thermometer has ranged from 38 to 66, averaging-55.
Savannah, Ga.-We have had rain on one day during the
week, the precipitation being thirteen hundredths of an mch.
Thermometer has ranged from 37 to 70, averaging 54.
Charleston, S. C.
-We have had no rain during the week.
The thermometer has ranged from 38 to 70, averaging 54.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Below zero
Above zero
Nov. 22 1912.
Feet.
of gauge_
4.5
of gauge..
9.5
of gauge..
7.2
of gauge_
2.4
of gauge..
9.3
Nov. 24 1911.
Feet.
5.1
16.4
10.5
4.4
15.5
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three years have been as follows:
1912.
A
November 21
Receipts at
Week.
Bombay
29,000
Since
Sept. 1.
1911.
Week.
109,000 56,000
For the Week.
Exports
from-
Total all
1912
1911
1910 ____
1910.
Week.
158,000 55,000
Since
Sept. 1.
223,000
Since September 1.
Great 'Conti- I Japan
Great
Britain. nent. IdtChina Total.' Britain.
Bombay
1912 ____
1911
1910 ____
Calcutta
1912
1911
1910 _
Madras
1912
1,000
1911
1,000
1910 ____
All others
1912
2,000
1911
1910 ____ 1,000
Since
Sept. 1.
4,000 11,000 15,0001
,
1,000 32,000 33,000
___ 18,000 18,000
Conti- I Japan
nent. & China. Total.
1
54,000
23,000
3,000 138,000
10,000
18,000 82,000
47,000 70,000
61,000 202,000
1- 666
,
_
1,650,
2,000
1,000
2,000
5,000
6,000
5,000
7,000
7,000
7,000
1,000
2,000,
1,000
4,000
2,000
1,000
4,000
5,000
5,000
8,000
7,000
6,000
1,000
3,000
1,000,
4,000 . 36,000
4,000 35,000
8,000 28,000
3,000 6,000 11,000 20,0001
1,000, 1,000 32,000 34,000,
1,0001 1,000 18,000 20,000
20,000 99,000
7,000 69,000
14,000 176,000
1,000
1,000
41,000
40,000
36,000
19,000 138,000
48,000 124,000
61,000 251,000
Lxxxxv.
[VOL.
in some districts and inferior in others, The prospects for the third
pickings are unfavorable, a great number of pods having been damaged
by boll worms. The ginning yield is irregular and slightly inferior to
last season. In Upper Egypt and the Fayoum the temperature has been
generally favdrable. The results of the first pickings are superior to last
season's, but those of the second are inferior to what was hoped for, which
is perhaps due to the scarcity of water during the summer. The third
pickings seem to yield very little. The ginning yield is slightly inferior
to that of 1911. In accordance with its information the Association Is
led to estimate the crop this year at about 7,750,000 cantars.
EXPORTS OF COTTON GOODS FROM GREAT
-Below we give the exports of cotton yarn,
BRITAIN.
goods, &c., from Great Britain for the month of October
and since Jan. 1 1912 and 1911, 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.1
000s
omitted. 1912. 1 1911.
Lbs. I
Jan ___ 22,704
Feb_ __ _ 22,086
25,8171
Mch
Cloth.
1912.
•
1
1912.
1911. 1
1911.
Total of AU.
1912.
1911.
Lbs..
Lbs.
Yds.
Yds.
Lbs.
Lbs.
21,369 559,693 568,228 104,615 108,585 127,319 127,954
98,881 113,587 118,178
19,297 489,529 529,007 01,501
24,142 622,341 636,198 116,325 118,915 142,142 143,057
1st guar 70,6071 64,8081,671,563 1,733,433 312,441
324,381
383,0481 m:18;
-
April __ 20,880' 19,394 524,131 521,003 97,968 97,107 118,848 116,501
122,559
May __ 22,7081 20,775 560,80 544,545 104,822 101,784 127,53
96,656 118,834 114,469
June -_ 21,663 18,813 519,865 517,112 97,171
1
2d guar. 65,2511 58,982 1,614,786 1,582,600 299,961
295,6371 365,212 354,610
July ___ 22,5481 16,580 635 361 469,866 118,759
Aug ___ 22,8121 21,640 641,782 577,897 119,959
Sept __ _ 20,7301 17,562 560,622 528,367 106,471
87,825 141,307
108,018 142,771
98,842 127,201
104,405
129,658
116,404
3d guar. 66,0901 55,782 ,846,765 1,576,130 345,189 294,685 411,279 350,467
Oct __ 24,7031 24,139 666,185 663,5041 124,621
124,019 149,224
148,158
925
40,517
994
38,444
Stockings and socks
Sundry articles
1,350,2051,281,871
Total exports of cotton manufactures
The foregoing stiows that there had been exported from
the United Kingdom during the ten months 1,350,205,000
pounds of manufactured cotton, against 1,281,871,000
pounds last year,ror an increase of 68,334,000 pounds.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amounts gone
out of sight, for the like period:
Cotton Takings.
Week and Season.
1912.
Week.
1911.
Season.
Week.
Season.
Visible supply Nov. 15
4,179,951
5,045,538
Visible supply Sept. 1
2,135,485
1,603,418
American in sight to Nov. 22__ 684,937 6,488,081 637,548 6,432,851
158,000
109,000
56,000
Bombay receipts to Nov. 21_
29,000
54,000
1,000
56,000
Other India ship'ts to Nov.21_ _
5,000
306,100
53,300
466,000
Alexandria receipts to Nov. 20_
59,000
86,000
7,000
74,000
8,000
Other supply to Nov. 20 *
Total supply
Deduct- _
Visible supply Nov. 22
5,831,475 9,328,566 4,934,799 8,640,369
5,405,379 5,405,379 4,462,341 4,462,341
426,096 3,923,187 472,458 4,178,028
Total takings to Nov. 22
386,096 3,338,187 383,158 3,429,928
Of which American
40,000
585,000
89,300
748,100
Of which other
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
-Through arrangements made with Messrs.
COTTON.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movement of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding
week of the two previous years:
Alexandria, Egypt,
November 20.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)
-
1912.
1911.
1910.
430,000
3,492,472
400,000
2,298,161
490,000
3,569,031
This Since
Week. Sept. 1.
This
Since
Sept. 1.
12,500 67,061 9,500 46,542
To Liverpool
9,250 67,713 9,500 50,578
To Manchester
59,015 8,250 67,453
To Continent and India_
5,866 23,118 1,760 5,676
To America
27,250 210 971122,000_119,248_
2
Total exports
This Since
Week. Sept. 1.
5,750
16,750
15,000
5,500
85,301
73,579
92,486
24,798
43,000 276,164
According to the foregoing, Bombay appears to show a deNote.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
crease compared with last year in the week's receipts of 27,000
The statement shows that the receipts for the week were
bales. Exports from all India ports record a loss of 14,000
bales during the week and since Sept. 1 show an increase 430,000 cantars and the foreign shipments 27,250 bales.
of 14,000 bales.
-Our report received by
MANCHESTER MARKET.
EGYPTIAN COTTON CROP.
-The-Alexandria General cable to-night from Manchester states that the market is
Produce Association resume of informations received during
firm for both yarns and shirtings. Spinners are conOctober 1912 is as follows:
The weather in Lower Egypt, with the exception of the last few days sidered to be well under contract. We give the prices for toof the month, was rather cool, but the temperature was in general favorable
to the cotton plants. Boll worms have continued to cause some damage, day below and leave those for previous weeks of this and
especially to the third pickings. Compared with 1911 the results of the
first pickings are superior, while those of thejecond pickings are equal last year for comparison.
THE CHRONICLE
Nov. 23 1912
1912.
328 Cop
Twist.
d.
Oct.
4 934 0
11 04 0
18 cm 0
25 9 7-16 0
Nov
1 934 0
8 934 0
15 934 0
22 10'4 (4
1911.
13;i lbs. Shirt- Cot'n
tags, common Mid.
to finest.
Upl's
d.Its. d.
32s Cop
Twist,
s. d. d. d.
84 lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upl's
d. s. d.
s. d.
d.
011
011
011
(411
134
134
1
134
6.32934 0 10 5
6.30 9
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6.09834 (4 9345
6.16 8 11-160 9% 5
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534010 434
5.59
5.31
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3
4
6.63 834
6.79 834
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6.91 834
5 010 4
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1
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SHIPPING NEWS.
-Shipments in detail:
Total bales.
-To Liverpool
NEW YORK
-Nov. 15-Caronia„ 1,512 upland,
9 Sea Island; Cymric,6,972 upland, 38 Sea Island_ _ _Nov. 19
Cufic, 3,404_ _Nov. 20
-Baltic, 5.775
17,710
To)Havre
-Nov. 16
-Chicago, 1,100 upland, 15 Sea Island_Nov. 20
-Caroline, 1,149
2,264
To Bremen-Nov. 18-Kurfurst, 764
764
To Antwerp-Nov. 15
-Michigan, 300......Nov. 19-Vaderland, 1
301
To Genoa-Nov. 15
-Berlin, 101; Mendoza, 1,675
1,776
To Naples
-Nov.15
--Berlin, 102; Mendoza,200; Pannonia,100
402
To Venice
-Nov. 15
-Martha Washington, 200
200
To Trieste--Nov. 15
-Martha Washington, 100
100
To Flume
-Nov. 15
-Pannonia, 300
300
GALVESTON-To Liverpool
-Civilian, 15,872___Nov.
-Nov. 15
16
-Cuthbert, 9,577_ _ _Nov. 19-Ikbal, 11,672
37,121
-Ramon de Larrinaga, 6,067
To Manchester
-Nov. 19
6,067
To Belfast
-Nov. 14-Carrigan Head, 4,654
4,654
15-Cayo Romano, 11,961_Nov. 20
-Dal-Nov.
To Havre
ton,7,703_ _ _Nov. 21-Breynton, 13,633
33,297
-Clara Menzell, 4,304; Crown, 15,466;
To Bremen-Nov. 15
-Arab, 10,787; Reliance, 11,532- - 53,611
Koln, 11,522.__Nov. 20
To Hamburg-Nov. 15-Saxonia, 1,900; Polarstjernan, 816_ _ 2,716
To Antwerp-Nov. 15-Skipton Castle, 1,686
1,686
To Barcelona-Nov. 18-Plo IX, 3,338
3,338
-Nov. 14-NIcosian, 14,705._ _Nov.
TEXAS CITY-To Liverpool
20-Traveler, 4,881
19,586
To Havre-Nov. 20-Stratblay, 12,192
12,192
-Nov. 18
-City of Mexico, 300
To Mexico
300
-To Liverpool
NEW ORLEANS
-Nov.18
-Median,5,182_ __Nov.
19-Colonial, 10,66215,844
To 13(1fas -Nov. 16-Howth Head, 3,456.. Nov. 21-Carrigan Head, 1,500
4,956
To Havre-Nov. 16
-Guatemala, 7,186
7,186
To Marseilles
-Nov. 16-Giulla, 63
63
To Bremen-Nov. 20-Anglo-Bolivian, 13,250
13,250
To Rotterdam-Nov. 22
-Epsom, 14
14
To Hamburg-Nov. 20-Vogsen, 118
118
To Genoa-Nov. 21-Cerea, 7.000_
7,000
To Barcelona-Nov. 16
-Giulia, 1,798.._ _Nov. 21-Maria,
1,556_ _ _Miguel M. PinIllos, 2,011
5,365
To Venice-Nov. 16-Giulia, 1,542..__Nov. 21--Margherita,
1,635
3,177
To Trieste-Nov. 16-Giulia, 1,100..,_Nov. 21-Margherita,
900_ _ __ _
2,000
MOBILE-To Liverpool-Nov.15-Median, 8,175
8,175
PENSACOLA--To Havre
-Nov. 16-August Belmont, 10,809
10,800
SAVANNAII-To Bremen-Nov. 19-Kelvingrove, 10,827; Glenmary 8 874
Nov. 21-Polamhall, 11,950
31,661
-Norman Monarch, 5,977
To hamburg--Nov. 16
5,977
To Barcelona-Nov. 21-Luzon, 8,700
8,700
Bromen-Nov. 21-St. Oswald, 12,010
BRUNSWICK
-To
12,010
CHARLESTON-To Liverpool-Nov. 15
-Burma,7,275
7,275
WILMINGTON-To Liverpool-Nov. 22
-Mariner, 9,293
9,293
To Bremen-Nov. 18- ormanton, 14,605_
14,605
BOSTON-To Liverpool-Nov. 16
-Devonian,4,640_ - _Nov. 18
Arabic, 1,000..._Nov. 20
-Sachem, 2,168_
7,808
BALTIMORE-To Bremen-Nov. 20
-Breslau, 710
710
PHILADELPHIA-To Liverpool-Nov. 15
-Dominion, 797W..
797
To Manchester-Nov. 20
-Manchester Exchange, 900
900
To libanbur -Nov. 19
ow
-Graf Waldersee, 200
To Genoa-Nov. 18-Duca di Genova,441
441
SAN FRANCISCO-To Japan-Nov. 8
-Manchuria, 15,667_ _ _
Nov. 15-Chlyo Meru, 5,100
20,767
PORT TOWNSEND-To Japan-Nov. 19-Awa Meru, 371....
371
Total
397,848
1417
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.
Saturday.
Monday.
Market,
12:15
P.M.
Neglected
Quiet.
Tuesday. Wednesday. Thursday. I Friday.
Quiet.
More
demand.
Quiet.
more
demand.
Mid.Uprds
6.69
6.72
6,85
6.87
6.92
6.91
Sales
Spec.dtexp
3,000
300
6,000
500
7,000
1,000
8,000
700
7,000
500
10,000
1.000
Futures.
Barely
Steady,
Steady, Very st'dy, Steady,
Steady,
Market } steady, 2@3 points 809 points 2 points 134(42 pis 7;5@8 pts
opened
3 pts. dec. decline,
advance, advance, advance.
decline.
Market,
Steady,
Steady,
Steady, Bly st'dy, Steady, Feverish,
4
5@654 Pts 934 @1254 5@11 Ots.%02% OM 4@9% pts.35j534 rots.
P.M. 1 dPelinP
nta luiv
ndva.nre
decline,
advance. decline.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The ptices are given in pence and 100ths.
Thus, 6 51 means 6 51-100d._
Nov. 16,
Sat.
Mon.
Tues,
Wed.
Thurs.
Fri.
to
Nov. 22. 123/ 1254 1294 4 12341 4 12341 4 1234 4 12341 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
d. d. d. I d. d. d. d. I d. d. I d.
November __ _ 6 5134 5434 61% 6934 72% 7034 7034 76 80
7434 76)4
Nov.
-Dec. ____ 6 3834 41 48 56 59 57345834 6334 6735 62 6435
Dec.
-Jan- ____ 6 363439 46 54 57 5535!5634 62 66 603463
Jan.
-Feb6 36 39 46 54 5635 543415534 6034 64% 5835 6034
Feb.-Mch. -___ 6 3535 39 46 54 56 5334 1 0434 5934 6234 57 59
Mch.-Apr. ____ 6 3435 39 4534 5334 5534 53 5334 5835 62 56 '5734
Apr.
-May ____ 6 3454 39 4534 535455 5254 53 58 6134 5534 57
May-June _ _ _ _ 6 3434 39 4534 5334 55 5234 53 58 6134 55 5834
Juno-July. ____ 6 34 38% 45 53 ,5434 52 5234 57% 60% 54 15534
July-Aug_
6 33 38 44 52 153 5134 51 56 5854 52 5334
Aug.
-Sep..6 25 30 3534 4334 4434 4234 4234 47 49 42 '4334
Sep.
____ 6 11 17 23% 29 128% 26 26 28 30 2514 27
Oct.-Oct-Nov.
6 06 12 18 24 2334 21 21 23 25 203422
BREADSTUFFS.
Friday Night, Nov. 22 1912.
Flour has been quiet in the main, though of late the inquiry for certain grades has increased somewhat. Some
grades, for instance spring patents, are the lowest for years
past. On the whole, however, the disposition of the rank
and file of buyers is still to trade on a very moderate scale
pending further developments in wheat, and also in the flour
trade itself. Yet the Northwestern mills made larger sales.
It is true that some of the Northwestern mills have sold
only about half their output, but others have been more
fortunate. The foreign business, however, has been light.
The output for the week at Minneapolis, Duluth and Milwaukee reached the total of 510,115 barrels, against 502,665
barrels in the previous week and 356,475 in the same week
last year.
Wheat has declined. Some things which• have militated
against the price have been large receipts, more pacific reports from time to time in regard to the Balkan situation,
increasing stocks, a
The particulars of the foregoing shipments for the week, export demand, and lack as a rule of anything like a brisk
finally considerable liquidation. The
arranged in our usual form, are as follows:
popular side in wheat has been the bear side. Also the
Great French Ger- -Oth.Europe- Mex.,
world's stock of wheat increased for the week 8,635,000
Britain. ports. many. North. South. &c. Japan. Total.
New York
17,710 2,264
764
301 2,778
23,817 bushels, whereas for the corresponding week last year there
Galveston
47,842 33,297 56,327 1,686 3,338
142,490 was an actual decrease of 1,334,000 bushels. The
world's
Texas City _ _ _ _19,586 12,192
568
32,078
New Orleans._ _20,800 7,249 13,368
14 17,:515
58,973 stock is, in other words, gradually increasing, and just now
Mobile ____ .__ 8,1'75
8,175 there is no such disparity between the stock this year and
Pensacola
0
10,800
Savannah8,700
--------------- 37,638
46,338 that of last year, as was noticeable earlier in 1912. That is
Brunswick
12,010
12,010 to say, the world's stock of wheat now is but little under
Charleston
7,275
7,275
Wilmington_ ...._ 9,293 ---- 14,605
23,898 that of a year ago. At one time earlier in the year the de7,808
Boston
7,808 crease was very marked. Now the world's stock is put at
__
____
710
Baltimore
710
20()
Philadelphia
1,697 ----Iii
2,338 189,099,000 bushels, against 200,298,000 a year ago and
---- - -- San FrancLsco -----------------20,767 201,378,000 two years ago; so that many operators have
Port Townsend_------ --- 371
371 inclined to the short
side of the market. In Russia, too,
-Total
140,186 65,802 135.6222,001 32,799 300 21,138 397,848 the weather has been favorable for the new seeding. In
The exports to Japan since Sept. 1 have been 59,854 bales Hungary the seeding of the new crop is making good progress. Beneficial rains have fallen in Australia and the outfrom Pacific ports.
Cotton freights at New York the past week have been as look for the crop there is very favorable. Furthermore, the
world's shipments, though smaller than in the previous week,
follows, quotations being in cents Per 100 lbs.:
have continued to be very much larger than those of'mit year.
Sat.
Mon.
Tiles.
Thurs.
Wed.
Fri.
Liverpool
40045 40045 40045 40®45 40(4)45 40®45
The total for the week was 14,864,000 bushels, against 15,Manchester
088,000 in the previous week and 7,520,000 last year,showing
Havre
45
48
48
48
48
48
Bremen
55
55
55
a large increase this year over 1911 Argentine shipments
55
55
55
Hamburg
45
45
45
45
45
45
were treble those of the same week last year and Russia's
Antwerp
45050 45050 45050 4550 45050 45050
Ghent, via Antwerp 51056 61056 51056 514356 51056 51056
shipments were nearly treble. India's were nearly four
Royal
45
45
45
4
45
45
times as large as in the same week in 1911. Danubian shipBarcelona
Genoa
ments were more than double those of last year. The big
504355 50655 50e55 50655 50- 55 50i14
.
.
6
-55
Trieste
65
65
5
65
Russian and Danubian shipments are believed to be traceable
.
65
65
Japan
55
55
55
55
55
55
Bombay
to the efforts of Russian and Roumanian banks to bring about
60
60
60
60
60
60
a liquidation of wheat holdings with a view of easing up the
LIVERPOOL.
-Sales, stocks, &c., for past week:
financial situation.
Nov. 1. Nov. 8. Nov. 15. Nov. 22.
On the other hand, there has been some export business,
Sales of the week
bales_ 52,000 59,000
41,000 41.000 and early in
Of which speculators took
the week there was a sharp advance, owing
2,000
2,000
3,000
2.000
Of which exporters took
1,000*
2,000
3.000
2,000 to reports of wet weather in Argentina and fears that the
Sales, American
42.000
47,000 29,000 30,000 actual situation in Southeastern
Actual export
Europe might not be
6.000
6,000
8,000
7,000
Forwarded
109,000 134,000 105,000 107,000 so favorable to a speedy and general peace as had been
Total stock-Estimated
643,000 635,000 741,000 821,000 supposed. Also, a large short account has been accumulated
Of which American
508,000 495,000 608,000 685,000
Total imports of the week
150,000 131,000 218,000 194.000 and a good deal of covering was done on stop orders. SupOf which American
132,000 98,000 197,000 169,000 plies of native wheat, moreover, in the United Kingdom are
Amount afloat
549,000 607,000 645,000 686,000
Of which American
482,000 535,000 559,000 531,000 still only moderate and it cannot be said that the sowing
THE CHRONICLE
1418
of the new crop there is making more than fair progress.
In Trance the outlook is favorable as regards some portions, but in the North and West seeding has been delayed
by.wet weather. It is also a noteworthy fact that supplies
of French native wheat are still small. In Germany wheat
is very backward, and although native offerings of wheat
are increasing, the stocks in that country are admittedly
small. Rains have delayed seeding in Roumania. In
India crops are suffering from drought. To-day prices
declined slightly.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
106
cts-108
10754 107
10654 106
No. 2 red
___
December delivery in elevator. _ 9454 9454 9354 925
% 9254 9234
9654
96% 97
9854 9854 97
May delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 8551 8694 84% 85
84% 8434
May delivery in elevator
91% 9254 9054 90% 9054 9034
July delivery in elevator
8854 88% 87% 87% 87% 8734
Receipts at
New York
Boston
Philadelphia _ _ _ _
Baltimore
New Orleans _ _
Galveston
Mobile
Montreal
St. John
Wheat,
Flour,
bush.
bbls.
231,182 2,383,300
390,213
58,580
915,205
53,554
163,324
56,490
32,864 • 433,100
303,000
3,000
35,823 1,698,381
20,000
471,493
Total week 1912_
Since Jan. 1 1912..15,898,672
441,812
Week 1911
Since Jan. 1 1911_16,994,581
Rye,
bush.
40,250
21,288
800
35,898
Oats, Barley,
Corn,
bush,
bush.
bush.
783,150 559,025
14,300
15,500
3,800
109,550
1,000
14,000
128,103
1,889
81,215 1,323,670
110,500
62,800
16,000
2,000
8,000
647,767 153,996
1,000
6,306,523
184,115 3,1 0,740 731,410 99,236
27,952,560 29,866,760 66,904,5535,544,479 797,189
17,307
3,772,386
373,038 1,010,576 182,031
81,790,450,60,822,237 42,593,0934,216,229 944,920
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several Seaboard ports for the week
ending Nov. 16 are shown in the annexed statement:
Wheat,
Exports frombush,
1,464,047
New York
Boston
249,956
Philadelphia ____ 781,000
341,795
Baltimore
New Orleans ___ 259,000
Galveston
113,000
Mobile
Montreal
637,000
St. John
20,000
Corn, Flour,
bush.
bbls.
6,514 112,662
30,371
35,000
18,643 18,018
17,000 42,000
3,000 5,000
3,000
8,000
31,000
Oats,
bush,
153,999
50,091
38,000
517,548
1,000
Rye,
bush,
Barley, Peas,
bush.
bush.
210,803 23,366
Corn declined for a time on general selling for both sides
25,000
of the account, encouraged by very favorable weather at
the West and expectations of a liberal movement of the new
2,000
crop in the near future. Foreign markets have also declined.
75,000
65,000
The world's shipments have also been larger, reaching a
total for the week of 6,179,000 bushels, against 5,840,000
310,803 23,366
Total week____3,865,798
53,157 277,051 827,638
in the previous week and only 2,347,000 bushels in the same Week 1911
5,993
19,808
1,882,201 131,591 160,771
week last year. The shipments from Argentina alone
The destination of these exports for the week and since
reached 5,840,000 bushels, against 5,619,000 in the previous
week and none at all in the same week last year. There was July 1 1912 is as below:
Corn
Flour
Wheat
a big falling off in the shipments from Danubian points and
Since
Since
Since
July 1
Week
July 1
• Week
July 1
Week
also from Russia as compared with a year ago, but it is more
1912.
1912. Nov. 16.
1912. Nov. 16.
Exports for week and Nov.16.
than made up by the big increase from Argentina. Prices
bush.
bbls.
bush,
bush.
bush.
since July 1 to
-J bbls.
of new corn have fallen sharply at times; yet on Thursday United Kingdom__ _112,678 1,774,808 1,945,970 30,567,917 17,143 267,776
14,000
Continent
came a reaction on covering of shorts and a falling off of Sou. di Cent. Amer_ 78,995 644,827 1,704,423 28,492,096
33,500
339,230
5,300
288,135
31,721 479,614
offerings from the interior. Thus far the movement of new West Indies
28,26)
52,235
28,758
599,469
46,465 668,631
250
38,292
43,155
corn to market has been light. To-day prices were a little Brit. Nor. Am.Cols. 4,050 113,182 152,645 744,507
1,706
19,182
Other Countries_ _ 3,142
lower.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ nom. nom. nom. nom. nom. nom.
Cash corn
December delivery in elevator_ _ _ _ nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
47% 47% 4794 47% 47%
December delivery in elevator_cts_ 47
47
% 47
%
4794 47% 47
47%
May delivery in elevator
4834 4834 4854 4834 4854 4854
July delivery in elevator
Oats have on the whole shown a good deal more steadiness
than might have been expected, especially for cash oats.
The consumption is large, the offerings from the interior
have latterly fallen off and shorts have covered. Chicago
shippers have been buying December. They were short.
Cash prices have latterly been braced up by decreased re-'
ceipts. Though the crop is admittedly very large, the fact
is indisputable that the consumption this year is also very
large. This fact, for the time being at any rate, offsets
the natural effect of a crop estimated at 1,416,000,000 bushels, as against 873,641,000 bushels last year. To-day prices
were steady.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts
37
37
37
37
3734 3734
Standards
nom. nom. nom. nom. nom. nom.
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 30% 31
31 34 3154 3094 30%
May delivery in elevator
3194 3254 3234 3254 3254 3254
32
July delivery in elevator
3254 3254 3254 3254 3234
The following are closing quotations:
FLOUR.
04 35
;
60©$3 95 Kansas straights, sacks.$4 200
25
5 40 Kansas clears, sacks_ _ _ 4 00(0 4 25
6 2050 6 50
4 130
4 70 City patents
3 6504 4 05
4 25
4 30 Rye flour
4 00(5) 4 70
4 50
4 70 Graham flour
2 00 ® 2 10
4 30
4 50 Buckwheat,cwt
4 30
4 20
GRAIN.
Corn, per bushelCents.
-I. o. b.
Wheat, per bushel
No. 2
elevator Nominal
N. Spring, No. 1, new _ _ -$0 9554
Steamer
elevator Nominal
notn.
N. Spring, No. 2, new._
No. 3
c.i.f. Nominal
Red winter, No. 2, new__ _ 1 06
9534 Rye, per bushel
Hard winter, No. 2
64@65
Cen s
per bushel, newOats,
nom.
.. & Pennsylvania.
State
37 ® 37%
Standards
57@67
nom Barley-Malting
No. 2, white
3654@37
No.3
Winter, low grades_ _
Winter
Winter straights
Winter clears
Spring patents
Spring straights
Spring clears
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu. 56 lbs.
928,600 1,417,400 3,399,800
973,500 170,300
176,417
Chicago __
419,400
90,860
201,250
628,900 124,300
71,800
Milwaukee _
311,328
659,777 155,192
39,900 4,608,534
Duluth
410,000 1,189,700 220,520
122,120
3,721,830
Minneapolis.
54,000
29,000
133,000
Toledo
115,500
82,400
6,200
11,000
Detroit
38,904
41,292
3,142
5,105
40,904
Cleveland
457,300
140,800
6,733
215,720
61,545
663,072
St. Louis....
165,063
46,200
12,000
301,524
13,200
30,900
Peoria
210,800
166,800
1,009,200
Kansas City.
288,236
30,375
472,800
Omaha
Tot. wk.'12.
Same wk.'11
Same wk.'10
391,867 11,802,190
293,610 4,698,582
362,830 4,101,170
2,497,491
2,757,607
2,529,981
5,870,331 3,562,019 690,245
2,041,888 1,881,539 169,485
2,912,292 1,976,335 108,729
Since Aug. 1
1912
5,819,614 166,745,521 47,921,322 97,483,564 37,273,373 8,287,554
1911
5,135,004 104,003,617 49,271,808 57,105,002 35,738,905
497
-tom
A (199 212 115 122 251
5./. IIRK 1gmass21- 11172 MR 9f2 v.'',• • •
957 770') A5110i19
4,273,
•
t
1
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 16 1912 follow:
Total
Total 1911
53,157 1,226,854
131,591 10,194,136
277,051 3,724,217 3,865,798 60,195,985
160,771 4,033,588 1,882,201 35,645,753
The world's shipments of wheat and corn for the week
ending Nov. 16 1912 and since July 1 1912 and 1911 are shown
in the following:
Corn.
Wheat.
Exports.
Week.
Nov. 16.
Since.
July 1
Since.
July 1.
Bushels.
Bushels.
North Amer. 5,352,000 92,658,000
4,744,000 ,56,019,000
Russia
1,496,000 28,121,000
Danube _ _
Argentina _ _ 1,272,000 28,106,000
Australia __ _ 384,000 9,448,000
1,424,000 33,560,000
India
0th. countr.s 192,000 3,390,000
1911.
1912.
1911.
I
1912.
Week.
Nov. 16.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
415,000 8,569,000
16,000
69,132,000
41,634,000 222,000 5,469,000 19,156,000
35,241,000 111,000 8,479,000 26,905,000
60,000
19,752,000 5,840,000 121,047,000
19,192,000
18,954,000
4,071,000
Total ____ 14864000 251,302,000 207,976,000 6,189,000 135,410,000 54,690,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Nov. 161912__ 21,312,000 18,440,000 39,752,000 13,345,000 20,052,000 33,397,000
Nov. 9 1912_ _ 19,976,000 17,976,000 37,952,000 13,558,000 20,417,000 33,975,000
Nov. 18 1911_ _ 21,576,000 8,968,000 30,544,000 2,372,000 2,176,000 4,548,000
Nov. 19 1910.. 18,768,000 23,960,000 42,728,000 7,259,000 16,924,000 24,183,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 16 1912, was as follows:
UNITED STATES GRAIN STOCKS.
Amer.Bonded. Amer. Amer.Bonded. Amer. Amer.Bondcd
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousands
bash. bush. bush. bush, bush. bush. bush. bush.
1
157
46
4
147
New York
103 1,269
2,027
9
9
23
5
150 ____
133
415
Boston
231
351
376
2
Philadelphia
io
66
12 2,744 - --- 825
157
Baltimore
150
1,194
New Orleans
178
31
1,055
Galveston
862 -96 -iii "857
455
3,560
Buffalo
3 ____
560
1,63542
38
Toledo
43
____
66
184
407
Detroit _
119 -iK
8,414
463 2,604
Chicago
207
269
____
415
33
195
Milwaukee
343 1,464
81
47
710
3.6
9,113
Duluth
491 1,032
929
8
9,409
Minneapolis
4
21
289
23
3,703
St. Louis
50
5
5,655
Kansas City
2
358 ---17
6
Peoria
400
108
326
Indianapolis
-- i --oo
642 ____
40
1,532
Omaha
_-__
530
158
On Lakes
2,365
-i'8,1 ---- ---70
On Canal and River._ - 337
141 1,656 4,624
91
Total Nov. 16 1912_52,036 3,036 1,863 12,583
42 1,336 4,280
271
Total Nov. 9 1912_ A5,366 2,595 2,216 11,574
1,362 4,625
1,294 21,221
Total Nov. 18 1911.._67,921
CANADIAN GRAIN STOCKS.
Bonded
Canadian
Canadian
Bonded
Canadian Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
In Thousandsbush. bush. bush. bush. bush. bush, bush. bush
6
458 ___ _
32
197
Montreal
1,386 2,000
Ft.WilliamdiPt.Arthur_10,000
1,042
_
Other Canadian
5,499
__-6 3,500
32
197
Total Nov. 16 1912_ _16,885
____
8 3,322
232
32
Total Nov. 9 1912...16,369
____
74 4,654
61
Total Nov. 18 1911_12,427_ - SUMMARY.
Bonded
Bonded
Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush. bush. Sbush. bush. bush, bush. bush
In Thousands01
141 1,656 4,624
52,036 3,036 1,863 12,583
American
6 3,500 ____
32
197 ---Canadian
16,885 - --Total Nov. 16 1912_ _68,921 3,036 1,869 16,083
Total Nov, 9191261,735 2,595 2,224 14,896
1,368 25,875
Total Nov. 18 1911-.80,348
141
42
1,898 4,821
1,388 4,512
1,362 4,686
91
21
Nov. 23 1912.1
THE CHRONICLE
EXPORTS OF WHEAT AND FLOUR FROM UNITED
STATES PORTS.
-We give below a compilation showing
the exports of wheat and flour from United States ports
during the month of October and the ten months of the
calendar years 1912 and 1911.
October 1912.
Ports.
1Vheat,
Bushels.
New York
Baltimore
Philadelphia
Boston
Other Atlantic _I
New Orleans
Other Gulf
Portland, Ore_ _ _
Puget Sound
San Francisco_ _ _ _
Chicago
Other border
Total all
4,926,722
743,877
1,436,664
287,020
2,134,284
1,975,620
1,596,658
1,103,329
118
851,660
Flour,
Barrels.
Ten Months 1912.
Ten Months 1911.
Wheat,
Flour,
Bushels. ! Barrels.
Wheat, , Flour,
Bushels. 1 Barrels.
415,367 11,771,5332,772,419
118,604 2,629,658 433,823
130,904 3,601,425 578,892
5,615
520,664
54,979
18,841
12,698
85,438
78,136 4,019,704 453,995
78,054 5,126,742 690,620
57,085 4,595,204 673,181
267,537 3,369,557 2,194,744
31,656
27,243 339,030
2,114
581,000
16,788
9,333 3,940,941
54,881
6,578,293 2,996,887
5,154,748 837,821
2,566,052 813,848
1,108,150 352,646
160,588 222,819
566,607 586,813
376,760 769,172
5,566,910 601,979
2,508,729 1,626,731
545,263 244,550
879,700
22,441
310,305 115,044
15,055,961 1,213,346 40,195,969,8,248,790 26,322,15519,190,771
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.
-The exports of these articles
during the month of October and the ten months for the past
three years have been as follows:
Exports
from
U. S.
1912.
1911.
1910.
October. 110 Months.' October. 10 Months.' October. 10
Months.
Quantities.
Wheat __bush 15,055,061 40,195,969 3,333,074
Flour_ _ bbls 1,213,346 8,248,790 1,214,926 26,322,155 3,210,364 16,782,189
9,190,7711 929,204 6,368,774
Wheat *_bush 20,516,018 77,215,524 9,300,245
Corn--_ _bus 1,080,938 25,998,819 2,008,791 67,680,624 7,391,782 45,441,672
53,514,967i 3,187,878 30,329,829
Total bush- 21,596,956'103,214,343 12,209,036
121,195,591110,579,660 75,811,501
Values.
E
$
$
S
II
Wheat & Sou 20,210,521 77,020,410 8,682,890
67,835,660 7,715,027
Corn dr meal
898,240 20,468,685 2,368,981 31,992,084 1,917,344 49,714,658
21,087,378
Oats & meal 3,704,419 7,352,999
138,308 1,557,914
202,037 1,137,089
Barley
1,011,278 2,226,808
80,034 2,175,986
724,854 2,609,718
Rye
85,970
171,656
413
910
28
13,917
Breadstuffs_ 25,910,428 108,140,658 11,270,626
Provisions _ 8,659,689 104,709,981 10,330,087 103,563,434 10,559,29 74,562,760
115,880,622 7,708,544 89,445,297
Cattle & hogs
63,769 3,469,099
743,089 12,540,646
729,056 6,544,932
Cotton
88,689,663421,582,031 72,364,260 370,968,79392,551,094 338,615,37
8
Petroleum,&c. 9,330,523 100,509,402 9,298,776 88,103,173 7,169,829
74,712,991
Cottonseed oil 1,061,557 16,702,509 1,532,968 15,144,374
523,768 8,938,307
Total
133715629 755 113,680 105538 8061706,201,042 110241 581 593,819,66
5
1 '
1
• Includes flour reduced to bushels.
1419
A steady demand is reported for domestic cottons and
with limited production prices remain firm. In an ordinary
season domestic goods should be plentiful at this time of the
year, but this season the buying is of such a broad character
that all available supplies have been taken and there has been
little accumulation. The mail order business continues to
be an encouraging factor in the situation, with duplicate
orders on wash fabrics increasing, particularly from the West.
Bleached cottons are firmly held, and there is no longer any
evidence of the easiness which developed in this department
some time ago and led many buyers to defer purchases in
the hope of being able to transact business at a lower basis.
Demand for a number of goods of this kind is now broadening, and an advance in prices would not be surprising.
Denims, as well as other heavy colored goods for manufacturing purposes, are also selling well, both prompt and future
delivery. In the department for fine cottons, notwithstanding the fact that quieter conditions ate talked of, owing to
prospects of a change in the tariff, demand is good and stocks
are pretty well cleaned up. There is steady re-ordering in
many special lines, with a number hard to obtain. The buying of domestic cottons for export account has not been so
active of late, but it is stated that business already booked
by Southern mills is sufficient to keep them in active operation well into the spring. Print cloths remain in a strong
position, and as a result of the advancing prices markets
have been less active. Gray goods, 383/-inch standard, are
2
quoted firm at 5%c.
WOOLEN GOODS.
-Conditions in the markets for men's
wear and dress goods are practically unchanged, the demand
continuing.good and prices firm. Buying of overcoatings
has been stimulated by the downward change in temperatures,
while duplicate orders on spring merchandise are said to be
increasing. Among heavy-weight cloths, chinchilla appears
to be the most wanted,with the more popular colors scarce.
In dress goods jobbers are reported as doing a good spot business.
FOREIGN DRY GOODS.
-Linen'markets continue in a
strong position, with the demand active and deliveries backward. Sales of colored dress linens are broadening, with
deliveries hard to get until after the first of the year. The
outlook at present is that next season will witness a heavy
consumption of these materials. Household linens are also
receiving a great deal of attention and advance orders are
numerous. Fancy novelties for the holiday season are being
purchased in a liberal way. Burlaps during the week
been fairly active with most of the business confined to have
weights, which, owing to their scarcity, ruled firm. heavyLightweights are quoted at 6.85c. and heavy weights at 8.80c.
THE DRY GOODS TRADE.
New York, Friday Night, Nov. 22 1912.
The week in dry goods has been active, with prices on a
very firm basis. Mills continue behind on deliveries and
supplies of the most desirable fabrics are very scarce. There Importations and Warehouse Withdrawals of Dry
Goods
is much conjecture among the woolen trade regarding the
The importations
special session of Congress and revision of the tariff, and the at this port for theand warehouse withdrawals of dry goods
week ending Nov. 16 1912 and since
cost of woolens and worsteds under the new schedule is the Jan. 11912, and for the.orre
sponding periods of last year,o
cause of much uneasiness. Large dress goods importers were as follows:
are reported to be preparing for more extended connections
i4
4
tri 4
4
4
with foreign manufacturers, being confident that a much
4
.3 ti.3 v.4.0*0 H 4
larger quantity of foreign fabrics will be consumed followin g 1g a PT
. 2 0 2 7r0 0 0I. g ar
tl
WWqrso
.
:W•go z
. E a; 0
g E. a Lit 7 0 .-. E
0
any reduction of the import duty. Men's wear and
9
dress
goods departments are active, with requests still coming
g
from clothiers and cutters-up for additional supplies of in 4 g 8
g
r4 g
8
L.1
and winter materials, but jobbers' stocks are too poorfall a i
Z
to
A. li g t
9,
meet the demand. Some initial business is reported as having
9.
.-3
kl
I
Ll
been placed for fall of 1913, but manufacturers
it
ts W
7c1
V.
0
are not in a hurry to enter the new season, owing togenerally
t4
W
6
Fli
the high
W
M
CI
cost of yarns and the uncertainties regarding the tariff.
P
III
co
NI
Opening prices for the new fall lines are expected to
.1.
.
.
m a, .02
.
from 7 to 10% higher than a year ago. In cotton range
goods prices are stiffening, owing to the advance both in the prices 2 cn.-- ..o0oo0 H 0 0. ite,22,1t 'A i0' i ntlig '4- e
C)
c)
0cnc000w cl
Cs::::to • • .• 0
'21
W
01
of the staple and yarns. Several lines have been placed
.
*
to w
/1
• w co
to
.
"at value, as manufacturers are unable to figure upon the
oNm
I'll - 7-•0
-.1
caso,owo
too
future cost of their raw material. The export trade has oo wc. onow&w tJ .wo oowo& m w wcni.pw. .eom,.
w0000.4. m.....Sel
w
.
turned quieter, following an advance of 3 to % cent on ;••• io To 14;;:. 4.;••• - NI ;'`4 ; .... "7 &wwoo T.-..-.
,,
o
i
:2 b'oBob o V'"
CO aso vopc.00
.
"
C) .1,,-w
.f
va
a:. -4 co -4 o co •
some lines. Manufacturers, however, have a substantial w ow oowc.o 0.
1-3
o.
toCO
W
amount of business booked for China account
C) A.N2
.
o .4.w
zi
o oo .. ..
look is very good. Print cloths are active and and the out-. ... 1 . . .. . 0 1-'
.. . 0•
..
c) ga
woczolco
Z
..... "tiG3 8
mills accepting very little business for deliverystrong, with CO 00) .4. ;-•14 ,.., i•3 0C.3 .....,. r.
1 ;A .4
4
- . 0
.0 sb 7: 11 3
4.
,..,
eei
,
01O.
beyond the N -404 00N004. .rw ,I .- ,117.+Zn;, CO
P.
CO -4
(.0000W
•
W co,A
first quarter of 1913. Jobbing circles report a steady
OW .Wcno0
t4
. 0
1
H
.•
.
of mail orders covering all lines, while store trade volume
ir •
. r4
onD
13:1
is very
.4-4 is..o.w..w o
,51g0,,40,00.2w
satisfactory. Retailers are filling out their lines in prepara;-8 k i0b Z..Ii.,
7...L
0
o
GO
by.
an
tion for the coming holiday trade, and are looking forward
NSilki3 4
CAOK,WO
0440 -.00
,04 1
0
.40000, V2
77, b, ".t..71••• 7-•/
•
to a very active holiday season.
A
1
4
5
.
co;A•
X
ioa .,71
0-4 S'881712 tj
0. at:cit
t
,
.0
WWWO Cn • •D LI
DOMESTIC COTTON GOODS.
DI
-The exports of cotton
CI
C') Cs
CI
goods from this port for the week ending Nov. 16 were 5,452
'C/
4.-4
▪
0
packages, valued at $440,865, their destination being to the CO 0W ,A
Z
.4 WO WWW018
points specified in the table below:
-4°V,
W 4-4.4 0.4WO
i14 :4004,
:
; V882
199'COT'
1Bt tst5-an • -;,4 ',-8-T,
5,452
349,626
CO
-1911Since b3 b.:
- o is: en
c
eek.
Jan. 1. ••1 4.1.2 001.41'2•4 tj
r
91
887
69
1,173 ;t,
•...
9,354
93,882 03 13k
490
21,800
Vi
215
18,326 CA 4A 4-4 .-4
97
11,936 N WO ON w. 8
1,961
38,186
i
°
1 .'
.
31
2,172 ff, ;...l ibo% 4;O •-•°
425
17,782
556
52,036
493
37,629
cts,
. .
..... ... .. .4.
.. tnn ''' § ..
L4
34t
13,782
295,809
The value of these New York exports since Jan.
$22,969,215 in 1912, against $21,264,967 in 1911. 1 has been
1-3
b: K3
; .- .. ts,
0.
0144
W 0114.00.4.4
co
to to
Csto
too
1.21.2
.
wo
tri
DI
vi
I
ww w.
o w co w w
;-..48 -1,,;,;•••to
;- 0
.p.w 2M8r,F1
ow
oo
-4
1.2 7
OicO
too
to
;•••
i161 (INV Z161 I
Total
-1912Since
Week. Jan. 1.
31
3,643
4
1,704
605
56,151
850
25,620
50
45,088
206
25,593
1,067
40,305
42
3,001
475
18,253
1,190
64,423
932
65,845
ISVE89'1ZI
,
New York to Nov. 16
Great Britain
Other European
China
India _
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries
THE CHRONICLE
1420
$TATE RID CITY
DtrtiirriVrtlgla.
News Items.
Arizona.—Constitutional Amendments.—One of the proposed amendments to the constitution ratified by the voters
on Nov. 5 changes Sec. 8 of Art. IX. so as to limit the
amount of debt which may be incurred under any circumstances, by a county or school district, to 10% of the taxable
property. The limit which may be incurred by a city or
town with the assent of the voters for municipal water, light
or sewer works is increased from 5% to 15% of the taxable
value. We print Sec. 8 below, italicizing the new portion
and placing in brackets the words eliminated.
p Sec.8.Nocounty,city,town,school district,or other municipal corporation,
any manner to an amount exceed-
shall for any purpose become indebted in
town,
ing four per centum of the taxable property in such county, city,majorthe assent of a
school district, or other municipal corporation,without respects be qualified
who must also in all
ity of the property taxpayers,
electors therein, voting at an election provided by law to be held for that
the
purpose, the value of the taxable property therein to be ascertained by
last assessment for State and county purposes, previous to incurring such
indebtedness; except, that in incorporated cities and towns assessments
shall be taken from the last assessment for city or town purposes; Provided,
that under no circumstances shall any county or school district become indebted
to an amount exceeding ten per centum of such taxable property, as shown by
the last assessment roll thereof; and provided, further, that any incorporated
city or town, with such assent, may be allowed to become indebted to a
for
larger amount, but not exceeding [five] fifteen per centum additional, the
supplying such city or town with water, artificial light or sewers, when and
works for supplying such water, light or sewers aro or shall be owned
controlled by the municipality.
[VoL. Lxxxxv.
A reportIonYthe projectThas beeesubmitted by Mr. I. S. Mabee to the
James Lake Irrigation Co. Bondholders' Protective Committee. This
report shows that the system comprises some 27,000 acres in the Laramie
Valley, about 25 miles north of Laramie in Albany County, and takes
the flood waters of the Little Laramie River through the James Lake
intake or supply canal, and stores the same in the James Lake reservoir.
From thence they are carried to the lands through distributing canals and
applied to the lands as needed. The intake canal is upwards of 16 miles
in length and will, it is claimed, carry over 500 cubic feet of water per
second of time. The James Lake reservoir is a natural basin or lake,
covering about 1,500 acres of ground,and estimated to hold sufficient water
to cover 42,000 acres of land one foot in depth.
A channel 30 feet deep had to be cut through the rim of this basin in
order to get the water into the distribution canals and on to the lands.
The distribution canals are two in number, known as the North and South
canals, and have a combined length of over 30 miles. The Wheatland project has prior flood rights on the river, but competent engineers state that
the water supply is ample for all the lands.
The municipal district voted and issued $541,000 bonds,which became a
tax lien upon the lands within the district. These bonds were turned over
to the James Lake Co., which was given a contract to construct the irrigation system. The district received a deed from the company to a proportionate interest sufficient to irrigate the 27,000 acres. In the spring of
1910, at which time the irrigation works and system were officially accepted as completed, an additional issue of $200,000 first mortgage "Carey
Act" bonds of the James Lake Co. was disposed of.
There are at present, according to the report, very few settlers in the
Laramie Valley Municipal District or on the Carey Act tract. Most of
this land is held by people who have moved away, or by people who took
it either as an investment or as. a speculation. Less than 5,000 acres
were under cultivation in 1912 and the probabilities are that there will
be very little increase in acreage cultivated in 1913.
It is not expected that the land will ever be high-priced, but as the population increases the tract of land, with water, should, it is thought, be
worth $75 an acre
Michigan.—Constitutional Amendment Adopted.—The constitutional amendment allowing cities and villages to amend
their charters piecemeal, without making a general revision
(V. 95, p. 1072) was approved by the voters on Nov. 5.
Other amendments approved by the voters on Nov. 5
Mississippi.—Constitutional Amendments Defeated.—The
grant women the right of suffrage and right to hold public three proposed amendments to the State constitution,
all public officers of the State
office, extend the recall to
was made in V. 95, p. 842, failed to carry
holding an elective office, either by election or appointment, reference to which Nov. 5.
municipal corporations the right to at the election held
grant to the State and
Commission Government Upheld by Supreme Court.—The
engage in industrial pursuits, and provide that the method
the validity of
equalizing and levying taxes shall be such as State Supreme Court on Nov. 18 sustainedthe commission
of assessing,
the Act authorizing the establishment of
by law.
may be prescribed
form of government by municipalities.
Augusta County •(P. 0. Staunton), Va.—Action to
Missouri.—Constitutional Amendments Defeated.—While
Bond Issue.—The Supreme Court of Appeals
Enjoin Road
amendments to
was petitioned on Nov. 19, it is stated, for an injunction to the vote cast Nov. 5 on the nine proposed tabulated, it is
restrain the issuance of $250,000 South River Magisterial the State constitution has not yet been
returns from every
District road-improvement bonds, recently voted. V. 95, stated in a St. Louis newspaper that "the any of the amendsimilar petition was refused by Judge Henry W. county show that there is no chance for
p. 635. A
•
ments to carry." See V. 95, p. 842.
Holt of the Augusta County Circuit Court.
Murray City, Utah.—Bond Issue Attacked.—Suit was
Iowa.—Commission Form of Government ReBoone,
question of establishing the commission form started Nov. 8, according to a Salt Lake City newspaper,
jected.—The
Court to
of government failed to carry, it is stated, at the election by A. F. Davis, a taxpayer, in the Third District
enjoin the issuance of the $60,000 municipal electric-light15. The vote was 406 "for" to 836 "against."
held Nov.
plant bonds awarded in September to Woodin, McNear &
Colorado.—Dismissal of Appeal in Bond Case.—On Moore of Chicago. V. 95, p. 770.
Nov. 18 the Supreme Court of the United States dismissed
Muskegon School District, Mich.—Bonds Declared Ilthe appeal brought recently by the Post Printing & Publishvoid an issue
recently
ing Co. from the decision of the Supreme Court of Colorado legal.—Circuit Judge Sullivan had been declared to the Harris
awarded
upholding the constitutionality of the refunding amendment of $30,000 school bonds which
bank declined to
to the State constitution providing for a bond issue of $2,- Trust & Savings Bank of Chicago. asThe had been voted
they
accept the bonds, contending that,
115,000 to refund old State warrants. V. 95, p. 1224.
for by the people during one fiscal year and not issued until
Florence, So. Car.—Commission Form of Government over a year later, they were illegal. Judge Sullivan is said
Approved.—By a vote of 200 to 21 the question of adopting to have upheld this objection, ruling that the bonds to be
the commission form of government carried at the election legal must be voted and issued within the same year.
held Nov. 12 (V. 95, p. 993.)
It is announced that the case will be taken to the Supreme
Georgia.—Constitutional Amendments Adopted.—The offi- Court for a decision.
cial consolidated returns from the election held Nov. 5 on
Oklahoma.—Supreme Court Upholds Bond Issue to Take
three proposed constitutional amendments (V. 95, p. 993) up Outstanding Warrants.—Special Justice P. D. Brewer of
prowere announced on Nov. 13 as follows: Amendment of the State Supreme Court, in an opinion handed down Nov.
viding for creation of Wheeler. County from a portion
15, holds valid the proposed bond issue of $2,870,500 to
Montgomery-68,627 "for" to 13,033 `against.' Amend- take up a portion of the warrant indebtedness of the State
taxation
ment giving Legislature authority to exempt from
(V. 94, p. 1000).
for a period of one year farm products in the hands of the
According to the Oklahoma City "Oklahoman," on April 24 1912
producer, 75,836 "for" to 10,577 "against." Amendment Attorney-General West filed, in behalf of himself as Attorney-General,
who constitute
chart- and in behalf of the Governor and State Treasurer,application withwhat
"authorizing judges of the superior courts to grant
the
may be called the State's Board of Finances, an being District
Judge
District Court of Oklahoma County, the Trial Judge
ers in vacation, 74,119 "for" to 8,084 "against."
application "to determine the existence, character and
W. R. Taylor, an
Laramie Valley Municipal Irrigation District, Albany amount• of its (the State's) legal outstanding indebtedness and to issue its
Hugh Gerner, Acting State Examiner and
bonds to
County, Wyo.—Organization of Bondholders' Protective Com- Inspector,refund the same."
and others, filed certain protests before Judge Taylor, all based
mittee Suggested.—The directors of this district, in a letter upon purely technical grounds, and for the friendly purpose of thoroughly
to issue such bonds. Judge Taylor sustained the proaddressed to the bondholders under date of Nov. 1 at testing the rightis reversed by the Supreme Court decision.
testants, and he
Court
Bosler, Wyo., advise that sufficient taxes have not been
Because they held warrants, four of the Supremo and themembers,
case was
and Hayes, were disqualified;
collected to pay the Dec. 1912 interest on the bonds, and that Turner, Kane, Williams Justice Dunn,three of the Supreme Court,Commistried in the High Court by
the case,
prospects for further collections are not very encouraging. sioners. appointed Special Supreme Court Justices forJustice. and Judge
Special
Chickasha, making the
The directors are of the opinion that if an understanding Carmichael ofwarrant indebtedness fourth
involved is that outstanding to
The total
could be had with the bondholders, so that a settler who June 30 1912, $2,660,879 principal and $100,621 interest.
paid his taxes could be assured that he would not have to
Rehearing Denied in Tax Case.—The State Supreme Court
pay the shortage caused by his delinquent neighbor, that on Nov. 16 denied the application of J. W. McNeal for
who would make a strong
there are many now in arrears
a rehearing in the case involving the increase in the 1911
effort to pay.
The Supreme Court on May 14, as stated in
Act" James Lake Irrigation valuations.
This District is joint owner with the "Carey
the State Board of EqualiIt is essentially V.94, p. 1520,Lupheld the right of
Co. of the reservoir and canals comprising the system. to the Directors,
from $784,511,965 to $1,075,one project, the lands being contiguous, and, according are two distinct zation to increase the valuation
There
could very much better be operated by one party.
being 078,496, and the recent ruling is said not only to reaffirm
bond issues—one by the District and the other by the company, each
former opinion.
in default on their interest. defaulted in March 1912, a bondholders' pro- but to strengthen the
When the James Lake Co.
Ky.—Commission form of Government Defeated.
was at once formed. They exercised their right under the
Paducah,
tective committee
been operating it,
mortgage to take over the property, and have since water to the Carey —The election held Nov.5 resulted in the defeat of the comhaving spent about $15,000 in repairs and delivering
for the season of 1912.
form of government (V. 95, p. 634). The vote was
Act and District settlers
Protective Committee is mission
This James Lake Irrigation Co. Bondholders'
National 1,070 "for" to 1,420 "against."
composed of: Chairman, Charles G. Avery, Cashier Moshannon National
Bank, Phillipsburg, Pa.; Treasurer, S. A. Weeks, Cashier Pattison
Bond
Phoenix, Ariz.—New Charter Adopted.—The election held
Bank, Elkiand, Pa.' Secretary, I. S. Mabee, President I. S. Mabee
'
Co., Williamsport, Pa.
Nov.8 to vote on a now city charter embodying the commisto work with any committee that
The directors express their willingness
form of government, initiative, referendum and recall
would be not only less
the bondholders may select, and believe that it all concerned if the Dis- sion
106
of
expensive but also conducive to the best interestsacting for the bondholders (V. 95, p. 1146), resulted in a vote of 1119 "for" to
now
trict bondholders could use the committee the agreement with the settler . "against."
the Company to act for them in making
of
Nov. 23 191.j
THE CHRONICLE
Salem, Mass.
-Commission Form of Government Adopted.
-A new city charter providing for the commission plan of
government was adopted on Nov. 5. Of the 6,966 votes
cast at the election, the new charter received 2,965
"for" and 2,409 "against." It is claimed, however, that
the new charter should have received a majority of all the
votes cast at the election, and on Nov. 11 Common Council
ordered the City Solicitor to bring proceedings before the
Supreme Court seeking to restrain the City Clerk from
issuing ballots for an election to select commissioners.
. San Francisco, Cal.-Spring Valley Water Co. Refuses
City's Latest Offer to Purchase.
-See item under "General Investment News" on a preceding page of this issue.
Savannah, Ga.-Commission Form of Government Defeated.
-We are advised that the election held Nov. 12
resulted in defeat of the question of adopting the commission
form of government (V. 95, p. 560). The vote was 1334
"for" and 3154 "against."
Seattle, Wash.
!
-Court Directs Valuation by Public Service
Commission of Seattle Renton & Southern Ry.-See item in
News" on a preceding page of this
our "General Investment
issue.
-Voters Favor Continuance of CommisSpokane, Wash.
-The plan to abandon the commission Form of Government.
sion form of government, in effect since March 1911, and
return to the councilmanic system, was defeated on Nov. 5,
there being 9,448 votes "for" the change and 15,225
"against." See V. 95, p. 993.
Utah.
-Constitutional Amendments Defeated.
-We are
.
advised that itis practically conceded that the eight proposed constitutional amendments described in the "Chronicle" of Dec. 9 1911,page 1619,were defeated at the election
held Nov.5.
1421
De Soto School District No. 73, Jefferson County,
Mo.-Bond Call.
-Call has been made for payment Dec. 1
of building 432% bond No.9 for $500, dated June 1 1898.
/
Grant County (P. 0. Silver City), N. Mex.-Tenders
of Bonds Requested.
-Holders of bonds issued by this county
in 1902 are asked to communicate with W. D. Murray of
Silver City if they wish to dispose of the same.
Ohio County (P. 0. Wheeling), W. Va.-Bond Call.
Payment will be made Dec. 1 at the German Bank in Wheeling of 43'% bonds Nos. 82, 34, 93, 50, 43, 45 and 123, of
$500 each.
Plattsburg, Clinton County, Mo.-Bond Call.
-Refunding 4% bond No.6 for $500 dated July 1 1901 has been
called for payment Dec. 31 1912.
Spokane, Wash.
-The following special
-Bond Call.
improvement bonds are called for payment on Dec. 1 at
the City Treasurer's office:
Grade Bonds.
Grade Bonds.
Name.
Dist. Nos. of bonds. Name.
Dist. No. of bonds.
Addison
502 12, 13 & 14 Twenty-first __ __665
16-24 incl.
Carlisle
285
3
Twelfth
275
11
Cleveland
831
4-7 incl. Thirty-third
9(16
2
Delton717
4
Walk Bonds.
Eleventh __
494
5-6
Cedar
915
10-11
Elm
506
Grace
4-5
198
9
Euclid
885
2-4 incl. Illinois
904
2
Fifteenth
473
14-18 incl. Mission
266
13-14
Fifth
734
6-8 incl. Nineteenth
88
8
Fifth Ward
1
2-26 incl.
Sewer Bonds.
Gordon
527
10-11
Forth
2 262-266incl,
508
Hogan
4-5
Forth
106
6
Lacrosse
510
9-13 incl. First Ward
12
10-13 incl.
Lindeke
737
3-5 'incl. Sprague
159
15-16
Madison
511. 31-37 incl. Twelfth
490
10-11
Marietta
738
4
Twenty-sixth ___..491
4
Monroe
458
29-35 incl.
Paving Bonds.
Montgomery
528
10-11
Twenty-first
_ _911
2-8 incl.
131
Manito
8
Second
296
28-36 incli
Providence
512
23
Sprague
273
59-68 incl.
673
Perry
8-14 incl. Snerman
710
22-56 incl.
Seventh
405
7
Second Ward ____ 1
41-45 incl.
779
3
Scott
Washington
666
23-40 incl.
_ _.,........,..,---
Vicksburg, Miss.
-Election on Purchase of Water-Works.
Au election has been called for Dec. 3 (date changed from
Bond Proposals and Negotiations this week
Nov. 22) to vote on the question of purchasing the plant of
the Vicksburg Water-Works Co. for $347,500. See V. 94, have.been as follows:
p. 1146.
ABERDEEN, Chehalis County, Wash.
-BOND SALE.
-We are advised that an issue of $90,000 local-impt. bonds, which was offered on Oct.
-Water Company 16, will be awarded to the contractors as the improvements are finished....
Virginia, St. Louis County, Minn.
ADAMSTON, Harrison County, W. Va.-BOND OFFERING.
-Newspaper dispatches from
Accepts City's Offer to Purchase.
at hand relative to the offering
Duluth state that on Nov. 12 0. H. Griggs, President of the Further details aresewer 5%,coup. tax-free bonds on Dec.3 of the $15,000
water and $5,000
(V. 95, p. 1315). ProVirginia Electric Power & Water Co., sent acceptance of posals for these bonds will be received until 7:30 p. m. on that day by F. H.
Auth. Chap.
1906, and
the.city's offer to buy the plant for a consideration of $493,- Smiles, Town Recorder. Dec. 2 1912. 48, Code ofin Dec. atActs of 1908.
Denom. $1,000. Date
Int. ann.
Nat.
000_and special allowances for recent improvements, which Bank in Clarksburg. Due Dec. 2 1945; subject to call $1,000 Unionbeginyrly.
ning Dec. 2 1922. Cert. check for 5%, payable to the Town Recorder.
wilk,amount to an additional $50,000. It is expected that a required.
special election will be held about Dec. 20 to vote bonds to
AKRON, Summit County, Ohio.
-BONDS VOTED.
pay for the plant. The proposition to acquire the property reports, the election held Nov. 5 resulted in favor of the-According to
propositions to
was,approved by the voters on Nov. 21 1911 as stated in issue bride and auditorium bonds. The vote was 7,025 to 6,717 and 14.106
to 7,242, respectively.
V. 93, p. 1679.
-Ordinances were passed Oct. 28 Providing
BONDS AUTHORIZED.
n
for the issuance of the following 4%% coup. bonds:
Washington.
-Constitutional Amendments Adopted.
-We $3,000 South and Taylor Sts. sower-constr. assess. bonds. Denom.
$1,000. Date Nov. 1 1912. Due $1,000 yearly on Nov. 1 from
were advised, under date of Nov. 14, that the indications at
1914 to 1916 jnclusive.
that time were that the constitutional amendments voted 7,888 street-impt. (city's portion) bonds. Denom. (1) $888, (7) $1.000.
Date Nov. 1
upon on Nov. 5 (V. 95, p. 1225) ha,dIall carried by large 8,500 Grand Ave.1912. Due Nov. 1 1918.
sewer-impt. assess. bonds. Denom. $850. Date
majorities.
Sept. 1 1912. Due $850 yearly on Sept. 1 from 1913 to 1922 incl.
Interest semi-annual at City Treasurer's office.
An ordinance was also passed on Oct. 28 providing for the issuance of'
Waterville, Maine.
-Commission Government Defeated.Date Mch.
greeent election resulted, it is stated, in the defeat for the $1,300 4%% coup.street-impt. bonds. Denom.$260. 1917 incl. 1 1912.
Int. semi-ann. Due $260 yrly. on Mch 1 from 1913 to
second time of the plan to establish a commission form of
ALBUQUERQUE SCHOOL DISTRICT(P.O. Albuquerque), Berna.
-BOND ELECTION.
lillo County, Cal.
government.
-The question of issuing $100,000
high-school-bldg. bonds will be submitted to a vote, it is reported, on
Winona, Winona County, Minn.
-Commission Form of Dec. 10.
-BOND SALE.
Government Defeated.
-The question of adopting the com- qcit ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
On
or reg. tax-free refund. bends
mission form of government failed to carry, it is stated, at a (V.Nov. 18 the $840,000 4% 30-yr. coup. W.S. Kuhn,Inc., and the Col95, p. 1345) were awarded to J. S. &
onial
recent election: The vote was 1,364 `for" and 2,118 The Trust Co. of Pittsburgh, at their joint bid of par and accrued int.
bonds are dated Oct. 1 1912.
"against."
ALLIANCE, Stark County, Ohio.
-BONDS AUTHORIZED.
-On
Nov. 4 an ordinance was passed providing for the issuance of $5,500 4%%
coup. bonds to purchase an armory site to be donated to the State. Denom.
$500. Date Oct. 1 1912. Int. A. & 0. Due Oct. 1 1931.
BONDS VOTED.
-The proposition to issue the $15,000 electric-light
plant bonds (V. 95, p. 813) carried, it is reported, at the election held
November 5.
-The followingibonds are
Denver,IColo.-Bond Call.
ALTAMONT, Albany County, N. Y.
-BONDS TO BE ISSUED TO
called for payment Nov. 30:
THE STATE.
-We are advised that the $6,000 bldg. bonds (V. 95, p. 917)
will be placed with the State Comptroller when issued.
STORM SEWER BONDS.
ASHLEY, Delaware County, Ohio.
-BOND OFFERING.
-Proposals
North Denver:Storm]Sower Dist. No. 1, Bonds Nos,302 to 304 incl.
will be received until 12 m. Dec. 6 by G.L. Richards, Vil. Clerk,for the folSouth Capitolyin Storm Sewer Dist. No. 2, Bonds Nos. 107 to 112 incl.
lowing 5% bonds:
$1,500 00 street-light-impt. bonds. Auth. Sec. 3939, Municipal Code.
SANITARY SEWER BONDS.
Denom. $75. Date Dec. 2 1912. Due $150 Dec. 2 1913 and
Subdistrict No.8 of the East Side Sanitary Sewer D.No. 1, Bond No. 110'
$75 each six months from June 2 1914 to Dec. 2 1923 incl.
Harman Special Sanitary Sewer District No. 1, Bond No. 41.
8,954 16 East High St. impt. assess. bonds. Auth. Sec. 3911, Municipal
Code. Denom. (1) $499 16, (19) $145. Date Sept. 20 1912.
IMPROVEMENT BONDS.
Due Sept 20 1922.
Capitol Hill ImprovementlDistrict No. 5, Bond No. 107.
A similar issue of bonds was reported sold to the New First Nat. Bank
Capitol Hill Improvement District No.6, Bonds Nos.23 and 24.
of Columbus on Sept. 20 (V. 95, P. 993)•
Cherry Creek Improvement Dist. No. 2, Bonds Nos. 32 and 33.
Int. semi-ann. Cert. check for 10% of bonds bid for, payable to the
East Denver Improvement District No. 3, Bond No. 68.
Vii. Treas., required. Bonds to be delivered within 10 days from time of
East Denver Improvement District No. 5, Bonds Nos. 57 and 58.
award. Purch. to pay accrued int.
East Side Improvement Dist. No. 4, Bonds Nos. 2 and 3.
ATOKA1COUNTY (P. 0. Atoka), Okla.
Evans Improvement District, Bond No. 75.
-BOND ELECTION.
-On
Dec. 10 the voters will have submitted to them the proposition to issue
North Side Improvement Dist. No. 6, Bonds Nos. 44 and 45.
$65,000 court-house-and-jail-constr. bonds, reports state.
South Denver Improvement Dist. No. 5, Bond No. 44.
SouthiSide,,ImprovementjDist. No. 1, Bond No. 136.
AVILLA, Noble County, Ind.
-BOND SALE.
-Reports state that an
issue of $3,900 6% electric-light bonds has been awarded to E. Krieger of
PAVING BONDS,
Avilla for $4,125, making the price 105.765 Due $400 July 15 1920 and
Alley/Paving District1No. 7, Bond No. 18.
$500 yrly. July 15 from 1921 to 1927 incl.
Alley Paving District No. 10, Bond No. 16.
4BAKER, Baker County, Ore.
-BOND OFFERING.
-Proposals will
Alley Paving District:No. 19, Bond No. 16.
be received, according to reports, until 5 p. m. Dec. 9 by Jas. Cunning.
Alley Paving DLstrictiNo. 25, Bond No. 10.
City Clerk, for $5,504 5% 20-yr. impt. and $5,121 6% impt. bonds. Int.
semi-ann. Cert. check for 6% required.
SURFACING BONDS.
BALTIMORE,Md.-FIRSTISSUE OF"GENERAL FUND"BONDS.
Surfacing District No. 3, Bond No. 68.
Taking advantage of the Act of 1910 which empowers the Commissioners
of Finance to issue $3,000,000 "general fund" bonds at the rate of $300.000
PARK BONDS.
yearly for 10 years, a block of $300,000 of these securities bearing j of 1%
South Denver Park District, Bonds Nos. 1 to 576 inclusive.
interest will, it is announced, be issued
Upon the request of the holders of any of the above bonds received 10 $300,000 be transferred from that fund to the sinking fund and the sum of
to the general treasury. The purbefore the expiration of this call, the Treasurer will arrange for the
days
pose of the bonds is to relieve the sinking funds, many of which, it is said,
payment at thelBankers Trust Co., N. Y. City, but not otherwise.
are far ahead of the amount required for redemption purposes.
Bond Calls and Redemptions.
1422
THE CHRONICLE
-On Nov. 1,
BARKSDALE, Bayfield County, Wis.-BOND SALE.
85,000 6% bridge-constr. bonds were awarded to the Ashland Nat. Bank of
Ash;and at par. Denom. $500. Int. A. & 0. Due April 1 1917.
-BONDS DEFEATED.
BARTLESVILLE, Washington County, Okla.
-The election held Nov. 5 resulted, it is stated, in the defeat of the proposition to issue $25,000 park-site-purchase and impt. and incineratingplant bonds.
-Accord-BONDS DEFEATED.
BATH, Northampton County, Pa.
ing to reports, a recent election resulted in the defeat of the question of issuing $10,000 electric-light-plant-construction bonds.
BEATRICE, Gage County, Neb.-BOND OFFERING POSTPONED.
The City Clerk advises us under date of Nov. 16 that the offering of the
$11,000 5% paving bonds (V. 95, p. 917) has been postponed until next
spring.
-Miller & Co.
-BOND SALE.
BEDFORD Lawrence County, Ind.
of Indianapolis were awarded, it is stated, $25,000 water-works-impt.
bonds at 100.20.
BEDFORD TOWNSHIP (P. 0. Monroe), Monroe County, Mich.
BONDS DEFEATED.
-The election held Nov. 5 resulted in the defeat of
the proposition to issue the $10,00 road bonds (V. 95, p. 1225). The vote
was 153 "for" to 233 "against.'
BELL COUNTY (P. 0. Pineville), Ky.-BOND ELECTION PROPOSED.
-An election will be held, reports state, to vote on the question
of issuing $35,000 road bonds.
-It is stated that the propoBELLEVD'E, Ky.-BONDS DEFEATED.
sitions to issue the $15,000 sewer and $60,000 street and alley-improvement
bonds (V. 95, p. 635) failed to carry at the election held Nov. 5.
-Proposals
-BOND OFFERING.
BELLEVUE, Huron County, Ohio.
will be received until 12 m. Dec. 19 by Thos. M. Weaver, City Auditor,
for $3,200 5% coup. street-impt. (city's portion) bonds. Auth. Sec. 3939,
Gen. Code. Denom.(1) $700, (5) $500. Date Sept. 1 1912. Int. M.&
S. Due $500 yrly. on Mch. 1 from 1914 to 1918 incl. and $700 on Mch. 1
0
1919. Cert. check for 57 of bonds bid for, payable to the City Treas.,
required. Bonds to be delivered within 10 days from time of award.
Purchaser to pay accrued interest.
BELLEVILLE SCHOOL DISTRICT (P. 0. Bolleville), Essex County,
-Proposals will be received until 8:15 p. m.
-BOND OFFERING.
N. J.
% coup. bonds.
Nov. 26 by J. J. Turner, Dist. Clerk, for $80,000
Date Jan. 15 1913. Int. J. & J. at First Nat. Bank of Belleville. Due
yrly. on Jan. 15 from 1927 to 1942 incl. Cert. check for 2% of
$5.000
bonds bid for, required. Bonds will be certified as to genuineness by the
U. S. Mortgage & Trust Co. of N. Y. and legality will be aprroved by the
State Attorney-General. Bonds to be delivered and paid. for Jan. 15,
unless a subsequent date is mutually agreed upon. Purchaser to pay
accrued interest. Bids must be made on blank forms to be furnished by
the Dist. Clerk or the U. S. Mortgage & Trust Co., N. Y.
-BOND ELECTION PROPOSED.
BERKELEY, Alameda County, Cal.
-According to reports, an election will be held in January 1913 to submit
to the voters the proposition to issue sewerage-construction bonds.
BIG FORK SCHOOL DISTRICT (P. 0. Big Fork), Flathead
-On Nov. 9 the $1,500 6% 8-10-yr.
-BOND SALE.
County, Mont.
(opt.) bldg. bonds (V. 95, p. 994) were awarded to the State Board of
Land Commissioners, Helena, at par. Denom. $150.
-BONDS DEBIGLICK TOWNSHIP, Hancock County, Ohio.
-Local newspapers report that the question of issuing not more
FEATED.
than $100,000 road-impt. bonds failed to carry in a special test vote on
Nov. 5.
BIJOU IRRIGATION DISTRICT (P. 0. Fort Morgan), Morgan
-Proposals will be received until
-BOND OFFERING.
County, Cob.
5 p. m. Dec. 2 by G. Layton, Dist. Sec., for $124,000 6% bonds of an
authorized issue of $250,000. Date Dec. 1 1911. Int. J. & D. at Co.
Treas. office or at Nat. Bank of Commerce in N. Y. City, at the option
of holder. Due $6.500 11 yrs. $7,000 12 yrs., $8,500 13 yrs., $10,000
$16,500 18 yrs.,
14 yrs., $11.500 15 yrs., $12,000 16 yrs., $13,500 17
yrs.'
$18,500 19 yrs. and $41,000 in 20 yrs. from date. Cert. check for $250,
'
payable to the "Dist., required. Purch. to pay accrued int. from Dec.
1 1912. These bonds have been confirmed bydecree of the Judicial Court
of the 13th Judicial District of Colorado.
BILLINGS COUNTY (P. 0. Medora), No, Dak.-BONDS DE-The question of issuing the $35,000 5% 20-year bridge bonds
FEATED.
(V. 95, p. 1225) failed to carry at the election held Nov. 5.
BISHOP SCHOOL DISTRICT (P. 0. Bishop), Inyo County, Cal.
--Reports state that an election will probBOND ELECTION PROPOSED.
ably be calledin January to vote on the issuance of high-school- bldg. bonds.
BONNERS FERRY SCHOOL DISTRICT (P..0. Bonners Ferry
-BOND ELECTION.
-Reports state that on
Bonner County, Idaho.
Dec.6 the proposition to issue $40,000 bonds will be submitted to a vote.
-VOTE.
-As stated last week, the voters on Nov. 5
BOSTON, Mass.
passed favorably on the Act of the 1912 Legislature, authorizing the issuance of $2,500,000 bonds outside the debt limit, for the construction of new
streets. We are now advised that there were 37,313 ballots "for", 19,849
"against" and 34,576 blank.
,P.
-BONDS DEFEATED.
BREMER COUNTY( 0. Waverley), Iowa.
-By a vote of 1,867 'for" to 1,879 "against", the question of issuing
$150,000 court-house-constr. bonds was defeated at the election held
November 5.
BRIGGS SCHOOL DISTRICT, Ventura County, Cal.
-BOND
-Proposals will be received until 2 p. m. Dec. 6 by the Clerk
OFFERING.
Bd. of Co. Supervisors (P. 0. Ventura) for $5,000 5% bldg.-constr. bonds
(V.95, p.917). Auth. vote of 50 to 6 at the election held Oct. 12. Denom.
$500. Due $500 yrly. on Dec. 30 from 1913 to 1922 incl.
-NOTE OFFERING.
-Proposals will be
BRISTOL COUNTY, Mass.
received until 10:30 a. m. Dec. 3 by F. M. Chace, Chairman County
Commrs. (P. 0. Taunton), for a $10,000 4% note. Date, Dec. 4 1912.
Int. J. & D. at the First Nat. Bank of Boston. Due Dec. 4 1914.
BROWN COUNTY COMMON SCHOOL DISTRICTS, Texas.
-On Nov. 8 the State Comptroller registered
BONDS REGISTERED.
$600 Dist. No. 26 and $600 Dist. No. 49 5% 5-20- yr. (opt.) bonds.
-BONDS AUTHORIZED.
BRYAN, . Williams County, Ohio.
Ordinances have been passed providing for the issuance of the following
4%7 coupon bonds.
0
$16.000 Mulberry St. impt. assess. bonds. Due on Sept. 1 as follows:
$1,000 in 1914, 1915 and 1916; $1,500 in 1917, 1918 and 1919:
$2,000 in 1920, 1921 and 1922 and $2,500 in 1923.
18,500 West High St. impt. assess. bonds. Due on Sept. 1 as follows:
$1,000 in 1914 and 1915; $1,500 in 1916, 1917 and 1918; 32,000 in
1919 and 1920; $2,500 in 1921 and 1922 and $3,000 in 1923.
10,500 Center St. impt. assess. bonds. Due on Sept. 1 as follows: $500
in 1914, 1915 and 1916; $1.000 in 1917, 1918, 1919 and 1920;$1,500
in 1921 and 1922 and $2,000 in 1923.
15,000 village's portion impt. bonds. Due $3,000 Sept. 1 1929 and $4,000
March 1 and Sept. 1 in 1930 and March 1 1931.
5,000 water-plant const. & impt. D ue$3,000 Mch.1; $2,000 Sept,11925.
Denom. $500. Date Dec. 1 1912. Int. M. & S. at the Village Treasurer's office.
BUFFALO, N. Y.
-Proposals will-be received
-BOND OFFERING.
until 12 m. Nov. 26 by Wm. G. Justice, City Compt., for the following
opd
4% reg. refund. tax-free bonds (V. 95, p. 1147):
$75,000 Buffalo & Jamestown RR. bonds. Auth. Chap. 24, Consolidated
Laws. Due $3,750 yrly. on Dec. 1 from 1913 to 1932 incl.
75,000 Buffalo & Jamestown RR. bonds. Auth. Chap. 24, Consolidated
Laws. Due $3,750 yrly. on Dec. 1 from 1913 to 1932 incl.
112,500 water bonds. Auth. Chap. 281, Laws of 1912. Due Dec. 1 1937!
Date Dec. 11912. Int. J. & D. at City Compt. office or at the Hanover
Nat. Bank, N. Y., as purchaser may desire. An unconditional certified
check on an incorporated bank or trust company for 2% of bonds bid for,
payable to the City Comp., required.
[VoL. Lxxxxir.
-BOND SALE.
-On Nov. 20 the
BURTON, Geauga County, Ohio.
$12,500 5% coupon street-impt. tax-tree bonds (V. 95, p. 1288) were
awarded to the Citizens' Nat. Bank in Wooster for $13,017 25 (104.13)
and int. Other bids follow:
[
First Nat. Bank, Cleve_ _$12,952 40 Seasongood & Mayer,Cin.$12,860 00
Tillotson & Wolc. Co., Cl. 12,950 00 Spitzer,Rorick& Co., Tot. 12,828 12
Otis & Hough, Cleve.... 12,875 00 Hayden, Miller & Co., Cl. 12,762 50
-BONDS DEFEATED.
BUTLER COUNTY (P. 0. Allison), Iowa.
By a vote of 1,271 "for" to 1.714 "against," the question of issuing the
$10,000 jail bonds(V. 95, p. 1070) was defeated at the election held Nov. 5.
CALDWELL SCHOOL DISTRICT NO. SO (P. 0. Caldwell), Canyon
County, Idaho.
-BONDS DEFEATED.
-By a vote of 23 "for" to 27
"against," the proposition to issue the $7,500 bonds (V. 95, p. 994) was defeated at the election held Oct. 19.
CALHOUN COUNTY(P.O. Rockwell City),Iowa.
-BONDS VOTED.
-The question of issuing the $125,000 court-house-constr. bonds (V. 95,
p. 1225) carried, reports state, at the election held Nov. 5.
CALHOUN COUNTY (P. 0. St. Matthews), N. C.
-BONDS DEFEATED.
-The election held Nov. 5 resulted in the defeat of the question
of issuing the $20,000 court
-house and jail-construction bonds (V. 95, p.
767), reports state.
-According to reports, $250,000 4%
CALIFORNIA.
-BOND SALE.
harbor bonds have been purchased by the State Board of Control at par
and int. This makes a total of $2,000,000 disposed of (V. 95, p. 1070).
-BOND OFFERING.
-Proposal
CANTON, Starke County, Ohio.
will be received until 12 m. Dec. 16 by E. C. Brumbaugh, City Aud., for
the following 43
,
6% bonds:
$2,500 Brant Ave. sewer-constr. bonds. Denom. (1) $500, (2) $1,000.
Due $1,000 Sept. 1 1915 and 1916 and $500 Sept. 1 1917.
1,700 Georgetown Rd., Taft and Otto sts. sewer-constr. bonds. Denom.
(1)$700,(1)81,000. Due $1,000 Sept. 1 1916 and $700 Sept. 1 1917
3,600 West Third and Ralph sts. sewer-constr. bonds. Denom. (1) $600,
(3) $1,000. Due $1,000 yrly. on Sept. 1 from 1914 to 1916 incl.
and $600 Sept. 11917.
1,700 Bank St. sewer-constr. bonds. Denom. (1) $700, (1) $1,000.
Due $1,000 Sept. 1 1916 and $700 Sept. 1 1917.
2,100 Brown Ave., Erie and Bay sts. sewer-constr. bonds. Denom.(1)
$1,000,(1) $1,100. Due $1,000 Sept.! 1916 and $1,100 Sept. 11917.
2,300 Winfield Ave. sewer-constr. bonds. Denom.(1) $1,000, (1.) $1,300.
Due $1,000 Sept. 1 1916 and $1,300 Sept. 11917.
Date Sept. 1 1912. Int. semi-ann. Cert. check on some solvent bank
in Canton for 5% of bonds bid for, payable to the City Treas., required.
Bonds to be delivered within 10 days from time of award. Cert. copy
of abstract showing the legality of the issue will be furnished upon application to the City Aud. Successful bidder shall furnish the necessary blank
bonds at his own expense.
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County,
Ohio.
-BOND SALE.
-Otis & Co. of Cleveland and Seasongood & Mayer
of Cin, were awarded on Nov. 8 at 100.309 the $110.000 4% 40-yr. bldg.
bonds not sold on May 1. because of injunction proceedings (V.94,p. 1264).
Denom. $1,000. Date May 1 1912. Int. M.& N.
-BOND SALE.
-On Oct. 14
CANYON CITY, Grant County, Ore.
$6,000 6% 5-10-yr. (opt.) water-main bonds were awarded to Keeler Bros.
-annual.
Denver, at 90. Int. semi.
-BONDS AUTHORCARBON COUNTY (P. 0. Mauch Chunk), Pa.
IZE0.-According to reports, the issuance of $50,000 East Mauch Chunk
bridge constr. bonds was recently authorized.
CARROLLTON SPECIAL SCHOOL DISTRICT (P. 0. Carrollton),
-Proposals will be received
-BOND OFFERING.
Carroll County, Ohio.
, for the $50,000 4%
until 12 m. Dec. 14 by L. S. Hall, Clerk Bd. of
to
school bonds (V. 95, p 994). Auth. Sec. 7625 Ed.7627 incl. and 2294.
350 to 128 at election held Nov. 5. Denom. $500
Gen. Code, and vote of.
and $1,000. Date Dec. 14 1912. Int. M. & S. Due $1,000 each six
months from Mch. 1 1914 to Sept. 1 1938 incl. Cert. check for 5% of
bonds bid for, payable to the Dist. Treas., required. Purchaser to pay
accrued interest.
CASS COUNTY (P.O. Weeping Water), Neb.-BONDS DEFEATED.
The propostlion to issue the $19,000 jail-constr.-and-court-house-impt.
bonds (V. 95, p. 1147) failed to carry at the election held Nov. 5.
-BOND SALE.
CEDAR FALLS, Blackhawk County, Iowa.
-On
Nov. 12 $15,000 5% water-works-ext. bonds were awarded to Geo. M.
Bechtel & Co. of Davenport, it is stated, for $15,223 (101.486), int. and
blank bonds. Int. semi-ann. Due $5,000 Nov. 11917, 1922 and 1927.
CENTER TOWNSHIP SCHOOL DISTRICT (P. 0. Celina), Mercer
-The question of issuing school-BONDS DEFEATED.
County, Ohio.
bldg. bonds failed to carry at a recent election, reports state.
-Proposals
CHARDON, Geauga County, Ohlo.-BOND OFFERING.
will be received until 12 m. Dec. 10 by Robt. S. Parks, Village Clerk, for
the following 414% coup. bonds:
$16,800 No. Main St. paving assess. bonds. Auth. Sec. 3914, Gen. Code.
Denom.$300 and $500. Due $1,000 each six months from April 1
1914 to April 1 1917 incl., $800 Oct. 1 1917 and $1,000 on April 1
and $500 on Oct. 1 from 1918 to 1923 incl.
1,500 No. Main St. paving (city's portion) bonds. Auth. Secs. 3820
and 3821, Gen. Code. Denom. $500. Due $500 yearly on
Oct. 1 from 1914 to 1916 incl.
Date Dec. 1 1912. Int. A. & 0. at the First Nat. Bank in Chardon.
Cert. check for 10% of bonds bid for, payable to the Vii. Treas., required.
Bonds to be delivered within 10 days from time of award. Purchaser to
pay accrued interest.
-BONDS AUTHORCHAGRIN FALLS, Cuyahoga County, Ohio.
IZED.
-An ordinance was passed Nov. 7 providing for the issuance of
$10,000 454% coup. cemetery-impt. bonds. Auth. Sec. 3939, Gen. Code.
Denom.$100. Date Nov. 11912. Int. A.& O. Due $500 each six months
from April 1 1915 to Oct. 1 1924 incl.
-BOND SALE.
CHAUTAUQUA COUNTY (P. 0. Mayville), N. Y.
On Oct. 25 $30,000 4M % highway-impt. bonds wore awarded to Farson,
Son & Co. of N.Y.,at 100.62 and int. Denom.$1,000. Date June! 1912.
Int. M.& S. Due part on May 1 1914, 1915, 1917, 1918, 1920 and 1921.
-BOND ELECCHEHALIS COUNTY (P. 0. Montesano), Wash.
TION POSTPONED.
-We are advised that the election to vote on the question of issuing $250,000 road bonds was postponed (V. 95, p. 65.)
CHICO HIGH SCHOOL DISTRICT (P. 0. Chico), Butte County,
-Reports state that an election
Cal.
-BOND ELECTION PROPOSED.
will probably be held to vote on the issuance of $15,000 or $20,000 bonds
to construct an auxiliary building to the high-school.
-BIDS.
-The following bids
CHICOPEE, Hampden County, Mass.
were also received on Nov. 14 for the $19,000 4% 3 2-3-yr. (aver.) coupon
city-hospital bonds awarded on that day to Estabrook & Co. of Boston at
100.09 and int. (V. 95, P. 1346.)
N.W.Harris& Co., Inc.,Bost.100.032 I R. L. Day & Co., Boston_ _ _100.029
Merrill, Oldham & Co., Bost.100.0291Blake Bros. & Co., Boston...100.02
-Proposals will be received
CINCINNATI, Ohio.
-BOND OFFERING.
until 12 m. Dec. 20 by I. D. Washburn, City Aud., for the following 4%
tax-free bonds:
$75,000 sewer bonds. Auth. Sec. 3939, Gen. Code. Date Dec. 20 1912.
Due Dec. 20 1932.
50,000 subway-constr. bonds. Auth. Sec. 3939, Gen. Code. Date
Nov. 1 1912. Due- Nov. 1 1952.
21,500 street-impt. (city's portion) bonds. Auth. Sec. 3939, Gen. Code,
Date Nov. 15 1912. Due Nov. 15 1932.
69,000 sewerage-impt. (city's portion) bonds. (V. 95, p. 844.) Auth.
Sec. 3939, Gen. Code. 'Date Nov. 101912. Due Nov. 101932.
115,000 hospital-impt. bonds. Auth. Sec. 3939 and 3953 Gen. Code.
Date Dec. 11912. Due Dec. 1 1942.
Denom.$500. Int. semi-ann. at Amer. Exch. Nat. Bank in N.Y. Cer.check for 5% of bonds bid for, payable to the City Aud., required. Purchaser to pay accrued int. Bids must be made on blank forms to be t'urnished by the City Auditor.
BONDS AUTHORIZED.
-Ordinances have been passed providing for the
Issuance of the following 4% bonds:
Nov. 23 1912]
THE CHRONICLE
1423
$21,500 street-impt. (city's portion) bonds. Denom.$500. Date Nov. 15
CORYDON, Henderson County, Ky.-BONDS VOTED.
-It is re1912. Due Nov. 15 1932.
ported that the proposition to issue $8,000 elec.-light bonds received a
50,000 coup. subway-construction bonds. Denom. $500. Date Nov. 1 favorable vote at a recent election.
1912. Due Nov. 1 1952.
CRAGHILL SCHOOL DISTRICT, Kings County, Cal.
-BOND
2,000 coup. filtration-plant-improvement bonds. Denom. $500. Date ELECTION PROPOSED.
-It is reported that this district will hold an elecDec. 1 1912. Due Dec. 1 1932.
tion to vote on the issuance of 32,500 bonds.
150,000 coup. New General Hospital improvement bonds. Denom. $500.
CRYSTAL FALLS SCHOOL DISTRICT (P. 0. Crystal Falls),
Date Dec. 11912. Due Dec. 1 1942.
-BONDS TO BE SOLD LOCALLY.
42,500 street-improvement (city's portion) bonds. Denom. $500. Date Iron County, Mich.
-The Secretary
Board of Ed. advises us that the $90,000 bldg. bonds (V. 95. p. 189) will
1912. Due Nov. 15 1932.
Nov. 15
750 coup, condemnation bonds. Denom. $250. Date Nov. 15 1912. be disposed of locally.
Int. semi-ann. Due 20 years.
DAYTON, Ohio.
-BONDS AUTHORIZED.-Ordlnances have been
12,000 coup. emergency sewer-impt. bonds. Denom. $500. Date Dec. 1 passed providing for the issuance of the following bonds:
1912. Int. semi-ann. Due 20 Years.
$5,000 4% McCabe Park impt. bonds. Denom. $1,000. Due Dec. 1 1919.
6,200 5% Dunbar Ave. paving assess. bonds. Denom. (1) $1,200.
-On Nov. 19 the three issues of 4% tax-free bonds (V.
BOND SALE.
(5) $1,000. Due $1,200 Dec. 1 1914 and $1,000 on Dec. 1
95, p 1070) were awarded as follows, reports state:
1916, 1918, 1920, 1921 and 1922.
-year street-impt. (village's portion) bonds to Seasongood &
$120,5 0 20
0
5,200 5% Hawthorne St. paving assess. bonds. Denom. (1) $1,200,
Mayer. the Western-German Bank, Well, Roth & Co. of Cincinnati and Stacy & Braun of Toledo, jointly,for $123,373'(102.38).
(4) $1,000. Due $1,200 Dec. 1 1914 and $1,000 on Dec. 1 in
even years from 1916 to 1922 Incl.
160,000 30-year water-works-impt. bonds to Seasongood & Mayer, Well,
Dated Dec. 1 1912. Int. J. & D.
Roth & Co. of Cincinnati and Stacy& Braun of Toledo, jointly,
for $165,093 (103.18)•
DEKALB COUNTY (P. 0. Fort Wayne), Ala.
75,000 40-year University building and equipment bonds to the German -The election held Nov. 5 resulted in the defeat -BONDS DEFEATED.
of the proposition to issue
Nat. Bank and the Davies-Bertram Co. of Cincinnati for the $165,000 road bonds (V. 95, p.
1147).
$75,752 50 (101.003).
DELTA COUNTY (P. 0. Escanaba), Mich.
-BONDS VOTED.
-AcCLALLAM COUNTY (P. 0. Port Angeles), Wash.
-BOND OFFER- cording to reports, the proposition to issue the $100,000 road-constr. bonds
ING.
-Proposals will be received until Jan. 6 1913 for the $300,000 (V. 95, p. 844) received a favorable vote at the election held Nov. 5.
10-20-yr. (opt.) road bonds at not exceeding 6% interest (V. 95, P. 844).
DENISON, Grayson County, Tex.
-BOND ELECTION.
-It is reAuth. vote of 1,285 to 620 at election held Nov. 5.
ported that on Dec. 6 the voters will have submitted to them the question
-Proposals will be received of issuing the $100,000 high-school bonds. This issue of bonds was authorCLEVELAND, Ohio.
-BOND OFFERING.
until 12 m. Dec. 20 by Thos. Coughlin, City Aud., for the following 4% ized at an election held Nov.2(V. 95, p. 1289), but, owing to certain irregularities, the election was considered illegal.
coup. bonds:
$500,000 street-impt. (city's portion) bonds. Due Oct. 1 1937.
DETROIT, M1CH.-BONDS AWARDED IN PART.
-We are advised
that up to Nov. 21 this city had disposed of over the counter $500,000 of the
50,000 refuge and correction bonds. Due Oct. 1 1947.
4% coupon (with priv. of reg.) tax-free bonds aggregating $715,000, bids
225,000 park bonds. Due Oct. 1 1947.
for which were received on Oct. 28 (V. 95, p. 1226).
35,000 police department bonds. Due Oct. 1 1947'.
180,000 house of correction bonds. Due Oct. 1 1947.
DIXON UNION HIGH SCHOOL DISTRICT (P. 0. Dixon), Bolan°
175,000 infirmary and hospital bonds. Due Oct. 1 1947.
County, Cal.
-BONDS DEFEATED.
-At the election held
50,000 garbage-disposal bonds. Due Oct. 1 1952.
question of issuing the $50,000 bldg. bonds(V. 95, p. 918)failedNov. 5 the
to carry.
25,000 harbor bonds. Due Oct. 1 1947.
DOVER CITY SCHOOL DISTRICT (P. 0. Canal Dover), Tusca125,000 fire department bonds. Due Oct. 1 1947.
rawas County, Ohio.
-BOND OFFERING.
200,000 Cuyahoga River purification bonds. Due Dec. 1 1943.
-Proposals will be received
Denom. $1,000. Int. to run from Oct. 1 1912) semi-ann. at Amer. until 12 m. Nov. 29 by J. A. Barr, Dist. Clerk, for $10,000 4% school-siteExch. Nat. Bank in N. Y. City. Cert. check on a national bank other than purch. and bldg. bonds. Auth. Sec. 7629, School Laws of 1912. Denom.
the one making bid, for 5% of bonds bid for, payable to the City Treas., $500. Date Nov. 1 1912. Int. A. & 0. Due $1,000 each six months
required. Bids must be made on blank forms to be furnished by the City from Apr. 1 1920 to Oct. 1 1924.
Auditor.
DURANT, Bryan County, Okla.
-BOND SALE.
-We are advised
CLEVELAND HEIGHTS (P. 0. Cleveland), Cuyahoga County, that the First Nat. Bank and the Durant Nat. Bank in Durant were awarded
$6,000 park bonds and that the city also disposed of an issue of $5,000
-BOND OFFERING.
Ohio.
-Proposals will be received until 12 m. Dec 17 light securities.
by If. II. Canfield, Village Clerk (P. 0. 309, Beckman Bldg., Cleveland), for the following 4%% coup. assessment bonds:
EAST CONEMAUGH (P. 0. Conemaugh), Cambria County,Pa.
$6,024 Maple Road impt. bonds. Denom. (1) $24, (12) $500. Due $524 BOND ELECTION PROPOSED.-This place is considering the holding of
Oct. 1 1913 and $500 yearly on Oct. 1 from 1914 to 1920 incl. and an election to vote on the question of issuing 5% 25 -year (opt.) bonds.
-30
$1,000 Oct. 1 1921 and 1922.
EAST VIEW (P. 0. Cleveland), Cuyahoga County, Ohio.
-BOND
7,422 Crest Road impt. bonds. Denom.(1) $422,(14) $500. Due $422 OFFERING.
-Proposals will be received until 12 m. Dec.
Oct. 1 1913, $500 yearly on Oct. 1 from 1914 to 1917 incl., and VII. Clerk, for $10,741 57 5% coup. Kinsman Rd. impt.201 by A. A.Smith,
(village's portion)
$1.000 yearly on Oct. 1 from 1918 to 1922 incl.
bonds. Auth. Sec.
Gen. Code. Denom. (I) $241 57, (21) $500.
Auth. Sec. 3914, Gen. Code. Date "day of sale." Int. A. & 0. be- Date "day of sale." 3821, A. & 0.
Int.
office
ginning April 1 1913, payable to the Village Treasurer. Bonds to be de- Oct. 11913 and $1,000 yrly. on Oct.atfrom of Vil. Treas. Due $241 57
1
1914 to
livered and paid for within 10 days after time of' award. Cert. check on a yrly. on Oct. 1 from 1920 to 1922 incl. Cert. check1919 incl. and $1,500
bank, other than the one making the bid, for 10% of bonds bid for, payable for 10% of bonds bid for, payable to the Vii Treas.,on some solvent bank
required. Purchaser
to the Village Treasurer, required. Purchaser to pay accrued interest.
to pay accrued interest.
EDEN TOWNSHIP, Seneca County, Ohio.
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 16 by Proposals will be received until 12 m. Dec. 12 by W. G. Herbst, Clerk
BOND OFFERING.
the Public Library Board of the District for $2,000,000 4% library bonds. (P. 0. Melmore), for $2,500 5% Kilbourne State Road impt. bonds.
Authority Secs.4007 to4012incl.,Gen. Code. Denom. $1,000. Date Dec.16 Auth. Vol. 102. pages 333 to 349, Laws of 1911. Denom. $500. Date
1912. Int.semi-ann. at Amer. Exch.Nat.Bank in New York City. Due Dec. Dec. 11912. Int. M.& S. Due $500 Mch. 1 and Sept. 1 1915 and $500
161942. Cert. check on a national bank for 6% of bonds bidfor.payableto on Mch. 1 in 1916, 1917 and 1918. Cert. check for $200 required.
the Public Library Board of the District, required. Bids must be made on
ELSINORE, Riverside County, Cal.
-BOND ELECTION.
-On Dec.
blanks to be furnished by the Secretary of the Library Board. Carl Lorenz
proposition
Is Secretary of the Public Library Board. These securities were originally 2 theaccording to to issue $20,000 sewer bonds will be submitted to a
vote,
reports.
advertised bids to be received separately on the basis of bonds maturing
ENGLEWOOD, Bergen County, N. J.
Dec. 16 1932 or Dec. 16 1937 or Dec. 16 1942, but the question was raised
-BOND OFFERING.
-Proposals will be received, it is reported, until 8 p. m. Dec. 3 by Robt. Jamieas to the legality of this form of advertisement.
son, City Clerk, for $43.000 43% 30
-year school bonds. Int. semiCLINTON COUNTY (P. 0. Wilmington), Ohio.
-BONDS DE- annual. Certified check for 5% required.
FEATED.
-Reports state that the proposition to issue $25,000 experiENID, Garfield County, Okla.
-BOND SALE.
-On Nov. 11 the
mental-farm-establishment bonds was defeated at the election held Nov. 5.
$25,000 5% gas-well bonds (V. 95, p. 1226) were awarded, it is stated, to
COLORADO SPRINGS,El Paso County, Colo.
-BONDS PROPOSED. a Toledo Ohio, firm at par.
-According to reports, this city is considering the issuance of $25,000
EVERETT, Middlesex County, Mass..
-NOTE OFFERING.
-Procivic-centre bonds.
posals will be received until 5 p. m. Nov. 26 by N. Nichols, City Treasurer.
for $18,000 4% reg. school notes. Denom. $1,000. Date Aug. 1 1912.
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.
-BOND OFFERING. Int. F. & A. at the City Treas.
office. Due part yrly. from 1913 to 1930
-Proposals will be received until 1 p. m. Dec. 9 by the County Comm'rs,
P. R. Walker, Chief Clerk, fer $58,000 4%% refund. bonds. Auth. Sec. incl. These notes are exempt from taxation in Massachusetts. Notes
2434, Gen. Code. Denom. $1,000. Date Dec. 1 1912. Int. J. &D: at will be certified as to genuineness by the Old Colony Trust Co. of Boston,
office of County Treas. Due part yrly. on Dec. 1 from 1913 to 1933 incl which will further certify that the leaglity of this issue has been approved
Cert. check for $500, payable to the Co. Treas., required. Bidders must by Story, Thorndike. Palmer & Dodge of Boston, whose opinion will be
satisfy themselves of the legality of the bonds. Bids must be uncondi- furnished to the purchaser.
tional.
EXETER SCHOOL DISTRICT,Tulare County,Cal.
-BOND OFFER-Proposals will be received until 2 p. m. Dec. 2, it is stated, by the
COLUMBUS Ohio.
-BONDS AUTHORIZED.
-An ordinance was ING.
passed Oct. 28 providing for the issuance of $1,000 4% coup. Southwood Clerk Bd. of Co. Supervisors (P. 0. Visalia), for $25,000 6% building
Ave. impt. assess. bonds. Denom. $1,000. Date not later than Mch. 1 bonds recently voted (V. 95, p. 1346.)
1913. Int. M. & S. at City Treasurer's office. Due Sept. 11922, subject
FAIRVIEW (P. 0. Cleone), Multnomah County, Ore.
-BOND
to call beginning Sept. 1 1913.
ISSUE CANCELED.
-The City Recorder advises us that
An ordinance was also passed Nov.4 providing for the: issuance of $5,000 park bonds advertised for sale on Oct. 12 have been canceled the $4,500
as it was
Pennsylvania Ave. ext. and iinpt. bonds. Denom. $1,000. found that the issue did not comply with the City Charter.
4% coup.
Date not later than Jan. 6 1913. Int. M.& S. at the agency of the "City
FLORESVILLE, Wilson County,Texas.
-DESCRIPTION OF BONDS.
of Columbus" in New York. Due Sept. 1 1932.
The $20.000 5% 20-40-yr. (opt.) bldg. bonds awarded to Cutter. May &
BONDS PURCHASED BY SINKING FUND.
-The following bonds, Co. of Chicago at par and int. (V. 95, p. 1226) are in the denom. of
$1,000 each and dated June 15 1912. Int. annual in June.
aggregating $3,800,700, were purchased by the Sinking Fund at p er and
ua
.
int. between July 1 1912 and Oct. 31 1912:
FORAKER, Osage County, Okla.
-BOND OFFERING.
Purpose.
will be received until 8 p. m. Dec. 11 for the $25,000 6.7 -Proposals
Amount. Int.
Date.
o water-works
$5,000 4 __Street-repair
Sept. 16 1912 Sept. 1 1932 bonds (V. 95, p. 1070). Auth. vote of 32 to 26 at election held Nov. 12.
5,000 4 __Street-cleaning stables
Sept. 16 1912 Sept. 1 1942 Int. semi-annual. Due Nov. 13 1936.
4 __Garbage-disposal
16 1912 Sept. 1 1922
Sept.7,0
FORT LORAMIE, Shelby County, Ohio.
-BONDS DEFEATED.
10,000 4 _Long St. sewe:-ext
May 31 1913 Sept.! 1942 At a recent
10,0(10 4 __Fire-plugs
June 20 1912 Sept. 1 1932 constructionelection, it is stated, the question of issuing $8,000 town-halland 32.000 fire-apparatus bonds was defeated.
5,000 4 __Markinson Al. sewer
May 31 1912 Sept. 1 1942
10,000 4 _Hill Top engine-house
FOSTORIA, Seneca County, Ohio.
-BONDS VOTED.
Apri126 1912 Sept. 1 1942
-The propo25,000 4f __Electric-light-plant
i
Sept. 1 1942 sition to issue $30,000 city-park bends carried, it is reported, at the elec15.000 4 __Fire-apparatus
Atm% 13 Pa Sept. 1 1932 tion held Nov. 5.
60,000 4 __City's portion public-impt
Jan. 15 1912 Mar. 1 1923
FRANKFORT, Ross County, Ohio.
-BOND ELECTION.
-It is
10,000 4l_ _Cluster-lights
o
Aug. 3 1912 Sept. 1 1942 stated that an election will be held Dec. 3 to submit to the voters the ques4/ _Sixth St.
-opening
o
,
July 2 1912 Sept. 1 1932 tion of issuing water-works
-construction bonds.
25,000 44V .._Durancean Park
July 2 1912 Sept. 1 1942
FREDERICK COUNTY (P. 0. Frederick),
5,000 4 __Sewer-repaIr _
Mar. 23 1912 Sept. 1 1932 .FEATED.-The proposition to issue $75,000 4 % Md.-BONDS DErpad-impt, bonds was
20,000 4 __Street-repair
Mar. 23 1912 Sept. 1 1932 defeated by a vote of 854 "for' to 4,990 "against,'
at an election held
5,000 4 __ Viaduct-repair
Mar. 23 1912 Sept. 1 1932 Nov. 5.
170.000 4 __Water-mains
Apri126 1912 Sept. 1 1942
5,000 4 __Indianola subway
FREEPORT, Stephenson County, Ill.
Mar. 12 1912 Sept. 1 1937
-BOND ELECTION.
-On
10,000 4 __Summit St. subway
Jan. 15 1912 Mar. 1 1932 Dec. 3, it is stated, time voters will have submitted to them the proposition
10,000 4 __W. S.sewer
June
% fire-department
to issue $25,000
10,000 4 __City's portion public impts_ _ _Mar. 3 1911 Sept. 1 1931 $500. Date Nov.4%1912. Int. ann. in -Improvement bonds. Denom.
3 1911 Sept. 1 1921
15
November. Due Nov. 15 1932.
10,000 4 __Milo sewer
June 30 1911 Sept.! 1931
10,000 4 0_ _Street-opening
FREMONT, Sandusky County, Ohio.
April 17 1911 Sept. 1 1921
-BIDS.
-The other bids re3,354,700 4, 4i & 4%% assessment
ceived on Nov. 12 for the $10,000 43' % 3%-yr. (ay.) coup. street-impt.
bonds awarded to the Crogham Bank & Say. Co. of Fremont at 102.265
COLUMBUS SCHOOL DISTRICT (P. 0. Columbus),
Franklin and int.(V. 95. p. 1316) were as follows:
County, Ohio.
-BOND OFFERING.
-Proposals
11 a. m. Dec. 17 by Edw. B. McFadden, Clerk 11d. will be received until Fremont Say. Bk. Co., Frem $10,2251Colonial Say. Bank & Trust
school-impt. and bldg. bonds. Auth. Soc. 7629, of Ed., for $85,000 4% Provident Say. Bank & Trust
Co., Fremont
10,152
Co., Cincinnati
$1,000. Date Dec. 17 1912. Int. J. & 1). at officeGen. Code. Denom.
10,166 iWell, Roth & Co., Cinc
10,120
of Dist.
1)ec. 17 1932. Cert. chock on a local bank for 2% of bonds bidClerk. Due Seasongood & Mayer, Cin__ 10,152 Hayden, Miller & Co., Clev_ 10.119
for, payable
to the Bd. of Ed., required. Bids must be unconditional.
GLENN COUNTY HIGH SCHOOL DISTRICT, Cal.
-BONDS
-We are advised by the Co.Auditor that the $50,000 5% bldg.
CORPUS CHRISTI, Nueces County, Tex.
-BONDS REGISTERED. NOT SOLD.
-On Nov. 11 the State Comptroller registered the $14,000 5% 10-40-yr. bonds awarded to the State Board of Control on Sept. 1 (V. 95, P. 702)
have been declared invalid.
sewer bonds (opt.) (V. 95, P. 768).
GLENDALE, Los Angeles County, Cal.
-DESCRIPTION OF BONDS.
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT
(P. 0. -The $20,000 fire-dept. and $5,000 street
-working-machinery bonds (V.
Corpus Christi), Nueces County, Tex.
-BONDS REGISTERED.
voted Oct.
-On
Nov. 12 tho State Comptroller registered the $36,000 5% 20-40-yr. (opt.) 95, p. 1289) Date Jan. I29 bear interest at 5% and in denominations of
$500 each.
1913. Int. J. & J. at Treasurer's office. AkDue
bonds (V. 95, P. 917).
one bond of each issue on Jan.11 beginning 1914 to maturity
.
1424
THE CHRONICLE
GLENDORA SCHOOL DISTRICT (P. 0. Glendora), Los Angeles
-It is reported that this
-BOND ELECTION PROPOSED.
County, Cal.
district is to hold an election to vote on the issuance of $75,000 grammarschool-building bonds.
-On Nov.
-BID.
GLOUCESTER COUNTY (P. 0. Woodbury), N. J.
19 a bid of 100.30 was received from A. B Leach & Co. of N. Y. for the
four issues of 44% reg. tax-free bonds aggregating $69,000 (V. 95, p
1226). We are advised that this proposal has been referred to the Board
of Freeholders.
-BONDS DEFEATED.
GRADY COUNTY (P. 0. Chickasha), Okla.
-The proposition to issue bridge and court-house bonds was defeated, It
is stated, at a recent election.
-BONDS DEFEATED.
GRAND RAPIDS, Kent County, Mich.
The election held Nov. 5 resulted in the defeat of the proposition to issue
4% 20-yr. bridge bonds(V.95, p. 1148),according to reports.
the $175,000
The vote was 7,134 to 13,697.
-BOND
GRANT COUNTY SCHOOL DISTRICT NO. 12, Wash.
-On Nov. 11 the $1,000 3-10-yr. (opt.) bonds dated Dec. 1 1912
SALE.
were awarded to the State of Washington at par for 6s.
V. 95, p. 1148)
There were no other bids received.
-BOND
GRANT COUNTY SCHOOL DISTRICT NO. 109, Wash.
-Proposals will be received until 2 p. m. Dec. 9 by C. T.
OFFERING.
Sanders, County Treas. (P. 0. Ephrata), for $1,000 5-10-yr. (opt.) bonds
at not exceeding 6% int. Int. ann. Purch. to furnish blank bonds.
GREGORY COUNTY (P. 0. Fairfax), So. Dak.-BONDS VOTED.
On Nov. 5 the question of issuing $90,000 bonds carried by a vote of 2,000
to 700.
GRIMES COUNTY DRAINAGE DISTRICT NO. 1, Texas.
-On Nov. 13 the $125,000 5% 10-40-year (opt.)
BONDS REGISTERED.
bonds were registered by the State Comptroller.
-BOND
HANFORD SCHOOL DISTRICT, Kings County, Cal.
-On Nov. 6 the $36.000 6% gold bonds (V 95, p. 1148) were
SALE.
to the Farmers' & Merchants' Nat, Bank of Hanford
awarded, it is stated,
at 100.60. Denom. $2,000. Due $2,000 yrly. Oct. 9 from 1913 to 1930
incl.
-BONDS
HARRIS COUNTY DRAINAGE DISTRICT NO. 5, Texas.
-The $136,000 5% drainage bonds recently sold (V. 95,
REGISTERED.
p. 1148) were registered on Nov. 9 by the State Comptroller.
HENDERSON, Henderson County, Ky.-BONDS DEFEATED.
It is reported that at a recent election the question of issuing $80,000
onstruction bonds failedto carry.
municipal-filter-plant-c
HERRIN COUNTY HIGH SCHOOL DISTRICT (P. 0. Herrin),
-On Nov. 13 the $50.000 434% bldg. bonds (V. 95,
111.-BOND SALE.
p. 1148) were awarded to John Nuveen & Co. of Chicago at par, four
months' accrued interest, blank bonds and attorney's fee. Other bids
follow:
Harris Trust & Savings Bank, Chicago, par and accrued int. less att. fees.
Bolger, Mosser & Willaman, Chicago, par.
S. A. Kean & Co. Chicago, at par.
'
C. H. Coffin, Chicago, at 98.
-BONDS
HOLLIS INDEPENDENT SCHOOL DISTRICT, Texas.
-20-year (opt.) bonds were regis-On Nov. 8 $1,250 5% 5
REGISTERED.
tered by the State Comptroller.
-R. L. Day
-BOND SALE.
HOLYOKE, Hampden County, Mass.
& Co. of Boston have been awarded, it is stated, $24,000 4% water bonds
at 102.578.
-BOND
HONEY LAKE SCHOOL DISTRICT, Lassen County, Cal.
-On Nov. 15 $3,000 7% 1-15-yr. (set.) bldg. bonds were awarded
SALE.
to the Lassen Industrial Bank in Susanville at 105.40. Other bids follow
$3,075
S
P. J. Goumaz, Susanville_ _33,125 00 Nittate of California
3 51
Dalton & Co., Yonkers..__ _ 3,100 26 First Nat. Bk. Barnesville_ _ _3,875
Bids were also received from T. S. arior, SpoonvIlle, and P. C.Bassett
Nov. 15 1912. Int. -ann. in Nov.
Of Susanville. Denom. $200. Date
-On Nov. 16 $10,000
HOPE, Steele County, No. Dak.-BOND SALE.
6% 20-yr. impt. bonds were awarded to the Minnesota Loan & Trust Co.
in Minneapolis at 106. Denom.$1,000. Date Nov. 11912. Int.semi-an.
HOQUIAM SCHOOL DISTRICT (P. 0. Hoquiam), Chehalis
-An election will be held to-day
-BOND ELECTION.
County, Wash.
(Nov. 23) according to reports, to vote on the issuance of $100,000 high
school-building bonds.
-BOND ELECTION PROHURON COUNTY (P. 0. Bad Axe), Mich.
-It is reported that this county is to submit to the voters next
POSED.
April a proposition to Issue $100,000 court-house-construction bonds.
INDEPENDENCE, St. Louis County, Mo.-BONDS DEFEATED.
It is reported that the election held Sept. 23 resulted in the defeat of the
proposition to issue the $40,000 refunding bonds (V. 95, p. 702).
-J. F. Wild & Co. of
-BONDS OFFERED BY BANKERS.
INDIANA.
Indianapolis, in their circular dated Nov. 8 1912, describing bonds which
they offer to investors, include the following 19 issues, aggregating $194,925,
the sale of which we have not previously reported.
GRAVEL ROAD BONDS.
-$2,560 434% Union Twp. tax-free bonds.. Denom.$128.
Benton County.
Date Sept. 15 1912. Int. M. & N. at the Co. Treaw. office at Fowler.
Due $128 each six months from May 15 1914 to Nov. 1923 incl.
Grant County.-$17,160 434% tax-free Washington Twp. bonds. Denom.
$358. Date Sept.6 1912. Int. M.& N.at the Co. Treas. office in Marion.
Due $858 each six months from May 15 1913 to Nov. 15 1922 incl.
-$3,600 434% tax-free Keener Twp. bonds. Denom.
Jasper County.
the Co. Treas.
um. Date Oct. 17 1912. Int. M. & N. at1921 and 1922. office in
Rennselaer. Due $900 May 15 and Nov. 15 in
-$1,298 20 4%% tax-free Palmyra Twp. bonds. Denom.
Knox County.
$259 64. Date May 7 1912. Int. M.& N. at the German Nat. Bank in
Vincennes. Due $259 64 on Nov. 15 in 1915, 1920 and 1921 and on May 15
in 1920 and 1921.
-316,800 454% tax-free Center 'Township bonds.
Laporte County.
Denom.$420. Date Sept. 16 1912. Int. M.& N. at the First Nat. Bank
in Chicago. Due $420 each six months from May 15 1913 to Nov. 15 1932
incl.
$14,400 454% tax-free Center Twp. bonds. Denom. $360. Date
Sept. 16 1912. Int. M. & N. at the First Nat. Bank in Chicago. Due
$360 each six months from May 15 1913 to Nov. 15 1932 Inclusive.
$11,600 434% tax-free Noble Twp. bonds. Denom. $290. Date
Sept. 16 1912. Int. at the First Nat. Bank in Chicago. Due $290 each
six months from May 15 1913 to Nov. 15 1932 inclusive.
$15,200 434% tax-free Scipio Twp. bonds. Denom. $380. Date
Sept. 16 1912. Int. M. & N. at the First Nat. Bank In Chicago. Due
$380 each six months from May 15 1913 to Nov. 15 1932 inclusive.
-$7,975 434% tax-free Bloomington Twp. bonds.
Monroe County.
Denom. $725. Date April 15 1912. Int. M. & N. at the Bloomington
Nat. Bank in Bloomington. Due $725 BS follows: May 15 and Nov. 15
in 1913, Nov. 15 1917 and May 15 and Nov. 15 in 1920, 1921 and 1922.
-$l0,7104 A % tax-free Clark Twp. bonds. Denom.
Montgomery County.
$765. Date Sept. 16 1912. Int. M. & N. at the Co. Treas. office in
Crawfordsville. Due $765 on May 15 and Nov. 15 in 1913, 1914, 1917.
1918, 1920, 1921 and 1922.
$6,300 434% tax-free Union Twp. bonds. Denom.$315_ _.Date Sept. 16
1912. Int. M.& N. at the Co. Treas. office in Crawfordsville. Due $315
each six months from May 15 1913 to Nov. 15 1922 incl.
% tax-free Harrison Twp. bonds, • Denom.
-$6,520
Pulaski County.
$326: Date Aug. 6 1912. Int. M.& N. at the Co. Treasurer's office in
Winamac. Due $326 each six months from May 15 1913 to Nov. 15 1922,
Inclusive.
$11,580 4345, tax-free Van Buren Twp. bonds. Denom. $579. Date
June 4 1912. Int. M. & N. at the Co. Treas. office in Winamac. Due
$579 each six months from May 15 1913 to Nov. 15 1922 inclusive.
Sullivan County.
-$9,227 434% tax-free Haddon Twp. bonds. Denom.
$461 35. Date Sept. 15 1912. Int. M. & N. at the Co. Treas. office in
Sullivan. Due $461 35 each six months from May 15 1913 to Nov. 15
1922 inclusive.
-$1,875 434% tax-free Clinton Twp. bonds. Denom.
Vermillion County.
$625. Date Sept. 2 1912. Int. M. & N. at the Co. Tress. office in
Newport. Due $625 on Nov. 15 1921 and on May 15 and Nov. 15 in 1922.
SCHOOL BONDS.
-$6,000 5% bonds. Denom. $600. Date
Greenwood, Johnson County.
April 16 1912. Int. ann. in April at the First Nat. Bank in Greenwood.
Due $600 yrly. April 16 1913 to 1922 incl. Total debt $6,425. Assessed
valuation $801,415.
[VoL. Lxxxxv.
-$25,000 434% tax-free bonds. Denom.
Henry Township,Fulton County.
$500. Date May 15 1912. Int. J. & J. at the Akron Exch. Bank in
Akron. Due $1,000 July 1 1913, $500 Jan. 1 and $1,000 July 1 from 1014
to 1923 incl., $1,000 each six months from Jan. 1 1924 to Jan. 1 1926 incl.
and $2,000 July 1 1926 and Jan. 1 1927 No other debt. Assessed val.
$1,974,470.
-37,000 4 Yi % tax-free bonds.
Hensley Township, Johnson County.
Denom. $400 and $1,000. Date Sept. 3 1912. Int. M.& S. at the Farmers Nat. Bank in Trafalgar. Due $400 March 3 and $1,000 Sept. 3 in
1917, 1918 and 1919 and $400 yearly March 3 1920 to 1926 incl. Total
debt, this issue, $21,000. Assessed val. $1,103.375.
-$6,120 434% tax-free bonds.
Jefferson Township Greene County.
Denom. $500 and $18d. Date July 20 1912. Int. J. & J. at the Exchange
Bank in Worthington. Due $680 July 20 1913, $180 July 20 1918 and
$680 yrly. July 20 1919 to 1927 incl.
-Attention is called to
-BOND OFFERING.
JACKSONVILLE, Fla.
the official notice elsewhere in this department of the offering on Dec. 19
bonds referred to in V. 95, p. 1346.
of the $250,000 434% impt.
-CERTIFICATE AND
JAMESTOWN, Chautauqua County, N. Y.
-On Oct. 15 John J. Hart of Albany was awarded the folBOND SALE.
lowing at par and interest:
$12,852 66 4%% paving bonds. Denom. (1) $1,152 66 and (9) $1,300.
Due one bond each year for 10 years.
8,869 35 434% paving certificates. Denom. (1) $769 35 and (9) $900.
Due one certificate yearly for 10 years.
Interest April and October.
JAMESTOWN UNION SCHOOL DISTRICT (P. 0. Jamestown),
-BONDS NOT TO BE OFFERED A7'
Chautauqua County, N. Y.
-We are advised by the Dist. Clerk that the $109,000 bldg.
PRESENT.
bonds voted Sept. 24 (V. 95. p. 918) will not be offered for sale before
next spring.
-BONDS REGISJOHNSON COUNTY (P. 0. Cleburne), Texas.
TERED.
-On Nov. 16 the State Comptroller registered the $175,000 5%
-year (opt.) court-house-constr. bonds (V. 95, p. 1148).
10-40
JOHNSON COUNTY DRAINAGE DISTRICT NO. 1, Neb.-BOND
-Proposals will be received until 12 m. Nov. 26 by Robt.
OFFERING.
Lempka, Secy. (P. 0. Tecumseh), for $100,635 14 6% 5-15-yr. (ser.)
drainage bonds. Int. semi-ann.
-ProJOHNSTOWN, Licking County, Ohio.-BOND OFFERING.
posals will be received until 12 m. Dec. 16 by Gido Rowe, Village Clerk,
for the following 5% improvement bonds:
$3,472 28 Coshocton St., Oregon St., Park St. and Pratt St.-impt.(village's
portion) bonds. Denom. (6) $500. (1) $472 28. Due $500
yrly. on July 1 from 1915 to 1920 incl., and $472 28 July 1 1921.
1,477 00 Oregon St.-impt. assess. bonds. Denom. (1) $477, (2) 3500:
Due $500 July 1 1913 and 1914 and $477 July 11915.
6,251 51 Coshocton St. impt. assess. bonds. Denom. (1) $251 51.(12)
$500. Due $500 yrly. on July 1 from 1913 to 1919, incl.,
$1,000 on July 1 1920 and 1931 and $751 51 July 11922.
1,987 28 Park St. impt. assess. bonds. Denotn. (3) $500, (1) $487 28.
Due $500 yearly on July 1 from 1915 to 1917, incl.,and $48728
July 1 1918.
3,755 89 Pratt Ave. impt. assess. bonds. Denom.(7) $500,(1) $255 89.
Due $500 yearly on July 1 from 1913 to 1919, incl., and $255 89
July 11920.
Auth. Secs. 3918, 3919 and 3920, Gen. Code. Date July 11912. Int.
J.& J. Cert. check for 10% of bonds bid for, payable to the Village Treas.,
required. Bonds to be delivered within 10 days from time of award.
Purchaser to pay accrued interest. Similar issues of bonds were previously offered on Oct. 17 (V. 95, p. 1149.)
-We were advised
-BOND SALE.
KENTON, Hardin County, Ohio.
that no award was made on Nov. 1 of an issue of $18,000 5% coup. streetthat
bonds offered on that day. Reports state, however, $900
impt. tax-free
these securities were awarded on Nov.4 to a Cleveland firm. Denom.
and $400. Date Aug. 11912. Int. A. & 0. at the City Treas. office.
-RESULT OF BOND ELECKING COUNTY (P. 0. Seattle), Wash.
-The election held Nov.5 resulted, it is stated, in favor of the propoTION.
tions to issue the $3,000,000 road and $950,000 Third Ave. court-house
bonds and in defeat of the question of issung the $280,000 county-fair and
$1,400,000 civic-centre court-house bonds (V. 95, p. 1226)•
-BOND ELECTION PROLAKE CITY, Calhoun County, Iowa.
POSED.-This city is contemplating calling an election to submit to the
voters the question of issuing $12,000 water-works-plant-itnpt bonds,
reports state.
-Pro-BOND OFFERING.
LAKEVIEW, Logan County, Ohio.
posals will be received until 12 m. Dec. 2 by C. E. Glassford, Vii. Clerk,
for $2,600 5% elec.-light-plant-constr. and equip. bonds. Auth. Sec. 3939
Gen. Code. Denom. $100. Date June 1 1912. Int. J. & D. Due
June 1 1932, subject to call beginning June 1 1922. Purchaser to pay
accrued interest.
-We are advised
-VOTE.
LAKEWOOD, Cuyahoga County, Ohio.
that the vote cast at the election held Nov. 5 which resulted in favor of
the proposition to issue the $25,000 municipal-bldg., $30,000 street-impt.
and $8,300 fire-apparatus bonds (V.95, p. 1289), was 3,048 "for" and 587
"against". We are further advised that these bonds will not be sold until next year.
--On
-TEMPORARY LOAN.
LAWRENCE, Essex County, Mass.
Nov. 19 a loan of $300,000 due April 13 1913 was negotiated with the Old
Colony Trust Co. in Boston at 4.49% discount,
-BOND OFFERING.
LEAVENWORTH (Leavenworth County),Kan.
-Local papers state that this city is offering for sale $13,720 83 special
general-impt. 5% bonds... _ Date Nov. 11912.
impt. and $7,989 5.1
-BOND
LINCOLN COUNTY SCHOOL DISTRICT NO. 5, Wash. State* of
SALE.
-On Nov. 2 $1,420 bldg. bonds were awarded to the
Washington at par for 534s. Denom. (6) $200 (1) $220. Date Dec.
1912. Int. ann. in Dec. Due 1927, subject to call part yrly.
-Pro-BOND OFFERING.
LINDSEY, Sandusky County, Ohio.
posals will be received until 12 m. Dec. 14 by W. M. Woodruff, VII .Clerk,
Sec.
for $4,000 5% elect-light-plant-constr. and equip. bonds. Auth. and 3939
263.
Gen. Code as amended by Laws of Ohio, Vol. 102, pages 262
six
Denom. $250. Date June 15 1912. Int. semi-ann. Due 3250 each of
for 10%
months from Oct. 1 1912 to April 1 1920 incl. Cert. checkhe delivered
VII. Treas., required. Bonds to
bonds bid for, payable to the
within 10 days from time of award. Purchaser to pay accrued interest.
-We are advised
-BOND SALE.
LINEVILLE, Wayne County, Iowa.
that this town has disposed of $15,000 electric-light bonds.
--Proposals
-BOND OFFERING.
LORAIN, Lorain County, Ohio.
will be received until 12 m. Dec. 12 by E. P. Keating, City Aud., for $20,000 434% coup. public-playground and park-impt. bonds (V. 95, p. 770).
Auth. Sec. 3939, Gen. Code. Denom. $500. Date Nov. 15 1912, Int.
M. & S. at office of Sinking Fund Trustees. Due Sept. 15 1932. Cert.
check on a national bank or any Lorain bank for $500, payable to the City
Treas., required. Bonds to be delivered within 10 days from time of award
A transcript of proceedings had relative to the is.suance of the bonds will
be furnished the successful bidder together with a sample copy of the
printed bond, upon the day of sale.
-The following bids were
-BIDS.
LOWELL, Middlesex County, Mass.
also received on Nov. 15 for the 326,250 4% water bonds awarded on that
day to R. L. Day & Co. of Boston at 100.689(V. 95, p. 1347):
N. W.Harris & Co., Inc.,Bost.100.47 I Merrill, Oldham & Co., Bost_100.269
100.39 I Blake Bros. & Co., Boston_ _100.14
Blodget & Co., Boston
Date Sept. 11912. Int. M.& S. Due part yrly. Sept. 1 from1920 to
1926 inclusive.
-BONDS DEFEATED.
LOWELVILLE, Mahoning County, Ohio.
The election held Nov. 5 resulted in the defeat of the question of issuing the
$45,000 water-works bonds (V. 95, p. 1227)•
-The quesLUDLOW, Kenton County, Ky.-BONDS DEFEATED.
tion of issuing $30,000 sewer bonds failed to zarry .'reports state, at the election held Nov. 5. The vote was 215 "for" and 239 "against."
-BONDS PROPOSED.
McMINN COUNTY (P. 0. Athens), Tenn.
Reports state that this county is considering the issuance of $50,000 highschool-impt. bonds.
-DESCRIPTION OF
MANDEVILLE, St. Tammany Parish, La.
BONDS.
-The $30,000 sea-wall bonds voted Oct. 22 (V. 95, p. 1227) bear
interest at the rate of 5%,are non-taxable and are to matu e in 1932.
Nov. 23 1912]
THE CHRONICLE
MANSFIELD, Richland County, Ohio.
-BONDS DEFEATED.
-It
is reported that the question of issuing street-improvement bonds failed
to carry at a recent election.
MARICOPA COUNTY (P. 0. Phoenix), Ariz.
-BOND OFFERING.Proposals will be received, it is stated, until 10 a. m. Dec.3 by J. Miller Jr.,
Clerk, for $30,000 6% Road Dist. No. 2 bonds. Denom. $1,000.
MARICOPA COUNTY SPECIAL ROAD DISTRICT NO. 1, Ariz.-On Nov. 30 the voters will have submitted to them
-BOND ELECTION.
the question of issuing $30,000 6% 10-20-yr. (opt.) gold road and highway
mpt. bonds. Donom. $500. Int. annual. at office of County Treas.
MARSHALLTOWN, Marshall County, Iowa.
-BOND SALE.
Reports state that $30,000 5% funding bonds have been awarded to Geo. M.
Bechtel & Co. of Davenport. Date Nov. 1 1912. Int. M. & N. Due
$2,000 yriy. Nov. 1 from 1914 to 1928 incl.
MARYLAND.
-BOND OFFERING.
--Proposals will be received until
12 m.Jan.2 1913, it is stated, for $1,000,000 4% road-impt.bonds. These
securities were previously offered without success on Nov. 21. (V. 95,
p. 1071.)
MEDINA COUNTY (P. 0. Mallet Creek), Ohio.
-BOND OFFERING.
-Proposals will be received until 1 p. m. Nov. 30 by C. P. Dickorman,
Sec'y Road Comm'rs, for the $10,000 4 % coup. Road Dist. No. 1 bonds.
Auth. Sec. 4757-16 and 22d. Revised Statutes. Denom. $500. Date
Oct. 1 1912. Int. A. & 0. at Old Phoenix Nat. Bank in Medina. Duo
$1,500 April 1 and Oct. 1 1921; $2,000 April 1 and Oct. 1 1922, and $1,500
April 1 and Oct. 11923. Cert. check (or cash) for 2% of bid, payable to
the Sec'y of the Board, required. Bonds to be delivered within 10 daysfrom
time of award. These bonds were previoulsy offered without success as
48 on Oct. 26. V. 95, p. 996.
MELBOURNE, Campbell County, Ky.-BONDS DEFEATED.
-A
recent election resulted in defeat of the question of issuing $1,000 building
bonds by a vote of 3 "for" to 26 "against," reports state.
MELROSE, Middlesex County, Mass.
-LOAN OFFERING.
-Proposals will be received until 12 m. Nov. 26 for a temporary loan of $40,000 in
anticipation of taxes, according to reports.
MERIDIAN, Lauderdale County, Miss.
--BOND SALE.
-On Nov. 8
$20,000 6% 10
-year sidewalk, $75,000 6% 10-year property paving certificates, $25,000 6% (city's portion) impt. and $10,000 4%% 30-year drainage and sewer-extension bonds were awarded, it is stated, to Breed, Elliott & Harrison of Cincinnati at 100.42.1
MERRILL, Plymouth County, Iowa.
-BOND SALE.
-Local papers
state that an issue of $5,000 electric-light and power-plant bonds has been
awarded to M. R. Faber of Remsen.
MESICK, Wexford County, Mich.
-BOND ELECTION PROPOSED.
This village will vote on the issuance of water-works-system-construction
bonds at the spring election.
MIAMI COUNTY (P. 0. Troy), Ohio.
-BOND OFFERING.
-Proposals will be received until 10 a. m. Dec. 2 by M. T. Staley, County
Auditor, for the following 5% bonds:
$1,000 Stewart Ditch impt. bonds. Denom. (1) $300. (2) $200, (3) $100.
Due $300 June 11913; $200 Dec. 1 1913 and June 1 1914 and $100
each six months from Dec. 1 1914 to Dec. 1 1915 incl.
1,100 McIntyre Ditch impt. bonds. Denom.(1) $300,(3) $200 (2) $100.
Due $300 June 1 1913, $200 each six months from Dec. 1 1913 to
Dec. 1 1914 incl. and $100 June 1 and Dec. 11915.
6,700 Strock Jt. Ditch impt. bonds. Due 2 bonds each six months from
June 1 1913 to Dec. 1 1914 incl. and one each six months from June
1 1915 to Dec. 1 1917 incl.
800 A. E. Rench Ditch impt. bonds. Denom.(2) $200,(4) $100. Duo
$200 June 1 and Dec. 1 1913, and $100 each six months from
June 1 1914 to Dec. 1 1915 incl.
300 Moses Ditch impt. bonds. Denom. $100. Duo $100 each six
months from Juno 1 1913 to June 1 1914 inch
800 Berry Ditch impt. bonds. Denom. $200. Duo $200 each six
months from June 1 1913 to Dec. 1 1914 incl.
4.500 Henke Ditch impt. bonds. Denom. $500. Due $500 each six
months from June 1 1913 to June 1 1917 incl.
2,100 Hess Ditch impt. bonds. Denom. (1) $300, (9) $200. Duo $300
Juno 1 1913 and $200 each six months from Dec. 1 1913 to Dec. 1
1917 incl.
1,500 Ilarlacker Ditch impt. bonds. Denom.(3)$300,(1) $200,(4) $100.
Due $300 each six months from June 1 1913 to June 1 1914 incl.,
$200 Dec. 1 1914 and $100 each six months from June 1 1915 to
Dec. 1 1916 incl.
2,800 Maier Ditch Inuit. bonds. Denom. (2) $500, (2) $300, (6) $200.
Due $500 June 1 and Dec.1 1913; $300 June 1 and Dec.1 1914 and
$20 each six months from June 1 1915 to Dec. 1 1917 incl.
1,600 Kea der Ditch impt. bonds. Denom. (2) $300, (2) $200, (6) $100.
Due $300 Juno 1 and Dec. 11913,$200 June 1 and Dec. 1 1914 and
$100 each six months from June 1 1915 to Dec. 1 1917 incl.
11000 Turner Ditch impt. bonds. Denom. (2) $300, (2) $200. Due
$30 Juno 1 and Dec. 1 1913 and $200 June 1 and Dec. 1 1914.
500 Armstrong Ditch impt. bonds. Denom. $100. Due $100 each six
recntlis from June 1 1913 to June 1 1915 incl.
5,700 Binkley Ditch impt. bonds. Denom. (9) 8500, (2) $300, (3) $200.
Due $1,000 each six months from June 1 1913 to June 1 1915 incl.,
83(0 Dec. 1 1915 and June 1 1916 and $200 each six months from
Dec. 1 1916 to Dec. 1 1917 incl.
2,000 Beard Ditch impt. bonds. Denom. (2) $500, (2) $300, (2) $200.
Due $500 June 1 and Dec. 11913. 3300 June 1 and Dec. 1 1914 and
$200 June 1 and Dec. 1 1915.
500 Dilts Ditch impt. bonds. Denom. (1) $100, (2) $200. Due $200
June 1 and Dec. 1 1913 and $100 Juno 1 1914.
Auth. Sees. 6489, 6492 and 6493, Gen. Code. Int. (to run from Dec. 1
1912) semi-annual. at Co. Treas. office. Certified check (or cash) on
a solvent Miami County bank for $500, payable to the County Auditor,
required. Bonds to be delivered within 5 days from time of award.
Bidders must satisfy themselves of the validity of the bonds, as no trans
script will be given. Bids must be unconditional.
MIDDLEBURY, Elkhart County Ind.
-BOND SALE.-Accorrding to
local papers, $2,000 town-hall bonds have been awarded to local parties
at 100.50.
MIDDLETOWN SCHOOL DISTRICT (P. 0. Middletown), Butler
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
12 m. Doc. 14 by W. H. Todhunter, Clerk Bd. of Ed., for 518.000 4%%
playground and school-bldg. site-purchase and impt. bonds. Auth.
Sec. 7629 Oen. Code and Sec. 7625, p. 419-420 Laws of 1911. Denom,
31,000. Date Dec. 11912. Int. J. & D. at National Park Bank, N.
Y.
Due $1,000 yrly. on Dec.!from 1915 to 1932 incl. Cert. check for
$1,000,
payable to the Bd. of Ed., required. Bonds to be delivered and paid
for
on or before Dec. 31. Purchaser to pay accrued interest.
MINNEAPOLIS, Minn.
-BOND SALE.
-On Nov. 21 the $100,000 4%
30-yr. high-school bonds (V. 95, p. 1227) were awarded to R. L.)Day
&
Co. of Boston at 95.619.
MINNESOTA.
-BONDS PURCIMSED BY STATE.
-The State purchased at par during October the following 46 issues of 4% bonds, aggregating $245,025:
Altkin Co. S. D. No. 35
$1,000 Mille Lacs Co. Ditch No.8
$4,300
Bear River, Koochiching Co
4,000 Mower Co. Dist. No. 109
1,500
I3enton Co. Cons, No. 6
5,600 Mower Co. Dist. No. 137
1,000
Benton Co. Cons. No. 63
1,200 Murray Co. Dist. No. 112
1,500
Carver Co. Cons. No. 1
11,000 Nobles Co. Cons No. 1
4,000
Chippewa Co. Dist. No. 12
600 Norman Co. Dist. No. 36
800
Clay Co. Cons. No. 69
4,000 Pine Co. Dist. No. 137
3,150
Clearwater Co. Dist. No 25
3,500 Pine Co. Dist. No. 67
2,500
Cottonwood Co. Dist. No. 64_
1,500 Pope Co. Cons. No. 1
4,000
Douglas Co. Cons. No. 42
10,000 Pope Co. Dist. No. 49
5,000
Faribault Co. Jud. Ditch No.
Rock
No.2
8,000
Faribault Co. Cons. No. 53 12_28,000 Rock Co. Dist. Ditch
11,000
Co. Jud.
No. 2
16,800
Freeborn Co. Cons. No.34
4,000 Roseau Co. Cons. No. 97
700
Goodhue Co. Cons. No. 77
3,000 Round Lake, Nobles Co
4,500
0
Hubbard Co. Cons. No. 36
15,000 St. Louis Park Jud. Ditch, IIenneHubbard Co. Dist. No.47
6,000
pin Co
5,000
Itasca Co. Dist. No.6
1,000 Sherburne Co. Dist. No. 12
2,000
Itasca Co. Dist. No.6
30,000 South Stillwater, Washington Co_ 5,500
Jackson, Jackson County
6,000 Split Rock, Carlton Co
3,000
Kandlyohl Co. Dist. No.81
1,000 Swift Co. Ditch No. 10
4,475
Logan, Altkin County
5,000 Thompson, Carlton County
1,100
Lyon Co. Dist. No. 78
4,000 Todd Co. Cons. No.9
600
McLeod Co. Dist. 38
5,000 Yellow Medicine Cons. No.92.._.._ 1,200
Mahtowa, Carlton County
3,000
1425
MODOC COUNTY (P. 0. Alturas), Cal.
-BONDS DEFEATED.
The question of issuing the court-house-construction bonds (V.95, p. 996)
failed to carry at the election held Nov. 5. The vote, according to reports.
was 1,026 "for" to 766 "against," a two-thirds majority being necessary.
MONTAGUE COUNTY (P. 0. Montague), Tex.
-BONDS OFFERED
BY BANKERS.--Holger, Mosser & Wiliaman of Chicago are offering to
Investors $83,557 66 6% court-house bonds. Denom. (83) $1,000
and
(1) $557 66. Date Aug. 12 1912. Int. annually in March at the County
Treasurer's office or at the office of Bolger, Messer & Wiliaman. Due on
March 12 as follows: 37,557 66 in 1913, $6,000 in 1914. $7,000 in
1915,
$8,000 in 1916 and 1917,49,000 in 1918, 1919 and 1920 and $10.000 in
1921 and 1922. Bonded debt, this issue. Assessed value 1912, $12,016,920; actual value (est.), $20,000,000.
MONTANA.
-BONDS VOTED.
-The election held
5 resulted in
favor of the question of issuing $533,000 Insane-asylum-Nov. bonds.
bldg.
MONTGOMERY COUNTY (P. 0. Conroe), Texas.
-BOND ELECTION.
-On Dec. 23 the voters will have submitted to them the proposition
to issue $250,000 Conroe Precinct No. 7 and Justice Precincts Nos. 4
and 6
road bonds, according to reports.
MONTPELIER, Williams County, Ohio.
-BONDS DEFEATED.
It is stated that the proposition to issue $15,000 municipal plant-extension
bonds was defeated at a recent election.
MOSCOW, Latah County, Idaho.
-BOND SALE.
-On Nov. 13.
$121,309 34 6% paving bonds were awarded, it is stated, to the
First
Trust & Say. Bk. of Moscow at par and int.
MOUNDSVILLE, Marshall County, W. Va.-BOND OFFERING.
Further details are at hand relative to the offering on Dec. 4 of the $26,900
5% sewer-constr. bonds (V. 95, p. 1290). Proposals for these bonds will
be received until 1 p. m. on that day by W. D. Alexander, Commr., care
of the Mercantile Banking & Trust Co., Auth. Chap. 8, Acts of
1908.
Denom.(1) $900,(26) $1,000. Date April 1 1911.• int.annual in
the Mercantile Banking & Trust Co. in Moundsville. Due AprilApril,at
11921.
Cert. check for 1% of the bid, payable to the eornmr., required
Official
circular states that no bonds have ever been defaulted and
that no contest
or litigation is contemplated. These bonds are the remainder of the
of $166,900 ($140,000 of which has already been sold) authorized issue
at an
election held Oct. 15 1910.
MT. BLANCHARD, Hancock County, Ohio.
-BOND
On Dec. 10 the question of issuing the municipal-electELECTION.
ric-light-plant.
constr.-and-maintenance bonds (V. 95, p. 846) will be submitted
to a vote.
according to reports.
NELSONVILLE, Athens County, Ohio.
Proposals will be received until 12 m. Dec. 7 by -BOND OFFERING.
W. L. Barker, City And..
for $5,200 5% coupon sewer and water bonds. Auth. Sec. 3821 Gen. Code.
Denom. $480 and $280. Date Sept. 1 1912. Int. M.& S. at City Treas.
office. Due part yriy. on Sept. 1 from 1913 to 1917 incl. Cert. check
for
2%, payable to the City Treas., required.
NEWARK, Licking County, Ohio.
-BOND OFFERING.
-Proposals
will be received until 12 m. Dec. 16 by Wm. F. Wulhoop, City And., for
$9,254 5% coup. North St. and Granville St. drainage bonds (V.
638). Auth. Sec 3939, Gen. Code. Denom.(1) $254,(9) $1.000. 95. p.
Date
Oct. 1 1912. Int. semi-ann. at City And. office. Due $1,009 yearly on
Oct. 1 from 1913 to 1918 incl. $1,000 yearly on Oct. 1 from 1920
incl. and $254 Oct. 11923. dent. check on some solvent bank for to 1922
10% of
bonds bid for, payable to the City Treas., required. Bonds to be delivered
within 10 days from time of award. Purchaser to pay accrued interst.
NEWAYGO COUNTY(P.O. Newaygo), Mich.
-BONDS DEFEATED
-On Nov. 5 the question of issuing the $10,000 bonds to erect a jail and
sheriff's residence (V. 95, p. 1227) failed to carry, according to local papers.
NEW HAVEN, Conn.
-BONDS AWARDED IN PART.
-This city
has diposed of the $50,000 sewer and $75,000 hospital 4% coupon or reg.
bonds offered without success on Oct. 3(V. 95, p. 919) at par and int.
NEW MEXICO.
-BOND OFFERING.
-Further details are at
relative to the offering on Dec. 16 of the $1,125,000 coupon Serieshand
"C':
bonds described in V. 95, p. 1347. These bonds are to be issued in
accordance with the provisions of Sec. 3, Article IX, of the constitution,
and of an Act of the Legislature which became a law June 1 1912, for
the
payment of the bonds and accrued interest thereon of Santa Fe County,
which were validated, approved and confirmed by Act of Congress of Jan. 16
1897, and assumed by said State in Sec. 1, Article IX, of said constitution.
The Act refer:ed to above creates a Board of Loan Commissioners with
authority to issue new bonds of the State in three series and for the following purposes:
Series "A," for the payment or refunding of the debts and liabilities of
the Territory of New Mexico which were assumed by the State pursuant
to the provisions of its constitution.
Series "B," for the payment or refunding of the debts
counties of New Mexico which were valid and subsisting on of the several
and which were assumed by the State of New Mexico under June 20 1910,
to the provisions of its constitution, provided, however, thatand pursuant
the bonds of
the counties of Grant and Santa Fe which were validated, approved and
confirmed by Act of Congress of Jan. 16 1897, and the accrued
interest thereon and any and all judgments against the said and unpaid
counties of
Grant and Santa Fe, or either of them, for the principal or interest
of the
said bonds shall not be included in the said Series "B" bonds or refunded
or paid out of the proceeds of the said Series "B" bonds.
Series "C," to provide for the payment or refunding of the bonds,
and
accrued interest thereon, of Grant and Santa Fe counties which were validated, approved and confirmed by Act of Congress of Jan. 16 1897, and
which accrued interest thereon is evidenced by matured and unpaid interest coupons and by unpaid valid and subsisting judgments recovered
for past-due principal and interest coupons of such bonds, which bonds
and
accrued interest thereon were assumed by the State of New Mexico under
and pursuant to the provisions of its constitution.
Discussing the steps taken by the Commission and the report that
had reached an agreement with W. N. Coler & Co. of N. Y.concerning it
railroad debt of the two counties referred to, the Attorney-General, F.the
W.
Clancy, who is a member of the Loan Commission, says in part:
"It is not quite accurate to say that our State Loan Commission has
reached an agreement with W. N. Color & Co. of New York, as principal
holders of the old railroad bonds of Grant and Santa Fe counties, to take
up this debt by an issue of $1,125,000 of State bonds on Dec. 16. None
of the bonds of Grant County has been submitted to us, because they
not yet subject to call, and the holders would undoubtedly prefer to are
tinue at a higher rate of interest than the State bonds will probably conbear.
The Commission made no agreement with Coler & Co., nor with other
holders of the Santa Fe County railroad bonds, but has received and passed
upon evidences of indebtedness presented by all the holders in accordance
with the statute and have advertised for bids for an issue of the amount
above stated, bids to be received on Dec. 16.
"Not quite all of the bonds of this class of Santa Fe County bonds were
presented and we have advertised for bids to an amount somewhat in excess
of those which had been presented. The advertisement states that only
so much of such bonds will be sold as may be necessary to realize the
amount of indebtedness to be paid.
"The original issues of the bonds in question in 1891 and 1892, which
were, themselves, refunding bonds, amounted to $262,000 and $178,600,
respectively. It is a little difficult to state the whole amount of accrued
interest, as the interest was defaulted for a number of years and many of
the coupons were put in judgments at different times, the judgments
bearing the statutory rate of 6%. It was shown, however, that for principal, unpaid coupons and judgments there was now due something over
$1,100,000 upon what was actually presented.
As to the taking up of other indebtedness, both of the Territory
various counties, practically little progress has been made. A large and
of the other indebtedness of Santa Fe County has been presented topart
the
Commission but not yet passed upon. Tills indebtedness will be about
$400,000 or a little less. No steps have been taken as to the Territorial
indebtedness because at the present time the amount of bonds of the
Territory subject to call, is so small that it would not be of value to attempt
to replace them with other bonds immediately. Probably next summer we
will have a new issue of bonds for this purpose of about $179,000. The
greater part of the Territorial indebtedness bears interest at 4%.
"I believe that no claims have been presented as yet based upon the indebtedness of any county other than Santa Fe County."
HIGHWAY BONDS VOTED.
-Chapter 58 of the Acts of 1912 providing
for the issuance of not exceeding 8500,000 4% gold coupon bonds for the
1426
THE CHRONICLE
IVOL. Lxxxxv.
construction and maintenance of a system of State highways, submitted
-BONDS REGISREFUGIO COUNTY (P. O. Refugio), Texas.
at the general election on Nov. 5, appears to have carried, judging from the TERED.
-On Nov.8 the $25,000 Road District No. 1 bonds voted Sept. 24
returns printed in the newspapers. Denom. $1,000. Date July 1 1913. (V. 95, p. 997) were registered by the State Comptroller.
Int. J. & J. Due $20,000 Jan. 1 1919 and $20,000 yrly. on July 1 1919
RICHARDSON COUNTY (P. 0. Falls City), Neb.-BONDS DEto 1942 inclusive.
-At an election held Nov. 5 the proposition to issue $20,000
FEATED.
-TEMPORARY LOAN. jail bonds failed to carry. The vote is reported as 593 "for" to 2,038
NORTHAMPTON,Hampshire County, Mass.
-A loan of $40,000 due April 22 1913 was negotiated on Nov. 21 with 'against."
•
F. S. Moseley & Co. of Boston,
PROPOSED.
RICHMOND COUNTY (P. 0.
-BONDS According to reports, this countyAugusta), Ga.-BONDS
NORTH IRWIN (P. 0.Irwin), Westmoreland County, Pa.
is considering the issuance of $200,000
DEFEATED.
-The election held Nov. 5 resulted in the defeat of the propo- road and bridge-construction bonds.
sition to issue the $17,000 street
-paving bonds (V. 95, p. 1072). The
-NOTE OFFERINGS.
ROCHESTER, N. Y.
vote was 7 "for" to 82 "against."
-Proposals will be received
S. Osborne, City Comptroller, for $150,000
-Reports until 2 p. m. Nov. 25 by E.payable 6
NORWALK, Sandusky County, Ohlo.-BONDS VOTED.
park notes,
months from Dec.2 1912. Bidders
state that, by a vote of 4,803 to 2,078, the proposition to issue $38,000 impt. and $35,712 interest and denomination of notes desired.
to designate rate of
children's home bonds carried at the election held Nov. 5.
Proposals will be received until 2 p. m. Nov. 26 by E. S. Osborne,
-month voting-machine-purchase and $150,NORWOOD CITY SCHOOL DISTRICT (P.O. Norwood), Hamilton City Comptroller, for $5,156 8
-month water-works-impt. notes, payable fromDec. 4 1912. Int.
County, Ohio.
-Proposals will be received until 000 6
-BOND OFFERING.
9 for the $55,000 4% building-addition bonds(V. 95, p. 1072). Auth. payable at the Union Trust Co. N. Y. Rate of interest and denomination
Dec.
vote of 3,113 to 938 at the election held Nov.5. Due part yearly from 1922 desired must be designated in bid.
-On Nov. 19 the $170,000 six months water-works-impt.
NOTE SALE.
to 1951.
notes (V. 95, p. 1348) were awarded to H. Lee Anstey of N. Y.for $170,027
-Proposals will be (100.015) for 53s. Other bids follow:
-BOND OFFERING.
NOXUBEE COUNTY, Miss.
received until 2 p. m. Dec.3 by J. A. Tyson, Clerk (P.0. Macon),for $75,- Bond & Goodw n, New York
$170,026 for 5s.
000 53
6% coup. Supervisor's Dist. No. 5 road tax-free bonds. Auth. Union Trust Co., New York
,
170,000 for 53s.
Sec. 4, Chap. 149, Laws of 1910; also vote of 104 to 36 at election held Security Trust Co., Rochester
50,000 for 5%s.
June 8 1912. Denom. $500. Date Sept. 2 1912. Int. M. & S. at place Luther Robbins, Rochester
5120,000 for 5.75s.
to be agreed on. Due $1,000 yearly on Sept. 2 from 1923 to 1936 incl.
1 50,000 for 5.65s.
Official cir- Daniel A. Moran & Co., New York
and $61.000 Sept. 2 1937. Cert. check for $250 required.
150,000 for 5.75s.
cular states that this district has never defaulted in the payment of prin- Brown Bros. & Co., New York
bid for 5.875s.
cipal or interest on any bonds, and that there is no controversy or litigation
-At
-BONDS DEFEATED.
ROCKLAND, Sullivan County, N. Y.
pending or threatened affecting this issue or the title of officers or boundaries of the District. Bids must be unconditional. Purchaser to furnish an election held Nov. 5 the proposition to issue $12,000 bridge bonds failed
lithographed bonds and coupons at his own expense. Bonded debt of Dist., to carry.
this issue. Assessed valuation 1912, $1,197,670.
-BOND
ROCKPORT (P. 0. West Park), Cuyahoga County, Ohio.
-NO ACTION YET OFFERING.
-Proposals will be received until 12 in. Dec. 21 by F. Feuchter,
OAKLAND COUNTY (P. 0. Pontiac), Mich.
TAKEN.
-No action has yet been taken looking towards the issuance of Village Clerk, for $20.000 4A% water-main-construction bonds. Auth.
Sees. 3939 and 3954, Gen. Code. Denom. $1,000. Date Oct. 15 1912.
the road bonds mentioned in V. 95, p. 846.
-The proposition to issue $20,000 jail bonds Int. semi-ann. Due Oct. 15 1942. Cert. check on a national bank other
BONDS DEFEATED.
than the one making the bid,for 57 of bonds bid for, payable to the Village
was defeated at an election held Nov. 5.
°
Treas., required. Bonds to be delivered within 10 days from time of
-The Security award. Purchaser to pay accrued interest.
-BOND SALE.
. OWATONNA, Steele County, Minn.
State Banlc of Owatonna has been awarded $20,000 of an issue of $30,000
0
ST. BERNARD, Ohio.
-BONDS AUTHORIZED.
-According to re($10,000 of which has already been sold) 43 7 20-yr. paving bonds at
par and int. Denom. $1,000. Date Sept. 11912. Int. M. & S. These ports an ordinance was passed Nov. 8 providing for the issuance of $5,000
bonds were previously awarded on Aug. 6 to S A. Kean & Co. of Chicago police-dept.-impt. bonds.
(V. 95, p. 437.)
-At the election held Nov. 5
ST. LOUIS, Mo.-BONDS DEFEATED.
PALMYRA, Marion County, Mo.-BOND SAM-The $6,000 4% the proposition to issue the $2,750,000 bridge bonds (V. 95, p. 1073) failed
light and water bonds offered on Oct. 3(V. 95, p. 703) have been awarded to carry.
to H. W. Pallman at par and int.
ST. MARIES SCHOOL DISTRICT (P. 0. St. Mantes), Kootenai
-BOND OFFERING.
-This district will offer at private
-BONDS AUTHORIZED. County, Idaho.
PAWTUCKET, Providence County, R. I.
school-bldg. bonds. Auth. vote of 355 to 35 at election
-It is reported that ordinances were passed Nov.19 providing for the issu- sale $60,000 5% April 11933, optional April 11923.
fire-station, $40,000 highway and bridge, held Nov. 5. Due
ance of $40,000 school, $35,000
SALEM, Marion County, Ore.
-On Nov. 6 $20,000
-BOND SALE.
$10,000 public parks, $175,000 water-works-construction and $40,000
refunding bonds were awarded, it is stated, to Emery, Peck & Lockwood
sewer bonds.
of Chicago at 103.27 and interest.
COUNTY DRAINAGE DISTRICT NO. 8, Mo.-BONDS
PEMISCOT
SALEM SCHOOL DISTRICT (P. 0. Salem), Columbiana County,
-The William R. Compton Co. of St. Louis
OFFERED BY BANKERS.
-BOND ELECTION.-Th proposition to issue the $100,000 highOhio.
is offering to investors $165,000 of an issue of $330,000 6% drainage-impt. school-site-purchase-bldg.
-and-equip. bonds will be submitted to the
at the County
bonds. Denom. $500. Date May 1 1912. Int. M.& N.
Treas. office, or at the offices of W. R. Compton Co. in St. Louis, Chicago voters on Nov. 25, date changed from Nov. 23.-V. 95, p. 1349.
-BOND ELECSAN BERNARDINO, San Bernardino County, Cal.
,or New York. Due on May 1 as follows: $9,000 yrly. from 1915 to 1920,
-Local papers state that a vote will be taken some time
incl. and $9,500 in the odd years and $9,000 in the even years from 1921 TION PROPOSED.
in February on the question of issuing bonds to erect a city-hall.
to 1932 inclusive.
-According to reports,
-BOND ELECTION.
SAN FRANCISCO, Cal.
-On
-BOND ELECTION.
PENSACOLA, Escambia County, Fla.
jail
Jan. 14 1913 the voters will decide, it is reported, whether or not this city an election will be held Dec. 20 to vote on the issuance of $1,750,000
and hospital, $700,000 Sutro-land-purchase, $800,000 aquatic-park, $750,shall issue $400,000 municipal dock-constr. bonds.
000 fire-alarm and police-signal-system-constr. and $200,000 park bonds.
-82,000,000 LOAN AUPHILADELPHIA SCHOOL DISTRICT, Pa.
SAN JUAN COUNTY (P. 0. Aztec), N. Mex.-BOND OFFERING.
-The Board of Education on Nov. 19 authorized the creation Proposals will be received until 12 m. Dec. 12 for the $30,000 5% road and
THORIZED.
of a $2,000,000 4% reg. permanent loan for the purchase of sites, erection bridge bonds (V. 95, p. 563). Auth., vote of 366 to 306 at election held
and high school buildings, and alterations, repairs and addi- Nov. 5. Due Jan. 11943, subject to call beginning,Jan. 1 1931.
of elementary
tions to old structures. Denom. $500 and $1.000. Int. J. & J., first
-BONDS
SANTA BARBARA COUNTY (P. 0. Santa Barbara ),Cal.
payment July 1 1913. Due $100.000 yearly July 1 1923 to 1942 incl.
-The question of issuing the $130,000 county poor-house
DEFEATED.
- bonds (V. 95, p. 920) failed to carry, reports state, at a recent election.
-BONDS DEFEATED.
PINE GROVE, Schuylkill County, Pa.
election
The question of issuing $30,000 water bonds failed to carry at the
SARATOGA SCHOOL DISTRICT, Santa Clara County, Cal.
held Nov. 5.
BOND SALE.
-On Nov. 4 the $3,000 5% bld. bonds (V. 95, p. 1073) were
-An elec- awarded to the First Nat. Bank of Los Gatos at 100.85.
PLAINVILLE, Rooks County, Kans.-BOND ELECTION.
tion will be held Nov. 26 to vote on the proposition to issue $15,000 waterSAUNDERS COUNTY (P. 0. Ashland), Neb.-BONDS DEFEATED.
-plant bonds, according to reports.
works
-At an election held recently the question of issuing jail bonds failed to
- carry, reports state.
-BONDS DEFEATED.
Hillsboro County, Fla.
PLANT CITY,
SEATTLE SCHOOL DISTRICT NO.1(P. 0. Seattle) King County,
At an election held Nov. 2 the question of issuing $70,000 bonds was
Wash.
-An election will be held dec. 7 to submit
-BOND ELECTION.
defeated, we are advised.
to the voters the proposition to issue $675,000 coupon school-site-purch.
- building and equip. bonds. Due $33.750 yrly. from 1 to 20 years incl.
POINSETT COUNTY DRAINAGE DISTRICT NO. 5, Ark.
-The $205,000 6% drainage system bonds
DESCRIPTION OF BONDS.
SEBRING SCHOOL DISTRICT (P.O.Sebring),Mahoning County,
sold in May (V. 94, p. 1583) are in the denom. of $1,000, $500 and $250 Ohio.
-At the election held Nov. 5 the proposi-BONDS DEFEATED.
each and dated Sept. 1 1912. Int. annual, payable at the National City tion to issue the $40,000 school bonds (V. 95, p. 1150) was defeated, acBank in Chicago. Due $10,250 yearly Sept. 1 from 1922 to 1941, incl. cording to reports.
Assessed value, $441,000; real value, $1,250,000.
Bonded debt, this issue.
SHACKELFORD COUNTY COMMON SCHOOL DISTRICT NO.
These bands are now being offered to investors by Bolger, Mosser & Willa-The State Comptroller on Nov. 7
-BONDS REGISTERED.
8, Texas.
man of Chicago.
-20-year (opt.) bonds.
registered $1,000 5% 10
-BOND ELECTION.
POLYTECHNIC, Tarrant County, Texas.
SHELBY COUNTY (P. 0. Shelbyville), Ky.-BONDS VOTED.
On Dec. 17 an election will be held to decide whether or not this place shall An election held Nov. 5 resulted in favor of the proposition to issue $75,000
Issue $15,000 sewer bonds, according to reports.
-house bonds. The vote was 1,748 to 823.
court
-BOND SALE.
-BONDS DEPORTAGE TOWNSHIP,Houghton County, Mich.
SILVERBOW COUNTY (P. 0. Butte), Mont.
-year road-impt. bonds (V. 95, p. 252) were FEATED.
On Oct. 12 the $25,000 5% 20
-An election held Nov. 5 resulted in the defeat of the proawarded to the Houghton Nat. Bank in Houghton. Denom. $1,000. position to issue $250,000 court-house-constr. bonds.
Date Sept. 5 1912. Interest M.& S.
-BONDS VOTED.
-By
SOUDERTON, Montgomery County, Pa.
- veto of 295 to 49 the proposition to issue $25,000 highway-impt. bonds
-BONDS DEFEATED.
PORT CLINTON, Ottawa County, Ohio.
It is stated that the proposition to issue the $4,000 public-hall-equipment carried at a recent election, reports state.
bonds (V. 95, p. 1072) failed to carry at the election held Nov. 5.
-BOND SALE.
SOUTH ORANGE TOWNSHIP, Essex County, N. J.
-year coup, or reg. park bonds (V.95,
,
-Proposals will be -On Nov. 19 the $33,000 436% 30
-BOND OFFERING.
PORT OF COOS BAY, Ore.
Ross Sr Co. of N. Y. for $33,456 59,
received until Dec. 9 by A. 0. Rogers, Treas. (P. 0. Marshfield), for P• 1349) were awarded to Prentiss,bids follow:
making the price 101.383. Other
4300,000 5% bonds, reports state.
,
J. S. Rippe!, Newark_ _ _ _$33,307 03IR.M. rant & Co. N.Y_ $33,059 07
- Kean, Taylor & Co., N. Y.33,224 40
-BIDS REJECTED.
PORT OF SEATTLE (P .0. Seattle), Wash.
All bids received on Nov. 14 for the six issues of 4%% gold bonds (V. 95,
-BONDS NOT SOLD.
Rochport), Ind,
SPENCER COUNTY (P. 0.
p. 997), aggregating $2,350,000. were rejected.
No award was made on Nov. 18 of the $4,477.70 5% drainage bonds(V. 95,
-On Nov. 19 p. 1228.)
-BOND SALE.
PORTSMOUTH, Scioto County, Ohio.
the $130,000 4% coup. water-works-ext. bonds (V. 95, p. 1290) were
SPUR SCHOOL DISTRICT (P. 0. Spur , Dickens County, Texas.
awarded to the First Nat. Bank, the Central Nat. Bank and the Security BONDS VOTED.
-It is reported that at a recent election the qcuestion of
Say. Bank, all of Portsmouth, at their joint bid of $131,308 40 (101.006) issuing $5,000 high-school-bldg.-constr. bonds received a favorable vote.
are
and int. Well, Roth & Co. of Cincinnati also bid $131,340, but we
-BOND SALE.
-On
STEUBENVILLE, Jefferson County, Ohio.
informed that this offer was conditional. Mayer, Deppe & Walter of
Nov. 18 the following bids were received for the two issues of 43.6% bonds,
Cincinnati bid $130,793.
p. 1150).
POWESHIEK COUNTY (P. 0. Montezuma), Ia.-BONDS DE- aggregating $11,300 (V. 95,
$8,500
$2,800
-The proposition to issue $15,000 jail bonds failed to carry
FEATED.
Issue,
issue.
at an election held Nov. 5.
$8,775 65
Provident Say. Bank & Trust Co., Cin
8,735 00
-An Thomas Johnson, Steubenville
-BOND ELECTION.
32.666
PRATTVILLE, Autauga County, Ala.
8,690 00
election will be held Dec. 16 to vote on the question of issuing $10,000 6 Otis & Co., Cleveland
8,638 00
2,§ia
10-yr. funding bonds. Denom. $1,000. Int. semi-ann. at the Nat. Park Seasongood & Mayer, Cincinnati
8,635 00
A. E. Aub & Co., Cincinnati
Bank in N. Y.
2,f455
-BONDS DE- Well, Roth & Co., Cincinnati
PRESQUE ISLE COUNTY (P. 0. Rogers), Mich.
Cincinnati
8,582 90
to 1,109 "against," the question of Mayer, Do pe & Walter,
FEATED.
-By a vote of 791 "for"
:
8,575 00
2;A18
Hayden, Miller & Co., Cleveland
issuing the $30,000 Jail bonds (V. 95, p. 315) was defeated at the election
STEVENS POINT SCHOOL DISTRICT (P. 0. Stevens Point),
held Nov. 5.
-It is reported that the
Portage County, Wis.-BONDS AUTHORIZED.
-At an Common Council has authorized the issuance of $45,000 school-constr.
PURCELLVILLE, Loudoun County, Va.-BONDS VOTED.
election held Nov. 16 the question of issuing $5,000 5% street lighting and and high-school-addition bonds.
street-impt. bonds carried by a vote of 32 to 2. Due part yearly in from
-BONDS DEFEATED.
SWEA CITY, Kossuth County, Iowa.
1 to 10 years.
At an election held Nov. 5 the proposition to issue $10,000 electric-light-BOND SALE.
-On Nov. 21 plant-constr. bonds was defeated, asccording to reports, by a vote of 94
QUINCY, Norfolk County, Mass.
$20.061 46 4% coupon Fore River bridge bonds were awarded to Estabrook "for" to 51 "against", a two-thirds majority being necessary to carry.
Co. of Boston at 100.08 and int. A bid of 100.079 was also received from
-Reports
SYCAMORE, Turner County, Ga.-BONDS DEFEATED.
R. L. Day & Co., Boston. Denom. (1) $1,061 46, (19) $1.000. Date
Oct. 1 1912. Int. A. & 0, at the Nat. Shawmut Bank, Boston. Due state that the propostition to issue $4,000 electric-light bonds was defeated
at a recent election, the vote being 28 "for" and 33 "against."
.$2,061 46 Oct. 1 1913 and $2,000 yrly. Oct. 1 from 1914 to 1922 incl.
Noy. 23 19121
THE CHRONICLE
TACOMA SCHOOL DISTRICT NO 81,' Wash.
-BOND SALE.
Reports state that $200,000 4"% bldg. bonds have been awarded to the
State of Washington.
TACOMA, Wash.
-BOND SALES.
-This city during October issued
the following 7% special-impt. assess. bonds, ag egating $20,360 75:
Amount.
Purpose.
Date.
Due.
$846 30__Water-main No. 593
Oct. 9 1912 Oct. 9 1917
724 85__Sewers No. 1105
Oct. 17 1912 Oct. 17 1917
6,306 60 Water-main No. 589
Oct. 24 1912 Oct. 24 1917
7598 50_..Paving No. 464
Oct. 29 1912 Oct. 29 1922
4,882 50.. Water-main No. 580
Oct. 29 1912 Oct. 29 1917
Bonds are subject to call part yearly.
TAFT, Kern County, Cal.
-BONDS VOTED.
-It is stated th7rrie
proposition to issue the $25,000 sewer-system and $16,000 fire-protectionimpt. bonds (V. 95, p. 1228) received a favorable vote at the election held
Nov. 12.
TAYLOR SCHOOL DISTRICT (P. 0. Taylor), Williamson
County,
-BONDS VOTED.
Texas.
-According to reports the proposition
the $10,000 5% 40-yr. bldg. bonds (V. 95, p. 1073) carried by a to issue
vote of
138 to 32 at the election held Nov.5.
TETON COUNTY (P. 0. Choteau), Mont.
-BOND
Proposals will be received until Jan.6 1913 by E. C. Garrett,OFFERING.
Co.
the $100,000 5% highway and bridge-constr. bonds (V. 95, Clerk, for
p.
vote of 1,098 to 610 at election held Nov. 5. Due Jan. 1073).
1 1933,
subject to call, beginning Jan. 1 1928.
Auth.'
TEXARKANA, Bowie County, Tex.
-BONDS VOTED.
-It is reported that the proposition to issue the $50,000 school bonds
(V. 95,P. 847)
carried at the election held Nov. 12.
TEXAS.
-BONDS PURCHASED BY STATE SCHOOL FUND.
State Board of Education on Nov. 9 purchased the following 5% -The
bonds
at par and interest for the benefit of the permanent school fund:
$1,000 Bell County Common School District No. 37 20-40-yr. (opt.) schoolhouse bonds, dated May 11912. This is the third and last installment on a $3,000 issue contracted for at the September meeting
of the board.
1,500 Briscoe County Common School District No. 10 school-house 10-20-yr.
(opt.) bonds, dated Sept. 10 1912. The total issue of $4,000 was
contracted for at this time to be paid in monthly installments.
1,500 Brown County Common Sshool District No. 6 school-house 5-40-yr.
(opt.) bonds, dated Oct. 1 1912. The total issue of $3,000 was
contracted for at this time.
1,500 Caldwell County Common School District No. 40 school-house 10-40yr. (opt.) bonds, dated June 11912. This is the third
on a $6,000 issue contracted for at the Sept. meeting ofinstallment
the
3,000 Campbell Independent School District school-house bonds, board.
dated
Aug. 20 1912, clue one each year. The total issue of $12,000
was
contracted for at this time.
1,750 Chaneyville Independent School District school-house 20-40-yr.
(opt.)
bonds, dated July 11912. This is the third installment
of a
issue contracted for at the September meeting of the board.17,000
1,500 Clyde Independent School District school-house 20-40-yr.(opt.) bonds,
dated July 1 1912. This is the third installment on a $6,000 issue
contracted for at the September meeting of the board.
1.500 Coke County Common School District No. 18 school-house bonds,
dated Aug. 12 1912, due one each year. The total issue of $5,000
was contracted for at this time.
500 Collinsworth County Common School District No. 10 school-house
20-yr. bonds, dated July 1 1912.
2,000 Comanche County Common School District No. 65 school-house bonds,
dated April 10 1912, due one each year. This is the third install
ment on a $10,000 issue contracted for at the September
meeting
of the board.
1,500 Cottle County Common School District No. 17 school-house 10-40-yr.
(opt.) bonds, dated Mch 10 1912. This is the fourth and last
installment on a $7,500 issue contracted for at the August meeting
of the board.
4,000 Cuero Independent School District school-house 20-40-yr. (opt.)
bonds, dated May 10 1912.
3,000 Deport Independent School District school-house 10-40-yr. (opt.)
bonds, dated July 1 1912. This is the third installment on the
$18,000
issue contracted for at the September meeting of the board.
2,750 Duncanville Independent School District school-house 5-40-yr. (opt.)
bonds, dated July 10 1912. The total issue of $11,000 was contracted for at thLs time.
2,000 Edgewood Independent School District school-house 15-40-yr.
bonds, dated June 6 1912. This is the fourth installment(opt.)
on
$12,000 issue contracted for at the Sept. meeting of the board. a
1,350 Edwards County Common School District No. 2 school-house
yr. (opt.) bonds, dated April 10 1912. The total issue of 10-40$4,500
was contracted for at this time.
1,500 Garrison Independent School District school-house 10-40-yr(opt.)
bonds, dated June 1 1912. The total issue of $4,500 was contracted
for at this time.
2,000 Geese Independent School District school-house 10-40-yr.
(opt.)
bonds, dated Aug. 11912. This is
issue of $9,000 contracted for at the the third installment on a total
Sept. meeting
2,000 Grapeland Independent School District school-houseof the board.
bonds, dated June 3 1912. This is the fourth 20-40-yr. (opt.)
installment on a
$10,000 issue contracted for at the September meeting
of
1,000 Grimes County Common School District 5% school-housthe board.
e 5-20-Yr.
(opt.) bonds, dated Aug. 20 1912. The total issue
of $3,000 was
contracted for at this time.
1,000 Grimes County Common School District No. 8 school-hous
e 5-20-yr.
(opt.) bonds, dated Aug. 20 1912. The total
issue of $4,000 was
contracted for at this time.
2,000 Grimes County Common School District No. 9 school-h
ouse 5-40-yr.
(opt.) bonds, dated Aug. 20 1912. The total
issue of $7,500 was
contracted for at this time.
Grimes County Common School District No. 21 school-hous
1,250
(opt.) bonds, dated Aug. 20 1912. A total issue of e 5-20-Yr.
$2.500 was
contracted for at this time.
1,300 Grimes County Common School District No. 31 school-hous
e 5-20-yr.
(opt.) bonds, dated Aug. 20 1912.
1,750 Guadalupe County Common School District No. 6 school-house bonds,
dated April 10 1912, due serially. This is the third installment
of
a $7,000 issue contracted for at the Sept. meeting of the
board.
2,000 Hall County Common School District No. 5 school-house
bonds,
dated Sept. 9 1912, due one each year. The total issue
of $5,000
was contracted for at this time.
1,350 Hall County Common School District No. 15 school-house bonds,
dated Aug. 14 1912, due one each year. The total issue of
$2,700
was contracted for at this time.
1,000 Hamlin Independent School District school-house 10-20-yr. (opt.)
bonds, dated Nov. 27 1911. This is the third and last installment
on a $4,500 issue contracted for at the Sept. meeting of the board.
NEW LOANS.
NEW LOANS.
$250,000.00
JACKSONVILLE, FLORIDA,
IMPROVEMENT BONDS
Sealed proposals will be received by the Board
of Bond Trustees of Jacksonville, Florida, until
Thursday, December 19th, 1912, at 3 o'clock
p. m. for the purhcase of all or any part of $250,000.00 four and a half per cent Improvement
Bonds of the City of Jacksonville, Florida. The
legality of these bonds has been approved by
Messrs. Dillon, Thompson & Clay of New York.
Printed circulars containing more definite information with reference to said bonds, and blank
forms for bids, can be had on application to the
Secretary of the Board of Bond Trustees, Jacksonville, Florida, or to Messrs. Dillon, Thompson
& Clay, 195 Broadway, New York.
W. M.BOSTWICK JR.,
Chairman Board of Bond Trustees.
$550,000
State of North Carolina
REFUNDING BONDS
Dated January 1st, 1913, payable July 1st,
1953, without prior option. Interest Four Per
centum per annum, payable semi-annually
January 1st and July 1st. Both principal and
interest payable at the National Park Bank, New
York City. The undersigned State Treasurer
will receive bids at his office in Raleigh, North
Carolina, for said bonds until 12 o'clock M.,
TUESDAY, DECEMBER 17TH, 1912.
B. R. LACY,
State Treasurer.
$725,000.00
CITY OF DALLAS, TEXAS
432% GOLD COUPON BONDS
To be sold Wednesday, December 4th, 1912
Sealed bids will be received by the 'City of Dallas, Texas,
until 2:00 p. m., WEDNESDAY.
DECEMBER 4TH, 1912. for $725.000 00 434% Gold
of the $1,025,000 00 that were advertised for sale on Bonds. These bonds are the unsold portion
Aug. 21st, 1912.
The bonds are issued by the City of Dallas, Dallas County,
Texas, under authority of Article
918-D of the General Laws of the State of Texas, and of the City
the people at an election held April 2d, 1912, and are in the respectiveCharter, and by special vote of
amounts, and for the respective
purposes, as follows:
$200,000 00 City-Hall Building Bonds, dated May 1st, 1912, and maturing
May 1st, 1952.
Not optional.
$100,000 00 Water-Works Improvement Bonds, dated May 1st, 1912, and
maturing May 1st,
1952. Not optional.
$125,000 00 Fire-Station Building Bonds. dated May 1st, 1912, and maturing
serially, beginning
May 1st, 1913, $3,00000 each year, with $4,000 00 maturing each
eighth year for forty years
average time twenty and one-half years.
$200,000 00 Public School Building Bonds,dated May 1st,
May 1st, 1913. $5,000 00 each year for forty years-average 1912, and maturing serially, beginning
time twenty and one-half years.
$100,000 00 Sanitary Sewer Bonds, dated May 1st, 1912, and
maturing serially, beginning
May 1st, 1913, $2,000 00 and $3,000 00 each alternate year for
forty years.
The bonds are in the denomination of $1,000 00 each. Interest
is payable semi-annually on
November 1st and May 1st, both principal and interest payable in
gold coin at the Chase National..
Bank, in the City of New York. The November.
1912,
accrued interest should be calculated from November interest coupons have been detached, and
1st.
Direct tax levies have been made sufficient in amount to
provide interest and the required sinking
fund to retire the bonds as they mature.
The bonds are engraved under the supervision of
and certified as to genuineness by the Dallas,
Trust & Savings Bank, of Dallas, Texas. They
State, registered by the State Comptroller, andhave been approved by the Attorney-General of the
the opinion of Mee.srs. Dillon, Thomson & Clay,
of New York, as to the legality of the bonds will
on which Messrs. Dillon, Thomson & Clay furnish be furnished to the purchaser. The transcripts
their opinion will be permanently filed with the
Dallas Trust & Savings Bank.
On September 14th last the Attorney-General of the
Dallas bonds as legal investments for the savings banks State of New York approved City of
of the State of New York.
The City of Dallas has been incorporated
years, and at no time in its history has there beenby special charter for a period of more than thirty
any default in the payment of any interest or principal on its bonded debt or otherwise.
A certified check for 2% of the face of the bonds
missioner of Finance and Revenue, must accompany bid for, payable to W. T. Henderson, Comeach bid. Money to be paid and bonds
to be delivered at Dallas.
The City reserves the right to reject any and all bids.
W. T. HENDERSON.
Commissioner of Finance and Revenue
L=
Adrian H. Muller & Son,
AUCTIONEERS.
NATIONAL LIGHT,
HEAT di, POWER COMPANY
Regular Weekly Sales
GUARANTEED
OF
BONDS
F. WM. KRAFT
LAWYER.
Specializing in
Examination of
Municipal and Corporation Bonds
All Issues
1037-9 FIRST NATIONAL BANK BUM.
CHICAGO, ILL.
STOCKS and BONDS
A. H. Bickmore & Co.,
EVERY WEDNESDAY
BANKERS
Offka. No. 55 WILLIAM STREET.
Corner Pine Street,
30 Pine Street,
B. W. Strassburger
New York
SOUTHERN INVESTMENT SECURIllES
MONTGOMERY. ALA.
THE CHRONICLE
1428
1,500 Harris County Common School District No. 48 school-house 10-20-yr.
(opt.) bonds, dated July 10 1912. This is the third installment on
a $6,000 issue contracted for at the September meeting of the board.
1,000 Haskell County Common School District No. 33 school-house 15-20yr. (opt.) bonds, dated July 10 1912. This is the last installment
on a $2,000 issue contracted for at the Oct. meeting of the board.
3,000 City of Honey Grove school-house 20-40-yr. (opt.) bonds, dated
Aug. 1 1912. This is the third installment on a total issue of $14,000
purchased at the September meeting of the board.
770 Hopkins County Common School District No. 5 school-house 10-20yr. (opt.) bonds, dated June 10 1912.
2,000 Jourdanton Independent School District school-house 10-40-yr. (opt.)
bonds, dated June 1 1911. This is the sixth and last installment
on an $18,500 issue contracted for at the June meeting of the board.
1,500 Lamar County Common School District No. 48 school-house 10-20yr. (opt.) bonds, dated Feb. 1 1912. This is the last installment
on a $2,500 issue contracted for at the October meeting of the board.
1,600 Limestone County Common School District No. 106 school-house
10-20-yr. (opt.) bonds, dated April 10 1912. The total issue of
$4,000 was contracted for at this time.
1,000 Matagorda County Common School District No. 15 school-house
20-yr. bonds, dated July 10 1912. The total issue of $1,600 was
contracted for at this meeting of the board.
3,000 Matagorda County Common School District No. 17 school-house
20-40-yr. (opt.) bonds, dated Mch. 15 1912. This is the second
installment on a $12,000 issue contracted for at the October meeting of the board.
5,000 Meridian Independent School District school-house 40-yr. bonds,
dated April 6 1912. This is the third installment on a $21,000
Issue contracted for at the September meeting of the board.
2,000 Neches Independent School District school-house 5-40-yr. (opt.)
bonds, dated Aug. 15 1912. The total issue of $5,000 was contracted for at this time.
2,000 Richards Independent School District school-house 10-40-yr. (opt.)
bonds, dated Mch. 1 1912. The total issue of $6,000 was contracted for at this time.
2,500 San Augustine Independent School District school-house 20-40-yr.
(opt.) bonds, dated July 15 1912. The total issue of $10,000 was
•
contracted for at this time.
2,500 San Patricio County Common School District No. 6 school-house
40-yr. bonds, dated June 15 1912. This is the third installment
on a $10,000 issue contracted for at the Sept. meeting of the board.
4,000 San Palricio County Common School District No. 7 school-house
10-40-yr. (opt.) bonds, dated June 15 1912. The total issue of
$15,000 was contracted for at this time.
2,500 Sherman County Common School District No. 7 school-house 30-yr.
bonds, dated Aug. 25 1912. The total issue of $11,500 was contracted for at this time.
800 Smith County Common School District No. 16 school-house 5-20-yr.
(opt.) bonds, dated Sept. 1 1912.
1,000 Smith County Ccnnmon School District No. 40 school-house 5-20-yr.
(opt.) bonds, dated Aug. 10 1912. Purchased at par and interest.
2,000 Smith County Common School District No. 60 school-house 10-40-yr.
(opt.) bonds, dated Sept. 1 1912. The total issue of $6,000 was
contracted for at this time.
1,200 Williamson County Common School District No. 75 school-house
10-20-Yr. (opt.) bonds, dated July 10 1912. This is the fifth and
last installment on an $8,000 issue contracted for at the July meeting of the board.
[VoL. Lxxxxv.
TEXAS COUNTY (P. 0. Guymon) Okla.-BONDS DEFEATED.At the election held Nov. 5 the proposition to issue $30,000 court-house
bonds failed to carry.
-Proposals
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
will be received until 7.30p. m. Dec. 18 by J. J. Lynch, City Aud.,for the
following 4% coupon bonds:
$185,000 Manmee River bridge-constr. bonds (V. 95, p. 920). Denom.
$1,000. Due Oct. 1 1927.
114,500 Superior St.-exten-and-impt. bonds (V. 95, p. 1291). Denom.
(1) $500 (114) $1,000. Due Oct. 1 1928.
Date Oct. 1 1912. Int. semi-ann. at the U. S. Mortgage & Trust Co.,
N. Y. Cert. check on a Toledo national bank for 5% of bonds, payable
to the City Aud., required. Purchaser to pay accrued interest.
TRIGG COUNTY (P. 0. Cadiz), Ky.-BOND ELECTION PROPOSED.
-On Jan. 25 1913 the voters will probably have submitted to them
the question of issuing $150,000 pike bonds, according to reports.
--BOND ELECTION.
TRINITY COUNTY cP. 0. Groveton), Texas.
An election will be held Dec. 10 to decide whether or not this county shall
issue $60,000 Precinct No. 1 road bonds, reports state.
TURTLE LAKE, Barron County, Wis.-NO ACTION YET TAKEN.
-We are advised by the VII. Clerk under date of Nov. 15 that no action
has yet been taken looking towards the issuance of the $8,000 water-works
bonds recently voted (V.95, p. 920.)
UPPER DUBLIN TOWNSHIP SCHOOL DISTRICT, Montgomery
-This district recently authorized the
-BONDS VOTED.
County, Pa.
Issuance of $15,000 high-school-construction bonds by a vote of 171 to 149.
It is reported.
-BOND ELECTION PROURBANA, Champaign County, Ohio.
-This city intends to submit to the voters the question of issuing
POSED.
$6,000 fire-apparatus purchase bonds, according to reports.
-Proposals will be received until
-BOND OFFERING.
UTICA, N. Y.
12 m. Nov. 29 by Fred. G. Reusswig, City Comp., for the following reg.
bonds:
$12,000 00 4Y,% sewer bonds. Date Oct. 1 1912. Due $600 yearly on
Oct. 1 from 1913 to 1932, inclusive.
4,199 00 43 % tax-sales bonds. Date Oct. 1 1912. Due $1,199 Oct. 1
1913 and $1,000 yearly on Oct. 1 from 1914 to 1916, incl.
2,400 00 43i% temporary bridge-construction bonds. Date Jan. 10
1913. Due $600 yearly on Jan. 10 from 1914 to 1917,
Inclusive.
14,295 13 4%% paving bonds. Date Nov. 13 1912. Due one-sixth
yearly on Nov. 13 from 1913 to 1918, inclusive.
Int. semi-nun. Cert. check for 2% of bonds bid for, payable to the
"City," required. Separate bids must be made for each issue of bonds.
-BOND SALE.
VANDERBURG COUNTY (P. 0. Evansville), Ind.
The City Nat. Bank of Evansville, according to reports, was recently
awarded $43,500 road bonds at par.
VERNON COUNTY (P. 0. Nevada), Mo.-BOND OFFERING.
According to reports, proposals will be received until 12 m. Dec. 3 by
J. B. Akers, County Clerk, for $20,000 6% road bonds. Int. semi-annuaL
Certified check for $100 required.
-Proposals
-BOND OFFERING.
VOLLMER, Lewis County, Idaho.
will be received, according to reports, until 8 p. m. Dec. 7 by J. II. EdClerk, for the $10,000 6% 10-20-year (opt.) water bonds
wards. Village
NEW LOANS
NEW LOANS
$250,000
$100,000
City of Audusta, Geordia,
City of Augusta, Georgia, Flood Protection Bonds of 1912
Waterworks Bonds of 1912
NOTICE OF SALE
NOTICE OF SALE
Sealed proposals will be received by the Finance
proposals will be received by the Finance Committee of The City Council of Augusta, Committee of The City Council of Augusta,
Sealed
Georgia, to be filed with the Clerk of Council, at his office, Augusta. Georgia,unti112 oclock noon, Georgia, to be filed with the Clerk of Council
City or Eastern time, on the 30th day of November, 1912, for the purchase for cash of all or any at his office, Augusta, Ga., until 12 o'clock
part of Two Hundred and Fifty Thousand Dollars ($250,000) principal amount of bonds of The City noon, City or Eastern time, on the 30th day
Council of Augusta, known as "City of Augusta blood Protection Bonds of 1912." The amount of November, 1912, for the purchase for cash
thus to be sold is a portion of a series of bonds known as "City of Augusta Flood Protection Bonds of all or any part of an issue of one hundred
of 1912," for the aggregate principal amount of One Million Dollars ($1,000,000). Each of said thousand dollars ($100,000) principal amount
bonds is for the principal amount of One Thousand Dollars ($1,000), bears date November 1, 1912, of bonds of The City Council of Augusta known
matures thirty years after date, and bears interest at the rate of four and one-half (4%) per cent as "City of Augusta Water-Works Bonds of
per annum, payable on May and November first of each year, represented by coupons. The above 1912," all of which issue are dated July 1, 1912,
amount of such issue of bonds is offered for sale in accordance with Section 7 of the ordinance of mature thirty years after date, and bear interest
at the rate of four and one-half (4%) per cent
theXCity Council of Augusta, providing for such issue, as follows:
per annum, payable on January and July 1st of
"Such bonds shall be sold by the Finance Committee in lots or blocks not
exceeding in any one sale the principal amount of Two Hundred and Fifty Thousand
each year represented by coupons. These bonds
but all of such bonds whenever sold shall have the same dignity
Dollars ($250,000),
have been validated in accordance with the laws
of the State of Georgia, and provision has been
and no bond shall have any priority or preference over any other bond of such
made for the levy of sufficient taxes each year
issue. Such sales shall be by competitive bid to the highest bidderfor cash. Each
sale ofsaid bond shall be advertised in at least one newspaper in each of the cities
to pay the interest and the entire amount of the
principal at maturity.
of Augusta,Atlanta,Baltimore, Boston, Chicago and New York once a week for
-due
two weeks before the sale. Nosale shall be made so as to include therein any past
All bids must be made out on blanks that will
-due coupons shall be detached before delivery of the bonds
coupons, but all past
be furnished by Wm. Lyon Martin, Clerk of
Council, Augusta, Ga., and must be accompanied
to which they belong. The time when sales of said bonds shall be made and the
by a duly certified check, payable to the order
amount to besold at any time,subject to the maximum amount herein prescribed,
of "The City Council of Augusta," for two per
shall be fixed by The City Council of Augusta, according to the requirements of the
cent of the principal amount of the bonds bid
work to be done for the purpose of protection against floods. All the requirements
for, which check is to become the property of
notice or details in connection with any of such sales shall be left to the discretion
said "The City Council of Augusta" as payment
and power of the Finance Committee."
The time of the sale of the bonds now offered for sale and the amount to be sold have been of liquidated damages should the bidder all to
the amount herein expressed, comply with his bid within ten (10) days after
fixed by The City Council of Augusta,for the date herein set out and for
shall
his
according to the requirements of the work to be done for the purpose of Protection against floods, written notice of the acceptance ofand bid
bid
certified
by a resolution adopted by it on the 11th day of November. 1912. These bonds have been validated have been given him. The a sealed envelope
in
in accordance with the laws of the State of Georgia, and provision has been made for the levy of check must be enclosed Augusta Water-Works
sufficient taxes each year to pay the interest and the entire amount of the principal at maturity. marked "Bids for City ofaddressed to
"Finance
Such entire issue of bonds, of which those now offered for sale are a part, are secured by a mortgage Bonds of 1912," and
or deed of trust from The City Council of Augusta to the United States Mortgage & Trust Company, Committee of 'rhe City Council of Augusta,
covering and creating a lien upon both the power-producing canal and municipal water-works of Georgia." It is suggested, though not insisted
upon, that this sealed envelope be enclosed in
such City; said mortgage being the first and only lien upon the said properties.
All bids must be made out on blanks that will be furnished by NVilliam Lyon Martin, Clerk another envelope and addressed to "Wm. Lyon
'
Council, Augusta, Georgia, and must be accompanied by a duly certified check, payable to the Martin, Clerk of Council, Augusta, Georgia,
of
order of "The City Council of Augusta," for two per cent of the principal amount of the bonds bid Any additional information can be had by adfor, which check is to become the property of said "The City Council of Augusta," as payment of dressing said Clerk of Council.
There will be furnished to the purchaser an
liquidated damages should the bidder fall to comply with his bid within ten (10) days after written
notice of the acceptance of his bid shall have been given him. The bid and certified check must be opinion by Messrs. Storey, Thorndike, Palmer &
enclosed in a sealed envelope marked "Bid for City of Augusta Flood Protection Bonds of 1912," and Dodge, Attorney's at Law, Boston, Mass., favorsuch bonds. Such bonds
addressed to"Finance Committee of The City Council of Augusta,Georgia." It issuggested,though able to the legality ofClerk of the
Superior Court
notinsisted upon,that this sealed envelope be enclosed in another envelope and addressed to"William will be certified by.the
Lyon Martin, Clerk of Council, Augusta, Georgia." Any additional information can be had by of Richmond County as to their validation; will
addressing said Clerk of Council.
be engraved by and executed under the superThere will be furnished to the purchaser an opinion by Messrs. Storey, Thorndike, Palmer & vision of the United States Mortgage & Trust
Dodge, Attorneys at Law, Boston, Mass., favorable to the legality of such bonds. Such bonds Company; and each bond will bear the certificate
will be certified by the clerk of the Superior Court of Richmond County as to their validation; will of that Company as to its genuineness.
The right is reserved to reject any or all bids.
be engraved by and executed under the supervision of the United States Mortgage & Trust Company;
FINANCE COMMITTEE OF THE CITY
and each bond will bear the certificate of that Company as to its genuineness.
COUNCIL OF AUGUSTA.
The right is reserved to reject any or all bids.
t._
J. J. O'CONNOR, Chairman.
FINANCE COMMITTEE OF THE CITY COUNCIL OF AUGUSTA.
THOMAS BARRETT, Jr., Mayor.
J. J. O'CONNOR, Chairman,
THOS. BARRETT JR., Mayor.
BLODGET & CO.
Charles M. Smith & Co
BONDS
CORPORATION AND
MUNICIPAL BONDS
GO STATE STREET,BOSTON
90 PINE STREET,NEW YORK
rrasT NATIONAL BANK BUILDING
STATE, CITY & RAILROAD BONDS
CHICAGO
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Nov. 23 1.912
THE CHRONICLE
recently voted (V.05, p. 1350). Int. semi-annual. Cert. cheek for $1,000
is required.
VINTON COUNTY (P. 0. McArthur), Ohio.
-BOND SALE.
Reports state that $6,000 4% 1-4-year (serial) bridge bonds have been
awarded to the Vinton County National Bank at par.
WARREN, Trumbull County, Ohio.
-BOND SALE.
-On Nov. 20
the $20,000 4% 56%-year (avge.) coupon Packard Park bonds (V. 95,
p. 1150) were awarded to Mayer, Deppe & Walter of Cincinnati at 101.38
and int. Other bids follow:
A. E. Aub & Co., Cin
$20,178 Prey, Sav.B.&Tr. Co., Cin_$20,124
West. Res. Nat Bk., Warren. 20,1361Seasongood & Mayer, Cin.... 20,080
WASHINGTON COUNTY(P.O. Washington), Pa.
-BOND SALE.
On Nov. 20 the $100,000 4%% coupon or reg. road-impt. bonds (V. 95.
p. 1350) were awarded to J. S. & W. S. Kuhn, Inc., of Pittsburgh at
100.659 and int. Other bids follow:
Harris, Forbes & Co., N. Y$100,591 Mellon Nat. Bank, PIttsb3100,510
WAUTAUG A TOWNSHIP (P. 0. Wautauga Falls), Wauta,uga
County, N. C.
-BONDS VOTED.
-At a recent election the question of
Issuing $100,000 railroad bonds carried, it is reported.
WINONA COUNTY (P. 0. Winona), Minn.
-BONDS NOT YET
SOLD.
-The $80,000 4% highway bonds offered without success on
Sept. 23 (V. 95, p. 921) have not yet been disposed of. We are advised
that these bonds will not be offered again until next spring.
YAKIMA COUNTY SCHOOL DISTRICT NO. 98. Wash.
-BOND
SALE.
-On Nov. 9 the $1,500 1-20-yr. (opt.) coupon site-purchase and
bldg. bonds (V. 95, p. 1228) were awarded to the State of Washington at
par for 53s. A bid of par for 53s and blank bonds was also received from
Roberts Bros. of Spokane.
YAKIMA COUNTY SCHOOL DISTRICT NO. 99, Wash.
-BOND
SALE.
-On Nov. 9 the $3,000 1-20-yr. (opt.) coupon site-purchase and
bldg. bonds (V. 95, p. 1228) were awarded to the State of Washington at
par for 5;is. Other bids follow:
First National Bank, Barnesville, Ohio, $3,026 for 6s.
Roberts Bros., Spokane, $3,000 for 6s and blank bonds.
YELLOWSTONE COUNTY (P. 0. Billings), Mont.
-BONDS VOTED
-By a vote of 1,794 to 1,563 the proposition to issue $50,000 10-20-yr.
(opt.) jail-eonstr. and equip. bonds (V. 95, p. 921), at not exceeding 6%
int., carried at the election held Nov. 5,
YONKERS, N. Y.
-BOND SALE.
-On Nov. 19 the $100,000
(serial) water, $14,000 1-14-year (serial) street-repair, $10,000 1-20-year
1-10-year
(serial) city-hall, $20,000 1-20-year (serial) public building, $120.000 1-10year (serial) assessment and $12,000 1-12-year (serial) police and fire bureau
equipment 43' % registered bonds (V. 95, p. 1350) were awarded to Harris.
Forbes & Co. of New York at 100.573.
ZANESVILLE, Muskingum County, Ohio.
--BONDS SOLD.
-The
$3,000 4% 10-yr. reg. sewer bonds-(V. 94, p. 1783) have been awarded to
the General Sinking Fund.
BONDS NOT SOLD.
-We are advised that the $1,000 4% 10-yr. Eppley
Ave.-impt. bonds authorized Aug. 26(V.95,P. 922) have not yet been sold.
BID REJECTED.
-The bid of par received from the Provident Savings
Bank & Trust Co., Cincinnati, on Nov. 15 for the $3,000 4% 10-yr. reg.
tax-free Elmore St.-ext. bonds V. 95, p. 1228) was rejected.
ZANESVILLE SCHOOL DISTRICT (P. 0. Zanesville), Muskingum
County, Ohio.
-Proposals will be received on II
-BOND OFFERING.
12 m. Dec. 23 by C. J. Weaver, Clerk Bd. or
for the $80,000 4% coup.
high-school tax-free bonds (V. 95, p. 1351). Auth. vote of 3,809 to
Ed..
NEW LOANS.
$150,000
City of Augusta, Georgia,
. New Hospital Bonds of 1912
NOTICE OF PALE
Sealed proposals will be received by the Finance
Committee of the City Council of Augusta,
Georgia, to be filed with the Clerk of Council
at his office, Augusta, Ga., until 12 o'clock
noon, City or Eastern time, on the 30th day
of November, 1912, for the purchase for cash
of all or any part of an issue of one hundred and
fifty thousand. dollars ($150,000) principal amount
of bonds of The City Council of Augusta known
as "City of Augusta New hospital Bonds of
1912," all of which issue are dated July 1, 1912.
mature thirty years after date, are of the principal amount each of $1,000, and boar interest
at the rate of four and one-half (4%) per cent
per annum, payable on January and July first
of each year, represented by coupons. These
bonds have been validated in accordance with
the laws of the State of Georgia, and provision
has been made for the levy of sufficient taxes
each year to pay the interest and the entire
amount of the principal at maturity.
All bids most be made out on blanks that will
be furnished by Wm. Lyon Martin, Clerk of
Council, Augusta, Ga., and must be accompanied
by a duly certified check, payable to the order
of "The City Council of Augusta," for two per
cent of the principal amount of the bonds bid for,
which check is to become the property of said
"The City Council of Augusta' as payment of
liquidated damages should the bidder fall to comply with his bid within ten (10) days after written
notice of the acceptance of his bid shall have been
given him. The bid and certified check must
be enclosed in a sealed envelope marked "Bid
for City of Augusta Now Hospital Bonds of 1912,"
and addressed to"Finance Committee of The City
Council of Augusta, Georgia." It is suggested,
though not insisted upon, that this sealed envelope
be enclosed in another envelope and addressed
to"Wm.Lyon Martin, Clerk of Council, Augusta,
Georgia." Any additional information can be
had by addressing said Clerk of Council.
There will be furnished to the purchaser an
opinion by Messrs. Storey, Thorntlike, Palmer
& Dodge, Attorneys at Law, Boston, Mass.,
favorable to the legality of such bonds. Such
bonds will be certified by the Clerk of the Superior
Court of Richmond County as to their validation;
will be engraved by and executed under the supervision of the United States Mortgage & Trust
Company: and each bond will bear the certificate
of that Company as to its genuineness.
The right is reserved to reject any or all bids.
FINANCE COMMITTEE OF THE CITY
COUNCIL, OF AUGUSTA.
.T. J. O'CONNOR, Chairman,
. THOMAS BARRETT, Jr., Mayor.
Canada, its Provinces and Municipalities.
ALBERTA (Province of).
-NEW LOAN.
-The Toronto "Globe" says
that a private cable from London on Nov. 17
4% bonds of the Alberta Government had justannounced that £1.000,000
been
Lloyd's Bank at 97. These bonds, it is stated, areunderwritten through
to take up
amount of treasury bills which were authorized for the purpose an equal
out improvements and additions to the telephone service and of carrying
other public
utilities.
ARCOLA, Sask.-DEBENTURES PROPOSED.
-It is stated that this
place is considering a by-law providing for the
issuance of $25,000 sewer
and.sidewalk debentures.
BURNABY, B. C.
-DEBENTURES AUTHORIZED.
-The burgesses
recently authorized by-laws providing for
and $50.000 sidewalk -constr. debemtures, the issuance of $250,000 road
according to reports.
CHESTERVILLE, Ont.-DEBE
ELECTION PROPOSED.
According to reports this place will NTURE the
vote in
near future on a by-law
providing for the issuance of $15,000 debemtures for
current expenditures.
COLBORNE, Ont,.-DEBENTURES AUTHORIZED.
that the burgesses recently authorized a by-law providing -Reports state
for the issuance
of $4,840 debentures for a telephone system.
COLLINGWOOD, Ont.-DEBENTURE OFFERING.
-Proposals will
be received until Dec. 4 by A. D. Knight, Town Treas.,
for $7,000 43. %
-annual-installment and $30.000 57
30
0 20-ann.-installment hydro-elec.
debentures. Int. ann. in Dec. Purchaser
to pay the cost of printing
debentures.
EASTVIEW ROMAN CATHOLIC SCHOOL
DISTRICT, Ont.DEBENTURES NOT YET SOLD.
-We are advised that the $20,000 4%%
25-yr. debentures offered withoui; success on
Sept. 25 (V. 95, p. 922) have
not yet been sold.
EDMONTON, Alta.
-DEBENTURES PROPOSED.
that this place is considering a by-law providing for the -Reports
issuance of $100,000
market-building debentures.
ELMVALE, Ont.-DEBENTURES DEFEATED.
-On Oct. 21 the
proposition to issue the $7,000 5% 30 ann.-installme
light-distribution debentures (V. 95, p. 1000) carriednt-electric-power and
by a vote of 83 to 2.
Interest annual.
FAIRLIGHT, Sask.-DEBENTURE OFFERING.
received until Nov. 30 by A. Cameron, Secy.-Treas., -Proposals will be
reports state, for the
$1,500 6% 15-yr. debentures (V.95, p. 1229.)
HAMILTON, Ont.-DEBENTURE ELECTION.
-An election
held in January 1913, it is reported, to submit to the ratepayers will be
by-laws
providing for the issuance of $910,000 debentures for
storm sewers and
various other purposes.
HUMBOLDT, Sask.-DEBENTURES PROPOSED.
-This place.
reported, is contemplating the issuance of $3,215 sidewalk debentures. It is
KENORA, Ont.-DEBENTURE OFFERING.
-Proposals will be received for debentures aggregating $152,000, according
to reports.
NEW LOANS.
$10,000
City of Fort Pierce, Florida
PUBLIC UTILITY BONDS
Notice is hereby given that the City Council
of the City of Fort Pierce, Florida, will receive
bids for the purchase of 510,000, par value, of
City of Fort Pierce Public Utility Bonds at Fort
Pierce, Florida, at the City Hall, at 8 o'clock
p. m., on WEDNESDAY. JANUARY 15, 1913.
Said bonds are dated January 1st, 1912, payable
thirty years after date, in denominations of
$500 00 each, and bear interest at the rate of six
per cent per annum, payable semi-annually on
July 1st and January 1st of each year. All
bidders shall accompany their bids with a certified check for $200 00 as security for compliance
with bid. The right is reserved to reject any
and all bids.
Address all bids to
F. M. TYLER, City Clerk,
Fort Pierce, Florida.
4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 0 102.75 and interest.
Tax Free Throughout United States
Accepted at par for (iovt, and Postal Deposits
STACY & BRAUN
Toledo, 0,
Cincinnati, 0,
H. D. Walbridge & Co.
BANKS
14 Wall Street, New York
We purchase and operate
Public Utility Properties
and
Finance attractive underwritings
MANILA, SISAL AND JUTE
CORDAGE
Sales (Mice:
Noble & West Sts., Brooklyn N. Y.
HODENPYL, HARDY & CO.
14 Vi/all St., New York
Railroad, Street Ry., Gas it Elec. Light
SECURITI ES
RANGE OF PRICES
FOR 30 YEARS.
1882 1911
OUB, ANNUAL
Bolger, Mosser & Willamart
The Financial Review
MUNICIPAL BONDS
Gives a monthly range of Stock and Bond
Prices for five years. We can supply
1887 issue which gives
1882-1886
1892
1887-1891
1897
1892.1896
1902
1897-1901
1907
1902.1906
1912
1907 1911
PRICE $2 PER COPY
Legal for Savings Banks.
Postal Savings and Trust Funds.
29 South La Salle St.,
CHICAGO
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
ISC EL LAN EO US.
AMERICAN MFG. CO.
TERRITORY OF HAWAII
SEND FOR LI87'.
ESTABLISHED 18815.
1429
2,514 at election held Nov. 5 and Sec. 7626 Gen. Code. Denom.
$500.
Date "day of sale"..,-Int. J. & D. at,City Treas.
from date. Cert. check for 1X % of bonds bid for office. Due 40;7ears
of Education, required. Purchaser to pay accrued ,payable to the Board
interest.
R. T. Wilson & Co.
83 WALL STREET
NEW YORK
Commercial & Financial Chronicle
138 Front Street
NEW YORK.
rocxxltv
THE CHRONICLE
1430
-DEBENTURE SALE.-AccordIng to the
LETHBRIDGE, Alta.
"Financial Post" of Canada, G. H. Stimson & Co. of Toronto have purchased $632.000 4 % debentures.
MELFORT SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
G. A. Stimson & Co. of Toronto were awarded in October $25,000 6%
30-installment debentures.
MONTREAL CATHOLIC SCHOOL DISTRICT, Que.-DEBEN-It is reported that the School Commissioners intend
TURES PROPOSED.
to issue $500.000 school-construction and impt. debentures.
-We are
MOUNT FOREST, Ont.-NO DEBENTURE ELECTION.
advised that the reports stating that an election would be held to vote on
the issuance of $60,000 bonus debentures (V. 95, p. 923) were erroneous.
NORTH BAY, Ont.-VOTERS FAVOR MUNICIPAL LIGHT PLANT.
-The election held Nov. 18 was not on the question of issuing electricpower debentures, as at first reported, but on two by-laws one authorizing
the Council to enter into 'a contract with the Hydro-Electric Commission
of Ontario for a supply of power and the other granting a ten-year franchise
to the Nipissing Power Co. The former proposition carried by a vote of
561 to 88. while the latter was defeated by a vote of 142 "for" and-679
"against".
-The municipal Clerk
OSHAWA, Ont.-DEBENTURES NOT SOLD.
advises us that the $32,000 5% 30-yr. school debentures (V. 95, p. 923)
have not yet been disposed of.
-It is reported
PETERBORO, Ont.-DEBENTURES PROPOSED.
that this place is considering a by-law providing for the issuance of $10,000
garbage-incinerating-plant-constr. debentures.
-By a vote of 412 to 22,
PRESTON, Ont.--DEBENTURES VOTED.
-installment bonus
the by-law providing for the issuance of $28,000 5% 20
debentures carried at an election held Nov. 18. We are advised that these
bonds will be offered within 45 days.
RED DEER PUBLIC SCHOOL DISTRICT NO. 104 (P. 0. Red Deer),
-Proposals will be received by M. A.
Alta.
-DEBENTURE OFFERING.
Munro (f. 0. Box 305), Secy.-Treas., for $10,000 5% 30-ann.-installment
coupon ends. Date Sept. 20 1912. Int. ann. at Northern Crown Bank
in Red Deer. Debenture debt (not including this issue) about $50,000.
Assessed val. $6,262,939.
ROCHESTER TOWNSHIP, Ont.-DEBENTURES PROPOSED.
According to reports this place is contemplating the issuance of $8,000 tiledrain debentures.
-By-laws will be
ST. THOMAS, Ont.-DEBENTURE ELECTION.
submitted to the rate-payers on Dec. 4 providing for the issuance of
$45,000 20-yr. bonus debentures.
-The election
SANDWICH, Ont.-NO DEBENTURE ELECTION.
which was to have been held Oct. 26 to vote on the issuance of $7,000 waterwas canceled because of technicalities.
main debentures (V. 95, p. 1152)
-Reports
SCOTT, Sask.-DEBENTURE ELECTION PROPOSED.
state that the ratepayers will have submitted to them in the near future a
by-law providing for the issuance of $14,000 water and light-system debs.
SNIPE LAKE (Rural Mun. No. 259), Sask.-DEBENTURE SALE.
Reports state that the $5.000 5 % 20
-installment permanent-impt.
debentures (V. 95, p. 1229). have been awarded to the Flood Land Co. of
Regina.
-The
STOUFFVILLE, Ont.-NO DEBENTURES TO BE ISSUED.
Village Clerk advises us that the $35,000 factory-bonus debentures recently voted (V. 95, p. 923) will not be issued as the proposed factory
has been abandoned.
STRASSBURG, Sask.-DEBENTURE ELECTION.
-On Dec. 2 the
ratepayers will have submitted to them a by-law providing for the issuanee
of $3,500 sidewalk-constr. debentures, reports state.
SUMMERLAND, B. C.
-DEBENTURE ELECTION PROPOSED.
This place intends to vote on a by-law providing for the issuance of $110,000
irrigation and domestic-system debentures,reports state.
TORONTO, Ont.-DEBENTURE ELECTION.
-On Jan. 1 the ratepayers will have submitted to them by-laws providing for the issuance of'
$200,000 National Sanitarium Assn. bonus; $6,677,000 water-works,
$1,375,000 filtration-plant, $2,500,000 Bloor St. viaduct, $1,000,000
garbage-disposal and $954,000 storm-sewer-construction debentures.'
WATROUS, Sask.-DEBENTURES NOT SOLD.
-No award was
made on Nov. 1 of the $83,000 5%% 40-yr. water-works and sewer -constr.
debentures (V. 95, p. 1152), reports state.
WEST VANCOUVER, B. C.
-It is stated that
-DEBENTURE SALE.
the $100,000 5% debentures offered on Oct. 29 (V. 95, 13. 1075) have been
sold to the ferry company which maintains a service between the city of
Vancouver and the adjoining municipality. The city, it is said, will take
in payment 1,000 shares of stock in the company at a par value of $100
per share.
-No bids were
WETASKIWIN, Alta.
-DEBENTURES NOT SOLD.
received on Oct. 30 for the 5 issues of debentures aggregating $48,334 03
(V. 95, p. 923.)
-The
WILKIE SCHOOL DISTRICT Sask.-DEBENTURE SALE.
575.0005% 30-installment debentures offered on Oct. 7 (V. 95, p. 706)
have been awarded to Wood, Gundy & Co. of Toronto.
WINNIPEG SCHOOL DISTRICT NO. 1, Man.
-DEBENTURE
-On Dec. 13 the ratepayers will have submitted to them a
ELECTION.
by-law providing for the issuance of $1,000,000 school-site-purchase-,
building-constr. and-equip. debentures.
• YELLOW GRASS, Sask.-DEBENTURE OFFERING.
-Proposals
will be received until Dec. 1 by H. C. Dupont, Secy.-Treas., for $10,000
7% 20-ann.-installment elec.Xght and power-plant debentures. Int. ann.
MISCELLANEOUS.
I
ESTMENTS.
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY. PE W.STEPHENS&CO.
New York, January 23(1, 1912.
affairs on the
of the
The Trustees, in conformity with the Charter 31st of Company, submit the following statement of its
December, 1911.
The Company's business has been confined to marine and inland transportation insurance.
53,653,325 18
873,68037
-----
Premiums on such risks from the let January, 1911, to the 31st December, 1911
Premiums on Policies not marked oft 1st January, 1911
BANKERS
11 FALL STREET, NEW YORE.
$4,527,005 56
Total Premiums
$3,773,578 22
Premiums marked off from January 1st, 1911, to December 31st, 1911
Interest on the investments of the Company received during the year----$333,897 03
Interest on Deposits in Banks and Trust Companies, etc
Rent received less Taxes and Expenses
39,628 24
153,167 66
$1,385,386 46
$220,704 52
Losses paid during the year
Less Salvages
205,151 34
Re-insurances
425,855 86
8959,530 60
Returns of Premiums
advertiseExpenses, including officers' salaries and clerks' compensation, stationely,
ments, etc
Interest allowed On accounts of
Individuals and Corporations
$196,936 89
570,472 18
of profits will be paid to the holders
A dividend ^3f Interest of Fix per cent on the outstanding certificates
the sixth of February next.
thereof, or their legal representatives, on and after Tuesday redeemed and paid to the holders thereof, or theta
The outstanding certificates of the issue of 1906 will be
next, from which date all interest thereon
legal representatives, on and after Tuesday the sixth of February and canceled.
will cease. The certificates to be produced at the time of payment of the Company for the year ending 31st
A dividend of Forty per cent is declared on the earned premiums
application, certificates will be
December, 1911, which are entitled to purticipate in dividend, for which, upon
Issued on and after Tuesday the seventh of May next.
O. STANTON FLOYD-JONES, F •etary.
Board,
By order of the
TRUSTEES.
FRANCIS M. BACON,
JOHN N. BEAM_
ERNEST C. BLISS,
VERNON H. BROWN._
WALDRON P. BROWN,
"
JOHN CLAFLIN
GEORGE C. CLARK.
CLEVELAND H. DODGE;
CORNELIUS ELDERT,
RICHARD H. EWART,
.
PHILIP A. S FRANKLIN;
INVESTMENT BONDS
526,692 93
CHARLES H. PRATT,
HERBERT L. GRIGGS,
DALLAS B. PRATT
CLEMENT A. GRISCOM,
GEORGE W. QUINTARD,
ANSON W. HARD,
ANTON A. RAVEN,
THOMAS H. HUBBARD,
JOHN J. RIKER,
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON;
H
CHARLES D. LEVERIC;
GUSTAV H. SCHWAB,
LEANDER N. LOVELL,
WILLIAM SLOANE,
GEORGE H. MACY,
LOUIS STERN,
CHARLES H. MARSHALL;
,
WILLIAM A. STREET'
NICHOLAS F. PALMER,
GEORGE E. TURNURE.
HENRY PARISH,
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 41/1 Vice-Prestdent,
BALANCE SHEET.
LIABILITIES.
ASSETS.
Losses Unsettled
United States and State of New York $700,000 00 Estimated Losses and
$2,310,027 00
in process of Adjustment
Bonds
753,427 33
Premiums on Unterminated Risks
New York City and New York Trust Co 1,777,900 00 Certificates of Profits and Interest UnBank Stocks
and
287,092 05
paid
2,742,162 00
Stocks and Bonds of Railroads
109,742 10
220,020 00 Return Premiums Unpaid
Other Securities
57,512 10
Reserve for Taxes
Special Deposits in Banks and Trust
183,599 07
1,000,000 00 Re-insurance Premiums
Companies
Claims not Settled, including CompenWall and William Streets
Real Estate cor.
89,104 08
sation, etc
and Exchange Place. containing offices 4,299,426 04 Certificates of Profits Ordered Redeemed,
Real Estate on Staten Island (held under
22,471 29
Withheld for Unpaid Premiums
75,000 00
provisions of Chapter 481,Laws of 1887)
7,401,390 00
618.136 00 Certificates of Profits Outstanding
Premium Notes
449,354 23
fills Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
203,603 36
foreign countries
930,321 99
lash in Bank
450,000 00
New York City Revenue Bonds
-----1 171,765 14
8- 7
$13,465,923 62
ACCOUNTANTS.
LYBRAND,
ROSS BROS &
MONTGOMERY
Certified Public Accountants
(Pennsylvania)
NEW YORK,55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH. Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE. Central Bldg.
LONDON, 58 Coleman es
PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York, Chicago, Cincinnati and
London, England.
FINANCIAL trisTrru.
AUDITORS FOR
TIONS. INDUSTRIAL AND
MINING COMPANIES
Investigations. Financial Statements;
Periodical Audits and medulla!:
EDWIN R. CASE
NEW JERSEY SECURITIES
No better Securities
No better State
15 EXCHANOE PLACE
$2,291,558 48
Thus leaving a balance of
and 752
JERSEY CITY
341,878 80 Tele 151
1911, amounted to
Accrued Interest on Bonds on the 31st day of December,to
21,970 46
amounted
Rents due on the 31st day of December, 1911,
of December.
Re-insurance due or accrued, in companies authorized in New York, on the 31st day
214,367 00
1911, amounted to
83,096 43
Unexpired re-Insurance premiums on the 31st day of December, 1911. amounted to
the Real Estate corner Wall and
Tribune Building, NEW YORK, N. Y.
Note: The lemur:ince Department has estimated the value of
450,573 96
the Book Value given above, at
William Streets and Exchange Place in excess of Book
flood Rdermal
63,700 00 Tel. 4218 Beekman.
Value, at
And the property at Staten Island in excess of the on the 31st day of December, 1911, exSecurities
Negotiatione,Investigatione,Settleousto
The Market Value of Stocks, Bonds and other
1,588,635 82
ceeded the Company's valuatlo:a by
----Purchases of Property, Information
$4.755,780 76
balance would Iv!
In New York City or anywhere.
On the basis of these Increased vnluations the
--
GEO. B. EDWARDS
@FedFRASER