Full text of Commercial and Financial Chronicle : November 9, 1912, Vol. 95, no. 2472

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V O L . 95

N O V E M B E R 9 1912

N O . 2472

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

C L E A R IN G S — F O R S E P T E M B E R , S IN C E J A N U A R Y 1, A N D F O R
Clearings at—

Ten Months.

October.
1912

New Y o r k .......... ......
Philadelphia..............
Pittsburgh____ _____
Baltimore____
Buffalo ......................
Washington..............
Albany............
Rochester-----Scranton___________
Syracuse.........
H eading........
Wilmington----Wilkes-Barre.......... W heeling..................
Harrisburg ................
Trenton ....................
Y o r k ........................Lancaster..................
E r ic ........ ...................
Greensburg-------------Chester........ .............
Binghamton-----------A ltoona------------------Franklin............ .......
Frederick___________
Beaver County, Pa__
Norristown___
Montclair............... .
Total Middle..........
Boston ______
Providence___
Hartford....................
New Haven___
Springfield . . . .
Portland........ .
Worcester____
Fall River____
New B edford_______
L ow ell........................
Holyoke____________
Bangor-------------------W aterbury............ .
Total New England
Chicago......................
Cincinnati .............. .
Cleveland................ .
Detroit................ .......
Milwaukee..................
Indianapolis..............
Columbus..................
T oled o........................
P eoria ........ ...............
Grand Rapids........ .
D a y ton ......................
Evansville ................
Kalamazoo_________
Springfield, 111..........
Youngstown..............
Fort W ayne________
Lexington .............. .
A k ro n ........................
Rockford ..................
Canton........................
South Bend................
Quincy........................
Bloomington............ Springfield, Ohio___
Decatur ....................
Mansfield.............. .
Jackson......................
Jacksonville, 111........
Danville......................
L im a ..........................
Lansing......................
Owensboro................
Flint*........ .................
Gary............................
Ann Arbor..................
Adrian ......................
Lorain * ......................
Total Middle West.
Details of Pacific and Other Western
Total Pacific..........
620,571,795
Total Other W est..
812,952,949
St Louis....................
359,477,651
Now Orleans............ .
'.IS ,5 2 6 .8 6 0
Louisville..................
01,333,363
H ouston....................
101,947,477
61,091,500
Galveston..................
30,936,863
Richmond ............ .
73,056,627
A tlanta.................. .
45,206,105
Memphis....................
35,758,595
Savannah ..................
50,854,833
Fort Worth................
32,202,028
N ashville...... ...........
19,740,000
N orfolk......................
Augusta ....................
10,989,616
B rmlngham . ............
14,178,651
Little Rock................
12,273,829
Jacksonville..............
13,892,741
Chattanooga ............
11,253,175
Charleston ................
11,950,577
K noxville..................
8,708,522
Mobile ........................
6,262.978
Oklahoma..................
11,403,648
Macon ........................
22,069,043
Columbia....................
0,095,967
Beaumont ................
2.915,000
Austin...... .................
8,720.653
Columbus, Ga............
2,702,106
4,323,064
Wilmington, N C----1,634,114
Vicksburg..................
1.938,781
Jackson ......................
1,823,083
Meridian............ .......
908,703
Guthrie......................
3,722,245
T ulsa..........................
Muskogee*................
4,963.202
6,631,525
El P aso......................
Total Southern___ 1,140,536,603
Total a l l . ............... 17,249,398,879
Outside New York. 7,110,401,264

1911

Week ending November 2
Inc. or
Dec

83,115,407,818 76,187,125,954
+\l
+ 5.3
6,689,850,652
0,349,775,922
2,323,590,728 2.098.075.704 + 10.7
1,604,963,844
1.452.173.704 + 10.5
474,697,750
1429,512.400 + 10.5
325,510,150
+ 7.1
[303.950,606
259,260,410
259,307,474 — 00.4
204,556,114
183,496,306 + 11.5
121,394,814
118,091,099
+ 2.8
114,036,930
+ 9 .0
104,064,228
74,087,076
166,273,783 + 12.7
69,358,482
165,082,178 + 6.6
[59,231,103
+ 7.2
03,490,872
85,877,083
74.525.553 + 15.2
57,643,591
+ 2.3
56.350.553
74,287,421
+ 9.8
67,643,550
42.208.755
+ 4.6
40,409,723
67,127,059
47,808,129 + 40.4
41,830,937
36,625,134 + 14.2
24,650,832
+ 5.0
25 ,870 ,82 8
20,918,772
23)628,896 + 10.2
20,448,000
22,628,000 + 16.9
22,150,613
20,132,04.3 + 10.1
10,531,040
+ 5.1
10,018,873
12.438.720
+ 3.9
11,974,604
21,713,264
+ 2.2
21,238,620
+ 0.4
19.766.755
19,696,841
3,010,207 Not Included In total
W 7 T . 6 9 1,108 88,154,651,718 T O
+ 9.6
7,498,401,389 0,839,327,746
+ 7.9
335,538.600
301,914,500
+ 9.8
204,892,303
186,635,937
+ 2.3
128,610,236
125,680,194
112,379,328
93,152,135 + 20.6
97,896,045
84,587,454 + 15.7
112,746,032
101.008.903 + 11.5
48,908,395
+ 5.5
40,396,319
43,190,452
+ 3-6
41,675,712
24,4.34,172
+ 3.4
23,622,823
28.771.721
25,463,129 + 13.0
21,038,321
+ 9.9
19,133,788
30,215,900 Not Included In total
+ 9.6
" 7,922,282,800
11,514,323,331 + 10.4
+ 7.3
1,059,481,900
837,431,700 + 12.6
796.943.703 + 16.0
+ 3.3
575,952,671
366,681,320 — 2.1
+ 9 .5
243,301,900
+ 2.0
202,353,306
130,480,500 + 11.4
112,149,145 + 20.6
93,691,610
102.527.704 ±3°:?
29,170,385
45,255,616 ++i i : f
51,807,822 + 23.5
+ 8.3
45.012.711
+ 1.5
41.556.711
49,123,140 + 55.4
+ 9.8
33,901,735
45,410,270 + 20.6
23,085,041 + 49.3
+ 7.1
29,180,688
+ 8.0
28,685,346
+ 4.9
23,964,150
19,173,944 + 15.2
+ 7.0
17,847,089
1 9 ,2 6 0 ,0 (6
+ 20.7
13,141,316 — 0.7
+ 4.0
18,282,247
+ 8.9
10,404,833
15,663,102 + 25.3
18,449.242
+ 3.4
14,790,011
8,912,816 + 35.8
7,696,272
+ 6.5
1,702,551
+ 4.4
4.136,564
16,639,021,049 + 10.1
18,322,0

1,202,760,001
100,244,350
90,917,417
85,533,408
62,446.753
35,393,590
23,801,700
17,946,459
13,583,044
12,516,792
8,848,003
11,263,948
3,136,955
4,558,167
5,578,526
4,500,225
3,539,054
0,182,000
3,504,751
4 ,918,293
2,083,801
2,897,961
2,730,847
2,243,989
1,842,842
1,710,979
2,057,317
1,192,444
1,815,622
1,750,501
1,620,787
1,579,090
1,450,659
1,029,298
961,723
136,816
436,910
1^733,047,516
on page 1250
536,061,599
5,394,369,832 4,779 ,580,797
689,791,805
0,218,226,701 5,788, ,500,691
358,323,760
3,302,737,0051 3,182, ,393,832
82,798,051
811 ,509,053
845,002,964
53,862,212
562,,776,403'
603,691.497
82,185,098
549,,220,339
758,537,460
53,828,000
356 ,977,600
414,885,500
32,322.200
320 ,053,810
350,409,783
72,070,358
606 ,473,856
648>263,332
40,789,577
272 ,629,072
318.757.850
37,067,065
226 ,983,975
229.311.851
34,177,108
251 ,234,448
299,143,496
21,741,471
184 ,523,535
242,782,117
17 305,988
150,369,930
135 ,348,553
20,517.597
102 ,489.415
90,291,077
12,257,457
105 ,584,612
122,175,397
9,243,521
85,233,594
76 ,900,752
12,347,151
119 ,504,908
139,607,771
9,287,812
100,366,909
81 ,791,454
10.000,533
81,957,438
72 ,734,906
8,416,006
83,590,016
74 ,515,633
6,252,912
58,615,027
61 ,092,957
10,203,133
68,280,445
87 ,612,257
21.320,219
141 ,130,696
143,237,218
4,589,032
36 ,915,810
40,606,948
2.344.241
24 ,430,650
24,864,048
7,217,9P5
96 ,905,145
95,996,637
2.292.242
20,004,525
17 ,743,519
3.887,529
31 ,740,414
32,959,719
1,421,000
12,587,232
12 ,272,141
1,701,473
20 ,048,190
19.129.581
1,658,909
13 ,303,452
14.788.581
1,086,756
0.170,474
8 .790,270
2,141,213
30,409,214
26 ,204,606
4,121,179
29 ,153,573
33,106,349
_
5,031,817
48 ,2 3 0 ,6 6 0
58,883,548
1,040.9377559
+ 9.6
~ O l 9 7TTBT52
13,568,107,327 + 27.1 143,999,073!690 131,903 .160,707
-+1774 00,88 i ,5657872 55,716 ,0347753

W E E K E N D IN G N O V . 2

+ 12.9
+ 7.4
+ 3.8
+ 4.1
+ 7.3
+ 38.1
+ 16.6
+ 11.4
+ 8.2
+ 17.1
+ 1.0
+ 19.1
+31.6
+ 11.1
— 11,9
+ 15.7
+ 10.8
+ 16.8
+ 22.7
+ 12.6
+ 12.2
—4.1
—22.1
+ 8.6
+ 10.2
+ 1.7
—0.9
+ 12.7
+ 3.8
+ 2.6
—4.6
+ 11.2
—29.7
+ 16.3

Inc or
Dec
2,230,991.538
173,550.300
57,372,721
42,109,798
11,190,098
7,715,199
6,473,062
5,180,850
2,879,689
3,594,263
1,720,458
1,541,945
1,418,520
2,327,071
* "l ,946,397
969,141
1,456,648
1,030,278
675,000
613,155
582.400
470,119

1910

,139,950,682
A s 1,996,971,539 2,245,978,904
162,093,244
+ 6.7 155,102,723 147,184,513
49,670,610 + 15.5
51,151,377
49,940,014
40,040.622
32,975,992
+ 5.2
35,799,318
9,933.024 + 12.7
9,449,875
9,530,167
7,724,311
—0.1
7,548,503
8,052,635
0,749,982 — 4.1
6,280,428
5,942,022
5.226,249 — 0.9
4,957,248
4,825,364
2,772,693
+ 3 .9
2,752,307
2,903,161
3,340,564
+ 7.4
3.132.009
2,870,671
1,581,905
1,579,512
+ 8.8
1,076,327
1,662,657 — 7.3
1,408,935
1,432,432
1,495,220 — 5.2
1,308,704
1.367,620
2,120,354
+ 9.8
1.717.010
1,781,974
* *1,537*769 +26.6
1,029,404 — 5.8
1,013,191 + 43.7
+ 8.1
953,453
616,533
+ 9.5
+ 7.0
573,189
483,750 +20.5
485,031
—3.1

■7,502', 314
1,008,906
900,000
954,992
600,260
615,869
469,200
455,373

"''814',388
648,027
533,177
403,500
403,108

Not Included In'total
+ 4/7 2,284,701,655 2,522,744,315
—20.3 201,362,370 204,588,314
— 4.2
10,317,100
10,787,700
— 7.2
3,704,175
3,900 631
—3.2
3,127,898
2,814,824
+ 4 .8
2,280,000
2,287,150
2,172,662
+ 0.6
2,402,387
— 4.3
1,842,430
2,211,224
+ 0.7
2,133,700
1,346,879
+ 5.4
1,093,208
1,535,909
— 34.4
512,441
528,317
+ 6.4
624,322
661,762
+ 6.3
■=70
291,784,063
26,017,850 — 4.5
20,560,616
+ 5.7
19,326,193 + 14.7
14,869,935 — 1.3
8,968,158 — 19.2
+ 3.8
6,427,800
4,063,840 + 31.4
+ 3.1
3,507,679
2,970,009 + 16.5
+ 1.6
1,854,106
2,995,511 —9.9
708,412 — 3.2
+ 2.1
1,079,065
+ 6.8
1,303,586
1,087,686 + 13.8
+ 0.3
811,580
1,295,000 + 16.4
692,277 + 23-1
1,057,769 + 25.6
590,747 + 145.4
698,313 + 10.0
+ 5.4
.
495,145 + 28.5
+ 1.6
442,025
+ 7.1
394,478
450,000 +27.8
+ 6.1
262,511
430,754 —0.2
417,920 —8.1
435,125 —6.1
374.172 — 9.1

22^839,153
286,373,359
26,420,050
19,588,239
17,665,940
14,349,871
8,803,452
6,032,500
3,770,890
3,422,627
3,174,483
2,318,723
2,338,549
718,546
1,075,217
1,102,981
1,120,026
915,435
952,410
65.8,292
1,144,436

141,904 —4.9
36,030 + G6.6

253,542
31,432

258.5887835

135,000
60,000
+45,000,687

417,203,136 T T 7

131,702,975
181,617,333
85,849,742
18,890,184
12,789,242
23,391,708
12,461,000
8,205,466
15,330,284
11.639,725
7,659,747
11,815.789
6,562,770
4,336,071
2,528,152
3,301,382
2,723,061
2,900,000
2,173,919
2,426,103
1,658,645
1,334.309
2,656,315
4.521,076

124.726.260
166.841.261
77,098,799
18,604,576
12,220,446
20.186,280
13.155,500
8,142,291
16,513,135
10,718,704
8,182,4:44
8,273,713
4,902,970
3.829,519
3,382,786
3,263.740
2,457,304
2,750,000
2,024,200
2,050,437
1,878,129
1,498,755
2,269,374
4,155,263

2,430,433

’ 2,762,565

"840.666
405,595
361,306

6 6 3 ,8 0 6

594,480
587,814
496,853
441,005
402.017
416,927
270,383
399,984
378,954
423,418
350,044

232,996,510
273,588,009
27,757,350
19,561,158
16,350,089
14.16S.864
8,858,255
6,004,000
4,188.778
3,337,784
2/965,3531.8S6.780'
2,283,396
721,573
992,217
1,408,979
961,609
770,057
897,400
621,884
625,000
596,430
610,490
593,248
470,983
3 0 9 ,2 2 1

400,864
302,500
277,348
444,680
370,705

" 4 0 7 ,7 1 6 ,6 3 5

+ 8.8

116,984,548
158,120,292
76,714,404
19,611.759
12,940,874
16,510,754.
9.421.000
7,241,814
15,453,880
10,414,713
7,164,336
8,280,474
3.900.000
3.723,200
3,950,3! 5
2,492,823
2,528,848
2,617.703
1,747,702
2,486,362
1,851,798
1,768,134
2.842,844
1.475.000
1,766,386

1,652,966

800,656 + 5.0
412,368 — 1.6
453,018 —20.3

"864',956
398,815
710,000

* ' 727,161
570,418
440,000

+ 5.6
+ 8.9
+ 11.4
+ 1.5
+ 4.7

+ 15.9
+ 5.3
+ 0.8

—7.2
+ 8 .6

—6.4

+ 42.8
+ 33.9
+13.2

~+L2
+ 10.8
+ 5.5

+ 7.4

+ 18.3

—11.7
— 11.0

+ 17.1

636,331
+ 2.8
619,022
1,118,587
918,171 + 21.8
+ 22.1
+972
TTTT2
247,946,942
1-9.2 3,773,234.033 3,642,543,422 + 3 .6
+ o
1.642,242,495 1,502,592,740 T O

H^-Table Clearings by Telegraph and Canadian Clearings on page 1249, * Not Included In total for month and ten months; comparison incomplete




*T,*440:561'
974,473

"""219:8537995
3,644,571,981
1,395.5937077

1232

THE CHRONICLE

THE FINANCIAL SITUATION.
Judging from the upward bound of the stock market,
one would imagine that this week’s elections furnished
basis for genuine enthusiasm and unalloyed satisfac­
tion from the standpoint of the country’s material
interests. A more rational view would seem to be that
they furnish occasion for sober reflection. It is diffi­
cult to see how they can in any way serve to stimulate
business activity. The most that can be hoped for is
that the results will not serve to retard the growingtrade revival. It is true, of course, that Mr. Roosevelt
has not captured the Presidency, and hence our
Constitution and representative Government remain
safe for the time being, but there never was the slightest
chance that he would. On the other hand, the extent
of the popular support accorded the Third Party,
organized by him, comes as a decided shock. Thereby
he acquires power in the political world which will
make him a constant menace for the future. He has
secured more electoral votes than President Taft and
has rent the Republican Party from stem to stern.
What effect the present defeat, so disastrous in
nature and extent, will have upon the future of the
Republican Party it would be futile to attempt to
predict. We make some observations on the subject
in a subsequent article. It should be remembered,
however, that the party is not divided into mere
opposing factions, but into hostile and warring ele­
ments. And yet, the two contesting forces have one
controlling principle in common. They both profess
adherence to a protective tariff. Under ordinary cir­
cumstances this would incline both to favor attempts
to get together and preserve the party for the purpose
of furthering this principle. On the present occasion
such a course is out of the question, for Mr. Roosevelt
will never get together on anybody or anything except
himself. The fact which stands out most prominently,
therefore, is that the country has not got rid of him.
He not only remains, but he retains infinite capacity
for creating trouble; and trouble-making that will re­
dound to his advantage has always been his chief
function in life.
For the immediate future, however, the most im­
portant aspect of the elections is that they involve a
change in the country’ s economic policy. The Demo­
cratic Party not only elects its Presidential nominee in
the person of Woodrow Wilson, but it has increased its
majority in the House of Representatives and has even
gained control of the United States Senate, if latest ad­
vices maybe relied upon. Accordingly, after the fourth
of next March, it will be in position to carry out any
scheme of legislation that may be desired. Hence the
country is face to face with a new fiscal policy. It
may be that the new policy is desirable and for the best
interests of the country in the end. The first effects
will inevitably be unsettling, if not actually disturbing.
Prudent men at such a time proceed slowly and cau­
tiously, awaiting knowledge as to the extent of the
changes to be made and some indication of their
significance and bearing.
As on several previous occasions since his nomina­
tion, Mr. Wilson has uttered a conservative note, with
the view to allaying apprehensions as to ill effects to
follow from Democratic domination. On the morning
after election he gave out a statement saying emphat­
ically that “ honest business” conducted in conformity
with the law had nothing to fear from his election or
from Democratic control. This has been accepted
as indicating the right bent on the part of the President­




[VOL. LXXXX V.

elect, though it seems to have escaped notice that the
words used and the phraseology of the whole statement
issued by him are identical with the utterances to
which Mr. Roosevelt invariably gave expression when
engaged .in his most destructive performances. On
such occasions Mr. Roosevelt would always say that
“ honest business” had nothing to fear from his policies.
Of course Mr. Wilson is not Mr. Roosevelt, and the
identity of language employed by the two men is
significant chiefly as showing that Mr. Wilson has be­
come so imbued with “ progressive” ideas that he is
unconsciously appropriating the Rooseveltian methods
of speech.
We are inclined to think that Mr. Wilson will prove
conservative and seek to hold in restraint the im­
petuous leaders of his party who may want to proceed
on the path of radicalism to the extent of workingserious injury to the country’s welfare. In the matter
of the tariff, however, which is the question of chief
importance, there is no knowledge as to whether Mr.
Wilson would be inclined to place a rein on the party
leaders or to interfere with the party program. In
the closing speeches of his campaign ho laid stress over
and over on the importance of placing the Democrats
in control of the Senate as well as of the House, so that
they would be in position to carry out their legislative
policies. What these policies are was pretty well indi­
cated in the bills passed by the House of Representa­
tives in the present year, some of which also passed the
Senate after considerable maneuvering. The lower
branch of Congress passed a bill revising the cotton
schedule of the tariff and another bill revising the
chemical schedule. Then a bill revising the wool
schedule and another bill revising the metal schedule
received the approval of both houses, and were sent
to the President, who vetoed them. The features of
these bills are a matter of record. Are these bills
to be revived after the 4th of next March and quickly
enacted into laws? If so, the business community
will have to nerve itself for the new legislation.
Would Mr. Wilson interfere, or could ho interfere,
with the enactment of these measures, seeing that there
is a plank in the Democratic platform which says: “ We
denounce the action of President Taft in vetoing the
bills to reduce the tariff in the cotton, woolen, metals
and chemical schedules and the farmers’ free list bill.’ ’
As is known, the House also passed a free sugar bill
which, if it should become a law, would mean tiecreasing the revenues $52,000,000.
To recoup the
Treasury for this large loss, still another bill was passed
imposing an excise tax of 1% on net incomes with
respect to the carrying on or doing of business by all
firms, persons and corporations throughout the
United States. The latter bill was made so compre­
hensive in its terms that every business man in the
land would be subject to a tax on all income in excess
of $5,000 a year, and even salaries would not be
exempt, inasmuch as the term “ business” was defined
as embracing “ everything about which a person can
be employed, and all activities which occupy the time,
attention and labor of persons for the purpose of a
livelihood or profit.” It was argued that such an
income tax on business and salaries would be legal even
without the Income Tax Amendment to the Federal
Constitution. Are these measures, too, to go on the
statute book after the fourth of March? Sugar is the
one article of family consumption with respect to
which a tariff tax can be legitimately defended, since
the tax in that instance yields a prodigious revenue
and works evenly and uniformly without imposing

Nov. 9 1912.]

T H E C H R O N IC L E

much of a burden on any one. Is this tariff to be
lopped off for the sake of making a spectacular appeal
to the masses, and, as a substitute therefor, is the in­
come tax on business and on salaries, already referred
to, to be adopted to the annoyance of the whole com­
munity?
Mr. Wilson’s attitude as to all this is unknown.
Eveiyone is inclined to credit him with the best of in­
tentions, but obviously he will need time for reaching
a conclusion and for coming to an understanding with
the leaders of the party. In the meantime, however,
there will be uncertainty, and this uncertainty will
necessarily extend to all the diverse business interests
of the country. On the other hand, Mr. Wilson as
President will possess a degree of independence hardly
enjoyed to the same extent by any previous President.
Like Rutherford B. Hayes, he is limited in advance to
a single Presidential term, and will hence be free to
serve the people independent of party considerations
of any kind. Should he deem it for the welfare of the
country to antagonize or veto any measure devised by
the party in control, he will not have to consider the
effect of his action on his political chances and his
political future. For his ambition cannot extend be­
yond the one term for which he has just been elected.
The Democratic platform says: “ We favor a single
Presidential term, and to that end urge the adoption of
an Amendment to the Constitution making the Presi­
dent of the United States ineligible for re-election, and
we pledge the candidate of this convention to this princi­
ple.” Another restraining influence, both upon him
and upon the party, will be the knowldege that he
is a minority President in the sense that no previous
President has been. He has a considerable plurality
over either Mr. Roosevelt or Mr. Taft, but the aggre­
gate of the votes cast for him is at least
million
votes short of the combined votes of Mr. Roosevelt
and Mr. Taft, and if the votes received by the Social­
ist and Prohibition candidates are included, he would
appear to be in a popular minority of 2 ^ millions.
He becomes President through no act of his own, but
simply because there were three leading candidates in
the field instead of only two. This fact would impose
moderation and restraint on any nominee, even if
Mr. Wilson were not in addition, by character and in­
stinct, a patriotic man, anxious and desirous of being
able to give a good account of his stewardship at the
end of his term. As far as the Democratic Party is
concerned, the fact that its President is so decidedly
in the minority should put it constantly on its good
behavior.
If you should ask any railroad man in the Northwest
(says some newspaper writer of to-day) “ whether
prosperity is here, he would probably reply that ho is
sorry to say that it is.” The explanation, of course, is
that the prodigious crops of the season, particularly of
cereals, in the Northwest have outleaped the carrying
capacity of the roads. A Washington dispatch to
the ‘Times” avers that of the potato crop, pronounced
the largest in the history of the country, thousands of
bushels are in danger of destruction as a result of car
shortage. That shortage has been impending, and
apparently increasing, all through the autumn, until
now it has been made subject of a special inquiry by
the Inter-State Commerce Commission, which says
that some prominent educational institutions are out
of fuel and unless an immediate remedy is found the
people in some parts of the country will soon be
freezing.




1233

Looking about for the cause of trouble, Commissioner
Lane finds it first in the slow movement of the cars
and the tardiness of many roads in returning the cars
of others. One road which owns 30,000 coal cars has
only 2,800 available on its own tracks, and it is
said that some roads think it cheaper to pay
demurrage charges than to provide equipment of their
own. Mr. Lane pronounces unnecessary detention of
cars “ nothing less than theft,” which is pretty strong
language, inasmuch as the cars are detained by
sufferance, although not by expressed permission and
desire, and are paid for at the predetermined rate.
Such a practice grows out of human selfishness. If
any railroad finds “ renting” cars cheaper than owning
them, it does merely what the consignee and shipper
naturally tends to do, as the “ Chronicle” pointed
out long ago. The shipper wants cars when he wants
them, does not know precisely the day he will be ready
and likes to have them a little eariy; the consignee
finds it convenient to have cars linger at his door or
on his private track; each is more impressed with his
own individual convenience than with public necessity,
and the man who will be the worst offender in this
matter (if permitted to be) is likely to be among the
loudest complainants of railroad practices, including
the “ practice” of not having cars enough for the
utmost sudden demands.
Car shortage has been foreseen. Some six weeks
ago the Pennsylvania was urging its freight agents to
urge in turn expedition upon all shippers, and the
National Industrial Traffic League of Pittsburgh issued
a like warning. It is now said that the late inquiry
developed that a car averages only about 20 miles a
day, and that while one is moving thirteen are stand­
ing. If these statements are correct, the second may
be taken as explaining the first, since it is impossible
to admit that moving cars make only such nominal
progress. So we are brought back to the proposition
that the existing equipment does not perform its
maximum service because it is halted too much.
Commissioner Lane hints at adoption of an in­
spection system and a code of rules, and intimates
also that there may be “ consideration to the issuance
of a general rule which will temporarily apply a higher
rate of demurrage than is now imposed.” It is
not an injustice to infer that when the Commission
is convinced of the necessity of advance in any sort of
rate, it must be very much convinced. Increased
demurrage “ temporarily” is suggested, but if any
increase is put back on the shipper and consignee,
there may be a fresh remonstrance and plaint, for it
must be noted once more that the general notion about
regulative commissions is that they are bureaus to
hear and quickly adjust complaints.
President Brown of the New York Central says
that just now there are about 6,500 more of its cars
out on other roads than there are foreign cars on the
Central lines. He approves an increased demurrage,
but not an attempt to increase the actual speed of
trains while moving, which would require de­
crease in train load; the solution, he says, “ lies in
hurrying loading of empty cars and unloading of loaded
cars.”
It reasonably seems so, yet the causes of the trouble
reach further back. There is some increase of equip­
ment. The New York Central lines have received in
1912 17,302 new cars and placed orders for another
10,000. It is said that in this year the railroad orders
for new equipment of all kinds go beyond those of
1911 and 1910 combined and that over 200,000

1234

T H E C H R O N IC L E

[VOL. LXXXXV.

At the New York Stock Exchange transactions
in shares aggregated 14,166,896 shares in October
this year, against 10,936,901 shares last year, 13,­
452,381 shares in 1910 and 21,739,514 shares in 1909;
while for the ten months the comparison is between
109,711,322 shares, 103,231,889 shares, 143,614,352
shares and 178,302,309 shares, respectively.
Bond
dealings thus far this year have been of comparatively
small volume, reaching only 4 6 ^ million dollars par
value for the month, against 73 millions for the cor­
responding period last year, and for the ten months
have totaled but 593 millions, against 712 millions
in 1911 and 1,117 millions in 1909.
The Canadian clearings exhibit for October is of
much the same general character as the exhibits here­
tofore reviewed in 1912. Very heavy increases con­
tinue to be recorded at points in the Northwest and
on the Pacific, and reports from important cities in
the East make a like showing for this latest month.
For the 18 cities covered by our compilation the aggre­
Widespread activity in the mercantile and industrial gates for both the month and the ten months are
affairs of the United States is the situation revealed records for the period, the gains over a year ago being
by the returns of bank clearings for October 1912. 27% and 25.3%, respectively.
We say widespread because of the fact that of the 150
The preliminary estimate of the corn crop of the
cities included in our compilation on the first page
United
States for 1912, issued by the Department
of this issue, only 12 report declines from last year,
and those few decreases are to be accounted for by of Agriculture yesterday afternoon, indicates an even
locally operating causes. Furthermore, the aggregate larger production than seemed in prospect a month
of clearings for the month marks a new record for any ago on the basis of the condition figures. The
similar period, being slightly greater than that for Jan­ Department also raises its estimate of the yield of
uary 1910, the previous high-water mark. Large potatoes. These two are the only really important
totals heretofore have in many instances reflected in crops reported upon at this time, and as the general
greatest measure extensive speculative or other finan­ character of the results was previously known, there
cial transactions at such centres as New York, Boston, is little to add to what we said a month ago. Suffice
Chicago, &c. But that was not the case in the period it to say, therefore, that the aggregate corn crop is
under review, as stock dealings at this point as well now estimated at 3,169,137,000 bushels, or 638
as elsewhere, while somewhat greater than a year million bushels more than for 1911 and 283 millions
ago, were hardly up to average volume, and certainly greater than the previous record yield of 1906. As
not of a magnitude to leave any important impress last year’s yield was deficient, the stock of corn in
upon clearings total. The fact of the matter is that farmers’ hands is now quite small. The Government
the country’s excellent crop situation has given an figures indicate that (independent, of course, of any
impulse to business that even the doubts and uncer­ contributions from the current season’s growth) there
tainties of a campaign for the .Presidential succession was on hand November 1 1912 only 64,764,000 bushels
of the 1911 crop, or 2.6%, as compared with 123,­
could not hold in abeyance.
The combined aggregate of clearings for the 150 824,000 bushels, or 4.3% of the 1910 yield on Novem­
cities from which comparative figures are obtainable ber 1 last, 119,056,000 bushels, or 4.3% of the 1909
was no less than $17,249,398,879 for October 1912, or product on November 1 1910 and a ten-year average
an increase of 27.1% as compared with 1911, an even of 3.8% . Passing any further reference to the
greater gain over 1910 and an excess of 8.7 over the country’s grain crops, we subjoin a compilation which
previous high total for the period— that of 1909. For shows at a glance the yields of the various leading
the ten months of the calendar year, moreover, the cereals this year in comparison with 1911 and 1910 and
______________________
result exhibits an augmentation of 9.2% over 1911, the previous records.
and the increases over the two preceding years are
Final
Previous
Final
Estimated.
Production.
1910.
Records.
1911.
1912.
(000,000 s omitted)
5.5% and 6.5% , respectively. With New York ex­
434
493(1900)
431
390
t -------- --------cluded, this October’s total registers gains of 17.4%, SWpinr int egr wwhhe ae at ........................
201
291(1909)
191
330
2
,880
2,927(1900)
2,531
3,109
20.0% and 22,2%, respectively, over the three pre­ C o r n ...................................... 1,180
1,180(1910)
922
1,417
174
179(1900)
160
225
y ................. - ................
vious years, while for the period since Jan. 1 the in­ RB ay rel e......................
35
35(191 0)
33
35
- ................
4 ,9 1 0
creases are 9.3% , 10.6% and 20.2%. A number of
5,111
4,208
5,500
T o t a l ..................................
cities furnish evidence of special activity. This is in
The white potato crop, which the Department
particular true of Philadelphia, Pittsburgh, Syracuse
calculated
a month ago would reach 401 million
and Lancaster in the Middle section; Springfield and
Portland in New England; Chicago, Toledo and many bushels, is now estimated at 414,289,000 bushels, or
smaller cities in the Middle West; Los Angeles and 123 millions in excess of 1911 and 25 millions in excess
practically every other point in California; Omaha, of the previous record yield.
Minneapolis, Duluth and Des Moines in the “ Other
Commercial failures in the United States continue
Western” division, and Houston, Nashville, Fort
heavy
in number and constitute a decided anachron­
Worth and Little Rock at the South. At New York
the large gains of 35.0% for the month and 9.1% for the ism in this period of trade revival. For the latest
ten months can, in only very small measure, be ex­ month— October— the aggregate of disasters was
slightly less than for the same period of 1911 and the
plained by the increase in stock speculation.

“ cars” have been ordered in 1912. So there is some
progress; but all this matter is relative and no figures
of cars obtained or ordered can be taken as con­
cluding the case. If carrying facilities doubled while
traffic demands more than doubled, the relative in­
sufficiency would remain unrelieved. The railways
of the country have been held in a gigantic vise
between increasing costs (mainly in wages) and refusal
to allow relief by increased charges. The statement is
old, but so are the rules of arithmetic. Railway
credit, and therefore the financial possibility of
needed railway expansion, have been committed to
a Commission, which has reflected chiefly the popular
desire to keep carriers disciplined and squeezed.
Perhaps it needed only a bountiful crop season,
itself so sharply called for by the high costs of living,
to bring acuteness into the situation and set the public
complaining. This time, the complaint will be that
the roads do not work miracles.




Nov.

9

1912.]

T H E C H R O N IC L E

1 2X5

total of liabilities the smallest since 1909. But a demand for mediation that has been made by Turkey
number of lines of business made a quite unsatis­ and to ascertain on what conditions they may be dis­
factory showing. Liabilities in “ machinery and posed to entertain it. It is stated from Paris that the
tools” , for instance, were close to double those of 1911, representations will not go beyond this communica­
in “ clothing and millinery” the ratio was almost tion and the interrogation. If these are not rejected,
3 to 1 and failures in “ groceries, fish and meats” , in­ the question of immediate guaranties which may be
dicating the disturbing effect of high cost, repre­ demanded by the victors with a view to an armistice
sented debts of a little over a million dollars, against will be discussed. Turkey has decided to give com­
about three-quarters of a million a year ago. On plete liberty of action to the Powers to arrange condL
the other hand, a much more favorable situation is tions of peace, according to a dispatch from Constan­
to be noted in such important branches as “ lumber tinople to the “ Journal des Debats” of Paris. The
carpenters and coopers” , “ dry goods and carpets” anc. Porte is reported to be ready to surrender Constanti­
the general furnishing trade.
nople, but the populace and Nazim Pasha, the War
Our deductions, as usual, are drawn from R. G. Minister and Commander-in-Chief, are for war to the
Bun & Co.’s compilation, which shows for October end.
1,150 failures, representing liabilities of $15,762,337,
I he next step, and one that is deeply interesting
in contrast with 1,169 and $19,270,106 in 1911 and the Old World money centres, is the distribution of
1,122 for $18,977,696 in 1910. The 1909 totals were the conquered territory. Austria, according to a.
1,164 and $12,529,862.
dispatch from Rome, has made it known that she re^For the ten months of 1912 the total of failures at fuses to consent to Servia having an outlet on the:
12,966 constitutes a record for the period and con­ Adriatic. In this there is reason to believe that Aus­
trasts with 11,110 in 1911 and 10,521 in 1910. The tria is backed by Italy and Germany. To secure such
$169,306,697 aggregate of liabilities is 11% millions an outlet has been a long-enduring ambition of Servia.;
greater than for last year, only 4 millions less than in A warning was sent to Servia from Vienna on Thurs­
1910 and some 40% millions in excess of 1909. Of day that she should heed England and Russia.and not;
the grand total the debts reported by the manufacturing make unreasonable and impossible demands. To thiy;
division reached $72,093,142, against $70,879,317 in the Servian Government replied that “ Servia is no
1911, trading liabilities covered $75,886,661, against longer a vassal but a Power entitled to hold the
$70,034,421 and miscellaneous indebtedness $21,­ treasures she has won at the expense of the blood
416,894, against $17,161,988.
and lives of her soldiers.” The Servian army, notr
Canadian failures returns for the month make a withstanding the warning from Vienna, still continues;
favorable comparison with recent previous years, the its march upon Durazzo.
Unheeding the threats of'
number of defaults having been less than for October the dual monarchy, and ignoring the reported agree­
of any year since 1906 and the volume of indebted­ ment of Italy and Austria to obtain autonomy for
ness quite a little lighter than in 1911. For the ten Albania, King Peter’s forces are continuing their rapid
months of the current year, on the other hand, the progress nearer the Adriatic. The spokesman of tlio
number of failures was greater than for the similar Austrian Cabinet, in a formal statement, declared that,
period of either 1911 or 1910— 1,129, comparing with however ready the monarchy is to recognize the
1,066 and 1,065—but indebtedness was only $9,­ triumphs of the Balkan League and to establish a
264,777, against $11,769,538 and $12,946,131. The basis for future friendly understanding, it will never
manufacturing division shows up particularly well, depart a foot from the principle of no outlet on the
the ten months’ aggregate this year having been only Adriatic for Servia. “ Moreover,” he said, “ Italy and
$3,168,837, against 4% millions in 1911 and 6% Austria are unalterably determined that Albania must
millions in 1910. Trading liabilities at $5,436,802 be autonomous or remain a Turkish province with a
contrast with $6,382,686 last year and $6,207,314 Christian Governor.”
;•
two years ago.
While the diplomatic situation thus appears So
serious, British statesmen, nevertheless, are confident
No other conclusion appears possible after any study that a Avay will be found to satisfy Servian ambition
of the dispatches from the Balkan War than that the by giving her an Aegean port. In fact, London cables
“ Terrible Turk” is to be driven completely out of declare that the British authorities believe that Aus­
Europe. Turkey declared war in order to preserve its tria is demanding much more than she really wants
full sovereign rights in Macedonia. From the begin­ or expects. The “ London Daily Chronicle” is informed
ning Turkish arms have suffered a virtually uninter­ that Bulgaria hopes to obtain all the territory which
rupted series of defeats, especially by the Bulgarian she has conquered, including Thrace and a line of
troops, who, flushed with victory, have, according to seaboard on the Aegean sea extending probably from
latest dispatches, captured the outer forts of Constan­ Seres to Rodusto, leaving to the Turks Constantinople
tinople itself. Meanwhile the Greeks have taken and the peninsula between Rodusto and Midia on the
Salonica. It is also reported that Adrianople has fallen Black Sea. The proposal for Servia is that she obtain
but that the news is being suppressed in order that the a strip of territory along the valley of the Vardai" Jo
Powers shall not make it the excuse for intervention Salonica, including the greater part of Macedonia,
before the capital has been taken. The Turks have special provisions to be made with regard to the
lost the war and have proposed to the Powers that they commercial rights of Austria in Salonica. The allies
arrange terms of peace. This proposal has been want the northern frontiers of Greece to be extended
rejected, as the allied Balkan States insist that nego­ to join the new Servian territory at some point not
tiations for peace shall be conducted directly with far from Salonica, taking in part of Albania. To
themselves.
However, another exchange of com­ Montenegro would be allotted Scutari. A Getting
munications among the Powers is in progress, and dispatch intimates that King Nicholas of Montenegro
when it has been completed diplomatic representations is annoyed at the protracted siege of Scutari, as Monte­
will be at once made to the Balkan governments with negro has occupied much le.-< Turkish territory thatt
the object of bringing officially to their cognizance the the other allies, arid itiis feared that this we! have ail




1236

T H E C H R O N IC L E

[VOL. LXXXXV.

defiance of the declared policy ot His Majesty’s Gov­
ernment, which had been made perfectly clear to him
on his previous visit to the'Foreign Office. Mr. Crisp
admitted that this was so, but said that lie knew that
the public was prepared to take up the loan and that
he did not see how His Majesty’ s Government could
prevent the transaction being carried through. Mr.
It is definitely announced that negotiations have Gregory replied that His Majesty’s Government was
been resumed between the Chinese Government and not of course in a position to put pressure on the syn­
the. Six-Nation Group of bankers for a large loan. dicate interested in the loan, but they could put con­
China has decided to respect the protests of the inter­ siderable pressure on the Chinese Government and
national bankers and of some of the foreign legations would not hesitate to do so at once. Mr. Gregory
against the intention to allot a portion of the salt-tax inquired whether Mr. Crisp would prefer to see the
revenue as a guaranty for the repayment of the inde­ whole influence of the six governments thrown against
pendent loan of $50,000,000 recently made to China the loan or whether he would be prepared himself to
by the Crisp syndicate of bankers in London. The cancel the agreement and prevent an open conflict.
Minister of Finance has been instructed to utilize all the After consideration Mr. Crisp admitted that it would
salt revenue for the payment of the Boxer indemnity be foolish to proceed with the loan in the face of the
except that portion reserved for previous loans. Other active hostility of the six governments, and ho there­
adequate security will, it is stated, be offered the Crisp fore proposed the following procedure, which Mr. Greg­
syndicate pending the payment of the Boxer indem­ ory promised to submit to me. He would postpone
nity. The Crisp syndicate announces that the second the issue of the loan and would undertake not to pro­
half of their loan will not be offered for public sub­ ceed further with it without previous notification to
scription until the financial situation that has been so the Foreign Office. He would issue no prospectus.
adversely affected by the Balkan war shows improve­ He would cause no reference to be made to the agree­
ment. But Mr. Charles Birch Crisp, the head of the ment in the press and would refuse any information
syndicate, denies absolutely the rumor that he is as to its existence if applied to.” In a cable message
unable to finance the remaining half of the loan. sent the next day to Peking Sir Edward Grey urged
China’ s now negotiations with the Six-Power Group Sir John Jordan to endeavor to persuade the Chinese
of bankers will not, Mr. Crisp added, in any way affect Government to disavow the action of their agents in
his loan, as. China needs enormous amounts of money this transaction, and two days later Sir John reported
to proceed with orderly development. Therefore his having made the desired representation. On Sept. 12
loan of $50,000,000 is small compared with the total Sir John Jordan wired to Sir Edward Grey: "I told
requirements. No definite announcement has been Kirton, who originated the transaction in Peking,
made regarding the proposed volume of the new loan that the transaction seemed to me impracticable, and
nor of the terms, though there is excellent basis for that I was bound to oppose it. The salt revenue as at
the statement that the latter will be found to contain present administered was insufficient to meet even
all the protective features that surrounded the loan the indemnity and its reorganization was essentially
that was recently agreed to by China and then suddenly an international matter. As security for a foreign
loan the property transfer tax had no value except lor
repudiated.
The official correspondence on the Chinese loan that advertising purposes.” On Sept. 23 the I oreign
was promised by Sir Edward Grey has just been Secretary again wired Sir John Jordan: "Messrs.
published by the British Government in the form of Crisp have just informed me that they proposed forth­
a "white paper.” It contains the communications with to issue prospectus of £10,000,000 loan and to
that passed between the foreign office and the heads proceed with issue. Our attitude will have to be
of the various banking concerns as well as copies of entirely reconsidered if the Chinese Government on
messages between Sir Edward Grey and Sir John their part defy us in the matter; they well know that
Jordan at Peking. Sir Edward Grey was first informed we are pledged to act with the five other Powers.
that an agreement had finally been reached between the You should warn the Chinese Government in the most
Chinese Government and Crisp & Co. for the loan of serious manner of the unwisdom of their persisting
£10,000,000 on Sept. 4 by a letter from the Chinese Em­ with this loan at this juncture, and use your best ef­
bassy. On Aug. 23 a cable was sent to Sir John Jordan forts to get them to order the suspension, at least pro­
by Sir Edward as follows: "It appears that negotiations visionally, of the issue.” When the loan was ultimate­
are proceeding between the Chinese Minister here and a ly issued, Sir Edward wired to Sir John Jordan: "You
new syndicate for the loan of £10,000,000 to China. should decline to place the Crisp loan on record.”
London bankers are still urging the Six-Power Group
Representative o f syndicate, Mr. C. B. Crisp, informed
not
to attempt to monopolize China’s loans. They are
that I should regard with disapproval any proposal
for a loan by firms not connected with the groups also agitating an extension of British participation in
until the repayment of advances has been provided the group. Mr. Crsip expects this will be oftected be­
for, since the Chinese Government are not in my cause the Government’s support of the Hongkong
opinion free to negotiate such loans until this has been bank (the bank representing the British nation in the
done.” This cable dispatch was amplified by a note Six Power group) was conditional upon other British
to Sir John Jordan from Sir Edward Grey dated banks being admitted to the group.

unfavorable effect when the partition of Turkish terri­
tory is made. King Nicholas, therefore, has, accord­
ing to the dispatch, ordered commanders of other
Montenegrin columns to push forward and occupy as
much territory as possible before the Servians pene­
trate further west.

Sept. 10 as follows: "Mr. C. Birch Crisp called to-day
by appointment at this office in connection with the
proposed loan of £10,000,000 to the Chinese Govern­
ment. Mr. Crisp was received by Mr. Gregory of the
Far East Department and confirmed the statement that
the loan in question had been definitely concluded.
Mr. Gregory pointed out that Mr. Crisp had acted in




Affairs in Nicaragua are again on a peaceful basis.
The Navy Department lias received advices from
Rear-Admiral Southerland at Corinto, giving details
of the improved conditions that have gradually devel­
oped since the suppression of the recent revolution in
that country. Newly chosen Nicaraguan officials

Not. 9 1912.]

T H E C H R O N IC L E

1237

have taken charge at Leon and commerce is beginning at 4 15-16@5%; for bills to arrive, short and long,
to show signs of life.
5% was the quotation. In Paris the open market
rate remains unchanged for the week at 3% % for com­
Further progress lias been evident on the London mercial bills, while finance bills are quoted by cable
Stock Exchange and the Continental bourses this at the close at 3% % , which is a reduction of }/$% for
week in the recoveries from the recent excitement the week. The rate at Berlin yesterday was 4 % % for
and weakness. As is not unusual in such instances, spot bills and 4% @ 5 % for bills to arrive. A week ago
the mail advices that have been received this week the spot rate was 4_b£% , while bills to arrive required
suggest strongly a substantial degree of exaggeration anywhere from 4 % @ 5 }^ % . Amsterdam remains ht
in the cable accounts of the so-called panics. In fact, 3% % and Brussels at 4 % % . At Vienna the open
the cable accounts themselves are now taking a market rate is without change from 5 % % . The
much calmer view of events that have fully ma­ official bank rates at the leading foreign centres
tured. At last week’s Paris settlement, for example, it are: London, 5% ; Paris, 4% ; Berlin, 5% ; Vienna,
is now reported by cable that there was not a single f>K%; Brussels, 5% ; Amsterdam, 4% , and Bom­
defaulter, although the settlement was the most bay, 4% .
difficult of any in recent years. It is authoritatively
The Bank of England in its weekly return on Thurs­
estimated, according to on e usually conservative day reported a decrease of £787,074 in its gold and
Paris correspondent, that the losses of French opera­ bullion holdings and of £835,000 in total reserve. The
. tors in the recent crisis reached nearly $50,000,000, proportion of reserve to liabilities is 47.46%, comparing
yet whatever sums clients could not pay were paid with 47.72% last week and 49.74% a year ago. A
by intermediaries. Brokers all honored their lia­ contraction of £625,000 in loans (other securities) was
bilities.
noted, while the Bank released £1,547,000 in funds to
While the foreign markets continue nervous and the market as suggested by a decrease in public depos­
will probably show no general improvement from this its. Notes reserved are £784,000 lower for the week,
condition until some definite agreement has been but note circulation indicates an increase of £48,000.
reached among the major Powers regarding the final Comparing with recent years, the Bank is in a strong
arrangement of the Balkan map, no serious fear seems position so far as its bullion holdings and actual re­
to be entertained that such an agreement will not be serves are concerned, the total stock of gold being
reached. It is now recognized that the territory that £36,549,880, comparing with £35,377,981 one year
has been captured must in the main at least, remain ago and £32,698,865 in 1910. The reserve aggregates
with the captors, and that the question is one that £26,363,000, as against £24,861,466 in 1911 and
must be primarily settled by the Balkan States them­ £22,976,935 in 1910. Loans, however, are at the
selves. Foreign State securities reflect the general highest point for the current week since 1907, the
improvement in conditions by substantial advances. panic year, when they aggregated £36,099,742. This
In seeking net changes in these securities for the week’s total is about £2,000,000 below that record,
week, it is necessary to make comparisons with quota­ amounting to £33,907,000, against £28,472,165 in
tions at the close of business of Thursday of last week, 1911 and £24,970,380 in 1910. Public deposits aggre­
as Friday, All Saints’ Day, was a holiday on the gate £13,298,000, against £9,544,353 and £6,606,848
London market. British consols yesterday closed at in 1911 and 1910, respectively. Our special corres­
741^, comparing with 73 11-16 a week ago, Russian pondent furnishes the following details of the gold
4s were 90 last evening, against 88 a week ago movement into and out of the Bank for the Bank week:
and Turkish 4s, notwithstanding the spectacular Imports, £900,000 (wholly bought in the open market);
reverses to Turkish arms, closed at 81, comparing exports, £775,000 (of which £200,000 to Egypt,
with 8 0 ^ a week ago.
Bulgarian 6s, which had £400,000 to Brazil and £175,000 to Continent), and
declined to 96)^ a fortnight ago and had advanced shipments of £912,000 net to the interior of Great
to par last week, closed last evening at 101, Greek Britain.
Monopoly 4s are 2 points higher for the week and
4 points higher for the fortnight at 55, Servian Unified
Of the £900,000 in Cape gold that was offered at
4s have this week advanced 8 points to 81, making auction in London on Monday, £200,000 was secured
a 9-point advance within the fortnight. German for India. Sir Edward Ilolden, Chairman of the Lon­
Imperial 3s remain without change at 76, while don City and Midland Bank, at the annual dinner of the
French rentes (on the Paris Bourse) closed at 89.60, Manchester Statistical Society a short time ago, spoke
comparing with 89.55 a week ago. Aside from French at some length on the demand for gold in India. Sir
rentes the quotations mentioned are those of the Edward remarked that the excess of exports of mer­
London market.
chandise from India over the imports during the last
There were no additional changes in the official bank
rates in London or on the Continent during the week,
the Imperial German Bank having failed to meet the
general expectation of a further advance to 5]/£%.
That rate remains at 5% . The private bank rate in
London is 5% for sixty day bankers’ acceptances and
also for ninety days, while rates for bills to arrive closed
at 5% for sixty day a n d 4 % @ 5 % for ninety days. Bill
buyers are inclined to favor at this season the longer
maturities, as ninety-day acceptances run well into the
new year, which means that the funds will continue at
the current discount rate well into a season when money
rates usually fall to a much easier basis. A week ago
sixty-day spot bills were quoted at 5% and long bills




twelve years amounted to about 467 millions sterling.
The home charge paid in London through the sale of
Council bills for the same period amounted to 192
millions, leaving a balance, net, of 275 millions to be
remitted to India. This amount has been remitted
as follows: I 11 gold, 101 millions; in silver, 97 millions;
Council bills sold and purchased by the banks (over
the 192 millions) 75 millions; totaling 273 millions and
leaving 2 millions unaccounted for. The sale of the
additional amount of Council bills placed in the hands
of the India Council a sum of 75 millions sterling.
Out of this they purchased silver of the value of about
56)^ million pounds sterling, which has been coined
into 135 crores of rupees. The rupee is a token coin,
and the intrinsic value of the silver in each coin is

1 2 38

T H E C H R O N IC L E

[VOL. LXXXXV.

about ninepence or tenpence. Consequently, the now on hand 3,223,026,000 francs gold. A year ago
Indian Government makes a profit out of every rupee its stock was only 3,175,650,000 francs, but two years
'tFiey coin. These profits, less expenses, during the ago the amount was 3,303,100,000 francs. The silver
hUt twelve years amount to about 18 millions sterling, holdings aggregate, according to this week’s state­
and with the interest to £19,756,000, of which £16,­ ment, 752,369,000 francs, which compares with 795,­
748,000 is invested in miscellaneous securities, £1,­ 400,000 francs in 1911 and 839,125,000 francs in 1910.
073,000 is held in cash in London and £1,934,000 is Discounts, however, are much heavier than in recent
held in rupees in India. This fund was called the years at this date, the aggregate being 1,685,037,000
Gold Standard Reserve and was held for the purpose francs, comparing with 1,465,418,094 francs in 1911
of {protecting India’s financial position as far as it and 1,494,954,041 francs in 1910.
Can be made to do so; but it was no more a gold reserve
So far as the local money situation is concerned,
than the investments of the joint-stock banks were
there
has been a gradual easing off in both demand
gold reserves. If exports from India fell off, and
Consequently the supply of bills of exchange fell off, loan rates and those for fixed maturities. On Friday
this fund was designed to meet bills drawn b}r the of last week it will be recalled the call rate advanced
Treasury in India to supply the deficiency in export to 9% . The highest figure this week has been 7% ,
bills, thus preventing a fall in the exchange. Bills and that was touched on only one day, which was
drawn against this fund would be payable in gold. Monday. There is no expectation in banking circles
Therefore, the Fowler Committee of 1898 recommended here of anything like cheap money during the closing
f[\e fund should be held in gold, and this has not been weeks of the year, and should there be any substantial
Carried out. This is one of the questions that has advance in general business, the strength and activity
caused, and is causing, great dissatisfaction in India. in money would not be unlikely to last well into the
Indian critics, he continued, said this balance should new year. There is, however, some evidence at a
be held in gold and they further said the gold should number of the banks of a disposition to expect a mod­
erate slackening of the demands for banking accom­
be held in India.
.
It would have been a much sounder policy, bn modation in both manufacturing and mercantile
Edward thought, to have invested this profit in gold circles until some general indication can be secured
as made year by year, as there would thus be 18 of whether there will be any substantial interference
bullions in gold instead of in securities, which consti­ with business activity by the overwhelming victory
tute a very serious menace to home gold reserves. of the Democratic Party and the certainty that an
Instead of having 35 millions sterling of gold "in our important revision downward in the tariff schedules
national reserve,” the speaker said, "and 18 millions will result from such victoiy. There has, at any rate,
in the Indian reserve, making together 53 millions, our been a fractional reduction in time money rates this
own gold reserve of 35 millions would, in case of week in addition to the steady cheapening of the call
necessity, have to provide 18 millions of gold for the money market. There has, as an additional influence
Indian reserve, leaving us with only 17 millions, which of ease, been some return to the banks of the dividend
would place us in the gravest position, as the members and coupon disbursements that were the direct cause
of the Indian Council knew well. What answer is of the flurry in demand rates at the close of last week.
there to the criticism that this fund should be held in The demands from the interior have shown less urg­
India? The very fact of its being held in India would ency. Nevertheless, the reserves of New York Clear­
‘insure its being held in gold, because under these cir­ ing-House institutions are very closely drawn down,
cumstances the Treasury in India would not be able the amount of free cash above legal requirements,
to draw bills on London, and they would, therefore, according to last Saturday’s bank statement, leaving
be compelled to hold the gold in India to meet a margin of only $2,580,050, or a decrease of $l,443,9o0
'the demand for export in place of the bills. . . for the week. A year ago the total was $11,532,950,
. " I f , ” Sir Edward concluded, "we had a which included, as is the case this year, the surplus
gold currency in India, with a token rupee cui- reserves of the trust companies, white two years ago
fency as at present, then India would practically the banks alone held $5,728,200. The banks lost in
be placed in the same position as ourselves, and we actual cash last week $5,822,000, but as a result ot a
might have in India an inflow or an outflow of gold; reduction of $27,217,000 in deposits, the reserve re­
quirements were reduced $4,378,050, and thus, as
but, as matters now stand, the ordinary law governing
already noted, the cash surplus above requiiements
the rise and fall of prices is prevented from becoming
fully operative by reason that the gold which is going was only reduced $1,443,950. On Monday $100,000
in gold was withdrawn from the Sub-Iieasury for
to India is being hoarded.”
shipment to South America.
Referring to call money rates in detail, the range
The Bank of France this week reports a contraction
on Monday was 3 @ 7 % , with the higher figure the
for the week of 3,209,000 francs in the gold holdings
of that institution and an increase ol 1,103,000 iiancs renewal basis; Tuesday was Election Day; on Wednes­
in silver. The satisfactory features of the statement day 6% was the highest, 4% % the lowest and 5% the
were, first, a reduction of 258,100,000 francs in dis­ ruling figure; Thursday’s extremes were 4j/£ and 6%,
counts and of 45,375,000 francs in note circulation. with 5% remaining the ruling quotation; on Friday 6%
General deposits increased 16,600,000 francs, Treasury was the highest, 5% the lowest and 5 ^ % the renewal
deposits decreased 46,625,000 francs arid the Bank’s basis. As already noted, the demand for time money
advances were 33,225,000 francs higher for the week. has been rather less urgent, and quotations are a shade
Cable advices state that not only the Bank of France easier in consequence. Final rates were 5% to 6%
but ail the large French banks and ciedit institutions for 60 days, 90 days and four months and 5K to 5 % %
are rigidly holding their gold and arc refusing to pay for five months and 5y2% for six months. Mercantile
out the precious metal except in transactions involving paper is also a shade easier, being quoted at 5% @ 6 %
the purchase of grain, cotton and similar transactions for choice six months’ names and also lor 60 and 90ys endorsed bills receivable, with a more geneial
that are international in character. The Bank has




.Nov. 9 1912 ]

T H E C H R O N IC L E

1 2 39

business at the lower than at the higher figure. Names market and closed unchanged for demand and sixty
not classed as strictly choice still remain at G%%.
days at 4 8570@4 8580 and 4 8110@4 8120, respec­
tively; cable transfers finished lower at 4 8G20@
The foreign exchange market has ruled weak, owing 4 8030. On Thursday sterling broke quite sharply
to a pressure of bills of all descriptions. Foreign bank­ on a decline in English discounts, freer offerings of
ers report purchases of American securities by Europe bills and the improvement in the European political
aside from the transactions covered by the arbitrage situation; the final range was 4 8545@4 8555 for
dealings on the Stock Exchange. An engagement of demand, 4 8G@4 8005 for cable transfers and 4 8105
$100,000 gold was announced for South America on @ 4 8115 for sixty days. On Friday the market
Monday. I his was an arbitrary transaction and was continued under pressure and there was quite active
the result, we are informed, of the determination of the selling by two well-known national banks. Rates for
French banks to refuse gold except under extremely the day declined about 10 points. Closing quotations
pressing circumstances. This engagement of gold em­ were 4 8095@4 8105 for sixty days, 4 8540@4 8550
phasizes a rather remarkable change in the international for demand bills and 4 8590@4 8G for cable transfers.
money situation in the course of a single month. Commercial on banks closed at 4 78% @ 4 80% and
Early in October our bankers were paying premiums documents for payment 4 80% @ 4 8 1 % / Cotton for
in London for gold in order to bring the precious metal payment ranged from 4 80% @ 4 80%, grain for pay­
here to re-enforce our depleted bank reserves. Sud­ ment from 4 81% to 4 81%.
denly, virtually without notice, conditions were en­
tirely reversed by the Balkan uprising. Part of the
I he New ^ ork Clearing-House banks, in their opera­
gold already engaged for America was promptly can­ tions with interior banking institutions, have gained
celed, and American securities conservatively valued, $2,034,000 net in cash as a result of the currency move­
it is believed, at $40,000,000 were unloaded by Lon­ ments for the week ending Nov. 8. Their receipts
don and the Continent on the American market and from the interior have aggregated $11,234,000, while
had to be paid for. This was done, however, very the shipments have reached $8,000,000. Adding the
largely by drawing finance bills on London to be covered Sub-Treasury operations and the gold exports, which
by future shipments of grain, cotton and other mer­ together occasioned a loss of $3,100,000, the com­
chandise. The most interesting point seems to be bined result of the flow of money into and out of the
that, instead of importing gold, we have this week, Now York banks for the week appears to have been a
as a matter of fact, gone to the other extreme and ar­ loss of $400,000, as follows:
ranged for an exportation of the precious metal; and
Into
Out of
Net Change in
still it has not been found necessary to secure aid
Week, ending Nov. 8 1912.
Banks.
Banks.
Bank Holdings.
from the Treasury Department. This certainly sug­ Banks’ Interior movement_____ . SI 1,234,000 $8,000,000 Gain S2,034,000
Sub-Treasury op'ns and gold exp'ts .
19,100,000
22,200.000 Loss 3,100,000
gests that the claims of New York bankers, made in
T o ta l.......... ...............................
S30.334.000 $30,800,000 Loss
§400,000
late September and early October, that the situation
was not sufficiently acute to justify Treasury aid,
The following table indicates the amount of bullion
were well founded. The continued activity in British in the principal European banks.
trade is significant of the corresponding demand for
November 7 1912.
November 9 1911
banking facilities in the London market, and will, of Banks oj
Gold.
Silver.
Total.
Gold.
Silver.
Total.
course, tend to maintain money rates at the world’s
£
£
£
£
£
£ "
financial centre. The October statement of the Brit­ England-_ 30,549,880
30,549,880 35,377,981
35.377,981
France__ 128,920.840 30,094.080
127,025,080 31,815,680 158,841,300
ish Board of 1 rade on I hursday indicated an increase of Germany. 44,327,950 15,574,050 159,015,520
59,902,000 38,933,300 13,959,900 52,893,200
Kussia a - - 157,518,000 0,459,000 103.977.000
6.044.000 149,016,000
£10,321,700 in imports comparing with the corre­ Aus.-IIunb 51.933.000 10.823.000 02.750.000 142,972,000
53.829.000 11.563.000 05.392.000
Spain___ 17.284.000 29.585.000 40.869.000 10.683.000 30.173.000 46.856.000
sponding month of last year and of £4,984,500 in ex­ Italy d __ 42.491.000 3.500.000 45.991.000 ■!0,050,000 3.569.000 44.219.000
514,100 14,012,100 11.084.000 1,079,100 12,763.100
Netli'lands 13.498.000
Nat.-Bclgd 7.420.000 3.710.000 11.130.000 0,050,000 3.325.000 9.975.000
ports. The imports were valued at £71,130,000 Sweden
..
5.402.000
5.402.000 4.734.000
4.734.000
0,905,000
::::::::
0,905,000 6.437.000
comparing with £G0,815,000 in 1911 and £58,011,000 Swltz’lnnd
0,437,000
Norway. .
2.145.000
—
2.145.000 2.220.000
2.226.000
in 1910. Exports for October aggregated in value Total week 514,514,070 100,259,830014,774,500 487,201,961
101,528,080 588.730,041
£57,000,000, comparing with £52,219,000 in October Prcv.wcek 513,047,937 101,000,827314,054,704 487,090,304 101,688,900 588,785,204
one year ago and £45,091,000 two years ago. Money
in London is at the moment quite abundant, and dayto-day loans are quoted at 1%>@3%%. But it is
TIIE ELECTION.
known that a large amount of loans mature at the
We do not suppose that the electoral results last
Bank in the next fortnight. For this reason a rather luesday have very greatly surprised, even when the
firmer tone to money rates is expected.
magnitude of the Democratic pluralities is considered,
Compared with Friday of last week, sterling ex­ people experienced in the history of American politics.
change on Saturday was very firm and advanced As we pointed out last week, the so-called “ arith­
about 15 points in anticipation of a favorable bank metical forecast,” granting a loyal attitude towards
statement licic and some speculative short covering ■ its candidates by the Democratic voters, heavily fa­
demand was quoted at 4 8505 @ 4 8575, cable transfers vored Governor Wilson. The actual result, so far as
at 4 8G35@4 8045 and sixty days at 4 8120@4 8139. has been borne out by the count, is that Wilson has
On Monday, after a weak opening, the market be­ carried forty States, Roosevelt five and Taft three.
came firmer on the stiffening in discounts abroad and Wilson will receive 429 votes in the Electoral College,
lower rates for call money locally; demand advanced Roosevelt 77 and Taft 12. On the popular vote as
to;'4 8570@4 8580, although cable transfers remained figured up at the present writing Wilson is shown to
unchanged at 4 8035@4 8045, while sixty days de­ have received approximately 0,200,000, Roosevelt
clined to 4 8110@4 8120. Tuesday was a holiday. 4,200,000, Taft 3,500,000.
Large offerings of commercial bills caused a decline
In these results there are several unusual aspects.
at the opening on Wednesday, demand selling as low Governor Wilson’s majority in the Electoral College
as 4 8500 and cables at 4 8015; later, however, the of 340 votes over all other candidates is the largest on
market rallied on the easier tone in the local money record in the history of Presidential elections. Mr.




1240

T H E C H R O N IC L E

Roosevelt’s similar majority in the Electoral College
of 1902 was 196 votes. Grant, in his sweeping vic­
tory of 1872, had a majority of 223. Lincoln’ s ma­
jority in the 1864 election was 191. Pierce, in the
great Democratic victory of 1852, received 212 votes
over all opponents. It is true that the vote for Wash­
ington in the Electoral Colleges of 1790 and 1794 was
unanimous, and that the vote for Monroe in 1820 was
the same except for a single ballot; but obviously
these give no proper basis for comparison.
When one turns to the plurality on the popular vote,
it will be seen that Wilson has polled about two million
votes over Mr. Roosevelt, who came next upon the
poll. This is the largest popular plurality gained by
the successful candidate at any of our Presidential
elections except that of 1904, when Mr. Roosevelt’ s
plurality was 2,541,702. Notwithstanding, however,
this plurality over the next highest candidate, Mr.
Wilson’s popular vote of last Tuesday ran short
1,500,000 of the vote for Roosevelt and Taft com­
bined, and was therefore less than half the total vote
cast for all candidates. This, however, is not so un­
usual a result as may be imagined. Even in Cleve­
land’ s sweeping victory of 1892, although his popular
plurality over Harrison was 380,000, the combined
vote of all the opposing candidates (including a mil­
lion votes polled by the Populist Party) ran 937,000
above the vote for the successful candidate. Lincoln
in 1860 polled nearly one million votes less than his
three opponents combined. John Quincy Adams in
1824 received less than one-half of the vote which was
cast for his three antagonists— one of whom, in fact,
received a substantially larger popular vote than Mr.
Adams. That election, it will be recalled, was thrown
into the House of Representatives.
Among the incidents of the election, which add em­
phasis both to the re-alignment of parties and to the
scope of the Democratic victory, are the facts that
Massachusetts has voted for a Democratic President
for the first time in its history and Maine for the first
time since 1852; that Pennsylvania, the Republican
stronghold, which polled 297,000 Republican plurality
in 1908, divided its vote last Tuesday with fair equal­
ity between the three separate parties, giving a plural­
ity to a third-party candidate for the first time in its
history, and that Governor Wilson, while carrying his
own State and the State of his party’s Vice-Presiden­
tial nominee, also carried the States of the Presiden­
tial and Vice-Presidential candidates on the Repub­
lican ticket, and, if the Denocrats have got Califor­
nia, on the Third Party ticket also. Mr. Roosevelt,
in fact, came out a very bad third in his native
State To this may be added, as a further oddity
of the electoral result, the fact that all but one
of the seven Governors, who last February called
on Roosevelt to run because ua large majority of
the people favor your re-election,” had the pleas­
ure of seeing their respective States go Democratic
last Tuesday.
Looking at another aspect of the returns, the vote
cast last Tuesday for Mr. Roosevelt was the largest
ever polled by a third party in our history. Its total,
upwards of four millions, compares with a previous
third-party maximum of 1,040,886, which the Popu­
lists cast for Gen. W eaver in 1892. This is, moreover,
with one exception the first occasion in our history
when a new party has come second on the poll; that
exception being 1856, when the Whig Party, then ad­
mittedly in process of disintegration because of the
slavery issue, nomina ted ex-President Fillmore against




[VOL.

LXXXXV.

the nomination of Fremont by the new Republican
Party. That new party had polled only a beggarly
156.000 popular vote in the Presidential election ol
1852; but in the 1854 election it cast 1,341,264, or
465.000 more than the vote cast by the Whigs. There
was no Whig candidate presented at any national elec­
tion thereafter.
This precedent suggests the most important political
problem underlying the electoral results of the present
week. To compare the present situation with that of
1856, when the questions of slavery and of preservation
of the Union overtopped every thing else would be
clearly unreasonable. Nevertheless, the question
now, as then, comes forcibly to the front, what is to
be the future of the Republican Party and of the
new Third Party.
We have shown that the Democrats last Tuesday
polled only about 44% of the country’s popular vote.
This might appear to indicate that, had there been
only two powerful tickets in the field, the Democratic
candidate would have met defeat. But that, as a
matter of fact, is no safe inference. A strong third
party always and necessarily draws away voters to
some extent from all of the other parties, and the
country’s general expectation, in advance of the split
in the Republican Party had leaned rather to the
view that this was a “ Democratic year.” The real
question nevertheless remains, whether we are to
have three full-grown parties in our future national
politics, or, if not, which of the two Republican
factions will hereafter control the opposition to the
Democrats.
The long existence of more than two great national
parties would scarcely be in accord with American
political instinct. Nor, in fact, can it be said that
the recent campaign was in any fair degree a test of
the new party’s power as a distinctive political
organism. Nothing has been more evident, throughout
the recent campaign, than the fact that the so-called
Progressive Party was Mr. Roosevelt. It was wholly
identified with his personal fortunes. It does not
require very long recollection to remind one that the
Progressive Party was not seriously considered as a
factor in the coming contest until Mr. Roosevelt
announced his willingness to be its candidate. The
party’s campaign, it will be recalled, came invari­
ably to a standstill when he was absent from the
scene.
Analysis of the party’s constituency during and
since the campaign has pretty clearly shown that,
except for his personal prestige and popularity, re­
enforced by demagogic appeals quite without parallel
in our political history, the actual character of its
constituency was not very different from that of the
Populist Party, whose career reached its climax in
1892. Yet that party, after surviving actively two
Presidential elections and nominally participating in
another, disappeared so completely that even its name
no longer appears in the list of party nominations.
It is not without significance that the admitted reason
for that disappearance was the return of prosperity
to the sections of the country where the Populist
movement had flourished. In other words, it was a
hard-times party. But parties of that sort, though
perfectly familiar in the history of this and other
countries, are not apt to enjoy a permanent existence,
and the career of this latest of them begins in a trade
revival. That fact, and the weakness shown by the
Third Party’s entire dependence on one candidate in
the recent campaign, are sufficient to indicate why

NOV. 9 1912.]

T H E C H R O N IC L E

the long existence of the three parties in their present
status is scarcely probable.
But if we are not to witness a continuance of the
present division of the electorate into three strong
parties, the question is clearly left for consideration,
whether the Republican Party is destined to re-absorb
the voters who left it this year for Mr. Roosevelt, or
whether it is destined itself to be absorbed by the
new party. It is early to venture a conjecture on
this point. At the moment, the breach between the
two wings of the Republican Party is seemingly
irreconcilable. One may conceive of the personal
animus of the Third Party itself altered by the ending
of Mr. Taft’ s Administration, or by the withdrawal of
Mr. Roosevelt, or simply by continuance of prosperous
times, so that these Third-Party voters of 1912 might
find their way back to the Republican Party’s ranks.
But a general drift into the new party’s ranks of
voters who cast their ballots for Mr. Taft last Tuesday
can scarcely be imagined. Their resentment over
Mr. Roosevelt’s policy before and during the campagin is deep and just. AH'of them feel that a great
party has been violently disrupted for the purpose
of serving personal ambition. None of them is likely,
even in the longer lapse of time, to forgive him for
his conduct of this year, and we certainly do not
think that they ought to do so. In particular, we
fail to see that the anger over the dishonest and in­
sincere talk about Mr. Taft’s “ stolen nomination,”
which was started at the time when Mr. Roosevelt
was using every imaginable effort to “ steal” exactly
the same nomination by exactly the same means,
can rightly be allayed.
Taking the broadest view, the possibilities of the
future may be thus stated: Either the Third Party,
like the Populist Party of twenty years ago, will grad­
ually disintegrate through the drift of its voters back to
their original places, or else the Republican Party, like
the Whig Party of 185G, will perish as a political
organization, leaving its following to be distributed
among the other parties. Our own opinion as to
the total improbability of this second result has been
already expressed. If, however, it should happen,
then, in the light of political experience, it could
occur in only one way. The so-called Progressive
Party, it may be imagined, would become so radical
(on the lines set down in its own Chicago platform)
as to absorb to itself the sympathetic elements in
both the older parties. There have been some signs
of such a tendency, in the declarations both of Mr.
Roosevelt and his party organization during the
closing days of the campaign. Supposing that to
happen, the natural order then would be for the
Democratic Party to become distinctly the party of
conservatism. In the face of such division of the
political field, conservative Republicans who voted
for Mr. Taft last Tuesday would obviously drift
to the Democratic Party, and both that and
the new party would thereafter be completely
realigned.
We state this merely as a hypothetical possibility
and not as a political probability. It is obvious,
however, what light it throws, even as a possi­
bility, on the wiser course for the Democratic Party
during the next four years. The danger surround­
ing an opposition party, swept into power by
such immense pluralities as those of Tuesday, are
familiar to all students of past and contemporary
history. It was very distinctly shown after our own
Presidential election of 1892. But this much should




1241

be observed, that, whereas in 1892 the faction of
dangerous radicalism was within the Democratic
Party— the line between radical Democrats and
ordinary Populists being, in fact, exceedingly difficult
to draw— at the present time the party of declared
ultra-radicalism is outside the Democratic lines and
wholly in opposition to that party.
The wiser policy of the new Democratic Congress and
Administration would seem, therefore, to be plain.
Were its pluralities so small as to make it dependent
on the help of the Third Party leaders in order to
place its measures on the statute books, there would
be danger that the radicals of that other party might
influence Democratic councils. No such political
necessity seems now to exist. So far as can yet be
seen, the indications are that prudent councils will
prevail with Governor Wilson in his Presidential
policies, and he will presumably be sustained in such
regard by the better element in the party. Further
than this, the party, its candidate and the country
at large enjoy a great advantage in that the new
President takes office under the auspices of real
prosperity. This has a bearing on the future, not
only from the fact that our business organism will not
bo subject in the degree of 1894 to real or imaginary
shocks, but also, and of more importance, because the
decrease in popular discontent and radicalism, as a
result of individual prosperity, should serve before
very long to hold up the party’s hands in prudent,
large-minded and conservative public action.
THE CONTROL OF TRUSTS*
Some years ago a distinguished public lecturer was
in the habit of saying that the best material for
prophecy was to be found in the opinions of the edu­
cated young men of the country. In the welter of
new and more or less disturbing schemes for the re­
organization of the State and of business in which
we find ourselves to-day, it is a relief to come upon a
book by a leading teacher of young men which is
notable for both its sound views and its optimism.
Prof. John Bates Clark, of the Department of Political
Science in Columbia University, in collaboration with
his son, John Maurice Clark, Assistant Professor in
Amherst, has gathered and re-stated his teachings
in economics in view of the present situation in a new
book bearing the title of this article. Prof. Clark
for many years has been a teacher of economics to
college and university men, and has long been known
for the breadth and accuracy of his knowledge and
the clearness and moderation of his views.
He recognizes clearly the development of the modern
world and the permanence of the leading forms of
industry and of commerce. The great corporation
has come to stay, and the combinations both of capital
and of labor are inevitably joined to human progress.
The world is not going to turn back. He recognizes
also with equal clearness the evils that have grown
up in connection with them, and the inevitable diffi­
culties connected with a proper control and the secur­
ing of the public weal. He believes that these will
be surmounted, and in the face of all the turmoil in
which we are, his book opens with a vision of the ulti­
mate goal which, coming from such a source, is well
worth repeating. Without radical or upheaving
change in the structure of society, he sees before us
“ endless progress insured by forces that in them­
selves are held old and familiar.”
* “ T h e C ontrol of T r u s t s ," b y J oh n B a te s C lark an d J ohn M au rice C lark .
P u b lish ed b y T h e M acm illan C o ., N e w Y o r k C ity .
P rice, ? l 2 5 .

1242

T H E C H R O N IC L E

“ We shall see,” he says, “ the wealth-creating power
of the social organism always growing, wages always
rising and capital often amassed, indeed, in great cor­
porate capitals, but also divided in its ownership
into a myriad of little holdings among the people.
We shall see workers gradually acquiring capital while
still earning wages in the mill. We may see business
productions moving so steadily that bonds and even
the stocks of industrial companies may become com­
mon and safe forms of investment of workmen’s
savings. It is a happy feature of the outlook that the
old and sharp line of demarcation between the capital­
ist class and the laboring class will be blurred and in
many cases obliterated— since men who work would
have a proprietary interest in the tools they use and a
share in what the tools produce. The Socialist is
not the only man who can have beatific visions, for
the picture of the manly development of the laborer,
with a perpetual rise in wages and increase in savings,
in home owning, in personal independence and in
culture, is presented to every one who sees what com­
petition is capable of doing.”
The central thought of his economic teachings is
the guaranteeing of free and effective competition.
This is essential to the development of human enter­
prise, the quickening of man’s inventive faculties and
the preservation of the spirit of emulation, which is
necessary for the full development of man’s powers.
Because this is essential, both to the growth of the
individual and to the providing of the means of life
to the community, it must be recognized as the chief
permanent factor in industrial and commercial prog­
ress. To guard this against the evils which to-day
surround and threaten us must be the one purpose
of the community and of the State. To-day this is
chiefly imperiled by the peculiar development of the
great corporation and the trust, and the chief question
before the community is how these new factors in the
business world are to be dealt with. Most of the meas­
ures proposed for their regulation fall into one or the
other of two classes: those which would merely destroy
monopoly and make competition free and those
which would recognize the principle of monopoly and
protect the public by official regulation of prices.
In opposition to both these, he advocates the regulat­
ing of competition, in the belief that this can be done
with no disruption of the business system, and in such
a way as to prevent cut-throat operations for the
crushing of rivals, while creating a condition in which
competition of a tolerant kind would rule busi­
ness life and develop the highest form of business
activity.
This is obviously a task confronted with extreme
difficulty; and the moderation and soberness of the
author are thoroughly manifest in the candor with
which he recognizes the difficulties, and the modesty
with which he suggests possible remedies.
Starting with the statement that the preservation
of competition is bound up with that general progress
in things economic on which hang the hopes of every
class of men, because it alone offers the key to success
in solving problems of commercial expansion, and is
creating conditions for healthy progress in all the prac­
tical arts, he says the great question to-day is: “ Have
the great corporations a complete monopolistic
power, and can this power of monopoly be removed ?”
Certain of them have large powers to repress com­
petition, but we may be assured that in none is it
complete; and the vital question upon which our
whole policy depends is: Can the monopolistic




[VOL. L X X X X V .

element which they contain be taken from them?
If
this cannot be done, the alternative may well be
Socialism, though we are a long way from accepting
that alternative; and the plan by which it is proposed
that the Government should take possession of the
great industries and dictate the prices at which they
shall sell their products is a program not to be com­
mended. The key to success in the line in which we
must walk is afforded by the natural forces which even
now put a strong curb on the great corporations.
We have to strengthen that curb, and do what the skil­
ful physician does when he helps his patient to get
well by removing obstructions that prevent the vital
forces from effecting the healing.
The course is never easy, or freely opened, for great
corporations to become monopolies; and the experience
of the ’80s of the last century, when trusts had such a
hard time, is illuminating. When prices are raised
beyond a certain point, owing to a too grasping policy,
that still happens which has often happened in the
past new competitors threaten to enter the field, and ruin
awaits all. The real difficulty is that the influence
of this latent competition cannot be strengthened, as it
could in earlier days, and the question now has narrowed
itself into securing for the possible competitor the way
to become an actual one, as promptly as possible. The
danger is of his being crushed before he has a chance to
establish himself, and by an entirely abnormal influ­
ence which a trust is able to exert. If the great
company could be prevented from doing these things,
the competitor would be comparatively safe, and the
mere possibility of his coming would hold prices near
to a proper level. The trusts would then benefit the
people by their economies, and not greatly trouble
them by their exactions.
Experience is teaching that various ways are open
by which reasonable but efficient control can be
secured. The tariff has been a constant source of
difficulty, and the changes now proposed in it are a
genuine ground for anxiety and commercial dis­
turbance. Professor Clark’s opinion is that there are
few measures against which the country is safer to-day
than it is against a sweeping obliteration of import
duties. But it is possible to use the tariff for the
control of monopolies by lowering it, whenever prices
become unreasonable, to a point that will call in foreign
products. This can be done with one article at a
time as fast as the need appears. Then the trust
will have small incentive to crush independent rivals,
and so far the field will be kept clear for the opening
of new enterprises.
Prohibiting railways from entering pools, he thinks,
is a mistake. Such union of roads under properly
regulated Governmental control, such as the Sherman
Law is now developing, will secure uniform charges
and a fair field for small producers, and will do it
more effectively than if railroads are kept from
pooling their earnings, and are forced back into the
earlier form of independent rivalry. That creates
conditions which Government regulation can far less
effectively control. The country already has come to
recognize that the common carrier is, in the largest
sense, a public servant whose position is strategic, and
who cannot be allowed to contribute to a monopoly
in the economic field. There is no necessity for the
consideration of Government ownership until efficient
Government regulation has been proved impossible*
which is far from being the case.
As to the big corporation itself, size without preda­
tory power, so far from being an evil, tends to make

Nov. 9 1912 ]

T H E C H R O N IC L E

the corporation beneficent, though size with this evil
endowment makes it a menace to freedom. The de­
mand for drastic and dangerous action on the part
of the State begins when the power of the corporation
to club out of existence competition, reveals itself in
the fact that the potential competitor does not prompt­
ly appear as ho is needed. It is not impossible to
discover in any one of the familiar ways this clubbing
has begun. An end of this corporation clubbing must
then be made by clubbing on the part of the State;
that is, by such immediate recognition and prompt
interference by the State as will secure the rise of the
possible competitor. There is reason to think, since
the efficiency of the Sherman Act has been reached,
that this remedy is now at hand. The actual present
situation is one in which a hundred great corporations
would have become unrestrained monopolies if they
had not been under the restraint of potential competi­
tion. That restraint is all that is needed. When we
shall have made each one of the abnormal practices
by which competitors are terrorized legal offenses, and
shall condemn corporations that have engaged in these
practices, we shall have made a very real beginning
of a scientific and permanently effective policy in
dealing with trusts.
In proportion as this is done, the demand will cease
that the Government shall take industries into its own
hands and manage them itself for the public welfare.
A short time ago it seemed as if the method of control
that had developed was sufficient. To-day it is
apparent that something more is needed. It is safe
to say that the Sherman Law is going to be retained,
and the people will rely on it to help In stopping
unreasonable restraint of trade. Unreasonable re­
straint now may be understood as meaning that unfair
action has been taken against new competitors, and
that for the sake of profit a check is put on the amount
of goods produced and sold. These two practices are
the chief evils. If they could be eliminated, the mere
ending of competition between the parties in the
combination would not necessarily lead to harm. Two
plans of dealing with this situation are possible: the
regulating of prices by the Government and the re­
stricting of the size of consolidating companies. The
first would mean failure to secure regulation of a
natural kind, would put a damper on inventive genius
and would actually furnish a motive for suppressing
improvement. The second plan, restricting the size
of companies, would give no real promise of benefit.
On the contrary, high centralization, if it can be
united with effective competition, is an obvious
benefit. It would give greater steadiness to the
general economic movements. Booms and crises
would be less frequent, and the accumulation of capital
for great enterprises, which lias already become so
manifestly necessary, would be encouraged rather
than impaired.
So far as can be seen at present, two measures are
necessary to secure this union of free competition with
an unrestrained accumulation of capital for large
purposes: free publicity and restricted control of
rival corporations in single hands. Publicity se­
cured for prices at which goods can be sold, especially
if uniform prices at the factory can be established,
will do much to prevent oppression and to secure for
the public the supply of commodities on fair terms.
This can possibly be accomplished in part by legisla­
tion and in part by popular demand. But, without
prescribing details or venturing to determine the
method, it is clear that an increased publicity in




1 2 43

regard to the distribution and sale of products, as
well as in regard to the reports of corporations, will go
far to clear the atmosphere and help forward the new
movement.
A present evil which is coming to be widely felt is
the holding of stock of one corporation by another.
In this way a small group, even with limited capital,
can by skilful management get absolute control of
large corporations, and secure entirely in the hands
of a small minority a consolidation which can be used
for the destruction of competition, for the injury of
the public, and in disregard of the interests of the
actual owners of the properties. In some way this
must be prohibited, and Holding Companies wilt
probably have to be abolished. Federal legislation
can reach it in inter-State relations and the States
themselves can deal with it within their own
bounds.
Here is a place for Commissions, and Trade Com­
missions may well be created to deal with the whole
subject of publicity in regard to price and restriction
in regard to holdings of stock. The particular method
by which the result is to be reached is not important.
The aim is what is to be kept cleartyin mind. We
cannot prevent complete dominion of one great cor­
poration in any department of industry merely by
prohibiting combination. Our experience is a record
of the futility of this course. It is the duty of the
State to secure the right of any man to enter business
without fear of oppression. We must aim at re­
establishing a measure of active competition wherever
it is in danger of disappearing and must create the
conditions that are necessary to enable it to continue
without degenerating into cut-throat warfare. Com­
petition which aims to put another man out of business
or which is merely a spurt of low prices is not for
the general welfare; for it means a prompt return to
high prices, with the probable reduction in consump­
tion and the non-employment of labor. The real
object of competition should be to secure the survival
of the most fit; and fitness to render service can be
determined only under the right kind of regulation
of the rivalry. The prize is to be won by merit, not
by trickery or deceit. It is not to be a contest of
unrestrained self-interest, but of rivalry in securing
the public welfare.
So far as Government action is to proceed, it is
highly important that the laws be such as can be
readily understood. They must not become dead
letters through vagueness, nor must they leave the
business world without the power to know whether
they are within the law or not. The various Com­
missions are rendering great service, especially in the
indeterminate bills; and we are making steady progress
toward a satisfactory situation. What is needed is
recognition of the fact that honesty is the only prac­
ticable policy, and that in the long run the welfare
of the individual is wrapped up in the welfare of the
community. The outcome of this teaching is wholly
normal and healthful, and the closing statement of the
author may be accepted that “ the time should not be
far distant when the business world at large will catch
the constructive spirit, and when the laws will be­
come practically self-enforcing, because business men
shall recognize the duty of fair competition, and
accept as a public trust the power to maintain it in the
field where vast enterprises rule. If so, we shall see
the new competition promptly 'established as the
means of securing to laboring humanity a maximum
of power and justice with a minimum of restraint.”

1244

T H E C H R O N IC L E

THE BALTIMORE & OHIO REPORT.
The annual report of the Baltimore & Ohio Railroad
Co. attracts attention for nothing so much as for the
evidence it affords of the wisdom of liberal expendi­
tures and liberal capital outlays for reproductive
improvements calculated to insure economies of
operation and for the co-incident disclosures that such
new capital outlays must be steadily continued, no
matter how large the previous outlays may have been.
The report is particularly instructive in the striking
testimony it furnishes of the benefits that are accruing
as a result of the outlays of this description already
made.
Gross earnings increased $4,449,319, as compared
with the twelve months preceding, but only $1,943,470
of this was consumed by augmented expenses, leaving
an improvement in net of $2,505,849. When the
details; of the expenses are examined, it is found that
substantially the whole of the increase in expenses
occurred in the maintenance accounts, where there
was an addition of $1,085,838 in the expenditures for
maintenance of way and structures and an increase
of $769,914 in the expenditures for maintenance of
equipment. The transportation expenses were actually
reduced slightly— $67,265. President Daniel Willard
in his remarks is moved to comment on this note­
worthy achievement. Of course, if the volume of
traffic had remained stationary, there would be nothing
remarkable about the fact that transportation ex­
penses had also remained stationary. As a matter
of fact, however, the volume of traffic (notwithstand­
ing some loss in the passenger business) increased in a
very substantial way, as the large gain just cited in
aggregate gross earnings makes palpably evident.
In the case of the number of tons of freight carried
one mile, which is the true measure of the volume
of transportation service rendered, there was an
increase of no less than 786,879,352 ton-miles. In
face of this large addition to the tonnage movement,
the number of miles run by the freight trains on revenue
tonnage was actually decreased 4,030,887 miles, the
revenue freight-train mileage for 1912 having been
only 22,527,032 miles, as against 26,557,919 miles in
1911.
Translated into noil-technical language this means
that the freight trains in 1912 hauled an average of
554 tons (excluding company’s material), as against
an average of only 440 tons hauled in the preceding
year. The increase has been, it will be observed,
roughly, 114 tons, or nearly 26%. Such signal im­
provement in a single period of twelve months stands
out as a most significant fact and is an achievement
not readily duplicated. President Willard points out
that the extensive program for additions and better­
ments authorized and directed by the Board from
time to time during the past three years and for
which provision was made through the issue of the
company’s 3-year notes is nearing completion. Much
of the more important work, he says, has been com­
pleted, and the benefits are reflected in the great in­
crease in average train-load just noted. Co-incident with
this increased train-load the earnings of the freight
trains on revenue tonnage averaged $3 21 per mile in
1912, as against only $2 54 in the previous year.
Mr. Willard expresses the opinion that with the
final completion of the work now under way, a con­
siderably larger volume of business maj' be handled
and with more marked economy, But he goes a step
further and furnishes evidence, going to show that new




[VOL.

LXXXXV.

capital outlays and work for improvements can never
be discontinued. He argues that “ the immediate
response to these increased facilities in the way of
additional developments on your company’s lines
suggests the necessity in the near f uture of further
expansion, particularly at terminal points, and the
addition of equipment necessary to care for the con­
stantly growing traffic.” The amount charged to
capital account during the year in connection with the
equipment was $7,586,420 and the capital expenditures
for additions and betterments aggregated $11,975,877,
or 19>£ million dollars together.
The chief bearing of these large new capital outlays
from year to year lies in the circumstance that they
mean additions to capital account on which a return
must be earned in the shape of interest on bonds or
notes, or dividends on new issues of capital stock.
It follows, therefore, that net income should increase
correspondingly or the yearly surplus above interest
charges and dividend requirements will become
impaired. The company’s business is expanding in
a satisfactory way, but the gross revenue from the
same is not productive of net income in the same
way as in the past, the Baltimore & Ohio’s experience
in that respect being like that of all other railroad sys­
tems in the United States. We have already seen
that in the year under review aggregate gross earnings
increased $4,449,319 and this, too, after a loss in
the previous year of only $756,248. Yet traffic
conditions during the twelve months were by no means
entirely favorable. It is pointed out in the report
that tonnage decreases were quite general through
the commodities grouped as products of agriculture,
products of animals, products of the forest, 'and in
many items of manufactures, the shrinkage being
ascribed to unfavorable weather conditions and the
apathy in commerce and manufactures which pre­
vailed in the early part of the fiscal year. On the
other hand, however, in the latter part of the year
there was a marked increase in the mineral tonnage
and in certain branches of manufactures, anticipating
the revival in general manufactures and commerce.
With the aid of this latter circumstance, gross earn­
ings from rail operations, we have already seen, were
increased $4,449,319, bringing them up to the largest
total in the company’s history. The net results,
however, for the late year were far from the best on
record— and this, too, notwithstanding the growing
economies of operation. As already stated, these
net earnings were substantially better than they had
been in the year before, but nevertheless they are
very much less than in 1907 or in 1906. The net
now is $27,218,145, whereas in 1907 it was $29,520,897
and in 1906 $29,166,799. In the same six years
gross earnings have risen from $82,508,719 to $94,­
040,594. Thus in face of an addition of 1 1 ^ million
dollars to gross, net earnings have diminished $2,­
000,000. What is particularly significant is that the
diminished productivity of the gross earnings has
come about in face of the large amounts spent for
improvements and the great economies of operation
effected thereby.
This growing efficiency of operation is really more
noteworthy than has been indicated above by com­
paring, the figures for the last two years. If wo go
back to 1905. we find that the number of tons of revenue
freight carried one mile then was only 9,637,000,000,
whereas for 1912 it was 12,490,000,000. Yet to do
this greatly increased amount of work the freight
trains ran only 22,527,032 miles in 1912, whereas, to

Nov. 9 1912 ]

T H E C H R O N IC L E

haul the much smaller tonnage of 1905 the trains ran
an aggregate of 23,945,188 miles. In these seven
years the average train-load was raised from 402 tons
to 554 tons and the trains increased their earnings per
mile run from $2.2893 to $3.2168. And, as showingin what a wonderful way the business of the system
has been developed, we may note that from $16,185
per mile of road in 1905 the gross earnings have in­
creased to $21,108 per mile in 1912. Net earnings
per mile of road, on the other hand, were only $6,109
in 1912, against $6,615 in 1907 and $6,502 per mile
in 1906. Thus the large outlays of new capital have
served to provide an expanding volume of business
and to reduce cost of operation; but have not brought
improvement in the net. On the other hand, fixed
charges, taxes and other deductions arc necessarily
rising. What this means in the case of a system like
the Baltimore & Ohio, which has spent money for
improvement purposes in a most liberal manner, is
indicated by the fact that such deductions for the late
year were $17,710,992, whereas in 1905 they were
only $12,366,807 and in 1904 but $11,720,383.
The result is that the yearly surplus above dividend
and interest requirements is now very much smaller
than it was a few years ago. Taxes, in particular,
keep steadily rising, the late year’s increase alone
having been $388,698. One encouraging feature is
that for 1911-1912 the surplus, by reason of the
improvement in net earnings, was better than that for
the year preceding. The company is paying 6%
dividends on its common shares, and on the operations
of the late twelve months had a surplus above the
dividend requirements in the sum of $2,421,927, as
against a similar surplus in the preceding year of $1,­
343,846. But as the total of the common stock
outstanding is, roughly, $152,000,000, this surplus of
$2,421,927 is the equivalent of only 1 ^ % on the
same, so that in face of the large expenditures of
capital from year to year and the great reduction in
operating cost effected thereby, the company in the
late year was able to earn only 7j^ % on its share
capital. That a system administered as is the Balti­
more & Ohio and carrying out such an enlightened
policy should be able to do no better than this, indicates
the trying conditions under which railroad operations
have to be conducted in this country.
BURLINGTON & QUINCY’S ADVANCE IN
OPERATING EFFICIENCY.
In the article immediately preceding, reviewing the
annual report of the Baltimore & Ohio RR. Co., we
point out some of the advantages that have resulted
from now capital outlays made to promote operatingefficiency, and indicate that these outlays are the fore­
runners of other outlays of the same description, in­
tended to secure still greater efficiency, so as to reduce
the cost of transportation service to a still lower basis.
The annual report of the Chicago Burlington & Quincy
furnishes a striking instance of the same kind of achieve­
ment, as a result of liberal expenditures for improve­
ment work. The results in that case are furthermore note­
worthy because the chief executive of the company takes
pain to state that on this important Western system (no
less than on the Baltimore & Ohio, whose lines lie in the
territory between Chicago and the Eastern seaboard)
large additional outlays for the purposes named will be
nocessary to enable the road to meet public requirements
and the needs of a constantly growing volume of busi­
ness. President Darius Miller of the Burlington &
Quincy takes occasion, likewise, to emphasize the handi­




1245

caps that lie in the way of procuring the money for such
expenditures, by reason of the existing governmental
policy, State and national, which interdicts advances
in rates and yet insists on conformance to a most ex­
acting standard of public service.
President Miller reports a reduction in the late year
in the passenger-train revenue and the freight-train
revenue alike, and then points out that this loss oc­
curred in face of a substantial gain in both the passen­
ger business and the freight business. The explana­
tion is found in the decline in the rates realized on
both passenger and freight traffic. For the fiscal year
under review the average rate received on the lines
of the Burlington & Quincy was only 7.52 mills, the
lowest in the history of the road. The average earn­
ings per ton of freight carried was $1,917, which is less,
we are told, than that earned in any year since 1900.
The average length of haul per ton was 254.92 miles,
which, while an increase of 3.72 miles over 1911,
was a decrease of 11.88 miles below the average haul
in 1910. It is undoubtedly true, therefore, says Mr.
Miller, that the decreases noted in freight eanrngs
per unit, while to some extent due to a larger movement
of low-grade traffic, were the result in considerable
measure of reductions in important rates made by the
Inter-State Commerce Commission and certain of the
State commissions.
In the passenger department the
average amount received from each passenger was
94.1 cents, as compared with $1,024 in 1911 and $1,040
in 1910.
The report goes on to show that, in order to meet
the continued demand for more and better service and fa­
cilities, the company has in past years expended very
large sums in the reduction of grade and curvature,
in acquiring more and longer side and passing tracks,
and in purchasing heavier locomotives and larger
equipment, whereby the train-load has been very
greatly increased. As illustrating what has been ac­
complished in the way of adding to the train-load, a
comparison is made, much in the same way that we
have often done, between the train-mileage of 1912
and that of eleven years' before, in 1901, when the
Burlington & Quincy came under the joint control of
the Great Northern and the Northern Pacific, and
Great Northern methods were introduced in its man­
agement. In 1901 the miles run by the freight trains
aggregated 19,314,987, whereas in the year under re­
view the aggregate freight-train mileage was only
17,554,338, or a decrease of somewhat over 9% .
During the same eleven years the number of tons of
freight moved one mile increased from 3,871,337,916
to 7,675,979,757, being a gain of over 98%. In other
words, in 1912 substantially twice the volume of freight
business was handled with over 9% less of freight-train
miles run to move it. During that period the average
number of revenue tons per train mile increased from
200 to 437, or an increase of over 118%. The average
number of tons per loaded car mile rose from 12.50
in 1901 to 18.2 in 1912, or an increase of over 45%.
Proceeding, Mr. Miller indicates what has been done
in the way of adding to the road’s facilities. It appeal’s
that single-track main mileage now aggregates 9,074
miles, against 7,789 in 1901, an increase of 16JA%,
and the aggregate of additional tracks, yard tracks
and spurs now amounts to 3,564 miles, against only
2,209 miles in 1901, an increase of over 61%. This
latter reveals a gratifying growth of yards and termi­
nal facilities. President Miller, in commenting on
these results, sa3rs with much force that these various
figures demonstrate that the efficiency of the trans­

T H E C H R O N IC L E

1246

portation service performed by the company has been
enormously increased and justifies the very large ex­
penditures that have been made to accomplish it.
He adds that it is not to be expected, however, that
the same proportionate increase in efficiency can be
continued, at least without continued expenditures for
necessary additions and improvements to the property.

Furthermore, many improvements and additions that
in no way increase earnings are, says Mr. Miller, de­
manded by the public in many places, and it is certain
that the sums required for these purposes will continue
to be very large in the future. He mentions as some
of the expenditures of this class the elevation of tracks
through towns and cities, the elimination of grade
crossings, both rail and highway, and new and more
expensive passenger stations.
The problem confronting railroad management is
how to get the money for this purpose. With the re­
fusal of public authority to permit any increase of im­
portance in rates, the problem of providing funds for
these non-revenue producing improvements has become
much more difficult. Mr. Miller argues that it is un­
wise to pledge the credit of the company for expendi­
tures of this character, because there is no compensa­
tion for the increase in fixed charges that results, and
a prudent regard for the welfare of the company re­
quires that such expenditures should be provided as
far as possible out of income.
Notwithstanding the obstacles in the way, however,
it is the intention of the Burlington & Quincy to con­
tinue its improvement work. This is evident from
what Mr. Miller says in the closing paragraph of his
report, as follows: “ With the growth of business, the
demand for increase in double-tracking, side and pass­
ing tracks, grade and line revisions, new and enlarged
terminals, new equipment, &c., may be expected to
continue, and while a large amount of this character of
new work has been done, there remains a great deal
of immediate and urgent importance that must be
accomplished during the near future, if the company
is to maintain its power to economically and success­
fully respond to the demands upon it.”
These remarks evince the true spirit and also evi­
dence a thorough understanding of the most effective
way of dealing with the situation. Of course, the Bur­
lington & Quincy has always enjoyed a high earning
power (thanks to its location and to good management),
and it is still able to pay, as well as to earn, 8% divi­
dends on its share capital. Therefore it enjoys ex­
cellent credit, and until itsearnings become seriously im­
paired it will be able to raise all the money it needs.
But not all railroad properties are so favorably situ­
ated in this respect as the Burlington & Quincy, and
in such cases there will manifestly be growing diffi­
culty in raising the money needed and for continuing
improvement work on the scale required. Is it not
poor policy, therefore, on the part of Government
to hamper and circumscribe the activities of the rail­
roads by adhering to a poli cy whi ch prevents the free flow
of capital into the railroad industry and takes away
the inducement for making investments in that industry.
B A N K IN G ,

F IN A N C IA L

AND

L E G IS L A T IV E

N EW S.

— Aggregate public sales of bank stocks this week wereJ68
shares, of which 25 shares at auction and the remainder at
the Stock Exchange. One lot of 5 shares of trust company
stock was sold at auction.
Shares.

B AN K S— New York.
Low. U tah . Close.
*15 City Bank, N ational________ 440
445
440
203
203
*25 Fourth N ational____________ 205
205
205
t 25 Irving N ational_____________ 200 X 200 X 200 X
T R U S T C O M PA N Y— Brooklyn.
5 Franklin T ru st_____________ 240
240
240
•Sold at the Stock Exchange, a B y transfer.

F*3 Commerco, N at. Bank o f ----- 203




Last previous sale.

O ct. 1912— 430
N ov. 1912— 203
July 1912— 200
___________________
O ct.

1912— 225a
.................

[VOL. LXXXXV.

— The Congressional committee which is investigating the
so-called “ money trust” will resume the examination of
witnesses on N ov. 20. The public hearings of the committee
were temporarily suspended in June.
— The commission named by President Taft to investigate
the Board of United States General Appraisers began its
hearings on Wednesday in the law library of the New York
Custom House. It met again on Thursday, and it is under­
stood that it will hereafter be in session two days a week.
Its report is expected to be ready by Jan. 1. The commis­
sion is composed of Winfred T . Denison, Assistant U. S.
Attorney-General, Chairman; William Loeb Jr., Collector
of Customs at New York, and Felix Frankfurter, law officer
in the Bureau of Insular Affairs of the War Department.
— Two suits for $75,000 each were instituted in New York
on the 2d inst. under the Sherman Anti-Trust law in an at­
tempt to dissolve an alleged “ candy combine.” The suits
are brought by Pincus Mullman, a wholesale confectioner.
In one of them, filed in the U .S . District Court, he names
as defendants Henry Heide, Greenfield & Sons, the Novelty
Candy Co., James A . McClurg & Sons, A . Slauson & Co.
and Hawley & Hoops, candy manufacturers, who, it is
alleged, have combined with other manufacturers as well
as jobbers to monopolize the candy business and to restrain
inter-State trade and commerce. The other action was be­
gun in the New York County Supreme Court against Morris
Waldman, Michael Tenzer, Charles Lubowsky, Joseph
Schwartz, Bernhard Horn, Solomon Vogelsohn and Harry
Vogelsohn, wholesale confectioners, and who, it is alleged,
constitute the executive committee of the Confectioners’
Club of New York, an organization through which, Mr.
Mullman charges, they are monopolizing and controlling
the candy business. Lawyer Dushkind, who is acting for
Mr. Mullman, states that these suits are only the initial
steps in a campaign against the alleged candy combine.
According to the New York “ Tribune,” Mr. Dushkind says
that, unlike the big “ trusts,” the candy combine is monopo­
lizing the industry through the means of the so-called mem­
bership organization. The “ Tribune” adds:
Each State has an association o f jobbers, and these various Jobbers’
associations have a national association called the National Jobbing Con­
fectioners’ Association, with a National Confectioners' A ssociation, and an
arrangement between the manufacturers’ association and the jobbers’ asso­
ciation that the manufacturers will not sell their products to non-members
of the jobbers’ association, while the Jobbers’ association shall not handle
the products of non-members of the m anufacturers' association. In this
manner they not only succeed In keeping new concerns out of the busi­
ness, but they are constantly driving some of the old ones out b y sus­
pending them from the association for cutting prices or for some other
Infraction.

•— Banks outside New York State may not make loans
upon real estate located in the State unless licensed by the
Superintendent of Banks. Attorney-General Carmody has
so advised Superintendent Van Tuyl, in response to an in­
quiry from the latter. Mr. Van Tuyl, in seeking advice in
the matter, stated that during times of financial stringency,
banks located in other States and countries have frequently
made large loans in New York City through their corres­
pondents without regularly engaging in such business or
maintaining an agency in this State for that purpose. He
also stated that trust companies and savings banks in other
States, but located near the boundary line have frequently
made loans upon real estate located in this State. Mr. Van
Tuyl asked whether such banks were required to be licensed in
compliance with Section 33-a of the Banking Law as amended
in 1911. Mr. Carmody decided in the affirmative. W e
quote the opinion herewith:
Banking Law, S ectljn 33a.— Foreign corporations.— Transactions o f
Banking Business In this State.— Loans on R ealty.
A bank situated In another State m ay not make loans upon real estate
located In this State unless licensed by the Superintendent of Banks.
Statement.— During times of financial stringency, banks located In other
States and countries have frequently m ade large loans In New York City
through their correspondents without regularly engaging In such business
or maintaining an agency In this State for that purpose. Trust companies
and savings banks In other States, but located near the boundary line, have
frequently m ade m ortgage loans upon real estate located In this State.
Inquiru.— A rc such banks required to be licensed In com pliance with
Section 33a of the Banking Law, as amended In 1911?
Opinion.— Section 33a of the Banking Law provides as follows:
“ Section 33a. License to certain foreign banking corporations.— No
foreign banking corporation other than a national bank shall transact In
this State the business of buying, selling, paying or collecting bills o f ex­
change or o f Issuing letters o f credit or o f receiving m oney for transmission
or transmitting the same by draft, check, cable or otherwise, or making
sterling or other loans, or transact any part of such business, or shall maintain
In this State any agency for carrying on such business or any part thereof,
(a) unless such corporation shall have been authorized by Its charter to
carry on such business as shall com ply with the laws of the State or country
under which It Is Incorporated: (6) unless the actual value of the assets of said
corporation shall be at least 5250,000 in excess of Its liabilities; (c) unless
said corporation shall com ply with all of the provisions of this chapter and
the requirements of the law applicable to It, and (d) shall receive from the

Nov. 9 1912.].]

T H E C H R O N IC L E

Superintendent o f Banks a license authorizing it to transact within this
State the business hereinbefore specified.”
The words underlined— " o r transact any part of such business” — make
it clear that, under the facts given in the statement, a foreign bank should
be licensed.
The statute is worded differently than Section 15 of the General Corpora­
tion Law. and evidently with the purpose of avoiding the application of
certain cases construing that statute which have held that the performance
o f isolated acts of business within the State does not com e within the pro­
hibition of the General Corporation Law, which prohibits “ doing business.”
Cooper Mfg. Co. vs. Ferguson, 113 U. S. 727. Haddom Granite Co. vs.
Brooklyn Heights H R . C o., 131 A p p. D lv., 685. It is clear that such a
construction would have no application to the Banking Law, which pro­
hibits the transaction of any part o f such business unless the bank is licensed.
Dated O ct. 20 1012.

— In an opinion given on the 1st inst. Attorney-General
Carmody holds that savings banks in New York State are
not authorized to treat as preferred deposits postal savings
bank funds or court funds, through a pledge of collateral
securities guaranteeing the payment of such deposits. He
furthermore maintains that savings banks cannot guarantee
a fixed rate of interest on such funds. Under the law
regulating the Postal Savings bank system, postal savings
funds deposited in State or national banks are required to
bear interest at not less than 2J 4% per annum and the rate
fixed by the Board of Trustees is 2 J ^ % , payable semi­
annually on January 1, and July 1. The Act also calls upon
the Trustees administering the postal savings system to
take from such banks such security in public bonds or other
securities as the Board may deem necessary to insure the
safety and prompt payment of such deposits on demand.
Mr. Carmody points out-that the only authorization for the
pledging of securities of savings banks is found in Section 152
of the State Banking Law, which stipulates that “ no savings
bank shall borrow money or pledge or hypothecate any of its
securities except upon the written approval of the Superin­
tendent of Banks, and in pursuance of a resolution adopted
by a vote of a majority of its Board of trustees. The
provision was adopted in 1908 following the 1907 panic, and
was looked upon as a means for affording relief to a savings
bank subjected to a run by its depositors. In submitting
his views on the question involved, the Attorney-General
says:

1247

1904 and was probated February 28 1911. The Surrogate’s
Court of the County of New York denied the application of
the Guaranty Trust Co. that letters testamentary under
the will be issued to it; the Appellate Division in the First
Department, however, reversed the order of the Surrogate’s
Court and granted the application, and the Court of Appeals
affirms the action of the Appellate Division. The decision
of the Court of Appeals was written by Justice Collin and
was concurred in by Chief Justice Cullen and associate
Justices Werner, Iliscock and Chase; Justices Gray and
Bartlett concurred in the results. The conclusions of the
Court of Appeals were based on Section 39 of the Banking
Act which reads as follows:
“ E ffect of Merger.— Upon the merger of any corporation in the manner
herein provided all and singular the rights, franchises and interests of the
said corporation so merged in and to every species of property, real, per­
sonal and m ixed, and things in a ction thereunto belonging, shall be deemed
to be transferred to and vested In such corporation into which it has been
merged, without any other deed or transfer, and said last-named corpora­
tion shall hold and enjoy the same and all rights of property, franchises
and Interests in the same manner and to the same extent as If the said
corporation so merged should have continued to retain the title and transact
the business of such corporation; and the title and real estate acquired b y
the said corporation so merged shall not be deemed to revert by means
of such merger or anything relating thereto."

In writing the opinion Justice Collin said:

The merger transferred to the Guaranty Company “ all and singular the
rights, franchises and Interests o f” the Morton Company “ in and to e ve ry
species o f property, real, personal and m ixed, and things in action thereunto
belonging,” and empowered the Guaranty Company to "h old and en joy
the same and all rights of property, franchises and interests In the same m an­
ner and to the same extent” as the Morton Company would If It “ should
have continued to retain the title and transact the business o f” the Morton
Company. This language means not only that every right, privilege.
Interest or asset of conceivable value or benefit then held by the Morton Com­
pany (except the right to be a corporation) should pass into and be absorbed
b y the Guaranty Company, but also that every right, privilege, interest
or asset of conceivable value or benefit then existing whloh would Inure to
the Morton Company under an unmerged existence should inure to the
Guaranty Company. Nothing appertaining to the Morton Com pany was
to be lost, forfeited or destroyed.
The designation of the Morton Company as an executor created a privilege
or an interest in the estate of the testator appertaining to that com p a n y.
The privilege or interest was not com plete or vested; It was Incomplete,
potential and am bulatory. From it, undisturbed until the testators
death. Issued the absolute Interest of an executorship and the power to
participate In the control and administration of the testator’s estate and
receive the legal fees and commissions. That Interest had no source of
T ill! specific purpose, which it has been said was Intended, is, of course,
not expressed in the general terms of the amendment and m ay lie disre­ origin other than the will and the designation. The testator’ s death did
garded for the reason that the phraseology plainly indicates that the but com plete and vest that which theretofore existed. It existed, although
pledging of securities was not intended for the purpose of securing depositors, In an Incomplete, Imperfect and dependent condition, from the making
but was intended for the purpose of procuring credit and for guaranteeing of the will and at the time the merger of the Morton Company was consum ­
loans. Used for the purpose of guaranteeing the deposits of postal savings mated. Ignorance on the part of the Morton Company of Its existence did
banks would make these preferred deposits to the extent of the collateral not affect It. Through It that com pany would have been'an executor and
pledge. Such a policy Is absolutely foreign to the spirit of the regulations entitled to the letters testamentary If It had “ continued to retain the title
concerning savings banks. As Is expressed over and over again in A rticle and tfansact the business o f such corporation.” The merger transferred It
IV . of the Banking Law, it is intended that all depositors shall stand upon to the Guaranty Company and In effect substituted that com pany for the
Morton Company. The Guaranty Company was entitled to hold and en joy
an equal footing to share and share alike in the profits of the Institution.
This reasoning would apply equally to deposits of court funds.
Under It even as would the M orton Company under an unmerged existence. By
Section 746 of the Code of Civil Procedure, the State Comptroller has power virtue of the statute, effective as a part of the will, the Guaranty Company
to designate savings banks as depositories of such funds, and, as I am ad­ was designated as an executor, and as such Is entitled to receive the 1etters
vised, has never done so for the reason that under the advice of previous testamentary.
For the reasons stated, the order should be affirmed, with costs payable
Attorncys-Gcneral, the Banking Department had refused to authorize
tlie pledging of collateral to secure such funds. Under our present policy out of the estate.
as to savings banks, deposits therein cannot be secured by collateral.

— In an opinion handed down on the 1st inst. the Appellate
Division of the New York Supreme Court upholds the State
Banking Department in the test case brought to recover from
August C. Scharinann, a stockholder in the failed Lafayette
Trust Co. of Brooklyn, the face value of his holdings, in the
interest of the creditors of the institution. A decision in
favor of the Banking Department was rendered by Justice
Aspinwall in the Supreme Court, Brooklyn, in January 1911,
but this opinion was reversed in June 1911 by the Appellate
— Attorney-General Carmody has also decided that the Division of the Supreme Court, the decision in this instance
word “ bank” may not be used by a private banker in New having been written by Justice Woodward. A new action
York State who is not subject to the Superintendent of was thereupon started on behalf of the Banking Department
Banks nor required by law to report to that office. The by Frank M. Patterson, resulting in a decision last February
ruling applies to those organized to do business before by Justice Crane of the Supreme Court of Brooklyn sus­
October 1 1892 and after May 23 1885. The Attorney- taining the Banking Department in its efforts to recover from
General holds that this is so even where a banker was in the stockholders of the liquidating institution. The Appel­
partnership with others who were authorized to use the late Division in its present findings upholds Justice Crane,
word in connection with their business, when such partners by affirming judgment against the stockholders of the trust
have ceased, through death or sale, to have an interest in company. The New York “ Times” says that, according to
the business. The exemption to those doing business prior Mr. Patterson, this decision, unless reversed by the Court of
to May 23 1885, Mr. Carmody says, is a personal privilege Appeals, will tend to re-establish the Stockholders’ Liability
and docs not pass to another by purchase nor survive death.
Act, which was passed by the Legislature about twenty years
— A question involving testamentary rights in the case ago, but which has been generally unobserved because of
where a trust company which has been named in a will as alleged flaws found in it by some of the Courts of the State.
executor and trustee has, prior to the probate of the will, Mr. Patterson is also quoted in the “ Times” as saying:
“ This decision, unless reversed, will aflect the liability of stockholders
been taken over by another institution, was the subject of a
of all banking Institutions throughout the State In the case of Insolvency.
decision of the New York Court of Appeals on October 15. It means that the State Superintendent In all Insolvency cases will not
The matter concerned the will of Herman Bergdorf, who have to wait to relieve suffering depositors until all assets have been
died on January 11 1911, and who had named as one of the converted Into cash, but can proceed imm ediately on his own Initiative
to levy assessments on the stockholders to the amount of the stock held.
executors and trustees of the estate the Morton Trust Co. It Is a victory for the depositor, who in the past has been made to wait
of New York, which was merged with the Guaranty Trust years, sometimes, before getting a cent of his just belongings."
It is understood that an appeal will be taken.
Co. on January 27 1910. The will was dated November 2

Mr. Carmody holds that under Section 153 of the Banking
Law, interest or dividends can only be declared from the
earnings of the dividend period, and he concurs with the
opinion of the Department given in 1908, in which it was
held that no savings bank could promise in advance of the
declaration of a dividend what rate it would pay upon
deposits. This decision, in the Attorney-General’s view, is
applicable to postal savings deposits.




1248

T H E C H R O N IC L E

— That part of the constitutional amendment recently
adopted in Ohio which provides that the use of the words
“ bank,” “ banker” or “ banking” may be continued only
by private banks submitting to inspection by the State
Banking Department, will not become effective until suit­
able legislation bearing thereon is provided. This, the
Cincinnati “ Enquirer” states is the ruling of AttorneyGeneral Hogan of Ohio. State Superintendent of Banking,
F . E . Baxter, who requested an opinion in the matter, also
asked whether the same amendment, providing double lia­
bility of bank stockholders, meant that stockholders having
half their capital stock paid in would be doubly liable for
the unpaid portion of their subscription, or “ whether in banks
where only one-half of the capital stock is paid in it will
mean that the stockholders will only be called upon to pay
the full amount of their subscriptions.” The “ Enquirer”
says the construction of the language used in the amendment
convinces Mr. Hogan that the stockholders are liable for
unpaid as well as paid stock owned by them and double the
amount of the stock subscribed.
— The action of President Edwin S. Schenck of the Citizens’
Central National Bank of this city in purchasing four years
ago a large block of stock of the institution with the approval
of its directors in the interest of the employees has just come
to public notice with the completion of the payments on
the stocks by those for whom it was secured. Mr. Schenck
personally carried the stock for the employees, enabling
them to make their payments in small monthly installments.
Their holdings, it is stated, have increased $50 a share in
market value during the four years. Yesterday this stock
was quoted at 188 bid, 195 asked.
Judge Robert S. Lovett, Chairman of the Executive
Committee of the Union Pacific R R . and the Southern Pacific
Co., and Frank Trumbull, Chairman of the Board of Direc­
tors of the Chesapeake & Ohio R y ., were elected directors
of the National City Bank of this city on Wednesday to
fill vacancies.
— Frederic W . Allen, Vice-President of the Mechanics’ &
Metals National Bank, 33 W all S t., this city, has been elected
a director of tire National Surety Co., 100 Broadway, and
Charles R . Frost, Secretary of the Minnesota Bankers’ Asso­
ciation, hasbecnclccted Treasurcrof the company. Mr. Frost
will resign his position with the Minnesota Bankers’ Asso­
ciation.
— The 1 0 % dividend to the depositors of the failed Car­
negie Trust Co. of this city, approved by Supreme Court
Justice Newburger on Oct. 25, was distributed on Oct. 31.
This is the second payment made to the depositors since the
institution closed its doors in January 1911. The previous
dividend was paid in May 1911, and amounted to 2 5 % , the
return thus far aggregating 3 5 % . While Superintendent
Van Tuyl has on hand about $500,000 for future payments,
the distribution of this sum is dependent upon the outcome
of pending lawsuits. The company had about $8,000,000
of deposits at the time of its suspension.
— James T. W ood, formerly Vice-Chairman of the Execut­
ive Committee of the Northern Bank of this city, which
closed its doors in December 1910, and Vice-President of the
defunct Washington Savings Bank, was indicted by the
Grand Jury on the 1st inst. on a charge of making a false
report to the State Banking Department. The report, it is
stated, was made on October 27 1910 and was sworn to on
November 2 1910. The indictment was returned against
him within twelve hours of the time when the statute of
limitations would have barred proceedings. The charge,
it is stated, is based on the entry in the report of $208,000
as cash, whereas it is alleged that sum was represented by
checks of the Bankers’ Realty & Security Co., of which
Mr. Wood was formerly President; these checks are said
to haveconstitutedanoverdraft,the latter company at that
time, it is reported, having had no balance in the Northern
Bank. The accused surrendered himself before Judge Foster
in General Sessions on the 4th inst. and pleaded not guilty
to the charge. He was released under $2,000 bail.
— The question of reducing the capital of the Flushing
National Bank of Flushing, Long Island, from $150,000 to
$100,000, will be submitted to the stockholders on Decem­
ber G. It is announced that it is also proposed to increase the
number of directors from twelve to fifteen.
— William II. Williams, President of the Chamber of
Commerce of the Borough of Queens, has been elected a
director of the Queens County Trust Co. of Jamaica to
succeed William F. Wyckoff, resigned. Mr. Wyckoff was




[VOL. LXXXXY.

President of the Woodhaven (L . I.) Bank, which closed on
October 28.
— The Paul Revere Trust Co. of Boston moved to its new
banking house at 54 Devonshire St. on Monday. In the
remodeled quarters the company has modern and tastefully
equipped banking rooms. The Institution was recently re­
organized under the presidency of Edmund Billings.
— The Corn Exchange National Bank of Philadelphia, in
addition to declaring the regular semi-annual dividend of
5 % on its capital of $1,000,000, has charged off $50,000 on
account of its new building and added $50,000 to the sur­
plus, making that item $1,650,000.
— The Northwestern Trust Co. of Philadelphia, capital
$150,000, has increased its dividend rate from 8 % to 10 %
per annum, with the declaration of a semi-annual distribu­
tion of 5 % . An addition of $25,000 has been made to the
surplus.
— A first dividend of 37J^% was distributed this week to
the depositors of the Tradesmen’s Trust Co. of Philadelphia
by Receiver Percy M. Chandler. The company closed its
doors in September 1911.
— No successor to the late Frederick W . Prentiss as Presi­
dent of the Hayden-Clinton National Bank of Columbus,
Ohio, will be named until the annual meeting in January.
A t a meeting of the directors on the 24th ult. an executive
committee was appointed to act on all loans and investments
and generally supervise the affairs of the institution under
the direction of the board of directors. This committee
consists of David S. Gray, John G. Deshlcr, Randolph S.
Warner, William P. Little, Stanton G. Prentiss and William
C. Willard. Mr. Willard has been elected to succeed the
late President in the directorate of the bank.
— George M. Reynolds, President of the Continental &
Commercial National Bank of Chicago, whose recent indis­
position compelled him to take a brief respite from business,
has returned to his duties at the bank.
— L. F. Burchwood has been elected Secretary and Man­
ager of the National Safe Deposit Co. of Chicago to succeed
Daniel Peckham, retired. The organization is affiliated
with the First National Bank of Chicago.
— The enlarged capital, amounting to $3,000,000, of the
First National Bank of Milwaukee, became effective on the
1st inst. The amount has been raised from $2,500,000,
under the authority of the stockholders given in July. The
bank has also increased its surplus from $500,000 to $1,000 ,­
000, its working capital thus becoming $4,000,000. The
additional stock, it is understood, was disposed of at $180
per share.
— Mahlon Smith has been appointed an Assistant Cashier
of the Grand Rapids National City Bank. A vacancy was
created through the advancement of John L. Benjamin to
the cashiership to succeed Heber W . Curtis, resigned.
Arthur T . Slaght is the other Assistant Cashier of the in­
stitution.
— Without indicating the principals in the matter, Presi­
dent E . H . Bailey of the First National Bank of St. Paul
has issued a statement with regard to the acceptance by the
directors of the offer for the stock of the institution to which
we referred last week. The price offered the shareholders,
Mr. Bailey states, is $335 per share. In his statement he
says:

An offer has been made by a responsible party for the capital stock
of this bank, under the terms of which all shareholders will receive 5335
per share for their holdings.
The board of directors and resident shareholders, representing a large
portion of the stock, have already signified their acceptance of the offer,
and recommend Its acceptance by all shareholders.
As It will take some time to submit the offer to non-rcslden t shareholders
or those who m ay be temporarily abroad, complete delivery of the stock
and Its transfer to the purchaser cannot probably be effected until Jan. 1
next.
Notice will be Immediately forwarded to shareholders, requesting them to
flic their acceptance of the offer with the bank, and to forward thelrstock
certificates without delay, so that all the shares m ay bo In hand ready for
delivery not later than Dec. 15 next.

The First National has a capital of $ 1, 000,000 and on
Sept. 4 its surplus and profits were $1,355,649. It has been
the general belief that the prospective purchaser is James
J. Hill.
— Plans are being developed for the organization of a new
bank in the Stock-Yards district of East St. Louis, 111.
The venture, it is understood, has been undertaken by com­
mission men at the Stock Yards, and M. A . Bright, General
Manager of the National Live Stock Commission, is expected
to become President of the bank. It is to be organized as

Nov. 9 1912 ]

T H E C H R O N IC L E

the Drovers’ State Bank, but it is intimated that it may
later become a national institution. The capital has been
fixed at $200,000. The bank is to be in operation by Jan. 1.
— The Southwest National Bank of Kansas City, Mo.,
which consolidated with the National Bank of Commerce in
July, forming the Southwest National Bank of Commerce,
was placed in voluntary liquidation on Oct. 22.

1249

during the month. In the table below we furnish a com­
parison of the various items for the months of October 1912
and 1911 and for the periods from Jan. 1 to Oct. 31 this
year and last.
We also add figures showing the European
visible supply, which decreased 2,033,920 lbs. during the
month.
-------------October--------------------- Jan. 1 to Oct. 31-----„
1912.
1911.
1912.
1911.
Stocks beginning period-.lbs. 63,065,587 140,894,856
89,454,695 122,030,195
Production.............. .............. 145,405,453 118,255,442 1,303,870,805 1,197,165,040

— An action brought to restrain Conway Elder from acting
Total supply...................... 208,471,040 259,150,298 1,393,325,500 1,319,195,235
lor—
as President of the West St. Louis Trust Co. of St. Louis, Deliveries
Domestic consumption___ 84,104,734 64,068,307 691,804,430 575,583,355
Exports
---------- ------------- 47,621,342 60,084,349 024,776,106 608,614,238
Mo., was dismissed on Oct. 29. The proceedings were
initiated by Ben E . W . Ruler, who had been President since
131,726,076 124,152,650 1,316,580,530 1,184,197,593
the company’s organization in 1900, and grew out of Mr. Stocks end of period.............. 76,744,904 134,997,042 70,744,904
134,997,642
visible supply:
Elder’s claim that he was entitled to hold the office as a European
Beginning period------------- 99,093,120 150,841,600
128,313.920 187,705,280
End of period .................... 97,059,200 138,512,010
97,059,200
138,512,040
result of his election by the directors on Oct. 7; an election
A N T H R A C IT E COAL PR O D U C TIO N .— The shipments
held several days later, at which Mr. Ruler was re-elected
President,Mr.Eldercontended, was irregular. Jacob Maurer, of anthracite coal during October were 396,142 tons in excess
of those for October 1911 and 788,825 tons over those of
Charles G. Venz and Dennis O’ Leary, stockholders, were September. The table below gives the shipments by the
named as defendants with Mr. Elder. A statement emanat­ various carriers for October 1912 and 1911 and for the
ing from the company announcing the dismissal of the suit periods from Jan. 1 to Oct. 31:
-----October
-Jan. 1 to Oct. 31said that the action was found to be the outgrowth of mutual
Road—
1912.
1911.
1912.
1911.
misapprehension, and that the defendants in the suit have Philadelphia & Reading............tons. 1,434,923 1,273,412 10,385,395 10,738,574
Lehigh Valley-------------1,217,297
9,505,104 10,450,362
sold their stock in the trust company to the plaintiffs and Central HR. of New Jersey________ 938,297 1,109,170
913,048
6,709,128
7,570,830
Lackawanna & Western.. 970,139
880,699
7,325,085
8,186,628
have withdrawn as directors. Mr. Ruler has been reinstated Delaware
Pennsylvania.............
547,061
570,930
4,495,080
5,214,754
Delaware & Hudson.............
589,717
in the presidency.
604,722
5,126,694
6,013,488
— The new Richmond Trust & Savings Co. of Richmond,
of which John Skelton Williams is President, began business
on the 1st inst. in the quarters formerly occupied by the
National State & City Bank at 1109 East Main St. The
company’s formation was undertaken in July and the favor
with which it was received was indicated in the applications
for the $1,000,000 stock, the subscriptions within a few
days after the offering having exceeded $1,000,000. The
quarters in which the company is located have been remodeled
and are practically new in appearance. The institution will
operate as a regular, trust company in addition to con­
ducting a general banking business. President Williams
has the assistance of James G. Tinsley and E . L.
Bemiss as vice-presidents and R . J. Willingham Jr. as
Assistant Secretary and Assistant Treasurer.

New York Ontario & Western___
211 435
E rie...................... - ----------- ------------- 756,452

186,214
730.9S4

1,834,518
6,059,536

2,091,411
7,373,511

T o ta l.......................................... -.6,665,321

6,209,179

51,500,540

57,645,558

L A K E SU P E R IO R IR O N O R E SH IP M E N T S.— The
shipments of Lake Superior iron ore during October were
7,010,219 tons, an increase of 2,240,251 tons over the cor­
responding month last year. The movement for the season
from Jan. 1 to Oct. 31 shows the record total of 43,348,601
tons. During the season of 1910 the fleet moved 42,620,201
tons, the largest movement for a single season. This has
now been broken, with one month’s navigation to spare.
Below we give the movement from the various ports in
October 1912 and 1911 and for the period to date this year
and last:
--------- October---------- ------ To November 1-----Port—
1912.
1911.
1912.
1911.
Escanaba............................................. 652,894
677,807 4,603,879
3,761,054
Marquette............................................. 514,753
387,436 3,082,331
1,956,147
Ashland...................
759,716
381,595 4,382,877
2,260,381
Superior............................................... 2,002,767 1,368,893 13,100,013 9,315,002
D u lu th..................................................1,680,324
950,342 9,415,511
6,457,706
Two Harbors........................................1,393,765
997,892 8,703,960
5,853,212

— The First Trust Co. of Portland, Ore., opened for busi­
Total
.7,010.219 4,769.905 43,348,001 29,607,102
ness on Nov. 1 at the corner of 3d and Washington streets.
The company’s formation was reported in our issue of July 13.
Canadian Bank Clearings.— The clearings of the Canadian
The nature of the business to be transacted is that of in­
banks for the month of October 1912 show an increase over
vestment banking and regular trust business, and four forms the same'month of 1911 of 2 7 .0 % , and for the ten months
of investment will be featured. One of these, the 6 % in­ the gain reaches 2 5 .3 % .
stallment certificate, is so arranged that weekly or monthly
payments can be made, and it will mature at the end of Clearings alInc. or
Inc. or
each year, there being no forfeiture clause, as all money paid
1912.
1911.
Dec.
Dec.
in will be refunded together with the 6 % interest. There
Canada—
S
S
%
will also be a trust fund receipt which is executed for any Montreal . . . 282,733. 038 217 ,715,346 + 29.9 2,344/ 48,171 1,911,421,390 + 22.0
T o r o n to __ 200,799. 234 155
+ 29.4 1,780,328,230 1,494,210,749 + 19.1
amount entrusted to the company, which will immediately W innipeg... 152,652, 206 133 ,221,805
,202,438 + 14.5 1.174,428,097 883,058,111 +33.0
Vancouver.. 59,492, 120 49 210.372 +20.9 528,868,877 439,777,074 +20.3
be invested in the same class of securities in which the O
ttaw a___ 18,841, 195 19 199,275 — 1.9 209,131.005 172,317,256 +21.4
company invests its own capital, and arrangements have Calgary----- 25,744, 742 20 ,874,277 + 23.3 222,519,299 172,997,450 +28.6
Edmonton.. 21,310, 360i 12 583,265 +69.4 174,801,698
93,129,869 + 87.7
been made to convert same into cash upon 30 days’ notice, V ic to r ia __ 17,772, 6431 11 ,527,732 + 54.2 148,394,542 110,300,58.8
+34.5
15,333, ,891 11 844,963 + 29.5 128,088.132 107,107,670 + 19.1
allowing an equitable rate of interest. The company will Quebec____
Hamilton__ 10,282 ,506! 11 ,924,502 + 30.5 134,403,711
99,640,464 +34.9
9,949,
,801.024 +27.5
81,701,820
70,057,496 + 15.7
also issue its own 6 % gold bonds, depositing an equal amount H alifax___
R e g in a ___ 12,019,
,565,619 + 83.5
89,921,034
55,835,556 +01.0
of its securities with the First Guaranty Co., to be held in trust Saskatoon . . 11,430,
,561,323 + 74.2
90.518,666
46,315,383 + 95.3
St. John___
8,022
,493,557 +23.5
71.855,351
03,225,982 + 13.7
until the funds are paid; the Guaranty Company guarantees London ___
7,556,
,899,625 + 28.1
68,321,038
57,980,591 + 17.7
Moose
Jaw
*
6,241,
968,879
49,506,974
+
57.3
28,786,375
the final payment of principal and interest of the securities. Lethbridge . 3,200
,737,941 + 16.9
26,992,037
22,701,236 + 18.9
3,042,
,702,675 + 12.5
24,750,305
22,169,806 + 110
The First Trust Co. also loans funds on city and country Brandon__
Brantford . .
2,991,
,210,425 +35.3
22,728,426
24,723,418
+ 8.8
improved properties, makes the notes in serial form, sells Ft. William* 3,491,
387,883 + 40.2
32,239,408
2.387.S83
them to its customers upon 6, 7 and 8 % basis, the First
Tot. Can. 809,185,138 084,336,104 +27.0.7,324,059,034 5,S45,677,097 +25.3
Guaranty Co. guaranteeing payment of the interest and
The clearings for the week ending N ov. 2 make quite a
looking after the taxes and insurance. In addition the
company will act as executor, administrator, &c., &c. Its satisfactory comparison with the same week of 1911, the in­
crease in the aggregate having been 1 5 .9 % .
President is H . II. Tinker; Treasurer, J. M. Hawkins;
Week ending November 2.
Secretary and Real Estate Officer, R. II. Tufford; Assistant
Clearings at—
Secretary, Jos. II. Ferguson, and Z. W . Commerford,
Inc. or
1912.
Dec.
1911.
1910.
1909.
Manager of the Insurance Department.
— In addition to its regular quarterly dividend of 2 % % ,
the Bank of Toronto (head office Toronto) has declared a
bonus of 1 % . Both are payable on Dec. 2 to stockholders
of record N ov. 15.

T R A D E A N D T R A F F IC M O V E M E N T S.
COPPER PR O D UCTIO N A N D C O N SU M P TIO N .— The
statement of the Copper Producers’ Association for the month
of October, issued yesterday, shows an increase in produc­
tion of 27,150,011 lbs. over the same month last year, and
the output is the largest of any month on record with the
exception of August, when the total was 223,008 lbs. larger.
Unsold stocks of copper, however, increased 13,079,377 lbs.




Canada—
S
Montreal ........................ 52,720,375
Toronto............................ 40,183,317
W innipeg........................ 34,098,530
Vancouver.......... - ......... 10,880,700
3,209,879
Ottawa_______________
4,551,372
Calgary .......... - .............
3,955.874
Edm onton------------------Victoria............................
3,353,492
Quebec_______ _______
2,935,727
Hamilton.......... .............
3.233,108
Halifax ..........................
1,054,378
R egina............................
2,454,520
Saskatoon. ----- ------2,116,742
St. John..........................
1.479,817
London ...................... .
1,343,247
Moose Jaw____________
1,212,882
Lethbridge......................
795,475
611,836
Brantford ......................
537 P52
Ft. William.... ...............
643,481
Total Canada.......... ..

?
41,338,255
37,162,663
31,618,331
10,299,265
3,470,792
4,665,376
2,433,952
2,395,617
2,130,206
2,977,106
1,557,935
1,40.5,540
1,448,420
l ’279 JS88
1,129,889
1,022,422
613,890
700,215
490’504
477,946

%
$
S
+ 27.5 35,869,388 41,611,529
+ 9.1 32,880,719 33,599,297
+ 7.9 25,067,476 26,727,163
+ 5.6 8,486,453 6,892,045
— 7.5 3,133,807 3,146,268
—2.5 3,107,927 2,712,803
1,319,502
+ 62.5
1.547,972
+ 40.0 2,005,330
1,546,777
+ 37.8
1,984,577
1,580,636
+ 8.6 2,470,152 2,191,475
+ 6.2
1,526,508 2,077,653
+ 74.0
1,159,533
1,176,757
-f GO.8
+ 15.3
1,384,413
1,666,700
+ 18.9
1,109,614
1,360,239
+ 18.6
+29.7
507,967
— 12 0
700,000
-f 9.5
+ 34.8

172,268,004 148.G18.562

+ 15.9 123,303,366 127.747.274

[VOL. LXXXXV

T H E C H R O N IC L E

1350

Clearings by Telegraph— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
Tiie figures are received by telegraph from other leading cities1911.

+ 7.9
+ 41.6
+ 19.9
•+ 9.0
+ 9.9
— 2.8
— 24.7

S2,105,277,032
598,047,286

51,914,478,472
555,048,964

+ 10.0
+ 7.8

52,703,924,318
712,487,019

S2,469,527,436
671,774,530

+ 9.5
+ 6.1

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 1912
and 1911 is indicated in the following:

53,416,411,937

53,141,310,966

+ 8.8

SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.

Inc. or
Dec.

1911.

Aver.
Price

Actual
Value.

51,367,197,613
101,461,258
106,232,754
27,402,635
229,004,487
65,079,003
18,100,722

Ten Months.

8
5
San Francisco. 256,137,305 224,753,445
I,os Angeles__ 100.707,043 79,588,568
Seattle _____ 58,954,742 50,757,497
Portland____ 58,092,053 55,133,194
Salt Lake City. 30,823.427 29,231,901
Tacom a_____ 18,64 ' ,035 l ',517,225
Spokane.......... 22,130,236 20,736,725
17,067,379 14,847,033
Oakland........
9,609,176 7,185.240
Sacramento__
San Diego___ 12,230,593 7,984,102
San Jose_____
4,280,339 4,629,040
5,808,123 4,083,880
Fresno______
4,324,078 3,057,137
Pasadena____
4,412,942 3,974,016
Stockton____
3,669,781 3,453,395
North Yakima 2,429,339 2,237,530
1,446,607 1,414,727
3,804,597 3.399,334
O gden........ ..

Ten Months 1911.
Aver. Par Value
Price or Quantity.

1912.

Otober.
1912.

Actual
Value.

Par Value
or Quantity.

S1,475,737,3SG
143,697,074
127,401,122
29,851,711
251,798,775
63,260,217
13,530,147

Pacific and Other Western Clearings brought forward from
first page.
Clearings at—

Ten Months 1912.
Descriplion.

Per
Cent.

Clearings—Returns by Telegraph.
Week ending Nov. 9.
New Y o r k ..............................................

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the ten months of 1912 and 1911 are given below:

1912.

Inc. or
Dec.

1911.

$
$
%
%
-4- 13.5 2,206,908,680 1,982,401,547 + 11.3
+ 34.1 951,076,644 772,531,215 + 23.1
+ 16.2 494,957,827 454,951,394 + 8.8
+ 5,1 492,795,308 461,574,585 + 6.8
+ 5.4 304,078,906 262,001,682 + 16.1
+ 1.3
— 19 1x3,729,654 . 181,318 3-0
+ 6.7 183,956,890 181,925,001
+ 1.1
+ 14.9 161,191,008 141,669,524 + 13.8
62,747,623 + 16.9
73,357,650
+ 33.7
69,484,389 + 55.5
+ 53.2 108,014,111
28,931,077
24,268,247 + 19.2
— 7.5
39,780,361
30,615,481 + 29.9
+ 42.2
38,039,064
+41.4
34,329,357 + 11.1
+ 13.5
36,462,505
31,926,159 + 14.1
33,255,911 —0.6
+ 6.3
33,067,071
19,359,784 —9.0
17,612,662
+ 8.6
12,208,232
11,504,671 + 6.1
+ 2.3
23,712,847 + 18.9
+ 11.9
28,201,579

Stock\Sh’s
109,771,322
103,231,889
JVal. 89,905,310,325 $9,677,238,799 97.7 89,309,610,500 88,859,895,457 95.2
624,080,000
699.138.698 96.0
547,873,574 96.4
R R . bonds
568,542,500
3.222.500
3,332,898 103.4
Gov’t bds.
1,100,800
1,132,377 102.9
84,796,400
84,515,199 99.7
State bonds
22,541,625 97.0
23,237,000
1.492.500
3,863,089 258.8
1,657,144 240.5
Bank stks.
689,000
T o ta l__ 810498,879,625 $10250.443.519 97.6 810023,201,900 $9,550,745,341 95.3

1911.

1912
M'th

Shares.

Actual.

Par.

Values.

Number

Values.

Number
o1
Shares.

S
8
Jan . 10,906,138 970,876,425 958,417,286 10,416,526
Feb. 7,086,544 621,704,400 602,463,418 10,194,217
Mch. 14,552,052 1,334,837,225 1,312.748.973 0,823,868

Actual.

Par.
8
907,563,875
902,448,900
619,067,575

3
872,467,419
879,948,718
600,479,480

lstqr 32,544,734 2,927,418,050 2,873,629,677 27,434,011 2,429,080,350 2,352,895,617
April 15,959,338 1,452.962,700 1,438,401,408 5,369,350
May 13,662,747 1,233,734.950 1,210,479,868 11,115,578
June 7,219,721 645,234,075 622,417,928 10,508,406

471,409,900
983,921,050
951,730,450

456,396,404
971,047,984
940,178,916

2d qr 36,841,S00 3,331,931,725 3,271,299,204 26,993,328 2,407,064,400 2,367,013,304
6 in’s 69,386,540 6,259,349,775 6,144,928,881 54,427,939 1,830,144,750 1,720,518,921
July. 7,158,324
Aug. 8,952,358
Sept. 10,107,204

654,771,350
811,891,750
911,341,200

620,416,209 5,476,55! 503,137,300 486,492,746
790.410,208 14,994.53:' 1,371,606,260 1,308,437,416
887,463,294 17,395,957 1,594,873,875 1,401,457,498

3d qr 26,217,886 2,378,004,300 2,298,295,711 37,867,049 3,469,617,425 3,190,387,660
9 m’s 95,604,426 8,637,354,075 8,443,224,592 92,294,988 8,305,762,175 7,916,906,581
Oct - 14,166,896 1,267,956,250 1,234,014,207 10,936,901 1,003,848,325

942,988,876

Total Pacific 530,004,579 620,571,795 + 15.8 5,394,369,832 1,779,580,797 + 12.9
Kansas City . .
Minneapolis...
Omaha........ .
St. Paul_____
Denver______
St. Joseph___
Des Moines.. .
Duluth............

Davenport----Topeka _____
Cedar Rapids.
Sioux Falls . . .

Joplin..............

280,578,853 244,210,410
147,711,583 122,274,358
86,730,430 68,277,588
60,907,171 52,605,012
45,998,839 44,949,443
32,019,807 28,371,339
23,563,546 19,065,625
37,035,164 25,872,617
15,829,570 15,681,962
15,697,450 11,296,795
8,427,289 7,147,055
9,042,739 7,293,646
6,058,502 6,645,722
7,032,818 5,941,948
3 ,7 60,8. f 2,118,934
5,226,73!
7,181,67!
5,735,52! 4,747,767
4,083,047
2,310,331
2,784.813,158,16!
3,198,068 2,766,08!
1,647,29:
2,318,68.'
1,275,388
1,563,71!
951,66!
1,028,871.727,10(
2,376,71
3,680,538 2,829,499

+ 14.9 2,213,795,658 2,125,323,219
+20.8 904,889,153 834,916,231
+ 27.0 712,931,849 629,038,854
+ 15.8 408,038,616 436,912,544
+ 2.3 397,321,806 374,373,321
+ 12.9 323,299,902 296,871,134
+ 23.6 196,887,559 175,086,087
+ 43.2 161,780,102 135,992,910
+ 1.0 145,919,918 137,149,329
+ 39.0 131,192,400 106,389,886
67,330,844
74,385,921
+ 17.9
69,973,322
65,072,729
+ 24.0
64,682,018
66,231,229
—8.S
61,609,992
56,280,70!)
+ 18,1
36,029,460
+77.8
24,99! ,241
+37.4
59.996.66C
50,413,853
41,016,424
+ 20.8
39.683.38C
—43.4
24,222,941
32,807,79!
+ 13.4
29,370,219
27,859,726
+ 15.6
27,816,592
27,023,631
+ 40.7
15,130,608
14,590,787
14,275,684
+ 22.f
13,868,14!
7,909,61:
8,484,771
+ 8.1
14,378,998
7,273,375
+ 37.6
24,008,892
31,268,359
+ 30.1

+ 4.2
+ 8.4
+ 13.3
+ 7.3
+ 6.1
+ 8.9
+ 12.5
+ 19.0
+ 6.4
+23.3
+ 10.5
+ 7.5
— 2.3
+ 9.5
—30.6
+ 19.0
+ 3.4
— 26.2
+ 5.4
+ 2.9
+ 3.7
+ 2.S1
-t-7.3
+ 97.7
+ 29.9

Tot.oth .West '812,952,949 689,791,865 +17.916,218,226,701 5,788,506,691 + 7.4
Week ending November 2.
Clearings at—
1912.

1911.

Inc. or
Dec.

1910.

1909.

$
55,998,912
18,064,441
11,396,846
10,937,506
6,948,406
4,655,203
4,749,714
3,536,456
1,877,413
2,000,000
950,000
1,126,360
711,467
906,942
600,794
267,800

S
+ 1.1
+ 24.1
+ 16.2
+ 8.8
— 2.4
— 16.1
— 8.7
— 5.9
— 1.1
+ 14.6
+ 10.2
+ 26.4
+ 36.3
— 14.2
— 7.6
— 6.6

8
51,049,919
10,307,331
11,800,000
11,022,557
6,018,900
4,870,040
5,149,040
3,432,634
1,624,942
1,400,000
738,902
815,162
1,026,419
781,288
625,000
332,414

S
43,651,005
15,133,700
12,949,010

Pasadena............
Stockton ............
North Yakima..
R e n o ..................

S
56,619,960
22,416,388
13,243,558
11,898,667
6,782,213
3,905,879
4,336,876
3,3 9,239
1,856,144
2,292,129
1.047,183
1,423,370
969,202
777,191
554,973
259,1 00

Total Pacific..

131,702,975

124,726,260

+ 5.6

116,984,548

107,569,891

Kansas City___
Minneapolis........
Omaha___ ____
St. Paul..............

57,331,601
32,130,074
15,433,811
14,193,127
10,979,815
6,524,031
5,17S,445
5,952,647
3,988,688
2,605,638
1,871,926
1,700,200
1,492,872
1,654,173
1,111,565
1,124,303
940,976
700,000
555,355
430,394
280,785
231,638
42G.197

+ 9.5
+ 10.6
+ 16.1
+ 4.0
—3.0
+65
— 11.1
+ 52.8
— 13.1
+ 24.9
—8.0
+ 13.8
— 15.8
— 20.5
+30.0
+ 17.9
— 52.0
+ 10.0
+30.6
+39.5
+23.5
— 2.0
+ 23.2

57,028,383
26,792,838
16,66 >,114
12,216,616
11,425,779
6,798,620
4,003,733
4,919,078
3,402,738
2,871,504
1,708,454
1,713,706
1,230,040
1,125,000
1,190,148
909,125
1,070,412
773,598
680,317
575,933
323,422
225,000
161,834

57,415,204
33,464,425
16,084,506
14,346,007
10,682,411
7,295,999
4,792,552
7,453,603
3,200,046
2,959,728
1,819,420
1,731,589
1,554,567
1,409,338

Waterloo ..........
Helena ..............
Fargo ................
Colorado Springs
Pueblo ..............
Aberdeen............
Frem ont............
Hastings............
Billings..............

62,796,455
35,545,251
17,917,467
14,763,525
10,647,137
6,948,411
4.5 '1,093
9,077,732
3,467,479
3,255,841
1,721,420
1,935,698
1,256,411
1,315,566
1,444,449
1,325,090
451,798
770,000
725,412
560,000
346,291
229,897
525,000

Tot. oth. West

181,617,333

166,841,261

+8.9

158,120,292

168,662,970

San Francisco__
Los Angeles........
Portland . . ........

Sacramento........
San Diego..........

D en v er.

St. Joseph........
Des Moines__
Duluth..............
Wichita ............
Sioux City..........
Lincoln ..............
Davenport..........
Topeka ..............
C edar

R a p id s ...




9 ,0 5 5 ,5 3 0

7,195,472
5,893,094
5,521,166
2,133,690
1,305,949
1,017,000
755,870
861,795
550,000
752,667
498,943
295,000

1,091,701
1,427,863
572,007
736,683
383,753
244,508

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings Outside New York.

Clearings, Total All.

1912.

1911.

%

1912.

1911.

%

$
8
$
8
Jan .. 15,175,151,478 14,494,695,194 + 4.7 6.339.569,939 5,963,447,224 + 6.3
Feb .. 12,968,617,648 12,269,918.159 +5.7 5,655,909,284 4,974,752,712 + 13.7
Mch .. 14,520,179,200 13,470.154.904 + 7.8 6,103.224,978 5,818.553,399 + 4.3
1st qr. 42,663,948,326 40,234,768,257 + 6.0 18,098,764,201
April . 15,043,870,590 12,403,607,069 + 21.3 6,213,715,072
May . 14,883.783,164 13,524,593,344 + 10.0 0,101,005,676
J ’ue.. 13,690,863,132 13,834,186,185 — 1.0 5,729,871,061

16,780,753,33 5 + 7.8
5,433,794,576 + 14.3
5,565,969,334 + 9.7
5,618,651,318 + 2.1

2d qr. 43,618,510,886 39,762,386,598 +9.8 18,047,592,419 16,018,415,228 + 8.6
6 mos. 86.282,565.212 79,997,154,855 + 7.9 30,146,356,620 33,405,168,503 + 8.2
July.. 14,015.610.065 13,069,255,484 + 7.2 0.094,527.836 5,553,439,060 + 9.7
Aug .. 13,283,918,548 12,062,580,030 +4,9 6,797,664,088 5,278,444,420 + 9.8
Sept.. 13,168,450,986 12,606,056,411 +4.5 5,735,615,104 5,421,079,207 +5.8
3d qr. 40,468,009,599 38,337,898,525 +5.6 17,027.807.988 10,252,902,753 +8.5
9 mos. 126750.574.811 118335,053,380 +7.1 53,774,164,608 49,058,131,310 +8.3
Oct__ 17,249,398,879 13,568,107,327 + 27.1 7,110,401,264 6,057,903,437 + 17.4

The course of bank clearings at leading cities of the country
for the month of October and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
-October-------------- ---------------Jan. 1 to Oct. 311912.
1911.
1910.
1909.
(000,000s
1912. 1911. 1910. 1909.
S
omitted.)
8
$
8
8
8
8
New York----------- .10,139 7,510 7,901 10,052 S3,115 70,187 81,435 84,618
11,394
11,593
Chicago .............. - 1,456 1,203 1,163 1,214 12,707 11,514
0,905
6,852
6,83!)
B o sto n -------------- .
722
742
7,498
855
769
5,048
6,381
6,350
Philadelphia--------- 773
654
6,687
623
648
2,801
3,060
3,182
St. Louis............... . 359
335
339
3,303
358
2,161
1,912
2,099
Pittsburgh----------. 268
2,324
219
211
225
1,917
1,982
1,599
San Francisco------ 256
2,207
209
180
225
1,323
1,452
1,183
1,605
Baltimore............ 186
134
159
158
1,032
1,05!)
1,111
1,137
112
.
I ll
103
100
2,173
2,125
2,214
1,947
245
248
Kansas City-------- . 281
244
832
837
943
711
81
so
.
108
91
812
779
845
88
697
New Orleans........ ..
99
87
83
835
843
905
790
138
Minneapolis...........
135
148
122
563
558
604
52!)
53
.
61
53
54
797
930
770
69
626
.
102
78
86
576
596
539
492
56
66
Milwaukee.......... ..
62
58
773
951
664
540
56
107
80
69
Los Angeles-------- .
330
362
337
316
.
45
43
40
42
031
713
701
72
Oil
.
87
67
75
430
475
418
381
42
.
56
48
44
437
469
470
111
51
.
61
53
53
359
367
389
342
34
.
35
35
37
374
397
380
408
45
.
46
40
45
320
350
312
32
289
37
32
30
Richmond............ .
272
3 19
220
244
37
45
41
34
M em phis........ . .
495
455
473
58
497
50
.
59
51
205
150
187
181
13
22
19
19
304
262
271
264
30
31
29
20
Salt Lake City-----.
12,398 12,756 14,803 133,025 122,053 127,233 120,813
8,371
9,267
9,850
Other cities______ - 1,347 1,170 1,070 1,008 10,975
Total all.......... .17,249 13,568 13,826 15,871 144,000 131,903 136,500 135,184
Outside New York - 7,110 6,058 5,9:2 5,819 60,185 55,716 55,005 50,565

jNo v .

9 1912.1

THE CHRONICLE

Ipom t ircifs (£o w we ve ta

^

[From our own correspondent.]

London, Saturday, October 26 1912.
The Rcichsbank raised its rate of discount 'on Thursday
from 4 X
A % to 5 % .
The Berlin exchange both upon London
and upon Paris has been rising very rapidly of late, and, in
fact, is now far above the point at which it would pay to
export gold. The metal is not exported to any considerable
extent, because any one taking gold out of the Rcichsbank
would incur the displeasure of that institution and likewise
of the Government. A t the same time, since the rates of
interest and discount were remarkably low— on Wednesday,
for example, the rate of discount in the open market was
only from 4 to 4 3 ^ % and the rate of interest from 3 to 3
—
the state of things was so abnormal that everybody has been
expecting for the past two months at least an advance in the
rate. The advance was not made sooner, partly out of a
desire not to increase the burdens upon the trading com­
munity and partly in the belief that the influence of the Gov­
ernment would be sufficient to prevent gold shipments.
This week, however, it has been felt inevitable that the rate
must be put up. Yesterday the Austro-Hungarian Bank
advanced its rate from 5 % to 5J ^ % .
The state of things in Vienna is even more unsatisfactory
than that in Berlin, for not only are the exchanges altogether
against Austria-Hungary, but the rates of interest and dis­
count in the open market are. exceedingly high likewise.
The moratorium in all the belligerent Balkan States is telling
upon trade both in Austria-Hungary and in Germany, while,
in spite of all the governments are doing to allay apprehen­
sion, there is much fear that when the present war ends
there will be a quarrel between Austria-Hungary and Russia.
Altogether there continues a good deal of anxiety, not that
there will be intervention at present, but that the war will
be short and sharp, and that then the great Powers may
quarrel over the settlement of the various questions raised.
All the bourses and stock exchanges, in consequence, are
exceedingly weak. There is continued selling from Paris,
Berlin and Vienna, and the raising of the German Bank rate
and that of the Austrian Bank is not calculated to calm the
apprehensions. The St. Petersburg exchange is almost as
unfavorable to Russia as are the exchanges of Germany and
Austria-Hungary. It is not thought probable that gold will
have to be exported from Russia, for Russia has a fine har­
vest this year and it is hoped that she will be able to sell
to such good advantage tiiat she will in that way be in a po­
sition to settle the adverse balance. The state of the ex­
changes is mainly due to the very heavy selling of Russian
securities, and particularly of Russian industrial securities
by France. There was an enormous speculation in Russian
industrial securities in France just when the Balkan crisis
began. The speculators took fright, thinking that Russia
could not keep out of the fray. They sold on an incredibly
great scale; and to prevent a crash the Imperial Bank of
Russia had to step in to support the market. As the Im ­
perial Bank is really a branch of the Treasury, it is the Rus­
sian Government, in fact, that has been buying. No doubt
the Bank will be able to find the means to finance the pur­
chases, and ultimately everything will be settled by the large
exports of wheat. But for the moment the condition of
things is unsatisfactory both for Russia and for France.
The India Council offered for tender on Wednesday 60 lacs
of its bills and telegraphic transfers, and the applications
exceeded 544j^ lacs, at prices ranging from Is. 4 l-32 d . to
Is. 4 3-32d. per rupee. Applicants for bills at Is. 4 l-16 d .
and for telegraphic transfers at Is. 4 3-32d. per rupee were
allotted 13% of the amounts applied for. Next week 80
lacs will be offered.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
1912.
23.
£
28,535,250
11,362,565
44,129,270
13,037,909
32,725,986
27,501,122
37,586,372
O c t.

1911.
25.
£
28,669,250
7,267,753
44,232,154
14,096,084
27,995,256
27,211,293
37,430,543
O c t.

1910.
26.
£
27,750,835
7,173,695
40,543,822
14,980,568
28,443,321
22,017,700
31,318,335
O c t.

1909.
27.
£
28,849,840
7,118,397
40,814,460
16,791,788
26,905,870
21,973,991
32,373,831
O c t.

1908.
28.
£
28,559,115
7,650,256
41,295,693
14,730,533
25,655,405
26,267,228
36,376,341
O c t.

Circulation________
Public deposits----Other deposits.___
Govcmm’t securities
Other securities. ..
Reserve .notesAcoin
ColnAbull.,both dep
Prop, reserve to 11a46%
52 13-16
45 13-16
buttles.
p. c.
53%
49%
5
5
Bank rate.. ..p. c.
4
5
2 %
79%
Consols, 2 A I>. c.
82 7-16
78%
84 11-16
73 3-16
Silver....................
23 3-16(1.
29 3-16d.
25%d. 25 15-16d.
23 %d.
251,347,000
Clear.-house returns 280,544,000 235,636,000
234,470,000 197,510,000

The rates for money have been as follows:
O c t . 25.
Hank of England rate..........
5
Open market rate—
Bank bills—3 months----4%
4%
— 1 months----4%
— 6 months___
Trade bills—3 months___ 5%<a>5%
—4 months___ 5 % @ 5%
In’erest allowed for deposits:
3%
By Joint-stock banks____
By discount houses—
3%
At call..........................
7 to 14 days....................
3%

O c t.

11.
4

4 5^(o)4 11-10 4 3-16!»4%
5% @ 4 11-10
4%
4%
4%
5@ 5%
4 'A
4 % @ 4%
5%

O c t.

4.
4

3%
3 15-10
3 15-10
4
4 % @ 4%

3%

2%

2%

3%
3%

2A
2%

2%
2%

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
. . . .




1251

O c t . 26.
Rales ot
Bank
O p era
Interest at—
R a te . M a r k e t.
P a ris .................. .......- _3%
3%
Berlin.................. ~~~. 55
4%
Hamburg............ ” ”
5
4%
Frankfort____ _____. 55
4%
Amsterdam__ __ . 44
4
Brussels ___________. 55
4%
Vienna ...................... 5
5
St. Petersburg_____ . 5
nom.
Madrid_____ _______- 44%
a
4%
Copenhagen . . ” 11”. 5
5

O c t . 19.
B ank
O pen
R a t e . .M a r k e t .
3
3%

4%
4%
4%
4
5
5
5
4%
5

4%
4%
4 7-16
4
3%
4%
nom.
4%
5

O c t . 12.
Bank
O pen
R a te. M a r k e t.

3
3
4%
4%
4%
4%
4% 4 5-16
4
3 15-16
4
3%
5
4%
5
nom.
4%
4%
5
5

O c t . 5.
Bank
O pen
R a te . M a r k e t.
3
3

4%
3%
4%
3%
4%
3%
4
4
4
3%
5 4 13-16
nom.
5
4%
4%
5
5

Messrs. Pixley & Abell write as follows under date of
Oct. 24:
GOLD.—Including £740,000 from South Africa and £09,000 from India, the ar­
rivals of gold In bars amount to £850,000. India has taken £100,000 and the bal­
ance, In the absence of any other demand from abroad, Is being sent Into the Bank
of England. It Is reported that the Indian Government has arranged to ship
from India to London £1,900,000 in sovereigns during the next few weeks. It
Is not yet known how these sovereigns will be disposed of on arrival. £674,000 In
bars has been received at the Bank during the week, while the withdrawals in sov­
ereigns have been £50,000 for Sweden, £150,000 for Egypt, £30,000 for Turkey;
£179,000 for the Continent and £300,000 for Brazil. Next week £985,000 Is ex­
pected from South Africa. Arrivals—South Africa, £740,000: India, £69,000;
China, £3,000; Brazil, £17.000; West Africa, £27,000; total, £856,000. Shipments
— Bombay, £162,500.
SILVER.—The market has been a dull one and prices fell away during the
earlier part of the week to 29 l-16d. for spot and 29%d. for forward. Yesterday there
was an Improvement of A d . to 29 3-16d. and 29 %d. on a little support from China;
and these rates have again been quoted to-day, China continuing as a moderate
buyer. This demand Is now satisfied and the market is quiet and not overstrong at
the close. With rather dearer money and with but a moderate inquiry for silver;
for prompt delivery, the difference between spot and forward has widened and spot
silver is now quoted 3-16d. under forward. Stocks In London are slightly larger
and are now estimated at £2,700,000. This week’s return from India shows no
change In the holding of rupees, which remains at 12% crores. There Is, however
an Increase of 1 crore in the value of silver under coinage, while the sliver In transit
Is 'A crore less. The rupees in the gold standard reserve have been Increased to
3% crores. We hear that £300,000 more In sycee has been shipped this week to
India from Shanghai. The latest quotation from Bombay Is Rs. 74 3-16 per 100
tolahs. Arrivals— New York, £170,000; New York, £125,000 (Mex. dots.); Hong
Kong, £29,000; Portugal, £2,000; total, £326,000. Shipments— Bombay, £133,500
Bombay, £49,500 (Mex. dols.); Colombo, £2,000; Shanghai, £20,000; Shanghai;
£52,500 (sycee): Calcutta, £15,000; total, £272,500.

The quotations for bullion are reported as follows:
GOLD.
L o n d o n S ta n d a rd .

O c t . 24.
s. d.

Bar gold, fine, oz........ 77 9

17.1
SILVER.
O c t . 24.
s. d. | London Standard.
d.
77 9
Bar silver, fine, oz__ 29 3-16
“ 2 mo. delivery, oz_29%
ICake silver, oz.............31A

O c t . 17.
d.
29 5-16
29 7-16
31%

O c t.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Seven weeks—
1912-13.
1911-12.
Imports of wheat....................cw t.17,495,000 13,105,500
Barley ....................................
5,055,000
5,491,100
Oats_____ ________
2,540,700
1,612,800
Peas..............................
534,751
544,642
B eans....................... ................. __
345,740
271,750
Indian com ................ .................. . 8,013,300 3,283,100
Flour .............................
1,176,600
1,829,800

1910-11.
14,456,200
3,665,100
1,782,500
440,580
184,180
7,247,200
1,447,300

1909-10.
16,181,800
4,573,400
3,008,300
207,680
669,130
6,233,800
1,743,100

Supplies available for consumption (exclusive of stock on
September 1):
1912-13.
Wheat Imported....................cwt. 17,495,000
Imports of flour........ .................... 1,176,600
Sales of home-grown..................... 3,438,181

1911-12.
1910-11.
13,105,500 14,450,200
1,829,800 1,447,300
6,029,053 4,227,747

1909-10.
16,181,800
1,743,100
3,410,299

Total ........................................ 22,109,781 20,964,353 20,131,247
Average price wheat, week.............. 32s. 2d.
32s. 9d.
30s. 4d.
32s. 7d.
32s. 5d.
30s. 6 d.
Average price, season.....................

21,335,199
31s. 4d.
33s. 4d

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
T h is

w eek .

Wheat ....................................qrs. 2,250,000
Flour, equal to..............................
200,000
Maize --------------- ---------------------- 1,500,000

L ast

w eek .

2,335,000
180,000
1,270,000

1911.
1910.
2,340,000
2,360,000
205,000
205,000
150,000 1,125,000

E n g lis h F in a n c ia l M a r k e t s — P e r C a b le .

The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
W ed.
T h u rs.
S a t.
M on.
T u es.
Week ending Nov. 8.
Silver, peroz...................... d
28 13-16 29
29
____
74 1-16 74%
dConsols, 2% per cents............. .
73%
....
73 15-16 73 15-16 74%
d For account..............................
dFreneh Rentes (In P a ris).fr.___
89.32% 89.45
89.22%
89%
Amalgamated Copper Co___ 86%
85H
87%
86
Am. Smelt. A Refining C o . . __ I
85%
87
84 A
/(Anaconda Mining C o ......... 8%
9%
8%
8%
112%
Atchison Topeka & Santa Fe.110%
111
110%
lio M
Preferred.....................................
105
105
101%
110%
Baltimore A Ohio__________109
169’ “
109%
108%
___
89%
89%
89
Preferred.....................................
2G8
269%
270%
273%
Canadian Pacific........ ............270%
83%
83 H
83%
Chesapeake A Ohio_________ 83%
85%
___
19%
Chicago Great Western____ _____
19%
20
112%
Chicago Milw. A St. P a u l... 112%
114
115%
118%
Denver A Rio Grande................ .
___
21%
22%
23%
___
Preferred........................... .........
39
40%
41%
E rie ..........................................35%
35^
36%
35%
35%
___
54%
53
First Preferred...... .....................
53%
___
44%
44%
44%
Second Preferred-............ .........
___
145%
143
Great Northern, preferred-.141%
141%
132
133%
132
Illinois C entral-.................. ......
162%
162^
165
162
Louisville A Nashville.......... 161%
29%
30%
28%
28 H
Missouri Kansas A Texas............ .
___
65%
65
64)4
Preferred........ .............................
___
43%
44%
45%
Missouri Pacific___________ _____
___
64
64
64
Nat. RR. of Mex., 1st p r e f . . ----___
27%
27%
28%
Second preferred------------------ 118 $-3
117%
118%
N. Y. Central A Hud. R iv.,117%
119%
___
36%
N. Y. Ontario A W estern............
36%
37
118
Norfolk A Western........................
118%
119%
118K
___
Preferred____________________
127%
___
Northern Pacific........ .......... 127%
129
131%
___
63%
a Pennsylvania...................... 63%
64%
64
87%
a Reading Company...............87%
8 7^
88%
89%
46%
___
a First preferred..........................
46%
46%
__
___
___
a Second preferred---------- -------26%
Rock Island............................ 26%
26 H
27
28%
112%
Southern Pacific------------------113%
116%
113%
113 X
___
Southern Railway----------------30%
30%
31%
29%
84
85
Preferred.....................................
83%
175%
174%
Union Pacific_____________ 174%
174*^
179%
___
93
94%
92
Preferred..........- .........................
U. S. Steel Corporation...........78%
78
80%
77%
im
___
116%
115%
Preferred...................................... cll5 %
__ _
Wabash .........................................
4%
4%
4%
___
Preferred......................................
15%
16
15%
Extended 4 s --------------------68%
—
68%
68%
a Price per share,
flat prices.

b £ sterling,

c Ex-dividend,

F r i.

28 15-16
74%
74 5-16
89.6C
88%
85%
9
111%
105
110%
89%
271%
85%
19%
120%
24
43
36%
54%
45
144%
132
164
30%
65
47
64
28%
120%
37
119%
92
130%
64%
89%
46%
49
27%
115%
31
85
179
94%
79%
116
5
16
68%

d Quotations here given"'are

1253

THE CHRONICLE

Com.

Wheat.

t o n x m i i x i a t a n d ^ X is c fd lix m o u s ^ im ^
National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

[VOL. LXX X XV

United
Kingdom. Continent.
Bushels.
18,208,000
18.144.000
22.776.000
17.984.000

Bushels.
17.290.000
20.464.000
11.928.000
21.760.000

Total.
Bushels.
35.504.000
38.608.000
31.701.000
39.714.000

United
Kingdom. Continent.

Total.

Bushels.
Bushels.
Bushels.
14.510.000 20.740.000 35,250,00#
13.336.000 19.627.000 32,963.00#
2.244.000 1,811,000 4,055,00#
7.641.000 15.708.000 23,349.000

Nov. 2 1912..
Oct. 26 1912..
C H A R T E R S ISSU ED TO N A T IO N A L B A N K S OCT. 24 TO OCT. 29.
Nov. 4 1911..
10,279— The First National Bank of Cuthbcrt, Ga. Capital, 550,000. Nov. 5 1910..
F. H . Davis, President; P. M. R eid, Cashier. (Succeeds “ Bank
o f R an d olp h ,” Cuthbert, Ga.)
10,28# T he Collinsville National Bank, Collinsville, Okla. Capital, 525,000.
D IV ID E N D S .
C. L. Goodale, President; John A . Carter, Cashier. (Succeeds
The Farmers’ & Merchants’ Bank of Collinsville.)
The
following
show’s
all the dividends announced for the
10.281— The First National Bank of W alnut Creek, Cal. Capital, 525,000.
A . II. Cope, President; II. G. Flint, Cashier.
future by large or important corporations:
10.282— R ideout, Smith National Bank of Oroville, Cal. Capital, 5300,­
000. Phcbe M. R ideout, President; L. L. Green, Cashier.
Dividends announced this week are -printed in italics.
(Succeeds Commercial Department of State Bank of Rideout,
Smith & Co.)
Per
10.283— The Farmers National Bank o f Maysville, Okla. Capital, 525,000.
When
Books Closed.
Name of Company.
J. R . Utterbach, President; E . W . Power, Cashier. (Succeeds
Cent. Payable.
Days Inclusive.
The First Bank of Maysville.)
Railroads (Steam).
10.284— The Union National Bank of Jamestown, Cal. Capital, 525,000.
G. W . Johnson, President; C. A . Belli, Cashier. (Conversion Alabama Great Southern, ordinary............
244 Dec. 23 Holders of rec. Nov.30a
Preferred......................................... .......
of the Bank of Jam estown.)
3
Feb. 24 Holders of rec.Feb. 1«
Atch. Top. & S. Fe, com. (qu.) (No. 30).
2 Holders of rec. Nov. la
144 Dec.
Atlantic Coast, Line R R ., preferred..........
Nov. 10
2 44 Nov. 11 Nov. 1 to
Breadstuffs Figures brought from page 1285.— The state­ Boston it Maine, com. (quar.)__
1
Jan.
1 Holders of rec. Dec. 2a
Dec.
2 Holders of rec. Nov. 9a
m
ments below are prepared by us from figures collected by Cleveland & Pittsburgh, reg. guar, (q u .).
Special guaranteed (quar.). . .
i
2 Holders of r e . Nov. 9a
Dec.
the Newr York Produce Exchange. The receipts at Western Cripple Creek Central, common___
i
Dec.
2 Holders of rec. Nov. 20
Preferred (guar.) ..........................
2 Holders of rec. Nov. 20
i
Dec.
lake and river ports for the week ending last Saturday and
Internal. A Great Northern, pref .
2
Jan.
Not ■1 sed.
4
since August 1 for each of the last thee years have been:
Missouri Kansas & Texas, preferred.
Nov. 9 Holders of rec Oct.21a
2
Norfolk A Western, com. (guar.)
1Vs Dec. 19 Holders of rec. Nov. 30
Norfolk & Western, ad), pref. (quar.)
Receipts at—
Flour.
Wheat.
\o v. 1 tl liters of rec. Oet.31a
1
Corn.
Oats.
Barley.
Rye.
Pennsylvania (quar.)_____________
144 Nov. 30 Holders of rec. Nov. 4
|. ere of rec. Oct.2t a
bblsAGGlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu. 50 lbs. Reading Company, com. (quar.)............ .
1
M>V. 1
101,SS7 1.687.000
C hicago___
1
Dec. 12 Holders of rec.Nov.26a
1,132,000 4,242,600
704,200 110,000 Heading Co., first preferred (quar.)........
Milwaukee,.
62,720
205,850
15
00,080
399,000
488,000 120,100 Rome Watertown * Ogdensburg (quar.)
IK
Street and Electric Railways.
40,100 4,035,273
412,540
725,790 113,070
Minneapolis.
3,700,740
48~GG0
474,900 1,103,510 171,080 Brazilian Trac., I.t. & Pow., Ltd. (quar.)
144 Nov. 15 Holders of rec. Nov. 1
Connecticut Ry. & Ltg.,com.&pf. (quar.)
T oledo........
1
07.000
Nov. 15 Nov. 1 to Nov. 15
33.000
97,500
Detroit United Ry. (quar.)........ ...........
4,800
2 Holders of rec. Nov. 15
8,000
54.000
87,000
IK Dec.
Federal LI. A Tr.,pref. (guar.) (No. 10)..
IK Nov. 30 Nov. 10 to Nov. 30
Cleveland
1,000
0,800
41,092
133,912
41,095
Havana
Flee,
lty.,
Lt.
&
Pow.,
common
3,300
129.000
St. Louis__
00,090
853,834
498,160
100,124
2K Nov. 1 Oet. 27 to Nov. 10
Preferred............ ............. ................
14,400
127.000
10 Oct. 27 to Nov. 10
P eoria ........
24.000
192,550
3
43,450
219,140
Lehigh Valiev Transit, preferred__
Kansas City.
l
101,500
69,600
Nov. 10 Holders of rec. Oct.31a
1.206.000
Pacific Gas & El., pref. (qu.) (No. 27)
Omaha........
301,950
814,800
48,025
144 Nov. 15 Holders of rec. Oct.31a
..........
Tampa Electric Co (quar ) (No. 3 2 ) ...
2>4 Nov. 15 Holders of rec. Nov. la
7,002,278 3,399,700 533,162 United Rys. A Elec, of Balt., common.. 75c. Nov. 12
Total wk. ’ 12
379,847 12,650,189
1,879,830
Banks.
2,857,788 2,315,375 343,779
Samewk. ’ ll
324,510 6,880,229 2,572,173
3,084,913 2,118,326 119,870 Mechanics A Metals National (guar.)
Same wk. ’ 10
3
377,229 5,302,847 3,097,507
Nov. 12
Miscellaneous.
Amalgamated Copper (quar.)....................
Since Aug. 1
144 Nov. 25 Holders of rec Oct.26a
1
Nov. 15 Nov. 2 to Nov. 15
1912____ 4,990,844 140,934,790 43,000,330 83,040,952 29,076,445 6,951,580 American Bank Note, common (quar.)__
Common (extra).................. ..... .............
1911____ 4,516,531 92,799,845 43,080,903 52,702,991 31,476,591 3,793,257
Nov. 15
44 Nov. 15 Nov. 2 to
Amer. Beet Sugar, com. (quar.) (No 5 ) ..
1910........ 5,297,909 100,136,753 49,092,018 74,355,657 24,451,100 234,518
144 Nov. 15 Holders of rec. Oct.31a
American Cotton Oil, preferred..................
3
Dec.
2 Nov. 15 to
Dec. 5
District Telegraph of New York
1
Nov. 15 Holders of rec. Nov. la
Total receipts of flour and grain at the seaboard ports for American
Amer. Graphophonc, pref. (qu.) (No. 57)
IK Nov. 15 Holders of rec. Nov. 1
the week ended Nov. 2 1912 follow':
American Radiator, common (quar.)___
2
Dee. 31 Dec.22d to Dec. 39
Preferred (quar.).............. .................. .
IK Nov. 15 Nov. 7d to Nov. 14
Flour,
Wheal,
Corn,
Oats, Barley,
Rye,
1
Am.
Smelt.
A
Ref.,
com.
(guar.)
(No.
37).
Dec.
10 Nov. 28 to Dee. 5
bbls.
bush.
Receipts at—
bush.
bush.
bush.
bush.
Preferred (guar.) (No. 54).................... .
2 Nov. 10 to Nov. 24
l K Dec.
148,608 1,284,700
New Y o r k ........
23,025
410,400 234,675
American Tobacco, common (guar.)..........
2 Holders of rec. Nov. 15
244 Dec.
B oston..............
Gl,420
626,913
5,920
101,240
85
American
Utilities,
pref.
(quar.)
(No.
3)
11
Holders of rec. Oct 31
Nov.
144
Portland, Me__
176,000
3 44 Nov. 15 Holders of rec. Nov. 8
Philadelphia___
407,979
61,559
10,963
272,721
3,200 Bond A Mortgage Guarantee (quar.)___
Buckeve
Pipe
Line
(quar.)............
..........
S5
10
Holders of rec. Nov. 25
Dec.
Baltimore...........
40,702
1,023,089
217,514
11,324
1,184
15,224
ButterickCo. (guar.) ...............................
2 Holders of rec. Nov. 15
Dec.
K
New Orleans *__
492,800
37,505
69,900
117,500
IK Nov. 15 Holders of rec. Oct. 31a
26,900
3,000
2,000 Cambria Steel (q u a r.).......... ............ .....
Canada Cement, Ltd., pf. (qu.) (No. 11)
Nov. 10
IK Nov. 10 Nov. 1 to
4.000
3,000
17,000
Canadian Car A Foundry, com. (quar.).
2
2 Holders of rec. Oct. 31
Dec.
179,274
11,158 2,104,881
700
Montreal. ..........
Cities Service, common (monthly)............
1 Holders of rec. Nov.l5a
1-3 Dec.
Preferred (m onthly)...................... .......
1 Holders of rec. Nov. 15a
44 Dec.
371,072 5,247,090
142,432 2,107,224 235,944
20,424
Total week 1912
(O.) Gas A Fuel, com. (guar. ) ..
2 Holders of rec. Nov. 15
44 Dec.
Since Jan. 1 1912 14,885,049 10,508,411 29,498,674 59,071,309 4452,6G4 002,720 Columbus
144 Dec. 10 Holders of rec. Nov.l la
363,801
810,877 164,449
34,447 Consolidated Gas (quar.)______ _______
403,125 3,422,802
Week 1911____
Oil........................................... 20
Nov. 20 Holders of rec. Nov. 4
Since Jan. 1 1911 10,172,092 74,054,793 60,208,061 46,738,771 3800,597 875,318 Continental
Crescent Pipe Line (guar.).................... ■Si 44 Dec. 16 Nov. 21 to Dec. 10
3
Dec. 15 Holders of rec. Nov. 30
* Receipts do not include grain passing through New Orleans for foreign ports on Crex Carpet................................................
Diamond Match (quar.).............. ............
144 Deo. 10 Holders of ree. Nov.30a
through bills of lading.
>*>(»
Eastman Kodak, common (extra)_____
, i biers of ree. Oct 31a
214
2 Holders of rec. Nov. 15
The exports from the several seaboard ports for the week Federal Utilities (Inc.), pref. (gu.)(No. 6).
134 Dec.
General Asphalt, pref. (quar.) (No. 2 2 )..
2 Holders of rec. Nov.lGa
IK Dec.
ending N ov. 2 are shown in the annexed statement:
General Che i leal,common (quar.)..........
2 Holders of rec. Nov. 21
144 Dec.
Oats,
Corn, Flour,
Rye, Barley,
Wheat,
Peas, Goodrich (11. F.), common (quar.)..........
1
Nov. 15 Holders of rec. Nov. 5a
bbls.
bush.
bush.
bush.
bush.
bush.
Exports from—
bush. Gorham Manufacturing, common (quar.)
2 44 Nov. 11 Holders of rec. Nov. 0a
188,340
New Y o r k ........ .1,047,504
........ 124,474 13,020 Greene-Cunanea Copper Co — ................ 25e. Nov. 30 Nov. 13 to Dec. 1
19,004 115,777
...___
____
Portland, Me___. 176,000
Ilium, A Power Sec., pref. (qu.) (No. 1).
1?( Nov. 15 Holders of rec. Oct. 31
____
__
Independent Braving, pref. (quar.)............
B oston.............. . 209,779
11,370
IK Nov. 30 Nov. 18 to Nov. 28
1.
82,000
Philadelphia___. 232,000
32,000
2 Holders of rec. Nov 11a
Baltimore.......... . 120,000
Internat. Harvester, pref. (quar.)(No.23)
550 1,070,000
IK Dec.
2
New Orleans .. . 316,000
International Nickel, common (quar.).
)ec.
■Nov 14 to Dec. 2
7,500
25,000 20,000
____
_
Internat. Silver pref.,(account accum.fliv.) el
Nov. 15
Nov. 15 Nov. 2 to
Galveston.......... . 509,000
17,000 10,500
Nov. 15 Holders of rec. Nov. 5a
3,000
rnter. Smokeless Powder A t hem., pref.
4
Mobile___
17,000
4,000
Nov. 20
2 Nov. 15 to
Montreal............
Kings Co. El. L. A P . (qu.) (No. 51)........
2
Dec.
64,000
......... 33,000
103,000
Nov. 30 Holders of rec. Oct. 31
Lehigh Coal A Nav. (quar.) (No. 130)..
SI
2 Holders of rec. Nov. 15
Total week_. _..3,847,283
Dec.
78,004 303,197 1,414.840
......... 157,474 13,026 Liggett & Myers, common (No. 1)..........
3
Week 1 9U ........ .2,017,000 205,057 178,137
2 Nov. 1) to Doe. 1
24,398
S2 Dec.
........................
2,380 Massachusetts Gas Cos., pref. (quar.)..
Mexican Petroleum (quar.)......................
Nov. 24 Holders of rcc. Nov. 9a
1
The destination of these exports for the week and since Miami Copper (quar.) (No. 3 )__________ 50c. Nov. 15 Holders of rcc. Nov la
Mobile Electric Co., pref. (quar.)..........
July 1 1912 is as below:
IK Nov. 15 Holders of rec. Oct.JIa
Montreal Lt.. lit. A Pow. (qu.) (No. 46)
244 Nov. 15 Holders of ree. Oct 31a
---------Flour--------------------- Wheal-------------------------ComIK Nov. 15 Nov. 6 to Nov. 15
Since
Since
Since National Carbon, preferred (quar.)_____
Nov. 26
IK Dec. 10 Nov. 23 to
Week
July 1
July 1
Week
July 1 National Lead, preferred (auar.)..............
Week
New Jersey Consolidated Gas................
2 Holders of rec. Nov. 19
Dec.
1
Exports for week and Nov. 2.
Nov. 2.
1912.
1912.
Nov. 2.
1912. Niles-Ilement-Pond,
com. (guar.)..............
144 Dec. 21 Dec. 13 to Dec. 22
bbls.
since July 1 to—
bush.
bbls.
bush.
bush.
bush.
Preferred (guar.)................................... .
Nov. 15
144 Nov. 15 Nov. 9 to
United Kingdom....145,850 1,541,964 1,918,544 26,554,457
17,000
250,033 North
American Company (quar.)..........
2 Holders of rcc. Dec. 16
144 Jan.
Continent. ............ . 34,763
509,447 1,710,489 24,811,521
14,000 People’s
Gas
Light
A
Coke
(quar.)..........
Nov.
25
Holders
of
rec.
Nov. 2a
IK
Sou. & Cent. Amer.. 41,227 431,080
302,230
18,855
17,000
280,035 Pittsburgh Steel, preferred (quar.) .
2 Holders of rec. N ov.l la
IK Dec.
West Indies.......... . 48,672
577,096
40,699
22,975
542,973
0,250
Brit. Nor. Am. Cols.. 7,311
37,898
30,042
A Whitney, pref. (quar.)...... ...........
Nov. 15
144 Nov. 15 Nov. 9 to
Other Countries___ . 25,374
109,702
591,862
1,450
195,000
17,476 Pratt
Pressed Steel Car, pref. (qu.) (No. 5 5)..
IK Nov. 20 Oct. 31 to Nov. 19
& Gamble, common (quar.)........
3
Nov. 15 Holders of ree Oct. 31a
Total.....................303,197 .'5,207,787 3,847,283 52,283,045
78,001 1,142,359 Procter
Company (quar.) (No. 183)----2
Nov. 15 Holders of rec. Oct.31a
Total 1911..
.178,137 3,698,000 2,617,600 31,655,859
205,657 9,882,510 Pullman
Pure Oil, common (quar.)-------------------1 Nov. 15d to Nov. 3#
244 Dec.
1
G)V, 30 i biers of rec. Nov. la
The world’s shipments of wheat and corn for the week Quaker Oats, preferred (quar.)................
Oats, common (guar.)...................
244 Jan. 15 Holders of rcc. Jan. 2
endingNov. 2 1912 and since July 1 1912 and 1911 are shown Quaker
Common (payable in common stock) _ .. / 50
Holders of rec. Nov. 25
in the following:
Preferred (guar.)................................
144 Feb. 28 Holders of rec. Feb. 1
Republic Iron A Steel, pref. (qu.)(No.41)
1 Holders of rec. Dee. 14a
144 Jan.
Sears, Roebuck & Co., common (quar.)..
l 3i Nov. 15 Holders of rec. Oct. 31a
Wheat.
Corn.
Silversmiths Company (quar.)..................
144 Nov. 15 Holders of rec. Nov. 11
20
Exports.
1912.
1911.
|
1912.
1911.
Sou. California Edison, com. (qu.)(N o.ll)
144 Nov. 15 Holders of rcc. Oet. 31
Southern Pipe Line (quar.).. ..................
8
Dec.
2 Holders of rcc. Nov. IS
Week
Since
Since
Week
Since
Since
Standard OH of Indiana (quar.)................
3
Nov 30 Nov. 13 to Nov.30(1
Nov. 2.
July 1.
July 1.
July 1.
Nov. 2.
July 1.
Extra ................................- ...................
7
Nov. 30 Nov. 13 to Nov.3 0'1
Standard Oil of Kamsas..............................
3
Deb. 14 Holders of rcc. Nov. 15
Bushels.
Bushels.
Bushels.
Bushels. 1Bushels.
Bushels.
E xtra .......................................................
2
Deo. 14 Holders of rec. Nov. 15
North Amer. 0,488,000 80.034.000 61.762.000
383,000 8,309,000
41,000
5
Dec. 10 Holders of rcc. Nov. 13
1,944,000 48.443.000 38.050.000 264,000 5.136.000 18.467.000 Standard Oil of Ohio.................................
2 Holders of rec. Nov. 15
i K Deo.
810,000 24.625.000 32.911.000
D anube___
85,000 8.274.000 24.499.000 Studcbaker Corporation, pref. (guar.)___
United Cigar Mfrs., pref. (guar.).............
144 Nor. 30 Holders of rcc. Nov.22a
Argentina . . 928.000 25.658.000 18.416.000 7,761,000 109.588,000
60,000 United
States Envelope, preferred..........
\e
Nov. 11 Oct. 27 to
Nov. 11
376.000
8.728.000 17.110.000
Australia. . .
United
States
Printing
of
N.
J.,
pf.
(qu.).
Nov. 15
IK Nov. 15 Nov. 5 to
856.000 30.792.000 17.410,000
..............
..........
- ............
U. S. Steel Corp., common (guar.) ..........
Dec. 8
144 Deb. 30 Deo. 3 to
72,000 3.070.000 3,091,000
Oth. bounties
Preferred (guar.)........ .................... ..
Nov. 13
144 Not . 29 Nov. 5 to
144 Nov. 15 Holders of rec. Oct. 31a
T o t a l___ 11501000 221,350,000 189,656,000 8,151,000 123,381,000 51,335.000 United States Telephone, pref. (quar.).
Warwick Iron A Steel_____________ ____
4
Nor. 15 Nov. 1 to
Nov. 15
The quantity of wheat and corn afloat for Europe on dates
a Transfer books not closed for this dlvdend
/> |,Ws income tax d Correction.
mentioned was as follows:
e On account of accumulated dividends. / Payable la tension stock.




Nov. 9 1912.]

THE CHRONICLE

Auction Sales.— Among other securities, the following, not
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
Shares.
Per cent.
100 Falrmount Cola & Coke Co.($50
each) ......................—......... $2 lot
500 Consol. Elec. Stor.Co.($25 ea.) .S I lot
1 Right N. Y. Society Library.__ 150
2 Clinton Hall Association_____ 50-52
13 Land A lMver Co. 1st pref___ 20
5 Franklin Tr. Co. ot Brooklyn..240

Shares.
per cent
25 Irving National Bank........... __200M
Bonds.
per cent
$200 N. Y. Investors Corp. \'A%
guar. M. certif. Feb. 1919, taxexempt In N. Y. F. & A ___ 99 & lnt
SI,500 Indiana Mineral Spring 6s,
Jan. 1911. J. A j . ($500 each).. 1,500

By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sh. Bonds.
Per cent
7 Massachusetts Cotton Mill*___ 121A 31,000 Metropolitan St. lty. gen. &
coll, trust os, 1997.............. .
S9

B y Messrs. R . L. Day & Co., Boston:
Shares.
$ per sh.
7 U. S. Bank of IlartlordSoo
5 Brookslde M ills............ 11 3 ex-dlv
50 West Point Manufacturing C o.l09J(
110 Bos. A Wore. Elec. Cos., pref
48 A
C Hartford Steam Boiler Inspec­
tion A Insurance Co.
328 A
16 Aetna Fire Ins. Co., Hartford..313%
5 United Elec. Apparatus Co., pf. 75

Shares.
§ pCr sh
1 John B. Stetson Co., com
450
6 United Gas A Elec. Corp., p'ref 88
54 Amer. Pipe A Construe. Co.9l%-91%
34 Stand. Roller-Bearing Co.,com. 7%
4 Phlla. Bourse, com. (350each). 4
2 Girard Avc. Farmers’ Mark.Co. 35
Bonds.
per ccn t
55.000 Montgomery Heat A Fuel
10
1st 5s, 1937.....................
51.000 J. C., Hoboken A Pat. Ry.
1st 4s, 1949..
. .
76%
54.000 Republic of Cuba 5s, 1913
(3100 each)............... ................. 95
32.000 Elmira Water, Lt. A RR.
purch money 5s, 1919..................100
$4,000 Penna. Coal A Coke 1st 5s,
Series A, 1932................................ 93
51.000 Buffalo A Lake Erie Trac.
1st ref. 5s, 1936...........................
55
32.000 Birmingham Easley A Bes­
semer RR. 1st 5s, 1941. ...............60
S100 Georgetown Ry. A Light 1st
6s, 1939.................................... _J 70
31.000 N, Sprlngf. Water 1st 5s, ’28 90

[
74 % |

DETAILED RETURNS OF BANKS.
____________________ W e o m i t t w o c i p h e r s (00) I n a l l c a s e s .

Bank of N. Y .
Manhattan Co.
Merchants’ __
Mech. A Met.
America___
C ity..............
Chemical........
Merchants’ Ex
Butch. ADrov
Greenwich... .
Am. Exchange
Commerce___
Pacific ___
Chat. A Fhcn.
People’s ..........
Hanover........
Citizens’ Cent.
Nassau___
Market A Ful’t.
Metropolitan .
Corn Exchange
Imp. A Trad. .
P a r k ..............
East River__
F ou rth ..........
S econ d ..........
First ..............
Irving............
B owery........
N. Y. County.
German-Amcr.
Chase..............
Fifth Avenue.
German Excli.
Germania___
Lincoln ..........
Garfield..........
Fifth National
Metropolis___
West Side___
Seaboard........
Liberty ..........
N. Y. Prod.Ex
State ..............
Security____
Coal A Iron__
Union Excli
Nassau, Bklyn
Totals, Avge

Capital.

Surplus.

S
Brooklyn ___ 2.440.3
Bankers .
* 16.412.4
U. S. Mtg.ATr. 4.509.4
Astor ...
1.368.6
Title Guar. AT. 11,335,3
Guaranty........ 23,324,0
Fidelity _ ____ 1,303
LawyersTlAT. 0,394,9
Col-Knlckerb _ 7.192.6
People’s ........ 1.690.5
New York___ 11.713.5
Franklin........ 1.281.4
Lincoln ..........
557.2
Metropolitan.. 6.103.4
Broadway___
565.3

On Dep
Net
Loans. Specie. Legals. uAthC.il. Deposits.
Average. Average. Average Banks. Average.
$
16.536.0
129.783.0
41.547.0
18.935.0
33.583.0
174.349.0
8.023.0
16.988.0
48.304.0
17.449.0
42.389.0
9.162.0
9.982.0
21.846.0
8.696.0

S
%
$
$
1.368.0
455.0 1.401.0 12,110,0
15.291.0
38.0 11,611,0 101.832.0
3.827.0
558.0 3.639.0 29.236.0
2.142.0
24.0 1.383.0 14.410.0
1.660.0 1,668,0 2.374.0 21.670.0
15.989.0 1,207,0 13.370.0 108.764.0
759.0
235.0
766.0 6.416.0
1,228,0
582.0 1.360.0 11.651.0
4.899.0
850.0 4.332.0 38.777.0
2.005.0
404.0 2.212.0 15.971.0
4.050.0
288.0 3.218.0 28.772.0
1.033.0
236.0
939.0 8.349.0
1.141.0
219.0 1.011.0 9.076.0
2.012.0
9,0 1,956,0 13.549.0
954.0
309.0
964.0
8.526.0

sin non1^onn^lfmter? ^mtLC\rnP*anie3 2? fo,lows: Brooklyn, SI,000,000: Bankers,
r!i0armt’ee00VUTm stfetgS^nrm
* TrUSt’ S2'°°0,000: Astor, 81,250,000: Title
Guarantee
lrust, 55,000,000, Guaranty, $10,000 000* Fidelity s i (ion non­
Lawyers Title Insurance * Trust, $1,000,000; Columbia-Knickerbocko^ *2 OOO OOO
000 000''MetronoRlmn
^82"ooo°onn ,0(*9>0W; Fratikl In/'s'l ?000,000^ LIncoh?,^$+000,000,
Metropolitan, $2,000,000 Broadway, Sl.000,000: total, $45,250,000.

Statement of New York City Clearing-House Banks and
Trust Companies.— The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending N ov. 2.
The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
Lor definitions and rules under which the various items are
made up, see “ Chronicle,” V. 85, p. 836. in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.

B a n ks
Oft* omitted.

Surplus

Bonds.
per cent
S5.000 City of Augusta, Me., 4s,
Oct. 1919.............................. 98% & lnt

p e r c en t.

$3,000 Keystone Tclcp. 5% notes

Trust Cos.
00.? omitted.

Totals, Avge... 96,252,0 597,572,0 58,358,0 7,082,0 50,536,0 429,109,0
15.2 + 10.5
Actual figures Nov. 2 . 593,498,0 57,991,0 7,035,0 54,964,4 22,898,0 15.3 + 11.5

B y Messrs. Samuel T . Freeman & Co., Philadelphia:
R oth I^ .

DETAILED RETURNS OF TRUST COMPANIES.

Shares.
$ per sh
100 Prudential Ins. Co. of Amcrlca.215
50 Consol. Fisheries Co., pref
.35 lot
1 Hartford Fire Insurance Co. 670
5 Plymouth Cordage Co........ . ..222%

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
85 Chciten Trust Co. (350 ea .). _75-75 'A
2 People's Nat. Fire Ins. Co. ($25
ea ch )........ ........
23 M
10 Canulen (N. J.) Nat. Bank___ 191
50 Cambria Iron Co. ($50 each).. 43%
5 Farmers’ A Mech. Nat. Bank..141
30 Fourth Street National Bank.]322
2 Commercial Trust Co..........
447
2 Penn. Co. for Ins. on Lives,Ac 650
45 Real Estate Trust Co., pref
96
1 Provident Life A Trust Co "8 8 0
4 West End Trust Co. ($50 each).118
14 lire Assn, of Phlla. (.$50 ea.)
„ „ . ..
356-356%
6 Ilest. Mantua & Fairm. Pass
R y., pref.............. _ ............. . (55
20 Ilest. Mantua A Fairm. Pass
40
B y., com ____
1 Philadelphia City Pass. R y I I " 156%
6 Germantown Passenger l l y ___ 114 %
20 Union Passenger R y _________ i<);j
4 Phlla.A Easton El. Ry., pref..31 lot
4 Phlla.A Easton El. Co., com . SI lot
4 John B. Stetson Co., pref____ 185

1253

Loans.
Average.

SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES
Week
ending
Nov. 2.

Capital. Surplus.

Loans.

Specie.

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

Averages
$
8
?
5
8
1
?
Banks . . . 133,650,0 190,887,6 1,328,486,0 257,324,0 76,236,0
Trust cos. 45,250,0 96,252,0 597,572,0 58,358,0 7,082,0 50,536,0 1,317,206,0
429,109,0
Total . . 178,900,0 296,139,6 1.926.058.0 315.682.0 83.318.0 50,536,0
1.746.315.0
Actual.
B an ks__
1.329.876.0 255.956.0 74.194.0
Trust cos.
593,498,0 57,991,0 7,035,0 51,96+6 1.316.645.0
422,898,0
Total . .
..........
.......... 1,923,374,0 313,947,oj 81,229,0 54,964,o’l ,739.543,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under irs
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 8G, p: 316.
STATE BANKS AND TRUST COMPANIES.
Week ended November 2.

Capital as of Sept. 9 ... ...
Surplus as of Sept 9 . . . .
Loans and Investments..
Change from last week.

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

$
62,775,000

$
*9,323,000

38,321,500

172,033,200

*12,233,100

12,508,781

290,654,900 1,108,622,100
+803,500 — 11,755,100

115,511,900
+ 241,800

174,757,400
+ 771.800

Specie. L e g a l s . Net Depos­ Re­
Average. Average its, Aver serve.

s
9,950,000

Specie ______________
53,870,800 113,482,900
..................
Change from last week.
+ 1,181,400 -2,258,800
%
$
s
$
$
%
Legal-tender A bk. notes
3.842.0 20.448.0 3.208.0 1.178.0
21,354,900
10,903,800
17.727.0
25.0
Change from last week.
4.835.2 33.000,0
+ 26,800
+ 203,900
..................
7.905.0 1.478.0 37.200.0 25.3
1.990.9
18,161 0 3.197.0 1.313.0
17.653.0 25.5
8.640.5
340,062,100 1,154,338.100 121,330,500 179,047,100
54.009.0 10.511.0 2,092 0 50.780.0 24.5
Change from last. week.
6 260 2 23.731.0
+ 2,371,200 — 14,278,300
4.805.0 2.054.0 23,852 0 28.7
+239,900
+ 465,500
0
29,540,7
184.051.0 38.927.0 6.822.0 177.116.0 25.8
0
89,501,600 131,945,400
7.134.2
27,785 0 4.217.0 2.283.0 24.487.0 26.5 Reserve on deposits........
22,135,500
20,948,200
Change
from
last
week.
515,9
1,484,700
6.899.0
—
1,538,400
1 587,0
—
227,800
159.0
7,010 0 25.0
— 271,100
127.1
2.210.0
474.0
66.0
1.970.0 27.3
949.4
27.2%
8.653.0
18.2%
2.297.0
19.5%
180.0
9.801.0 25.2 P. C. reserve to deposits.
12.6%
0
Persentago last week..
4.766.2
27.\%
39.727.0
8.001.0 1.613.0 37.838.0 27.1
16.0%
19.7%
12.8%
0
16,157,5
131.271.0 18.439.0 7.279.0 105.349.0 24.4
958,6
4.305.0
441.0
012,0
3.976.0 28.4
+ Increase over last week. — Decrease from last week. * As of June 14.
1.243.0
18.122.0 2.793.0 1.777.0
18.358.0 24.8
472.8
2.271.0
445.0
151.0
2.199.0 27.1
,h~ t" ^ 5 Pi U8'1 ,nc:lu<lcs ?** undivided profits. "Reserve on deposits” Includes
13.471.3
0
69.639.0 13.325.0 5.744.0 75.721.0 25.1 r)r^ both
trust companies and State banks, not only cash items but amount** due
2.139.1
21.504.0
4.525.0
622.0
19.876.0 25.8
rescT'-c agents. Trust companies In New York StatVare required by law to
485.0
10.549.0
1.083.0 1.056.0
11.743.0 23.3 keep a reserve proportionate to their deposits, the ratio varying according to lo­
1.871.3
9.351.0
1.049.0
954.0
9.475.0 27.4 cation as shown below. The percentage of reserve required Is computed''on the
1,725,7
15.135.0 3.663.0
253.0
16.137.0 24.2 W W ? ° t deposits, exclusive of moneys held In trust and not payable within
0
5.753.6
47.920.0
7.944.0 6.040.0 55.764.0 25.1
hlrty days, and also exclusive of time deposits not payable within thirtv davs
7.081.1
25.300.0 8.661.0 1.988.0 22.284.0 25.3
am* a,?° exclusive of deposits secured by bonds or
13,313,0 81.859.0 19.163.0 1.008.0 83.154.0 25.0 nhHntin o f n CCoV .
° f Ilc
or
of New York, and exclusive of an amount equal to
68,1
1.591.0
319.0
1.632.0
118.0
26.8
<MmarvCt iVa UC
e*?ecdlng Par> ot bonds or obligations of the State or City
0
5.821.2
29.690.0 5.216.0 1.900.0 29.019.0 24.5
'!LN?,W Yo,rt owned by the bank or held In trust for It by any public department
2.460.0
14.182.0 3.172.0
167.0
13.555.0 24.0
Ihc
State
banks
are
likewise
required
to keep a reserve varying according to Icea21.582.3 109.504.0 20.648.0 4.177.0 98.401.0 25.2
Mon, the reserve being computed on the whole amount of deposits exclusive of time
0
3.131.7
35.232.0
5.509.0 3.271.0 35.049.0 25.2 deposits not payable within thirty days, represented by certificates (according
799.2
3.448.0
826.0
85,0
3.006.0 25.2 to the amendment of 19t0>, and exclusive of deposits secured (according to amend­
8.897.0
1.836.9
1.522.0
701.0
8.834.0 25.8 ment of 1911) by bonds or obligations of the City or State of New York a Z ex.
711.0
4.069.0
858.0
240.0
3.898.0 28.1 elusive of an amount equal to the market value (not exceeding par) of bonds or
0
87.049.0 18.002.0 5.511.0 95.770.0 24.5
9.359.0
13.601.0 2.539.0 1.314.0
2.119.4
15.326.0 25.1
y i
830.9
3.556.0
570.0
311.0
3.485.0 25.2
1.289.0
5.747.0
1.061.3
245.0
6.557.0 23.3
------Trust Cos.- - —State Banks—
10.075.0 3.120.0 1.107.0
1.773.9
10.722.0 25.2 Reserve Required for Trust Companies
Total
Of
Total
Of
1.270.8
8.816.0 2.135.0
and State Banks
371.0
9.141.0 27.4
Reserve which Reserve
width
524.5
Location—
424.0
3.521.0
406.0
3.626.0 24.5
Required, in Cash. Required. in Cash
2.182.4
1.184.0 1.789.0
12.497.0
12.187.0 24.3 Manhattan Borough..................... .....
-.15%
15%
25%
15%
1.023.0
4.438.0
881.0
283.0
4.936.0 23.5
.) 15%
10%
20%
10%
2,220,2 25.561.0 5.400.0 2.546.0 30.228.0 26.2
0 15%
10%
15%
7%%
2,725,2 23.474.0 5.519.0 1.192.0 25.914.0 25.0
-1 5 %
15%
20%
20%
895.2
9.306.0 2.420.0
395.0
10.902.0 25.8
..15%
15%
15%
607.9
15%
17.480.0 5.232.0
373.0 22.472.0 25.0
5%
410.1
10.969.0 2.589.0 1.103.0
14.818.0 25.3
-1 0 %
3%
507.3
0,408,0
505.0
1.102.0
6.456.0 24.8 Elsewhere In State.
15%
967.3
9.082.0
1.887.0
360.0
9.027.0 24.8
1.119.9
7.555.0
1.271.0
264.0
6.169.0 24.8
The Banking Department also undertakes to present sepa­
133,650,0 199,887,6 1328,480,0 257,324,0 76,230,0 1317,200,0 25.3
%
2,000 0
2.050.0
2,000,0
6,000,0
1 500 0
25.000.
3.000.
600,0
300.0
500.0
5.000.
25.000.
500.0
2.250.0
200.0
3.000.
2.550.0
1.000. 1)
1,000,0
2,000,0
3.000.
I .500,0
5.000. 0
250.0
5.000.
1.000. 0
10.000.0
4.000.
250.0
500.0
750.0
5.000.
100.0
200,0
200,0
1.000.0
1,000,0
250.0
1,000,0
200.0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

Actual figures Nov. 2.

a r s i s s R p is K '.

1329,876,0 255,956,0 74,194,0 1316,645,0 25.0

Circulation.—On the basis of averages, circulation or nano m < n Ti
~T
House amounted to $46,464,000, and according lo actual figures'was S46!668,000




“ ««”«»>■"»

rate figures indicating the totals
trust companies in Greater New
H ouse. These figures are shown
also the results (both actual and

for the State banks and
York not in the Clearing
in the table below, as arc
average) for the Clearing-

THE CHRONICLE

1254

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

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

NEW YORK CITY BANKS AND TRUST COMPANIES.

$

fNat. banksl
Capital (Sept. 4 and)
(State banksl
Surplus (.Sept. 9 .........j

$

$

178,900,000

178,900,000

296,139,600

296,139,600

$

29,025,000

207,925,000

80,906,900

377,046,500

Loans and Investments 1,923,374,000 1,926,058,000
Change from last week — 9,314,000 — 16,273,000

588,996,600 2,515,054,600
— 3,552,400 — 19,825,400

D eposits...................... 1,739,543,000 1,746,315,000
Change from last week — 27,217,000 —31,000,000

<1589,409,800 2,335,724,800
— 6,215,200 —37,215,200

Change from last week

313,947,000
—3,349,000

315,682,000
—6,174,000

63,046,800
— 305,300

378,728,800
— 6,479,300

Change from last week

81,229,000
— 2,473,000

83,318,000
+ 867,000

68,193,300
— 57,100

91,511,300
+ 809,900

Banks; cash In vault..
Ratio to deposits-----

330,150,000
25.07%

333,560,000
25.32%

12,293,400
14.04%

345,853,400

Trust cos.:cash In vault

65,026,000

65,440,000

58,946,700

124,386,700

Aggr’te money holdings
Change from last week

395,176,000
— 5,822,000

399,000,000
— 5,307,000

71,240,100
—362,400

470,240.100
— 5,669,400

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

54,964,000
+ 5,986,000

50,536,000
— 1,434,000

15,303,400
+ 175,400

05,839,400
— 1,258,600

Change from last week

450,140,000
+ 164,000

449,536,000
—6,741,000

86,543,500
— 187,000

536,079,500
—6,928,000

Trust cos.(abovel5%)

988,750
1,591,300

4,258,500
1,073,650

.......... *—

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

Change from last week

2,580,050
— 1,443,950

5,332,150
+ 554,100

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

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

% of cash reserves of tr ust. cos—
15.37%
11.50%
Cash on dep. with bks.

15.25%
10.53%

15.11%
1.13%

26.87%

25.78%

16.24%

Surplus CASH reserve

_

Total

Capital
and
Surplus

Banks

Clear.-House Clear .-House State Banks & Total of all
Members.
Members. Trust Cos. Not Banks&Trust
in C.-H. Aver. Cos. Average.
Week ended Nov. 2— AclualFlgures
Average.

[V O L . L X X X X V

S

Boston.

Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.

14...........
21...........
28...........
6--------11...........
19...........
26...........
2...........

41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
41.575.0

Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.

14...........
21...........
28...........
5...........
11...........
19...........
26...........
2...........

80.623
.80.623
80.623
80.623

Philadelphia.

80.623

80.623
80.623
80.623

Specie.

Legals

$

S

3

$

178.0
832.0
360.0
144.0
689.0
030.0
514.0
,366,0

,631,0 24.393.0 5.212.0
.412.0 24.613.0 5.135.0
,684,0 24.123.0 5.095.0
.024,0 23.131.0 4.775.0
,741,0 23,470,6 5.028.0
,772.0 24.753.0 5.245.0
,292,0 24.972.0 4.465.0
,518,0 23.777.0 4.162.0

430.976.0
430.633.0
429.233.0
434.124.0
433.541.0
435.092.0
426.934.0
426.799.0

92.946.0
92.290.0
93.115.0
93.960.0
92.265.0
93.351.0
92.303.0
89.430.0

393.833.0
391.262.0
390.007.0
389.682.0
388.815.0
387.500.0
385.334.0
386.035.0

Circu­
lation.

Deposits.

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

153,961,9
158.200.6
161.914.1
200.853.7
144.244.8
231.211.9
194.857.1
182.975.5

15.147.0
15.136.0
15.135.0
15.116.0
15.096.0
15.110.0
15.113.0
15.125.0

143.211.3
154,660,7
158.782.6
186.156.6
142.057.6
197.262.5
169,265,0
173.550.3

a Includes Government deposits and the Item “ due to other hanks.” At Boston
Government deposits amounted to $807,000 on Nov. 2, against $882,000 on Oct. 26.
f “Deposits” now includes the Item of "Exchanges for Clearing House,” which
___
....__ir.
t "LVolmno-oti
onrln ITmiso"
was___a
not. "previously
embraced In the +/v«-n
total.
"Exchanges fnr
tor PI
Clearing
House” wftrfl
were
reported on Nov. 2 as $17,211,000.

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending N ov. 2 ; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.

1912.

1911.

1910.

1909.

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

$2,814,707
17,469,767

$2,524,860
19,888,396

$3,291,965
16,492,399

$2,766,952
16,633,845

Total_____ _____ - ........ $22,284,474 $20,413,256 $19,784,364 $19,400,797
Since January 1.
Dry Goods........... ................ $127,064,364 $119,345,185 $133,386,004 $142,181,540
General Merchandise........... 732,768,9001 622.052,409 643,257,840 594,445,568

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending N ov. 2 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.

The following table shows the exports and imports of
specie at the port of New York for the week ending N ov. 2
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.

Exports.

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

31-.
714. .
21..
28..
5—
1119..
26 —
2-

S
2.651.253.5
2.644.504.1
2.618.939.0
2.586.878.2
2,572,002,4
2,546,392,9
2.535.072.1
2.530.437.1
2.534,880.0
2.515.054.6

Deposits.

$
2.523.586.7
2.503.801.2
2.467.559.4
2.434.513.2
2.420.349.5
2.395.942.4
2.378.856.4
2,371,614,1
2,372,940,0
2.335.724.8

Specie.

$
417.008.1
407.961.1
400,137,8
396.837.7
393.528.7
388.472.0
386.925.5
390.217.5
385.208.1
378.728.8

$
92.651.8
91.860.8
91.421.3
91.696.9
91.815.1
90,687,6
89.606.9
90.192.1
90.701.4
91,511,3

S
509.659.9
499.821.9
491.559.1
488.534.6
485,343,8
479.159.6
476.532.4
480.409.6
475.909.5
470.240.1

$
590,236,8
576.345.3
566,766,7
559.906.3
554.697.3
549,168,6
542.235,0
551.499.5
543.007.5
536.079.5

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending N ov. 2, based on average daily results:
We omit two ciphers (00) inall these figures.

Banks

Capltal.

New York City.

$
Aetna National......... T500,0
Washington Heights. 100,0
Battery Park Nat___ 200,0
500,0
Century - _
400,0
Colonial __________
Columbia-...............- 300,0
Fidelity.................... 200,0
250,0
Mount Morris______
200,0
Mutual
________
New Netherland........ 200,0
Twenty-third Ward.. 200,0
Yorkvllle ................. 100,0
Manhattan and Bronx.

Brooklyn.

Sur­
plus

S

544,9
336,0
115,1
515,5
549,4
787,4
168,9
337,4
411,0
281,4
96,0
515,8

Loans,
Disc'ts
and
Invest­
ments.

S
3,226,0
1,716,0
1,505,0
6,322,0
6,338,0
6,597,0
1,125,0
2,658,0
4,996,0
2,998,0
2,079,0
4,515,0

On
Legal
Tender Deposit
Net
with
Specie. and
Bank C.-H. Deposits.
Notes. Banks.

$

659,0
154,0
314,0
609,0
866,0
579,0
60,0
440,0
509,0
314,0
245,0
574,0

$
77,0
88,0
52,0
410,0
403,0
492,0
121,0
45,0
341,0
104,0
103,0
251,0

$
45,0
221,0
113,0
666,0
829,0
691,0
124,0
311,0
476,0
252,0
270,0
623,0

S
3,005,0
1,501,0
1,567,0
7,227,0
6,596,0
7,277,0
1,013,0
2,967,0
5,042,0
2,847,0
2,255,0
4,979,0

451,0 2,914,0
672,3 3,772,0 280,0 111,0
First National........... 300,0
515,0 5,539,0
910,2 6,024,0 549,0 264,0
Manufacturers’ Nat.. 252,0
Mechanics’ ............... 1,000,0
765,7 10,805,0 1,349,0 547,0 1,472,0 12,773,0
626,0 4,276,0
578,5 4,361,0 503,0 140,0
National City........... 300,0
254,0 2,366,0
174,5 2,373,0 188,0 103,0
North Side................ 200,0
IJersey City.
400,0 1,335,0 5,279,0 314,0 359,0 1,368,0 4,341,0
First National______
552,0 1,733,0
798,4 3,480,0 179,0 104,0
Hudson County Nat. 250,0
492,0 1,479,0
417,9 2,426,0
\
96,0 133,0
Third National......... 200,0
|»Hoboken.
354,0 1,718,0
649,0 4,256,0 192,0
52.0
First National........... 220,0
275,7 3,141,0 190,0
34,0
327,0 1,233,0
Second National........ 125,0
Totals Nov. 2 ___ 6,597,0 11,236,0 89,983,0 9,163,0 4,334,0 10,932,0 84,648.0
Totals Oct. 26___ 6,597,0 11,236,0 89,659,0 9,363,0 4,433,0 11,789,0 84,857,0
Totals Oct. 19----- 6,597,0 11,236,0 90,002,0 9,461,0 4,591,0 11,373,0 85,469,0




Gold.

Tot. Money Entire Res.
Holdings. on Deposit.

Legals.

1909.

1910.

1911.

1912.

For the week........................ $15,161,594 $1/,564,282 $21,065,008 $13,433,208
Previously reported............. 687,989,061 639.424,711 560,426,417 508,926,197
Total 44 weeks................. $703,250,655 $654,988,993 $581,491,425 $522,359,405

We omit two ciphers in all these figures.
Loans and
Investments.

$

$

7,607
7,661
7,591
7,355
7,090
7,050
6,973
6,976

Total 44 weeks— ........... $359,833,204 $741,397,594 $776,643,844 $736,627,108
I

4- Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item “Duo fron reserve deposi­
tories and other banks and trust companies In New York City” ; with this Item In­
cluded, deposits amounted to $639,219,100, a decrease of $4,514,900 from last week.
In the case of the Clearing-House members, the deposits are "legal net deposits”
both^or the average and the actual figures. 6 Includes bank notes.

Week
Ended

Clearings

Great Britain-

F ra n ce
fierm a n v

_

Week.

__________ -

_____ ____ _______
______________

14,596 10,033',499
63,483
$14,696 $33,100,381
$437,378 $1,G96,435
3,400 44,986,338

$131,078 $26,043,273
$455,227 $13,205,972
$128,015 21,063,810

"'$166

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

$20,146,222
15
2,867,162

Silver.
Great Britain................................. - ................. $1,031,851 $41,460,461
254,129 6,368,155
France
- ______ - - - - - - Germany
89,056
100
_____________
West Indies
M p y Ipg

South America
___________________
All other countries......................- .................

Since Jan. 1

$23 $6,804,476
$9,305 2,036,283
2,569
24,778
381,515
5,862 12,112,244
41,789 3,127,245
1,578,941
49,801

_____

West Indies
____ - ___
M exico ........................................... ..............
South America
____________
All other countries............................

Week.

Since Jan. 1

25,349
708,590

200

Total 1912...................................... $1,286,280 $48,651,611
Total 1911.................. ............. - 1,021.005 41,819,110
688,970 36,034,141
Total 1910
..........................

$133
20
173
32,203
38,966
40,341

$64,631
6,914
20,853
42,535
3,964,966
2,655,957
1,421,989

Sni,83G $8,177,845
220,974
114,485

6,117,706
4,060,549

Of the above imports for the week in 1912, $9,555 were
American gold coin and $134 American silver coin.

SanM tifl and f in a n c ia l
R a ilr o a d

a n d

I n d u s tr ia l S t o c k s

W r it e fo r o u r C ircular N o . 614 e n title d “ R a ilro a d and In d u stria l
S t o c k s ,” w hich describ es 124 Issues listed o n th e N ew Y o r k S to c k
E x ch a n g e , and classified b y us as fo llo w s: in v e s tm e n t S to o k s , S o m lIn v e a tm e n t S to c k s , S p e c u la tiv e S to o k s .

S p e n ce r

T ra sk

&

C o .

43 EXCHANGE PLACE— NEW YORK.
Chicago, 111. Boston, Mass. Albany, N. Y.

Members New York Stock Exchange.
W h ite ,

W e ld

&

C o .

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

NEW YORK

THE ROOKERY

CHICAGO

111 D E V O N S H I R E S T R E E T

BOSTON

THE CHRONICLE

JSToy. 9 19i*J ]

1255

§9,000 N . Y . Canal 4s, 1961, at 1 0 1 % , and §138,000 Vir­
ginia 6s deferred trust receipts at 54 to 59.
The daily transactions in railway and industrial bonds
have largely increased since election and the market has gen­
erally been firm. Changes in the active list are, however,
fractional in all cases and of a list of 24 active issues 16 are
higher, 7 lower and one unchanged.
In such a market there are, of course, few exceptional
features. New York Westchester & Boston 4 % s are the only
new issue which shows a decline of as much as % point.
Bethlehem Steel 5s are % lower. Third Ave. 5s, on the other
hand, are % higher than last week.

W all Street, F rid a y N ight, N ov. 8 1912.
The Money Market and Financial Situation.— The pre­
election ban which has hung over the security markets for
some time past having been removed this week, there has,
beginning on Wednesday, been a good deal more activity
and prices have moved to a higher level. The upward
tendency has not been continuous, however, and there is
now considerable doubt or difference of opinion as to the
United States Bonds.— Sales of Government bonds at
effect upon security values of a change in both the legislative
and executive departments of the Government at Washing­ the Board are limited to §2,000 4s, coup., at 1 1 4 % . F or
ton. The announcement by the President-elect that the to-day’s prices o f all the different issues and fo r yearly range
business interests of the country will be carefully conserved see third page following.
by the Administration was, of course, reassuring, and the
Railroad and Miscellaneous Stocks.— The stock market
Street is on the whole inclined to take a hopeful view of the was in a waiting mood, decidedly inert,and without definite
matter.
tone, on Monday. There was, as noted above, a good deal
The war in Turkey is still causing more or less solicitude more activity on Wednesday, the transactions then being
at the principal financial centres of Europe, but the end seems larger than on any day since March 30, and an advance
to be drawing near, and the money markets there are at the averaging 2 points or more was recorded. This movement
moment undisturbed. The Copper Producers’ report given was led by St. Paul, which has been the strong feature of the
out to-day shows enormous sales of the metal for domestic week. It advanced over 8 points, but reacted to-day with
consumption during October. The foreign demand was the general list and closes a point below the highest. It is
somewhat lighter than it has sometimes been and the stock now 17 points higher than in July, when it was fractionally
in producers’ hands is larger than a month ago. There is below par. The advance in this stock is based on its in­
no abatement of favorable news relating to the industrial creased earnings and is therefore not a speculative move­
and commercial activity of the country, and if confidence ment.
is not disturbed by fears of new tariff schedules or other
To-day’s market was the most irregular of the w’eek and
legislative action there seems no reason why this activity practically all the active list closes lower than last night.
should not continue for a considerable time to come.
It is still an average of from 2 to 4 points higher than last
The Bank of England’s weekly statement shows no im­ week, however, and there are no exceptions in the railroad list.
portant change and the local money market has apparently
Am . Beet Sugar has been notably weak, losing 11 points
settled into a generally normal condition after the enormous and recovering only 2 % . A m . Tobacco has covered a
month-end settlements of last week.
range of 4 % points and shows a net loss of nearly 3.
The open market rate for call loans at the Stock Exchange
F o r daily volume o f business see page 1263.
during the week on stock and bond collaterals have ranged
The following sales have occurred this week of shares not
from 3 @ 7 % . To-day’s rates on call were 5 @ 6 % . Com­ represented in our detailed list on the pages which follow:
mercial paper quoted 5 % @ 6 % for 60 to 90-day endorse­
ments and 5 % @ 5 % % for prime 4 to 6 months’ single
flange for Week.
Range sine •Jan. 1.
STOCKS.
Sales
Week ending Nov. 8.
for
names and 6 % % for good single names.
Highest.
Highest.
Lowest.
Week.
Lowest.
• The Bank of England weekly statement on Thursday
25 165 Nov 7 165 Nov 7 165
Nov,217% Apr
showed a decrease in bullion of .£787,074 and the percentage Adams Express..............
rets 2d paid
1,800 3 % Nov 7 3 Vs Nov 7 2 % Octj 3 A Oct
of reserve to liabilities was 47.46, against 47.70 last week. Allis-Chal
Preferred rets 2d paid 2,400 8 % Nov 6 10% Nov 7 7 A Oct 10% Nov
10 98 % Nov 6 98 % Nov 6 91 'A Jan 99% Sept
The rate of discount remains unchanged at 5 % , as fixed Am Rrake Shoe & Fdy. American Express____
320 180 Nov 7 182 Nov 6 175
Oct 225
Apr
Oct. 17. The Bank of France shows a decrease of 3,209,000 Rrunswlck
600 8% Nov 4 8% Nov 6 8
Jan u % May
Ter <fc Ry Sec
francs gold and an increase of 1,103,000 francs silver.
Nov 121% Jan
110 114% Nov 6 114% Nov 6 110
Central <fc S A Teleg___
NEW YORK CLEARING-HOUSE RANKS.
(Not Includung Trust Companies.)
1912.
Averages for
week ending
Nov. 2.
S
133.650.000
199,887,600
Loans and discounts. __ 1.328.486.000
46.464.000
Net deposits.................. 1.317.206.000
257.324.000
76.236.000
25% of deposits............
Surplus reserve........

Differences
from
previous iveek.
S
Dec." 8Vo71‘ 666
Inc.
242,000
Dec. 12,111,000
Dec. 4,203,000
Inc.
734,000

333.560.000 Dec. 3,469,000
329,301,500 Dec. 3,027,750
4,258,500 Dec.

441,250

1911.
Averages for
week ending
Nov. 4.

1910.
Averages for
week ending
Nov. 5.

$
5
135.150.000 133,350,000
196,020,300 194,250,300
1.363.957.000 1,226,875,400
48,107,800
50.514.000
1.381.125.000 1,187,978,200
283.193.000 235,393,100
66,499,300
75.237.000
358.430.000
345,281,250

301,892,400
296,994,050

13,148,750

4,898,350

Note.—The Clearing House now Issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages, The
figures, together with the returns of the separate banks and trust companies, also
the summary Issued by the State Ranking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.

Foreign Exchange.— The market for sterling exchange
ruled weak, owing to the pressure of bills of all descriptions
and the easier discounts abroad.
T o-d a y ’s (Friday’s) nominal rates for sterling exchange were 4 82 for
sixty-day and 1 88 % for sight. T o-d a y’s actual rates for sterling exchange
were 1 8095® 4 8105 for sixty days, 4 8540@ 4 8050 for cheques and
4 8590© 4 80 for cables. Commercial on banks 4 7 8 % @ 4 80% and
docum ents for paym ent 4 8 0 % @ 4 8 1 % . Cotton for paym ent 4 8 0 % ®
4 80% and grain for paym ent 4 8 1 ,'(@ 4 8 1 % .
The posted rate for sterling, as quoted by a representative house, was
reduced % c. on Monday to 4 82 for sixty days, but the sight rate was not
changed from 4 88 % .
T o-d a y’s (Friday’s) actual rates for Paris bankers’ francs were 5 2 3 % ®
5 23% plus 1-16 for long and 5 2 0 @ 5 20 plus 1-32 for short. Germany
bankers’ marks were 93% less l-3 2 @ 0 3 % for long and 94 9-16 less 1 32@
94 9-16 for short. Amsterdam bankers’ guilders were 40 12 @ 4 0 14 for
Exchange at Paris on London, 25f. 2 3 % c.; week’s range, 25f. 24c. hlgl
ul 2 5 f. 21 %c . low. Exchange at Hcrlin on L ondon ,20m . 5 3 % p f.; w eek’i
and
nge, 20m.
high
%vp^f.. mw.
low.
range,
zum . 54 % pf. i“
K“ and -20m.
v“ ‘ : 52 n
'Phe
r;inire for
fm- foreign exchange for the week follows:
The range
follows
Sterling, Actual—
Sixty Days.
Cheques.
Cables.
4 8580
4 8645
High for the w eek __ 4 8130
4 8540
4 8590
Low for the w eek __ 4 8095
Paris Hankers' Francs—
5 19 % plus 1-32 5 18% plus 3-64
High for the w eek__ 5 22 %
5 20
5 19 %
Low for the w eek__ 5 23 %
Germany Bankers' M arks—
94 % plus 1-32
94 %
High for the w eek__ 93 %
94
Low for the w e e k ... 93 %
94 %
Amsterdam Bankers’ Guilders—
40 17
High for the w e e k ... 39%
40 25
Low for the w eek—
39% less 1-16
40 12
40 18
Dom estic Exchange.— Chicago, 5c. per 51,000 d iscount. Roston, par.
S t. Louis, 35c. per $1,000 discount. New Orleans, com m ercial, 50o. per
$1,000 discount and bank 51 premium. San Francisco, 25c. per $1,000
prem ium . Savannah, buying, 3-16% discount and selling par. St. Paul,
15c. per 51,000 premium. Montreal, 31 % c. prem ium . Charleston,
buying, par; selling, 1-10% premium. Cincinnati, par.

State and Railroad Bonds.— Sales of State bonds at the
Board include 86,000 N . Y . 4s, 1962, at 1 0 0 to 1 0 0 % ;




100 37 % Nov 8 37 % Nov 8 37% Nov 45
Colorado & Southern.-.
Oct 35
100 35 Nov 7 35 Nov 7 35
Cuban-Amer Sugar........
300 72 % Nov 7 72 % Nov 7 03% Jan 74%
Detroit United R y____
100 100 Nov 8 100 Nov 8 9014 Jan 100
duPont (E I) deNemP pi
78 15% Nov 6 17% Nov 7 10 % Feb 18
Green Ray & W deb R . .
Havana El Ry, I. & P__
368 85 % Nov 4 86 Nov 7 85 A Nov 89
Aug 90%
400 96 Nov 7 96 % Nov 7 96
Preferred....................
Knickerbocker Ice, pref. 1,795 75 Nov C 76 Nov 4 70
July 78%
Louisv & Nashv rights.. 4,500 8% Nov 7 9% Nov 7 9 A Nov 9%
100 85% Nov 7 85 % Nov 7 75 A Jan 92 *4
Mackay Companies___
Oct 70%
155 68 % Nov 6 68 % Nov 6 08
Preferred____ _____ _
200 85 % Nov S 85% Nov 8 84 A Oct 88%
M St P&S S M leas-d lines
Feb 61%
N Y Chic * St Louis___
10 57 Nov 7 57 Nov 7 54
612 46 Nov 7 47 % Nov 6 45 % Sept 55
Norfolk Southern..........
Feb 3%
100 2% Nov 4 2% Nov 4
Ontario Silver Mining__
l
20 110 Nov 4 110 Nov 4 108
Pabst Rrewing, pref___
Feb 110
100 7 Nov 7 7 Nov 7 3
Jan 8%
Quicksilver Mining, pref
10 83 Vi Nov 6 83 % Nov 6 83 A Aug 88%
RR Securities, Series A.
5 110 Nov 6 110 Nov 6 109
Aug 110
So Porto Rico Sug, pref.
700 99 Nov 4 101 Nov 7 97
Feb 102%
United Dry Goods------310 107% Nov 4 108 Nov 6 103% Feb; 108%
Preferred.......... .........
Nov 100%
484 69 Nov 4 71 Nov 6 69
U S Express........ ...........
Jan 54
300 52 Nov 7 52 Nov 7 41
Virginia Ry & Power.. .
100 91
Jan 91
Nov 6 91 Nov 6 87
Preferred------- --------150 118% Nov 6 119 Nov 6 118 As Nov 151
Wells, Fargo 8: Co........
Jan 81
200 78% Nov 8 78 J* Nov 8 75
Western Maryland pref.
Nov!278
33 272 Nov 6 272 Nov 6 272
Westinghouse Air Rrake

Feb
Nov
July
Nov
Oct
Aug
Sept
Aug
Oct
July
Jan
Jan
Apr
May
May
Apr
Apr
Apr
Jan
July
July
Apr
Oct
Nov
Jan
April
Oct

Outside Market.— Following the election trading on the
“ curb” was on a large scale and the market showed a firmer
tone. Thereafter business became dull and weakness devel­
oped. Most of the trading was in the higher-priced indus­
trials, with the Tobacco snares the feature. United Cigar
Stores com. jumped up from 1 1 2 % to 118, a new high record.
It reacted to 11 4% and ends the week at 1 1 5 % . British
Amer.-Tobacco moved up from 2 3 % to 2 4 % , down to 2 3 %
and finished to-day at 2 3 % . Emerson-Brantingham com.
fell from 7 4 % to 7 3 % , moved back to 7 4 % and reacted to
7 2 % . The close to-day was at 73 . The preferred weakened
from 1 0 0% to 9 9 % and closed to-day at 1 0 0 % . Manhattan
Shirt com. declined from 74 to 7 3 % and was traded in to-day
at 7 3 % . The preferred receded from 10 2% to 102 and ends
the week at 1 0 2 % . Standard Oil o f N . J. dropped from 394
to 392 and sold up to 396. A sensational drop of some 95
points to around 275 was reported in Standard Oil of Kansas
stock, due, it was stated, to disappointment over the divi­
dend. A dividend of 3 % and 2 % extra was announced.
There was some recovery after this, the bid to-day being re­
ported at 330. In bonds Braden Copper 7s advanced from
148 to 170 and the 6s from 1 5 1 % to 170. Chicago Elevated
5 % notes rose from 9 7 % to 98. Western Pacific 5s were
dealt in up from 8 2 % to 84. The feature among copper
shares was the development of strength in Braden Copper,
which after slight weakness from 7 to 6 % ran up to 8 % .
British Columbia improved from 4 % to 4 % , but moved back
to 4 % . Giroux gained about half a point to 5 and closed
to-day at 4 % . Greene-Cananea advanced from 9 % to 1 0 %
and ends the week at 10. Mason Valley Sold up from 1 2 %
to 13.
Outside quotations will be found on page 1263.

1256

New York Stock Exchange— Stock Record, Daily, 'Weekly; ancTTearly
OCCUPYING T W O

PAGES

For record of sales during; the week of stocks usually inactive, see preceding; page.
STOCKS-■HIGHEST AND LOWEST SALE PRICES.
Monday
Nov. 4.

Saturday
Nov. 2.
1

<
P
rn
V,
<
s
• w

a

5

o
' b
ti
w
o
8
IA
w
1
s

1
1

1
1

I
1
t

Tuesday
Nov. 5.

1067* 107%
*101% 102
139% HO
105% 106%
*86
871,,
89% 89%
260% 26212
*350 380
81% 81%
18% 19
36% 36%
109% 111%
*140 142
1337* 139%
*181 190
*52
50
*98% 101%
168% 168%
*540 550
21
21%
38-% 38%
*819%
§161'. 16%
3334 34%
52
52%
43
43
13710 139%
47
47
129 129
19% 20%
64% 65%
28% 28-%
*61
63
*13% 15
*35
40
17234 175
157 158
*132% 133
25
25

Thursday
Nov. 7.

Friday
Nov. 8.

108% 1093* 108% 1087*
1073* 109
1017* 102
1017* 102%
102 102
1397* 140
140 140% 138% 139%
107 107%
100 1073* 107% 108
87% 86% 86%
87% *86
*80
89-% 91
91
91% 90
90%
265 267% 26334 265
262 267
373% 373% *365 380
*360 380
827*
81% 83% 82-84 8334 82
195* 193*
193* 20
19% 20
37% 37% 37% 37% 36% 363.,
111% 1147* 115 1173* 11534 117%
142% 1421- *142 144
142 142
14 )34 141
139% 140% 140% 141
*180 190 *181 190 *181 190
*52
56
*52
56
*52
56
*983, 1013,
*98-3,1 10184
168% 169% 170 171% 167 168%
*540 550 *540 550 *535 550
23% *22% 23% *22% 23%
23
40% 41-% 41% 417*
40
39
♦8% 9% *8% 9% *8% 9
16% 17% *16% 18% *161- 19%
3534 353* 36
313, 3.5*3*
34
53% 525* 5234
52% 53% 53
44
44
*43% 4434
43
43
139 141% 1403* 141% 1393., 1407*
48% 48% 483.", 47% 48%
47
130 130
129% 130
128% 129
20% 26%
207* 20% 21
20
65ht OGI4
64% 667* 66% 67
293* *28% 29%
28% 293* 29
*611- 63%
63
63
62
62
*13% 15
*13
16
15
15
*35
40
39
*36
38% *35
173% 17634 175% 1767* 17434 1757*
158-% 160 {151% 152
148% 15034
1323# 1325# *132% 134
*132 134
26
25% 2584 26
50
50
1403* 143% 143% 144% i4233 14334
♦14.8 150 *150 156 *150 156
29
281* 29% 293* 297* 29
623,t 63% 63% 64
64
64
45
463* 447* 46%
42%
*60
65
*60
64
*50-* 6-4
*26% 27% 273* 273* 26% 26%
116% 117% 116% 117
115 117
1373* 1373* 137% 137% §136 136
357* *35
35
37
*34
37
881- 89% 89% 893, 90
90%
1147* 116% 116 116% 115% 115%

140% 140%
*150 155
28
28%
*62
64
42% 427g
65
*59
*26
271114% 115%
*130 137%
34% 3434
88
88%
11434 115%
89% 891,t
67 ' 67%
124 125%
xl22% 122%
*104 108
♦1 in 190
169% 171
*87
90
*94% 96
25% 26%
49-% 50
22
§22
6234 6234
35%' 35%
38% 39
817s
*75
21
21
40
49%
109% 110%
293*
29
81
81%
25
25
*36
38
6% 7
*13% 14%
32
32
*104% 107
1691* 170%
90
90%
*38
37%
♦6-1% 6614% 4'%
14% 15
54% 54%
*8% 9%
29
29
*13
141§53
53
82%
58
*100
62%
*99
38%
121
59
*118
37
*78%
56%
*97%
6
*28%
*20
143i
37
44
___
♦14%
62
85%
81%
107%

Wednesday
Nov. 6.

*<:
Q
.
%
O
3
w

673*
124%
1227*
107
1695*
97
2534
49%
*22
*60
36
3834
*75
20%
49
110
29%
81
25
37
*6
14
33%
*101
170%
90
36%
65
4%
14%
56
8%
*29
14
54

15%
62%
851?
83
107%

31,400
1,700
1,750
11,750
100
7,220
32,600
100
20,500
4,600
700
133,050
200
4,900

3,350
600
2,600
210
34,392
2,050
500
32,550
3,100
1,425
12,100
29,700
2,600
300
200
71,100
2,800
100
700
100
4,245
4,500
900
51,920

200
13,800
345
300
1,100
6,750
100
673* 68% 683* 69
69%
800
1273, 127% 128
126% 127% 35,700
1233* 12334 124% 123% 1235* 10,990
10834 *104 109 *105% 109
500
♦110 120 ♦110 120
1743* 173% 1747* 172% 1741* 431,000
♦87
90
♦87
90
200
96
96
*96
97
97
2734 267* 27
8,330
271- 27
52% 52% 53
50% 51
3,400
*23
25
23
23
125
25
*60
65
*60
65
100
65
36% 37% 35% 36
37
2,150
40
40% 39% 39% 2,800
40
*76
79% +76
81
79
21% 21% 21% 21% 21% 1,800
50% 4934 503* 49% 497* 6,100
112% 1125* 113% 111% 112% 24,650
30% 30% 30% 2934 30% 13,750
82% 3,870
82% 82% 8234 82
257* 2534 26% 25% 2534 4,600
40
38
39
4,150
39% 39
6% 634 *6% 7
1,500
6%
900
14% 143* 143* 13% 14%
33% *29% 33
200
33% *30
107 *104% 1071- *104% 108
1743* 17433 1753* 17358 1743* 230,570
91% 91% 4,200
91% 91% 92
38
38% 38
38
38
1,500
68
66
67% 3,200
66% 67
43.1 43j *43g 47*
500
4%
15-% 15% 1534 *1533 1534 1,700
677* 58
56
56
57
1,900
9% 9%
9
9
1,900
9%
29% 30
31
28
30
600
14*4 14
14
14% 14%
800
543,t 5134 53
54
65
225

83% 863*
58
58
*99 1001,1
63
56
99%
98
38% 42%
122 1233*
58-% 60-'*
*119 11913714 377$
793* 8OI4
50% 57%
98
98
6
6
30
*28
20% 20%
15
16%
38% 40%
44% 4534
*105 108
1.53,1 153.,
62
63%
85% 85%
S134 81%
*107 108

837*
58
101167
101
40%
123
59%
120
37
797g
57 "
98
6
31
20-%
15%
37%
443.4

Sales 07
ihs
Week
Shares.

STOCKS
N E W Y O R K STOCK
EXCHANGE

Range for Previom
Year 1011.

• Range since January 1.
On basis ol U)0-share lots
Lowest.

Railroads
A tch Topeka & Santa Fe
-tv
n o p r e f __________
Atlantic Coast Tine H R ..
SOaltlmore ft O hio______
Do p r e t _________
Brooklyn Rapid Transit.
( innadlan Pacific .
VCentral of New Jersey .
Chesapeake ft Ohio
Chic Gt West trust etts
Do pref trust ctfs___
Chicago Milw & St Paul
Do pref______
Chicago ft North Western
Do pref_____ .
Cleve Cln Chic & St L
Do pref______
.
JAelaware ft H u d s o n ...
l^elaw are Lack ft W est.
Denver
Rio Grande___
Do p r e f.......... ...... ....
Duluth So Shore & Atlan
Do p r e f.......... .. . . .
U r i c .................. .................
*-9 Do 1st preferred___
Do 2d preferred___
Great Northern pref_____
Iron Ore properties___
Illinois Central________
1 nterboro-Metrop v t ctfs
Do pref_______
ansas City S ou th ern ..
i v Do
preferred______
I ako Erie & W estern ..

103% Feb 1
101% Jan 2
1331* Jan 10
rl0l% Feb 1
861* Aug 13
76% Jan 2
226% Mch 4
305 Jan 9
68% Feb 1
16% J ’ly 12
31% Sep IS
99% J ’ly 13
140 J ’ly lo
134% J ’ly 12
190 May 4
54 Oct 26
§957* Feb 24
168 J ’ly 8
530 Aug 23
181- J ’ly 12
341.1 J’ nc 19
8 Sep 9
15%Sep 9
30% Jan 15
60% Feb 3
40 Feb 0
126 Jan 15
36 Jan 31
120% May 9
16% Jan 3
53% Jan 3
22% May23
56 May29
111? Jan 28

1557* Feb 5
Lehigh Vailoy______
Louisville ft N ashville.. 1497* Feb 1
ftja n h a tta n E le v a te d .. 131% Sep is
18% J ’ly 24
lAMnneapoIls ft St I.ouls
Do preferred________ §40 Feb 26
Minn St l* & S S Marie___ 129 Feb 3
Do preferred_________ 147% Feb 1
25% J ’ly 13
Mo Kansas ft T exas_____
57% May29
Do preferred_________
35 J ’ly 12
Missouri P a cific.. . .
IV at Hys of Mex 1st pref 62% Oct 7
26% Oct 18
4-1
Do 2d preferred___
N Y Central ft Hudson
106% Jan 9
N Y N H ft H a rtfo rd ..
134 J ’nelb
N Y Ontario <fc W estern.
2 )7* J ’ne29
8 i% Oct 25
Norfolk ft W estern_____ {107% Feb 1
83 J ’ne 12
56 Mch 11
Nor Ohio Trac ft L ig h t..
Northern P acific_______ 1153# Jan 15
P en n sylva n ia ___________ 122% Jan 9
981-Jan 2
Pittsb Cln Chic * St L . . .
108% Jan 2
I.) e n d in g ______________
1481* Jan 11
87% J ’n e 27
2d preferred____
94 Jan 11
Rook Island Com pany__
22% May3l
Do preferred_________
47% J ’ly 16
y t Louis ft San Fran
20% Sep. 6
LJ Do 1st preferred.____
61 MaylO
Do 2d preferred______
33% J ’ly 21
29% Jan 22
St Louis Southw estern..
O8I2 Jan 17
Seaboard A ir L in e ______

Lowest.

Highest.

Highest,

HIS.) Oct 4 997* Sep 116% J’lW
1051- J ’n«
101% Feb 10 100% Jan
14S% Aug 12 117 Jan
139% N ot
1117* Apv 30
93% Sop 109% J ’lr
91 Jan 23
91 Jan
85% Aug
94% J ’ly 2
72 Sep
84% J’lr
283 Aug 15 195% Jan 247 J ’i r
395 Apr 29 200 Aug 320 Deo
683* Sep
85% Oct 3
86-% Feb
20% Oct 26
17 Sep
25% J ’n«
3512 Dec
391- Apr 8
49% Feb
117->* N ov 7 10534 Oct 133% Feb
146 Jan 2 141 Sep 155% Feb
145 Apr 2ii 138% Sep 150% J ’ ne
198 Mch 26 191 Nov §209 Jan
48% Sep
lid Jaa
62% Apr 23
94% J ly
101% Apr 17
98 Feb
17 17* J ’ ne
176% Feb 6 159% Sep
569 Jan 29 505 Sep 670 N ov
24 Mch 27
17% Deo
36 Fob
36% Deo
46% Jan 2-1
74 Feb
11% May Hi
9 Nov
15% Mch
23 MaylS
17% Deo
30% Mch
27% Jan
39>* Apr 11
8S% J ’ly 45-%
Jan
0D.I J ’ly
57.„ Apr 11
35 Jan
48 Apr 11
4 9% J ly 1
119 Sep
143% Aug L
140 J’ne
3334 Deo
53 Sep 20
03% Feb i
141% Jan 23 132 Jan
147 J ’ly
22 J ’ly 2
13% Sep
203* Feb
39% Sep
563* J ’ly
6/3* Oct 15
25% Sep
373* J ’ne
31% Sep 30
01% Sep
6934 j ne
65% Mch 25
10 Sep
18 Apr 24
17 N ov
25 Sep
40 May 21
40 Jan
18534 Jan 15 151 Sep
iso 7* Deo ,
170 Aug 14 13 6% Sep
160'% Nov
142% Jan
138% Mch 13 131% Sep
21% Apr
42% Sep
27% Jan 23
35 Mch
68% Sep
§57 Jan 15
154% Aug 12 1 12434 Sep
152% Mob
158 Aug 19 146 Nov 160 McH
31% Mch 29
27 Sep
38% J'ne
62.% Sep
06 Apr 17
70 Oct
33% Sep
47% Mch 27
03 Fob
71 Jan 4
60 Aug
72% Jan
36% Jan 20
257* Aug
383* Feb
1211- Apr 26 t9U7* Sep 115% Feb
142% Apr 1 1267* Sep
161% Feb
3734 Sep
407* J 'lr
4 D* Apr 12
119% Aug 12
69% N ov 8
131% Aug 14
126% May 2
11U- Sep 23
117 Feb 20
179% Apr 29
93% Apr 29
101% Apr 29
30% Apr 8
59-8 Apr 9
29% Mch 26
69% Jan 23
4384 Apr 11
403* Oct 4

9934 Sep
85^4 Apr
39% Jan
110% Sep
U834 Sep
90% Sep
102% Seo
134 Sep
90% Sep
2234 Sep
4334 Dec
23 Dec
69 Sep
37 Sep
24 Jan
5934 Jan

27% Apr 4

Southern Pacific C o_____ 105% Feb 1 115% Apr 8
Southern v tr ctfs stm pd.
2612 Jan 31 32 Sep 30
Do pret
do
68% Feb 4 867* Oct 2
rp exa s ft Pacific_______
2012 Jan 3 26% N ov 7
I hird Avo N e w _______
35 Sep 14 4934 Jan 9
T oledo Railways ft L t___
3 Jan 15 10*% Apr 16
lo le d o St L ft W estern ..
16-% Mch 27
12 Sep 11
Do preferred_________
28 J ’no 7 36 Apr 8
Twin City Rapid T ransit. 104 Oct 11 111% Sep 17
] Inlon Pacific.................. 160 Feb 1 176% Sep 39
Y7
Do preferred______
88% Oct 31 93% Feb 27
Unit Hys In v’ t of San Fr 28 J ’ly 11 39% Oct 2 57 J ’ly 18 68 N ov 7
Do preferred_________
W a b a s h ................ ..........
3% J ’ne 19
934 May 11
•»
Do preferred_____
12% J ’ ne 27 227* Apr 9
Western Maryland R y ___
53% Oct 30 64% Mch 25
Wheeling ft Lake Erie___
4 Jan 10 11% Oct 10
Do 1st preferred_____
11 Jan 3 30% Oct 9
Do 2d preferred______
17% Oct 9
6 Jan 19
Wisconsin Central______
48 Feb 5 62% Aug 12
industrial^ Miscellaneous
86% 87% 84% 86% 147.600 A maijiamated C o p p e r..
00 Feb 1 02% Oct 4
58
58
*57
58%
600 YYmerAgrlcultural Chcm
57 Oct 29 03% Mch22
*58
59
*99 100
98 J ’ly 17 101% Mch 20
58
62
571* 593s 37,100 American Beet Sugar____
53 Feb 20 77 Sep 19
97
97
♦98
98
Do pref______________
300
97 Apr 3 lOll.i J ’ ne 19
42
433* 41% 43
52,450 American Can----------------11% Feb 1 473* Oct 11
12234 1233* 1223., 1227* 3.917
Do pref______________
90% Feb 1 120% Sep 19
597* 60% 4,500 American Car * Foundry
60% 61
49 Feb 5 63% Sep 25
Do pref______________
100
119% 119% *118% 1197*
115 Feb 14 120 May.M
38*4 38*2 387* 40% 3,000
800
80 ” 80%
80
80 “
54
55 " 15,900 American Cotton Oil____
54% 57
45% Jan 19 5 )1* Oct 21
300
98
*97% 9S% 93
Do pret....... ............
95 Jan 19 99% Feb 13
1,400 American Hide ft Leather
6
6
6% 6%
3 Feb 19
7% Sep 25
2934 30
*29
30
200
Do pref______________
20 Feb 26 31 Sep 21
*193, 21
900 American Ice Securities.
20
21
18 Jan 2 30% May2U
1534
1
6%
9,020
American
L
in
seed
______
16% 16%
9 Mch 6 177* Apr 23
397* 40% *38% 3934 2,000
Do pret______________
30 Feb 20 43 Apr 23
4-13., 45% 8,790 American Locom otive___
45% 46
313* I-'cb 27 463.1 Aug 17
1067* 1067* *106 109
100
Do pref______________
103 Jan 15 1101- Aug 14
157* 157* 15
15% 1,700 American Malt C orp____
434 Jan 10 19% Aug 5
1.37* 61
Do p re f........... ..............
63
633,j 2,800
42 Jan 0 69% Aug 14
58C Amer Smelters Sec pref 11 85% N ov 4 891- J ’ ne 10
86
86
85% 853,
831* 8434 823* 83% 9,000 Amer S m elting* Refining
67% Feb 1 91 Sep 26
Do pref----------------------- 1023* Jan 2 1093* Sep 26
108 108 *107% 108
400

104% Sep
24% Sep
61% Jan
197* Deo
31 Nov
4 Nov
12 Deo
347* Deo
104 Sep
153% Sep
89 Sep
281-Sep
62 Sep
6*4 Deo
14% Deo
487* Apr
2% Sep
7 Sep
3 Aug
48 Sep
4434 Sep
4-13( Sep
99% Oct
39% Jan
92% Jan
87* Jan
77 Jan
423* Sep
113 Oct
41% N ov
92 N ov
3% Sep
18 Sep
l % Aug
U Aug
261* Oct
32% Oct
102 Oct
3 Sep
31% Mch
82 Sep
50% Sep
98% Sop

iii% N ot
91% j'n e
5534 n o t
1377, j ’ne
130% Feb
100 Jan
112 Feb
1617* j ’ne
92 j ’lr
101 May
34% J ’ne
08% J ’ne
27 Oct
69% J ’lr
491- J’lr
34 Feb ,
::::::::::
1263* J'ne
333* j ’lr
75% j ’lr
30% Feb
41 D m
8% Jan
2434 Feb
537* Jan
111 Feb
192% J ’ly
90 J ’lr
49 Feb
70% Mch
18% Feb
40% Feb
00 J ’lr
0% Feb
17% Feb
8 Feb
72% Mar
,
71% J’ne
63% Dee
105 l)no
59% Oot
101 Oot
12% May
93% Deo
58I4 J '!r
120 May

i
1
1
,
1
'
1
'
;
1
|
1
,
1
1
1
1
;
i

623* Feb
105% Feb
6 J'ne |
26% J ’ne
25% J ’ly
12% Feb
34% Dee
43% May
110% Mob
63* Jan ;
43% J 'ly 1
89), J 'lr :
837* J'ne |
108% J'n e;

B AN K S AN D T R U ST CO M PAN IES— B R O K E R S' Q U O TATIO N S.
Banks
New York
A e tn a _____
America 1|._
Amer Exch.
Battery Pk_
Boweryll___
BronxBorol;
Bronx N at.
Bryant Pk 1,
Butch * Dr
Century §)..
C h a se _____

bid

Ask

203
620
233
125
400
300
1-0
153
130
230
760

210
630
238
l;s0
195
___
140
235
790

Banks
ChatAPhcnlx
Chelsea Exl
Chemical . .
Citizens’ Ctl
C ity_______
Coal & Iron
Colonia. 1i. _
Columbia §].
Commerce .
Corn Ex 11..
Last River.
Fidelity ^ ..

Hid
180
150
44)
188
f410
167
425
335
1203
3 0
90
165

Ask
185
100
450
195
>415
105
345
325
100
175

B it
Banks
Fifth AveH. 4300
Fifth ......... 300
First ______ 1005
F o u r th ____ 1205
G a rile k l___ 280
Germ-Am 1! 1-10
Gerrn’ n E.xll too
Germania 1|. 525
Gotham ’. .
158
Greenwich U 250
Hanover___ 705

.4s*
325
1020
295
450
640
108
720

Banks
[lan d m a n . .
Irving..........
L iberty____
Lincoln____
Manhattan',
Mark’ t&Ful
Mech&Met's
Merch Exch
Merchants'.

BUi
290
557
1200%
640
375
35)
253
2/2
160
190

Ask
310
570

355
260
270
105

till
Banks
Metropolis 1, 375
190
Alt Alorrisli” 200
Mutual ___ 285
-Nassau __ 215
New Noth 1 220
NewYorkCo 875
New York. 400
PaciflcH___
P a r k ___
370
People’s U__ 240

Aik
385
295
225
415
265
375
250

Bid
Asa
108
174
931450
375
400
145
merman__ 135
.->tate 11____ 250
275
23d VVardl). 175
Uno n L x c. 102
liis
vVash H’ ts 1| 276
West Side l| 575
625
YorkvUie 1|. 600

Banks
Prod Exch §j
R e se rv e ___
-ea board
S econ d ____
iccurl ;yH . .

• Bid and asked prloes.; no sales were made on this d a y. {E x-rights. §Less than 100 shares. IlState banks, a Ex-dividend and rights. £> Now itooJU
f Bale at Stock Exchange or at auotion this week, h First installment paid, n Bold at private sale at this orlco. x E x-dlvldend. I Full paid.
j




New York Stock Record—Concluded—Page 2

Nov. 9 1912.1

1257

__________________________ For record of sales during the week of stocks usually inactive see second pace preceding.
s t o c k s —m a y ts s T

Monday
Nov. 4.

Saturday
Nov. 2.

*190 196
*101 105
41
42
11 ![ 122
12i% 121%
1423.1 143
277 27.',7.
101% io u2
26
28
§8512 85%
35
35
42% 43
123 12:114
5612 57
IO7I4 IO7I4
44
45*2
73
74%
*143 146
30% 31
65
G57s
91
91%
*99% 10* 8
31
3U2
99*2 99%
45
457"
35% 36
141 144%
16*2 17%
£3
83%
26% 27
♦12
20
48
*45*2
181% 181%
33% 33%
77*4 77%
2*2 2%
170*8 70%
$107% 107%
64% 55*2
19% 19%
*120 122
*117% 119%
*5
6*2
15% 15%
♦56
58
26*2
78% 78%
*93
96
108 108
*7514 79%
*100 10l)*2
■"•45 51
*105 106
215% 218
*114 118
43
43%
*103% 104
*90*2 91*2
83
83
*106 107%
84
81%
27*4 27%
132% 133%
124% 124%
20% 21*2
*91
93%
62% 03
*109% 1101*
20% 21%
76*2 76%
*&3% SI
33
33
4(5% 49%
23*s 23%
92
92
203 205
*114 117
38
38
101% 1011*
*110% 118
$166 160
*36
37
*100 103
21% 217S
31
31%
92*s 92%
*102 103
207 209%
54
54
*27*2 30
♦02
63%
42
42
♦94% 97
*40% 41%
120 120
103% 106%
*112 114
12% 121?
581* 50
*18** 21%
*61
03
*52
55
*30*4 82
61
52
107 107
*77
80
74% 76*4
rll2 112%
(ill* 62%
47% 47*4
115*8 115%
*G2
06
78
78*2
811* 82
125 125
113 113%
*1141? 115*2

1
1 Banks
1 Brooklyn
Coney lsl'df
iFlrst _
jUraenpoint.
[BlllsldeH___
jHomestcadl
(Manutao'rs
Jffechaiitos' 1
iltontauk II.
ft assail
It at C it y ...

a

wo

low est

Tuesday
Nov. 5.

sale

p r ic e s

Wednesday Thursday
Nov. 6. I Nov. 7.

Friday
Nov. 8.

Sales
the
Week
Shares

STOCKS
N S W Y O R K STOCK
EXCHANGE

Range since January 1.
On basis o! TM-share lots

Range 1or Previous
Tear 1911.

Highest

Highest.
Industrial and /Vlisc.(Con)
196
194 194
994 American Snuff
191 194
123
Mch
6
199
Oct
I
225
Sep
325 May
105 *104 105 *101 105
Do
pret, new ..............
99 Feb
105 Aug 1
42
42
42% 41% 42% 4.350 \mor Steel Found (new)
26 Jan 19 413s Oct :
25 Sep
52l2 Feb
122% 122% 4,625 American Sugar Refining 114% Jan 12 133*2
122 2 1227a 123
May 1.
112*4 Sep
122% Feb
123 *120 123 *120 123
200
Do pret_____ ________ _
Jan
124 Sep 2
i l l Jan 119*2 Feb
143% 143% 14 i% 143 143% 2,800 American Teleph & Teles! 11512
137% Jan
149*8 Mch 2,
131*2 Aug 153*8 J ’ne
278^4 274 277
271 271% 3,800 Atnerloan T obacco
2lUg Feb 29 324*2 JTy
105 105
105 105
860
105 105
Preferred, new ........... 101% Jan 11 106% Jan 1
*__
25
26
24
25
1,610 American IVoolen
25
25*4 Feb
31 M ayl;
25*2 Dec
36% Mch
847S 85
*84
89
510
85
85*4
Do pret.
84 s Nov
94% Mch 1l
85% o c t
96*4 J ’ne
*34
37
300
36*2 36% *34
36
25% Jan 25 41% May 7
Ha'peV.'prT
24%
Sep
34% Feb
42% 41% 41% 45
43% 44% 21,970 aAnaoondaCoppex Par%25 $34 Feb
$18 O ct 1 829 Sep $4113 J ’ne
*122 1247* *122 12473 *122 124%
200 Assets R ealization____
105*2 Feb
127*2 Oct
106*2 Dec 108 Deo
56% 57*- 57% 58
577$ 577$ 1,300
53% J ’ne 18 60% Aug !
Hiv‘ n Locom otive
10678 106"
107 107 *106% 107
417 ' * Do pret
102% Feb
108*3 J ’ne .
16314' Dec" 107 "D e c*
43% 46% 45% 46
41% 45
10,000 Bethlehem Steel
27% Feb 27 51% Oct
26 Sep
38*8 Aug
75
75
76
500
75*2 75% *73
Do pret .
56*9 Feb 27 80 Sep 6-1 Sep
C634 J’ly
144 144% 145 145
652 Brooklyn U nlon'Gas " " ' 137*2 Mch21 149 Aug . rl29 Sep 148%
143 144
N ov
*30
31% >731
34% *31
33
700 Butterfck C o . . . . . . -----29*2 Mch 18 40*3 Apr J
28
Feb
31
Mch
64% 67*3 67*4 68
60
67% 41,750 (
Petrol vot tr’ etfs
64% N ov 1 7219 Oct
*91
92
91
91% 92
91% 1,000
90%
Oct
JO
95%
Oct
.
100% 101
10 >% 100*2 *103% 10034
650
100 Oct -8 101 N ov 6
32*
31-s 32
31% 32%, 32
5,530 G entral .Leather
16*2 Feb 21
33% Sep 2*
1S34 Sep
33% Feb
99
*98
994; 99
$9 >% 99%
620
Do pret______
80 ' Feb 2/ 10 *1? Out 1,
91% Dec 105 Feb
46 487;; | 48*2 49
47% 5033 57,570 dChino Copper
~~ParW $25 Jan 15 $50% N ov 8 $16*2 Sep $27% Dec
38% 37% 37% 4,600 Colorado K e l O r o n ?
35% 38*2 38
23% Feb 28 43% Sep 2.
25 Sep
36% Feb
144% 146
145% 146*9 145 145% 4,200 Consolidated Gas ( v v i "
138*4 Feb 17 149*2 Aug ..
1283.J Sep
148*2 J 'ne
1673 177S 17% 18
17% 17% 9,610 Corn Products Refining
lo Jan 16 22% Oct 1
938
Oct
1534 May
82*s 8378 *83*2 85
83% 83%
—
900
Do pret____
z76% Jan 3 8:1% Oct 18
73 Sep
85 May
27% 28
28% 27% 28
28
2,500
25 3Oct 2 5 36% A u g .,
29 Sep
38% Mch
*13*2 20
*14
20
*13% 20
i-ederal Mining & Smelt'g
11% Feb 28 21% Sep 25
13 Dec
36 Feb
47
47
46*2 47% 45% 45-%
600
Do pret.
°
37% Jan 23 52% Sep 26
37 Dec
06*2 May
182 183
183% 183*2 183 183*8 1,700 General E l e c t r i c " ......... 155
Jan 2 188*2 J ’ly 25 142 Sep 163% May
*34
37
35
35% *31
35%
900 Gen Motors vot tv c t f i "
30 Feb 26 42% Sep 3
35 Nov
£1% Aug
78
78
78% 78% 78
78
800
Do pret vot tr ctfs
70*4
May
j
823,!
Sep
3
74*2
Dec
86%
Aug
2% 2% *2% 2%
2*2 2% 2,000 dGold field Con M P a r s io
S2% Oct 9 85 Mch 18
$77, Jan
$3% Oct
707S 72
72% 73
73
73
2,525 Goodrich (B F ) ___
z70% N ov 4 8 1 Sep <
♦100% 107% *106% 107% 107% 107%
240
Do pret____I ”
106 Sep 20 109% Sep 10
51% 561,! 50% 57
557g 56% 3.900 dGuggcnh E xp io.R a r 525 $53 J ’ly 11 z362% J'ne
19% 20% 20
20% 19% 21
14,200 |nsp’n Con Cop Par $20 $18*4 J ’ne 3 $21*s O ct 10
121 122% 122*2 122% 121% 121% 2,100 -international Harvester 105% Feb
120's Sep 10
12933 May
99*8 Sep
119 119 *118% H9341 118% 113%
Do p r e t..................
200
110*2 Jan 26 121% Apr
115 Sep 128% May
5*3 5%
5*2 61
300 Int Mer Marine stit tre tfs
*5
6%
4 Mcb
7%
Mch
2
3%
Sep
57g Jan
*20% 20% 20% 21% 29% 20%
Do pret___
525
15% JTy 3U 26 Mch 29
14 Aug
22% Dec
15*2 10’,
16
161, *15% 16% 1.900 International Paper
9% Jan 17 1934 May23
9 Sep
13% Jan
01 *2 *57
58
600
Do pret____________”
z45% Jan
6278 May2
44% May
66% Jan
$22
22
24% 24% *23
26%
250 Internat Steam Pump
24*8 Oct 31 34 Jan
23 Oct
44 Feb
*78% 80*:
80
SO *73% 80%
200
Do pret
"*
78% N ov
84%
A
p
r
80
Oct
90i2
J'no
*93
96
*93
96
*93
96
K ayser & Co (Julius) H I
95 Oct 25 9534 Oct 24
*107 110 *107 110
108% 108%
400
Do 1st pret.
108 N ov
109 Oct 2i
79% 82
*78
811* *78
84%
200 K res sc Co (S S) . .
71 Sep 25 89*2 Oct
*100 100% 100% 1001* *100 103%
Do
p r e t ____
100
100 Oct 30 105% Oct
45
45
45
46
45
45
1.400 Lackawanna S te e l.
29 M chJl
55*2 Sep 3o
30 Sep
48 Apr
105% 105*2 *105 106
105% 105*2
200 Laclede Gas (St L) com I . 104 Mch 16 IO334 Jan
217 218
217% 218
214% 2157s 2,800 Liggett & Myers T obacco 156% Jan 15 225 Oct 18 101% Sep 114% Jan
*114 118
116% 116% *116% 117*2
200
Do preferred
105*2 Jan 12 113 Aug .9
43*4 44% 43% 44*4 *43% 44*4 3.400 Loose-Wiles Ills tr co ctfs
42 Sep 27 47*g J ’ly
*103*4 104
IO334 10334 104 105
100
Do 1st pref_______
102*2 Oct
105 N ov 8
*90% 91% *90% 91% 91% 91%
200
Do 2d pref_____
90 j ’ly 22 92% O ct 1-1
83% 83% 83% 83% *83
83%
300 May Department Stores
69 A p r i l
8$ Oct 7
70 Apr
87 J ’ne
106 106 *10534 107*2 *105% 107*2
Do pref........................
100
105% J'ne 21 112 Jan 11 10734 Sep 113% J'ne
84
86*2 86
87% 81% 85*2 15,900 Mexican P e t r o l e u m " "
62% Apr 20 90% Oct 1,
27
281* 283,3 29*2 28*2 29% 12,050 C.llainl Copper___P a r's5 $23*8
Feb 14 $30% Sep 25 $16-% Sep $24%* bee"
133*2 135*4 13373 135
131% 13353 2,950 V atlonal Biscuit
129% J ’lY 26 161 Apr 30 117% Jan
14334 N ov
124% 125% *124 127 *124 127
600 ft ’ .
pref.................... 12.3 O ct 4 131 J'ne
124 Jan
130 Feb
21% 22% 23
23% 22% 23% 1,500 Nat Enamei g & Stamp-g
12% Feb 29 1G O ct 15
22 J ’ly
12% Deo
*91
93% *91
9312 *91
93*2
Do pref___
88
Feb
27
95%
Jan
10034 JTy
85 Jan
03
642.
64% 64% 63*2 64
2,300 National Lead
5U8 Jan
GS%
Oct
42%
Sep
69 Feb
♦109% 110% 110 110
109% 110
Do pref....................
510
IO0I2 Feb
110% Aug 20 104 Sep
10934 Aug
21
22% 2233 2234 22% 23% 20,400 dNey Cons Copper .P a r ih $18%
Jan 29 $24% Sep 30 $15*8 Sep $21% J ’ne
77% 82
82*8 80
81
3,000 New York Air Brake____
60 Feb 17 83 Aug 21
45 Oct
78 Feb
83%
*8312 85
*83% 85
800 North American Co (new)
74*2 J an 3 877s Aug 21
7934 May
64 Jan
32%
*32% 33% *32*2 3412
700 p a c ific Mall
30 Jan 3 3S Sep 30
23% Apr
33% N or
49%
50
50*2 49% 50*8 2,100 ~ aclfic Telcp & T elez”
47 Feb 5 55% Apr 25
35
Sep
54%
Jan
116% 118% 1181 118% 117 118
2,100 People's G I, & c (Chic)
103 Jan $ 122% Oct 9 101*2 Aug 109 Jan
22% 24% 24% 25
23% 24% 4,400 Pittsburgh Coal Co____
16% Mch 1 27% Aug 14
17
Dec
23%
J
’ne
92
91
*92
93
93
93% 2,050
Do pref______
77 Feb 8 100*4 Aug 14
0734 Jan
90% J ’ly
205 210
208 210
206 208
1,700 P. Gorillard C o .” ” ” "
167 Mch 11 215% O ct 18
*114 117 *115 117 *115*2 116%
Do preferred___
10734 Jan 12 118 A ug 20
37% 39
38*4 39% 38
38*9 2,700 Pressed Steel Car___
2834 Feb 27 407s Sep 3u
25 Sep
37% J ’ne
*101 102 *100% 102 *101 102
Do pret_________~~~
200
96 Feb 28 10334 Aug 16
91 Sep
102% j ’ne
*116*2 118 *112 118 *112 118
Pub
Service
Corp
of’
N
'j
l
106% Feb 17 1207s Aug 13 108 Oct
120
Feb
167 167% 167 167
166% 166%
900 Pullman Company
158% Feb r 175 A ug 21 154 Sep
163 Jan
36% 38
37% 37% *37% 3734 1,700 [R ah w ay Steel S p r i n g ."
27U Feb
4034 Sep 25
26 Oct
39 J 'ne
*100 103 *100 103 *100 103
100 Mch 1 105 Aug 28
92 Jan
103 J'no
21% 22*2 22% 22% 22
22% 34,775 tiRay ConsCopper Par $ io $16 Jan 29 $24*8
Sep 23 812 Sep $19 Dec
31% 32% 32
33
31% 32
7,650 Republic Iron & steel
1534 Feb 26 35 Oct 4
18 Oct
92% 93
36% Feb
93
93
92*2 93
3,200
Do
pref___
64% Feb 27 93% Oct 25
*102 102% 102 102
74% Oct
99% Feb
102 102*2
500 Rum ely (M) pref I ........... 100 J ’ne 20 103%
Oct 25
209% 212% 213*2 219% 218 221
7,400 ears, Roebuck & Co____ 140 Jan 15 221
N ov 8 125*2 Sep
*54
56
192 Feb
*54
57
*54
57
100 iloss-Sbeffield steel & Ir
39% Jan 30 5934 Sep 20
34 Sep
♦27% 29
66*4 Feb
*28
30
*28
30
Standard Milling. .
* 10*4 Jan 19 33% J ’na27
*60
15 Aug
6t
17% J ’ne
63% 63% *62*9 63*j
166
Do
pref_____
53 Jan s
66 O ct 2
50 JTy
42
42% 43
63 Dec
43
42% 43% 1,500 Studcbaker Corp (T h e)30 JTy 10 4912 Aug 9
*94% 97
*94% 96
*94*2 961o
Do pref
‘
90*2
J
’n
e
28
98% Aug 13
41% 42% 42% 42% 42*9 43% " 4,706 ^Tennessee C op p .P a r $25
S34% Fep l $47% May2i $30% Sep $44 J’ne
121 122
122 123 *122 123
1,060 Texas Company (The)
81 Jan 16 1305s Sep 7
74% Nov 136% Feb
107 107
108*2 108*2 109 109
500
nderwood
Typewriter
9834
Apr
3
115% J ’ne 28
63 Mch 111 J'ne
*112 114 *112 114 *112 114
Do pref_110 J ’ne 14 111*2 Sep 17 103 Mch 113% JTy
12*2 13
13
13% 12% 13
1,300 Union Bag A P a p cr.I
493 Jan 25
1773 May 15
434 Deo
59
9 Feb
59
*57
60
*57
59*;
300
Do p ref_____________
4934
Feb
21
6734
.May
15
50% N ov
69*2 Jan
19*2 19% *18% 21
*18% 21%
100 U S Cast I Pipe fc Foundr
13 Feb 16 22G May 16:
11
Sep
19 Feb
*60% 63
62
63
$62
62
250
Do pref_________ __ _ 50 Jan 4 01% O ct 18
40%
Sep
*51
*61 Feb
55
55
55
53
53
600 U S Industrial A lc o h o l..
26 Jan 8 57% Sep 24
24 Aug
*80*4 82
30 May
82
82
*80% 83
100 D S Realty & Im prov’ t . .
67 Jan 31 86% J 'ly 18
5173 53
0513 Jan
79% May
51% 52% 51% 52
3,800 United States R ubber___
45*4 Feb 1 67% May21
107 108% 108 108% 108 108
30%
Sep
48% Dec
1,100
Do
1st
pref___________
105-%
JTy
25
116 May 20 1U4 Sep
*75
SO
*78
80
115%
J 'ly
*76
80
Do 2d pret_________
75 Jan 23 85*9 May21
75
78% 77% 78% 76% 77% 542,900
60 Sep
79 Mch
United
States
Steel_____
68I4
Fen
13
111% 113
80%
Sep
30
£0 Oct
113 113% 112% H3I4 3,650
$2% Feb
Do
pref____________
__
107-% Feb 13 117 Sep 30 103 Oct
62% 61*2 6H3 65*8 63% 65*4
!20% Feb
dUtah Copper___Par $10 $5212 Jan 29 $67*2 Sep 30 $38 Sep $577g
46% 40% 47% 47% 46% 46% 26,510
Dec
950 Vlrglnla-Carollna C hcm ._
45 Sep 10 67% Jan 26
43*3 Sep
70% Feb
116% 116% *115*2 116* *115*2 116%
500
Do pret______________
11533 Oct 18 122 Mch 27 114 Sep 128% Mch
65
65*2 *04
66
*78*s 79
300 Virginia Iron Coal A C ..
54 Mch 4 90 Jan 2
52 Jan
7S% 79
97 J’ly
78*2 79
78% 79
1.300 V i/e ste rn Union T e le g ..
78 Oct 31
86*4 J an 18
71% Apr
84% May
81% 84
84
81% 82*2 84
5.300 *» cstlngh’seEI&Mfg ass
66% Jan 3 89*2 Aug 9
58% Sep
*125 128
79 May
125 130 *125 130
100
Do 1st pref___________
Jan 5 126 Aug £ 110% Aug 123
Jan
113% 114% 114% 116% 114% 115% 14,410 W ool worth (F W ) ______ 114%
92%
J
’ly
25
117.%
Oct
2
*114*2 115* 2! * 115
115 115*9
400
Do
pref_____________ U iR J T y 29 1 '6T1 JTy 2
195%
*104
41
120
*119
143

U

B A N K S A N D TR U ST C O M PAN IES— B A N K E R S ' Q U O TA TIO N S.
Bid

Ask

__
280

155
295
100
125
_ _ 115
405
425
240
230
16)
212
225
275
295

Banks
Brooklyn
Vorth Side T
People’s . .
Prosp’ctP k ’

Bid

Ask

175
Hi
150

200
1,(5
103

Trust Co’ s
N Y City

\stor _____ 400

Bankers' Tr 675
171
B'way Tr.

410
5 0
178

Trust Co’ 1
Bid Ask
N Y City
Central Tr.. 1035 I960

ColumblaKnlckerb
Commercial

E m p ir e ___
Uqult’ ble Tr
Farm L o& l
Fidelity . . .

F u 'ton __ I

Uuar'ty T r.

500
97%
300
510
1370
223
315
030

570
310
33t)
1100
325
637

;
! t » M « \ f 3 t ^ V * o h r 6 g n0V r ^ 3auotlOn thta'*»Jek.°3* E x a to o k dividend!




Trust Co's
N Y City

Guardlau ir
H udson__ 115

Law T I<3cTr 218
Lincoln Tr.
M etropol't’ n
Mutual Alii
a n e e .........
M ut.( W est­
ch ester)..

l'rus. Co's
90
139
2.-5
110
455

Bid

N Y City

•VY Lilejel'r
N Y Trust.
TltleGui Tr
Union Tr
US Mtg&'fr
Unit States
Washington
Westchester
Windsor . .

1040
630
510
129)
4S5
UK)
385
150

Ask

irust Co’ s Bid
Broiklyn
Brooklyn Tr 475
645 Citizens’ __ 150
£20
Franklin___ 1240
1310
275
dam n ton .
H o m e ____
113
1130
Kings Co . . 620
405
L Isl L ie Tr 300
160
N assau____ 130
187*2 P e o p le s'___ 295
Jueens C o. 100

490

310
30$
110

baak^ ^ E ^ F y ^ a ? '-

1&58

"New Yor'K Stock Exchange—Bond Record, Friday, Weekly and Yearly

J a n . | loop the Exchange method of quoting bonds was changed, and prices are now all— "and interest” — exceyi for income and defaulted bonds^

BONDS

Y . STOCK E XCH AN G E
Week Ending Nov 8.

Price
Friday
Nov 8

BONDS

Range
Since
Jan. 1.

WeeKs
Range or
Las: Sale

Y . STOCK EXC H AN G E
Week Ending N ov 8.

Price
Friday
Nov 8

Ask
/nn
High No] 1/)W High Chesapeake & Ohio—
Gen funding it tinpt 5 s ..1929 J-J 100 101
01% Oct ’ 12 ___ 00% 10IV
109 110
M-N
1939
1st
consol
gold
5s_______
00%
1013.
___
01 Oct ’ 12
Registered_____________1939 M-N 10/1? 10934
021" J ’ly *12 ___ 02 10234
9934 Sale
General gold 4 H s________1992 M-S
03 Oct ’ 12 ___ 101% 1031.1
98 993s
Registered_____________1992 M-S
__
J
113%
114%
13=8 Aug ’ llF-A
93
93%
Convertible
4
H
s________
1930
2 113% 11434
114%
114%
85 88
Big Sandy 1st 4s________ 1944 J-D
100% J ’ n e ’ ll
83 . . .
J-D
Coal
Riv
Ry
1st
gu
4s____
1945
101%
102%
10l78 Oct ’12 . . . .
Craig Valley 1st g 5s____ 1940 J-J 190 ____
S3I4____
Potts Creek Ur 1st 4s____1946 J-J
Foreign Government
9212 94
Ii & A Div 1st con g 4 s . . 1989 J -J
7
95% 100
96%
Argentine— Internal 5s ot 1909- M-S 1 9534 98% 05%
2d consol gold 4s______ 1989 J-J
—
91
95%
91
Oct
’
12
{
-----91
J
-D
Chlnese (Hukuang) Hy 5s £ ____
Greenbrier R y 1st gu g 4s 1940 M-N 87’
Imperial Japanese Government
*69*12 70 Oct ’ 12
Chic & Alt R R ref g 3s.......... 19)9 A-()
1 01% 94
9134
G5%
t Sterling loan 4 H s________1925 F-A { 9l34 Sale 9134
05% Sale 05
Railway 1st lien 3 % s ____ 1950 J-J
8 90
93
90%
100
2d Series 4 H s_________ 1925 J -J : 1)0 90*2 90%
9934
9. %
Chic B & Q Denver Div 4 s .. 1922 F-A
___
83%
88%
s:;i9Oct
'12
:
81%
8434
/ Sterling loan 4s__________ 1931 J J
85%
85%
86“
85%
J-J
Illinois
Dlv
3
H
s_________1949
1
Republic of Cuba 5s exten d eb t. M-S t ____101% 101-% 101% - - - - 10158 105
83 ____ 86% Aug '12
Registeted_____________1949 J-J
99 Aug'12
99
99%
! External loan 4 H s_______1949 F-A X____ 99
97's
97 'S Sale 97%
Illinois Dlv 4s________
1949 J-J
98 O ct ’ ll ___ 97% 98%
____ 97 Sep ’ 12
Ban Paulo (Brazil) trust 5 s .1919 J -J x 97% 98
96
J
J
Registered_____________1949
___
9 Us Sep '12
9178 95
, 03s 92
T okyo Ulty loan of 1912, 5s------ M-S
Iow a Dlv sink fund 5s___ 1919 A -0 10334 ____ 104% Oct ’12
___
96
O
ct
’12
95%
97%
{
95%
90
Q
-J
98% ____ 99 Oct ’ 12
U S of Mexico s f g 5s o f ____ 1899
Sinking fund 4s________ 1919 A-0
7 88 91
897S
89.,
9G34 Oc „ ’ 12
1954 J -D ____ 94
' Gold 4s of 1904........
Nebraska Extension 4 s ..1927 M-N 90% 99
XThese are p rices on theba sis 0 $5 to £.
97% 905s Sep '12
Registered_____________1927 M-N 96
9831 —
983( Oct ’ 12
State and City Securities
M-S
Southwestern
Dlv
4s____
1921
42
100%
Sale
100%
100%
100%103
N Y City— 4 » s ...................... 1960 M -S
Joint bonds See Great North
8% Sale 98%
983s 30 98 100%
100%
4 % Corporate S tock ____ 1959 M-N
Debenture 5s___________ 1913 M-N 100 1003S 1001s
0S% 57 98 100%
95%
95
95% 95
4 % Corporate S tock____ 1958 M-N 98% Sale 98%
General 4s_______________ 1958 M-S
(-8% 98% 98%
98% 13 977g 100%
77%
77% Sale 77%
4% Corporate stock ______ 1957 M-N
J-J
Chic
&
E
1
1
1
ret
&
Imp
4
gs.1955
105% 12 105% 1077S
' New 4 Hs________________ 1957 M N I05I4 Sale 105%
1st consol gold 6s________1934 A -0 119*4 12 j 119% Oct ’ 12
101%
Aug
’
12
102
10234
___
101%
107
107 Sale 107
i New 4 Hs..............................1917 M-N
M-N
General
consol
1st
5s____1937
9 105% 1077s
105%
109% Feb ’ 12
)• 4 H % Corporate S to c k ..1 9 o 7 M-N 105 11)5% 105%
Registered_____________1937 M-N
1 101% 1027g
____10U8 10178
101',
98 Oct ’ 12
i 4 H % assessment b o n d s .1917
Pur m oney 1st coal 5S..1942 F-A ___ 98
2 84% 88
85
8538 85
85
/ 3 H % Corporate S t o c k .. 1954
Registered-------------------------)N Y State— 4s ......... ............. 1961 M-S ------ 101*4 100% O ct ’ 12 ___ 1003,8 1027s
Chic i<. Ind C R y 1st 5 s .. 1936 J-J 1001s . . . 108% J ’ne '12
1003s
10278
9
101%
Sale
101%
101%
• Canal Im provem ent 4S..1961 J -J
7812 79
79
7.)
Chic Gt Western 1st 4s____1959 M-S
100% 101% 100% Oct '12 ___ 100% 103
t Canal Im p’ment (new) 4s 1961 J
Chic Ind & Louisv— Ref 6 s .1947 J-J LM12 125% 125 Aug 12
100% 102
■'____100-% 1005s Oct ’ 12 —
, Canal im provem ent 4 s ..1960 J
10931 Aug 12
Refunding gold 5s______ 1947 J-J ____110
lo.ti-,.
J’ly
’
10
Bo Carolina 4 Hs 20-40____ 1933 J -J
9558 Apr '11
Refunding 4s Series C___1917 J-J
9734 9734
97%____ 97*4 Apr ’12 —
80 J ’l y '12
Tenn new settlement 3s____ 1913 J
Ind & Louisv 1st gu 4 s ..1956 J-J
86% Dec ’ll
. . . 87
Virginia fund debt 2-3s____ 1991 J -J
. . 90% 90% Aug '12
Chic Ind &, Sou 50-yr 4s____1956 J J
138
40
00
54%
69
5512
Sale
6s deferred Brown Bros c t fs ..
104 Dec '11
Chic L S & East 1st 4 H S - - - 1 " 9 J-D
1005s
10:i% Sale 1005s
Railroad
76% 84% Chic Mil & St P terml g 5 s .. 1914 J-J
79 Oct ’ 12
77
78
A nn Arbor 1st g 4s______ ftl995 Q -J
98
98 Sale 97%
Gen’l gold 4s Series A ..e l9 8 9 J-J
05 96% 100
97.
97% Sale 97%
A t c h Top & S Fe gen g 43.1995 A -0
95 ____ 97% Apr '12
Q-J
Registered
__________e
l
989
96% 99%
963.1 Oct ’ 12
96 >4 93
•Registered_______________ 1995 A -0
83
85% 85 Oct ’ 12
J-J
Gen’l
gold
3
Hs
Series
B
.el989
8 8734 923s
88%
88 Sale 88
82
• Adjustment gold 4s____/jl995
80 J ’n o 'll
Registered___________ el989 J-J
91 F e b ’ 12
90% 91
86
88
16
907s Sale 903s
Registered___________ ftl995
90%
25-year deben 4s_________1934 J-J
6 8734 925s
88
88
88% 88
196% Sale 10534 1063., 1400
• S ta m p e d ____________ 7»1995
Conv
4
Hs
(full
pd
rects)-------106%
1073
_
_
.
____
108%
Sep
’
ll
■Conv 4s Issue of 1909____ 1955
Chic & L Sup Dlv g 5s___1921 J-J 1043s____ 105 Sep ’ 12
10534
111
69
10834 109% 107
1091I Conv gold 4s_____________1955
Chie & Mo R iv Dlv 5 s ...1 0 2 6 J-J 100%____ 108 J ’ne'12
1061 607 100% 107%
L)5% Sale 10<81
i Conv 4s (Issue of 1910)..1960
Chic & P W 1st g 5s......... 1921 J-J 10134 105% 10131 O ct '12
1093 124 105 111
10834 109% 10733
93 Sale 023i 93
10-year con v gold 5s____ 1917
C M & Puget Sd 1st gu 4s 1949 J- J
___
99 ------ 99% J’ly 1
Debentures 4s Series K ..1 9 1 3
Dak & Gt So gold 5s____1916 J- J 101%____ 102% Oct '12
94
9634
Oct '12
9412 95
111
<■ East OUla Div 1st g 4s__ 1928 M-S
111
HI
J-J
Dubuque
Dlv
1st
s
t
6
s
..1920
91
91 Sale
9034 91
, Short Line 1st 4s gold ___1958 J -J
Far & Sou assum g 6s____1924 J-J 1133s------ U738 A u g 'll
O ct 12
9934 loot?
99% 10012
>• Cal-Arlz 1st & ref 4 H S ..1 96 2 M-S
103%____ 1()134 J ’ no '12
J
LaCrosse
&
D
1st
5s_____
1919
10314 11012
< S Fe Pres & Pb 1st g 5 s ..1942 M-S 1j 712 - - - i98% O ct ’ 12
W ls ii Minn Dlv g 5s____1921 J-J 105% 106% 105 O ct '12
105 . . . 10638 J’ly '11
I Chic & St L 1st 6s............ 1915 M
W is Val’ Dlv 1st 6s........... 1920 J-J 110% 113 11134 Sep ’ 12
95
9418 9678
95 Sale 943t
!A tl Coast L 1st gold 4s___ A1952 M-S
Mil & No 1st cons 6s____1913 J-D 1 0 0 % ... 1001" N o v ’ 12
98 O ct '06
93 - - ­
v
Registered___________ h 1952 M-S
99 ____ 100% A u g '12
Extended 4 H s_______ l 913 J-D
108
108
108
Oct
’
12
1
06
%
--i A la Mid 1st gu gold 5s___1928 M-N
& N West cons 7s .1915 Q -F 10514100 105% Sep '12
95
9534 Chicago
933s------ 95 A u g '12
. Bruns & W 1st gu gold 4s 1938 J -J
95
97% 96% Sep ’ 12
Extension 4s______ 1886-1926 F-A
Charles <5c Sav 1st gold 7s 1930 J - J 12,3 -----95 ____ 90 Oct '12
R egistered______ 1886-1926 F-A
>
j 234
9214 9614
81%Sale 84%
1> & N coll gold 4s______ ol952 M-N 92I4 Sale 9214
8412
M-N
General
gold
3
H
s_______
1987
23l8 123%
82% 84% 84:,4 J’ly '12
r Sav F & W 1st gold 6 s ...1 9 3 4 A-O 122 124% 1231s J’ n o '12
Registered___________ pl987 Q -F
i ■ 1st gold 5s_____________1934 A -O IO6I2 11212 llO^s M a y 'll
9734
General 4s______________ 1987 M-N 97% Sale 9714
97
97
97
Oct
'12
97 100
Sll Sp Oca & G gu g 4s___1918 J Sinking fund 6s____1879-1929 A -0 110 ____ 11134 N o v ’ l l
9 l^s 92
9012 93
01l2
9U2
I n alt & Ohio Prior 3 Hs — 1925 J R egistered______ 1879-1929 A -0 109 . . . 10934 Aug '12
90i4
90U
90L
ORs
89
-----U
R egistered __________ )il925 Q Sinking fund 5s____1879-1929 A -0 105%------ 106 Oct '12
9512 9914
9712
97«s Sale 9738
Gold 4s............
/il948 A-O
R egistered______ 1879-1929 A -0 1015s___ 1045s Oct ’ 12
96 A u g ’ 12
96
981s
90% . . .
..
Registered___________ 7)1948 Q Debenture 5s___________ 1921 A-O 102% 104% 103% Oct ’ 12
112
112
112
Jan
'12
109%
J
100% Feb ’ 10
'■ Pitts June 1st gold Ss____ 1922
Registered____________ 1921 A-O
871s
Oct
'12
8718
90
87is - - ­
• p June & M Dlv 1st g 3 H s 1925 M­
Sinking fund deb 5s_____ 1933 M-N 107%------ 108% Moll’ 12
8S12 92
893g
89% Sale 8914
10734 A u g ’ ll
I ' P I i E i W Va Sys ref 4s. 1941 MRegistered____________ 1933 M-N
S934
Sale
8812
9112
3912
8934
J
i Southw Dlv 1st gold 3 Hs 1925
Frcm Elk & Mo V 1st 6s. 1933 A -0 123" 125 124 O ct ’ 12
91 1015,
1003s------ 1015s 1015g
90% Sep ’09
Manl
G
B
&
N
W
1st
3
Hs
1941
;• Cen Ohio R 1st c g 4 H S..1930 M­
J
107 IIH2
105 10J12 107 J’ n o'12
< Cl Lor & W con 1st g 5 s ..1933 AMUw & S L 1st gu 3 H s. .1941 J- J ____ 8634
IO2I4 10412
10134 . . . (0214 J ’n o'12
111% 113% I l l ’ll Sep ' 12
M onon Itlv 1st gu g 5 S ...1 9 1 9 FMil L S & West 1st g 6 s ..1921 M-S
...
1093s
M
ch’
12
toots ioo3s
107 . . .
/ Ohio River RFt 1st g 5 s ..1936 J
E xt & Imp s f gold 5 s ..1929 F -A 10738 ____ 10831 A llg ’ 12
105 10512
103 105 105% Apr '12
ji
General gold 5s_______1937 AAshland L)lv 1st g 6 s ..1925 M-S 111%------ 112lo Feb ’02
ii3 i2 n 3 i2
11312 Feb ’ 12
112
F Pitts Clev & Tol 1st g 6S.1922 AMich Dlv 1st gold 6 s ..1924 J -J 114%----- 1163j M ay’ 12
96I2 Oct ’ 12
cg%
9634 . . .
93%
93% Sale 93
A P itts & West l s t g 4 s ------ 1917 J MU Spar & N W Istg u 4 s.l9 4 7 M-S
91 J ’n e’ 12
91
91
91 . . .
I Stat Isl Hy 1st gu g 4 Hs.1943 JNorthw Union 1st 7s g__1917 M-S 110%------ 115 J ’ly ’ ll
1093411212
1091.1
10934
1097s - - ­ .091
109 Sep '12
Bullalo R & P gen g 5s------ 1937 M­
J-]
W
inona
&
St
P
1st
ext
7s
1916
109%
11158
-■ O c t ’ 12
104 10714 Chicago R ock Is & Pa 6 s . . 1917 J101% 105 101
106% ____ 10834 Sep ’ 12
V Consol 4 H s--------------------- }957 M­
97 Feb ’ ll
957s---r All & West 1st g 4s g u ...l 9 9 8 A-'
100 ____ 109 A u g '10
Registered____________ 1917 J103 J ’ly ’08
105 - ­
94%
Cl & Mah 1st gu g 5s------ 1943 JGeneral gold 4s__________ 1988 J94
941.) 94%
[334 N o v ’ ll
113
111% -}. R ocb & Pitts 1st gold 63.1921 FRegistered_____________1988 J93
9i% 93% Oct ’ 12
112
11558
2
A
u
g
'12
112
1123s - - 8738
• Consol 1st g 6s________ 1922 J 8738 Sale 87
Refunding gold 4 s ........... 1934 A-O
72 Mch'10
9 158 91% 92 Oct ’ 12
'Buff & Susq 1st ref g 4s-----(11951 J
20-year debenture 5 s ------ 1932 J100
100 102
100 Sale 100
96 ____ 9734 Sep ’ ll
San So 1st ext 6s_________ 1913 JColl trust Series L 4 s ____ 1914 M­
997s
997,.
99*2
101
99 % 100
9434 J’ne ’ ll
____95
r 2d 5s_________________ 1913 M­
p 4 s _________________ 1918 M­
99 . . . 10034 Jan ’ ll
G8%
CSI4 Sale 68%
Registered_______________ 1913 MChic R I & Pac R R 4 s . . . 2002 M
1127s 1133.|
1127s Apr ’ 12
7134 Meh’ 12
1I012
Central of Ga 1st gold 5 s ..p l9 4 5 F­
Registered____________ 2002 M­
10G
34
11H8
10812
109
90 Sop ’ 12
10812 Sale
____ 90
C. Consol gold 5s------------------1945 M
M­
R
I
Ark
&
Louis
1st
4
Hs
1934
107 107
107~ Aug'12
106
109% 110 109% Oct ’ 12
j.
Registered_____ ______.1945 M
Bur C R & N— 1st g 5 s ..1934 A120% Mch '03
103 Dee '11
(• 1 s t pref Income g 5s----- pl945 Oct
Registered__________ 1934 A
105 Dec ’ ll
A-1 102=3 100 105% Sep '11
>■ 2d pref Income g 5s----- pl945 Oct
C
H
I
F
&
N
W
1st
gu
5s
’21
96 N o v ’ l l
(. 2d pref Income g 5s sta m p ed ..
J
M
&
St
L
1st
gu
g
7s___1927
107 D e c ’ l l
101%------ 102* Sep*i2
<• 3d pref Income g 5s-------pl945 Oct
Choc Ok & G gen g 5 s ..01919 J85ls Oct ’ 10
108 10634 100 O ct '12
/. 3d pref 'ncom e g 5s sta m p ed ..
Consol gold 5s_________ 1952 M­
895S 9U2
____ 9034 9 U2 J’ly ’ 12
99 Oet ’ 12
98 99
5 Chatt Dlv pur mon g 4 s ..1951
A
Keok
&
Des
M
1st
5s____1923
107U 107U
107 10912 107L Jan ’ 12
89
9(!3j 90 Oet ’ 12
{■ Mac fc Nor Dlv 1st g 5 s ..1946
St
P
a
u
l*
K
CSh
L
1st4
Hs’41
FIO.534 . .
115 N ov '05
12038 12 158 12 r38 Oct ’ 12
1 Mid Ga & Atl Dlv 5s____1947
JChic
St
P
M
&
O
con
6s____1930
10934 May 11
105
Mobile Dlv 1st g 5s---------- 1946
89% ------ 93 Dec '03
Cons 6s reduced to 3H S ..1 93 0 J
101 103
10IU2. 10U 2 101 Sep ’ 12
102%
102% 1021 102%
‘f C e n R R & B ot Ga col g 5 s .1937
Debenture 5 s ------------------1930 M­
118 12234
11834
1181s HO 11834
C e n t ot N J gen’l gold 5 s ...1 9 8 7
120
___ 122 J ’n e ’ 12
Oh
St
P
<
5
o
Minn
1st
g
6
s
..1918
M117H122L
ISI4 Oct ’ I
1295s
May’09
V
Registered___________ 7)1987
120
____
Nor Wisconsin 1st 6s____1930 J105 " 107
106
1043S 106 .05%
10J%
V. A m Dock & Imp gu 5s— 1921
109 HO 109%
St P & S City ls t g 6s____1919 A­
10212 10212
l02i2 May’ 12
102
Re & Hud R gen gu g 5 s .1920
Superior Short L 1st 5s g.1930 M
100 100
J
’l
y
'12
.
100
t. Reh & Wllkes-B Coal 5s. .1912
106*78 - - - ­ 107’ % Oct ’ ll
Chic & West Ind gen g 6s..?1932|Q100
100
Sep
’
12
.
100
90
99 . .
90 Sale 90
N Y & Long Br gen g 43.1941
Consol 50-year 4s________1952 J 90
92U
9OI2 Oct '12
____ 9012
e n t Vermont 1st g u g 4s._el92o

U. S. Government.
tl S 2s consol reg istered ..<11930
U S 2s consol cou pon____ (11930
U S 3s registered_________ fcl918
XJ S 3s c o u p o n ___________ fcl918
U S 43 registered__________ 1925
V S 4s c o u p o n ____________ 1925
U S Pan Canal 10-30-yr 2s fcl930
U S Panama Canal 3s g ____ 1961 Q-

Rid
Ask
101 101%
101 101%
102% 103
102% 103
1133.1114%
113*4 lltt.1
101 10H;
10134 102%

103.% 102%
96% 09%
97% 98 I
835s 867s .
90
923a ,
101S4 107 .
105 108 !
108 10834
101% 1005S (
92% 95%
102 103 j
111 1135s1
104% 104% j
105 1003S 1
11134 11234 :
101 101% 1
100% 100%
10134 108
96% 98
90
96
S338 87
84% 8034
95
9834
IO9 3 4 10934
105 1067s i

9712

!Ca

101%101%
10234 105%

108% 108%
124

127%

111% 115%
10034 110
IIOI4 11G34

92% 94

I

109 HI I
100-34 1087S
94%
933s
87
91

067S
96%;
90-34
945Sj

07
73%
71S4 7234
90
93 i
103% 111%

102 102
106 108%
99 101%
89
91%
1203S 124
102
122

105 !
123%

109

111% (

107"% 1*0*8%1
88% 92% ,

AlISCELLANEOUS BONDS— Continued on Next Pago.

Street Railway
B rooklyn Rap Tran g 5s— *945 A -0
, 1st refund conv gold 4 s ..2002 J -J
(■* B k City 1st con 5s 1916-1941 J J
(• B k Q Co * S con gu g 53.1941 M-N
/ Bklyn Q Co & S 1st 5 s ...1 9 4 1 J -J
l Bklyn Un El 1st g 4-5S..1950 F -A
VStamped guar 4-5s____1950 F A
; Kings Co El 1st g 4s......... 1949 F-A
V
Stamped guar 4s______ 1949 F-A
• Nassau Elec guar gold 4S.1951 J -J
Conn Ry & L ist & ref 5 g 4 H 3 -’ 51 J - 3
Stamped guar 4 H »----------} 93i J ’ J
D ct United 1st cons g 4HS.1932 J -J
F t Smith Lt A T r a c ls t g 5 s .1936 M-S
Grand Rapids R y 1st g 5 s ..1910 J -D
H avana Elec consol g 5s— 1952 F-A
Interboro-Metrop c o ll4 H s .l9 5 6 A-O

1S J t f P

. _.latest this week,




Street Railway.

103 103% 103% 103%
9138
9034 Sale 903s
102 102% 102 Oct '12
98-34 J ’ly '12
____ 99
____101
%
%
____101%
101% 102
87 Sop ’ 12
85% 86
85%
84% 86% S5%
79
79
77% 79
10178 J’no ’ 12
____102
____ 101% 101% Sep ’ 12
75% Oct ’ 12
74
76
93 Apr ’ 12
____94%
99% ___ 99 Sep ’ 12
9.3 Oct ’ 12
____98
81%
8D8 Sale 8034

101
101

d Duo April. .

101
101

103 105»s Interboro Rap Tr 5s Ser A . 1952 M-N
8378 9434 Manhat R y iN Y) cons g 43.1990 A-O
Stamped tax-exem pt------1990 A-O
101 102%
9834 9834 Metropolitan Street R y —
Refunding gold 4s--------- 2002 A-O
Farmers’ Loan & Tr ctf-----10133 103*14
S ta m p e d _______________
101 102%
Bway & 7th A v lstc g 53.1943 J-D
83% 87
Col & 9th A v 1st gu g 5 s .1993 M-S
84% 86%
Lex A v & P F 1st gu g 5 s .1993 M-S
77% 81
Third A v R R cons gu 43.2000 J - J
101 10178
Central Trust Co certs.
101% 102%
Cent T rC o cts stamped
75
793S
Third A ve R y 1st g 5s — 1937 J-J
93
95
99 100% Met W S El (Chic) 1st g 4S.1938 F-A
98
9934 Mllw Elec Ry & Lt cons g 5s 1926 F-A
Refunding & exten 4HS-1931 J -J
80% 84%
Mlnneap St 1st cons g 5s— 1919 J-J

10358 Sale 103% 1035s
____ 9 i% 94% Oct ’ 1*2
94%
93% 94% 94

103% 105
941S 98%
94 98

____ 58

68% 64 i
5712 62%
57% 62 1
103 104%
101% 103%
102 103
74 80
73
81%
72% 81%
10734 n o 1*

103
.
'* .

..
...
94
101

64 M ay’ 12
61% J ’ly 'IV
5934 M ch’ 12
103% 101 N o v ’ 12
10258 101% Oct '12
101 102 J ’n o ’ 12
74 J ’ly '12
74% J’ly ’ 12
74
74
10734 1073t Oct '12
82% 93% J ’ly ’06
104% Deo ’ ll
____ 91% Oct ’ 12
1013.1 N o v ’ 1 2 ----.

t Due May. hDuo July, k Due Aug. 0Due Oot. v Due Nov. <1 Due Deo.

'ot% 96%
101% 102%

* Option sale.

Nov. 9 1912.]
w
Interest
Period

BONDS
Y . STOCK E X C II jI
Week Ending N ov 8

1

N.

New York Bond Record— Continued— Page 2

Ind Dec & W 1st g 5 s ..
Clove Cin C & St L gen 4s.

Spr & Col Dlv 1st g 4 s ..
W W Val Dlv 1st g 4 s ..
C I St L & C consol 6 s ..

Back & Western —
D elMorris
& Essex 1st 7 s ..191
1st consol guar 7s____191

J -J
) J -J
1 J - .1
M-N
1M-N
J -J
J .J
J -J
J -J
J-D
J-J
J J
1 J -J
M-N
M-N
) M-S
) J -J
) M-N
Q -F
; y -i
J -J
t J-D
J -D
1 J -J
; j-j
A-O
Q -J
1A-O
1Apr
J -j
F-A
M-N
J -1)
A-O
J -J

M-N
J -D
J -l)
1st ref gu g 3 H s.
J -D
J -J
F-A
M-N
F-A
M-S
Reglstcred________
M-S
J -D
J -J
M-N
'• A lb & Sus conv 3
____
A-O
M- N
J -J
J -J
J -I)
F-A
J -D
J -J
J -J
J -J
A-O
A-O
M-N
J -D
J -D
let Riv Tun D etT erT u n 4 %s’61 M-N
let T & 1— O S Dlv 1st g 4 sl9 4 1 M-S
)ul Mlssabc & Nor gen 5s. .1941 J -J
A-O
A-O
J -J
J -J
M-N
M-S
M-N
M-S
M-S
A-O
J-D
M-S
J -J
J -J
J -J
Registered_____________
J -J
Penn coll tr g 4s______ 1951 F-A
60-year conv 4s A ___
A-O
do
Series B
A-O
B ud N Y & Erie 1st 7s ____ J -l)
Chic & Erie 1st gold 5 s .. 1982 M-N
Clev & Mahon Val g 5 s .. 1938 J -J
Bong Dock consol g 6s___1935 A-O
Coal & R R 1st cur gu 6 s .1922 M-N
Dock & Imp 1st cur 6 s ..1913 J -J
N Y 4 Green L gu g 5 s . . 1946 M-N
N Y Sus & W 1st ref 5 s ..1937 J-J
2d gold 4 ^ s ..................1937 F-A
F-A
' Terminal 1st gold 5 s ..1943 M-N
i Mid of N J 1st ext 5s____1940 A-O
£ W llk & Ea 1st gu g 5 s ...1 9 4 2 J -D
Ev & Ind 1st con gu g 6s___1926 J -J
pSvans & T II 1st cons 6s___1921 J -J
• 1st general gold 5s______ 1942 A-O
A-O
A-O
Florida E Coast 1st 4 Us .1959 J-D
■ort St U D Co 1st g 4 U s .1941 J -J
Ft W & Rio Gr 1st g 4s____1928 J -J
al II A II Of 1882 1st 5sll9 13 A-O
M r c a t Northern—
1 G B A Q coll trust 4s____ 1921 J -J
R eglstered.fi________1921 Q -J
], 1st A refund 4 Hs scr A . .1961 J J
Registered____________ 1961
S t Paul M A Man 4s........1933 J -J
,
1st consol gold 6s____ 1933 J -J
;
Registered__________ 1933 J -J
/
Reduced to gold 4 Hsl933 J -.l
£_______ Registered_______1933 J -J

e

I

Price
Friday
Nov 8

Week's
Range or
Last Sale

Bid
Ask Low
I Hah
____100% 10% Oct ’ 12
------ 91%
____91
86% J ’n e'i2
101 Sale 101
101
88 M ch’ 11
8634 88% 86% Sep ’ 12
*io3 % ____ 101 Oct T2
1071s Dec ’02
00% Sale 00I4
90%
------ 92% 92% Oct ’ 12
------ 94% 93% Sep '12
------ 89%
90 J ’ly T2
90
91% 9)
90
88% ____ 91 O ct ’07
83 ____ 90 D e c ’ ll
88 ____ 91 Apr '12
105%____ 10534 Dec ’ ll
97 ____ 97% Oct '12
*95%____ 96 J ’ly '12
105%____ 107% J ’ly '12
105 J ’n e ’ 12
____105
____124
123 Oct '12
____

94 J ’ly '08

90
92
45
60
45
50
9334 Sale
94
94%
108 110

90

90
90
49
49
46
46
9334
91%
94%
91%
108% Oct '12
100 M ay’ 10

103%___ 10634 Sep T2
10(',3s Sale 1063s
10638
*105%____ lH3g Dec TO
90 M ch’ 12
III ____ 1111-Sep T2
1041o 105% 10734 May'12
95% ____ 90% Oct T2
102% Feb '03
110% 112 115% A u g 'll
149 A u g '01
97% 97% 97%
97-%
. . . 101% 101 Oct '12
97% 98% 98%
98%
90
90% 90%
90%
118 ____ 121% May'12
85*3 87
87%
87%
97
98
97 Sep T2
____ 94% 9 T4 Oct ,12
82% 83% 83
8i%
____101% .01% Aug'12
30 ____ 61io Apr '11
85 " M ch’08
82% 83
82% Oct '12
70
79
80 J'no'12
82 ____ 97 Jan '02
99 ____ .10 Sep 01
92 N o v 'll
____95
88
90
90% Oct '12
98 Sale 98
98%
75 Feb '12
104 105
05 Sep '12
103% 103%
_________
' Feb '11
101 ____
Oct '12
103%____
A u g ’ 12
110 ___
115
115 Sale
................
101%____
99 3 ___ 99 % Oct '12
10134 10334 05 Feb '12
00 Jan '12
92 101
113 11 % 1534 J ’ne'12
8634
86% Sale 86
85 ___ 85 Sep ' 12
703s
76% Sale 765S
___ 77% 77 Apr '12
88% 89% 88%
88%
85
86% 85
85%
78%
78 Sale 77%
105 ____ 10 Apr T2
11
111
____ 111
107 ____ 09 May'12
122% 124
106 107%
100 101
104 100
103 ____ 03 Oct T2
82*8 90 : OOI4 Dec '00
86
88
87%
87%
108% 108*4 :
____
____ 100
9,;34 0 c t T2
110% 111
"
May'12
110*4____
J ’ly ‘ 12
97% 100
J ’ ne'12
107%____
N ov’ll
95 ____ 95 J ’no'12
9634 Oct T2
____ 96
92 Aug TO
77% Sep 12
78% 81
08% ____ 99% Aug'12
9534 Sale
100

100%

953g
95%

95'k
95%
100

97
07% 98 A u g ’ 12
122*4____1
S ep T2
.................1
104 ____1
!
101%
103*4____

Range
Since
Jan. 1.

N.

BONDS
Y . STOCK E XC H AN G E
Week Ending N ov 8.

1259
Price
Friday
Nov 8

WeeKs
Range or
Last Sale

Low II igh St P M A M fContinued) —
Bid
Ask Loin
High
190% 101
Mont ext 1st gold 4 s ..1937
95% 97
96% Oct T2
Registered_________ 1937
95 ____ 98 J ’n e 'l l
Pacific E xt guar 4s £ ___ 1940
86
87
92%____ 9258 M ch’ l l
E Minn Nor Dlv 1st g4sl948
101 101%
94
97
97 Sep T2
Minn Union l s t g 6 s ...1 9 2 2
111 ____ 114% Sep '12
863.1 88
Mont C 1st gu g 6s___ 1937
121%____ 125 O ct T2
R egistered_________ 1937
123 ____ 136% May'06
1st guar gold 5s___ 1937
104 104%
110 111% 111% Sep ’ l:
R egistered_________ 1937
W ill A S F 1st gold 5s. 1938
90% 93%
109% ____ 112%Sep 'l l
91 933., Gulf A S I 1st ref A t g 5S..61952
91% 95
92
92%
Registered____
61952
93% 940
ock Val 1st cons g 4H S.1999
90 93
100% Sale 100
10078
Registered
1999
8978 93%
____100% 100% Sep '08
Col A H V 1st ext g 4 s - . - 1948
92 ____ 94% Dec ’ ll
92 95
Col A Tol 1st ex 4 s . . . ..1 9 5 5
96% Jan '12
flous Belt A Term 1st 5 s ...1 9 3 7
91
91
____100 100% Sep '12
Illinois Central 1st gold 4S.1951
100% . . . 10034 10034
19 51
R egistered___
96
97%
100 Sep ’ l l
1st gold 3 4$s_____ ” * 1951
91 ____ 92% Oct '12
96 96
Registered___
"1951
89 ' A u g ’12
107% 107%
Extended 1st g 3 Us
1951
93% May'09
105 105%
R e g is te r e d ...
1951
1st gold 3s sterling
1951
123 123%'
80 J ’ly '09
Registered____
~
1951
Coll trust gold 4 s .
1952
99
99 Oct '12
R egistered____
1952
95% 95% Sep '12
1st ret 4s............
*
1955
87% 92
95%
94% 95% 95
Purchased lines 3 14s
1952
35 50
86% Feb T2
42
68%
L N O A T ex gold 4s__ *1953
*95 ‘ 95% 95 O ct T2
R e g istered ..
*1953
935S 07»f
9434 Jan 'l l
Cairo Bridge gold'4sI
1950
937g 98%
9478 J ’ly '12
Litchfield Div 1st g 3 s l ” l951
10S% 112%
75% !
75%
75%
Loulsv Dlv A Term g 3 Ugl 953
82
85 Oct T2
Registered____
1953
81%
83 A u g ’ 12
Middle Div reg 5s
1921
102% .
123 May '99
Omaha Dlv 1st g 3 s I I I I 'l 9 5 l
I043g 1063'
75% Aug'12
St Louis Dlv A term g 3s* 1951
10C3s 109%
74% 75% M eh’12
Registered___
*1951
73
75%
1951
Gold 3 U s_______
85%
90
90
85% O ct '12
Registered . . I I
1951
111% 114%
83
101% Oct '99
Spring Dlv 1st g 3 Us ' "1951
107% 10734
100 N o v '00
Registered___
1951
83
95% 98
Western lines l s t g 4s
1951
94% 96% 92% Oct ’ 12
1951
Registered___
91
Bellcv A Car 1st 6s
1923
112
117%May'10
Carb A Shaw l s t g 4s
1932
971.1 99
94% J’ly '12
Chic St L A N O g 5s
1951
101 101%
113%.
111 O ct '12
R egistered ..
1951
97U 9934
114 Feb 'l l
Ill .
Gold 3 Hs......... I I .......... 1951
90 “ 93
82 .
90 O ct ’09
R egistered. I
1951
1211.4 121%
Memph Dlv 1st g 4s~II 1051
92% Aug'12
9 1 % ..
84
91
R egistered.
1951
96% 98%
St L Sou 1st gu g 4 sl” " 1931
■92' " 957,. 98* JTy"'08
94
99%
Ind III A la l s t g 4s.
1950
94 A u g ’ 12
91
92
81
90
1919
108
107 Oct T2
101% 101% Int A Great Nor 1st g 6s
Iowa Central 1st gold 5s
1938
98
9S38 Oct T2
Refunding gold 4s
1951
60
62% Oct T2
amestown Franklin <&"
82 88%
Clearfield 1st 4s.
1959
94 M ay’ 12
78 81
an City Sou 1st gold 3 s " l 9 5 0
72 72% 72 N ov 12
Registered . .
"1950
63 Oct ’00
Ref A irapt 5s
Apr 1950
98 Sale 98
98
95% 96% 90% Oct '12
90 92% Kansas City Terml 1st 4s I960
106%____ IOO34 Oet T2
ake Erie A W 1st g 5s "1937
98 1007g
'1941
2d gold 5s______
100 104 104 Sep T2
75 75
North Ohio 1st gu g 5 s .” 1945
101% 106% 101% J ’ne'12
105 106
Leh Vail N Y 1st gu g 4 Us" 1940
lOOtg 107
104 1043s 101 O ct T2
Registered_____
“ 1940
104% May'U
Lehigh Vail (Pa) cons Y 4s’ 2003
6% Oct 12
Leh V Ter R y 1st gu g 5s 1941
10934____ 11234 O ct 12
103 108
Registered_______
'1941
110 112%
110 ____ 111% Dec '11
105%____ 106% Oct '12
115 1185g Leh V Coal Co 1st gu g 5s""1033
Registered____
"1933
1st lnt reduced to 4sIIII1933
104% 10<%
9934 10234 Leh & N Y 1st guar g 4 sl” l945
91 ____ 93 J ’ne'12
Registered_______
"1 9 4 5
105 105%
El C A N 1st pref OsZIZ
1014
lOlUFeb TO
100 100
Gold guar 5s______
'1914
11534 116%
103 'M e n '12
Long lsld 1st cons go!d5sIftl93i
108% 10j*8 10J Oct '12
86
90
1st consol gold 4s_____ ftl931
93 ____ 96% Mch '12
85
881­
General gold 4s____
1938
7658 7934
93
93 Sale 93
Ferry gold 4 U s .
1922
90% 100
98 J ’n o ’ 12
77
77
Gold 4s__________
"1 9 3 2
99% Oct '06
90 97
88% 91
Unified gold 4 s ..
1949
84
91%
91
91
91___93
75% 807,
Debenture goid 5s
1934
____103% 104% Dec '08
10834 11034
Guar ref gold 4 s ..
1949
93% 94% 9,% O ct '12
Registered_______ I I " 1949
111 111
95 Jan '11
N Y B A M B 1st cong~5s~ 1935
109 109
104 ____ 110% N ov 06
N Y A R B l s t g 5s.
1927
12334 114%
102% 103 103 Oct '12
Nor Sh B 1st con g gu 5s.ol932
106 1073s
104%____ 105 Aug'12
100% 10134 Louisiana A Ark 1st g 5 s .. 1927
- - - - 937* 96 O ct '12
Louisville A Nashville—■
103% 105
General gold 6s________ 1930 J -D 112% 113% 113% Oct '12
103 105
Gold 5s..................................1937 M-N 110% 112% 111% O ct '12
Unified gold 4s__________ 1940 J -J
9134
87 90
97% Sale 97%
Registered____________ 1940 J -J
1081•>110
96% Sep '12
Collateral trust gold 5 s .. 1931 M-N 107% 109 110 Aug'12
111%1U%
E R A Nash 1st g 6s____1919 J -D 110% 111% 10% Sep '12
99% 102%
L Cin A Lex gold 4 H s._ 1931 M-N 101 . . . 10434 M ay’ 12
106 106
N O A M 1st gold 6s. . 1930 J -J 1 1 8 % .... 1203s Aug'12
111% 112Sg
N O A M 2d gold 6s____1930 J -J
114 ____ 117%Jan T2
10178 1026s
Paducah A Mem dlv 4 s ..1946 F -A
90 ____ 94 O ct T2
Pensacola Dlv gold 6s___1920M -S 105%____ 10534 Mch T l
95
96
St Louis Div 1st gold 6 s .1921 M-S ____114
90
993f
112% J'ly '12
2d gold 3s......................1980 51-S ____70
(WSs Sep T2
70
81%
Atl K nox A Cin Dlv 4 s ..1955 M-N
91% 91% 91%
91%
99% 100
Atl K nox A Nor 1st g 53.1946 J-D 109 ____ U2i >May'12
Render Bdee 1st s f g 6 s .1931 M-S 105%____ 106 ' Apr Tl
95% 9858
Kentucky Cent goid 4s. 1987 J -J
92 ____ J2% O ct '12
95% 983g
L A N A M A M 1st g 4 J*sl945 M-S 103%____ 103% O ct T2
100 1015g
L A N-South M join t 4 s .. 1952 J -J ____90%| 90% Oct T2
Registered___________ 61952 Q -J
86 . . .
95 Feb '05
98 9934
N Fla A S 1st gu g 5s____1937 F -A 107%____ 109% Oct '12
12434 12534
N A C B dgegen gu g 4 Ms 1945 J -J 100%____ 100% Sep '12
122 122
Pens A Atl 1st gu g 6s___1921 F-A 110 ____ 110% O ct '12
S A N Ala con gu g 5s___1936 F-A 10S34 U0% 109% J ’ly T2
1035s 105%
L A JelTBdge Co gu g 4s__ 1945 M -S ____90
91% M ch‘ 12

96% 98%

114 116
125 127%
111% 111%
91% 95

H

9934 103
96% 96%
99% 100%
10034 104
90
89

9212
89%

97% 100
95% 95%
93
9634
86% 86%
95 99%
947S
73%
84%
83

95 I
75%.
87% ,
83 |

75 75%
75% 75%
85% S634

92% 96%
94% 96
11334 116

92% 92%
923g 96
10C3s 108%
96% 105
61 06%

J
K

94 94%
7134 74
96% ido%
90% 9834
10034 110
104 104%
104% 105%
104 106
104% 104%
95% 98%
109% 114

L

106% 108
93

94%

103 103
109 IIOSj
96% 96%
91% 94%
98 98
90

95%

93

97%

103 104
105 107%
93
96
112% 117%
110%112%
97% 99%
96% 983s
108% 110%
110% 111%
104% 105
120% 121
117% 117%
93% 96
112% 113
69% 69*4
91% 93
112% 112%
92"' *95"
103% 104%
8878 90
108% 109*4
1001- 100%
110% 112
109% 111%
91% 91%

MISCELLANEOUS BONDS—Continued on Next Page.
)

Street Railway.

° rl
& **t ffen 4 U s .1935
¥ Ry* lst ^ E A ref 4s temp
30-year adj Inc 5s.
1942
ortland Ry 1st A ref 5 s .” 1930
ortland R y L t A P o w is t A
I
ref conv s f 5s______
4942
1 Portland Gen Elec 1st 5 sll935
Bt Jos R y, L . H A P lstg 5s 1937
Kt Paul City Cab cons g 5s. 1937
Third Ave 1st ref 4s______ i960
f A di Inc 5s......................... al960
rrl-C lty R y A Lt 1st s f 5 s .1923
Underground of London—
l 4 H s ...................................... 1933
I Incom e 6s......... ................. 1948
Union Elec (Chic) 1st g 5 s .. 1945
United Rys Inv 1st lien coll
trust 58 Pitts Issue______ 1926

P

Street Railways.
J -J
J -J
A-O
M-N

83
87% 86 Oct T2
77 Sale 76%
77
55 Sale 5334
55%
101 ____ 10078 O ct '12

F .A
J J
M-N
J -J
J -J
A -O
A-O

____ 9578 96

J -J
—
A-O
M-N

O ct T2

98%____
105 ____
81 Salo
7378 Sale
97% 97%

98 N o v ’08
105 Sep T2
80%
81
727S
74
97%
97*4

95% Sale
85
86

95%
95%
85
85
84 O ct '08

____ 83% 82% Oct '12

84%
76%
51%
99

88% United R ys St L 1st g 4s___1934
81%
St Louis Transit gu 5s___1924
593j United R R s San Fr s f 4 s ..1927
10078 Va R y A Pwr ls t A r e f5 s ___1934

76 O ct '12
83
87
81 O ct '12
66% Sale 66
” 67
____ 9534 95*4
2

76
83

80
85

64% 70

95*4 97%

Gas and Electric Light
Atlanta G L Co 1st g 5s____1947
Bklyn U Gas 1st con g 5 s ..1945
BufTalo Gas 1st g 5s_______ 1947
Columbus Gas 1st g 5s_____ 1932
Detroit City Gas g 5s______ 1923
Det Gas Co con 1st g 5s____ 1918
Det Edison 1st coll tr 5s___1933
917S 96% Eq G L N Y 1st con g 5s. Il932
74% 90
Gas A Elec Berg Co c g 5 s . .1949
Gr Rap G L Co 1st g 5«____ 1915
Hudson Co Gas 1st g 5s____ 1949
82% 86% K anCItyfM o)G as l s t g 5 s. 1922

105
80%
70
97%

106
86
80%
99

^.NojJrloeFrldayj latest bid and asked this week, a Duo Jan, {>DuoFeb«„ d Due April,




J -J
A -0
A-O
J -J

ft Duo July,

104
106
50

____
1063s
Sale 106
54 Oct '12
65

100 101
100*4 102""

___ 107
103 ___
100 101

103%-----

it Duo Aug,

97% ____

6 105*4 107%

100 Sep T2 . . . .
95% Sep '08
100%
! 01%
6
106% O ct '12
103 Sep T
100 O ct '09
104% Oct ' 12 —
98% Sep '12

54

65%

100 101%
100% 102%
105*4 106%
103 103
104% 106%
98% 99%

0Duo Oct, t Option sale,.

New York Bond Record— Continued— Page 3

1260
N.

Range
Since
Jan. 1

WuKt
Range or
Lael Salt

BONDS
T . STOCK EXCHANGE*
Week Ending N ov 8.

Equip & coll g 5s________1917
H ex Internat 1st con g 4 s .-1977
Stamped guaranteed____ 1977
Minn & St L 1st gold 7s____ 1927
Pacific Ext 1st gold Os___ 1921
1st consol gold 5s________ 1931
1st and refund gold 4s___ 194C
Des M & Ft D 1st gu4.3..193i
II StP&SSM con g is Int gu.1938
1st Chic Terml 3 f 4s____ 1941
M S S M & A 1st g 4s Intgu 1920
Mississippi Central 1st 5s. .1949
Mo Kan & Texaslst gold 4sl990
2d gold 4s_______________ffl99<i
1st ext gold 5s__________ 1944
1st le. refund 4s__________ 2001
Gen sinking Ltad 4 Ms___ 1930
St Louts Dlv 1st ref g 43.2001
Dal A tV'a l i t gu g 5s____1940
Kan C <5e Pac 1st g 4s____199 )
Mo K & E 1st gu g 5s___1942
M K & Ok 1st guar 5s___ 1942
M K & T o l T 1st gu g 5s. 1942
Sher Sh & So 1st gu g 5s 1943
Texas & Okla 1st gu g 5s 1943
Missouri Pac 1st cons g 6.3.. 1921
Trust gold 5s stam ped._<il917
Registered___________ al917
1st collateral gold 5s____ 1020
Registered_____________1920
40-ycar gold loan 4s______1945
3d 7s extended at 4 % ___ 1930
1st & ref con v 5s________ 19 30
Cent Br R y 1st gu g 4 s ..1919
Cent Br U P 1st g 4s____ 1948
Leroy 4 C V A L 1st g 5s_1920
Pao R of Mo 1st ext g 4 s. 1938
2d extended gold 5s___ 1933
StL Ir M&S gen con g 6s. 1931
Gen con stamp gu g 5s. 1931
Unified & ref gold 4 s ..1929
•
Registered__________ 192
R lv & G Dlv 1st g 4 s ..193
Verdi V I & W 1st g 5 s ..1926
Mob & Ohio new gold 0 s ___ 1027
1st oxtenslon gold 6s___/11027
General gold 4s__________ 1938
M ontgom Dlv 1st g 5s__ 1947
St L & Cairo coll g 4s___#1930
Guaranteed gold 4s__ 1931
asliv Ch & St L 1st 7S..1931
1st consol gold 5s_______1928
Jasper Branch 1st g 6 s ..1923
McM M W & A1 1st 6 s . . . 1917
T & P Branch 1st 6s____ 1917
Nat R ys of Mcx pr Hen 4 Ms-1957
Guaranteed general 4s__ 1977
Nat of Mex prior lien 4 Ms. 1926
1st consol 4s_____________1951
N O Mot) &Chlc 1st ref 5s 1960
N O & N E prior lien g 0 s ..p l0 t 5
New Orleans Term 1st 4 s .. 1953
N Y Central & H. R g 3 Fjs.1997
Registered_____________1997
Debenture gold 4s______ 1931
Registered_____________103
Lake Shore coll g 3 Ms___1998
Registered_____________1998
Mich Cent coll gold 3 Ms. 1998
Registered_____________1998
Beech Creek 1st gu g 4 s ..1936
Registered_____________1936
2d guar gold 5s________ 1936
Registered__________ 1930
Beech Cr E xt 1st g 3 Ms-51951
Cart & Ad 1st gu g 4s___1981
Gouv & Oswo 1st gu g 53.1942
Moll & Mai 1st gu g 4s___1991
N J Juno R guar 1st 4 s ..1986
Registered_____________1986
N Y & Harlem g 3 Ms___2002
Registered____________ 2000
N Y A Northern 1st g 5 s .1927
N Y & Pu 1st cons gu g4sl993
Nor A Mont 1st gu g 5S..1916
Pine Creek reg guar 6s___1932
R W & O con 1st ext 5s.ftl922
Oswe A R 2d gu g 5s___«1915
R W A O T R 1st gu g 5S.1918
Rutland 1st con g 4 M s .. 1941
OgALCham 1st gu 4s g 1948
Rut-Canad 1st gu g 48.1949
St Lawr A Adlr 1st g 5 s ..1996
2d gold 6s____________ 1990
Utica A Blk R iv gu g 4S. 1922
Lake Shore gold 3 Ms____ 1997
Registered____________ 1997
Debenture gold 4s____1928
25-ycar gold 4s________1931
Registered__________ 1931
K a A A G R 1st gu e 5s.1938
Malion C’l R R 1st 5s__193-l
Pitts A L Erie 2d g 5s__al928
Pitts MoK A Y 1st gu 6s. 1932
2d guaranteed 6s_____ 1934
McKees A B V 1st g 0 s .1918
Michigan Central 5s_____ 1931
Registered__________1931
4 s ...................................... 1910
Registered__________ 1940
J L A S 1st gold 3 M s ..1951
1st gold 3 Ms__________ 1952
20-year debenture 4 s . . 1929
N Y Chlo A St L 1st g 4s. 193 7
Registered_____________1937
Debenture 4s__________ 1931

High

Low

R R — Sou lines 4s.l930jM -N
M anila
exlcan Cent Inc g 3a tr rects

25i2 Apr '09
77 Mch'10
79 Nov'10
2412 Oct '12
1101s A u g 'll
IOOI4
100%102" * lOOU
04
63 Sale 03
76
7712 7714 J ’ly '12
95
95
95
96
95
06'-8 U7l.i J ’ne'12
9C5j ____ 9GI4 May'12
9 8 % M ch ll
94 95
93
93 Sale 92">3
8OI4 81
80%
80’,
____ 100% 99*4 Oct '12
____ 76% 73 Sep ’12
86 Sale 8512
80
____ 77g 78 J ’ly '12
104% Sep ’ 12
'&7” Ill" 38 Sep ’ 12
103 Sale 103
108
____ 05% 105 Sep ’ 12
10033 101 10)14
IOOI4
9912 lot 1037s Feb ' 12
101 10514 10J12
101
106 Sale 106
100
99i2 100
9,81.1 O ct ’ 12
07 May’ 12
9714 9?*4 97I4 O ct ’12
____125

"71% Sale"
____0012
8734 Sale
92 ____
75 ____

7i7s
'm
00i2 May’ l 1
S734
88I4
02 Oct ’ 12
81 May'12
110 M ch’05
92i2 ____ 93
93
1031.4105 103L Oct ’ 12
1U43S Sale 10414
1)4%
104%____ .01 Oct ’ 12
8H4 82
8Hs
8l%
807s Oct ’ 12
84
"im i "84” 83*4
100 Oct '12
1173s
117% 118 1175s
113 11334 U534 Feb 'L
851s « 14 3514 Oct '12
10/>2 lOSlo IO0I.1 Aug T2
S3 Oct ’ L
------ 8518
9112
9U2 ____ 9112
IOH4 1017,. 10114 Oct 12
100i2 Sale 10U12 10912
llU 2 ____ 1157s NOV'lU
105 . . . 107*4 M ch’ 12
105 . . . 113 J ’ly '04
87 Oct T2
____ 90
7712
77%
____ 77
____10112 99 M ch 'l:
78 Oet ’12
____ 78
____ 8734 87U Oct '12
104 101%
8714 Sep 12
____ 88
87
87 Sale 80l2
85 ____ 8-41.1 Sep T2
92<4
92 Sale 91*4
93 M ay’12
7S34
78*4 Sale 7814
76i2 77i2 77 Oct ’ 12
78
78 Sale 78
____ 77M 78 Sep T2
9834
9334 Sale 98*4
97 ____ 99 M ay’l l
107 .

N

88*8 . . . . 88 O ct ’ 12
108 .
99lg M ch’ ll
95 .
105 Oct '02
96 .
871g____
ICO 107
____ 96

89

May'12

108 Oct '09
0778 A u g ’l l

1201S ____ 13112 Jan '09
1,63s____ 106*4 Oct '12
____10512 101 Mch'12
102 ____ 104 J ’n e ’ 10
05*4 0 '38 96 O ct '12
84l2 Sep T2
83 84
92 J ’ne'09
10734 . . . 103 Sep T2
115 . . . 11912 MCh'12
95 ____ 997s N o v '11
89 Sale 89
89
8734
8734 Sale 8734
92S8 93
92’s
92,s
92-j
9238 931s 92t2
9 j O ct '1
9.' .
10,'%.
110 ____ lll% M c h T l
105!2 ____ 105 A p r '12
119 ____ 1301s Jan '09
119 ____ 123U M ch’ 12
111 Jan '12
119 J ’n o ’06
93 A p r '12
93l2 N o v '11
SO J ’n c ’08
86l2 M ch’ 12
85 .
88% A u g ’ 12
____8912
99 9912 98*i N ov 12
9934 M ch’ 12
88
"88" *88% 83

107
100

115
...

N.

BONDS
Y . STOCK E X C H A r
W eek Ending N ov 8.

i f

VOL. LXXXXV.
fries
Friday
Nov 8

Week?;
Range or
Last Sale

Bid
Ml*
High
Law High NY C A H R— (Con) —
983s
98% 98% 98
West Shore 1st 4s g u a r ..2361 J -J
97 Sale 90*8
97
Registered......... ............ 2361 j - . i
N Y Cent Lines eq tr 4 Ms 1923 j - j _________
N Y New Haven A Hartf—
J -J
91 Oct T2
90 90
90 Sep
Non-conv 4s______________1956 M-N
124% 129
90 ____ 92l4 Oct T:.
Conv debenture 3 Ms____ 1956 J -J
Conv debenture 6s______ 1948 J -J ____127
-i
1-7
99 105
99% Sale 9914
991.1
5J% 697o
Harlem R -P t Ches 1st 4 s .1954 M-N
__ 991- J ’nc 12
B A N Y A ir Line 1st 4s 1955 F-A
77
81
90% 92% 91% Oet 12
95
973,|
Cent New Eng 1st gu 4s 1961 J -J
9714 97%
Housatonio It cons g 5 s ..1937 M-N 109%____1 16 A u g ’ 2
9914
98% Salt 9838
9614 9CI4
N Y W ’c h e s A B ls ts e rl 4 Ms ’46 J - J
N H A Derby cons cy 5s. 1918 M-N 1025s____1
925s 97
New England cons 5s____ 1945 J -J
9912 Mch'l:.
80
81%
Conso’ 4 s _____________1945 J -J
99% 1021o
81
8 % 81 O ct 12
Providence Secur deb 43.1957 M-N
92I4
92% Sale 92
7712 816
Y O A W ref 1st g 4 s ...(71992 M-S
2% J’ ne I.
851.i 89%
Registered 55,000 only.(7l992 M-S
893, Feb '12
General 4s_______________ 1955 J -D *____ 89
70 78
9 1 Oct 12
1047s 1053, N orfolk Sou 1st A ref A 5s 1961 F -A ____100
88 91
N'orf A South 1st gold 5s. .1941 M-N 101*8___ 1
Norf A W est gen gold 6 s ..1931 M-N 121%____1
1061s 110
Im provem ent A ext g 6s. 1934 F-A 1 2 2 % ... 1
105 10712
New River 1st gold 6s___1932 A-O 121%___ 124 May 1.
9912 104
97% Sale 9658
9712
10334 103
N A W R y 1st cons g 4 s ..1990 A-O
98 Jan 11
Registered_____________1995 A-O
11)0% 1051.1
9212
92% 92% 9212
D lv’l 1st 1 A gen g 4 s ..1944 J -J
104,s 1081s
110
10-25-year con v 4s____1932 J-D .................1 98-34 100*4
Oct l.
...............1
10-20-yrconv 4s full pd ret
97
97
9U4
913s
91% 92
Ppcah C A C joint 4s__1941 J -D
96*4 1003.1
M chl
C C A T 1st guar gold 5s 1922 J -J 105*4____1
93% ____ 95 Oct ’ .
Selo V A N E 1st gu g 4 s .1980 Al-N
70 " '75I4
98%
98 -s Sale
Northern Pac prior i g 4 s ..1997 Q -J
. . . . 97 Oet ’ ,2
Registered_____________1997 Q -J
84 89*s
General lien gold 3s____<j2047 Q -F
08% 08% 69 N ov 12
92 0212
iteglstered_________ a2047 Q -F
08 JTy ’ 12
81
81
94 ___ 95 - O ct 1.2
St Paul-Duluth Dlv g 4s. 1996 J -D
Dul Short L 1st gu 5s___1910 M-S 100%____1 Ul% Oct 12
92-3.| 96
St P A N P gen gold 6 s .. 1923 F-A 113 ____, U:>.|A u g'l2
10314 10314
Registered certificates. 1923 Q -F 112%____1 1530 A u g 'll
10212 100%
St Paul A Duluth 1st 5 s .1931 F-A 109%____1 07 Jan 12
161 " 104
2d 5s..................................1917 A -() 102*s____1 U23s Sep 'll
77-">s 823­
92-4 ------ 94 J ’n e ’ lt
1st consol gold 4s......... 1968 J -D
78
80
8963____ Oils Apr ’ ll
Wash Cent 1st gold 4s___1948 Q-M
8212 8-1
~ ct T2
Nor Pac Term Co 1st g 6 s .. 1933 J -J 111%____
100 100
91
91 Sale 90*4
Oregon-Wash 1st A ref 4s .1961
U71- 121
Oet 12
11534 11534 p a cific Coast Co 1st g 5 s ..1946 J-D 101% .03%
85
8734 L ennsylvania R R —
Oct ’ 12
1st real est g4 3 __________ 1923 M-N 100% 102
IO7I4 110*.;
M ch’ 12
Consol gold 5s___________ 1919 M-S ____110 1
82
835,
102
Consol gold 4s___________ 1943 M-N 102 Sale :
9112 9112
99,8 O ct ’ L
Convertible gold 3 M-s___1012 M-N
IOII4 104
96%
06 3 Sale 90i2
Convertible gold 3 M s ..01915 J-D
10938 1097S
J ’ly 12
Registered___________ o l0 l5 J-D
102
Consol gold 4s___________ 1948 M-N 102%____
10734 10734
Aug 12
Alleg Val gen guar g 4 s ..1942 M-S ____ 100%
1) R R R A Bge 1st gu 4sgl936
87
92%
Oet 12
PhUa Balt A W 1st g 4 s. 1043 M-N 100%____1
7712 8012
Jan 03
Sod Bay A Sou 1st g 5s_.1024 J -J .................1
99 100
9712
Sunbury A Lewis 1st g 4s 1936 J -J
77t2 80
U N J R R A Can gen 4s. .1944 M-S ................. 101i2 May'12
87U 95
Pennsylvania Co—
0214 Oct ’ 12
Guar 1st g4 Ms__________ 1921 J -J 102% 103
87I3 8S12
Registered____________ 1921 J -J 102 ____ 01 >8 O ct ’ 12
85 8S12
M Sep ,2
Guar 3 Ms coll trust t e g .. 1037 M-S
81% 87I4
85*2
85% Sale 8512
Guar 3 Ms coll trust ser B.1941 F -A
913.J 9OI4
Vj Sep 1.
9 7 % ...
Trust Co certfs gu g 3 Ms. 1916 M-N
93
93
Guar 3 Ms trust ctfs C___ 1942 J-D ____ 87% 88 M ch’ 12
78I4 85
86% ___ 87*4 Jan 12
Guar 3 Ms trust ctfs D___ 1944 J -D
703,1 8-4
90
90 Sale 90
Guar 15-25 year g 4s____ 1931 A-O
78
8212
Cln Leb A Nor gu 4s g ___ 1942 M-N 90 ____ U012 Dee ’ ll
7734 7912
Cl A Mar 1st gu g 4 M s ..1935 M-N ................ .10 Jan '05
9834 9918
Cl A P gen gu g 4 Ms ser A 1042 J -J 102%____ 0734 Dec 11
Series B _______________ 1042 A -() 102%____ -0934 J’ly 09
90% ____ 91U Feb ’ 12
Int reduced to 3 M s. 1942 A-O
00% 01% 1018 Oct 12
M-N
F-A
90% ____ 90 May 08
9D2 M ay’12
J -J
901s J ’ly ’ 12
J -J
tot A u g ’ ll
Gr R A I ex 1st gu g 4 M s .1941 J -J ____ 104
Pitts Y A Ash 1st con 6 s .1927 M-N 105 ____ 109 May TO
Tol VV V A O gu 4 Ms A . .1031 J -J 101%____ ,02is J ’ne ’ 12
8S5s 89
1023,;
Scries B 4 Ms_________ 1033 J -J 102*8____ 102*3
94 ____ 95% Oet ' 12
Series C 4s....................... 1942 M-S
P C C A St L g u 4 Ms A . .1940 A-O 103 ____ 10H4 J ’ly 'I .
Series B guar__________ 1042 A-O 103 ____ tol*.; JTy T2
Scries C guar__________ 1942 M-N ................ 106 J ’n e 'l l
90
08% 03 N ov 12
M-N
106*4 10734
F -A
90 ____ 05I4S0P T
101 101
90 ____ 95
90
J -D
M-N 90
97% 97 J’ ly I
96 9814
A-O 109 112% I13l2 N ov T .
84
80
Q-F 100%____ 109 M ay’ ll
Peo A Pek Un 1st g 6s___
M-N 90 02
931-) Jan ' 11
108 108
J -J ____ 00
06*4 Apr T2
11942 119%
___ 001 • 59*s Oct ".2
J -J
08 Get T2
J
l)
90
97%
87% 897S
A-O 103% 100 101 Oct T2
8714 8834
M-N *90 ____ 00 Sep '12
913.1 OilA-O ____ 98% 97U May'12
9112 937
F-A
92
931
__ _ 86% 80 May’lli
j-j
113 J ’ly t
A-O
113%Nov’ l l
j-j
105 105
90*s
90*s Sale 90*s
O eadlng Co gen g 4s______ 1997 j - j
j
j
96*8 J’ly 'i
12314 12314 LV R e g iste re d ____________ 1097
95%
95,
A-O
0553 06
J- \
111 111
8/3s ____
J -J
It Louis A San Francisco—
"98 " "98
■T-.l ____ 126*4 1181" Sep T2
J - J 10163 100% 1045s Oct ’ ll
84'2 Aug 1
82
St
8012 8G34
J-J
13
83*4 Sale 83*4
M-N
8,S12 92
A-O 106 ____ 9 -M Sep T2
9712 1005s
70
70*4 Sale 70*s
99
9'J34
J -J
J -J ................. 86*4 M ch’ ll
15 8712 91

Range
Since
Jan. X.

Lmo Higtr
98 101 i
96
98%
91
92 ,
00
931*;
90 . 946*
127 132%;
99
99%;
9912 99%
9014 935*
114 115 1
98 IOOI4
99% 100
81
84
92
96
92% 92%
895* 89*8
99 1001*

10212 102*4
1233s 1251*
12-1 1203*
124 124

90% 9978
91% 94
107% 118
108 117
10 94
1063s 1003*
95
98%
073g 100*4
07 99%
G8I4 70%
G8 08
95% 0«%
100 101%
111*4 115%
107" ‘ 107 “
I023s 1023*
9234 94
111 111*4
89% 923*
103% 104
100 102
108 110
101 104
99% 100%
95*s 977*
97 97%
101 104%
99*8 100%
99 102%
101

91% 91%
90% 91%

91% 91%
90% 90%
101 105
10134 102%
1023s 102%
95*8 95*8
101% 106*4
104*4 107
90
93%
91
07

Kings Co El L A P g 5s____ 1937
Purchase money 6s_______1997
Convertible deb 6s_______1922
Ed El II Bkn 1st con g 4 s .1939
Lac Gas L of St L 1st g 5 s..el9 1 9
Ref and ext 1st g 5s_____ 1934
Milwaukee Gas L 1st 4s____ 1927
Newark Con Gas g 5s_______1948
N Y G E L H A P g 5s____ 1918
Purchase money g i s ____ 1949
Ed El 111 1st cons g 5s__ 1995
N Y A Q El LA P 1st con g 5 s .1930
*N Y A Rich Gas 1st g 5 s . . . 1921
.Pacific G A El Co Cal G A E
Corp unifying A ref 5S..1937
p a c Pow A Lt 1st A ref 20-yr
5s Internat S eries_______1930
P at A Passaic G A B 5s-------1049

8H4 86
113 113%
35

A -0 ___ * 1617* 10173 Oct ’12 ___
A-t) 113 115*4 115 Oct ’ 12

121 ____ 121 O ct T2
i
88%
J-J
8 8 % . . . . 83%
2
102*8
Q -F 132-% 102% 102*3
5
101%
A-O ____101% 101
M-N ------ 90% 90 Oct T. ___
J-D 104 . . . r 100% Apr '12 ___
102% 22
J -D ____102*4 102
1
87
F-A 87% 88 87%
113%
M
ch’
l2
J -J 109%____
F-A 100 101% WO Sep T2
92%J’ly '09
M-N
M-N

95

95% 9178

05

8

10414 105%
115 117'
123 121
88
8 14
101% 103
106*4 W2
897S 00%
100% 100%
102 104%
S'l4 SJI,
11212 XX3ls
104 102%
94

9fr*s

Peo Gas A C 1st con g 0s___ 19 13 A-O ____110% 117 Oct T2
Refunding gold 5s_______1947 M-S 101% 1013S 101% Oct T2
103 Feb ’09
Registered_____________1947 M-S
Ch G-L A C ke l s t g u g 5s. 1937 -J-J 10 i% 102% I021o Oct T2 : : : :
Con G Co of Ch 1st gu g 5s 1930 J-D ____102% 03% Oct ’ 12
03 M ch’ 12
83 89
Ind Nat Gas A Oil 30-yr 5s ’30 M-N
101% Aug *12
Mu Fuel Gas 1st gu g 53..1947 M-N
Registered_____________1947 M-N
109 Feb ’ 12
..
Philadelphia Co conv 5s___ 1919 F-A
10 1% " 2
Stan GasA Elec conv s f 6 s ..1920 J-D 1003s 101% l )l)78
101 Dec ’ ll
Syracuse Lighting 1st g 5 s .1951 J-D
85%
J’ne
T2 . . . .
Syracuse L A P 5s_________ 1951 J -J
Trenton G A E 1st g 5s____ 1949 .11- S 102%___ 109 Feb '01
99% ___ 104% Aug T2 —
Union Elcc L A P 1st g 5 s ..1932 M-S
90 ___ 97 JTy ’ 12
Ref A ext 5s_____________1933 M-N
Utica El L A P l s t g 5s____ 1950 J -J 163 ___
99 ----- 100% Dec *U . . . .
Utica Gas A E ref 5s.............1957 J-J
Westchester L lgbt’g g 5s___ 1950 J-D 101%108 104i2 Oet *12

95
F -A ____95
95 Oct T2 . . . . 93
M-S 102% 10 3 1023s JTy T2
102*8 102*8
• No prloe Friday; latest bid and aajted. a Due Jan. 6 Due Feb. 0Due May.




101

gDue June.

/» Due July.

90 983.1 1
ur,-*s 98%
91% 98%

86 89%
11S% 1105*
101% 108%
81% 88%
83% 88%;
993.1 99*4
76% 81% 1
_ _ —

Gas and Electric Light

M -S

99
956*
97
99

00*4 60*4
5233 54
98
99**
101 108%
96 100
97% 97%

MISCELLANEOUS BONDS—Continued on Next Page,
Gas and Electric Light

101%

102% 104
1015s 103
88% 89%
85% 89
97% 98%
88
88%
87*4 87%
96 98%

0Due Oot. p Due Nov.

* Option

116% 117%
100*4 102%
102"% 104%
101% 103%
93
93
1005s 101%
107 109
100 101
85% 86
100% 101
96% 98%
104% 106$

j

Nov. 0 ’in2
BONDS
T . STOCK E XC IIA
Weak Ending N ov 8.

New York Bond Record— Concluded— Page 4
5
GE tr

flt L Sc San Fran (Con)

Oold 4s stam ped____ __
Registered____________ I
Adjustment 5s_____

Fla Cen & Pen 1st g 5 s "
1st land gr ext g 53.11

Southern Pacific Co—

>28 M-IV
>36 A-i )
36 A-I )
>20 A-< >
112 A-I )
89 M-i M
89 J - .
32 J-] )
47 J -I >
43 J - .
19 J - .
50 A-C>
50 A-C)
50 A-C
49 F-7
59 A -(
33 M-s
49 J -J
18 J ■,
30 J -J
43 J -J
45 J -J
29 J - .
26 J -J

p ric*
Friday
N jV 8

WeeKs
Range or
Last Sal:

/Cange
Since
Jan. 1

Bid
Ai k Low
High
113% Sal e 113%
113%
78
78 4 78
783p
________ - 7712 J*ly *12
9 7 % ... . 103% J’ly '12
99 Sill
9!)
99
90 Sal e 89%
90
------ HO
80
80%
81 Sal
80*8
81
U 0 * 3 ... . 101% Apr '07
8578 Sal
85^3
857<j
94
. 104 Oct '09
8 5 % --. - 86% Oct *12
80% Sal
85 3
86%
7*5*4 7*0*
78 Sal
------ 87
90 .
103% .
101
105*s - - .
------ 106
104%
------ ioei

76
76
78
78
88 J’ly '12
93% Apr '12
103 M ay’ ll
101 May’ 12
107 J ’n e ’ 12
105% Oet '12
101% Sep '12
105 May'12

49 J-E
89% Sale 88%
89%
19 J -I
------ 871
91 J 'ly '12
94 Sale 94
29 M-S
94%
947g Salt 947g
49 F-A
95%
9 :% . . .
49 F-/
94io J 'ly '12
90% 913 90 3 O ct '12
29 J-D
91
9!J 01
54 A-O
91
31 M-I' ------103
105% j ’n e '12
Glia V Q & N 1st gu g 5 s .lo :24 M-N ----- 1031 102% J ’ly '12
33 M-N 103
105 A u g ’ 12
33 M-N 101
101% May’ 12
37 J -J 103% __
IDO 4 Sep '12
21 A-O
93-8 . 93%
93%
30 M-N 114
119% M ch'10 .
A & N W 1st gu g 5s____ 11 J -J
- 108 107% Feb '12 .
18 A-O 111%
111*4 A u g ’ 12 20 J -J 100*4____ 111 Mch '1 1 .
No of Cal guar g 6sIII
18 A -0
112 Feb '07
27 J -J foils
101 Oct '12 .
17 M-N 108
116 M ay'07 .
91
17 J -J
01% Sep '12 .
50 A-O
89% 90% 89*s Oct '12
13 J -J 109% 101 101*8 M a y 'll .
55 J -J
93 8 Sale 93*s
93 t
Southern>4 J -J 108 Sale 105%
106
4 J -.l ____
105 Sep '11 .
56 A-O
73'■
7S% Safe 783s
8 M-S
85%
80‘3 857g 85'a
6 J -J 108
107*8 Oct '12 .
1 J -J
83 Sale 88
88
8 J -J 1U5%
10 ;% Sep 'll
83% _
8 J -J
90% N o v 'l 1
8 J -J
82% Feb '12 .
81% . .
85
~
9 A-O
0 J -J 103
105% Dec 'l l
0 J -J ■ 0 0 % .... 106% O ct '12
0 M-N !°9 % ____ 109%
1097*
8 M-S 101% .
10,1% J ’ly 'i- ..
65
6 A-O
64 Aug ’ 1
2 J -J 10J
i l l J ’l y '1 2 ..
5 J -J 113 .
I ll J ’ne'12 .
5 J -J 105%
105% N o v '10
77% .
5 J -J
78 D e c 'l l
5 J -J 101%105 102 Oct '12 .
7 A-O
104% Apr '12
71% .
73 Sep '12
1 M-N
) M-N 1023g
1021* Oet '12
Virginia Mid scr C OsIII
0 M-S 103%
112 Oet '00 .
1 M-S 103%
104% J’n o 'll
5 M- S 104%
L05%JTy T2
1 M- S 104*s
105 J ’ne '10
General 5s______
0 M-N 106% 10719 1071* O ct ’ 12
1 J -J 103 109% 108% J ’ly ’ ll
8 A -0
05 ye
95 Oct '12
W O & W 1st cy gu 4s. I
1 F-A ____
93% Sep '12
1 J -J 102
103 M ay’12
5 J -J ------ 103
L02% Apr '11
T er
J A-<) - - - - 105% 103% Oct T l
1 F-A 107% 111% lit A u g '12 . .
1 J -J ------ 94
91*8 Oct '12
) A -0 105 107
Oiiig Sep '12
) J-D 107% 107% 07%
107%
51
Mch
497g Sep '12
95
J -J
99% Apr '11
f- a
Tol & O C 1st g 5s________
J -J 107 sale 07
107
Western DIv 1st g 5s____
A -0 105%
07% J ’n e ’12
General gold 5s_______ __
J-D 103 101
03% Sep '12
90%
AO
9H4 Oct '12 __
987g 9tS*2
J -J
9vSl2
90
937f 94% J’ ne '12
J -J
8.3% . .
81% Oct '12
J -J
69
00
A-O
59%
GO
C8 75
F-A
70 Oct M2
Tor Ham fis Hull 1st g 4s.
J-D
89
89 N ov'12 .
TTlstcr as Del 1st con g 5s
J -D 103% 104% 01 O c t ’ 12 . .
1st refund g 4s_____
A -0
85% J 'u e ’12 . .
Union Pacific—
09% Sale (9%
J -J
100
97% .
J -J
98%
93%
J -J 103 Sale i 02
103% 2
M-S
96% 95 . 95%
951*
J -D
93 Sale 93
1)3*4
F-A 111% 11%. ! 11%
1U%
J -J 108% 109 109
109
Guar refund 4s________1929 J -D
91's 92
92
92
Utah & Nor gold 5s__1920 J -J 105%____1 08 M a y'll
1st extended 4 s _______1933 J -J
91
99 .
TTandalla cons g 4s Ser A . 1955 F-A
94 .
95%Oct M2 . . .
»
Consol 4s Series B ____1957 M-N 93% 94*g 92%Sep M2 . . .
▼era Cruz & P 1st gu 4 Ms-1934 J -J ------ 93
J1 O ct M2

BONDS
y . STOCK E X C H A N G E
Week Ending N ov 8.

Low High,
113% 118
77 80%
77<2 77%
10312 103%
99 100 ’
89% 9212
80
83
78I2 841
*85*% ’ 87**4
801S 873s
8512 90
75
701.1
87
92%

84%
83
90
G312

104 104
107 107
105% 1071
101% 10534
105 106%

1st gold 5s_______1939 M-N
W abash
2d gold 5s..................... 1939 F

Debenture Series B ____ 1939 J -J
1st lien equip s fd g 5s___1921 M -S
1st lien 50-yr g term 4 s .. 1954 J
1st ref and ext g 4s______ 1953 J -J
Cent 'trust Co ctfs_________
Do Stam ped_____
"
Equit Trust Co c t f s ..
Do S tam ped___________
Det 5: Ch E xt 1st g 5s___1941 J -J
Des Moln Dlv 1st g 4s___1939 J - J
Om Dlv 1st g 3 H s _______1941 A -0
Tol & Ch Dlv 1st g 4s____1941 M-S
Wab Pitts Term 1st g 4s___1954 J -D
Cent & Old Col Tr Co certfs
Columbia Tr Co c t f s ..
2d gold 4s______________ 1954 J -D
Trust Co certfs_____
. __
Wash Terml 1st gu 3 H s.._ 1 9 4 5 F -A
1st 40-yr guar- 4s.............. .1945 F -A
West Maryland 1st g 4 s .. .1952 A-O
West N Y & Pa 1st g 5 s .. 1937
J
Gen gold 4s____________ 1943 A -0
Incom e 5s__________
di943 Nov
Wheeling & L E 1st g 5sII 1926 A-O
Wheel Div 1st gold 5 s. 1928
J
Exten & Im p gold 5s____ 1930 F-A
1111 1st consol 4s
1949 M-S
20-year equip s f 5sII_1922 J - J
Winston-Salem S B 1st 4s. 1960 J -J
Wis Cent 50-yr 1st gen 4s 1949 J -J
Sup&Dul dlv & term 1st 4s ’36 M-N

1261
Price
Pnday
Nov 8

WctKc
Range or
Last Sale

Bid
A s k ls>w
H ig h
106 107 10a
106%
99 Sale 99
99
90 J ’nc'12
*9*9*'
98-% Sep
80
83 Dec '10
<57 67% 67
67
66% 63% O ct '1
63
63% Oct ']
07
65% Oet '12
<33% Sale 62
63%
107
107 Oct 12
____ 80% 80 Aug '12
____ 70
70 Oct
M)
84% 80% J 'ly '12
30
30% Sep 'I
30% Sale 30%
31%
30
13% Oet '12
1% 3%| 2
2r
2% 3
2%
2
83 . . . 87% O ct '11
97% ____ 100 Sep '12
85% Sale 85%
>-5%
106% 10 % 107 Oct 12
------ 86%
80 O ct ’ 12
34 Feb '07
101%
101% Oct '.
10
104 102% N o v 'l
100% 101 102 J ’ n e 'io
80 83% 83% Oct '12
98% Feb '1
’89% *90% 90% Oct
92 Sale
8978 90%

9212
88
91
91
93% 97
94
97
94% 941
00% 91%
89
927g
103% 107
102% 10434
104 10'
Manufacturing and Industrial
1936 J -J
101% IO4I4 Allis-Chalmers 1st 5s___
65 Sale 63
65
Trust Co ctfs deposit
1OOl.i 110
62% 63% 01%
63%
Am
Ag Cbem 1st c 5s.
1928 A -0 101% 101% U1*S
9312 95;
101%
Am Cot Oil ext 4
1915 Q-F
97% Sale 97%
97%
Debenture 5s_________ III1931 ftl-N
10712 10712
92% Sale 92%
92
11134 11134 Am Hide & L I s t s f g 6 s l " " l 9 1 9 M-S 100% Sale 100%
100%
Anier lee Secur deb g Gs. 1925 A-O
72% 77% 75 O ct '1.
Am Smelt Securities s f Gs 1926 F-A 104% 104 104%
1C4 >
Am Spirits Mfg 1st g Os
~1915 M-S ___ 101
tvO Oet '12
Am Thread 1st col tr 4 s.I_ Il9 1 9 J - J
9112 . . .
93% . .
93% Oct '12
88% 9H Am T obacco 40-yr g 6s * 1944 A-O
. . . 121% 12) N o v ’ l
1044 A-Q
Registered_______
. . . I 92
120 Nov'12
Certificates of deposit
101 1 1
U i%Sep '1
93I4 95%
G°W 4? ................................I195I F-A ------ 97
95% Oct '12
Registered____
1951 F-A
95% J ’no'12
10534 10838 Am W rltg Paper 1st s f 5sIIl919 J -J
90 Safe 90
90
jjaunv L oco W orks 1st 5s. 1940 m - n 102% 102% 103 Sep 12
793.1 Beth Steel 1st ext s f 5s____1926 j - j
78
96% Sale 96%
9 *g
8712 Cent Leather 20-year g 5S..1925 A-O
85
95% Sale 9514
95%
1951 F -A ------ 98%
Consol T obacco g 4s____
1073s H I
Oct M.
R egistered ...............II
1951 F -A
87% 9014
77 N o v ’07
IO5I4 105% Corn Prod Ref s f g 5s_____ 1931 M-N 96 96% 96%
9612
1st 2 5-years f 5s. _
'1934 M-N ____95
94
91%
"82*14 *82% Cuban-Amer Sugar c o 'i tr 6s 1918 A-O
97 Oct M2
Distil Sec Cor conv 1st g 5s. 1927 A -0
72% Sale V1%
72%
£ I du Pont Powder 4 Us 1936 J-D
89
89
89%
89*4
106% IOSI4 uen Electric deb g 3 >$s___1942 F-A
J ’ne M2
IO9I4 1113.J
10-yr g deb 5s______ I .I I l 9 1 7 J -D
1% Oct M2
Debenture 5s (rects) _
1952
105% 100
103% Sale 102%
103
4 041 Gen 1 Motors 1st lien Cs___1915 M-S
A -0
99% Sale ! 9%
99:
l i t 1127g III Steel deb 4 M s............... 1940 A-O
90
90% Oct 12
114 115
Indiana Steel 1st 5s (rects;* 1952 M-N 101 Sale
0%
101
Int Paper Co 1st con g 6s .1918 F -A 103% 103% 10 1.,
103%
89 89% 89%
r S'fiJ8,0,1 conv s 1 « 5s.......... 1935 J - J
89%
102 10434 Int St Pump 1st s f 5s_____ 1929 M-S
91% 92
91%
91%
104 IO434 Lackaw Steel 1st g 5s_______1923 A-O
97% 97%
97%
J
,‘
2
73 73
1st con 5s Series A .
1950 M -S
80 Sale 80
81
IO2I4 104
5-year convertible 5s
1915 M -S
95% Sale 95%
95
lgg & Myers T ob Co7s tpy bds.
120-% Sale 12 *s
12 •%
5s tem porary bonds
9 % Sale 9 i
96%
105% 10534 Mexican Petrol Ltd env C sA 'lli A -0 102% Sale 12%
102%
Nat Enam & Stpg 1st 5 s .^ . 1929 J -D
93 95
95 Oet '12
io'7‘ 10 108% Nat Starch 20-yr deb 5 s .. 1930 J -J
87
95
89*1 Sep '12
National Tube 1st 5s rectsll952 M-N
99% Sale 99%
99*4
9734 ' r Y Air Brake 1st conv 6 s .. 1928 M-N 101% 1 2 101 O ct ’ ll
95
93%
90
Lorlllard Co 7s tern ’pry bds _
12 % Sale 120%
120's
103 103%
5s temporary bonds
.. '
96% Sale 96
96%
R y Steel Spgs 1st s f 5 s .I . 192I J - J
97
98*4 98% N o v '12
1033.[ 105
Repub I & S lst& col tr os 1934 A -0 193% . .
103 j Oct '12
U034 112%
10-30-year 5s s f__
'*1940 A-O
91% 92% ■)1%
92
Standard Milling 1st 5s___*1930 M-N
94 96
89% Sale 89%
9)
108% 107% The Texas Co con v deb 6s *1931 J -J
99 8 lOMg 99 s
100%
106% 1101 Union Bag & Paper 1st 5s 1930 J- J
92% 931 92 Oct '12
S
ta
m
p
e
d
.......
..............
......
1930
4U7a 60
90
92% 92% Oct 'l l
S Lcath Co s f deb g 6s___1913 M-N 100% 100% 10 %
100%
S Realty & I conv deb g 53.'24 J-J
88 8 Sale 88-8
88 8
105% 109%
S Red & R efg 1st g 6 s .. 1931 J-J
25 32% 30 Oct '12
10734 10734
S Rubber 10-yr coll tr 6s. 1918 J -D 103 103% 103
103%
103 104
Registered___________ . 1918 J -D
103% Jan '10
91% 93
S Steel Corp— /c o u p _I*dl963 M-N I6173 Safe* 101-s
102 8
97% 99% . r f 10-60-yr 5 s l r e g ____ 01963 M-N
101%
102%
93% 947s Va-Car Cbem 1st 15-yr 5s 1923 J -D
98 Sale 98
98
84
87% West Electric 1st 5s Dec 1922 J- J 101 Sale 10078
101
59% 09% Westlnghouse E & M s f 5s 1931 J- J
93% Sale 93
93%
08
73%
10-ycar coll tr notes 5s. .1917 A -0
90 9.% 97%
97%
89
90%
101 100
Telegraph & Telephone
85% 86% Am Telep & Tel coll tr 4 s .. 1929 J- J
89% 89% 81%
89%
Convertible 4s___________ 1936 M-S 112% 113 112% 112%
987s 102% Chicago Telephone 1st 5 s .. 1923 J -D
98% 1017s Commercial Cable 1st g 4s 2397 Q -J
80 85% 82% Mch'12
101% 101
R e g is t e r e d ............ . . . . . 2 3 9 7
83% N o v 'll
95’% 9778 Keystone Telephone 1st 5 s .1935
81 . . .
85 A u g ’ 12
91% 96% Metropol Tel <fc Tel 1st s f 5s 1918 M-N 101
103
102%
Sep '12
111 11334 Mich State Telep 1st 5s____1924 F -A 100 100%
100
100
10S% 112
N Y & N J Telephone 5*s"g.l920 Al-N
103% May'll
9134 9534 N Y Telep 1st & gen s f 4
1939 M-N
97 7S Sale 97%
Pac Tel & Tel 1st 5s____
1937 J -J
99% Sale 9:)%
uyi2
South Bell T e l& T l s t s f 53.1941 J- J
98*4 Sale 98*4
9V%
95% 96% West Union col tr cur 5s__ 1938 J- J 101 Sale 101
101%
92% 97%
Fd and real est g 4 % s___1950 M-N 95*4 Sale 95-%
96
91% 94
Mut Un Tel gu ext 5s___1941 M-N
1 :4 J ’ne 11
Northwest Te> gu 4 H - e.1934 J-J
91
96% J'neT2

h

Range
Since
Jan. 1.
Imw Rig/1
104% 107%
96 100%
90 100
98% 109
55% 72*S
03 s 71
63
69%
59% 70
00% 69%
106 107%
SO 80
68% 71%
72% 83%
30% 39%
297s 42%
30
41%
1
3
1% 3%
97% 100
85 88%
100 108*4
86
8812
101% 105%
82% 85%
90*4 93
91
93*8
90
92%
£2
67%
57% 61
1097g 102*4
96% 98%
92% 05%
98% 101%
72% 82
102% 103
99% 101
925g 95
1878 121%
1878 121*8
1187S 121%
917g 97%
92% 95%
88% 91%
1023, 104
93% 102
91% 96%
91% 97
95% 07
94
96%
96
97%
70% 78%
8478 92%
82
84
153% 1S2
102% 103%
98% 1007,
89% 92%
100 101%
103 104%
84% 917S
91% 93%
94 97%
77
82%
90% 957S
118% 123
89% 99%
95 103%
93 95
89% 89%
99 101%
97 102%
119% 123%
91% 99%
97
98%
1027s 104
90% 93%
86
90%
941*102%
92 ” 94%
92% 94%
100% 102
87% 91
30
50
103 105
1*01*4 i04*%
101%104
97% 101
109% 103%
93
96
96% 98
89
91%
108% 116%
82% 82%
82
85
102 103
9978 101
97% 1007S
987, 101%
98% 100
109% 103%
95% 100%
95

96%

MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s f 5s____ 1932 J-D
„ PSbf rV'?,ro 5s.....................al926 M-S
F. * I Uo gen s f g 5s____ 1943 F-A
_ Ool Fuel gen 6s----------------1919 M-N
Col Indus 1st & coll 5s ku ._1934 F-A
,Co m Ind Coal Me 1st 5 s.IIl9 3 5 J-D
Con* Coal of Md 1st & ref 5s 1950 J-D
Or Hlv Coal & C 1st g os A1910 A-O
Kan & H O & C 1st s f g 5s 1951 J-J
Pocah Con Collier 1st s f 5 s.l957 J-J
St D R ock Mt & P 1st 5 s .. 1965 J- J
Tenn Coal gen 5s________ Il95i J-J
Blrm Dlv 1st consol 6s. .1917 J -J
Tenn Dlv 1st g 6s............a l9 l7 A-O
Cah O M Co 1st gu g 6 s ..1922 J-D
Utah Fuel 1st g 5s.............. 1931 M-S
V ictor Fuel 1st s f 5s______ 1953 J -J
Iron Coal & Coke 1st g 5s 19 19 M-S

85 ____
98% 100
108 103%
83
85
____ 84
____ 94
95 100
98 . . .
85 88
79% 82
101%101%
102 102*4
102 102%
103% 110

97 J 'ly '12
91 N o v ’ l l
98% Sep '1
107% J ’n e '12
84%
84%
85 J ’n e'U
93 O ct '12
102% Apr '06
98 Oct '12
87%
87%
80 Sep '12
101%
1011
103% Sep M2
lD2t.j Oct '12
110 Jan '09

85% Oct '12
____85%
96 97% 97
97%

98% 100%
1071,1 107%
72% 85%
93

94

97% 98%
81% 89%
7934 84%
101% 1037,
103% 1040
1021.1 104 "
8514 86
94% 98%

Miscellaneous
Adams E x coll tr g 4s_____1948
Armour & Co 1st real est 4
'39
Bush Terminal 1st 4s______ 1952
Consol 5s_______________ 1955
Chino Copper 1st conv 6 s .. 1921
Irrigation W ks & D of A 4 Hs "43
Tnsplr Cons Cop 1st 6s ircctsi .
Int Mercan Marine 4 H s __ 192
Int Navigation 1st s f 5s__ 1929
Mge Bond (N Y) 4s ser 2 ___1966
10-20 yr 5s series 3 _____ 1932
Morris & Co 1st s f 4 H s____1939
N Y Dock 50-yr 1st g 4 s ...19 5 1
Nlag Falls Pow 1st 5s__
1932
Ontario Transmission 5s__ 1945
Pub Scrv Corp N J gen 5s__1959
Hay ConsCoppor lstco n v Us 1921
Wash Water Pow 1st 5s__ 1939

M-S
83
85
J -D
91% Sale
A -0
J -J ____ 97
J -J 200 Sale
m - n ____ 95
110% Sale
A -0
06% Sale
F-A
78% 79%
A -0 ____90
J " J _ _ _ _ _ ___
_ ____
J -J
78 85
F-A
J -J 102% Sale
U-N
A -0
92 s Sale
J -.1 125 Sale
J -J 102

81
83
91%
91%
90 O ct '12
97 Oct M.
181%
200
93% N ov 11
107% 110%
65*4
66%
79%
79%
100 Oct '12

104% 1101»
63
70 "
77% 82%
100 100

89% A u g ’12
83 Oct T2
102%
102%
94% Sep T2
92 8
:.-3
124
125
104 M ay'12

*89% *89%
81
86%
100% 102%
92% 9434
92
94%
112 130
1027* 104

81
88%
90% 92%
S8% 92
97
99
116 200

«No price Friday; latest bid and askod aDuoJan dDue April «Due May ffDuo Juno 7#Duo July fcDue Aug oDueOot dDueNov aDue Dec sOptlou sal*




CHICAGO STOCK EXCHANGE— Stock Record.

1263

IALIi PRICKS.

STOCKS— UIOHKST AND
Saturday
Nov. 2

Monday
Nov. 4
32
*89
*88
24
*812
*312
*20
*40
*912
*50

32
92
95
2434
9I4
334
23
"
42
1012
55

39
121
*400
*130
*55
*105
142%
61

4014
123
-----138
57
10512
14234
61

Tuesday
Nov. 5

*32
*89
*88
*2412
834
*312
*20
*40
*912
*50

35
92
95
25
8%
334
23
42
1012
55

30%
Last
Last
24%
9%
3%
Last
Last
9%
Last

30%
Sale
Sale
24%
9%
3%
Sale
Sale
9%
Sale

Friday
Nov. 8

92% Aug’ 12
JO Oct’ 12
24% 24%
..
___
_ ___
>3 O ct'12
10
Oct’ 12
__ _ ___
51 Nov’ 12

39
41% 42% 43% 42% 43
123% 123% 12234 12234
123 123
*450 ------ Last Sale 405 July’ 12
Last Sale 135 Aug’ 12
*130 138
57
*56
55*2 66
*56
57
106 106 *106 106% *106 106%
*14212 143 <143 144 *143 144
62
62
*60
62
Last Sale 17 Apr’ 12
*88
90
90
*88* *9*0* *88
55
55
*54
60
54
5438 54% 54% 54% 54%
Last Sale 142 May’ 12
211% 211%
*210* 2*11
144% 144%
144 145
144 145
17
*163.4 17U
1734 1734 17
Oct’ 12
Last Sale 87
107* 10*7" *107 107% 108 108
98%
98% *98
*98
9812 *98
71
71
71
69U 6912 70
12212 12212 122% 122% 121% 121%
Last Sale 70-% Aug’ 12
■___
72
133 135
133 135 *133 135
Last Sale 127 Nov’ 12
*124 126
127% 127% 127% 127%
*127 129
Last Sale 120 Oct’ 12
*1181,4 122
66-% 66% 66-% 6634
66
66
Last Sale .60 May’ 12
* 9 1 % -----*911*2------ *91%
11712 H8I2 118% 118% 117% 11778
88
*86
88
*86
86
86
Last Sale % May’ 12
99
*991*2 1*0*0*
99
99% 99
Last Sale 103% Oct’ 12
*102 104
215 219% 218% 221%
2097s 212
12333 123% 1233s 1233s ___ ___
43
43
43
43
*42
44
Last Sale 97% Aug'12
*94
95
107% 108% 10734 108
106% 107
375 380
375 375
10712 10712 107 108 *107 108
226 227
228 22914 222 227
Last Sale 4% May’ 12
Last Sale 138 Oct’ 12
‘ *11*4 *’l*l
78
78% 76% 77%
75l2 78
*9
10
10
*9
*9
10

*881*4 88I4
*54
60
5334 54
212* 2*1*2*
143% 144
1612 1612
1671*4 10*7*14
98
98
69I4 6914
133*
*126
*127
*11814
*6634

IVednesday
Nov. 6

Thursday
Nov. 7

13312
128
129
122
70

*911*2 I . . .
1171g 1171s
*86
88
*9962 100
*102 104
20S12 20912
*123 12312
*42
44
*94
95
1061s 106%
345 355
*10712 108
228 234
"*11*4 "T%
747S 76l4
912 934

Sales
of the
Week
Shares.

BONDS

Inter­
est
period

Am Tel & Tel coll 4 s . . 1929
lArmour <5a Co 4 A *— 1939
'Auto Elec 1st M 6s— 1928
|0al Gas & El unlf&ret 5s’ 37
Chloago City R y 5 s . . . 1927
lOhloClty&ConRys 5s.<41927
'Chicago Elev R y 5 s ..1914
Chic Pno Tool 1st 5s.al921
'Chicago R ys 5s---------- 1927
Ohio R ys 5s.-series A
Ohio R ys 4 s..series “ A ”
Chic R ys 4 s..series “ B”
Chic R ys 4 s..series " 0 "

| Do
1st g 6s------ 1
Int Har 3-yr 5% g notes
•Inl'd St’ l Is. M g 6 s ..1
Kan City R y & Light

Extension g 4s.
[11 El R y & Lt Is
do ref «So ext <
do gen & ref l
Nat Tube 1st g 5s-----Nor Shore El 1st g 5s.
I do 1st & ref g 5 s..
Nor Sh Gas o. Ill 1st :

4.40s __________
4.60s Series E__
4.80s Series F._

Tri-City R y & Lt coll

Price
Friday.
Nov. 8

WeeYi
Range or
Last Sale.

90
88
81
78%
10478
95

li'ds
Sold

Oct’ 12
Sop’ 12
81
78%
Apr’ 12
Apr’ 12

"961*3 May’ 12
88% Oct’ 12
100-i.t May’ 12
103% Apr112
1003S Apr’ 12
95% Sep’ 12
100% July’ 12
99% Oct’ 12
97% Oct’ 12
92 May’ 12
100 May’ 12
1003S Mch’09
96% Mch’ 10
97
Feb’ 10
98% Nov” 11
115% Sep'12
101-% 10138
103% July’ 12
101% Sep'12
101
Oct’ 12
9734 Oct’12
100% May’ 12
92
92
100 Oct’12

98% Apr’ 12
85
Apr’ 12
100 May’ 12
102% Apr’ 12
U S Steel 10-60-yr 3 f g 5s.
2J {1 0 1 % ----- 10J73 Oct’ 12
mus tjbc added t o all Chicago
3 A - C .................
5 A - ( '{ - - - 81
2 M-

Range lor Previous
Year 1911.

Highest

Highest.

Lowest.

21 J ’ly
85 J ’ly
80 Apr
20% May
8 May
4% Mch
15 Sep
39 Sep
7 Dec
38 Nov

32 Deo
94 N ov
101 Aug
3773 Deo
12% Aug
7% Aue
25 Feb
72% Feb
13% Feb
60 Jan

9 Jan
707s Jan
265 Jan
120% Mch
4S Nov
100% Sep
131% Aug
3o Apr
38 J ’ne
60 Sep
49% Apr
39% Sep
115 Jan
151% Jan
113 Jan
934 Oct
73 Jan
92% Fob
100 Sep
497S Sep
99% Sep

12% May
93 Doc
304 Oct
133 N ov
79 Feb
113 May
152% J'na
69% Mch
6734 Mch
88-% Dec
52 Feb
5512 Feb
1-11% N ov
130 Dec
1373S J'ly
153s J ’no
78 Jan
110% N ov
103% Deo
70 Jau
129 May

117% Jan
123 Jan
100 Aug
117 Sep

142% Dec
130 Mch
120 Mch
120 Mch

101

108% Jan

Sep

123% Sep
116 Sep

19234 Jan
122 Mch

9734 Sep
105 Mch
102% Feb

101 J'no
212 Dec
107% J ’ly

i Dec
50% Oct
13 Dec

7 Jan
817S Feb
26 Jau

Chicago Banks and Trust Companies

High
Bid.
Ask L7i0 .
91 Apr” 12
J - J
91%
91%
J - D {9 1 % Sale
82% Apr’ 12
----- -----96% May’ 12
M -N
F - A tioi% 10*1% 101% N ov'12
80 Oct’ 12
A - O i 8534 87
J - J { 97% 9734 97% Oct' 12
Oct’ 12
93% 92
J - J { 93
99-%
99%
99% Sale
F - A
94% O ct'l:
95
A - O {..._
9683 Jan’ 12
. ___
A - O
84
Oct’12
85
J - I) t 84
93
93
93 Sale
F - A
Jan'12
. ___ 100
F - A
Oct’
12
70%
J - J { 71% 72%
Oct’ 12
48
50
May l t 45
100
J - D lOJ's Sale 1007s
___
97% Oct’ 12
J - J
M - S 102-% Sale 10238 102%
Oct 12
M - S t ___ 102% 102
100%
M -N 10J% Sale 10014
_____ 109 Sale 108% 109
9934 Apr’ 12
___
A - O
,U - N ------ ------ 101% May’ 12
_____
F - A {100% 100-% 100% May’ 12
_____ — - ----- 105% Apr’ 12

i.n -N
88*
j - j { ___
F - A { 80% 81
J - J 78% Sale
_ ___
F - A
■ _, - _
J - J
lJ - D
___
7 M- N
) J - J { 87% 88%
2 ,U - N
2 A - 0 {1027s . . . .
) A - G {10J% 1007s
7 F - A
l M- S
1 Q - M { 9 9 % ___
5 H - N { 97
97%
2 J - J . . . . ___
_
....
7J - J
3 J - E { 97% — . M - S { 94 . . . .
. M - N { 95 ----. M - IS { 96% . . . .
3 A - C { ___ 117
7 M - 8 {101 101%
7 J - . { ___ 103%
6 J - L { ___ lol%
7 M - N {100% 102
6 ......... { 98<s 977S
1J - .
4 J - . { 92 Sale
{ 9973 . . . .
4J -

Range lor Year 1912

Railroads
40 Apr 24
30 Aug 23
113 Chicago Elev R ys co m ___
90 May 27 9334 Jan 20
Do pref_______________
______
85 J ’ly 15 lOlSg Jan 18
Chic R ys part ct£ " 1 " ___
22l2 Oct 11 38 Jan 9
420 Ohio R ys part ctf “ 2” ___
11 Jan 12
6 J ’ne 13
250 Ohio R ys part ctf “ 3” ___
57g Jan 13
3 Oct 1
100 Chic Rys part ctf “ 4 " ___
1414 Aug 8 25 Sep 27
Kansas City lty & L t.100
40 O ct 10 50% Jan 19
Do prof___________ 100
11% Apr 10
6 Mch 2ft
10 Streets W Stablo C L .100
52 J ’ne 20
35 Jan 30
Do pref___________ 100
/Vliscelaneous
47 Oct 11
IH2 Jan
11,400 Amerloan Can________ 100
126 Sep 19
91 Feb
Do pref___________ 100
405
American R a d ia to r.. 100 325 Feb 1 405 J ’ly 2
Do pref___________ 100 131 Jan 15 135 Apr 30
45 Aug 7 61 O ct 1
160 Amer Shipbuilding___100
Do pref___________ 100 100 Feb 6 1063s O ct 28
5
50 Amer Telcp & T eleg_____ 139 Jan 11 198% Mch 17
. _ Mch 14 68% May22
39
150 Booth Fisheries co m ____
50 Jan 9
4312 Feb 2s
Voting trust c tf______
77 Mch 14 95 J ’ne 5
Do 1st p r e f__________
25
49 Feb 9 65% May 13
200 Cal & Chic Canal & D .100
44 Mch 15 55% Oct 15
601 Ohio Pneumatic T o o l .100
Chicago Telephone___100 137% Jan 4 145 Mch 9
20 Chicago Title & T ru st.100 184 Jan 4 222 J ’ne20
441 Commonvv’ th-E dison. 100 13514 Jan 4 150 Mch 7
10 Feb 13 21% Oct 21
125 Corn Prod R ef Co co m ___
87 O ct 17 87 Oct 17
Do
do
pref___
J 'ly 5 IID4 Feb 5
103
230 Diamond M atch_____ 100
98 O ct 2 102% Mch 8
15 Hart Shatlner & Marx p f.
58 Jan 2 73% Sep 23
300 Illinois Brlok_________ 100
300 Internet Harvester C o---- 106 Feb 14 1267s Sep 10
67. May 1 763s Aug 6
Knickerbocker Ice pref.
608 Natlonal Biscuit_____ 100 130t2 O ct 25 161% Apr 30
12214
O ct 25 13034 May28
Do pref___________ 100
112 National C arbon_____ 100 103 Mch 5 135 Sep 24
Do pref____________100 115 Feb 11 120 Jan 2
61 J ’ly 2 : 67 Apr 22
104 Paolllo Gas & El Co.
x.60 May 3 :.6o Apr 23
Do
r ig h t s ___
Do
preferred
607 Peopio’s Gas L&Coke_100 10312 Jan 2 12233 O ct 9
81 May2.< x 94% A pr 24
7 Pub S e rv o f No 111 com .
1% Apr 24
x.08 May 18
Do r i g h t s _____
* 981* O ct 21 xl07% Apr 24
Do preferred . .
56
_____ Rumely Co, preferred----- X 99>2 Apr 27 xl03% Oct 25
7,825 Sears-Roebuok c o m ..100 140 Jan 5 221% N ov 8
Do pref____________100 121%Jan 11 12534 J ’ne 8
30
49 Aug 9
30% J 'ly is
75 Studebaker Corp com —
94% J 'ly lft 97% Aug 7
Do p r e fe r r e d ...
9834 Jan 2 109% Apr 4
977 Swift & C o . . ................. 100
277 The Quaker Oats C o ..100 215 Jan 15 380 N ov 7
Do pref___________ 100 105l2 Jan 2 110 Jan 15
75
x 13534 May 8 23 4 N ov 4
3,317 Union Carbide C o ..
6 May22
3%. May 8
Do
r ig h t s ___
17s Jan 18
38 May 2
Unit Box Bd & P C o .100
88% Feb 13 80% Sep 30
1,325 United States Steel com
147s Feb
9 Sep 30
42 Western S tone_______100

Chicago Bond Record
OHIOAGO STOCK
E XC H AN G E
Week ending Nov. 8.

STOCKS
CHICAGO STOCK
EXCHANGE

Range
lor
Year 1912

NAME

Outstand­
ing
Stock.
(t)

Surplus
and
Profits.
<t)

Dividend Record.
In
1910.

in
P
1911. <

Amerloan S t a t e ------------ *200,000 *179,779
6
80,879 “ o '
100,000
Calumet N ational---------10
(,
Oont’ tal & Comm N a t .. 21,500,000 9,107,950
16
C
10
Corn Exchange National 3,000,000 6,054,259
3,371 3cg. b is May 3
200,000
Douglas State__________
6
f
8
75,791
200,000
Drexel State___________
487,124
10
<
10
600,000
Drovers' Dep N ational.
67,633
0
200,000
Englewood S tate.
DA t
12
12 l.
First N ational--------------- 10,000,000 11,723,927
12 t,
10
150.000
210,063
First Nat E nglew ood___
l ’ rlv ito Ba n
641,178
Foreman Bros B ’k’g C o . 1,000,000
8
8
080,779
Fort Dearborn National 2,000,000
(II)
Hibernian Banking Assn 1.500.000 1,539,807 8 + 2
10
151,766 10+15
400 000
93
95% Kaspar Stato B ank-----2,312 Beg. b us Apr 3
200.000
Lake View State---------100 100
282,618 Beg h us. Ma y
000
uLa Salle St N a tio n a l.. 1.000.
85
70
38,614
Org D cc. 16
200,000
Lawndale
S
tate-----------60
45
10 C
10
654,940
1007s 103% Live Stock E xoh’ge Nat 1.250.000
55,235 3eg. b us.Aug 200,000
97% 99% Meek. & Traders State.
8
8
1,374,189
2.000.
000
Nat
Bank
o
f
R
e
p
u
b
llo
..
102% 10334
6
6
606,680
2,000.000
102 103-34 National C ity---------4
6
103,075
250.000
997g 101% National Produce . .
7
78,131
200.000
North
Avenue
State—
DA
107 110%
0
6
46,071
50,000
x99% 9914 North Side State Sav gs
5
44,751
4
200,000
1101% 101% North West S t a t o -------94,848
7
9H
500.000
People’s Stk Yds S tate.
7,193 Beg. b us Nov
200.000
x 1001*2 1*0*0% Second Seourity
s
6
160,021
4
'A
400.000
S
ecurity________________
xl05% 105%
8
110.000
7A
200.000
South Chicago Savings.
6
6
10,971
200,000
89
94% South Side State______
12
12
2,327,129
State
Bank
of
C
h
ica
g
o
..
1.500.000
871.J 00
8
8
225,110
250.000
8012 8534 Stock Yards Savings—
0
6
159,315
500.000
Union Bank of C hicago.
78% 83
6
6
12,091
Washington
Park
N
a
t
..
100.000
x 1047s 104’s
25,434 None None
50.000
Wendell State------------x95
95
8
4.500.000 1,959,871
7A
Central Tr Co of 111—
10
322,860
10
500.000
xS9% *9*0% Chlo City Bk & Tr C o ..
6
257,318
6
88% 90% Chicago Sav Bank & Tr 1,000,000
8
7A
x IOO-34 101% Chicago Title & T r u s t .. 5.600.000 <2,271,355
10
6
10,510
50.000
xl03% 103% Citizens Trust & Savings
477,377 8 + 2 8 + 2
600.000
x 10038 100% Colonial Trust & Savings
1.542.325
000
195% 97% Cont & Comm Tr & Sav 3.000.
8
167,771
8H Q-J
200,000
100% 100% Drovers Trust & S a v —
10
12
2,177,116
000
99% 100% First Trust fc S av in gs.. 5.000.
3,336 Beg. b 113 Apr
250.000
Ft Dearborn Tr& SavBk
9534 99
54,806 Beg. b 113 Apr
200.000
Z917S 92% Franklin Tr & Sav Bank
208,457 —
2A
X100 100% GreencbaumSons B k &Tr 1.500.000
40,391
200,000
Guarantee Trust & S a v .
IT
Harris Trust & Savings . 1.500.000 2,107,466 11+5
72,483 Beg b us Apr
300.000
Home Bank <Ss T ru st___
10 + 4 16+ 4
9,620,950
000
Illinois Trust & Savings 5.000.
77,463 7 + 1%
7
209.000
1 1 5 % 1 1 8 % Kenwood Trust & Sav
61,714
200.000
6 Vi
0
100% 102% Lake View Trust & Sav
38,901 Beg. t us, J’ly
250.000
10234 10334 Mercantile T r. & S a v ._
12
15
Merchants’ Loan&Tr Co 3,000,000 6,649,802
1 0 1 % 103
61,759 Beg. b us Oct
200.000
100 3.1 1 0 1 % Michigan A vc Trust C o .
600,000
75,843 Coin b us Apr
x 9634 100
Mld-Clty Tr & Sav Bank
8
8
X100
1 0 0 % Northern Trust C o......... 1.500.000 2,734,557
8
6
250.000
127,611
North-Western
Tr&
Sav
92
96%
200.000
50,601 Beg. b us J’ nc
100 100-% Old Colony Tr & Sav Bk
190.297
500.000
Peopio’s Tr & Sav Bank
8
8
273,511
300.000
x98
98% Pullman Trust & S a v ..
200.000
Sheridan Tr & Sav Bank
85
89
Comm enced
Standard Tr & Savings. 1,000,000
X997s 100
0
5%
f I"'1*1Iflf. it*
.9\T
200,000
Xl02% 102% Stockm en’s Trust
&. Sav
*8 + 2 8 + 2
100-% 103
Union Trust C o------------ 1.200.000
8+ 2
6
400.000
bon d prices.
West Side Tr & 3av B k .
86.840
7H
200.000
W oodlawn Tr & Sav Bk
Low.

x91
90%
x82%
Z90%
101%
80
97%
90
10 99%
94%
96%
84

High

91
92%
82%
96%
103
91%
99
95
101%
97
973f>
91%

lUbtished
Stook alt acquired uy tue c o n t. « co m m .
are paid
.-J.
with extra
extra payn:
payments Q -t'. * A
a Due Deo. 31. f. Due June, c Due Fab
d b u e Jan! 1.
A ls o '20 %Tn stock. «g Dividends
Dividends
paidV Q
Q0.3
-J n with
. ___1... are
n.nlr
123X
t Ann- 311 0 1 2. % SalOS
was paid In 1911 on Security Bank stook. to provide capital for the new Secondj "Security
Bank. V . 93 P -I2 3 5 . t Aug. 3
^ported bcglnnlng April 18. u La Salle Street Nat. Bank converted Into the La Salle Street Trust & Savings Bank. See V. 93, p. 10J4.
Bank

dividendof 50%




THE CHRONICLE

H o y . 9 1 9 1 2 .]

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
S lo ck s
W e e k e n d in g
N o v . 8 1912.

S h a res

P a r v a lu e.

EXCIIANG
Saturday -------------317,267 $29,731,450
Monday __________
HOLI
Tuesday___________
Wednesday ----------- 1,012,233 89.915.800
762,088 70.396.800
Thursday--------------556,460 50,781,500
Friday------------------

S ta te
B onds.

U 3.
B onds

$23,000

Telegraph and Telephone
B id
A sk
Amer Teleg A Cable'...10 • 08
72
Central A Soutli Amer. 10' ' 110 115
Comm’l Un Tel(N Y)__.2. 110 115
Empire A Bay State Tel.lOi
65
75
40 50
e Gold & Stock Teleg__ 101
118
e Mac :ay Cos com ____ IOC
80 86
e Preferred................ 101
68
0S12
e Northwestern Teleg___ 5i
118
Pacific A Atlantic_____ 2.
68
75
100 102
e Pac Telep A Teleg pref.101
92 97
Southern A Atlantic....... 2..
e
e

1263
Indust and Miscell— (C o n .) B id A sh
Amer Typefounders com. 100 48 50
Preferred________ 100 1 0 2 % 105
Deb g Gs 1939............M-N 10 0 102
Amer Writing Paper___ 100
4
3
Atl GulfA WISS Lines.SecBos tStkE x list
Barney A Smith Car comlOO
16
Preferred................... 100 *88
8 8 %'
Bliss (E VY> Co com....... 50 75
85
Preferred............... ...50 12 0 125
Bond & Mtge Guar____ 100 300 305
Borden's Cond Milk com. 100 11612 1 71*
Preferred ....................100 108 109
British Col Copper Co___ 6 *414 41*
2
Casein Co of Amer com 10 0 n 1
Preferred..........
loo n 40 46
Casualty Co of America 100 11 0 120
Celluloid Co.........
100 138 140
City Investing <361.........100 45
47
Preferred ................. p)0 1 0 0 101
Clallln (H 11) Co com 100 85 90
e 1st preferred..........100
91
87
e 2d preferred........
100
92
88
.84
78
1112 13%
Preferred.........
I" 100 50
571j
60
Debenture 4s 1951." A-O / 50
Crucible Steel com___ 100
17% 1712
e Preferred........
loo 96% 9C34
Davls-Daly Copper’C oI'.lo *2
2%
Diamond .Match— S e e Chic StkE.x list.
duPont ( I) do Nem Pow 100 195 200
e Preferred...........
100 99%
Gold 4>^s ’30—S ee N Y St It Kx list.
723. 73%
Emerson-Brantingham .1 0 0
Preferred ............... loo 99% 100%
Empire Steel A Iron com 100
5
10
Preferred................... loo 45 48
General Chemical comj 100 175 210
e Preferred_________ 100 108
114
Stk £ x list
k Ex list.

Short-Term Notes
Amal Copper 5s 1913..A-C 991 100
Balt & Ohio 4Ms 1913.J-L 993 99%
Bklyn Rap Tr 5s 1918(w 1).. 961 96’U
Total.................... 2,648,048 5240,827.5501 59,364,0001 $323,500l $2,000 Ches A Ohio IJ^s 1914 J-I
981< 99
Chic A Alton 5s 1913 M-t 981 99
Chic
Elev
Rys
5s
1914
J-,
973
98%
S a le s a t
W e e k e n d in g N o v . 8.
J a n . 1 to N o v . 8.
Cln Ham A D 4s 1913 J-J 98 99
N e w Y o r k S to c k
Eric 63 April 8 1914..A-O1" 993, 100%
E xch an ge.
1912.
1011.
1912.
1911.
Coll 5s Oct 1 1914
A-O 99 99%
Coll os April 1 1915 A-O 971. 98%
Stocks—No. shares__
2,648,048
109,469,047
112,651,602
3,950,906
$240,827,550 $301,653,100 $10,167,615,075 $9,878,081,600 Gcn’l Motors Os'15— S e e N Y Stk lvi list.
Companies—■
Bank shares, par____
$1,492,000 Hudson
$697,300
$3,500
$4,300
63 Feb i 1913...
F-A 99 100
B onds.
Oct 15 1913...AA015 99 100
Government bonds__
33,235,000 11163Cent
$1,104,000
$2,500
$2,000
4!^s
1911._.JAJ
99
9912
819,000
86,074,400
23,031,500
323,500
A Gt Nor 53 1914 F-A 971 9734
579,253,000
RR. and mlso. bonds.
651,901,000 Int
0,364,000 19,781,500
Inter Harvester 5s ’ 15 FAA 991 OO^
K 0 Ry A Lt 6s 1912.. M-t- / 90 92
$603,988,500
Total* bonds...........
$9,089,500 $20,603,000
3744,210,400 .M
inn A St L g 5s 1913 F-A 97
93
Mo Kan A Tex 5s 1913.M-N 99 9912
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Missouri
Pacific 5s 1914 J-I
961 97
EXCHANGES
Nat Rys of Mox 4143 ’ 13.J-D 973 9Sl4
3 N Y C Lines Eq 5s 1912-21 6 4.71 U2%
4 >4s Jan 1913-1925. J-. b 4.6c 4.45
B o s to n .
P h ila d e lp h ia .
414s Jan 1913-1927 J-.) b 4.65 4 .4 5
W e e k en d in g
N Y Cent lHs 1914... M-S 99 99%
U m is led
B ond
N o v . 8 1912.
L isted
L isted
B ond
U n lis ted
St
L A S F 6s 1913 Opt J-D 98), 99%
sh a res
sh a res
sa le s .
sa
les
sh a re s.
sh a re s.
6s Sept 1 1914 opt__M-S 99 99%
South Ry g 5s 1913___ F-A 99% 100
EX CHANGE CLOSED
Saturday__________
Ref g 4s '52 op 1912...J-J 16 S7%
___
Monday___________ 12,012
7,952
$33,000
lavana Tobacco Co.
5.317
2,289
$41,100 Wabash 4)43 1913.. .M-N
6
8
Westlngh’se El A M gs 1913 100 10038 Preferred ___ " ioo
HOLI DAY.
Tuesday..................
8
15
6% note30ct’17— S e e NY Stk £ x lisi
10,000
19,383
20,010
17,974
52,600
1st g 5s Juno 1 1922 ” j-D 1 63
Wednesday________ 26,455
66
Railroad
43,000
20,836
14,875
11,540
51,600
Thursday_________ 20,271
[ecker-Jones-Jewell Milling
1S12 21
1st os 1922 ............. M-S 101% 103
18,000
27,651
G4.700 aChlo A Alton com___ 100
16,505
Friday___________ 24,223
12,703
e Preferred............... 100
25 40
erring-ilall-Marvfn ’ V.100 10 20
3
Clilc
St
P
M
A
Om___
100
131
138
.oboken Land A Improvo’t
81,822 S104,000
T o ta l_____ ____ 88,991
56,737
44,500 $210,000
100 150 160
e Preferred.............
1st 5s Nov 1930__ M-N 104%
3 Colo A South com__ 100
3S12 4012 locking Vnl Products". 100
5
7~
e 1st preferred........
100 71
75
1st g 5s 1961............. j-j
55 58
e 2d preferred........... 100
66
70
x list.
52 591?
3 N Y Chic A St L com _100
All bond prices aro now "and Interest" except where marked " I "
105 __ rw
c 1st preferred..........100
102% 108
e Preferred................. ioo
95
Street Railwayj—(C o n .)
B id
A sk
c 2d preferred..
loo 86 90
ntercontln Rub com ...100 11% 12
Union Ry Gas A El com. IOC 56 53
Street Railway]
B id
A sk
Northern Securities Stubs
105 n o
nternat Banking Co___100 n o 120
Preferred........... .......10(
88 90
Pitts Bess A Lake Erie 60 *30 35
ntematlonai Nickel___ 100 t 133 135
N ew Y o rk C ity
United Lt A Rys com.. 100 78 _
60 *60
Preferred...........
67
Preferred................... 100 106 108
Bleeok St A Ful Fy stk_10(
84 86
20 20
First preferred______ 106
3 Railroad Securities Co—
2
5
1st mtgo 4s 1950____ J-.
70
Second preferred........106
74 76
11! C stk tr ctls Ser A .
85
1st g 5s 1951... . A-0 / 50 52%
B’ y St 7th Avo stk........101 175 18i United Rys ol St L—
West Pac 1st 5s 1933..M-S 83% 84
atematlonal Silver com 100 110 130
2d mtgo 5s 1914....... JA.
99% 99% Coin vot tr ctfs......... 100
11
11%
Preferred______
100 135 140
Broadway Surlaco HR—
0 Preferred................ 100
41
41%
Standard Oil Stocks
1st os 1948............._".*_"J-D
110
1st 6s 1924.............. JAJ 101% 103 Wash Ry A El Co........10U
87 90
Anglo-American Oil....... £1 *19 20 1iternat Smelt & itefg. loo 122 126
Cont Crosstown stock.. 100
10
Preferred.................. 100
87% 88
Atlantic Refining____ 100 585 000 J
StkE.x list
4s 1951................ J-D 83*g 84% Bornc-Scrymser Co.
1st mtgo 6a 1922___ M-b 104
.100 170 190 [1
91% 92
Con Pk N A E 1Uv stock. 101
3
8 West Penn TrAWat Pow lOu
32% Buckeyo l’lpo Line C o.. 50 *178 181 1
217 220
ChrlstophcrAlOth St stk 100 130 140
Preferred ................ 100
81
81% Chesebrough MfgCons..ioo 650 700 I
235 240
Dry Dook E B A B—
Electric, tins & Power Cos
Colonial Oil............... 100 120 140 e
Stk £ x list
1st gold 5s 1932_____ J-I) 100% 101%
N e w Y o r k C ity
Continental Oil.
100 940 980 '.V
•1
3
Sorlp 6s 1914......... .F-A 1 30 45 Cent Un Gas 5s 1927___ J-J 101 102% Crescent Pipe Line Co 60 *65 69 5
72
74
Eighth Avenuo stock__ 106 310 320 e Kings Co El L A P Co.. 100 129 131
Cumberland Pipe Lino..100 70 75
Preferred____ _____ ioo 101% 102%
Scrip 6s 1914.............F-A / 99 101 New Amsterdam Gas—
Eureka Pipe Line Co 100 380 390 .\
*1710
43d A Or St Fy stock__ 106 260 285
1st consol 5s 1948___ J-J 101 102
Galena-Signal Oil com 100 235 240
♦___ 17
43d St M A St N Ave...l06
N Y & E R Gas 1st 5s'44 J-J 101
Preferred_____ . 100 132 136
Preferred.................... 50 *
1st 6s 1910.............. M-S / 99 101
101 103
Consol 5s 1945......... J-J
Indiana Pipe Line Co
60 *137 143 .\
102 105
2nd Ino Gs Jan 1 1915___ / 78
tN Y Mutual Gas L ___ 100 170 ISO
National Transit Co .
25 *44 46 e
222 227
Ninth Avenuo stock___ 106 160 180 N Y A Q El L A Pow Co. 100 50
New York Transit Co__ 100 350 360 e
__
19
Second Avenuo stock...106
1
Preferred....... ......... 100 77
3
85
Northern Pipe Line Co..100 125 130
30
40
Consol 5s 1948 ctla..F-A / 38 42 N Y A Richmond Gas__100 55 05
Ohio Oil Co................ 26 *127 130 b
208
205
i Sixth Avenue stock ..100 115 126 North'n Un 1st 5s 1927 M-N 10J 102
Prairie OH A Gas...........100 304 308 b
...2 0
6
*5
Sou Boulev 5s 1945........J-J 88 93 Standard U l . 1st 5sl930M-N 101 106
Solar Refining...............100 550 65J b
83 87
Bo For 1st 6s 1919........A-O 90 95
O th er C ities .
Southern Pipe Line Co 100 280 290 b
tk
Ex
list.
Tarry WP A M 5s ’2 8 ..MAS / 75 80 Am Gas A Elec corn.. .50 ♦89 92
South Penn Oil.............100 715 740 L
*1% 1*4
28 A 29tll Sts 5s TOctfsA-O / 20 28
Preferred...............
50 *4G% 48% Sou West Pa Pipe Lines. 100 160 165 «
2% 2%
Twonty-thlrd St stock.. 100 250 275 Am Lt A 1'rac com........100 430 434
Standard OH of Calif... 100 101 1G3 C
76
78
Union Ry 1st 5s 1942..F-A 103 105
Preferred . . .
100 109 110
Stand Oil of Indiana___ 100 x J l 5 320
Preferred___
.
ioo 102 103
Westchester 1st 5s '43.J-J 91 98 Amer Power A Lt com 100 68
70
Standard Oil of Kansas. 100 330 360 B Ittsburgh Brewing" ” .60 *9% 10%
Yonkew St RR 5s 1940. A-o 88 95
Preferred............... 100 85% 80
Stand OH ol Kentucky.. 100 370 400
Preferred.........
50 *40% 41
B r o o k ly n
Bay Stato Gas............. 50
*%
Stand Oil ol Nebraska. .100 300 310 e
101%
Atlan Avo RR con 6a '31 A-O 102 101 BuiTalo City Gas stock..100
3
4l,t Stand Oil of NJ (old )... 100 1060 1100 Pope Mrg co coin___ 100 28 103
32
B B A W E 6s 1933.......Y-O 97 101 Cities Service Co com .. 100 118 120
Stand Oil of N J . . .
100 394 396
Preferred
.............”
l
00
70 75
Brooklyn City Kit.......... 10 102 101
Preferred........
loo 89
91
Standard Oil subsidiaries__ 650 680 P
106 103
Bklyn ilgts 1st 5s 1941. A-O loo 103 Columbia Gas A Elcc...lOo 10
10% Standard Oil ol N Y
100 575 580 P
_
120
Conoy Isl A Bklyn........100 100 105
1st 5s 192 7 ................ J-J
76
78 4 Standard Oil ol Ohio
100 260 2S0 l
115 119
1st cons g 4s 1948___ J-J 80 85 Con Gas ol N J 5s 1930. J-J 99 10)
Swan A Finch..
100 200 210 1
215 220
Con g Is 1955.............J-J 77 82 Consumers' L II A Pow—
Union Tank LlneCo
100 71
74
Preferred.................. 100 106% 107*4
Brk C A N 5s 1939...J-J 99 101
5s 1938......... ......... J-D 100
Vacuum oil___
10 6
179 181 H
98% 99%
Nassau Eleo pret........... 100
Consumers Power (Minn.) —
Washington Oil. .
lu *20 25 d
114% 115%
1st 5s 1944...............A-O 102 103% IstArel 5s 1929op'll.M-N 89% 92
VVatcr3-Plerco OH
100 1050 1100 S
Stk
£ x list
N Wmsburg A Flatbush—
Denver G A El 5s "1949.M-N 95
97
lobacco Stock]
^Preferred— S e e Chic Stk ix 11s
1st 4>$s July 1941..FAA 92 95 Elizabeth Gas Lt Co__ 100 325
( S e e a lso S to ck E z c h a n g e L ls t)
s
287 290
Steinway 1st Os 1922__ J-J 101 103 Essex A Hudson Gas__ 100 135 139
70 d
Amer Machine A Fdy 100 60
2
o u t e r C itla s
Gas A i ll Bergen Co___ 100 87
89
Brltlsh-Amcrlcan Tobac.£l *23% 24%
Preferred...................100
1
3
Buffalo Street Ry—
Gr't West Pow 5s 1940..J-J 87 88
Conley Foil.........
. .100 290 3u0 d tandard Coupler com.. 100 30
40
1st consol 6s 1931___ F-A 104 105 Hudson County Gas___ 100 136 139
e Holme (Geo W) com..100 187
196
Preferred__________
100
112
108
Deb 6s 1917.
A-O 104%
Indiana Lighting Co__ 100
40 45
e Preferred................ 100 103
*20 3
80 85
tChlcago Union Tract com..
2
F-A 68
2% 43 1953 opt___
71
Johnson Tin Foil AMetal 100 180 200 S
98% 100
ePrcfcrred______
334 5
MncAndrews A Forbes 100 195 205 r
..1 0 0
95
Com’w’lth Pow Ry A L.ioo 07 09
1st g 5s 1952.............A-O 87 89
Porto-Rlcan-Amer Tob 100 260 280 e
95 100
Preferred.... .......... ..100
8.)
91 Jackson Gas 6s g 1937 A-O 98 10 2
Reynolds
(R
J)
Tobacco.100
260 271)
1
__ 122
4 Conn Ry A Ltg com.. 100 77% 791? eLaclede Gas preferred 100 99 100
Tobacco Products com (w 1) 125 140 1
Stk £ x list
e Preferred................ 100 79 82 Madison Gas Gs 1926 A-O 101 n o
Preferred (w 1)........... .
105 105% 1
4
7
Federal Light A Trac._„100 32 36 Narragan (Prov) El Co .50 *90% 9 9
e United Cigar Mfrs com loo
5U4 58
Preferred new........... 100 80 55
Preferred.................. 100 81
35 Newark Gas 6s Apr'44 (J-J 125 1 2 7
110
T
e Preferred......... .......100
101%
20
30
$ Havana Elec Ry L A P 100 s 85% ,-80
Newark Consol Gas
100
97 9 3
115% U
UnltedCIgarStorcsof
Am
com
115%
40
42
« Preferred................ 100 95%
No Hud L H AP5S 193'8 A-O 100
Preferred.................. ..... 120 123
1st preferred............. 100 107 no
k Loulsv St 5s 1930____ J-J 104*4 105% Pacific Gas A E com
100
66% 67
« Weyman Bruton C o __ 100 200 JoO
2d preferred........... ..100 102 104
« New Orl Rys A Lt com 100 35 38
Preferred ..
%bn 92
92%
L
17
(.
e Preferred................ 100 115
1
2
75 75% Pat A Pas Gas A Elec
e Preferred................ 100
loo 90 95 " Young (J S) Co.............100 175 185
Preferred................... 100
8
15
Pub Serv Corp of N J — S ee Stk E x list e Phllaco — s e a Phila stk
t.
United Dry Goods___ 100 10 0 % 101
Tr ctfs 2% to 0% perpet 103% 109% St Joseph Gas 5s 1937 J-.l 90 9 4
Industrial and .Miscellaneous
e Preferred_________ 100 10 6
108
North Jersey St lty_. 100 80
Standard Gas A Elec(l)el) .50 *22% 23
160 170 l
e Adams Express_____ 100
190 2 0 0
Preferred ..
an ♦501.J 5012
1st 4s 1948........... Al-N 78 80
Colirg4s 1947....... J-D /80% 83 L
105
100
Cons Tract ol N J
.100 76% 76% United Electric of N j ioo yu ’ 95
Alliance Realty.............100 118 120
Preferred.................. 100 119 121
1st 6s 1933.
J-D 103 101
1st g 4s 1949___
j-o
S2U
8314 Amer Bank Note com...50 *52 55 e
“ x p r e s s :;:;:::::io o
75
65
Now'k Pass Ry 63 '30' J-J 107% 107% Western Power com
ion 27 " 28
Preferred................... 50 *53 55 (J
75
Rapid Tran St Ry
100 230 240
Preferred____
inn
170
66
57%
American Book_______ 100
.75
Preferred................... lOu ~99~ 103
1st 5s 1921..
a <) 103 105
Western States Gas A Elec_
139 142
American
Brass.............100
1st
g
53
1919.............
J-J
100
105
J C Hob A Pat 4s 1919 M-N 78 79
1st A rel g 5s 1941 op J~-D 92% 94
American Chicle com__ 100 215 220
Con g 6s 1929............. J-J 95 10 0
8 0 J Gas El A Trac
100 120
131
Preferred.................. 100 101 .03 UrS Indus Alcoh— S e e N Y S tk Ex list.
Gu g 53 1953___ M-S
Ferry Companies
99% 99-%
eAmerican
Express___
100
180
185
e Preferred................. 100
98 105
No Hud Co Ry 6s 1914 J-J 102%
B A N Y 1st (is 1911.
j.j
2
Am Graphophono com.. 100 51 56 U1 S Steel Corporation—
Con M 6s 1928....... j . j 102% 104 N Y A E R Ferry stock. 100 958 1015
Preferred.................. 100 75
Col
s
f
Apr
5s
1951
op
1911
114
Ext 5s 1924..
M-N 100
1st 5s 1922............. M-N 50 60
American Hardware___ 100 139
Col s 1Apr 5s 1951 not opt 114
Pat Ry con Osl931..J-D 114
N Y A Hob 5s May '40. J-I) 991,1 10 0
Amer Malting 6s 1914..J-D 101 102 U1 B Tit Gu A Indem___ 100 90
95
2d 6s 1914 opt___ A-O 100 103
Hob Fy 1st 6sl94G M-N 101 ’
Amer Press Assoc’n___ 100 60 70 ? Wells Fargo A C o ___ 100 112 119
Republlo Ry A L ight...100 25% 27 N Y A N J 5S 1946... JM 98
Am Steel Fdy 63 1935 ..A-O 99 100% \\estchester A Bronx Title
81 82% 10th A 23d Sts Ferry.. 100 25 3 5
Deb 4s 1923.............F-A 71
73
A Mtge Guar..............100
165
Tonncssco Ry LAP com.lOO 221? 23%
1st mtge 5s 1919___ j u
55
American Surety.............60 325 335 el
*139 1405 l
Preferred__________ loo
77% 781J Union Ferry stock___ lot)
15
17
American Thread prel___ 6 ♦4
5 el
Stk E
isr
Trent P A H 6s 1943___ j- d 97
1st 5s 1920............. M-N 90 95
H
105 1081;
Slj
. x Ex-dJrJ
found on m
p r e o o d l n g page.
57,000
77,500
160,000

Inactive and Unlisted Securities




52,0001

BOSTON STOCK EXCHANGE—Stock Record

1264

S a lei

SHARK PRICES— NOT PER CENTUM PRICES
S a tu r d a y
N o v . 2.

M onday
N o v . 4.

*107 10712
+IOD2 10212
214 214
1 2 2 1 2 1 . 212
*205 ----93
9812
*291 295
*___ 15
*___ 78
*-----169
*108 ----*___ 265
12 1

121

*___ 128
77
136
175
*50
169*8
*90
*152
81
96

77
136
175
___
169*4
90b
___
81
96

1
1

W ed n esd a y
N ov. 6.

T h u rsd a y
N o v . 7.

107l2 107l2 10918 IO9 I4
IO2 I4 M0 1*4 10 2 18
21312 215 214 215
1 2 2 t2 1 2 2 1 2
12 2
122
*205 ___ ►205 ___
9814 9814 97I2 98
*291 295 ►291 295
___ 15
*___ 15
___ 78
*___ 78
*812 1 0
*S12 10
___ 50
*___ 50
►
___ 169
*___ 109
108 108 :108 ----*___ 205

*10 2

121

12 1

121

121

'f Pit
F r id a y
N oo. 8

1086 10812
1 0 U2 1 0 U2
214 215
122
1 2 2 t4
►205 205
98
98
291 295
1__ 15
----- 75
*8 6

10

*___ 50
►
___ 169
►
108 ___
►
___ 265
1201.1 1 2 1

* 1 2 5 6 ___ *125 12012 ►126*2___
*81 84
84
*83
84 *83
►
___ 128
*___ 128 *___ 128
1812 1812 *1812 19
19
19
77
78
78 78
77
78
13714 138
13712 137*4
13614 137
L a s t S a l e l2812Oot’ 12
................
L a s t S a l e 200 Oet’ 12
175 175 *175 ___
175 175
52 *50
58
*50
576 52
170 17414 17473 17478 174 174*8
916 916 *9U4 91*4
90
90
152 ___
*152 ___ *152 ___ ►
8218 821g 8218 82ls
8 H2 8 U2
071.1 9714 97*2 9712
*96
98

STOCKS
BOSTON STOCK
EXCHANGE

R a n g e s in ce J a n u a r y 1
O n b a sis a/ 100-s/lars tats

Highest.

H ig h est

3
Railroads
275 Atch Top & Santa Fe.100
3 Do pret_________ 100
414 'loston & Albany____loo
147 Lioston Elevated____ loo
Boston & Lowell_____100
125 Boston A Maine_____10J
Boston & 1’rovldence. 100
Boston Suburban El Cor.
Do pret____________
Boston & Wore Elec Cos.
Do pret____________
Chic Juno Hy & US Y , 100
Do pret____________
Connecticut Elver__ lOu
Fitchburg, pret______ loo
Ga Ky & Elec stmpd.100
Do pret_________ 100
Maine Central_______ 100
93 Mass Electric Cos____ loo
478 Do pret Stamped. 100
479 N Y N 11 & Hartford.100
Northern N II_______ 1 0 b
Norwich & Wor pret.ioo
43 r)ld C o lo n y ...______ IOC
34 Jutland pret________ loo
301 Union Paclflc__ ____ 1 0 0
70 Do prCi__________1 0 ,;
Vermont & Mass____ 100
193 West End St_________ 5u
70 Do pret__________ 5c

Range tor Previous
Tear 1911

Feb 10 I I H 4 Oct 2
Jan 12 lO-ll.i Feb /
Sep 2 < 2 2 2 0 ; Apr J
120 Aug . 134*4 Meb 2 a
201
J’ne Ij 218 Jan 4
9112 Sep -o 10 U12 Jan 3
291 Oct 29 30,1 Apr 27
1
13 Jan -l
May..
74i2 Oct 15 aO J’ne a
9 Aug 14 12 i2 j a u o
50 Aug ;U 5/ Jan 8
105 May ■> 1 /0 Jau 19
10712 Oct o 112 J’ne 14
200 J’ly 24 2 / 2 Ja 1 18
120 Oct 9 128 JH0 25
12 4 J’ne 12 2 17:1 Apr 1
91*2 )ua u
8312 Oct 2.
121
J’ly z.j 147*8 Mays 1
181.1 J’ly 2 •.« 2318 u
76 j ’ly 3 u S3 Feb 2
142*8 Apr 2
1346 Mayl
12812 Oct . 143 Jail 24
200 Oct 24 21212: Jan '29
;17 l J ne 14 187 Jan 31
in
41 Jan 2 /.)
I/till Sep iu
10012 Feb l
9212
80is Sep
152 Sep ,o 101
80 Oct 10 as Feb 2
96 Nov 4 10312 Mch 1
103'3
10112
1U2

00*8 Sep llo^ J’ne
lot Sep 105 J’no
219 Apr 2 2 0 Feb
I24i2 Sep 130i2 Aug
207 Feb 218 Sep
12238 Feb
9 0 I2 Oct
292 Mch 300 Mch
16 Mch
12 Sep
7 UI4 J’ne
70 Oct
13 J'ly
6
Feb
58 J’ly
386 Jan
156 Apr 171 Deo
10/ Mch U5i2 J'ly
266
Jan 272 J ne
125 Apr 130 Jan
3117b. Jan :164 Oct
86
Feb
9312 J’no
135 Sep 215 Jan
24 J’ne
16 Apr
Sep
139 Jan
Jan
is3 Mch
32 Jan
1 5 3 I2 Sep
U0 Mch
156 Mch
85 Sep
IOj Aug

1 2 /1 4
210

Miscellaneous
40 Sep
36-1 Amer Agricul Cheni._10o 57 Oct 29 03*4 Meb 2 1
58
5814 *5714 586
58
99
Jau
105 dell-2
270 D - pret................. :0u x'J 'J's J’nc
IOOI4 IOUI4 IOOI4 10 0 IOOI4
3b. AU4
51,1 J ’no .
3 Aug 275 Amer Pueu Service.. 0u
H4 414
412 412
4
4
12
l
8
Aug
21
-i
Oct
14
Mch
0
Do
pret__________
50
1,080
21
2 1 *.(
21
21
20 12 213.1
L12 Sep
1,310 Amer Sugar Ueiin___ loo 11 l-Al Jan 10 loJ-'s Marl
122 123
120
1 2 U2 122*4 123
111*4 Jan
12.>*4 Aug -u
1166
Jan
l
10
>
Do
pret_________
309
1
2
1
1
2
1
t
2
►
1
2
1
1216
1 2 0 1 2 1 2 U2
131*8 Aug
Jan 2 119 Men
142-4 1431.1 143'8 14312 143*8 14312 1,884 Amer Telop & Teleg.lOo 13/12
14214 143
2 0 ‘ 2 Dec
2o Jan 31 30 Men 22
180 American Woolen___ 100
___ ___ ___ ___
26
26
85l2 Oct
941.1 Men 23
84
Nov
o
Do
pret_________
loo
884
846
85
8412 8512
SI
86
8514 8612
7/l 2 Dec
7/ Jan 3 a4 May
29 Amoskeag Manufacture
79
79 *___ 79 *___ 79
7 9 I4 80
99
Dec
105
Mch
20
155 Do pret___________ _ PJJI4 J’no 21
100
1 0 0 12
99
99
10 0
100
100
100
7*8 Dec
9
Feb
11
5
Aug
2u
Atl
Gulf
&
W
I
SS
L
.
1
0
0
30
7
7
7
7
*___
7
*___
7
141
2
Nov
2
0
It.
10*2
Aug
-i
Do pret_________ 100
* 1214 ----- * 12 14 ----- * 1214 ----* 1214 WI4
714 Jan
Jan 2 l/i., May27
14*2 1412 1,495 East Boston Lund____ 10 210*4
1312 14
14
14*4 1U2 15
2 /0
Sep
300
Men:,
72
i2
Sep
28
Edison
Elec
Ilium___100
27414 275
275 275*4 275*2 2787s 2787« 28U8 1,377
337 General Electric____ 1 0 0 155 Jau 2 1s 7/8 J '!y -5 142 Sep
1826 18312
1S312 184
181 181*4
181*4 182
87*4 Jan
928 Massachusetts Gas CoslOO Z»8 l8 J’ly la 95 Oct 11
94
94
91
946
93
94
94
94
93 Dec
Do p.ef_________ 100 9312 Jail 5 0S'8 Feb 1
101
96
96L
9614 9014 9614 9614 96I4 961.1
2 II
Jan
Mcrgentnalcr Lino__ 1 0 0 2 1 / J’lie 21 22J Aug.
►223*2 226
+223 227 *___ 227
*222 227
3 Oct
4i2 J’ne
2l2 Meb 14
+3*4 4
378 4 ___ ___ """50 Mexican Telephone.. 10
*3-*4 4
103
Oct
105
j
j
.
i
l
100
J’ue
1
,<
N
E
Cotton
Yarn___
1
0
0
*___
100
*___
10
0
*___ 100
*___ 10 0
101
Nov
93 J’ne 2 >1 10 / Mch 2
Do pret_________ 1 0 0
*___ 10 0
*___ 1 0 0
*___ 10 0
*___ 1 0 0
N E Telephone______ 1 0 0 I I3 I4 Oct -5 104 Mch 11 13/ Jan
15412 15U2 153 1576 156 157
153 153
02*4 J’ly
Mch
2
90
72i2Jan
1
7
Portland
(Me)
Elec-.leO
90
Mch’
12
L a s t S a le
It 1 Aug 2 . 153 Sep
105 Pullman Co_________ 100 158 " Feb
167 1671.1 167 16712
167 167
166 107
17*s Apr il r l 2 Jan
52 Reece Button-Hole.. 10 13*4 Jan
17
16
16 *10
16
16
97*4 Sep
10Ji8 Sep .
9812
Jan
Swltt
&
Co...................
100
305
i 0 0 I2 10612
106*8 1 0 0 12 106*4 10778 108 108
29 Sep
32 j,t. 1 10
2/
May
148 Torrlngton___________ 2
29
28
28
28 28
*2712 2812 23
27 Mch
I
Apr
li
28
Jail
25
Do
pret__________
74
28
231
2
*28
29
*281.1 29
*2S14 29
* 4 May
3*4
Apr
a
.85
Jan
Union
Copper
L
&
M
21 g
2*8
2
214
372 United Fruit________ 100 h 174 Sep 1 2081•>J ne 1 4178 Dee
1886 1896
188 1S9
186 188
185l2 187
4014 Aug
5/
i
2
Aug
.
46>4
Jail
15
Un
Shoe
i\Iach
C
orp..
25
2,275
53
5312
53
5312 5278 5312 52*4 53*8
2 0 6 Sep
142 Do prer_________ 25 27*8 Jail 10 29*4 Sep i3
28
28
28
28
2812 23
2 8 I4 2812
50 Oct
80-.3 Sep ,
S Steel Corp______ 100 5s*8 Feb 13
75bi 7815 77*4 7812 766 77*2 7,882 U Do
0
103*2
Sep
1
10
*8
Oct
1
1071s
Feb
13
pret________
loo
90
U 218 1126 1131s 113*.i 1 1 2 1 2 112 * 2
* 1 1 2 1 4 1 12 *4
£
Mining
4 Sep
514 Mch 2 a 1II4 Apr 440 Adventure C o n . . . . . . 25
6*4
712
7
7
H
6*8 6*8
*614 0*8
2 i2 Oot
8 I.1 May
3 Sep 21
2 2 0 Yigomuh Mining_____25
3
312
3*8 3*8
3U 3U
*314 312
21
Aug
150 Alloucz_______________25 3 3 I4 Feb 1 50i.s J ’ n c 2
43
43
44
44
41
43
*39
40
44*4 Sep
60 Feb 1 92*g Oct
83*4 86*8 86*8 87*8 8478 S014 7,436 Amalgamated Copper 1 0 0
83
8314
H
19*4 Oct
4,105 m Zinc Lead & 3m . 25 246 Fob 15 35 Oet
3 2 I4
3214 32
31
31
31
317s 32
l*s Dec
0<’8 Apr
2
Jan 2
4
4*8 2,135 Arizona Com’l ctfs uep.
4 I3
4^2
*36 3*4
3I2 4
.30 Oct
55 Apr 1
.30 Oct
Bonanza Dev Co___ 10
.45
.45 *.30
*.30 .45
*.30
.45 *.30
3*4 Aug
y1.1 J ’ 110
6
Nov 8
C
1 1 0 B<^&CorbCop AiStlMg
612 012
6
6 I4
*6
612
*6
7
3 Nov
5*4 Apr
3*4 37g
3*8 3*s
3*8 3*8 1,434 Butte-Balaklava Cop. 10 2 I6io J'ly
312 3*8
4712 48*8 4G% 481.J 10,706 t)utte&Sup Cop (Ltd) lu 1912 Feb 7 61*4 J ne 1
44*8 4512
45
48
45 Sep
3,240 Calumet & Arizona.. 10 57l2 Feb 1 -s3-2 Aug
78*2 SO
7612 77
7612 7812 7812 80
360 Sep
ii 15 Sep
495
Feb
230 Calumet & Hecia___ 25
550 550
545 570 565 590 570 575
8
Aug
395 Centennial___________ 25 l /l 2 Jan _ 2712 Apr l
2 0 bi 2 1
2 OI4 2 1
*19
20
*18
19
10*8 Sep
48
5014 3,795 Chino Copper_______ 5 251.i Feb 28 SOl.t N o v 8
45^3 45^3
46
48*4 4312 49
03 Nov
1
.03
Alcb
20
Cons
Merour
Gold____
310
*___
.05
.05
.05
.05
.05
*___
.05
46*4 Sep
50
56*4 1,018 topper Range Con Co
56*4 57
5412 56
54^3 5412
7 6 Mch27
3 Feb
312 Oct 11
115 July-West__________ 2 0
4
4
36 312
*312 5
3*4 3*4
16*4 Sep 2o
8?8 Aug
12U
Jan
15
East
Butte
Cop
Mlu._
10
3,100
15*2
15*4
15*2
16
15
151
2
14*4 15
o7
s
Sep
/
10
I
4
Apr
1
5>2 Aug
25
310
16*1 16*4 10*4 10*4
* 10 1 2 1 1
* 1014 1 0 I2
3*8 Sep
4*8 Feb 27 0 lli«Apr a
070 Giroux Consolidated. i>
4-*4 4‘ -io
4lJia 478
4*4
4*4
*4*8 4*4
.0
Aug
33
Feb
0
1
0
0
74
2
Nov
8
13,205
68
69*4
69
741
2
6
0
I
4
C
D
6214 Co
712 Feb 29 11 3 Oct .
5,Jio Oct
20
1,855
10
97g 10
978 10
934 9'To
17 Sep
25 22 Oct ,i0 3 / J no l ,
890
25
22*8 257s 256 2512 25
2 2 12 22*4
2
May
*4 Sep
3.1 Oct -5
25
110
.70 ►
.75
.95
*.75
.95 .76
*.75
.94
5L Oat
25 11*8 Sep 20 23 Apr .4
1414 14b I5 I4 16
16*8 18*2 4,900
14
1414
18 Feb 6 21*8 Jan "U
20
917
201 g 2014
20
20*4
*2 0
2014
*19U 19*4
2914 May
1,719 Island Creek Coal____ 1 4012 Jail 17 60*4 J no Lo
596 59 59
53
58*4 58
57
57
80s Sep
85 Jan 13 9lb, AUg 1
1
Do pret___
110
87
87
*8 6
87
87
87
*8612 ----lib. Aug
10-8 iVug 2 .
20*4 Jan 15
25
3,335
3
4
I
4
3
5
1
.1
34
3
5
I
4
3212
33U
31*8 31*8
2*3 Oct
.llg
Feb
13
ft
2
Apr
y
Kerr
Lake__________
485
2 *.,
2 *.
2 ‘ Ho 2 *i
2->3 2 *s
2*8
2*8
i2 Nov
3 May 0
750 Keweenaw Copper__ 25 .80 Jan 2
2
21 g
2*10 26
2
2
2
2
22 Aug
49
iVpr
la
2
/
Oct
25
25
4,790
306
31
297
8
3H,
2712 28
2778 3018
3
Aug
8
Apr
1/
46
l
ei)
15
25
195
*4*4 5 b>
5 I4
5*4
5 I4
5 I4
*434 5
0i2 Apr
10<3 Feb 8 1 U2 J '" 0 -!
155
1 2 1 , 1214
* 1 2 *s 12*4 1 2 1 2 1 2 78 12*4 12*4
■ii2 Aug
9 I4 .;J.I 4
25
5
'8
Oet
29
7
7
6*4
6*4
1,005
*61,
7
6
6^2
:
isb, Apr -j
20 Feb
2*4 Jan a
25
1,380
14
1312 14
13*4 1412 13*3 HI4 14
16/3 Sep
23*3 Jan 29 30*8 Sub 2.;
1,445 Miami Copper.
29
2711 27L
273., 28*8 281? 29U 29
j i 2 Apr 20
H4 Nov
1*4 Oct 11
25
*16 26
*U2 2
*U2 2
*U2 2
30 Apr
25 50l2 Jail 3u 73 J’ IIO.,
611
63
65
65
66
65
051.1
61
62
15 Sep
2212 2312 1,770 Nevada Consolidated. 5 ISI4 -Ian 29 24*3 Sep 3 „
2 2 1 2 2 2 rs
21
21
21
2 l78
2
Aug
0*4 Apr lu
2i2 Oct 30
25
278 3
300
278 3
*2*4 3
*2 12 2 *.
J
z0i2 Dee
5*4 Jan J
8*4
SI4 8 I4
70
8
81a
*8
8 I4
8
8 I8
20
Sep
15 2234 Feb 1 39 is Oi t 8
35t2 3612 12,374
3414 366 361g 37
3 1 3414
:
»3., Apr 2 .
3*4 Aug
25
2-8 Sep 26
4
4
250
312 3lj
*3
4
3^2 3^2
3os Deo
25
2*4 Oct 21
545
314
3*
312 312
*8*4 i
11
*3
3tj>
3U 31.
1
50
Jan
1
25
27>i Jan 2 1314 May l
9
914 1,670
9
96
9
9
8*4
6*4
3414
Sep
01
Oct
2
25
44
Jan
31
1,535
60
60
•
60
61
587S 591;
5812 61
81 Sep
25 1J1 Oct 25 130' - J 'no
311
108 1 1 0
106 107*s
107 110 109 110
15 Mch 2/ •28*4 Nov <
27
281.1 16,539 Pond Creek C o a l___ 10
28*.
25
251.
24*4 2714 27
;
55 Sep
576
•
7 2 3clu 2 y 9 , .1 110 22
84
87
8512 80
8 U2 811;
SU2 84
12
Sep
4,956 Ray Consol Copper.. 10 16ig Jan 29 24*8 Sep -5
2 2 1 ., 22*4
22*4 227;
2 H4 2 1 *j
2 1 U 22U
4.3 May2 .,
*4 Apr
860
10
1 Jan 31
2*4 27;
2l5io 3'ir 3'tn 33ia
2?8
2 7s
:
7 Oct
9 Jan 31 17 7g Aug 8
11*8 14*4 1,658
1378 141
I 4 I4 141j 116 15
30
Sep
30
1112 Sep
17 Feb 2.
830
10
28*4 29
28*
28*2 28*
283S 281; 26
•
1*4 Apr 3
12 Deo
1 0 0 South Utah M & S__
.45
5 .45 Nov 8
.45 .45
:
*.40
.45 *.40
*.35
.51
20 Oct
940
25 24 Feb * 48',8 J’ly 2 .
436 44U 4212 44
40
40
40
44
4/8Jan
li
«218 Oc>
2
2
803
u 4 May21
10
l7g 2 li<
*17S 2
17s l 7a
j
61 Apr 1.8
20 Sep
41
45
305
25 26 Jan 31
1
42
43
40 41
41
43
278 Oct
9 6 Apr .1
512 578 2,150
4^8 Oct 2 l
5 I4
014
4's 412
412 514
:1
1*4 Sep
I",., Mch26
*234 3
Tuolumne C opper__ 1
2 's J’ly 21
*2*8 3
*212 2 /a *2*4 3
30*8 Sep
45b, 45t2
47*8 2,436 U S Smelt Ret & Min. 50 34 Jail 31 43)0*8 SCI) 30
4.5*4 47
47
47*2 47
4 5 14 Aug
780 D > pret_________
501,8
•50U 501;
47 Jan 10 52*4 Sep 28
5 OI4 5 OI4
50
SOU 50
1/3 Nov
465 Utah-Apex Mining” . c 16,8 Oct 29 3 “ u Feb 9
*134 2
l ‘ Jl« 2
*17j 2
1*4 178
93.| Jan
20*8 Apr 2
2,285 Utah Consolidated__ 5
*1114 12
1 178 12*3
12
13
9i;- J'ly
12
1 2 l2
38 Sep
406
6 1 78 621j
64
641.1
10
526 Jan 29 0 /* 8 Sep 21
63
04*8 64*3 64*.
50
5 /8 tan 20
*2 ta 2 13u
1 Aug
*26 2 78 *2*4 27S
:
2l2 Oct 21
2*4 2*4
73 , Vlch 1
3*4 Nov
•4t4 4J.4
385
4*2 5
4 Sep 13
*4*s 5 I4
47 i» 5
!
231
766 7712
74
Nov
78
78
70
80
77
80
71 Oct 22 11/ Apr 1/
200
36 Mch 1 .30 Nov
*114 1 1 ;
25
16 Oct 7
It? Ur * 1*2 2
:
*U4 U2
id asked prices, a New stock, s Asst' 6 paid. tj Ex-stooli dlv. n Ex-righte. a Ex-div. and rights. * Unstamped.
58

5,8

10 0

1 0 0 :8
*4
4 I4
*2 0
201
12 0
1 2 1 <b
120 12 12 2

EXCHANGE CLOSED—VICE-PRESIDENT SHERMAN’S FUNERAL.

T u esd a y
N o v . 5.




58

10 0

151*8 Feb
142 Mch
211 Nov
190 Nov
45 Dec
1921J J'ly
9 5 's May
10418 Dec
93 Mch
105 Jan
633.1 Deo
Mch
Jan
Jan
122 Feb
12018 Mav
15314 J’ue
30>4 Mch
OOI2 J’no
81
Nov
10012 Doc
1 1 May
26 Jan
12
May
297 Deo
107*4 May
00*4 Aug
98>2 Oct
235 Aug
4?8 Jan
119 Mch
U0i2 Mch
16512 Dec
733.1 Nov
163 Jan
15 May
104 J’ 110
36 Jan
31 J'ly
l ‘ io Mch
10712 J’ly
6878 Feb
2914 Jan
82>8 Feb
120 I2 Feb

10514
0*2
I9 I4

7i8 J ' iio

11 J’no
Doc
71*8 J'ne
30*8 J' ua
1 11.,

211i4 Deo

.75 May
I 6 I2 May
Old Jan
03*4 Deo
545 Jan
19 Deo
2712 Deo
.15 J’na
6 O34 Feb
7 Deo
1134 J’ua
14 J’na
Si8 Feb
4312 J’ne
8*s Dec
3U2 Deo
2 Feb
13 J’ne
44 Deo
91 J’ne
23 Dec
7<’8 Jan
334 J’ne
40 J’no
0 Jan
ll/8 Deo
MO J’ne
3'is Deo
24*8 Deo
3i2 Jan
57 Deo
2 H.1 j ’ na
414 ADr
1138 Feb
3014 J’no
U34 J’ne
3 I2 J’no
3i8 J’ly
49 J’ne
124 Jan
76 Deo
19 Deo
1*4 J 'n#
1214 Feb
24 Jan
l ‘ io May
42*2 Jan
UI4 J’na
62 Jan
6 6 Deo
4?8 May
4018 J’ne
4 9 i2 J’n*
Ji-J’na
20 J’ne
6758 Deo
4i> Dee
9*2 Fob
122 Feb

Boston Bond Record

Is’ o v . 9 19-12.1
BONDS
BOSTON STOCK EXCHANGE
Weak Ending: Nov 8 .

Price
Friday
Nov 8

Am Agrloul Chem 1st 5s-----1928 A - 0
Am Tclcp A Tel coll tr 4s__1929 J-J
Convertible 4s___________193(3 d-a
Am Writ Paper 1st 3 f 53 g.-lOU) J j
Am Zinc L A S deb 6 s------- 19l.> M-N
Arlz Coin Cop 1st Os ctfs o l dep
Atch Top A S Fc gon g 4 s._ 199, A - 0
Adjustment g 4s----- Juiy 1995 Nov
Stamped _______ July 1995 VI-N
50-year conv 4s--------- 1955 J -D
1 0 -year conv 5s______ 1917 J D
Atl Gulf & W 1 SS Lines 53-19.59 J -1
Boston Elev 30-yr g us------ 19,15 M-N
Boston A Lowell 4s_______ 191(3 J-J
Boston & Maine 4 H i______1944 J-J
-A
Improvement 4s________ 193
Plain 4s________________ 1942 F-A
Bur A Mo Riv cons Gs_____ 1918 J-J
Cedar Rap A Mo R 1st 7s_-1915 U-N
Cent Vermt 1st g 4s__ May 1920
OB & Q Iowa Dlv 1st 5S...1919 U
Iowa Dlv 1st 4s_________ 1919 A - 0
Debenture 5s___________1913 >\-N
Denver Ex ten 4s________ 1922 F - A
Nebraska Exten 4s______1927 U-N
■ B A S W s I 4s................... 1921 U-S
Illinois Dlv 3 ^ s ......
1949 J-J
Ghlc Jet Ry A Stk Yds 5s__1915 J J
Coll trust refunding g 43.1940 A-O
Ch Milw A St P Dub D Gs.,1920 J-J
Ob M A at P Wls V dlv Os. .1920 J J
Ch A No Mich 1st gu 5s___ 1931 U-N
Chic A W Mich gen 5s_____1921 J - 1)
Concord A Mont cons 4s— 1920 J-D
Cudahy Pack (The) 1st? 5s 1921 U-N
Current River 1st 5s..............1920 A - ( )
Det Gr Hap A W 1st 4s___ 194.5 A-O
Dominion Coal 1 st s f 5s------1940 M-N
Fitchburg- 4s_____________ 19la A-S
4 s ...................
1927 M-S
Fremt Elk A Mo V 1st 6s— 1933 A - 0
Unstamped 1st 6 s_______ 1933 A - ( )

llvi

Range
Since
Jan. 1.

WeeKt
Range or
Last Sale

Ask Low

12(55
Fr.cc
Friiay
Nov 8

BONDS

BOSTON STOCK EXCHANGE
Week Ending Nov 8 .

Low High

High

Ask jOw

Hid

101*4 10U2 10 iOUg 1023.1
W*8 8958 89*8
89h 32 8 8 ',s OIL
112*4 113*4 1 1 1*2 J’ly 'l^ —
108*4 116*4
897S 90
89-8 J'ne 12
103 131
131 J'ne'l:
82 J ’ly '12
54 8 8
963.1 993.
97l2Oct '12
877.J Sale 87^8 8778
877S 92lg
S9! 2 J’ly '1 2
89i2 91*8
10134 Sep '12
10-1*4 108*8
UO'sMch’ ll
03
63
62
68I4
9 % Feb '12
95 951s
10014 Mch'oy
10412Oct '08

Week's
Range or
Last Sale
II igh

Range
Since
Jan. L
Low High

General Motors 1st 5-yr 6 s 1915 A-0
99l4 9914
99*j TOO'- 9914 Feb T 2
Gt Nor C B & g coll tr 4s 1921 J-J
955s
96 98l2
9558 Sale 95*4
Registered 4 s__
1921 Q -J
9o14 . . . . 95*3
951a 975|
95*8
Illinois Steel deben 5 s I I I " 1913 A-O 99*4 Sale 18.*4
99*4
98*8 10034
la Falls A Sioux C 1st 7s~~ 1917 A -0
117 Apr *08
Kan C Clin A Spr 1st 5s
1925 A - ( )
97 Mch'12
9 6 *2 97
Kan C Ft Scott A Mem 0sI! 1928 U-N 113*8 Sale 113*8 H312
113 1171*
Kan C M A B gen 4s______ 1934 U- S ___ 92i2 92*2 Sep '12
92 92*2
Assented Income 5s
1934 U-S 83*8 80 8 b Oct '12
841o 89
Kan C A M Ry A Br 1st"5s' 1929 A-0
103 J’ly '
10212 102*4
Marq Hough A Ont 1st 6 s 1925 A-O
115 J’ne'08
Mass Gas 4 Hs______
1929 J-J
97
97
97 9912
Mich Telephone 1st 5s
1917 J-J
100*8 Apr T
1 0 0 *8 1 0 0 *8
New Eng Cotton Yarn 5s“ 1929 F - A
96*8 Oct '12
96 99
New Eng Tel-ph 5s.
1915 A-O
101 ^ Mch'll
5 s ____________
1910 A-O
100*2 Sep '08
95* Feb*12
95 95
New England cons g" 5sl~"' 1945 J-J
9978Jan 'l:
99*4 9973
103 J’ne'l
Boston Term 1st 4s
103 10318
1939 A-O
1 1 1 *8 Sep 'll
New River (The) convSsI! 1934 J-J
75 Dec *11
90 90 ,s u0i4 Oct '1 2
8912 9214 N Y N H & H con deb 3 Hs 1956 J-J
92*4 Mch'12
9214 92*8
Conv deb 6 s
1103 Oct '07
12814 Oct '12
1948 J-J
128*4 13212
99 A ug '1 2
99 99l2 Old Colony gold 4s. _
1924 F-A
101 Apr '09
100*8 1 0 1 12 Oregon Ry A Nav con g" 4s 1946 J-D
100*8 J’ly '1 2
9878 Sep '09
9973 Feb '12
9978 100
Orcg Sh Line 1st g 6 s____ 1922 F-A
111*8 Oct *1:
112 113*4
9812 Mch'12
9812 98*8 Pore Marquette deb g 6 s. 1912 J-J
95 Jan '12
95 95
99*g Feb ’ ll
Repub Valley 1st s f Gs_I~" 1919 J-J
103 Jan '11
8718 May'12
86*4 87*4 Savannah Elcc 1st cons 5sII 1952 J-J
70*4 Dec '10
9934 lOOig 10J
100U
100 101*4 Seattle Elec 1st g 5s. _
1930 F-A
103*2 J’ly '1 2
103*2 105*4
___ 8 8
Shannon-Arlz 1st g 6 s
8 8 Sep '12
87 91
1919 M-N
97 Aug '1 2
83*2 100
Terre Haute Elec g 5s
114 Jan ’ ll
1929 J-J
97 Apr '0 ;
Torrington 1st g 5s.
113*8Feb 'll
1918 M-S
101 Sep 'll
99*4 101
9l May 12
Union
Pac
R
R
A
1
gr
g
4sII
91 99
1947 J-J
100*8 J'ly 'H
10018 1005a
9GI4 101
20-year conv 4s_____
96i20et 'll
1927 J-J
1017 S May'12
10173 loUa
97l2Sep '11
United Fruit gen s £ 4 Hsl"~ 1923 J-J
9G*4
96*4 Sale 961.1
9512 97*3
IO
O
I
4
l()l)l
4
Debenture 4 Hs
IOOI4 Aug '1 2
1925 J-J
95 s ___ 9514Oct *1195
9812
9914 103
----- 100
U S Steel Co 10-60-yr 5s"Apr 1963 M-N 10134 Sale 101-4 10178
100 A ug'12
1015a 104
80 8614 West End Street Ry 4s___ 1915 F-A
8 d 4 Sep '1 2
99 M ay 12
99
991j
Gold 4 Hs______________ 1914 U-S
99 Oct '12
08*4 9914
99*3 Oct ’12
99*8 IOOI4
Gold debenture 4s______ 1916 M-N
103*$ Apr '05
U878 Apr ‘12
Gold 4s________________ 1917 F-A
95 95
95 Oct '12
98*2 N ov’ll
127l2 Mch'12
127*2 127*2 Western Teleph A Tel 5s__ 1932 J-J
99*2 99*4 99*2
9914 101
9912
127 127*2 Wisconsin Cent 1st gen 4 s_ 1949 J-J
127 Mch'12
9358 93
93*8 Feb 12
N O T H .— Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. * No price Friday: atest bid and asked. D Flat price

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Shars Prices—Not Per Ce:itum Prices
Saturday
Nov. 2.

•
1

Monday
Nov. 4.
* ___

K
K
B
|
K
CO
O
d
§

W
0

1

!

1

i

Wednesday
Nov. 6.

'Thursday
Nov. 7.

114 114
* _
111
20
20*| 20*4
677$ 6 8 14 *67*4
*__ 125
21
2 0 ->s 20*8
50*4
25*8 25*4 25*4

115
*109*2 111
20
20*s
6712 671?
125 125
21

<

Tuesday
Nov. 5 .

21

25*8 25*8

Friday
Nov. 8.

+113
110*2
20*4
63
*124
21
*21*4
50*4 *19
26
25-8
20/,S
69

115
110*9
20*4
68*4

125
aMi
40>*
26 78

1

3
41
48*2
121 *
54*4

3
41
40*i
IJlN
65

*2914 30
70
71
. . . .

*30
31
92*2 93
SO’ io 8 6 ’to
111 2 1 H2
____
___
X(UJ,r, 6 2 I4
22*2 2 2 .>«
27
85*8 85*s
6->8
6 ’io
51*2 51*2
89
89

PH ILA D E LPH IA

Inactive Stocks
American Milling____ 10
Amcr Rys warrants..
Cambria iron.............. .50
Central Coal A Coke_.l10U
Preferred_________ 10(1
Consol Trac of N J___ 1100
Uermautowu Pa.ss.___
Huntington A B T ___.50
Preferred__________
Indiana Union Tr___ 1too
Insurance (Jo of N A __. 10
Inter Sin Pow A Chem._5u
Interstate Rys. pref__.10
Kentucky Securities.. 10
1 J
Preferred................. 1;),)
I
Keystone Telep, pref._.50
Keystone Watch Case.l10J
Lit Brothers................. 10
Little Schuylkill_______.50
Mlnehlii A Schuyl LI__.50
Nat Gas Elec Lt A Po_ 100
Preferred__________
North Pennsylvania!I..50
Pennsylvania Salt___
Pennsylvania Steel__ 10J
Preferred_________ 10U
PUUa Co (Pitts) pret__ .5)
Phil German A Norris._.5 )
.50
Phlla Traction..
Railways General_____-10
Tonopah Belmont Dev.
United Cos of N J___ l100
Un ted Trac Pitts prci.. 5 0
Vlrgln'a Ry A Pow— lO
l vl
Preferred__________’1 00
War w;ck Iron A Steel. .10
Washington-Va R y .. 1- 0 ,
Preferred _________ lOo
1
Welsbaqh Co.
. 1106
West Jersey A Sea’ Sh" _50
Westmoreland Coal___.50
Wilkes Gas A Elcc___ iI').York Railway...............5
Preferred__________.50

*
Q

3 * __
3
41*2 411., 4U2 41*2
52
50
61*4 51

*12

55
id
w
•
1

!

1

;
1

J
:
HU
2's

30
31*4
70*2 72
10
IOI4
31
311?
93
93*4

56

12

*12

56*4

56

56l4

307S 31*8
72
72

31
31*4
71*2 72

10*4

11*2

11*2

11*2

31*2
31*2 315s *31
9312 93*?
93*4 94
*88
88*4 8 S '„
SS:,r> 8714 87*4
14*2 15
15*2 16*> 15*2 lo*?
3U$ 31*2 3158 3115$ 31*8 31*8
62
0112 61 l6lfl
6 U2
23*4 2412 24*8 245s
22-8 24
2718 2 734 ^77s
27*4 28
83 17‘ 13 *8 6 l-1 i(j86*2 87
t>u
6 l2
ci2 0 ‘io
6 'io
6%
62*8 52*8 51*4 52
51*2 52
89
8912 89*2
8978 9014
Ask

21,

L ;wcst

H igh e st

Philadelphia
8 American Cement___ 50
144 American Railways_50
5,635 Cambria Steel_______ 50
11 Electric Co of America 10
818 Elcc Storage Battery. 1 0 0
Uen Asphalt tr ctfs_..lU0
2,310
Do
pref tr ctfs.loo
645 Keystone Telephone. 50
981 Lake Superior Corp_100
l.Hjp Leh C & Nav tr c tfs .. 50
253 Lehigh Valley. . ,5 0
126 Lehigh Valley Transit 50
586 Do pref................. 50
133 Pennsylvania R R ___ 50
1,405 Philailel Co(Pittsb)_50
29,103 Philadelphia E le c?.. 25
1,870 Phil R T vot tr c tfs .. 50
3,175 Reading............ ..........50
2,258 Tonopah Mining_____ 1
8 6 6 Union Traction______50
3,671 United Gas lm p t____5u

1 J’ne 14
5
Nov
42 Jan
40l2 Oct 3) 47 Sep 25
407 * Sep
4i 12 Mch 2 55*s Oct 10
12*2 J’ly 8
11*2 Jan
11*2 J’ly 31
48i2 Jan
52:4 Jan 16 588, Aug 12
18 Apr 2 33/8 Feb 17
2812 Aug
08 Aug
59 1 Apr 2 73 Jan 3
6*3 Dec
6
Apr 4
13 Sep 1C
27 Feb 20 35*4 Sep 7
2U2 Sep
83*2 J ’ne
877s Mch20 100 Sep 25
7Sig Feb 6 927s Jan 16
75*4 Sep
6*4 Jan
8*2 Jan 3
1678 Sep 16
23 Jan 1. 33*8 yep 10
18*2 dan
CHiu Jan 2, 631i3 Apr 2i
69*8 Sep
48*4 Sep
50 Oct 1 i 0 6 I4 Feb lb
II16*8 Jan 2
15*2 Nov
2^13 May 6
17 Apr
29 Sep 15
74*4 Jan 11
0G1619 Sep
6*10 J ’Jy 19
6*2 J’ly
4 J*4 Feb 28
43 Jan
86*4 Jan 9
84U Sep
9238 Aug (

17*2 Jan
461. Nov
48*.; Feb
12U Jan
fibifl J 'no
3914 Oct
837s Jan
9i8 Jan
32 Feb
98 Jan
937ie Dec
978 Oct
2533 Oct
65 Feb
5914 J’ns
18 J’ly
24is Aug
80*4 Feb
8*3 Jan
52*4 Aug
893,; Jan

S6
101
8
53

PH ILA D E LP H IA

1) $ 1 3

Lowest

95*2 Deo
101 Sep
10 Aug
79 J’ly
1303.1 J’ne
27 J no
60 Nov
197, J']y

Bond 5

Prices are all “ and
interest’

Highest

Range •for Previous
Year (1911)

Jan
117 May C 64 Jan
89 Jan
Jan 2 116 Apr 3
i Jan 3 24*2 Oct 18
7 Mcb
j Jan 25 72*2 J’ly 18
45
Feb
1 11
Oct 17 130 Apr 8 121 Jan
19 Oct I
20 Jan
27*4 May24
33
Jan
4o12 M chll
18*4 Ja*l 2 20^8 Sep y
IOI2 Jan

PH ILA D E LP H IA

H Ex-dlv. A rights.

Range Since
January 1

Baltimore
45 Con Gas E'. L A Pow. 100
Do
pref ..........100
2G
2,658 Houston OUtr ctfc__10u
635
Do
pref tr ctfs 1 0 0
0 Northern Central____50
350 Seaboard Air L in e _100
1 00
Do
p re f_______ 1 0 0
1,290 United Ry A Electric. 50

43*2 4 1 Alt A L V Elec 4 !*s’33F-A
90 91 Am Gas A Elec 5s '0 7 .F-A
87
96
80 81 Am Rys 5s 1917........ A-O
01*2
. . . . Atl C Gas lsts f 5s ’60 .J-J
IJergAEBrew 1st 6 s’ 2 1 J-J
Methleh Steel 6 s 1998.Q-F
16-*i
Ch Ok A G gen 5s 1919 J-J
102*4
Con Trac of N J 1st 5s '33
Del Co Rys tr ctfs 4s’49J-J
— —
Edison Eleo 5s 1946.A-0
10S*2
Elec A Peoples Tr tr etfs__
85*2
Fr TacA li 1st 5s 1940.J-J
Gen Asphalt 5s 191G.M-S
94*2
40 42 Harw Elec 1st Os 1942.M-S
Interstate 4 s 1943...F -A
Of
88
17»2 1812 Keystone Tel 5s 1935.J-J
___ Lake Sup Corp inc 5s’21.0
731;
Lehigh Nav 4 Hi 'U ..Q -J
3)
Gen M 4 H* K 1924_y-F
80
Leh V C 1st 53 g 1931.J-J 100*2 100*4
Leh V ext 4s 1st 1948.J-D
105 1)7
Conso 6 s 1923_____J-D i i i 111*2
__
Cousol 4 Hi 1923__ J-D
. . . . 9512
Annuity 6 s________ J-D 143
----- —
Gen cons -.s 2003..M-N
90 96*8
—
—
Leh V Tran con 4 s '35 J-D
1st scries A 4s 1935.M-S
1st scries B 5s 1935 M-S
U'j
MarketStEI 1st 4s'55 M-N
NatLHAP scr B 5s '19 J-J
__
New Con Gas 5s 1948.J-D
N Y Ph A No 1st 4s’39 J-J
Income 4s 1939._ _M-N
10' 11 Pa A N Y Can 5s '3 9 .A-O
Penn Steel 1st 5s '1 7 .M-N
People’s Tr tr ctfs 4 s 194J
P Co IstAcol1 tr 5s’49 M-S l *2*4
___
Con A coil tr 5s '51 M-N 94* 95
Phil Elec gold tr ctfs. A-O 1 0 2 12 103
Trust ctfs 4s 1949 ...J-J
8 U4 allP A E Jjen M 5s g '20.A-O
13 —
Gen M 4 s g 1920.__A-0

* Bid and asked; no salei on th.s day.




12

66

2 S,
2 '2
4U2 4U?
50*2 51*4

Sales
A C T I V E STOCKS
of the
Week (For Bonds and Inactive
Stodcs see below)
Shares.

Ph A Read 2d 5s 1933 A-O
Ex Imp M 4s 1947.A-O 98
Termln. l 5s g 1941.Q-F 113
P W A B col tr 4^ ’ 2 1 ..J-J
99
Read Trac 1st Gs '3 3 ..J-J
Roch Ry A Leon 5s’5± J-J IOU4
Spanlsh-Am Ir 6 s '2 7 .. I-J
Stan'd Gas A E 0s'20 J-D iof
.Stand Stl Wks lst5s’28 J-J
U Trao lnd gen 5s '19.J-J
Un Rys Tr ctfs 4s’4 9 J-J
United Rys Inv 1st coll tr
s f 5s 1920...............M-N
VVelsbach s f 5s 1930..J-D
Wll-B GAE con 5F55.J-J
York Rys 1st 5s 1937.J-D
B A L T IM O R E

Inactive Stocks
Atlan Coast L (Conn) .100 260
Canton Co__________100
135
Consolidation Coal— 100 1JJ 1J1*2
Georgia Sou A Fla_.__10u 30
1 st preferred_______ 1 0 0
93
2d preferred_______ lOu 77
G-B-S Brewing_______ 100
4U
3*4
Bonds
Prices a n all “ and
interest"

Balt City 3 Hs 1 9 3 0 ...J-J 92
4s 1954-1955...Various 9G
5s 19 16................M-N 1)3
Anacostla A Potoin 5s A-O 99*4 ! 0 0
AtCoast L conv dob 4sM-N 101*4 102*2
Atl Coast L(Ct)ctfs 5s J-D 102
5 - 2 0 -yr 4 s 1925......... J-J
92
B S P A C 1st 4Hs ’33 F-A 90
Balt Trac 1st 5s r29..M-N 1 ) 0 106*2
No Balt Dlv 5s 1J42 J-D 107
Cent Ry cons.5s '32. _M-N 105*
Ext A Imp I>3 1.932 _M-S 1051
Chas City Ry 1st 5s'23 J-J 103
Chas Ry G A El 5s '99 M-S
90
City A Sub 1st 5s 1022 .J-D
10434
City A Sub(Was) 1st oi *4j
paid, i 13 H pakL t 517 H paU.

B ALTIM O RE

Coal A C R y 1st 53'19 A -0
Coal & I Ry 1st 5s '20. F-A
ColAGrnv lit Gs 1016 J-j
Consoi Gas 53 1939__ J-D
Gen 4Hs 1954___ A-U
Cons G E A P 4 Hs '35 J-J
Consol Coal 5s 1950..J-D
Fair A Cl Tr 1st 5T38 A-O
Ga A A*a 1st con 5s ‘45 J-J
Ga Car AN 1st 5s g '29.J-Georgia P 1st 0s 1922..J-J
Ga So A Fla 1st 5s ’ 4 5 .J-J
G-B-S Brew 3-4i '5 1 .M o
Houston Oil dlv ctfs .F-A
Knoxv Trac 1 st 5s '28 A-O
MaconRyALt 1st 5s'53 J-J
Md Elec Ry 1st 5s '31 .A-O
Aleraphis St 1st 5s 45.J J
Monon V Trao 5s’42_J-D
Mt Ver Cot Duck 1st 5s__
Npt N A O P 1st os’38M-N
N A A Terml 5s '29. M-S
Nor APort Tr 1st 5s'36 J-D
Norf Ry A L 5s '4 9 ..M-N
North Cent * H* 192 j.A -u
seres A 5s 1920.._J-J
Series B 5s 1926._ J-J
P tt Un Trac 5s 1997..J-J
Poto Vai 1st 5s 1941._J-J
Sav Fla A West 5-. '34 A-O
Scab Air L 4s 1950...A-U
Scab A Roan 5s 1926..J-J
South Bound 1st 5s_.A-U
U El LAP 1st 4 HT29 M-N
Un Ry A El 1st 4s 49 M-S
Income 4 s 1949__ J-D
Funding 5s 1936__ J-D
Conv notes 5s 1914. J-J
Va Mid 3d ser 6 s '16..M -S
4th jer 3-4-5s 1921.M-S
5th series 5a 1926..M-S
Va (State) 3s new '32.J-J
Fund debt 2-3s 1991 J-J
West N C cou Os 1914.J-J
Wd A Weld 5s 1933...J -J

94

95*2

100

107L
94 94*4
88

88*4

100

1 11.I4

iio"

111

93

93*2

1J43] 105*4
105
IO0I4
501; 51*2
83 84
L05

10P2

98
bids
963;
~737l

98
921
901

100
101

75
»9
94
91
109*4
108*4
108*4

104
109
855s
104
105*
OH"
84L
65 ,

86

10512
11)8

93
81*2
657$
88
83U
lOlL 104?«
101

103
104*4
102

109*4 110 ^

[V O L . LXXXXV

THE CHRONICLE

1266

Itraeatmcwl and ^Lailraad Intelligence.
R A I L R O A D

G R O S S

E A R N I N G S .

T h o fo llo w in g table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns

o£ those roads whose
period.

but ‘“>''ors SOm° oth“
------- .

The returns o f the electric railways are brought together separately on a subsequent page.
Latest Gross Ear nines.

H O A D S.

Week or
Month

Current
Year

Previous
Year.

Latest Gross Earnings.

Inly 1 to Truest Date.
Current
Year.

Previous
Year

HO A DS.

Current
Year.

Week or
Month.

Previous
Year.

Jul/ 1 to Latest Date.
Current
Year.

Previous
Year.

S
5
$
$
5,649,466 18,149,190 16,445,195
Al;». :n' O & 'l ex Pac914,780 N Y N II & Hartf.. Septembcr 5,985,231
990,352
75.000
59.000
822,887 789.731 2,824,551 2.073.741
N 0 4 Nor East. 1st wk Oct
423,275 N Y Ont & West__ September
477,990
29.000
31.000
000,055
903,368
333,173
304
557
Ala & Vicksburg. 1st wk Oct
September
367,029 N Y Susq & W est..
438,964
25.000
26,000
585,819
515,584
289,986 260,531
Vicks Shr & Pac 1st wk Oct
809,602 Norfolk Southern.. A ugu st__ 3,677,874
795,500
04,499
70,661
3.478,361 11,133,546 10,023,035
Ann Arbor----------- 4th wk Oct
September
Norfolk
&
Western.
25,843,513
641 8,954,228 28,615,424
10,704,899
18,562,070
6,008,309
6,776.765
Atch Topeka & S Fe September 10024
September
487,822 Northern Pacilic__
504,652
257,351 254,695
791,872 720,168 1,494,630 1,444,629
Atlanta Clrm & Atl A ugust---—
2,529,241 7,361,392 6.910,821 Pacific Coast Co— August
578 13752 047 15,742,374 10,237,372
Atlantic Coast Line September 2,455,84
285,963 Pennsylvania R R -. September 15278
257.203
129,088 151,409
113,732
126,206
27,306
30,009
Chariest * W Car August —
Balt Ches & Atlan September
328,329
306,474
110,346 115,903
739,427
862,400
307,558 268.731
Loulsv Hen&St L September 3,766,371
September
Cumberland
Vail.
23,890,972
25,697.527
8,279,301
3,047,598 3,430,245
1,035,768
1,065,819
a Baltimore & Ohio. September
September
Long
Island____
406,819
472,319
152,386 139,955
56,712
58,432
15,844
16,905
B & O Ch Ter It K September
Maryl’d Del & Va September
501,522
469,112
234,609 274,530
898,425
995,996
298,160 280,650
Bangor & Aroostook \ugust —
N Y Phlla & Norf September
,941,538 2,917,902
869,901 970,757
3,337,620 3.150.741
1,142,734
,150,913
Bessemer & Lake L September
September
Northern
Central
129,009
178,709
70,787
4,956,317
93,476
Blrriugham South. August —
Phil Balt & Wash September ,814,215 1,658,798 5,517,088
13,223,818 12,298,266
611,437 641,181 2,481,009 2,367,117
Boston & Maine — September 1,378,150 1,250.286
W Jersey & Scash September
3,975,844 3,422,620
18,021,525 15,208,980
5,179,286
5,798,867
Buff ltoch & Pitts. . 4 th wk Oct 386,399 285,922
September
Pennsylvania
C
o
__
626,328
604.452
203,348 2 1 1 ,2 1 1
522,104 499,102 1,542,219 1,429,175
Buffalo & Susq----- September
Grand Rap & Ind September
628.500 7,598,200 6,501,800
10,347,848
Canadian Northern. 4 th wk Oct 794,700 3,675,000
Pitts C C & St L . September ,892,684 3,546,459 11,418,079
41,245,807
860,388 2,882,777 2,579,903
,021,957
Cana Han Pacific— 4th wk Oct 4,295,000 433.500 48,843,848
September
V
andalia_______
4,750,769
4,846,264
486,000
4
th
wk
Oct
Central of Georgia..
Total lines—
510,967
627,256
323,750 269,873
Central New Engl’d Vugust . . .
East Pitts & E . . September 22093 651 20156 051 67,398,992 60,152,717
7,481,321
29,909,406
Cent of New Jersey . September 2,666,579 2,508,892 8,554,873
West Pitts * E_. September .1366 031 10208 537 34,229,249 90.062,124
733,311
751,824
381,323
391,564
August
.
.
.
Central Vermont —
All East &West September 33460 282 30364 588 101628 242 4,435,897
11,596,816
1,558,619 4,508,740
,530,846
Ches & Ohio Lines. 4th wk Oct 1,119,500 953,908 12,028,472
September
Pcre
Marquette----5,092,096
Chicago & Alton — 3d wk Oct 393.260 301,960 5,113,543 23,144,928 Reading CompanyChic Burl & Quincy September 8,608,310 8,084,806 24,392,218
Phlla & Reading. September ,328,313 3,834 ,066 12,730,603 10,993,053
6,184,107
378,513 367,233 4,874,890 4,613,827
p Chic Great West- 4th wk Oct
Coal & Iron Co._ September ,354,600 2,524 ,505 0,807,839 17,177,221'
2,480,706 2,370,073
Chic Ind & Louisv. 4th wk Oct 229,570 189.369 18,073,767
Total both cos— September .682,913 0,358,,033 22,538,507
16,502,265
509,351
659,087
203,243 189,,650
Chlc Mllw & St Paul September 6,653,083 5,962,267 5,435,328 4,064,428 Rich Fred & Potom September
166,881
182,620
8 8 ,,383
98,344
A ugu st__
Chic M il* Pug Sd September 1,951,187 1,369,364
20,564,270 Rio Grande J u n e... 3d
157,807
200,649
14,486
.351
8
,
eChlc & North West September 7,812,947 7,005,105 22,703,056
wk
Oct
3,922,109 Rio Grande South.. September 6,338,015 5,931 ,590 18,670,284 16,764,866
pChlc St Paul M & O September 1,659,806 1,430,369 4,434,133
Rock
Island
Lines
..
458,938
475,804
963,615
175,825 150.369
,076
1,030,096
331
344,614
Chicago T H & S E. September
September
937,867 915,972 2,785,740 2,790,645 Rutland.................. September
451,743
455,480
144,203 154 ,863
Cln Ham & Dayton September
530,645 St Jos & Grand Isl.
564,129
246,611 194,111
,713,689 2,502 ,809 8,494,321 7,285,163
Colorado Midland. . September
393,292'
470,438
505,617 450,710 5,005,318 5,124,934 St L Iron Mt & Sou. September
,940
141
165,169
b Colorado & South. 4th wk Oct
September
47,754 St L Rocky Mt & P ­
61,752
14,908
19,638
3,604 ,598 11,466,350 10,435,247
C ornwall................ September
92,065 St Louis & San Fran September 4,047,012
109.116
25,876
30,545
1,386,943 1,357 ,093 4,132,373 3,958,480
Cornwall & Lebanon September
September
f
Chic
&
East
111.
780,275
907,762
14,393,728
324,060 259,823
Cuba Railroad------- September
Total all lines__ September 5,433,955 4,062 ,591 15,598,723
6,363,525 5,644,015
267 ,0 0 0 4,135,770 3,570,073'
Delaware & Hudson September 2,030,133 1,893,820 10,281,192
9,595,752 St Louis Southwest. 3d wk Oct 303,000
824,277 750 ,84! 1,064,053 1,479,614
Delaw Lack & West September 3,453,987 3,292,481
August
—
San
Pcd
L
A
&
S
L
.
8,655,548
9,171,540
7,175,585
Deny & Rio Grande 4th wk Oct 807,500 725,600 1,058,059 1,459,855 Seaboard Air Line. - 4th wk Oct 619,101 039 ,193 7,286,777 33,890,847
583,900 537,691
.2719,893 11612 ,945 36,929,471
Western Pacific. September
376,592 Southern Pacific Co September 2,057,457
371,620
120,787 122,867
1,808 ,973 22,847,555 21,313,300
Denver N W & Pac. September
4th
wk
Oct
Southern
Railway.
.
451,701
438,080
3,990,661 3,851,026
158,329 161,450
Detroit Tol & Iront. September
Mobile & Ohio— 4th wk Oct 356,245 370 ,998
420,076
430,701
3,239,443
29,754
38,119
Detroit & Mackinac 4 th wk Oct
Cln N O * Tex P. 4th wk Oct 299,312 260 ,516 3,331,484
968,255 1,046,738 3,097,650 3,014,008
1 0 2 ,415 1,689,220 1,543,250
176,590
Dul & Iron Range.- September
4th
wk
Oct
Ala
Great
South.
1,231,953 1,231,801
736,888
731,217
49
,823
49,864
Dul Sou Shore & Atl 4th wk Oct 111,498 122,980 2.241,641
Georgia Sou & Fla 3d wk Oct
1,561,511
457,145 428 ,798 1,398,428 1,306,310
: El?in Joliet & East. August — 1,116,639 835,460
Port & Seattle September
36,720
671,659 503,530 I, 982,249 1,631,067 Spok
40,741
2,461
,141
El Paso & Sou West September
3d
wk
Oct
Tenn
Ala
&
Georgia
5,094,201 10,506,954 15,382,018
415,771
413,904
138,434 141 ,937
! Erie ............ ........... September 5,443.706
3,397 Tennessee Central.. September
4,398
1,727
2,045
769,803 638,,017 0,107,393 5,572,260
Fairchild & N E — August —
4th
wk
Oct
Texas
&
Pacilic----656,174
780,907
213,990
255,129
17,859
19,830
1 0 ,,276
9,863
Florida East Coast. September
275,502 Tidewater & West. A ugu st__
287,542
85,240
87,186
445,849
485,579
44,,353
51,737
! Fonda Johns & Glov September
805,700 Toledo Peor & West 4th wk Oct
765,607
255,474 321,222
Georgia Railroad . . September
96,,709 1,358,405 1,389,124
97,218
4
th
wk
Oct
Toledo
St
L
&
West
17,618,334
19,269,519
1,463,496
Grand Trunk S y st.. 4 th wk Oct 1,648,054 133,894 2,210,244 2,074,139 Union Pacific Syst. September ,048,411 8,397,,782 25,318,432 23,477,020
430,320
440,940
Grand Trk West. 3d wk Oct 147,695
139,715 152 ,155
717,633 Virglnla & So West. September
767,458
51,760
53,249
411,072 409 700 1,277,392 1,161,810
Dot Gr llav & Mil 3d wk Oct
689,572 Virginian_________ September
778,828
48,348
56,485
7,730,658
8,334,901
Canada Atlantic 3d wk Oct
,576
2,582
.847,701
September
W
abash........
.........
25,409,040
068,643 037 ,860 1,230,023 1,225,780
Great Northern Syst October .. 8,760,446 7,112,815 29,669,379
486,970 Western Maryland. A ugu st__
492.116
156,409 164,682
735,612 732 ,388 2,238,199 2,113,181
: Gulf & Ship Island September
& Lake Erie. September
81,403
698,783 699,027 2,153,274 2,016,951 Wheel
68,631
28,365
35 ,410
-Hocking Valley----- September
September
Wrightsv
&
Tennllle
5,890,389 4,039,641 22,130,601 20,541,794 Yazoo & Miss Vall. October . . ,015,506 784 ,921 3,349,015 3,108,301
Illinois Central----- October
3,486,793
Internat & Grt Nor 4th wk Oct 505,000 413.000 4,255,318
2,834,315
Previous
Current
238,066 221,247 2,850,051
a Interoceanic Mex. 4th wk Oct
895,965
Year.
903,162
Year.
285,831 294,593
Period.
i Kanawha & M lch.. September
Various Fiscal Years.
910,899 780,191 2,680,446 2,323,564
:Kansas City South. September
9,928,335
S
Lehigh Valley------- September 3,856,024 3,413,194 II, 124,673 389,571
101,150
53,730
69,787
1 to Sept 30 16,472,536 15,868,023
Lexington & E ast.. A ugust__
320,311 Delaware & H u dson..- - - - - - Jan 1
401,600
76,874,033
117,549 114,104
to Sept 30
1Louisiana & Arkan September
19,721,861 18,813,315 N Y Central & Hudson River.e Jan
35,909,740
Jan
1 to Sept 30
s Louisville & Nash. 4 th wk Oct 1,802,560 1,639,665
Lake Shore & Michigan South
39,650
40,719
16,079
13,565
Jan 1 to Sept 30 4,241,323 4,030,497
Macon * Blrm'ham September
Lake
Erie
&
Western.n........
2,927,705
3,071,847
2,761,458
Maine Central------ September 1,035,847 1,042,898
Chicago Indiana & Southern. Jan 1 to Sept 30 3,037,630 22,015,709
123,648
134,548
40,291
49,237
Maryland & Penna September
Michigan Central.......... - - - - Jan 1 to Sept 30 .3,757,408
96,200 154,900 2,549,600 2,433,700
1 to Sept 30 23,491,864 22,579,011
a Mexican Railway 3d wk Oct
Cleve
Cin
Chic
&
St
L
ouis.249,272
287,621
19,557
28,088
,439,401 2,392,801
to Sept 30
___ 1
■Mineral Range------- 4th wk Oct
Peoria & Eastern..........
898,076
092,082
272,425 211,320 3,425,002 2,786,290
4 th wk Oct
Jan 1 to Sept 30
Minn & St Louis.
Cincinnati Northern---13,126,129 11,305,585
30
Sept
to
Jan
1
Iowa Centr.nl— /
Pittsburgh
&
Lake
Erie.
4,888,786
5,073,261
8,249,397
8,709,965
30
Sept
to
Minn St P & S S M. September 1,975,165 1,783,501
Jan
1
New York Chicago & St Louis
3,902,027 3,577,581
904,209 881,532 2,685,092 2,486,822
Chicago Division. September
Jan 1 to Sept 30 203164360
Toledo & Ohio Central254,561
230,928
190595447
82,044
82,940
■Mississippi Central. September
Jan 1 to Sept 30 127772
Total all lines-------------11,249,135 10,294,249
490 115503 055
to Sept 30
[u Mo Kan & Texas. 4th wk Oct 1,197,597 1,063,736 21,912,155 19,217,840 Pennsylvania llailroad---------Jan
238,878
218,988
1,795,000
1,981,000
30
Sept
to
4
th
wk
Oct
^Missouri Pacific . .
Baltimore Chesap & Atlantic Jan
3,221,591 3,024,950
to Sept 30 2,396,705 2,130,712
!Nashv Chatt & St L September 1,079,099 1,034,817 21,213,938
Cumberland Valley------------ Jan
21,756,055
8,565,065 8,122,040
30
Sept
to
a Nat Rys of M ex.f. 4th wk Oct 1,905,765 1,843,220
Jan
Long Island...........
125,236
161,287
107,321
105,087
9,707
10,876
to Sept 30
! Nevada-Cal-Oregon 3d wk Oct
Maryland Delaware* Virginia Jan
281,145
300,469
152,783 149,440
to Sept 30 2,692,141 2,496,870
;N O Great Northern A ugust__
N Y Philadelphia & Norfolk Jan
439,198
551,204
9,348,222 9,304,543
30
185,315 149,500
Sept
to
Jan
?N O Mobile & Chic. Septemver
Northern Central---------- —
28,065,370
to Sept 30 15,019,685 14,075,656
i«N Y C & Hud R lv. September 10,091895 9,730,004 29,534,673
Philadelphia Balt & W ash.. Jan
13,164,697
to Sept 30 5,171,906 4,954,503
Jan
Lake Shore & M S September 4,806,207 4,388,141 14,322,852
West Jersey & Seashore—
566,201 507,698 1,587,763 1,506,330
to Sept 30 45,521,247 39,472,488
Jan
; nLake Erie & W . September
888,611 Pennsylvania Company --------1,011,838
356,661
309,240
September
to Sept 30 4,037,937 3,774,332
■ Chic Ind & South
Grand Rapids & Indiana----- Jan
2 , 0 0 1 , 6 8 8 2,792,506 8,520,106 7,956,356
to Sept 30 31,677,059 28,399,401
Jan
Michigan Central. September 3,019,534
Pitts
CincinChicago
&
St
L
..
2,743,122 8,797,049 8,153,726
to Sept 30 7,702,486 7,349,903
Jan
1
f Cleve C C & St L. September
Vandalia_________________ .­
828,524
932,953
328,613 278,198
Jan
1 to Sept 30 182004 890 167069 022
i Peoria & Eastern September
Total
lines—
East
I’
ltts
&
Erie
858,293
375,327
130,889 124,607
to Sept 30 89,995,499 79,976,003
Jan
1
• Cincinnati North. September
West
Pitts*
Eric
1,450,160 5.055.693 4,308,288
Sept 30 72060 388 217045 023
- Pitts & Lake Erie September 1,613,761
All lines E & W Jan 1 to
942,267 2.982.693 2,857,592
088,651
673,445
to Aug 31
Dec
1
N Y Chic & St L. September 1,067,527
Rio
Grande
Junction-----1,469,308
493,236 518,984 1,483,571
Sept 30 2,647,381 2,537,443
to
Jan
1
Tol & Ohio Cent. September 25376212
69,617,093 R u tlan d ------------------ —
74,604,523
2378492
September
; Tot all lines above
AGGREGATES
Weekly Summaries.

OF

GROSS

Cur’nt Year Prev’s Year Inc. or Dec

E A R N I N G S — W e e k ly

and

M o n th ly ^

Monthly Summaries.

Cur'nt Year Prev's Year Inc. or Dec.

5
235.685 233,614,012
234,402 [210,70 4,771
233:191 218.031.094
234,6921237,564,332
233,057 220,678,465
231 597,232,220,361
230.894 243,220,408
227,194124 5,50 5,532
235,401 270,927,416
84,350! 75,580.043

P rev.Y r.

S
+ 1,339,735
— 2,440,307
+30.752,155
+ 12,955,078
+4,538,251
+ 0,044,698
+ 14,579,115
+23,007,000
+25,800,384
+4,088,471

%

Mileage. C u r.Yr.
0.57
232,275.177
December ..238,561
7.99
1.14
213,145,078
3d week Aug (37 roads)----- 14,636,263 13,552,577 ++ 1,083,689
J a n u a ry __ 237,888
1,544,446 7.52
10.52
197,278,039
(4th week Aug ( 3 9 roads)----- 22,062,416 20,517,070
February ..237,082
+903,690
14,131,559
6.39
15,035,2
49
5.77
224,608,054
Lst week Sept (40 roads)----M arch ........ 238,218
+847,385 5.75
2 .1 0
210,140,214
id week Sept (40 raods)----- 15,765,881 14,918,496
A p r il........... 236,723
+943,638 6.63
2.67
220,184,600
’£d week Sept (39 roads)------ 15,182,364 14,238,726
M ay .............235,410
+729,369 3.88
0.38
228,047,383
ijth week Sept (36 roads)----- 19,503,157 18,773,788
J
u
n
e
______
235,385
+
598,665
14,366,037
4.17
10.34
222,587,872
,st week Oct (38 roads)----- 14,964,702 15,017,035
J u ly ............. 230,712
6.56
10.30
251,007,032
lid week Oct (39 roads)----- 16,003,026 15,054,025 + +085,991
A u g u st----- 239,230
1,289,481 8.57
7.09
70,591,572
■fd week Oct (39 roads)----- 16,343,506 20.618,390 + 2,610,705
September . 85,901
1 2 .6 6
i” th week Oct (33 roads)----- 23,229,095
4
i4
ilT le xlca n currency........ b Does not Include earnings ot Colorado Springs & Cripple
* NlwWtVorkrTuKi'ayCnthC
or latter of
\e Includes the Boston7 * A lbany, the New York & Ottawa the St Lawrence & Adirondack ^ ‘'/ ^ ^ ^ S v a n s w l i V c & Terre f f i e aSd Evansfwhich being a Canadian road, does not make returns to the Inter-State Commerce Commission.
f
ortjlcni Ohio HR.
v Includes earnings of
no £ Indiana R R . 0 Includes the Cleveland Lorain & Wheeling Ry. in both years.
orthern unio m k
p in o r n a ^ ^
tho
/Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific.
s Includes Louisville <& Atlantic and the ■
recoints. x Inol St L. Iron Mt. & So
pexlcan International, u Includes the Texas Ceutral. v Includes not only operatmg^evenues. but also aU other receipts. x inol.
u. u y
.




Nov. 9 1912 ]

THE CHRONICLE

Latest Gross Earnings by Weeks— In the table which
follows we sum up the earnings for the fourth week of Octo­
ber. The table covers 33 roads and shows 12 .0 6 % increase
in the aggregate over the same week last year.
Fourth Week of October.

1912

1911.

Increase. Decrease.

$
$
Alabama Great Southern______
176,590
102,415
I.4,175
Ann A r b o r ---------------------------70,061
64,499
6,102
buffalo Rochester & Pittsburgh
386,399
285,922 100,477
Canadian Northern--------------794,700
028.500 106,200
Canadian P acific------------------4,295,000 3,675,000 620,000
Ceutral of Georgia.--------------486,000
433.500
52,500
Chesapeake & Ohio__________
1,119,500
953,908 165,592
Chicago Great Western___ __
378,513
307,233
I I , 280
Chicago Indianapolis & Loulsv.
229,570
189,309
40,201
Cincln New Orleans & Texas Pac
299,312
200,510
38,790
Colorado & Southern_________
505,017
450,710
54,907
Denver & Ulo Grande_________
807,500
725,600
81,900
Detroit & M ackinac.________
38,119
29,754
8,305
Duluth South Shore & Atlantic.
111,198
122,980
Grand Trunk of Canada______i
Grand Trunk Western _ _ _ y 1,048,054 1.403,496 184.558
Detroit Grand Havcn& Mllwl
Canada Atlantic__ . . .
International & Great Northern
505,000
413,000
92,000
Intcroccanlc of Mexico
238,066
221,247
16,819
Louisville & Nashville_______
1,802,560 1,639,065 102,895
Mineral Range_____________
28,088
19,557
8,531
Minneapolis & St Louis. 11111
272,425
211,320
61,105
Iowa Central_____________
Missouri Kansas & Texas____
1,197,597 1,063,736 133,861
Missouri Pacific____________
1,981,000 1,795,000 180,000
Mobile & Ohio______________
356,245
370,998
National Railways of Mexico. _ 1,905,765 1,843,220
62,545
Seaboard Air Line___________
019,101
039,193
Southern Railway_____ _____
2,057,457 1,808,973 248,484
Texas & Pacific_____________
769,803
638,017 131,780
Toledo Peoria & W estern.. _
51,737
44,353
7,384
Toledo St Louis & Western
97,218
90,709
509
Total (33 roads)
23,229,095 20,618,390 2 657,032
Net Increase (12.66%).
2 610,705

f°r,

as follows:

Gross earnings (34 roads).

1912.

1911.

Increase.

$
$
$
77,978,688 69,347,341 8,631,347

14,753
20,092

%

------ Gross Earnings------ ------ Net Earnings----Previous
Year.

$
$
Atlantic Coast L in e .a ...S e p t 2,455,841 2,529 241
July 1 to Sept 30--------- 7,361,392 6,910,821
Central of New Jersey.bSept 2,606,579 2,568,892
July 1 to Sept 30.......... 8,554,873 7,481,321
Cldc Rurl & Quincy.b._ .Sept 8,608,310 8,084,800
July 1 to Sept 30---------24,392,218 23,144,928
Chic Ind & L ouisv.b — Sept
634,808
599,149
July 1 to Sept 30______ 1,810,742 1,759,351
Denver & Itlo Grande.a.Sept 2,441,241 2,306,546
July 1 to Sept 30_____ 6,713,840 4,672,248
Western Pacific.b. . .Sept
583,900
537,691
July 1 to Sept 30--------- 1,058,059 1,459,855
Duluth So Sh & A tl.b . -Sept
289,360
311,281
July 1 to Sept 30______
923,383
896,218
Delaware Lack & Western— b
July 1 to S e p t . . . ------ 10,281,192
0,595,752
27,007,999
Syracuse Bing & N Y— b
July 1 to Sept 30______
355,519
307,954
Jan 1 to Sept 30______
932,224
831,397
Grand Trunk of Canada—
Grand Trunk R y___ Sept 3,700,083
3,458,135
10,343,01G
Grand Trunk West
Sept 012,692
560,134
July 1 to Sept 30______ 1,780,652 1,684,052
Dct Gr I lav & Mllw._Sept
221,420
206,340
July 1 to Sept 30______
014,639
570,354
Canada Atlantic____ Sept
218,019
184,440
July 1 to Sept 30______
019,992
551,130
Great Northern. b
...S e p t 7,557,938 0,549,356
18,296,225
Louisville & Nashv.b -Sept 4,932,818 4.750,658
13,630,490
Mineral Range.b ____ Sept
06,600
03,463
July 1 to Sept 30______
209,419
187,625
1,783,591
4,488,786
Chicago Division.a . .Sept
904,209
881,532
July 1 to Sept 30______ 2,685,092 2,486,822
Nashv Chatt & St L b. .Sept 1,079,099 1,034,817
July 1 to Sept 30--------- 3,221,591 3.024,956
3.024,056
N Y N II & Hartford.b.Sept 5,985,231 5,649,466
16,445,195
N Y Out & W estern.a..Sept
822,887
789,731
July 1 to Sept 30--------- 2,824,551 2,673,741
Norfolk & W estern.b-.Sept 3,077.874 3,478,361
July 1 to Sept 30______11,133,547 10,023,935
Rlehm Fred & Pot b --Sept
203,243
189,650
July 1 to Sept 3 0 .. . . .
059,087
509,351
R u t la n d !)------------------ Sept 344,614
331,070
Jan 1 to Sept 30______ 2,647,381 2,537,443
Itlo Grande Junction . . Aug
98,344
88,383
Dec 1 to Aug 3 1 ______
088,651
673,445
Itlo Grande Southern.b.Sept
52,945
50,074
July 1 to Sept 3 0 . . ___
100,457
143,040
St Louis Iron Mt & So.b.Sept 2,713 089 2 ,502,809
July 1 to Sept 30.......... 8,494,321 7,285,163




Current
Year.

$
425,587
1,250,647
1,153,703
3,908,380
3,717,037
9,326,525
220,772
575,712
820,906
1,857,942
226,178
514,803
61,791
233,470

Previous
Year.

S
750,723
1,618,642
1,201,054
3,306,652
3,186,384
8,108,026
225,251
040,582
680,413
1,827,874
154,927
423,351
118,910
301,790

4,063,268 3,707,584
8,971,132 10,384,893
126,346
398,792

118,954
342,714

Previous
Year.

INDUSTRIAL COMPANIES.
---- Gross Earnings------ ------ Net Ea rnings -----Current
i ear.

Ablngton & Rockland Electric
Light & Power.b ..S ep t
Jan 1 to Sept 30______
Blackst Val Gas & E l.b.Sept
Jan 1 to Sept 30______
Edison El (Brockton)b.Sept
Jan 1 to Sept 30______
Fall River Gas W ks.b-.S ep t
Jan 1 to Sept 30_____
Houghton Co El L t.b .-.S e p t
Jan 1 to Sept 30_____
Lowell El L tC orp.b
.Sept
Jan 1 to Sept 30_____
Northern Ont Lt & Pow.Sept
Jan 1 to Sept 3 0 ..........
Sierra Pacific E lect.b_.-Sept
Jan 1 to Sept 30_____

5
11,019
82,024
106,644
885,474
32,550
279,854
41,767
333,2bi
23,445
210,026
33,510
303,306
57,545
316,618
53,848
467,531

Previous
Year.

Current
Year.

$

Previous
Year.

$

5

10,620
73,968
92,974
815,555
30,103
252,932
39,890
315,520
22,806
203,232
31,007
306,330
49,384
425,633

982,303
2,740,602
128,475
350,144
56,938
123,365
27,739
61,805
3,557,059
8,907,235
1,000,782
4,271,557
14,658
37,749
859,506
1,913,782
316,507
769,521
259,515
730,236
2,216,865
6,272,616
193,023
834,273
1,390,179
3,872,677
58,124
189,443
113,934
591,923
f)26,515
n2 02,034
15,032
39,283
097,315
1,021,165

2,982
11,719
34,213
360,337
10,346
101,461
14,427
95,573
11,068
96,828
12,073
106,628
•38,447
210,997
34,357
288,546

3,873
15,912
28,403
332,708
8,882
77,932
14,287
90,598
10,981
98,164
10,712
104,117
27,466
261,826

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
n These figures represent 30% of gross earnings.
p For Sept, miscellaneous charges and credits to Income were S8 5 7
credit, against $7,650 debit in 1912, and for period from July 1 to Sept 30
were $40,353 charge In 1912, against $47,204 In 1911.
P '

Interest Charges and Surplus.
Roads.

—Int., Rentals. <$c.—
Current
Previous
Year.
Year.

-B al. of Net Earns.—
Current
Previous
Year.
Year.

$
5
$
$
Central of New Jersey..Sept
634,995
518,003
518,768
692,051
July 1 to Sept 30_____ 1,739,239 1,556,311 2,169,142
1,750,341
Delaware Lack & Western—
July 1 to Sept 3 0 _____ 2,502,959 2,325,315 x3,167,783 x 2 , 472,504
Jan 1 to Sept 30______ 7,045,443 6,959,797 2:5,656,748 26,892,600
Syracuse Bing & N Y—
July 1 to Sept 30______
43,137
37,017 2154,624
2142,559
Jan 1 to Sept 30______
131.955
112,555 2336,958
2422,450
Denver & Rio Grande..Sept
526,527
515,804
d384,813
d242,404
July 1 to Sept 30______ 1,536,764 1,506,164
d581,630
d569,558
Duluth So Sh & A tl___ Sept
98,820
07,844 2def34,994
224,591
July 1 to Sept 30______
297,571
288,115 2def58,526
227,834
Mineral Range______j . .Sept
12,451
12,571
23,000
23,307
July 1 to Sept 30______
37,011
37,917 2dcf1,511
23,595
N Y Ontario & Western.Sept
121,163
119,085
100,458
73,938
July 1 to Sept 30______
361,170
335,074
704,279
499,199
Norfolk & Western___ Sept
465.956
498,340
2954,559
2953,232
July 1 to Sept 30______ 1,380,822 1,498,203 22,923,836 22,543,844
Rio Grande Junction___ Aug
8,333
8,333
21,170
18,182
Dec 1 to Aug 31______
75,000
75,000
131,595
127,034
Rio Grande Southern .. .Sept
19,436
18,880 2d ef 10,905 2def3,801
July 1 to Sept 30______
57,968
56,700 2def30,220 2dcfl3,816
St Louis Iron Mt & S o .Sept
718,729
706,508
281,732
239,190
July 1 to Sept 30_____ 2.226.035 2,154,055
2366,719 defl 19,83
INDUSTRIAL COMPANIES.
— Int., Rentals, & c. ----- —Bal. of Net Earns .—
Companies.

Current
Year.

Previous
Year.

5

1,180,613
3,350,586
154,754
402,459
30,659
32,606
24,819
5,839
3,785,548
0,609,743
1,521,546
4,010,555
15,272
35,023
892,409
1,965,034
310,711
856,731
255,210
729,626
2,454,099
7,512,183
221,621
1,065,449
1,312,953
4,120,894
63,050
238,002
85,624
650,232
«29,503
7)206,595
8,470
24,785
778,828
2,541,385

Current

5
$
St Louis & San F ran.b-.Sept 4,047,012 3,004,598
July 1 to Sept 30---------11.460,350 10,435,247
Chic & Eastern 111.b-.Sept 1,386,943 1,357,993
July 1 to Sept 30--------- 4,132,373 3,958,480
Total all lines.b------- Sept 5,433,955 4,962,591
July 1 to Sept 30---------15,598,723 14,393,728
Seaboard Air Line_a-----Sept 1,744.656 1,837,566
July 1 to Sept 30---------- 5,258,772 5,151,310
Tol St L & West .a ----- Sept
345,094
325,651
July 1 to Sept 30--------- 1,005,239 1,036,973
Wheeling & L E rie.b.-S ept
735,612
732,388
July 1 to Sept 30---------- 2,238,199 2,113,181
Wrlghtsv. & Tennille b.Sept
28,365
3 5 ,4 1 6
July 1 to Sept 30--------68,031
81,403

12.45

Net Earnings Monthly to Latest Dates.— The table fol­
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
Current
Year.

Current
Year.

Companies.

. Ik will bo seen that there is a gain on the roads reporting
in the amount of $ 8 ,6 3 1 ,3 4 7 , or 1 2 .4 5 % .

Roads.

------ Gross Earnings------ ------ Net Earnings

_

Roads.

11 482

m°ntli of October the returns of 34 roads shows

Month of October.

1267

Ablngton & Rockland Elect
Light & Power_____ Sept
187
Jan 1 to Sept 30______
1,687
Blackst Val Gas & E l...S e p t
9,135
Jan 1 to Sept 30_____
190,597
Edison Elect (Brockton Sept
1,941
Jan 1 to Sept 30______
17,444
Fall River Gas W orks.. Sept
727
Jan 1 to Sept 30______
5,950
Houghton Co Elect C o..Sept
4,291
Jan 1 to Sept 30______
38,553
Lowell Elect Lt Corp . .Sept
1,673
Jan 1 to Sept 30______
14,230
Northern Ontario Lt & PowerJan 1 to Sept 30..........
114,612
Sierra Pacific Elect____ Sept
5,519
Jan 1 to Sept 30______
48,842

Current
Year.

5

Previous
Year.

5

188
1,688
8,782
184,237
1,827
16,178
567
4,802
4,251
38,144
1,480
13,960

2,795
10,032
25,078
169,740
8,405
84,017
13,700
89,623
6,777
58,275
10,400
92,398

3,685
14,224
19,621
148,471
7,055
61,754
13,720
91,796
6,730
60,020
9,232
90,151

2,495
29,944

£98,006
28,838
239,701

74,971
231,882

d These figures are after allowing for otherincomc and for discount and
exchange. I’he sum of $10,000 is deducted every month from surplus and
placed to the credit of the renewal fund.
musunu
x After allowing for other income received.

EXPRESS COMPANIES.
Southern Express.

Express revenue__ ______ ________________
Miscel. transports revenue_____________
Non-transportation revenue____________
Gross receipts from oper___________ I
Express privileges— Dr-------------------------Total operating revenues_______________
Maintenance_______ ______________
Traffic expenses_________________
Transportation expenses________ H I
General expenses— ..................
*.........
Total operat 1ng expenses____ ] " * ”
2
Net operating revenue.. . . _
...........
One-twelfth of annual taxes___ II
I
Operating income_____ __
_
I'
Mileage of all/Steam roads
I
lines coveredlOthcr lines__________ _____

------- Julu
1912.
1911.
j 146,436
995,053
22
10
22,668
18,640
j ,169,127 1,013,704
578,864
486,177
590,263
527,527
15.975
16,383
8,938
12,159
425,849
390,896
60.976
54,463
511,739
473,902
78,524
53,624
13,317
14,769
65,206
38,854
31,734
32,147
846
821

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

THE CHRONICLE

126S

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
M onth.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

S
S
5
$
274,557
285,114
35,733
37,699
Atlantic Shore R y .. September
cAur Elgin & Chic Ry September 182,851 167,422 1,436,292 1,344,192
438,368
525,050
57,994
66,175
Bangor Ry & ElecCo September
85,722
107.188
10,075
11,432
Baton Rouge Elcc Co September
292,100
321,425
36,418
38,570
Binghamton Railway September
93,708
94,514
12,119
11,711
Brock & Plym St R y. September
Bklyn Ran Tran Syst J u n e _____2195,014 2045,385 11,672,616 11,113,047
243,498
260,093
30,314
34,364
Cape Breton Elcc Ry. September
200,229
240,597
26,980
36,267
Carolina Pow & Lt Co July ........
306,477
314,935
57,747
57,866
Cent Park N & E Rlv J u n e ____
654,401
688,757
77,164
74,555
Central Penn Trac— September
097.236
782,346
83,116
94,808
Chattanooga Ry & Lt September
279,592
294,335
34,677
38,885
Clevc Palnesv & East September
846,214
877,712
Clev Southw & Colum September 109,713 107,155
356,594
395.483
41,816
45,477
Columbus (Ga) El Co September
Commonw P, Ry& Lt September 548,102 473,287 4,581,910 3,9 0,458
709,978
719,888
Coney Isl'cl & Bldyn. J u n e ____ 169,552 154,490
Dallas Electric Corp. September 147,473 131,249 1,280,840 1,150,892
9,096,196 8,009,959
Detrolt United R y . - 2d wk Oct 213,982 190,009
298,824
50,923
300,716
51,417
D D E B & Batt(Rec) J u n e _____
746.810
761,755
Duluth-Superior Trac August __ 105,656 103,279
East St Louis & Sub. September 217,962 197,030 1,773,135 1,607,850
566,052
493,419
56,962
70,434
El Paso Electric Cos. September
752,788
864.189
42dSt M&SN Av(Rec) J u n e ........ 159.199 142,891
Galv-Hous Elec Co._ September 184,899 130,685 1,487,741 1,121,417
924,265
872,874
107,168
109,592
Grand Rapids R y C o. September
40,705 2,147,798 2,017,400
Havana Electric Ry Wk Nov 3 45,498
Honolulu Rapid Tran
325,519
365,102
42,616
45,688
& Laud Co. — - A u g u st__
229,897
232,122
25,675
28,410
Houghton Co Trac Co September
1,507,694
1.842.112
237,920
283,357
J
u
n
e
____
Hudson & Manhattan
5,334,790 4,983,296
Illinois Traction------- September 636,027 595,533 23,438,404
22,088,032
Interboro Rap Tran September 2442,320 2373,478
377.688
399,124
44,565
48,856
Jacksonville Trac Co A u gu st__
962.237
998,520
Lake Shore Elcc R y . September 125,742 124,767
92,147
96,233
22,718
19,876
Long Island Electric. J u n e ____
3,238,933
3,612,311
419,464
469,200
Mllw El Ry & Lt Co. A u g u st__
738,479
816.484
Milw Lt, Ht & Tr Co. A u g u st__ 131,833 121,505
543,669
627,013
74,770
83,786
Monongahela ValTrac September
137.810
213,516
20,014
39,507
N Y City Interboro. J u n e _____
177,179
180,238
35,541
37,178
N Y & Long Isl Trac J u n e _____
587.597
631,664
118,956
132.479
J
u
n
e
_____
N Y & Queens Co —
10,153,012
New York Railways. September 1169,395 1183,291 10,181,134
138,174
127,034
17,567
16,000
Northatn Easton & W September
North Ohio Trac & Lt September 268,074 246,015 2,247,866 2,019,746
1,178,004
North Texas Elcc Co September 160,275 136,088 1.249.112
45.936
36.769
13,424
17,326
Ocean Electric ( LI ) J u n e ____
193,230
208,46
22,801
23,499
Paducah Trac& Lt Co September
212,392
212,27
23,8 l.r 24,667
Pensacola Electric Co September
Phlla Rapid Trans Co September 1926.043 1899,351 17,114,260 16,348,089
Port (Ore) Hy.L&PCo. September 542,387 517,830 4,918,750 4,697,608
5,478,299
Puget Sd Trac, L & P A u g u st__ 680,205
158', 748
167,368
35,651
38.720
Richmond Lt & R R . J u n e _____
Rio de Janeiro Tram
Light & Power Co. A u gu st__ 1272,527 1149,851 9,509,277 8,403,562
St Joseph (Mo) Ry.Lt
811,805
864,225
96,209
05,875
Heat & Power Co . September
Santiago Elec Lt. &
258,086
299,765
30,499
36,122
September
T raction____ _ Sao Paulo Tram.L&P A u g u st__ 387,486 303,796 2,963,831 2,271,490
511,414
551,285
58,429
02,783
September
Savannah Electric Co
424,668
462,217
86,283
90.658
Second Avenue (Reel J u n e ____
57,265
1 1,009
65,206
14.837
Southern Boulevard T un e____
146,843
16,312
166,772
19,676
Sou Wisconsin Ry Co September
28.383
117,428
123,340
31,424
Staten Isl'd Midland June . . .
505,288
559,252
56,840
62,989
Tampa Electric Co. September
1,883,583 1,778,909
Third Avenue (Rec) J u n e ____ 333.854 321,829
259,878 230.688
Tri-Citv Ry & Lt Co August ..
Twin City Rap Tran 4th wk Oct 223,352 205,335 6,778,571 6'501,889
Underground Elec Ry
of London—
Three tube lines.. Wk Nov ; £14,130 £14,660 £594,545 ££594,780
519,779
Metropolitan Dist. Wk Nov 1 £13,220 £12,804 £547,820 £200,851
£5,641 £5,772 £277,259
Unlted Tramways. Wk Nov ;
£1,656,253
£2,241,068
£39,718
£56,999
London Gen’l Bus. Wk Nov 1
244.454 282,126 1,207,987 1,171,36
June . ..
Union (R ec). . ..
2,275,402
Union,RyG&ECo (111) September 345,875 257,203 2,772,537
United Rys of St L .. September 1031.600 1001,729 9,075,065 8,859,508
644,512 4,795,125 4,465,04
Unltcd RIN <> S'": !
274,870
272,722
57,176
57.875
Westchester El (Rec) J u n e ____
327,044
356,156
65,951
69.044
Yonkers RR (R e c ).. J u n e ........
175,400
170,153
22,798
23,759
Yotingst & Ohio Rlv September

Electric Railway Net Earnings.— The following table gives
the returns of ELE C T R IC railway gross and net earnings
reported this week:
Roads.

Baton Rouge E le c.b — Sept
Jan 1 to Sept 3 0 ..........
Brockton & P lym .b -.-S ep t
Jan 1 to Sept 30--------Binghamton R y ---------Sept
Jan 1 to Sept 30--------Brazilian T Lt & P o w ..Sept
Cape Breton E lec.b --- Sept
Jan 1 to Sept 30--------Cleve Palnesv & East a Sept
Jan 1 to Sept 30--------Columbus (Ga) E lec.b.Scpt
Jan 1 to Sept 30--------Cumb Co P & Lt (Me)a-Sept
July 1 to Sept 30--------Dallas Elec C orp.b____ Sept
Jan 1 to Sept 3 0 ..........
El Paso E lec.b................Sept
Jan 1 to Sept 30______
Galv-Houst-Elec.b___ Sept
Jan 1 to Sept 3 0 ..........
General Gas & Elect.a.Sept
Oct 1 to Sept 30-------Houghton Co Tract _b..Sept
Jan 1 to Sept 3 0 ..........
Illinois T raction.a------- Sept
Jan 1 to Sept 30...........
Key West Elect C o .b ---S e p t
Kingston Consol R y .b —
July 1 to Sept 30--------Jan 1 to Sept 30______
Lake Shore El R y .a ___ Sept
Jan 1 to Sept 30______
Lewlst Aug & W at.a__ Sept
July 1 to Sept 30______




S
i.Sept 1,169,395
3,485,463
July 1 to Sept 30.
80,471
them Elec Ry (Cal .Sept
226,251
July 1 to Sept 30.
160,275
thern Texas Elec b. .Sept
1,249,112
Jan 1 to Sept 30.
23,499
Paducah Trac & L t.b .Sept
208,464
Jan 1 to Sept 30. _____
23,815
isacola Elec C o.b . .Sept
212,272
Jan 1 to Sept 30.
87,997
317,736
July 1 to Sept 30.
62,783
Savannah Elec C o.b .. .Sept
551,285
Jan 1 to Sept 30.
49,288
Ingflcld (Mo)Ry&I , Sept
420,937
Jan 1 to Sept 30.
62,989
Tampa Elect .b ------- ..Sept
559,252
Jan 1 to Sept 30

Previous
Year.

S

136,088
1,178,004
22,801
193,230
24,667
212,392
90,382
323,740
58,429
511,414
43,634
362,241
56,840
505,288

Net Earnings-----Previous
Current
Year.

$
462.895
1,251 ,395
35,916
97,303
79,446
571,954
8,640
65,747
9,084
80,074
33,800
137,775
16,183
145,020
24,179
184,937
29,823
265,370

00,274
520,337
9,534
75,456
9,644
78,740
27,531
123,617
15,264
138,515
20,487
156,956
25,158
220,019

a New earnings here given are alter deducting taxes,
b Net earnings here given are before deducting raxes.

Interest Charges and Surplus.
- In t ., Rentals, & c .—
Current
Previous
Year.
Year.

Roads.

Baton Rouge Elect----- Sept
Jan 1 to Sept 30--------Brockton & Plymouth.Sept
Jan 1 to Sept 30______
Binghamton R y _______ Sept
Jan l to Sept 30--------Cape Breton Elect--------Sept
Jan 1 to Sept 30--------Cumb Co Lt&P(Me) ..S ep t
July 1 to Sept 30........ ..
Clev Palnesv & E ast...S ep t
Jan 1 to Sept 30--------Columbus (Ga) Elect— Sept
Jan 1 to Sept 30--------Dallas Elect Corp--------- Sept
Jan 1 to Sept 30--------El Paso Elect_________ Sept
Jan 1 to Sept 30--------Galv-IIouston Elec------Sept
Jan 1 to Sept 30--------General Gas & Elect— Sept
Oct 1 to Sept 3 0 ..........
Houghton Co T ract-------Sept
Jan 1 to Sept 30--------Kingston Consol Ry—
July 1 to Sept 30--------Jan 1 to Sept 30...........
Key West Elect Co_____ Sept
Lake Shore Elec R y ------ Sept
Lewlst Aug & W aterv-.Scpt
July 1 to Sept 3 0 ..........
New York Railways— Sept
July 1 to Sept 30-------Northern Texas Elect. .Sept
Jan 1 to Sept 3 0 ..........
Paducah Tract & L t___Sept
Jan 1 to Sept 30______
Pensacola Electric------- Sept
Jan 1 to Sept 39--------Portland (Me) R R ------- Sept
July i to Sept 30— —
Savannah Elect-----------Sept
Jan 1 to Sept 30---------Springfield (Mo) Ry & L Sept
Jan 1 to Sept 30...........
Tampa E lectric........... Sept
Jan 1 to Sept 30____ _

1,732
15,574
1,025
9,415
9,665
86,916
5,702
51,123
56,960
—
163,370
10,032
89,265
12,845
121,041
24,666
210,345
3,907
56,188
33,722
301,222
13,375
104,666
5,077
50,141

5
1,729
15,499
1,056
9,829
9,302
84,835
5,653
50,872
50,609
143,119
8,641
74,375
8,864
85,982
19,363
186,614
6,750
60,391
18,888
172,980
13,487
100,720
5,227
47,057

11,751
37,467
1,150
35,168
314,417
14,304
43,200

11,140
30,557
3,208
34,713
312,400
14,458
43,398

25,024
------191,810
7,200
59,092
6,378
57,397
10,254
31,176
16,142
144,415
8,333
73,716
4,452
40,024

20,906
187,269
6,825
55,665
4,988
45,313
9,506
28,503
15,262
138,120
7,928
60,452
4,885
45,725

S

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

$
1,508
13,775
2,992
15,129
9,044
47,037
9,685
57,031
25,850
130,404
6,501
51,191
10,873
92,808
22,343
10 >,900
17,107
134,886
29,606
241,514
14,900
52,956
5,773
48,479

S

2,463
26,324
3,038
17,000
9,163
59,289
12,884
62,362
32,798
155,569
10,393
44,191
10,093
71,459
36,254
206,085
30,000
199,446
49,375
318,237
18,584
103,816
0,015
50,775
18,116
dcf9,801
3,307
24,190
117,510
13,239
52,805
£218,687
£514,187
54,422
380,144
1,440
5,755
2,706
22,077
2.3,546
100,599
41
605
15,846
111,175
25,371
225,346

17,933
def8,794
2,196
27,446
143,608
12,792
53,501
39,308
333,008
2,709
19,791
4,656
33,433
17,965
95,114
2

389
12,559
87,504
20,273
180,294

x After allowing for other Income received.

c These figures arc lor consolidated company.

Iross Earnings
Previous
Current
Year.
Year.

Current
Year.

------ Net Earnings----Current
Year.

5
$
$
10,075
4,195
11.“132
41,898
85,722
107,188
4,063
12,119
11,711
26,415
93,708
94,514
18,828
36,418
38,570
146,205
292,100
321,42a
953,901
1,691,298
18,586
30,314
34,364
113,485
243,498
260,093
20,425
3 1,677
38,884
133,456
279.592
294,335
22,938
41,816
45,477
192,501
356,594
395,483
89,758
188,119
190,630
318,939
621,720
639,794
60,920
131,249
147,473
482,430
1,280,840 1,150,892
33,913
56,962
70,434
255,63 5
493,419
566,052
83,097
130,685
184,899
622,459
1,487,741 1,121,417
31,959
55,121
64,116
268.482
517.593
615,240
14,692
25,675
28,410
100,910
229,897
232,121
280,700
595,533
636,027
5,334,790 4,983,290 2,160,163
4,457
12,201
11,789
.
29,867
51,460
49,074
27,666
124,438
121,544
59,364
124,767
125,742
431,927
962,237
998.520
27,543
59,954
62,006
96,005
198,611
201,451

Previous
Year.

§
3,237
20,2.74
4,048
24,958
18,400
131,872
15,338
108,503
15,14
128,466
19,737
178,790
76,459
273,61
41,706
350,580
23,863
195,277
48,55
414,500
28,45
213,083
11,000
95,53
249,39
1,960,206
5,404
29,073
27,763
62,159
450,008
27,350
96,899

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.
1his index will
not include reports in the issue of the Chronicle m which
it is published.
The latest index will be found in the issue
of Oct. 2G. The next will appear in that of Nov. 30.
Baltimore & Ohio Railroad
(Report fo r Fiscal Y ear ending June 30 1912.)

On subsequent pages will be found the report of President
Willard for the year 1911-12; also the detailed comparative
income account for three years, showing the operations of the
entire system (including all affiliated lines, excepting the
Staten Island R y ., the Staten Island Rapid transit Ry. and
the Baltimore & Ohio Chicago Terminal R R .), and the gen­
eral balance sheet of the system for three years.
The comparative traffic statistics and income account for
four years are as follows:
T R A F F IC S T A T I S T I C S .

Miles operated June 30.

1911-12.
4,455

Tons fr’t car’d (rev. only) 64,704,070
Tons fr’t car’d 1 mile
oi

1910-11.
4,434

1909-10.
4,434

1908-09.
4,460

60,547,887

62,797,745 51,210,161

Av.

Passengers

Av. rate per pass, per m .
Aver, train-load (tons)

1.926 cts.

Eajns^per paaaf tK mUe

I0 ..S 1

# 0 .0817

50.0473

E T o v e n„C
Jcr o nly?!“ ” ' U?

I I .2 1 U

52.0405

# 2 .5 0 8 1

«# • «»

S « P! r. " “ e. . 1“ ,’'- # 2 1, . 0

520.202

5 20 .825

#17.301

G^ d V

1.911 cts.

1,897 cts.

i . 8 8 0 cts.
428

X o v . 9 1912

THE CHRONICLE

GEN ER AL IN C O M E AC C O U N T Y E A R S E N D IN G J U N E 30.
1911-12.
1010-11.
1909-10.
1908-09.
Earnings—
$
$
$
$
72,465,544 67,629,037 60,408,113 58,355,112
F r e ig h t --------------14,754,912 15,208,432 14,485,585 13,551,238
Passengers----------Mail, express and miscel. 4,437,663
4,424,601
4,210,727
3,817,621
Other than transport’ll.
036,204
881,044
787,827
088,885

1269

and culverts rebuilt or replaced, 15,588 ft.; 66 cuts widened; roadbed
widened and grades rectified, 55.20 miles; track re-laid, 23.32 miles (17 93
with 85-lb., 5.39 with 75-lb. rails); crossties put in track, 270,164 being
equal to 95.82 miles of continuous track, &c., &c.
[The amount expended during the year for additions and b ettc ‘inents
was- i ° r road im provem ents, 31,911,055, making the total since Sept 1
190J 57,971,862, and for equipment $311,506, making the total expended
therefor S nee Sept. 1 1909 $6,312,594.]
02,504,323 88,145,004 88,001,252 76,412,850
Equipment.— The rehabilitation of equipment acquired with the railroad
Expenses—
on Sept. 1 1900 has been continued throughout the past year. Of un­
11,365,454 10,279,616 11,061,410
Malnt. of way & struct.
9,694,500 desirable equipment there have been sold or dismantled 35 locom otives,
Maintenance of eq u ip t.
16,651,535 15,881,620 16,373,770 11,810,507
12 passenger-train cars and 523 freight-train cars
There have been pur­
1,050,599
1,048,906
1,717,388 chased 415 steel hopper bottom gondola cars, o f 100,000 tonscapacity each,
1,877,204
32,751,234 32,818,500 20,738,902 26,346,969 one lo-ton locom otive crane with clamshell loader.
1,990,716
1,837,305
1,594,557 N U M B E R A N D C A P A C IT Y OF L O C O M O TIV ES & CARS IN S E R V IC E .
1,082,419
Total expenses---------- 64,700,538 02,766,067 61,333,801 51,163,981
June 30 T 2 . Dec.\
June 30 ’ 12
Dec
125
L ocom otives. — —
283
3 5 1Freight train cars_____ 11,432
P . c. of exps. to earnings
(60.88)
(06.97)
(71.21)
(68.90)
Tractive power (to n s). 4,560
156 T otal cariacity (ton s',
Inc
Net earnings----------- _. 27,884,785 25,378,037 27,567,451 25,248,875
Passenger train c a r s ..
172
121 (excl. cabooses)
’ 385,210 211%
Outside oper.— net dcficl t
660,640
530,249
148,312
599,033
Wisconsin Minnesota & P acific R R .— Under the lease o f this road made in
Total net revenues.
27,218,145 25,230,025 26,067,818 24,709,626
1901, tlie Chicago Great W estern agreed to pay the interest on W M & P
bonds only to the extent of the accumulated net earnings o f the W m ’ & i >‘
2,984,948
2,271,576
2,469,004
2,596,250
The experience of the last three years having confirmed ti e belief that the
Operating incom e____ 24,233,197 22,034,375 24,497,854 22,438,050 road is unable to earn its interest, we decided in Septem ber last to make no
lu t. and divs. on seem s.
further advances to pay said interest as we were under no obligation to d o so
2,368,560
1,744,740 . 1,659,752 A ccordingly, the interest due O ct. 1 1012 on the W . M. & 1'. bonds has not
2,380,578
Other interest_____ ___ _
526,076
850,372
been paid; and under the mortgage securing those bonds, proceedings to
1,398,815
1,381,863
Joint facilities and misforeclose the same m ay be com m enced at any time after six months
(See
1,080,723
095,995
962,495
1,048,700
further particulars V . 95, p. 620, 681, 892, 1041, 1209).
Miscellaneous
112,729
112,210
128,794
91,242
ooP.?,.5£p t - 1 1000 t,lc accounts under the lease showed a “ surplus” of
$357,.,06 above the interest to that date on the W . M. & P . bonds. This
Gross corporate in c._ 28,624,103 27,530,973 28,715,752 25,785,307
was only a book account, however, as the surplus had been taken into the
Deduct—
income ’ account of the former Great Western and disbursed in payment
772,567
437,053
528,554
Hire of equipt.— net bal.
210,138 of dividends on its debenture stock and pret. stock A and otherwise; and no
Jolt facilities and mlsfunds or assets came to the present Great W estern representing such book
1,020,344
1,026,514
1,023,675
■cellaneous rents_____
1,070,088 surplus. It has nevertheless been accepted by the present Great Western
Interest on funded d eb t. 13,070,847 12,558,459 10,763,8260 10,767,883
as governing its liability under the lease. 'This book surplus arose in part
91,521
350,575
Otlier interest__________
234,044
from a failure to charge against earnings all the actual expenses o f opera­
Other deductions account
tion, and in part to a failure to maintain and renew the leased property
14,779
2,867
•subsidiary iines--------8,966
1,102 Shortly after S e p t .l 1909 the present Great Western began making the re­
Additions & betterm ents
415,761
540,572
pairs and renewals necessary to put the leased railroad in safe condition
Preferred dividends (4%) 2,355,059
2,355,545
2,355,675
2,400,000 This work has required the expenditure of such large sums that the net
Common dividends (0% ) 9,121,073
0,120,600
0,118,538
0,130,550 earnings o f the W . AL & I’ , have not equaled the curicntly accruing interest
on the W . AI. & P. bonds. Indeed, during the receiveiship o f the former
26,202,177 26,187,127 24,358,138 24,120,423
Great Western (Jan. 1908 to Sept 1 1909), there was a deficit, the book
2,421,927
1,343,846
"surplus” being correspondingly reduced.
1,055,883
4,357,614
On June 30 1912 the account o f receipts and expenses under the lease
L B A L A N C E SH E E T J U N E 30.
showed a deficit, and since its organization, Sept. 1 1909, the present Great
1012.
W estern has advanced not only the amount o f such deficit, but also the
1911.
1910.
Assets—
$
§
$
amount of the book “ surplus” above referred to.
Road and equipm en t............................. 323,402,684 308,444,838 281,153,035
The average gross earnings of the W . Al. & P . during the last ten years
Stocks and bon d s------------------------------ 185,479,540 184,803,083 185,083,700
have been only $2,658 per mile, per annum, figured on the basis of the lease,
A dvances to proprietary, & c., co s .
80,058
_____
which allows the W . Al. & P . the unusually liberal minimum o f 50% of the
Miscellaneous Investm ents__________ 55,345,285 54,048,338 53,941,402
total revenue from traffic received and delivered by it to the Great Western
Cash -----------------0,263,125
7,530,415 11,755,951
regardless of the distance the same m ay be transported over the lines of
Bonds in treasury_______________
9,615,822
8,466,257
7,419,286 the respective companies— an apportionm ent which has yielded to the W .
Marketable securities________________ 4,158,904
1,026,507
1,763,590
a i . & 1 ., in round figures, 50% m ore gross revenue than it would have
Loans and bills receivable___________ 6,165,776 18,750,934 30,029,803
received on a straight pro rata of the mileage o f the respective companies.
Traffic, &C., bals_______ ________
322,070
249,771
402,052
J he taxes and the interest on the W , M. & P . bonds are about $1,000 per
Agents and con du ctors....................
3,966,705
2,456,822
2,575,890 mile per annum, or about 38% of the average gross earnings above men­
Materials and supplies______ __________ 7,910,498
7,311,150
7,520,260
tioned. Tills leaves only about 62% o f such gross earnings to cover the
Miscellaneous accounts----------------------- 6,043,920
8,827,551
8,871,782
cost o f operation and maintenance, which Is substantially inadequate
682,204
527,844
Tem porary advances-----------------------220,406
Mason City * Fort Dodge R R .— Tills road is operated under a lease in
Special d eposits--------------------------------7,210,868
17,000
substantially the same form as the lease of the W . AI. & P. railroad above
Reserve, A c., fun ds--------- ----------1.487,315
1,516,266 1,460,040
described, except that by an amendment of the lease in June 1904 the
1,233,320
450,760 379,274
Other deferred debit item s--------------AI. C. & F t. D. earnings arc to be credited in all cases 60% of the total
revenue from traffic transported from the lines of cither com pany to those
T ota l....... ................................................622,377,241 005,403,430 002,103,136 of the other. The circumstances under which the present Great Western
Liabilities—
took over the lease are the same as mentioned in the public statement as
Common stock --------------------------152,240,988 152,236,088 152,148 844 to the W . AI. & P . R R . (V. 95, p. 620). On Sept. 1 1909, when the pres­
Preferred stock -------------------------. . 59,080,246 50,080,960 59,083 953
ent Great W estern took over the property, the accounts showed a “ surplus”
Outstanding securities consltuent cos.
102,765, this being a book account, since, as in the case of the
(stock liability)----------81,434
83,714
80,991
W . M. & P ., it had been taken into the “ incom e” account of the form er
Funded d e b t -------------343,882,779 332,135,076 321,309,137
Great W estern and disbursed in paym ent o f dividends on its debenture
Loans and bills p ayable.......................
223,333
300,333 10,000,000 stock and p ref. stock A , and otherwise: and no m oney or assets came to the
T raffic, &C., bals
.....................
476,873
341,732
365,769
present Great W estern representing such surplus. Since Sept. 1 1909 the
5,520,920
6,212,343
Vouchers and wages______________ . 7,700,351
acetued in iciest on the AI. C. & Ft. D . bonds and the cost of repairs neces­
M a tu r e d in te re st., d ivid en d s, &c ______
2 ,5 5 3 ,2 1 4
2 ,5 1 0 ,1 8 2
1 8 0 ,4 3 ?
sary to lestore the Al. C. & F t. D . railroad and its rolling stock to safe con­
Matured m ortgage, & c ..................
10,500
20,500
dition, charged against the net revenue o f that railroad under the lease has
Advances due other co s ______ ______
273,222
273,222
2,437,637 changed the above-m entioned “ surplus” of Sept. 1 1909 to a deficit on
Miscellaneous accounts p a y a b le ... . .
854,684
777,379
912,984 Jyne 30 1912. As in the case o f the W . AI. & P ., there were deficits dur­
Accrued Interest, dividends, &c ______ 7,486,453
7,278,777
9,773,850 ing both years of the receivership.
Provident fun ds________________
1,076,051
1,821,054
1,287,014
FR E IG H T TO NN AGE YE AR S E N D IN G J U N E 30— P R O D U C TS OF
Other def. credit item s__ ____________ 1,306,960
1,233,715
700,388
A d d ’ns to property since June 30 1007 1,227,750
1,227,759 '12,251,207
Year—
Agricul.
Animals. *M ines.
Forests. M anuf'res. M iscell
Other reserve fun ds----------------------------1,326,063
1,172,100
1,075,473
1911-12-.. - 1,468,759 339,451 1,430,519 356,344 1,099,657 359,748
Profit and lo s s .__________
40,754,431 38,452,410 23,377,100
191 0 -1 1... - 1,365,173 334,391 1,479,478 342,383 1,121,062 380,592
1 00 9 -1 0... - 1,179,138 424,602 1,293,815 325,783 1,077,545 322,219
T ota l.................................................. -.622,377,241 605,403,436 602,193,136
‘ Includes 908,096 tons of bituminous coal In 1911-12, against 889 533
• Additions to property in 1910 include $10,965,169 prior to June 30
tons in 1910-11. and 840,628 in 1009-10.
1007.— V . 95, p. 1121, 889.
O PE R AT IO N S, E A R N IN G S A N D E X P E N S E S .
Chicago Great Western RR.
Operations—
1911-12.
1910-11.
1909-10.
Average
miles
operated.........................
1,496
1 492
{Report fo r Fiscal Year ending June 30 1912.)
1,498
5,054,478
5,023,079
Tons freight (rev.) carried----------------4,623,102
President S. M. Felton says in substance:
Tons (revenue) 1 m ile ........................... 1225238,896 1227893,035 1189185 33
Revenue per ton per m ile------------------- 0.725 cts.
0.718 cts.
0.718 cts
M ileage.— The railroad and property form erly of the Dc K alb & Gt. West
Average train load, revenue (t o n s )..
390
369
302
R y . Co., owning 5.81 miles of main track, was purchased Dec. 21 i o n
‘ Number passengers carried--------------2,500,014
2,651,371
2 398 685
Results.— The total operating revenue o f the system amounted to $12,­ Passengers carried
1
mile
_____ _
‘
'
'
'
-.143,642,671
140,225,662
138,7351465
795,242, being anincrcase o f S 176,600,orl .4 % . In view of the extraordi
Revenue per pass, per m ile................
2.013
.. a . •>cts.
1.906 cts.
1.905 cts.
nary weather conditions throughout the year, this showing m ay be consid­ Operating revenue per m ile__________
$8,552
$8,456
$8,059
ered fair, as out of the nine principal Missouri R lverlincs, so-called, the
Operating Revenue—
$
$
S
Great Western is the only one showing an increase for the year.
8,879,748
F re ig h t...... ............
8,820,370
8,540,590
.
excessively llot ant» unfavorable weather in the spring and summer o f P assenger................................................
2,891,153
2,844,470
2,642,357
1011 In Its effect on the crops made itself felt in diminishing Increases of Mall, express &miscellaneous..............
933,364
858,863
820,008
revenues during the first half of the fiscal year, and while the total increase Other than transportation__________
00,977
94,939
71,788
was nearly $187,000 over the corresponding six m onths o f the preceding
year, or 2 .8 % , it was at the same time very much under the increase for
. . 12,795,242 12,618,642 12,074,743
the same six months in 1910, as com pared with the corrcspondinp- period
Operating Expenses-—
in 1009, that increase being $666,551, or 11.2% . The same condition had Atalntenancc of way, & c________
..
1,491,289
1,533,301
1,604,544
Us influence also upon the revenues of the second half of the year
But
Maintenance of equipm ent______
. . 1,960,039
1,871,429
1,486,732
in addition to that, and beginning with Jan. 1, the second half of the year T raffic expenses________________
.
560,482
557,367
510,447
experienced an exceptionally severe and long winter of recurring heavy 'Tran:, por tat ion expenses____. . .
. 5,583,134
5,056,158
5,124,640
snowfalls and extrem ely cold weather, which continued practically through­
General expenses________________
411,289
423,751
408,312
out January, February and Alarch, and into April; and tlds, besides neces­
sitating heavy extra expenses, caused further diminution of revenues, it
- 10,006,233
0,442,006
9,134,675
being necessary on several occasions to suspend the receipt o f traffic bc- 2,789,000
3,176,636
2,940,068
cause it could not be handled without extraordinary delays and undue
d ef 1,755
surl,394
def22,328
risk of loss and damage.
Outlook.— 'T he prospects for business at the time of writing this report
. 2,787,254
3,178,030
2,917,740
are unusually bright— the best since the com pany was organized. The
Taxes
406,725
384,503
364,308
crops on the Great Western and in the States tributary to Its line have never
been better. General business Is Increasing rapidly, and we look forward
. 2,380,529
2,793,527
2,553,432
to a very satisfactory year. In fact, the prospects arc that the losses of
Incom e from securities, &c.
.
75,956
87,419
174,354
the past year will lie more than overcom e and the surplus for the year end­ Rentals & miscellaneous___
.
50,614
27,492
20,585
Ing June 30 1913 should be the largest since the organization of the co .
Duilng the past three years over $14,000,000 have been expended on tills
- 2,507,100
2,908,438
2,748,371
property and its equipment. The result of this expenditure should pro­
Deduct—
duce further economics In operation, and it should be especially noticeable
Int. on C. G. W . b o n d s ..................... 917,500
824,500
£899,534
because the work is practically com pleted, and while it was in progress nat­
Int. on Alason City & Ft D. bonds.
480,000
480,000
480,000
urally tlie operations of the property were more or less retarded. During
Int. on W . Al. & p . bonds________
232,440
232,440
232,440
the past year there have been a number of creameries, elevators, lumber Other in te re st.___________________ .2,147
2,195
10,766
and coal yards and other industries iocated along the ilne, while other In­
.
598,102
621,664
591,383
dustries, already located, have put up new buildings and improved m achinery. Hire of equipment (balance).
.
75,905
def26,127
173,144
~ ~ irnnf f orlatiorl brponses.— The transportation expenses increased S526,- A liscellaneous______________
.
17,308
5,859
568
976. 1 he greater part of this Increase is attributed to tile exceptionally
severe winter weather. In the expenditures for coai for locom otives there
. 2,323,491
2,140,531
2,387,835
was an aggregate increase of $135,780: about $100,000 of this was added by
183,609
767,908
360,536
the demands of miners for Increased wages
Reconstruction and Maintenance.— The reconstruction o f the line has been
x Includes for com parative purposes interest on loans, equipment trust
vigorously continued during the present year. The work done Included: ! notes and debenture stock, ’each Yorl"months',' bc)ngTracVlcTlTv‘ the tixZd
miles of traok reballastcd, 123.90 (100.77 with gravel); bridges, trestles 1 charges for July and August 1909, the last two months of the receivership




[VOL. LXXXXV

THE CHRONICLE

1270

CONSOLIDATED BALANCE SHEET JUNE 30.
1911.
1915
1912.
1911
8
Liabilities—
S
Assets—
S
S
Road & equip .a l2 4 ,397,732 122,190,475 Common stock. 45,246,913 45,240,713
Preferred stock. 41,021,402 41,021,402
Sec. of prop.,&e.,
22,500,000
C. G. W. 1st 4s. 22,500,000
cos.—
500,000
500,000
117,800 Mlnn.Term.3 Hs.
Pledged____
117,805
225,190 M.C.&Ft.U.lStis 12,000,000 12,000,000
Unpledged__
225,190
0,232,000
532,459 W.M.& P. 1st 4s. 6,232,000
Other investm’ts b579,567
201,809
253,807
3,891,549 Traffic, Ac., bal.
Cash__________ 2,894,092
1,082,521
363,378 Vouch. & wages. 1,080,100
300,838
Marketable secs.
229,558
202,545
55,000 Miscell. accounts
Secure, in treas.
20,830
28,000
12,039 Mat. int. unpaid
Loans & bills rec
* i",IIo
403,571
403,445
294,023 Unmat’d int.,&c.
290,942
Agts. & conduc.
224,837
201,712
807,438 Taxes accrued - .
555,770
Miscell. accounts
205,241
207,319
1,003,085 Oper. reserves. .
908,410
Material & supp.
283.050 Other def. credit
120,201
Advances, & c..
171,870
200,071
item s---------Unexting. disc’t
1,223,683
044,141 Prollt and loss.. 1,407,292
630,708
on bonds ___
843.50
523,375
Other def. items

Classification of Freight— Products of (T on s).
A gric. Anim al. M ines.
Forest. M frs.,& c.
Total.
1911-12
- ..5 2 ,4 6 2
1,615 3,174,702 283,828 128,404 3,641,011
1910-11
- - ___ 38,321
1,988 2.252,328 310,856 110,642 2,713,135
1909-10 ...............35,843
1,449 1.018,148 298,505
81,043 1,434,988
In 1911-12 bituminous coal tonnage was 3,103,309 tons, against 2,141,000
tons In 1910-11 and 929,752 tons in 1909-10.
T R A F F IC S T A T IS T IC S YE AR E N D IN G J U N E 30.
1911-12.
1910-11.
1909-10.
Average m ileage_____________________
474.60
474.60
448.14
Tons (revenue) carried_______________ 3,641,011
2,713,135
1,434,988
Tons carried one m ile______________ 1,265,707,583 910,104,287 404,048,087
R ate per ton per m ile________________ 0.351 cts.
0.361 cts.
0.429 c ts .
Passengers ca rried __________________
399,762
383,629
319,863
Passengers carried one m ile__________ 12,182,579
11,996,565 10,101,40aRate per passenger per m ile_________
2.17 cts.
2.15 cts.
2.08 cts.
Gross earnings per m ile_____________
$10,193
$7,735
$4,604
GE N ER A L IN C O M E AC C O U N T.
1911-12.
1910-11.
8
5
4,436,402
3,307,017
263,978
257,833
137,218
106,374

1909-10.
$
1,739,188
210,249
113,753

4,837,598

3,671,224

2,003,190

637,739
868,927
61,960
1,302,827
100,339

439,752
626,658
60,525
959,138
93,598

301,631
348,253
68,310
640,783
88,147

l,86o,806
194,200
1,671,607
92,715

2,179,671
1,491,553
182,756
1,308,797
101,913

1,453,124
610,066
130,743
473,323
80,430

1,764,322

1,410,710

553,753

1,633,125
378,400
344,383
22,500
. 181

1,709,264
343,555
327,523
22,500

1,676,375
209,301
241,889
22,500

Total ............ 131,605,800 131,324,011
T o t a l............. 131,605,806 131,324,041
[ a After deducting reserve for accrued depreciation, 8401,254.
b Includes in 1912 physical property. 851,760, securities pledged, 8302,701, and
unpledged, 8222,100.— V. 95, p. 1122, 968.

Operating Revenue—
Freight _____________________________
Passenger____________________________
Mall, express and miscellaneous--------

The Virginian Railway Company.

Gross revenue_______________________
Operating expenses—
Maintenance of way, & c------------------Maintenance of equipm en t--------------Traffic expenses-------------------------------Conducting transportation--------------General expenses------ ------------------------

{Report fo r Fiscal Year ending June 30 1912.)

[Attention is called to the fact that the change in the
financial plan under which the recent issue of §25,000,000
1st M. 5 % bonds was made did not become effective until
May l 1912, so that for the 10 months ending April 30 1912
the report now issued necessarily shows charges for interest,
&c on more than §26,000,000, which, since the change in
the financial plan at May 1 1912 is represented by pref. stock.
Had the change in the financial plan been effective during
the entire year 1911-12, the report would have shown a
substantial surplus over all charges for the year. For the
two months of May and June 1912, after the plan became
effective, there was a surplus over all charges of §87,068.
Compare V . 95, p. 49. and see map on page 135 of “ Railway
& Industrial” Section.]
.
Prcst. Urban II. Broughton, N . Y ., Oct. 14, wrote in subst.
Results.— Operating revenue Increased from frclght traffic $1,129,385, or
3 4.1 5% : from passenger traffic, $6,145, or 2 .3 8 % . The total operating
revenue Increased $1,166,374, equal to 3 1.7 7% , and the operating ex­
penses Increased $792,121, or 3 6.3 4% , so that the net revenue from opera­
tion Increased $374,253, equal to 2 5.0 9% , and the gross Income Increased
$353 612 or 2 5 .0 7 % . The ratio of oper. expenses to oper. revenue was
61 43% as against 59.37% for 1910-11. Taxes Increased $11,444.
Financial.— During the year the com pany’s financial status has been
changed as follows: (a) $34,800,000 1st M. 5% 50-yr. bonds of 907 Issued
to and held by the constructors of the railway were canceled, (ft) A
new mortgage was made, dated May 1 1912, covering the entire property
owned June 1 1912, the maximum authorized Issue being $75,000,000
1st M. 5% 50-yr. gold bonds. Of these bonds, $25,000,000 were Issued
fV 94 n 1704’ V 95, p. 45) upon cancellation of a like amount of the for­
mer Issue- the’ remaining $50,000,000 arc reserved for future Issue upon
acquisition of additional property under careful restrictions, (c) Cumula­
tive 5% pref. stock to the amount of $29,000,000 was authorized (V . 94, p.
209,353,828) and $27,779,000 has been issued at par in exchange, v iz.:
$27!778,’ 900 Obligations with $100 Cash, Exchanged tor Said P ref -S to c k .
First M. 5s of 1907 (old Issue) canceled------ - . . . - - - - - -----$9,800,000
Virginian Terminal R y . 1st M. 5s acquired and pledged under the
mortgage of the Virginian R y. C o .------------------------------------------Equipm ent acquired during the year....... ..----------------------------- - - ­
Redem ption of $750,000 2d lien equipment notes------------- ............
787,500
Floating Indebtedness- .................... ..................... f.— - —
923, 100
Interest on Virginian R y . and Vlrglnaln Terminal R y . bonds.
2d lien equipment notes and floating d eb t------------------------------- 8,844,300
'phe outstanding capital stock and bonded debt June 30 1912 were:
First mortgage 50-ycar 5s of 1912
-----------------------------------.$25,000,000
First lien equipment trust notes of 1 9 0 8 .........................................
2,137,000
Preferred stock, 5% cu m u la tiv e.------------------------------ ---------— 27.779.000
Common s tock ......................... .................................... ..................... ..
34,850,000
Fauivm ent.— In view of the shortage of m otive power, your board ar­
r a n g e d ^ N ov. last for the acquisition of ten Mikado and four Mallet en­
gines
The ten Mikados were received in May, nine of them being included
fn the equipment acquired through the Issue of prcfcred s t o c k s e e a b o v e
table) and one purchased under the equipment trust. I he four Mallets,
received In August, were paid for by the Issue of additional pref.stock.
Foreseeing the continued Increase In business, your hoard has furthermoie
authorized the purchase of 700 50-ton steel coal cars, 10 additional locom o­
tives and 8 cabooses, which arc under contract for delivery during the cal­
endar year 1912. An additional amount of $69,000 has been approptiated for shop tools and they are now being Installed.
Average Unit Amounts Expended [or Repairs.
Locomotive.
Pass. Car.
Freight Car. Road M ile
_______ $3.870 34
$535 05
$46 41
$1,343 73
1912
191i
2,870 83
456 05
35 81
926,57
Improvements, &c.— Replacem ent of the high w ooden viaducts and tres­
tles on the Deepwater division with permanent work, for which an appro­
priation was made late In 1910, has been com pleted, except for two of the
smaller trestles, which will be com pleted within four months. Five small
wooden trestles on other sections have also been replaced with permanent
structures
In view of the cave-ln at Hales Gap tunnel, we decided to
Unn all non-self-suoporting tunnels with concrete, and a continuing appro­
priation
that purpose. A t this date three of the tunnels,
v iz ., at Hales Gap, Slate Hill and New River, have been so lined
Combination frame passenger and freight stations have been built at seven
points, and extensive additions to shop facilities will be com pleted with n
90 davs
During the year 18.14 miles of new tracks have been laid in
sldlngsf spur tracks and yards. 235.307 cubic yards of crushed rock bal­
last have been put In the track during the year.
__
Norfolk Terminal R y. Co.— The Norfolk union passenger statjon and office
building was opened for traffic June 1 last. \ our com pany s general of­
fices are now located at tills station, and are ample for reasonable growth.
New Industries.— The following 72 new Industries were located on your
line during the fiscal yea
' '
torles, 9: tobacco prlzery
torles, 2; Ice plant ‘
iT°Earnings Show S u rp lu s— Your com pany’s funded debt ,s “ £ ? “
servatlve basis and earnings show a substantial surplus ovei fixed cnaiges.
Temporary Hindrances to Operation.— On A ug. 14 1911 a serious cave-in
occurred at Hales Gap tunnel, Mile Post 325.2. Although si^porteci b y
12x12 white oak timber, the sloping shale rock gave way for about 1J5 it.
It was four months before traffic could be resumed through the tunnel, and
In the interval a new track was built across East River, connecting with the
N orfolk & Western R y ., and all trains were detoured via that railway for
a distance of 21.75 miles.
.
. .
.
...
.
More than ordinarily severe rains caused several troublesome slides and
one partial washout of a bridge. It is estimated that these unusual con ditlons added $130,000 to operating expenses, divided between mainte­
nance" and "cond uctin g transportation.
Inability to obtain sufficient
m otive power to handle the business offered and Insufficient shop facilities
to keep the power already owned In first-class vondltlon also adversely a f­
fected earnings, both gross and net. The Improved facilities and additional
equipment now provided will Increase both gross and net earnings.
Lease.— Your com pany has leased for a period of five years the Piney
R iver & Paint Creek R y ., a line of about 9 miles In length in Raleigh County,
W Va upon which there arc six coal operations. The lease takes effect
when your com pany makes connection with that railway, either by building
about seven miles of line, or by obtaining trackage rights oyer the Chcsapeakc & Ohio R y . from Pem berton to Berkley Junction. Negotiations for
such trackage rights are now pending.




Total operating expenses--------------Net revenue_________________________
T a x e s _______________________________
Operating Income___________________
Other Income________________________
Gross Incom e______________________
Deductions—
Interest on funded d e b t--------------------Interest on equipment obligations___
Other Interest_______________________
Dlsct. on 1st lien equip, notes w rit.off
M iscellaneous-- ----------------------------------

R e n ts_____________________________

134,133

T o ta l................ 91,221,723 80,958,009

85,155

121,223

T otal deductions__________________
2,512,722
2,524,065
Balance d eficit______________________
748,401
1,113,355
B A L A N C E S H E ET J U N E 30.
1912.
1912.
1911.
Liabilities—
S
Assets—
S
S
Road & equlp’t..a82,145,405 76,008,287 Capital stock........ 62,629,000
Funded debt........ 27,437,000
N. T. Ry. com. stk.
25,300
499,000 Loans and notes
V. T. Ry. com. stk 499,000
payable.......... ..
...........
V.T.Ily.lst M.bds. 3,000,000
22,528
14,379 Traffic, &c., bals
Other Investments.
15,576
283,995 Vouchers A wages. 378,002
Cash.......... ...........
606,109
180,418
323,176 Miscellaneous___
Bills receivable
215,077 Matured interest.....................
390,471
Materials & supp.
347,897 Unmaturcd Int__ c253,642
440,097
Miscellaneous___
Taxes accrued___
109,379
Unextlng. disc, on
18,995
142,500
165,000 Operating reserves
equipment notes
Other def’d credit
Unext. exp. for re­
Items ...............
192,760
54,416
cording mtge—
61,562
10,320
Special deposits
184,814
314,075
Oth.def.deb.Items.
Profit and loss___ 3,578,454 2,794,822

2,235,220
1,681,467
1911.
8
34.245.000
37.757.000
923,181
24,090
321,360
489,032
66,640,078
380,825
102,761
49,398
13,284

T o ta l................ 91,221,723 80,958,000

a After deducting depreciation reserve of $261,233.
6 Matured Interest deferred by consent Includes In 1911 $6,357,289 on 1st M. 50-yr.
5s (since refunded by new mortgage of 1912); $244,754 on Virginian Terminal R y.
50-year guaranteed 5s and $44,035 miscellaneous Interest.
c Unmatured Interest In 1912 Includes S208.333 on 1st M. oO-year 5s; S-o,000 on
Virginian Terminal lty. 50-year guaranteed 5s; S20.308 on first lien equipment trust
notes.—V. 95, p. 1209, 49.

Louisville Henderson & St. Louis Railway.
{Report fo r Fiscal Year ending June 30 1912.)

Prest. L. J. Irwin, Louisville, Sept. 3, wrote in substance:
Results.— The total operating revenue Increased $64,776 and net operating
revenue increased $27,213.
,
„
,
.
Maintenance, Additions, & c.— During the year 82,158 cross ties and
18,189 tons ballast were renewed. The aggregate length of permanent
work established by filling is 3,307 ft. and the material thus dispensed with
amounts to 4G0.526 ft. board measure of tim ber and 21,800 linear ft. of
piling. Partial replacement of 3 trestles with 00 ft. steel girderscom m enccd
last year and 120 ft. additional 60 ft. steel girder work has been com pleted.
Expenditures for additions and betterm ents of road aggregated $186,OUo
(chiefly $44,000 for real estate); equipm ent (net), $3,673.
Equipment.— Under Federal regulations. It will be necessary to reduce
the steam pressure on six of the 26 locom otives, to the extent that they
will be o f no service, and will have to be retired before July 1 next,
lh o
freight cars (total No 444) are In a badly run down condition and we arc
greatly In need o f new freight equipm ent. The 34 passenger cars arc
m ostly old and require m ore than usual repairs and the com pany is In need
of°additlonal passenger equipm ent. Fifteen 80,000 capacity flat care have
been purchased and three locom otives, and 40 cats have been le th e d .
S T A T IS T IC S , R E V E N UES, E X P E N S E S , &C.
1908-09.
1910-11.
1909-10.
1911-12.
200
200
200
200
Miles operated--------------*
360,142
381,439
381,327
397,524
N o. of passengers carried
Passengers carr’d 1 m ile. 18,209,285 18,730,760 18,470,302 17,698,203
2.106 cts.
2.143 cts.
2.144 Cts.
R ate per pass, per m ile. 2.205 cts.
507,272
759,823
819,907
928,018
.
Tons carried___________
'Pons carried 1 m ile-------- 93,551,438 84,310,775 78,553,800 02,233,266
0.942
CtS.
0.898
Cts.
0.866 cts.
R ate per ton per m ile—
0.848 cts.
$586,102
$705,539
$730,680
Freight revenue-----------$792,854
395,905
372,699
401,773
Passenger revenue-------402,794
23,112
22,990
23,034
Mail revenue___________
23,057
29,766
19,487
31,010
31,774
Express revenue_______
17,027
16,788
15,044
Other transport’n revenue
18,390
5,519
5,671^
11,040
Other than transport'n.
10,000
$1,214,693
1,176,869 $1,023,737
T o t a l ............- ...............$1,279,469
$241,681
$309,824
$279,439
$200,349
Maint. of way & struct140,596
95,022
109,027
105,817
Maint. of e q u lp m e n t--42,192
56,407
53,147
47,172
T raffic expenses-----------342,269
407,077
440,395
381,537
Transportation expenses
T o t a l -----------------------Net operating revenue. .
Outside operations-------T o t a l -----------------------Taxes accrued--------------Operating incom e____
Other incom e..................
Gross corporate income
Hire of e q u ip m e n t -___
Joint facilities. ______ 1
Miscellaneous rents___f
Interest on bonds______
M iscellaneous__________
T otal deductions_____
Balance, surplus_______

$986,078
$293,391
3,200
$296,591
36,000
$260,591
2,861
$263,452
$59,568
37,750

$948,515
$266,178
2,328
$208,506
37,977
$230,529
3,252
$233,781
$51,005
37,356

128,417
4.408
$230,143
$33,309

125,000
3,655
$217,016
$16,705

$756 ,350
$849,263
$327,606 • $267,387
2,581
3,408
$269,968
$331,014
35,761
32,650
$295,253
$237,318
2,021
1,400
$238,718
$297,874
$29,756
$35,42 1
29,089
(30,269
11,552
111,000
125.000
125,000
4,911
2,194
$200,908
$204,574
37,810
$93,300

2*ov. 9 1912.]

THE CHRONICLE

1211

BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
Assets—
S
S
Liabilities—
S
$
Hoad & equlpmcnt-a7,090,869 6,919,244 Common stock.........2,000,000 2,000,000
C ash...............
83,305
121,290 Preferred stock.........2,000,000 2,000,000
Loans and bills re­
First mtge. bonds. ..2,500,000 2,500,000
ceivable ................
905
970 Equip.trust obllg’ns.
20,811
20,476
Traffic,&c., balances.
4,143
4,103 Mlsc. funded obllg'ns 110,000
Agents & conductors 23,943
26,609 Traffic,&c.,balances.
26,044
34,569
Material and supplies 72,607
73,008 Vouchers and wages. 193,999
174,432
Prepaid lnsur., &c_.
1,605
1,480 Loans & bills payable 80,100
75,000
Miscellaneous..........
35,048
20,247 Int.,divs.,&c.,unpaid
66,300
66,100
Taxes accrued..........
23,489
17,082
Miscellaneous..........
34,744
43,826
Appropriated surplus 639,781
39,781
Profit and loss.......... 217,217
195,691
T o ta l----------------- 7,312,485 7,166,957
T o ta l.................... 7,312,485 7,166,957

Because of these emergency conditions and the large expenditures
thereby entailed, the net earnings of these lines have been small. This,
together with the large Increase of operating expense of the com pany as a
whole, and certain readjustments which it was necessary to make to con­
form to new accounting methods, resulted in the showing of net incom e de­
rived from express operations but slightly in excess of the previous year.
There was a material enlargement of supervision in appointm ent of addi­
tional officials throughout the entire system at the time of taking over the
new lines. A new accounting system , also involving considerable expense
fo r outside expert accountants, printing, &c., was shortly thereafter put
Into effect. The accounting departm ent was rem oved from New York to
Chicago, resulting in loss of a large number of its employees who had to be
replaced, and a large additional force added for the accounting work o f the
new lines. An extra force has also been required for the extensive com pila­
tion of statistics in the rate investigation o f the Inter-State Commerce
Commission. Owing to the extrem e high price of provender for horses
which has prevailed during m ost of the year there was an Increase above the
normal cost in that item alone of approxim ately 5 0% .
Outlook.— While there is an immediate promise of a large express traffic
growing out of the generally prosperous condition of the country, no fore­
cast can properly be made of the earnings for the com ing year, pending the
outcom e of the express case before the Commission and until the proposed
depreciation, 599,139.
parcel post, which is to become operative Jan. 1 1913, is better understood
IncomeP—yrl 956dp U1040 conslsts of ad(1,tIons t0 Property since June 30 1907 through and Its effects upon the small parcel traffic is m ore clearly defined. (See
Post Office Bill, V . 95, p. 521).
In the rate case before the Inter-State Commerce Commission, you r
Midland Valley Railroad, Arkansas.
com pany Is co-operating with the Commission in the adoption of improved
methods and practices, but Is prepared to show cause why the rates which
( Report fo r Y ea r ending June 30 1912.)
have been proposed by the Commission arc unreasonably low and should
not be put into effect.
Sec.-Treas. H . E . Yarnall, Phila., Oct. 22 1912, wrote:
In the interest of greater efficiency, steps have been taken to adopt at a
The com pany was Incorporated in Arkansas June 4 1903 and owns and
number of the larger cities where they are especially adaptable the use o f
operates from E xcelsior, A rk ., south to H oye, A rk., and north to Fidelity
auto trucks, to an extent displacing horses and wagons.
A rk .; also from E xcelsior west to Silverdalc, Kansas, and from Jenks Okla ’
T o provide for the increasing carload perishable traffic, o f which you r
to Glenn P ool, Okla., a total o f 299 miles. Operates under lease the com pany is the largest carrier among the express com panies, especially
W ichita & Midland Valley H R . Co. from Arkansas City, Kansas, to W ichita
from the Pacific Coast, orders have been placed for a number o f new re­
Kansas, 51 miles [opened Oct. 4 1011], and has trackage rights over S t’ frigerator cars and to equip with steel underframes and otherwise rebuild
Louis & San Francisco R R . between M ancy Junction, Okla and Fort
to conform to railroad and Governmental requirements, a considerable
Smith, A rk ., 16 m iles, and over Missouri Pacific R y „ between Silverdalc
portion o f Its present refrigerator equipment.
Kansas and Arkansas City, Kansas, 9 miles. Total operated June 30 m i?
Aside from the situation described affecting Its rates, our affairs are in
375 miles. Yard tracks and sidings, 64.69 miles. Gauge 4 ft 8 U to. Rali satisfactory condition. Every proper effort is being made to raise the com ­
(steel) 6o and 7o lbs. Rolling stock Oct. 15 1912: locom otives 38- cars
p a n y’s standar i o f efficiency as the m ost substantial guaranty o f public
badfSt^25)fsirvice'26 2’538 (C° al 1,760: b° X 582’ stccl tank 10° : flat 71>: favor and o f enlargement o f Its business.
IN C O M E AC C O U N T FO R YE A R S E N D E D JU N E 30.
Cltvh0K ans»ltatn w /n ili? 1* X alley R U - °P cn cd In Oct. 1911 from Arkansas
1911-12. 1910-11.
1911-12.
1910-11.
J u w ’ 2n
ita, Kansas, 51.25 miles, is leased for 50 years from
S
S
entire
d land Vailley R R . Co., at a rental equal to 25% of the
S
S
91,392
67,868 Taxes accrued----356,764
248,909
and tal£ s
, l ? 1 wlth ™lnlmum guaranty of Interest on 1st M. bonds Mileage op. J’ne30
i equipm ent. There were outstanding Oct. 15 1912 Gross operations. 32,465,970 25,155,562 Oper. income----- 2,184,577 2,141,906
20,251
11,865
I I 025°oon ^ t A?n ?nt o c k r ^ d *4,83.300 6% non-cum . pref. stock: also Express priv. (dr.)15,439,708 11,796,021 Other express inc.
$i,u<2o,000 1st M. 20-yr. 5% gold bonds due Jan. 1 19,31 guaranteed as
to p nn . and Int. b
by
y Midland
Midland Valiev
Valley R
RR
R .. Co.
Co. (son
(see bond
bond nffwinnoffering V . no
92, p. rrna
706.
Operating revs.17,026.262 13,359,541
Gross (inc.expr.) 2,204,828 2,153,771
Operating expens. 14,483,415 10,995,791 Income(oth.sources)l,236,846 1,336,121
E A R N IN G S A N D E X P E N S E S .
'

1911-12.
570,988
-- 17,106,381

Freight
Mail and
Other . .

- 58,444,961
$448,854
900,089
53,638
32,866

1910-11.
561,228
16,368,258
950,927
51,409,343
$422,950
857,761
44,100
27,796

1909-10.
460,943
13,587,647
1,189,486
06,798,374
$339,703
942,394
37,671
28,312

Maintenance o f equipincntT raffic expenses----------------Transportation expenses__
General expenses___________

- $1,435,447
$322,054
225,449
33,737
457,369
73,496

$1,352,607
$227,741
210,422
29,078
404,387
80,831

$1,348,080
$223,668
252,351
23,386
382,155
57,959

Passengers carriedPass, carried one ir
Tons ca rried ...........

T o ta l----------------------------------------------- --------$1,112,105
$952,459
Net operating revenue______________ .
$323,34
$323,342
$400,148
{E A R E N D IN G J U N E 30.

1911-12.
$

1910-11.
$

$939,519
$408,561
1909-10.
$

N et earningsT a x e s -----------

-

323,342
67,534

400,148
65,812

408,561
76,814

Operating Incom e_______
Add— Hire o f equipm ent- - Outside operations______
Joint facilities & rents__
Dividends on stock ow ned.
Misccllancous incom e______

.
.
-

255,808
97,067
7,880
5,946
9,750
513

334,336
95,867
27,283
5,479
7,500

331,747
59,660
20,104
6,340

Gross corporate incom e.
Deduct—
Equipm ent ren tal________
Joint facilities & rents____
Accrued rents leased llnes.
Other Interest______ _____

-

376,994

470,466

417,860

-

-

15,421
44,687
5,760

28,598

2,790

T otal___________________
Balance __________________
Interest on bonds and notes.

-

65,869
311,126
403,428

51,817
418,649
400,903

109,877
307,983

B a la n c e ------------------------------------------

def9
def92,304

surl7,746

-

a

a

23,219

87,300
19,787

b

a Equipm ent is now owned and Is not subject to rental charge
, 6 Interest charges of the com pany were adjusted in Julv 1910 and pro
th erefore not shown for the earlier period.
GENERAL BALANCE SHEET JUNE 30.
1912.
1911.
Assets—
$
$
Liabilities—
10s12Road & eq u ip ...zlfl,787,148 15,716,915 Capital stock-------- 8,013,000 8,013,000
Gen.M.bds.—pledg 2,500,000 2,500,000 Funded debt.......... 10,301,600 10.301,600
Stock of other cos.
48,888 Equip, trust obli­
48,888
Material and sup­
gations (contra).
49,594
83,870
plies on hand__
115,804 Acer. Int. & taxes.
105,987
209,980
191,371
Securities in treas.
155.000
108,900 Current liabilities.
422,400
296,181
Loans on coil. sec.
319.000
319,000 Additions to prop.
203,568
203,568
Cash & curr. assets 221,092
311,072 Profit and loss___
30,989
Profit and loss___
1/63,027
T o t a l................ 10,200,142 19,120,579

T o ta l...... ......... 19,200,142 19,120,579

x After deducting reserve for accrued depreciation, $226,473.
V After deducting net miscellaneous adjustments, $1,711.
Directors.— Charles E. Ingersoll.

W ells Fargo & Co., New York.
{Report fo r Fiscal Y ea r ending June 30 1912.)))

Pres. B. D . Caldwell, N . Y ., Oct. 10 1912, wrote in subst.:
Results.— The railroad mileage operated on June 30 1912 was 64 351
?!!]??■, **>0
’ nland steamer, coastwise and ocean steamship mileage
Rinppe?hnC‘il 27 ’ 0 0 *!?■lkis ’.
.V10 tot-il,mileage 91,392 miles, an Increase
since the last report of 16,995 miles o f railroad mileage and 6 528 miles of
other transportation, or a total Increase of 23,524 miles
The agencies
totaled, 7,145. Employees (exclusive and joint) numbered 23 045
I h e increase in gross earnings during the year was largely due to the new
railroad lines which have been operated since A ug. 1 1911. The taking over
of approxim ately 17,000 miles, embracing a considerable number of trunktoe railroads, was a task of great magnitude, especially In the neccssitv
which existed for the attainm ent, In the shortest time possible, o f a standard
o f express service similar to that maintained b y your com pany elsewhere




Netopcr. r e v ... 2,542,847
Outside oper. (net)
1,506

2,363,750
27,065

Total net re v .. 2,541,341 2,390,815
Gross corp. inc. 3,441,674 3,489,892
The gross corporate income from express operations, $2,204,828 in
1911-13, against $2,153,771 In 1910-11, com pares with $3,183,475 In 1909­
10 and $3,262,479 in 1908-09. Other Incom e, $1,641,066 and $1,401,900
in 1909-10 and 1908-09, respectively, making total incom e in 1909-10
$4,824,541, against $4,664,379 in 1908-09.
B A L A N C E SH E E T J U N E 30 1912.
Assets—■
LiabilitiesReal property and equip’t-..nS5,656,694 Stock outstanding.............. $23,967,400
Securs. of system corp. unpl.
10,000 Traffic bals. due other c o s ...
174,432
Physical property owned___ 2,170,972 Audited vouchers and wages. 2,015,631
Cash on hand and In banks.. 4,464,828 Mat. int., rents & divs. unp’d
16,532
1,703,093 Unpaid money orders, checks
Cash in transit_____________
Marketable securs. other cos—
and drafts------------------------ 2,359,672
Stocks_______ S4,404,608
Express privileges payable.. 1,948.305
Bonds. ........ ... 13,060,728 19,806,925 Other working liabilities___
13,469
b Mlscell. accts. receivable... 2,002,588 Unmat. int., rents & divs.pay. 1,198,370
Materials and supplies..........
202,183 Taxes accrued........ ...............
188,070
Unmatured int., rents & divs
202,911 Operating reserves........ ........
37,500
cDcferred debit items............
1,888,299 Other deferred credit items..
254,067
Profit and loss_____________ 5,935,046
Total....................................$38,108,494

Total........ ............ ............ $38,108,494

a Real1 property and equipm ent, $5,656,694, Includes real estate, $884 228; build
| and fixtures,. $2,047,359,
. . . . .
ildlngs
and equipm ent, $2,800,506, less
fm * accrued
n p/im in rl rln
n rf> r*l n t i n n
Q'Jfi QOO
reserve for
depreciation,
$75,399.
b Miscellaneous accounts receivable, $2,002,588, Ino ludes loans and bills
receivable, $206,734; traffic balances due from other com panies, $19? 149net balances due from agents and conductors, $1,270,767- other w orking
assets, $159,256, and other accounts, $172,682.
c Deferred debit Items, $1,888,299, include working funds, $32 300advance payments, $1,548,798, and other deferred debit Items $307 20’ ’
— V. 93, p. 1104.

New York Dock Company,
{Report for Fiscal Year ending June 30 1912.)

Prest. F. S. Landstreet, N .Y ., Sept. 24, wrote in substance!
Results.— The gross earnings of all departments other than the railroad
show a decrease of $122,186. Of this decrease $205,831 was In the ware­
house and storage departm ent; there was an Increase of $40,617 In the
steamship and dock department and an increase of $43,028 In other
Incom e. Current assets increased $280,287; current llabil. decreased $92,820.
The larger part of the decrease in earnings occurred during the first six
months o f the year and was due to the continued depression in the storage
business. The dock and miscellaneous earnings show gratifying Increases
Expenses as shown b y the Income statement decreased $29 808 o f which
? IJ. 1«4 was in operating expenses, $6,715 in repairs and 56,908 in Insurance.
[The directors decided on March 19 1912 to omit the semi-annual dividend,
usually paid In April on the $10,000,000 (5% non-cum .) pref. stock, and no
distribution also was made In O ctober. See V 91 p 1123 ]
Permanent Improvements — Manufacturing loft buildings N os. 9 and 10
each 440x80 ft ., and 6 stories In height, are being pushed to com pletion!
but will not be ready for occupancy before Feb .1 1 9 1 3 . Considerable space
has been placed under lease at satisfactory prices. In advance of com pletion
A manufacturing building on Furman S t., south of Montague, and a large
cold-storage building on Furman S t., near Fulton, are under construction
These two buildings are being constructed under leases made In advance for
a long period of years at satisfactory rates. Both buildings occupy spaces
not heretofore producing revenue.
Pier N o. 22 at the foot of Atlantic A ve. Is being extended with a steel
sh ed . It has been placed under a long-term lease at a very satisfactory rate
W hen com pleted It will be 1,000 feet long.
Store 46 was placed in service in N ovem ber, and Stores 48 to 53, inclusive,
which were converted Into fireproof structures and equipped with sprink­
lers, were placed In service In January. The policy of adding to the
sprinkler equipment has been continued. The German-American stores,
the Richardson & B oynton buildings and a warehouse on King St. which
was remodeled for manufacturing, have been thus equipped. Pier 33 will
be fully equipped b y the close of the calendar year. In the! rai
__ depart_
railroad
ment a telpher system of freight-handling was Installed and Store N o! 117
converted into a freight warehouse; an engine-shed was provided at Baltic
Term inal. A n industrial siding was placed on King St.
The expenditures for permanent Improvements In all departments during
the year amounted to $536,893. The com pany has on hand sufficient cash
to com plete all work authorized.
Y ou r Empire and Fulton properties lying north of the Brooklyn Bridge
which were isolated and not necessary for our operations, were sold, and the
proceeds deposited with the trustee o f the m ortgage.
Depreciation.— Beginning with the current fiscal year, a charge for depre­
ciation covering Improvements made within the last two years and future
work of this character will be made, for the purpose o f setting up a reserve
-or the future Improvement or replacement of your warehouses piers
'-qulpm ent. &o
These amounts will be charged to operating expenses

[VOL. LXXXXV.

THE CHRONICLE

1212

The amount spent for repairs and maintenance In all departments was
$100,407, an Increase of $2,820; all of which has been charged to oper. exp.
tv n . Y . Dock R y . Co.— The application for a franchise for your railroad has
been granted and the road will be oper. after Oct. 1 1912 as N. Y . Dock R y.
Joralemon St. Award.— These cases have been concluded and the awards
made your com pany, which, with Interest, amounted to §540,000, have been
paid since the close of the year. This amount Is not Included In the cash
balances of this report. [The award was made In O ct. 1909 for property
taken In 1904 by the Hoard of Rapid Transit Commissioners at the f o o t of
Joralemon St. for the construction of the Interborough Tunnel and for
condem nation of an easement under the p rop erty. Sec also V . 93, p . 1120.J

to enter Into this new construction owing to the restricted location o f the
Sanderson plant in the heart of Syracuse, with no way to enlarge it.
Stockholders.— A ug. 31 1912: pref. 3,211, com m on, 1,875; total, 5,080.
[See also bond offering Norwalk Steel Co. in V . 95, p. 422.1

IN C O M E AC C O U N T FOR Y E A R S E N D IN G J U N E 30.
1909-10.
1910-11.
Earnings—
1911-12.
W arehouses_____________
$979,087 $1,184,918 $1,302,718
583,235
531,508
D o c k s _________________________________
572,125
30,872
42,903
Other Incom e________________
85,990

Net earnings__________ $3,009,458
Other incom e__________
62,210

$1,637,202

$1,759,380

$1,910,825

$522,538
72,700
43,919
7.134

$539,702
79,415
50,827
6,148

$527,075
46,003
63,745
6,053

. $016,291
. $990,912
.
10,200

$670,092
$1,083,297
*27,560

$643,536
$1,273,280
*45,082

.$1,001,172

$1,110,857

$1,318,071

$376,400
472,000

$336,000
472,000

. . $850,355
$848,400
. _ $111,817
$202,457
_ . (1) 100,000(3 H)350,000

$808,000
$510,971
(4)400,000

Expenses-

.

Repalrs & m alnt. warehouses A docks
Insurance____________________________ .
Legal expenses------------------------------------ .

Ner earnings, railroad department
T otal Income___________________
Deduct—
T a x e s ----------------------------------------Bond Interest___________________
T otal deductions_______ ______
Balance, surplus---------------------------Preferred dividends----------------------

.
.

$384,355
472,000

•Gross earnings from operations of railroad department in 1911-12 were
331,212, against $258,773 In 1910-11 and $217,552 In 1909-10; expenses,
$33
320,952,. against
$231,213 and $171,870; and net, as above, $10,200,
$320__
_
against $27,500 and $45,082.
BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
[
§
s
$
1 Liabilities—
S
Assets—
7.000,000 7,000,000
Property. & c__ .#29,310,000 29,603,139
10,000,000 10,000,000
852,271
904,018
Casii----- ------------45,220 First mtge. bond3 .12,550,000 12,550,000
78,580
Loans on nulse__
111,713
183,578
Accounts payable
Accounts A claims
209,107
200,107
576,742
492,556 Accrued bond int
receivable........
204,070
47,192 Accrued taxes—
03,395
Acer, earns., net..
4,979
29,2 lg Miscellaneous__
37,633
Materials A supp.
47,400
Trustee Insur.accl
187,7 8
Taxes prepaid----21,088
17,017
39,959
07,570 Reserve b_______
Insur., Ac.,unexp.
38,773 Surplus_________ 1,182,815 1,124,264
43,593
Miscell. expenses..
T o t a l................ 31,189,977 31,228,317

T o t a l................ 31,189,977 31,228,317

a property, A c., Includes In 1912 real estate, wharves, warehouses, &c., S27.758,105; terminal railroad, 5040,759: floating equipment, 5281,002; machinery and
tool's, $93,307; and expenditure on improvements and betterments since July 31
1911,’ $530,893; total as above, S29,310,OOG.
b Reserve for cost of delivering merchandise in store.—V. 94, p. 1123.

Crucible Steel Company of America.

E A R N IN G S FOR YE AR E N D IN G A U G U S T 31.
1911-12.
1910-11.
1909-10.
1908-09
Gross earnings................$19,256,107 $15,902,139 $18,782,729 $12,121,6ol
Operating charges-------- 14,990,785 12,075,023 14,086,415
500,000
599,473
Provision for d ep rec’n . .
050,000
72,912.
32,505
Provision for con tin g 's.
5,804
$2,595,138
134,028

$3,523,402
25,943

$1,995,408
29,518

Balance for dividends $3,671,674 $2,729,706 $3,519,345 $2,024,920
$12,218
$73,310
Int. on dividend s c r ip ..
$73,310
98,938
Int. on bonds of sub. cos.
173,368
$10,000
1,245
Int. on purch. m oney M
Preferred d iv id e n d s ...(7 )1 ,7 5 0 ,0 0 0 (7) 1730277a(7 H) 1802192 (2K )549,821
Balance, surplus_____ $1,074,996

$827,241

$1,733,690

$1,465,105

a 7 % % : also 10% scrip dividend ($2,443,650) on the p ref. stock issued
June 30 1910.
BALANCE SHEET AUGUST 31.
1911.
1912.
1912
1911.
Liabilities—
$
S
S
Assets—
8
Real ost.,plants,Ac.45 ,253 ,248 44,758,516 Prererred stock__ 25,000,000 25,000,000
Common stock__ 24,578,400 24,578,400
Inv. in and ailvan.
to associated cos. 3 073 ,970 3,511,295 Dividend scrip - - ­ 2,101,210 2,212,487
949,775
Accounts payable. 1,497,648
Cash, Ac., with
Bills payable........ 1,262,600 1,577,500
trustee of At ha
08,452
74,401
385,047 Int., Ac., accrued.
Wits. Imp’t fund
540.201
200,509 Depreciation, Ac.. 021,718
200
Investment secure.
148.202
182,559
2,140,000 Insurance fu n d ...
Accts. A bills rec._ 3,431
50,000
50,000
1,188,877 ltes’ ve for contlng .
Cash _................ ... 1,298
53,342 Proiit Aloss.surp.. 4,950,277 3,275,280
52
Taxes,ins., Ac.,adv.
0,180,708
Inventory ............ 0,409
T o t a l_________ 60,378,013 58,430,420
T o t a l...... . ...60,378,613 58,430,420
The company lias also guaranteed ttie principal and interest of $7,940,000 5%
bonds of associated companies.— V. 95. p. 1210, 892.

City Investing Co.
(Balance Sheet,
1912.
1911.
Liabilities—
S
S
Assets—
ltcal C3tate............ a 1,93 G,010 4,656,015 Common stock........4
Bonds A mortgages. 300,000 757,000 Preferred stock........1
Stocks of other co s.. 118,107
128,107 Bills payable...........
Accounts payable...
N. Y. City 4% bonds 150,350
12,345
9,748 Rents rcc. In advance
Furniture, iixt., A c.
Acer. Int., taxes, A c.
06,312
Tenant changes........
Unexp. insur. A exp.
60,028 Reserve for deprec’n
47,340
114,100 21.1,78.) Surplus......................
Acct3. receivable__
49,722
35,904
Cash........................
T o t a l.................. 5,794,052 5,807,310

1911.
1912.
S
S
,000,000 4,000,000
,000,000 1,000,000
80,000
115.000
188,077
130,207
1,307
4,878
187,853 232,110
300.000
50,714 305.150

T o t a l_________ .5,794,652 5,807,310

a Ileal estate is given after deducting underlying mortgages amounting to
Sll.010,000 In 1912, against $12,432,000 in 1911.
,
.............
Dividends paid on preferred, 7% (qtiar.) In full to date, but no dividends on
common since 1907.— V. 87, p. 1535, 874.

(Report fo r Fiscal Year ending A u g . 31 1912.)

The report, signed Oct. 10 by Herbert Du.Puy,Chairm an,
and 0 . C. Ramsey, President, says in su b sta n ce:...................

GENERAL

IN VESTM EN T

NEWS.

Results.— The net profits applicable to dividends were $3,424,990,
Baltimore & Ohio Chicago Terminal R R .— E a rn in gs .—
caulvalent to 13.70% upon the preferred stock. These profits are deter­
Year end.
Gross
Net (after
Other
Int., &
Balance,
mined after charging against the operations of the year $780,420 for repairs,
June
30. Earniangs.
Taxes.
Income.
Rents.
Deficit.
$050 000 for depreciation and renewals, and $5,804 for contingencies.
101 1 -1 2.- $1,557,470
$77,631
$809,818
$1,254,776
$367,297
Earninos by Quarters (Results for 1910-11 from Previous Report.— Ed.)
1 010-11..
1,451,102
14,175
831,118
1,332,892
487,599
N ov. 30
Feb. 29
Man 31
Aug. 31
Total.
Interest and rents, as above, $1,251,776 In 1911-12 includes, Interest,
Quarter.
Quarter.
Quarter.
Quarter.
$1,202,979, hire of equipment (net balance), $47,133, and join t facilities
1911-12
$1,141,008 $1,142,707 $1,393,112 $1,437,071 $5,113,958
(total
paym ents), $4,666.— V . 92, p. 1031.
1910-11
1 022 759
972,321
1,078,550
1.007,140
4,080,770
The gross earnings, $5,113,958, arc very gratifying when we consider
Beaver & Ellwood R R .— First Mortgage Bonds Called .—
the difficulties under which we were struggling during the first six months.
All of the outstanding ($150,000) 1st M. 4 % bonds of the Beaver A Ell­
The net profits applicable to dividends were $3,424,990 [contrasting with wood ItR ., dated July 1 1899, have been called for paym ent at par and
$2,557,518 in 1910-11. Compare V . 95, p. 8201
.
interest on Dec. 1 at Guaranty Trust Co.
The ratio of operating charges to gross sales was 77.83% , being a de­
B ostonE levated R y.— New Director.— Galen L. Stone, the
crease for the past year . The net profits earned were equivalent to 13.70%
upon the pref. stock, as com pared with 10.23% for the previous year.
Boston and New York banker, has been added to the board.
Surplus.— The total undivided surplus, represented by quick assets
derived entirely from operating profits after the payment o f the preferred
New Securities.— The stockholders on N ov. 4 also autho­
dividend of 7% per annum ($1,750,000) was$4,950,277, an in c .$1,074,996.
Outlook.— In July 1912, almost at the end of the fiscal year, conditions rized the directors to issue (a) §4,000,000 additional stock,
throughout the country changed for the better, and your com pany too, the same to be offered to the shareholders at 105 to provide
began to receive the benefit. Owing to the expectations o f the largest
crops the country has ever produced, the railroads, being the largest con­ for such expenditures as the State R lt. Commission shall
sumers of steel, foresaw the necessity of Increasing their equipment in approve; (b) §5,000,000 30-ycar bonds (to be secured by
order to take care of this Increased tonnage and of preparing their road­ mortgage which will also secure all other bonds of the com­
ways for the expected heavy traffic, inducing them to conic into the market.
Through tills start, the demand throughout the country for the products pany now outstanding) on account of new construction,
o f steel works has becom e so urgent that It has been impossible to secure equipment, &c., funding floating debt and payment of any
the additional labor necessary to produce the business offered. All of your
The following has been officially revised:
mills arc short of this class of labor, such handicap largely affecting increase other debts.
These securities are designed to provide for construction and equipment
of profits, since, with the reduced tonnage, costs are naturally increased.
purposes. Am ong other things, m oney Is needed to defray the expense of
It is hoped that after cold weather sets in, this condition will improve.
Depreciation and Renewal of Plants.— An effort is being made to bring up building the East Cambridge viaduct, the South Boston povvu plant,
your com pany's plants to the highest state o f efficiency and to maintain ttie Malden elevated extension and some of the previously unflnanced cost
them there. T o accomplish this, during the past year there has been of the Cambridge subway.
expended $786,420 for maintenance and upkeep, all of which lias been
The (
charged against income as a part of current expenses. In addition to this $4,000,
large sum, your board of directors during the year has .set aside, out of
profits, the usual sum of $500,000 to cover depreciation and renewal of part stock. * A rad leaf new departure is made in the proposed issue of bonds,
which arc to be a first mortgage. This Is designed to broaden the market.
plants of the parent com pany, and $150,000 for the subsld. com panies.
Pittsburgh Crucible Steel Co.— The plant of this subsidiary com pany has A debenture bond, even though legal for Massachusetts savings hanks,
been steadily growing through the construction o f its buildings and the appeals to a more limited class of Investors than a niortgage security.
W ith the new securities outstanding, Boston Elevated will have a total
erection of m achinery, but will hardly be able to produce steel until the
capitalization of $47,250,000— $23,300,000 bonds and $23,9o0,000 stock,
spring or summer o f 1913. (V. 92, p. 205, 320, 730; V. 93, p. 1019.)
Midland Improvement Co.— Owing to the expected large increase in the 'i'be $18,300,000 bonds outstanding arc all debentures. As Is usual In the
number o f em ployees at the plant of the Pittsburgh Crucible Steel Co. at case of debenture Issues, the law covering the outstanding bonus provides
Midland, Pa., a new constituent com pany, the Midland Im provem ent Co., that any mortgage thereafter executed upon the property shall Include the
was incorporated anil acquired the remaining 500 acres of unimproved present bonds, thus adding to their attractiveness as an Investment se­
land in and adjoining the present town of Midland. It is the intention to curity. (“ Boston News Bureau,” O ct. 29.)— V . 95, p . 11-1, 618.
divide this property Into lots, some of which will be sold to em ployes,
Boston & Lowell R R .— §280,000 Stock at A uction.— The
anil upon others houses for workmen will be erected. A large portion
o f this new purchase will be laid out as a model town for the com pany s company will offer for sale at public auction in Boston, by
employees, with streets laid out in curves, parks at intervals, Ac.
Francis Henshaw & Co., auctioneers, at 97 Milk S t., on
Crucible Coal C o.—-The Crucible Coal Co., organized by your com pany last
year, began the delivery of coal to two of your plants in August 1912.
It is N ov. 13, § 2 8 0 , 0 0 0 additional sto c k — V . 94, p. 826.
fully expected that the developm ent will be enlarged and gradually all o f our
Central Park North & East River R R ., N. Y . City.— Plan
large plants will be supplied wilth fuel from this source. A fleet of some
50 wooden coal barges and a steam boat have been purchased, which will be o f Reorganization.— T . P. Shouts, E- J. Bcrwind and Ilarry
augmented by modern steel barges ultimately to take the place of the Bronncr, the reorganization committee, has applied to the
wooden ones. Tw o o f these steel barges arc promised for delivery in
P. S. Commission (hearing set for N ov. 8) for authority to
N ovem ber 1912. (See bond offering V . 93, p. 1107, 1024.)
Atlia Works— The plans outlined in our report last year have been carry out a plan of reorganization dated N ov. 1 1912, pre­
slowly focusing to com pletion, so that it is confidently expected that some
tim e during the spring of 1913 the electric-steel plant will start actively pared in accordance with an agreement of the same date
at work. During the past year the machine-shop and auxiliary buildings with the New York Railways Co. whereby that company
have been Increased in size, so that your com pany can now take care of an
will receive in exchange for its holdings of the §1,200,000
additional amount o f Government business.
Syracuse (N . Y.) Crucible Steel Co.— This new corporation has been first mortgage bonds the entire §500,000 stock of the suc­
organized by your com pany and has bought some 45 acres o f land in the
suburbs of Syracuse, upon which it Is Intended to begin the erection during cessor company, and the last named will authorize a new
the com ing year o f a large new Crucible steel plant, planned to use the §1,500,000 mortgage, of which not over §1,100,000 will now
most economical appliances and to manufacture the highest quality of
Crucible steels by the m ost modern m ethods. I t has been found necessary be issued to provide for present cash requirements, these




X o v . 9 1912.]

THE CHRONICLE

bonds either to be sold or pledged to secure short-term notes.
The foreclosure sale is set for Nov. 14.
Capitalization of Proposed New Company.
1st mortgage bonds, authorized Issue not to exceed $1,500,000, run­
ning not over 50 years, bearlnglinterest not exceeding 5% per
an., principal retlrable at such premium, not exceeding 7.50%
of par, as shall be calculated to obtain the best price for such
bonds. Present Issue, to be sold or pledged to secure notes be­
low described. In order to cover cash requirements necessary
Improvements, &c., not o v e r — ---------------------------------------------$1,100,000
Remaining $100,000 to be Issued thereafter from time to time
only for further Improvements upon or additions to an amount
not exceeding $105 face value of bonds for each $100 expend­
ed on such Improvements.
[If It Is decided to be best, the new com pany m ay Issue
$1,000,000 short-term notes running for a period of not ex­
ceeding three years, to be secured by the said $1,100,000 new
bonds at not exceeding 110% face value of bonds for each $100
face value of notes Issued, said notes to bear such rate of Inter­
est as the committee shall recomm end, and shall be retlrable
upon any Interest day at a premium o f not exceeding 1% .]
Capital stock, fully paid and non-asscssable, all to be ultimately as­
signed to the New York Hallways Co. (In exchange for the ex­
isting 1st M. bonds of 1872), but m ay be deposited b y the
com m ittee with the Guaranty Trust Co. as additional security
for the “ first real estate and refunding” and the "adjustm ent”
mortgages of the New York Railways Co., both dated Jan. 1
1912. Total not to e x c e e d ..
_
..... ................... $500,000
Street Iiailway L ines— East Hell Line llelow M th St. M ay Be AbandonedThe com pany owns street surface railways In N. Y . City as follows!
(1) 59th St. line (electrified), 59th St. from 1st A ve. to 10th A ve. and on
10th A ve. to 54th St. (2) West Belt, horse-car line, 54th St. along 10th
A v e ., Little W est 12th St., W est St., Battery Place and Whitehall St. to
South Ferry. (3) East Belt, horse-car line, from 59th St. to South Ferry,
traversing with other streets portions of 1st A ve., 14th St., A v e . I), 8th
S t., East Houston S t., Grand S t., Corlears S t., Monroe S t., Front S t.,
South S t., Roosevelt St., &c.
Portions of the West Belt and East Belt lines as above described have
been equipped for operation by electricity and are used by the horse cars
o f the Central Park Co. and by electric cars of other com panies.
The East Belt line has been a heavy drag upon the com pany and It Is the
ntcntlon, upon reorganization, to abandon that portion below 14th St.
The net loss from operating the East Belt Line was for the year 1908-09
$38,961, for year 1909-10 $08 924 and for year 1910-11 $98,489.
Outstanding Funded Liabilities and Cash Requirements.
(1) IstM . bonds of 1872 (owned b y N . Y . Railways C o .), $1,200,­
000, and unpaid Interest thereon at 6% June 17 1908 to Feb. 16
1911, $191,800; total, $1,391,800; and Interest on said $1 391,800 from Feb. 10 1911 to O ct. 31 1912, $143,123; total all $1,534,923
(2) Alleged to be a lien prior to said bonds—
(a) Special franchise taxes, 1901-.il, $308,010; 1912, $13 322Interest to Dec. 1 1912, $124,170________________________ _ $445,508
(b) Real estate taxes, say $49,010; (c) Judgment, $3,955; (d j
current accounts as of A ug. 31 1912, $58,902, Including
$21,900 due receivers Deo. 31 1911, subject to offsets______ $111,927
3) Claim of N . Y . Central Co. for accrued rentals under trackage
agreement, dated June 25 1874, for use of lines on 10th A ve.
and West St. from 30th St. to Canal S t., $70,173,which, prior
$50,000
to Dec. 15 1912 can be settled for_ _____ __________ __________
Required In cash, In order to Install storage-battery cars for
successful operation of East Belt Line and West Belt Line,
to perform certain track work required upon the West Belt
and 59th St. line and to erect a charging plant for storage
batteries, a bou t____________ __________________________________ $280,000
The total cash required In order to reorganize the property m ay be esti­
mated at approxim ately $1,000,000.— V . 95, p . 1206.

1213

the Interest charges, including the bonds proposed to be issued. Certain
provision is required annually for depreciation, maintenance. &c. Annual
sinking fund to retire and cancel over 25% of this Issue: 1917 to 1922, 1%
on all bonds outstanding; 1922 to 1927, 2 % ; 1927 to 1932, 3 % . Bonds
made free from taxation in Michigan through paym ent of the recording fee.
Earnings for Year ending Aug. 31 1912 with only 29 M iles in Operation.
Gross earnings-----------------------$95,193 j Interest on these Is tM . 5 s .. .$15,000

? i er t? x<is

-------------- 39,792 [Sur. after present lnt. charges 24,792

r o i ° , , i0 st
our Properties as audited by chartered accountants, $639,a j8 , which represents an equity of over 100% in excess of our present bonded
debt. Rail m ostly 80-lb., well ballasted and graveled throughout; impor­
tant bridges and culverts, concrete and steel; terminals at Bay City suitable
for present needs, but expected shortly to require additional facilities, In­
cluding a station to cost over $75,000, for which not exceeding $50,000
bonds can issue. A t Bay City we connect with the Michigan Central, the
Grand trunk, the Detroit & Mackinac R y . and the Pere Marquette, and
we intersect the Pcre Marquette at Akron, the Michigan Central at Caro,
and the Grand Trunk a t W ilm ot.
We expect ultim ately to acquire a continuous standard railroad probably
to a point near Port Huron, which city has becom e an a ctive railroad centre
by reason of the Sarnia Tunnel with its much shorter rail route to Buffalo
and the East, and owing to the consignment of marine traffic to this harbor
on account of the congestion at Detroit. We also propose to extend out­
line about 10 miles north from Akron, tapping a large deposit of bituminous
coal which is owned and controlled by the individual stockholders of the
railroad. Our present shareholders are men of wealth and experience.
Capital stock authorized and outstanding, $450,000.

Detroit Toledo & Ironton R y .— Status.— The foreclosure
sale which was adjourned to Jan. 8 it is thought will not be
further adjourned. If the Ohio Southern Division bond­
holders are not then ready, the two ends of the road will
be sold and taken out of the receivers’ hands. It is expected
that the general lien bondholders’ committee will have a plan
of reorganization ready by Dec. 1.— V . 95, p. 1039, 890.
Edmonton Dunvegan & British Columbia R y .— Guaranteed
Debenture Stock— fu rth er Data.— Touching the recent offer­
ing in London at 94
of £7 00 ,0 00 1st M. 4 % debenture stock
due 1942, made through Lloyds Bank, L td ., on behalf of
the owners, an advertisement said:

Principal and interest payable in sterling at Lloyds Bank, L td ., London
which will also act as registrars of stock. Interest payable b y warrant
Feb. 10 and A ug. 16. Transferable by deed In m ultiples of £1. No part
o f this Issue has been or will be underwritten.
Part of an Issue of $7,000,000 or its sterling cquiv. (£1,438,350 3s. 3d.)
made or to be made under authority of statutes of Canada, 6 and 7 Edward
V II., Chapter 85; 7 and 8 Edward V II., Chapter 104; 9 and 10 Edward V II.,
Chapter 94, and the Railway A ct (R . S. Canada 1906) Chapter 37); Statutes
of Alberta 1911-12, Chapter 10, and o f resolutions of the shareholders and
the directors May 21 1912.
The stock Is constituted and secured b y trust deed dated July 22 1912
(Nat. Tr. Co., trustee) as a first charge on the line of railway to be con­
structed by the com pany from Edm onton through Dunvegan to the western
boundary of the P rovince,of the estim ated length of 350 miles, and on the
rolling stock and equipm ent thereof. The net proceeds from the Issue of
the stock are to be applied in the construction and equipment of the line of
railway above m entioned, and for that purpose will be paid to a special
account in the name o f the Treasurer of the Province of Alberta, and b y him
paid out from tim e to tim e against engineers’ certificates.
The $7,000,000 stock represents a bonded debt at the 'rate o f $20,000 per
mile of the line of railway above referred to, and forms a closed 1st M.
thereon, but the com pany m ay Issue further stock or guaranteed securities
In respect o f additional lines o f railway to be hereafter constructed b y the
Chicago & Alton R R .— Earnings. — For year end. June 30: com pany In the Province o f Alberta for such sum or sums of m oney not ex­
June 30.
Operating Net (after Other
Total
D ies.
Balance ceeding $20,00Q per mile as m ay be authorized b y the Legislative Assembly
Year—
Revenue.
Taxes). Incom e. Deduc'ns.
Paid.
Deficit. o f the Province o f Alberta under the provisions o f the A ct 1911-12, Chap. 16;
1911-12...........$14,535,722 $3,188,865 $834 $3,493,421 $35,172 $338,894
provided that, before such securities can be issued, the guaranty b y the
Provinoe o f the payment o f the principal and interest thereof must first
1910- 11--------- 14,592,519 3,723,279 1,705 3,567,509 408,400 250,992
Dividends as above Include 4 % on prior lien and participating stock In have been authorized b y the Legislative Assembly o f the Province o f Al­
1911- 12, against 2% In 1910-11 and also In 1910-11 $390,880 (2% ) on the berta, and such guaranty must have been given pursuant to such authority,
4% non-cum ulatlvc pref. stock. Deductions ($3,493,421 In 1911-12) con­ and that supplementary mortgages or deeds covering the said additional
sist of: Hire of equipment (balance), $372,023; rentals (bal.), $144,239; lines must be taken to the trustee as directed b y the said A ct.
Company incorporated under A cts of the Parliament of C anada.
sundry Interest, $119,123; operation of dining car service, $34,572; Interest
General Guaranty to be Endorsed on Each Debenture Certificate.
on funded debt In hands of public, $2,514,880; dividends on stock of sub­
By virtue o f the powers conferred b y the Legislature of the Province of
sidiary lines, $241,024, and discount on securities written off, $66,954.—
Alberta, and of an order of the Lieutenant-Governor in Council, and pur­
V. 95, p. 889, 749.
suant to the provisions of a trust deed dated July 22 1912, made between
Chicago & Western Indiana R R .— Gen. M . Called, B ond s .— the Edm onton Dunvegan & British Columbia R y. Co., National Trust Co.,
One hundred and nine ($109,000) 6% gen. mtge. bonds o f 1882, for pay­ L td., trustee, and his Majesty the King, acting on behalf of the Province
m ent Dec. 1 at 105 and lnt. at office of J . P. Morgan & Co.— V . 95, p. 1030. of Alberta, the said Province of Alberta docs hereby guarantee payment
according to their tenor of the principal and interest of the debenture stock
Cincinnati New Orleans & Texas Pacific R y .— Rental .— of the Edm onton Dunvegan & British Columbia R y. Co. issued or to be is­
The common stockholders will vote on N ov. 19 on authorizing the com ­ sued under the terms of said trust deed, payable on Feb. 16 1942 amd bear­
pany to enter into an agreement with the trustees of the Cincinnati Southern ing interest at the rate o f 4% per annum, payable half-yearly. The amount
R y . supplementary to the existing lease under which the rent payable of said stock included in this present guaranty is the sum o f $7,000,000
by the Clu. N. Orl. & T ex. Pac. shall be increased In an amount sufficient or its equivalent In sterling.
From time to time as the com pany m ay becom e entitled to issue further
to pay the Interest on bonds of the city of Cincinnati to be Issued to create
a fund whereby said trustees m ay com plete the terminal facilities, and to guaranteed securities as defined in the said trust deed, under the provisions
provide a sinking fund for the redemption of said bonds at their maturity. thereof, and as further guaranties o f the paym ent thereof are given, all gen­
Such bonds, however, not to exceed $500,000 and to be Issued at not ex­ eral guaranties taken together shall represent the total securities guaranteed
[Dated at Edm onton, A lberta, Aug. 12 1912, and signed b y M .M cK enzie.
ceeding $100,000 per annum .— V . 94, p. 1507.
Provisional Treasurer; witness, Norman L . Hardey.J— V . 95, p. 1207.

Denver Laramie & Northwestern R R .— Receivers’ Certfs .—
The receivers have, It is reported, been authorized to Issue $50,000 cer­
tificates, $20,000 of of the proceeds to be used to take up notes which were
made to m eet pay-rolls when they first took charge. The application was
made to Judge Kiddle In the Dlst. Court on A ug. 21. Compare V. 95, p. 543.

Denver & Rio Grande R R .— Resignation.— Charles II.
Schlacks has resigned as Vice-President of the Denver & Rio
Grande in order to devote himself entirely to the interests
of the Western Pacific.— V . 95, p. 623, 613.
Detroit Bay City & Western R R . — Steam R R . Bonds
offered.— The National City Bank and Chapman, Mills &
Co., both of Chicago, are offering at 94 and int. the present
issue of $300,000 1st M. 5 % sinking fund gold bonds, dated
Oct. 1 1912 and due Oct. 1 1932, but red. at par and int.
upon 60 days’ notice on and prior to Oct. 1 1922; thereafter
at 105 and int. Par $1,000 (c*). Prin. and int. (A . & O.)
payable at First Trust & Sav. Bank, Chicago, trustee.
Total authorized issue, $1,250,000.
Digest of Letter from Pres. Thos. L. Handy, Bay City, Mich., Nov.l 1912

Incorp. In Mich, to acquire a standard-gauge steam railroad operating
due east of Bay City through the famous Thumb "C ou n try” of Michigan
and thence eventually to Port Huron. This section, owing to the unusual
fertility and productiveness of the soli, gives our road a large tonnage in
addition to that originating from large manufacturing industries and exten­
sive coal deposits The country has been cleared and largely placed under
cultivation, growing corn, oats and other cereals, the soil being particularly
adapted to hay, white beans, sugar beets and garden truck. Farm products
contribute 32% of our revenue; forest products only 1 % . Extensive coal
mines at Akron give us considerable tonnage. Bay City has a population
(1910 Census’ of 45,166 and has growing Industrial interests and a large per
capita wealth. Passenger traffic accounts for abou t 37% of our gross
earnings. Our present gross revenue of $3,282 per mile was earned on the
mileage from Bay City to Caro, only 29 miles, the extension to W ilm ot.
about 11 miles, having but recently been opened for traffic.
These bonds arc a ilrst lien on all property and franchises now owned or
hereafter aqqu red.
The remaining $950,000 bonds m ay be Issued for addi­
tional terminal facilities at not exceeding 75% of cost, and for com pleted
mileage ready for operation at not exceeding $8,000 per mile, exclusive
of sidings, switches, &c.; provided that the annual net earnings are twice




El Paso & Southwestern R R .— New Officer.—
T.
M. Schumacher has been elected a VIce-Pres. and a director Im charge
of all departments, with office at New Y ork.— V. 89, p. 666.

Kansas City Southern R y , — Equipm ent N otes Called.—
The $210,000 4J ^ % equipment gold notes, series “ B ,” ma­
turing at dates later than Dec. 1, have been called for pay­
ment at par and interest on that date at the office of Blair
& Co., 24 Broad S t., N . Y ,— V . 95, p. 1207, 1039.
International & Great Northern R y .— 4 % on Preferred .—
A dividend of 4 % has been declared on the $5,000,000 pref.
stock, payable Jan, 2, making with the initial dividend of
1 % paid Aug. 1 a total of 5 % from the earnings of the fiscal
year ending June 30 1912.
For the 9 H months ending June 30 last, the com pany earned the full
5% on the preferred and 8.5% on the $6,500,000 participation certificates
which represent the equity in the com m on stock.

Bonds. — The Texas R R . Commissioners N ov. 1 authorized
the issue of $396,273 additional bonds on account of:
Ten freight locom otives, $196,459; 75 ballast cars, $73,019; 100 tank cars,
$94,352; 7 passenger coaches, $75,808; 6 chair cars, $68,398; 7 baggage and
express cars, $52,815; cost of inspection of equipm ent, $1,168; 6% franchise
value, $33,751.— V . 95, p. 680, 176.

Licking River R R .— To B e Dism antled .—
The road, extending from Salt Lick, Bath County, K y ., to A rnett, Morgan
County, 32 miles, will, It is reported, be dismantled shortly on the ground
that Its operation does not pay. The road is owned by the Yale Lumber
Co., an Indiana concern, and was used m ostly for hauling tim ber from the
com pany’s property, but has been lately carrying passengers and hauling
other freight.— V . 91, p. 366.

Los Angeles Railway Corporation.— Bonds — E arnings .—
William Salomon & Co. and E . H . Rollins & Sons are offer­
ing at 98 and int. “ first and refunding M .” 5 % gold bonds of
1910, due Dec. 1 1940. Authorized, $20,000,000; outstand­
ing, $14,305,000; held in sinking funds, $343,000; remainder
reserved to retire $5,352,000 divisional bonds.

THE CHRONICLE

1274
C on d en sed E x tra c ts from L e tte r of

P res. H

E . H u n tin g to n , N o v . 1 1 9 1 2 .

Owns and operates the entire local street railway system of L03 Angeles
com prising about 357 miles of single track railway, all but 5 miles of the
system being double track. Laid vvitli 87-lb. and 72-lb. rails In the prin­
cipal down-tow n and adjoining sections; on the o u tljb ig lines the 60-lb.
rails are being replaced with 72-lb. as fast as necessary. Ballasted through­
out principally with gravel and broken stone, which is grouted with cement
m ortar or placed on solid concrete on streets paved with asphalt. A bou t
142 miles of track are on paved streets (abt. 90% asphalt), the remainder
on private right of way or on gravel streets. Operates 770 car3, of which
530 pay-enter cars. W . A . Cattell, Consulting Engineer, San Francisco,
conservatively reports that exclusive of franchises, A c., the property has a
replacement value in excess of the total bonded debt, and that the entire
system is in an unusually good condition.
Capitalization (less bonds in sinking funds)—
Authorized. Outstand'g.
Capital s to c k _______ _____________________________ $20,000,000 $20,000,000
1st A ref. M. 5s (closed M. except for refunding) . 20,000,000 14,305,000
Los Angeles R y . 1st (closed) M. os, due Oct. 1 1938----------------- 4,852,000
Los Angeles Traction 1st (closed) Al. 6s, due May 1 1915--------250,000
Cons, (closed) M. 5s, due Dec. 1 1938----------------------------------250,0 00
The first and refunding bonds are, as of Jan. 1 1913, a direct mortgage
on the entire property, equipm ent, A c., being (a) an absolute 1st Al. on
85 miles; (0) a mortgage (subject only to $500,000 prior liens, of which
$250,000 m ature Alay 1 1915) on 66 miles; (c) a mortgage (subject only to
$4,832,000 Los Angeles K y. Co. 1st 5s) on 204 miles; total, 355 miles of
single track electric railway. [The mortgages of the Los Angeles inter­
urban Iiy . Co. and the Los Angeles A U edondo lty . Co. will be discharged
on or before Jan. 1 1913.1 Annual sinking fund for 1st and ref. bonds
began Jan. 1 1911, beiug $120,000 per annum and now applicable In part
to underlying bonds; about 40% of issue will thus be retired.
Years ending—
June 30 ’ 12. Dec. 31 ’ l l .
Gross earnings______________________
$6,200,294 $5,758,874
Oper. exp. (incl. taxes, m aint. and rent of leased
lines and equipm ent_____________________________ 4,315,189
3,974,693
Net earnings______________________________________ $1,891,105 $1,782,181
Annual Interest charge on bonds----------------------------- 1,002,500
1,002,500
S u r p lu s ................- .......... - ............................................ $888,605
$779,681
Practically all the important arteries of traffic are covered by franchises
having a life beyond the m aturity of the first and ref. bonds. The fran­
chises expiring before 19 10 have an average life of about 19 years from date
and cover relatively unim portant lines com prising only about 23% of the
total trackage and having a replacement value less than 9'% of the total
value of the property. A bou t 25% of our total mileage Is on a private
right of way owned in fee.— V . 94, p. 1383.

Louisville Henderson & St. Louis R y .— New Committeeman.
Keith L. Bullitt of Louisville has been c.ected a member of the minority
prdferred stockholders' com m ittee (V. 94, p. 207), succeeding W m . Al.
Bullitt, who resigned on his appointm ent as Solicitor-General of the United
States.— V . 95, p. 1040.

Manhattan & Queens Traction Corp., Inc.— Construction.
T he com pany was incorporated in New York on N ov. 2 with $1,000,000
authorized stock to take over the rights form erly owned by the South
Shore Traction C o., which were recently purchased by the AlaeArthur
Brothers Contracting Co. The first spike inaugurating the work on the new
line was driven on the same day, and the actual work of tracklaying was
begun on N ov. 4. Tne Board of Estimate and Apportionm ent has granted
the com pany an extension until Jan. 1 to com plete the first section of 2
miles to Elmhurst, but It Is expected that It will be finished several weeks
sooner.— V .9 5 , p. 1207.

Mason City & Fort Dodge R R .— Status .—
S e j Chicago Great Western under “ R eports” a bove.— V. 88, p. 1437.

Mexico Tramways Co.— $3,000,000 N ew Stock .—
Shareholders of record on N ov. 16 are offered the right to subscribe
pro rata for the final $3,500,000 of the $20,000,000 auth. capital
stock in the proportion of 7-33 of a new share for every old share now held.
— V. 94, p. 1623.

Midland Valley R R . (of Arkansas).— See “ Ann. Reports.’’
Capitalization.— A meeting has been advertised at which
may be considered changes in the capitalization, but no ar­
rangement, we are informed, has as yet been effected for
such changes. Press reports have stated that $1,500,000
new pref. stock or bonds, or both, might be created, but for
what purpose does not appear.— V. 95, p. 618, 47.
Milwaukee Electric R y. & Light Co.— Control.—
Sec Wisconsin Edison Co. under "Industrials” below .— V . 95, p. 818, 544

Milwaukee Light, Heat & Traction Co.— Control.—
See W isconsin Edison Co. under “ Industrials” below .— V . 94, p. 1627.

Missouri Kansas & Texas R y .— Bonds Called.—
Eleven ($11,000) 1st Al. 4 % sinking fund gold bonds, dated N ov. 1 1901,
of the Boonvllle Railroad Bridge C o., for paym ent at par and lnt. on Jan. 1
1913 at Central Trust C o., New Y ork.— V. 95, p. 1036, 1056, 968.

New York City Interborough R y .— Third A v e . Purchase.
See Third A v e. lty . of New York below .— V. 95, p. 544.

New York Consolidated RR .— Capitalization.— Of the
$18,900,000 stock, $5,000,000 is pref. and $13,900,000 com.
The stockholders of the Sea Beach lty . and Canarsle R R . on N ov. 7
authorized the consolidation with the Brooklyn Union Elevated lty .—•
V. 95, p. 1207.

Oregon Electric R y .— Extension to Eugene, Ore .—
An extension was opened O ct. 17 between Albany, Ore., and Eugene,
45 miles. The road now extends from Portland to Eugene, about 120 miles.
— V. 93, p. 1535.

Portland (Ore.) R y ., Light & Power Co.— Dividend In ­
creased fro m 4 % to 5 % B a sis. — A dividend of 1 M % lias been
declared on the $25,000,000 stock (6 5 % paid in), payable
Dec. 2 to holders of record N ov. 16, thus increasing the an­
nual rate from 4 % to 5 % .
g, Assessm ent and Special D ividend. — The directors have
called an assessment of $5 per share on stock of record
N ov. 16, payable Dec. 2, and have also voted that on pay­
ment of said assessment (yielding $1,250,000 for extensions,
&c.) a special dividend of 5 % be paid out of surplus earn­
ings accumulated prior to 1912, not in cash, but as a credit
of a further $5 per share on the stock, making the same
7 5 % paid in.
E . W . Clark A C o., Phlla., J. & W . Scllgman & Co., N . Y ., the Fidelity
Columbia T r. Co., Louisville, and the Huntington Nat. Bank, Columbus,
O., arc authorized to receive payments of the cash assessment, issue re­
ceipts therefor, and to forward stock certificates to Philadelphia or Portland
to be endorsed 75% paid.
•The N . Y . S tock Exchange recently listed $16,000,000 “ first and re­
funding” sinking fund M. 5% bonds, series “ A , ” due 1942, (Compare
V . 04, p. 631, 118.)
Earnings for S ix Months Ending June 30 1912.
Period
Gross
Net
Charges Dividends Balance,
Covered—
Earnings. Earnings. & Taxes.
Paid.
Surplus.
6 m os. end. J ’ne30 T2$3,252,617 $1,885,457 $1,151,353 $500,000 $234,104
Year end. Dec .3 1 ’ l l - 6,336,703 3,607,071 1,850,518 1,000,000 756,526
There \V#s deducted for extraordinary repairs and repairs $06,983 for
the 6 mos. ending June 30 1912 and $285,981 for the calendar year 1911,
leaving $137,120 and $470,545 lor the two periods, respectively, to be
carried to profit and loss.— V . 95, p. 298.




[VOL. LXXXXV

The com pany has brought suit to restrain the city from enforcing the
recently enacted so-called straphangers' ordinance (which would limit
to 3 cts. the fare charged passenger? for whom no seats are provided), and
also tiie GO-cent minimum gas and electric-rate ordinance.
The Northwestern Elec. Co. was voted a franchise In Portland on Sep. 25.
but subsequently a special election of tile citizens was called for N ov. 2
to act on the grant. See that Company under “ Industrials.”
F or record it should be noted that the Portland R y ., L t. & Power Co.
on July 26 1912 turned water into its new reservoir on Bull Run, a part of
the Aft. H ood developm ent, the first unit of which, when com pleted, will
add some 15,000 h .p . to the com p a n y’s generating capacity. Sec V . 94,
p. 1180, 983, 631.]— V . 95, p. 298.

Puerto Principe & Nuevitas Ry.— Sale o f R oad .—
Press dispatches announce the sale of the road on N ov. 6 to Roland R .
Conklin o f New York and J .A I.T arafa o f Havana. The road extends from
Camague.v, at a connection with the Cuba H R ., to Nuevitas, Cuba, 45.6
miles, witli a branch to Central Redcnclon (5 ft. gauge). The line, it is
stated, was built in 1835. and is the oldest in Cuba and one of the oldest in
the Western Hemisphere.
The road, together with the Jucaro A Moron R y ., which extends from
Atoron to Jucaro, 42 miles (single track standard gauge), also controlled by
the Conklin and Tarafa interests, will form a part of the National Railways
system , including the North Coast R y. concession, which was recently
granted by the Cuban Government, and which an American com pany will
control, but the bonds of which, it is reported, have been placed with British
and French bankers.

Quanah Acme & Pacific Ry.— Offering of Bonds o f St. Louis
cfe San Francisco S ystem .— William Salomon & Co., New York,
and G. H . Walker & Co., St. Louis, are offering 1st M. 6 %
gold coupon bonds, dated Oct. 1 1909. Authorized, $10,­
000,000; outstanding, $958,000; to be presently issued (abt.)
$1,000,000; total, $1,958,000. Int. A . & O. St. Louis &
San Francisco R R . Co. guarantees to purchase, pay off or
redeem these bonds at 105 and int. on or before July 15 1921,
and also guarantees all interest coupons. Par $1,000, c*.
Callable at 105 and int. on any interest date on 60 days’
notice. Trustee, Commonwealth Trust Co., St. Louis.
Digest of Letter from C. VV. Hillard, V .-Pres. of St. L. ;& S. E. R R ., O ct. 29T
The railway is a direct connection of the St. Louis & Ban Francisco R R .
at Quanah, T e x ., and forms an extension of that com pany’s railroad in a
southwesterly d irection. '1’ hcse $1,958,000 bonds are secured by a direct
1st mortgage at less than $24,500 per mile on 79.06 miles of road owned,
v iz.: (a) On the line owned between Quanah and Paducah, T e x ., now in
operation, 39.96 miles; (6) on a new line now under construction (to be
com pleted about April 1 1913) extending the property from Paducah to
Roaring Springs, T e x ., about 40 miles; (c) trackage tights over F t. W orth
& Denver City R y . from Quanah to A cm e, T e x ., 3 miles; total, 82.96 miles.
The Q. A . & P. R y . owns its own right of way parallel to the F t. W ortli A
Denver City R y . for practically the entire distance above referred to, and
has contracted to acquire the balance. The Texas R R . Commission ap­
proved the $058,000 bonds previously sold and will sim ilarly pass on the
am ount (approxim ately $1,000,000) now to be Issued.
'l'hc St. Louis A San Francisco R R . C o., b y agreem ent filed with the
trustee, reference to which has been endorsed upon the bonds, agrees that
these bonds shall be purchased, paid off or redeemed at 105 and Interest
on or before July 15 1021, and also guarantees the paym ent of the Interest.
Earnings on 42.96 M iles Now Operated— June 30 Years and (inserted bg
Editor) Month of September.
’ 10-11- Year-' 11-12 1912— Sep— 1911 Sept inc.
Gross earnings.......................... -.$177,152 $168,813 $16,413 $14,414 13.87%
Net a ft. taxes, hire of equip.A c $73,367 $73,007
$7,678 $6,828 12.44%
Deduct— Interest
on b o n d s .. $48,000 $57,480
$4,790 $4,790 -----------Rents _______________
4,000
4,000
333
333 ..............
Other Interest_____________
5,015
---------20 ---------- ---------Balance, surplus___________ $15,752 $11,527 $2,535 $1,705 48.66%
Based on the present traffic In cotton and cattle, the earnings during the
next six months are expected to show considerable Increases. The existing
line (42.96 miles) was opened for traffic on Jan. 1 1910 and serves a good
agricultural and grazing territory heretofore without railroad facilities.
The population of the three counties through which the line passes Increased
over 200% from 1900 to 1910, while the acreage of Improved farming lands
Increased over 500% and the valuation of farm property Increased from
$6,804,000 to $23,479,000. The principal crops are cotton, corn and hay.
Large cattle ranches are In this section and the road occupies a strategic
position for cattle shlpemts, furnishing the shortest route to Kansas City,
S t. Louis and Fort W orth.
,
.
The Issue of bonds Is limited to $10,000,000, at $30,000 per mile of stand­
ard gauge railway com pleted and equipped. The Texas R R . Commission
sanctions the sale of bonds only after an expert valuation, of which at least
$1,000 per mile must be represented by stock .
.........
It Is proposed to further extend the Quanah A cm e A Pacific line west,
with the object of ultim ately making a connection with the A tchison T o ­
peka A .Santa Fe, giving the St. Louis A San Francisco a new route to terri­
tory now reached by the A tchison.
[The St. Louis A San Francisco R R . Co. (exclusive of the New Orleans
Texas A Alexico D lv., operated separately) earned an average surplus of
about $1,584,000 over all charges for the seven years ended June 30 1912,
and lias paid 4% dividends annually on Its $5,000,000 (approxim ately
1st pref. stock for the past 15 years.]— V . 80, p . 1281.

St. Louis & San Francisco R R .— Guaranteed B on d s .—
Sec Quanah A cm e A Pacific R y . a b ov e.— V . 95, p . 750, 680.

Southern Traction Co., Texas.— Purchase A p proved .—
The shareholders on O ct. 29 ratified the purchase of the property o f the
Dallas Southern Traction Co., the lnterurban line from Dallas to VVaxahaclilc via Lancaster, 32 miles. See V . 95, p. 968, 421.

Southwestern Utilities Corporation.— Tenders o f N otes .—
The Bankers Trust Co. Is advertising for proposals to be submitted at
Its office on or before N ov. 20 for the sale of 5-yr. 6% notes Issued under
trust agreement of June 15 1912, to exhaust a further sum of $1,968,546
cash, now on deposit with said trustee. See V . 95, p. 1126.

Third Avenue R y ., New York.— Purchase A p p ro ved .—
The P. S. Commission yesterday approved the purchase of $1,356,000
additional stock and $259,000 additional bonds for $234,625. Compare
V . 95, p . 545, 362.

Tidewater Southern (Electric) R y .— Extension Opened .—
An extension has been opened from Big Bridge, Cal., north to Stockton,
Cal., 25 miles. The road now extends from Modesto to S tockton , 33 miles.
— V . 95, p. 1040, 818.

Virginia Railv/ay & Power Co., Richmond, & c., V a .—
B on d s. — The Phila. Stock Exchange lias listed $1,000,000

first and ref. mtge. 5 % bonds, due 1934, making the total
listed $11,003,000.

These bonds. Nos. 10004 to 11003, were Issued for the purpose o f rclmburslng the treasury for amounts expended for additional equipment, carhouses, power stations, real estate, &c., in Richm ond and Petersburg,
and counties of Henrico and Chesterfield, V a., and to provide for erection
of an additional power station and machinery thcrclor, and office building
In R ichm ond. See map on p. 110 of “ E l. Ry* ^>cc.
v . 9o, p. 1041, 751.

Wabash-Pittsburgh Terminal R y .— Extension. — The $973,­
000 first lien 6 % receiver’s certificates which matured N o v .l
have been extended for three months. V . 95, p. 237.
Western Maryland R y .— New President, & c. — J. M. Fitz­
gerald, heretofore Vice-President, has been elected President,
effective Jan. 1, to succeed Alexander Robertson, resigned.
Mr. Fitzgerald will continue until that time as Vice-President and perform
the duties of President during the absence of Air. R obertson. ’1 he New
York office was recently m oved to 71 B roadway.— V . 95, p . 1124, 1011. •

Nov. 9 1912.]

T H E C H R O N IC L E

W est Penn Traction & W ater Power Co.— Earnings.—
Years ending Sept. SO (All Companies)—:
1011-12.
1910-11.
Gross receipts------------------------------------------------------------- $2,899,521 $2,107,216
N et earning (alter tax es)------------- ---------- ------------------ 1,363,525 1,052,263
Deductions—-Interest on bonds from dates Issued
($605,073); 5% on pref. stock o l W est Penn Kys.
($137,500); 6 % on $1,625,000 6 % pref. stock of
W est Penn Traction Co. ($ 07 ,50 0 )________________
900,073
740,324
Ilal., sur., after pref. d iv id e n d s ................................ $463,451
$317,038
Conditions In the territory served are reported as very favorable, with an
unprecedented demand for coke and coal. The lilgh-tcnslon power system
having been extended over 100 miles this year, and now totaling about
270 miles.— V . 05, p. 358, 298.

Wheeling & Lake Erie R y . — Extension of Receiver’s Cer­

tificates.—

T h e v a r io u s is s u e s o f t h e r e c e iv e r ’ s c e r t if i c a t e s ,
a ll o f w h ic h m a t u r e d o n N o v . 1 ( h a v i n g b e e n e x t e n d e d 3
m o n t h s a t 5%) h a v e b e e n f u r t h e r e x t e n d e d f o r th r e e m o n t h s .
— V . 95, p . 966, 969, 888.

Wisconsin Gas & Electric Co., Kenosha.— Control.—
See Wisconsin Edison Co. tinder “ Industrials” below .— V . 95, p. 1124.

Wisconsin Minnesota & Pacific R R . — Time Expires Nov. 1 4 .
— - T h e t i m e f o r d e p o s i t o f t h e 5 0 - y e a r 1 s t M . 4 % g o ld b o n d s
w ith th e C e n tra l T r u s t C o . o f N . Y . , as d e p o s it a r y , as e x ­
t e n d e d f r o m O c t . 3 0 w ill e x p i r e N o v . 1 4 , a n d n o t o n N o v . 3 0 ,
a s e r r o n e o u s ly s ta te d la s t w e e k .
Lessee’s Statement.—

See Chicago Great Western under "R eports” above.— V . 95, p. 1209, 1041.

R AIL R O A D S, IN C LU D IN G ELECTRIC ROADS.
Alliance Gas & Power Co.—First M. Ronds Called.—

1275

Butte Electric & Power Co.— Joint Bonds Called.—
S344.000
Joint convertible 6% bonds issued under mortgage of 1908 for
paym ent at 105 and lnt. on Dec. 2 at Columbia-Knlckerbocker Trust Co.,
N. Y . C ity.— V . 95, p. 299, 178.

Calumet & Hecla Mining Co.— Output.-— T h e e s t i m a t e d
c o p p e r o u t p u t o f t h e c o m p a n y a n d it s s u b s id i a r i e s f o r O c t o b e r
a n d t h e 1 0 m o n t h s e n d i n g O c t . 3 1 , s t a t e d in p o u n d s , w a s :
Calumet & H e c la .............
Osceola -------------------------T a m a r a c k .............
A hm eek ...............
O th e r s ----------------------------

------------ October------------1912.
1911.
5,583,424
6,191,376
1,700,220
1,594,255
687,050
424,005
1,463,475
1,176,990
1,654,838
1,289,785

T o t a l ----------------- ---------11,089,012 10,676,411
— V . 95, p. 483, 363~

— 10 M os. end Oct.31— .
1912.
1911.
58,301,646 62,401,652
14,792,925 15,252,520
6,450,704 6,109,811
13,568,955 12,434,490
15,943,215 14,374,546
109.057,445 110,573,019

Canadian Cereal & Flour Mills, L td ., Toronto.— Reorg. Co.
This com pany was Incorporated on Oct. 30 under the Canadian Cos. A ct
with $4,000,000 of auth. cap. stock ($2,000,000 being 7% cum. pref.), as
successor o f Canadian Cereal & Milling Co., per plan in V . 95, p. 1209.

Cedar Rapids M fg. & Power Co., Montreal.— New Stock.
The shareholders voted N ov. 4 to Increase the capital stock from $10,­
000,000 to $15,000,000 (par $100); also to change the head office from St.
Joseph de Soulangcs to Montreal. The Montreal "Financial Tim es” under­
stands that the com pany will shortly make an Issue of $6,000,000 stock at
$75 a share (par S100), this Increasing the outstanding stock to $14,000,000
and bringing In $4,500,000 cash, out o f which the outstanding bonds will
be redeem ed.— V . 95, p . 1210.

Central & South American Telegraph Co.— Dismissed.—
The P. S. Commission at Albany last week dismissed the application to
Issue $2,100,000 additional stock. It wras desired to Issue the stock for
expenditures In constructing a cable between Panama and Colon. The
Commission held that it had no authority to pass upon expenses outside
o f the State of New York, and therefore consent of the Commission In this
case Is unnecessary. V . 95, p. 819.

Commonwealth Edison Co.— New Director.—

Twelve 1st M . 5% bonds Issued by the Alliance Gas & Electric Co.
under mortgage dated Dec. 1 1899, for payment at 105 and lnt. on Dec. 1
at Citizens’ Savings & Trust C o., Cleveland, O.— V . 95, p. 112.

John G. Shcdd has been elected a director to succeed Joseph Lelter.
— V . 95, p. 1042, 113.

Amalgamated Copper Co .— Anaconda’s Smelter Output.-

George E. Long, formerly Treas., has been elected V lce-Prcs. to succeed
W illiam H . Corbin, deceased. J. II. Schermerhorn, form erly Asst. See.
and Asst. Treas., becomes a director and Treasurer, and Albert Norris,
A sst. Sec. and Asst. Treas.— V . 83, p. 1292.

Pounds—
1912.
J a n u a ry .......... 26,350,000
F e b ru a ry ____ 27,450,000
March ______ 25,900,000
April ________25,400,000
M ay___________ 25,800,00

1911
21,600,000
20,900,000
21,900,000
21,500,000
21,700,000

Total for ten m onths.
— V. 95, p. 1011, 819.

Pounds—
1912.
J u n e _________ 22,750,000
J u ly __________ 23,000,000
A u g u s t _______25,250,000
Septem ber ...2 4 ,5 0 0 ,0 0 0
O c t o b e r _____ 25,250,000

1911.
21,850,000
21,052,000
22,500,000
21,300,100
21,400,000

251,650,000 215,702,100

American Cotton Oil Co., New York. — No Dividend on

Common Stock— Surplus for Year after Pref. Divs., $ 1 , 3 1 4 , 5 8 2
{Equal to over 6 % on Common), but $ 6 7 0 , 4 3 5 Expended for
Additions.— T h e f o l l o w i n g s t a t e m e n t w a s g i v e n o u t N o v . 7 :
Having carefully considered the Question of disposition of the surplus
earnings of the year, amounting, after paying Interest upon debenture
bonds and dividends for the year upon the pref. stock, to $1,314,582, being
over 6% upon the [$20,237,100] com m on stock, the directors reached the
conclusion that the permanent prosperity of the com pany will be best served
by utilizing these earnings In the developm ent of the business.
During the past year there has been expended for additions to the
properties the sum of $670,435 In addition to $597,705 expended for main­
tenance, which latter sum has been charged against expense of operation.
[The regular semi-annual dividend of 3% on the $10,198,600 preferred
stock was declared.
Dividend Record of Common Stock.
1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911.
3 }<] 2
*6
*4
1
1
2
x
3
5
5 June, 2
* Includes 2% paid In the following June, x From the earnings of
1006-07 4% Was paid March 4 1908.]— V. 93, p. 1384, 1404.

American Steel Foundries. -Earnings.—

•

_

S M o s . ending
Net
Other
Total
In i., Sk. F d., Hal., Surp.
Sept. 30—
Earnings. Income.
Income. Depr'n, &c. or Deficit.
1912
..$5 0 7 ,0 04 $13,516
$521,421 $209,385 sur.$312,035
49,912
168,838 def. 118,926
41,724
8,188
1911 ___________
N ine Months—
$1,016,850 $592,585 sur.$424,264
1912
$ 988,062 $28,787
126,958
499,861 def. 372,903
1911 ___________
91,081
35,877
— V . 95, p. 1121, 299.

Atlantic Fruit & Steamship Co.— Reorganization.— L a t e
Oil N o v . 6 L e v c n t r i t t , C o o k & N a t h a n , la w y e r s f o r t h e c o m ­
p a n y , is s u e d s u b s t a n t i a l l y t h e f o l l o w i n g :
A t special meetings of the stockholders and bondholders held at tlielr
New York offices to-day, the directors were given authority to transfer all
the property and good-will o f the com pany to a new corporation, pursuant
to a refinancing plan under which the present bondholders and stock
are to be offered In exchange stock of the new com pany as below:
Amount -•------------- New Stock in Exchange-----------Common Stock.
[‘ Supplied by editor.]
Outstanding. Pref. 7% Cum.
For bds. o f present c o . $2,185,700* 100%— $2,185,700‘ 2 5 % — $546,425*
For stk. of pres, co.abt.8,000,000* ------------------------------ 2 0% — 1,600,000*
Issuable for other purposes-----------(?)
(?)
[For new working capital there will be Issued $1,500,000 7%, debentures.
The new com pany, “ Atlantic Fruit C o .,” has not yet been Incorp. Its
p ref. shares will be pref. p. & d ., 7% cum . Far of all shares $100.— Ed.]
The action of the stockholders and bondholders was unanimous. The
entire meeting was harmonious, and the only Incident out of the ordinary
was a protest made by an attorney addressed to the wording of the resolu­
tion, which he thought vested too much discretion in the board of directors.
No one, however, seconded the protest, and no dissenting vote was cast.
The persons having the reorganization In charge expect a speedy consum ­
mation of the plan, and believe that the new com pany will soon b ein op era tlon, with a good working capital.— V . 95, p. 1124, 1041.

Atlantic & Gulf Portland Cement Co.— Deposits.—
The bondholders’ com m ittee, "controlling over 9 0 % ’ ’ of the $1,500,000
1st M. 6% 20-yr. bonds, gives notice that the time for the deposit o f said
bonds with the Phlla. Trust, Safe D cp. & Ins. Co., Phila., as depositary,
will expire N ov. 15. The com m ittee says In substance: “ The com pany has
been thrown into Involuntary bankruptcy on the petition of certain general
creditors filed in the U. S. District Court for the Nor. IMst. of Ala. (Middle
D iv .), and the 1'idclity Trust C o., Phlla., trustee for the bonds, has Inter­
vened for the purpose of having the property sold under the m ortgage.
Under the orders Of the Court, such a sale will in due course take place.”
Committee: J. William Mlddendorf, Chairman; If. D. Elchclbergcr,
Charles M. Howe, Daniel N . McQuIllrn Jr., J. R obert W oods, Eugene E.
Thom pson and Harry B .C ochrane, with Gaylord Lee Clark, Sec., and Fred­
erick M. Leonard and George U m tclock. Counsel. [On or about A ug. 1 1912
J. II. McQ. Carter of Phlla., rhom as J. W ingfield of Birmingham and Alfred
R eed of Trenton, N. J ., were appointed receivers.]

Brown Shoo Co. of St. Louis. — Re-capitalization.—
•The com pany, It Is announced, is to be rc-cnpitalized with the aid of Gold­
man, Sachs & Co. and Lehman Bros, of New York and Klolnvvort, Sons &
Co. of London, the authorized capital stock to be $6,000,000 com m on and
$4,000,000 7% cumulative preferred. The present capitalization Is $1,000,­
000 com m on, $500,000 6% cum . first pref. and $1,000,000 6% cum . 2d
pref. The terms of exchange of old for new securities have not yet been
arranged.— V . 87, p . 418.




Joseph Dixon Crucible Co.— Change in Officers.—

Goldfield

(Nev.)

Consolidated

Mines

Co.— Dividend—

Earnings.—

A n o f f i c i a l c ir c u l a r d a t e d
O c t .31 a n n o u n c e s
q u a r te r ly d iv id e n d N o . 1 7 o f 3 0 c e n ts p e r c h a r e .

Production (Tons Treated and Shipped) and Earnings for Second Quarter
(September Approxim ated).
Month—
Drg tons. Gross value. Op. cost. Constr. Tot. costs. Net prof.
July _____________ 31,907
$436,699 $196,341 $2,079 $198,420 $238,278
A u g u s t __________ 32,538
419,162
195,582
195,582
223,581
S e p te m b e r_______ 29,700
390,000
190,000
190,000
200,000
T o t a l......... .......... 94,145 $1,245,861 $581,923 $2,079 $584,002 $661,859
— V . 95, p. 422.

Independent Brewing Co., P ittsb.— Pref. Div. Increased.
A quarterly dividend o f 1 % % has been declared on the $3,965,150 7%
cum . pref. stock, payable N ov. 30 to holders o f record N ov. 29. This com ­
pares with 114% In A ug. last, which was the first distribution since A ug.
1908, when 1 U % was paid Prior to that time the full quarterly rate of
1 H % had been maintained since May 1905.
Year ending
Total
Net
Rond Pref.D ivs. DeprcBalance,
Oct. 19—
Income.
Profits. Interest. ( l \ i % ) . ciaticn. Surplus.
1911-12________$3,519,202 $814,238
$273,927 $56,250 $243,008 $241,053
816,597 274,658 ______
257,347 284,592
191 0 -1 1 ____, . _ 3,500,095
Sales for year ending O ct. 19 1912 amounted to 486,016 barrels, against
514,695 in 1910-11.— V . 95, p. 423.

International Cotton Mills Corporation.— Tenders Asked.
The Bankers Trust Co., as successor by merger to the Mercantile Trust
Co., as trustee, under the note agreement dated July 1 1911, securing 6%
5-year convertible gold notes, gives notice of the proposed redem ption of
$100,000 bonds under said agreement. Sealed bids will be received by the
trust com pany up to N ov. 20 for redem ption and paym ent on N ov. 22,
the lowest bids, not exceeding 100% , to be accepted.— V . 95, p. 364.

Kansas City Stock Yards Co. of Maine.— Circular.—
Kidder, Peabody & Co., Boston, in a circular addressed to
the stockholders of the old Missouri corporation, under date
of Oct. 31, say in substance:
The directors have unanimously approved the following plan for the ex­
change of stock in your company' for the stock of a proposed new com pany
to be known as the Kansas City Stock Yards Co. of Maine, having a captallzatlon of $11,500,000.
Capitalization of Proposed Kansas City Stock Yards Co. o f M aine.
Common stock (par value, $100 each), all to be Issued forthwith
"fu ll paid,” having been subscribed and underwritten at $50
(cash) a share, S I,250,000 thereof being offered at that price
to the shareholders of old com pany one share for seven h eld -$2,500,000
P ref. (p. & d.) 5% cu m . stock (par value, $100 ea ch ).
T otal
authorized, of which the present Issue will be limited to the
amount exchanged, $ for $, along with 10% In cash, for stock
of the Missouri corporation (the cap. stock of the host named
being $9,000,000 auth. and abt. $8,750,000 outstanding— Ed.] 9,000,000
The p ref. dividends will be payable Quarterly, the first on Feb. 1 1913.
The pref. stock will have no voting power except In case of failure to pav
two consecutive dividends thereon, In which event it will thereafter have
full voting powers until all accrued dividends are paid In full. No mortgage
or other encumbrance shall be placed on the property of the Maine corpora­
tion except with the consent of 66 2-3% of the pref. stock.
Stockholders of the Kansas City Stock Yards Co. of Missouri m ay ex­
change each share of stock In the Missouri corporation for one share of
the pref. stock of the new Maine corporation and $10 In cash, and such
of the stockholders of the Missouri corporation as elect to accept this offer
m ay subscribe to one share of the new com m on stock of the Maine corpora­
tion at $50 per share for each seven shares In the Missouri corporation
owned by' them and deposited. Rights to subscribe for new com m on stock
will not be assignable, except that rights to subscribe to fractions of one
new share m ay be purchased or sold so as to subscribe for one full share.
The cash proceeds of the co . mon stock will be applied In the first In­
stance to the payment of the $10 per share to be paid to the stockholders
of the Missouri corporation, to the payment of an underwriting commission
of 5% on the $1,250,000 of com m on stock which Is offered for subscription
as above stated, and to the paym ent of the other expenses of carrying out the
proposed plan. Including the com pensation of the bankers, and the balance
will be paid into the treasury of the Maine corporation.
The directors and the largest stockholders of the Missouri com pany have
already agreed to exchange their holdings and to subscribe for all the
com m on snares to wmch they' are entitled. Unless 75% In Interest
of the stock of the Missouri com pany shall be deposited for exchange
with our firm on or before Dec. 2 1912, we may, at our option, be relieved
from all liability hereunder by returning to the depositing stockholders the
stock deposited by them . No charg • will be made to depositors. [In
addition to Its $8,750,000 capital stock, the Missouri com pany has out­
standing about $250,000 5% bonds of 1903 (due 1913), convertible at
option of holder Into stock at par (see V . 77, p. 301), and $502,000 5 %
debenture bonds of 1910 due F eb. 1 1920.]— V . 95, p. 1211.

Kings County Electric Light & Power Co., Brooklyn,
N . Y .— Ncio Debentures.— The shareholders will vote N ov. 26
on issuing $5,000,000 convertible 6 % debenture bonds.
,

1376

T o be dated on or about March 1 1913?and to be payable on or about
March 1 1925, and to be convertible Into stock at par at option of holders
thereof on and after March 1 1916 and before March 1 1925, such debenture
bonds to be offered to stockholders at par In proportion to their holdings
of stock . A n application for authority to Issue the final $1,000,000 con­
vertible debentures o f the $5,000,000 Issue of 1910 has been withdrawn
and the P . S. Commission Is now asked to sanction the sale to shareholders
at par o f $2,500,000 o f the new Issue to reimburse the treasury on account
o f extensions and Im provem ents. Compare V . 94, p. 554, 770, 1452.

Knox Automobile Co.,

Springfield, M ass.— Deposits.—

The Old Colony Trust Co. of Boston Is acting as depositary under
the stockholders’ agreement (dated Oct. 21 1912) preliminary to a reor­
ganization, and Charles E . Bockus of Boston, A sst. Sec. of the Trust C o.,
has been added to the com m ittee as a fourth m em ber. The com m ittee has
received deposits or pr mlses of deposit from a large number of stockholders.
The agreement provides that any plan approved b y 51% In Interest of the
depositors shall be binding upon all with the proviso that any depositor who
Is not satisfied with the plan m ay withdraw w ithout expense within ten days
after written n o t lc ; o f the plan. T yler & Y ou ng Is counsel to the com ­
m ittee, Ames B ldg., Boston. Compare V . 95, p . 1211.

S. S. Kresge Co.— Total Sales.—
1912— O ct.— 1911.
$909,889
$682,511
— V . 95, p . 969, 683.

Increase. I 1912— 10 M as.— 1911.
33.3 2% |$7,603,608
$5,885,955

Increase.
29.18%

Long Acre Electric Light & Power Co., N . Y .— Foreclosure.
The M etropolitan Trust Co. of New York, as trustee under the m ortgage,
on N ov. 4 brought suit In the Supreme Court in this city to foreclose the
same. There are outstanding $500,000 bonds on which Interest Is In de­
fault since 1908. It is hoped b y the banking Interests who recently organ­
ized the Inter-City Power Co. that the Court of Appeals will hand down Its
decision within the next few weeks In the appeal recently argued from the
order of the P. S. Commission authorizing the com pany to Issue Its stock
and bonds. In the event of a favorable decision it Is understood that the
bankers will pay off the bonds and accrued Interest and proceed to carry
out their plans.— V . 95, p. 1211, 1042.

Loose-W iles Biscuit Co.— Earnings.—
Sales for the 9 m os. ending Sept. 30 are reported as $10,450,400, against
$8,327,400 for the corresponding period In 1911, an Increase of over 2 5 % .
— V . 95, p. 364, 240.

National Motor Indemnity Corporation, N . Y .— President.
— W i l l i a m H . H o t c h k i s s , e x - S u p e r i n t e n d e n t o f I n s u r a n c e in
N . Y . S t a t e , h a s i n d i c a t e d h is w ill in g n e s s t o b e c o m e P r e s i d e n t
o f th e n e w N a t io n a l M o t o r I n d e m n i t y C o r p o r a tio n a n d o f th e
n e w N a t io n a l M o t o r I n s u r a n c e C o r p o r a tio n .

The organization o f these companies Is In the hands o f James B . Colgate
& C o., bankers, and William B . Joyce, President o f N at. Surety Co., both
of New York, who arc co-operating with the large manufacturers, dealers
and autom obile associations all over the United States. See V . 95, p. 986.

National Sugar Refining Co. (of N . J .), New York.—
$ 9 , 9 0 0 , 0 0 0 Common Stock Already Canceled— Present $ 1 0 , ­
0 0 0 , 0 0 0 Pref. to Be Replaced by $ 1 0 , 0 0 0 , 0 0 0 Common, which
Will be the Only Stock Outstanding.— I t w a s le a r n e d t h i s w e e k
t h a t o f t h e $ 1 0 , 0 0 0 , 0 0 0 c o m m o n s t o c k ( t h e e n t i r e is s u e )
w h i c h w a s is s u e d t o t h e l a t e H . O . H a v e m e y e r , $ 9 , 9 0 0 , 0 0 0
w a s c a n c e le d a m o n t h a g o in a c c o r d a n c e w i t h t h e d e c r e e o f
t h e C h a n c e r y C o u r t o f N e w J e r s e y m a d e in J u l y l a s t ; t h e
r e m a in in g $ 1 0 0 ,0 0 0 h a s b e e n r e tu r n e d to th e c o m p a n y a n d
is n o w in i t s t r e a s u r y .
A m e e t i n g o f t h e s h a r e h o ld e r s h a s
b e e n c a ll e d f o r N o v . 1 8 t o v o t e o n —

(а) A pproving the subscription and sale of the entire com m on capital
stock, $10,000,000.
,
.
,
(б) Authorizing the retirement of the entire pref. stock for cash, at par.
(c) Amending the certificate of incorporation so that it shall provide
fo r only one class of stock, $10,000,000.
(d) The question o f legal expenses in the recent litigation affecting the
com m on stock.— V . 95, p. 424, 115.

Nevada Consolidated Copper Co.— Earnings.—
3 M os. ending
Net
Dividends Depreciation
Ore E xBalance,
Sept. 30.
Earnings.
(7 >^% ). Step-toe Plant,
ting’ent. Surplus.
1 9 1 2 __________ $1,816,116 $749,784
$133,296
$134,901 $798,135
_____
986,934 749,389
136,990
______
100,555
1911
Production of copper for quarter ending Sept. 30 1912, 18,405,467 lbs.,
against 18,092,439 lbs. for 3 mos. ending June 30 1912.— V . 95, p. 467.

New York & New Jersey W ater Co.— Settlement.—
Sec Suburban W ater Co. below .— V . 94, p. 1769.

North American Co., N . Y .— New Holding Company.—
See W isconsin E dison Co. below .— V . 94, p . 1253.

Northwestern Electric Co., Portland, Ore.— Mortgage—

Franchise.—

T h is c o m p a n y , w h ic h , u n d e r th e c o n tr o l o f th e
F l e i s h a c k e r i n t e r e s t s o f S a n F r a n c i s c o ,i s b u i l d i n g a 2 0 , 0 0 0 h .p . h y d r o -e le c tr ic p la n t a t a p o in t 4 0 m ile s fr o m P o r t la n d ,
O r e . , w i t h a v i e w t o s e lli n g e le c t r i c c u r r e n t o v e r a l a r g e t e r r i­
t o r y , h a s f ile d a $ 1 0 , 0 0 0 , 0 0 0 m o r t g a g e .

The City Council o f Portland, Ore., on Sept. 25 voted unanimously to
grant the com pany a 25-year franchise to furnish electric light and
power. Subsequently, at a city election on N ov. 2, this franchise was
ratified b y a decisive vote.
On Oct. 29 1912 the com pany filed a $100,000 bond with the Portland
authorities to guarantee com pliance with the franchise, Including theexpendlturc of $350,000 on plant within city limits Inside the next two years.
The ordinance, as presented last spring, provided for a 25-year grant with
a maximum rate of 9 cts. per k. w. hour for ordinary dom estic consum ption
(approxim ately the existing rate), o f 2 cts. an hour for arc and other mu­
nicipal service and a graduated scale for power ranging fron 1 to 5 cents
per k. w . hour. It also required the paym ent to the city of three per­
cen t. o f the gross Income and contained a clause making It optional for
the city to acquire the property at the end of 25 years.
The com pany was organized during 1911 with, It Is understood, $10,000,­
000 of auth. cap. stock, b y the Flelshackers of San tra n clsco and as­
sociates; and It has under construction on the W hite Salmon R iver, 40 miles
east of Portland, a hydro-electric plant which Is expected to be com pleted,
with a capacity of 20,000 h. p., on or before Jan. 1 1913; also, an auxiliary
steam plant In Portland, capacity reported as 10,000 h. p. Other plants
are projected on the K lickitat and Lewis rivers as part o f a 100,000-h.p.
system, designed to distribute electric power over a wide territory. Morti­
mer Fleishacker of San Fran. Is President. Other San Francisco men Inter­
ested are stated to be: Herbert Fleishacker, William H . Crocker, R . M.
Hotallng, A . Borel, W . II. iMetson, Slg. Schwabacher, C. F . Leege and
T . T ognazzlnl................................................. 8. • • « .............................................
P Phelps,Dodge& Co.— Copper Production.— T h e p r o d u c t i o n
o f c o p p e r b y th e C o p p er Q u e e n , D e tr o it a n d
M o c te zu m a
m in e s , o w n e d b y P h e lp s , D o d g e & C o ., fo r th e te n m o n t h s
e n d in g O c t . 31 1 9 1 2 w a s 1 1 3 ,7 3 5 ,0 1 7 l b s ., a s fo llo w s :

Pounds—
1912.
January . . .
10,892,391
F e b r u a r y .. 10,230,282
M a r c h ____ 10,927,069
A p r il........... 11,312,759
M a y ........... 11,134,545

1911.
9,789,670
9,857,962
10,197,516
9,793,816
9,832,300

Pounds—
J u n e ______
J u l y _______
A u g u st____
Septem ber . .
O c to b e r -..

1911.
1912.
12,083,089
9,777,120
9,809,251
11,875,618
12,215,593 10,861,189
10,764,530
9,919,660
12,238,241 11,060,473

•Total (pounds) for ten m onths---------------------- 113,735,017 100,898,958
Custom ores business added a further am ount for the 10 months o f the
current year o f $8,069,506 lbs.— V . 95, p . 1043, 364.




[VOL. LXXXXV,

T H E C H R O N IC L E

Pittsburgh Brewing Co.— New Directors.—
The board has been increased from 8 to 9, Alois W inter and F. II.
Bruening being elected. Adam Baeurlein and A . II. Sunshine have been
appointed as an advisory com m ittee. The stockholders ivoted to cancel
$650,000 bonds now in the sinking fund and to cancel all bonds hereafter
acquired for sinking fund purposes; also that the regular Interest of 6%
per annum shall continue to be paid Into the sinking fund for the bonds
as If the securities were still outstanding. This is done to prevent the
possibility o f using the bonds for purposes other than tlielr appropriation
to the sinking fund or of pledging the same.

Earnings. —

Y e a r s en d . O c t. 26 :

Fiscal
Gross
Net
Bond P {. Divs. Com.Divs. Balance,
Year—
Earnings.
Earnings. Interest.
(7 % ).
(5 % ). Surplus.
1 9 1 1 -1 2 ____$5,414,152 $1,304,638 $379,140 $427,000
______ $498,498
1 9 1 0 -1 1 _____ 5,055,497 1,361,469 379,140
427,001 298,106 257,222
From the surplus as above in 1911-12, $498,498, there was deducted
$387,150 for depreciation and reserves (against $531,461 in 1910-11) and
$99,898 for bad accounts and notes charged off, leaving a surplus o f $11,450
In 1911-12, against a deficit (after deducting com m on dividends of $298,108)
o f $274,239 In 1910-11. Total profit and loss surplus on O ct. 26 1912
$3,822,445.— V . 94, p. 921, 830.

Quaker Oats Co., Chicago.— Neio Stock— 5 0 % Stock Divi­
dend.— The directors voted on N ov. 4 to declare a stock
dividend of 5 0 % , or $2,500,000, to the holders of record N ov.
25 of the outstanding $5,000,000 common stock, provided
the stockholders at a meeting called for N ov. 20 shall in­
crease the authorized common stock from $5,500,000 to
$10,000,000. Of the present authorized amount, $500,000 is
held in the treasury. “ Chicago Record Herald” N o v .5said:
The new stock will participate in the quarterly dividend of 2>^% de­
clared some time ago and payable Jan. 15 to stockholders of record Jan. 2.
The com pany’s surplus, against which the new stock will be Issued, stood
at $3,526,000 on Dec. 31 1911, when the last report was published, and is
understood to have been Increased considerably since that time.
Since the beginning of this year the market price for the com m on has ad­
vanced from around $210 a share to $355 yesterday. The com pany never
did any public financing on account of Its purchase some time ago o f the
principal mills of the Great W estern Cereal Co.— V . 05, p 485.

Quapaw Gas Co.— Change in Control.—
Sec W ichita Natural Gas Co. below.

Rohr-McHenry Distilling Co., Benton, Ta.— Receivership.
Charles Cochran of Williamsport, Pa., and Harry E . Long of Benton,
Pa., were on N ov. 4 appointed receivers. The liabilities are said to be about
$800,000 and the assets nominally $828,230. A fire InM ch. 1911, ltlsalleged,
caused a loss of nearly $500,000 in material and trade. The com pany, it
Is stated, has $561,422 worth of whisky In bond.— V . 94, p. 566.

Sears, Roebuck & Co.— Sales.—
The sales on Monday aggregated, it Is stated, $538,000, m ade up of 48,000
orders, averaging $11 each. This was the largest d a y’s business, with
one exception, in the com pany’s history.— V . 95, p. 893, 622.

Shawinigan W ater & Power Co., Montreal.— Deb. Stock.
The shareholders will v o te D ec. 10 on Increasing the debenture stock
ssue from $5,000,000 to $5,500,000 (V . 94, p . 627) .— V . 95, p. 684, 622.

Sheffield Farms-Slawson-Decker Co., New York.—
The stockholders on N ov. 7 authorized the Increase In the capital stock
from $1,500,000 to $2,500,000, to consist of $1,000,000 com m on and $1,­
500,000 pref.
„
A representative of the com pany is quoted as saying:
The additional
pref. stock we expect to spend in making Improvements and generally ex­
tending the com pany’s business. A t the present time our retail business
amounts to approxim ately 175,000 quarts o f milk d ally.” — V . 95, p . 1126.

Solar Refining Co .— Twenty Per Cent Dividend.—
A dividend of 20% has been declared on the $500,000 capital stook,
payable D ec. 20 to holders of record N ov. 19. This Is the first distribution
since the disintegration of the Standard Oil Co. of N. J ..— V . 85, p .2 2 6.

Southern Iron & Steel Co., New York. — Reorganization
Committee.— New Chairman— 8 8 % and Over Deposited.—
Further Depostis Till Nov. 30— Claim Holders to be Allowed
to Participate.— Referring to the modified plan of reorganiza­
tion dated July 12 1912 (V . 95, p. 115), notice is given by
advt. on another page that John W . Platten has been elected
as Chairman of the committee to succeed Cecil A . Grenfell,
who has resigned from the committee. Alfred A . Cook has
been added to the committee. There have been deposited sub­
ject to the modified plan over 8 9 % of the bonds, 8 8 % of the
secured notes and over 9 1 % of the debentures of the com­
pany. Further deposits of bonds, secured notes and deben­
tures will be received until the close of business N ov. 30 1912.
The
c o m m itte e
h a s d e te r m in e d
to
p e r m it a p p r o v e d
c l a i m s a g a i n s t t h e c o m p a n y t o p a r t i c i p a t e in t h e r e o r g a n i z a ­
tio n u p o n th e d e p o s it o f s a id c la im s o r a s t a t e m e n t th e r e o f,
a n d , in e i t h e r c a s e , w i t h a n a s s i g n m e n t t h e r e o f in f o r m
a p p r o v e d b y th e C o m m it t e e , w ith th e B a n k e r s T r u s t C o .,
1 6 \ V a llS t ., d e p o s ita r y , u n d e r a g r e e m e n t d a te d N o v . 4 1 9 1 2 .

The agreement o f N ov. 4 1912 provides that holders o f certificates of
deposit issued against the transfer of such claims as the com m ittee shall
determine to accept shall be entitled to receive “ beneficial certificates rep­
resenting com m on stock or scrip of the new com pany as described In the plan
and agreement to the extent of 20% of the face value of their claims as
the same shall have been fixed, determined and accepted by the com m ittee
or by decree o f a court of com petent Jurisdiction. The com m ittee may equal
ize by cash or other paym ent the allotm ent to any or all o f the depositors
o f the securities to be issued to them hereunder.
The com m ittee now Includes: John W . Flatten, Chairman; Alexander J .
Hemphill, Edwin G. Merrill, Benjamin Strong Jr., H arry Bronner Neville
G. Ingham , S. II. V oorhccs and Alfred A . Cook, with Samuel Untermyer,
and A lbert Itathbone ns Counsel, and A . M. W lckwlre, Secretary, 37 Wall
S t., N. Y . C ity. Sec V . 95, p. 115, 364.

Standard Oil Co. of K ansas. —

3%

and 2 % Extra.—

A dividend of $3 and $2 extra has been declared on the $1,000,000 stock
(par of shares $100) both payable D ec. 14 to holders of record N ov. 15.
This Is the first payment since the dissolution of the Standard Oil Co. o f N. J.

Suburban Water Co., Newark, N. J. — Settlement.—
Counsel Franklin W . Fort on Oct. 26 Issued the following:
“ All litigations and differences between the Suburban Water Co. (succes­
sor to the Hudson County W ater C o .), the New Y ork & New Jersey W ater
Co. and the New Jersey Suburban W ater C o., and Turner A . Beall, who
organized and was for years the President of the three last-named companies,
have been settled and com prom ised. The companies have accepted and
approved the accounts, as presented b y Mr. Beall and his associate direc­
tors, and audited by the U . S. A udit Co to July 31 1912, and withdrawn
any suggestions of Irregularity or Indebtedness to the com panies b y the
former officers and d i r e c t o r s — V . 94, p. 1769.

Suffolk Gas

&

Electric Light Co., N .

Y .—

Bonds.

The com pany has applied to the P . 3 . Commission for authority to Issue
the remaining $150,000 5% bonds under the $500,000 m ortgage heretofore
authorized and to issue the same at 87, the proceeds to be used for im­
provements and extensions.— V. 94, p. 1388.

United States Glass Co.— Neiv President.—
Marlon G. Bryce, form erly V .-P rest., has been elected President tosucceed
Jos. A . Knox, who resigned to engage In other business.— V . 95.D.540, 479.

For Other Investment News, sec page 1279.

T H E C H R O N IC L E

N o r . 9 1 9 1 2 .]

Ip jjx r r ls

1277

tn x d

THE BALTIMORE & OHIO RAILROAD COMPANY
E IG H T Y -S IX T H

AN N U AL

REPORT— FOR

Office of the Baltimore & Ohio Railroad Company,
Baltimore, Md., October 3 1 1 9 1 2 .
To the Stockholders of The Baltimore & Ohio Railroad Co—
T h e P r e s id e n t a n d D ir e c to r s h e r e w it h s u b m it r e p o r t o f
t h e a f f a ir s o f t h e C o m p a n y f o r t h e fis c a l y e a r e n d e d J u n e 3 0
1912.
P R O P E R T IE S

AND

M IL E A G E .

T h e s t a t e m e n t s in t h i s r e p o r t s h o w t h e r e s u l t s o f t h e o p e r a ­
t i o n s o f t h e li n e s d i r e c t l y o p e r a t e d b y T h e B a l t i m o r e & O h i o
R a ilr o a d C o m p a n y , e m b r a c in g :

Miles of R o a d . . . ................................... ................. ....... ........................
Trackage R ights_____ _________________ - _________________________

4 ,38130
73.76

Total Operated Mileage----------- -------------------------------------- _

4,455.06

a s s h o w n in d e t a i l in T a b l e 2 6 .
T h e r e h a s b e e n a n e t in c r e a s e in f i r s t t r a c k o f 2 1 . 3 2 m i l e s ,
c h ie fly d u e to th e e x te n s io n o f th e Q u e m a h o n in g B r a n c h ,
a n d to th e r e s u m p tio n o f o p e r a tio n s o v e r t h a t p o r tio n y o u r
li n e f r o m
K a n e J u n c t io n t o M t . J e w e t t , P a . , f o r m e r l y
le a s e d .
IN C O M E

FOR

TH E

Y E A R .

TH E

Y E A R

EN D ED

JU N E

30

1912.

T h e e x p e n d i t u r e s a b o v e r e f e r r e d t o , in a d d i t i o n t o t h e
o r d in a r y m a in t e n a n c e c h a r g e s , in c lu d e $ 1 ,5 5 4 ,3 5 7 e x p e n d e d
in r e c o n s t r u c t i o n a n d in c o n n e c t i o n w i t h t h e r e v i s i o n o f
fa c ilitie s ; a n d a ls o $ 2 ,7 0 8 ,2 3 9 5 5 fo r d e p r e c ia tio n o f e q u ip ­
m en t.
A s o f J u n e 3 0 1 9 1 2 t h e r e w e r e h e ld in r e s e r v e , a f t e r
th o r o u g h s h o p p in g , 7 8 o f th e h e a v ie r t y p e o f lo c o m o t iv e s .
T h e t o t a l c o st o f c o n d u c tin g tr a n s p o r ta tio n w a s $ 3 2 ,7 5 1 ,­
2 3 4 3 5 , a d e c r e a s e o f $ 6 7 ,2 6 5 5 1 u n d e r th e p r e c e d in g y e a r .
T h e r a t io o f T r a n s p o r t a t i o n E x p e n s e s t o G r o s s E a r n i n g s
w a s 3 5 .3 7 p e r c e n t , a s c o m p a r e d w ith 3 7 .2 3 p e r c e n t o f la s t
year.
The N et
E a r n in g s fr o m
R a il O p e r a tio n s — w ere $ 2 7 ,­
8 8 4 , 7 8 5 2 8 , a n in c r e a s e o f $ 2 , 5 0 5 , 8 4 8 5 6 , w h ile O u t s i d e
O p e r a tio n s s h o w a d e fic it o f $ 6 6 6 ,6 3 9 9 9 , m a k in g th e T o t a l
N e t R e v e n u e $ 2 7 , 2 1 8 , 1 4 5 2 9 , a n in c r e a s e o f $ 1 , 9 8 7 , 5 2 0 7 1 .
T a x e s A c c r u e d — a g g r e g a t e $ 2 , 9 8 4 , 9 4 8 4 9 , a n in c r e a s e o f
$ 3 8 8 ,6 9 8 6 9 , o r 1 4 .9 7 p e r c e n t .
O th e r In c o m e — w as $ 4 ,3 9 0 ,9 0 5 9 4 , a d e c re a se o f ‘ $ 5 0 5 ,­
6 9 2 3 5 , d u e t o le s s e n e d i n t e r e s t r e c e i p t s f r o m l o a n s a n d
b a la n c e s , a s s u c h fu n d s w ere r e d u c e d b y a p p lic a tio n fo r
b e tte r m e n ts a n d e q u ip m e n t.
D e d u c tio n s fr o m G ro ss C o r p o r a te I n c o m e — fo r In t e r e s t on
F u n d e d D e b t , R e n t s , & c . , w e r e $ 1 4 , 7 2 6 , 0 4 4 3 3 , a n in c r e a s e
o f $ 1 5 ,0 6 2 4 9 .

T h e G e n e r a l In c o m e A c c o u n t o f th e C o m p a n y fo r th e y e a r
w ill b e f o u n d in T a b l e 1 .
E x c e p t w h e re o th e rw ise in d ic a te d ,
t h e c o m p a r i s o n h e r e i n s h o w n a r e w it h t h e c o r r e s p o n d i n g
F r o m N e t C o rp o ra te I n c o m e — a m o u n tin g $ 1 3 ,8 9 8 ,0 5 8 4 1 ,
p e r i o d a n d f ig u r e s f o r t h e p r e c e d i n g fis c a l y e a r
d iv id e n d s a g g r e g a tin g 4 p e r c e n t , o r 8 2 ,3 5 5 ,0 5 8 5 2 , w e re
The
G ro ss E a r n in g s fr o m
ra il o p e r a t i o n s w e r e $ 9 2 , ­
p a id o n th e P re fe rre d S t o c k , le a v in g b a la n c e to b e tr a n s ­
5 9 4 , 3 2 2 8 7 , a n in c r e a s e o f $ 4 , 4 4 9 , 3 1 9 1 1 , o r 5 . 0 5 p e r c e n t .
fe rre d to P r o fit a n d L o s s o f $ 1 1 ,5 4 2 ,9 9 9 8 9 .
W i t h th is
T h e e a r n in g s fr o m F r e ig h t T r a ffic w e re $ 7 2 ,4 6 5 ,5 4 4 2 8 ,
t r a n s f e r , a n d a f t e r d e d u c t i o n s in c i d e n t t o m i s c e l l a n e o u s
a n in c r e a s e o f $ 4 , 8 3 5 , 6 0 7 2 7 , o r 7 . 1 5 p e r c e n t .
a d ju s t m e n t s m a d e d u r in g th e y e a r , th e n e t b a la n c e to th e
T h e t o n s o f f r e i g h t c a r r ie d w e r e 6 4 , 7 0 4 , 0 7 0 , a n in c r e a s e
c r e d i t o f P r o f i t a n d L o s s w a s 8 4 9 , 8 7 5 , 5 0 3 5 5 , o u t o f w h ic h
o f 4 ,1 5 6 ,1 8 3 t o n s , o r 6 .8 6 p e r c e n t .
T h e to n s o f fr e ig h t
d iv id e n d s a g g r e g a tin g 6 p er c e n t , o r $ 9 ,1 2 1 ,0 7 2 5 6 w ere
c a r r ie d o n e m ile w e r e 1 2 , 4 9 0 , 4 1 8 , 7 9 7 , a n in c r e a s e o f 7 8 6 , - ;
p a id o n th e C o m m o n S t o c k .
T h e n e t a c c r e tio n t o th e
8 7 9 ,3 5 2 , o r 6 .7 2 p e r c e n t.
T h e t o n m i le s p e r m ile o f r o a d
P r o fit a n d L o s s A c c o u n t fo r th e y e a r w a s $ 2 ,3 0 2 ,0 1 1 7 0 .
w e r e 2 , 8 0 3 , 6 4 8 , a n in c r e a s e o f 6 . 2 1 p e r c e n t .
T h e reven ue
A SSE T S A N D L IA B IL IT IE S .
f r o m f r e i g h t p e r m ile o f r o a d w a s $ 1 6 , 2 6 5 9 0 , a n in c r e a s e
o f 6 .6 4 p er c e n t.
T h e r e v e n u e p e r fr e ig h t tr a in m ile w a s
T h e G e n e r a l B a l a n c e S h e e t w ill b e f o u n d in T a b l e 2 a n d
$ 3 2 1 6 8 - 1 0 0 , a n in c r e a s e o f $ . 6 7 3 - 1 0 0 , o r 2 6 . 3 2 p e r c e n t .
a t t e n t i o n is c a ll e d t o t h e f o l l o w i n g i t e m s t h e r e i n c o n t a i n e d :
T h e a v e r a g e d i s t a n c e e a c h t o n w a s c a r r ie d w a s 1 9 3 . 0 4
P ro p e rty In v e s tm e n t— R o a d a n d E q u ip m e n t— sh o w s a
m i l e s , c o m p a r e d w it li 1 9 3 .2 9 m i le s t h e p r e v i o u s y e a r .
The
n e t in c r e a s e f o r t h e y e a r o f 8 1 4 , 9 5 7 , 8 4 5 7 2 c a r r ie d a s f o l l o w s :
R o a d .................................................. ........................$11,969,912 91
a v e r a g e e a r n in g s p e r t o n p e r m ile w e r e 5 8 0 - 1 0 0 0 c e n t s , a n
E q u ip m e n t __________________ . . ................ ..
5,502,837 20
in c r e a s e o f 2 - 1 0 0 0 c e n t s .
T h i s in c r e a s e in a v e r a g e e a r n in g s
p e r t o n p e r m ile is in c i d e n t t o h a n d l i n g a l a r g e r p r o p o r t i o n
$17,472,750 11
Less: General E xpenditures____
$3 05
o f h i g h e r c la s s f r e i g h t a n d n o t t o in c r e a s e in r a t e s c h a r g e d .
Reserve lor Accrued De­
O n th e c o n tr a r y th e re w ere d e c re a se s r a n g in g fr o m 5 p e r c e n t
preciation— Equipm ent . 2,514.901 34
---------------------- 2,514,904 39
t o 1 0 p e r c e n t in t h e c o a l r a t e s f r o m P i t t s b u r g h a n d W e s t
----------------------- $14,957,845 72
V i r g i n i a r e g i o n s t o t h e L a k e s , e f f e c t i v e M a y 1 9 1 2 , w h ic h
P r o p e r t y I n v e s t m e n t — S e c u r i t ie s — s h o w s a n in c r e a s e o f
a p p l y t o a c o n s i d e r a b le t o n n a g e .
F r e ig h t T r a ffic S ta t is tic s
$ 6 1 5 , 5 6 6 1 8 , w h ic h is t h e c o s t o f a d d i t i o n a l s e c u r i t ie s o f
a r e g i v e n in T a b l e s 1 2 a n d 1 3 .
s u b s i d i a r y li n e s a c q u i r e d d u r i n g t h e y e a r .
I t w ill b e n o t e d f r o m S t a t e m e n t o f C o m m o d i t i e s C a r r i e d ,
O th e r In v e s tm e n ts — u n d er P ro p e rty In v e s tm e n t, sh o w s
T a b le 1 4 , th a t to n n a g e d e cre a se s w ere q u ite g e n e r a l th r o u g h
a n in c r e a s e f o r t h e y e a r o f $ 4 7 7 , 0 0 5 7 0 , a n d is m a d e u p o f
th e
c o m m o d itie s
grouped
as
P ro d u c ts
of
A g r ic u ltu r e ,
a d v a n c e s t o c o n t r o lle d l i n e s , t h e p u r c h a s e o f a d d i t i o n a l r e a l
P r o d u c t s o f A n i m a l s , P r o d u c t s o f F o r e s t , a n d in m a n y i t e m s
e sta te a n d
th e a c q u is itio n
o f a d d i t i o n a l s e c u r i t ie s
not
o f M a n u fa c t u r e s , r e s u ltin g p r o b a b ly fr o m th e u n fa v o r a b le
p le d g e d .
w e a t h e r c o n d i t i o n s a n d t h e a p a t h y in c o m m e r c e a n d m a n u ­
W o r k in g A s s e ts — s h o w a d e c re a se o f $ 7 ,1 8 1 ,5 1 7 9 8 .
T h is
f a c t u r e w h ic h p r e v a i l e d in t h e e a r l ie r p e r i o d o f t h e y e a r .
is p r i n c i p a l l y a c c o u n t e d f o r b y t h e w i t h d r a w a l o f s p e c i a l
T h e r e w a s a m a r k e d in c r e a s e , h o w e v e r , in t h e l a t t e r p a r t
d e p o s i t s c a r r ie d in L o a n s a n d B i l l s R e c e i v a b l e a n d a p p l i c a ­
o f t h e y e a r in t h e P r o d u c t s o f M in e s a n d in c e r t a i n b r a n c h e s
tio n o f s u c h w ith d r a w a ls to a d d itio n s a n d b e t t e r m e n t s .
of
M a n u fa c tu r e s,
a n tic ip a tin g ,
p erh ap s,
th e
r e v i v a l in
T h e it e m M a r k e ta b le S e c u r itie s — M is c e lla n e o u s , s h o w n a s
g en era l m a n u fa c tu r e s a n d c o m m e rc e .
a n in c r e a s e , is t h e r e s u l t o f a t r a n s f e r t o t h i s a c c o u n t f r o m
T h e e a r n in g s f r o m P a s s e n g e r T r a f f i c — w e r e $ 1 4 , 7 5 4 , 9 1 1 7 1 ,
t h a t o f M i s c e lla n e o u s A c c o u n t s R e c e i v a b l e , w h ic h l a t t e r
a d e c re a se o f $ 4 5 3 ,5 2 0 4 4 , o r 2 .9 8 p e r c e n t.
it e m r e fle c ts a d e c r e a s e .
R e f e r e n c e is m a d e t o t h e G e n e r a l
T h e n u m b e r o f p a s s e n g e r s c a r r ie d w a s 2 2 , 1 7 8 , 2 9 8 , a n
B a l a n c e S h e e t f o r t h e o t h e r i t e m s o f in c r e a s e a n d d e c r e a s e
in c r e a s e o f 2 0 9 , 1 3 2 , o r .9 5 p e r c e n t ; n o t w i t h s t a n d i n g t h i s
in t h i s g r o u p i n g , w h ic h a r e s e l f - e x p l a n a t o r y .
i n c r e a s e , t h e n u m b e r o f p a s s e n g e r s c a r r ie d o n e m ile w a s
D e f e r r e d D e b i t I t e m s — in c r e a s e d $ 8 , 1 0 4 , 9 0 6 1 6 .
O f th is
7 6 6 ,1 6 9 ,8 7 6 , a d e cre a se of 2 9 ,7 1 5 ,0 1 0 , o r 3 .7 3 p e r c e n t, a n d
a m o u n t $ 7 , 2 1 5 , 3 9 2 1 0 in S p e c i a l D e p o s i t s r e p r e s e n t s t h e
t h e n u m b e r o f p a s s e n g e r s c a r r ie d o n e m ile p e r m ile o f r o a d
b a l a n c e o f t h e $ 1 0 , 0 0 0 , 0 0 0 p r o c e e d s f r o m s a le o f C e r t if ic a t e s
w as 1 7 1 ,9 7 7 , a d e cre a se o f 7 ,5 2 9 , or 4 .1 9 p e r c e n t.
The
is s u e d u n d e r t h e E q u i p m e n t T r u s t o f F e b r u a r y 1 9 1 2 a n d
a v e r a g e n u m b e r o f m ile s e a c h p a s s e n g e r w a s c a r r ie d w a s
w ill b e e x p e n d e d f o r e q u i p m e n t n o w u n d e r c o n t r a c t .
3 4 . 5 5 , a d e c r e a s e o f 1 . 6 8 m i le s , b u t t h e n u m b e r o f p a s s e n g e r s
C o m m o n S t o c k — s h o w s a n e t in c r e a s e in t h e is s u e o f
c a r r ie d p e r m i l e o f r o a d w a s 4 , 9 7 8 , a n in c r e a s e
o v e r la s t
$ 1 0 ,0 0 0 b y r e a so n o f th e c o n v e r s io n o f a n e q u a l a m o u n t o f
year of 23.
T h e a v e r a g e e a r n in g s f r o m e a c h
p assen ger
C o n v e r t i b l e D e b e n t u r e B o n d s , t h u s r e t i r in g a ll o f s u c h b o n d s
d e c r e a s e d $ . 0 2 7 - 1 0 a n d t h e a v e r a g e e a r n in g s p e r p a s s e n g e r
o u tsta n d in g .
T h e c h a n g e s in P r e f e r r e d S t o c k a r e in c i d e n t
p e r m ile in c r e a s e d
.0 1 5 c e n t s .
T h e s e flu c tu a t io n s w ere
t o e x c h a n g e o f o ld u n d e r l y i n g s e c u r i t i e s o f t h e C o m p a n y a n d
o c c a s i o n e d b y a d e c r e a s e in t h e l o n g d i s t a n c e b u s i n e s s ,
o f c o n stitu e n t c o m p a n ie s.
m a i n l y d u e t o t h e d e c lin e in i m m i g r a n t t r a f f i c a n d a l s o t o
M o r t g a g e , B o n d e d a n d S e c u r e d D e b t — in c r e a se d $ 1 1 ,­
a n in c r e a s e in c o m m u t e r t r a v e l .
P a sse n g e r T r a ffic S ta tis tic s
7 4 7 ,7 0 3 6 6 , e x p la in e d a s fo llo w s :
w ill lie f o u n d in T a b l e s 10 a n d 1 1 .
First Mortgage B o n d s .......... ............................. $1,000,000 00
Issued under provisions of the m ortgage in
T h e e a r n in g s fr o m E x p r e s s T r a ffic — w e re $ 1 ,7 4 6 ,7 0 3 1 9 ,
recoupm ent of construction expendi­
a d e c re a se o f $ 3 3 ,6 4 3 7 3 , a n d fr o m th e T r a n s p o r ta t io n o f
tures and held in the treasury.
M a il s $ 1 , 1 2 0 , 1 6 1 9 9 , a d e c r e a s e o f $ 4 8 , 9 0 6 2 1 .
Certificates of Interest, U.
O. Equipm ent
Trust
o f February 1912------------------------------ 10,000,000 00
T h e O p e r a tin g E x p e n s e s — fo r th e y e a r w ere $ 6 4 ,7 0 9 ,­
Issued for the purchase o f equipm ent.
5 3 7 5 9 , a n in c r e a s e o f $ 1 , 9 4 3 , 4 7 0 5 5 , o r 3 . 1 0 p e r c e n t .
Real Estate Mortgages and Ground Rent
Liens on property acquired, ca p ita liz e d .. .
859,003 06
T h e e x p e n d itu r e s fo r M a in te n a n c e o f W a y a n d S tr u c tu r e s
Other bonds issued in exchange for under­
a g g r e g a t e d $ 1 1 , 3 6 5 , 4 5 4 2 9 , a n in c r e a s e o f $ 1 , 0 8 5 , 8 3 8 4 7 ,
lying s e cu ritie s .._________________________
1,700 00
o r 1 0 5 6 p e r c e n t , a v e r a g i n g $ 2 , 5 5 1 1 3 p e r m ile o f r o a d , a n
$11,860,703 60
in c r e a s e o f $ 2 3 2 . 6 3 o v e r t h e p r e v i o u s y e a r .
Less— Underlying bonds acquired during the
year, viz.:
T h e e x p e n d itu r e s fo r M a in te n a n c e o f E q u ip m e n t w e re
B . & O . R R . Extended 4 per
$ 1 6 , 0 5 1 , 5 3 4 4 0 , a n in c r e a s e o f $ 7 6 9 , 9 1 4 0 2 , o r 4 . 8 5 p e r c e n t .
cent bonds, due 1935_________$61,000 00
T h e to ta l m a in te n a n c e e x p e n s e s fo r th e y e a r w e re $ 2 8 ,­
P. & C. R R . Extended 4 per
cent bonds, due 1 9 1 6 ............... 52,000 00
113,000 00
0 1 6 ,9 8 8 6 9 , e q u a l to 3 0 .2 6 p e r c e n t o f th e G ro ss E a r n in g s
a n d 4 3 .3 0 p e r c e n t o f th e T o t a l E x p e n s e s .
$11,747,703 CC




A D D IT IO N S T O

ROAD AND

E Q U IP M E N T .

T h e e x t e n s iv e p r o g r a m fo r a d d itio n s a n d b e t t e r m e n t s
a u th o r iz e d a n d d ir e c te d b y th e B o a r d fr o m tim e to t im e
d u r i n g t h e p a s t t h r e e y e a r s , a n d f o r w h ic h p r o v i s i o n w a s
m a d e t h r o u g h t h e is s u e o f t h e C o m p a n y ’ s T h r e e - Y e a r N o t e s ,
is n e a r i n g c o m p l e t i o n .
M u c h o f th e
m o re im p o r ta n t w ork
h a s b e e n c o m p le te d a n d a n in d ic a tio n o f th e b e n e fits to b e
e x p e c t e d f r o m t h e s e i m p r o v e m e n t s is r e f e c t e d in t h e o p e r a ­
tio n s o f th e y e a r.
I n t h i s c o n n e c t i o n it w ill b e n o t e d t h a t t h e C o m p a n y w a s
e n a b le d d u r in g th e p a s t y e a r to c a r r y 7 8 0 ,8 7 9 ,3 5 2 a d d it io n a l
t o n s o n e m i l e , o r a n in c r e a s e o f 0 . 7 2 p e r c e n t , w i t h n o a d ­
d i t i o n a l t r a n s p o r t a t i o n c o s t ; in f a c t , t h e r e w a s a d e c r e a s e
o f 8 0 7 ,2 0 5 51 u n d e r th e p r e c e d in g y e a r .
T h a t t h e r e s h o u ld
b e t h i s d e c r e a s e d c o s t in t r a n s p o r t a t i o n , n o t w i t h s t a n d i n g
a n in c r e a s e o f 0 . 7 2 p e r c e n t in t o t a l t o n s c a r r ie d o n e m i l e ,
w i t h c o n s e q u e n t in c r e a s e o f o v e r 7 p e r c e n t in f r e i g h t e a r n ­
i n g s , is l a r g e l y d u e t o t h e r a is in g o f t h e a v e r a g e t r a in l o a d
( e x c l u d i n g C o m p a n y ’s m a t e r i a l ) t o 5 5 -1 .4 0 t o n s , c o m p a r e d
w i t h 4 4 0 . 0 8 t o n s t h e p r e c e d i n g p e r i o d , a n in c r e a s e o f 1 1 3 . 7 8
to n s , o r 2 5 .8 2 p er c e n t.
C o i n c i d e n t w i t h t h is in c r e a s e d t r a in
l o a d , t h e e a r n in g s p e r r e v e n u e f r e i g h t t r a in m ile a v e r a g e d
8 3 2 1 . 0 8 , a n in c r e a s e o f 8 . 0 7 3 - 1 0 0 , o r 2 0 . 3 2 p e r c e n t .
W ith
t h e f in a l c o m p l e t i o n o f t h e w o r k n o w u n d e r w a y , i t is
b e l i e v e d t h a t a c o n s i d e r a b l y la r g e r v o l u m e o f b u s in e s s m a y
b e h a n d le d a n d w i t h m o r e m a r k e d e c o n o m y .
T h e i m m e d i a t e r e s p o n s e t o t h e s e in c r e a s e d f a c i l i t i e s , h o w ­
e v e r , in t h e w a y o f a d d i t i o n a l d e v e l o p m e n t s o n y o u r C o m ­
p a n y ’ s l i n e s , s u g g e s t s t h e n e c e s s i t y in t h e n e a r f u t u r e o f
fu r th e r e x p a n s io n , p a r tic u la r ly a t te r m in a l p o in t s , a n d th e
a d d itio n o f e q u ip m e n t n e c e s s a r y to care fo r th e c o n s ta n tly
g r o w in g t r a ffic .
B e l o w a n d in T a b l e 2 5 w ill b e f o u n d in d e t a i l t h e s t a t e ­
m e n t o f e q u ip m e n t a c q u ir e d d u r in g th e y e a r , w h ic h e m ­
b ra c e d 1 05 lo c o m o t iv e s , 7 8 ste e l p a sse n g e r c a r s , 3 ,8 1 4 n ew
a n d 1 ,4 0 0 r e c o n s tr u c te d fr e ig h t c a r s , 9 w o r k c a rs a n d 1 tu g
b o a t , 1 s te e l ca r flo a t a n d 1 lig h te r .
T h e to ta l a m o u n t
c h a r g e d to c a p it a l a c c o u n t o f E q u ip m e n t fo r th e y e a r w a s
8 7 ,5 8 6 ,4 2 0 1 6 .
T h e e q u i p m e n t in s e r v i c e h a s b e e n w e ll
m a i n t a i n e d a n d a li b e r a l a m o u n t h a s b e e n c h a r g e d t o o p e r a t ­
in g e x p e n s e s fo r d e p r e c ia tio n .
T a b le 6 s h o w s th e c a p it a l e x p e n d itu r e s m a d e d u r in g th e
y e a r g r o u p e d u n d e r th e m o r e im p o r t a n t s u b -d iv is io n s o f
A d d itio n s
and
B e tte r m e n ts
accou n ts
a g g r e g a tin g
$ 1 1 ,­
9 7 5 ,8 7 7 8 6 ; th e d iffe r e n c e b e tw e e n th is a m o u n t a n d th e
in c r e a s e in I n v e s t m e n t s in c e J u n e 3 0 1 9 0 7 — R o a d , 8 1 1 , ­
9 6 9 , 9 1 2 9 1 , s h o w n in t h e G e n e r a l B a l a n c e S h e e t , T a b l e 2 ,
is o c c a s i o n e d b y b o o k a d j u s t m e n t s .
ROAD.
S o m e o f th e m o r e im p o r a n t im p r o v e m e n t s c o m p le te d
d u r in g th e y e a r w e re :
C h a n g e o f lin e a n d r e d u c t i o n o f c u r v a t u r e a t t h e w e s t e n d
o f th e S u s q u e h a n n a R iv e r b r id g e .
C o n s t r u c t i o n o f .3 3 m ile s o f d o u b l e t r a c k in o p e n c u t a t
B a k e r s t o w n , P a . , a n d e l i m i n a t i o n o f s in g le t r a c k t u n n e l a t
th a t p o in t.
T h e c h a n g e o f lin e a n d r e d u c t i o n o f g r a d e b e t w e e n B l a s e r
a n d W e s t E n d o f K in g v v o o d T u n n e l , W . V a . , i n c l u d i n g t h e
c o n s t r u c t i o n o f t h e d o u b l e t r a c k t u n n e l r e f e r r e d t o in t h e
l a s t A n n u a l R e p o r t , h a s b e e n c o m p l e t e d a n d p u t in o p e r a t i o n .
T h i s i m p r o v e m e n t , b y g i v i n g t h r e e t r a c k s t h r o u g h t h is
s u m m i t , r e li e v e s t h e c o n g e s t i o n in c i d e n t t o t h e f o r m e r s i n g le ­
tr a c k tu n n e l a t th is p o i n t , a n d th e g r a d e r e d u c tio n e ffe c te d
in
c o n n e c tio n
th e re w ith sh o r te n s th e
e a stb o u n d
h e lp e r
g r a d e a p p r o x i m a t e ly fo u r m ile s , w ith c o n s e q u e n t e c o n o m ie s
in

o p e r a tio n .
T h e r e h a v e b e e n a d d e d 9 . 4 3 m ile s o f y a r d t r a c k a t C u r t is
Bay, M d.
A n e w w e s t b o u n d c la s s ific a tio n y a r d , w ith 5 .7 4
m i le s o f t r a c k , h a s b e e n c o n s t r u c t e d a t B r u n s w i c k , M d .
T h e r e h a v e b e e n p u t in o p e r a t i o n 1 2 . 0 6 m ile s o f t r a c k in
th e
c la s s ific a tio n
and
r e c e iv in g y a r d
at
L o r a in ,
O h io .
A d d it io n a l y a r d tra ck s h a v e b e e n b u ilt a t B a ltim o r e , F r e d ­
e r ic k , C u m b e r la n d a n d H u t t o n , M d .; K e y s c r , R o w le s b u r g ,
B la s e r , H a r d m a n , G r a ft o n , C la r k sb u r g , a n d H a r t z e l, W . V a .;
J o h n s t o w n , P a . ; C l e v e l a n d , C h ic a g o J u n c t i o n a n d C i n c i n n a t i ,
O h io ; M c C o o l an d W a s h in g t o n , I n d .; a n d F lo r a a n d C o n e ,

111.
T h e r e h a s b e e n a n in c r e a s e in f ir s t t r a c k c o n s t r u c t e d o f
1 1 .8 4 m ile s , d u e , c h ie fly , to th e e x te n s io n o f th e Q u e ­
m a h o n in g B r a n c h .
T h e s e c o n d t r a c k h a s b e e n in c r e a s e d
4 1 .9 0 m ile s , m o s t ly o n th e C h ic a g o D iv is io n .
T h e re w ere
in c r e a s e s o f 8 .6 1 m ile s o f t h i r d t r a c k a n d 6 . 0 5 m ile s o f f o u r t h
t r a c k , p r i n c i p a l ly o n t h e C u m b e r l a n d a n d
C o n n c lls v i lle
D iv is io n s .
N e w s t a t io n b u ild in g s w e re c o m p le te d a t H u t t o n , M d .;
T e rra A lt a a n d D o la , W . V a .; P a in t C re ek , S h a rp sb u rg a n d
E l l w o o d , C i t y P a . ; N a b b s , I n d . ; a n d N o b l e a n d S h a r p s , 111.
T h e s t a t io n b u ild in g s a t B a lt im o r e a n d C u m b e r la n d , M d .,
w e re e x t e n s iv e ly r e m o d e le d a n d im p r o v e d .
T h e r e w e r e 1 2 n e w i n t e r l o c k i n g p l a n t s b u i l t a n d 7 re­
c o n stru c te d .
A u to m a tic
s ig n a ls w e r e i n s t a l l e d
fo r
1 9 .7
m ile s o f d o u b l e t r a c k a n d 1 6 .4 m i le s o f s in g le t r a c k .
E le c tr o ­
m a n u a l b l o c k s ig n a ls w e r e i n s t a l l e d f o r 3 . 3 m i l e s o f d o u b l e
t r a c k a n d 2 0 . 1 m i le s o f s in g le t r a c k .
T h e f o l l o w i n g a r e s o m e o f t h e la r g e r i m p r o v e m e n t s n o w
under w ay:

A D D IT IO N S TO T R A C K A N D B E T T E R M E N T OF R O A D .
T o p r o v i d e f o r t h e in c r e a s e d t r a f f i c o r i g i n a t i n g in t h e
S o m e r s e t C o a l D i s t r i c t t h e r e is n o w u n d e r c o n s t r u c t i o n t h a t




(\ OL. LXXXXV.

T H E C H R O N IC L E

1278

p o r tio n
o f th e Q u e m a h o n in g
B ranch
R a ilr o a d
b e tw e e n
R o c k w o o d a n d G a r r e t t , P a ., 7 m ile s , to b e c o m p le t e d d u r in g
t h e n e x t f is c a l y e a r .
T h e c o n s tr u c tio n o f s e c o n d tr a c k o n th e C h ic a g o D iv is io n ,
a u th o r iz e d d u r in g th e p a s t tw o y e a r s , a n d a g g r e g a t in g 8 4 .7
m i l e s , is w e ll a d v a n c e d .
M u c h o f it h a s b e e n c o m p l e t e d a n d
p u t in t o o p e r a t i o n a n d t h e b a l a n c e , it is e x p e c t e d , w ill b e
c o m p le te d a b o u t N o v e m b e r 1 1 9 1 2 .
T h e c o n s t r u c t i o n o f 1 . 8 m ile s o f n e w l i n e , i n c l u d i n g d o u b l e
t r a c k t u n n e l 4 , 0 0 0 f e e t in l e n g t h ,
th r o u g h
th e A lle g h e n y
M o u n t a in s , b e tw e e n
Sand
P a tc h a n d M a n ila , P a ., h a s
p r o g r e s s e d s t e a d i l y d u r i n g t h e y e a r a n d is e x p e c t e d t o b e
c o m p le te d a b o u t J a n u a r y 1 1 9 1 3 .
A v e r y se rio u s r e s tr ic tio n
t o t h e m o v e m e n t o f t r a f f i c o v e r t h i s d i v i s i o n w ill t h e n h a v e
b e e n r e m o v e d a n d c o n t i n u o u s d o u b l e t r a c k w ill e x t e n d f r o m
P h i l a d e l p h i a , P a . , t o C h i c a g o , 111., w i t h a n e x c e p t i o n o f
a b o u t 3 4 m ile s o n t h e C h i c a g o D i v i s i o n .

A D D IT IO N S A N D

B E T T E R M E N T S TO Y A R D S A N D T E R M IN A L
F A C IL IT IE S .

A t S o m e r s e t , P a . , t h e r e h a v e b e e n 4 . 5 3 m i le s o f y a r d
t r a c k s l a i d ; t h e a d d i t i o n a l y a r d t r a c k s a n d e n g i n e f a c ili t ie s
a r e w e ll u n d e r w a y a n d w ill b e c o m p l e t e d d u r i n g t h e c o m i n g
f is c a l y e a r .
T h e s e i m p r o v e m e n t s a r e n e c e s s a r y in c o n n e c t i o n
w ith th e n e w Q u e m a h o n in g B r a n c h R a ilr o a d e x t e n s io n ,
a n d t o t a k e c a r e o f t h e g e n e r a l in c r e a s e in t r a f f i c in t h is
re g io n .
_
_
A d d it io n s to th e te r m in a ls a t C h ic a g o J u n c t io n , O h io , h a v e
b e e n m a d e b y le n g th e n in g th e y a r d tr a c k s , to ta k e c a re o f
t h e l o n g e r t r a in s n o w r u n n i n g t o a n d f r o m t h a t t e r m i n a l .
T h e p a s s e n g e r s t a t i o n a t t h a t p o i n t is b e i n g r e m o d e l e d a n d
a s u b w a y c a r r y i n g F r o n t S t r e e t u n d e r t h e t r a c k s is b e i n g
c o n stru c te d .

R E N E W A L OF B R ID G E S A N D E L IM IN A T IO N OF G R A D E CROSS­
IN GS.
C o n s id e r a b le p r o g r e s s h a s b e e n m a d e in r e n e w in g b r id g e s
fo r u se o f h e a v ie r p o w e r .
A m o n g th e m o r e im p o r ta n t
b r id g e s r e n e w e d w e r e t h o s e a c r o s s t h e H o c k i n g , I C m b a r r a s a n d
W a b a s h R iv e r s .
_
E l i m i n a t i o n o f g r a d e c o r s s i n g s in t h e C i t ie s o f B a l t i m o r e ,
M d . , a n d C l i i c a g o , 111., h a s p r o g r e s s e d s t e a d i l y d u r i n g t h e
y e a r , in a c c o r d a n c e w i t h t h e a r r a n g e m e n t s w it h t h e s e C i t ie s ,
a n d w i ll , a s p r e v i o u s l y s t a t e d , e x t e n d o v e r a p e r i o d o f y e a r s .
T h e w o rk a t C o lu m b u s , O h io , h a s b e e n p r a c tic a lly c o m p le te d .
E Q U IP M E N T .
B o o k V a lu e o f E q u ip m e n t J u n e 3 0 1 9 1 1 _ _ $ 8 7 ,5 1 5 ,1 5 2 4 9 .

During the year there was added to the equip­
ment the following: 105 L ocom otives, 78
Passenger Cars, 5,214 Freight Cars, 9 Work
Cars and 1 Tug Boat, 1 Steel Car Float and
1 Lighter, on which payments were made
amounting t o _________________ ________ ____ $7,544,258 9."
And Betterments were added costing_______
42,101 23
------------------------

7,580,420 10
$95,101,572 05

During the year the following equipment was
put out of sendee and credited to Property
Investment— Equipm ent: 102 Locom otives,
14 Passenger cars, 5,400 Freight Cars, 345
W ork Cars and 8 pieces of Floating I^quipment, having a book value o f---------------------

2,083,582 90

Making the Gross Book Value of E qu ip m en t-.
$93,017,989 09
From this should be deducted—
Reserve for Accrued Depreciation, as
follows—
Am ount at credit June 30 1 9 1 1 ___________ $8,297,959 02
Am ount charged to Expenses for deprecia­
tion, year ended June 30 1912----------------2,749,281 75
$11,047,241 37
Less— Charges to this A ccount for deprecia­
tion accrued on equipment put out of
service during the year....... ..............................

234,380 41

Credit Balance Reserve for A ccrued Deprecia­
tion June 30 1912------------- -------------- ----------------------------------- 10,812,860 90
Leaving Net Value of Equipment June 30 1912-------- ---------$82,205,128 73
D u r in g th e y e a r 1 ,4 0 0 s te e l fr e ig h t c a r s , a c q u ir e d fr o m
1 8 9 9 to 1 9 0 1 , w e re r e c o n s t r u c te d , a n d e q u ip p e d w ith m o re
s u ita b le d r a ft r ig g in g a n d s a f e t y d e v ic e s .
O n F e b r u a r y 1 1 9 1 2 t h e r e w e r e is s u e d 8 1 0 , 0 0 0 , 0 0 0 e q u i p ­
m e n t o b lig a tio n s o f th e B a ltim o r e & O h io E q u ip m e n t T r u s t
o f F e b r u a r y 1 9 1 2 u n d e r w h i c h t h e r e h a d b e e n a c q u ir e d t o
June 30
1 9 1 2 , 8 L o c o m o tiv e s ,
24
P a sse n g e r C a rs an d
3 ,7 8 5 F r e ig h t C a r s .
T h e s e l o c o m o t i v e s a n d c a r s a r e in c l u d e d
in t h e s t a t e m e n t o f e q u i p m e n t a d d e d d u r i n g t h e y e a r .
The
f o l l o w i n g a d d i t i o n a l e q u i p m e n t is u n d e r c o n t r a c t f o r t h is
T ru st:
5 0 L o c o m o t i v e s a n d 6 , 2 1 5 F r e i g h t C a r s a n d w ill
b e d e li v e r e d w i t h i n t h e n e x t f is c a l y e a r .
S U B S ID IA R Y

L IN E S .

T h e I n c o m e A c c o u n t s o f t h e f o l l o w i n g li n e s , o w n e d b u t
s e p a r a t e l y o p e r a t e d , a r e s h o w n in E x h i b i t s A , B a n d C , v i z . : ;

The Staten Istand Railway C om p a n y------- ----------------------------The Staten Island Rapid Transit Railway C om p any------------The Baltimore & Ohio Chicago Terminal Railroad Com pany-

12.64 miles
io.8 9 miles
77.14 miles
100.67 jn lles

IN D U S T R IA L

D E PA RTM E N T .

O n e h u n d r e d a n d e ig h t y -s i x n e w in d u s tr ie s , m a n u fa c t u r ­
in g a n d c o m m e r c i a l , w e r e l o c a t e d o n o r i m m e d i a t e l y a d ­
j a c e n t t o y o u r lin e d u r i n g t h e y e a r , f r o m w h ic h t h e C o m p a n y
s h o u ld d e r i v e s u b s t a n t i a l f r e i g h t r e v e n u e s .
T w o h u n d red
a n d o n e s id e t r a c k s a n d i n d u s t r i a l b r a n c h e s
w ere c o n ­
s tr u c te d ; n in e t y -fiv e to th e n e w ly lo c a te d in d u s tr ie s ; f o r t y t w o t o in d u s t r i e s p r e v i o u s l y l o c a t e d b u t w i t h o u t s i d e - t r a c k
f a c i li t i e s ; t h e b a l a n c e b e i n g a d d i t i o n s t o o r e x t e n s i o n s
o f f a c ili t ie s a t e x i s t i n g p l a n t s .

Nov. 9 1912.]

T H E C H R O N IC L E

B y th e u s e o f s p e c ia l e d u c a t io n a l tr a in s , th e la t e s t r e s u lts
in s c ie n t i f i c a g r i c u l t u r e w e r e p r e s e n t e d t o m o r e t h a n 2 2 , 0 0 0
fa r m e r s b y d e m o n s t r a t o r s a n d le c tu r e r s f r o m t h e E x p e r im e n t
S t a t i o n s o f t h e v a r i o u s S t a t e s s e r v e d b y t h e S y s t e m li n e s .
D u r in g th e y e a r a n A g r ic u ltu r a l A g e n t w a s a p p o in te d ,
c h a r g e d w i t h t h e d u t y o f d e v e l o p i n g t h e a g r i c u l t u r a l in t e r ­
e s t s o f t h e S y s t e m ; o f i n d u c i n g i m m i g r a t i o n ; a i d i n g in d i v e r s i ­
fic a tio n o f c ro p s; a d v is in g fa r m e r s a s to th e c ro p s b e s t
s u i t e d t o t h e i r s o i l , a n d in v a r i o u s o t h e r w a y s e n c o u r a g i n g
th e d e v e lo p m e n t o f th e a g r ic u lt u r a l p o s s ib ilitie s o f th e la n d s
c o n tig u o u s to th e S y s t e m .
IN S U R A N C E

FUND.

A s u m m a r y o f th e o p e r a tio n s fo r th e y e a r e n d e d J u n e 3 0
1 9 1 2 a n d a s t a t e m e n t o f t h e a s s e t s a n d li a b i l i t i e s a r e s h o w n
in T a b l e 2 3 .
T h e s u r p l u s in t h i s R e s e r v e F u n d a t J u n e 3 0
1 9 1 2 w as $ 1 ,3 2 6 ,9 6 2 4 2 .
R E L IE F

D EPARTM ENT.

T h e r e p o r t o f th e R e lie f D e p a r t m e n t fo r th e tw e lv e m o n th s
e n d e d J u n e 3 0 1 9 1 2 w ill b e p r i n t e d , a s c u s t o m a r y , f o r d i s b u tio n to m e m b e r s .
T h e o p e r a tio n s o f th e d e p a r t m e n t ,
c o v e r in g th e R e lie f , S a v in g s a n d P e n s io n F e a t u r e s , w ill b e
f o u n d in T a b i e 2 4 o f t h i s r e p o r t .

*

*

*

*

*

*

*

*

*

*

T h e P r e s id e n t a n d D ir e c to r s a c k n o w id g e w it h
p le a s u r e
th e lo y a l a n d e ffic ie n t s e r v ic e s o f th e o ffic e r s a n d e m p lo y e e s
d u r in g th e p a s t y e a r .
B y o r d e r o f th e B o a r d ,
D A N IE L

W IL L A R D ,

President.

1379

Utah Copper Co.— Earnings.—

F o r q u a rte r e n d . S e p t. 3 0 :

1912.
1911.
1912.
1911
Gross p r o .lb s .29,966,920 25,851,456 Total net p ro f.$2,926,470 $1,538,712
N et p r o f i t s . ..$2,530,584 $1,150,524 Dlvs. p a i d . . . 1,182,413 1,177,012
M iscellaneous.
11,699
13,000
N ev.Cons.divs.
375,187
375,188
u
______
_______
Net surplus $1,744,057
$361,700
The above earnings are com puted on the basis of 16.628 cents for copper
in 1912 and 12 M cents In 1911.— V . 95, p. 366.

Utilities Improvement Co., New York.— Over-Subscribed.
H enry L . Doherty &, Co. announced on N ov. 6 that, owing to the excep­
tionally heavy subscriptions to the 510.000,000 pret. stock offered at par,
with a bouns o f 4 0% o f com m on stock, the allotments have been made on a
basis o f $500 to each subscriber, plus about 15% of the balance o f each
subscription, this giving to the subscriber for 51,000 an allotm ent o f 5600
to the subscriber fo r $2,000 an allotm ent o f $700, and so on. See V . 95, p.
1045, 1213.

Purchase.—

S ee W ic h it a N a t .G a s C o . a b o v e .— Y . 9 5 , p . 1 2 1 3 .

Waters-Pierce Oil Co.— Change of Control.—

A c o n tr a c t
f o r t h e s a l e o f t h e s t o c k o w n e d b y a n u m b e r o f l a r g e h o ld e r s
w h o r e c e iv e d th e ir s t o c k f r o m th e S ta n d a r d O il C o . o f N e w
J e r s e y , a t th e t im e o f its d is s o lu tio n (a n d a ls o o f a la r g e
n u m b e r o f s m a ll m in o r it y s to c k h o ld e r s ) t o H e n r y C la y
P ie r c e a n d a s s o c i a t e s , w a s s ig n e d o n F r i d a y l a s t .
T h e sa le
w a s a rra n g e d b y M o ritz R o s e n th a l o f L a d e n b u r g , T h a lm ann & Co.

Mr. Rosenthal was counsel for the Standard Oil Co. in the dissolution
suit. The Standard OH Co. owned 2,747 o f the 4,000 shares, which It dis­
tributed among its stockholders (V . 94, p. 1312). O f the stock sold, the
holdings o f John D. Rockefeller amounted to 682 shares, o f W illiam R ocke­
feller 22, Henry M. Flagler 40, John D. Archbold 16, Charles M. Pratt 13,
I ratt estate 147, the Harkness fam ily 238, a total o f 1,158 shares. The
suit brought b y the Standard Oil Interests for a mandamus to com pel the
counting or votes form erly held b y that com pany In the election of directors
Is expected to be wlthrdawn when called for trial in St. Louis next m onth.
The stock has been recently quoted as 1400bid, 1600 asked, and approxIm atcly that am ount, it is com m only supposed, was paid fo r the stock
— V . 05, p. 1213.

Wichita Natural Gas Co.— Change in Control.—
CONDENSED

IN C O M E

ACCOUNT

FOR

Y E A R .

1912.
Gross Earnings, Rail Operations------------- -592,594,322 87
Total Expenses, Rail Operations_______ . 64,709,537 59

Increase ( + ) , or
Dercease (— ) .
+ 54,449,319 11
+ 1,043,470 55

Net Earnings from O peration— , ____ -527,884,785 28

+ 52,505,848 56

69.88

— 1.33

Outside O perations.................. ...... ............... - — $666,639 99

— 518,327 85

Total Net R even u e.................... ............... $27,218,145 29
Taxes A ccru ed ________________________ . 2,984,948 49

+ $1,987,520 71
+ 388,698 69

Operating Incom e____________________ .$24,233,196 80
Other I n c o m e ....... ...................................... . 4,390,905 94

+ $1,598,822 02
— 505,692 35

Gross Corporate Incom e_____________ $28,624,102 74
T otal Deductions from Incom e— Rents,
Interest, Hire o f Equipm ent, & c______ 14,726,044 33

+ $1,093,129 67

N et Corporate Incom e--------------------- .$13,898,058 41

+ $1,078,067 18

Percentage o f Expenses to E arn in gs.. -

+ 15,062 49

N et Corporate Incom e--------------------------------- ------------------513,808,058 41
Dividend paym ents on Preferred Stock, 4 % _______ _____ ___
2,355,058 52
Incom e Balance Transferred to Profit and Loss___________ 511,542,099 89
A m ount to Credit of Profit and Loss, June 30
1 9 1 1 ____________ __________ _______________ $38,452,419 29
Less Sundry Adjustm ents— Net Debit Balance
119,915 63
------------------- 38,332,503 06
Dividend Charges to Surplus, Common Stock 6 % ___________

549,875,503 55
9,121,072 56

A m ount to Credit of Profit and Loss, June 30 1912__________ 540,754,430 09

A large number o f the m inority holders o f the stock o f the W ichita Natural
Gas Co. and the Quapaw Gas Co. (total Issue In each case $3,000,000, par
5100), have, It is stated, accepted the offer made for their stock b y H . L .
D oherty & Co. N . Y ., on behalf of the Utilities Im provem ent Co. (V . 95,
p . 1045), viz., 550 a share for W ichita and $30 a share for Quapaw, paym ent
to be made in four installments with Interest at 6 % , the last paym ent due
in August 1913, or in full at any time before that date. The vC'Ichlta Co.
has a funded debt o f about 5930,000 6% bonds, the Quapaw Gas C o. of
$900,000 1st M. 6s, due $100,000 annually. See also V 94 p 348

Wisconsin Edison Co., In c., New York.— New Holding

Company for North American Co.—

T h is c o m p a n y w a s in ­
c o r p o r a te d a t A lb a n y o n N o v . 7 w ith 8 1 0 ,0 0 0 ,0 0 0 o f a u t h .
6 % c u m . p r e f . s t o c k , p r e s e n t is s u e 8 1 , 0 0 0 , 0 0 0 , a n d 2 0 0 , 0 0 0
s h a r e s o f c o m m o n , w ith n o p a r v a lu e , a ll o u t s t a n d in g , a s a
h o ld in g c o m p a n y fo r th e in te r e s ts o f th e N o r t h A m e r ic a n C o .
( V . 9 4 , p . 1 1 8 4 ) in t h e S t a t e o f W i s c o n s i n .

Further Particulars from Authoritative Statement Issued Nov. 7.

The authorized capital with which the com pany begins business Is stated
to be 512,000,000. The com pany was organized b y the North American Co.
to take over the holdings of that com pany and the public utilities which It
controls within the State of W isconsin. The new com pany will own the
capital stock of the Milwaukee Light, H eat & T raction C o., which In turn
controls the Milwaukee Electric R y . & Light Co., the W isconsin Gas &
Electric Co. [V . 95, p. 1124], the W atertown Gas & Electric Co, the N orth
Milwaukee Light & Power Co., the Burlington (W ls.) Light & Power C o.,
(the capital stock, at last accounts $50,000, was purchased on Oct. 4 1912—
E d.], and the com m on stock of the Milwaukee Elec. R y . & Light C o., which
was Issued for acquisition of property of Milwaukee Cent. H eating Co.
Of the authorized capital stock, $1,000,000 of the pref. and 200,000 shares
o f com . stock will be Issued Immediately. Officials of the North American
Co. state that no new financing b y this com pany Is contem plated at present.

(F .-W .) Woolworth & Co.— Total Sales.—
1912. — O ct—
1911.
$5,508,921
54,537,778
— V . 95, p. 1126, 986.

Inc. (% ) 11912. — 10 M o s — 1911.
21.40
545,455,445
$39,400,211

In c .(% )
15.36

CONDENSED G EN ER AL BALANCE SH EET FOR Y E A R .

Assets—
1912.
Total Property Investm ent____________ $334,215,545 10
Less— Reserve for Accrued Depreciation
(E q u ip m e n t)------------------------------------- C rl0,812,860 96

Increase ( + ) , or
Decrease (— ) .
+ $17,472,747 06
+Cr2,514,901 34

Net Property Investm ent--------------------- $323,402,084 14
Total Securities: Proprietary, Affiliated
and Controlled Companies___. _______ 185,470,548 78
Total Other Investm ents. . .............
55,425,343 26

+ $14,957,845 72

Total Projicrty and Other Investm ents.$564,307,576 18
W orking Assets— Cash Securities, & c_. 47,446,888 76
Deferred Debit I t e m s .-------------------------- 10,622,776 37

+ 516,050,417 00
— 7,181,517 08
+ 8,104,906 16

Grand T ota l.............................................. $622,377,241 31
L ia b ilitie s —

+ 015,560 18
+ 477,005 70

+510,973,805 78

Comm on S tock _________________________ $152,246,087 76
Preferred S t o c k .________
59,989,246 50
Stock Liability for Conversion o f Out­
standing S e c u r it ie s ..................
81,433 74

+ 510,000 00
+ 2,280 00

Total Stock L iability----------------------- .5212,317,068 00
Total Funded D e b t------------------------------. 343,882,770 32

+ 510,000 00
+ 11,747,703 66

Total Capital Liabilities______________$556, 200,447
W orking Liabilities____________
12, 098,177
Accrued Liabilities not D ue____________
7, 486,452
Deferred Credit Item s_________________
3, 283,011
S u r p lu s —

32
10
99
43

— 2,280 00

+ 511,757,703
+ 2,323,908
+ 207,676
+ 227,642

66
48
47
00

Additions to Property through Incom e
since June 30 1007__________________
1, 227,759 06
Invested In Other Reserve Funds______
1 326,962 42
Profit and Loss Balance________________ *40, 754,430 90

+ 154,862 57
+ 2,302,011 70

Grand T o t a l........... .............................. ..$622,377,241 31

+ $16,973,805 78

•Including $10,965,168 91 Additions to Property through Incom e prior,
to June 30 1907.

— T h e e l e v e n s p e c i a l l y p r e p a r e d c ir c u l a r s d e s c r i b i n g v e r y
f u l l y t h e b o n d is s u e s o f t h e A t c h i s o n , t h e e i g h t d e s c r i b i n g
t h e G r e a t N o r t h e r n is s u e s a n d t h e s e v e n c o v e r i n g S t . L o u i s
S o u th w e ste r n
can
be
h a d fo r e a c h c o m p a n y s e p a r a te ly
g a t h e r e d t o g e t h e r in a n e a t f o l d e r .
E a c h c ir c u l a r h a s a
m a p s h o w i n g t h e p r o p e r t y c o v e r e d b y t h e m o r t g a g e d e s c r ib e d
in t h e p a r t i c u l a r c ir c u l a r .
See a d v e r tis e m e n t on a n o th e r
p a g e o f F a b ia n F . L e v y , P h ila d e lp h ia .
A s a m p l e c ir c u l a r
m a y b e h a d o n re q u e st.




— O n e le c tio n
n ig h t J e ro m e J . D a n z ig &
B r o a d w a y , th is c i t y , a n d m e m b e r s o f th e N e w

C o. of 100
Y o r k S to c k

E x c h a n g e , e n t e r t a i n e d t h e i r f r ie n d s a n d c u s t o m e r s a t t h e
f i r m ’ s u p t o w n o f f i c e s in t h e F i f t h A v e n u e B u i l d i n g , B r o a d ­
w ay and 23d S t.
M a n y o f th e c u s to m e r s b r o u g h t th e ir
w iv e s a n d d a u g h te r s .
T h e e l e c t i o n r e t u r n s w e r e h a n d le d
o v e r a s p e c i a l d i r e c t w ir e a n d a n n o u n c e d b y F r a n k G .
S m it h , M a n a g e r o f th e fir m ’s u p to w n b r a n c h .
D u r in g th e
e v e n in g a d a i n t y c o lla tio n w a s s e r v e d .
T h e l a d ie s v i e w e d
t h e e le c t i o n n i g h t s t r e e t s c e n e s a n d w a t c h e d t h e b u l l e t i n s
s h o w n b y a n e w s p a p e r in M a d i s o n S q u a r e o p p o s i t e t h e
B r o a d w a y w in d o w s o f th e c o n c e r n ’s o ffic e s .
— W h i t e & C o ., b a n k e r s , a n n o u n c e th e r e m o v a l o f th e ir
o f f i c e f r o m 2 5 P in e S t . t o 3 0 P in e S t . , t h i s c i t y .
T h e f ir m
o c c u p i e s t h e e n t i r e e i g h t h f l o o r , i n c r e a s in g it s s p a c e n e a r l y
th ree tim e s .
T h e i n t e r io r o f t h e n e w o f f i c e is f u r n i s h e d
s u m p tu o u s ly .
W h i t e & C o . m a k e a s p e c ia lt y o f p u b lic
u t i l i t y a n d r a ilr o a d b o n d s .
T h e f i r m ’ s c o r r e s p o n d e n t s in
L o n d o n , E n g la n d , a r e W h i t e , P o t t s & F e lln e r .
— H e n r y H a ll, 5 2 B r o a d w a y , th e a u th o r o f “ H o w M o n e y
I s M a d e in S e c u r i t y I n v e s t m e n t s , ” h a s e s t a b li s h e d a c o r ­
r e s p o n d e n c e s c h o o l w h ic h a i m s in t h e c o u r s e o f a b o u t 2 5 c o n ­
f i d e n t i a l l e c t u r e s t o t e a c h t h e s e c r e t o f s u c c e s s in i n v e s t m e n t
a n d le g itim a te s p e c u la t io n .
M r . H a ll h a s le c tu r e d b e fo r e
t h e N e w Y o r k U n i v e r s i t y a n d t h e F i n a n c e F o r u m in t h i s c i t y .
— E . W . C la r k & C o . o f P h i l a d e l p h i a a n n o u n c e t h e o p e n ­
in g o f a n o ffic e a t 3 5 C o n g re ss S t ., B o s t o n , fo r th e tr a n s a c ­
tio n o f a g e n e r a l in v e s t m e n t b u s in e s s w ith C la r e n c e I r v in g
W o r c e s t e r a n d E . B la k e R o b in s J r . a s lo c a l r e p r e s e n ta tiv e s .
— N e a r l y a l l t h e N e w Y o r k S t o c k E x c h a n g e f i r m s wri t h o f ­
f ic e s u p t o w n k e p t “ o p e n h o u s e ” l a s t T u e s d a y n i g h t f o r t h e
r e c e p t i o n o f t h e e le c t i o n r e t u r n s , a n d s o m e o f t h e m f o r t h e
e x e c u tio n o f ord ers o n th e L o n d o n m a r k e t.
— H u m e L e w is w a s a d m it t e d to g e n e r a l p a r tn e r s h ip in th e
in v e s t m e n t b o n d h o u se o f B o e t t c h e r , P o r te r & C o . o f D e n ­
v e r o n th e 1 st in s t.
— L o u i s S lo s s & C o . o f S a n F r a n c i s c o a n n o u n c e t h e d e a t h
o n O c t . 2 7 o f t h e i r la t e a s s o c i a t e , E u g e n e R u s s e l l H a l l e t t .

[VOL. LXXXXV.

T H E C H R O N IC L E

1280

C

3£1xjc © m w m m i a l
8 1912.
T r a d e c o n tin u e s to im p r o v e w ith th e B a lk a n s it u a tio n
a p p a r e n t l y le s s t h r e a t e n i n g , t h e P r e s i d e n t ia l e l e c t i o n s e t t l e d ,
a n d , fin a lly , th e m u lt ip ly in g e v id e n c e s t h a t th e c r o p s are
e v e n m o re b o u n t ifu l, n o ta b ly c o r n , th a n w a s a t o n e tim e b e ­
lie v e d .
P r ic e s a r e g e n e r a l l y f i r m .
I r o n a n d ste e l s a le s are
s t i ll v e r y l a r g e .
T e x t i l e in d u s t r i e s a r e a c t i v e a t s t r o n g a n d
p r o fita b le p r ic e s .
B a n k c le a r i n g s s t i ll s h o w
n o te w o rth y
in c r e a s e s o v e r l a s t y e a r a n d t h e y e a r b e f o r e .
T h e f e e li n g
in t h e c o u n t r y is t h a t t h e i m p e t u s o f a b i g t r a d e is n o t l i k e l y
to b e s t a y e d fo r th e tim e b e in g b y p o litic a l d e v e lo p m e n t s .
T h e fo llo w in g s h o w s th e g e n e r a l s t o c k s o f m e r c h a n d is e h e r e :

N ov. 1 '12.
__________ b a g s .l ,661,949
54,108
..................bags__________ bags. 264,113
Nil
- ......... barrels.
____________ No.
8,058
76,366
_________ bales.
........... ........ bales.
3,019
121
__________bales.
________ barrels.
31,000

Oct. 1 '12.
1,582,151
52,934
293,468
3,786
3,565
84,795
2,908
307
34,500

Nov. 1 ’ l l .
1,649,506
57,445
231 ,794
7,177
4,600
52,553
1,823
250
35,800

L A R D h a s d e c li n e d a t t i m e s , t h o u g h l a t t e r l y t h e t o n e h a s
b e c o m e f ir m e r , o w i n g t o a n a d v a n c e a t t h e C h i c a g o s t o c k
yard s.
P r im e W e s t e r n 8 1 1 5 5 ;
r e fin e d C o n t i n e n t 8 1 1 8 0 ;
S o u th
A m e r ic a 8 1 2 7 5 ;
B r a z il 8 1 8 7 5 .
S p e c u la t io n h a s
b e e n fa ir ly a c t i v e , s o m e o f th e tim e s a t lo w e r p r ic e s , b u t
l a t t e r l y a t q u i t e a s h a r p a d v a n c e , o w i n g t o a ris e in h o g s a t
C h ic a g o a n d h e a v y b u y in g b y W e s te r n p a c k e r s a n d s o m e o f
th e le a d in g s h o r ts .
T h e c a s h tr a d e h a s b e e n o n a fa ir s c a le .

D A IL Y CLOSING PR ICE S
Sat.
December d eliv ery .cts
January delivery______ IIollMay d eliv ery.................. day.

OF L A R D F U T U R E S IN CHICAGO.
M on.
Tues.
Weil.
Thurs.
F ri.
10.GO
10.60
10.65
10.60
10.50
I lo li- 10.50
10.60
10.50
10.1715 day.
10.20
10.2715 10.20

PORK
d u ll a n d
ste a d y ;
m ess 8 1 9 2 5 @ 8 1 9 7 5 ,
c le a r
8 2 2 @ 8 2 4 5 0 , fa m ily 8 2 2 ® 8 2 3 .
B e e f w a s f ir m ; m e s s 8 1 8 @
8 1 9 , p a c k e t S 1 9 @ 8 2 0 , fa m ily S 2 2 @ $ 2 2 5 0 , e x tr a I n d ia m e ss
8 3 7 @ 8 3 8 . C u t m e a t s f i r m ; p ic k le d h a m s , 1 0 @ 2 0 l b s . , 1 3 3 4
@
1 3 % c . ; b e llie s , c le a r , f . o . b . N . Y . , 6 @ 1 2 l b s ., 1 5 @ 1 6 c .
B u tte r, cream ery e x tra s, 3 3 c .
C h e e s e , S t a t e , w h o le m i l k ,
h e ld w h i t e s p e c i a l s , 1 7 J ^ @ 1 7 % c .
E g g s , fre sh g a th e r e d
e x tra s, 3 7 @ 4 0 c .
O I L . — L in s e e d h a s b e e n f a i r l y a c t i v e a n d u n c h a n g e d .
S e e d a t D u l u t h r e c e n t l y h a s b e e n f ir m in t h e f a c e o f b i g re ­
c e ip ts .
C i t y , r a w , A m e r i c a n s e e d , 5 8 c . ; b o i l e d , 5 9 c . ; C a l­
cu tta , 7 0 c.
C o t t o n s e e d o il f i r m e r ; w in t e r 6 @ 7 c . ; s u m m e r
w h ite 5 . 9 0 @ 6 . 6 0 c .
C o c o a n u t o il f i r m ; C o c h in 1 0 % ® l l c . ,
C e y l o n 9}^@9}^c.
C h in a w o o d in g o o d d e m a n d a t 8 j ^ @
8 ^ c .
C o r n c lo s e d a t 5 . 5 5 @ 5 . 6 0 c .
C o d fir m a t 4 2 @ 4 3 c .
C O F F E E h a s c o n tin u e d q u ie t ; N o . 7 R io 1 4 % c .
M ild
g r a d e s h a v e m e t w it h o n l y a r o u t i n e d e m a n d ; f a ir t o g o o d
C u cu ta 1 6 % @ 1 7 c .
S p e c u l a t i o n in f u t u r e s h a s g e n e r a lly
b e e n q u i e t , e n li v e n e d a t t i m e s , h o w e v e r , b y s u d d e n f i t s o f
a c t i v i t y , d u e in p a r t , i t is u n d e r s t o o d , t o t h e o p e r a t i o n s o f
lo c a l b u l l s .
P r i c e s a t f i r s t d e c li n e d h e r e in s y m p a t h y w i t h
f a l l i n g f o r e i g n m a r k e t s , b u t l a t t e r l y r a llie s h a v e t a k e n p la c e
in N e w Y o r k , r e g a r d le s s o f t h e m o v e m e n t s o f f o r e i g n q u o t a ­
tio n s.
T h e w o r l d ’ s v i s i b le s u p p l y o f c o f f e e in c r e a s e d d u r ­
in g t h e m o n t h o f O c t o b e r 4 9 4 , 5 9 0 b a g s , a g a i n s t a n in c r e a s e
in t h e s a m e m o n t h la s t y e a r o f 7 6 0 , 7 5 7 b a g s .
T h e v i s ib le
s u p p ly o n N o v . 1 th is y e a r w a s 1 2 ,6 3 9 ,0 4 9 b a g s , a g a in s t
1 3 ,1 2 8 ,6 4 1 a t th e s a m e tim e la s t y e a r .
C l o s in g q u o t a t i o n s :

N ovem ber. 13.80@ 13.91
Dcceinber.13.8G@ 13.88
January . .1 3 .7 6 0 1 3 .7 8
February .1 3 .7 4 ® 13.78

M arch
14.03® 14.04 ( J u l y ......... 14.11@ 14.12
A p r il_____ 14.06® 14.08 (August - -.1 4 .1 3 © 14.17
ber 14.19® 14.20
M a y ......... 1 4 .1 0 @ 1 4 .ll Septem
.....................
J u n e _____ 14.10@ 14.12 O ctober__ 14.19@ 14.20

S U G A R .— R a w
q u ie t b u t s t e a d y .
C e n t r ifu g a l, 9 6 -d c g r e e s t e s t , 4 .0 5 c .; m u s c o v a d e o , 8 9 -d e g r e e s t e s t , 3 .5 5 c .;
m o la s s e s , 8 9 -d e g r e e s t e s t , 3 .3 0 c .
R e p o rts o f d a m a g e b y
s n o w in s o m e d i s t r i c t s o n t h e C o n t i n e n t e v i d e n t l y h a d t h e i r
e f f e c t in L o n d o n , w h e r e th e m a r k e t h a s l a t t e r l y b e e n f i r m e r .
R e fin e d w a s q u ie t; g r a n u la te d 4 .9 0 c .
P E T R O L E U M . — R e f i n e d h a s b e e n in f a i r d e m a n d a n d
fir m .
C l e a r a n c e s f r o m t h e s e a b o a r d h a v e b e e n f a i r ly la r g e .
B a r r e ls 8 . 3 5 c . , b u l k 4 . 6 5 c . a n d c a s e s 1 0 . 2 5 c .
N a p h th a
s t e a d y a n d in g o o d d e m a n d ; 7 3 t o 7 6 d e g r e e s , i n 1 0 0 - g a l l o n
d r u m s , 2 2 c .; d r u m s 8 8 5 0 e x t r a .
G a s o lin e , 8 6 -d e g r e e s , 2 7 c .;
7 4 t o 7 6 d e g r e e s, 2 4 c .; 6 8 to 7 0 d e g r e e s, 2 1 c ., a n d s t o v e ,
19% c.
S p ir it s o f t u r p e n t i n e 4 2 @ 4 2 J ^ c .
C o m m o n to g o o d
s t r a i n e d r o s in 8 6 5 0 .
T O B A C C O .— B in d e rs h a v e m e t w ith a m o d e r a te d e m a n d
a t s t e a d y p ric e s.
F o r f ille r t h e r e h a s b e e n r a t h e r m o r e
i n q u i r y a n d t h e c o n s e n s u s o f o p i n i o n i n t h e t r a d e is t h a t a t
n o v e r y d is t a n t d a y th e tr a n s a c tio n s a r e lik e ly to re a c h a
c o n s i d e r a b l y la r g e r v o l u m e .
T o m o s t p e o p le it s e e m s a
fa c t b e y o n d
c o n tr o v e r s y t h a t c o n s u m e r s ’ s u p p lie s h a v e
d w i n d l e d t o v e r y s m a ll p r o p o r t i o n s a n d t h a t t h e y m u s t s o o n
b e r e p le n is h e d .
F o r S u m a t r a t o b a c c o t h e r e is o n l y t h e
r o u t i n e d e m a n d , m a n u f a c t u r e r s t o a ll a p p e a r a n c e s b e i n g
f o r t h e m o m e n t p r e t t y w e ll s u p p l i e d .
N e w crop C u b a n
le a f is in b r is k d e m a n d a n d s t e a d y .
C O P P E R h a s b e e n fir m e r w ith a b e t t e r d e m a n d ; L a k e
1 7 ^ a n d e le c tr o ly tic 1 7 .3 5 c .
E u r o p e a n p ric e s h a v e b e e n
stro n g e r.
T i n f ir m e r a t 5 0 . 1 5 c . , w i t h t h e t o n e s t r o n g e r
a b ro a d a ls o .
L e a d d u ll a t 4 . 7 5 c . a n d s p e l t e r s till 7 . 4 0 c .
P i g ir o n li a s r e a c h e d a n e w h i g h r e c o r d o f p r o d u c t i o n . T r a d e
in f o u n d r y ir o n h a s f a lle n o f f s o m e w h a t , b u t p r i c e s c o n t i n u e
to a d v a n c e .
N o . 2 f o u n d r y ir o n , E a s t , a t fu r n a c e 8 1 7 @
817 75.




T

T

O

N

.

Friday Night, Nov.

C O M M E R C IA L E P IT O M E .
Friday Night, Nov.

Coffee, B ra z il..
Coffee, J a v a ___
Coffee, other
Sugar ................
H id e s _________
C otton ......... ......
Manila hem p__
Sisal h em p .........
Flour ................

O

8 1912.
T H E M O V E M E N T O F T H E C R O P , a s in d ic a te d b y o u r
t e l e g r a m s f r o m t h e S o u t h t o - n i g h t , is g i v e n b e l o w .
F o r th e
w e e k e n d i n g t h i s e v e n i n g t h e t o t a l r e c e ip t s h a v e r e a c h e d
5 0 2 , 8 9 4 b a l e s , a g a i n s t 5 2 9 , 5 1 6 b a le s l a s t w e e k a n d 5 1 2 , 9 3 5
b a l e s t h e p r e v i o u s w e e k , m a k i n g t h e t o t a l r e c e ip t s s in c e
S e p t . 1 1 9 1 2 3 ,8 6 0 ,7 7 7 b a le s , a g a in s t 3 ,9 2 3 ,7 8 8 b a le s fo r th e
s a m e p e r i o d o f 1 9 1 1 , s h o w i n g a d e c r e a s e s in c e S e p t . 1 1 9 1 2
o f 6 3 ,0 1 1 b a l e s .
R e c e i p t s a t—

S a t.

M on.

W ed .

T u es.

T o ta l.

F r i.

T h u rs.

22,685 181,520
4,659 32,965
2,047 8,047
17,421 77,071

Galveston--------- 27,698 31,177 42,724 29,367 27,860
5,243
6,292
6,694
5,068
Texas City ____
5,009
6,000
Aransas Pass, &c.
New Orleans__ _ 10,620 8,214 15,004 14,201 11,611
____
____
____
G ulfport______
2,306
Mobile ________
2,114
3,274
1,282 2,197
P ensacola.. _.
_
Jacksonville, &c.
Savannah___ . 10,523 12,669 18,596 12,933 12,905
Brunswick____
6,000
Charleston . _.
5,207 2,288
2,334
3,735 3,788
___
__
Georgetown___
W ilm ington___
3,162
3,626
4,186 4,345 4,429
5,070
4,342
N orfolk____ - .
5,379
7,007
3,244
____
N’portNews, &c.
New York___ _
62
215
355
197
253
Boston _______
____
____
____
Baltimore______
—
—
—
—
—
Philadelphia----Totals this week. 73,425 72,352 98,509 84,148 72,380

____

___

2,188

13,301

1,486
1,486
10.982 78,608
19,500 25,500
3,942 21,294
__

4,195 23,943
5,869 30,911
4,021
4,021
150
2,935

1,232
2,935
—

—

102,080 502,894

T h e fo llo w in g s h o w s th e w e e k ’s t o t a l r e c e ip ts , th e to ta l
s in c e S e p t . 1 1 9 1 2 , a n d t h e s t o c k s t o - n i g h t , c o m p a r e d w it h
la s t y e a r :

Receipts to
November 8.

1912.

1911.

This Since Sep
Week.
1 1912.

This Since Sep
Week.
1 1911.

’

Stock.

1912.

1911.

Galveston_______ 181,520 1,682,951 130,347 1,354,497 364,010
288,872
29,450
Texas C i t y -------- 32,965 273,736 26,818
202,499
56,688
8,047
44, 31
Aran. Pass, & c ..
75,432
4,160
4,562
141,423
New Orleans____ 77,071
386,802 64,197
339,240 220,033
275
275
Gulfport __ —
123,578
38,957
52,978
90,755 13,560
M o b ile __________ 13,361
20,607
54,880
2,887
1,486
6,689
16,652
900
Jacksonville, & c.
602,301 87,711 1,014,997
183,744
218,768
.Savannah. __ __ 78,608
25,353
133,200 17,600
138,645
14,974
Brunswick .
__ 25,500
181,508
51,296
21,294
Charleston . —
171,215 23,331
56,250
185
50
28,574
38,049
181,372 32,575 211,007
W ilm ington
- .. 23,943
48,773
55,960
196,817 37,624
227,540
N orfolk ................ 30,911
______
427
2,331
11,803
4,021
N ’port News, & c.
99,196
111,226
573
1,630
New Y ork. -----2,338
3,453
3,338
2,654
10,153
1,232
B o s t o n __________
9,904
9,861
19,834
17,657
B altim ore_______
2,935
4,629
6,270
3,895
102
P h ila d elp h ia ____
.........
T o ta l......... ........ 502,894 3,860,777 449,418 3,923,788 1,131,304 1,034,483
I n o r d e r t h a t c o m p a r is o n m a y b e m a d e w ith o th e r y e a r s ,
w e g i v e b e l o w t h e t o t a l s a t le a d i n g p o r t s f o r s i x s e a s o n s :

1912.

1911.

1910.

1009.

1908.

1907.

Galveston —
Texas City,& c
New Orleans.
Mobile . ___
Savannah . _
Brunswick —
Charleston, &c
W ilm in g ton ..
N o r fo lk _____
N ’ port N ., &c
All others____

181,520
41,012
77,071
13,361
78,608
25,500
21,294
23,943
30,911
4,021
5,653

130,347
30,978
64,197
13,560
87,711
17,600
23,281
32,575
37,624
427
11,018

106,471
10,984
81,870
9,093
58,546
18,105
19,275
19,686
37,675
13,050

136,991
9,093
67,133
12,777
61,118
12,750
7,624
1 1,575
30,883
943
16,567

133,132
4,342
115,520
14,056
63,315
19,050
7,415
18,370
30,002
128
17,018

103,861
5,252
76,735
17,200
67,422
10,983
13,025
21,223
27,263
278
4,705

T otal this w k.

502,894

449,418

375,754

367,454

472,528

348,007

Receipts at—

Since Sept. 1- 3,860,777 3,923,788 3,276,566 3,595,783 3,552,123 2,615,520
T h e e x p o r ts fo r th e w e e k e n d in g th is e v e n in g re a c h a t o t a l
o f 3 0 0 , 8 3 4 b a l e s , o f w h ic h 1 5 4 , 1 7 5 w e r e t o G r e a t B r i t a i n ,
4 6 ,5 2 5 to F r a n c e a n d 1 0 0 ,1 3 4 to th e re st o f th e C o n tin e n t.
B e l o w a r e t h e e x p o r t s f o r t h e w e e k a n d s in c e S e p t . 1 1 9 1 2 :

Exports
from—
Galveston - .
Texas City.
Aransas
Pass, <fcc.
NcwOrleans
M obile___
Pensacola,,
Savannah..
Brunswick .
Charleston .
Wilm 'ton .,
Norfolk___
New York
B oston___
Baltimore..

Week ending Nov. 8 1912.
Exported to—
Great
ContiBritain. France. nent.

Total.

66,454 16,485 44,693 127,632
25,373
14,374 10.999
........
6,000
6,000
33,689
50 33,739
4,400
4,400
12,150

13,828 25,078
11,758 11,758
10,650 10,650
14,912
14,912
10,200 10,200
12,078 '4,129 3,727 19,934
5,030
5,030
2,994 2,994
........
........
1,859 1,859
San Fran .
375
375
I’ t. Towns’d ......... ........

From Sept. 1 1911 to Nov. 8 1912.
Exported to—
Great
Britain.

France.

576,363
151,201

175,950
73,475

24,875
100,073
21,703
3,695
74,045
47.567
30,893
43,385

17,155
30,404
10,070
13,912
41,181
..........
5,000
37,150
500
17.040
_____
..........
..........
..........

96.50
47,232
2,990
11,860

Continent.

Total.

447,384 1,199,697
19,226 243,905
11,200
51,007
7,438
9,000
176,931
5.5,255
6 1,250
68,054
20,793
04,684
773
22,928
2,659
28,068
7,323

53,230
181,544
39,211
26,007
292,157
100,822
97,143
118,589
21,293
178,232
48,005
25,924
14,519
28,068
7,323

..........
Total___ 154,175 46,525 100,134 300,834 1,232,399

421,837 1,052,033 2,706,269

Total 1911. 99,099 19,807 12S,57t 247,477 1,250,772

333,017 1,173,494 2,757,883

Note.— New York exports since Sept. I Include 14,680 bales Peruvian to Liverpool
I n a d d i t i o n t o a b o v e e x p o r t s , o u r t e le g r a m s t o - n i g h t a l s o
g iv e u s th e fo llo w in g a m o u n t s o f c o tto n o n s h ip b o a r d , n o t
c le a r e d , a t t h e p o r t s n a m e d .
W e a d d s i m i l a r f ig u r e s f o r
N ew Y ork.

Nov. 9 1912.]

THE CHRONICLE
On Shipboard, Not Cleared for—■

8

at—

13,256 14,795 7,005 15,421
53,878 23,435 54,601 28,453
1,223
14,500
4,000
6 ,0 0 0
0,223 2",516 4,188

Coast­
wise.

Total.

Leaving
Stoclc.

3,000

3",666

18,000

2 ,6 6 6
1 ,0 0 0

1 0 ,0 0 0

Saturday,

2 0 ,0 0 0

2 ',6 6 6

2.

805,190
754,793
527.790

4",6 6 6

Nov.

Total 1912.. 102,580 45,746 107,894 46,874 23,020 326,114
Total 1911.. 124,008 37,075 67,399 27,539 23,669 279,690
Total 1910.. 75,666 25,917 67,145 38,841 32,696 240,265

Norfolk ..........
New York___
Other ports__

HOLI­
DAY.

3",500 16,427
17,500 17,500
11,600
42,000

169,030
203,673
166,521
41,296
22,530
38,460
99,626
64,048

520 50,997
160,367
l’.Soo 17,223

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

Nov.—
Range.
Closing
D ec .—
Range.
Closing
J a n .—
Range.
Closing
Feb. —
Range.
Closing
March —
Range.
Closing
April —
Range.
Closing
M ay—
Range.
Closing
June —
Range.
Cl islng
July —
Range.
Closing
August—
Range.
Closing
Sept .—
Range.
Cloisng
Ocf.—
Range.
Closing

N ov.

New Orleans. .
Galveston----Savannah ----Charleston . . .

Ger­
Other
many. Foreign

Great
Britain. France

1281

11.38@11.41
11.45— 11.50

—
@
—
11.50— 11.55

11.72 @11.83
11.82—
11.84

11.75@11.89
11.87— 11.89

11.84— 11.86

11.45@11.60 11.41 @11.60 11.51@11.69
11.59— 11.61 11.54— 11.55 11.56— 11.57

@11.75 11.80@ 11.90
11.55@11.70 —
11.69— 11.71 11.69— 11.73 11.80— 11.85

11.68@11.87 11.76@11.94 11.95@ 12.17
11.93— 11.95 1 2 . 1 0 — 1 2 . 1 2
11.82—
11.84

11.72 @ 11.93 11.84 @12.09 12.04® 12.34
11.92— 11.93 12.04— 12.05 12.21— 12.23

11.79@
11.89—

11.30— 11.32

11.41@11.55
11.52— 11.53

11.50@11.63
11.59— 11.60

—

®
—
11.68— 11.70

1 1 .6 6

j?

—

11.61@11.80
11.78— 11.79

—

®

1

-

HOLI­
DAY.

Tuesday,
N ov, 5.

11.65@11.84
11.82—
11.84

—

Speculation in cotton for future delivery has shown a
tendency to increase at an advance in prices. The rise was
traceable mainly to an excellent demand for the actual
8 1
.*
cotton. This demand has come principally from foreign
T
?
spinners, but has also emanated in a noticeable degree from
home consumers. Added to this, there has been a ten­
dency to reduce the crop estimates, owing to killing frost
and heavy rains. Killing frost came on the nights of
November 2nd and November 3rd and, in the estimation
of many, put an end to growth in many localities of the
South. Later in the week, moreover, came heavy rains in
the Eastern belt, more particularly in Alabama, Georgia and
Mississippi, which, following the recent frost and freezes,
must, it is contended, have done a good deal of harm, if in
no other way than by lowering the grade. A t the same
time that the crop estimates are being reduced in not a few
quarters, there is a disposition to increase the estimates of
tne world’s consumption of American cotton. Last season,
according to Ellison, it was 14,411,000 running bales (not
bales of .500 pounds weight). Ellison thinks that this
season 14,397,000 bales of American cotton will be req ired.
Some estimates here are of 14,500,000 bales and upward.
Some of the more radical bulls even contend that if the
cotton can be had, presumably cotton of suitable quality,
the world will take 15,000,000 bales of American cotton.
However this may be, the belief of some experienced m em ­
bers of the trade is that, whatever the exact figures may be,
it is reasonably certain that the world will take a large
1?
1?
11r
1?
1?
II
1?
1r
lr
1?
1?
CJ
C<
O*
k)
O)
b>
o
L
co
to
quantity of American cotton this year to meet the demands
00
Cl
00
to
<0
CO
>-*
0
to
Cl
lb.
of a re-awakened trade on both sides of the water. Recent
1®
1®
1©
1©
1©
I© 1 © 1 © 1 © 1 © 1 © 1 ®
crop estimates have ranged from 13,250,000 to 14,500,000
bales. Believers in higher prices think that this fact, with
is
is
lb Ik 11
is
11
i£ is
is
is
Ik
the big absorption of cotton, points to an advance later on
even more pronounced than that which has latterly been
T H E V IS IB L E S U P P L Y OF COTTON to-night, as made
witnessed. Liverpool’s spot sales have latterly reached
10.000 to 12,000 bales a day. Manchester has been strong. up by cable and telegraph, is as follows. Foreign stocks,
Spot markets at the South have been firm with the basis as well as the afloat, are this week’s returns, and conse­
reported to be the highest, both on home and foreign business, quently all foreign figures are brought down to Thursday
seen for some years past. It is also contended that to ship evening. But to make the total the complete figures for
cotton from parts of the Eastern belt to New York would to-night (Friday), we add the item of exports from the
result in a heavy loss. A t one time an erroneous report United States, including in it the exports of Friday only.
that the National dinners' Association had put the ginning
November 8 —
1912.
1911.
1910.
1909.
up to November 1st at only 8,770,000 bales, as against Stock at Liverpool________ bales.9. 635,000 470,000 514,000 765,000
Stock at L on d on ______________ .
4,000
5,000
3,000
7,000
9.970.000 the Census total up to the same time last year, Stock at Manchester___________.
30,000
29,000
2 1 ,0 0 0
49,000
had a stimulating effect in Liverpool. But the real figures
Total Great Britain stock_____- 669,000
669.000
50*.000
538,000
812,000
of the Association turned out to bo 8,930,000 bales. Also, Stock
at Hamburg---------------------.
12,000
1 2 ,0 0 0
9,000
5,000
6 ,0 0 0
many looked for a large total in the Census Bureau to Stock at Bremen----------------------_ 183,000 135,000 129,000 197,000
Stock at Havre— ...............
162,000
153,000
95,000
316,000
appear to-day (Friday). The movement of the Texas crop, Stock
at Marseilles____ ________
2,000
2 ,0 0 0
2 ,0 0 0
2 ,0 0 0
moreover, has been very heavy.
The South has been Stock at Barcelona____________ 13,000
1 1 ,0 0 0
6 ,0 0 0
8 ,0 0 0
17,000
26,000
27,000
35,000
a steady seller against hedges. The speculative position Stock at Genoa..............
Stock at Trieste................
,5000
4,000
1 ,0 0 0
here, from being recently short, has now become long. After
Total Continental stocks______. 394,0000
340,000
264,000
565,000
a very sharp advance recently not a few have been looking
for a pronounced reaction. But the bull side, as already
Total European stocks________.1,063,000
1,063,000
844,000
802,000 1,377,000
24,000
8 ,0 0 0
intimated, has become more popular. The approaching India cotton afloat for Europe.. .
61,000
40,000
Amcr.
cotton
afloat
for
Europe..1,238,408
.1,238,408
885,415
820,616
831,360
end, as it seems, of the Balkan war has to all appearance Egypt,Brazil, Ac.,aflt.for Europe..
77,000
59,000
78,000
114,000
encouraged Liverpool and Manchester. To-day came an­ Stock In Alexandria, Egypt_____. ______
134,000
229,000
187,000
159,000
Stock In Bombay, India________.. 273,000
214.000
153,000
124,000
other sharp advance, owing to what was interpreted as a Stock
In U. S. p o r t s ___________.1,131,304 1,034,483
768,055
950,586
bullish ginners’ report, a good demand for the actual cotton, Stock In U. S. Interior towns___. _
740,866
_ ____
595,397
608,000
631,918
59,907
58,039
29,123
61,815
covering of shorts, partly attributed to big interests, and U. S. exports to-day___________.
general buying in a broadening speculation. The total
.4,691,016 3,977,803 3,542,794 4,253,679
ginning up to N ov. 1 was stated by the Census Bureau at
Of the above, totals of American and other descriptions are as follows:
American —
8,849,898 bales, against 9,970,905 last year. The ginning
Liverpool stock___________ bales.1. 493,000
_______
674,000
375,000
429,000
west of the Mississippi River was very heavy but that east Manchester stock_____________ - 20
000
42,000
17,000
2 0 ,0
00
2 2 ,0 0 0
364,000
510,000
- 364,000
245,000
306,000
of the river, especially in Georgia, was noticeably small. Continental stock___________________
American afloat tor Europe____ 1,238,408
820,616
831,360
885,415
Spot cotton closed at 12.20 for middling uplands, showing U. S. port stock s.........................-1,238,408
1,131,304 1,034,483
.1,131,304
950,586
768,055
U. S. Interior stock s________________
5 9 5 , 3 9740,860
7
an advance for the week of 45 points.
. 595,397
631,918
608,000
U. S. exports to-day-----------------------59,90758,039
.
59,907
29,123
61,815
The rates on and off middling, as established Sept. 11 1912
Total
American
.................
3,904,016
-3,904,016 3,421,803 2,916,794 3,731,679
by the Revision Committee, at which grades other than
East Indian, Brazil, A c . —
middling may be delivered on contract, are as follows:
Liverpool stock.................
. 140,000
95,000
85,000
82,000
Wednesday,
N ov. 6 .

— —

Thursday,
N ov. 7.

®

Nov. 8

Friday,

@
—

11.24@11.40 11.23@11.25 —
@
—
11.30— 11.35 11.40— 11.45 11.60— 11.62

— —

11.35@11.55 11.45@11.69 11.53@11.92
11.54— 11.55 11.64— 11.65 11.82— 11.84
11.42@11.64 11.55@11.80 1 1 .6 8 @ 1 2 .0 C
11.62— 11.63 11.75— 11.77 11.93— 11.94

@

11.71@
— —
@
— 1 2 .0 0 @
—
11.71— 11.72 11.84— 11.86 12.02— 12.04
11.62@11.85 11.74®11.99 11.93@ 12.25
11.82—
11.83
11.95— 11.96 12.13— 12.15

—

—
12.21

11.67@11.89 11.80@ 12.06 11.99@12.29
11.88—
11.89
1 2 .0 0 — 1 2 . 0 2 12.18—
12.19

— —
®
— _
@
11.91
12.01— 12.03 12.19—

Week.

f a i r .................. c. 1.50 on
Strict mid. fair____1.30 on
Middling fair____ 1.10 on
Strict good mid____0.08 on
Good middling____ 0 .1 0 on
Strict middling____0.24 on

Middling........... c. Basis
Strict low mid........ 0.35 off
Low middling........ 0.80 off
Strict good ord___ 1.40 oil
Good ordinary___ 2.15 off
Strict g'd mid. tgd.0.35 on

Good mid. tinged.c. Even
Strict mid. tinged..0.15 off
Middling tinged...0.30 off
Strict low mid. ting.0.80 off
I.ow mid. tinged__ 1 .0 0 off
Middling stained__ 0.90 off

. TThe official quotation for middling upland cotton in the
New York market each day for the past week has been:
M M d H n * iu n n , m i „ 8 ~
M i d d l i n g u p l a n d s ..........................

S a t.
1£.

M onn .9 0

T u cs.
II.

W ed.
1 1 .0 0

T liu r s .
1 2 .0 0

F ri.
1 2 .2 0

London stock---------------------------------.
4,0004,000 5,000
Manchester stock_______________.
10,000
1 0 ,0 0 0
7,000
Continental stock..............
.
30,000
34,000
India afloat for Europe--------------------24,000 8 , 0 0 0
.
24,000
Egypt. Brazil, & c„ afloat_______.
77,000
59,000
Stock In Alexandria, Egypt____ _ 229,000
134,000
Stock In Bombay, India._______. 273,000
214,000

3,000
4,000
19,000
61,000
114,000
187,000
153,000

7,000
7,000
25,000
40,000
78,000
159,000
124,000

Total East India, A c______________
787,000
- 787,000
556,000
626,000
522,000
Total Am erican.................
.3,901,016
3,904,016 3,421,803 2,916,794 3,731,679

_ The quotations for middling upland at New York on
N ov. 8 for each of the past 32 years have been as follows:

Total visible supply--------------------------------4,691,016 3,977,8033,542,7944,253,079
Middling Upland, Liverpool------po<
6.79d.
5.25d.
8 .0 0 d.
7.72d.
Middling
Upland,
New York------ 1 2 .2 0 c.
_______
_______
_____
9.45c.
14.80c.
14.75c.
Egypt, Good Brown, Liverpool.. 10.41d. 10 3-16d. 12 l-16d.
1 2 >Ad.
Peruvian, Hough Good, Liverpool 10.50d.
_
9.50d.
10.75d.
9.25d.
Broach, Fine, Liverpool------------ 6 15-lCd.
5 3-16d. 7 ll-16d. 7 3-16d.
Tlnnevelly, Good,# Liverpool___
0X (1.
5 3-lCd.
7 V»d.
6 H d.

1912.c _____ 1 2 . 2 0
1911________ 9.35
1910_______ 14.95
1909_______ la.20
1908_______ 9.30
1907_______ 10.80
1900_______ 10.30
1905......... ..11.60

Continental imports for the past week have been 124,000
bales.
The above figures for 1912 show an increase over last week
of 247,478 bales, a gain of 713,213 bales over 1911, an ex­
cess of 1,148,222 bales over 1910 and a gain of 437,337
bales over 1909.

N E W Y O R K Q U O T A T IO N FO R 32 Y E A R S .

1901 _c......... 10.25 1896.0______ 8.12
1903----------- 11.15 1895.......... 8.81
1902
- 8.45 1894________ 5.62
1901-------------7.81 1893_______ 8.31
1900----------- 9.50 1892________ 8.50
1899............. 7.81 1891-------------8.25
1898............. 5.31 1890---------- 0.06
1897........ . 5 , 8 8 i 8 8 9 : ; : : : : : i 0 .25




1888.0______ 9.88
1887________ 9.88
1880_______ 0 . 1 2
1885_______ 0.31
1881
_9.94
1883---------- 10.50
1882
_10.44
1881............. 11 62

THE CHRONICLE

1282

Season.

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Ala. — Eufaula-----“
— Montgomery
“
— S elm a ___
Ark. — H elen a -----“
— Little R ock.
Ga. — A lb a n y ____
“
— A th en s ____
“
— A tlanta____
“
— A ugu sta __
“
— C olum bus..
“
— M acon_____
“
— Rome - —
La. — Shreveport Miss. — Columbus . .
“
— Greenville .
“
— Greenwood..
“
— Meridian __
“
— N atch ez __
“
— Vicksburg .
“
— Yazoo City.
Mo. — St. Louis__
N.C. — Raleigh ----Ohio — Cincinnati-.
Okla. — Hugo * -----S. C. — Greenwood..
Term.— Memphis . .
“
— Nashville . .
Tex. — Brenham __
“
— Clarksville .
“
— Dallas _ ___
“
— Honey Grove
“
— H ouston __
“
— Paris
__

Total, 33 towns. .

ments.
Season. | Week.

8.

Stocks
N or.

i Ship­
Receipts.

£

Towns.

Movement to November 8 1912.

Receipts.

Movement to November 10 1911.

, Ship- , Stocks
ments. 1 N ov.
10. I
Week.

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.

N E W O R L E A N S O P TIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'dag,
N ov. 2.
N o v .—
D ec .—
Jan .—

R an ge---------

F eb .—

~
R a n g e---------

M en . —

Closing— —

M ag —

-------- 1012----------

----------i o n --------

Since
Sept. 1.

Via St. Louis................................ .17,402
.11,981
494
• Via Rock Island- ------- ----------- ..
.. 4,471
Via Virginia points............ ......... .. 6,942
Via other routes, <Scc.................. .. 9,811
Total gross overland.............. ■

Deduct Shipments—

Overland to N. Y ., Boston, &c. .. 4,167
Between interior tow ns........... .. 2,463
570
Inland, &c., from S outh......... ...

W eek.

Since
Sept . 1.

66,541
45,186
1,044
16,275
14,808
30,503
65,051

21,946
«1 2 ,130
6,613
2,500
7,519
7,346

86,014
54,911
333
28,133
6,23 8
35,824
51,803

239,408

58,054

263,255

21,097
8,897
14,133

7,856
1,327
478

31,617
8,610
11,822

Total to be deducted — ........ .. 7,200

44,127

9,661

52,049

Leaving total net overland*----- .48,170

195,281

48,393

211,207

a Revised

•Including movement by rail to Canada.

The foregoing shows the week’s net overland movement
has been 48,170 bales, against 48,393 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits a decrease from a year ago of 1 5 ,9 2 0 bales.
----------1012-----------In Sight and Spinners’
Takings.

Since
Sept. 1.

----------- 1

Since

Receipts at ports to Nov. 8 -------- 502,80 1 3,860,777 440,118
Net overland to Nov. 8 __________ 48,170
105,28 1 48,303
South'll consumption to Nov. 8 . . 56,000
552,000
52,000

Week.

Sept. 1.
3,923,788
211,207
423,000

Total marketed...........................007,061
Interior stocks in excess-------------- 40,611

4,608,058
408,361

540,811
76,502

4,557,005
640,420

Came into sight during week— 647,675
Total In sight Nov. 8 - . ..............................

----- -----5,106,410

626,313
.........

5.198,424

520,676

83,871

569,811

Week.

North’n splnn's takings to Nov. 8.110,773

Movement into sight in previous years.
Week—
1010— Nov. 11----1009— Nov. 12----1908— Nov. 14-----

Bales.
Since Sept. 1—
Dales.
........... 549,287 1910— Nov. 11 ... ________ 4,455,822
______ 543,365 1909— Nov. 1 2 ... ________ 4,887,510
______ 648,797 1008— Nov. 14— ...............4,923,844

Q U O TATIO N S FO R M ID D L IN G COTTON A T O T H E R
M A R K E T S .— Below arc the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Qoutations lor Middling Cotton on—
Week ending
N ov. 8 .

Sat’day.

New Orleans__
M obile________ 11 7-16

Mondag. Tuesday. Wed'dag. Thursd’g. Friday.

%
11 7-16
11 11-16
1 1 11-16
Wilmington___ 1............... 11 %
Norfolk _____
11 Vs
11 X
11 H
it
12.15
11 13-16 12

12
11
11
12

ll X

11 Vs

11%




11 X
11 9-16
11 11-16
11 11-16
11%
11 %
11 X
12.15

%
11 Vs
11

Little R ock----- i i %

HOLI­
DAY.

14
nvs
ii %

12

12

12
11

— © —
1 1 .8 0 - . 8 2

— (<H — — <a — — (o'. 25
1 1 .8 6 -. 8 8 12.04 — 12.21-.23

11.69-.83
11.82-.83
11.69-.86
11.84-.85

11.6 6 -. 90 11.80-.12 12.07-.40
11.88-.89 12.07-.08 12.24-.25
11.67-.90 11.80-.10 12 .00-.38
11.88-.89 12.06-.07 12.23 —

— (ai —
1 1 .8 6 - . 8 8

— @ — 11.95 — 12.25 —
11.90-.92 12.09-.10 12.20-.28

HOLI- 11.88-.04
DAY. 12.03-.04
12.00-.15
12.14-.15

Range ______

12.10-.23
12.23-.25

Tone—

S p o t________
O p tion s-------

ll.8 5 -.il 11.98-.26 12.24-.52
12.07-.08 12.23-.24 12.38-.39

HOLIDAY.

11.97-.21 12.11-.37 12.34-.62
12.18-.19 12.33-.35 12.45-.49
12.12-.32 12.27-.46 12.44-.71
12.29-.30 12.44-.45 12.58-.59
Steady.
Steady.

Firm.
Firm.

Steady.
Steady.

Firm.
Steady.

M A R K E T A N D SALES A T N E W Y O R K .
Spot Market
Closed.

SALES.

Futures
Market
Closed.

Contr'ct

Spot.

..H O L ID A Y ..
Firm
........ ..
.H O L ID A Y ..
F irm ____ ____
Wednesday.
Thursday . . Steady, 10 pts. adv. Very steady__

3,100
150
3,250

Total-----

300
....
300

Total.

3,400
150
3,550

CENSUS B U R E A U ’S R E P O R T ON C O TTO N -G IN N IN G .
— The Division of Manufactures in the Census Bureau com­
pleted and issued on Nov. 8 its report on the amount of
cotton ginned up to Nov. 1 the present season, and we give
it below, comparison being made with the returns for the
like period of the three preceding years:
— Counting Round as Half Dales----------

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SINCE SEPT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years arc as follows:
Week.

Monday, Tuesday, Wed’day, Thursd'y, Friday,
N ov. 8 .
N ov. 4. N ov. 5. Nov. 6 . N ov. 7.

Range ______
Closing..........

July —

* Last year’s figures are for Louisville, Ky.

November 8 —
Shipped —

[VOL. L X X X X V

%
X

11 13-16
13-16-%
11 X
12
11%

12.25

12
11
12
12

X

%

11 Vs

12%
12 1-16

It 13-16
12 1-16
12 1-16
12
12%
12

12.45
12%
12
12%
12 X
12

Alabam a-------Arkansas------Florida-----------Georgia........ ..
Louisiana-------Mississippi____
North Carolina
Oklahoma____
South Carolina.
Tennessee ___
Texas .........- O th ers_______

1912.
809,731
. 439,012
34,852
1,110,915
. 261,685
511,253
495,701
593,366
732,406
- 118,489
.3,699,124
.
43,274

1911.
1,088,737
444,401
56,070
1,908,764
232,245
584,109
597,940
554,933
1,022,614
211,128
3,211,572
58,302

1910.
718,878
324,769
38,924
1,241,825
154,634
576,641
380,096
585,237
729,117
129,840
2,105,157
24,835

1909.
676,331
472.252
45,604
1,384,913
188,112
572,131
370,891
412,631
791,629
148,670
1,920,188
34,437

United States ...................... 8,849,898 9,070,905 7,345,053 7,017,849
The statistics in this report include 55,811 round bales for 1912, 68,313
for 1911, 81,183 for 1910 and 109,621 for 1909. Tile number of Sea Island
bales included is 28,655 for 1912, 56,563 for 1911, 40,504 for 1910 and
53,237 for 1909. The distribution of the Sea Island cotton for 1912, by
States, is: Florida, 11,065 bales; Georgia, 16,246 bales, and South Carolina,
1 ’ The statistics of this report for 1912 arc subject to slight corrections when
checked against the individual returns of the ginners being transmitted by
mail. The corrected statistics of the quantity of cotton ginned tills season
prior to Oct. 18 arc 6,873,206 bales.

COTTON C O N SU M P TIO N A N D O V E R L A N D M O VE­
M EN T TO N O V . 1.— Below we present a synopsis of the
crop movement for the month of October and the two months
ended Oct. 31 for three years.
1912.
Gross overland for October----------bales.
Gross overland for 2 months----------------Net overland for October---------------------Net overland for 2 months.............. ..........
Port receipts in October--------------- -------Port receipts In 2 months---------------------Kxports in October-----------------------------Exports in 2 months---------------—
Port stocks on Oct. 31-------------------------Northern spinners’ takings to Nov. 1----Southern consumption to Nov. 1---------Overland to Canada for 2 months (In­
cluded In net overland).............. ..........
Burnt North and South in 2 months. . . .
Stock at North, Interior markets Nov. 1Camc in sight during October................. Amount of crop in sight Nov. 1-----------Came in sight balance of season-----------Total crop---------------------------—
Average gross weight of bales---------------Average net weight of bales-------- ----------

1911.

1910.

148,943
160,077
161,278
169,167
182,016
182,015
116,991
132,483
138,063
124,611
146,163
144,624
2,176,163 2,021,320 1,747,142
3,274,770 3,271,809 2,674,050
1,549,559 1,431,212 1,315,558
2,238,190 2,385,704 1,935,011
820.205
1,090,353
599,576
442,550
392,942
468,003
488,000
349,000
325,000
10,670

20,014

21,162

8,989
To", 667
9,430
2,866,678 2,603,803 2,390,210
4,358,939 4,290,493 3,571,661
11,752,823 8,560,071
10,013,316 12,132,332
523.59
518.17
522.41
408.59
493.17
497.11

W E A T H E R REP ORTS B Y T E L E G R A P H — Advices to
us this evening by telegraph from the South denote that the
temperature has been lower during the week, with killing
frost in some localities. Picking has been interrupted to
some extent by rain or cold weather, but on the whole has
progressed well. Marketing has proceeded upon a free scale.
Galveston, T e x .— Weather fore part of the week retarded
picking in Texas but conditions are now ideal. Dry all the
week. Average thermometer 58, highest 70, lowest 46.
Abilene, T e x .— It has been dry all the week. The ther­
mometer has averaged 43, the highest being64and the lowest
22. October rainfall 1.21 inches,
Palestine, T e x .— There has been rain on one day of the
past week, to the extent of sixteen hundredths of an inch.
The thermometer has averaged 48, ranging from 34 to 62. j

Nov. 9 1912.]

THE

1912.

San A n ton io, T e x . — R a i n o n t w o d a y s o f t h e w e e k , t h e p r e ­
c ip ita tio n r e a c h in g tw o h u n d r e d th s o f a n in c h .
T h e th e r­
m o m e te r h a s ra n g e d fr o m 3 0 to 6 4 , a v e r a g in g 5 0 .
Taylor, T e x . — R a i n h a s f a lle n o n o n e d a y o f t h e w e e k , t h e
r a i n f a ll b e i n g s i x h u n d r e d t h s o f a n i n c h .
A v e r a g e th e r­
m o m e t e r 4 9 , h i g h e s t 6 4 , lo w e s t 3 3 .
Neiv Orleans, L a . — R a i n h a s f a lle n o n t w o d a y s d u r i n g t h e
w e e k , to th e e x t e n t o f tw o in c h e s a n d th ir t y h u n d r e d t h s .
T h e th e rm o m e te r h as a v e ra g e d 6 0 .
M o n t h ’s r a i n f a l l 2 . 4 7
in c h e s .

.
Shreveport, L a . — W e h a v e h a d r a in o n t w o d a y s d u r i n g
th e w e e k , th e p r e c ip ita tio n r e a c h in g f o r t y -fo u r h u n d r e d th s
o f a n in c h . T h e th e r m o m e te r h a s ra n g e d fr o m 3 2 to 8 2 .
Vicksburg, M is s . — R a i n h a s f a lle n o n o n e d a y d u r i n g t h e
w e e k , t h e r a in f a ll r e a c h i n g t w e n t y h u n d r e d t h s o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 3 5 to 7 3 , a v e r a g in g 5 4 .
Little Rock, A r k . — M o n t h ’s r a n if a ll 3 . 8 7 in c h e s .
M em ph is, Term .— P i c k i n g is m a k i n g r a p id p r o g r e s s . K i l l ­
in g f r o s t S u n d a y .
T h e r e h a s b e e n r a in o n t w o d a y s o f t h e
p a s t w e e k , to th e e x t e n t o f n in e ty -th r e e h u n d r e d th s o f a n
in c h .
T h e t h e r m o m e t e r h a s a v e r a g e d 5 2 , r a n g in g fr o m 3 6
to 6 9 .
Helena, A r k . — K i l l i n g f r o s t t h i s w e e k .
T h ere has been
r a in o n t w o d a y s d u r i n g t h e w e e k , t o t h e e x t e n t o f e i g h t y - n i n e
h u n d r e d th s o f a n in c h . A v e r a g e t h e r m o m e t e r 5 3 .6 , h ig h e s t
6 9 , lo w e s t 3 1 .
O c t o b e r r a in f a ll 2 . 8 6 in c h e s .
M obile, A la . — H e a v y f r o s t k il ls t h e t o p c r o p .
R a in on
o n e d a y o f t h e w e e k , t h e p r e c i p i t a t i o n r e a c h i n g t h r e e in c h e s
an d se v e n h u n d re d th s.
T h e th e rm o m e te r h as ran ged fro m
3 6 to 7 1 , a v e r a g in g 5 8 .
M o n t h ’ s r a in fa ll 1 1 .2 6 in c h e s .
Selma, A la . — W e h a v e h a d r a in o n t w o d a y s o f t h e p a s t
w e e k , t h e r a i n f a ll b e i n g o n e in c h a n d t h i r t y h u n d r e d t h s .
T h e th e r m o m e te r h a s a v e r a g e d 5 2 , th e h ig h e s t b e in g 7 2 a n d
th e lo w e s t 3 2 .
M adison, F la . — I t h a s r a in e d o n t w o d a y s d u r i n g t h e w e e k ,
t h e r a in f a ll b e i n g t w o in c h e s a n d t w e n t y - f i v e h u n d r e d t h s .
T h e th e r m o m e te r h a s a v e r a g e d 6 2 , ra n g in g fro m 41 to 7 7 .
Savannah, Ga. — R a i n h a s f a l l e n o n f i v e d a y s d u r i n g t h e
w e e k , t h e r a in f a ll r e a c h i n g f i f t y - o n e h u n d r e d t h s o f a n i n c h .
T h e th e r m o m e te r h a s ra n g ed fr o m 3 7 to 7 9 , a v e ra g in g 6 1 .
O c t o b e r r a i n f a ll 1 . 9 3 in c h e s .
Charleston, S . C .— R a i n o n f i v e d a y s o f t h e w e e k t o t h e
e x t e n t o f s e v e n t y -o n e h u n d r e d th s o f a n in c h .
T h e th e r­
m o m e te r h a s a v e r a g e d 6 9 , th e h ig h e st b e in g 81 a n d th e
lo w e s t 3 8 .
O c t o b e r r a i n f a ll 9 8 h u n d r e d t h s o f a n in c h .
Charlotte, N . C . — R a i n h a s f a lle n d u r i n g t h e w e e k , t h e
r a i n f a l l b e i n g o n e in c h a n d s i x t y - t w o h u n d r e d t h s .
The
th e r m o m e te r h a s a v e r a g e d 5 0 , r a n g in g fr o m 2 8 to 7 1 .
IN D IA

COTTON

M OVEM ENT

November 7.

FROM

1912.

Receipts at—
Week.

Bombay.................. .........

14,000

Week.

61,000

2 1 ,0 0 0

2,000, 1,000 3.000
_____ 8,000 8.000
_____ 10,000 10,000

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

Calcutta—

1910.

Since
Sept. 1.

Since
Sept. 1.

Week.

71,000 34.000

113,000

Since September 1.

Great Conti- Japan |
Britain. nent. &China, Total.

Bombay—

PORTS:

1911.

Since
Sept. 1.

For the Week.
Exports
from—

ALL

Great
Britain.

Conti­
nent.

Japan

ifc China

2 000, 40,000
_____
17,000
2,000, 112,000

7,000
15.000
33.000

55.000
32.000
147,000

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

1.000
1.000
2.000

5,000
G,000
4,000

0 ,0 0 0

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

2.000
1,000,
1.000

3,000
5,000
5,000

5.000
0,000
0,000

2,000

1.000
4.000
5.000

33,000
35,000
27,000

5,000,
8,000,
18,000

0,000,
0,000
1 0 ,0 0 0

87,000
03,000
118,000

Madras—

All others—
1912
1911
1 9 1 0 ___

1,000
_____________
_____________

1,000

Total all
1912 . .
1911 ..
1910 ..

1,000

1,000,

4.000
.........

1,000
8,000

1 .0 0 0

1 0 ,0 0 0

A L E X A N D R IA

R E C E IP T S

Alexandria, Egypt,
November 6 .
Receipts (cantars) —

Tills week . . ............ ......
Since Sept. 1 ___________

Exports (bales)—

To
To
To
To

1912.

AND

7.000
G,Q0 0

1,000
1,000,
........I

35,000
40,000
32,000

8,000 101,000
10.000 85,000
33.000 191,000

S H IP M E N T S .

1911.

1910.

470,000
2.553,692

380,000
1,547,389

490,000
2,655,738

Since
This
W eek. Sept. 1.

This
Since
Week. Sept. 1.

Since
This
W eek. Sept. 1.

Liverpool___ ____ ___ 13,750 45,169 4,250 32,590 10,500 03,439
Manciiester_________ 15,500 49,991 9,500 33,634 10,750 49,989
Continent and India.. 1 0 ,0 0 0 48,845 10,500 47,007 19,250 60,783
600 2,683 5,250 13,828
America ___________ 4,000 11,514

Total exports.
43,250 155,519 24,850 115,914 45,750 194,039
N otr .— A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.
T h e s t a t e m e n t s h o w s t h a t t h e r e c e ip t s f o r t h e w e e k w e r e
4 7 0 ,0 0 0 c a n ta r s a n d th e fo r e ig n s h ip m e n ts 4 3 ,2 5 0 b a le s .
M A N C H E S T E R M A R K E T . — O u r r e p o r t r e c e iv e d b y c a b l e
t o - n i g h t f r o m M a n c h e s t e r s t a t e s t h a t t h e m a r k e t is f i r m f o r
b o th y a rn s a n d s h ir tin g s .
T h e d e m a n d fo r b o t h In d ia a n d
C h in a a r e i m p r o v i n g .
W e g i v e t h e p r ic e s f o r t o - d a y b e l o w
a n d le a v e th o s e fo r p r e v io u s w e e k s o f th is a n d la s t y e a r
fo r c o m p a r iso n .




1283

C H R O N IC L E

8

32s Cop

inos, common
to finest.

Twist

Sepi
20

d.

1911.

>( lbs. Shin- Hot 'n
s.

d. s. d.

io
at
) 13-16©

11
10

0
6

2
2

@11
@11

9 9-6 @
11
9 14 @
18 9% @
25 9 7-10©

10 H 0
10 H 6
10H 0
10H 6

1
1
0
0

@11
@ 11
@11
@ 11

©
@

io n 6

1

@11

27
4

1
8

OH

9H

1 0

W O R L D ’S

H

,

6

11 iCd 11

SUPPLY

8

Mid.
Upl's

d.

<4 lbs. Shirt32s Cop
Tldst.
11 .

d.

d.

inos, common
to finest.

3

s.

d.

Mid.
Upl's

d.

d.

6.79 9 11-16© 10 V, ) 9 @ 1 0 109 4 0.80
6.59 9 7-10 © io n 5 8 « © 1 0 99$ 6 .1 1

2
2

US 6.32 9k
©
©
1H 6 30 9
6.09 894
©
1H 6 .1 0 8 11-16@

5 7 9$@ 10-8
7 @10 794
994 5 0 (d 1 0 6
994 5 594@ 1 0 494

10

9H 5

1

6 . 0 1 8 9^

2H

3

@
@

0.79 8H

AND

9 94 5 5 @10 4
994 5 4 94 @10 4

T A K IN G S

OF

1911.

Season.

W eek.

5.1
5.2

COTTON .

1912.

Cotton Takings.
Week and Season.

5.59
5.31
5.29
5.17

Week.

Season.

Visible supply Nov. 1
3,097,725
4,453,538
Visible supply Sept. 1 _________
2,135,485
1,603,418
American In sight to Nov. 8 ___
647,675 5,106,419 626,313 5,198,424
Bombay receipts to Nov. 7
71.000
2 1 ,0 0 0
0 1 ,0 0 0
14.000
53.000
Other India ship’ts to Nov. 7 __
40.000
2 ,0 0 0
206,2' 0
Alexandria receipts to Nov. 6 . .
50,700
341,000
03.000
Other supply to Nov. 0*
71.000
7,000
16.000
0 ,0 0 0
Total supply_____
Deduct—
Visible supply Nov. 8 .

5,185,213 7,750,904 4,402,738 7,203,042
4,091,016 4,691,010 3,977,803 3,977,803

Total takings to Nov. 8 .
494.197 3.059.888 424,935 3,225,239
Of which American _
422.197 2.507.888 359,235 2,629,039
Of which other__
596,200
65,700
72,000
492,000
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
S H I P P I N G N E W S . — A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r ts o f c o tto n fro m th e U n ite d S ta te s th e p a s t w eek h a v e
reach ed 3 0 0 ,8 3 4 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p fr o m m a il a n d te le g r a p h ic r e tu r n s , a r e a s fo llo w s :
Total bales.

NEW Y ORK— To Liverpool— Nov. 1— Carmania, 2,241; Saxonia,
1,515 — Nov. C— Celtic, 6,782 upland, 1,540 Peruvian____ 12,078
To Havre— Nov. 2— Niagara, 1 ,0 5 9 ...Nov. 6 —Trignac, 2,470 4,129
To Genoa— Nov. 1— Cincinnati, 1,500; Duca d'Aosta, 275;
2,577
Konig Albert, 802_____________
To Naples— Nov. 1 — Cincinnati, 1 ; Konig Albert. 99; San Gugllelmo, 800 ------------------------------------------------------------------------900
To Venice— Nov. 4—Alice, 200_____________________________
200
To Trieste— Nov. 4— Alice, 50______________________________
50
GALVESTON— To Liverpool— Oct. 31— Francis. 9,542.__Nov. 4—
Eftlkhla, 10,019 — Nov. 5— Atlantian, 21,534; Quernmore,
17,027 __________________________________________________ 58,722
To Manchester— Nov. 5— Anselma dc Larrlnaga, 7,732______ 7,732
To Havre— Nov. 2— Dipton, 7, 290__ Nov. 7— Cayo Manza­
nillo, 9,195_____
16,485
To Bremen— Nov. 4— Lord Dufferln, 7,601__ Nov. 7— Wyneric, 10,188_____________ ________ _________ - ........................17,789
To Hamburg— Nov. 4— Castano, 1,540; Elswlck House, 3,035
Nov. 7— Calabria, 1,450........ ............... ..................i _________
6,025
To Rotterdam— Nov. 1— Hawkhcad, 1,931__________________ 1,931
To Antwerp— Nov. 1— Santanderlno, 3,413................................ 3,413
To Barcelona— Nov. 2— Virginia, 3,858--------------------------------- 3,858
100
To Venice— Nov. 2— Virginia, 1 0 0 ...................................... ........
To Trieste— Nov. 2— Virginia, 2,797________________________
2,797
To Genoa—-Nov. 6 — Dlnnamare, 8,780_____________ _____ ___ 8,780
TEXAS CITY— To Liverpool— Nov. 5— Victoria de Larrlnaga,
14,374 ___________
14,374
To Havre— Nov. 7— Manchester Miller, 10,999.........................10,999
PORT ARTHUR— To Liverpool— Nov. 6 —Mexican, 6,000_______ 6,000
NEW ORLEANS— To Liverpool— Nov. 5— Benefactor, 13,500__
Nov. 6 — Historian, 13,500________________________________ 27,000
To Manchester-—Nov. 4— Mclford Hall, 6,689_______________
6,689
To Hamburg— Nov. 2— Steiermark, 50______________ _____ 50
MOBILE— To Manchester— Oct. 31— Mclford Hall, 4,400________ 4,400
SAVANNAH— To Liverpool— Nov. 8 — Den of Ruthven, 12 ,150 ... 12,150
To lfremen— Nov. 2— Emml Arp, 4,525__ Nov. 5— Montauk,
8,753 .................... ......... ..................... ....................... - ............. 13,278
50
To Gljon— Nov. 8 — Den of Ruthven, 50-------------------------------To China— Nov. 8 — Den of Ruthven, 500----------------------------500
BRUNSWICK— To Bremen— Nov. 1 — Pontiac, 11 ,758 ................... 11,758
CHARLESTON— To Bremen— Nov. 7— Fitzclarence, 10,650------- 10,650
WILMINGTON— To Havre— Nov. 5— Burrsfield, 14,912................14,912
NORFOLK— To Bremen— Nov. 5— Agenoria, 10,200...................... 10,200
BOSTON— To Liverpool— Nov. 1— Bohemian, 2 ,7 9 9 ...N ov. 6 —
Michigan, 2,231__________________________________________ 5,030
BALTIMORE— To Bremen— Nov. 6 — Kocnigin Lulse, 2,994____
2,994
SAN FRANCISCO—-To Japan— Nov. 2— China, 1,859___________
1,859
PORT TOWNSEND— To Japan— Nov. 5— Tamba Maru, 375____
375
300,834

Total

T h e p a r t i c u la r s o f t h e f o r e g o i n g s h i p m e n t s f o r t h e w e e k ,
a r r a n g e d in o u r u s u a l f o r m , a r e a s f o l l o w s :
Great French Ger- - —Oth. Europe— M e x .,
Britain. ports. m any . North. South. &c. Japan. Total.

New York___
Galveston___ .66,454
Texas City___ .14,374
Port Arthur__ . 6 , 0 0 0
New Orleans. .33,689
Mobile _ . . . 4,400
Savannah . . . .12,150
Brunswick___
Charleston._
Wilmington__
N orfolk_____
Boston _____ . 5,030
Baltimore
__
San Francisco
Port Townsend ............
T o ta l........... 154,175
f r o m P a c i fi c p o r t s .§

4,129
16,485 23,814
10,999

3,727
5,344 15,535
___

__
__
__

50

14,912

11,758
10,650

13,278

50

500

__
19,934
__ 127,632
__ 25,373
__
6 ,0 0 0
__ 33,739
4,400
25,978
11.758
10,650
14,912

1 0 ,2 0 0

1 0 ,2 0 0

2,994
—

—

—

—

46,525 59,466 18,622 19,312

1,859
375
...

5.030
2,994
1,859
375

500 2,234 300,834

: • [f-

W? L I V E R P O O L . —

B y c a b le f r o m L i v e r p o o l w e h a v e t h e 'f o l l o w i n g s t a t e m e n t o f t h e w e e k ’s s a l e s , s t o c k s , & c . , a t t h a t p o r t :
Oct. 18. Oct. 25.
N ov. 1.
N ov. 8

Sales of the week____________ bales. 60,000
Of which speculators took________ 2,000
Of which exporters took__________ 4,000
Sales, American.... ........................
45,000
Actual export---------------------------------- 2,000
Forwarded-------------89,000
Total stock— Estimated......................519,000
Of which American-----------------376,000
Total imports of the week................. .121,000
Of which American........................ .103,000
Amount afloat----------486,000
Of which American_______
..139,000

52.000
1,000
2,000
41.000
3,000
94.000
608,000
468.000
186.000
177.000
480.000
416.000

52.000
2,000
1,000
42.000
6,000
109.000
643.000
508.000
150.000
132.000
549.000
482.000

59.000
2,000
2,000
47.000
6,000
134.000
635.000
495.000
131.000
98.000
607.000
535.000

THE CHRONICLE

1284

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:

[VOL. L X X X X V .

prices advanced on Balkan war news and higher foreign
markets.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Pat.

Spot.

Market,
12:15
1*. M.

Saturday.

Monday.

Tuesday.

Dull.

Good
demand.

Good
demand.

1
>
J

Mid. Upl’ds

6 .6 6

Spec.&exp.

4,000
300

Wednesday. Thursday.

Friday.

Good
demand.

Good
demand.

Good

demand.

6.78

6.71

6.79

6.78

6.79

1 0 ,0 0 0
1 ,0 0 0

1 0 .0 0 0
1 ,0 0 0

1 0 ,0 0 0
1 ,0 0 0

1 2 ,0 0 0
1 ,0 0 0

1 0 ,0 0 0

Steady,
7® 10 pts.
advance.

Steady,
3@4 pts.
decline.

Steady,
3% @4%
pts. (lee.

500

Steady,
Steady,
6 points 3% @4 ptsadvance. advance.

Market
opened

Steady,
1 % point
/ decline.

Market,
4
P. M.

Barely sty. Irregular,
1 Steady,
Feverish,
Steady,
Quiet,
>2 % @ 0 pts. 3%@6 pts. 3@4 pts. 1@5 pts. 5@8% pts. 9® 14 pts.
J advance. advance.
advance. advance. advance.
decline.

Futures.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given In pence and 100ths.

Sat.

Nov. 2
Nov. 8.

Mon.

Tues.

Thus: 6 45 means 6 45-100d.

Wed.

Thurs.

Fri.

% 1 2 % 1 2 % 4 1 2 % 4 1 2 % 4 1 2 % 4 12 % 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p .m. p.m. p.m. p.m.
12

d.

Nov .-Dec
Jan .-Feb
Feb ,-Mch
Mch .-Apr __
Apr.-May
May-Junc
.June-July
July-Aug.
Aug.-Sep. —

d.

d.

a.

45 56 %, 50 %
33 % 45% 39
38
6 33
45' 38 %
6 33 % 45 % 39
6 34
45% 39
6 34 % 46
39 %
6 35
46% 40
6 35
46 30 %
6 33 % 43
38
6 25% 34 2 0

0
6

d.

d.

d.

47 % 57
35 45
44
34 % 44
35 43 %
35 43
35% 43
36 42%
35 % 41
34 41
31

d.

d.

d.

d.

58 % 60 59
39 % 46 % 48 47
38 lx 45 40 44 \<i
38 % 44 % 45 % 44
38 44 45 43 %
37% 43 44 % 43 %
37 % 42 % 44 43
43 % 43
37 % 42
43 42
37 41
35% 39% 40% 40%
30 31 31
20

d.

69 %
57 %
54 %
54 %
54 %
54
54
53
52 %
45

B R E A D S T U F F S .
F rid a y N ight. November 8th 1912.

Wed. Thurs. Tri.

Sat.

M on .

Tues.

December delivery In elevator.cts
80
May delivery in elevator................R oll- 04% HoliJuly delivery la elevator_______ .day. 91
day.

Wed. Thurs. F r i.

80% 8 8 %
05 % 94%
01% 90%

80
94%
90%

Corn has declined, partly in sympathy with wheat and
partly because of increasing offerings. The weather in the
main has been favorable, despite rains in some sections. The
world’s shipments, moreover, have been large, reaching no
less than 8,100,000 bushels, or fully six times as large as the
receipts in the same week last year, and also showed an in­
crease over those of the previous week. From time to time
there have been offerings of new corn. The tendeney, too,
has been to increase the estimates of the crop. One of the
latest is 3,206,000,000 bushels. The quality of the crop,
too, is said to be better than at one time was expected.
While there is more light or chaffy corn than usual, the fact
remains that this drawback is not so serious as itw asatone
time feared it might be. Under the circumstances the feel­
ing here is on the whole bearish. Yet at times there have
been rallies on decreased offerings and bull support. The
rank and file of traders lean to the short side. Some big
operators, on the other hand, arc believed to be bullish, in
expectation of a very large consumption. To-day prices
declined on fine weather and expectations of a favorable
Government report. It put the crop at 3,169,137,000
bushels, against 3,016,000,000 a month ago and 2 ,5 31,4 88 ,­
000, the final figures for 1911.
DAILY CLOSING PRICES'OF NO. 2 MIXED CORN IN NEW YORK.
Sat.

M on . Tues. Wed. Thurs.

F r i.

Sat.

M on . Tues. Wed. Thurs.

F ri.

Cash corn............ .. ................ .cts IIoll- nom. R oll- nom. nom. nom.
December- delivery In elevator- -day. nom. day. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
December delivery in elevator.cts
May delivery In
elevator......
July delivery In
elevator.. . . day.

50%
50%
50
40%
....................Roll-49% Holi50% day. 50%
40% 49 %

Oats have declined, but on the whole have shown more
steadiness than most other grains, for the reason that there
has been less pressure to sell than was the case in other
grain markets. There has of late been considerable cover­
ings of shorts, especially in December. A t times, too, there
have been indications of some revival of the export trade.
There is a steady cash demand apart from this. But it is
forgotten, on the other hand, that the crop is in all likeli­
hood the largest ever known. This accounts for the per­
sistent selling of the market on bulges by the generality of
traders. At the same time, however, stocks arc small, even
if the visible supply last week did increase 2,900,000 bushels,
against an actual decrease in the same week last year of
266,000 bushels. The visible supply in this country is still
only 16,659,000, against 31,886,000 bushels at the same
time last year and 31,433,000 bushels in 1910. To-day
prices were steady.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.

M on .

Tues.

Wed. Thurs. Fri.

Sat.

M on .

Tues.

W ed. Thurs. Fri.

Standards.................... . . __ctl R oll- 30
Iloli- 39
39
39
No. 2 white------------------------d a y . nom. day. nom. nom. nom.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
December delivery In elevator.cts
May delivery In elevator____ ____ HoliJuly delivery In elevator_____ ...d a y .

31%
33
R oll32% day.

31%
33
32%

31%
32 %
32%

31%
32%
32%

The following are closing quotations:
FLOUR.
Winter, low grades___ ?3 60@J3 05 Kansas straights, sacks.$4 30('< 5t 45
Winter patents________ 5 25(d) 5 40 Kansas clears, sacks— 4 00 (<j) 4 25
Winter straights--------- 4 65(d) 4 80 City patents---------------- 6 20@ 6 80
Winter clears_________ 4 25(d) 4 30 Rye flou r------------------- 3 8506 4 10
Spring patents------------ 4 80 Oh 5 10 Graham flour_________ 4 00(76 4 70
Spring straights_______ 4 60(a) 4 75 Buckwheat, c w t --------- 2 00(5 2 10
Spring clears--------------- 4 50@ 4 60
GRAIN.
Corn, per bushel—
Cents.
Wheat, per bushel— t. o. b
No. 2 ___________ elevator Nominal
N. Spring, No. 1, n ew ...
.'.?0 07
S team er..............elevator Nominal
N. Spring, No. 2, n ew ...
. . noim.
No. 3 .........
c.l.f. Nominal
Red winter, No. 2, new... . 1 07
Hard winter, No. 2 _____ . .
90% Rye, per bushel—
No. 2.........................08
Oats, per bushel, new—
Cents.
State & Pennsylvania.
nom.
Standards-------------------- ..
39
60@72
No. 2, white____________ .. nom. Barley— M altin g.......... No. 3 ........ ................ ..
38@38 %

A G R IC U L T U R A L D E P A R T M E N T ’S R E P O R T .— The
Agricultural Department’s report on the cereal and other
crops was issued N ov. 8, and is given below:
The Crop Reporting Board of the Bureau of Statistics of the United States
Department of Agriculture estimates, from the reports of the correspondents
and agents of the Bureau, as follows, for the United States:
— Yield ver Acre---- I’ rod. (0 0 0 omitted). -Price Nov. 11912.
1911. *1912. *1911.
Crops—
1912. 1911. 10 -j/r.
58.4 01.7
Com, bushels......... .___ 29.3
23.9 20.7 3,169,137
19,124
17,549 G5.5 73.0
19.3
Buckwheat, bushels..___22.9
2 1 .1
70.3
414,289 292,737 45.5
80.9 04.3
___ 112.3
19,370 133.4 2 1 0 .6
29,755
8 .8
7.0
Flaxseed, bushels______ 9.9
___
959,437 905,109 —
___803.4 893.7 825.2
720,333 021,338 83.8 91.5
14.0
12.5
___ 16.0
___ 37.4
24.1 29.5 1,417,172 922,298 37.4 43.8
224,019 100,240 53.8 84.9
25.4
Barley, bushels....... .. . . . 29.7 2 1 .0
35,122
33,119 08.8 83.1
16.1
15.6
___ 16.9
72,425
54,916 11.80 14.02
1.43
1.14
Hay, tons................. . . . 1.47
00
00




Tues.

i-*5
04

Flour here has been quiet, buyers persisting in the policy
of buying from hand-to-mouth, awaiting further develop­
ments. W ith the Northwestern mills in some cases trade
was better; in others there was a noticeable falling off.
On the whole the situation there was not considered alto­
gether satisfactory. The production at Minneapolis, Duluth
and Milwaukee last week was 487,800 barrels, against
493,020 in the previous week and 380,555 for the same
week last year. It is believed that trade will continue to
move along conservative lines until a better idea can be
had of the future course of the wheat market and of quota­
tions for flour.
Wheat has declined, owing to large receipts at the North­
west, increasing stocks, a lack of any great snap in the
export demand, and finally an absence of aggressive specu­
lation for a rise. Of late the victories of the allies in the
Balkan W ar, moreover, have seemed to point to an early
termination of hostilities, more especially as Turkey has
sought the mediation of the Powers. The crop reports from
Argentine have been favorable. The same is true of those
from France and Germany as well as some other parts of
Europe.
Recent frost in Russia is said to have done no
damage. At last accounts the weather there was mild.
From Roumania crop reports are satisfactory: also those
from Italy. No serious complaints have come from India.
Of late European markets have shown a
downward
tendency.
Though the total
world’s shipments
re­
corded some falling off, the fact remains that shipments
were liberal from Argentine and India. On the other hand,
the shipments from Russia have been comparatively small,
i. e., 1,944,000 bushels, against 3,584,000 in the previous
week and 3,632,000 last year. The Australian shipments
were light, only 376,000, against 776,000 in the previous week
and 1,536,000 last year. From the Danubian countries,
too, there has been a noticeable falling off, the total being
840,000 bushels, against 1,096,000 in the previous week
and 1,528,000 last year. Of late there has been some in­
crease in the export demand, though it is true it has been
largely for Manitoba wheat; and the increase in the world’s
stock
for
the week
was only
3,589,000
bushels,
against 12,0S6,000 in the same week last year. Mean­
time, however, freight rates continue very high, i. e.,
5J^d. to Liverpool and 6d. to London, Glasgow and Hull.
Some large Chicago interests have latterly been liberal buy­
ers of Duluth wheat. On Wednesday they took 600,000
bushels for shipment to Chicago, the price being the Decem­
ber quotation c. i. f. Chicago. The export clearances
within a few days have also been large, so much so as to
attract attention. In India rain is needed. A severe
drought prevails in South Africa. In Italy native wheat
remains very high. Though offerings of native wheat have
been increasing in Germany, the quality is poor. General
rains have delayed the sowing of new wheat in the United
Kingdom. Winnipeg prices have latterly been strong,
partly owing to the fact that the visible supply is not in­
creasing so fast as had been expected, while at the same time
the export demand in that section has improved. To-day

M on .

106%
107
107
107
No. 2 red____________________ cts
December delivery In elevator___ Iloli- 06% R oll- 07
90% 06%
May delivery In elevator_________ day. 100% day.
101% 101
100%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.

* Hay, dollars per ton: other products, cents per bushel.
Corn.—Percentage of 1911 crop on farms Nov. 1 1912, Is estimated at 2.6%
(64,764,000 bushels), against 4.3% (123,824,000 bushels) of the 1910 crop on farms
Nov. 1 1911, and 3.8%, the average of similar estimates of the past 10 years.
For other tables usually given here, sec page 1250.

49%

4940

Nov. 9 1912.]

THE CHRONICLE

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports N ov. 2 1912, was as follows:
UNITED STATES GILUN STOCKS.
Amer.Iionded Amer.
Wheal. Wheat. Corn.
bush. bush. bush.

.
..
Philadelphia------Baltimore________
...
Buffalo.................. . . .
...
"
afloat----- . . .
Detroit ................ - . . .
<;hlcago ........... - - - . . .
Milwaukee — ........ .. Duluth __________ . . .
Minneapolis........... . . .
St. Louis___ ____ _ . .
Kansas City........... . . .
Peoria....................
Indianapolis _____ . . .
Omaha ............. . . .
On Lakes__ _____ . . .
On Canal and lilver. . . .

951
320
384
1 ,0 .x)
807
850
136
1,336
115
275
6,529
198
7,237
7,694
3,654
5,660
4
370
1,033
2.402
667

42
127
207
33

1,563
___
___
___
. ..
297
___

___
___

Total Nov. 2 1912....41,712 2,209
Total Oct. 26 1912 . . .39,246 1,053
Total Nov. 4 1911 ...65,199
Total Nov. 5 1910. . .40,366
CANADIAN
Canadian Bonded
Wheat. Wheat.
bush. bush.

Montreal ............... .. 1,611
Ft. William & Pt.Arthur 9.624
Other Canadian------ .. . 4.859

In Thousands—

Total Nov. 2 1912....57,806
Total Oct. 20 1912.. . 53,474
Total Nov. 4 1911....75,933
Total Not. 5 1910....52,335
T H E

105
H
1,186 2.345
358
34
___
486
5
788
293
34
37
8
367
31
330
197
120
500
484
90
62
___

" 36

Oats.
bush.

2,269 2,095
1,053 3,008
1,829
3,182
—

13,307
11,631
26,770
17,033

2,269 2,689 10,552
0
2,755

D R Y

G O O D S

71
—

” "3

"44
136
113
169
73
156 1,486
431 1,151
1
18
“ 41
159

56
896
170

1,256
1,093
1,163
410

4,129
4,273
4,514
2,907

107

___
—
226
60
—

____
—

—

107
143
47
39

66

42
37

52

Bonded
Canadian
Rye. Barley. Baric]/.
bush. bush. bush.

54

42

173

“ 65
—

—

Bonded
Oats.
bush.

1

2

66
—

6
2.755
8
2,920
126 4,490
206
476
SUMMARY:

Corn.
bush.

90

" "33
16

Canadian
Bonded
Corn. Oats. Oats.
bush. bush. bush.

209
1,880
606

4
4

6

42
2,689 10,552
3,000 8,711
37
1.703 22,280
2,976 16,557
GRAIN STOCKS.

6

Bonded
Wheat. Wheal.
bush. bush.

American................ ...41.712
Canadian................ ...10,094

147 1,029
142
5
8
378
33 1,655
162
18
369 "475
640
86

—

Total Nov. 2 1912. ..16,0)4
Total Oct. 20 1912. ..14,228
Total Nov. 4 1911. ..10,734
Total Nov. 5 1919 ..11,909

Amer.Bonded Amer. Amcr.Iionded
Oats. Oats.
Rye. Barley. Barley.
bush.
bush. bush. bush. bush.

Bonded
Rye. Barley. Barley
bush. bush. bush.

1,256 4,129
66
107
1,322
1,147
1,103
410

4,236
4,416
4,581
2,946

226
—
226
00

T R A D E .

N a t Y ork, F rid a y Night, N o v . 8 1912.

On account of the business week being interrupted by the
elections, trading in dry goods has been rather quiet. Still,
interest in the market was active right up to the eve of elec­
tion, which is unusual in Presidential years, when a possible
change in tariff policies is of vital interest to the trade. In
all branches of dry goods the matter of deliveries continues
a source of much dissatisfaction. Manufacturers and mill
agents are in constant receipt of urgent requests for the
prompter shipment of goods and the claim is that the delays
arc partly due to the shortage in cars on all railroad lines.
In cotton goods the further advance in the price of the staple
and the fact that mills arc indisposed to accept business
beyond the first quarter of next year are causing buyers to
evince a livelier interest in future requirements. Demand
for primary goods is steadily broadening and there is good
inquiry for supplies through the spring and summer of 1913.
buyers who have been withholding in the belief that they
could cover their early requirements for next year at lower
prices are seeing their mistake, and it is not improbable that
they will bo compelled to meet even higher quotations than
those prevailing at present, if they delay further. While
there were few buyers in the market over election, jobbers
were in receipt of substantial mail orders calling for fall and
winter lines. This demand is expected to become much
heavier now that the elections are over, and inasmuch as
jobbers’ stocks are in poor condition and they are unable to
obtain further supplies from manufacturers, a severe shortage
is threatened. New lines of fall 1913 underwear arc ready
and initial buying in these is expected to be heavy, as from
present indications opening prices will be below intrinsic
value and will be followed shortly by a sharp advance.
Also, buyers wilt probably endeavor to get their orders in
early so as not to be caught short of supplies as they were
this fall. In export circles more business is being put
through and the outlook is much brighter. China has taken
a fair volume of goods, paying full market prices, while
a good business is also being done with India and the Red Sea.
DOM ESTIC COTTON G OODS.— The exports of cotton
goods from this port for the week ending Nov. 2 were 4,1(35
packages, valued at §275,174, their destination being to the
points specified in the table below:

past week, with business fairly active. Goods for immediate
shipment are scarce and commission houses and other sellers
of goods are having difficulty in securing cloths necessary to
fill their orders. Mills in a number of cases, as a result of
their inability to secure efficient labor, arc not producing
at their full capacity, and with the increasing demand for
goods, both domestic and export, the outlook is not promising
for any great accumulation of supplies. It is estimated
that upwards of 50,000 bales of goods have been booked
for export account with deliveries extending as far ahead as
September of next year. Coarse cloths appear to be receiv­
ing a great deal of attention, as liberal sales are reported in
such goods as heavy sheetings and duck. In fact, orders
on the books of mills making ducks are said to be the largest
in a number of years. The buying of denims and other col­
ored cottons has also been of quite large proportions and
better than generally expected, f lannels for fall delivery
have been well cleaned up and full asking prices are being
offered for goods that could be delivered any time during
the current year. At present the most unsatisfactory di­
vision of the cotton goods market is the department for fine
cotton, the past week having witnessed quite a falling off
in the demand. This, however, is attributed to the election
and the lull is expected to be only temporary. Print cloths
maintain their firm undertone, with goods for prompt de­
livery hard to obtain. Mills also appear to be less willing
to sell freely for delivery beyond the first of the current year.
Gray goods, 38J^-inch standard, arc quoted at 5 % c .
W O O L E N G OODS.— Although markets for mcn’i wear
are firm and active, other dress goods, while steady, rule
quiet, and it is generally expected that they will continue
so for the time being. According to well-founded reports,
a number of good-sized orders have recently been placed
on staple fabrics, fall 1913 delivery. If this is true, it is
evident that buyers arc convinced that values are going to
be well maintained for some time to come, despite the fact
that there is considerable talk that the results of the election
will preclude the advancing of prices to levels predicted in
some quarters a fortnight ago.
FO R EIG N D R Y GOODS.— Linens remain in a strong
position, with prices firmly held. A feature in the market
during the week has been the demand for crested linens from
hotels and railroads, and it is stated that substantial orders
have been placed. Demand for housekeeping linens is
quieter, but in dress goods business is active. A number of
damasks, owing to their well-sold condition, have been with­
drawn from the market. Burlaps during the week have
ruled about unchanged, a fair business being transacted at
old quotations. Lightweights are quoted at 6.85o. and
heavyweights at 8.75c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending N ov. 2 1912 and since
Jan. 1 1912, and for the corresponding periods of last year,
wove as follows:

it

New York to November 2 —
Great Britain___
Other Europe_________
China- ___________
In d ia ----------------Arabia . ---------------------A frica ---------------------------------

Week.

29

a -

«

Central America-------------------------

17,721

339

17,152

Othor countries. _ --------- ---------

62,009

2,456

36,700

337,965

0,095

270.027

------ -------------- --------------4 .1 8 *

the value of these New York exports since Jan. 1 has
been *22,025,354 in 1912, against $20,128,117 in 1911.
Stimulated to some extent by the sharp advance in prices
for the staple, domostic cotton markets ruled firm during the




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THE CHRONICLE

1286

| t/im

C ity p £ f^ y n ff£WT.
■pte

(& h x a

PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e

For One Year...........................................................................................00
For Six Months.......................................................................................... “
European Subscription (including postage).......................................... lo uu
European Subscription i-ix months (including postage)........................ 750
Annual Subscription in London (including postage)........................ * 4 148.
Six Months Subscription in London (including postage)....................±.1 it s .
Canadian Subscription (including postage).........................................&u
iSubscription includes follow ing Supplements
B ank and Quotation (monthly) I R ailway and industrial (3 times yearly)
R ailway E arnings (monthly)
E lectric R ailway (3 times yearly)
State and City (semi-annually) |B ankers’ convention (yearly)
T e r m s o f A d v e r tis in g — P e r In c h S p a c e

Transient matter per inch space (14 agate lines). — ............................ $4 20
r Two Months
(8 times)........................... 22 00
,
) Three Months (13 times)........................... 29 00
Standing Business Cards <six Months
(20 times)........................... 50 00
( Twelve Months (52 times).......................... 87 00
CHICAGO OFFICE—Geo. M. Shepherd, 513 Monadnock Block; Tel.Harrison4012.
L ondon Office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W IL L IA M

P . O. iio x 9 5 8 .

B. DANA

C O M P A N Y , P u b lis h e r s ,

F ro n t, P in o and D ep oy ster Sts.,

M U N IC IP A L B O N D SA LE S IN

N ew Y o r k .

O C T O B ER .

Municipal bond sales in October reached an aggregate of
$24 527 728. This total includes the following large issues:
Houston, Texas, $2,500,000 4 % s ; Pasadena, Cal., $1,250,000
4J/£s; Akron, Ohio, $1,000,000 4s; Cuyahoga County, Ohio,
$1,000,000 4s; Oakland, Cal., $772,350 4J^s; State of Cali­
fornia, $750,000 4s; D etroit,M ich., $715,000 4s; Norfolk, V a.,
$557,000 4i/£s; Springfield, Mass., $525,000 4s; Portland,
Ore.,' $500,000 4s; Turlock Irrigation District, Cal., $500,­
000 5s; Yolo County, Cal., $450,000 6s and Toledo School
District, Ohio, $400,000 4s.
The total of $24,527,728 given above represents only
permanent loans made by places located in the United States.
Last month there were also negotiated $37,813,884 tempor­
ary loans by places in the States, while $1,101,929 deben­
tures were issued by Canadian municipalities. The following
is a comparison of all the various forms of loans put out in
October of the last five years:
1912.

1911.

1910.

1909.

1908.

Permanent loans (U. S.).2l.527$728 26.588.621 27.03L207 16,377.836 14.078.829

S S £ 1:S
G en fu n d b o ^ (T v ?C'):
Total.........

None

"IS 1
6.000.000

None

12,000,000

None

......... GJ.4IJ.5il 40,963,319 68,434,505 36,720,808 63,192,503

The number of municipalities in the U. S. emitting long­
term bonds and the number of separate issues made during
October 1912 were 280 and 397 respectively.
This con­
trasts with 400 and 611 for September 1912 and 282 and 474
for October 1911.
For comparative purposes we add the following table,
showing the aggregates, excluding temporary loans and also
debentures issued by places in Canada, for October and the
Month oj
October.

1912___
1911___
1910___
1009 ___
1908 ___
1907 ___
1900 ___
1905 ___
1904 ___
1903 ___
1902 ___

For the Ten
Months.

..8 4,52 ,7 IS $341,’.75 394
_ 26,588,621 341,092,191
258,958,249
27,037,207
.. 16,377,836 288,767,287
. . 14,078,829 257,319,940
.. 9,793,358 209,516,322
167,971,622
. . 14,819,277
148,937,223
. 7,915,496
. 10,289,995 208,221,652
123,942,878
12.196.8S5
123,167,279
'
5,488,424

Month 0 /
October.

1901
1900 ___
1899 ___
,
1898 ___
_
1897 ___
1896 ___ . . .
1895 ___
.
1894 ___
1893 ___
1892 ___

For the Ten
■Months.

$9,779,197 $109,103,198
113,615,626
10.421,185
104,341,291
9,314,854
88,057,106
4,906,007
113,259,756
6,872,293
60,917,879
4,688,463
98,950,928
0,697,012
99,140,271
8,085,435
52,813,930
11,839,3 73
75,350.254
11,706,420

In the following table we give a list of October loans to
the amount of $24,527,728 issued by 280 municipalities.
In the case of each loan reference is made to the page in
Page.

Name.

llate.

M aturity.

d 1922-1952
1962
093_ .Adams County, AIlss----1913-1912
_
4
1 0 6 9 - -Agawam, M ass-----------_ 4
1912
9 9 3 .-Akron, Ohio----------------1913-1952
1069.-Alameda, Cal--------------4
917.. Albany, N. Y. (8 Issues)- 5
1147.-Alhambra, Cal. (6 Issues)
1915
1225.-Allegany County, Mil. __ 5
1147..Amsterdam, Ohio (2 lssu
1938-1943
1147 -Antwerp Sen. DIst., Ohio
. . . 5 A (11932-1942
1225-- Artcs la, N. H ex------- 1914-1922
--- 4A
1 0 6 9 . -Ashley Sell. Dist., Ohio.
1069 . -Atlantic City, N. .1------1928-1942
4
1117-.Attleboro, Mass-----------1913-1922
. 4
993. .
Augusta, M e ................ ....................
1911-1922
1069.-Austin Sell. Dist., Cal -.
(11932-1952
5

11 47..
Baldwin, Iow a..
1 1 47.-IJaltlc, Ohio.......... .
1225.. Uarnesvllle, Ohio (3
1 2 8 8 . -Barnwell, So. Caro..

1147--BellCo.Com.

1147. - Bellefontalnc,




- - - 4 A 1913-1934
r»
r»
1913-1952
(11922-1952
__ 5
(11932-1952
’ex. 5
(11921-1930
1913-1917
_____
_________

Amount

$30,000
150,000
30,000

1 ,0 0 0 , 0 0 0

158,000
371,300
173,000
1 0 ,0 0 0

10,414

6 ,0 0 0
1 0 ,0 0 0

Price.

103.023
100.179
102.23
103.759
100.189
100.743
102.89*
109.133
100.25
100.875

4,000
15,000
75,000 101.425
33,000 100.5925
4,500 100.77
5,000 100
360,000 102.263
2,500 100
1 1 ,0 0 0
103.85
0,841 103.709
2 2 ,0 0 0
1 0 0 ,0 0 0

80,000
500
3,600
3,000
0,500

100
100

Page.

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

M aturity.

Am ount.

Price.

6
1932
60,000 1/101.573
110,000 101
4 A 1917-1938
5
(11922-1952
810 100
4
\arious
005,000 Z100
Boston, Mass. (11 issues). .
5
1917-1926
35,000
Bowdrc Twp., Ill-------------13,400 100.276
Bronxvllle, IS’ . Y. (3 Issues). 4.60 1917-1921
4 A 1917-1936
20,000 100.205
1913-1917
4
6,3421 Z100
1913-1932
4
4,047]
25.000
4A
1914-1931
6
90.000 101.67
Caldwell Co. Com. Sch. Dist.
(11922-1952
1,000 100
No. 40, Texas_____________ . 5
(11951-1980
750,000 100
917. California-----------------------------. 4
1913-1937
25,000 100.70
1147. Cambridge, Ohio------------------- 4
12,000 100.10
1070. Canlsteo, N. Y ---------------------- 4.70 1913-1918
14,400
1070. Canton, Ohio (4 Issues)---------- I A
8,500 101.032
5
994
16,000 105
5
994 .Catawlssa, Pa.
100.31
30,000
4 A 1917-1941
994
1916
2,000 100.275
994 -Cedarhurst, N. Y --------------1917-1935
5
35,000 100.27
1225 .Ceres High Sch. Dist., Cal—
50,000 100
4A
1225
;> (11922-1932
6,000 100
1070 ..Chambers County,
. 5
(119.32-1952
1,050 100
1147
. 5
(11927
20,000 101.375
1289
.
5
1942
45,000
1070 . .Chase City, Va.
1942
. 4A
45,000 100.187
1070
1952
350,000 103.75
1147 -Clncinnatl Sch. Dist., Ohio._- 45
1942
40,000
98
1147 -Clearwater, Fla---------- -------(11915-1922
1 2 ,0 0 0
1226 -Clemons Consol. S. D., Iowa- . 5
500,000 1 0 0 .2 2
. 4 A _________
094.
35,000 102.657
994. . Cleveland, Ohio-------------------- .. 4
1926
15,000 100.796
917. .Clinton, Mass----- - - - - - - - - - ­ . 4
(11932-1952
1 ,0 0 0
5
100
.Clyde
Ind.
Sch.
Dist.,
Texas1117.
1913-1922
14,000 103.79
, 5
1226.
1913-1929
30,000
- 4A
1289
25,000 100.052
- 4 M (11922-1942
1147.
1147. Collingsworth Co. Com. s . L)_ 5
(11922-19.32
1,350 1 0 0
No. 37, Texas------- - - - ------al921
32,569 103.807
.- 4M
1147 -Columbiana County, Olilo
1070- . Comanche County Com. S. IJ
(11917-1922
5
1 ,0 0 0
.Comanche County Com. S. D
(11922-1952
7,000
No. 65, Texas........ ............... . 5
30,000 100.678
. 6
1147
1 0 ,0 0 0
102.61
. 6
1147
.
2,700 10 (.9279
- 5 A 1017-1932
1289..Coon Rapids, Iowa
1913-1916
8
,
0
0
0
.
5
1289
1147 Cottle County Com. S.
. 5
(11922-1952
1 ,0 0 0
100
No. 17, Texas........ - - - - ,
5,000 1 0 0
• &Yi (11913-1922
1226. Cowlitz Co. S. D. No.32, VV
58,000 102.125
917. Cudahy, Wls .......... - - . 5
(11932-1952
3,000 1 0 0
1147. Cuero Ind. Sch. Dist., Tex
1921
. 4A
9,000 1 0 1 .1 0
1226. Cumberland County, N. J
88,098
917. Cuyahoga County, Ohio (4 lss.)) 4 A
1,000,000 100.76
County, O h io ---— 4
1117. Cuyahoga
IN il .. /County
<^..nrtr (Com
' aTYI S II.
1147. .Dallas
1932
1,000 100
5
No. 9, Texas
al927
15,000 103.03
4
995.
1919
2,700 102.03
4 ^
995.
10,000
1226. Dayton, Ohio (2 issues)--------1913-1939
21,320
1147. Decatur Twp., I n d - - - ---------d 1922-1952
2,000 100
1148. Deport Ind. S. 1>., Texas----- 5
1932
70,000 100.68
1289. Des Moines Ind. S .D ., Iovva.. 4 A
715,000 100
1226. Detrolt, Mich. (5 Issues)-.- — 4
8,000 100
A
1148, DowagiaeS. D. No. l.MlCh — 4
1,800 100.844
4 A 1914-1919
995.
1942
250,000 100.573
5
918. -Duval Coimty, Fla1932
15,000
4
918.
alC17
5
1,900 102.526
1226.
1915
. 4 Yi
30,000 100.0025
1226.
(11927-1952
1,000 100
1148. -Edgewood Ind. S. D., l ° x — 55
2,500 105.82
1289. -Eldorado, O h io ------- --------— 5
171,000
98
1148. .Ellis County, T'ex - -------- -------- 6
1913-1932
30,000
1289. -Elvtns Sch. Dist. No. 7, M o ... 4
(Jl9 18
43,000 100.348
1070. -Eric County, O hio-................ 1913-1922
25,000
1070. .Essex Sch. Dist., V t— --------- 4
10,000
128 J. . Estherville Sell. Dist., Iow a.1922
15,000 100
1148. .Evangeline Parish S. D., La_. 5
5,000 102.24
5
-Farmdale
Sell.
Dist.,
Cal------1070.
1942
50,000
1148. -Farrell, Pa--------------------------- 4 A
20,000
1226. -Floresville, Texas.......... ..........
25,000 V 102.98
995. -Fond du Lac, W l s . . . ------------ 5
10,000 108.40
1942
1226. -Forsyth Seh. Dist., U ---------- 6
30,000 100
(11922-1952
1289. -Fort Bend County, Tex--------- 5
1914-1928
101.10
74,500
------995. . Fort Lee, N. J ---------1913-1922
20,000 102.07
A
1070. -Fostorla, Ohio (2 Issues)......... 4
a 1918
17.000 102.39
4A
1118. . Fremont, O h io--...................... 1.45
25.000 100.174
1913-1932
1070­ -Fulton, N. 5 ; - - - - - - - .........—
1922
20.000 104.78
1148. -Gallia County, Oh o - - - - - - - - - 4H (M922-1952
2,000 100
-Cause
Ind.
Sch.
Dist.,
f
o
x
.
.
.
a
til
1148.
150.000
101.40
1071. -Ceddcs U. F. S. D. No. 2, N .Y. 4 A 1922 ’ "
100.000 102.13
1071. -Genesee Count), M idi------------ l
102.34
15.000
995. .Geneva, I I I - - - - - - - - .- .............. °
10.000 100.437
1148.
2.500 100
' ;I)V no". YlY, Wash. 5 A dll) 14-1922
1148. ’ S
1,000 100
I
Grant
Co.
S.
D.
No.
94
Wash.
0
<{1917-1932
1148.
1,000 100
dl932-1952
D -' Le3Ff's >
1148. . Grapeland Id'152.500 100
-Greene
County,
N.
Y
.
Iss.)_
995.
16.500
dll92*2-4932
918. -Greenfield, M o .-------------------- •>
850 100
it 1932-1952
1148. -Gray Co. Com. >S- D. 7, lexas- a
1.500 100
1927
1148. Grayson Co. Com .S. D. 71, T ex. 5
1148. -Guadalupe Co. Com. S. D. __
375 100
No. 6, Texas--------------------- a
1932
30.000 101.267
1226. -Haddon Heights, N. J- ----- a
(U022-1932
500 100
1148. llamlln Ind. Sch. Dist., l e x - - a
1932
3.500 100.35
995. -Harley vide S.I). No.9, So. Car. 0
25.000
100
1148. Harper, Kans— •- - - ------- -— -_- (11922-1932
900 100
1148. Harris Co. Com. S. D. 48, Tex. 5
(11927-1932
1,000 100
‘
askell
Co.
Com.
S
.I).
33,
Tex.
5
1148.
1917-1941
125.000 100.815
1071. .Hempstead U.F.S.I). 15, N.Y - 4 A
1922
8.500 100
1148. -Hcnryetta Sch. Dist., Okla— a
ai915
16.000
1220. Highland Park S. D., M ich --- 4 A
1927
25.000
1226. Highland Park S. D., Mich— 4 /i
8,000 100
11-18. HllliarTwp.. Ohio...............- - (11932-1952
2.000 100
1148. -Honey Grove, T ex ----------------- •
1932
90.000
99.10
1226. -Hood IUver, Ore- - - - - - - - - -- £
(11922-1932
500 100
-Hopkins
Co.
Com.S.D.19,
rex.
a
1148.
2,500,000 100.28
1143. -Houston, Texas (6 issues)- - - - ‘ ‘
40.000 103.30
1071 . Huntington Parlt-S. D „ Lai-- a
(11917-1932
75.000 100
1148. -Independence Sell. Dist., Mo50.000 104.90
1148. -Jefferson County, Ohio............
1962
100
332.000
1071. -Jersey City, N . J - - — - ...........r
(11022-1952
175.000 v 101 . 0 0 8
1148. .Johnson County, Texas-------- ■
10,943 103.53
1149. -Johnstown, Ohio (a Issues)----4,800 100.687
1071. .Jordan Seh. Dist.. Cal- - - - - - - - £
(11922-1052
1,000 100
1149. -Jourdanton Ind. S. »■, i e x . - a
100
31.000
_Kankakcc
County,
HI-----------j,
1071.
103.211
17,438
1013-1922
1119. - Kansas City, Mo. - - - - - - 150.000
1289. -Kcrsh Lake Lr. Dist., Ark----130.000 100.273
(11926
-Lackawanna,
N.
Y
...............
ixi
1071.
100.000
County,
'4*8 Tex Y
1149. -Lamar
1,000 1 bo"" " "
(1Y922-1932
11 19. .Lamar Co. Com. S. D.48, le x . a
42.500 100.204
1071. -La Salle, N. Y ---------------------25,184
100.39
995. .Lawrence, Kans-------------------- a
100.000 100
1913-1919
r awrencc. Mass---------- ------- 4
1227, ’ Pavvi
78.000 100.77
.
:
.
'
t.uhn
issues)
_
m^wlstoY’
Idaho
(3
issues)___
5 r>
(11922-1932
996,
2,000 100
1071 "L
. ew is Je Clark Co. S.D.5,Mont. 5 A <11917-102
25.000 102.81
1227...Lexington Sob. Dist., 1“ - - - - - (11922-1932
1,000 100
1149 . -LlmestoncCo.Com .S. D .37,1 ex . 5
(11022-1932
1,000
1227 -LlmestOfieCo.Com.S.D.82, lex . 5
1,000 100
1071
30.000 100
1227Y.LongTew; Texas" (2 Issues)Y.I IS (11932-1952

1069..
094-.
1147.
1288.
1288.
994.
994.
1288.
1288.
1289.
994.
1147.

]Sov.

9 19 12 .]

THE CHRONICLE

Rate. Maturity.
Name.
Pace.
1071- 4A
1920-1924
1227,
. 4
1917-1919
990­ .L u v e r n c , M in n .
. 5
1149­
41917-1932
1071. .M a d is on T w p ., O h io .
919.
1913-1917
- 4A
1149.
a 1017
- 4A
- 4A
1149.
919.
919.
41922-1952
1227­ M atagordaC o .C o m .S .D .1 7 ,T c x
41932-1952
1227­ M atagordaC o .C o m .;S .D .1 8 ,T e x . 5
1932
.M
a
ttoon
S.
I).
N
o.
.
99,
111____
1227­
1149. .M ed ina, O h io — .
5
1915-1918
1072. .M erced Falls S . 1). , C a l_______ 0
a l 9 17
1149. .M eridian, K a n s ___
1149. ..Meridian In d . S ch . D ist.. T e x a s 5
1952
1072. M id d letow n , O hio.
a l9 1 0
9 9 0 . .M ilw au kee C ou n tv. W is _______ 4 A
990. .M lneola, N. Y ____
1915-1924
99G. .M inneapolis, M inn
1913-1927
1227 -M o n te s a n o , W a s h _____________ 8
41913-1922
1290. .M o u n t V ern on , N . Y _ _
4A
1932
1149. .N a c o g d o c h e s C o. C o m . S . D .
N o . 2, T e x a s _________________

5

41917-1932

1072. -N a p p a n e e , I n d _____________ . . o
41917-1922
1 149 . .N e w L o n d o n T w p ., O h io
4A
1913-1922
1072 ..N e w R o c h e lle , N . Y . (3 issues) 4 A
919...N e w t o n Falls, O h io (3 is su e s ). 5
1290. .N e w Y o r k C i t y ............................... 3
1922
910. .N o b le s C o u n ty , O h io ___________ 5
a l9 1 0
1149. -N o r fo lk , V a ____________________ 4 'A
1942
1149. -N u e c e s C o. C om . S . D . 7, T exa s 5
41922-1952
1072. -N u t le y , N . J ___________________ 4 'A
1932
1922
1072. .N u t le y , N . J ____________________ 4 A
1072. .O a k fie ld , W ls ______________ _
4
a l9 2 7
990. .O a k la n d , C a l---------------------------- 4 A
1013-1950
1072. .O t t u m w a , I o w a ------------------------- 5
1072. .O y s t e r B a y , N . Y ----------------------- 4'A
41917
1072. .P a la c io s , T e x a s ------------------------- 5
41932-1952
990. .P a s a d e n a , C a l _____ ___________ 4 a
1149. -P a s a d e n a , C a l _________________ 4 1 4
4U
1149. -P a te r s o n , N . J __________
1942
1149. .P aulding:, O h io _________________ 4
990. -P e r r y s b u r g , O h io (3 issu e s)___ 4'A
990. .P e te r sb u r g , V a _________________ 4 ^
1952
1290. -P ln e v ille , K y .................................. 5 A .
1072. .P lu m m e r , I d a h o __________________ 41922-1932
1150. .P o r t Chester, N . Y ____ _______ 4 a
1150. . P o r t C h ester, N . Y ____________ 5
'
1072. -P o r tla n d , O re _____________ _____0
1922
1227. -P o r t la n d , O r e ............................... .. 4
1937
997. -P o r t la n d , O r e __________________ 4
1937
1072. -P o r t s m o u th S ell. D is t., O h i o . . 4
a l 9 19
0 0 7 . .P o s e y C ou n ty , I n d ____________
-- 4'A
4A
920. .P r in ce s s A n n e, M d _____________
.. 5
1072. .P u la s k i C o u n ty , V a ____________
_ _5 5
997. .Q u in c y , M ass________ __________
1913-1922
..4 4
1290. -R e e d s b u r g , W is .......... ..................
1932
. . 4 4AA
1290­ - R ic h t o n , M iss............ .....................
1932
-. 0
1150. - R i g b y , I d a h o __________________. . 06
1922-1932
997. - R o c h e s t e r , P a . (3 Issues)_____
- - 4 4AA
1072. -R o c h e s t e r T w p ., O h io _________
- - 4 4AA 1027-1941
1290. - R o d e o S ell. D is t., C a l . .
1913-1928
-- 5
ft
1072. -R u s h fo r d , M in n ________
1075. -R u s s e ll C ou n ty , V a .......... .............5
_ _ .5
1073. .R u s t o n , L a . ________ ___________
_ -5 5
0 2 0 . . R y e , N . Y. (3 issu e s)_________
-- 4 M
4 A
997. .R y e g a t e Sell. D ist., M ont
1290. .S a b in e Parish S . D ., I , a . _ . . 5
1913-1922
1228. .S t . A n th o n y C on sol. S .D .,I o w a 5
1014-1922
997. - S t . C harles, 111____________
907. - S t . P a u l, M in n . (7 Issues)
1290. . S t . P a u l, M in n ....................
1915
1290. .S a le m , O h io ____________________4 4
.
1 2 0 0 . .S a n F ern a n d o U n .M .S .D ., C a l. 5
1290. .S a n F ran cisco, C a l_____ _________ 5
1290. .S a n F ra n cisco , C a l_________________
4a
4A
1150. .S a n P a tr ic io C o. C o m . S . 1).
N o . 0, T e x a s ________________ 5 5

097. .S a n t a Clara, C a l.
5
1073. .S a n t a M arla, Cal
_________ 5.
a 1944
1228. .S a n t a M on ica C ity S . D ., C a l.. 5
1228. .S a n ta -M on ica C ity H .S .D ., C a l. 5
1917-1952
1228. -S a r a to g a S prings S . D . 8 , N .Y . 5
1290. -S a y r e , P a -------------------------------------4'A
4 A 1915-1936
1073. . S c o t t C o. D r. D . N o . 10, M o ._ 0
1228. .S e lm a , A l a ________________
5 1937
5
997. -S e v ille , O h io
___________
5 a l9 1 9
5
1290. .S h e ld o n , A lo ____________________ 5
1913-1921
1073. -S h o s h o n l, W y o _________________ 60
(11927-1942
1073. -S m lth la n d , I o w a _________________5 A5A
1073 -S o u t h A m b o y , N . .1 _____ _
. 5
997. -S o u t h C on n ellsvlllc S. I )., P a ___
1291 . . S o . P a sadena H .S .D ., C a l____ 5 5
1073. -S p r in g fie ld ,I ll.-P le a s .D .& P k .D .. 4
1913-1932
1073. .S p r in g fie ld , M a s s _____________ 4 4
997. -S p r in g fie ld , O h io (2 Issu es). . . 4 A
a l0 1 8
4.65
997­ .S t a m fo r d , N . Y . ---------- ------------4.05
19 12
1150. .S t a t e s v ille , N o . C a r ....... .................55
1913-1922
11 SO- -S t a t e s v ille , N o . C a r ..
5A
(11913-1915
l l 50.
5
6
1037
1291.
907.
1932
4A
1073­
a l9 1 6
4A
1073 S u n flow er D r. D is t.. M iss____
1913-1932
1073. S u n n y b r o o k S ch . D is t., C a l..
g
1228 . S w e e tw a tc r , T e x a s __________
(11932-1952
1228.
4 A
1913-1932
997. T errell, T e x a s .
(11922-1952
1073 .
6
(11922-1927
1228 . T h u rston & Chehalis Co. S. D .
N o . 24 & 61, W a s h _________

1150. T ip t o n , I n d ....................................
1073 .
4
097.
4
1150­
4A
,5
1291.
1291. T ru m an sb u rg, N . Y ---------------1150. T u rlo c k Irr. D is t., C a l............... ft
1150.

020.

1291.
020.
920.
1150. U n ion D ist. I I . S. D ., W . V a .
1073.
998..
1228.
1150­ - V i g o C o u n ty , Ind
1291.
1073.
998.
1150.
1073. W a te r v llc t, N . y _
998.
1150. W e r t L a fa y e t t e , O h i b - _ . I - . _ 1098 W h ite P lain s, n . y
1150. W ild w o o d S ch . D is t.. Cal
998. W ilk es -B a rre , Pa
1150. W lllota .Sell. D is t., Cal” " " '
107 4­ W !!IOW -Glcn S ch . D L t ., C a l__

1228.
1150.. W in th r o p , Mass .




5
-5
4A

(71013-1920
1939-1918
1922
1935-1939
1018-1932
___________

1942
1942
5 . (11922-1912
4
1913-1932
5
1922
4A

4A

4
4A

5
4A
4 >4
4
4A
5
5
4A
5
6
4

1913-1922
1917-1925
1913-1932
. . . _______
1017-1921
1918
___________
__________
1925-1937
1918-1025

Amount.

Price.

5,000
21,825
100.179
10,000
100.062
16,000
3,000 100.6710
14,000
100
102.491
6,000
101.468
2,100
100.36
7,500
28,000
100.52
3,000
100
1,200
100
1,000
2,000
4,000
5,000
100
3,000
100
1,500
101.311
220 ,000
100.17
5,000
100
15,775
100.50
8 ,0 0 0
102.18
25.000
900
15.000
2,500
94,474
22,835

1 ,0 0 0 , 0 0 0
1 0 .0 0 0

557.000
2 ,0 0 0

100

105.38
100.58

z l00
103.29
97.584
100

30.000
1 2 .0 0 0

3,000
772,350
78.000
19.000
25.000
250.000

1 ,0 0 0 , 0 0 0
2 0 0 .0 0 0

30.000
31,500
300 .000
30.000
15.000
13.000
0,331
125,090
250 .000
250.000
2 0 .0 0 0

100.071
100.31
100 .15"
10b" ’ "
100.051
103.39
1 0 0 .8 6

102.535

100

93.78
93.44
100.7525
103.205
100.05
1/100
100.35
100

3,120
10,000
100,000
150,000
6.000
7,000
5,000
100.762
80,000
102
20,000
16,000
104.15
2,000
100
70,000 f/102
15,000
100
100.477
138,000
12,000
103.301
17,000
1 0 ,0 0 0

80,000
6,338
11,740
50,000
308 ,000
53,000

100
103.59
103.04

2,0 0 0
100
30,204
100
25,000 104.9408
102.80
80,000
70,000
100.072
2,800
11,000 1/100
102.00
76,000
100
35,000
2,810
100.17
9,000
12,000
100
7,000 1/100
40,0 0 0
101.422
15,000
70,000
103.04
50,000
95 .5 0
525 ,000
102.567
43,470
12,000
100.108
101
25,000
10,000
102.375
1,000
100
17,500
98.50
10,000
1,150 100
_____
03,000
104.20
2,5 0 0
35,0 0 0
100.807
220 ,000
101.509
0,000
3,000
100
3,000
5,000
lGSi’OOO
400 ,000
52,900
500
10,000
500 ,0 0 0
15,000
13,350
3,260
145,000
3 0 ,000
80,000
2 0 ,0 0 0
100,000
51,705
8,3 0 0
13,000
2 2 ,000
5,000
27,000
40,3 5 0
7,602
4,7 0 0
32,0 0 0
1,000
75,000
10,000
6,500
12,000
20,000

100
101.285
102.905
101.419
109.10
100
100.12
101.551
100.819
1 02 .605 '
102.414
102.12
100.53
102.867
100.009
100.50
101.386
102.00
100.939
100.338
101.58
100.50
101.13
100.26
100.538
100
100.22

Pace.
N am e.
Hale
M aturity.
5
1 0 5 1 ,- W o o d C o u n ty , T e x a s ...............
41922-1952
1 1 5 1 .. Y a lo b u s h a C o u n ty , M i s s _______5
1937
1151 ..Y a lo b u s h a C o u n ty , M i s s _______5]
1937
107 4. .Y o a k u m , T e x a s ..... ...................
5
41932-1952
1 2 9 1 ..
Y o lo C o u n t y , C a l _________ 6
a 192 5
9 9 8 . . Y o r b a L in d a S ch . D is t., C a l.. 5
1 1 5 1 ..
Y o u n g s to w n , O h io (12 I s s u e s )____

1387
Amount.

Price.

1 2 0 ,0 0 0

15.000
7.000
32.000
450,000
8 .0 0 0

102.50"
104.50
100.72
100
100

388,305

T o t a l b o n d sales fo r O c to b e r 1912 (280 m u n icip a li­
ties c o v e r in g 397 separate Issues)_____ __________ fc$24,527,728
a A v e ra g e d a te o f m a tu r ity . 4 S u b je c t t o call in and a lte r th e earlier
y ear and m a tu re in th e later y e a r, k N o t In clu d in g 3 3 7 ,813 ,88 4 o f te m ­
p orary loans r e p o r te d , and w h ich d o n o t b e lo n g in th e list, z T a k en b y
sin k in g fu n d as an in v e s tm e n t, y A n d o th e r c o n s id e r a tio n s .
R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .

The following items, included in our totals for previous
months, should be eliminated from the same. W e give the
page number of the issue of our paper in which the reasons
for these eliminations may be found:
Pace.

Name—
Amount.
1 1 4 7 ..
A lb e r t L e a , M in n . (4 issues, A u g u st l i s t ) _____________ $14 1,00 0
1 0 7 0 ..
B o ise C ity , I d a h o (M ay lis t )__________________________
9 0 ,0 0 0
1 0 7 1 ..
1.ulton , N . Y . (A u g u st lis t ) _____________________________
25,000
1 2 2 0 ..
H igh lan d P a rk S c h . D is t., M ich . (S e p te m b e r l is t ) ____
16,000
1 0 7 1 ..
L a S a lic, N . Y . (S e p te m b e r lis t )_______________________
42,500
12 2 7 __M t. C lem ens, M ich . (S e p te m b e r lis t ) ________________________
50,000
9 9 6 . .P h o e n ix , A r iz . (S e p te m b e r lis t ) _____________________________ 269,000
1 2 2 8 ..
5 .lm a , A la . (June lis t ) __________________________________
35,000
9S8 - X c n lc e ’ C a l- <2 Issues, J u ly l is t ) _____________________________
43,000
87,000
1 2 9 0 ..
R u n n in g L ake D ra in a ge D is t., A r k . (M a y lis t ) .............

W e have also learned of the following additional sales for
previous months.
Pace.

Name.
Rate.
M aturity.
Amount.
Price.
9 9 3 . . A d a S c h . D is t., O h io .......................4
a l9 1 9
$28,000
100
9 9 3 ..
A llia n ce , O h io ____________ 4 u
a l9 3 3
40.000
107.141
9 8 3 . .A llia n c e , O h io (3 is su e s )_____ 5
11,380
9 9 3 ..
A lta m o n t, III. (2
is su e s )_____ 5
2 0 .0 0 0
100.285
9 9 3 _ _ A lta m o n t U . F . S . D . N o . 1,
N . Y . (Ju ly, 2 issu e s)_________5
1913-1926
101.075
29,300
106 9. .
A lv a , O k la ________________ 6
1937
55.000
9 9 3 _ .A s h le y , O h i o ___________________ 5
8,954
103.09
9 9 3 - . A tta la C o u n ty , M iss....................
5
50.000
100.399
9 9 3 ..
B a k e r, O re . (2 issu e s)___ __
18,179
9 9 4 ..
B a ld w in sv illc, N .
Y . .................
5
1914-1918
2,500
100.023
9 9 4 . .B e ltr a m i C o u n ty , M in n ________ 5 A
1910-1930
09.000
9 9 4 . . B eltram i C o u n ty , M in n. (3 iss.) 4
...........
89.000
1 0 6 9 .-B e n to n C o . S . D . N o . 9, O r e . . 5
d"l922-1932
15.000 7/100 .35
11 4 7 . .
B irm in gh am , A la . (J u n e )__5
41913-1922
17.000
100
1 0 7 0 ..
B ra ttle b o r o , V t . (3 issu es)______________________ 30.000
1 1 4 7 ..
B rid g e p o rt, C on n . (2 i s s u e s ).. 4A
1910-1917
95
34.000
9 9 9 . -B rid g e w a te r, V a ...........................
5
1932
25.000
95
1 2 2 5 ..
B ristol C ou n ty , M ass. (2 Issues) 41916& 1917
180,000
1 2 2 5 --B y ro D v llle , G a _________________ __
1 0 .0 0 0
1 1 4 7 .-C a rro llto n , G a. (M a y, 5 issues) 5
1936-1942
06,000
9 9 4 . .C h a th a m , V a .(J u ly , 2 is s u e s ). 5 A 41927-1942
30,000
1 2 8 9 -_ C lo ste r, N . J . (J u n e )____________ 5
1923-1932
14,500
9 9 4 ..
C ochise C o . S. D . N o . 18, A r i z . 6
7,000
994 _ _ C o lu m b ia S . D ., P a . (M a y )___ 4
32,800
1 1 4 7 ..C o n c h o
C o u n ty C o m . S ch .
D ists., T e x a s (2 issu e s)____ 5
41922-1932
4.5 0 0
9 9 4 ..
C on e S ch . D is t., C a l______0
2.500
104 20
994 _ _ C o rd e le , G a. (4 is su e s ).....................
95.000
9 9 5 .-D a I r y v ille S c h . D is t., C a l_____ 6
3,000
105.60 ‘
9 9 5 ..
D ed h am , M ass. (3 issu e s)_________ 4
1 0 .0 0 0
9 9 5 _ .D o n ip h a n . M o . (June, 2 issues) 5
(11922-1932
16,000
1 07 0. .E a s t M c K e e s p o r t, P a . ( A u g .) .. 4 A
60,000
. 5
1913-1022
35,000
. 6
d l9 2 2 -1 9 3 2
18,994
1 0 7 0 -.E lls w o r t h , M e .
. 4
1932
30,000
9 9 5 . . E u gen e, O r e ___
. 5
1922
15,500
. 4
1 1 4 8 ..E v e r e t t , M ass.
21,800
a l9 1 6
3,000
. 4A
100.06
4.85
27,000
100.129
1071.
. 5
1932
102
60,000
9 9 5 . G enesee In d . S. D . N o . 2,
Id a h o (Jum
’ 5
(U 922-1932
10,000 1/100.11
9 9 5 . .G r a n t C o u n ty S . D . 25, W a sh . . 5 A (11917-1922
3,000
100
1 0 7 1 . . G ra n t’ s P ass, O r e _____________ . 5
1932
80,000
100.744
i 071 . .G r a n t ’s P ass, O re . (A p r il)____ 6
(11913-1922
16,147
100.509
1071. .G r e e le y C o. S . D . N o . 3, N eb. . 4A
1914
1,000
100
5
1932
45,000 1/102.044
1 1 4 8 ..
H arris C o . D r . D . N o . 5, Tie 5x a s 1914-1938
100
136,000
1 0 7 1 .-H e n d e rs o n C o u n ty C om . S c h .
D ists., T e x a s )4 issu e s)______5
41917-1932
100
6,700
1 0 7 1 ..
H o o k e r , O k la _____________ 6
1937
2 2 ,0 0 0
100.454
1 0 7 1 ..
1 .d e p e n d e n ce C o u n ty D r. D .
1913-1931
N o . 2, A r k ........ ......................... 6
2 0 ,0 0 0
1149. .J o n e s C o . C o m . S . D ists., T e x a s 5
41917-1932
100
5,400
1 2 8 9 ..
K an sas (10 is su e s )________ . .
10,600
100
1 0 7 1 _ _ K e rrv ille , T e x a s ( A u g .) _______5
41915-1940
2 0 ,0 0 0
9 9 5 ..
L e ta rt T w p ., O h io _______ 0
104.54
1 ,1 0 0
1 91 31921
1 0 7 1 ..
L ittle R o c k , A r k ................. 5
33.000
191419181,095
1 0 7 1 ..
L o v e la n d , O h io __________ 6
9 9 0 . -M a m a ro n e ck , N . Y . (2 ls s u e s ).4 .5 5
59.000
1 0 0 .0 2
9 9 0 ..
M arion C o u n ty , K a n s . (J u ly )_____
100
2 0 0 ,0 0 0
1 0 7 1 .-M a rlb o r o , N . Y ________________ 4 A
1917-1941
100.322
31.000
1 0 7 2 ..
M ason C o . S . D . N o . 10, W a s h . 5 A 41913-1932 3.000
100
1072_.M a.son C o. S . D . N o. 51. W a s h . 5 A 41913-1922
100
4.000
11 4 9 .-M a s scn a S c h . D is t., I o w a _____ 5
100
16.000
9 9 6 ..
M a ta g o rd a C o u n ty D r. D ist.
N o . 1, T e x a s (A p r il)________ 5
103,669 100
9 9 6 . .M e d fo r d , O r e __________________ 5
1032
20.000 t/100.155
9 9 0 . .M o n ro e , U ta h ____________ ______ 5
41022-1932
1 0 .0 0 0
100
9 9 0 . .M o n tg o m e r y T w p ., O h io _____ 4 A
10.000
104.01
9 9 6 . .N e w a r k , N . J . (6 issu e s)_____ 4 ”
980.000
_______
1927
9 9 6 ..
N ew B erlin, O h io _______ 4 A
105.774
15.000
9 9 6 ..
N ew B erlin, O h io _______ 4 A
1932
105.115
2 0 .0 0 0
1 0 7 2 -.N c w H am psh ire (S t a t e )_______ 3 A
1921-1924
250.000
107 2__N orth D a k o ta (0 issu e s)_______ __
___________
100
13,550
1/98
1 2 2 7 _ .O g d e n , U ta h __________________ 4 A 4 1922-1932
50,000
9 9 6 ..
0 1 .a n , N . Y . (4is s u e s )_4'A
1913-1921
01,529
9 9 6 ..
0 .a n g e , N . J ------------------ 5
1913-1922
33,262
9 9 6 . .O r ls k a n y Falls, N . Y _________ 4 A
1917-1940
8 ,0 0 0
9 9 0 ..
0 . e n C o u n ty , K y ...
1942
30.000
100
1 0 7 2 -.P a r is , Id a h o (A p r il)_____
5 A (11922-1932
14.000
100
1 2 2 7 ..
P o rtla n d , O r e ------------0
1922
105,184
1 1 5 0 --P o r t la n d W a te r D is t.. M e
130.000
9 9 7 ..
P o rt o f N ch a le m , O r e _
6
1922-1932
100
235.000
5
ti 1922-1932
75.000
100
9 9 7 . .P r ic e S c h . D is t., U ta h 45.000
1072 ..R e n w l c k , Io w a (J u n e ).
7,000
100
5A
4
1 0 7 2 -.R c v c r e , M ass__________
1912-1922
26,000
4
1 0 7 2 .- R c v e r c , A lass__________
1913-1922
28,520
4
1942
350.000
9 9 7 ..
R o ch e s te r, N . Y ________ 3 H
1924
125,000
9 9 7 . - R o c h e s t e r , N . Y _______________ 4
1922
49,600
1 1 5 0 .- R o c k la n d , M a s s . ---------------------- 4
35,000
1913-1922
9 9 7 _ -R o c k p o r t V il.S .D .,O h lo (M ay) 5
«1931
20,000 110.3295
9 9 7 ..
R o o s e v e lt, U ta h ------------- 6
(U 922-1932
4,100
100
I 1 5 0 .- R o s c b o o m S. D . N o . 3, N . Y . _ 5
1913-1917
101
1,500
6
(’ 1922-1932
28.500
1150 . .S a le m , M ass. (2 Issues)________
1913-1919
13,000
1 2 9 0 .-S a n d e rs C o. S . D . N o . 9, M on t 6
(11922-1027
3,500
100.714
1 0 7 3 -.S a n d Springs S .D .,O k la .(J u ly ) 6
1932
27,000
103.625
1 0 7 3 .-S c h r o c p p c l, N . Y _____________ 4 A
(11917
10,000
100.01
9 9 7 . .S e a t t le , W a s h __________________
1913-1032
190,000
5
1913-1932
205,000

THE CHRONICLE

1288
Page.

Name.

Hate.

997 . .Seattle, Wash. (2 Issues)------- G
097--Shenandoah, Pa-----------------------4
997 -Sibley Ind. S. D., Iowa (May) - 5
1150 . South Kingstown, It. I ---------- 4
997 .Sulphur Sch. Dist., Okla------- 6
107.1 .Sweet Grass Co. S.D .45. Mont. 6
1073 .Tacoma, Wash. (5 Issues)----- 7
1073..Toledo, Ohio (6 Issues).......... 5
1073 .Torrlngton, W y o ....................... 0
1073 -Truxton, N. Y .............. ............ 4 4
998 . .Tunica, Miss--------------- --- ------ 6
9 0 8 . -Tyrone, Pa----------------------------- 4
1073 .Unlontown, Pa. (2 Issues)___ 4 JT
998 Walla Walla County S. I),
No. 17, Wash_____________ 5
998 -Walla Walla County S. D.
No. 23. Wash........ ........... .. 5 Vt
998. .Y ork Twp., Ohio____________ 5

Maturity.

1942
dl922
1937
(11917-1922

Amount

3,188
15.000
13.000
23.000
2,(597

Price.
100
100

1 ,0 0 0

100

2 0 .0 0 0

100

U n i t e d S t a t e s . — Louisiana Gives Form al Notice o f Incom eT a x Ratification .— F o r m a l n o t i c e o f t h e r a t i f i c a t i o n o f t h e

4,537
70,951 Z100

(11927-1942
1913-1942
(11917-1932
(11922-1032
1942

1 0 .0 0 0
2 0 ,0 0 0
1 0 0 ,0 0 0

(11913-1932

’ 5,000

(11913-1032
_________

3,000
--------14,000 1/103.81

90.000

100
1 0 0 .0 0 1

BONDS SOLD BY CANADIAN MUNICIPALITIES IN OCT OBER.
Name.

Nate.

M aturity.

1913-1932
1151..
Acton, Ont_____________ 5
1913-1942
1151--Berlln, Ont__________________ 5
1913-1932
1151_Berlin, Ont__________________ 5
1228. .
Blairvllle S. D. No. 281, Sask-----1292-.Cartlervllle, Que------------------- 5
1932
1151--Clinton, O n t---......................... 4 H
1027
1292..
Colgate, Sask___________ >5
1927
1074.-Cudworth, Sask_____________ 6
1913-1942
1151.
-Fort Francis, Ont_____ G
1292 . -Frcdcrickton, N. B __________ 4
1913-1927
1292-.K in ley, Sask-------- ---------------1013-1922
1151 . -Lambton County, Ont---------- 4 4
1952
1075-.Maclcod, Alta_______________ 5
1292 . .Melville Sch. Dlst., Sask------------1292 . .Mitchell, Ont------------------------ 8
1942
1075 . .Montreal Prot. S. D., Que----- 4
1229. . Prairie Dale ( Rural Mun.) ,Sask. - .
1152..
Round Valley, Sask----------1913-1027
1075 -Sheho, Sask ----------------------- G
1152..
5.ornaway S.D. No.829, Sask. 6 1 0 2 2
1152. .Strongfleld, Sask----------------------1152.-Tisdale, Sask---------------------------1032
1152..
Turnberry Twp., Ont----- 5
1152. .Wellington (Rur. Mun. No.
1932
97), Sask__________________ 8

Amount.

$8,500
4,500\
17,000/
1,800
76.000

Price.

99.032

2.500
7.000
15,229
5.000
3.500
16.000
338.000
18,400
1 0 ,0 0 0

540.000
7.000
5.000
2 .0 0 0

4.000

97.50
89.85

Name.

Hate.

M aturity.

Spokane,
W a s h . — Bond
Call.— T h e f o l l o w i n g s p e c i a l im p r o v e m e n t b o n d s a r e c a lle d fo r p a y m e n t o n N o v . 1 5 a t
th e C ity T r e a s u r e r ’ s o ffic e :

99.473

Name.

93.75
99.12

1.500

1 0 ,0 0 0

Amount.

B o n d C a lls a n d R e d e m p t io n s .
P o n c e , P o r t o R i c o . — Bond Call.— P a y m e n t w ill b e m a d e
o n J a n . 1 1 9 1 3 b y .M u lle r, S c h a l l & C o . in N . Y . o f $ 1 7 , 0 0 0
( N o s . 1 3 7 to 1 5 3 in c h ) o f th e $ 2 0 0 ,0 0 0 6 %
g o l d lo a n o f
1902 bon d s.

93.50

2 .0 0 0

5,000

In co m e
Tax
A m endm ent by
th e L o u is ia n a
L e g is la tu r e
reach ed th e S ta te D e p a r t m e n t a t W a s h in g to n o n N o v . 4 .
A s s t a t e d l a s t w e e k , f o r m a l n o t i c e w a s p r e v i o u s l y file d b y
3 2 o f t h e 3 4 S t a t e s w h ic h h a v e a p p r o v e d t h e a m e n d m e n t .
O h i o is t h e o n l y S t a t e o f t h e 3 4 w h ic h h a s n o t f ile d f o r m a l
n o tic e .

S a n J u a n , P o r t o R i c o . — Bond Call.— C a ll is m a d e f o r p a y ­
m e n t o n J a n . 1 1 9 1 3 a t t h e o f f i c e o f M u lle r , S c h a l l & C o . , in
N . Y . , o f $ 4 8 ,0 0 0 ( N o s . 4 0 4 to 4 5 1 in c h ) o f th e r e d e m p tio n
bonds of 1902.
D e n o m . $ 1 ,0 0 0 .
D a te J an . 1 1 9 1 2 .

2 ,0 0 0

95.80

Total debentures sold In October--------------$1,101,929
A D D I T I O N A L SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page.

S u l l i v a n C o u n t y , T e n n . — Bonds Declared Valid by S u ­
preme Court.— T h e S u p r e m e C o u r t o f T e n n e s s e e h a s a f f i r m e d
t h e r u l i n g o f J u d g e D a n a H a r m o n o f t h e C i r c u it C o u r t d e ­
c la r in g v a l i d t h e b o n d is s u e o f $ 2 0 0 , 0 0 0 f o r t h e b u i l d i n g o f
p ik e r o a d s .
V . 95, p. 248.

A ll th e a b o v e sa le s (e x c e p t a s in d ic a t e d ) a r e fo r S e p t e m b e r .
T h e s e a d d i t i o n a l S e p t e m b e r is s u e s w ill m a k e t h e t o t a l s a le s
( n o t in c l u d i n g t e m p o r a r y l o a n s ) f o r t h a t m o n t h $ 2 5 , 0 7 0 , 4 4 0
Page.

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

Price.

Name.
Dist.
N os. of Bonds.
7
N os. of Bonds N evada__________ 112

GRADE BONDS.
Dist.

12-13
B lain e.................. 103
B ridgeport---------47G
C-7
B ryant_________ 870
3
Cedar - _________214
22-23
E lm .......................256
4
Helena................... 1
48-54 lncl.
4-10 lncl.
Madison.................719
P ost.................
653
7-12 lncl.
R ic h ............ ..........660
5-6
Sixteenth________ 663
11-16 lncl.
2-3
Sixteenth_______ 855
W ALK BONDS.
G ord on _________ 323
5-7*incl.

O a k ........................ 240
4
Sherman_________280
9
SEWER BONDS.
A lle y ____________ 143
15
B o o n e __________ 711
2-3
3
10-12 lncl.
F ift h .............
F ift h ..................... 5
43-52 lncl.
PAVING BONDS.
2
Alley ............... ...5 1 6
Brown...................675 623-900 lncl.
Howard _________ 678
14-19 lncl.
Tenth - - ___ ____ 662
8-9
W ashington_____856
2-14 lncl.

$2 , 0 0 0 1 0 1 . 1 0
-Alisa Craig S. D. G42, S ask.-- «
999 -Antelope Park (Rur. Mun. No.
B o n d P r o p o s a l s a n d N e g o t ia t io n s this week
99.216
6 ,0 0 0
1932
322), Sask-............................. 5J4
1942
150.000 1 0 0
have been as follows:
999.
-Bassano, Alta................ 5
3.500
999--Blenfalt, S a sk -........................
-ALBUUQERQUE SCHOOL DISTRICT (P. O. Albuquerque). Bernalillo
1952
1 0 0 .0 0 0
1074.-Chilliwack, B. C...................... - 8
County, New Mex.— BO N D B A L K .— W o are advised that the $00,000 5%
30.000
999--Cochrane, O n t.......................................- ......... .
2o-30-yr. (opt.) refunding school bonds ottered on Oct. 28 (V. 95, p.843)
2 ,2 0 0
999-.COldwater, Ont........ ............ - - ------------have been awarded to the Commerce Trust Co. of Kansas City for $60,550
9 9 9 . -Dom inion'of Canada (July, 13
Issues) _______________
6&8
Vi 10,300 1913-1922 (100.916) and blank1 bonds.
ANAMOSA SCHOOL DISTRICT (P , O. Anamosa). Jones County, Iowa.
999-Dominion of Canada (Aug., 15
— B O N U S D E F E A T E D .—At an election held Oct. 30 the proposition to
20,700
Issues) ____________________ G 1913-1922
30,200
Issue $50,000 bonds was defeated.
9 9 9 . -Dominion of Canada (25 Issues)6<
5j6 VS------------2.500
1000--Gadsby, A lta................ ...............
............ .
ASHTABULA COUNTY (P. O. Jefferson). Ohio.— B O N D S A L E — On
98
90.000
1000--Klndcrslcy, Sask-..........................
- - ...... ..
Nov. 6 the $4,000 2-5-yr. (sei.) and 52,500 2-6-yr. (ser.) 4 ,4 /o coup,
1 ,2 0 0
1 0 0 0 - -Rescall Sch. Dist., Sask-------- -dltch-lmpt. bonds (V. 95, p. 1225) were awarded to 1 lltotson & Wolcott
50.000
1982
Co of Cleve. at 100.53 and 100.49, respectively. Other bids follow:
1000.-St. Jerome, Que------------------- 8
2 ,0 0 0
n . .i , Cleveland— $4,013 40 for $4,000 Issue and $2,508 30 tor
1000-Stafford, O n t.-.- ........... First Nat. Bank,
28.000
923.-Taber, A lta-------------------------•>
$2,500 Issue.
95.80
1932
5,000
1152 Wellington (Rur. Mun.), Sask. 5
Hayden, Miller & Co., Cleveland -$4,012 for $4,000 Issue and $2,502 for
1942
1 0 ,0 0 0
1000- - Wynyard S. D. No. 2499, Sask. 5
$2,500
><2,ouu Issue.
issue. j
ASHTABULA SCHOOL DISTRICT (P. O. Ashtabula). Ashtabula
A l l t h e a b o v e s a l e s o f d e b e n t u r e s t o o k p la c e in S e p t e m b e r .
County, Ohio.— B O N D S V O T E D .— B y a vote of 1,387 to 1,001, the
T h e s e a d d i t i o n a l S e p t e m b e r is s u e s w ill m a k e t h e t o t a l s a l e s
proposition to issue the $20,000 high-school-hldg.-site-purchase bonds
(V. 95, p. 1147) carried at the election held Nov. 5.
o f d e b e n tu re s fo r th a t m o n th $ 3 ,8 5 4 ,1 2 9 .
998.

N ew s Item s.

U

O h i o . — Voters F avor Annexation o f Newburgh
and Nottingham.— E a r l y r e t u r n s i n d i c a t e t h a t t h e p r o p o s i ­
t i o n s t o a n n e x N e w b u r g h a n d N o t t i n g h a m c a r r ie d o n N o v . 5 ,
t h e v o t e b e i n g f a v o r a b l e in C l e v e l a n d a s w e ll a s in t h e v i lla g e s
C le v e la n d ,

th e m s e lv e s .

V.

95,

p.

1143.

N e w Y o r k S t a t e . — Result o f Vote on Bond Proposition .—
R e p o r t s r e c e iv e d a t t h e h e a d q u a r t e r s o f t h e N e w Y o r k S t a t e
A u t o m o b i le A s s o c ia t io n a r e sa id to in d ic a te th a t th e p r o p o ­
s i t i o n t o is s u e a n a d d i t i o n a l $ 5 0 , 0 0 0 , 0 0 0 b o n d s f o r h i g h w a y s
c a r r ie d a t la s t T u e s d a y ’ s e l e c t i o n .

V . 94, p.

1131.

N e w Y o r k C i t y . — Bronx Voters A p prove Creation o f C ou n ty.
— T h e v o te r s o f T h e B r o n x o n T u e s d a y la s t a p p r o v e d , a c ­
c o r d i n g t o u n o f f i c i a l r e t u r n s , t h e b ill p a s s e d b y t h e la s t
L e g is la tu r e (C h a p . 5 4 8 , L a w s o f 1 9 1 2 ) c re a tin g “ B r o n x
C o u n t y ” f r o m t h e t e r r i t o r y n o w c o m p r i s e d w it h i n t h e li m i t s
o f th e b o r o u g h .
Sec V . 9 4 , p . 1 2 0 1 .
U n d e r th e c h a n g e
t h e b o r o u g h w ill r e m a i n p a r t o f t h e G r e a t e r N e w Y o r k , b u t
w ill h a v e a s e p a r a t e c o u n t y g o v e r n m e n t , t h e s a m e a s K i n g s
C o u n t y , R ic h m o n d C o u n ty a n d Q u e e n s C o u n t y .
A s at
p r e se n t c o n s titu te d th e B o r o u g h o f M a n h a tta n a n d th e
B o r o u g h o f T h e B r o n x a r e b o t h c o m p r i s e d in N e w Y o r k
C o u n ty .
T h e t w o b o r o u g h s w ill n o w h a v e s e p a r a t e c o u n t y
g o v e rn m e n ts.
O h i o . — Supreme Court Holds Bondsmen Liable for Interest
Obtained on State F u n d s — Th e O h i o S u p r e m e C o u r t o n
O c t . 2 9 a f f i r m e d t h e d e c is i o n o f t h e F r a n k l i n C o u n t y C i r c u it
C o u r t h o l d i n g t h a t b o n d s m e n o f S t a t e t r e a s u r e r s a r e li a b le
f o r t h e a m o u n t s w h ic h s o m e o f t h e s e o f f i c i a ls a r e a l le g e d t o
have
u n la w fu lly
c o ll e c t e d
a s in t e r e s t o n
p u b lic
fu n d s.
D i f f i c u l t y h a s b e e n e x p e r i e n c e d in t h e p r o s e c u t i o n o f th e s e
c a s e s d u e t o t h e r e f u s a l o f t h e b a n k s t o a l l o w a c c e s s t o t h e ir
b o o k s , b u t in t h e p r e s e n t in s t a n c e t h e c a s e o f t h e S t a t e
a g a i n s t t h e b o n d s m e n a n d e x e c u t o r s o f t h e e s t a t e o f t h e la t e
W m . S . M c K in n o n , fo rm e r S ta te T re a su r e r, w as rem a n d ed
b a c k t o t h e lo w e r C o u r t w i t h s u c h i n s t r u c t i o n s b y t h e S u ­
p r e m e C o u r t j u d g e s t h a t it is e s t i m a t e d t h e S t a t e w ill b e
a b le t o r e c o v e r $ 1 8 , 9 9 5 .
C o u n s e l f o r t h e S t a t e lia s a n ­
n o u n c e d t h a t a n o t h e r s u i t w ill b e i n s t i t u t e d a g a i n s t M r . M c ­
K i n n o n ’ s b o n d s m e n t o r e c o v e r $ 9 7 , 7 9 0 , a n d t w o a c t i o n s w ill
lie b r o u g h t , i t is s t a t e d , a g a i n s t f o r m e r T r e a s u r e r I s a a c B .
C am eron

fo r

$ 1 4 3 ,1 4 9




and

$ 6 8 ,8 7 2

r e s p e c tiv e ly .

oyo

Lump. C ltu u iu -u gu t turn

uvuuo \ v .

ut,

’

BASSETT, Rock County. Neb. — B O N D S A U T H O R I Z E D .— This place
has authorized the Issuance of $3,000 electrlc-llght and $ 10,000 water-works
5% 5-20-yr. (opt.) coup, bonds. Denom. $1,000. Int. semi-annual.
BOSTON Mass.— B O N D S A L E S IN O CTO B ER . — During the month of
October this city disposed of the following 4% bonds, aggregating $60;>,000,
to the Trust Funds and Sinking Funds at par:
.
„ , 1nr_
1119 000 Rapid Transit, Cambridge connection, bonds. Due Oct. 19.)7.
lsolooo Norfolk St. widening bonds. Due $10,000 yearly. Oot. from
000 new building Long Island bonds. Due $1,000 yearly Oot. from
’
1913 to 1917 lncl.
, „
.
5 000 separate-drainage-system bonds. Due $1,000 yearly Oct. from
’
1913 to 1917 lncl.
, _ t
.
61 000 Meridian St. bridge bonds. Due $5,000 yearly Oot. 1913 to
'’
1915 lucl. and $4,000 yearly Oct. from 1916 to 1927 lncl.
15.000 refuse-destructor-slte bonds. Due $1,000 yearly Oct. from 1913
5

9 5 .0 0 0

Chelsea bridge bonds.

20 0 00

South Boston municipal bldg, bonds.

1) uc $10,000 yearly Oct. from 1913 to

5o!oOO ^ s p l u l ^ o ^ s '^ D u f k o O O

Due $1,000 yearly Oct.
1913 ^ 1922 ln0l‘

23.000
1013 t0 1915
60.000 East ^3oston^ourMmus^s°and^ollee-statIon bonds. Due $3,000
*
yearly Oct. from 1913 to 1932 lncl.
Date Oct. 1 1912.
, ,

8SB5i

to 1926 lncl. No other bonded debt. Assess, val. 1911 $ l f117.o8U.
RDAnFNTOWN Manatee County. Fla,— B O N D S V O T E D .-—- By a vote
of 130 to 21 the question of lsslng $75,000 5% 20-30-year (opt.) bonds
carried at an election held Oct. 20.
BREMEN. Fairfield County. Ohio. B O N D
cierk^R r
will he received until 12 m. Nov. 26 by E. T. Purvis, Viliago cicrk, for
the following 5% village's portion bonds:
,
n
$2 , 7 1 8 Storm-Water Sewer Dist. No. 2 «peolal msots. bonus. Jjenom.
(10) $250 and (1) $218. Dueone bond yearlyJrmr 1 to 11je a M 1,000 Main St. pavement bonds. Denom. $200. duo
yearly irom
Date^ept* 10 1912. Int. scntl-ann. Cezt. check for 2% of bonds bid
for payable to the Village Treas., Is required.
RIIRPAIO N Y — BO N D S A L E . — The following 4% bonds were dis­
posed of at par "during October to the Comptroller for the city’, various
Sl^
i Uad3:p urPose.
Date.
Due.
$16,946 1 5 - -Monthly local w o r k .......... Oct. 15 1912 Oct. J5 }»|!j
6
3 1 2 4 3 ..Refund, spec. fran. taxes-.Oct.
J
Get. 1 1913 t in /
4 , 6 4 7 8 0 --Municipal buildings-----------Oct.
1
Oct. 11913-103^
21 6*5 00..Certificates of Indebt.......... Oct.
1 1912 July t 1913
rvidtoim Oeauea Countv Ohio.— B O N D O F F E R IN G .— Proposals will
b c ^ c c ^ v c (n J u M 2 m T ^ o v ) 2 0 hy°A.C. Brown, V^. Clerk, for t^2^00 5^,
coud street lmpt. tax-free bonds.
Denom. $750 ana $2 bo. int. a . “
.
at First Nat. Bank in Burton. Cert, cheek for 10,,, required. 1 0
debt, Including this issue, $15,404 05. Assessed valuation, $o$«, - •

.Nov. 9 1912.]

THE CHRONICLE

B U T L E R SC H O O L D IS T R IC T (P . O . B u tler), B u tler C o u n ty , P a .—
B O N D S A L E . — An Issue of §25,000 4 'A % bldg, bonds has been purchased

by the Sinking Fund of the district. Denom. §1,000. Date April 15 1912.
Int. A. A O. Due April 15 1942, opt. after 5, 10 and 20 years.
C E L IN A , M ercer C o u n ty , Ohio.— BOND SALE.— On Nov. 6 the §10,000
4 % 10-19-yr. (ser.) refunding bonds (V. 95, p. 994) were awarded to the
Provident Savings Bank & Trust Co. of Cincinnati at 100.18.
C H A M P A K iN C O U N T Y (P . O . U rb a n a ), O h io .— BOND SALE.— On
Nov. 4 the §22,000 4% coup. Impt. bonds (V. 95, p. 1070) were awarded
to the Nat. Bank of Urbana In Urbana for §22,030 (100.138), according to
reports.
C H A R L E S C IT Y . F lo y d C o u n ty , I o w a — B O N D S A L E .— On Oct. 31
§20,000 5% 15-yr. (av.) park-purchase bonds were awarded to Kane & Co.
of Minneapolis at 101.3275. Other bids follow:
S. A. Kean A Co., Chicago. _$20,1011R. Kleybolte & Co., Chicago.$20,000
C. H. Coffin, Chicago_____ 20,100|
Denom. §1,000. Int. M. & N.
C H IC A G O , III.— B O N D S V O T E D.—The election held N ov. 5 resulted
In favor. It Is stated, of the proposition to Issue the §1,750,000 public-Impt.
bonds (V. 95, p. 249).
C H IC O P E E , H am pden C o u n ty , M a ss.— B O N D O F F E R IN G . — Proposals
will be received until 12 m. Nov. 14 by J. .1. O'Connor 2d, City Treas., for
$19,000 4% coup, city hospital loan of 1912 bonds. Denom. §1,000. Date
Nov. 1 1912. Int. M. A N . at Old Colony Trust Co. In Boston. Due $3,­
000 yrly. on Nov 1 from 1913 to 1918 lncl. and §1,000 Nov. 1 1919. Bonds
will be certified as to genuineness by the Old Colony Trust Co., which will
further certify that the legality of this Issue has been approved by Hopes,
Gray A Gorham of Boston, whose opinion will be furnished to the purchaser.
C L A R K C O U N T Y (P . O . S p rin gfie ld ). O h io.— B O N D S V O T E D .— The
proposition to Issue §250,000 mcmorlal-hall-ercctlon bonds carried at the
election held Nov. 5 (V. 95, p. 636). The vote was 7,934 to 6,4'>5C L A R K S O N SC H O OL D IS T R IC T (P . O . C la r k s o n ). C o lfa x C o u n ty , N eb.

— B O N D S V O T E D . — At an election held Oct. 24 the proposition to Issue
$24,500 5% hlgh-school bonds carried by a vote of 55 to 2.
C L E V E L A N D H E IG H T S V I L L A G E SC H O O L D IS T R IC T , C u y a h o g a
C o u n t y . O h io.— B O N D S V O T E D . — Reports state that the proposition to

Issue the § 2 0 0 , 0 0 0 bldg, bonds carried at the election held Nov. 5 (V. 95,
p. 1147).
C L O S T E R , B ergen C o u n ty , N .J .— B O N D S A L E . — We arc advised that
on June 11 $14,500 5% school bonds were disposed o f . Denom. (9) §1,500
and (1) §1,000. Date April 1 1912. Int. J. A J. Due §1,000 Jan. 1 1923
and §1,500 yearly 1924 to 1932 Inclusive.
C L Y D E , S an du sk y C o u n ty , O h io .— B O N D S O F F E R E D B Y B A N K E R S .

— The Tillotson A Wolcott Co. of Cleveland Is offering to Investors $30,000
4
coup, tax-free water-works and clectrlc-llght bonds. Denom. §500.
Date Sept. 1 1912. Int. M. & N. at the Chase Nat. Bank, N. Y. Due
§1,000 each six months from March 1 1913 to Sept. 1 1929, lncl.
C O L O R A D O S P R IN G S , C o lo .— B O N D S A U T H O R IZ E D . — The City
Council, according to reports, has authorized the Issuance of §13,982 04
bonds.
CO LU M BU S,

Franklin

C o u n ty ,

O h io .— B O N D S

A U T H O R I Z E D .—

Ordinances were passed on Oct. 2 1 providing for the Issuance of the following
4% coupon bonds:
§250,000 Fourth St. viaduct-construction and condemnation bonds. Date
not later than Dec. 31 1912. Int. M. A S. at agency of the ‘ ‘City
of Columbus” In New York. Duo Sept. 1 1942.
55,000 dlsposal-plant-constructlon bonds. Date not later than April 1
1913. Int. A. & O. at City Treas. office. Due April 1 1933.
1,000 Gay St. Impt. assess, bonds. Date not later than March 1 1913.
Int. M. & S. at City Treas. office. Due Sept. 1 1919, subject to
call beginning Sept .1 1913.
§1,000 Southwood Ave. Impt. assess, bonds. Date not later than Mar. 1
1913. Int. M. A S. at the City Treas. office. Due Sept. 1 1922,
subject to call beginning Sept. 1 1913.
Denomination §1,000.
CO O K C O U N T Y ( P . O . C h ic a g o ), III.— R E S U L T O F B O N D E L E C T IO N .

— According to reports the election held Nov. 5 (V. 95, p. 994) resulted
as follows:
Bonds Voted.

$500,000 dctentlon-hospital-constr. bonds by a vote of 152,804 to 126,095.
1,000,000 hospital bonds by a vote of 135,220 to 113,264.
Bonds Defeated.

§500,000 court-house bonds by a vote o f 109,815 “ for” to 156,257 “ against’
COON R A P I D S . C arroll C o u n ty . I o w a .— B O N D S A L E .— On Oct. 9 the
$2,700 5J^% 5-20-yr. (opt.) water-main-ext. bonds offered on Sept. 10
(V. 95, p. 497) were awarded to Geo. M. Bechtel A Co. of Davenport for
§2,725 and expenses, making the price 100.9279.
C O O P E R S T O W N , O ts e g o C o u n ty , N. Y — B O N D S A L E .— On Oct. 1
§8,000 5% street-impt. bonds were awarded, $4,000 to the First Nat. Bank
in Coopcrstown at par and §4,000 to the Second Nat. Bank In Coopcrstown.
Denom. $1,000. Date Oct. 1 1912. Int. A. A O. Due §2,000 yearly July
1 1913 to 1916 Inclusive.
C O R S IC A N A . N avarro C o u n ty . T e x .— B O N D S V O T E D . — The question
of Issuing the $20,000 street-paving bonds (V. 95, p. 994) received a favor­
able vote, It Is stated, at the election held Oct. 29.
C U S T E R C O U N T Y (P. O . M iles C it y ), M o n t. — BO N D O F F E R IN G .—
Proposals will be received. It Is stated, until 2 p. m. Dec. 2 by O. C. Haynes,
County Clerk, for §50,000 10-20-yr. (opt.) refunding and $170,000 20-yr.
bridge 5% bonds. Sec V. 95, p. 560. Int. scml-ann. Cert, check for
5% Is required.
D A D E C I T Y , P a sco C o u n ty , F la. — B O N D O F F E R IN G . — Proposals
will be received until Dec. 1, It is stated, by the City Clerk, for $15,000 5%
30-yr. school and Impt. bonds. Int. semi-annual.
D A V IE S S C O U N T Y (P . O . W a s h in g t o n ). In d .— B O N D S A L E — On
Nov. 4 the $18,000 4% Soldiers’ Monument bonds (V. 95, p. 250) were
purchased by the Washington Nat. Bank In Washlngtonfor$18,001 and Int.,
It Is stated.
D E L T A , Y ork C o u n ty . Pa. — L O A N V O T E D .— At a recent election a
loan of $15,000 for Improving school-property carried, according to reports.
D E N IS O N , G ra yson C o u n ty , T e x . — B O N I)S V O T E D .— A t an election
held recently, the issuance of § 1 0 0 , 0 0 0 school bonds was authorized b y a
vote of 525 to 131, reports state.
D E S M O IN E S IN D E P E N D E N T SCHO OL D IS T R IC T (P . O . D es M o in e s ).

P olk C o u n ty , I o w a — P U R C H A S E R OF B O N D S . — The purchaser of the
$70,000 4H % 20-yr. refunding bonds, bids for which were received on
Oct. 28 (V. 95, p. 1226), was John Nuvecn A Co. of Chicago at 100.68 and
Interest.
DETROIT, Mich.— B O N D S A U T H O R IZ E D .— It is reported that on
Oct. 24 the Board of Estimate authorized the issuance of §100,000 garbage
incincrating-plant-construction bonds.
DINUBA. Tulare County, CaL— B O N D E L E C T IO N — An election to
vote on the question of issuing $500,000 sewer bonds will be held Nov. 19,
according to reports.
DUNBAR, Fayette County, Pa .— B O N D S D E F E A T E D .— The question
or issuing the §25,000 sewer and strcct-lmpt. bonds (V. 95, p. 768) failed to
carry on Nov. 5. The vote was 45 “ for" and 97 “ against.*’
DUNMORE SCHOOL DISTRICT (P .O . Dunmorc). Lackawanna County,
J a.— BOND OT T B R IN G .— Proposals will be received until 8 p. m. Nov. 14
Murray Jr-> Solicitor, for §65,000 4 t f % coup, bonds. Denom.
$1,000. Date June 1 1912.
EAST CLEVELAND, Ohio.— B O N DS V O T E D .— The proposition to Issue
$150,000 school-bldg, bonds carried at an election held Nov. 5, reports
state.
EAST PALESTINE, Columbiana County, Ohio.— B I D S . — The other
bids received on Oct. 21 for the $1,900 5% 5 1-8-yr. (av.) coup. Taggart
St. ext. and sewerage bonds awarded to the First Nat. Bank of East Pales­
tine at 102.526 (V. 95, p. 1226) were as follows:
Hayden, Miller A Co., Clevc.- _$l,922|Staey A Braun, T oled o__ 51,911 40
EDGEFIELD, Edgefield County, So. Car.— B O N D E L E C T IO N .— The
election to vote on the question of Issuing the §5,000 clcctric-light-plantadditlon bonds (V. 05, p. 815) will be held Nov. 27.
EDGEWOOI), Henry County. Va.— B O N D S V O T E D . — At an election
held Oct. 24 the proposition to Issue street-impt. bonds carried, It is re
ported, by a vote of 1 1 7 to 26.




1289

E L D O R A D O . P reble C o u n ty , Ohio.— B O N D S A L E .— On Oct. 2 1 the
$2,.>00 5% electric-light-system bonds (V. 95, p. 845) were awarded t o the
banners’ Banking Co. of Eldorado at 105.82 and int.
E L P A S O , El P a so C o u n t y , T e x .— B O N D S V O T E D . — The election held
Oct. 29 resulted In favor of the propositions to Issue the following bonds:
§200,000 water-works-extcnslon bonds, by a vote of 451 to 141.
150.000 sewer-improvement bonds, by a vote of 461 to 132.
50,000 street-improvement bonds, by a vote of 453 to 133.
E L V IN S SC H O O L D IS T R IC T NO. 7, St. F ra n co is C o u n ty . M o .— B O N D S
O T T E R E D B Y B A N K E R S . — Francis, Bro. & Co. of St. Louis are offering

to Investors §30,000 6 % coup, bonds. Denom. $500. Date Sept. 1 1912.
Int. M. & S. at the Mississippi Valley Trust Co. In St. Louis. Due $1,500
yearly Sept. 1 1913 to 1932, lncl. No other debt. Assess, val. $650,000.
E S T H E R V IL L E SC H O O L D IS T R IC T (P . O . E s th e r v ille ). E m m ett
C o u n ty , I o w a . — B O N D S A L E .— W e are advised that $10,000 bonds have

been sold. These securities arc part of an Issue of §85,000, of which $75,­
000 have been sold (V. 95, p. 845).
E V A N S T O N , C ook C o u n ty , 111.— B O N D SALE.— C o o k e , Holtz A Co.
of Chicago have purchased, according to reports, $7,500 4>£% Northwest
Park District bonds.
F A R M IN G T O N . W h itm a n C o u n ty . W a s h .—-BO N D O F F E R I N G — Pro­

posals will be received until 8 p. in. Nov. 11 by Charles Bllckendorfer, Town
Clerk, It Is stated, for the $10,000 6 % 1-20-yr. (opt.) water-works-system
bonds recently voted (V. 95, p. 1070). Int. seml-ann.
F A Y E T T E C O U N T Y COM M ON SC H O O L D IS T R IC T NO. 7 . T e x .—
B O N D S R E G IS T E R E D .— On Oct. 28 the $2,500 5% 5:20-yr. (opt.) bldg,

bonds (V. 95, p. 918) were registered by the State Comptroller.
FO R T B E N D C O U N T Y (P . O . R ic h m o n d ), T e x .— B O N D S A L E . — On
Oct. 7 the $30,000 5% 10-40-yr. (opt.) Road Dlst. No. 3 bonds registered
on Sept. 16 (V. 95, p. 845) were awarded to Chapman, Mills A Co. of
Chicago at par and int. Denom. $500. Date April 10 1912. Int. ann.
In April.
SC H O O L

D IS T R IC T . M erced C o u n ty . C a l.— B O N D E L E C ­

T IO N .— The proposition to issue $4,000 6 % bonds will be voted upon
Nov. 16, it Is stated. Denom. $800.
G E R M A N T O W N , S ew ard C o u n ty , N eb. — D O N D S V O T E D . — At a recen t
election the question of Issuing the §3,500 6 % 5-10-yr. (opt.) lightingsystem bonds (V. 95, p. 845) carried.

G L E N D A L E , L o s A n g e le s C o u n ty . C a l.— R E S U L T OF B O N D E L E C ­

T IO N . — 1 he election held Oct. 29 resulted, It is stated, in the defeat o f the
question of Issuing the $225,000 water-plant-purchase bonds and in favor
of the question of issuing the $2 0 , 0 0 0 fire-dept. and $5 , 0 0 0 street-workingmachinery-purchase bonds (V. 95, p . 9 9 5 ).
G O L D S B O R O , Y o rk C o u n ty , P a . — L O A N V O T E D . — According t o
reports, this borough authorized a loan of $3,000 to build an electric-plant
at a recent election.
HADDONFIELD SCHOOL DISTRICT (P . O. Haddonficld). C am den
County, N. J.— B O N D O F F E R IN G . — Proposals will be received until
8 p. m. Nov. 21 by W . J. Boning, Sec., for $27,000 4 )(% bonds. Denom.
$1,000. Int. J. A J. Due $2,000 yrly. Cert, check for 2 % of bonds bid
for, payable to the Secretary, Is required.
H A R B IN IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . H a r b in ). Erath

County, Tex.— B O N D S R E G IS T E R E D .— An issue of §1,000 5% 10-20-yr.
(opt.) bonds was registered by the State Comptroller on Oct. 28.
H A R R I S B U R G SC H O O L D IS T R IC T (P . O . H a r ris b u r g ). D auphin
C o u n ty , P a . — B O N D S D E F E A T E D .— The election held Nov. 5 resulted

In the defeat of the proposition to Issue the $ 1 0 0 , 0 0 0 school-bldg, bonds
(V. 95, p. 995), the vote being 2,900 "for” and 4,900 “ against.”
H A V E R H I L L . E sse x C o u n ty , M a ss. — B O N D S A L E . — On N o v . 7 th e
following 5% coup, bonds were awarded, to R . L. Day A Co. of Boston at
100.449 and Int.:
§101,000 municipal bonds. Due $11,000 Apr. 1 1*13 and §10,000 yearly
April 1 from 1914 to 1922, lncl.
60.000 hospital bonds. Due §3,000 yearly April 1 from 1913 t* 1932
lncl.
Denom. $1,000. Date April 1 1912. Int. A . A O. at the First Nat
Bank In Boston. The bonds are exempt from taxation in Mass.
Other bids follow:
Estabrook &Co., Boston___ 100.39 (Merrill, Oldham A Co., B o s ..l o t . 1 3 9
Blodgct A Co., Boston_____ 100.198 Adams A Co., Boston________100.119
N. W . Harris A Co., Boston.100.15 |Curtls A Sanger, Boston___ 100.07
Blake Bros. A Co., Boston..100.11 (
H IR A M T O W N S H IP SC H O O L D IS T R IC T (P . O . H ira m ), P orta g e
C o u n ty , O h io .— B O N D S A L E . — On Nov. 1 the $20,000 4 % bldg, bonds

(V. 95, p. 1148) were awarded to the First Nat. Bank of Garrettiville at
100.605, reports state.
H U D S O N , S u m m it C o u n ty , O h io . — B O N D O F F E R IN G . — Proposals
will be received until 12 m. Nov. 26 by R. S. Sanford. Vll. Clerk, for $3,000
5% elcc.-light-system constr. and ext. bonds. Auth. subdivision 12 of
Sec. 3939, Gen. Code. Denom. $500. Date Nov. 1 1912. Int M A N
at the National Bank of Hudson. Due $500 yrly. on Nov. 1 from 1913 to
1918 lncl. Cert, check for 10% of bonds bid for, payable to the Vll. Treas ,
required. Bonds to be delivered within 10 d a y s from time of aw ard
Purchaser to pay accrued Interest.
J U S T IN SC H O O L D IS T R IC T (P . O . J u s t in ), D en ton C o u n t y , T e x .—
B O N D E L E C T IO N P R O P O S E D . — Reports state that an election will be

held next month to vote on the Issuance of $15,000 school-bldg, bonds.
K A N S A S . — B O N D S P U R C H A S E D B Y S T A T E . — The following bonds
aggregating $10,600, were purchased by the State of Kansas at par during
September.
Am t.

$2 , 0 0 0
800
900
600
1,400
1,500

Int.

Place.

Purpose.

Date.

Due.

A x tc ll______________ Light July 1 1912 July 1 1922
Elk Co. S. D. No. 2
School Sept. 3 1912 July 1 1914-’ 17
Ford Co. S. D. No. 49 School Sept. 4 1912 July
' ' 1 1913-’21
Haskell Co. S.D. No. 61.School Sept. 9 1912 July 1 1913-’ 18
Jewell Co. Jt.S.D.No.l .School Aug. 26 1912 July 1 1914-’ 19
Marshall Co. S.D.No.85.School Aug. 10 1912 July 1 1913-’27
1 ,0 0 0
Rooks Co.Jt.S.D.No.66.School Aug. 26 1912 Jan. 1 1914-’ 18
1 ,0 0 0
Smith Co. S. D. No. 39.SchooI Sept. 17 1912 Jan. 1 1914-’23
800
Smith Co. S. D. No. 87.School Aug. 24 1912 Jan. 1 1922
600
Trego Co. S. D. No. 54.School Sept. 6 1912 July .1 ..
1913-’ 18
1he above bonds are subject to call at any interest-paying period.
KAUFMAN, Kaufman County, Tex.— B O N D S R E G IS T E R E D . -The
$7,000 «>% 15-40-yr. (opt.) water-works-system-impt. bonds voted during:
August (V. 95, p. 499) were registered on Nov. 2 by the State Comptroller.
KERSH LAKE DRAINAGE DISTRICT. Jefferson County, Ark.— BO N D
S A L E .— According to reports, a Toledo (Ohio) firm has purchased an Issue
of $150,000 drainage bonds.
LAKEWOOD, Cuyahoga County, Ohio.— B O N D O F F E R IN G . — Pro­
posals will be received until 12 m. Nov. 25 by B. M. Cook, City Aud., for
the following 5% assessment bonds:
§1,320 Mars Ave. water-main-constr. bonds. Denom. §264. Due $264
yearly on Oct. 1 from 1913 to 1917 lncl.
2,655 Mars Ave. sewer-constr. bonds. Denom. $531. Due $531 yearly
on Oct. 1 from 1913 to 1917 lncl.
12,750 Winton Ave. paving bonds. Denom. $1,275. Due $1,275 yearly
Oct. 1 from 1913 to 1922 lncl.
14,500 Ethel St. paving bonds. Denom. $1,450. Due §1,450 vearlv on
Oct. 1 from 1913 to 1922 lncl.
2,980 Atkins Ave. sewer-constr. bonds. Denom. $596. Due $596 v e a r l v on Oct. 1 from 1913 to 1917 lncl.
y
y
16,000 Edward St. paving bonds. Denom. $1,600. Due $1 600 vearlv
on Oct. 1 from 1913 to 1922 lncl.
* ’
yearly
5.280 Bayes Ave. sewer-constr. bonds. Denom. $528. Due $528 yearly
on Oct. 1 from 1913 to 1922 lncl.
*
y
1.280 Atkins Ave. impt. bonds. Denom. $256. Due $256 yearly on
Oct. 1 from 1913 to 1917 lncl.
/
y “
3,250 Belle Ave. water-main-constr. bonds. Denom. $650. Due $650
yearly on Oct. 1 from 1913 to 1817 lncl
16,300 Bonnie View Ave. paving bonds. Denom. $1,630. Due $1,630
yearly on Oct. 1 from 1913 to 1922 lncl.
3,400 Belle Ave. sewer-constr. bonds. Denom. $340. Due $340 yearly
on Oct. 1 from 1913 to 1922 lncl
yeany
Date “ day of sale.” Int. seml-ann. at the Cleveland Trust Co. in Cleve­
land. Cert, check for 5% of bonds required.
B O N D S V O T E D . — Accordlngto reports, the election held Nov.Sresulted
In favor of the question of issuing the $30,000 street. $25,000 police and fire
bldg, and $8,500 police and fire equipment bonds (V. 95, p. 1149).

1290

THE CHRONICLE

[VOL. L X X X X V

P O R T C L IN T O N , O tta w a C o u n ty , O h io .— B O N D S D E F E A T E D .— By a
' MACON. Qa.— B O N D S A L E . — On Nov. 4 the $25,000^4 )4% coup, water­
works bonds (V. 95, p. 1071) were awarded to J. H. Hilsman & Co. or At­ vote of 388 to 214, the question of Issuing the $4,000 5% 4-yr. publlc-halllmpt. bonds (V. 95, p. 1072) was defeated at the election held N o v . 5. A
lanta at 100.622, reports state.
MADISON, Jefferson County, Ind.— B O N D S A L E .— On Nov. 1 the two-thirds majority was required to authorize.
$12,500 4% refunding bonds (V.95, p. 919) were awarded to the FirstNat. ^ P O R T S M O U T H ,^ S c i o t o C o u n ty , O h io .— B O N D O F F E R IN G .— Pro­
Bank, Madison, at par. Denom. $100 and $500. Date Nov. 1 1912. posals will be received until 12 m. Nov. 19 (not Nov. 12, as at first reported)
Int. M. & N. Due Nov. 1 1927.
by W. N. Gableman, City Aud., for $130,000 4% coup, water-works-ext.
MADISONVILLE, Madison County, T e x — NO A C T IO N Y E T T A K E N . bonds. Denom. $500. Date Nov. 1 1912. Int. M. & N. at City Trcas.
— We are advised by the City Sec. under date of Oct. 26 that no action office. Cert, check on some bank for 2% of bonds bid for, payable to the
has yet been taken looking toward the Issuance of the $16,000 water-works City Auditor, required. Bids must be unconditional.
bonds (V. 95, p. 770).
Q U E E N A N N E ’ S C O U N T Y ( P . O . C e n te r v ille ), Md.— B O N D S N O T TO
MALDEN, Middlesex County. Mass.— N O T E O F F E R IN G . — Proposals B E O F F E R E D A T P R E S E N T . — TheCo. Clerk advises us that the $36,000
will be received until 8 p. m. Nov. 12, It Is stated, for $200,000 note or 5 % 1 - 1 2 -yr. (ser.) general Impt. tax-free bonds offered but not sold on
Sept. 23 (V. 95, p. 847) will probably not be offered again until next
notes. In anticipation of taxes, due In five months.
MARION. Marion County, Ohio.— B O N D O FF E R IN G .— Proposals will March or April.
R A N D O L P H . C a ttarau gu s C o u n ty , N. Y — B O N D S A L E .— On Nov. 4
be received until 12 m. Nov. 27 by Harry E. Mason, City Aud., for $14,591
4% tax-free refunding bonds. Denom. (1) $591, (28).$500. Date Sept. 1 the $10,000 5-30-yr. (ser.) street-lmpt. bonds (V. 95, p. 1227) were awarded
1912. Int. M. & S. Due $1,000 each six months from March 1 1918 to to Crowley & Conley, attorneys, of Randolph, as 4)4s. Bids wore also
Sept. 1 1924 and $591 March 1 1925. Cert, check for $500, payable to the received from Douglas Fenwick & Co. and Adams & Co. of N. Y ., Isaac
City Tresis., required. These bonds were previously awarded on Oct. 23 W . Sherrill of Poughkeepsie and John J. Hart of Albany.
to Well, Roth & Co. of Cincinnati (V. 95, p. 1149), but we are advised that,
■ R E E D S B U R G , Sauk C o u n ty , W i s — B O N D S A L E — O n O ct.3 0 $6,000
on account of the notice of the offering not having been published the re­ 4 ) 4 % 2 0 -y r. Im p t.b o n d s w ere a w a rd ed t o th e R e e d s b u r g B a n k , R e e d s b u r g ,
quired number of days, the bonds were subsequently refused by the Cincin­ a t p a r. D e n o m . $50 0. D a te A u g . 1 1912. In te re st a n n u a lly In A u g u s t .
nati firm.
R E D L IO N , Y o rk C o u n ty , P a .— L O A N
V O T E D .— A proposition
MARION COUNTY (P. O. Marion). Ohio.— B O N D S A L E .— On Nov. 4 providing for a loan of $15,000 for school-impts. received a favorable vote
the $27,500 5% coup. Smeltzer Free Turnpike Road-constr. bonds (V. 95, at a recent election, reports state.
p. 1071) were awarded to Tlllotson & W olcott Co. of Cleveland.
R E N S S E L A E R C O U N T Y (P . O . T r o y ) , N. Y — B O N D O F F E R IN G .—
The New First Nat. Bank was awarded on Nov. 4 $11,000 5% Commis­
P rop osa ls w ill be r e ce iv e d u n til 12 m . N o v . 25 b y F . A lle y , C o u n ty T r c a s .,
sioners’ Beach Free Turnpike bonds. Denom. $500. Int. M. & S.
It Is sta te d , fo r $40,000 4 ) 4 % 1 -2 0 -y r . (ser.) c o u r t -h o u s e -e x t . a n d $10 ,000
MEDINA. Medina County, Ohio.— B O N D S A L E .— On Nov. 4 the $5,000 4 % Jail b o n d s. I n t. se m l-a n n . C e r t, c h e c k fo r 2 % r e q u ire d .
5% 6 -yr. (av.) coup. E. Liberty St. impt. assess, bonds (V. 95, p. 996)
R H O D E IS L A N D .— B O N D S V O T E D . —The election held Nov. 5 re­
were awarded to Seasongood & Mayer of Cin. at 103.80, reports state.
sulted in favor of the question of Issuing the $300,000 park and $1,000,000
MENNO, Hutchinson County, So. Dak.— B O N D S VOTED.— The propo­ shore-lmpt. bonds (V. 95, p. 1227), reports state, by a vote of 24,510 to
sition to Issue $5,000 6 % refunding bonds carried at an election held Nov. 2. 6,524 and 28,469 to 5,116, respectfully.
The vote was 57 to 4.
R IC H T O N . P erry C o u n ty , M is s .— B O N D S A L E .— The Ilanchett Bond
MISSION SCHOOL DISTRICT. San Bernardino County. Cal.— PR/CE Co. of Chicago has purchased the $7,000 6 % funding bonds (V. 94, p. 1267).
P A I D F O R B O N D S . — The price paid for the $3,500 5% bldg, bonds
Date July 1 1912. Due July 1 1932.
awarded on Aug. 20 to the First Bank of Highland, Highland (V.95, p.562
R IC H W O O D , Union C o u n ty . O h io .— B O N D O F F E R IN G — Proposals
was $3,551 (101.457). Denom. $1,000 and $1,500. Date July 29 1912.
Int. annually in July. Due $1,000 July 29 1920 and 1921 and $1,500 will be received until 12 m. Nov. 26 by P. B. Van Winkle, Vll. Clerk,for
$4,000
4)4% sldewalk-constr. bonds. A uth.Sec.2835, Rev. Stat. Denom.
July 29 1922.
$500. Date Oct. 1 1912. Int. A. & O. Due $500 yrly. on April 1 from
MONTGOMERY, Ala.— T E M P O R A R Y L O A N .— A loan of $175,000 due 1914 to 1921 lncl. Cert, chck for 5% of bonds bid for, payable to the Vll.
Dec. 31 1912 was negotiated with the Old Colony Trust Co. in Boston at Treas., required. Bonds to be delivered within 10 days from time of
6 % , reports state.
Date Nov. 30 1912.
award. Purchaser to pay accrued Interest.
MORROW COUNTY (P. O. Mt. Gilead), Ohio.— B O N D S A L E .— On
R O C H E S T E R , N. Y.— N O T E S A L E . — On Nov. 6 the 3 Issues of notes, ag­
Nov. 4 the three Issues of 4)4% coupon assess, bonds, aggregating $18,­ gregating $161,875, due 6 mos. from Nov. 11 (V. 95, p. 1227), were awarded,
573 05 (V. 95, p. 1072) were awarded to the Mt. Gilead Nat. Bank, reports $30,000 city-garbage notes to the Bath Nat. Bank, Bath, at 5.35% Int.
state.
and $100,375 overdue-tax and $31,500 local-impt. notes to the Security
Trust Co. of Rochester at 5 )4% int. and $13 prem. Other bids follow:
MOUNDSVILLE, Marshall County. W . Va — B O N D O F F E R IN G .—
Proposals will be received until 1 p. m. Dec. 4, It Is stated, by the City B o n d & G o o d w in , N ew Y o r k — E n tire Issue a t 5 ) 4 % Int. an f $11 p rem iu m
Commissioners, care of the Mercantile Banking & Trust Co., for $26,900 5% U n io n T r u s t C o ., N ew Y o r k — E n tir e Issue at 5 ) 4 % Interest.
8 1-3-yr. (aver.) Impt. bonds. Int. annual. Cert, check for 1% required.
II. Lee Anstey, New York— Entire Issue at 6 % Int. and $100 premium.
MT. VERNON, Westchester County.! N. Y — B O N D S A L E .— On Oct. 30
R O D E O SC H O O L D IS T R IC T , C o n tr a C o sta C o u n ty . C a l.— B O N D S A L E .
the $25,000 4 ) 4 % 20-yr. hlghway-rcpavlng bonds (V. 95, p. 1140) were — On Oct. 28 the $16,000 5% 1-16-yr. (ser.) bonds (V. 95, p. 1150) were
awarded to Estabrook & Co. of N. Y . at 102.18—a basis of about 4,365%. awarded. It Is stated, to C. Fernandez of Pinole for $16,665, making the
Other bids follow:
price 104.15.
R . M. Grant & Co.. N. Y . $25,447 25 James R . Magoffin, N. Y . $25,387 00
R O U N D L A K E . Lake C o u n ty , III.— B O N D S V O T E D .— An election
Douglas Fenwick & Co.,NY25,434 75 Wm. It. Compton Co., Chi 25,382 50 held Oct. 22 resulted In favor of the proposition to issue $2,500 w a te r bonds,
Curtis & Sanger, N. Y __ 25,432 62 Ferris & White, N. Y ----- 25,362 50 reports state. The vote was 38 to 14.
Adams & Co., N. Y _____ 25,415 00 Rhoades & Co., N. Y ___ 25,236 50
R O W L E S B U R G , P reston C o u n t y , W . Va.— B O N D S N O T S O L D .—
--------- Forbes & Co., N.Y 25,175 25
Yonkers Sav. Bk.. Yonk’rs 25,410 00 Harris,
On Nov. 4 the $55,5«J 4)4% rcg. school bonds (V. 95, p. 1227) were N o aw ard w as m a d e on O c t . 31 o f th e $9,000 w a te r-w o rk s a n d $2,000 se w e r­
a g e -sy ste m 5 % c o u p , b o n d s (V. 95, p . 107 2).
awarded to Estabrook & Co. of N. Y. at 103.14. Other bids follow:
Adams & Co., New York___ 102.8711Harris, Forbes & Co., N. Y--102.184
R U N N IN G L A K E D R A I N A G E D IS T R I C T , Randolph C o u n t y , A r k . —
B O N D S R E F U S E D . — We are advised that the $85,000 (not $87,000 as
J. R. Magoffin, N. Y _______102.6931Kountze Bros., New Y o rk .-.101.971
NEW YORK CITY.— B O N D S A L E .— The Sinking Fund of this clty reported In V. 9 4 , p. 1463) 6 % 20-40-yr. (opt.) coup, tax-free drainage
during October purchased at par $1,000,000 3% bonds for various munici­ bonds offered on May 11 (V. 94, p. 1135) and awarded to S. A. Kean & Co
of Chicago at par, have been refused by them. Our Informant further
pal purposes, maturing In 1922.
The following revenue bonds, bills and corporate stock notes (temporary states that the bonds will not be re-offered until about Feb. 1913, as the
law Is to be amended In January so as to make the maturity of th e bonds
securities) were also Issued by this city during October:
10 to 20 years (optional) Instead of 20 to 40 years (optional).
Rev.BdsAConcl.)—Int.
Amount.
Revenue Bonds— Int.
Amount.
S A B IN E P A R IS H SC H O OL D IS T R I C T . L a .— B O N D S A L E .— 'T h e Han5
25.000
00
Special.._________
Current expenses... 5%
$100,000 00
chctt
Bond Co. of Chicago has purchased $17,000 5% bonds. Date Feb. 1
25,000 00
Current expenses__ 5 3-16 750,000 00 Special.................... 4 X
1912.
Due from 1913 to 1922.
4)4
250,000
00
Special....................
Current expenses__ 5 1-3
200,000 00
200,000 00
ST P A U L , M in n . — B O N D O F F E R IN G . — Proposals will be received
Current expenses__ 5 5-32 1,150,000 00 Special....................4%
until 12 m. Nov. 13 by W . C. Handy, City Compt., for the following 4%
773,000 00 Corporate Slock Nous—
Current expenses__ 5)4
1,500,000 00
Current expenses__ 5
6,575,000 00 Var. munlc. pur___ 5)4
2,000,000 00 5 2 5 JK)0 children's playground bonds. Auth. Chap. 357, Laws of Minn.,
Current expenses__ 4 %
30,000 00 Var. munlc. pur___ 5
247,85873
1909, approved April 22 1909.
Current expenses__ 4 9-16 100,000 00 Var. munlc. pur___*5)4
*354,01393 50,000 park bonds. Auth. Chap. 93, Laws of Minn., 1907, approved
Current expenses... 4)4
260,000 00 Var. munlc. pur___*5)4
Current expenses__ 4 13-32 200,000 00 Var. munlc. pur___*5X *2,973,495 83
April 4 1907.
„
«566,994 00
150 000 main sewer-constr. bonds offered without success on bept.25
Current expenses... 4%
125,000 00 Var. munlc. pur___*5
1,800,000 00
’
(V. 95, p. 847). Auth. Chap. 108, Laws of Minn., 1911, approved
Current expenses... 3
4,000,000 00 For water............... 5)4
For water.............. 5
1,250,00000
April 10 1911.
Revenue Bills—
250,000 00
For water.............. 4)4
Denom. $100 or any multiple thereof not exceeding $1,000. Date
Current expenses. ..*5 3-10
97,255 61 For water.............. *5 3-10
485,98767 Aug 1 1912. Int. seml-ann. Due Aug. 1 1942. Cert, check (or cash)
Current expenses...*5H
991,571 24 For water..............*5 1-6
247,85017 for 2% of bid required. Official advertisement states that the city has
Current expenses. ..*5 3-16 1,091,771 25 For water..............*5% *1.038,835 48 never defaulted on any of Its obligations and Its principal and Interest on
Current expenses. ..*5)4
99,227 75 For water..............*5 3-10 *519,166 20 its bonds previously Issued have always been paid promptly at maturity.
Current expenses...*5 7-24 *236,070 76 For water..............*5K
*760,755 60
B O N D S A W A R D E D I N P A R T . — Of the $8,883 51 sewer and $3,225 81
Current expenses. ..*5 'A *1,875,568 8 8 For water............. *5 5-16 *473,148 05 grading bonds offeed on Nov. 1, $6,338 17 were awarded to local Invest
Current expenses..*5 5-16 *1,174,172 81 For water.............. *5
a566,32102 ors at par. Denom. to be designated by purchaser. Date Nov. 1 1912.
Current expenses...*5 3-10 *947,189 19 For rapid transit__*5 5-16 *470,579 49 Int. M. &. N. Due Nov. 1 1915.
Revenue Bonds—
„„
S A L E M . Essex County. N. J.— B O N D S N O T SO LD — No award was
Special.................... 5X
100,000 00
Total ......................... *36,880,813 6 6 made
on Oct. 30 of the $80,000 4)4% reg. or coup, school bonds offered on
• Rate of discount: figures In “ Amount” column represent proceeds of that day (V. 95, p. 1073). We are advised that these bonds are now
loan after deducting discount, a Payable In francs. * Payable In £ being offered at private sale.
sterling.
SALEM, Mass.— T E M P O R A R Y L O A N . — On Nov. 7 a loan of$50,000,
NORTH HEMPSTEAD (P. O. Manhasset), Nassau County. N. Y.— In anticipation of taxes due May 2 1913, was awarded to William A. Read
& Co. of Boston at 4.18% discount.
L O A N V O T E D .— Local papers state that the election held Nov. 5 resulted
In favor of the proposition to Issue a loan of $109,500 for road-improvements.
SALEM, Columbiana County, Ohio.— B O N D S A L E .— On Oct. 30 the
OLNEY, Richland County, III.— B O N D S R E F U S E D .— W e are advised $11 746 69 4)4% coup, tax-free refunding bonds (V. 0o, p. 1073) were
that C. II. Coffin of Chicago has refused to accept the $35,000 5% 5-20-yr. awarded to the Ohio Mutual Ins. Co. of Salem for $12,169 04, making the
(opt.) coup, water-works-ext. and impt. bonds awarded to him on Oct. 14 price 103.59. Other bids follow:
Premium.
Premium.
(V. 9 5 , p. 1149), owing to defects in the notice of the election.
Seasongood & Mayer, Cln— $ 2 8 8 00
OPELOUSAS, Saint Landry Parish. La.— B O N D S V O T E D — The elec­ Hayden, Miller & C o., Cleve.$361 00 Well,
267 00
Roth
&
Co.,
Cln--------Mayer,
Deppe
&
Walter,
Cln.
353
81
tion held Oct. 30 resulted In a vote of 57 to 6 In favor of the proposition to
_ Nat.
_ Bank, C ln............ 340 64 Spltzer, Rorlck & Co., T o l-- 243 15
Atlas
issue the $1 6 , 0 0 0 sewerage-system-constr. bonds, it Is stated.
Prov. Sav. Bk. & Tr. Co., Cin. 337 13 Otis & Co., Cleveland--------- 240 00
PELHAM (Town) UNION FREE SCHOOL DISTRICT NO. 1, West­ Tlllotson & W olcott Co., Clev. 310 11
chester County, N. Y .— B O N D S A L E .— On Nov. 7 the $40,000 6-45-yr.
SANDERS COUNTY SCHOOL DISTRICT NO. 9 (P. O. Dixon), Mont.
(ser.) Series “ D” school bonds (V. 05, p. 1227) were awarded to Harris, — B O N D S A L E — On Sept. 30 $3,500 6 % 10-15-yr. (opt.) bldg, bonds
Forbes & Co. of N. Y.
were awarded to Causey, Foster & Co. of Denver for $3,525, making the
PERU TOWNSHIP, Huron County. Ohio.— B O N D S A L E .— On Nov. 2 price 100.714. A bid was also received from Wm. E. Sweet & Co. of Denver.
the $15,000 4)4% coup. Peru Road Dlst. bonds (V. 95, p. 1 1 4 9 ) were
SAN DIEGO, C al — B O N D OFFERING.— Proposals will bo received
awarded to the Davlcss-Bertram Co. of Cincinnati for $15,377 (102.51), until
2:30 p. m. Nov. 27, it Is stated, for $3 2 5 , 0 0 0 of the 4)4% municipal
reports state.
Impt. bonds voted May 7 (V. 94. d . 1402). Date July 1 1912.
PHILADELPHIA. Pa.— L O A N V O T E D .— The election held Nov. 5 re­
SAN FERNANDO UNION HIOH SCHOOL DISTRICT, Los Angeles
sulted In favor, reports state, of the $7,000,000 permanent-loan (V. 95, p. County,
Cal.— B O N D S A L E — On Oct. 28 the $50,000 o% bldg bonds
096).
(V. 05, p. 1073) were awarded, It Is stated, to Torrance, Marshall & Co.
PINELLAS COUNTY (P. O, Clearwater), F la— B O N D E L E C T I O N .— of Los Angeles at 103.04.
On Dec. 3 the voters will have submitted to them the questions of Issuing
cam FP A NCI SCO Cal — B O N D S A L E .— We arc advised that this city
$210,000 Districts 1 and 2, $70,000 District 3, $42,000 District 4 and $48,has disposed of $53,000 4 )4% Geary Street railway and $308,000 5% olvlcOOCLUistrlct 5 5% 25-30-yr. (opt.) bonds.
ccntrc
bonds since our last report (V. 95, p. 191).
•P 1 NEVILLC, Bell County, Ky.— B O N D S A L E .— An Issue of $30,000
5 )4 % school bonds has been contracted tor, we are advised.
» * PORTAGE TOWNSHIP (P. O. Port Clinton), Ottawa County. Ohio —
B O N D S D E F E A T E D .— The proposition to Issue the $2,000 5% 4-yr. publlc-hall-lmpt. bonds (V. 95, p. 1072) failed to carry at the eleotlon held
SHAKOPEE. Scott County. Minn.— B O N D S V O T E D .—The election
Nov. 5. The vote was 96 to 67, a two-thirds majority being necessary to
held Nov. 5 resulted In favor of the proposition to Issue $10,000 water­
carry.
works bonds. The vote was 301 to 8 6 .
PORT AUSTIN. Huron County. M ich — B O N D O F F E R IN G —proposals
SHELDON. Vernon County. Mo.— B O N D S O F F E R E D B Y B A N K E R S .
will be received until 4:30 p, m. Nov. 15 by G. R. Cartwright, Vll. Clerk,
for the $8,000 water-worka-system-constr. bonds recently voted (V. 9o, — Francis, Bro. & Co. of St. Louis arc offering to Investors $9,000 5% l-»p. 847). Denom. $500. Int. (rate not to exceed 5%) seml-ann. Due yr. (ser.) coup, school bonds. Denom. $500. Date July 1 1 0 1 2 . int.
$500 yrly. from 1917 to 1932 lncl. Bonds are tax-exempt In Michigan, J. & J. at the Miss. Valley Trust Co. In St. Louis. No other debt. Assess,
val., $198,000.
purchaser to pay accrued Interest.




Ncrv. 9 1912 J

THE CHRONICLE

SMITH COUNTY (P. O. Raleigh), Miss.— NO A C T IO N Y E T T A K E N .—
No action has yet been taken looking towards the Issuance of the 550,000
court-house and jail bonds (V. 05, p. 501).
SOUTH PASADENA HIGH SCHOOL DISTRICT, Los Angeles County,
Cal.— BOND S A L E . — On Oct. 28 the 570,000 5% bldg, bonds (V. 05, p.
1073) were awarded, reports state, to Torrance, Marshall & Co. of Los An­
geles for 572,550, making the price 103.04.
SUISUN, Solano County. Cal.— B O N D E L E C T IO N .— 'The election to
vote on the proposition to issue the 520,000 municipal water-system-impt.
bonds (V. 95, p. 1228) will probably be held Nov. 26.
SULPHUR, Murray County, Okla.— B O N D S A L E — The 517,500 6 %
25-yr. Platt National Park sewer-systcm-constr. bonds .authorized by a vote
of 242 to 39 at an election held Oct. 29 have been awarded to Spltzer,
Rorlck & Co. of Toledo.
TOLEDO, Lucas County, Ohio.— B O N D S A U T H O R I Z E D . — Ordinances
have been passed providing for the Issuance of the following coup, bonds:
5784 07 4% sewer No 1127 constr. assess, bonds. Dcnom. ( 1 ) $184 07
and (3) 5200. Date Oct. 13 1912. Int. M. & S. at the
Second Nat. Bank in Toledo. Due $184 07 Mch. 13 1913
and 5200 each six months from Sept. 13 1913 to Sept. 13
1914 incl.
114,500 00 4% coup. Superior St. extension bonds. Denom. (1) $500,
(114) $1,000. Date Oct. 1 1912. Int. A. & O. at U. S.
Mortgage & Trust Co. in N. Y. City. Due Oct. 1 1928.
1,304 8 6 5% sewer No 1129 constr. bonds. Dcnom. (1) $104 8 6 and
(3) $400. Date Oct. 4 1912. Int. seml-ann. at the Second
Nat. Bank. Due 5104 80 Mch. 4 1913 and $400 each six
months from Sept. 4 1913 to Sept. 4 1914 incl.
159 73 6 % sewer No. 1125 constr. bonds. Denom. (1) $39 73 and (3)
540. Date Aug. 1 1912. Int. seml-ann.at the Second
Nat. Bank. Due $39 73 Mcli. 11 1913 and $40 each six
months from Sept. 11 1913 to Sept. 11 1914 Incl.
944 47 5% sewer No. 1120 assess, bonds. Dnom. ( 1 ) $44 47 and (3)
$300. Date Aug. 25 1912. Int. seml-ann. at the Second
Nat. Bank. Due 544 47 Mch. 25 1913 and $3,000 on Sept.
25 1913 and Mch. 25 and Sept. 25 1914.
33,000 4% Summer St. bridge bonds. Denom. $1,000. Date Dee. 1
1912. Int. seml-ann. at the U. S. Mortgage & Trust Co. In
N. V. Due 15 years.
7 5 0 ,0 0 0
4 % city-hall-bldg, bonds.
Denom. $1,000. Date Dec. 1 1912.
Int. seml-ann. at the U. S. Mortgage & Trust Co. In N. Y.
Due $500,000 Dec. 1 1943 and $250,000 Dec. 1 1944.
B O N D S V O T E D . — The election held Nov. 5 resulted in favor of the
proposition to issue the $750,000 park and boulevard bonds (V. 95, p. 772.)
TRENTON (Town) UNION FREE SCHOOL DISTRICT NO. 3 (P. O.
Hinckley), Oneida County, N. Y.— B O N D S A W A R D E D IN P A R T .—
J. K. Williams was awarded at 100.40 $500 of the $2,500 5% bonds offered
on Oct. 23 (V. 95, p. 1073).
•TRUMANSBURG, Tompkins County, N.Y.— B O N D S A L E — According
to newspaper reports an issue of $ 1 0 , 0 0 0 paving bonds has been awarded to
Adams & Co. of New York.
TULE VISTA SCHOOL DISTRICT, Sonoma County, CaL— B O N D
E L E C T IO N .— An election will be held Nov. 14 to vote on the proposition to
issue $1,000 bonds. It Is stated. Denom. $100.
UNION CITY (P. 0 . Union City, Ind.). O hio— B O N D S A L E .— On
Oct. 21 the $3,200 5% tax-free State Line St. lmpt. assess, bonds (V. 95,
p. 848) were awarded to Edward Fowler for $3,280 71, making the price
100.8193.

NEW
$

1

0

NEW

LO AN S.
0

, 0

0

$

0

1

VAN ALSTYNE, Grayson County, Tex.— B O N D S R E G IS T E R E D .—
I he State Comptroller registered on Oct. 29 $5,000 5 % 10-40-yr foot )
water-works lmpt. bonds.
WALHALLA SCHOOL DISTRICT NO. 26 (P. O. Walhalla), Oconee
County, So. Car.— B O N D S A L E . — The Hanchett Bond Co. of Chicago has
purchased the $13,000 5%;coup. bldg. bondsJ(V. 9 5 , p. 310). < a ^ , w ^
WELLINGTON, Sumner County. Kan.— BO N D ELECTION.— Reports
state that the proposition to Issue $2 0 0 , 0 0 0 water bonds will be submitted
to a vote on Dec. 10.
.WEBSTER CITY, Hamilton County, Iowa.— B O N D S A L E . — We are
advised that Geo. M. Bechtel & Co. of Davenport have been awarded from
$14,000 to $15,000 fire-dept. bonds voted Sept. 16 (V. 95, p. 848).
• •
WEST. McLennan County, Tex.—BOND E L E C T IO N P R O P O S E D . —
Reports state that a petition is being circulated asking for an election to
determine whether or not this city shall Issue bonds for sewerage purposes.
*
ARRE. Luzerne County, Pa.— B O N D S A L E . — OnJNov. 4
510,500 5% 5-yr. paving bonds were awarded to local investors. Denom.
$100. Date Nov. 1 1912. Int. J. & J . ........................................................
„ WOOD COUNTY (P. O. Bowling Green), Ohio.— B O N D S A L E .— On
Nov. 4 the $50,000 5% coup, highway-impt. bonds (V. 95, p. 1074) were
awarded to Hayden, Miller & Co. of Cleveland at 101.92 and int. Other
bids follow:
Stacy & Braun, T oledo..$50,881 65|Tillotson&WolcottCo.,Cle.$50,750 0 0
First Nat. Bank, C le v e ... 50,812 90 Well, Roth & Co., C in ... 50,630 00
Otis & Co., Cleveland___ 50,755 00 f
_ YP.L° £9V£'ITY (P - O. Woodland), CaL— B O N D S A L E — On Oct. 25
the $450,000 12 H-yr. (av.) Reclamation Dlst. No. 900 bonds (V.95, p. 1074)
were awarded to the West Sacramento Co. In Sacramento at par and int.
for 6 s. The sale of $400,000 of these securities on Sept. 25 to S. A Kean
& Co. or Chic. (V. 95, p. 921) was not consummated, we are advised.
YORK COUNTY (P. O. Yorkvillc), So. Car.— B O N D S V O T E D .— The
election held Nov. 5 resulted, it is reported, In favor of the proposition to
Issue the $75,000 court-house building bonds. (V. 9 5 , p. 921.)
YOUNGSTOWN, Mahoning County, Ohio.— B O N D S A U T H O R I Z E D .—
An ordinance was passed Oct. 21 providing for the issuance of $2,200 5%
S9JJP' p ? lantl Av,e - Are station constr. and equip, bonds. Denom. $500 and
flo p . Int. seml-ann. at City Treas. office. Due $1,000 Oct. 1 1914 and
$ 1 ,2 0 0 Oct. 1 1915.
C a n a d a , Its P r o v i n c e s a n d M u n ic ip a lit ie s .
AMHERTSBURG, Ont.— D E B E N T U R E E L E C T IO N .— According to
clcottoh will be held Nov. 19 to vote on the question of Issuing
$805,000 drainage debentures.
........................................ ........................... 7
ATHABASCA LANDING, Alta.— D E B E N T U R E O F F E R IN G — Pro­
posals will be received until Nov. 25 by Chas. E. Nancckivell, Sec -Treas
for the $80,000 5
25-lnstallment water-works debentures (V. 9 5 ,p.439)”.
BATTLEFORD, Sask.— D E B E N T U R E S A U T H O R I Z E D .— An issue of
$40,000 bonus debentures has been authorized, according to reports. . .
BIGGAR, Sask — D E B E N T U R E O F F E R IN G — Proposals will be re­
ceived until Nov. 11 for the $12,000 grading and 512,800 water-works
5H % 30-yr. debentures voted Sept. 6 (V. 95, p. 849). •H. P. Turner Is
Secretary-Treasurer.
................................................................................fc j
CALGARY, Alta.— D E B E N T U R E S 41V O T E D .— Reports state that the
proposition to issue $90,000 water debentures was recently voted.

LO ANS.
0

, 0

0

ESTABLISHED 1886.

City of Fort Pierce, Florida

BO NDS

P U B L IC U T IL IT Y BO NDS

Sealed bids will be received by the Committee
on Ways and Means of the City Council of Minne­
apolis, Minnesota, at the office of the undersigned,
THURSDAY. NOVEMBER 21ST, 1912, at 2
o'clock I*. M., for the whole or any part of $ 1 0 0 ,­
000 00 High School Bond, dated October 1, 1912,
payable October 1, 1942, bearing Interest at the
rate of four (4%) per cent per annum, payable
semi-annually, and no bid or proposal will be
entertained for a sum less than 96% of the par
value of said bonds and accrued Interest on same
to date of delivery.
The above bonds are tax-exempt In the State
of Minnesota.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) Per Cent of the
par value of the bonds bid for, made to C. A .
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held October 24 th, 1912.
DAN C. BROWN,
City Comptroller.

Notice Is hereby given that the City Council
of the City of Fort Pierce, Florida, will receive
bids for the purchase of $ 1 0 ,0 0 0 , 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 cer­
tified check for $ 2 0 0 0 0 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.

M U N IC IP A L A N D R A IL R O A D
B O N D S
LIST ON APPLICATION

MAYER

lu g alia B u ild in g
C IN C IN N A T I

H 0 D E N P Y L , H A R D Y & CO.

S T A T E , C I T Y ft R A I L R O A D B O N D S

14 W a l l S t . , N a w Y o r k
R a ilro a d , Street B y . , Gaa f t E le c . L ig h t

Mosser St Willaman

M U N IC IP A L
B O N D S
Legal for Savings Banks,
Postal Savings and Trust Funds.
S E N D FOR L IS T .

89 Sou th L a Salle S t.,

O H IO A Q O

S E C U R IT IE S

Adrian H. Muller & Son,

M.

Smith

&

M UNICIPAL BONDS
F IR S T N A T IO N A L B A N E B U IL D IN G
O H IO A Q O




4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 @ 102.75 and Interest.
Tax Free Throughout United States
Accepted at par for Govt, and Postal Deposit*

S T A C Y

&

Toledo, 0.

B R A U N
Cincinnati, 0.

WM.

KRAFT

LAWYER.

Specializing in E xa m in a tio n of

Municipal and Corporation Bondi
1087-9 FIRST NATIONAL BANK B L D d..

C H IC A G O , I L L .

LYBRAND,
R O SS

BRO S &

M ONTGOM ERY
C e r tifie d P u b lic A c c o u n t a n t s
(Pennsylvania)
NEW YORK, 65 Liberty St.
PHILADELPHIA. Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO. Kohl Bldg.
SEATTLE, Central Bldg.
LONDON. 68 Coleman St

W e e k ly

S a le s

PARK, P O T T E R & CO.

OF

CERTIFIED PUBLIC ACCOUNTANTS

STOCKS and BONDS

N ew Y o rk , C hicago, C in c in n a ti and
L o n d o n , E n g la n d .

Co

CORPORATION AND

T E R R I T O R Y OF H A W A I I

A U C T IO N E E R S ,
R e g u la r

Charles

First Nat. Bank Bldg., Chicago
SCH O O L,
OOUNTY A N D M U N IC IP A L BO N DS

_________ A C C O U N T A N T S ._________

90 STATE STREET, BOSTON
»0 PINE STREET, NEW YORK

Bolger,

H. C. SP EE R & SO N S C O ,

F.

SEAS0NG00D &
BONDS

M IS C E L L A N E O U S .

0

CITY OF MINNEAPOLIS

BLODGET & CO.

1291

EVERY

W EDNESDAY

Offkw. No. 00 WILLIAM STREET.
Corner Pine Street.

AUDITORS
FOR
FINANCIAL INSTITDTIONS, INDUSTRIAL AND
MINING COMPANIES
Inreettgattoas. Financial Statement*.
ES
fcj
Periodical Audits and teointlag

THE CHRONICLE

1293

CAMROSE, Alta.— D E B E N T U R E S P R O P O S E D . — This place is con­
sidering the Issuance of $ 1 0 , 0 0 0 sohool debentures, reports state.
•CANNINGTON, Ont.— D E B E N T U R E E L E C T IO N . — The proposition
to issue electric power debentures will bo submitted to a vote on Nov. 20,
it lsjstated.
CARTIERVILLE, Que.— D E B E N T U R E S A L E . — Reports state that an
Issue of $76,000 5% debentures has been purchased by St. Cyr Gonthler
et Frigon.
CHINGUACOUSY TOWNSHIP, Ont.— D E B E N T U R E O F F E R IN G .—
Proposals will be received until Nov. 14 by J. H. Watson, Twp. Treas.
(P. O. Snelgrove), for $12,000 5% debentures due In 20 annual Installments
beginning Dec. 31 1912.
COLGATE. Sask.— D E B E N T U R E S A L E .— Nay & James of Regina
have been awarded, reports state, the $2,500 5% 15-yr. debentures (V. 95,
p. 1151).
COLLING WOOD TOWNSHIP, Ont — D E B E N T U R E O F F E R IN G .—
Proposals will be received by Chas. Rye, Treas. (P. O. Clarksburg), for
$10,000 5% 15-yr. debentures, reports state.
DOMINION, N. S — D E B E N T U R E S N O T TO B E O F F E R E D A T
P R E S E N T .— W e are advised by the Town Clerk that the $20,000 5%
30-yr. water debentures offered without success on Sept. 15 (V. 95, p. 7 7 .J)
will not be offered again until next year.
PASTNOP TOWNSHIP O n t— D E B E N T U R E S P R O P O S E D . — This
townshlm according to reports? Is contemplating the issuance of $2 , 0 0 0
road debentures.
FREDER1CKTON, N. B.— D E B E N T U R E S A L E . According to re­
ports, the $5,000 4% debentures (V. 95, p. 1151) have been sold at 97.50.
GALT Ont — L O A N V O T E D . — At the election held Oct. 31 the rate­
payers authorized a by-law providing for a loan of $15,000
P­
as a bonus to the Galt Shoe Mfg. Co., Ltd. Due In 20 yrs. The vote was
605 to 53.
HANLEY Sask — NO D E B E N T U R E S O F F E R E D — W e are advised
that the $ ll!o o o 6 % 2 0 -yr. electric-light debentures were not sold on Oct. 30
(V. 95, p. 1075).
KINLEY Sask.— D E B E N T U R E S A L E . — On Oct. 21 the $3,5005)$%
15-installment impt. debentures (V. 95, p. 773) were awarded to Nay &
James of Regina for $3,145, making the price 89.85. Date Oct. 21 1912.
MAGRATH, M i a — D E B E N T U R E O F F E R IN G . — Proposals will be
received until Nov. 20 by M. Godfrey, Sec.-Treas., for $11,000 5% 20-yr.
local Impt. debentures.
MEDICINE HAT, M i a — D E B E N T U R E S O F F E R E D B Y B A N K E R S .—
Wood, Gundy & Co. of Tor. are offering to Investors $300,000 debentures,
we are advised.
MELVILLE SCHOOL DISTRICT. Sask — D E B E N T U R E S A L E — It
Is stated that $18,400 debentures have been awarded to Nay & James
of Regina.
MITCHELL, On t.— D E B E N T U R E S A L E .— The Perth Mutual Fire
Insurance Co. has been awarded $10,000 5% debentures, it Is stated,
at 99.4735.
NO KOMIS. Sask.— D E B E N T U RE O F F E R IN G .— Proposals will be re­
ceived until 8 p. m. Nov. 30 by W. A. Armour, Sec.-Treas., for the $o,000
rink and $5 , 0 0 0 street impt. 6 % 2 0 -installment debentures voted Oct. 14
(V. 95, p. 1152). Int. ann.
_______

[VOL. L X X X XV .

NORTH BAY, Ont.— D E B E N T U R E E L E C T IO N . — An election will be
held Nov. 18, according to reports, to vote on the proposition to issue
electric-power debentures.
PETERBOROUGH, Ont.— L O A N
V O T E D — At the election held
Oct. 30 the ratepayers authorized a by-law providing for a loan of $19,500
to bear interest at 4
and to mature in 20 years as a bonus to the De
Laval Dairy Co. The vote was 1,318 to 54.
PORT ARTHUR. O n t— D E B E N T U R E S N O T TO B E I S S U E D A T
P R E S E N T . — The Municipal Clerk advises us under date of Oct. 31 tha
no action will be taken until next year In the matter of issuing the 4
20-yr. debentures, aggregating approximately $750,000, voted Sept. 16
(V. 95. p. 774).
PRESCOTT, Ont .— D E B E N T U R E S N O T TO B E O F F E R E D A T P R E S ­
E N T . — We are advised by the Town Clerk that no action will be taken to
issue the $35,000 subway constr. debentures (V. 95, p. 706) until next
spring.
PRINCE RUPERT, B. C — D E B E N T U R E S N O T S O L D .— No award
was made on Oct. 14 for the 3 issues of debentures, aggregating $152,728,
offered on that day (V. 95, p. 850.)
RED DEER, M t a — P U R C H A S E R OF D E B E N T U R E S .— W e are ad­
vised that the purchaser of the $67,500 5% 20-Installment debentures,
bids for which were received on Sept. 16 (V. 95, p. 850) was Goldman &
Co. of Toronto, at 94.52.
SARNIA, Ont.—D E B E N T U R E S V O T E D .— The election held Nov. 6
resulted in favor of the propositions to issue the $240,000 30-annuallnstallment water-works-ext. and $4,000 10-annual Installment market­
building 5% debentures (V. 95, p. 1226). The vote was 1,018 to 267 and
1,040 to 212, respectively.
SNOWFLAKE CONSOLIDATED SCHOOL DISTRICT NO. I l l (P. O.
Snowflake), Man.— D E B E N T U R E O F F E R IN G . — Proposals will be re­
ceived at once for the $3,000 6 % 19-installment constr. debentures. Auth.
vote of 16 to 1 at the election held Oct. 12 (V. 95, p. 923). Jas. Fyfe
is Secretary-Treasurer.
SOUTH VANCOUVER. B. C — D E B E N T U R E E L E C T I O N . An elec­
tion will be held In Jan. 1913 to vote on the proposition to issue $24,000
debentures, reports state.
STOUGHTON, Sask .— D E B E N T U R E O F F E R IN G .— Proposals will be
received until 9 p. m. Nov. 11 by D. S. Lloyd, Secy .-Treas., for $4,500 6 %
15-lnstallment skating and curllng-rlnk debentures.
SUDBURY, Ont.— D E B E N T U R E S N O T S O L D . — No award has been
made of the $32,000 5% 30-lnstallment school debentures offered for sale
on Oct. 12.
SUNDERLAND, Ont.— D E B E N T U R E E L E C T IO N .— An election to
vote on the proposition to issue debentures for electric power will be held
Nov. 22, reports state.
TILBURY. Ont.— D E B E N T U R E S V O T E D . — An election held re­
cently resulted, reports state, in favor of the proposition to issue $2 , 0 0 0
bonus debentures.
TORONTO, On t—D E B E N T U R E E L E C T IO N — The proposition to
issue $200,000 memorial debentures will be submitted to a vot« *n Jan. 1
1913, reports state.
WATROUS, Sask — D E B E N T U R E S V O T E D .— According to reports,
this place has voted the issuance of $8 , 0 0 0 debentrres.
WINDSOR. O n t— D E B E N T U R E S V O T E D — An election held recently
resulted In favor of the proposition to Issue $ 1 2 , 0 0 0 fire debentures, it is
stated.

M IS C E L L A N E O U S .

M IS C E LLA N E O U S .

L L O Y D S

B A N K

L I M I T E D .

N A T IO N A L
H E A T

L IG H T ,

&, P O W E R

C O M P A N Y

($5 = £1.)
S u b s c r ib e d

C a p ita l,

GUARANTEED

8 1 3 1 ,5 2 1 ,0 0 0 .

A il issues

B O N D S
P a id u p C a p ita l, $ 2 1 ,0 4 3 ,3 6 0 .

R e s e r v e F u n d, $ 1 4 ,5 0 0 ,0 0 0 .

A. H. Bickmore & Co.,
H E A D O F F IC E :

7 1 , L O M B A R D S T R E E T , L O N D O N , E .C .

Deposit and Current Accounts

- (31st December, 1911)

Cash in hand, a t oall, and a t sh o rt notice
B ills of Exchange
Investm ents
Advances and other Securities T H IS B A N K

HAS

OVER 6 0 0

„
„
„
»

BANKERS

- $423,293,135
107,670,605
54,052,575
55,262,335
231,529,895

SO P i n * S t r e e t ,

N ew Y o r k

AM E R IC A N

MFG.

CO.

O F F IC E S IN E N G L A N D A N D W A L E S .

MANILA, SISAL AND JU TE
C o lo n ia l a n d

F o r e ig n

D e p a rtm e n t:

60,

L om bard

S tre e t,

E .C .

PARIS AUXILIARY: LLOYDS BANK (FRANCE) LIMITED, 19, RUE SCRIBE.

C O R D A G E
S a le s

O ffic e :

Noble & West Sts.,
C A P I T A L , $ 1 ,0 0 0 ,0 0 0

S U R P L U S , $ 4 ,0 0 0 ,0 0 0
THE

r a n g e

P H IL A D E L P H IA

T R U S T

C O M P A N Y
M a in Office, 415 C h estnu t S t.

A c ts as T rustee for C orporation M ortgages, R e g is tra r or T ran sfer A g e n t
In te re st allow ed on In d iv id u a l and Reserve A cco u n ts
Edmund D. Scholcy,
Secretary.

Henry G. Brengle.
Treasurer.

B. W. Strassburger

V IC K E R S
&, P H E L P S
29 Wall Street. New York City.
Members of New York Stock Exchange.

SOUTHERN INVESTMENT SECURITIES

BONDS
Cash orders o n ly in sto cks accepted

MONTGOMERY, ALA,




p r ic e s

1911

|OUR ANNUAL

B ra n ch Office, 1415 C h estnu t St.

EXECUTES TRUSTS OF EVERY DESCRIPTION.

John Story Jenks.
Vlce-Pres. protem.

o f

FOR 30 YEARS.

1882

S A T E D E P O S IT A N D IN S U R A N C E

Thomas S. Gates.
President.

Brooklyn, N. Y.

The Financial Review
Gives a monthly range of Stock and Bond
Prices for five years. Wo can supply
1882-1886
1887 Issue whjch gives
1887-1891
1892
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1897-1901
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1912
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