Full text of Commercial and Financial Chronicle : October 12, 1912, Vol. 95, no. 2468

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IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section
VOL. 95_____
3

Railway & Industrial Section
Bankers’ Convention Section
SATURDAY, OCTOBER 12 1912

£Iue ©Immicle.
PUBLISHED W EEKLY.

1912.

W IL L IA M ! B . b a n A C O M P A N Y , P u b lis h e r s ,
I*. O. Hox 9 5 8 .
F ro n t, F in e and D cp e y ste r S ts..
N ew Y o r k .
Statement of the Ownership. Management &c., of Commercial & Financial Chronicle,
published weekly at 138 FrontSt., New Yor.c, as required by Act of Aug. 24 1912.
Editor, Jacob Seibert Jr., 138 Front St., New York.
Managing Editor, Jacob Seibert Jr., 138 Front St., New York.
Business Managers, John H. Morrison and George 11. Shepherd, 138 Front St., N. Y.
Publisher, Wmi la B. Dana Company, 138 Front St., New York.
Stockholders, Estate of William B. Dana, Jacob Seibert Jr., Arnold G. Dana, Grace
N. Dana and Albro J. Newton; address of all, 138 Front St., New York.
Bondholders, Mortgagees, &c. No bonds or mortgages.
(Signed) Jacob Seibert Jr., Editor.
Sworn to and subscribed before me this 3d day of October 1912.
John H. Morrison, Commissioner of Deeds.
_____________________
(My Commission expires Sept. 19 1913.)
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. Dona, Sec. Addresses of all, Office of the Company.

CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &o., Indicates that the
total bank clearings of all clearing houses of the United States for week
ending Oct. 12 have been $3,077,107,378, against $4,280,017,920 last
week and $2,823,165,327 the corresponding w-cek last year.
Clearings— Returns b y Telegraph.
Week ending Oct. 12.

Per
Cent.

1912.

1911.

$1,710,864,756
114,244,752
142,057,606
32,190,119
209,742,092
69,230,461
17,831,401

$1,180,300,190
105,435,835
98,135,081
20,844,291
209,433,594
09,820,989
10,031.190

+ 44.9
+ 30.8
-1-44.8
+ 19.9
+ 28.8
—0.9
+ 7.2

Seven cities, five d ay s........................

$2,380,107,247
020,723,143

SI,700,001,770
535,498,798

+ 39.8
+ 15.9

Total all cities, five d a y s .......................

$3,000,890,390
70,276,948

$2,242,100,508
581,004,759

+ 34.1
— 87.9

33,077,167,378

S2,823,105,327

+ 9.0

New Y ork............................................................

S t. Louis..............................................................

T otal all cities for w eek............................

The full details for the week covered by the above will be given next
Saturday. Wo cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day of
the week lias to be in all cases estimated, as we go to press Friday night.
We present below detailed llgurcs for the week ending with Saturday
noon, Oct. 5, for four years.
IVceA; ending October 5.
Clearings at—

New York........ .
Philadelphia___
Pittsburgh-------Baltimore_____
B u ffa lo..............
Albany— ..........
Washington----Rochester--------Scranton............
Syracuse ______
H eading............
Wilmington------Wilkes-Barre
Wheeling --------Y o r k --------------Trenton ______
Altoona-----------Erie
............ Grccnsburg------Binghamton----Chester-----------Montclair............

1911.

S
$
2,662,697,4SG 1.941,065,541
186,156,550 162,514,282
51,867,119
61,093,871
38,695,046
41,306,371
14,200,930
12,648,388
6,082,548
7,382,540
8,168,383
8,177,714
6,316,854
5,433,071
3,375,000
3,111,412
3,456,705
3,205,675
2,226,114
2,092,216
2,140,567
1,718, l!
1,790,389
1,664,530
2,430,034
2,128,825
1,125,347
1.110,373
1,748,758
1,997,345
588,331
417,144
1,201,921
988.595
600,000
650,000
706,300
624,200
687,091
602,875
1,835,392
1,383,871
340,049 Not included

Inc. or
Dec.

1910.

1909.

%
S
S
+37.2 1,805,101,230 2,425,007,506
+ 14.6 160.501,849 154,065,012
+ 17.8
53,075,577
51,147.452
+ 14.5
35,376,204
29,922,465
+ 14.0
11,867/69
10,552,925
— 17.0
0,474,260
0,918,526
—0.1
7,342,720
7,777,755
+ 16.2
4,620,497
4,018,234
3,075,443
+ 8.5
2,908,514
+ 7.8
2,910,917
2,257,239
+ 0.4
1,074,575
1,613,477
+ 24.6
1,024,526
l ,575,654
1,422,290
+ 7.6
1,617,840
+ 14.2
1,707,728
1,776,085
+ 1.4
1,033,519
937,684
— 12.5
1,793,561
1,601,634
+41.0
411,500
415,275
+21.5
893,421
813,915
+ 1.5
676,653
462,648
+ 13.1
729,200
487,200
+ 14.0
622,757
467,538
+ 32.7
1,252,847
in total

Total Middle.. 3,013,084,948 2,249,479.375 +33.9 2,164,249,009 2,706,345,784
Boston -----------200,853,697 164,897,465 + 21.8 109,377,511 177,033,149
8,544,200
Providence........
9,221,200
+7.9
8,142,000
7,918,500
5,393,800
Hartford............
+ 0.1
5,399,352
4,674,488
3,898,327
3,191,097 + 13.6
New Haven____
3,624,700
3,297,539
3.054,722
Springfield.........
2,537,315 + 27.1
3,224,181
2,208,998
2,000,000
2,805,667 +31.4
Portland ............
3,687,664
2,037,297
1,993,285
2,802,614
Worcester..........
+ 7.4
3,008,400
2,477,430
1,820,151
1,271,543 — 15.9
Fall River.........
1,069,367
1,288,088
1,241,771
997,708
New Bedford----891,851
— 10.6
954,611
995.757
587,045 — 1.2
580,786
L o w e ll..........—
524,793
550,503
Holyoke..............
962,080
759,317 + 26.7
636,521
542,925
655,905
663,243
+ 1.1
Total New Eng. 233.186.521 194,444,276 + 19.9 196,232,959 201,095,407
Mole— For Canadian Clearings see ‘‘Commercial and Miscellaneous News."




T o l e d o ........... ..........
P e o r ia
...................
G r a n d R a p i d s ___
D a y t o n - _______
E v a n s v i l l e ______
K a l a m a z o o ______
S p r in g fi e ld , 111 . .
F o r t W a y n e _____
Y o u n g s t o w n _____
L e x i n g t o n -----------R o c k f o r d -----------A k r o n .....................
S o u t h B e n d ______
c a n t o n ........... ..........
Q u i n c y . ...................
B l o o m i n g t o n _____
M a n s f ie ld _________
S p r in g fi e ld , O ___
D e c a t u r _________
J a c k s o n ...................
J a c k s o n v il le , 111.
A n n A r b o r -----------D a n v i ll e __________

L i m a _____________
A d r i a n __________
O w e n s b o r o ______

NO 2468
Week ending October

Clearings at—

T e r m s o f S u b s c r ip t i o n — P a y a b le in A d v a n c e
C h i c a g o __________
For Ono Y ea r................................................................................................... $10 00
C i n c i n n a t i ..............
For Six M onths................................................................................................ 0 00
C l e v e l a n d ________
European Subscription (including postage)............................................. 13 00
D e t r o i t . ................
European Subscription six months (including postage)........................ 7 50
Annual Subscription in London (including postage).............................. £ 2 14s. M i lw a u k e e ________
I n d i a n a p o l i s _____
Six Months Subscription in London (including postage)................................. £ 1 11s.
C o l u m b u s _______
Canadian Subscription (including p o s ta g e )............................................. $11 50

1912.

Electric Railway Section
State and City Section

S
3 4 1 ,8 3 1 ,6 0 5
2 6 ,7 0 7 ,3 5 1
2 7 ,7 6 9 ,1 1 1
2 2 ,1 5 5 ,7 2 4
1 4 ,9 1 9 ,G0C
8 ,1 4 3 ,3 7 5
0 ,4 0 3 ,7 0 0
5 ,0 2 4 ,3 9 7
4 ,0 8 1 ,8 2 2
3 ,9 1 0 ,6 1 4
2 ,4 8 1 ,0 1 5
2 ,3 1 8 ,9 4 9
7 1 2 ,2 7 6
1 ,2 3 7 ,4 1 3
1 ,3 2 9 ,5 9 7
1 ,7 2 4 ,7 0 5
8 5 3 ,7 8 0
8 0 9 ,0 1 7
2 ,0 6 5 ,0 0 0
1 .7 4 4 ,9 3 0
1 ,5 1 5 ,1 1 7
7 5 8 ,7 5 3
8 5 0 ,8 7 4
4 5 0 ,3 6 7
6 9 0 ,9 4 3
5 2 2 ,9 1 1
5 9 1 ,4 5 6
3 3 6 ,8 0 5
2 8 0 ,9 2 9
4 9 8 ,0 2 6
4 5 7 ,8 4 7
4 3 1 ,5 9 5
0 2 ,5 4 5
3 6 9 ,5 2 1

1911.

Inc. or
Dec.

S
%
+ 1 8.2
2 8 9 ,2 3 9 ,6 9 2 6 ,0 4 1 ,6 0 1
+ 2 .h
2 1 ,9 2 2 ,5 3 1
+ 113
1 9 ,3 5 0 ,2 5 - ! + 1 4 . 5
1 6 ,9 3 6 .3 8 2 ; — 1 1 .3
8 ,5 9 8 ,7 2 1
— 5 .3
5 ,4 3 5 ,1 0 0
+ 1 7 .8
4 ,2 2 1 ,3 2 2 ! + 1 9 .C
2 ,7 5 9 .0 8 1
+ 4 7 .S
2 ,9 5 0 ,1 0 1
+ 3 2 .S
2,260,0511
+ 9.S
2 ,7 2 8 ,9 4 3
— 15.C
7 9 8 ,3 7 4
— 1 0 .8
+ 2 4 .8
9 9 1 ,2 3 9
+ 2 6 .0
1 ,0 5 0 ,6 0 5
1 ,7 2 3 ,7 1 5
+ 0 .0 6
8 50 .90 C
+ 0.3
+ 1 6 .2
0 9 5 ,9 2 3
+ 0 4 .5
1 ,2 5 5 ,0 0 C
6 2 5 ,2 2 1 + 1 7 9 /
1 ,1 5 7 ,2 3 5
+ 3 0 .9
7 01 .90 C
+ 8 .1
0 5 S .6 3 + 2 9 .2
4 4 3 ,8 2 4
6 0 7 ,5 7 7
+ 1 3 .7
4 1 9 ,0 0 7
+ 2 2 .4
4 6 5 ,7 7 2
+ 2 7 .1
3 0 1 ,1 3 6
+ 1 1 .8
3 2 0 ,6 2 0 — 1 0 .5
4 0 9 ,9 3 7
+ 6 .0
3 9 7 ,6 8 3
4 -1 5 .1
4 4 7 ,1 9 2
— 3 .5
3 5 ,0 0 0
+ 7 5 .8
— 0 .4
3 7 1 ,0 7 8

5.

1910.

S
2 7 8 ,0 3 3 ,3 9 0
2 4 ,9 6 3 ,2 5 1
2 2 ,0 5 3 ,9 1 1
18,258,62-1
14,300,58-1
8 ,6 5 8 ,3 6 0
5 ,4 0 3 ,6 0 0
4 ,2 1 9 ,7 6 7
3 ,2 0 5 ,0 6 1
2 ,9 9 4 ,1 9 4
2 ,4 5 0 ,2 2 8
2 ,3 3 7 ,5 1 3
9 8 3 ,3 6 8
9 0 1 ,1 7 7
1 ,0 0 5 ,2 2 4
1 ,2 0 3 ,6 0 2
8 7 4 ,5 3 7
7 1 0 ,3 6 1
808 .05 C
6 8 5 ,1 9 8
1 ,052,72,'i
6 9 4 , 18
6 8 2 ,3 1 0
4 5 1 ,9 2 5
5 8 6 ,4 8 8
4 4 5 ,9 4 8
4 0 7 ,0 0 0
3 1 5 ,7 6 0
2 0 8 ,3 8 9
4 2 0 ,3 2 0
419 6
3 7 8 ,0 1 7
4 0 ,5 S 7
3 2 5 ,7 7 0

1909.
S
2 8 3 ,9 6 0 ,0 3 1
2 4 ,7 1 5 ,1 0 0
1 9 ,6 6 8 ,0 6 2
1 5 ,3 4 8 ,1 5 7
1 2 ,3 6 2 ,6 2 2
9 ,8 2 7 ,1 4 8
0 ,2 1 1 , 6 0 0
3 ,9 8 7 ,2 9 8
2 ,9 9 1 ,7 1 3
2 ,5 7 2 ,7 7 9
2 ,3 9 1 , 9 6 0
2 ,2 5 5 ,4 3 4
8 0 7 ,2 8 6
9 3 9 ,2 4 0
9 7 9 ,7 4 2
1 ,1 2 7 ,3 0 8
7 2 5 ,1 8 7
0 4 6 ,9 3 0
8 2 0 ,0 0 0
5 2 7 ,4 8 9
SOO.OOO
7 2 3 . '6 5
5 6 1 ,7 1 3
4 1 3 ,9 4 9
4 0 5 ,2 0 6
4 7 2 ,0 5 4
3 7 0 ,0 0 0
2 7 6 ,5 8 6
3 1 5 ,4 2 5
4 2 6 ,5 1 2
3 5 7 ,5 9 7
3 2 ,1 0 5

_______

T o t . M id .W e s t .

4 8 4 ,1 0 8 ,3 4 9

4 2 0 ,2 4 3 ,4 0 0

+ 1 5 .2

4 0 1 ,2 9 5 ,9 2 9

3 9 8 ,0 S 0 ,6 9 8

S a n F r a n c i s c o ___
L o s A n g e l e s ______
S e a t t l e ...................
P o r t l a n d _________
S p o k a n e __________
T a c o m a ...................
S a lt L a k e C i t y ___

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

+ 1 0 .3
+ 2 0 .3
+ 9 .5
— 5 .5
+ 2 .2
— 1 5 .2
— 8 .2
4-G 7
+ 7 .3
+ 9 6 .0
4 - 3 8 .0
— 3 .4
+ 2 .5
+ 16.1
— 2 .2
— 1 3 .4

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

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

l ) 5 9 3 !4 2 7
1 ,1 0 0 ,0 0 0
815 788
7 2 1 ,7 1 4
8 0 2 ,5 2 0
6 7 8 ,0 0 0
5 7 0 ,8 5 3
3 0 0 ,0 0 0

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

S t o c k t o n _________
S a n J o s e ...................
P a s a d e n a . . ...........
N o rth Y a k im a . .
R e n o _____________

5 8 ,7 2 5 ,3 1 5
2 2 ,9 7 7 ,3 1 5
1 2 ,0 0 5 ,0 0 4
1 2 ,0 3 9 ,1 4 7
5 ,1 1 9 ,7 8 0
3 ,9 9 4 ,0 8 5
6 ,1 8 8 ,9 9 3
4 ,2 7 1,175
1 ,9 6 3 ,4 2 3
2 ,9 3 9 ,3 4 3
1 ,0 9 3 ,4 0 0
9 4 0 ,4 3 3
9 5 9 ,4 7 9
8 0 6 ,0 6 1
4 9 5 ,0 0 0
2 7 4 ,8 9 1

T o ta l P a c ific -.

1 3 5 ,9 9 1 ,8 4 4

1 2 5 ,2 1 4 ,7 4 2

+ 8 .6

1 1 0 ,1 8 2 ,3 9 2

1 0 1 ,1 1 2 ,6 3 5

K a n s a s C i t y _____
M in n e a p o l is ...........
O m a h a ____________
S t . P a u l ------------ .
D e n v e r .....................
S t . J o s e p h . ...........
D u l u t h ........ ............
D o s M o i n e s ...........
S io u x C i t y -----------W i c h i t a ...................
D a v e n p o r t ----------L in c o ln ...................
T o p e k a __________
F a r g o ____________
C edar R a p i d s ...
C o l o r a d o S p r in g s

5 3 ,3 8 6 ,3 9 4
+ 8 .0
— 3 .2
2 9 ,3 2 8 ,8 9 9
1 5 ,9 2 8 ,6 1 4
+ 9 .3
+ 3 .0
1 0 ,9 4 6 ,3 7 1
— 2 .4
1 0 ,6 8 0 ,3 4 3
0 ,3 8 9 ,0 1 6
+ 5 .3
+ 11.1
6 ,0 1 2 ,0 7 8
5 ,1 4 2 ,7 0 3
+ 1 3 .9
+ 3 2 .6
2 ,8 0 8 ,6 0 8
— 0 .2
3 ,7 1 8 ,1 9 3
2 ,1 9 2 ,8 2 2
+ 2 .1
1 ,7 5 1 ,5 0 0
+ 6 .5
1 ,5 4 5 ,1 5 8 — 1 2 .8
1 ,0 .8 6 ,8 0 8 — 0 3 .2
1 ,4 6 9 ,2 9 2 + 3 0 0 . 7
— 1 .0
6 3 8 ,8 0 0
6 5 0 ,0 7 4
— 2.8
3 4 9 ,8 3 8 — 13.1
+ 1 8 .4
1 ,3 7 1 ,8 8 4
— 4 .0
1 ,1 3 9 ,0 8 7
+ 4 9 .6
4 0 9 ,7 3 7
— 7 .4
2 4 2 ,0S4
3 4 8 ,2 6 6
+ 1 5 .8

5 4 ,0 7 2 ,5 7 3
2 0 ,5 5 2 ,8 0 3
1 7 .0 G 0 .0 7 2
1 1 .8 7 0 ,0 9 1
1 0 ,4 5 6 ,0 0 4
5 ,8 8 0 , 79
5 ,6 0 0 ,3 9 4
4 ,8 1 4 ,7 1 6
3 ,6 4 5 ,3 1 2
3 ,5 7 5 ,5 0 9
2 ,0 8 4 ,5 8 2
1 ,7 2 3 ,1 9 3
1 ,2 8 2 ,2 5 2
9 1 8 ,5 9 7
1 ,4 0 5 ,0 0 0
0 8 0 ,8 4 4
6 7 5 ,6 3 5
3 0 0 ,3 2 0
1 ,1 1 0 ,5 0 0
1 ,0 0 4 ,8 9 1
5 7 9 ,2 8 5
2 2 0 ,0 0 0
2 0 0 ,0 0 0

5 7 ,2 9 8 ,7 5 0

B i l l i n g s ...................

5 7 ,0 3 6 ,5 5 8
2 8 ,3 8 3 ,9 0 4
1 7 ,4 0 6 ,0 9 3
1 1 ,2 7 5 ,4 3 9
1 0 ,4 3 3 ,6 6 4
6 ,7 2 7 ,6 5 8
0 ,6 8 2 ,9 1 0
5 ,8 5 6 ,3 3 3
3 .7 2 5 ,3 2 1
3 ,4 4 8 ,5 5 9
2 ,2 3 8 ,9 0 1
1 ,8 6 4 ,1 9 5
1 ,3 4 8 ,0 9 9
4 0 0 ,9 3 2
5 ,9 7 5 ,9 5 4
6 2 8 ,5 6 5
6 3 1 ,9 2 1
3 0 4 ,1 1 2
1 ,6 2 4 ,3 0 8
1 ,0 9 3 ,0 9 3
61 ,715
2 2 4 ,0 7 4
4 0 3 ,4 2 5

T o t . o tli.W c s t .

1 0 8 ,9 2 6 ,7 3 9

1 5 7 ,5 4 3 ,7 0 9

7 .2

1 5 6 ,2 1 0 ,9 1 8

1 6 6 ,0 5 5 ,4 8 2

S t . L o u i s _________
N e w O r le a n s ------L o u i s v i l l e ..............
H o u s t o n _________
G a l v e s t o n -----------S a v a n n a h -----------R i c h m o n d ...........
M e m p h i s ................
F o r t W o r t h ______
A t l a n t a ...................
N a s h v ille -----------A u g u s t a ...................
N o r f o l k ---------------B i r m i n g h a m _____
L it t le R o c k ______
C h a tta n oog a . . .
C h a r l e s t o n -----------K n o x v i l l e ..............
J a c k s o n v i l l e _____
M o b i l e ........... ..........
O k l a h o m a ________
M a c o n . ...................
A u s t i n ____________
V i c k s b u r g ..............

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

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

— 1 4 .2
+ 1 5.1
+ 1 0 .0
+ 2 3 .6
+ 3 0 .1
— 1 9 .9
+ 7 .8
— 1 5.1
+ 4 8 .3
— 1 5.1
+ 2 3 .7
— 6 4 .3

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

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

S a c r a m e n t o ...........
S a n D i e g o _______

F r e m o n t _________
W a t e r l o o ..............
H e le n a __________
A b e r d e e n ................

Jackson ..............
W i lm in g t o n

,N.C.

+

+ 9 .9
— 8.1

+ 16.3
+ 1 3 .2
+ 1.4
— 1 4 .7
4~ 5 .2
+ 4 .3
+ 1 0 .7
— 1 4 .0

+ 1 0 .3
— 1 6 .4
— 1 0 .7
+ 2 0 .9

6 ,1 5 5 , 9 1 0
0 ,4 5 2 , 0 9 6

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

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

3 8 9 ,7 0 1

— 11.1
___ 1^;
2 1 2 ,4 3 6 ,2 6 1
2 0 1 ,6 5 2 ,0 3 3
T o t a l a l l .............. 4 ,l|*i>,9l7."20,3,396,4 1,01,5 + 2 .0 3 3 2 4 6 ,6 0 7 ,4 6 8 3 ,7 7 4 ,3 4 2 ,0 3 9

M u s k o g e e ..............
T o ta l S ou th ern

2 4 5 ,6 1 9 ,s n

2 4 9 ,5 0 5 ,4 4 7

O u t s i d e N . Y _ . 1 ,0 1 8 ,2 2 0 ,4 3 4 1 ,4 5 5 ,3 9 5 ,4 7 4

+ 11.2

1 ,3 8 1 ,4 4 6 ,2 3 8 1 .3 4 9 ,3 3 4 ,5 3 3

T H E C H R O N IC L E

926

THE FINANCIAL SITUATION.
The tariff is becoming more and more an issue as the
Presidential campaign proceeds. And a real danger
confronts the country in a possible settlement of this
controversy along the lines apparently advocated by
two out of the three leading Presidential candidates.
The danger we have in mind is the possibility that the
tariff on manufactured goods may be reduced in re­
sponse to the pplitical assaults on “ trusts,” &c., while
nothing is done towards removing the duties on food­
stuffs, which constitute such an important element in
the great rise that has taken place in the prices of the
necessaries of life.
Nothing worse could happen to the country, and no
more serious impediment could be interposed to its
prosperity, than to leave unaltered the present high
duties on agricultural products— and it must be re­
membered that, owing to the power of the farming in­
terest, these high duties have remained unaltered
through all the tariff changes of the last fifty years—
while the duties on manufactured goods are seriously
cut (as demanded by these very farmers), with the
effect of making necessary a reduction in wages. In
our view, a lowering of the duties on manufactured
goods coincident with the removal of duties on arti­
cles of food would involve no danger whatever—would,
indeed, we believe, lay the basis for the greatest era
of business activity that the country has ever seen in
its entire history. On the other hand, to cut duties
on manufactured goods to the extent that would com­
pel a reduction in the pay of the vast army of factory
operatives and then grant no relief to these operatives
from the high cost of living would spell disaster for
them and for the country.
Careful examination of the attitude of the three
leading Presidential candidates makes it clear that
the danger here suggested is not an imaginary one.
Of the three candidates the position of President Taft
alone is clear and unequivocal. He stands on a
protective tariff platform without reservation or
qualification. This means protection to the Eastern
manufacturer and it also means protection to the
Western farmer— and be it remembered the two must
stand or fall together. Ex-President Roosevelt, on
his part, also professes to believe in a protective
tariff, but it is evident from his denunciation of tariff
favors and of what he terms the alliance between
crooked politicians and the so-called privileged classes,
that he would not be chary about cutting the duties
on manufactured goods. Such a course would also
have the advantage of gaining for him the favor of the
agricultural classes, to whom he wishes to cater and
who would like to see the tariff on manufactured
goods reduced. His election, therefore (if such a thing
could be conceived of as possible) would bring about
the very danger referred to— would mean no relief
from the high cost of living, while endangering the
present scale of wages of the huge army of operatives
whose welfare, whose very existence, is dependent
upon the prosperity of manufacturing industries.
The same possibility would apparently be involved
in the election of Mr. Wilson. By the tariff policy
and the tariff platform of the Democratic Party he is
committed to the reduction of duties. But what is
his conception of tariff reform? In his speeches lie
has been even more violent than Mr. Roosevelt in
attacking “ trusts” and large manufacturers, spe king
of them as the beneficiaries of the existing tariff and
saying the wage-earners gained absolutely nothing




[V o l. l x x x x v .

from the imposition of duties— that the profits all
went to the manufacturer and nothing to the operative.
A consistent policy on his part would also demand the
removal of the duties on agricultural products, but
here he remains strangely silent. In none of his
speeches has he made a declaration in favor of the
removal of the duties on articles of food. Indeed,
he is apparently side-stepping this question in a desire
not to alienate the support of the powerful farmingclass. In his talks to the farmers he has been promis­
ing all sorts of benefits as a result of the Democratic
plan to lower duties on manufactured goods, but he
has been singularly vague as regards duties on food­
stuffs—in fact, has not referred to such duties at all.
The farmer is to get great benefits from the Wilson
tariff plan and is not to be forced to give up anything
in return— that is the impression the agricultural
classes must get, and everyone else gets, from Mr.
Wilson’s treatment of the tariff question. His lack
of assertiveness on this point must, in any event,
result in encouraging those Democrats who believe in
cultivating the support of the farming classes. These
Democrats, if they joined with the farming element in
the Republican Party, would be strong enough to
resist the removal of the duties in the agricultural
schedule. Thus the election of the Democratic candi­
date would subject the country to the same danger as
the election of Mr. Roosevelt.
It seems to us, however, that Mr. Wilson should
define his attitude on the question of the duties on
foodstuffs so that neither the consuming masses nor
the agricultural classes will be left in any doubt as to
what course he means to pursue. Those who advise
him not to go into details can certainly not justify
silence on the point referred to. The question whether
or not duties on foodstuffs shall be removed is not a
matter of detail; it is a broad question of policy. On
another page to-day we publish a letter from one of
our subscribers, a farmer banker in Maryland, who
makes an earnest plea on behalf of the farming in­
terest and yet is obliged to admit that at the present
time lie is getting higher prices for live beef cattle
than have ever been known in the history of his family,
and he says the family has raised and owned beef
cattle for more than 1G0 years. It is this situation from
which the consuming masses demand relief. It is this
situation which demands the application of a corrective.
We do not believe that many persons appreciate
how heavily and how universally agricultural products
are taxed under our customs laws. Other schedules
in the tariff are often held up to derision, but if there
is anything more indefensible or more all-embracing
than the agricultural schedule we would like to have
some one point it out to us. High duties are imposed as
against practically everything raised on the farm, on
the range or in the orchard. In the U. S. statutes the
enumeration of the agricultural products taxed occu­
pies considerably more than four pages. For the bene­
fit of the electorate it seems desirable to mention a few
of the things taxed. Cattle, if less than one year old,
pays a duty of $2 per head; other cattle, if valued at
not more than $14 per head, pays $3.75 per head,
and if valued at more than $14 per head, pays 27)^%
ad valorem. Swine pay $1 50 per head; sheep, if one
year old or over, pay $1 50 a head; less than one
year old, 75 cents per head; other live animals not
specially provided for, 20% ad valorem.
Wheat is subject to a duty of 25c. per bushel and
wheat flour pays 25% ad valorem. Barley from
abroad must stand a duty of 30c. per bushel and bar-

Oct. 12 1912.]

T H E C H R O N IC L E

ley malt a duty of 45c. per bushel. Buckwheat pays
15c. per bushel, so does corn, while rye pays 10c. per
bushel. Oats pays 15c. a bushel, and oatmeal one cent
per pound. Rice, if cleaned, is subject to a duty of
2c. a pound, and biscuits, bread, wafers and similar
articles 20% ad valorem.
Butter must pay Gc. per pound, and cheese the same.
Fresh milk is taxed 2c. a gallon and cream 5c. a gallon.
Condensed milk pays 2c. a pound and sugar of milk
5c. a pound. Beans cannot come in at less than 45c.
a bushel. Beets are subject to a duty of 25% ad
valorem. Cabbages cannot come in unless 2c. is paid
for each. Eggs must pay 5c. per dozen, and if dried,
15c. per pound. Hay must pay $4 per ton, honey 20c.
per gallon, hops 16c. per pound, and onions 40c. per
bushel. Peas pay 25c. per bushel, as also do pota­
toes. Vegetables not specially provided for are sub­
ject to a duty of 25% ad valorem. Fish pays various
rates of duty, whether fresh or dried or pickled, but
the provisions are too extended for detailed mention.
In the case of fruit, nothing to be thought of escapes
duty. Apples, peaches, quinces, cherries, plums and
pears, green or ripe, must all pay 25c. per bushel;
berries, lc. per quart; cranberries, 25% ad valorem;
dried fruits, 2c. per lb.; figs, 2.^c. per lb.; plums,
prunes and prunelles, 2c. per lb.; raisins and other
dried grapes, 2j^c. per lb.; dates, lc. per lb.; currants,
2c. per lb.; olives, in less than five-gallon packages,
25c. per gallon; grapes, 25c. per cubic foot of capacity
of barrels or packages; lemons, lj^ c. per lb.; oranges,
grape fruit, &e., lc. per lb.; pineapples, 8c. per cubic
foot of capacity or $8 per thousand when in bulk1
Nor can nuts come in without paying heavy duties.
On almonds, not shelled, the duty is 4c. per lb.;
shelled almonds must pay Gc. per lb. Filberts and
walnuts pay 5c. per lb. when shelled and 3c. per lb.
unshelled. Peanuts’ pay 3^c. per lb. when unshelled
and lc. per lb. when shelled. Nuts not specially
provided for must pay lc. per lb. and no allowance
is made for dirt or other impurities of any kind.
Live poultry is subject to a duty of 3c. per pound,
and dead, 5c. per pound; fresh beef, veal, mutton,
lamb, pork and venison and other game, except birds,
is barred out by a duty of l)^ c. per pound. On bacon
and hams the duty is 4c. per pound; on lard, iy>c.; on
tallow, y2o,. per pound; on extract of meat, 35c. per
pound. On chocolate and cocoa the duty is 2j^c. per
pound when valued at not over 15c. per pound; if
valued above 15c. and not above 24c. per pound the
duty is 23^c. per pound and 10% ad valorem; valued
above 24c. and not above 35c. the duty is 5c. per
pound and 10% ad valorem; if valued above 35c. per
pound the duty is 50% ad valorem. Salt must pay
11c. per hundred pounds when in bags, sacks, &c.,
and 7c. when in bulk.
Starch made from potatoes
pays l ^ c . per pound and other starch lc. per pound.
Vinegar is taxed 7j^c. per proof gallon. Spices of all
kinds are subject to heavy duties; on mustard the
duty is 10c. per pound; on pepper, 23^c. per pound;
on sage, lc. per pound; spices not otherwise provided
for, 3c. per pound.
Who will venture to assert that these duties on food
products of every class and description have not
played a prominent part in raising prices to their
present high level? And the answer being obvious,
who will contend that these duties should not be
removed to the end that the cost of living may be
sensibly reduced? Why, therefore, should not Mr.
Wilson let the consuming masses know what his posi­
tion is on this all-important question? It is easy




921

enough to rant about trusts, but no substantial reduc­
tion in the cost of living is possible until the duty is
taken off grain, meats, fish, poultry, fruits, vegetables,
& c.

It may be that Mr. Wilson really means to take a
stand against these tariff imposts, if elected, but does
not deem it good policy to invite the antagonism of
the agricultural classes by making a flat-footed
declaration to that effect. That, however, is not
dealing fairly with the farmers, and involves the
possible danger that after the election the agricultural
interests will attempt to control his action on the plea
that he gave them to understand that tariff revision
was to apply only to the “ trusts” and the “ special in­
terests,” and that he is bound to act in accordance
with this understanding.
In tariff legislation the farming class has always
been all-powerful, and, as stated above, it has never
been found possible to eliminate or even reduce the
inordinate taxes on food products. It has long been
the fashion, on the part of the politicians, to consider
tariff legislation merely in its bearing on the manufac­
tured interests, and the attacks on “ trusts” and
“ special interests” have served to divert attention
from the real iniquities of the tariff, the duties on food­
stuffs. Mr. Wilson cannot afford to identify himself
with such a policy.
The general crop situation in the United States on
the first of October, as disclosed by official reports,
is in the fullest sense highly satisfactory. Unofficial
advices during September were to the effect that corn
wras maturing under quite generally favorable weather
conditions, with the promise of a record yield of the
cereal. This the Department’s report full)'- substan­
tiates, as it makes the general condition of the crop
distinctly better than in 1911, above the average of
recent years, and consequently, with the area larger
than ever before, indicates a new high record in pro­
duction. Furthermore a largely increased yield of
spring wheat is denoted, giving a new high record here
too; the yield of oats is placed at a figure much greater
than in any former year, and never before have the
crops of barley, rye, potatoes and hay been so large.
Add to this the expectation of a cotton crop second
only to that of last year and we have an agricultural
situation encouraging to the last degree. Especially
is this true of the cereal crops, the combined yield
of which, according to this latest Agricultural Depart­
ment report, promises to exceed the short yield of
1911 by 1,245 million bushels and the yield of 1910
by about 500 millions. Nor is this all; even on
the basis of the previous record yields of each of the
various cereals— wheat, corn, oats, barley and rye—
there is an augmentation in favor of 1912 of no less
than 302 million bushels, as the following clearly
indicates:
Production.
(000,000s omitted.)

Estimated
1912.

Final
1911.

Final
1910.

Precious
Records.

W inter w heat_________________
Spring w h e a t.. _____________
C o r n _________________________

390
330
3,016
1,417
225
35

431
191
2,531
922
160
33

434
201
2,886
1,186
174
35

493(1906)
291(1909)
2,927(1906)
1,186(1910)
179(1906)
35(1910)

5,413

4,268

4,916

5,111

Barley ................................... —
T o t a l------------------------------ . .

The largely increased production here indicated is
all the more significant in that it is in no important
degree due to the extension of area under the various
crops. On the contrary, the aggregate acreage de­
voted to the cereals enumerated above was, accord­
ing to the Department’s figures, only 200,600,000 acres

928

T H E C H R O N IC L E

in 1912, against 202,885,000 acres in 1911. There
have been, as a rule, only very moderate additions to
the land under any of the crops in recent years, and
the wheat area of 1912 was actually less than a decade
■earlier. It therefore follows that the agricultural
prosperity of 1912 is to be ascribed entirely to an allfavoring Providence and not to any efforts of the farm­
ers to keep pace with the needs of our growing popu­
lation.
An improvement -of one-tenth of a point during
September in the condition of corn makes the average
on Oct. 1 this year 82.2, against 70.4 last year and a
ten-year average of 80.4. Improvement is greatest
of course in such States of large yield as Texas, Okla­
homa, Kansas, Iowa and Nebraska, where summer
drought was so severely felt last year. On the basis
of the current condition the Department makes the
average yield per acre for the whole country 27.9
bushels, the heaviest since 190G, and exceeded only
five times in the last quarter of a century, and then as
a rule only slightly. The aggregate crop is figured out
as 3,016,000,000 bushels, a new record, and 485
million bushels greater than the very poor crop of 1911.
The indicated yield of spring wheat was given as
15.6;bushels per acre in the Sept. 1 report, but this is
now raised to 17.2 bushels, or the highest with but
one exception (1895) of which there is record. On the
acreage harvested this rate of production makes the
crop 330,391,000 bushels, by an appreciable margin
the premier crop of the cereal and 140 million bushels
greater than for 1911. In August the yield of winter
wheat was estimated as 389,942,000 bushels, and com­
bining therewith the total of the spring variety we
have an aggregate wheat product of 720,333,000 bush­
els, which contrasts with only 621 1-3 million bushels
last season, 737 millions in 1909 and 748)4 millions
in 1901.
Favorable conditions during September are also
reflected in the report on oats. The Department, in
fact, has advanced the estimate of yield per acre from
34.1 bushels Sept. 1 to 37.4 bushels Oct. 1, this latter
being the heaviest in the Government’s records. The
aggregate production on that basis (3 / .4 bushels) is
computed as approximately 1,417,1/2,000 bushels,
which compares with 922)4 million bushels in 1911
and 1,186 million bushels in 1910— the previous high
total. The barley crop, too, is expected to turn out
better than ever before, both as regards average
yield and total product, the latter being figured at
224,619,000 bushels, against 160 million bushels last
year. Rye, likewise, promises a record crop and the
same is true of hay. Finally, white potatoes, one of
the most important general food crops of the country,
are expected to be in more bountiful supply than ever
before, the Department having raised its estimate
to 401,000,000 bushels, or 109 millions in excess of
the 1911 product and 12 millions greater than in 1909.
The commercial failures statement for September
1912 for the United States, in line with that for August,
is less favorable than that for the month last year,
both as regards number of insolvents and amount
of liabilities, and the same is true of the showing for
the third quarter and nine months. Such an exhibit
is, of course, entirely out of consonance with the ad­
mittedly improved business situation this year, and
accordingly R. G. Dun & Co., in reviewing the nine
months’ results, are moved to remark: “ An examination
of the failure record as a whole shows that, large as
was the increase in the number of defaults, the in­




[VOL. LXXXXV.

crease in amount of liabilities was even relatively
greater, the average liabilities per failure being larger
in the nine months of 1912 than in the nine months of
1911. There is very little in the failure statistics for
the past nine months that discloses the unmistakable
improvement in business conditions which has taken
place in that period, and the proofs of that improve­
ment are so overwhelming that the increase in number
and amount of failures during the past nine months
can only be attributed to passing conditions and are
not significant as to the future.” It is, perhaps, proper
to add to the foregoing that in some lines high cost,
largely reducing consumption of the articles involved
has caused loss of business and enforced insolvency.
According to Messrs. II. G. Dun & Co.’s compila­
tions, the number of failures in September 1912 was
1,167, with liabilities of $13,280,511, against 827 with
indebtedness of $11,900,568 last year and 945 and
$15,933,182 in 1910. Disasters among manufacturers
made up $7,152,623 of the 1912 total, comparing with
$4,145,110 a year ago and $10,295,428 in 1910; trading
aggregates were $5,691,662and$3,816,927 and$5,273,496, respectively, but miscellaneous failures (brokers,
&c.) accounted for only $436,226 and $3,938,531 and
$364,258. The result for the nine months of the cur­
rent year is, as already stated, of like character. The
number of defaults for the period reached 11,816,
against 9,944 in 1911 and 9,399 in 1910, and the in­
debtedness totaled $153,544,360, against $138,865,620
and $154,417,304. Manufacturing indebtedness for
the nine months aggregated $65,693,312, against
$61,333,505 in 1911; trading liabilities at $69,646,987
record an increase of 7 million dollars over last year
and are double the amount reported for 1910, and the
debts of failed brokers, &c., at $18,204,061, are much
in excess of most recent years except 1910. Analyzing
the results for the various sections o f‘ the country for
the elapsed portion of 1912, the least satisfactory
showing is found in the East and South. In fact, the
New England, Middle, South Atlantic and South
Central divisions report increases, both in number of
mercantile disasters and amount of liabilities, whereas
the Central East, Central West and Western States
exhibit decreases in both cases, and the Pacific group,
although showing a greater number of failures, records
a small decline in amount of debts. Bank suspensions
during the nine months of the current year, while less
in number than in the corresponding period of last
year, (63 comparing with 80), represented a greater total
of liabilities—$20,905,254, against $18,964,237. In 1910,
however, the respective figures were 76 and $27,285,059.
As regards failures in the Dominion of Canada, the
situation thus far in 1912 is favorable on the whole.
For September the number of defaults reported was
122, with indebtedness of $1,005,400, against 81 and
$649,749 in the month last year and 77 and $771,552
in 1910. In the nine months of the current year the
number was also greater than for the similar period of
either 1911 or 1910— 1,023, contrasting with 947 and
935— but liabilities were only $7,783,828, against
$10,007,081 and $11,998,632, the exhibit in this latter
respect being, in fact, the best since 1906. The
manufacturing comparison is particularly satisfactory,
this year’s nine months’ aggregate at $2,51.9,754 being
1)4 millions less than that of 1911 and 3)4 millions
below 1910. A gradual decline in the trading totals is
also to be noted, they having been, respectively,
$4,677,448 and $5,537,042 and $5,782,877. No bank
suspensions have been reported in Canada since 1910.

O c t . 12 1912.]

T H E C H R O N IC L E

On Tuesday last, October 8th, Montenegro, one of
the smallest of the Balkan States, formally declared
war against Turkey. Servia is expected to join with
Montenegro before Tuesday, as active preparations
of a warlike character are under way. Furthermore,
the fact that the mobilization of the Bulgarian army
has been completed, approximately 250,000 troops
having been concentrated, seems to indicate that
Bulgaria also will soon begin offensive measures
against Turkey. There is some doubt, apparently,
regarding the participation of Greece, as, according
to press dispatches from Paris, diplomats there who
are closely in touch with the Balkan situation have
received cipher dispatches from Athens stating that
Greece has decided to abandon the Balkan League
and demobilize her army. On the other hand, the
purchase yesterday by Greece of the Chinese cruiser
Chao-Ho, recently built at Newcastle, does not accord
with this view. Premier Pasitch of Servia was
quoted by a dispatch from Belgrade yesterday as
saying, “ the day for peace has passed; that is our
last message to Christendom before hostilities begin.
The Balkan League will uphold by force of arms its
demand for autonomy for every Christian province
in Turkey.” A Berlin dispatch says that it is under­
stood in authoritative circles there that Roumania
has taken the preliminary steps for the mobilization
of her army. Nothing is known as to her intentions.
Meanwhile throughout Turkey the war spirit is at
fever heat and this is not very apt to be seriously
opposed by the Government since it will prove such
an effective cover for the loss of Tripoli and will
completely divert attention from the virtual defeat
in the war with Italy.
The actual declaration of war by Montenegro was
unexpected and completely upset the plans of the
Powers, which contemplated joint pressure on both
sides to prevent hostilities. Austria and Russia
accepted a French proposal that they act as manda­
tories of the Powers and make representations in the
capitals of the Balkan States to the effect that the
integrity of Turkey and the sovereignty of the Sultan
must be maintained, status quo respected, and meas­
ures of reform in Macedonia lie granted on the lines
of the circular issued by Count Berehold, the Austrian
Chancello . The same presentation was intended
to be made to the Porte. Great Britain had not given
her consent to the French proposal, though such con­
sent was expected to be accorded on Tuesday. But
Montenegro on that day upset all calculations by
declaring war. The policy of the Powers, since they
have been unable to prevent the war, seems to be that
of localizing it, and prospects at this writing certainly
favor the view that the policy will be successfully
carried out. Meanwhile, should it become evident
that the Powers will not become involved in the crisis
that has so suddenly appeared, the “ war” will gradu­
ally lose in importance as an influence affecting the
money and security markets of the world. Develop­
ments thus far have been highly unsettling in their
influence on the European money markets, especially
in Paris and Berlin. This phase of the subject we
discuss at some length in another column.
As is usual under such circumstances, instant hostili­
ties have followed the formal declaration of war.
The Montenegrin troops have succeeded in capturing
Detchitch Mountain, the Turkish commander and
officers with many troops having surrendered. The
battle occupied thirty hours and the Montenegrin
forces were under the direct command of King Nicholas,




929

the first shot being fired by Prince Peter against the
Turkish position on Mt. Planinitza. Within a few
hours the Turks evacuated that district and the
attack on the fortified positions on Detchitch Moun­
tain followed. The losses were said to be heavy on
both sides. On Thursday the Montenegrins added
another victory by taking the Turkish fort which
dominates the town of Tushi, from Shipinck Hill.
Such engagements as these, however, are not im­
portant, except as marking the beginning of actual
hostilities. The Montenegrin forces were necessarily
prepared to make the sudden attack as soon as
war had been declared' and could thus choose their
own time for attack. If the efforts to prevent
the spread of hostilities to the larger Powers are
successful, we may expect what may be called a
desultory war,[as the winter is now at hand and offens­
ive military operations by the Balkan States over
the Turkish frontier will be an exceedingly difficult
matter. Therefore, there is still ample time for the
Powers to use their good offices in bringing about
peace before warfare of a highly serious character is
indulged in. Cable advices show a general disposition
among bankers to refuse war loans to any of the
Balkan States, and unless the sinews of war are pro­
vided, it seems safe to assume that the war itself
cannot be pushed with great vigor.
A rather interesting report is current that Turkey is
seeking a $50,000,000 loan here from the group of
bankers who represented American participation in
the Six-Power Group that arranged the proposed
$300,000,000 loan to China, which that country
unexpectedly rejected. Representatives of the Ameri­
can group, however, refuse either to confirm or deny
the report. A press dispatch from Washington denies
that the State Department is conducting diplomatic
negotiations in regard to a loan to Turkey by American
bankers. So far, these negotiations, it was added,
are in a tentative state. The opinion seems to prevail
that the real situation as regards the loan is that London
bankers were approached and are sounding New York
to ascertain if New York bankers would care to par­
ticipate. It is very probable that the negotiations
in connection with the loan were begun before the
outbreak in the Balkans and that they were concerned
with the accomplishment of peace between Italy and
Turkey. While the Treaty of Peace has not been
officially reported to have been signed, all accounts
agree that this desirable result is very close at hand.
The British Parliament convened for the autumn and
winter session on Monday and] anj exceedingly strenu­
ous time is unquestionably in view. The Horn eRule
Bill, the disestablishment of the Church of England in
Wales and the Election Reform Bill are to be pressed
at once as Government measures. The Conservatives
have, during the recess, been actively .at work, and
have, for instance, prepared fifty-five pages of amend­
ments to the Home Rule Bill which will be presented
for the purpose of delaying the measure. The Liber­
als, however, will resist delay by drastic application
of the so-called “ guillotine” rule to limit time of
debate. The Welsh Bill to rob the Church of its
official standing in Wales will probably be fought
by the Conservatives as actively as will be the Home
Rule Bill. The Election Reform Bill proposes to abolish
the system by which the aristocracy has multiplied
the number of its own votes and deprived the working
classes of approximately one million votes, according
to the’ charges by advocates of the changes that are

830

T H E C H R O N IC L E

now proposed. The Conservatives are confidently
predicting a defeat of the present Government. The
coalition of the Liberals with the Labor members and
the Irish members give the Government a majority
of 110, but the Labor men, who number 42, are ready
to secede at any time on slight provocation, and the
Irish members, who number 76, are only interested in
keeping the current Government in office until Home
Rule shall be an accomplished fact.
On Thursday Premier Asquith moved to apply the
“ guillotine” procedure when the Home Rule measure
is put on passage. Bonar Law, leader of the Opposi­
tion, moved an amendment to the Government’s
proposals that would virtually have made it non­
operative, but the amendment was finally rejected by
a vote of 323 to 232, and the debate on Mr. Asquith’s
motion was then adjourned until next Monday.
Replying in the House of Commons to a formal
question, Sir Edward Grey, British Secretary of State
for Foreign Affairs, declared that “ the whole question
of the Panama Canal Bill, together with the views
of legal advisers to the British Crown on the subject
is under consideration by the Cabinet.” Responding
further to a question by a Unionist member whether
the British Foreign Office had received any definite
reply to the representations made to the United States
and whether the British Government was making
any further representation, Sir Edward said: “ In infor­
ming the United States of Great Britain’s intention
to address a communication to Washington when the
Panama Canal Bill had been received and considered,
the Foreign Office added that there should be even­
tually a difference between the two countries in regard
to the Hay-Paunccfote treaty which could not be
settled by other means, Great Britain would ask
that it be referred to arbitration.” Responding to
a further question as to whether he had seen a state­
ment made by President Taft that the British repre­
sentations had been made tardily, Sir Edward Grey
said he had not seen it and would be glad to know its
date because the bill did not pass in its final form
until toward the end of August. Immediatel the
British Foreign Office knew that the bill had passed, it
stated that it would consider the measure in its final
form and then make representations. Great Britain
had expressed its view of the Hay-Pauncefote treaty
while the Panama Canal Bill was in progress, but it
was impossible to make a final communication in
regard to the bill, which was then being shaped.
Great Britain, therefore, stated that it would address
a further communication to Washington when the bill
had taken its final form and after it had been considered
by the British Government,
Replying to a question by Arthur Lee, a Unionist
member, as to whether Great Britain would postpone
its representations until after the Presidential election,
Sir Edward Grey said that it would require consider­
able time, but was not dependent on the internal
affairs of the United States.
M hile there has been no pretense that our country
is involved in war in Nicaragua, it is officially an­
nounced that four American marines were killed and
six wounded when the American forces captured the
town of Coyotepe from the Nicaraguan rebels on
Oct. 4. On Oct. 7 our State Department had details
of another engagement in Nicaragua between United
States marines and the rebels in which five American
marines were wounded. Washington press dispatches




[VOL. LXXXXV.

aver that the State Department officers are confident
that any investigation will show that the action of the
American Government has in every way been justified.
It is believed that Senator Bacon of Georgia, who has
right along opposed the use of United States forces in
Nicaragua, will demand an investigation. The State
Department, according to its officers, have ample
evidence to show that many atrocities have been com­
mitted on United States citizens and other foreigners
by the rebels, and that property has been seized and
destroyed. Notes of appeal from other consuls and
ministers in Nicaragua which show that the European
governments looked to the United States to relieve
the situation are also on hand, and finally the note of
the Nicaraguan Government asking the American
Minister to have the United States Government
assume the protection of Americans, will, it is declared,
constitute ample justification for the Administration.
New York has refused to become excited over the
disturbances in the Balkans. In this we have been
an exception among the world’s financial centres
and it is not impossible that, in view of the absence
of immediate practical interest on our part, we are
the best judges of the situation. London has taken
the week’s developments in a much calmer manner
than the Continental bourses. In fact, in Paris a
highly vulnerable position has been uncovered. A
speculative bubble has been pricked and severe losses
have been experienced— so much so that fear is freely
expressed that developments of an unfortunate and
serious nature may attend the approaching fortnightly
settlement. The technical situation in Paris is the
usual one that accompanies a sudden return to pros­
perity after a period of discouragement and restricted
business operations. Following the clash with Ger­
many over Morocco last summer there was a general
curtailment of business, of new enterprises and of in­
vestments of every character. The situation, indeed,
remained in delicate balance for so long that business
of the French banks and the large credit institutions
became exceptionally backward. In this they merely
rejected the general conditions in the French Republic.
It is well known how quickly the spirit to hoard
develops among the French people, from the peasant
to the banker, as soon as political events show signs
of distinct strain. Last year’s war threat was no
exception.
When, however, a settlement with Germany had
been arranged and the political skies throughout
Europe became more reassuring, a wave of speculative
excitement spread over France and was reflected on
the official and unofficial markets of the Paris Bourse.
The speculative activity became particularly dangerous
in the case of Russian industrials, for which there was
no other ready market with the exception of a more
or less restricted one in St. Petersburg. Hence,
when it appeared that it would be impossible to obtain
a settlement of the Balkan uprising without actual
physical clash, there was a general rush to sell the
State securities of the countries involved which, aided
by the over-bought position of the Russian industrials,
produced a selling movement that bore heavily on
quotations for all classes of securities. French rentes
touched 89.45 francs, a new low record; bonds of the
Balkan States were also particularly weak, Montene­
grin bonds, for instance, declining 15 points on
Wednesday, while shares of the leading French banks
and credit associations showed sensational declines.
One usually conservative Paris correspondent dc-

Oct. 12 1912.]

THE CHRONICLE

dared that the situation in Paris on Wednesday was
worse than Agadir Day in the Franco-German excite­
ment of last year and to find its equal so far as weak­
ness and demoralization on the Paris Bourse were
concerned, it would be necessary to go back to the days
of the Russo-Japanese War. There was necessarily
active liquidation of securities that could be promptly
marketed in order to protect commitments in those,
like the Russian industrials, that were not so salable.
Thus Paris was a heavy seller in London of copper
shares and other securities that could be disposed of at
the British centre,and London was a correspondingly
heavy seller of American securities in New York.
In Berlin the situation does not appear from cable
accounts to have been quite as demoralized as at
Paris, although severe weakness and great nervous­
ness and excitement prevailed. Banks and industrial
stocks on Wednesday, for instance, quoting a press
dispatch on that day, fell 2@ 3 points, while specula­
tive shares declined 6 ^ @ 7 points; and the Berlin
Bourse continued weak during the remaining days
of the week. Berlin was a particularly heavy seller
of Canadian Pacific, which has for some time been a
favorite investment stock in that market.
The London market having to stand the active liqui­
dation of the Continent, not unnaturally sent back
our own securities to New York, and this week’s net
sales by and through London to this market are
probably fully 100,000 shares. This is regarded as a
conservative estimate. Last week’s sales by and
through London, as we stated in the “ Chronicle,”
amounted to fully 200,000 shares, so that instead of
shipping us gold on a scale that had been quite gener­
ally expected, London within the last fortnight has
returned to us something like $24,000,000 in securities
.— if, as seems reasonable to suppose, the average quo­
tation of the securities returned will figure about 80.
The continued activity in British trade is still a factor
in the demand for funds at London. In September,
comparing with a year ago, British imports increased
£3,505,000 and exports increased £6,385,000.
With the sudden termination in London of the gold
engagements that were so confidently expected to
furnish relief in local money circles, it is rather sur­
prising that the money market in this country has not
evinced some distress. Such, however, has not been
the case. The highest rate for call money on the Stock
Exchange this week has been 6% , while 5 ^ .% has
been the highest renewal figure. Time money showed
an easier tendency early in the week, following the re­
turn to circulation of the October dividend and interest
disbursements, but later there was reaction towards
firmness. The South and Southwest have been taking
funds quite freely in connection with their crop re­
quirements, but there has been a noticeable let-up in
the demand from the West. As a matter of fact,
New York funds in Chicago have ruled at a premium
most of the week, which is unusual at this season.
The explanation, however, appears quite simple.
History is merely repeating itself. Stringency in
money had been so freely predicted and expected that
the preparations by prudent bankers were, if anything,
more than sufficient to meet the strain. Another
element that has been introduced, also, is the smaller
movement of grain than, in view of the magnificent
crops, had been generally expected. Until the grain
leaves the farms it does not participate in the banking
situation. The railroads have not sufficient equipment
to rush the grain to market as actively as farmers wish,
and the latter are therefore compelled to finance their




931

own grain until they can deliver it in a position where it
becomes good collateral for loans. The railroad lines
are doing their utmost to meet the demand for trans­
portation; but they are not overstraining and are not
attempting to do impossibilities and carry more than
their facilities will permit. This, undoubtedly, is
good judgment and will, in the end, give greater satis­
faction than would be the case if they attempted to
furnish cars in an unsystematic, haphazard way, and
thus produce a state of congestion that would prevent
anything like a prompt handling of the merchandise.
Indeed, it would bear most heavily upon the railroads
themselves by increasing the expenses of operation.
It is quite evident, therefore, that the calm, business­
like methods that the railroads are displaying in hand­
ling the difficult problem before them this season :s
best for all concerned. Incidentally, the regulation
of the grain movement from the farms is providing
unexpected relief for the banking situation in the Cen­
tral West, where the strain was recently quite pro­
nounced.
Lombard Street has this week witnessed the rather
unusual spectacle of the outside market rate being in
excess of the Bank rate. The Bank of England did
not advance its minimum from 4% on Thursday. This
was quite a surprise, but there is reason to expect an
advance in the early future should the present strain
in the European political situation continue and the
Bank be called upon as freely as it has been during
the last fortnight for gold by the outside centres.
The rate of discount in the open market for short bills,
according to yesterday’s cables, was 3% @ 4 % , while
for ninety day bankers’ acceptances the quotation
was4@4Bg%. Bills to arrive were 4J4@43dj%for sixty
days and 4% % for ninety days and these rates were
conditional upon the bills arriving in advance of any
increase in the Bank rate. For instance, should the
Bank of England advance its rate to 5% next Thurs­
day, bills shipped by to-day’s (Saturday’s) steamer
will, in most instances, be subject to an additional
) 4 % discount, representing a division of the 1%
advance by the Bank between the contracting parties.
A week ago sixty day bills were 3 % % and ninety day
bills 3 % @3 15-16%. In Paris the open market rate
still remains at 3% , which is also the official discount
rate of the Bank of France. In Berlin 4J^% is the
private rate of discount, comparing with 3 % % a week
ago. The market rate in Vienna continues at 4J4%At Amsterdam the market rate is still the same as
the official rate, namely 4% . Brussels is without
net change for the week, closing at 3J^%. The
official Bank rates at the leading foreign centres are:
London 4% ; Paris 3% ; Berlin 4 j^ % ; Vienna 5% ;
Brussels 4% ; Amsterdam 4% ; Bombay 4% , and
Bengal 3% .
That the British treasury was inclined to aid the
London market is indicated by a decrease of £3,­
589,000 in the item of public deposits in the Bank of
England’s statement on Thursday. The market paid
off £1,347,000 in its loans to the Bank and there was
a decrease in circulation of £414,000 and of £607,000
in the volume of notes reserved. The Bank reported
a decrease for the week in gold coin and bullion hold­
ings of £1,024,235, notwithstanding that it has been
buying gold in the open market this week and that
the part of the African gold of last week which was
purchased for America and orders for the transporta­
tion of which were subsequently canceled, appeared in
I the Bank’s statement this week. A reduction of

932

THE CHRONICLE

£610,000 was registered in the reserve, though the
proportion to liabilities, entirely as the result of a
reduction in the latter, this week increased to 48.84%
from 48.74% last week, but compares with 51.91%
one year ago and 46.94% in 1910. The bullion
holdings now amount to £37,913,485, which compares
with £37,958,103 last year and £33,778,750 in 1910.
The total reserve is £26,192,000, comparing with
£27,227,928 one year ago and £24,353,350 in 1910.
The outstanding loans, notwithstanding this week’s
contraction, are still ahead of 1911, and are, in fact,
the highest for the corresponding week since 1906,
when the total was £35,116,652. They now stand
at £32,855,000 and compare with £28,296,644 at
this date last year and £30,226,449 in 1910. Our
special correspondent furnishes the following details
of the gold movement into and out of the Bank for
the Bank week: Imports, £871,000, wholly bought in
the open market; exports, £1,625,000 (of which £1,­
105,000 to Egypt, £350,000 to Germany, £150,000 to
France and £20,000 to Malta), and shipments of
£270,000 net to the interior of Great Britain.

[VOL. LXXXXV.

While somewhat nervous, the local money market
has not ruled exceptionally excited, and has, in fact,
not joined in the excitement current abroad that has
resulted from the sudden starting of the Balkan war.
We have referred elsewhere to the easing in the
demand for funds in the Middle West and have ex­
plained how the inability of the railroads to carry
grain to market has operated to restrict the banking
requirements incidental to a large movement such as
had been very generally expected. The principal
demand for currency is now from the South and the
Southwest, but the requirements of the latter should
soon mature, which will release the funds in use there
and permit their transfer to the Northwest. The
situation is well reflected by the quotations for New
York funds at representative centres. For instance,
St. Louis yesterday quoted 35c. discount bid and 25c.
discount asked. Chicago, meanwhile, is quoting 5c.
premium and Minneapolis 15c. premium. Demand
for New York funds by the Dominion also has sub­
sided for the moment, the quotation in Montreal
yesterday being 31)^c. premium, comparing with par
a week ago. The political excitement abroad and the
The Bank of France reported a further loss of 17,­ consequent demand for gold there has naturally pre­
093,000 francs in its gold item, following a reduction vented additional gold engagements in London for
of 22,850,000 francs last week, notwithstanding that New York. The steamer “ Kronprinz Wilhelm” , which
the French institution is consistently refusing to pay arrived on Tuesday, brought $850,000 in gold bars
out gold in ordinary transactions/ The silver holdings of the amount previously engaged in London and the
were reduced 3,121,000 francs, notes in circulation “ Adriatic” , due to-day, has $1,120,000 in gold bars
declined 29,350,000 francs and discounts were reduced on board. These bring the gold arrivals of the current
222.025.000 francs. There were net withdrawals of import movement up to $5,520,000, out of total
55.325.000 francs in general deposits, while treasury engagements of $6,700,000. While current conditions
deposits increased 4,700,000 francs and advances continue abroad, it is, of course, out of the question
showed an expansion of 4,325,000 francs. The Bank, to expect additional relief in local money circles from
however, is in considerably stronger condition than that source. The Treasury Department has intimated
a year ago, its gold holdings amounting to 3,235,082,­ that it stands willing to aid gold importations by
000 francs, against 3,120,575,000 francs last year. depositing public moneys against shipments of the
The silver stocks are about 40,000,000 francs below precious metal actually on the way. But it would
the 1911 figures, the total being 756,204,000 francs, require much greater aid than that under present
against 796,800,000 francs, while circulation out­ circumstances to bring the precious metal across.
standing is only 5,431,979,000 francs, against 5,­ In fact, no request has yet been received by the
446,768,160 francs a year ago; and the discounts are Department for such aid. The weekly statement of
1.331.487.000 francs, against 1,452,459,225 francs. the Clearing-House Association was published after
Conditions in Paris have been extremely unsettled the close of the market last evening because of to-day’s
during the week, but it is quite evident that the holiday. The cash reserve registered an increase
Bank is in a position to keep a firm hand on the of $3,731,000 and reserve requirements were reduced
situation.
$2,640,800 because of a contraction of $14,400,000
in the deposits. Thus, there was an increase in the
As was quite natural in view of the general financial cash surplus of $6,424,150 which makes the total
and political excitement on the Continent, the Imperial surplus $10,565,450. A year ago the total was
Bank of Germany failed to show a full recovery from $13,362,000 and two years ago the surplus held by the
the poor statement of last week. There was a decline banks alone (many of the trust companies not at that
of 2,920,000 marks in the gold stock and of 989,000 time being members of the Clearing House) was
marks in gold and silver combined. Outstanding $11,170,300.
circulation was reduced 168,516,000 marks, the Bank’s
Call money this week has ranged between 3j/£ and
holdings of treasury bills declined 11,975,000 marks 6% , the highest level having been reached on Wednes­
and its deposits were reduced 35,271,000 marks. day. On Monday the extreme figures were 4 ^ and
Discounts showed a contraction of 170,067,000marks, 5% , with the higher figure the ruling one; Tuesday’s
following an expansion of 491,016,000 marks last week, highest was again 5% , with 4% % the lowest, and
while loans were reduced 18,722,000 marks after last 4J£% the ruling quotation; Wednesday’s maximum
week’s increase of 32,669,000 marks. However, the was 6% , minimum 4 % % and ther enewal rate 4 % % ;
Bank now holds 1,103,052,000 marks in gold and on Thursday the range was 43^@ 5% % , with 5}^%
silver, which compares with 1,006,060,000 marks in the ruling basis; on Friday 5% was the highest, 3)/£%
1911 and 913,540,000 marks in 1910. The loans and the lowest and 5% the renewal basis.
Time money
discounts amount to 1,665,376,000 marks, comparing closes fractionally higher for the week after an
with 1,573,560,000 marks in 1911 and 1,461,240,000 easier tendency during the earlier days. Closing
marks in 1910. The item of circulation also exceeds quotations were 5 } 4 @ 5 % % for sixty days and
the total of a year ago, amounting to 2,105,232,000 5 K @ 5 % % for ninety days and four months,
marks, against 2,046,640,000 marks.
for five and six months and 5 )4 @ 5 ^ %
for longer maturities. Mercantile paper is again




Oct. 12 1912.]

933

THE CHRONICLE

on a 6% minimum basis for choice six months’ ing quotations were 4 8190(5)4 82 for sixty days,
names and also for sixty and ninety day endorsed 4 8550(5)4 8560 for demand and 4 86(5)4 8610 for
bills receivable; names not classed as choice are quoted cable transfers. Commercial on banks closed at 4 7 9 ^
(5)4 8194 and documents for payment 4 8134@4 82.
at G ^ % .
______
Cotton for payment ranged from 4 81*4 to 4 81*4?
Sterling exchange has ruled quite excited, though grain for payment 4 81*4(5)4 8194with a generally firm trend during the week. •The
The New York Clearing-House banks, in their oper­
London and Continental markets have during the last
ations
with interior banking institutions, have gained
fortnight sold back to us fully 300,000 shares of our
securities. This is regarded as a conservative estimate $3,909,000 net in cash as a result of the currency
by foreign houses and at an average quotation of 80 movements tor the week ending Oct. 11. Their re­
— which, of course, is arbritary, but is considered ceipts from the interior have aggregated $12,109,000,
quite reasonable—these sales of securities would have while the shipments have reached $8,200,000. Adding
a value of $24,000,000 and would be equivalent to the Sub-Treasury operations and the gold imports,
the exportation by London of an equal amount of which together occasioned a loss of $600,000, the
gold. In turn this means that the securities must be combined result of the flow of money into and out of
paid for and the course of the sterling exchanges the New York banks for the week appears to have
during the week suggests active cross currents. In been a gain of $3,309,000, as follows:
some circles usually well informed, it is believed that
Into
Net Change in
Out 0/
Week ending Oct. 11 1912.
Banks.
Banks.
Bank Holdings.
a considerable short interest exists in the New York
38.200.000 Gain 53,909,000
market at the moment. A rise in the Bank of Eng­ Sub-Treasury oper. and gold Impts.. 512,109,000
25,100,000
25.700.000 Loss
600,000
land’s rate is expected in the near future and many of
537,209,000 533,900,000 Gain 53,309,000
T o ta l...............................................
the discount houses are now buying bills subject to
The following table indicates the amount of bullion
such a rise. In that event one-half of the advance
will be added to the discount rate already arranged. in the principal European banks.
For instance, bills going by to-day’s steamer will not
arrive in London before next Monday a week. If, on
Thursday next the Bank of England should raise its
rate to 5% — and a smaller increase than 1% is re­
garded out of the question, as it would probably prove
ineffective— there would be an increase of *qj% applied
to the bills taken under the contingent conditions.
Demand sterling in Paris closed at 25.26*/^, which is
a reduction of one centime for the week, but the Lon­
don check rate in Berlin closed at 20.50 marks, which
is an advance of 1% pfennigs. The Berlin check rate
in Paris closed at 123.25 francs, comparing with 123.35
a week ago and 123.57*^ francs a fortnight ago, in­
dicating a very strong movement against Germany.
Compared with Friday of last week, sterling exchange
on Saturday was weak and declined to a considerable
extent on the more favorable outlook for a peaceful
settlement in the Balkan dispute and large offerings
of bills; closing figu es were 4 8540@4 8550 for de­
mand, 4 8580@4 8590 for cable transfers and 4 8210(5)
4 8220 for sixty days. The firmness in local money
rates, due to Saturday’s poor bank statement, to­
gether with the heavy output of cotton and grain bills,
caused a further decline on Monday and demand
receded to 4 8535(5)4 8545, cable transfers to 4 8565(5)
4 8575 and sixty days to 4 8205 @ 4 8215. On Tues­
day sterling advanced sharply on disturbing news
from the Balkan States, although before the close
the market reacted slightly, owing to the continued
large supplies of bills; the range was 4 8550@4 8560
for demand, 4 8580@4 8590 for cable transfers and
4 8220@4 8230 for sixty days. Heavy selling by
Europeans and firmer discounts at London due to
the war news brought about a further advance on
Wednesday and demand moved up to 4 8560(5)4 8570
and cable transfers to 4 8605 @ 4 8615; sixty day bills
declined to 4 8210(5)4 8220. On Thursday, after a
firm opening, sterling declined on the stiffening in
local money rates and offerings of commercial bills;
final figures were 4 8545@4 8555 for demand, 4 8590(5)
4 86 for cable transfers and 4 82(5)4 8210 for sixty
days. On Friday the market ruled nervous and
excited, closing at an advance of 5(5)10 points for the
day on higher London discounts and the continued
selling of American securities by foreign holders. Clos­




Oct. 12 1911.

Oct. 10 1912.
Banks of

Gold.

Silver.

Total.

Gold.

Silver.

£

£

£

£

£

England.. 37,913.485
France . . 129,403,200
Germany 41,687,800
Russia a. . 155,967,000
Aus.-Hunb 51.923.000
Spain___ 17.198.000
Italy d__ 42.512.000
Nethcrl'ds 12.436.000
Nat.Belg.d 7,964,667
5.412.000
Sweden . .
Swltzerl’ d 6.981.000
Norway - . 2.123.000

37,913,485 37,958,103
30,248,120 159,651,320 124,832,560
16,100,000 57,787,800 36,858,850
6.994.000 162,961,000 145,528,000
11.123.000 63.016.000 54.645.000
29.635.000 46.833.000 16.657.000
3.533.000 46.045.000 40.139.000
542,700 12,978,700 11.851.000
3,982,333 11.947.000 6,668,000
5.412.000 4.740.000
0,981,000 6.437.000
2.123.000 2.132.000

31,871,920
13,474,350
6.603.000
11.736.000
30.467.000
3.472.000
1,142,300
3.334.000

Total.

£

37,958,103
156,704,480
50,333,200
152,131,000
66.381.000
47.124.000
43.611.000
12,993,300
10.002.000
4.740.000
6.437.000
2.132.000

Total week 511,521,152 102,158,153613,679,305 488,446,513 102,100,570 590.547.083
Pre v .week 513,039,227 103,035,493|016,074,720 490,778,704 103,544,637 594,323,341
a The total ol gold in tue liana ol Russia includes the balance Held abroad—
that Is, the amount held for Russian account in other Continental banks. The
proportion so held, and consequently duplicated In the above sta.ement, Is about
one-seventh of the total this year, against about one-seventh a year ago.
yThe Austro-Hungarian Bank statement is now Issued In Kronen and Heller
Instead of Gulden and Kreutzcn. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of SO cents. As the
KroneA has really no greater value than 20 cents, our cable correspondent in
London, in order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 instead of 20.
d The division between gold and silver given in our table of coin and bullion in
the Banks of Italy and Belgium is made from the best estimates we are able to
obtain; It i3 not claimed to be accurate, as the banks make no distinction in their
weekly returns, merely reporting the total gold and sliver, but we believe the
division wo make is a close approximation.

THE OUTBREAK IN THE BALKANS.
Events have moved quickly in the Balkan dis­
turbance, as they invariably do when actual warfare,
great or small, breaks out. The reason for the rapid
succession of events in the present case, as in other
cases, undoubtedly is that the program of action had
been considered and secretly adopted some time be­
fore by the belligerent parties.
On Tuesday of last week came the first news that
the armies of the three Balkan States— Bulgaria, Servia and Montenegro— and also the armies of Greece,
were being mobilized. On Wednesday, a conference of
the greater Powers was called at Paris to consider
their attitude regarding the situation. On Thursday,
Bulgaria submitted definite demands on Turkey— cov­
ering, among other things, the autonomy of Mace­
donia, Albania and the older part of Servia. On Fri­
day, Bulgarian troops were reported to have crossed
the Turkish border.
On Saturday the concert of European Powers was
made complete through the co-operation of the Eng­
lish and German ministries with those of France and
Russia, and on Monday the Powers publicly announced
their decision to intervene to the extent of disapprov­
ing the warlike attitude of the Balkans. Identical
notes were to be submitted by the various Powers,

934:

THE CHRONICLE

[VOL. LXXXXV.

first to the Balkan States, demanding that the ques­ least, of Turkey’s available military resources are
tion of Turkish reforms be left to the Powers, and, sec­ drawn upon for Tripoli. That this handicap now ex­
ond, to Turkey itself, insisting on the granting of such ists is undoubtedly largely Turkey’s fault. It is a
reforms. In the meantime, however, addresses of a matter of general knowledge that Italy has for some
distinctly warlike nature were made to their legis­ time past been pressing negotiations for a treaty of
latures by the Bulgarian and Servian kings, and on peace, laying down terms regarding occupation of
Tuesday of the present week Montenegro invaded Tripoli which, though humiliating to Turkey, and al­
Turkey with an organized army, captured two Tur­ though possibly not warranted by precedent from the
kish positions by assault, and rumors of impend­ tangible results of the conflict between Italy and Tur­
ing declarations of war were reported from the other key, nevertheless provided a way by which Turkey
Balkan States. By a hasty calculation, the result of might escape from what has now proved to be her
such general outbreak of war would be the placing of great dilemma. Clearly, this part of the question is
half a million soldiers in the field against Turkey. An interesting now. Turkey, one may presume, is ready
interesting question of uncertainty has all along ex­ to come at once to terms with Italy; for the attack on
isted over the attitude of Roumania, which has in its northern border would give ample opportunity
some quarters been reported as a possible ally of Tur­ for yielding with dignity even to what it had hitherto
key in the impending struggle.
pronounced inadmissible demands. But whether Italy
The effect on the stock exchanges, both of Europe also will not find its attitude affected by the new state
and this country, was such as is usual on occasions of things in the Balkan region may be taken as some­
of the sort. European markets appear to have been what doubtful. If, as Italy alleges, Turkey’s diploma­
in a somewhat vulnerable position, on account of a tists have merely been postponing the evil day with
speculative movement for the rise, which had been for the purpose of nothing but delay, the Italian nego­
some time proceeding unhindered in the more specu­ tiators would be hardly human if they did not, under
lative part of the market. Shares of this sort broke present circumstances, add something to their recent
with great violence, and the decline extended to Amer­ terms of peace.
ican securities, where also there had been a substan­
There are several possible results of this week’s
tial speculative rise, in which European markets had outbreak of actual war. The larger Powers may still
participated. On the other hand, public securities be able to intervene and restrict, if they do not stop,
of the important European States were but slightly the conflict. The Balkan States may win such sub­
affected, though they declined rather sharply yes­ stantial victories as to force their peremptory terms
terday. This might be ascribed either to the belief on Turkey. Or Turkey itself may repel the invaders,
of well-posted financiers that the Balkan situation and reduce them to a position where the Ottoman
wras not fundamentally serious or to the fact that those Government can make its own terms of peace. It is
securities had been for some time more or less de­ too early to say exactly what the Powers can do.
pressed on the stock exchanges because of money Thus far, their efforts have clearly proved unsuccessful,
market conditions.
and the reason is the same as that which caused the
Three questions arise in connection with what may failure of their attempt to avert the Graeco-Turkish
now be called the Balkan war: First, why should war war of 1897. But on the present occasion, as in that
have been declared at the present time? Second, what earlier case, popular feeling in the countries which
are likely to be the military results of the campaign? began the war had become so strong in behalf of a
Third, will any of the larger Powers be subsequently belligerent policy that no government which refused
drawn into the conflict? The third of these questions to accede to such demands could maintain its place.
is obviously the most important, because a small and It is not to be supposed that the Balkan rulers are
brief war, limited to the Balkan region, would scarcely themselves averse to war; but so far as can be gathered
have any serious permanent effect on financial mar­ from the dispatches, they would be perfectly helpless
kets. This is proved, not only by the very recent ex­ if they were.
perience in the Turco-Italian war, which has scarcely
As to the question, whether the Balkan States or
caused a flutter on Europe’s stock exchanges, but by Turkey have the better chance of victory, that is a
the latest of the actual wars in the region where question not by any means to be settled off hand.
trouble now exists— the Graeco-Turkish war of 1897, Bulgaria and its allies have the advantage usually
in which, although it was fought to a finish, all of the possessed by the government which begins the fight
actual disturbance to financial Europe was limited to — especially in so far as they may have taken Turkey
the week or so after hostilities were declared.
by surprise. But, on the other hand, it would be
As to the first question above stated, why war rash to assume that Turkey is decrepit in a military
should have been declared at the present time, the sense. That was the rather common and hasty
question is pertinent, because autumn is very rarely inference when war was declared by her on Greece
chosen (especially in a region of mountain passes) in 1897; but the result of that contest was to show
for the beginning of a campaign. Not very much time that the Turks not only retained their old taste for war,
can elapse after the opening of October before the but possessed an excellent turn for military organiza­
Balkan passes are more or less blocked with snow, tion and a sufficient number of highly competent
which would so seriously handicap the moving of commanders. If this were so under the half-disin­
troops, artillery and supplies as possibly to force the tegrated government of the old Sultan, it is certainly
belligerents into winter quarters. Spring is the usual quite as likely to be true at the present time, when the
time, as it was in 1897, for the opening of hostilities. army power has all along been the bulwark of the
But war was undoubtedly begun in the Balkans at this Young Turk Government. It is possible also that
present time because of the situation as between Italy this war, notwithstanding its awkward coincidence
and Turkey.
with the Italian conflict, may be welcomed by the
To a considerable extent, Turkey’s hands would present Constantinople Government. That they have
naturally be tied by the fact that the hostile Italian found themselves in an embarrassing situation as a
fleet commands the Mediterranean and that part, at result of Italy’s successes in Tripoli, has been indicated




Oct.

12

1912 j

THE CHRONICLE

in many ways. Conceivably, the Ottoman Govern­
ment’s delays in concluding peace with Italy have
been based on the fear of what might be the result
at home of a humiliating treaty. But if this were so,
it is easily imaginable that the call of troops for the
national defense, in a war which can be fought in the
manner and on the soil which the Turkish soldier
most prefers, would strengthen in all respects the
hold of the present government.
All this remains to be determined; we shall probably
get some inkling as to the nature of the case before
very long, since the campaign in the Balkans is beingpressed with rapidity. It is the earliest battles which
often count most in a conflict of this sort. There
still remains the overshadowing question as to whether
any or all of the larger Powers might hereafter be
drawn into the conflict. This is the formidable
consideration which has stood behind every outbreak
of trouble in the Balkans during the last half century.
The present attitude of the Powers toward Turkey
is of a somewhat peculiar nature. Russia undoubted­
ly still entertains her aspirations toward the possession
of Constantinople. Indeed, the dispatches have lately
contained some intimation of possible double-dealing
on her part and of her secret backing of Montenegro
in the beginning of the war. We think this im­
probable, not only because the Russian Foreign
Minister, M. Savanoff, was the active organizer of the
past week’s agreement of the Powers, but because
such an attitude by Russia, explicit or implied, would
probably have the result of bringing England and
Germany into close co-operation. Germany’s attitude
must, as yet, be described as favorable to Turkey.
It was evidently so declared, not with the best of grace,
when the Italian war broke out, and the reason was
that the Kaiser and the German diplomatists had for
half a dozen years been doing their best to cultivate
intimate relations with the Constantinople Government.
But on the other hand, Austria, an important member
of the Triple Alliance, will naturally sympathize with
the Balkan States— both because some of them have
been absorbed in the Austrian dominions and be­
cause they provide a useful barrier between Turkey
and Austria. France may be supposed to desire
peace as the main consideration, and would probably
not allow her people’s dislike to Germany, as a result
of last year’s Morocco episode, to have any serious
bearing in the case. That the French Government
and the English Government will act cordially to­
gether in the matter may be assumed as practically
certain, in view of the attitude which England took
regarding the Morocco affair a year ago.
All this, it may readily be seen, creates a com­
plicated situation, but its very complexity makes for
the limitation of the area of attack and for the preserva­
tion of peace outside the present belligerents. In case
this or any other war against Turkey should proceed
so far that the Turkish Government was expelled from
Europe, then, no doubt, one might look for a droppingapart of the various nations and the angry assertion
of their individual interests. Undoubtedly, the ex­
pulsion of the Turks might in some respects be for
the interests of civilization— even at the risk of a
sharp and acrimonious dispute between the Powers.
But such an issue of the present conflict is hardly
on the program. None of the Balkan States con­
templates, or has any reason to contemplate, anything
more than assertion of its own particular powers and
those of its allies, as against the domination of the
Turkish Government.




935

THE SOUTHERN R A IL W A Y ’S CONTINUED
PROGRESS.
The annual report of the Southern Railway Co.
furnishes additional striking testimony to the con­
tinued progress and development of this important
railroad system. During the twelve months ending
June 30 1912 there was a further increase in gross
earnings on top of increases in the years immediately
preceding; also some further improvement in the net
though the company felt the rise in operating cost the
same as all other railroads throughout the country;
operating efficiency was brought to a still higher
plane, while from a financial standpoint, as is made
evident by the balance sheet, the company occupies
a position of indisputable strength.
As compared with the fiscal year preceding, gross
earnings were added to in the sum of $3,245,206,
or 5.38%. This gain is the more noteworthy, inas­
much as the company had made a gain in 1911, when
most railroad systems in other parts of the country
had been obliged to report a loss. As a matter of
fact, in the case of this property, the upward move­
ment has been continuous during the whole of the last
three years, in which period the total of the gross
has been raised over $11,000,000, standing at $64­
657,583 now, against $53,456,532 in 1909. Taking
a longer period of time, it is found that in the nine
years from 1903 to 1912 gross earnings have risen from
$42,354,060 to $64,657,583. This has been accom­
plished without any addition to mileage. As a matter
of fact, the mileage in the latest year was a trifle less
than in the earlier year, the average length of road
operated having been 7,088 miles, against 7,129
miles.
The net earnings for 1911-1912 were also the
largest ever made, but here progress, at least during
the last two years, has been much smaller. In the
latest period of twelve months augmented expenses
consumed $2,769,446 of the $3,245,266 gain in gross.
This is without counting the taxes, which were $239,­
360 larger than in the preceding year, and hence
consumed that much more of the gain in gross. In­
cluding outside operations, it is found that gross
revenues have risen from $61,696,181 in 1911 to
$64,657,583. in 1912, but that the advance in net has
been only from $17,163,277 to $17,506,519. Going
a year further back, the comparison in this respect is
yet more striking. In other words, in the two years
from 1910 to 1912 the gross revenues increased from
$58,568,807 to $64,657,583 (a gain of over $6,000,000),
but the net moved up only from $16,698,020 to $17,­
506,519, showing an addition of but $806,499.
We need hardly say that higher wage schedules
have been the principal element in impairing the net
yield, though operating cost has also increased in other
directions. In amount the largest increase in ex­
penses in the late year was in what are termed “ trans­
portation” expenses, where the addition was $1,­
419,567. It appears that $624,556 of this was due
to increased wages. Similarly, in the previous year also
the augmentation in these transportation expenses
formed the greater part of the total increase in ex­
penses, it accounting for $1,727,659 of the same,
and of this it was found that no loss than $967,644
had been due to advances in wages granted the
employees.
It is a most satisfactory feature in the affairs of the
company that it should be found possible to add to the
i traffic of tiie system from year to year in such a way

936

TH E CHRONICLE

as to neutralize the rise in operating and leave at
least some small gain in the net. In the year under
review traffic and business conditions were generally
favorable, but nevertheless were not altogether
satisfactory. To be sure, the South raised a cotton
crop which was by far the largest in its history, and
this gave not only an increased traffic movement in
the staple, but had a further advantage in stimulating
cotton manufacturing in the Southern States. Presi­
dent Finley points out that the year was one of reviv­
ing activity in the cotton textile industry of the South­
eastern States.
He states that the report of the
United States Census Bureau shows that for the year
ended August 31 1912 the consumption of cotton in
the mills of the cotton-growing States was in excess
of any previous year, amounting to 2,712,622 bales,
to which we might add that our own investigation, as
disclosed in our annual “ Cotton Crop Report” , made
the total even somewhat larger. A further fact
mentioned by Mr. Finley is likewise emphasized
by our own statements, namely that the cotton-grow­
ing States consumed 57,573 more bales, according to
the Census, than the mills of all of the other States
in the country combined. By our own figures the
excess was 89,063 bales. The bearing of all this
upon the prosperity of the Southern Railway is evident
from Mr. Finley’s further statement that out of a
total of 11,585,839 spindles in the cotton-growing
States reported by the Census Bureau as of August 31
1912, there were, as of January 1 1912, 8,530,723
spindles in mills tributary to the lines of the Southern
Railway system.
As the direct result of the larger cotton crop, the
company’s tonnage in cotton, in cotton seed, in cotton­
seed hulls, in cotton-seed meal and cake and in cotton­
seed oil for the late year aggregated 1,609,332 tons,
as against only 1,140,963 tons in the year preceding.
Nevertheless, as already indicated, conditions were
not wholly favorable during the twelve months. The
South suffered from last season’s grain-crop shortage
the same as other sections of the United States, as is
evident from the fact that the Southern Railway
moved only 681,785 tons of grain against 776,759
tons in the previous year, and several other items
of the agricultural tonnage were also smaller. Then,
too, the tonnage in forest products was only 4,234,326
tons, against 4,404,294 tons. With the revival of
business prosperity, however, and the greater activity
in the iron and steel trade, which came the latter part
of the fiscal year, it was found possible to make good
these losses, and, with the aid of the larger cotton traffic,
to show an increase in the aggregate freight move­
ment of all classes of 1,123,690 tons.
Notwithstanding the relatively small addition to
net earnings, owing to the augmentation in expenses,
the company’s income statement, when considered in
relation to fixed charges and ability to earn dividends,
is in the highest degree gratifying. After providing
for the fixed charges, the surplus available on the
operations of the twelve months was substantially
the same for 1912 as for 1911, the comparison being
between $6,763,117 for 1912 and $6,670,003 for 1911.
This is further evidence going to show that a large
increase in gross has been productive of very little
addition to the net. On the other hand, it is a cir­
cumstance of the highest encouragement that the
company should have earned in two successive years
an excess of, roughly, 6% million dollars over interest
and rental requirements. Five per cent dividends
on the $60,000,000 of outstanding preferred stock




[V ol .

LXXXXV.

calls £ for only $3,000,000 per year, thus showing
that in both the last two years the company earned
considerably more than double the 5% dividend on
these shares. The company in the previous fiscal
year resumed dividend payments, but acted in a very
cautious and conservative way, only two semi-annual
payments of 1% being then made. In 1912 there
was first an increase in the semi-annual payment to
2% , then to 2 ^ % and the company is now on a full
5% basis. After charging up 4
dividends (2%
paid in April 1912 and 2 ^ % in October 1912) a credit
balance on the operations of the twelve months remains
in the sum of $4,063,117, of which $44,989 was used
for additions and betterments, leaving $4,018,127,
which was transferred to the credit of profit and loss
account.
The management are pursuing very conservative
bookkeeping methods. It may be recalled that in
the previous fiscal year a sum of $3,000,000 was
charged off from profit and loss to represent the
discount on bonds sold in the past. Now the company
has gone a step further and charged off on its books
the whole remainder of discount sustained at one time
or another on the sale of securities. During the year
there accrued $28,650 as discount on equipment trust
obligations issued, making a total of $1,716,679 to
be extinguished. Of this, $60,043 was provided for
out of the year’s income, leaving a balance of $1,­
656,636, all of which has now been marked off. It is
a most remarkable circumstance that this company,
which in the troublous times of a few years ago was
obliged to sell its securities at a heavy discount
should, through surplus earnings, have in such a short
while been able to free its books of this large item
of discounts. Even after these deductions, a credit
balance to profit and loss remained on June 30 1912
of no less than $13,756,936.
We have referred above to the company’s strong
financial condition. During the year the funded debt
was increased only $26,600, while equipment obliga­
tions were decreased $1,009,000, thus showing a net
reduction in debt of $982,400. This refers to the debt
actually outstanding in the hands of the public.
During the year the company received $6,195,000
general mortgage 4% bonds from the mortgage
trustees to reimburse it for expenditures made for
additions and betterments, equipment trust obliga­
tions, &c. Added to the amount previously held,
this increased the total of these bonds free in the
treasury to $19,862,000. It is also noteworthy that
casli in the treasury was increased nearly 2% million
dollars and stood at $13,048,782 June 30 1912, not­
withstanding expenditures during the twelve months
of $5,369,361 for additions to roadways and structures
and new equipment.
With reference to the development of operating
efficiency, it is to be noted that the miles run by freight
trains in 1912 was only 16,824,301, against 16,999,638
in 1911, in face of the fact that the tonnage movement
one mile increased from 5,111 millions to 5,202 millions.
The train-load of revenue freight was raised from 240
tons to 250 tons and the train-load of all freight
(including company’s material) from 300 to 309 tons.
Taking a longer retrospect, we observe that with 1,390
million more tons of freight carried one mile, the miles
run by freight trains in 1912 was actually less than in
1904, being 16,824,301 miles, against 16,955,900 miles.
In the eight years the train-load of revenue freight
has been raised from 189 to 250 tons and the train-load
of all freight from 224 to 309 tons. How this works in

937

THE CHRONICLE

Oct. 12 1912 .j

i m p r o v i n g n e t r e s u l t s a p p e a r s w h e n i t is f o u n d

th a t,

o f t h e t a x e s i s a c t u a l l y a s m a ll l o s s ; t h a t is t o s a y , w i t h

m a in ly a s a r e s u lt o f t h e la r g e r a v e r a g e l o a d , t h e fr e ig h t

t h e t a x e s t a k e n o u t , t h e n e t f o r 1 9 0 7 s ta n d s a t $ 3 2 ,­

t r a in s e a r n e d $ 2 4 0 p e r m ile r u n in 1 9 1 2 , a g a in s t o n l y

3 1 2 ,8 5 5 a n d t h e n e t f o r 1 9 1 2 a t o n ly $ 3 2 ,2 7 2 ,7 0 3 .

$1 77 in 1 9 0 4 .

s ig n ific a n c e o f t h is r e m a r k a b le e x h ib it s h o u ld n o t b e

in g

e ffic ie n c y

now

be b a ck

E x c e p t fo r th e d e v e lo p m e n t o f o p e r a t­
in

th a t w a y , th e

com p an y

w o u ld

not

lo s t

s ig h t

o f.

It

d e m o n stra te s

c o n c lu s iv e ly

The

th a t

a

b a s is a ft e r t h e g r e a t in ­

g r o w t h in f i v e y e a r s o f $ 1 4 , 0 0 0 , 0 0 0 in g r o s s e a r n i n g s

c r e a s e i n w a g e - s c h e d u l e s a n d t h e r is e i n o p e r a t i n g c o s t

h a s b e e n p r o d u c t iv e o f a b s o lu te ly n o a d d itio n t o n e t,

in o th e r d ir e c t io n s .

o w i n g t o t h e w a y t h e l in e s o f t h e s y s t e m

on

a d iv id e n d

m u lc te d in
T H E

A T C H IS O N

as fa r as th e A tc h is o n T o p e k a & S a n ta

F e ’s tra ffic a n d in c o m e are c o n c e r n e d .

h a v e been

t h e i n c r e a s e in o p e r a t i n g

co st.

I n th e m e a n tim e , th e r e h a s b e e n d u r in g th e fiv e y e a r s

R E P O R T .

T h e la t e fis c a l y e a r m a y b e s a id t o h a v e b e e n a s t a ­
t io n a r y p e r io d

ta x es an d

T h e fin a l o u t ­

$ 6 7 ,0 0 0 ,0 0 0 a d d it io n
com m on

and

t o t h e c o m p a n } r’ s c a p i t a l s t o c k ,

p re fe rre d ,

its fu n d e d d e b t .

and

$ 5 8 ,0 0 0 ,0 0 0

a d d itio n

to

S u c h fig u r e s o b v io u s ly t h r o w a f lo o d

c o m e f o r t h e t w e l v e m o n t h s , t h e r e f o r e , is n o t a s g o o d

o f lig h t u p o n th e d e v e lo p m e n t s t h a t h a v e b e e n g o in g

as fo r th e

o n in t h e r a ilr o a d w o r ld in t h is p e r io d o f t im e .

sy stem

tw e lv e

m on th s

p r e c e d in g .

To

a r a ilr o a d

A s c o m p a r e d w it h t h e y e a r p r e c e d in g , r e s u lts a s t o

o f s u ch m a g n it u d e as t h is , a n d g e o g r a p h ic a lly

l o c a t e d i n a n e w e r s e c t i o n , a s is t h e A t c h i s o n , i n a b i l i t y

rev en u es w ere p ra ctic a lly s ta tio n a r y .

to

a lit t le la r g e r , a t $ 1 0 7 ,7 5 2 ,3 5 9 a g a in s t $ 1 0 7 ,5 6 5 ,1 1 5 ,

m ake

new

g ro w th

in

tra ffic

and

revenues

m e a n s r e tr o c e s s io n f o r th e t im e b e in g .

r e a lly

T o keep p ace

T h e gross w as

a n d t h e n e t w a s a lit t le s m a lle r , a t $ 3 6 ,4 7 9 ,1 5 6 a g a in s t

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

$ 3 6 ,7 9 6 ,8 6 4 .

new

t h e s e in

h o w e v e r , o w i n g t o t h e r is e in t a x e s , a n d h e n c e , a f t e r

tu r n in v o lv e a d d itio n s t o in te r e s t ch a r g e s o r t o d iv i­

p r o v id in g fo r th e s e ta x e s , th e n e t in c o m e w a s r e a lly

dend

som ew h at o v er

c a p ita l o u t la y s fr o m

r e q u ir e m e n ts .

year to

If,

under

in c o m e c a n n o t b e e n la rg e d

year, and

su ch

c irc u m s ta n ce s ,

th ro u g h n ew

g ro w th , th e

T h e lo s s in n e t w a s fu r t h e r in c r e a s e d ,

a m illio n

d o lla r s s m a lle r t h a n

in

th e

p r e v io u s y e a r , s t a n d in g a t $ 3 2 ,2 7 2 ,7 0 3 , a g a in s t $ 3 3 ,­

r e s u l t is a d i m i n u t i o n i n t h e a m o u n t a v a i l a b l e f o r d i v i ­

3 2 2 ,2 5 7 .

dends or

c r e a s e d , t h e a m o u n t r e m a in in g fo r th e s t o c k w a s o n ly

to

m en ts.
upon

If

a p p ly
th e

tow a rd s

m a r g in

w a s s m a ll,

of

im p r o v e m e n ts
s u r p lu s

as has n o t

been

to

be

th e

or

b e tte r­

en croach ed

c a s e w ith

A s fix e d

ch a rg e s w ere a t th e sa m e tim e in ­

$ 1 9 ,6 6 0 ,2 4 1 f o r 1 9 1 2 , a g a i n s t $ 2 1 , 3 7 1 , 0 6 7 f o r 1 9 1 1 .
T h e r e q u ir e m e n ts fo r th e 5 %

th e

d iv id e n d s o n th e p r e ­

A t c h is o n , t h e r e s u lt m ig h t b e t o w ip e o u t th e s u r p lu s

fe r r e d

a lt o g e th e r a n d im p a ir d iv id e n d -e a r n in g c a p a c it y .

s h a r e s w e r e $ 1 5 ,8 7 6 ,8 7 5 , a n d in

S o m e im p o r t a n t W e s t e r n r a ilr o a d s y s te m s h a v e b e e n

sh ares a n d

th e 6 %

w a s a p p r o p r ia te d

fo r

d iv id e n d s o n

th e

a d d itio n

a d d itio n s a n d

com m on

$ 3 ,3 0 0 ,0 0 0

b e tte rm e n ts an d

b r o u g h t c lo s e t o t h is p a s s d u r in g t h e la s t t w o o r t h r e e

$ 3 9 6 ,9 6 0 f o r t h e f u e l r e s e r v e f u n d — o v e r a n d a b o v e a ll

years

o f w h i c h a s m a l l b a l a n c e o f $ 8 6 ,4 0 6 r e m a i n e d .

as

a

r e s u lt

of

th e

u n fo r tu n a te

c o n d itio n s

T h is ,

p r e v a i l i n g ; a n d a ll r a i l r o a d p r o p e r t i e s f i n d t h e m s e l v e s

o f c o u r s e , is n o t a n u n s a t i s f a c t o r y o u t c o m e , c o n s i d e r ­

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

in g th e c irc u m s ta n ce s , b u t it d e se rv e s t o b e n o te d t h a t ,

o f th in g s .

becau se

A

g iv e n

a m o u n t o f gross rev en u e to -d a y

y ie ld s a m u c h s m a lle r a m o u n t o f n e t t h a n a fe w y e a r s
ago,

o w in g

to

th e

in c r e a s e

in

[w a g e s

th at

th e

r a il

of

th e

stea d y

s h rin k a g e

in

n et,

as a

conse­

q u e n c e o f th e ca u se s a b o v e e n u m e ra te d , th e c o n tr ib u ­
tio n s o u t o f n e t in c o m e fo r b e t te r m e n t w o r k

have been

c a r r ie r s h a v e b e e n o b l i g e d t o m a k e , a n d o w i n g t o t h e

v e r y g r e a t ly c u r ta ile d d u r in g t h e la s t fe w y e a r s .

a d v a n c e in

la t e y e a r ’ s c o n t r ib u t io n , w e h a v e s e e n , w a s $ 3 ,3 0 0 ,0 0 0 .

p r ic e s o f m a n y o t h e r it e m s e n te r in g in t o

The

W h e n t o t h i s is

I n t h e p r e v io u s y e a r t h e a m o u n t w a s $ 5 ,0 0 0 ,0 0 0 , a n d

a d d e d th e fa c t t h a t a r e tu rn m u s t b e e a r n e d o n a la rg e r

in 1 9 0 8 -0 9 t h e c o m p a n y w a s a b le t o la y a s id e n o le s s

am ount

t h a n $ 9 ,0 0 0 ,0 0 0 fo r a d d it io n s a n d b e t t e r m e n t s .

th e o p e r a tin g a c c o u n ts o f th e r o a d s .

ta x e s

of

c a p ita l,

e ith e r

a re in c r e a s in g

a

stock

or

bonds,

p r o d ig io u s

and

th a t

r a t e , it w ill b e

T h e s e a d d it io n s a n d b e t t e r m e n t s r e la t e t o e x p e n d i­

r e a d i l y s e e n t h a t t h e t r e n d is s t r o n g l y i n t h e w r o n g d i ­

t u r e s w h i c h , u n d e r t h e r u le s o f t h e I n t e r - S t a t e C o m ­

r e c tio n

m erce

and

at

th a t c o n d itio n s are b n o st t r y in g

fo r r a il­

roa d m an a gers.
B e a r i n g u p o n t h e p a r t p l a y e d b y r i s i n g t a x e s in a f ­
fe c tin g

a d v e r s e ly

th e A tc h is o n
end

of

M r.

R ip le y

C o m m is s io n ,

expen ses.
t h e 'i n c o m e

s h o w in g in

th e

case

C o m p a n y , a lit t le t a b le in s e r t e d

P r e s id e n t

R ip le y ’s

m akes

no

rem a rk s

com m en t.

deserves
He

of

a t th e
n o tic e .

s im p ly

B u t,

can n ot

as

is

be

w e ll

ch arged

observed

to
by

o p e r a tin g
P r e s id e n t

R ip le y , th e u se o f th e te r m “ a d d itio n s a n d b e tte r m e n ts ”
d o e s n o t i n d i c a t e t h a t a ll s u c h e x p e n d i t u r e s a r e o r w i l l
be

p r o d u c tiv e .

He

p o in ts o u t t h a t t o

keep

a great

r a ilr o a d p r o p e r t y a n d it s e q u ip m e n t u p t o d a t e a n d t o

says:

m e e t t h e i n c r e a s i n g d e m a n d s o f t h e p u b l i c , i t is e s s e n ­

“ A t t e n t i o n is c a l l e d t o t h e i n c r e a s i n g b u r d e n o f t a x a ­

tia l t o m a k e m a n y s o -c a lle d a d d itio n s a n d b e t te r m e n t s

t io n , as s h o w n b y th e fo llo w in g ta b le fo r th e s y s t e m .”

w h ic h a r e e it h e r w h o lly u n p r o d u c t iv e o r o n l y p a r t ia lly

T h e t a b le d o es s h o w a n in c r e a s in g b u r d e n o f t a x a t io n .

p r o d u c tiv e ,

I t a p p e a r s t h a t , w h ile in t h e fis c a l y e a r 1 9 0 7 t h e a g g r e ­

m a n y y e a r s fr o m th e tim e t h e y a re m a d e .

g a t e o f t a x e s w a s $ 2 ,5 0 2 ,6 5 0 , fo r 1 9 1 2 t h e a m o u n t w a s
n o le s s t h a n $ 4 , 2 0 6 , 4 5 3 .
7 0 1 ,0 0 0

in f i v e

years,

is e q u a l t o o v e r 1 %
stock

o u ts ta n d in g .

T h i s is a n a d d i t i o n o f $ 1 , ­

o r n e a r ly 7 0 % .

T h e in c r e a s e

o n t h e $ 1 7 0 ,1 2 9 ,5 0 0 o f c o m m o n
W h ile ta x e s h a v e th u s in c r e a s e d

or

p ro d u c tiv e

o n ly

at

th e

e x p ir a tio n

of

I t d e s e r v e s t o b e p o in t e d o u t , t o o , t h a t t h e s h rin k a g e
in

net

above

n oted

o c c u r r e d in f a c e o f t h e f a c t t h a t

e x p e n d it u r e s fo r m a in te n a n c e o f w a y h a v e b e e n c o n ­
s id e r a b ly r e s tr ic te d d u r in g t h e la s t t w o y e a r s , h a v in g
been

o n ly

$ 1 6 ,0 7 6 ,8 3 3

fo r

1912

and

$ 1 6 ,0 5 9 ,7 8 6

fo r

6 8 .1 % (in e x a c t fig u r e s ), t o t a l o p e r a tin g re v e n u e s h a v e

1 9 1 1 , a g a i n s t $ 1 7 , 8 0 7 , 1 3 6 in 1 9 1 0 .

I n th is la t te r y e a r

in c r e a s e d

th e

w ere

m ore

o n ly

th a n

15%

4 .8 % .

and

net

o f su ch

e x p e n d it u r e s

p erh ap s u n ­

t h e e x p e n d it u r e s u p o n m a in t e n a n c e o f w a y a n d s t r u c ­
tu res

revenue

c r e a s e d o n ly fr o m $ 3 4 ,8 1 5 ,5 0 5 t o $ 3 6 ,4 7 9 ,1 5 6 .
la s t fig u r e s a r e b e fo r e t h e d e d u c t io n

in

a m o u n ts

to

o p e r a tin g

w ay,

no

y e a r s o p e r a t i n g r e v e n u e s h a v e r is e n fr o m $ 9 3 ,6 8 3 ,4 0 6
net

a n o th e r

revenue

u s u a lly la r g e , b u t if w e g o b a c k fiv e y e a r s w e fin d t h a t

but

in

o p e r a tin g

fiv e

$ 1 0 7 ,7 5 2 ,3 5 9 ,

S ta te d

has

in ­

T h ese

o f ta x e s , a n d as

th en

w ere

$ 1 5 ,2 8 6 ,0 6 2 .

w h il e

th e

average

m i le a g e

th e s e ta x e s , as ju s t s h o w n , h a v e in c r e a s e d a little m o r e

9 ,2 7 3 t o 1 0 ,6 2 7 m i le s .

t h a n th e in c r e a s e in n e t , t h e r e s u lt a ft e r t h e d e d u c t io n

tu res




F or

th e

fiv e

years,

t h e r e fo r e , th e r e h a s b e e n a n in c r e a s e o f o n ly $ 7 9 0 ,7 7 1 ,

fo r

1912

op e ra te d

has

r is e n

fr o m

I n o th e r w o r d s , th ese e x p e n d i­

averaged

$ 1 ,5 1 2

per

m ile ,

a g a in s t

938

THE CHRONICLE

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

$ 1 ,6 4 8 p e r m ile in 1 9 0 7 .

I n 1 9 1 0 t h e y a v e r a g e d $ 1 ,7 9 5

t o m a k e ro o m fo r it .

per

o u tla y

ade­

s e le c t e d t h is p a r tic u la r le t te r b e c a u s e th e w r ite r m a k e s

q u a t e , b u t th e fig u r e s g i v e n s h o w h o w c u r t a ilm e n t h a s

s u c h a n e a r n e s t p le a t o h a v e it p u b lis h e d a n d b e c a u s e

m ile .

The

p resen t

is

u n d o u b te d ly

W e p r in t it h e r e w ith .

W e have

h a d t o b e p r a c t i c e d in a ll d ir e c t io n s in o r d e r t o c o p e

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

w it h e x is t in g c o n d it io n s .

b e a d v a n c e d in s u p p o r t o f t h e f a r m e r ’ s p o s i t i o n in t h i s

T h e s m a l l f u r t h e r a d d i t i o n t o g r o s s e a r n i n g s in t h e
la t e y e a r w o u ld le a d

to th e c o n c lu s io n th a t c o n d itio n s

m a tte r.

T h e l e t t e r is a s f o l l o w s .

W e h a v e e m p h a s iz e d

o n e e s p e c ia lly s t r ik in g p a s s a g e b y p r in t in g it in it a lic s :

a s f a r a s c u r r e n t t r a f f i c is c o n c e r n e d , h a d b e e n u n f a v o r ­
a b le ; a n d as th e
season

in

w o u ld

b e in c lin e d

im p o r ta n t lo s s
th e

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

im p o r ta n t

ton n a ge

b ly la rg e r in

s e c tio n s

to

th in k

of

a g r ic u ltu r a l

As a

one

m a tte r o f fa ct,

p rod u cts

1 9 1 2 t h a n in 1 9 1 1 .

i t is t r u e , f e l l f r o m

S o u th w e s t,

th e r e m u s t h a v e b e e n an

o f g r a in t r a ffic .

in

th e

w as

c o n s id e r a ­

T h e w h eat ton n a g e,

5 8 5 ,0 3 1 t o n s t o 4 0 6 ,0 0 1 t o n s a n d

t h e f l o u r t o n n a g e w a s a l s o r e d u c e d f r o m 5 3 8 ,8 1 3 t o n s
t o 4 9 1 ,8 3 8 t o n s .
d id

B u t th e c o r n t r a ffic in c r e a s e d a n d so

th a t o f so m e o th e r p r o d u c ts , a n d h en ce th e to ta l

t o n n a g e o f a g r i c u l t u r a l p r o d u c t s f o r 1 9 1 2 w a s 4 ,6 9 0 , 6 7 1
ton s,

a g a in s t 4 ,4 8 7 ,8 8 5

ton s.

T h e t o n n a g e in f o r e s t

p r o d u c t s w a s s o m e w h a t le s s a t 2 ,1 6 4 ,6 8 5 t o n s , a g a in s t
2 ,2 3 2 ,9 5 7
t r ifle

to n s,

and

th e

le s s , a t 1 ,5 5 1 ,2 5 6

a n im a l

ton s,

ton n a g e

a g a in s t

w as

a ls o

1 ,5 5 5 ,4 5 3

a

ton s

B u t t h e m in e r a l t o n n a g e w a s 6 ,5 4 6 ,9 4 0 t o n s , a g a in s t
5 ,6 9 7 ,9 3 8

ton s,

3 ,7 4 2 ,8 1 2

ton s,

crea ses

and

th e

m a n u fa c tu r in g to n n a g e

a g a in s t

brou gh t

3 ,5 2 3 ,8 2 2

ton s.

a g g re g a te to n n a g e

t o n s , a g a in s t 2 0 ,0 9 3 ,7 1 9 t o n s .

up

w as

O th er

to

in ­

2 1 ,1 4 9 ,9 8 4

T h e h a u l o n th e to n ­

n a g e , h o w e v e r , w a s s m a lle r , w it h t h e r e s u lt t h a t t h e
t o n n a g e m o v e m e n t o n e m i le — t h e t r u e m e a s u r e o f t h e
v o lu m e

of

t r a n s p o r ta tio n

w ork

ren d ered — w as

6 ,9 7 0 ,7 1 9 ,8 2 4 , a g a in s t 0 ,9 8 1 ,4 6 7 ,5 7 0 .

o n ly

T h e r a te r e a liz e d

p e r t o n p e r m i le w a s a t r i f l e l e s s a t 1 .0 2 6 c e n t s , a g a i n s t
1 .0 2 8 c e n t s , a n d t h e f r e i g h t e a r n i n g s f e l l o f f s l i g h t l y
T h e s m a ll in c r e a s e in t o t a l e a r n in g s t o w h ic h r e fe r e n c e
has

been

m a d e fo llo w s

fr o m

th e

g a in

m ade

in p a s ­

s e n g e r r e v e n u e s a n d in o t h e r s o u r c e s o f r e v e n u e .
T h e c o m p a n y seem s to b e a b u n d a n tly fo r tifie d
t h e -tim e b e i n g i n i t s f i n a n c i a l r e q u i r e m e n t s .

fo r

Its h o ld ­

in g s o f c a s h o n h a n d a n d in b a n k w e r e e x c e p t i o n a l l y
la r g e

on

June

2 0 4 ,7 4 7 .

30

T hey

1911, w h en

are

s till

th ey

la r g e r

a g g re g a te d

th e

$ 3 6 ,­

p resen t

year,

a n d a re r e p o r t e d (J u n e 3 0 1 9 1 2 ) a t $ 4 1 ,9 0 6 ,2 3 2 .

The

c o m p a n y a ls o h a d a v a ila b le $ 3 ,7 8 0 ,0 0 0 g e n e r a l m o r t ­
g a g e b o n d s , in c lu d in g b o n d s n o t y e t c e r tifie d
tru ste e .

O u tla y s

fo r

b y th e

a d d itio n s a n d b e tte r m e n ts a n d

fo r n e w c o n s t r u c tio n a n d o t h e r c a p ita l p u r p o s e s w e re
on

a m u c h s m a lle r s c a le t h a n in

th e p r e c e d in g fis c a l

y e a r , a n d y e t a g g r e g a te d $ 1 3 ,5 2 2 ,2 7 4 .

B u t th e c o m ­

p a n y s o ld $ 1 8 ,2 9 9 ,6 9 5 o f it s C a lifo r n ia - A r iz o n a L in e ’ s
fir s t a n d r e fu n d in g m o r tg a g e 4 ) 4 %
$ 4 ,7 5 6 ,5 0 0
in

fu n d e d

crea se

of

com m on

o f oth er

bonds,

d e b t $ 1 3 ,5 4 3 ,1 9 5 .
$ 1 ,6 9 9 ,0 0 0
stock ,

in

b o n d s a n d r e tir e d

m a k in g

th e

T h ere

th e

net

o u ts ta n d in g

r e p r e s e n tin g

in c r e a s e

w a s a ls o

an

am ount

c o n v e r tib le

bonds

in ­
of
ex­

ch a n g e d fo r s to ck .

T H E

F A R M E R S

A N D

T H E

H IG H

CO ST

O F

L IV IN G .

T h e r e m a r k s i n o u r is s u e s o f A u g . 1 7 a n d A u g . 2 4
w it h r e fe r e n c e t o t h e h ig h c o s t o f liv in g a n d th e fa r m ­
e r ’ s r e s p o n s ib ilit y fo r th e s a m e , b r o u g h t u s a t th e tim e
m a n y le t te r s a n d c o m m u n i c a t i o n s — t h e m o s t o f t h e m
in

ta k in g e x c e p t io n

to w h at w e

s a id a n d a r g u in g in b e h a lf o f t h e fa r m e r s .

a p p r o v a l, b u t a fe w

W e s h o u ld

h a v e l i k e d t o p r i n t a ll o f t h e s e l a t t e r a n d a t t e m p t e d a
r e p ly

to

o w in g to

th e

c r itic is m s

m ade.

O b v io u s ly ,

h ow ever,

th e d e m a n d s u p o n o u r s p a c e , s u ch a co u rse

w a s o u t o f th e

q u e s tio n .

O n e o f t h e l e t t e r s o f t h is

c la s s w e h a v e h e ld in r e s e r v e , a w a it in g a n o p p o r t u n i t y




Hagerstown, M el., A u g . 27 1912.
To the Editor o f “ The Financial Chronicle ” , New York C ity.
Dear S ir: — I have just finished reading a leading editorial

on “ the farmers’’ in “ The Chronicle,” issue of Aug. 24 1912,
with amazement, and wish to suggest a few criticisms. A sthe farmer seldom expresses himself in the public prints,
and reads a great deal more than is generally supposed, I
sometimes think that the farmers understand the financial
and commercial interests better than those interests under­
stand us.
To begin, I am a farmer, the son of a farmer, with a
straight line of farmer ancestors leading back to 1750, when
the first of my name arrived at Philadelphia. My father
was a strong Union sympathizer during the Civil War and
voted the Republican ticket steadily until 1888, when the
first great tariff fight took place in the second Cleveland
campaign. I voted myself that year for the first time. W e
had seen our land steadily falling in price, along with a steady
fall in the price of wheat and corn, our main products, until
from a value of 8100 per acre it had gotten down to about
S30 per acre. We found the United States producing great
quantities of all the cereals for which there was no market
except in free trade Liverpool, England. This was bad
enough from a farmer’s standpoint, but we saw no remedy,
except that we thought, if we had to sell in a free trade mar­
ket, we ought not to be compelled to buy in the highest pro­
tected market in the world. W e protested with our Repub­
lican farmer friends, but they insisted that we had a pro­
tective tariff of 25 cents per bushel on wheat. W e humbly
suggested that as we raised twice as much wheat as we could
consume, nobody but an idiot would think of importing
wheat into the United States, even if there were no tariff.
A h ,” they said, “ wait until we build up the cities and the
factories, and then we, too, shall have a fin e protective
market.”
W e said that was too far in the future, and we
might not live to see it. Alas, my poor father never did.
However, after a steady decline, under protection, of our
lands in the early seventies from $100 per acre, the culmina­
tion came about the middle of the nineties, when the same
lands could be bought at from .$20 to .$30 per acre. In the
meantime, every city paper and every so-called comedian,
hoping to be “ funny,” delighted in describing and repre­
senting the farmer as the only real fool and hobo in the land.
I can readily see that, voting steadily against his own
interest, the city papers and comedians had a right to assume
that the typical farmer really was a foo l. This condition of
affairs continued from the close of the Civil War until about
ten years ago, when the conditions which had been so graph­
ically described at election time each year to the farmers
really began to appear. The cities had steadily grown, the
factories had become more numerous and larger, the young
men had steadily been leaving the country, and at last
the happy promised land” was in sight. There were
actually more consumers in the factories and towns than
producers in the country. Prices began to mount under
the law of supply and demand. The farmer had patiently
“ chipped in” for more than thirty years, and the time was
now approaching when the reward was to be his. For more
than thirty years lie sold in a cheap free trade market and
bought in a dear, high-protected market in order to bring
about a condition which was described to him (at election
time) as ideal. Now it seemed to him everybody would be
happy and contented. Everybody would be selling for
high prices and everybody, including himself, would be re­
ceiving high prices. Could anything be more fair or more
lovely? As the protected industries have sown the seed,
why should they marvel at the harvest? Did they really
intend to produce a good market for the farmers, or were
they only looking for a good market for themselves? As a
farmer I will say that I am indifferent whether the country
has high protection, free trade or tariff for revenue only.
As a farmer, I only want to be treated fairly as other inter­
ests are treated. I will not object to free wool if you give
me free woolen goods. I will not object to free hides if
you will give me free leather and free shoes. I will not object

O c t . 3 2 1 9 1 2 .]

939

THE CHRONICLE

to free wheat and free meat if you give me free access to
the markets of the world for all that I may be able to buy
there at a cheaper rate. Likewise, if you give me a high
price for all that I sell, I will pay a high price for all that I
buy. Is this wrong? Is this wicked? Is this seditious?
I frequently read in the stock market reports an item like
this: “ The only good news of the week is the steady decline
in the price of wheat and corn.” I would respectfully sub­
mit that such a condition is not good news to vie or the
farmer class. W e have wheat and corn to sell. Sometimes
it seems to me the metropolitan press acts as if the farmer
was the pariah or outcast of the human family, and that his
only use in the world is to produce in order that others may
consume. Sometimes, I notice, we are referred to as hogs.
W e farmers are not hogs. W e do not feel like hogs, and we
respectfully submit that the role played by the farmer class
in the upbuilding of this country does not show us that in
class. On the contrary, it was the farmer, above all others,
that rallied to the preservation of the Union in the sixties,
and who has patiently toiled in the fields from sun to sun
ever since, having no set number of hours as a day’s work,
while he has seen organized labor draw steadily higher wages
and dictate shorter days. “ The Chronicle” complains that
the farmers do not produce enough. I would approach the
difficulty from the other side. I would say the cities have
grown too large and are consuming too much.
I know that the typical Pennsylvania German farmer,
from which class I am descended and of which population
this county of Washington, Maryland, has an overflow, is a
strong worker, and is always ready, if in good standing, to
go to work in the fields at sunrise, having before that hour
fed and groomed his horses and eaten his breakfast. Four
o’clock a. m. is the usual rising hour for everybody on a wellregulated farm owned or managed by this class. The wife
and daughter usually prepare breakfast while the men arc
at work by lantern-light at the barn. This class usually
takes one hour to dine and rest at noon, which, by some of
the more energetic and ambitious, is partially curtailed by
whitewashing the fences and the farm buildings. They then
return to the fields and work until darkness drives them
home for the night. As the feeding of the live stock and their
own supper can be handled just as well by artificial light,
it is considered among this class good practice so to arrange
their daily work. The above refers to the summer season.
Nature shortens their days in winter to 12 hours.
“ The Chronicle” regards as a great outrage that the
farmers received for their crops in 1909 the sum of $4,934,­
490,000, whereas ten years before they would only have
gotten $2,902,358,000, which is practically $2,000,000,000
more than they ought to have had, the clear inference being
that this sum is all profit.
For the information of “ The
Chronicle,” I will say that I am now operating three farms,
paying wages day by day, hoping to earn a profit in my
business, as I hope “ The Chronicle” is earning a profit in
the field of journalism. I will further state that I am now
paying 25 to 30 dollars per month for farm labor, whereas
ten years ago I could hire the same grade of labor at from
15 to 18 dollars per month. In other words, ten years ago
I could hire farm help at 50 cents per day, while now I must
pay as much as $1 per day. I will further add that I am
paying as much wages as my neighbors, and, of course, fur­
nish free board with the wages above quoted for each man.
As the labor bill is the overwhelming and outstanding item
of expense in the production of crops and the management
of a farm, you can readily calculate that the advance in
wages from 15 to 30 dollars per month is greater in percentage
than the advance of the price of the products at from three
to five billions of dollars. Perhaps the advance of wages
on my farms was greater than the general advance for the
whole country. I am inclined to think so, as I am in direct
competition for labor with a highly-protected industry en­
gaged in the manufacture of leather.
I agree with “ The Chronicle” that it is senseless to accuse
the so-called Beef Trust, which the metropolitan press depicts
in such lurid hues as the enemy alike of the farmer and the
consumer. I doubt the existence of such a trust. If there
is such an organization, it certainly docs not molest the
farmer, whatever damage it may inflict upon the consumer.

it is certainly an idiot to pay or allow to be paid such extrav­
agant prices to the farmers. Personally I view these high
prices with many misgivings, as they usually are the pre­
cursor of a correspondingly low glutted market. I wish to
remain in the business, and much prefer fair, regular prices.
I agree with “ The Chronicle” that the hue and cry against
the “ Trusts” has been overworked.
Even the farmers
think, I believe, that this stock in trade is shopworn. I
have myself never come in contact, to my knowledge, with
any of these terrible “ Trusts,” except the Standard Oil Co.,
which a few years ago laid an oil-pipe line through this sec­
tion, when they paid such extravagant wages that our farm
labor, and even some of our best farmers, became almost
demoralized. Farmers were allowed by this so-called
“ Trust” to make as much as 15 to 18 dollars per day with
their 4-horse teams, whereas 4 to 5 dollars per day is usually
considered a very fair return for such service and team.
The farmer does not object to the prosperity of any man
or corporation. His only objection is to being accused for
a condition which others brought about, and in which he
for many years was the sole and helpless victim.
This letter, hot from the heart, and filled with facts
within the common knowledge of all in this agricultural
community, may open up a novel viewpoint to you and the
bulk of your readers; but if you are fair you will reproduce
it for your readers as a view from the under side or other side,
as they may choose to regard it. It will give you food for
reflection. If I am in error, it will give you or them an op­
portunity to set straight a large body of farmers who at
present feel aggrieved at the tone of the financial and in­
dustrial papers of the city.
Yours very truly,
F. W . M ISH .
W e t h in k w e a re ju s t ifie d in s a y in g t h a t th e fo r e g o in g
c a lls f o r n o e x t e n d e d r e p ly o n o u r p a r t .

T h e w r ite r

a d m it s e v e r y t h in g w e s a id , b u t p le a d s in e x t e n u a t io n
th a t

th e

s it u a t io n

is

not

of

th e

fa r m e r ’s

c r e a tin g .

W h e t h e r t h is is s o o r n o t , is o f n o c o n s e q u e n c e .

N oth ­

i n g c o u l d b e g a i n e d b y i n d u l g i n g in p r o f i t l e s s d i s c u s ­
s i o n s a s t o w h o is r e s p o n s i b l e f o r t h e e x i s t i n g s i t u a t i o n .
I t is a c o n d i t i o n , n o t a t h e o r y , t h a t c o n f r o n t s u s .
W e w is h p a r t ic u la r ly t o d ir e c t t h e a t t e n t io n o f t h e
r e a d e r t o t h e w o r d s a b o v e w h ic h w e h a v e p u t in it a lic s .
O u r corresp on d en t says:

“ P e r s o n a lly , w ith in th e p a s t

fe w m o n t h s I h a v e r e c e iv e d h ig h e r p r ic e s f o r liv e b e e f
c a ttle th a n h a v e e v e r b e e n k n o w n in th e h is to r y o f o u r
f a m ily , a n d w e h a v e r a is e d a n d o w n e d b e e f c a t t le f o r
m o r e t h a n 16 0 y e a r s .”

N o t h i n g m o r e is n e e d e d t h a n

th is b a re s t a t e m e n t t o s h o w th e h a r d s h ip
th e

c o m m u n ity

is

s u ffe r in g .

Our

u n d e r w h ic h

corresp on d en t d e­

p lo r e s s u c h h ig h p r ic e s a n d t h in k s t h e y w ill b r in g t h e ir
o w n c o r r e c t i v e , b u t t h e s i t u a t i o n is t o o g r a v e t o a d m i t
o f p a lte r in g o r fo r t r u s tin g t o th e s e lf-a c tio n o f th e fa r ­
m er.

T h e q u e s t i o n o f s u p r e m e i m p o r t a n c e is h o w t o

p r o v id e a r e m e d y fo r th e p re s e n t a n o m a lo u s s it u a t io n ,
w h e r e p o p u la t io n k e e p s s t e a d ily a u g m e n t in g w h ile o u r
fa r m e r s a re p r o d u c in g n o m o r e t h a n t e n o f fifte e n y e a r s
ago.

O b v io u s ly ,

if

th e

c o n s u m p t iv e

w a n ts

of

th is

g r o w in g p o p u la t io n c a n n o t b e s u p p lie d a t h o m e , th e n
w e m u s t o p e n o u r d o o r s w id e to fo r e ig n p r o d u c t s .
I n th e e n d t h e fa r m e r h im s e lf w ill b e n e fit m o s t fr o m
su ch a cou rse.

T h e in f lo w o f th e fo r e ig n p r o d u c t w ill

fo r c e h im to a d o p t im p r o v e d m e th o d s a n d in c r e a s e th e
fe r t ilit y

o f t h e s o il, e n a b lin g h im

to

o r t r e b l e w h a t h e is n o w p r o d u c i n g .
a g g r e g a te a m o u n t r e a liz e d fr o m

p rod u ce

d o u b le

In th a t w a y th e

h is l a b o r s w i l l , i n t h e

e n d , b e in c r e a s e d , w h ile a t t h e s a m e t im e h e w ill b e
a b l e t o s e ll a t g r e a t l y r e d u c e d p r i c e s .

T h is s it u a t io n

r e a liz e d , t h e c o u n t r y w ill e n t e r u p o n a n e w a n d e n d u r ­
in g e ra o f p r o s p e r it y .

Personally, within the past few months I have received higher
I n o u r a r tic le o n th e F in a n c ia l S it u a t io n t o - d a y w e
prices for live beef cattle than have ever been known in the his­
fu r n is h illu s t r a t io n s g o in g t o s h o w h o w
g e n e r a lly
tory of our family, and we have raised and owned beef cattle
a
n
d
h
o
w
h
e
a
v
i
l
y
f
o
o
d
p
r
o
d
u
c
t
s
a
r
e
t
a
x
e
d
u
nder our
for more than 160 years. Such prices bring their own cor­
rective, as every farmer will now be madly rushing into the
cattle business. If the Beef Trust controls the cattle market,




t a r if f la w .

S c a r c e ly a n y th in g in th e a g r ic u ltu r a l

is e x e m p t f r o m c u s t o m s d u t i e s .

lin e

940

THE CHRONICLE

[VOL. L X X X X V .

a n d o f r y e t h e r e c e ip t s w e r e 2 ,6 5 2 ,0 2 1 b u s h e ls , a g a in s t
R A IL R O A D

G RO SS

E A R N IN G S FO R S E P T E M B E R .

I t is e v i d e n t f r o m
gross

e a r n in g s

fo r

1 ,2 5 6 ,5 4 7

o u r e a r ly s t a t e m e n t o f r a ilr o a d

th e

m on th

of

S e p te m b e r,

b u s h e ls .

A d d in g

th e

fiv e

w h ic h

are fo u n d

to h ave

been

1 0 5 ,7 8 2 ,4 4 0 b u s h e ls , a g a in s t

w e p re s e n t t o - d a y , t h a t t h e e a r n in g s o f U n it e d S ta te s

o n ly 7 0 ,6 0 9 ,7 9 9 b u s h e ls in 1 9 1 1 .

r a ilr o a d s f o r t h a t m o n t h , w h e n c o m p le t e d r e tu r n s a re

it

a v a ila b le ,

are

sh ow s

s h o w in g .

T h e r o a d s in c lu d e d in

t io n

g o in g

are m e r e ly

to

th ose

fu r n is h in g

p r e lim in a r y

nu es, an d

c o m p r is e

m ake

w h ic h

a

very

o u r p re s e n t t a b u la ­

p u rsu e

e s tim a te s

th e

p r a c tic e

of

o f th e ir g r o s s r e v e ­

m a in ly S o u th e r n

a n d W e s t e r n g r a in -c a r r y in g lin e s .
s y s te m s r u n n in g th r o u g h

s a t is fa c t o r y

th e m a n u fa c tu r in g d is tr ic ts

a n d w h ic h a r e p r o f it in g m o s t fr o m t h e g e n e r a l r e v iv a l o f
tra d e a n d fr o m
and

t h e e x t r a o r d in a r y a c t i v i t y o f th e ir o n

s te e l in d u s t r y — lik e

f o r in s t a n c e — a r e n o t

th e

P e n n s y lv a n ia

re p re se n te d .

R a ilr o a d ,

I t fo llo w s , th e r e ­

fo r e , t h a t t h e fin a l s t a t e m e n t o f e a r n in g s f o r t h e m o n t h
o f S e p te m b e r t o b e p u b lis h e d fo u r o r fiv e w e e k s h e n c e
w ill m a k e a n e v e n b e t t e r e x h ib it t h a n d o e s o u r p r e s ­
e n t ta b u la tio n .
W e h a v e r e t u r n s f r o m a n a g g r e g a t e o f 8 5 ,9 0 1 m i le s ,
a n d o n t h i s m i l e a g e t h e r e is a n i n c r e a s e o f $ 4 , 9 8 8 , 4 7 1
a s c o m p a r e d w ith th e c o r r e s p o n d in g p e r io d la s t y e a r .
T h is in c lu d e s t h r e e i m p o r t a n t C a n a d ia n s y s t e m s w it h
la r g e g a in s ,

t h e s a m e a s is a l w a y s t r u e o f o u r e a r l y

c o m p i l a t i o n s , b u t t h e s e t h r e e d o n o t a b s o r b s o la r g e
a p o r t io n o f th e t o t a l g a in a s in e a r lie r m o n t h s .

For

t h e C a n a d ia n P a c i f i c , t h e G r a n d T r u n k R a i l w a y a n d

$ 1 ,9 3 2 ,8 2 3 .

D e d u c tin g

t h is

be

observed,

th e

fr o m

th e

to ta l

in ­

e ffe cts

of

of

over

th e

cro p s, as co n tra ste d

w ith

T h i s is a n i n c r e a s e ,

3 5 ,0 0 0 ,0 0 0

p resen t

b u s h e ls

y e a r’s

la r g e

and
g r a in

la s t y e a r ’ s v e r y p o o r c r o p .

I n t h e f o llo w in g w e fu r n is h t h e d e ta ils o f t h e W e s t e r n
g r a in m o v e m e n t in o u r u s u a l f o r m .
WESTERN FLOUR AND GRAIN RECEIPTS.
F ou r w eeks
E n d in g
F lo u r .
S ep t. 2 8 ( b b ls.)
C h ic a g o —
1 9 1 2 ...........
6 5 0 ,9 3 5
1 9 1 1 ______
5 1 5 ,2 8 0
M i lw a u k e e —
1 9 1 2 ______
2 6 3 ,6 0 0
1 9 1 1 ______
2 5 8 ,2 2 0
S t. L o u i s —
1 9 1 2 ______
2 7 9 ,9 9 0
1 9 1 1 ______
2 7 4 ,7 0 0
T o le d o —
1 9 1 2 ...........
1 9 1 1 ______
D e tr o it—
1 9 1 2 ...........
2 8 ,6 0 0
1 9 1 1 ______
2 9 ,1 3 9
C lev ela n d —
1 9 1 2 ______
3 ,6 2 2
1 9 1 1 ,
1 ,3 3 0
P eo ria —
1 9 1 2 ...........
1 5 S .8 0 0
1 9 1 1 ______
1 8 0 ,6 0 0
D u lu th —
1 9 1 2 ...........
7 4 ,3 0 0
1 9 1 1 ______
4 7 ,3 4 5
M i n n e a p o li s
1 9 1 2 ...........
1 9 1 1 ...........
—
K a n s a s C ily -O m a h a —
1 9 1 2 ...........
1 9 1 1 ______
T o ta l o f A l l 1 9 1 2 ........... 1 ,4 5 9 ,8 4 7
1 9 1 1 ______ 1 ,3 0 6 ,6 2 0

t h e C a n a d ia n N o r t h e r n c o m b i n e d t h e in c r e a s e a m o u n t s
to

w ill

c o tto n -c a r r y in g

T h e g r e a t r a ilr o a d

c e r e a ls t o g e t h e r ,

a g g r e g a te r e c e ip ts fo r t h e f o u r w e e k s t h e p r e s e n t y e a r

W it h
in

su ch

b oth

th e

W h ea t.
(b u s h .)

C om .
(tn isli.)

O a ts .
(b u s h .)

7 ,1 S 6 ,S 0 0
2 ,7 3 7 ,S 0 0

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

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

1 ,3 5 9 ,0 0 0
3 ,1 2 1 ,0 0 0

2 8 4 ,8 0 0
2 8 1 ,5 0 0

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

9 5 2 ,1 6 0
6 0 4 ,5 5 0

2 ,2 0 3 ,2 0 0
1 ,1 1 0 ,1 0 0

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

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

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

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

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

2 3 2 ,0 0 0
4 5 4 ,1 3 2

4 8 .6 S 8
1 7 ,7 6 8

6 5 8 ,0 0 0
6 3 3 ,0 0 0

3 0 6 ,4 0 0
1 8 6 ,9 0 0

1 ,3 9 6 ,5 0 0
3 1 8 ,0 0 0

1 8 8 ,8 0 2
2 9 3 ,8 2 1

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

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

3 5 ,7 4 7
9 7 ,2 5 4

1 0 2 ,8 4 7
2 1 5 ,4 7 5

7 1 ,6 5 5
1 18.SG0

800
930

965

1 3 4 ,0 0 0
7 5 ,4 0 0

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

8 3 1 ,6 0 0
3 S 6 .6 0 0

2 0 2 ,6 4 4
3 2 1 ,1 1 6

9 7 ,0 0 0
1 9 .9 0 0

1 5 .2 2 5 .7 0 5
6 ,3 2 7 ,5 0 1

1 6 8 ,3 8 4

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

1 ,9 7 5 ,8 1 6
2 ,2 1 6 ,6 9 5

5 9 C .8 5 8
2 1 4 ,6 7 9

1 4 ,3 6 1 ,6 7 0
1 2 ,6 4 3 ,3 2 2

2 5 7 ,8 1 0
2 2 5 ,4 2 0

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

4 ,0 9 9 ,2 7 0
5 ,2 0 0 ,6 9 0

1 ,1 4 0 ,1 1 0
3 1 6 .7 S 0

7 ,3 4 1 ,7 0 0
3 ,0 5 7 ,2 0 0

6 4 8 ,5 0 0
7 0 2 ,0 0 0

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

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

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

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

la r g e g r a i n

d e liv e r ie s

N o rth w e st a n d

B a r le y .
(b u s h .)

B ye.
(b u s h .)

1 0 8 ,5 0 0
2 ,0 0 0

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

as h e re in d ic a t e d

t h e S o u t h w e s t , i t is n o t

c r e a s e o f $ 4 , 9 8 8 , 4 7 1 f o r a l l r o a d s , t h e r e is l e f t a n i n ­

s u r p r is in g t h a t t h e r o a d s in t h o s e s e c t io n s s h o u ld

cre a s e o f $ 3 ,0 5 5 ,6 4 8 ,

a b le t o s h o w v e r y la r g e g a in s in e a r n in g s .

U n ite d S ta te s .
c o u r a g in g .

o r 5 .5 8 %

f o r t h e r o a d s in th e

T h is m u s t b e lo o k e d u p o n as v e r y e n ­

T h e r e a re a fe w r o a d s t h a t h a v e s u ffe r e d

s u b s t a n t ia l lo s s e s , b u t th e s e a re m a in ly in th e S o u t h ,

N o rth e rn
fo llo w s

R y.

an

record s

in c r e a s e ,

a g a in
too,

of

o f $ 1 ,0 0 5 ,0 4 8
$ 2 5 4 ,4 3 5

be

T h e G reat

in

and

t h is

S e p te m b e r

l a s t y e a r , t h o u g h in t h e y e a r b e f o r e t h e r e w a s a l o s s

a n d th is c a lls a t t e n t io n t o t h e f a c t t h a t c o n d it io n s w e r e

o f $ 5 2 1 ,4 1 7 .

n o t a lto g e th e r fa v o r a b le d u r in g th e m o n t h , n o t w it h ­

r o a d in t h e s a m e s e c t i o n w i t h

s t a n d in g t h e g r o w in g r e v iv a l in g e n e r a l t r a d e .

i t h a v i n g a d d e d $ 1 7 5 ,1 7 4 t o i t s r e v e n u e s ; b u t t h i s f o l ­

S ou th ­

e r n r o a d s e a s t o f t h e M is s is s ip p i R i v e r s u ffe r e d a la r g e

lo w s

r e d u c tio n

S ou th w est

of

th e ir

co tto n

t r a ffic ,

th is

year’s

crop

b e in g m u c h la t e r t h a n t h a t o f la s t y e a r a n d p o s s ib ly
a ls o n o t s o la r g e .
In

a d d itio n ,

S ou th

but

$ 1 4 2 ,3 4 4
th e

lo s s in

a r e la t iv e ly la r g e g a in ,

S e p te m b e r

M is s o u r i

P a c ific

la s t

year.

record s

In

th e

$ 4 3 7 ,0 0 0

in ­

c r e a s e , t h e M is s o u r i K a n s a s & T e x a s $ 1 8 6 , 1 0 0 i n c r e a s e ,
t h e I n t e r n a t io n a l & G r e a t N o r t h e r n $ 1 9 0 ,0 0 0 in c r e a s e

a ll

th ose

T h e M i n n e a p o l i s & S t . L o u i s is a n o t h e r

roads— n o t

m e r e ly

e ls e w h e r e — la b o r e d

th ose
under

in

th e

th e

d is ­

a n d t h e S t . L o u is & S o u t h w e s t e r n $ 1 1 0 ,0 0 0 in c r e a s e ,
a ll e x c e p t t h e l a s t o n e f o l l o w i n g g a i n s i n 1 9 1 1 .

In th e

a d v a n ta g e th a t S e p te m b e r th e p re s e n t y e a r h a d fiv e

ta b le

S u n d a y s , w h e r e a s S e p t e m b e r la s t y e a r h a d o n l y fo u r .

c h a n g e s fo r th e s e p a r a t e r o a d s f o r a m o u n t s in e x c e s s

T h i s m e a n s t h a t t h e r e w e r e b u t 2 5 w o r k i n g d a y s in

of

1 9 1 2 , a g a in s t 2 6 in 1 9 1 1 .

b e n o te d t h a t th e re a re o n ly fo u r r o a d s w ith d e cr e a s e s

In th e ca se o f th e S o u th e r n

r o a d s t h is lo s s o f a w o r k i n g d a y , c o m b i n e d w it h
s h rin k a g e

in

th e

r e s u lt e d

th e

w h e th e r

fu r n is h

in c r e a s e s

or

a

su m m ary

d ecrea ses.

of
It

a ll
w ill

e x c e e d in g th e a m o u n t n a m e d , in c lu d in g th e C o lo r a d o
& S o u t h e r n , w h ic h r e p o r t s a lo s s o f $ 4 3 ,1 0 1 , d u e e n ­
t ir e ly t o th e fa c t t h a t th e C o lo r a d o S p r in g s & C r ip p le

L o u is v ille

&

in

$ 3 0 ,0 0 0 ,

p resen t w e

o f f in g r o s s r e v e n u e s , e x c e p t in t h e c a s e o f t h e la r g e r
as th e

tr a ffic ,

now

a fa llin g -

sy stem s, su ch

co tto n

we

N a s h v ille a n d

th e

C r e e k D i s t r i c t is n o t n o w i n c l u d e d in t h e r e t u r n s , b u t

S o u t h e r n R a ilw a y , w h e re th e g r e a t a c t iv it y in t h e ir o n

w a s i n c l u d e d la s t y e a r ; t h e e x c l u d e d

d is t r ic t s c a m e in a s a f a v o r in g in flu e n c e o f p a r a m o u n t

e a r n e d $ 5 6 ,1 2 4 i n S e p t e m b e r l a s t y e a r .

im p o r ta n c e .

W it h W e s te r n r o a d s , o n th e o th e r h a n d ,

t h e lo s s o f a w o r k in g d a y d id n o t c o u n t fo r s o m u c h ,
in a s m u c h

as th is w a s o ffs e t b y

a la r g e e x p a n s io n

in

t h e g r a in t r a ffic .
T h is g r a in
c e p tio n a l

m o v e m e n t th e p resen t y ea r reach ed e x ­

p r o p o r tio n s .

F or

th e

fo u r

w eeks

e n d in g

S e p t. 2 8 th e r e c e ip ts o f w h e a t, f o r in s ta n c e , th e p r e s ­
e n t y e a r a t th e W e s te r n p r im a r y m a rk e ts a g g r e g a te d
5 1 ,2 8 6 ,0 1 8

b u s h e ls ,

a g a in s t

o n ly

2 8 ,6 2 3 ,1 6 4

bu sh ­

PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER

Tnrrpnw c

Canadian Paclllc.... -$1,488,000
Great Northern......... ....... 1.005,048
Missouri Paclllc................
437,000
Grand Trunk...........
349,723
Illinois Central.... ............
297,334
Wabash.......... - ................
265,125
International & GtN or..
190,000
Missouri Kansas & T e x ..
186,100
Mlnneap & St Louis____ 175,174
Denver & Rio Grande___
141,700
St Louis South Western-110,000
Canadian Northern..........
95,100
Louisville & Nashville__
85,187
Southern Railway__
80,858
Buffalo Roch & Pitts___
76,373

e ls i n t h e c o r r e s p o n d i n g f o u r w e e k s l a s t y e a r ; t h e r e ­
c e ip ts

of

b u s h e ls ,
a g a in s t
w ere

corn
and

1 8 , 0 0 0 , 3 8 5 b u s h e l s , a g a i n s t 1 4 ,2 8 7 ,8 2 3
th e r e c e ip ts o f o a ts

1 3 ,3 5 1 ,5 0 2

o n ly

b u s h e ls ;

9 ,1 7 7 ,3 3 0

of

b u s h e ls ,

2 4 ,6 6 8 ,6 4 6 b u s h e ls ,
b a r le y
a g a in s t

th e

r e c e ip ts

1 3 ,4 4 8 ,7 5 3

b u s h e l s , b u t t h a t is t h e o n l y i t e m s h o w i n g a d e c r e a s e ,




p i e c e o f m i le a g e

W it h
tr a ffic

r e fe r e n c e
on

to

th e

Texas & Pacific— ..........
Yazoo & Miss Valley........
Mobile & Ohio..................

Increases.

69,140
68,664
41,616

Representing 18 roads
In our compilation___$5,162,148
Decreases.

Central of Georgia............ $107,500
Seaboard Air Line_______
91,667
Chesapeake & Ohio________________ 62,849
Colorado & Southern_____________ 43,101
Representing 4 roads In
our compilation------- $30o,ll7

e ff e c t o f th e s m a lle r c o t t o n

S o u th e r n r o a d s , th e s h ip m e n ts

o v e r la n d

of

c o t t o n f o r S e p t e m b e r 1 9 1 2 w e r e 2 0 ,7 3 8 b a le s , a g a in s t
2 1 ,9 3 8
is

b a le s in

t r iflin g ,

but

S e p te m b e r
at

th e

la s t y e a r .

S ou th ern

The

ou tp orts

lo s s
it

here

reach es

la r g e p r o p o r t io n s , a g g r e g a te r e c e ip t s t h e p r e s e n t y e a r

Oct. 12 1912.]
h a v in g

been

THE CHRONICLE

o n ly

1 ,0 7 4 ,2 7 7

b a le s ,

b a le s in S e p t e m b e r la s t y e a r .

a g a in s t

1 ,2 4 8 ,5 1 7

I t is i m p o r t a n t t o b e a r

E A R N IN G S O F N O R T H W E S T E R N

September.

1912.

i n m i n d t h a t t h e l o s s o c c u r r e d e n t i r e l y e a s t o f t h e M is is s s i p p i R i v e r .

A t T e x a s p o in t s t h e r e w e r e la r g e g a in s

a n d t h is h a s b e e n o n e e le m e n t in t h e fa v o r a b l e r e t u r n s
o f e a r n in g s w h ic h th e r a ilr o a d s y s t e m s in th e S o u t h ­
w est

are

c e ip ts

a b le

th e

to

m ake.

p resen t

Thus

year

w ere

at

G a lv e s to n

6 1 7 ,5 8 2

th e

b a le s ,

re­

a g a in s t

5 4 3 ,0 7 1 b a le s in S e p t e m b e r 1911 a n d 5 0 1 ,0 5 4 b a le s in
S e p te m b e r

1910,

and

at

P ort

A rth u r

6 5 ,8 5 7

b a le s ,

941
AND NORTH

1910.

1911.

P A C IF IC G R O U P .

1909.

1908.

1907.

$
S
8
S
$
1 1 ,3 2 2 ,0 0 0 9 ,8 3 4 ,0 0 0 9 ,3 1 5 ,2 1 4 8 ,3 2 3 ,1 7 8 6 ,3 9 1 ,6 7 2
1 ,3 5 3 ,1 4 8
1 ,3 1 4 ,8 1 8
1 ,3 3 8 ,7 2 8
1 ,2 3 0 ,5 8 0
1 ,1 7 1 ,4 8 1
1 ,2 1 8 ,9 3 4
1 ,1 4 7 ,6 1 0
1 ,2 0 7 ,1 1 8
9 8 0 ,1 2 7
1 ,0 4 2 ,3 3 0
2 9 9 ,1 5 5
3 1 0 ,5 0 2
2 8 3 ,4 5 7
3 0 1 ,2 3 7
2 3 7 ,7 1 7
7 ,5 5 4 ,4 0 5 6 6 ,5 4 9 ,3 5 7 6 0 ,2 9 4 ,9 2 2 6 0 .8 1 0 ,3 3 9 6 5 ,8 6 1 ,7 7 0
5 5 4 ,4 8 2
5 1 8 ,0 9 5
7 2 1 ,4 0 0 /
8 9 0 ,5 7 4
4 4 0 ,6 9 7
3 1 6 ,9 3 8
\ 3 0 9 ,2 0 2
2 8 2 ,8 0 2
2 ,5 0 4 ,7 0 5 2 ,1 8 3 ,6 0 3
c 2 ,4 9 7 ,7 4 3 2 ,4 9 7 ,7 4 3 2 ,0 5 3 ,5 1 4

C a n a d ia n P a c .
C h ic a g o & A l t .
C h ic & G t W _ *
D ul So Sh & At
G re a t N o r th ’n
M in n & S t L .\
Io w a C e n t ./
M S t P & SSM a

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

T o t a l .............. 2 5 ,1 4 4 ,0 4 1 2 2 ,4 3 1 ,8 0 3 2 1 ,2 8 8 ,9 7 7 2 1 ,0 0 6 ,4 6 4 1 7 ,0 1 8 ,0 7 8 1 6 .6 7 2 ,8 8 7
* I n c l u d e s M a s o n C i t y & F o r t D o d g e a n d t h e W i s c o n s in M i n n e s o t a & P a c i f i c in
1 91 2, 1911, 1 91 0. 1909 a n d 1 90 8.

a I n c l u d e s C h ic a g o D iv is io n in 1 9 1 2 , 1 9 1 1 , 1 9 1 0 , 1 90 9 a n d 1 9 0 8 ; f o r p r e v io u s y e a r

a g a in s t 3 1 ,4 2 3
w h ile ,

on

th e

b a le s

and

oth er

1 6 ,5 6 3

hand,

b a le s ,

r e s p e c tiv e ly ,

at Savannah

th e

r e c e ip ts

w e h a v e c o m b i n e d M in n e a p o lis S t . P a u l & S . S . M . a n d W i s c o n s in C e n t r a l

b A c t u a l fig u r e s o f e a r n in g s a r c n o w u s e d f o r c o m p a r is o n ,
c M o n t h o f S e p t e m b e r n o t y e t r e p o r t e d ; t a k e n s a m e a s la s t y e a r

w e r e o n l y 1 5 2 ,0 6 3 b a l e s , a g a i n s t 3 6 7 , 8 5 0 b a l e s i n 1 9 1 1

E A R N IN G S O F M ID D L E A N D

M ID D L E

W ESTERN

GROUP.

a n d 2 1 1 , 1 6 0 b a l e s i n 1 9 1 0 , a s t h e f o l l o w i n g t a b l e w ill
September.

sh ow .
R E C E IP T S O F C O T T O N A T
FROM JAN U ARY 1 TO

S O U T H E R N P O R T S IN
SEPTEM BER AND
S E P T E M B E R 3 0 1 9 1 2 , 191 1 A N D 1 9 1 0 .

Since January 1 .

September.
1912.

1912.

1910.

1911.

0 1 7 ,5 8 2
6 5 ,8 5 7
4 4 ,8 9 0
2 1 ,5 4 1
3 ,4 0 8
1 5 2 ,0 0 3
4 3 ,2 5 0
4 5,3 0.5

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

4 6 ,2 4 9
3 2 ,o S l
1 ,3 9 1

5 4 ,1 9 4
5 2 ,2 0 9
128

5 0 1 ,0 5 1 2 ,0 8 9 ,4 4 3 1 ,4 2 2 ,7 8 7 1 ,3 1 5 ,2 2 3
1 6 ,5 6 3
1 2 4 ,4 2 0
3 0 1 ,4 0 2
3 9 5 ,1 0 1
4 5 , . 49
6 5 5 ,3 9 4
8 5 1 ,8 0 0
6 9 3 ,3 3 9
1 8,2 11
1 0 3 ,7 1 4
1 7 4 .7 S 4
8 0 ,1 0 1
804
0 0 ,1 1 9
1 8 2 ,9 8 8
1 0 2 ,2 3 5
2 1 1 ,1 0 0
4 7 5 ,2 0 0
7 1 0 ,0 6 4
9 7 2 ,5 7 1
2 0 ,0 1 1
0 0 ,4 2 8
2 0 5 ,3 3 9
1 2 0 ,3 1 1
3 3 ,9 2 4
7 4 ,8 0 0
1 0 1 ,9 8 0
1 0 4 ,3 2 8
35
389
756
827
4 8 ,2 2 1
2 3 0 ,1 7 8
9 0 ,1 0 9
1 2 9 ,8 3 0
2 0 ,9 3 8
3 2 3 ,7 9 3
1 9 0 ,5 0 7
2 0 0 ,7 7 1
294
3 0 ,2 3 3
1 ,2 6 8
7 ,5 6 3

................................ 1 ,0 7 4 ,2 7 7 1 ,2 4 8 ,5 1 7

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

G a l v e s t o n ...........b a l e s .
P o r t A r t h u r , &c____
N e w O r l e a n s ................
M o b i l e _________________
P e n s a c o l a , & c _________
S a v a n n a h ........................
B r u n s w i c k . . ...................
C h a r l e s t o n ........ ...............
G e o r g e t o w n ____________
W i l m i n g t o n .....................
N o r f o l k .............................
N e w p o r t N e w s , & c ___
T o ta l

1910.

1911.

W h ile in th e c a s e o f s o m e o f th e r o a d s w e a re c o m ­
p a r i n g w i t h d i m i n i s h e d e a r n i n g s l a s t y e a r , t h i s is n o t
tru e o f th e ro a d s ta k e n c o lle c t iv e ly .

O u r e a r ly s t a t e ­

m e n t la s t y e a r , c o m p r is in g s u b s t a n t ia lly th e sa m e c o m ­
p a n ie s n o w
of

w h ic h

re p re se n te d , sh o w e d

$ 1 ,3 1 7 ,1 0 4

w as

$ 2 ,3 0 2 ,1 5 8 in c r e a s e ,

c o n tr ib u te d

by

th e

th ree

C a n a d ia n s y s t e m s , l e a v i n g $ 9 8 5 ,0 5 4 a s t h e g a in fo r t h e
r o a d s in t h e U n it e d S t a t e s .

In

1 9 10 o u r e a r ly s ta te ­

m e n t s s h o w e d $ 2 ,4 8 7 ,8 9 8 in c r e a s e , o r 3 . 8 1 % .
te m b e r
t io n s ,

In S e p ­

1909 th e im p r o v e m e n t w a s o f la r g e r p r o p o r ­
th e

in c r e a s e

r e a c h in g

$ 6 ,6 1 3 ,1 9 5 ,

or

1 1 .9 1 % .

B u t t h a t , o f c o u r s e , f o l l o w e d a l o s s i n 1 9 0 8 , t h e fa llin g o f f th e n b y o u r e a r ly s ta te m e n t h a v in g b e e n $ 3 ,9 8 6 ,­
2 0 2 , o r 5 .7 8 % .

P r io r to

ol

one

e a r n in g s w a s

w ill a p p e a r fr o m

of

c o n tin u o u s

im p r o v e m e n t,

th e sta te m e n t w e n o w a n n e x

as

g iv in g
to

1896.
M ile a g e .
Y r .P r e ­
c e d in g .

R o a ils M U e s . M U e s .
Y ea r.
1 8 9 0 ____
117
9 0 ,4 5 6 8 9 ,0 9 6
128
9 5 ,8 0 5 9 4 ,4 2 2
1 8 9 7 _____
123
1 8 9 8 _____
9 1 ,5 1 7 9 0 ,8 1 8
111
1 8 9 9 ____
9 5 ,7 0 0 0 4 ,5 0 3
101
1 9 0 0 ____
9 6 ,1 6 5 9 2 ,9 0 2
1 9 0 1 ____
90
1 0 1 ,1 0 5 9 9 ,2 0 4
1 9 0 2 ____
72
8 9 ,0 8 0 8 8 ,0 8 3
1 9 0 3 ____
73
9 0 ,1 8 3 8 8 ,7 0 3
66
1 9 0 1 ____
8 3 ,5 9 2 8 1 ,0 2 3
55 8 0 ,8 5 9 7 9 ,0 2 3
1 9 0 5 ____
08
9 2 ,8 3 9 9 0 ,5 2 7
1 9 0 1 ------55
7 3 ,4 8 2 7 2 ,0 0 8
1 9 0 7 ____
1 9 0 8 ------53
8 3 ,1 5 7 8 1 ,9 0 8
7 7 ,4 0 0 7 0 ,3 3 0
1 9 0 9 ........
49
8 4 ,9 9 4 8 2 ,1 6 3
1 9 1 0 ____
50
1911 .
8 3 ,8 8 9 8 2 ,0 9 9
49
1 9 1 2 _____
8 5 ,9 0 1 8 4 ,3 5 6
40
Jan. 1
1 8 9 0 ____
1 8 9 7 _____
1 8 9 8 ____
1 8 9 9 ____
1 9 0 0 ____
1 9 0 1 ------1 9 0 2 ------1 9 0 3 ____
1 9 0 1 ------1 9 0 5 ------1 9 0 6 ------1 9 0 7 ____
1 9 0 8 ------1 9 0 9 ------1 9 1 0 .. . .
1 9 1 1 -.-1 9 1 2 -------

%
0 .8 5
1 .5 2
0 .7 7
1 .2 0
3 .5 1
1 .9 8
1 .8 2
1.07
2 .4 1
2 .3 2
2 .5 5

1.12

1 .5 2
1 .4 8
3 .4 3
2 .0 0
1 .8 3

Y ea r
G iv e n .

Y ea r
P r e c e d in g .

55
68

55

51
47
49
49
40

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

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

0 .8 0
l .54
0 .7 7
1 .2 3
3 .5 1

1.99

1 .8 2
1 .0 7
2 .4 1
2 .3 2
2 .5 5
1 .1 2
1 .5 3
1 .4 2
3 .3 7
2 .0 0
1 .8 3

S

S

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

— 4 9 5 .3 5 5
+ 0 ,3 8 7 ,5 5 5
+ 2 ,7 2 5 ,8 9 8
+ 5 ,0 7 8 ,1 9 8
+ 1 ,0 9 7 ,0 1 3
+ 0 ,5 2 8 ,8 3 2
+ 5 ,3 7 0 ,4 1 3
+ 4 .4 4 4 ,5 5 1
- r 2 ,1 0 5 ,0 8 8
+ 3 ,5 0 3 ,9 2 4
+ 0 ,0 0 0 ,2 0 0
+ 4 ,1 4 4 ,7 4 9
— 3 ,9 8 0 ,2 0 2
+ 0 ,0 1 3 ,1 9 5
+ 2 ,4 8 7 ,8 9 8
+ 2 ,3 0 2 ,1 5 8
+ 4 ,9 8 8 ,4 7 1

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

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

c o m p le t e o u r a n a ly s is w e s u b jo in
in g r o u p s .




1909.

1907.

1908.

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

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

a N o lo n g e r in c lu d e s r e c e ip t s fr o m o u t s i d e o p e r a t i o n s .
b N o lo n g e r in c lu d e s r e c e ip t s f o r h ir e o f e q u i p m e n t , r e n t a ls a n d o t h e r it e m s .
c I n c l u d e s e a r n in g s o f t h e I n d i a n a p o l is S o u t h e r n b e g i n n in g w it h J u ly 1 9 1 0 .
E A R N IN G S O F S O U T H E R N G R O U P .

September.
A la b a m a G t S o
A la N O & T P
N O & N E -.
A la & V ic k s .
V ic k s S h & P
A tl B h a m & A
C e n t o f G e o r g ia
d i e s & O h io _c
C in N O & T P
L ou & N a sh .6 .
M o b ile & O h io
S e a b ’d A ir L __
S ou th ern R y . .
Y azoo & M V .

1912.

1911.

1910.

1909.

S
4 1 1 ,2 2 7

8
3 9 8 ,4 0 1

S
3 7 7 ,7 9 0

$
3 2 9 ,0 7 4

2 8 0 ,0 0 6

$
3 4 5 ,5 5 2

2 9 3 ,3 4 6
1 4 5 ,0 8 0
1 3 1,4 3 8
(4 2 94 ,78 5
1 ,1 7 6 ,9 0 0
2 ,8 8 7 ,5 0 8
8 3 8 ,0 3 6
4 ,8 3 5 ,8 4 5
9 5 1 .9 4 0
1 ,7 4 5 ,8 8 9
5 ,5 0 5 ,1 1 2
8 5 0 ,4 4 3

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

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

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

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

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

---

•

1907.

1908.

$

T o t a l .............. 2 0 ,0 7 1 ,1 5 5 2 0 ,0 2 0 ,7 9 6 1 8 ,9 1 9 ,3 8 2 1 7 ,9 9 9 ,4 1 4 1 6 ,0 0 1 ,4 4 7 1 7 ,4 9 9 ,5 3 5

a I n c l u d e s , b e g in n in g w it h t h is y e a r , s o m e la r g e it e m s o f in c o m e n o t p r e v io u s l y
I n c lu d e d in m o n t h ly r e t u r n s .

b I n c l u d e s L o u is v ille & A t l a n t i c a n d t h e F r a n k f o r t & I C i n c i n n a t i in 1 9 1 2 , 1 9I1 |
1910 and 1909.

c I n c l u d e s C h e s a p e a k e & O h io o f I n d i a n a , b e g i n n in g J u l y 1 1 9 1 0 .
d S e p t e m b e r 1 91 2 n o t y e t r e p o r t e d ; t a k e n s a m e a s la s t y e a r .
E A R N IN G S O F S O U T H W E S T E R N G R O U P .

September.

1912.

1911.

1910.

1909.

1908.

1907.

C o lo & S o u t h * .
D en v & R io G .
In te rn e t & G N
M o K an & T .a
M o P a c i f i c _____
S t L o u is S o W .
T exas & P a c ..

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

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

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

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

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

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

T o t a l .............

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

).

+
+

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

%
1 .1 8
1 4 .7 4
0 .1 4
1 0 .7 1
1 .9 2
1 0 .8 8
9 .5 5
0 .9 7
4 .1 0
0 .0 3
9 .0 1
7 .9 5
5 .7 8
1 1 .9 1
3 .8 1
3 .6 3
7 .0 9

e a r n in g s o f t h a t r o a d w e r e 8 5 0 ,1 2 4 .

a I n c l u d e s t h e T e x a s C e n tr a l in 1 9 1 2 , 1 91 1 a n d 1 9 1 0 .

W e n o w a d d o u r d e ta ile d s t a t e m e n t f o r th e m o n t h ,
c o m p r i s i n g a ll t h e r o a d s t h a t h a v e t h u s f a r f u r n i s h e d
c o m p a r is o n s
GROSS

fo r th e

E A R N IN G S

m on th
AN D

4 .4 0
3 .7 8
1 1 .3 7
8 .9 1
1 1 .0 9
1 0 .5 1
8 .3 3
1 2 .3 3
0 .3 3
7 .1 5
1 4 .5 7
1 0 .5 2
1 5.4 1
1 1 .7 2
1 3 .9 0
1 .7 4
7 .7 3

m in i n g o p e r a t i o n s

th e fo llo w in g

of

S e p te m b e r.

M IL E A G E

IN

SE PTE M B E R .

Gross Earnings.

Mileage.

Name of Road.

1912.
S
411,227

s ix -y e a r c o m p a r is o n s o f th e e a r n in g s o f le a d in g r o a d s ,
arranged

1910.

* E x c l u d e s C o l o r a d o S p r in g s & C r ip p le C r e e k D is t r i c t in 1 9 1 2 ; in S e p t . 191 1 t h e

$

Note.— N e it h e r t h e e a r n in g s o f t h e M e x i c a n r o a d s n o r t h e
o f t h e a n t h r a c it e c o a l r o a d s a r e I n c lu d e d In t h is t a b l e .

To

I n c r e a s e (+ )
or D e c r e a s e ( —

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

to S e p t. 3 0 —
111
124
122
1 08
101
93
72
75
66

Eg1

G r o s s E a r n in g s .

I Ti­
er’s e .

1911.

T o t a l .............. 1 5 ,1 8 5 ,9 5 0 1 4 ,1 5 0 ,7 0 4 1 4 ,0 2 3 ,0 2 1 1 3 ,0 0 6 .5 9 4 1 2 ,1 9 3 ,9 1 5 1 3 ,7 7 0 ,1 4 4

1908 th e S e p te m b e r re co rd

t h e S e p t e m b e r c o m p a r i s o n s f o r a ll t h e y e a r s b a c k

Y ea r
G iv e n .

1912.

S
8
S
S
8
B u ff R o c h & P
9 7 0 ,7 9 1
9 0 0 ,4 1 8
8 3 2 ,5 7 5
8 1 9 ,5 2 0
0 2 6 ,9 3 9
C h ic I n d & L o u
6 2 1 ,0 0 2
5 9 9 ,1 4 8
5 7 6 ,8 0 3
5 3 8 ,7 0 4
4 8 5 ,2 3 5
G r a n d '1 r u n k . l
G r T r k W _ _ t 4 ,7 5 9 ,2 8 2 4 ,4 0 9 ,5 5 9 4 ,1 0 7 ,9 5 5 3 ,9 4 9 ,0 0 4 3 ,5 3 4 ,8 3 0
D G II * M |
C a n a d a A tlj
I llin o is C e n t . c . 6 5 ,5 1 9 ,7 2 0 6 5 ,2 2 2 ,3 8 6 6 5 ,3 1 8 ,9 2 4 a 4 , 7 9 1 ,5 7 9 a 4 , 8 3 0 ,2 0 8
T ol Peor & W .
1 2 1 ,7 6 0
1 1 1 ,0 2 6
1 2 2 .5 2 1
1 0 5 ,1 8 7
1 0 4 ,5 2 6
T ol St L & W .
3 3 9 ,0 9 4
3 2 5 ,0 5 1
3 2 0 .0 0 8
3 1 7 ,1 3 1
2 9 2 ,2 7 1
W a b a s h ______
2 ,8 4 7 ,7 0 1
2 ,5 8 2 ,5 7 0 2 ,7 3 8 ,8 3 5 2 ,5 4 5 .4 6 9 2 ,3 1 9 ,9 0 0

Alabama Great South
Ala N O & Texas Pac
293,346
New Orleans & N E
145,680
Ala & V icksburg...
131,438
Vicks Shrev & Pac.
t/135,830
Ann A rbor--------------6,771
Bellefontc Central----976,791
Buffalo Roch & Pitts.
1,671,500
Canadian Northern__
Canadian Pacific__ __ 11,322,000
1,176,900
Central of Georgia----2,887,508
Chesapeake & Ohio__
1,353,148
Chicago & Alton . ----1,218,934
Chicago Great W est..
621,602
Chic Indianap & Louis
838,036
Cin N O & Tex Pac . .
1,245,497
Colorado & Southern.
Denver & Rio Grande 2,427,000
100,115
Detroit & Mackinac- 301,237
Duluth So Sh & A tl..
197,810
Georgia South & F la..
Grand Trk of Canada!
Grand Trk W e s t .. ) 4,759,282
Ilct G rH av* Milw
Canada Atlantic.-J
7,554,405
Great Northern..........
5,519.720
Illinois Central---------

1911.

Inc. ( + ) or
Dec. (— ).

1912.

1911.

$
398,461

$
+ 12,766

309

309

288,664
139,703
110,793
1/143,529
6,307
900,418
1,576,400
9,834,000
1,284,400
2,950,357
1,338,728
1,207,118
599,148
849,056
1,288,598
2,285,300
103,796
283,457
208,650

+4,682
+5,977
+ 17,645
— 7,699
+464
+ 76,373
+ 95,100
+ 1,488,000
— 107,500
— 62,849
+ 14,420
+ 11,816
+22,454
— 11,020
— 43,101
— 141,700
— 3.G81
+ 17,780
— 10,840

195
142
171
292
27
573
4,297
11,178
1,915
2,299
1,020
1,496
616
336
1,814
2,598
418
621
395

195
142
171
291
27
568
3,711
10,542
1,195
2,242
1,026
1,496
616
336
2,008
2,555
358
612
395

4,409,559

+349,723 4,533 4,524

6,549,357
5,222.386

+ 1,005,048 7,482 7,344
+ 297,334 4.763 4,763

9 42

[VOL. LXXXXV

T H E C H R O N IC L E

p la c e w h e n e x t r a c t e d , p lu s t h e c o s t o f e x t r a c t io n a n d t h e s e v e r a l o t h e r it e m s

Gross Earnings.

Name o[ Roacl.

1912.
Internat & Grt North.
Louisville & Nashville
Midland Valley_____
Mineral Range.. . __
Minneap & St Louis.)
Iowa Central____ J
Mo Kans & Texas.a .
Missouri Pacific.. . . .
Mobile & Ohio_____
Nevada-Cal-Oregon .
Rio Grande Southern.
St Louis Southwestern
Seaboard Air Line___
Southern Railway__
Tenn Ala & Georgia..
Texas & Pacific . __
Toledo Peoria & West
Toledo St L & West.
W abash...... ....... .......
Yazoo & Miss Valley.

Mileage.

Inc. ( + ) or
Dec. (— ).

1911.

w h ic h

1912.

1911.

$
1,196,000
4,835,845
147,830
65,331
896,574

S
1,006,000
4,750,658
123,886
61,081
721,400

$
+ 190,000 1,160 1,160
+ 85,187 4,718 4,705
+23,944
373
323
+ 1,250
127
127
+ 175,174 1,585 1,585

2,380,395
5,190,000
951,946
40,011
52,569
1,116,000
1,745,889
5,505,112
9,965
1,488,801
121,760
339,094
2,847,701
850,443

2,694,295
4,753,000
910,330
37,670
47,586
1,006,000
1,837,556
5,424,254
9,984
1,419,655
111,026
325,651
2,582,576
781,779

+ 186,100
+ 437,000
+ 41,616
+2,341
+ 4,983
+ 110,000
— 91,667
+ 80,858
— 19
+ 69,146
+ 10,734
+ 13,443
+ 265,125
+ 68,664

Total (46 roads)__ 75,580,043 70,591,572
Net increase (7.09% ).
Mexlcan Roads (not in eluded in to tal) —
601,869
669,165
Intcroceanic of Mexico
2/514,700
2/443,100
Mexican Railway..
5,281,110
5,287,218
National Rys of Mex.x

3,399
7,233
1,1 14
237
180
1,609
3,070
7,034
9
1,885
247
451
2,514
1,374

449
210

th e

sta tu te

a s a g a in s t

Oct. 1912— 450
Oct. 1912— 209H

* Sold at the Stock Exchange.

cou rse,

is p l a i n ,

and

if

th e

sta tu tory

in te n t

is c l e a r

th a t su ch

e x e m p t t h e r e s u l t is n o t a m a t t e r o f j u d i c i a l c o n c e r n .

th e

p roceed s

t h e r e s u lt s o f

c o r p o r a tio n s

a rc

A t th e s a m e tim e ,

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

f o r is o f s o m e r e l e v a n c y a s t h r o w i n g l i g h t u p o n

We

g r e s s io n a l in t e n t .

th e C o n ­

h a v e h e r e a cla s s o f c o r p o r a t io n s w h ic h o w e t io ir

p r o p e r t y a t a ll t o a v e r y l i b e r a l s y s t e m

a s c o m p a r e d w it h
of

m ore

M in in g

v a lu e

c o n t r ib u t io n s

Wc

th e v a lu e o f th e p r o p e r ty .

and

of

our

G o v e r n m m t,

ra th er

th a n

in

a c la s s o f a c t iv it y
th a n

a r c a ls o d e a lin g w it h a

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

im p o r t a n c e

Is e s s e n t i a l l y

in d iv id u a l

any

o th er

w h ic h

bra n ch

of

In d u stry .

it s

to

a gg reg a te

ow c3

e n te rp ris e .

life

The

sta tu te ,

w h ic h

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

p e c u lia r ly

a p p lic a b le

to

f u n c t i o n is o f s u c h v a l u e .

m in in g

c o r p o r a tio n s

In

V ie w in g th e m a tt e r fr o m

w h ic h

th e

corp ora te

t h e s e t w o s t a n d p o in t s ,

th e r e fo r e — o n e th e s o u r c e fr o m w h ic h th e p r o p e r t y c o m e s a n d th e o t h e r th e
v a lu e o f t h e c o r p o r a t e life — t h e r e r e s u lt s a n in it ia l p r e s u m p t io n t h a t C o n ­
gress h a d

Last previous sale.

Of

a g iv e n c o n s t r u c tio n a r c n o t t o b e c a lc u la t e d w ith if th e in te n t o f th e s ta tu te

cla s s o f c o r p o r a t io n s t o w h o m

in m i n d

t h is c la s s o f c o r p o r a t i o n s a lo n g

w ith

o th e rs, a n d

th a t

u n le s s th e te r m s o f th e s t a t u t e o t h e r w is e d e m o n s t r a t e , t h e y a r e to b e c o n ­

— 67,296 1,030 1,034
+ 71,600
395
361
— 6,108 6,062 6,001

449
210

under

th e G o v e rn m e n t.

b y w h i c h m i n i n g p r o p e r t y is a c q u i r e d , b e i n g 3 i m p l y b y p o s s e s s i o n , d e v e l o p ­

+ 1,988,471 85,901 84,356

High. Close.

a llo w a b le

m e n t , a n d f i n a l p a y m e n t o f w h a t Is in m a n y c a s e s a n I n s i g n i f i c a n t a m o u n t

s id e r e d a s in c lu d e d

B A N K IN G , F IN A N C IA L AN D L E G ISL A T IV E N E W S .
— The public sales of bank stocks this week aggregate 433
shares and were all made at the Stock Exchange. Of the
total number of shares sold all but 10 shares were of National
Bank of Commerce stock at 209-210. No trust company
stocks were sold.
BANKS — New York.
Low.
*10 City Bank, National__ ____ 445
•423 Commerce, Nat. Bank o f . . . 209

p r o p e r ly

p o s s e s s io n o f

3,399
7,233
1,114
181
180
1,499
3,046
7,089
5 95
1,885
247
451
2,514
1,374

a Includes the Texas Central In both years.
x Now Includes Mexican International in both years.
y These figures are for three weeks only In both years.

Shares.

a re

t h e r e f r o m , w ill, In p r a c t ic a l ly a ll in s t a n c e s , le a v e li t t le o r n o t h in g a s t h e
n e t In co m e to b e a ssessed b y

w it h in

th e

p r o v is io n s

of

th e A c t .

The ordinary definition of depreciation is the lessening of value. As
applied to mining properties the word carries with it, as in the case of any
other business, the idea of deterioration in visible Improvements, such as
mills and other surface structures and perhaps the underground improve­
ments, so far as they are put in by the hand of man, and, therefore, speak­
ing popularly, when wc think of depreciation in mining properties, we think
of a lessening in value by time, or perhaps by accident, of the physical
elements which go to develop and to improve the property. Now, dots this
meaning, commonly entertained and accepted and which is common to
every class of corporations, become enlarged in case of mining companies,
so as to make the extraction of ore likewise an clement of depreciation?
The Court's view is that It docs not. This conclusion is in part Induced by
the reasons which have been above discussed in connection with the term
“ net income” and in part by the peculiar nature of the mining business.
The latter is sui generis. It lives by dying. It Is a business that is In­
trinsically uncertain. The segregation of part of a stock of goods is a
definite detraction from the whole. The excavation of a body of ore,
however, may reveal other bodies and result in immeasurable increment.
The taking out of ore, while in a sense a depreciation from the body, very
often leads to the revealing of still larger bodies, and thus results not In a
lessening of the value of the claims, but in a great Increase in such value.
Mining excavation, when properly conducted, Is very often more a develop­
ment than a waste or a detraction. As applied to this class of corporation,
having as its purpose to exhaust— It may be a year hence ora hundred years
hence— the body of ore for prollt, the mere fact that ore may be extracted,
does not, in my Judgment, make the value of such ore an element to be
classed and deducted as a depreciation of the property. The Court,
therefore, holds as to this second provision of the statute that the extrac­
tion of ore does not constitute a credit in favor of mining companies upon
the account between them and the Government when this excise tax is to
be assessed.

— Under a decision of the District Court of the United
States for the District of Colorado bearing on the corpora­
tion tax law in so far as it affects mining corporations, it
is held that in determining net income the value of the ore
extracted cannot be charged off as depreciation. This is
contrary to the view of Judge Lacombe of the United States
District Court in New York, who in a decision last May
held that mining companies were entitled to deduct from
The further contention that the excise tax is a tax upon the
their gross income a reasonable amount for the depreciation
of their property resulting from the withdrawal of ore. The c o r p u s of the estate and thus a direct tax within the prohi­
latest decision is published in the Treasury Department’s bition of the Constitution is not sustained.
weekly— “ Treasury Decisions” — of Sept. 19. It was handed
— An action was begun this week to test the Constitu­
down in the case of Stratton’s Independence (Limited) vs. tionality of the provisions in the Post Office Appropriation
E. W . Ilowbert, Collector of Internal Revenue. In the Bill under which daily newspapers are required to file with
view of Judge Polk, who handed down the decision in the the Postmaster-General statements regarding circulation,
case, the net income of a mining company is the value of and newspapers and periodicals in general are called upon
the ore extracted after deducting the cost of extraction and for information as to ownership and are obliged to label
treatment, and cost of administering the company, and after as advertisements editorial or other reading matter for
a reasonable reservation for contingencies. On that point which money or other consideration is accepted. The
suit has been brought by the Journal of Commerce and Com­
the Court says:
As to what Is meant by the words “ net Income," the relevancy of this, mercial Bulletin Co. (publishers of the daily “ Journal of
results, of course, from the fact that the statute imposes an excise tax of
Commerce” and “ The Review,” a weekly), and has the en­
1% on such net income. Does “ net Income” as thus used, contemplate
an allowance In favor of the company for ore In place extracted from the dorsement of the American Newspaper Publishers’ Asso­
property, or Is it to be determined without such allowance? According to ciation, of which the complainant is a member.
Morris &.
ordinary understanding it is undoubtedly true that In the operation of
such corporations the ore extracted Is not deemed an clement to be reck­ Plante of this city, attorneys for the association, are the legal
oned with In determining the net income. In popular sense the net income representatives for the plaintiffs in the action.
The de­
of mining properties Is the value of what is extracted after deducting the fendants named in the suit are Frank Hitchcock, Postmastercost of extraction and treatment, and the cost of administering the company
which may be conducting the operations, and finally after a reasonable General; George W . Wickersham, U. S. Attorney-General;
reservation for contingencies. This is true not only as a matter of general Edward M. Morgan, Postmaster at New York, and Ilenry S.
understanding, but has been held uniformly by the courts to be a proper
rule In determining whether or not a dividend is declarable by such compa­ Wise,New York District Attorney. Commenting on theaction,
nies. The doctrine as deduced from People vs. Roberts (156 N .Y ., 585), Robert C. Morris, one of the attorneys for the plaintiffs, said:
Morawetz on Private Corporations, section 442, and other authorities, is
that the net income of a mining property for the purposes of dividends
does not take Into account so-called waste of the property by reason of
the extraction of ore in place, but that such Is to be determined by a com­
parison of the proceeds of the company, after a deduction for operation,
expenses of the company and such reasonable contingencies as may in the
light of experience be expected. The following English cases, cited by
the United States Attorney, are in point upon this: The King vs. Atwood
(30 Revised Reports, 322); Lee vs. Ncwchatcl Asphcltc Co. (41 Chancery
Dlv., p. 1); Coltness Iron Co. vs. Black, assessor (Cth Appealed Cases, p.
315); Wllmer v. McNamara & Co. (Ltd.) (1895, Second Chancery, p. 245).
If, therefore, the net income is not affected for the purposes of the divi­
dends by the amount of ore extracted, neither should it be affected by
that circumstance for the purpose of an excise tax. Wc conclude, there­
fore, that the words “ net income” do not carry with them any contempla­
tion of law that there shall be such a deduction as plaintiffs here claim.

On the question of depreciation Judge Polk says:
Coming now to the second provision of the statute and the one upon
which the argument ha3 largely been rested, does the provision requiring
“ a reasonable allowance for the depreciation of property” require a deduc­
tion for ore In plaec extracted therefrom? It Is claimed by the plaintiff
that this provision distinguishes the case from the American and English
authorities above referred to. This contention, if sustained, Is of farreaching effect. Its practical result will be to free mining companies from
any substantial obligations under this statute, since the value of ore in




The proceeding Is of far-reaching Importance, not only to newspapers
and other publications, but to all persons, In that it will demonstrate
whether the Government has power to Inquire Into and make public their
private affairs by means of an Inquisitorial law. The law Is more farreaching than any other of tills character which has been enacted, and docs
not possess the justification of the right of the Government to Inquire Into
private business affairs for the purpose of regulating commerce or Imposing
excise.
In my opinion the law Is Illegal and void because It Is beyond the power of
Congress to enact and Is In contravention of the Constitution of the United
States, as It Is a deprivation of liberty and property without due process of
law, denies equal protection of the law and abridges the freedom of the press.

It is charged that the legislation is in conflict with the First
and Fifth amendments of the Federal Constitution, and
therefore, being unconstitutional, is void, and can have no
force or effect, and an order restraining the defendants from
attempting to enforce it is asked for. In setting forth its
complaint, the plaintiff states that it has more than §1 ,0 0 0 ,­
000 invested in its daily and weekly publications, which have
w'de and favorable reputations as advertising mediums; the
i
I denial of the use of the mails for the circulating of the two
I publications (the penalty for failure to file the required state-

Oct. 12 1312

THE CHRONICLE

943

m e n t s ) w o u l d , i t s t a t e s , r e s u l t in t h e l o s s o f it s s u b s c r i p t i o n

b a n k -d e p o s it -g u a r a n t y la w p a s s e d b y

l i s t , a n d t h e lo s s in t h e a n n u a l s a l e s o f m a n y t h o u s a n d s o f

t u r e in 1 9 1 0 , w h i c h w a s t o h a v e b e e n s u b m i t t e d t o a v o t e o f

c o p ie s

of

th e

n ew sp ap er

and

m u ch

a d v e r tis in g

p a tr o n a g e .

t h e C o lo r a d o L e g i s l a ­

th e p e o p le a t th e N o v e m b e r e le c tio n .

In an a c tio n b r o u g h t

I t is f u r t h e r m o r e a s s e r t e d t h a t , in a d d i t i o n t o t h e n e w s p a p e r s

s e v e r a l m o n t h s a g o , A . E . C a r l t o n , a b a n k e r o f C r ip p le C r e e k ,

o w n e d a n d p u b li s h e d b y t h e J o u r n a l o f C o m m e r c e a n d C o m ­

a s k e d fo r a n

m e r c ia l B u lle tin C o ., u p w a r d s o f 2 5 ,0 0 0 n e w s p a p e r s , m a g a ­

t a r y o f S t a t e , f r o m p u b l i s h i n g t h e b i l l , w i t h a v i e w t o r e fe r r in g

z in e s a n d

it

U n ite d

p e r i o d ic a l s

arc

p u b lis h e d

S t a t e s , e a c h o f w h ic h

b u s in e s s ,

and

to g e th e r

(h e

in

and

th r o u g h o u t

is d o i n g a l a r g e a n d

ow ners

th e re o f

have

th e

th r iv in g
m ade

in ­

to

a v o te

p erm an en t
re q u e st.

o f d o lla r s , a n d e a c h a n d a ll o f th e m a r e e q u a lly a ffe c te d b y

th ro u g h

th e le g is la t io n .

T h e c o m p la in t fu r th e r s a y s th a t th e c o m ­
th e c ir c u la tio n o f its p u b lic a tio n s

o f th e p e o p le .

Judge

S h a ttu c k

o v e r r u le d

th e

d e m u rre r o f S ta t e A t t o r n e y -G e n e r a l G ir ffit h , a n d g r a n te d a

v e s t m e n t s in t h i s c o u n t r y o f c a s h a g g r e g a t i n g m a n y m i lli o n s

p a n y h a s n e v e r d i s c lo s e d

in ju n c tio n r e s tr a in in g J a m e s B . P e a r c e ,S e c r e ­

to

in ju n c tio n

M r.
th e

r e c e iv e

tio n .

H ou se

a

He

in

C a r lt o n

ille g a lly ,

m a jo r ity

argued

resp on se

c o n te n d e d

v o te

th a t

it s

to

th e

th a t

a lle g in g

as

c o m p la in a n t’s

th e

b ill

th a t

r e q u ir e d

p u b lic a tio n

had

it

by

gone

had

th e

f a il e d

c o n s titu ­

w o u l d b e a n e e d le s s

t o t h e p u b l i c o r t o o f f i c i a l s o f t h e G o v e r n m e n t , e x c e p t in s o f a r

e x p e n s e , m a i n l y b e c a u s e , e v e n if e n d o r s e d a t t h e e l e c t i o n , i t

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

w a s ille g a l.

s u r a n c e w e e k ly a s s e c o n d -c la s s m a t t e r , a n d a d d s t h a t :

G e n e r a l G r i f f i t h h a s e x p r e s s e d h i m s e l f a s s a t i s f ie d

Neither the United States of Am erica nor the Post Office Departm ent
nor the officials thereof nor the public at large have any Interest In knowing
or having furnished or published to It or them the circulation of the
com plainant's publications or the average of the number of paid subscrib­
ers to either thereof for the six months preceding the first day of October
1912 nor for any other period, nor Is said Information or statement thereof
material or necessary to aid or assist In the operation o f the Post Office De­
partment, or In the carrying of the malls or In the regulation thereof, nor
docs the same have anything to do with or bear any relation to the regula­
tion of the mall or the carrying of mall m atter of the second class.

S h a t t u c k ’s d e c is io n , a n d

S i m i l a r a r g u m e n t s a r c e n t e r e d a g a i n s t t h e p r o v i s i o n c a ll in g
fo r th e n a m e s

of

s to c k h o ld e r s , b o n d h o ld e r s , m o rtg a g e e s o r

o th e r se c u rity h o ld e r s .

W i t h re g a rd to th e r e q u ir e m e n t a ffe c t­

in g e d ito r ia l o r o th e r r e a d in g m a t t e r , th e c o m p la in a n t s a y s :

Y our com plainant does not publish In Its newspaper any advertisements
as editorial or reading m atter, but It does publish In Its said newspapers
reading notices and other reading com m ent, criticisms or reviews for which
either directly or Indirectly some valuable consideration Is frequently paid,
accepted or prom ised, and some or all of which are not marked "advertise­
m ent.” That all such matters arc matters of business arrangement or of favor
or otherwise between your com plainant and Its advertisers, or other persons
b y whom the consideration Is directly or indirectly promised or paid, or
from whom It Is accepted, and said A ct In so far as it prohibits the publica­
tion o f any such m atter and provides for a penalty for violation b y such
publication has no relation to the operation or regulation of the mall, and
such provision of said A ct Is not necessary or proper to assist the Government
or any department or official thereof to' carry out or perform any power
o r duty entrusted or granted to the United States by the several States
under and b y the Federal Constitution and otherwise.
I t is a l s o a s s e r t e d t h a t , a s it is t h e d u t y o f t h e d e f e n d a n t s
‘ ‘ to

com m ence

p e n a ltie s

a c r im in a l p r o s e c u t io n

fro m

th e

p r o v is io n o f sa id
to

a

w ill

c o m p la in a n t,

A c t,

your

in

t o r e c o v e r f in e s a n d
accord a n ce

c o m p la in a n t

w ill

w ith

th e

b e s u b je c te d

m u lt ip lic it y o f s u its a n d p r o s e c u t io n s a n d its p r o p e r ty
be

ta k e n

ir r e p a r a b le

and

d is s ip a te d

i n j u r y .”

by

fin e s ,

and

it

w ill

s u ffe r

I n it s f u r t h e r a r g u m e n t t h e c o m p l a i n ­

a n t se ts o u t :

The “ D enver

R e p u b lic a n ” s ta te s th a t A t t o r n e y w ith J u d g e

t h e b i l l w ill n o t b e g i v e n

a p la c e

o n th e b a llo t .
L e w is
Ir v in g

E.

P ie r s o n

N a tio n a l

has

Bank

re s ig n e d

o f th is c it y

th e w h o le s a le g r o c e r y

fir m

as

P re sid e n t

of

th e

to b e c o m e a m e m b e r o f

o f A u s tin ,

&

N ic h o ls

Co.

M r.

P ie r s o n h a s t a k e n t h e i n t e r e s t o f T h o m a s W . O r m i s t o n , w h o
r e t ir e s f r o m b u s i n e s s a f t e r t h i r t y - t h r e e y e a r s o f a c t i v e s e r v i c e
w ith th e f ir m .

M r . P ie r s o n w ill c o n t i n u e w i t h

m e n t o f th e

Ir v in g

He

P re sid e n t

becam e

Ir v in g a n d

N a tio n a l

N a tio n a l

of

as

th e

C h a ir m a n

Ir v in g

E xchange

in

banks

H e h a d p r e v io u s ly b e e n P re sid e n t o f

th e m a n a g e ­

of

th e

1907

w ere

B oard.

w hen

th e

c o n s o lid a te d .

th e la tte r .

— rI h c I n t e r n a t i o n a l B a n k i n g C o r p o r a t i o n , GO W a l l S t r e e t ,
in its t w e n t i e t h s e m i - a n n u a l s t a t e m e n t o f d a t e J u n e 2 9 ( p u b ­
lis h e d in t h e “ C h r o n i c l e ”
of 2 0 ^

m illi o n d

a n d $ 1 0 ,2 0 3 ,
sh ow s

f la s t S a t u r d a y ), re p o rts d e p o sits

, m a d e u p o f $ 1 0 ,2 7 8 ,8 8 4 tim e d e p o sits

C3 d e m a n d

a c c e p ta n c e s,

d e p o s its .

b ills

and

lo a n s f r o m

a n d a c c e p ta n c e s b y

c u rity )

8 4 ,9 3 7 ,2 9 5 ;

of

• 8 4 ,1 4 0 ,3 5 2 ;

n o te s

in

T h e b a la n c e s h e e t a lso

a ccou n ts

p a y a b le

(in c lu d in g

L o n d o n b a n k e rs a g a in s t se­

c o m m e r c ia l

c ir c u la tio n

in

c r e d it
C h in a

$ 9 5 2 ,6 4 4 a s d u e to b a n k s a n d b a n k e r s .

a c c e p ta n c e s
of

$ 4 7 7 ,7 0 0

of
and

T o ta l a sse ts ex ceed

3 8 m illio n d o lla r s — $ 3 8 ,0 5 3 ,4 8 3 — in c lu d in g c a s h o n h a n d a n d
in lo c a l d e p o s i t o r i e s o f $ 5 , 3 7 1 , 5 6 1 .

The

c a p it a l o f th e in ­

s t i t u t i o n is $ 3 , 2 5 0 , 0 0 0 ; i t h a s a s u r p lu s o f lik e a m o u n t , b e ­
s id e s a

p r o fit a n d

lo s s

b a la n c e

of

$ 5 5 8 ,2 8 9 .

The

in t e r n a ­

t i o n a l c h a r a c t e r o f t h e i n s t i t u t i o n is i n d i c a t e d in t h e l o c a t i o n
of

it s

bran ch es,

Bom bay,

w h ic h

C a lc u tta ,

have

been

S in g a p o r e ,

e s ta b lis h e d

M a n ila ,

C ebu,

in

London,

H ong

K ong,

C a n to n , S h a n g h a i, P e k in g , H a n k o w , K o b e , Y o k o h a m a , S a n

T h a t It Is absolutely necessary for the reasonable and proper enjoym ent
o f Its property and the carrying on of Its business that your complainant
should be permitted to continue the use of the mall, and that If It be denied
the privileges of the mall Its publishing plant and business will be ruined
and Its property thereby rendered worthless and of no value and irreparable
njury will be done to It.
In the absence o f such rem edy In equity, the penalties In said A ct would
be unreasonable and confiscatory and would deprive your complainant of
Its liberty and p roperty without due process of law, and would likewise
deny to it th e equal protection of the laws and would abridge the freedom of
the press, on which account your com plainant Invokes the jurisdiction of
this Court to protect It against the aforesaid threatened Invasion b y the
defendants of its Inherent rights under and guaranteed b y the Constitution
of the United States.
P o s t m a s t e r -G e n e r a l

H itc h c o c k

sta te d

on

T h u rsd ay

h e h a d r e q u e ste d A tto r n e y -G e n e r a l W ic k c r s h a m

th a t

to e x p e d ite

t h e s u i t in e v e r y p o s s i b le w a y , in t h e i n t e r e s t o f t h e p u b l i ­
c a t i o n s a s w e ll a s t h e G o v e r n m e n t ,

lie a d d e d :

“ P e r s o n a lly

I h a v e w a i v e d t h e l a c k o f ju r i s d i c t i o n o f t h e N e w Y o r k c o u r t s
o v e r a C a b in e t o ffic e r , th a t th e p r o c e e d in g m a y b e b r o u g h t
t o a n is s u e p r o m p t l y .

N o m e r e l y t e c h n i c a l le g a l o b s t a c l e s

w ill b e la i d in t h e w a y o f t h e p r o c e e d i n g s .”

F ra n c isc o , C ity o f M e x ic o , P a n a m a , E m p ir e , C . Z ., a n d C o­
lo n .
H.

T h o m a s S . H u b b a r d is P r e s i d e n t o f t h e c o r p o r a t i o n a n d
T.

S.

G reen

— A ndrew

is

G en eral M a n a g e r.

G . A g n e w , a d ir e c to r o f th e F a r m e r s ’ L o a n

N ew
6 th

Y o r k , d ie d a t h is h o m e i n N e w C a n a a n , C o n n ., o n t h e
in s t.

— An

a ssig n m e n t w as m a d e o n

S e p t. 3 0

b y th e

— A d v ic e s to th e e ffe c t th a t O c t .

1 2 , C o l u m b u s D a y , is a

C o n s o li­

d a te d S to c k E x c h a n g e h o u se o f B la ir B r o th e r s , a t 2 0 B r o a d
S tre e t,

th is

R ifk in d ;

c ity .

la te r

in

The
th e

a s s ig n m e n t w a s
day,

how ever,

m ade

O liv e r

to

A lb e r t

L.

J.

G o ld s m ith

w a s n a m e d a s r e c e iv e r f o r t h e f i r m in a n s w e r t o a p e t i t i o n in
b a n k r u p tc y

f ile d

in

b e h a lf o f s e v e ra l

c r e d ito r s .

The

fir m

w a s o r g a n i z e d in 1 9 0 7 a n d w a s c o m p o s e d o f W a l t e r B l a i r a n d
D a v id H . B la ir .

L o u is A . M o o s o f M o o s , P rin c e

a tto r n e y s fo r so m e o f th e

& N a th a n ,

c r e d i t o r s , e s t i m a t e d t h e li a b i li t i e s

o f t h e f ir m a t o v e r $ 2 0 0 , 0 0 0 a n d t h e a s s e t s a t $ 2 5 , 0 0 0 .
f ir m h a d o f f ic e s in t h e b u i l d i n g a d j o i n i n g t h a t

l e g a l h o l i d a y in M a r y l a n d b y le g i s l a t i v e e n a c t m e n t , r e c e iv e d

&

I r u s t C o . a n d a t r u s t e e o f t h e G r e e n w ic h S a v i n g s B a n k o f

know n N ew Y ork

S to ck

of

The

th e w e ll-

E x c h a n g e h o u s e o f B la ir & C o ., a

f a c t w h ic h h a s l o n g b e e n a s o u r c e o f a n n o y a n c e t o t h e l a t t e r .

b y G o v . G o ld s b o r o u g h fro m A tto r n e y -G e n e r a l P o e , h a s p re ­
c lu d e d

th e

n e c e s s ity

in a c c o r d a n c e w i t h

fo r a

p r o c la m a tio n

th e c u s to m

by

th e

G overnor,

— T h e p a y m e n t o f a th ird d iv id e n d to th e c r e d ito r s o f th e
S ta t e S a v in g s B a n k o f th is c it y w a s a n n o u n c e d b y S u p e r in ­

o f h is p r e d e c e s s o r .

te n d e n t V a n T u y l o f th e S ta te B a n k in g D e p a r t m e n t.
— A s t h e d a y is a le g a l h o l i d a y in N e w

Y o r k S t a t e , it w ill

b e g e n e r a l l y o b s e r v e d in t h e f i n a n c i a l d i s t r i c t .

of 4 0 %

— L o u i s S t i l w e l l a n d h i s s o n , L o u i s S t i h v e ll J r ., o f J o h n s o n
T o w n s h ip ,

N.

Y .,

w ho

w ith

fiv e

o th e rs

w ere a r re ste d

on

S e p t . 6 o n a c h a r g e o f s h ip p in g im m a t u r e v e a l to th is c it y
v i a i n t c r - S t a t e c o m m e r c e , p l e a d e d g u i l t y o n t h e 9 t h i n s t . in
th e U . S . D is tr ic t C o u r t o f th is c it y .

T h e e ld e r S t i lw e l l w a s

The

p re se n t d is tr ib u tio n a m o u n ts to 1 0 % , m a k in g a n a g g r e g a te
s in c e t h e b a n k c lo s e d i t s d o o r s o n D e c . 1 1 9 1 1 , t h e

c r e d it o r s h a v i n g r e c e i v e d
v io u s
— A

15%

u n d e r ea ch o f th e

tw o p re­

d e c la r a tio n s .
c h a r t e r h a s b e e n is s u e d f o r t h e E q u i t a b l e T r u s t C o .

o f A tla n tic

C ity ,

N.

J .,

w ith

$ 2 0 0 ,0 0 0

c a p it a l.

E x -M a y o r

H a r r y B a c h a r a c h is t o b e t h e P r e s i d e n t o f t h e i n s t i t u t i o n .

s e n t e n c e d t o f i v e d a y s o n B l a c k w e l l ’ s I s l a n d a n d a f in e o f S 5 0
w a s im p o se d

on

h is s o n .

The

se n te n c e s o f

N e g o t ia t io n s a r e p e n d in g lo o k in g to a c o n s o lid a tio n o f

th e o th e r fiv e

w h o a n s w e r e d t o s i m i l a r c h a r g e s , w e r e in d i c a t e d in o u r is s u e
o f la s t S a tu r d a y .

th e

S ta te

N a tio n a l

Bank

N a tio n a l B a n k o f th a t c ity .

of

B o sto n

w ith

th e

M e rc h a n ts’

W i t h t h i s e n d in v i e w a n o f f e r

f o r t h e s a l e o f t h e i r h o ld i n g s lia s b e e n m a d e t o
— U n d e r a r u lin g g iv e n o n th e 2 4 t h u l t . , J u d g e S h a t t u c k
o f t h e D i s t r i c t C o u r t a t D e n v e r h o l d s a s u n c o n s t i t u t i o n a l th e




h o ld e r s o f t h e S t a t e
th e fo llo w in g le tte r :

N a tio n a l B a n k

by

C u r t is

&

th e s to c k ­
S a n g e r in

944

THE CHRONICLE

“ Curtis & Sanger hereby offer to purchase the shares of stock of the State
National Bank held b y you , on the following terms:
“ Upon delivery of the certificates of stock duly endorsed, Curtis & Sanger
will pay you therefor at the rate of $200 per share, and will deliver to you 1
addition a liquidation receipt entitling you to receive such further sum per
share as the liquidation of the assets of the bank shall yield in excess of
$175 per share, less expenses of liquidation and a commission of $1 00 per
share to be paid to Curtis & Sanger for their services in the matter.
“ As a part of this offer Curtis & Sanger further offer you the privilege of
purchasing at $300 per share, one share of the Merchants’ National Bank of
Boston for every four shares of State National Bank stock owned b y you,
the present market price of Merchants’ National Bank stock being about
$305 per ahare.
“ This offer is made contingent upon and subject to its acceptance b y at
least two-thirds of the total amount of stock of the State National Bank
outstand ing.”
P re sid e n t

A lfr e d

L.

R ip le y

of

th e

S ta te

N a tio n a l

Bank

h a s a l s o is s u e d a l e t t e r t o h is s t o c k h o l d e r s i n w h i c h h e s a y s :

“ The directors of the State National Bank, at a special meeting lickl on
M on day, Oct. 7, voted to accept the above offer for themselves and to rec­
om m end Its acceptance to their stockholders as an exceedingly advanta­
geous one. Tile offer has already m et the approval and assent of a ma­
jority of the larger stockholders.”

These false entries were m ade in the teller’s cash book, listing drafts,
checks and other Items as actual currency. The greater part of this paper
was drawn on George W . Galbreath, o f St. Louis, a brother of the defend­
a n t.”
F orm er

w as

p r o je c te d .

co n tro l o f
o ffe r s

of

In

th e

per

The

n e g o tia tio n s

in s ta n c e

M e rc h a n ts’

$270

brok ers.

th a t

sh a re

cau ses

w ere

N a tio n a l

w ere

w as

fo r

stro n g

u n d e rsto o d

w as

m ade

a ssig n e d

th e

it

so u g h t,

fo r

th e

it s

and

sto c k

r a is e d

th a t

th ro u g h

su sp e n sio n

o b je c tio n s

th a t

of

by

th ese

in a b ility

to ag ree u p o n

c lu d in g

th e

M e rc h a n ts’

c o n s o lid a tio n
in te n tio n

th e v a lu a tio n

as

now

N a tio n a l

p ro p osed

to p la c e th e S t a t e

o f c e r ta in a s s e t s , in ­

Bank

B u ild in g .

is c a r r ie d

If

th ro u g h

N a t i o n a l in l i q u i d a t i o n .

r e p o r t e d t h a t t h e r e is t o b e n o in c r e a s e i

N a tio

b o u g h t in t h e o p e n m a r k e t .
d e p o sits

$ 1 4 ,1 9 3 ,0 0 0 .

over

s u r p lu s

T hd M ert

The

and

S ta te

p r o fits

$ 1 0 ,0 0 0 ,0 0 0 .

B o th

is

to th e

I ” v ' n g , i t is s a i d , b e e n
. i s ' N a tio n a l h a s

a c a p i t a l o f $ 3 , 0 0 0 , 0 0 0 , s u r p lu s a n d p r o f i t s o i
c a p ita l,

th e
It

th e c a p ita l o f th e

M e r c h a n t s ’ N a t i o n a l , t h e s t o c k o f t h e !: t t e r o f f e r e d
s h a r e h o ld e r s o f t h e S t a t e

th e

i t is

of

3 ,0 9 8 ,0 0 0 a n d

N a tio n a l h a s

$ 1 ,7 6 8 ,0 1 9

banks

d a te

back

d e p o sits

a

good

of

m any

w as

a rre ste d

la s t

M ay

on

T h e charges

t e m p o r a r i l y in c h a r g e o f t h e C i n c i n n a t i C l e a r i n g - H o u s e A s s o ­
c ia t io n .

The

r e o r g a n iz a tio n

of

th e

bank

w as

e ffe c te d

in

J u ly .
— A

rep o rt

C o n tin e n ta l
la s t

w eek

th a t

&

G eorge

M.

R e y n o ld s ,

P re sid e n t

C o m m e r c ia l N a t io n a l B a n k

su ffe re d

an

a tta ck

of

a c u te

of

th e

o f C h ic a g o , w h o

in d ig e s tio n ,

r e t ir e f r o m a c t i v e b u s i n e s s , h a s b e e n d e n i e d in

w o u ld

th e fo llo w in g

s t a t e m e n t w h ic h w e ta k e fr o m t h e “ I n t e r -O c e a n ” :

“ Mr. R eynolds denies the slightest foundation for the rumor that has
gained currency to the effect that he intends to resign his position as
President o f the Continental & Commercial National Bank. lie is merely
suffering from an attack o f indigestion, from which he is rapidly recovering,
and he expects to be at his desk in a few d a y s.”
— The

C en tra l

o r g a n ize d
on

th e

M a n u fa c tu r in g

r e c e n tly

7 th

in st.

w ith
It

D is tr ic t

$ 2 5 0 ,0 0 0

is l o c a t e d

Bank

c a p it a l,

at

1112

of

C h ic a g o ,

began

b u s in e s s

W est

3 5 th

S tre e t.

T h e P r e s i d e n t is E . E . P a y n e , w h o is a s s o c i a t e d w i t h I I . E .
P o r o n to as
— The

w ill

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

O gden

C h ic a g o

w it h

ta k e

A venue

a

S ta te

c a p ita l o f

over

th e

la tte r .

L a te r

cou rse

of

b u s in e s s

it

w ill

of

G r a e t t i n g c r , C a s h ie r .
h a s b e e n o r g a n ize d

at

th e

N ov.

lo c a te

c o n s tr u c tio n

M. A.
Bank

$ 2 0 0 , 0 0 0 ; i t is r e p o r t e d ,

b e g in n in g o p e r a tio n s a b o u t

G la s e r

1,

in

in

th e

new

3616

and

3618

G la s e r , P r e s i d e n t ;
V ic e -P r e s id e n t s ;

C ly d e C . A m s le r a n d

Bank,

q u a r te r s o f th e
b u ild in g

now

O gden

in

Avenue.

B e n ja m in J .

M ic h a e l H .

A r t h u r C . A m s l e r , C a s h ie r , a n d

C u r d a , A s s i s t a n t C a s h ie r .

in

t h a t it

S a v in g s

th e

T h e o f f ic e r s c h o s e n f o r t h e n e w i n s t i t u t i o n a r e :

K e e fe ,

F ran k

R.

T h e s t o c k is b e i n g s o l d a t $ 1 1 0

per sh a re.
—T h e

$ 2 ,0 0 0 ,0 0 0

and

G a lb r e a th

d e v e lo p e d d u r in g th e tim e th e a ffa ir s o f th e in s t it u t io n w e re

sev era l

o f th e la r g e s t o c k h o ld e r s o f th e M e r c h a n t s ’ N a t io n a l a n d a n

P re sid e n t

ch a rg e s o f m is a p p r o p r ia tin g th e b a n k ’s fu n d s .

M o r e t h a n a y e a r a n d a h a l f a g o — t h a t i s , e a r l y in 1 9 1 1 —
a s im ila r m o v e m e n t f o r th e m e r g e r o f th e s e tw o in s titu t io n s

[VOL. L X X X X V .

Second

N a tio n a l

Bank

of

S t.

P aul

is r e p o r t e d

to

h a v e b e e n f o r m a l l y t r a n s f e r r e d t o J a m e s J . H i ll a t a m e e t i n g
o f t h e d ir e c t o r s o n T h u r s d a y .

M r.

H i ll p a i d

$310

fo r th e

y e a r s ; th e r e a s o n s a c t u a t in g th o s e w h o a r e s e e k in g to b r in g

s to c k o f th e b a n k (c a p ita l $ 4 0 0 ,0 0 0 ) , c h e c k s t o t a lin g $ 1 ,2 4 0 ,­

about

w o u ld

000

b e in g

econom y

W .

B . D e a n , i t is u n d e r s t o o d , w ill c o n t i n u e a s

be

th e ir

o ffe re d

u n io n
by

are

th e

th e

g rea te r

c o n s o lid a tio n

fa c ilitie s

and

th e

w h ic h

g r ea te r

te n d ered

in

u n d e r w h ic h b u s i n e s s c o u l d b e c a r r ie d o n t h r o u g h t h e c o m ­

d e n t.

o f th e F ir s t N a tio n a l B a n k o f S t . P a u l w ith

— S te p h e n

R.

D o w , o f th e B o s to n

e x p e lle d fr o m
The

m e m b e r sh ip

in

M r.

of m oney

D ow

w as

E x c h a n g e fir m

th e e x c h a n g e o n

a c t i o n f o l l o w e d t h e a l le g e d

b o r r o w in g

S to c k

& C o . , w h ic h a s s i g n e d o n S e p t . 2 4 , w a s

fro m

m in in g

P re sid e n t.

M r.

H i ll is a l s o

s o lid a tin g th e tw o .

T h e F ir s t N a tio n a l

M r.

to h a v e o ffe re d

H i ll is r e p o r t e d

— C . L . H e r r in g , P r e s id e n t o f th e H e r r in g M o t o r C a r C o .,

D ow

appeared

b e fo r e

o f D e s M o in e s , I o w a .
s ig n e d

becau se

— Seven

H e su cceed s

in d ic tm e n ts

are

B o is e S t a t e B a n k o f B o is e , I d a h o .

u n d e r sto o d
and

th e

expel

to h a v e

a c tio n

h im

w as

th a t

to

of

W illia m

D ow

C o m m itte e

in v e s t ig a t io n

Co.

R eed

appeared

charge

M in in g

ch arges.

h i s r i g h t s in

G o v e r n in g

fu r th e r

to

th e

He

la r c e n y

w as

in

in

1886.

court
of

in

th e
in

He

is

m a tte r,

v o tin g

fo llo w e d

T h e la s t p r e v io u s e x p u ls io n fr o m

i n s t .,

sa id

r e p ly

la te r w a iv e d
th e

w it h o u t

2 n d in s t.

3d

of

to

on

to
th e

th e E x c h a n g e

On

T h u rsd ay,

an sw er

to

a

A p r il

C a s h ie r

of

th e

H e js u c c e c d s E r n e s t J . F ic lit,
w ith

th e fir m

of J. Iia r -

F o r th e p a s t e ig h t y e a rs M r . R a b b e

of

th e

o f M a r y la n d A v e ., B a ltim o r e o n
fa th e r , th e la te G e n .
— An
tu r n e d

R obert

&

D e p o sit C o .

t h e 2 d i n s t . t o s u c c e e d h is

O ber.

in d ic tm e n t c o n ta in in g
by

F id e lity

on

co u n ts w as

th e 3 d

re ­

in s t. a g a in s t

E l m e r E . G a l b r e a t h , f o r m e r P r e s i d e n t o f^ t lie S e c o n d N a t i o n a l
B a n k o f C in c in n a ti.
th e ^ fir s t
tio n

n in e

co u n ts

o f f u n d s in

charge

f a ls e

th e

e n tr ie s

A c c o r d i n g t o t h e C i n c i n n a t i “ E n q u i r e r ,”
charge

th e

to ta l su m
in v o lv in g

accu sed

w ith

o f $ 4 1 ,9 0 7 ;
a

to ta l

of

m is a p p lic a ­

co u n ts
$ 2 4 ,6 2 3 ;

1 0 to l6
co u n ts

1 6 At o 2 8 c h a r g e t h e e m b e z z l e m e n t o f a n a g g r e g a t e o f $ 3 6 , 6 0 0 ;
w h ile c o u n t s 2 8 a n d
T h e “ E n q u ir e r ” s a y s :




29

Bank

of

G u th r ie ,

T h e b a n k f a il e d

th e C en tra l

P . H illia r d , o n th e 1 st in s t.

T h e a c t i o n is d u e t o t h e d e s ir e

o f t h e d ir e c t o r s t o in c r e a s e t h e s u r p lu s t o 2 0 %

o f its c a p it a l—

th a t is ,

w o u ld

to

b r in g

it

up

to

$ 2 0 0 ,0 0 0 — w h ic h

th e re b y

p la c e i t in a p o s i t i o n t o p a r t i c i p a t e in t h e p r i v i l e g e s o f a n a ­
tio n a l

cu rren cy

a sso c ia tio n

p r o v id e d

fo r

under

th e A ld r ic h

U n d e r th e S e p t. 4 s ta te m e n t o f th e b a n k

per an n u m
— The

o n its $ 1 ,0 0 0 ,0 0 0

M is s i s s ip p i

tr ib u tin g

to

its

i t s s u r p lu s

T h e in s titu t io n h a s b e e n p a y in g 5 %

V a lle y

f r ie n d s

a

c a p it a l.
T ru st

Co.

b o o k le t

of

S t.

e n title d

L o u is

“ T en

is

d is ­

T a lk s

on

B a n k in g L a w ,” in c lu d in g “ C o m m o n S e n s e , th e L a w a n d th e

t w e n t y -n in e

th e F e d e r a l G r a n d jJ u r y

th e

N a t i o n a l B a n k o f S t . L o u i s w a s a n n o u n c e d b y it s P r e s i d e n t ,

a m o u n te d to $ 1 0 1 ,0 2 7 .

c o m m itte e

by

1904.

B a n k o f B a ltim o r e .

th e e x e c u tiv e

th e m a k ­

c lo s e d

— T h e te m p o r a r y s u s p e n s io n o f d iv id e n d s b y

b ill.

— G u s t a v u s O b e r J r . w a s e le c te d a d ir e c to r a n d m e m b e r

d e fu n c t

to h a v e b e e n p a id to

N a tio n a l

in

h a d b e e n S e c r e ta r y a n d T r e a s u r e r o f th e S t . J a m e s S a v in g s

of

is r e p o r t e d

C a p ito l

$ 5 0 ,0 0 0 .

e le c t e d

re tu r n e d

th e

a f a ls e e n t r y in

w as

of

th is w e e k ,

been
of

1911.

bonds

to b e c o m e a sso c ia te d

m a n u s F is h e r & S o n .

19

under

been

G e r m a n B a n k o f B a ltim o r e .

th e

D ec.

O k la ., w ith th e r e c e n t d is t r ib u tio n o f 5 % .

H .
has

of

m a k in g

T h e in s titu t io n

— A n a g g re g a te o f 7 5 %
d e p o sito rs

in

F r a n k lin

li a b i li t i e s o f $ 5 2 0 , 1 6 0 .

w h o r e tire d

th e b o o k s o f th e b a n k .

w h o re ­

T h e c h a r g e s , i t is s t a t e d

th e

r e le a s e d

R abbe

have

P r e sid e n t

fro m

s h o w e d to t a l a s s e ts (o f d a te S e p t . 2 3 ) o f $ 1 4 2 ,1 6 9 , a n d to ta l

C.

a id in g

S ta te B a n k in g D e p a r tm e n t o n

th e

R egu r,

c ity .

“ I d a h o S t a t e s m a n , ” a lle g e e m b e z z l e m e n t ,

in g o f f a l s e r e p o r t s a n d

th e

w arrant

th e

to

fo r m e r ly

S.

th e

$ 1 0 3 ,0 0 0

T h e r e p o r t o f t h e a s s i g n e e is s u e d o n T h u r s d a y o f

— C on rad

by

Payne,

sa id

ber

w h ic h

W .

o f h is r e m o v a l f r o m

a g a in s t E d w a r d

in

$ 3 2 5 p e r s h a r e f o r it s

h a s b e e n e le c t e d a d i r e c t o r o f t h e D c s M o in e s N a t i o n a l B a n k

w a s h is r ig h t u n d e r th e b y -la w w h ic h g r a n ts a n a c c u s e d m e m ­
tim e

a v ie w to c o n ­

h a s $ 1 ,0 0 0 ,0 0 0 a n d

sto c k .

w h e n , i t is r e p o r t e d , h e r e f u s e d t o a n s w e r a n y q u e s t i o n s , a s

d ays’

s e e k in g c o n tr o l

u n a u th o r iz e d

of

th e G o v e r n in g C o m m itte e o f th e E x c h a n g e on th e 2 7 t li u lt .,

te n

tr a n s a c tio n .
A c t i n g P r e s i­

c o m p a n i e s o f w h ic h

d i s c lo s u r e

th e

th e 2 d in s t .

th a t M r .

th e

b in a tio n .

o f S te p h e n R . D o w

I t is r u m o r e d

c o n s u m m a tin g

c h a rg e th e a b s tr a c t io n o f $ 1 3 ,5 0 0 .
.........

B a n k e r ,”
p a n y ’s

by

W illia m

o ffic ia ls ;

th e

M cC h csn cy
la t t e r

M a r tin ,

s u b je c t

is

one
a

a d d r e s s o f M r . M a r t in s ’ d e liv e r e d b e fo r e th e
B an k ers’

A s s o c ia tio n

q u e s tio n s s u c h a s o v e r d r a f t s , e sc ro w

r a is e d
and

c h e c k s, p ro m isso ry
in te r e s t

and

be

of

n o te s,

As

th e

th e

1912

everyd ay

great

C o n v e n tio n .

of

r e p r in t

w ork

com ­
of

an

M is s o u r i
tre a ts

of

a g re e m e n ts,

& c ., it o u g h t to p r o v e o f

p ra c tic a l

b e n e fit

to

b o th

banker

c u sto m e r.

—J.

W a lle r

R od es,

P r e sid e n t

N a tio n a l B a n k o f L e x in g to n ,

of

Ky.,

th e

P h o e n ix

&

d ie d o n t h o 2 5 t h

T h ir d

ult. at

F ra n k fo r t,

w h ere h e

had

gone

on

a b u s in e s s

tr ip .

D e a th

f o l l o w e d t w o s t r o k e s o f p a r a l y s i s w h ic h h e s u f f e r e d t h e p r e ­
v io u s

day.

M r.

R odes

w as

one

of

th e

o rg a n ize rs

of

th e

P h o e n i x N a t i o n a l B a n k . H e s e r v e d a s it s C a s h ie r f o r m o r e t h a n
t w e n t y y e a r s , a n d e v e n t u a lly b e c a m e its P r e s id e n t, h a v in g
f i ll e d

th is o ffic e a t

945

THE CHRONICLE

Oct. 12 1912.]

th e

tim e

of

th e

c o n s o lid a tio n

w ith

th e

-------- September-------- -----------To Oct. 1--------- —
Port—
1912.
1911.
1912.
1911.
Escanaba
_____ 770,974
668,595
4,010,985 3,086,847
Marnuette
" '
- - - 500,178
307,904
2,507,578 1,568,711
Ashland
- 757,764
308,945
3,623,101
1,878,786
.2,031,086 1,503,830
11,097,276 7,946,109
S u p e r io r -----------------------Duluth ..............
..1 ,6 5 2 ,7 3 5 1,131,247 % 7,729,187 5,501,364
7,310,195 4,855,320
TWO H arbors. . 1’ . '. - - - - ______ 1,508,493 1,130,482
T o t a l ______________

7,287,230 5,231,009

30,338,382 24,837,137

T h i r d N a t i o n a l e a r l y l a s t y e a r , w h e n h e w a s r e t a in e d in t h e
p r e s id e n c y o f th e n e w o r g a n iz a tio n .

M r. R od es w as T reas­

I W

o u c t a c n E fflo m m

c v d a lg t ig t ls lx I t e t t r a

u re r o f F a y e t t e C o u n t y fo r a b o u t e ig h te e n y e a r s , a n d h a d a ls o
s e r v e d a s b o th D e p u t y S h e r iff a n d S h e r iff o f th e C o u n t y .
— A t a m e e tin g o n S e p t. 2 6

th e s to c k h o ld e r s o f th e C iti-

e n s ’ T r u s t C o . o f S a v a n n a h , G a . , r a t if ie d a p r o p o s i t i o n t o
in c r e a s e t h e c a p i t a l f r o m

$ 1 0 0 ,0 0 0

to

$ 1 5 0 ,0 0 0 .

— T h e n e w $ 1 ,0 0 0 ,0 0 0 c a p it a l o f th e C itiz e n s ’ & S o u th e r n
B a n k o f S a v a n n a h , G a . , w e n t in t o e f f e c t o n t h e 1 s t i n s t .
a m o u n t h a s b e e n r a is e d f r o m
p la n s p e r fe c te d
w as

ta k e n

by

sev era l m o n th s a g o .
th e

T h e a d d itio n a l s to c k

e x i s t i n g s h a r e h o ld e r s a t

T h e s u r p lu s h a s li k e w i s e b e e n in c r e a s e d
h a v in g b e e n

a c c o m p li s h e d

$ 3 0 0 ,0 0 0 fro m

by

lh e

$ 7 0 0 , 0 0 0 , in a c c o r d a n c e w i t h

th e

$100

to

tr a n sfe r

per sh a re.

$ 1 ,0 0 0 ,0 0 0
to

th is

t h a t it e m

of

th e u n d iv id e d p r o fits .

___T h e n e w ly o r g a n i z e d
G a . , t o w h ic h e x t e n d e d

M acon N a tio n a l B a n k

of M acon,

r e fe r e n c e w a s m a d e in o u r is s u e o f

S e p t . 2 1 , b e g a n b u s in e s s o n t h e 3 d i n s t . in t h e G e o r g i a L i f e
B u ild in g .

T h e in s titu t io n h a s a c a p ita l o f $ 1 5 0 ,0 0 0 .

m anagem ent
R ob ert

G.

c o n s is ts
Jordan

of

R ic h a r d

and

Jesse

B.

R i c h a r d E , F i n d l a y , C a s h ie r , a n d
S.

F.

L a w to n ,

H a rt,
H en ry

The

P re sid e n t;

V ic e -P r e s id e n t s ;
C.

K in g a n d

B en

H e a r d , A s s i s t a n t C a s h ie r s .
— T . M . W i n g o is r e p o r t e d

to h a v e re sig n e d a s P r e s id e n t

o f th e A m e r ic a n N a t io n a l B a n k o f E l P a s o , T e x ., to b e c o m e
V ic e -P r e s id e n t o f th e

R io

G ra n d e V a lle y B a n k & T r u s t C o .

o f th a t c ity .
— A

s e c o n d c a ll o f 1 0 %

o n th e s u b s c r ib e d c a p it a l o f $ 1 0 ,­

0 0 0 ,0 0 0 o f th e B a n q u e In t e r n a tio n a le d u

C anada w as m ade

by

p a id -in

th e

d ir e c t o r s

on

th e

2 5 th

u lt .

The

c a p ita l

of

t h e i n s t i t u t i o n is $ 1 , 3 5 8 , 3 2 8 .

TRADE

AND

T R A F F IC

M OVEM ENTS.

A N T H R A C I T E C O A L P R O D U C T I O N .— N o tw it h s ta n d ­
in g th e s c a r c it y o f a n th r a c ite c o a l, th e s h ip m e n t s to tid e ­
w a t e r d u r i n g S e p t e m b e r w e r e o n l y 1 4 5 , 5 6 1 t o n s in e x c e s s
o f th o s e fo r S e p te m b e r 1 9 1 1 .
T h e to n n a g e w o u ld h a v e b e e n
m u c h g r e a t e r b u t f o r t h e f a c t t h a t t h e m e n d id n o t w o r k
s t e a d i ly , th e L e h ig h C o a l & N a v ig a t io n m in e s h a v in g b e e n
c lo s e d e n t i r e ly a n d w o r k s t o p p e d a t m a n y o t h e r c o llie r ie s
fo r triv ia l re a so n s.
T h e fo llo w in g t a b le g iv e s th e s h ip m e n ts
b y t h e v a r i o u s c a r r ie r s f o r S e p t e m b e r 1 9 1 2 a n d 1 9 1 1 a n d f o r
th e p e r io d s fr o m

J a n . 1 to S e p t . 3 0 :

------- -September-------Road—
1912.
1911.
Philadelphia & R e a d in g .to n s -1,184,594 1,050,942
Lehigh V alley________________ 1,168,649 1,004,704
Central HR. of New Jersey---- 091,253 700,329
Delaware Lack. & W estern___ 835,310 849,444
Delaware & H udson----------------- 579,792 016,109
P en n sy lv a n ia-------------------------- 521,741 459,763
E r i c .................................
083,026
Ontario & W estern___________ 212,125 193,854

— Jan. 1 to Sept. 30—
1911.
1912.
8,950,472 9,405,102
8,287,807 9,347,192
5,830,831 0,657,782
0,354,940 7,305,929
4,530,977 5,408,700
3,948,019 4,043,824
5,303,084
730,130 0,642,527
1,023,083 1,905,197

T o t a l ........... ........................ -.5 ,8 7 6 ,4 9 0 5,730,935

44,835,219 51,370,379

COPPER

P R O D U C T IO N

AND

C O N S U M P T I O N .— T h e

s t a t e m e n t o f th e C o p p e r P r o d u c e r s ’ A s s o c ia t io n fo r th e m o n t h
o f S e p t e m b e r , is s u e d o n T u e s d a y , s h o w e d a n in c r e a s e o f
2 4 5 0 0 8 6 9 l b s . in t h e o u t p u t o f c o p p e r o v e r t h e s a m e m o n t h
l a s t y e a r , b u t a f a lli n g o f f o f 5 , 5 3 8 , 7 0 2 l b s . f r o m t h e r e c o r d to t a l o f th e p r e c e d in g m o n t h .
T h e p r o d u c t i o n w a s 1 4 0 ,­
0 8 9 , 8 1 9 l b s . in S e p t e m b e r 1 9 1 2 ; a g a i n s t 1 4 5 , 6 2 8 , 5 2 1 l b s .
in A u g u s t a n d 1 1 5 , 5 8 8 , 9 5 0 l b s . in S e p t e m b e r 1 9 1 1 .
U n s o ld
s t o c k s o f c o p p e r in t h e U n i t e d S t a t e s in c r e a s e d 1 6 , 3 6 4 , 2 1 3
lb s . d u r in g th e m o n t h .
B e lo w w e fu r n is h a c o m p a r is o n
o f t h e v a r io u s i t e m s f o r t h e m o n t h s o f S e p t e m b e r 1 9 1 2 a n d
1 9 1 1 a n d f o r t h e p e r i o d s f r o m J a n . 1 t o S e p t . 3 0 t h is y e a r a n d
la s t.
W e a ls o a d d f ig u r e s i n d i c a t i n g t h e E u r o p e a n v i s i b l e
s u p p l y , w h ic h l a s t w a s r e d u c e d 3 , 1 9 8 , 7 2 0 l b s . d u r i n g t h e

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 .
T h e d a i l y c lo s i n g q u o t a t i o n s f o r s e c u r i t i e s , & c . , a t L o n d o n ,
a s r e p o r te d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :

Jjondon.
Week ending Oct. 11.
Sat.
Mon.
Silver,peroz____________d . 29%
29 9-10
tfConsols, 2% per cents........ 73 15-10 74
74%
dFor account_____________ 74%
dFrench Rentes (In Paris) .fr. 90.30 90.12%
94%
Amalgamated Copper Co----- 94%
90%
Am. Smelt. & Refining Co— 90%
9%
6Anaconda Mining Co______ 9%
144%
Atch. Topeka & Santa Fe__ 114%
105%
Preferred_____________ .105%
112%
Baltimore & Ohio_________ .112
88%
Preferred............... ....... . 88%
285
Canadian Pacific__________ .285%
87%
Chesapeake & O hio........... - 87%
18
Chicago Great Western----- . 18
110%
Chicago Milw. & St. Paul.. .116
24
Denver & Rio Grande------- . 24
42%
Preferred_______ _______ 42
38%
Erie ------------38%
55%
First Preferred__________50
40
Second Preferred------------ 46
145
Great Northern, preferred— 144%
134
Illinois Central — .................134%
168
Louisville & Nashville--------- 167%
31%
Missouri Kansas & Texas— 31%
00%
Preferred_______________06%
47
Missouri Pacific...................... 46%
65%
Nat. R R. of Mex., 1st p ref.. 65%
29%
Second Preferred..............- 29%
120%
N. Y. Central & Hudson Riv.120%
38%
N. Y. Ontario & W estern... 38
120
Norfolk & Western________ 120%
92
Preferred........................... 92
132%
Northern Pacific---------------- 132%
04%
aPennsylvania-------------------64%
90%
aReading Company........90%
46
a First preferred............ 4o
49%
a Second preferred.......... - 49%
29%
Rock Island ..........................f
116%
Southern Pacific------------------“ 6%
32%
Southern Railway----------------32%
88%
Preferred__________________88%
Union Pacific........................179% 179%
92%
Preferred............- ............. 92%
81%
U. S. Steel Corporation........ 81%
119%
Preferred........................... 119%
5%
Wabash ....................................5%
15%
Preferred............................ ‘ 5%
71
Extended 4s-------------------71
a Price per share.

— Jan. 1 to Sept. 3 0 ­
1912.
1911.

m o n th la s t y e a r .
B e lo w w e s h o w th e m o v e m e n t fr o m th e
v a r i o u s p o r t s in S e p t e m b e r 1 9 1 2 a n d 1 9 1 1 a n d f o r t h e p e r i o d
to d a t e th is y e a r a n d la s t :




133%
04%
90
40

133*"
64
90
46

132%
64%
90%
46

29
116%
32
88
178%
92%
89%
119
5
15%
70%

2S%
115%
31%
87%
177%
92%
80%
118%
5
15%
70%

28”
115
30%
87%
178%
92
80%
118%
5
15%
70

Fri.
29
73%
73%
88.65
91%
89%
9%
112%
105
111
S9
278%
85%
18
115%
22%
41%
36%
55%
4>% *
142%
132%
165%
29%
66
40%
65%
28%
119%
37%
119%
92
130%
64%
90%
46
49%
27%
114%
30%
85
178%
92
80%
118%
5
15%
70

Commercial and BiisccUiuicous|Tctt»3
N a t io n a l B a n k s .— T h e fo llo w in g in fo r m a tio n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h e o f f i c e o f ^ t h e C o m p t r o l l e r o f t h e
C u rren cy, T reasu ry

.

D e p a rtm e n t: ij

i -L i

CHARTERS ISSUED|T01NATIONAL’ BANKS[SEPT.'18;TO 24.

:J

-1

265__The First National Bank of Powell, W yo. . Capital, $25,000
lu.^oo
mm ■
Pres.. D . c . R obertson, Cashier.
10
-mg— The First National Bank of Kingsbury, T ex. Capital, $2o,000.
’
t a Lvnoh Pres.- W . M. W ood, Cashier.
<(l 267__The Farmers’ N ational Bank of W illiamsport, O. Capital, 103,000.
’“
j>. Hunsicker, Pres.: William T . Ulm, Cashier. (Succeeds
The Farmers’ Bank of W illiamsport.)
. . ... ...
10
268— The First National Bank of Magdalena, N. Mex. Capital, SoO.OOO.
’
A . F. Kerr, Pres.; Allen Falconer, Cashier.
10,269— The First National Bank of Ashton, Idaho. Capital, $3o,000.
G.
E. Bowerman, Pres.; J. A . M cDonald, Cashre. (Conversion
of The Ashton State Bank.)
_ ....
e i - AAAn
in 270— The Macon National Bank, Macon, Ga. Capital, $150,000.
’
It. F. Lawton, Pres.; R . E . Findlay, Cashier.
A P P L IC A T IO N TO C O N V E R T A P P R O V E D .
The Bank of Jam estown, Jam estown, Cal., into “ The Union National
Bank of Jam estow n.” Capital, $25,000. C. A . Belli, correspondent
jo

Jam estown, Cal.
Natlonal Bank. Macon, Ga. Capital, $150,000.
10,..70 j\ncF ; '] ;la wton( president; It. E. Findlay, Cashier.
V O L U N T A R Y L IQ U ID A T IO N .
o______ ____The K enedy National Bank, Kenedy, T ex., A ug. 23 191-. hi8,013
quldating Agent, the Farmers & Merchants’ State Bank of Kenedy.
C a n a d i a n B a n k C l e a r i n g s .— T h e c le a r i n g s f o r t h e w e e k e n d ­
in g
O c t . 5 a t C a n a d i a n c i t i e s , in c o m p a r i s o n w i t h t h e s a m e
w e e k o f 1 9 1 1 , s h o w s a n in c r e a s e in t h e a g g r e g a t e o f 2 5 . 9 % .

Week ending Oct. 5.
Clearings at—
1012.
Canada—

Montreal .....................Toronto..........................
Winnipeg......................
Vancouver----------------Total su p p ly_____180,791,193 249,030,451 1,247,920,047 1,200,939,793
Ottawa..........................
Deliveries for—
,
Quebec — ....................
Domestic consum . 63,460,810 57,311,584 607,699,090
511,515,048
Halifax..........................
E xp orts_________ 60,264,796 50,824,011
577,154,704
548,o29,889
Hamilton-----------------123,725,000 108,135,595 1,184,854,400 1,060,044,937 St. John............ - .........
Calgary ........................
Stocks end of period 63,005,587 140,894,850
63,065,587
140,894,850 Victoria..........................
London - ....................
European visible supply:
„
Edmonton----------------Beginning period. 102,291,840 149,887,300
128,313,920
187,70o,280
R egin a .....................—
End of p e rio d .. .99,093,120 150,811,000
99,093,120
150,841,600
Brandon .....................Lethbridge................ ..
LAK E
S U P E R IO R
IR O N
ORE
S H I P M E N T S .— T h e
Saskatoon----------------s h i p m e n t s o f L a k e S u p e r i o r ir o n o r e d u r i n g S e p t e m b e r w e r e
Moose Jaw....................
Brantford ....................
7 , 2 8 7 , ‘2 3 0 t o n s , a n in c r e a s e o f 2 , 0 5 6 , 1 6 1 t o n s o v e r t h e s a m e
Fort William................

Stpcriod bCSlnn'"b s. 40,701,374 133,441,501
89,454,095
122,030,195
Production
...........140,089,819 115,588,950 1,158,405,352 1,078,909,o98

Ttvurs.
29%
73%
74
S9.45)i
91%
89%
9%
113%
105
111%
S9
281%
85%
18
115%
23
41%
37%
55
45%
144%
132%
166%
29%
60
40
65%
28%
119%
37%
119%

6 £ sterling,' <1Quota!ions’ liero’ given are flat prices._________

m o n th .

-Septernber1912. "
1911.

Wed.
Tues.
29%
29%
73%
74
74
74%
90.22 89.52%
92%
93 %
90
90%
9%
9%
113%
114
105
105%
112
112
89
89
280%
283%
85%
86%
18
18
115%
116%
23%
23%
42
42
37%
37%
55
55%
45%
40
145
145
134
133%
106%
167%
30%
31
66%
60%
40
40%
65%
65%
28%
29
119%
120%
37%
38
120
119%

S

65,929,944
47,148,416
30,561,514
14,780,480
4,338,115
3,428,052
2,200,209
4,256,518
1.621.950
5,856,519
4,120,015
1,885,OSS
4,52-.,021
2,227,467
550,322
656,154
2,311,299
1,386,441
623,762
712,016

1911.

S

4S,818,954
40,714,112j
20,138,775
11,596,985
4,503,818
2.823,902
1,927,397
3,137,914
1,609,799
4,166,006
2,455,637
1,547,249
2,685,085
1,459,314
710,179
549,435
1,501,579
852,175
523,001
409,855

199,132,802 158,137,174

Inc. or
Dec.
$
S
%
+ 35.0 46,999,0S7 47,721,890
+ 15.8 35,060,383 29,899,336
+ 10.9 23,601,327 22,090,190
9,892,929 7,746,986
+ 27.5
4,142,320 3,827,930
— 3.7
2,906,102 2,910,364
+ 2 1 .5
1,999,469
1,976,075
+ 14.5
1,985,259
2,438,332
+ 35.7
1,673,120
1,469,022
+ 0.8
+ 40.0
2,735,683 2,098,492
1,753,558
1,935,710
+ 67.8
1,302,700
1,469,953
+ 21.9
917,045
1,481,131
+ 6 8 .5
798,440
1,159,976
+ 52.0
OS1,060
— 22.3
401,617
+ 19.5
+
+
+
+

53.9
62.7
19.3
73.7

+ 25.9

THE CHRONICLE
DIVIDENDS.
Name of Company.
T h e fo llo w in g sh o w s a ll th e d iv id e n d s a n n o u n c e d fo r th e
fu t u r e b y la r g e o r im p o r t a n t c o r p o r a tio n s :

Dividends announced this week are printed in italics.
Per
Cent.

When
Payable.

[V O L . L X X X X V ,
Per
Cent.

When
Payable

Miscellaneous (Concluded).
Internat. Harvester, com. (quar.) (No 11)
Oct.
IK
International Nickel, common (quar )
2
Dec.
Preferred (quar.)____________
1}3 Nov.
Internat. Paper, pref. (quar.) ..............
K Oct.
Internat. Silver prcf..(account accumldiV) el
Nov.
Inter. Smokeless Powder A Chc.n.. pref
4
Nov.
Internat. Steam Pump, pf. (qu.) (j\r0 . 54)
Nov.
IK
La Rose Consolidated Mines (quar )
2)3 Oct.
Lehigh Valley Coal Sales (No. 1)._......... .
2 A Oct.
Loose-Wiles Biscuit, 2d pref. (qu.)"(No.2)
Nov.
IK
MacAndrcws A Forbes, common (quar.)
2'A Oct.
Preferred (qtiar.)_____________
'
l'A Oct.
Manufacturers’ Light A Heat (quar.)” ”
1
Oct.
Massachusetts Gas Cos., common (quar.)
SI
Nov.
Massachusetts Lighting Cos. (qu.) (No.36)
1
Oct.
Mexican'Light'A Power, Ltd., com. (qu.)
1
D ct.
Preferred .................... .........................
3 K Nov.
Mexican Telegraph (quar.)____ II I II I I
2 V2 Oct.
Miami Copper (quar.) (No. 3 )_______ "~ 50c. Nov.
Mountain States Telep. A Teleg. (quar.)
I K Oct.
National Biscuit, com (quar.) (No. 57)
Oct.
IK
National Carbon, common (quar.)
”
l'A Oct.
National Fireproofing, pref. (quar.)II.I
1
Oct.
New York Transit (quar.)__________
$10
Oct.
Niagara Falls Power (q u a r .)..T I I I I I I I
2
Oct.
Nine Bay Co., preferred (quar.)_I_” ” I
1
Oct.
Niptesing Mines (quar.)...... ...........
5
Oct.
Extra ____________________
“I”"
243 Oct.
Northern States Power, pref. (quar )
I K Oct.
Nova Scot lasted A Coal,Ltd.,com. (qu’ .j"
I K Oct.
Preferred (quar.)_____ _____________
2
Oct.
Osceola Consol. Mining (quar.)............ .. S3
Oct.
Otis Elevator, common (quar.)_________
1
Oct.
Preferred (quar.)...................... . . I ____
144 Oct.
Pacific Coast Co., com. (quar.)__________
143 Nov.
First preferred (quar.)___ _____ ______
Nov.
IK
Second preferred (quar.).... ............. .......
Nov.
Pacific Telep. A Teleg., pref. (quar.)___
I K Oct.
Pay-As-You-Enter Car Corp., pref. (qu.).
I K Oct.
Pennsylvania Salt Mfg. (No. 99)______
6
Oct.
Pittsburgh;Coal, preferred (quar.)........
l'A Oct.
Procter A Gamble, nreferred (quar.)___
Oct.
Public Serv. Co. of Nor. III., com. (q u .)..
1
Nov.
Preferred (quar.)..........................
Nov.
IK
Quaker Oats, common (quar.)........
2 K Oct.
Preferred (quar.)____ _____
Nov.
IK
Recce Buttonhole Mach, (qu.) (No. 106)
3
Oct.
Rhode Isl. Perkins Horseshoe, prcf. (qu )
1
Oct.
Shnwinlgan Water A Power (quar )
l'A Oct.
Southern Cal. Edison, pf, (qu.) (No 13)
Oct.
IK
Southern New Eng. Telephone (quar ) ’
IK Oct.
Standard Milling, prel. (quar.) (No. 19)" ‘
2 K Oct.
Union Bag A Paner. r>ref. (ouar.) (No 54)
1
Oct.
Union Natural Gas Corp. (qu.) (No 37)
2'A Oct.
United Cigar Mfrs., common (nnnr i ’
'
1
Nov.
United Dry Goods, common (quar.)...........
2
Nov.
United Electric Securities, preferred.......... $3.50 Nov.
United Fruit (quar.) (No. 5.3).. ........ .
2
Oct.
United Gas Improvement (oinirT............
SI
Oct.
U. S. Industrial Alcohit. nref. (quar’ )” "
I K Oct.
V. S. Really & Improvement (quar )
Nov.
IK
........
U. S. Rubber, common (quar.)
1
Oct
First preferred (quar.). .
................
2
Oct.
Second preferred (q u a r,).!” ” ” ” ” ’
I K Oct.
U. S. Smelt., Rfg. A Min., com. (quar ) "
75c. Oct.
Preferred (quar.)................................"" 87 43c. Oct.
Vacuum Oil______ _______ _
3
Oct.
Vlrginla-Caro. Cbem., pf. (qu.)"(No. C8j
2
Oct.
Vulcan Detinning, prcf. (quar.)........
Oct.
IK
Warner (Chas.)Co.of Del..lstA2d pf.fqu.)
I K Oct.
Western States Gas A Elec., pref. (quar.)
I K Oct.
Western Union Teleg. (quar.) (No. 174)
K Oct.
Westinghouse Air Brake (quar.)............
2
Oct.
Extra ........ ......... ....... ............. .............
2
Oct.
Westinghouse Elec. A Mfg., com., (quar.)
1
o ct.
Preferred (ouar.1-______ __________
1 K Oct.
White (J. G.) Co., Inc., prf. (quar.) I
Nov.
IK
Worthington (Henry R .), Inc., pref.
3 K Nov.

Books Closed.
Days Inclusive.

lo Holders of rec. Sep. 25a
1 Nov. 14 to Dec. 2
1 Oct. 15 to
Nov. 1
15 Holders of rcc. Oct. 2«
15 Nov. 2 to Nov. 15
15 Holders of rcc. Nov. 5a
1 Holders of rcc. Oct.19a
21 Oct. 1 to
Oct. 17
21 Holders ol rec. Oct. 10
1 Oct. 10 to
Nov. 1
15 Holders of rcc. Sept.30a
15 Holders of rec.Sept.30a
15 Oct. 1 to
Oct. 15
1 Holders ol rec. Oct. lla
15 Holders of rcc. Sep. 15a
15 Oct. 0 to
Oct. 15
1 Oct. 13 to Oct. 31
15 Holders of rec. Sept.30a
15 Holders ot rec. Nov. la
15 Holders of rec. Sept.30a
15 Holders .of tree .Sept .28a
15 Oct. 6 to Oct. 15
15 Holders of rec. Oct. 4
15 Holders of rec. Sept. 21
15 Holders of rcc. Oct. la
15 Holders of rcc. Sept. 28
21 Oct. 1 to Oet. 17
21 net. 1 to
Oct. 17
15 Holders of rcc. Sept.30a
15 Holders of rec. Sept. 30
15 Holders of rcc. Sept. 30
251 Holders of rec. Sept.28a
15 Holders of rec. Scpt.30a
15 Holders of rcc. Sept.30a
1 Oct. 19 to Nov. 1
1 Oct. 19 to
Nov. 1
Oct.
19 to MOV. 1
Oct.
1 to Oct. 15
Holders of rec. Oct. 5
Oct.
1 to Oet. 14
Holders of rec. Oct. 14a
sent. 22 to Oct. 15
Holders ol rcc. Oct. 21
Holders ol rcc. Oct. 21
Holders of rcc. Oct. la
Holders of rec. Nov. la
Holders of rec. Oct. 5
Holders of rec. Oct. 3
Holders of rcc. Oct. 7
Holders of rec. Sept. 30
Oct. 1 to Oct. 15
Oct. 25 to Oct. 31
Holders of rec. Sept30u
Oct. 1 to Oct. 15
Holders of rec. Oct.2 la
Holders of'rcc. Oet. 25
Holders of rec. Oct.18a
Holders of rce Sept.14c
Holders of rec. Sept. 30
Holders of rec. Oct. 8a
nolders of rce. Oct. 19
Oct. 12 to Oct. 15
Oct. 12 to Oct. 15
Oct. 12 to Oct. 15
Holders of rcc. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Oct. 15«
Oct. 1 to
Oct. 15
Holders of rcc. Oct. 10a
Holders of rec. Sept. 30
Holders ol rec. Sept.30a
Sept. 21 to Oct. 9
Holders of rec. Sept. 19
Holders of rec. Sept. 19
Holders of rcc. Sept.30a
Holders of rec. Sept.30a
Holders of rcc. Oct. 22
Holders of rcc. Oct. 10

Books Closed.
Days Inclusive.
Railroads (Steam).
Atcli. Top. A S. Pe, com. (qu.) (No 30)
Dec.
2 Holders of rec. Nov. la
IK
Centra! RH. of New Jersey (quar > '
2
Nov.
1 Holders of rec. Oct.21«
Clev. Cin. Chic. A sr. L., prcf. (quar j ’
Oct. 21 Oct. 2 to
IK
Oct. 30
Delaware Lack. A Western (quar )
' "
Oct.
21
243
Holders of rec. Oct. 4a
Georgia HR. A Banking (q u a r.)...........
3
Oct. 15 Oct. 2 to
Oct. 14
Grand Trunk, guaranteed..........
2
Nov.
8 Sept. 21 to
Oct. 24
First, and second preference
243 Nov.
8 Sept. 21 tp
Oct. 24
Great Northern (quar.)___
Nov.
IK
1 Holders of rec. Oct. 17a
Kansas City Soutiiern, preferred (quar")
1
Oct. 15 Holders of rcc.Sept.30a
Minn. St. P. A- S.S.M..com.Apfd.(No.l9)
3 43 Oct. 15 Holders of rec. Sept.20a
Missouri Kansas & Texas, preferred___
2
Nov.
9 Holders of rec Oct.21a
N. Y. Central A- Hudson .River (quar.)..
Oct. 15 Holders of rec. Sept.20a
l ‘K
Norfolk A Western, adj. prcf. (quar.)
1
Nov. 18 Holders of rec. Oct.31a
Northern Pacific (quar.).......................... 1
1 Holders of rec. Oct. 10a
Nov.
IK
Pitts. Cin. Ch. & St. L., com. A pf. (qu.)
25 Holders of rec. Oct. 15a
l'A Oct.
Reading Company, com. (quar.).......... .
Nov. 14 Holders of rec. Oct.29a
IK
St. Louis & San Fran., 1st pref. (guar').
l
1 Oct. 12 to
Nov.
Nov. 11
St. Louis Southw., pref. (quar.) (No. 8)
15 Holders of rec. Oct. Ha
l'A Oct.
Southern Railway, preferred
28 Holders of rec. Oct. 5
2'A Oct.
Wbstcrn Maryland, preferred (quar.) I III
1
Oct. 19 Holders of rec Oct. 5a
Street and Electric Railways.
Auburn A Syracuse El. R R „ pref. (qu.)
143 Oct. 15 Holders of rec. Sep.80a
Boston & Suburban El. Cos., pref. (qu.)
Si
Oct. 15 Holders of rec. Oct. 2o
Brazilian. Trac..L. <?: Bow., Ltd. (quar )
IK Nov. 15 Holders of rec. Nov. 1
Brooklyn City RIl. (quar.)
2
Oct.
15 Oct. 2 to Oct. 15
Cin. Newp. & Cov. L. A Trac.,com.(qu.)
1% Oct.
15 Oct. 1 to Oct. 15
Preferred (quar.).........
1A Oct.
15 Oct. 1 to Oct. 15
Columbus (O.) Ry., pref. (quar')................
1K Nov.
1 Holders of rec. Oct. 15
Dallas Electric Corp., first preferred . . .
3
Oct. 14 Holders of rec. Oct. 8a
Second preferred.............. ..... ...............
243 Oct. 14 Holders of rec. Oct. 8a
Ft. Smith Light A Traction, pref. (quar.)
I K Dct. 15 Holders of rec. Sept.30a
Georgia Rg. & Flee., pref. (quar.)________
IK Oct. 20 Holders of rec. Oct.10a
Havana Elec. Ry., Lt. & Row., common..
2'A Nov.
lb Oct. 27 to Nov. 10
P referred.......... .....................................
3
Nov.
16 Oct. 27 to Nov. 10
Jacksonville Trac., com. (quar.) (No. 7)"
1A Nov
1 Holders of rec. Oct. 15a
Preferred (quar.) (No. 7 )____ _______
1 K Nov.
1 Holders of rec. Oct. 15a
Lehigh Valley Transit, preferred________
1
, y - }0 Holders of rec. OctJila
Manchester Trac., L. & Pow.,(quar.)___
2
)et,. 15 Holders of rec. Sept.30a
Mexico Tramways (quar.)___ __ _............
IK Nov.
1 Oct. 13 to Oct. 31
Milwaukee Elec. Ry.&Lt.,pf.(qu.)(No.52)
I K Oct. 31 Holders of rec. Oct. 21
Ottumwa Ry. & Light, prcf. (quar.)___
IK Oct. la Holders of rec. Scpt.30a
Pacific Gas A Elec.,com.(qu.) (No. 3 )__
IK let. 15 Holders of rec. Septlla
Philadelphia Co., com. (auar.) (No. 124)
IK Nov.
1 Holders of rec. Oct. la
Public Service Invest., pf. (qu.) (No. 14) •SI 43 Nov.
1 Holders of rec. Oct. 15a
Puget Sound Trac., L & P.,com. (quar.).
1
Oct. 15 Holders of rec. Oct. 5a
Preferred (quar.)....................................
143 Oct. 15 Holders of rec. Oct. 5a
Republic Ry. A T,t., pref. (qu.) (No. 5)
1K Oct. 15 Holders of rec. Sept. 30
Rio do Janeiro Tram., L. & Pow. (quar.)
IK Nov.
1 Holders of rec. Oct. 10
Sao Paulo Tram.. L. A P. (qu.) (No. 43)
2 y2 Nov.
1 Holders of rec. Oct. 10
Sierra Pac. Elec. Co., pf. (qu.) (No. 1 3).. 31 K Nov.
1 Holders of rec. Oct.lGa
Vlrginia R y. A Power, common..............
1
Oct.21 Holders of rec. Oct. 7a
West Penn Trac., pref. (quar.) (No. 11).
IK Oct.
15 Oct. 8 to Oct. 15
Banks.
Produce Exchange, New York (No. 5 5 )..
Oct.15 Holders of rec. Oct.
8
Trust Companies.
Broadway (quar.)................
l'A Nov.
1 o ct. 22 to Oct. 31
Miscellaneous.
Alliance Realty (quar.)..............................
2
Oct. 15 Holders of rcc. Oct. 5
Amer. Agric, Chem.,com. (qu.) (No. 4)
1
Oct. 15 Holders of rec. Sept.27a
Preferred (quar.) (No. 29> .
Oct. 15 Holders of rec. Sept.27a
ik
Amer. Beet Sugar, com. (quar.) (No. 5 )..
1K Nov. 15 Holders or rec. Oct. 31
Amertcan Cigar, common (quar.)
IK Nov.
1 Holders of rec. Oct. 15
American Coal Products, pref. (quar.) "
IK Oct. 15 Oct.
11 to
Oct. 14
Amor. Gas & Elec., pref. (qu.) (No. 2 3 ).I
l'A Nov.
1 Oct.
18 to
Nov. 1
Amer. Iron A Steel Alfa., com. A pf. (sp'l)
2
Nov.
1
Holders
of
rec.
Oct.19a
American Light & Trac., com. (q u a r.)...
243 Nov.
J Oct.
17 to
Oct. 31
Common (payable in common stock)
243/ Nov.
1 Oct.
17 to
Oct. 31
Preferred (quar.)....................................
l'A Nov. 1 Oct. 17 to Oct. 31
American Locomotive, preferred (quar.)
IK Oct. 21 Sept. 22 to
Oct. 20
Amer. Malt Corporation, preferred..........
243 Nov.
2 Oct.
18 to
Nov. 2
American Malting, preferred.................. SI.55 Nov.
1 Holders of rec. Oct. 17
American Shipbuilding, pref. (quar.)___
a Transfer books not closed for this dividend, bLess Income tax. dCorrection.
IK Oct. 15 Holders of rcc. Sept.l la
American Telep. A Teleg. (quar.)______
2
Oct. 15 Holders of rec. Sent.30a e On account of accumulated dividends / Payable in common stock.
American Type Founders, com. (quar.) .
1
Oct. 15 Holders of rec. Oct.10a
Preferred (quar.)...................................
I K Oct. 15 Holders of rec. Oct.10a
American Woolen, pref. (quar.) (No. 54)
IK Oct. 15 Sept. 24 to
Oct. 3
Anaconda Copper Mining (qu.) (No 48)
75c. Oct. 16 Holders of rec. Oct. 4a
A u c t i o n S a l e s .— ’A m o n g o t h e r s e c u r i t i e s , t h e f o l l o w i n g , not
Associated Gas A Electric, pref. (quar.)
IK Oct. 15 Holders of rcc. Sept. 30
Associated Merchants. 1st prcf. (quar.)
IK Oct. 15 Holders of rcc. Oct. 7a usually dealt in at the Stock Exchange, w e r e r e c e n t l y s o l d a t
First preferred (extra)..........................
K Oct. 15 Holders of rec. Oct. 7a
Second preferred (quar.).......... ..........
I K Oct. 15 Holders of rec. Oct. 7a a u c t i o n i n 'N e w 3 Y o r k , B o s t o n a n d P h i l a d e l p h i a :
Second preferred (extra)........................
K Oct. 15 Holders of rec. Oct. 7a
Bell Telephone or Canada. Ltd. (quar.)..
2
Oct. 15 Holders of rec. Sept. 25 £ B y M e s s r s . A d r i a n I I . M u lle r & S o n s , N e w Y o r k :
Bell Telephone of Pennsylvania (quar.)..
I K Oct. 15 Oct. 5 to
Oct. 15
BinghamtonL., H. & I‘ .,com.(qu.) (No2 l)
K Oct. 15 Holders of rcc. Sept. 30 Shares.
Percent. Bonds.
Per cent
Preferred (quar.) (No. 31)..........
I K Oct. 15 Holders of rec. Sept.30 50 Advance Realty A Construction
$400 Blytheboume Water Co. 1st 0s,
Bond A Mortgage Guarantee (quar.)
3 K Nov. 15 Holders of rec. Nov. 8
$25 lot
Co...........................................
1929.......................................... $200 lot
British Columbia Cop., Ltd.(qu.) (No.5)
3
Oct. 15 Holders of rec. Oct. 1
$20,000 Jamaica Estates 3d Cs, 1917
Canada Car A Fdy., prcf. (quar.)..........
IK Oct. 25 Holders of rec. Sept. 30
M. A S........................................... 25
Central Coal A Coke, common (quar.)__
lot. 15
IK
let. 1 to
Oct. 15
Preferred (q u a r.)................ .............
IK Oct. 15 Pot. 1 to
Oct. 15
B y M e s s r s . F r a n c is I le n s h a w & C o ., B o s t o n :
Chicago Pneumatic Tool (quar.).” ” ”
1
Oct. 25 Oct. 10 to
Oct. 25
Cities Service, common (monthly)____
Nov.
S per sh. Shares.
1 Holders of rcc. Oct. 15a Shares.
$ per sh.
Preferred (m onthly)............................
K Nov.
5 Old Colony Trust Co. rights........ 41
25 Waltham Watch Co., pref.......... 102
1 Holders of rec. Oct. 15a
Claflln (II. B.) common (quar.)............
IK Oct. 15 Holders of rec. Oct. 7a ' 3 NationaFShawmut Bank........... 236
Ctaflin (II. B .), first preferred (quar.).
I K N ov. 1 Holders of rcc. Oct. 24
9 Arlington M ills...........................118K Bonds.
Per cent.
Second preferred (quar.)....................
IK Nov.
1 Pepperell Mfg. Co.......................290
l Holders of rcc. Oct. 24
$1,000 Ced. Rap. A’Mo. Rlv. 7s, '10.108)1
Commonwealth Edison (quar.)..................
IK Nov.
1 Con. A Mont. R R „ class 4 ..........13BK $600 Republican Tall. RR. 0a, 1919.104>3
1
Holders
of
rec.
Oct.15a
CommomceallhGas A Elec. Cos., pf. (qu.) $1.25 Oct. 15 Holders of rec. Oct. la
Consolidated Ice, Pittsb., pref. (quar.)___
I K Oct.
B y M e s s r s . R . L . D a y & C o ,, B o s t o n :
Corn Products Refg., pref. (quar.)..........
let. 15 Holders of rcc. Oct. 7a
IK
Cuyahoga Telephone, preferred (quar.).
$ per sh. Shares.
IK Oct. 31 Holders of rec. Oct.15a Sluircs.
% per sh.
Dayton Power A Light, pref. (quar.)
IK Oct. 15 Holders of reo. Sept.30a 77 Old Colony Trust'Co. rights.40M-10J3 5 Plymouth Cordage C»..........215-215'A
Del. Lack. A West. Coal (quar.)___
2 K let. 15 Holders of rec. Oct. la 10 Merrimack Mfg. Co. com............ ‘10K
2 Aetna Fire Ins. Oo., H artford...; 11243
Detroit Edlinn (quar.)____________
IK Oct. 15 Holders of rec. Sept.30a 23 Conn. A Passump. Rlv. R R ., pf. 127)3
Diamond Match (quar.)...... .......................
IK Dec. 10 Holders of rec. Nov.30a
Distillers' Secur. Corp. (quar.) (No. 40)11
B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia :
K Oct. 31 Sept 20 to Oct. 16
Dlstiiling Co. of America, pref. (quar.)
1
Oct. 30 Sept. 26 to Oct. 10
duPont(E.T.)de Nemours Pow.. pf.(qu.)
$ per sh. Shares.
IK Oct. 25 Oct. 16 to Oct.l?25 Shares.
$ p ersh .
Eastman Kodak, common (extra)..
191
Gloucester Ferry'Co., $50 each. 4
2 K Dec.
12 Wayne Title A Trust C o ...
126
2 Holders of rec. Oct. 31a
Edison Elec. Ill, of Boston (qu.) (No. 94)
5 Bucks Co. Tr. Co., Doylestown
3
Nov.
9jTonopah-Goldneld R R., prel” 95
1 Holders of rec. Oct. 15
Electrical Securities Corp.. pref. (quar.)
(350 paid).........................
115
Nov.
3 John B. Stetson Co., com
"460
IK
1 Oct. 27 to Nov. 13
Electrical UtilitiesCorp.,com.(qu.)(No. 1)
5 Commonwealth T. I. A Tr. C o.241A
K Oct. 15 Holders of rec. Oct.10a
6 Nor. LlbcrtlesGa3Co.(525ca')' 45
Preferred (quar.) (No. 10)....................
10 J. G. BrillfCo., pref...................102
Oct. 15 Holders of rcc. Oet. 8a
41 Amer. Pipe A Construe. Co
" 8 7 44
IK
Electric Bond & Share, com. (qu.) (No. 14)
2
40 Atglen Poultry & Pigeon Co.
20 Young-Smyth-Fleld Co., pro( ‘ 93
Oct. 15 Holders of rec. O ct.lla
Preferred (quar.) (No. 30)
($10 each)............................. loc.
Nov.
IK
1
Oct.
20
to
Oct.
31
5
American
Academy
of
Music
”
20044
Eureka Pipe Lino (quar.)___________
10
5 First National Bank.................. 234
Nov.
1 Holders of rec. Oct.15a
10 Amor. Assurance Co. ($10 each) 14
Fall River Gas Works (quar.) (No . 72)1111 3
3 Fourth Street National B ank...325
Nov.
1 Holders of rec. Oct. 19a
I edernl Sugar Refining, common (quar.)
5 NorthernJNational Bqnk_____ 205K Bonds.
Oct. 28 Holders of rcc. Oet. 25a
Per cent
IK
Preferred (quar.)..........
10 Bryn Mawr Tr. Co. ($25 paid). . 50K S1.000 West. N. Y. A Pa. R y. Inc
Oct. 28 Holders of rec Oct. 25a
IK
General Electric (quar.) ......................
2
10 Cent. Tr. Co.. Camden ($25 ea.) 10543
)ct. 15 Holders of rec. Sept. 7a
5s, 1943......................................... 25 K
General Motors, preferred' I I ........ ...........
22 Commercial Trust Co............ 450-152 $8,500 N. J. Gas Co. Lst'Gs. 1910 . 8943
3 K Nov.
1 Holders ot rcc. Oct. 15
GreeneAfananea Copper Co . ................ 25c. Nov.
3 Penn. Co. lor Insur., Ac., A c ..650
$1,400 No. Springf. Wat.Oo.5s,1928 90
30 Nov. 13 to Dec. 1
Goldheld Consolidated Mines (quar.)I l l "
30c Oct. 31 Holders of rec. Sep.30a
8 Real Estate Trust Co., pref___ 96K
$500 Springfield Wat. Co. 5s. 1926 . 90
Ilarbison-Walker Refrac., pref. (quar j ”
I K Oct.
19
Holders
of
rec.
Oct.
10
Houghton Co. Elec. Lt., com. (No. lb)
62 A c. Nov.
B y M e s s r s . S a m u e l T . F r e e m a n & G o ., P h ila d e lp h ia :
1 Holders of rec. Oct. 10a
Preferred (No. 2 0 )...........
’ 75c. Nov.
1 Holders of rec. Oct. 10a
Illinois Northern Utilities, pref"."(q"uar.)II
$ per sh. Bonds.
I K Nov.
per cent.
1 Oct. 22 to Oct.| 31 Shares.
Indiana Pipe Lino (quar.)............ ............
si
Nov. 15 Holders of rec Oct. 23 200 Edison Portland Cement, co m .. 1
$7,000 Philadelphia City 4s, 1941..10141
Internal. Buttonhole Mach, (qu.) (No.60)
1
Oct. 15 Holders of rec. Oct. 5 200 Edison Portland Cement, pref.. 1
$.3,000 Philadelphia City 4s, 1912 10143
100 Kimberly Cons. Mines ($1 each) 35c. $500 No. Springf. Wat. Co. 5s, 1928 90
1 Nat. Bank of Nor. Liberties. .250
Name of Company.




N ew

S t a t e m e n t o f N e w Y o r k C it y C le a r in g -H o u s e B a n k s a n d
T r u s t C o m p a n i e s .— T h e d e t a i le d s t a t e m e n t b e l o w s h o w s t h e
c o n d itio n o f th e N e w Y o r k C ity C le a r in g -H o u s e m e m b e r s
fo r th e w e e k e n d in g O c t . 5 .
T h e f ig u r e s f o r t h e s e p a r a t e
b a n k s a re th e a v e r a g e s o f th e d a ily r e s u lts .
I n th e case of
t h e t o t a l s , a c t u a l f ig u r e s a t t h e e n d o f t h e w e e k a r e a l s o g i v e n .
F o r d e f i n i t i o n s a n d r u le s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d e u p , s e e “ C h r o n i c l e ,” V . 8 5 , p . 8 3 6 , in t h e c a s e ot t h e
b a n k s , a n d V . 9 2 , p . 1 6 0 7 , in t h e c a s e o f t h e t r u s t c o m p a n i e s .

and

th o s e fo r th e re st o f th e S t a t e , a s p e r th e
r u le s u n d e r w h i c h

th e

v a r io u s

ite m s

a r e m a d e u p , s e e “ C h r o n i c l e ,” V . 8 6 , p : 3 1 6 .

STATE BANKS AND TRUST COMPANIES.

Week ended O.t/ber 5.

Surplus

Capital.

Y ork )

fo llo w in g :
F o r d e fin itio n s a n d

DETAILED RETURN'S OF BANKS.
We omit two ciphers (00) In all cases.
Banks
005 omitted.

947

THE CHRONICLE

Oct. 12 1912)

Trust Cos.
Slate Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N . Y. Greater N . Y . Greater A'. Y. Greater N . I’

Capital as of Sept. 9 .........

S
22,325,000

S
62,775,000

8
*9,323,000

$
*9,750,000

Surplus as of Sept. 9 -----

3S.321,500

Loans and investments..
Change from last week.

s
2.000,0
Bank of N. Y.
2,050,0
Manhattan Co.
2,000,0
Merchants’ . . .
Mech.A Metals 6,000,0
1,500,0
Am erica____
City _______ 25,000,0
3,000,0
Chemical____
600,0
Merch. E xcli..
300,0
Butch. A Drov.
500,0
Greenwich__
Am. Exchange 5,000,0
Commerce----- 25,000,0
500,0
Pacific ........ .
2,250,0
Chat. A Phen.
People’s ........
Hanover------Citizens' Cent.
N assau_____
Market A Fult
Metropolitan .
Corn Exchange
Im p.* Traders
P a rk ..............

-

172,033,200

*12,233,100

*12,377,200

296,090.300 1,134,538,300
+2,874,100 —22,257,600

113,878,200
+ 1,032,700

172,486,600
— 360,800

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

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

I
Change from last week.

52,724,300
—62,800

119,431,100
—2,025,000

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

21,775,900
+ 171,700

10,743,500
— 538,000

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

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

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

337,965,000 1,204,705,300
+ 2,2)5,400 — 16,234,500

120,084,500
+ 1,455,600

178,888,500
+ 1,015,£00

137,617,200
—2,527,000

23,700,900
+ 591,400

22,701,100
+ 1,727,200

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

88,715,100
—211,900
27.1%
27.4%

p . C. reserve ti deposits..
Percentage last week..
+ Increase over last week.

20.9%
20.7%

16.0%
16.0%

— Decrease from last week.

13.7%
12.8%

* As ol June 14.

Note.— "Surplus” includes all undivided profits. "Reserve on deposits” tneadea
for both trust companies and State banks, not only cash Items bui amounts ( ue
from reserve agents. Trust companies in New York State are required by law o
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable v.ithlD
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for It by any public department.
The State banks are likewise required to keep a reserve varying according to loca­
tion the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for It by any public department.
------ Trust Cos.-------- Stale B a n k sR e s e r v e Required for Trust Companies
Total
Of
Total
Of
nod Stale Banks
Reserve which Reserve
which
LocationRequired, in Cash. Required, in Cash
15%
25%
15%
Manhattan Borough..........................
10%
20%
10%
Brooklyn Borough (without branches in Manhat.) !._>%
15%
7 H%
10%
Other Boroughs (without branches in Manhattan) 15%
20%
20%
15%
Brooklyn Borough, with branches in Manhattan. .15%
15%
15%
15%
Other Boroughs, with branches In Manhattan----- 15%
6%
Cities of the first and second class........................ 10%
3%
Cities of the third class and villages.................... 10%
'6 %
15%
Elsewhere In State--------------------------------------------------

East River...
Fourth

Second

First .
Irving ............
Bowery--------N. V. County.
German-Amer.
Chase. ------Filth Avenue.
German Exch.
Germania----Lincoln -------Garfield..........
Fifth ..............
Metropolis . . .
West Side___
Seaboard........
Liberty ..........
N.Y. Prod. Ex
State ..............
Security........
Coal A I ro n ...
Union E xch ..
Nassau, Bklyn
Totals, A vg e.. 133,650,0
Actual figures |Oct. 5 . . .
Circulation.—On the basis of averages, circulation ot national banks in the Clearing
House amounted to 546,314,000, and according to actual figures was $40,oI4,000.
D E T A IL E D R E TU R N S OF TR U S T COM PANIES.

. T h e B a n k in g D e p a r t m e n t a ls o u n d e r ta k e s to p r e s e n t s e p a ­
r a t e f ig u r e s i n d i c a t i n g t h e t o t a l s f o r t h e S t a t e b a n k s a n d
t r u s t c o m p a n i e s in G r e a t e r N e w Y o r k not in the Clearing
House. T h e s e f ig u r e s a r e s h o w n in t h e t a b l e b e l o w , a s a r e
a l s o t h e r e s u l t s ( b o t h a c t u a l a n d a v e r a g e ) f o r t h e C l e a r in g ­
H o u se b a n k s a n d tru st c o m p a n ie s.
In a d d itio n , w e h a v e
c o m b i n e d e a c h c o r r e s p o n d i n g i t e m in t h e t w o s t a t e m e n t s ,
t h u s a f f o r d i n g a n a g g r e g a t e f o r t h e w h o le o f t h e b a n k s a n d
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k .

Trust Cos.
00s omVV’tl.

new

Brooklyn ----Bankers ........
U.S.Mtg. A Tr
Astor ..............
Title GuarA Tr
Guaranty........
Fidelity..........
LawycrsT.I.&T
Colum-Kntck .
Standard ----Peoples..........
New York----Franklin........
Lincoln..........
Metropolitan. .
Broadway-----

YORK CITY BANKS AND TRUST COMPANIES.__________

Week ended 0:1. 5 —

) Nat. hanks]
Capital isept. 4 and)
State hanks i
Surplus JSept. 9 ........ J

Totals, A vgo..
14.8 + 10.2

Actunl figures

The capital of the trust companies Is as follows: Brooklyn, $ 1,000,000, Bankers
$10,000,000; United States Mortgage A Trust, $2,000,000; Astor, *l,2.)0,000, Title
Guarantee A Trust, $5,000,000; Guaranty, $5,000,000; Fidelity, S1,000,000.
Lawyers’ Title Insurance A Trust, $4,000,000; Columbla-Knlckerbockcr, $2,000,000,
Standard, $1,000,000: People's, $1,000,000; New York. $3,000,000; Franklin,
$1,000,000: Lincoln, $1,000,000; Metropolitan, $2,000,000: Broadway, $1,000,000
total, $41,250,000

Clear.-Ilous' Clear .-House Vale Banks & Total of ell
Trust Cos. Not Hanks&TiUst
Members.
Members.
n C.-H. Aver. Cos. Average
Average.
ActualFigure.'S

%

S

174,900,000

174.900,000

290.821,300

296,821,300

336,305,000
25.34%

203,925,000

80,900,900

377,728,200

509,416,900 2.540,392,900
—8,135,500 —25,609,500

Loans and investments 1,935.095,000 1,946,076,000
Change from last week — 17,941,000 — 17,474,000
D eposits.................... - 1,783,410,000 1,792,024,000
Change from last week — 13.700,000 — 15,534,000
323.913,000
323,590,000
S pecie.................... - - ­
—3,013,000
Change fro last week —4,465,000
82.452,000
80,737.000
— 1.006.000
Change from last week —2,861,000
Banks: cash In vault..
Ratio to deposits...

$

29,025,000

a603,918.400 2,395,942,400
—8,873,100 — 24,407,100
64,559,000
— 1,443,700

388,472,000
— 5,056,700

68,235,000
— 121,500

90,087,600
— 1,127,500

336,529.000
25.34%

12,412,500
14.23%

348,941,500

Trust cos.; cash In vault

68.022.000

09,830,000

60,382,100

130,218,100

Aggr’ tc money holdings
Change from last week

404.327,000
— 7,326,000

406,365.000
— 4,019.000

72,794,000
— 1.505,200

479,159,600
—6,184,200

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

52,074,000
—947,000

54,260,000
+960,000

15,743,000
— 310,500

70,009,000
+655,500

Change from last week

456,401,000
—8,273,000

400,631,000
—3,653,000

88,637.600
— 1.875,700

549,168,600
— 5,528,700

3
$
t
a
S
S
Averngcs
*
1,327,806,0
B an ks__ 133,650,0 199,887,6 1,334,372,0 261,202,0 75,327,0
Trust cos. 41,250,0 96,933,7 612,604,0 02,711,0 7,125,0 54.266,0 404,218,0

Surplus CASH reserve
Banks (above 2 5 % )-Trust cos.(abovcl5%)

4,619,500
del.478,200

4,577,500
sur.203,300

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

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

Total .. 174,900,0 296.821,3 1,940,076,0323,913,0 82.452.0 54.206.0 1.702.024.0
Actual.
1.326.742.0
1,332.000,0'262,513,0 73.792.0
Banks . . .
603,089,0, 61,077,0 0,945,0 52.074.0 | 450,668,0
Trust cos.

Change from last week

4.141,300
— 5,357,800

4,780,800
— 1,569.200

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

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

15.11%
1.17%

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

SUMMARY COVERING BOTn BANKS AND TRUST COMPANIES
Week
ending
O.t. 5.

Total . .

Capital.

Surplus.

...........

Loans.

Specie.

On Dep.
Legal with C.Il
Tenders. Banks.

Net

Deposits

........... 1,935,095,0323,590,0 80,737.0 52,074,0^1,783,410,0

% of cash leserve of trust cos—
14.89%
10.23%
Cash on dep. with bks

15.04%
10.46%

25.12%

25.50%

T o ta l......................
The
re tu r n s
charge.
in

th e

S ta te
of

B a n k in g

th e

S ta te

D ep a rtm en t

banks

and

a ls o

fu r n is h e s

tr u st c o m p a n ie s

under

irs

T h e s e r e t u r n s c o v e r a ll t h e i n s t i t u t i o n s o f t h i s c la s s
w h o le

S ta te ,

but

th e

f ig u r e s a r e c o m p i l e d

d is tin g u is h b e tw e e n th e r e s u lts fo r N e w Y o r k C ity




j

16.28%

w e e k ly

so

as

to

(G re a te r

4Increase over last week. — Decrease from last week.
aThese arc the deposits after eliminating th eitem ‘'Due from
and other banks and trust companies In New York Oity . with this Item included,
uonosits amounted to $657,334,200, a decrease of $0,558,000 from last week. In the
S
of th“
ai^ring-Houi’ membem, the deposits are "legal net deposits" both for
the average and the actual figures. 6 Includes bank notes.

948

THE CHRONICLE

T o -d a y

b e in g

sta te m e n t,
te id a y ,

C o lu m b u s

D ay,

u s u a lly p u b lis h e d

and,

b e in g

th u s

th e

C le a r in g -H o u s e

bank

o n S a t u r d a y , w a s is s u e d y e s -

a v a ila b le

b e fo r e

g o in g

to

press,

w e g iv e it here a ls o .

B o s t o n a n d P h i l a d e l p h i a B a n k s . — B e l o w is a s u m m a r y o f
th e w e e k ly t o ta ls o f th e C le a r in g -H o u s e b a n k s o f B o s t o n
a n d P h ila d e lp h ia :

__________________ Wc omit two ciphers (00) in all these figures.

NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House Stale Hanks <1- Total of all
Members.
Members. Trust Cos. Not Banks&Trusl
Week ended Oct. 11— A dualFigures
Average.
in C .-fi. Aver. Cos. Average.
8

INat. banksl
Capital ISept. 1 and!
1State banks
Surplus JSept.9........ J

S

8

S

174.900,000

174,900,000

29,025,000

203,925,000

296,821,300

296,821,300

80,906,900

377,728,200

Loans and investments 1,938,311,000 1,9'6,596,000
Change Irom last week —6,784,000 — 10,380,000
D eposits............ ......... 1,770,341,000 1,777,624.000
Change Irom last week — 13,069,000 — 14,400,000
Specie . . .
325,300,000
Change Irom last week 1+1,719,000
— 1,033,000
Legal tenders________
82,758,000
81,329,000
Change from last week
1-2,021,000
— 1,123,000

599,070,100 2,535,072,100
— 340,800 — 10,720,800
a601,232,400 2,378,856,400
— 2,686,000 — 17,086,000
64,645,500
+ 86,500

386,925,500
— 1,546,500

68,277,900
+ 42,300

89,006,900
— 1,080,700

Banks: cash in vault..
Ratio to deposits___

340,006,000
25.76%

336,558,000
25.43%

12,634,300
14.49%

340,192,300

Trust cos.: cash in vault

68,052,000

07,051,000

60,289,100

127,340,100

Aggr’ te money hidings
Change fro last week

408,058,000
+ 3,731,000

4 ,’3,609,000
— 2,756,000

72,923,400
+ 128,800

476,532,400
— 2,627,200

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

50,413,000
— 1,661,000

50,562,000
— 3,704,000

15,140,600
— 602,400

65,702,600
—4,306,400

Total reserve.
Change from last week

458,471,000
+2,070,000

454,171,000
—6,460,000

88,064,000
— 473,600

542,235,000
— 6,933,600

10,152.500
412,950

5,808,500
dell, 142,900

T o ta l___________
Change from last week

10,565,450
+ 6,424,150

4,665,600
— 115,200

% of cash reserves of tr ust cos--Cash In vault,... _
15.09%
Cash on dep. with bks
10.05%

14.74%
10.00%

15.14%
1.08%

24.74%

16.22%

T o ta l..............

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

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

n
A! ,
^ . — uccrease rrom last week.
an?l other hnntae o CI]0f tS? ner elimina,i° s the item "Due from reserve depositaries”
r banks anu
companies in New York City” : with tills item included
hepo; l,s
t0 SG51,050,500, a decrease of §5,683,700 from last week
In
for0 the° ° f th° CIearlnSH°use- members, the deposits are "legal net deposits” both
for the average and the actual figures, b Includes bank notes.
ut'1J«hirs 00111
T h e a v e r a g e s o f th e N e w Y o r k C it y C le a r in g -H o u s e b a n k s

and

tru st

c o m p a n ie s

combined w i t h
in

G rea ter

th o se fo r th e S ta t e b a n k s

N ew

Y ork

o u ts id e

of

Boston.
A u g . 17..........
A u g . 3 4 _____
A u g . 3 1 ..........
S ep t. 7.........
S ep t. 14.......... .
S ep t. 2 1 ............
S ep t. 2 8 ____
O ct.
5 ______
P hiladelphia
A u g . 17.............
A u g . 2 4 .............
A ug 3 1 ______
S ep t. 7 ______
S ep t. 1 4 .......... ..
S en t. 2 1 .............
S ept. 28 .
O ct.
5 .............

Specie.

Lega/s

Deposits

S
41.575
41.575
41.575
11.575
41.575
41.575
41.575
41,575,0

$
S
240.247.0
.172,0 5.328.0 274.065.0
240.070.0
,030,0 5.251.0 270.787.0
241.101.0
,040,0 5.410.0 267.320.0
241.070.0
,623,0 5.074.0 271.202.0
239.631.0
.393,0 5.212.0 273.178.0
239.4 12,0
.61.3.0 " 135,0 270.832.0
237.684.0
123.0 5.095.0 267.300.0
237,024,0 23 131.0 4.775.0 275.144.0

80.623
80.623
80.623

389.940.0
391.213.0
392.338.0
393.222.0
393.833.0
391.262.0
390.007.0
389.682.0

80.623

80.623

80.623

80.623
80.623

97.837.0
97.074.0
97.285.0
97.245.0
92.940.0
92.290.0
93.115.0
93.960.0

433.602.0
428.637.0
430.884.0
435.122.0
430.976.0
430.033.0
429.233.0
434.124.0

Circu­
lation.

Clearings

S
S
7.850.0 149,093,7
7.853.0 138.659.1
7.775.0 122.823.9
7.713.0 142.439.2
7.607.0 153.961.9
7.661.0 158.200.6
7.591.0 161,914,1
7.355.0 200.853.7
15.090.0
15.120.0
15.116.0
15.123.0
15.147.0
15.136.0
15.135.0
15.116.0

143,986,4
127.995.6
128,051,0
133.852.8
143.211.3
154.660.7
158.782.6
186.156.6

a *a?‘ 0(iea Government deposits and the item "due to other banks.” At Boston
Septembern28llCPOS 13 !unountc<* t0 5873,000 on October 5, against §871,000 on
"Deposits’- now includes the item of “ Exchanges for Clearing House,” which
reported prevlous'y Clabrae« l in the total. “ Exchanges for Clearing House” were
reported on October 5 as 817,078,000.
I m p o r t s a n d E x p o r t s fo r t h e W e e k .— T h e fo llo w in g a r e
th e im p o r t s a t N e w Y o r k fo r th e w e e k e n d in g O c t . 5 ; a ls o
t o t a l s s in c e t h e b e g i n n i n g o f t h e f i r s t w e e k in J a n u a r y :

FOREIGN IMPORTS AT NEW YORK.
For Week.

1912.

1911.

83,145,833
18,115,809

1910.

1

$2,421,303 !
12,081,241 '

1909.

S3,024,605
15,857,931

82,897,928
15,854,798

T o ta l_________________
$21,261,723 $14,502,54 4j 818.882,536 S18,752,726
Since January 1.
Dry Goods.......... ................... $114+61,873 $107,851,056 S121,826,395
General Merchandise..
655,742,352 557,013,926 588,250,842 8130,323,435
533,126,668
Total 40 weeks..........
$770,604,225 $064,804,982 $710,077,237 8063,450,103
^ l le. f o l l o w i n g is a s t a t e m e n t o f t h e e x p o r t s ( e x c l u s i v e o f
s p e c ie ) f r o m t h e p o r t o f N e w Y o r k t o f o r e i g n p o r t s f o r t h e
w eek e n d in g O c t . 5 a n d fr o m J a n . 1 to d a t e :

EXPORTS FROM NEW YORK.
1912.
For the week________
Previously reported..............
Total 40 weeks..........

1011.

1910.

1909.

$19,155,210 817,148,165 S1G,090,294 SI 1,029,554
618,318,231 579,119,635 494,891,260 454,974,480
8637,473,444 8596,207,'-00 8510,987,554 S160,(504,034

th e

C l e a r in g H o u s e , c o m p a r e a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :

•
8
s ,,u w s
e x p o r ts a n d im p o r ts
s p e c ie a t t h e p o r t o f N e w Y o r k f o r t h e w e e k e n d i n g O c t .

ol
5

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK

a n d s in c e J a n . 1 1 9 1 2 , a n d f o r t h e c o r r e s p o n d i n g p e r i o d s in
1911 and 1 9 1 0 :

We omit two ciphers in all thesefigures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Week
Ended
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.

Capital
and
Surplus

Dry Goods_____________ _
General Merchandise..

Surplus CASH reserve
Banks (above 2 5 % )..
Trust cos.(abovcl5%)

a n d tru st c o m p a n ie s,

[V O L . L X X X X V

10—
17 —
24—
317 ..
14..
2 1 ..
28 —
5—
11 —

Loans and
Investments.
8
2.649.899.1
2.651.628.2
2.650.979.4
2.651.253.5
2.644.504.1
2.618.939.0
2.586.878.2
2,572,002,4
2.540.392.0
2.535.672.1

Deposits.
S
2.523,862,0
2.532.105.2
2.533.156.4
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

Specie.

Legals.

8
428.130.2
430.507.2
427.920.0
417.008.1
407.961.1
400,137,8
396.837.7
393.528.7
388,472,0
380,925,5 '

Tot. Money Entire Res.
Holdings. on Deposit.

8
8
94,811,9 522.948.1
94.054.6 524.561.8
92.738.6 520.658.6
92.651.8 509.659.9
91.860.8 499.821.9
91,421,3 491.559.1
91.696.9 488.534.6
91,815,1 485,343,8
90.687.6 479.159.6
89,606,9 476,532,4

S
611,448 1
615,325,4
603,858,1
590,236,8
576.345.3
566,706,7
559.906.3
554.697.3
549,168,6
542,235,0

R e p o r t s o f C l e a r i n g N o n - M e m b e r B a n k s . — T h e f o l l o w i n g is
t h e s t a t e m e n t o f c o n d i t i o n o f t h e c le a r i n g n o n - m e m b e r b a n k s
fo r th e w e e k e n d in g O c t . 5 , b a s e d o n a v e r a g e d a ily r e s u lts :

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

Banks

Capi­
tal.

Sur­
plus

Loans,
Disc’ts
and
invest­
ments.

Specie

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

New York City.
Manhattan and Bronx
8
%
8
8
8
$
Aetna National..........
500.0
544.9 3.300.0 682,0
81,0
82,0
Washington Helghts. 100.0
336.0 1.588.0 154.0
92.0
232.0
Battery Park Nat___
200,0
115.1 1.599.0 330.0
39.0
125.0
Century ___
500.0
515,5 0,151,0 679.0 438.0
473.0
Colonial _____
400.0
549.4 6.088.0 789.0 400.0
954.0
Columbia_____
787.4 6.322.0 556.0 472.0
300.0
694.0
Fidelity ...................... 200.0
168.9 1.073.0
43,0 124.0
133.0
Mount Morris______
337.4 2.649.0 456.0
250.0
39.0
327.0
Mutual.................
200.0
411.0 4.471.0 404.0 304.0
469.0
New Netherland____
200,0
281.4 2.761.0 265.0
87.0
427.0
Twenty-third W ard.. 200,0
96,0 2.082.0 257.0 103.0
256.0
Yorkville ............
100,0
515.8 4.450.0 010.0 236.0
583.0
Brooklyn.
First N ational..........
300.0
672.3 3,80b,0 293.0 112.0
479.0
Manufacturers’ N at.. 252.0
910.2 6.118.0 601.0 181,0
683.0
Mechanics’ ................ 1,000,0
765.7 11,272,0 1,361,0 693.0 1.512.0
National City............
300.0
578.5 4.411.0 534.0 116,n
830.0
North Side___
200.0
174.5 2.336.0 185.0
91.0
187.0
Jersey City.
First National..........
400.0 1,335,0 5.340.0 291.0 298.0 6.809.0
Hudson County Nat
250.0
798.4 3.738.0 205.0 114.0
439.0
Third National_____
200.0
417.9 2.175.0 101.0 146.0
650.0
Hoboken.
First National
220,0
64.0
649.0 4.190.0 199.0
343.0
Second National .
125,0
51.0
275.7 3.157.0 181.0
232.0
Totals Oct. 5___ 6.597.0 11.236.0 89.077.0 9.236.0 1,281,0
16.919.0
Totals Sept. 28___ *,597,0 11.236.0
9.327.0 1.417.0 11.406.0
Totals Sept. 21___ 6.597.0 11.236.0 88.557.0
89.163.0 1,224,0. 1.474.0 10.934.0




8
3.044.0
1.351.0
1.706.0
6.798.0
0,310,0
6.968.0
1.013.0
2.975.0
4.637.0
2.625.0
2.281.0
4.944.0
2.969.0
5.602.0
13.469.0
4.342.0
2.318.0

Exports.

Gold.

Week.
Great Britain....................
France ........ ...............
Germany ____ ______ ______
West Indies........................................
M e x ico ...... ................... ...................
South America............
All other countries............................
Total 1912......................................
Total 1911...... ............. ................
Total 1910...................................

Imports.

Since Jan. 1

...........

..........

20,146", 222
15
830,166 2,759,762
2o6~666

$3,653

9,983,903
53,483

120,124
185,448

S230.100 $32,943,385
2,123,638 0,918,900
400 44,854,353

Since Jan. 1
$391,272
2,020,918
2,569
280,898
10,892,094
2,900,861
1,445,788

$315,225 $17,940,400
39,120 11,817,903
221,993 20,555,186

Silver.
Great Britain........ ..... ..................... $1,108,788 837,482,491
France ..................
50,787 5,490,732
Germany _____ _____________
West Indies.............. ..... ............. .....
100
83,321
Mexico . .
South America____ ___________
25,349
All other countries...... ......... .........
707,790
200
Total 1912.................................... $1,165,875 S43.789.683
Total 1911............
816,840 37,810,637
Total 1910............
1,082,530 33,733,061

“ §977
53,696
79,782
70,582

$3,329
6,894
20,853
40,176
3,344,929
2,400,450
1,321,939

$210,337 $7,198,570
64,393
5,581,417
58,586 3,633,336

O f t h e a b o v e i m p o r t s f o r t h e w e e k in 1 9 1 2 , $ 5 , 6 3 7 w e r e
A m e r i c a n g o ld c o in a n d $ 1 2 6 A m e r i c a n s i l v e r c o i n .

SauM tifl aud ffitx a ticia i
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled “ Railroad and Industrl
Stocks, which describes 124 Issues listed on the New York Sto<
Exchange, and classified by us as follows: Investment Stocks Serr
Investment Stocks, Speculative Stocks.
’

Spencer Trask & Co.
43

EXCHANGE

C h ic a g o ,

111.

PLACE— NEW

B o s to n , M a ss.

YORK.

A lb a n y ,

N. Y.

4.278.0
2.011.0
1.525.0

Members New York Stock Exchange.

1.810.0
1,299,0

White, Weld &. Co.

84.275.0
84.1.83.0
84.703.0

Week.

B onds

14 WALL S T R E E T
NEW

YORK

and

Investment Securities.

THE R O O K E R Y
C H IC A G O

111 D E V O N SH IR E STR EET
BOSTON

Oct. 12 1812 ]

THE

C H R O N IC L E

W a l l S tr e e t, F r i d a y N i g h t , O c t. 11 1 9 1 2 .
T h e M o n e y M a r k e t a n d F in a n c ia l S it u a t io n .— L a s t S a tu r ­
d a y ’s b a n k s ta t e m e n t s h o w e d a s m a lle r s u r p lu s re s e r v e ,
a n d t h is m a y h a v e b e e n o n e r e a s o n f o r a m o r e l i m i t e d v o l ­
u m e o f b u s in e s s a t t h e S t o c k E x c h a n g e e a r l y t h is w e e k .
An­
o t h e r r e a s o n , a n d o n e w h ic h e x e r t e d a m u c h s t r o n g e r i n ­
flu e n c e , w a s th e a n n o u n c e m e n t t h a t w a r a g a in s t T u r k e y h a d
b e e n d e c la r e d b y o n e o f th e B a lk a n S ta t e s .
T h is q u it e
s e r i o u s l y a f f e c t e d t h e E u r o p e a n m a r k e t a n d le d t o f u r t h e r
liq u id a t io n o f A m e r ic a n s e c u r itie s o n t h e o t h e r s id e .
I t is
e s t i m a t e d b y t h o s e in a p o s i t i o n t o k n o w t h e f a c t s t h a t t h is
m o v e m e n t n o w a m o u n t s t o u p w a r d s o f $ 2 0 , 0 0 0 ,0 0 0 . A t
t h e s a m e t im e B r i t i s h C o n s o ls d e c l i n e d a n d F r e n c h R e n t e s
s o ld b e lo w 9 0 , th e lo w e s t q u o t a t io n s in o v e r 2 0 y e a r s .
An­
o t h e r r e p o r t w h ic h m a y h a v e h a d a m o r e o r le s s a d v e r s e i n ­
f l u e n c e in W a ll S t r e e t w a s t h a t o f s a le s o f c o p p e r b y p r o d u c e r s
d u r in g th e m o n th o f S e p te m b e r .
T h e s e w e r e s m a lle r t h a n
f o r a n y m o n t h s in c e A p r i l , a n d w e r e a b o u t 2 5 , 0 0 0 ,0 0 0 l b s .
le s s t h a n f o r A u g u s t .
T h e s e fig u r e s d o n o t , h o w e v e r , r e p r e ­
s e n t t h e a c t u a l d i f f e r e n c e in c o n s u m p t i o n , a s s a le s i n A u g u s t
w e r e a b n o r m a lly la r g e , o w in g t o th e f a c t t h a t a t th e b e g in ­
n i n g s t o c k s in c o n s u m e r s ’ h a n d s w e r e g r e a t l y r e d u c e d .
T o ta ls fo r th e tw o m o n th s s h o u ld , th e r e fo r e , b e ta k e n t o ­
g e t h e r , a n d t h u s a fa ir a v e r a g e s h o w n .
T h e G o v e rn m e n t cro p re p o rt w as v e r y s a tis fa c to r y . I t
s h o w e d a h i g h e r p e r c e n t a g e f o r a ll c e r e a ls a n d i n d i c a t e d a
w h e a t c r o p 3 0 , 0 0 9 ,0 0 0 b u s h e ls la r g e r t h a n d i d t h e S e p t e m ­
b e r r e p o r t , a n d a n in c r e a s e o f 1 2 5 , 0 0 0 ,0 0 0 b u s h e l s in o a t s .
R e p o r t s f r o m t h e ir o n a n d s t e e l i n d u s t r y a r e o f a s im i l a r
t e n o r , s h o w i n g a n in c r e a s e o f n e a r l y 4 0 0 , 0 0 0 t o n s in t h e o r ­
d e rs b o o k e d d u r in g S e p t e m b e r .
T h e s e a r e la r g e r t h a n f o r
a n y m o n t h s in c e J u n e 1 9 0 7 , a n d b r i n g t h e t o t a l in c r e a s e f o r
th e y e a r u p to o v e r 7 5 % .
T h e o p e n m a r k e t r a t e f o r c a ll l o a n s a t t h e S t o c k E x c h a n g e
d u r in g th e w e e k o n s t o c k a n d b o n d co lla te r a ls h a v e ra n g e d
fr o m 3 % @ 6 % .
T o - d a y ’ s r a t e s o n c a ll w e r e 3 % @ 5 % .
C o m m e r c ia l p a p e r q u o t e d
n o m in a lly a t 0 %
fo r 60
to
9 0 -d a y e n d o r s e m e n ts a n d 6 % fo r p r im e 4 t o 6 m o n t h s ’
s in g le n a m e s a n d 6 % % f o r g o o d s in g le n a m e s .
T h e B a n k o f E n g la n d w e e k ly s ta t e m e n t o n T h u r s d a y
s h o w e d a d e c r e a s e in b u l l i o n o f £ 1 , 0 2 4 , 2 3 5 a n d t h e p e r c e n t ­
a g e o f r e s e r v e t o l i a b i l it i e s w a s 4 8 . 8 4 , a g a i n s t 4 8 . 7 4 la s t
w eek.
T h e r a t e o f d i s c o u n t r e m a in s u n c h a n g e d a t 4 % , a s
fix e d A u g . 2 9 .
T h e B a n k o f F ra n ce sh ow s a d ecrea se o f
1 7 , 0 9 3 ,0 0 0 f r a n c s g o l d a n d 3 , 1 2 1 , 0 0 0 f r a n c s s il v e r .
T o - m o r r o w b e i n g a le g a l h o l i d a y , C o l u m b u s D a y , t h e
C le a r i n g - H o u s e b a n k s t a t e m e n t w a s is s u e d t o - d a y .
A sum ­
m a r y o f th e s ta t e m e n t s h o w in g b o t h th e a v e r a g e s fo r th e
w e e k a n d t h e a c t u a l fi g u r e s f o r t h is m o r n i n g is g i v e n o n t h e
p r e c e d in g p a g e .
In th e fo llo w in g w e r e p o r t th e a v e ra g e s
( f o r b a n k s a l o n e ) f o r t h e p r e v i o u s w e e k in o u r u s u a l f o r m in
o rd e r to p re se rv e th e re co rd .
N E W Y O R K C L E A R IN G -H O U S E B A N K S .

(Hot Includung Trust Companies.)
1 012 .

Averages for
week ending
Oct. 5 .
$
1 3 3 .6 5 0 .0 0 0
C a p i t a l ........................ ..........
1 9 9 ,8 8 7 ,6 0 0
S u r p l u s ----------- -------------1 .3 3 1 .3 7 2 .0 0 0
L o a n s a n d d is c o u n ts —
4 6 .3 4 4 .0 0 0
C i r c u l a t i o n ................ ..........
N e t d e p o s i t s ....................... 1 .3 2 7 .8 0 6 .0 0 0
2 6 1 .2 0 2 .0 0 0
S p e c ie ..................................
7 5 .3 2 7 .0 0 0
L e g a l t e n d e r s .....................
R e s e r v e h e l d -----------------2 5 % o f d e p o s i t s ................

1911.

Differences
from
previous week.

Averages for
week ending
Oct. 7 .

1910.

Avcarges for
week ending
Oct. 8 .

s
$
S
1 3 2 .3 5 0 .0 0 0
.............. .......... | 1 3 5 ,1 5 0 ,0 0 0
1 9 3 ,2 9 7 ,9 0 0
______ _______ 1 1 9 6 ,1 9 9 ,0 0 0
D e c . 4 ,0 9 2 ,0 0 0 1 ,3 6 0 ,8 1 5 ,0 0 0 1 .2 7 2 .1 9 7 .0 0 0
4 8 ,1 1 0 ,1 0 0
D eo.
9 0 ,0 0 0
5 0 ,0 3 7 ,0 0 0
D e c . 7 ,1 9 7 .0 0 0 1 ,3 7 8 ,3 6 6 ,0 0 0 1 .2 4 9 .2 2 8 .0 0 0
2 5 1 ,8 9 5 .7 0 0
D e c . 3 ,1 0 6 ,0 0 0
2 8 4 ,6 9 9 ,0 0 0
6 6 ,3 5 6 ,0 0 0
D ec.
501 ,00 0^
7 3 ,6 5 2 ,0 0 0

3 3 6 ,5 2 0 ,0 0 0 D e c .
3 3 1 ,9 5 1 ,5 0 0 D e c .

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

3 5 8 ,3 5 1 ,0 0 0
3 4 4 ,5 9 1 ,5 0 0

3 1 8 ,2 5 2 ,3 0 0
3 1 2 .3 0 7 .0 0 0

949

Dom estic Exchange.— Chicago, 5c. per S I,000 premium. Boston, par.
St. Louis, 35c. per $1,000 discount bid and 25c. discount asked. New O r­
leans, com m ercial, 50c. per $1,000 discount and bank $1 premium. San
Francisco, 25c. per S I,000 prem ium . Savannah, buying, 3-16% discount
and selling par. Montreal, 3154c. prem ium . Charleston, buying, par;
selling, 1-10% prem ium . Minneapolis, 15c. per $1,000 premium. Cin­
cinnati, par.
S t a t e a n d R a i l r o a d E o n d s . — S a le s o f S t a t e b o n d s a t t h e
B o a r d i n c l u d e $ 3 , 0 0 0 N . Y . C a n a l 4 s , 1 9 6 1 , a t 1 0 0 % ; $ 1 ,0 0 0
N . Y . C a n a l 4 s , n e w , a t 1 0 1 % ; $ 5 ,0 0 0 N . Y . C an al 4 s, 1 96 2 ,
a t 1 0 0 % , a n d $ 1 0 2 ,0 0 0 V a . 6 s d e f . t r u s t r e c e i p t s a t 5 6 % t o 5 9 % .
T h e t r a n s a c t i o n s in r a i l r o a d a n d i n d u s t r i a l b o n d s h a v e ,
li k e t h o s e in t h e s h a r e s m a r k e t , b e e n o n a c o n s i d e r a b l y r c d u c e d £ s c a le .
T h e y w e r e s m a lle s t o n M o n d a y , w h e n o n ly
a f e w s p e c u l a t i v e is s u e s w e r e a c t i v e .
T h e la tt e r in c lu d e d
T h ir d A v e ., I n t e r b o r o -M e t ., N e w Y o r k R a ilw a y s a n d L a c k a ­
w a n n a S te e l, w h ic h h a v e , in d e e d , b e e n c o n s p ic u o u s t h r o u g h ­
o u t th e w e e k .
T h i r d A v e . a d j . 5s h a v e a d v a n c e d 2 p o i n t s
a n d N e w Y o r k R a i l w a y s a r e h i g h e r in t h e f a c e o f a d e c l i n i n g
m a rk et.
P r a c t i c a l l y e v e r y o t h e r a c t i v e is s u e is l o w e r .
U n i t e d S t a t e s B o n d s . — S a le s o f G o v e r n m e n t b o n d s a t t h e
B o a r d a r e l i m i t e d t o $ 1 0 , 0 0 0 2 s , r e g . , a t 1 0 1 % , a n d $ 1 ,0 0 0
P a n a m a 3 s, c o u p ., a t 1 0 1 % .
F o r t o - d a y ’ s p r i c e s o f a ll th e
d i f f e r e n t i s s u e s a n d f o r y e a r l y r a n g e s e e th ir d p a g e fo l l o w i n g .
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— O n a la r g e ly r e d u c e d
v o l u m e o f b u s in e s s t h e s t o c k m a r k e t h a s b e e n i r r e g u l a r .
T h e r e w a s a g e n e r a l t e n d e n c y to w e a k n e ss u n til T h u r s d a y ,
w h e n a r e a c t i o n s e t in w h i c h c a r r ie d a f e w s t o c k s 1 t o 1 %
p o in ts a b o v e th e lo w e s t. A s n o te d a b o v e , th e w e a k n e ss w as
c h ie fly d u e t o fo r e ig n s a le s .
T h s m o v e m e n t w as ren ew ed
t o - d a y w i t h in c r e a s e d f o r c e , a n d u n d e r t h e l e a d o f C a n a d i a n
P a c i f i c , w h i c h l o s t 11 p o i n t s , t h e r e h a s b e e n a g e n e r a l d e c l i n e
o f u n u su a l p r o p o r tio n s .
A m a l g a m a t e d C o p p e r is 3 % p o i n t s
lo w e r t h a n la s t w e e k , a n d A n a c o n d a , S m e lt in g , U n io n P a ­
c if ic / S o u th e rn P a c ific a n d N e w Y o r k C en tra l a r c fr o m 2 to 3
p o in ts lo w e r .
O n t h e o t h e r h a n d , A m e r i c a n T o b a c c o is 5
p o in t s h ig h e r , A m e r ic a n C a n a n d I n t e r .-M e t . a re u p o v e r 2
p o in t s a n d R e a d in g s h o w s a n e t g a in o f o v e r a p o in t .
F o r d a i l y v o lu m e o f b u s i n e s s s e e p a g e 9 5 7 .
T h e f o l o w i n g s a le s h a v e o c c u r r e d t h is w e e k o f s h a r e s n o t
r e p r e s e n t e d in o u r d e t a i l e d l i s t o n t h e p a g e s w h i c h f o l l o w :
STOCKS.

Week ending Oct.

11.

A d a m s E x p r e s s __________
A llis -C h a l t r re ts 1st pd _
P r e f e r r e d t r r e t s 1s t p d
A m B rake S h o e & F d y , p
A m e r C o a l P r o d u c t s ------A m e r ic a n E x p r e s s ...........
A m e r T e le g A- C a b l e ------B r u n s w ic k T e r m i n a l ------B u f f a lo R o c h & P i t t s . . .
C h ic a g o * A l t o n _________
C o l o r a d o A S o u t h e r n ___
C o m s t o c k T u n n e l _______
E I d u P o n t P o w d , p r e f.
G reen B a y A W d e b B _.
G W I l r t m e _______ _______
I o w a C e n t r a l, p r e f . ...........
l.a k e S h o r e & M ic h S o u .
L o n g I s l a n d - . . _________
L o u is v A N a s h v r i g h t s . .
N a sh v C h a tt A S t I ,— .
N Y C h ic A S l o u i s ____
N e w Y o r k D o c k , p r e f ___
N Y L a c k A W e s t .............
O n t a r io S ilv e r M i n in g —
Q u ic k s i lv e r M i n in g ______
S t L A S F— C A E Ills
n e w s t k t r c t f s .............
S o P o r to R ic o S u g , p r e f.
U n it e d C ig a r M f r s ----------U n it e d D r y G o o d s . ..........
U S E x p r e s s ______________
U S R u b b e r 1 st p r e f s u b ­
s c r i p t io n r e t s fu ll p a id

10(1 1 60
50 9 i A
360194
100 6 9
700
8%
100 115
100 18 H
250 3914
2 . ’ 00 1 0 c .
100 9 8 ) 4
2 0 6 13 H
5 0 1,85
200 2 6 A
120 161
2 S2 4 8
0%
1,000
4 5 0 172
200 59 H
16 3 4
1 00 121%
2A
225
8 1 0 1354
400
6

O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct

52
1 00 109
55
7 0 0 10054
L 0 0 10514
82 77

O ct
O ct
O ct
O ct
O ct
O ct

6 0 0 109 A

O ct

A
3%

200

Lowest.

Highest.

Lowest.

100 197
3 , 96
1 ,7 2 5

Range since Jan.

Range for Week.

Sales
for
Week.

11 197
1C

11

Vs
AH

7 160

10 9 4

A

S 202
8 09

10
8H
11 115
5
9

10
7
7

8
7
9
7

11
8
9

9
10
1(1
5
9

18 H
40
12c.
9 8 )4
1 6 )4
1 85
27
165
48
9 54
180
59 A
31
124 %
2 )4
1554
6 )4

O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
oct
O ct

10 5 2

M ch 2 1 7 )4 A p r
2 ?4 M a y
7
J4 S e p l
6
M ay
7
2 A S c pi
Sept
J a n 160
7 130
June
10 9 5 ) 4 J u ly 9 8
O ct 2 2 5
Apr
7 194
O ct 7 8
Jan
8, 0 8 ) 4
8
J a n 1 1 54 M a y
10
J a n 11954 J u ly
11 105
J a n 2 4 54 A p r
5 17
June 45
F eb
7 39
A ug 16c.
S c.
F eb
11
Jan 9 9 )4 S ep t
7! 9 0 54
10 1 0 )4 F e b 165 4 O c t
M a y 1 9754 J u ly
8 155
M ch 3 0
Jan
7 24
10 4 5 0
J a n 105
Apr
7 43 A F e b 54 54 J u n e
ii
9 5 4 ’ i O ct
9 54 O c t
». O c t
i i 160.V4 A p r 1 80
F e b 6 1 5 4 J" A p r
9 54
G et 50
fM c h
9 34
10 12454 O c t 1 2454 S O c t
F eb
10
1
3 )4 M a y
O ct 175 4 A p r
7 1 3 )4
Jan
11
3
854 A P r

11 191

10

O ct
O ct
O ct
5 1 0 0 '4 O c t
i i 1 06 A O c t
i i 82
O ct

J u ly 5 7
50
A U g 1 10
9 109
S ept 6454
53
9 97
F e b 1 02 '4
7 103 54 F e b 1 0 8 )4
10 77
O e t il 0 0 5 4

10 1 1 0 )4 O c t

11 107

9

109

10 5 5

1.

Highest.

10

A u g jll0 )4

F eb
Jan
M ay
J u ly
J u ly
Apr
O ct

O u t s i d e M a r k e t .— T h e r e w a s l i t t l e c h a n g e t o t r a d i n g in t h e
o u t s i d e m a r k e t t h is w e e k , t h o u g h , if a n y t h i n g , t h e d u l n e s s
N o t e — T h e C le a r in g H o u s e n o w is su es a s t a t e m e n t w e e k l y , s h o w i n g t h e a c t u a l
w as m ore a cce n tu a te d .
P r ic e m o v e m e n t s w e r e w it h o u t
c o n d i t i o n o f t h e b a n k s o n S a t u r d a y m o r n i n g , a s w e ll a s t h e a b o v e a v e r a g e s ,
The
s p e c ia l fe a tu r e .
B u s in e s s w a s p r i n c i p a l l y in i n d u s t r i a l is ­
fig u r e s t o g e t h e r w it h t h e re t u r n s o f th e s e p a r a t e b a n k s a n d t r u s t c o m p a n i e s , a ls o
t h e s u m m a r y is s u e d b y t h e S t a t e H a n k in g D e p a r t m e n t , g iv in g th e c o n d it i o n o f S t a te
su es.
B ritis h -A m e r . T o b a c c o , a fte r flu c tu a tin g b e tw e e n
b a n k s a n d t r u s t c o m p a n i e s n o t r e p o r t i n g t o t h e C le a r in g H o u s e , a p p e a r o n t h e s e c o n d
2 3 % a n d 2 4, san k to 2 2 % .
A s p u r t in U n i t e d C ig a r S t o r e s
p a g e p r e c e d in g .
c o m m o n c a r r ie d t h e p r i c e u p o v e r a p o i n t t o 1 0 5 % , t h o u g h i t
F o r e i g n E x c h a n g e . — T h e m a r k e t f o r s t e r li n g e x c h a n g e
r e a cte d s u b s e q u e n tly to 1 0 3 % .
T h e p re fe rr e d w a s tra d e d
d u r i n g t h e w e e k r u le d e x c i t e d a n d a s a r u le f i r m .
T here
in d o w n fr o m 1 2 2 % to 1 22 .
E m e r s o n -B r a n tin g h a m c o m .
w a s a n a c t iv e d e m a n d fo r r e m itta n c e s , e s p e c ia lly c a b le
a d v a n c e d f r o m 7 5 % t o 7 6 % b u t f e ll t o 7 5 % .
T h e p re fe rr e d
t r a n s f e r s , a s a r e s u lt o f t h e h e a v y s e ll i n g o f A m e r i c a n s e ­
g a i n e d a b o u t a p o i n t t o 1 0 2 , d r o p p e d b a c k t o 1 01 a n d e n d e d
c u r itie s b y fo r e ig n h o ld e r s .
th e w e e k a t 1 0 1 % .
In te r c o n tin e n ta l R u b b e r im p r o v e d
■T o-day's (Friday's) nominal rates for sterling exchange were 4 83 for
M a n h a tta n S h irt c o m . w a s c o n s p ic u o u s
00- day and 4 86 54 for sight. T o-d a y’s actual rates for sterling exchange f r o m 12 t o 1 2 % .
were 4 8190@ 4.82 for 60 days, 4 8550@4 8560 for cheques and 4 80®
fo r a sh a rp u p w a r d m o v e m e n t, th e p r ic e , a fte r a fr a c tio n a l
4 8610 for cables. Commercial on banks 4 79 54 @ 4 81 54 and documents
r e c e s s io n t o 6 9 , j u m p i n g t o 7 2 .
T h e clo s e t o -d a y w a s a t
fo r payment 4 81 54 @ 4 82. Cotton for paym ent 4 8 1 )4 @ 4 8154 and
grain for payment 4 8154@ 4 81 54.
71% .
T h e p r e fe r r e d w e a k e n e d a t fir s t f r o m 1 0 1 % t o 1 0 0 % ,
The posted rates for sterling, as quoted by a representative house, were t h e n a d v a n c e d t o 1 0 1 % , b e i n g t r a d e d i n t o - d a y a t 1 0 1 % .
not changed during the week from 4 85 for 60 days and 4 88 for sight.
T o-d a y’s (Friday’s) actual rates for Paris bankers’ francs were 5 22 54 S t a n d a r d O il o f N . J . s u f f e r e d a s h a r p d e c l i n e , g o i n g d o w n
less 1-16® 5 22 'A for long and 5 20 less 1-16 @ 5 20 less 1-32 for short. Ger­ f r o m 4 0 3 t o 3 9 0 , t h e c l o s e t o - d a y b e i n g a t 3 9 1 .
S ta n d a rd
many bankers’ marks were 94 !4 ® 94 54 for long and 94 M ® 94 13-16 less
132 for short. Amsterdam bankers’ guilders were 40 2 1@ 40 23 for short.O il o f N . Y . l i k e w i s e r e c o r d e d a l o s s o f s o m e 1 8 p o i n t s t o 5 1 0 ,
Exchange at Paris on London, 25f. 26 He.; week's range, 25f. 29c. high r e c o v e r i n g f i n a l l y t o 5 2 0 .
A t la n t ic C o a s t L in e “ r ig h t s ”
and 25f. 26c. low. Exchange at Berlin on London, 20m. 50pf.; w eek’s range,
a p p e a r e d in t h e t r a d i n g , a n d s o l d u p f r o m 3 % t o 3 % .
A
20m . 5 0 54pf- high and 20m. 4 7 54pf. low.
The range for foreign exchange for the week follows:
f e a t u r e in b o n d s w a s t h e h e a v y t r a d i n g in t h e G e n e r a l E l e c ­
Sterlingi Actual— _ Sixty Dags.
Cheques.
Cables.
tr ic n e w 5 s, b e tw e e n 1 0 0 % a n d 1 0 0 % a n d a t 1 0 1 % a t th e
4 8615
High for the w eek— 4 8220
4 8570'
4 8565
clo s e t o -d a y .
W e s te r n P a c ific 5s s o ld u p fr o m 8 2 % t o 8 3 .
L ow for the w e e k .- .4 8190
4 8535
Parts Bankers' Francs—
I n t h e m in i n g d e p a r t m e n t , G r e e n e C a n a n e a w a s t h e f e a t u r e ,
5 19 54 less 1-16
20 less 1-32
High for the w e e k . ..5 22 J4
b e i n g a c t i v e l y t r a d e d in u p f r o m 1 0 % t o 11 a n d d o w n t o
20 54 less 3-64 5 20 less 1-16
Low for the w e e k ---8 ,2 3 H
Germany Bankers Marks-—
10% .
T h e u su a l d iv id e n d o f 2 5 c . a sh a re w a s d e c la r e d .
94 13-16 plus 1-32 94 15-16
H i g h for the week —
01 A
B r i t i s h C o lu m b i a w e a k e n e d f r o m 5 t o 4 % a n d r e c o v e r e d t o
94 54
94 13-16 plus 1-32
Low for the week
94 54
Amsterdam Bankers' Guilders—
4 % fin a lly .
G ir o u x d e c lin e d fr o m 5 to 4 % .
High for the w e e k -. -39 15-16 plus 1-16 40H less 1-32
40 5-16 less 1-32
O u t s i d e q u o t a t i o n s w ill b e f o u n d o n p a g e 9 5 7 .
Low for the w eek__ 39 15-16
40 3-16 plus 1-32 40)4 plus 1-32
S u r p lu s r e s e r v e ...........




4 ,5 7 7 ,5 0 0 D e c .

1 ,8 0 7 ,7 5 0

1 3 ,7 5 9 ,5 0 0

5 ,9 4 5 ,3 0 0

950

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

TW O

PAGES

______________________ For record o f sales d urin g the w eek o f sto ck s u su a lly in active, see preceding p age.

STOCKS—HIGHEST AN D LOWEST SALE PRICES.
Saturday
Oct. 5

Monday
Oct. 7

Tuesday
Oct. 8

Wednesday
Oct. 9

Thursday
Oct. 10.

Sales 01
1/1*
Week
Shares

Friday
Oct. 11.

STOCKS
N E W Y O R K STOCK
EXCHANGE

Range since January 1.
On basis 0/ 100-share lots.

Range for Previous
Year 1911.

Highest.

Highest.

, Railroads
1X034 111*8 1103S IH33 llO-lg 1103t 109*s HOI4 109% HO
109 10934 37,200 A tch Topeka & Santa Fe 103*4, Feb
11134 Oct 4 997* Sep
*10214 1023s 1023S 10238 10214 IO2I4 *1021S 10212 IO I IO I *102's 102'2
500 *
Do p r e f ________
1013g Jan
IOH4 Feb 10 10034 Jan
*14314 14334 *14314 144
1417s 1443i 1411; 142'4 5.100 Atlantic Coast Line U R .. 1331/s Jan 10 148% Ail,'? 12 117 Jan
1431 2 1431 2 143
143
109 10938 109 1093s 10873 109% 108 103*8 103 IO I 1O014 108
13,790 B altim ore & O h i o . ..
rl01% Feb
111%
Ap. 30
93% Sep
*86lS 87l4 87l8 87*8 *86
87I4 *86 8714
Dr. p
nrr-f
100 *> Do
87'g ♦86's 87'S
r e t __________
86'g Aug 13 01 Jan 23
85% Aug
0118 913g 91
9138 91
91
913s 90% 91
Olio 90l2 91
5.100 Brooklyn R apid Transit.
7634 Jan
72 Sep
9U2 J’ly 2
2707a 27734 276% 27714 275*8 27 018 272*8 27334 2723 274
2G2'2 270
81,300 ( ’ anadlan Pacific______ 220'; Mcb
283 Aug 15 10558 Jan
37978 37978 * 3 7 5 3 8 0 *370 380
*375 375
380 3S0 *375 380
450 ' entral o f New Jersey
305 Jan
395 Apr 29 26O Aug
84ts 84% 8334 8458 831 2 841g
82*3 8312 83's 8334 82
83'4 17,000 Chesapeake & Ohio_____
68I4 Feb
85% Oct 3
08*8 Sep
*1734 18
1734 1734 17*8 17% *1712 1734 17'2 17'2 17*3 17'2 1.100 Chic Gt W est trust c t f s ..
16% J’ly 12 20'2 Apr 8
17 Sep
*33
33U *33
3312 * 3 3
33
33
3 3 l2
*32 33
*32
33
300 „ Do pref trust ctfs____
31'g Sep U
301? Apr 8
35% Dec
11212 l l ;3s 1127s 114
113
1131
111 II2I4 53,070 Chicago Mllw & S t Paul
1117s 11278 II I 113
0938 J ’ly 13 114 Oct 7 105% Oct
*141 14212 *14112 14212 14212 14215 *142 143
142 142
142 142
500
Do pref................
140 J’ly R 146 Jan 2 141 Sep
142 142% 142 142
142 142% 141% 14134 3,600 Chicago & North Western 134'2 J ’ly 12 145 Apr 20 138% Sep
141*3 141*s 14U2 142
*181 190 *181 190 * 1 8 0 1 9 0 *180 190 *180 190 *181 190
Do pref__________
199 May 4 198 Mch 20 191 Nov
*5134 60
*5U2 60
*52
60
*52
60
*52'2 59'; *5ll2 60
Cleve Cln Ohio * St L ~ 0*'2 Mch28
0212 Apr 23
48% Sep
';9834 10114 *9814 IOM4 19814 101-1. *98% 1013.1 *9S-1 101-14 *9S3.i 10134
—Do p r e f.......................... I $95% Feb 24 1011? Apr 17
94% J’ly
♦169 171 *171 171 * 1 671 2 17112 171 171 *169 172
170 170
425 [Delaware & H u d s o n ... 16-5 J ’ly 8 175'2 Feb 0 159% Sep
550 550 * 5 3 5 5 5 0 *535 650
*535 550
535 650 *535 550
200 1 'ela w a rc Lack A West
530 Aug 23 669 Jan 29 606 Sep
2234 2234 221; 22'2 22'4 22'4
*2212 23
♦22
24
* 2 21 2 231 2
400 Denver & Rio Grande '
17% Dec
13% J’ly 12 24 Mch 27
4034 407S
—
4012 41
44
40'4 4014 40 40I4 1,310
*40
41
4 H4
Do pref...........................
30% Dec
31*4 J ’ne 19 4014 Jan 24
*812 10
913 018 *9*8 10
♦9
10
*8*8 10
*8'2 10
100 Duluth So Shore & Atlan
8 Sep 8 11-1.1 May 10
9 Nov
19
*10
19 *15
*1612 19
*1012 19
*15
*16
19
19
17% Dec
Do pref
15% Sep 9 23 MaylS
3714 373S 367 37% 36*8 871 8 36lS 36% 30's 303
35's 30's 42,600
3014 Jan 15 39*8 Apr 11
27*4 Jan
5433 54*8 54
5334 54
6334 54
543 * 5 4
64%
62'2 53'2 7,600
45% Jan
50's Feb 3 67% Apr 11
Do 1st preferred___
*44
4512 45
*4312 4412 4134 443
*41
45
45
44
44
400
35 Jan
40 Feb 3 48 A p r il
Do 2d preferred___
140U 14034 14034 14l7g 141 1413 4 140's 1407g 140'2 14U2 139'4 140'2 24,150 Great Northern pref
120 Jan 15 14334 Aug 10 119 Sep
48*4 4938 48'4 49-1.1 47'2 49
493.t 5012
5012 5012 50U 51
14,400
333.1 Deo
30 Jan 31 53 Sep 26
Iron O ro p r o p e r t ie s ...
- l i t 129% I29I4 129)4 2,045 I llin
*129 130
130 13014 130 130
129%
129*8 1 30
120*8 May 9 141l3 Jan 23 132 Jan
o is Centra
|7» 213s 21
20'2 2H4 20%
2Hs 2112 21
2U2 207 8 2 1 U
2U2 36,970 l ntP.rhr
163g Jan 3 22 J’ly 2
13% Sep
ntcrboro-M
etrop
v
t
ctfs
0378 6478
6334 65
633.t 65
637g 6514
—
65
"
66I4 65's 67
79,160
89% Sep
Do pref____________
63*8 Jan 3 67 Oct 11
28'4 28-1g 3,180 IT'ansas City S outhern..
293S 295S 2912 29*4 293S 2912 2834 2914 287g 29
2212 May29
25% Sep
31'4 Sep 30
*61
*61
64'8
64
04
6f
*61
*61
62
62'; *62
65
200 *v r 0
preferred______
56 May29
6558 Mch 25
61% Sep
*1414 1634 *15
16 *14
16-l.j * 1 4
10*4 *1412 1634 * 16
T ako Erie & W estern ..
I u 2 Jan 20 18 Apr 24
10 Sep
*37
39
*37
*30
39
*3
39 *38
*37
39
39
39
30 Jan
' 40 May 21
Do p referred __
25 Sep
I75I3 177l2 17612 17812 1761s 17714 175*8 17678 176'2 1771.1 175 1705g 180,800 Lehigh V alley___
I557g Feb
I8534 Jan 15 151 Sep
1G178 162's 161-1i 162'2 lGO'o 1613
*16238 16314 16212 163
16214 1 62 %
3,250 Louisville & Nashville. I 14978 Feb
170 A ugl4 130% Sep
♦131 134
133 133 { 1 3 3 % 1331 2 *132 134 *132 134 *132 134
200 (Vi anhattan Elevated
13158 Sep 18 138-14 Mch 13 l31' i Sep
26
26
26 26
2512 2512 2512 26
201s 26*8
26
20
1,270 •DTlnneapolIs ^ g t l ou1s 1S12 J’ly 24 27'2 Jan 23
21% Apr
*5012 5 2
*50'4 5U2 60'2 5012 *50
52
*5014 5112 *50
52
100
Do preferred..............
{40 Feb 20 (57 Jan 15
35 Mch
146'4 1467g 142*2 145
14812 1487g 14834 148*4 1 48 148
146'2 147
4,230 Minn St P & s S Marie.
129 Feb
X12434 Sep
151*2
Aug
12
155 155 *152 157 * 1 5 2 1 50 *151 156 *152 150 *151 156
100
147*4 Feb 1 158 Aug 19 146 Nov
Do preferred.........
*30l3 3034 30% 3078 30*8 30*8
29's 3014 29% 2934 283s 29% 4,900 Mo Kansas & T e x a s ..
2558 J’ly 13 3158 Mch 20
27 Sep
65
651S * 6 4 % 65*8
*61% 65
01'2 64'2 {64'2 64' 64'2 01'2
-•
920
573g May2G 06 Apr 17
Do preferred_____
6£-% Sep
4512 4578 453S 40
4513 451" 4412 45'4 443g 45% 44's 45'2 18,300 Missouri P acific____
35 J’ly 12 4734 Mch 27
33% Sep
6218 6334 * 0 1 l 2 05
*61
60
♦6H2 65
*62
66
*60
65
200 M a t R ys of Mex 1st pref 62's Oct 7 71 Jan 4
60 Aug
*28*3 2912 *28*a 2918 2812 2 8 l2 2818 28'a *273.t 28's 273g 2712
600
2733 Oct 11 36% Jan 20
D o 2d preferred___
26% Aug
11078 11758 1163 4 H 7 I4 II6I4 11634 116'2 117
11034 117
115 116
7,649 N Y Central A H udson.
10014 Jan
121'2 Apr 26 *99% Sep
♦139 140
139 13918 5 1 4 0 1 40
692 N T N 1 I 4 H artford____ 134 J’ne 18 1421.4 Apr 1 126% Sep
139 139
139 13914 139 139
♦30l2 37
3034 3078 357 8 367 8 36'2 363
36®8 365g 36*2 36'2 1,130 N Y Ontario & W estern. 297s J’ne 29 4 l-i8 Apr 12
3734 Sep
87
87
*80l2 87l2 *8 6
80
87
87
87 87
300 N Y State Railways____
80 Oct 2 93-14 Apr 26
11634 117
11634 117
11612 1 1 6 %
II6I4 116'2 II I 116'2 110*8 HO
4,100 Norfolk & W estern_____ tl0734 Feb
II9I4 Aug 12
99*4 Sep
♦88
91
*83
91
91
*87
91
*88
91
*88
91
Do adjustment p r e f..
83 J’ne 12 92 Feb 17
853,4 Apr
67
67 *65
67'4 *65
67%
300 Nor Ohio Trac & Light
667 8 6714
6734 Aug27
39% Jan
56 M chll
12834 12914 12918 13011 1 2 9 l2 1303 s 129 1295s *127% 128
125*8 127% 41,375 Northern P a clflo .___
1163g Jan 16 13U2 Aug 14 lllRi Sep
12434 12434 124*8 125' I P 12478 8,608 P en n sylva n ia______
12434 125
124*3 12478 12434 1 25
122*2 Jan 9 120% May 2 118*4 Sep
110 110
600 Plttsb Cln Chic & S t L ._ _
109-14 109*4 * 1 0 9 i8 1 1 0 U 109's 109's 10978 1097s 109 109
90% Sep
111'? Sep 23
98i2 Jan
♦114 117 *114 117 *114 117 *114 117 *114 117 *114 117
Do preferred_____
117 Feb 20 102% Sep
io8'2 Jan
1743t 17534 17478 17634 174l2 170
17414 1755s 17534 17734 I I 177*s 570,000 O e a d l n g ....................
148's Jan 11 171)1.1 Apr 29 134 Sep
8934 90 *8812 91
8812 88l2 *8812 9 0
*88*2 90
560 *-v igt preferred___
*88
90
87'2 J’n e27 93% Apr 29
83 Mch
*90i2 97l2 9712 98
90*4 O01
98
97
93
*97
97
1,600
97
2d preferred_______
94 Jan 11 10112 Apr 29
90% Sop
2812 28*8 2838 2.S-1, 28
283s
27 I4 2734 27% 2758 26*2 2738 22,770 Rook Island C o m p a n y ..
2234 Sep
22'2 May31 30'g Apr 8
66 56% 5634 56
653( 56 I4
8,250
55 55l2 55 5534 54*4 55
Do preferred..............
4334 Dec
47*4 J 'ly 16 6938 Apr 9
25
25
25
825
25 's 2514 2514 * 25 20 25'2 25'2 24 24
t Louis & San Fran ._
20'2 Sep. 6 29'2 M ch26
23 Dec
68 *62 66 *62 66 *63 65 *62 60 ♦63 66
*61
Do 1st preferred..”
01 May 10 00l2 Jan 23
69 Sep
377g 377g *3634 3734 365S
307S 37
373 377
I
36*2 363
1,920
33*2 J’ly 24 4334 Apr 11
Do 2d preferred______
37 Sep
3912 3912 3912 401g 3914 3978 *39
393g 40
40
39S 393,j 2,900 St Louis Southw estern.. 2934 Jan 22 4038 Oct 4
24
Jan
♦8OI4 80S8 80*3 80*8 *7834 7934 *77
7934 78'2 78'2 ♦77 79
200
Do preferred________
6034 Jan
68'; Jan 17 8058 Oct 4
2178 217g *2H2 22
21
21
*2012 21
20'2 20>2 20
20
1,100 Seaboard A ir L in e ______
20
Oct
11
27%
Apr
4
50
49% 50
50% 60% 50
49
503g 50 50'4 493, 60
3.200
Do preferred________
49'2 Sep 16 66'2 J’ne 7
113 113*8 11278 11312 1127S 1131s 112 1125 IIU 112'g 11014 i i n 2 22,750 Southern Pacific C o____
105'2 Feb 1 116'2 Apr 8 104% Sep
30'4 30*s 29'2 30'g 17,320 Southern v tr ctfs stm pd.
3138 31*8 31% 3U2 31's 3H4 303 303
2(ii ? Jan 31 32 Sep 30
2434 Sep
823g 83
83l2 83l2 8314 83l2 *83's 83'2 8214 83
82'4 82'2 4.100
Do pref
do
68'4 Feb 4 Solo Oct 2
61% Jan
25'2
25l2 2512 25-% 2512 25's 251
*25
26
25's 25'g 1.200 'T e x a s & P a clflo ..
20i2 Jan 3 26% Apr 2
197a Deo
3878 39
38l2 3934 39U 407S 403 41*4 41
41l2
22,200
4014 -41*2
A hlrd A ve New . . . .
35 Sep 14 4934 Jan 9
31 Nov
8*4 9
7
*7
83s
8*4 9
♦7
7i2 8*8
3,200 Toledo Railways & Lt I
3 Jan 16 10*8 Apr 16
4 Nov
1438 14
143S *13
1418 « 1212 147g *12
141;
700 Toledo St L & W estern ..
♦12*2 1412 14
12 Sep 11 16-i8 Mch 27
12 Dec
31
31
32
*29'2 313
3U2 31*8 *30
31*8 31»8 3H 32'4 1.100
Do preferred................
347g Dec
28 J’ne 7 36 Apr 8
*104 108 * ___ 108
10778 10778
108 * . . . . 108 *106 108
100 Twin City R apid Transit. 104*2 Jan 6 I ll's Sep 17 104 Sep
17378 1751s 1733s 174
174l8 175
1723S 1731s 1723 174*8 170*4 1731 157,800 I fnlon P acino_______
160 Feb 1 176-34 Sep 30 153% Sep
♦80i2 90
*8914 8978 *8914 897g 89'2 89'2 89'2 89'2 89
400 ^
89*4
887g Sep 12 93*8 Feb 27
Do preferred...........
89 Sep
♦32
33
32
“32
3212 32l2 ♦32'2 33
—
32's 32% 32
500 Unit R ys In v ’ t of San Fr
32
28 J ’ly 11 37% Feb 14
28% Sep
6312 01*4 62
*02
62'2 62'2 *61
62'2 62'2 62% 61*s 62
1.400
Do preferred................
67 J ’ly 18 6512 Feb 14
52 Sep
*412 47g
45
5
5
*4
5
434 1,160
6 5
41 5
a b a s h ...........................
934 May 11
334 J ’ne 19
6*4 Deo
163s 14% 14*2 3,650
15 157g 15
15U 15U *1514 15'2 15
16
123g J’ne27
22% Apr 9
14% Dec
Do
preferred.........
57U 58
665
665
s
67
67
57
5714 *57'4 69
1.400
56
67
64% Mch 25
5514
Sep
17
4878
Apr
834 978
9
8l2 9
9'4 103
9's
23.500 Western Maryland R y ___
10
10*8 113
11
4 Jan 10 lilt Oct 10
2'2 Sep
Wheeling & Lake Erie___ II Jan 3 3012
; 2934 31
313j 3112 34
31
33 36
33*8 36'2 33
34'2 11,910
Oct 9
7 Sop
Do
1st
preferred_____
14
1478
14-14
15'2 15
10*4 16
17*2 16
17*2 16
16*2 10,625
0 Jan 19 17% Oct 9
3 Aug
Do 2d preferred______
♦57
68
*52
58i4 ♦57
67
67
68'4 58
60 *52
200
69
48 Feb 6 62'; Aug 12
48 Sep
Wisconsin Central______
9034 9U4 893S 903g 891 903
91*8 9214 913s 92
875s 89®g 137,700 Industrial^: Miscellaneous
443, Sep
60 Feb 1 92% Oct 4
malgamated C o p p e r..
*58l2 69l4 59
*5S34 59's *58l2 69'2 58*4 6934 69
59
59
900
44-% Sep
57l2 Sep 16 63*8 Mch 22
•100 10012
merAgrlcultural Chem 98 J’ly 17 104% Mch 20
*100 100'2 IOOI4 IOOI4 100 100 *100 100'2
250
99% Oct
Do
pref______________
7334 74
7214 74
705S 7214 7II3 7134 71*4 72'4 7H4 72
19,950
53 Feb 26 77 Sep 19
39% Jan
Amerloan Beet Sugar____
*9712 100
*97 100 ♦90 100
*96'2 100
*97 100
*96'2 100
92% Jan
97 Apr 3 101% J ’ne 19
Do pref..........................
43l2 4412 44
45's 4378 443g 4334 4478 44 46'2 45'2 473-j 143,020
11% Feb 1 4738 Oct 11
878 Jan
12334 12334 124 1243g 12334 124
12334 1253.1 12334 126*2 7,300 American Can....................
12334 124
126%
Sep
19
90*3
Feb
1
77
Jan
Do pref..........................
6212 6212 62
62'2 0158 62
60-lf 8,100
61
61% 60'2 U,, 60
49 Feb 5 635g Sep 25
42% Sep
Amerloan
Car
&
Foundry
♦11712 119 +117% 119
117'2 11712 *11712 11834 117*2 1183 *117*2 120
417
115
Feb
14
120
May2-1
113
Oct
Do pref..........................
*3034 317s *303 317
3034 3OI4 3034 30-% 303.i 3034 *30'2 31
300
30*4 Oct 8 31 J’ly 2
♦7634 7734 *7014 77-14 7712 77';
*763 773
7678 7078
300 American C itie s________
77
77
76'4 Aug 6 83% J’ne 20
Do
preferred________
56
5014 5014 50's 56's
6578 50
57
56
50
" ’
56'2 66'2 1,400
45'2 Jan 19 683g Sep. 6
41*8 Nov
$9912 9912 99
*98
99
*98
99'2 ♦98
150 American Cotton Oil____
99
09'2 *98 100
95 Jan 19 99% Feb 13
93 Nov
Do pref______________
63
63
*0U 6% *6'4 6' ;
300
6's
6's
0*8 0*8 *6'4 0'2
3% Sep
3 Feb 10
7% Sep 25
Amerloan
Hide
&
Leather
♦30% 32
*30
29-% 29'4 29'4
31
*29'2 3034 29'2 29'2 29
700
18 Sep
20
Feb
26
34
Sep
24
Do pref______________
2414 21% 24
23
23
24
*23
24
900
22'2 23
23'a 23's
10% Aug
18 Jan 2 30*4 May20
147g 14'2 141? 2,200 American Ice Securities.
14
*1418 14*8 14
14
14
14
14
14
8 Aug
0 Mch 6 17% Apr 23
*38% 40
38
38'2 383
38
38
38
38
38
700 American L in s e e d ______
37'2 37%
20% Oct
30 Feb 20 43 Apr 23
Do pref______________
*4334 44% 437g 44>4 4334 44
43*8 5,260
43'4 4334 43's 4334 43
32% Oct
3U4 Feb 27 403.1 Aug 17
American L ocom otive__ 103 Jan 16 110'; Aug 14 102 Oct
♦10712 109 *107'2 109 *106 10838 *106 108 *107 110 *107 IO8I4
Do pref______________
15
I6I4
*14'2 16
*15
10
16
16 *15
16'2 *15
1,500
16
3 Sep
434 Jan 10 19% Aug 5
04
6512 6534 60*4 65
65
65'8 2,620 American Malt Corp____
65'4 65>4 65'a
I
65's
31% Mch
42 Jan 6 69% Aug 14
Do p re f______________
*8034 8714 *86'4 87*4 58634 8634 *801| 8734 8012 80*4 *85'2 86'2
230
62 Sep
86 Mch 22 89% J’ne 10
88 8878 877g 885s 875S 877g S65S 87-lg 863
84-1.1 87'8 30,000 Amer Smelters Sec pref B 0778 Feb 1 91 Sep 26
60% Sep
Amer S m elting* Refining1023g Jan 2 10938 Sep 20
♦IO8I4 10914 ♦IO8I4 10914 *108'4 IO9I4 108 108
108 108 * 107 *2 108'2
450
98-1, Sep
Do pref_______ _______

'4
24 24
84
*86
4
24 '2
4

8

4
'2
4

8

Er,e

11'2
6'2

8

4

*86

86

64
*88

24

744

2

37 4

8

8
4
2
4
8'2
'2
4
*100

4

'2
3

2
8
4
'2 '2

8

2

4

2

W

8

'2

4

8

A

'2

6

4

S

4

2534
'2 8

2

'2

4

8

4

4
4

8

8

4

664
4 88

BANKS
Banks
New York
A e tn a _____
America H__
Amer E xch.
Battery Pk.
Bowery !|__
BronxBoro!,
Bronx Nat
Bryant Pk ^
Butch & Dr
Century H._
C h a se _____

Eld

Ask

202
615
2-10
125
400
300
180
155
130
230
750

212
630
245
130
___
_
195

Banks
Chat&Phcnlx
Cheisea Ex!
C hem ical_
Citizens’ Ctl

City..............
Coat & Iron
Colonial !|._
Columbia {|.
Commerce .
14a " Corn Ex fl_.
East River.
235
. . . . Fidelity 1)..

AND

Bid Ask
180
175
150
445
450”
188
195
1445 1449
155
160
425
335
34*5”
1209 1210
320
330
88
165
1*75”

1105s J’no
105% J ’ne
1391.4 Nov
109% J’ly
91 Jan
845g J’ly
247 J'lv
320 Dec
863.1 l-’cb
25% J no
49% Feb
133% Feb
155% Feb
159'- J’ uo
{209 Jan
uo Jan
08 Feb
17478 J’n4
670 N ov
35 Fel>
74 Feo
155s Mch
30% Mcb
38% J’ly
01% J’ly
4<M| J’ly
140 J’ne
6334 Feb
147 J’ly
2038 Feb
68% J’ly
3738 J’ne
6934 j ’ue
17 Nov
40 Jail
180% Dec
1003.4 N ov
142i2 Jan
42% Sep
0S% Sep
162% Mcb
100 Mch
38% J’ne
70 Oct
63 Feb
72% Jan
38-% Feb
115'2 Feb
151% Feb
40% J ’ly
111% N ov
91% J’ue
6634 N ov
137% J’ne
130% Fob
100 Jan
112 Feb
161% J’n*
92 J’ly
101 May
34*8 J ’ne
08% J’ne
27 Oct
69% J’ly
49% J ’ly
34 Feb
72 J’n*
120*8 J’n*
33% J ’ly
75% J’ly
80% Feb
41 Dee
8% Jan
24*4 Feb
63% Jan
111 Feb
192% J’ly
90 J’ly
49 Feb
76% Mch
18% Feb
40% Feb
06 J’ly
6% Feb
1753 Feb
8 Feb
72% May
715g J’n*
63% Deo
105 Deo
6934 Oct
101 Oct
12% May
93% Dec
68% J ’ly
120 May
623g Feb
108% Feb
6 Jno
20% J’ n*
25% J’ly
12% Feb
34% Deo
43% May
110*4 Mob
6*8 Jan
43*8 J’ly
89% J’ly
837s J’no
1081? J’ ue

T R U S T C O M P A N IE S — B R O K E R S ' Q U O T A T IO N S .
Banks
B ll
Fifth AveH. 1390
Filth ......... 300
First ______ 1000
F o u r th ____ 209
Garfield . . . 275
Germ-Am 11 140
Germ'n Exij 403
Germania 1|. 525
G o t h a m __ 15S
Greenwich 1) 250
H anover___ 700

Ask
Banks
Harriinan. .
325 ' Imp & Trad
1020
..........
203
Liberty____
290 Lincoln____
Manhattan!!
450” Mark't&Ful
540
Mech&Met's
168
Vlerch Exch
. . . .
Merchants'.
—

Bid
285
555
200
635
375
350
250
270
160
185

Ask
295
565
210
055
385

Banks
Metropolis 1
Metropol ’ ni
Mt Morrlsll.
-Mutual D ...
N assau____
New N e th .j
257*' NewYorkCo
277% New York.
105
Pacific!)____
Park _ . ____
People’s ! ) ..

Bid
375
190
235
285
217%
220
876
365
255
370
240

Ask
385
198

....

295

....

.._

37*5”
205
375
260

Banks
‘Tud i-.xch !
R e se rv e ___
■Seaboard . .
Second . . . .
S ecurity!!. .
S h e rm a n ...
State ! ] ____
23d Ward!|.
Union E xo.
Wash H’ ts !j
West Side f
york vll'o 1|.

Bid
Ask
107% 172%
93%
425
375
4'6o”
142
186*
775*
260
175
102
168*
275
515
0*25*’
600

• Bid and asked prices.: no safes were made on this da y. tax -righ ts. {Less than 103 shares, IlStato banks a E x-dtvidcnd and rights. 5 New stookt Sale at Stock Exchange or at auction this week, h First Installment paid, n Sold at private sale at this p r l b e ? * Ex-dlvldend.^ I F ill paid!




o c t

New York Stock Record— Concluded— Page 2

. 12 i 9 i 2 .i

951

For record of sales during the week of stocks usually inactive see second page preceding.
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Oct. 5.

Monday
Oct. 7.

Tuesday
Oct. 8.

Wednesday
Oct. 9.

Thursday
Oct. 10.

Friday
Oct. 11.

Sales 01
the
Week
Shares

Range since January 1.
On basis a! 100-share lots.

STOCKS

N E W Y O R K STOCK
EXCHANGE

Highest.

Industrial and Misc.(Con)
190 190 *183 190 *187 192 *185 190 *185 190
*188 191
300 American Snuir_____
*100 105 *100 105
10333 io;;3g *100 105
*100 105
100
Do
pret, n e w : : : : : : :
4438 4-1% 43% 44
43
43% 2,000 Atner Steel Found (new)
43
41
4.')12 44% ”43% 44
126% 120% 12G38 1201 126% 126% 2,700 American Sugar Refinin''
127% 127l2 *127 128% 120% 127
§1221.1
122%
*122
123-34
*122
124
122%
122%
*122 123%
*122 124
Do pret_______________
325
143-% 143-3, 2,800 Amerloan Teleph & Telcg
143-34 144
144% 144% 144% 144% 144% 144-% I-I334 144
205 209% 200% 267
270 270
264 205% 203% 207
206 270% 10,300 American T o b a cco ______
10434
10434
104%
104%
104% 105 §105 105 *104% 105% 1,050
*104% 105%
Preferred, new
*27
30
*27
29% 28I4 28-34 29
*27
30
29-3., *29
30
1,200 American Woolen
90
89% 89% *88
*80
90
Do pref___
*80
90
88% 89% +88-3.1 89
800
37
37
*37
38
36% 30% 30-3.1 36-3.1 37
38% 3778 38% 2,300 Anier Writing P a p e r .'p ff
46% 47% 40% 47
40% 40-3., 45% 46% 45-3s 45-34 43'8 45% 45,010 aAnacondaCopper Par S'* 5
♦120% 129% *126 129% *120% 129% *120% 129% *126% 129% 1261,3 126%
Assets R ealization_____
68% 53% 58% 58% 58% 58% 58% 58% 58% 581
58% 58% T .i o o IJaldwIn L ocom otive
*100% 106% *100% 100% *100% 100-34 *106% 100-3.1 *100% 100% 100% 100%
280 ** Do pret
49% 50% 43% 50
49
48% -197$ 48% 49% 49% 4934 48
10,200 Bethlehem Steel ............
79
79
79
79
77
777s 77
77
Do pret
78% 79
3.100
77-38 78
140-% 140-% *145% 147% *145% 147 *144 140% 145% 145% 144% 145%
400 Brooklyn Union Gas
*33
34% 34% 34% * 34
32
32
34
700 Butterlok Co
35% *34
35% 32
00
72% 68% 71% 0812 6934 08-3.1 69% 09
71
68% 70-% 132,400 ( 'aJifor Petrol v o t ’tr'ctts
94% 95% 95
95% 94% 95% 9334 94% 937s 94I4 93% 94
19,325 y
Do pret vot tr ctfs
31% 32
32-3., 31% 31% 0,950 Central L e a th e r.
31% 32
31% 3178 31% 31-3., 31
Do pret__________
*98
9914 99% 99% 98
S00
98
98
08% *97% 98%
98% *97
42
4234 42 4338
42
43
43% 43% 42% 43% 42% 44
23,100 rfChino Copper____ Par's!}
41% 42% 42% 43% 42% 42-% 41-3i 43% 423.1 43% 41% 42% 14.350 Colorado Fuel & Iron
1 47 143% 147 148% 147-% 1473.1 140-3.1 147% 147% 147% 140 147
14,950 Consolidated Gas (N Y)
15-34 101.,
1573 16% 0,400 Corn Products Refining
15% 15% 15% 15% 15% 15% 15-38 15"
Do pref_______
*83
85
*82
84
83% 83%
84% 84% *83
200
84% *82% 85
303S 31
30-3.1 31
3(>34 3078 3.900 Distillers’ Securities Corp
29% 31
31
31% 31% 31
23
*17% 21
*17% 21
*18
20%
19% 19% *18
100 Federal Mining & Smelt’g
*17% 21
4878 487s *40
Do pret_______ __
49
*40
49
*40% 49
+45% 50
48
48
200
*18212 183% 183 183% 183 183% 183% 183% 183 183% 182% 183% 24,000 General E lectric___” ”
36-3.1 30-% 35
*30
381
30
38
38
35% 3534 35% 35% 1,000 Gen Motors v o t tr ctfs” '
79% 79
79
79
80
Do pret vot tr ctfs .
2.100
81% 81% 89% 80% 7978 80% 78
*2% 2%
2% 2%
233 2%
2% 2%
2% 2% 12,750 ((Goldfield Con M P a r s io
2% 23S
7484 74% 74% 74% *74
75
74
74% 7-1% 74
74% 74
1.900 Goodrich (B F ) _________
♦107 107% 100% 107 *106 107
Do p ref___
” "
106% 100% 100 100% 106% 106%
800
6884 &8% 58% 58% 5811 58% 57-3.1 5778 57% 58% 57% 57% 4.500 dGuggcnh E x p io .P a r $25
19% 20
1933 20
19% 19).i
19% 20
20
21% 20
21
22,700 d I nsp’n Con Cop Par 520
123% 124% 123% 124% 123 123% 122*34 123
123% 123% 122% 122% 2.900 4 nternational Harvester
Do p r e t _________
119% 119% 119% 11934 *118 1193,. *118 110-34 *118 1193, *118 119%
200
5% 5% *5
*5% 5%
5% 5%
534
*5
5%
700 lilt Mer Marine stk tr'et’fs
*19% 21% *20% 2134 *20% 21% 20% 20% 20
Do pref__________
20
19% 19% 1,100
153.1 157S 15% 1634 16
15% 15% *15% 15% 15% 10
16
5.350 International P a p e r :: "
*50
5/
*50
58
*50
68
57% 57% 57% 58-3, 57% 58% 3,450
Do pref______________
2734 27% *27% 28% 2738 273S 27
*27% 281
27% *20% 29
700 Intcrnat Steam P u m p . "
*8078 81% 80% 807g 8078 81% *80
81% *80% 8H" *80
81%
Do pret____________
525
82
82
+81
83
83
83
82
82
83% 831., 82
82
900 Kresgc Co (S S ) _____ .
+ 102% 104% 103% 103% *102 104% *102% 104% *102 103% *102 103%
Do
p r e f ____________
100
52% 53
51
53
53
53% 53% 53% 54
54% 53
54
1.500 Lackawanna S te e l______
1053.1 1053, *105% 106%
*105% 100
100 106% *1051+ 106% §100 100
500 Laclede Gas (St L) c o m ..
210 210
215 210
215 215
212% 212% 1,400 Liggett A Myers Touacco
210 210
215% 210
♦110 117
116 110 +110 117 *110 117 *110 117 *110 117
100
Do preferred................
44% 4484 44% 45% 4378 44% 433.1 44% 441.1 447s 43% 44% 11,640 Loose-Wiles Bis tr co ctfs
♦102% 103
102% 1027g *102% 103 *102% 103 *102% 103 *102% 103
213
Do 1st pref__________
91% 91% *90% 91-% 91% 91% *90% 9134 *90% 9134 *90% 91%
200
Do 2d pref__________
*86% S3
*86
88
87% 87% *861,1 83
*80
88
80-34 86-%
150 Mackay Companies_____
*68% 09
*08
09
08%
Do pret______________
68% 68% *08
63% §68% 68% *68
125
86
83
80
88
85
87
84% 8534 84% 80% *84% 85% 14.850 May Department Stores.
*105% 107 *105 108 +100% 107 *105% 107
Do pref______________
107 107 *105% 107
100
87% 8®
871.1 88I4: 87% 88% 871.1 S77s 87% 88% 85% 87% 36,650 Mexican Petroleum _____
29% 29% 23% 2934 293S 29% 287S 293g 285$ 29
27% 28% 10,458 d ulaml Copper___Par 55
135% 135% 137% 137% *136 137% 136% 130% 130% 1301 *135% 137%
ational Biscuit______
600
+123 124
124 124 *123 12834 *123 1273., §127-34 1273; *123 127%
Do pref___________
130
118% 18% 19
20%
19% 21
21
22
22
24% 23% 25
29,375 Nat Enamel’g & Stam p’g
*90
93
*90
93
*91
93
Do pref______________
92% 92% 92% 04
93% 94
1,150
60-3.,
67%
♦65% 06% 601.1 08%
65% 60-3.1 65% 60% 65
05% 8,600 National Lead___________
110 110
♦109 111
Do pref_______
no no
200
22% 23% 2234 23
22-3$ 2234 22% 22% 22% 22% "22* 22% 18.850 dNcv Cons C op per.P ar55
♦76
78
*70
81
*75
78
*75
78
*76
78
New York Air Brake
*70
78
*84
84% *83
8434 84
84% 8478 847s 841.1 84% 84% 84%
600 North American Co (new)
34% 34-% *34% 30
34% 34% 34% 34% 34% 343.1 33
acific M a ll.,..
34% 2,900;
60
50% 49% 49% 49
49
49
49% 49% 50% 49% 49% 2.500
acifio Telep
e'ieg"
M& T
____
.
117% 117% 11734 11J34 118% 12034 121% 122% 121 122% 119% 121
25,9001 People’s G L A C (C hic).
*102 104 *102 104
102 102 *102 104
100:Philadelph!a Co (P ittsb).
25% 25% 243.1 2538 24% 24% 2433 25% 2434 25
’ 24’ 24% 7.700 Pittsburgh Coal Co
97% 97% 96% 97% 90% 96% 97
97
9773 97
Do pref
98
971.1 5,200
*188 190
188% 188% 188 189 *185% 192% *188 190
188% 188%
500 P. Lorlllard C o . . .............
*110 117
110 116
110 110 *115 117 *115 117 *115 117
Do preferred________
400
39% 39% 39% 39% 39% 39% 38
38
3878 37% 38% 2,900 Pressed Steel C ar_______
39
*102% 103 *102% 103 *102 100
Do p r o ____________
102-33 1023s §102% 102% §102% 102%
180
119 119
119% 119% 11834 11834 *116% 120 *1161" 120 *116% 120
325 Pub Service Corp of N J .
*107% 109 *107 169 §168 168 *107 108% *107 “ 109
224 Pullman Company
107% 107%
*37
397g *37
39% 39% 39% 38-3., 39% 38
38-3.1 37
1.500 R a ilw a y Steel S p r in g ...
33
*102 103 *102 103
10278 102% *102 102% *102 103
Do pref
101 103
100
2278 23
223.4 23 % 22% 22«4 21% 22% 21% 217s 21
21% 30.950 dUay ConsCopper Par 510
3378 343S 3334 34% 33% 34
33% 33% 33% 3334 33
33% 10,655 Republic Iron A Steel__
*91% 92% 91% 91% 913.i 9134 *90
92% *91
Do pref______________
93
91% 91%
400
*100% 102 *100% 102 *100% 101% 101 101
101 101
100% 100%
300 R um cly (M) pref_______
♦213 214% ♦213 214
212% 213% 212 212
212 212
210 212
2.700 Scars, Roebuck & Co____
67
♦57
59
*57
53% 57
66
50
56% 56% *55
57%
600 Sloss-Shelfleld Steel A Ir.
30
30
*28% 31
29
! *28% 30
29% 28% 29% *28% 30
700 Standard M illin g ______
00
66
04
, *63
60
*63
07
64
*04
65
04% 01%
Do p ref_____________
300
42
42
| 42
42
41% 4 1S8 42
42% *41
43%
42
42
1,000 Studcbaker Corp (T h e )..
96-% *94% 97
*94% 07
*94% 95% *94% 95
| 65
95
95
Do
pref_____________
500
44-% 43% 44%
4358 45
45
4534 44% 45% 4353 441,1 44
0,800 ((Tennessee C opp.P a r 525
120 120% 12678 127
120 126% 126 120-3, 126% 128% 125% 125% 2.500 Texas Company (T h e )__
111 1113.i 11134 1113, +110 111% 11034 110-3.1 §111 111
110% 110% 1,410 I I ndcrwoo.i Typewriter.
*113 1133., *113 1133, 111% 111% *113 11334 *113 113-3.1 *113 113%
Do pref_____ __
.
I I378 1378 1334 13-74 13% 13% 1378 1378 13% 14% *13% 14
3,200 Union B ag A Paper.........
' 60
00
00
00
5978 5978 59
5978 00
Do p re f______ _______
59
950
69
59
21% *20
•20
21
1934 20
410 U S Cast I Pipe A Founclr
*18% 21% *18% 21%
19
19
♦00
02% *60
63
*60
03% *00
Do pref______________
*60
03
*60
03
63
*52% 55
555
55
*52% 55
*52% 55
50 U S Industrial Alcoho” : :
*52% 55
*52% 55
♦84% 85% *8114 85% *84% 85% 841.1 841,
84% 84% 84
84%
600 U S Realty A Im prov’ t . .
54% 54% 54
54% 5378 54% 53% 537S 54
:r52% 53% 7,920 United States R ubber__
55
•110% 112 *111 112
112 112
Do 1st p ref....... .............
11134 1113.t 111 111% 2:109% 1097s
1,300
♦81
82
*8114 82% *81
82
Do 2d pref___________
81% 8133 8173 817s
300
7878 79% 783, 79% 78% 79
793$ 77% 787$ 388,100 United States S teel_____
773.1 783$ 78
115% 115% 115-% 110
115% 115% 115 115% 115 115% 114% 115% 5,510
Do p r e f............ .............
0434 00
05% 00
01% 65
63% 0438 04
65% 63% 01% 44,750 dUtali Copper___Par 510
47
♦47
471.1 47
47
47
4G7S 48% 48% 49% 43% 43% 7,700 Vlrginla-Carollua U licm ..
*115 117
115% 115% 110 110 *115% 117
Do p ref______ _______ _
200
0934 0934 'OS’ 08% *68
71
’ flfl" 67"
68
69
68
08
700 Virginia Iron Coal A C . .
81% 81-% 81% 811' *Si% 81% S1U 811-> 8078 81% 80% 80%
1,100 X l/e a te rn Union l 'e l c j . .
84% 85 '
84% 85
84% 85-34 84% 85
84% 85% 8378 84% 7,800 Y t estlngii’seEIAMfg ass
*122 128 *122% 123 *122 130 *1221" 130 *122% 130 *122% 130
Do 1st pref___________
1147S 115
11234 1147$ 110 111% 110% 112-3, 113 115
11378 115% 10,400 W oolworth (F W ) ______
115 115
115 115 *114U 115
Do
pref_____________
1141? 114% *1141" 115
115 115
940

N

P

BANKS
Banks

Bid

Ask

___
280
___
___
___
405
230

155
295
160
125
115
425
210
153
225
295

Brooklyn
Coney Isl dl
F irs t...........
Greenpolnt..
HIUsldeY —
llom estcadl
Manufao'rs
Mechanics' 1
Mon tank H
N assau____
.-a t C it y ...

212
275

Hanks

Bid

AND

TRUST

Ask

Trust Co’ i
N Y City
Central l'r ..
ColumbiaKnlckerh
Commercial
E m p ir e ___
Bqult’ bte Tr
Farm Lo&T
F id e lity ___
F u tto u ____
Guar’ ty Tr.

Brooklyn

North Side H 175
P e o p le 's __ 115
Prosp’ctP k’ 159

200
155
105

Trust Co’ s
.V Y City
As t o r _____ 490
Hankers’ Tr 575
B'.vay l'r .. 175

110
580
13.)

Range 1or Previous
Year 1911.
Highest.

123 Mch 6 197 Sep 9
99 Feb 9 105 Aug 13
26 Jan ID 413s Oct 8
111% Jan 12 133% May 13
115% Jan 5 121 Sep 2;
137% Jan 2 149% Mch 25
211% Feb 29 324% J ’ly 1
101% Jan 11 106'% Jan H
25% Feb 6 31 Alay 17
83 Feb “
91% Mch 1:
25% Jan 25 41% .May 1
S31 Feb 1 SIS Oct 2
105% Feb 7 127% Oct 0
60-% Aug 30
53% J ’nelS
102% Feb 2 108% J ’ne 1"
2734 Feb 27 51% Oct 2
56% Feb 27 80 Sep 23
137% Mch21 149 Aug 12
29% Mch 18 40% Apr 30
66 Oct 5 72% Oct 6
13% Oct 11 95% Oct 5
16% Feb 27 33% Sep 24
80 Feb 27 100 A ug 15
$25 Jan 15 S147s Sep 1(
23% Feb 28 4334 Sep 20
138% Feb 17 149% Aug 12
10 Jan 16 17% A pr 24
z76% Jan 3 87 A pr 24
28 Feb 5 36% Aug 21
11% Feb 28 21% Sep 25
37% Jan 23 52% Sep 2G
155 Jan 2 188% J ’ly 25
30 Feb 26 4278 Sep 3
70% May 3 S234 Sep 3
S2% Oet 9 85 Mch 18
74 O ct 10 8 1 Sep 9
100 Sep 2t- 109% Sep 16
5 >3 J ’ly li £362% J'ne 14
$18% J ’ne o $21% Oct 10
105% Feb 1 1267s Sep 10
110% Jan 26 121-% Apr 4
■1 Mch 7
7/% M ch29
15% J ’ly 30 26 Mch 29
9% Jan 17 1934 May23
11573 Jan 3 627g May23
24% J ’ne 3 34 Jan
79 Feb 1 84% Apr $
71 Sep 26 89% Oct
101 Sep E 105% Oet
29 Men 21 55% Sep 3J
104 Mch 16 108% Jan 4
1567g Jan 15 217% Sep 10
1051" Jan 12 118 Aug29
42 Sep 27 47% J ’ly 26
1021" Oct T 101% J ’ly 27
•
jo ” J ’ly 22
92% j ’ly 26
75% Jan 31 92% J ’ly 17
68% O ct 8 7078 J an 23
69 Apr 11 88 Oct 7
105% J ’ne 21 112 Jan 11
02% A pr 20 891" O ct 4
523% Feb 14 *3014 Sep 25
129% j ’ly 26 161 Apr 30
123 Oct 4 131 J ’ne 19
12% Feb 29
25 Oct 11
88 Feb 27 95% Jan 2
51% Jan 9 68% O ct 7
105% Feb 1 110% Aug 20
S18% Jan 29 $24% Sep 30
50 Feb 17 83 Aug 21
74%Jan 3 877g Aug 21
30 Jan 3 38 Sep 30
47 Feb 5 5538 A pr 25
103 Jan 8 122% Oct 9
102 J ’no 3 111% Feb 10
16% Mch 1 27% Aug 14
77 Feb 8 100% Aug 14
167 Mch 11 200% J'ne 8
107% Jan 12 118 Aug 20
28-34 Feb 27 4078 Sep 30
96 Feb 28 1033i Aug 16
106-% Feb 17 12078 Aug 13
158% Feb 2 175 Aug 21
271" Feb 8 40% Sep 25
100 Mch 12 105 Aug 28
$16 Jan 29 *24% Sep 23
1534 Feb 26 35 Oct 4
64% Feb 27 92% Sep 27
100 J’ne 20 103 J 'ly 20
140 Jan 15 220% Sep 9
39% Jan 30 5934 Sep 2o
16% Jan 19 33% J’n e 27
53 Jan s
GO Oct i
30 J ’ly 10 49% Aug l
90i" J ’ne28
9-8% Aug IS
$34% Feb 1 $47% May2i
81 'Jan 16 130% Sep 7
98% Apr 3 115% J ’ne 2$
110 J’ne 14 111% Sep 17
4% -Ian 25
1778 May 15
49% Feb 21
07% May is
13 Feb 16 22% Mayli
50 Jan 4 03% Sep 25
20 Jan 8 57% Sep 24
67 Jan 31
80% j ’ly 18
45% Feb 1 077s May.’ l
195% J ’ly 25 116 May _>0
75 Jan 23 85% May 21
58% Feb 13 80*% Sep 30
10733 Feb 13 117 Sep 30
S52% Jan 29 $67% Sep 3(
45 Sep 10 57% Jan 20
115% Aug 8 122 Mch 27
5-4 Men 4 U0 Jan i
79 Jan 2 80% Jan It
66% Jan 3 89% Aug 9
11478 Jan 5 126 Aug 8
921» J ’ly 25 117% Oct 2
113% J ’ly 29 1.6'! J ’ly 2

225

Sep

325

May

25 Sep
112% Sep
i l l Jan
131% Aug

521- Feb"
1221" Feb
119iv Feb
153% J'no

25% Deo
85% Get
2-1% Sep
$29 Sep
106% Dec

30% Mch
96% J’ne
341" Feb
$41% J ’ne
108 Dec

103% Dec"
16 Sep
54 Sep
*129 Sep
28 Feb

l o i" "Dec"
38% Aug
66% J'ly
118% N ov
31 .Mch

18% Sep
91% Dec
S10% Sep
25 Sep
12834 Sep
9% Oct
73 Sep
29 Sep
13 Dec
37 Dec
142 Sep
35 Nov
74% Dec
S3% Oct

3338 Feb
105 Feb
$27% Deo
3 033 Feb
148% J no
1534 May
85 M ay
38% Mch
30 Feb
66% May
108% May
51% Aug
80-% Aug
S77s Jan

99% Sep
115 Sep
3% Sep
14 Aug
9 Sep
44% May
23 Oct
SO Oet

129-% Mav
123% May
578 j an
22% Deo
13% Jan
56% Jan
44 Feb
90% J ’no

39 Sep
101% Sep

48 Apr
111%Jan

74% Dec
6S Dec
70 Apr
10734 Sep

95 Feb
77 Mch
87 J ’no
113% J ’n*

$10% Sep
117% Jan
124 Jan
12% Dee
85 Jan
42% Sep
101 Sep
$15% Sep
45 Oct
64 Jan
23% Apr
35 Sep
101% Aug
99 Sep
17 Dec
67% Jan

$24% Deo
14334 N ov
130 Feb
22 J 'ly
r 4* x
109% Aug
$21% J ’ne
76 Feb
70-74 May
3338 N ov
54% Jan
109 Jan
118% J ’ne
23% J ’no
•J078 J 'ly

25 Sep
91 Sep
108 Oct
154 Sep
26 Oct
92 Jan
$12 Sep
18 Oct
74% Oet

37% J ’na
10234 j 'n e
129 Feb
163 Jan
39 J ’ne
100 J'no
$19 Deo
35% Feb
09% Feb

125% Sep
34 Sep
15 Aug
50 J'ly

192 Feb
56% Feb
17% J ’ne
53 Dec

$3014 Sep
74% Nov
63 Mch
103 Mch
4% Dec
50% Nov
11 Sep
40% Sep
24 Aug
05% Jan
30% Sep
104 Sep
66 SCP
50 Oct
10J Oct
$38 Sep
43% Sep
114 Sep
52 Jan
71% Apr
53% Sep
110% Aug

$44 J ’ne
136% Feb
i l l J ’ne
11373 J 'ly
9 Feb
59% Jan
TJ Feb
161 Feb
30 May
7934 May
48% Dec
115% J ’ly
79 Mch
32% Feb
120% Feb
$57% Deo
70-% Feb
128% Mch
97 J ’ly
8412 May
79 May
123 Jan

C O M P A N IE S — B A N K E R S ' Q U O T A T IO N S .

Bid
1035
570
97%
300
510
1370
218
315
■>030

Ask
1050
575
310
550
1400
222
325
010

Trust Co’ s
N Y City
Guardian Tr
H u d s o n ___
Law T I&Tr
Lincoln l'r .
Metro pol’t’ n
Mutual AUl
a n e e .........
M ut.i WestChester)..

Bid

Ask

115
220
125
445

90
139
226
135
460

115

152

149

150

Trust Co’ s
N Y City
NY Lile&Tc
N Y Trust.
TitleGu* Tr
Union Tr . .
US Mtg& Tr
Unit States
\Vashtngton
Westchester
Windsor . .

Bid

Ask

1030
630
520
129)
485
1111)
380
159

1045
628
mo
1130
409
160
183

Trust Co’ s

Brooklyn
Brooldyu Tr
Citizens’ __
Franklin___
Hamilton . .
H o m e _____
Kings Co . .
L Isl L & Tr
N assau____
P e o p le s'___
Queens C o.

B-d
470
150
265
273
IIS
620
30 J
130
295
100

Ask

275

310
305
110

• Bid and asked prices: no salos on this day. 4 Loss than 109 shares, t Ex-rlghts. -t E x-dlv. and rights, b New stock, d Quoted dollars per share.
T Sale at Stock Exchange or at auction t.ils week, s Ex stock dividend. §1 Banks marked with a paragraph (§1) are State banks, x E x-divldend.




N e w Y o r k S to c k E x c h a n g e — B o n d R e c o r d , F rid a y , W e e k ly a n d Y e a r ly
Jan. 1 1009 th3 Exchange method of quoting bonds was changed, and prices are now all— " and interest'’ — except for income and defaulted bonds.
Price
Friday

BONDS
Y . STOCK E XC H AN G E
W eek Ending O ct 11.

N.

Weekfs
Range or
Las’. Sale

O ct 11

aI'?
qcq

Range
Since
Jan. 1.

N.

IVceKi
Range or
Last Sale

BONDS
Y . STOCK EXCH AN GE
Week Ending Oct 11.

Bid
Ask Low
High No. Low High Chesapeake As Ohio—
Q -J 101 10U2 101l8 lORs
Gen funding & Impt 5s__1929
10 100*4 1011;,
Q -J 101 10U2 10034 May 12
1st consol gold 5s________ 1931)
100*4 1013;
Q -F 102I2 103 10210 J ’ly '12
Registered_____________1939
102 10234
General gold 4 44s_______ 1992
Q -F 10212 103 102l2 Sep ’ ll
10112 103!.Registered_____________1992
11314 114*,)
Q-F 113*4 11414 1135s Aug TS­
Convertible 4 Vis_________ 1930
11314 11434
Q-F 1.334 IMI4 U I A u g ’ 12
Big Sandy 1st 4s_________ 1944
Q-N . 101 10ll£ 100i2 J ’n e 'l l
Coal R lv R y is t g u 4s____1945
Q -S 10134 1021; 1017s
1013a 102l2
101 'k
Craig Valley 1st g 5s____1940
Potts Creek Br 1st 4s____ 1946
Foreign Government
987S Oct '12
Argentine— Internal 5s ot 1909. M-S { 96
It & A Dlv 1st con g 4s. .1989
68
97 100
Chlnese (Hukuang) R y 5s £ ____ J -D { ------- 93*4 92 Sep T2
2d conso! gold 4s______ 1989
93 I4 9 5 t 2
Imperial Japanese Government
Greenbrier R y 1st gu g 4s 1940
92
Sterling loan 4 Hs__
1925 F-A . 9l*4 Sale 9134
Chic & Alt R R ret g 3s......... 1949
0 U 2 94
2d Series 4 Vis.................1925 J -J t 90 9 .'12 90*8
Railway 1st Hen 3 Hs____1950
903S 93
90*8
Sterling loan 4s__________ 1931 J J t 8312 Sale 83U
8312
HSU 8S18 Chic B & Q Denver Dlv 4S..1922
103
Republic of Cuba 5s exten d eb t. M-S 1103 IO414 103
Illinois Dlv 3J4s.................1949
10212 10.)
External loan 4 Hs
1949 F-A t -----99 A u g '12
Registered_____________1949
93
691
San Paulo (Brazil) trust 5s"l919 J -J t 971$ Sale 97's
Illinois Dlv 4s______
1940
97 Is
971s 9 8*.
R egistered____________ 1049
3173 Sep T2
917 3 95
T okyo Jlty loan of 1912, 5s____ M-S ____92
96
U S of Mexico s f g 5s of
1899 -J t ‘J0I4 961. 06
Iowa Dlv sink fund 5s___1919
D512 07I4
89
91
89
8912
Gold 4s of 1 9 0 4 .................1954 -D
Sinking lund 4s...............1919
88
91
Nebraska Extension 4 s .. 1927
/ 55 to £ .
t Thes: are p rices ontheba
Registered_____________1927
State and City Securities
Southwestern Dlv 4 sIII_192l
N Y City— 4 Ms.....................i960 iM-S 1005s Sale 100*3 100*8
IOOI4 103
98I4 Sale 08i8
Joint bonds See Great"North
4 % Corporate stock
1959 M-N
93 1001g
Debenturo 5s_______
1913
' 4% Corporate S t o c k .. 1958 M-N
9si8 Sale 98l8
98 lOOlg
98l8
9838
4% Corporate stock___ 1957 m - n
General 4s..... ............
1958
9813 301£ 983s
977S IOOI4
New 4 J-4S......... ..........
1957 M N 105*8 105'; 105*8
1053,.
105*8 1077s Chic As E 111 ref & Imp 4 g i l l 955
1934
1st consol gold 0s_____
1917 M-N 10112 102lg 101*8 Aug T2
New 4 Ms............
102 102*4
General consol 1st 5 s .. 1937
4 H % Corporate S to c k ..1957 M-N 105'4 Sale 105*8 105-8
10512 107's
Registered.................. "1937
4 V i% assessment b o n d s.1917 M-N 10112 101/g 10U2 10U2
10112 1027g
Chic & Ind C R y 1st 5s 1936
S5I4
3Vi% Corporate Stock 1954 M-N 86(8 8S12 80I4
847s 88
N Y State— 4s_______
1901 ■M-S ------ lOO.’a 10038 Sep T2
1003s 1027s Chic Gt Western 1st 4s____1959
Canal Im provement 4 s'"l9 0 1 J -J 100*4 10114 100i2Sep T2
10038 1027s Chic Ind As Loulsv— Ref 63*1047
Refunding gold 5s_____ Il047
1003g
. Canal Im p’ment (new) 4s 1961 J J ____lCOiv 100*8
100*8 103
100i2 Sep '12
Refunding 4s Series C__ 1917
>Canal im provem ent 4s 1960 J J
10012 102
Ind & Loulsv 1st gu 4s. 1956
So Carolina 4 Vis 20-40
1933 J -J * 9 7 l 4 -------- 10312 J ’ly TO
1956
Tenn new settlement 3s
1913 J -J
0734 9734 Chic Ind As Sou 50-yr 4s
07*3____ 9734 Apr '12
Chic L S & East 1st 4 Hs .1009
. . . 87
86i2 Dec '11
Virginia fund debt 2-3s____ 1991 J -J
63 Sale 60i2
69i2
6s deferred Brown Bros ctfs_
46
6912 Chic All! & St P terml g 5s__1014
Gen’t gold 4s Series A . . *1989
Railroad
Registered ................. e l 980
77
80
nn A rbor 1st g 4s______ /»1995 Q -J
77
77
7612 8414
Gen’i gold 3 Hs Series B .el9 89 t
0734 Sale 9712
9734
tch Top & S Fe gen g 43.1995 A -0
9612 100
Registered__________ el 980
9712 98
1995 A -0
R egistered____________
9712
D7l2
961s 9912
25-year deben 4s_________ 1934
88
88 lg
Adjustment gold 4 s_.II/il0 9 5 N ov
87.4 89
87*4 923g
Conv 4 Vis (full pd rccts)_____
Registered______
/tl995 Nov
87
91’-4 91 Feb '12
90U 91
Chic & L Sup Dlv g 5s
1921
S ta m p e d _________ III/)1995 M-N
88l2
8SI0 Sale 88I4
873| 92*8
Chic As Mo R lv Dlv 5 s ..1 1926
10818 Sep '12
Conv 4s Issue ot 1 0 0 9 .. 1955 J -D
IO6I4 10734
Chic As P W 1st g 5s......... 1921
Conv gold 4s_______ . *1955 J -D 10914 Sale 109
11012
1053) 111
• Conv 4s (Issue or 1910)..1960 J -D 105*8 Sale 105I2 106-8
C M & Puget Sd 1st gu 4s 1949
10014 IO7I4
- 10-year conv gold 5s____1917 J-D 103*4 I0914 139*8
Dak As Gt So gold 5s
1916
11012
105 111
99 ____ 0914 J ’ly 'l l
;• Debentures 4s Series K ..1 9 1 3 F-A
Dubuque Dlv 1st s f 6 s . . 1920
•East Okla Dlv 1st g 4 s .. 1928 M-S
95 ____ 95L Oct '12
Far & Sou assum g 6 s ____1924
'95I4 "96*4
91
9H2 91
<■ Short Lino 1st 4s g o l d .. . 1958 J -J
91
Lacrosse & D 1st 5s......... 1919
91
94
C al-\rlz 1st As ref 4H s_.1962 M-S
l0012Oct '12
Wls & Minn Dlv g 5s
1921
99341001?
•S Ee Pres As Ph 1st g 6 s ..1942 M-S IO I
108L
IO8I4
W ls Val> Dlv 1st Gs_______1920
1031411012
Chic & St L 1st 6s............ 1915 ■M-S 103 ____ 106*8 J ’ly 'l l
Mil As No 1st cons 0s____1013
9*1*8 947« 9434
9518
Extended
4
Vis________1913
Atl Coast L 1st gold 4 s .../jl9 5 2 M-S
9418 967s
93 ____ 98 Oct '06
Chicago As N West cons 7s .1915
Registered.....................A1952 M-S
Extension 4s_______1886-1026
Ala Mid 1st gu gold 5 s . . . 1928 M-N 10612 10812 108*8 A u g '11
R egistered______ 1886-1026
93
A
u
g
'12
93 ____
95 65*4
Bruns Ac W 1st gu gold 4s 1938 J -J
General gold 3 V is.......... .1087
Charles & Sav 1st gold 7s 1936 J -J 128 ____
Registered________
p i 987
933„ 186 93
96I4
' L & N coll gold 4s............ol»52 M-N 9318 Sale 93
General 4s........................... 1987
' Sav F As W 1st gold 6s___1934 A-O 122 123 123% J ’n e ’ 12
12313 123!s
Sinking fund 6s____1879-1929
1st gold 5s____________ 1934 A -0 106 11212 110*8 M a y 'll
R egistered........... 1879-1929
97 100
97
97
' SU Sp Oca & G gu g 4s___1918 J -J
97 97
Sinking fund 5s____1879-1929
alt As Ohio Prior 3 Vis ...1 9 2 5 J -J
9112
9112
91*8 92
9012 93
88l2 9034 90*8 Aug '12
R egistered______ 1879-1029
Registered ................../»1925
90*3 91*s
96*4 9734 9714
Debenture 5s..................... 1921
Gold 4s_______
A1948 u
97*8
95!2
Registered_____________1021
• Registered___________ /jl948
95*8____ 96 A u g '12
9-3
OSlg
Sinking fund deb 5 s ..
1933
' Pitts June 1st gold 5s____ 1922 n
10'Jl2 ____ 112 Jan '12
112 112
S7l2 ------- 8712 Sep '12
Registered__________ .1933
P June & M Dlv 1st g 3 y$sl925 M-N
S .l2 90
893g
Frem Elk & Mo V 1st 6 s .1933
P L E & W Va Sys ref 43.1941 M-N S'Jht 89I4 8914
89
92
8!)12 90
AlanI G B & N W 1st 3 Vis 1941
89*8 _ 8'jVt;
Southw Dlv 1st gold 3 Vis 1925 J -J
88t2 9U2
Mllw A) S L 1st gu 3 laS. .1941
! Cen Ohio It 1st c g 4H S--1930 M-S 101*8____ 101*8 Sep T2
101*8 101*..
Mil L S As W est 1st g 6s. .1921
107 111L
Cl Lor As W con 1st g 5 s ..1933 A -0 105 10U12 107 J ’ n e’ 12
E xt As Imp s f gold 5 s ..1929
102U 10412
. llo n o n R lv 1st gu g 5s___1919 F -A 10112 ____ 10214 J ’n e ’ 12
Ashland Dlv 1st g 6S..1925
Ohio River R lt 1st g 5 s ..1936 J -D 107 ____ 109*8 Mch T2
1091s 1063s
Mich Dlv 1st gold 6s. .1924
105 10512
'■ General gold 5s............ 1937 A-O 100 105 105i2 Apr T2
Mil Spar & N W I s t g u 4 s .1947
113i2 Feb T2
11312 11312
; Pitts Clev & Tol 1st g 63.1922 A -0
Northw Union 1st 7s g__1017
9512 ____ 97 Sep T2
i Pitts As West 1st g 4s____ 1917 J -J
97 97l2
W inona & St P 1st ext 7s 1916
01 ____ 91 J ’n e ’ 12
Stat Isl R y 1st gu g 4 Hs.1943 J -D
91
91
Chicago
R ock Is & Pa 6 s . . 1917
Buffalo R & P gen g 5s____ 1937 M-S 10912 ____ 112 J ’ly T2
11178 11212
Registered....................... 1917
Consol 4 H s ______________1957 M-N 101 10134 10178 Sep ’ 12
101 10714
General gold 4s__________ 1988
9578 ------- 07 Feb 'l l
' All As West 1st g 4s gu___1998 A -0
Registered____________ 1088
( 01 As Mah 1st gu g 5s____1943 J -J
103 J ’ly '08
Refunding gold 4s............ 1934
' R och As Pitta 1st gold 6s. 1921 F -A 111)8------ H334N0VTI
20-year
debenture 5 s____1932
'■ Consol 1st g 6s________1922 J -I) 112*2____ 112 Aug'12
112 115*8
Coll trust Series L 4 3 ____ 1914
B ud & Susq 1st rot g 4s___dl951 J -J ____ 45
72 Mch TO
P 4s..................................1918
an So 1st ext 63............ ..1 9 1 3 J -J 100tg Sale lOOts
100is
10018 102
Chic R I As Pac R R 4 s . . . 2002
9973 Sale OO'.'s
2d 5s................................1913 M-S
9‘J.>
DDio 101
Registered......... .............2002
99 ____ 10034 Jan '11
f Registered....................... ..1 9 1 3 M-S
R I Ark As Louis 1st 4 }$s 1934
11278 ll334
Central ot Ga 1st gold 5 s . . p i 945 F-A 11014____ 11273 Apr '12
Bur C It As N— 1st g 5 s . . 1934
' ■Consol gold 5s___________ 1945 M-N 10712 109 107i2 10. l2
10G34 lilts
R egistered............... .1034
1
Registered____________ 1945 M-N 106 ____ 107 Aug '12
107 107
C It I F As N W 1st gu 5s ’21
'• 1st pref Income g 5s____ pl945 Oct
.03 Dec ’ l l
M & St L 1st gu g 7 s. ..1 0 2 7
.05 Dec '11
<• 2d pref Income g 5s____ pl945 Oct
Choc Ok & G geu g 5 s..o l0 1 9
96 N o v 'll
< 2d pref Income g 5s sta m p ed ..
Consol gold 53_________ 1952
07 D e c ’ l l
.■ 3d pref Income g 53____ pl945 Oct
K cok & Des A1 1st 5s____1023
851a Oot TO
• 3d pref income g 5s stam ped. .
St P a u l* K C S h L ls t 4 H s’-ll
• Chatt Dlv pur mon g 4 s ..1951 j*-D
9012 9H2 91i2 J’ly '12
89*8 01t2
Mac As Nor Dlv 1st g 5 s ..1946 J -J 107 10912 10714 Jan T2
107U 10714 Ohio St P AI & O con 6s____1030
Cons 6s reduced to 3 >4s__ 1030
- Mid Ga & Atl Dlv 5s____ 1947 J -J 10512 ____ 115 N o v '05
Debenture 5 s ___________ 1030
/- Mobile Dlv 1st g 5s............ 1946 J -J 105 ____ 10934 May 11
Ch St P & Allan 1st g Os..1018
Ccn R R & B ot Ga col g 5 s .1937 M-N 101 1011. 101 Sep 'U
101 103
Nor Wisconsin 1st 6s____1930
118 1223.,
119
Cent ot N J gcn’ l gold 5 s ...1 9 8 7 J -J 113 Sale 11811
St P As S City 1st g Gs____1919
Registered___________ 10 8 7
11712 12214
____12J
I8I4
II8I4
Superior Short L 1st 5s g.1930
105 107
- Am Dock As Imp gu 5s___1921 W
10 ji4 107 -95I4 Oct ' 12
, Le As Hud R gen gu g 5s. 1920 J -J 102 ____ I02i2 M ay’ 12
10212 10212 Chic & West Ind gen g 6s..<?1932
Consol 50-year 4s________1952
Leh As Wllkes-B Coal 5s. .1912 M-N
100 100
100 J ’ly '12
N Y & Long Br gen g 4 s. 1941 M-S "98* I I " 100 Sep '12
100 100 C lnH & D 2d gold 4 ^ 3 ____ 1037
1st As relundlng 4s........... 1059
90
9214
Cent Vermont 1st gu g 4 s..«1 9 2o Q -F
0012 9072 91
91
1st guaranteed 4s_____ 1950

,U
U
U
U
U
U
U
U

S
S
S
S
S
S
S
S

U. S. Government.
2s consol registered._di930
2s consol cou pon____ (11930
3s registered................ *1918
3s c o u p o n .................... fcitiis
4s registered..... ........... .1925
4s c o u p o n __________ .1925
Pan Canal 10-30-yr 2s *1936
Panama Canal 3s g ____ 1901

A

86t2 ____
. . . . 701.
04t2 Sale
99*8 100
85 851.)
8412 86
98 Sale
96 lOO
10378 ____
99 ___
9612 99
96 971
9834 ____

70* 72l2
6OI4 0512
99Is 100
83*.) 88
8512 8GI4
08 10018
07 9912
1037s 105
0014 09*8
973) 99*8
06*8 96*3
983.) 9912

10033 Aug T
05
051.
771,1
7714
lli)t2 Oct ’ I*
106L
1C012
IOOI4 Feb T2
1061s 10731 108l2 J ’ne T2
77
76*8 771;’ 76.3
124 1281­ 125 A u g l2
10934 Aug '12
____110
05*8 Apr 'l l
86 J ’ly '12
90*4 A u g ’ 12
104 Dec 'l l
100*8
100*8
97
0 (i2
97l2 Apr '12
83*3 Sep T*
86 J 'n c 'll
90?s
923S
1053.)
106
105 Sep 'U
108 J ’n e '12
101*3
104*8
9212
9284
1021.4
1021,1
I l l s Oct '12
117*8 A u g ’ l l
104*4 J ’ ne'12
106 J ’n e ’12
11134 Sep 'l l
101 Sep '12
lOOts A u g ’ 12
10514 Sep '12
90i2 Sep '12
95
98
841,4
S412
8434 J’ly '12
95
9714 134
1113) N o v ’ l l
10934 Aug'12
106
100 Sale 106
1037g Dec '11
io iii l o T 101*3 Sep T2
10612 Feb TO
io ji 2 : : : : 1081* Mch’ 12
107*4 Aug '11
121" m i 126 J ’ly '12'
0012s cp '09
10018 101*/.
95l2 Sale
7714 Sale
1193.) 1221;
107 109

:

100 10014
8410834

B

lifs l Scp"'i2

100*8 10218
9 d 2 991s
9712 08
8358 8G73
‘ 9 6 ' "9'2'3i
IOI34 107
105 108
108 108*4
10112 106*a
921- 0514
102 103
1113.) 113*8
wiC2 16434
106 1063s
U134 112*4
101 IOH4
1001s 10018
1013.) 108
<J012 98
90 96
83*8 87
8412 86*4
05
9834

llllo 1151s
106*4 110
72

116*4 I id*!
021o 94
io o "

111“

"0*414
9333
87
91

'o'e'78
96L
9084
C4*3

1003.4 1087s

C

67
7314
71*4 7234
1)1) 93
110 11112

88 90
100U 110
162*8 io a ’
102" I I I I
106 107
. 1001;
90*1 Sale
120 122
89 ____
1021.) 102*4
120 ____
120 ____
109 110

102 Sep T2
107 May'12
lOOtj J’ly '12
90*3
00>120i2 Sep '12
03 Deo '03
10212 X0212
122 J ’n e '12
129*8 M ay'09
109 Sep T2

102 102
107 IO8I4
100 IOU4
80
0112
120L 124

L
16 "l2
lo Sep '12
Alch'13

i6r’l’>10812
88L 9218
101'101

'.86I4 J ’noT2 IIII

102" " 105 ’
122 12312
io o " lifts

80 " *87*

M IS C E L L A N E O U S B O N D S — C on tin u ed on N ext P a ge .
Street R a ilw a y .

Street R a ilw a y

Brooklyn Rap Tran g 5s
1st refund conv gold 4

.1945
.2002
-1941
.1941
.1041
.1950
.1950
.1949
.1949
.1951
s . ’ 51
.1951
.1932
: la tg 5s..1936
.1916
.1952
.1956

A -0
J -J
J J
M-N
J -J
F-A
F -A
F-A
F-A
J -J
J -J
J -J
J -J
M-S
J -D
F-A
A-O

____1041; 10334 Oct T2
103 105*8 Interboro Rap Tr 5s Ser A . 1952
92I4 *82 8378 04*4 Alanbat R y (N Y) cons g 4 s .1990
91*4 Sale 9l*s
Stamped tax-exem pt------1990
101 102!2
101 1021; 102 Oct T2
0834 0834 Metropolitan Street R y—
9834 J 'ly *12
Refunding gold 4s--------- 2002
Farmers’ Loan <Ss Tr c t f____
____1017. 101*4
I0D4
4 10138 10314
S ta m p e d ............................
6 10U2 102t2
10112 10218 102
102
Bway A> 7th A v lstc g 5 s .1043
85'2 86*4 87 Sep '12 ____ 8312 87
Col Aj 9th A v 1st gu g 5 s .1993
0 S414 8612
86
8612 ^612
8012
L ex A v Ai P F l s t g u g 5 s .1993
73 79
C 7U2 81
79
79
Third A v R R cons gu 4 s .2000
------ 102SS 1017= J'nc'12 ____ 101 10178
Central Trust Co certs_____
____1011; 101L Sep T2 .
1011;IIO2I4
7933
“g 75
Cent T rC o cts sta m p ed..
____ 76
76
76
____ 91.; 03 Apr '12 . . . - 93
95
Third A ve R y 1st g 5 s . . . 1937
100 ____ 90 Sep '12 ____ 99 IOOI4 Met W S El (Chic) 1st g 4s. 1938
____
03
'■):> 99 Sep T2
987s 9934 Mllw Elec R y As L t cons g 5sl926
417 8012 8412
82
SI*.; Sale 8H2
Refunding As exteu 4 Hs.1031

M-N
A-O
A -0

10.3!2 Sale 10"12
9B4 91*8 9413
95i4 ------ 951s

A -0

____ 63

J -D
At-S
AI-S
J -J

____ 1033,
101*8 102*;
. . 1021.
____ 70
»____ 74

J -J
F -A
F -A
J -J

____109
____84
‘ 641*2 I I I I

10418
941 2

95!t

04 M ay’ 12
Oil) J’ly 'l l
6934 Alch'12
101 Sep T2
101*4
101*..
102 J ’ne'12
74 J ’ly '12
7412 J’ly '12
76
76
108 J ’ly '17
9312J ’ly '06
104LDec ’ l l
0-U2
0U2

10318 105
UUs 9814
94*4

08

6812 64
57l2 0214
57*8 62
103 10412
10H2 1031g
102 103
74 80
73 811t
721.) 8H4
108 1101t
041 2 0 5 1 i

* No price Friday; latest this week, d Due April, e Due May. ADue July. KDue Aug. 0Due Oot. v Duo Nov. q Due Deo. s Optionsale.




Oct. 12 1912.1

Range
Since
Jan. 1.

Week's
Range or
Last Sale

BONDS
T . STOCK EXCHAN G E
Week Ending Oct 11.

N.

953

New York Bond Record— Continued— Page 2

Cln Ham & Dayton (Continued)
Cln D & I 1st gu g 5 s .--.1 9 4 1 Al-N
C Find & Ft W lstg u 4s g 1925 M-N
Cln I & W 1st gu g 4s------195J J -J
J
Day & Mich 1st cons 4H s 1931
Ind Dec & W l s t g 5 s - ..:i 9 3 a J -J
1st guar gold 5s.............. 193a J -J
Cl eve Cln 0 & St L gen 4S..1993 J -D
20-yr deb 4 Hs ................ 1031 J -J
Cairo Dlv 1st gold 4s------1939 J J
Cln W & M Dlv 1st g 4s. . 1991 J -J
St L Dlv 1st col t r g 4S.--1990 M-N
Registered____________ 1990 M-N
Spr & Col Dlv 1st g 4s---- 1940 M-S
W W Val Dlv 1st g 4 s .-.1 9 4 0 J -J
O I St L & C consol 0s — 1920 M-N
1st gold 4s___________ fcl930 Q -F
Registered_________fcl936 Q -F
Cln S & Cl con 1st g 5 s . . . 1928 J -J
C C C & X consol 7s______ 1914 J-D
Consol sinking fund 7s. 1914 J-D
General consol gold Os. 1934 J -J
Registered__________ 1934 J -J
Ind HI & W 1st pref 4 s . . . 1940 A-O
O Ind & W 1st pref 5 s..d l9 3 8 Q -J
Peo & East 1st con 4s___1940 A-O
■ Incom e 4s____________ 1990 Apr
Col Midland 1st g 4s________1917 J -J
Colorado * Sou 1st g 4s____1929 p -A
Refund & e x t4 > $ s _______1935 M-N
F t W & Den C l s t g 6 s ...19 2 1 J-D
Conn <Ss Pas RIvs 1st g 4 s ..1943 A-O
Cuba R R 1st 50-yr 5 g ......... 1952 J -J
el Lack & Western—
D cMorris & Essex 1st 7 s ..1914 M-N
1st consol guar 7s------1915 J-D
Registered _________ 191o J -D
1st ref gu g 3 H s-------- 2000 J-D
N Y Lack & W 1st 6S .....1021 J -J
Construction 5s------------ 1923 F-A
Term & Im prove 4s— 1923 M-N
Warren 1st ref gu g 3 Hs-2000 F -A
Del & Hud 1st Pa Dlv 7 s ...1 9 1 7 M-S
Registered------------------- 1917 M-S
10-yr conv deb 4s------------ 1916 J-D
1st Hen equip g 4 H s-------- 1922 J -J
■1st & ref 4s______________1943 M-N
Alb & Sus conv 3 ^ 8 ____ 1940 A-O
' Rens & Saratoga 1st 7 s ..1921 M-N
Denv<5» It Gr 1st con g 4 s .1936 J -J
Consol gold 4 Ha_________ 1936 J -J
Im provem ent gold 5s____ 1928 J-D
1st & refunding 5s_______1955 F-A
R io Gr June 1st gu g 5 s ..1939 J -D
R io Gr So 1st gold 4s____1940 J -J
Guaranteed __________ 1940 J -J
R io Gr West 1st g 4s____1939 J -J
'M tge & col trust 4s A . . 1049 A-O
■ Utah Cent 1st gu g 4 s .a l9 l7 A-O
Del Mol Un R y 1st g 5s____ 1917 M-N
Dot <&Mack 1st lien g 4s___1995 J-D
r Gold 4s....... .......................... 1995 J -D
Dot Itlv Tun Det Ter Tun 4 Hs’01 M-N
Det T & l — O S Dlv l s t g 4sl9 4 l M-S
Dul MIssabe & Nor gen 5 s .. 1941 J -J
Dul & Iron Range 1st 5s___1937 A-O
Registered_______________ 1937 A-O
' • 2d 6s...................................... 1»10 J -J
Dul So Shore & Atl g 5s____ 1937 J -J
lgin Jol & East 1st g 5s. .1941 M-N
rle 1st consol gold 7s____ 1920 M-S
N Y <Ss Erie 1st ext g 4 s .. 1947 M-N
2d ext gold 5s_________ 1919 M-S
3d oxt gold 4 H s_______1023 M-S
• 4th ext gold 5s________ 1920 A-O
5th ext gold 4s________1928 J -D
N Y L E & W 1st g fd 78.1920 M-S
Erie 1st con g 4s prior___1996 J -J
Registered__________ 1996 J -J
• 1st consol gen Hen g 4 s .1996 J -J
’ ■ Registered__________ 1996 J -J
Penn coll tr g 4s______ 1951 F -A
■ 80-year conv 4s A ____ 1953 A-O
do
Series II____1053 A-O
Bull N Y & Erie 1st 7 s ..1916 J -D
Chic & Erie 1st gold 5 s .. 1982 M-N
Clev & Mahon Val g 5 s ..1938 J -J
,
Registered_____________ 1938 Q -J
Long Dock consol g 6s__ 1035 A-O
Coal & R R 1st cur gu 6 s .1022 Al-N
D ock & Imp 1st cur 6 s . . 1913 J
' N Y & Green L gu g 5 s ..l9 4 6 M-N
N Y Sus <& W 1st ref 5 s ..1937 J -J
2d gold 4 H s__________ 1937 F-A
' ■ General gold 5s________ 1940 F-A
Terminal 1st gold 6 s ..1943 Al-N
MU1 of N J 1st ext 5s____1940 A O
' ■ W llk & Ea 1st gu g 5 s . . . 1942 J-D
Ev & Ind 1st con gu g 6 s . . . 1926 J -J
Evans * T II 1st cons 6s— 1921 J -J
1st goneral gold 5s---------- 1042 A-O
Mt Vernon 1st gold 6s___1923 A-O
Sull Co Branch 1st g Ss.-lOtfO A-O
Florida E Coast 1st 4H *--1959 J-D
■ort St U U Co 1st g 4 HS-1041 J
Ft W & Rio Gr 1st g 4s____1028 J -J
al II A II of 1882 1st 5 s .1913 A-O
reat Northern—
G B & Q coll trust 4s____1921 J -J
R egistered.A________1921 Q -J
1st & refund 4 Ms ser A . . 1961
Registered____________ 106
St Paul M & Man 4s_____ 1933 J -J
1st consol gold 6s_____ 1933 J -J
•
Registered__________ 1933 J -J
•
Reduced to gold 4 Msl933 J -J
Registered________1933 J -J
Mont ext 1st gold 4 s ..1937 J -D
R e g iste re d ..________ 1937 J -D

E

I

G

Low
High
102U A u g 'l:
88 M c h 'll
8G34 881; 863.1 Sep ’ ll
___ 1041? J ’no ’12
10712 Dec '02
91
91
92
92
931g Sep 12
90 J ’ly ’ ll
90l2
90':
91 Oct ’07
90 Dec ’ ll
Apr
'12
91
IOGI ___ 105*4 Dec ’ ll
CS12 ____ 9612 Oct ’ U
9513 ____ 96 J ’ly ’ 12
IO0I2____ 1071S J’ly ’ 12
105 J ’ne'12

101

____ 91
____92l4
____ 931;
------ 8C«5g
901? Sale
8312____
83 ____
88 ____

123
____
J ’ly '08
_ .
95
8712 89*3 871,1 Sep 12
60
48
50
50
47
45
47
47
941;
9418
93*4 95
94
9414 94
9'U
1031;
108 110 1081*
123 123
12034
94

100 May'10
104 . . . 10634 Sep T2
1063S 10714 1063., O ct T2
106 _
1113s Dec '10
90 Mch'12
M ill . . . . U l ij Sep '12
1C412 10718 10734' May’ 12
95I0Oct ’ ll
96l8 .
10215 Feb '03
110Vg ____ 115I3 Aug '11
149 A u g '01
977f
97i2 Sale 9712
. . . 101 IOB3 Oot *12
9858 Sale 9hL
0884
901;
CO 90U 90
119 . . . 12H.1 M ay’ 12
87
88
88
88
97 Sep ’ 12
97 98
95 Aug ’ 12
------ 9414
83
83*8 83
83*8
. . . 1011 10112 A u g ’ 12
. . . . 771; Gilo Apr ’ l l
85 M ch ’08
8278 84
831S
83
80!S 80 J 'n o ’ 12
82
97 Jan '0;
99
110 Sep '01
95
92 N o v 'li
9014 Sep ’ ll
901.,
98*4
99*8 98*4
—
75 F e b '12
104 105 105 Sep ’ 12
103*3 101*8 104 Aug 112
IO6I2 Mch '08
101 . . . 104 Feb '11
103
10312 ____ 103
10 Aug ’ 1
110 . . .
115 n o ,17 Aug T .
10U2 J ’n o ’ l l
10114... 104L M ch’ 12
99*4
99*8 . . . . 993.,
IOU2 1013, 105 Feb '12
93 101 100 Jan '12
11534 J’n e ’ 12
____116
87l2
88
8712 88
85 Sop ’ 12
85 . . .
78__Sale 7778
78
____ 7 7i» 77 A p r '12
8912 89*4 8912
891;
88 Sale 88
8812
79 Sale 78*4
79
110 Apr T2
111 HUg 112 Sep '12
108*4____ 109 M ay'12
1221,-----10738 1071
IOOI4 101
104 ; . . .
103 ____
82*3 90
87
88
10812 10St;
____ 993.
IIOI4 111
11034 ____
98 100
107U____
95 ____
96i2 Sale
7?i2 79
9812 . . .

124*i2 May'12
107*8 Sep '12
IOOI4
IOOI4
I03i2 A u g ’ 12
103 J ’ly '12
100L Deo '06
87 Sep '12
10812 Sep '12
l l l t 2 May’ 12
100 Sep '12
100 M ay’ 12
112 J ’ly ’ 12
102 J ’nc'12
108 N o v ’ l i
95 J ’ne'12
961
96*8
92 Aug TO
771;, Sep T2
9912 A u g ’ 12

!)57f
95i2Sale 9512
95*8 Sep T2
IOOI
loo"i4 160T IOOI

4

H igh
Bid
Ask Low
Low High St P M & M (Continued)—
Pacific E xt guar 4s £ ____ 1940 J -J
921?____ 02*3 M ch’ ll
102l2 104U
97 Sep 'Vi
0434 07
E Minn Nor Dlv Istg4sl94 8 A-O
111 ____ IMI4 Sep T5
Minn Union l s t g 6s___1022 J -J
863, 88
125 ____ 127 M ay’ l 2
Mont C 1st gu g 6s____1937 J -J
193
130l4 Alay’06
R egistered__________1937 J -J
104 10412
1st guar gold 5s____1937 J -J
109*4111*4 111*4 Sep T
Registered_______ '..1937 J -J
DOlj 931,
W ill & S F 1st gold 5s. 1938 J-D 109U____ ll2i?S ep ’ ll
91
9334
02
94
92
92*4
9313 041­ Gulf & S 1 1st rcl & t g 5 s --51952 J -J
R egistered_____ ________ 61952 J -J
90 93 ‘
io i
ock V'al 1st cons g 4 H s -1999 J - J I c ii2 ioi*I 16**8
897S 931;
R egistered ___________ 1999 J -J . . . . IOUI 100i2Sep '08
91 ____ 94i2Dec '11
Col & H V 1st ext g 4s__ 1948 A-O
9618 Jan T2
91
96
Col & Tol 1st ex 4s______ 1955 F-A
91
91
99*4____ 10ul4 Sep T2
Hous Belt & Term 1st 5s___1937 J -J
Tlllnols Central—
96
97
A 1st gold 4s_____________ 1951 J -J 10034 ____ 101*s Sep t :
96
96
100 Sep '11
R egistered_____________1951 J -J
IO7I3 IO7I3
1st gold 3 H s..... ............... .1951 J -J ■96*4 m i 921; Oct '12
105 1051;
89 A u g '12
R egistered_____ __ . 1951 J -J
931? M ay'09
Extended 1st g 3 H s .'_ .1 9 5 1 A-O
123 1231R egistered
.
1951 A-O
80 J ’ly '09
1st gold 3s sterling . . 1951 M-S
R egistered_______
1951 M-S
9912 Sep '12
9£*8
Cell trust gold 4 s.
1952 A-O
87I4 92
OW, 95U Sep ’ ll
R egistered______ ______ 1952 A-O
35
50
94
1st ref 4s______
" _ ' 1955 M-N 93
94
91
42
581
Purchased lin es'3 H s IIIIl9 5 2 J -J
8GI4 Feb T2
93*3 97*8
L N O A T ex gold 4s
1953 M-N 951* 9?12 95*3
95*4
94
9S18
R egistered___
'1953 M-N 92l2 95*4 9434 Jan 'l l
10S12 1121;
9473 J ’ly '12
Cairo Bridge gold 4 s.
1950 J-D
Litchfield Dlv l s t g 3s
1951 J -J
73
751S 7319 J ’n c ’ li
Loulsv Dlv & Term g 3 H sl953 J -J
831? 87
85 Oct '12
82
85
Registered___________ 1953 J -J
83 A u g ’ 15
104*3 106*.
Middle Dlv reg 5s.
1921 F -A 1021*
123 M ay'99
106*4 lOCls
Omaha Dlv 1st g 3s
1051 F -A *75
7513 A u g ’ 12
St Louis Dlv & term g 3 sll951 J -J
74
77
7512 M ch’ 12
90
90
R egistered___
1951 J -J
73
75*8
HU2II4I4
85*
32*4 ___ 8512
Gold 3 H *..........I I I I I I " 1951 J -J
107*2 107A
Registered_____ I 'I " l 9 5 1 J -J
83 —
10118 Oct '99
9512. 98
100 N ov '00
Spring Dlv 1st g 3 H s .
1051 J -J
Registered___
1951 J -J
83
86
93
92
961* 93
Western lines 1st g 4s ' "1951 F-A
Registered___
1951 F-A
9112
973s 99
Bellev & Car 1st 6s
1923 J-D 11234 ____U71-AIay’ 10
101 101*4
Carb & Shaw 1st g 4s
1932 M -S
9412 J ’ly '12
9712 99*<
Chic St L & N O g 5s
1951 J -D II I
114
111
90
93
Registered____
1951 J-D 111
114 Feb ’ ll
I2U4 12U2
Gold 3 H *__________ I.I1 9 51 J-D
82
90 O ct '09
84 91
Registered____
1951 J-D
9312 981;
Mernph Dlv 1st g 4s___1951 J-D
91*3____ 9212 A ug’l2
94 991
Registered__________ 1951 J-D
81
90
St L Sou 1st gu g 4s_____ 1931 M-S
98" J ’ly" 08
10112 1011;
Ind 111 & la 1st g 4s.............. 1950 J -J
93
91 A u g '12
91
Int & Great Nor 1st g 6s___1919 M-N 107 Sale 10638 107
99
991;
9812 100
82 88*8 Iowa Central 1st gold 5s___ 1938 J-D
Refunding gold 4 s ________1951 Al-S
63
631; e l O ct ,12
78
81
amestown Franklin &
94 M ay'12
Clearfield 1st 4s________1959 J-D
72 Sale 7I34
723,
an City Sou 1st gold 3s. .1950 A-O
63 O ct '00
Registered __________ 1950 A-O
90
921
9714 Sale 9714
971;
R ef & lmpt 5s______ A pr 1050 J -J
0S12 10078
973,
Kansas City Terml 1st 4 s ..I9 6 0 J -J
97 Sale 97
75 75
1063;
ake Erie <fe W l s t g 5s___1937 J -J
107 1071., 10634
105 108
2d gold 5s...................... 1941 J -J
104L 104 Sep ' 12
101 107
North Ohio 1st gu g 5s___1945 A-O 104L 1061; IOU4 J ’n e ’ 12
Leh Vail N Y 1st gu g 4HS-1940 J -J 104 104*8 104
10414
R egistered .__________
1940 J -J
1041? May'12
103 108
96*4
96I4
110 1121? Lehigh Vail (Pa) cons g 4 s .2003 Al-N 96*8
113 Sep t :
11614 118*3 Leh V Ter R y 1st gu g 5s. 1941 A-O 108
Registered______________ 1941 A-O 110
11 Us Dec '11
10414 1011? Leh V Coal Co 1st gu g 5s 1933 J -J IOGI3 Sale 10612 1061;
Registered____
1933 J -J
99*4 102*4
1st lnt reduced to 4 s_ IIIl9 3 3 J -J
105 10514
Leh & N Y 1st guar g 4 s. 1945 M-S
9012 ____ 93 J ’ne'12
100 100
Registered__________ ."1 9 4 5 Al-S
115*4 11612
El C & N 1st pref 6s......... 1914 A-O
10U2Feb TO
12 8712 90
Gold guar 5s__________ 1914 A-O
103 M en'12
85
881
765j 7934 Long Island—
1st consol gold 5s______ 7,1931 Q -J 1087g 109 10914 Aug T2
77 77
1st consol gold 4s______ 7,1931 Q -J
90I4 Afch'12
881g 91
General gold 4s__________ 1938 J-D
91*3 "93" 94 Sep ’ ll
85 91*3
Ferry gold 4 H *______
1932 Al-S
961, 100
98 J ’n e ’ 12
75U 807,
Gold 4s............................. 1932 J-D
90 97
9914 Oct '06
108*4 11034
Unified gold 4s___
1949 Al-S
90 9012 90 Sep '12
112 114
Debenture goid 5s.
1934 J-D ____ 10312 104l2 Dec '08
109 109
Guar ref gold 4s.................1949 Al-S
9312 94
94
94
Registered____________ 1949 Al-S
95 Jan ’ l l
12334 1141;
N Y B & Af B 1st eon g 5s 1935 A-O 104l2 ____ HOLNov'Oe
106 107*5
N Y & R B 1st g 5s......... 1927 Al-S 102 103 103 O ct '12
IOOI
Nor Sh B 1st con g gu 5s.ol932 Q -J lC37s ____ 105 A u g ’ 12
10312 105
Louisiana & Ark 1st g 5s___1927 Al-S
91 95I4 96
98
103 105
Louisville & Nashville—
General gold 6s__________ 1930 J-D II2I4 1131; U3I2 11312
87 90
Gold 5s..................................1937 Al-N 11012 ____ 11US
11U8
10812 110
OSI 97*3
Unified gold 4s__________ 1940 J -J
98
n i l 2l l l l ;
Registered____________ 1940 J -J
96 971s 9612 Sep T2
9912 1021j
Collateral trust gold 5 s ..1931 M-N 1071s 109 110 A u g ’ 12
106 106
1111211238
E H & Nash 1st g 6s____1919 J -D 110 11113 LlOUSep '12
L Cln & Lex gold 4 H s___1931 M-N 101 ____ 10434 M ay’ 12
1017s 102*8
N O A M 1st gold 6s____ 1930 J -J
118*81201; 120*3 Aug '12
117l2 Jan T2
N O & M 2d gold 6s____ 1030 J -J
95
95
114 .
Paducah & Alem dlv 4 s ..1946 P-A
98 995f
90 941s 9t
94
Pensacola Dlv gold 6s___1020 Al-S 10534 107I4 10534M c h 'll
St Louis Dlv 1st gold 63.1921 Al-S 110*2 114 11219 J'ly 'l i
78
8U2
2d gold 3 s ...............
1980 Al-S
9912 100
69*3 Sep '12
Atl K nox & Cln Dlv 4 s ..1055 Al-N
Gif'S 921s 9 ll2
OH
Atl K nox &-Nor 1st g 5S.194C J -D 110 .
9514 98*g
1121-. May'12
Ilender Bdge 1st s f g 6s. 1931 Al-S 105 ____ 106 Apr '11
95*3 983S
Kentucky Cent gold 4S..1987 J -J
9212 95
1001 1015S
9212
921
L & N & M & At 1st g 4 H slO45 M-S 10312 10135 10312 1031
L & N-South AI Joint 4S..1952 J -J
98
9984
90i2 Sale 9012
9012
Registered___________ 61952 Q -J
1243., 125*4
95 Feb '05
N Fla & S 1st gu g 5s____1937 F -A 107*8 108i2 IOSI4 Sep T
122 122
N & C Edge gen gu g 4 H* 1945 J -J 10058 101*4 10012 Sep T2
103*3 10512
Pens & A tl 1st gu g 6s___1921 F
HOI4___ UOl, O ct T2
S & N Ala con gu g 5s___1936 F
108*4 110*3 10918 J ’ly T2
6 9618 9814
L & Jell Bdge Co gu g 4s___1945 Al-S ____OUy
91U Mch'12

H

3

4

98 A u g ’ 12
96
98
122*4____ 12534 Sep ’ ll
122 Sep T2
10312 fo iij 103*s Aug T2
102 ____ 108*4 J ’nc ’09
96i8
96's
95l2 93
98 J’n e '11

WeeKs
Range or
Last Sale

Price
Friday
Oct 11

BONDS
Y . STOCK E XC H AN G E
Week Ending Oct 11.

I

Low Higfi

-J
9612 981fj
111 116 1
127 127U1
IIH4 11112,
9118 95 j
99*4 103 "j

4

9618 96181
99*s 10C14;
101*8 104 i

9" o " *9212j
89 S 912!
971; 100 I
95U
93

SGI3
9478
7312
S412
83

Mlnncap St lat cons g 5 s ...1 9 1 9
New Oil R y & Lt gen 4HS-1035
N Y Rys 1st R E & ret 4s temp
30-year adj Inc 5s---------- 1942
Portland Ry 1st & ref 5s---- 1930
Portland Gen Elec 1st 5s— 1935
St Jos R y, L, II & P lstg 5s 1937
St Paul City Cab con sg 5S..1937
Third Avo 1st ret 4s---------- 1960
A dj Ino 5s.........................al960
Tri-City R y & Lt 1st s f 5 s .1923
Underground of London—
.1933
4H s
Incom e 6s--------------- - — J048
Union Elec (Chic) l s t g 5s 1915
United ltys Inv 1st lien coll
trust 5s Pitts Issue----------1926

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

93 " *96Ul
9412 96 i
113*4 110

9212 9212
92*8 96 - ■
;
10C3s 1081*
9512 105
61 60I2
94 941*
7134 74
9612 IOOI4]
9634 98*4!
106*4 110 1
104 IO4I4]
IO4I4 10512
104 106 1
10412 1041*.
9512 0814!
113 114

L

10C12 108

104 ____
105*4 1067, I o5*4
50
70
55
100

101

IOU4 102
102 ____
102 , . r .
100 101
103*8____
*9712 ____

103 i

90

851*!

93

971*:

11212 113
69*8 694*
9U2 93
I1212 1121*
9 2" ‘ 9 5 “
X0312 104*8
8878 90
IO8I4 109jj
1001* 100.;

UOI4112 a

10918 111..
91U 9i;*
------2----- 14

76
76
10
84 Sep '12
647S
65
i4
96 Sep T2 ___

loS»4
55

103

11212 m i* !
11034 11218
9718 99*8
96*2 98*a
10858 1101*
11012 111**
10413 105
120U 121
11712 117I*
9314 96

8

J-D
M-N
A-O
J -J
J -J
F-A
J -J
Al-S
J -D
F-A
M-N
A-O

941*-

103 104 j
105 IO7I4;
93
96 j

4

____ 75*4
83
84
65 Sale
____ 96

93

109U 110*8'
9GI4 96U!
94
941*;
98
98 J

4101*4

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

76
83
64l2
96

80
8*
70
971*

1 105*4 1077*
5 55
65*8

100 Sep T2 . . . .
95*8 Sep '08
101*8
1011?
8
106i2 A u g '12
103 Sep '12 . . . .
10O Oot '09
106 Sep '12
98*2 Sep '12 —

100 lOl'ti
101*810218
105*4 1061*
103 103
104U 10612
9812 99*4

•No prlooFriday; latest bidandasked this wook. aDueJan. b Duo Fob. dDuoApril. 6 DueJuly, k Duo Aug. 0 Due Oot. * Option kUo^.




95 i
734*1
8718
83 1

Sol2 86*4;

J
K

Street Railw ays.
10218
2 10112 10212 United R ys St L 1st g 4s___1934
101*4 1021g 10134
St Louis Transit gu 5s___1924
6 8412 8812
86
85
8712 86
7778 41 7G34 8158 United R R s San Fr s t 4 s ..1927
771* Sale 77t2
55*8 1119 5U2 69*4 Va R y & Pwr 1 s t * re f 5 s . . . 1934
51*s Sale 51
99 100*4
100*4____ 100*4 Sep d*
(las and Electric Light
Atlanta G L Co 1st g 5s____ 1947
96 _
Bklyn U Gas 1st con g 5 s ..1945
105 ____ 105 Sep '12
105 106
Buffalo Gas 1st g 5s_______ 1947
86
82 Sale 8134
82lS 28 81
74*8 1268 70
8OI4 Columbus Gas 1st g 5s_____ 1932
74 Sale 72
Detroit City Gas g 5s______ 1923
03 —
9712 97*8 98
97*3 99
Det Gas Co con 1st g 5s____1918
J -J ____97
95
1 95
95
9OI4 Det Edison 1st coll tr 5s___19 33
Eq G L N Y 1st con g 5s___1932
861* 8712 8612
881;
4 7412 90
Gas & Eleo Berg Co c g 5 s . .1949
A-O
84 Oct '08
Gr Rap G L Co 1st g 5 s ____ 1915
Al-N 8212 8312 8412 J ’ly T2 — - 833., 861; Hudson Co Gas 1st g 5 s ____ 1949
Kan Clty(M o)Gas 1st g 5 s ..1922

J -J

86I4:

75"" '751s|
7612 751*

AllSCELLANEOUS BONDS—Continued on Next Page.
Street Railway

9514 |
9 634,

951 2 9912'

04

9734

Rang*
Sinco

954
W.

ft

BONDS
Y . STOCK EXC H AN G E
W eek Ending; Oct 11.

New York Bond Record— Continued— Page 3
W ec H s
R ange or
L av. S a il

II

R ange
S in c e

Jan. 1

N.

BONDS

Y . STOCK E XCH AN G E
Week Ending Oct 11.

[ VOL.

LXXXXV.

Week!;
Range or
Las'. Sals

Uno
H ig h
L ow
H ig h NY C A H R— iCon)
Low
High
West Shore 1st 4s g u a r ..2361 J -J
98%
90
2512 A pr '09
Registered____________ 2361 J
9718
971j
Equip & coll g 5s_______ 1017 A-O
N Y Cent Lines cq tr 4 Hs 1923 J -J
10012J’ly 'll
Mex internat 1st con g 4 s ..1077 M­
77 Mch'10
N
Y
New
Haven
A
Hartf—
Stamped guaranteed____1077 M79 N ov'10
N on-conv deben 4s______ 1955 J -J
____ 0112 91 Sep '12
Minn & St L 1st gold 7s____192 .1------ 125
129 Feb '12
129
129
N on-couv4s_____________ 1930 Al-N ____ 91
91 Sep T 2
Paclflo E xt 1st gold Cs___1021 A-O
1101s Aug T1
Conv debenture 3 Hs____1950 J -J
BO ____ 921®
921®
1st consol gold 5 s ............. 1934 M-N I I I 102" 1)2 Sep 12
I 01” 1 05
Conv debenture Cs______ 1948 J -J
128;3.7 12.,i4
120
Sale
1st and refund gold 4s___1940 ai- s
G23S
61 Sale GO'S
6 9 % 097g
Harlem It-Pt d ie s 1st 4 s .1954 Al-N
99 Sep ’ ll
Des M A Ft D 1st gu 4 s ..1935 j - j
70
7/1. 7VI i J ’ly '12
77
81
B
A
N
Y
vUr
Line
1st
4s
1955
F-A
S91® J ’n e'U
U StP&SSM con g 4s lnt pu .1938 j - j
9512 9f>A 9512
9512
9 5 % 0734
Cent New Eng 1st gu 4s lo o t J -J
9034 021 90i4 Sep '12
1st Chic Tertnl s f 4s____1941 M-N
95 95% 9/11J ’n e ’ 12
9 7 R 971,
llousatonlc It cons g 5 s ..1937 M-N
115 A u g ’ li
M S S M & A 1st g 4s lnt gu 1020 J -J
9C5s ____ 96G May '12
0014 9GI4
N Y W ’e h e s A B ls ts e rl 4 Hs '40 J - J "9914 '99% 99L
99l2
Mississippi Central 1st 5 s..l9 4 0 J -J
98% M c h 'll
N H A Derby cons cy 5 s .1918 Al-N *1021®
107 Aug '05 _
Mo Kan & Texaslst gold 4sl990 J
925a 97
92.'3 Sale 9Lf>3
93
New England cons 5s____1945 J -J
2d gold 4s...........................(71990 F
SO 81
81
81
80
81%
Conso' 4s ................
1945 J -J
0U12 Mch'15
1st ext gold 5s______
1044 M-N
99% 1021 .. Providence Secur deb 4s. 1957 Al-N 81
0 JI2 100 ;003SOct '12
85
81
81
1st & refund 4s____II
2004 M-S ____ 77
78 Sep T2
7712 8H
N Y O A W ref 1st g 4s___pl992 M-S
925s
02% Sale 92
Gen sinking fund 4 45s___ 1936 J -J
8534 8614 80
86
8514 8914
Registered $5,000 only.pl992 M-S
9212
J
'n
e
’ li
St Louis Dlv 1st ref g 4 s .2001 A-O ___ 78
78 J’ly T2
76 78
General 4s__________
1955 J -D I I I I ~92i4 893g Feb T2
Dal A W a 1st gu g 5s____1940 M-N
lOUgSep '12
10178 10538 Norfolk Sou 1st A ref A 5s 1961 F - A 981® 100 100
A u g ’ ll
Kan C & Pac 1st g 4s____1990 F-A
87 ____ 88 Sep '12
83 91
Norf A South 1st gold 5s. .19 11 Al-N
1023,| Apr ‘ 12
Mo K & E 1st gu g 5s. 1942 A-O IOGI4 10812 lOGis Sep '12
10C18 110
Norf A W est gen gold Os. 1931 Al-N 12il4 III 125% J ’ly T5
M K & Ok 1st guar 5 s ...1 9 4 2 M-N 1 0 3 3i 1061.1 105 Sep '12
105 10712
Im provem ent A ext g Cs_1934 F -A 123 1255f 124% May’ 12
M It & T of T 1st gu g 5s 1942 M99I2 Sale 99l2 101
9912 104
New River 1st gold Gs.._1932 A-O 12234 - - . 124 M ay’ 15
Sher Sh & So 1st gu g 5s-194.\ J -D ____ 101
10378 Feb '12
10334 103
N A W R y 1st cons g 4 s ..1990 A-O
97 Sale 97
97%
Texas & Okla 1st gu g 5s 1945 M-S 102 10514 1037g Mch'12
1037s 105L
Registered________
1990 A-O
98 Jan ’ ll
Missouri Pac 1st cons g Os..1920 M-N 1 05 105% 105
105I2
I017g 10 1
D lv’l 1st 1 A gen g 4s. 1944 J -J
91-34
92
9l3.|
Sale
Trust gold 5s stam ped._al917 M-S
083 4 1 00
99! ®
0912
9834 10034
10-25-year con v 4s____1932 J -D 1153.1 Sal 11.534 110
Registered..............
n!017 M-S
97 “ May'12
98 . . .
97 97
10-20-yrconv 4s full pd ret
110%
____11U 110%
1st collateral gold 5s.
1920 F-A
9714 9784 97I4
9714
903.11003.J
Pocah C A C Joint 4s. 1941
D t05s 92 90%
9CB8
Registered______
1920 F
C C A T 1st guar gold 5s .1922
J 1061s - - ­ 1063s Mch T2
40-ycar gold loan 4 s _ .II I l9 4 5 Al-S
7138 Sale 713s
72
70 751,
bclo V A N E 1st gu g 4s. 1989 M-N 95
96 Sop T2
3d 7s extended at 4 % ...1 9 3 8 M-N
9Gi2 M ay’l l
Northern Pac prior 1 g 4s. 1097 y - j
98%
98i4 Sale 98%
1st & ref con v 53___
1959 M-S
87»8 Sale 873S
88
895f
Registered.................... 1097 y - j
97%
97%
97
9
Cent Hr R y 1st gu g 4sIIl910 F -A
92
92i2 92 Sep '12
92
General lien gold 3s. . a2047 y - F
65%
69%
O9I4
t9l2
Cent Ur U P 1st g 4 s .. 1948 J -D
81
May'12
75 80
81
Registered_____
a2047 y - F
68 J ’ly ’ 12
L eroy & C V A L 1st g 5s 1926 J -J
110 M ch'05
St Paul-Duiuth Dlv g 4s 1990 J-D "0o'l4 I I I I 96 Sep T2
Pao R of Mo 1st ext g 4 s .1938 F -A *93% I I I
03'8 O ct '12
923.( 90
p u l Short L 1st gu 5 s ...19 1 0 M-S 100 . .
101
101%
2d extended gold 5 s ...1 9 3 8 J -J 103% 105 108i2 M a y 'll
St I> A N P gen gold 0 s .. 1923 F -A 11414 . . . I 1143, AugT 2
StL Ir MAS gen con g 5 s .1931 A-O 1 04 10412 103% 10334
102'% id03g
Registered certificates 1923 y - F H23.| . . . 115% A u g 'll
Gen con stamp gu g 53.1931 A-O 102% 111 Sep '09
St Paul A Duluth 1st 5s 1031 F - A 109U . . . I 107 Jan 12
81 813S 8012
Unified & ref gold 4s 1929 J -J
81
2d 5s..........................
1917 A-O 10U2 ___ L0238 Sep T
77»s 8234
•
Registered____
.1939 J -J -------- 8 0% 80 Mch'12
I) 92-14 ____ 04 J ’ne'12
1st consol gold 4s____1908
78 80
R lv A G Dlv 1st g 4S..103J IM-N 81
82
83 Oct '12
Wash Cent 1st gold 4s
1948
8212 84
8683____ 91% Apr '11
Verdi V I A W 1st g 5 s ..1926 M -S ____100
102% Jan TO
Nor Pac Term Co 1st g 6s 1933 V } m i s ------ 111%
111%
Mob A Ohio new gold 6s. 1927 J -D 1163* 12012 11834 Sep ’ 12
U834 121
Oregon-Wash 1st A ref 43 1901 - J
90!2 0118 90%
905
1st extension gold 6s.__hl937 Q -J 1Id's 111% U534 Feb '12
acific Coast Co 1st g 5s 1946 -D 10U2 104 104 O ct '12
11534 11534
General gold 4s.............. 1938 M-S
85
8612 853.t Oct '12
ennsylvanla R R —
.
85 8734
Montgoni Dlv 1st g 5 s .. 1947 F -A 10i;5s 10812 10814 Aug '12
1st
real
e,st
g
4
s
.......
..........
1923
10734 1103.1
Al-N 1003gl0118 100% Oct '12
St L A Cairo coll g 4s. .el9 3 0 Q -F
81
85% 83 O ct '12
Consol gold 5s______
1919 M-S —
82
835g
n o 110 Mch'12
Guaranteed gold 4 s .. 1931 J -J
9312 M ch 'll
Consol gold 4s______I
1943 Al-N 101 1021® 102% Oct '12
ashv Cli A St L 1st 7 3 .. 1931 J -J 10134 1021® lui%Sep T2
10134 104*
Convertible gold 3 H s I ''l 9 1 2 M-N U97g 10018 9078 O«» '12
1st consol gold 5s_____ 1928 A-O lOJBjj____ 1095s Oct T2
1093S 109%
Convertible gold 3 H s ..o l9 1 3 J-D
9634 Sale 9CS8 97
Jasper Branch 1st g 6s. 1023 J -J 11U2 ____ 11578 Nov'10
Registered___________ ol915 J-D
97 J ’ly '12
McAI M W A A1 1st 6 s ...1 9 1 7
J 105 _____ 10734 Mch'12
Consol gold 4s______ I ” 1948 Al-N IOH4 1021® 101
10734 10734
101%
T A P Branch 1st Cs____ 1917
J 105 ____ 113 J ’ly '04
Alleg Val gen guar g '4 s l'l9 4 2 Al-S ------ 100i8 100% A u g '12
Nat ltys of Mex pr lien 4 H a.1957 J -J
89 90
89 s
89%
89 9212
D R R It A Bge ls t g u 4sel036 F -A 100 .
Guaranteed general 4 s ...1 9 7 7 A-O
78 Sale 78
78
78 80%
Phlla Balt A W 1st g 4s *1943 M-N 100 .
100
Nat of Mex prior Hen 4 H s.l92G J -J ____loo
99 Mch'12
Sod Bay A Sou 1st g 6 s'"l9 2 4 J -J
09 100
Jan '03
1st consol 4s..............
1951 A-O _____ 78
77i2 A u g’ 12
7712 80
Sunbury A Lewis 1st g 4's 1936 J -J
9583.
N O Mob A Chic 1st ref 5s I960 J - J ____ 80
89 Oct T2
U N J R R A Can gen 4s 1944 Al-S
8812 95
101% May'12
N O A N E prior Heng 6 s_.p l0 1 5 A-O 104 10478
Pennsylvania Co—
New Orleans Term 1st 4s. 1953 J -J
___ 8714 871.1 Sep '12
Guar 1st g4 H s_____ _
1921 J -J 1021410J 1031,
’87% *88%
102%
N Y Central A H R g 3 Hs 1097 J -J
H514 S 5 !2 H512 ■ 80
19 85 8812
Registered_________ *1921 J-J 102 .
101%
101%
Registered.................... 1997 J -J
8414 Sep T2
85
...
8414 8714
Guar 3 Hs coll trust l e g . ' 1937 M-S
88 . . . I 89 Sep '15
Debenture gold 4s........... 103 1 Al-N
9214 923f 92%
9214
92
9014
Guar 3 Ha coll trust scr B .1941 F -A
88
Sep
’ ll
Registered....................... 1934 M-N
93 M ay'l
Trust Co certfs gu g 3 1*8.1916 M-N 97 98
93
03
89 Sep 'l l
Lake Shore coll g 3 H s. .1098 F -A
7933 Sale 783.1
7968
7834 85
Guar 3 Hs trust ctfs C . . 1942 J -D
86 8712 88 Mch'12
Registered....................... 1998 F-A
77 773,1 77%
771
Guar 3 Hs trust ctfs D
1944 J -D
7034 84
----- 871. 873.] Jan 12
Mich Cent ooll gold 3 H s.1098 F -A
7734 7812 78 Oct 'll
Guar 15-25 year g 4s____ 1931 A-O
78 8212
96%
9014 563,. 96%
Registered_____________199s F -A
----- 7712 78 Sep '12
7734 7912
Cln Leb A Nor gu 4s g . .1942 il-N
00 ____ 90% Dec 'l l
Beech Creek 1st gu g4 s__1 9 3 6 J -J
9 812 100
9913 J ’n e ’12
OOlg OQlg
Cl
A
Mar
1st
gu
g
4
Hs
*1935
Al-N
110
Jan
'05
Registered..... ..................1936 J -J
97 ____ 09 M ay’ l l
Cl A P gen gu g 4 Hs ser A 1042 J -J 10212 . . . 10734 Dec 'l l
2d guar gold 5s________1936 J -J 107 ____
Series B __________
1942 A-O 10212 ____ 10(J34 J’ly '09
Registered__________ 1936 J -J
ln t reduced to 3 H s 'i9 4 2 A-O
91% Feb '12
Beech Cr E xt 1st g 3 HS-&1951 A-O
Series C 3 H s_____
1948 M-N ooia e u 4 01% May'12
Cart A Ad 1st gu g 4s___1081 J -D
9) . . .
88 83
1950 F - A
Series D 3 H s_____
0013 . . .
90 May 08
Gouv A Oswe 1st gu g 5s. 1942 J -D 108 ____
Erie A Pitts gu g 3 Hs B .1040 J -J
01% M ay’12
Moh A Mai 1st gu g 4s
1091 M-S ____98%
99lg M c h 'll
Series C ____________
1910 J -J
90% J 'ly '12
N J Juno R guar 1st 4 s ..1980 F -A
90 100 105 Oct '02
Gr It A I ex 1st gu g 4~HsIl9 1l J -J ____101
101 A u g ’ ll
Registered....................... 1986 F -A
Pitts Y A Ash 1st con o s .1927 M-N
109 May TO
« X * Harlem g 3 45s.. .2009 M-N
‘8 ------ 80 May'12
S g 89
Tol W V A O gu 4 H s A 1931 J -J TOl.’s I I I
02% J ’ne'12
• Registered.......................2000 Al-N
Series B 4 H s .........
1993 J -J 1 0 1 % ... 100 J ’ly TO
N i A Northern 1st g 5s. 1927 A-O 1C6 107 108 Oct '09
Series C 4s....................... 1942 M-S ------ 95C£ 953s
95%
N Y & Pu 1st cons gu g 4sl093 A-O ____ 96
977g A u g 'll
P C C A St L gu 4 Hs A . .1040 A-O 103 ____ 104% J 'ly '12
Nor A Mont 1st gu g 5 s ..1916 A-O
Series B guar.........
1942 A-O ____ 10G 10434 J ’ly *12
'• Pine Creek reg guar 6 s . . . 1932 J -D 1 2 0 % ... 131i2 Jan '09
Series C guar...................1942 M-N lOlSg____ 106 J 'n e 'l l
,• R W & O con 1st ext 5s.ftl022 A-O 106 ).v___ 10634 O ct '12
1063.! 10784
Series D 4s guar.......... .1040 M-N 90---- 031i 97% Sep T
■Oswe A R 2d gu g 5 s.._ e l9 1 5 F -A ____10612 101 Mch'12
101 101
Series E 3 Hs guar g ___10 10 F -A ------ 95
05% Sep T5
: R W A O T R 1st gu g 5s. 1918 Al-N 102 .
Scrips
P gu
mi dQ
HKi J -D
104 J ’nc'10
Series F
4s o'
g ...............1953
06
97 J 'ly T2
Rutland 1st con g 4 45s 1941 J -J
90 973g 96 Oot '12
1057 M-N 95
Series G 4s guar____
9814
08
97 J ’ly T2
84% Sep T2
(
Og&LCham ls tg u 4s g 1948 J -J
8314 84
O St L A P 1st con g 5 s ..1932 A-O 109
80
131® N o v 'l l
, „ Rut-Canad 1st gu g 4 s .1949 J -J
92 J ’no'09
Peo A Pek Un 1st g Cs
1921 y - F 1061
109 M ay’ l l
St Lawr A Adlr 1st g 5 s ..1996 J -J 10,34____ 108 Sep '12
2d gold 4 H s...................I&1921 M-N
108 108
91
92
931®
Jan 'l l
2d gold 6 3 ............ ........ 1996 A-O 105 ____ I19i2 M ch’ 12
11912 11912 Pere Marquette— R ef 4 s. 1955 J -J
6034 Apr '12
• Utica A Blk R lv gu g 4s. 1922 J -J
. . . 100
997g Nov ’l l
Refunding guar 4s......... 1955 J -J "57" *0l" 69
59
Lake Shore gold 3 45s____1997 J -D
88% Sale 88
8812
Cll A W Si 5s .................. 1921 J -D
871 897g
98 Oct '12
06 93
Registered....................1 9 9 7 J -D
8G34 873 873; J’ly '12
Flint A P A1 g Gs_________ 1920 A-O ------ 107
871 883
101
101
Debenture gold 4s____1928 M-S
925,
92t2 Sale 9214
013 0-1%
1st consol gold 5s. ” *1939 Al-N 96
071; 96 Sep '15
20-ycar gold 4s.............. 1931 Al-N 92*3g Sale 921,|
921.
9112 937g
Pt Huron Dlv 1st g 5sll039 A-O *96 ___ 97% M ay’ 12
•
Registered..... ............. 1931 A1-N
925g Apr '12
925g 0312
Sag Tus A II 1st gu g 4s 1931 F - A
K a A & G R l s t g u c 5s.1938 J -J
Philippine R y 1st 30-yr s f 4 s .'37 J -J
May’12
. . SGl2
Million C’l R R 1st 5 s ..1934 J -J 110 .
iil'l2M ch "n
Pitts Sh A L E 1st g 5s____1940 A-O
J ’ly T2
Pitts A L Eric 2d g 5s_ _ a l928 A-O 1051 2 _____ 105 A p r '12
103 105
1st consol gold 5s_____1119 13 J -J
13% N o v ’ l l
Pitts MoK A Y 1st gu 63.1932 J -J 121 . . . 130% Jan '09
R eading Co geu g 4s_____ Il097 J -J
97
505s Sale 96%
2d guaranteed 63_____ 1934 J -J 121 . . . 12314 Mch'12
I23I4 I23I4 J-*' R e g iste re d ....... ............. .1907 J - J
903s J ’ly '15
McKees A B V 1st g 6 s .1918 J -J
Jersey Cent coil g 4s____1951 A-O ------ OOI4
90%
90%
Michigan Central 5s......... 1931 Al-S l i o * i n
111 ’ J a n "I 2
Atlan City gu 4s g ........... 1951 J -J
ill"iff'
95 ____
Registered...................1931 Q-Al
119 J ’n e ’06
t Jo A Gr Isl 1st g 4s____1947 J -J
8/1;
8 ,l2 Sale 87%
48 ......................................1940 J -J
93 Apr T2
t Louis A San Francisco—Registered................. .1940 J -J
9812 NOV'11
General gold C s _________ 1931 J -J 11S12 120
18%. Sep T2
J L A S 1st gold 3 45s.. 1951 M-S
90 J ’ne'08
General gold 5s__________ 1931 J -J ------ 100i2 1048s
101%
1st gold 3 45s...................1952 Al-N
861® M ch’ 12
8612
St L A S F H R cons g 4s. 1900 J -J
82 85i2 84% A ug Tv
20-ycar debenture 4s. .1929 A-O ------ 89i2 88t2 Aug T2
t 92
Gen 15-20 yr 5s_______1027 Al-N 84 Sale 84
.''43s
N Y Chlo A St L 1st g 4 s .1937 A-O
975g 977{ 973s
97%
!)71 100S
Southw Dlv 1st g 5S..1947 A-O 100 ____ 9'j34 Sep T2
Registered................... .1937 A-O
9934 Mch'12
99 9934
Refunding g 4s________1951 J -J
78%
23
7734 Sale 773.1
1931 Al-N 8812 90
Debenture 4s_____
88% Oct '12
8S3g 91
Registered....... ........... 1961 J -J
8034 M ch’ l l
AllSCFLLANEOUS BONDS— Continued on Next Page.
HR— Sou lines 4 s .1030 AlM anila
exlcan Cent Inc g 3s tr reels

P

N

86

2
44

4

S

882
2

Gas and Electric Light
Kings Co El L * P g 5s____1037 A-O
Purchase m oney 6s______ 1997 A-O

____ 1017f 105
105
111% 11534 1153,
11584
122 ____ 118% Dec ’ ll
Ed El II Bkn 1st con g 4s. 1939 ■l-.T
88% Dec ’l l
Lac Gas I, of St L 1st g 5 s . .e l 919 Q -F 10114 102 102%
102%
Ref and ext 1st g 5s_____ 193-1 A-O 101% 1011® 101
101%
Milwaukee Gas L 1st 4s____1927 M-N
i)038 Sale 903„
903s
Newark Con Gas g 5s............1948 J -I) 101 ____ IOOI4 Apr T2
N Y G E L H & P g 5s____1948 •J-i) 102% 103 10253 102'
Purchase m oney g 4s____1940 F -A
S734 Sale 8678
873.
Ed El 111 1st cons g 5s___1995 J -J _ .
113% Mch T 2
JJXl* y El L(Sep 1st Cong 5s. 1930 F-A 100 101% 100 Sop TV
N Y * Rich Gas 1st g 5s. 1021 M-N ................. 92% J ’ly ’09
pacific G & El Co Cal G & K
! Carp unifying & ref 5 s .. 1937 M-N
03
95 Sale 9434
p a c Pow & Lt 1st * ref 20-yr
i 5s Internat Serle : ........... 1930 F - a ------ 93%
95 Sep T i
Pat A Passaic G & E 53____1949 Al-S 1021® 103 1028.s J 'ly '12

8684
8

Gas and Electric Light
104% 105% Peo Gas & C 1st con g 6s___1943 A-O
115 117
Refunding gold 5s........... 1947 -M-S
Registered______ _____ 1047 M-S
Cli G-L & Cke 1st g a g 5 s .1937 J -J
101% 103
Con G Co of Ch l s t g u g 5s 1036 J - l)
101)34 102
Ind Nat Gas & Oil 30-yr 5s '30 M-N
89% 90SS
Mu Fuel Gas 1st gu g 5 s ..1947 M-N
106% 106%
Registered____________ 1947 M-N
102.% 104% Philadelphia Co couv 5s__ 1919 F -A
86% 80% Stan Gas& Elec conv sf 6s. . 1926 J-D
112% 113% Syracuse Lighting 1st g 5s. 1951 J-D
10.) 1021® Syracuse L & P 5s________ 19 54 J -J
Trenton G & E 1st g 5s____ 1940 Al-S
Union Elec L & P 1st g 5 s .. 1932 M-S
94
9t>%
Ref & ext 5s____________ 1933 M-N
Utica El L & P 1st g 5s____ 1950 J -J
93 95
Utica Qas & E ref 63______ 1957 J -J
10238 1028s Westchester Llght’g g 5s___1950 J -I)

117 Sep '12
____117
lilt .
101% Sale 101%
103 Feb '09
101% 1021 102% 10.1®
107%
____103% . 05%
93 Mch'12
83% 89
101% A u g ’ 12
____ 101

91
92
91
93 lg
90
948g
1277s 13212
99
09%
9912 99%
9014 93%
111 115
98 100%
99% 100
81
84
92 96
95% 02%
895S 89*s
99 1001*
102% 10234
1233s 125%
124 12638
121 124
10% 997s
911® 94
1071®118
103 117
90
04
10038 1063*
95
08%
57% 10034
97% 09%
GS% 70%
08
68
95% 96%
100 101%
1143,1151®
107 107
L0238 10238
9234 04
111 1113j
89% 9234
103% 101
100 102
108 110
101 101
99% 100%
905s U778
97 97%
101 101%
998s 100%
00

102%

101

101%

1051® 101
1015.; 103
88% 80%
88 89
07% 98%
88
88%
87«4 8734
06
08%

91% 91%
91% 91%
91% 91%
90% 90%
104 105
IOI84 102%
0533 153s

104% 10684
OI84107
07
93%
07
97

6034 603*
52% 64
98
095*
101 1083*
90 IOO
07% 97%
84% 88
13 113%
96
08%
963a 08%
91% 08%
80

89%

181® 1195*
101% 108%
84% 88%
83% 88%
993, 9934
7734 8I84

u n % iir .
£ 1003, 102%
2 162% 104%
10 U® 103%
93
93
1008S101%

I I I I 108 ' 109 " F e b '12 '
*10038 1001; 1no?* O c t 't ;
100%____ 101 Dec ’ll
85% J ’noT2
103" I I I I 109 Feb '01
100 ____ 100% Aug T2
9 % ____ 07 J ’ly T2 . . . .
103 ____
99
.100% Dec 'l l
104% 108 (105
105%J 25

107" ' 109
100 101
86% 86
100% 101
00% 98%
104% 105%

i. * No price Friday; latest bidandasked, aDue Jan. b Due Fob. 0Due May. g Due June. />Due July. 0Due Oot. pDuo Nov. 3 Option sale.




09
956*
97
09

O c t . 12 1912.]
BONDS
Y . STOCK EXCHAN G E
Week Ending Oct 11.

955

New York Bond Record— Concluded— Page 4
Price
Friday
Oct 11

TKccJfc’ j
Range or
Last Sals

•S'*)

Range
Since
Jan. 1

Aik Lou
High No. IjOW High
St L A San Fran (Con)
„ __ Hid
K 0 Ft S & M con g 6 s ..1828 M-N II3I4____ 11534 J’ly ‘ 12 _ _ 115 118
801?
78i2 Sale 7812
7S3.i l i 77
K 0 Ft S A M R y rcl g 43.1930 A -0
771? 7717712 J ’ly ’ 12
Registered____________ 1930 A -0
1031- 10312
9712 ____ 103l2 J’ly ’ 1
ICC * M R A B 1st gu 53.1029 A -0
5 9314100
O9I4
99 9!)ls 93I4
Ozarlr A Cli C 1st gu 5s g-1912 A -0
c 8 33 9212
8938
St L S W 1st g 4s bd ctfs_.1989 M-N 89 8912 SC38
83
801S ____ 80 A u g '12 ___ 80
2d g 4s Inc bond ctfs____pl989 J -J
80 8012 SO
fcO's 31 781- 84’2
Consol gold 4s___________ 1932 J-D
Gray’s Ft Ter 1st gu g 53.1947 J -D 100 ____ 10118 Apr '07
2 80 8734
863.1
80*8 86*4 86*3
S A & A Pass 1st gu g 4 s ...1 9 4 3 J -J
94 ____ 101 O ct '09
3 F & N F 1st sink £ g 5 s ..1919 J -J
87
873s
80 ____ 87I4 A u g ’12
Seaboard Air Line g 4s____1950 A-O
90
8612 Sale 8GI3
8612 L 80
Gold 4s stam ped_________ 1050 A-O
Registered______
1950 A -0
8H4
81 77
75
77
771
77
Adjustment 5s_________ol049 F -A
78
79 Oot '12 ___ 785* 83
79
Refunding 4s___________ 1959 A -0
90
88 J ’ly '12 ___ 87
Atl-Illrm 30-yr 1st g 4s.el933 M-S . • • • 87
90
93l2 Apr '12 . . . . 92*4 U312
Car Cent 1st con g 4s____1949 J -J
IO3I4
103 M ay’ l l
Fla Ccn & Fen 1st g 5s___1918 J -J
104 —
104 104
104 M ay’ 12
1st land gr ext g 5s____1930 J -J
107 J ’no'12 ___ 107 107
Consol gold 5s_________1913 J -J
106 106 Sep ’ 12 ___ 103*4 IOH4
Ga A Ala R y 1st con 5s.ol945 J -J
101*4 10534
IOD4 Sep ’ 1
Ga Car A No 1st gu g 53.1929 J -J 104
105 1061*
10618 105 M ay’ 12 —
—
Seab it Roa 1st 5s______ 1920 J -J
Southern Pacltlc Co—
8S->8 Sale 88I4
9 83
0212
3S„
Gold 4s (Cent Pac coll).fcl040 J -D
91
91
91 J ’l y '12
86 91
Registered___________ fcl949 J -D
97
943, 121 94
94 Sale 94
20-year conv 4s_________pl929 M-S
97
95i2 Sale 95
9512 to 94
Cent Pac 1st ref gu g 4 s ..1949 F-A
93 ____ 94l2 J’ly ’ 12 ___ 9412 9H2
Registered ___________ 1049 F-A
Mort guar gold 3 M s..fcl929 J -D . . . . 01»2 90i2 Sep ’ 12 ___ 9012 9112
89
927*
89 Sep ’ 12
00’.2 92
Through St L 1st gu 4s. 1954 A-O
1051- 107
G II & S A M A F 1st 5S. 1931 Al-N ____10S12 105i2 J 'n c ’ 12
10213 J ’ly '12 ___ lo.'i* 10134
Gila V G A N 1st gu g 5s. 1924 Al-N ------101
104 105
105 A u g ’ P
Iious E & W T 1st g 5S..1933 Al-N 102
1011410414
1st guar 5s red _______ 1933 Al-N lo.i 10473 104U May’ l
II is T C 1st g 5s hit g u .. 1937 J - J lOOU . . . IOJI4 Sep '1. ___ 10914 n o
94 A u g ’ 12 . . . . 94
9312 05
951Gen gold 4s lnt g u a r .. 1021 A-O
W aco A N W dlv 1st g 0s '30 M-N 114 118 11914 Mch'10
10742 Feb '12
____100
H)712 10712
A A N VV 1st gu g 5s____1941 J -J
Morgan’s La & T 1st 7 s ..1918 A-O 10:)12 ____ 11134 A u g ’ 12 —
L1134 1U3.1
1st gold 6s____________ 1920 J -J 100 . . . 111 M ch’ l l —
................
112 Feb '07
No of Cal guar g 5s______ 1938 A -0
101
____
102
J
’ly
'11
Ore A Cal 1st guar g 5 s ..1027 J -J
So Pac of Cal— Gu g 5s .1037 M-N 108 ____ 110 May '07
90 ____ a u « S e p ’ u ___ 0112 9U2
So Pao Coast 1st gu 4s g.1037 J -J
8S&3 90
891*
h912
8 8812 92
San Fran Terml 1st 4 s ..1950 A -0
Tex & N O con gold 5s ..1 9 4 3 J -J lOO'g 101 lOEs May’ l l
0333 Sale 933S 937g
07 9314 953s
lo Pao lilt 1st ref 4s........... 1955 J -J
irjuthern—
10G1; 37 10534 1083s
1st consol g 5s .................. 1994 J -J 10014 10034 106U
105 Sep '11
1994 J -J 101 .
791s 022 "78
m l
/OI3 Sale 79
iiV Ilv l Zi 3f*u lie 8CT A . 1956 A-O
7 85
Mob A Ohio coll tr g 4 s ..1938 M-S
85
85 Sale 85
8712
10/3;
0 1073s 111
Mem Dlv 1st g 4 J^-5s___1990 J -J 1073s ____ 10733
88 Sep 'U ___ 88
St Louis dlv 1st g 4s____1951 J -J ____ 881 j,
OOI4
Ala Cen R 1st g 03............ 1018 J -J 1053s____ 10314 Sep ’ 12 . . . . 1051.1 105M
Atl A Danv 1st g 4 s .. 1948 J -J
8 i ____ 901? N o v ’l l
2d 43..................................1948 J -J
81l2 ____ 82I4 Feb '12 . . . . 8214 8214
8H4 _
Atl A Yad 1st g guar 4 s . . 1940 A-O
10534 Dec '11
Col A Grcenv 1st 63_____ 1916 J -J 10314 .
2 10 34 IO8I4
10,>J4
101112 19812 1 0 6 3 4
E T Va 4 Ga Dlv g 5s__ 1930
2 109*4 111*4
Con 1st gold 5s______ 1956 M-A 15934 n o IC93.1 10934
E Ten reorTlcn g 5s_____ 1938 VI-s 10U- . . . lojis J ’ly '12 ___ 10513100
6H?
03l2 ____ 04 A llg ’ 12 ___ 61
Ga Midland 1st 3s_______1040 A-O
Ga Pac R y 1st g 63_______1022 J -J 109 l l l l 111 J ’ly '12 ___ I l l 1127*
l i t 115
K nox A Ohio 1st g 0s__ 1925 J -J 112I2 ___ 114 J ’n e ’12 —
____________
1051?
Nov ’ 10
Mob A Blr prior Hen g 53.1040 J -J 10112
79 ____ 78 Deo ’ ll —
Mortgage gold 4s_____ 1945 J -J
f()3"ll 104*4
Rtoh & Dan con g 0s____1915 J -J 10ll2 104 1031.1 Sep ’ 12
10434 Apr '12
101 104*4
Deb 0s stam ped_______1027 A -0
73 Sep ’ 12 _
73
73
Rich A Meek 1st g 4s____ 1948 M-N
IO2I4
i IO2I4 104
So Car A Ga 1st g 5s____1919 Al-N 103 . . . IO2I4
Virginia Mid ser 0 Os____ 1916 A l-S 10334 . . . 112 Oct ’00
Series I) 4-5s__________ 1921 M -S 10333 ____ 19414 J’n e ’ l l
105*4 I0534
Series E 5s____________ 1920 M -S 10412 ____ 105-i4 J’ly T2 —
Series F 5s____________ 1931 M -S 1011s____ 105 J ’n o ’ 10
General 5s.......................1930 M -N 105 IO8I4 107i2 Aug '12 . . . . 10712 IO8I4
Va A So’ w’t 1st gu 53.2003 J -J 108 1091? io8i2 J ’ly '11
95
3 05
97*4
93 Sale 05
1st cons 50-year 5S..1958 A -0
90 931;
94 ____ 931? Sop ’ 12
W O <5o W 1st oy gu 4s___ 1024 F-A
103 10312
102 ____ 103 “ M ay’12 —
W est N G 1st con g 6s__1914 J 10213 Apr '11
____ 103
Spokane lnternat 1st g 5 s ..1955 J 1033.1 105
rfier A of St L 1st g 4 Hs_.1939 A -0 193 IOU4 10J34 Oct ’12 ._
1st con gold 5s___1894-194 1 F-A 105 1111* 111 Aug'12 __ 110*4 1121l
9134 063g 9514
9514 10 91
Gen refund s f g 4s______ 1053 J -J
06
St L M Bge Ter gu g 5 s .. 1030 A -0 105 107 10013 Sep '12
tools 1071?
l'ox A Pao 1st gold 5s_____ 2000 J-D 197IS IOSI4 107
107
2 10011 11012
4 9 7 3 Sep '12 . . . .
45 55
2d gold Inc 6 s __________ 52000 Mcll
49/8 50
99i2 Apr '11
05 . . .
T,a I)lV B L 1st g 5s......... 1931 J -J
10(jl2 Nov'Ol
W Min W <Se N VV 1st gu 5 s .’30 F-A
Tol & O O 1st g 5s.................1935 J -J 100 107 10538
1053s
5 105*3 10912
Western Dlv 1st g 5s____1935 A -0 1053s____ 10734 J’n e ’12 ___ 107*4 107*4
103 104
General gold 5s__________ 1935 J -D 10312 104Ij 10334 Sep ’ 12
913., Sop *1" ___
0114 .
91*4 93
Kan is M 1st gu g 4s____1990 A -0
937*
98 0S78 937*
c 9711 091.
2d 20-year 5s__________ 1927 J -J
__
_
U4U
J
no*l2
9314 947s
90
937*
Tol P & VV 1st gold 4s..........1917 J -J
8112
2 84
84
8U4 85
8712
Tol St L A VV pr lien g 3 1*8-1925 J -J
02
61
09*8
6 00
01
02
60-year gold 4s__________ 1950 A-O
70
1 68
731?
70 Sale 70
Coll tr 4s g Ser A ________1917 F-A
SU'-sSep ’ 12 _,
891s 0012
89
Tor Ham & Bull 1st g 4s__/il940 J-D
f IOH4 106
10H.1
TTlster & Del 1st con g 5s. .1928 J -D 1031s____ IOII4
8512 861g
1st refund g 4s________1952 A -0 *851S ____ 85i2 J ’n e ’ 12
Union Paclllc—
07 9873 10214
1st R ll A land gran tg4 s.l0 4 7 J -J 100 Sale 100
100if
9812 10178
Registered_______________ 1047 J -J
9914____ 991.1 Oct ’ ll
20-year conv 4s_________ 1927 J -J 103 Sale 103
1035; 147 IOH4 104
1st & ref 4s....... ...............02008 M-S
28 95*8 9778
05®;
9512 Sale 9512
Ore R y A Nav con g 4 s .. 1940 J-D
931;
9313 933.1 931*
fc 0112 961s
Ore Short Line 1st g 0 s .. 1922 F -A l l l i 2 Sale 11112 11H;
1 111 11334
1st consol g 6s_________ 1940 J -J 1083.1109 1031* 1087;
I05l2 112
Guar refund 4s........... .1929 J-D
921,
9214 92l2 92I4
7 9134 9534
Utah & Nor gold 5s___1920 J -J 10313
103
M ay’ ll
____________
1st extended 4 s ____ 1.1933 J -J
90 99
TTandalla cons g 4s Scr A.1955 F-A
90*3 96*5
9334 . . .
V Consol 4s Series B
1957 M-N ____ 913S
9212 97!;>
Vera Cruz & P 1st gu 4 H sIl9 34 J -J
91
1 91*4 94
91
9934

N.

BONDS
Y. STOCK E XC H AN G E
Week Ending Oct 11.

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

Debenture Series B ____ 1939
1st Hen equip s fd g 5 s . . . 1921
1st Hen 50-yr g term 4 s ..1954
1st ref and ext g 4s . . 1956
Cent iru st Co ctfs________
Do Stam ped........... ........
Equit Trust Co ctfs......... ..
Do S tam ped___________
Det A Ch E xt 1st g 5 s ...1941
Des Moln Dlv 1st g 4s. 1939
Om Dlv 1st g 3 H s............ 1941
Tol & Ch Dlv 1st g 4 s. ..19 4 1
Wab Pitts Term 1st g 4s___1954
Cent & Old Col T r Co c e r tfs ..
Columbia Tr Co ctfs
..
2d gold 4s......... ........... 'I l9 5 4
Trust Co ccrtfs___
Wash Terml 1st gu 3 j* s. 1045
1st 40-yr guar 4s___J .
1945
West Maryland 1st g 4s
1952
West N Y & Pa 1st g 5 s. 1937
Gen gold 4s__________
1943
Incom e 5s________
U1943
Wheeling & L E 1st g 5 s .. 1920
Wheel Dlv 1st gold 5s. 1928
Exten & Imp gold 5s____ 1930
R R 1st consol 4s
.1949
20-year equip s f 5 s ...1 9 2 2
Winston-Salem S B 1st 4 s ..I960
Wls Cent 50-yr 1st gen 4S..1949
SupADul dlv A term 1st 4s ’36

J -J
M-S
J -J
J -J

Range
Since
Jan. 1.

L ow
H ig h
195
1 05G
991*
9:.6f
90
J ’ n c ’ 1‘2
9834 S e p T
83
D e c *10

Low High
10412 1077g
96 10012
90 100
O8I4 109

68

O8 I4

6012 O c t *12
6 6 S e p ’ 12
G51 2
G512

J -J
J -J
A -0
Al-S
J -D
J -D
F -A
F-A
A -0
J -J
A -0
Nov
A -0
J -J
F-A
M-S
J -J
J -J
J -J
M-N

Manufacturing and Industrial
Allls-Chalmers 1st 5s
. 1936 J -J
Trust Co ctfs d e p o sit..............
Ain Ag Chem 1st c 5s_______1928
Am Cot Oil ext 4 >$s.
1915
Debenture 5s_______
_ 1931
Am Hide A L 1st s f g 6sI_Il919
Amcr lee Secur deb g 0s . 1025
Am Smelt Securities s f Cs 1926
Am Spirits Mfg 1st g 6s
1015
Am Thread 1st co! tr 4s____ 1919
Am T obacco 40-yr g Cs
1044
Registered........................... 1914
Certificates of deposit.
..
Gold 4s.....................
1951
Registered.......................1951
Ccrtillcates of deposit.........
Am W rltg Paper 1st s f 5s. .1919
Baldvv Loco Works 1st 5 s ..1940
Beth Steel 1st ext s f 5s
1026
Cent Leather 20-year g 5 s .. 1925
Consol Tobacco g 4s......... 1951
Registered.................
1951
Corn Prod R ef s f g 5 s _____ 1931
1st 25-year s f 5 s ..
1934
Cuban-Amer Sugar co'l tr 6s 1018
Distil Sec Cor conv 1st g 5s. 1927
E I du Pont Powder 4J$s__1936
Gen Electric deb g 3 s____ 1942
10-yr g deb 5s___________ 1017
Gen’l Motors 1st Hen 6s____ 1915
III Steel deb 4 H s .......... .........1940
Indiana Steel 1st 5s (rects) 1052
lnt Paper Co 1st con g 6 s ..1918
Consol conv s f g 5s_____ 1935
lnt St Pump 1st s f 5s_____ 1929
Lackaw Steel 1st g 5s_______1923
1st con 5s Scries A _______1950
5-year convertible 5s
1915
Llgg A Alyers T ob Co7s tpy bds. .
5s temporary bonds_____ ___
Mexican Petrol Ltd env 6s A ’21
Nat Enam A Stpg 1st 5s__ 1929
Nat Starch 20-yr deb 5s___ 1930
National Tube 1st 5s r e c ts .1952
N Y Air Brake 1st conv 6s. .1928
P Lorlllard Co 7s tem ’pry bds
5s temporary bonds
R y Steel Spgs 1st 3 f 5s____1921 J
Repub I A S lst& col tr 5 s .. 1934 A10-30-year 5s s f ......... .......1940 A
Standard Milling 1st 5s____1930 MTho Texas Co conv deb 6s__193l J
Union Bag A Paper 1st 5 s ..1930 J
S ta m p e d ________________ 1930
U S Leath Co s f deb g 6s___1913 Al­
U S R ealty A I conv deb g 5 s .’24 j
U S Red A Itelg 1st g 6 s ...19 3 1 J
U S Rubber 10-yr coll tr 6 s .1918 J
Registered_______________1918 J
U S Steel Corp—/c o u p ___dl963 M­
S f 10-60-yr 5 s \ r c g ____ dl903 MVa-Car Chem 1st 15-yr 5 s .. 1923 J
West Electric 1st 5s Dec 1922 J
Westlnghouse E A M s f Ss.1931 J
10-ycar coll tr notes 5 s ..1917 ATelegraph & Telephone
Am Telep is Tel coll tr 4 s ..1929
Convertible 4s .
.
1936
Chicago Telephone 1st 5 s ..1923
Commercial Cable 1st g 4 s .2397
Registered..... ......................2397
Keystone Telephone 1st 5s. 1935
Metropol Tel & Tc! 1st s f 5s 1918
Mich State Telep 1st 5s____1924
N Y & N J Telephone 5s g.1920
N Y Telep 1st A gen s f 4 Ms 1939
Pac Tel it Tel 1st 5s.............. 1937
South Bell Tel A T l s t s l o s .1911
West Union col tr cur 5 s . . . 1938
Fd and real est g 4 H s— 1950
Mut Un Tel gu ext 0s___1941
Northwest Tel gu 4 H sg.1 9 3 4

WceXs
Range or
Last Sale

CS12 Sale
0514
65 Sale Gjls
10/ ____ 10/I4 O c t ’ l l
79___8014 8 0 A u g ’ 12
70
Sep ’ ll
____70
80 813.1 siH s J ’ l y ’ 12
30 ____ 3014 S e p ’ l l
333j Sale 3212
35
35I4
31 Sale 3314
1
ol8 3 O c t ’ l l
1
oi2 3>8
3iS
83 ____ 873* O c t ’ l l
971*____ 9718 M c l l ’ 12
80 Sale 85 8
86
103
10,1 106*8 100
86
____ 86i2 86
34 Feb '07
1018
10U2 ____ 1 0 1 t2
____104
102i8 N o v ’ l l
____101
102 J ’ n o ’ 10
8378 ____ 83/3
81

5512 7238
643S 71
G453 0934
5914 70
6012 6663
106 IO7I4
80 80
G812 7134
7234 8312
0

OI4

3914

297g 4214
30
4 H2
1
3
17S 312
971s 971S
853* 8SI4
106 10834
80
8812
IOH4 10512

8214 8512

9 8 l2 F e b ’ l l

8 9 l2 UU4 O H 4 S e p '1 2
9 U 2 92
01*8
1213
901* 91
01
01
01
05
01
(-2
lOH.i Sale
U8»4 97
92 94
IOURIOHs
70 Sale
105i2 Sale
99 >3 101
9312 9483
____121

61
Cl
01
03
101
lOH.
9634 O ct '12
94
94
100<2 1C0*3
76
7G;,
10512 I05I4
100
100
94 J ’ly '12
201.1
12OI4
120M O ct ’ 12
ll9i2 Sep '12
____ 0612 95's O ct -12
953s J’n e '12
95I4 M ay’ 12
0038 903,| 90*8
9034
____10312 103 Sep '12
CG34
9Gi2 Sale 96l2
957;
9534 Sale 9558
____ 9812 95's Oct ’ 12
77 N o v ’07
9U12 9684 961*
26i2
95
91___05
97
____ 97
733i Sale 73l2
9013 Sale 9658
------ 79<£ 835s J ’n e ’ 12
iso ____ 182 Sep '12
or
9914 Sale 09
9084
out] Sale 001*
1011S
lulls Sale 1007g
102731946* 103
103
887s
887s
89 00
92 Oct '12
9H2 92
9634
9 <12
07
99
82
8212 82
82i2
951S 9512 95
95
1201*
12023 Sale 120U
97
97 Sale 9578
1031g
102i2 102,4, 1021s
93
93
93 95
8934 Sep '12
87l2 95
99'*
9914 9978 9912
1011*
10U2Sale 10118
12014___ 1203S 1203..
97
97 Sale 9063
9S12 A u g ’ 12
____981
19358 Sale" 103’ s 10 .6*
92
9178 Sale 9178
8912
89i2 Sale 8838
100i2 Sale 10d2 ICO.*
92
931 92 Oct '12
9234 Oct ’ ll
____ 94
IUUI2IOR4 10012 10012
S9L
89 Sale 88i4
3212 Oct '12
30 35
1037s Sale 1033.1 1037*
103is Jan '10
1021a
10218 Sale 192
102U
1023*
983*
98i4 Sale 98
lOO’s Sale 10034 1007*
941*
9H4 9H2 9U4
961* 97l2 97
0714
S9S3 89*; 895S
113!2 1141; II334

9114 93
91
933g
9012 9212
52 6714
6712 64
100~3 10234
9634 9S12
93
951*
981s 101
7212 82
10212 103
991o 101
9258 95
11878 1211*
1187s 1213*
1187* 12112
917* 9714
9214 955*
917* 66
88I4 913*
10234 104
93i2 102
9P4 961*
9134 97
9612 07
94
901*
96
971*
715* 781*
847* 921*
82
84
15312 1S2
9812 1007*
S012 9284
100 1015*
103 104*4
8412 917*
9H4 931*
94
971*
77
821*
9012 95
118*4 123
8934 99I4
95 10318
93 941*
8914 89*4
99 10U*
97 10212
11933 12334
0118 991*
97
981*
102/8 104
0034 933*
86
891*
9412 1021*
92
941*
92*4 941*
1001S 102
8712 91
30
50
103s8 106
101*4 1041*
10158 104
9734101
10'J34 1031*
93
96
9612 98

8934
114

89
9U*
108*4 116s*

80 85l2 821? Mch ’ 12
Q -J
831* Nov ’ l l
85 A u g ’ 12
J -J
85 . . .
Al-N 101 103 10214 Sep '12
F -A
9 J3a IOOI3 lOOSg O ct *12
Al-N
103U M a y 'll
9818 Safe 93
98ls
M-N
9934 Sale 991*
9934
J -J
993*
99R Sale 99
J -J
101
101 I0H4 IOOI4
J -J
90'
Al-N OGI3 96*4 9OI4
101 J ’n e 'l l
Al-N
9C.ii J ’n e '12
91
J -J

8212 821*

J -J

Al-S
J-D
Q -J

82
85
102 103
997s 101
98 1007*
9878 IOH4
99 100
IUI1I4 1031*
OGlg 10012
95

961*

A 1 IS C F L L A N E O U S B O N D S — C onclu ded.

Coal & Iron
Bull A Susq Iron s f 5a____1932
Debenture 5s___________ al920
Col F A I Co gen a f g 5a____1943
Col Fuel gen 68----------------lo iu
Ool Indus lat A coll 5a g u ..l 9 3 l
Oons Ind Coal Me lat 5s__ 1935
Cons Coal of Md 1st A ref 5s 1950
Or Rlv Coal A C 1st g 6 a../il910
Kan A II C A O 1st a f g 5 s .1951
Pocah Con Collier 1st a f 5s. 1937
St h R ock Mt A P 1st 5 s . . . 1955
Tenn Coal gen 5s— .......... .1951
IHrm Dlv 1st consol 0 s ..1917
Tenn Dlv 1st g 6s............a l9 l7
Cah C M Co 1st gu g 6 s ..1922
Utah Fuel 1st g 5s................1931
Vlotor Fuel 1st s f 6s______ 1053
Va Iron Coal A Coke 1st g 5sl949

97
98
97 ____ 07 J’ly T2
80i2 ____ 91 N o v ’ H
98*4 1003s
98*4____ 98*4 Sep ’ 12
100341081* 107U J ’n e ’ 12 ___ IO7I4 10734
8ti4 Sale 84l4
85G 62 721* 8514
------ 8112 85 J’ n o ’ l l
93
04
------ 03/3 93 C
■------ 0li4
97*4 . . .
98
3 9734 98198
8112 89185 88
80 !
7934 841so :
111*8 Safe lOEs
1 10 Kg 1037s
102 1031. 103*4!
10312 U)41>
102 103 1021.J
1 IO2I4 104
10312 110 110 .
....
I I I I 's.Vl'i 'a d " j
'8 0 " *86"
97G Sale 07
12 9412 9812

Alisccllaneous
M-S
Armour A Co 1st real est 4 Hs ‘ 3° J-D
Bush Terminal 1st 4s_______1952 A -0
Consol 5s________________ 1955 J - J
Chino Copper 1st conv 6 s ..1921 J - J
Irrigation Wks A D of A 4 H* ’ 43 M-N
Insplr Cons Cop 1st Cs irectsj . .
Int Mercan Marine 4>$s___ 1922 A -0
lnt Navigation 1st s f 5 s . . .1929 F-A
Mgo Bond (N Y) ser 2-4s___ 1966 A -0
Morris A Co 1st s f 4 H s____1939 J -J
N Y Dock 50-yr 1st g 4 s . . .1951 F-A
Nlag Falls Powr 1st 5s......... 1932 J -J
Refunding A gen 6s____al932 A -0
Ontario Transmission 5 s ...1 9 4 5 Al-N
Pub Serv Corp N J gen 5 s ..1959 A -0
Ray Cons Copper 1st con v 6s 1921 J -J
Wash Water Pow 1st 5 s . . . 1939 J -J

83
91
90

Sale
Sale
Sale

83
84
905*
91
90
90
97 A u g ’ 12
____ 9,3*
17212
108 Sale 138
U'Jl* N o v 'll
11012
109i2 Sale 108
6678
66I4 Sale 6 GI4
7912
79 Sale 79
89 A p r ’ l l
____90
89*4 A u g ’ 12
81
81
81
85
100*4____ 10178 J’n e ’ 12
____ 02
94*4 Sep T2
i!2/s
9214 Sale 9234
120 127 12012 1261­
102 . . . 104 M ay’12

82l2 88's
9014 92*4
8834 92
97
99
116 180
10412 1101*
63
70
78
82U
8912 897*
81
851*
100121017*
9212 94*4
923* 94u
112 130
1027* 104

•No price Friday; latest bid and usked aDue Jan dD uoA prll eD ueM ay pDuo Juno AD ueJuly fcD ueA ug oD ueO ot dD u eN ov aDue Deo jO ptloa sale




95 6

CHICAGO STOCK E X C H A N G E — Stock Record.

ST OCXS--h d . in ST A S D L'SWISST SALS PRICES
Saturday
Oet. 5.
*30
*89
*84
23I4
*S12
*3
*22
+38
*9
*49

32
92
00
™4
9%
4
25
42
91?
51

Monday
Oct. 7.
*30
*89
*84
23
*j}‘*
*3
*22
*38
*9
*49

44
44
*124 124l2 124%
*400 ___ *400
*130 138 *130
*
60 * _ _
*101 103 *U)I
*144% 145 *144%
50
59
60
*89
*65
5-1

90*2 89
68
*55
54
54

Tuesday
Oct. 8.

32
92
90
23%
9%
4
25
42
9161

*30
*89
*84
23%
*8%
*3
*22
*38
*9
*49

32
92
90
33%
9%
4
25
42
01?
51

44% 44
124% 124
*400
138 *130
60 *__
102U
103
145 *144%
60
*58

44%
124

89
53
54

Wednesday
Oct. 9.
*30
*89
*84
23%
*8%
*3
*22
*38
*9
*49

43%
124
*400
138 *130
60
59
102%- *101
145 *144
59
*59

32
*30
02
Last
90
Last
23% 23
9%
Last
4
*3
25
Last
42
40
9
9%
51
Last

44% 46%
124 125
Last Sale
last Sale
138"
59%
59% 59
103 *101 103
144b. 144 144
60
59
59

*211 215 *2U 215 *211 215
214 214
139% 139-% 139G 139% 139 139% 139% 140
*15% 10
*15!2 16
*15% 10
*15% 16
*108 1081?
*9814 08*?
72
72
123!2 124
*___
72
*136 138
*123 124
129 129
*119% 120
*63% 64%

108
9812
*71%
123%
*__
*136
*123
*125%
*11914
*63%

108%
98%
72%
124%
72
138
124
129
120
64%

108
*98%
*71%
___
*__
*136
+123
131
+119%
*63%

108
981721___
72
138
124
132
120
64%

108%
98%
71%
___
*___
*136
*123
*129
*119%
*64%

32
Sale
Sale
23%
Sale
4
Sale
40
0
Sale

44%
124

89
*88
90
58
*55
58
51% 53% 54%

89
*55
54

Thursday
Oct. 10.

108%
98%
71%
___
72
138
124
131
120
65

*1*4 1%
79% 79%
*9
10

1% 1%
78% 78%
*9
10

*1%
1%
77% 78%
*9
10

30
30
92% Aug’ 12
90
Sep’ 12
22% 23
8
Sep’ 12
334
3%
25
Sep’ 12
51

Sep’ 12

45% 47
405 July'12
135 Aug’ 12

*101 103
___ .
59% 591?
47 Apr*12
*88
89
89 '89
*55
58
57
57
54% 55
54
54%
142 May'12
'211 215 +211 215
140 140
13934 140%
___ ___
15% 15*
78 Jan* 11
! 108 108% *108 108%
08% 98% 98% 98%
71% 71% 70
71%
123% 1231- 12.% 122%
Last Sale 270% Aug’ 12
Last Sale
Last Sale 123% Sep’ 12
130 130
129 129
ImsI Salt 120 Oct’ 12
*64% 65
63
65

*91%
*91%
*91%
*91%
* 9 1 % ----117*4 117*2 117% 119% 119% 120% 121% 122^% 121% 122
*88% 89
*85
88
*85
88
Last Salt
♦88*2 89
ImsI Sale
100 100
100 100
100 100
100 100
*98 100
*101 102 *101 102 +101 102 *101 102 *lJ0 102
214 214
214 214
213 213% 212 212% 212 212
123 123 +123 1231., 123 H3% *123 123% +123 123%
*42
43
*42
41% 41% 42
43
*42
42
43
*94
95
*94
05
*94
*94
95
05
Last Sale
107*2 107% 107 107% 107% 107% 107% 107% 107 107%
315 320
330 350
350 352% 355 355 '325 375
*108*2 100 *108% 109 *108 109
109% 109% *108 109
196 196 *196 196% 190% 196% *190% 197% 196% 202
1*2
*l>4
79
79%
*9
10

Friday
Oct. 11.

* 9 1 % ___
119% 121%
88% Oct’ 12
*98
100%
209%
*123

100 “
100%
211
123%

97% Aug’ 12
106% 107
108
199

108%
199%

*1%
1% *1%
1%
78
79% 77% 78
Last Sate 10
Oct’ 12

Sales
t f the
Wett
Shares

BONDS

Weelc ending Oct. 11,

inter­
est
period

Fries
Friday.
Oci. 11.

Week's
Range or
Last Sale.

Range tor Year 1912
Lowest.

Highest.

Range tor Previous
Year 1911
Lowest

Railroads
Chicago Elev R ys com ___
21 J ’ly
30 Aug 23
40 A pr 24
Do pref______________
90 Alay27
933., Jan 20
85 J ’ly
Ohio R ys part ctt ” 1’ ’ _ _ .
85 J ’ly 15 1043s Jan 18
80 Apr
407 Ohio R ys part ctl ” 2” . . .
20% May
2212 Oct 11 38 Jan 9
Chlo Rys part ctf ‘ ‘3 " ___
6 J ’nei.j
8 May
11 Jan 12
Clilo R ys part ctf “ 4 ” ___
3 Oct 1
57$ Jan 13
4% Mch
Kansas City R y & L t.100
14% Aug
25 Sep 27
15 Sep
Do pref___________ 100 40 Oct 10 50i2 Jan 19
39 Sep
Streets W Stable C L .100
6 Mch 28
IDs A pr 10
7 Dec
Do pref___________ 100 35 Jan 30 52 J ’ne20
38 Nov
/Vtiscclaneous
2,150 American Can________100
11% Jan
47 Oct 11
9 Jan
075
Do pref___________ 100
91 Feb 1 126 Sep 19
7G78 Jan
American R adiator_100 325 Feb 1 405 J ’ly 2 265 Jan
Do pref___________ 100 131 Jan 13 135 A pr 30 120i2 Alch
320 Amer S hipbu ilding.. 100 45 Aug 7 61 Oct 1
48 Nov
IS
Do pref..... ............... 100 100 Feb
10012 Sep
10414 J ’ne20
75 Amer Telep & Teleg_____ 139 Jan 11 1987s Mch 17 131% Aug
225 Booth Fisheries com ____
39 Mch 14 66i2 May22
35 Apr
Voting trust ctf.
43l2 Feb 2b 50 Jan 9
38 J ’nc
655
Do 1st p r e f_____
..
77 Mch 14 95 J ’no 5
60 Sep
10 Cal & Chic Canal & D .100
49 Feb 9 6558 May 13
4912 Apr
604 Ohio Pneumatic T o o l .100
44 Mch 15 5514 Sep 25
3012 Sep
Chicago Telephone___100 137i2 Jan
145 Mch 9 115 Jan
Chicago Title & T rust.100 184 Jan 4 222 J ’ne20
151*2 Jan
401 Commonw’ th-Edlson.lOO 13514 Jan 4 150 Mch 7 113 Jan
50 Corn Prod R ef Co co m ___
934 Oct
10 Feb 13 17*8 Apr 26
78 Jan
Do
do
pref__
41 Diamond M atch_____ 100 103 J ’ly
9212 Feb
111% Feb 5
265 Hart Shaffner & Marx p f.
102i2 Alch 8 10O Sep
98 Oct
495 Illinois Brick_________ 100
4978 Sep
56 Jan 2 7312 Sep 23
500 Internat Harvester C o___ 106 Feb 14 1267s Sep 10
99l4 Sep
Knickerbocker Ice p r e f..
67 May 1 7638 A ug 6
National Biscuit_____ 100 131 J ’ly 26 161i2 A pr 30 117*4 Jan
Do pref___________ 100 123i2 Sep 20 13034 May 28 123 Jan
115 National Carbon_____ 100 103 Mch 5 135 Sep 24 100 Aug
Do pref___________ 100 115 Feb 11 120 Jan 2 117 Sep
” 25 P-clHc Gas & El Co_____ I 61 J ’ly 2 67 Apr 22
Do
r ig h t s ___
1 .60 Alay 3 z .65 A pr 23
Do
p re fe rr e d _____
3,149 People’s Gas L&Coke.lOU 103i2 Jan i 1223s Oct 9 101 Sep
Pub S e rv o f No 111 com. 1 8-4 May2'j
0412 A pr 24
Do r i g h t s .........
.08 May lb
1% A pr 24
175
Do preferred . .
zl00 Mayei *10713 Apr 24
23 Rum cly Co, preferred___ : 9912 Apr 27 zl02% Aug 19
1,641 Sears-Roebuok c o m ..100 140 Jan 5 221 Sep 9 i23%"Sep'
43
Do pref..................... 100 121l2 Jan 11 125*4 J ’ne 8 116 Sep
30% J ’ly lb 49 Aug 9
75 Studcbaker Corp c o m .. .
94i2 J ’ly lb
Do p re fe rr e d ...
0712 Aug 7
1,827 Swift & Co..................... 100 9834 Jan 2 100*4 A pr 4
9734 Sep
538 The Quaker Oats C o. .100 215 Jan 15 355 O ct 9 105 Alch
57
Do pref___________ 100 105i2 Jan 2 110 Jan 15 102% Feb
1,578 Union Carbide Co_______ rl3534 May 8 202 Oct 10
Do
r ig h t s ________
3% May 8 r 6 May22
" '3 1 6 Unit B ox Bd & P C o .100
3S May 2
178 Jan 18 ’ i" Dec
1,630 United States Steel co m .
58% Feb 13 8012 Sep 30
50% Oct
Western Stone______ 100
9 Sep 30
147, Feb 7
.W Dec

Chicago Rond Record
C H IC A G O S T O C K
EXCHANGE

STOCKS

C H IC A G O S T O C K
EXCHANGE

Highest.
32 Deo
04 N ov
101 Aug
37 78 Dec
12i2 Aug
7l2 Aug
25 Feb
7213 Feb
13i4 Feb
50 Jan
12i2 May
03 Deo
304 Ocu
133 N ov
79 Feb
113 May
1521, J ’ ne
591., Alch
5734 Alch
88% Deo
62 Feb
6512 Feb
14 H 4 N ov
180 Deo
1373s J ’ly
1538 J ’lie
78 Jan
11034 N ov
10334 Dec
70 Jan
129 Alay
142i2 Deo
130 Mch
120 Alch
120 Alch

108% Jan

*io2l4'Jan*
122 AIcll
io i j.’no
212 Dec
107% J ’ly
Jan"
81% Feb
‘J6 Jan

Chicago Bantfs and Trust Companies
S'ds
Sold

Rang*
lor
Year 1912

Sid.
Ask Low.
High No. Low. High
Am Tel & Tel coll 4 s . . 1029 J - J ___ ___
91 Apr’ 12 ___ 291
91
Arm our & Co 4 A s ___1939 J - D t 90% 90% 9038 OCt’ 12 ___
90% 92%
A uto Eleo 1st M 6 s ...10 2 8 —
----- ----82% Apr’ 12 ___ 282% 82%
Cal Gas & El unlf&ret 5s’ 37 M - N . . . . ----96% May’ 12 ___ 296% 08%
Chicago City R y 5s___1927 F - A HOI34 102
10178 101%
1 10134 103
ChlcClty&ConRys 5s.41927 A - O t 86
87% 80
86
1 86
91S8
97?8 Sep’ 12 ___
Chicago Elev R y 5 s . . 1914 J - J t 9734 ----9738 99
Oct’ 12 ___
Ohio Pne Tool 1st 5s.al921 J . J f ----- 92% 92
90
05
Chicago Rys 5s............1927 F - A
9934
99% 28 99% 101%
99% Sale
Ohio R ys 5s..series “ A ’ A - O t ----- 95% 95% Sep’ 12 ___
95% 97
963(j Jan’ 12 ___
Chlo Rys 4s..series ’ ’A ’ A - O ___ ___
06% 9738
85
Chlo R ys 4 3 ..series *’B ’ J - D 181% 85% 85
10 85
91%
94 June’ 12 ___
Chlo R ys 4s..series “ G” F - A t ----- 95
9334 05%
Chlo R ys coll 6s___1913 F - A __ _ ___ 100
Jan’ 12 ___ 100 100
Chic R y Pr m AX g 4 s .c ’97 J - J t 70% 72% 71% Sop’ 12
70
85
Chlo R y AdJ Inc 4s.el027 M ayl t 47
50
50
Sep’ 12
45
60
Chicago Telephone 5 s .1923 J - D 101 Sale 100%
101 “ 33 10073 103%
Clcoro Gas Co rot G M.1932 J - J 97% Sale
97%
97% ___
0733 99%
Commonw-Edlson 53.1943 ill - S 1 102% Sale 10234 102% i8 102% 10334
Coinmonw Eleo 5s.b 1043 M - S 1102
___ 102% July’ 12 ___ 102% 10334
Cudahy Paok 1st M 5s.1924 M -N 1101 101% 101% Oct’ 12 ___
9978 101%
Dia Match Con db 6 s . . 1920 _____ 107% Sale 107% n o
3 107 110%
Gen M ot 6% 1st L notes ‘ 15 A - O ___ ___
0934 Apr* 12
299% 9984
Ind Steel 1st g 5s____ 1952 51- N — - ___ 101% May’ 12 ___ 2101% 101%
Do
1st e 6s____ 1928 . . . . . __ _ ___ __ _
___ ___
Int Har 3-yr 5% g notes ’ 15 F - A 1100% 100-% 1005s May’ 12 ___ 2100% 100%
Inl’d St’ l Is. M g 6 s ..1928 —
----- ----- 105% Apr’ 12 — 2105% 105%
Kan City R y & Light
Co 5s............................1913 51 - N . . . . . . . .
90
Oot’ 12
89
94%
Lake St E l— 1st 5 s ...1 9 2 8 J - J 1----- 89
88 Sep’ 12
87% 90
Metr W Side El 1st 4 s .1938 F - A 81 Sale
81
81
5 8034 85*4
Extension g 4s_____ 1938 J - J 1----70
79
Sep’ 12 . . . .
70
83
Mil El R y & L t 1st g 5sl926 F - A — . - — 101% Apr’ 12 ___ 2l0478 10478
do ref & ext 4 Hs.1031 J - J . . . . . . . .
95 Apr’ 12 ___ 295
95
do gen & ref 5s___1051 { . - g
__ - . . . . ___
___ ___ . . . . . . . .
Mllw Gas Lt 1st g 4 s ..1927 A t-N ___ . —
00% May’ 12 ___ 28034 90%
Morris & Co 4 A s _____ 1939 J - J 1 88% 88%
83%
88%
6 88% 90%
Nat Tube 1st g 5s____ 1952 51 - N ___ ___ 10034 Alay’ 12 ___ 2l0034 101%
Nor Shore El 1st g 5 s .1922 A - O 110278 ----- 103% Apr’ 12 ___ 2103% 103%
do 1st & ref g 5 s ..1940 A - O tlOO-% 100% 10038 Apr’ 12 .. ... 2l0038 100%
Nor Sh Gas o. Ill 1st 5s '37 F - A ___ . . . .
95% Sep’ 12 +mmm 295% 97%
North W est El 1st 4 s .1911 M - S __ _ ___ 100% July’ 12 ___ 100% 100%
N W G L & Coke Co 5s 1938 Q
1 9 9 % ___ 100% Aug’ 12 . . . .
0934 100%
Ogden Gas 5s_________ 1945 51- N I 07% Sale
97%
0734 13 95-84 99
Pas Gas & El ref g 5 s. 1942 ,1 - J ___ ___
02 May’ 12 ___ 20178 92%
Pao T& T 1st coll tr 5 s. 1937 J - J ___ . . . . 100 May’ 12 ___ 2100 100%
Pearsons-Taft 5s_____ 1016 J - D 9 8 % ----- 100% Mch’09 ___ . . . . ____
4 . 4 0 s ____________ ____ XI- S 95 ----96% Mch’ 10 ___ __ _ ___
4.60s Series E .................I M -N
96 ___
97 Feb’ 10 ___ ___ ___
4.80s Series F . ________ M - N
03% Nov’ l l ___ . . . . . . . .
97% . . . .
115% Sep’12 ___ 115% 118%
Peop Gas L & C 1st 6 s .1943 A - O 1 . . . . 117
Refunding gold 5 s ..1947 M - S 1100% 101% 101% Oct’ 12 ___ 10034 102%
Chlo Gas L&C 1st 5s 1937
103% July’ 12 ___ 102-84 10334
1___ 103%
Consum Gas 1st 5 s .1936 iJ "- ,J
D 1 -— 101% 101% Sep’ 12 ___ 101% 103
Mut’ l Fuel Gas Ist5sl947 M -N 1100% 101
191
Oct’ 12 — , 10034101%
Pub Serv Co 1st ref g 5s ’ 58
298-84 100
1 97% 97% 9934 Sep’ 12 —
Sou Bell T & T 1st sf 5s ’41 J - J ___ ___ 100% May’ 12 ___ 2100 100%
South Side Elev 4 His.1924 J - J 1 - . . . 94
03 Oct’12 . . . .
92% 96%
Swift & Co 1st g 5 s. 1914 J - J 1 9978 ___ 100 Sop’12 —
100 100-84
Tri-City R y & Lt coll
trust lien a t 5s_____ 1923 A - O . . . . ____
98% Apr’ 12 ___ 298
08%
Union Eleo (Loop) 5s. 1945 A - O 1----- 80
85
89
85 Apr’ 12 ___
U S Gypsum 1st g 5 s ..1922 M - S __ _ ___ 100 Alay T 2 ___ 29978 100
U S Steel 10-00-yr s f g 5 s .. —
__ _ . . . . 102% Apr’ 12 — 2102% 10238
Western Eleo Co 5s___1032 J - J 1101% 102% 10084 Sep’ 12 ___
10034 103
Note— Aocrued lnterost muse be added t 0 all Chicago bon d prices.

NAME

Outstand­
ing
Stock.
(t)

American S t a t e _______
Calumet National______
Cont’ tal & Comm N a t ..
Corn Exchange National
Douglas State_________
Drexel State___________
Drovers’ Dep National.
E ng’ewood S tate______
First National__________
First Nat Englew ood___
Foreman Bros B ’k’g C o.
Fort Dearborn National
Hibernian Banking Assn
Kaspar State Bank____
Lake View State______
La Salle St National___
Lawndale S tate_______
Live Stock E xch’go Nat
Aleoh. & Traders Stato.
Nat Bank of R e p u b lic..
National C ity..................
National P r o d u c e _____
North Avenue State___
North Side State S av’gs
North W est S t a t e ..........
People’s Stk Yds State.
Second Security_______
Security________________
South Chicago Savings.
South Side State______
State Bank of C h ica g o ..
Stook Yards Savings___
Union Bank o f Chloago.
Washington Park N at_
Wendell S t a t o ................
Central T r Co of 111___
Chlo City Bk & Tr C o ..
Chicago Sav Bank & Tr
Chicago Title & T r u s t ..
Citizens Trust & Savings
Colonial Trust & Savings
Cont & Comm Tr & Sav
Drovers Trust & S av___
First Trust & S avin gs..
Ft Dearborn Tr& SavBk
Franklin Tr & Sav Bank
Greenebau mSonsBk &Tr
Guarantee Trust & S a v .
Harris Trust & Savings.
Homo Bank & T ru st___
Illinois Trust & Savings
Kenwood Trust & S av .
Lake View Trust & S a v .
-Mercantile T r. & S a v ..
Merchants’ Loan <StTr Co
Michigan Ave Trust C o .
Mld-Clty Tr & Sav Bank
Northern Trust C o_____
North-Western T r * Sav
Old Colony Tr & Sav Bk
People’s Tr & Sav Bank
Pullman Trust & S a v ..
Sheridan Tr & Sav Bank
Standard Tr & Savings.
Stockmen’s Trust & Sav
Union Trust C o_______
West Side T r & Sav B k .
W oodlawn Tr & Sav Bk

$200,000
100,000
21,500,000
3,000,000
200,000
200,000
eoo.ouo
200,000
10,000,000
150,000
1,000,000
2,000,000
1,500,000
400 000
200,000
1,000,000
200,000
1,250,000
200,000
2,000,000
2,000,000
250,000
200,000
60,000
200,000
500,000
200,000
400,000
200,000
200,000
1,500,000
250,000
500,000
100,000
50,000
4,500,000
500,000
1,000,000
5,600,000
50,000
600,000
3,000,000
200,000
6,000,000
250,000
200,000
1,500,000
200,000
1,500,000
300,000
6,000,000
200,000
200,000
250,000
3.000,000
200,000
600,000
1,500,000
250.000
200,000
500,000
300,000
200,000
1,000,000
200,000
1,200,000
400,000
200,000

Surplus
anil
Profits.
(T)

Dividend Record.
In
1910.

In Per­
1911. iod.

Last Paid,
%

S179.779
Oet '12, 1H
60,879 ” 0"
An Jan ’ l l , 6
"o'
9,107,050
10
Q-J Oct '1 2 ,2 A
Q-J Oot '12,4
6,054,259 "i<r
10
3,371 Beg. b us May 31 T 1.V.92.P1538
76,791
8
6
Q-J OCt ’ 12, 1A
487,124
10
10
Q-J Oct '12, 2 A
57,633
6
OA Q-J Oct ’ 12, 2
11.723,927
12
12 Q-M Oct ’ 12 4%
210,063
10
12 Q-Xl 8ep30’12 2M
541,178
Prlv ato Ba nk
680,779
8
8
Q-J Oct ’ 12, 2
1,539,807 8 + 2
Q-J
(11)
til)
151,766 10+15
10
J-J JUly '12,5
2,312 Beg. b 11s Apr 8 ’ ll V.92,p. 1004
282,618 Beg b us. Ala y ’ 10 V.0O,p. 1277
38,614 Org. D ec. 16 1011
654,940
10
10 Q-M Oct '1 2 ,2 A
65,235 Beg. b US.AUg 26* 1 2.V 95.P593
1,374,189
8
Q-J Sept 30’ 12, 2
8
600,680
0
0
Q-J Oct '12, 1A
103,076
4
6
Q-J Oct ’ 12, IA
78,134
7
Q-J Oct '12, 1 %
0A
0
46,071
0
Q-J Oct '12, I A
44,751
Q-J Oct '12, I A
4
5
04,848
7
9 A Q-J Oct ’ 12, 2 A
7,193 Beg. b us Nov I ’ l l V.93.P. 1235
100,022
Q-J Oct '12, 1A
sO
4A
Q-J OCt '12, 2
8
110,000
7A
Q-J OCt '12, H4
0
6
16,971
Q-J Oct ’ 12,3
12
12
2,327,120
8 Q-M Sep30 T2, 3
8
225,110
0 M-N May '12, 3
6
159,315
0
Q-J Oot '12, 2
0
12,091
25,43-1 None None Q-M Dec31’08,lH
8
Q-J Oct ’ 12 2
1,959,874
7A
J-J July’ 12, 5
10
10
322,860
0
Q-J Oct '12, IK
0
257,318
8
Q-J Oot '12,2
12,271,365
7A
10
0
16,510
Q-J Oct '12, 3
8 + 2 Q-J Sep30’ 12 2A
477,377 8 + 2
1,542,325
167,774
8
8 A Q-j" Oct ’ i'2, 2A
12
10 Q-M Dec 30'11,4
2,177,116
3,336 Beg. b us Apr 3 ’ ll V. 92, p 929
51,806 Beg. b ua Apr 8 ’ 12 V.94, p 1030
203,457 ___
2A Q-J Oct '12, 2 A
40,391 ___
J- J July ’ 12,3
2,107.466 11 + 5 '12" Q-J Oot ’ 12, 3
72,483 Beg b us Apr 10 ’ 1 lY.92,pl004
9,620,950 10 + 4 10 + 4
q July'12, 4
77,403 7 + 1 %
7
Q-J 8ep30T2,l-%
64,714
6A
0
Q-J Sep30'12,l%
38,904 Beg. b US. J’ly 1 *12 . V.94,p.484
6,649,802
12
15
Q-J Oct '12,4
04,759 Beg. b us Oct 29 ’ 1 0V.91,pl221
75.843 Com b us Apr lO’ l IV .92 ,p 1004
2,734,557
8
8
Q-J Sep 30 T 2,2
0
127,511
8
J-J Jne 20*12, 4
60,601 Beg. b .us J’nc I ’ l l V.92,p. 1537
190,297 ___
Q-J Oct '12,2
273,541
8
* '§ ' Q-J Oct '12,2
43,036 ___
Q-J Oct '12, I A
380,453 Comm enced bus. Sept 8 1910
40,209
0
J-J ju ly '1 2 ,3
6A
1,455,033 *8+2
8 + 2 Q-M Sept 30 '12, 2
98,190
0
8 + 2 Q-M Oct ’ 12, 2
80,840
9H Q-J Oct ’ 12,2A
7A

t K
u ! : p“ y ai 6S, ff.er; m<Jdo ° “ this dajr’ . c f S c P t v ^ l o lo s e of business) for n ation al bank s an d S e p t. 5 (op en ing o f business) for S ta t«
In stitu tion s.
1, N o price F rid ay; latest prkso th l 3 w oek . JSep t. 1 1 9 1 1 . 1[ D ivid en d s n ot p u b lish ed . S took all acquired b y tho C o n t. & C o m m . N a t ;
? .a i‘ h A ? ? L D L °: 3 1 ’ & D iune. l u n e l, c ^ ue F o b .
dDue Jan. 1.
ft A lso 2 0 % In sto c k .
<7 D ivid en d s are paid Q .-J . w ith e x tr a p a y m e n ts Q - F . s A
d ivid en d of 5 0 % was paid in 1911 on Seou rlty B a n k sto o k , to p rovid e c ap ital for the new S econd S ecu rity B a n k . V . 9 3 , p . 1 3 3 5 .
t A u g . 3 1 1 0 1 2 . x S a le !
rep orted b egin n in g A p ril 1 8 ,




THE CHRONICLE

O ct. 12 1912.]

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY

Week ending
Oil. 11 1912.

Par value.

Saturday ..................
Monday ___________
TucJday____________
Wednesday _______
Thursday___________
Friday_____________

$29,099,300
39,038,200
35,282,000
49,984,800
£3,751,150
6J,08/,2

T ota l.....................
Sales at
New York Slock
Exchange.

Railroad,
Ac ,
Bonis.

Stats
Bonds.

V S.
Bonis.

S792.000
1,775,500
2.230.000
2.101.000
1,983,000
2,113,'.00

$20,000
92.000
09.000
38.500
55.500
34,590

$1,000
10,000

3,091.6J9 $2/0,243,260 S10,9J5,000|

$3l5,o00l

$11,090

Week ending Oct. 11.
1912.

1911.

Jan. 1 to Ocl. 11
1012.

1911

3,091,699
1,706,791
Stocks— No. shares__
101,446,579
96,249,374
Par value .......... ..... $270,243^50 3148,787,950 $9,163,802,475 $8,663,778,725
$4,000
523.500
$633,100
Bank shares, par____
$1,471,500
Bonds.
$85,000
$11,000
$1,091,000
$3,198,500
Government bonds__
395,500
315.500
22,304,000
82,743,900
State bonds................
543,(59, 00
10,9 ‘5,000 19,G90,500
585,338,000
R R . and mlsc. bonds-.
Total bonds.

SI 1.0*1,501)1 $20,171,OOOl

$300,851,50j|

3071,280,400

DAILY TRANSACTIONS AT l'HE BOSTON AND PHILADELPHIA
EXCHANGES
Phtl.adelphla.
Week ending
Oct. 11 1912.
Saturday....................
Monday____________
Tuesday ...................
Wednesday------------Thursday________ .
Friday.......................
Total

Unlisted
shares.

Listed
shares

Bond
sales.

Listed
sdares.

Unlisted
shares.

Bond
sales.

14,097
28,213
20,543
19,869
17,510
24,291

5,209
12,699
14,551
15,033
10,035
14,396

$41,500
34.009
55.009
31,00.)
48.009
19,000

10,533
28,613
21,786
32,844
13,022
13,26b

3,858
6,142
6,980
10,816
10,510
11,603

$21,400
31,200
32,800
30,900
45,300
33,500

130,523|

81,972

S2o 1,500

120,006

49,921

$195,100

Inactive and Unlisted Securities
All bond prices are now "and Interest" except where marked "f ”
bircet Rauway* —(Cone
Ask Union Ry Ga3 A El com. 100
Preferred___________ 100
Ncto York Citu
UnLcd Lt A Rys com ..100
Bleeck St A Ful Fy atk.100
First preferred............ 100
25
19
1st mtge 4s 1959........ J-J
Second preferred____ 100
70
B’y A 7th Avo stk........ 100 170 180 Jolted Rys 01 St L—
Co.a vot tr ctfs.......... 100
2d mtgo 5s 1914........ JAJ
9934 100%
« Prelerred..................101
Broadway Surface R lt—
1st Cs 1024................JAJ 102% 10334 Wash Ry A El Co.......... 100
Preferred....................101
10
Cent Crossto.wn stock..IOU
4s 1051......................J-D
1st mtge Os 1922___ M-N 105
West Penn Tr A Wat Pow 100
Ccn Pk N A E Rlv stock. 100
13
ChrlstopherAlOth St stk luu 125 137
Preferred ..................100
Mectrlc, (las A Power Cot
Dry Dook E u A u —
1st gold 6s 1932..........J-D 100% 101%
New York city
45 Cent On Gas 6s 1027___ J-J
Scrip fls 1914............ F-A 1 30
Eighth Avenue stock__ IOU 310 320 e Kings Co El L A P C o.. IOC
Sorlp Os 1914..............F-A / 09 101 New Amsterdam Gas—
1st consol 5s 1048___ J-J
42d A Ur St Fy sto ck ... 100 200 285
N Y A E R Gas 1st 5s'44 J-J
42d St M A St N A v o ... 100
Consol 5s 1945............J-J
1st 6s 1910................M-S / 99 ioo
2nd lno Os Jan 1 1915___ / 78
« N Y Mutual Gas L ___ 100
Ninth Avenue stock___ 109 1UU 180 N Y A Q El L A l’oiv Co. 101
1
Second Avcnuo s to c k ... 100
Preferred ....................100
3
Consol 6s 1948 ctfs..F-A / 37
41 N Y A Richmond G a s ... 100
« Sixth Avcnuo sto ck ...109 115 120 North’n Un 1st 6s 1927 M-N
93 Jtandard Gas L com___ 100
Sou Boulov 5s 1945........ J-J
88
Prelerred.................... 100
So Fer 1st 6s 1910........ A-O
95
90
1st 5s 1930................M-N
Tarry WP A M 5s '28..A1AS / 75
80
Other Cities.
28 A 29th Sts 5s'90ctfsA-G / 20
28
Twenty-third St stock.. 100 250 275 Am Ga3 A Elco com ._„_.Bl
Union Ity 1st 53 1942..F-A 101 107
Preferred ......................50
Westchester 1st 5s '43-J-J 93
97 Am Lt A Trac com____ 100
Yonkcr3 St RR 6s 1910. A-O 88
95
Preferred....................100
Brooklyn
Amer Power A Lt com ..100
Atlan Ave RR con 5s '31 A-O 102 1031
Prcforrcd.................... 100
U B A W E 53 1933___ A-O
97 101 Bay State Gas..................50
Brooklyn City lt R ........... 10 cl 02 101 Buffalo City Gas stock.. 100
Bklyn Hgts 1st 5s 1941. A-O 100 103 Cities Servlco Co com__ 100
Coney lot A Bklyn........ 109 101 105
Preferred....................100
80
1st cons g 4s 1918___ J-J
85 Columbia Gas A E ieo...lO o
82
. 1st 5s 1927 ..................J-J
Con g 4s 1955............ J-J
77
90 101 Con Gas of N J 5s 1036..J-J
Brk C A N 6s 1939...J-J
Consumers' L H A Pow—
Nassau Eleo pref............ IOU
6s 1938................
J-D
1st 5s 1944................A-O 1U2% 103Consumers Power (Minn.)-N Wmsburg A Flatbusli—
IstAref 5s 1929opTt_M-N
93
92
1st 4 « s July 1941..FAA
Stclnway 1st 6) 1922...J-J 100 101 Denver U A El 5s 1049.M-N
Elizabeth Gas Lt Co___ 100
Ollier cilice
Essex A Hudson Gas__ 100
Buffalo Street Ry—
1st consol 6s 1931___ F-A 103% insii Gas A El Bergen Co___ 100
Deb 03 1917..............A-O 101 100 Gr't We3t Pow 5s 1946..J-J
aChlcago Union Tract coin..
2% 3 Hudson County Gas___ 100
ePreferred........................
0
8 Indiana Lighting Co___ 100
Com’w’lth Pow Ry A L.100
68% 09%
43 1053 opt................F-A
Preferred............ ....... 100
91
92 Indianapolis Gas..............50
7/% 79%
lOonn Ry & Ltg com ..lou
1st g 5s 1952..............A-O
0 Preferred__________190
79
82 Jackson Gas 5s g 1937..A-O
Federal Light A T ra c...l0 0
30
sLaelede Gas preferred ..101
81
Pref erred....................109
86 Madison Gas tis 1920...A-O
< Havana Elec Ry L A P 100 85
87 .Varragan (Prov) HI Co .50
« Preferred................109
96%. 93 Newark Gas 6s Apr’44.Q-J
« Loulsv St 5s 1930........ J-J 105 105U Newark Consol Gas........ 100
t New Orl Rys A Lt com 109 35% 33 No llud L H A P 5s 1938 A-O
e Preferred..................100
75% 76% Paclilo Gas A E com ___ 100
Pub Bcrv Corp of N J — set Stk E x list
Preferred ....................100
Tr ctfs 2% to 0% perpet 103 109% Pat A Pas Gas A Eleo. ..100
North Jersey St Ry__iuu
80
St Joseph Gas 5s 1937...J-J
1st 4s 1048............ M-N
78
Jtandard Gas A Elco(Dcl) .50
Cons Tract of N J ___ 100
76% 76%
Preferred ......................50
1st 5s 1933............ J-D 101 105 United Electric of N J..100
New'k Pass Ry 6s '30.J-J 107 108
1st g 4s 1049.............. J-D
Rapid Tran St R y___ 100 235
Western Power com ___ 100
1st 5s 1921............A.O 103 105
Preferred....................100
J 0 Hob A Pat 411919 M-N 78
79 Western States GasAEiee—
So J Gas ISI A Trac__ 100 129 133
1st A ref g 5s 1941 op.J-D
Gil g 63 1953........ M-S
99 100
No Hud Co Ry 6s 1914 J-J 102 103 3 Amer Teleg A C able... 100
Con M 61 1928........ J-J 102 .03% J Central A South Amer. 100
98 ____ Coinm'l Un Tei(N Y).__20
Ext 53 1924..........M-N
Pat Ry con 6s 1931..J-D 113 ____ Empire A Bay State Tel. 100
2d 63 1914 opt___ A-O 100
Republlo Ry A L ig h t...100 26% 281- « Gold A Stock T eleg ... 100
80
82 3 Northwestern Teleg___ 50
Preferred....................10ti
Tonnessoo Ry LAP com.100 23% 25 PaclDc A Atlantlo............26
78
79 s Pao Telep A Teleg pref. 100
Preferred___________19°
99 Jouthern A Atlantic
Trent P A II 6s 1 94 3 ...J-D 97
26
Street Railways

Bid

Bid
53
89
75
84%
74

Ask
54%
90
____
80%
70

13%
43
«97S
00);:
83?g
32
82

14
43%
90%
93
84%
33
82%

Ferry Companies
B & N Y 1st 6S 1911___ J-J
N Y & E R Ferry stock. 10<
1st 5s 1922.................M-f
N Y & Hob 5s May 4U..J-I
Hob Fy 1st 531940.
N Y & N J 5s 1940___ J-.
10th A 23d Sts Ferry ..10
1st mtge 5a 1919..
J-L
Union Ferry stock..
lOt
1st 53 1920................ M-N

957
Bid
95
8
50
9J
104
93
25
55
15
94

Short-Term Notes
99% 100%
Amal Copper 5s 1913..A-C
Balt * Ohio 4K.3 1913.J-D 99% 99's
96)4 96g
Bklyn RapTr 5s 1918tw 1)..
Ch03 A Ohio 4>is 1914 J-D 99
99%
Chic A Alton 63 1913 ...Al-S
98% -9%
Chic Elev Rys 5s 1914 T.J-J 971 98
Cln Ham A D 43 1913
J-J 99 : 9958
Eric 03 April 8 1914 ..A -O ’. 99% 99%
9 ‘%
Coll 53 Oct 1 1914 A-O 99
Coll 5s April1 1 9 1 5 ..A-0
97?g 98%
Gcn'l Motors Oa'15—See N Y ItkEx list.
Hudson Companies—
03 Feb 1 1913.......... F-A
99% 100
Os Oct 15 1913...A&015
99 ,00
111 Cent 4j^8 1914...J&J
99% 993.
lnt A Gt Nor 5s 1914..F-A
9712 9753
Inter Harvester 63 '15.FAA 100 100%
K C R y A Lt 03 1912.. M-S
Minn A St L g 5s 1913 F-A
94
93
Mo Kan A Tex 5a 1913.M-N 99
99%
Missouri Paeltlc 53 1914 J-D 9C12 97
Nat Rys ol Mex 4 ^3 '13.J-D 97*4 98%.
u t lV C Lines Eq 5a 1912-22 !> 4.G7 4.45
4Hs Jan 1913-1925...J-J t> 4.60 4.-1
4 Hs Jan 1913-192/. J-J t> 4.60 4.40
N Y Cent 4J*s 1914___ M-fc
99L
99
St L A 8 F 6s 1913 opt J-D 9S7g 99%
03 Sept 1 1914 opt__ M-8
9912 100
South Ry g 5s 1913__ F-A
99?g too
Wabash 4 Ms 1913___ Al-N
Westlngb’se El & M 03 1913 iou " t()l)%
5% notesOct’ 17—See NY jtk E x list
Railroad
«Chlo & Alton com ___ 100
e Preferred.............. loo
S Ohio St P M A O m ___ 100
e Preferred...................lot.
s Colo A South com ___ 100
e lat preferred_______ 100
a 2d preferred............. 100
e N Y Chlo & St L com ..100
e lgt preferred_______ 100
e 2d preferred.............lou
Northern Securities Stubs..
Pitts Bess A Lake E rie..50
Preferred...................... 60
s Railroad Securities Co—
111 C stk tr ctfs Ser A . . .
West Pac 1st 5s 1933..M-S

1S%
25
133
153
39
72
eel­
s '^
104
88
105
*30
*60

21
40
133
,60
41
74
70
CO
120
90
110
34
71

83% 85
8212 83%

Standard Oil Stocks
Anglo-American OH____ £1
Atlantia Refining.......... 100
Borno-Scrymser Co.........luu
Buckeye Pipe Line Co__ 50
Chesebrough Mfg Cons..100
Colonial OH...............
100
Continental Oil...............100
Crescent Pipe Lino C o ...60
Cumberland Pipe Line..100
Eureka Pipe Line Co__ 100
Galena-Signal OH co m .. 100
Preferred.....................100
Indiana Pipe Line Co___ 60
National Transit Co____ 26
New York Transit Co__ 100
Northern Pipe Line C o ..100
Ohio Oil Co...................... 26
Prairie OH A Gas.............100
Solar Refining.................loo
Southern Pipe Line C o .. 100
South Penn O lli.............100
Sou West Pa Pipe Lines. 100
Standard OH ot C a lif... 100
Stand OH of Indiana___ 100
Standard OH of Kansas. 100
Stand Oil of Kentucky..100
StaudOU of Nebraska..100
Stand Oil of N J (old). ..100
Stand OH of N J ............. 10U
Standard OH subsidiaries...
Standard Oil of N Y ___ 100
Standard Oil of Ohio__ 100
Swan & Finch.......... ......100
Union Tank LlneCo___ 109
Vacuum OH.....................100
Washington Oil........ ........10
Waters-Plerce OH.......... 100

♦1012 £0%
555 570
190 220
175 180
725 775
150 180
825 j 76
*62
66
75
80
390
00
220 230
135 140
142 .47
45
*43
350 160
115 120
1,5 117
288 2J3
COJ ,0J
280 290
740 760
16/ 173
137 140
310 315
375 :25
375 12j
280 120
ouO 1/2)
5 0 595
600 ,25
510 515
230 260
190 220
70
75
170 176
*23
28
1500 1700

Tobacco Stocks
(See also Slock ExchangtLlsl)
Amer Machine A F d y ..l0 0
Brltlsh-Amerlcan T o b a c.il
Conley Foil.................
lou
« Holme (Geo W) co m ..100
a Preferred...................100
Johnson Tin Foil A Metal 100
MaeAndrews A Forbes.. 100
Porto-RIcan-Amer Tob.lOO
Reynolds (R J) Tobaoco.iuu
a United Cigar Mfrs com 100
e Preferred .............
100
UnltedClgarStoresof Am com
Preferred........ .................
a Woyman-Bruton Co__ 100
e Proferred.............
100
Young (J 3) Co...............100

68
62
•22% 227«
£96 110
185 18J
118 120
180 190
195 105
285 295
265 275
53% 50
103U 110
lOOUg 103%
121% 123
250 275
114% 117
172 180

Industrial and Miscellaneous
a Adams Express_____ 100
Col tr g 4s 1J47.........J-D
Alllanco Realty........ ......100
Amer Bank Note c o m ...60
Preferred_____ ______ 50
American Book........ ......100
American Brass...............100
American Chicle com__ UK)
Preferred...............
100
eAmerlcan Express___ 100
Am Graphophone co m .. 100
92% 95
Preferred..................1 0 0
687g 72
American Hardware___ 100
Amer Malting 6s 1914..J-D
110 120
Amer Press Assoc'n___ 100
108 115
Am Steel Fdy es 1935..A-O
65
75
Deb 4s 1923.............. F-A
40
60
American Surety.............. 50
118 123
American Thread pref___ 6
117 124
Amer Typefounders com.lOo
68
75
Preferred...............
100
100% 101%
92
97 1 Deb g 0s 1039.............M-N

195 200
;8214 83%
118 120
*51
55
55
*53
170 175
137 140
214 218
103% 105
191 198
46
43
85
74
138% 139%
101 102
70
60
99 100%
72
71
325 335
*4%
48
102
100

101% 103
131 132%
101
103
100
172
50
73
55
101
00
95
103

102
105
103
175
68
77
65
103
106

*90
*10
445
111%
69
85%
*05

92
50
150
112%
70
86%
%
5
i 18 121
80
91
17% l(3g
78
78%
98

100
89%
95%
325
135
SO
8«.14
135
40
70
38
88
99
92
101
*96%
121
93
100
047g
93%
91
90
*2334
*a503j
90
82%
28
69

92
90%
110
89
89%
137
41
72
45
90
102
102
109
99
120
05%
91
05
94
21
51
95
83%
29%
60%

Indust and Mlscell — (Cotl.) Bid Ask
3% 4
\rner Writing Paper___ 100
Vtl Gulf A WISS LlnesS’eeBos tStkt x list
25
15
Barney A Smith Car comlOo
Preferred.....................100 88 100
85
75
Bliss (E W) Co com........ 60
Preferred...................... 5u 120 125
Bond A Mtgc Guar____ 101 290 100
Borden's Cond Milk com.100 120 121
Preferred.....................101 108 111
5
Jrltlsn Coi Copper Co___ <­
2
Casein Co ol Amer com_.10i.
40
40
Preferred.....................lOi
lasualty Co ol America. 101 110 120
leilulold Co.....................100 140 142
47
45
City Investing Co.......... lOu
Preferred . .
100 100 101
90
85
. ClalUn (H B) Co coni..IOU
91
a 1st preferred............100, 86
92
e 2d preferred...............100 87
84
Consol Car Heating___ 100
78
16
13
Consol Rubber Tire___ 100
59
Preferred.................... 101 50
60
Debenture 4s 1951...A-O 750
a Crucible Steel com___ 101
17% 17%
95%
a Preferred.................. 100 95
*21;
2%
Davls-Daiy Copper C 0 ...I0
eDiamond Match—See Chic otkEx list.
duPont ( I) do Ncm Pow 10t 195 -’05
a Preferred.................. 100 98%
Gold 4 ^ s 'OO—See N Y Si k Ex "ist.
Cmerson-JLirantlngham . 101 75% 77
Preferred .......
100 101% 103
10
6
Empire Steel A Iron com 100
45
Preferred___________ 100 42
210
a General Chemical com.100
108 ’ 114
e Preterred..................10
loodrlch (B F) Co—See N Y Stk E x list
Jreene-Cananea—See Bos St t Ex list.
k Hackensack Water Co—
Ref g 4s '62 op 1912. ..J-J
85
87%
5
7
Havana Tobacco Co___ U)i
Preferred ...................100
14
9
1st g 6s June 1 1922..J-D / 60
64
Hecker-Jones-Jeweu MHHn,
1st 6s 1922 .............. fli-j
102 104
10
Hcrrlng-Hail-Marvin ..100
20
Hoboken Land & Improvo't
1st 6s Nov 1930.........M-N; 1033. 104%
Hocking Vnl Products..100
8
5
53
1st g 6s 1961...............J-J
5'J
Houston Oil—See Balt Stk 1 : list.
« Ingersoll-Rand com__ 100 105
a Preferred..................10<
95
12
Intcrcontla Rub com__ 101
13
92
87
Internat Banking Col.IlOi
International Nickel___ lot 1131 133
Preferred.....................lot 105L 107%
International Salt__ .IlUi
1st g 6s 1951.......... A-O 49
52
International Silver com 100 135 145
Preferred.....................100 134 137
1st 03 1948.................J-L i i o 111
Internat Smelt & R elg. ’ Ot 123 128
Kayser (Julius) A Co__ 100
91
98
1st preferred...............100 109 111%
a Kresge (S S)—See N Y bt k Ex list.
LackawannaSteel—SceSY StlcEi 1
s t.
Lanston Monotype........ 100
93
92
Lawyers' Mtgo Co.......... 100 218% ’ 22%
Lehigh Val Coal S ales..61 245 252
« Loose-Wiles Bis—See N Y Jtk E : list
3
Madison 8q Garden Stubs . . •xl
Manhattan S hirt.......... 100
70% 72
Preferred................ _ 100
101% 10134
Manhattan Trans.t.......... 2i
*1%
Monongahelnlt Coa CAC.5, *_ . I ?
Preferred...................... 60 *45
Mortgage Bond Co........ 100 105 109 "
a National Surety_____ 100 225 730
a New York Dock com 100
19
e Preferred.................. 101 35 ■4*5*
N Y Mtge A Security__ 100 205 208
N Y Transportation........ 20
0
*5
NHes-Bem-Pond com__ 100
90
85
Niplssing Mines—See Bost b tk E.\ list.
134
Ohio Copper Co.................1C in
21.
a Ontario Silver...............100i
Otis Elevator com .......... 100
74 ‘
Preferred.....................10* 101 ■03
Pittsburgh Brewing........ 50 *103t 10%
Preferred...................... 50 *40
a Pittsburgh Steel pref..100 103 104*
Pope Mfg Co com .......... 100
39
33
Preferred.....................100 74
76
Pratt & Whitney pref__ 100 105 106
Producers OH...................100 120
Realty Assoc (Bklyn)..100 113 il7‘ *
Royal Bak Powd com ...100 215 220
Preferred.....................100 109 111
Safety Car Heat A Lt__ 100 116% 117%
sears,Roebuck ACo—SeeNY :tk E X list
ePreferred—See Chic Stk ix 11: t.
Singer Mfg Co............. ..100 285 2S8
South Iron A 8 00m____100 . . . .
2
Preferred.....................lOu
3
Standard Coupler com.,100
40
30
Preferred.....................100 108 112
Stern Bros pref............... 100 80
85
Sulzberger a Sons Co pf.100 99 100
Texas A Paclrtc Coai_..10U 95 100
a Texas Pad He Lnnd Tr.lOU 95 100
122
Title Ins C ool N Y .........100
I'onopah Mln(Nev)-NeePhlla Stk "e t list
4
Trenton Potteries com..UK.
7
55
Preterred new.............100 60
30
Trow Directory________ IOC 20
Union Typewriter co m .. 100 41
43
1st preferred...............100 110 112
2d preferred............ ..100 103 106
United Copper............. ..100
l 1.' 2%
Preferred.....................100
20
8
! United Dry Goods___ 100 100% 101
e Preferred__________ 100 105 107
U 3 Casualty.................. 100 190 2C0
U S Envelope com........ 100 100 104
Preferred.....................100 118 120
75
80
3 U 8 Express................. 10U
90
U 8 Finishing.......... ........100 85
Preferred.....................100 100 105
1st g 5s 1919.............. J-J 100 105
Con g 5s 1929.............. J-J 95 too
U S Indus Alcob—See N Y S tk Ex list.
a Preferred...................100 102 105
U S Steel Corporation—
Col 3 1 Apr 5s 1951 op 1911 114
Col s 1 Apr 6s 1951 not opt 114
U 8 Tit Gu A Indein___ 100
95
00
a Wells Fargo & Co___ 100
133 135
Westchester A Bronx Title
A Mfge Guar...............100
165 .
Westlngh'se Air Brake__ 60 *14234 143
Woolworth (F W)—See NY Stk E X list
’.Vorthlngton(HR)Co pf.100 105 108%

T4

7r 4

• Per sharo a And accrued dividend, b Basis. * Listed on Stock Exchange but usually inactive. /F la t price, n Nominal, s Sale price, t New stock, x Ex-dlv.'
j/ Ex-rlghts. z Includes all new stock dividends and subscriptions, a Listed on Stock Exchange but Infrequently dealt In; record of sales, If any, will be found on a
preceding page.




95«

BOSTON STOCK E X C H A N G E — Stock Record.

SHARK PRICKS—NOT PKR CKNTUM PRICE S
Tuesday
Ocl. 8.

Monday
Ocl 7.

Saturday
Oct. 5.

Wednesday
Oct 9.

Thursday
Ocl. 10.

Sales
Friday
Oct. 11.

♦1107a 111*8 111% 111% *11119 1107« 109% 1091 *110 110*.
Last Sale
♦1021.1 102% *10218 102-% *102*3 102% *1013 102*.
212 212
212 212 *212
♦212 213 *212 213
121*2 1211- 121*2 12U2 121 121% 121 121
121 122
205 203 *205 206 *205
♦205 206
*205 ___
95-% 96
96
95% 96
96
96
96
97
97%
♦293 295 *290 293 *__ _ 292 *290 292
Last Sale
♦__
15 * ___
15 *___
15 * __
15
last Salt
♦___
78 *__ _ 78 *___
78 * ___
78
75
75

109 109
1021? Dct’ 12
213 213
121 12H,
+__
206
98
99
293 Oct'11
14 Juue’ 12
+__
78

50 * ___
169
- 108*2
♦__
265
121
121 121
♦126 126*2 125%
♦8B4 84% *84%
♦128
*128%
♦19-% 20% 20
7S3.
79
79
139% 1393., 139%

+
50
169 Aug’ 12
107% Oct’ 12
200 Aug’ 12
12!) 120
*126
*85
*128 130
*19
20
79
79
138% 139
128% Oct'12

50
* __

♦._
♦42
174%
*89*4
*152
81
US*.,
*58%
100%
4*2
21
127%
1221,
144%

*

178
*42
52
1743» *173%
89% *S9
*152
81*1 81
9814 98
59%
100%
4%
21%
1271?
123
144%

50
169
1 81o
265
121
127
85
129
20
79
1393.,

* ___
*__
*
*265
120
125*2
*84%
*12S
*1!)
78-34
139*8

*------ 50
Last Sale
Last Sale
Last Sale
121 121
121
125% *___ 12G34
841j
85% * ___
130 *128 130
20
*19
20
79
79
79
13934 13S*2 139%

176
52
174%
90

175
52
173%
90
152
81
98

174%
*42
172-34
*89%
*152
*__
98

174% *174% 176
175 175
62
Last Sale
172% 173 173
171% 172%
89%
Last Sale 89% Scnt’ 12
*152 ___ *152
81
80
80
80
80
98
*973, 98
9734 973,

175
*42
173%
*89
152
8U4 81
98% 98

883,
*81
*__
*G34
*12
*14
277*2
I8T4
94%
95%
*224
*4
*100
*100
153*2

168%
10%
107%
29
29
2*4
188
56
29*2
79%
116

168%
*16
10733
28*2
*28
*2
187
5578
29%
7834
115*2

50
169
108

59
59*4 5914 591s *5®s 59%
100*8 100% 100% 100*3 100% 100%
419 419
4*2 4%
20% 20% 20% 20%
20% 21
126-% 126*9 126*2 126%
126% 127
*22% 122% 122% 122%
123 123
1-I3-, 144% 14378 144% 143*2 141
30
28*2 2Slo *29
*27*o 29%
88% 88% 88% 89
89
88% 89
88*2 8834
81 *___ 81
81
81
82
81
*81
101
Last Sale 101 Oct’ 12
101 * ___ 101 *__
*6-% 7
__
*6% 7
7
*6% 7
13
13
12% 12% *12
*12
13
14% *14
14*4 14
14% *14
14% 14
14
277 277
27734 277*2 277% 277 277% 277 277
183 183
1837g 184 184
183-% 183*0 183 ix:»?
94% 94% 9434 94% 94*2 94% 9434 91% 95
96
96
95% 96
95'3 9558 96
90
96
___ 226 226 225*2 225*2 224% 224% *225
4*9 *4
412 ♦4
-u, *4
4%
4
4
lOIJs +100% 101% 101 101 *100 101% *100 101%
101% 100 100 *100 1011? +100 101% *100 1011?
1537a 154 *152 lo3
154
152% 153
153 153

585S 59%
100*2 100%
4% 4%
20% 21%
*127 128
123 123
144% 144%

89
89%
81
81
*___ 101
6-%
12
12
*13% 14*2
277% 278%
♦183 184
94% 94%
95% 05%
*222
4%
*4
♦100*2 101*2
♦100% 101%
153% 153%
168%
*16
*107%
♦28*2
*28
*2
188
56
29
7878
11534

50 * __
169 *__
108*2 *__
265 * __
121
121
125% *125%
85% 85
130
129
20 * 19
79 *___
139% iuji.i

168%
16%
107*2
28*2
29
2-1
188
55%
29%
79%
116

58%
100%
4
21
126*2
123
144*8

168
*16
1073s
28%
+28
*2
187
55*2
29
78*2
11538

59
100*2
43;s
21
127
123
144-a

168*2
J.0%
107%
28*i!
29
2%
188
56%
29*4
787a
11578

16712
*16
107*2
28*2
*28
*2
187
55*a
*29
777,
115%

167%
16%
107%
28%
29
2*4
187
651?
29*2
783S
115%

167*4 167% 167 167*4
Last Sale 16% Oct’ 12
10634 107*4 107 107*.,
28*3 28*3 28% 28%
Lasl Sale 2873 Sept’ 12
Last Sale 2
Sept" 12
186% 187
185 187
55
55*2 55
55
29*4 29% 29*4 29%
78-% 79% 77*2 78%
115 115
115 115

W4 6% *6*2 7
7
*6*4 7‘.|
*6*2 7
*6*2 7
7
3
3
*3
3%
3
3
3
3
314 3’ 4
3*2 4*4
46% 46*2 *15
46
46
♦46*2 47
46
46
46
91% 8912 90% 8934 90% 88
9134 9134 91*2 92'a 91
89*?
33% 34
33% 33%
34% 34% 34% 34*2 3334 34*2 33% 34
438 4%
4*2 4%
-41? 4%
438 45«
4*2 4%
413 4*2
*_
_
*
___
.45
.451* .40 .50
.45
.40 .40
.45 *____
7
7
7
7
7
7
7
7
7*4 •714 *6% 7%
*334 4
4
333 33S
*:u,
334
37a 4
33a 4
47*3 48% 47% 48% 46*2 47%
49*2 4834 49*2 48*2 49
82
81
82
8134 821« 81
80% 81
82
81*2 82
592 592
590 590
590 592
600 605
595 600
596
22
22
22-% *21
22
22% 22% 22% *21
22
*20% 22
423, 4234 431- 42
42*->
43% 42
43*4 43
43*4 43
*43
.05
Lasl Sale .04 Aug* 12
.05 *.03
.05 +.03
*.03
5938 603., 60
59% 59
59
60f3 59
58
58%
59
69
4
4
+334 4
4
4
4
4
+3-3 3%
4
4
I6I4 16
16% 107a 1G
16% 15% 16'a
1533 1534 15*2 16%
8-2 ou
8
8-d
9*3 10*8 10*4 11
8-4 8*2
8*8
8
434 4%
45S
4u 16 4,3ie
41‘ ie 6%
4liio 43j
43.1
64-’s 62*2 6-1
6234 6412 62*2 64%
68*2 59*2 537* 61*2 61
1034 11
10*2 1078 10-3.3 10% 10% 10-% 10*4 10%
10% 11
28
27
27% 28
27% 28
27*4 27%
26% 26*2 26% 27
*34 1
1 .95
.95
*.85
1
*%
1
*%
1 *.85
15
16
16
17
143a 14% 14% 14*2 15
13*2 13*2 14
2Q3S 205fi
19% 19% 19*2 19% *19% 19% 19*2 193., 19% 21
*55
57
+56*2 58
*55
58
57*2 57% *56*2 58
57*2 58
*87
88
88
*88
89
88
88
88*2 *87*2 88
89
*88
86*s : » 's 36
35-s 35»fi 35% 35% uMa 3534
30% 36
36
2-3j 2Jj
23. l»a 2u .n 2?a
24.1 23,1
♦2% 2%
**-■« 23.,
2%
2
2-s *2
2
2
2*8
2'a
*2'l
7-4 71.1
35% 36*2 35'a 35*4 35-8 3SIS 34% 35
341g 34% 34% 36
*53., 6
6
6
*512 6
*512 6
*5*2 6
*6% 6
*12% 12% 12.1, 12.1, 12% 121, 12% 12-% 1234 13*s 1278 I2?s
*673 71*
7
7
7
7
*7
7*f
*7
71,
7
7
123., *12
*12
123,
12
12
1214 12*4 121S 12>J 12% 12%
*29*4 29*2 29*2 19% 29*2 29*?. 29*3 29% 29% 29% 276a 28%
*134
2% *1% 2*4
2
2
2
*1»4 2%
4«1 2
68
68
68
68
67
66
67
66
67*2 67*i
*67*2 08
2258 22-3 22% 22% 22
221? 22*3 22*'
227a 23
22
22%
310
3% *3
3
3
3*2 *3
31?
*3
3*? *3
3%
8%
*8% 81?
8%
sis
8%o 8-'ie
8-4
83s 8%
34% 35*8 35*4 37*2 37*2 39% 373., 383,| 38% 39*4 3734 39
4
4*2
314 4-%
4'*3 41313 3*2
3% 31?
3'a 4
4
4
*4
41.1 *3% 4*8 *33, 4*8
4*4
4la 4'a +4
*834 9
9
9*8
87a 9
8% 9
S4| 8S4
H'S 9
62
621?
63
63*? 62% 621? 62% 63
03*2 63% 63% 63
115 115
114 114 *114 116% +113 115
113
*114 116
2234
23
2334 23% 23
23% 23
23*4
23% 23% 23'% 24
871?
89
88
87*2 871;
87
88
*88
89*2 88
88% 89
*223, 23
225s 223, 22% 22% 21% 22*? 21*2 217s 21% 2U?
3°ia *3 ’16 3*18
338 3%
3To 3-‘ia
33a 3%
15*4 1534 15*2 15% 1534 15% 15*4 151? 1533 153.1 15% 15%
27»; ___ ____
28*9 *28
28*9 28
28
28
27*2 2712 27
* lo .60
Last Salt 57 Sep’ 12
.65
*.60
*%
*% .60
46
46% 45*2 45*2 *45
45*4 45*4
46
46
46*4 46*4 46
1% 134
w.
13.1
*1% l lllo
1% 1%
1% 1%
1% 1%
47
46*4 46*4
47
48
*47
43% 46% *46% 47
*46*2 48
5
5
5
5
5
5
5*4
412 si4
514 5%
3
3 *2»%0 3 2 «,o 2li,m *2% 3
2l5io 2‘ %c *2?s 3
49% 49% 49-% 50
49% 48% 483,, 48*2 48'% 48% 481o
49
61
51
51%
51% 51% 5134 52
51
51% 5134 513j 51
2
2
*2
2%
214 2'is 2',ft *2
:>4 *2
2*4 *2
12
12
12
1234 12% 13% 1234 13
12
12% 12% 12
64-% 65
63% 64
♦651., 65% 65*4 65*4 64% 64% 64
04
*2% 3
3% 3% * ___
3% 3Jia 33io
2% 2% *3
314
5%
*6
5% *5
5
5*2
•Vw *5
0
5
5
78
75
79
78
79
79
78
79
79
79
77*2 79
21S
♦2
*1*2 2
*1% 2
1% 2
1% n ? *1% 2
• B id an d ask ed prices,
a N o w s to c k .
9 A s s t 't p a id .
0 E x -s t o c k




Week
Shares.

Haw;" sines January 1
On basis o/ 10O-share lots

STOCKS
BOSTON STOCK
EXC H AN G E

Miscellaneous
Ymcr Agrlcul CUem__100
100 67% Sep 16
D • p r e f . . . _____ "
299-3 J ’ne -•1
3 Auff
Amer Pneu Servloe. 50
Do pref_____ ____ __50
11 Mch 26
Ymer Sugar Refill___100
100 114% Jan 10
Do pref__________loo
100 115% Jan -1
\iner Telcp & *i...............
100 137% Jan 2
\incr*can VVoolc
100 25 Jan 31
Do pref_____________
100 86 Feb 5
Amoskeag Manufacturing
Nng 77 Jan 3
Do pref____
x90% J ’no 21
0 A u s 26
3
100
Do prof.
100
10*2 Aug 21
305
10% Jan 2
110
10
272lo Sep 28
354
155 Jan 2
143
*88% J’ly 15
010
93% Jan 6
pref................ ,100
188
>?.7 '
nthaJer
37
182
is
**
otton Y arn____ Ado
A * i»
35
93 J’ ne 28
pref__________ ioo
6
e lo p h o n e ..____ 100 153 J’iy lo
214
_
72i2 Jan 17
145
.100 15S Feb 1
m i Jan 2
...
. 10
98i2 Jan 2
1.121
27 May t
219 'i’orrlngton____ ’ " . I " 25
28 Jan 6
Do pref__________25
.85 Jan 0
...
h 174 Sep 1C
005
46% Jan 15
1,108
Do pref___________ 25 275a Jan 10
475
58% Feb 13
S Steel Corp____ ..1 0 0
7,128
Do pref__________ 100 10713 Feb 13
274
413
124
936
1.609
693
240
1,403
20
427
95

470
1,135
110
636
200
4,805
1,058
400
2,971
604
435
290
531
175
d iv .

Mining
Adventure Con______ 25
Algcmah Mining_____ 25
‘ .House......... .............
25
.malgamated Copper 100
m Zinc Lead & 3 m . 25
.rizona Com ’l ctfs d ep.
:onanza Dev Co____ 10

& A rizona.,

Copper Range Con Co 100
Jaly-WcsS___________ 20
ih'.'A Butte Cop M in .. 10

sland Creek Coal____
Do pref__________

-aka Copper C o .
Bass Consol__________25
"
"
25
............ 5
............25
Mohawk.
......... .. 25
d ated . 5
Niplsslng Mines.
Nortu Butte___
Mining_____ 25
ny__________ 25

10

Tamarack__________ 25
Trinity............................. 25
Tuolumne Copper . . .
U S Smelt Ref & M in. 50
D ) pref_________ 50
Utah-Apex Mining___ 5
Utah C o n so lid a te d ... 5
Utah Copper C o_____ 10
Vic o rla _______________25
W inona_______________23
Iverlnc____________ 25
u i ’ o t t ____________ 25
ti E x -r ig h ts ,

P r e v io u s

jot

Year 1911
H Ujhest,

Highest

Railroads
05 Afcch T op & Santa Fe.100 1037s Feb 10 IIII4 Oct 2
Do pref____ _____ 100 101% Jan 12 104% Feb 7
20 Boston & A lbany____ 100 21U2 Sep 27 222% Apr 3
124 Boston E levated......... 100 120 Aug
13434 Mch25
23 Boston & Lowell_____ 100 204 j ’ne 10 218 Jan 4
438 Boston & Maine_____ 100
94% Sep 20 100% Jail 3
Boston & P rovidence, 100 29.1 Oct
300 Apr 27
13 3 an 2<? 1* Mayj.i
boston Suburban El Cos.
75 Jan 25 80 J’no 5
Do
pref_____________
5
Boston & W ore Elec Cos.
9 A ug 1
I2i2 Jan
Do p re:_____________
GO Aug 30 67 Jan
125
May e 170 Jan 19
Ohio Juno R y & US Y . 100
112 J ’ne 11
Do pref_...................... 107*2 Oct
‘
J ’ly 24 272 Jan is
Connecticut R iv er___100 200
192 fitch burg, pref______ 100 120 Oct 0 128 Jan 25
35 Ga R y & Elec stm pd.100 1 24 J’ne 12 2179 Apr
84
Sep 16 911. Jan
1 D o pref____ _____ 100
10 ^aine Central________ 100 1 2 5 J 'iy 2J 147% May31
I8I4 J’ ly 20 23*3 Jail 8
45 .ass Electric C03____ 100
83 Feb 2s
232
Do pref S tam ped. 100 70 J’ly3l*
481 -'i Y N II <5s H artford. 100 13312 MaylS 142% A p r
Northern N H ____ ____100 1281a Oct
143 Jan 24
Norwich & W or p ref. 100 203 Aug C 212% Jan 29
13 Did Colony__________ 100 rl74 J ’n e h 187 Jan 31
Rutland pref_________ 100
41 Jan 2 70 Jan 24
810 Union Paclilo..............100 16012 Feb 1 17G14 Sep 30
Do pref__________100
89is Sep 23 9212 Feb 8
12 Vermont <?c Mass____ 100 152 Sep 30 164 Jan 1C
532 West Eud St__________ 50 80 Oct 10 88% Feb 2i
9734 Oct 11 103l2 Mch 19
Do pref______ _
133

70
2,110
590
5,640
2,639
830
200
365
335
15,675
1,661
00
380
1,285
..........
4,122
445
14,919
10,630
2,328
11,082
5.650
1.835
100
6,2-15
1,862
160
38
1,405
415
43.5
4,045
50
814
502
205
505
200
513
2,692
445
D00
45.268
1,042
75
1,700
035
15
1,263
176
2,840
410
2,580
520

Range

6l4 Mch 28
3 Sep 24
3814 Feb 1
60 Feb i
21% Feb 15
2 Jan 2
.30 Oct 3
0i4 Feb 1
215io J’ly 2 5
19i2 Feb
57% Feb
405 Feb
17% Jan .
25l4 Feb 28
.03 Mch 26
50 Jan 31
4 Sep 17
1214 Jan 15
678 Sep 27
413 Feb 27
33 Feb 6
7l2 Feb 29
23% Sep 14
.95 Sep 2/
IBs Sep 26
18 Feb 6
40l2 Jan 17
85 Jan 13
20*4 Jail 15
2 Apr 9
.80 Jan 2
32l2 Feb 1
41* Feb 15
107a Feb 8
6i2 J'ly
234 Jan 3
23% Jan 29
1*4 Oct 11
50i2 Jau 30
18i4 Jan 29
3 Aug 13
5*4 Jail 3
2234 Feb l
2/3 Sep 26
078 Sep 13
2*3 Jan 2
41 Jan 31
106 Jan 15
15 Mch 27
73l2 Jan 29
16% Jan 29
1 Jan 31
9 Jan 31
17 Feb 21
.43 Sep 6
24 Feb 1
1% May24
26 Jan 31
412 O ct 8
2% J ’ly 27
34 Jan 31
47 Jan 10
2 May21
912 J’ly b
52% Jan 29
2*4 O ct 3
4 Sop 13
75 O ct 11
1% O ct 7

o E x -d lv . an d r ig h ts,

G3% Mch23
105 Mck22
514 J 'n o l9
21-i Oct 7
1335a May 13
12334 Aug 30
149 Mch25
30 Mch22
9414 Mch 23
84 May ..
105 Mch26
9 Feb 14
20 Jan 18
17U May27
300 M ch‘27
1877a J’ly 25
95 Oct 11
987* Feb 19

100% Sep 11-3*4 J’ ne
101 Sep
105 J’ no
219 Apr 226 Feb
124i2 Sep 1301* Aug
207 Feb 218 Sep
9Ul2 Oct 1223s Feb
292 Mch 300 Mch
12 Sep
16 Mch
761., J’no
70 Oct
13 J ly
0 Feb
68 J’ ly
38i2 Jan
156 Apr 171 Deo
107 Mch 115l2 J’ly
265 Jan 272 J no
125 Apr 130 Jan
zll7% Jan 2164 Oct
86 Feb
9312 J’no
135 Sep 215 Jan
24 J ’no
14 Apr
127*4 Sep
139 Jan
210 Jan
183 Mcb
32 Jan
15312 Sep
90 Mch
156 Mch
85 Sep
10J Aug

151% Feb
142 Mcll
211 N ov
190 Nov
45 Dec
192% J ’ly
95*3 May
164*8 Dec
93 Mch
105 Jan

40 Sep
99 Jan
3*2 Aug
12*3 Aug
112 Sep
111*4 Jan
131% Aug
26*2 Dec
85l2 Oct
77l2 Deo
99 Dec
738 Dec
14i2 Nov
714 Jan
275 Sep
142 Sep
87S4 Jan
93 Dec

03*4 Deo
105*., Mch
6*2 Jan
19*4 Jan
122 Feb
12 0 * 3 May
153*., J’ na
36*4 Mch
96*2 J ’no
81 N ov
100 i'­ Deo
l l May
26 Jan
12 May
29/ Deo
1671| May
96% Aug
98*2 Oct

A
j tOA iM
107 Mcll 26 101 Nov
164 Mch 14 13/ Jan
6234 J’ly
90 Mch 20
174 Aug 21 153 Sep
17*8 Apr 11 xVJ Jan
97*4 Sep
109*3 Sep 25
29 Sep
32 Jan 10
31 Apr 17
27 Mch
3} May
334 Apr 8
208*2 J ’ne 19 /H78 Dec
40*4 Aug
57*2 Aug 26
2612 Sep
2934 Sep 13
GO Oct
80% Sep 3i1L63s Oct 1 103*2 Sep
11*4 Apr 20
8I4 May 2
5013 J'no21
0263 Oct *1
35 Oct 3
073 Apr 2
.65 Apr 11
9*4 J’ ne 6
634 Apr 2
6U1 J’ ne 12
83*2 A u g 28
615 Sep 27
27l2 Apr 18
45 Sep lb
.09 Jail 19
66*2 Apr 11
7*2 Mch 27
16*4 Sep 20
IGI4 Apr l
6n ioApr 6
64-a Oct 8
11*8 Oct 4
37 J ’ n e li
2 May o
23 Apr 24
2153 Jan 24
65*4 J ’no iu
0114 Aug l
30-8 Aug Ji
3*3 Feb 13
3 May 8
49 Apr lu
8 Apr 17
1112 J’n o 27
9i4 Jail 4
18*2 Apr 23
30*8 Sep 25
612 Apr 20
73 J ’no 27
24*3 Sep 30
0*4 Apr lu
8*4 Sep 26
39*8 Oct 8
8*4 Apr 22
06% Jan 11
I3l4 M a / 1
61 Oct 2
130i2 J’no 22
23 Sep 2 i
95 J ’no 22
24% Sep 25
47S May.-.j
1778 Aug 8
30 Sep 30
U4 Apr 3
48'% j ’ly 2V
478 Jan 13
51 Apr 18
9*2 Apr 9
4*%® Mch26
z50% Sep 30
52*4 Sep 28
3u ia Feb 9
20% Apr 2
07*8 Sep 24
5% Jan 20
7*4 Mch 1
117 Apr 17
31.1 Mch 4

a U n sta m p e d .

4 Sep
2*2 Oct
21 Aug
44*4 Sep
193., Oct
1% Deo
.30
Oct
334 Aug

j

a

116*2 Meh
1651* Deo
7334 Nov
108 Jan
15 May
104 J ’ne
36 Jan
31 J ly
Hu Mch
197*2 J’ly
6878 Feb
29% Jan
82*3 Feb
120*2 Feb

NOV

7*3 J'ne
11 J’ no
44*4 Dec
71% J'ne
30% J’ uo
2l,i6 Dec
.75 May
15*2 May
6*2 Jau

45 Sep
360 Sep
8 Aug
16% Sep
03 Nov
46-3., Sep
3 Feb
878 Aug
5*2 Aug
33a Sep
26 Aug
6,Jio Oct
17 Sep
*4 Sep
6*4 Oct

63% Deo
545 Jan
19 Deo
27% Deo
.15 J’ne
69% Feb
7 Deo
14% J’ne
14 ,l 'ne
8*8 Feb
43% J’ne
8*8 Deo
31% Deo
2 Feb
16 J’uo

29*4 May
82% Sep
11% Aug
2% Oct
i2 Nov
22 Aug
3 Aug
G*2 Apr
d*2 Aug
.20 Feb
16% Sep
U, Nov
36 Apr
15 Sep
3 Aug
*6*2 Dee
20 Sep
334 Aug
35a Deo
.60 Jan
34% Sep
81 Sep

44 Dec
91 J ’no
23 l)cc
773 Jan
834 j ’no
40 J ’no
6 Jan
1173 Deo
-TO J'no
3%e Deo
213s Dec
3*2 Jan
57 Dec
21% J’ne
4% Aor

55 Sep
12 Sep
*4 Apr
7 Oct
14% Sep
% Deo
20 Oct

76 Deo
19 Deo
1*4 J ’no
12*4 Feb
24 Jan
1%q May
42*2 Jan
8*4 J’ no
52 Jan
6% Deo
473 May
40% J ’no
49% J ’ne
3*2J’ no
20 J ’no
57% Deo
4% Deo
9*2 Fob
122 Feb
2 Feb

3

*2% Oc»

20 Sep
2% Oct
134 Sop
30% Sep

46% A u g

1% Nov

9*4Jan

38 Sep
1 Aug
334 Nov
74 Nov
B0

N ov

11* 3 Feb

36% j'n o
9% J ’ne
8*2 J'no
3% J ’ly
49 J’ne
121 Jan

959

Boston Bond Record

C O T . 1 2 1 9 1 2 .]
Price
Frtdaij
0:1 11

Weeks
Range or
Last Sato

Bid
Aik
101's Sale
89=2 Sale
112t2 llll2

Low
High
io n 8 101%
8912
8934
114l2 J’ly *12
89% J ’n e ’ 12
131 J ’n e ’l l
82 J ’ly *12
9733
9712
8S Oct ’ 12
89i2 J ’ly T2
l0134 Sep ’ 12
110t8 M ch’ l l
6212
62%
95i8 Feb '12
IOOI4 Mch’09
10412Oct ’08

BONDS
BOSTON STOCK EXCH AN G E
Weok Ending Oct 11.

Range
Since
Jan. 1.

Price
Friday
Ocl 11

BONDS
BOSTON STOCK E XCH AN G E
W eek Ending Oct 11.

Range
Since
Jan. 1.

Week's
Hangs or
Lae! Sale

Law II Igh
High No Low High
Bid
Ask Low
10118 1023! General Motors 1st 5-yr 6s. 1915 A -0
99% 99%
9934 100ts 99% Feb W2
88% 9H4 Gt Nor C B & Q coll tr 4 s.. 1921 J -J
9534
95 98%
95% Sale 9538
10834 1153.
953S 97%
Registered 4s__________ 1921 Q -J
953s Sale 95%
95'?
89% 90 ‘ Illinois Steel deben 5s * 1913 A-O
985S 10034
9858 Sale 1.8%
995,s
103 131
la Falls & Sioux C 1st 7 s.I 101 A -0
117 Apr ’08
51 88
Kan G Clin & Spr 1st 5s___ 1925 A -0
06% 97
97 Meh‘12
9034 9934 Kan O Ft Scott & Mem 6s.. 1928 M-N 113 114 113% 113%
113 117%
83 92!g Kan C 1 1 A 1 ) gen 4s_______ 1934 M-S
92 92%
92%------ 02% Sep ’ 12
891, 01%
Assented Income 5s_
1934 n- s ____86
84% 89
86
86
10434 10S1s Kan C & M R y & Br 1st 5s! 1929 A -0
102% 102%
105 J ’ly ’ ll
Marq Hough & Ont 1st 6s 1925 A-O
115 J ’n e ’os
6212 68I4 Mass Gas 4 H s______
1929 J - J ____901;
97
97
97% 99%
95 951S Mich Telephone 1st 5s * 1917 J -J
100% 100%
100% Apr ’ 1
New Eng Cotton Yarn 5s" 1929 F-A I I I I ’ 90"% 97 Sep '12
96% 99
New Eng Teloph 5s
" 1915 A-O
101*3 M o h 'll
o s _______ __________
1916 A-O
100% Sep '08
95 95
95' Fe‘b '1 2
New England consg" 5s
997s Jan 'll
1945 J -J
99% 09%
103 ____ 103 J ’n o ’ 12
Boston Term 1st 4s
103 103%
1933 A-O
lilts Sep ’l l
New River (The) conv 5s 1934 J -J
75 Dec 'l l
9034
’ bo " : : : : 9912
89% 9214 N Y N H & H con deb 3 H s. 1956 J -J
92%
923S
M
ch’
12
92%
Conv deb 6 s ..............
1103 Oct ’07
I2 SI4 Sep ’ l l
1948 J -J
128% 132%
90 A u g ’12
99 99% Old Colony gold 4 s ..
101 Apr '09
1924 F -A
100% J ’ly '12
10038 10U2 Oregon R y & Nav con g 4s" 1046 J -D
US's Sep '09
997s Feb ’ 12
9973100
Oreg Sh Line 1st g 6s
11334
1922 F-A 1113s Sale" 111*3 1113s
0S12 M ch’ 12
9812 98% Pere Marquette deb g 6s
1912 J -J
95 Jan '12
95
Repub Valley 1st s f 6s
99% Feb ’ l l
1919 J -J I6J14IIII 103 Jan 'l l
86*4 873j Savannah Elec 1st eons 5 s " 1952 J -J
87is M ay’ 12
70! 4 Dec '10
100 10134 Seattle Elec 1st g 5s______ I 1930 F -A
100 100% 100
100%
103)- J ’ly '12
103% 105%
____ 90
88 Sep 'It
Shannon-Arlz 1st g 6s___I 1919 M-N *95 " ’ 97" 9/ A u g ’ 12
87 01
83% 100
Terre Haute Elec g 5 s . I I " 1929 J -J
114 Jan ’ l l
Apr '07
ll.'Us Feb ’ l l
Torrlngton 1st g 5s____I . " 1918 M-S
101 Sep '12
99% lb’l "
91 MayT2
91 99
Union Pac R R & 1 gr g 4s 1947 J -J
100% J ’ly '12
lOO's 1005g
20-year conv 4s________ 1927 J -J
96 ____ 00% Oct ’L
90% 101
101% 1317S
101% M ay’12
United Fruit gen s f 4 J$s. 1923 J -J
97i2Sep ’ ll
96
9 5 % ...
95% 9718
96%
Debenture 4J^s______
IOOI4 IOOI4
100% A u g’ L
1925 J -J
95 96%
95
95 95"
100 ____ 100 A u g ’ 12
U S Steel Co 10-60-yr 5s Apr 1903 M-N
99% 103
1015s 104
102%
102%
80% Sep ’ 12
80 S6I4 West End Street R y 4s____ 1915 F-A
99 M ay'l2
99 99%
Gold 4
_____________ 1914 M-S
'9 9 '' Sale 90
9834 99%
. 99
100% 100%
9t3s 100%
Gold debenture 4s____ II 1916 M-N
103)3 Apr ’05
98% Apr ’ 12
Gold 4s____________ __ 1917 F-A
96 Apr ’08
98! - N o v ’l l
12712 .Well 12
127% 127% Western Teleph & Tel 5 s . . . 1932 J -J
24 9938 101
10J
99% Sale 90*3
"27 Mch’ 12
127 127% Wisconsin Cent 1st gen 4 s .. 1949 J -J
935.- 93
935s Feb ’ 12
N O T E .— Buyer pays accrued Interest in addition to the purchase price for all Boston Bonds. * N o price Friday; atest bid and asked. ^ Flat price

Am Agrlcul Chcm ls i 5s___1928 A -0
Am Toiep & Tel coll tr 4 s ..1929 J -J
Convertible 4s___________1930 M-S
Aui Writ Paper 1st s £ 5s g--101U J -J
Am /.inc L & S deb Os_____ 1915 M-N
Arl/. Com Cop 1st 6s ctls of dep.
Atcii Top & S Fe gen g 4s__19d.) A -0
Adjustment g 4s____Juiy 1995 Nov
.Stamped _______ July 1995 Vl-N
50-year conv 4s_______1955 J -l)
10-ycar conv Bs______ 1917 J -D
Atl Gulf & W X SS Lines 5 s .1959 J -J
Bo n on Elev 30-yr g 4s------ 1935 M-N
Bos.on & Lowell 4s.............. 191<i J -J
Boston & Maine 4 )$s............ 1044 J -J
Improvement 4s-------------- 193. F-A
I lain 4s_________________ 1942 F-A
Bu. & Mo R lv cons 6s_____ 1916 .J-J
Cedar Rap & Mo R 1st 7 s ..1010 M-N
Cent Vcrmt l s t g 4s___May 1920 Q -F
C H & Q Iowa Dlv 1st Os___1919 A -0
Iowa Div 1st 4s...................1919 A -0
Debenture 5s..................... 1913 M-N
Denver Exten 4s.................1922 F-A
Nebraska Exten 4s............1927 M-N
D A S W a l 4s.....................1921 M-vS
Illinois D lv 3 U 3 _________ 1940 J -J
Chic Jet R y & Stic Yds 5s. .1915 J J
Coil trust refunding g 4 s .1040 A-O
Ch Alilw & St P Dub D 6 s ..1920 J -J
Oh i\l & St P VVIs V div 6 s .. 1920 J J
Ch & No Mich 1st gu 5s____1931 M-N
Chic & W M idi gen 5s_____ 1921 J -D
Concord & Mont cons 4s— 1920 J -D
Cudahy Pack (The) 1st g 5s 1924 M-N
Current River 1st 5s.............. 1026 A -0
Dot Ur Rap & W 1st 4s------ 1946 A-O
Dominion Coal 1st s f 5s------ 1940 M-N
Fitchburg 4s______________ 1915 M-S
4 3 ______________________ 1927 M-S
f r o n t Elk & Mo V 1st G s._. 1933 A -0
Unstamped 1st 6s_______ 1933 A -0

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
Share Prisoj —-Not Par Centum Prices
Oct. 6.

Ocl. 7.

Tuesday
Oct. 8.

*114
____
*111
10% 19% 19%
0714 67% 0734
1251? 125
22
22
22
20% 26%
2%
43
52%
*12
56
*29%
*70%
11
333g
96
87%
*31%
623S
61%
23%
2734
87%
6%
62%
00

117
116
112%
113
19%
1%
0734
68
___
125
22 ¥___
50
26% 26% 26

116
112% 112% 112%
191? 1933 19%
67% 6734 67%
125 125
22
*20% 21%
50
26% ‘ 26% 26%

*2
2%
43% 43
431? 43%
62% 52% 64i% 53%
12% *12 ___ *12
66
66
56% 66%
31%
30
295s 32
7034 7034 72
72
10% 10-% 10
11
333S 33% 33% *33%
06
96
96
95%
887is 88u ie 8914 88
15
15
15
15
32
31% 31% 31%
62%b 0238 621? C23S
61% 51% 61% 51%
23% 23
23% 23
21% 27.% 27% 27%
87% 8734 88
87'to
0% 6% 0'ie
6%
52% 52% 62% 52%
00% 00% 90
90

PH ILA D E LPH IA

*2
43%
537S
*12
56%
31%
72%
1038
*33%
95
*88
*14%
*31
62%
51-%
23.%
273g
87%
6%
52%
90

21?
43%
54%
___
67
32%
727g
10%
34
95%
88%
15
31%
621.
51%
23%
271?
88
6%
52%
90

BU
2%

Ask
21;

"88" TO ’
79
81

'211? - i '.I

*37 " " 6 "
.
17% i"%
__
___
3)
80
____
. . . . 107%
75
*44% '44%
"82% "s’i "
"9 % " "O' ;

"iof; " i f "
51
50
79
SO
____ ___
81
"Eli­
sa

i i j=3i|

inactive Stocks
American Milling_____ ,.1 »
Cambria Iron________ . .59
Central Coal & C ok e.. .100
P re lcr re d ..................,100
Consol Trac of N J ____.100
Germantown Pass____. 50
Huntington <3c B T . . . ,.50
P referred _________ 50
Indiana Union T r____.100
Insurance Uo ol N A .. ..19
Inter Sm Pow & Cheml-5u
Interstate Rys, p r e f....10
Kentucky Securities...100
P referred _________ ,100
Keystono Telep v t c . . ..50
Preferred ............. .. ,.50
Keystone Watch Case.,100
Lit Brothers..................,.10
Little Schuylkill........... -50
Mlnehili & Schuyl 11..,.50
Nat Gas Elec Lt & P o. 100
Preferred ................. 100
North Pennsylvania.. .50
Pennsylvania Salt____ .50
Pennsylvania Steel___ 100
Preferred ................. 100
Phlla Co (Pitts) p re f.. .50
Phil German & Norris. .69
Phlla Traction......... .. .50
Railways General____ .10
Tonopah Bclmout Dev -.1
United Cos of N J ____ 100
United Trac Pitts pref .50
Virginia R y & P ow _._ 100
P referred .................. 100
Warwick Iron & Steel. .10
Washlngton-Va R y . . . lOo
Preferred ........... ...... 100
Welsbach Co................ 100
West Jersey & Sea Sh. .50
Westmoreland Coal___ .50
WUlces Gas & Elec____ 100
York Railway.............. .5!
P referred .................. 50

Wednesday
Oct. 9.

,, ,
Oct. 11.

*___ 116%
113 +1111- 113
19% 19% 10%
68
6778 67%
125 *124% 125%
20% *19% 20%
*49% 60%
'26% 26% 26% 26%

21?
3
43% 43%
65ls 54%
___ *12
571s 58%
31% 3(>34
72
73
10% 10
33%
34
95% 95
88!g 88%
15% * 11"<
31% 31%
62% 62%
61% 50%
23% 23%
273,3 27%
873,, 8733
6%
521- 52%
90
90

3
*2
4334 4334
55
62%
___ *12
56% 56%
31% 30%
72
72
10
10
33% 32%
95
.94%
88% 87%
15
14%
3H- 31%
62% 62%
51% 50%
23% 23%
27-% 27
88's
88
6%
52% 52
90% S934

Bond;
Prices are all "and
interest’ '
Alt & L V Eleo 4 )*s’33F-A
Am Gas & Eleo 6s '0 7 .F-A
Am R ys 5s 1917_____ A-O
Atl C Gas 1st s f 5s '6 0 . J-J
Berg&EBrew 1st 6s’21 J-J
Hstnleh Steel 6s 1998.Q-F
Choc <5c Me 1st 5s 1940.J-J
ch Ok & G gen 5s 1019 J-J
Con Trac of N J 1st 5s ‘33
Del Co Rys tr ctfs 4s’49J-J
Elec & Peoples Tr tr c t f s ..
Er Tac&H 1st 5s 1940.J-J
Ceil Asphalt 5s 1916.M-S
Indianap R y 4s 193 3 ..J-J
Interstate 4s 1943___F-A
Keystone Tel 6s 1935.J-J
Cake Sup Corp Inc 5 s'2 4 .0
Cehlgh Nav 4 Ms ’ 1 4 ..Q -J
Gen i l 4H * g 1924.Q-F
Leh V C 1st 5s g 1933 _J-J
Leh V ext 4s 1st 1948.J-D
Gouso' 6s 1923_____ J-D
Consol 4H s 1 9 2 3 ...J-D
Annuity 6s................ J-D
Geu cous <-s 2003. M-N
Leh V Tran con 4s ’35 J-D
1st series A 4s 1935.M-S
1st series B 5s 1935 M-S
MarketStEI 1st 4s’ 55 M-N
NatLH&P ser B 5s '19 J-J
New Con Gas 5s 1948.J-D
N Y Ph & No 1st 4s’ 39 J-J
Income 48 1039____ M-N
I’ a & N Y Can 5s '3 9 .A-O
Pcnu Steel 1st 5s '1 7 .M-N
People’s Tr tr ctfs 4s 1943
P Co lst&coll tr 5s'49 M-S
Con & coll tr 5s '51 M-N
Pull Eleo gold tr ctfs.A -O
1 rust ctfs 4s 1049 ..J - J
P & E geu M 5s g '2 0 .A-O
Hen M 4s g 1 9 2 0 ...A -O
II E x -d lv . & rights.

ACTIVE STOCKS

Wee* (For Bonds and Inactive
Stocks see below>
Shares.

*115
*112%
19%
0734
125
20%

PH ILADELPH IA

* Bid and asked; no sales on this day.




Sales

Thursday
Oct. 10.

323
40
2.860
188
140
250
30
1.267

Baltimore
Con Gas El L & P ow .100
Do
pref ______ 100
Houston Oil tr c t f s ..100
Do
pref tr etts 100
Northern Central____ 50
Seaboard Air L ine___100
Do
p r e l _______ 100
United R y & E leetrlo. 50

Philadelphia
60 American Cement____ 50
2%
44
538 American Railways_50
54% 71.713 Cambria Steel_______ 50
___
Electric Co of America 10
60%
1,857 Elec Storage B a tte ry .100
30% 4,105 Gen Asphalt tr c t f s . . . 100
72
5.303
Do
pref tr c t f s .100
772 Keystono T elephone. 60
10
33
477 Lake Superior C o r p .. 100
■111 Leh 0 & Nav tr c t f s .. 00
95
88
2.129 Lehigh Valley.............. 50
14%
415 Lehigh Valley Transit 50
31%
Do p r e f__________50
1,115
621- 2.054 Pennsylvania U R ____ 50
501005 Phlladel C o (P itts b ).. 50
23;% 7,006 Philadelphia E le c ? .. 25
27% 2,825 Phil R T vot tr c t f s .. 50
88% 7,095 Reading_____________ 50
1
6% 1,387 Tonopah Mining_____
52%
„ 50
1,325 Unloii Traction__
00% 2,391 United Gas Im p t____ 5-.

Bid

Ask

87%

102%
104^

61%
87%
79
1061?

145
90!? 96%

113

114

102
■•J4-3s
103% £<53i2
82
82%
II §15 paid.

P H IL A D E LPH IA

Range Since
January 1
Lowest

Highest

96 Jan 3 117 May 6
101 Jan 2 116 A pr 3
8% Jan 3 20% Oct 2
5334 J an 25 72% J ’ly 18
124% J ’ly 31 139 A pr S
20% O ct 10 27% Alay24
65% J ’ne 10
45% Mchl4
18% Jan 2 20% Sep 8

Lange ior Previous
Year (1911)
Lowest

Highest

64 Jan
69 Jan
7 Mcb
45 Feb
121 Jan
20 J an
33 Jan
10% Jan

05% Deo
101 Sep
10 Aug
79 J ’ ly
330*4 J ’ne
27 J n e
60 N ov
107S J ’ly

1 J ’ne 14
7 Jan it
5 Nov
42 Jan
43 O ct 5 47 Sep 25
407S Sep
41%Mch 2 55% Oct 10
12% J ’ly h
11% J ’ly 31
11% Jan
52-% Jan Uj 5833 Aug 12
48% Jan
18 A pr 2 03% Feb 17
28% Aug
59% Apr 2 73 Jan 8
08 Aug
6 Apr 4 13 Sep 1C
0% Dec
27 Feb 26 35% Sep
21% Sep
87 7S Meh20 10!) Sep 25
831- J ’ne
78% Feb 5 9278 Jan it
753j Sep
8% Jan 3 167S Sep 16
0% Jau
23 Jan 12 3338 Sep 16
18% Jan
593g Sep
Ol'is Jan 27 63*13 A pr 26
48% Sep
59% Jan 11 50% Feb It
||167$ Jan 2 2434 Sep 6
15% Nov
22% May 6 29 Sep 13
17 Apr
74% Jan 11 89% Apr 30 00l%a Sep
C*w J ’ly 19
8% A pr 15
5% J ’ly
49-% Feb 28 53 Sep 9
43 Jan
86% Jau it 923g Aug 6
84% Sep

93Ju Deo
97s Oct
253g Oct
05 Feb
59% J ’ne
18 J ’ly
24% Aug
8034 Feb
8-3 Jan
5234 Aug
89% Jan

BU

BU

At/;

BALTLMORE

Ph & Read 2d 5s 1933 A-O 112 113
Coal & C R y 1st 5s ’ 19 A -0
fix Imp M 4s 1947.A-O
Coal & I R y 1st 5s *20. F-A
Term in.l 5s ; 1941.Q-F 113 ’ 1131% Col&Grnv 1st 6s 1916 J-J
P W & B col tr is ’2 1 . . J-J
Consol Gas 5s 1939___J-D
Read Trac 1st 6s ’3 3 . . J-J
Gen 4H s 1954____A-U
Roch R y <3c L eon 5s’ 5-r J-J
Cons G E & P 4 44s '35 J-J
Spanlsh-Am Ir 6s ’2 7 ..J-J io"i"% I To Consol Coal 53 1950.-J-D
Stan'd Gas & E 6s ’2 0 .J-D 100% 100% Fair <St Cl TV 1st 5s’38 A -0
Ga & Aia 1st con 5s ’45 J-J
Stand Stl Wks lst5s’28 J-J
Ga Car&N 1st 5s g ’29.J-J
U Trac Ind gen 5s '19 .J-J
Un R ys Tr ctfs 4s’ 4 9..J -J "74" "75" Georgia P 1st 6s 1 9 2 2 ..J-J
United Rys Inv 1st coll tr
Ga So & Fla 1st 5s '4 5 .J-J
s f 5s 1926................ M-N 82% 83
G-B-S Brew 3-43 *51.M-S
Welsbach s f 5s 1 9 3 0 ..J-D 93
91% Houston Oil dlv ctfs .F -A
Wll-B G&E con 5V55.J-J
Kuoxv Trac 1st 5s ’28 A-O
York R ys 1st 5s 1937.J-D
M aconRy&Lt 1st 5s’ 53 J-J
Aid Elec R y 1st 5s ’31 .A -O
BALTIMORE
Memphis St 1st 5s '4 5 .J J
Inactive Stocks
Monon V Trao 5s’42.J-D
Atlan Coast L (Conn) .100 272
Alt Ver Cot Duck 1st 5 s ..
Canton C o____________ 100
Npt N & O P 1st 0s’38AI-N
Consolidation Coal___100 103% 104
N & A Terml 5s ’29. M-S
Georgia Sou <S>Fla____ lOo
30 ____ Nor&Port Tr 1st 5s’ 36 J-D
1st preferred________100 95 ____ Norf R y & L 5s ’4 9 ..M-N
2d preferred.............. 100 78
North Gent a Hs 192 3 - A-O
G-B-S Brewing.............. 100
334 4%
Scr'es A 5s 1926____ J-J
B on d s
Series B 5s 1926____ J-J
Prices a n all "and
P.tt Un Trac 5s 199 7 ..J-J
interest"
Poto Val 1st 5> 1941. . J- j
Balt City 3 H s 103 0 ...J -J
Sav Fla & West 5s ’34 A -u
43 1954-1055. ..V a riou s "0634 "97" Seab Air L 4s 1 9 5 0 ...A -u
5s 1910.....................M-N 112).
Seab & Roan 5s 1926..J-J
South Bound 1st 5s__A -o
Auacostla & Potorn 5s A-O 100%
AtCoast L co n v deb 4sM-N 103 ioi% U El L& P 1st 4 Hs’29 11-N
Un R y & El 1st 4s ’49 M-S
Atl Coast L(Ct)ctts 5s J-D 103%
Income 4s 1949___J-D
5-20-yr 4s 1925..........J-J 92
Funding 5s 1936___J-D
B S P & C 1st 4 Ms ’ 53 F-A 951Balt Trac 1st 5s T29_.M -N 103
Conv notes 5s 1914. J-J
No Balt Div 5s 1942 J-D 107*4 ____ Va Mid 3d ser 0 s ’ 16 M-b
Cent R y cons 5s '3 2 ..M-N 106
4th ser 3-4-5S 1921.M-S
E xt & Imp 5s 1932.M-S 106 - I I 5th series 5s 1926 .M -S
Cha3 City R y 1st 5s'23 J-J 103 __
Va (State) 3s new ’3 2 .J-J
Chas R y G & El 5s '99 M-S 91% 9612
Fund debt 2-3s 1991 J-J
City & Sub 1st 5s 1922 J-D 10134 105
West N C con Os 1014.J-J
City & Sub(Was) 1st 5s *43 —
10312T VVU Is W eld 5s 1 9 3 5 ...J-J
? 13 M paid, t $17 H paid.

40% N ov
48.% Feb
12% Jau
50% J ’ne

32

Feb

Ask

93
100%
107*4 10814
m i­ (.;5
ss
93
100% f o r
105%
104*4
110 i n '
105 106%
52
837s "84%
105
ioo'%
"i)8% 90
97%
■73"

qa
94%
89%
"99% UO
104
103 - I I I
103
II"

loop
..
851,.
101 '
103
".H4% SI**
65; 66
88 V
104.*: Ul’7g

102
110

102%,
110%

[VOL. LXXXXV.

TH E CHRONICLE

960

[m restuxeixt a m i ^ a ilr s r a c l i n t e ll i g e n c e .
R A IL R O A D

G R O SS

EARN IN GS.

T h o f o l l o w i n g t a b l e s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a i l r o a d f r o m w h i c h r e g u l a r w e e k l y o r m o n t h l y r e t u r n s
c a n b a o b ta in e d .
T h e firs t t w o c o l u m n s o f fig u r e s g i v o t h e g r o s s e a r n i n g s f o r t h e la te s t w e e k o r m o n t h , a n d t h o Iasi; t w o
c o l u m n s t h o e a r n in g s f o r t h o p e r i o d fr o m J u l y 1 t o a n d i n c l u d i n g s u c h l a t e s t w e e k o r m o n t h .
W o a d d a s u p p le m e n t a r y
a b a t e m e n t t o s h o w t h o fis c a l y e a r t o t a l s o f t h o s e r o a d s w h o s o fis c a l y e a r d o e 3 n o t b e g i n w i t h J u l y , b u t c o v e r s s o m o o t h e r
p e r io d .
T h e r e tu r n s o f th e e le c tr ic r a ilw a y s a r s b ro u g h t to g e th e r s e p a r a te l y o n a s u b s e q u e n t p a g e .
Latest Gross Earnings.
ROADS.

Current
Year

Week or
Month

A! i N O
I'cx I
N O & Nor E ast. September
Ala & Vicksburg. ieptember
Vioks Slir & P a c. September
Ann A rbor_________ 3d wk Sept
A tch Toneka & S Fc A u g u s t ___
Atlanta Birm & Atl August ___
Atlantic Coast Line August __
Chariest & W Car A u g u s t___
Louisv Ilen& St L A u g u s t___
0 Baltimore & O hio. A u g u s t __
B & O Ch Ter RR- A u g u s t __
Bangor & A roostook’ A u g u s t___
Bessemer & Lake L A u g u s t___
Birmingham y ou th . A u g u s t ___
Boston & M aine___ A u g u s t __
Buff L och & Plttsb 1st wk Oct
B uffalo & SGsq____ Vugust ___
Canadian Northern. lth wk Sep
Canadian Paclllc___ 1st wk Oct
Central of Georgia. - th wk Sep
Central New Engl’d A u g u s t___
Cent of New Jersey. A u g u st___
Central Verm ont___ July _____
Ches & Ohio Lines. lth wk Sep
Chicago & A lton ___ •lth wk Sep
Chlo Burl & Quincy A u g u s t ___
p Chic Great W cst. lth wk Sep
Chlc Ind & Louisv. 1st wk Oct
Chic Mllw tc y t Paus A u g u s t __
Chic Mil & Pug Bd A u g u s t __
rChlc & North West A u g u s t ___
t>Chlc St Paul M & O A u g u s t ___
Chicago T i l & S E . A u g u s t ___
Cln Ham & Dayton A u g u s t___
Colorado M id lan d .. A u g u s t __
b Colorado & South. lth wk Sep
Cornwall .................. A u g u s t___
Cornwall & Lebanon A u g u s t ___
Cuba R R ..... ............ A u g u s t ___
Delaware & Hudson A u g u s t ___
Dclaw Lack & West August . . .
Deny & R io Grande lth wk Sep
Western P a cific.. A u g u s t___
Denver N W & P a c. August ___
Detroit Tol & Iront A u g u s t ___
Detroit & Mackinac lth wk Sep
ul & Iron R a n g e .. A u g u s t __
ul Sou Shore & Atl 4 th wk Sep
Elgin Joliet & E ast. A u g u s t __
El Paso & Sou West A u g u s t __
E r i e ________
A u g u s t __
Fairchild & N E . . . A u g u s t ___
Florida East Coast. A u g u s t __
Fonda Johns & Glov A u g u s t ___
Georgia R a ilroa d .. A u g u s t __
Grand Trunk S yst- . 1st wk Oct
Grand Trk West 3d wk Sep
Det Gr H av & Mil 3d wk Sep
Canada Atlantic 3d wk Sep
Great Northern Syst September
Gulf & Ship Island. A u g u s t __
H ocking V alley------ A u g u s t ___
Illinois Central____ September
Internat & Grt N or. 1st wk Oct
a Intercoeanlo M ex. lth wk Sep
Kanawha & M ic h .. A u g u s t ___
Kansas City S outh. A u g u s t ___
Lehigh V alley_____ A u g u s t___
Lexington & E a s t.. A u g u s t ___
Louisiana & Arkan A u g u s t __
s Louisv & N ashv. 4th wl: Sep
Macon & Blrm’ham A u g u s t __
Maino Central____ A u g u s t __
Maryland & Penna A u g u s t __
a Mexican R ailw ay. 3d wk Sep
4th wk Sep
Mineral Range
Minn & St L o u is .-1 1st wk Oct
Iow a Central___/
Minn St P & S S Ml 2d wk Sep
Chicago Division/
Mississippi Central August
u Mo Kan & T exas. 1st wk Oct
Mlssourl Paclllc____ 1st wk Oct
Nashv Chat & St L August
a Nat Rys of M e x .f. 4 th wk Sep
Nevada-Cal-Orogon. 4th wk Sep
N O Great Northern Vugust
N O Mobile & Chlo. luly . .
9 N Y 0 & Hud Rlv August
Lake Shore & M S August
n Lake Erie A W . August
Chlo Ind A South August
Michigan Central August
C lev eC C A S t L . August
Peoria A Eastern August
Cincinnati N orth. August
Pitts A Lake Erie August
N Y Chic A St L August
Tol A Ohio Cent. August
T ot all lines above August

S

July 1 to Latest Dale
Currsnt
Year.

Previous
Year

293,340
145,080
134,438
45,579
630,813
257,351
2,437,795
129,038
103,395
8,878,271
170,924
234,809
1,043,208
93,47o
4,037,784
225,402
222,420
520.000
2.705.000
353,300
323.750
3,074,383
300.200
873,140
347,795
8,487,985
305,240
143,100
0,200,000
1,851,211
8,140,192
1,481,329
104,901
971,818
184,427
391,105
23,377
40.322
309,308
2,280,859
3,492,749
777.200
543,893
134,500
154,380
20,928
1,000,321
97,505
1,110,039
043.000
5,741,089
2,045
205,022
101,508
200.200
1,058,587
149,197
52,070
54,388
7,554,405
172,220
704,455
5,519,720
255.000
195,035
320.750
035.751
3,999,841
09,787
141,454
1,423,080
11.322
1,074,871
47,404
101.000
21,208
207,050

S
288 604
139 703
110 793
48 585
8,807 040
251 695
2,123, 256
151 109
110 231
8,290 515
143, 817
274, 530
1,042 118
70, 787
4,230, 739
200, 145
219, 739
500 000
2,390, 000
440 900
209, 873
2,523 075
351 988
919 879
318 ,051
8,018 ,070
304 ,001
138 914
5,495 ,400
1,351 ,410
7,353 ,148
1,328, 152
159 800
1,004, 309
181, 135
413 088
15 879
31 ,287
257 ,787
1,982 ,748
3,240, 377
085 ,400
500 ,080
139 ,023
101 805
33 ,229
1,059, 813
93 309
835 400
540 407
3,388, 159
1 727
213 492
96, 382
257, 270
985 ,730
130 ,398
50 ,000
43 ,520
0,549 ,357
105 789
713 ,400
5,222 ,380
224 ,000
207 478
324 ,731
792 ,285
3,423 ,485
53 ,736
105 ,409
1,530 ,013
12 ,081
999 ,350
43 ,270
129 ,300
19 ,353
173 ,031

S
931,35:
445,990
412,904
533,969
18,590,782
504,052
4,905,552
257,203
190,128
16,931,15G
319,933
409,112
2,071,030
173,709
8,845,6G8
3,142,907
400,093
5,247,900
38,391,115
3,393,843
027,250
5,888,294
360.200
8,903,781
3,987,018
15,783,908
3,528,078
1,040,043
12,020,684
3,484,104
14,890,109
2,774,320
300,039
1,847,878
317,518
3,517,G40
42,114
78,571
643,702
4,333,392
6,827,205
0,699,598
1,074,159
250,833
279,751
320,911
2,129,395
935.201
2,241,041
1,310,590
11,123,247
4,398
525,778
200,356
510,133
15,426,152
1,601,377
549,245
555,047
20,899,402
335,707
1,451,491
10,203,253
3,177,318
2,138,102
617,331
1,709,548
7,533,547
124,073
284,051
14,229,973
20,001
2,030,000
85,311
1,949,500
208,089
2,665,151

839,780
391,275
342,029
544,463
10,889,285
487,822
4,381,581
285,963
212,426
15,011,072
200,865
501,522
1,947,145
129,009
8,047,979
2,789,574
415,110
4,472,900
32,313,722
3,310,307
510,907
4,912,429
351,988
8,087,078
4,050,083
15,060,121
3,301,500
1,898,203
10,539,998
2.695.003
13,559,105
2,491,739
302,509
1,880,073
33G.533
3,742,039
32,788
60,188
520,452
3.750,188
0,303,271
0,451,002
922,105
253,725
290,250
317.883
1,907,209
808,395
1,561,511
1,967,530
10,287,757
3,397
442,178
190,262
484,478
14,135,340
1,520,028
509,337
500,201
18,290,225
322,288
1,317,924
15,902,153
2,572,793
2.160.003
001,372
1,543,374
6,515,141
101,150
206,147
13,030,489
23,571
1,884,807
77,357
1,753,200
188,243
2,192,182

718,072

550,320

0,132,022

5,383,853

88,334
071,827
1.145.000
1,098,297
1,520,100
11,731
152,783
180,820
10157807
5,072,470
501,807
349,230
2,919,182
3 ,17o,445
341,104
130,980
1,774,087
1,053,825
500,477
26049011

76,038
631,298
1,084,000
1,019,034
1,498,003
10,017
149,440
140,106
9,521,081
1,655,514
544,700
304,511
2,773,037
2,810,418
294,534
132,152
1,528,183
1,013,564
507,736
21092 030

171,621
8,527,375
17,132,693
2,142,49
15,724,700
130,680
300,409
180,820
19,442,778
9,510,645
1,021,562
055,177
5,618,418
5,777,515
004,340
244,438
3,441,932
1,915,106
990,335
49.228,311

148.884
7,861,290
15,033,002
1,990,139
10,261,995
0 8 ,3 7 1

281,145
140,166
18,335,306
8,770,550
993,632
579,371
5,103,850
5,410,804
550,326
233,080
2,918,128
1,915,325
950,324
45,832,108

Latest Gross Eaminos.
11 eetc or
Month.

Current
Year.

iu U 1 to Latest Date.

Previous
Ysar

3
N Y N H 4 H a rtf.. Vugust ___ 0,410 194 6,598,020
N Y Ont & W est___ A u g u s t ___ 1,023 ,383 951,498
303 ,868
342,850
NY Susq & W e s t .. August __
289 ,980 200,531
Norfolk S outhern.. August __
Norfolk & W estern. August ___ 3,874 ,822 3,401,861
Northern P acific__ A u g u s t __ 0,035 ,548 5,523,737
720,168
791,,872
Pacific Coast C o___ A u g u st___
Pennsylvania R R . . August __ 15797 001 13763 60S
48,512
55, 980
Balt C hes* Atlan A u g u s t ___
293, 523 235,101
Cumberl;'.nd V ail. A u g u s t __
Long Island_____ A u g u s t __ 1,263, 915 1,160,113
22,584
23 167
Maryl’d Del & Va V u gu st__
342 925 311,381
N Y Phla & Norf A u g u s t __
Northern Central A u g u s t __ 1,117, 796 1,005,088
Phil Balt A VVash A u g u s t ___ 1,882, 952 1,083,901
W Jersey A Seash A u g u s t __ 1,025, 018 871,814
Pennsylvania Co__ A u g u s t __ .0,227, 837 5,310,077
Grand Rap A Ind A u g u s t __
551, 17 503,539
Pitts C C A St L . A u g u s t ___ 3,917, 983 3,951,392
V a n d a lla _______ A u g u s t __
979, 457 833,093
Total lines—■
East Pitts A E ._ V ugu st___ 3386158 20026 242
W est Pitts A E . . A u g u s t__ 11811 571 10422645
All Ea3t AWest A u g u s t ___ 35197 729 ,11048 88S
Pero Marquette____ A u g u s t___ 1,572,373 1,510,401
Reading Company-Phlla A R eading. A u g u s t ___ 4,418,187 3,082,190
Coal A Iron C o .. A u g u s t ___ 3,449,043 1,980,389
Total both c o s ___ A u g u s t ___ 7,807,830 5.002.570
178,798
218,227
Rich Fred A Potom A u g u s t ___
78,408
84,270
R io Grande June___ July .........
14,202
15,100
R io Grande S outh. _ 4th wk Sep
R ock Island Llnes. A u g u s t __ 0,614,380 5,762,512
Rutland ________ A u g u s t ___ 357,167 319,534
103.277
152,381
St Jos A Grand Isl. A u g u s t ___
St Louis A San Fran A u g u s t ___ 3,948,356 3,555,780
/ Chic A East 111. A u g u s t ___ 1,443,501 1,373,700
T otal all lines____ A u g u s t ___ 5,391,858 4,029,577
St L R ock y Mt A P . A u g u s t___
136,130
156,544
St Louis Southwest 1st wk Oct 200,000 200,125
San Ped L A A S L August
750,845
824.277
525,408
Seaboard Air L in e .. lth wk Sep 471,594
Southern Pacific Co. A u g u s t ___ 12447187 11400015
Southern R a ilw a y .. 4th wk Sep 1,070,800 1,700,897
370,073
Mobile A O hio__ 4th wk Sep 300,128
281,824
Cln N O A T ex P . 4th wk Sep 280,254
145,982
Ala Great South. 4 th wk Sep 153,301
03,448
58,238
Georgia Sou A Fla 4 th wk Sep
480,437 454,973
Spok Port A Seattle August . .
2,835
3,235
Tenn Ala A Georgia 4th wk Sep
149,707
130,820
Tennessee Central. A u g u s t ___
Texas A P acific____ 1st wk Oct 358,777 333,108
7,583
9,007
Tidewater A W est. July .........
39,331
43,111
Toledo Peor A West 4th wk Sop
78,040
82,867
Toledo St L A West 4 th wk Sep
Union Paclflo S yst. August . . 8.451,437 7,750,895
149,90:
155,498
Vlrglnla A So W est. August ...
488,870 404,004
A u g u s t ___
V lrgm ian _______
W a b a s h ________
September 2,847,701 2.582.570
587.010
507,370
Western M aryland. July ____
705.010
Wheel A Lake Erie A u g u s t ___ 788,217
20,121
25,300
Wrlghtsv ATennille A u g u s t __
781,770
850,443
Yazoo A Miss V ail. September
Various Fiscal Years.

Period.

Jan 1
Dclawaro & H u d s o n ........... ..
N Y Central <Sj Hudson R lver.e. Jan 1
Jan t
Jan 1
Lake Erie & W estern, n.
Jan 1
Michigan Central
Jan 1
Jan 1
Peoria & Eastern..............
Jan 1
Jan 1
Cincinnati N orth ern ____
Jan 1
Pittsburgh & Lake Erie.
Jan 1
Jan 1
Toledo & Ohio Central____
Jan 1
Total all lin e s.......................
Jan 1
Pennsylvania llailroad______
Jan 1
Baltimore Cheean & Atlant
Jan 1
Cumberland V alley----------Jan 1
Long Island---------------------Jan 1
Jan 1
Jan 1
Northern Central.
Jan 1
Jan 1
Jan 1
Pennsylvania Company__
Jan 1
Grand Rapids U India:
Pitts CiuolnChloago & S-t L . . Jan 1
Jan 1
V an d alla ______________
Jan 1
Total lines— East Pitts
Jan 1
Jan 1
Deo 1
Rio Grondo Junction.
Jan
1
R u t la n d _____________

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
July
Aug

Current
Year.

45,305,341
22,802,618
08,167,900
2,077,903
8.402.2
6.453.2
14.855.1
455, f
84,2
100,(
12.332.2
685.4
307,f
7.419.2
2,745,4
10.164.1
305.2
3,541,7
1.004.1
5,200,(
24,209,!
10.601.2
2.902.2
2,447,!
1.203.1
580,{
041.2
33,1
2 75 /
4.477.1
9,1
347,(
999.2
10,270,(
301.2
865.4
8.334.1
507.2
1.502.1
40,;
2,33 5
Current
Year.

$
31 14,442,403
31 70,005,173
31 34,502,505
31 3,075,123
31 2,080,008
31 20,855,810
31 20,472,331
3 1 2,110,788
801,193
31
31 11,512,308
31 7,042,438
31 3.409,390
31 177788 145
31 112 193 912
208,870
31
31 2,089,147
31 7,499,840
31
90,415
31 2,393,981
31 8,191,309
31 13,205,409
31 4,500,409
31 39,722,380
31 3,515,833
31 27,781,375
31 0,080,529
31 159971239
31 78,028,808
31 238000 100
31
590,307
31 2,302,707

Previous
Year.
5
13,974,197
67,144,029
31,521,599
3,522,800
2,452,217;
19,223,261
19,836,490
2,114,603
774,309
9,855,425
7,307,130
3,058,597
100810 522
101810407
191,G83
1,801,981
7,080,872
89,842
2,210,221
8,221,800
12,410,857
4,313,322
34,293,203
3,725,230
21,853,003
6,480,513
146912 970
09,768,000
216081033
585,063
2,200,307

A G G R E G A T E S O F G R O S S E A R N IN G S — W e e k ly a n d M o n th ly .
Weekly Summaries.

Cur’ nt Year Prev’s Year Inc. nr Dec.

Monthly Summaries.

Cur'nl Year\Prev's Ysar Inc. or Dec.

%

5
3
S
5
S
Prev. Yr.
5
Mileage. C ur.Yr.
3d week July (41 road s)____ 14,320,563 13,238,634 + 1,081,929 8.17
December ..2 3 8 ,5 6 1 235 685 233,014 9121232 ,275,177 + 1,339 735 0.57
4th week July (38 roads)____ 20,808,086 18,084,755 + 2,783,931 15.39
J a n u a r y ___237,888 234, 402 210,704 771 313 ,145,078 — 2,440 307 1.14
February ..23 7 ,0 8 3 233 191 218,031, 09 11197 ,278,939 +20,752 155 10.53;
1st week Aug (39 roads)____ 14,420,856 13,137,388 + 1,283,408 9.77
M a r c h ......... 238,218 231 092 237,504 332 224 ,608,654 + 12,955 678 5.77;
2d week Aug (37 roads)____ 14,397,814 13,223,581 + 1,174,233 8.88
233 ,057 220,078 ,405 210 ,140,214 + 1,538 251 2.10.
A p r i l ............236,722
3d week Aug (37 roads)____ 14,030,200 13,552,577 + 1,083,689 7.99
M a y .............. 235,410 231 597 232,229 364 226 ,181,006 + 0,044 098 2.07
4 th week Aug (39 roads)____ 22,002,416 20,517,970 + 1,544,440 7.52
14,131,559
+903,690
15,035,249
6.39
894 243,220 498 228 ,647,383 + 14,579 115 0.381
230
1st week Sept (40 roads)____
Juno ______ 235,385
+847,385 5.75
J u ly .............. 230,712 227 194 245,595 5331222 ,587,872 +23,007 000 10.3-1
2d week Sept (40 ra od s)____ 15,765,881 14,918,490
+943,038 6.63
88 134 77,033 413 71 ,301,092 + 0,270 721 8.70
3d week Sept (39 roads)____ 15,182,304 14,238,720
A u g u s t ____ 89,091
84 ,350 75,580 ,0431 70 ,591,573 + 4,9 88 ,471 7.09.
4th week Sept (30 roads)____ 19,503,157 18,773,788 • +729,369 3.88
September . 85,901
« Mexican currency.
6 Does not Include earnings of Colorado Springs Jo Crlpplo Creek District Railway, from Novom ber 1 1911.
9 Inoludes tho Boston & A lbany, tho New York & Ottawa, the S t. Lawrence & Adirondack and the Ottawa & New York Railway, the latter o f
whloh, being a Canadian road, docs not mako returns to tho Inter-State Commorce Commission.
f Inoludes Evansville A Tcrro Haute and Evans*
vlllo A Indiana R R . g Includes tho Cleveland Lorain A Wheeling R y . In both years, n Includos tho Northern Ohio R R ,
p Inoludes earnings o f
Mason City A Ft. Dodge and Wisconsin Minnesota A Pacific.
s Includes Loulsvlllo A Atlantic and tho Frankfort A Cincinnati.
I Inoludes tU0
Mexican International, u Inoludes tho Texas Central, v Includes H9t_snly operating revenues, but also all other reeelpta-.




961

T H E C H R O N IC L E

O c t . 1 2 1 9 3 2 .]

Latest Gross Earnings by Weeks.— I n t h e t a b l e w h i c h
fo llo w s w e s u m u p s e p a r a te ly th e e a r n in g s fo r th e fo u r t h w e e k
o f S e p t e m b e r . T h e t a b le c o v e r s 3 8 r o a d s a n d s h o w s 3 . 8 8 % in ­

Roads.

■

-In t., Rentals, & c. —
Current
Previous
Year.
Year.

■Bal. of Net Earns .—
Previous
Current
Year.
Year.

$
$
S
$
569,753
921,583
Central of New Jersey. .Aug . 554,958 . 521,801
July 1 to Aug 31______ 1,104,244 1,038,307 1,650,373 1,058,290
50,311
54,938
00,125
66,375
Cuba R R ______________Aug
109,538
137,174
120,250
132,750
July 1 to Aug 31______
Increase.
1912.
1911.
Fourth week of September.
£9,970
95,370 £defl4,472
103,802
Duluth So Sh & A tl____Aug
£3,243
$
$
190,270 £dcf23,532
$
July 1 to Aug 31______
199,059
7,319
153,301
145,982
Alabama Great Southern--------Lake Shore & Mich So—
39,375
309,500
270,125
Bufflao Rochester & Pittsburgh
Apr 1 to June 30______ 2,397,071 3,101,968 £2,986,353 £1,410,620
20,000
520,000
500,000
Canadian Northern----------------£4,977
12,648
£def895
12,360
Mineral Range_________ Aug
3,457,000 3,081,000 390,000
Canadian Pacific----------------£288
25,345 £def4,511
24,560
July 1 to Aug 31______
82,000
358,300
440,900
Central of Georgia --------------40,739 N Y Ontario & Western.Aug
873,140
214,488
Chesapeake & Ohio----------------919,879
114,708
306,971
118,822
29,144
347,795
318,651
Chicago & Alton. . . --------------425,261
215,989
003,822
240,007
July 1 to Aug 31...........
1,245
305,246
304,001
Chicago Great Western---------£944,746
499,207 £1,088,438
455,966
Norfolk & Western_____ Aug
13,330
170,893
184,223
Chicago Ind & I.oulsvllle ------099,863 £1,969,277 £1,590,613
914,806
July 1 to Aug 31______
1,570
281,824
Cin New Orl & Texas Pacific__
280,254
£def6,900
£defl0.137
18,975
21,983 Rio Grande Southern__ Aug
19,217
413,088
391,105
Colorado & Southern_________
37,820 £dcfl9,315 £def!0,015
91,800
July 1 to Aug 31______
38,532
085,400
Denver & lllo Grande_________
777,200
___
0~301 St Louis Rocky Mt * PacAug
26,928
33,229
Detroit & Mackinac------------12,503
395
30,529
33,074
4,250
93,309
97,565
Duluth South Shore & Atlantic
20,363
10,542
01,034
July
1
to
Aug
31______
65,439
5,210,
63,448
58,238
Georgia Southern & Florida......
Grand Trunk of Canada______ 1
x After allowing for other income received.
Grand Trunk Western______ } 1,464,723 1,330,952 133,771
EXPRESS COMPANIES.
Detroit Grand Haven & Mill
Canada Atlantic____________j
— —Month of M au ------ — July 1 to M a y 31—
435,090
358,000
77,000
Internat & Great Northern----1911.
1912.
1911.
1912.
195,035
207,478
12,443
Interoccanlc of Mexico________
$
S
Great
Northern
Express
Co.
.
S
S
100,933 Express revenue_____
Louisville & Nashville------------ 1,423,680 1,530,013
2,580,847
2,851,293
240,503
.
287,083
21,268
19,353
1,915
Mineral Range_______________
Miscell. transporta, revenue.
219,818
38,602
181,150
Minneapolis & St Louis_______ \
15.301
28,324
Non-transportation revenue.
1,547
:.
4,319
/
Iowa C en tral..----------Gross receipts from op er..
..
291,403
242,051 2,879,018 2,602,148
902,803
38,490
Missouri Kansas & Texas--------- 1,001,299
1,555,983
1,736.323
Express
privileges—
Dr_____
114,272
.
154,420
1,580,000
80,000
1,494,000
Missouri Pacific---------------------306,128
29,455
270,673
Mobile & Ohio_______________
Total operating revenues .
130,970
127,778 1,143,394 1,046,165
28,103
National Railways of M exico.. 1,526,166 1,498,063
22,893
30,240
Maintenance ___________ .
11,742
0,290
11,731
10,017
1,114
Ncvada-Cal-Orcgon----------------14,899
10,867
Traffic expenses................ .
1,181
1,347
15,160
958
14,202
Rio Grande Southern------------090,358
838,008
Transportation expenses____.
04,204
74,550
347,000
310,000
31,000
St Louis Southwestern-----------44,725
48,408
3,627
General expenses___
..
4,080
471,594
525,498
53,904
Seaboard Air Line--------------778,877
934,243
Total operating expenses....
75,304
01,721
Southern Railway------------------- 1,070,800 1,700,897
24,037
267,287
209,150
Net operating revenue___..
45,255
52,474
3,235
400
Tennessee Alabama & Georgia.
2,835
39,774
41,202
One-twelfth
of
annual
taxes.
7,384
i.
5,772
532,087
12,545
519,542
Texas * Pacific---------------------227,513
Operating income_______
45,090
43,111
39,483
3,780
Toledo Peoria & Western-------39,331
Mileage of all!Steam roads
8,460
8,644
82,807
4,821
78,046
lines covered! Other lines.
405
337
19,503,157 18,773,788 1,091,089
Total (38 roads) . ..
-July 1 to June 30—
---------- JuneNet Increase (3.88%)
729,369
1911.
1912,
1012
1911.
$
S
Western Express C o.$
$
856,503
Express revenue----------------107,408
102,403 1,140,911
Net Earnings Monthly to Latest Dates.— T h e t a b l e f o l - Misc. transportation revenue
3,505
3,238
517
358
11,527
17,955
1,285
Non-transportation revenue.
1,769
o w i n g s h o w s t h e g r o s s a n d n e t e a r n in g s o f S T E A M r a ilr o a d s
c r e a s e in t h e a g g r e g a t e o v e r t h e s a m e w e e k l a s t y e a r .

a n d in d u s tr ia l c o m p a n ie s r e p o r te d

th is w e e k : •

---- Gross Earnings-----

------ Net Earnings------

Gross receipts from op er..
Express privileges— Dr-------

109,530
60,075

104,207
56,573

1,162,100
563,063

871,536
446,486

Current
Previous
Previous
425,050
47,033
599,042
48,860
Total operating revenues. .
Year.
Year.
Year.
9,376
14,333
1,265
1,420
Maintenance---------------------$
$
$
$
28,786
33,704
3,379
2,720
Bellcfontc C entral.b...Sept
0,771
0,307
1,531
1,524 Traffic expenses----------------324,964
425,840
36,046
37,089
10,508
50,000
51,122
Jan 1 to Sept 30______
7,849 Transportation expenses-----43,021
40,056
10,800
2,395
Central of New Jersey b.Aug 3,074,388 2,523,075 1,470,541 1,091.554 General expenses--------------July 1 to Aug 31______ 5,888,294 4,912,429 2,754,017 2,096,597
400,748
513,934
51,491
44,230
Total operating expenses. .
18,301
85,107
Chic Burl & Q uincy.b.-A ug 8,487,985 8,018,070 3,313,353 2,858,374 , Net operating revenue----4,629 def.3,858
5,609,487 4,922,541
July 1 to Aug 31______15,783,908 15,000,121
7,519
9,500
689
891
218,881
010,293
232,451 One-twelfth of annual taxes.
Chic Ind & Loulsv.b___ Aug
031,591
July 1 to Aug 31______ 1,175,874 1,100,202
854,939
415,331
10,782
3,738 def.4,547
75,607
Operating
income-----------23,377 15,879
12,087
Cornwall b_____________ Aug
8,020 Mileage of alljSteam roads.
<148,518
4,843
<151,047
4,887
July 1 to Aug 31______
42,114
32,788 .
23,388
17,939
024,559
037,735
8
12
lines covered!Other lines..
121,313
110,430
Cuba R R .................
Aug
309,308 257,787
269,924
520,452
220,788
a Paid for transportation through Maine & Vermont in lieu of express
July 1 to Aug 31______
643,702
933,412 privileges, b Net income or loss.
Delaware * Hudson.b.Aug 2,280,859 1,982,748 1,070,689
5,304,166 5,446,087
Jan 1 to Aug 3 1 _____ 14,442,403 13,974,197
ELECTRIC RAILW AY AND TRACTION COMPANIES
Denver & Rio Grande—
Western P a cific.b ...A u g
543,893 500,080
141,108
156,874
July 1 to Aug 31______ 1,074,159
288,025
208,425
922,105
Jan. 1 to Latest date.
Latest Gross Earnings.
Duluth So Sh & A tl.b -.A u g
313,881
304,002
88,200
99,679
Name of
July 1 to Aug 31______
634,024
171,685
182,870
584,938
Previous
Current Previous Current
Week or
Road.
Year.
Year.
Year.
Great N orthern.b___ ..A u g 0,876,070 0,000,950 3,177,400 2,809,996
Year.
Month.
5,824,190 5,410,170
July 1 to Aug 31______13,344,997 11,746,868
$
$
$
319,217
Hocking V alley.b_____ Aug
764,455713,466
317,149
236,858
249,381
50,649
50,221
July 1 to Aug 31___
' '“ ‘
530.241 Atlantic Shore Ry — A u g u st__
570,280
1,454,491
1,317,924
cAur Elgin & Chic Ry A u g u s t__ 19S.145 189,282 1,253,441 1,170,770
Grand Trunk of Canada—
380,374
458,875
60,048
70,418
Bangor Ry & Elec Co A u g u st__
Grand Trunk R y _____ Aug
3,958,411
950,081 Baton Rouge Elec Co A u g u st__
3,548,408 1,197,100
75,647
95,756
9,997
11,767
July 1 to Aug 31--------- 7,044,785 0,884,881 2,109,973 1,704,359 Binghamton Railway A u g u st__
255,082
282,855
39,099
37,018
81,589
14,872
82,803
15,958
August
.
Grand Trunk West__ Aug
09,033 Brock & Plym St R y.
134,802
572,544
595,173
July 1 to Aug 31______ 1,107,900 1,123,918
247,705
221,669 B ldyn Rap Tran Syst J u n e _____ 2195,014 2045.385 11,072,016 11,113,047
213,184
225,729
31,598
29,834
A
u
g
u
st_
_
Cape
Breton
Elec
Co.
Det Gr Ilav & Mllw._Aug
38,688
21,413
192,713
207,799
200,229
240,597
36,207
26,980
.........
July 1 to Aug 31...... ....
1,947
00,427 Carolina Pow & Lt Co July
304,014
393,213
306,477
314,935
57,747
57,866
Cent Park N & E Riv J u n e ____
10,700
577,237
31,383 Central Penn Trao — August —
Canada Atlantic_____Aug
189,003
014,202
77,895
89,044
204,880
014,120
34,060 Chattanooga Ry & Lt August —
087,538
300,090 def 18,080
July 1 to Aug 31______
83,990
94,925
401,973
244,915
255,450
43,385
39,901
August
.
.
.
Clev
Palnesv
&
East.
Lake Shore & Mich S o .b —
739,059
767,999
Apr 1 to June 30_____ 12,022,972 11,627,914 3,108,223 3,047,338 Clev Southw & Colum A u gu st__ 117,208 110,247
314,778
350,006
44,758 39,574
Columbus (Ga) El Co August —
11,307
10,339 Commonw
Mineral R an ge.b______ Aug
74,443 05,449
3,507,171
4.035.808
440,895
536,777
P,
Ry
&
1.
\u
ust
.
19,750
23,091 Coney Isl’d & Bklyn. J u n e ____
July 1 to Aug 31____. .
142,758 124,102
709,978
719,888
100,552 154,490
425,793
951,498
329,190 Dallas Electric Corp. A ugu st__ 147,351 129,85) 1,133,307 ,1,019,643
N Y Ont & W estern.a.-Au 1,023,883
843,829
2,001,005 1,884,010
July 1 to Aug 31____
041,250 Detroit United Ry . . 2d wk Sep 228,701 193,647 8,008,407 7,117,209
298,824
306.710
50,923
51,417
Norfolk * W estern.b..A ug 3,874,822 3,491,861 1,503,290 1,387,326 D D E B & Batt(Ilcc) J u n e ____
746.810
701,755
0,545,574 2,810,941 2,482,498 Duluth-Superior Trac August __ 105,656 103,279
July 1 to Aug 31______ 7,454,072
'"'
1,480,821
1,555,173
208,339
193,413
East St Louis & Sub. A u g u st__
Pacific -Coast__________ Aug
196,387
791,872
720,168
172,274 El Paso Elec Cos___ August —
436,457
495,018
50,588
63,401
July 1 to Aug 31........... 1,494,030 1,444,029
331,906
290,110 42dSt
752,788
864,189
M&SNAv(Ilec) J u n e ____ 159,199 142,891
990.732
lllo Grande Southern b Aug
52,231
8,956
48,035
12,022 Galv-IIous Elec C o .. A ugu st__ 199,208 142,320 1,302,842
765,706
814,073
July 1 to Aug 31______
16,308
107,511
92,906
24,251 Grand Rapids Ry Co. A ugu st__ 111,005 105,274
1,831,034
54,117
51,387
1,952,903
Havana
Electric
Ily
.
Wk
Oct
0.
St L Rocky Mt & P ac.a.A ug
33,409
156,544
43,012
136,130
July 1 to Aug 31______
75,981
81,397 Honolulu Rapid Tran
305,269
251,352
325,519
45,688
42,610
365,102
& Land Co______ A u g u st__
Richmond Freds & Pot bAug
74,596
54,598 Houghton Co Trac Co A u g u st__
178,798
218,227
204,222
28,314
203.711
28,534
July 1 to Aug 31______
174,951
131,320 Hudson & Manhattan J u n e ____ 283,357 237,920 1,842,112 1,507,094
379,701
455,843
4,387,702
4,698,703
619,457
576,106
A
u
gu
st__
150,539
Texas?* P acific.b........ ..A u g 1,353,369
1,353,309
362,130
Illinois
Traction____
1,304,100
■July 1 to Aug 31______ 2,030,191
‘
130,441
520,077 Interboro Rap Tran. A u g u st__ 2333,152 2140,162 20,996,084 19,714,554
2,419,876
377,688
399,124
44,565
48,856
Toledo St L & Western a Aug
7)125,574 Jacksonville Trac Co. A ugu st__ 147,887
370,815
375,797 pl00,880
837,469
872,777
143,584
Shore Elec R y . A u gu st__
July 1 to Aug 31______
71155,000 7)211,171 Lake
600,145
711,323
92,147
90,233
19.876
22,718
Long Island Electric. J u n e ____
W a b a sh .b -------------------- Aug 2,937,189
2,937,189
053,245
802,039 Milw El Ry & Lt Co. A u g u st__ 469,200 419,464 3,612,311 2,238,933
2,700,040
• ■July 1 to Aug 31__
810,484
738,479
5,487,200 5,148,082 1,500,275 1,410,033 MIlwLt, lit & Tr Co. August —
131,833 121,505
468,899
543,827
64,242
76,981
Monongaliela Val Tr August —
INDUSTRIAL COMPANIES.
137.810
26,014
213,516
39,507
N Y City Interboro..
35,541
177,179
37,178
180,238
Pullman C o .b -------------- Aug 4,029,290 3,823,971 2,017,174 1,835,982 N Y * Long Isl Trac.
587,597
132,479 118,956
631,004
. July 1 to Aug 31--------- 7,534,002 7,207,017 3,507,804 3,091,457 N Y * Queens C o __ J u n e ____
---------- ,1 .
New York Railways. July ___ 1150,986 1134,764 7,940,568 7,821,671
109,467
20,980
17,445
. a'N ct earnings here given arc after deducting taxes,
121.574
Northam Easton & W August —
North Ohio Trac & Lt A ugu st__ 305,222 272,024 1,979,792 1,773,731
b Net earnings here given are before deducting taxes.
147,203 135,529 1,088,837 1,041,916
North Texas Elec Co. August —
r p For Aug. miscellaneous charges to Income were 523,290, against $25,­
36,769
17,326
45,936
13,424
Ocean Electric (L I) J u n e ____
707 in 1911; for period from July 1 to Aug. 31 were $11,211 In 1912, against Paducah Tr & Lt Co August —
170,429
23,954
181,905
21,470
$39,554 in 1911.
187,725
188,457
25,905
23,555
Pensacola Electric Co August —
Phila Rap Trans C o. A ugu st__ 1913,094 1794,989 15,188,217 14,448,738
Interest Charges and Surplus.
Port (Ore) Ry,L&PCo. August — 543,189 521,202 4,376,304 4,179,778
4,798,094
— In t., Rentals, & c .— — Pal. of Net Earns .— Puget St Trac, L & P July _____ 713,520
167,368 ' 159,748
38,720
35,651
Current
Previous
Current
Previous
Richmond Lt & R R - J u n e ------Rlo de Janeiro Tram
Roads.
Year.
Year.
Year.
Year.
Light & Power Co. A u g u st__ 1272,527 1140,851 9,509,277 8,403,562
$
$
$
$
Joseph (Mo) Ry.Lt
Bellcfontc Central____ Sept
244
250
1,287
1,274 St Heat
715,656
92,959
768,350
& Power Co August . — 102,859
Jan 1 to_Sept 30______
2,190
2,250
8,372
5,599
Hoads.




Current
Year.

9(>2

T H E C H R O N IC L E
Latest Gross Earnings.

Name of
Road.

Week or
M onth.

Current Previous
Year.
Year.

S
Santiago Elec A Lt
•••T rac_____________ A u g u st__
32,642
35,677
Sao Paulo Tram, LAP A u gu st__ 387,486 303,796
Savannah Electric Co August . . .
58,681
64,073
Second Avenue (Rec) J u n e _____
90,658
86,283
Southern Boulevard. J u n e _____
14,837
11,969
Sou Wisconsin Ey Co A ugu st__
19,368
16,720
Staten Isl’d Midland. J u n e ____
31,424
28,383
Tampa Electric Co__ A u gu st__
56,408
02,981
Third Avenue (Rec). J u n e _____ 333,854 321,829
Tri-City Ry A Lt Co. A u gu st__ 259,878 230,688
Twin City Rap Tran. 4th wk Sep 196,132 189,371
Underground Eleo Ry
o£ London—
Three tube lines__ Wk Oct 5. £14,020 £13,760
Metropolitan Dist. Wlt Oct 5. £13,306 £12,027
United Tramways. Wlc Oct 5.
£6,085 £5,904
London Gen’l Bus. Wk Oct 5. £56,790 £38,208
Union (R ec)________ J u n e _____ 244,454 282,126
UnlonRy.G&ECodli) A u g u st__ 344,909 254,812
United Rys of St L ._ J u l y _____ 1044,441 1016,759
Uniled RRs of San Fr July ......... 687,013 644,512
57,176
57,875
Westchester El (Rec) J u n e _____
65,951
69,044
Yonkers RR (R e c ).. J u n e _____
Youngst A Ohio R lv. J u n e _____
20,199 19,840
c These figures are for consolidated company.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

S
208,088
263,641
2,963,831 2,271,490
452,985
488,502
424,668
462,217
57,265
65,206
130,531
147,096
117,428
123,310
448,448
496,263
1,883,583 1,778,969
6,081,514
£537
£494
£25 4,
£2,012
1,207,
2,420,
6,988,
4,795,
272,
356,
110,

5,843,894
£538,470
£ 470,800
£267,741
£1,499,287
1,171,365
2,018,199
6,841,998
4,465,647
274,870
327,044
108,164

E l e c t r i c R a i l w a y N e t E a r n i n g s .— T h e f o l l o w i n g t a b l e g i v e s
th e

r e tu r n s o f E L E C T R I C

r e p o rte d

r a ilw a y

gross an d

Roads.

Current
Year.

$
70,418
134,717
39,699
282,855
94,925
687,538

Previous
Year.
5

Bangor R y A E lcct.a .-A u z
60,048
July 1 to Aug 31______
115,725
Binghamton R y . . ......... Aug
37,018
Jan 1 to Aug 31...........
255,082
Chattanooga Ry A L t.a .A u g
83,990
Jan 1 to Aug 31______
614,120
Commonwealth Power Ry &
Lt (Mich) .a ___________________ Aug536,777
440,895
Jan 1 to Aug 31........... 4,033,808 3,507,171
Consumers Pow(Mlch)aAug 210,593
176,989
Jan 1 to Aug 31........... 1,746,484 1,488,267
Cumberland Co Pow A Lt
(Portland Me) .a _____ Aug
221,804
232,369
July 1 to Aug 31______
433,600
449,164
193,413
208,339
East St Louis & S u b .a -.A u r
Jan 1 to Aug 31______ 1,555,173 1,480,821
105,274
111,605
Grand Rapids R y .a ____Aug
705,706
814,673
Jan 1 to Aug 31______
Hudson Valley R y— b
100,764
April 1 to Jun 30______
149,854
230,737
Jan 1 to Jun 30...........
275,463
July 1 to Jun 30______
632,598
610,641
Lewist Aug & W atert.a.Aug
63,643
71,808
July 1 to Aug 31______
123,983
139,445
Portl‘d(Ore)Ry LtAP.a.Aug
543,189
321,262
Jan 1 to Aug 31______ 4,376,364 4,179,778
118,155
Portland (Me) R R .a .......Aug
120,400
233,358
229,739
July 1 to Aug 31______
St Jos (Mo) Ry X. HA P.a.Aug
102,859
92,959
Jan 1 to Aug 31______
768,350
715,650
Troy A New England B y— b
April 1 to Jun 30______
9,253
9,075
Jan 1 to Jun 30______
13,684
13,186
July 1 to Jun 30______
35,853
35,265
Union Ry Gas & El (111) aAug
344,909
254,812
Jan 1 to Aug 31______ 2,426,662 2,018,199
United Traction (Albany)583,971
Aprll 1 to Jun 30___
606,150

-N et Earnings-----Current
Prevtuos
Year.
Year.

$
41,649
77,116
19,017
127,377
38,661
278,241

$
35,974
64,842
18,376
113,460
33,579
256,324

216,853
1,671,779
91,828
789,221

170,601
1,471,345
68,287
700,945

125,926
229,181
91,814
671,090
47,521
356,096

103,877
197,153
81,547
635,311
46,974
328,418

L X XX XV .

A N N U A L REPORTSo
A tc h is o n T o p e k a & S a n ta F e R y .
{Report for Fiscal Year ending June 3 0

1 9 1 2 .)

T h e r e m a r k s o f P r e s i d e n t R i p l e y a r e p r i n t e d in f u l l o n
s u b s e c p ie n t p a g e s , t o g e t h e r w i t h s o m e s t a t i s t i c a l t a b l e s . B e ­
lo w w e g i v e c o m p a r a t i v e fig u r e s a n d i n c o m e a c c o u n t f o r f o u r
y e a r s a n d th e b a la n c e s h e e t fo r tw o y e a r s .
O P E R A T IO N S , E A R N IN G S , A C .

Aver, mileage operated
Equipment*—
Locom otives__________
Passenger cars..............
Freight cars........ ...........
Miscellaneous cars____
Operations—
Passengers carried_____
Pass, carried one mile__
Rate per pass, per mile.
Rev. freight (tons) car’d.
Fgt. (tons) carr. 1 mile.a
Rate per ton per mile__
Av. tons per train mile. .
Earn, per pass, train m_
Earn, per fght. train m .
Gross earnings per mile.

.

191 1-12.
10,628
2,031
1,515
63,065
817

1910-1 1
10,350

1909-10.
9,910

1,997
1,475
64,023
626

1,923
1,375
57,781
495

1908-09.
9,795
1,872
1,176
54,698
298

14,042,522 14,101,076 13,075,343 12,605,697
.27-1188,385 1269,076,390 1230,975,839 1108.004,215
2.155 cts.
2.144 cts.
2.056 cts.
2.052 cts.
21,149.984 20,093,719 19,448,590 17,220,597
6,981,467
6,970,719
7,012,890
6,260,173
1.028 cts.
1.015 Cts.
1.026 cts.
1 .026 cts.
394.72
399.94
$1.21
$1.21
$1.21
$1.18
$3.05
$3.19
$3.00
$3.26
$9,624
$10,393
$10,588
$10,139

* Also June 30 1912, 3 steam and ferryboats, 1 river steamer, 4 tugs and
5 car floats, a 000s omitted.

n e t e a r n in g s

th is w e e k :

---- Gross Earnings-----

[VOL.

IN C O M E A C C O U N T .

1909-10.
$
71,194,056
25,437,182
8,361,957

1908-09.
•$
64,212,638
22,734,505
7,318,574

07,752,360 107,505,110 104,993,195

94,265,717

16,059,787
16,686,146
2,249,899
33,183,520
2,588,900

17,807,136
15,500,047
2,114,261
31,821,825
2,458,551

12,884,407
13,903,897
1,904,822
20,674,864
2,127,205

Total oper. expense.- 71,273,203
P. c. oper. exp. to r e v ..
(66.15)
Net operating revenue.. 36,479,157
T a x e s.............................. 4,206,451

70,708,252
(65.79)
36,796,864
3,474,607

69,761,820
(66.44)
35,231,375
4,000,419

57,495,195
(60.99)
36,770,522
3,015,219

Operating Income___ 32,272,703
Income from lnvesttn’ ts
804,632
Interest, discount, A c .. 1,765,336

33,322,257
813,090
1,304,276

31,224,956
1,245,972
1,304,083

33,7 55,303
342,247
810,128

1911-12.
$
Freight........ . ............... 71,529,575
Passenger.................. .. 27,403,525
Mail express and misc. . 8,769,260

1910-11.
$
71,787,201
27,20 1,868
8,573,047

Total oper. revenues.
Operating Expenses —
Maint. of way A struct-.
Maint. of equipment___
Traffic expenses.......... ..
Transportation expenses
General expenses........ .

16,076,834
16,521,231
2,416,747
33,733,667
2,524,724

Operating Revenues—

Total income ------------ 34,842,671 35,529,623 33,775,011 34,913,678
Deduct—
Interest on bonds___ __ 13,660,859 12,712,310 11,984,151 13,548,082
27,701
89,230
Rentals of tracks, A c __
622,910
780,995
770,826
1,292,720
Hire of equipment........
542,068
622,491
40,517
51,101 Advances to sub. c o s ..
87,549
200,835
44,655
198,008
5,708,690
81,830* Preferred dlvs. ( 5 % ) ... 5,708.690
76,060
5,708,690
5,708,690
223,622 Common dividends .. .(6) 10,168,185 (6)9,932,460 (6)9,618,030 (5)5,152,550
220,140
703,218
158,236
396,960
414,140
32,180 Approp. fuel rcs’ve fund.
35,658
5,000,000
9,000,000
4,000,000
62,315 Additions-A betterments 3,300,000
68,462
247,760
266,736
Total . . ................. ... 34,756,265 35,213,815 33,409,165 34,515,157
2,170,918 2,143,202 Balance, surplus............
398,521
86,406
315,778
365,816
52,794
57,563
96,087
103,975
G E N E R A L B A L A N C E S H E E T J U N E 30.
44,597
30,376
1912.
1912.
1911.
1911.
324,031
270,870
Assets—
$
Liabilities—
S
S
•?
Common stock.170,129,500 16S,430,500
RR., Iran., Ac.,
Preferred stock. 114,173,730 114,173,730inci. stocks,
4,343
4,495
bonds, Ac.. .a59S,298,683 587,133,715 Funded debt.-.342,045.015 329,101,8204,090
5,750
Fuel res’vc fund. 1,827,2/3
1,431,077
18,140
9,153 Invcstm’ts, new
1,660,998
1,955,918
acquisitions..
12,456,570 11,984,269 Accrued taxes
146,852
112,335
3,030,416
invest'ts. 11,114,736 10,169,780 Interest accrued 3,824,765
979,310
836,020 Other
Marketable sec’s
510,888
1,193.388 Coupons not pre­
664,520
630,665­
sented _____
Mater. A supp. 17,216,908 16,250,771
202,270
251,538 Traffic balances 1,257,987
1,193,460 Pay-rolls......... 3 ,672,216 3,830,874
Agents A conditc.
553,914
551,180 l’ rcf. div. Aug. 1 2 ,854,345 2,854,345
a Net earnings here given are after deducting taxes,
U. S. Govt.......
495,856
350,224 Audited vouch. 3 ,707,949 3,714,453
Insur. prepaid .
114,807
131,140 Traffic balances.
952,986
831,820
b Net earnings here given are before deducting taxes.
308,256
303,848 Unclaimed divi­
Prepaid rentals.
sa
Adv. collat. cos.
268,080
410,210
dends ...........
25,017
28,813
Misc. def. debit
Miscellaneous ac­
M
I n t e r e s t C h a r g e s a n d S u r p lu s .
items...........
464,585
507,264
1,577,292­
counts _____ 1 ,979,459
Misc. accounts. 4,010,774 3,345,920 I)cf.credit accts.
426,058­
368,004
Ual. of Net Earns .—
-In t., Rentals, A c .—
Cash on hand,Ac 41,906,233 36,204,747 Expend, for ad­
Current
Previous
Current
Previous
Deposit for fuel
ditions A bett. 21 ,580,921 18,280,921
Roads.
Year.
Year.
Year.
Year.
reserve fund. 1,827,273
1,431,077 Profit and loss.. 20 470,116 20,566,707
$
S
5
$
Bangor Ry A Elect___
Total liabll’s.690,835,550 671,173.29a
16,558
13,020
25,091
22,954
Total assets..690,835,550 671,173,293
July 1 to Aug 31.
33,117
43,999
26,076
38,766
a
Consists
in
1012
of
railroad,
franchises
and other property. Including
Binghamton R y ______ .Aug
10,027
9,090
8,947
9,429
Jan 1 to Aug 31. ____
77,251
50,126
37,993 stocks, bonds, &c., 5597,245,102, and expenditures for additions and better­
75,475
ments, construction, &c., during current fiscal year, $13,522,275; total,
Chattanooga Ry A L t. .Aug
6,095
22,566
20,333
13,246 $010,767,437; less reserve for accrued depreciation, $12,408,754; balance,,
Jan 1 to Aug 31 _.
174,193
104,048
157,799
98,525 as above, $598,298,683.— V. 05, p. 543.
Commonwealth Power Ry A
Lt (Mich)____ _____
86,148
130,705
105,532
65,129
E rie R a ilr o a d .
Jan 1 to Aug 31..
831,387
683,420
988,859
630,958
{Report for Fiscal Year ending June 3 0 1 9 1 2 . )
Consumers Pow(Mich)Aug
40,243
37,135
54,693
28,044
Jan 1 to Aug 31..
310,938
407,723
381,498
396,007
E x t r a c t s fr o m th e r e p o r t o f P r e s id e n t U n d e r w o o d , to ­
Cumberland Co Power A Light
(Portland Me)_______ .Aug
47,520
53,012
72,914
56,357 g e t h e r w i t h t h e i n c o m e a n d p r o f i t a n d lo s s a c c o u n t s a n d
94,804
July 1 to Aug 31.
122,771
106,410
102,349 t h e c o m p a r a t i v e b a l a n c e s h e e t f o r t w o y e a r s , w ill b e f o u n d
45,739
East St Louis A Sub. . .A us
43,689
48,125
35,808 o n s u b s e q u e n t p a g e s .
B e l o w is p u b l i s h e d t h e u s u a l c o m ­
Jan 1 to Aug 31 .
365,939
385,123
285,967
269,372
p a r a tiv e s t a t e m e n t fo r s e v e r a l y e a r s o f th e o p e r a tio n s , e a r n ­
15,008
Grand Rapids R y ____ .Aug
14,793
32,728
31,966
Jan 1 to Aug 31..
120,353
239,055
117,041
208,065 i n g s , c h a r g e s , & c .
Hudson Valley R y—
O P E R A T IO N S A N D e q u i p m e n t
April 1 to Jun 30______
72,399
68,577 zdef25,393 zdcfl7,440
1910-11 .
1909-10 .
1911-12.
1908-09.
Jan 1 to Jun 3 0 ............
144,332
136,083 zdef66,046 zdef53,282
2,265
Miles
operated............
2,227
-........
2,258
2,231
July 1 to June 30______
291,164
271,826 zdef67,599 zdcf45,454
* Equipment—
14,450
14,448
21,210
17,730 Locomotives ................
Lewist Aug A Watertn.Aus
1,403
1 ,429
1,430
1.419
28,840
July 1 to Aug 31______
39,566
28,896
33,475 Passenger equ ipm ent...
1,190
1,229
1,179
1,103
47,433
118,450
118,714
49,758
48,488
Portl’d (Ore) Ry Lt A P.Aug
148,022
129,304 Freight equipment.........
51,137
2,112
991,940 1,010,705 1,151,262 Service cars, A c.............
Jan 1 to Aug 31______ 1,160,213
2,204
2,068
2,010
166
equipment___
166
141
132
Portland (Me) R R ______Aug
9,469
47,269
10,294
43,325 Floating
Operations
—
18,938
July 1 to Aug 31______
83,053
20,922
77,149 Passengers carried......... 26,205,266 25,454,161
25,277,233 23,084,283
24,887
St Jos (Mo) Ry L H A P.Aug
19,381
10,995 Pass, carried 1 m ile___ 611,548,871 626
19,710
627,788,837 507,317,739
107,332
Jan 1 to Aug 31______
154,094
157,199
116,770 Rate per pass, per mile. 1.574 ets.
1.507 cts.
1 506 cts.
1.187 Cts.
Troy A New England Ry—
Freight (tons) carried.. 3 6 ,9 6 1 , 6 8 6 37,570,662 38,703,600 32,707,205
0.825,582
6,008,714
April 1 to Jun 30 .
21,380
0,414,732
2,829
21,764 Fr’ t (tons) carried 1 m .x 6,823,560
3,044
0 585 cts.
0,586 Cts.
Jan 1 to June 3 1 .. .
0.599 cts.
5,851 gdef 1.033
2103 Rate per ton ner mile__ 0.583 cts.
0.200
521
495
July 1 to June 3 0 . ___
527
469
26,575
11,542
28,149 A v. train loail (rev.), tons
12,088
$1,285
$1,257
$1,174
Earns,
per
pass.
tr.
mile
$1,247
Union Ry Gas A El (111) .Aug
51,220
62,402
49,933
95,032
$2,903
$3,049
per fr’t tr. m ile..
$3,075
$2,747
Jan 1 to Aug 3 1 . ___
383,838
347,545 Earns,
895,472
488,475
$23,702
$23,273
Gross earnings per mile.
$23,789
$21,299
United Traction (Albany)—
April 1 to Jun 30______
150,069
2163,789
138,470 2105,832
* Negotiations have been completed for the purchase of additional
equipment consisting of 55 locomotives, 36 passenger and 800 freight cars.
x After allowing for other Income received.
x 000s omitted.




THE CHRONICLE

O c t . 12 1.9] 2. j
E A R N IN G S A N D E X P E N S E S .

1911-12.
S
25.182,784
987,110
14,008,742
9,023,116
421,820
1,533,590
1,401,301

1910-11.
S
24,071,522
902,700
15,805,027
9,817,950
431,348
1,444,550
1,280,875

1909-10.
$
24,114,700
805,927
14,295.370
9,459,903
431,803
1,437,272
1,225,025

1908-09.
$
20,777,945
853,080
14,411,844
8,880,034
409,485
1,204,579
917,285

Earnings, Railroad.. 53,708,409
Earns., Outside op e r.. 2,783,901

53,820,050
2,829,858

51,830,720
3,035,470

47,514,859
2,920,303

Total earnings...........- 50,492,370
Expenses —
Malnt. way & structures 5,929,920
Malnt. of equipment—
9,012,450
Transportation expenses 19,501,599
Traffic expenses............
1,393,544
General expenses.......... 1,204,109
Taxes .......... .................. 1,817,320

50,049,908

54,800,190

50,441,102

5,720,900
9,164,917
18,407,380
1,400,210
1,090,484
1,390,380

5,217,451
9,455,981
17,422,952
1,295,870
1,062,509
1,374,757

4,232,407
9,048,980
10,010,181
1,124,021
1,071,830
1,309,523

Expenses— Railroad . 39,519,014
Expenses— Outside oper. 2,989,239

37,240,271
3,005,030

35,829 ,520
3,230 ,040

34 ,063,548
840 ,737

Total expenses______ 42,508,253
Ratio of exp. to earns. .
(75.25)
Net earnings— Railroad 14,189,455
Net earns.— All oper’ns. 13,984,1 17
Int. A dlvs. on securs.. 3,799,G97
Rents, Ac., received__
945,742

40,245,301
(71.04)
10,579,779
10,404,007
3,183,774
757,288

39,005 ,572 *36 904,285
(71 .20)
(73.16)
451,311
10,001 194
15,800 618
530,870
3,527 ,091
537,451
800 ,929
738,552

Total net Income___ 18,729,550
Deductions—
Interest on bonds--------- 8,070,700
Int. on collateral notes. 1,033,125
Rentals of leased lines.. 2,251,799
093,878
Hire of equip.— balance
088,058
Joint facilities........ ........
860,420
Miscellaneous rents----586,002
Interest on car trusts —
Penn. Coal Co. sinking
508,299
fund and mlscell.........
582,452
Additions A Impr’ts-----

20,345,609

20,134,038 *10,812,379

Earnings—

Freight ..........................
M ilk ................................
C o a l..........................
Passenger.......................
M a ll_______
Express...........................
Miscellaneous................

9,749,801
747,039
998,868
512,862
008,295
810,499
509,710

9,714,101
793,988
980,640
448,587
1,079,302
09,111
598,852

9,009,733
520,327
983,587
420,671
718,001
*34,378
733,104

958,177
1,339,737

613,388
737,087

779,373
381,927

Total
..................... 15,934,805 10,294,994 15,005,182 *14,247,102
Balance surplus_______ 2,794,751 4,050,075
5,009,450
2,505,717
* Comparisons with these Items In 1908-09 are Inaccurate, as, In order to
conform to the ruling of the Interstate Commerce Commission, the
amounts paid for rental of dock property used by lake steamers at Chicago
and Milwaukee arc now Included In Income Account” under miscellaneous
rents. Instead of under “ expenses of outside operations,” as formerly. The
amount of such rental In 1909-10 was $34,700. For purposes of comparison
the items affected In 1909-10 have been re-stated, the final result, of course,
remaining unchanged.
The net Income of companies whose capital stock Is owned during the
current year was $3,089,467, of which $1,500,000 in dividends and $000,000
ns Interest on advances were paid to the company, both amounts being In­
cluded In the income of the current year.— V. 95, p. 818, 018.
S o u th e rn

R a ilw a y .

(Report for Fiscal Year ending June

30

1 9 1 2 .)

T h e r e m a r k s o f P r e s id e n t F in le y , to g e th e r w ith th e d e ­
t a i le d c o m p a r a t i v e b a l a n c e s h e e t s a n d t r a f f i c s t a t i s t i c s f o r
t w o y e a r s a n d t h e p r o f i t a n d lo s s a c c o u n t , a r e p u b l i s h e d o n
su b seq u en t p ages.
B e lo w a r e g iv e n c o m p a r a t iv e s t a t is t ic s
a n d in c o m e a c c o u n t fo r s e v e r a l y e a r s .
T R A F F IC S T A T IS T IC S , E T C .

1911-12.
1910-11.
1909-10.
1908-09.
Aver, miles operated__
7,088
7,042
7,050
7,030
• Equipment—
1,011
Hocom otlvcs........ .........
1,588
1,531
1,571
Passenger equipment__
1,132
1,078
1,074
968
51,741
Freight equipment____
51,840
50,000
52,089
Road service equipment
1,335
1,209
1,242
1,250
Marine equipment____
22
23
23
24
Operations—
Passengers carried......... 18,119,253 17,137,450 15,694,480 14,023,130
Pass, carried 1 mile___ 786,621,787 740,411,290 071,732,143 015,252,900
Av. rev. per pass. p. mile 2.153 cts.
2.105 cts.
2.109 cts.
2.179 Cts.
No. tons car. (rev. fr’t) _ 27,214,751 26,091,001 25,204,297 21,970,060
Tons car. 1 m. (rev. f’ t) .4206785057 4088490793 3985563001 3590900091
Av. rev. per ton p. mile. 0.987 cts.
0.949 Cts.
0.960 cts.
0.957 Cts.
Av. rev. tr. load (tons).
250.04
240.51
217.10
237.46
Rev. per pass. tr. m ile..
$1.15089
$1.15510
$1.18140
$1.14843
Rev. per fr’t train mile.
$2.46710
$2.32352
$2.27368
$2.00047
Operating rev. per mile.
$8,972
$8,509
$8,127
$7,348
* Includes narrow gauge equipment.
IN C O M E A C CO U N T .

1911-12.
7,088
Allies operated, average.
Revenues —
$
Freight............................. 41,508,300
Passenger...... .......... - 17,260,014
Mall, express A mlscell- 4,816,015

1910-11.
7,042
$
39,498,904
10,348,404
4,497,095

1909-10.
7,050
$
38,161,392
14,918,253
4,214,803

1908-09.
7,170
S
34,370,619
13,778,513
4,032,975

Total oper. revenues. 63,590,329
Expenses —
Malnt. of way A stru c.. 7,841,220
Maintenance of equip-- 10,108,673
Traffic expenses_______ 1,745,353
Transportation expenses 22,081,653
General expenses..........
1,919,337

00,345,063

57,294,508

52,188 ,107

7,404,916
9,400,757
1,549,404
20,602,086
1,789,627

6,035,725
9,870,729
1,436,770
18,934,420
1,752,090

0,016,001
8,193,753
1,252,329
18,348,507
1,757,731

Total oper. expenses. 43,696,236
Net operating revenue.. 19,894,092
Outside operations (net) sur.Cl,755

40,926,790
19,418,273
def .42,028

38,635,740 35,508,981
18,058,702 16,019,120
sur.18,980 sur.130,903

Net revenue.............. 19,958,847
Taxes ............................ 2,452,328

19,376,245
2,212,968

18,677,742
2,027,104

10,756,089
1,910,701

Operating income----- 17,506,519
Rent of tracks, yards, Ac.
356,630
Hire of equip., balance.
31,207
Income from lnvcst'ts.. 2,757,645
Interest A commissions .
268)797
Allsccllaneous In com e...
165,796

17,163,277
366,002
137,343
2,059,249
445,055
194,209

10,650,638
346,020
149,346
*1,999,139
*592,199
141,218

14,839,388
334,237
*1.941,126
*622,948

Total gross Income__ 21,080,594 20,963,795 *19,878,500 *17,737,699
Deduct —
Sou. Ry. in Miss, deficit
50,951
31,959
34,440
Other road rentals........
1,805,927
1,887,749 *1,381,504
1,351,504
Rent of track, yards, Ac.
934,087
859,079
809.050
$14,810
Hire of equip., balance.
_____
19,493
Separately oper. prop’s .
180,701
170,390
81,464
110,462
Discount on securs. sold
00,043
125,815
200,800
535,214
Int. on funded debt----- 10,204,482 10,234,505 *10,533,324 *10,376,010
Int. on equip, obllga’s . .
712,414
607,229
602,340
*711,715
Dlvs. on M. A O. stock
trust certificates.........
220,808
_______
226,808
226,808
220,808
Preferred dlvs..........(413)2,700,000 (2)l,20(h666
Additions A betterm’ts.
44,989
00,040
52,373
78,285
Miscellaneous.............. 87,403
83,710
92,088
31,290
Total deductions........ 17,068,406 15,501,837 *14,173,920 *14,220,599
Balance, surplus............ 4,018,128
5,403,958
5,704,040
3,511,100
* Comparisons with these Items In 1900-10 and 1908-09 are Inaccurate,
owing to changes In the figures of 1910-11, the general results, however,
remaining unchanged.— V. 95, p. 081.




Y o r k N e w H a v e n & H a rtfo rd
(Report for Fiscal Year ending June

N ew

963
R a ilr o a d .
3 0 1 9 1 2 .)

P r e s . C . S . M e l l e n , N e w H a v e n , S e p t . 1 9 , w r o t e in s u b s t . :
Results on System. — In view of the existing apprehension that the ac­

quisitions during the past eight years have imposed an undue burden upon
the resources of the company. It seems fitting again to observe that the
general statements hitherto published have, with few exceptions, been
for the company alone, following closely the returns required by State and
Federal laws, and consequently did not reflect the financial results of the
system as a whole, since Including only such portion of the earnings of
subsidiary companies as was received In the form of dividends. Further­
more, the building up of reserve funds for fire losses, personal injuries,
coal Insurance and marine insurance has had the effect of understating the
real net income of the system. This year’s report, like that for 1911,
contains a system Income account and balance sheet. The following com­
parison of the results for the system as a whole includes the undivided
surplus earnings of the several companies.
Surplus Net Income in Excess of Dividends Paid.
A s Reported for
A s Reported for
Total
Parent Co.
Parent Co.
System.

Total
System .

1905 ............ $308,052
$901,215 1909 ___ def. $453,613
$85,606
1900 ----------- 3,718,285
4,506,622 1910 ............ 1,037,793
2,711,034
1007 ..........
2,217,842
1,770,278 1 9 1 1
___________d ef.1,267,540156,713
1908 ----- def.2,516,693 d f.2,500,807 1 9 1 2
___________del. 903,229305,835
The real surplus net income of the system in excess of dividends paid
has thus for the last eight years aggregated $8,176,436 instead of $2,140,­
898, as reported for the company proper, a difference of $6,035,538, of
which $3,533,022 represents the amount of the various funds and $2,502,­
516 the undivided surplus earnings of subsidiary companies. The disposi­
tion of the $8,176,436 was as follows: Contributions to and accretions of
the funds, $3,533,022; improvements and betterments, $3,000,000; profit
and loss, $1,643,414.
Wages.— Regardless of the liberal wage advances made during the past
two years the management is now confronted with demands for further
advances. Consideration at this time has only been given to those in the
engine service. As a result of prolonged discussion it was deemed advisable
to join with the other Eastern roads concerned in submitting the matter
to arbitration. A decision of the arbitrators is momentarily expected.
•Improvements, & c. — The following are some of the important Items:
The double-tracking from Hawleyville to Shelton is now completed,
making a complete double-track railroad from Naugatuck Junction to
Hopewell Junction, a distance of 68.44 miles. Twelve new steel railroad
bridges and eight highway bridges have been placed, 10 grade crossings
have been eliminated in connection with the line and grade revisions made.
A four-span reinforced concrete bridge is under construction over the
Naugatuck River at Ansonia, Conn., and should be completed this year,
eliminating the much used grade crossing at Bridge St.
A new 43-stall brick and concrete roundhouse at Cedar Hill (New Haven),
with machine shop, power house, &c., is practically complete and can b«
placed in service as soon as the machinery in the shop has been installed.
An enlargement of the Cedar Hill classification and departure yards
should be completed by Jan. 1 1913.
Excavation of the site of the proposed New Haven station is under way.
Boston— Harrison Square to Atlantic and Savin Hill to Neponset—
Elimination of grade crossings under decree of the Court and construction
of third and fourth tracks; nine grade crossings have been eliminated
and tracks are elevated and in service from Savin Hill to Neponset. Three
passenger subways have been built, station grounds and freight yards have
been enlarged or improved, concrete signal towers have been built at
Harrison Sq. and Savin Hill and automatic block signals are Installed from
Savin Hill to Atlantic.
The Cos Cob power station, which is being enlarged to Include four
additional 5,000 KVA turbo-generators, is already supplying current from
the first new generator and the remaining sets will probably be ready for
use by Oct. 1 1912. The capacity of the plant will then be sufficient to
handle all trains—passenger, freight and switching, In the zone of electri­
fication (including the N. V. Westchester & Boston Ry.) between New York,
Harlem River and New Haven.
The electrification system of the main line of the Harlem River Branch
is completed and on July 29 electric passenger service was Inaugurated
between Stamford and Harlem River. The electrification of the yards
and sidetracks Is expected to be completed at an early date.
The electrification of the New York Westchester A Boston R y . was com­
pleted and full electric operation began Aug. 3.
The work of electrifying the main line tracks, Stamford to New Haven,
Is well under way and is expected to be completed within the next fiscal
year. (V. 94, p. 1384.)
Grade crossings eliminated: Connecticut, 10; Massachusetts, 4; total, 14.
Additions and Dctterments, Total (Net) SI,853,196 (from Table in Report— Ed.)
$69,932 Elimination of grade cross. $225,701
Real e s t a t e .....................
New bridges.......................
82,865 Yards, sidings and signals. 171,286
Double track’g, West.Dlv.
609,745 Sundry additions and bet­
Cedar Hill, Conn., round­
terments — .................
267,791
house and shops.......... ..
347,285 New rolling stock.............. 8,389,163
Electrification— Harlem
River— New Haven----105,685
Total .............................$6,103,101
Cos Cob, Conn., pow.plant
833,649
Less real estate sold, A c.$1,249,905
The expenditures have been charged as follows: To cost of property,
$1,464,033; to equipment, $3,389,163; total, $4,853,196.
• [The item of $3,389,163 for new rolling stock includes 21 electric loco­
motives, 3 sleeping cars, 113 coaches, 4 combination cars, 16 electric cars,
803 box cars, 303 coal cars, 1 scale test car, Ac.— Ed.]
Ties and Rails. — Total number of ties (all kinds) laid during the year,
1,019,231; rails laid in main tracks in both maintenance and construction,
8,373 tons of 100-Ib. rail and 11,944 tons of 80 to 90-lb. re-rolled rail.
Taxes. — The system taxes accrued amounted to $4,949,094, an increas#
of $200,710, or 5.7% .
M a ils. — The roads operated and controlled by your company are not
receiving the compensation to which they believe they are entitled for
carrying the mails. It is estimated that the yearly loss suffered by reason
of the Inadequate pay allowed by the Rost Office Department is about
$750,000. It Is admitted by the officials of that Department that th*
loss amounts to about $400,000. but this figure omits a charge to which
the roads claim they are fairly entitled for the use of the property em­
ployed in the mall service. Pending legislation relating to the relations of
the railroads to the proposed parcels-post system will result, if enacted
Into law, in still further loss.
Expenditures on Central New England Railway Co. — Substantially all of
the Increase in the capital stock and Indebtedness of this road since we
acquired control in 1904 has resulted from the mergers In 1907 with Its con­
trolled companies, and to the refunding of the old 1st M. bonds. During
the period from 1904 to 1912 there has been spent In improvements and
additions to the property, including new equipment, $4,625,623, and
there Is In contemplation further similar expenditures of about $2,500,000,
to enable the company to economically and efficiently handle the large
volume of business necessary to be done via the Poughkeepsie Bridge
gateway. We now own 37,184 pref. shares of the total of 37,500 shares,
and 47,720 common shares of the total of 48,000 shares The bonded debt
Is $12,317,000.(Sec V. 92. p. 1374. 1635; V. 94, p. 206. See earn, below.
New York Ontario A Western R y . — This road, in which your company
owns a controlling Interest [namely $29,160,000 out of $58,113,982 common
stock and $2,200 out of $4,000 pref. stock— Ed.], was unable during the
past year, especially because of the anthracite coal strike, to earn the divi­
dend It has paid for several years Petition has been filed with the P. S.
Commission, 2d DIst., N. Y . State, for permission to acquire the minority
Interest In the stock, with avlew to merging the property with your company
by lease or otherwise
It Is believed by such merging the receipts may
be increased and the expenses reduced. (V. 94, p. 17G4; V. 95, p. 746.)
Rutland R R . — We have been disappointed In not having been able tosecure control of the Rutland R R . The transfer of the stock which we
had agreed to purchase from the New York Central [being the remaining
onc-lialf of the majority holding] was enjoined by the N. Y . courts and no
change of control Is possible until after the case is tried. We still believe that
the purchase Is most desirable and that had the purchase been completed
the minority Interest would have fared as well or better than the con­
trolling interest, as has been the case with the Central New England and
other companies added to your control. (V. 95, p. 48, 680.)
as
Water Lines — It has been deemed advisable to segregate the company’s
Interests In the water lines hitherto owned and operated by the New Eng­
land Navigation Co. and accordingly a sale of the physical properties has
been made to the New England Steamship Co., payment for which has
been received In the capital stock and 1st M. bonds of that company.
( V . 95, p. 18.) This action has been taken, owing to legislation pending.

96L

[VOL. LXXXXV

T H E C H R O N IC L E

and recently passed by Congress requiring railroads to dispose of all
Interest In steamship lines with which they can or may compete. Our
steamship lines have never been in themselves a source of much profit,
but they have enabled us to give a better service than would have been
possible had the business been confined to our rail lines,on account of better
deliveries, especially In N. Y. City. Our Interest in the Merchants' &
Miners’ Transportation Co. has protected us in connection with our rail
line connections, and New England business generally has been promoted,
wc believe, by its control In our interest. Such control has not resulted
in any increase in rates, but lias, wc believe, been a serious factor in some
Instances in preventing Increases.
New York. Connectiruj B R . Bonds to be Guaranteed.— The construction
of this road 1; progressing; contracts have been awarded for steel work for
Big Hell Clatc Bridge and Ward’s and Randall’s Island Viaduct, for steel
work for Little Hell Gate and Bronx Kill bridges and approach viaducts, for
masonry for Bronx Viaduct, for foundation and masonry work of Eastern
Viaduct, for tower liases East Itlver Bridge and for excavation and
masonry from Woodslde Ave. to Stcmler St. The execution of a first mort­
gage to secure an issue of 4% bonds not exceeding in the aggregate $30,­
000,000 has been approved by the company. Such bonds when sold will
be guaranteed jointly by the Pennsylvania R R . Co. and the N. Y. New
Haven & Hartford RR. Co.
New York Westchester & Boston Iiy. Co — Tills line was opened for com ­
mercial service as follows: May 29 1912, Adams St., In the Bronx, N. Y .,
to North Ave., New Rochelle; July l 1912, Columbus Ave. Junction,
Mount Vernon, to Mamaroneck Ave. Station, White Plains; Aug. 3 1912,
Adams St., Bronx, south to the junction with our Harlem River branch
near 174th St., and from Mamaroneck Ave., White Plains, to the terminus
at Westchester Ave., White Plains. On Aug. 3 1912 the train service
was extended over our Harlem River Branch to Willis Ave., where con­
nection Is made with the 2.1 and 3d Ave. elevated railroads. The public
patronage to date encourages the belief that further construction and
contemplated connections and transfer facilities with the rapid transit
lines of New York City will add very materially to the business of the road.
The proposed third-tracking of the 2d Ave. and 3d Ave. elevated will
greatly Improve the service via these lines; the 2d Ave. elevated is the short
cst route to the lower part of Manhattan.
The P. S. Commission lias approved the route for the extension of the
Lenox Ave. branch of the city Subway lying alongside the line of the
N. Y . Westchester & Boston’s line from 180th St. to Unionport Road.
Negotiations arc now under way for the sale of so much of the company’s
property as is required by the city for this route. The completion of tills
extension will mean a transfer point between the Westchester Co. and the
Subway. The Lexington Ave. Subway, now under construction, will
cross the Westchester Co.’s line near Westchester Ave., In the Bronx,
which will make a third transfer point for Westchester Co. passengers to
New York City rapid transit lines.
Tlie interest on the advances by your company for account of the N. Y.
Westchester & Boston R y. Co. amounted on June 30 1912 to $1,075,490.
As this money has not been repaid to the treasury.no credit thereof has been
taken in the Income account of the company, but Is held In suspense.
It was expected that this property when In operation would have to be
carried for about three years before It could become self-sustaining.
Boston Railroad Holding Co. — Your company’s ownership of the capital
stock of the Holding Co. now consists of 31,035 shares of common stock,
the entire Issue, and 24 1,939 shares of prof, stock out of a total of 272,939
(V . 94, p. 205.)
The holding company’s investment In Boston & Maine
R R . consists of 219,189 shares of common stock out of a total of 395,050
and of 6,543 shares of pref. stock out of a total of 31,498.
The dividends received on the Boston & Maine stock, with available
cash on hand, were insufficient for the year by $148,741 to pay taxes,
administration expenses and the dividend of 4 % . upon the pref. shares of
tlie holding company, which amount was provided by your company out
of Income under its guaranty of such dividend.
Tlie rehabilitation of the Boston & Maine R R . has so far progressed an 1
the outlook for improvement in operating results Is so favorable as to
justify the expectation that the road will be able to Increase the rate of
dividend on the common stock to an extent which will enable the holding
company to care for Its obligations without recourse to your company’s
guaranty. This expectation, however, may not be realized If the road Is
forced to advance wages. The rehabilitation of the Boston & Maine R R .
will require at least two more years’ time.
Grand Central Stition, N . Y . C ity .—The reconstruction and Improve­
ments of the Grand Central Terminal In New York by the N. Y. Central
are so near completion that It Is expected the new station wll be ready for
occupancy by Jan. 1 1913. Your company participates in the Interest
on the cost of these expenditures proportionate to Its use of the Tormina Is
measured by the relative number of cars entering the terminal.
As the railroad terminal Is below the street level It Is the purpose of your
company to join with the Central Company In utilizing the aerial rights
and adjacent surplus real estate by the construction of buildings for com­
mercial purposes under such basis as will not only return a good rate of
Interest on the Investment but will substantially reduce the expense of
maintaining the terminal.
A loft building has already been constructed and Is now occupied at
46th and 47th streets and Lexington Ave.; an office building at 49th and
50th streets and Lexington Ave. Is nearly completed; contracts have been
made for the construction and occupancy of a hotel at 43d and 44tli streets
and Madison and Vanderbilt avenues, and for a store and office building
at the corner of 42d St. and Vanderbilt Ave.; and there Is contemplated
the construction of a building'for club purposes at the corner of 45th St.
and Vanderbilt Ave.
,,
,
It Is expected eventually to finance the necessary expenditures by means
of a separate company whose capital stock shall be owned equally by your
company and the Central Company and whose obligations shall be guaran­
teed Jointly by the two companies.
„ „
,
,
Boston t% Albany R R . — The agreement with the N. Y . Central & Hudson
River RR. Co. to share equally in the net results of the operation of the
Boston & Albany has been In force one year and has substantially ful­
filled our expectations. The direct charge upon our Income has only been
$18,000, which was more than counter-balanced by Indirect benefits.

has been made by the Boston Terminal Co. for about $425,000, which pro­
vides 27 additional office units on each of the three floors, together with
two passenger elevators, new freight elevator, &c. This addition has also
provided much needed relief to the Boston &MaIne IUt., whose offices
were greatly overcrowded, and has enabled a removal of the principal
general offices of that company from the North Station to the South
Station. (V. 95, p. 176.)
Special Funds. — The special funds for the protection of the company
against losses by fire, catastrophies, &o., have reached a total at which
no further assessment of the operating expenses should be necessary. The
Insurance fund now amounts to $1,953,884 and outside Insurance has been
purchased from the income of the fund, which protects the company against
loss by any one fire In excess of $100,000 up to $1,000,000 and against a
combination of losses in excess of $250,000 without limit.
Statist cs of Road Proper.
S E C U R IT IE S H E L D B Y N . Y . N.- II. & I I . IIR. CO.
(1) Securities of Proprietary, Affiliated and Controlled Companies.
Stocks— (unless other---------June 30 1912-------- ------- June 3 I 1911--- —■
wise Indicated):
Par Value. Book Value.
Par Value. Book Value

Berkshire St. Ry. C o --- $4,068,100 $5,041,396 $1,947,400 $2,920,346
--------2,010,000
do
do
Notes
1,415,000
Bos. & Prov. RR. Corp.
482,600
1,458,325
250,100
761,686
Boston Terminal Co___
200,000
200,000
200,000
200,000
Cent. New Eng. Ry. Co.:
Com m on___________ 4,751,150
791,441
4,743,550
779,753
3,697,900
Preferred __________ 3,702,800
1,000,471
995,785
Connecticut Company.. 40,000,000 40,000,000 40,000,000 40,000,000
Harlem River & Port
1,000,000
1,000,000
Chester RR. Co____
1 ,0 0 0 , 0 0 0
1,000,000
24,825,158
--------- 25,531,823
do
do
Notes
1,737,100
1,196,125
Hartf. & Conn. W. R R . 1,711,900
1,198,261
100,000
100,000
Mlllbrook C o__________
100,000
100,000
______
3,536,063
do
do
Notes
1,500,666
1,527,204
N. Y. Connect. RR. Co- 1,500,000
1,527,204
848,186
do
do
Notes
______
991,337
N. Y. Ont. & West. Ry.
($2,200 p r e f .) .- - ___ 29,162,200 13,108,393 29,162,200 13,108,398
610,643
500.000
N. Y. & Stain. Ry. Co-_
500,000
610,613
412,907
do
do
Notes
--------572,907
6,205,09 6
4,924,866
N.Y.Westc.&Bos.lty.Co. 4,924,800
6,241,952
do
do
Notes
------ - . 5,708,000
211,386
93,566
Norwich &Wore. RR.Co.
97,100
219,038
Old Colony RR. C o___ 9,183,200 11,959,482
8,682,900 11,028,920
729.163
Prov.W ar.&Bris.RR.,com. 486,700
730,213
486.000
220
100
do
do
pref.
100
220
1,489,834
516,300
Prov. & Wore. RR. Co.
749,500
2,151,532
9,685,500 24,220,979
Rhode Island Co__ ____ 9,685,500 24,352,336
650.000
569.164
Vermont Company_____
650,000
571,164
City & County Contract
2,550,000
Co. notes........ ............
...........
...........
915,075
Westc. St. RR. advan’s .
--------915,675
88,771
do
do
Notes
--------160,771
(?)
20.016
Miscellaneous stocks__
(I>
20,016
Total book value-------------$151,741,008
---------$138,730,414
(2) Miscellaneous Investments.
Bost. RR. Holding C o .. $3,106,500 $3,106,500 53,106,500 $3,106,500
New Eng. Nav. Co........ 53,000,000 50,917,399 >3,000,000 54,510,969
______
7,921,422
do
do
Notes
--------7,825,000
...........
1,775,000
Rhode Island Co. notes.
...........
400,000
--------25,078
...........
08,078
Miscellaneous................
$09,746,299
$05,941,147
(3)
Securities Issued or Assumed, Held in Treasury.
N. Y. Prov. & Bos. RR.
$201,700
gen.M.4s($201,000),&c. $202,650
$202,650
$201,700
(4) Marketable Securities.
$200,000
$200,000
Berk. St. Ry. deb. 5 s ...
$200,000
$200,000
Bos. RR. Hold. pref. stk. 24,493,900 24,493,900 24,254,400 24,254,400
127,428
81,900
Brist.& PI.Tram.Co.stk.
60!)
609
3 509
609
Cent. N.E.Ry.5% ine’es
86,452
83,000
1st M. 4s___________
66,110
4,000
4,200
63,000
I). C. RR. 1st M. 4HS
128,270
Notes .......... ..............
200,000
Connecticut Co. notes-819,782
Hartf. &Conn. West.notes
16,200,000
1 6 , 2 0 0 '. 666
N. Y. W. & B. 1st M. 5s
100,000
100,000
do do 1st M. g. bds.
800,000
800,000
do do 1st M. 4 >SS846,500
846,000
846,000
846,500
Vcr. Co. 1st M. bonds..
45,000
...........
59,500
do
do
Notes
77,098
_______________ 132.840
Miscellaneous............ .
$27,643,783
----- . $42,045,415
Total
Total

O P E R A T IO N S A N D F IS C A L R E S U L T S (R O A D P R O P E R ).

1910-11.
1909-10.
1911-12.
1008-09.
2,041
2,042
2,044
Miles operated June 30.
2,091
Equipment—
1,227
1,220
Locomotives _________
1,244
1,228
2,528
2,522
2,437
Passenger cars ...........
2,609
38,441
35,716
Frelghtcars_______
38,053
34,18 4
1.178
1,179
1,213
Other cars_______
1,210
Operations— Revenue passenger an .1 freight only.
Passengers carried___ _ 84,531,214 83,193,16 1 82,905,137 75,057,983
Pass, carried 1 mile .1,558,915,723 1534301,061 1506907,990 1 101652,879
1,708 cts.
1.651 cts.
1.630 Cts.
Rate per. pass, per mile. 1.720 cts.
Freight (tons) carried.. 24,675,469 23,257,041 22,733,981 19,968,272
Fr't (tons) carr. 1 m ile.2343040,109 1181557,124 2124680,065 18724 19,423
Sub-Lease of Gas and Electric Interests to United Electric Light & Water
1.417 cts.
1.420 Cts.
1.390 cts.
Co.— In order to confine the activities of the company to transportation, Rate per ton per m ile.. 1.371 cts.
$14,538
$12,887
$15,046
$15,063
a sub-lease, at a satisfactory rental, of the commercial electric and gas prop­ Pass.earns.per m.of road
$1.85
$1.86
$1.74
$1.87
erties leased by your company In 1906 from the Connecticut Railway & Pass.earns, per tr.mlle.
$14,088
$15,131
$13,021
Fr’
t
earns
per
m.
of
road
$
15,870
Lighting Co. was made, effective Oct. 1 1911, to the United Electric Light
$4.16
$4.03
$3.85
$4.00
& Water Co. (V. 94, p. 71; V. 93, p. 1669.) This sub-lease covered the Fr't earns, per train mile
96
95
03
05
systems for the distribution of electrical energy for other than railway Av. No. pass, per tr. mile
293
290
271
292
purposes, In the towns of Watcrbury, Naugatuck, Watertown, Cheshire, Av. No. tons per tr. mile
$
$
S
Earnings—
S
New Britain, Newington, Berlin, Plalnvllle, Southington, Norwalk, Wilton,
.30.154.916 29,005,890 26,323,469
New Canaan and Greenwich; the gas plants and distributing systems In Passenger department. . 30,952,100 30,329,092
30,110,588 26,595,970
the towns of Norwalk, Greenwich and Naugatuck, and the right to furnish Freight department------ 32,130,892
1,577,189
1,669,427
Miscellaneous................
1,850,073
1.428,192
gas and electricity In the town of Weston.
60,693,668
Stock.— The capital stock has been increased by the addition of 7,846
T o ta l_________
64,933,065 62,153,435
54,347,631
shares ($784,600) issued in exchange for $1,176,900 of 3 ^ % convertible
Expenses —
7,132,376
6,980,036
debenture certificates of 1906. Of the total outstanding capital stock, Malnt. of way & struct. 6,829,361
6,130,606
6,461,772
7,193,420
521,719,800 is in the treasuries of subordinate companies.
Malnt. of equipment__ 8.046,992
5,906,357
350,943
351,099
Debt.— The outstanding indebtedness of the company and Its leased lines,
T ra ffic__________
412,880
309,000
22,942,675
24,526,959
In the hands of the public, has been increased by $708,040, as follows:
Transportation ------------ 25,163,819
22,491,376
1,801,150
1.846,213
Increases — 4% notes (V. 94, p. 124), $30,100,000; 4 >4% notes,
General_______________ 1,650,965
1,242,968
5220,000; 4 'A % notes, $.3 , 0 7 5 , 0 0 0 . . _____________________$33,395,000
ta l______________ 42,104,018 40,898,633 38,689,216 36,080,307
Decreases— (a.) Notes paid, 4% , $1,919,960; 4
$22,590,000 24,509,960 I>. Tc.o of
(65.80)
(63.74)
cx p.to earnings.
(64.84)
(66.38)
(b) Debentures paid, 4% 1908, $3,100; 5% 4-year, $11,000;
Net earnings-------- ------ 22,820,047 21,254,802 22,004,452 18,267,324
5% 5-year, $6,676,000___________
6,690,100 Net rev. outside oper’ns 1,388,155
1,399,793
1,308,470
1,214,307
(c) Convertible debenture 3 'A % certificates exchanged for
........... a’’ , 254,278
- ------3,6 14,315
capital stock________________
1,176,000 Net Connecticut Co----Total net revenue----- 24,217,202 22,654,595 25,567,200 23,125,946
(d) 1st M. 5% bonds paid; Meriden Horse R R ., $85,000;
3,578,363
3,983,377
3,702,872
3,446,126
Plymouth & Middleboro RR., $225,000________________
310,000 Taxes ___________
Old Colony R R . — The capital stock has been increased by the sale of
Balance........ .............. 20,424,330' 19,076,232 21,583,823 19,679,820
5,000 shares and the proceeds applied to reimbursing your company for Dividends on stocks------ 6,565,241
5,487,150
3,504,569
1,959,333
1,092,972
betterments. (V. 94, p. 68; V. 95, p. 680, 818.)
Interest on bonds---------217,065
887,104
674,433
Tlie property and franchises of the Plymouth & Middleboro RR. Co., Miscellaneous incom e... 2,419,523
1,832,316
2,012,204
1,609,581
orinerly leased to tlie Old Colony, were purchased by it Nov. 28 1911.
356,688
Rents received ........
445,570
332,125
350,142
Boston & Providence.-—It has been deemed advisable to Improve the
409,802
Hire of equipment____
472,409
1,055
facilities of the Boston & Providence by the construction of two additional Sink,. &c., reserve funds
183,300
main line tracks from Boston to East Junction, the elimination of grade
28,255,160
Total net income----- 30,727,438
28,320,970 24,273,309
crossings, and to adapt and equip the whole main line thus four-tracked
Deduct—
for operation by the use of electricity as a motive power. These improve­ Int.
on bonds, deb., Ac. 10,478,74 1 10,710,389 10,677,459 10,424,932
ments are estimated to cost about $8,000,000. To provide for tlie cost of Rentals
4,478,324
5,133,717
3,956,294
of leased lines . 4,474,3 17
the work, an agreement has been entered into whereby the Boston & Provi­
1,874,135
1,702,430
1,978,281
other than above 2,182,520
dence is to mortgage Its railroad, franchises and property to secure an Issue Rentals
______
______
Hire of equipment........
........
460,430
of $8,000,000 4% 75-year bonds and your company is to endorse Its guar­ 8%
9,759,081
on s t o c k .................. 14,315,540 12,454,852
7,883,842
anty on said bonds. (See V. 95, p. 817.)
5.000
10,400
Miscellaneous........
........
206.276
23.143
Boston Offices.— The office facilities of the departments located in Boston
being inadequate, and additional room being needed for the official stall
Total ---------- ----------- 31,657,427 29,522,700 27,283,177 24,726,922
of the Boston & Albany R R ., an addition to the South Station building Balance for year---------- def.029,989 lefl.267,540 surl,037,703 def453,0l3




T H E C H R O N IC L E

G o t . 1 2 1 9 1 2 .]

965

BALANCE SHEET JU N E 30

premium on shares held by sub. cos., S13,010,502, balance, $19,769,587: (3) capital
stock of sub. cos. in hands of public, S93.313; total as above, S177,726,200.
1912.
1911.
c Includes in 1912 mortgage bonds, including merged roads assumed (less held by
$
$
Road A equip.al88,859,339 188,322,303 Capital stock... 179,583,100 17S,798,500 New England Navigation Co., 570,000, and in treas., $201,000), $60,605,000;
plain bonds, debentures and notes, incl. merged roads assumed (less SI,509,000 held
Securities of prop.,
I’ rcm. on cap
Ac., eos_____ 151,741,668 138,730,414 stock sold___ 32,786,089 32,393,789 by New England Navigation Co. and 51,650 in treas.), $142,205,650; funded debt
of subsidiary companies, S39,242,392
Adv. to prop.
Debs., Ac., incl.
Ac., cos.........
912,498
762,475 merged roads,
EARNINGS OF CONTROLLED COS.— YE A R S E N D . JU N E 30 1912.
Physical prop.. 8,313,362 8,004,354 assumed......... 143,716,300 151,593,200
Miscel. invests. 69,746,299 65,941,147 Mtgc. bds., Incl.
[Comparisons are with years ending June 30 1910; 1910-11 results not reported 1
Scours, in treas.
202,650
201,700 merged roads,
Connecticut Company and Rhode Island Company.
Marketable sec’s 27,643,783 42,045,415 assumed_____ 60,876,000 60,961,000
[The Rhode Island Co. operates the trolley lines controlled in Rhode Island; sec
Mat’l & supplies 3,544,315 3,949,773 Obligations for
page 79 in “ Electric Railway” Section of Sept. 1912. The Connecticut Company
Agts. Acond’rs. 2,930,358 2,374,584
advs. rec'd for
(wholly owned) operates under contract all the street railway companies in Connecti­
Acc.lnt.,div.,Ac.
976,730
474,804
935,660 constr., Ac__
474,801 cut
owned and controlled by the N. Y. N. H. A Hartford RR. Co.; see page 78 in
292,619
Traffic,Ac.,bals.
Equip. A pcrs’l
MIsccl. accts__ 4,982,683
4,514,111 prop'ty leased. 9,208,672 9,208,672 "Electric Railway” Section.” J
------Connecticut Co.---------- Rhode Island Co.---Loans&bills rcc.
272,322
1,336,089 Traffi \Ac.,bals. 3,311,971
2,048,441
Operating Revenue—
1911-12.
1909-10.
1911-12.
1909-10.
Cash ________ 25,366,051 28,164,985 VouchersAwagcs 4,351,641 4,119,299
f S213 4171
Insurance fund. 1,983,355
1,782,793 I.oansAbills pay. 33,395,000 24,509.960 Freight.................................... $224,0191
Passenger.................................
7,582,025)
$7,203,877
(
4,649,004)
$4,440,809
Accident fund.. 1,698,666
957,758 Miscel. accts__
64,783
47,789 All other transportation revenue.
122,907|
57.48
Sink., Ac..funds
640,652
539,65 i Int., divs., Ac.,
Other than transportation.........
101,670)
125,038)
Prepaid ins.,Ac.
9,939
58,141
due _______ 5,473,397 5,322,350 Misc.,
incl. gas, lightand water..
£740,436
Temp, adv., Ac. 1,409,583
1,002,840 Acer. Int., divs.,
Other dcf. deb.
Ac ............... 3,226,383 3,157,192
Total revenue...........
. $8,030,621 87,944,313 $5,045,006 $4,440,809
items............. 4,217,982 2,493,974 Opcr. reserves.. 3,682,021
2,740,551
Operating Expenses—
Def. credit items 62,575,534 62,101,917
. $972,974
$834,048
$410,061
$316,391
Approp. surplus c-143,689
C362.695 Mai tenancc of equipment.
.
630,433
518,725
435,996
264,124
Profit and loss. .<112,575,471 14,275,015
Operation of power plants.
932,975
784,590
529,955
375,289
. 1,877,615
1,735,549 1,198,528
1,044,953
Total............. 495,744,855 492,118,175 Total_______ 495,744,855 492,118,175 Opcration of cars........... ..
General expenses________
.
562,4.85
517,836)
588,678
135,818
283,435
106,474/
536,929
a Road and equipment in 1912 ($188,859,339) consists of road and equipment Miscellaneous expenses___
$188,723,917; miscellaneous electric properties, 8430,040; total, 8189,153,957; less
Total operating expenses.
$5,112,300 $4,745,025 $3,198,850 $2,537,686
$294,618 reserve for accrued depreciation of equipment. 6 Deferred credit items Net
earnings____ ________
. $2,918,321 $3,199,288 $1,846,156 $1,903,123
are reserves against corresponding assets representing possible credits to income
62,541
62,113
94,933
account, c Appropriated surplus represents Connecticut Ry. A Ltg. Co. sinking Other income_________
fund, cl After deducting adjustment of taxes, Manhattan and Bronx, N. Y.
. $2,980,862 $3,199,288 $1,941,089 $1,965,236
$415,253; replacement value of property abandoned, S257.924, net loss on rcaliza
.
449,2 47\
/ 378,487) 1,391,671
V
tion and miscellaneous debits (net), $96,377.
1,012,539/
l 1,175,003/
Notc.— Contingent Liabilities.—The contingent liabilities not Included in the bal­
ance sheet of June 30 1912 Include in addition to the joint liability with other roads
Balance, surplus .................... $1,519,076
..........
$387,599
$573,565
and the guaranties of principal, interest and dividends on other securities men
tioned in V. 93, p. 868, the guaranty of principal and interest of the 4M% 1st M
z The operations of the Gas Light A Water Co. departments from March 1 1910
gold bonds of the N. Y. Westchester A Boston Ry. dated July t 1911, $17,200 000
and the Joint liability with N. Y. Central A Hudson River Rll. for any deficit in arc included in the income account of the Housatonle Power Co.
y Taxes, rentals, Ac., amounted to S326.202 in 1909-10; int. charges not known
operation of the Boston A Albany RR.
1912.

1911.

Liabilities—

Central New England Ry.
O
n e rn ti
Operating
Net (after
Other
Revenue.
Taxes).
Income.

Statistics of Combined Properties.
INCOME ACCOUNT OF THE N . Y . N . II. A HARTFORD RR. SY ST EM .

Except N. Y. Ontario A West. Ry., Boston A Maine RR. and Maine Central RR
1911-12.
1910-11.
1911-12.
1910-11.
Revenue—
$
§
S
8
Freight ............... 38,974,456 36,930,490 Accrued taxes___ 4,949,095 4,682,384
Passenger........... 43,932,342 42,393,410
695.939 Oper. income___ 27,668,627 25,876,461
Mail.................... 698,418
Express ............. 3,240,383 3,019,541 Other Income___ 4,787,487 3,504.057
Other transp. rev. 825,595
799 186
Other than transp. 1,955,855 1,781,520 Total income........32,456,114 29,380,518
Electric light____
204,417
605,685
Deductions—
Electric power . . .
619,055
501,293 Rentals leased rds. 5,062,527 5,063,855
....................
175,952
481,537 Int. on bonds___ 3,310,496 2,884,380
W ater.................
15,432
22,362 Int. on conv. deb. 2,665,307 3,081,760
Int. on debentures 4,027,273 4,930,673
Total revenue---- 90 641,905 87,230,963 Other interest___ 1,298,731
589,011
Operating exp---- 59,407,632 58,070,456 Other rentals____ 2,197,014 1,929,129
Miscellaneous___
379,263
328,308
31,234,273 29,160,507 Dividends............12,609.668 10,880,691
Net rev. from out­
side operations. 1,383,449 1,398,338
Total dcduc'ns.32,150,279 29,093,807
,
Balance ............. sur.305,835 def.313,289
Total net r e v ...32,617.722 30,558,845
Note.—All of the stock of the companies comprising the system is in the treasury
of the N. Y. N. II. A Hartford RR. except $31,600 preferred and S28.000 common
stock of the Central New England Ry.
SECURITIES HELD B Y COMBINED SY ST E M .
(a) Securities of Proprietary, Affiliated and Controlled Compatnies.
Slocks (unless other- I’ar
Book
Par Value. Book Val.
wise indicated):
Value.
Value.
N .Y .W .A I). Ry .$4,924,800 S6,241,952

Bos. A Prov. RR. $482,000 SI,458,325
_____ 5,708,000
do do notes
Boston Term. Co. 200 000
200,000 Nor. A Wore. RIt.
97,100
219,038
Ilartf.AC.W. RIt. 1,741,900 1,198,261 Old Colony R R ... 9,183,200 11,959,482
M.
A M. Trans .Co. 2,531,700
2,524,500 Prov. A Dan. Ry. 913,200
182,640
Millbrook Co.......
100,000
100,000 Prov.W.AB.,com. 486,700
730,213
do do notes
3,536,063
do do pref.
100
226
N. Y. Connec. RR. l ,500,666 1,527,204 Prov.A Wore. RR. 749,500 2,154,532
do do notes
991,337 Rutland RR., pref. 2,352,050 2,304,977
N. Y. Ont. A W.
United Tr.AEl.Co. 1,926,800 2,025,205
Ry., common..29,160,000 13,105,186 Miscellaneous......
175,231
N. Y. Ont. A W.
Ry., preferred..
2,200
3,212
Total.................................$56,405,578
(b) Miscellaneous Investments.
B. RR. Hold. Co.$3,106,500 S3,106,5001Miscellaneous............. ..........
$54,878
WatcrburyG.L.Co. 1,442,000 1,460,6851
_________
Total ......................- ................................. - .....................................S4,022,063
(c) Marketable Securities.
Par Value.

Br. API .Tram. Co. $81,900
Boston RR. Hold­
ing Co., p ref...24,493,900
East .SS .Corp..corn .2,000,000
do do p re f.. 1,500,000
do do lstM.5s 2,500,000
Hart.AC.W. notes
..........
M. A M. Transp.
Co. 4% debens. 3,250,000
N. Y. W. A B.
1st M. 4 ^ s----- 800,000

Book Val.

Par Value.

Book Val.

$127,428 Prov. A D. 1st A
ref. M. 5s......... $600,000 $463,843
24,493,900 Sea View RR. 1st
840,000
M. 5s............... 600.000
570,581
'1.462.500 U.Tr.AKl.lst M.5s 106,000
106,000
2.437.500 Billard Co. notes..
......... 11,800,000
819,782 Miscellaneous___
145,736
3,250,000
Total..................
.547,322,270
800,000

COMBINED GENERAL BALANCE SHEET JUNE 30.

1912.
1911.
§
S
Road A equip. .a328,233,648 326152,585
Securities of prop.,
Ac., cos........... 56,405,578 40,455,237
Adv. to prop., Ac.,
companies ------ 1,033,541 1,678,314
Physical prop----- 8,313,302 8,004,354
Mlsc. securities... 4,622,003 3,506,311
Cash ...................28,417,437 30,644,350
Marketable securs.47,322,270 50,954,540
Securs. in treas..
.
201 700
Loans A bills rcc. 5,021,520 6.54R364
Agts. Acond’rs— 3,564,156 2,669,341
Mat’ls A supplies. 5,145,373 5,807,789
Misc. accounts... 5,307,959 5,779,047
Acer, int., dlv„Ac. 059,660
601,514
Temp, advs., Ac. 2,164,442 1,757,360
Sinking funds----- 040,652
699,853
Insurance funds.. 1,100,810 2,176/96
Accident fund----- 1,089,404 1,698,000
Oth.dcf.deb. items 4,900,151 3,363,068

Fiscal Year—

$1,584,044

839,324

. 3,022,720
1,184,613
63,180
New England Navigation Co.

1911-12.......

Interest,
Rentals, Ac.

$809,683
832,918

$4,697,614
$789,268 $3,146,972 $1,404,544
. 5,044,737
727,040 2,430,699
1,539,560
Hartford A New York Transportation Co.
1,184,029
$222,687
$101,619
$78,508
1,210,045
202,975
39,952

Balance,
Surplus.

$8(3,6S5
414,881

$2,531,696
1,618,773
$305,798
223,023

Housatonic Power Co.

. $081,617
$306,229
$299,987
$482,511
$123,705
. 303,012
238,107
8,683
144,139
102,651
[Includes operations from March 1 1910 of Gas Light A Water Departments,
formerly operated by the Connecticut Co. (see above).]
New Bedford Martha's Vineyard A Nantucket Steamboat Co.
1911-12.................... $196,412
$13,153
......... $1,766
$8,387
Berkshire Street Railway.

1911-12....................

$884,743

$201,695

53,0-10

$164,986

$39,749

$78,929

$6,005

Nero York A Stamford Railway.

1911-12...................

$356,079

$84,518

$416

Westchester Street RR.

1911-12....... ............ $240,636
—V. 95, p. 818, 481.

def.S7,235

$178

$7,483 del’.$14,540

B o s t o n & M a in e R a ilr o a d .

{Report for Fiscal Year ending June

30

1 9 1 2 .)

T h e t e x t w ill b e c i t e d a n o t h e r w e e k .
O P E R A T IO N S A N D F I S C A L R E S U L T S .

Miles operated June 30

1911-12.
2,244

Operations—

Passengers ca rried ... . 49,284,076
Pass, carried 1 mile ..880,741,536
Rate per pass, per mile. 1.782 cts.
freight (tons) carried.. 23,694,987
Fr’ t (tons) car’d 1 m ile..2460990,977
Rate per ton per m ile.. . 1.089 cts.
Gross earns, per m ile ...
$20,493

1910-11.
2,243

1909-10.
2,243

1908-09.
2,243

48,066,086 47,305,852 42,836,742
862,472,977 804,870,875 792,420,736
1 .8 0 1 cts.
1.694 cts.
1.698 Cts.
23,064,301 ______
________
. . . ,314
„ „
22,815,528
20,41
2365046,613 2340444,728 2124899,447
1.095 cts.
1.085 cts.
1.083 cts.
$ 1 9 ,9 8 2
$ 1 9 ,3 3 2
$17,625

* Docs not Include street railways, 46.80 miles in 1911-12.
IN C O M E A C C O U N T .

1911-12.
Earnings—
$
Passenger...................... 16,178,431
Freight........ ................... 26,811,513
Express A extra baggage 1,331,482
M a lls...... ..............
415,309
1,220,629
Miscellaneous..............
Total

1910-11.
1909-10.
$
S
15,929,378 15,003,060
25,891,481 25,451,237
1,368,075
1,337,956
444,849
445,849
1,181,301 1,119,067

1908-09.
$
13,763,696
.23,014,439
1,273,911
511,964
964,688

......................... 45,990,304

44,815,084

43,357,175

39,528,698

Maint. of way A strucs. 5,823,545
Maint. of equipment__ 0,-111,596
Traffic expenses_______
475,938
Transportation expenses 21,317,653
General expenses______ 1,058,563

6,066,121
6,248,435
500,351
21,229,175
1,104,621

5,253,611
5,446,735
544,016
19,075,789
1,016,173

4,251,566
4.730,779
516,417
17,800,498
964,595

Expenses

1912.
1911.
T o ta l...................
35,087,295 35,148,703 31,336,324 28,265,855
Liabilities—
s
S
c. of op. exp. to earns.
(76.29)
(78.43)
(72.27)
(71.50)
Capital stock...5177,726,200 1768715,025 P.
Net
operating
revenue..
10,903,009
9,666,381 12,020,851 11,264,843
Mortgage, bonded
a68,236
83,414
47,260
A scc'd debt.c242,053,042 252925,592 Outside operations— net «143,423
Loans A hills pay.34,533,000 22,600,000
11,046,492
9,734,617 12,068,111 11.348,257
Traffic, Ac., bals. 3,453,621 2,166,760 Taxes accrued________
2,086,864
2,089,905
1,789,933
2,076,880
Vouchers A wages 5,806,421 6,123,120
Int.,divs.,Ac.,due 5,400,335 5,282,732
Operating income___
8,959,628
7,644,712
9,991,231
9,558,324
Mlsc. accounts... 240,710
296,487 Income from rents____
273,997
231,886
261,400
218,701
Accrued Int., Ac. 3,339,512 3,218,759 Inc. from stocks A bonds
377,227
402,711
375,390
325,672
Accrued taxes----22,154
33,359 Interest and miscell
201,642
107,393
134,477
74,527
Operating reserves 4,105,058 3,951,735
Otn.def.crcd.Items 2,859,064 2,324 445
Net Income__
____ 9,815,494
8,506,216
10,732,984
10,177,225
Approp. surplus.. 443,689
362,695
Deduct—
Equip. A personal
Rentals of leased roads. 5,176,879
5,385,054
5,265,498
,246,433
property leased. 8,372,385 8,304,671 Hire of equi ment_____ 1,063,995
818,581
626,423
752,670
Def. liab. acct.
Rent of tracks,yards, Ac.
171,884
53,637
28,624
51,499
net assets, Conn.
Interest accrued__
. 2,083,703
1,834,171
1,783,910
,859,357
Ry. A Ltg. Co.. 626,287
626,237 Sinking fund paym ent..
28,785
2S.785
28,785
28,785
Profit and loss-----14,900,609 19,600,015 Additions A betterm’ts.
198,842
41,099
Divs. on pref. stock (0%)
188,988
188,988
188,988
188,988
Divs. on com. s t o c k ...(4)1,578,903(5^)1769983(6)1,679)532 (0)1,628)373
Total.............503,942,087 504,692632
Total.............503,942,087 504092,632
, l “ ^ ' ’7Sl7 7 5 ° ft^M 832S rr,-I)n,9 n22/5'377’2,5: n° ntln8
street railways, Ac., __Balance ----------------- def .477,703df. 1,602,983 sur.783,200 sur.529,1
?ne0nt,2$4317372°ta ’ S' 28,C<5j,° 20' less> rescrvc for accrued depreciation of equipa Includes net earnings of electric street railways, 46.80 miles In 1
6 deludes In 1912 (1) capital stock, $179,583,100, less $21 571 900 held bv New against 47.53 miles In 1910-11. The earnings of these roads were:
England Navigation Co. and 5147,900 by Rhode Island Co.; balance $157 863 3 0 0
in 1911-12, $246,005, against $235,482; net, $58,978 in 1911-12.
(2) premium realized on capital stock sold (since July 1 1909) $32 786 089 less $27,953.
A ssets—




T H E C H R O N IC L E

9ot>

[ VOL. L X X X X V .

The greater portion of the locomotives have been In service from 10 to
28 years and there have been no new locomotives acquired since 1905
when the fifty Consolidation engines now used in through freight service
were purchased. These engines have required new llrc-boxcs and general
heavy repairs, white the repairs to many of the older engines practically
amounted to rebuilding. The entire freight car equipment is over ten
years of age, except 500 steel hoppers eight years old, the only steel
cars owned. The maintenance of a considerable portion of these light
capacity wooden cars of obsolete design practically amounts to rebuilding.
Out of a total of 10,773 freight cars owned June 30 1912 there were 2,139
out of service, or condemned, leaving 8,634 revenue cars, of which 0,833
arc open cars that can be used for coal and ore traffic.
Taxes.— Taxes amounted to $307,225, compared with $248,007 In 1911,
an Increase of $119,217, this being due to change in the method of assess­
ment in Ohio under the Smith 1%, law.
Bridges, Improvements, & c. —The construction of steel bridges over the
Sandusky River at Fremont, 387 ft. long; over the Huron River at Monroe­
ville, 205 ft. long; over the Huron Hiver at Norwalk, 240 ft. long; over the
Vermillion River at Clarksfield, 104.9 ft. long, the contracts for which were
let during the latter part of the fiscal year 1911, has been completed; the
old structures, which were approximately 15 years old, being replaced
with deck girder spans, designed for Cooper’s E-60 loading. At Limestone
a one-span deck girder, 90 ft. long, was constructed over Tousiiant Creek.
Two bridges on the Cleveland Belt Line were reconstructed, 35:) ft. of girder
spans replacing the truss spans. 11 trestles, aggregating 534 ft., were
replaced with cast iron pipe and filling. Three trestles, aggregating 104 ft.
were replaced with concrete culverts; 45 trestles, aggregating 4,747 ft.,
and four steel bridges, aggregating 285 ft., were rebuilt In kind.
Total net rev.. 11,543,390 10,292,983
Contracts have been awarded for steel bridges over Tuscarawas River
B A L A N C E S H E E T J U N E 30.
near Bolivar, 280 ft. long, and over Tuscarawas River near Zoar, 120 ft.
long, also for replacing with permanent concrete culverts five pile trestles;
1910.
1911.
1912.
also replacing wooden highway bridge at Hartland with pc.mauent con8
S
Assets —
$
Road and equipment______________ a80,910,874 82,539,483 07,523,403 cretc tincl steel bridge.
There were used for rail renewals a total of 1,506 gross tons of various
8,301,008 11,073,84 5
Stocks of controlled, &c., companies. 11,955,066
545,619
545,610
Bonds of controlled, &c., cos ____
515,019
290,552
218,700
Real estate_________________
218,087
1,827,244 miles, or vviiiun o.u.i i u. iveie n.-ievi m*.
1,289,953
. . .. ' V. ...
,T
1,865,832
Leased roads for betterments, &c___
0,393,275 ft. (0.0 miles) between Norwalk and Monroeville, and 11,300 ft. (2 miles) in
7,075,233
C ash__________________
7,808,034
1,165,500 connection with the change of line at Bellevue. In December 1911 work
007,371
Loans and bills receivable.... .............
2,998,380
95,017 was commenced relaying line between Pine Valley and Warrenton with new
124,292
Traffic, &c\, balances__________ _ _. .
58,112
1,425,049 90-lb. rail, and 0.2 miles have been laid. There was also 3,030 ft. of new
1,428,093
Agents and conductors........
1,063,294
, , „ ,
3,928,340 90-lb. rail laid just east of Somerdale.
4,774,784
Materials and supplies____ ______ -3,874,811
During the year there were distributed 48,069 cu. yds. of gravel ballast,
1,313,956
1,417,712
Miscellaneous accounts____
— - 1,614,720
,375 cu. yds. of cinder ballast, 20,475 cu. yds. of slag ballast and 374
1,408,023
1,757,787
2,415,644
Advances to leased roads____
u. yds. of stone ballast; a total of 77,293 cubic yards. At Twinsburg
905,220
1,098,281
1,030,579
reverse curve on a long tangent was eliminated. At Bellevue the original
743,900
;s 1,093,055
1,109,050
594,918 fine was extremely crooked and the rail badly worn. The main track was
991,062
812,420
Other deferred debit items
re-located, eliminating a dangerous curve and improving the yard and station
118,519,014 113,750,007 90,354,485 track layout at this point. The elimination of Dunham road grade crossing
just outside tnc city of Cleveland was practically completed.
Liabilities- ■
Of tlic $098,779 from Income expended for additions and betterments, it
38.529.791 28,841,091
has been necessary under the classification of the I. C. Commlsdon to charge
382,750
2,000
Install, rec’d on shs. not iss'd _
3,149,800 $101,801 to operating expenses under the headings maintenance of way
3,1-19,800
3,149,800
Preferred s t o c k ..,_______ . 5,446,331 and structures and maintenance of equipment, increasing operating ex­
0,453,410
0,501,020
Premiums on common stock sold.
abnormally to this extent.
43,849.000 43,849,000 42,073,000 penses
Funded d ebt______________ ___
Future Rehabilitation. -T h e following rehabilitation work based upon
4,400,000
0,250,000
12,000,000
Loans and bills payable.
_ ..
Immediate
reetulrcments for economy and safety, remains to be provided
1,300,679
1,402,587
1,373,500
Traffic, &c., balances___ ____ ..
2,983,520 for. Laving new 00-11). rails on 99.8 miles of road at an estimated cost of
3,917,988
3,063,044
Vouchers and wages___ .. ...
20,200 $019,805 and 80-11). used rails on 78 'A miles of road at cost of $100,325;
28,724
31,883
Matured interest, &c______
432,020 reconstruction of bridges, $568,310. [As indicated above there is also
373,273
395,050
Common dividends July 1__ _
1,567,678 need of a large amount of new rolling stock in order to operate econom­
1,428,347
1,154,109
Interest and rents July 1 .
580,710 ically and to get rid of the heavy charge for hire of equipment, which
1,109,058
715,841
Mlsccllanc: us accounts. ______
1,325,780 as shown above, amounted in the late year to $203,001 — Ed.]
1,359,280
1,423,455
Accrued interest, rents, &c— . .
Lake Coal Rate Case.— The increase of $22,345 in general expenses is
1,824,245
1,852,346
Sundry lease accounts.. . .
. .. . 1,852,340
503,215 chiefly due to law expenses incident to the Lake Coal Rate Case, covering
97,408
.
102,202
Other deferred credit items.
more
than 3 years. The complaint originally made to the Ohio HR.
1,156,508
1,221,920
. 61,289,022
Appropriated surplus .
..
.
3,010,424 Commission was for a reduction of the rate from 90c. to 60c. per ton. lhc
2,284,912
. c l,812,091
Profit and loss _____________ —
Commission reduced the rate from 90c. to 70c., its order being subse­
quently set aside by the U. S. Circuit Court as unconstitutional, Inasmuch
Total........ ......................................... .118,519,614
118,519,014 113,750,007 99,354,485 as the Inter-State Commerce Commission had exclusive jurisdiction to
regulate the rate. This decision was subsequently affirmed by the U. S.
a Includes in 1912 investment in road, $55,326,452, and in equipment,
Circuit Court of Appeals and later by the U. S. Supreme Court. (V. 9^.,
$28,660,051 (excluding leased road equipment inventoried at the inception p. 1245; V. 9 1. p. 1509.)
„
, .
. ,
of leases at $8,101,553), less reserve for accrued depreciation of equipment,
Later the shippers filed a complaint with the I. C. Commission, but
$3,070,228. b Appropriated surplus in 1912 includes additions to property before the complaint was decided said Commission reduced the Lake cargo
since June 30 1907, through Income, $191,341. and sinking fund for redemp­ coal rate from the Pittsburgh district 10c. per ton, making it necessary
tion of improvement bonds, $1,098,281. c After adding profit on sale of for tills company, on account of competition, to make a corresponding
real estate, $283,877, and deducting depreciation accrued prior to July 1 reduction in the Lake Cargo rate applicable to tills line. Subsequently
1907 on equipment retired during the year, $200,071, and miscellaneous the Commission reduced the No. 8 Ohio coal rate 10c. per ton In conformity
(net), $18,924.— V. 95, p. 740, 478,
with the voluntary reduction previously made.
C O M B IN E D INCO

E A CCO

NT.

[Includes the Boston & Maine RU., Vermont Valley IIR., Sullivan County,
R li., York Harbor & Beach UK., Mt. Washington R y., St. John bury
& Lake Champlain lilt., Montpelier & Wells River RU., Barre RU.
and Conway electric St. Ry., with inter-co. transactions eliminated.]
1911-12.
1910-11.
1911-12.
1910-11.
S
S
5
3
Revenue—
Freight............... .28,015,774 27,081,558 Total net rev____ 11,543,390 10,292,983
Passenger........- 10,200,544 10,029, 08 Taxes accrued___ 2,155,903 2,105,903
474,949
474,296
Mail------ --------Oper. income.. 9,387,427 8,127,020
Express — ........ 1,240,164 1,278,977
775,588
819,314
Other trans. rev. 1,129,127 1,024,030 Other income___
Other revenue—
700,185
740,983
Gross eorp. Inc. 10,200,741 8,902,008
Total oper. rev 47,820,090 46,630,306
Deductions—
Expenses—
Rent, leased roads 5,170,879 5,385,05.3
920,398
Main, of way, &c 0,129,201 0,383,479 Hire of equipment 1,151,570
09,740
189,321
Main, of cquioment 0,000,707 6,414,786 Other rents.........
Traffic...............
509,423 Interest accrued-. 2,305,008 1,979,132
480,477
28,785
28,785
Transportation . 22,10.8,014 21,937,981 Sink. fd. payment
General............. 1,101,724 1,159,890
Total deduc’ns. 8,851,563 8,383,108
519,509
Total op. exp. 30,426,123 30,405,55'.) Balance, surplus.. 1,355,178
Net oper. rev__ 11,399,967 10,224,747
Outside op. rev..
68,230
143,423

W h e e l i n g & L a k e E r ie R a ilr o a d .

{Report for Fiscal Year ending June

30

1 9 1 2 .)

^ R e c e i v e r B . A . W o r t h i n g t o n , C l e v . , J u n e 3 0 , w r o t e in s u b s t :
Results.— Gross operating revenues amounted to $7,498,147, an increase

compared with 1911 of 10.20%, and an increase of 7.88% compiled with
1910, the largest previous year. The decrease in gross from $533,097 in
April 1911 to $380,003 in April 1912 was due to the suspension of coal­
mining on the line during practically all of April 1912, pending the
readjustment of the miners' wage schedule. Compared with 1 9 1 1 , revenue
from general freight increased 2.76%; ore, 63.87%; coal, 1 6 . 1 8 % ; mis­
cellaneous, 5.15%. Passenger revenue decreased .67%. Of the total
tonnage handled, coal traffic contributed 46% in 1912; 45% In 1911; 44%
In 1910; 17% In 1909; 45% in 1908, and 47% In 1907,
Bituminous Coal Tonnage (from a table in the pamphlet report).
1910-11.
1909-10.
1908-09.
1907-08.
1 1911-12.

4,328,082
4,398,558
3,893,700
4,191.711
4,877,102
Net operating revenue amounted to $2,459,811, compared with $2,056,440
In 1911 an increase of 19.01%; and, compared with 1910, tlio largest prev, „ U9 year, an increase of 13.13%.
Nevertheless the expenditures for
lous
maintenance of way and structures were Increased 10.58% and for main­
tenance of equipment 5.57%, compared with 1911. There is also included
in maintenance of way $161,801, incident to various renewals, additions
anil betterments which, under the classification of the I. C. Commission is
properly chargeable to operating expenses; in 1911 this item was $148,110.
Ore traffic, which had amounted to slightly in excess of a half-million
tons for the years 1908 to 1911 inclusive, aggregated 840,001 tons in 1912.
an increase compared with 1911 of 328,247 tons, or 02%. This traffic,
while it pays a very low rate per ton and per ton mile, is handled in the
direction of empty train movement and at only slight additional expense.
As compared with the year 1907-08, the first year of the receivership
notwithstanding an Increase in gross ton miles of 21.05%, the freight
train mileage increased only 3.06$$, so that the average net tons per
train mile increased 22.92% and the average revenue per train mile in­
creased from $2 74 In 1908 to $3 84 In 1912. or 40.15% . The more striking
features in connection with traffic and transportation statistics are shown
in the report graphically on charts attached to the report.
The deficit In 1908 of $003,927 has been converted to a surplus of $718,117
However, tho deficit In the earlier year Includes $400,000 interest on the
company’s Issue of $8,000,000 three-year gold notes, which Is not
included in subsequent years, so that on a comparable basis the deficit
in 1908 would amount to $203,927. There was an Increase in the debit
under hire of equipment in 1912 from $64,751 in 1911 to $208,3o2,or $203,­
601, from which it is apparent that had it not been necessary to take out
of service 2,139 light capacity wooden coal cars of obsolete design, the
surplus for the fiscal year 1912 would have been something over $900,000.
Maintenance.— A considerable portion of the increase In maintenance of
way and structures Is Incident to the heavier tie renewals.
Maintenance of W ay and Structures per M ile of Total Track.

1912.
$942

[In 1912. 920 miles, viz.: main, 522; sidings, &c., 404.]
1911. 1910.
1909. 1908. 1907.
1906. 1905. 1904.
$872 $898
$772
$862 $961
$1,045 $976 $937
Tie Renewals— Number of Ties— per M ile of M ain Track.

1912.
334

1911. 1910.
223 360

1909.
272

1908. 1907.
219 214

1900. 1905.
200
254

1904.
280

Cost of Repairs to Locomotives, Passenger Cars and Freight Cars

1912.
$2,755
On hand. No.. 192
Per pass. c a r .... $593
70
On hand, N o..
$47
Per freight car.
.10,773




1911.
$2,925
198
$007
77
$38
11,200

1910.
$2,771
198
$681
70
$44
11,929

1909.
$3,170
225
$835
70
$01
13,039

1908.
$1,941
244
$355
70
$32
14,218

OPERATIONS AND FISCAL R E S U L T S .
1911-12.
1910-11.
1909-10^
457
457
457
O p era tio n s-,
--------------------------9,974,074
—
9,525,749
10.6 11.187
175403.308 1059.785,592 1100,045,300
1,801,938
1,650,054
reight train miles------- 1,073,953
040
080
740
Av. net tons per tr. m ..
0.543 cts. 0.539 cts.
0.547 cts.
Revenue per ton per mile
$3.29
$3.48
$3.81
Revenue per train mlle.
1,812,055
l,44u,980
1,800,707
Passengcrs (N o.)----- Passengers 1 mile (N o.). 40.004,638 39,219,243 37,081,041
1,55 cts,
1.50 cts.
1.51 Cts.
Rev. per pass, per mile.
$15,198
$16,395
$14,870
Gross earnings per mile.
$4,7o5
$5,379
$4,497
Net earnings per mile__

Average revenue mileage

1903
$1,139
1903
279

1907. ' 1906
$1,701 $1,594
207
243
$73
$434
77
77
$30
$35
13,890 12,113

1908-09 .
4 <2
8.33R704
020
0.540 cts.
$3.18
1,101,790
30,442,152
1.63 cts.
$12,711
$3,241

IN C O M E A C C O U N T .

1011-12.
Operating Revenue—
5
Coal freight.................. - 3,157,050
Other freight.................. 3,276,444
003,703
Passengers......................
105,028
Mall and express...........
285,545
Miscellaneous — ..........
09,710
Other than transportation

1010-11.
?
2,717,782
3,037,334
607,836
08,811
270,586
68,358

1009-10.
$
2,841,679
3,086,890
565,045
87,090
261,800
103,433

1008-09.
$
2,338,053
2,466,360
497,714
86,154
180,110
56,245

Total oper. revenue. .
Operating Expenses —
Maintenance of way. &c.
Malnt. of equipment —
Traffic expenses............
Transportation expenses
General expenses..........

7.498,146

6,800,707

6,950,437

5,633,645

871,515
1,402,075
90,315
2,485,884
188,546

747,538
1,328,110
96.136
2,406.282
166,201

700,714
1,389,684
85,648
2,366,947
167,061

617,056
1,380,978
74,231
1,947,807
179,746

Total oper. expenses.
Net operating revenue. .
Taxes -- .............. ..........

5,038,335
2,459,811
307,225

4,744,267
2,056,440
248,007

4,776,054
2,174,383
201,504

4,200,718
1.432,927
260,336

Operating income----Outside operations........

2.092,580
1,770

1,808,433
515

1,912,878
035

1,172,591
902

2,094,362
T o t a l_______ _______
Hire of equipment— bal. Dr. 268,353
24,157
Miscellaneous................

Dr. 64,752

Dr. 55,486

Dr. 59,567

1,850,160

1,777,110

1.915,175

1,146,906

£633,030
106,500
69,741
250,655
2,828
66,311

£633,030
120,290
68,250
234,112
11,280
92,753

321,110
132,653
50,577
06,123
61,670
37,305

245,000

182,160
237,877

1,407,724
sur537,451

1,119,474
sur27,432

Total Income.............Deductions—•
£633,030
Int. on mortgage bonds.
94,982
Int. on equip, obligations
08,997
Interest and discount —
244.466
Int. on receiver’s certlfs.
Discount on recelv. certs.
00~ 574
Rents paid......................
Rental of equipment from

1.808,948

32,920

Equip, oblig’s pd. by rcc’r
1,132,049
Total deductions___
Bal., surp. or deficit___ sur718,lt7

1,129,155
sui-617,901

1.013,813

86,847

1,173,493

32,980

x Deductions In 1912, 1911 and 1910 on account of mortgage bond interest
($633,030) include 12 months’ interest on the following Issues: Lake Erie
Division 5s, $2,000,000, $100,000: Wheeling Division 5s, $894,000. $14,700,
extension and Improvement 5s, $409,000, $20,450; consolidated 4s, $11,­
097,000, $467,880. As to deductions in 1908-09, sec V. 89, p. 842.

Oct. 12 1912.]

T H E C H R O N IC L E

1 )6 7

C O M P A N Y 'S B A L A N C E SH E E T J U N E 30.

1012.
KoadNfecqulpm't.58,030,358
Secure, issued or
assum—pledged 12,000,000
Secure, of control’d
cos.—unpledged 360,018
Other investments 3,102,480
Cash___________
1,730
Miscell’s working
assets.............
122,864
Del. debit items.40,904
Proflt and loss___ 1,913,221
Total

1911.

1912.

Liabilities—

- ...........75,572,241 75,274,713

W e s t e r n U n i o n T e le g r a p h C o m p a n y .

1911.

S

58.262,325 Common stock__ 20 ,000,000
First prof, stock-- 4 ,086,900
12,000,00 0 Second pref. stock.11 ,993,500
Mortgage bonds. .35 ,000,000
300,018 Loans & bills pay. 1,155,000
3,103,689 Vouchers A wages. 050,709
1,831 Miscell’s accounts,
17,028
lilt., &c., due &
121,807
accrued........... 1 708,447
42.170
1,379,207

S
20,000,000

4,980,900
11,993,500
35,000,000
1,155,000
052,542
118,274
1,308,497

Total ________ 75,572,244 75,274,713

{Report for Fiscal Year ending June

T otal..................9,718,110 9,010,301
____

Total...................9,718,116 9,046,304

a Road and equipment (before crediting $561,271 for reserve for accrued
-depreciation of equipment, viz., $5,930,492) consists of (1) road, $2,401,841
of which $1,163,138 was derived from receiver’s certificates and $1,238,703
from income; (2) equipment, $3,5 8,650, of which $603,257 was provided
by receiver’s certificates, $865,893 from income, and obligations are out­
standing for the remainder, $2,059,500.— V. 95, p. 888.

Taxes

(■Statement for Fiscal Year ending June

$3,887,095
77,850

713,414

$29,153,632 $25,764,4051' $23,193,966
900,000
849,898J

$30,053,632 $26,614,303 $23,193,966
$5,425,161 $6,139,808 $7,317,107
1,680,196
1,135,092
(?)
Net profits..................... $6,923,971 $7,105,357 $7,274,900 $7,347,107

B alan ce---------$5’,597’,603
Income from Invest., Ac. 1,326,368
Disbursements—

For interest on bonds. . . $1,670,417
Reserves for repairs and
reconstr. of land lines *1,250,000
Cash dividends.............. ' 2,991,823
Rate per annum_____
s%

$1,733,390

$1,687,830

$1,732,250

2,991,304
3%

2,989,696
3%

2,739,436

2H %

$4,677,526 ...........
Total disbursements. . $5,912,240 $4,724,694
..... .................
......
$1,471,686
Balance ----------------- sur$l,011,730sur$2,380,663sur$2597,374sur$2875,421
burp. July 1 (beg. year)
10,114,350 7,733,693 18,867,462 15,992,041
„ T o t a l........................... $11,126,086 $10,114,356 $21,464,836 $18,867,462
Prem. on conv. redeem.
bds. ret. May 1 1912.
400,000
............................................................
Adjustments------------------------------------- 13,731,143
________
$7,733,693 $18,867,462

appropriation is in addition to the 6 months’ appropriations from
Jan. 1 to June 30 1912 ($1,700,000). See remarks on a subsequent page.
t

30

1 9 1 2 .)

Y e a r e n d i n g J u n e 30— 1911-12.
1910-11.
1909-10.
1908-09.
Operating revenues-----$13,932,153 $12,907,788 $12,052,756 $11,155,182
Operating expenses----- 9,923,262
9,020,093
8,474,010
7,862,036

Net operating revenues $1,008,891
Outside operations (net)
08,590

1910-11.
1C09-10.
1908-09.
$35,478,793 $32,754,111 $30,541,073

Surp. June 30 (end ycar)$10,726,086 $10,114,356

C e n tra l o f G e o r g ia R a i lw a y .

1 9 1 2 .)

R E C E IP TS A N D D IS B U R S E M E N T S .

1911-12.
Revenues for year.........$41,661,43!
Oper. exp., incl. rent of
leased lines, re-con-

R E CE IVE R 'S B A L A N C E SH E E T J U N E 30.

1912.
1911.
1912.
1911.
A s se ts —
s
S
8
Liabilities—
S
Itoad & equipment_a5,369,220 4,919,934 Car trust bonds........ 287,500 386,500
Ad van. to controlled
Equip, sk. Id. bonds. 1,548,000 1,07.3,000
cos. lor constru’n. 1,014,700 1,014,70 Receiver’s certifs__ 4,190,850 4,190,850
Misc. investments
03,400
03,400 Traffic, Ac., balances 99,375 128,495
Cash....................... 992.379 817,542 Vouchers & wages.- 053,107 594,715
Agents & conductors 100,411 127,194 Miscel. accounts----- 112,097
44,845
Materials A supplies. 420,858 428,219 Int. & taxes accrued. 557,70S 495,035
Misccll. accounts.. . 985,404 944,258 Deferred credit items 180,701 102,382
Deferred debit items. 171,084 101,057 Prollt and loss.........2,088,718 1,309,882

30

The remarks of President Vail will be found’at length on
subsequent pages. Below we show the comparative in­
come account and balance sheet for several years:

$3,577,846
09,771

$3,293,146
61,548

F is c a l
Y ear,

M ile s o f M ile s o f
p o le s & c a b le s .
w ire ,

1866-67------ 46,270
1879-80------ 85,645
1892-93------ 189,936

N o. of
o ffic e s .

M essa g es
s e n t.

85,291 2,565
233,534 9,077
769,201 21,078

T o ta l
in c o m e .

N et
p r o fits .

5,879,282 $6,568,925 $2,624,920
29,215,509 12,782,894 5,833,938
66,591,858 24,978,443 “

Total net revenue----- $4,077,48! $3,905,551 $3,647,017 $3,354,094
Taxes accru ed...............
625,504
560,125
540,619
487,827
10-214,3601,429,019 24,825
11 215,7631,487,345 24,926
12-217,4721.517,317 25 392

Opcr. Inc. (after taxes) $3,451,977
Other Incom e............. .
707,300

$3,405,426
708,874

$3,106,998
730,182

$2 ,8 0 0 ,8 0 7
720,056

190919101911-

Total income.............. $4,159,337
Int. on funded debt, Ac. 1,900,190
Rentals and mlsceflanc’s
592,948
Betterments (lncl. res’ve) . . .
Tax settlement (prior to
July 1 1908).......................

$4,174,300
1,927,950
523,604
1.147,307

$3,837,180
1,959,556
558,285
1,318,123

$3,587,523
1,977,844
550,414
837,102

•Not Including messages sent over leased wires or under railroad contract.
BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
Assets—
S
S
L ia b il it ie s —
$
Telegraph lines
Capital stock... 99,786,759 99,780,903
and cquipt.a.129,000,539 131,503,226 Sub fltks.not owned(par):
Real estate___ 5,948,150
5,913,876
Perpetual leases 3,435,475 3,435,475
Patents...........
'
122,935
108,957
Stk. ownership 457,900
458,000
Amount recover­
Fund, debt (see
able at expira­
‘‘Ry.AInd.” sec.)c32.602,000 40,584,000
tion of lease.. 1,180,000
1.1S0.000 Temporary loan _______
3,500,000
Stk. of cos. leas’d 66,267,267 66,263,453 Accts. payable. 3.244,175
1,985,023
Stk of cos. not
Accrued taxes..
461,423
787,342
lereed--------- 4,874,769 4,878,583 Int.Agu.dlvs.accr’d 319,287
323,586
Sinking fund__
69,367
33.890 Unpaid dlvs.OnMisc. investm’ts
357,8S7
356,728
clud. July 15)
781.999
779,544
Purchase money
Def. non-lnt.notes Aoblig’ns 8.000,000 16,500,000 bearing 1labII’s e 12,385,763 12.382,901
Material A supp 2,308,585 2,431,644 Res. for cables. 1,585,081
1,333,221
Bills A accts. rec.
Res. for reconst.
(less reserve). 6,313,001
5,092,298
of land lines. 1,411.981
Treas. balance.. 3,082,492
1,599,488 Other reserves..
327,062
389,727
Surplus............. 10.726.0S7 10,114.356
Total........... 107,524,992 175,860,143
_____
Total........... 167,524,992 175,860,143

213,502

B alance...................... $1,666,193 sur.$575,433 sur.$1,210 sur.$2,001
There was reserved for 5% dividends on the 3 classes of the remaining
income bonds outstanding, which were paid Oct. 1 1912, the sum of $21,­
587. Total surplus June 30 1912, after payment of the same, $1,798,883.
— V. 95. p. 889, 110.
I n t e r n a t io n a l A g r ic u ltu r a l C o r p o r a tio n , N e w Y o r k .

{Report for Fiscal Year ending June

30

1 9 1 2 .)

Ernst] & Ernst, Public Accountants, Sept. 26, wrote in part:
We have completed our third annual audit of the books of the corporation
and its subsidiaries, the Atlas Phosphate Co., the Agricultural Investment
■Corporation and the Florida Mining Go., and submit herewith condensed

sohaft Is based upon option price under which, if exercised, there will be
.?h.™ yoVr cornPanF under the terms of contract $500,000 of your pref.
8 mi a!' *’'00,000 of your common shares at par and the balance In
balanc9 <Jue of $467,119 on open account from Kallwcrkc
s>oiisteut (jewerkschaft is now pending settlement. Provision has been
made lor all known llablltles, Including accrued dividends, interest, taxes,
u c ; Owing to the company's liberal policy with reference to maintenance
a? « i P ? alrs’ atlc* expenditures made therefor, and the present high degree
or erticlency of all of its plants, no specific provision has been made for de­
preciation, as it is considered that such expenditures fully offset tills item.
S e a also offering of $9,892,000 bonds in June last, V. 04, p. 1767; also
sec V. 94, p. 909, 282.
C O N SO LID A TE D IN C O M E ACCO U N T Y E A R S E N D E D J U N E 30.

1911-12.
$

Net (aft. rep’rs.Ac.).2,031,209
Int. on bonds, A c.. 565,096

1910-11.
S

See
below.

1911-12. 1910-11 •S
S
Balance ................ 1.405,513 1,420,340
Pref. divs. (7% )---- 914,505 835,527

Balance...............1,405,513 1,420,346
Surplus................ 551,008 584,819
,, "Gross earnings’ ’ for the fiscal year 1910-11 (after deducting interest on
floating debt) were $2,041,917; general selling and overhead expenses
$021,571, leaving remainder, as above, $1,420,346.
IN T E R N A T . A G R IC U LT U R A L CORD. B A L A N C E S H E E T J U N E 30.
1912.
1911.
,
1912.
1911.
A qsp/q—.
c
q
L ia b il it ie s —
$
§
Gash ..........
2,300,752
957,329 Preferred stock..*13,059,300 12,100,000
Notes A accts. rcc. 6,388,247 4,573,394 Common stock.. .x7,827,100 7.835,900
Accrued earnings. 1,157,535
823,795 1st M. coll. tr. 5s. 13,000,000
Mdse, on hand... 2,050,710 1,876,450 Bills payable........ 3,125,000 7,740,571
Kollwcrke Sollstcdt
Accts. payable.. .
594,041
474,804
Gew. (bal. due on
Accrued accts___
211,001
78,012
adj. acct.)-----407,120 ............. Bonds of sub. cos.
750
Fert. plants and
ltcs’ve for cumula­
contract, A c ... 3,222.853 2,239,975
tive div. on pre­
Phosph. rock Propl8,853,078)
ferred stock.. . . 457,070
458,281
Kathy. Soli. Gew. 1.489,025)18.794,439 Reserves for dis­
Inv. inoth.sub.cos 1,701 8891
counts, Ac........
55,999
50,000
Prep'd royaltles.Ac 360|392
317 947 Surplus earned...yl,474,823 1,129,422
■Organization, bond
dlsct., exp’s,Ac. 1,801,339
644 405
Total............. .39,805,640 30,227,800

Total ............. .39,805,540 30,227,800

Turn.1™

sh2wn aftcr deducting amounts In treasury, namely
o i l l * ? ’400 brcf- and ? 1,503,800 common.
ncn^f,«Ilc L cha,rKCS- aealnst surPlus affecting previous year’s
Jewerkschaft, &S , $205,607° ° onc' half lntclcst 1,1 Kallwcrkc Sollstcdt
I N TER N A T AOR ^ f i f f V R A L CORD. A N D A L L IE D COME A N IE S
C O N S O L ID A IE I) B A L A N C E SH E E T J U N E 30 1912.
Assets ($45,402,018) —
L ia b il it ie s ($45,462,018)—

Plant and equipment, phos­
phate rock, Ac.................$25,578,010
Investments (lncl. 50% or
minority Interests)........... 4,201,472
Current assets...................
12,881,052
(Expenditures chargeable to
future operations............. 2.801.478
—V. 95, p. 893.




7% cum. pref. stock.............$13,059,300
Common stock....................
7,827,100
1st M. coll. tr. 5% sk. fd. g. bdsl3,000,000
Current liabilities____ _____ 4,002,223
Reserve for pref. dividend...
457,075
Reserve for rock depletion,
doubtful accounts, Ac___
357,510
Fixed surpluses (sub. cos.).. 1,623,981
Surplus................................. 1,474,823

-

75,135,405 33,889,203
Not given 37,158,989
Not given 42,987.807

7,274,900
7,105,357
6,923,071

. a Telegraph lines and equipment Include properties controlled by stock ownership

or held under perpetual leases and merged In the Western Union system, b Stock of
cos. leased does not Include securities held by the company as lessee, amounting to a
par value of $2,236,642. c Funded debt Includes In 1912 bonds of subsidiary cos
assumed or guaranteed by the W. U. Tel. Co., $7,000,000, less held In treasury!
S3,143,000. e Deferred non-interest-bearing liabilities consist of proceeds of sales
of securities and other properties held under leases for terms expiring In 1981 and
fr.o m lessee cos. in which the W. U. Tel. Co. has for the most part a controlling
interest, payable only on the determination of the leases.—V. 95, p. 685, 425.

GENERAL

IN V E S T M E N T

R A IL R O A D S , IN C L U D IN G
A la b a m a N e w

O r’ e a n s T e x a s

NEW S.

E L E C T R IC
&

ROADS.

P a c ific J u n c tio n R y s .—

Beginning Oct. 1 1912, upon surrender of coupons Nos. 43 and 44, due
April 1 and Oct. 1 1912, Interest for the cal. year 1912 was paid on the
£840,000 "C ” (Income) debentures at the full rate of 5% , less income tax
“ * office
-----of* ^i.."
u - Currie
---- •- A
• 'i—
V. 94, p. 628.
at
Glyn, m
Mills,
Co., »London.
A la b a m a

&

V ic k s b u r g

June SO.
Operating
Year—
Revenues.
1 91 1 -1 2.....................$1,605,190
1910- 11------------------- 1.741,983
— V . 93, p. 1021, 1188.
A n n A rb o r R R .-

Fiscal
Gross
Year—
Earnings.
1911-12___ $2,120,384
1910-11____ 1,934,616
— V. 04, p. 205.

Earnings.

R y .—

*7‘''
Net
Income.

$388,802
488,421

-Earnings.—
Net (after
Taxes).

$525,430
453,236

" '
' <'ft
Interest
Rentals.

$130,773
122,164

-F o r

year:

Divs.

Balance,
Surplus.

(7% ).
$147,000
147.000

$111,029
219,257

F o r y e a r e n d in g J u n e 3 0 :

Other
Income.

$51,226
52,838

Total
Deductions.

$396,372
342,928

Balance,
Surplus.

$180,284
163,146

A t l a n t i c C o a s t L i n e R R . — Rights.— T h e d i r e c t o r s h a v e
v o te d to r e c o m m e n d to s to c k h o ld e r s t h a t a t th e a n n u a l m e e t ­
in g o n N o v . 1 9 t h e a u t h o r i z e d c o m m o n s t o c k b e in c r e a s e d b y
.$ 6 ,0 0 0 , 0 0 0 t o p r o v i d e t h e g r e a t e r p a r t o f t h e a m o u n t n e c e s ­
s a r y t o t a k e u p t h e p r o p o r t i o n t o w h ic h i t is e n t i t l e d ( a b o u t
5 1 % ) o f th e n e w $ 1 2 ,0 0 0 ,0 0 0 L o u is v ille & N a s h v ille s to c k
is s u e (s e e t h a t c o m p a n y b e l o w ) .
T h e n e w s t o c k w ill b e o f ­
fe re d to s to c k h o ld e r s p r o r a ta a t p a r to th e e x t e n t o f 1 0 %
o f th e ir p r e s e n t h o ld in g s .
T h e d a t e a n d c o n d itio n s o f s u b ­
s c r ip t io n w ill b e a n n o u n c e d in a c ir c u l a r a f t e r t h e s t o c k ­
h o l d e r s ’ m e e t i n g .— V . 9 4 , p . 4 1 6 .
A tla n tic Ito rth e rn & S o u th e r n R y .—

See Iowa Short Line R R . below .

Successor C om pany. —

V. 93, p. 939.

B e a u m o n t & G re a t N o r th e r n R R .—

Sale of R oad.—

See Missouri Kansas & Texas R y . below .— V . 91, p. 588.
B e r k s h ir e

S tre e t R y .—

Stock A uthorized.—

The Massachusetts R R . Commission has authorized an Issue of $330,000
additional stock at par, to pay the cost of the State Line extension.—
V . 94, p. 1117.

[VOL. LXXXXV.

T H E C H R O N IC L E

968

L o u i s v i l l e & N a s h v i l l e R R . — Option to Subscribe.— T h e
c a p it a l s to c k h a v in g b e e n in c r e a se d fr o m $ 6 0 ,0 0 0 ,0 0 0 to
$ 7 2 , 0 0 0 , 0 0 0 , a c ir c u l a r d a t e d O c t . 1 0 1 9 1 2 o f f e r s t o s h a r e ­
h o ld e r s o f r e c o r d a t 3 p . m . N o v . 7 t h e r i g h t t o s u b s c r i b e
a t p a r ($ 1 0 0 a sh a re) o n th e w a rr a n ts o f th e c o m p a n y , a t
it s o f f i c e , 7 1 B r o a d w a y , N . Y . , n o t l a t e r t h a n 3 p . m . D e c . 1 6 ,
fo r th e $ 1 2 ,0 0 0 ,0 0 0 n e w s t o c k , to th e e x t e n t o f o n e sh a re

B o o n v i l l e S t . L o u i s & S o u t h e r n R y . — Listed.— 1
The N ew
Y o r k S t o c k E x c h a n g e h a s li s t e d t h e $ 5 0 0 , 0 0 0 1 s t M . 4 0 - y e a r
5 % b o n d s , d u e 1 9 5 1 , g u a r a n t e e d , p r i n c ip a l a n d i n t e r e s t , b y
th e M is s o u r i P a c ific R y . — V . 9 3 , p . 2 8 5 .
B o s t o n & M a in e R R .—

Report.—

S ee “ A n n u a l R e p o r t s .”
T h e s to c k h o ld e r s v o t e d o n O c t . 9
t o is s u e $ 1 0 , 6 6 3 , 7 0 0 a d d i t i o n a l c o m m o n s t o c k a n d $ 7 , 5 0 0 , 0 0 0
2 0 - y r . b o n d s , o f $ 1 ,0 0 0 e a c h , b e a r in g n o t to e x c e e d 4 X
A % i n t .,

Securities Authorized.—

f o r t h e p u r p o s e s s t a t e d in V . 9 5 , p . 7 4 9 .
B o s t o n R a i l r o a d H o l d i n g C o .— Dividend—

Status.—

fo r

•

S ee N . Y . N . H . & H . R R . u n d e r “ A n n u a l R e p o rts ” a b o v e .— V . 9 4 , p . 2 0 5 .
B r a z ilia n T r a c t io n , L i g h t & P o w e r C o .—

First Dividend.

C en tra l N e w

E n g la n d R y .—

fiv e

sh ares

of

p resen t

h o ld in g s .

M e x i c o N o r t h w e s t e r n R y . — New Officer.— U . d e 13. D a l y
h a s b e e n e le c t e d T r e a s u r e r .— Y . 9 5 , p . 4 7 8 , 1 7 G .

A n In itia l d iv id e n d of \ ' A % h a s b ee n d e c la re d o n th e 5 1 0 1 , 5 0 0 , 0 0 0 s to c k
f o r th e q u a r t e r en d in g O c t. 3 1 , p a y a b le N o v . 15 to h o ld e rs of re c o rd N o v . 1 .
D iv id e n d s a rc p a y a b le in L o n d o n , N . Y ., B elg iu m , S w itz e rla n d a n d G er­
m a n y , a t p la ces c o rre s p o n d in g g e n e ra lly w ith th o s e m e n tio n e d in V. Do,
p . 17 5; p a y m e n ts In L o n d o n a re s u b je c t to th e in c o m e t a x .
__
C e rtific a te s of d e p o s it Issued b y th e C a n a d ia n B a n k of C o m m erce fo r
s h a re s of th e co m p a n ie s a m a lg a m a te d w ill b e e x c h a n g e d fo r s h a re s of th e
B ra z ilia n c o m p a n y a t th e m a in o ffic e o f th e b a n k a t T o ro n to on a n d a f te r
O c t. 1, e x c e p t sh a re s In e x c h a n g e fo r th o s e o f th e R io d c J a n e iro 1 r a m w a y ,
L ig h t & P o w e r C o ., w h ic h w ill n o t b e Issued u n t i l a f t e r N o v . 1 .
v . 9o,
p. 618, 543.
_

M in n e a p o lis S t . P a u l & S a u lt S t e . M a r ie R y . —

Guaranty.— •

See W isconsin C entral R y . below .— V . 95, p. 750, 745, 544.
M i s s o u r i K a n s a s & T e x a s R y . — Acquisition.— T h e c o m ­
p a n y h a s p u r c h a se d th e e n tir e c a p it a l s t o c k o f th e B e a u m o n t
& G r e a t N o r th e r n R R . , w h ic h e x t e n d s th r o u g h th e lu m b e r
d is tr ic t fr o m W e ld o n to L iv in g s t o n , T e x ., 4 9 .3 m ile s , c o n ­
n e c tin g w ith th e “ O r p h a n ” b r a n c h o f th e M . K . & T . a t

Improvements— Earnings.

See a n n u a l r e p o r t o f N . Y . N . H . & H . R R . a b o v e .

every

S u bscriptions arc payable $20 per share a t tim e o f m a k in g s u bscrip tio n,
n o t la te r th a n Dec. 10 1912, and $80 per share on o r before I'e b . 10 1913.
S ub scrip tio n w arrants ancl a fu lle r c irc u la r w ill be m ailed N ov. 1.) l y i^ *
F ra c tio n a l rig h ts m u st be adjusted b y sale o r purchase in th e open m a rk e t.
Compare V . 95, p. 544, 891, 895, 886.

T r in it y .— V .

V . 9 5 , p .4 1 8 .

C e n t r a l P a r k N o r t h & E a s t R i v e r R R . — Foreclosure Sale.—
T h e p r o p e r t y w ill b e s o l d a t f o r e c lo s u r e s a l e o n O c t . 3 1 , b y
d e c r e e o f th e U . S . D is t r ic t C o u r t , u n d e r th e c o n s o lid a te d

95, p.

111.

_

N a s h v ille C h a tta n o o g a &

Gross
Net
June SO Earnings. Earnings.

Other Int..T axes
Incom e.
& R ents.

1 9 lY -l2.. 12,262,675 2,883$,804 373,221
1910- 11..12,323,863 3,043,903 437,948
— V . 95, p . 111.

m o r t g a g e f o r .$ 1 , 2 0 0 , 0 0 0 .

T h e sa le w ill ta k e p la c e a t th e n o r th m a in e n tr a n c e of th e C o u n ty C o u rt
H o u se , M a n h a t ta n .— V . 9 4 , p . 9 1 0 .

N ew

O r le a n s &

Earnings.—

S t. L o u is R y .—

Dtvi- Balance,
dencls. su rp lu s.

1,860,845 (6 ^ )6 4 9 ,0 0 2 747,178
1,850,909 (6)o99,079 1,031,863

N o r th e a ste r n R R .—

Earnings.—

F or year:

C h i c a g o G r e a t W e s t e r n R R . — Changes.— •
June SO.
Operating Net (after Other
Int. &
Dividends Balance,
W.
A . G a r r e tt h a s b ee n ch o se n V ic e -P re s id e n t In c h a rg e of o p e r a tio n , Year—
Revenues.
Taxes). Income.
Rentals.
Paid. S urplu s.
a s s u m in g th e d u tie s of G en. M gr. In p la c e of H ira , J . S life r, w ho re s ig n e d .
1911- 1 2 .-.$ 3 ,7 65 ,7 5 4 $878,235 $148,578 $655,429 (5)$300,000 $71,384
M ilto n T o o tle J r . of S t. J o s e p h b eco m es a d ire c to r in p la ce of A . I I . G llla rd .
1910- 1 1 . - - 3,527,931 1,008,859 103,364
586.332 (6 H )3 9 0 ,000 140,891
V. 9 5 , p. 8 8 9 , 6 1 8 .
— V . 95, p. 750.
, ,
C h ic a g o I n d ia n a p o lis &

L o u is v ille

R y .—

Earnings.— •

N . Y . C e n tra l & H u d s o n R iv e r R R .—

C h ic a g o &

I n t e r u r b a n T r a c t io n C o .—

Sale of Collateral.—

N e w Y o r k C o n n e c tin g R R .— $ 3 0 ,0 0 0 ,0 0 0
N ew
■

C h ic a g o P e o r ia &
S t . L o u i s R y . — Foreclosure.— J u d g e
H u m p h r e y in t h e U . S . D i s t r i c t C o u r t a t S p r i n g f i e l d , 111.,
o n O c t . 8 s ig n e d a d e c r e e o f f o r e c lo s u r e u n d e r t h e c o n s o l i ­
.

T h e ro a d is to be sold by J a n . 1 1 9 1 3 , s u b je c t to th e $ 2 ,0 0 0 ,0 0 0 p rio r
lien m o rtg a g e a n d p u rc h a s e d b y th e c o m m itte e re p re s e n tin g th e co n so li­
d a t e d m o rtg a g e b o n d s a n d re o rg a n iz e d as th e C hicago P e o ria & S t. L o u is
Railroad, p e r p la n V. 8 9 , p . 2 8 5 .
U p se t p ric e , $ 7 5 0 , 0 0 0 . T h e a m o u n t
d u e fo r p rin c ip a l ( $ 2 ,0 0 0 ,0 0 0 ) a n d in te r e s t o f th e c o n s o lid a te d m o rtg a g e
b o n d s is $ 2 ,4 4 3 ,6 2 9 . — V . 9 5 , p . 8 8 9 .
C le v e la n d

(E le c tr ic )

R y .—

Stock All Subscribed.—

T h e new issue of $ 3 ,0 1 4 ,9 2 0 s to c k h a s , it is s t a t e d , b ee n all s u b s c rib e d ,
m a n y of th e s to c k h o ld e rs h a v in g a p p lie d fo r m o re t h a n th e ir 2 0 % a llo tm e n t.
— V. 95, p. 749, 480.
D a lla s

( T e x .)

S o u th e r n T r a c tio n

C o .—

Sale.— •

S ee S o u th e rn T ra c tio n Co. b e lo w .— V . 9 4 , p . 1 2 3 .
E n i d O c h il t r e e &

W e s te r n R R .—

Receiver Discharged.—

T h e D allam C o u n ty D is tric t C o u rt on O c t. 6 d is c h a rg e d R e c e iv e r H e n ­
d r ic k s . T h e p a rtie s w h o r e c e n tly p u rc h a s e d th e ro a d a t fo reclo su re sale
a r c , It is s ta t e d , a r ra n g in g to fin a n c e th e p ro je c t, a n d it is e x p e c te d t h a t c o n ­
s tr u c tio n w ill b e re s u m e d s h o rtly . T h e n ew o w n ers a s k e d fo r a b o n u s of
$ 1 2 5 , 0 0 0 to b u ild a ro a d fro m D a lh a rt to O c h iltre e , 112 m iles, a n d th e p a r tlc s a lo n g th e p ro p o se d ro u te re s p o n d e d w ith b o n u s n o te s to th e a m o u n t of
$ 1 6 5 ,0 0 0 .— V. 9 4 , p. 1695.
G reat

N o rth e rn

R R .—

New Vice-Presidents.—

&

S h ip I s l a n d R R .—

Earnings.—

■

June 3 0 .
Operating Net (.after Other Int., Sh.
Dividends Balance,
Year—
Revenue.
Taxes. Income. F d .,& c.
Paid.
SurP1 9 1 2 ______ $ 1 ,9 8 2 ,7 4 0 $ 5 6 6 ,0 2 0 $ 1 2 , 8 8 6 $ 3 7 4 ,3 3 6 ( 2 % ) $ 1 3 5 , 0 0 0
$ 6 9 ,5 7 0
1 9 1 1 . . - - 2 .0 0 6 ,7 9 0 6 3 4 ,6 1 4
1 2 ,6 9 8 3 5 8 , 3 4 5
(4 ) 2 7 0 , 0 0 0
1 8 ,9 6 7
— V. 93, p. 1102.
H a lifa x

(N .

S .)

T ram w ay

C o .—

New Control.—

F . B . M cC u rd y a n d a s s o c ia te s h a v e so ld to a s y n d ic a te th e ir h o ld in g s of
a b o u t $ 4 0 0 , 0 0 0 of th e o u ts ta n d in g $ 1 ,4 0 0 ,0 0 0 . T ile re m a in in g s to c k ­
h o ld e rs a re o ffe re d th e r ig h t u n til O c t. 2 4 to sell a t th e sa m e p ric e , $ 1 6 0 p e r
s h a r e , p a y m e n t to b e m a d e to th e E a s te r n T r u s t C o ., H a lifa x . T y e s y n d i­
c a te , it is r e p o r te d , in c lu d e s J . W . M cC onnell a n d E . A . R o b e r t of th e M on­
tr e a l T ra m w a y s C o ., a n d is try in g to w o rk o u t a h y d ro -e le c tric p ro p o s itio n
fo r th e c i ty of H a lifa x . T h e M o n tre a l s y n d ic a te h a v e n o t c o m p le te d th e ir
p la n s b u t it is said to b e th e ir in te n tio n a t p re s e n t to ro u n d o u t th e G asp e re a u R iv e r d e v e lo p m e n t, w h ich is c a p a b le of d e v e lo p in g a b o u t 5 ,0 0 0 h . p .
O n e n e w s p a p e r a c c o u n t s ta t e s t h a t , in c o n n e c tio n w ith a n e x te n s io n o f th e
H a lifa x s y s te m , n e g o tia tio n s h a v e b e e n c o m p le te d fo r th e m e rg e r of th e
H a lifa x T ra m w a y C o. a n d th e M acL eo d P u lp & P a p e r M ills C o ., th e la s t
n a m e d c o m p a n y c o n tro llin g th e w a te r-p o w e r on th e M ersey R iv e r, w h e re it
Is e s tim a te d t h a t 2 5 ,0 0 0 h . p . c a n b e d e v e lo p e d .— V . 9 4 , p . 5 5 9 .
H avana

E le c t r i c

R y .,

L ig h t

&

P ow er

C o .—

Dividends

Begun.—

A n i n it i a l s e m i - a n n u a l d i v . o f 3 } ^ % h a s b e e n d e ­
c la r e d o n t h e $ 1 5 , 0 0 0 , 0 0 0 6 %
c u m . p r e f. s t o c k , p a y a b le
N o v . 1 0 t o h o ld e r s o f r e c o r d O c t . 2G ; a l s o a d i v i d e n d o f
2 ) 4 % o n th e $ 1 5 ,0 0 0 ,0 0 0 c o m . s t o c k , p a y a b le a t th e s a m e
t i m e .— V . 9 4 , p .

1632.

I o w a S h o r t L in e R R .—

Bonds Listed in Columbus.—

T h e C o lu m b u s S to c k E x c h a n g e h a s . It is s ta t e d , liste d th e b o n d s of th e
c o m p a n y , m o s t o f w h ic h , it is s a id , w ere so ld in B elgium b y Leslie M . S h aw
of P h ila d e lp h ia a n d a s s o c ia te s . T h e c o m p a n y Is th e su ccesso r of th e
A tla n tic N o rth e rn & S o u th e rn R y ., e x te n d in g from A tla n tic to K im b a llto n ,
l a . , 17 m iles, w h ich w as so ld a t re c e iv e r’s sa le o n S e p t. 2 7 1 9 1 1 (V . 9 3 ,
p . 9 3 9 ) , b u t th e ta k in g of po sse ssio n of w h ich b y th e s y n d ic a te h a s b ee n
d e fe rre d p e n d in g th e c o m p le tio n of fin a n c ia l a rr a n g e m e n ts , w h ich In clu d e
p ro p o se d ex te n sio n s o f th e ro a d .
K a n s a s C it y O u te r B e lt & E le c tr ic R R .—

Time Extended.—

T h e tim e for d e p o s it of 1 s t M . 4 s w ith th e U . S . M o rtg ag e & T r u s t C o .
of N . Y ., as d e p o s ita ry , o r w ith 1 s t N a t. B a n k of K a n s a s C ity , as agent_,
u n d e r a g re e m e n t of A u g . 8 1 9 1 2 , h a s b e e n e x te n d e d to a n d In cl. N o v . 15
1 9 1 2 . See V . 9 5 , p . 4 8 0 . 4 2 0 .




Y ork

S u sq u eh an n a

&

W e ste rn

4 s—Guar.

N o r fo lk

S o u th e rn

R R

Report.—

R R .—

June SO
Operating Net (after Other
Fixed
Year—
Revenue.
Taxes). Income.
Charges.
1911-1 2 .. . $ 3 ,673,270 $1,045,874 $179,070 $1,052,019
1910-11 . . 3,876,678 1,372,062 156,874
994,399
—-V . 93, p. 1463.

Add'ns& Balance,
B ettis. Surplus.
$88,119 $84,776
163,904 370,632

.— Neiv Directors.— •

F ra n k A . V a n de rlip , W . E . Corey and Joseph W . H a rrim a n of New Y o rk
and B. A . Jackson of Providence, It . I. , have been elected dire cto rs. The
fo llo w in g fo rm e r directors were n o t re-elected a t the annual m eeting on
O ct. 8; Geo. J. Gould, Oakleigh Thorne, S. L . S choonm akcr, George C.
C lark and- John I. W a te rb u ry o f N ew Y o rk ; E . T . L am b and R a thb o n c
G ardner.— V . 95, p. 481.
N o r t h e r n E l e c t r i c R R . , C a l i f o r n i a .— New Bonds.— Pur­
T h e c o m p a n y h a s a p p lie d to th e C a l. R R . C o m m is ­
s io n f o r p e r m is s i o n t o is s u e $ 5 , 5 0 0 , 0 0 0 in b o n d s , t h e p r o c e e d s
o f w h ic h a r e t o b e u s e d f o r t h e p u r c h a s e o f t h e V a l l e j o &
N o r t h e r n a n d it s s u b s i d i a r i e s , in c l u d i n g t h e S u i s u n & V a c a ­
v ille .
A r r a n g e m e n t s , it is s t a t e d , h a v e b e e n m a d e f o r f l o a t n g th e b o n d s to F re n c h a n d E n g lis h c a p it a lis ts .
C om p are
V . 9 4 , p . 1 1 2 1 ; V . 9 5 , p . G 80, 2 3 7 .

chase.—

S h e r b r o o k e ( Q u e .) R y . & P o w e r C o .—

First Annual Report.

F o r year ending June 30 1912: R a ilw a y and pow er operations, gross,
$64,500; net, $20,883; real estate rentals received, $990; Stanstead &
E astern Tow nship E le c tric Co., gross earnings, $23,148; n et, $10,172;
L c n n o x v llle L ig h t & Power Co. d iv id e n d received, $800; n e t p r o ilt fo r llscal
year, $32,847; balance a t c re d it 1911, $3,694; to ta l, $36,542; ded u ct
bond In t. ($41,077 less $8,000 in t. charged to p o rtio n of system u nd e r con­
s tru c tio n ), $33,077; accidents w ritte n o ff, (ra ilw a y d e p a rtm e n t, $552,
power d ep a rtm e n t, $570), $1,123; balance ca rrie d fo rw a rd to c re d it o f
p ro ilt and loss, $2,341.— V . 94, p. 1120.

Report.— S e e “ A n n u a l R e p o r t s . ”
J o h n W . G r a n t o f A t l a n t a h a s b e e n e le c t e d
su c c e ed S a m u e l M . I n m a n , w h o re sig n e d .
•

S o u th e rn R y .—

New Director.—
a

•

W . P . K e n n e d y , T ra ffic M a n a g e r, a n d J . M. G ru b e r, G en. M g r., h a v e
b e e n e le c te d V ic e -P re s id e n ts . T h e re a r e n o w fiv e V ic e -P re s ts .— V . 9 a ,
p. 679, 618.
G u lf

1st M.

See N . Y . N . I I . & I I . R R . re p o rt on preceding page.— V . 93, p . 871.

J u le s S . B ac h e, Is a a c L . R ic e a n d H e r b e r t L lo y d , as re o rg a n iz a tio n co m ­
m itte e o f C hicago E le c tric T ra c tio n Co. (V . 8 5 , p . 2 8 3 , 1 5 9 ) , g iv e n o u c c
t h a t $ 2 0 3 , 4 0 0 1 s t M . 5 % gold b o n d s of C hicago & In te r u rb a n lr a c ti o n Co.
h e ld as c o lla te ra l for a n o te m a d e b y C hicago & S o u th e r n T r a c tio n C o .,
d a te d M ay 2 7 1 9 0 8 , fo r $ 3 0 0 , 0 0 0 , h e ld b y th e c o m m itte e , w ill be so ld a t
p r iv a te sa le a t th e office of J . S . B ac h e & C o ., 4 2 B ro a d w a y , N . Y . C ity ,
o n O c t. 19 1 9 1 2 a t 10 a . m . (C o m p a re s ta t e m e n t e rro n e o u s ly h e a d e d C h icag o
& I n te r u r b a n Hallway in " E l . R y . S e c .” p . 3 0 .)
V. 9 4 , p. 6 97.

d a te d m o rtg a g e of 1 9 0 0 .

Terminal Agreement.

As to jo in t arrangem ent fo r opera tio n and fin an cin g, see "G ra n d C en tra l
S ta tio n ” In annual re p o rt N . Y . N . H . & H . R R . above.— V . 9o, p . 544.

June 3 0 .
Gross.
Net (after
Other
Fixed
Balance,
Year—
Earnings.
Taxes.)
Income.
Charges.
Surplus.
1911-12
$ 6 ,5 0 3 ,6 5 3 $ 1 ,4 5 0 ,2 9 6
$ 1 9 9 ,5 2 3
$ 1 , 2 4 0 ,6 5 9
$ 4 0 9 ,1 6 0
l O lO - lT
____ 6 ,1 8 6 ,8 7 8
1 ,6 6 1 ,2 7 1
2 0 4 ,3 0 8
1 ,1 5 2 ,9 9 1
7 1 2 ,5 8 7
D u rin g e a c h of th e fiscal y e a rs th e re w ere p a id fro m a c c u m u la tc d s u r p lu s
d iv id e n d s of 4 % ( $ 2 0 0 ,0 0 0 ) on th e p re fe rre d s to c k a n d S H % ( $ 3 4 1 , 2 5 0 )
o n th e c o m m o n .— V . 9 4 , p . 1 1 1 8 .

V.

d ir e c t o r
95,

to

p. 681.

S o u t h e r n T r a c t i o n C o . — Acquisition.— T h e c o m p a n y h a s
a c q u ir e d f r o m t h e S t o n e & W e b s t e r s y n d i c a t e t h e lin e b e ­
t w e e n D a l l a s a n d W a x a h a c h i e , 3 2 m i l e s , w h ic h w a s b u i l t
b y t lie D a l l a s S o u t h e r n T r a c t i o n C o . a n d p la c e d in o p e r a -

T hc price Is reported as a b o u t $1,000,000. A n
th a t the S tric k la n d a n il Goodwin lines, com prising^the Texas rra c tlo n Go.
and the Southern T ra c tio n Co., when tlie line o f the la ttc i (now tin de r con
s tru c tlo n from Dallas to Waco and Dallas to
nT?
is com pleted, w ill, w itli a ll o th e r in tc ru rb a n s now en ter I n g " iv
las, use tlie new Stone & W ebster T e rm in a l B u ild in g . Sec Icxas 1 o w tr &
L ig h t C o.” under “ In d u s tria ls ” below and In V. 94, p. l o l l .
v . u o , p . 4 2 i.
T o le d o R a ilw a y s & L ig h t

Co .— Reorganization Plan.— T h e

b o n d h o l d e r s ’ a n d s t o c k h o l d e r s ’ c o m m i t t e e s , i t is a n n o u n c e d ,
ii a v e p r a c t i c a l l y a g r e e d o n a p l a n f o r t h e r e o r g a n i z a t i o n o f
t h e c o m p a n y w h i c h , w e u n d e r s t a n d , w ill p r o b a b l y i n v o l v e
a s t o c k a s s e s s m e n t o f a b o u t 7 % a n d th e o r g a n iz a tio n o f a

First'U en n o ° t c s ^ .^ O ^ O .O O O 1P ro f sto ck q(6% cum .) . . -$6,800,000
ST h ni e 1nown s0etceSrftles w ould b W u e d

^ c h a n g e ^ ^ h Y s ^ . r l t l e s o f the

S S
Beach
ern R y. on a basis n o t y e t made p u b lic .
Tonopah

&

G o ld fie ld

June 30.
Operating
Year—
Revenue
1 9 1 1 -1 2 ........... $760,442
1910-11______ 788,976
— V . 95, p. 818.

& P a c ific

Operating Net (after
ItcvcnuBs
Taxes) .
$1 353 513 $226 368
1,452:812
31?:031
p. 1022r; 1188.

W ab ash

R R .—

V . 9.>, p. « « i-

Earnings.

Net (after
Taxes.
$209,789
198,758
_
. P.

V ic k s b u r g S h r e v e p o rt

June 30.
Ypnr___
191 l - l 9
1910-11
— V . 93,

R R .—

I or year:

InterJ f f '
s i in nr,a
3,298
R y .—

n

136,868
•

Earnings.—

Other
Interest &
Income.
llciitdls.
$101,643 $181,502
104,091
181,682

Surplus’
6o,188
I or year:

Pref. div.
(5 % ).
$107,140
107,140

Balance,
»Surplus.
$39,369
132,300

New Directors Elected.— •

J , H orace H a rd ing , H e n ry E. Cooper and II . Rogers W in th ro p , .all of
New Y o rk , have been elected directors to succeed John T . T e rry o f New Y o tk
and S. C. Reynolds, Toledo, b o tli o f whom resigned, and E d w in H aw ley,
deceased. M r. Reynolds had been a d ire c to r fo r over 40 years.— V . 9o,
p. 745, 298.

W e s t e r n M a r y l a n d R y . — Offering of Secured Gold Notes.—
T h e E q u i t a b l e T r u s t C o . o f N . Y . ( t h e t r u s t e e f o r t h e is s u e )
is o f f e r i n g f o r s a l e , b y a d v e r t i s e m e n t o n a n o t h e r p a g e , t h e r e ­
m a in d e r o f $ 1 0 ,0 0 0 ,0 0 0 5 % s e c u r e d g o ld n o t e s , d a t e d J a n . 1
1 9 1 2 a n d d u e J u ly 1 1 9 1 5 , b u t r e d e e m a b l e , a l l o r a n y p a r t ,
u p o n 9 0 d a y s ’ n o tic e a t 1 0 2 a n d in t .
P a r $ 1 0 ,0 0 0 ( c * & r * ) .
I n t . J . & J . A u t h . & is s u e d , $ 1 0 ,0 0 0 ,0 0 0 . T h e b a n k e r s r e p o r t :

Upwards of S9 000,000 of the notes have been sold in this country and
abroad
The notes are a first lien on all ttic stock (except qualifying shares)
of the companies under whose charters the Connellsvillc extension was built.
These companies have no mortgage debt and none can be created by them
while the notes are outstanding. The Connellsvillc extension, with equip­
ment has cost more than $13,000,000. It is a low-grade line of about 87
miles long extending from Cumberland, Aid., on the Western Ataiyland,
to the Pittsburgh & Lake Erie HU. (New York Central system) at Conncllsvllle Pa A 9 9 -yr. traffic agreement between these companies assures the
extension a heavy tonnage, and is expected to Increase materially the
earnings of the Western Marlyand proper.
Back of the notes are $10,000,000 of 4% pref. stock on which dividends
arc being regularly paid, and nearly $r>0,000,000 of common stock. The
two have a market value of upwards of $35,000,000.
Value of Security Pledged or Affected by Covenant, $20,000,000.
(Free assets directly pledged or subject to covenants In trust indenture.]
Connellsvillc ext. (cost) .$ 1 3 ,0 0 0 ,0 0 0 IFour States C.&C. Co. bds_$400,000
Coal lands in Monongalia Co., W .Va.l
„„„
(a bou t)......................... 0 , 1 0 0 ,0 0 0 1Miscellaneous - ................... oOO.OOO
Digest of Letter from Pres. A. Robertson, Baltimore, June 26 1912.
• [Addressed to the Equitable Trust Co. and Blair & Co., both of N. Y ]
■The net Income for the fiscal year ending June 30 1911, after deducting
taxes and fixed charges, except the interest on the notes herein referred to,
was $700,000. The net income for the year ending June 30 1912, simllaily
calculated with May and June estimated, should be $500,000. Upon
the acquisition of the new equipment and completion of the impiovements
anti extensions the company should be earning twice the charges on the
above $10 0 0 0 ,0 0 0 notes without taking into consideration any earnings
from business to be contributed by the Connellsvillc extension.
•The proceeds of these notes have been and are to be applied to the acqui.
sition of equipment, expansion of terminal and yard properties anil gen­
erally to the improvement, extension and enlargement of the facilities
of the company so as to enable It to provide for and handle with economy
and dispatch the increasing volume of business tributary to its own lines
as well as the additional traffic which is expected will result from the open­
ing of the Pittsburgh connection.
,
,
,
,
These notes are a direct obligation of the company and are issued under
an indenture by the terms of which the company covenants that no lien
or other encumbrances shall be created on its free assets enumerated in the
trust indenture so long as the notes remain outstanding and unpaid.
Securities Directly Pledged under and Free Assets affected by Trust Deed.
■ Slock so Pledged (at
' ' par)
..... '
(2) Bonds, & c., so Pledged (at par)
(1) Entire
Four States Coal & Coke Co.
Georges Creek & Cumber­
1st M. b o n d s................... $400,000
land B B . C o . . ...............$3,499,600
Baltimore Fidelity WareConnellsvillc & State Line
.
. house Co. stock................. 97,600
R y_ . C o_____ ____________ 2,998,650
(3) Free Assets Affected by the Covenants of the Trust Indenture.
a. 22,549 acres of coal lands in Monongalia Co., W. Va., owned by the

West Virginia Central & Pittsburgh R y. Co. and in respect of which bonds
issued under 1st mortgage of the Western Maryland R R . Co. dated Oct. 1
1902 were certified In payment or reimbursement of approximately onethird of the purchase price thereof, the estimated value of these coal lands
being about $300 per acre, or a total of $6,704,700.
,
b. The rights of the railway by virtue of an assignment of a certain lease
dated July 1 1901 between Washington & Franklin B y. Co. and Western
Maryland RR Co. This lease covers an important link in the company s

° T ' i S u / i c a u l r i d t o or on behalf of the rolhv.y comnanv at a cost of about $350,000, situated in the neighborhood of Ilillcn
Station and Port Covington, city of Baltimore, and other certain real estate
recently acquired by or on behalf of the railway company, situated at
Hagerstown, Md.
[As to 1st M. bonds of Four States Coal & Coke Co., see V. 92, p. 1639;
V. 95, p. 546.] Compare V. 93, p. 1790; V. 94, p. 1697; V. 92, p. 120.

Amendments of By-Laws.—

■

The stockholders will vote at the annual meeting on Oct. 16 on amending
the by-laws by increasing the number of directors from 9 to 12 and also the
number of the executive committee so as to consist of the Chairman of the
board ex-officio and 5 other members of the board, instead of 3 as formerly,
of whom three members shall constitute a quorum.— V. 95, p. 237, 50.
W h e e li n g & L a k e E rie R R .—
ard

S u tr o

and

H arry

New Vice-Presidents.—

B ronncr

have

been

e le c t e d

R ic h ­
V ic e -

P r e s i d e n t s .— V . 9 5 , p . 8 8 8 .
C e n t r a l R y . — Offer to Endorse with Guaranty
“ l s i & ref. 4 s . ” — T h e M i n n e a p o l i s S t . P a u l
& S a u l t S t e . M a r i e R y . C o . , in p u r s u a n c e o f a r e s o l u t io n
p a s s e d b y it s d ir e c t o r s o n A u g . 2 , g i v e s t h e f o l l o w i n g n o t i c e ,
W is c o n s in

of Interest the

a s a d v e r t i s e d in t o d a y ’s “ C h r o n i c l e ” :

Holders of Wisconsin Central R y. first and refunding mortgage 4% gold
bonds, due April 1959, may present same at the agency, Bank of Montreal,
64 Wall St., N. Y. City, in order that the Allnneapolts St. Paul & Sault .Ste.
Marie By. Co. may endorse thereon Its unequivocal guaranty of the punc­
tual payment of 4% interest on said bonds. [There arc now $6,000,000 of
said bonds outstanding.— Ed.]— V. 94, p. 1697, 489.
IN D U S T R IA L , G A S

AND

M IS C E L L A N E O U S .

A l l i s - C h a l m e r s C o . — Status—Report of Committee.— T h e
r e o r g a n iz a tio n c o m m it t e e , J . N . W a lla c e , C h a ir m a n , u n d e r
d a t e o f O c t . 7 (s e e a d v . o n a n o t h e r p a g e ) r e fe r s t o s t a t e m e n t
o f M a r c h 2 3 ( in V . 9 4 , p . 9 1 3 ) a n d r e p o r t s in s u b s t a n c e :

ltesults from Jan. 1 1912 to A u g. 31 1912 (8 M o s .), incl. Bullock E l. M fg . Co.
--------------------------- Losses------------------------------------------- Profits-------------- P rofits
M ch. 1
A pr. I
Eight
Jan.
Feb.
to A p r. 6. to M ay 31. June.
July.
A u g.
M os.
$29,620 $22,258
$38,783
$1,555 $25,642 $66,984 $48,471 $48,881
These results are given as reported by the com pany Jan. 1 to April 6 and
by the receivers April 7 to Aug. 31, and are the profits or losses after charging
all costs of operation, maintenance and depreciation, but not bond int.
The average m onthly sales billed during the last three months are in excess
o f the average of the first five months by 17% ; and the average m onthly
orders booked for the last three months are in excess of the average o f the
first five months by 6 4% .
Unfilled Orders on Hand.
D ec. 31 1911 .$ 3 ,4 5 3,08 5 1May 31 1912.$3,689,5061Aug. 31 1912.$5,195,669
R eceiver O tto II. Falk also advises us that overhead, administration and
selling expenses have been reduced by an average of abou t $40,000 per
m onth as com pared with several years last past.
Current Assets and Liabilities of Receivers, the Allis-Chalmers Co. and the
Bullock Electric M fg. Co. Aug. 31 1912.
Current assets (based upon revision by Price, W aterhouse & Co.
Dec. 20 1911 (sec V . 93, j). 172): Receivables, $3,717,377; in­
ventories, $4,328,779; cash, $1,480,798; total________________ $9,326,954
Current Liabilities: Notes payable, $810,570; other liabilities,
(not incl. bond int. unpaid and accrued), $1,388,209; tota l____ 2,198,779
Surplus (being greater b y $198,000 than reported by the com ­
pany Dec. 31 1911)_____ __________ ___________ _______________ $7,328,175
With a continuance o f im provem ent in conditions, as shown b y the fore­
going figures, and the additional working capital provided for under the
plan of reorganization, the reorganized com pany, starting with no mortgage
d eb t or fixed Interest charges would show a steadily increasing volum e of
net profits. The foreclosure suits In the various jurisdictions are all at issue
and will be pressed for decrees o f foreclosure and sale as early as possible.




969

T H E C H R O N IC L E

Oct. 12 1912 ]

Deposits to Date under the Plan of Reorganization.
Bonds.
P ref. Stock.
Corn .Stock.
$14,077,600
$17,184,600
Deposits ....... ..............................$10,411,000
Total issue outstanding______ 11,148,000
16,050,000
19,820,000
Additional deposits are assured. Compare V . 94, p. 913; V . 95, p. 751.
A m e r ic a n Ir o n &

S te e l M f g . C o .—

Special Dividends.—

A special dividend of 2% has been declared on both the preferred and
com m on stock, payable N ov. 1 to holders of record O ct. 19. Similar
special payments were made in June 1911 and 1910. Regular quarterly
disbursements o f 1 H % are made on both issues in Jan., A pril, July and
O ctober.— V . 94, p. 1184.
A m e r i c a n S h i p b u i l d i n g C o .—

Earnings.— New Directors.—

June 30.
Net
Depreciation,
P ref. D ies.
Balance,
Year—
Earnings.
M aint., &c.
(7 % ).
Surplus.
1911-12_____
$802,528
$221,829
$553,000
$27,699
1910-11____________ 954,862
317,644
553,000
84,218
H.
M. Hanna Jr. and G. A . Tom linson have been elected directors to
succeed H . M. Hanna, who resigned, and A . B . W olvin .— V . 94, p. 1765.
A r n o l d I r r i g a t i o n C o . , B e n d , O r e .— Bonds Offered.— T h i s
c o m p a n y , a m u t u a l o r g a n iz a tio n c o m p o s e d e n tir e ly o f s e t ­
t l e r s , is o f f e r i n g f o r s a l e , b y a d v . o n a n o t h e r p a g e , $ 1 2 , 0 0 0
o f it s 6 % 1 0 - y r . b o n d s ( c a l l a b l e a f t e r 5 y e a r s a t 1 0 2 ) , is s u e d
o n a c c o u n t o f i t s ir r ig a t i o n s y s t e m .

This system as now com pleted, it is stated, can irrigate 6,500 acres, and
when fully com pleted will represent a c o s t o f $90,000, thecom pany having
a water right on 12,000 acres. L . D . W icst, Sec.
C i t i z e n s ’ G a s C o . o f I n d i a n a p o l i s .—

Bonds Redeemed.—

All of the outstanding 1st M. bonds of 1929 have been called for paym ent
at 105 and int. on Jan. 1 1913 at the Union Trust Co. of Indianapolis.—
V. 95, p. 819, 483.
1
C l e v e l a n d ( O .) E l e c t r i c I l l u m i n a t i n g C o . —

Bonds Offered.—

Spencer Trask & C o., N. Y ., A lbany, Bost. and Chicago; Jackson <5*
Curtis, B ost.; Richardson & Clark, Providence, are offering at 102 and
int. an additional $500,000 1st M. 5s o f 1909, making $6,500,000 out­
standing; total auth., $10,000,000. Compare V. 94, p. 354.— V. 94, p.1451
C o m p u t in g -T a b u la t in g -R e c o r d in g C o ., N . Y . —

Earnings.—

The earnings of constituent com panies for 8 m onths ending A u g. 31 1912
were $661,232. The earnings are stated after deducting those on shares
not owned and setting up increased reserves based on the new' system of
accounting recently adopted by the com pany.— V . 95, p. 238.
C o rn P r o d u c t s R e fi n in g C o .—

Bonds Called.—

One hundred and fourteen ($114,000) 25-yr. 5% sinking fund gold bonds
dated Oct. 1 1906, at par and int., on N ov. 1 at Title Guarantee & Trust
Co.— V. 94, p. 1766.
( E . I . ) d u P o n t d e N e m o u r s P o w d e r C o ., W i lm in g t o n , D e l.
— Right to Exchange Bonds.— T h e c o m p a n y o f f e r s t o t h e h o l d ­
e rs o f i t s $ 1 0 , 0 0 0 , 0 0 0 4 y<2,% b o n d s o f 1 9 0 6 t h e r i g h t o n o r
b e fo r e D e c . 1 to d e p o s it th e s a m e , w ith th e D e c e m b e r c o u p o n
a t t a c h e d , a t th e G u a r a n ty T r u s t C o ., 2 8 N a s s a u S t ., N . Y . ,
fo r th e p u r p o s e o f e x c h a n g in g n o t o v e r $ 1 0 ,0 0 0 ,0 0 0 th e r e o f
( p r o r a t a in c a s e d e p o s i t s e x c e e d t h a t a m o u n t ) o n o r a b o u t
D e c . 1 0 fo r $ 9 ,0 0 0 ,0 0 0 b o n d s o f th e n e w c o m p a n ie s (o r g a n iz e d
u n d e r o r d e r o f t h e U . S . C i r c u it C o u r t ) o n t h e f o l l o w i n g b a s i s :

$9,000 new’ 6% 10-yr. gold bds. (call, at 102 & in t.), viz.:] For each $10,000
$6,000 Hercules Powder Co. bonds at par_____________ ) Dupont 4 J^s
$3,000 Atlas Powder Co. bonds at par_________________ J o f 1906.
Depositors will also receive at once checks for the interest due D ec. 1 on
the deposited bonds and with the new bonds checks for one m on th ’s inter­
est (to Jan. 1) on the latter. The new bonds so issuable (Hercules, $3,250,­
000, Atlas, $1,500,000) have been sold subject to this op tion .
•
Further Particulars from Official Statement of O ct. 10.
Under the terms of the final decree entered by the U .S .C ircu it Court,
It has been necessary to create two new com panies, as follow s:
(1) Hercules Powder Co., a Delaware corp., whose total assets will aggregate
approxim ately $13,000,000, and whose estimated earnings are equal to
three times the annual interest charge of $390,000 on theirproposed bonds.
This com pany will Issue 6% 10-year gold bonds (redeem able at 102%
and int.), the entire interest guaranteed by E . I. du Pont de Nemours
Powder Co. Total (par c$ l,0 0 0; r$100 and multiples) $6,500,000
Now sold subject to option of exchange for Dupont 4 >£s______ $3,250,000
Remainder delivered to said Dupont C o____ ________________ 3,250,000
(2) Atlas Powder Co., a Delaware corp., whose total assets will aggregate
approxim ately $7,000,000, and whose estimated earnings are equal to
three t im e s ‘ the interest charge of $180,000 on their proposed bonds.
This com pany w ill issue 6 / 0 10-year gold bonds (redeem able at 102%
and interest), the entire Interest guaranteed by E . I. du Pont de Nemours
Powder Co. Total (par c$ l,0 0 0 r$ 100 and multiples) $3,000,000
Now sold subj. to option of Dupont 4 J^s----------------------------------$1,500,000
Remainder delivered to Dupont C o-------------------------------------- - l,o00,000
The trust agreements under which these bonds will be issued m ay be in­
spected at the office of Guaranty Trust Co. of N . Y . as soon as the form s of
bonds are approved by the Court.
^
„
•The decree requires that both the $6,500,000 of Hercules P ow der Co.
bonds and the $3,000,000 of Atlas Powder Co. bonds shall be delivered to E .1.
duPont de Nemours Powder Co. in part paym ent for the property transferred
by the latter to these two new companies. The decree further requires
that one-half o f these bonds, to wit, $3,250,000 o f 6% 10-year gold bonds
of the Hercules Powder Co. and $1,500,000 6% 10-year gold bonds o f the
Atlas Powder C o., or the proceeds thereof, shall be distributed, and to com ­
ply with this condition these bonds have been sold subject to the prior right
of the holders of the 4 H % bonds to purchase same on the basis shown.
The Court’s decree provides that the Hercules Powder Co. and the Atlas
Powder Co. shall not be liable for the paym ent of the interest on the new
6% bonds unless the earnings for their fiscal year are sufficient to m eet
such interest paym ents. As previously stated, however, the estimated
earnings of both said companies are three times their bond interest paym ents.
In addition, the payments o f the entire interest on these new bonds will be
guaranteed by E . I. du Pont de Nemours Powder Co. Compare V . 94,
p. 1386, 1629, 1698; V . 95, p. 51, 113, 299.
E a s t O h io G a s C o . , C l e v e l a n d .—Franchise

Declined.—

The P. S. Commission of Ohio having failed, up to date, to sanction the
proposed issue o f $5,000,000 additional bonds, the com pany allowed the
final day for accepting the new franchise to pass w ithout its acceptance
o f the same. See V. 95, p. 682.
I n t e r c o n t in e n t a l R u b b e r C o ., N e w

Y o r k .—

Earnings.—

July SI.
Gross
Net
Accts. Com. Divs. P f. Dies. Balance,
Year—
Profits.
Profits. Chgd.O ff.
(4 % ).
(7 % ). Surplus
1912
- $1,190,095 $1,108,959 $644,769
------------- $87,500 $376,690
1011" . ’ 2,714,255 2,640,519 137,146 $1,161,240 138,250 1,203,883
Accounts charged o ff in 1911-12, $644,769, as above, are on account of
ntcrcsts in various sub. com panies.— V . 95, p. 239.
S . S . K r e s g e C o .— Total

ending Sept.

30—

1912-------Sept.------- 1911.
$773,795
$679,161
— V . 95, p. 683, 424.

Sales for September and 9 Months

Increase. I 1912— 9 M o s — 1911.
13.96% |$6,693,719
$5,203,444

Increase.
2 8 .6 7 /#

L a c k a w a n n a S t e e l C o .— Combined Results.— F o r 3 & 9 m o s .

Earnings for 3 and 9 Months ending Sept. 30.
Total
Int. on S. F . and
D epr’n,
Balance,
Three Months—
Income.
Bonds.
Exhaustion.
&c.
Surplus.
1912
$1,254,986
$437,488 ---------$431,242--------- $386,256
io n ::::.:::::.799,936
437,500
$86,867 $235,499
$40,070
1912*nS ^ ° " </lST .$2 ,4 5 5,81 7 $1,312,471 ------ $1,122,316------$21,030
1911 "
.
2,406,297
1,312,500 $201,059 $745,094
147,644
The unfilled orders on Sept. 30 1912 were $569,977 gross tons, against
$189,898 in 1911.— V . 95, p. 114.

L a k e o f t h e W o o d s M illin g C o .—

Year to
Net
I n t.o n
A u y. 31.
Profits.
Bonds.
1912 ______ $457,012
$100,141
105,000
1911 ______ 412,153
Tlie total surplus on A ug. 31 1912,
trade-marks. & c., and also $9,370
$817,458.— V . 93, p. 1025.

Earnings.—

P ref. Divs. Com. Dies.
Balance
(7% )
(8 % )
Surplus
$105,000
$108,000
$82,871
105,000
108,000
34,153
after writing $100,000 of good-w ill,
premium on bonds redeemed, was

L e h i g h & W i l k e s - B a r r e C o a l C o . — To Pay Bonds Due
1 .— T h e c o m p a n y a n n o u n c e s b y a d v e r t is e m e n t o n
a n o th e r p a g e th a t th e $ 2 ,6 9 1 ,0 0 0 5 % s in k in g fu n d b o n d s o f
1 8 8 1 w ill b e p a i d a t m a t u r i t y o n N o v . 1 a t t h e o f f i c e o f
.J. P . M o r g a n & C o . , W a l l S t . , c o r n e r B r o a d , N . Y . — V .
95, p. 817, 753.

Nov.

M a s s a c h u s e t t s G a s C o m p a n i e s .—

Annual Earnings.—

June 30.
Total
E xInterPref.
R es.for Dep'n Balance
Year.
Earninos. penses.
est.
Dies.
of Secur's.
for Com.
1912 ..$2,522,930 $80,198 $370,568 $1,000,000 . -------- $1,086,164
1 9 1 1 ____2,390,962 51,573 274,143
1.000,000 $114,208
1,148,033
From the surpluses as above there was paid yearly 4 % on the com m on
stock, calling for $1,000,009, leaving $86,164 and $148,033, respectively.

New Trustee.— J a m e s L . R i c h a r d s h a s b e e n e le c t e d
tr u s te e to s u c c e e d A lb e r t S tr a u s s o f N . Y . , w h o r e s ig n e d .

a

The executive com m ittee comprises Robert Wlnsor, Chairman; C. .Minot
W eld and W alter C. B aylics.— V . 95, p. 179.
E n g l a n d T e l e p h o n e & T e l e g r a p h C o . , B o s t o n . — De­
T h e c o m p a n y h a s s o ld to K id d e r , P e a b o d y & C o .
8 1 0 ,0 0 0 ,0 0 0 2 0 -y e a r 5 % d e b e n tu re b o n d s .
N ew

bentures.—

Bernard VV. Tratford, Vice-President of the First National Bank of Bos­
ton, has been elected a director to fill a vacancy.— V . 95, p. 115.
N o r t h e r n O n t a r i o L i g h t & P o w e r C o . , T o r o n t o . — Acquisi­
W illia m P . B o n b r ig h t & C o ., N . Y . ,
B o s t o n , P h i l a . a n d L o n d o n , w h o o r i g i n a ll y b r o u g h t o u t t h i s
c o m p a n y ’ s s e c u r i t i e s , c o n f ir m t h e f o l l o w i n g :

tions— New Securities.—

This com pany has taken over the entire property and assets of the
British Canadian Power C o., and formal transfer of the property will take
place about O ct. 15, at which time a meeting will be held by the directorate
of the British Canadian com pany to ratify the sale. The property is to be
paid for by $2,000,000 1st M. 6% gold bonds of the Northern Ontario Light
& Power C o., L td ., which are dated April 1 1911 and due April 1 1931, but
redeemable on any Interest date at par and int. This Is a part of an auth.
issue of $15,000,000, of which $2,533,000 are now outstanding. Trustee,
T oronto General Trust Corp. Sinking fund, bcglnnln? O ct. 1 1912, an
amount annually ccpial to 2 14% of bonds Issued and 6% on all bonds re­
deem ed.
The bond3, it Is understood, have been underwritten by Coates, Son & Co.,
and the British Electric Traction Co., both of London, and Ifanson Bros, of
Montreal. A t a near date the issue will be offered for public subscription,
probably at par.
It is calculated that earnings of the Northern Ontario Light & Power C o.,
L td ., will be greatly benefited by the acquisition. The com p any’s earnings
are now at the rate of considerably more than twice the total required to
meet interest on present outstanding bonds. For the llrst 8 months of the
current year the com pany’s net available for Interest was $189,823, and
there was a surplus after all Interest charges an d miscellaneous other deducEarninos^No’r. Ont. L.

& P . C o . July and Aug ■1912 and 8 M o s . ended A u o. 31.
July.
A uo■ &M o s . ‘ 12.
$35,501
$280,628
Gross earnings_____________________________ $33,633
T otal net income (after tax es)------------------- $23,361
$24,810
$189,823
All charges.................
12,675
12,613
102,227

Surplus ........... .......... .................................. $10,086
$12,197
$87,596
' • Organized In Feb. 1911 under laws of Ontario, and took over the proper­
ties of the Cobalt Power C o., L td ., and Its subsidiary companies, and the
Cobalt Hydraullo Power C o., L td .; also acquired the Cobalt Light, Power &
Water C o., Ltd. The auth. issue of capital stock Is $5,000,000 com . and
$2,500,000 0% cum . pref. (all In $100 shares); now outstanding, $3,085,000
com . and $1,800,000 pref. [The pref. stock Is pref. p. & d ., and is exchange­
able at option of holdors for com . stock.I The com pany owns and operates
a hydro-electric plant of 4,000 h. p. at Hound Chute Falls, on the .Montreal
R iver about 6 miles from Cobalt, and owns six auxiliary plants of a total
capacity of 0,000 h. p. at High Falls, Cobalt, &c. Directors: Pres. David
Fasken, Toron to; Vice-Pres. M. A . Viele, New York; Alexander Fasken,
Toronto; F. VV. Stehr, New York; Lionel Davis.
P a c i f i c C o a s t C o .—

Earnings for Fiscal Year.—

June SO.
Cross
Net (after
Other
Total
Total
Bal.,
Year— Earninos.
Taxes).
Income. Chys., &c. Divs.
Sur.
1911-12 $7,496,912 $1,080,511 $28,580 $353,431 $736,250 $25,410
1910-11. 7,798,740
1,328,980
34,698 _ 494,646 846,250
22,782
The dividends as above include $70,250 (5 % ) on first pref. yearly and
in 1911-12 0% each on 2d pref. and com . stock ($240,000 and $420,000
respectively), against 7% on each of the two stocks last named, calling for
$280,000 and $490,000, respectively.— V. 93, p. 1121.
S e r v ic e C o r p o r a t i o n o f N o r t h e r n I l l i n o i s .— Agree­
S e e O a k P a r k , 111., in “ S t a t e a n d C i t y ” d e p a r t ­
m e n t o n p . 9 1 7 in l a s t w e e k ’ s “ C h r o n i c l e .” — V . 9 4 , p . 1 3 2 1 .
P u b lic

ment to Sell.—

R i c h e l i e u & O n t a r io N a v i g a t i o n C o . , M o n t r e a l .—

New Stock.

The com pany gives notice of Its Intention to apply to the Canadian Parlia­
ment for authority to increase the amount of the capital stock from $10,­
000,000 to $15,000,000.— V . 95, p. 543.
R i v e r s i d e ( C a l .) W a t e r C o .—

Sale of Notes.—

M illin g

A u o. 31
Total Net
Year—
Income.
1912_______ $820,283
1911_______ 760,737
— V. 95, p. 822, 240.

C o .,

Bond
Interest.
$143,300
146,491

N ew

Y o r k .—

Preferred
Dividends.
(5%)$3-14,737
(4% ) 275,772

S tr a tto n ’s In d e p e n d e n c e , L t d .—

Earnings.—
Common
Dividends.
(2% )$91,858
___________

Balance,
Surplus.
$246,388
341,474

Decision as to Corp. Tax.

See item in "B anking, Financial and Legislative News’ ’ regarding a recent
decision In the Federal Court in Colorado on the question of the right to
deduct a reasonable amount from the gross Income of mining companies
for depreciation resulting from the withdrawal of ore, and com pare Item In
the same department in V . 94, p. 1360, rendered in the Federal Court In
this city on May 15 last.— V . 71, p. 1723.
T e x a s P o w e r & L i g h t C o . , D a l l a s . — R o a d s Offered.— H a r r i s ,
F o r b e s & C o ., N e w Y o r k ; th e H a r r is T r u s t & S a v in g s B a n k ,
C h ic a g o , a n d N . W . H a r r is & C o ., I n c ., a n d P e r r y , C o ffin &
B u r r , B o s t o n , are p la c in g a t 9 7 a n d in te r e s t 8 2 ,1 0 0 ,0 0 0 1 st M .
5 % g o ld b o n d s d a t e d J u n e 1 1 9 1 2 a n d d u e J u n e l 1 9 3 7 , b u t
r e d e e m a b le o n a n d a fte r J u n e 1 1 9 1 7 a t 1 0 5 a n d in t .
Par
8 1 ,0 0 0
(c *).
I n t . J . & D . in N e w Y o r k .
T ru ste e , B a n k ers
T r u s t C o ., N e w Y o r k .
S e e a d . o n a n o t h e r p a 'g e .

Abstract of Letter from Pres. J. F. Strickland, Dallas, Oct. 5 1912.
Incorporated May 27 1912 la Texas and now does the entire commercial
electric light and power business in the following prosperous cities and
towns: W aco, Sherman, Paris, Temple, Palestine, Tyler, Cleburne, Gaines­
ville, Brownwood, W axahachie, Hillsboro. Bonham; also the entire gas
business at W aco, Paris, Cleburne and Brownwood. and tlie municipal light­
ing In all except Sherman. Population served-estim ated at over 125.000




LXXXXV

Capitalisation—
Authorised. Outsiandiny.
C om m on s t o c k . - ......... ...................................................$10,000,000 $8,500,000
1,400,000
Preferred stock (7% cumulative) ........... 1 ................. 3,000,000
First M . 5s, a direct first mtge. on all properties,
franchises, etc., now or hereafter o w n e d .- ____ 30,000,000
2,100,000
The business is growing rapidly, and in order to provide in part for future
capital requirements, the authorized bond issue has been made $30,000,000.
The remaining $27,900,000 bonds m ay be Issued from time to time to the
par value of 80% of tlie cash cost of permanent extensions and addi­
tions, providing that the annual net earnings are equal to twice the interest
on the bonds, including those to be issued.
Annual sinking fund, either to retire bonds or for extensions and addi­
tions for which otherwise bonds might be Hsued: 1915 to 1917, a sum equal
to 1% of bonds out: 1918 to 1920, 1 U % ; 1921 to 1036, 2 % .
Earninos of Consolidated Properties Years Ended July 31, as Certified t>U
Chartered Accountants.
1911-12. 1910—1 1 .1 Present Status—
Gross earnings__ $758 507 $071,125 I Int. on $2,100,w00 1st 5s. $105,000
Net, after t a x e s ..$326,947 $ 27 0 ,5 7 5 ;Sur., basis 1912 earnings..$221,947
Contracts.— (a) For municipal lighting in all except one ou.se. (b) Cur­
rent to street railway and shops of G. C. & S. Fe. R y . (Atchison system) at
Cleburne, (c) Fifty-year contract to supply Southern Traction Co. with
power for its extensive system of lnterurban lines, now building, with
grant of a perpetual right-of-way casement ahead of all Traction Co. m ort­
gages for poles and wires along the lnterurban railway. (S cera ilroad sa bove).
(d) With the proposed additional power facilities available, important con­
tracts are anticipated with cotton mills, &c.
• Property.— Electric generating stations in each com m unity served, total
com bined capacity 12,000 h. p ., with equivalent of about 300 miles of pole
line and 913 miles of triple-braid weather-proof wire. Total gas generating
capacity, 815,000 cu. ft. per 24 hours. The com pany expects shortly to
construct a large modern central electric power station at W aco, to supply
current to the unified system over transmission lines that are now being
com pleted. Franchises satisfactory, with no burdensome requirem ents:
the m ajority extend (counsel state) to 1952, and all except three will sur­
vive the bonds.
,
,
_
Business Field.— The most prosperous and thickly settled section o f
Texas, onc-fiith of the w orld’s cotton crop being grown within a radius o f
200 miles of W aco; also wheat, corn and oats In large quantities. All the
cities and towns except Temple are county scats, and all arc progressive
business centres with excellent railroad facilities. W aco, with a popula­
tion in 1910 of 26,425, and now , Including suburbs, estimated at 32,000,
does a jobbing and wholesale business of $30,000,000 annually. The inter­
urban electric road connecting it with Dallas will be com pleted In about a
year. The 1910 population of the 11 other commercial and financial
communities ranged from 12.412 to 4,8 14, averaging 8,898.— V . 95, p. 240.
T h e W e s tin g h o u s e

M a c h in e C o ., E a s t P it t s b u r g h , P a .— •
A t a m e e t i n g h e ld S e p t . 1 3 , a t t e n d e d
b y c r e d i t o r s , i n c l u d in g t h e C h a i r m a n o f t h e W e s t i n g h o u s e
E le c . & M fg . C o . a n d P r e s . W e s t in g h o u s e , r e p r e s e n tin g m o r e
th a n 8 2 ,0 0 0 ,0 0 0 o f th e c o m p a n y ’s $ 4 ,6 0 5 ,5 0 0 o u t s t a n d in g
6 % e x t e n s i o n n o t e s o f 1 9 0 8 ( d u e J a n . 1 9 1 1 , b u t e x t e n d e d t ill
J a n . 1 1 9 1 4 ) , a t e n t a t i v e p la n f o r f u n d i n g t h e c o m p a n y ’ s
o b lig a tio n s an d p r o v id in g a d d itio n a l w o rk in g
c a p ita l w a s
agreed u p o n .
T h e c o m p a n y n e e d s a d d itio n a l w o rk in g c a p i­
ta l to c a re fo r a n e x p a n d in g b u s in e s s , a n d th e d e fin ite p la n
n o w a t h a n d p r o v i d e s t h a t M r . W e s t i n g h o u s e s h a ll f u r n i s h
s u c h w o r k i n g c a p i t a l f r o m t i m e to t i m e a s r e q u i r e d , b y t h e
p u r c h a se o f $ 1 ,0 0 0 ,0 0 0 o f th e c o m p a n y ’s b o n d s , o n c o n d itio n
t h a t 8 5 % in i n t e r e s t o f s a i d n o t e h o l d e r s s h a ll c o n s e n t t o
e x c h a n g e t h e ir n o t e s f o r “ 1 s t & r e f . M . ” 6 s ( d u e N o v . 1 1 9 4 0 )
t a k e n a t 9 7 3^ a n d i n t . , ( i . e . , f o r e a c h $ 1 , 0 0 0 n o t e a n d i n t .
8 1 , 0 2 5 6 4 in b o n d s a n d i n t . , ) t o g e t h e r w i t h 4 %
($ 4 0 p er
$ 1 , 0 0 0 b o n d ) in 3 - y e a r 5 % p r o m i s s o r y n o t e s .
A fo rm o f

Note-Holders' Plan.—

a g r e e m e n t t o b e s i g n e d b y t h e n o t e -h o l d e r s s a y s in s u b s t :

The holders of 6% extension notes Issued under a col lateral trust agree­
ment dated Jan. 2 1908 (Colonial Trust C o., trustee) hereby elect to exercise
the right under terms of supplemental trust agreement dated Jan. 2 1011
to exchange said 6% notes for an amount of 30-ycar "1st & ref. m tg e ." 6%
gold bonds (par value $1,000 each) secured by mortgage of N ov. 1 1910,
which, taken at 97 >3% and int., shall equal the par value and accrued int.
of the note or notes exchanged, with adjustment of fractions, at option of
com pany cither in cash or In bond scrip, as provided by said supplem ental
trust agreement. This election is conditioned upon the assent hereto o f
tlie holders of 85% of said notes now outstanding, and also that the com pany
shall deliver to us its promissory notes in am ount equal to 4% of the face
value of the bonds which we are to receive under this agreement, payable
three years from tlie date of the conversion, with int. at 5 % , payable semi­
annually. Tills election Is further conditioned upon the execution of an,
agreement b y which George Westinghouse shall purchase $1,000,000 face
value of the “ 1st & re f.” 6% bonds upon the same terms as hereinbefore
recited for the conversion of notes at the rate of not less than $100,000 per
month, or so much thereof as m ay in the Judgment of the directors be needed
from time to time for the purposes of the com pany, and, as a guaranty o f
the carrying out of said contract, shall deposit with the com pany, as trus­
tee, 1,000 shares of the capital stock of the Westinghouse Air Brake Co. in
10 certificates of 100 shares each, one of which certificates is to be returned
on the com pletion of each purchase of $100,000 of bonds. We agree to
deposit said notes for exchange with the Colonial Trust Co., Pittsburgh,
within 10 days after we have received advice that the holders of 8 5% of the
notes have signed this agreement and that the agreement between Mr.
Westinghouse and the com pany has been executed and the stock delivered
by him. (Compare financial statement of July 29 1912 In V. 95, p. 296.)
U n i t e d E le c tr ic L i g h t &

W a t e r C o .—

Lease.—

See report of N. Y . N. H . & Hartford R R . above.— V . 94, p . 71.
U n i t e d S t a t e s I n d e p . T e l e p . C o . , R o c h e s t e r .—

The com pany, it is reported, has sold to Goodwin, Garby & H olton of
San Francisco an issue of $600,000 notes secured by $750,000 bonds. A
new issue of 20-yr. bonds of the same amount, it is stated, is proposed
later to be dated Oct. 1 1913.— V. 95, p. 822, 240.
S ta n d a rd

[VOL.

T H E C H R O N IC L E

970

Settlement.—

Press dispatches announce the settlem ent o f 149 suits on the Supreme
Court calendar which were brought to recover damages from the directors
on account o f alleged fraudulent representations in the prospectus offering
the bonds. The payments arc reported to aggregate about $1,500,000, or
approxim ately 58% of the losses sustained. The claims of the bondholders
who did not Ole suits before O ctober o f last year expired, it is stated ,by
limitation, and will receive only what can be recovered in bankruptcy pro­
ceedings. Compare V . 95, p. 425; V. 94, p. 1702.
U n ite d S ta te s L ig h t

&

H e a t in g C o .—

New President.—

V . A . Smith, who is also G ca. Mgr., has been elected President to succeed
David VV. Pye, who resigned the latter position about 2 m onths a go.—
V . 94, p. 1030.
.
U n i t e d S t a t e s R u b b e r C o . — Listed.— T h e N . Y . S t o c k E x ­
c h a n g e h a s a u t h o r i z e d t o b o li s t e d o n a n d a f t e r O c t . 1 5 t h e
$ 1 0 , 0 0 0 , 0 0 0 8 % n o n - c u m . f i r s t p r e f . s t o c k , w h ic h w a s o f f e r e d
t o s t o c k h o l d e r s o f r e c o r d J u l y 1 2 o f a l l c la s s e s a t p a r ( p e r
p la n in V . 9 4 , p . 1 7 0 3 ) , o n n o tio n o f is s u a n c e a n d p a y m e n t in
f u l l , m a k i n g t li e t o t a l a m o u n t t o b e li s t e d $ 5 0 , 0 0 0 , 0 0 0 . — •
V . 95, p. 485,

116.

U n ite d
S t a t e s S t e e l C o r p o r a t i o n . - -Subsidiaries’ Orders
Sept. 3 0 . — 'I’ lie r e p o r t o f o r d e r s g i v e n o u t O c t . 1 0 s h o w s
u n f i lle d o r d e r s o n th e b o o k s S e p t . 3 0 a g g r e g a t i n g 6 , 5 5 1 , 5 0 7
t o n s , b e i n g a n in c r e a s e o f 3 8 8 , 1 3 2 t o n s f o r t h e m o n t h .

Tonnaye of Unfilled Orders (000,000 omittedi —AII on New
is) U --------------------1911-1910
Sept .AUO July .J ’n e.M a y .A pr.'M ch .Eeh. Jan .I 'm .J a n . Dec.
6,5 6.1 5,9 5,8 5,7 5,6
5,3 5,5 5,4 3,3 3,1 2,7
— V. 95, p. 635, 425.
F r O ther In v e stm e n t N e w s, sec page 9 3 6 .

Basts.
1009 1004
Dec. S ep t.
5,9
2,4

Oct. 12 1912]

T H E C H R O N IC L E
% tp o x l$

iw d

971

Q x m m m ts.

SOUTHERN RAILW AY COMPANY
E IG H T E E N T H

AN N U AL

REPORT— FOR

Washington, D. C . , September 2 7 1 9 1 2 .
To the Stockholders of the Southern Railway Company:
T h e B o a r d o f D ir e c to r s s u b m it s th e fo llo w in g re 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 y e a r e n d e d J u n e 3 0 1 9 1 2 :
IN C O M E

Miles of R oad Operated,
A v e ra g e ---------------

STATEM ENT.

1912.

1911.

7,088.03

Increase ( + ) or
Decrease (— ).

7,011.95

+ 46 .08

Gross Operating Revenues $03,590,328 90 $60,345,062 64 +$3,245,266 26
Total Operating Expenses. 43,696,230 39 10,926,790 08 +2,769,440 31
Net Operating R ev en u e.$19,894,092 51 $19,418,272 56
Outside Operations— Net
R evenue________________
64,754 67 (D r.)42,027 75
Net R evenue_________ $19,958,847 18 $19,376,244 81
T a x e s _____________________ 2,452,328 28
2,212,967 87

+$475,819 95
+ 100,782 42
+$582,602 37
+ 239,360 41

Operating Incom e____ $17,506,518 90 $17,163,276 94
Other In com e____________ 3,580,074 86
3,802,518 20

$343,211 90
— 222,443 40

Total Gross In com e____$21,080,593 76 $20,905,795 20
Deductions from I n c o m e .. 3,179,772 86
3,167,189 95

+$120,798 56
+12,582 91

Total Available In co m e .$17,906,820 90 $17,798,605 25
Interest on Mortage, Bonded
and Secured D eb t______ 11,143,703 84 11,128,001 70

+$108,215 65

Balance of Incom e over
C h a rg es--------------------- $6,763,117 06

$6,070,003 49

Dividends on Preferred Stock:
No. 21, 1% , paid In
April 1911; No. 2 3 ,2 % ,
paid in April 1912
$1,200,000 00
No. 22, 1% , paid In Oc­
tober 1911: Reserve
for Dividend No. 24,
2 14%, payable in Oc­
tober 1 9 1 2 ................
1,500,000 00

Y E A R

ENDED

600,000 00

30

1912.

f o r in t h e F i r s t C o n s o li d a t e d M o r t g a g e , 8 3 5 , 0 0 0 F i r s t C o n ­
s o l i d a t e d M o r t g a g e F i v e P e r C e n t B o n d s w e r e is s u e d o n
a c c o u n t t h e r e o f a n d p la c e d in t h e T r e a s u r y .
B y r e a s o n o f th e se a n d p r e v io u s d r a w in g s fo r s im ila r p u r ­
p o s e s , th e to t a l a m o u n t o f F ir s t C o n s o lid a te d M o r t a g e F iv e
P e r C e n t B o n d s f r e e in t h e T r e a s u r y o n J u n e 3 0 1 9 1 2 , w a s
8 2 ,4 2 7 ,8 0 0 .
T h e r e w e r e d r a w n a n d t a k e n i n t o t h e T r e a s u r y in J u n e
1 9 1 2 8 5 ,0 0 0 ,0 0 0 D e v e lo p m e n t a n d G e n e ra l M o r tg a g e F o u r
P e r C e n t B o n d s , w h ic h , u n d e r th e te r m s o f t h a t m o r t g a g e ,
c o u ld b e s o d r a w n d u r i n g t h e c a le n d a r y e a r 1 9 1 2 t o r e i m b u r s e
th e T r e a s u r y fo r e x p e n d itu r e s m a d e fo r a d d itio n s a n d b e t ­
te rm e n ts.
I n li k e m a n n e r t h e r e w e r e d r a w n a n d t a k e n i n t o
t h e t r e a s u r y d u r i n g t h e f is c a l y e a r 8 1 , 1 9 5 , 0 0 0 o f t h e s e B o n d s
to r e im b u r s e th e T r e a s u r y fo r $ 1 ,1 3 0 ,0 0 0 , th e p r o p o r tio n
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 T r u s t O b lig a tio n s
p a id d u r in g th e y e a r a n d fo r $ 6 5 ,0 0 0 a d v a n c e s to S u b s id ia r y
L in e s .

+ 15,102 0
+$93,113 57

I h e C o m p a n y h a s c o n tin u e d th e c o n s e r v a tio n o f its W o r k ­
i n g A s s e t s t h r o u g h t h e e m p l o y m e n t o f it s T r e a s u r y f u n d s .
A D D IT IO N S

$600,000 00

JUNE

B y r e a so n o f th e se a n d p r e v io u s d r a w in g s fo r s im ila r p u r ­
p o se s, th e to ta l a m o u n t o f D e v e lo p m e n t a n d G en era l M o r t­
g a g e h o u r P e r C e n t B o n d s f r e e in t h e T r e a s u r y o n J u n e 3 0
1 9 1 2 w a s 8 1 9 ,8 6 2 ,0 0 0 .

+$600,000 00

+ 900,000 00

Total D ividends_____ $2,700,000 00

$1,200,000 00 + $1,500,000 00

Balance over Dividends on
Preferred Stock ............. $4,06.1,117 06
A dditions and Betterments
44,9«!) 42

$5,470,003 49 — $1,400,886 43
66,045 71
— 21,056 29

Balance carrcd to Credit
Ot Profit and Loss____ $4,018,127 64

$5,403,957 78 — $1,385,830 14

f /j

THE

AND

BETTERM ENTS.

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 li n e n o r t h o f A t l a n t a ,
b e tw e e n C r o ssk e y s a n d G a in e s v ille , G a ., h a s p ro g re sse d
d u r in g t h e y e a r .
A s u b s t a n t i a l p a r t o f i t w a s p la c e d in
s e r v ic e o n J u n e 3 0 1 9 1 2 , th e r e b y m a t e r ia lly fa c ilit a t in g th e
h e a v y p e a c h m o v e m e n t o v e r t h a t li n e in J u l y .
I t is e x p e c t e d
t h a t t h i s w o r k w ill b e c o m p l e t e d b y J a n . 1 1 9 1 3 .
W i t h t h e c o m p l e t i o n o f t h e d o u b l e - t r a c k w o r k n o w in
P ro g re ss b e tw e e n C r o s s k e y s a n d G a in e s v ille , th e C o m p a n y
w ill h a v e in o p e r a t i o n o n i t s m a i n lin e b e t w e e n W a s h i n g t o n
a n d A t l a n t a 2 8 S . 3 5 m i le s o f d o u b l e t r a c k , o r a p p r o x i m a t e l y
4 4 % o f th e to ta l m ile a g e b e tw e e n th o s e te r m in a ls .

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 a n d r e v i s io n o f g r a d e s
a n d a l i g n m e n t o n t h e m a i n li n e s o u t h o f F r a n k l i n J u n c t i o n ,
\ a . , r e fe r r e d t o in r e p o r t f o r t h e p r e c e d i n g y e a r , w e r e c o m ­
p l e t e d a n d p la c e d in o p e r a t i o n d u r i n g t h e y e a r .
T h e s u r p lu s s h o w n b y t h e P r o f i t a n d L o s s s t a t e m e n t a s o f
T h e la p -s id in g s b e tw e e n A t la n t a a n d M a c o n , G a ., K n o x ­
J u n e 3 0 1 911 w a s $ 1 1 ,4 4 5 ,9 0 5 0 8 .
A f t e r m a k in g p r o v is io n
v i lle a n d C h a t t a n o o g a , T e n n . , a n d t w o o f t h e t h r e e p r o j e c t e d
t h r o u g h I n c o m e f o r t h e in c r e a s e o f 8 1 , 5 0 0 , 0 0 0 in D i v i d e n d s
b e tw e e n M o r r is to w n , T e n n ., a n d A s h e v i lle , N . C ., w ere
o n th e P re fe rre d S t o c k , a n d c h a r g in g to P r o fit a n d L o s s th e
c o m p l e t e d a n d p la c e d in o p e r a t i o n d u r i n g t h e y e a r .
T h ese
r e m a in in g b a la n c e o f D is c o u n t o n S e c u r itie s , 8 1 ,6 5 6 ,0 3 0 5 4 ,
s id i n g s a r c e q u i p p e d w i t h b l o c k - h o u s e s a n d i n t e r l o c k i n g
t h e s u r p lu s a s o f J u n e 3 0 1 9 1 2 a m o u n t e d t o 8 1 3 , 7 5 0 , 9 3 0 1 3 ,
p la n ts .
I h e s y s t e m o f la p -s id in g s h a s b e e n e x t e n d e d to th e
a g a in o f 8 2 , 3 1 0 , 9 7 1 0 5 o v e r t h e p r e c e d i n g y e a r .
lin e b e t w e e n M a c o n a n d J e s u p , G a . , a n d t h e r e w e r e in c o u r s e
o f c o n s t r u c t i o n a t t h e c lo s e o f t h e y e a r t e n s u c h s i d i n g s , t h e
D IS C O U N T O N S E C U R IT IE S .
a g g rc g a t e l e n g t h o f w h ic h w ill b e a p p r o x i m a t e l y 1 8 , 7 1 4 f e e t .
A s o f J u n e 3 0 1 9 1 1 t h e b a l a n c e o f D i s c o u n t o n S e c u r i t ie s
C o n s tr u c tio n o f a n a d d it io n a l m a in tr a c k b e tw e e n C o n s ti­
s o ld a m o u n te d to 8 1 ,6 8 8 ,0 2 9 7 9 .
T h e r e a c c r u e d d u r i n g th e
y e a r 8 2 8 ,0 5 0 0 0 as d is c o u n t o n E q u ip m e n t T r u s t O b lig a tio n s , tu tio n a n d R o s e la n d , G a ., a d is ta n c e o f 2 .8 2 m ile s , w a s b e g u n
d u r i n g t h e y e a r , w h i c h , w h e n c o m p l e t e d , w ill p r o v i d e a p ­
is s u e d , m a k in g a to t a l o f 8 1 ,7 1 6 ,0 7 9 7 9 to b e e x tin g u is h e d .
p r o x i m a t e l y 7 m ile s o f d o u b l e - t r a c k b e t w e e n A t l a n t a a n d
F o llo w in g th e g e n e r a l p r a c tic e o f th e C o m p a n y , th e re w a s
C o n s titu tio n , G a .
c h a r g e d to I n c o m e 8 0 0 ,0 4 3 2 5 , b e in g th e p r o p o r tio n th a t
D u r in g th e y e a r w o rk p ro g re sse d o n th e K n o x v ille R iv e r
a c c r u e d d u r i n g t h e y e a r , l e a v i n g a b a l a n c e in t h e a c c o u n t o f
I r o n t E x t e n s i o n , r e f e r r e d t o in l a s t y e a r ’s r e p o r t .
I t is
8 1 , 0 5 6 , 6 3 6 5 4 , w h ic h h a s b e e n c h a r g e d t o P r o f i t a n d L o s s ,
P R O F IT

AND

LOSS.

t h u s d i s p o s i n g o f , t h r o u g h I n c o m e a n d P r o f i t a n d L o s s , th e
t o t a l n e t d i s c o u n t in c u r r e d b y t h e C o m p a n y f r o m t h e s a le
o f it s s e c u r i t ie s f r o m t h e d a t e o f it s o r g a n i z a t i o n t o J u n e 3 0
1912.
IN T E R E S T .
T h e a c c r u e d in te r e s t o n th e M o r tg a g e , B o n d e d a n d S e c u re d
D e b t o f th e C o m p a n y fo r th e y e a r e n d e d J u n e 3 0 1 9 1 2 w a s
8 1 5 ,1 0 2 0 8 g r e a te r th a n fo r th e p r e c e d in g y e a r .
T h e in te r ­
e s t o n E q u i p m e n t T r u s t O b l i g a t i o n s in c r e a s e d 8 4 5 , 1 8 5 4 2
a n d th e in te r e s t o n B o n d s a n d N o t e s d e c re a se d 8 3 0 ,0 8 3 3 4 .
(S e e T a b le 2 .)
D IV ID E N D S .
A d i v i d e n d o f T w o P e r C e n t o n t h e P r e f e r r e d S t o c k o f th e
C o m p a n y w a s p a id o n A p r il 2 4 1 9 1 2 , a n d p r o v is io n h a s b e e n
m a d e fo r th e p a y m e n t o n O c to b e r 2 8 1 9 1 2 o f a d iv id e n d o f
T w o a n d O n c - I I a l f P e r C e n t d e c la r e d o u t o f I n c o m e e a r n e d
d u r in g th e y e a r e n d e d J u n e 3 0 1 9 1 2 .
PR O PER TY

IN V E S T M E N T

AND

M ORTGAGE

DEBT.

T h e i n v e s t m e n t in p h y s i c a l p r o p e r t y , e x c l u s i v e o f d e p r e ­
c i a t i o n , h a s b e e n in c r e a s e d 8 5 , 3 0 9 , 3 0 1 0 7 , o f w h ic h 8 2 , 7 0 2 , ­
5 9 5 3 9 w a s in R o a d w a y a n d S t r u c t u r e s a n d 8 2 , 0 0 0 , 7 6 5 0 8
in E q u i p m e n t .
T h i s in c r e a s e r e p r e s e n t s n e t a d d i t i o n s m a d e
d u r in g th e y e a r .
( S e c p a g e s 2 4 a n d 2 5 o f p a m p h l e t r e p o r t .)
T h e o u ts t a n d in g M o r tg a g e a n d C o lla te r a l T r u s t B o n d s
in c r e a s e d d u r i n g t h e y e a r 8 2 0 , 0 0 0 , w h ile t h e E q u i p e m n t
T r u s t O b lig a tio n s d e c r e a s e d $ 1 ,0 0 9 ,0 0 0 . (S e e p a g e 2 8 of
p a m p h l e t r e p o r t .)
je ^ T h e r e w e r e r e t ir e d d u r i n g t h e y e a r , t h r o u g h t h e s in k in g
fu n d p r o v is io n s o f th e m o r t g a g e s , $ 2 9 ,4 0 0 C h a r lo tte s v ille &
R a p id a n R a ilr o a d C o m p a n y F ir s t M o r t g a g e S ix P e r C e n t
B o n d s a n d 8 0 ,0 0 0 F r a n k lin & P it t s y lv a n ia R a ilr o a d C o m ­
p a n y F ir s t M o r tg a g e S ix P e r C e n t B o n d s ; a n d , a s p r o v id e d




1 9 1 ,3 °

'

^ le t r a c k w ill b e r e a d y f o r o p e r a t i o n b y J a n . 1

I h e r e is in c o u r s e o f i n s t a l l a t i o n a n e l e c t r i c a u t o m a t i c
s ig n a l s y s t e m b e tw e e n D e n im a n d C h a r lo tte , N . C ., a d is ­
ta n c e o f a p p r o x im a t e ly 9 0 m ile s .
A n e w d o u b le -t r a c k c o n n e c tio n w ith th e C in c in n a ti N e w
O r le a n s & T e x a s P a c ific R a i l w a y a t C i t ic o J u n c t i o n , T e n n . ,
e q u i p p e d w it h i n t e r l o c k i n g s i g n a l s , is in c o u r s e o f c o n s t r u c ­
tio n .
W h e n c o m p l e t e d , t h i s t r a c k w ill a f f o r d m o r e p r o n p t
a n d d ir e c t m o v e m e n t o f t h e C o m p a n y ’s p a s s e n g e r t r a in s in
a n d o u t o f th e U n io n P a sse n g e r S ta t io n a t C h a tta n o o g a ,
Tenn.
I t is e x p e c t e d t h a t t h i s c o n n e c t i o n w ill b e fin is h e d
b y Jan. 1 1913.
A b e l t lin e is in c o u r s e o f c o n s t r u c t i o n a t H i g h P o i n t , N . C . ,
fo r th e p u r p o s e o f s t im u la t in g in d u s tr ia l d e v e lo p m e n t a n d
fa c ilita tin g th e h a n d lin g o f tr a ffic .
W o r k h a s p ro g r e s s e d d u r in g th e y e a r o n th e n e w in b o u n d
fr e ig h t s t a t io n a n d o ffic e b u ild in g a t A t l a n t a , G a .
The
f r e i g h t f a c i li t i e s a r e n o w in o p e r a t i o n a n d t h e o f f i c e s w ill b e
r e a d y fo r o c c u p a n c y a b o u t J a n . 1 1 9 1 3 .
D u r in g th e y e a r th e C o m p a n y a c q u ir e d o r c o n tr a c te d f o r
4 o lo c o m o t iv e s , 3 7 p a s s e n g e r -tr a in c a r s , 2 ,9 9 0 fr e ig h t-tr a in
c a r s a n d 11 p ie c e s o f r o a d s e r v i c e e q u i p m e n t , a l l o f m o d e r n
ty p e a n d sta n d a rd c a p a c ity .
I n a d d itio n 9 0 0 g o n d o la c a r s ,
w h ic h h a d p a s s e d t h e s t a g e o f e c o n o m i c a l o p e r a t i o n , a r e in
c o u r se o f c o n v e r s io n in t o s te e l u n d e r fr a m e v e n t ila t e d b o x
ca rs a t th e L e n o ir C a r W o r k s .
M E M P H IS

U N IO N

S T A T IO N

COM PANY.

U n d e r a n 'a g r e e m e n t e n t e r e d i n t o b e t w e e n L o u i s v i l l e &
N a s h v ille R a ilr o a d C o m p a n y , N a s h v ille C h a tta n o o g a ^ & T S t
L o u i s R a i l w a y , S o u t h e r n R a i l w a y C o m p a n y , S t . L o u i s 'I r o n
M o u n t a in & S o u th e r n R a ilw a y C o m p a n y a n d S t ."I L o u i s
S o u th w e s te r n R a ilw a y C o m p a n y , th e M e m p h is U n io n S ta t io n
C o m p a n y w as fo r m e d fo r th e p u r p o s e o f c o n s tr u c tin g a d e -

q u a t e p a s s e n g e r t e r m i n a l f a c ili t ie s a t M e m p h i s , T e n n . , w h i c h
w e r e c o m p l e t e d a n d p la c e d in o p e r a t i o n o n A p r i l 1 1 9 1 2 .
T h e c a p i t a l s t o c k o f t h e S t a t i o n C o m p a n y is o w n p d in e q u a l
p a r t s b y t h e f iv e n a m e d c o m p a n i e s , a ll o f w h ic h a r c t e n a n t s
a n d jo in t u sers.
BLUEM ONT BRANCH .
U n d e r a n a g r e e m e n t e f f e c t i v e J u ly 1 1 9 1 2 , S o u t h e r n R a i l ­
w a y C o m p a n y le a s e d t o t h e W a s h i n g t o n & O l d D o m i n i o n
R a i lw a y C o m p a n y , fo r a p e r io d o f f if t y y e a r s , t h a t p a r t o f
i t s lin e k n o w n a s t h e B l u e m o n t B r a n c h .
T h e W a sh in g to n &
O ld D o m in io n R a ilw a y C o m p a n y c o m m e n c e d o p e r a tio n o f
t h i s p r o p e r t y o n J u ly 1 1 9 1 2 .
TH E

R E L A T IO N S
OF TH E
COM PANY
PROGRESS OF TH E SOUTH .

TO

THE

A g r i c u l t u r a l a n d i n d u s t r i a l d e v e l o p m e n t in t h e t e r r i t o r y
t r a v e r s e d b y t h e C o m p a n y ’ s li n e s h a s c o n t i n u e d t h r o u g h o u t
th e y e a r .

Agriculture:
S o u t h e a s t e r n f a r m e r s a r e a p p r e c i a t i n g m o r e f u l l y t h e ir
m a n i f o l d o p p o r t u n i t i e s , a n d p r o g r e s s i v e m e n in a l l p a r t s o f
th e s e c tio n a re d e m o n s t r a t in g th e p r a c t ic a b ilit y o f g r e a tly
in c r e a s i n g t h e a v e r a g e y i e l d s p e r a c r e o f a l l t h e s t a p l e f a r m
crop s.
N o t a b l e w o r k in t h i s d ir e c t i o n h a s b e e n d o n e b y t h e
C o m p a n y ’ s C o t t o n C u lt u r e D e p a r t m e n t , m e n t i o n e d in l a s t
y e a r s re p o rt.
T h e C o t t o n C u lt u r e D e p a r t m e n t , h a v i n g d e m o n s t r a t e d it s
e f f i c i e n c y n o t o n l y a g a i n s t t h e b o l l - w e e v i l b u t a l s o in s e c u r i n g
in c r e a s e d y i e l d s p e r a c r e , h a s b e e n m e r g e d i n t o a la r g e r
D e p a r t m e n t o f F a r m I m p r o v e m e n t W o r k , c r e a te d fo r th e
p u r p o s e o f e x t e n d in g th e s a m e s y s t e m o f c o -o p e r a t iv e fa r m
d e m o n s t r a t io n w o r k o v e r a ll o f th e te r r ito r y tr a v e r s e d b y th e
li n e s o f S o u t h e r n R a i l w a y C o m p a n y a n d t h e r a i l w a y c o m ­
p a n ie s a s s o c ia te d w ith i t .
I t s o b j e c t is t o d e m o n s t r a t e t o
f a r m e r s m e t h o d s b y w h ic h t h e a v e r a g e y i e l d s o f t h e s t a p l e
c r o p s o f e a c h lo c a lit y m a y b e in c r e a s e d , n o t o n e x p e r im e n ta l
o r d e m o n s t r a t i o n f a r m s u n d e r s p e c ia l c o n d i t i o n s a n d w i t h
e x c e p t io n a l r e s o u r c e s , b u t o n th e ir o w n fa r m s a n d w ith th e ir
o w n resou rces.
T h e D e p a r t m e n t w ill w o r k in h a r m o n y a n d
c o -o p e r a t io n w ith th e S t a t e C o m m is s io n s o f A g r ic u lt u r e ,
S t a t e A g r i c u l t u r a l C o lle g e s a n d E x p e r i m e n t S t a t i o n s , a n d t h e
U n ite d S ta t e s D e p a r t m e n t o f A g r ic u ltu r e .
D u r in g th e y e a r s p e c ia l a t t e n t io n h a s b e e n g iv e n to th e
u p b u ild in g o f th e d a ir y in d u s tr y a lo n g th e C o m p a n y ’s lin e s .
I n J a n . 1 9 1 2 a d a ir y in s tr u c tio n c a r , e s p e c ia lly a r r a n g e d a n d
f u lly e q u ip p e d fo r le c tu r e a n d d e m o n s tr a tio n w o r k , w as
p l a c e d in o p e r a t i o n u n d e r t h e d i r e c t i o n o f t h e C o m p a n y ’ s
D a ir y A g e n t.
N i n e t y - n i n e p o i n t s w e r e v i s i t e d a n d 1 2 ,9 0 6
p e o p l e a t t e n d e d t h e le c t u r e s a n d d e m o n s t r a t i o n s .
The op­
e r a t i o n o f t h i s c a r h a s r e s u l t e d in in c r e a s in g d a i r y f a r m h e r d s ,
a n d in t h e g e n e r a l i m p r o v e m e n t o f c o n d i t i o n s s u r r o u n d i n g t h e
d a ir y in d u s tr y .
A s a m e a n s o f e n c o u r a g in g a ll b ra n c h e s o f
t h e l i v e - s t o c k i n d u s t r y , a L i v e - S t o c k A g e n t is e m p l o y e d t o
g iv e in fo r m a tio n a n d a d v ic e a s to th e r a is in g , fe e d in g a n d
m a r k e tin g o f liv e -s t o c k .
D u r i n g t h e y e a r t h e C o m p a n y o p e r a t e d a g r i c u lt u r a l t r a in s
in c o - o p e r a t i o n w i t h v a r i o u s S t a t e B o a r d s o f A g r i c u l t u r e .
S t o p s w e r e m a d e a n d m e e t i n g s h e ld a t o n e h u n d r e d a n d
e l e v e n c it i e s a n d t o w n s , t h e t o t a l a t t e n d a n c e b e i n g e s t i m a t e d
a t a p p r o x im a te ly 6 0 ,8 5 0 .
T h e o p e r a t i o n o f t h e s e t r a in s
a r o u s e d i n t e r e s t in b e t t e r a g r i c u lt u r a l m e t h o d s , a n d i t is
b e l i e v e d t h a t t h e r e s u l t s w ill b e b e n e fi c ia l t o t h e f a r m e r s a n d
to

lVOL. LXXXXY.

T H E C H R O N IC L E

972

th e C o m p a n y .

27
20
26
25
59
12
19
22
38
1
16
183

Brick W orks--------------------------------------Cotton-Seed OH Mills----------- ---------Fertilizer W ork s----------------- ---------------Flour and Feed Mills--------------------------Lum ber M ills------------------------ -------------Furniture Factories______ _____________
Other W ood-W orking Plants_________
Iron Industries_______________________
Stone Quarries, Coal and Other Mines
Tanneries _______ ______— .......... .........
Textile Mills___________________________
M iscella n eou s....... ....................... ..............

448

Total

T h e n u m b e r o f in d u s tr ia l p la n ts u n d e r c o n s tr u c tio n a t th e
c lo s e o f t h e y e a r w a s 7 3 , a n d t h e n u m b e r t o w h ic h a d d i t i o n s
w ere m a d e d u r in g th e y e a r w a s 1 9 7 .
T h e y e a r h a s b e e n o n e o f r e v i v i n g a c t i v i t y in t h e c o t t o n
te x tile in d u s tr y o f th e S o u th e a s te r n S ta t e s .
T h e o ffic ia l
r e p o rt o f th e U n ite d S ta t e s C e n su s B u r e a u sh o w s th a t fo r
t h e y e a r e n d e d A u g . 3 1 1 9 1 2 t h e c o n s u m p t i o n o f c o t t o n in t h e
m ills o f t h e c o t t o n - g r o w i n g S t a t e s w a s in e x c e s s o f a n y
p r e v io u s y e a r , a m o u n t in g to 2 ,7 1 2 ,6 2 2 b a le s .
I t is n o t e w o r t h y t h a t d u r i n g t h e y e a r t h e c o t t o n - g r o w i n g
S t a t e s c o n s u m e d 5 7 , 5 7 3 m o r e b a le s t h a n t h e m i lls o f a l l t h e
o th e r S ta te s c o m b in e d .
T h e im p o r ta n c e o f th is to th e
C o m p a n y is i n d i c a t e d b y t h e f a c t t h a t o u t o f a t o t a l o f
1 1 , 5 8 5 , 8 3 9 s p i n d le s in t h e c o t t o n - g r o w i n g S t a t e s r e p o r t e d
b y th e C e n su s B u r e a u a s o f A u g . 3 1 1 9 1 2 , th e re w e r e , a s o f
J a n . 1 1 9 1 2 , 8 , 5 3 0 , 7 2 3 s p i n d l e s in m i lls t r i b u t a r y t o t h e
S o u th e rn

R a ilw a y lin e s .

Immigration:
T h e r e is n o p r a c t i c a l m e t h o d f o r o b t a i n i n g e x a c t in f o r ­
m a t i o n c o n c e r n i n g t h e n u m b e r o f f a m i l i e s f r o m o u t s i d e t e r r i­
t o r y w h o h a v e s e t t l e d a l o n g t h e C o m p a n y ’ s li n e s , b u t a c o n ­
s e r v a tiv e e s t im a t e , b a se d u p o n in fo r m a tio n a v a ila b le , sh o w s
t h a t a s u b s t a n t i a l n u m b e r o f s e t t le r s p u r c h a s e d la n d s a n d
l o c a t e d a l o n g t h e C o m p a n y ’ s lin e s d u r in g t h e y e a r .
D u r i n g t h e y e a r t h e r e w a s a n in c r e a s e in t h e n u m b e r o f
re a l e s ta te a g e n c ie s a n d c o lo n iz a tio n a n d la n d c o m p a n ie s
o p e r a t i n g in S o u t h e r n R a i l w a y t e r r i t o r y .

Road Improvement:
R e c o g n iz in g th e im p o r ta n c e o f g o o d c o u n t r y h ig h w a y s as
f a c t o r s in t h e d e v e l o p m e n t o f t h e t e r r i t o r y a n d a s f e e d e r s t o
r a i l w a y s , t h e C o m p a n y is c o n t i n u i n g it s p o l i c y o f a c t i v e
p a r t i c i p a t i o n in t h e m o v e m e n t f o r r o a d i m p r o v e m e n t in t h e
t e r r i t o r y t r a v e r s e d b y it s li n e s .
D u r i n g t h e fis c a l y e a r a s i x m o n t h s ’ t o u r o f a s p e c ia l g o o d r o a d s t r a i n o v e r t h e C o m p a n y ’ s
lin e s w a s c o m p l e t e d .
T h i s t r a i n , w h ic h w a s o p e r a t e d in
c o - o p e r a t i o n w i t h t h e O f f i c e o f P u b li c R o a d s in t h e U n i t e d
S ta t e s D e p a r t m e n t o f A g r ic u ltu r e a n d th e A m e r ic a n A s s o c ia ­
t i o n f o r H i g h w a y I m p r Q v e m e n t , c a r r ie d m o d e l s o f t h e b e s t
t y p e s o f m o d e r n r o a d c o n s t r u c t i o n , a n d il l u s t r a t e d l e c t u r e s
w e r e d e li v e r e d b y e x p e r t r o a d b u i l d e r s .
D u r in g th e to u r o f
t h e t r a i n 2 5 1 le c t u r e s w e r e d e li v e r e d in 2 1 0 c o u n t i e s a n d
4 6 ,7 3 3 p e o p le a tte n d e d th e m e e t in g s .
G o o d R o a d s A s s o c ia ­
t i o n s w e r e o r g a n i z e d in 7 8 c o u n t i e s a n d i n t e r e s t in r o a d i m ­
p r o v e m e n t w a s g r e a tly s t im u la t e d .
T h e w ork o f h ig h w a y
i m p r o v e m e n t is p r o c e e d i n g in a g r a t i f y i n g m a n n e r in e v e r y
S t a t e tr a v e r s e d b y th e C o m p a n y ’s lin e s , a n d th e s ta tis tic s
o f t lie U n i t e d S t a t e s O f f i c e o f P u b l i c R o a d s s h o w t h a t d u r in g
t h e c a le n d a r y e a r 1 9 1 1 t h e t o t a l a m o u n t a v a i l a b l e f r o m
l e g i s l a t i v e a p p r o p r i a t i o n s , lo c a l c o u n t y a n d d i s t r i c t b o n d
is s u e s a n d lo c a l r o a d t a x e s f o r r o a d i m p r o v e m e n t i n t h e
S o u t h e a s t e r n S t a t e s t r a v e r s e d b y t h e C o m p a n y ’ s lin e s w a s
8 2 1 ,8 8 4 ,4 3 3 .

Land and Industrial Department:

Broader Solicitation:

T h e L a n d a n d In d u s tr ia l D e p a r t m e n t o f th e C o m p a n y ,
w h ile s e p a r a te fr o m th e D e p a r t m e n t o f F a r m I m p r o v e m e n t
W o r k , o p e r a t e s in c lo s e c o - o p e r a t i o n w it h i t , e a c h s u p p l e m e n t ­

A n o t e w o r t h y p o lic y a d o p t e d d u r in g th e y e a r h a s b e e n
t h a t o f g r e a t l y b r o a d e n i n g t h e fie ld s o f t h e C o m p a n y ’ s
F r e ig h t a n d P a s s e n g e r T r a ffic D e p a r t m e n t s .
A d d itio n a l
a g e n c i e s h a v e b e e n e s t a b li s h e d in t h e N o r t h w e s t , in t h e
M i d d le W e s t , o n t h e P a c ific C o a s t a n d in C a n a d a , m a k i n g t h e
s c o p e o f t h e s e D e p a r t m e n t s n a t i o n -w i d e .
T h e F r e ig h t T r a ffic a g e n c ie s o u ts id e o f th e C o m p a n y ’s te r ­
r ito r y s e r v e th e d o u b le p u r p o s e o f s o lic itin g th e r o u tin g o f
f r e i g h t o v e r it s li n e s in t o a n d o u t o f t h e S o u t h e a s t a n d o f c o ­
o p e r a tin g fo r th e d e v e lo p m e n t o f m a r k e t s fo r S o u th e a s te r n
p ro d u c ts.
T h e l a t t e r p h a s e o f t h e i r w o r k is b e i n g m a d e m o s t
h e lp fu l to m a n u fa c tu r e r s a n d o th e r p r o d u c e r s a n d to th e

in g th e o t h e r .
I n a d d it io n to s e c u r in g th e lo c a tio n o f in d u s ­
t r i e s a l o n g t h e C o m p a n y ’ s li n e s , t h e L a n d a n d I n d u s t r i a l D e ­
p a r t m e n t is a c t i v e l y e n g a g e d in t h e s o l i c i t a t i o n o f f a r m i m m i ­
g r a n ts fr o m o th e r p a r ts o f th e U n ite d S ta te s a n d fr o m E u r o p e .
O n e o f i t s d u t i e s is t o a d v i s e t h e D e p a r t m e n t o f F a r m I m ­
p r o v e m e n t W o r k a s t o t h e l o c a t i o n o f f a r m s e t t l e r s in t e r r i­
t o r y t r a v e r s e d b y t h e C o m p a n y ’ s l i n e s , in o r d e r t h a t t h e y
m a y h a v e th e b e n e fit o f e x p e r t a d v ic e a s to th e b e s t m e th o d s
t o b e p u r s u e d in t h e ir n e w l o c a t i o n s .

Manufacturing:
T h e d e v e l o p m e n t o f m a n u f a c t u r i n g is p r o c e e d i n g
r a p i d l y in t h e S o u t h e a s t e r n S t a t e s t r a v e r s e d b y t h e

m ore
Com ­

p a n y ’ s li n e s t h a n in t h e U n i t e d S t a t e s a s a w h o l e .
The
la te s t r e p o rt o f th e U n ite d S ta t e s C e n su s B u r e a u o f M a n u fa c ­
t u r e s in t h e U n i t e d S t a t e s s h o w s t h a t t h e t o t a l v a l u e o f t h e
p r o d u c t s o f m a n u f a c t u r e in t h e S o u t h e a s t e r n S t a t e s t r a v e r s e d
b y t h e C o m p a n y ’ s li n e s in 1 9 0 9 w a s 8 1 , 4 5 5 , 9 2 7 , 0 0 0 , a n in ­
cre a se o v e r 1 8 9 9 o f 8 7 5 4 ,8 7 1 ,0 0 0 , or 1 0 7 .6 8 % , a s c o m p a re d
w i t h a n in c r e a s e o f 7 9 . 4 9 % f o r a l l t h e o t h e r S t a t e s .
The
f ig u r e s b y

S ta te s

are a s fo llo w s :

Percentage
1000.
1800.
of Increase
Virginia ........................................ $210,704,000
$108,644,000
102.30
North Carolina.............................
216,636,000
85,274,000
154.07
South C arolin a-......... ....................
113,236,000
53,336,000
112.30
Georgia
___________
203,863,000
94,532,000
114.59
F lorid a "
72,890,000
34,184,000
113.22
Alabam a
................ - ..........
145,062.000
72,110,000
102.42
M ississippi......................................
80,555,000
33,718,000
138.90
K e n tu ck y ...............................
223,754,000 126,509,000
76.86
Tennessee_______________________
180,217,000
92,749,000
94.30
$1,455,927,000

$701,056,000

107.68

r T h e n u m b e r o f n e w in d u s t r i a l p l a n t s c o m p l e t e d d u r i n g t h e
fis c a l y e a r a t p o i n t s o n t h e C o m p a n y ’ s li n e s w a s 4 4 8 , c la s s ifie d
a s fo llo w s ;




...

Com pany.
_
T h e o u t ly in g P a s s e n g e r T r a ffic a g e n c ie s a r e c h a r g e d w ith
t h e d u t y o f d e v e l o p i n g b u s in e s s a n d t o u r i s t t r a v e l o v e r t h e
C o m p a n y ’ s lin e s t o a n d f r o m t h e t e r r it o r ie s in w h ic h t h e y a r e
lo c a t e d a n d w i t h t h e f u r t h e r d u t y o f c o - o p e r a t i n g w it h t h e
im m ig r a tio n s o lic ita tio n w o r k o f th e L a n d a n d I n d u s tr ia l
D e p a rtm e n t.
T h e P a sse n g e r T r a ffic
D e p a r t m e n t in t h e
S o u t h e a s t a n d in o t h e r s e c t i o n s is w o r k i n g e f f e c t i v e l y t o m a k e
th e r e s o u r c e s , o p p o r tu n itie s a n d a t t r a c t io n s o f th e lo c a li­
tie s a l o n g t h e C o m p a n y ’ s lin e s b e t t e r k n o w n a n d t o d e v e l o p
a n in c r e a s in g f lo w o f t r a v e l .
P a s s e n g e r s o l i c i t a t i o n o f a ll
k in d s is b e i n g m o s t e f f e c t i v e l y a i d e d b y t h e p o l i c y o f t h e
m anagem ent
to
keep
its
p a s s e n g e r -tr a in
se rv ic e ,
b o th
th r o u g h a n d lo c a l, f u lly a b r e a s t o f th e r e q u ir e m e n ts o f th e
t r a v e l i n g p u b l i c a s t o f r e q u e n c y o f t r a in s a n d c h a r a c t e r o f
e q u ip m e n t.
PANAM A

CANAL

AND

L A T I N -A M E R I C A N

TR A D E .

N o p a r t o f th e U n it e d S t a t e s s h o u ld b e n e fit m o r e fr o m th e
a p p r o a c h in g c o m p le tio n o f th e P a n a m a C a n a l th a n th e
t e r r i t o r y t r a v e r s e d b y t h i s C o m p a n y ’ s li n e s .
T h e g e o g r a p h i­
c a l r e la t io n o f t h e C a n a l t o t h e S o u t h A t l a n t i c a n d G u l f p o r t s
erved

by

t h e s e li n e s is a d v a n t a g e o u s ;

and

c o n d itio n s

are

Oct. 12 1912. j

T H E C H R O N IC L E

favorable for the production in the Southeast of many of the
manufactured products which are in demand in the markets
of Central and South America, Asia and the Pacific Islands,
to which the Canal will open a more direct route.
Increased attention is being given to the development of
direct trade with the markets of the Atlantic side of South
America, as well as those that will be reached by way of the
Canal. During the fiscal year regular steamship service was
established between New Orleans and the ports of Rio de
Janeiro and Santos, Brazil, and Buenos Ayres, Argentina;
and since the close of the fiscal year regular service has been
inaugurated between Mobile, A la., and the ports of Monte­
video, Uruguay and Buenos Ayres, and Rosario, Argentina.
The success which has attended the solicitation of traffic for
these lines has been such as to encourage the hope that
similar service may be established from other ports served
by the Company’s lines.

973

T H E SE R VIC E OF E M P L O Y E E S .
It is a source of much pleasure to the Board to renew its
expression of appreciation of the loyal and efficient service
rendered during the year by officers and employees in all
departments of the Company in the performance of their
duties.
Details of the operations of the Company are set forth in
the report of the Vice-President and General Manager.
Statements of the accounts and statistics of the Company
in the usual detail will be found in the tables hereto annexed.
The accounts have been examined, as usual, by Certified
Accountants, Messrs. Patterson, Teele & Dennis, and their
certificate is made a part of this report.
Respectfully submitted, by order of the Board,
W.

W . F I N L E Y , President.

TABLE 1.— INCOM E S T A T E M E N T FO R Y E A R E N D E D JUNE 30 1912, CO M PARED W IT H Y E A R

ENDED

JUNE 30 1911.
1911.
$39,498,903
10,050,303
292,100
1,370,741
1,810,970
891,104
418,818

01
70
40
78
04
43
50

$7,404,910
9,400,750
1,549,403
20,002,085
1,789,027

42
74
98
84
10

$00,345,062 64

40,926,790 08

OPERATING REVENUES—
Freight Revenue____________ ______ _______________
Passenger Revenue________________________________
Miscellaneous Passenger-Train Revenue____________
Mall Revenue____________ ______________________ _
Express Revenue________ . _________________________
Other Transportation Revenue____________________
Revenue from Operations other than Transportation _

$41,508,300
10,939,811
326,202
1,352,298
1,948,950
870,357
638,401

38
36
88
0
80
79
07

TOTAL OPERATING REVENUES...... ......... ........
OPERATING EXPENSES—
Maintenance of Way anil Structures------------------------Maintenance of Equipment________________________
Traffic Expenses----------------- -------- -------------------------Transportation Expenses__________________________
General Expenses------------------ ----------- ----------- ---------

$7,841,220
10,108,072
1,745,353
22,081,653
1,919,336

15
84
05
47
88

$03,590,328 90

TOTAL OPERATING EXPENSES.

43,696,236 39

119,418,272 56 NET OPERATING REVENUE-------------------O UTSI DE O ITERATIONS— NET REVENUE 42,027 75 OUTSIDE OPERATIONS— NET D E F IC IT -. $19,370,244
2,212,907

3,802,518 26
$20,905,795 20
$34,440
1,887,748
799,001
00,017
170,390
125,814
83,709

N ETREVEN U ET A X E S _________

$17,163,276 94 OPERATING INCOME-...................... ........... .......................
OTHER INCOME—
Rents Accrued from Lease of R oad-----------------------------Hire of Equipment— Balance------------------------------------- Rents Accrued from Joint Tracks, Yards and Terminals Misccllancous Rents___________________________________
Miscellaneous In com e------------------------------------------------Income from Investments______________________________
Miscellaneous Interest and Commissions________________

$17,499
137,342
200,131
148,970
194,268
2,059,249
445,055

49
90
91
72
39
78
70
3,167,189 95

$19,894,092 51
64,754 67
$19,958,847 18
1,452,328 28
$17,506,518 90
$20,000
31,206
204,635
131,993
165,795
,757,645
208,797

00
88
85
72
03
38
40

TOTAL OTHER INCOME.
TOTAL GROSS INCOME-...................
DEDUCTIONS FROM TOTAL GROSS INCOME—
'
................................
Income from Operation, Southern Railway Company Lin Mississippi, Alabama State
Line to Columbus, Miss-----------------------------------------------------------Rents Accrued for Lease of Other Roads (see Table 2, pamphlet report)
1
Rents Accrued for Joint Tracks, Yards and Terminals____________________
Miscellaneous Rents_____________ _____ _____________________________ _
Separately Operated Properties__________________________________________ H I
Discount on Securities Sold— Proportion charged to Income___________________
Miscellaneous Deductions_____________________________________________________

3,580,074 86
$21,086,593 76
$50,950
1,865,927
898,444
30,242
180,701
60,043
87,463

88
33
10
83
01
25
46

TOTAL DEDUCTIONS.

3,179,772 80

$17,793,605 25 TOTAL AVAILABLE INCOME
$17,906,820
$10,234,505 00
INTEREST ON BONDS AND NOTES (see Table 2, pamphlet report).
$10,204,481 66
667,228 70
INTEREST ON EQUIPMENT TRUST OBLIGATIONS (see Table 2. pamphlet report)..
712,414 18
DIVIDENDS ACCRUED ON SOUTHERN RAILW AY-MOBILE & OHIO STOCK
220,808 00
TRUST CERTIFICATES_____________________________________
.
___________ _
220,808 00
11,128,601 76
11,143,703
$6,070,003 49 BALANCE OF INCOME OVER CHARGES______________ _________________ _____ ____
$6,763,117
FROM WHICH DEDUCT—
$000,000 00
Dividends Nos. 21 (1%) and 23 (2%) on Preferred Stock_____________________________ $1,200,000 00
Dividend No. 22 (1%) and Reserve for Dividend No. 24 (2 '-% ) on Preferred Stock,
000,000 00
payable in October 1912_______ ____ .... ----- .. ___ ___ ______________________
1,500,000 00
1,200,000 00
TOTAL DIVIDENDS.
2,700,000

90

84
06

00

$5,470 003 49 BALANCE OVER DIVIDENDS ON PREFERRED STOCK00 045 71 ADDITIONS AND BETTERMENTS_______________________

$4,063,117 06
44,989 42

$5,403,957 78 BALANCE CARRIED TO CREDIT OF PROFIT AND LOSS.

$4,018,127 64

The Decrease in Interest on Bonds and Notes amounting to _________________________
__________ _______________ .
$30 083 34
consists of the following:
INCREASES—
Interest for twelve months tills year on $1,500,000 First Consolidated Mortgage Five Per Cent Bonds sold March 1 1911
to retire $1,580,000 Virginia Midland Railway Serial Mortgage Six Per Cent Bonds, Series B, as against interest
for four mouths on such bonds in preceding year. ------- ------------ . . . _________ ______________________________$50,000 00
Interest on $50,000 Southern Hallway-Mobile & Ohio Collateral Four Per Cent Bonds issued in exchange for a like amount
of Mobile & Ohio Railroad General Mortgage Four Per Cent Bonds___ _____ ______ _______________________________
1,066 66
D E C R E A S E S -™ IncreaSC — - .............................................................................................. - ............................................................... 551,066 66
Interest on Virginia Midland Railway Serial Mortgage Six Per Cent Bonds,Series B, retired March 1 1911_____ $63,200 00
Interest on Charlotte Columbia & Augusta Railroad Second Mortgage Seven Per Cent Bonds, retired Oct. 1 1910 8,750 00
interest on Richmond York River & Chesapeake RR. Second Mortgage 4>^% Bonds, retired November 1 1910 7,500 00
Interest on Divisional Prior Lien Bonds retired during the year___ _____ ____________________________________
1,700 00
Total Decrease-------------------------------------------------------------- ------------------- ---------------------------------- ------------------------ 81,150 00
Net Decrease, as shown__________ _____ __________________________ _______ _____________________________________________ $30,083 34
The Increase in Interest on Equipment Trust Obligations amounting to______________________________________________
consists of:
INCREASES—
Interest on Equipment Trust N__________________________________________________________
Interest on Equipment Trust O ___________________________________________________
Interest on Equipment Trust P ___ ____________________________________________

$4 5 , 1 8 5 42

$7 0 , 1 4 2 08

DECREASES— tal InCrCaS° .............................................*........................................... — - ................................................................... - $ i ^ 7 l ^
Interest on Equipment Trust E ...................................
...................................... ...........................
$ 1 3 230 00
Interest on Equipment Trust II___ ___________ .
. .
____ ____________
________ 20 250 00
Interest on Equipment Trust K
""
................. 1 1 200 0 1
Interest on Equipment Trust L __________________
. ..
' ________________________
___________ 27’000 00
Interest on Equipment Trust M _________________________________________________________________ '"11111.1
6,300 00
Total Decrease________________________________ ___________________ _____ ___ ______ _________________________

77

ggg

Net Increase, as show n............................................................................................................................................................................ $45,185 42




974

T H E C H R O N IC L E

[VOL.

LXXXXV

TABLE 3.— PR O FIT A N D LOSS FO R Y E A R E N D E D JUNE 30 1912.
Balance at Credit of this Account June 30 1911_____________________ ________________________________________________
Add:—Credit Balance of Income for the Year___________________________________________________ _________________

511.445,905 0*
4,018,127 04
515,404,092 72
51,050,030 54
50,520 05
-------------------- 1,707,150 59

Deduct:— Discount on Securities charged off during the year
Net Miscellaneous Debits________________________
Credit Balance June 30 1912___________________ ______ __________________________________ ______ ____________________

513,750,930 13

TABLE 4 .— G E N E R A L B A L A N C E SH E E T JUNE 30 1912 A N D JUN E 30 1911
June 30 1911.

June 30 1912.

ASSETS.

PROPERTY INVESTMENT—
Iioad and Equipment:

5318,243,507 04
47,790,405 54
515,047,735 43
15,233,501 83

5300,039,973 18
30,881,237 26
5396,921,210 44
12,912,296 92

Investment to June 30 1907:
R o a d ---------------------------------------------------------------------------------------------------------- 5318,243,507 04
Equipment (Including Trust Equipment)___________________________________
47,796,465 54

Investment since June 30 1907:
Road - - — — ____ ________________ ____________________________ ______
Equipment (Including Trust Equipment)_____________________________ _____
Total Road and Equlomcnt__

___ ______________

518,350,330 82
17,900,267 51

____________

5300,039,973 18
30,250,598 33
5402,200,571 51
13,770,492 93
5388,511,078 58

5384,008,913 52
Securities.’

p 52,487,086 26
t 21,502,921 74
fej
j® 5125,880 21
673,410 75

Securities of Proprietary, Affiliated and Controlled Companies— Pledged:
S to ck s___________________
. _____
.
Bonds _________________
523,990,608 00
2,000,000 00
799,305 96
526,789,913 96

Bonds Issued or Assumed— Pledged_____
_______ ____ ____
Securities of Proprietary, Affiliated and Controlled Companies— Unpledged:
Stocks __________
Bonds ____________
T o ta l___________

52,487,080 20
21,508,920 74

523,990,007 00
2,000,000 00

5110,887 21
084,418 75

______

801,305 96
520,707,912 96

Other Investments:

5589,749 37
5374,587 70
33,468,143 91
9,598,039 18

43,440,770 85
544,030,520 22
510,377,361 16
10,101,800 00

5250,522 00
179,059 04
53,955 00

Advances to Proprietary, Affiliated and Controlled Companies for Construction,
Equipment and Betterments ______________ ____________
Miscellaneous Investments:

489,536
137,128
500,332
415,424
2,875,491
3,837,425
535,542

Physical P ro p e r ty _____________ ___________________ ________
__
Securities— Pledged ____ _____________________________ _________________
Securities— Unpledged
___
____- ________
__
______ _________ __

5419,193 34
5355,590 07
33,588,943 91
9,450,980 28

Total . .......................................................................... - ....................................
WORKING ASSETS—
Marketable Securities:
Stocks _______________________________________________________________________
Bonds _______________________________________________________________________
Miscellaneous__________________________________________ ___ - -------------------

513,048,782 30
22,331,800 00
5250,522 00
179,059 04
51,455 00

04
77
38
63
45
42
30

5938,693 31

i
;

25
50
37
43
45
79
48
58
12
48

ACCRUED INCOME NOT DUE—
DEFERRED DEBIT ITEMS—
Tmporary advances to Proprietary, Affiliated and Controlled Companies--------- .
_ __
_____ __________ _______ _____
Working F u n ds__________
Other Advances_________
.
_______ _____ ___________ _________
Rents and Insurance Paid in Advance_____________________________ ____________
Taxes Paid in Advance- - .
_____________________ _______ ____________
Unextinguished Discount on Securities_______ __________________
______
Special Deposits___
_ _ _ ________ ________________ ____________
CashandSecuritics in Sinking and Redemption Funds------------------------------ --------Cash and Securities in Insurance Reserve Fund---------------------------------------------------Other Deferred Debit Items____
____________________ ____ _________ _______

51,002,490 26
5730,882
130,428
1,003,764
2,046
29,150

15
19
13
61
03

2,923,331
3,525
015,941
1,377,920

19
00
37
99

10,524,270 45

7,182,095 6«
5512,084,423 89

June 30 1912.

L I A B I L IT I E S .

CAPITAL STOCK—
C om m on_____________________________________________ _________________________ 5120,000,000 00
00,000,000 00
P referred -------------- --------------------------------------------------- --------- ------------------------------

5120,000,000 00
60,000,000 00
5180,000,000 00
5103,986,300 00
18,309,800 00
5212,290,100 00
19,724,700 00
10,107,000 00
5242,127,800 00
17,389,000 00
$259,516,800 00

5470,339
650,868
4,861,646
207,897
2,870,213
29,300
1,129,355

04
55
42
40
52
90
10

5501,628,353 61
June 30 1911.

519,682,700 00
42,000 00

487,030
448,483
762,026
467,025
2,237,325
4,210,084
722,674

544,715,238 23

535,336,042 15

5745,771
108,804
1,013,232
2,318
23,528
1,688,029
4,536,641
31,830
801,380
1,569,663

43,395,514 86
543,814,708 20

5180,000,000 00
MORTGAGE, BONDED AND SECURED DEBT—
Mortgage Bonds— Outstanding----- ---------------------------------------------- 5190.950,900 00
Mortgage Bonds— Held by Company------------------------------------------ 24,539,800 00
T o ta l---------- -------- -------------------------------------------- ------------------------------- ---------- 5218,490,700 00
Collateral Trust Bonds— Outstanding------------------------------ ----------- 519,738,700 00
Collateral Trust Bonds— Held by Company---------------------------------42,000 00
T o ta l------------------------ -------- ----------------------------------------------------- ----------------Notes— Outstanding________________________________________ ______ _____________

Total (See Table 5 ) . . ---------------------------------------------------------------- -------- ---------- 8248.384,400 00
— ----- _ ' 16,380,000 00
Equipment Trust Obligations (See Table 0 )— ----- — _________
204.704,409 00
33,099^666 66

Total
__
OUTSTANDING SECURITIES ON LEASEHOLD ESTATES
W ORKING L IA BILITIE S—
Doans and Bills P a y a b le .___ ___________________ __________________________ _
Traffic and Car Service Balances due to other Companies__________ ________ _____
Audited Vouchers, Accounts and Wages Unpaid__________________________ _____
Miscellaneous Accounts Payable, ____ _______ ______________
____________
Matured Interest, Dividends and Rents Unpaid, including amounts due July 1 __
Matured Mort., Bonded and Secured Debt unpaid— Bonds not presented for Red.
Other Working Liabilities____________________________ _________ _______ ______

36
35
68
90
70
00
26
10,231,621 25

51,713,954 50
909,467 07
2,623,422 17
52,245,362 71
742,381 11
2,087,743 82
5600,000 00
319,411 17
804,390 12




5445,000
817,608
5,984,377
344,295
2,880,202
3,400
1,035,256

00
07
17
59
44
00
55
12,120,130 82

ACCRUED LIABILITIES NOT DUE—
Unmatured Interest and Rents Payable-----------____________________________
Taxes --------------------------------------------------------------------------------------------------------------

51,697,303 31
953,013 02

DEFERRED CREDIT ITEMS—
Operating Reserves-------------------------------------------------------------------------------------------Other Deferred Credit Items----------------------------------------------- ----------- --------------------

51,083,983 09
032,206 61

Total - ___ _____
_________ ______
_ _ __ . APPROPRIATED SURPLUS—
Reserves for Div. No. 22, 1%, and No. 24, 2 16%on Prcf. Stck., pay.O ct., 1911& T2
Additions to Property since June 30 1907, through Income__ ____ _____ ______
Insurance Reserve Fund------------------------------------------------------------------------------------

51,500,000 00
301,500 54
015,041 37

1,723,801 29
111445,965 08 PROFIT AND LO SS-- _________________________________
5501,628,353 61

19.780,700 00
10,107,000 00

Grand Total-----

---------------------

--------------------------------

. . _____

2,050,316 33

2,916,189 70

2,777,441 91
13,756,936 13
5512,084,423 89

Oct. 12 1912.]

T H E C H R O N IC L E

975

ERIE RAILROAD COMPANY
S E V E N T E E N T H A N N U A L R E P O R T — FO R T H E FISCAL Y E A R E N D IN G JUN E 30 1912.
New Y ork, October 8 1912.
T o the B ond and Share Holders o f the E rie Railroad Com pany:

The following report of the operations of your Company
for the year ending June 30 1912 is respectfully submitted
by the Board of Directors:
M IL E A G E .
Table N o. 1 shows in detail the mileage of road operated
June 30 1912, from which you will note that the Company:
Owns in fee or controls by ownership ofentire stock__________ 1,673.-10 Miles
Controls by ownership of a majority ofstock__________
160.58 “
L eases______________________________________________
276.06 “
Has trackage rights over----------------------------------------------------- 146.73 “
Total mileage operated_________________________________ 2,257.67
Has restricted trackage rights over________________________ 131.20
Owns and leases to other companies----------------------------------15.12
Leases and re-leases to other companies____________ _______
2.35
Controls lines operated independently-------------------------------37.87

“
“
“
“
“

Total mileage controlled but not operated------------------------ 186.54
Grand total------------------------------------------------------------------ 2,444.21

“
“

— of which 974.02 miles, or 39.85 per cent, have second track,
18.47 miles have third track and 18.42 miles have fourth
track.
The decrease of 6.63 miles in track owned is due to the
abandonment of the Daguscahonda and Elk Branch, 5.81
miles, the revision of curves between Hutchins and Midmont, Pa., .34 miles, and to corrections decreasing the mile­
age of the Nypano Railroad, .78 miles, and increasing the
Columbus & Erie Railroad .30 miles.
The decrease of .67 miles in track leased represents cor­
rections decreasing the Niles & New Lisbon Railroad .48
miles, the Sharon Railway .32 miles, and increasing the
Youngstown & Austintown Railway .13 miles.
To restricted trackage rights have been added 22 miles due
to the use of the tracks of the Northern Central Railway be­
tween Chemung Junction and Coal Point, N . Y .
The increase of 30.64 miles in second track is due to the
construction of additional second track as follows: Erie &
Wyoming Valley Railroad, .81 miles; between Tallmadge
and Akron, O ., 3.18 miles; Barberton and Sherman, O .,
2.55 miles; Creston and QN Tower, near West Salem, O .,
11.08 miles; West Salem and Polk, O ., 5.99 miles; Milton
and Summit, O ., 5.74 miles; to corrccti9n in mileage of the
Nypano Railroad, 1.82 miles, less revision of curves between
Hutchins and Midmont, Pa., .34 miles, and corrections in
Westerman Railroad, .02 miles; Sharon Railway, .05 miles;
Cleveland & Pittsburgh Railroad, .12 miles.
O P E R A T IN G R E V E N U E A N D E X P E N S E S .
The following statement shows the gross operating reve­
nue, operating expenses and operating income of the system
for the fiscal year:
REVENUE.
1012.
525,182,784
14,603,741
0,623,115
421,820
1,533,500
037,100
1,401.301

Merchandise____
Coal------------------Passenger_______
Mail------------------E xpress------------Milk ____________
Miscellaneous___

Increase ( + ) or
1011.
Decrease (— ).
40 $24,071,521 06 +51,111,262 44
84 15,865,027 00 — 1,256,285 10
41
0,817,050 18
— 101,840 77
22
431,348 06
— 0,527 84
+ 89,030 70
23
1,444,550 47
+ 34,343 70
42
002,765 63
11
1,286,874 02
+ 114,426 10

Revenue— Rail O pcr_.-$53,708,408 03 $53,820,050 2 2
Revenue— Outside Oper. 2,783,900 09
2,820,858 02

— $111,581 59
— 45,057 03

Gross Operating Rev.--$56,492,309 62 $50,049,008 24

— $157,538 02

EXPENSES.

1012.
Maintenance of Way and
Structures____________ $5,920,920 01
Maintenance of Equipment 0,012,450 08
Traffic Expenses___ _____
1,393,543 98
Transportation Expenses.- 19,561,599 38
General Expenses-............
1,204,108 60
Operating ExpcnscsRall Operations__
Outside Operations

Increase ( + ) or
Decrease (— ).

1011.
$5,720,899
9,104,017
1,400,209
18,467,370
1,006,434

92
04
00
00

52

+ $200,020
+ 447,533
— 0,666
+ 1,004,219
+ 107,084

00
04
01
48
08

-$37,701,088 05 $35,840,801 37 + $1,851,700 68
- 3,089.33S 07
— 15,791 14
3,005,020 81
-$40,690,920 72 $38,854,021 18 + $1,830,005 54
- 1,817,320 07
1,300,379 87
+ 420,946 20
-$42,508,252 79 $40,245,301 05 + $2,2 02,951 74
-$13,084,110 83 $10,404,607 19 — $2,420,400 30

l­
crating Revenue.

)_

i-

penses
to
O p eratin g
R e v e n u e -----------------_

75.25%

71.04%

+ 4.21%

72.03%
MERCHANDISE.

68.59%

+3.44%

The bituminous tonnage was 7,701,263 tons, a decrease
of 878,231 tons, or 10.24 per cent less than the last year.
The coke tonnage was 848,526 tons, a decrease of 458,742
tons, or 35.09 per cent.
The cessation of operations in the anthracite coal fields
in the State of Pennsylvania April 1st to May 22d 1912
caused a reduction in the tonnage of anthracite coal trans­
ported and the consequent effect upon your Company’s
income is reflected in the decrease in gross revenue from the
transportation of coal and coke of 81,256,285 16, or 7.92
per cent less than the last year.
The coal and coke tonnage was 47.84 per cent of the total
tonnage transported.
GENERAL FREIGHT TRAFFIC.

The total revenue freight traffic of the Company during
the year, including merchandise, coal and coke, was 36 ,­
961,686 tons, a decrease of 608,976 tons, or 1.62 per cent.
The number of tons carried one mile was 6,823,560,318,
a decrease of 2,021,638 ton miles, or .03 per cent.
1 he total revenue derived from the transportation of
j freight was 839,791,526 24, as compared with 83 9,936,­
548 96 for the year 1911, a decrease of 8145,022 72, or
.36 per cent.
The general average freight rate per ton per mile was
.583 cent, as compared with .585 cent the last year, a de­
crease of .002 cent, or .34 per cent.
In addition to the above tonnage, 4,670,967 tons of Com­
pany’s freight were hauled, making the total tonnage handled
41,632,653 tons.
In hauling this tonnage, 12,937,376 train miles were run,
a decrease compared with the last year of 159,170 train miles,
or 1.22 per cent.
The average distance each ton was carried was 184.612
miles, an increase of 2.939 miles, or 1.62 per cent.
The revenue per freight train mile was S3 08 as compared
with S3 05 the previous year, an increase of 3 cents, or .86
per cent. The average train load of revenue freight was
527.43 tons, an increase of 6.26 tons, or 1.20 per cent.
Including Company’s freight, the average train load was
580.64 tons, an increase of 9.46 tons, or 1.66 per cent. The
average carload of revenue freight was 20.17 tons, a de­
crease of .27 tons, or 1.32 per cent. Including Company’s
freight, the average carload on the system was 22.21 tons,
a decrease of .19 tons, or .85 per cent less than last year.
PASSENGER TRAFFIC.

The total number of passengers carried during the year
was 26,205,266, an increase of 751,105, or 2.95 per cent.
The number of passengers transported one mile was 611,­
548,871, a decrease of 15,286,900 passenger miles, or 2.44
per cent.
The decrease in gross revenue therefrom was S194,840 77,
or 1.98 per cent.
The average fare received from each passenger per mile
was 1.574 cents, an increase of .008 cent, or .51 per cent.
The average distance traveled was 23.34 miles, a decrease
of 1.29 miles, or 5.23 per cent.
rIhe average revenue received from each passenger was
36.72 cents, a decrease of 1.85 cents.
The passenger train mileage was 10,166,507 train miles,
an increase of 2.23 per cent.
The revenue per passenger train mile was 81.247, a de­
crease of 2.98 per cent.
The average number of passengers in each train was 60.15,
a decrease of 2.88 passengers, or 4.57 per cent.
The average number of passengers in each car was 16.46, a
decrease of .47 passengers, or 2.78 per cent.
Of the total number of passengers carried, 25,559,726 were
local and 645,540 were through passengers, the local traffic
showing small increases, both in number of passengers and
in the average revenue received per passenger per mile.
Slight changes are shown in the through traffic transported;
the number of passengers decreased, while the average reve­
nue received per passenger per mile shows a small increase.
MAIL.

Revenue from the Transportation of United States Mails
decreased S9.527.84, or 2.21 per cent.
EXPRESS.

Revenue from the Transportation of Express amounted to
81,533,596 23, an increase of 889,039 76, or 6.16 per cent.
MILK.

The merchandise tonnage for the year was 19,281,168 tons,
an increase of 1,188,914 tons, or 6.57 per cent.
The increase in revenue from the transportation of mer­
chandise was 81,111,262 44, or 4.62 per cent more than the
last year.
A detailed statement of the commodities transported is
shown in Table No. 18.

Revenue from the Transportation of Milk was 8937,109 42,
an increase of 834,343,79, or 3.80 per cent.

COAL AND COKE.

MAINTENANCE OF W AY AND STRUCTURES.

The total coal and coke tonnage for the year was 17,680,518
tons, a decrease of 1,797,890 tons, or 9.23 per cent less than
the last year.
The anthracite tonnage was 9.130,729 tons, a decrease
of 460,917 tons, or 4.81 per cent less than the last year.

The expense of Maintenance of W ay and Structures was
85,929,926 01, an increase of 8209,026 09, or 3.65 per cent.
As indicated in Table No. 10, showing the details of this
account, the principal items increased are rails, track main­
tenance, care of roadbed, station and shop buildings and an




MISCELLANEOUS.

Revenue from Miscellaneous Sources was S I,401,301 11,
an increase of 8114,426 19, or 8.89 per cent.
O P E R A T IN G E X P E N S E S .

T H E C H R O N IC L E

976

increase of 65 per cent in the cost of removal of snow and ice.
28 bridges were reconstructed or are in the course of re­
construction.
2,543 tons of new 100-pound, 29,848 tons of new 90-pound
and 520 tons of new 80-pound steel rails were laid, with the
necessary frogs, switches, etc.
1,118,671 cross-ties and 2,745,208 feet of switch timber
were used in the track, with 1,041,920 tie plates.
307.327 miles of track were fully ballasted and 28.583
miles of track were partially ballasted.
60 miles right-of-way fences were built.
30.09 miles of passing and other sidings and 6.66 miles of
industrial side tracks were constructed.
New passenger stations were built at Town Line, Gowanda,
and Green Camp. Restaurants were put in stations at Port
Jervis, Elmira, Kent and Huntington. Those at Jersey
City, Susquehanna, Hornell, Buffalo, Meadville and Cleve­
land received repairs.
MAINTENANCE OF EQUIPMENT.

Maintenance of Equipment expenses were 89,612,450 08,
an increase of $447,533 04, or 4.88 per cent more than last
year, due to maintaining equipment in accordance with
higher standards of efficiency and complying with laws as
to safety appliances. The details are shown in Table No. 10.
The total tractive power of locomotives is 42,143,180
pounds, an increase of 1,982,382 pounds.
The total number of locomotives at the close of the fiscal
year was 1,429, an increase of 26. 62 new locomotives
were received, 26 old locomotives were scrapped and 10
were sold.
The average age of locomotives is 14 years 4 months, one
month less than at the close of last year.
The average mileage made by steam locomotives was 2 3 ,­
873 miles, an increase of 168 miles, .7 per cent.
The average mileage made by motor cars was 33,721 miles,
a decrease of 4,274 miles, 11.2 per cent.
The floating equipment in New York Harbor and the
Great Lakes was fully maintained.
.
The changes in equipment during the year are shown in
Table 14.
TRAFFIC EXPENSES.

The expenses of fast freight lines increased. Reduced
expenditures for advertising and printing tariffs explains
the decrease of $6,666 01, or .48 per cent, in Traffic E x ­
penses.
TRANSPORTATION EXPENSES.

Transportation Expenses were $19,561,599 38, an in­
crease of $1,094,219 48, equal to 5.93 per cent, which is due
to higher rates of wages paid employees, increase in cost of
fuel for locomotives and expenses incident to severe weather
during the winter. The details of this account are shown in
Table 10. The charges to the account “ Injuries to Persons”
show a decrease of 32.5 per cent.
The number of tons of freight moved decreased 1.62 per
cent. The number of passengers carried increased 2.95
per cent.
The number of tons of freight carried one mile decreased
.03 per cent. The average distance each ton was moved dur­
ing the current year was 184.612 miles, an increase of 1.62
per cent as compared with the previous year.
GENERAL EXPENSES.

General Expenses were $1,204,168 60, compared with
$1,096,484 52 for last year, an increase of 9.82 per cent.
TAXES.
The Taxes for the year, on both rail and outside opera­
tions, were $1,817,326 07, an increase of $426,946 20. A
portion of this increase is due to the New York State Mort­
gage Tax upon bonds issued during the year and an increase
in the Federal Corporation Tax. Also from new methods of
taxation in the States of New Jersey and Ohio, the culmi­
nation of several years’ agitation for increased taxes.
A D D IT IO N S A N D B E T T E R M E N T S— R O A D .
The Capital Account Additions and Betterments for the
year is charged with $2,153,299 39, representing a portion
of the expenditures for additions and betterments made to
the property. These improvements consist chiefly of:
IjUiIIUi
.
Additional Tracks and Sidings,
Elimination of Grade Crossings,
Grade Reductions and Changes of Line,
Yard, Stations and Buildings,
Interlocking and Signal Apparatus,
Dock and Wharf Property.

Total.




A D D IT IO N S A N D B E T T E R M E N T S— E Q U IP M E N T .
Capital Account has been charged during the year with
$5,759,583 35 for additional equipment as follows:
55 Locomotives ______________
$1,100,104 45
1.000 Box Cars__________________________________________
900,951 35
2.000 Coal Cars________
1,808,107 92
200 Refrigerator Cars__________________________________
281,489 51
000 Flat Cars ____________________
551,580 7ft
300 Automobile Cars_________ _________________________
302,428 88
40 Passenger Cars------------------------------------------- . . -------404,500 55
25 Express Cars_______________________________________
190,163 70
1 Locomotive Crane------------------------------------13,000 00
1 Fueling Scow--------------------------------------------------------3,300 OO’
Final Payment on 5Locomotives____________________
2,602 60
Partial Payment on 5Passenger Cars---------------------2,962 63
Partial Payment on 2ElectricCars_________________
1,707 62
Adjustment on 1 Track Inspection Car .......................
Cr. 1,132 59
Adjustment on 1 Car F lo a t................ ..................... —
Cr.250 00
Total - .........- ....................... - ....................................... $5,759,583 35
F r o m D e c . 1 1895 t o J u n e 30 1912 $ 4 7 ,7 9 6 ,7 6 1 37 h a s b e e n
e x p e n d e d fo r n ew e q u ip m e n t ch a r g e d to C a p ita l A c c o u n t ,
a n d r e p r e se n ts th e p u r c h a s e o r p a r tia l p a y m e n t o n a c c o u n t o f :
572 Locomotives _________________________________ — $0,523,125 30
10,501 Box Cars------------------------------------------------------17,500 Coal Cars-----------------------------------------------------700 Refrigerator Cars-------------------- ----------- --------784 Flat Cars----------------------------------------------------33,857,784 90
100 Furniture Cars------------------------------ ---------------300 Automobile Cars-------------------------------------------20 Caboose Cars------------------------------------------------6 Milk Cars----------------------------------- -----------------500 Low-side Gondola Cars— ------- ----------------------------J
210 Passenger C a rs.......... - ------------------------------- --------1
1 Parlor Car------------ ----------- ---------------------------------2 Dining C a rs.......... - ------------- ---------- ------------------8 Baggage Cars---------------------------------------------------I
____ _
107 Express Cars------------------------------ --------- -------------- ^ 2,720,510 2ft
10 Horse Express Cars.........— --------- ----------------1 Business Car-----------------------------------------------3 Combined Express Baggage and Mall Cars----8 Motor Cars and Equipping 6 Trailer Cars with lights
and Heaters---------------------------------------------------7 Derrick Cars— ------- --------- .------------ ------------------- 1
1 Locomotive Crane----------------------------------------1 Track Inspection Car------------- ----------------------115,228 41
1 Rotary Snow Plow............................................ .
4 Lake Steamers----------------------------------------------------- )
1 Fueling Scow - _________
i 1,129,847 80
3 Ferry Boats--------------------------------------------I
3 Tug Boats____________________________
J
257 Canal Boats______________
1
447,236 40
37 Barges_________ _____ _______________________
10 Open Lighters_______________________________
4 Car Floats____ _____________________________
Miscellaneous Equipment_________________________
3,028 24
T o ta l............ ............... ............................................... $47,790,761 37
A D D IT IO N S A N D

B E T T E R M E N T S — IN C O M E .

D u rin g th e y e a r $ 5 8 2 ,4 5 1 98 has b e e n a p p r o p r ia te d fr o m
I n c im e fo r a d d itio n s a n d b e t te r m e n t s t o th e p r o p e r t y , as
fo llo w s :
$17,266 14
Right of Way and Station Grounds------------------------------ Cr.
113,230 72
Bridges, Trestles and Culverts-----------------------------------------114,000 83
Increased Weight of Rail---------------------------- --------------------220,018 45
Improved Frogs, Switches and Track Fastenings---------------450,968 42
Additional Ballast_______________________________________
150,767 23
Main Tracks, Sidings and Yards. ----------------- -------------------20,487 60
Elimination of Grade Crossings---------------------------------------51,806 03
Interlocking and Signal Apparatus----------------------------------180,890 Oft
Station Buildings and Fixtures----- ---------------------------------53,755 02
Shops and Engine Houses........ ................. ............. ................27,585 37
Shop Machinery and T ools.- — ...................... ............. ..........
0,000 10
Water and Fuel Stations-------------------------------------------------04,849 10
Grain Elevators and Storage Warehouses--------------------------20,993 70
Dock and Wharf Property. --------------------------------------------15,315 97
Other Road Additions and Betterments.............. ...................
01,033 40
7 Locomotives__________________________________________
7,948 47
10 Box Cars................ ......................... - ...............................
10,300 17
8 Special Freight Cars---------------------------------------------------35,371
60
50 Refrigerator Cars______________________ _____ _________
13,225 14
2 Combined Cars________________________________________
41,017 74
3 Locomotive Cranes---------------------------------------- --------00,443 97
2 Harbor Tugs______________________________ ________ 01,523 50
Miscelaneous Equipment------------------------- ---------------------$1,806,267 2ft

Less credits account equipment destroyed
or sold as follows:
Locom otives_______________________________

$95,073 77

Passenger Cars--------------------------------------------„Z5'29I 22
Floating Equipment-------------20^,710 7J
Other Equipment................................................ __ 33.030 03 j 223 81g
Total................ — - ................................. ...........................

$582,451 08

E Q U IP M E N T TR U STS.
Of the Equipment Trusts created prior to
this fiscal year
There was a balance on June 30 1911 o f---------$9,700,372 54
Upon which payments have been made during
the year, amounting to______________
l.so i.iu u 34
Leaving a balance o f------------------------------ --------- -------- $7,890,269 20

During the year Equipment Trusts have been
made covering

From Dec. 1 1895, the date of the organization of the Com­
pany, to June 30 1912, $19,514,405 53 has been expended in
additions and betterments to the property and charged to
Capital Account, as follows:
Grade Reductions and Changes of Line--.
Bridges, Trestles and Culverts---------------Additional Tracks and Sidings---------------Elimination of Grade Crossings---------------Interlocking and Signal Apparatus---------Telegraph and Telephone Lines................
Yards, Stations and Buildings---------------Shop Machinery and Tools--------------------Water and Fuel Stations— :-----------------Grain Elevators and Storage Warehouses
Dock and Wharf Property. - .......................
Electric Power Transmission-----------------Development of Coal Property---------------Miscellaneous---------------------------------------

[VOL. L X X X X V .

$3,180,008 50
1.49G.510 75
204,850 31
4,443,370 02
2,220,702 58
427,040 97
11,342 74
3,014,510 37
1,020,092 20
90,429 09
407,721 09
808,414 53
230,922 34
1,838,738 17
33,818 55
$19,514,405 53

1.000
2.000
500
300
200
35
5
55
25

Box Cars...................... - .......................
Gondola C ars______________________
Flat Cars__________________________
Automobile C ars................................ .
_
Refrigerator Cars_________ _________ _ ^4,000,000 00
Passenger Cam-------------------------------Passenger and Baggage Cars..........
Locomotives ...... ................... .............
Express Cars_________________________ ___ 190,000 00

$4,790,000 00
Upon which payments have been made to
140,000 00
June 30 1912 amounting t o ...............
Leaving a balance o f________________________________

4,541,000 0ft

Making the total Equipment Trusts outstanding as of
June 30 1012____ ___________________________________$12,440,209 20
The total payments account of Equipment Trusts made durlng the year amounted t o _____________________________ $2,110,103 34

C APIT AL STOCK A N D F U N D E D D E B T.
No change has been |madejin the outstanding Capital
Stock, which is as follows:

Oct. 12 1912.]

T H E C H R O N IC L E
Authorized.

Non-cumulatlvc 4% First Preferred--------------- §48,000.000
10,000,000
Non-cumulatlve 4% Second Preferred ---------C o m m o n --._______________
153,000,000
Total____________________

$217,000,000

Issued.

§47,892,400
16,000,000
112,378,000
$176,271,300

Of the Prior and General Lien Bonds secured by the First
Consolidated Mortgage Deed, an additional $1,000,000
General Lien Bonds have been issued during the year.
The total amounts of bonds issued under that mortgage,
now outstanding, are:
Prior Lien Bonds------------------------------------------------------------------$35,000,000
General Lien Bonds-------------------------------------------------------------- 49,724,000

Of the Convertible Fifty-Year Gold Bonds secured by the
General Mortgage of April 1 1903, 810,000,000 have been
issued during the year, making the total amount of these
bonds issued to June 30 1912, 832,000,000.
The statements herewith show in detail the Company’s
entire funded debt, rentals of leased lines and other fixed
obligations as of June 30 1912.
INCOM E STA TE M E N T.

*

Gross Operating Revenue____________________________________________ 62
Operating Expenses and Taxes............ ............... - ......... ........ 4^,508,252 79
Operating Income______________________________________ 513,984,116 83
Income from Securities Owned, Rentals, &c ----------------------- 4,745,439 19
Gross Corporate Income - ------------Interest, Rentals, &c , paid-----------

95
3,i3 16

Net Income______________________
$3,377,202 86
Appropriated for Additions and Betterments........................
582,451 98
Balance to Credit of Profit and L o s s .-.................

$2,794,750 88

F IN A N C IA L .
The financial condition at the close of the fiscal year is
shown by the General Balance Sheet, Table 4.
During the year your Company has received from the
Trustee 81,000,000 General Lien Bonds, being the thirteenth
million of the 817,000,000 of General Lien Bonds reserved
for construction purposes, and also has received from the
Trustee of the General Mortgage an additional 810,000,000
of Convertible Bonds.
On October 2 1911 84,550,000 Three-Year Five Per Cent
Collateral Gold Notes were issued and the proceeds thereof
applied toward the retirement of a corresponding amount of
notes of the Erie & Jersey Railroad Company and Genesee
River Railroad Company, payment of which was guaran­
teed. Your Company has received in reimbursement the
First Mortgage Bonds of the Erie & Jersey and Genesee River
Railroad Companies.
Three-Year Five Per Cent Collateral Gold Notes ainountint to 810,000,000 were issued on April 1 1912, to provide
available funds for double track, reduction of grades and
other improvements on the line between Salamanca and
North Judson.
The interest paid on bonds of certain leased roads and in­
cluded in reports of previous years as “ Interest on Bonds’ ’
is now shown under the heading, “ Rental of Leased Lines.”
These bonds are not obligations of the Erie Railroad Com­
pany, and therefore the amount, 823,335,500, has been
eliminated from statement of Bonded Debt of the Erie
Railroad Company and “ Road and Equipment” account
reduced accordingly. For purposes of comparison the 1911
figures for “ Road and Equipment” and Funded Debt” have
been re-stated.
Statements of charges to “ Additions and Betterments”
shown herein explain the increases in the accounts “ Invest­
ment since June 30 1907” and “ Miscellaneous Investments,
Physical Property.”
The depreciation on existing equipment accruing during
the year was 81,070,824 22, as shown by the increase in the
account “ Reserve for Accrued Depreciation— Cr.”
In reimbursement for amounts advanced for construction
purposes in previous years there were received Erie & Jersey
Railroad Company’s First Mortgage Bonds and Genesee
River Railroad Company’s First Mortgage Bonds which are
pledged under the Collateral Indentures of October 2 1911
and April 1 1912, which explains the increase of 811,100,000
in the account “ Securities of Proprietary, Affiliated and Con­
trolled Companies— Pledged, Funded D ebt.”
The increase of 811,000,000 in “ Securities Issued or
Assumed— Pledged, Funded D ebt,” is due to 81,000,000
General Lien Bonds and 810,000,000 Convertible Bonds re­
ceived during the year in reimbursement for expenditures ac­
count of construction and pledged under the Collateral In­
denture of April 1 1912.
In the account “ Securities of Proprietary, Affiliated and
Controlled Companies— Unpledged,” the increase in “ Stocks”
$20,400, represents additional shares of capital stock of the
Sharon Railway, and the change in “ Funded D ebt,” 835,000,
is on account of increase in holdings of Chicago & Western
Indiana Railroad Company’s bonds.
“ Advances to Proprietary, Affiliated and Controlled
Companies for Construction, Equipment and Betterments,”
increased 851,389 36, representing amounts advanced to
Long Dock Company, Penhorn Creek Railroad Company
and the Columbus & Erie Railroad Company.
The account “ Miscellaneous Investments,” “ Securities—•
Unpledged,” increased 89,699 55, due to the acquisition
of notes of the Mutual Terminal Company of Buffalo and other
miscellaneous securities, less miscellaneous securities dis­
posed of during the year.
The decrease in “ Marketable Securities— Miscellaneous,”
is on account of various small notes paid during the year.




977

The amount invested in materials and supplies shows an
increase of 8870,249 03.
The decrease of 85,831,309 52 in the account “ Temporary
Advances to Proprietary, Affiliated and Controlled Com­
panies,” is principally due to the credit allowed the Erie
& Jersey Railroad Company and the Genesee River Railroad
Company for bonds received from them during the year as
previously explained, less additional amounts advanced
to the Erie Terminals Railroad Company.
A reduction in the amount of advances to the Erie Des­
patch Fast Freight Line and the establishment of a fund
for the European traffic agency explains the net decrease
of 81,429 02 in “ Working Funds.”
There is an increase of S716,069 46 in the account “ Cash
and Securities in Sinking and Redemption Funds,” repre­
senting increased balances in the Chicago & Western Indiana
Railroad, Akron & Barberton Belt Railroad and the Pennsyl­
vania Collateral Sinking Funds.
The increase in Mortgage Bonds, Collateral Trust Bonds
and Equipment Trust Obligations has been heretofore ex­
plained.
The increase of S293,632 in “ Miscellaneous Funded Obli­
gations” is chiefly due to obligations for construction work
between Hutchins and Midmont, Pa., and at the ore docks
at Cleveland, Ohio, less reduction in amount due the city
of Buffalo for grade crossing construction.
The increase of 8636,862 55 in the account “ Reserves from
Income or Surplus Invested in Sinking and Redemption
Funds” represents 10 cents per ton on coal mined from the
mines of tne Pennsylvania Coal Company during the fiscal
year, together with interest on the bonds purchased by the
Trustee and held in the Trust Account.
All of the securities for construction purposes turned over
by the Erie Reorganization Committee have been converted
into cash, as follows:
Value as placed on the
Books January 1897.

$115,200
405.000
364,055
1,034,400
630.000
202.000

00
00
22
00
00
00

Cash Realized
from Sale.

Buffalo & Southwestern R R . Second Lien Bds. $126,720 00
414,000 00
Eric RR. Co. Prior Lien Bonds______________
N. Y . & Greenwood Lake Ry. Prior Lien Bonds
385,570 22
Erie R R . Co. General Lien Bonds____________ 1,214,908 93
Delaware & Hudson Exclusive Car Trust Certs.
630,000 00
Car Trust of New York Certificates__________
202,000 00

$2,750,655 22

$2,973,199 15

In addition to these securities, there have been certified
by the Trustee of the Erie Railroad Company First Consoli­
dated Mortgage Deed and turned over to your Company, in
reimbursement for expenditures already made, 85,000,000 00
Erie Railroad Company Prior Lien Bonds and 813,000,000 00
Erie Railroad Company General Lien Bonds; and by the
Trustee of the Erie Railroad Company General Mortgage
832,000,000 00 Erie Railroad Company Convertible Bonds.
Of these securities the following have been converted
into cash:
Par Value.

Cash Realized
from Sale.

$5,000,000 00 Erie Railroad Co. Prior Lien Bonds_________ $4,539,884 27
3,000,000 00 Erie Railroad Co. General Lien Bonds______ 2,484,111 11
21,015,000 00 Erie Railroad Co. Convertible Bonds_______ 19,215,000 00
$29^015,000 00

$26,238,995 38

leaving still owned by the Company:
Erie Railroad Co. General Lien Bonds___________________ $10,000,000 00
Eric Raiiroad Co. Convertible Bonds_____________________ $10,985,000 00

From December 1 1895 to June 30 1912 the Company
has received cash from all sources for Construction and
Equipment purposes as follows:
$500,000
500.000
4,343,850
2,973,199
7,023,995
19,215,000
230,227
2,500
457,867
200.000
107,989

00
00
13
15

Sale of Erie & Wyoming Valley Railroad Co. Capital Stock.
Settlement of old account with the National Transit Co.
From the Eric Reorganization Committee.
Proceeds of sale of securities received from the Erie Reor­
ganization Committee.
38 Proceeds of sale of securities received from the Farmers’
Loan & Trust Co., Trustee.
00 Proceeds of sale of securities received from the Standard
Trust Company of New York Trustee.
05 Proceeds of sale of securities received for the purchase of
Erie * Wvotnlng Valley Railroad Equipment.
00 Sale of Pittsburgh Charticrs & Youghlogheny Railroad Co.
Bonds acquired from the Receivers of the New York
Lake Erie & Western Railroad Co.
50 Sale .June 1 1899 of Capital Stock of the Northern Railroad
Company of New Jersey, originally paid for by the Erie
Reorganization Committee from Construction Funds.
00 Sale of the Union Dry Dock franchises, etc.
22 Special Tax deposit made by Erie Reorganization Com­
mittee, returned June 14 1901 by the English Government

$35,554,628 43

This amount has been used to partially reimburse the
Company for the following expenditures:
$457,867 50 Purchase of Northern R R . Co. of New Jersey Capital Stock.
1,729,611 68 Old New York Lake Erie & Western Car Trusts.
65,000 00 Payment of Mortgages on Real Estate.
348,377 50 Disbursed on account of Union Steamboat Co. In liquidation
of its affairs and in building or acquiring additional
property.
111,241 84 Liquidating Receivership New York Lake Erie & Western
Railroad Company.
16,646,518 45 New Construction.
36,679,492 17 New Equipment.
$56,038,109 14

Your Company has expended from current cash for
liquidating the receivership of the New York Lake Erie &
Western Railroad Company and for construction and equip­
ment purposes from December 1 1895 to June 30 1912,
820,483,480 71, for which it is, or will be, entitled to be reim­
bursed from the sale of either Erie Railroad Company Gen­
eral Lien Bonds or Erie Railroad Company Convertible Bonds.
The amount shown as expended for new Equipment in­
cludes payments aggregating 811,975,150 40 for cars and
locomotives, which are covered by new Equipment Trusts.

978

T H E C H R O N IC L E

Construction expenditures on properties covered by Penn­
sylvania Collateral Trust Indenture to June 3 0 1 9 1 2 amount
to $ 1 , 6 9 2 , 7 4 9 4 9 ; $ 1 , 4 3 9 , 4 6 1 1 4 has been realized from the
sale of securities obtained from the Trustee of the Indenture,
leaving $ 3 3 6 , 0 0 0 Pennsylvania Collateral Trust Bonds owned
by the Company. The Company has expended from its
current cash for construction purposes to June 3 0 1 9 1 2
$ 2 5 3 , 2 8 8 3 5 , for which it is or will be entitled to be reim­
bursed from the sale of Eric Railroad Company Pennsyl­
vania Collateral Four Per Cent Bonds.
Ihe amount the Company has not been reimbursed from
the sale of bonds for expenditures made under the terms of
the First Consolidated Mortgage Deed, the General Mortgage
and the Pennsylvania Collateral Trust Indenture is $ 2 0 , ­
7 3 6 ,7 6 9 0 6 .
G EN ER AL

R EM ARK S.

Additions and Betterments to the property and equipment
of the Company, aggregating $ 8 , 4 9 5 , 3 3 4 7 2 , have been made
during the year, as per tables shown.
A s n o t e d a b o v e , y o u r B o a r d a u t h o r i z e d t h e is s u a n c e o f
$ 4 ,5 5 0 ,0 0 0 T h r e e -Y e a r F iv e P e r C e n t C o lla te r a l G o ld N o t e s ,
d a t e d O c t o b e r 2 1 9 1 1 , w h ic h w e r e s o l d , a n d t h e p r o c e e d s u s e d
t o p a y a n d d is c h a r g e o u t s t a n d i n g n o t e s o f t h e E r i e & J e r s e y
R a ilr o a d C o m p a n y a n d th e G e n e s e e R iv e r R a ilr o a d C o m p a n y ,
fo r th e p a y m e n t o f w h ic h y o u r C o m p a n y w a s lia b le .
A
C o lla t e r a l I n d e n t u r e , d a t e d O c t o b e r 2 1 9 1 1 , w a s c r e a te d ,
u n d e r w h ic h w e r e p l e d g e d F i r s t M o r t g a g e b o n d s o f t h e c o m ­
p a n ie s n a m e d o f th e t o t a l p a r v a lu e o f $ 7 ,0 0 0 ,0 0 0 .

Owing to the unsatisfactory condition of the bond market,
your Board has considered it inadvisable to authorize the
sale of bonds which were issued during the year to reimburse
the treasury for construction expenditures. These bonds
are pledged under a Collateral Indenture, dated April 1 1 9 1 2 ,

[VOL.

LXXXXV.

se c u r in g th e p a y m e n t o f $ 1 0 ,0 0 0 ,0 0 0 T h r e e -Y e a r F iv e P e r
C e n t C o lla t e r a l G o l d N o t e s , a l l o f w h ic h a r c s o l d .
T h e pro­
c e e d s a r e t o b e u s e d in t h e c o n s t r u c t i o n o f a d d i t i o n a l s e c o n d
tra ck a n d re d u c tio n o f g ra d e s b e tw e e n S a la m a n c a , N . Y . ,
a n s M e a d v ille , P a ., a n d b e tw e e n M a r io n , O h io , a n d N o r t h
Ju d son , In d .
T h e g r a d e r e d u c tio n s p r o v id e fo r th e e lim in a ­
tio n o f s tr e e t g r a d e c r o ssin g s a t J a m e s t o w n , N . Y .
A d d it io n a l s e c o n d tr a c k b e tw e e n K e n t a n d M a n s fie ld ,
O h i o , a g g r e g a t i n g 28% m i l e s , w a s c o m p l e t e d d u r i n g t h e y e a r ,
a n d w o r k h a s b e g u n o n th e d o u b le -t r a c k in g a n d g r a d e -r e d u c ­
t i o n o f t h e M e a d v i l l e D i v i s i o n a n d t h e C h ic a g o & E r i e R a i l ­
r o a d , as a b o v e m e n tio n e d .
T h e im p r o v e m e n t s a t th e J e r se y C it y T e r m in a l fo r h a n d lin g
th e p a s s e n g e r tr a ffic o f th e N e w Y o r k S u s q u e h a n n a & W e s t ­
e r n R x iilro a d C o m p a n y ( t o w h ic h r e f e r e n c e w a s m a d e in t h e
p r e c e d in g re p o r t) h a v e b e e n c o m p le t e d , a n d a s a t is fa c t o r y
a g r e e m e n t h a s b e e n m a d e w i t h t h a t c o m p a n y f o r it s u s e o f
th e p a s s e n g e r te r m in a l fa c ilitie s .
T h e b a s c u le d r a w b r i d g e o v e r t h e H a c k e n s a c k R i v e r is
c o m p le te d .
Y o u r C o m p a n y h a s se c u re d p r o p e r ty o n th e H a c k e n s a c k
M e a d o w s a n d w ith th e c o n s e n t o f S t a t e a n d U n ite d S ta t e s
a u t h o r i t i e s is n o w c o n s t r u c t i n g a c a n a l o n e a n d o n e - f o u r t h
m ile s in l e n g t h , t h r o u g h w h ic h t h e w a t e r s o f B e r r y C r e e k
w ill b e d i v e r t e d t o t h e H a c k e n s a c k R i v e r .
T h i s w ill d o a w a y
w ith th e d r a w b r id g e a t B e r r y C r e e k .
$ 2 5 ,0 5 1 ,9 1 7 7 6 , or 6 1 . 5 7 % , o f th e T o t a l O p e r a tin g E x p e n ­
ses w a s p a id b y th e C o m p a n y d ir e c t to L a b o r , b e in g d is t r ib u ­
te d a m o n g 3 8 ,3 2 7 e m p lo y e e s .
T h e e ffic ie n t s e r v ic e s o f
h e re b y a c k n o w le d g e d .
B y o r d e r o f th e B o a r d ,

th e

o f f ic e r s

and

e m p lo y e e s

R e s p e c tfu lly s u b m it t e d ,
I . D. U N D ER W O O D ,

are

President.

TABLE 4 - -CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE— JUNE 30 1912 AND JUNE 30 1911.
June 30 1911.

ASSETS.

June 30 1912.

PROPERTY INVESTMENT—
Road anil Equipment—
$271,099,017 24
Investment to June 30 1907
___ . _ .
_______ .
Investment since Juno 30 1907:
6,672,980 90
Road ___________ ____________________________________
5,894,753 17
Equipment _.
______ ___________________________
4,585,151 23
30,683,650 00
35,600,200 00
14,160,000 00
295,738 44
140,472 73
600,000 00
4,754,790 20
1,647,186 89
27,520,481 00
6,563,072 33
7,198,749 28
18,653
971,898
1,075,015
2,250,080
3,322,513

32
12
01
75
34

$271,099,017 24
10|727!335 35
$291,970,520 84
5,001,975 45

Reserve for Accrued Depreciation— Cr--------------------------- -------Securities—
Securities of Proprietary, Affiliated and Controlled Companies—-Pledged—
Stocks............ ..
......... . ____ __________ ____ ____ .
Funded D e b t ____ _________ ___ ____________________
Securities Issued or Assumed— Pledged—
Funded Debt______ . ___ _ ______ _ ______________
Securities of Proprietary, Affiliated and Controlled Companies— Unpledged—
Stocks _____________ ____ _____________
________
Funded Debt__ _______ ____
__ ______ ___
_______
Miscellaneous ___________ ___
Other Investments:
A-dvanees to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and
__
Jjctterments ____________ _____
Miscellaneous Investments:
Physical Property__________________
Securities— P led g ed ___________ .
Securities— Unpledged _____ _______
WORKING ASSETS—
C a s h ______________________________ ________ ______ _____
Marketable Securities:
Miscellaneous . --------------------- ---------------------- -----------Traffic and Car-Service Balances Due from Other Companies
Net Balance Duo from Agents and Conductors. _________
Miscellaneous Accounts Receivable. . ._
___ ___
Materials and Supplies---------- ----------------------------------------

$286,308,545 39

35,931,991 05

1,088,542 80
•

ACCRUED INCOME NOT DUE—
Unmatured Interest, Dividends and Rents Receivable____
---------------------DEFERRED DEBIT ITEMS—
Advances:
10,379,594 20
Temporary Advances to Proprietary, Affiliated and Controlled Onmnini.w
11*5,045 44
worKing Funds_________ . ________________ .

25,119,872 68

1,778,162 00

39,886
379,940
4,125,301
300
85,700

83
00
68
00
04

$4,548,284 77
4,659,901 19

Rents and Insurance Paid in Advance_____________________
Special Deposits _ ____ _____________________
_ _ ___
( ash and Securities in Sinking and Redemption Funds____
Cash and Securities in Insurance and Other Reserve F u n ds...
Other Deferred Debit Items__ _________ ____________ ___

4,841,371 14
300 00
87,386 93

$432,804,017 86

$112,378,900 00
47,892,400 00
16,000,000 00
153,110,900
50,199,500
9,760,372
1,359,886
1,724,644
3,666,264
729,930
2,250,530

$467,449,596 50
STOCK—
Capital Stock:
Common ________
1st Preferred Non-cumulatlvc.2 d Preferred Non-cumulatlve____

L IA B IL IT IE S .

47,892,400 00
16,000,000 00
$176,271,300 00

00
00
54
60

MORTGAGE, BONDED AND SECURED DEBT—
Funded Debt:
Mortgage B on d s_______________________
Collateral Trust Bonds------- ----- --------- Equipment Trust O bligations.......... ..
Miscellaneous Funded Obligations. _ ___

58
50
23
62

WORKING LIABILITIES—
Traffic and Car-Service Balances Due to Other Companies.._
Audited Vouchers an l Wages Unpaid_____
Miscellaneous Accounts Payable.. . . .
.
Matured Interest, Dividends and Rents Unpaid

___
----___

ACCRUED LIABILITIES NOT DUE—
Unmatured Interest, Dividends and Rents Payable ______
DEFERRED CREDIT ITEMS—
14,438 66
Unextinguished Premiums on Outstanding Funded Debt___
142,608 15 Other Deferred Credit Items. ------------------------------

2,186,915 69

APPROPRIATED SURPLUS—
Additions to Property Since June 30 1907, through Income__
Reserves from Income or Surplus:
4,342,638 85
Invested in Sinking and Redemption Funds______________
3,034,554 65

24,099,532 79

PROFIT AND LOSS—
B a la n ce_______________________ __________________

$432,894,017 86

$164,1 10,900
64,749,500
12,440,269
1,653,518

r0
00
20
60

$1,699,629
4,931,467
2,570,814
1,998,404

84
90
11
93

242,954 187 80

11,200,316 78
2,434,022 23

.......... ....................
$9,230 42
$3,617,006 63

8,596,508 03

$467,440,596 50
------




...

THE

JOT. 12 1 9 1 2 ]

C H R O N IC L E

979

TA BLE 2— INCOME STA T E M E N T (E N T IR E SYSTEM ) F O R T H E Y E A R E N D IN G JU N E 30 1912.
Operating Expenses—
Rail Operations:
Maintenance o f W ay and Structures-------- $5,929,926
Maintenance of E quipm ent---------------------9,012,450
Traffic E xpenses-----------1,393,543
Transportation E xpenses-------------------------- 19,501,599
General Expenses--------------------------------------1,204,108

01
08
98
38
00

Outside Operations.
W ater R o u te s _____________________________ $2,403,380 28
Coal Storage and Shipping P la n ts ------------198,294 07
Miscellaneous . ------------------------------------------387,563 72
Taxes

Operating Revenue—
Rail Operations:
M erchand ise______
C o a l _______________
P a ss e n g e r______
M a i l ...........................
E x p re ss_______
.
$37,701,088 05
M ilk ________ ______
M iscellaneou s_____
2,989,238 67

Total Operating E xpenses......... ...................................... $40,690,926 72
1,817,320 07
------------------------ -------------------------------------------- ------------

$25,182,784
14,608,741
9,623,115
421,820
1,533,596
937,109
1,401,301

Outside Operations:
W ater R ou tes____________________
Coal Storage and Shipping Plants.
M iscellaneou s_____________

40
84
41
22
23
42
11

$2,115,813 91
339,160 02
328,921 06

Total Operating Expenses and T a xes............................. $42,508,252 79
Gross Operating R evenu e_________
Deductions—
Other incom e—
Interest A ccrued on Bonds (sec Table 5 ). $8,070,766 00
Dividends Declared on Stocks Owned or
Interest A ccrued on Collateral Gold N otes. 1,033,125 00
C on trolled ____________
_
Interest A ccrued on Equipm ent Trusts__
536,001 53
Interest Accrued on Bonds Owned or Con­
Interest A ccrued on Mortgages ---------------37,429 49
_
_
trolled _________________
Interest A ccrued on C on stru ction ------------18,653 85
Interest on Other Securities,’ Loans and
A c c o u n ts ______________________ _
_
Other Interest_____________________________
35,299 98
Rents Accrued for Lease o f Other Roads
Rents Accrued from Lease o f R oad
(see Table 7 )____________________________ 2,251,708 82
Other Rents— Joint Facilities
_
_
Other Rents—
Separately Operated Properties, P r o f i t - - AUscellaneous In com e_______________
Hire o f Equipm ent (B alance)----------------093,878 59
Joint Facilities_________________
638,057 72
Miscellaneous R ents-------------------------------800,420 20
Total Other Incom e.
Sinking Funds A ccru ed ___________________
453,882 55
Other D eductions— .....................
23,033 34

$53,708,468 63

2,783,900 99
$56,492,369 62

$1,613,496 50
987,038 54
1,199,162
15,000
627,695
131,436
171,609

06
00
06
99
44
4,745,439 19

Total D eductions-------------------------------------------------------- $15,352,353 10
Net In com e____________________________________ ________ ____
3,377,202 86
$61,237,808 81

$61,237,808 81

Net Incom e for Y ea r..................
. . . -------- $3,377,202 80
A ppropriated for Additions and B etterm ents.
582,451 98
Balance for Year Transferred to Credit of
Profit and Loss---------------------------------------------

$2,794,750 88

The net Income o f com panies whose capital stock is owned by tills Company, during the current year, was $3,089,467 18, of which $1,500,000 In
dividends and $600,000 as interest on advances, was paid to this Com pany, both of whicli amounts arc included in the incom e of the current year.

TA BLE 3 .— P R O F IT A N D LOSS S T A T E M E N T , Y E A R E N D IN G JU N E 30 1912.
Debits—
Loss on equipment destroyed or sold -----Abandoned properties________________
Discount on securities issued_____________
Cancellation o f uncollectible bills------------I.oss from sales miscellaneous securities—
Miscellaneous d e b it s ------------------

$462,671 59
78,964 34
470,698 40
23,245 88
7,040 00
15,475 90

B ala n ce___________ __________ ________ ____ ___________ ______

Cm(lit9__
$24,099,532 79

Balance for year transferred from Incom e

2,794,750 88
14,294 50
$1,058,096 17
25,850,482 00
$20,908,578 23

$26,908,578 23

TABLE IS— A N A L Y S IS OF T R A F F IC R E V E N U E A N D E X P E N S E S (E N T IR E S Y S T E M ) F O R T H E S IX Y E A R S E N D IN G JU N E 30 1907, 1908,
1009, 1910, 1011 A N D 1912.
1907.*
Mileage of road o p e ra te d ..

2,150.937

1908.
2,171.160

1909.
2,230.814

1910.
2,227.032

1911.
2,2 64.961

Freight Traffic—
Number o f tons of merchandisc freight carried
15,953,788
20,911,586
16,258,427
18,092,254
19,634,804
Number o f tons o f coal and
coke ca rr ie d ..
10,843,417
18,258,031
17,371,279
19,478,408
19,128,796
T otal number of tons of all
freight carried
32,797,205
39,169,617
33,629,706
37,570,662
38,763,600
T otal number of tons of all
freight carried one m ile .. 6,275,629,877
6,008,714,174
5,601,538,181
0,414,731,680
0,825,581,956
A v . distance hauled per ton
160.217
183.208
168.349
165.483
181.673
T otal freight revenue______
$38,550,092.47
$33,946,340.67
$35,180,788.82
$38,410,130.25
$39,936,548.90
A v . rev. per ton per m ile__ Cents
.614
Cents
.600
Cents
.586
Cents
.599
Cents
.585
Freight rev. per mile of road
$17,922.46
$15,035.12
$15,774.42
$17,247.23
$17,032.34
Freight rev. per train m ile.
$2.89707
$2.78751
$2.74697
$2.80316
$3.0494
Average number of tons of
freight in each train_____
471.62
404.90
469.05
494.87
521.17
Average number of tons of
freight in each loaded car
20.30
19.57
20.51
20.37
20.44
Average number of tons of
freight in each train, ineluding co's m aterial____
501.13
504.84
516.86
571.18
540.70
Passenger Traffic—
24,199,723
N o. o f passengers carried__
23,054,436
23,084,283
25,277,283
039,792,610
N o. of pass, carried 1 m ile ..
039,524,474
597,317,730
627,788,837
A v . distance per passenger.
27.036
26.438
25.220
24.836
T otal rev. from passengers.
$9,458,281.07
$9,489,448.73
$8,880,034.32
$9,459,963.21
Average revenue per passenger per m ile_____ ______ Cents
1.478
Cents
1.484
Cents
1.487
Cents
1.507
Total passenger train re v __
$11,218,098.25
$12,054,020.13
$11,505,227.52
$12,308,328.25
Passenger train revenue per
mile of r o a d .. __________
$3,215.45
$5,551.88
$5,184.31
$5,553.73
Passenger train revenue per
train m ile____
.
$1.22970
$1.21429
$1.17402
$1.25746
Average number of passen­
gers in each train__ . . .
69.25
05.24
60.04
63.83
Average number of passengers in cacli c a r_______
18.72
17.45
16.50
17.13

1912.
2,257.606

19,281,168
17,680,518
36,961,686
0,823,560,318
184.612
$39,791,526.24
$17,625.07
$3.0757
527.43
20.17
580.64

25,454,161
626,835,771
24.626
$9,817,950.18

26,205,266
611,548,871
•
23.337 ■
$9,623,115.41

$12,786,155.90

$12,681,863.00

$5,045.20

$5,617.24

$1.28570

$1.24742

03.03

60.15

16.93

10.40

Revenue and E xpenses—
Freight anil passenger r e v ..
$48,008,374.14
$43,435,780.40
$44,070,423.14
$47,870,093.40
$49,414,641.05
$49,754,505.14
Freight and passenger reve­
nue per mile of r o a d .___
$22,319.75
$21,887.49
$20,005.80
$19,755.31
$21,495,02
$21,967.05
Gross revenue, all sources
rail operations_____ . _.
$51,194,113.45
$47,514,858.74
$53,708,168.03
$46,740,435.90
$51,830,719.93
$53,820,050.22
Gross rev. per mile of ro a d .
$23,800.84
$21,530.03
$21,299.34
$23,789.38
$23,702.02
$23,273.45
Gross rev. per train m ile__
$2.27075
$2.10273
$2.13252
$2.33347
$2.34407
$2.28042
Operating expenses, rail opo r a tio n s _________________
$33,579,958 52
$32,694,025.26
$30,409,512.21
$35,849,891.37
$37,701,088.05 •
$34,454,709.34
Operating expenses per mile
of r o a d ----- ------------------$15,611.78
$14,655.05
$16,797.20
$15,828.04
$15,471.16
$10,099.41
Operating expenses per train
$1.48940
m i l e ......... - ....................... $1.44684
$1.6637
$1.51592
$1.5614
$1.63802
N et operating revenue, rail
$10,171,350.59
operations — ..............—
$14,820,833.48
$10,276,893.69
$17,970,158.85
$17,375,950.59
$16,006,780.58
$7,518.28
Net rev. per mile of road —
$4,733.37
$0,643.69
$7,802.29
$7,933.98
$7,089.97 ■
71.729
Net rev. per train m ile-------- Cents
Cents
46.882
Cents
65.588
Cents
76.450
Cents
78.267
Cents
69.545 •
•Many o f the statistics for the year 1907 arc not true com parisons with the figures for following years on account of the changes In the classification
prescribed b y the Inter-State Commerce C o m m i s s i o n ......................................................................1 .............................................................................................................




THE

980

. L -XXXV

C H R O N IC L E

TH E ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY
SE VEN TEEN TH

ANNUAL

R E P O R T — FO R

O ffic e o f T h e A tc h is o n T o p e k a & S a n ta F e R a ilw a y S y s t e m ,
N o . 5 N a s s a u S t r e e t , N e iv Y o r k C i t y .
S e p t e m b e r 10 1912.
T o the S t o c k h o ld e r s :

Your Directors submit the following report for the fiscal
year July 1 1911 to June 30 1912, inclusive.
The Lines comprising the Atchison System, the operations
of which are embraced in the following statements, are as
follows:
R io Grande & El Paso R ailroad.
Gulf Colorado & Santa Fe Railw
Eastern Railway of New M exlco.
Pecos R iver R ailroad______________
Santa Fe Prescott & Phoenix R ailw ay___
Southern Kansas Railway of T e x a s ..
Texas & Gulf R ailw ay______________
Gulf & Interstate Railway of T exa s.
Concho San Saba & Llano Valley Railroad

June 30 1912.
8,200.86 miles
20.21
“
1,596.06
“
478.67
54.24

"
“

124.92
125.80
71.97
60.15

"
“
“
“

June 30 1911.
7,549.69
20.21
1,537.48
225.21
296.12
54.24
364.24
124.92
96.14
71.97
60.15

10,732.88

“

10,400.37

Increase during the year 332.51 miles.
The average mileage operated during the fiscal year end­
ing June 30 1912 was 10,027.92 miles, being an increase of
277.79 miles, as compared with the average mileage operated
during the preceding fiscal year.
The mileage formerly operated as the Eastern Railway of
New Mexico and Santa Fe Prescott & Phoenix Railway was
operated by the Atchison Topeka & Santa Fe Railway on
June 30 1912 and therefore is so shown as of that date.
In addition to lines covered by this report there were com­
pleted on June 30 1912 50.92 miles of additional line, all of
which will be ready for operation in the near future.
The Company also controls, through ownership of stocks
and bonds, other lines aggregating 63.58 miles, and is inter­
ested jointly with other companies in 599.43 miles.
For detailed statement of present mileage and of changes
in mileage since last Annual Report, see pages 42 to 46 of
pamphlet report.
INCOME ST A T E M E N T .
The following is a summary of the transactions of the
System for the years ending June 30 1911 and 1912.
Operating R evenues_______
Operating E xpenses_______

1912.
1911.
$107,565,115 62 $107,752,359 91
71,273,202 97
70,768,251 57

Net Operating R e v e n u e ..
T a x e s ---------------------------------

$36,796,864 05
3,474,606 88

$36,479,156 94
4,206,453 85

Operating In com e_______
Other I n c o m e --------------------

$33,322,257 17
2,207,366 07

$32,272,703 09
2,569,968 22

Gross Corporate Incom e
Rentals and Other Charges

$35,529,623 24
1,446,236 38

$34,842,671 31
1,521,570 56

$34,083,386 86

$33,321,100 75

12,712,319 31

13,660,859 50

Net Corporate Incom e (representing
am ount available for dividends and
surplus and for necessary but unpro­
ductive or only partially productive
expenditures) _______________________ $21,371,007 55

$19,600,241 25

Fixed charges, including accrued interest
on A djustm ent B ond s_________________

From the net corporate Income for the year the follow ­
ing sums have been deducted:
Dividends on Preferred Stock—
No. 27 (2 'A % ) paid Feb. 1
1 9 1 2 __________________ $2,854,345 00
No. 28 (2 Yi % ) paid A ug. 1
1912 ________
2,854,345 00
------------------------- $5,708,690 00
Dividends on Common Stock—
No.
25
(1^3% ) paid
Sept. 1 1911__________ $2,538,907 50
N o. 20 (1 l/ i% ) paid Dec. 1
____________ 2,538,982 50
1911
No. 27 (1 Yi% ) paid Mar. 1
1912 ---------------------------- 2,539,912 50
No. 28
(lJ-2%)
paid
June 1 1 9 1 2 ................... 2,550,382 50
--------------------10,108,185 00
Appropriation for FuelReserve Fun d_____
390,959 94
Appropriated for Additions and Better­
ments (See com m ents on “ Additions
and Betterm ents” b e lo w )______________
3,300,000 00
-------------- — ----- Surplus carried to Profit and Loss................................... ........
Surplus to credit o f Profit and Loss
June 30 1911___________________ _______ $20,566,706 03
Discount on Bonds written o f f ..............—
182,996 95
--------------------------Surplus to credit o f Profit and Loss June 30 1912..............

19,573,834 94
$86,406 31

869,989 29, as compared with 8609,287,764 18 at June 30
1911, an increase during the year of §12,582,225 11, which
analyzes as follows:
Construction and acquisition of new mileage. Including the acquisition o^
bonds and stocks of other railway and terminal companies:
California Arizona & Santa
Fe R y ......... ...........
$23,858,989 28
L ess: Investm ent in the
property and securities
of companies mergedin
The C. A . & S. F . R y .
C o., reported in previous
years................................... 22,379,112 52
•
$1,479,876 76
Concho San Saba & Llano Valley R R ...........
4,323 06
Dodge City & Cimarron Valley R y ................
354,077 49
Eastern R y . of New M e x ico ________
944,727 86
Grand Canyon R y _______________
8,669 72
Gulf Beaumont & Great Northern R y ..........
1,888 16
Gulf Beaumont & Kansas C ity R y ------------3,484 00
Gulf Colorado & Santa Fe R y -----------763,263 67
Sunset R y . . _______
$386,343 94
Less: Investm ent In securi­
ties of Sunset R R . and
Sunset Western R y . con­
solidated into the Sunset
R y ., reported In previous
years....................................
303,415 78
82,928 16
3,000 00
Union Terminal Co. of Dallas.
W ichita Union Terminal R y . .
10,000 00
$3,656,238 88
Additions and Betterments— System Lines:
R ight of W ay, Station Grounds and Real
$59,909 69
E state..................................................................
W idening Cuts and Fills, Including P rotec206,828 73
tectlon of B anks....................................... —
298,783 48
Grade Reductions and Changes of L in e -----Bridges, Trestles and C ulverts..................—
628,382 08
Ballast, Including cost of spreading and put­
ting under track — ........................................ 1,272,127 75
Increased W eight of R a il.......................... ..
438,770 69
Frogs, Switches, Track Fastenings and A p ­
purtenances
---------660,516 41
Additional Main T ra ck s.....................
1,546,793 78
Sidings and Spur Tracks........................
292,504 87
Terminal Yards...................................................
331,019 59
Track Elevation, Elimination of Grade Crosrings and Improvements of Over and Un­
der Grade C rossings..................... ................ Cr. 75,834 09
Interlocking, Block and Other Signal A p ­
paratus . . — ...........................................
33,861 14
Telegraph and Telephone Lines.......................
20,531 99
Buildings, Shops, Dock and W harf P roperty
904,094 81
Shop Machinery and T ools......... ...................
169,382 96
Additional Equipm ent................ - ..................... 3,231,531 13
Betterments to E quipm ent...............................
133,833 80
Other Additions and Betterm ents..................
123,945 46
10,276,981 27
Fuel Lands and Other Properties:
...........
$8,000 00
Fuel L a n d s.......................................
___ _
134,556 55
Ice Plant, B elen............................
...........
1,013 47
Santa Barbara Tie & Pole C o__
______
53,530 49
Tie and Tim ber L and s_________
_______________________________
206,257 61
Real
Estate held for future use.
Miscellaneous I t e m s ........................................... Cr. 38,191 15
365,166 97
944,956 17
Other Investm ents .
T otal Charges.................................................................... $15,243,346 29
R eduction of Book Values:
Garden City Gulf & Northern R R . ................
$12,000 00
Gulf Beaumont & Kansas City R y ................
3,500 00
H ouston Belt & Terminal R y . . .......................
21,620 80
Santa Fe Paclllc R R .— Land Sales________
200,000 00
Ice Plant, San Bernardino_____ _____ _______
39,145 71
Texas Tie & Lumber Preserving C o - - ---------1,697 62
Reserve for A ccrued D e p r e cia tio n ................ 2,383,157 05
---------------------- 2,661,121 18
Net Increase In Capital A ccoun t during the y e a r .. . $12,582,225 11

The Additions and Betterments, aggregating $1 0,270,­
984 27, are classified in accordance with the rules of the
Inter-State Commerce Commission and relate to expenditures
which under the Commission’s rules cannot be charged to
operating expenses. But the use of the term “ Additions
and Betterments” does not indicate that all such expenditures
are or will be productive. To keep a great railroad property
and its equipment up to date and to meet the increasing
demands of the public, it is essential to make many so-called
additions and betterments which are either wholly unpro­
ductive or only partially productive or productive only at
the expiration of many years from the time they are made.
It will be noted that $3,300,000 of the $10,276,984 27 of
Additions and Betterments has been appropriated from the
corporate income for the year (see Income Statement).

20,383,709 08

M A IN TE N A N C E OF EQ U IP M E N T.

$20,470,115 99

The following statement shows the sums charged to
Operating Expenses for Maintenance of Equipment during
each year since July 1 1896:

E X P E N D IT U R E S A N D
R E D U C T IO N OF
BOOK VALUES.
The total charges to Capital Account, as shown by the
General Balance Sheet at June 30 1912 aggregated $621,-




FISCAL Y E A R E N D IN G JUNE 30 1912.

A D D IT IO N S A N D B E T T E R M E N T S.

Income from sources other than earnings from operation
consisted of interest on cash in banks and sums collected as
interest and dividends upon bonds and stocks of companies
the operations of which arc not included in the System
accounts.
During the fiscal year the sum of $200,000 in cash was
received as the net proceeds of sales of land embraced in the
Santa Fe Pacific Land Grant, but this was directly written off
the book value of Railroads, Franchises and Other Property,
and the transaction does not appear in the Income Account.
C APIT AL

THE

Average Operated
Year ending June 30 — Mileage.
1897
. _______ ___ 6,443.81
___ 6,936.02
1898
1899________ _________ ___ 7,032.62
1900__________________ ___ 7,341.34
1901__________________ ___ 7,807.31
1902
1903......... ....................... ..7 ,9 6 5 .1 3
1904......... ....................... ...8 ,1 7 9 ,5 9
1905__________________ ..8 ,3 0 5 .4 0
8,433.99
1906__________________
.9,273.15
1907__________
1 9 0 8 .. .......... ................ ___ 9,415.01
___ 9,794.86
1909______
___ 9,916.33
1910______ _____
1911...........
. . 10,350,13
1912_________ ________ . . 10,627.92

Total
Expenditure.
$3,443,884 82
4,659,277 99
4,810,705 64
5,267,832 40
6,257,456 57
7.864,951 25
8,510,543 09
10,006,135 41
10,914,864 47
10.720,040 43
11,779,846 64
14,246,621 44
13,903,897 37
15,560,047 44
16,686,145 45
16,521,231 41

Expenditure
P er M ile.
$534 45
671 75
684 07
717 56
801 49
1,001 22
1,068 48
1,223 31
1,314 19
1,271 05
1,270 34
1,513 18
1,419 51
1.569 13
1,612 17
1,551 51

Oct. 12 1912.]

T H E C H R O N IC L E

For the year ending June 30 1912 maintenance charges,
including renewals and depreciation, averaged as follows:
Per
Per
Per
Per
Per
Per

lo c o m o tiv e
-------------------------------------------------------------------- 54,381.72
locom otive m ile------------------------ ------------ ---------------- -----------.1591
passenger car, Including mall and express................................. 1,009.64
.0111
passenger car m ile-------------------------------------------------- ---------—
freight ca r------------- -------------------------------- ----------------------------100.47
freight car m ile------------------------ ---------- .......... ........ .......... ........
.0095

The foregoing average maintenance charges include a pro­
portion of unlocated expenditures for Maintenance of Equip­
ment charged to Superintendence, Shop Machinery and
Tools, Injuries to Persons, Stationery and Printing, Other
Expenses and Maintaining Joint Equipment at Terminals.
Beer and refigerator cars are not taken into consideration in
arriving at the foregoing averages, such cars being operated
by the Santa Fe Refrigerator Despatch Company, which
bears the expense of their maintenance.
The following charges were made to Additions and Better­
ments in respect of additional equipment purchased and built
during the year and in respect of payments made for equip­
ment received during prior years:
122
46
186
213

38
6
1,141
22

L o co m o tiv e s ___________________________________________ 52,996,980 50
Passenger-Train Cars___________________________________
539,531 10
Freight-Train Cars*__________________
184,155 73
Miscellaneous Cars______________________
233,409 27
Ferry Boat (additional charges)------------------8,504 40
53,982,581 00
Less— Value of equipment retired during the year
as follows:
Locom otives__________________________________ 5131,966 62
Passenger-Train Cars----------------12,019 72
Freight-Train Cars--------- ------------563,835 06
5,841 18
Miscellaneous Cars-------------------------------A djustm ent of value of equipment trans­
ferred between system lines, represent­
ing depreciation accrued to date of
t r a n s fe r ........... ..........................................
17,387 29
-----------------731,049 87
53,231,531 13

•The Company has an order to be delivered during the present calendar
year about five thousand freight-train cars.

A statement of the locomotives in service and of their
tractive power will be found on page 41, pamphlet report.
M A IN T E N A N C E OF W A Y A N D S T R U C T U R E S .
The following statement shows the sums charged to
Operating Expenses for Maintenance of W ay and Structures
during each year since July I 1890:
Year Ending
June 30—
1897________
1898________
1899________
1900_____ ___
1901......... ..
1902------------1903 ______ 1904------------1905------------1900.............
1907________
1908 ........ ......
1909________
1910________
1911______ .
1912. . . . . . . .

Average Operated
Mileage.
........... ..
6,443.81
................. 6,936.02
__________ 7,032.02
.
. . . 7,341.34
. . . 7,807.31
____ ____ 7,855.38
__________ 7,965.13
________ 8,179.59
................. 8,305.40
--------------- 8,433.99
_________ 9,273.15
_________ 9,415.01
__________ 9,794.80
--------------- 9,916.33
.............
10,350.13

Expenditure
Per M ile.
5975 03
1,193 97
1,090 93
805 50
824 08
781 82
1,108 20
1,121 11
1,370 85
1,479 18
1,648 42
1,499 82
1,315 43
1,795 74
1,551 65
1,512 70

Total
Expenditure.
$6,282,023 15
8,281,397 88
7,072,107 62
0,354,372 10
6,433,840 36
6,141,466 39
9,304,802 04
9,170,234 07
11,385,418 33
12,475,407 97
15,286,062 06
14,120,828 02
12,884,406 81
17,807,136 20
10,059,786 90
10,076,833 75

COM PARISON OF O P E R A T IN G R ESU LTS.
The following is a statement of revenues and expenses of
the System for the fiscal year ending June 30 1912, in com­
parison with the previous year:
„
,,
„
Operating Revenues—

Year Ending
Year Ending I n c . { + ) or
June 30 1912. June 30 1911.
Dec. (— ).
$
$
5
71,529,574 07 71,787,200 89 — 257,026 22
27,453,525 41 27,204,867 66 + 248,657 75
8,573,047 07 + 190,212 70
8,769,259 83

T otal Operating R evenues. 107,752,359
107,75
91 107,565,115 62 + 187,244 29
Operating Expenses—
Maintenance of W ay and
S tru ctu res................. .......... . 16,070,833
16,521,231
Maintenance of E qu ip m en t..
2,410,746
33,733,607
2,524,724

R atio of Operating Expenses
to Operating Revenues____

75
41
40
00
29

16,059,786
16,086,145
2,249,898
33,183,520
2,588,900

90
+ 17,046 85
45 — 104,914 04
69 + 166,847 77
09 + 550,146 97
44 — 04,170 15

71.273,202 97

70,708,251 57 + 504,951 40

30,479,156 04

30,790,804 05 — 317,707 11

66.15

•

65.79

+ .30

The following averages are deducted from tables set forth
on pages 36 and 39, pamphlet report.
The average tons of freight (revenue and company) per
loaded car mile decreased from 18.74 to 18.52, or 1.17
per cent.
The average tons of freight (revenue and company) carried
per freight-train mile (freight, mixed and company-supply)
increased from 394.72 to 399.94, or 1.32 per cent.
The average freight revenue per revenue freight-train mile
increased from S3 19 to 3 26, or 2.19 per cent.
The average passenger revenue per revenue passengertrain mile decreased from SI 21 to SI 18, or 2.48 per cent.
The average passenger-train revenue per revenue passen­
ger-train mile decreased from SI 51 to SI 47, or2.65 per cent.
The tons of freight carried one mile (revenue and company)
decreased 96,347,956, or 1.07 per cent, while miles run by
freight cars (loaded and empty) in freight, mixed and com­
pany-supply trains decreased 6,169,042, or .90 per cent, and
the mileage of such trains decreased 538,434, or 2.36 per cent.
The number of passengers carried one mile increased
5,111,995, or .40 per cent, while miles run by passenger cars
in passenger and mixed trains increased 5,657,442, or 4.29
per cent, and the mileage of such trains increased 773,537,
or 3.44 per cent.




981

The following is a consolidated statement of the business
of the System for each fiscal year during the period since
January 1 1896:

Fiscal Year
Ending
June 30.
1897 (18 m o s .)_ .
1898 ..................
1899 __________
1900 ................
1 00 1 ________
1902 ________
1903 _______
1904 ________
1905 ________
1906 ................
1907 ________
1908 ................
1909 _________
1910 ................
1911
__
1912
---

Gross
Expenses,
Revenues,
including
Average including
Xet
Taxes,
Interest on
M iles Income Jrom Rentals and Bonds.
Corpor'te
Other
Operated
Other
Revenue.
Sources.
Charges.
6,443
6,936
7,032
7,341
7,807
7,855
7,965
8,179
8,305
8,433
9 ,2 /3
9,415
9,794
9,916
10,350
10,627

544,532,628 536,038,455 58,440,387
553,785
39,396,126 30,513,553 7,045,988 1,836,584
40,762,933 29,332,964 7,241,972 4,187,997
46,498,899 29,414,427 7,345,166 9,739,304
54,807,379 34,502,039 7,830,810 12,474,529
60,275,944 36,272,432 8,438,985 15,564,526
63,668,390 40,635,576 9,134,485 13,898,329
60,419,975 44,641,434 9,418,770 15,359,771
69,189,739 47,835,883 9,611,510 11,742,346
79,390,749 51,035,355 10,622,184 17,733,209
94,436,574 61,779,916 11,487,934 21,168,723
91,289,770 65,031,582 12,579,301 13,678,886
95,424,091 61,458,010 13,548,081 20,417,990
107,543,250 75,133,314 11,984,151 20,425,784
109,772,481 75,089,094 12,712,319 21,371,007
110,322,328 77,001,227 13,660,859 19,660,241

The following statement shows the gross operating revenues
of the System (exclusive of income from other sources) per
mile of road operated for each fiscal year since July 1 1896:
Year ending June 30—

Gross Operating
Revenues.

1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912

530,621,230
39,214,099
40,513,498
46,232,078
54,474,822
59,135,085
02,350,397
68,171,200
68,375,837
78,044,347
03,683,406
90,617,796
94,265,716
104,993,194
107,505,115
107,752,359

Average per
M ile o] Road.

10
24
63
23
61
53
28
18
25
25
91
38
87
67
62
91

54,752
5,653
5,760
6,297
6,977
7,527
7,827
8,334
8,232
9,253
10,102
9.624
9.624
10,587
10,392
10,138

04
69
80
49
41
97
92
31
70
55
65
82
00
91
63
61

The following statement shows the development of the
freight and passenger revenues of the System since July 1
1896:
Year Ending June 30—
1897 _____

Freight
Revenue.

_______________________

$22,067,680 77

1899 _________________ _________ _
1900 _________________ __________
1 9 0 1 __________________________________
1902 _________ _________________________
1903 _______________________ ________
1904 _______ ______________
1905 ___________________
1906 ________________________ ___________
1907 .............. ..................................................
1908 ____________________
1909 .................... .......... ................... .................
1 9 1 0 ....................................................................
1 9 1 1 _________________________________
1 9 1 2 ______________ ____ _________________
C A P IT A L

STOCK

Passenger
Revenue.

AND

29,492,580
33,729,332
39,052,557
41,815,607
44,622,438
47,702,653
47,408,982
54,598,902
65,500,309
61,848,638
64,212,638
71,194,055
71,787,200
71,529,574
FUNDED

65
83
43
05
71
23
36
82
42
51
10
59
89
67

$5,574,288
7,347,361
8,126,141
9.334.661
11,678,017
13,439,384
13,469,985
15,433,773
16,045,380
18,013,988
21,171,629
21,643,427
22,734,505
25,437.181
27,204,867
27,453,525

31
59
85
57
25
57
78
63
27
56
08
49
32
98
66
41

DEBT.

T h e o u t s t a n d i n g C a p i t a l S t o c k ( d e d u c t i n g s t o c k in t r e a s ­
u r y ) o n J u n e 3 0 1911 c o n s is t e d o f:
Common ..............................
5168,430,500
P re fe r re d ..................................
114,173,730
5282,604,230
Issued during the year:
Common Stock issued in exchange fo r Convertible Bonds
re tire d __________________ _____ _____________________________
1,699,000
Capital Stock outstanding June 30 1912:
Common ........................ ........................................ .5170,129 500
P r e fe r r e d .........................
114,173,730
-5284,303,230
The outstanding Funded Debt o f the System (deducting bonds
in treasury) amounted on June 30 1911 t o ...............................5329,101,820
The following changes n the'F unded Debt occurred during
the year:
Obligations Issued:
Callfornia-Arizona Lines First and R efunding
Mortgage
414% B onds........................ ....................... .......... ........................ 518,299,695
Ob igations Purchased or Retired:
Serial Debenture 4 % Bonds,
Series J ...............
51,032,000
Series K ......................................_ ............................
1,710,000
Series L ------------------------------- ---- --------------------312,000
Convertible 4% B onds............................................
1,642,000
Convertible 5% B on ds________________________
57,000
Miscellaneous Divisional B onds______ _______
3,500
---------------------4,756,500
Increase o f Funded D e b t.................................................................... 513,543,195
Total System Funded Debt outstanding June 30 1912_______ 5342,645,015

Interest charges for the year ending June 30 1913 will
be approximately 814,040,000, or an average monthly
charge of about $1,170,000.
TREASU RY.
Neither this Company nor any of its auxiliaries has any
notes or bills outstanding.
The Company held in its treasury on June 30 1912 $41,­
906,232 86 cash, and had available $3,780,000 General
Mortgage Bonds, including bonds not yet certified by the
Trustee. The Company also has in the treasury unpledged
a large amount of stocks and bonds of other companies, of
which part are carried in the balance sheet as Investments and
part are included under Railroads, Franchises and Other
Property.

982

THE

C H R O N IC L E

The Atchison Topeka & Santa Fe Railway Company
and the California Arizona & Santa Fe Railway Company
(more particularly referred to below) executed an inden­
ture dated March 1 1912, by which the latter company
mortgaged its properties to secure an issue of Four and
One-Half per cent California-Arizona Lines First and Re­
funding Mortgage Bonds of the Atchison Topeka & Santa Fe
R y . Co. for $50,000,000, maturing March 1 1962. $18,­
299,695 of these bonds have been issued and sold.
FUEL RESERVE FUND.
The fund has been increased during the year by earnings
derived from sundry fuel properties, and decreased by certain
payments for fuel properties as follows:
A m ount to credit of Fund June 30 1911______________________$1,431,077 35
A dded during the year________________________________________
390,959 94
Deduct sums paid for fuel properties_________________ _______

$1,828,037 29
701 71

In Fund June 30 1912............................................ - ............ ........ $1,827,272 58

On June 30 1912 there remained in the treasury of the
Cherokee & Pittsburg Coal & Mining Company an un­
expended cash surplus amounting to $74,058 20, so that the
total amount available for replacement of fuel properties in
which your Company is interested is $1,901,330 78.
N E W M E X IC O & A R IZ O N A R A IL R O A D CO M PAN Y
A N D SO N ORA R A I L W A Y C O M P A N Y, L IM IT E D .
During the year the securities of the above companies
owned by your company were sold to the Southern Pacific
Railroad Company. The railways of these companies have
been operated by the Southern Pacific Company under lease,
the term of the lease running until September 1 1979.
T H E C A L IF O R N IA A R IZ O N A & SA N TA FE R Y . CO.
This company was organized during the year and acquired
from the Southern Pacific Railroad Company the line between
Needles and Mojave, California, and acquired also the lines
formerly owned by the Arizona & California Railway Com­
pany, Barnwell & Searchlight Railway Company, Bradshaw
Mountain Railroad Company, the California Eastern Railway
Company, Fresno County Railway, Fullerton & Richfield
Railway Company, Kings River Railway Company, Oakland
& East Side Railroad Company, Oakdale Western Railway
Company, Perris & Lakeview Railway Company, Prescott
& Eastern Railroad Company, Randsburg Railway Company,
and Santa Fe Prescott & Phoenix Railway Company. The
lines so acquired are located in California and Arizona and
aggregate 834 miles in length.
N E E D L E S -M O J A V E L IN E .
During the year this line, between Needles and Mojave,
California, a distance of 242.19 miles, which has been oper­
ated under lease as a part of your main line between Chicago
and the Pacific Coast, was acquired from the Southern Pacific
Railroad Company, title being vested in the California Ari­
zona & Santa Fe Railway Company.
D O D G E C IT Y & C IM A R R O N V A L L E Y R A IL W A Y .
In order to serve the needs of Southwestern Kansas, this
company was organized to construct a line extending from
Dodge City, Kansas, in a generally southwesterly direction,
and the construction of about 60 miles of the projected line
has been undertaken and at this date is practically completed.
An additional 60 miles will be constructed during the present
fiscal year.
G ALVESTO N C A U S E W A Y .
In May of this year this structure, connecting Galveston
Island with the Texas mainland, was formally opened for
traffic, having been under construction since September
1909, pursuant to an agreement between the County of Gal­
veston, the Gulf Colorado & Santa Fe Railway Company and
certain other transportation companies entering Galveston.
The causeway has a total length of 10,642 feet and consists
of a steel lift-bridge over the channel about midway across
the bay, fourteen seventy-foot reinforced concrete arches and
sand embankment approaches protected by reinforced con­
crete. The causeway carries two steam railroad tracks, with
additional space for electric railroad and county highway.
N O R T H W E S T E R N PAC IFIC R A IL R O A D .
As set forth in this company’s Twelfth Annual Report,
certain properties in Northern California owned by your com­
pany and the Southern Pacific Company were consolidated
into the Northwestern Pacific Railroad Company, one-half
of the capital stock of which was vested in your company and
the other half in the Southern Pacific Company. One of the
objects of this transaction was to insure the construction of
a link connecting certain of these properties between Willets and Shively, California, a distance of 105.67 miles. Con­
struction of this line has been in progress throughout the
year, 39.52 miles have been completed, and work is being
pushed on the remaining 66.15 miles.
When this work is
completed the Northwestern Pacific RR.will have a continuous
line from Sausalito, on San Francisco B ay, to Eureka and
Trinidad, in Northern California, which, with its branch
lines, will make a total of 511.67 miles. The new line will
run through what is practically virgin territory, and its con­
struction should materially increase the traffic now inter­
changed by your company with the Northwestern Pacific
Company.




[VOL. L X X X X V .

PORT B O L IV A R IR O N O RE R A IL W A Y .
This road, thirty miles in length, was constructed by pri­
vate parties for the purpose of developing certain iron ore
properties north of Longview, and is being operated by this
company under a temporary arrangement terminable at
the pleasure of either party.
SU N SET. R A I L W A Y .
Pursuant to an agreement between the Sunset Railroad
Company and the Sunset Western Railway Company, these
two lines were consolidated under articles of incorporation
and consolidation filed March 20 1912, the new company so
formed being known as the Sunset Railway Company. Onehalf of the capital stock of the new company was vested in
your company and the other half in the Southern Pacific
Company. The consolidation was made in the interest of
economy of operation.
W E ST T E X A S CO NSTRU C TIO N .
The lines in West Texas under construction at the date of
the last annual report have been completed during the year.
The entire line between Coleman and Lubbock was opened for
traffic on December 1 1911 and the line Lometa to Eden was
completed into the latter point and opened for traffic Jan­
uary 1 1912. The extension of the Colcman-Lubbock Line
from the latter point to Texico, N. M ., a distance of 89 miles,
has been authorized, and it is expected that this line will be
completed and opened for traffic by the close of the present
fiscal year. The construction of this extension will complete
the new through line between the Pacific Coast and the Gulf
of Mexico via Belen and Texico.
A D D IT IO N A L M A IN -T R A C K M IL E A G E .
The mileage of second track in operation on June 30 1912
was 801.90 miles, as compared with 687.58 miles at the close
of the preceding fiscal year, being an increase of 114.32 miles.
The second-track work on the Missouri Division is being
carried on in connection with the reconstruction of the bridge
over the Missouri River at Sibley, which it is expected will be
completed by the close of the current fiscal year. All the
work in progress on the Lines West of Albuquerque will be
completed by January 1 next, making a total on that date
of 896.05 miles of second track in operation.
TAXES.
Attention is called to the increasing burden of taxation,
as shown by the following table for the System:
Year
Ending
J ’ne 30.

Taxes.

Total Operat­
ing Revenues.

Net Operating
Revenue.

1907____ $2,502,650 49 $93,683,406 91 $34,815,505 07
1003____ 3,244,595 81 90,617,796 38 20,793,832 77
1909
____________
3,015,218
53 91,265.716 87 36,770,521 68
1910
____________
4,006,418
83 104,993,194 67 35,231,374 79
1911
____________
3,474,606
88 107,565,115 62 36,796,864 05
1912
____________
4,206,453
85 107,752,359 91 30,479,150 94

% Net
Operat­
ing
Revenue.

Operated
Mileage.

7.19
10.89
8.20
11.37
0.44
11.53

9,350.28
9,430.60
9,792.50
9,961.25
10,400.37
10,732.88

Percentage of Increase in five years.
T axes________________ _______________ __________ ______________ 68.1 per
Total Operating Revenues -------------------------------------------------------15.0
Net Operating R e v e n u e ------------------------4.8
Operated M ileage---------------------------------------------------14.8

cent
“
“
“

Your Directors again acknowledge with pleasure the
faithful and efficient services rendered during the year by the
officers and employees of the Company:
E D W A R D P. R IP L E Y ,
P re sid en t.

GEN ERAL I3ALANCE SH E E T — E X H IB IT A — R A IL R O A D S , F R A N ­
CHISES A N D O TH ER P R O P E R T Y .
Amount June 30 1911, as published in Annual R e p o r t ......... $564,050,536 67
Expenditures for Construction and Equipm ent during Fis­
cal Year ending June 30 1911...................... ............................ 32,o68,774 94
T o ta l........................................................................................... $507,219,311 61
Transferred from Exhibit C:
_
Perris & Lakeview R y,....... ........................................................
<.9,350 72
$597,218,662 33
Deduct:
Investm ent prior to July 1 1911 in property and securities
relinquished in connection witli the acquisition of the
securities of The California Arizona & Santa Fe R y •C o .:
Arizona & California R y ................................... $3,440,830 72
Atchison Topeka & Santa Fe R y ................... 6,718,000 00
Barnwell & Searchlight R y ..............................
277,H ? 51
Bradshaw Mountain R R ................................... 1,053,711 9o
California Eastern R y .......................................
279 ,02? 77
Fresno County R y ............................................
, 75*25\
Fullerton <5cRichfield R y .................................
5?
Kings R iver R y ...................................................
222-7J«
Oakdale Western R y ....... .......
5Z’ 5'?5 s i
Oakland & East Side H R . . . ................ ........... 1-067,843 88
Perris & Lakeview R y ....... ..............................
29,350 72
Prescott & Eastern R R ..............................
432,917 66
Randsburg R y ............................................ —
200,000 00
Santa Fe Prescott & Phoenix R y .................. 8,123,489 81
22,379.112 52
A dd:
The California Arizona & Santa Fe R y . Co-

$574,869,549 81
.

22,379,112 52
$507,248,662 33

Deduct:
Par amount of bonds of controlled lines included in Sys­
tem obligations as of July 1 1906, retired by purchase
during year:
,
G. B. & K. C. R y . Co. IstM tg e . 6% B on d s--------$2,500 00
G. B. & K . C. R y . Co. 2d Mtge.5% B on d s------500 00
G. B. & K . C. R y . Co. 2d M tge. 6% B on d s------500 00

3,500 00
$507,245,162 33

H IE

983

C H R O N IC L E

G E N E R A L B ALA N CE SH E E T — E X H IB IT B— E X P E N D IT U R E S F O R A D D IT IO N S A N D B E T T E R M E N T S
C A P IT A L PU RPOSES D U R IN G FISCAL Y E A R E N D IN G JU N E 30 1912.
Additions and
Betterments.
A tchison Topeka & Santa Fc R a i l w a y -----------------------------------------------------------Atchison Topeka & Santa Fe Railway (Coast L in e s ) ________________________
California Arizona & Santa Fe R a ilw a y ------------------- -------------------------------------Cane B elt R a ilro a d ___________________________________________________________
Concho San Saba & Llano Valley R a ilr o a d ---------------------------------------------------Dodge City & Cimarron Valley Railway -------------------------------------------------------Eastern Railway o f New .Mexico System ---------------------------------------------------------Garden City Gulf He Northern Itailroad_____________________________________
Gulf & Inter-State Railway of T e x a s ..-------------------------------------------- ------------Gulf & Inter-State Railway of T exas— Santa Fc Dock & Channel C o______
Gulf Beaumont & Great Northern R a ilw a y _________________________________
Gulf Beaumont & Kansas City Railway -------------------------------------------------- . _
Gulf Colorado & .Santa Fe R a ilw a y _________________________________________
H ouston Belt & Terminal R a ilw a y _______________________________________ ""
Jasper & Eastern Railway _________________________________________________"
R io Grande & El Paso Railroad __________________________________________
Santa Fe Pacific R a ilr o a d ________________________________________________ ~~
Santa Fe Land Im provem ent C o m p a n y ______________________________
Southern Kansas Railway of Texas ________________________________________
Texas & Gulf R a ilw a y _______________________________________________________
W ichita Union Terminal R ailw ay___________________________________________ "*
Union Passenger D epot Co. o f Galveston___________________________________ "
Union Terminal Co. of Dallas ___________________________________________ ___

$2,485,493
2,123,313
535,567
Cr.98,916
Cr.4,450

Cr.$96,544 60
10,131 53
1,479,876 70

29
13
53
37
64

$1,379,252 01

$13,722,274 47

Cr.12,000 00
1,888 16
3,184 00

763,263 07

Cr.21,620 80

10,2 05’ 3 5
15,307 94

io b " 66

3,611,3 2b" 17
125,358 81
Cr.3,474 04

$10,270,984 27

DE D U C TIO N .

10,000 00
583 07
3,000 00

$2,388 953 55
2,133 .450 43
2,015 ,444 51
Cr.98 ,916 18
Cr .127 55
3f ,077 49
1,287 ,139 85
Cr.12 ,000 00
Cr.lu2 ,808 29
166 ,064 13
3 285 69
Cr.226 ,786 37
2,063 ,057 31
Cr.21 620,80
10 ,205 35
15 307 94
100 00
3,011 320 17
125 358 81
C r.3 474 64
10 000 00
583 07
000 00

$3,969 17
354,077 49
944,727 86

342,411" 99
CrTl 02,808
166,604
1,397
Cr.230,270
1,299,793

AND OTHER

Otiler
Expenditures.

Construction.

15
90
75
13
61

C O N STRU CTIO N

$2,066,038 19

Land Sales during Fiscal Year

200,000 00
$13,522,274 47

G E N E R A L B A LA N CE S H E E T — E X H IB IT C- -IN V E S TM E N TS — NE VV
ACQ U ISITIO N S.
Expenditures to June 30 1911, as shown in Annual R ep ort--$11,981.209 36
Transferred to Exhibit A :
Perris & Lake View R y . . ______ ___________ ______________
29,350 72
Expenditures during the Fiscal Year ending June 30 1912Grand Canyon R y . . ........... .............................
$3,069 72
Santa Fc Land Im provem ent C o.:
Chamlor-Canficld Midway Oil C o ...............
8,000 00
Ice Plant. B elcn .............................................. 134 553 55
53,530 49
Tie and Tim ber L a n d s __________________
Santa Barbara T ic & Pole C o .. .
1 013 47
Sunset R y
. . . . . . . . -------------------------- 82,928 16
Ralls arid Fastenings leased to various parties 47,538 85
Real Estate held for future u s e ........................ 206,257 61
Deductions:
Santa Fo Land Im provem ent Co.:
Ice Plant, San B ernardino____$39,145 71
Texas T ic & Lum ber Preserv­
ing C o ........................................ 1,697 62

$11,954,918 64

$542,491 85

40,843 33
501,051 52
$12,456,570 16

SH E E T — E X H IB IT
-C A P IT A L STOCK
JU NE 30 1912.
In Treasury.
Issued.*
Outstanding.
C o m m o n ........................$170,174,000
$44,500
$170,129,500
Preferred
.................. 114,199,530
25,800
1 14,173,730
GENERAL

BALANCE

$284,373,530

_______

$70,300

G E N E R A L B ALAN CE SH E E T — E X H IB IT E— F U N D E D '-’D E B T
JU N E 30 1912.
Class of Bond.

Issued.

In
Treasury.

Outstanding.
General Mortgage—
Due O ct. 1 1995________
4 % $152,562,500 $1,928,000 $150,634,500
A djustm ent Mortgage—
Due July 1 1995________
4%
51,728,000
382,000
51,346,000
Convertible—
Due June 1 1955..............
4%
20,638,000
977,000
19,061,000
C o n v e r tib le Due June 1 196 0 ________
4%
43,686,000
43,036,000
Convertible—
Due June 1 1917..............
5%
15,213,000
...................
15,213,000
Transcontinental Short Line—
Due July 1 1058----------------- 4%
17,000,000
17,000,000
Callfornia-Arizona Lines—
Due March 1 1962................ 1 Vi%
18,299,095
13,299,095
................
Serial Debenture—
$2,500,000, due Feb. 1 of
each year until 1914 . .
4%
2,978,000
2,978,000
Eastern Oklahoma Division—
Due March 1 1928................ 4%
9,603,000
9,603,000
San Francisco & San Joaquin
Valley R y .—
Due O ct. 1 1940.................... 5%
6,000,000
6,000,000
Chicago & St. Louis R y .—
Due March 1 1915............... 6%
1,500,000
1,500,000
Santa Fe Prescott & Phoenix
R y .—
Due Sept. 1 194 2 ............... _ 5%
4,940,000
4,940,000
Miscellaneous D ivisional_____ . . .
1,784,850
1,030
1,783,820
$345,933,045 $3,288,030 $342,045,015

$284,303,230

* N ot including $17,280,470 Preferred Stock placed in special trust for
certain purposes by the Reorganization Committee and not used.

Int.
Rate.

l or c o m p a r a tiv e balan ce sh eet o f S y ste m an d tra ffic
a preceding page u nder h ea d in g “ A n n u a l R e p o r t s .”

s t a t is t ic s ,

THE WESTERN UNSON TELEGRAPH COMPANY
IN C O R P O R A T E D .

A N N U A L R E P O R T— FO R T H E Y E A R E N D IN G
To

the

S to c k h o ld e r s:

I beg to submit for your consideration the following annual
report of the condition of your company as of June 30 1912,
and of its earnings and expenses during the fiscal year which
ended upon that date.
INCOME ACCOUNT F O R Y E A R E N D IN G JU N E 30 1912.
Gross Telegraph and Cable Earnings________________ _______$40,857,768 91
Miscellaneous Earnings---------------------------------------------------------803,670 57
T otal Earnings.......................................................................... ..$ 4 1 ,6 6 1 ,4 3 9 48
Deduct—
Operating Expenses, including rent o f Leased
Lines, Reconstruction, Repairs, Miscel­
laneous Interest, e t c ......................................-.$35,350,422 30
Taxes
................................................................
713,413 80
—--------------------- 36,063,838 10
B a la n c e ......................................................................................... .. $5,597,603 38
Add—
Incom e from Loans and Investments, including Rentals
from Real Estate.........
..........................
1 gog 357 57
Net Profits_________________________________ _______
$6,923,971 05
Deduct—
Interest on Bonds of the Western Union
Telegraph C o m p a n y ......._ . . . . . ........ ...... $1,670,416 79
♦Appropriation for Reserves for Repairs and
Reconstruction of Land Lines
_____
1,250,000 00
Dividends—
Paid O ctober 16 1911______
$747 ,906
f
00
January 15 1 91 2 .. ____747’ c
,931 50
AprU
15 1912-------------------.
___I 747
. .. ,£
,978 00
1912__________ .. 748,008
7.10 (
July 15 1912......................
00
------------------ 2,991,823 50
------------------- —
5,912,240 20
Balance transferred to Surplus A ccou n t________

.....

_ $1,011,730 76

•This appropriation is In addition to the six m onths’ appropriations from
January 1 to June 30 1912.

JUNE 30 1912.

and to an increase in plant value by reason of new con­
struction and equipment added amounting to $794,675.
The company’s plant, exclusive of the ocean cables leased,
has been extended during the past year by 1,709 miles of
poles and 25,115 miles of copper wire and 4,857 miles of
iron wire, a total addition of 29,972 miles of wire. On
June 30th there were 25,392 Western Union offices.
R E A L E ST A T E .

The Executive Committee, after full consideration of the
company’s requirements for office space, authorized the
improvement of the company’s property at 14, 16 and 18
Dey Street (75 ft. x 77 ft.) by the construction of a 30-story
office building. It is hoped that this building will be fin­
ished before January 1 1914.
The increase in Real Estate over that of the preceding
year has been principally caused by preliminary disburse­
ments on the new building.
P A T E N T ACCOU N T.

The net increase represents new patents purchased during
the year, less the amount written off in amortization of all
the patents. It is proposed to further reduce this account
by such yearly appropriations as your Board of Directors
may deem necessary until the Patents are written down to a
nominal amount.
STOCK O F T E L E G R A P H , C A B L E A N D O T H E R A L L IE D C OM PA N IES

The changes are caused by the transfer of our investment
in Anglo-American Telegraph Company’s stock from the
not leased account to the leased account.

P R O P E R T Y ACCOUNT.

SIN K IN G FUND.

Telegraph Lines and Equipment is less this year by
•S2,502,087, due to the sale, on March 1 1912, of the Bay
Roberts cable to the Anglo-American Telegraph Company
for $3,297,362*, as referred to in the last annual report,

The increase in this fund is due to the annual contribution
of 832,600 referred to in the last annual report, plus accumu­
lated interest.

•The difference between the amount given In last year’s report $3 334 402 » ? . and tbr- nmount realized Is made up of certain adjustments made at

Have increased during the period by $1,159, representing
changes of small amounts in various securities.
;
- .

th e tim e o f tra n sfe r .




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

M ISCELLAN EOUS IN VE STM E N TS.

THE

984

C H R O N IC L E

P U R C H A SE M O N E Y , N OTES A N D O B LIG A TIO N S.

The American Telephone & Telegraph Company liquidated
their open account of §10,500,000 on May 1 1912, which sum,
pursuant to agreement, was used in retiring §10,000,000 of
convertible 4 % redeemable gold bonds, 1936, at 105. Your
company held §2,000,000 of these bonds in its treasury,
and this amount was loaned to the American Telephone &
Telegraph Company at 4 34% for six months.
The premium of 5 % , or §400,000, paid in retiring the
$8,000,000 of convertible bonds in the hands of the public
was charged to Surplus.
.

C U R R E N T ASSETS.

The increase of §1,220,702 in accounts receivable can be
generally attributed to the increase in gross revenue. A p­
proximately §400,000 of tliis increase represents additional
advances to the field for current operations. The total
amount of accounts receivable is stated after deducting
an ample reserve for bad or doubtful accounts.
The Treasurer’s balances show an increase of §1,483,003.
This addition to available cash can be ascribed to the in­
crease in our business, as the money received from the AngloAmerican Telegraph Company in their purchase of the Bay
Roberts cable was used to pay off the temporary secured
loan of §3,500,000 appearing on the balance sheet of June 30
1911.
L IA B IL IT IE S .

The §10,000,000 of convertible 4 % bonds has been dealt
with above. The total of collateral trust bonds, 1938, out­
standing has been increased by §38,000. During the past
year §20,000 of collateral trust bonds were exchanged for
Mutual Union bonds, this transaction reducing the bonds
of subsidiary companies by the same amount. The §18,000
of collateral trust bonds previously held in the treasury
have been sold and the proceeds invested in plant.
The increase in accounts payable reflects, in part, the
increase in our business, and also the accrual of quarterly
rentals due the Anglo and Direct cable companies, which
were paid in July 1912.
TA XE S.

Accrued taxes is less by §325,919.
RESERVES.

There has been added to Reserve for Maintenance of the
American Telegraph & Cable Company’s cables and the
Western Union cables from Canso to New York during the
past year the sum of §135,000 in monthly installments, and
also §149,198, the latter amount being the value of cable
recently salvaged in connection with the laying in 1910 of the
shore ends to Penzance, England, the cost of which was
charged to the reserve of $2,000,000 set up on June 30 1910.
There has been charged to the Reserve Account during the
year the sum of §32,237 for repair of cable. Special pro­
vision has been made in the leases with the Anglo-American
Telegraph Company and Direct United States Cable Com­
pany for the maintenance of renewal funds in connection
with their cables leased to the Western Union Company.
These reserves have been maintained during the year out
of earnings.
Reference was made in the last annual report to the de­
sirability of providing an adequate depreciation reserve out
of earnings until such a time as the fund would, in the opinion
of your Directors, admit an increase in the dividend rate.
To this end a budget was prepared and submitted to the
Board of Directors, who, in January 1912, voted to appro­
priate out of earnings in equal quarterly installments during
the year, commencing with January 1 1912, the sum of
§3,400,000 for repairs and maintenance, and further to
appropriate the sum of §5,000,000 in such quarterly install­
ments as should be determined by the Directors for re­
construction and depreciation reserve.
The amount stated on the balance sheet as Other Reserves
represents, for the most part, the balance remaining in re­
serve for contingencies and a small balance on reserve for
pensions, which latter was set up for the purpose of equal­
izing the monthly charges to operating account.
A U D IT .

The Treasurer’s accounts were audited by the General
Auditor as of June 30 1912; the bank balances were verified
by certificates from the banks of amounts on deposit, and
the securities in the Treasurer's possession by an actual in­
spection. The accounts and securities were found to be in
order and in agreement with the books.
All advance accounts in the hands of Superintendents
were examined and proved by the Division Auditors within
the four months preceding the close of the year.
D IV ID E N D S .

In last year’s report it was stated: “ In order that public
confidence may be strengthened, not only in the ability of
your company to continue any dividend disbursement which
may be established in the future, but also confidence in its
possibility to restore your company to a reasonable dividend­
paying basis, it is proposed to carry to depreciation reserve
all earnings over and above the present dividend, to charge
such construction to that reserve as the Directors may deem
expedient, and to continue this procedure until such a time
as the fund would, in the opinion of your Directors, admit
of an increase in your dividend rate.”
As the examination of the plant proceeds and the urgent
necessity for extensive repairs and rebuilding is more fully
understood, the wisdom of this procedure is confirmed. The




[VOL. L X X X X V .

continuance of this plan for creating reserves will for some
time to come preclude any increase in dividend rate, al­
though stockholders should not lose sight of the fact that it
is only by a steadfast adherence to this policy that the prop­
erty will be strengthened and future increase in dividend
assured.
GEN ERAL.

The gross telegraph and cable earnings show a gratifying
increase this year over the previous year of §6,182,000. The
increase in land-line message tolls was §4,357*373, or 1 5 .5 7 % .
There has also been a large increase in cable tolls, in part
from natural growth, but largely by the inclusion of the
revenues of the Anglo-American Telegraph Co. and the Direct
United States Cable Co., from January 1 1912.
While the company’s gross revenue has largely increased,
there is a decrease again this year in the net profits which
amounts to §181,386, or 2 .5 % . Salaries and wages have
increased over last year by §2,697,318, or 1 9 .9 % , including
the cable employees taken over from the Anglo-American
and Direct cable companies, but this is not out of proportion
to the increase in gross revenues. The expenses of conduct­
ing the cable business generally do not as yet reflect the
benefits which will obtain by the consolidation of the opera­
tions of the companies.
Last year the company received a stock dividend from
one of its affiliated companies, and this year there was a
substantial reduction in the amount of interest received
from the American Telephone & Telegraph Company when
the open account was closed. These transactions have
caused a decrease in income credits of §344,000. The
charges for repairs and reconstruction of land lines arc greater
by §558,788 than the previous year, due to the policy adopted
of improving the plant and building up reserves.
LOAN ING M O NEY T O E M P L O Y E E S .

The plan of loaning money without interest to worthy
employees in distress, which was inaugurated January 1 1911,
has had a beneficial effect in breaking up usurious practices,
and recent legislation has, so far as New York State is con­
cerned, put an end to this nefarious practice. The total of
loans to employees outstanding on June 30th last was $19,­
313, and thus far the company has lost only §200 as un­
collectible.
PENSIONS A N D SICK B E N E F IT .

On July 1 1912 the company, after more than a year’s care­
ful study by a Pension Committee, consisting of employees
of over 40 years’ standing, inaugurated a Pension Plan
affecting all of the direct Western Union employees. The
Board of Directors has made suitable appropriation, charge­
able to working expenses, for the care of those who are
eligible for the pension, and it is believed that the company
can now reward in a measure those who have been long in
its service, as well as relieve its staff of those whose age or
infirmities justify their retirement from active service.
To the end that those actively engaged should receive
some benefits in the event of illness or death, each employee
has been asked to signify his or her preference with respect
to the creation of a sick benefit or a life insurance fund.
The replies to date would seem to indicate a preponderance
in favor of the sick benefit, and it is the company’s intention
to inaugurate, at an early day, relief for those who have
become ill in the service of the company.
N E W S E R V IC E S — R ED U C E D R A T E S .

The Western Union Telegraph Company has not cut or
reduced rates for the regular service of either the land lines
or cables, nor has it established any unprofitable services.
It is engaged in a study of the plant and operating facilities
and business conditions, having in view the establishment
of different classes of service of different values to the public
as fast as it can be done at a reasonable profit and without
disturbing any services of established value and necessity.
Formerly rates and services were considered from the stand­
point of expedition only. While for important social and
business correspondence expedition must be considered and
sufficient facilities maintained for the average maximum
demand, the business is negligible during a considerable
part of the 24 hours and uneven during the working hours.
If the business of the telegraph and cable is to be confined
to immediate business only, then the charges for this business
must bear all the cost of the idle facilities, which is large.
Whatever can be earned by utilizing these idle facilities will
enable broader and larger service to be given to the public
and soon bring the telegraph and cable into still closer bene­
ficial relations to all and hasten the time when some read­
justment of all rates can be made.
The statistics of the present business compared with that
of a year ago show that there has been the normal increase
in the regular business and that the new services have not
been used as a substitute for the old, while the telegraphletter service is at the rate of over 15,000,000 messages per
annum.
.
This rapid development of new services, mostly communi­
cations of considerable length, created new traffic and plant
conditions which have been successfully met. The general
effect has been to equalize and steady the day load and greatly
augment the night load.
Both these new services show great capacity for growth,
and as their value as a means of quickened communication
is more fully realized, a large increase will no doubt follow.

THE CHRONICLE

Oct. 12 1912.]
COMPLEMENTARY OPERATION .

During the year under review the number of telegrams
sent to our offices from telephone stations and delivered to
telephone subscribers continues to show a steady increase.
The one impediment to greater progress appears to arise
from unauthorized persons receiving telegrams by tele­
phone. It is suggested to those who have experienced
difficulties in this direction that certain persons be delegated
in each office or household to receive telegrams to the end
that the Telegraph Company may ascertain before delivering
a telegram whether an authorized person is available.
Plans have been completed and are being put into effect
as fast as the details can be arranged for the opening of
several thousand additional offices, making the telegraph
service of the Western Union still more general and compre­
hensive.
CABLES.

There are six companies owning trans-At'antic cables:
The Commercial Company, six cables; the German Company,
two cables; the French Company, two cables; the AngloAmerican Company, five cables; the Direct. Company, one
cable, and the American Telegraph & Cable Company, two
cables, the latter leased to the Western Union.
These cable companies, excepting the French Company,
which operates independently of the others, form two prin­
cipal groups with about equal cable facilities.
The Mackay group, consisting of the Commercial Cable
Company and the German Cable Company, operated by the
Mackay Company in close and exclusive physical connection
with the Mackay land telegraph system.
The Western Union group consists of the Anglo-American
the Direct and the American Telegraph & Cable Company,
or Western Union cables, operated heretofore by their re­
spective companies, but under agreement in close and ex­
clusive traffic but not physical connection with the Western
Union land telegraph system.
.
.
To secure the best service, particularly to interior points,
it is necessary that the cables shall be operated not only in
close traffic connection with the land lines, but in actual
physical connection under a common operating control.
This has always existed in the group operated by the Mac­
kay Company and was the principal factor in the success
of that system.
The fact that common control of operation or physical
connection did not exist in the Western Union group made
the service unsatisfactory. Negotiations were commenced
nearly three years ago to bring about a more satisfactory
operating arrangement. These negotiations resulted in an
arrangement which, while it did not change the ownership
or the traffic x-elations of the Anglo-American and Direct
companies’ cables, did bring them under a common operating
control with the Western Union lines, to the very material
benefit of the cable service.
In addition to the betterment of the cable service, it has
given the Western Union an opportunity to institute some
new cable services at popular rates. It is an axiom that
full loads make cheap operation. W e have discussed dsewhere the effect of irregular loads in the telegraph business
and the economic necessity for larger and more uniform
average loads. The same reasoning applies to the cable
traffic, and business has been created which cannot pay for
immediate or instantaneous expedition, but can pay for
cable transmission which can * be uniformly distributed
over otherwise idle facilities.
The difference in time on the two sides of the Atlantic
gives but a few common business hours on both sides. This
makes minutes, and even seconds, important, and increases
the value and necessity of the greatest expedition for the
more important business, and also greatly increases the un­
evenness of the load, and, in consequence, the idle facilities.
The cable business has been developed entirely on the lines
of the utmost expedition, and consequently the rates have
borne the burden of the costs of unused facilities.
The new services are not in any sense of the word “ rate
cutting,” and do not in any way interfere with the expe­
dited or immediate business, but are intended to establish
varied services at rates commensurate with the value of
such services, in order that the varied demands of busi­
ness and social communication may be served. It is in­
tended to make the cable service of the greatest possible
benefit to the public consistent with a fair return. The
company believes and has demonstrated that there is a
growing field for an inexpensive deferred service. Those
already introduced have shown a steady growth and have
helped to modify the abrupt traffic curves which have here­
tofore characterized cable business.
Urged by the British and Canadian governments, and
in response to a general request, the Atlantic cable rate for
press messages between the United States and Canada on
the one hand and the United Kingdom of Great Britain
and Ireland on the other was, commencing September 1
1912, reduced from ten cents to seven cents per word during
the hours of maximum demand and to five cents per word
during other hours; and, commencing about October 1
1912, the rate for deferred cablegrams between the same
countries will be reduced from twelve and one-half cents
to nine cents per word. Effective the same date, the tariff
for Cable Letters will be reduced to seventy-five cents for
twelve words and to SI 15 for twenty-four words in Week End
Letters, while the latter will be delivered on Monday in­




985

stead of Tuesday morning, and Cable Letters will be delivered
at the convenience of the company within twenty-four hours
of the time of filing. This reduction of the minimum charge,
coupled with quicker delivery, should add to the popularity
of these special services and enable the company to fully ex­
ploit this class of business.
TELEPHONE AND TELEGRAPH RELATIONS.

Some confusion, tending to mistaken and misleading
conclusions, appears to exist to some extent as to the rela­
tionship between the Western Union Telegraph Company
and the American Telephone & Telegraph Company, and
at the risk of repeating some things that have been said
before, it is deemed desirable to succinctly state (1) the
relations and (2) the differences between the properties
from the telegraph standpoint, in order that the stock­
holders and the public may have an accurate and unpreju­
diced understanding thereof.
I. The relations are primarily based on the comple­
mentary character of the two services and the opportunity
offered for the joint use of the plant and the avoidance of
serious economic waste.
II. The differences are in the characteristics of the
two services.
Both telegraph and telephone lines consist of wires strung
on poles or placed in cables underground. The differen­
tiation between the telegraph and telephone begins with the
circuit. Technically a circuit, whether telegraph or tele­
phone, is the path over which the electrical transmitting
current passes, and consists of an outgoing and returning
path. The telegraph uses the wire for the outgoing path and
the earth for the returning path. By means of the duplex or
quadruplex system, two to four outgoing paths for the tele­
graph circuit can be made over one wire; that is, four mes­
sages can be sent over the same wire at the same time.
The path of the telephone circuit must be of wire both
outgoing and returning, because the electrical disturbances
of the earth interfere with the delicate transmitting current
of the telephone. These two wires, the outgoing and re­
turning paths of the circuit, must also be arranged that
each wire must be exposed to all disturbances in the same
degree, and for talking any considerable distance either the
wires must have more copper per mile or have special auxil­
iary appliances, or both, to enable speech to be transmitted.
There is as yet no method of duplexing the telephone circuit
so that each telephonic conversation requires the exclusive
use of two wires during the conversation.
The two wires which are necessary for one telephone cir­
cuit can, by multiplexing, be made into four, six or eight
telegraph circuits, and can be used for both telegraph and
telephonic transmission at the same time.
A single telegraph circuit or wire cannot be used for tele­
phonic purposes, but two telegraph wires, by arranging them
the same as telephone wires, can be used for a talking circuit.
The next differentiation between the telephone and the
telegraph service is in the character of the service.
Telegraph service consists of the collection, transmission
and delivery of written messages or communications for
others by the operating telegraph staff.
In this service
the patron takes no part.
The operating staff of the telegraph consists largely of
operators skilled in transmitting and reading telegraph
signals, who transmit and receive for others the telegraph
messages, and of an auxiliary organization for the collec­
tion and delivery of messages.
Telephone service consists of making up talking circuits by
which patrons are in telephonic connection with each other.
The circuit is for the time being for the exclusive use of the
users, during which time it can be used for no other tele­
phonic purposes, and since the users must be personally
present, this use has all the characteristics of and is in fact
a personal interview.
The operating staff of the telephone consists largely of
switchboard operators who make the necessary connections
between the different circuits and turn them over to the
users.
Full-rate telegraph messages are transmitted as received
and must have expedition, or immediate dispatch. For
this reason the plant and operating facilities must be at least
equal to the average maximum demand of this class of busi­
ness at any time. This class of service, being confined
largely to the working hours of the day, results in an uneven
load, which has been overcome to a considerable extent
and the load spread more uniformly over the twenty-four
hours by the introduction of various classes of service which
do not require immediate transmission.
The capacity of a telegraph circuit is several thousand
messages for the twenty-four hours, and of a telegraph
wire, because of multiplex working, many times more.
This makes the cost per message, due to the plant charges,
relatively small. On the other hand, the cost per message
for the collection, transmission and delivery is almost con­
stant, varies little with distance, and is relatively a large
part of the cost per message.
Telephone service, since it requires the personal pres­
ence of the users, must be immediate, and cannot be deferred.
This restricts the use of a telephone circuit to that part of
the day when people are at their accustomed business or
social places. The facilities must be equal to the maximum
demand at any time, resulting in uneven load, with high

986

THE CHRONICLE

peaks of service, alternated by many idle intervals even in
the busy hours. The capacity of a toll circuit of any con­
siderable distance is at the best but thirty or forty conver­
sations in the twenty-four hours. As this circuit consists of
two wires, the cost of service per conversation due to plant
costs is very large and increases rapidly with the distance,
while the operating cost of making the connection is relatively
small and varies but little with the distance.
The telegraph plant consists of trunk and branch lines
connecting the large centres of trade with each other and
with the more important tributary points.
The telephone plant consists, for the greater part, of
exchange plants made up of telephone circuits connecting
sV]?scr^:)ers’ stations at offices and dwellings with central
offices equipped with apparatus necessary to connect these
circuits with each other, and for the smaller part of trunk
lines connecting these exchanges with each other, and of
branch lines connecting rural centres with the general sys­
tem (toll, or long-distance lines). The exchange plant rep­
resents in cost many times the trunk and branch-line plant.
The large message cost for collection, transmission and
delivery, and the relatively small message cost due to plant,
makes the telegraph message expensive for short distances
and relatively cheap for great distances.
The small operating cost per telephone conversation
and the large cost due to plant makes the telephone cheap
for short distances and relatively expensive for great dis­
tances.
These considerations show clearly the radical differences
between the two services.
Independent of the personal attention necessary to a
telephone conversation, which is not required in sending a
telegraph message, the telegraph and telephone each has
its peculiar functions and use, and, except in cases of pref­
erence or convenience, one service does not take the place of
the other.
No telegraph company could go into the telephone business
without substantially reconstructing its telegraph plant to
adapt it for toll or long-distance use,and, in addition, build­
ing exchange plants involving an investment many times
that of its telegraph plant, and also creating or acquiring
telephone-operating organization.
No telephone company could go into the telegraph busi­
ness without creating an entirely independent telegraph
operating organization. It is generally conceded that tne
cost of creating an organization to operate any plant is
greater than the cost of the plant.
The joint use of a common plant for telephone and tele­
graph purposes, because of tne complementary character
of the two businesses, is, however, quite a different matter.
Bearing in mind that a telephone plant is necessarily idle
for the greater part of the time, particularly at night, and
that a telegraph plant cannot be used for telephone pur­
poses without reconstruction, but that a telephone plant
can be used for telegraph purposes, such a joint use would
virtually make one plant answer for both purposes, and
would save to the public the investment charges, the main­
tenance and depreciation costs of the duplicate plant, all
of which charges must be cared for in the rates.
The complementary character of the two services is
illustrated by the use of the telephone system for the col­
lection and delivery of telegraph messages, particularly
the all-night telegraph service, virtually making each sub­
scribers’ station a branch telegraph office.
This is further illustrated by the growing use of branch
telephone toll lines for extending the telegraph service into
the rural districts.
The Western Union has some 25,000 offices; of these
the gross revenue of over 20,000 is not sufficient to pay the
expenses of the office. Eighty-five per cent of the gross
telegraph business of the country is between less than 5,000
towns and cities; that is, four-fifths of the offices of the W est­
ern Union and fully one-half of its wire mileage is maintained
at a loss in an effort to give that general and comprehensive
tetegraph service which the business and social interests of
the country require.
There are estimated to be less than about 5,750,000 rural
habitations in this country. The Bell System has over 3 ,­
200,000 rural telephone stations; that is, more than half the
rural habitations are connected by exchange wires with
central offices of rural centres and these central offices, by
means of branch telephone lines with, and form part of,
the Bell Telephone System. These branch lines extend to
substantially every rural centre. They are not used to
nearly their capacity. The lines and the operating staff
have to be maintained for one purpose. Under a joint
working between the telegraph and telephone, these facili­
ties, both plant and operating, could be utilized without
appreciable extra cost for telephoning the occasional tele­
graph message. In this way a telegraph service could be
given to practically every centre of population in the coun­
try, and, by means of the rural telephones, made to reach
nearly every habitation.
If the public desire, as they do, not only improved facili­
ties, but additional methods of intercommunication, and
eventually cheaper rates, these benefits can only be obtained
through a combined use of plant, and to bring about such
a combination, not only the purpose, but the reasons, must
be understood, and if it results in a broad combined system,
extending over the whole country, such a system is inherent




[VOL.

LXXXXV.

to the object to be accomplished, and it cannot be accom­
plished in any other way. There certainly can be no com­
plaint so long as such a service is conducted, as it must
necessarily be, under public control and regulation, and on
a line of policy which does not intend to offer any service
or give any facilities which, as a whole, are not remunerative,
and at the same time place at the disposition of the public
all the advantages which can only be obtained where facili­
ties are not wasted.
It is an axiom that the cost of operating and the cost of
construction and maintenance of plant facilities must be
borne by the service. If, then, plant facilities are only
partially utilized, the cost of service is greater, and so must
be the charges. If additional use of facilities is made, then
the cost of service is less and the charges can be reduced.
If the public insist upon a duplication of plant for each kind
of service, then the cost of these plants must be borne by
the service, and the public must pay the cost. If you hire
two carriages to carry two loads that one would carry as well,
the two carriages must be paid for. No individual or cor­
poration can be expected to, nor can they be required to,
provide a permanent service to the public at less than cost
and a fair profit. Waste of facilities and waste of duplica­
tion come out of the public, either through the additional
cost of service which must be maintained, or through the loss
of the investment made on the facilities which were unneces­
sary.
Respectfully submitted,
T H E O . N . VAJL, President.
F o r th e r e s u lts o f th e y e a r a n d c o m p a r is o n s
A n n u al K cp orts
o n a p r e c e d in g p a g e .

w ith

p r e v io u s

years,

see

Western Union Telegraph Co .— New Directors .—
.
c - Willcver, Mgr. of cable service, and Lewis Cass Ledyard have been
elected directors to succeed Col. John Jacob Astor, deceased, and to All a
vacancy, v.
p. 685, 425.
Wisconsin Gas & Electric Co., Kenosha and Racine, W is .
— New N avic— Purchases— New Securities .— This company,

successor of the Racine Gas Light Co., by change of name and
amendment of articles of incorporation, has acquired the
property and business of the Kenosha Gas & Electric Co.
and Kenosha Electric R y. Co. (V . 94, p. 1249), and has in­
creased its auth. capital stock from $500,000, all one class,
to $2,000,000, $1,000,000 of which is common stock and
$1,000,000 6 % cum. preferred. The company has issued
$2,000,000 5 % 40-yr. 1st M. gold bonds, due June 1 1952,
Harris Trust & Savings Bank, Chicago, trustee. These
bonds, it is understood, have been sold to Harris, Forbes &
Co. and Spencer Trask & Co., of N . Y .
Practically all
the outstanding stock is owned by the North American Co.
F . W . Woolworth & Co., New Y ork .— Total Sales .—
,,1 9 1 2 -— Sept. — 1011.
Increase.I 1012— 0 M o s . — 1011.
Increase..
§30,031,643 834,865,525 14.53% $4,730,140
$4,466,605
5.80%
— V. 05, p. 685, 425.
_ -—The National Motor Indemnity Co. is to be incorporated
in New York to insure automobiles against loss or damage,
except loss by fire, and for the latter insurance the National
Motor Insurance Co. will be organized. Both companies
will have the same management and will undertake certain
other insurance in addition to automobiles.
The board
of directors will include representatives of leading auto­
mobile manufacturers and the following financiers: W m . B .
Joyce, Jas. C. Colgate, W in. A . Tucker, Franklin Q. Brown,
Alex. M. White, Chas. II. Sabin, II. C. Wright, W m . A .
Gaston, E . V. R. Thayer, Ernest H . Greenwood and Henry
E . Cooper. It is proposed to have the auto manufacturers
sell insurance direct to the buyer. It is computed that there
were in use in the United States on January 1st 1912,616,000'
motor cars of all classes of an average value of $900 each,
a total value of $554,400,000 of insurable property. The
annual output of motor cars in this country, according to the
estimate of the National Association of Automobile Manu­
facturers, is now 260,000, of an average of $1,000 each, thus
creating each year $260,000,000 of insurable value.
— Jay Herndon Smith and Charles Moore have resigned
from A . G. Edwards & Sons of St. Louis to form a co­
partnership under the name of Smith & Moore, to deal in
stocks and bonds. The new organization will start on Janu­
ary 1st. Mr. Smith was Vice-President of A . G. Edwards
& Sons and had charge of its bond department. Mr. Moore
was Secretary and was Mr. Smith’s assistant in the bond
department. A . G. Edwards & Sons will not be affected by
these withdrawals, but will continue with George L. Ed­
wards, President; Harry F. Knight, Vice-President, and
W . Arthur Stickney, Treasurer.
— “ Rollins’ Magazine” for October contains an interesting
article on the “ Sherman A c t,” by Prof. Maclaurin, Presi­
dent of the Massachusetts Institute of Technology, and an­
other on “ The Taxation of Inheritances” by Frank C. Mc­
Kinney.
— C. D . Parker & Co., Boston, have issued in pamphlet
form, under title of “ Facts and Figures,” financial informa­
tion regarding fifteen companies, chiefly public service cor­
porations or holding companies controlling such corporations.
— H . C. Gibbs & Co., Boston, are offering at 103)43 7 %
cum. pref. shares of the Norcross Bros. Co. of Worcester.
Compare V . 94, p. 830.

Oct. 12 1912.]
3 Ik e

THE CHRONICL

(& ® m n w x tm l

<

COMMERCIAL EPITOME.
F rida y Night, Oct. 11 1912.
Trade is still active, labor is scarce, the car supply short
wheat exports are the largest in four years, collections are
better and there is an insistent demand for the prompt de­
livery of merchandise. The war cloud in the Balkans, how­
ever, is a more or less sinister feature, which has depressed
securities and caused stronger rates for money. A t the same
time it has stimulated exports of grain at higher prices. The
corn, oats and spring-wheat crops surpass in volume anything
ever before known in this country. An increasing produc­
tion of iron and steel hardly keeps pace with the enormous
demand.

.
a<?v5:nced>with a good demand. Prime Western
|12
reJ ned Continent $12 75; South America $13 25;
Brazilian $14 25. Speculation has been active and prices
have risen to new high levels. Europe and shorts have
been the buyers. Packers and bull speculators have been
good sellers on the rise. Hogs have been advancing. In
products, the trading has been mostly in January and May.
The cash business has been good.
DAILY CLOSING PRICES OF LARD FUTURES IN
Sat.

December delivery
January delivery. .
May delivery_____

M on.

Tues.

Wed.

11.77 >4 11.85
11.47 'A 11.67
1 1 .1 7 y; 11.40
11.45
11.55
10.92 'A 11.12'A 1 1.17 M 11.25
____
10.42 'A 10.60
10.65
10.70

C H IC A G O .

Thurs.

Frt.

11.75
11.90
11.42 V4 11.60
11.05
11.20
____ ________
10.70
10.52B

P O R K — Firm; mess $ 2 0 @ $ 2 0 50, clear $21 2 5 @ $ 2 3 50,
family $ 2 2 @ $ 2 3 . Beef steady, and fairly active. Mess
$ 1 7 @ $ 1 8 , packet $ 1 8 @ $ 1 9 , family $ 2 2 @ $ 2 2 50, extra India
mess $ 3 6 @ $ 3 6 50. Cut meats strong; pickled hams, 10 to
20 lbs., 1 2 ^ @ 1 3 % c . , pickled bellies, 6 to 12 lbs., 14c.
Butter, creamery extras 3 0 % @ 3 1 c . Cheese, State, whole
milk, new white specials 1 7 ^ c . Eggs, fresh-gathered extras,
31@ 34c.
• C IL .—-Linseed easier with a fair demand for jobbing quan­
tities. A good business in futures has been reported reeently. City, raw, American seed, 64c.; boiled 65c., Cal­
cutta 75c. Cottonseed oil firmer. Winter 6 .7 5 @ 7 .2 5 c ,;
i
. white 6 .5 0 @ 7 .1 0 c . Cocoanut oil steady; Cochin
1 0 M @ l l c ., Ceylon 9 * 4 @ 9 % c . Chinawood firm at 9 @ 1 0 c .
Corn easier at 5 .9 5 @ 6 c . Cod firmer at 4 2 @ 4 4 c . for do­
mestic.
COFFEE has been firm but in only moderate demand on
the spot. No.
7 Rio 15c. jWIild coffee
has
been
firm,
with a fair
business.
Fair to good Cucuta
1 6 ^ @ 1 7 c . Speculation [in; coffee futures has been rather
quiet, though latterly it has expanded somewhat and prices
have risen in response to higher quotations in Brazilian and
European markets. The receipts at Rio and Santos have
been moderate. The weather of late in Brazil has been re­
ported colder. There are still reports of damage to the crop
by the recent cold weather. Shorts have covered freely,
thus impairing in a measure the technical speculative po­
sition, and manipulation of the markets is one reason given
by bears for the advance. Closing prices were as follows:
O c t -------- 14.36@14.37 IF e b ______ 14.33@14.35
Nov ------- 14.36® 14.37 Mch _____ 14.48@14.49
D e c -------- 14.35® 14.36 A p r ______ 14.50® 14.52
J a n -------- 14.33® 14.351M a y _____ 14.55@14.57

"J u n e _____14.55@ 14.57
J u l y _____14.56@ 14.57
Aug _____ 14.56® 14.57
_______ 14.56® 14.57
Sept______

SU G A R .— Raw quiet and easier. Atlantic port receipts
have been lighter, being 35,360 tons for the week, as con­
trasted with 45,067 last week and 15,961 last year. Beets
were firmer abroad, owing to covering on the war scare.
Ihe weather has been favorable, however, for harvesting
and growing, and a high-record crop is expected in this coun­
try. Centrifugal, 96-degrecs test, 4.11c.; muscovado, 89degrees test, 3.64c.; molasses, 89-degrees test, 3.39c. Re­
fined was quiet; granulated 4 .9 5 @ 5 c .
P E T R O L E U M .— Refined was firm. The domestic con­
sumption is increasing. There has been a good deal of char­
tering of freight room for export lately. Barrels 8.35c.,
bulk 4.75c. and cases 10.25c. Naphthas firm and active;
7 3 @ 7 6 degrees, in 100-gallon drums, 22c.; drums $8.50 ex­
tra. Spirits of turpentine 42c. Common to good strained
rosin $6.55.
T O B A C C O — There is the usual routine business notice­
able at this time of the year and prices are generally firm.
Binders are held with special confidence. Filler, on the
other hand, is rather dull and stocks are somewhar large.
Little trade is being done in Pennsylvania and Ohio. Rela­
tively high prices have been paid for Wisconsin and Connecti­
cut tobacco, and a very considerable portion of the new crop
has been already disposed of. Sumatra has been rather slow.
For Cuban leaf there has been a fair demand from manufac­
turers. Taken as a whole, the market has been devoid of
striking features. Prices are generally steady, with an ordi­
nary business in progress.
COFPER has been somewhat weaker of late with Lake
1 7 % c . and electrlytic 1 7 .4 0 @ 1 7 .5 0 c. The demand has sub­
sided somewhat, and speculators have been liquidating hold­
ings in foreign markets. London quotations have declined.
Tin firmer after some reaction at 50c.; trade is quiet. Lon­
don prices have latterly risen. Lead steady at 5.10c. and
spelter at 7.60c. Iron and steel have shown great activity
and prices arc firm. Northern forge at furnace $15 7 5 @
$16. No. 2 foundry Eastern $16 5 0 @ $ 1 7 . There have been
large sales of structural steel material. Consumption of
pig iron and of all forms of steel is increasing. Much of the
business for delivery this year will be carried over to 1913.




987
C O T T O N .
F rid a y N ight, Oct. 11 1912.

■
T H E M O VEM EN T OF T H E CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
421,208 bales, against 460,366 bales last week and 373,946
bales the previous week, making the total receipts since
Sept. 1 1912 1,814,490 bales, against 2,025,791 bales for the
same period of 1911, showing a decrease since Sept. 1 1912
of 211,301 bales.
Receipts at—

Sat.

Tues.

M on.

Wed.

Thurs.

Total.H

F r i.

Galveston______ 25,541 26,420 41,124 26,785 27,743 37,797 185,410
Texas City____
8,168 10,051
6,230
4,038 3,270
9,065 40,822
Aransas Pass,&c.
. 4,286 4,286
New Orleans___
3~260 6",439 5',279 7", 591
6',261
7661 36,491
Mobile ________
1,549 2,317
1,671
900
1,983
1,590 10,010
Jacksonville, &c.
1,056
1,056
Savannah . _ _ _ 8', 770 lO", 562 12',793 10", 573 9~687 12,214 64,599
Brunswick 7,500
950 8,450
Charleston____
2,972
4~,364 2,472 3,333 4^007 4,332 21,480
W ilm ington___
2,816
3,167
4,623
4,893 4,396 4,209 24,104
Norfolk__ _____
2,993
5,038
5,845
2,204 3,844 3,443 23,367
___
N’port N., &c-_
186
186
Boston — ___
—
100
—
—
'166
Baltimore______
—
847
"847
Totals this week.

54,131

66,475 83,858 67,917 61,191

87.636U21.208

n u ; tuuuwmg suuws uie weex s total receipts, tne total
since Sept. 1 1912, and stocks to-night, compared with 1911:
Receipts to
October 11.

1912.

1911.

This ISince Sep
Week.
1 1912.

This Since Sep
Week.
1 1911.

Stock.

1912.

1911.

796,259
64,599
13,521
105,653
56,986
22,860
5,518
588,281
60,155
106,000
135
97,986
101,409
366
362
319
5,382

309,442
62,132
2,979
77,690
28,083

143,360
13,018

Total_________ 421,208 1,814,490 431,129 2,025,791

Galveston_______
Texas City_____
Aransas Pass, &c.
New Orleans___
M o b ile _________
Pensacola_______
Jacksonville, &c.
Savannah_______
Brunswick______
Charleston______
Georgetown ___
Wilmington ___
N o r fo lk ________
N’port News, &c.
New Y o r k ______
B oston _________
Baltimore_______
Philadelphia___

185,410
40,822
4,286
36,491
1 0 ,0 1 0

__
1,056
64,599
8,450
21,480
24,104
23,367
186

950,604
141,093
31,830
100,06S
36,435
3,695
1,654
256,455
52,700
79,611
___
87,443
66,610
2,454

166

129,936
31,099
3l" 500
16,194
10,346
4,014
125,435
8,750
20,182
22^80
28,033
238
194
3,028

1 ,6 1 1

847

2,827
—

65,388
42,255

""■428
101,533
1,831
43,636

188,440
3,735
48,304

25",675
26,727

2l",096
30,566

120,423
1,528
4,227
7,915

85L695
2,746
6,341
1,090

814,249

656,034

W e give below the totals at leading ports for six seasons:
Receipts at—

Galveston__
Texas City, &c
New Orleans.
M obile______
Savannah __
Brunswick__
Charleston.&c
Wilmington. _
N orfolk____
N’pdrt N., &c
All others___

1912.

1911.

1910.

185,410
45,108
36,491
10,010
64,599
8,450
21,480
24,104
23,367
186
2,003

129,936
31,099
31,500
16,194
125,435
8,750
20,182
22,180
28,033
238
17,582

159,7061
11,152
35,858
11,201
89,179
14,560
18,910|
27,3651
28,126!
2881
3,835,

| 1909.

| 1908.

141.308 : 139,431
1,629
249
58,059
64,178
16,497
15,631
110,724
81,752
21,800
4,218
18,410
10,936
24,530
28,211
35,585
22,579
176!
178
14,365,
3,400

1907.
51,087
394
37,744
13 939
82,800
4,386
14,107
30,159
22,899
247
10,111

Total this wk. 421,208 431,129 400,089| 424,783! 370,763 267,873
Since Sept. 1. 1,814,490 2,025,791 1,676,499' 1,955,911 1,734,833 1,248,451

The exports for the week ending this evening reach a total
of 276,689 bales, of which 115,814 were to Great Britain,
39,274 to France and 121,601 to the rest of the Continent.
Week
Exports
from —

ending Oct. 11 1912.
Exported to—

Great
I ContiBritain. jFrance.I nent.

Total.

From Sept. 1 1912 to Oct. 11 1912
Exported to—
Great
Britain.

Galveston. . 41,773 0,184 ! 57,627 108,584' 273,139
Texas City. 2 0 ,0 1 2 13,357| . . . . 33,369
51,254
Aran. P’s,&c
12.155
12,155
10,366
New Orl’ns. 6,721 3,520 8 ",102 18,343
10,004
___
_ _
___
___
Mobtle___
5,541
___
Pensacola..
....
3,695
Savannah..
23,684 23,684 ; 24,787
___
Brunswick. 8,732
8,732 31,057
Charleston . 6,700
5,166 11,800
11,700
___ 12,392 21,634
Wilmington 9,242
18,349
Norfolk___
5,300 5,300
New York. 10.958 l',058 6,572 18,588 60,525
___
___ 7,944
Boston___ 7,944
24,374
Baltimore..
___
___
1,496
___
Philadelphia 3,732
3,732
5,S32
___
___ 2,385 2,385 _____
San Fran..
Port Towns.
—
—
439
439 —

France.

Conti­
nent.

Total.

98,533 234,299 605,971
27,956
79,210
12,155 ’ " " 2 6 6
22,721
7,760
14,630 41,394
_____
_____
5,541
3,695
13,871
56,926 95,584
____
18,217 49,274
15,000 26,700
11,915 28,656
58,920
5,300
5,300
6,254 44,425 111,204
423 24,797
_____
14,532
16,028
_____
5,832
_____
9,780
’ 9,780
439
439
.........

Total___ 115,814 39,274! 121,601 276,689

541,119

178,444

442,827 1,162,390

Total 1911. 97,848 23,2151122,1381243,201

667,660

181,546

572,245 1,421,45

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
On Shipboard, Not Cleared for—
Oct. 11 at—

New Orleans. .
Galveston___
Savannah ___
Charleston___
Mobile .
N orfolk______
New York___
Other ports__

Great
Britaii.

3,917
87,385
22,300
2,000
4,941

France

Ger­
many.

Other
Coast­
Foreign wise.

Total.

5,320 3,622
5,276
15,826 30,868 16,894
4.000
5,011
4,000
3",438
1,900

Leaving
Stock.

399 18,444
3,250 154,223
600 31,911
6,000
"888 11,167
12,500 12,500
2 , 100
10,300
2,000
43,000

59,246
155,219
69,622
37,636
16,916
14,227
110,123
63,715

Total 1912.. 141,543 31,994 70,101 26,270 17,637 287,545
Total 1911.. 87,542 28,354 53,235 27,328 13,114 209,573
Total 1910.. 79,889 24,279 63,463 33,880 19.530 221.041

526,704
446,461
343.484

4~66o
17,000

"500 3",700
3.000 21,000

T H E C H R O N IC L E

Fair - ..................c.1.50onMiddling........... c. Basis
Strict mid. lair----- 1.30 on Strict low mid........ 0.35 off
Middling fair_____ 1.10 on Low middling........ 0.80 off
Strict good mid___ 0.63 on Strict good ord___ 1.40 off
Good middling----- 0.40 on Good ordinary___ 2.15 off
Strict middling----- 0.21 on 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. tlng.0.80 off
Low mid. tinged...1.90 off
Middling stained...0.90 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. S t o o d . 11—
Sat.
Middling uplands____________ 11.25

M on.

11.10

T u es.

11.10

W ed.

11.05

T lu ir s .

11.10

F r i.

11.00

N E W Y O R K Q U O TATIO N EO R 32 Y E A R S .
The quotations for middling upland at Now York on
Oct. 11 for each of the past 32 years have been as follows:
1912-C____ 11.00
1911_______9.75
1910_____ .14.75
1909. .......... 13.65
1 9 0 8 .......... 9.10
1007_______11.75
1906.......... 11.40
1905............ 10.25

1904.C_____10.55
1903_______9.60
1902.......... 8.85
1901_______8.44
1900.............10.00
1809_______ 7.25
1808.......... - 5.38
1897_______ 6.44

1896.c ____ 7.94
1888_c____ 9.81
1805............ 9.12 1887_______9.44
1894_______6.12
1886_______ 9.31
1893_______8.38
1885............. 9.81
1892........... 8.06 1884............10.00
1891_______8.75 1883_______10.75
1890.
10 38 1882
11 .14
1889---------- 10.02 ! 1831 ...........11.06

M A R K E T AN D SALES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York arc indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.

Closed.

Saturday. . Monday----Tuesday .
Wednesday.
Thursday . Friday.........

Quiet
Quiet,
Quiet
Quiet,
Quiet,
Quiet,

------------------15 pts. d e c..
------------------5 pts. d e c ...
5 pts. ad v__
10 pts. d e c..

Total-----




Futures.
Market
Closed.

Steady........ .. Barely steady-Very stea d y .-.
F irm _________
Very steady__
W eak................

SALES.
Spot.
-----

___
___
100
—
100

Contr’ct Total.

1,600

MOO

100
500

200
500

2,200

5.300

F U T U R E S .— The highest, lowest and closing prices
New York the past week have been as follows:
tfS I « 1
o

2 I 3 1 3 I -r | 11 w 1 11 w 1 81

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Oct. :

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Oct.

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aturdc
Oct. 5

Speculation in cotton for future delivery has been on a
fairly active scale at declining prices for the most part. The
decline was due to fine weather, large receipts, the war news
from Southeastern Europe, and finally heavy general selling,
largely by the South. The actual cotton has been pressing
on the Liverpool market. In the middle of the week the
Continent was a heavy seller in Liverpool, and so were some
of the American spot houses who were undoing straddles.
This involved selling in Liverpool and buying in Now York.
The tendency has been to increase the size of the crop esti­
mates, and guesses of approximately 15,000,000 bales are
more frequently heard than formerly. A t the same time not
a few incline to the opinion that the high record consumption
of last year will not be equaled during the present season,
especially as the crops in Egypt and India are larger than last
year, and this, of itself, will put the European spinner,
theoretically at least and in all probability as an actual fact,
in a more independent position than he was in the season
of 1911-12. Should war in Europe be prolonged and involve
some of the great Powers, the consumption of cotton there
might be seriously curtailed. In any case, war has always
been regarded as something detrimental to the textile trades
of Europe, and necessarily, therefore, to the business in raw
cotton. Spot houses which bought for a time have
latterly sold to some extent here, though they are
in
some
cases
supposed
to
favor
a
rally.
At] the recent decline, too, spinners have bought more
freely. Also large houses have been undoing straddles, as
already intimated, by buying here. This has been done at
a very profitable widening of dilfcrenccs between New York
and Liverpool. It has involved large purchases. Memphis
and other Southern houses have bought to some extent and
with the approach of the Columbus Day holiday on Satur­
day, October 12th, not a few of the shorts have deemed it
advisable to cover. It is recognized, too, that this is largely
a weather market and, therefore, while good weather may
have a tendency to depress prices, bad weather, which may
come at any time, would bo likely to advance quotations.
The crop in the eastern part of the Belt is believed to be
some weeks late and if frost should occur, in the next two
weeks, the opinion of many is that it would greatly curtail
the crop in that section. Killing frost, too, coming on a
market heavily short, might easily, it is argued, cause a
sudden and sharp advance. The cotton goods business is
in an excellent condition. Some take the ground that the
big consumption of last year is very likely to be equaled
during the present season whatever may be said to the
contrary. To-day, prices advanced on the fear of frost
over the Columbus Day holiday, and Sunday, but later on
declined sharply on local and Southern selling. Liverpool
spot sales of late have been 12,000 to 14,000 bales, and
Manchester has been active and firm. Sentiment here is
bearish, however. Spot cotton ended at 11c. and for
middling uplands showing a decline for the week of 25 points.
The rates on and off middling, as established Sept . 11 1912
by the Revision Committee, at which grades other than
middling may be delivered on contract, arc as follows:

[V O L . L X X X X V

10.9f
10.9C

988

@i

is
11
jig1
tef: s i ,
a om
§S| cj
Ko

T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , as m a d e
u p b y c a b le a n d t e le g r a p h , is a s fo llo w s .
F o r e ig n s t o c k s ,
as w e ll as th e a f lo a t , a r e th is w e e k ’s r e tu r n s , a n d c o n s e ­
q u e n t ly a ll fo r e ig n fig u re s a re b r o u g h t d o w n to T h u r s d a y
e v e n in g .
B u t to m a k e th e t o t a l th e c o m p le t e fig u r e s fo r
t o -n ig h t ( F r id a y ) , w e a d d th e it e m o f e x p o r t s fr o m th e
U n ite d S ta te s , in c lu d in g in it th e e x p o r t s o f F r id a y o n ly .
1910.
1909.
1911.
1912.
O c t o b e r 11—
260,000
260,000
002,000
Stock at Liverpool.........— bales, , 489,000
8,000
4,000
13,000
12,000
Stock at L on d on _________
19,000
15,000
53,000
35,000
Stock at Manchester______
Total Great Britain stock-------. 555,000
8,000
Stock at Ham burg.-. ------------- . ,5*292
Stock at B rem en______________ . 145,000
83,000
Stock at Havre_________________
Stock at Marseilles-------------------3,000
12,000
Stock at Barcelona------------------1-/000
3,000
Stock at Genoa________________
5,000
Stock at Trieste..........................
Total Continental stocks......... . 259,000
Total European stocks------------.
India cotton afloat for Europe.Amer. cotton afloat for Europe. .
Bsrypt.Brazil,&o.,allt.for Europe.
Stock In Alexandria, Egypt.
.
Stock in Bombay, India----Stock in U. S. p o r t s ...... ........... .
.
Stock in TJ. S. Interior town
U. S. exports to-day------

814,000
41,000
806,063
45,000
110,000
318,000
814,249
350,349
43,799

287,000
12,000
43,000
48,000
2,000
11,000
13,000
4,000

288,000
10,000
71,000
55,000
2,000
7,000
17,000
2,000

649,000
11,000
92,000
149,000
2,000
9,000
8,000
3,000

136,000

164,000

273,000

423,000
20,000
855,354
20,000
54,000
273,000
656,03t
429,139
59,856

452,000
55,000
657,273
52,000
82,000
232,000
564,525
290,714
38,164

922,000
320,000
779,584
38,000
84,000
101,000
743,832
401,231
36,409

l1,138,056
Total Visible supply......................................3,343,060
2,799,3832,423,676
.3,343,060 2,799,383 2,423,676
OX th above, totals of American and other descriptions arc as follows:
American —
204.000
153,000
022,000
Liverpool stock___________ bales.. 347,000
10,000
11,000
27,000
38,000
Manchester stock-------------121,000 245,000
97,000
Continental stock______________ . 232,000
657,273
855,354
779,584
American afloat for Europe-------. 800,663
564,525
656,034
743,832
U. S. port stocks______________ . 814,249
290,714
429,139
401,231
U. S. Interior stock s----------------- . 350,349
38,104
59,856
36,409
43,799
U. S. exports to-day..........
2,261,383 1,885,676 2,755,056
Total A m erican_________
East Indian, Brazil, A c .—
107,000
65,000
80.000
. 142,000
Liverpool stock____________
8,000
4,000
12,000
13,000
London stock_____________
8,000
5,000
8,000
15,000
Manchester s t o c k ................
39,000
43,000
28,000
27,000
Continental stock__________
20,000
55,000
32,000
41,000
India afloat for Europe____
29,000
52,000
38,000
45,000
Egypt, Brazil, &c., afloat__
54,000
82,000
94,000
110,000
Stock in Alexandria, Egypt273,000
232,000
318.000
101,000
Stock in Bombay, India___
538,000
711,000
538,000 383,000
Total East India, &o_____
2,261,383 1,885,676 2,755,056
Total Am erican_________

Total visible supply__________ 3,343,060 2,799,383 2,423,676 3,138,036
Midfiling Upland, Liverpool------- «?'5n5’
i8/ S ( ‘
Middling Upland, New York------ *Ac992
A '? ? ? ’
13.90c.
Egypt, Gooa Brown, Liverpool.1 0 *£<j.
10Md.
13d.
10 KdPeruvian, Hough Good, Liverpool
lO.OOd. lO^.OOd.
10.50d.
8.75d.
Broach, Fine, Liverpool________
OVa,1)* «
c
Tlnnevelly, Good, Liverpool___ 0 l-16d. 5 9-lod,
7 %d.
6>tfd.
C o n tin e n ta l im p o r ts fo r th e p a s t w e e k h a v e b e e n 8 0 ,0 0 0
b a le s.
T h e a b o v e fig u r e s f o r 1912 s h o w a n in cre a se o v e r la st w e e k
o f 3 4 9 ,8 1 3 b a le s , a g a in o f 5 4 3 ,0 7 7 b a le s o v e r 19 11, a n e x ­
cess o f 9 1 9 ,3 8 4 b a le s o v e r 1910 a n d a g a in o f 2 0 6 ,4 0 4 b a les
o v e r 1909.
.................................. g

Oct. 12 1812.]

9^9

THE CHRONICLE

A T T H E IN T E R IO R T O W N S the improvement—:that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.
.............H
........................................£ > - •>
.............S *S q S 2 -_ ? ................ H■ ‘
? W
*
5“ poo’

N E W O R LE A N S O P T IO 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 nave been as follows:
Sat’day,
Oct. 5.

Monday, Tuesday, Wed'day, Thursd’y,
Oct. 10.
Oct . 9.
Oct. 8.
Oct. 7.

Friday,
Oct. 11.

October—

Range --------- 11.16-.17 10.81-.88 10.80-.91 10:77-.87 10.87-.00 10.88-.01
Closing........... 11.03-.05 10.80-.82 10.92-.94 10.85-.87 10.97-.99 10.84-.86

November—

Range .......... — © ■— —• @ ■— —• @ — 10.75-.77 — @ — — @ —
Closing.......... 11.04-.06 10.80-.82 10.91-.93 10.83-.85 10.94-.96 10.80-.82

December—

Range --------- 11.06-.23 10.82-.95 10.80-.94 10.75-.85 10.78-.97 10.80-.01
Closing........... 11.09-.10 10.83-.84 10.93-.94 10.83 — 10.95-.96 10.80-.8l

January—

ffiT^f^l! fi l l ! rill!

Range ........... 11.10-.27 10.85-.98 10.84-.97 10.78-.89 10.81-.01 10.83-.05
Closing______ 11.14-.15 10.85-.86 10.96-.97 10.87-.88 10.99-.00 10.83-.84

February—

Range ______ — @ — — @ — — @ — — © — — @ ■— —■ @ —
Closing______ 11.16-.18 10.87-.89 10.98-.00 10.90-.92 11.01-.03 11.87-.89

t\5©CO»-*

OJ*«cnVM*oiU£*© j*coCoo>o>t\3Vioc*o w ojVjVio»co© ooo a too

March —

R an ge--------- 11.27-.45 11.01-.20 11.00-.14 10.94-.05 10.99-.17 11.01-.20
Closing______ 11.31-.32 11.02-.03 11.13-.14 11.03-.04 11.16-.17 11.01-.02

M ay—

ct OTO tN
5“
o Mrfi.0» <00> M09V|is»o 09coo>O « h* ">-*ts9h*09 ^ o Moi o>o> o
OCO-400»00»'-*0*UiUM'v|i-*^C»^'^0>OT4CO^OOt^.H-*03tOM009H^CO
^OSOJO'lOOOOOOOCOMOoO^OHM^ti^OJM ^>h-^COCiOiH*COOOO
CH-*Mtv9OCMs9MC9K-»O00
M
Cl
M090C1000
^J0>O00^OM»UOH*»-‘ 0>*400C0H*MC>090>r0-400C0C0C0
WO^OCiOJWMMOOVCiNMCCDWCCMCO^OOOMOCiOCiCnMtUOJ
WM<00 0 0>OO^OMOOO^O>M«0 000>COOO«O^ONOJCiOC»f«06 0>CI
MO>t\3CO03t-

Range ______ 11.39-.57 11.14-.27 11.16-.26 11.10-.15 11.12-.30 11.15-.31
Closing______ 11.42-.43 11.14-.15 11.2 5-.26 11.15-.16 11.27-.28 11.14-.15
Range ______ 11.58-.64 11.34-.37 11.25-.37 11.20-.29 11.23-.41 11.28-.43
Closing______ 11.53-.54 11.25-.27 11.37-.38 11.27-.28 11.40-.41 11.27-.29
Tone—
Steady.
Firm.
Quiet.
Spot _______ Steady. Steady. Steady.
Options_____ Steady. Steady. Very sty. Steady. Steady. Weak.

July —
5 )2

Co

= t§

W E A T H E R REP O R TS B Y T E L E G R A P H .— Our reports
by telegraph from the South this evening indicate that with
dry weather or very light rainfall over practically the whole
cotton belt the past week, the gathering of the crop has pro^
gressed rapidly in most localities. Cotton is being freely
OOOiUOOOMCCOOOMCO^iUCcni- ^M-q^OOWhSMOW^WC
marketed.
M»-»M 09
Galveston, T ex . — W e have had no rain the past week.
The thermometer has averaged 80, the highest being 85
and the lowest 74.
■^Qoq>ro»-toc<oo>Qo09ts909q>roooo>-*ooq>ci>uc«ctc^c<oc«coc«>U‘^i^
Abilene, T ex . — Rain has fallen on one day the past week,,
t\9
09 t\909 M CV903 O ls9M 00»lM sis
the rainfall reaching seven hundredths of an inch. Minimum
©rf*t\9CHCOOn 0-^^-40>09MC»09C9 C*
tN9CO*^ O O 09 ts30 C & & Q 0
ai?
CO^.UOCHMI H O W ^ O M M C X O W ^ M O O C O O N tn M O O ^ O ^ O
thermometer
66.
*4 00 O O l\909 I OQOt\3bJ^^Clt^J>.COtOClt\9^t\3 0C^09 0TOOO>^OC^O
Brenham, T ex . — There has been no rain during the week.
O
on
»-*
m
►
*
>
-»
to
*-» c»000»*U0000000TC0t\9090St*-k0900Ci»-‘ Ot-‘ -^lts9
The thermometer has ranged from 64 to 94, averaging 79.
CTC>09 C'O O CO09 O’ to bs3tvj <0Vl (\Jt\309O*^f^300t\3C>>-*C0"^Ot\3>-‘ tNj03C5O
Cuero, T ex . — Rain on one day of the week to the extent of
^»-*ttkOtOC009H-*t-‘ C«^900*^ltv9C9C»OCOCOiUC»0>090>~l,,^0*-»OiOOCi^l
W^CflOO»^COWWOMOOCOMO>^t9 3>W090^0J^M090WOCOtO<0
two hundredths of an inch. Average thermometer 80, high­
• Last year's figures were for Louisville, K y.
est 98, lowest 62.
Henrietta, T ex . — Rainfall for the week two inches and
O V E R L A N D M O VEM EN T FO R T H E W E E K A N D thirty hundredths, on one day. The thermometer has aver­
SINCE SE PT. 1.—-We give below a statement showing the aged 81, the highest being 96 and the lowest 66.
overland movement for the week and since Sept. 1, as made
Dallas, T ex . — There has been no rain the past week.
up from telegraphic reports Friday night. The results for The thermometer has averaged 79, ranging from 60 to 98.
the week and since Sept. 1 in the last two years are as follows:
Huntsville, T e x . — W e have had no rain the past week.
Since
Since
The thermometer has ranged from 66 to 98, averaging 82.
October 11
Sept. l.
Week.
Sept. 1.
Week.
Shipped —
Kerrville, T ex . — There has been no rain during the week.
12,048
7,337
13,773
Via St. Louis-................ - ......... . . 5,028
2,291 ' 3,947
6,328
16,268 Average thermometer 80, highest 92 and lowest 68.
Via C a iro _____ _____ - .............
___
50
100
Vlu Hock Island-------------------Luling, T e x . — There has been no rain during the week.
3,382
992
4,857
2.085
489
653
1,600 The thermometer has averaged 81, the highest being 96
Via Cincinnati...... ................... 5,268
10,212 and the lowest 66.
5,493
Via Virginia points___________ . . 1,498
4,819
16.050
17,143
6,426
Via other routes, &c..................
Nacogdoches, T ex . — W e have had no rain during the week.
62,860 The thermometer has averaged 74, ranging from 56 to 92.
25,233
44,142
Total gross overland................ - -.17,032
Dedu'Act shimpents—
Palestine, T ex . — We have had no rain during the week.
6,063
3,222
3,838
947
Ov rland to N. Y ., Boston, &c. . .
2,412 The thermoipeter has ranged from 64 to 92, averaging 78.
536
3,625
783
Between interior towns______ . . .
7,787
627
9,017
762
Inland, &c., from South.......... . .
Weatherford, T e x . — Rain on one day of the week, with rain­
16,262 fall of six hundredths of an inch. Average thermometer 79,
4,385
16,480
Total to be deducted_________ . . 2,492
46,598 highest 94, lowest 64.
20,848
27,662
Leaving total net overland *___ ..14,540
$ San A ntonio, T ex . — Rain on one day of the week to the
* Including movement by rail to Canada.
extent of fourteen hundredths of an inch. The thermometer
The foregoing shows the week’s net overland movement has averaged 80, ranging from 68 to 92.
has been 14,540 bales, against 20,848 bales for the week last
Longview, T e x . — There has been no rain during the week,
year, and that for the season to date the aggregate net over­ The thermometer has ranged from 60 to 90, averaging 75.
land exhibits a decrease from a year ago of 18,936 bales.
P a ris, T ex . — It has been dry all the week. Average ther­
X i7 1 L
*
X »11
mometer 77, highest 94, lowest 60.
\~i
Since
Sine
In Sight and Spinners’
Ardm ore, Okla.— There has been rain on one day during
Sept. l.
Week.
Sept. 1.
Week.
Takings.
1,814,490
..421,208
431,129 2,025,791 the week, the precipitation reaching eight hundredths of an
27,662
. . 14.540
20,848
46,598
328,CCO 45,000
. S6.CC0
230,OCO inch. The thermometer has averaged 78, the highest being
.491,748 2,170,152 496,977 2,302,389 97 and the lowest 60.
M arlow, Okla.— There has been rain on two days of the
253,313
60,436
.. 78,646
328,702
past week, the rainfall reaching one inch and twenty-two
566,413
..570,394
The thermometer has averaged 77, ranging
2,423,465
2,631,091 hundredths.
from 60 to 94.
74,435
227,710
North, spinners’ taklngsto Oct. 11 38,556
160,840
New Orleans, L a .— Rain on one day of the week to the ex­
Movement into sight in previous years.
tent of fifty-eight hundredths of an inch. The thermometer
Bales.
Since Sept. 1—
TVeefc—
Bales.
has averaged 69, ranging from 57 to 90.
,171,766
1910— Oct. 14______________535,927 1910— Oct. 14-------Shreveport, L a . — We have had no rain the past week. The
1909— Oct. 15______________592,444 1909— Oct. 1 5 ................-2 ,645,201
,410,951
1908— Oct. 17______________532,142 1908— Oct. 17.......... ......... 2
thermometer has averaged 76, the highest being 89 and the
Q U O TATIO N S FO R M ID D LIN G COTTON A T O T H E R lowest 62.
Eldorado, A r k . — There has been no rain during the week.
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for The thermometer has ranged from 57 to 91, averaging 74.
Helena, A r k . — Picking is late. There has been no rain
each day of the week:
since Sept. 27. Average thermometer 72.3, highest 85,
lowest 57.
Closing Quotations for Middling Cotton on—
TVecfc Ending
Little Rock, A r k . — There has been no rain during the week.
Sat'day. Monday. Tuesday. W ed’day. Thursd'y. 1Friday.
Oct. 11.
The thermometer has averaged 75, the highest being 90
11 1-16 11K
Ill 1-16
Galveston____ 11 3-16 11 1-16 11K
and the lowest 60.
•
11
10K
10K
New Orleans__ 11 3-16 11
10K
Vicksburg, M i s s .— Dry all the week. Average thermom­
10 13-16
M obile............... 11 1-16 11 1-16 10K
10K
10K
10 11-16 10 11-16 10K
Savannah ____ 10 15-16 10K
10K
eter 76, highest 88, lowest 65.
Charleston------- 11
10 13-16 10 13-16
10 13-16 10 13-16 10 K
M obile, A la .— Fine weather and picking is progressing
Wilmington----- 10 K
10 K
10 H
10K
10 K
10K
11
11
11
11
N orfolk .......... .. 11 K
rapidly. Rainfall for the week eighty-three hundredths of
11
i i y»
Baltim ore------- i i k
11 H
11K
11 K
UK
an inch, on one day. The thermometer has averaged 76,
11.30
11.35
11.25
11.35
Philadelphia — 11.50
11.35
10 13-16 10 13-16 11
the highest being 88 and the lowest 63.
Augusta......... - 11 3-16 10 15-16 io v%
UK
UK
Memphis______ n k
11K
UK
11K
M ontgom ery, A la . — Rain has fallen on one day the past
ii k
11 K
n %
11 K
St. L ouis......... 11 K
11K
week, tne rainfall reaching three hundredths of an inch. The
11 1-16 11 1-16 11 1-16 11 3-16 11 3-16
H ou ston ______ i i k
11
10 13-16 10 13-16 10 13-16 10K
Little Hock----- i i
thermometer has averaged 75, ranging from 61 to 88.
OlOOl-‘ OmO,d^OOC0305(D^CDQts9Q3>-*OTt\9O0C>O9COOOOOM^O




THE CHRONICLE

900

Selm a, A la . — W c h a v e h a d n o r a in t h e p a s t w e e k .
The
th e r m o m e te r h a s ra n g ed fr o m 5 9 to 8 4 , a v e ra g in g 7 2 .
Savannah, Ga. — -R a i n f a l l f o r t h e w e e k t h i r t y - t w o h u n ­
d r e d th s o f a n in c h , o n o n e d a y .
T h e th e rm o m e te r has a v e r­
a g e d 7 2 , th e h ig h e st b e in g 8 5 a n d th e lo w e s t 6 0 .
Charleston, S . C . — I t h a s r a in e d o n o n e d a y o f t h e w e e k ,
th e p r e c ip ita tio n re a c h in g fiv e h u n d r e d th s o f a n in c h .
The
th e r m o m e te r h a s ra n ged fr o m 6 3 to 8 3 , a v e r a g in g 7 3 .
Svartanburg, S . C . — T h e r e h a s b e e n n o r a in d u r i n g t h e
w eek.
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 s t b e in g
8 9 a n d t h e lo w e s t 5 0 .
Gainesville, F la . — T h e r e h a s b e e n r a in o n o n e d a y o f t h e
p a s t w e e k , t h e r a i n f a ll r e a c h i n g n i n e t e e n h u n d r e d t h s o f a n
in c h .
T h e t h e r m o m e te r h a s a v e r a g e d 7 2 , r a n g in g fr o m 5 4
to 9 0 .
9* M ad ison , F la . — W e h a v e h a d n o r a in t h e p a s t w e e k .
T h e th e rm o m e te r h a s ra n g e d fr o m 6 0 to 8 6 , a v e ra g in g 7 4 .
M em ph is, T en n . — W e h a v e h a d n o r a in t h e p a s t w e e k .
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 7 2 , r a n g in g fr o m 5 8 to 8 6 .
Charlotte, N . C . — F a r m e r s a r e p i c k i n g a n d m a r k e t i n g c o t ­
to n fr e e ly .
D r y a ll th e w e e k .
A v e r a g e th e r m o m e te r 6 9 ,
h ig h e s t 8 8 , lo w e s t 5 0 .
W O R L D ’S

SUPPLY

A N D

T A K IN G S

OF

COTTON.

1912.

Cotton Takings.
Week and Season.

1911.

Season.

Week.

Week.

Season.

2,540,442
Visible supply Oct. 4 _________ 2,993,247
2,135,485
1,603,418
Visible supply Sept. 1________
570,394 2,423,465 566,413 2,631,091
American In sight to Oct. 11 —
4.000
27.000
29.000
9.000
Bombay receipts to Oct. 10___
2.000
34.000
39.000
6.000
Other India ship’ts to Oct. 10 ..
35,400
44,600
92,400
9,400
Alexandria receipts to Oct. 9 —
6,000
43.000
38.000
11,000
Other supply to Oct. 9*.............
4,750,350 3,142,255 4,390,109

Total supply.---------------------- 3,611,041
Deduct—
Visible supply Oct. 11-------------

2,799,383

3,343,060 2,709,383

267,981 1,407,290 342,872 1,590,726
Total takings to Oct. 11---------211,581 1,156,890 293,472 1,222,126
Of which American -----------368,600
56,400
250,400
49,400
Of which other .............. .......
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, tcc.
IN D IA

COTTON

M OVEM ENT

October 10.

l ; 12.

Receipts at—

4,000

Bombay ...........................

1912___
1911___
1910___

2,000

2,000
1,000

2,000
1,000
2,000

’ ___
1,000

1,666
3,000

—

A L E X A N D R IA

29,000
16,000
85,000

2,000
5,000
10,000

2,00(

1,000
.......

1,000
3,000
3,000

1,000
4,000
3,000

2,000:
3,00(
3,000

i,ooo
2,000
1,000

28,000
30,000
20,000

30,000
32,000
21,000

1,000

3,000
5,000
10,000

57,000
47,000
100,000

AN D

Liverpool----------------Manchester -----------Continent and India..
America____________

Total.

1,666

-

R E C E IP T S

This w eek ........................
Since Sept. 1-----------------

Japan
& China.

25,000
11,000
74,000

3,000
3,000
3,000

Receipts (cantars)—

To
To
To
To

Conti­
nent.

3,000 4,00(
6.00C
2,666 29,000'

Alexandria, Egypt,
October 9.

24,000

3,000

3,000
3,000
4,000

1

1,000
2,000 4,666
1,000 26,000

29,000

3,000
3,000
3,000

•

1,00(
1,000

1,000
___

1,00C

Since
Sept. 1.

Week.

01,000
55,000
113,000

S H IP M E N T S .

9H
OH

0%
@
9 %i @
10 @
J 13-16©
OH

9

@
©

1034
1034
11
1034

6
6
6
6

3
2

Since
This
Week. Sept. 1.

4.750 12,537
5.750 10,500
6,500 20,523
400 2,900

2.500
2,750
4.500

10,478
7,879
17,547
1,600

6,150 18,860
8,500 15,000
7,250 24,426
1,000 2,819

s. d.

323 Cop
Twist.

Mid.
Upl's

d.

6.62
6.75
6.79
6.59

ings, common
to finest.

n. 3. d.

d.

6.60 OH
6.40 OH

@
@

@
@
J ll-16@
9 7-16 @
OH
OH

10K 6 1 @11 134 6.32 9H
101$ 6 1 @11 134 6.30 9




Monday.

Tuesday.

Fair
business
doing.

Good
demand.

Wednesday. Thursday.

Good
demand.

Good
demand.

Friday.

Good
demand.

Mid. Upl’ds

6.46

6.36

6.28

6.31

0.26

6.30

Sales........
Spec.&exp.

10,000
.........

8,000
500

12,000
500

10,000
500

10,000
500

14,00#
2,000

Fu ures
Market
opened

Quiet,
Steady,
Steady.
Steady,
Steady,
Steady,
\ 5 points 5@6 points 3@4 points 1@1 H Pts. 34@1 point 3 points
/ advance.
decline.
decline.
advance. advance. advance.
Steady,
Steady,
1 Quiet,
Easy,
Quiet,
Steady,
13@434 pts. 934@10 1@2 points 5@G points 234@334 3 1 1 pts.
advance. advance.
J1 decline.
decline.
pts. dec.
decline.

@
@

a. d.

10H 5 8 @10 8
10 % 5 834@10 9

Mid.
Upl’s

d.
6.88
6.95

10%
10 H
10H
1OH

5
5
5
5

10

5 7 34® 105.59
7 @10 7H 5.31

OH 5

O ct. 5
to
O ct. 11.

October..
Oct .-Nov.
Nov.-Dcc.
Dcc.-Jan .
Jan.-Feb .
F'cb.-Mch.
Mch.-Apr.
Apr .-May
May-Junc
June-July
July-Aug.

Sat.

M on .

T u es.

W ed.

a.

6
6
0
0
6
6
6
6
6
6
6

T h u rs.

12
4 12 34 4 12 li 4 12 34
p.m. p.m. p.in. p .m . p.m. p.m. p.m.
d.
d.
d.
d.
d.
a.
d.
d.
08 34 02 04
14 09 06 08
19
14 H 09 04 34 0134 03 34 04 34 07 34 00 34
08 34 03 H 99 9534 97 98 34 0134 9134
08 >4 03 34 99 95 34 97 98 34 9134 94 34
10 04 34 00 96 34 98 34 00 93 06
00
0134 94 34 07 34
1134 06 0134 98
01 0 02 34 96 99
13 07 34 03 99
14 08 34 04 00 34 02 34 04 07 34 00 34
15 09 34 05 0134 03 34 05 08 34 0134
15 09 34 05 0134 03 34 05 08 34 0134
15 09 34 05 0134 03 34 05 98 34 0134

12 K 12H
p.m. p .m .

F ri.

4 12H 4
p.m. p.m . p .m .
d.

04 34
01
05
95
06 34
08
99 34
01
02
02
02

d.
08 34
05
09
99
00 34
02
03 34
05
06
06
06

d,

08
05
90
99
00 34
02
03 34
05
06
06
06

BREADSTUFFS.
F rid a y Night, Oct. 11 1 9 1 2 .

1911.

1
2
2
2

Saturday.

T h e p ric e s o f fu tu r e s a t L iv e r p o o l f o r e a c h d a y a r e g iv e n
be’ow .
P r ic e s a r e o n t h e b a s i s o f u p l a n d , g o o d o r d i n a r y
c la u s e , u n le s s o t h e r w i s e s t a t e d . _________________________________

Since
This
Week. Sept. 1.

2 @11
234@ll
2 ©11
2 @11

Spot.

Market, 1
12:15
Good
P. M. J demand.

240,000
776,176

This
Since
Week. Sept. 1.

@11 4
@11 1

T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o ts a n d fu tu r e s
e a c h d a y o f t h e p a s t w e e k a n d t h e d a i l y c lo s i n g p r ic e s o f
s p o t c o tto n h a v e b e e n a s fo llo w s :

140,000
334,584

ings, common
to finest.

10H 6
10 H 6

Oct. 4.
Oct. 11
61,000
61 00*
2,00*
2,000
2,000
1,00#
48,000
44,000
4,000
4,00#
69,000 ?g75,0C«
487,000 .489,000
339,000 .347,000
52,000
80,00#
46,000
72,000
357,000 418,00#
313,000 365,000

270,000
693,089

8x u>s. Shirt­ Cot’n 834 lbs. Shind. s. d.

@
@

Sept. 20. Sept. 27.
Sales of the week____________ ..b ales. 46,000
30,000
Of which speculators took. ............. 1,000
2,000
1,000
Of which exporters took__ ............. 1,000
Sales, American_____ _____ _ ........... 32,000
27,000
3,000
3,000
Actual export______________ ..........
Forwarded _________________
69,000
Total stock— Estimated____ . . . . .516,000 507,000
Of which American_______ .............362,000 352,000
Total Imports of the w c e k ... _______ 45,000
62,000
Of which American_______ ............. 24,000
49,000
Amount afloat......................... .............187,000 234,000
Of which American_______ ............155,000
196,000

1910.

1912.

1.

Total ________ __________ _______ _____ ______________ _____ ...276,689

1911.

M A N C H E S T E R M A R K E T . — G u r r e p o r t r e c e iv e d b y c a b i e
to -n ig h t fr o m M a n c h e ste r s ta te s t h a t th e m a r k e t c o n tin u e s
q u ie t fo r b o t h y a r n s a n d sh ir tin g s .
T h e d e m a n d fo r b o th
I n d i a a n d C h i n a is i m p r o v i n g .
W e g iv e th e p ric e s f o r t o -d a y
b e l o w a n d le a v e t h o s e f o r p r e v i o u s w e e k s o f t h i s a n d l a s t
y e a r fo r c o m p a riso n .

Aug.
23
30
Sept
G
13
20
27
WL1*.
4
11

NEW YORK— To Liverpool— Oct. 4— Carmania, 2,294...O c t. 9—■
Celtic, 8,054 upland, 60 Sea Island________________________ 10,408
To Hull— Oct. 4— Galileo, 50___________ ___________________
so
To London— Oct. 5— Minnewaska, 500______________________
soo
To Havre— Oct. 5— Niagara, 858; Jethou, 200______________
1,058
To Antwerp— Oct. 4—-Lapland, 1,000_______________________
1,000
To Genoa— Oct. 4— Berlin, 2,349; Mendoza, 1,038__________ 3,387
600
To Naples— Oct. 4— Berlin, 300; Mendoza, 300______________
To Leghorn— Oct. 4— Calabria, 100_________________________
loo
To Venice— Oct. 5— Martha Washington, 1,000_____________
1,000
To Trieste— Oct. 5— Martha Washington, 485______________
485
GALVESTON—To Liverpool— Oct. 4— Statesman, 13,314...O c t.
5— Comedian, 11,325__ Oct. 7— Centurion, 8,518; Jamaican,
8 ,6 1 6 ---------------------------------------------------------------------------------41,773
To Havre— Oct. 7— Swanley, 64 2...O c t. 8— Mlramlchi, 8,542 9,184
To Bremen— Oct. 5— Barbarossa, 9,367...O c t. 10— Torrldgc,
14,437 --------------------------------------------------------------------------- 23,804
To Hamburg— Oct. 5—Parklands, 2,425____________________ 2,425
To Rotterdam— Oct. 7— Osceola, 1,718_____________________
1,718
To Antwerp— Oct. 4— Mlddleham Castle, 1,775__ Oct. 7—■
Elswick Manor, 2,496_____________________________________ 4,271
To Ghent— Oct. 4— Mlddleham Castle, 1,634__ Oct. 10— Pen­
rith Castle, 7,511________________________________
9,145
To Barcelona— Oct. 5— Catalina, 6,568------- 9 ______________
6,568
To Genoa— Oct. 10— Prlncipessa Lactltla,0,696______________
9,696
TEXAS CITY— To Liverpool— Oct. 4— Poylemore, 9,190__ Oct. 7
— Istrar, 10,822__________________________________________ 20,012
To Havre— Oct. 5— Beachy, 13,351--------------------------------------- 13,351
ARANSAS PASS— To Havre—Oct. 7—Swanley, 12,155_________ 12,155
6,721
NEW ORLEANS—To Liverpool— Oct. 7— Commodore, 6,721___
To Havre— Oct. 4— Louisiana, 3,520
_____________________
3,520
' To Bremen— Oct. 5—Japancsec Prince, 8,102_______________
8,102
SAVANNAH— To Bremen— Oct. 9—Adclheid Menzcll, 6,039; Cambyscs, 10,015____ _____ ________________________ .
__ 16,054
To Hamburg— Oct. 9— Arkansas, 1,005
1,005
To Rotterdam— Oct. 9—Adelheid Menzcll, 1,100
1,100
To Barcelona— Oct. 5— Lodovlca, 1,275
1,275
To Trieste— Oct. 5—Lodovlca, 4,250___
. ___
. . . 4,250
BRUNSWICK— To Liverpool— Oct. 8— Colonial, 8,732................... 8,732
CHARLESTON— To Liverpool— Oct. 8— Cralgard, 6,700. _____ 6,700
To Bremen— Oct. 4— Cundall, 5,100___
. . ..................
5,100
WILMINGTON— To Liverpool— Oct. 4— Ovcrdalc, 9,242________ 9,242
To Bremen— Oct. 9—Marlston, 12,392______________________ 12,392
NORFOLK—To Brcmen^-Oct. 5— Norton, 5,300 ________________ 5,300
BOSTON— To Liverpool— Oct. 5— Winlfredian, 5 ,4 4 4 ...O ct. 7—
Cymric, 2,500_______________________ . __________________ 7,944
PHILADELPHIA—To Liverpool— Oct. 4— Merlon, 3 ,7 3 2 ............. 3,732
SAN FRANCISCO— To Japan— Oct. 5— Persia, 2,385___________
2,385
PORT TOWNSEND— To Japan— Oct. 5— Mexico Maru, 439____
439

1912.

Total exports------------ 17,400 46,460 9,750 37,504 23,000 61,135
Egyptian bales weigh about 750 lbs.

Twist.

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
o f c o t t o n fr o m th e U n ite d S t a t e s th e p a s t w e e k h a v e
2 7 6 ,6 8 9 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
m a i l a n d t e le g r a p h i c r e t u r n s , a r e a s f o l l o w s :
Total bales.

Market,
4
P. M.

Note. — A cantar Is 99 lbs.

32s Cop

LXXXXV

L I V E R P O O L . — B y c a b 'c 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 ­
lo 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 :

Since September 1.

Great
Britain.

2;6o6 25,000

2,000
23,666

9,000

|

Great Conti­ Japan
Britain. nent. dbChina Total.

Bombay—
1912___
1911___
1910___
Calcutta—
1912___
1911___
1910___
Madras—
1912___
1911___
1910___
All others—
1912___
1911___
1910___

PORTS:

1910.

Since
Sept. 1.

Week.

27.000

For the Week.

ALL

1911.

Since
Sept. 1.

Week.

from —

FROM

S H IP
e x p o rts
reach ed
u p fr o m

[VOL.

9 @10 10
9 @10 103^
9 @10 10J4
834@10 OH

7.32
7.18
6.80
6.11

F lo u r h a s m e t w ith th e s a m e r o u tin e d e m a n d a s h e r e to ­
f o r e a n d o n t h e w h o le h a s b e e n s t e a d y , d e s p i t e t h e c o m p a r a ­
t i v e i n d if fe r e n c e o f b u y e r s .
A fe w d a y s a g o it w a s re p o rte d
t h a t p r ic e s a t th e N o r t h w e s t h a d b e e n r e d u c e d 2 0 c e n ts a
b a r r e l.
I t lo o k s a s th o u g h n o t a fe w w e re h o ld in g o f f fo r
th e G o v e r n m e n t r e p o r t o n t h e 9 t h
i n s t ., a n d e v e n m o r e
f o r a n in c r e a s e in t h e r e c e i p t s a t t h e N o r t h w e s t , w h ic h h a s
b e e n v e r y g e n e r a lly e x p e c t e d w h e n e v e r t h e w e a t h e r s h o u ld
i m p r o v e in t h a t s e c t i o n .
T h e r e h a s b e e n a n id e a , t o o , th a t
t h e w h e a t r e p o r t s b y t h e G o v e r n m e n t w o u ld p o i n t t o so
la r g e a c r o p o f s p r i n g w h e a t t h a t t h e e f f e c t
o n flo u r
a s w e ll a s w h e a t w o u ld
b o d e p re ssin g .
E u rop ean w ar

THE C IIIONICLE

O0T. IS 1912.]

991

DAILY CLOSING PRICES OF OATS FUTURES IN C H I C A G O .
news, however, has offset bearish factors. The production
Sat.
M on . Tues. Wed. l'hurs. Fri.
at Minneapolis, Duluth and Milwaukee was 478,000 barrels, December delivery in elevator.cts - 32%
32% 32% 32%
32% 32%
May delivery In
elevator....... 34 %
34 % 34 % 35
34 % 34 %
against 473,385 on the previous week and 445,465 last year. July
34% 24% 35
34% 34%
delivery In
elevator..3 4%
Northwestern business has fallen off noticeably.
Closing prices were as follows:
Wheat has latterly been strong, owing to a declaration of
FLOUR.
war by Montenegro against Turkey and reports that Greece,
Winter, low grades___ $3 60@$3 95 Kansas straights, sac Its .$4 30@ 4 4«
Bulgaria and Servia were also about to declare war on thc__ Winter patents________ 5 25©
540Kansas clears, sacks__ 4 00(h) 4 25
470City patents--------------- 6 20© 6 5*
Ottoman Empire. The effect was some excitement in Euro­ Winter straights_______ 4 60(h)
Rye flour------------------- 3 85© 4 1*
Winter clears_________ 4 25(8)
pean markets, particularly in Liverpool. The shipments of Spring patents________ 4 70@ 5 00450Graham flour_________ 4 00 @ 4 70
Nominal
475Buckwheat, cwt--------wheat from Southeastern Russia from Aug. 4 to Oct. 5 Spring straights............ 4 60(2)
475
amounted Co 28,044,000 bushels, against only 15,720,000 Spring clears--------------- 4 50©
GRAIN.
during the same time last year. But, although nearly Wheat, per bushel—f. o. b
Corn, per bushel—
Cents
double those for the same time last year, they show an im­
No. 2...........
elevator Nomina
N. Spring, No. 1, n ew .. -$1 01%
N. Spring, No. 2, n ew .. . nom.
S tea m er_______ elevator Nonima
portant decrease compared with the same period two years
Red winter. No. 2, new.
No. 3 ______________ c.l.f. Nomina
1 05%
ago, when they reached 49,568,000 bushels.
It
i§
Hard winter, No. 2___
1 01 % Rye, per bushel—
No. 2 ........ ............... .
68@69
Cents.
feared that the outbreak of the war in Southeast­ Oats, per bushel, new—
Standards_____________
State & Pennsylvania.
nom.
nom.
ern Europe may have the effect of shutting
off
No. 2, w h ite __________ __ nom. Barley— M alting_______
58@70
No. 3 ............ ................. 38% @39
supplies to a very large extent from Russia at the
expense of the importing countries of Western Europe.
A G R IC U L T U R A L
D E P A R T M E N T ’S
OCTOBER
R E­
Latterly prices have risen noticeably in Liverpool, Paris, P O R T . — T h e r e p o r t o f t h e D e p a r t m e n t o f A g r i c u l t u r e f o r
Budapest, Berlin and Antwerp. Also, there have been re­ O c t . 1 r e s p e c t i n g c e r e a l c r o p s in t h e U n i t e d S t a t e s w a s is s u e d
ports in this country of an increase in the export trade. The o n O c t . 9 a s f o l l o w s :
other day there was a rumor that nearly 120 loads of ocean
freight room had been engaged. A t the same time there
Condition Oct. 1, or at Time
were reports that from 30 to 90 loads had been taken for
Acreage, 1912.
of Harvest.
C R O PS .
export on new business. This seemed to show alarm over
10- Yr. Sept. 1 P . C. of
the situation in the Balkans.
A t the same time reports
1911.
1912.
1911. Average. 1912.
Acres
of poor yields in parts of Russia were received. It is a fact C o r n -----------102.2
80.4
82.1
108,110,000
82.2
70.4
worthy of comment that the visible supply in the United Buckwheat . .
91.6
100.2
89.2
83.3
81.4
835,000
101.9
85.1
87.2
02.3
76.2
3.689.000
States increased for the week only 1,027,000 bushels, against Potatoes_____
Tobacco ___
117.9
81.8
80.5
83.3
81.1
1,194,200
an increase of nearly 4,000,000 bushels in the same time last F la x -----------83.8
86.3
108.5
69.0
2.992.000
*77.9
89.2
84.8
88.8
102.0
85.4
year, and this despite recent large receipts at the primarypnar- Rice ..............
710,100
A p p le s--------67.8
67.9
59.8
53.7
kets. The unavoidable inference is that there is alarge absorp­
’ Nine-year average.
tion of wheat in this country, to say nothing of what is
The yields indicated by the condition of crops on Oct. 1 1912, or at the
beingexported to Europe. Last Monday the clearances from time of harvest, and the final yields In preceding years, for comparison,
_________
American ports amounted to 638,763 bushels. And the follow:
contract stock at Chicago is only 2,022,000 bushels, against
Yield per
Total Production in mil­ fnc.(H-)
11.591.000 bushels a year ago. Ocean freights have been
or
Acre.
lions of Bushels.
Dec .(— )
declining at New Orleans, and it is possible that this may
C R O PS .
1911.
in Pro1906­
1910.
1911.
be the entering wedge. They have also eased somewhat on
1912.a Final. 10 A v .
1912 .a Finnl. Final. pects dur'g
S ep t.
the Atlantic Seaboard.
On the other hand, the world’s shipments for the week
B us.
B u s.
B u s.
Per cent.
23.9
27.1
27.9
3,016
2,531
+0.7
2,886
were 11,688,000 bushels, against|]13,968,000 in the pre­
19.5
21.1
21.4
18
18
18
+015
-­
vious week and 11,024,000 last year. Of late the receipts Buckwheat
96.8
401
80.9
293
349
+ 0.7
White potatoes 108.8
974
1,103
— 0.2
905
at Northwestern points have increased. The world’s Tobacco ..lb s. 816.0 893.7 828.0
8.7
29
19
7.0
visible supply increased for the week 10,926,000 bushels, R ice_________
24
32.4
23
25
+ 2.'l
32.9
33.4
against an increase for the same time last year of only
a Interpreted from condition reports, b Based on average for 1905-09.
5.753.000 bushels. Russian exports for the week were
Preliminary estimates of production have been made as follows:
nearly 4,000,000 bushels, against 1,336,000 last year, and
those from India over a million bushels, against 592,000 in
Production (000s omitted).
Yield per Acre.
the same week last year. To-day prices advanced on war
C R O PS.
1912.
1911.
1912.
1910.
1911
1906-10
news, reports of export trade and covering by shorts on the
Final.
Final.
Final.
A t.
eve of Columbus Day (Saturday October 12th) holiday.
DAILY CLOSING PRICES OF W HEAT FUTURES IN N E W Y O R K .
Sat.

M on.

Tues.

Wed. Thurs.

F ri

No. 2 red.....................................cts.104%
103 %103 % 104% 105
105 %
99% 99% 100 7s 100% 101%
December delivery In elevator----- 99%
May dolivery In elevator_________ 103%
103% 103% 104% 104% 105%
DAILY CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
Sat.

December delivery In elevator___ 91%
May delivery In elevator........ ..... 95 %
July delivery in elevator............... 93%

M on . Tues. Wed. Thurs. F ri.

91% 91% 93%
95 % 96 % 97 %
93 % 93% 94%

92% 93%
96 % 97 %
93% 94%

Corn has sympathized more or less with wheat and lias
also been strengthened by wet weather over much of the
corn belt. Dry, warm weather is needed. The contract
stock at Chicago is very small. Supplies of old corn in this
country are believed to be down to a very low ebb. At
times, however, cash and October corn have shown weak­
ness under pressure to sell. The world’s exports for the week
reached 6,562,000 bushels, against 2,471,000 in the same
week last year. There have also been predictions that the
new crop would move to market at an unusually early date.
Bulls, however, deny that there is any likelihood of an ex­
ceptionally early marketing of the crop. They predict a
good demand which will absorb all the old corn available
before good dry new crop can lie obtained in any large quan­
tity. Liverpool has advanced sharply. To-day prices ad­
vanced in sympathy with wheat, rains at the West and cov­
ering.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat.

M on .

Tues.

Wed. Thurs. Fri.

Cash c o rn -.................... ............cts. nom. nom. nom. nom. nom. norn ,
December delivery in elevator----- nom. nom. nom. nom. nom. nom .
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.

December delivery in clevator.cts. 53%
May delivery in elevator................ 62%
July delivery In elevator................ 52%

M on . Tues. Wed. Thurs. Fri.

53%
52%
52%

53% 53%
52% 53
52% 53%

53% 53%
52% 52%
52% 53%

Oats have latterly been stronger in sympathy with other
grain. Cash houses and shorts have been the chief buyers.
It is significant, too at a time when war clouds hang over
Europe, that export sales are reported to be increasing ma­
terially. The forage crops of Europe arc said to be defi­
cient, or at any rate in poor condition. Big armies in the
field would require large supplies. Last Tuesday there were
rumors that some 600,000 bushels had been sold for export
to Europe. The primary receipts have been large and the
visible supply exhibited an increase of about 300,000 bushels
last week, but the total visible stock in this country is less
than half of what it was a year ago. To-day prices advanced
on covering before the holiday. The cash demand, more­
over, was good.
DAILY CLOSING PRICES OF OATS IN’ N E W
Sat.

M on .

Tues.

YORK.
Wed. Thurs. Fri.

Standards................................ c ts .. 39
38% 39
39% 39% nom.
No. 2 white___ . . . . _______ _____ nom. nom. nom. nom. nom. nom.




Spring wheat..........
Winter wheat____
All w h eat...............
O ats.................. —
B arley--------- -------R y e .........................

B us.

17.2
15.1
16.0
37.4
29.7
16.9

Tons.

B u s.

B u s.

Tons.

Tons.

9.4
14.8
12.5
24.4
21.0
15.6

13.4
15.5
14.6
28.4
24.8
16.3

Bushels.

330,391
389,942
720,333
1,417,172
224,619
35,422
Tons.

Bushels.

Bushels.

190,682 200,979
430,656 434,142
621,338 635,121
922,298 1,186,341
160,240 173 832
33,119
34,897
Tons.

Tons.

1.14
1.47
1.42
72,425
Ilay (tame).............
54,916
69,378
The quality of spring wheat Is 88.7% , compared with a 1 0 -year average
of 86.8; oats, 91%, compared with a 10-year average of 86.7; barley, 86.2% ,
compared with a 10-year average of 87.1.
T h e s ta t e m e n t s o f th e m o v e m e n t o f b r e a d s tu ffs to m a r k e t
i n d i c a t e d - b e l o w a r e p r e p a r e d b y u s f r o m f ig u r e s c o l l e c t e d b y
th e N e w Y o r k P r o d u c e E x c h a n g e .
T h e r e c e ip t s a t W e s t e r n
la k e a n d r i v e r p o r t s f o r t h e w e e k e n d i n g l a s t S a t u r d a y a n d
s in c e A u g u s t 1 f o r e a c h o f t h e l a s t t h e e y e a r s h a v e b e e n :
Receipts at—

Flour.

Wheat.

Com.

Oats.

Barley.

Rye.

Mils. 19616s. bush. 6 0 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu. 56 lbs.
691,600 194.700
Chicago___
199,255 1,122,700 2,700,000 4,078,800
416,300
450.000
66,080
562,900 128.700
Milwaukee
88,640
113,408
568,501
78,333
3,100 3,595,660
2,952,050
506,260
17,510
870,330 230,520
Minneapolis.
57.000
78,900
148,500
12.000
55,100
105.000
7,000
15,942
24,814
35,505
926
500
8,604
Cleveland . .
4,490
218,535
78,400
623,197
612.000
84,630
St. Louis__
331,934
35,000
15,600
198,075
119,800
31,700
Peoria........
1,526,800
61,200
193,800
Kansas City.
384,300
99,000
234,000
Total wk. ’ 12
Same wk. ’ 11
Same wk. ’ 10

422,929 10,590,649
326,058 8,157,809
426,031 7,047,138

3,663,764
2,545,482
2,912,136

6,814,957 2,892,457
3,822,706 3,378,510
3,408,212 2,484,489

652,843
367,922
159,993

Since Aug. 1
1912____ 3,360,658 99,066,252 34,065,569 57,087,365 15,627,380 4,696,698
1911____ 3,213,360 64,863,163 32,560,901 39,490,228 20,772,657 2,487,122
1910........ 3,698,801 81,371,790 37,419,254 59,287,917 14,387,589 1,567,908
T o t a l r e c e ip t s o f f l o u r
th e w e e k e n d e d O c t . 5
Flour,
Receipts at—
bbls.

a n d g r a in a t th e s e a b o a r d p o r ts fo r
1 9 1 2 fo llo w :
Wheat,
Com,
Oats, Barley,
Rye
bush.
bush.
bush.
bush.
bush.

188,396 1,305,600
153,557
594,750 144,150
New York ..........
Boston ..................
33,393 438,906
9,000
105,773
.....
P hiladelphia___
54,577
334,779
47,000
277,317
__
alttmo r e ...........
45,343
265,518
43,105 1,479,371
__
New Orleans
38,959 o l,047,000
127,700
175.500
__
Newport News---------------------------290,000
------N orfolk................
1,000
....................................................................
Galveston..............................
281.000
19,000
1,000
.........
M o b ile ________
4,000
--------1,000
--------------Montreal..................
24,716 1,596,159
65,400
633,714 42,601
St. John.. ........ 1,000
...........
...........
...........
.........

2,300

2 00
6,999

2,000

Total wools'1912^ 391,384
5,268,962 474,762 3,557,425 186,811 13,699
Since Jan. 1 1912.13,131.070 98,205,45628.194,414 49,079,357 3683.664 481,494
Week 1911.........
493,161
2,257,306 334,651
993,801 145,730 107,277
Since Jan. 1 1911.14.476.657 63,614,27955,499.973 42,801,040 3332,150 097.467
* Receipts do not Include grain passing through New Orleans for foreign porS
on through bills of lading, a Two weeks’ receipts.
83

993

The exports from the several seaboard ports for the week
ending Oct. 5 are shown in the annexed statement:
Wheat,

Corn,
bush.

bush.
Exports from—New Y ork____ .1,279,318
Boston............. . 78,835
Philadelphia — . 448,000
Baltimore_____
New Orleans__ . 2,8,000
Newport News.. . _____
Galveston_____ . 663,000
Mobile...............
Montreal______ .1,051,000
St. John........... ...............
Total week__ .3,728,153
Week 1911........ .1,884,673

Flour,
bbls.

Oats,
bush.

63 49,780
10,057
20,000
400 5,989
12,000 17,000

Peas, Barley,
bush.
bush.

1,539

210,000
591,100
4,200
290,000

5,000
4,000
50,000
1,000

10,000

Rye,
bush.

288,769 34,836 42,991

443,000 42,000 95,000
..........
22,403 163,826 1,827,069 78,836 137,991
948,042 338,808
97,576 ........
........

10>
1,63(j
2,088

The destination of these exports for the week and since
July 1 1912 is as below:
Since
July 1

Week
Exports for weekand Oct. 5.
since July 1 to— bbls.

1912.

bbls.

Since
July 1

Week
Oct. 5.
bush.

Since
July 1

Week
Oct. 5.
bush.

1912.

bush.

United Kingdom__ 97.4:52 1,043,951 1,921,234 19,566,271
Continent............... 25,484 284,314 1,799,419 15,944,556
234,230
South & Cent. Amer. 10,087 326,331
7,500
West Indies............ 23,704 435.854
4,875
Brit. Nor. Am. Cols.............
19,352
4,000
Other Countries___ 1,119
68,418
2,178,220 3,728,153 35,253,932
2,783,927 1,884,673 24,031,150

1912.
bush.

2,000
20,463

92,167
14,000
259,371
411,010
2,625
14,439

22,463
948,042

794,212
7,843,520

The world’s shipments of wheat and corn for the week
ending Oct. 5 1912 and since July 1 1912 and 1911 are shown
in the following:
Wheat.

Com.

1911.

1912.

Exports.

Since
July 1.

Week
Oct. 5.

Bushels.

Bushels.

North Amer. 5.840.000
Russia___ _ 3.944.000
Danube___ 2.480.000
Argentina . . 1.064.000
160,000
Australia__
India_____ 1.032.000
Oth. countr's 168,000

53.346.000
37.043.000
20.500.000
22.034.000
6.560.000
26.152.000
2.606.000

1912.

1911.

Since
July 1.

Week
Oct. 5.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

Bushels.

Bushels.

45.858.000
16,000
205,000 0,648,000
28.810.000 272.000 4.464.000 17.020.000
25.439.000 230.000 7.815.000 21.880.000
16.320.000 6,044,000 83,084,000
60,000
13.096.000
15.450.000
2,819,000

Total___ 14688000 168,246,000 147,792,000 6,562,000 95,568,000 45,608,000

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

Oct.
Sept.
Oct.
Oct.

5
28
7
8

1912.
1912.
1911.
1910.

Corn.

Continent. | Total.
Bushels. | Bushels.

Bushels.

18.480.000 20.208.000 38,688,000
18.920.000 19.896.000 38,816,000
18.928.000 13.136.000 32,064,000
15.528.000 25.296.000 40,824,000

United
Kingdom.

Continent.

Total.

Bushels.

Bushels.

Bushels.

10,974,000 20.103.000
8.942.000 21.768.000
1.734.000 4,106,000
8.169.000 15.462.000

31.077.000
30.710.000
5,840,000
23.631.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 5 1912, was as follows:
UNITED STATES GRAIN STOCKS.
*

Amer.Bonded Amer.
Wheat. Wheat. Corn.
bush, bush
bush.

In Thousands—•

New York.................... 1,070
41
74
Boston_________
223
11
G
Philadelphia................. 392
37
6
Baltimore....................
986
1
70
New Orleans................. 898
194
Galveston___________
633 ___
7
Buffalo.......................
462
72
320
Toledo.......................... 1,483 ___
81
Detroit........................ 234 ___
59
Chicago ...................... 5,680
1,105
Milwaukee...................
128
48
Duluth........................ 3,724
111 ___
Minneapolis................. 3,794
4
St. Louis...................... 3,575.....___
28
40
Kansas City...................5,618
Peoria.....................
3
84
Indianapolis ...............
404
222
Omaha........................
638
180
On Lakes.................... 2,640 ___
409
On Canal and River__
94
9
Total
Total
Total
Total

Oct.
Sept.
Oct.
Oct.

Amer.Bonded Amer. Amer.Bonded
Oats. Oats.
Rye. Barley. Barley.
bush. bush. bush. bush. bush.

2,946 9,556
47
3,101 9,260
59
5,141 21,272 ___
4,422 18,737 ___
GRAIN STOCKS.

Canadian Bonded
Wheat. Wheat.
bush. bush.

Canadian Bonded
Corn. Oats. Oats.
bush. bush. bush.

Montreal ....................
625
Ft. William & Pt.Arthur 3,650
Oct. 5 1912..4.275
Sept. 28 1912.. 4,230
Oct. 7 1911.. 5,455
Oct. 8 1910.-9,077

—

21
—

529
375

21
901
898
2
394 2,846
728
121
—
SUMMARY:

—
__ _
—

1,103
1,062
629
406

2,708
2,217
3,424
2,630

25
22
.
.

Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.

10

67

___

10
52

67
112
31
38

___
___
___
___

—

—

Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
bush.
bush. bush. bush. bush. bush. bush. bush.

In Thousands—
American................... 32,685
Canadian____________ 4,275

273 2,946 9,556
___
21
904

47 1,103 2,708
----10
67

Total Oct. 5 1912..36.960
273 2 ,9 7 7 10,460
47 1,113
Total Sept. 28 1912..35,888
258 3,103 10,158
59 1,114
Total Oct. 7 1911..62,153 ___ 5.535 24,118 ----629
Total Oct. 8 1910..43,386 ___ 4,543 19,465 ----406
Mote.—The Produce Exchange announces that hereafter Canadian
will not be issued with this report. We shall, however, endeavor
statement of Canadian visible supply.

THE

25
___

2,775
25
2,329
22
3,455
2,688 ___
visible figures
to continue a

DRY GOODS T R A D E .
New York, F rida y Night, Oct. 11 1912.

Quiet strength prevailed in the dry goods market through­
out the week, with a steady demand from both jobbing and
retail sources. The backwardness of mills in making deliv­




eries is still the chief matter of concern, and is likely to con­
tinue so for some time. Labor troubles in the face of ex­
ceptionally heavy bookings have prevented the mills from
catching up. The lateness in deliveries is also causing buy­
ers to be more active in placing orders against their spring
requirements than they otherwise would be. Manufacturers,
on the other hand, are filled with orders up to the turn of the
year, and at the moment are not much concerned with busi­
ness beyond that time. The uncertainties of the labor situa­
tion and future cost of raw material are causing them to act
conservatively. Regardless of the decline in cotton and the
warmer weather during the past week, the cotton goods
market has been very firm. On many lines, such as ging­
hams, for next spring, the opening prices were practically at
cost, and jobbers are finding that they displayed good judg­
ment in placing their orders early. The fact that the cost
of labor and the price of cotton are both higher than this
time a year ago, combined with the steady expansion in
trade throughout the country, following a long period of
depression and curtailment, leaves little hope for any reces­
sion in values in the near future. The heavy demand from
retailers and jobbers for additional supplies of fall merchan­
dise continues to be unabated, witli manufacturers in no
position to adequately meet the demand. This demand is
chiefly for lines of fall and winter underwear and hosiery,
initial.stocks of which were supposed to be large but are now
found to be badly broken. In staple cottons, several addi­
tional lines have been placed at value. Commission houses
and jobbers are getting numerous requests from all sec­
tions of the country for further supplies.
Buyers are
looking further ahead and are realizing that, as the mills are
now filled up until the end of the year, there is likely to be
the same difficulty for the first half of next year. They are
consequently willing to place their requirements for the early
part of 1913 at current prices where obtainable. In men’s
wear and dress goods lines urgent requests for prompt ship­
ment of fall goods, as well as fair orders for additional sup­
plies, continue to be received. Manufacturers of ready-towear garments complain that they are being severely handi­
capped and arc unable to meet their contracts, owing to
the lateness of deliveries. An active interest is also being
displayed by buyers in all lines of spring wear.
DOM ESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Oct. 5 were 8,803packages, valued at 8606,300, their destination being to the
points specified in the tables below:
-------- 1012--------Since
Jan. 1.
3,439
1,520
54,601
23,140
42,070
23,142
35,539
2,541
16,722
55,909
57,722

New York to Oct. 5—
Week.
Great B r ita in ____________ __ ------------17
Other E u ro p e a n ______________ ...............
19
C hina_____________ _
In d ia _____________
_______ 1,504
A r a b i a ____ _________________ -------------1,885
A f r ic a ______________ _______ ------------- 517
West In d ie s__ ______________ _______
544
181
M e x ic o ___________ __________ _______
278
Central A m e ric a ______________ _______
-South A m e ric a _______________ _______ 1,404
O ther c o u n trie s ____ _________ _______ 2,454

-------- 1011--------Since
Week. Jan. 1.
677
20
29
94082,164
2,156
20,313
2
16,072
194
11,232
63
30,971
541
41
1,826
387
15,502
558
45,042
1,257
31,944

316,345
5,257 256,683
T o ta l ____________________________ 8,803
1,401
8
56
9
1
109
2
4 ___
The value of these New York exports since Jan. 1 has been
271 ..........................................
1.926
11
1 ___
820,562,239 in 1912, against $18,409,139 in 1911.
127 ..........................................
Notwithstanding the downward tendency of markets for
___
___
___
___
___
388
32
157 ___
raw material, domestic cottons hold steady, with demand
648 ___
102 .................. moderate.
In fact, it is stated that in the Northwest and
95 ___
9 ..................
2,049
74
73 ___
Middle West the trade, as compared with last year, is particu­
324
111
52 ___
In addition to good orders received for heavy
87
39
181 1,140
24 larly good.
colored cottons, with requests for early deliveries, inquiries
578
400
725 ___
312
9 - .............- ­
are steadily increasing. Blankets, flannellettes and napped
55 _______________________
goods arc among those most wanted. Cotton dress goods,
513 ......
......
.............. .
339 ..........................................
wash fabrics and mixed materials have been in better demand
246
14
22 ___
from retailers, there also being an increase in mail orders.
................ .
102
444 ___
88 ............................ .. ...... A more active trade is noted in fine cloths, and it is claimed

5 1912..32,685
273
28 1912..31,658 258
7 191t..56,698
___
8 1910.-34,309 ___
CANADIAN

In Thousands—

^Total
p Total
j Total
Total

[VOL. LXXXXV.

T H E C H R O N IC L E

that orders received for forward shipment will make up for
the dulness which existed in this department during the
months of August and September. A feature also worthy of
mention is the steady demand for miscellaneous goods for
manufacturing purposes. Reports regarding the export
business for domestic cottons are more encouraging. A
quiet trade is being transacted, and it is estimated that dur­
ing tha past fortnight upwards of 15,000 bales have been
sold to the Far East, the bulk of the sales consisting of
heavy sheetings. Print cloths and convertibles are steady,
with the trade moderate. Gray goods, 38J^-inch standard,
are unchanged at 5 3-16 @ 5 h £c.
W O O LEN GOODS.— Markets for men’s wear and dress
goods show little change. Mills manufacturing fancy light­
weight men’s wear are said to be so well sold up that in
many instances they are unable to book further business.
Cloakings, overcoatings and certain varieties of heavy suit­
ings are in active demand for prompt delivery.
FO R EIG N D R Y GOODS.— A moderate trade is reported
in linens, the demand being mostly for spring goods. Many
merchants are short of supplies, and deliveries, which have
been backward all season, show little sign of improvement.
Prices remain firm, with the tendency upward, owing to
the high cost of production and the increasing cost of raw
material. Burlaps, while firm, have been quieter during the
past week. Prices are quoted nominally at 6 .8 5 @ 6 .9 0 c .
for lightweights and.j8.35c. for heavyweights.JJj

993

THE CHRONICLE

O c t . 1 2 1 9 1 2 .]

Loan Proposed. — The Board also adopted the following
resolution on Oct. 8 recommending a permanent loan of
$5,000,000:
N ew s

Item s.

Connecticut.— Opinion o f Attorney-General on Bank .I n ­
vestments.— The Hartford “ Courant” says that the AttorneyGeneral on Sept. 23 gave an opinion for Bank Commissioner
Fred. P. Holt concerning Paragraphs 9 and 10 of Section 3428
of the General Statutes, as amended by Chapter 147 of the
Public Acts of 1903. In the opinion he says: “ Interpret the
statute to mean that no bond of any railroad corporation
named shall be a legal investment for a savings bank while
or at the time such corporation, or the system of which it is
a part, fails to pay dividends on all of its capital stock.
Therefore, I am of the opinion that the payment of a divi­
dend after default, ipso facto restores said bonds to the eligi­
ble list for investments for savings banks.”
The opinion was in answer to an inquiry received by the
Bank Commissioner concerning the mortgage bonds of the
St. Louis Iron Mountain & Southern R lt. Co., River and
Gulf Division.
.

Florence, So.

Car.— Election on Com m ission F orm

of

Government .— The

question of establishing a commission
form of government will be submitted to the voters on N ov.
12.

Georgia.— Constitutional Amendments Adopted.— Returns
from the election held in this State on Oct. 2 show that the
voters adopted all five of the proposed constitutional amend­
ments submitted. These increase the borrowing power of
the State to supply deficiencies in revenue from $200,000 to
$500,000, authorize certain changes in the school law, the
creation of Bleckley County, abolition of justice courts in
certain cities and requiring that all corporations making tax
returns to the Comptroller pay their taxes before Sept. 1 of
each year. See V . 95, p. 560.
Proposed Constitutional Am endm ents.— Amendments to
the constitution providing for the creation of Wheeler County
from a portion of Montgomery, and giving the Legislature
authority to exempt from taxation for a period of one year
farm products in the hands of the producer, will be voted
upon in the November election.
Glen Rock (P. O. Ridgewood)- Bergen County, N. J.—
C om m ission Form o f Government Defeated.— An election held

recently resulted in the defeat of the commission form of
government, it is stated.

Manitowoc, Wis.— Election on Purchase o f Light P la n t .—
The question of purchasing the electric-light-plant will be
submitted on N ov. 5.
■
New York State.— Opinion o f Attorney-General on Attempt
to Evade the Mortgage T a x . — In an opinion rendered Sept. 26,
Attorney-General Carmody holds that an agreement filed
not to record a mortgage is subject to a tax to the amount
which would be imposed upon the mortgage at its face value.
■The mortgage In question was taken on lands situated In Nassau County
and amounted to $5,100. The parties to It agreed not to record the mort­
gage as long as the terms thereof were compiled with, or until It was desired
to place another mortgage upon the property. This Instrument was pre­
sented for record to the County Clerk of Nassau County. The State Board
of Tax Commissioners Immediately applied to Attorney-General Carmody
for an opinion as to Its validity and whether a tax should be collected upon
the Instrument as a condition for recording It.
"I f the paper,” Attorney-General Carmody held In regard to the wrjlWen
agreement, “ under any theory Is entitled to be recorded In the County Clerk's
office, It Is only upon the theory that it Is a conveyance of real estate and
that the record thereof will give notice to subsequent purchasers and
encumbrances. Either the paper should not be recorded at all, or. If re­
corded, it should be treated In the same manner as the recording of the
mortgage Itself, such recording evidently being supposed to answer the same
purpose so far as notice Is concerned, as would be served by recording the
mortgage itself. I can see no purpose that the parties had In making the
agreement and then recording It except that they supposed that thereby
they would avoid the payment of the mortgage tax. I do not believe
that the parties have been successful In devising a plan which could easily
be followed by -11 mortgages and would do away entirely with the ne­
cessity of paying a recording tax.”

Ohio,— E x -M em b er o f Legislature Pleads Guilty to B ribery
Charge .—-On Oct. 9 George B. Nye, Representative in the
last Legislature from Pike County, pleaded guilty to the
charge of having solicited a bribe from the author of a bill
re-districting Pike and Adams county judicial districts.
Mr. Nye, who was indicted on this charge on June 9 1911, was
also indicted on May 3 1911, charged with soliciting a bribe
of $500 from State Printer Crawford, but acquitted by a jury
on June 1 1911. Y . 95, p. 187 and V . 94, p. 576.

Philadelphia School District, Pa.— District Assum es
School Debt o f C ity. — The Board of Education on Oct. 8
assed the following resolution acknowledging its responsigility
for previous school loans negotiated by the city:
"Resolved, by the Board of Public Education of the School District of
Philadelphia, that the said sum of $7,983,284, with the benefit of the appli­
cation of said sum of $1,005,203 11, being the net amount of $6,978,080 89,
be, and the same Is, hereby recognized and acknowledged as the amount
of the debt of the City of Philadelphia, to which the School District of Phila­
delphia has succeeded and which Is obligated to be assumed by said School
District by, and in accordance with, the directions of the said Act of
Assembly, and which debt, with the stipulated Interest thereon, the said
School District of Philadelphia Is thereby charged with, and obligated to
liquidate and pay.”
,
At the suggestion of John G. Johnson, the Board solicitor, there was added
to this resolution this provision.
“ That nothing herein contained shall be taken as Interfering with the
discretion of the Board tvs to deferring the payment of the principal till the
respective times of maturity of the earlier liquidation of the same. If such
earlier liquidation shall hereafter be desired by It and so decided.”

The taking over of this indebtedness was a formality
necessary since the passage last year of the School Code,
which made the Board of Education an independent body.




“ That the Board of Education recommends at the November meeting
the creation of a permanent loan of $5,000,000, to be negotiated as needed
and expended as promptly as possible for slte3, buildings and additions for
both elementary and high schools.”

Shreveport, La.— M a yo r and Com m issioner Recalled .—
The election held Oct. 7 resulted in favor of the recall of
Mayor Eastham and Commissioners Rivers and Fullilove
(V . 95, p. 766).
Spokane, Wash.— Suprem e Court A ffirm s Ruling Ordering
Vote on Abolition o f Com m ission Government.— The State
Supreme Court on Oct. 3 affirmed the action of Judge J.
Stanley Webster of the Superior Court in granting a writ of
mandate on Aug. 17 compelling the City Commissioners to
call a special election to allow the voters to decide whether
they wish to abandon the commission form o government,
in effect since March 1911, and return to the councilmanic
system. The Court says in part:
“ Finding no reason In the constitution of the general laws of the State
for the denial of the right of the people of the city of Spokane as voiced by
the petition to vote upon the proposed charter amendments within the time
fixed In the charter, the Judgment and order of the lower Court are affirmed .

It is expected the election will be called for N ov. 5.
V. 95, p. 496.

See

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
have been as follows:
A D A S C H O O L D I S T R I C T ( P . O . A d a ) , H a r d in C o u n t y , O h io ,— BO N D
S A L E . — Otis & Co. of Cleve. have purchased at par and lnt. the $28,000

4% 7 H-year (av.) refunding bonds offered on June 21 (V. 94, p. 1640.) •
ADAMS COUNTY (P. O. Natchez), Miss.— B O N D S A L E . — On Oct. 7
the $150,000 5% 50-year road bonds (V. 95, p. 434) were awarded. It Is
stated, to Well, Roth & Co. of Cincinnati for $154,535 (103.023).
A G A W A M , H a m p d e n C o u n t y . Alass.— B O N D O F F E R IN G . — Proposals
will be received until 4 p. in. Oct. 15 by J. W. Hastings, Town Treas., for
$30,000 4% copuon water loan Act of 1905 bonds. Denom. $1,000. Date
Oct. 1 1912. Int. A . & O. at the Old Colony Trust Co., Boston. Due
$1,000 yearly on Oct. 1 from 1913 to 1942 incl. Bonds will be certified as
to genuineness by the Old Colony Trust Co., which will further certify that
the legality has been approved by Ropes, Gray & Gorham, Boston, whose
opinion will accompany bonds when delivered, without charge to the
purchaser.
A K R O N , S u m m i t C o u n t y , O h i o . — B O N D E L E C T I O N .— It Is stated that
the voters will have submitted to them at the November election the ques-.
tlon of Issuing $254,000 bonds.
B O N D S A L E . — On Oct. 10 the $1,000,000 4% 30-year water-works
bonds (V. 95, p. 768) were awarded to the Cleveland Trust Co., Cleveland,
at 102.23 and int.— a basis of about 314%. Other bids follow:
Otis & Co. and Hayden, Miller & Co., Cleveland-------------------$1,019,121
Mayer, Deppe & Walter, Cincinnati------------------------- -----------1,012,705
B O N D S A U T H O R IZ E D . — Ordinances were passed Sept. 23 providing
for the issuance of $7,500 street-repair and $8,500 sewer-ditch and drainage-lmpt. 444% coup, bonds. Denom. $1,000; odd bonds $500. Date
Oct. 1 1912. Int. A. & O. at office of City Treasurer. Due Oct. 1 1918.
A L G O N A S C H O O L D IS T R IC T (P . O . A lg o n a ) , K o s s u th C o u n ty . Io w a .
— Bonds Voted.— By a vote of 121 to 11 the question of issuing $15,000

hlgh-school-bldg. and equip, bonds csrrled at the election held Oct. 4
(V. 95, p. 767).
A L L I A N C E , S t a r k C o u n t y , O h io . — Bond Sale.— On Sept. 16 the f o l
lowing bonds (V. 95, p. 560) were awarded to Stacy & Braun of Toledo:
$40,000 4
water-works-ref unding bonds for $42,856 45 (107.141) and
int. Denom. $1,000. Date July 5 1912.
Int. J. & J.
Due $15,000 July 15 1932 and $25,000 July 15 1933.
600 5% special assess, bonds for $601 42 (100.236) and lnt. Denom.
$200. Date Sept. 1 1912. Int.M . & S. Due $200 on Sept. 1
In 1913, 1914 and 1915.
* 930 5% special assess, bonds for $931 71 (100.183) and lnt. Denom.
$310. Date Sept. 1 1912. Int. M. & S. Due $310 on Sept. 1
In 1913, 1914 and 1915.
9,850 5% special assess, bonds for $10,070 (101.218) and lnt. Denom.
(15) $500 and (5) $470. Date Sept. 1 1912. Int. M. & S .
Due $1,970 yrly. Sept. 1 1913 to 1917 lncl.
ALH AM BR A,

A lh a m b r a

C o u n ty ,

C a l.— B ID S

REJECTED— BOND

O F F E R IN G . — Reports state that all bids received for the 6 Issues of 5%
coupon bonds, aggregating $173,000, offered on Sept. 28 (V. 95, p. 767),
were rejected. It Is further reported that these bonds will be offered for
sale to-day (Oct. 12).
A L T A M O N T , Effingham C o u n t y , I I I . — B O N D S A L E .— O n Sept. 24 the
$11,000 sewer and $9,000 water 5% reg. bonds (V. 95, p. 700) were awarded
to Cook, Holtz & Co. of Chicago at 100.285.
A L T A M O N T U N IO N F R E E S C H O O L D IS T R IC T N O . l, F r a n k lin C o u n ty .

N . Y . — B O N D S A L E . — We have been advised that on July 16 the following
5% reg. bonds were awarded to Adams & Co. of New York for $29,615—
making the price 101.075:
$25,000 school-building bonds Due $2,000 yrly. Sept. 1 from 1914 to
1925 lncl. and $1,000 Sept. 1 1926.
4,300 school-site bonis. Due $2,009 Sept. 1 In 1913 and 1914 and $300
Sept. 1 1915.
Other bids follow:
Tupper Lake National Bank, Tupper Lake_______________________ $29,425
Isaac W. Sherrill, Poughkeepsie_________________________________ 29,400
Douglas Fenwick & Co., New York______________________________ 29,315
Date Aug. 1 1912. Int. ann. in New York exchange. Bonded debt
(Including this Issue), $32,300. Assess, val. $767,982; actual val. (est.)
$2,000,000.
A M S T E R D A M , Jefferson C o u n t y . O h io— B O N D O F F E R IN G . — Propos­
als will be received until 12 m. Oct. 21 by R. Jones, Village Clerk, for the
following 5% bonds:
$9,471 State road, Market and Main St. paving assessment bonds. Denom.
(1) $471, (9) $1,000. Due $471 Sept. 1 1914 and $1,000 yearly on
Sept. 1 from 1915 to 1923, Inclusive.
943 State road, Market and Main St. paving (village’s portion) bonds.
Denom. (1) $193, (5) $150. Due $193 Sept. 1 1914 and $150 yearly
on Sept. 1 from 1915 to 1919, Inclusive.
Auth. Sec. 3939, Gen. Code. Date Sept. 1 1912. Int. M. & S. Cert,
check tor 10% of bonds bid for, payable to the Village Treas., required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued Interest.
A R T E S I A , E d d y C o u n t y , N . M e x . —Bond Offering.— Proposals will be
received until 7:30 p. m. Oct. 22 for the $10,000 6% 20-39-yr. (opt.) water­
works and street-impt. bonds. Auth. vote of 102 to 7 at the election held
Sept. 7 (V. 95, p. 767).
A S H L E Y , D e la w a r e C o u n t y , O h io . — B O N D S A L E . — On Sept. 20 the
$8,954 16 5/o coupon street-impt. bonds (V. 95, p. 700) were awarded to
the New First Nat. Bank of Columbus for $9,231 1 6 ,making the price 103.09.
ATTALA COUNTY (P. O. Kosciusko), Miss.— B O N D S A L E .— W e are
advised that the $50,000 5% 25-year coupon road-Impt. tax-free bonds
offered on Sept. 2 (V. 95, p. 434) have been awarded to Wm. J. Flournoy
of Do Funiack, Fla., for $50,199 50 (100.399).
A U G U S T A , K e n n e b e c C o u n t y , M e .— B O N D S A L E .— On Oct. 8 the
$33,000 4% 1-10-year (serial) school-building bonds (V. 95, p. 917) were
awarded, It Is stated, to the Kennebec Savings Bank at 100.5925.
B A K E R , B a k e r C o u n t y . Ore.— Bond Sale.— On Sept. 30 the following
bids were received for the two Issues of bonds aggregating $18,179 91
(V. 95, p. 843):

994

THE CHRONICLE

F or the $5,120 54 issue.
|Tillotson&'WolcottCo.,Cle- $5,127 54
Terry, Brlggs&Slayton,Tol.$5,150 511
For the $13,057 37 issue.
Sec.Sav.Blf.&Tr.Co., T o l.. 5,146 54 IUnion Tr.&Sav.Bk., Spok 13,702 37
Baker Ln.&Tr. Co., Baker_*5,145 54|BakerLn.&Tr.Co., Baker.*13,107 37

[VOL. LXXXXV*

$1,000 and $500. Due 8 years.
Cook & Wiliams St. lmpt. bonds. Denom. (3) $1,000 and (1) $509.
Due $1,000 in 2, 3 and 4 years and $500 in 5 years.
600 coup, (city’s portion) Cook & Williams St. lmpt. b°nds. Due 8 yrs.
Date Sept. 1 1912. Int. semi-ann. Cert, check on a solvent bank in
♦Successful bids.
*
Canton for 5% of bonds bid for, payable to the City Treasurer, Is required.
Purchaser to furnish blank bonds.
B A L D W I N S V I L L R , O n on d aga C o u n ty . N . Y .— B O N D S A L E .— On
Sept. 24 $2,500 5% lmpt. bonds were awarded to John J. Hart of Albany
C A P E G I R A R D E A U , C ape G irardeau C o u n ty , M o .— Bonds Defeated .—
at 100.023 and lnt. Denom. $500. Date July 1 1012. Int. J. & J. An election held Oct. 1 resulted In the defeat of the proposition to issun
Due $500 yearly July 1 1014 to 1018, Inclusive.
$250,000 water and light bonds. The vote was 203 ‘‘for” and 748
"against.”
B A R N E S V I L L E , B elm on t C o u n ty , O h io .— B O N D O F F E R IN G . — Pro*
posals win be received until 12 m. Oct. 28 b y F. W. HIllcs, VU. Clerk, for
CAREY, Wyandott County, Ohio.— B O N D S A L E . — On Oct. 7 the $8,500
the following 5% assessment bonds:
5% Vance St. lmpt. (village’s portion) bonds (V. 95, p. 767) were awarded
$3,266 20 No. Lincoln Avc. lmpt. bonds. Denom. (1) $116 20, (9) $350. to the First Nat. Bank of Cleve. for $8,842 80 (104.032) and lnt. Other
Due $116 29 on Nov. 23 1913 and $350 yrly. on Nov. 23 from bids follow:
1914 to 1022 Inch
Davies-Betram Co., Cln..$8,841 00 Citizens’ Sav. Bank, Up.S’y$8,792 06
2,538 00 No. Broadway St. lmpt. bonds. Denom. (1) $338, (9) $250. E. H. Hawlces, Toled . . . 8,824 85 Tillotson&WolcottCo.,Cle. 8,783 90
Due $338 oh Nov. 23 1913 and $250 yrly. on Nov. 23 from 1014 Hayden,Miller&Co., C le ... 8,823 00 Stacy & Braun, Toledo__ 8,770 49
to 1022 incl.
Weil, Roth & Co., Cln___ 8,820 00 Prov. Sav. Bank & Trust
987 00 Laws St. impt. bonds. Denom. (1) $87, (9) $100. Due $100 Seasongood & Mayer, C ln.. 8,818 00
Co., Cincinnati_________ 8,734 60
yrly. on Nov. 23 from 1913 to 1921 Incl. and $87 Nov. 23 1922.
Sec.Sav.Bk.&Tr. C o.,T ol.. 8,815 75 Spltzer, Rorlck & Co., T ol. 8,719 30
Date Nov. 23 1912. Int. M. & N. Cert, check for 5% of bonds bid
CARROLLTON
SPECIAL
SCHOOL
DISTRICT (P. O. Carrollton),
for, payable to the Vil. Treas., required. Bonds to be delivered within 10 Carroll County, Ohio.— B O N D E L E C T IO
N .—An election will be held
days from time of award, t •M
MS Nov. 5 to submit to the voters the proposition
to Issue $50,000 school­
B A Y , O h io . — B O N D O F F E R IN G . — Proposals will be received until
building bonds.
7:30 p. m. Dec. 3 by C. Powell, Village Clerk (P. O. West Dover), for the
CATAWISSA,
Columbia
County.
Pa.—
B
O
N
D
A L E . — An^flssue of
$10,000 4 < i"/0 town-hall bonds. Denom. $500. Date Oct. 1 1912. Int. $16,000 5% street bonds has been purchased by localS parties
at 105. DoA. & O. Due $500 each 6 months from April 1 1917 to Oct. 1 1926, incl. nom.
$100. Date Oct. 8 1912. I n t .A .& O .
Purchaser to pay accrued Interest. This Issue of bonds was offered but
CEDARHURST, Nassau County. N. Y — B O N D S A L E .— On Oct. 10
not sold on Sept. 3 (V. 95, p. 2 4 8 ).....................................................
Douglas Fenwick & Co. of N. Y. were awarded the following gold reg.
B E L T R A M I C O U N T Y , 41 inn.—Bond Sale.— This county has disposed
bonds (V. 95, p. 917):
of three issues of 4% ditch bonds aggregating $89,000 and an issue of $30,000
5-29-ycar (serial) street-lmpt. bonds at 100.31 for 4M».
$69,000 5 M % 4-18-yr. coup, bonds. Int. J. & D.
2,000 4-year drainage bonds at 100.275 for 5s.
B E N N I N G T O N , B ryan C o u n ty , Okla.— B O N D S V O T E D — The propo­
CELINA.
Mercer County. Ohio.— BOND O F F E R IN G . — Proposals will
rtion to Issue additional water-works-system bonds carried at a recent be received until
10 a. m. Nov. 6 by J. K. Carlin, Vil. Clerk, for $10,000
election, reports state. ................................................................. » , . . . .
4% refunding bonds. Denom. $500. Date Sept. 1 1912. Int. M. & S.
B E R G E N C O U N T Y ( P . O . H a c k e n s a c k ) , N . J . — Bond Sale.— On Oct. 4 at the Vil. Treas. office.
Due $1,000 yearly Sept. 1 from 1922 to 1931
$110,000 4 H % coup, building bonds were awarded to the People’s Nat. incl. Bonds to be delivered and paid for within 10 days from time o f
Bank in Hackensack at 101. Other bids follow:
award. A deposit of $500, payable to the Vil. Treas., required. Pur­
John D. Everitt & Co. and
IHarris, Forbes & Co., N. Y ..100.821 chaser to pay accrued Interest and furnish blank bonds.
A. I). Leach & Co., N. Y -.100.89 Harvey Fisk & Sons, N. Y . . 100.477 CHAGRIN FALLS, Cuyahoga County, Ohio.— Purchaser of Bonds.—
J..S. Rlppel, Newark.............100.879|R. M. Grant & Co., N. Y , . . 100.26
The purchasers of the $3,000 4% coup, school bonds (V. 95, p. 844) was
Date Aug. 1 1912. Due $5,000 yearly 1917 to 1038 Inclusive.
Hayden, Miller & Co. of Cleve. for $3,004 (100.133) and int. Denom. $100.
Date Oct. 1 1912. Int. M. & S. at the Chagrin Falls Banking Co. In Chagrin
B I G F O R K S C H O O L D I S T R I C T ( P . O . B i g F o r k ) , F la t h e a d C o u n t y ,
Falls. Due $300 on March 1 and $200 on Sept. 1 from 1014 to 1019 Incl.
M o n t . — Bond Offerlno.— Proposals will be received until Nov. 9 for $1,500
6% 8-10-yr. (opt.) bldg, bonds. Auth. vote of 18 to 0 at an election held
CHAMPAIGN. Champaign County. III.— NO A C T IO N Y E T T A K E N .—
Sept. 7.
............................................................................................................
We are advised by the City Clerk, under date of Sept. 27, that no action
BOVVDON, Carroll County, Ga.— Bonds Voted.— By a vote of 101 to 8 has yet been taken looking towards the Issuance of tho flre-dept.-lmpt.
the proposition to issue the $8,000 light, $8,000 water-works and $4,000 bonds (V. 95, p. 497.)
•
strect-impt. 5% 20-yr. bonds carried at the election held Sept. 28 (V. 95,
CHAMPAIGN COUNTY (P. 0 . Urbana), Ohio.— Bond O fferlno— Th#
p. 635). We .are advised that these bonds will be offered about Dec. or Jan. County Commrs. will offer at public auction at 11 a. m. Oct. 28 the follow­
ing 4% coupon bonds:
B R O N X V I L L E . N. Y ^ B O N D S A L E . — On Oct. 4 thclfollowing reg.
$1,920 Frank Ditch No. 378 constr. bonds. Denom. $320.
bonds were awarded to Adams & Co. of New York:
6,000 James Titus Ditch No. 380 constr. bonds. Denom. $1,000.
$4,000 Scries " A ” Pondflcld Road lmpt. Denom. $1,000. Due $1,000
Auth. Sec. 0192, Gen. Code. Date Oct. 28 1912. Int. A. & O. at
yearly Sept. 15 1917 to 1920, inclusive.
4.400 Scries “ B” Pondflcld Road impt. Denom. $1,100. Due $1,100 office of Co. Treas. Due one bond of each Issue each six months from
April 28 1913 to Oct. 28 1915 Incl. Cert, check for 10% of bonds bid for,
.
yearly Sept. 15 1917 to 1920, inclusive.
5.000 Series “ C” village-hall impt. Denom. $1,000. Due $1,000 yearly payable to the Co. Treas., required. Bonds must be taken up within
10 days from time of award. Bidders will be required to satisfy themselves
Sept. 15 1917 to 1921, Inclusive.
20,000 Series “ D” White Plains Road impt. Denom. $1,000. Duo $1,000 as to the legality of bonds.
yearly Sept. 15 1917 to 1936, inclusive.
CHATHAM, Morris County, N. .1. -B O N D S V O T E D .— B y a vote o f
Bonds are all dated Sept. 1 1912. Int. M. & S. In N. Y. exchange at
195 to 86, the proposition to Issue $35,000 water and light bonds carried
Gramatan National Bank In Bronxvlllc.
For Series A, B and C the purchaser paid $13,437 (100.276) for 4.60s, at an election held Sept. 23.
CHATHAM. Pittsylvania County. Va .— B O N D S A L E .— W e are advised
and for the Series D, 100.205 for 4Hs.
that the Chatham Savings Bank In Chatham was awarded on July 1 at par
The other bids follow:
the $20,000 street-paving and $10,000 water-works and sewer 5H % 15-30Douglas Fenwick & Co., N. Y ........ -$33,477 (100.23) for all series as 4.60s
year (opt.) coupon bonds offered on May 9 (V. 94, p. 1264).
Isaac W. Sherrill, Poughkeepsie___ 100.05 for Series A, B and C, and
100.25 for Series D as 4.60s
CHEHALIS, Lewis County, Wash.— B O N D O F F E R IN G .— It Is stated
Ferris & White, N. Y _____________ 100 for A, B and C as 4 Ms and $20,032
that proposals will be received until 3 p. m. Oct. 21 by F. J.Allen, City
(100.16) for Ds, as 4.60s
Treas., for the $115,000 6% and $70,000 5% water-system bonds voted
Geo, M. Hahn, N. Y -------------------- 100.275 for all scries as 4.60s
Farson, Son & Co., N. Y --------------- $33,430 (100.089) for all series as 4.75s May 7 (V. 94, p. 1398).
CHERRY VALLEY. Winnebago County, III.— B O N D E L E C T IO N PRO ­
Harris, Forbes & Co., N. Y ------------ 100.183 for all series as 4.60s
P O S E D .—According to local papers this town will vote on the Issuance of
B R O W N ’ S C R E E K S C H O O L D I S T R I C T (P . O . W e lc h ) , M c D o w e ll
County, W. V a — B O N D S D E F E A T E D .— A t an election held Sept. 14 $1,500 sewer bonds.
CHESTER. Hill County, Mont.— BONDS V O T E D . —-Reports state that
the proposition to Issue school bonds was d e fe a te d ........................
at a recent election the question of Issuing $22,000 water bonds received a
B U R L I N G A M E S C H O O L D I S T R I C T , S a n M a t e o C o u n t y , C a l. — B O N D
favorable
vote.
E L E C T I O N .— A vote will be taken on Oct. 18, It Is stated, on the question
CINCINNATI. Hamilton County, O hio— B O N D E L E C T IO N .— A vote
•f Issuing $50,000 building b o n d s . ........................................................... *
will be taken on Nov. 5 on the Issuance of $250,000 convention-hall,
C A C H E R I V E R D R A I N A G E D I S T R I C T . I l l — Bond Sale.— On Oct. 1 $3,000,000 sewer and $750,000 condemnation bonds.
$90,000 6% drainage bonds were awarded to the Western Securities Corp.
CLAYTON, Johnson County, No. Caro.— B O N D O F F E R IN G . — Pro­
of Des Moines for $91,510, making the price 101.67. Other bids follow:
will be received until 12 m. Nov. 1 by D. L. Barbour, Town Clerk,
New First Nat. Bank, Col. ..$91,8001 John Nuveen & Co., Chicago.$90,585 posals
$45,000 water-works and sewerage and $15,000 elec.-llght bonds.
Wm. R. Compton Co., St. L . 91,1801Farson, Son & Co., Chicago.. 00,028 for
Well, Roth & Co., Cln.......... 90,9751Bolger.Mosser&Willaman,Chi. 90,000 Denom. $1,000. Date Dec. 1 1912. Int. (rate not to exceed 6%) J. & D.
Nat. Bank In N. Y. City. Due Dec. 1 1042. Bonds will b«
Denom $1,000. Date Jan. 1 1913. Int. J. & J. Due $5,000 yearly at Hanover
as to genuineness by the U. S. Mortgage & Trust Co., N. Y., and
July 1 1914 to 1931 Incl. The official offering stated that the purchaser certified
their legality approved by Caldwell, Masslich & Reed, N. Y ., whose opinion
was to furnish blank b o n d s .....................................................................
will he furnished to the purchaser. Cert, check (or cash) for 1% of bonds
•CALDWELL SCHOOL DISTRICT'NO. 30 (P. O. Caldwell), Canyon bid for, payable to the Town Treas., required. Bonds to be delivered on
County. Idaho.— B O N D E L E C T IO N .— It Is stated that an election will be or about Dec. 1 1912, as may be mutually agreed upon. Bids must be
held Oct. 19 to vote on the Issuance of $7,500 bonds. • • •
■ •_ • • • made on blank forms furnished by the U. S. Mortgage & Trust Co. In N. Y .
’ ' t l ^ V l B R I D O E / G u e r n s e y C o u n t y , ‘" O h i o . — Bond Offering ".— Proposals City or the Town Clerk. Purch. to pay accrued Interest.
will be received until 12 m. Oct. 19 by M. W. Stiles, City Aud., for the
CLEARWATER. Pinellas County, Fla.— B O N D O F F E R IN G .— Proposals
$25,000 4% public park bonds (V. 05, p. 126). Denom. $1,000. Date will be received until Oct. 15 by R. T. Daniel, Town Clerk for the $4 0 , 0 0 0
Sept. 10 1912. Int. annual. Due $1,000 yrly. on Sept. 10 from 1913 to 5% 20-year paving, pier and park bonds voted Sept. io (V. *a, P. 844)
1937 Incl. Cert, check for 10% of bonds bid for, payable to the City Treas. Denom. $1,000. Interest seml-ann. In New York or at depository of
required. Bonds to be delivered within 10 days from time of award. town.
•
Purchaser to pay accrued in t e r e s t.................................................................
CLEVELAND, Ohio.— B O N D S A U T H O R I Z E D .— A n ordinance was
CAMDEN RUN DRAINAGE DISTRICT, No. Caro.— Bonds Not Sold. passed providing for the Issuance of $60,000 Forrest II1I1 I arkway lmpt.
— No award was made on Sept. 10 of $60,000 6% coup, bonds. Denom. bonds, according to reports.
,
, . .
$100. Date Sept. 1 1912. Int. M. & S. at the County Treas. office. Due
B O N D S A L E .— On Oct. 7 the following bids were received for the tw#
$6,000 yrly. Sept. 10 1015 to 1924 incl.
•
Issues of coupon bonds (V. 95, p. 636).
^500
$35,000
C A A I E R O N C O U N T Y ( P . O . B r o w n s v i l l e ) , T e x — Bonds Defeated —
4H%
4%
The election held Oct. 1 resulted In the defeat of the question of issuing
Bridge
Grads
the $250,000 road bonds (V. 95, p. 701).
Bonds.
Bonds.
CANADIAN. Hemphill County. T e x — BOND E L E C T IO N .— An elec­ Hayden, Miller & Co. and) Cleveland---------------------- *$031,10# $35,930 0#
tion will be held Oct. 17 to vote on the question of Issuing $31,000 5% 20Otis & Company---------/
40-yr. (opt .) water and sewer b o n d s ....................._ ■ • • • • •__■ • ■ •
*36,010 00
A. E. Aub & Co., Cincinnati---------- --------35,898 50
•C A N I S T E O , S te u b e n C o u n t y , N ? Y .— B O N D OFFERING .— Proposals Cleveland Trust Co., Cleveland___ 1and associates.. 540,99#
will be received, It Is stated, until 8 p .m . Oct. 14 by J. A. Corbett, Village
Tlllotsoh & Wolcott Co., Clevel. I
35,847 •#
Clerk, for $12,000-3 1-16-year (average) bonds at not exceeding 5% lnt. .j Davles-Bcrtram Co., Cincinnati— -------------------------------" ^ C A N T O N , S t a r k C o u n t y , O h i o . — B O N D O F F E R IN G S .— Proposals will be
* These bids were reported successful.
received until 12 m. Nov. 4 by E. C. Brumbaugh, City Aud., for the
COCHISE COUNTY SCHOOL DISTRICT NO. 18 (P, O. San Simon).
following 4M % bonds:
— B O N D S A L E .— The $7,000 0% gold bonds offered on Sept. 7
5.000 coupon hose-house site-purchase bonds. Denom. $1,000. Date Ariz
(V. 95, p. 497) have been awarded to the Miners oc Merchants Bank of
Sept. 1 1012. Due Sept. 1 1922.
3.400 coupon sewer-construction bonds. Dcdom. (1) $400, (3) $1,000. Bisbcc at 100.50.
COLUMBIA SCHOOL DISTRICT (P. O. Columbia). Lancaster County.
Date Sept. 1 1912. Due Sept. 1 1922.
1.500 Cook and Wade Sts. sewer bonds. Denom. (1) $500, (1) $1,000. Pa.— B O N D S A L E .— On May 11 $32,800 4% 10-30-yr. (opt.) tax-free re­
Date March 1 1912. Due $1,000 March 1 1016 and $500 March.1 funding bonds were awarded to local Investors. Denom. $500 and $100,
’ 1917.
. . .
. .
Date April 1 1912. I n t .A .& O .
*,600 sanltary-sewer-consrtuotlon bonds. Denom. (1) $600, (5) $1,000.
CONE SCHOOL DISTRICT, Tehama County, Cal.— BOND S A L E .—
Date March 1 1012. Due $1,000 March 1 1913 and 1914. $2,000 On Sept. 25 the $2,500 6% bldg, bonds recently voted (V. 0o. p. 435) wer#
March 1 1915 and $1,500 March 1 1916.
awarded to W. P. Johnson at 104.20. Date Sept. 0 101<>. Int. ann. In Sept.
3.500 sanltary-sewer-constructlon bonds. Denom. (3) $1,000, (1) $500.
COOK COUNTY (P. O. Chicago), 111.— B O N D E L E C T IO N .— Local
Date March 1 1012. Due $1,000 yearly on March 1 from 1914 to
papers state that the propositions to Issue $1,000,000 tubcrculosis-lipspltal1916, incl.. and $500 March 1 1917.
,
Int. M. & S. at office of City Treas. Copy of abstract showing legality bldg $500 000 county-bldg.-lmpt. and $500,000 detention-hospital-const,
of Issue will be furnished upon application to the City Aud. Purchaser to bonds (V. 95, p. 844) will be submitted to a vote at the Nov. election.
furnish necessary blank bonds at his own expense. Cert, check on a Canton
CORDELE, Crisp County. da.— B O N D BALE.—The four Issues of
bank for 5% of bonds bid for, payable to the City Treas., requirod. Bonds bonds, aggregating $95,000, offered but not sold on Aug. 21 (V. 95, p. 551),
to be delivered within 10 days from time of award.
have been awarded, we are advised, to Woodln, McNear & Moore of Chic.
Proposals will be received until 12 m. Oct. 14 by C. E. Brumbaugh,
CORSICANA, Navarro County, Texas.—BOND E L E C T IO N .— It te
City Auditor, for the following 4M % bonds:
that the City Council has ordered an eleotion for Oct. 29 to deckl#
$8,800 Aultman and Scott Ave. lmpt. bonds. Denom. (8) $1,000 and (1) stated
$800. Due $2,000 in 2 years, $1,000 from 3 to 7 years Incl. and whether or not this city shall issuel$20,000 strcct-p&ving)bond3.&4&3
** CORTI.AND’ SCHOOL DISTRICT (P. O. Cortland). Gage'County, Neb.—
$1,800 In 8 years.
1.500 coup, (city’s portion) Aultman & Scott Ave. lmpt. bonds. Denom. B O N D E L E C T IO N .— On Oct. 22 the voters will have »vbtnRfcod to them




3,500

O c t . 12 1 9 1 2 ]

THE CHRONICLE

the Question of Issuing $18,250 5% bldg, bonds. Due $250 yearly from 1915
to 1919 lncl., $500 In 1920 and 1921, $750 yearly from 1922 to 1925 , Incl.
and $1,000 yearly from 1920 to 1932 lncl. >■*-.
ViH --M vv |
>
COSHOCTON

S C H O O L 'D I S T R I C T . O h i o . — B O N D E L E C T IO N .— The

question of Issuing $8 0 , 0 0 0 bldg, bonds will be voted upon on Nov. 5. • • •
C O T T O N C R E E K I R R I G A T I O N D I S T R I C T , S a g u a c h e C o u n t y , C o lo . —
B O N D S N O T S O L D . — No award was made on Sept. 30 of tile $69,000 C%

bonds (V. 05, p. 701).

........................ / ..................................................

C R O W L E Y S IX T H W A R D D R A I N A G E D IS T R IC T ( P . O . C r o w le y ) ,
L a —-B ID S R E J E C T E D . — All bids received on Sept. 28 for the $60,000

5% 1-31-year (serial) drainage-system bonds (V. 95, p. 708) were rejected.

D A I R Y V I L L E S C H O O L D I S T R I C T , T e h a m a C o u n t y , C a l. — B O N D
S A L E . — On Sept. 25 the $3,000 6% bldg, bonds recently voted (V. 05, p.

435) were awarded to W. P. Johnson for $3,170, making the price 105.66.
Denom. $300. Date Sept. 6 1912. Int. aim. in Sept. .............................
D A Y T O N , M o n t g o m e r y C o u n t y , O h i o — BONDS A U T H O R IZ E D —
An ordinance was passed Aug. 30 providing for the Issuance of $4,200 6%
Fountain Ave. lmpt. assess, bonds. Auth. Sec. 3914, Gen. Code. Denom.
(3) $1,000, (1) $1,200. Date Sept. 1 1912. Int. M. & S. Duo $1,200
Sept. 1 1911 and $1,000 yrly. on Sept. 1 from 1915 to 1917 Incl.
BO N D S A L E . — On Get. 7 the following bids were received for the two
issues of coupon bonds (V. 95, p. 768):
$15,200
$2,700
4%

Issue.

4 y2%

Issue.

Dayton Savings & Trust Co., Dayton........................ *$15,455 00 $2,755 00
2,781 54
Seasongood & Mayer, Cincinnati____ ____________ 15,452 00
A . E. Aub & Co., Cincinnati.......... - ..............- .......... 15,443 20 ...............
Diced & Harrison, Cincinnati............ ........................ 15,432 56 -----------Provident Savings Dank & Trust Co., Cincinnati— 15,417 36 -----------Hayden, Miller & Co., Cleveland_________ ________ 15,408 00
2,773 00
Davics-13ertram Co., Cincinnati----------------- ----------- 15,401 00 ...............
Stacy & Draun, T o le d o ........... - .................................. 15,401 00
----- —
Atlas National Dank, Cincinnati.............. - ............... 15,391 00
2,782 35
Well, Roth & Co., C incinnati.-.............. - .................. 15,378 00 -----------* Successful bids.
DEDHAM, Norfolk County. Mass.— B O N D S A L E . — The three Issues of
4% bonds, aggregating $10,000, bids for which were rejected on Sept. 7
(V. 95, p. 636), were, we have been advised, sold during that month at
private sale.
DEER CREEK. Tazewell County, III.— BOND E L E C T IO N .— A vote
will be taken on Oct. 28 on the proposition to issue $3,150 water-works
system-constr. bonds, according to reports. ............................ ... ■ • ■ • ■
""b l-S IILER,"Henry County, Ohio.—B O N D OFFERING.— Proposals will
be received until 12 m. Oct. 30 by A, M. Samsel, Village Clerk, for the fol­
lowing 4 'A% (assess, and village's portion) bonds:
$10,700 East Main St. itnpt. bonds. Denom. (10) $840 and (10) $230.
7,200 East Ave. lmpt. bonds. Denom. (20) $360.
Date Sept. 1 1912. Int. M. & S. Due Sept. 1 1922. Cert, check for
5% of bonds bid for. payable to the Vil. Trcas., required. Donds to be
delivered and paid for within 10 days from time of award. Purchaser
to pay accrued Interest.
f**j
DETROIT, Mich.— BO N D O F F E R IN G . — Proposals will be received
until tl a. m. Oct. 28 by D. E. Ileineman, Compt., for $300,000 public
school, $150,000 sewer, $100,000 grade-separation, $100,000 library and
$65,000 public-bldg, 4% coup, (with prlv. of registration) tax-free bonds.
Denom. Sl.ooo. Date Nov. 15 1912. Int. M. & N. at the current official
bank of the City of Detroit In New York City or at office of City Trcas.
Due Nov. 15 1912. Cert, check (or cash) on any national bank or a State
bank In Detroit for 2% of bonds bid for required.........................................
DODGE CITY SCHOOL DISTRICT (P. O. Dodge City), Ford County,
Kans. —B O N D E L E C T IO N .— An election to vote on the question of Issuing
$45,000 high-school bond3 will be held on Nov. 5, according to reports.
DONIPHAN, Ripley County, Mo.— B O N D S A L E . — We havo just been
advised that the $12,000 sewer and $4,000 water-main 10-20-yr. (opt.)
5% coup, bonds offered on May 21 (V. 94, p. 1399) were awarded on June 4
to the Little & Hays Investment Co., St. Louis. Int. payable in St. Louis.
DOUGLASVILLE, Douglas County, (ia.— B O N D S V O T E D — B y a. vote
of 103 to 5 the voters authorized the issuance of the $14,000 water-works
and $6,000 elec.-light 5% bonds at the election held Oct. 3 (V. 95, p. 636).
Due 30 years from Jan. 1 1913.
DOVER CITY SCHOOL DISTRICT. Cuyahoga County. O hio— BOND
O F F E R IN G .— Proposals will be received until 12 m. Oct. 31 by .1. A. Darr,
Dlst. Clerk (P. O. Canal Dover), for $5,000 4% site-purchase and bldg,
bonds. Auth. Sec. 7629, Gen. Code. Denom. $500. Int. A. & O. be­
ginning Oct. 1 1912. Due $1,000 yrly. Oct. 1 from 1917 to 1921 incl.
T mVv ER SCHOOL DISTRICT (P. O. Dover). Alorris County. N. J.—
L O A N D E F E A T E D . — Local papers state that the election held Sept. 30
resulted In the defeat of the proposition providing for a loan of $7,000 for
»chool-bldg.site-purchase bonds.
DUNKIRK SCHOOL DISTRICT (P. O. Dunkirk), Hardin County, Ohio.
— B O N D S A L E .— The $1,800 4 y2 % coupon tax-free building bonds
offered on Oct. 1 were sold to Lillie Henderson of Dunkirk on Oct.3, It is
stated, for $1,815, making the price 100.844. Denom. $300. Date Oct. 4
1912. Int. payable at Dunkirk. Due $300 yearly Oct. 4 from 1914 to
1919, incl. Bonded debt (tills Issue). Assessed val. for 1912, $938,200.
EAST AND WEST OKANOGAN IRRIGATION DISTRICT (P. O. Oroville). Okanogan County. Wash.— B O N D S N O T S O L D . — No award was
made on Oct. 1 of the $600,000 Irrigation bonds (V. 95, p. 844). We are
advised that these bonds will be held for private sale.
EAST CHICAGO SCHOOL DISTRICT (P. 0 . Esat Chicago). Lake
County, Ind.— P U R C H A S E R O F B O N D S . — The purchaser of the $75,000
S% coupon tax-free bonds sold on Aug. 14 (V. 95, p. 768) was J. T. Elliott
& Hons of Indianapolis for $76,075 75, making the price 101.434. Denom.
$1,000. Due from 1916 to 1922.
EAST LIVERPOOL. Columbiana County. Ohio.— B O N D S D E F E A T E D .
— The election held Oct. 1 resulted In the defeat of the proposition to Issue
the $250,000 water-works bonds (V. 95, p. 497.)
EAST YOUNGSTOWN, Alahoning County. Ohio.— B O N D O F F E R IN G . —
Proposals will be received until 12 m. Nov. 1 by p . j , Carney, Vil. Clerk,
for $36,000 5% Wilson Ave. paving assess, bonds. Date Nov. 1 1912.
Int. M. & N. Due 93,000 yrly. on Nov. 1 from 1913 to 1919 Incl. and
$5,000 yr!y. on Nov. 1 from 1920 to 1923 incl. Cert, check for 2% of
bonds bid for, payable to the Vil. Trcas., required. Bonds to be delivered
within 10 days from time of award. Pureh. to pay accrued hit.
ECORSE, Wayne County, Alich.— 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 to decide whether or not tills
village shall Issue $9,500 water-maln-ext. bonds.
....................................
EL PASO, El Paso County. Texas.— B O N D E L E C T IO N . — An election
JV1* bo neia
39 to vote on the issuance of $200,000 water-works-ext.,
$lo(),000 sewer-system-ext. and $50,000 street bonds, according to reports.
SCHOOL DISTRICT, Mariposa County. Cal.— B O N D
ELE CTIO N . An election eill be held Oct. 22 to vote on the Issuance of
$3,500 bonds, reports state.
ESCANABA, Delta County. Alich.— BOND E L E C T IO N .— According
to reports the Question of Issuing $37,543 30 sewerage bonds will be sub­
mitted to the voters at the November e le c t io n .............................................
.. EUGENE, Lane County, Ore .— B O N D S A L E .— We are advised that
t lc , I,!iV ,
10-yr clty-hall-slte bonds^offered on May 13 (V. 04,
p. 1204) have been s o l d . ............................................................
EXETER Tulare County. Cal.— B O N D E L E C T IO N .— An eloctlon will
grarmiiar-schooLbldg.1 bonds ' t0 V° tC ° n tho quest,on oI ,ssulnK $25'000
n / o ' v F a i r n o r t ) ,
Lake County, Ohio.—
|Utls & Co. of Olevc. have purchased at 100.06 and Int. tho
$3,000 4 Yi/o 4 ki-yr. (aver.) coupon bldg, bonds olfered on June 1 (V. 94.
p. ................................................................................................
. . .
FORREST COUNTY (P. O. Hattiesburg), Miss.— B O N D S D E F E A T E D .
■ I he proposition to issue the SoO.OOO 5% road-lmpt. bonds failed to carry
It is stated, at the election held Sept. 26 (V. 95, p. 702)
B O N D S P R O P O S E D . — It is also reported that a $100,000 bond Issue
Isbclng contemplated. ........................................................................................
) d'-ORT BEND COUNTY (P.'O. Richmond), Tex.— B O N D E L E C T IO N .—
An election will be held In Hoad District No. 1 on Nov. 5, it Is stated, to
vote on the Issuance of $350,000 road bonds.




995

F O N D D U L A C , F o n d d u L a c C o u n t y , W i s — B O N D S A L E .— O n Oct. 8
the $25,000 5% water-works bonds (V. 95, p. 768) were awarded to the
First Trust & Sav. Bank of Chic, at 102.98 and blank bonds. Other bids
follow:
Cont. & Comm. Trust &
Merchants’ Loan &Tr. Co.$25,387 50
Sav. Bank, Chicago-.*$25,610 00 E. H. Rollins &Sons, Chic. 25,330 00
S. A. Kean & Co., Chicago 25,550 00N. W. Halsey & Co., Chic. 25,326 00
Harris Tr. & Sav. B., Chic. 25,517 50 John Nuveen & Co., Chic.*25,257 50
Emery, Peck & Rockwood,
Rudolph Kleyboldt Co.,
Chicago _____________ 25,510 00
Inc., Chicago_________ 25,257 50
A. B. Leach & Co., Chlc..*25,506 00C. H. Coffin, Chicago____ 25,156 00
Ulen & eo., Chicago____ 25,487 50 Bolger, Mosser & Willaman, Chicago__________ *25,062 50
Chapman,Mills&Co., Chic. 25,470 00
II.C.Speer&Sons Co..Chic.*25,390 00
* And blank bonds.
FORT LEE, Bergen County, N. J.— B O N D S A L E .— The $74,500 5%
sewer bonds offered on (let. 9 (V. 95, p. 845) were awarded to Harris,
Forbes & Co. of New York for $75,388 04— making the price 101.19.
Douglas Fenwick & Co. and R. M. Grant & Co., both of New York, sub­
mitted bids of $75,313 and $74,628 14, respectively. Due $5,000 yearly
Oct. 1 1914 to 1927 Incl. and $4,500 Oct. 1 1928.
FRIO COUNTY (P. O. Pearsall), Tex.— BOND E L E C T IO N .— An elec­
tion will be held In Dec.to vote on the proposition to issue $80,000 5% 20-40yr.- (opt.) road bonds. Tills election was Inadvertently reported under
Trio County, Texas,” in last week’s "Chronicle.”
GALLATIN COUNTY (P. O. Bozeman), Alont.— B O N D E L E C T IO N .—
At the November election the voters will decide, reports state, whether
or not this county shall Issue $50,000 bonds for lilgh-school purposes.
GEDDES UNION FREE SCHOOL DISTRICT NO. 2. Onondaga County,
N. Y.— B O N D O F F E R IN G . — Proposals will be received until 7:30 p. m.
Oct. 14 by Ch. O. Richards, Dlst. Clerk (206 Orchard Road, Solvay), for
$150,000 4 ’ i"o coup, or reg. site-purchase bldg, and equip, tax-free bonds.
Autli., Chap. 140, Laws of 1910 and amendments thereto and Chap. 16,
Consolidated Laws. Denom. $1,000. Date Oct. 1 1912. Int. A. & O.
at the Chase Nat. Bank in N. Y. City. Due $2,000 yrly. on Oct. 1 from
1914 to 1918 Incl. and $7,000 yrly. on Oct. 1 from 1919 to 1938 incl. Of­
ficial circular states that this district has never defaulted In payment of Its
obligations, principal or Interest, and that there Is no litigation or contro­
versy pending or threatened concerning the issuance of these bends. If a
bid is for the entire issue, acert. check for $4,000, payable to the District
will be required: if a bid is for a portion of the issue, then the cert, check
should be for 3% of bends bid for. Bonds to be delivered within 15 days
from time of award. Bonded debt, $42,000. No floating debt. Assess,
val. 1912, $6,110,770.
GENESEE INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O Genesee).
Latah County, Idaho.— B O N D S A L E . — On June 20 the $10,000 5%
10-20-ycar (opt.) bldg, bonds voted Feb. 14 (V. 94, p. 578) were awarded
to Wells, Dickey & Co. of Minneapolis at 100.11, Interest and blank bonds.
Denom. $1,000. Date July 1 1912. Int. J. & J.
GENEVA, Kane County. III.— B O N D S A L E . — On Oct. 5 the $15,000 5%
city-hall bonds (V. 95, p. 845) were awarded to the Harris Trust & Sav.
Bank of Chicago for $15,375 25 (102.34) and Int. Other bids follow:
John Nuveen <5c Co., Chlc.$15,304 50IA. II. Leach & Co., C hic..$15,153 00
N. W. Halsey & Co., Chic. 15,240 00] Bolger, Mosser & Wll.,Chic.l5,105 00
E.II.Rollins & Sons, Chic. 15,213 001Ulen & Co., Chic . . . .
15,104 00
C. II. Coffin, Chicago__ 15,201 001
Denom. $500. Date Sept. 1 1912. Int. seml-ann.
Due $1,000 yearly
after Sept. 1 1913.
GLENDALE. C al— B O N D E L E C T IO N .— An election will be held
Oct. 29, it Is stated, to vote on the question of Issuing $225,000 water bonds,
part of which will be used to purchase the systems of the Verdugo Springs
Water Co., the Verdugo Pipe & Reservoir Co., the Glendale Consolidated
Water Co. and the Miradero Water Co. and part for the laying of additional
mains.
On the same day a x’ote will be taken on propositions to issue $20,000
bonds for additional flre-flghtlng apparatus and $5,000 for street-working
machinery.
GRANT COUNTY SCHOOL DISTRICT NO. 25, W a sh — B O N D S A L E .
— On Sept. 28 $3,000 5-10-yr. (opt.) gold coup, tax-free bldg, bonds were
.awarded to the State of Wash, at par for 5Ms. Other bids follow:
Win. D. Perkins & Co., Seattle_________________________$3,020 50 tor 6s
Causey, Foster & Co., Denver............................................... 3,000 00 for 6*
Denom. SI.000. Int. ann. In New York.
„ GRAYLING TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. Grayling).
Crawford County, Mich.— B O N D S N O T S O L D . — No award was mad#
on Oct. 1 of the $5,000 bonds offered on that day.
GREENE COUNTY (P. O. Catskill), N. Y .— B O N D S A L E .— On Oct. 7
the 2 Issues of 4% hlghway-lmpt. (county's portion) bonds, aggregating
$52,500 (V . 95, p. 845) were awarded to local parties at par and Int.
GREENFIELD. Adair County, Iowa.— B O N D E L E C T IO N .— An elec­
tion will be held on Oct. 21 to decide whether or not this town shall issu*
$9,000 electrlc-llght-lmpt. bonds.
GRENADA COUNTY (P. O. Grenada), Aliss.— B O N D S A L E .— O *
Sept. 2 the $45,000 5% 20-yr. road and bridge bonds (V. 95, p. 435) were
awarded to John Nuveen & Co. of Chic, for $45,920 (102.044) and blank
bonds.
GUIN SCHOOL DISTRICT (P. O. Guin), Marion County, Ala.— B O N D S
N O T S O L D . — No bids were accepted on Oct. 1 for the $6,500 5% 10-yr.
building bonds.
HANCOCK COUNTY (P. O. Findlay). Ohio.— B O N D O F F E R IN G . —
Proposals will be received until 12 m. Oct. 16 by the Board of Commissioner*
for the following 5% coupon road-lmpt. bonds.
$3,500 Edson Line road bonds. Due $500 yrly. Nov. 1 from 1913 to 1919
Inclusive.
3.500 E. E. Bush road bonds. Due $500 yrly. Nov. 1 from 1913 to 191*
inclusive.
8.000 B. A. Rinehart road bonds. Due $1,000 yrly. Nov. 1 from 1913 t«
1918 Incl. and $500 yrly Nov. 1 from 1919 to 1922 Incl.
7.000 E. E. Urban road bonds. Due $1,000 yrly. N ov. 1 from 1913 to 191*
incl. and $500 yrly. Nov. 1 from 1917 to 1922 Incl.
. .
3.500 T. L. Peterman road bonds. Due $500 yrly. Nov. 1 from 1913 t«
1919 Inclusive.
3.500 Wm. Fogler road bonds. Due $500 yrly. Nov. 1 from 1913 to 1919
Inclusive.
6.000 B. F. Fickle road bonds. Due $1,000 Nov. 1 In 1913 and 1914 and
$500 yrly. Nov. 1 from 1915 to 1922 Inclusive.
Auth. Sec. 6949, Gen. Code. Denom. $500. Date Nov. 1 1912. Int.
M. & N. at the Co . Treasurer's office. Cert, check (or cash) for $50, pay­
able to the Co. Treasurer, Is required for each issue bid for.
HANOVER, York County. Pa.-—B O N D E L E C T I O N .— On Nov. 5 th«
voters will have submitted to them the question of Issuing $50,000 engin*house-bldg. and refunding bonds.
„ HARLEYVILLE SCHOOL DISTRICT NO. 9. Dorchester County, So.
Car.— B O N D S A L E . — On Oct. 2 $3,500 6% 20-yr. school bonds wer*
awarded to Cooke, Holtz & Co. of Chic, for $3,512 50 (100.35) and Int.
Denom. $500. Date Aug. 1 1912. Int. F. & A.
HARRISBURG SCHOOL DISTRICT (P. 0 . Harrisburg), Dauphin
County. Pa.— L O A N E L E C T IO N .— On Nov. 5 the voters will have sub­
mitted to them the question of Issuing $1,000,000 school-bldg, bonds.
HARRISON COUNTY (P. O. Marshall), Tex.— B O N D E L E C T IO N PRO ­
P O S E D . — It is stated that this county Is contemplating calling an election
to vote on the Issuance of $500,000 road bonds.
KANSAS CITY, Mo.— B O N D O F F E R IN G . — Proposals will be received
until 2 p. m. Oct. 15 by F P. Gossard, Sec., It Is stated, for $17,438 6 %
1-10-yr. (ser.) So. Park Dlst. assess, bonds. Int. seml-ann.
KUTZTOWN, Berks County. Pa.— L O A N E L E C T IO N P R O P O S E D .—
A proposition providing for a loan of $4,000 to Improve the town hall and
fire-station will probably be submitted to the voters, according to reports, ri
LAWRENCE, Douglas County, Kans.-—B O N D S A L E . — On Oct. 5 th*
following 5% coupon tax-free streetMmpt. bonds were awajrdcd to the
Merchants Nat. Bank for $25,284 03 (100.39) and Int.
■
$4,120 34 bonds. Denom. $412.
.
21,063 69 bonds. Denom. $528.
-■
Date July 1 1912. Int. seml-ann. Due part yearly for 10 years.
: •]
LETART TOWNSHIP, Meigs County, Ohio.— B O N D S A L E . — On
Sept. 9 the $1,100 6% cemetery bonds (V. 95, n. 499) were awarded t*
Gilmore & Ashworth for SI, 150, making the price 104.54.

908

T H E C H R O N IC L E

LEWISTON, Nez Perce County, Idaho— B O N D S A L E .— On [Oct. 2 the
$35,000 bridge constr. and $43,000 park 5% 10-20-yr. (opt.) gold coupon
bonds (V. 95, p. 846) were awarded to Well, Roth & Co. of Chic, at 100.77.
Other bids follow:
John Nuveen & Co., Chic.. .$78,312 Washington Tr. Co., Spokane.$78,100
Woodln, McNear & Moore.Ch. 78,110 E. H. Rollins & Sons, Denver 78,025
Merch. Sav. & Tr. Co., Port. 78,1081Idaho Trust Co., Lewlstown. 78,000
LEWISTOWN, Mifflin County, Pa.— B O N D S A U T H O R IZ E D .— Reports
state that the Boro Council has passed an ordinance providing for the Issu­
ance of $24,000 street and bridge impt. bonds.
LEXINGTON, Fayette County, Ky — B O N D E L E C T I O N — On Nov. 5
the voters will have submitted to them the question of Issuing $50,000 4%
40-year park bonds.
LORAIN COUNTY (P. O. Elyria), O h io— B O N D O F F E R IN G .— Pro­
posals will be received until 10 a. m. Oct. 26 by the Board of Road Commrs.,
F. R . Fauver, Secy., for $75,000 4 }4% coupon Road DIst. No. 1 road-lmpt.
bonds. Denom. $1,000. Date Sept. 1 1912. Int. i f . & S. at office of
Co. Treas. Due $20,000 Sept. 1 1928; $30,000 Sept. 1 1929; and $25,000
Sept. 1 1930. Cert, check on a national bank for $1 ,0 0 0 , payable to the
Co. Treas., required. Bids must be made on blank forms furnished by the
Secretary upon application.
LOST MILLS SCHOOL DISTRICT (P. O. Bakersfield), Kern County.
Cal.— NO A C T IO N Y E T T A K E N .— W e arc advised that no action has
yet been taken looking towards the Issuance of the $10,000 5% bonds voted
Aug. 12 (V. 95, p. 499).
LOS GATOS, Santa Clara County, Cal.— B O N D S V O T E D .— An election
held Sept. 30 resulted n favor of the proposition to Issue the following 5%
bonds: $10,000 town-hall bonds, denom. $500; $6,000 public-park bonds,
denom. $300; $30,000 sewer bonds, denom. $1,500, and $35,000 streetlmpt. bonds, denom. $1,750. Int. seml-ann.
LOUISVILLE, Ky.— B O N D S A U T H O R I Z E D .— On Sept. 30 the City
Council passed an ordinance, It Is stated, providing for the Issuance of $50,­
000 hospital-erection bonds.
LUVERNE, Rock County, Minn.— B O N D S A L E .— W e arc advised by
the City Clerk that the $10,000 electrlc-llght-plant bonds (V. 95, p. 846)
have been purchased by the State of Minnesota.
A1AMARONECK, Westchester County, N, Y .— B O N D S A L E — On
Sept. 26 the two issues of bonds aggregating $59,000 (V. 95, p. 770) were
awarded to Harris, Forbes & Co. of New York at 100.02 and Int. for 4.55s.
MARION, Marion County, Ohio.— B O N D O F F E R IN G .— Proposals will
be received until 12 m. Oct. 23 by H. E. Mason, City Aud., fot the following
tax-free bonds:
$2,100 4 >2 % funding bonds. Denom. (3) $500, (l) $600. Due $500
yearly on March 1 from 1914 to 1916, lncl., and $600 March
1917. Certified check for $100 required.
6,000 4H % fire-engine house construction bonds. Denom. $500. Due
$500 each six months from March 1 1915 to Sept. 1 1920, lncl.
Certified check for $500 required.
14,591 4% refunding bonds. Denom. (28) $500, (1) $591. Due $1,000
each six months from March 1 1918 to Sept. 1 1924, and
$591 March 1 1925. Certified check for $500 required.
Date Sept. 1 1912. Int. M. & S. Certified check must be payable to
City Treasurer.
B O N D S A U T H O R IZ E D . — An ordinance was passed Sept. 23 providing
for the Issuance of $17,800 4 ><% coupon refunding bonds. Denom. (35)
$500, (1) $300. Date not later than Sept. 1 1912. Int. M. & S. Due
$500 March 1 and Sept. 1 1914; $1,000 each six months from March 1 1915
to 1922, lncl.; $500 March 1 1923 and $591 Sept. 1 1923.
MARION COUNTY (P. O. Marion), Kan.— B O N D S A L E . The County
Clerk advises us that $200,000 bonds were issued on July 1 to the Ildellty
Trust Co. at par.
MARION SCHOOL DISTRICT (P. O. Alarion), Alarion County. Ohio —
B O N D E L E C T IO N P R O P O S E D . — According to reports, the propostilon
to Issue $100,000 bldg, bonds will probably be submitted to the people.
MARTINS FERRY, O h io— B O N D E L E C T IO N P R O P O S E D - A e coedlng to Wheeling newspapers, the voters will probably have submitted to
them at an election to be held about Nov. 5 the question of Issuing $2,000
Hoyle Field purchase bonds.
MATAGORDA COUNTY DRAINAGE DISTRICT NO. 1, Tex.— B O N D
S A L E . — We are advised that on April 24 the $103,669 43 5% drainage
bonds registered by the State Comptroller on Aug. 12 (V. 95, p. 499) were
awarded to J. B. Arpln & Co. at par and Int. Denom. $1,000. Date
April 10 1912. Interest A. & O.
MEDFORD, Jackson County, Ore B O N D S A L E .— On Sept. 27 the
$20,000 5?,', 20-year coup, bridge bonds dated Sept. 1 1912 (V. 95, p. 703)
were awarded to Well, Roth & Co. of Chic, at 100.155, Int. and blank bonds.
Other bids follow:
.
S. A. Kean & Co., Chicago---------------------------$20,260
John Nuveen & Co., C hicago------------------------ 20,100 and blank bonds.
A1EDINA. Alcdina County, Ohio.— B O N D O F F E R IN G S .—Proposals
will be received until 12 m. Oct. 21 (date changed from Oct. 14) by A . O.
Van Deusen, Vll. Clerk, for the $2,000 5% coup. E. Wash. St. Impt. (vll.
portion) bonds (V. 95, p. 846). Auth. Sec. 3820-3821, Gen. Code. Denom.
$500. Date Sept. 15 1912. Int. ann. at office of Vll. Treas. Due $500
yearly on Sept. 15 from 1915 to 1918 lncl. Cert, check for 5% of bonds bid
for, payable to Vll. Treas., required. Bonds to be delivered and paid for
within 10 days from time of award.
Proposals will also be received until 12 m. Nov. 4 by the VII. Clerk for
$5,000 5% coup. E. Liberty St. Impt. assess, bonds. Auth. Sec. 3914­
3924, Gen. Code. Denom. $500. Date July 15 1912. Int. ann. in March
at office of Vll. Treas. Due $500 yearly on March 15 from 1914 to 1923
lncl. Cert, check for 5% of bonds bid for, payable to Vll.Treas.,requIred.
Bonds to be delivered and palJ for within 10 days from time of award.
Purchaser to pay accrued Interest.
AIEDINA COUNTY. Ohio.— B O N D O F F E R IN G .— Prop3sals will be re­
ceived until 1 p. m. Oct. 26 by C. P. Dlckerman, Sec. Bd. of Road Comm’rs,
(P. O. Mallet Creek), for $10,000 4% coup. Road Dlst. No. 1 Impt. bonds.
Auth. Sec. 4757-16 and 22d Rev. Sts. Denom. $500. Date Oct. 1 1912.
Int. A. & O. at Old Phoenix Nat. Bank. Medina. Due $1,500 Apr. 1 and
Oct. 1 1921; $42,000 Apr. 1 and Oct. 1 1922 and $1,500 Apr. 1 and Oct. 1
1923. Cert, check (or cash) for 2% of bid, payable to the Sec. of the Board,
required. Bonds to be delivered within 10 days from time of award.
Purch. to pay accrued Int. Blank bonds to be furnished by the Board.
MILLS COUNTY (P. O. Goldthwaite), Tex.— B O N D O F F E R IN G .—
Proposals will be received until 12 m. Oct. 17 by S. H. Allen, County
Judge, It Is stated, for the $55,000 5% 10-40-yr. (opt.) court-house bonds
voted Sept. 21 (V. 95, p. 846). Cert, check for $5,000 required. Int.
seml-ann.
AVILWAUKEE COUNTY (P. O. Milwaukee). VVis.— B O N D S A L E .—
On Oct. 8 the $220,000 4)4% county-home bonds (V. 95, p. 770) were
awarded to the Harris Trust & Sav. Bank of Chicago and the First Sav. &
Trust Co. of Milwaukee, jointly, for $222,885 (101.311) and Int. Other
bids follow:
S. A . Kean & Co.. Chicago__101.301 John Nuveen & Co., Chlo-.100.6709
First Tr. & Sav. Bk., Chic____100.91 [A. B. Leach & Co., Chicago.100.65
AVINEOLA, Nassau County, N. Y.— B O N D S A L E . — On Oct. 4 the
$5,000 3-12-year (serial) water-raaln-ext. bonds (V. 95, p. 770) were
awarded to Geo. M. Hahn of N. Y. at 100.17 for 4.65s. Other bids follow:
Douglas Fenwick & CO., New Y ork ----------------------- -.$5,007 50 for 4.70s
Adams & Co., New York .............................- ....................... 5,006 50 for 4.75s
John J. Hart, Albany.................. ......................... ............. 5,005 50 for 4.80s
A1INNEAPOLIS, Alinn.— B O N D S A L E .— On Oct. 3 the $15,775 1-15-yr.
(ser.) special street acquisition and Impt. bonds (V. 95, p. 770) were awarded
to the Minn. Loan & Trust Co. and Wells & Dickey Co. of Minneapolis
jointly at par and int. for 5s.
B O N D S N O T S O L D . — All bids received at the same time for the $50,000
4% 30-yr. Bassett’s Creek-Impt. bonds (V. 95, p. 770) were rejected.
B O N D O F F E R IN G . — Attention is called to the official advertisement
elsewhere In this Department of the offering on Oct. 24 of $200,000 4%
high-school bonds. For details of bonds and terms of offering, see V. 95,
p . 919.
AlODOC COUNTY (P. 0 . Alturas), Cal.— B O N D E L E C T I O N .— At the
November election the voters will have submitted to them the proposition
to issue 5% court-house-constr. bonds. According to reports, the amount
of bonds to be voted upon will probably be $60,000.
AlONROE, Sevier County, Utah.— B O N D S A L E . — The State of Utah
was awarded at par In »Scpt. $10,000 5% light bonds. Denom. $500. Date
July 31 1912. Due July 31 1932, opt. after 10 years.




[V O L . L K X X X V

A10NTEBELLE SCHOOL DISTRICT. Los Angeles County, Cal.—
D E S C R IP T IO N O F B O N D S . — The $16,000 5% 5-20-yr. (ser.)
bonds
awarded on Sept. 10 to Torrance, Marshall & Co. of Los Angeles at 102.375.
(V. 95, p. 770) arc In the denom. of $1,000 each and dated Sept. 1 1912.
Int. M. & S.
A10NTG0A1ERY TOWNSHIP, Ashland County, O hio— B O N D S A L E .—
On Sept. 28 the $10,000 4)4% road-lmpt. bonds (V. 95, p. 638) were
awarded to the First Nat. Bank of Ashland at 104.01 and Int. Other bids
follow:
AshlandBk.&Sav.Co.,Ash.$10,387 00 IHayden,Miller&Co.,Cleve_$10,182 00
Seasongood & Mayer, Cin. 10,204 0 0 Prov.S.B.&Tr.Co.,Cln----- 10,089 00
First Nat. Bank, C lev e... 10,201 90 |Weil, Roth & Co., Cin----- 10,076 00
MORRISTOWN SCHOOL DISTRICT. N. J .— B O N D
V OTE
RE­
S C IN D E D . —The propositi m to rescind the vote of July 17, which resulted
In favor of the issuance of bonds, carried at a recent election, we are advised,
by a majority of 174.
.
N A S H V I L L E , Berrien County, Ga.—-B O N D S N O T S O L D .— The Town
Treas. advises us, under date of Oct. 5, that the $12,000 5% 30-year sewer
bonds offered on Sept. 10 (V. 95, p. 638) have not yet been sold.
NAVARRO COUNTY (P. 0 . Corsicana), Texas.— B O N D E L E C T IO N
P R O P O S E D . — According to reports, this county is contemplating calling
an election to authorize the issuance of $300,000 road bonds.
N E W A R K , N . J .— B O N D S A L E . — Tills city has disposed o f the following
4% bonds:
$150,000 city-hospital bonds. Due Apr. 1 1912 to 1942.
561.000 school bonds. Due April 1 1962.
25.000 high-pressure water bonds. Due May 1 1912 to 1932 .
100.000 dock bonds. Due part yearly until June 1 1057.
50.000 water bonds. Due June 1 1932.
100.000 water bonds. Due June 1 1942.
NEW BERLIN, Stark County, Ohio.— B O N D S A L E .— On Sept. 24 the
two issues of 4 y2% coup, bonds (V. 05, p. 562) were awarded as follows:
$15,000 15-yr. water-works-system-constr. bonds to C. A . Kolf, Canton,
for $15,866 23 (105 774)
T
20.000 20-yr. sewerage-system-constr. bonds to the New First Nat, Bank
of Col. at 105.115.
NEWPORT, Lincoln County. Ore.— B O N D E L E C T IO N P R O P O S E D .—
Local papers state that an election will be held to submit to the voters tne
question of Issuing $10,000 water-works-system impt. bonds.
NEWPORT NEWS, Warwick County, Va .— B O N D O F F E R IN G .— Pro­
posals will be received until 12 m. Oct. 24 by F. A. Hudgins, City Clerk,
for the $250,000 4 J4% 40-year harbor and pier-construction bonds (V. 95, p.
770). Denom. $1,000. Int. seml-ann. at office of City Treas. Cert,
check for $5,000 required. Bids must be made on blank forms to be fur­
nished by the City Clerk, on application.

of bonds, payable to the City Treasurer, required.
OAKLAND. Alameda County, Cal.— B O N D S A L E .— On O ctT iy th e
$772,350 4H % 1-38-year (serial) municipal Impt. bonds (V. 9;>, p. 846)
were awarded to E. H. Rollins & Sons of San Fran, for $774,744 29 (100.31)
and Interest.
ORANGE. Essex County, N. J.— B O N D S A L E .— This city has disposed
of the following 5% 1-10-yr. street-lmpt. bonds:
$26,164 01 bonds. Date Mch. 1 1912. Int. M. & S.
4,472 89 bonds. Date May 1 1912. Int. M. & N.
2,625 75 bonds. Date Aug. 1 1912. Int. F. & A.
OGDEN, Utah.— B O N D S A L E . — E. H. Rollins & Sons of Denver have
purchased $50,000 4)4% 10-20-yr. refunding street-lmpt. bonds at 98.
OLEAN. Cattaragus County, N. Y .— B O N D S A L E . — This city has dis­
posed of $16,353 Wash St., $5,769 S. 3d St., $9,189 Second St. and $30,­
218 85 W. Henley St. 4 M % bonds, due part yearly on April 1 from 1913
to 1921 Inclusive.
OPELOUSAS. Saint Landry Parish, La.— B O N D E L E C T IO N — On
Oct. 30 the voters will have submitted to them the proposition to issue
$16,000 sewerage-system bonds, reports state.
OR ISKANY FALLS, Oneida County. N.Y.— B O N D S A L E .— 1Tills village,
we arc advised, has issued $8,000 4)4% reg. water-system bonds. Int. In
Jan. Due from 1917 to 1940.
OWEN COUNTY (P. O. Owenton), Ky.— B O N D S A L E . — This county
has disposed of $30,000 5% refunding bonds at par. Due In 1942.
PASADENA, C a l— B O N D S A L E .— On Oct. 1 the $1,250,000 4 H%
water-plant-purchase bonds (V. 95. p. 771) were awarded, It Is stated, $1,­
000,000 to the Union Nat. Bank of Pasadena at 100.02 and $250,000 to the
State Board of Control at par and Int.
PATERSON, Passaic County, N. J.— B O N D O F F E R IN G .— Proposals
will be received until 4 p. m. Oct. 24 by J. J. Brophy, Clerk Bd. of Finance,
for $200,000 4 >4% gold coup.or reg. tax-free sewer funding bonds. Denom.
$ 1 ,0 0 0 . Date Nov. 1 1912. Int. M. & N. at the Hanover Nat. Bank,
N. Y., or the City Treas. office. Due Nov. 1 1942 Cert, check (or cash)
on an Incorporated bank or trust company for 5% of bid, payable to the
City Treas., required.
Bonds will be certified as to genuineness by the U. S. Mortgage & Trust
Co. and will be approved as to legality by Hawkins, Delafleld & Longfellow
of N. Y., whose opinion will be furnished to the purchaser.
Tne official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.

PENN YAN SCHOOL DISTRICT NO. 1 (P. O. Penn Yan), Yates County.
Pa.— B O N D S N O T Y E T S O L D .— No award has been made of the $25,000
4)4% 1-25-year (serial) reg. building bonds offered without success on
Aug. 5 (V. 95, p. 638).
PERRYSBURG. Wood County, Ohio.—BOND S A L E .— On Oct. 8 the
three Issues of 4 14% coup, bonds aggregating $31,oOO (V. 9;>,p 704) were
awarded to Stacy & Braun of Toledo for $32,298 78 (10-.53o) and Int. Other
Otis & CoW,' Cleveland___ $32,371 3 5 ISpltzcr, Rorlck & Co., Tol.$31,993 90
Hayden, Miller & Co.,Cle. 32,368 50 Prov.Sav.Bk.* lr.Co.,Cln. 31,965 85
Seasongood&Mayer, Cin. 3 2 , 3 0 5 0 0 |Sldney Spltzcr & Co., Tol. 31,940 00
PETERSBURG, Va .— B O N D S A L E . —-This city has disposed of the
$300,000 4 *-4% 40-yr. permanent publlo-lmpt. bonds recently authorized
(V. 95, p. 704). Date Oct. 1 1912.
PHILADELPHIA, Pa . — P U R P O S E S O F $7 000,000 L O A N — The
ordinance passed Oct. 3 providing for a vote on Nov. 5 on a $7,000,000
permanent loan stipulates that the proceeds shall be used as follow®.1
1
main sewers, $400,000: for the construction of branch sewers, $400,000;
for the erection of new bridges, $2 0 0 ,0 0 0 ; for grading streets, $600,000; for
paving Intersections and In front of unasscssable property, $150,000; for re­
surfacing asphalt streets, $500,000; for improving country roads, $300,000 ;
for repairs to streets, $200,000; for the improvement of the water supply
of West Philadelphia, $300,000; for the acquisition of land for harbor Im­
provements and the construction of wharves, &c., $1,600,000, for the
improvement of South Delaware Ave., $250,000; for the acquisition of land
and construction of buildings for the Philadelphia Hospital for Contagious
Diseases and the Home for the Indigent, $250,000; for the purchase of fire
apparatus, $100,000: for the erection of new and the Improvement of
existing police and fire stations, $2 0 0 ,0 0 0 ; for the erection of a machine
shop, $50,000; for the Improvement of f alrinount and other parks, $500,­
000; for the payment of mandamuses, $900,000; and $100,000 for chil­
dren’s playgrounds.
PHOENIX, Ariz.— NO B O N D S S O L D . — The $269,000 bonds reported
sold to the New York Life Ins. Co. of N. Y. (V. 95, p. 847) are not new
securities, we are advised but part of an Issue of $400,000 4 >4% sewer
bonds disposed of during 1911.
PITTSYLVANIA COUNTY (P. O. Chatham), Va — B O N D O F F E R IN G .
— The Board of Supervisors will offer at public auction at 12 m. Dec. 3
$50,000 of the $100,000 Don River Magisterial District road-lmpt. bonds
voted Sept. 3 (V. 95, p. 638).

Oct. 12 1912.]

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4%

2 5 -y r . w a ter

P O R T OP N E H A L E M (P . O . N c h a lcm ), T illa m o o k C o u n ty , O r e .—

ROND

S A L E .— T h e F i r s t N a t . B a n k o f C l o v e , w a s a w a r d e d o n S e p t . 2 8 a t p a r a n d
in t . $ 2 3 5 ,0 0 0 6 % 1 0 -2 0 -y r . h a r b o r -i m p t . b o n d s .
P O R T OP

SEATTLE

(P . O .

S e a t tle ), W a s h .—

RON D OFFE R IN G.—

P r o p o s a l s w i l l b e r e c e i v e d u n t i l 12 m . N o v . 14 b y t h e P o r t C o m m i s s i o n ,
I t . B r id g e s , S e c ., fo r th e fo llo w in g 4
% g o ld b o n d s (V . 9 5 , p . 9 1 7 , 1 3 0 ):
$ 2 5 0 ,0 0 0 o f t h e $ 1 ,0 0 0 ,0 0 0 S m i t h ’s C o v e lm p t . b o n d s .
D u e $ 2 , 0 0 0 In
1 a n d 2 y e a r s , $ 3 ,0 0 0 fr o m 3 t o 9 y e a r s i n c l ., $ 4 ,0 0 0 fr o m 10 t o
1 0 y e a r s I n c l . , $ 5 , 0 0 0 f r o m 17 t o 2 2 y e a r s I n c l . , $ 6 , 0 0 0 i n 2 3 , 2 4
a n d 2 5 y e a r s , $ 7 , 0 0 0 i n 2 0 , 2 7 a n d 2 8 y e a r s , $ 8 , 0 0 0 in 2 9 , 3 0 , 3 1
a n d 3 2 y e a r s , $ 9 , 0 0 0 In 3 3 a n d 3 4 y e a r s , $ 1 0 , 0 0 0 in 3 5 a n d 3 6
y e a r s , $ 1 1 , 0 0 0 in 3 7 , 3 8 a n d 3 9 y e a r s , $ 1 2 , 0 0 0 I n 4 0 a n d 4 1 y e a r s ,
a n d $ 1 , 0 0 0 In 4 2 y e a r s .
5 0 0 .0 0 0 o f th e $ 8 5 0 ,0 0 0 E a s t W a t e r w a y lm p t . b o n d s .
D u e $ 0 ,0 0 0 in 1
y e a r , $ 5 , 0 0 0 in 2 a n d 3 y e a r s , $ 0 , 0 0 0 in 4 y e a r s , $ 5 , 0 0 0 i n 5 y e a r s ,
$ 7 , 0 0 0 i n 6 , 7 , 8 a n d 9 y e a r s , $ 0 , 0 0 0 in 1 0 y e a r s , $ 7 , 0 0 0 i n 11 a n d
12 y e a r s , $ 6 , 0 0 0 i n 1 3 , 14 a n d 1 5 y e a r s , $ 8 , 0 0 0 in 1 6 , 17 a n d 18
y e a r s , $ 9 , 0 0 0 in 19 y e a r s , $ 1 0 , 0 0 0 in 2 0 y e a r s , $ 1 1 , 0 0 0 i n 2 1 a n d
2 2 y e a r s , $ 1 2 , 0 0 0 in 2 3 y e a r s , $ 1 1 , 0 0 0 in 2 4 y e a r s , .$ 1 2 , 0 0 0 i n 2 5 a n d
2 6 y e a r s , $ 1 4 , 0 0 0 in 2 7 a n d 2 8 y e a r s , $ 1 6 , 0 0 0 in 2 9 , 3 0 , 3 1 a n d 3 2
y e a r s , $ 1 8 , 0 0 0 in 3 3 y e a r s , $ 1 9 , 0 0 0 In 3 4 y e a r s , $ 2 2 , 0 0 0 in 3 5 a n d
3 6 y e a r s , $ 2 3 , 0 0 0 in 3 7 y e a r s , $ 2 4 , 0 0 0 in 3 8 y e a r s , $ 2 3 , 0 0 0 In 3 9
y e a r s , $ 2 G , 0 0 0 i n 4 0 y e a r s , $ 2 4 , 0 0 0 i n 4 1 y e a r s a n d $ 2 , 0 0 0 In
42 y ea rs.
2 7 5 .0 0 0 o f th e S a lm o n B a y lm p t . b o n d s .
D u e $ 2 , 0 0 0 In 1 y e a r , $ 3 , 0 0 0 In
2 y e a r s , $ 2 , 0 0 0 in 3 y e a r s , $ 3 , 0 0 0 in 4 a n d 5 y e a r s , $ 4 , 0 0 0 In 6
y e a r s , $ 3 , 0 0 0 in 7 y e a r s , $ 4 , 0 0 0 In 8 y e a r s , $ 3 , 0 0 0 in 9 y e a r s ,
$ 4 , 0 0 0 i n 1 0 a n d 11 y e a r s , $ 5 , 0 0 0 i n 12 y e a r s , $ 4 , 0 0 0 in 13 y e a r s
$ 5 , 0 0 0 f r o m 14 t o 2 0 y e a r s i n c l . , $ 6 , 0 0 0 i n 2 1 , 2 2 a n d 2 3 y e a r s ,
$ 7 , 0 0 0 i n 2 4 a n d 2 5 y e a r s , $ 8 , 0 0 0 in 2 6 y e a r s , $ 7 , 0 0 0 in 2 7 y e a r s ,
$ 8 , 0 0 0 in 2 8 y e a r s , $ 9 , 0 0 0 f r o m 2 9 t o 3 3 y e a r s , $ 1 0 , 0 0 0 in 3 4 a n d
3 5 y e a r s , $ 1 1 , 0 0 0 in 3 6 a n d 3 7 y e a r s , $ 1 2 , 0 0 0 In 3 8 a n d 3 9 y e a r s ,
$ 1 3 , 0 0 0 in 4 0 y e a r s , $ 1 4 , 0 0 0 in 4 1 y e a r s a n d $ 3 , 0 0 0 In 4 2 y e a r s .
2 5 0 .0 0 0 o f t h e $ 7 5 0 ,0 0 0 C e n t r a l W a t e r F r o n t lm p t . b o n d s .
D u e $ 2 ,0 0 0
i n 1 y e a r , $ 3 , 0 0 0 in 2 y e a r s , $ 2 , 0 0 0 in 3 y e a r s , $ 3 , 0 0 0 f r o m 4 t o 8
y e a r s , $ 4 , 0 0 0 In 9 y e a r s , $ 3 , 0 0 0 i n 1 0 y e a r s , $ 4 , 0 0 0 f r o m 11 t o 1 5
y e a r s I n c l . , $ 5 , 0 0 0 i n 16 y e a r s , $ 4 , 0 0 0 in 17 y e a r s , $ 5 , 0 0 0 in 1 8 ,
19 a n d 2 0 y e a r s , $ 6 , 0 0 0 in 2 1 , 2 2 , 2 3 a n d 2 4 y e a r s , $ 7 , 0 0 0 f r o m
2 5 t o 2 9 y e a r s i n c l . , $ 8 , 0 0 0 in 3 0 a n d 3 1 y e a r s , $ 9 , 0 0 0 In 3 2 , 3 3 ,
3 4 a n d 3 5 y e a r s , $ 1 0 , 0 0 0 in 3 6 a n d 3 7 y e a r s , $ 1 1 , 0 0 0 in 3 8 , 3 9
a n d 4 0 y e a r s , $ 1 2 , 0 0 0 In 4 1 y e a r s a n d $ 1 , 0 0 0 In 4 2 y e a r s .
1 ,0 0 0 ,0 0 0 o f t h e $ 3 ,0 0 0 ,0 0 0 H a r b o r I s la n d l m p t . b o n d s .
D u e $ 1 0 , 0 0 0 In
1 a n d 2 y e a r s , $ 1 1 , 0 0 0 In 3 a n d 4 y e a r s , $ 1 2 , 0 0 0 in 5 , 6 a n d 7
y e a r s , $ 1 4 , 0 0 0 in 8 , 9 a n d 10 y e a r s , $ 1 5 , 0 0 0 in 11 y e a r s , $ 1 4 , 0 0 0
In 12 y e a r s , $ 1 6 , 0 0 0 In 13 y e a r s , $ 1 7 , 0 0 0 in 14 y e a r s , $ 1 6 , 0 0 0 In
1 5 y e a r s , $ 1 8 , 0 0 0 In 16 y e a r s , $ 1 9 , 0 0 0 in 17 a n d 18 y e a r s , $ 2 0 , 0 0 0
in 1 9 y e a r s , $ 2 1 , 0 0 0 In 2 0 y e a r s , $ 2 2 , 0 0 0 in 2 1 y e a r s , $ 2 3 , 0 0 0 In
2 2 y e a r s , $ 2 4 , 0 0 0 in 2 3 a n d 2 4 y e a r s , $ 2 6 , 0 0 0 in 2 5 y e a r s , $ 2 7 , 0 0 0
In 2 6 y e a r s , $ 2 8 , 0 0 0 in 2 7 y e a r s , $ 2 9 , 0 0 0 in 2 8 y e a r s , $ 3 0 , 0 0 0 in
2 9 y e a r s , $ 3 1 , 0 0 0 in 3 0 y e a r s , $ 3 2 , 0 0 0 in 3 1 y e a r s , $ 3 4 , 0 0 0 in 3 2
y e a r s , $ 3 5 , 0 0 0 In 3 3 y e a r s , $ 3 6 , 0 0 0 In 3 4 y e a r s , $ 3 8 , 0 0 0 in 3 5
y e a r s , $ 3 9 , 0 0 0 in 3 6 y e a r s , $ 4 1 , 0 0 0 i n 3 7 y e a r s , $ 4 3 , 0 0 0 In 3 8
y e a r s , $ 4 4 , 0 0 0 in 3 9 y e a r s , $ 4 8 , 0 0 0 in 4 0 a n d 4 1 y e a r s a n d $ 3 , 0 0 0
In 4 2 y e a r s .
'
7 5 ,0 0 0
o f th e $ 1 5 0 ,0 0 0 L a k e W a s h in g t o n F e r r y b o n d s .
D u e $ 1 , 0 0 0 In
1 a n d 2 y e a r s , $ 1 , 0 0 0 f r o m 4 t o 13 y e a r s , $ 2 , 0 0 0 In 14 y e a r s ,
$ 1 , 0 0 0 in 1 5 a n d 16 y e a r s , $ 2 , 0 0 0 In 17 y e a r s , $ 1 , 0 0 0 In 18 y e a r s
$ 2 , 0 0 0 in 19 y e a r s , $ 1 , 0 0 0 in 2 0 y e a r s , $ 2 , 0 0 0 In 2 1 y e a r s , $ 1 , 0 0 0
In 2 2 y e a r s , $ 2 , 0 0 0 f r o m 2 3 t o 2 9 y e a r s i n c l . , $ 3 , 0 0 0 in 3 0 y e a r s
$ 2 , 0 0 0 in 3 1 a n d 3 2 y e a r s , $ 3 , 0 0 0 f r o m 3 3 t o 4 0 y e a r s i n c l . , $ 4 , 0 0 0
in 4 1 y e a r s a n d $ 1 , 0 0 0 in 4 2 y e a r s .
D c n o m . $ 1 ,0 0 0 .
I n t. s e m i-a n n . a t th e C o u n t y T r e a s . o ff ic e o r th e S ta te
f i s c a l a g e n c y in N . Y .
C e r t , c h e e k fo r 1 % o f b o n d s b id fo r , p a y a b le t o th e
P o r t C o m m i s s i o n , is r e q u i r e d .
B o n d s w ill b e c e r t ifie d a s t o g e n u in e n e s s b y
t h e C o l u m b i a - K n l c k c r b o c k c r T r u s t C o . in N . Y . a n d t h e l e g a l i t y o f t h e s e
b o n d s w ill b e p a s s e d u p o n b y C a ld w e ll, M a s s lic h & H e e d o f N . Y . , w h o s e
o p i n io n w ill b e fu r n is h e d u p o n r e q u e s t .
T h e P o r t o f S e a ttle h a s n o b o n d e d
d e b t a t p re se n t.
A s s e s s e d v a lu a tio n o f th e P o r t D is tr ic t (K in g C o u n t y ),
$ 2 5 8 ,6 4 0 ,3 7 4 .

P O S E Y C O U N T Y /( P . O . M t . V e r n o n ), I n d .— RON D S A L E .— On O c t . 7
t h e 5 3 .1 2 0 4 'A % c o u p , r o a d b o n d s ( V . 9 5 , p . 8 4 7 ) w e r e a w a r d e d t o t h e F ir s t
N a t . B a n k o f N e w H a r m o n y f o r $ 3 ,1 3 0 (1 0 3 .2 0 5 ) a n d In t.
A b id o f $ 3 ,1 2 5
a n d In t. w a s a ls o r e c e iv e d fr o m t h e P e o p l e ’s B a n k ft T r u s t C o . o f M t . V e r n o n .
J O IN T S C H O O L D I S T R I C T , Cal —

TION

RON D E L EC ­

.— O n O c t . 19 t h e v o t e r s w i l l h a v e s u b m i t t e d t o t h e m t h e q u e s t i o n o f
Is s u in g $ 4 0 ,0 0 0 b o n d s , a c c o r d i n g t o r e p o r t s .

n /- f v A^L> i

D I S T R IC T

(P . O .

P r ice ), C arbon

C o u n ty .

U t a h .—

BO N D S A L L . R e p o r t s s t a t e t h a t a n Issu e o f $ 4 5 ,0 0 0 h i g l i - s c f i o o l - b l d g .
b o n d s h a s b e e n p u r c h a s e d b y E . I I . R o llin s & S o n s o f D e n v e r .
Q U I N C Y . At a s s .— BOND S A L E . — O n O c t . 10 $ 1 5 0 , 0 0 0 4 % c o u p , f u n d ­
in g lo a n 1 9 1 2 w e r e a w a r d e d t o L e e , H i g g i n s o n ft C o . o f B o s t o n a t 1 0 0 .3 5
a n d in te r e s t.
O t h e r b id s fo llo w :
N . W . H a r r i s f t C o . , I n c . , B o s t . 1 0 0 . 1 4 6 1A d a m s & C o . , B o s t o n ________
1 00 103
B l o d g e t f t C o . , B o s t o n -------------1 0 0 .1 1 1 R . r ,. n a y & C o . , B o s t o n ______ 1 0 0 . 0 7 9
C u r t i s f t S a n g e r , B o s t o n --------1 0 0 . 1 1 1 1 B l a k e B r o s , B o s t o n ________
1 0 0 .0 5
D e n o m . $ 1 ,0 0 0 .
D a te S e p t. 3 1912.
I n t . M . ft S . a t t h e E l i o t N a t .
B a n k in B o s t o n .
D u e $ 1 5 ,0 0 0 y e a r ly o n S e p t . 3 fr o m 1 913 t o 1 92 2 i n c l .
R A C I N E , R acine C o u n ty , W i s . — NO B ON DS TO B E VO TE D . — L o c a l
p a p e r s s t a t e t h a t t h e q u e s t io n o f Is s u in g t h e $ 1 8 5 ,0 0 0 t r u n k s e w e r b o n d s
( V . 9 o , p . 3 7 6 ) w ill n o t b e s u b m i t t e d t o t h e v o t e r s a t t h e N o v e m b e r e l e c ­
tio n .
„ , H ! - D ° N r?,0

BEACH,

Los

A n g e le s C o u n ty ,

C a l—

BOND E LEC TIO N

PROPO SED .— A c c o r d i n g t o l o c a l p a p e r s t h e p r o p o s i t i o n t o I s s u e $ 2 0 , 0 0 0
h a r b o r - i m p t . b o n d s w ill p r o b a b ly b e s u b m it t e d t o a v o t e o f t h e p e o p le .
R E F U G I O C O U N T Y (P . 0 . R e fu g io ). T e x a s . —
c l c £ tJ ? , n 11 , k e p t . 2 4 t h e p r o p o s i t i o n
p . 7 0 4 ) c a r r i e d , i t is s t a t e d ,

B ON DS VO TE D.—

t o is s u e $ 2 5 ,0 0 0 r o a d b o n d s

A t an
(V . 9 5,

R I C H M O N D , Contra C osta C o u n ty . C a l. — BON D E LE C TIO N .— Reports
state that the voters will have submitted to them at the N ovember election
the proposition to Issue $1,000,000 harbor-im pt. bonds.

_ ^ ,T?U .FIEH ?..oSSn
DISTRIC T. C a l . — BO N D E LECTION .— O n
O c t . 2 2 t h e v o t e r s w ill d e c i d e w h e t h e r o r n o t t h is d i s t r i c t s h a ll Issu e $ 7 ,0 0 0
b o n d s , a c c o r d in g t o re p o r ts .
ROCHESTER, N. Y.~ BON D S A L E .— This city has disposed of the
following bonds:
$350,000 4% reg. school bonds
Date June 1 1912. Int. J. ft D . Due
June 1 1942.
125,000 3 Ai% llrc-house-equlp. and constr.
bonds. Date May 1 1912.
Int. M. ft N. Due May 1 1924.
49,600 4 % voting-machine bonds. Date A ug. 1 1912. In t. F . & A .
Due A ug. 1 1922.
ROCHESTER. Beaver County, Pa.— RON D S A L E .— On O ct. 7 the three
Issues or 1 h „ coupon tax-free bonds, aggregating $80,000 (V 95 n 847)
were awarded to Otis & Co. of Cleveland for $80,010 (100.762) and int
Other bids follow:
L aw rcnceB arnum & C o.,Pltts-$80,6 101Newberger, Henderson ft Loeb
O ’Connor & Kahler, N . Y . . 80,6 10 | P h ila d elp h ia .................... $80 051
A bid was also received from J. S. ft W . S. Kuhn, In c., of Pittsburgh.
n „ROCKPORT VILLAG E SCHOOL DISTRICT, Cuyahoga County, Ohio.—
BON D S A L E .— On May 1 the $20,000 5% 19 1-3-year (av.) building bonds
(V . 94, p. 932) were awarded, we have Just been advised, to the First N at.
Bank of Cleveland at 110.3295.




R O O S E V E L T , W a s a tc h C o u n ty , U ta h . — BO N D S A L E
the State of Utah purchased at par $4,100 6% school bonds.
Date A ug. 1 1912. Due A ug. 1 1932, opt. after 10 years.

-During Sept.
Denom. $100.

R Y E G A T B SC H O O L D IS T R IC T (P . O . R y e g a t e ). M u s s e ls h e ll C o u n ty .

C a l. — RON DS PR O PO SED .— Reports state that a petition Is being cir­
culated asking the City Council to submit to the voters the question of
Issuing school-construction bonds.
P O R T L A N D . O re .— RON D S A L E .— On O ct. 8 the $250,000 4 % 25-yr.
gold park and boulevard bonds (V . 05, p. 704) were awarded to C. E . Denls o n & C o . ot C lev e.a n l Morris Bros, of Portland, Jointly,at 93.44 and hit.
W e arc not advised as to the result of the offering at the same time of the
$315,000 bridge bonds.
RON D O FFERIN G. — P r o p o s a l s w i l l b e r e c e i v e d u n t i l 11 a . m . O c t . 2 1 ,
I t Is s t a t e d , b y A . L . B a r b u r , C i t y A u d . , f o r $ 2 5 0 , 0 0 0
bon ds.
I n t . s e m i-a n n .
C e r t, c h e c k fo r 5 % r e q u ir e d .

91)7

M o n t.— B O N D S A L E .— Reports state that an Issue o f $12,000 bldg, bonds
has been purchased by Wells & Dickey Co. of Minneapolis for $12,407—
making the price 103.391.
ST. C H A R L E S . K an e C o u n ty , III.— BON D S A L E .— W e are advised that
an issue of $80,000 sewer-system bonds will be disposed of to Dearborn ft
Jackson, contractors, o f Cedar Rapids, la .
ST. P A U L . A linn. — BO N D S A L E .— On O ct. 2 seven Issues o f local Im­
provement bonds, aggregating $16,911 54. were disposed of, according to
reports.
S A L IN E . W a s h te n a w C o u n ty . Alich.— BON DS V O T E D — The pro
position to issue $30,000 4% 30-yr. water-works bonds carried by a vote o f
209 to 106 at an election held O ct. 1. We are advised that the date for the
odcrlng of these bonds has not yet been decided.
..................
SA N T A C L A R A , C a l.— BON D S A L E .— The State Board orC on trol has
purchased an issue of $36,264 16 5% school bonds at par and Int., according
to reports.
S C H E N E C T A D Y C O U N T Y (P . O . S c h e n e c ta d y ), N. V.— B ID S R E JE C ­
TE D .— All bids received on O ct. 5 for the $200,000 4 i ( % coupon or reg.
site-purchase court-house and Jail bonds (V . 95, p. 847) were rejected. • ■
S E A T T L E , K in g C o u n ty , W a s h .— BON D S A L E .— W e are advised that
this city has disposed of the following bonds:
$190,000 sewer bonds. Date July 1 1912. I n t .J . & J . Due $9,000 yearly
July 1 1913 to 1931 incl. and $19,000 July 1 1932.
205,000 5% water bonds. Date July 1 1912. Int. J. & J. Due $10,000
• _„
yearly July 1 1913 to 1931 and $15,000 July 1 1932.
BOA D S A L E .— During September this city disposed of the following 6%
special improvem ent assessment bonds:
$362 42 walk and curb bonds. Date Sept. 9 1912. Due Sept. 9 1922, o p t.
beginning one year.
2,825 58 sewer bonds. Date Sept. 10 1912. Due Sept. 10 1917, o p t .
• • •
beginning one year.
.............................................................
S E N A T O B IA C R E E K D R A I N A G E D IS T R IC T (P . O . S enatobia) ,rT a te
C o u n ty . M is s .— R O N D S N O T SO LD .— No award was made on O ct. l of

the $10,000 5% 20-yr. bonds (V . 95, p . 704). W e are advised that these
bonds are still being offered for sale.
•
S E V I L L E . Aledina C o u n ty . O h io .— BON’ D S A L E .— On O ct. 7 $2,810 49
5% 6 M-yr. (a v .) bonds were awarded. It Is stated, to the Savings &’Deposlt
Bank of Medina for $2,815 49 (100.17) and i n t . ............................................
S H E N A N D O A H , S chuylkill C o u n ty , P a .— B O N D S A W A R D E D TIN
P A R T .—AN c are advised that o f the $35,000 4 % 30-yr. tax-free water-works
bonds offered on June 1, $15,000 have been awarded to local parties at
par and Int. D enom . $100. Date J u nejl 1912. In t.
..................
S IB L E Y IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . S ib le y ). O sceola
C o u n ty . I o w a .— B O N D S A L E .— On May 22 the $13,000 5% 9 H -yr. (av.)

funding bonds (V . 94, p. 1344) were awarded to Geo. M. Bechtel & Co. o f
Davenport at par and I n t . ...............................................................................
• SAT ITH L A N D . W o o d b u r y C o u n ty , Io w a .— BO N D OFFE R IN G .— Pro­
posals will be received until 8 p. m. Oct. 14 by J. F. Y ockey, Town Clerk,
for $7,000 5 H % coupon water-works bonds. A uth. Sec. 1306. Code o f
1907. Denom. $500. ’ Date N ov. 1 1912. Int. M. & N. at place to be
agreed upon. Due N ov. 1 1932. op t. $3,500 after 10 years and $1,750 after
15 years. Cert, check for 3% of bid, payable to the Town Treasurer, re­
quired. • No debt at present. Assessed val. 1912, $ 1 6 0 ,1 2 4 ..................
SAIYTH C O U N T Y (P . O . M a r io n ), V a .— R ON D E LEC TIO N P R O P O S E !!’
— Reports state that the Board of Supervisors will ask the Circuit Court at
Its N ovem ber term to order an election to vote on the question of issuing
$150,000 Marlon Magisterial District and $75,000 St. Claire Magisterial
District 5% 30-year roadibonds.
• ■ ■
SO U TH C O N N E L L S V IL L E SC H O O L D IS T R IC T (P . O . S outh C on n ells-

v ille ), F a y e tte C o u n ty , P a .— BO N D S A L E .— The $15,000 building bonds
offerred without success on A ug. 26 (V. 95, p. 639) were sold at private
sale on O ct. 9.
.................
■ S P R I N G F I E L D . H am pden C o u n ty , A lass.— BO N D OF F E R IN G .— Vroposals^wlUJbeTecelved’^intll 12 m .'O ct.r:18;jby E . T . T lfft. City Treas., for
$525,000j[4% r gotd coupon or reg. m unicipal-bldg, loan of 1912 tax-free
bonds. (V . 95, p. 639.) D enom . $1,000 or multiples thereof. Date
N ov. 1 1912. Int. M. & N . at First N at. Bank In Boston or at office of
City Treas. Due $14,000 yrly. on N ov. 1 from 1913 to 1917 incl. and
$13,000 yrly. on N ov. 1 from 1918 to 1952 Incl. Cert, check for 1% of
bonds bid for, payable to the city, required. Purchaser to pay accrued
interest. Bonds will be certified as to genuineness b y the Old Colony Trust
C o., B oston, and the legality of the Issue will be approved b y Storey,
Thorndike, Palmer & Dodge of B oston.
•
.
The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
...................................
S P R I N G F I E L D , Clark C o u n ty , O h io . — BO N D S A L E .— On O ct. 8 Seasongood ft Mayer o f Cincinnati were awarded. It Is stated, the following
4 X % bonds (V . 95, p . 704):
$25,026 47 17-yr. (av.) (city ’s portion) street-lm pt. bonds for $26,751 47
(106.892) and Int.
i .1 .
18,443 80 23-yr. cou p. Mill Run lm pt.
r •
STAA 1FO RI). D elaw are C o u n ty . N. Y .— BO N D S A L E .— On O ct. 10 the
$ 12,000 6 H -year (av.) cou p, or reg. State road bonds (V . 95, p. 920) were
awarded to Douglas Fenwick & Co. of N. Y . for $12,013 (100.108) for 4.65s.
S T A T E S B O R O . B u llock C o u n ty . G a . — BO N D ELECTION PROPO SED .
— An election will probably be held N ov. 14 to vote on the proposition to
Issue $60,000 bonds for sewers and other Improvements, reports state. •|.J
S U L P H U R SC H O O L D IS T R IC T , M u rra y C o u n ty , O k la . — RON D S A L E .
— We have Just been advised that this district disposed of $2,697 86 6 %
funding bonds on April 16. Int. A . ft O. In N. Y . Due April 16 1937.*~-J SUAITER C O U N T Y (P . O . S u m te r), So. C ar.— BO N D S A L E — On O ct. 1
the $10,000 4 }/jTo 20-yr. road-lmpt. bonds (V. 95, p. 704) were awarded to
the Provident Sav. Bank ft Trust Co. of Cln. at par and Int. less $150 for
expenses. Other bids follow:
Scasongood & Mayer, C ln ___ $9,800jN ew First Nat. Bank, C o l____ $9,200
Well, R oth ft C o., C ln _______ 9,700
Rids for 5% Bonds.
R . M . G r a n t ft C o ., N . Y ------- 9 , 6 2 5 |j o h n N u v c e n ft C o ., C h ic a g o . 1 0 ,0 8 7
A . J. H ood & Co., D etroit------ 9,442|I*'lrst Nat. Bank, S u m te r.. ..10 ,0 0 0
SUSQUEHANNA. Susquehanna County. Pa.— B ON DS V O T E D — An
electio n h eld O c t. 4 re s u lte d In a v o te of 4 8 3 to 6 6 In fa v o r of th e q u e s tio n
of Issu in g $ 1 5 ,0 0 0 p a v in g b o n d s . W e a re a d v ise d t h a t th e se b o n d s will
n o t b e Issued b efo re n e x t s p rin g .
SUTHERLIN, Douglas Couuty, Ore.— PU R C H A S E R OF B O N D S .—
T h e p u r c h a s e r o t th e $ 3 0 ,0 0 0 0 % 1 0 - 2 0 - y e a r (o p t .) w a te r- s y s te m - c o n s tr .
b o n d s (V . 9 5 , p . 7 7 1 ) w as C au sey , F o s te r & C o. of D e n v e r a t p a r . D e n o m .
$ 1 ,0 0 0 . D a te F e b . 1 1 9 1 2 . I n t . F . & A . ........................................................................
TERRELL. Kaufman County, Texas.— B O N D J S A L E .— T h e $ 6 ,0 0 0 5 %
1 0 - 4 0 - y r . (o p t.) s tr e e t- im p t. b o n d s re g iste re d o n A u g . 2 2 (V . 9 5 , p . 5 6 3 )
h a v e b e e n s o ld .
. . .
.......................................
TEXAS COUNTY (P. O. Guymon), Okla.— R O N D E LECTION PRO­
POSED .— R e p o rts s ta t e t h a t p e titio n s a re b ein g c irc u la te d c a llin g fo r a n
ele c tio n to s u b m it to th e v o te rs th e q u e s tio n of Issu in g $ 3 0 ,0 0 0 c o u r t-h o u s e c o n s tr u c tio n b o n d s .
........................................................................ ;
................................... ....

TOLEDO SCHOOL DISTRICT (P. O. Toledo), Lucas County. Ohio.—

RON D S A L E .— O n O c t. 9 th e $ 4 0 0 , 0 0 0 4 % 2 7 - 3 6 - y c a r (s e ria l) b u ild in g
b o n d s (V. 9 5 , p . 7 7 2 ) w ere a w a rd e d to H a y d e n , M iller ft C o . a n d O tis & C o.
of C le v e la n d J o in tly a t 1 0 2 .9 0 5 2 5 , it is s t a t e d . ................................................................
TRENTON, Ohio.— BOND E L E C TIO N .— T h e p ro p o s itio n to Issue w a te r w o rk s-sy ste m b o n d s w ill b e v o te d u p o n a t th e N o v e m b e r e le c tio n , r e p o r ts
s t a t e . • D e n o m . $ 5 0 0 . ............................................................................................................... .

TRENTON UNION FREE SCHOOL DISTRICT NO. 3, Oneida County.

N. Y.— BOArI)S NOT SOLD .— N o b id s w ere re c e iv e d o n S e p t. 2 3 fo r th e
$ 1 ,5 0 0 (n o t $ 3 ,0 0 0 as a t first r e p o rte d ) 5 % b o n d s (V . 9 5 p . 7 0 4 ) .
■
RON DS TO RE OFFERED S H O R T L Y .— W e a re a d v ise d t h a t r t h i s
d is tr ic t will soon Oder fo r sale $ 2 ,5 0 0 b o n d s .
.................................................. •
TRINCHERA

IRRIGATION

DISTRICT.

Castilla County.^C olo.—

B ON DS VO TE D .— A c c o rd in g to r e p o r ts , th e v o te rs a u th o r iz e d th e issu ­
a n c e of $ 3 5 0 , 0 0 0 r e s e rv o ir, d itc h a n d la te r a l b o n d s a t a n ele c tio n h e ld O c t. 5 .

THE

998

C H R O N IC L E

T U N I C A . T u n ic a C o u n ty . M is s .— B O N D S A L E .— On Sept. 15 $10,000
5-20-year (opt.) bonds were awarded to Leo Lesser at par. Denom.
$1,000. Date S ept. 2 1012. Interest annual.
TURLOCK
IR R IG A T IO N
D I S T R IC T
(P . O . T u r lo c k ). S tan islau s
C o u n ty , C a l.— B O N D OFFE R IN G .— Proposals will be received until 2

p .in i. O ct. 21 b y A nna Sorensen, Secy. B d. of Directors for $500,000
5% bonds.
T U R T L E C R E E K , P a .— B ON D O FFER IN G.— Proposals will be received
until 8 p. m . O ct. 18 by the Borough Council, C. F. Dotts, S ec., for $145,000
4 )4 % bonds. Denom . $1,000. Date N ov. 1 1912. Int. M . & N . Due
N ov. 1 1927 to 1941, inclusive.
T Y R O N E . B lair C o u n ty . P a.— B O N D S A L E .— On Sept. 25 the $20,000
4 % 10-20-yr. (opt.) refunding bonds (V . 95, p. 563) were awarded to M. E .
Olmsted of Harrisburg at 100.001. Denom . $500. Date O ct. 1 1912.
In t. A . & O .
U H R I C H S V I L L E , T u s c a r a w a s C o u n ty , O h io .— B O N D S A U T H O R ­
IZ E D .— A resolution was passed providing for the issuance o f $3,000 4 )4 %
refunding bonds, reports state. Date Oct. 1 1912. Int. semi-ann. Due
O ct. 1 1937.
V A L D O S T A . L o w n d e s C o u n ty , G a .— B O N D S A L E .— On O ct. 2 the
J’ lssues of 5% bohds, aggregating $100,000 (V . 95, p . 639) . were awarded.
It Is'stated, to the New York Life Insurance C o. o f N . Y . at 102.867.
V E N IC E . L o s A n g e le s C o u n ty . C a l.— B ON DS R E F U SE D . A ccording
to local papers, Torrdnce, Marshall & Co. of Los Angeles have refused to
accept the $20,000 1-40-yr. (ser.) sewer and $23,000 1-23-yr. (ser.) garbageIncinerating: 5% bonds awarded to them on July 8 (V . 95, p . 192).
W ALLA

W ALLA

COUNTY

SCHOOL

D I S T R IC T

NO.

17.

W a s h .—

W ALLA

W ALLA

COUNTY

SCH O O L

D I S T R IC T

NO.

23,

W a s h .—

B ON D S A L E .— This district has disposed of $25,000 5% 1-20-yr. (op t.)
coupon bldg, bonds. Int. ann. in April at the State Treasurer's office.
B O N D S A L E — A n issue of $3,000 5 H % 1-10-yr. (opt.) coupon bldg, bonds
has been disposed of, we are advised,
Int. ann. In A ug. at the State
Treasurer’s office.
W A P P I N G E R F A L L S , D u tc h e ss C o u n ty . N . Y . BON DS VO TED.—
The election held O ct. 1 resulted In favor of the proposition to issue $12,000
Uighway-lmpt. bonds, the vote being 90 to 9. We are advised that the
date for the offering of these bonds has not yet been decided.
W A S H I N G T O N C . H . . F a y e tte C o u n ty . O h io . — BON D S A L E .— On
Oct. 9 the $5,000 4 )4 % 1-10-year (ser.) cou p, street lm pt. bonds (V. 95,
p. 705) were awarded to Seasongood & Mayer o f Cincinnati at 102.60 and
interest. Other bids follow:
P rovident Savings Bank,
W ash. Sav. B k. & T r. Co.,
. Cincinnati
__________ $5,128 50
W a sh in g ton -------------------$5,056 25
First N at. Bank, C leve____ 5,082 30|Com m ’l Bk., W ash. C. I I . . 5,040 50
W A T E R T O W N , Jefferson County, Mass.— LO A N O FFE R IN G .— Pro­
posals will be received until 3:30 p. m. Oct. 14 by II. W . Brigham, City
Treas for a tem porary loan o f $50,000 In anticipation of taxes. Duo
$25,000 D ec. 18 1912 and $25,000 April 14 1913.
W A T E R T O W N , C od in gton C o u n ty , S o. D a k .— BON D S A L E .— The
First N at. Bank of W atertown has been awarded $27,000 5% funding bonds,
w e are advised.
W A T T S , L o s A n g e le s C o u n ty , C a l — B O A rD ELEC TION PR O PO SED .—
Reports state that petitions are being circulated calling for an election to
submit to the voters the question of issuing $25,000 water-system bonds.
• W A U S E O N , F u lton C o u n ty , O h io.— B ON D S A L E .— On O ct. 7 the
$7,602 52 4 )4 % Shoop A ve. paving assess, bonds (V . 95, p. 772) were

aw arded t o th e S e cu rity S a v . B a n k <fc T ru st C o . o f T o le d o fo r $ 7 ,628 27
(100.338) a n d Interest. O th er b ids fo llo w :
H a y d e n , M iller <Sc C o., C l e v .$7,623 52 IT illo tso n & W o lc o t t C o .,
W eil, R o t h & C o ., C in .......... 7,623 02 | C l e v e l a n d .......... ...................$7,609 52
W E L L IN G T O N , L orain C o u n ty , O h io .— B ON D O FFE RIN G . — -Proposals
w ill b e r e c e iv e d u n til 12 m . N o v . 7 b y J . B . M u rray, V illa ge C lerk, fo r th e
fo llo w in g 5 % assessm ent b on d s: $ 9 ,4 8 0 W e s t M ain S t .lm p t .b o n d s ; d e n o m ,
$948. $ 5 ,5 2 0 P r o s p e c t S t. lm p t. b o n d s; d e n o m . $55 2. A u th . S e e . 3914,
G en. C od e.
D a te O ct. 1 1912. In t. A . & O .
D u e o n e b o n d o f ea ch Issue
y e a r ly on A p ril 1 fro m 1914 t o 1923, in c l. C ert, c h e c k fo r 5 % o f b o n d s b id
fo r, p a y a b le to th e V illa ge T r e a s ., r e q u ir e d . B o n d s t o b e d e liv e re d an d paid
fo r w ith in 10 d a y s fro m tim e o f a w a rd . P u rch a ser to p a y a c c r u e d in teres t.
W E L L S T O N , L incoln C o u n ty . O k la .— B ON DS V O T E D — A t a r e c e n t
e le ctio n th e q u e s tio n o f Issuing $2,000 p a rk lm p t. b o n d s r e c e iv e d a fa v o r a b le
v o t e , a c c o r d in g t o rep orts.
W H IT E P L A IN S , W e s tch e s te r C o u n ty , N. Y — B ON D S A L E .— On
O ct. 7 th e fo llo w in g bids w ere r e ceiv ed fo r the $32 ,000 5 % 6 -y r . r eg . t a x d eflclen cy b o n d s (V . 95, p . 921.)
H arris, F orb es & C o ., N . Y . .1 0 2 .3 1 9
Y on k ers S a v . B k ., Y o n k e r s .103.00
P a rson , S on & C o ., N . Y ____ 102.897 K issel, K in n tcu t & C o ., N . Y . 102.113
R . M . G rant & C o ., N . Y ------ 102.789 S . A . K ea n & C o ., N . Y _____ 102.100
A d am s & C o ., N . Y _________ 102.509 W m . R . C o m p to n C o ., O h io .1 01 .914
Curtis & S an ger, N . Y ______ 102.411 G e o . M . H a h n , N . Y _ . .......... .1 0 1 .7 2
Ferris & W h ite , N . Y ............102.371 J o h n J . H a r t, A l b a n y . . ........101.73
W I C H I T A F A L L S , W ich ita C o u n ty , T e x .— B O N D E L E C TIO N .— I t Is
stated th a t o n N o v . 4 th e v o te r s w ill h a v e s u b m itte d to th e m th e p r o p o s i­
tion t o issue $22 ,000 s tr e e t-im p t. an d s e p tic-p la n t b o n d s.
W I L K E S -B A R R E , L u zern e C o u n ty , P a .— BON D S A L E . — O n O c t . 3 th e
$75,000 o f the $350,000 4 ) 4 % co u p o n (w ith p rlv . o f re g .) ta x -fr e e b o n d s
were aw arded t o N . W . H alsey & C o . o f P h ila. at 10 1 .1 3 . T h e o th e r b id s
re ce ive d w ere re p o rte d In last w e e k ’s "C h r o n ic le ” , w h ere It w as erro n e o u sly
stated th a t th e en tire Issue ($350,000) h ad b e e n s o ld .
W IN N E B A G O , T h u rsto n C o u n ty , N e b — BOND O FFE R IN G .— Proposals w ill b e re c e iv e d a t o n c e b y E . K . W llts c, V illage Clerk, fo r $9,000
5 % g o ld c o u p o n w ater-system b o n d s. A u th . C h ap. 14, A r t . l , S u b -d lv ls lo a
15, A n n o ta te d S ta t. o f N e b . D e n o m . $50 0. D a te S e p t. 1 1912. I n t . M . A S .
at th e N ebraska fiscal a g e n c y In N . Y .
D ue S e p t. 1 1932, o p t . a fte r 5 years.
N o d e p o sit is requ ired . T o t a l d e b t, in c lu d in g tills Issue, $ 1 1 ,0 0 0 . A ssessesd
va lu a tio n $55 ,000 .
W Y A N D O T C O U N T Y (P . O . U p p er S a n d u s k y ), O h io .— B O N D ELEC­
TION P R O PO SED .— R eports sta te th a t a v o t e w ill b e ta k e n o n th e ques­
tio n o f issuing $75,000 m em orial - b ld g , b o n d s.
Y O R B A L IN D A SC H O O L D IS T R I C T . O ra n ge C o u n ty , C a l,— BON D
S A L E . — O n O c t. 2 th e $8,000 5 % b ld g , b o n d s (V . 95, p . 849) w ere aw arded
t o th e C a liforn ia N a tion a l B a n k at p a r.
Y O R K T O W N S H I P , B e lm o n t C o u n ty , O h io .— BON D S A L E . — W e h a r e
ju s t been ad v ise d th a t th e $ 1 4 ,0 0 0 5 % r o a d bon d s o ffe r e d o n J u ly 13 ( V . 94,
p . 1721) h a v e been a w a rd ed t o S e a s o n g o o d & M ayer o f C lnolnnatl a t 1 0 3 .SI
and bla n k b o n d s .

C a n a d a , its P ro v in c e s and M u n ic ip a litie s .
A IL S A C R A I G SC H O O L D IS T R IC T NO. 642 (P . O . P in ch e ), S ask .—

D E B EN TU R E S A L E . — O n A u g . 1 th e $2,000 6 % d eben tu res (V . 95,

131) w ere a w a rd ed to th e W e ste rn S c h o o l S u p p ly C o . o f R e g in a at 1 01 .10.

NEW LOANS.

NEW LOANS.

$ 5 2 5 ,0 0 0

$ 4 0 ,0 0 0

C ity of Sprin^f ield , M a ss.

[VOL. L XXXXV

NEW LOANS.
$ 2 0 0 ,0 0 0 .0 0

CITY OF SOUTH AMBOY, CITY OF PATERSON, N. J.
Middlesex County, New Jersey

S E W E R F U N D IN G B O N D S

G O L D S E R IA L B O N D S

SCH OOL BONDS

p'
C ity T rea su rer’ s O ffice , O c t o b e r 9, 1912.
r In pu rsu a n ce o f an o rd e r o f th e C ity C ou n cil,
a p p ro v e d b y th e M a y or, th e u n d ersign ed . T re a s­
u rer o f th e C ity o f S prin gfield, w ill re ce iv e u n til
tw e lv e o ’c lo c k M ., F R I D A Y , O C T O B E R 18, 1912,
•ealed p rop osa ls fo r the follo w in g -d e s crib e d bo n d s:

Sealed p rop osals w ill b e re ce iv e d b y th e C om m on
C ou n cil o f th e C ity o f S ou th A m b o y , M id d le se x
C o u n ty , N ew Jersey, a t E igh t O ’c lo c k P . M . on
T U E S D A Y . T H E F IF I'E E N T H D A Y O F OCTO­
B E R , O N E T H O U S A N D N IN E H U N D R E D A N D
T W E L V E , at th e C ity H all ln jsa ld C ity o f S ou th
A m b o y , fo r the purchase o f a n y o r all o f an Issue
o f b o n d s as follow s:
F orty T h ousand
($40,000) dolla rs o f the
au th o riz e d Issue o f F ifty -fiv e T h o u s a n d ($55,000)
dollars o f S c h o o l B o n d s, w hich w ill be d ated
O cto b e r F irs t, O ne T h o u sa n d N ine H u n d re d and
T w e lv e . T h e b o n d s w ill bear interest at th e rate
o f F iv e ( 5 % ) per c e n t per an n u m . T h e y w ill be
Issued as c o u p o n b o n d s, w ith th e rig h t o f registra­
tion as to p r in cip a l, o r prin cipa l an d Interest, and
w ill be n u m b e re d fro m One t o F o r t y Inclusive,
an d w ill be in th e d e n o m in a tio n o f O ne T h o u sa n d
($1,000) dolla rs e a ch . T h e first b o n d , t o w it,
N o 1 w ill be redeem ed on O cto b e r First, N ineteen
H u n d re d a n d F ifte e n , an d thereafter said bon d s
w ill be re d e e m e d seria tim at th e ra te o f T w o (2)
b o n d s per y e a r .
. , .
.
.
,
N o b id w ill be a c c e p te d fo r less than p ar and
accru e d in terest. T h e C om m on C ou ncil o f the
C ity o f S o u th A m b o y reserve th e rig h t t o allot
t o an y b id d e r eith er th e w hole o r an y p a rt o f the
b o n d s b id fo r b y said b id d e r, an d t o select th e
bo n d s t o b e d e liv e re d t o the b id d e r In th e e v e n t
o f his b id b e in g a c c e p te d .
A ll p articu lars c o n ce rn in g the Issue aforesaid
m a y b e o b ta in e d fro m R ich a rd M . M ack , C ity
C lerk, S o u th A m b o y , N ew J ersey, o r F rederic M .
P . P carse, C ity S o licito r , 738 B ro a d S t ., N ew ark ,
N ew J e rse y .
„
R IC H A R D M . M AC K ,
C ity C lerk.

Sealed p ro p o sa ls w ill b e re ce iv e d b y th e B oa rd
o f F in an ce o f th e C ity o f P a te rso n , N , J ., u n til
4 o ’c lo c k P . M . o n T H U R S D A Y . O C T O B E R 24 th ,
1912, fo r the purch ase o f all o r a n y part o f $ 200,009
4 Yi % C o u p o n Sew er F u n d in g B on ds o f th e C ity •!
P a terson , N . J .; said B o n d s to be o f th e dcnom lm tio n o f $ 1 ,0 0 0 each , d a te d N o v e m b e r 1, 1912, and
t o m atu re N o v e m b e r I, 1942, w ith Interest p a y a b le
on th e first d a y s o f M ay a n d N o v e m b e r In each
y ear u n til th e p a y m e n t o f th o prin cip a l.
B o th prin cip a l an d Interest o f said bo n d s w ill be
p a y a b le a t th e H a n o v e r N a tion a l B a n k , N ew
Y o r k C ity, N . Y . , o r a t the o ffic e o f th e C ity
T reasurer in P a te rso n , N . J ., a t th e o p tio n o f the
h o ld e r, In g o ld c o in . T h e B o n d s m a y be regis­
tered as t o prin cip a l o n ly , o r c o n v e r te d in to fu lly
registered b o n d s, p a y a b le , b o th prin cip a l an d
Interest, to th e registered h o ld e r. A sin kin g fu n d
Is p ro v id e d fo r th e p a y m e n t o f said B o n d s at
m a tu r ity , as p r o v id e d b y la w . P rop osals s h ou ld
b e add ressed to th e B o a rd o f F in an ce, J o h n J .
B r o p h y , C lerk, C ity H a ll, P a te rso n , N . J ., an d
each p ro p o sa l m u st be a cc o m p a n ie d b y a ce rtified
c h e ck on an In corporated ban k o r tru st c o m p a n y ,
p a y a b le to th e o rd e r o f the C ity T reasu rer o f th «
C ity o f P a te rso n , N . J ., fo r F iv e (5 % ) P er C en t of
the p ar v a lu e o f the b o n d s b id fo r , and all p ro­
posals m u st p r o v id e fo r the p a y m e n t o f accru ed
Interest on th e b o n d s to th e d a te o f d e liv e ry .
Said b o n d s w ill b e p rep a red and ce rtifie d as »•
genuineness b y th e U n ited S tates M ortg age f*
T ru st C o m p a n y and w ill be a p p ro v e d as to lega lity
b y H aw k in s, D elaflcld & L o n g fe llo w , a tto r n e y s ,
o f N ew Y o r k C ity, w hose o p in io n w ill bo fu rn ish ed
t o th e su cce ssfu l bidder.
T h e rig h t t o r e je c t a n y o r all b id s Is reserved .
W IL L IA M B E R D A N ,
P re sid en t.
JO H N J, B R O P H Y ,
•
C lerk,
D a te d , O cto b e r 10th, 1912.

4%

COUPON

OR

R E G IS T E R E D

$ 5 2 5 ,0 0 0 S p r i n g f i e l d M u n i c i p a l B u i l d i n g
Loan.
A c t o f 1912
T h e b o n d s fo r this loan w ill b e d a te d N o v e m ­
ber 1, 1912, an d b e p a y a b le $ 1 4 ,0 0 0 th e r e o f o n
the first o f N o v e m b e r in each o f th e years 191J to
1917 Inclu sive, and $ 13 ,000 th e re o f o n th e first
•f N o v e m b e r in each o f th e years 1918 t o 19o2
Inclu sive.
,
■,
Said b on d s w ill b ea r in terest a t th e rate o f f o u r
■er c e n t ( 4 % ) p er an n u m , p a y a b le sem i-a n n u a lly
•u the llrst d a y s o f M a y and N o v e m b e r o f each

7 T ills loan w ill b e issued In eith er c o u p o n b o n d s
•f O ne T h o u s a n d dolla rs ($1,000) each, w ith
interest w arrants a tta c h e d , b o th p rin cipa l an d
Interest b e in g m a d e p a y a b le a t th e F irst N ation a l
B ank, B oston , M assachusetts; o r in registered
b on d s o f O ne T h ou sa n d dollars ($1,000) each o r
a n y m u ltip le th ereof, th e prin cip a l an d Interest
bein g m a d e p a y a b le a t the C ity T reasurer's o ffic e .
H old ers o f c o u p o n b on d s m a y at a n y tim e m ore
than on e y ea r b efore m a tu rity e xch a n g e sa m e fo r
registered bon d s.
B oth th e p rin cipa l an d Interest on this loan w ill
b e p a y a b le In G old C oin o f th e U n ited S tates o f
A m e r ic a o f the present sta n d a rd o f w eigh t and
fineness or Its eq u iv a len t.
,,,
T h e C ity T reasurer n o w transm its b y m all In­
terest on a ll registered bon d s.
T h ese b o n d s are e x e m p t fro m ta x a tio n In
M assachusetts.
, ,
,
T h e b on d s w ill b e certified as t o th eir g e n u in e ­
ness b y th e O ld C olon y T ru st C o m p a n y o f B o s to n ,
an d th e leg a lity o f the issue w ill b e a p p ro v e d b y
M essrs. S to r e y , T h o rn d ik e , P a lm e r & D o d ge .
P rop osa ls m u st Inclu de a ccru e d interest t o d a te
•f d e liv e ry o f b o n d s, an d m u st b e a c co m p a n ie d
b y a certliled b a n k c h e c k fo r o n e p e r c e n t (1 % ) o f
th o a m o u n t o f loan b id fo r , m a d o p a y a b le t o the
C ity o f S prin gfield.
,
A ll p rop osa ls w ill b e o p e n e d In th e M a y o r s
O ffice F r id a y , O cto b e r 18, 1912, an d th o rig h t Is
reserved t o r e je c t a n y o r a ll bids.
A d dress p rop osa ls to th e u n d e rsign e d , Indorsed
"P r o p o s a ls fo r M u n icipa l B u ild in g L o a n , 1912.
E L IP H A L E T T . T IF F T ,
C ity T reasurer,
S prin gfield, M ass.

Descriptive Circular upon Application.

M U N IC IP A L A N D

L IS T

H . W A T K IN S




BON DS

LAW YER.
S p e c ia liz in g in E x a m in a t i o n o f

I n g a lls B u ild in g

Municipal and Corporation Bond*

C IN C IN N A T I

1037-9 FIR ST NATIONAL BAN K B L D O ..
C H IC A G O , I L L .

H0DENPYL, HARDY & CO.

TERRITORY OF HAWAII

W a ll

S t ., N ew Y o r k

R a ilr o a d , S tr e e t R y . , G a s & E le c . L ig h t

NO. 2 W A L L STREET
IN V E S T M E N T

F. W M . K R A F T

O N A P P L IC A T IO N

SEASONGOOD & MAYER

14

JO HN

R A IL R O A D

bonds

S E C U R IT IE S

4 % P U B L IC IM P R O V E M E N T B O N D S
D u e S e p t. 3, 1942-32 @ 102.75 an d Interest.
T a x Free T h ro u g h o u t U nited S tates
A c c e p te d at par fo r G o v t, and P ostal D eposits

STACY
T o le d o , 0 .

&

BRAUN
C in cin n a ti, 0 .

UOT. \'Z 1912.]

THE

C H R O N IC L E

999

ANTELOPE PA RK (Rural .Municipality No. 322), Sask.— D E B E N TU R E
SA Lh'.— On Sept. 14 the $6,000 5 lA % 20-yr. road-lm pt. debentures (V . 95,
p . 640) were awarded to Brent, N oxon & Co. of Toronto for $5,953 (99.216)
and hit. Other bids follow:
Olirran B ros., R egin a ...........$5,950 I W ood, Gundy & C o., T oron to.$5,890
N ay & James, R egin a ........... 5,937 |

. Name of District—
Am ount. Tat.
Date.
P rice.
Anthill S. D . N o. 2663............................. $1,500
«
A ug. 6'12 100
Beauvallon S. D . N o. 2 2 3 5 ........................ 1,000
c
A u g. 5’ 12 100
BroadlandsS. D . N o. 2 5 9 3 ....................
1.800
6
A ug. 26'12
99
Gardner S. D . N o. 2215......... ..........."
1.600
0
A ug. 2*12 100
Glenwlllow S. D. N o. 2 6 3 6 ................... I 1,500
ft
A ug. 22’ 12
99
1,800
ft
A ug. 0’ 12
97.50
BASSANO, A lta.— D E B E N TU R E S A L E .— The $150,000 5% 30-yr H appy Hom e S. D . N o. 2687............
ft
A u g. 26'12
98
water and sewer debentures offered on Sept. 16 (V . 95, p. 439) have been Island Hill S. D . N o. 2642......................... 1,500
Kim berley S. D . N o. 2 6 8 9 ........................ 1,706
6
A u g. 27’ 12
98
awarded to Henry C. Ulen of Chicago at par and Interest.
Philorum S. D . N o. 2665_________
1,000
6
A ug. 31'12
99
1,800
BIGNFAIT, Sask .— DE B EN TU R E S A L E .— During Sept. $3,500 de­ R ow ley S. D . N o. 2680.................... ..
ft
A u g. 6*12
98
bentures were awarded to Nay & James of Regina.
Seadon S. D . N o. 2 2 2 4 ................................ 1,000
ft
A u g. 2*12
97
School districts in Province of Saskatchewan:
BOW M A N V ILLE , Ont.— D E B E N TU R E S V O T E D — By-laws providing
Gcrrond S. D . N o. 661......... ........................$1,200
ft
A ug. 31*12 100
for the Issuance of $111,000 water and $40,000 sewer debentures carried
Kinntstlno S. D . N o. 42
l 500
ft
A u g. 6*12 100
It Is stated, at an election held O ct. 8.
’ 600
Ogcma S. D . N o. 2 7 6 0 ..
. ................
ft
A u g. 1*12
98
B RID G E W A TE R, Rockingham County, Va.— BO N D S A L E .— The Plateau S . D . N o. 528.................. . . . 1 . 1 . 1,200
..
6
A u g.______
31*12 .100
$25,000 5% 20-yr. water-works and sewer bonds offered on Sept. 23 (V . 95,
Twenty-five Issues, Aggergating $36,200, Purchased in September.
p . 635) have been purchased by the New First Nat. Bank of Columbus,
School districts In Province of Alberta:
Ohio, at par, less $1,250 for expenses. The bonds are dated Oct. 1 1912.
Name of District—
—
Amount
Date.
P rice.
CANORA, Sask.— D E B EN TU R E S NOT S O LD .— No award was made Goose Creek S. D . N o. 2782....... .......... .$ l,5 0 o ’ Int.
ox
Sept. 13*12
100
on O ct. 2 of the three issues of 5 H % debentures, aggregating $29,100. Gwynneth S. D . N o. 2 7 3 8 ..
1 200
6
Sept. 5*12
97.50
(V . 95, p. 772.)
Hills Green S. D . N o. 2610 .
2 ’ 000
6
Sept. 3*12
99
1 ’500
COCHRANE, Ont. D E B EN TU R E S A L E .— Reports state that the $30,000 Kclvindale S. D . N o. 2446
6
Sept. 11*12
99.80
Kunsame
S.
D
.
N
o.
755
..............
'600
water-works and sewer debentures voted July 15 (V . 95, p . 70) have been
6
97
Sept. 30*12
awarded to Brent. N oxon & Co. of T oron to.
Little Gem S. D . N o. 2551
" ” 1 500
ft
Sept. 9*12 100
ft
Sept. 21*12 100
COLDSTREAM. B. C .— D E B EN TU R E S P R O PO SE D .— A ccording to Luffleld S. D . N o. 2757....... ......................4 non
McCafferty S. D N o. 2 7 2 9 .. .
l ’ ooo
6
Sept. 24*12 100
reports, the burgesses will have subm itted to them to-day (Sept. 12) the Manvllle
D . N o. 2599____ __
l ’soo
6
Sept. 11*12
98.50
propositions to issue $2,000 water-works-im pt. and $3,000 road-construc­ Mizpah S.S.D.
N
o.
2644______
l
’
200
6
Sept. 3*12
99
tion debenture*.
ic o o
Sentinel Hill S. D . N o. 2608____
6
Sept. 28*12
98
C O LD W A TER , On i — D E B E N TU R E S A L E — The Municipal Treasurer Tawatlnaw S. D . N o. 2473____
’son
6
Sept. 21*12 100
advises us under date of Oct. 9 that the $2,200 cem cnt-sldewalk-construc- W aldron S. D . N o. 2723____ .
1 200
ft
Sept. 21*12 100
tlon bonds (V. 95, p. 564) have been sold.
W arry Plain S. D . N o. 2511____ 1................ 500
6
Sept. 9*12 100
School Districts In Province of SaskatchewanCORONATION, M i n — D E B E N TU R E E LEC TIO N PR O P O S E D .— An
$1
500
’
Battle
R
iver
S.
D
.
N
o.
585_____
election will be held, it Is reported, to vote on a by-law providing for the
’ ft
Sept. 23*12 100 •
Craiglands S. D . N o. 745_________I I I " l ’ soo
issuance of $45,000 clectrlc-liglit and water-works-system construe, debs.
6
Sept. 19’ 12 100
Flat Lake S . D . N o. 839___________ .
l ’ soo
6
Sept. 23*12
98
DOMINION OE C AN A D A .— S A L E S OF SCHOOL D ISTR IC T D E B E N ­ Gibson Creek S. D . No. 645_________
l ’ 500
6
Sept. 3'12
99
T U R E S .— The Alberta School Supply Co. of Edm onton was awarded the
Hazcldene S. D . N o. 489_________ .
1 800
0
Sept. 27*12
97
following 10-Installment school-district debentures:
Llglltwood
S.
D
.
No.
825___________
1
000
ft
Sept. 4*12
98
Thirteen Issues, Aggregating $16,300, Purchased in July.
Montcalm S. D. N o. 5 0 8 . . . ......... .. . . 1 200
ft
Sept. 0*12
99 •
School Districts In Province of A lberta:
1 000
N ewvlllc S. D . N o. 610_______ _______
ft
Sept. 12*12 100 •
Name of District—
Am ount. Int.
Date.
P rice.
W anganui S. D. N o. 600_____________
1,800
ft
Sept. 3*12
98 •
C ollh olm cS . 1). N o. 2572 .......................... $2,000
6
July 6 ’ 12 100
W hitcbcech S. D . N o. 761____
1 200
ft
Sept. 20*12 100 •
Cooking Lake S. D. No. 2625___________ 1,000 6 >4 July 13'12 100
Z*lma S. D . N o. 577_______ ____________1,200
ft
Sept. 21*12
H olm berg S. I). No. 2630______________
800
99
6
July 9'12 100
I . H . L . S c h . D ls t.N o .2 6 7 7 ____________ 1,300
6
July 30’ 12
90
EASTMAN, Que. D E B E N TU R E S P R O P O S E D .— R eports state that
Jensen S. D. No. 2666 _________________
800
6
July 22' 12 100
the burgesses will have submitted to them a by-law providing for the issu­
Lonbutte S. D. N o. 2607 ________ ____ _ 1,500
6
July 8'12 100
ance of $15,000 water-works-system debentures.
Neldpath S. D. No. 2623_______________ 2,000
6
July
1'12
99
Plateau S. D. N o. 2692______ _ _ ____. _ l ,fl()0
6
July 31 ’ 12
98
EDMONTON, A lta.— D E B E N TU R E S A U T H O R IZ E D .— On Sept. 2#
W hittaker S. D . N o. 2659________ . . . 1,200
6
July 13'12
99
the burgesses voted by-laws providing for the Issuance of $50,126 67 40-vr
W id ea w a k es. D. N o. 2711____. _____
1,400
July 24*12
6
98
car-barn site-purchase; $25,100 20-yr. bridge; $21,900 40-yr. telephone
School Districts In Province of Saskatchewansub-station-purchase; $ ld 0 ,380 40-yr. park and drivew ay-lm pt. and $66 000
Castletown 3 . D . N o. 118 900
6
July 11*12 100
40-yr. warehouse and storage-yards debentures at not exceeding 5% in­
Oxford Centre 3 . D . N o. 2589
600
terest (V . 95, p. 502). Int. semi-annual.
6
July 13*12 100
Tiger Lily 3 . D , N o. 638 . ...........
1,200
._
6
July „22'12
98
D E B EN TU R E S D E F E A T E D .— A by-law to Issue $770,880 gas-plantFifteen Issues, Aggregating $20,700, Purchased in August.
construction debenturcsAvas defeated at an election held Sept 20 accord­
School districts In Province of Alberta:
ing to reports.
•

NEW LOANS

BOND CALL.
BON D

$ 2 0 0 ,0 0 0

CITY OF MINNEAPOLIS,
BONDS
PfSealed bid* will be received b y tho Committee
on W ays and Means of the City Council of Minne­
apolis, Minnesota, at the office of the undersigned,
TH U R SD A Y , OCTOBER 24TM, 1912, at 2 o'clock
1*. M ., for the whole or any part of $200,000 High
School Bonds, dated October 1, 1912, payable
O ctober 1, 1942, bearing interest at the rate o f
f*ur (4 % ) per cent per annum, payable semi­
annually, and no bid or proposal will be enter­
tained for a sum less than 95% o f the par value
of said bonds and accrued Interest on same to
date of delivery.
The above bond* are tax-exem pt in the State
•f Minnesota.
The right to reject any or all bids is hereby
reserved.
A certified check for Tw o (2 % ) Per Cent of the
par value of the bonds bid for, made to C. A.
Bloom qulst, City Treasurer, must accom pany
each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on W ays and Means
at a moctlug heki September 26th, 1912.
DAN C. B R O W N ,
City Comptroller.

Pontchartrain

ACCOUNTANTS.

C ALL

Levee District

New Orleans, September 28th, 1912.
T o the holders of the outstanding 6% bonds.
Series C, o f tile Board of Commissioners, for the
Pontchartrain Levee District.
Notice Is hereby given b y tho above-nam ed
Board of its Intention to redeem all of Its out­
standing 6% bonds. Series O, maturing on the
First day of N ovem ber. 1912. Paym ent will be
made at the W hitney Central National Bank. New
Orleans, together with all accrued Interest.
Holders of said bonds are notified to present
them for paym ent at said Bank on the l s f d a y of
Novem ber, 1912, on which day all Interest on
said bonds will cease.
H U N T E R C. L E A K E . President.

Legal for Savings Banks,
. Postal Savings and Trust Funds.
SE N D FOR LIST .
2 9 S o u t h L a S a lle S t . ,

BOND C ALL.
The city of Paris, Texas, hereby exercises Its
option to call In for cancellation W ater W orks
Bonds, Second Series. These bonds bear In­
terest at 6% per annum, payable semi-annually
on the 10th day of January and July, are dated
October 15, 1887, optional October 15, 1912,
at tho Fourth National Bank, New York City.
Holders of said bonds will present them as above
mentioned at Fourth National Bank for paym ent.
The numbers of said bonds begin with 61 and
run to and Include 83.
E D . H . M cCU ISTIO N, Mayor.

P u b lic A c c o u n t a n t *
(Pennsylvania)
N EW Y O R K , 55 Liberty St.
P H IL A D E L P H IA , Morris Bldg.
P IT T S B U R G H , Union Bank Bldg,
CH ICAGO, First Nat. Bank Bldg.
SAN FRAN CISCO, Kohl Bldg.
S E A T T L E , Central Bldg.
LO N D O N . 58 Coleman St.

PARK, P O T T E R & CO.
C E R T IF IE D P U BL IC ACCOU N TANTS
N e w Y o r k , C h ic a g o , C in c in n a t i a n d
L o n d o n , E n g la n d .
A U D IT O R S
FOR
F IN A N C IA L
IN ST IT U ­
T IO N S , IN D U S T R IA L A N D
M IN IN G COM PANIES
Investigations, Financial Statements;
Periodical Audits and A ccoun tin g

BLODGET & CO.
B O N D S
00

C H IC A G O

C e r t ifie d

PARIS, TEXAS

Bolger, Mosser & Willaman
M U N IC IP A L B O N D S

LYBRAND,
ROSS BROS &
M ONTGOM ERY

S T A T E STREET, BOSTON

80 P I N E S T R E E T , N E W Y O R K
S T A T E , C IT Y

&

R A IL R O A D

BONDS

Adrian H. Muller & Son,
A U C T IO N E E R S ,

R eg u lar W e e k ly S ales

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
F IR S T N A T IO N A L B A N K B U IL D IN G
C H IC A G O

OF

STOCKS and BONDS
N A T IO N A L L IG H T ,
H EA T & POW ER C O M P A N Y
BONDS

ESTABLISHED 1«M.

H. C. SPEER & SONS CO.
First N a t Bank B ld g,, C hicago
SCHOOL,
AND




M U N IC IP A L

STREET.

Corner P ine S treet.

GUARANTEED

COUNTY

EVERY WEDNESDAY
O ffice. N o . 6 5 W I L L I A M

BONDS

AH Issues

A. H. Bickmore & Co.,
B AN K E R S
30 P in * S t r e e t ,

N ew Y o r k

B. W. Strassburger
SO U T H E R N

IN V E S T M E N T S E C U R IT IE S

M ONTGOM ERY, A L A .

THE

1000

[VOL. L X X X XV

C H R O N IC L E

E L M IR A , O n t. — D E B EN TU R E S A U T H O R IZ E D .— The burgesses, it is
stated, recently authorized a by-law providing for the issuance of $20,000
debentures, to m eet current expenses.
E L M V A L E , O n t .— D E B E N TU R E E L E C T IO N .— On Oct. 2t the rate­
payers will have subm itted to them a by-law providing for the Issuance of
$7,000 hydro-electric-pow er debentures, according to reports.
O A D S B Y , A lta . — D E B EN TU R E S A L E .— Nay & James of Regina were
awarded in Sept. $2,500 debentures.
H A M IL T O N . O n t.— D E B EN TU R E E LEC TIO N PR O P O S E D .— It is
stated that the Council ordered an election for next January to subm it to
the rate-payers the question of issuing $130,000 debentures to purchase
the face o f the mountain.
I M P E R I A L , Sask.— DE B EN TU R E S N OT S O L D — No award was made
on Oct. 1 -of the $6,000 6% 15-year skating and curling rink debentures
(V . 95; p. 706.)
K IN D E R S L E Y , Sask. — D E B EN TU R E S A L E .— Nay & James of Regina
have been awarded at 98 the $90,000 water debentures recently voted
(V . 95, p. 502.)
LO N D O N SC H O O L D IS T R IC T NO. 220. A lta.— D E B E N T U R E OFFER­
IN G .— Proposals will be received, according to reports, b y R . Conn, S ec.T reas., for $15,000 10% school debentures.
jM A R Q U IS (R U R A L M U N I C I P A L I T Y ) NO. 191. S a s k B O N D S A U ­
TH O RIZED — A ccording to reports, the Council Board has been authorized
to issue $5,000 permanent Improvement uebentures.
N E W H A M B U R G , O nt .— D E B E N TU R E S P R O P O S E D — This place
Intends issuing, it is stated, $41,000 debentures as a bonus to the Silver­
smiths' Co., Ltd.
N ORTH
BATTLEFORD.
S a sk .— D E B E N TU R E
OFFERIN G — Pro­
posals will be received until 8 p. m. Oct. 21 b y the Secy-Treas. for the
$100,000 5 \i% coupon high-school and collegiate debentures (V . 9o, p. >>03.)
Denom. $1,000. Date July 2 1912. Int. J. & J. at North Battleford,
Toronto and Montreal. Due in 30 years. Legality of Issue will be ap­
proved by J. 13. Clarke. K . C., of T oron to, whose opinion wl be furnished
to the purchaser. Total debenture debt for all purposes (including uns>ld debentures) $449,839 08. Assessed val. 1912 S o ,6 0 7 ,ii7 .
O N T A R IO C O U N T Y (P . O . W h it b y ). O a t .— D E B EN T URE E LEC TIO N .
— The proposition to issue the $20,000 municipal im pt. ucoentuies ( v . Uo,
p. 923) will be subm itted to the rate-payers on Dec. 20, reports state.
P E L E E T O W N S H IP . O n t.— DE B EN TU R E ELECTION PROPOSED —
Reports state that a vote will be taken some time In the near future on a b y­
law providing for the issuance o f $4,423 drainage debentures.
P E T E R B O R O U C iH . O n t. — D E B E N T U R E E L E C T IO N .— On Jan. 1 the
rate-payers will v o te on a by-law providing for the Issuance of $88,000
debentures for hydro-electric purposes, according to reports.

R A P I D C I T Y , M an .— D E B E N TU R E S P R O P O S E D — It is stated that
on O ct. 23 the burgesses will decide whether or not this place shall issue
$12,000 electric-powcr-works-constructlon debentures.
R E G IN A ,
Sask .— D E B EN TU R E S A U T H O R IZ E D .— R eports state
the Council has authorized the issuance of $750,000 street-railway debs.
R E S C A L L SC H O O L D IS T R IC T . S ask .— D E B E N T URE S A L E — Nay
& James of Regina were awarded $1,200 debentures in Septem ber.
ST. A N D R E W S (R u ral M u n icipa lity) (P . O . C la n d e b o y e ) . Man \— B O N D S
V O T E D .— -At an election held Sept. 3 the proposition to issue $18,000 4 /0
30-installment hlghway-impt. debentures carried b y a vote of 56 to 10.
W e are advised b y the Secy.-Treas. that these debentures will not be
offered before 1913.
ST. J E R O M E , Que.— D E B E N TU R E S A L E .— Reports state that S t.
Cyr, Gonthier et Frigon have purchased an Issue of $50,000 5% 50-yr. debs.
SO U TH V A N C O U V E R . B. C — NO D E B E N T U R E E L E C T IO N .— The
Municipal Clerk advises us that the reports stating that an election would
be held to vote on the proposition to issue the $67,000 road debentures
(V . 95, p. 503) arc erroneous.
S T A F F O R D , O n t — DE B EN TU R E S A L E .— An issue of $2,000 deben­
tures has been purchased, it is stated, b y Nay & James of R egina.
T U R N B E R R Y T O W N S H IP . O n t. — DE B EN TU R E O F F E R IN G .— It is
stated that proposals will be received until O ct. 21 b y J. Burgess (P. O.
B iuevale), for $10,000 5% 20-year debentures.
W ADENA
Sask.— D E B E N TU R E O F F E R IN G — Proposals will be
received for $25,000 street-lm pt. and $20,000 electric-light debentures,
reports state.
W A T E R L O O , O n t.— NO D E B E N T U R E E L E C T IO N .— We are advised
that the reports stating that an election would be held to vote on the
question of issuing the $25,000 road bonds (V . 95, p. 565) are erroneous.
W E L L A N D , Ont.— D E B EN TU R E S NOT S O L D .— No award was made
on Sept. 9 of the $75,000 30-yr. water and $29,598 63 10-yr. sewer and walk
4 M % debentures. (V . 95, p. 503.)
W E S T V A N C O U V E R . B . C .— D E B E N TU R E S V O T E D .— A ccording to
reports, a by-law providing for the Issuance of the $100,000 ferry debentures
carried at the election held Sept. 21 (V. 95, p. 774).
W Y N Y A R D SC H O OL D IS T R IC T NO. 2 4 9 9 , S a sk .— D E B E N T U R E
S A L E .— Curran Bros, of Regina have been awarded $16,000 5% 30-yr.
debentures. Denom. $1,000. Date Sept. 1 1912. Int. ann. in January.
Y O R K T O N , Sask.— DEBEN TU R ES V O T E D .— On Sept. 27 the rate­
payers voted by-laws providing for the issuance of the $91,000 clectric-llghtsystem -ext. and im pt., $1,000 collegiate grounds, $1,000 land-rc-w aterworks, $48,000 outfall sewer and $18,000 water-works-extension debentures
(V . 95, p. 774), reports state.

MISCELLANEOUS.

MISCELLANEOUS.

ATLANTICM
UTUALINSURANCECOM
PANY.
OFFICE OF THE

New York, January 23d, 1912.
The Trustees, in conformity with the Charter of the Company, submit the followiny statement of its affairs on the
31s/ of December, 1911.
. .
The Company?s business Xas been confined to marine and inldhd transportation insurance.
Premiums on such risks from the 1st January, 1911, to the 31st December, 1911............................ $3,653,325 18
Premiums on Policies not marked oft 1st January, 1911------- ----------- -------------------------------------------_ _ _ _ _ _
........................................................... $4,527,005
55
Total Premiums.
_______

A M E R IC A N

M FG. C O .

M A N IL A , SISAL AND J U T E

CORDAGE

Premiums marked off from January 1st, 1911, to December 31st, 1911............................................. $3,773,578 22
Interest on the Investments of the Company received during the year----- *333.897 03
Interest on Deposits in Banksjmd Trust Companies, etc------------------------ JJ,
24
Rent received less Taxes and Expenses.......................................................... 153,167 b0
Losses paid during thc, ^ r r - V - ^ - : ; - —
R^nsuranles . ........................................................... 205,151 34

S a le s

O ffic e !

Noble & West Sts.,

526,692 93

Brooklyn, N. Y.

425,855 86
$959,530 60

FINANCIAL REVIEW

■Returns of Premiums
__________________________________________ __________ $196,936 89
Expenses, including officers’ salaries and clerks’ compensation, stationery, advertise­
ments, etc............................................................................................................................
570,472 la

1 912 IS S U E
dividend of interest of fix per cent on the outstanding certificates of profits will be paid to the holder*
thereof or their legal representatives, on and after Tuesday the sixth of February next.
*“ W^rhn mitatandine certificates of the issue of 1906 will he redeemed and paid to the holders thereof, or thel*
lega teere^ m a tives, C<3n and after Tuesday the sixth of February next, from which date all interest thereon
wfil cenw The certificates to he produced at the time of payment and canceled.
.
,
,,
.
will cease
in e ce
per cent is declared on the earned premiums of the Company for the year ending 31st
■rnber!191 1 ,whichareentitled to participate in dividend, for which, upon application, certificates will he
December
Issued
d on and after T ^ 'Y r d e ^ o T lh e Boardlay n<iU'
Q. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
HERBERT
L.
GRIGGS,
CHARLES M. PRATT,
FRANCIS M. BACON.
DALLAS B. PR A IT ,
CLEMENT A. GRISCOM,
JOHN N. BEACH,
GEORGE W. QUINTARD,
ANSON VV. HARD,
ERNEST C. BLISS,
ANTON A. RAVEN,
THOMAS H. HUBBARD;
VERNON II. BROWN,
JOHN J. RIKEIt,
LEWIS CASS LEDYARD,
WALDRON P. BROWN,
DOUGLAS
ROBINSON.
CHARLES D. LEVERICH,
JOHN CLAFLIN
GUSTAV H. SCHWAB,
LEANDER N. LOVELL,
GEORGE C. CLARK.
WILLIAM SLOANE,
GEORGE H. MACY,
CLEVELAND H. DODGE,
LOUIS STERN,
CHARLES H. MARSHALL;
CORNELIUS ELDERT,
WILLIAM A. STREET,
NICHOLAS F. PALMER,
RICHARD H. EWART
GEORGE E. TURNURE
HENRY PARISH,
PHILIP A. S. FRANKLIN.
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 4th Vice-President.
a

BALANCE SHEET.

LIABILITIES.
Estimated Losses and Losses Unsettled
in process of Adjustment...... ............... $2,310,0.7 00
U BomisStatCS a - d- S-ta- ! - ° - - NeW--V- - *700,00000 Premiums
on
Unterminated
Risks..........
753,427 33
New York City and New York Trust Co.
of Profits and Interest Un­
and Bank Stocks........ - - - - ................... H i o ’ ioo nn Certificates
267,092 05
paid ...................... ................ .............Stocks and Bonds of Railromls................. 2.742M 3 00
109,742 16
Premiums Unpaid_____________
Other Securities.......................... - - - - - - r
220-020 00 Return
57,512 16
Reserve for Taxes.................... - ........... .
Special Deposits In Banks and Trust
183,599 07
1.000.000 UU Ite-insurance Premiums....... ...................
Companies . - ............................ - - - - - Claims not Settled, including Compen­
Real Estate cor Wall and William Streets
69,104 08
sation , e t c ........ ...............- ...................
and Exchange Place, containing offices 4,299,426 04
Certificates of Profits Ordered Redeemed,
Real Estate on Staten Island (held under
______________
____________________
22,471 28
Withheld
for Unpaid
Premiums
provisions of Chapter 481,1.aws of 1887)
75,000 00 Certificates
of Profits Outstanding.......... 7,401,390 00
Premium Notes.............................................
618.13600
Bills Receivable........ - ........... .............. ..
449,354 23
Cash in hands of European Bankers to
pay losses under policies payable in
foreign countries........................................
203.60336
Cash in Bank.................. - - - - - .................
5’GVnnA no
New York City Revenue Bonds--------------450,000w
$11,174,365 14
$13,465.923 62
ASSETS.

Thus leaving a balance o f..................................................... - - - - - .................- ........................................
Accrued Interest on Bonds on the 31st day of December, 1911, amounted to.............. - ......... .........
Rents due on the 3lst day of December, 1911, amounted to . . - - - - - - - - - - - - - - - - ------- ----------- — Re-insurance due or accrued, in companies authorized in New York, on the 31st day ol December,

$41.8,8 80
21,970 46
^^
^

83,090 43
Une^Dire^re-Vn^ura^
on the'31st day of December, 1911 .amounted to------- Note’ The insurance Department has estimated the value of the Ileal Estate corner Wall and
450,573 96
William Streets and Exchange Place in excess of the Book Value given above, at
63,700 00
And the property at Staten Island in excess of the Book Value, a t . . . . ----- -------------------The Market Value of Stocks, Bonds^and other Securities on the 31st day of December, 1911, cx^ ^ e d t h e t o m p ^ y ’s v M ® r b ? ......................................................................................................1-588.635 02
On the basis of these increased valuations the balance would be.........................................................$4,755,780 75




A Y ear B ook of

F in a n c ia l

In fo r m a t io n

300 P ages

>

Comprehensive S ta tlstlcsjo r a Series of Y ea rs
C O N TE N TS
R e tro s p e ct o f the Year 1911.
L istin g s o f N ew Securities.
Bank C le a rin g s.
R e co rd o f T ra n sa ctio n s o n S tock E x ch a n g e .
B u sin ess Failures in U nited S tates.
D aily R a te s fo r Call M on ey in 1911.
W e e k ly R a n g e o f M on ey R a tes.
Y ie ld s o f L ea din g C ro p s.

Anthracite Coal Production.
G old and Silver Production.
Silver Quotations from 1837 to 1912.
B ritish T ra d e an d F in an ces in 1911.
U nited S tates Im p o rts and E x p o rts .
D aily P rice s o f F oreign E x ch a n g e .
U nited S tates D ebt an d Securities.
P rices o f State Securities.

Railroad Statistics.
M on th ly R a n g e o f P rices.
S to ck s and B o n d s— A t N ew Y o r k S to c k E x ­
ch an ge fo r five years, v iz .: 1907, 1908, 1909,
1910 an d 1911, an d a t B o s to n , P h ilad elp h ia,
B a ltim ore and C h icago E x ch an ges fo r year 1911.

Dividends— 1902 to 1911 inclusive.
R a ilw a y an d Industrial S ection .
T h e F e b ru a ry 1912 Issue o f th is Im porta n t p u b ­
lica tio n (190 pages) is bou n d up w ith th e R e v iew

TERM S:
Price of the Review, bound in cloth................ $2 00
Postage 20 cents.

Commercial & Financial Chronicle
138 F ron t Street. N ew

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