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The
INCLUDING
Bank St Quotation Section
Railway St Industrial Section
Railway Earnings Section
Bankers' Convention Section
VOL. 95
SATURDAY, OCTOBER 26 1912
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1912.
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CHICAGO OFFICE
-0eo. M.Shepherd,513 Monadnock Block;Tel.Harrison 4012.
LONDON OFFics-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
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CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., Indicates that
tot^1 bank clearings of all clearing houses of the United States for the
ending Oct. 26 have been $3,782,950,529, against $4,300,853,081 week
last
week and $2,904,076,026 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Oct. 2J.
1912.
1911.
Per
Cent.
$1,789,811,389
165,194,289
140,90b,881
32,696,872
272,040,175
66,867,622
19,371,627
$1,288,071,278
148,392,190
116,304,861
29,344,343
224,238,995
64,579,736
15,901,421
+39.0
+11.3
+21.1
+11.4
+21.3
+3.5
+21.8
Seven cities, 5 days
Other cities, 5 days
$2,486,888,855
655,843,271
$1,886,832,824
525,988,476
+31.8
+24.7
Total all cities, 5 days
All cities, 1 day
$3,142,732,126
640,218,403
$2,142,821,300
491,254,726
+30.2
+30.3
$3,782,950,529
$2,904,076,026
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
• New Orleans
Total all cities for week
+30.3
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day of
the week has to be In all eases estimated, as we go to press Friday night.
• We present below detailed figures for the week ending with Saturday
noon, Oct. 4, for four years.
Week ending October 19.
Clearings at
1912.
1911.
Inc. or
Dec.
NO. 2470
Week ending October 19.
Clearings at
PUBLISHED WEEKLY.
Electric Railway Section
State and City Section
Chicago
366,365,185
Cincinnati
30,607,150
Cleveland
24,088,091
Detroit
24,321,261
Milwaukee
14,661,081
Indianapolis _ _ _ _
8,766,909
Columbus
6,947,600
Toledo
5,482,892
Peoria
3,600,000
Grand Rapods
3,258,069
Dayton
2,158,852
Evansville
2,545,536
Kalamazoo
780,127
Springfield
1,299,175
Fort Wayne_ __ _
1,262,785
Akron
2,041,000
Lexington
1,018,156
Rockford
981,043
Youngstown _ _ _ _
1,551,200
South Bend
1 850,000
Bloomington_ _ _ _
679,914
Quincy
765,443
Canton
1,550,002
Decatur
560,411
Springfield
686,723
Mansfield
456,518
Jackson
586,968
Jacksonville, Ill_
324,126
Danville
430,595
Lima
435,174
Lansing
530,448
Ann Arbor
204.058
Adrian
49,415
Owensboro
424,556
Tot. Mid.West 511,270,463
San Francisco_ _ _
66,039,612
Los Angeles
28,033,907
Seattle
15,792,607
Portland
15,359,888
Spokane
5,815,046
Salt Lake City__ _
7,737,376
Tacoma
4,734,467
Oakland
4,547,738
Sacramento
2,282,724
San Diego
3,252.952
Fresno
1,288,088
Stockton
1,111,257
San Jose
1,064,391
Pasadena
984,484
North Yakima_
626,686
Reno
413.179
Total Pacific
159,084,402
1911.
Inc. or
Dec.
1910.
I
1909.
I
5;
$
$
294,724,139 +24.3 283,409,724 283,525,595
27,341,250 +11.9
25,123,450
25,988,700
23,716,992 +0.7
20,825,287
19,860,942
21,680,933 +12.2
18,796,938
16.698,014
13,996,141 +4.8
13,166,962
12,951,392
8,637,079 +1.5
8,602,112
8.122,077
5,551,400 +25.1
6,397,800
5,949,800
5,124.519 +7.0
4,677,749
3,969,824
3,455,714 +4.2
3,387,309
3,011,998
2,923,909 +11.5
2,707,892
2,547,981
2,388,961 -9.6
2,420,893
2,022,779
2,490,608 +2.2
2,308,220
1,990,481
693,180 +12.6
724,059
733,006
1,156,838 +12.4
1,086,960
1,058,511
1,092,637 +15.6
1,089,980
872,540
2,020,000 +1.0
1,115,400
918,400
964,115 +5.6
774,514
773,142
822,370 +19.3
762,076
733,124
1,399,842 +10.8
1,335,011
1,032,205
569,767 +224.6
632,225
539,562
709,476 -4.2
571,598
516,687
652,567 +12.2
676,905
610,000
1,341,609 +16.3
1,025,074
810,001
419,431 +33.6
454,238
399,300
520,166 +32.0
525,301
438,001
470,839 -3.0
487,755
410,642
527,278 +11.2
393,750
375,000
254,270 +27.6
252,131
267,021
400,201 +7.6
430,50
377.561
396,985 +9.8
379,610
349,551
372,166 +42.5
388,144
212,729 4.1
177,214
183,865
28,961 +70.6
22,323
23,757
405.540 +4.7
326,461
427,493,012 +19.6 405,354,600 398,061,458
55,268,058 +19.5
51,100,935
39,061,157
23,000,000 +13.2
17,546,432
13,516,898
12,910,510 +22.3
12,113,942
13,411,016
13,005,755 +18.1
12,013,303
9,223.296
4,8 7,419 +20.5
4,500,011
4,907,437
7,126,457 +8,6
6,473,403
7,187.148
4,567,462 +3.7
5,724.981
6,122,966
3.601,326 +26.3
3,131,699
1,653,089
1,486,250 +53.6
1,559,553
1,112,211
2,600,000 +25.1
1,330,00
950,000
994.146 +29.6
1,060.29
942,848
1,269,812 12.4
773.031
703,214
1,193,560 -10.8
6,543,346
595.862
751,139 +31.0
876,353
600,000
526,330 +19.0
594,62
416,130
379,720 +8.8
290,29
250.000
132,507,944 +19.1 119,743,192
93,719,559
Kansas City_ _- 63,124,224
58,509,107
Minneapolis
34.797,330
28,276,974
Omaha
23,655,470
16,409,836
St. Paul
14,548,260
12,543,015
Denver
10,234,713
10,365,925
St. Joseph
7.002,114
6,704,025
Duluth
8,604,155
5,792,416
Des Moines
5,056,050
4,298,188
Sioux City
3,500,000
2,498,927
Wichita
3,464,525
3,536,810
Topeka
1,335,038
1,868,627
Davenport
1,864,561
1,745,305
Lincoln
2,115,006
1.623,224
2,500,00 1
Cedar Rapids_ _
1,447,147
Fargo
577,215
1,040,761
Colorago Springs
764,275
688,913
Pueblo
762,047
720,631
Fremont
313,396
325,406
Waterloo
1,473,301
1,612,106
Helena
1,691,033
1,105,597
Aberdeen
523,365
-379,691
Hastings
227,158
228,854
Billings
742,501
399,524
Tot. otherWest 188,875,737 162,115,009
57,605,633
+7.9
58,071,898
+23.1
25,799,407
32,126,339
+44.2
17,767,874
16,872,838
+16.0
11,659,638
12,221,395
1.3
11,397,46
10,391,930
+4.4
6,327,26
6,260,497
+48.5
4,677.888
8,147,713
+17.7
3,976,81
4,080,180
+40.1
3,011,277
2,973,160
2.0
3,341,362
2,050,000
-28.5
1,369,385
1,171,700
+6.8
1,595,979
1,513,235
+30.3
1,724,158
1,505,734
+72.8
1,352,929
1,087,873
-44.5
826,395
825,227
+11.0
650,116
642,904
+5.7
689,537
630,890
3.7
316,961
351,911
-8.6
1,158,970
+53.0
950,531
1,046,713
+38.0
493,418
-0.7
185,000
+85.9
126,891
347,800
+16.8 156,994,983 163,329,297
1910.
1909.
3
$
%
$
$
2,545,125,686 1,912,535,183 +33.1 2,111,199,819 2,286,791,955
New York
Philadelphia
_ 197,262,465 152,634,308 +29.2 160,592,476 155,369,479
Pittsburgh
67,015,093
49,284,905 +36.0
54,652,408
52,058,092
Baltimore
48,034,354
37,989,936 +26.4
35,288.464
29,598,009
Buffalo
12,475,919
12,424,313 +0.4
11,233,962
9,789,455
Albany
7,041,650
8,519,255 -17.3
7,597,124
5.948,132
Washington --- 7,412,744
6,871,316 +7.9
7,126,645
6,437,732
Rochester
5,927,566
4,788,182 +23.8
3,839,964
3,388,847
Scranton
2,700,000
2,747,939 -1.4
2,074,429
81,444,869
2,316.785 St. Louis
83,242,884 -2.2
83,797,896
82,233,216
Syracuse
3,289,939
2,387,613 +37.8
2,456,653
2,425,125 New Orleans_
22,137,650
20,049,171 +10.4
21,668,297
20,094,491
Reading
2,258,269
1,624,624 +39.0
1,513,315
1.646,345 Louisville
15,666,646
13,733,800 +14.1
13,499,853
11,693,296
Wilmington
1,930,084
1,568,793 +23.1
1,244,482
1,575,628 Houston
26,578.078
21,853.608 +21.6
18,987,040
14,009,515
Wilkes-Barre
1,590.440
1,648,195 -3.5
1,305,493
1,567,155 Galveston
11,000,000
12,725,500 13.6
10.519,500
7,633,000
Wheeling
2,696.270
2,141,736 +25.9
1,854,083
1,882,011 Richmond
8,312,630
7,882,502 +5.4
7,065,000
7,413,047
York
1,121,300
1,016,772 +10.3
940,026
907,848 Atlanta
17,972,066
17,789,044 +1.0
16,230,182
12,075,981
Trenton
2,193,358
1,682,864 +30.4
1,460,696
1,437,647 Memphis
11.645,162
9,905,382 +17.6
9,448,156
9,780,556
Erie
984,880 +7.4
1,057,611
881,719
824,725 Savannah
8,820,250
8,872,885 -0.6
8,924,127
8,657,998
Greensburg
570,000
525,000 +8.6
553,221
598,036 Fort Worth
10,000,000
8,716,277 +14.7
8,711,046
7.587.351
Chester
724,490
592,153 +22.3
534,723
601,170 Nashville
7,206.619
4,992,674 +44.3
4,291,974
Binghamton
3,191,301
698,100
539,600 +29.5
531,500
525,700 Augusta
2,558,011
3,783,063 -35.0
3,976,335
4,095,935
Altoona
775,381
566,167 +36.9
530,741
483,037 Norfolk
4,708,452
3,828,886 +23.0
3,600,022
Lancaster
3,797,419
1,783,082
1,035,448 +72.2
1,014,111
Birmingham __.3,124,992
2,832,348 +10.3
2,810,826
2,537,508
Montclair
419.084 Not included in total
Little Rock
3,278,564
2,151,765 +52.4
2,305,292
2,606,098
Charleston
2,724,270
2,483,469 +9.7
2,773,304
2,634,051
Total Middle 2,913,683.801 2,204.108,992 +32.2 2,409,026,054
2,566,172,913 Knoxville
1,923,717
1,945,787 -1.1
1,661,120
1,922,045
Boston
231,211,895 186,367,582 +24.1 194,487,646 177,253,083 Jacksonville _ _
3,150,000
2,846,398 +10.7
2,270,464
Providence
1,951,525
12,978,000
11,191,000 +15.9
13,487,700
13,517,700 Chattanooga
2,610,710
2,071,922 +26.0
1,780,261
Hartford
1,650,246
5,933,093
4,390,125 +35.1
3,884,369
3,529,976 Mobile
1,400,000
1,512,098 7.4
1,525,603
1,545,645
New Haven
3,803,797
3,047,556 +24.8
3,237,533
2,712,438 Oklahoma
2,781,396
2,476,118 +12.3
2,729,069
Springfield
2,373,375
3,718,172
2,620,631 +41.9
2,469,218
2,250,000 Macon
5,179,418
5,461,197 -5.2
1,780,000
Portland
1,407,445
2,208,016
2,101,802 +5.1
2,278,199
1,803,930 Austin
2,079,838
1,667,901 +24.7
2,463,236
Worcester
1,099,985
3.445,439
3,275,200 +5.2
2,621,641
1,789,639 Vicksburg
374,472
323,008 +15.9
488,562
475,812
Fall River
1,422,614
1.217,649 +16.8
1,365,643
1,548,126 Jackson
439,454
478,274 -8.2
689,940
502,000
1,273,816
New Bedford_ 1,168,100 +9.0
1,713,350
1,383,864 Wilm'ton, N.C._
800,000
915,854 -12.6
817,381
671,607
Lowell
686,857
673,260 +20.2
601,626
516,193 Muskogee
1,171,958
949,474 +23.3
Holyoke
788,558
623,408 +26.5
550,082
556,846 Tulsa
787.968
529,681 +48.7
Bangor
592,231
538,067 +10.0
Total Southern 259,878,190 246,020,990 +5.6 234,604,486 213,640,348
Tot, New MK- efts flan 4gft 217214 2Rn -L9R A 99R R07 nn7 9AR 5201 70A
Total all
4.300,853,081 3,390,460,027 +26.8 3,552,520.322,3,648,880,213
Note -For Canadian Clearings see "Commercial and Miscellaneous News."
Outside N. Y___ 1,755.727.395 1,477,924,8441 -f. '4Y8 1.441,320,50311.362.088,238
-
1078
THE CHRONICLF
"RAILWAY AND INDUSTRIAL SECTION."
A new number of our "Railway and Industrial
Section," revised to date, is sent to our subscribers
to-day. In the editorial columns of the same will be
found articles on the following subjects: "The Independent Car in Railway Operation," "The Railway
Safety Movement" and "Railroads and Water Carriage Connections."
[VOL. Lxxxxv.
in prices, and now the books of mills and furnaces are
loaded with orders at profitable prices, which will engage their full capacity for many months to come.
Even Judge Gary was obliged to say at the meeting
in Pittsburgh yesterday, of the American Iron and
Steel Institute, that "we are in the midst of an era
of prosperity never before surpassed, so far as it affects
our particular lines."
The experience thus gained has a political as well as
an economic value, particularly at this time, when we
are nearing the .close of a. Presidential campaign where
at least one of the candidates proclaims that business
now-a-days is conducted on such a large scale that it
can no longer be allowed to go on in the old way—that
Government must step in and control the whole thing.
Such propositions find no support in the course of the
steel trade during the last twelve months, and it is
gratifying that the demonstration of the unsoundness
of all theories of that kind should have come so soon.
In the economic as in the physical world, natural
forces act with similar effect on large bodies and small
bodies alike.
•
THE FINANCIAL SITUATION.
The marvelous activity of the iron and steel trades
continues unabated, and prices are so generally and
so rapidly advancing that efforts are now being made
to prevent what is termed a run-away market. There
is a lesson in this which should not be disregarded.
The revival is not a manipulated affair. It is devoid
of the least artificiality. It has not come about as a
result of.collective or co-operative efforts of any kind.
It is, indeed, the most natural and the most assuring
period of activity we have had in a decade. It has
occurred, too, in face of some deterrents and obstacles
which might have been expected to retard recovery.
This year's Electrical Exposition here recalled to
Political drawbacks have been such as to impose a
serious restraint on enterprise. Yet recovery has been mind, by a formal luncheon given there to Mr. Edison,
proceeding at a constantly growing pace. The change that it is only just past thirty years since electric
has come about by simply giving free play to natural lighting began with the opening of the first crude and
forces and letting the law of supply and demand, humble plant in Pearl Street near Fulton. It had
which by some is regarded as obsolete, work out a long been known that electricity was capable of producing light by causing incandescence of some macure in the old-fashioned way.
fifteen or sixteen months ago prices of iron and terial which (as one might say) angers the current
Up to
steel were largely regulated by co-operative efforts. by opposing some difficulty to its rush around its
The Gary dinners furnished the opportunity for an circuit, but the great discovery of Edison was priexchange of views under which price fluctuations were marily how to turn this knowledge to practical use by
kept within narrow limits. There was a certain ad- "dividing" the light. It is a long and marvellous advantage in this, as there always is in the maintenance vance from the yellowish and comparatively feeble
of price stability. But the course of events since bulbs of 1882 to the almost unlimited variety and efthen has shown that co-operative effort is not in- fectiveness of electric lighting now, the advance being
dispensable to success in the trade. On the contrary, in quantity, color, ease of control and facility of applithe fact that prices were not being fixed by arbitrary cation to so many purposes that it is hardly extravamethods furnished a basis such as had not existed gant to have faith that this bewilderingly facile servitor
for years on which to rear an enduring structure of is able to perform any conceivable task. The nightly
activity and prosperity. There have been no con- display which flashes along upper Broadway and the
ferences of the steel men in the old way for over a lines and whirls of decorative lamps in public buildings
year. It was supposed that the absence of such con- and grounds are a continuous exhibition to which
ferences would lead to general disaster and universal most city dwellers have grown wonted. Besides, the
ruin. It was argued that industrial operations are once marvellous agent, gas, has advanced in its turn,
now being conducted on so large a scale that competition using incandescent materials.
Electric power has marched with a more wonderful
can no longer be allowed to regulate prices—that there
or less binding development. It is hardly a quarter-century since
must be concert of action, and more
general agreements; otherwise wholesale destruction the trolley car came in, and in this term electricity
has wrought changes as if Aladdin had come with
will ensue.
The result shows that such fears are groundless and his lamp. It has made subways possible. It has
such theories unsubstantial. Common sense will tunneled under rivers and has built great urban termirule in the end, whether business is conducted on a nals. It has spread practicable local travel outward
large scale or on a small scale—in fact, is a little more from congested districts. It has done more than
likely to hold sway in the former case, since by reason create an electric-railway system which possibly exof the magnitude of the undertakings those in control isted, a quarter of a century ago, in the imagination
are charged with the conduct of the property of of some unrestrained dreamer. It is revolutionizing
others and hence become the trustees of such property industries and redistributing population, yet it is
instead of the individual owners. In that capacity raising new problems almost as it seems to dispose
they are certain to proceed with greater caution than of old ones.
What this substance is, or whether it can be spoken
when it is within their power to deal in a free-handed
of as substance, is still a mystery; the wisest know
own property.
way with their
After the meetings were discontinued last year, only some of its phenomena of working, and even
prices did for a time drop to very low levels, but this they are doubtful whether mankind has got farther
very fact inspired confidence on the part of consumers than the first few letters in the alphabet of electricity.
and buying orders at once began to pour in, and have One of the most suggestive exhibits at the recent
been steadily growing in volume ever since. With the Show was that of an "Overhead Electrified Irrigation
increase in orders, there also soon came an improvement Company," which claims ability to greatly stimulate
OCT. 26 1912]
THE CHRONICLE
1079
plant growth by a system of artificial rain sprayed marked example of this being a proposition to
erect a
from overhead piping, the water itself being elec- part of one county into a new county. Because these.
trically charged. The specific exhibit of this company are local matters, observers outside can pass them
(which comes from Buenos Aires and claims to have without an opinion on their merits, yet we may remark
thoroughly proved itself in the Argentine Republic) that these are matters which are ordinarily left for
was a model of a farm on Long Island which is using legislatures to deal with.
the device, and samples of vegetables grown there and
There are many constitutional amendments which
the very inferior soil that produced them, under the have been referred to the people by the Legislature in
electric stimulus, were shown. We need not take the customary manner. The most
notable of these
such claims unqualifiedly, yet they should not be met provides that constitutional amendments thereafter
by obstinate incredulity, for it has been repeatedly can be ratified only by a majority of all electors voting
told, with such circumstance as compels some belief, at the election instead of by the handful
that may
that electricity does aid plant growth and has a happen to vote on the particular propositions
. This is
potential importance in ability to do this. It is repeated in the amendments proposed
by initiative
also repeatedly affirmed that electricity can aid in petition, for one of those requires "a majority
vote of
developing backward and defective specimens of the all electors to adopt constitutional amendment
s and
human race, one of the very latest tales being that it propose initiative measures, and a majority
vote only
can woo sleep. Nothing said about it can be sum- of electors voting thereon to reject measures
referred
marily dismissed as idle, because we simply do not to the people." The evident purpose of
this is to
know. Of what electricity is already doing in power- require a fuller popular action in case of constitution
al
transmission we have evidence. It is hauling over amendments than in case of ordinary "measures,
"
lengthening sections on our steam railroads; it is namely laws. The genesis of this change in
respect to
converting waterfalls and melting icecaps into trans- ratifying constitutional propositions
has not been
missible and transmitted power; the forecasts of Sir publicly stated, but its adoption seems to be
indicated
William Ramsay about what might be done, in worn- by its being brought up in two ways:
it is the very
out or unprofitable mines, in burning the fuel where it amendment which, as we have often said, is most
lies and sending its energy by wire on the surface have sorely needed in this State and ought
to be in effect
not been forgotten and are significant. Whether everywhere. Another of the initiative
amendment
electricity is concerned in the wireless wave is prob- propositions bunches several striking
and advanced
ably unknown; what we do know is that marvel follows notions, such as: proportionate election of
legislators;
upon marvel and the end is beyond vision, if not having the Executive introduce all appropriation
bills;
beyond ima ination.
making him (and unsuccessful party candidates for his
There is also an aid to faith in this march of thirty office) ex-officio members of the House of Represenyears. Will the coal supply be exhausted and will tatives; allowing proxy voting on bills; putting over
the earth grow cold because the sun gives out? Not to the next session all bills introduced after the
first
soon enough for ourselves or our immediate descend- twenty days; and abolishing the State Senate.
ants to justly worry. Discoveries come as they are
Here are too many and too varied and serious mattimely because needed as means of evolution. Noah ters for proper consideration at a
Presidential eleccould have photographed his queer craft, if he had tion; yet if they were referred to a special
election (as
possessed the materials and the knowledge in hand, for in Ohio) another objection equally grave
would arise.
they existed. The intelligent power that plannea If mixed in with ordinary elective matters,
the people
creation may reasonably be supposed to have seen the will not sufficiently consider these, and if
treated
end from. the beginning and to have provided for it, separately the people will not take the trouble to vote;
each successive step being taken in its due season we are therefore brought to the inevitable deduction
and not possibly before.
that there is vastly too much amendatory tinkering
going on in this year. Moreover, it may not be quite
The large number id thirty-eight amendatory or in vain (after the people get down
to thinking soberly
enacting propositions to be passed on by the electorate again) to point out that the certain
tendency of the
of Oregon on Nov.5 are sketched elsewhere in this issue referendum, and much more of the initiative,
will be
of the "Chronicle," but some of them, as in case of to lower the responsibility and character of legislatures.
those lately disposed of in Ohio, suggest a passing The same thing may be said of the judiciary,
and with
comment. The first and most notable feature in still more emphasis and seriousness. It cannot
be
them is that they are a jumble, produced by the made more clear by enlarging upon it, for
as soon and
present fad of an imaginary restoration to the people as far as persons who are intended
to exercise repreof imaginary lost powers, through initiation and sentative powers, either legislative
or judicial, are
approval, and these functions (alleged to be new but reduced to a mere clerical status
by requiring their
really exercised since the country was founded) are work to be indorsed before it is complete or
by keeping
to be exercised simultaneously.
a recall string tied to themselves, they will degenerate.
There is a batch of constitutional amendments, and
there is a long batch of "bills for Acts," proposed
Thus far there seems no uncertainty as to the trend
by initiative petition, which means that a portion of of the Balkan War. It is very
strongly against the
the people recommend things to all the people and a Turkish arms. Not that
the Ottoman troops have
portion of the people recommend things to the Legisla- failed to display their accustomed
bravery and fanatiture (these recommendations being practically equiv- cal disregard of death. But they
have been overalent to mandates), and then the whole people formally whelmed apparently by the
greater preparedness of
pass on them. The "bills for Acts," proposed by ini- the invading troops. The armies
of Bulgaria, Servia
tiative, and the Acts on which a referendum was and Greece have all followed
Montenegro's lead and are
ordered by petition, relate to a great number of mat- invading the territory of the
Sultan and are certainly
ters, of which the largest in details is a revision of making active progress. Latest
dispatches tell of the
.nheritance taxes; many of them are local, the most capture on Thursday by the
Buldars of the town and
1080
THE CHRONICLE
[VoL. Lxxxx` v.
the Greek
Turkish fortress of Kirk-Kilisseh in Thrace. This is the entrance to the Dardanelles, and hoisted
of great strategic importance in guarding flag. They have thus secured a base from which they
regarded
Adrianople, against which the Bulgarians have since can attack the Turkish squadron should it emerge from
a
Monday been directing their main attack. The fortress the Dardanelles. Admiral Countouriotis issued
the proclamation to the inhabitants announcing the occuis thirty-five miles to the east of Adrianople, and
capture of the town itself, which now seems probable, pation of the island by Greece.
Thus far there have been no open developments
according to military authorities, may develop to be
ent of the war. The Turk- suggesting the interference by any of the great Powers
the most decisive engagem
ish positions at the fortress were finally carried at the in the war, although it is evident that great nervousprepoint of the bayonet. The Bulgars now occupy a line ness over possible developments in this direction
foreign financial centres.
as long as their Turkish frontier and are more than vails at all the
twenty miles within Turkish territory. Their plans
The revolt headed by Gen. Felix Diaz, nephew of
are supposed to be to invest Adrianople from the west,
far as the Servian invasion former President Diaz, against Madero rule in Mexico,
north and northeast. So
is concerned, both the Turks and Servians claim sen- seems to have collapsed as suddenly as it developed.
his troops were capsational victories in Albania. Official Turkish advices The leader and his staff and most of
without resistance. Two of the staff
claim to have put the main Servian army to flight at tured almost
and the same fate
Koumanovo. According to these advices, Zekki Pasha officers were shot after court-martial
Diaz himself. But President Madero insisted
with thirty thousand men attacked the Servians before awaited
in Vera
the Bulgarian force, which was hastening to join them, on clemency and the prisoner will be confined
of severe fighting the Cruz fortress instead of being executed. The entire colarrived. After several hours
its ludiServians were completely routed and fled. Meanwhile lapse of the so-called revolution is not without
that whatever skill the
—still quoting Turkish advices—the Bulgars tried to crous side. It certainly shows
man was completely obhelp the Servians by a flank attack, but Zekki Pasha new leader had as a military
scured by his inexperience in intrigue. Advices from
detached one of his divisions and drove them across
Diaz revolt was little more
:the border. The Turkish War Office professes to Mexico City state that the
of the Servians, than a Madero trap set and sprung by the President
believe that this blow finally disposes
suspected of intriguing
but it is officially admitted that the Ottoman troops himself. Diaz had long been
catch him at his own game
ent. To
'who opposed the Bulgarians to the eastward of the against the Governm
to go about Vera
are retreating. It is also stated that all Madero permitted him, apparently,
Tunja River
being spied upon, but as a matter of fact
the forces except the army corps which is holding Cruz without
secret service men were his conAdrianople will fall back on the main army, which is the Administration's
Burgas. stant advisers. Diaz was led to believe that the major
concentrated between Baba-Eski and Lule
the Federal army would join the revolt, and he
The Turks will then have there seven corps and four part of
see the plot until too late. Even when the
more in reserve, which are now being formed near failed to
appeared before Vera Cruz, he believed
Constantinople. It is further stated at Constantinople Federal troops
to join him, and would attack those
that the retirement from Kirk-Kilisseh was purely a they were coming
loyal the moment he (Diaz) gave the
:strategetical move to enable all the units of the army who remained
accounts for the apparent neglect of Diaz
to concentrate and was in no way due to Thursday's word. This
is asserted, stand a siege to give battle the moment the Federals came in range.
battle. Adrianople can, it
if necessary.
According to a cable dispatch from Vienna, neThe Montenegrin troops, advancing in a southeasgotiations are approaching completion between
terly direction, reached a point 83i miles from the
Washington and St. Petersburg for a year's extension
• Turkish. town of Scutari on Thursday afternoon.
the Russo-American treaty, with the object of gainTheir military operations have been greatly interfered of
ing time that is necessary for discussing and negotiatwith by rain. So far as the operations of the Greek
ing a new treaty. William Sulzer, Chairman of the
army are concerned, it is reported from Athens that
Foreign Relations Committee of the House, when shown
the Ottoman troops under Riza Bey, which have been
dispatch, declared that he was cognizant of such
driven by the Greeks through Stone Gates Pass and the
ons, but did not care to discuss them nor the
out of the town of Servidje, are threatened with anni- negotiati
ances attending them for the present. On the
hilation. They are hedged in on the east by the cliffs circumst
A. A. Adee, Acting Secretary of State,
of Mt. Freria, on the west by the Haliakmon Fords, other hand,
the Department had no knowledge of such
which are held by the Greek Highlanders, and on the said that
there has been discussion of
south by the Greek army flushed with victory. Fully negotiations, although
in which the contention of the United
twenty-two thousand men are face to face with the al- a new treaty
passports of American citizens of Jewternative of unconditional surrender or slaughter. On States that the
be recognized would be adhered to.
Wednesday the Turkish army before Servidje was ish faith should
had been made by the Russian
routed. The occupation of the town by the Greek force No representations
State Department about extending
and the capture of twenty-two field guns and of a large Government to the
but it was possible that such an
-amount of war material has created great enthusiasm in the present treaty,
of the col- expedient had been proposed in St. Petersburg. The
Greece, and has lifted the depressing memory
announce that a Russian commission
lapse of the Greek army in 1897. Before the Turks Vienna cables
high dignitaries and economic experts
evacuated Servidje they are reported to have massacred composed of
Washington soon after the Presidential
the Christians there. This, it is stated in dispatches will come to
negotiations for a new commercial
from Athens, has aroused a sentiment of horror among election to begin
the Greeks, and still further intensified their resolution treaty.
to free Macedonia for ever from Turkish barbarity.
The European markets for securities have continued
After a short engagement on Tuesday with the Turkish
nervousness rather than spectacugarrison,a landing party of five hundred Greeks occu- to display extreme
It is to the State funds that we must
pied Kastro, the capital of the island of Lemnos, near lar weakness.
OCT. 26 1912,]
THE CHRONICLE
1081
naturally turn for a record of the effect of the Balkan ported to have taken place in Vienna, but in this inwar on securities. The changes are not as large as stance also there is still absence of official information.
a superficial reading of the cable dispatches would lead Berlin reports a number of minor failures. The adone to suspect. British Consols, for instance, closed vance by the Reichsbank of its discount rate to 5%
at 73 1-16, which compares with 73 3-16 at the close from 43/2% was accompanied by a statement from
of last week; French Rentes are 89.25, against 89.75 President Havenstein to the effect that the Bank's
a week ago; Russian 4s are M point lower in London recovery following the September quarter-end settleat 88, and Turkish 4s 2 points lower at 79. Bulgarian ment had not been satisfactory and that the heavy
higher at 963/2, Greek pressure of bills in the Provinces had so affected
6s, on the other hand, closed
Monopoly 4s closed 1 point higher at 50, Servian Uni- exchange rates as to endanger the Bank's gold supply.
fied 4s without net change for the week at 70 and Ger- The failure of a large Glasgow speculator, with Fabilities of $2,500,000,was reported on Thursday and resultman Imperial 3s 1 point higher at 77.
Our own market for securities may now be regarded ed in considerable liquidation in London. This
as taking little more than an academic interest in the speculator had extensive continental and colonial
Balkan war. It is hardly likely that Europe will connections. The Austro-Hungarian Bank yesterday
again become a heavy seller of American securities. advanced its rate of discount to 53/2% from 5%.
So far as the technical bearing of the Balkan War
In the first place, the recent sales did not result from
any fear of the soundness of the securities themselves. on the European bourses is concerned, there seems to
The liquidation was more or less compulsory, and its be an agreement thatfavorable newsfrom the standpoint
main object was to provide holders of the securities of the market is contained in Turkish victories while
with ready money with which to protect other commit- progress by the allied States is unfavorable. This
ments that were not so readily salable. This crisis also is the position of sterling exchange houses on this
having passed, there is no longer any apparent ne- side in their operations in their particular lines of busicessity for disposing of additional amounts of securities ness, exchange ruling easier when reports of Turkish
that have just stood the test so admirably. Espe- successes are received. The explanation, which seems
cially is this the case when we consider that as we are so out of line with the sympathies of the Christian
not at all likely to become involved in any European nations, is that the prompt success of Turkey would
conflagration—and in this we occupy an exceptionally preserve the status quo of Europe, while, should the
favored position among the great Powers—our securi- allied armies succeed in severely rupturing Turkish
ties presumably will not be directly affected by Euro- prestige, European territorial complications of a most
pean political intrigues or jealousies, and are for this serious character would undoubtedly ensue.
reason apt to appreciate because of their safety during
The Imperial Bank of Germany on Thursday ancurrent disturbed conditions abroad. A suggestion to
this effect is cabled by the Paris correspondent of the nounced the expected advance in its minimum discount
"Journal of Commerce" in the following paragraph: rate to 5% from 434%, and yesterday, Friday, the
"Your correspondent to-day interviewed the repre- Austro-Hungarian Bank, advanced its rate to 534%
sentative of one of the largest French banks, who has from 5%. No additional change was made by the
been reported to be advising his clients to buy Ameri- Bank of England from 5%,although open money rates
can railroads. He frankly confirmed the statement in Lombard Street are approaching so close to the
that he was giving such advice, and instanced Union official rate that it would not be surprising if the latter
Pacific, Atchison and Louisville & Nashville as be- were to be forced up still further in the near future. An
ing particularly safe and profitable investments at advance may next be expected in the official rate at
the present moment. The outlook in America, he St. Petersburg. Private bank discounts at the Eurosaid, was without question brighter than in Europe. pean centres are firm and higher. Closing rates in
The Balkan war cannot be settled off-hand, and will London for sixty-day bills were 4/@,4%%, while
probably drag along all winter. In this event there ninety-day bills were 4%@4 1546%. A week ago
will be constant encouragement for outside interfer- 43/2% was the ruling quoiation for short bills and 4@
4
ence, which can spring into a conflagration at a mo- 43 %forlong. Bills to arrive closed at5@5 %for sixty
ment's notice." Paris, being the leading market for days and 4 15-16% for ninety days. In Paris the open
State securities of Russia and the Balkan States gen- market rate, as reported by cable yesterday, was
l
erally, has not unnaturally been affected most se- 3 9-16%, although earlyin the week3y%was quoted.
verely by the current crisis. On Tuesday, the cable Last week, at the close, spot bills were quoted at 39/2%
reported that three agents de change—as members and bills to arrive at 39%,but there is now no quotaof the Bourse are called—were embarrassed and that ble difference between the two classes of bills. In Bertheir obligations having been taken over by their lin the open market rate closed only IA% higher for the
fellow members, they would resign. Official confirma- week at 4%% for 60-day bills, notwithstanding the
tion of this report has not been received, so far as we advance in the official Bank rate to 5%. Ninety-day
can learn through press channels; but as the cable re- bills closed at 43.j%, which is a concession of y from
s%
ports containing the information came to responsible last week's closing figures. Amsterdam remains at
houses here, having reliable French connections, it 37 % and Brussels at 4%%. AtVienna the market rate
A
seems reasonable to suppose that the re- is still 5%,notwithstanding the advance to 53/2% in the
ports are accurate. It is at any rate the official rate. The official bank rates at the leading forway embarrassments are handled on the Paris Bourse eign centres are: London, 5%; Paris, 334%; Berlin,
where the agents de change as a body are responsi- 5%; Vienna, 53/2%; Brussels, 5%; Amsterdam, 4%;
ble for the obligations incurred on the Bourse of each Bengal, 3%; and Bombay,4%.
individual member. In London considerable appreIn its weekly statement the Bank of England rehension exists regarding the ability of that market ported an increase in its gold coin and bullion holdings
to successfully complete, without embarrassments, the of only £20,576, notwithstanding that it has been buyapproaching fortnightly settlement which begins on ing gold freely all week. The total reserve increased
Monday. A large failure has been indefinitely re- £113,000 and the proportion of reserve to liabilities is
1082
THE CHRONICLE
now 49.53%, comparing with 48.73% last week and
52.80% one year ago. The Bank's bullion holdings
are still above those of last year, the total this week
being £37,586,372, comparing with £37,430,543 in
1911 and £31,318,335 in 1910. The reserve stands
at £27,500,000, comparing with £27,211,293 in
1911 and £22,017,700 in 1910. Public deposits
were increased £2,003,000, while ordinary deposits
indicated a contraction of £2,667,000. A reduction
of £780,000 in loans was recorded. The total outstanding, however, is still the highest for the corre• sponding week since 1906, when the Bank rate was 6%.
It now is £32,725,000, against £27,905,256 in 1911,
£28,443,321 in 1910 and £33,394,745 in 1906. Notes
reserved decreased £26,000 during the week and notes
in circulation decreased £93,000. The Continent did
not bid at the London auction on Monday for the
gold which arrived from Cape Town. The amount was
about £800,000, of which India secured £150,000.
The Bank, it is understood, took the remainder. Our
special correspondent furnishes the following details
of the movement of gold into and out of the Bank for
the Bank week: Imports, £530,000 (wholly bought in
the open market); exports, £579,000 (of which £150,000 to Egypt, £50,000 to Sweden, £349,000 to Continent and £30,000 to miscellaneous destinations), and
receipts of £70,000 net from the interior of Great
Britain.
[VOL Lx.xxxv
ing at this time to 1,850,849,000 marks, comparing with
1,806,080,000 marks one year ago and 1,655,900,000
marks two years ago.
In the local money market a considerable degree of
nervousness has developed during the week. The interior demand for funds has been resumed on an active
scale and the banks lost through the Sub-Treasury
$9,862,000, which, in view of the fact that last Saturday's bank statement the cash surplus of the ClearingHouse banks and trust companies amounted to only
$9,408,950, indicates that a period of some strain is
not unlikely, especially when we consider that a rather
peculiar combination of urgent demands is in sight for
the closing days of the month. During the coming
week, aside from meeting the interior requirements,
the banks will be called upon to accumulate funds for the
November dividend and interest disbursements, which
are large. The banks, moreover, have been using in
their call loans the so-called tax moneys that have been
accumulated for payment in November. November 1
is tax day in New York. On that day the final half
of taxes for 1912 is due and payable. But as no penalty accrues if payment is made within 30 days, it is
hardly probable that these deposits will be at once
withdrawn. Nevertheless the banks will be compelled to call funds quite freely to meet the concentrated demand on their deposits. New York
is thus confronted with the necessity of supplying the exceptional demands at home and of interior correspondents. The local institutions can
expect no relief in the form of additional gold imports,
as all the precious metal that was engaged in London
has already arrived, the final consignment, as we reported in the "Chronicle" last week, having reached
New York on the steamer Caronia. The only alternative, therefore, for the banks is to call loans. Demand
rates during the week were on about a 5% basis, the
renewal rates having ranged between 4% and 532%.
Referring to money rates in detail, it may be said
that the extreme quotations on Monday were 4%@5%,
with the higher figure the ruling one; on Tuesday the
7
range was 432@5%, with 44% the ruling basis;
Wednesday's range was also 4M@5%, but the ruling
rare was marked up to 5%; Thursday's highest was
3
6%, lowest 44%, and the renewal figure 4%%;on
Friday 63% was the highest,4% the lowest and 53'%
the ruling quotation. Time money rates were well
maintained and closed at fractional advances. Final
quotations were 534@6% for sixty clays, ninety days
and for four months, and 532@5%% for five and six
months. The offerings of mercantile paper were not
active and quotations remain 534@6% for choice six
months' names and also for sixty and ninety-day
endorsed bills receivable. Names not classed as choice
still remain at 63/27o.
The Bank of France also recorded a slight decrease
in its gold supply, which, following as it does a succession of weekly declines in this item, may be regarded as the effective work of the higher Bank rate.
The increase amounted to only 1,274,000 francs. Silver also, for the first time in several weeks, registered
an increase in the holdings. The total stock of gold
in the Bank amounts to 3,232,041,000 francs, comparing with 3,140,225,000 francs one year ago and
3,337,850,000 francs at this date in 1910. The silver
comparisons are not quite so favorable. The week's
total is 756,966,000 francs, which compares with
791,600,000 francs in 1911 and 840,650,000 francs in
1910. The bills discounted increased 76,325,000 francs.
Treasury deposits increased 54,525,000 francs, advances decreased 1,100,000 francs and general deposits increased 7,175,000 francs. A contraction in
note circulation of 54,475,000 francs brought the total
outstanding down to 5,388,091,000 francs, comparing
with 5,331,097,880 francs in 1911 and 5,281,395,040
francs in 1910.
Notwithstanding the remark of the President of the
Imperial Bank of Germany that accompanied the
advance in the discount rate, that the Bank had not
shown a satisfactory recoveryfrom the September payments,the weeklystatement of the Bank,published yesterday indicated an increase of 21,136,000 marks in the
gold on hand and of 41,293,000 marks in gold and
Sterling exchange this week has been active and exsilver combined. There was a contraction of 91,382,000
marks in the outstanding note circulation and of 38,- cited, although the latter feature has not shown itself
920,000 marks in the Treasury bills, while loans de- specifically in the form of erratic or important changes
creased 16,113,000 marks. Discounts were 7,942,000 in quotations. Cable transfers have evinced greatest
marks higher and deposits indicated an increase of strength, owing to the urgent demand for remittances
101,737,000 marks. The total stock of gold and sil- for American securities sold by former foreign holders.
ver held by the Reichsbank is 1,224,771,000 marks, A feature of the transactions of this nature have been
which compares with 1,096,720,000 marks one year what is technically known in sterling exchange parago and 991,740,000 marks in 1910. Loans and dis- lance as "swapping" credits on joint account. For
counts aggregate, however, 1,501,325,000 marks, instance, one large London bank cabled to a bank here
.
which compares with 1,275,440,000 marks in 1911 and , that it would "swap" a million pounds. Another
1,188,300,000 marks in 1910. The outstanding cir- London bank sent a similar cable to a leading trust
culation is but slightly in excess of last year, amount- company here that deals in a large way in sterling,
OCT. 26 1912.]
THE CHRONICLE
that it would "swap" £1,250,000. Both these transactions were on joint account—that is to say, the London and New York institutions in each case were to
share equally in the profits. It may perhaps be of
interest to explain how a transaction of this character
is conducted. The offer was at once accepted by cable.
The New York institution thereupon sold cable transfers to New York bankers or others who desired
to remit by cable on account of American securities
that either had already been received from London
or were on their way here. These cable transfers were
immediately covered by grain bills, cotton bills, merchandise bills of every description or finance bills,
which were shipped on the next fast steamer sailing.
All sorts of reports have been current as to the value of
the securities sold by Europe. London cables from
usually conservative correspondents state that estimates of £10,000,000 are considered excessive at
that centre, though there is a disposition among banking interests on this side to estimate somewhat higher
than the figures named. In any event, the amount
involved has not proved a strain upon the ability of
the foreign exchange interests at this centre to handle
the matter,in a routine manner. There is no general
rule as to the manner of paying for American securities
when they are returned from abroad in large quantity.
The movement is, of course, handled by the great
banking interests, and it is a matter of negotiation
as to the manner in which remittances shall be made.
The London check rate in Paris closed yesterday
25.23M francs, which compares with 25.25 francs
a week ago and suggests a demand for funds at
the French capital. Demand sterling in Berlin closed
20.52 marks, which compares with last week's closing
figure of 20.503.1 marks. The closing Berlin check
rate in Paris is 122.95, which is a decline of 17 centimes
for the week.
Compared with Friday of last week, sterling exchange
on Saturday was firmer with demand quoted at 4 8580
(0).4 8590, cable transfers at 4 8630(0 8640 and sixty
days at 4 8175@4 8185. On Monday, after early
weakness on account of continued large offerings of
grain and cotton bills, the undertone again became
firm on selling of stocks by Europeans, and demand
advanced to 4 8585@,4 8595 and cable transfers to
4 8635@4 8645; sixty days declined to 4 8170@
4 8180. Firmness in discounts at London and the
financial difficulties in Paris were in some measure
responsible for an advance in sterling on Tuesday; the
close was at 4 86@,4 8610 for demand,4 8645@4 8655
for cable transfers and 4 8180(0 8190 for sixty days.
On Wednesday the market opened weak,then rallied,
although trading was dull throughout; demand and
sixty day bills declined to 4 8595@4 8605 and 4 8175
@4 8185, respectively, but cable transfers advanced
to 4 8650@4 8660. On Thursday sterling first advanced sharply, demand going up to 4 8615 and cables
to 4 8675 during the forenoon, then reacted, largely
on speculative operations by brokers and the effects
of the continued foreign selling of American stocks
demand at the close was lower at 4 859000 86, while
cable transfers were firmer at 4 8655@,4 8665 and
sixty clays remain unchanged. On Friday there was
a sharp break at the opening, demand touching 4 8570
and cable transfers 4 8635 on the rise in local'money
rates. Before the close a partial rally took place.
Closing quotations were 4 8155@4 8165 for sixty days,
4 8575(0 8585 for demand bills and 4 8645@4 8655
for cable transfers. Commercial on banks closed
4 79%@4 81% and documents for payment 4 80U@
1083
4 82%. Cotton for payment ranged from 4 81 to
4 813. ; grain for payment from 4 813/i to 4 81%.
1
The New York Clearing-House banks, in their operations with interior banking institutions, have lost
$423,000 net in cash as a result of the currency
movements for the week ending Oct. 25. Their receipts from the interior have aggregated $11,520,000,
while the shipments have reached $11,943,000. Adding
the Sub-Treasury operations, which occasioned a loss
of $9,862,000, the combined result of the flow of money
into and out of the New York banks for t e week
appears to have been a loss of $10,285,000, as follows:
Week ending Oct. 25 1912.
Banks'interior movement, as above_
Sub-Treasury operations
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$11,943,000 Loss
29,962,000 Loss
$31,620,000
Total
$11,520,000
20,100,000
$41,905,000 Loss $10,285,000
$423,000
9,862,000
The following table indicates the amount of bullion
in the principal European banks.
Oct. 24 1912.
Banks of
Gold.
England _ _ 37,586,372
France - 129,281,760
Germany,. 44,328.410
Russia _ _ _ 155,943,000
Aus.-Hun_ 51,933,000
17,254,000
Spain 42,512,000
Italy
Netherl'ds 13,037,000
Nat.Belg._ 7,722,000
Sweden _ 5,413,000
SwItzerl'd. 7,005,000
Norway
2,142,000
Silver.
Oct, 26 1911.
Total.
Gold.
.£
37,586,372 37,430,543
30,278,850,159,560,610 125,608,620
15,600,000 59.88,4 0 40,749,500
6,758,000162,701,00 143,344,000
11.060,0001 62,993,000 54,179,000
29,579,
46,833,00 16,672,000
3,533,000 46,045,000 40,220,000
553,700 13,590,700 11,767,000
11,583,000 6,694.017
3,861,
5,413,000 4,739,00
7,005,000 6,434,000
2,142,000 2,220,000
Silver.
Total.
37,430,543
31,663,52 157,272,140
14,086,2
54,835,700
6,326,000 149,670,000
11,697,000 65,876,000
30,410,0
47,082,000
3,550,000 43,770,000
1,125,600 12,892,600
3,347,333 10,042,000
4,739,000
6,434,000
2,220,000
Total week 514.157,582 101,223,550615,381,l3: 490,058,330 102,205,6 592,263,983
Prey. week 512,547,24 101,809,020 614,356,266 487,296,058 102,025,3731589,321,431
THE STOCK MARKETS AND THE WAR.
The first week of actual fighting in the Balkans
leaves the military situation at this moment in some
obscurity. This is largely because of the exclusion of
war correspondents from the front—a policy which the
commanders on both sides seem to have adopted even
more systematically than did the Japanese and the
Russians at the outbreak of the Manchurian War.
Such news as has come from the actual line of battle
has undoubtedly been colored by the prejudices of
the government offices where it was officially given
out, and it has therefore followed that reports from
Sofia or Athens would at times diametrically contradict the version of the same engagements given out
at Constantinople. What has apparently been established, however, even by these conflicting reports, is
the fact that the Greeks have shown a staying power
in battle rather different from that of 1897, when their
army broke in panic during the first serious engagement with the Turks, and that the armies of the Balkan States have won undoubted preliminary successes
in their advance on the first objective point, the fortified Turkish city of Adrianople. Whether these early
successes of the allies indicate a permanent advantage
on their part, or are only the result of inability of the
Turks to effect at once the concentration of their various scattered armies, it is impossible yet to say.
On the European stock exchanges the news of
actual war operations has been received with greatly
increased composure. Even the hard-pressed Paris
market has recovered, and in fact all the European
markets have shown that, at any rate, the panicky
feeling which prevailed in the second week of October has been effectively allayed. This recovery of
financial equilibrium is the more noteworthy in that
it has occurred in the face of the advance of bank rates
at London, Paris and in Sweden on Thursday of
1084
THE CHRONICLE
[VOL. Lxxxxv.
last week and at Berlin and Vienna during the present
But London, confronted with this large Continental
week.
liquidation, very naturally turned to New York to
Of;the New York market, it may perhaps be said realize on the American securities sold to it by the
that the after-effects of the sudden Balkan news have Continent. In short, then, these heavy sales of Ameribeen most severely felt this week. The repeated can stocks by 'Europe have occurred partly because
and at times very violent decline in prices on our the embarrassed Continental markets held a very
Stock Exchange has been ascribed for the most part substantial amount of them, but also because, under
purely to liquidation here for European account. present circumstances, New York was one of the
These sales by Europe, which were heaviest at the best markets on which to sell—perhaps the single
beginning of last week, and which have been re- market, so far as concerned American securities, on
current since that time, have in fact reached very sub- which it was possible to sell large quantities of stock
stantial dimensions. Some of the Wall Street esti- immediately without panicky sacrifice in prices.
mates as to the values involved in this liquidation
That fact partly answers the question, what is to
have been altogether extravagant; but conservative be the ultimate effect of this European liquidation on
banking houses are inclined to believe that as much as our own position? While it was in progress it was
$30,000,000 or $40,000,000 in American securities bound to be seriously disturbing and unsettling at
may actually have been thrown by Europe on our mar- New York. But that our own financial situation is
ket during the fortnight past.
strong and sound has been abundantly proved by the
This is a sufficient burden for any market to be ease with which this enormous and sudden liquidation
confronted with on so slight notice and with such of our securities has been taken care of by the market.
rapidity as have characterized the present occasion. No one has heard any talk to the effect that our trade
More than this, the reason why,the pressure of stocks revival will be upset by the outbreak of the Balkan
this present week was particularly heavy, and why War. There have been no rumors, in or out of the
it came with something like a shock to Wall Street Stock Exchange, of even such temporary distresses
itself, is that people are apt to forget that securities on financial markets and in general trade as ocsOld by Europe to America are financed by internation- curred shortly after the Transvaal War broke out in
al capital while they are on the ocean, and therefore do 1899. Indeed, it should be remembered of the 1899
not exert their full influence on the market, which episode itself, that despite the numerous small commust absorb them until the share certificates have plications which followed the British reverses and the
actually arrived and are in process of distribution. stringent money of December,it was only a few months
The Stock Exchange, which had been considerably more before the American markets had recovered their
reassured by the absence of extreme pressure here, equilibrium and the American trade revival was
immediately after the heavy liquidation on Europe's pursuing its course with no serious interruption.
own markets, two weeks or so ago, was caught conIn some respects it is possible to argue that the
siderably off its guard by the pressure of actual stock re-sale of these foreign holdings of our securities has
when the shares were delivered from he incoming been a good thing for the American situation itself.
steamers of the present week.
A month ago there existed a feeling of something not
A number of questions naturally arise in connection wholly unlike apprehension in conservative financial
with this episode. Not only will it be asked why quarters as to what might be the result if we were
European holders of securities should have been sell- to be confronted with anything like a sustained and
ing so persistently, but why they should sell American excited rise in prices from the prevailing level at
securities, representing enterprises so remote from the a moment when Eti ope was already carrying such
field of warfare, and what is to be looked for as the large lines of American stocks and bonds. In the
ultimate effect of this liquidation abroad and here.
present situation, with these foreign holdings so greatly
It is now reasonably clear that, although Europe's reduced, with our own prices brought to a more conselling of stocks was largely based on apprehension servative level, and with the tendency to any "runof serious complications among the larger Powers, away bull movement" checked, such 'apprehensions
it more recent and more heavy liquidation was par- have been effectively removed.
ticularly due to existing conditions on the Continental
The case of the foreign financial markets is not in
stock exchanges. Notably at Paris and Berlin, warn- all respects the same. With us the war scare and the
ings had been repeatedly given out, even before the war liquidation came at a moment when a genuine
first Balkan news, to the effect that the financial trade revival was only at its beginning, and when
position on those markets was vulnerable. The basis underlying conditions were exceptionally strong and
for these warnings was that, in several Continental sound. With some of the European markets, on the
markets, there had been a prolonged and in many other hand, these incidents occurred at the climax of a
respects overdone speculation for the rise, and that prolonged, and in some quarters seriously overthe conditions thereby created were aggravated by extended, financial boom. What wi'l be the longer
the growing tightness of money, and especially by the sequel to the check thus rudely applied to those
beginning of active withdrawal of gold for America. speculations is a question of considerable interest. In
Subsequent events have shown that apprehensions any case, the violent European liquidation during the
regarding Berlin had been exaggerated—largely be- past three weeks will test the soundness of the position
cause that market had been sufficiently disturbed of those markets. It is possible that, when acute
about itself to make thoroughgoing preparation before apprehensions regarding the Balkan War and its
its quarterly October settlements. At Paris there possible complications have passed away, the movedoes not seem to have been a similar preparation. ment of foreign prosperity and even the advance on
At all events, when the shock of the Balkan the foreign stock exchanges may be resumed. Under
news startled all these Continental markets into similar circumstances, after the outbreak of the
liquidation, all of them sold very heavily in Manchurian War of 1904, exact y this occurred. The
London, which is apt to be the easiest market on sequel to the Boer War outbreak of 1899 was the
which to realize.
opposite; the European boom was definite'y ended.
OCT. 26 19121
THE CHRONICLE
THE RAILWAY AND THE SHIPPER.
The address of President Finley of the Southern
Railway at a dinner given by the Transportation Club
of Indianapolis treated the chief topic of the evening
in a somewhat unusual manner. As to the railway
and the shipper, he began with the self-evident, yet
often half-obscured, proposition that each is dependent
on the other for not health merely but existence.
Recognition of this has led the roads to policies aimed
directly at increasing the number and the business of
shippers on their lines. These policies take form in
rate adjustments intended to permit 'shippers along
one line to meet competition of producers of the same
or similar commodities in common markets, in soliciting immigrants and industries, and in broad and farsighted work to stimulate agricultural production by
all known means of aiding farmers. The purpose in
this is not merely altruistic; it is self-protective, as it
seeks to lay a broad foundation for future prosperity;
but (for this was the speaker's point) such prosperity
for the carrier is dependent on the lasting prosperity
of the country it serves.
Equally dependent is the shipper on the carrier,
said Mr. Finley. The shipper or producer who does
not trouble himself to look ahead may think his interest in the matter ends with getting the lowest rate of
haul which can be extorted by any means. This
might be true if to-day were the last day; but the
shipper's real interest is his permanent interest, and
that is that railway facilities shall be equal to secure
prompt and efficient movement of all goods.
That the roads are not now fully in such condition
of ability, and especia'ly when crops are as abundant
as in this season, is known to all persons who take the
trouble to get accurate information rather than mere
assertions. The reasons why the roads, even with
increases in gross operating receipts and some undoubted increases in efficiency also, have been unable
to increase their net receipts in the same proportion
were compactly stated by Mr. Finley once more, and
they ought to be well-known and understood. The
largest railway outgo is for wages, and wage adjustments have tended upward in recent years, as is notorious. Figures have been compiled which show that
on roads in the section east of Chicago and St. Louis
and north of the Ohio and Potomac rivers the wages
of engineers and other trainmen were about 43 millions
more in 1911 than the wage scale in 1910 would have
made them, and this is only a statement covering one
section. Materials and supplies have also risen,
and taxes laid by Government have risen 167% since
1900 and call for about 130 millions for the fiscal
year 1912.
Current returns do show increased gross earnings
over last year, but this increase comes from greater
business done, so that some companies cannot match
their increase in gross by any increase in net earnings,
and, as a whole, the gross increase is not yielding a
proportionate increase in net. Extensions and improvements mean new capital coming in; "the ability
of the companies to attract the investment of new
capital on reasonable terms will be measured by their
net-earning capacity." This is a truism, and Mr.
Finley might have brought it sharply home by challenging the loudest-spoken advocate of rate-reduction
to say how much of his own private money he would
put into an enterprise which is not now doing a profitable business and is menaced and harassed by Government.
1085
But Mr. Finley introduced an encouraging and foreseeing note also. We railway men, he said, have
been in a practical school, having taken a thorough
course in working economics; "we have learned that
a railway can thrive only as a result of the prosperity
of the communities it serves and that the best policy,
from the viewpoint of permanent railway interest, is
one of co-operative helpfulness." The shipper also
"will" learn the same, and in the same school. He
"will recognize his paramount and permanent interest
in railway efficiency.' He will see that ifhe is to grow
in business and prosperity, the carrier must 'grow.
He will see that new capital investment is indispensable, "and he will find the railways dominated by the
economic law that private capital is attracted to
investment by the soundness of the security and the
rate of return, and this will open to the shipper a
very broad field of co-operative helpfulness." In
this way will come the solution of railway problems.
Observe that Mr. Finley did not say "should";
he said "will." He might have said "must" also,
since the alternative is solely a prolongation of difficulties and a retardation of possible prosperity.
Between a continuation of political jeremiads slinging
charges and screaming woes, with throttling Governmental policies, and, on the other hand, increasing
production aided by, and aiding, increased carrying
facilities—between these, who would hesitate to
choose? Yet really we must have one or the other,
to speak broadly. Therefore we may safely accept
Mr. Finley's prophetic tone.
GOLD PRODUCTION IN NINE MONTHS OF 1912.
The virtual dependence of the world upon South
Africa for any increasing supplies of gold is being
demonstrated in 1912 as it was in 1911 and in a number
of earlier years. In fact, between 1903 and 1911 the
aggregate products of all mining fields except those
of Africa advanced only about 800,000 fine ounces,
with the product of the last-named year actually
smaller than in 1908, while the yield of Africa in the
interim rose from 3,317,662 fine ounces to 9,366,001
fine ounces. This latter is, of course, an example
of marvelous progress, but further noteworthy expansion thus far in the current year in the Transvaal
promises to carry the 1912 yield fron the Dark Continent well above 10 million ounces, or more than was
produced in the whole world as late as 1896.
As the progress making in Africa (almost wholly in
the Transvaal, of course) has been so often referred
to by us, no especially extended further comment is
necessary. Suffice it to say, therefore, that, following
the development of 1911, during which production
advanced from a per diem rate of 21,001 fine ounces in
January to near 24,000 fine ounces before the year
closed, the daily average has further risen, standing
for the nine months of 1912 at 24,898 fine ounces.
.
This gives for the Transvaal a product of 6,821,875
fine ounces for the period, against only 6,099,442 fine
ounces for the nine months of 1911 and 5,597,387
fine ounces in 1910. Districts of Africa outside the
Transvaal, while making comparatively slow progress,
have, nevertheless, quite generally done better than in
the previous year. Rhodesia reports for the nine
months a yield of 485,000 fine ounces, against 474,180
fine ounces a year ago, and West Africa 250,000 fine
ounces, against 182,577 fine ounces. Finally, there is
the product of Mozambique, Algeria, the Sudan, &c.,
which, being included; gives for the whole of Africa
1086
THE CHRONICLE
an aggregate yield of about 7,677,515 fine ounces for
the nine months of the present year, which compares
with 6,856,199 fine ounces for the like period of 1911
and 6,275,856 fine ounces in 1910.
,
Australasia continues to report diminishing results
from practically all the various fields, the total output
of gold for the nine months of 1912, as we compile it,
having been only about 1,901,457 fine ounces, against
2,162,905 fine ounces in 1911 and not much over half
what it was in 1903. The Colar field of India makes
a little better showing this year, returning for the
nine months ended Sept. 30 a product of 434,006
ounces, against 424,307 ounces a year ago. These
various totals (for Africa,, Australa,sia, and India),
comprising the only actual returns obtainable for periods less than a year, and covering countries that last
year gave 56% of the world's product, furnish a grand
aggregate of 10,012,978 ounces, against 9,443,411
ounces for the corresponding nine months of 1911,
an increase of 569,567 ounces, or about 6%. This
gain, however, does not fully measure the augmentation in gold production looked for the current year.
On the contrary, some increase over the 4,687,053 fine
ounces produced in the United States in 1911 is anticipated as a result of further development in Nevada and
Alaska, and better results recently reported in the
Mondike presage an addition to Canada's yield.
Consequently, it seems conservative to conclude from
the information at hand that the output of gold from
the mines of the world for the full year 1912 will reach
approximately 23M million fine ounces, the equivalent
of 485 million dollars, and comparing with 22% million
fine ounces, valued at 467% million dollars, in 1911.
Needless to say, the large supplies of new gold
coming forward are quickly absorbed and the thirst
for the metal still continues. While it is not possible
to trace definitely and fully all of the new gold to its
final destination, the points of lodgment of an amount
equal to much the greater part of this year's nine
months' production are clearly apparent. In the
United States, for instance, the holdings of gold increased 44 million dollars during the nine months, the
Bank of England added 223 millions to its stock
during the same interval, the Bank of France 16
millions, the Bank of Germany 27 millions, the Bank
6
of Russia . 2 millions, and the other European banks
173/ millions. Furthermore, the net exports of gold
from Great Britain to Turkey, Egypt, Java, India and
South America made up a further 80 million dollars.
These various items reveal the lodgment of 269
million dollars during the period from Jan. 1 to
Sept. 30 1912, leaving of the world's approximate production for the period only some 95 millions to be
otherwise accounted for—used in the arts or absorbed
by the banks and treasuries of countries not included
in our remarks.
THE NORTHERN PACIFIC IN A PERIOD OF
DEPRESSION.
In contemplating the Northern Pacific report, it
is well to recall that the road has had unusually trying
conditions to contend with during the last few years.
This will account for the fact that, on top of a tremendous shrinkage in gross earnings in the preceding
fiscal year, there was a further considerable shrinkage in the year under review. In brief, gross revenues
fell off $9,612,994 in the fiscal year 1911 and fell off
$1,488,885 more in the fiscal year 1912, making a loss
for the two years combined of over $11,000,000, so
[VOL. Lxxxxv.
that the gross for 1912 was only $63,423,946, against
$74,525,826 in 1910. Fortunately, in the case of the
net earnings, after a decrease from $28,538,420 in 1910
to $25,183,071 in 1911, further reduction in 1912 was
prevented through curtailment of expenses as a result
of higher efficiency of operations.
The causes of the large losses in traffic and earnings
during the last two years are found in the fact that
trade and crop conditions alike were unfavorable, and
that the system had important new competition to
meet—principally because of the opening of the Puget
Sound line of the Milwaukee & St. Paul, but also because of the opening of some other new lines. The
spring-wheat yield in the territory traversed by the
lines of the system was doubtless better in 1911 than it
had been in 1910, and we note that President Howard
Elliott observes that 21,639 more cars of grain were
delivered at important terminals in 1911-12 than in
1910-11. 13ut this gain comes after a large loss in
the grain tonnage in 1910-11,and the crop was considerably below the normal in both seasons. We note,
too, that, following a loss of nearly 10,000 cars of lumber in the previous fiscal year, a further loss occurred
in 1912, the report making the following statement,
namely, that "the lumber business, which is an important part of the tonnage handled by your company,
was smaller than for several years past."
As concerns the effect of business depression, pronounced evidences of this were present in the previous
year, and though some recovery in general trade occurred in the late year, the recovery was partial only.
In the previous report, President Elliott pointed out
that there had been a decrease of $700,000 in the earnings from long-haul freight moving from the Mississippi
River,and points east thereof, to Butte, Spokane, Seattle, Tacoma and Portland, on account of less construction and less expansion of general business facilities. In the fiscal year 1912 there was evidently
very little improvement in that respect. Aggregate
freight earnings from all sources increased a trifle—
$460,603—but this was the result, presumably, of
the larger grain movement and followed a loss in freight
revenues of $5,425,818 in 1911.
The greatest shrinkage of all, however, occurred
in the passenger revenues. Here there was a decrease
of $4,054,500 in 1911 and an added decrease of $1,935,060 in 1912, bringing the passenger revenue down
to only $15,343,752 in 1912, against $21,333,312 in
1910. In this we see the effects of new competition.
In 1910-11 the Puget Sound line made inroads mainly
on the freight traffic of the Northern Pacific, while in
1911-12 the further encroachment was chiefly, it would
seem, in the passenger department. Other newly
opened lines, however, have also served to encroach
upon the business of the Northern Pacific, both passenger and freight. Two years ago the company's report
spoke of the making of a connection between the Chicago Burlington & Quincy and the Great Northern at
Billings, of the building of the Spokane Portland &
Seattle Ry. between Portland and Spokane and of the
opening of the Minneapolis St. Paul & Saulte Ste.
Marie line to Duluth as having adversely affected
the Northern Pacific. All this new competition, of
course, continues in operation.
It is proper to say,with reference to the striking loss
in the passenger traffic, that the previous year's falling off arose in considerable part from the fact that
in 1909-10 the total of the passenger revenues had been
swollen to unusual figures by special circumstances
and conditions which greatly stimulated passenger
OCT. 26 1912.]
THE CHRONICLE
1087
travel for the time being. Thus, the Alaska-Yukon- to 593 tons. These are exceedingly high averages.
Pacific Exposition, held in Seattle from June 1 to though they do not quite come up to the Great NorthOct. 16 1909,induced a very large passenger movement, ern's record in that respect. The rate per ton per mile
and the opening of certain Indian reservations to set- realized in the late year decreased from 9.03 mills to
tlement also created a large amount of passenger 8.67 mills, but notwithstanding this reduction the
business.
trains earned more per mile run owing to the increase
President Elliott goes into an extended analysis of in the average load.
the further decrease of $1,935,060 in passenger earnings
Taxes increased heavily, much more than offsetting
in 1912. He says this heavy decrease was a result the small gain in net earnings brought about by the
of several causes. General conditions were such that reduction in operating expenses. The aggregate
people felt poor and were much more careful about ex- amount paid in taxes was $3,739,079, or $620 per mile.
penditures than during previous years. The Milwau- It is pointed out in the report that these taxes were
kee & St. Paul on May 29 1911 established double 5.9% of the gross earnings and 14.6% of the net
daily passenger train service between Chicago and earnings of the company. Income from outside
Puget Sound points via St. Paul. These trains, mak- sources also fe'l off, and altogether the company had
ing 1,464 trips during the year, naturally took a very considerably less money available. Nevertheless, the
considerable proportion of the business that they did 7% dividends paid, and calling for $17,360,000, were
from the Northern Pacific, not only the long-haul earned in full, with $2,303,814 left over. It is necesthrough business, but much intermediate business sary, however, to go back only five years to find a
handled heretofore exclusively by the Northern Pa- surplus on the year's operations over five times this
cific. Mr. Elliott also says that the passenger busi- amount. And this calls attention to the fact that
ness moving between Portland, Tacoma and Seattle the shrinkage in income as a result of the unfavorable
and intermediate points over the lines of the company conditions prevailing came concurrently with an inleased to the Union Pacific and Great Northern is crease in capitalization under which net earnings
gradually being divided up into more nearly equal should have expanded in order to preserve the old
parts between the three companies using the property. equilibrium.
The equalizing process results in loss to the Northern
It may be recalled that in January 1907 $93,000,000
Pacific that formerly handled all of the business. of new stock was offered to shareholders at par, subLikewise, there was greater competition than ever be- scriptions being payable in installments extending over
fore in the Gray's Harbor and Yakima Valley dis- a period of two years, the last falling due in January
tricts in the State of Washington.
1909. Through this new stock issue the total of the
Another cause of decrease mentioned is worth special stock was raised to $248,000,000, against the former
notice and is of general application. There is little total of $155,000,000. The call for dividends at the
doubt, he asserts, but that the growing use of the old rate of 7% was raised from $10,850,000 per annum
automobile has had its effect on the volume of the to $17,360,000. Thus the ordeal was an unusually
passenger business. In the States served by the trying one. The capital on which it was necessary
company's lines there is one automobile for about to earn a return was 60% larger, while income was
every 90 persons. This results in considerable de- falling away in a most striking fashion. It is this
crease in the short travel on the railroad, and also has which accounts for the shrinkage in the yearly surhad the effect of reducing the volume of pleasure plus. In 1906-07 the surplus above the call for divitravel, temporarily at least, because persons of mod- dends was $12,623,929. In 1907-08 the surplus on
erate means cannot own automobiles, he argues, and the year's operations above the dividend requirements
also make trips to the mountains, parks and lakes. fell to $9,043,068. For 1908-09 the year's surplus
The same causes that have affected passenger earn- was down to $7,534,350 and in 1909-10 the amount
ings also occasioned reductions in express and other fell to $4,936,259. For 1910-11 the surplus on the
sources of classified revenue.
operations for the twelve months was only $3,082,266,
The really gratifying feature is the reduction in while now for 1911-12 the amount is only $2,303,expenses, denoting growing operating efficiency. 814.
With $1,488,885 decrease in aggregate gross earnings
Fortunately things are beginning to wear a decidedly
in 1912, operating expenses were reduced $1,571,243, brighter aspect, and the company may now be said
bringing about a slight gain in the net. The reduction to have passed safely through its most trying ordeal.
in expenses extended in all directions, but was largest President Elliott states that the outlook for general
in amount in the case of the transportation expenses, business for the current year in all of the States'served
where a saving of $845,090 was effected. This de- by the company is extremely good. He also says that
crease in the transportation expenses is the more sig- the crops of grains, grasses and fruits have never
nificant in view of the larger amount of transportation been better than they are this year, and that there is a
service rendered. The passenger traffic registered marked increase in the movement of lumber and
a considerable falling off, as already stated; but the manufactured articles.
passenger train mileage was practically the same as in
During the year under review there was a net inthe previous fiscal year, and hence there was no saving increase in the bonded debt of $1,040,000, while $4,here. On the other hand, in the case of the freight 779,000 of treasury securities were sold to provide
tonnage the number of tons of freight moved one mile funds for general construction purposes. Altogether
increased 250,515,455 ton miles. The number of the charges to Capital account for new construction,
miles run by revenue freight trains, however, was new equipment and for additions and betterments
actually decreased 475,172 miles, or 4.86%. The aggregated $7,090,271. In addition, $1,135,604 of
revenue train load increased from 461 tons to 510 advances were made on behalf of various new roads
tons and the total train load, including company in course of construction. Cash on hand, however,
freight, from 553 tons to 593 tons. In other words, was not materially decreased during the year, standing
the train load has been brought close to 600 tons, at $5,566,568 June 30 1912, against $5,931,723
having been raised the last two years from 523 tons June 30 1911.
1088
THE CHRONICLE
[VoL. Lxxxxv.
ard of value was never chosen because it was a good standard
of value; it was chosen because it was a good medium
of exchange. Money to-day serves two functions, whereas,
when it was originally invented, it served only one; then it
was merely a medium of exchange, now it is also a standard
of value, and to-day, with long-time contracts, this function of the standard of value becomes of the utmost consequence. Several centuries ago an annuity was settled upon
Oxford University, two-thirds in money and one-third in
"kind" at the money equivalent of that day. Within two
centuries the one-third in kind came to be worth twice as
much as the two-thirds in money, which illustrates the havoc
played by the depreciation of money, which has in a general
way been going on for at least a thousand years. The
disturbance of contracts as between gold and silver
countries has brought out the same difficulties, and
every student of the subject, so far as I know, is agreed that
we are now suffering from the same trouble in a subtle form,
just as students were agreed as to the same proposition in
the 50's and 60's of the Nineteenth Century. A salaried
man has suffered from the rise in the cost of living, or depreciation in the purchasing power of money, in the last fifteen
years; the wage earner has suffered; every creditor has suffered, whether bondholders or savings bank depositors.
Thus, a servant girl who put $100 in the savings bank fifteen
years ago, and now takes out the accumulated sum of $150,
will find that, instead of having 50% more purchasing power
as she had every reason to expect, she can to-day buy with
the entire $150 no more than she could buy with the original
$100 when put in the bank. In other words, the depreciation of money has robbed savings bank depositors of all their
interest, not nominally, but in actual fact.
Of course, the standardization of the dollar would not have
put more wages in the servant girl's pocket, it would not
grow more wheat in Kansas, it would not settle the tariff
question, or the question of cold storage, or the question of
middlemen's profits, or the question of trusts. It is not intended to do this any more than settling the size of the bushel
basket, instead of allowing it to vary as it once did, has increased the growth of wheat or potatoes or anything else
measured in bushels. I wish, therefore, to emphasize the
fact that by proposing this particular improvement in the
YALE UNIVERSITY.
•
money unit, I do not in the least reject many other
DEPARTMENT OF POLITICAL ECONOMY.
remedies which have been proposed or which may be proNew Haven, October 15 1912.
posed for coping with this great problem of the high cost of
Editor Commercial and Financial Chronicle, New York City:
living.
Thus far, so far as I know, without exception, every seriMy dear Sir—My attention has been called to your editorial of Oct. 5, in which you ridicule my plan, read before ous student who has really examined the enclosed memothe International Congress of Chambers of Commerce in randum and understood the details of the plan has become
Boston, for making the purchasing power of the dollar more convinced that it would do what it really aims to do, namely,
stable by means of a seigniorage automatically adjusted to make the purchasing power of the dollar more stable. I
to the index numbers of prices. I confess I was greatly am not one of those who thinks that the only cause for the
surprised to find that a paper of your standing should take high prices to-day is gold inflation, though I believe that this
the ground which you have taken, and without any full is a real and important cause, just as greenback inflation durstatement before you of the plan which you criticize. My ing the Civil War was a cause, but not the only cause, of
mention of this plan in the speech before the International high prices then. The enclosed letters include the endorseCongress of Chambers of Commerce was comparatively inci- ment of President Hadley of Yale, the Chairman of Presidental and occupied only three pages of a speech mainly de- dent Taft's Railway Securities Commission, Mr. Babson,
voted to advocating an international congress on the cost and Mr. Brookmire, two of the leading business statisticians,
of living. The plan was put forward merely as an illustra- engaged, like yourself, in studying fundamental conditions,
tion of the numerous proposals which such a conference and other competent students of the subject.
The proposal is not, as you seem to think, a tampering
would bring out. I realized, however, that many present
of a three-page description, with the standard of value; on the contrary, it is a means
would feel inclined, on the basis
to reject any proposal so apparently radical as mine, and I of preventing the standard of value from being tampered with
prepared and distributed a 30-page memorandum, a copy of by all sorts of influences, at the mercy of which it is now conwhich I enclose, which aims to meet the various objections stantly changing.
The only critics who seem to be absolutely opposed to such
which might naturally arise in the minds of those who see
the scheme for the first time. I also referred the audience a plan are the fiat-money men. The "Philadelphia Item"
to my book, "The purchasing Power of Money," particularly distinctly says that I am wrong in thinking that the bullion
behind the dollar has anything to do with its value, but
the last chapter, in which the same plan is discussed.
The title which was given to my speech in the reprint pub- that its value is entirely a matter of Government fiat. One
lished in the "Independent" was not the title which I put of the speakers at the International Congress, criticizing my
on it, and is misleading. It evidently led you to think that speech, made the same remark. History has always shown,
I put forward this plan as "the" cure for the high cost of however, the unsoundness of fiat-money proposals. I conliving. I do not believe in any one cure for the high cost of fess that I do not think it was worthy of you to have said
living, which to me is an extremely complex problem. It that the fact that Woodrow Wilson had made a suggestion
does not pretend to reform farming methods or to increase for increasing the weight of the gold dollar and that the
the fertility of the soil. I think, if you will look carefully fact that he is a "disciple and devotee of William J. Bryan
again at the short article itself, which is the basis of your made it easy for him to look with favor upon suggestions for
criticism,that you will note that I expressly disclaim this, and tampering with the standard of value." As you must know,
state that my proposal deals with only one part of the problem when Mr. Bryan made his unsound money proposal of 16 to 1,
of the high cost of living (the depreciation of the dollar), Mr. Wilson was bitterly opposed. As you may possibly
although that part, I believe, is much more important than know, I was also bitterly opposed, as was practically every
you,judging from your editorial,realize. Our present stand- other economist, opposed. My present proposal has no more
PROFESSOR FISHER'S PLAN FOR A STABLE
MONETARY UNIT.
The following communication has come to us from
Professor Irving Fisher of Yale. It has • reference
to our comments on his plan intended to give
stability to the purchasing power of the gold
standard by varying the Mint price of gold so as to
neutralize the fluctuations in commodity prices.
It will be remembered that the purpose is, not to
change the weight of the coined dollar but to increase
the weight of what he calls the "bullion dollar".
Instead of giving coined dollars at their equivalent
weight for the gold bullion, he would change the weight
of the bullion dollar in accordance with certain index
numbers registering the fluctuations of commodity
prices. As commodity prices rose and the purchasing
power of the gold dollar diminished, he would restore
the equilibrium between the two by decreasing the
price to be paid for the gold bullion presented at the
Mint, with the result that the miner or bullion holder
would have to tender an increasing amount of gold in
order to get the coined dollar. Mr. Fisher expects
that in this way the purchasing power of the coined
dollar itself would be brought up to the level of the
larger bullion dollar given in exchange. At present
gold bullion and gold dollars are interconvertible on
an equal basis, 25.8 grains of gold bullion securing in
return at the Mint a 25.8-grain coined gold dollar.
The Fisher plan does not at all commend itself to us,
and we so indicated in our remarks. Mr. Fisher is
not pleased with what we said and accordingly has
written us the letter referred to, which we now insert
here :
OCT. 26 1912.]
THE CHRONICLE
in common with Mr. Bryan's than white with black. White
and black are both colors, but they are opposite colors. My
plan and Mr. Bryan's both relate to money, but they are
fundamentally opposite proposals.
I note that you are good enough to say that you are
puzzled to know how the amount of circulating media would
be affected by increasing the weight of the dollar. Let
me ask you whether you think that if the weight of the
dollar were a ton, its purchasing power would not be affected?
Do you think as many dollars would be coined as at present?
If not, is there any difficulty in believing that an increase
in the weight of the dollar will reduce the number of dollars
or, to be more exact, lessen their rate of increase? Seniorage dams up gold at the Mint and restrains its inflow into
the circulation. If, as you seem to think, the Government
should coin its seniorage, the currency would be redundant
and the gold coins would flow back for redemption in bullion.
You seem to think that I have overlooked the law of
supply and demand. The fiat-money speaker at Boston
made the same statement. If you could find time to read
"The Purchasing Power of Money" or other things that I
have written on the subject, I think you would see that there
is no inconsistency between what I have claimed for the
possible regulation of the purchasing power of money and
absolute freedom of supply and demand, affecting the
relative prices of different commodities. A change in the
weight of the gold dollar would not restrict the freedom
of movement in relative prices. Supply and demand fix the
price of any commodity relatively to other commodities.
This is true even of gold itself, in spite of the fact that the
price of gold under our present system remains invariably
$18 60 per ounce. Any increase in the supply of gold,
however, has its effect in decreasing the price of gold relatively to other things, and any increase in the demand for gold
tends to increase its price relatively to other things. Any one
who has ever studied even the outer fringe of the gold problem realizes that the fact that we have a fixed Mint price
of $18 60 per oz. for gold nine-tenths fine,or £3 17s. 10Md.
for gold eleven-twelfths fine in England,does not in the least
indicate stability in gold. It merely fixes the relation between the gold money unit and the gold ounce. The effect
of supply and demand on gold still exists, but they are felt
in the movement of other prices in terms of money, while
the price of gold in terms of money remains the same. My
proposal is simply to make a different basis for the money
unit, so that by changing its weight from time to time
and by the automatic adjustment described, its purchasing
power shall be kept nearly constant, while the price of gold
per ounce will vary. Supply and demand will still play
upon every commodity as it does now and upon gold as it
does now, but instead of, as now, the supply and demand
of gold affecting the general price level of all commodities
while the price of gold remains constant, we shall have a
change in the price of gold while the general level of prices
of other commodities remains constant. The plan I propose is no more artificial, if as much so, as the present plan,
for it is surely artificial to make the price of gold constant
as if it had a uniform value or purchasing power. Under the
system proposed, the price that would be paid for gold would
be constantly adjusted according to what it would actually
be worth in terms of other commodities used as a basis for
measurement. The mechanism by which the plan would
operate is precisely similar to the mechanism by which the
gold-exchange system operates in India, the Phillipines,
Mexico, Panama, &c. When this system was first proposed
it was opposed and sneered at by much the same sort of
arguments and misunderstandings as in your editorial.
I should be glad to have any serious criticism of the
enclosed mem,orandum, if you have time to look at it, and
space to print this letter. The matter is not a political one
and does not concern Governor Wilson any more than it
concerns President Taft. Sneers are a cheap substitute for
argument and unworthy of a paper of yout standing. If the
London "Economist" can afford to take this matter seriously,
as it did, on the publication of my book on the purchasing
power of money, as the enclosed extract shows, is there
any reason why you cannot afford to do so? I realize
that it may take generations before business men in general
wake up to the importance of a standard monetary yardstick, because the dollar is so often assumed and accepted
simply "as a dollar" even when, as in the Civil War, we were
on a paper-money basis.
Prejudice will prevent progress here as everywhere; so
much the more, it seems to me, does the heavy responsibility
1089
rest upon responsible financial journals to discuss on its
own merits what, after all, is a stable basis for contracts
expressed in terms of money.
Hoping that you will excuse my frankness, which is not
meant in disrespect, I am,
Very sincerely yours,
IRVING G. FISHER.
Professor Fisher is querulous and does not write in
good spirit. We cannot see that we did him any injustice by our comments. The title of his paper, as it
appeared in the "Independent," was "A Stable
Monetary Yardstick the Remedy for the Rising Cost
of Living." This he now says was not his title and is
misleading inasmuch as it gives the impression that
his plan has been put forward as "the" cure for the
high cost of living. But there is much in the paper
itself that would warrant the same inference. He
begins his paper by saying "Business men throughout
the world have a vital interest in the problem of the
rising cost of living" and several pages further along, in,
outlining his plan, he introduces it with the remark:
"Among the more ambitious plans which aim to go to.
the root of the matter is one of my own." Furthermore, as to the plan itself we quoted it verbatim just
as printed in the "Independent", giving almost a
column of our space to it, so that no one could be in
doubt as to the precise nature of the proposal as
expresse'd in Professor Fisher's own words.
We admit that we treated the plan with levity, in so far as it purports to furnish a solution, whether
partial or complete, of the high cost of living, but
we do not see how it is possible to treat it in any other
way, considering it in all of its features and aspects.
In the above letter, which is very discursive,
Mr. Fisher does not attempt any effective reply. In
our remarks we took up among other things the
contention that the increase in the production of gold
is responsible for the advance in commodity prices
and asked how the situation in that respect would be
relieved in the slightest degree by the plan proposed.
The mine owner would get less for his gold since he
would be paid on a basis of commodity values, but
the quantity of gold taken over from him by the Mint
would be the same as before and this gold would be
coined into the same number of dollars, since it is
part of the scheme that the weight of the coined
dollar shall remain unchanged. Therefore, as far
as the volume of the circulating media may be supposed to have any influence upon the course of prices in
general, the disturbing influence of the large production of gold would seemingly not be removed. We
confessed ourselves puzzled as to this aspect of the
matter. In his letter above Mr. Fisher attempts
a rejoinder by asking the following questions, which
he apparently regards as a "sockdolager," but which
leaves us more deeply puzzled than before. Says
the author of this curious plan: ."Let me ask you
whether you think that if the weight of the dollar
were a ton, its purchasing power would not be affected?
Do you think as many dollars would be coined as at
present? If not, is there any difficulty in believing
that an increase in the weight of the dollar will reduce
the number of dollars or, to be more exact, lessen their
rate of increase ?"
Of course, if the weight of the dollar was to be increased to a ton or even if it were only increased to
an ounce, the number of gold dollars to be coined
would be decreased and the assumed disturbing influence of the increasing production of gold upon
commodity values would be removed. But, as just
stated, it is part of the Fisher plan—and in the view
1099
THE CHRONICLE
of it proponent its chief beauty and advantage—
that the number of grains in the coined dollar shall
remain the same as at present. Therefore, the bullion
after it had been purchased by the Mint, would yield
when coined into dollars precisely the same number
of dollars as at present. How then would the influence of the large production of gold, which by a
certain school of economists to which Professor
Fisher belongs is held to have been one of the main
elements in the high cost of living, be lessened.
Mr.Fisher says:"If,as you seem to think, the Government should coin its seignoirage," implying that
possibly the seigniorage might not be coined. But
if it were not coined there would be no seigniorage,
and yet in his paper in the "Independent" Mr. Fisher
referred to the seigniorage proposition over and over
with great gusto, saying "the proposal is to restore
the ancient custom of a `seigniorage' on gold coinage.
At present there is no seigniorage". Webster's
Dictionary defines seigniorage as "something claimed
or taken by virtue of sovereign prerogative; specifically, a charge or toll deducted from bullion brought
to a mint to be coined." If the Fisher plan should be
put in operation (and should result in an actual increase in the purchasing power of the 25.8-grain
dollar), the seigniorage would be of enormous extent, since the coined dollar would always remain
of the weight of 25.8 grains and the Mint would all the
time (assuming the plan was a practical one) be
getting more gold in weight than the coined dollars it
paid in exchange for the same. The bullion would,
of course, have to be coined into dollars in order to
furnish the wherewithal to pay for further offers of
gold bullion. What would Mr. Fisher do with the
excess of gold received above that needed to make
payment for the gold purchased? In other words,
what would he do with the seigniorage ot profit on the
operation? Mr. Fisher suggests that the excess gold
Might be retained by the Government to strengthen its
bullion reserve, but that would not dispose of it; the
gold would still remain,and we may be sure that our
legislators would sooner or later require that it should
be coined. And if the excess gold were not destroyed
or hidden away and were all coined into dollars, would
there not be precisely the same number of dollars as
under existing conditions, and would not the large
production of gold be the same troublesome problem
(assuming that it is a troublesome problem) as at
present?
But would the plan work in the way its author
imagines it would? Would the purchasing power of
the gold dollar be increased at• all by the mere act of
Government in declining hereafter to accept bullion at
the Mint except at a reduced price? Does it not require a good deal of faith to believe that the present
gold dollar of 25.8 grains, now so greatly depreciated
as measured by commodity values, would lose the
whole or the greater part of its depreciation by Government imposing the requirement that henceforth
30 grains or 35 grains or 40 grains of gold bullion
must be offered before a coined legal tender dollar
weighing 25.8 grains can be got in return?
We do not have to consider what might possibly
happen if all the nations of the world should unite
in a scheme of this kind, for such a collective agreement is clearly out of the question. But Mr. Fisher
tells us (vide his letter in the New York "Times" of
Oct. 18) that "the plan would work even if only a few
nations, or even only one, should adopt it." Mr.
Fisher admits that in such an event our international
Lxxxxv.
exchanges with other countries would be disturbed.
He says: "Our foreign trade would suffer embarrassment while our internal commerce, which is more
than 100 times as important, would be put on a stable
basis." But would it be put on a stable basis? Would
there be any change at all as compared with the existing situation? After a study of index numbers and
schedules of commodity prices our Government would
announce quarter-yearly (according to the Fisher
scheme) that new gold or gold bullion would be received on the basis of 35 grains or 40 grains of gold in
return for the existing 25.8-grains dollar; but of course
none of the gold would be tendered, since the old price
for it could be obtained in Europe, wihther it would go
to obtain such price. Does one not have to be very
credulous to believe that in such circumstances the giving of a hypothetical value to the gold could add to or
take from the purchasing power of the 25.8-grains
dollar in the slightest degree, or make for its stability?
Professor Fisher endeavors to cure this defect by
providing that the coined dollar shall be redeemable
on demand in the bullion dollar—that is to say (to
use his own illustration, which is intended to cover the
50% advance in commodity prices that has occurred
since 1896), he would give 38.7 grains of bullion in
exchange for the 25.8 grains of gold contained in the
coined dollar. That this would have the ultimate effect of raising the purchasing power of the coined
dollar may be admitted, but at what enormous cost
to the Government, for the moment the announcement
was made that the Government stood ready to give
a larger equivalent in the metal for the quantum of
gold in the dollar, all the coined dollars in the country
would be offered for redemption in bullion.
Suppose, however, that Professor Fisher by his
plan could actually accomplish what he aims to
accomplish. Would such a course be desirable?
His purpose is to secure stability of purchasing power
for the gold dollar in terms of commodity values.
To that end he would vary the price of gold according
to the fluctuations in the prices of commodities.
The result would be that the price of gold, as thus
fixed, would be constantly jumping around in order
to make the dollar always equal to a given amount
in commodities. That in saying this we are not
exaggerating will appear from the outline of plan we
gave in our issue of Oct. 5 as prepared by Mr. Fisher
for the "Independent." In this we are told that
"the coined dollar would remain unchanged in weight
(25.8 grains), but the bullion required to secure the
coined dollar—the bullion dollar, would be heavier.
The difference in weight between the two would be
what is called seigniorage. It would not be fixed once
for all, but would be continually adjusted so as to give
the dollar always a fixed purchasing power. * * *
The adjustment of the seigniorage would be entirely
automatic, dependent upon an official index number
If the official index
of the price level. *
number shows a rise of prices in any year, say 1%, it
would be mandatory for the mints to add 1% to the
seigniorage. Expressed the other way about, if
gold loses 1% of its value the mints would pay 1% less
for it. * * * The proposal is simply that instead
of always paying the same money price for gold, no
matter how much it appreciates or depreciates in
purchasing power over goods, we would pay exactly
what it is worth."
Consider what such constant adjustments of gold
value to merchandise values would mean. If, through
a series of years, prices of agricultural products should
OCT. 26 1912 j
THE CHRONICLE
increase 50 or 100%, as has actually happened during the last Census decade, by reason of the failure of
the farmers to increase their production in accordance
with the growth in population, the country would remain in blissful ignorance of the fact. Under the
beautiful Fisher scheme, more and more gold would be
crowded into the hypothetical bullion dollar, so that it
would purchase the same amount of commodities as
before. A shortage of food supplies would never long
be reflected in the level of commodity values since
the value of the gold dollar would be adjusted from year
to year so as to preserve the equilibrium. In case of
famine, we would have the consolation of knowing
that, while prices abroad might be soaring sky high,
in this country we would always have a means available of holding prices down by decreasing the price of
gold and increasing the quantity of gold that would
have to be tendered at the Mint in order to get the
25.8-grain dollar. Tinder the system proposed, the
only thing that would invariably and indubitably
fluctuate would be the price of gold.
Professor Fisher is aiming at stability of purchasing
power for the gold dollar, but in seeking that object
he would destroy the utility of gold as a standard of
values. Instead of a fixed standard of values, measured by the weight of gold, there would be an adjustment of this standard to the fluctuations of commodity
prices, and stability of purchasing power would be
bought at the expense of stability of gold as a standard
by which to measure values. His series of index numbers would be the most arbitrary thing ever devised.
In place of a standard of values by which to measure
commodity fluctuations, we would have a standard
adjusted to equalize and level such fluctuations. Over
it given series of years, no one would ever know what
was happening in the mercantile world in the matter
of values as affected by supply and demand, since the
adjustment of the standard of values to commodity
fluctuations would serve to. obscure and hide such
fluctuations. To compare recorded prices from year
to year under such a system and to ascertain the true
course of values unaffected by the beautiful system of
adjustments proposed under the Fisher scheme, it
would be necessary to keep constantly on hand tables
showing the price of gold as periodically fixed by the
Mint, just as it was necessary during the Civil War to
have a record of the daily prices of gold in order to
get the proper equivalent of the depreciated greenback
unit. Will any one seriously contend that it would be
desirable to reproduce such a situation, even if thereby
stability of purchasing power could be obtained for
the gold dollar? The truth is, in such a contingency
there would be no standard of values at all. There
would be nothing but an arbitrary arrangement for
maintaining afixed relation between gold and commodities, regardless of the operation of the law of supply and
demand in its influence on commodity prices, and independent of all other legitimate causes that might
legitimately work to raise or lower the level of commodity values as measured in gold. Professor Fisher
speaks of money as having two functions, that of a
medium of exchange and that of a standard of value.
With his plan in operation, gold as the monetary
unit might retain its function as a medium of exchange,
but it would certainly no longer be a standard of value.
In these circumstances, are we out of the way in putting the Fisher plan in the category of schemes for
"tampering" with the standard of values, and in thinking that such tampering would be most reprehensible?
1091
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
—Theipublicisalesiofjbankistocksjthisiweek aggregate 24
shares, of which 19 shares were sold at auction and 5 shares
at the Stock Exchange. Only one 10-share lot of trust
company stock was sold.
Shares. BANKS—New York.
Low.
5 Chelsea Exchange Bank
140
*5 City Bank, National
439
14 West Side Bank
550
TRUST COMPANY—New York.
10 Fidelity Trust Co
225
High.
140
439
550
Close.
140
439
550
Last previous sale.
June 1909— 177
Oct. 1912— 450
Aug. 1910— 601
225
225
June 1911—
220
'Sold at the Stock Exchange.
—Felix Frankfurter has been named by President Taft to
succeed Chandler P. Anderson, resigned, as a member of the
committee to investigate the Board of United States General
Appraisers. Mr. Frankfurter is Law Officer in the Bureau
of Insular Affairs of the War Department. The other
members of the committee to which he is appointed are
William Loeb Jr. and Winfred T. Denison.
—In a communication issued under date of the 9th inst.
by Robert Williams Jr., Acting Commissioner of Internal
Revenue, it is pointed out that all corporations not specifically enumerated as exempt in the Corporation Tax law are
presumed to be "subject to the tax," and are therefore required to make returns. Mr. Williams has the following to
say in the matter:
TREASURY DEPARTMENT.
OFFICE OF COMMISSIONER OF INTERNAL REVENUE.
Washington, D. C., Octcler 9 1912.
Sir:—In further reply to your letter of the 26th ult., relative, to the case
of
, I have the honor to state that before the corporation can be excused and its name removed from the delinquent list,
it should show by affidavit that It is not organized for profit; that it has
or had no capital stock represented by shares; and that it is or was not carrying on or doing business within the meaning of the law.
Primarily, every corporation not specifically enumerated in the Act as
exempt from its requirements is presumed to be "subject to the tax," and
is therefore required to make a return of net income on or before March 1
next succeeding each calendar year. A corporation presumably liable
under the law cannot of Its own motion hold Itself to be exempt and thus
escape the necessity of making a return. If, by reason of the fact that it is
not organized for profit, has no capital stool; represented by shares, and is
not carrying on or doing business, it believes itself not to be subject to the
tax or required to make a return, It should, prior to the date when returns
are due, satisfy either the Collector or this office that It does not come within
the terms of the Act. In other words, it is incumbent upon every corporation, not specifically enumerated as exempt, to file its return within the
prescribed time or, in lieu of a return, to file a statement yvithin that time
showing that it is exempt by reason of the character and purpose of Its organization, and whether or not it was actually carrying on or doing business
for profit during the year for which the return is required. Logically, a
corporation is delinquent if it falls to file its return or, in lieu of such return,
a statement as above indicated, on or before March 1.
This opinion appears to be supported by the decision of Judge Van Valkenburgh of the U. S. District Court for the Western District of Missouri,
in the case of United States vs. Military Construction Co.(T. D. 1774).
Respectfully,
ROBERT WILLIAMS JR.,
Acting Commissioner.
Mr.
—In a statement based on a special report furnished him
by the Department of Agriculture, President Taft declares
that "the wave of extremely high prices for food throughout
the civilized world has reached its height in the United States
and is subsiding." These remarks are coupled with the
statement that "the American people have.cause to be thankful that, because of our industrial prosperity, it has not been
attended here with the great hardship which has prevailed
in some foreign countries, where high prices have combined
with low wages to reduce the working people to a point bordering on starvation." The report in question, the President says, "shows that, as a result of the bumper crops and
the great prosperity of the American farmer, there has been a
material decrease in the cost of food products, although in
most instances the reduction has not yet reached the consumer, and, in some at least, will not do so for months. The
most notable instance of the latter is in the case of corn,
which is ultimately marketed in the form of meat products.
The increased crop will inevitably result in cheaper food, but
not until the cattle, sheep and hogs fattened on this year's
crop have had time to reach the consumer." Secretary Wilson reports that, as compared with the short crop of a year
ago, the aggregate crop will be 20% greater, and that the
supply this year will average 10% greater than it has been
for a number of years. The following extract is taken from
the report:
This year's wheat crop is nearly 100,000,000 bushels larger than It was
last year, and already a high grade of Minnesota flour is costing at the mills
80 cents less a barrel than it did a year ago. There are 90,000,000 people
in the United States, and the average consumption of flour is 1 1-5 barrels,
so that this item alone, even at the present price, Will effect a saving of
10
0
e cornO00
$ 1: , 0 , .
crop, for the first, time In the history of the country, exceeds
3,000,000,000 bushels, amounting to 20% more than last year. Although
will not be freely marketed for a month or more, there is already a
this crop
decrease in the price of 7 cents a bushel as compared with last year. The
1092
THE CHRONICLE
immediate and temporary effect of the big corn crop is a scarcity of meat
and an increase of price, because the farmers are waiting for the cheaper
earn with which to finish their stock for market, but the ultimate effect
will be cheaper meat. That is inevitable.
Second only to corn, the hay crop affects the price of meats. This year
the hay crop amounts to 72,000,000 tons, as compared with 55,000,000 tons
a year ago. The average price of hay had fallen on Oct. 1 to $11.76 a ton,
a reduction of $2.74 from the price prevailing a year ago. In addition to
making for cheaper meats, the reduced price of hay will affect similarly the
cost of milk, butter, cheese, &c.
What is true of wheat and corn and hay is also true of oats, but to a still
greater degree. This year's crop amounts to 1,417,000,000 bushels, an
Increase over last year's crop of more than 50%. Most of this crop is used
as food for stock, and the increased crop and lower prices—on Oct. 1 a
bushel of oats cost 33.6 cents, as compared with 42.5 a year ago—will also
make for lower prices for meats and all live-stock products.
The decreased price of potatoes will alone effect a saving of nearly $100,000,000 in the cost of living. On Oct. 1 the producers were getting 51.1
cents a bushel for potatoes, as compared with 88.3 cents a year ago. This is
due to an increased production of 37%. As we consume 350,000,000 bushels of potatoes, and there is a reduction of 27 cents a bushel, the actual reduction of cost is $94,500,000, even if prices do not fall still lower.
The cotton crop of this year is the largest on record, and although the
price on Oct. 1 was slightly above that of the same date last year, it was 2.1
cents less than the price two years ago, and when the new crop comes in, the
market may go still lower, so that some reduction In the cost of cotton foods
may be looked for.
Secretary Wilson also advises the President that on the nine
great crops of the country—corn, wheat, oats, barley, rye,
buckwheat, potatoes, flaxseed and hay—the October prices
indicated a saving to the consumer of about 9%, or nearly
$500,000,000. The President is furthermore said to have
received reports indicating material reduction in the cost
of other food staples. The price of sugar, for instance, is reported to have fallen 1 2-3 cents a pound compared with the
price prevailing on Oct. 1 1911. The reduced cost of living
effected by this single item, the report says, will amount to
$105,000,000.
—A conference between Comptroller of the Currency
Lawrence 0. Murray and the National Bank Examiners for
Western New York, Northern Pennsylvania and Ohio, was
held at Buffalo, N. Y., on the 21st inst. The Comptroller
addressed his deputies along the lines of his talk to the
examiners in and near New York a month ago, and which we
quoted at some length in .our issue of Sept. 28. In his final
instructions as to what would be required of them in increasing the efficiency of their service, Mr. Murray, at this week's
conference with the examiners, said:
"Now just one word in conclusion, and it is an earnest word. I am going
to use every bit of power to be found in the National Bank Act to safeguard
the depositors in the national banks of this country. I am going to use it
as wisely as I know how, but I propose to use it. The examiners are the
agents of the Comptroller In the field, and he is absolutely powerless to
accomplish anything for good unless his agents are thoroughly experienced,
painstaking, reliable men. The Supreme Court of the United States in a
decision rendered recently (Thomas vs. Taylor, 224 U. S., 23) held that
directors who disregard the instructions of the Comptroller to charge off
certain assets, and continued to carry such assets on the books,violated
the law. The Court further stated that the directions of the Comptroller
must be observed; that his 'functions and authority cannot be preserved
otherwise and be exercised to save the banks from disaster, and the public)
who deal with them and support them from deception.'
"Therefore, it behooves you more than ever In the future to be as certain
as it is humanly possible for you to be that your estimate of the value of the
assets which you find in the banks be most carefully made."
—November 22 has been fixed upon as the date for the
first annual convention of the Investment Bankers' Association of America. As we have heretofore announced,the
meeting will take place in this city at the Waldorf-Astoria
Hotel. On the day preceding the regular convention there
will be meetings of the various committees, composed of
members from Boston to San Francisco and from St. Paul to
New Orleans, following which the Board of Governors will
hold a meeting. Elaborate plans have been made for the
entertainment of the bankers. The convention is to end
with a banquet at the Waldorf on the evening of the 22nd,
at which time several speeches will be made relative to the
work of the Association. The organization, as is known,
is national in scope and is designed to afford better protection to investors against fraudulent and unworthy enterprises; its forthcoming meeting bringing together, as it will,
for the first time interests representing the best there is in
American investments, will take an important place among
the proceedings having a bearing on financial matters.
• —The issuance of life insurance policies and annuity contracts by the State of Wisconsin, through its insurance department, was begun on the 24th inst. The law empowering
the State to enter this field was passed in 1911. Any citizen
of the State between the ages of 20 and 50 years may take
out a policy if he is acceptable after a medical examination
to be made under the supervision of the State Board of
Health, at a charge of $2. Applicants are given the choice
of the following forms of insurance: Ordinary life, 20-payment life, 10-year endowment and endowment at the age
of 60 years. The State administers the fund, paying no
[VOL. Lxxxxv.
commissions to agents and making no charge for officers
or management, only clerical help being paid from the life
fund. Applications may be made by mail or through the
city or county authorities or banks which are State depositories. The plan has been worked out by Insurance
Commissioner Ekern, and is said to be the result of the controversy with the life insurance companies which Mr. Ekern
became engaged in while in the Legislature.
—The right of Gov. Blease of South Carolina to remove
from office B. J. Rhame, the State Bank Examiner, is denied
in a decision handed down by the Supreme Court at Columbia
on Sept. 21. Gov. Blease last April appointed Hugh W.
Fraser as successor to Mr. Rhame,after requesting the latter's
resignation for his failure to call the Governor's attention to
the condition in 1911 of the Lexington Savings Bank of
Lexington, now in receiver's hands. Mr. Rhame contended
that the law empowering the Examiner to supervise the State
institutions requires him to file his reports with the State
Treasurer, and this, he asserted, he had done in all cases; he
refused to recognize the Governor's order of removal, and
contested his action. The Court, in upholding Mr. Rhame,
decides that the Governor has no power to remove the State
Bank Examiner, and says: "The Governor, as Chief Executive, has no prerogative control over offices such as is held
by the King of Great Britain. The power of removal from
office, therefore, is not an incident of the Executive office,
and it exists only where it is conferred by the Constitution
or by the statute law or is implied from the conferring of the
power of appointment." An extended extract of the opinion
is furnished in the Charleston "News and Courier" as follows:
The question then comes to this: When a statute creates an office to
be filled by appointment of the Governor and fixes the term for which the
appointee shall hold, but confers on the Governor no power of removal, does
the Governor, nevertheless, have the power of removal under the constitution or the statute law of the State or under the common law?
Laying aside for the moment the constitution and the statute law of the
State, we consider the common law rule as established by judicial expression. Surely, men of common sense, learned and unlearned, would be surprised to find the law to be that when the legislative department has created
an office to be filled by appointment of the Governor and extended and limited its term to.four years, yet the Governor could at will shorten the term
by removal, although no power of removal has been conferred. Such executive power is denied by both reason and authority.
The Governor, as Chief Executive, has no prerogative control over offices such as is held by the King of Great Britain. The power otremoval
from office, therefore, is not an Incident of the Executive office, and It exists only where it is conferred by the constitution or by the statute law, or
is implied from the conferring of the power of appointment.
The statute law of the State by the strongest implication denies the authority to remove here asserted. Public officers are created for the benefit
of the Commonwealth. Incumbentslhave no contracts or property rights
in them, and, unless otherwise it be provided by the constitution, they are
subject entirely to legislative control. Hence,subject to the constitution, the
General Assembly may fix the term, provide for removal,abolish the office, reduce the term,and in every respect control the existence, powers,emoluments
and tenure:ofjpublic officers.In the exercise of this power,the General Assembly
has with assiduous care provided that the removal of every minor and local
officer should take place only after indictment and conviction of misconduct, as instance the provisions.for the removal of all local officers by Paragraph 388 and Paragraph 389 of the Criminal Code, only on trial and conviction; or has provided that they should be merely suspended by the Governor
and be removed only on consent of the Senate, as instance the provision
made for the suspension and removal of county auditors and treasurers,
Civil Code 1902, Par. 340 and Par. 393; or has enacted that they should be
removed by judicial decree In a civil action, as provided in the article of the
code of procedure under which this action was brought.
When a different policy was Intended, the tenure has been expressly
stated to be subject to removal; as in the case of the dispensary directors
and the election commissioners, whose;tenure was made subject to removal
by the Governor; Criminal Code, 1902, Par. 556; Civil Code, Par. 200.
There is no escape from the conclusion that the Governor,has no power to
remove the StatelBanklExaminer.
The opinion was written by Associate Justice C. A. Woods,
and concurred in by Chief Justice Eugene B. Gary, Associate
Justice D. E. Hydrick and Circuit Judges T. S. Sense, George
E. Prince, John S. Wilson, H. F. Rice, Frank B. Gary and
T. H. Spain. Dissenting opinions were filed by Associate
*Justice R. C. Watts and Circuit Judge George W.rGaze, both
of whom, it is stated, held that the Governor had authority
to remove the State Bank • Examiner
—"The Relation Between Capital and Rates" is the subject
of an admirable address delivered by Frederick Strauss, a
member of the Railroad Securities Commission appointed
by President Taft, and a partner in the international banking
firm of J. & W. Seligman & Co. Mr. Strauss spoke at the
dinner given by J. G. White to the J. G. White Club at the
University Club, this city, March 7 1912. His address is a
brief and authoritative discussion of the railroad rate question and by request it has been reprinted in book form by
J. G. White & Co., 43 Exchange Place, this city. The booklet also includes the references which Mr. Strauss mentioned
in the course of his argument. A copy of this booklet will,
we understand, be mailed to interested persons by the engineering firm, upon inquiry.
OCT. 26 1912.]
THE CHRONICLE
1093
—Representation has been given to the new interests grand jury was announced last February, after he had been
which have come into the Empire Trust Co. of this city in missing for nearly half a year. It is stated that he is still
the election of the following new members to the company's a fugitive from justice. Governor Tener's decision is said to
board of directors: T. Coleman du Pont, President of the E.I. be based on an Act passed in 1909 which requires the State
alu Pont de Nemours Powder Co.; Minor C. Keith, Vice- Bank Commissioner to prosecute in general all cases of emPresident of the United Fruit Co. and Ward E. Pearson, son bezzlement from State banks and trust companies, and makes
of Dr. F.S. Pearson, head of the Pearson-Farquhar syndicate no express stipulation that this course is not to be followed
of South American capitalists. The new interests became where restitution has been made.
associated with the company at the time its capital was
—Col. Hugh Young, Chairman of the board of directors
increased in August from $1,000,000 to $1,500,000.
of the Federal National Bank of Pittsburgh, died at his
—Horace F. Poor was elected a Vice-President of the Lin- home at Wellsboro, Pa., on the 20th inst. Col. Young becoln Trust Co. of this city at a meeting of the directors on came Chairman of the directorate in 1910, prior to which
the 16th inst. Mr. Poor will also continue as Treasurer.
he was President of the bank. He was the founder of the
—James S. Clark, who retired as Vice-President of the Tioga County Savings & Trust Co. of Wellsboro and was forUnited States Trust Co. of this city in 1906, died at his home merly its President; he resigned that post early the present
in Orange on the 23d inst. He was in his seventy-seventh year, when he was succeeded by his son, Robert K. Young.
year.
—The stockholders of theYough National Bank of Connells—An exhaustive financial statement was published by the ville, Pa., will meet on Nov. 12 to vote on the proposition
Bridgeport (Conn.) Savings Bank in the Bridgeport "Post" to increase the bank's capital from $75,000 to $200,000.
of the 17th inst. The unusual character of the exhibit is Part of the stock, it is understood, will be paid for out of
indicated in the fact that the statement occupied ten pages, the surplus and distributed to stockholders, and a part will
the bank by this method making pubic a complete list of be offered to investors.
every item of its resources and liabilities. It portrays a list
—The Baltimore "Sun" of the 11th inst. reports that the
of the securities owned by the institution and a list of all directors of the Title Guarantee & Trust Co. have refused
notes, real estate, collateral and personal; a list of every in- an offer made by a Baltimore banking house of $205 a
dividual deposit account is likewise furnished (of which there share for its stock; an offer was also made at the same
are 16,867) and the amount due on each on Sept. 1 1912 is time for the stock of the Mortgage Guarantee Company,
indicated, the accounts being identified by the pass-book which is controlled by the title company. Both companies
numbers. The form of audit which is followed was first have a capital of $200,000. Neither offer, it is understood,
adopted by the Schenectady Savings Bank of Schenectady, was passed upon by the stockholders. The holders of
N. Y.,and is known as the Schenectady plan. The American stock of the Title Company are said to have since been
Bankers' Association at a recent meeting pronounced it to approached by a broker who has attempted to effect a private
be the most complete system of audit ever adopted by a purchase of their interests.
savings bank. The Bridgeport Savings Bank was incor—At a recent meeting the stockholders of the Queen City
porated in 1842; its deposits on Sept. 1 1912 stood at $7,- Savings
Bank & Trust Co. of Cincinnati, which has been in
918,212, while its resources on that date were $8,345,291.
liquidation since August 1910, voted $2,800 compensation
—Under plans perfected this week for the merger of the to the liquidating committee; a bill for $18,000 rendered
Eliot National Bank of Boston with the National Shawmut by the committee several months ago was opposed by the
Bank, the business of the Eliot was transferred to the Shaw- stockholders, and a committee was named to determine
mut yesterday. The consolidation came as a surprise, upon an adequate compensation, the majority members
for no inkling that negotiations to this end were in progress deciding upon the amount, which has just been approved
same to the public until the proceedings were practically by the stockholders. The latter also decided to discontinue
sonsummated. The combination serves to add nearly the liquidating committee and to conduct the remainder
$10,000,000 to the deposits of the National Shawmut Bank, of the liquidation through the Provident Savings Bank &
which in the report to the Comptroller on Sept. 4 amounted Trust Co., which took over the business of the Queen City
to $81,702,062. . The deposits of the Eliot National under Bank & Trust two years ago. The financial report of the
that call were $9,761,266, while its resources on that date latter is said to show $41,000 as still due the Provident,
reached $13,149,206. The Eliot National had a paid-in which, under the contract entered into at the time of the
sapital of $1,000,000, a surplus fund of a like figure and un- merger, is to be reimbursed for the deposits assumed by it,
divided profits of $384,139. It is reported that its stock- as well as for all necessary expenses in taking over the
holders will receive a premium of $40 over the book value, assets. It is stated that there remain sufficient assets of
which latter is in the neighborhood of $240 per share. Harry the Queen City Bank to pay probably $40 a share on the
L. Burrage, President of the Eliot National, will become a stock. It had a capital of $500,000.
Vice-President of the National Shawmut Bank.
—Frederick W. Prentiss, President of the Hayden-Clinton
—The Paul Revere Trust Co. of Boston, control of which National Bank of Columbus, Ohio, and the Columbus Clearit was understood, was recently acquired by interests affili- ing House, died of pneumonia on the 17th inst. He began
ated with Lee, Higginson & • Co., has; been rreorganized. his career as messenger for the Huntington Bank, remaining
Edmund Billings, who was formerly President of the company, with that institution for fourteen years. He became Cashier
but who resigned in June,has again been installed in that office. in the State Treasury in 1884. In 1887 he organized, with
J. H. Turnbull and James Jackson have been elected Vice- M. M.Greene, the Clinton National Bank and was its VicePresidents, and Wallace H. Pratt has been made Secretary President until January 1900, when the Clinton and Hayden
and Treasurer. Mr. Turnbull had been Secretary of the national banks were merged under the name of the HaydenFederal Trust Co. of Boston and Mr. Jackson was formerly Clinton National, and Mr. Prentiss became President of the
with Lee, Higginson & Co. Mr. Pratt had previously held consolidated institution. The latter absorbed the Deshler
the position of Secretary of the Paul Revere Trust Co. The National Bank in October 1910. Mr. Prentiss was 57 years
new board of directors of the reorganized institution includes: of age. In addition to serving in the presidency of the bank
Francis N. Balch, Edmund Billings, J. A. Lowell Blake, he was President of the Hayden Automatic Block Co. and
Alfred H. Colby, Walter C. English, Frank Epstein, Robert Secretary and Treasurer of the Hayden Co.
II. Gardiner Jr., William Hoag, James Jackson, Colman
—Fred.H.Talbot has been appointed an Assistant Cashier
Levine, Robert Luce, Herbert Luce, Herbert W. Mason, of the Old Detroit National Bank. There are two other
William Minot, Lehman Pickert, William M. Prest, Louis Assistant Cashiers, viz., Elmer E. Ford and E. C. Mahler.
Rosenberg, David Stoneman, Milton S. Thompson, H. Ulin, Ben G. Vernor, who had occupied a similar post,
was made
Barrett Wendell Jr., Alexander Whiteside, Samuel H. Assistant to the President six months ago.
Wolcott and Philip W. Wrenn. The company will occupy
—At a meeting Of the City Council in Chicago on the
its new quarters at 54 Devonshire St. about Nov. 1.
22d inst. a draft of a law giving the State absolute control
—Dispatches from Harrisburg state that Gov. Tener of over private banks Was offered by Alclerman Cermak. The
Pennsylvania has decided that Walter H. Shourds, who is proposed bill was referred to the council committee on State
sharged with having taken $1,000,000 in securities and $30,- legislation with a recommendation that every effort be made
000 cash from the Merchants' Union Trust Co. of Philadel- to have the Legislature pass the bill. At a previous meetphia, must be prosecuted, notwithstanding the fact that the ing about a month ago steps were instituted for the prepamoney and papers have been restored to the institution. ration of an ordinance for the regulation of private banks by
The accused was formerly superintendent of the company's the city. In presenting the draft of the law this week,
safe deposit vault department. His indictment„by„the Alderman Cermak explained„that,theapity.does,notoossess
.
1094
sufficient power to regulate strictly private banks, and it
was therefore deemed advisable to have the State regulate
them. It is proposed under the bill, we learn from the
Chicago "Record-Herald," that private banks shall have a
capital of at least $10,000; that they shall make reports to
the State Auditor; that their accounts shall be audited by
State representatives every twelve months; that the depositors are to have a first lien on their assets, and that not
more than 30% of an institution's assets shall be loaned to
any of its officers.
—An application to organize the United States National
Bank of San Diego, Cal., with $100,000 capital, has been
presented to the Comptroller of the Currency.
—The Logan Square Trust & Savings Bank of Chicago,
which is being formed with a capital of $200,000, will take
over the business of the Schulze Savings Bank, a private
institution at 3121 Logan Boulevard. A permit for the
new institution was issued last spring; its stock is being
subscribed for at $110 per share. It expects to be ready
for business about the middle of the coming month.
—The arrangements for converting the La Salle Street
National Bank of Chicago into the La Salle Street Trust &
Savings Bank have been completed, and the new organization began operations this week in the national bank's quarters in the Rookery. The conipany will later move to the
Farwell Trust Building, recently purchased by the institution. The La Salle Street Trust & Savings Bank has a capital of $1,000,000 and a surplus of $250,000. It is under the
management of William Lorimer, President; C. B. Munday,
Vice-President; Charles G. Fox, Cashier; Thomas McDonald,
Assistant Cashier; Frank M. Spohr, Auditor, and Charles
E. Ward, Secretary and Trust Officer.
—Joseph 1. Cooper, Assistant Cashier of the Illinois Trust
& Savings Bank of Chicago, was elected Cashier of the institution on the 17th inst. to succeed the late Bertram M.
Chattell. Mr. Cooper's service with the institution covers
a period of about thirty years. He has for some time been
in charge of the bank's collateral loan department.
—William B. Dean was elected to fill the vacancy in the
presidency of the Second National Bank of St. Paul on the
22d inst. Mr. Dean, who has been a director and stockholder in the bank for many years, had been Vice-President
for about two years, and had been acting President since the
death of George C. Power in July last. Ownership of the
institution, it will be recalled, passed to James J. Hill early
the present month. Coincident with Mr. Dean's election as
President, Louis W. Hill was made Vice-President. C. H.
Buckley is continued as Cashier and Edwin Mott retains
the position of Assistant Cashier. The board of directors
has been reduced from nine to five members, comprising
James J. Hill, Louis W. Hill, William B. Dean, John J.
Toomey and Charles H. Buckley. Messrs. Dean and Buckley are the only members of the former directorate who remain on the board.
—Five bankers were found guilty on the 23d inst. of
charges of the unlawful use of the mails and conspiracy to
defraud by a Federal jury at Memphis. All the accused
were associated with the All Night & Day Bank of Memphis,
which closed its doors in August 1911. They are E. L.
Hendry, former President of the institution; H. C. Wynne,
a director of the Memphis institution and President of the
Night & Day Bank of Little Rock, Ark., which suspended
in September 1911; Abner Davis, also a director and formerly
President of the Night & Day Bank of Oklahoma City; C. A.
Bond, another director of the Memphis bank and President
of the All Night & Day Bank of Kansas City, Mo., and J. H.
Brooks, a director. It is stated that the Government charged
that the defendants, by an unlawful exchange of securities,
were able to pass clearing-house examinations, and that the
funds of the institutions were used in an illegal manner.
W. C. White, a former director of the All Night & Day Bank
of Memphis, who was also named in the indictment, was
acquitted on the 23d, and three other defendants were acquitted on the 19th inst., viz., George F. Toenges and A.C.
Cooke, both former Cashiers of the All Night & Day Bank
of Memphis, and J. S. Chick, a director.
—It is' stated that the action brought by the State of Texas
for the cancellation of the charter of the Western Bank &
Trust Co. of Dallas was dismissed on the 19th inst. on motion
of the Attorney-General. Its discontinuance, it is said,
was due to the inability of the State to maintain the suit.
The institution suspended in January 1908, its affairs at
first being placed in charge of an assignee, and a day or two
[VOL. Lxxxxv
later in receiver's hands. The company had operated under
a special charter granted by the Legislature in 1873 prior
to the adoption of the State's present constitution. At the
time of its suspension the Commissioner of Banking and Insurance stated that the institution had never been subject
to the State Banking Law and that his Department had
absolutely no right of supervision over it.
—In a booklet issued by the Savings Union Bank & Trust.
Co. of San Francisco to commemorate its fiftieth anniversary, a sketch of its history is submitted. The publication
is made additionally interesting by reason of the views it
contains of the city of San Francisco at early and present
periods, the photographs of the company's offices and illustrations of its banking quarters. We learn from the book
that the first legislation in California relating specifically
to banking was the passage at the 1862 session of the Legislature of "an Act to provide for the formation of corporations
for the accumulation and investment of funds and savings."
This Act was framed and became a law through the efforts
of certain gentlemen who contemplated the organization of
the San Francisco Savings Union. Up to this time such
banking as existed in California was conducted by foreign
agencies, private individuals, or co-partnerships, or associations and corporations formed under the general corporate
law. The Savings Union, incorporated on June 18 of that
year, was the first corporation organized under any banking
Act in California. In 1857 there was organized under the
general corporate laws of the State the Savings & Loan
Society of San Francisco. This corporation could rightfully
claim to be the oldest bank in the State, for it was the first
incorporation for banking purposes. In 1910 the institution consolidated with the Savings Union, as a result of
which the latter is entitled to rank as the oldest bank in the
State, whether its existence is dated from the organization of
the Savings & Loan Society under the general corporate law,
or its own organization under the Savings Bank Act of 1862.
The Savings Union having availed of the advantages of
departmental banking offered under the new Bank Act,
which went into operation in 1909, changed its corporate
name to the Savings Union Bank & Trust Co., to more
clearly indicate the scope of its activities. During the fifty
years of its existence, the Savings Union has opened accounts
with 151,000 depositors. It has disbursed $36,500,000 in
dividends and $612,100,000 of depositors' moneys has passed
over its counters. On June 30 1912 the depositors numbered
31,123 and the amount to their credit aggregated $32,574,975.
The present officers of the institution are John S. Drum,
President; G. D. Greenwood and C. 0. G. Miller, Vice-Presidents; R. M. Welch, Vice-President and Secretary; R. B.
Burmister, Cashier; A. M. Whittle, C. F. Hamsher, William
A. Day and D. L. Clarke, Assistant Cashiers.
—Work is to begin in a few months on the new building
which the Merchants' National Bank of Los Angeles will
erect on the northeast corner of Sixth and Spring streets.
The site on which the institution will build was formerly the
property of the Howe Estate; its sale to W. H. Holliday,
President of the bank,Marco H.Hellman, Vice-President, and
James H. Adams & Co., was effected during the summer,
the given cash consideration, the Los Angeles "Times"
states, being $1,000,000. The transaction, according to the
local paper, was one of the most noteworthy in the city's
history, and the price of $8,333 a front foot was a record
figure. The building is to have a frontage of 120 feet on
Spring Street by 156 feet on Sixth Street. It is to be twelve
stories high. Corinthian columns two stories high will be
a feature of the building on both street frontages, and a corresponding course of classic columns will be used to adorn
the upper exterior of the building from the eleventh floor
to within a few feet of the cornice. The color scheme of
the building will be pure white. The bank is to occupy
the entire first floor and basement of the structure.
• —The Citizens' Trust & Savings Bank of Los Angeles has
extended its business hours beyond the customary banking
day. It is now open daily from 8 a. m. to 10 P. M. The
only other banking institution in Los Angeles which transacts
business outside the usual period is the All Night & Day Bank.
The change in the hours of the Citizens' was inaugurated on
the 7th inst.
—Nelson E. Barker, Vice-President of the Bank of Commerce & Trust Co. of San Diego, died on the 8th inst. Mr.
Barker was quite a prominent figure in the financial world,
having been President of the Chattanooga Savings Bank and
President of the First National Bank of Birmingham, which
THE CHRONICLE
OCT. 261912.]
TIIE CHRONICLE
he reorganized after the panic of 1893 and built up into one
of the best in the South.. From there he was called to take
the vice-presidency of the Continental National Bank of
Chicago, now the Continental & Commercial National Bank.
In 1906 he went to San Diego on account of the illness of one
of his sons, and shortly thereafter interested himself in the
Bank of Commerce & Trust Co., taking the vice-presidency
thereof, which he held until the time of his death. Mr.
Barker was 55 years old and a native of Connecticut.
—Using as an illustration the career of Jacob Furth,
Chairman of the Board of the Seattle National Bank of
Seattle, Wash., the October "Sunset" demonstrates the
opportunities for advancement which awaits the emigrant to
this country, the writer in the treatment of his subject,
declaring that "nowhere better than in the United States,
and especially the West, is demonstrated the glaring inequality of man, because nowhere else exists like equality
of opportunity." "Who," he says, "perceives more keenly
than the emigrant that whatever qualities snake for leadership—speed, strength, cunning, endurance—have here full
play? For he comes from a continent where, by reason of
birth, insignificant men may be upheld in positions of power
and significant men pinned down to little occupations."
Continuing, the article says:
"I cite the case of Jacob Furth. Food for thought may be furnished by
the unspectacular rise to phenomenal success of this emigrant to America.
Around the Horn he came to California in 1857—an Austrian lad of seventeen, one of the precursors of countless thousands to come.
"Not one word of English could Jacob Furth muster when he arrived.
Securing a position as clerk in a Nevada City store, mornings, and evenings
he went to school long enough to master the language. After thirteen
years of industry and frugality he had saved enough to start for himself.
For twelve more years he conducted a general merchandise business in
Colusa. He then went to Seattle and organized the Puget Sound National
Bank, capital stock $50,000 00. • S •
"Jacob Furth was Instrumental with others in building the Madison
Street RR. in 1885. He also took stock in the Yesier Cable Line and was
'main man' for the Second Avenue New Electric. In 1899 he effected the
consolidation of all the various railway lines and lighting companies Into
one corporation, with a capital stock of $10,000,000. Stone de Webster
of Boston are back of Seattle Electric, of which Mr. Furth has been continuously 'main man'—his way of saying President. Ile also controls the
destinies of the Puget Sound Electric Ry., connecting Seattle and Tacoma,
and the Seattle-Everett Traction Co., youngest of the electric family.
His little bank, the Puget Sound National, had from time to time increased
its capital stock to $500,000, and in 1910 merged with the Seattle National,
with a joint capital stock of *1,000,000."
1095
American Bank, Ltd., (head office London), was approved by the stockholders of the latter on the 9th inst.
The proceedings under which the amalgamation is to be
effected were set out in our issue of Sept. 28. As an incident thereto the authorized capital of the Anglo-South
American Bank is to be increased from £2,500,000 (in £10
shares) to £5,000,000 in £10 shares. Of the 200,000 new
shares now to be issued, 80,000 will be allotted to the stockholders of the London Bank of Mexico & South America
(the basis of payment to the shareholders of the institution
being £8 in cash and one share of £10 in the Anglo- outh
American Bank, with £5 credited as paid up) and the remaining 120,000 shares will be offered pro rata to the respective stockholders of the two banks, the price of issue
being £8 per £10 share, with £5 paid. As a result the bank
will have a subscribed capital of £4,500,000, of which £2,250,000 will be paid up, with a reserve fund of £1,500,000,
while the authorized capital will be £5,000,000, leaving in
hand 50,000 shares for issue at some future date. Through
the amalgamation the Anglo-South American Bank obtains
an important interest in the Banco del Peru y_Londres;other
banks in which an interest has been held by the London
Bank of Mexico & South America (which interest now
passes to the Anglo-South American Bank) are the Banco
de la Nacion Boliviana, the Banco Agricola y Comercial,
the Banco de Londres y Mexico and the Banco de la
Provincia de Buenos Aires.
MONETARY REFORM.—Eventsin the lastfew months and the
country's absorption in the political campaign have served
to divert attention from the question of currency reform.
It is therefore fortunate that attention should again be
called to the importance of the currency problem through a
work just published under the auspices of the banking house
of Hallgarten & Co. This book is entitled "The Aldrich
Plan in the Light of Modern Banking." It is written by
Ludwig Bendix, head of the statistical department lof
Hallgarten & Co. The author has exceptional qualifications for the task. He was formerly a member of the faculty
of the Berlin University of Commerce, where he taught,
money and banking. For some time he acted as expert to
,
the commission engaged in the German bank inquiry. This
theoretical equipment has been supplemented by much practical activity in German banking, and experience with conditions here afforded by his present position with an American banking house.
The work takes as its text the bill proposed by the Monetary Commission. This does not mean that the author gives
unqualified endorsement to the Aldrich plan. The bill embodies the results of years of investigation and study by the
Monetary Commission, and is necessarily the starting point
for any discussion. It is, in the author's opinion, the only
definite plan in the midst of much vague discussion, and must,
therefore, be used as a basis for further constructive effort.
Mr. Bendix does not make a special plea for or against the
proposed legislation. He recognizes the obstacles in the
path of reform, and does not overlook the necessity of dealing with conditions as they are. Here is one extract illustrating the spirit in which he approaches the subject:
—In addition to the regular quarterly dividend of 234%
payable Dec. 1, the directors of the Canadian Bank of Commerce (head office Toronto) have declared a bonus of 1%.
—The stockholders of the defunct Farmers' Bank of Canada, which had its head office at Toronto, have been called
upon to meet the double liability on their holdings. The
liquidator has ordered the stockholders to pay the amount
unpaid upon their shares, the amount of all dividends
wrongfully paid by the bank and an assessment of 100%
on their stock. The institution closed its doors on Dec. 20
1910. It had an authorized capital of $1,000,000 and a paidin capital of $567,579.
—Under arrangements which have been agreed to by the
respective directors, the Bank of New Brunswick, at St.John,
is to be merged with the Bank of Nova Scotia, head office
Halifax. The Bank of New Brunswick has a paid-in capital
of $1,000,000, and it is stated that its stockholders are to
receive share for share and a bonus of $10 per share. The
The adoption of a new banking policy involves compromise everywhere.
deposits of the institution amount to about $8,380,000. Changes must be in harmony with prevailing political and economic
conThe Bank of Nova Scotia has deposits of $48,590,000. ditions. A practical banking policy cannot adopt an ideal system as its
In August plans for the issuance of $1,000,000 of new stock goal, but must content itself with what may be immediately realized. Of
were announced by the bank, this serving to increase the no country is this more true than of the United States.
The general conclusion arrived at is that, while the instipaid-in capital from $4,000,000 to the authorized amount,
tution advocated by the Monetary Commission meets many
viz., $5,000,000.
of the requirements of a modern note bank, it is inadequate
—The half-yearly statement of the Yokohama Specie in one essential point.
Its activity is restricted to business
Bank, Ltd., to June 30 1912, presented to the shareholders exclusively with the
banks belonging to it. This limitation,
on Sept. 10, showed gross profits, including 1,195,136 yen
he holds, will hamper the Association very seriously, and
brought forward from the last account, of 14,730,557 yen.
justifies grave doubt whether it will be able to fulfill the purOf this, 11,381,798 yen has been deducted for interest,
poses for which the Association is intended. Mr. Bendix
taxes, current expenses, rebate on bills current, bad and
believes, however, that this defect can be obviated in a fuller
doubtful debts, bonus for officers and clerks, leaving 3,348,elaboration of the Aldrich plan. As a practical recommen760 yen availablefor appropriation. The directors proposed
dation, he urges that the powers of the Association should
that 350,000 yen be added to the reserve fund, and recombe enlarged in the following respects:
mended a dividend at the rate of 12% per annum, this ab(1) To do business not only with members, but also with individuals and
sorbing 1,800,000 yen. After these various disbursements, establishments carrying certain
minimum deposits. At least it should be
the balance, 1,198,759 yen, is carried forward to the next permitted to deal with all banks and bankers. The rate of discount should,
however, be higher than for banks belonging to the Association.
account. The bank has a subscribed capital of 48,000,000
(2) To purchase prime bills at
yen, a paid-up capital of 30,000,000 yen and a reserve fund latter falls belowa a certain level.less than the official rate whenever the
of 17,850,000 yen.
What the author says with reference to giving the Central
—The agreement for the purchase of the London Bank of institution authority to do
business with individuals as well
Mexico & South America, Ltd., by the Anglo -:South as with members is convincing
enough, and would be con-
[VoL. Lxxxxv.
TIIE CHRONICLE
1096
trolling under ordinary circumstances. But in the present
instance there are also other considerations, it seems to us,
that must be taken into account. It is obvious that if the
Central institution were permitted to do business in this
general way, it would partake very closely of the character
of the 3entral banks of Europe and public sentiment in this
country, it is believed, would not support a bank of that
kind. Furthermore, to let the Central institution do business with individuals would bring it in competition with
existing banks and banking institutions, and would make
these latter hostile to the scheme from the start. We say
this merely in passing. The book before us is more than a
discussion of the Aldrich plan. It is a succinct and comprehensive treatment of the entire problem of banking and currenoy reform in the United States.
. TREASURY NET HOLDINGS.
July 1 1912. Aug. 1 1912. Sept. 1 1912. Oct. 1 1912.
in Sub-Treasuries$
Holdings
263,362,063 268,747,666 271,733,772 286,229,839
Net gold coin and bullion
28,037,520 24,379,131 24,503,578 16,523,291
Net silver coin and buillod
8,740
8,454
notes
9,905
12,573
Net United States Treasury
8,758,893 8,497,777 8,067,352 5.295.957
Net legal-tender notes
39,938,688 42,711,981 40,879,280 3,6,770,326
Net national bank notes
25,581,048 25,530,820 25,308,849 23,100,165
Net fractional silver
2,795,929 2,695.254
3,148,230 3,140,921
Minor coin, &c
Total cash in Sub-Treasuries__368,836,347 373,020,860 373,297,214 3E39,623,572
150,000,000 150,000,000 150,000,000 150,000,000
Less gold reserve fund
Cash balance in Sub-Treasuries_ _218,836,347 223,020,869 223,297,214 219,623,572
48,156,'77 47,924,685 47,417,809 47,136,906
Cash in national banks
4,764.970 5,051,664 0,020,499 6,506,882
Cash in Philippine Islands
Net Cash in banks. Sub-Treas.271,758,294 275,997,218 276,735,5 2 273.267,360
105,494,486 114,348.431 122,093,738 123.420,745
Deduct current liabilities_a
166,263,808 161,648,787 154,641,784 149,846,615
Available cash balance
a Melly "disbursing officers' balances," f Includes $2,441,650 47 silver bullion
32,695,254 34 minor coin, &c., not included in statement "Stock of money."
and
.
eitonetavg1 4goinmerciaiK-nglish4two
DEBT STATEMENT OF SEPT 30 1912.
The following statements of the public debt and Treasury
English Financial Markets-Per Cable.
cash holdings of the United States are made up from official
The daily closing quotations for securities, ecc., at London,
issued Sept. 30 1912. For statement of Aug. 31 1912, as reported by cable, have been as follows the past week:
figures
see issue of Sept. 21 1912, page 724; that of Sept. 30 1911, see
London.
Fri.
Thum
Wed.
Tues.
Mon.
Sat.
If eek ending Oct. 25.
issue of Oct. 28 1911, page 1163.
d 29 5-16 29 13-16 29 1-16 29 3-16 29 3-16 29 1-16
Silver, per oz
INTEREST-BEARING DEBT SEPT. 30 1912.
72 15-16 73 1-16
7334
73 3-16 73 5-16 734
dConsols, 24 per cents
Amount Outstanding
Amount
Total.
Registered. Coupon.
issued.
Interest
Payable.
Title ofLoan-J. 646,250,150 642,374,150 3,870,000 646,250,150
Q.
2s, Consols of 1930
-F. 198,792.660 44,182,700 19,762./00 63,945,460
Q.
34, Loan of 1908-18
Q.
-F. 162,315,400 100,239,750 18,250,150 118,489,900
48, Loan of 1925
23,600 54,631,980
54,631,980 54,608,380
-F.
2s, Pan.Canal Loan 1906 Q.
340,080 30,000,000
-F.
30,000,000 29,059,920
2s, Pan. Canal Loan 1908 Q.
50,000,000 34.542,600 15,457,400 50,000.000
-S.
as, Pan.Canal Loan 1011 Q.
41,900
4,820
37,080
41,900
-.J
2343, Post.Sav.bonds 1911 J.
417,380
96,980
320,400
417,380
-J.
234s,Post.Sav.bonds 1012 J.
854,860
138,560
716,300
854,860
-J.
234s,Post.Sav.bonds 1912 J.
Aggregate int.-bearing debt-1,143.304.330 906,681.280 57.950.350 964,631,630
DEBT BEARING NO INTEREST.
September 30.
August 31.
$340,681,016 00 $346,681,016 00
United States notes
53,282 50 0
53,282 5)
Old demand notes
22,384,261 00
22,595,701,00
-Redemption account
National bank notes
Fractional currency, less $8,375,934 estimated as
6.855,829 90
6,855,829 90
lost or destroyed
$376,185,829 40 $375,974,389 40
Aggregate debt bearing no interest
DEBT ON WHICH INTEREST HAS GEA.ED SINCE MATURITY.
September 30.
August 31,
Funded loan of 1891, continued at 2%, called
$5,000 00
$5,000 00
May 18 1900,interest ceased Aug. 18 1900____
23,650 00
23,650 00
Funded loan of 1891, matured Sept.2 1891
13,250 00
13,250 00
Loan of 1904. matured Feb 2 1904
768,300 00
768,450 00
loan of 1907, matured July 2 1907
Funded
14,010 00
14,010 00
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1
1861 and other items of debt matured at various
904,150 26
904,150 26
dates subsequent to Jan. 1 1861
Aggregate debt on which Interest has ceased
$1,728,510 26
since maturity
RECAPITULATION.
Sept. 301912.
$964,631,630 00
1.728,360 26
375,974,389 40
ClassificationInterest-bearing debt
Debt interest ceased
Debt bearing no interest
Total gross debt
Cash balance in Trea-sury*
Total net debt
Aug.31 1912.
6964,631,630 00
1,728,510 26
376.185,829 40
$1,728,360 26
Increase(+)or
Decrease (-).
-$150 00
-211.440 00
$1,342,334,379 66 $1,342,545,969 66 -3211,590 00
304,641,783 69 -4,795,168 25
299,846,615 44
$1,042,487,764 22 $1,037,904,185 97 +34,583,578 25
*Includes $150,000,000 reserve fund.
The foregoing figures show a gross debt on Sept. 30 of
$1,342,334,379 66 and a net debt (gross debt less net cash
in the Treasury) of $1,042,487,764 22.
TREASURY CASH AND DEMAND LIABILITIES.
The cash holdings of the Government as the items stood
Sept. 30 are set out in the following:
LIABILITIES.
ASSETS.
Trust Fund Liabilities
•
$
Trust Fund Holdings1,065,408.169 00
1,065,408,169 00 Gold certificates
Gold coin
496,153.000 00
496,153,000 00 Silver certificates
Silver dollars
2,855,000 00
2,855,000 00 reasury notes of 1890._
Slyer dollars of 1890- _
1,564,416,169 00
Total trust fund
Can. Fund Holdings748,173 76
Cert. checks on banks_
Gold coin and bullion... 16,063,940 11
119,165,899 00
Gold certificates
13,785,334 00
Silver certificates
296,306 00
Silver dollars
2,441,650 47
Silver bullion
5,295,957 00
United State notes_ __ _
8,74u 00
Treasury notes of 1890.
36,770,325 89
National bank notes_
23,100,165 2
Fractional silver coin
384 94
Fractional currency
1,933,270 44
Minorcoin
13,425 20
Bonds and interest paid_
Total trust liabilities_1,564,416,169 00
Gen„Flout Liabilities
National bank 5% fund 26,014,508 71
Outstanding checks and
drafts
15,908,298 91
Disbursing officers' balances
75,418,466 75
Post Office Department
account
4,442,513 87
Miscellaneous items.....1,636,956 18
Total gen.liabilities__ 123,420,744 42
Grand total
1,987,683,528 86
-The following
TREASURY CURRENCY HOLDINGS.
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of July, August, September and October
•
1912.
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
-We give below tables which
DEPOSITED BONDS, &c.
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for Sept. 1911
will be found in our issue for Oct. 211911, page 1082.
Bonds and Legal Tenders
on Dep33it for
1911-1912.
Sept. 30
Aug. 31
July 31
June 30
May 31
April 30
Mch. 31
Feb. 29
Jan. 31
Dec. 31
Nov. 30
Oct. 31
1912
1912
1912
1912
1912
1912
1912
1912
1912
1911
1911
1911
Bonds.
$
728,984,230
727,317,530
725,505,460
724.493,740
724,265,600
723,035,910
721,315,120
722,026,920
719,811,320
717,578,120
715,560,170
714.170.320
Circulation Afloat Under
Legal
Tenders.
Bonds.
Legal
Tenders.
Total.
a
s
s
a
22,384,311 725,395,343
22.595,751 723,906.6ot
,
23,282,793 721,623,141
24,710,882 720,424,110
25,631,642 719,861,030
27,115,655 718,604,693
27,869,700 717,001,493
25,724,070 718,548,203
26,167,972 715,493,996
26,240,119 714,363,068
27,649,008 712,115,338
28,065,375 711,099,938
22,384,311 747,779.654
22.51)5,Tol r46,501,307
23,282,793 144,005,941
24,710,881 745,134,992
25,631,64: 745,492,672
27,115,655 /45,720,348
27.869,79h 144,871,283
25,724,071 144.272,273
26,167,97: 741,661,968
26,240,11!' 740,603,187
27,649.008 739,764,346
28,065.375 139.165,313
U. S. Bonds Held Sept.30 to Secure
47,136,905 89
Total in banks
In Treas.of Philippine Islands:
Cash balance and Reserve
3,993,955 48
Credit Treas. of U. S.
Credit U.S.dis. officers 2,512,926 40 Total cash and reserve- 299,846,615 44
Made up of
Total in Philipines _
6,506,881 88 Available $149,846,615 44
and
Reserve F'd-Reserve Fund Holdings
Gold&bui1150,000,000 00
Gold coin and bullion_ 150,000,000 00
1,987,683,528 86
golninercial and Miscellaneousitem
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Sept. 30:
Tot. In Sub-Treas's__ 219,623,572 09
In Nat.Bank Depositaries:
Credit Treas. of U. S. 35,381,213 05
Credit U.S.dis. officers 11,755,692 84
Grand total
7334
73 3-16 73 3-16 73
7334
7334
dFor account
90.05
89.56
89.37
dFreneti Rentes (in Paris).fr. 89.9734 89.5734 89.60
8934
9034
8834
9234
8934
92%
Amalgamated Copper Co_
86
$534
87
87
89
Am. Smelt. & Refining Co 8934
9
934
834
9
83.4
934
bAnaconda Mining Co
11134
11234
Ill
11134
11134
Atchison Topeka & Santa Fe.112%
105
105
105
105
105
105
Preferred
110
109
109
110
10834
10834
Baltimore & Ohio
8934
8934
8934
8934
8934
8934
Preferred
271
2757
27034
26934
2693.4
27334
Canadian Pacific
8334
84
8431
853.1
833.4
8534
Chesapeake &Ohio
1834
1834
1834
1834
1834
1734
Chicago Great Western
113
1124
11334
13334
115
115
Chicago Milw. & St. Paul
2134
21%
2234
2134
22%
Denver & Rio Grande
2234
3934
3934
40
4034
41
4134
Preferred
35
3534
3534
3634
37
3634
Erie
5334
53
54
5334
5434
544
First Preferred
4434
45
4434
45
45
45
Second Preferred
140
14034
141
14334
14134
Great Northern, preferred_ _14334
132
1,1134
13234
132
133
13234
Illinois Central
162
16234
165
16334
165
16314
Louisville & Nashville
29
2934
2834
2934
2834
Missouri Kansas & Texas.-- 2934
6534
66
6534
66
6634
6634
Preferred
45
4434
45
46
46
4434
Missouri Pacific
84
64
64
65
65
Nat. RR.of Mex., 1st pref.. 65
2734
2734
2734
2734
273.4
2734
Second preferred
13 34
1
144
11734
13
11734
119
N.Y.Central & Hudson Riv.119
37
3634
3734
N. Y. Ontario & Western.- - 38
11834
11834
11934
119
120
11934
Norfolk & Western
94
91
9292
Preferred
127
127
§ii
1.
1283
155;4
13034
Northern Pacific
64
0334
64
6334
6334
64
aPennsyl yenta
8834
8934 ssg
91
8934
9034
aReading Company
47%
4734
47
4734
47%
4734
aFirst Preferred
49
49
49
49
---aSecond Preferred
2634
T
2734
28
2634
2734
2834
Rock Island
11234
11234
11234
114
11234
11434
Southern Pacific
2934
2934
2934
30
3034
3034
Southern Railway
83
83
8334
84
8314
84
Preferred
174%
17534
17334
16534
17734
17734
Union Pacific
92
92
92
92
924
92
Preferred
783g
7934
7734
7934
8034
8134
U.S.Steel Corporation
11714
1174
118
11634
117
Preferred
11834
4%
4%
4%
4q
4%
414
Wabash
14
133.i
1434
14%
14%
14%
Preferred
69
69
69
69
70
70
Extended 4s
a Price per share. b £ sterling. d Quotations hne given are flat nriees.
Bonds on Deposit
Sept.30 1912.
4%,U. S. loan of 1925
3%, U. S. loan of 1908-1918
2%, U. S. Consols of 1930
2%, U.S. Panama of 1936
2%, U.S. Panama of 1938
3%. U.S.Panama of 1961
4%,Philippine loans
4%.Porto Rico loans
3.65%, District of Columbia
Various. Territory of Hawaii
4%,Phillinine Railway
Various, State, City and Railroad
29
lirTntn1 -
PublicDeposits
Bank
in Banks.
Circulation.
$
$26,479,000
20,101,720
600,902,050
52,701,280
28,800,180
719.994.230
Total
Held.
$3,591,000
3.746,300
12,428,700
1,494,500
712,000
17,053,000
4,449,000
688,000
812,000
715,000
152,000
1,627,000
$30,070,000
23,848,020
613,330,750
54,195,780
29,512,180
17,053,000
4,449,000
688,000
812.000
715,000
152,000
1,627,000
47 468 !son
716.452.730
OCT. 26 1912.]
THE CHRONICLE
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Sept. 1 and
Oct. 1, and their increase or decrease during the month of
September:
National Bank Notes-Total Afloat
Amount afloat Sept. 1 1912
Net amount issued during September
$746,521,307
1,278,347
8747,799,654
Amount of bank notes afloat Oct. 1 1912
Legal-Tender Notes
Amount on deposit to redeem national bank notes Sept. 1 1912
Net amount of bank notes retired in September
$22,505,751
211,440
$22,384,311
Amount on deposit to redeem national bank notes Oct. 1 1912
Receipts at
-
1097
Flour.
Wheat.
Oats.
Corn.
Rye.
Barley.
bbls.190lbs. bush. CO Its. bush. 56 tbs. bush. 32 lbs. bush.481bs. he.56 lbs.
Chicago .._
948,600 132,500
198,776 1,046,600 1,515,600 3,833,800
616,200 167,200
415,800
Milwaukee__
75,800
247,250
60,180
Duluth
937,662
58,194
28,545 5,487,104
269,860 '
620,480 1,329,180 294,060
Minneapolis_
4,750,870
78,000
Toledo
50,000
90,500
66,800
Detroit
8,600
20,000
106,500
45,400
21,680
Cleveland
17,550
36,107
41,624
144,506
St. Louis
108,800
14,435
834,142
91,210
158,080
630,700
Peoria
14,200
134,300
42,500
27,000
197,457
191,575
Kansas City.
1,498,000
64,800
142,800
Omaha
665,600
110,250
446,800
Total wk.'12
Same wk.'11
Same wk.'10
462,981 14,662.623
324,562 6,721,934
421,963 6,472,153
2,338,191
3,103,053
3,352,338
680.589
326,890
130,202
6,893,321 4,096,422
3,608,310 2,736,201
4,142,553 2,636,768
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we Since Aug. 1
1912
4,220,785 114,987,492 39,009,377 69,150,392 22,533,901 5,861,481
are enabled to place before our readers to-day the details of
1911
3,855,405 79,353,318 38,244,351 46,658,517 26,709,643 3,157,953
1910
Government receipts and disbursements for the month of
4,546,361 94,866,601 43,525,916 67,664,760 19,629,751 1,800,992
September. From previous returns we obtain the figures for
Total receipts of flour and grain at the seaboard ports for
previous months, and in that manner complete the statethe week ended Oct. 19.1912 follow:
ments for the 9 months of the calendar years 1912 and 1911.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1912
(000s omitted).
July. Aug. Sept. 9 Mos. July. Aug. Sept. ()Mos.
Receipts
Customs •
Internal f Ordinary_
Revenue\Corp. tax__
Miscellaneous
$
$
$
$
$
$
28,137 30,205 27,475246,20823,40525,953 24,746 225,814
24,732 25,832 24,422 217,221 22,75423,84526,148211,681
187
207 28.496
121 28,578 1,391
335
1,354
5,313 3,833 3,664 45,538 4.535 4,819 5,234 58,165
,*z2,136
59,536 60,205 56,335 531,1.8 52,986 54,89
Total receipts
Disbursements
Civil and miscellaneous 18,69° 17,095 15,574 134,861 21,632 16,104 13,789 137,797
15,135 16,055 18,880 117,550 19,343 14,823 13,566 124,958
War
10,923 11,370 11,557 99,418 10,760 12,989 11,341 93,644
Navy
882 16,017
941 1,654 14,470 1,454 1,000
869
Indians
12,40 118,241
12,806 15,087 12,858 115,721 1,1
Pensions
2,8451 ---------------1,119
402 2,009
deficiency
Postal
:170 17.516 3,259 1,919 -346 16,158
Interest on public debt_ 3,328 1,934 4,158 3,207 1,820 26,443 3,010 3,255 2,318 25,730
Panama Canal
Total disbursements_ 66,319 67,689 62,813 528,424 72,627 64,809 54, 82 533,664
Less repayment of unexpended balances_t 1,882 1,167 2,547 2,503 1,439 1,267 1,458 1,383
64,437 66,522 60,266 525,921171,188 63,542 53,124 532,281
Total
-The following figures, preFAILURES QUARTERLY.
pared from Messrs. R. G. Dun & Co.'s statement, show the
number of failures and amount of liabilities in the United
States quarterly since 1886.
First Quarter.
Years
-
Second Quarter.
Third Quarter.
No of
Failures.
1887
1888
1889
1890
1891
1892
1893
1894
1895
1890
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
Amount of
Liabilities.
No. of
Failures.
Amount of
Liabilities.
3,007
2,948
3,311
3,223
3,545
3,384
3,202
4,304
3,802
4,031
3,932
3,687
2,772
2,894
3,335
3,418
3,200
2,344
3,443
3,102
3,136
4,909
3,850
3.525
3,985
4,828
$32,161,762
38,884.789
42,972,516
37,852,968
42,167,631
39,284,349
47,338,300
64.137,333
47,813,683
57,425,135
48,007,911
32,946,565
27,152,031
33,022.573
31,703.481
33,731,758
34,344,433
48,066,721
30,162,505
33,761,1.07
32,075,591
75,706,191
44,460,950
73,079,154
59,651,761
44,769,900
1,905
2,241
2,292
2,162
2,529
2,119
3,199
2,735
2,855
2,995
2,889
3,031
2,081
2,438
2,424
2,747
2,428
2,870
2,767
2,510
2,471
. 3,800
2,981
2,863
3,076
3,489
$22,976,330
29,229,370
22,856,337
27,466,416
50,248,636
22,989,331
121,541,239
37,601,973
41,026,261
40,444,547
43,684,876
34,498,074
14,910,902
41,724,879
24,101,204
26,643,098
32,452,827
31,424,188
25,7,080
28,002,967
37,493,071
48,608,642
44,080,423
39,180,152
44,046,573
83,012,323
No. of Amount of
Failures. Liabilities.
1,938
2,361
2,276
2,196
2,754
1,984
4,010
2,868
2,792
3,757
2,881
2,540
2,001
2,519
2,324
2,511
2,548
2,969
2,596
2,300
2,483
3,237
2,835
3,011
2.883
3,499
$73,022,556
22,114.250
30,227,015
35,452,436
44,302,494
18,659,235
82,469,821
29,411,196
32,167,179
73,285,349
25,601,188
25,104,778
17,640,972
27,119,996
24,756,172
25,032,634
34,858,595
32,168,296
20.329,443
21,996,163
46,467,686
55,302,690
27,594,498
42.177,998
35,167,286
45,532,137
-The following
STOCK OF MONEY IN THE COUNTRY.
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circulation, on the dates given. The statement for Oct. 2 1911 will
befound in our issue of Oct. 211911, page 1082.
Stock of Money Oct. 11912.
Held in
In United
States.
Treasury.d
$
8
Gold coin and bullion- _*1,841,382,435 166,063,940
119,165,899
Gold certificates_ b
296,306
Standard silver dollars___- 665,424,367
13,785,334
.Silver certificates_b
a167 248,119 23,100,165
Subsidiary silver
2,855,000
8,740
Treasury notes of 1890..
346,681,016
5.295,957
United States notes
National bank notes
747,779,654 36,770,326
-Money in Circulation0 t. 2
Oct. 1
lull.
1012.
s
609,910,326 595,134;459
946,242,270 930,126,029
68,975,061
73,585,292
482,367,666 458,440,317
144,147,954 143,266,733
2,846,260
3,155,749
341,385,059 341,754,732
711,009,328 696,719,404
3,671,370,591 364,486,667 3,301,883,924 3,242.182,715
Total
Population of continental United States Oct. 1 1912 estimated at 96,075,000:
circulation per capita, 334 42.
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement for Aug. 1 1907. There was a reduction of $135,000,000.
a A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the statement of Sept. 1 1910. There was a reduction of
39,700,000.
b For redemption of outstanding certificates an exact equivalent in amount of the
appropriate kinds of money is held in the Treasury, and is not included in the
account of money held as assets of the Government.
d This statement of money held in the Treasury as wets of the Government does
not include denosits of nubile moley in national bank depositaries to the credit of
the Treasurer of the United States, amounting to $35.381,213 05.
-The stateBreadstuffs Figures brought from page 1142.
ments below are prepared by us from figures collected by
Exchange. The receipts at Western
the New York Produce
lake and river ports for the week ending last Saturday and
since August 1 for each of the last thee years have been:
Flour,
Wheat,
Receipts at
-bbls.
bush.
New York
267,738 1,658,400
Boston
53,760
291,399
Philadelphia
85,872
382,882
Baltimore
79,934
182,428
Richmond
New Orleans *
45,008
413,100
Galveston
426.000
1,000
Mobile
600
50,733
Montreal
648,556
4,000
St. John
Port Arthur
24,000
Rye
Oats, Barley,
Corn,
bush.
bush.
bush. .
bush.
16,100
420,900 83,211
112,500
19,420
170,947 32,133
281,723
39,345
1,600
1,834 42,535
43,933 1,612,601
70,500
10,000
20,000
700
114,000
2,000
53,402
21,950
Total week 1912_ 588,045 4,027,365
316,407 2,655,663 131,128 60,235
Since Jan. 1 1912_14,076,676 106065,367 28,939,677 54,522,982 3874,303 576,484
457,618 1,910,550
Week 1911
390,573 1,084,164 124,379 20,726
Since Jan. 1 1911_15,376,395 67,987,809 56,458,976 44,812,197 3533,332 772,826
Receipts do not include grain passing through New Orleans for foreign ports
'
on through bills of lading.
The exports from the several seaboard ports for the week
ending Oct. 19 are shown in the annexed statement:
Wheat,
bush,
Exportsfrom1,616,785
New York
493,949
Boston
Philadelphia ____ 250,000
317,474
Baltimore
New Orleans ____ 609,000
241,000
Galveston
600
Mobile
1,601,000
Montreal
St. John
Corn, Flour,
Oats,
Rye,
Barley, Peas,
bush. bbls.
bush,
bush,
bush. bush.
7,951 114,594 288,474 59,704 65,743 6.159
34,298 11,628
29,918
51,000
18,000
51,961 41,103 1,414,672
9,200
11,200 14,000
2,000
6,000 13,000
2,000
20,000
1,000
56,000
16,000
52,000
4,000
131,410 269,325 1,823,346 59,704 111,661
413,955 208,900 125,190
Total week____5,153,808
1,681,762
Week 1911
6,157
2,782
The destination of these exports for .the week and sinse
July 1 1912 is as below:
Flour
Week
Exportsfor toeek and oa.19.
bbls.
since July 1 toUnited Kingdom___118,193
68,440
Continent
Sou. & Cent. Amen_ 38.983
35,775
West Indies
Brit. Nor. Am.Cols_ 6,449
1,481
Other Countries_
Total
Total 1911
Corn
Since
Since
July 1
Week
July 1
1912.
1912. Oct. 19.
bush,
bush.
bbls.
1,285,523 2,276,250 22,830,380
418.075 2,728,902 20,741,313
285,230
2,250
379,091
16,725
505,894
600
25,801
149,806
84,299 145,806
Week
Oct. 19.
bush.
85,859
530
42,684
750
1,587
Since
July 1
1912,
bush
178,026
14,000
260,651
482,977
17.492
16,026
131,410
969,177
413,955 8,996,250
269,325 2,698,683 5,153,808 44,023,454
208,900 3,227,044 1,681,762 26,855,875
The world's shipments of wheat and corn for the week
ending Oct.19 1912 and since July 1 1912 and 1911 are shown
in the following:
Corn.
Wheat.
Exports.
1911.
1912.
Week
Oct. 19.
Bushels.
North Amer. 7,144,000
Russia
2,808,000
Danube
1,056,000
Argentina _ 712,000
Australia
632,000
1,528,000
India
88,000
0th.countr's
Since
July 1.
Since
July 1.
Bushels.
66,874,000
42,915,000
22,689,000
23,970,000
7,576,000
28,776,000
2,902.000
1912.
Week
Oct. 19.
1911.
Since
July 1.
Since
July 1.
Bushels. Bushels. Bushels.
Bushels.
41,000
286,000 7,647,000
52,626,000
31,962,000 204,000 4,804,000 17,718.000
29.503,000 187,000 8,121,000 22,994,000
17,416,000 5,100,000 94,338,000
60,000
15,184,000
16,378.000
3,371,000
Total ____ 13968000 195,702,000 166,440,000 5,532,000 107,649,000 48,419,600
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
United
Kingdom. Continent.
Total.
Bushels.
Bushels. Bushels. Bushels. Bushels. Bushels.
Oct. 19 1912__ 18,256,000 18,584,000 36,840,000 11,348,000 19,975,000 31,323,000
17,928,000 18,040,000 35,968,000 11.297,000 19,950,000 31,247,000
Oct. 12 1912_
Oct. 211911.. 19,592,000 9,424,000 29.016,000 1,538,000 2,423,000 3,961.000
Oct. 22 1910._ 16,376,000 21,072.000 37,448,000 7,922,000 14,782,000 22,704,000
-Among other securities, the following, not
Auction Sales.
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Percent.
Shares.
30 Chic. Ind. & Lou. Ry., pref_ 674
225
10 Fidelity Trust Co
55
35 Frank C. Osmers Co
55
2 Osmers-Dougherty Co
550
14 West Side Bank
1,028 Summit Lumber Co.,
corn. ($25 each)-- 1,778 Summit Lum. Co., pf. $123,559.73
1,666 Arkansas So'east. Ry.
_140
5 Chelsea Exchange Bank
12 New Eng. Mtg. & Seem. Co. 51
Shares.
Per wt.
525 Richmond Hill Invest Co. •
($10 each)
$5 per sh.
110 Cent. Park N.& E.Riv.RR_ 1$
•
Bonds.
Per sent.
$2,000 Bush Term. Bidgs. Co. 1st
s. 1. 5s, 1960, A. & 0
99
$1,000 El Paso & R. I. Ry. 5s,
1951, J. & J
10134
$1,000 Niag. Lock & Ont. Pow. Co.
1st 58, 1954, M. N
11)134
TIIE CHRONICLE
1098
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
.
2 1st Ward Nat. Bank, Boston_ _180
65
5 Middlesex Co., common
1 Franklin Co., Lewiston, Me_ _ _ _205
119
5 Fremont & Suffolk Mills
'2904
7 Pepperell Mfg. Co
35
80 Ludlow Mfg. Associates rights
974
60 Regal Shoe Co., pref
Shares.
$ per sh.
6 John Russell Cutlery Co., Turners Falls
126
Name of Company.
[VoL. Lxxxxv.
Per
When ;
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
City, National
Nov. I Oct. 25 to Oct. 31
5
Corn Exchange (guar.)
Nov. 1 Holders of rec. Oct.31a
4
Bonds.
Per cent. Fidelity
3'
Nov. 1 Holders of rec. Oct.30a
$3,000 Des M. & Ft. Dodge RR
Germania
Nov. 1 Holders of rec. Oct. 21
10
4s, 1935
91
Extra
234 Nov. 1 Holders of rec. Oct. 21
$1,000 Terre Haute Elec. Co.Is,'29100
Lincoln National (guar.)
24 Nov. 1 Holders of rec. Oct.24a
Metropolis, Bank of the (guar.)
4
Nov. 1 Oct 29 to Oct. 31
Pacific (quar.)
2
Nov. 1 Oct. 17 t) Oct. 31
By Messrs. Francis Henshaw & Co., Boston:
Trust Companies.
Nov. 1 Holders of rec. Oct.28a
2
Shares.
$ per sh. Astor (guar.)
$ per sh. Shares.
Broadway (quar.)
Oct. 31
13 National Shawmut Bank_ _ _235
134 Nov. 1 Oct. 22 to
1 Concord & Portsm'h RR_ _180
124 Nov. 1 Oct. 26 to Oct. 31
33 Merrimack Mfg. Co., pref__ 96
11 Waltham Watch Co., pref_ _1024 Farmers' Loan & Trust (guar.)
Nov. 1 Holders of rec. Oct.25a
Hamilton,Brooklyn (guar.)
3
1 Tremont & Suffolk Mills_ _ _121
1 Bos Atheneum ($300 par) _330
Kings County (guar.)
Nov. 1 Oct. 26 to Oct. 31
4
9 Pepperell Mfg. Co
•
10,000 Amal. Nevada Mines & Pow.
290
Nov. li Oct. 29 to Nov. 1
2
20 Bost. Woven Hose & R.
14 Nassau (quar.)
Co.($5 each)
Aisceltaneous.
Co. rights
574-58
Amalgamated Copper (quar.)
Nov. 25 Holders of rec Oct.26a
American Bank Note,common (quar.)_ _ _
Nov. 15 Nov. 2 to Nov. 15
By Messrs. Barnes & tofland, Philadelphia:
Common (extra)
54 Nov. 15 Nov. 2 to Nov. 15
g per sh• Amer. Beet Sugar,corn.(quar.)(No 5)
Shares.
$ per sh. Shares.
154 Nov. 15 Holders of rec. Oct.31a
2,153 The Safety Signal Co_ _ _ .$85 lot
American Cigar, common (guar.)
10 Heston. Man. & F. Pass.
134 Nov. 1 Holders of rec. Oct.15a
64
200 Gloucester Ferry Co.(350ea.) 5
Amer. District Teleg. of N. J.(guar.)-Ry., pref
Oct. 29 Oct. 20 to Oct 28
1
15 Amer. Pipe & Construe. Co_ 884 Amer. Gas & Elec., pref.(cm.)(No.23)-15 People's Trust Co.($50 ea.) 48-50
134 Nov. 1,0et. 18 to Nov. 1
105
American Glue,common
5 Young-Smyth-Field Co., pref.
Nov. L Oct. 20 to Nov. 3
15 Enterprise Mfg. Co
2
Nov. 1 Oct. 20 to
Common (extra)
37 Phila. Life Ins. Co.($10 ea.). 104
and 1 sh. com, stock bonus 90
Nov. 3
1
4 Phila. Bourse, com.($50 ea.) 345 Imperial Underwear Co.,
Amer.Graphophone, pref.(qu.)(No.57)-134 Nov. 15 Holders of rec. Nov. 1
Nov. 1 Holders of rec. Oct.19a
Scranton
1 Commercial Exch. mem'sbip_ 95
Amer. Iron & Steel Mfg.,com.&pf.(spec.) 2
30
113
18 Manayunk Nat. Bank
American Light & Trac., corn.(guar.)_ _ _
234 Nov. 1 Oct. 17 to Oct. 31
27 Germantown•Pass. Ry
263
95
50 The Electrelle Co., pref_ _ _$27 lot
Common (payable in common stock)
24f Nov. 1 Oct. 17 to Oct. 31
2 Real Est. Trust Co., pref
4 Big Black Creek Impt. Co.
234
15 People's Nat. Fire Ins. Co
14 Nov. 1 Oct. 17 to Oct. 31
Preferred (Van)
Per cent. Amer. Malt Corporation, preferred
24 Nov. 2 Oct. 18 to Nov. 2
($10 each)
204 Bonds.
73 Phila. Warehouse Co
American Malting, preferred
51.55 Nov. 1 Holders of rec. Oct. 17
$1,000 Buff. & Lake E. Traction
150
68
125 Bitter Root Vali. Irrig. Co
CO. 1st & ref. 5s, 1936
504
American Utilities, pref. (quar.)(No 3)
. 134 Nov. 11 Holders of rec. Oct 31
$5,000 Wilmington & Ches. Tr. Co.
18 American Dredging Co
Bergner & Engle Brewing, common
$2 Nov. 1 Oct. 25 to Nov. 1
195
Nov. 1
coll. tr. 5s, 1918
954-96
50 H. K. Mulford Co.($50 ea.)_ 584
Preferred
$4 Nov. 1 Oct. 25 to
Bond & Mortgage Guarantee (quar.)___ _
12 Carpenter Steel Co
$5 lot $10,000 Penn Mary Coal Co. 1st
334 Nov. 15 Holders of rec. Nov. 8
974-984 Brill (1. G.) Co pref.(guar.)
Is, 1939, guaranteed
2 Gem•antown Market Co.($50
14 Nov. 1 Oct. 27 to Oct. 31
Buckeye Pipe Line (guar.)
$1 lot $2,000 Phila. Bourse 1st 55, 1913_ _100
each)
$5 Dec. 16 Holders of rec. Nov. 25
Butte Electric & Power, pref.(quar.)_ _ _
21 Mesa Land & Impt.co., Colo.$1 lot $200 Seacoast Ry. priorlien 5s, 1948 108
14 Nov. 1 Holders of rec. Oct. 19a
Cambria Steel (guar.)
$500 No.Spring. Water Co.5s, 1928 96
500 Real Est. Inv. Co. of Phila.
14 Nov. 15 Holders of rec. Oct.31a
Northampton Port. Cement
Cement, Ltd., pf. (qu.) No. ii).. 14 Nov. 16 Nov. 1 to
Canada
($5 each)
$4 lot $35,000
Nov. 10
$140 lot Cities Service, common(monthly)
Co. 2d 6s,
1 Farmers'& Meehan. Nat. Bk.146
1-3 Dec. 1 Holders of rec. Nov.15a
Preferred (monthly)
Dec. 1 Holders of rec. Nov.15a
7 Franklin National Bank _498-5034 $2,000 So. Caro. Ry. Inc. 6s, 193L$6 lot
Nov. 1 Holders of rec. Oct.15a
Cities service, common (monthly)
428
$300 Georgetown (S. C.) Ry. & Lt.
2 Girard National Bank
Preferred (monthly)
30
Co. 1st 6s, 1939
8 Nat. State Bank, Camden_ _200
34 Nov. 1 Holders of rec. Oct.15a
Clallin (H. B.), first preferred (quar.)... 14 Nov. 1 Holders of rec. Oct.24a
125
3 Aldine Trust Co
$500 Georgetown (S. C.) Elec. Co.
Second preferred (guar.)
15
1 Holders of rec. Oct.24a
134 Nov.
1st 6s, 1932
4 Franklin Trust Co.($50 ea.). 55
Commonwealth Edison (quar.)
Nov. 1 Holders of rec. Oct.15a
2 Girard Trust Co
990
$400 Real Est. Title Ins. & T. Co.,
954 Consolidation Coal (quar.)
134 Oct. 31 Holders of rec. Oct. 24a
series N,4s, 1918
2 Pennsy. Co. for Ins., &c.,&c.650
Cuyahoga Telephone, preferred (guar.)._
5 Fire Assoc. of Phila.($50 ea.)356
14 Oct. 31 Holders of rec. Oct.15a
$6,000 Scranton City "S.D." 448,
Diamond Match (guar.)
2 Pennsy. Fire Ins. Co.__ A05-4054
101
134 Dec. 16 Holders of rec. Nov.30a
1918
Distillers' Secur. Corp.((mar.)(No.40)
34 Uct. 31 Sept 26 to Oct. 16
Dist Ming Co. of America, pref. (attar.) _
Oct. 30 Sept.20 to Oct. 16
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Eastern Pennsylvania Power, pref. (qu.). _
Nov. 1 Holders of rec. Oct. 28
234 Dec. 2 Holders of rec. Oct 31a
Shares.
$ per sh. Shares.
$ per sh. Eastman Kodak, common (extra)
Nov. 1 Holders of rec. Oct. 15
Edison Elec. Ill. of Boston (qu.)(No.94) 3
40 De Long Hook & Eye Co
1004 30 People's Trust Co.($50 each).494-50
Edison Elec. Ill. of Brockton (No. 50)- -- - $4 Nov. 1 Holders of rec. Oct.24a
.1 Jefferson Fire Ins. Co.($50 ea.) 91
Bonds.
Per cent. Electrical Securities Corp.. pref. (quar.)- 14 Nov. 1 Oct. 27 to Nov. 13
35 People's Nat. Fire Ins. Co.($25
Electric Bond & Share, pref.(qu.)(No.30) 14 Nov. 1 Oct. 20 to Oct. 31
each)
19-24 $500 No. Springf. Wat. Co. 5s 1928 96
Emerson-Brantingham pref. (quar.) _ _ _ _
14 Nov. 1 Oct. 18 to
Nov. 1 Holders of rec. Oct.15a
Eureka Pipe Line (quar.)
10
Fall River Gas Works(guar.)(No.72).-- 3
Nov. 1 Holders of rec. Oct.19a
DIVIDENDS.
Federal Sugar Relining, common (quar.)_
134 Oct. 28 Holders of rec. Oct.25a
Preferred (quar.)
1;4 Oct. 28 Holders of roc Oct. 25a
The following shows all the dividends announced for the Ft. Worth Pow.& Lt., pref.(qu.)(No.5) 14 Nov. 1 Holders of rec. Oct.23a
•
General Chenical, common (quar.)
154 Dec. 2 Holders of rec. Nov. 21
future by large or important corporations:
General Motors, preferred
34 Nov. 1 Holders of rec. Oct.15a
Greene-Cananea Copper Co
2bc. Nov. 30 Nov. 13 to Dec. 1
Dividends announced this week are printed in italics.
Holdlield Consolidated Mines (quar.)___ _
30t Oct. 31111olders of rec. Sep.30a
Gorham Manufacturing, common (quar.) 234 Nov. 11 Holders of rec. Nov. 6a
Catanajuato Pow. &El., pf. (qu.)(No.17) 14 Nov. 1 Oct. 18 to Nov. 1
Per 'When
Books Closed.
Ifoughton Co. Elec. Lt., corn.(No. 15).. 624c. Nov. 1 Holders of rec. Oct.lfia
Name of Company.
Cent. Payable.
Days Inclusive.
Preferred(No. 20)
75c. Nov. 1 Holders of rec. Oct.16a
Illinois Northern Utilities, pref. (guar.)_ _
134 Nov. 1 Oct. 22 to Oct. 31
Railroads (Stearn).
Indiana Pipe Line (quar.)
$4 Nov. 15 Holders of rec Oct. 23
Atch. Top. & S. Fe, corn. (qtr.)(No. 30). 14 Dec. 2 Holders of rec. Nov. la Ituertuttional Nickel. common (quar.)_ _ _
2
Dec. 2 Nov. 14 to Dec. 2
24 Nov. 11 NoV. 1 to Nov. 10
Atlantic Coast Line RR., preferred
14 Nov. 1 Oat. 15 to Nov. 1
Preferred (guar.)
2
Nov. 1 Holders of rec. Oct.21a
Central RH.of New Jersey (now.)
Nov. 15 Nov. 2 to Nov. 15
I iternat.Sllver pref.,(account accum.div.) el
Nov. 1 Oct. 22 to
Nov. 1
Cincinnati Sandusky & Cleveland, pref_ 3
Nov. 15 Holders of rec. Nov. 53
2.26 Nov. 1 Oct. 22 to Oct. 31 triter. Smokeless Powder & Chem., pref. 4
Elmira & Williamsport, common
Holders of rec. Oet.19a
Internat. Steam Pump,pf.(qu.)(No.54) 154 Nov.
24 Nov. 4 Holders of rec. Oct. 26 Kansas City Stock Yards (guar.)
Georgia South. & Fla., 1st and 2d pref
14 Nov. 1 Holders of rec. Oct. 15a
2
Nov. 8 Sept.21 to Oct. 24 Kayser (Julius) & Co. 1st& 2d pref.(qu.)
Grand inink, guaranteed
134 Nov. 1 Oct. 22 to Oct. 31
24 Nov. 8 Sept.21 t) Oct. 24 Kellogg Switchboard &Supply (quar.)__ _
preference
First and second
Nov. 2 Holders of rec. Oct. 31
13
4 Nov. 1 Holders of rec. Oct.17a Loose-Wiles Biscuit, 2d pref. (qu.)(No.2)
Great Northern (quar.)
Nov. 1
134 Nov. 1 set. 16 to
115-16 Oct. 26 Oct. 7 to Oct. 24 Lowell Elec.Lt. Corp.(qu.)(No.66)
Mexican Railway, ordinary
Nov. 1 Holders of rec. Oct.23a
4
Oct. 26 Oct. 7 to Oct. 24 Magsaquisetts(las cos., COM mon (nuar.).
First preferred
riwrs of rev. Oct. 14a
Nov.
$1
3
Oct. 26 Oct. 7 to Oct. 24 Massachusetts Gas Cos., prefA(gu.)
Second preferred
$2 Dec. 2 Holders of rec. Nov. 14
2
Nov. 9 Holders of rec Oct.21a Mexican Light & Power, Ltd., preferred_
Missouri Kansas & Texas, preferred
34 Nov. 1 Oct. 13 to Oct. 31
44 Nov. 1 Holders of rec. Oct. 15a Miami Copper (quar.)(No. 3)
Nashua & Lowell
50c. Nov. IS Holders of rec. Nov la
Nov. 1 Holders of rec. Oct. 15a Mantreal Lt., H
Extra
. Pow.(gu.)(No.46)- _ _
2.4 Nov. 15 Holders of rec. Oct 31a
1
Nov. 18 Holders of rec. Oct.31a National Carbon, preferred (quar.)
Norfolk & Western, adj. pref.(quar.)___ _
14 Nov. 15 Nov. 6 to Nov. 15
14 Nov. 1 Holders of rec. Oct.10a National Lead, preferred (guar.)
Northern Pacific (quar.)
14 Dee. 16 Nov. 23 to Nov. 26
13' Nov. 14 Holders of r..•c. Oct.211a New Central Coal
Reading Company, corn.(quar.)
Nov. 1 Oct. 29 to Nov. 1
1
Dec. 12 Holders of rec. Nov.26a New Jersey Consolidated Gas
Reading Co., first preferred (quar.)
Dec. 2 Holders of rec. Nov. 19
1
Rome Watertown & Ogdensburg (quar.). 14 Nov. 15 Nov. 1 to Dec. 2 North American Company (quar.)
2 Holders of rec. Dec. 16
134 Jan.
St. Louis & San Fran., 1st pref.(quar.).. 1
Nov. 1 Oct. 12 to Nov. 11 Pacific Coast Co., common (quar.)
14 Nov. 1 Oct. 19 to Nov. 1
24 Oct. 28 Holders of rec. Oct. 5
Southern Railway, preferred
First preferred (quar.)
14 Nov. 1 Oct. 19 to Nov. 1
Second preferred (quar.)
14 Nov. 1 Oct. 19 to Nov. 1
Street and Electric Railways.
Pacific Power & Light, pf. (qu.)
9). 134 Nov. 1 Oct. 24 to Oct. 31
Brazilian Trac., Lt. & Pow., Ltd.(quar.) 14 Nov. 15 Holders of rec. Nov. 1 PennsylvaniaSteel, preferred (No.
34 Nov. 1 Holders of rec. Oct.19a
Cape Breton Electric Co., cam.(No.5).... $2 Nov. 1 Holders of rec. Oct. 25a People's Gas Light & Coke (quar.)
Nov. 25 Holders of rec. Nov. 2
$1 Nov. 1 Holders of rec. Oct 25a Portland(Ore.)Gas&Coke,pf.(qu.)(Noll) 14 Nov. 1 Oct. 24 to
Common (extra)(No.6)
Oct. 31
14
Preferred (No. 13)
33 Nov. 1 Holders of rec. Oct. 25a Prairie Oil & Gas
Holders
rec. Nov. 9
iq Nov. 1 Holders of rec. Oct. 15 Pressed Steel Car, pref. (qu.)(No. 55)_ _ _ $0 Nov. 30 Oct. 31 of to Nov 19
Columbus (0.) Ry., pref. (quar.)
14 Nov. 20
Commonwealth Pow.,Ry.& Lt., pf.(qu.) 14 Nov. 1 Holders of rec. Oct. 19a Procter & Gamble,common (quar.)
Nov. 15 Holders of roc Oct.31a
14, Dec. 2 Holders of rec. Nov. 15 Public Serv. Co.of Nor. Ill., corn.(qu.).._ 3
Detroit United Ry.(guar.)
Nov. 1 Holders of rec. Oct.21a
1
Nov. 15 Nov. 1 to Nov. 15
Connecticut Ry. & Ltg.,com.&pf.(quar.) 1
Preferred (quar.)
14 Nov. 1 Holders of ree. Oct.21a
2
Nov. 1 let. 22 to Oct. 31 Pullman Company (guar.)(No. 183)
Easton Consolidated Electric Co
Nov. 15 Holders of rec. Oct. 31
2
East St. Louis & Sub., pf. (qu.)(No.26). 14 Nov. 1 Holders of rec. Oct. 15a Pure Oil, common (guar.)
234 Dec. 1 Holders of rec. Nov. 15
Grand Rapids Ry., pref. (quar.)(No. 48) 14 Nov. 1 Holders of rec. Oct. 15a Quaker Oats, preferred (quar.)
30 5oftm, ,if rpc Nov. la
134
Nov. 1 Holders of rec. Oct.10a Republic Iron & Steel, pref.(wt.)(No.41)_
2
Hartford & Springfield St. Ry.,pref
1 Holders of rec.
134 Jan.
Havana Elec. Ry., Lt. & Pow., common 24 Nov. 16 Oct. 27 to Nov. 16 Sears, Roebuck & Co.,common (quar.).. 134 Nov. 15 Holders of rec. Dec.14a
Oct.31a
Preferred
Nov. 16 Oct. 27 to Nov. 16 Siegel Stores Corporation, pref. (quar.).. 134 Nov
3
1 Holders of rec. Oct. 15a
Jacksonville Trac., corn. (quar.)(No. 7). 14 Nov, 1 Holders of rec. Oct. 15a Silversmiths Company (guar.)
Nov. 15 Holders of rec. Nov. 11
14 Nov. 1 Holders of rec. Oct. 15a Sou. California Edison, com.(gu.) (Vo.11)
Preferred(guar.) (No. 7)
134 Nov. 15 Holders of rec. Oct. 31
Lehigh Valley Transit, preferred
Nov. 10 Holders of rec. Oct.31a Standard Oil of Indiana
1
Nov 30 Nov. 13 to Nov. 29
3
(guar.)
Lewiston Aug.& Wat pf (qu.)(No. 10). 14 Nov. 1 Holders of rec. Oct. 153
Nov. 30 Nov. 13 to Nov. 29
Extra
Nov. 1 Oct. 22 to Oct. 31 Standard Milling, pref.(guar.)(No. 19).. 24 Oct. 31 ,•.. 25 to Oct. 31
Lincoln (Neb.) Traction, pref. (guar.)_ _ _ _
14
14 Nov. 1 Oct. 13 to Oct. 31 StandardSanitary Mfg., cam.(guar.)___ _
Mexico Tramways(quar.)
1
Holders of rec. Oct. 21
Milwaukee El. Ry.& Lt.,pf.(qu.)(No.52) 14 Oct. 31 Holders of rec. Oct. 21
1
Comm i', extra
Holders of rec. Oct. 21
Ohio Traction, pref.(guar.)
14 Nov. 1 Holders of rec. Oct.26a
Preferred (guar.)
Holders of rec. Oct. 21
Pitt let'
Co.. corn.((mar.)(No 124). 14 Nov. 1 Holders of rec. Oct. Ia Texas Pow. & LI.,
Nov. 1 Oct. 26 to Oct. 31
Pref. (qu.)(No. 2)....
Public Service Invest., pf. (cm.)(No. 14) 314 Nov. 1 Holders of rec. Oct.15a United Cigar Mfrs.,common (quar.)
Nov. 1 Holders of rec. Oct.24a
Nov. 1 Oct. 22 to Oct. 31 United Dry Goods, common (quar.)
1
Railways Company General (quar.)
2
Nov. 1 Holders of rec. Oct.25a
Rio de Janeiro Tram., L. & Pow.(quar.) 14 Nov. 1 Holders of rec. Oct. 10 United Electric Securities. preferred
Holders of rec. Oet.18a
Sao Paulo Tram.. L. & P.(qu.)(No. 43) 24 Nov. 1 Holders of rec. Oct. 10 U.S. Bobbin & Shuttle, pref. (quar.)___ _ $3.50 Nov. 1 Oct. 20 to Oct. 31
14 Nov. 1
Sierra Pao. Elec. Co., pf.(qu.)(No. 13)
$14 Nov. 1 Holders of rec. Oct.16a United States Envelope, preferred
Nov. 11
Nov. 11 dOct.27 to
le
Tampa Electric Co.(guar.)(No.32)
24 Nov. 15 Holders of rec. Nov. la United States Printing of N. J., pf.(qu.)_
134 Nov. 15 Nov. 5 to Nov. 15
Tol. Bowl. Green & Sou. Tr., pf.(quar.)
14 Nov. 1 Oct. 22 to Oct. 31 U.S. Realty & Improvement (quar.)_ _ _ _
131 Nov. 1 Holders of rec Oct.19a
Union Street Ry., New Bedford (quar.)_ _
Nov. 1 Holders of rec. Oct. 17a U.S. Rubber, common (quar.)
2
Oct 31 Oct. 12 to Oct. 15
1
United Rats. & Elec. ofBall,, corn
75c. Nov. 12 Holders of rec. Nov. 2
Oct. 31 Oct. 12 to Oct. 15
First preferred (quar.)
2
Washington-Virginia Ry., common
14 Nov. 1 Holders of rec. Oct. 24
Second preferred (quar.)
14 Oct. 31 Oct. 12 to Oat 15
Preferred
Nov. 1 Holders of rec. Oct. 24 Vacuum Oil
2
let. 31 :iiildera of rec. Oct. 15a
3
West Penn Rys., pref.(guar.)
14 Nov. 1 Holders of rec. Oct. 28 Warwick Iron & Steel
Nov. 15 Nov. 1 to Nov. 15
4
let. 3( i,,Iders of ree. Sept.30a
Westinghouse Elec. Or Mfg., corn..(quar.
1
Banks.
White (J. G.) Co., Inc., Prf. (quar.) _
14 Nov. 1 Holders of rec. Oct. 22
American Exchange National
Nov. 1 Holders of rec. Oct. 22 Worthington (Henry R.), Inc., preferred
5
34 Nov. 1 Holders of rec. Oct. 19
Bowery (guar.)
Nov. 1 Oct. 29 to Oct. 31
3
Extra
Nov. 1 Oct. 29 to Oct. 31
3
Chemical National (ti-monthly)
24 Nov. 1 Oct. 26 to Oct. 31
a Transfer books not closed for this dividend. b Less Income tax. d Correction
e On account of accumulated dividends. / Payable In common stock.
OCT.261912]THE
CHRONICLE
. National Banks.—The
following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS OCT. 3 TO 11.
10,271—The First National Bank of Chino, Cal. Capital, $25,000. Levi
Vredenburgh, Pres.; Edwin Rhodes, Cashier. (Conversion of
The Chino State Bank.)
10,272—The First National Bank of Cedaredge, Colo. Capital, $25,000.
H. W. Bull, Pres.; Roy A. Downs, Cashier. (Succeeds The Bank
of Cedaredge.)
10,273—The San Fernando National Bank, San Fernando, Cal. Capital,
$25,000. John T. Wilson, Pres.* F. P. Grant, Cashier.
'
10,274—The First National Bank of Aransas Pass, Tex. Capital, $25,000.
W. H. Young, Pres.; L. T. Ayres, Cashier.
10,275—The First National Bank of Normangee, Tex. Capital, $25,000.
J. H. Woolley, Pres.; A. J. Rogers, Cashier.
10,276—The First National Bank of Cleveland, Tex.Capital, $25,000.
P. B. Henderson, Pres.; C. A. Miles, Cashier.
10,277—The First National Bank of Washington, Okl . Capital, $25,000.
R. F. Ellinger, Pres.; C. M. Halliday, Cashier.
VOLUNTARY LIQUIDATION.
7,977—The Dalhart National Bank, Dalhart, Tex., Sept. 10 1912. W. M
Stone, liquidating agent.
1,511—The Cumberland National Bank of Portland, Me., Sept. 30 1912.
Liquidating agents, Edward C. Hersey and Arthur W. Beale.
3,760—The National Bank of Commerce of Kansas City, Mo., Sept. 24
1912. J. W. Perry, liquidating agent.
920—The Franklin County National Bank of Greenfield, Mass, Oct. 8
1912. Liquidating agent, William B. Keith.
Canadian Bank Clearings.—The clearings for the week ending Oct. 19 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 24.5%.
Week ending Oct. 19.
1099
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted
On Dep.
Na .'
Surplus. Loans. Specie. Legal:. withC.H. Deposits. Reserve
Average. Average. Average. Banks. Average.
Brooklyn ____ 2,440,3 16,644,0 1,373,0
457,0 1,085,0 12,275,0 15.0+ 7.0
39,0 11,791,0 104,224,0 15.0+10.1
16,412,4 132,840,0 15,659,0
Bankers'
U.S.Mtg.&Tr. 4,569,4 41,811,0 3,943,0
343,0 3,656,0 28, 56,0 15.0+11.2
Astor
18,0 2,003,0 14,107,0 14.1+12.2
1,368,6 19,043,0 1,977.0
Title Gu. & Tr. 11,335,3 33,810,0 1,630,0 1,595,0 2,119,0 22,070,0 14.6+ 8.6
Guaranty
23,324,0 1171961,0 f17486,0 11,235,9 116243,0 f116173,0 16.1+12.2
238,0
834,0 6,618,0 15.2+10.8
Fidelity
1,303,2 8,185,0
770,0
596,0 1,347,0 11,655,0 15.8+10.3
LawyersT.L&T 6,394,9 16,856,0 1,254,0
Colum.- Knick. 7,192,6 47,163,0 4,854,0
900,0 4,319,0 38,326,0 15.0+10.1
People's
407,0 1,746,0 15,955,0 15.0+10.0
1,690,5 17,239,0 1,991,0
New York__.._ 11,713,5 43,664,0 4,461,0
199,0 3,472,0 30,437,0 15.3+10.2
842,0 8,300,0 15.1+10.0
Franklin
321,0
1,281,4 9,242,0
938,0
Lincoln
557,2 10,129,0 1,170,0
215,0 1,006,0 9,148,0 15.1+10.0
9,0 2,046,0 13,997,0 15.1+12.7
Metropolitan.._ 6,103,4 22,132,0 2,115,0
Broadway
924,0 8,164,0 15.3+ 9.8
951,0
303,0
565,3 8,349,0
Totals, Avge
96,252,0 599,068,0 60,572,0 6,875,0 53,433,0 440,005,0 15.3+10.8
Actual figures Oct. 19_ 603,259,0 62,278,0 6,896,0 59,553,0 445,757,0 15.5+11.7
I Consolidated figures of Guaranty and Standard Trust companies; in the statement for previous week, In last week's "Chronicle," the figures for each were given
separately.
The capital of the trust companies Is as follows: Brooklyn, $1,000,000: Bankers,
$10,000,000; United States Mortgage & Trust, 82.000,000; Astor, 81,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, 810,000.000: Fidelity, 81,000,000f
1,11,evers' Title Insurance & Trust,*coon ono- Colnmbia-Knickerhocker. s2.000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, 81,000,000; Metropolitan, 82,000,000; Broadway, 81,000,000; total, $45,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Cleari s at—
Inc. or
Dec.
1)12.
1911.
8
68,192,936
47,847,475
34,618,685
13,491,182
4,471,292
3,423,033
2,209,397
4,029,187
5,458,000
1,885,421
4,104,608
1,710,947
4,932,151
2,632,624
686,340
794,870
2,427,843
1,460,228
665,077
694,000
Canada—
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
$
50,877,148
37,092,194
31,469,571
11,445,658
4,821,252
2,799,229
1,827,761
2,862,259
5,589,165
1,596,541
2,881,877
1,449,246
3,732,817
1,670,911
598,781
799,209
1,622,963
924,384
549,582
648,285
1910.
1909.
$
$
%
+34.0 43,707,771 44,046,153
+29.0 36,875,837 31,217,432
+10.0 26,651,905 24,365,858
+17.9 9,987,485 7,406,978
—7.3 4,176,766 3,801%992
+22.3 2,322,090 2,389,039
+20.9 1,848,219 1,976,961
+40.8 2,365,088 1,980,672
2.3 3,113,319 2,342,253
+18.1 1,473,175 1,567,753
+42.4 2,169,192 1,918,489
+18.0 1,378,758 1,398,156
+32.1 1,860,207 1,075,358
+57.6 1,252,920
931,070
+14.7
687,231
—0.5
529,177
+49.6
+58.0
+21.1
+7.1
205,735,296 165,258,833 +24.5 140,402,140 125,487,094
Total Canada
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Oct. 19. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two et no r.9 ((5)) in all CaSP-.1
,
Banks
00, omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. iverage us, Aver. verve.
--$
3,743,0
845,0 18,228,0 25.1
7,482,0 1,494,0 37,000,0 24.2
3,917,0 1,571,0 20,270,0 27.0
9,154,0 1,998,0 52,817,0 21.1
4,138,0 1,906,0 23,226,0 26.0
36,421,0 5,323,0 167,387,0 25.0
4,271,0 2,227,0 25,737,0 25.2
1,459,0
173,0
6,875,0 23.7
401,0
64,0
1,875,0 25.0
2,229,0
180,0
9,557,0 25.2
8,013,0 1,393,0 36,321,0 25.8
21,228,0 8,975,0 112,775,0 26.7
411,0
601,0
4,061,0 25.0
2,971,0 1,662,0 18,207,0 25.4
374,0
155,0
2,131,0 24.8
14,099,0 6,121,0 78,835,0 25.6
4,635,0
627,0 20,483,0 25.6
1,872,0 1,246,0 12,032,0 25.9
1,223,0 1,037,0
8,979,0 25.1
3,567,0
261,0 15,028,0 25.4
8,938,0 5,930,0 58,288,0 25.5
4,201,0 1,844,0 23,260,0 25.9
20,419,0 1,572,0 86,749,0 25.3
276,0
121,0
1,5 3,0 25.9
6,713,0 1,900,0 32,382,0 26.6
3,269,0
172,0 13,730,0 25.0
24,978,0 3,937,0 103,488,0 27.9
6,146,0 3,268,0 36,954,0 25.4
815,0
87,0
3,612,0 25.0
1,438,0
719,0
8,743,0 24.6
775,0
245,0
3,957,0 25.7
19,533,0 4,876,0 96,610,0 25.2
2,622,0 1,291,0 15,202,0 25.7
570,0
343,0
3,543,0 25.7
1,375,0
255,0
6,624,0 24.6
3,023,0 1,020,0 15,905,0 25.4
1,758,0
345,0
8,539,0 24.6
468,0
485,0
3,666,0 26.0
1,008,0 1,906,0 11,863,0 24.6
963,0
286,0
4,899,0 25.4
5,655,0 2,434,0 30,241,0 26.7
4,869,0 1,105,0 24,443,0 24.6
2,345,0
369,0 10,806,0 25.1
5,079.0
363,0 21,732,0 25.0
2,623,0 1,152,0 14,480,0 26.0
1,236,0
395,0
6,448,0 25.2
1,732,0
360,0
8,623,0 24.2
1,340,0
262,0
6,385,0 25.0
Bank of N. Y. 2,000,0 3,842,0 20,796,0
Manhattan Co. 2,050,0 4,835,2 33,000,0
Merchants_ __ - 2,000,0 1,990,9 19,789,0
Mech.& Metals 6,000,0 8,640,5 57,422.0
1,500,0 6,260,2 23,880,0
America
25,000,0 29,540,7 178,441,0
City
Chemical _
3,000,0 7,134,2 29,025,0
600,0
Merchants' Ex
515,9
6,878,0
300,0
127,1
2,179,0
Butch. & Drov
949,4
500,0
Greenwich _ _ _
8,463,0
5,000,0 4,766,2 38,955,0
Amer. Exch_ _
25,000,0 16,157,5 134,087,0
Commerce_
958,6
500,0
4,458,0
Pacific
Chat. & Phen. 2,250,0 1,243,0 17,924,0
472,8
People's
200,0
2,347,0
Hanover
3,000,0 13,471,3 71,629,0
Citizens' Cent_ 2,550,0 2,139,1 22,015,0
Nassau
485,0 10,459,0
1,000,0
Market & Fult. 1,000,0 1,871,3
9,205,0
Metropolitan
2,000,0 1,725,7 14,110,0
Corn Exchange 3,000,0 5,753,6 49,105,0
Imp.&Traders' 1,500,0 7,661,1 25,857,0
5,000,0 13,313,0 84,121,0
Park
250,0
68,1
East River—
1,590,0
5,000,0 5,821,2 31,521,0
Fourth
1,000,0 2,469,0 14,252,0
Second
10,000,0 21,582,3 110,519,0
First
Irving
4,000,0 3,131,7 36,544,0
Bowery
3,456,0
799,2
250,0
N. Y. County_
500,0 1,836,9
8,659,0
German-Amer.
4,139,0
750,0
711,6
Chase
5,000,0 9,359,0 87,603,0
Fifth Avenue_
100,0 2,119,4 13,337,0
German Exch.
3,559,0
200,0
830,9
Germania _
200,0 1,064,3
5,725,0
Lincoln
1,000,0 1,773,9 15,432,0
Garfield
1,000,0 1,270,8
8,611,0
Fifth
250,0
3,435,0
524,5
Metropolis
1,000,0 2,182,4 12,225,0
200,0 1,023.0
West Side—.
4,277,0
1,000,0 2,226,2 25,419,0
Seaboard
1,000,0 2,725,2 22,649,0
Liberty
1,000,0
N.Y.Prod.Ex
895,2
9,139,0
1,000,0
State
607,9 16,894,0
1,000,0
Security
416,1 10,583,0
1,000,0
Coal & Iron_
507,3
6,379,0
Union Exch.- 1,000,0
967,3
8,868,0
Nassau, B'klyn 1,000,0 1,119,9
7,766,0
-Totals, Avge-- 133,650,0 199,887,6 1336,726.0 265,778,0 74,961,0 1334,529,0 25.5
Actual figures Oct. 19_
1337,537,0 265,392,0 75,391,0 1334,738,0 25.5
irculation.—On vie basii or aver teei, eire.dation of national Dimas
•
use amounted't0 846,302,000, and according to actual figures was $46,360,000.
Week
On Dep.
ending
Net
Capital. Surplus. Loans.
Specie.
Legal with C.H.
Oat. 19..
Tenders Banks. Deposits
$
$
Averages
$
$
$
$
$
Banks _ _ _ 133,650,0 199,887,6 1,336,726,0285.778,0 74,961,0
1,334,529,0
Trust cos_ 45,250,0 96,252,1 599,068,0 60,572,0 6,875,0 53,433,0 440,005,0
Total _ _ 178,900,0 296,139,6 1,935,794,0326,350,0 81,836,0 53,433,0 1,774,534,0
Actual.
Banks __
1,337,537,0265,392,0 75,391,0
1,334,738,0
Trust cos_
603,259,0 62,278,0, 6,896,0 59,553,0 445,757,0
1
1,940,796,0327,670,0, 82,287,0 59,553.01.780,495,0
i
Total __
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under irs
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
"
are made up, see "Chronicle, V. 86, p: 316.
STATE BANKS AND TRUST COMPANIES.
Week ended 03.rber 19.
Capital as of Sept. 9_ ___
Surplus as of Sept. 9____
Loans and Investments__
Change from last week_
State Banks
Trust Cos. State Banks
7'rust Cos.
in
in
outside of
oulside of
Greater N. Y. Greater N. Y. Greater N. F. Greater N. Y
S
22,325,000
$
62,775,000
A
*9,323,000
X
*9,750,000
38,321,500
172,033,200
*12,233,100
*12,377,200
294,969,700 1,116,055,700
—1,477,600 —12,095,800
114,991,900
+82,600
173,614,600
+378,500
339,310,600 1,173,326,200
+1,054,400 —7,194,000
121,223,600
+716,400
180,244,200
+1,790,200
Specie
Change from last week_
53,294,300
—233,300
116,474,900
—292,600
Legal-tender & bk. notes_
Change from last week_
21,455,500
—194,200
10,619,200
+37,900
Deposits
Change from last week..
Reserve on deposits
Change from last week_
89,491,000
+473,300
136,058,900
+1,442,000
22,594,600
+49,700
23,222,800
+1,222,800
P. C. reserve to deposits_
Percentage last week
27.3%
27.1%
16.4%
15.9%
19.8%
19.8%
13.9%
13.3%
+ Increase over last week. —Decrea.se from last week. • As of June 14.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— —State Banks—
Total
Of
Total
Of
Reserve Required for Trust Companies
which
and State Banks
Reserve which Reserve
Location—
Required.in Cash.Required. in Cash
Manhattan Borough
25%
15%
15%
15%
Brooklyn Borough (without branches in Manhat.) 15%
20%
10%
10%
Other Boroughs(without branches in Manhattan) 159.,
10%
15%
74%
Brooklyn Borough, with branches in Manhattan_ _15%
20%
20%
15%
Other Boroughs, with branches in Manhattan
15%
16%
15%
15%
Cities of the first and second class
10%
5%
__
---Cities of the third class and villages
10%
3%
Elsewhere in State
iii, -13-.,
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in Greater New
House.
These figures are shown
York not in the Clearing
in the table below, as are
also the results (both actual and average) for the Clearing-
[VOL. Lxxxli V.
THE CHRONICLE
1100
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.
-Below is a summary'of
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers(00)in all thesefigures
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Members.
Members. Trust (Jet. Not Banks&Trust
Average. in C.-H. Aver. Cos. Average.
Week ended Oct. 19- ActualFigures
$
INat banks1
Sept. 4 andc
State banks
Surplus Sept.9
Capital
$
Capital
and
Loans
Surplus.
Banks
$
$
178,900,000
178,900,000
29,025,000
207,925,000
296,139,600
296,139,000 . 80,906,000
377,046,500
Loans and investments 1,940,796,000 1,935,794,000
Change from last week +12,485,000
-802,000
594,043,100 2,530,437,100
-4,433,000 -5,235,000
1,780,495,000 1,774,534,000
Deposits
Change from last week +10,154,000 -3,090,000
a597,080,100 2,371,614,100
-4,152,300 -7,242,300
Specie
Change from last week
327,670,000
+2,370,000
326,350,000
+4,070,000
63,867,500
-778,000
390,217,500
+3,292,000
.
Legal-tenders
Change from last week
82,287,000
-471,000
81,836,000
+507,000
58,356,100
+78,200
90,192,100
+585,200
Banks: cash in vault__
Ratio to deposits_ _ _ _
340,783,000
25.53%
340,739,000
25.53%
12,592,300
14.36%
353,331,300
Trust cos cash in vault
69,174,000
67,447,000
59,631,300
127,078,300
Aggr'te money holdings
Change from last week
409,957,000
+1,899,000
408,186,000
+4,577,000
72,223,600
-099,800
480,409,600
+3,877,200
Money on deposit with
other bks. & trust cos.
Change from last week
59,553,000
+9,140,000
53,433,000
+2,871,000
17,650,900
+2,516,300
461,619,000
+7,448,000
89,880,500
+1,816,500
551,499,500
+9,264,500
Surplus CASH reserve
Banks (above 25%).Trust cos.(above15%)
7,098,500
2,310,450
Total
Change from last week
9,408,950
-1,150,500
% of cash reserves of tr ust cos.
Cash in vault
15.51%
Cash on dep. with bks.
11.78%
Total
27.29%
-The following-are
Imports and Exports for the Week.
the imports at New York for the week ending Oct. 19; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
1912.
Dry goods
General merchandise
7,106,750
1,446,250
15.32%
10.82%
26.14%
16.70%
Total 42 weeks
15.09%
1.61%
-
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $651,066,400, a decrease of $584,100 from last week. In the
case of the Clearing-House members, the deposits are "legal net deposits", both for
the average and the actual figures. b Includes bank notes.,„&k,k„,,,._ ;:
1911.
50,26 ,2291
23,271,897
Total
Since January 1.
Dry goods
General merchandise
8,5 3,000
+3,887,400
Deposits. Circa- Clearings
ladon.
a
Boston.
$
41,575,0 241,101,0 24,040,0 5,410,0 267,320,0 7,775, 122,823,9
Aug. 31
Sept. 7
11,575,0 241,070,0 23,623,0 5,074.0 271,202,0 7,713,0 142,439,2
11,575,0 239,631,0 24,393,0 5.212,0 273,178,0 7,607,0 153,961,9
Sept. 14
11,575.0 239.412,0 24,013.0 5.135,0 270.832.0 7,661,0 158,200,6
Sept. 21
.... 41,575,0 237,684,0 24,123,0 5,095,0 267,360,0 7,591,0 161,914,1
Sept. 28
41,575,0 237,024,0 23,131,0 4,775,0 275,144,0 7,355,0 200,853,7
Oct. 5
41,575,0 235,741,0 23,470,0 5.028.0 275,689,0 7,090,0 144,244,8
Oct. 11
41,575,0 232,772,0 24,753,0 5,245,0 286,030,0 7,050,0 231,211,9
Oct. 19
Philadelphia.
80,623,1' 392,338,0
Aug. 31
97,285,0 t 430,884,0 15,116,0 128,051,0
80,623,2 393,222,0
Sept. 7
97,245,0 t 435,122,0 15,123,0 133,852,8
80,623,2 393,833,0
92.940,0 t 430,976,0 15.147,0 143,211,3
Sept. 14
80.623,2 391,262,0
430.633.0 15.130.0 154,660,7
92,200.0
Sept. 21
80,623,2 390,007,0
Sept. 28
93,115,0 t 429,233,0 15,135,0 158,782,5
Oct. 5
80,623,2 389,682,0
93,960,0 t 434,124,0 15.116,0 186,158.6
Oct. 11
80.623,2 388,815,0
92,265,0 t 4:03.541.0 15.096,0 142,057,6
Oct. 19
80,623,2 387,500,0
93,351,0 t 435,092,0 15,110,0 197,262,5
1
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $844,000 on October 19, against $894,000 on
October 11.
035
"Deposits" now includes the item of "Exchanges for Clearing House," which
was not previously embraced in the total. "Exchanges for Clearing House" were
reported on October 19 as $15,620,000.
71,089,900
+5,387,300
Total reserve
469,510,000
Change from last week +11,039,000
Specie. Legato
$2,635,837
13,935,140
1910.
1909.
$2,688,744
12,637,943
$3,016,465
12,948,217
$2 i,536,126, $16,570,977 $15,326,687 $15,064,685
0
14
1
$121,108,391 $113,576,093 $127,630,995 $136,175,072
694 ,014,301 586,867,866 614,780,826 560,989,062
$815,121,857 $700,443.959 $742,141,821 $697,164,134
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 19 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
For the week
Previously reported
1911.
1910.
1909.
$16,318,947 $12,781,866 $17,076,695 $14,380,015
653,056,162 ($10,359,916 524,710,108 478,506,820
The averages of the New York City Clearing-House banks
Total 42 weeks
$669,375,100 $623,141,782 $541,786,803 $492,886,835
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
The following table shows the exports and imports of
Clearing House, compare as follows for a series of weeks past: specie at the port of New York for the week ending Oct. 19
and since Jan. 1 1912, and for the corresponding periods is
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1911 and 1010:
GREATER NEW YORK
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers in all thesefigures.
Week
Ended
Loans and
Investments.
Deposits.
Specie.
Aug. 17_ _
Aug. 24_ _
Aug. 31..
Sept. 7_.
Sept. 14_ _
Sept. 21 _
Sept. 28..
Oct. 5_ ..
Oct. 1L_
Oct. 19_ .
2,651.628.2
2,080 979.4
2,651,253.5
2,644,504,1
2,618,939.0
2,596.070.2
2,572,002,4
2,546,392,9
2.535,672,1
2,530,437,1
$
2,5.32,105,2
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
2,371,014,1
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
390,217,5
$
94,054,6
92,738,6
92,651,8
91,860,8
91,421,3
91.696,9
91,815,1
90,687,6
89,006,9
90,192,1
3
524,501,8
520,658,6
509,659,9
499,821,9
491,559,1
408,534,6
485,343,8
479,159,6
476,532,4
480,409,6
615,325,4
603,858,1
590,236,8
576,345,3
566,766,7
559.
006,3
554,697,3
549,168,6
542.235,0
551,499,5
Reports of Clearing Non-Member Banks.
-The following is
the statement of condition of the clearing non-member banks
for the week ending Oct. 19, based on average daily results:
We omit two ciphers(00)in all thesefigures.
[-•
Banks
Capitat.
Surplus
Loans,
Legal
On
Tender Deposit
Disc'ts
and
Specie. and
with
Net
Bank C.-H. Deposits.
InvestNotes. Banks.
ments.
New York City.
Manhattan and Bronx
Aetna National
500,0
544,9 3,345,0 741,0
Washington Heights_ 100,0
336,0 1,639,0 161,0
Battery Park Nat_ _ _ _ 200,0
115,1 1,594,0 309,0
Century
500,0
515,5 0,150,0 638,0
Colonial
400,0
549,4 6,340,0 881,0
Columbia
300.0
787,4 6,415,0 575,0
Fidelity
54,0
200,0
168,9 1,127,0
Mount Morris
250,0
337,4 2,544,0 430,0
Mutual
200,0
411,0 4,644,0 487,0
New Netherland
200,0
281,4 2,929,0 315,0
Twenty-third Ward_ _ 200,0
96,0 2,095,0 255,0
100,0
Yorkville
515,8 4,450,0 566,0
Brooklyn,
300,0
672,3 3,904,0 305,0
First National
910,2 6,150,0 592,0
Manufacturers' Nat_ _ 252,0
765,7 11,172,0 1,427,0
Mechanics'
1,000,0
578,5 4,340,0 547,0
300,0
National City
174,5 2,354,0 185,0
North Side
200,0
Jersey City.
First National
400,0 1,335,0 5,337,0 298,0
798,4 3,793,0 212,0
Hudson County Nat_ 250,0
200,0
Third National
417,9 2,384,0
95,0
Hoboken.
220,0
649,0 4,198,0 203,0
First National
125,0
275,7 3,148,0 185,0
Second National
Totals Oct. 19
Totals Oct. 11
Totals Oct. 5
Imports.
Cold.
Week.
Since Jan.1
Week.
Since Jan.1
$2,175,326 $6,128,976
$20,146,222
2,026,915
2,560
15
312,428
2,326
$32,100 2,796,962
392,473 11,767,795
51,319 3,012,31$
10,018,903
38,710 1,498,313
53,483
Great Britain
France
Germany
West Indies.
Mexico
South America
All other countries
$32,100 $33,015,585 $2,660,154 $24,749,307
$225,281 $7,183,957 $325,019 $12,273,456
149,173 20,828,777
200 44,856,238
Total 1912
Total 1911
Total 1910
Silver,
Great Britain
France
Germany
West Indies,
Mexico
Soli,h America
Al other countries
Total 1912
Total 1911
Total 1910
$60,254
$1,418,871 $39,690,616
205,900 6,031,732
5,100
200
226
250,353
1,101
6,138
88,856
25,349
708,190
$1,630,071 $46,544,743
1,233,442 39,872,231
498,777 34,743,053
563,583
6,894
20,853
90,802
3,595,282
2,491,745
1,366,189
$318,072 $7,585,351
108,364 5,820,091
84,487 3,825,617
Of the above imports for the week in 1912, $635 were
American gold coin and $77 American silver coin.
52,0
90,0
38,0
403.0
420,0
504,0
125,0
47,0
334,0
105,0
107,0
310,0
78,0
204,0
96,0
602,0
902,0
787,0
116,0
300,0
507,0
322,0
224,0
525,0
3.117.0
1,405,0
1,601,0
6,968,0
6,670,0
7.204,0
1,076,0
2,850,0
4,733,0
2,889,0
2,294,0
4,060,0
124,0
462,0 3,089,0
287,0
736,0 5,731,0
621,0 1,512,0 13,355,0
167,0
690,0 4,350,0
124,0
246,0 2,365,0
388,0 1,355,0
109,0
522,0
133,0
517,0
56,0
47,0
307,0
273,0
4,330,0
1,985,0
1,488,0
Aaniting and ',IF tnancta t
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks, which describes 124 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stooks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE
-NEW YORK.
Chicago, III. Boston, Mass. Albany, N. Y.
Members New York Stock Exchange,
White, Weld & Co.
1,736,0
1,264,0
6,597,0 11,230,0 90,002,0 9,461,0 4,591,0 11,373,0 85,469,0
6,597,0 11,236,0 89,533,0 9,525,0 4,562,0 10,688,0 84,800,0
0.597,0 11,230,0 89,077,0 9,236,0 4,281,0 16,919,0 84,275,0
1
Exports.
Tot. Money Entire Res.
holdings. an Deposit.
Legal..
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE &MEET
BOSTON
THE CHRONICLE
OttA 26 1912.]
Vaulters' %aunt.
Wall Street, Friday Night, Oct. 25 1912.
-Peculiar
The Money Market and Financial Situation.
conditions have affected the security markets this week.
Evidently the sales of American issues abroad earlier in the
month were heavier than had been supposed, and the return
of these securities in large volume on steamers arriving this
week seems to have been unexpected. At least they arrived
at a time when the outflow of funds to the South and West
was at its height and the money market firmer. The result
has been the inevitable one, a sharp decline in prices. The
foreign political situation, as is well known, is much less disturbing than it recently appeared, and financial conditions
abroad are gradually becoming more normal. But the
money markets are firm there as well as here. The Imperial
Bank of Germany has increased its rate from 43 to 5%,
and at all financial centres the tendency of rates is upward.
Rates for call loans here reached as high as 6% on Thursday
and 64% on Friday. There seems to be no let-up in the
demand for funds from the interior, and doubtless will not
be while crops continue to move freely to market. Reports
of railway earnings indicate that this movement is as rapid,
perhaps, as transportation facilities will allow, but if recent
crop estimates are correct, railway equipment will be kept
busy for some time to come. Heavy traffic is not, however,
limited to the agricultural districts. The Lehigh Valley RR.
reports an enormous increase in both gross and net earnings,
and at the present rate of iron and steel production the coal
and iron roads must naturally continue to make favorable
reports. Another illustration of conditions in the iron and
steel trade is given in a resumption of dividends on Republic
Iron & Steel pref. shares at the rate of 7%.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 4@64%. To-day's rates on call were 4@63%•
Commercial paper quoted 5%@6% for 60 to 90-day endorsements and 53 ,@6% for prime 4 to 6 months' single
4
names and 6 2% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £20,576 and the percentage
of reserve to liabilities was 49.53, against 48.73 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. The Bank of France shows an increase of 1,274,000
francs gold and 3,385,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Oct. 19.
Differences
from
previous week.
1911.
Averages for
week ending
Oct. 21.
1910.
Averages for
week ending
Oct. 22.
3
$
$
/5
Capital
133,650,000
135.150,000 132,350,000
Surplus
199,887,000
196,020,300 193,297,900
Loans and discounts_ _ 1,336,726,000 Inc. 6,946,000 1,356,903,000 1,232,162,100
Circulation
40,302,000 Isle.
50,029,000
131,000
48,127,600
Net deposits
1,334,529,000 Inc. 11,531,000 1,371,068,000 1,201,675,700
Specie
205,778,000 Inc. 3,608,000 280,509,000 244,880,300
Legal tenders
74,961,000 Inc.
573,000
75,461,000
66,338,700
Reserve held
25% of deposits
Surplus reserve
340,730,000 Inc. 4,181,000
332,632.250 Inc. 2,882,750
7,106,750 Inc.
1,298,250
355,970,000
342,902,000
311,219,000
300,418,925
12,978,000
10,800,075
-The Clearing House now issues a statement weekly, showing the actual
Note.
condition of the banks on Saturday morning, as Well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary Issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
1101
The market for railway and industrial bonds has been dull,
narrow and weak. On no day have the total transactions
aggregated $2,000,000 par value, and for the entire week
have averaged but little over $1,500,000. Activity has been
confined to two or three issues,including New York Railways,
Atchison and Chino Copper. The latter have made a sensational movement over a range of 105' points and close without net change. Green Bay & Western deb. cert. Bs have
been strong, closing 2 points higher than last week. Southern
Pacifies and N. Y. Railways have also been firm, but of a
list of 25 active issues, only those mentioned are higher, 18
are lower and 3 unchanged.
United States Bonds.
-Sales of Government bonds include $1,500 4s, coup., at 114 to 1147%, and $2,500 3s, coup.,
at 1027%. For to-day's prices ofall the different issues and for
yearly range see the third pagefollowing.
Railroad and Miscellaneous Stocks.
-The stock market
has, for reasons noted above, been weak. Apparently no
support was given to prices on Monday, when the offerings
were far in excess of the demand and all classes of stocks
declined. Tuesday the transactions were on a more limited scale than on any other day of the wee and the market held fairly steady at a level somewhat above the lowest
prices of Monday. Stocks were freely offered again on
Wednesday, on a firmer money market and the return of
stocks in considerable amount from abroad, the volume of
business being the largest of the week. On Thursday there
was again more urgent selling and a further decline. As a
result of the downward.movement, Reading is 6 points lower,
Canadian Pacific and Northern Pacific between 4 and 5
and other railway issues between 3 and 4.
Several industrial stocks are down from 4 to 6 point,
including U. S. Steel, Smelting, Colorado Fuel & Iron,
American ob o and Cal to n u, Pe rol u .
For daily volume of business see page 1109.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Oct. 25.
•
Adams Extiress
Allis-Chat meets 2d paid
Frei reels 2d paid-Amer Coal Products___
Associated 011
Hatonilas Mining
13runswick Terminal _ _ _
Canadian Pacific subscrintion reets full nd.
Ch'c Un Trac ctfs asst pl
Pref ctfs asst paid_ _ _ _
Colorado & Sou, 1st pref
Comstock Tunnel
Crex Carpet •
Green Bay & W deb B
Long Island
M St P & S S M leased
line certificates
Norfolk Southern
Peoria & Eastern
Phila Co (Pitts)
Pittsburgh Steel, pref.__
Quicksilver Mining
Preferred
-C & E III.
St I. & S F
new stork trust ctfs._
So Porto Rico Sug, pref.
United Cigar Mfrs
United Dry Goods
Preferred
United States Express
r70 Tnroms Alcohol. nref.
II 8 Reduction & Refg..
ed
r
Virginia Rv & Power_
Vulran Detinning
•
Preferred
Wells. Fargo & Co
West Maryland, pref.__
Sales
for
Week.
Range since Jan. 1.
Range for Week.
Highest.
Lowest.
50 180% Oct
2% Oct
2,60
309 8 Oct
100 9434 Oct
1.400 44 Oct
100 314 Oct
500 9 Oct
200259 Oct
100 2% Oct
100 6 Oct
100 73% Oct
900 10c Oct
2 mg Oct
232j 1634 Oct
50 44% Oct
20180% Oct
24 334 Oct
21 834 Oot
1!. 9434 Oct
2 47 Oct
21 314 Oct
21 9% Oct
21:
2
2
2."
2:
2',
1
21
260 Oct
2% Oct
6 Oct
734 Oct
tic. Oct
8134 Oct
18 Oct
44% Oct
Lowest.
Highest.
2, 180% Or .:17%
1.• 2% Or
334
1P
7% Os' 8%
19 95% Jul, 98
23 41% Or 47
25 34 Mc: $24
Jam 1134
21 8
June
Oct
Apr
May
Or 260
Fel. 3%
Mr1, 10%
Or 76%
Au, 16c.
Mc: 86
Fel 18
Fct 51%
Oct
April
April
Jan
Feb
June
Oct
June
221259
23
14
T
, 4
2. 7314
8c.
2
2k 72
21 10%
24 43%
April
Oct
Oct
100 85% Oct
33 46% Oct
1,900 17 Oct
200101 Oct
400103 Oct
500 0 Oct
100 8 Oct
P 85% Oct
2:: 4714 Oct
1' 18% Oct
2' 101 Oct
2' 103% Oct
,
2, 6% Oct
2; 8 Oct
19
21
1.)
23
22
1,
23
85%
45%
13%
10014
101
3
3%
Or: 88% Jan
May
Sen 55
Or, 1834 Oct
Oct 111% Feb
Fe 101% Aug
Ja., 8% April
Feb 12% May
12 50 Oct
1 0109% Oct
300 55 Oct
715Ir98 Oct
•
110,107 Oct
120 76 Oct
100105 Oct
4001 1% Oct
4 Oct
3 ,'
4,700 48 Oct
200 19% Oct
100 85% Oct
' 9 125 Oct
200 78% Oct
21 50 Oct
2: 103% Oct
2' 56 Oct
2: loom Oct
2: 107 Oct
2 78 Oct
1 105 Oct
2' 2 Oct
:': .54 Oct
2' 51 Oct
2 1914 Oct
2 9514 Oct
1"21 Oct
2' 79 Oct
22
25
23
23
25
21
1
2.5
50
109
53
97
103%
74
95
1%
4
41
15
70
125
75
Feb
Jul 57
Au 110
Jan
Ben 64% May'
Fe. 102% July
Fe. 108% July
Or 100% April
July
Ja 105
Mc
3% May
A lig 104 April
Oct
Ja 54
Ja 27% Feb
Sept
Jam 87
Jan
Oct 151
Jan 81 April
22
24
2:'
-The market for sterling exchange was
Foreign Exchange.
2r.
nervous throughout the week.. Cable transfers were relaP
tively stronger than the other maturities, owing to the active Weall12110USe Air Broke 10327.r Clot 21j278 Clot 21" 278 Oct 27ft Oct
demand for remittances in payment of the foreign sales of
Outside Market.
-Activity on the "curb" this week was
American securities.
•
confined to few issues, principally the Tobacco group. The
To-day's (Friday's) nominal rates for sterling exchange were 4 82% for
sixty-day and 4 86 % for sight. To-day's actual rates for sterling exchange general tone of the market was heavy. British-Amer. Towere 4 815504 8165 for sixty days, 4 8575104 8585 for cheques and bacco lost 134 points to 227% and
recovered to 227 . To%
4 564504 8055 for cables. Commercial on banks 4 79 %64 81 4 and
documents for payment 4 80 404 82 . Cotton for payment 4 810 bacco Products pref., which was reported sold up from 1047%
4 81% and grain for payment 4 81 %(uu4 81 U•
to 109 on Saturday last, dropped to 10.53 . United Cigar
%
The posted rates for sterling, as quoted by a representative house, were
reduced Mc. on Tuesday for sixty-day bills to 4 824, which continued Stores com., after an early advance from 107:4 to 1087%, sold
the quotation during the remainder of the week. The sight rate was off sharply to 10434,the final figure to-day being 1054. The
flot changed from last week's closing figure of 4 86%.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21 % pref. fell from 1217% to 1199( and closed to-day at 120.
less 1-1605 214 for long and 5 18 4 less 3-32645 18) less 1-16 for short. Emerson-Brantingham corn. moved up from 7414 to 757%,
Illermany bankers' marks were 94 U094 5-16 for long ant 94 % less 1-32(
5414 for short. Amsterdam bankers' guilders were 40 200,40 21 for short. down to 747%, and rested at 75 finally. The pref. improved
Exchange at Paris on London, 25f. 23 %c.: week's range, 25f. 240. high from 997% to 101, sank to 993 and ends the week at 1007%. ,
and 25f. 20%c. low. Exchange at Berlin on London, 20m. 52pf.; week's
Active speculation continued in Houston Oil corn., the price
range, 20m. 52 Mpf. high and 20m. 50 Mpf. low.
advancing from 233 to 247%, then moving downward until
The range for foreign exchange for the week follows:
Sixty Days.
Sterling, ActualCheques.
Cables.
207% was reached to-day. Manhattan Shirt corn, was traded
Nigh for the week_ _ _4 8190
4 8615
4 8675
in down from 74 to 72 and the pref. from 1024 down to 10134
Low for the week.- _4 8155
4 8570
4 8630
Paris Bankers' Francs
and back to 1023.. Standard Oil of N. J. advanced 10
5 18%
Nigh for the week-5 21 %
5 18 %
points to 408 but ran down to 395, the close to-day being at
5 19 % less 1-32 5 1814 less 1-32
Low for the week-_5 22 4
Germany Bankers' Marks
396. Reported opposition to the reorganization plan of the
Nigh for the week__ _ 94%
94 13-16
94 15-16
U. S. Motor Co. caused a slump in the stocks, the com, going
94 11-10
Low for the week__ _ 94%
94 13-16
Amsterdam Bankers' GUildell%
down from 3 to 13 and the pref. from 6 to 334. Heavy
Nigh for the week_ __ 3994
4023
4029
transactions in General Electric new 5s were the feature in an
4018
Low for the week__ _ 3990
4024
-Chicago, 5c. per $1,000 discount. Boston, par. otherwise quiet bond market, the price advancing over half a
it• Domestic Exchange.
St. Louis, 30e. per 1,000 discount. New Orleans, commercial, 50o. per point to 103. Western Pacific 5s declined from 833-i to 8234
31,000 discount, an bank $1 premium. San Francisco, 40c. per 31,000
premium. Savannah, buying, 3-16% discount and selling, par. St. Paul, and closed to-day at 827%. Trading in mining shares was
10c. per $1,000 discount. Montreal, 31 Yo. premium. Charleston, buy- light. Braden Copper sold down from 67% to 6% and back
ing, par; selling. 1-10% premium. Cincinnati, par.
to 67%. British Columbia weakened from 43 to 4. Giroux
4
5
-Sales of State bonds at the receded from 47% to 4%. Greene Cananea lost over half a
:State and Railroad Bonds.
Board are limited to $71,000 Virginia 6s deferred trust re- point to 97%.
.
ceipts_at 573/i to 60. .
Outside quotations will be found on page 1109.
1102
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALS PRICES.
Saturday
Oct. 19.
Monday
Oct. 21.
Tuesday
Oct. 22.
Wednesday
Oct. 23.
Thursday
Oct. 24.
Friday
Oct. 25.
sates 01
dug
Week
Shares.
STOCKS
NEW YORK. STOCK
EXCHANGE
Range since January 1.
On basis ol 100-share lots
Lowest.
• lItghest.
Range ler Previews.
, Year 1911.
1
Lowest.
Highest. 1
Railroads
109 10912 10812 10938 10812 10878 10734 1083 107 8 10814 10738 10778 31,800 A toil Topeka & Santa Fe 10314 Feb 1 11134 Oct 4 9973 Sep 11672 rtiej
4
7
4
10138 Jan 2 10414 Feb 10 1003 Jan 10512 J'ne,
.
10212 10212 310213 10212 10238 10212 102 102 310178 102
980 L). Do pref
10178 10178
13318 Jan It) 14812 Aug 12 117 Jan 13914 Nov
14014 14014 13812 14014 1 .912 140
13958 140
13912 13912 138 13812 2,200 Atlantic Coast Line RR
V312 Sep 10914 J'1Y
r10114 Feb 1 11178 Ap. 30
10614 107
10558 10838 10512 10618 105/4 1053 105 1053 14,810 I.jaltInlore & Ohio
10633 107
4
4
91 Jan I
8512 Aug
8613 Aug 13 91 Jan 23
120 L P Do pref
3
8718 *86
86 4 86 4 *86
3
8714 *86
8714 *86
8714 38714 8714
3
845 J'iy ;
72 Sep
4
*91
9112 908 91
89.3 8958 7,450 Brooklyn Rapid Transit_ 763 Jan 2 9412.11y 2
3
9014 9014 8912 9012 8934 90
22612 Mcb 4 283 Aug 15 19558 Jan 247 J'ly ;
26714 26814 26314 237
260 4 26314 67.451 I lanadlan Pacific
3
263 28412 259 264
2607 2627
s
s
V. entral ot New Jersey. 303 Jan 0 395 Apr 29 260 Aug 320 Dee
*370 380 *370 390 *365 380 *365 380 *365 380 4360 380
8634 Feb !
6814 Feb 1 8514 Oct 3
6833 Sep
83
8318 813 827
4
8 8158 82
81
82
807 8112 80 8 8112 15,300 Chesapeake & Ohio
8
3
17 Sep
2514 J'ne
5
163 J'ly lz 20 5 Aug 25
8
1813 1812 1818 1812 1812 1834 18
5
1812 18
3
1812 18 8 20 8 14,600 Chia Gt West trust ctfs
3512 Dec
3118 Sep 13 3912 Apr
9914 Feb
*34
Do pref trust etts
35
3612 3812 8,100
333 3418 '3514 36
8 3538 36
4
3518 357
9933 J'ly 11 114 Oct 7 10534 Oct 13312 Feb
11134 11218 11012 11214 1097 11034 109 110 8 10312 11014 10812 100 4 24,012 Chicago Milw & St Paul .._
3
5
8
140 J'ly 14 146 Jan 2 141 Sep 15512 Feb ,
141 141
Do pref
*141 14214 *141 14214 *141 14214 141 14214 3142 142
150
8 1,750 Chicago & North Western 13412 J'ly is 145 Apr 26 13818 Sep 15013 J'ne •
*14012 142
14018 14114 1403 14034 139 8 14034 139 13914 13858 1387
3
4
190 May 4 198 Mai26 191 Nov ;209 Jan !
Do pref
*181 190 *181 190 *181 190 *181 190 *180 190 *181 190
4818 Sep
66 Jan .
55
6412 Nich28 6212 Apr 23
55
60
60
*5333 58
400 Cleve Gin Chic & St L
57
60
53
*55
*55
59
9414 J'ly
98 Feb .
49578 Feb 24 10112 Apr 17
Do pre/
4
4
4
4
*98 4 1013 *983 10134 *9834 1013 *983 1013 *983 1013 *983 1013
3
4
4
4
4
4
2
163 J'ly 8 17612 Feb 6 15912 Sep 1747 J'ne:
168 16814
*169 171
169 16938 *168 170 *168 170 *16612 171
700 nelaware 4 Hudson
l'elaware Lack & West_ •530 Aug 23 669 Jan 29 505 Sep 570 Nov.
*530 545 *530 545 *520 545 *520 545 *520 551 *525 551
1753 Dec
35 Feb •
1812 J'ly 12 24 Mch 27
21
21
22
*21
22
2138 2138 *21
600 Denver 63 Rio Grande
2114 213 *21
22
4
74 Feb
3414 J'ne 19 4814 Jan 24
4
40
363 Dec
Do prof
38 4 1,100
3
40
38
3912 3912 39
3918 3812 39
383 *38
3
153, Itch.
9 Nov
*912 10
8 Sep 9 1134 May16
200 Duluth So Shore 4 Allan
*914 10
012 912 *918 10
9 4 9 4 *914 10
3
3
3012 Melt'
1718 Dec
*16
1512 Sep 9 23 May15
1912
41912 1912 *1612 20
Do pre!
*15
20
*1612 20
20
*1612 20
3838 J'ly :
2714 Jan
3014 Jan 15 3918 Apr 11
3418 3433 3312 3438 28,700 Uric,
36
36
35
3538 3418 35
357
8 35
0114 J'ly
4558 Jan
5214 5,225 Lu Do 1st preferred... 5018 Feb 3 577,, Apr 11
53
53
4
5212 53
8 51
5212 5212 5112 5212 513 523
35 Jan
493 J'1Y
4
*4314 4414 44
43 43
43
Doorthero orrreci
N 2d prefeet
4312 43
40 Feb 3 48 Apr 11
43
800
44
*4212 4412
4
126 Jan 16 1433 Aug 16 119 Sep 140 J'ne
13914 139 8 13712 13914 137 13734 1353 1375 1353 13612 13514 13614 31,085 Great
4
3
4
8
6334 Feb
3334 Deo
4834 4834 4712 48 8 4714 4712 46 4 4712 4714 4714 4512 463
Iron Oro properties
36 Jan 31 53 Sep 26
4 3,680
3
3
12058 May 9 14113 Jan 23 132 Jan 147 J'ly !
*129 130 *129 130
12812 12812 12812 12812 128 128
500 I Ilinols Central
129 129
2038 Feb ,
1313 Sep
1938 2018 17,026 1 nterboro-Metrop v t Ws 1633Jan 3 22 J'ly 2
2118 2138 2014 2118 2014 2012 1934 2012 1934 20
5638 J'17
3934 Sep
4
5338 Jan 3 6738 Oct 15
Do prof
8612 67
6312 667
8 6414 643
3
4
4 633 6518 633 608 6212 633 31,160
2514 Sep :373 J'ne •
8
2212 May29 3114 Sep 30
ansas City Southern
2958 29 8 2914 2914 2814 2812 28
8 3,000
2812 28
3
2814 2773 277
6112 Sep
6934 J'ne
56 May29 6553 Mch 25
*6112 63
*a12 63 '62
62
Do
*62
preferred
63
200
62
*6112 63
62
10 Sep
17 Noif !
*15
1112 Jan 26 18 Apr 24
*14
16
16 *14
16
31414 1414 143 1438 *1414 18
120 I aka Erie & Western
3
25 Sep
40 Jan
30 Jan 8 40 May21
LA Do preferred
39
*30
*36
39
*3612 39
*3612 39
*37
39
37
30
*
15573 Feb 5 18534 Jan 15 151 Sep 18678 Dee
17512 178 8 17414 176 8 17412 1757 172 17514 17214 17414 17134 17312 70,725 Lehigh Valley
3
8
5
1407 Feb 1 170 Aug 14 13012 Sep 16034 Nov :
8
4
8
15634 157
16012 16012 159 16014 15812 159
15818 1583 1577 158
2.800 Louisville .54 Nashville
8
4
1315 Sep 18 1383 Mch 13 13114 Sep 14212 Jan !
*132 134 *132 134 *132 133
132 1;2
132 13212 *13112 133
700 IVI anhattan Elevated
4212 Sep
2112 Apr
27
*25
2614 2614 26 26
26
400 Minneapolis & St Louis 1812 J'ly 24 2715 Jan 23
2512 2512 *25
6812 Sep •!
35 Meh
Do preferred
340 Feb 26 157 Jan 15
52
___
_ ____
*49
*48
50 50
52
100
129 Feb 3 15112 Aug 12 x1243 Sep 15214 Mch
4
13973 142
14038 141
139 140
144.38 144 8 142 14438 14112 142
3
4,560 Minn St 1' & S S Marie
Do preferred
' 20 158 Aug 19 146 Nov 180 Merl ,
51ay 1
Feb4731.: .
*153 156 *153 156 *153 156
153 153 *150 155
151 151
200
2553 J'iy 13 3158 Mch 29
27 Sep
8818 J'ne •
*2834 29
2838 1,900 Mc Kansas & Texas
2918 2914 *2814 2914 2734 2814 28
2818 28
6234 Sep
70 Oct
Do preferred
66 Apr 17
8212 62 62
*62
84 4 647 *62
3
*62
65 *2 65
700
8
88
35 J'ly 12 4734 Alch 27
3114 Sep
63 Feb
44 8 45
5
44
4458 4334 4414 4212 4418 42 4 4318 4214 4314 16,100 Missouri Pacific
3
60 Aug
7238 Jan i
*5912 65
364
64
64
50 IM at Rys of Mex 1st ;prof 6218 Oct 7 71 Jan 4
65
*60
*59 4 64
3
---- ---- *60
2578 Aug
2638 Oct 18 3678 Jan 20
383 Feb •
8
Do 2d preferred_ _ _
2612 2612 27
27
*26
27
2612 2612 28 8 23 8 2634 263
4 1,000 II
7
7
10614 Jan 9 12112 Apr 25 r9978 Sep 11515 Feb
11512 1157 11412 11512 11418 115
8
11312 1143 11312 11514 11312 114 8 9,300 N Y Central & Hudson
8
7
Oe e 18
*138 139
500 N 'Y N li 4 Hartford__. 8312 J'nt 25 14214 Apr 1 12078 Sep 15112 Feb i
13834 139 *138 139
138 138 *13712 13812 137 137
3734 Sep
4672 J'17'
8
estern_
3
3512 2,100 N Y Ontario & Western_ 297 J'ne 29 4138 Apr 12
36 4 36 4 3614 3612 3613 3612 35 4 3814 3512 3512 34
3
3
9334 Apr 26
*8514 8814 8514 8514 *8414 8514 84 8 84 8 *833 8412 8312 8358
428 N Y State Railways....
5
5
4
9934 Sep 11114 No;
110734 Feb 1 11914 Aug 12
9,200 Norfolk & Western
8
116 8 11643 116 11678 1155 11612 115 11838 11518 11558 11434 1151
6
0114 J'ne
8534 Apr
83 J'ne 12 92 Feb 17
Do adjustment pref
92
100
92
3012 Jan
5534 Novi
Nor Ohio Trac & Light_
56 Mobil 6734 Anit2
*64
.7
74
1153 Jan 15 13112 Aug 14 1103 Sep 13778 J'ite
3
4
12634 1273 125 12918 12514 12534 12314 12512 12358 12414 12233 12414 31,500 Northern Pacific
8
12212 Jan 9 12314 May 2 11834 Sep 13012 Feb ;
12358 12378 8,788 Pennsylvania
12412 12412 12418 1243 12418 12418 12334 12438 12378 124
4
9013 Sep 100 Jan
11812 Jan 2 11112 Sep 23
400 Pittsb Cin Chic & St L
107 107
*10714 10812 *10714 10812 *10714 109
107 10714 108 108
10812 Jan 2 117 Feb 20 10218 Sep 112 Feb
Do preferred
*110 120 *110 120 *110 120 *110 120 *110 120 *110 120
14818 Jan 11 17914 Apr 29 134 Sep 16172 J'ne
176 8 177
3
3 17214 16973 172 681,790 D eadIng
4
172 8 17814 172 4 174
5
170 3 1737 170
3
8
3
88 Mch
92 J'ly
,
8712 erne 27 9314 Apr 29
*90
9012 *90
100 LA 1st preferred
90
90
*88
90 *88
9012 90
*88
90
9012 Sep 101 May
2d preferred
94 Jan 11 10112 Apr 29
9612
97 *94
97
*93
*96
97
*96
98
*95
98
*95
2234 Sep
2212 May3I 3012 Apr 8
3433 J'ne
2712 2712 28 4 2738 2812 2634 2512 2658 2558 26
2513 26
8,925 Rook Island Company
3
4334 Dec
6858 J'ne .
4714 fly 16 5958 Apr 9
5418 5414 54
Do preferred
5112 4,900
4
5434 5312 533
4
4 513 5214 513 5212 50
23 Dec
27 Oct
*23
Qt Loul3 84 San Fran _
25
2012 Sep.6 2912 Mch 26
*21
24
*22
*22
24
*22
24
*22
24
24
*fin
05
*Ft2
Ag
.00
an
*110
RA
*An
RA
L)Do 2d o ererr der d.59 Sep
6914 J'iy
61 May10 (39i2 Jan 23
Do 1strpf fee
*60
65
37 Sep
4912 J'ly
2
*3513 3612
*3512 3614
3912 Jly 24 4334 Apr 11
2 34 J ao 2
3
36
600
3614 3614 36
,
24 Jan
34 Feb
*39
4038 Oct 4
40
8 38
3912 6,100 St Louis Southwestern
3912 3914 39'2 *3938 397
6
39
'4 39 8 39
72 J'uo
5934 Jan
3
Do preferred
79 4 *75
681 Jan 17 8058 Oct 4
7934 *75
793 *75
4
*75
77
*75
7934
. 100
793
4 77
1858 Oct 2-, 2712 Apr 4
1914 183 183
.
1834 19
19
18 4 183
3
4 19
1912 19
*19
8
4 1,600 Seaboard Air Line
D
Do preferred
4712 Oct 25 5612 J'ne 7
48 4 4914 4814 483 *4814 4914 4814 4814 4778 48
4712 47 4 1,900
3
3
4
8
10512 Feb 1 11512 Apr 8 10412 Sep 1263 J'ne
3
8
10912 11018 1087 1097 19,700 Southern Pacific Co
111 11138 109 3 11138 109 8 110
10913 110
5
5
2434 Sep
3338 Jig ;
2612 Jan 31 32 Sep 30
8 2814 2858 20,500 Southern v tr Ws stmpd_
2812 287
2934 30
2912 2812 29
29
297
8 29
6114 Jan
7514 J'ly ,
6814 Feb 4 8673 Oct 2
Do pre
do
3,320
8012 81
8 8014 8114 8012 81
*8112 8212 8112 817
8 8114 815
201 Jan 3 2614 Apr 2
1978 Dec
3014 Feb
*2412 2514 *2414 2512 2438 2413 2414 2412 2414 2412 2414 2458 2,600 Texas & Paciflo
31 Nov
41 Dee
35 Sep 14 4934 Jan 9
4012 4018 3914 41
3858 40
3912 40
37 4 383
3
4
4 363 3814 7,635 I bird Ave New
814 Jan ;
4 Nov
614 514 1,900 Toledo Railways i5c Lt
5
3 Jan 15 10 3 Apr 16
57
8 612
712
*6
57
8 58
7
6
512
3
5 8 614
2434 Feb '
12 Dec
1633 Mch 27
12 Sep 11
*14
300 Toledo St L de Western._
1412
1434 14
1514 *14
1518 1434 143 *14
4
1.518 *14
8
3478 Dec
537 Jan
Do pre:erred
28 J'ne 7 30 Apr 8
3334 3334 *30
200
*31
34
34
*3012 34
34
38 4 383 *31
3
4
*106 108 *106 108 *10412 10612 *10412 108
100 Twin City Rapid Transit.. 104 Oct 14 11118 Sep 17 104 Sep 111 Feb
105 105 *10412 108
17214 173 8 17018 173
5
160 Feb 1 17634 Sep 30 15313 Sep 19238 J'ly :
17014 17118 16853 17118 16858 16978 168 16958 239,675 Unlon Pacific
06 J'iy
Do preferred
59 Sep
8834 J et 11 9358 Feb 27
28 g ly 14
8
1,100
89
897 90
89 89
8934 8918 8918 89
8914 89 8 *89
5
2812 Sep
49 Feb
35
35
3912 Oct 23
3812 3812 3914 7,350 Unit Rys Inv't of San Fr
3912 38
35
3814 3714 3818 38
Do preferred
6712 6612 67
7614 Milt
57 J'ly 18 6713 Oct 23
52 Sep
5,750
6612 66
6614 67
66
64
6412 6412 67
5
*412
418 418
Do
2,200 Wabash
4
1838 Feb
4
3
9 4 Mayll
414 4 8
412 412
4
3
4 8 43
3
8
33 Doe
1234 j
3 8 J'ne 27 2278 Apr 9
3
1414 Dec
8 13
4038 Feb ,
preferred
133
14
14
8 1,600
1353 1334 *135 1412 1312 135
8
14
14
5513 Oct 22 6414 Mch 25
8
66 J'ly
487 Apr
5612 5513 5518 1,700 Western Maryland Ry
5612 5612 5512 5678 5513 55 4 5518 5512 *55
3
212 Sep
614 Feb ;
1,400 Wheeling & Lake Erie
4 Jan 10 1134 Oct 10
9
9
*9
10
912
9
8 4 012
3
9
9
*812 10
7 Sep
1758 Feb
Do 1st preferred
1,300
11 Jan 3 3612 Oct 9
32
*29
2934 31
30
29
32
313 313
*30
4
31
4 31
8 Feb
3 Aug
Do 2d preferred
1438 1,400
6 Jan 19 1712 Oct 9
1414 1438 14
14
1512 14
*15
16
*1412 1578 *14
7218 May
43 Sep
48 Feb 5 6212 Aug 12
100 Wisconsin Central
56
56
*52
56
*52
*52
5712 *55
55
*55
5712 55
industrial&Miscellaneous
7153 J'ne
60 Feb 1 9214 Oct 4
4439 Sep
z835 85 4 221,800 A ma.gamated Copper
8
8618 87
8
3
9014 90 4 8714 9013 8718 8818 853 88
3
6312 Dee :
4434 Sep
5712 Sep 16 6358 mels22
1,250 IlmerAgricultural Chem
5734 58
5913 5914 59
5812 5812 *5712 59
5938 5812 59
9912 Oct 105 Deo
98 J'ly 17 10414 Meh 20
Do pre!
*9912 10012 *100 10012 *9912 10012 *9912 10012 *9912 10012 *9912 10012
5934 Oct
3914 Jan
53 Feb 26 77 Sep 19
20,000 American Beet Sugar
3
70
6834 70 8 69 4 7014 6933 70
3
7012 6978 7114 69 4 71
3
9212 Jan 101 Oot
*9612 100
Do pref
97 Apr 3 10114 J'ne 19
*9612 101
*9612 10112 *98 101
*9612 -- *9712 100
1212 Mali
873 Jan
nc 1961 4738 Oct 11
b
i
74121111442
83,800 American Can
-45
45 8 4314 4818 4312 4414 4134 4114 4112 4312 4158 43
3
77 Jan
9318 Dec
9058 Feb Do 12614 Sep 19
1
prof
121 12212 122 123
*123 124
12112 12112 4,047
123 12433 123 123
4238 Sep
5814 J'IY !
6258 61
6252 6012 61
62
7,700 American Car & Foundry 49 Feb 5 6358 Sep 25
5914 60
59 8 60 4 5912 60
6
3
Do pref
115 Feb 14 120 May24 113 Oct 120 May
650
11934 120
119 8 119 4
6
3
*1177 11912 *11778 11912 *118 11912 119 119
8
34
3218 3214 323 *32
8
3034 Oct 8 3412 Oct 25
3338 3338 3418 3412 2,200 AmerIcan Cities
317 317s 32
4
:
8112 77
500
8318 J'ne
8112
78
7814 7814 79
*77
7812 *77
Do preferred
*78
79
Jan
5814 24,050 American Cotton OIL
5118 Oct 21
4
Feb
4158 Nov
5712 5833 57
563 58
573 58 8 57
4
3
5918 5712 58
99
95 Jan 19 9914 Feb 13
02 Nov 1(6)2 eb 1
*98
99
98 8 *98
3
*98
99
Do pref
*98
*98
99
99
*93
(33
312 Sep
3 Feb 19
614 612 *
6 4 1,300 American Hide & Leather
3
6
4 *6
67
8 7
714 Sep 25
614 614
*614 67
8
84130,38 Joe
554 jjf:tio3;.b
35
18 Sep 1218 j ne
29
20 Feb 26 34 Sep 24
300
31
29
*2912 3112 3014 3014 *29
Do pref
*2812 3012
3012 *29
112 Aug
2534 J eb 1
1 2 ,, Fly
'
4,200 American Ice Securities_
1953 20
18 Jan 2 3034 May20
2112 2112 213 213
4
4 2033 2138 1938 2038 1912 20
8 Aug
8 15
9 Mob 6 177 Apr 23
17
1758 1512 17
8
155 15,800 American Linseed
8
1512 16 4 1514 1614 1514 157
3
2618 Oct
3412 Dee i
30 Feb 20 43 Apr 23
3812 5,700
41
Do pret
4012 3834 3912 *3812 3912 38
4034 39
413
4 39
4314 May
3218 Oct
42
4212 5,120 American Locomotive._
3134 Feb 27 4834 Aug 17
8 4238 43
4433 4514 43
8 4278 437
447
8 4378 437
220
103 Jan 15 11012 Aug 14 102 Oct
Do prof
*10714 10812 10712 10712 *107 108 *107 108 *107 108 4107 107
1
8533788
3 Sep
1412 143
4 1414 1414 1,100 American Malt Corp
15
*1412 16
434 Jan 10 1013 Aug 5
1514 1512 15
*1412 16
3112 !deli
42 Jan 6 6914 Aug 14
1,200
*82
Do pref.
8 6113 6178 6113 62
633
4 6112 6273 6278 6278 6112 617
82 Sep
8612
Amer Smelters Sec prof B 811 Mob 22 8912 J'ne 10
*86
8612 *8512 861 *86
*853 8612 *86
8612 *86
8612
4
JanJ'ne
5958 Sep
3
86 8 8678 8438 8614 8418 85
5
82 8 8514 8314 83 4 8173 8338 47,100 Amer Smelting& Refining 6773 Feb 1 91 Sep 26
7
10238 Jan 2 10038 Sep 26
9834 Sep 10812 J'ne !
10738 10712
400
Do pref
10718 10718 *10738 108
*10712______ 10714 10714 *107 108
10812
4 ib4
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America 11._
Amer Exch.
Battery Pk.
Bowery11.....
Bronx ilorol.
Bronx Nat_
Bryant l'k 1,
Butch & Dr
Century
Phase
Bid
202
618
230
125
400
300
1S0
155
130
230
750
Ask
Banks
Chat&Phenls
212 Gheisea Exl,
630 Chemical _
240 Citizens' CU
130 k.Sty
Coat & Iron
_ Colonia, 11..
a Columbia 11.
---- Commerce .
140 Corn Ex 11
East River_
235
---- Fidelity 11...
Bid
175
T110
445
188
r439
155
425
335
205
325
88
165
Ask
180
450
193
.
160
345
-.210
330
98
175
Banks
Fifth Avet
Vi;th
First
Fourth ...„
Garileld ___
/ er m;AittA
1;o m n
4
.1
Germania 11..
Gotham __
Greenwicn il
tianovcr_....
1314
Ask
1300
..
300 325 - 1010 1020
20J
203
275
290
140 ._
400
525 ad158
163
250
.....
720705
Banks
H
ma .
imp I '
.54 .14id
Irving
Liberty-Lincoln__
51anhattan11
d ark't& 1 u I
0
dech&Niet's
Merch Ham)
Merchants'.
Bid
290
555
205
640
375
350
250
272
130
18712
Ask
Banks
xt
310 Nietro pors4
,
570
210
Mt slorris11.
65
. T i aaa tua t 1:::
.
5
ussa u :
2 --5
5
277
165
193
Banks
. rod Each I
,
tieserve
,ea board
iecond
ieourit y1 _.
1
New Neth.1 T0
I2 -----..-. -Amman
:l clir lt_Co 875
.1 ecr a o ...
, Y
---- -State 11
.
13d Wardli.
New York. 335 ....„.
2 3 :::: Un!on Exc.
3
Wash 11'ta 1
1
West Side
People's t.. 240
250
Yorkville II.
/A i
3
175
90
235
2;5
Ask
385
198
Bid
AsS
16712 17215
9312
453
375 400"
145
135
250
275
175
162
108
275
1350
----,
600
I
WO WO]
• Bid and asked prices ; no shies were rnscio on tills day. :Ex-riests. I Less than 103 shares. liState banks. a Ex-dividend and rights. b New st001,1
t Sale at Stock Exchange or at auction this week. It First Installment paid. n Sold at private sale at this price. z Ex-dividend. I Full paid. -
OCT. 26 1912.1
New York Stock Record-Concluded-Page 2
1103
For record of safes during the week of stocks usually inactive see second
page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Oct. 19.
Monday
Oct. 21.
Tuesday
Oct. 22.
Wednesday
Oct. 23.
Thursday
Oct. 24.
Friday
Oct. 25.
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Range for Previous
Year 1911
1
Lowest
Highest.
Lowest.
Highest. 1
,
industrial and Mise.(0511)
*195 19812 *190 19812 *192 197
194 194 *190 196
i
192 197
1,125 American Snuff
123 Mch 6 199 Oct.18 225 Sep 325 Mayi
*104 105* *104 105
104 104 *104 105 *104 105
105 105
200
Do pref, new
99 Feb 9 105 Aug 13
i
4212 43 • 42
4234 4278 4212 4312 4214 43
42
41
4212 5,950 Amer Steel Found
(new). 26 Jan 19 4438 Oct 8
25 Sep
5212 Feb 1
*126 127
12512 12618 125 120
12312 12434 3,200 American Sugar Refining 11434 Jan 12 13312 May13 11214 Sep r.:212
12512 1253 125 125
4
Feb
*12112 12234 122 122 *120 123 *121 123 *121 123 *121 123
100
Do pre
11512Jan 5 124 Sep 27 111 Jan 11912 Feb
14334 14334 14312 1433 1433 1437 143 14312 143 1433 1423 14314 4,716 American
4
3
8
8
8
Telerm & Teleg 13753 Jan 2 14013 Mch 25 13112 Aug 15318 J'ne
279 28012 279 2793 27612 279
281 281
3
276 277
273 276
4,300 American Tobacco
21113 Feb 29 32412 J'ly 1
105 10533 *105 10512 *105 1053 105 105 *10412 105
105 105
8
700
Preferred. new
10114 Jan 11 10638 Jan 19
1
30
*27
30
*27
*27
30
*27
30
*2712 29
*2712 29
American Woolen
2514 Feb 6 31 May17
2512 Dec
3612 Meh I
8
3
887 887 *8712 88
90
*87
*8612 89
*8712 89 (8712 8712
106
Do pre
86 Feb 7 9412 M ch 12
8514 uct
0614 J'ne1
3713 3718 363 3718 35
4
3012 3512 3512 3331 3434 3312 34
1,550 Amer Writing Paper, pH, 2513 Jan 25 413 May 2
3
2412 Sep
4538 453
3412 Feb .
4 43
4512 4312 4414 42 4 4413 4314 4334 4212 43 4 36,000 a AnaeondaCopper
3
3
par$25 334 Feb 1 $48 Oct 2 329 Sep 34118 .J'nej
*124 12573 *124 1257
3(124 124 *124 1257 *124 125
8
124 124
246 Assets Realization
10512 Feb 7 12713 Oct 3 10612 Dec 108 Dec j
5814 5812 58
5814 *5712 58
5712 5712 *56
1,400 Daldwin Locomotive.__
4 5612 57
573
5353 J'ne 18 6034 Aug 30
*10634 10812 107 107
106 4 106 4 *1063 10812 1063 1063 106 4 10714
3
3
.
4
4
4
3
950 I • Do pref
10234 Feb 2 10813 J'ne 17 10314 Dec 10/ Dec .
495 5012 4712 5014 46 8 473
8
5
4 45
4712 4558 4612 4553 47
17,500 Bethlehem Steel
2734 Feb 27 515 Oct 2
.153 Sep
8
3813 Augl
*77
777
8 77
77
76
7612 7534 7612 76
7618 7514 76
2,500
Do prof
5613 Feb 27 80 Sep 23
C634 J'Iy 1
54 Set)
*14412 14612 *144 146 *144 146 *144 14612 *143 146 *143 146
Brooklyn Union Gas__ 13712 hfch21 149 Aug 12 x129 Sep 14814 Nov ;
*3214 3412 *3214 3412 *3214 3412 *3214 3412 *3214 3412 *3214 34
Butterick Co
2912 Mch 18 4018 Apr 30
28 Feb
31 Mch ,
7018 7113 68
707
8 68
683
4 6514 603 6514 6718 65
66 8 81.820 I `allfor Petrol vot tr an 03 Oct 25 7212 Oct 5
3
94
9414 9314 9414 9234 93
9134 93
9112 9134 9114 9112 7,200 5
' Do pref vot tr ctfs 9114 Oct 25 9512 Oct 5
.
10078 1007 (100 3 1007
8
150 Case(JI)ThreshMpf tr ctfs 1037 Oct 21 100, Oct 21
7
3
3
3
3318 3312 321- 8 3318 3218 - 33
3112 3318 3214 32 8 3134 32 4 12,200 Central 1.eather
.
5
3
1612 Feb 27 3358 Sep 21
1834 Sep
3333 Feb :
9912 9912 9912 10014 *09 100
99
09
99 4 99 4 09
3
3
1,000
99
Do pref
80 Feb 27 10012 Oct 17
914 Dec 105 Feb
4314 453
8 4414 46
4433 4714 4634 4912 46 3 48
5
4578 4714 88,200 deilino Copper_ __par 55 $25 Jan 15 34913 Oct 23 $1612 Sep 82712 Deo :
*
415 4134 40
8
4112 3912 40
3712 3912 373 3812 3514 3734 13,790 Colorado F
4
Fuel i Iron_
2318 Feb 28 4334 Sep 26
25 Sep
303 Feb i
3
4
14434 14534 1443 145
146 146
143 14434 14314 14334 142 14338 7,600 Consolidate
d Gas (N Yi- 13814 Feb 17 14913 Aug 12 12834 Sep 11812J ne*
2114 2218 1938 2178 1034 2012 19
2014 198 2018 1853 19 3 81.530 Corn Products Henning
5
10 Jan 16 2218 Oct 19
958 Oct
153 May
4
8812 89
8714 887
3 8714 8714 86
8633 8612 8714 *8614 88
2,500
Do pref
x7614 Jan 3 8313 Oct 18
73 Sep
85 Ally
30
3014 30
30
29 4 297
3
8 2913 29 4 27
3
2912 2578 2734 11,900 Distillers' Securities Corp 255; Oct 25 3614 Aug 2i
29 Sep
3814 hich
*18
21
2038 20 8 *1812 21
5
*15
2034 * 15
20
*16
200 Federal Mining & Smelt'g 1114 Feb 28 2134 Sep 25
20
13 Dec
36 Feb ,
*46
49
847
*47
49
47
47
4714 4614 4734 4613 4618
720
Do pref
3718 Jan 23 5234 Sep 26
37 Dec
6612 May
18213 18213 18214 18214 18173 182
18012 1813 181 181
4
179 18012 2,750 General Electric
155 Jan 2 18812 J'ly 25 142 Sep 16853 May.
*36(2 4.812 *36
38
*3512 37
36 36
3512 3512 35 35
400 Gen Motors vot t: ctts
30 Feb 26 4278 Sep 3
35 Nov
513 Aug !
4
*78
82
78
7814 7753 78
*77
7813 7712 7712 774 7718
920
Do pref vot tr 5(ts_7014 May 3 8234 Sep 3
7412 Dec
56 3 Aug*
5
2
53 2
53
24 24
3
3
3 24
25
3
212 258
212 234
234
234 2,000 dGold field Con At Par 5ia 3238 Oct 9 35 htch 18
$312 Oct
$773 Jan '
*7:3
73
7313 733 7312 7312 74
74
8
7314 7312 72 8 727
3 1,700 Goodrich (B F)
7
7212 Oct 15 81 Sep 9
*106 107
10613 10714 107 107
107 107
Do pref
4 10712 1,200
106 Sep 20 10913
59
59
573 5712 557 573 107 107 *1063 553
3
8
4 50
573 58
.
5612 5412
4 6,800 dGuggenh Expio_Par 525 353 J'ly 11 46238 Sep 16
J'ne 14
2053 203
4 20 3 20 8 20
3
5
2033 195 20 8 1914 19 8 194 19 3 5,100 di nsp'n ConCop
3
3
5
3
Par $20 $1814 J'ne 3 $2113 Oct 10
123 123
122 123
12113 122
121 12112 12112 121(3 12018 12112 4,200
nternational Harvester 10514 Feb 1 12678 Sep 10
9913 Sep 1293 May
*11314 119 *11314 11934 *115 11934 *115 11934 *115 119
3
Do pref
*115 11934
11612Jan 26 1213 Apr 4 115 Sep 12814 May
4
*5
512 *5
512 *47
8 512
5
5
*47
8 514 *47
3 514
600 Int Mer Marine stk tr etrs
4 hfch 7
778 Aids 29
314 Sep
57 Jan
8
*195 2012 19 8 193
3
3
3 19
1938 183 1834 *18
4
2012 185 118658
8
1534 J'ly 30 28 Atch 29
2212 Dec
14 Aug
1714 1758 1638 1712 1634 167
6, 01 Inteonatiet
8
7
8 1534 1658 16
D r Pronal Paper
1612 1553
933 Jan 17 1934 May23
9 Sep
1333 Jan
59
593
8 58
58
575 5812 5614 5753 57
8
Do pref
57
54578 Jan 3 6273 May23
5712 5712 1,800
4453 May 563 Jan
2812 29
28
2918 *2712 29
*2713 29
2714 2714 2714 2714 2,500 Internal Steam Pump
2413 J'ne 3 34 Jan 2
23 Oct
44 Feb
*79
81
81
81
*78
81
*78
Do pref
81
*79
100
81
81
*79
79 Feb 1 8453 Apr 8
80 Oct
9012 J'ne
95.34 9534 95
300 Kayser & Co (Julius) __
05
95 Oct 25 9534 Oct 24
---- ---- ---- --..
Do 1st pref
_ ____
_ 109 109 *108 110
100
109 Oct 21 103 Oct 24
82 82
8112 --112 81 1113 81
8
500 Kresge Co (S S)
W *7614 80 *76 81
71 Sep 25 8912 Oct 2
*101 10212 *101 10212 *101 102 *101 102
10012 101
pref
Do
10014 10014
10014 Oct 25 10512 Oct 2
400
*51
53
*49
51
*45
53
*45
52
*45
Lackawanna Steel
*45
52
52
29 Mch21 5513 Sep 30
30 Sep
48 Apr
*10513 10614 *10513 10612 *10512 10614 *10512 10614 *10513 10612 *10512
Laclede (las (St L) com__ 104 Mch 16 1083 Jan 4 10114 Sep 11413 Jan
4
10612
*221 224
221 2213 219 222
3
53 216 220
21613 21818 2,900 Liggett & Myers Tobacco 1567 Jan 15 225 Oct 18
217 218
8
11634 11634 *11512 118 4116 11712 1157 1157 *115 11712 *113 117
3
3
Do preferred
300
10512 Jan 12 118 Aug 29
4312 4414 4334 4414 4312 4312 425 4314 4253 4314 4212 43
4,200 Loose-Wiles Bis tr co ctfs 42 Sep 27 4713 J'ly 26
8
103 104
10314 10334 10314 10314 *10314 104 *10314 104 *1031.1 104
Do 1st pref
800
10213 Oct 7 10414 J'ly 27
0012 9112 *91
92
91
91
*9012 92
*9012 92
*9012 92
Do 2d pref
300
90 J'ly 22 9234 Oct 14
85
85
8312 8412 *83
8412 8212 83
May Department Stores_ 69 Apr 11 88 Oct 7
83
8313 8134
70 Apr
Si J'ne
*10513 107 *105 107 *106 107 *106 107 *10618 10712 *10613 8212 2,000
Do pref
107
10534 J'ne24 112 Jan 11 10734 Sep 11314 J'ne
8512 8718 8514 8734 8512 87
83
8634 8314 85
Mexican Petroleum
8312 843 55,600
4
62 4 Apr 20 9012 Oct 17
3
2734 273
4 267 2712 2634 27
3
2612 2673 2073 27
.
2612 27
8,200 d \num, Copper__ _Par 35 $2313 Feb 14 $33014 Sep 25 31658 Sep 82112 Mc
133 13433 133 133
133 133
131 131
131 131
13012 131
1,100 National
12912 J'ly 26 161 Apr 30 11714 Jan 14334 Nov
acult
*123 127
12318 12318 *123 126 *123 125
123 123 *122 12412
Do pref
360
123 Oct 4 131 J'ne 19
Feb
2334 2414 2058 235
8 2112 22
21
22
21
2118 2012 2112 4,445 Nat Enamel'g & Stamp'g 1214 Feb 29 26 Oct 15 124 Jan 130 J'ly
1212 Dec
22
*91
9412 *92
0412 *93
94
*9212 94
9314 9314 93
03
Do pref
200
88 Feb 27 9513 Jan 2
86 Jan 1003 J'ly
4
3
657 66
6412 65 4 65
3
65
64
65
6413 6412 6334 6412 3,800 National Lead
5113 Jan 9 6814 Oct 7
4212 Sep
59 Feb
*109 11012 *109 11012 *109 11012 *109 11012 *109 11018 *109
Do pref
10512 Feb 1 11014 Aug 20 104 Sep 10934 Aug
11013
227 23
3
2214 23
2178 2212 2112 2218 2158 2178 21
215f, 16,040 dNeV Cons Copper_Par 55 $1814 Jan 29 $2418 Sep 30 $1518 Sep 52114 J'ne
*77
80
*77
80
7714 78
77
77
*76
78
*75
78
300 New York Air Brake 50 Feb 17 83 Aug 21
45 Oct
76 Feb
84 4 85
3
8413 8412 8334 833
4 8314 84
8313 84
8312 8312 1,900 North American Co (new) 7412Jan 3 8773 Aug 21
64 Jan
4
763 May
*3334 35
3314 34
3313 3338 3258 33
323 3212 *32
3
33
1,100 Pacific 11,all
30 Jan 3 38 Sep 30
2313 Apr
3333 Nov
*4813 49
4812 4812 48 4 4913 4834 4914 485 49 8 49 8 5014 5,750 L acillo Teiep & Teleg
3
3
3
3
47 Feb 5 55 3 Apr 25
3
35 Sep
5458 Jan
120 3 1213 11012 120 4 11912 120
3
4
3
119 120
11814 11912 118 119
5,100 People's G L & C (Chic)._ 103 Jan 8 12213 Oct 9 10112 Aug 109 Jan
25
2514
2514 26
2514 2558 2414 253
3 24(4 25
2418 2434 10,700 Pittsburgh Coal Co
1634 Mch 1 2714 Aug 14
17 Dec
2314 J'ne
95
96
9512 9738 05
96
94
0612 9313 9433 9212 9414 11,600
Do pref
77 Feb 8 1003 Aug 14
6734 Jan
9078 J'iy
4
209 210
208 210
21113 212
2033 2113 2073
4
208
Lorillard Co
167 Mehl] 21512 Oct 18
*115 118 *11512 118 *11512 118 *11512 118 4 *115 4 20853 *115 21012 3,225 P.Do preferred
118
118
10734 Jan 12 118 Aug 20
3914 40
3914 4012 39
3914 3814 3814 38
500 Pressed Steel Car
38
2834 Feb 27 4078 Sep 30
3712 3814 5,
3758 J'ne
25 Sep
*10112 10212 *10112 10212 *10112 10212 *10112 10212 *1013 10212 102 10238
Do prei
4
206
98 Feb 28 10334 Aug 16
10234
91
*11612 120 *11612 120
Pub Service Corp of NJ.. 10634 Feb 17 12078 Aug 13 103 Sep 120 J'ne
_ *11613 118 *11612 118
Oct
Feb
16814 16812 169 170 *169 no
. 168 16 - *16712 169 *16712 16912 1,694 Pullman Company
-8
15812 Feb 2 175 Aug 21 154 Sep 163 Jan •
*38
3818 *37
308 38
38
37
3718 3712 3712 3718 3718
700 p allway Steel Spring
2713 Feb 8 4034 Sep 25
26 Oct
39 J'ne
102 102 *102 103 *102 103 *102 103 (10213 10213 102 102
220 %.* Do pref
100 Mch 12 105 Aug 28
92 Jan 103 J'ne
213 2214 207 213
8
3
3 207 2114 2034 2114 2012 21
8
203 203 34,500 dRaY ConsCopper Par $10 $16 Jan 29 $2413 Sep 23 312 Sep 319 Dec
8
4
34
3412 33
3414 3278 3314 31
323
4 3212 3318 313 3212 15,800 Republic Iron As Ste
1534 Feb 26 35 Oct 4
18 Oct
3514 Feb
9218 9214 92
92 4 02
3
92
9134 9212 9214 9314 92 4 0333 9,400
pref
Do
6412 Feb 27 9338 Oct 25
7413 Oct
993 Feb
3
*10012 101
101 10314 10258 103
10212 1033 10212 103
8
10212 10312 7,500 Rumely (M) pref
100 J'ne 20 10312 Oct 25
, 211 211
210 211
20912 210
208 20918 20812 21014 20812 210
2,000 Sears, Roebuck & Co__ _ 140 Jan 15 22013 Sep 9 12512 Sep 192 Feb
58
58
58
58
66
56
*55
58
*55
57
55
55
1,100 Sloss
-Sheffield Steel &fr_ 3914 Jan 30 59 4 Sep 20
3
34 Sep
5614 Feb
*2812 3f) *2812 203 *2812 2912 28
4
2812 *28
300 Standard Milling.
2012 *28
30
1614 Jan 19 3313 J'ne 27
15 Aug
1718 J'ne
*64
65
66
66
66
66
6512 60
*61
8412 *62
6412
Do pref
53 Jan 8 68 Oct 2
800
50 J'ly
53 Dec
. 4378 4413 44
44
43
4312 4212 43
4333 4312 4312 44
2,100 Studebaker Corp (The)
- 30 J'ly 10 4913 Aug 9
*94
97
*94
97
*94
97
*94
9612 *94
9512 94
400
Do pref
95
9012 J'ne 28 9818 Aug 13
44
4413 43
4414 4212 43
4134 43
41
42
4114 415
8 8,900 dTennessee copp_par 535 $3413 Feb 1 $4714 May21 33014 Sep 544 J'ne
*125 126
125 125
1241 125
12258 12334 11913 120
11913 12018 2,700 Texas Company (The) _ 81 Jan 16 130 Sep 7
513
7412 Nov 13612 Feb
110 110
3
1107 1107 10912 10912 10818 109
8
10818 10813 10712 10853 2,050 I Inderwood Typewriter_
_3
98 4 Apr 3 11534 J'ne 28
03 Ditch 111 J'ne
*113 114
113 113 *112 114 *112 114 *112 114 *112 114
100 k' Do pref
110 J'ne 14 11412 Sep 17 103 Mch 11378 fly
14
1415 1314 14
13
1338 1213 133
4 13
13
1213 1253 3,800 Union Bag & Paper
458 Jan 25 1778 May15
434 Dec
9 Feb
*59
60
*57
60
*5712 60
*59
60
Do pref
*5714 60
4934 Feb 21 6734 May15
5912 Jan
5018 Nov
*2012 2112 2034 2114 203 20 3 2013 2018 *5712 60
8
3
20
20
4
193 1934 2,365 U S Cast I Pipe & Folmar 13 Feb 16 2212 May16
11 Sep
19 Feb
*6312 9
*6214 6412 61
512 *6312 65
6314 62
500
6312
Do prof
6238 *61
50 Jan 4 6438 Oct 18
4012 Sep x61 Feb
*53
55
*53
55
*53
55
5312 5312 *52
750 U S Industrial Alcohol
3
55 (52 4 52 4
3
26 Jan 8 5714 Sep 24
24 Aug
30 May
*8234 84
8234 823
4 8214 8214 8214 8214 *8034 83
*8034 83
400 U S Realty & Improv't_
67 Jan 31 8612 J'ly 18
6518 Jan
7934 May
527 53
8
52
53
5153 5134 51
52
5113 5118 5012 5138 4,825 United States Rubber
4514 Feb 1 6773 May21
3012 Sep
4813 Dec
*10812 10914 *10812 10912 1087 109 *10814 109
3
108 108
107 10778
Do 1st pref
710
10553 J'ly 25 116 MaY20 104 Sep 11512 J'ly
*7812 86
*7812 80
*7813 80
783 783 *78
4
4
80
*78 '80
Do 2(1 prof
100
75 Jan 23 8513 May21
66 Sep
79 Mch
3 77
79 3 797
3
7953 7714 773
4 7512 773
4 75 8 763
3
8 743
4
3
5814 Feb 13 8034 Sep 30
50 Oct
8213 Feb
*11458 1143 11414 1143 11414 11414 1123 11414 11312 11358 11213 76 3 791,400 United States Steel
4
4
4
Do pref
11318 4,100
10738 Feb 13 117 Sep 30 103 Oct 12078 Feb
8518 653
4 635 6514 633 64
5
3
6212 637
8 025 63
8
613 6253 42,400 dlItah Copper_ _Par 510 35212 Jan 29 $6713 Sep 30 338 Sep $5773 Dec
4
49
497
3 49
4978 4812 49
4714 4814 4734
4612 6,700 VIrginia-Carolina Chem
45 Sep 10 5714 Jan 26
4313 Sep
7033 Feb
*11514 11634 *11514 1163 *11512 11634 *1153 4734 46
4
Do pre
4 116 4 *11514 11834
3
11533 Oct 18 122 Mch27 114 Sep 12813 Mch
*68
68
67
67
66
66
67
07
*65
I
545 Vrnia Iron Coal & C
68
65
65
54 Mch 4 90 Jan 2
52 Jan
97 J'ly
8012 8012 8014 8012 80
8014 797 8014 80 80
3
estern Union Teleg
8012 2,842
79
79 Jan 2 8614 Jan 18
7158 Apr
8412 May
843 843
4
4 84
843
3 8312 84
8212 8312 8212 825
estingh'seElSchlfg ass 6614 Jan 3 8912 Aug 0
4,700
8 813 83
4
5858 Sep
79 May
4
*12212 1253 *12212 126
12412 12412 *12212 125 *12212 125 *12213 124
Do 1st pref
100
11478 Jan 5 126 Aug 8 11012 Aug 123 Jan
8
114 1147 11312 11518 11312 11333 11212 11338 1123 11318 11212 11212 4,550 Woolworth
4
(F W)
9212 J'ly 25 11778 Oct 2
*115 11512 11514 11512 *11413 11512 *11412 11512 11478 11478
470
Do
11512 1151
pref
11314.11y 29 11634 J'ly 2
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney IsId1
First
Greenpoint
11111sIdd
Ilomestean1
Manufac'rs
Mechahics' 1.
Montauk 11
Nassau
15 at City
•
Bid
Ask
155
280 205
160
125
115
10N 425
230 240
150
212
--- 225
275
295
Banks
Bia
Br...Awn
North Side 11 175
145
Prosp'ctIncl 150
Ask
200
155
185
Trust Co's
N Y City
Astor
400
Bankers' '11 575
(Sway Tr
173
410
595
178
Ask
trust Co'
, Bid
N YCUU
Central LT__ 1040 1055
Col iiinbiaKnIckerb 570 575
Commercial
9712
Empire
300
E5 ul t'
Ts 510 550
Farm Lo&I
1400
Fidelity - t 225
_
Fill ton
315 325
Juar ty Tr. 537 612
Trust Co's
N Y City
Ouardlau
11 udsoa_
Law T I&Tr
Lincoln Tr.
Metroport'n
Mutual Alliance
Mut.( %Vestchester)...
Bid
AS
90
450
139
228
140
465
143
152
140
150
135
220
fruit( Co'
N Y COy
NY LlleacCr
N I Trust_
I'ltieGu& Tr
Union Tr___
US Mtg& Tr
Unit States_
Washington
Westchester
Windsor
Bid
1040
635
520
1293
485
1110
400
150
Ask
fru st Co's
Brooklyn
Brooklyn 'Tr
13-Ci Citizens' _
525 Franklin__
Hamilton....
1310
Home
Kings Co _ _
1130
413, L Is) L &
Nassau
160
Peoples'
183
jueens Co..
Bid
Ask
475
150
265
275
118
520
300
130
295
100
490
275 .1
.
310
110
• Bid and asked prices, no sales on this day. 4 Less than 100 shares. 8 Ex-rights. a Ex-dlv and rights. 0 New stock. d Quoted dollars per share..A.
Sale at Stook Exchange or at auction this week. s Ex stook dividend.
Banks marked with a paragraph (I are State banks. z Ex-dtvIden,_
)
th
1104
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
'Jar). 1 1909 the Exchange method of quoting bonds waz: changed, and prices are now all—"a93 interest"—exceo for incomo and def !ilea bonds.
•
I.
,.'
-1
BONDS
Y. STOCK EXCHANGE .9..E
Week Ending Oct 25.v
...h.
Prize
Friday
Oct 25
.N.
#..4
orA
Week's
Range or
Las; Sate
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
• ....91.
Week Ending Oct 25.
Price
Pruloy
Oa 25
IVcek'i ,
Range or
:)
Las: Salea- 9's
Range
Sines
Jan. 1.
High No. Low Mgt
Ask Low
Bid
Bid
High No. Low High Chesapeake & Ohio—
Ask Low
Gen funding & impt 5s__1929 J -J 100 101 10)12 Oct '12 ..... 10112 10411
101 10112 101130ct '12 ___ 10034 1011,
2( 109 1113,
11 )
1939 (11-N 110 Sale 10914
consol gold 53
let
101 10112 10034 May 12 _. 10034 1013
1939 M-N 10712 11) 111 May'12 -__„, 110 11114
Registered
102 10234
10212 103 10212 J'ly '12
99,, 4 , 91 10
4
1992 11-S 9J3 Sale 9.92
General gold 4 10
10212 103 10212 10212
2 10112 10314
1992 n_s 98 993 993 Nov 11 ------------.
8
3
Registered
r
11314 1145,
11334 11414 11353 Aug'L
1930 F - A 9314 Sale : 314
s 4,' 923- 94
935
8
Convertible 4 10
1 11314 11434
IA
4
1133 11414 114
1944 J -D 83 8938 86 Oct '12 --__ 86 89
Big Sandy 1st 45
_
_
101 10112 10012 J'ne'll ____
1945 J -D 83 808 881.' Oct '1 __ 85 8812
Ely 1st gu 41
Coal Itiv
3
4
1013 10214 1017 Oct '12 __ 10138 012
4
4
1940 J -J 100 ____ 10134 May'12 ....- 1013 1013
Craig Valley 1st g 5s
3
84 May'12 __ 84 89 4
8314
Potts Creek Br 1st 4s.._1946 J-J
•
Foreign Government
95 Oct '1'.. _. 9134 96
11 & A Div 1st con g 43....1989 J -J
2 9512 100
951
-S I 9512 96 9512
Isgentine—Internal 5801 1009. St
1939 J-J --------9012 Aug 1. -- 9012 9011
2d conso: gold 41
Ihinese (1Iukuang) fly 5s.C__ J-D /..-.._ 91
92 Sep '12 ___ 9314 9812
_
Greenbrier Ry 1st gu g 4s 1940 31-N 81.11s ___ 05 Oct'
mperlal Japanese Government
1949 A-0 _ _ 7012 70 Sep --- ----- --70 7211
Chic & Alt RR ref g 3s
9112
7 9113 94
. Sterling loan 4 ;is
4
1925 P-A i 9113 913 9113
6014 6511
6533 Sale E5
0512 1
Runway 1st lien 3 tis__ _1950 J-J
11 90 93
2d Series 4 10
•
90
1925 J-J t 90 9034 90
1 9918 100
044
• Sterling loan 45
,
,
1931 J J 1 8114 83 . 8312 Oct '12 __ 8314 8813 Chic B & Q Denver Div 4s 1922 F-A 9913 9934 9912
6 8.334 88
85
85 8514 85
1949 J-J
Illinois Div 3 Hs
1 102 105
iepubtic of Cuba 5s eaten debt_ M-S I....- 10212 10212 1.212
8512 8014
83 .___ 8614 Aug'12 ._
1949 J-J
Registeted
99 0914
99 99 Aug '12
1949 F-A 2.
External loan 4)s
18 9773 10018
98
,
98 9812 978
1949 J-J
Illinois Div 45
Ian Paulo (Brazil) trust 58_1919 J -4 2 9714 97 s 98 Oct '1: ---. 9718 983,
5
97 9912
96 ___ 97 Sep 'I:
1049 J J
Registered
3
917 95
7okyo City loan of 1912, 5s____ 31-S 9033 92 9178 Sep '12 _
.0 12 _. 10373 105
Iowa Div sink fund 53_1911) A-0 104
11 9512 9714
96
1899 Q-J t 90 97 06
1 S of 'ideate° s f g 53 of
1919 A-0 99 9J12 9014 Aug'1: _ 9914 9952
Sinking fund 45
89 Oct '12
88 91
1954 J-D _--• Gold 48 of 1904
4
Neoraska Extension 4s 1927 11-N 9612 99 98 Sep 'I:.„_. 973 99.59
Thee.: are p rues on dm ba sis o f $5 to g.
•:
58
1927 (11-N *96 9712 9658 Sep '------9138 96
Registered
Rate and City Securities
3
4
1921 11-S 98 4 ___ 9834 Oct '12 ---- 933 9911
Southwestern Div 4s_
-4 Us
1960 .11.-S 10014 10012 10013 10012 125 10013 103
i Y City
Joint bonds See Great North
1959 111-N 9814 Sale 9814
9814 11 98 10018
4% Corporate Stock
10018 10152
3
10018
1913 M-N 10013 1019, 10013
Debenture Os
9812 44 08 10018
1958 111-N 9814 9838 9814
4% Corporate Stock
9,12 73 9412 9714
1958 111-S 95 Sale 9473
General 43
1957 M-N 98 9833 98
4 0 Corporate stock
9814 16 9773 10014
2 77 8111
7414
7118
1957 Id N 1051 1 /5
4
New 4
)0234 1053
1053-, 2€ 10512 1077, Chic & E Ill ret & Imp 4 gs_1955 J -J 11934 Sale 7713 Oct '1:. ____ 1912 125
12.3 11912
1934 A-0
1st consol gold Gs
4
102 1023
1917 II-N 10112 101 10153 Aug'12
New 4 10
1 1012 11112
107
107
1937 11-N 1 7
General consol 1st 5s
10534 sale 1055
8
10534 21 10512 10778
4;4% Corporate Stock_ _1957 .11-N
1937 M-N ---- ----10914 Feb '12 --„. 10914 10914
Registered
9
414% assessment bonds_1917 M-N 10112 1017 10112 Oct '11 . _ 10112 1027 '
1: 9712 98
08
Pur money 1st coal 5s I942 F-A 97125ale 9712
3
8473 88
Corporate Stock I954 M-N 85 3 8512 8512
8512 - 1
ah%
_ -- - ___ ----3d
Reid-stet
,5
10038 10278
1981 M-S 10 3 10114 10038 Sep '12
I Y State-4s
Chic & Ind C By 1st 53_1936 J -J 11.1618 1073, 10812J'ne 12 ___. 10812 10912
8
8
1003 1027
8
8
Canal Improvement 43_1961 J-J 10-5 101 1005 Oct '12
79 Sale 7714
45 75 83
A)
Chic Gt Western 1st 4s____1959 11-S
3
(new) 4s1961 j 9 10358 ___. 1003 Oct 'lk
10038 103
Canal Imp'ment
Chic Ind & Loutsv—liet 63_1947 J -J 12413 12811 125 Aug 12 ____ 125 12912
Canal Improvement 43_1960 J • J _-- __ 10118 Oct '12 ____ 10012 102
4
1093 11034
..
0034 Aug 12__
1047 J-J
Refunding gold 5s
-_ 1031. J'iy '10
93 Carolina 414s 20-40_1933 J -J -,,...
8
— —
1917 J-J -------- -959 Apr it __ _
Refunding 4s Series C
4
4
4
'
10753 7_ 973 Apr '12 ___ 0/3 -cif3
1913 J-.1
!loin new settlement 3s
fu &512
Ind & Louisv 1st gu 43_1956 J -J ____ 84 86 J'iy '1:_
rlrginla fund debt 2-3s_ _1991 J-J „ 87 8612 Dec '11 _
&
1056 J J -- 9312 0014 Aug'12 _ _ 9,914 9152
Chic
7
-.7 -41-'66' Chic Ind & Sou 50-yr 4s
Os deferred Brown Bros
60
--ctts— ---- 04- Sale 5712
9
1909 J-D .....— -- 104 Dec '11 ___
East 1st 414s
LS
Railroad
8
- -58
5
Chic Mil & St P term! g 5s 1914 J-J 100 8 —__ 100 Oct '12 ....-- 1C105 1E1;
1 7612 8414
79
81995 Q-J 77 79
14 nn Arbor 1st g 4s
12 70
76 9612 9912
98
Gen'l gold 4s Series A__81989 J-J 97 9712 9133
8 95 9612 100
977
Xtch Top & S Fe gen g 43_1995 A-0 9712 Sale 9712
Registered
95 — 9712 Apr '12 __ 9712 08
81989 Q-J
9912
2 9613
4
Blistered
1995 A-0 963 98 963
9814
4
7
83 85 8353 Sop '1: .... 8353 86 3
Gen'i gold 3 1is Series B..81989 J-J
88
2 9734 0233
• Ad ustment gold 43____81995 Nov 88 Sale 88
_ ___
86 J'neli ___
82 __
e1989 J -J
Registered
9014 91
•
81995 Nov 87 88 91 Feb '12
egistered
66 9231
9014 55 -year deben 48
5
25
8
1934 J-J
- 9:8- 90 3
925s
81995 11-N 88 8814 88
Stamped
•
5 8734
3
88 8
106
NE 13 Sale 105 3
ILE 10134 107
.
Cony ..1.1...s (full pd reels)
,
Cony 45 issue of 1909____1955 J -D ,.... _ _ 10813 Sep '12 __ _ 10614 10734
Chic & L Sup Div g 53_1921 J-J 103__
105 Sep 'I* __. ,105 108
.
1955 J -D 1023410814 10712 108I4 29 10534 111
• Cony gold 4s
Chic & Mo Illy Div 53_1926 J-J 10,14
_ 108 J'no'12 ___, 108 1083
4
10714
' Cony 43 (iSsue of 1910)_1960 J-D 10412 Sale 1013
3
3 196 8 711 10014
53
1013
1 100,106
4
1921 J -J 10.58 1053 10 i3i
Chlc & P W 1st g Os
7
1081.. 28 105 111
1917 J -D 1/ Sale 107
-year cony gold 5s_
• 10
2
C M & Puget Sd 1st gu 4s 1949 J -J 9212 1,244 92 5
1 921- 9514
9
.2
' 58.
_ _
1913 F -A 99 —_ 9914 Ply 11 ____
• Debentures 4s Series E
Dak & Gt So gold 5s
191. J-J 10118 -- 10214 Oct 12 .___ 102 103
4
1928 M-S 95 Sale 95
5 9514 41(1395
• VILA Okla DIV 1st g 0_,
4
_ ill., Oct '1 ...-- 1113 11353
Dubuque Div 1st a f 6s_1920 J -J 111
4
91
4 003 94
4
1958 J-J 903 oil • 9034
• Short Line 1st 4s gold
__
Far & Sou assum g 65.....„1924 J -J 11333 ......._ 1173 Aug'II .......
3
4 12 9934 10011005
.9 ref 4 s 1962 111-S 993 10138 100
4
Cal-Ariz 1st
4
.
1019 J-J 10,94 __ 10434 J'ne'12 ...._, 16412 1043
LaCrosse & D 1st 5s
11012
• S Fe Pres 61 Ph 1st g 53_1042 111-S 10314 „-- 19814 Oct 12 _ 10814
h 105 10638
1921 J-J 105 10314 105
1 5
Wis 63 Minn Div g 5s
1915 .11-S 105 _ 10038.1'1y '11
• Ohio & St L 1st 6s
4
'Wls Val' Div 1st 8s
1920 J -J 11013 113 11134 Sep '1. --- 11 3 1123
4
3
M-S 917 Sale 947
8
95
-941 -907-s
31 Coast L 1st gold 43_81952
Mil & No 1st cons 6s_ 1913 J-D 10012_ 101 Sep '1: __ 101 10114
_.
49_ 3_
Registered
81952 M-S 03 --- 98 Oct '06 ___ _
1913 J -D 99 ____ 10018 Aug'1. ____ 10013 10018
Extended 4 10
__ __
Ala Mid 1st gu gold 53_1928 fil-N 10612 108 10853 Aug'11
4
1013 103
4
Aug'12 _.-._ 95 -953 Chicago & N West cons 7s _4915 Q-F 10514 10711 10514 Sep '1. __
9313 ____ 95
Bruns & W 1st gu gold 4s 1938 J -J
1886-1926 F-A 95 971._ 961,Sop '1. -- 9612 98
Extension 43
_
-- _ - _ __ __
Charles & Say 1st gold 7s 1930 J -J 128 -,...,- - -- _
—
96 96
'
Registered
1886-1926 F-A 95 ._ _ 96 Oct' .__
93
3 9273 964
01952 11-N 9213 Sale 92/2
• Zi & N coil gold 43
8
8 833 87
1987 11-N 84 8112 8 i
General gold 3 10
8414
Say F & W 1st gold 03___1934 A-0 122 123 12318 J'ne'12 _ 12313 12313
4J'iy 1 ___. 8412 8634
p1987 Q-F 8212 8414 843
Registered
_
1934 A-0 103 11212 11058 May'll _
1st gold 5s
•
9.14 41 05 083
1987 11-N 97 9712 97
General 4s
4
97 100 97 Oct '1:. _. ii- W .811 Sp Oca do G gu g 45._1918 J-J
_ 11134 Nov'll ___ ___ „.„,
Sinking fund 63._ __1879-1929 A-0 110 .
Ma 146 9012 93
4
-3
91 4 Sale 913
'gait & Ohio Prior 3 10 — 1925 J-J
A-0 109 __ 10934 Aug'1• ---- 1093 199
Registered
1879-1929
4
4
4
90 903 9088 Aug'i..
9053 9158
81925 Q-J
1-3 Registered
3
Sinking fund 5s
1879-1929 A-0 10513 ___ 103 Oct '1 ..... 105 1067
81948 A-0 9714 Sale 9718
(712 72 9512 9914
Gold 43
1879-1929 A-0 14458_ 10158 Oct '12 ____ 10468 10153
Registered
96 Aug'12
3
963.
96 9818
81948 Q-J
Registered
01
4 102:14 10512
1921 A-0 10312 10412 10214
Debenture 53
112 112
Pitts Juno 1st gold 3s. __1922 J -J 10,112 _ 112 Jan '1::
10612 Feb '10 ____
1921 A-0 __
Registered
---8712 93 •
PJunc & M Div 1st g 3 y4s1925 111-N 8712 81 8712 Sep 'L. _ _
1933 ,11-N 107- ____ 1081; Mch'12 _._ 10812 10812
Sinking Lund deb 5s
811 - 9 8s12 92
P L E & W Va Sys ref 48_1941 ria-N 8912 sale 8812
1933 ,11-N ..-1
1073. Aug'11 ___
Registered
4
7
893 Sale 803
89 8 48 8812 9112
4
Southw Div 1st gold 1 )is 1925 J-J
Frem Elk & Mo V let 63.1933 A-0 121 ____ 120 J'ly 1_ ___ 126 12713
8
- 1015 1015,
- 10153 Sep 'lk
Cen Ohio R 1st c g 4 )is__1930 11-5 98
Mani G B & N W 1st 31.3$ 1941 J -J __
9012Sep '09 ___ ___ ---. Cl Lor & W con 1st g 5s__1933 A-0 105 ilii12 107 J`no'12 -_-_-__ 107 11112
_
Milw & S L 1st gu 3 s 1941 J -J
4
_ 8631041—
Monon Ely 1st gu g 53—.1919 P-A 10112 — _ 10214 J'ne'12 ___ 10214 10938
4
Mil L S & West 1st g 03_1921 111-S iii18 114 1E3 Sop '1'2 ___ fill., fills
3
1093 Sich'12
10913
1st g 53_1936 J -D 107
' Ohio River RR
Ext & imps f gold 5s 1929 F-A 10.38 ____ 10331 Aug'1- ____ 10631 110
1051.
105
1937 A-0 100 103 10512 Apr '12
General gold 35s
•
„
8_ 14212 Feb '02
Ashland Div 1st g 68_1925 in-s 114,
2
11312 1131Pitts CleY & Tol 1st g 63_1922 A-0 109 ____ 11312 Feb '12
4
-38
Mich Div 1st gold 63_1924 J-J 1115 ____ 11634 May'12 __ 1163- II6 4
8 1.614 9712
0612
9612 ---- 9012
Pitts & West 1st g 43__1917 J-J
9313
6 9212 94
Mli Spar & N W lstgu4s_1947 M-S 9291 9318 913
91
• Stet 1st By 1st gu g 4 10_1943 J -D 01 --- 91 J'ne'12 __ 91
__ 115 J'ly '11 ____ ____ __ _
Northw Union 1st 7s g_1917 11-S 11013
_10914 11212
4 __ '0934 Oct '12 _
1937 111-S 1093
Buffalo R & P gen g 5s
Winona 6s St P 1st eat 73 1916 J-D 10918 11199 100 Sop '1_ ._ rI9 111
1
01
—
1957 111-N 10113 10112 101
• Consol 4 %3
S
_ 109 4 Sep '12._ 10334 1087
3
-------- ---'11____ Chicago Rock Is & Pa Os _1917 J-J 10614
____
1998 A-0 9,98) --- 97 Feb
• All & West 1st g 43 gu
1917 J-J 106 ____ 109 Aug'10 ....
___ -Registered
• CI & Mah 1st gu g 53......_1943 J -J 105 ....... 103 J'ly '08
3
.
.4:3. 13 -9114 -9137
9183 Sale 0438
1988 J -J
General gold 48
4
Roch & Pitts 1st gold 63_1921 F-A 1111,3 ____ 1143 Noy'll _: -___
'12 •___ i9333 9614
J -J
1938
Registered
93 9 14 9312001
1922 J -D 112 8 -- 112 Aug'12 __ 1 12 - jigs;
,
Consol 1st g 68
1934 A-0 1714 Sale 8714
3
8.12 21 87 90 4
-Refunding gold 4s
:,72 Mch'10 ------- ---lull & Susq 1st ref g 4s___d1951 J -J -8
145
9214 1 01
1932 J- .1 91 9214 92
debenture 53
0
1001 -. low;iiii"
1913 J-J 10013 10012 10018
an So 1st ext Os
Coll trust Series L 4s _1914 .11-N 96
973 Sep '11 ---- ---1
9 9912 101
1913 .11-S 100 Sale 99'3
100
.9 2(1 58
'11
P 43
9432
Jan '11 ____ ._
1913 51-S 99
-1- Sale05 0814 J'ne
Registered
1003.1
3 ;( di 7314
3
Chic It I & Pac RR 43_2912 1
8 1
100 1-189
4
8
s
1entral of Ga 1st gold 53_2)1945 p-A 11012 ....— 1127 Apr '12 ___ 1127 1133
4
2002 11-N --------7114 Meh '12 ___. 7134 723
Registered
4
108
i 103-3 11113
1945 111-N 10812 10.) 10712
• Consol gold 5s
R I Ark & Louis 1st 454s 1934 ,11-S -- -- -90 90 Sop '1:. ___ 90 93
1945 DI-N 10e, --- 107 Aur12 ____ 107 107
Registered
Bur C R & N—Ist g Os..._1934 A-0 10914 119 10914 Oct '1: ...... 10.114 11111
103 Dec 'II __ _ ___ _-__
• 1st pref Income g 53-4/1945 Oct
Mch'03 _. __ ___
1934 A-0 ___ ..._ 12012
Registered
__
--- ____
ad prof Income g 5s_ __p1945 Oct -------- 105 Dec '11
___ __
C II I io 63 N W let gu Os '21 A-0 1025g 106 1(1514 Sop '11
-- — 96 Nov'll ____ ____ __._
2d pref income g Os stamped__ _
---.
__. -Di & St L 1st gu g 78_1927 J -D _
-ad prof income g 5s.._ _p1945 CTct -- -_.. 107 Dec '11
Choc Ok 411 G gen g 58_01919 J -J 10112 __ 102 Sel) '12 -- -- 102 102
8518 Oct '10 __ _ _ _
ad pret cncome g 5s stamped__
1952 ,11-N 100 107 106 Oct '12 ..... 103 10814
Consol gold Os
-b 0012 -. 112 9113 J'ly '12 ...„ -8958 9112
pun mon g 4s 1951 J9
Chatt Div
1923 A-0 1.8 99 99 Oct '12 ___. 99 10114
Keok 63 Des Si 1st 5s
Mac 44 Nor Div 151 g 5)3.-1948 .1 -,1 107 10312 10714 Jan '12 __ 10'714 10714
_
St Paul& K CSh L lst4 10'41 P-A 8.13 9034 90 Oct '12 _... 89 9112
Mid Ca & Atl Div 53__1047 J-J 10,55g ___ 115 Nov'05 ____ ____ ____
,-09, 10 12733 124
1930 J -I) 12038 122 12035
Chloe St P hi 63 0 con Os,,
1940 J -J 105 __ 10934 May 11
• Mobile Div 1st g 55
. .
93 Deo '03 ...
3 40 1930 J -D 8,14 _
Cons Os reduced to
101 103
'tJen RR & B of Ga col g 53_1937 M-N 101 10112 101 Sep '12
i jov ig
1 21930 ,11-S 10212 Sitio 10912
Debenture 5s
1 118 12234
119
1987 J-J 11812 11 1 119
'lent of NJ goal gold 5s
Ch St P & Minn 1st g 03_1918111-N 120 ..._ 122 J'ne'12 ...... 122 12313
__ 11712 12214
121 11814 Oct '12
81987 Q-J „._
Registered
1930 J -J 120 ___ 12953 May'09
Nor Wisconsin 1st es
Am Dock & Imp gu 5s__1921 J -J 10314 101 1 )14 Oct '12 ___ 105 107
_ au" Hits
St P & S City 1st g its.. _1919 A-0 109 110 109 Oct '12
Le & Bud 11 gen gu g 53.1920 J-J 102 __ _ 10212 May'12 ____ 10212 1021:
- - ......
-g..1930 &I-S ..... ---Superior Short List 5s
100 100
Leh & Wilkes-B Coal 5s_1912 11-N — _ -__ 100 J'ly '12 ___
3 ....,_ joillOci '1'.. ..... i(5112 1iii12
.
Chic & West Ind gong 63.-01932 Q-M 1067.
N V al Long Br gong 43_1941 11-S 98 :_ 100 Sep '12 —. 100 100
89
4
4 8812 024
89 903- 80
1952 J-J
-year 4s
Consol 50
lent Vermont let go g 43_81920 Q-F 90 --__ 9012 Oct '12 ___ 90 9214
U. S. Government.
I $1 2s consol registered_41930 Q-J
I fa 25 consol coupon____d1930 Q-J
I 5 3s registered
k19113 Q-F
.1 8 3s coupon
k1918 Q-F
J S 48 regi8tercd
1925 Q-P
I S 4s coupon
1925 Q-P
I S Pan Canal 10-30-yr 2s k1930 Q-N
1 a Panama Canal 33 g
1961 Q-S
--,--10413
•
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
Brooklyn Rap Tran g 5s___1945 A-0
lstrctund cony gold Is,, _2002 J-J
Bk City 1st con Is 1916-1941 Si
" Bk Q Co & S con gu g 5s..1941 ,11-N
• Bklyn Q Co & S 1st 5s.__1941 J-J
Bklyn Un El 1st g 4-53_1050 P-A
.
Stamped guar 4-53_ _ _ 1050 F -A
• Hings Co El 1st g 4s
1949 F-A
Stamped guar 43
1949 F-A
. Nassau Elec guar gold 43_1951 J -J
Conn Ry& List &ref 5g 4 yis_'51 J-J
1951 -9
i Stamped guar 4 Hs
Met United 1st cons g 4 10_1932 J -9
greSmith Lt & Trac 1st g 53_1936 111-S
-D
Grand Rapids By let g 5s.._191.6 j
1952 F-A
Havana Elec consol g 53
i
nterboro-Metrop coil 4 As _1956 A-0
l
Lt
No price Friday; latest this week
2 103 105 8
9
10312 70)12 10312 10312
4
3
91, 18.; 837 913
12
'08 Sale 0
101 10217
102 1091 102 Oct 'I:
499 9834 J'ly '12
9834 98 4
3
2 10138 10314
101
102 10134
a 10112 10212
102
1(112 10314 10134
8312 Si
,2
85 86 87 Sop '12
8414 8812
8614 861; ),() Oct '12
2 7712 81
79
74
783 79
101 1017g
3
102 1017 J'no'12
10112 10211
1011; 10112 Sep '2
75 7038
7512 76
7511
7514
93 95
-_ 9412 93 Apr '12
99 10(114
99 Sep '12
613
3 98 9934
98
98
*98
8114 gile 8114
.•
81.. 280 8012 8412
d Due April.
a Duo May
Street Railway.
interboro Rap 'Cr 6s Ser A_1952 tsf-N
Manhat Ry (NY) cons g 43_1090 A-0
Stamped tax-exempt__1990 A-0
Metropolitan Street Ry—
2002 A-0
Refunding gold 43
Farmers' Loan & Tr ctf___Stamped
Bway 46 7th Av lstc g 5s..1943
Col & 9th Av 1st gu g 5s_1993
Lox Ay & P F 1st gu g 53_1993 81-S
Third Av RR cons gu 0_2000 J-J
Central Trust Co certs.....
Cent Tr Co cts stamped
Third Ave Ry let g 5s___1937:14
Met W S El (Chic) 1st g 43_1938 F-A
Elec By & Lt cons g 531926 P-A
Refunding & eaten 4 10-1931 J
Minneap St 1st cons g 5s.....1919 J -J
10358 Sale 10353 1033,
9112
_ 05 9112
3
-95 95 4 9512 Oct '11
21 10313 105
5 11414 9813
9434 98
64 May'12
6114 J'ly '1:
4
593 Mch'12
103
jai0358
103'8 10134 Oct '12
10258 102 J'ne'12
74 J'ly '12
7412 J91, '1_
7434
743
Hog- 166- 10734 Oct '12
84
9312.19y '06
.--- -- 10412 Deo '11
94 9412 9112 Oct ';2
10134
,
101,
10134
5812 84
5713 6214
6753
12 103 102
°
44
____ 53
.
. Yaii
1°112 °312
102 103
74 80
14 8 2
2
73 8114
10734 11011
:
1 10117 1021
4419..
11 Due July. k Due Aug. 0 Due Oct. 12 Duo Nov. q Due Deo. a option 9
OCT
BONDS
IN. Y. STOCK EXCHANGE
Week Ending Oct 2.
1
__ _1937 J-J
Cln TT & D 2d gold 4
1059 J -J
1st & refunding 45
1059 J -J
1st guaranteed 45
_1941 M-N
Cin I) & 1 1st gu g 3s
C Find & Ft W 1st gu 4sg 1923 M-N
Cin I & W 1st gu g 43_ _ _1953 J -J
• Day & Mich 1st cons 4 y;3 1931 J -J
1935 J
Ind Dec & W 1st g 3s
1935 J -J
1st guar gold Is
Cleve Cin C & St L gen 4s 1993 J -D
193_
.1-.1
' 20-yr deb 4! 1c/
Cairo Div 1st gold 41____1039 J -J
C111 %V 6c M Div 1st g 4s_1991 J -J
• St L Div Ist col tr g 4s__ _1990 hi-N
1990 M-N
Registered
Bps & Col Div 1st g 45_1940 M- S
W W Val Div 1st g 42_1940 J -3
1920 31-N
C I St L & C consol 6s
k1936 Q-F
1st gold 4s
k193
Registered
-F
CInS & CI con 1st g 5s _1928 J -J
1914 J -D
OCC&I consol 7s
Consol sinking fund 7s_1914 J -D
,•
General consol gold 63_1934 J -J
1934 J -J
Registered
4 Ind 111 6: W 1st pref 41_1940 A-0
0 Ind & W lit pref 5s__d1938 Q-J
Peo & East 1st con 43-1940 A -0
1990 Apr
Income 4s
•
1947 J -J
Col Midland 1st g 48
1929 F-A
Colorado & Sou 1st is 4s
1035 M-N
Refund & ext 4 3633
Ft W & Den C lit g 0s_1921 -D
Conn & Pas RNA 1st g 48_1943 A-0
1952 J -J
Cuba RR 1st 50-yr 5 g
el Lack 6, Western—
Morris & Essex 1st 7s1914 11-N
191 5 J -D
lit consol guar 7s
Registered
1915 J -D
2000 J -D
lat ref gu it 3 3634
N Y Lack & W 1st 6s_ _1921 J -J
Construction Si
1023 F-A
Term & Improve 42_1023 31-N
• Warren 1st ref gu g 3 30_2000 1"-A
Del & Bud lit Pa Div 72_1917 NI-S
Registered
1917 NI-S
1916 J-1)
10-yr cony deb 4s
1922 J -J
, 1st lien equip g 4 553
1943 31-N
1st & ref 42
, Alb AI Sus cony 3 36s__194 A-0
Bens & Saratoga 1st 7s 1921 31-N
Deny& It (Jr 1st con g 45_19 36 J -J
Consul gold 4 362
1936 J -J
Improvement gold 5s
1928 J -I)
1st & refunding 18
1955 F'
-A
' 1410 (Jr June 1st gu g 5s 1939 J -1)
Rio (Jr So 1st gold 4s
1940 J -J
Guaranteed
1940 J -J
Rio (Jr %Vest 1st g 42_ _1939 J -J
Mtge & col trust 4s A 1949 A-0
Utah Cent 1st gu g 4s_a1917 A-0
'101,7 M- N
Des Mo! tin ity 1st g 53
1995 J -D
Dot 6: Mack 1st lien g 48
Gold 4s
1993 J -D
,
Bet Itiv Tun Det TerTun 4 1,s'6 I 11-N
1941 31-S
Det T ee 1-0 S DIv 1st g 42Dul MIssabe 4S3 Nor gen 52_1041 J -J
32_1937 A-0
Dul & Iron Range 1st
1937 A -0
Registered
J -J
'• 2d 63
1938
Dul So Shore & Atl 52_1917 J -J
Vigin Jol & East 1st g 53_1941 11-N
1920 M-S
•Cdrie 1st consol gold 7s
N Y & Erie lit ext g 4s1947 31-N
2d ext gold 5s
1919 NI-S
1923 31-S
3d ext gold 4 Ns
1920 A-0
4th ext gold 5s
J-1)
5th ext gold 43
2
8
NY L E' & W 1st g fd 72199 20 Ni-S
Erie 1st con g 4s prlor_1996 J-J
J -J
Registered
•
let consol gen lien g 4319 0 J -J
998
9
Registered
1091) J -J
Penn coil tr g 4s
1051 F-A
•
50-year cony 43 A.._1953 A-0
do
Series 13
1953 A-0
Buff N Y & Erie 1st 7s....1916 J -D
Chic & Erie 1st gold 52_1082 31-N
Cloy & Mahon Val g Is.,.1935 J -J
Long Dock consol g 8s_1935 A-0
Coal & RR lit cur gu 63_1922 11-N
Dock & Imp 1st cur 62_1913 J -J
N Y & Green L gu g 52_1946 31-N
N Y Sus & W 1st ref 32_1937 J -J
1937 F-A
2d gold 44s
1940
General gold 5s
•
Terminal 1st gold 52_1943 31-N
Mid 01 N J 1st ext 55_ _1940 A-0
Wilk & Ea lit gu is 5s1942 J-1)
1st con gag 6s_1926 J -J
Ev
Evans & T Ii 1st cons 62......1921 J -J
A-0
• 1st general gold Is
1922
• Mt Vernon 1st goal 65_1943 A-0
Still Co Branch lit 5s_1930 A-0
E Coast 1st 4 362_1059 J -D
ort St 11 D Co lit g 4 365_1941 J -J
_1928 - J
Ft W & Rio (Jr 1st g 4s_
al H & 11 01 1882 1st 5s-1913 A-0
rent Northern—.
o13 & Q colt trust 42
J 921 J-J
Registered _h
0-J
1st & refund 4 345 scr A_192 1 .1 J
961
Registered
1961
St Paul M & Man 42
1933 J -J
1st consol gold Os
1933 J-3
Registered
1933 J -J
Reduced to gold 454s1933 J -J
Registered
1933 J -J
D
G
New York Bond Record—Continued—Page 2
Price
Friday
0 1 23
Week's
Range or
Last Sale
Range
Since
ran. 1.
1105
Price
Frii:ay
0:1 2.5
.,...
Range
ti
Since
cr.,,e.
Jan. 1.
-- ---Bid
Ask Low
High No LOlo high St P M & AI (Conttnued)—
Ask Low
Bid
Iligh No. Low litgls
10038 0 3 10 38
1
Las 101
3
.
Mont ext lit gold 4s_1037 J -I) 1.614 9, 9612 Oct '12 _ _ _ UC13 9814
1937 J I) 45 _—_ 'J3 J'ne'll -- ____ ...-Registered
7s
2
804 J'ne
86
87
Pacific Ext guar 45 E_ _ _1940 J -J
1,212 ____ 0253 Meh'll
--101
_ 101 Oct '12
10I 10414
g4s1848 A-0 94
E Minn Nor Div 1st 97
07 Sep '12 ____ 9612 9812
88 hich '11
1022 J -J Ill -___ 11414 Sep '------111 118
Minn Union 1st g 6s
8634 8812 863, Sep '1
Mont C 1st gu g 6s__1937 J -J 12,55 --_. 125 Oct '12 ___ 125 1271
6 ..1 gi 3.
1037 J -J 123 __ _ 13614,May'06 -----------Registered
_
1.2
lill
Oct 12
11)4 10412
1st guar gold 5s
1037 J -J 110 11158 11114 ep .12 ___ 11114
10717 Dec '02
1937 J -J
Registered
9114
013 931,
Oct ,1:
Will & S F lit gold 52_1938 J-D 1063,3 - - -- ii212Sen ii ---- -- - -.,,933 Gulf & SI
list ref 6c t g 53_ _51952 J -J
0I
92 Oct '12
02
95
13 95
9:-3 Oct '
..;
313 0.11
?.1. 11313 Sep 1
12
Registered
51052 J -J
.___ 8-258 00 J'ly 'I:
r_Tock Val 1st cons g 4 363_1909 J -J 1_1 Safe tof 00 93
Rif - ---i -G;3 il5i00 92
8978 1)3): 1 I Registered
90'. Oct '1_
10014 10012Sep '08 -----------1099 J -J
8812
Col 6c II V 1st eat g 4s_1948 A-0 -01 ___ 0412 Dec '11 ____ .. ___ —....
_ 91 Oct '07
88
Col & Toi 1st ex 4s
_ 90 Dee 11
9613 Jan '12 ____ 9613 9618
1955 F-A
9133 95
"(5f - -61" - Botts Belt & Term 1st 5s1937 J -J
91 Apr '12
91314 10J ;0014 Sep '12 ____ 90:18 10014
Illinois Central 1st gold 42_1051 J -J
4
10514 - - 1053 Dec '11
1016, Sep '12 .-__ 10117104
3
'XJ12
9G
97
Registered
001:1 Oct '11
1951 J -J --------100 Sep '11 --- ---- - .
1st gold 3 3is
8 00
06 J'ly '12
021._ Oct'2 ____ 00 6/12
951s
1051 J -J - 1-3 1051. ____ 10718 J'ly '12
Registered
10718 10718
1931 .1-J -------- 89 Aug'12 ---- 89 8912
___ ____
Extended 1st g 3 As
_ 105 J'ne'12
105 1,051.
1951 A-0
1ay' ---- ---- -Registered
1951 A-0 -----------------------------_
___.
lit gold 3s sterling
12s Oat '12
12i- 12,31.
1051 31-S ---------80 J'iy '09 ..___ -- --......
____ ____
Registered
1951 31-S
90
Coll trust gold 4s
_
J•11 17)8
.
1052 A-0 - -- - -i1 i - -0" " - - -1.6 -657 176 :
__
.'5
- :
Registered
1952 A-0
— -- _
__
95'1. 9514 Sep '12 --,
9514 951
4
1st ref 4s
8814 891.,
714 92
1051 51-N -037 01
Oct '12
26 93 9638
91
!):',31
5i
Purchased lines 3 362_ _1952 J -J ---- ----8614Feb '12 _
10 62 50
36 60
_
8618 8014
2 58
46
L N 0 & Tex gold 4s
47
1053 NI-N
4518
4518
4
9.18 95
Registered
4 9353 973,
0168
908
1933 M-N •-__.. 9514 943 Jan98 1 ---i - , ,2
0.
95 2 9 .
1 58 9 13
54
_ ,1- -;
'
1
'
9113 11,12 91-,
Cairo Bridge gold 4s
8
2 937 nsis
105) J -D
91
___. 94;s J'ly '12 ---- 11-173 u•'
Litchfield Div 1st g 3s.._ _1931 J -J
103 110 10312 Oct '12
10512 11212
_-- 7518 7312 J'ne'12 ____ 7312 7312
Loulsv Div & Term CS 3-01053 J -J -812 87
— --_
83 Oct '12 -___ 8412 8713
Registered
1933 J -J
_
100 May'10
83 Aug'12 ---- 83 83 •
8112 85
Middle Div reg Is
1921 F-A 1021
-23 MaY•99
Omaha Div 1st sr Is
1951 F-A --------7513 Aug'12 -___ 75 7513
lo33
1063 Sep '12
4
10438 1063
44
St Louis Div & term g 3_I051 J -J
m.28 Hi l06$, Oct '12
1053 10218
73
77
7512 Mch'12 --__ 7512 7512
Registered
1951 J -J
10512 10/ 11138 Dec '10
73
7518 ___
_—
---- -...-- -,_
Gold 3 3ss
1951 J - J
9
0 90
90 Nich '12
851
, ..- 8512 Oei- - _--_ 8512 8 4
'
I
0
1951 J -J
Registered
111
_ .100 Sep '12
Ii 110 11414
10118 Oct '99 --- ---- ---,
Spring Div 1st g3 ms__1951 J -J ---- ---- 100 Nov'00 ---- ---- ----'
10412 10718 10734 May'12
10712 10734
____
Registered
512 95
619 Oct '12
1951 J -J
7
3'.i
8.518
Western lines lit g 4s___ _1951 F-A
____
_ 10218 Feb '03
923
1 0212 Oct
-6i -17611Registered
_ _ 11512 Aug '11
1951 F-A
_
91 --------------------------_ ---Rellev & Car lit Gs
1923 J -D 11234 ____ 1171211ta y'10 ---------149 Aug '01
,7.
Carb & Shaw 1st g 43
99
4
058 Salr
9,3
33
1932 31-S
9412 J'ly '12 -- 9412 9
734
0
111l 101
_
Chic St L & NO g 3s
1951 J-D 11514
101
101 10134
111 Oct '42 ____ 1133 116 •
Registered
0812 9834 9814
1951 J -D 111
9712 14)34
_ 114 Feb '11 -----------1187
7
Gold 3 3-68
9012 9012
1951 JD 82 ____ 90 Oct '09 -----------CO
11
0 93
9 32
Registered
1951 J -D
118
_ 12114 May'12
12114 12112
..Idemph Div 1st g 42_1951 J -D -C.B 1- -_-_-_-_ -Cril87 88
8712
84 91
-8
2Au- - H ----.:: -1;1 2 g'
1- 9212
Registered
1951 J-D ____
612 9812
97 98
97 Sep '12
______ _-- -St L Sou 1st gu g 4s
1931 NI-S
4 94 8012
__ 943,1 9134
01 ____ 98 J'ly '08 -------- ---95
Ind III 6c la 1st g 4s
1910 J -J
8212 84
90
833
4
8112
1
91
9112 94 Aug'12 ___.. 9238 90
1919 NI-N 107 110 107 Oct '12 -___ 1008 10812
10112 1011. la & Great Nor 1st g 63
---- 10112 10112 Aug'12
02
,
7 9511O5
___ 7712 0112 Apr '11
1938 J -D
98 983 88
8
— --_ Iowa Central 1st gold 53
1951 M-S 6212 63
Refunding gold 43
85 Itch 'OS
1 61 6612
63
63
T2/1 Sale 8212
82
, -a 82 8858 Jamestown Franklin &
8 81
4-; Clearfield 1st 4s
9412
1939 J -D 0334 ..— 94 May'12. ____ 94
ill
80 J'ne'12
76
7
KanNitys o edst gold 33_ _1930 A-0 72 Sale 72
e,i ru
82 ____ 97 Jan '02
7214 21 7134 74
1950 A-0
99
_ 110 Sep '01
„._„ _ 63 Oct '00 --,- -,,,-- ,,,,.-- ---Ref & impt 5s
_ _
92 Nov'll
Apr 11/50 J -J -91- Sale 0734
0618 11 11612iuu14
6- -1521; Kansas City Terml 1st 43_1960 J -J _
9014 Sep '12
1761,t
9,312 0612
061
13 9614 083
4
91,12 993; 9812 Oct '12
9512 1007, r ake Erie & W lit g 3s___1937 J -J 1f612 --- 10634 Oct '1, ____ 10634 110
1041 J -J 100 104 104 Sep '12 ___,104 10414
1-4 2d gold 5s
75 Feb '12
75 75
Eli '11E - 105 Sep '12
.North Ohio 1st gu g 5s
1945 A-0 10414 10612 10114 J'ne'12 _ -- -- 10414 10512
5 106
1,058
10314 10434 103),
Leh Vail N Y 1st gu g 4 3•633_1940 J-J 10418 1045 101
10:33, 107
3
1 104 106
s
114
10612 Mch'08
Registered
1940 J -J
10412May'12 ___ 10412 10412
101
— --- Lehigh Vail (Pa) cons g 43_2003 31-N ____ 963 33614 Oct '12 ____I 9512
_ 104 Feb '11
4
9814
3 jog - Leh V Ter fly 1st gu g 53„1941 A-0 11112 ____ 11234
-10353 - - 103 Oct '12
3 10913114
113
4
Ill) Aug'12
110
Registered
1941 A-0 110 ____ 11118 Dec '11 ---- ---- ,.-,...
110 11212
115 Sale 115
151s
Leh V Coal Co 1st gu g 5s 1933 J -J 1C15 10'7 1061,
115 1185
3()et '12 ____ 10612 103
91 ____ 10112 Joel
Registered
1933 J -J
_____ --..----_
10138 ___ 10414 Mehl_
1st Int reduced to 4s
2
1933 J -J
1( 414 10iI
993, Oct '12
-.
99 4 3
934 10234 Leh & N Y 1st, guar g 43 _ _1945 M-S -G1 34 _-_-_ - :1- J'ne'12 ____ 93 9
14
1943 M-S ............— _.._..-- ---- ---1015 16:734 105 Feb 'L.
3
Registered
1 5 10514
1914 A-0
96 101 100 Jan '11_
El C & N'1st pre! 6s
__ ___ 10112Feb '10 ---------51.,_
1 0 100
z
1914 A-0 -_
Gold guar 5s
113 11/,14 1153, J'ne'12
103 Mch'12 __-- 103 104 11 4 11612
8
37
8614 803; 862
Long 151d 1st cons gold 55_h1931 (3-3 1653 10.,33 10) Oct '12 ____ 1109 11033
4
Mg 90
1st consol gold 4s
85 Sep '12
8834
85
h1931 Q-3 93 ____ 9614 Aleit'12 ____. 9614 9614
5
General gold 4s
8
8
77
1938 J -I) 9213 93 9153 Oct '1•-'_ - 915 9412
7612 7714 761
8 755 7834
8
Ferry gold 4 s
192:: 31- S 0614 100
77 Apr '12
7 77
7
98 J'ne'12 ------38 98
8512 22 8813 91
Gold 43
1932 J -D
89 8912 89
10 97
9914 Oct '06 __-- --...7...
87
Unified gold 48
38
84 85 85
1949 31-S 9(53 93
5 0117
90 Sep '12 ____ 90 9512
7718 7,12 7712
79
Debenture gold 53
1934 J -D ____ 1031f 10412 Dec '08 _-- „.. -,-.
7,3 7514 807
Guar ref gold 48
105
_ 110 Apr '12
4
1949 111-S
in83 11034
1 94 Oct '12 ____ -93 9712
111 11137 112 Sep '1 2
Registered
1949 31-S ---- ---- 95 Jan '11 ....-- , ---- ---11 2 114
__
109 May'12
N 11 11 & II B 1st con g 53 1035 A-0 104 ____ 11014 Nov'06 __-.1 ,--- ,....
9 109
_ 12412 May'12
1E18
1027 M-S 10218 103 103
N Y & It B 1st g 5s
12334 1141
1 103 104
103
103 10712 10738 Sep '12
_Nor Sh B 1st con g gm 53.51932 Q-J 10412 ___103 Aug'12... 105 107
1(16 10733.
14
100 101 10014 Oct '12
1927 M-S ____ 937; 06 Oct '12
10114 10134 Louisiana & Ark 1st g 5s
03 96
104 ,__ _ _ 10312 Aug'12
Louisville & Nashville
1( :1113 105
104 Sale 104
101
1930 JD 11214 11312 11312 Oct '12 ____ 11212 11712
General gold 63
10
3 105
8263 00 10014 Dec '06
1937 M-N 11018 11214 11113 Oct '12 ____ 110 4 11218
Gold 5s
3
88
87
87
87
2
1940 J -J
8
United gold 45
077
7 &. 9713 995
7 00
9712 Sale 9713
10812 1083, 1!)812 Sep '12
1(113 110
1040 J-J _ _ 9(158 36I7 Sep '12
Registered
__ 9619 WS
11112 May'12
11112 1111
Collateral trust gold 52_1931 M-N 10114 109 110 Aug'12 ____ 108 11012
58
1)3
4
1(30
'13
4
912 1021.
E II & Nash 1st g 65
1919 J-1) 11013 11118 11012 Sep '12 ____ 11013 11133
ii
-J14 111 100 May'12
1 6 106 '
L Cln & Lex gold 4 85s
1931 Ni-N 101 __ 10434 May'12 ____ 10418 105
11 111i23
$
N 0 6c NI 1st gold 6s__1930 J -J 11853 —_. 12038 Aug'1: ____ 12014.121
11034- - 112 J'ly '12
98 15(1 102 J'ne'12
ill,178 10262
N 0 & NI 2d gold Gs
1930 J -J 114 __ 11712Jan '12
11712 11712
10714
108 Nov'1 1
Paducah & Mein div 43_1946 F-A
9319
91 Oct '12___ 9314 96
95 _
95 J'ne'12
Pensacola Div gold 6s
5 95
1920 31-S 10534,..__ 10534 Meh '11 ___ __-- - —
06
5133 9612
.4
St Louis Div 1st gold 62_1921 31-S ___. 114 11212 J'ly 1:1 ____ 11212 113
9634
4
,0 097.
92 Aug '10
2d gold 3s
1980 11-S ..-- 71
.
693s Sep '12 ___ 5918 6934
7312 31
7710 Sep '12
Ati Knox & Cin Div 4s_195:3 11-N
811.
6
9134 9218 0134
9134 28 9113 93
9812 ____ 91. Aug'12
92
Atl Knox & Nor 1st g 5s_19413 J-D 109 ____ 11212 May'12___ 11212 11212
012100
!lender Bdge 1st s f g 68_11)31 Ni-S 10518 _
106 Apr '11 ____
___ _9512 Sale 9.538
1514 985
Kentucky Cent gold 48 1987 J -J
92113 9213 Oct '12 ____ 92 05
05 4 221
3
32
3
55 my
8
L & N & M & NT 1st g 4 353104 5 NI-S 1031.
9533 Sep '11
10310 Oct '12 ____ 10312 10453
4 le10 10167
10038
L & N-South NI joint 4s_ _1952 J-J
100 Sale 100
___ 891, 9012 Oct '12 ____ 887 90
8
Registered
51952 Q-J 85
_95 Feb '05 ____
N Fla do S lit gu g 5s_ _ _1937 F-A 1073
0933
118 Aug'12
97
98
,8
10911
10813
3
2il 14 iatF4
N & C 13dge gen gu g4 3-Si 1943 J-J 1013
12534 Sep '12
1 43i125-1;
1223
4
4
10012 Sep'
'12 ____ 10012 10012
1 ,2 122
Pens & Atl 1st gu g 6s___1921 F-A 110 .— 11014 Oct '12
122 Sep '12
11014 112
1(133) Sale 10:334
1033,
S & N Ala con gu tr 59_19331 F-A 10834 1105s, 10918 J'ly '12 ____ 10918 11113
I(668 10512
r A- Jett 11(1 cre Co oil v 45
10334 ____ 10831 J'ne '09
.
11141 M11-S
()lin 011. Mr,
'1')
011. 011.
1%
1
BONDS
t S'
N. Y. STOCK EXCHANGE .. t
,.,:t.,
Week Ending Oct 25.
11, cek's
Range or
Last Sale
).)(V
------111
--
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
Street Railways,
83 8712 86 Oct '12
N
- ew Or! Ity & Lt gen 4 363_1935 J -J
8412 8812 United Rys St L lit g 4s___1934 J -J
--- 751s 76 Oct '12
7,14 38 7012 8168
St Louts Transit gu 5s_1924 A-0 8314 -- 83
N Y Ity9 lit It E & ref 4s temp 3-.' 7612 Sale 7612
83
5318 Sale 5131
30-year 1,11 Inc 55_ _ --__1942 A-0
5112 593 United RIts San Fr s f 42_1027 A -0 6512 60 6514
534
(3614
Portland ity 1st & ref 3s__1930 NI-N 10034 100, 100 14 Sep '1,
99 1003.: Va LW & Pwr 1st& ref 5s___1932 J -J
06 Sep '12
0
Portland Ely Lt& Pow Ist ik
1942 F.A
(las and Electric Light.
ref cony it f Is
93 Oct '12
v Portland Gen Elec 1st 53_1933 .1 .1 ---_ -Atlanta G L Co 1st g 55 ___1947 J -D 10 t -St Jos li.. L, H & P lstg 55 1937 NI- N 9812-Nos '5g
Ilklyn U Gas 1st con g 5s,,1943 11-N 100 101-4. 15E34 Oct '12
:
St Paul City Cab cons g 51.--1037 J -J 105
103 Sep '1::
.
1
5)) 65
11)5 103 - Buffalo Gas 1st If 58
1947 A -0
55 Oct '12
190'; J8119 Sale 8112
Third Ave lit ref 45
Columbus Gas 1st g 5s
82
Nt
2
1932 J -J
86
1-0 7314 sa le 7212
Adj Inc Is
80, 1)etrolt City Gas g 5s
7414 11
i013 rja70
1923 J -J 109
'frt.-City Ily & Lt lit s f 32 _ 1
= A-0 9734 1 8
4
3
Det Gas Co con 1st g 5s
978
4
4
08
1918 F-A
073s 99
9568 Sep -OS
Underground of London—
Det Edison 1st coll In
0:33 J -J i563 101 101
4
10 34
,• 4 3•631
1933 J-J ____ 9512 917
3
95
28 °Ps 9614 Eq GLNY 1st con g 5s_1932 11-S
10612
10612
! Income Os
81
80
85 Oct '12
7412 00
_ _ 103 Sep 12,
Gas & Mee Berg Co c g 5s 1949 J- D 102
Union Elec (Chic) lit g 52_ 194
95
48
84 Oct '08
(Jr Rap G L Co 1st g 5s__1913 F - A 10) 101 103 Oct '09
United itys Inv lit ilen colt
Hudson Co Gas 1st g 5s
1949 31-N to:12
10118
1)1)8
trust Is Pitts iisiie
1928 31-N
8212 Oct '12
8212 861, Ran City(Mol Gas lit 5s_ _1922 A -0
9812 Sep '12
No prioo Friday; laLest bid and asked this week. a Duo Jan.
Duo Fob. 4 Duo Apr11. h Due July. 8 Due Aug. 0 Duo Oct. 11 Option
25
11
76
83
6412
'3(1
80
85
70
9712
11334 felf '
;
7
55
68.53
foci- 10114
13 11)1 10218
10534 10611
103 103
l041 1OC1
9832 9034
sale.
1106
New York Bond Record—Continued—Page 3
BONDS
14
.•2
N. Y, STOCK EXCHANGE .!'t
Week Ending Oct 25.
-.a,
Price
Friday
Oct 25
Week's
Range or
Last Salt
4. v
g
al
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct 25,
Lxxxxv.
Price
Friday
Oa 15
Week':
Range or
Last Sale
Range
Since
Jan, 1,
Bid
Ask Low
High No. Low High NY C&H R--(Coril-High No Low High
Bid
Ask Low
Itiranila RR—Sou lines 48_1938 11-N ____ 86
9819
West Shore 1st 4s guar__2351 J -J
9814 101
98 ___ 9814
-Mexican Cent Inc g 33 tr rects.
__ -ill;Apr- :::- ---- --- '65
Registered
97 9812
2361 J -J
9718 Oct ',§
Equip & coil g 55
1917
N Y Cent Lines eq tr 4 ;is 1923 J -J
10012 J'IY '11
Mex Internet 1st con g 4s 1977 5I
-S -------- if- meliio::::
N Y New Haven & Mutt—
Stamped guaranteed
1977 M-S ____ ____ 79 Nov'10
Non-cony deben 4s
1955 J -J
91
92
9114 91 Sep '12
Minn & St L 1st gold 7s
I927 J-D ..-- 125 12412 12412
1 12412 129 Non-conv 4s
1956 A1-N
00 9318
9,1
9,12 90
Pacific Ext 1st gold 63_1921 A-0 ___ ____ 11018 Aug 11 ____
_
.
90 __ 9214 Oct '1:
Cony debenture 3 34s
1956 J-J
90 9458
• 1st consol gold 5s
1934 NI
-N 99 IN 102 Sep 12
[277 13212
8
idf MS
1948 J -J 1258 1.814 127,
Cony debenture 6s
8
12818
'. 1st and refund gold 4s
I949 111-S 63 6134 05 Oct '12 ____ 59% 6978
Harlem 11-Pt Ches 1st 49_1954 111-N 99 9918
---• 99 Sep '12
Des AI & Ft I) 1st gu 4s_1935 J-J
76
7712 7714 J'iy '11 ____ 77 81
B & N Y Air Line 1st 4s 1955 F-A
9912 J'ne'11
9912 0912
M StP&SSM con g 4s int gu.1938 J-J
9512 96 9513 Oct '12 ____ 9512 973
9014 9114 92
Cent New Eng 1st gu 43 1961 J-J
9214
6 9014 9353
4
1st Chic Terml s f 4s.... 1941 51-N 95 9618 9114 J'ne'12 __-- 9714 9714
Housatonic It cons g 5s I937 5I-N 10 12
115 Aug'2
114 115
MSSII&A 1st g 4s let gu 1926 J -J
9,14 Sale ,
91,58 ____ 9614 May'12____ 9614 9814
N YW'ches &Hist ser 4 1is '46 J -J
918
9912 82 08 10014
Mississippi Central 1st 5s 1949 J-J ___ 95 9812 Mch'11 _—
N
& Derby cons ey 5s..1918 Al-N 10:58
107 Aug'09
- .
—- —
Mo Kan & Texaslst gold 431990 J D 9234 Sale 93
93
Z 925; if
New England cons 5s..
1945 J-J
_
• 2d gold 4s
8012
4 80 8418
g1990 F-A 1012 Sale 8018
9913 1.666612 meici
Conso' 4s
i 1st ext gold 5s
1944 M-N 10018 10212 9934 Oct '12 ___ 9912 10212
Providence Secur deb 4s..1943 M:IN "if 8313 81 Oct''12
1957 j J
1 84
'. 1st & refund 4s
925
2004 If
78 Sep '12 ____ 7712 8112 NY° deW ref 1st g 4s___01992 M-S 92 ___ 92
-s ____ 77
8 92 96
.1 Gen sinking fund 4 34s
8618 51 8514 8914
1938 J-J 85 Sale 86
Registered $5,000 only_g1992 MS
_ 921. J'ne
9212 9212
1 St Louis Div 1st ref g 45_2001 A-0___. '
78 J'ly '1', .___ 76 is
General 4s
8958 Feb 'P.
8958 8958
'I Dal &Wa 1st gu g 5s
1940 M-N ___ ----1047 Sep '11 __ 10473 1053, Norfolk Sou 1st dc ref A 5s ISE r8
99
99 1001s
)
-: WA; 93
-., Kan 0 de Pao 1st g 4s
88 Sep '12 ____ gg 91
10234 Apr •12
Norf & South 1st gold 5s_1041 MN 161
I990 F-A 87
10212 1023
4
4 Mo K & E 1st gu g 5s
,
10658
2 10618 110 I Norf de West gee gold 6s1931 M-N 12214
___1942 A-0 10658 10834 10658
12518 J'ly '12
12338 12518
i• M K & Ok 1st guar 5s
1942 M-N 10312 10514 105 Sep '11 _—. 105 10712
124 12638
Improvement & ext g 63_1934 F-A 122,34 -' 12412 May'12
Of K & T of T 1st gu g 5s_ 1942 M-S 100 101
9912 Oct '12 ___ 9912 104
A-0 1223 New River 1st gold 6s
124 124
124 May'12
1932
4
i' Sher Sh & So 1st gu g 55-1943 J-1) 9913 101 1037 Feb '12
4 9612 9978
10334 103:
8
N & W By 1st cons g 43_1996 A-0 9852 side 1658
97
Texas & Okla 1st go g 5s 1943 MS'S ...._ 104 10378 Mch'12 ..... 1037 10514
98 Jan •11
8
Registered
4 10478 10818
-011; -64'Illssouri Pao 1st cons g 6s 1920 M-N 10513 Sale 10512 10512
92
Div'l 1st 1 de gee g 4s_..1 9,9fi JJ 92 9218 92
1 1
pd1 93t2
993
4
8 98 4 1003
•,. Trust gold 53 stamped__a1917 M-S 13 100 9912
10 -year cony 4s_
2; 1074118
,t
115
-25
115 Sale 115
3
4
I
Registered
116
a1917 M-S --------87 May'12 ____ 97 97
10-20-yr cony 45 full
116 116
1 108 117
re
973
4 10 963 1003
( 1st collateral gold 5s____1920 F-A 9714 9734 9712
Pocah C de C Joint 4s_ _1941
4
90 94
058
9J34
0012 92
4
_ . ___ _ _ _ _
,_ _ _
Registered
CC & T 1st guar gold 5s 1922 J -J 105J4
1920 F-A _
10638 10638
_ 10638 Mch'12
ii
o fc7 ig14
Selo V & N E 1st gu g 44_1981 MN 9J18
' 40
-year gold loan 4s
1945 in-s ifi2 ii 7ii4
1 95 9813
05
_ 05
C 3d 7s extended at 4%....A938 M-N --, 9812 9813 Marl' ---- ---- —
8
Northern Pac prior I r 4s_1997 Q-J
9838 50 1173 10034
9818 Sale 9818
873
4 20 84 895;
, 1st de ref cony 5s
4
1959 M-S 873- Sale 8/12
Registered
9134 Oct ',2 . — 9714 11912
i Cent Br Ry
1 92 921:
9212
General lien gold 3s____a2097 Q3 "ig Sale 63 4
1st gu g 48_1919 F-A 92 ____ 9212
104
691s 20 6814 7018
3
81 May'lk
(. Cent Br U P 1st g 4s
9581 81
Registered
1948 J-D
a2047 (3-F
68 68
68 J'ly'
12
St Paul-Duluth Div g 45_1996 J -D -6512 gide . 512
-_
t• Leroy & CV A L 1st g 53_1926 J-J -------110 Mch'05
0512
2 9512 9612
oi 6
6
9318 Oct '12
Dui Short L 1st gu 5s___1916 5I-S 19912 _ 10112 Oct '12
; Pao R of Mo 1st ext g 4s_1938 F-A 9314
100 10112
-J 10314 105 10812 May'll
St P & N P gee gold 6s__1923 F-A 113
2d extended gold 5s_I938 J
1.1434 Aug'1:.
11434 11512
19412 42 -11212 is11638
f StL Ir M&S gee con g 55_1931 A-0 10418 Sale 101
Registered certificates_ 1923 Q-F 11212
1
.
1153 Aug '11
3
_ ,01
101
St Paul do Duluth 1st 5s_1931 F-A 10914
/Gen con stamp gu g 5s_1931 A-0 10418
5 104 104
107 Jan 12
"
Rif"fof
2d 5s..
8114 Sale 8114
1917 j..0 10112 _
7738 8234
A-0
8112
4
Unified de ref gold 4s 1929 J-J
10238 Sep '11
;
10238 10238
1st consol gold 4s
80 8
,
,•
1 78 80?[
b0'1. 8078
Registered
9234 _ _ 94 J'no
192.1 J-J *80
9234 94
171 2 81
Wash Cent 1st gold 4s
Riv & G Div 1st g 4s 1933 M-N -- 83 81 Oct '12 ___ 18212 124
1948 QM 8958 _ _ _ 9118 Apr '11
••••
Nor Pao Term Co 1st g 63_1968 J-J 11118 _
100
2 100 100
iff"iff3;
1114 Oct '12
( Verdi V I & W 1st g 5s 1928 :11-S 100 Sale 100
1933
Oregon-Wash 1st & ref 48 .1961 J-J
118
91 9133 9114
1
1927 J-1) 118 11914 118
Mob & Ohio new gold 6s
9114
4 8912 92 4
3
acific Coast Co 1st g 53_1946 J-D 10112 19318 104 Oct '12
10312 104
. 1st extension gold 6s__h1927 Q-J 11334 _ .11534Feb '12 _. 1153 1153
4
4
1938 84-s 8618 8914 8534 Oct '12
General gold 4s
85 873, L ennsylvania RR
1st real est g 4s
Montgom Div 1st g 5s
-N
1947 F-A 10714 1081 W814 Aug'12 __ 107341103.
1923 hi-s 10012 10118 10018 Oct '12
100 102
Consol gold 55
,.. St L & Cairo coll g 4s ___e1930 Q-F
18 83 Oct '12
1
_ 110 110 Melt'12
82 83%
108 110
Consol gold 4s
Guaranteed gold 4s
1931 J-J ---- --- 9313 Mch'11
iof 1 332 10212 Oct '12
101 104
Washy Ch & St L. 1st 7s 1931 J -J 10114 101% 10118 101%
7 f013 la
4
Convertible gold 3 hs.. 1012 DT
9912 10018
P4 9972 10 18 9978 Oct '1.
„ 3919 LI 1st consol gold 5s
1928 A-0 10313 _—_ 10958 Oct '12 ____ 1003 1097k
Convertible gold 3;iso1915 J -D 9634 Sale 9634
97
94 96% 97%
. Jasper Branch 1st g 6s_1923 J -J 11112 ____ 11578 Nov'10
Registered
07 J'ly '12
JD
97 9712
. Mohl M IV & Al 1st 6s
4
4
Consol gold 4s
1917 J-J 105 ___ 10734 Mch'12 ____ felf3 iff3
102
lift; Aide 10158
101 10418
_
. T & P Branch 1st 6s._ _1917 J-J 105 ___ 113 J'ly '04
Aileg Val gen guar g 4s 1942 MS
1.018 Wu% Aug'12
9958 10012
D R B It & Bge 1st gu 4sg1936
Nat Rys of hex pr lien 4 %s.1957 J -J ___ 881 1 89 Oct '12
A fit; _ _
Guaranteed general 4s
Phila Balt & W 1st g 4s_1943 51-N 9012 ___. 165 Oct '12
1977 A-0 7734 82 78 Oct '12
78 8612
9*) 10234
Sod Bay & Sou 1st g 5s_ _1924 J -J
of Mee prior lien 4 0_1926 J-J ---- 97 99 Mch'12
Nat
99 100
102 Jan '0
Sunbury & Lewis 1st g 4s 1936 J-J
let consol 43
78
78
1951 A-0 ____ 78
7 7712 80
95.8 _ _
U NJ
& Can gen 4s 1944 n-s
88
1 88 95
N 0 Mob &Chic 1st ref 5s 1980 J -J --- 881 88
1E12 ME;17'15
itif"10134
Pennsylvania Co—
NO & NE prior lien g 6s__p1915 A-0 104 1017 _
---- ...... .... ____
Guar 1st g4 ;is
New Orleans Term 1st 4s_1953 J -J -..„.. 8714 g'/- Sep 1. .10212 104
1921 J-J 10214 103 0214 Oct '12
14
'
8718 8
812
Registered
NY Central & H R g 3 As_1997 J-J
808 14 85 8813
8614 Sale 8614
101%103
102 ___ 10158 Oct '12
Guar 3 )is coil trust ieg_ 1937 6 -j
I
,
Registered
89 Sep ik
85 —__ 8414 Sep '11
1921 j S
8812 8914
1997 J-J
8414 8714
Guar 3;is coil trust ser B.1941 F-A
4 Debenture gold 48
1934 M-N 9214 Sale 92
88 89
88 Sep
923 ,32 9178 9614
8
Trust Co certfs gu g 3 3-0_1916 M-N 9658
.
Registered
193i AI-N ___
9712 9814
_ 89 Sep '11
93 May'12 ____ 93 93
Guar 3;is trust ctfs C
i Lake Shore coil g 3;is
1942 J -D 79
39 7834 85
- . 88 Mch'12
1998 F-A 79 Sale 7858
88 8814
,
Guar 3 3.5s trust offs D
Registered
77 Sale 77
1998 F-A
1944 J -D 86 8712 8734 Jan 12
8734 8734
77
5 7634 84
Guar 15-25 year g 4s
‘. Mich Cent coil gold 3;43_1998 F-A 78 79 78 Oct '12 ____ 78 8212
1031 A 0 96 _ _ 96 Oct '12
96 9812
Registered
I
Cln Leb da Nor gu 4s g.,,.,1942 M-N 90 ____ 9612 Dec '11
1998 F-A
7712 78 Sep '12 ____ 7734 7912
Ci & Mar let gu g 4 ;0_1935 11-N
(Beech Creek 1st gu g 4s_1936 J-J - 3
98:1100 9918 J'ne'12 _ 9918 9918
110 Jan '05
_
___ ____
:.
Registered
CI & P gen gu g 4
1938 J-J 97 ____ 99 May'll
10734 Dec •11
ser A 1942 J-J
i
. 2d guar gold 53
Series B
1938 J-J 1CI7
10212 _ _ _ 10934 J'ly 09
e
Registered
1936 J-J _--- ---- ....-Int reduced to 3 hs_1 9 A
---- ____ __ ____
1942 A-1
0114 9114
9114 Feb '12
-- __
Series C 3;is
i: Beech Cr Ext 1st g 3 33_01951 A-0
0018 0114
1950 A1,- N 908 Sale 0018
1948 jt. -A
9018
Series D 3 ;is
Cart & Ad 1st gu g 4s
1981 J-D 8838 ____ -88 - Oct '12 __ IN- -9,•li'
:..m
9018 -- _ 90 May Ob
Erie & Pitts Cu g 334s B_1940 J -J
___
9112 May'12
Gouv & Oswe Ist gu g 5s_1942 J -D 108
9112 -9112
— -Series C
oh & Mal 1st gu g 4s
1991 M-S 95 9812 9918 Mch-'11 ----------- - I
40_1940J -4
194i J
9018 9018
--- -- -- 9018 J'ly '12
Gr R & I ex 1st gu g 4
6
_ 104 104 Aug'12
•,•N J Juno R guar 1st 48_1988 F-A 9 100 105 Oct '02 -----------104 105
_
_
Pitts Y & Ash 1st con 5s_1927 5I-N idi
____
1986 F-A ___
t.' Registered
_ 109 May'10
iiii IN
Tol W V & gu 4;is A 1931 J -J 10118 ____ 10218 J'ne'1.
10134 10218
2002 (11-N 8718 -_:__ 89 - May'12
N Y & Harlem g 3 As
.
Series B 4;is
-NRegistered
2000 hi
.•
100 J'ly '10
1933 .1 - .1 10112
Series C 4s
3
01T Y & Northern 1st g 5s..1927 A-0 108 107 108 Oct '09
94 _. 958 Oct '12
-955 9653
9778 Aug'11
P C C de St L gu 4 ;is A194
e N Y & Pu 1st cons gu g 4s1993 A-0__ 96
20
14
103
10414 J'ly '12
10414 1063
4
Series B guar
---- -----------; Nor & Mont 1st gu g 5s 1916 A-0 ____ __ ____
103
11994422
10434 J'ly '12
10434 107
Series C guar
k. Pine Creek reg guar 6s
1932 J-D 120% _ _ 13113 Jan '09 _
MN 01043 106 J'ne '11
4
W & 0 con 1st eat 5s..1i1922 A-0 1963
Series D 4s guar
-4
.4.::. 10034 Oct '12 _::: 1553 10'734
1945 td- N 96 9811 9712 Sep '12
'W"if""
'it)swe it R 2(1 gu g 5s___e1915 F-A ____ 10512 101 Mch'12 ____ 101 101
Series E 3;is guar g_ _1949 F-A
9514 Sep
- 95
OW!' 0558
Series F gu 43 g
R W & 0 T R 1st gu g 53_1918 M-N 102 ____ 104 J'ne'10 ____ _
1953 J-D 5-66 _ _ 97 J'ly '12
97 97
.iRutland 1st con g 4 ;is 1941 J -J 9618 9738 96 Oct '12 ___ 9(1 gi14
Series G 4s guar
1957 5I- N 99 ii 97 J'ly '11
97 99
Og&LCham 1st gu 4s g 1948 J-J
821
C St L & P 1st con g 58_1932 A-0 109
, 8412 Sep '12
84 86
11312 Nov'11
Rut-Canad 1st gu g 4s_1949 J-J -------92 J'ne'09
____ _ Peo & Pek Un 1st g 6s
1921 Q- F 10613_ _ 109 May'll
, St Lawr & Adir 1st g 5s1996 J-J 1073 ____ log Sep '12
2d gold 4 1is
fog log
90 92 9312 Jan '11
4
/
2d gold 68
Pere Marquette—Ref 4s1 9 5 M-14 __ 60 603 Apr '12
11912 Mch'12
1998 A-0 115
6034 -6634
_ 11912 11912 P
— 1951 J-J
6 2
4
, Utica & 13Ik Riv gu g 4s_1922 J -J
Refunding guar 4s
99% Noy'll
95
52% 54
6014 5938 Oct'2
8713 89.78 Ch & W M 5s
Lake Shore gold 3 As
1997 J-D 8814 86•1
9,12 08 Oct '12
98 90
2
1)6
Registered
1997 J-D 8634 8734 8734.1'1y '12
Flint & P ht g 13s
101 108%
1
8714 8834
119251 jj 0 10312 106 101 Oct '12
1 9250 A 6
9
c Debenture gold 4s__ _1928 NI- S 9234 9314 9313 0312 24 9134 9412
1st consol gold 5s
90 100
96 971: 96 Sep '11
-year gold 45
1931 M-N 9234 Sale 9213
t•• 25
Pt Huron Div 1st g 55_1939 M-N *97 - — 9712 May'12
0712 9712
93
64 9112 938
1 9 A-O
Registered
1931 M-N 92 _ _ 93
,•
Sag Tus & H 1st gu g 48_1931 F- A
1 92 931:
93
Ka A & G R 1st gu c 53.1938 J-J 10734___,,
.
8414 86
Philippine By 1st 30-yr 5 f 4s_'37 J-J
8612 "ii" mtiV0
ith2Mch'11
‘," Mahon C'l RR 1st 5s 1934 J-J 110
Pitts Sh & L E 1st g 5s
113 J'ly '12
113 113%
1940 A-0
1 Pitts & L Erie 2d g 5s__a1928 A-0 10512..,,._ 105 Apr '12 _:__ jai" loi
1st consol gold 5s
11314 Nov'll
1943 J -J
(Pitts MoK & Y 1st gu 63_1932 J-J 121 ____ 13018 Jan '09
0658 68 96 -g3-4
eading Co gen g 4s
1997 J-J
0612 Sate 9612
12314 Mch'12
(, 2d guaranteed Os
1934 J-J 121
9638,1'1y '1.
Nil; liS1- LL Registered
4
9832 981
4
1997 J-J
.
McKees de B V 1st g 6s_1918 J-J _____
Jersey Cent coil g 4s__1951 A-0 "_:"ii 9614 Oct '11
..
-9112 9812
fj,j, Hi
Jan '15 -. Michigan Central 5s
.___ II Atlan City gu 43 g
1931 111-S
-1
1951 J-J 05
Registered
Qt Jo & Cr 151 1st g 4s
1931 Q-M _.... -- 119 J'ne'06
1947 J-J
8738
"iti" WI;
- 8712 Oct '12
' 4s
1940 J-J
98 Apr '12 __ 98 —98 - (-A Louis & San Francisco—
Registered__
General gold Os
1940 J-J -------- 9812 Nov'll
1931 J-J 11812 120 1181.? Sell( '12
11812 11958
..:.,- J L & S 1st gold 3 As1951 11-S --------90 J'ne'08
General gold 5s
—_ -1931 J-J 10158 10658 1048 Oct '12 .
10412 10812
-• • 1st gold 3 ;is
St L & S F RR cons g 4s_ 1996 J - J
1952 Ai-N ---- ____ 8612 Mch'12.— 8612 883
4
82 83 8412 Aug'12
8412 8814
• 20
Gen 15-20 yr 5s
-year debenture 4s 1929 A-0 ____ 891,, 8813 Aug'12 ____ 8812 92
/.
84
L
1927 M-N 8358 8418 84
312 8812
Southw Div 1st g 5s 1947 A-0 100 ,$,1.1 Y Chic &St L 1st g 4s1937 A-0 98 ____ 98
98
1 9712 10058
9934 Sep '12 ..._ 993 99 4
4 ,
.1
Registered__ __
Refunding g 43
1937 A-0 _
99 9934
_ 9934 Mch'12
7634
7738 19 763 812
4
1951 J -J
763 Sale
4
4
..
nehenturn 4g1
lent M-N RA
ROL 54 Oat '12 _ _
RR
91
Registered
8034 Mch'll
1951 J-J
?
gi glif
• _
_
e
ei
4 884
8918 i-a
c
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0
Purchase money6s
1997 A-0
Convertible deb Os
1922 h1-S
. Ed El Ii Bkn 1st con g 4s_1939 J-J
Lac Gas Lot St L 1st g 5s__e1919 Q-F
1 Ref and ext 1st g 58
1934 A-0
011waukee Gas L 1st 4s1927 111-N
ewark Con Gas g 5s
1948 J-D
Y G E L H & P g 5s
1948 J-D
Purchase money g 4s
1949 F-A
Ed El III 1st cons g 5s
1995 J-J
Y4fc Q El L&P 1st cong5s_1930 F-A
Y & Rich Gas lst g 5s
1921 /11-N
acif1c 0 & El Co Cal G & k.
:
Corp unifying & ref 5s_1937 M-N
rse Pow & Lt 1st de ref 20-yr
1930 F -A
/ lis Internet Series
Passaic G de E 5s
1949 M-S
rat &
has and Electric Light
10414 10512
__ 10178 10478 Oct '12
115 11534 115 Oct '12 —_ 115 117
a
11818 Dec 'II ...
123 _
"ii- ii"
83
88
102l2_., 10214 Oct '12
10112 103
10114
10034 102
101 10112 101
11 897 9058
8
90
90 90
10614 10614
101 ___ 10614 Apr '12
5 10258 10414
103
103 Sale 103
7 8814 8912
_. 112131131$
1
10 34 _8 _ _ lt3:
; _4
3
100 10212
100 10118 100 Sep '12
_
9212J'Iy '09
Mch'12
Peo Gas & C 1st con g 6s
11814 117!
11
1943 A-0 ___ 11612 117 Oct '12
Refunding gold 5s
:3 10034 102 8
.
10114
1947 M-S 10118 13114 :0114
Registered
1947 M-S ------103 Feb '09
Ch G-L & Cke 1st gu g 5s_1937 J-J 10112 11/21f 10212 Oct '12
i0i1; i6i13
Con G Co of Ch 1st gu g 55 1936 J-D ____ 10318 :0314 Oct '12
Ind Nat Gas & Oil 30-yr Os '36 M-N 82 89 12 liluc:2
14 A ch
Mu Fuel Gas 1st gu g 5s 1947 M-N
10058 1993314
993
112 011
Registered
1947 Si-N
Philadelphia Co cony 53_1919 F-A -_--_-_---: iiii." fed" Feiiii5 :::: iiii - Me' 1
-10038
Stan Gas& Elec cony sf 6s —1926 J-D 10038 10112 1(733
1 100 101 !
Syracuse Lighting 1st g 53_ 1 954 J -j *10012 _-__ 12 yeca
12 n
1 -D
Syracuse L & P 5s
-iii1--------Trenton G & E 1st g 5s
1949 111-S ifii1- :::
2 :
Union Elec L & P 1st g 5s....1932 1 -S [913 _,
1 3 h1 N
18912 Aug'12 _____. 10034101
3
(kT12ir
20 94 96%
Ref & ext 5s
97 J'ly '12
9615 9819
Utica El L & P 1st g 5s
1950 J-J 103 ___
_ — -93 05
Utica Gas & E ref 55
1957 J -J
ifi(51-4DePii
1025510253 Westchester Light's g 55.......1950 J-1) 10112 103 10134
103
4 1043 Mai
8
..........
943 Sale 943
4
4
95
917 9113 95 Oct '12
10212 103 10258 J'ly '12
'e
."'
LNo price ,Friday:Jatost bid and asked., a Due Jan. b Due Fob. o Duo May. g Duo June. is Due July. o Duo Oct. p Duo Nov. $ Option salo. ..___J
OCT. 26 1912.1
New York Bond Record—Concluded—Page 4
On
BONDS
K. Y. STOCK EXCHANGE z c
Week Ending Oct 25.
•
Price
Friday
Os 25
Week's
Range or
Last Salt
1
11
Range
Since
Jan, 1
t
1418
484 Low
High No. Low High
L & San Fran (Con)
4
_ 115 118
' K C Ft S & M con g 6s _1928 M-N 1133 11538 1153.1 J'ly '12
71) 7812
7812
77 8012
Ry ret g 4s_1936 A-0 78
KC Ft S
1936 A-()
7713 J'ly '12
7712 771,
Reg!stered
I0312 1031:
• ICC &M it & B 1st gu 58_1929 A-0 5712 _ _ 10312 J'iy
551, 99 Oct '12
99 100
Ozark & Ch C 1st gu 5s g_191? A-0 9•J
e958 13 8938 9212
St L S W 1st g 48 bd ctfs_ _1989 31--N 8938 8934 8.3$
80
80 Oct'
80 83
2d g 48 Inc bond ctts____pl 989 J -J
1932 J-D 80 8012'
'.
8012 -14 1812
Consol gold 48
0,14
10113 Apr '07
Gray's Pt Ter 1st gu g 53_1997 J -D 1008
§612 • 6
ea
1943 J -J
21 86 8734
86
S A & A Pass 1st gu g 48
109 Oct '09
& N P 1st sink t g 5s_1919 J -J
S
"ti7 38 .13 Oct '12 ._
Seaboard Air Line g 4s_ _1950 A-0 8G18
84613 - 9
1050 A-0 88 . itre 86
11 86 90
86
Gold 4s stamped
1950 A-0
• Registered
01949 F-A
Adjustment 5s
"7511 71
75
Refunding 48
1959 A-C) 7878 Sale 7,12
78 •
4
763 83
Ati-Birm 30-yr 1st g 4s_e1933 M-S — . 87 88 J'ly '12
87 90
Car Cent 1st con g 48____1949 J-J
9313 Apr '12
9234 931 1T
Fla Cen & Pen 1st g 5s___1918 J -J 10314 _ _ 103 May'll
1st land gr ext g 5s__I930 J - J 101
•
104 May'12
104 104
•
Consol gold 5s
107 J'ne'12
107 107
1943 J -J
.
16512 103 Sep '12
10234 10714
Ga & Ala 1ty 1st con 55 o1945 J -J
_ _ 10(34 Sep '12
• Ca Car & No 1st gu g 5s..1929 J-J
4
10114 1053
Scab & Roa 1st 53
105 10618
1926 J -J - - - 15918 105 May'12
Southern PacItic Co—
Gold 43 (Cent Pac coil) _k1949 J-D 8814 8812 8s14
88 0212
8
82
91 J'ly '12
k1949 J -D -- -- 91
Registered
91 91
9414 378 9312 97
20-year cony 4s
o1929 M-S 9,14 Sale 0312
9
9514
91 97
Cent Pee 1st ref gu g 4s__1949 F-A 91,8 Sale 01,
9434
941, J'ly L.
9412 041,
Registered
0 Oep
21
92 8
0f 9u5i se t
• Mort guar gold 3 5is k1949 F-D
9012 9112
1 29 J A
89 9278
•
Through St L 1st go 48.1954 A-0
10512 J'ne'12
1012 107
El II &SA M & P 1st 53_1931 M-N ---.
- 10412 10218 J'ly '12
10213 10434
• Gila VU &N 1st gu g 58_1924 M-N
105 Aug'l2
109 105
• bus E & W '1' 1st g 5s 1933 /11-N
-3
0
1933 111-N 63 id.;
10414 10414
May'1
1st guar 53 red
10:04 110
2Se'12
FI & T lst g 55 int gu 1937 J -J 10914 - _ 11001111
A-0 0,1 — - 9312
1 0312 95'
Gen gold 43 int guar 1921
9312
Waco & N W div Ist g 63 30 M-N 114 ____ 11914 Mch'IO
A&NW 1st gu g 5s_1941 J -J
10712 10712
10612 10712 Feb '12
1113 11134
4
4
,• Morgan's La & T let 7s1918 A-0 11.14 ____ 1113 Aug'i2
let gold 63
1920 J-J 10014
---_ _ Ill Mch'll
_
• No of Cal guar g 5s
112 Feb '07
____
1938 A-0
• Ore do Cal 1st guar g 5s 1927 J -J 1617
1 ,1
101
116 May'07
• So Pac of Cal—Gu g 58 _1937 111-N 108
9112-8812 911!
!'• So Pao Coast 1st gu 43 g_1937 J -J 91_ 9112 Sep '12
92
3
• San Fran Termi 1st 4s_ _1950 A-0 83 85 8”3 Oct '12
Tof 101
' • Tex & N 0 con gold 5s 1943 J -J 10018 101 10158 May'11
93 3 Sale 0,112
$o Pao RR let ref 4s
3
1955 J-J
93'3 91 9314 9534
Southern—
10614 78 10534 10838
let consol g Si
1994 J-J 106 Sale 106
Registered
1994 J - J
"Develop & gen 48 Ser A_1956 A-0 7812 Sale 16524 SNe p7.111., 162 78 -7934
30 4 op 8' 4
90812 Se v ,1 1
,1
Mob & Ohio coil tr g 45_1938 M-S 8533 85 , 85 Oct '1 '2
85 8712
10738 111
Mem Div let g 4 34-5s1996 J-J 108 10 14 107s8 Oct '12
8712 8812 8714
8714 9014
St Louis div 1st g 4s
81 14
195I J -J
10558
10514 10514
Ala Cen B let g Os
1918
1-4
-- Atl & Danv 1st g
8214 Feb '12
8214 8214
1948 J -J
••• • 2d 4s
-_
ti & Tad 1st gguar 4s 1949 A-0 n12
-—I
jogs4 DeP1916 J-J 10338
ol & Grecnv 1st Os
4
100 sale
10612 i(W1Va &
Div g 53_1930 J -J 11613 10812 111612 Oct '12
110
4
1063 11134
8
109,
'
Con let gold 53
10118 J'iy
10513 106
1
1938 NN 045
1958 M11-S 13
X Ten reor lien g 55
611.
61
1946 A-0 6312 ____ 84 Aug'12
• Ga Midland 1st 3s
8
III 1127
1922 J-J 109
Ga Pac 11.3z 1st g 63
11
114 115
Enox & Ohio 1st g 68_1925 J-J 113 —_ 119 J'ne'12
105I
_
Mob & fir prior lien g 58_1945 .1-.1 10513 _ 10512 Nov '10
7113
78 Dec 'II
).1
9
t
h a gli an co n 48
luror, ige gold g 68._ 1( g
10234 10434 102 Oct '12
I 02 10431
1073434 SepApr :1122
4
101 1043
1927 A-0 7112 _
Deb 55 stamped
/itch & Meek 1st g 4s
1948 M-N
73 73
1
1. So Car & Ga 1st g 5s...„1919 1, -N 10212 —.10212 Oct '12
10214 104
0 38
_
1916 111-S 10334 -_-. 112 Oct '06
:r Virginia Mid ser C 6s
10414 J'ne'11
,
tt • Series D 4-55
1921 11-S
10534 1053,
• Series E 5s
1926 M-S ,.(3412.___ 10534 J'ly 12
_ 105 J'ne'10
1931 M-S 10418
It' • Series F 5s
10,12
4
10713 idg11936 M-N 10612 10712 10712
ri • General 58
08 00
• Va & So'w't 1st gu 5s_2003 J -J 195 109 1o812 J'ly '11
95
95
-95
I. • • lit cons 50-year 5s 1958 A-0
97 .1
90 9:11
W 0 & W 1st cy go 4s_1924 F-A *91 ---' 9312 Sep '12
103 10312
3( West N C 1st con g 6s
1914 J-J 102 ___ 103 May'12
103 10212 Apr '11
.
okane Internet 1st g 53_1955 J -J
10334 idE
r A of St L let g 4 s 1939 A-0 LIT 10514 10334 Oct .12
11034 1121:
let con gold 55_1894-1944 F-A 10712 1111. 111 AugY2
9158
943 Sale 0158
3
1953 J-J
04 06
Gen refunds t g 48
10618 1071
• SILM Bge Ter gu g 5s1930 A-0 105 106 10618 Sep '12
1004
10714 10814 10814
2000 .1-13
10614 11012
& Pac 1st gold 5s
8
q2000 Mch 50 65 497 Sep '12
4918 60
•
' 2d gold Inc 53
05 ____ 9912 Apr '11
1931 J -J
LaDlvI3L18tg5s
10612 Nov'04
• W Min W 63 N W 1st gu 58_'30 F-A
1935 J -J 106 1081. 106 Oct '12
foil; 11561;
1'OI & 0 C 1st g 58
10734 .I'ne
1935 A-0 10538
10734 10734
'• Western Div 1st g 63
103 101
1935 J -D 103 1091, 10334 Sep '12
General gold 5s
1 9114 93
9119
1990 A-0 1,013 ___. 9,14
Kan &M let gu g 4s
2 9714 901.
1927 J-J
822
8
987 9'12
-year 5s
2d 20
•
9412J 11012
9314 9478
uu
1917 J -J
ot P & W let gold 4s
8112 Oct '12
8312
84 8712
ol St L & W pr lien g 3 43_1925 J -J
6„12
1012
60 6953
1950 A-0 602 61
60-year gold 48
70 Oct '12
68 731:
1917 F.- A 68 75
• Coll tr 45 g Ser A
89 8914 8918 Sep 'L.
9918 9312
Ham & Bull Ist g 43h1946
101
101 106
J-Dte
isr & Del 1st con g 53 1928 J-D 10318 10:12 101
8512J'ne'12
1952 A-0
8512 8618
let refund g 48
Union Pacific
10018 3C 9878 10214
1st RR & land grantg4s.1997 J-J 100 Sale 100
8712 ___
,4314 Oct '12
1947 J -J
9812 10178
1. Registered
1927 J -J 102 Sale 10134
103 11.7 10114 104
,• 20-year cony 43
p2008 M-S 9512 95k 9512
9558 21 953 9778
8
'c• let & ref 48
9318
1 9112 9814
( Ore By & Nay con g 4s1946 J-D 9313 !K43. 9318
4
I 111 1133
• Ore Short Line let g 6s...1922 F-A 111 11212 11112 11112
10813 112
1946 J -J 10812 1119 1083
4
10824
let consol g 5s
•
9214 34 91
1929 -1-D 9218 Sale 92
'4 953
• Guar refund 45
4
1,
108 Iday'll
Utah & Nor gold 5s1926 J -J 10518
let extended 48
1933 J-J
l
-8
4
4
-963 -665andaila cons g 45 Ser A_I955 F-A a .7, -665 Mc11'15
9212 9712
Consol 45 Series 13
,1957 M-N 9413 9438 9212 Sep '12
:Vera Cruz & P 1st gu 434s1934 J-.1
9134 94
931 94 Oct '12
1
•
-
•
_
i
T
tir
•
T
N
,t:4
BONDS
Y. STOCK EXCHANGE Y1,,
s.
0a_
,
Week Ending Oct 25.
1st
Wabashgold gold 5s
2d
5s
1939 11-N
1939 F-A
Debenture Series B
1939 J-J
1st lien equips Id g 53.._1921 111-S
1st lien 50-yr g term 4s 1954 J-J
1st ref and ext g 4s
1956 J-J
Cent 'trust Co ctfs
Do Stamped
Equit Tr St Co ctfs
Do Sti-mped
Det & Ch Ext 1st g 5s___1941 J-JI
Des Moin Div 1st g 4s___1939 J-J
Om Div 1st g 3 4s
1941 A-0
Tol & Ch Div 1st g 4s
1991 /11-S
Web Pitts Term 1st g 45_1954 J-D
Cent & Old Col Tr Co certfs__ --__
Columbia Tr Co ctfs
2d gold 98
1954 J-D
Trust Co certfs
Wash 'Fermi 1st gu 3 163_1945 F-A
1st 40-yr guar 4s
1945 F-A
West Maryland 1st g 4s__1952 A-0
West N Y & Pa 1st g 53
1937 J -J
Gen gold 4s
1943 A-0
Income 5s
81943 Nov
13/heeling & L E 1st g 5s___1926 4-0
Wheel Div 1st gold 5s___I928 J-J
Eaten & Imp gold 5s____1930 F-A
RR 1st consol 4s
1949 M-S
20-year equips f 5s
1922 J-J
Ninston-Salem S B 1st 45_1960 J-J
Nis Cent 50-yr 1st gen 431949 J-J
Sup &Dul div & term let 4s'36 11-N
1107
Price
Friday
Oct 25
Week':
Range or
Last Sala
1
Range j
Sines
Jan. 1,
High No. Low
Ask Low
Bid
H"7 '
107 8
11612 10.14 11618 10714 1,
. 96 8313
981 99: 99
0912...1 3 7234 100 3
J'ne'12 .....-31:- .011: ;
2
i9
9 .0
. : 10
---- ---- 90_
99 ____ 9834 Sep '1:
80 ___ 83 Dec '10 ---673,1
67 Sale 67
6438 71 I
6i 66 Oct '12
631,
6312 Sale 6313
-- - 6, 6513 Oct '12 - - - 5914 70 I
20 601 6953
2
64
1612 6334
86 6 14
10012 ,4
9
0
107 ___ 10/ Oct '12 .___ " 1073
--- 8014 80 Awl:
6812 7134
70
__ 70 70
80 843 8018 J'ly '12
4
30 3)12 3014 Sep 'I::
2013 42
4
3
30 4 Sale 3312
32 4 --;:: 397 3911t
,
3312 Oct '12 ........5.__ 30 811131
,.. 3
30
01178 4833122
2
3
214
114
212
218
214 Sale
83 ___ 8738 Oct '11
1 -6i1; r i
M
100
9713 __ 100
8512 Sale 8512
8514
8
6
' 8 4
1 19
17 ' 2 1081
107
10/ Sale 101
___ 8612 86 Oct '12
.
—... 34 Feb '07 . --.2
10112 ___ _ 10112 Oct' -- 10114 10512:
10 (18 109 10218 Nov '11 . 8
1u018 101 102 J'ne'I0 .
2
4
-01- "851.8313 8412 8,14
1414
— _ 103 9812Feb 'II ....
3
.
9114 Sep '1: .
8912 91
61 4 9
-99011- -9923;1.
3
24
A
4
913 9234 9134
90 90(9 9012
9912
2
2
2
•
1
Manufacturing and Industrial
thls-Chalmers 1st 5s
1936 J-J
10
61 65 61
61
Trust Co etts deposit
01 Sale 81
6112 3
Cm Ag Chem 1st c 5s
10112 18 10901183 10212
1928 A-0 10138 Sale 10114
1 0 7 094:
78
3 11
868218 665 4
1.m Cot ()next 4 16s
1915 Q-F 904 97
953, Oct '1. .
9634 9812
Debenture 5s
1931 11-N 1.312 Sale 9314
9.,12
1rn Hide & L 1st s 1 g 6s
10115
1919 M-S 10012 10112 .0334
killer Ice Secur deb g 6s
1925 A-0 7212 1112 75 Oct '12 .—
1.m Smelt Securities s f 6s 1926 F-A 10=12 10514 105
2 7 1 82
. 10212 106
10514
Un Spirits Mfg let g 6s
1915 M'S 9912 iul 100 Oct '12.
1'912 101 i
2 925 95
Cm Thread 1st col tr 4s
8
9312 Sale 9312
1919 J-J
L312
i:..
. 192 444 255:
.
.
4
1
Uri Tobacco 40-yr g 63
1944 A-0 120 12112 120 Oct '12.. ., ._5: .._ 1,9987 1999113
13:3 /
..._ 1917 1973:
18 88 211
1944 A-() ____ ___ 12014 Oct '12.
Registered
____ ____ 1101:Sep '12,
..i 11878 12112
Certificates of deposit
96
Gold 48
1951 F-A 95 97 96
3
____ ___ 95 8 J'ne'12 _
Registered
1 51 F9173 96
Certificates of deposit -------------9514 May'12.
Cm Writg Paper 1st 51 5s__1919 J:J
3
9012
9012 Sale 9, 8
., 9131 90414
421
_
laldw Loco Works let 53_1940 M-N ____ 10313 103 Sep '12 . . 1023. 1026 :
leth Steel 1st ext s f 53__1926 J -J
9612 Sale 9138
9012
lent Leather 20-year g 53_1925 A-0 9512 Sale 9512
4
953
(onsol Tobacco g 4s
1951 F-A -__ 9618 95(3 Oct '12 _
Registered
1951 F-A ___ ____ 77 Nov'07 -.-3
2
;orn Prod Ref s f g 53
4
1931 M-N 951- 97 96 4 Oct '12 -... -5E1- if'
05
t 94 9612
1st 25
-year a f 53
1934 A1-N 941 05 05
7
9
• 9672 9212
)uban-Amer Sugar coil tr 63 1918 A-0 ---- ----97 Oct '12 _ 5, 54
7013
7313
7012 7814
)1stil Sec Cor cony let g 58_1927 4-0 711i Sale
90
31 du Pont Powder 45e_1936 J-D 8934 Sale 8934
;en Electric deb g 343_ _1942 F-A __ 80 8338 J'ne'12 _ -._
10-yr g deb Os
1917 J -I) 179 ____ 18112 1,113
6 15312 182
;en'l Motors let lien 6s
91
', 82 91730744
6 : 3
97.; 49 1098 1109084 8
3
1915 4-0 9914 9912 99
II Steel deb 4
0012
1940 A-0 90 9011 9012
ndiana Steel let Sc (recto 1952 M-N 10012 Sale 10014
6 89'2 9233
10118 115 100 10134
lit Paper Co 1st con g 6s 19181F-A Ws Sale 103
101
8914
1 8412 :3
Consol cony s f g 5s
89 89., 8914
1935 J-J
nt St Pump let s 1 Ss
4
(313
4
1929 M-S 9114 '92 913
.ackaw Steel 1st g 58
9712
_7
1923 A-0 914 Sale 9.14
1st con 5s Series A
810_
4
1950 51-S 79 8.12 813
15 9420 89271112
-year convertible Sc,,,_1915 M-S 9514 9512 9514
5
9
3
512 20 9712 95 3
1203. 1- 11834 123
,Igg &Myers Tob Co7stpy bds__ -___ 12014 1:-012 320
9612
58 temporary
_ 96 Sale 96
14
93
9( 89
34 9534 10914
lexical) Petrol Ltd env 63A 'il A-0
bonds-- 1213103i4 10213 103
93
hat Enam & Stpg 1st 5s
1929 J-D 9412 9412 (33 Oct '12 .
87 90 89 4 Sep '12 _
bat Starch 20-yr deb 5s
3
1930 J -J
991.. :5 87 10932
: 9
3
: 9914 89414
;talons! Tube 1st us rects_1952 111-N
1
1
21
9914 Sale 9914
I Y Air Brake 1st cony 63_1928 n-N 101 1,4218 1.31 Oct '12 _
2
,
, Lorillard Co 78 tem'pry bds_ — ____ 12012 __. 12014
12012 - i:i , 19314
lid
1 1934 2 3
96 Sale 96
5s temporary bonds__
VA
1 97
ty Steel Spgs 1st s f 5s_1921 J -J ....,_- 98 4 9712
9812
-3
9112
8
3
,2 4 9
tepub I & S lst&col tr 5s 1934 A-() 10353 :___. 10338 Oct '12 _ __ 1021 10413
92 "i5 9034 9388
10-30-year 5s s f
1940 A-0 92 Sale 91158
90
1930 M-N 8912 90 90
tandard Milling 1st 53
9
2 94 8
he Texas Co cony deb 6s.. _1931 J-J 100 Sale 100
10012 28 8612 10212
9212 9612 92 Oct '12 _
;Mon Bag & Paper let 5s I930 J-J
9234 Oct •L _
1930 _ ____ 9 t
Stamped
1- 9218 92
1 S Leath Cost deb g 6s
1913 11- N 10312 Sale 10013 1002 :6 100 10413
1 8712 91
8914 9014 8914
J S Realty & I cony deb g 58.'24 J-J
8,14
2 30 5()
30
30 Sale 30
; S Red & Refg 1st g 63
1931 J-J
10,12 4= 103 105
I S Rubber 10-yr coil tr 6s_1918 J -I) I0312Sa1e .0338
Registered
1918 J-1) ___ ...._ 10318Jan '10.
10134 1041$
IS Steel Corp—coup ___81963 51-N101 8 Sale 13114
102..
,
St 10-60-yr 5sIreg ____d1963 51-N 10218 Sale 101 1
2 10158 104
10218
4
'a-Car Chem let 15-yr 5s 1923 J -D 91=3 Sale 9,3
18 973 101
9
118
4t 10012 10313
Vest Electric let 5s Dec 1922 J-J 100.3 Sale 1003
101
4
9412
Vestinghouse E & Ms f 55_1931 J -J
93 96
9438 Sale 9438
10-year coil tr notes :53_1917 A-0 9614 9112 9612
97
It, 9812 98
2
'Telegraph & Telephone
ALm Telep & Tel coil tr 4s 1929 J-J
1936 ht-S
Convertible 48
fificago Telephone let 53_1923 J -D
,ommercial Cable let g 93_2397 Q-J
2397 Q-J
Itcgistered
Ceystone Telephone 1st 53_1935 J -J
2.
letropol '1'6 &'Fe! islet 55 1918 111-N
1924 F-A
Itch State Telep let 5s
4 Y & N J Telephone 53 g_1920 ,11,-N
4 Y Telep 1st & gen s 1 4 43 1939 M-N
1937 J-J
'ac Tel & Tel 1st 5s
booth BellTel &T lstst 53_1941 J -J
1938 J -J
Vest Union col tr cur 5s
lod and real est g 4 168_1950 Al-N
1941 111-N
Mut Un Tel gu ext 5s
Northwest 'Fe zu 4 4s z_1934 J-J
17
42
_
11 821? Mch'12 _
------- 8312Nov'll _
81 ___ 85 Aug'''. _
101 103 10214 Sep '1: .
99 10014 100 Oct '12 .
__ ___ 10314 May'll _
9818 84
9818 Sale 9778
9,13 • 9914 9014
8 5(
995
9918 21
99 Sale 99
4 101
8
10j12 10114 1003
3 96
9614 19
-------- 104 J'ne'll _
__
91 __ 9614 J'ne'12 _
8912 Sale 8912
11113 Sale 11218
3.1
89
11318
89 9113
1083411)353
8212 8213
82 "ig"
102 103
9978 101
98 11367;
9878 10114
99 100
10014 10312
06 10012
95
9614
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s f 5s____1932 J -D 07 ____ 97 J'ly '12 _. 97 98
a1926 81-5 85 ____ 91 Nov'll ....
. Debenture 55
---- ""-'
001 F & I Co gen St g 58____1943 F-A 9834 100 0834 Sep '12 __ 9834 10038
1919111-N 108 10812 10714 J'ne'12 ..... 10714 1073
4
' Col Fuel gen 68
8114 25 7212 8514
Col Indus let & coil 55 gu-1934 F-A 8312 8114 8314
1935 J-D k__ 8411 85 J'ne'11 _
____ __
Cons Ind Coal Me 1st 5s
Cons Coal of hid let & ref Os 1950 J-D ____ 9378 93 Oct '12 ..... 93 91
__ __
Or fly Coal & C 1st g 6s_ _h1919 A-0 9312 06 10233 Apr '06
4
Ran & H C & C 1st s f g 53_1951 J -J 98 ___. 98 Oct '12 ____ 973 0812
85 88 87
ocah Con Collier isle f 53_1957 J-J
7 8112 891.
87
81
80 Sep '12 _ _ 7934 8412
1955 J-.1 _
St L Rock Mt & P 1st 5s
1951 J-J 1013 Sale 10112
8
10138 15 10113 1037,
Tenn Coal gen 58
; firm Div 1st consol 68_1917 J - J '102 10.04 10334 Sep '12 ___ 10312 1041::
a1917 4-0 .102 103 10214 Oct '12 ____ 10214 104
Tenn Div let g 8s
, Cab C M Co let gu g 6s__1922 J-D 10312 110 110 Jan '09 ____ --- ____
1931 MS .--. —__ -.....
—.
!Ash Fuel 1st g 5s
34
1953 J-J ..,_ 85 8534 Oct '12 ...... 8834 86
Victor Fuel 1st s f 5s
ya Iron Coal & Coke list g 531949 M'S 97 0712 0714 Oct '12 ___ 9412 9812
Miscellaneous
1948 M'S
Adams Ex coll tr g 43
Armour & Co 1st real eat 4 4s'39 J -D
1952 A-0
Bush Termina, 1st 48
1955 J -J
Consol 5s
Chino Copper let cony 6s 1921 J -J
Irrigation Wks & Dot A 4 ;is '4
_
I nsp:r Cons Cop 1st 68 irectsi -----Int.Mercan Marine 4 34i__ 1922 4-0
Int Navigation 181 3 1 53....1929 F-A
Mge Bond (N IN ser 2-48_1966 A
1939 J-J
Morris de Co 1st 51 4 10
N y Duez 50-yr 1st g 4s
1951 F-A
1932 J -J
Nlag Falls Pow let Os
_a1932 A-0
Refunding & gen Os
Ontario Transmission 53_1945 M-N
Pub Serv Corp N J gen 5s 1959 A-()
Ray Cons Copper 1st cony 681921 J -J
1939 J -J
Wash Water Pow let 53
8212 8813
83 84 83 Oct '12
8 18 9014 9214
913
9114 9178 91
90
1 8834 92
-- 9012 90
97
1 97 99
_ 9/3, 97
19512 89 116 19518
jig Sale 176
1_
____ 95 9318 Nov 11 ____
y1(02 18. 104 2 11012
3
10812 Sale 108 3
6(138 V, 63 70
6514 Sale 6514
6 7734 8214
78
4
7912 773
'78
—__ 90 8934 Aug'1:: ____ 8912 897
8
80 81 81 Oct '12 _-__ 81 8513
s
10034 ___ 10178 J'ne'r, -- 100121C117
_
91 ___ 9434 Sep *12
921 - — 7
9212 Sale 11
6
128 2 4
123 Sale 123
104 May'12 ....
102
9213 9434
92 941
112 130 3
1
102 8 104
No prloe Friday; latest bid and asked aDue Jan dDue April /Due May oDue June hDue July kDue Aug °Duo Oat dDue Nov One Deo sOp Lion iii4s
4.
CHICAGO STOCK EXCHANGE-Stock Record.
HroCIC8-1110HEST A.VD LOWEST SALE PRICES
Baturdau
Oct. 19.
32
*89
*88
1 255
8
* '2
8
*3
*23
*38
*9
*49
32
92
95
2614
914
412
2312
42
92
,
51
7' /esdav
,
Oct. 22.
Monday
Oct. 21.
*32
*89
*83
257
3
*812
*3
*20
*40
*9
*49
*32
*39
*88
26
914 *8'2
412 *3
*20
23
*40
42
912 *9
*49
51
35
92
95
26
35
92
95
26
914
412
2;3
42
912
51
W dnesdag
,
Oct. 2.3.
*32
489
488
25
*812
*3
*20
*4))
9
*49
Tharvtay
Oct. 24.
Friday
Oct. 25.
35
*32
*32
35
35
92
Last Sale 9212 Aug'12
90
95
90
2538 2.
2512 2512 26
85
3 853
84 8
3
14
94
(
Last Sale 4
Oct'12
412
Last Sale 23
Oct'12
23
42
Last Sale 40
Oct'12
87
8 9
9
"
3
4 9
Sep'12
Last Sale 51
51
' 45
*122
4238 4318 4153 43
4312 44
453
42
s 4334 4514
44
123
122 12414 123 123
12112 12212 12234 1223 122 122
4
_ 40
_
: 0 138
130 - _ __
_
Last Sale 105 July'12
*130 131 *400--*4004130 138
*130 .138
Last Sale 135 Aug'12
*400--6912 65) .59
51
5.
58
60
58
*57
60
5912 458
*103 105 4103 105 *103 103 *103 105 -101 10,
10512 0512
14314 14,14
143 143
14312 1433 14;312 143:2 4143 144 *143 144
4 64
642
*63
65
6218 6218
*63
60
64
66
Apr'12
Last Sale 47
91
91
-91- -- .93 01
' 15- 66- -90 9141. 58 58 .55 58 *55 58 4..4 60 *54 60 53 55
5434 55
54 4 543
3
547 55
8
45412 55
4 5412 5458 5114 5414
142 May'12
Last Sale
ei15- 214 *210 214 4511-- 214 '*210 214 21..; 214 239 209
3
138 138
13813 13912 140 14012 141 14112
13814 13314 138 133
19
, 213 213
19(2
8
3 1912 2112 24553 2038 19
1914
Last Sale 87
Oct'12
10773 10778 10712 10754
107- 107 107 110713 108
6i- loi;i4 103
9813 98,2 9814 9812 9813 9812 498
9812 9818 9838
9312 *98
7014 7 14
71
7112 *71
*7012 7112 7038 7112 *71
7112 71
12 i14 12112
123 123
121 121
122 123
12112 122
Last Sat 7633 Aug'12
•---.. 72 • -- 72 *__- 72 4___- 72
13)13 131
134 13438 *154 13412 *134 13412 *134 13112 131 131
.
12.14 1.53
4
*123 124 *123 124 *123 121 4123 124 ,123 124
129 12
*12912 131 *12912 131 *12912 131 *129 130 *129 131
Last Sale 120 Oct'12
*120 123 *120 123 4120 123 4120 123
647 6128
8
6434 64,
4
4
8
,
* 4 65 4 *643 6514 *613 647 *6434 65
643
4
Last Sale 60 May'12
52-- ---_
_ ;5172 --:: *9112 -- *9112
_ *9112
*9112
-u 11834 11912 118 11914
12038 1213 120 11118 1193 110
4
4
12 11018 12
*8612 88
*8612 88
*8612 83
88
*8612 88
, 8712 8712 *87
Last Sale 18
May'12
_
455 16012 -5372 - .- 99 991
06
*93'2 9912 9918 9918
10.12 10312
1011T ;3 4
2
102 103 *102 104 ; 4 1-1991 '10= 101
3
3
211 21178 210 212
3
2054 21012 208 4 209 4 209 4 21014 209 20112
3
3
*123 12314 12314 12314 *123 12312 4123 12312 *123 12312 12338 12318
41
44
44
44
* 612 10612 *43
10
43
44
44
44312 4412 *43
44
*4
Last Sale 9712 Aug'12
*94
*94
95
*94
95
03
95
10658 107
10612 10638 10614 10612
1063 106 4 10512 1088
8
5
3
*340 350 *340 350 *340 350
33012 332
33218 33218 33i 331
*107 108
108 108 4107 108 *108 10912 *108 109, 109 1013
2
20014 201 *199 201 4109 201
202 202
109 199
199 199
Last Sale 412 May'12
-- -113 4114
Last Sale 114 Oct'12
*114
*114
112
112
8 75 2 773
8 773 79
797 797
8
4
,
4 7618 7638 713 7638
4
5s 7714 775
Last Sale 10
*9
10
Oct'12
*9
10
43
,
10
10
' *9
-5672 -9-0-12
Sage)
of the
Week
.Shares.
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 25.
Interest
Period
Prtca
Friday,
Oct. 25
Week's
Range or
Last Sate.
Range to? Year 1912
luaest
Lowest.
54ailroads
30 Aug 23
40 Apr 24
54 Chicago Elev flys com___
1)o prei
90 5Iay2, 9334 Jan 20
_
85 J'ly 1
1(5138 Jan 15
10 Chic itys part et! "1"
Chic itys part etf "2%2_
2212 Oct 11
38 Jan (3
6 J'ne 1. 11 Jan 12
75 Chic Rya part ctf "3"
Chic itys part ctt
8
57 Jan 13
3 Oct 1
City By & Lt_100
Kansas
1414 Aug
25 Sep 21
Do pret
100 40 Oct 10 5013 Jan 10
6 Mch.
5
220 3trects W Stable (J. L2100
1178 Apr 10
100 35 Jan 30 52 Joel))
Do pret
allCOUS
100 1112 Jan 2 47 Oct II
2,075 American Can
100 91 Feb 1 126 Sep 19
Do pret
530
American Itadiator 100 325 Feb 1 405 J'ly 2
100 131 Jan 13 135 Apr 30
.0 pret
Oct i
225 ii.mer h lp build ing_ _ 100 45 Aug 4
ho pret
100 100 Feb I 10512 Oct 25
25
133 Jan 11 lusis mch 1,
22) Amer Telep & Teleg
6612 May22
39 516114
485 Booth Fisheries coin
Voting trust ett
4312 Feb 26 50 Jan 9
Do 1st pret
J'ne 5
1,144
77 filch 14
7. Cal & Chic Canal & D_100 49 Feb 9 6538 May13
56; hio Pneumatic) Tool_100 44 Mch 15
5512 Oct 15
Chicago Telephone__ _100 137(3 Jan 4 143 5101 .
10 Chicago Title & Trust.100 184 Jan 4 222 J'ne2ki
753 5:oinnionw'th-Ecitson_100 13514 Jan 4 150 Mch
10 Feb 13 2112 Oct 21
350 Corn Prod Ref Co corn
Do
do
pret__
87 Oct 1, 81 Oct 1,
4
472 Diamond Match
3 1113 Feb 3
100 103
8; Hart Shatfner & Marx pt_
98 Oct *2 10212 Itch s
16) Illinois l.8r1o.
100 56 Jan ' 7312 Sep 23
4
720 Internet harvester Co__ _ 106 Feb 1- 12678 Sep 10
K nickerbocker Ice pret_ _
67 May
/638 Aug 5
425 National Biscuit
100 130'?, Oct 23 161 _ Apr 30
60
Do pret
100 15514 Oct 2‘) 1303 MaY55
4
100 103 51ch 3 135 Sep 24
23 National Caroon
100 115 Feb 11 120 Jan 5
Do prof
60 P-cilic Gas & El Co
x 61 J'ly 2 67 Apr 9
'
rights
5.61) May 05.65 Apr 23
Do
Do
preferred
- 1,902 Peopte's Gas L&Colce_100 10313 Jan 5 12233 Oct 9
Pub Serv ot No III corn. s 81 May.2 s a412 Apr 2-I
x.08 May1', z 113 Apr 21
Do rights
Do preferred
x 9812 Oct 2. z1071. Aor 5 1
350 Rumely Cu, prefferrod_
z 93.2 Apr 2, 518312 Oct 23
1,963 Sears-Roebuck corn., 100 140 Jan 5 221 Sep
100 12112 Jan 11 12534 J'ne 5
Do pret
145)
341,8 J'ly 1, 49 Aug 9
75 Studebaker Corp com___
9412 J'ly 15 0712 Aug 1
130 preferred
941 Swift & Co
100 9834 Jan 1 10914 Apr 4
150 Tne Quaker Oats Co., 100 215 Jan 1.5 455 Oct 9
80
Do pre(
100 10512Jan I 110 Jan 13
271 Union Carbide Co
513534 May s 20212 Oct 15
Do
z 314 May I X u May22
rights
58 May 2
178 Jan 18
Unit I3ox Bd & P Co.,100
2.300 United States Steel corn_
5838 Feb 1; 8012 Sep SO
W-ntern 3tone
100
9 Sep
14 , Feb 7
Range tor l'revious
Year 1911
LOWES.
Highest,
21 J'ly
85 J'ly
80 Apr
2034 May
8 May
412 Nich
15 Sep
30 Ser.
7 Dee
38 Nov
32 Dee
94 Nov
101 Aug
3778 Deo
1212 Aug
712 Aug
25 Feb
7212 Feb
1314 Feb
50 Jan
9 Jan
7678 Jan
165 Jan
12012 Meli
43 Nov
10612 Sep
13128 Aug
3. Apr
33 J'ne
50 Sep
4912 Apr
3912 Set)
113 Jan
15112 Jan
113 Jan
4
93 Oct
78 Jan
9212 Feb
100 Sep
41)18 Sep
9914 Sep
1212 May
93 Dec
301 Oct
133 Nov
79 Feb
113 May
15214 Joe
6914 Mch
0734 Men
8838 Dec
52 Feb
5512 Feb
14114 Nov
180 Deo
13738 J'iy
1533 J'ne
78 Jan
11034 Nov
10334 Deo
70 Jan
129 May'
11714 Jan
123 Jan
100 Aug
117 Sep
14212 Deo
130 Mch
120 5101
120 Lich
. .
13.11
10863Ian ;
Sep
5
1233 Sep
4
116 Sep
10234 Jan i
.
122 Meh •
9734 Sep
165 Mcla
10212 Feb
104 J no
212 Dec
10712 J'ly
1 Dec
6012 Oct
13 Dee
7 Jan
8178 Feb
"5 Jan
;
Chicago banks and Trust, Uoinpames
Chicago Bond Record
•
sun:Ks
CHICAGO STOCK
EXCHANGE
trds
Sold
Range
lor
Year 1912
High No Low. High
Blet,
Ask Low.
91
Apr'12
231
5
91
Am Tel & Tel coil 4s....1929 J - J
0012 9214
8
903 Oct'12
Armour de Co 4 555.5_1939 J -D 2.5.
58214 8214
8214 Apr'12
Auto Elec 1st Al 6s__1928
59618 9618
9818 May'12
Cal Gas & El unit &ref 5s'37 31 - N
10 10134 103
4
Ottioago City By 5s_1927 F - A 1)1134 §/ 4; 1054 10114
9158
2 86
ChloCity&ConR.ys 58.01927 A Z &Ai bi
9734 9712 Oct'12
9738 99
Chicago Elev By' 5s-1914 J - J 1 9712
92
90
95
Oct'12
Ohio Pile Tool 1st 5s_a1921 J - J
99 8 13 9912 101,
9934
1927 F -A 2-;t51,1 Sale
4
Chicago Rys 53
3 9513 97
Chic Rys 5s-series "A" A 91 8 95.8 9514
3
9514
9614 9733
9638 Jan'12
3 Chic Rys 4sseries "A" A 85
4 8412 9158
as Sale 85
Ohio Fly's 4s__series "B" J -D
9334 9515
t Chin Rys 4s_series "C" -A 8____ 9312 94 June'12
100 100
Jan'12
100
Chic Rys coil 65_2_1913 F - A
2 70
85
7058
7
143 7053
; Chic Bar Pr rn 5.1 g 4s25'97 J -J 2 -7418 ...
45
60
48
48
48
45
Chio By' Adj Inc 48.51927 Aay I
26 10078 10314
101
Chicago Telephone 53_1923 J -D 10073 Sale 10075
9/12 Oct'12
9738 9938
Cicero Gas Co ref 0 51_1032 J - J
39 10214 10334
Comrnonw-Edlson 53_1943 In- S i5ii4 gdi 10228 103
4
5 102 1033
102
Commons/ Eleo 53.5 1043 .11 - S 8192 Sale 102
,
10114
1111 :
003
4
- N 110114 10112 10114
Cudahy Pack 1st 51 55.1924
20 10978
97
1108, Sale 108 8
8
10J
Die Match Con db 68_1920
290 3 9934
5
Gen Mot 6% 1st L notes '15 A 223 Apr'12
4
10114 May'12
510114 10112
Ind Steel 1st g 55_21952 fl - N 2--72:
,
Do
1st g Os. _1928
515012 1664
3
Int Bar 3-yr 5% g 1105e5 13 F -A 110014 100 4 10058 May712
-- '
.80518 10512
10513 Apr'12
'LlY5 St'i Is. 51 g 63_21928
Kan City Fly 5.3 Light
89
Oct'12
9414
90
1913 M - N
Co 5s
8714 90
88
88 Sep'12
J
Lake St 161-1st 58_2..1928 J
19 8012 8534
8012
803
4
Metr W Side El 1st 4s..1938 F - A I 8012 Sale
i Extension g 4s
83
3 79
78
78
J
78 Sale
1938 J
510478 10478
1047a Apr'12
'Mil El Fly & Lt 1st g 5s1926 F -A
95
Apr'12
505
95
,
3 do re Fe ext. 4 4821931 J - J
• do gen 53 ref 5s..1951 J -D
z893 901
May'12
Mliw Gas Lt 1st g 43_51927 21-N
1039 J - J 8____ 8313 8812
1 8812 9014
8812
:Morris & Co 4 4-N
110034 10114
100 4 May'12
3
Net Tube 1st g 582_1952
510314 10314
10314 Apr'12
,Nor Shore El 1st g 55..1922 A 510038 10038
- 8
do 1st & ref g 55_1940 A - 0 0038 1667- 10038 Apr'12
9512 Sep'12
19512 9718
'Nor Sit Gas o III 1st 5s '37 F - A
10014 10014
10014 July'12
;North West El 1st 45_1911 21 - S
10 993 10012
9958
8
W G L & Coke Co 5s 1928 Q -M -65E §itie
995
8
4
1 953 99
9112 073,3 9738
'Ogden Gas 55_2_2_2_21943 ti - N 21)7
4
x9153 9218
92 May'12
Pas Gas Fe El ref g 5s_1942
5100 10018
100 May'12
T&T 1st col; 1r 5s1937 J - J
Pao
10033 2'Ich'09
1016 J -1) 9812
Pearsons-Taft 53
0012 Dich'10
4.40s
• - S 05
Feb'10
97
4.60s Series E
51- N
96
9814 Nov'll
4.80s Series F
11 - N
9712
1181,
;Peop Gas L & 01st 63-1943 A 11512 Sep'12
Refunding gold 5s_1947 51- S 10118 Sale 10113 10114
10234 1033
4
Chic Gas L&C 1st 3s 1937 J - J
10314 10314 July'12
10114 103
Consum Gas 1st 55_1936• -D
10114 19114 sep'12
10034 10112
Oct'12
Mut'l Fuel Gas lst5s1947 51-N 110012 102
101
59634 100
Pub Seri" Co 1st ref g 5s '56
96, 977
8
8 9734 Oct'12
5100 100(4
Sou Bell T & T 1st sf 58 '41 J
10014 May'12
J
9212 9(114
Oct'12
South Side Elev 46s_1924 J
93
94
4
3 10() 1003
Swift & Co 1st g 53_21914
10014
10014
9978
Tr -City Ily & Lt colt
598
trust lien 3 t 38
9814
9814 Apr'12
1923 A Union Elea (Loop) 55_1945 A 85
89
Apr'12
85
2-- 81
59978 100
'U S Gypsum 1s g 582..1922 'tI100 May'12
5
110212 1023
'US Steel 10-60-yr s t g 5s__
10212 Apr'12
10034 103
Western Eleo Co 55_1922 -=-j 110112 102 2 1007 Oct'12
8
- -1.
Note
-Accrued Interest musk be acidJd t o all Chicago bon d prices.
iiEr2
1004 10214
NAME
Outstanding
Stock.
(C)
Surplus
and
Profits.
(1)
Dividend Record.
In
1910.
In
Per- Last Paid,
1911. Wet
____ Oct '12, 135
American State
$200,000 $179,77u An Jan '11. 5
Calumet National
100,000
60,873
Cont'tal & Comm Nat.... 21,500,0041 9,107,950
Q-J Jet '12, 255
10
16
Corn Exenange National 3,000,003 6,054,259
16
3,371 deg b us May
O8t'2 438
1,1/.92 1115
1
,
200,000
Douglas State
Q-J Jet '12, 14
75,791
6
8
200,000
Drexel State
487,124
se4 12 2
10
10
J 5ct :12: 24
600,000
Drovers' Dep National..
57,033
200,00
hug ewood State
639
Q-51 Oct '12 435
12
12
10,000,000 11,723,J27
First NatIonai
4-51 iep30'12
14)
210,06.3
150,000
12
First Nat Englewood
Priv tte Ba ilk
541,175
Foreman Bros B'k'g Co_ 1,000,000
5;5.1 Jet '12,2
Fort Dearborn National 2,000,000
8
8
680,7/3
tilberthan Banking Assn 1,500,000 1,539,807 8+2
(1) (4-3
Kasper State Bank
)
J-J July 112,5
151,765 10+15 10
400 0110
Lake V)ew State
2,312 deg. b us Apt 311 V.92,p. 1004
200,000
La Salle St National
I, t14. Ma y'19 V.90,p. 1277
282,61h
1,000,000
Lawndale State
38,613 Org D cc. 16 1911.
200,000
Live Stock Exch'ge Nat 1,250,000
5
yct'.p 51
y 912,29
554,910
10
10
.vieca. & Traders State_
55,233 Beg. b us.A5g
200,000
Nat Bank of Itepublic_ 2,000,000 1,374,183
8
Q-J 5ept 30'12,
National City
Q-3 Jet '12, 1
6
6
606.630
2,000,1100
National Produce
103,073
(.1-J Jet '12, 1
6
4
250,000
Nona Avenue State_
Q-J Jet '12, 1 3
78,134
200,1100
7
North Side State Sav'es
50,000
Q-3 Jet '12, 14
6
46,071
6
Nortn West State
Q-.1 Jet '12, 141
200,000
5
44,751
4
People's Stk Yds State..
7
500,000
94,848
935 Q-3 Oct '12,23.4
Second Security
200,000
7,193 deg. b is Nov 1 '11 V.93,p. 1235
Q-J Oct '12. 155
Security
s6
160,025
400,000
434
2.
,
(4. Oct 42 ji
J
Q-J Oct)
South Chicago Saylngs_
731
8
200,00t)
1105/00
South Side State
6
16,971
200,0(30
Q-3 Oct '12,3
State Bank of Chicago- 1,500,004/ 2,327,125
12
12
8 Q-M .3ep30 '12, 3.
Stock Yards Saylngs
225,110
250,000
51-N May '12, 3
Union Bank of Chicago6
15,
3,315
500,000
(,1-3 Oct '12, 2 ,
Washington Park Nat
6
12,091
100,000
Wendell State
25,434 None None 45-54 Dec31'08,135
50,04)0
8
Q-J Oct '1'2 2
Central Tr Co of Ill
71.9
4,5041,0(e0 1,959,874
J-J July '12, 5
10
Chia City Bit & Tr Co
322,860 10
500,0(1)
Q-3 .Jet '12, 14 ,
Chicago Say Bank & Tr 1,000,000
257,318
Q--.1 Oct '12, 2
8
Chicago Title & Trust.,_ 5,603,1)00 12,271,355
756
10
CitizensTrust & Savings
16,515
50,000
Colonial Trust & Savings
477,311 8+2 8+2
600,000
Coat ,k Cousin Tr & Say 3,000,000 1,542,323
-- -8
8;9
Drovers Trust & Sav
167,774
200,000
-Ci44:-.33j C 3171'212 123
O '2
16 Q-5 °P-3°7'0 2 1;4
12
First Trust & Savings_ 5,000,00J 2,177,11(1
FL Dearborn Tr &SavtlIc
3,336 Beg, b us Apr 1'11 V. 92, p 929
250,000
Franklin Tr & Sav Bank
54,800 deg. b us Apr 312 V.94, p 1030
200,000
24 Q-.1 Oct '12, 255'
GreenebaumSonslik &Tr 1,500,000
208,457
J- J July '12,3
40,391
Guarantee Trust & Say_
200,000
12
Harris Trust & Savings_ 1,500,000 2,107,465 11+5
Oct
72,483 deg b us Apr 1(01-'31 1 V 92,1 1004
Home Bank ec Trust
'12,.
300,000
3
Illinois Trust & Savings 5,000,000 9,626,35) 10+4 16+4
q Oct '12, 4
77,463 /-51'35
4
7
Kenwood Trust & Say..
200,000
Q-3 8ep30'12,13
61,714
531
Lake View Trust & Sav200,000
Q-3 Sep30'12,112
38,901 Beg,
250,000
Mercantile Tr. & Sav
1'12 . V.94,p.484
12
Memo/vats' Loan &Tr Co 3,000,000 6,649,802
45... ) 30 12.2
0 1 i cp 12
[(1-3 , e t ' .,4
15
64,153 Beg. h us Oct 29'1 0V.91.P1221
200,000
Michigan Ave Trust Co_
1V.92,p1004
500,000
Mid-City Tr & Say Bank
7.5,843 Corn b us Apr
1,500.000 2,731,557
Northern Trust Co
8
8
OctJoe
North-Western Tr& Say
250,000
8
6
127,511
9 :544
1221 22
.
'1;1_1;1 V: :12 7
Q(
Old Colony Tr & Say 13k
200,000
50,661 neg. b us J'ne I
People's Tr & Sav Bank
500,000
190,297
ct
Pullman Trust & Say_
300,000
273,541
8
oet . 1g 10
6
Sheridan Tr & Sav Bank
12,1 H
43,036
200,000
Sept
Standard Tr Fe Savings_ 1,000,1)00
380,453 COMM eared
J-J July'12,3
6
Stookrnen's Trust & Say
555
46,209
200,000
Union Trust Co
1,200,000 1,455,633 18+2 8+2 Q-M Sept 30'12,$
6
8+2 Q-M Oct '12, 2
West Side Tr &Sav Bk_
08,100
400,000
955 Q-J Oct '12, 24
86,840
Woodlawn Tr de Say Bk
734
200,000
• Bid and asked prices: no sales were made on this day. t Sept. 4 (close of business) for national banks and Sept. 5 (opening of bUsiness) tor state
jnstItutIons. 8 No price Friday: latest price this week. ;Sept. 1 1011. i Dividends not published. Stock all acquired by the Cont. & Comm. Nat.
-J. with extra payments Q-F. s A
Bank. a Due Dec. 31, 6 Due June. c Duo Feb. elDue Jan. 1. k Also 20% in stock. q Dividends are paid Q.
dividend ot 50% was paid In 1911 on Security Bank stock, to provide capital for the new Second Security Bank, V.93, p. 1235.
A1115.31 1912. Z Baled
reported beginning April 18.
OCT. 26 1112
THE CHRONICLE
Volume of Jusiness at Stock Exchan;e3
TRANSACTIoN
Al 1.1e. NEW 1013,K sT0C1e. EXCIIAN(15
DAILY WEEKLY AND YEARLY
Stocks
Week ending
Oct. 25 1U12.
Shares
264,904
630,221
471,743
811,001
537,03)
702,60 ,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
(tc ,
Par vairre.
Bonds.
- -•- --- $21,617,900 $1,016,000
55,935,-100
1,5)3,009
42,933,000
1,600,010
75,311,400
1,828,000
50,833,503
1,736,500
13;,1•2, 00
1,6.2000
3,3e6,e5 $110,1
' Total
Sales at
New York Stock
Exchange.
State
Bondi.
$13,500
100,000
101,000
48,000
27,000
21,000
1 .13,500
Week ending Oa. 25.
U S.
Bonds
_
$2,000
500
1,000
510
8,11,000
Jan. 1 to Oct. 25
1012.
1111.
1
1912.
1011.
3.506,559
-No. shares___
2,670,607
Stocks
101,831,651
107,151,429
$313.1111,50 $218.606,775 $9,713,l62,;:25 39,178,1137,000
Par value
$2,500
$500
$1,475,200
Bank shares, par
6672,500
Bonds.
$7,000
Government bonds
$3,222,509
$1,000
$1,0J6,000
$101,000
3314,61)0
81,115,400
State bonds
$22,020,000
15,455.000
1.45, ,.,00
616,281,500
561,4.13,500
RR.and misc. bowls_
Total bonds
5#,7,S,.,430 $15,053,000
853;
,511.500
$703,619,400
DAILY TUANSA(MONS AL' tulle BUSPON AND PHILADELPHIA
EXCHANGE'S
Boston.
Week ending
Oct. 25 1112.
Listed jUntis ed
shares
shares
PhVadelphia.
Bond
sales,
Lisiect
shares,
Unlisted
shares.
Bond
sales
4,770
20,116
20,101
26,202
21,937
23,.1.,
Total
4,071
10,771
11,320
20,803
14,976
1,.1106
$13,200
25,000
18,500
12,500
50,000
6,000
2,610
7,793
6,185
10,461
8,721
5,812
4,036
22,293
15,022
16,939
5,605
13,014
$7,000
16,700
42,900
84,800
46,800
4.,.60
11.40.33
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
73,606
1125.200
41,612
8100J
$2 et,,60
Inactive and Unlisted Securities
All bond prices are now
and Interest' except where marked
"
1109
indust arid r11:scel-ii 0
Cite
Ask
Amer Typefounders
40 50
Preferred
10, 12212 105
Deb g 61 1939
M-N 10.1 102
Amer Writing raper__ __Ite•
31
4
401
,, ee
,Ilk. s hit
Barney & Smith Car coniltio
16
Preferred
IIliJ
'35
89
Bites (1, WI Co coin
as
135
15
Pref•nred
.6,• 120 125
Bond dr Mtge Guar _
295 _ _
Borden s Good Milk corn 10., 111 .19 '
Preferred
10‘. los 110
British Cos Copper Co_ __
.4
511
Casein ('0 01 Amer coin Ill.
Short-term Notes
1
Preferred
40
411 •
0
9
93 0
‘
1111, Copper Is 1913 _A-0 6 1.• 190
;salt & otsio 4i4)3 1913-1-0
Casuady co or America. 10, 111 12)
ei
Celluloid Co.,
111., 140 13'2
Ka./ Cr .18 1A.:1w II,, 96e; 57
45
unee & ublo
47
City Investing Co
1914„3-1) 91.1 99
,!eid & Alton 3e 1913 _ _M-S
Preferred
lo• lull 101
9812 9.42
;3111a eilev itys 56 1914 __J-J
90
9712 9812 Oaten (11 Bs Co corn_ lo., 65
Cln Haw & 1) 4s 1913_„3-3 9s ; 99
ise
91
e 1st preferred_ _
Erie Os April 8 1911__A-0S 100 10012
e 20 preferted
1)2
b.
.10.
Os Oct 1191.1.., A-0 99'4 9 12 Consoi Car iseatIng__1(16
8-1
:5111 .55 Aprii 1 1915_ _A-o
11
13
9812 Cons°. Itutwer
98
• %tutors ils'15-See N 1' itkEx list.
iK)
5712
Preferred
11 udon Companies
(10
Debenture 45 1951__A, 1511
(15 Feb 1 1913
9912 43 e Crucible Steel corn
4
1714 1712
F-A
hIs Uct 15 1913 __A&O15 99
1;014
e Prelerred
99e.,
Uti
luu
Ill Lent. 4
9914 993 Davis-Daly Copper Co___le .2
4
214
1914_ JarJ
int & Gt Nor Is 1914_ _F-A
9ies 9/18 -Dia-se/no Ma(e.-.lee tine. itk.Ex list.
enter Harvester As '15.F&A
99, 10014 cluPont( 1) de Nem Pow 100 195 200
5
K C Ry & Lt 623 1312_
e Preferred
98
9) lou
,:jinn & S I, ig Is 1913 _F-A
e Ex list.
9/12 -96d,12-4
uin,
do Kan & Tex As 1913.M-N
rGolil 4-i3rantingearn _106
Iierson 5
'
741_ 7512
N
9634 9714
Alssuuri Pacitle As 11114_J-D
Peeterred
100 101
Nat Rye oi Slex 95es '13.3-D
9012 Empire Stee & Iron corn 104.
93
5
10
eN YC Lines Eq 5s 1912-22
412
Preierred
48
95
404
luu
43.4 4 Jan 1913-1925_ __J-J
_ _ .05
4.55 4.45 e General Chemical corn. life
4 43 Jan 1313-1921_ ,3-3 6 0, 1-1.
e Prelerred
169
% )
4.5 045
14
1U
N Y Cent 44es 1914
90
9912 .1orren (13 Fr co-see N
wI
'It,xIlaI
M-S
3t I. & 8 1 As 1913 opt 3-1) 99
(i912 Jrceire-Cananea-See 13os s. k Ex .ist.
,
93 ;43 k Hackensack Water Co
65 .iedt 1 1911 oot
51-5
South Ity g 53 1913
Ref g Is 62 op 1912_ „3-3 85
8718
F-A
99
Wabasts 41es 1913
91
Havana lbeacco Co___103
Al-N
6
8
%VestIngh'se El & 516$ 1913 103(4 1003
Prelerred
8
15
.1
luu
• uotesuee 11-See NY itk E x list
1st g Os June 1 11)22__J-E
61
65
Railroad
Decker-Jones-Jeweu Munn,
is Chia & Aiwa cona
1st tie 1922
1312 24
100
102 104
e Preferred
40
26
10
ilerring-klaii-51arvin
20
s Chic St
M & Om __WU 132 138
Hoboken Land & improve!
a Preferred ..
1033 10412
let As Nov 1930.....
..10o 110 1,30
.Coto & South corn.. __100
Hocking Val Products_ 100
40
41
6
8
e 1st preferred
1st g Si 11161
100
58
55
661. 75
0
e 23 preferred
Houston oil-see Balt Stk r. x het
100 72
j-j
2
N Y Chic & St L com _100 511 60
2 Ingersoti-itand corn. _Wu 103
e Preferred
s let preferred
10u 101 120
103
_
e 20 preferred
NNe wtt cln
International1 r 15 1 ait
I n ieasr oa t
90 : tcpro:se rule,dtu li coen
86
8
lou
-Ill. 1214
Internet Ilaneing Co_ _100 87
Northern Securities Stubs_ 105 110
92
Pitts Bess & Lake Ene...50 .30
Internatioaa. Nickel _ „luu .129 131
35
Preferred
Preferred
67
Al) .63
luu 106 108
e Railroad Securdies Coluu
lt C stk tr .:tfs Ser A,..
43 - -1
A-0
6"
West Pat 1st As 11133__M-S 8314 85
International Silver cow 10, 125 .35
8
3
2
Preferred
luoq 134 137
lit Ii) 1948
Standard Oil Stocks
J-1) 11) 111
Anglo- A inerican 011.....E 1 •18
Internal Smelt &
123 128 ,
Atlantic !terming
Llia an to (J ullnsi &
y: rn i, o uoty poC_o-Se0 Sel3E
e
1g0 2.40
i
IOU 5 () 600
list
le
Borne-Seryinser Co
Rai
fell 92 ;
Buckeye Pipe Line Co...60 .183 188
Lawyers' ;Mtge Co
lut 217 222
cheaebrough Mfg Cons...10u 675 130
Lehigh Val Coal reales..e
240 250
Colonial 011
100 14() PA) eLuose- w lies
N Y
x list
Continental Oil
ma cilson 8q strd
Matl hatt= Gair ten Stubs ._
850
100 .63 .465
2
8
.1
3
Crescent Pipe Lino Co
50
70
lUb
74
Cumberland Plpe Line..100
Preferred
_IUu 101 10214
75
Eureka Pipe Line Co_ AOU 388 391
8
Manhattan Trans,t
*113 115-es
1.,
Gaiena-SIgnal 011 coua_1(19 235 245
Mononganelalt Con C&C_2u
5
1612
0
Preferred
Prelerred
100 135 110
So .45
Indiana Pipe Line Co_ .50 •110 145
Mortgage ks nro C
morBoou d yo
ectk
1(10 105 109
National 'transit Co__ _25 .5 365
46
344
5
ltio 222 227
New York 'transit Co_ _100
com__100
10
Northern Pipe Line Co_100 1.12 1.38
30
leo
40
•117 119
Ohio Oil Co
N Y Mtge & Security...10u 203 208
211
Prairie 011 & Gas
N Y Transportation
10u 317 323
20 *3
6
Solar Real:nag
Niles-Bern-Pond corn_ _10u
100 625 6.50
83
87
Southern Pipe Line Co..1110 200 2J5
_sir/lasing Mines-See Most s tk Ex list.
South Penn 011
Ohio Copper Co
100 730 .60
.lee
1
134
Sou (Vest l's l'ipe Llnes..100 15
/5 150
u UntairecoatIrver
0 5 8 e th, L
c
2.38
10
234
Standard 011 of Calif_ _100
corn
76
-Stand 011 of Indiana
Wu 313 3-28
Preferred
10. 101 103
Standard 011 of hansas_10() 400 115
Pittsburgh Brewing_
5u .
1012 1034
Stand rill of Kentucky_ 100 400 415
l'referred
.
41)
41
Stand Ull of Nebra_eka_100 305 315
e Pittsburgh Steel oref _1
102 104
Stand Oil of N J (old)_
1010 1080 L'ope
100
35
Stand 011 of N
395 400
corn
10
70
75
Pratt de Whitney pref
Standard Oh subsidlarles___ 65) 680
100 166 108
Producers Oil
Standard 011 of N Y
530 550
iUu l'20
Realty Asitoc (13klyn) luu 115 119
Standard 011 of Ohio_ _WU 280 190
itoyai Bak Powd corn__ luu 215 220
Swan & Finch.
Rai 200 .23
Union Tank ',Mee°. _100
Preferred
100 1063 10734
60
77
4
Vacuous OR
JAM 177 182
Safety Car Heat It
1153 11612'
4
1VashIngton 011
lu .20
30
sears,Itoebuek&Co--SeeN 1 Stk E a list
%Vaters-Plerce 011
1011 1300 1700
ePreferred-See Chic Ilk Ex 11E t.
I obacco Stocks
Co100 21.6 288 ,
(See also .Stock ExchangeLtsil
3 ng h 11‘o g Se 8 corn..
So u ter r fn
i
l
2 .
Amer Machine & Fdy _100
Preferred
10u
3 British-American Tobac_El •2O( 70 Standard Coupler corn_1(ie
227,5
22?
pier
30
40
Conley Foil
IOU 290 300
l'refrre
100 108 112
S Heime ((leo W) coin _WU 185 197
Stern Bros pref
lUu 80
81
e Preferred
100 103 120
Suieberger dc Sons Co pi_ Wu
9812 100
Johnson Tin Foil &51etal IOU 180 200
texas & Pacific Cotu
1130 95 100
MacAndrews It ForUes..100 135 200 e Texas Pacific Land Tr_10,./ 95
98
Porto-Rican-Amer Tob_101.1 250 2/0
rale Ins Co of N Y
100
122
Reynolds (1(J) Tobacco.300 265 270
Lonopaa Min(Nev)-SeePhila sa 13 a list
Tobacci Products coin (iv I) 130 150
Trenton Potteries corn, 100
4
Preferred (w I)
1,6 ir612
Preferred new
100 60
65
e United Cigar Mfrs corn 100 52
59
trow Directory
100
20
30
e l'referred
Union Typewrlter corn
1011 10314 110
41
43
UnitedeigarStoresofArn corn 1051e l0538
1st preferred
lOu 110 112
Preferred
20 preferred.
119 121
leu 103 106
e Weyinan Bruton Co
10U 2,5 300
United Copper
1111)
1
2
e Preferred
I00 115 117
Preferred
100
8
10
175. 155
Young (J 8) Co
100
United Dry Geeds
97 1e0
e Preferred
106 106 10712
Industrial and Miscellaneous
100 190 260
C Adams If.pr,ss
C I U e re,s pe corn
U Lrasua,t y
Enrv el i
l
100
Wu 100 105
(.01 sr g 45 1147
91
5
0
J-D 18212 180
•_100 119 121
Alliance Realty
100 118 120
e u 8 Express
Wu
75
1)0
Amer Bank Note corn.__51) .52
U S leieis hdng
prel n rre 1
55
100
75
Preferred
bt) *53
55
10, 91 103
He) 170 173
American !look
1st g Is 1019
J-J 100 105 American Brass
100 139 142
Con g As 19211
J-J
1/5 100
American Chicle coos. _100 215 223 (3 S Indus Alcoh-See N VS tk Ex
Preferred
IOU 10317 1)5
• Preferred
100 100 105
eA wedelns Express_ _ 100 185 191
U S Steel Corporation
Am GraphOphollo cOM _100 43
50
Col s f Apr les 1951 op 1911 114
Preferred
100
Cole1 Apr 55 1951 not opt 114
American Hardware__ _100 138 [12
u S lit Go &
_100 90
95
Amer Malting 63 1914 1-1) 101 102
, Wells Fargo It (0,... 100 124 131)
Amer Press Amen..
.AO() GO
Westehester• It Bete= Till..
70
Am Steel Fdy 65 1935__A-0 99 10017
& Mtge Guar
100 _
left ,1
Deb 49 192:5
F-A
71
72 elVestingtese Alr Brake „b0 13834 140
American Surety
60 325 '335
?Woolworth (I W)
, -See NY Slit L x list'
American Thread pref.....L
•434
Worthington(11R)Co p1.100 105 10812
lelegraph and Telephone
C Amer telea dr
_ DIU
e Central & South Amer_100
Comm', Un Tel(N
Empire & Bay State Tet.100
eranatin
109
e Gold & Stock leleg_ 10&)
M e .av
s co.n
Iii
e Pre e.*.ed
100
C Northwestern Teleg_ _50
Pacific Sr Atlantic
2.,
e Pas ['e'er) It feleg pref.100
iouthern & Atlantic
25
Bid
Ask
)2
66
111 118
1 1) 115
70
65
40
60
11S 123
80
el3
6712 6,12
11
125
68
,5
100 11.1111
92
.6
Ask
Bid
Street Rail ways-wen.,
Union Ity GLIS & El coin_ 100
5
,112 51
1)0
Preferred
89
IOU
New York City
United Lt & Rya com_100 78
Bleeek It & Ful Fy stk_100
First preferred
86
81
18
100
25
Second preferred
1st rutge 4s 1.1150
70
J-J
100
76
74
Wilted stye 01 St L
B'y & 7th Ave atk
100 170
.
20 intge 63 1914
J &J
Co a vot tr cLfs
100
13
9612
4112 41 5.1
Broadway Surface Itlte Preferred
10u
lst Is 1924
J&J 10212 103 .1 Nash ay & El Co
100 8)44 00
3
lu
Cant Crosstown stock _100
Preferred
100 90
11012
1st natio 63 1922.__,M-,\ 100
4s 1951
3-1) 8.114 81
_
32
10
West Pears Tr.tr1Vat l'ow
11214
Con Pk N & E Itiv stock_luU
Christopher&lOth St stk 100 12g- 137
Preferred
813
4
81
100
electric. ties & Power Co.
Dry Dock E Li & 13
New York city
let gold As 1932
J-D 10014 101145 Cent Un Gas As 1'J27
Scrip es 1e14
F-A ) 30
101 10212
tedglith Avenue stock_ __100 310 120 e Kings Co El L & P Co._ IOU 130 132
New Amsterdam Gas
&rip es 1914
99 101
lot conaol As 1948
12d & hr It ly stock_ 10u 200 28.5
J-J 10012 102
& 8t N Ave_
N Y & 5 it Gael 1st 64'44 J-J 101 10312
WO
I2d 81.
(:,')Essol Si 1.145
99 1430
,151 63 1010
J-J RH 103
' 211d hie es Jan 1 1915....._
e le 1 Mutual Gas L....Ale) 165 130
73
N Y & El L & Pow Co_ 100 30
Ninth Avenue mock ___100 160 180
58
1
Preferred
Isoond Avenue stock _WO
3
100 77
85
Consol As 1948 ctfs__F-A / :15
N Y It Richmond Gas
42
100 55
65
North'n Un 1st As 1927 51-N 10) b )2
•Sixth Avenue stock_ ,300 115 126
ms Bouiev As 1945
.
J-J
83
93 Standard U L 1st 5319,30 A1-N 104 106
o For 1st Is 1919
1)5
other citres.
110
arry (VP & 51 613 '28 _Macs
76
60 Am Gas & isles corn
50 *90
92
118 & '211th Its 53 '16 etfsA-() 1 20
['referred
28
50 *473 49
4
Twenty-third St stock.,
.100 230 2/5
%in Lt & l'rao corn
IOU 430 415
Unlon Ity 1st As 1942_11-A 101 107
Preferred
100 10812 11012
Westchester 1st As '43.3-J
1)1
98 .1.iner l'ower & Lt tioni..10() 13:3
71
Yonkers St lilt As 1946.A-U
95
88
Preferred
IOU
85 4 8514
,
Itrooklun
.38
,Say State (113.9
60
*Lien Ave 1111 con Is '31A-0 102 1031. sunfalo City Gas stock100
2
5
BIS&WE 5s 1933
A-0
ti/ 101
Cities Service Co cons_ _100 118 122
Brooklyn City
-_10 130 164
Preferred
100
80
91
Ailwilbla Gas & E1ec___100
Bklyn ligts let Si 1911_A-0 1)0 103
16
/612
1st Os 1927
100 101 105
Wilsey Lai & Bklyn
7612 7112
J-J
65 Con Gas of NJ As 1936 J-J
let cons g 43 1048____J-3 81
1/3
__
82 Consumers L U Ss Pow
77
J-J
; Con g 43 1055
11138
110 101
3-D 100
Brk (J de N es 1931)_ __J-J
Consumers Power (111nn.)Nassau Sloe pref.
1stetref 5s 1929op'14-3
89
A-u 10212 1031
lit Is 1944,._
02
1-N
Denver CI & El As 1943.,(11-N
93
97
W rush uric & lelatb
95 Ellealiete Gas Lt Co.. 100 325
let 418i July 1911__F&A
92
Steinway 1st (is 1922___J-3 100 103 tIMeX. A: Hudson Gas. _100 137 1-10
Ot/ser ctat:
683 & 51 Bergen Co__ _100 87
Buffalo Street ItyGet (Vest Pow Os 1146..J-J
8712 8512
1st consol Al 1931__FLA 10 112 105
Hudson County has., 100 135 135
' Deb tie 11117
..A-U 101 1J0 Indiana Lighting Co
[00 40
45
(Chicago Union Tract
-corn__
2
4s ItieS opt
3
72
69
ePreferred
8 Indianapolis Gas
6
45
5t) 38
Com'w'ith Pow lty & L_100 69
let g 58 1952
90
A-0 8(5
6912
Preferred
100 c 8012 01
Jackmors Gas As g 1937 A-0 98 102
7/.2 7911 el.aetede Gas preferred lite
99 ;03
I Coon ity 3. Ltg com_1()1J
82
71
Nladiaoa Gas Is 1926. A-0 10.3 110
102
s Preferred
3/
Narragan (Prov) El Co _50 *97
99
ederal Light & Tree__ Wu 31
Newark Gas 6.4 Apr'44.(4-3 121
100 83
55
, Preferred .
Newark Consol Clas.....101) 96
,
Ilavana isles Ity L &P lUu X 62 1 S7
No ilud 1. 11 & P Si 1938 A-0
lUu e 9312 98
e Preferred
SLoulsv St 151 1930
J-J i105 10513 s'acifIc Gas & E corn_ 100 6112 65
Preferred
38
100 93
35
I New On Rye It Lt cona Itru
9.12
e Preferred
tou 7014 75 Pat It Pas has & Elec 100
tei
Plaila (.o-See Phila 8tk Ex Ils t.
Serv Corp of N J -.See Alt is x list
Tr ars 2% to 6% perpet 103 10912 st Joseph Gas Si 1907__J-J
91
95
Standard Gas & Elec(Del).60 *23
, NOW' Jersey St Ity__ 100
2312
1st 43 11148
Preferred
,
M-N
.
4 5034 51
,
79
81
7512 .612 United Electric of N
: Cons Tra,zt of N J....10u
90
95
54 1933
.. J-I) 1034 10112
1st g es 1949
J-D
8214 8311
Meek Pass Ity ..
.
Western Power corn...J.0J
10/ 108
2/
29
' Rapid Trail St Ity__ __100 235
Preferred
100 57
(e)
lot 53 1921
A 1) 103 105
Western States Gas&Eleei,t & ref g 53 1941 op_J-1) 91
JC Hob &Pat 4111)4'3 M-N
7814 79
9312
Bo J Gas El & Trae___100 12.1 133
Al, 9,12 10017
Gil g Si 1953
perey Companies
No Hud Co Bs 63 1914 J-J 10)12
13 & N Y 1st LB 11)11____J-3
95 102
J-J 102
Con St Is 1928
Y & E It Ferry stock.106
8
15
94
Ext 53 11)24......71-N
M-N
let 56 1022
60
50
Si Y & Hob 58 May '4(L .3-1) 9)
Pat lty con (1i 1031 J-l) 112
2i1 Os 1014 opt_ __A-0 100
_
Hob ley 1st 531046__M-N lat
_ _
21
10L
2 712 NY &NJ As P146
Republic Ity It 1.1glit
J-J
98 _3_s _
82
8 Az 101,11 & 23,1 Sts Ferry, _lik) 25
' Preferred
L
2t
21
Tennessee Ity L&P com 100
let rntee 61 1919
311
65
55
1011
73
79
Union Ferry stock
Preferred
100
16
13
Let 51 1(12-1
P & II As 191:3___J-1) 9/
51-N
92
90
,• Per snare a Awl accrue-h dlvi lead. A 11:1:09. I Listed on Stock Exchange 011 usually inactive. .1 Flat price. n Nominal. s Sala price. I New stock. x Ex-d1v.,
IaclUdea all neW stocx divelende and sub3cri,stions. e Listed on Stock Exchange but infrequently dealt in; record of sales, If any,
Ex-ri;hts
will be found on al
receding page.
Street Railways
E
rub
i
Ask
BOSTON STOCK EXCHANGE-Stock Record.
1110
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Oct. 19.
I'vesday
Oct. 22.
Monday
Oct. 21.
Wednesday
Oct. 23.
Thursday
Oct. 24.
Friday
Oct. 25.
7
8
3
5
*10938 10958 *10838 108 8 *10812 108 4 *10818 1083 *107 8 10818 10758 10758
Last Sale 10212 Oct'12
*10214 10234 *10214 10234 *10218 10258 10134 10214
214 214
214 21514 214 21518 *214 215
21312 214
*213 ____
12212 123
12212 12212
124 124
124 12414 125 125
124 124
_ _ *205
_ _ _ *205
- *205
_ _ 205 205 *205
6
9
98 --.98 98
99
9934 9912 9912 98
98
*205100 100
Last Sale 293 Oct'12
*291 295
__ *291 -_-_ *291
*291
Last Sale 14 June'12
15
*--- 15 *_ _ _ _ 15
7412 7412 *___- 78 *-_ 78 *__ 78
*____ 78 *--- 78
Aug'12
Last Sate 9
*812 10
*812 10
*812 10
, *812 10
50
50
10 *---- 50
*____ 50 *____ 50
50
Last Sale 189 Aug .2
s__ 169
- 169 *____ 189
189 **108
108 108 *108
108 10934 108 108 *108
• _ 205 *_ _ 265 *___ 26,5 *--- 26.5
Last Sale 260 Aug'12
12118 12118 121 12118
121 121 *121 ____ 121 12118
121 121
*124 126 *124 126 *12334 12634 *124 126 *12512 12712 12512 12512
312
4
3
*83 4 8414 *833 8 14 8312 8312 *8312 8114 *8312 8414 8312 8
12312 12812 *12812 12878
*12812 129 *12812 129 *12812 129 *12812 120
19
19
19
19
19
19
19
20
19
*19
20
*19
7712
7712 7778 77
78
77
78
78
7814 7814 78
78
13734 138
3
I 13812 13858 13814 13858 13838 13834 137 4 13812 13712 138
Last Sale 12812 Oct'12
--
I
• 52
*173
*8934
,*152
8112
*97
175"
8i *45
17314 171
9014 8934
__ *152
1112 81
98
97
52
52
17212 17012
8934 *89
___ *152
81
81
97
97
0
5 -0
4
*2 0 2 -..- 176
*45
58
55
*45
55
55
55
17058 16912 16912 169 18912 *169 18914
3
8912 *8878 8938 *88 4 8914 *8834 8914
Last Sale 152 Oct'12
_
____
012
8
8012 -81 *152- 8012 8012 *8012 8112
9812 9812 9612 9612
98
*97
97
.Sates
sI the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
10 Atch Top & Santa Fe_100
100
Do pro.
73 Boston & Albany____100
100
59 Boston E,evated
100
35 Boston & Lowell
103
152 Boston & Maine
Boston do Provilence_100
Loston Suburban El Cos_
2 Do pret
Boston & Wore Eleo Cos..
pre.
Do
20
Chin Juno Ely & USY.100
Do peel
48
Connecticut itiver..„100
100
189 Fitchburg, peel
50 Ga 14y & Eleo stmpd_100
100
Do pre
50
100
100 laine Central
685 'lass Llectrlo Cos_.__100
Do pref Otamped _100
258
737 NYNH& Hartford_100
Northern N H
100
1 N()twice & I,Vor pref _100
100
8 Jid Colony
100
125 Autland prof
100
1,072 Union Pacific,
Do pre.
100
10
Vermont & Mass
100
50
99 Vest i..d St
50
Do prat
44
Lowest
5812 59
100 10014
414 414
2014 21
12512 128
12134 12214
14312 144
59
59
10014 10012
414 412
2034 21
12618 12614
122 12212
14312 144
59
100
414
20
125
12134
143
ia;- 168 16814 18858 16812 16914 *____
Lowest
highest
10378 Feb 10 11114 Oct 2
10112 Jan 12 10414 Feb 7
21112 Sep 2, 22212 Apr 3
120 Aug , 13434 Mch 25
204 J'ne 1.1 218 Jan 4
9112 Sep 20 10012 Jan 3
293 Oct 1 300 Apr 27
11,1ay2J
13 Jan 24
7412 Oct 16 80 J'ne 6
9 Aug 14 1212 Jan 6
50 Aug su 57 Jan 8
105 May 6 170 Jan 19
10712 Oct 3 112 J'ne 14
269 J'ly 24 272 Jan 18
120 Oct 9 128 Jan 25
124 J'ne 1_ z179 Apr 1
8312 Oct 22 9112 Jan 6
8
125 J'iy 23 1473 May31
1814 J'iy 29 2318 Jan 8
78 J'ly 30 83 Feb 23
13312 May18 14238 Apr 2
143 Jan 24
12812 Oct
200 Oct 29 21212 Jan 29
e171 Jnel4 187 Jan 31
41 Jan 2 70 Jan 1:4
16012 Feb 1 17614 Sep 30
8918 Sep 23 9212 Feb 8
152 Sep 30 104 Jan 16
80 Oct 10 88 8 Feb 2..
9612 Oct 24 10312 Mch to
Miscellaneous
-dent Chem__ 100 5733 Sep 16
18
235 Amer As
59
5814 58 58
i
,
A
Dpret
0
5
100 x9358 J' :
191
10014 10014 100 3 100 10038
3
Aug 2
414 414
Amer Pneu Senile._
275
414 414
414
Do pret
50 14 Z
1912 20
1,228
2078 1934 20
100 11434 Jan 10
12512I*125 12514 12334 125
731 Amer Sugar liefin
Do prof.,
.....10J 11512 Jan 4
4
412
4
1213 12112 1213 12112 122
14334 143 143 4 14258 14314 2,728 Amer Tel..p de Teleg_100 13712 Jan 2
3
Amer•can Wooleu....„100 25 Jan 31
Last Sale 2812 Oct'12
5
Do pret
8812
332
8814 88
8812 88 81100 88 Feb 3
ii
t
al Wi " " 8812 ii
88 "
77
*70
5 Amoskeag Manufacturing z9014 Jan 21
8012 8012 *_- 81 *-- 81
*__ 81
*-- 81
J'ne
Do pret
100 100
100
24
101 101 *--- 10012
*-___ 109 *_ __ 101
5 Aug 2u
501 All Gulf & W 1 SS L_100
7
7
3
74
7 *--,,
*---7
7
100 1012 Aug 21
Do pret
4
275
1314 1314
4
3
13 4 133 -i5i4 113
*1338 14
1338 1338 *1338 14
4
1378 1412 1,383 ,:ast Boston Land__. 11) 103 Jan2
8
14
137 15
1414
8
1334 1334 *____ 1378 *- - 137
27412 27412 27312 27412
408 Edison Eleo 111um_100 27212 Sep 28
271 274 275
275
275 275
275 275
100 155 Jan 2
289 Ueneral Electric
17812 18112
18258 *182 18212 18178 18214 181 182
5
' 182 8 18238 182
94
3
9414 94
93 4 933
4 9312 9312 1,038 Massachusetts Gas Cos100 z8818 J'ly 15
9412 94
' 9412 9412 94
100
192 Do pet
98
96
98
96
98
96
9614 9614 9534 96
9814 9814
th
dergenaler Lino_100 217 J'ne 21
Last Sale 225 Oct'12
*224 230 *223 230 *22312 230 *224 230
::d.: 15
il
a 4
20 Mexican Telephone_ 10 9
3
*33
4 4
3
4 3 4 *3 4 4
33
4 4
*33
4 4
*33
3
*3 4 4
N E Cotton Yarn___100 100 J'ne 1.3
Last Sale 101 Oct'12
*___ 1001 *___ 101 *__ 101 *__ 101
Do pret
100 98 J'ne 2s
Last Sale 101 Oct'12
*____ 101 *____ 101 *---_ 101
101
Oct
14912 14912 14814 14814
149 150
99 N E Telephone
14912 150
15012 151
151 151
t
2
.'ortland (Me) Elec__eg 1 1 1 at 4
Last Sale 90 Mch'12
18 4 Fe13 1
1633 .7a0 2
188 *--- 168
187 18712
69 Pullman Co
•
16
79 Reece Button-Hole 10100
18
18
16
16
1612 18
181 *16
*16
16
16
a
Jan 2
8
2
122 9712
270 Swift & Co
8
5
106 8 1067 10614 1083 106 108
10634 107
, 10612 10658 10834 107
4
May
51 l'orrington
2812 *2814 2812 2814 2814 2814 2814
*2814 2912 *2814 2812 *28
25 28 Jan 5
Do pre
Last Sale 29 Oct'12
*2814 29 *2814 29
29
*28
29
*28
200 1. nion Copper L & 525 .85 Jan 6
2
2
2
_
2
212
*2
iiiii iiiiii 2,937 United Fruit
loo 19012 19012 goi4 190 19012 18912 19012 190 192
5112 533 5412 5313 5414 4,064 Un Shoe Mach Corp Irg11 3i13 lb
4
5412 54
3
8 54 8 5514 54
5512 555
1
5
1
n g
Do peel
584
2834 29
2812 28 4 2812 2858
3
29
29
7
2834 28 8 2834 29
8
100 583 Feb 13
3
8 7578 7834 74 4 76,8 15,405 U S Steel Corp
7714 7734 7534 775
3
5
79 8 79 4 7712 79
Do pref
100 10718 Feb 13
121
4
4
E 11518 11514 *11438 11434 *114 11412 11414 11414 1133 1133 113 113
5914
59
10012 10012
413 414
2118
21
126 126
• 12218 12212
14312 14334
flange 701 Previous
Year 1911
Range tines January 1
On basis 31 100-share tots
12714 Sep
139 Jan
210 Jan
183 Mcb
32 Jan
15312 Sep
90 Mcts
156 Mel]
85 Sep
105 Aug
15138 Feb
142 Mch
214 Nov
190 Nov
45 Deo,
19214 J'ly
9518 May
16418 Deo'
93 Mch
105 Jan
48 Sep
6334 Aich 23
99 Jan
105 Men'.2
312 Aug
514 J'ne to
1218 Aug
4
213 Oct
13333 Mavl.., 112 Sep
4
12334 Aug s0 1113 Jan
8
149 Men 25 1315 Aug
26)2 Deo
30 Mch22
8512 Oct
9414 bich23
84 May o
7112 Dec
99 Dec
106 Mch 26
738 Dec
9 Feb 14
1412 Nov
20 Jan 18
1714 May27
714 Jan
300 Men 2/ 275 Sep
8
1877 J'ly 26 142 Sep
8734 Jan
96 Oct 11
93 Dec
9878 Feb 11,
229 Aug 2., 211 Jan
3 Oct
412 J'ne.N.,
105 Jan lb 103 Oct
107 Mch 2u 101 Nov
104 Mch 14 13/ Jan
4
623 J'ly
90 51en 2u
171 Aug 21 163 Sep
1738 April z12 Jan
10918 Sep 25
4
973 Seri
29 Sep
32 Jan 10
31 Apr 17
27 Mat
3
3 4 Apr 8
4
3 May
20812 J'ne 19 11178 Dec
5712 Aug 21,
4014 Aug
2012 Sep
2934 Sep 13
50 Oct
8058 Sep :it,
11633 Oct 1 10312 Sep
4
633 Deo
10514 Meh
612 Jan
1014 Jan
122 Feb
12018 May
15314 J'ne
3014 Mch
9012 J'ne
al Nov
10012 Dec
11 May
26 Jan
12 May
297 Dec
10714 May
4
903 Aug
1)812 Oct
235 Aug•
478 Jan
119 bleb
11612 Mch
16512 Dec,
7334 Nov
183 Jan .
15 May
104 J'ne
30 Jan
31 J ly
Ple Alch
19712 J'ly ,
5678 Feb
2914 Jan
8218 Feb •
12012 Feb
Mining
615 Adventure Con
612
514 Mch 28 1114 Apr 20
25
8
67
4 7
63
7
7
714
714 *7
*7
81 AIn y 1
1
34
25
215 AlgoInan MiningSep 24 501: J.ae 22
*3
3
314 311.3 318
3
*314 378
*312 414
4
'
4
25 381 Feb
41
40
40
42
39
42
4414 4414
45
*44
*4412 45
3
9
il° amated Copper 100 60 Feb 1 935238 0
8618 8678 x84
85
3
0
719
8,13 Amalgamated
857 88
8738 88
• 9012 9012 8712 90
Oct
8 3012 3114 7,713 an Zinc Lead & :3m_ 25 2412 Feb 15
3134 3238 3118 315
3312 3212 33
3312 3334 33
678 Apr L.
2 Jan 2
318 314 1,710 Arizona Comq etas den31s 312
312 31, 6
378 4
1
4
4
4
4
Bonanza Dev Co____ 10 .30 Oct 3 .55 Apr 11
Last Sale .35 Oct'12
.45
.45 *.30
.45 *.30
.3.30
.45 *.30
7
7
614 612
8
67 61510
63
4 712 * 4 714
714 714 *83
1
, b 27
42
1g 21014.1.F: y !
334 4
3
7
7
3 2 3 8 *3 4 4
3
34 4
3
3 4 3131e
3
4 34
33
1412 4512 14,820 Butte& Sup Cop(Ltd) 10 5712 Feb 1
4538 16 4 4518 46
3
4838 4834 4612 4814 4612 47
Feb
8,105 Calumet & ArIzonL._ 10
7514 77
7912 7614 7912 7812 78
79
81
81
7914 8114
2'22)
f o
A l
. 17 A i
1 2395134424 jjAu gree 27
172 Calumet & fiecla _ _ ig 41A2 Feb 6 6855113 2 Se:inr;
540 555
658 585
565 570
580 580
580 585
*58.5 590
275 s;hntenclal
5.007 Ce ino no p per
18
20 *____ 1912 18
20
21
*20
*20
20
20
21
6 2314 Feb 28 4918 Oct 23
4918 4612 48
46
4718 47
, 4312 4518 4412 4558 45
4713
iii
1(.
19
Cons Mercur Gold__ 1 .03 Mcb 26 .0634 Jan 24)
Last Sale .04 Aug'12
6612 Apr 1.
.- 5434 55
2
4
1
5 573
3
-. 4 ---- -LiF 15 -884 if- -El 16
3
2
53, 54 4 2,720 -opper Range Con Co 100 50 Jan 31
712 Alen 27
312 Oct 14
20
lly
81 c ltte
0.332 R t uost _op
5
14
4
4
4
3
34
4
33
4
•
312 312 *312 33
2 312
3,
146 Jan,t
21i
3
.2.5:7
• 1832 1612 1538 1638 1512 15 4 1518 18 . 1434 1514 1458
1614 Apr 1
1,389 Franklin
3
0 4 10
1014
1114 *1014 1012 10
. j 1112 117
8 1112 1112 11
1311,,Apr 6
5
.
u l an x
i ed
tn.;005
8 1,880 Urroub y Consolidated.110
41118 434
8 45
45
3
3 44
43
8
3
4 4 47
3
434 4 4
478 478
I
3
3712 Feb b 6312 Oct 21
1i da
01ldMa
4 6112 6238 5912 6112 8,729
633
6112
au
; 64
84
6312 6612 63
8
Feb 29 11, Oct 4
0
o s n0 0k a0nn 0
n
2U
4,072 Jreene Cc a sea
7
3
9 4 9 8 9130 10
3
9 4 1018
10
1014 10
i - 1014 1014 10
Mated 25 2312 Oct 23 37 J'ne 14
2414 1,025
24
2414 25
25
2
313 25
2612 25 4 2612 25
*26
3
2 May o
er
11e1yaetilaAlionm
4
3 Oct 25
150 Ind1nt
3
*4 1
4
3
3
*4 1
4
3
1
1 *.90
.95 *.90
.95
25 1118 Sep 26 23 Apr 24
1,810
14
14
1412 15
1412 15'
16
1612 16
18
, 1614 17
18 Feb 6 2158 Jan 24
205
41
--------340 inspiration t.,onsol C. 2
' 2012 2034 2013 2014 2014 2014 *1934 2014 *1914 20
Island Creek Coal
1 1012 Jan 17 6534 J'ne n,
110
2
25412 5412 *5412 56
58
*55
55
55
58
. *55
078 ug.21
9114 Aug1
1 85 Jan 13 :
Do prof
8612 8612 *86
248
8812 87
8812
88
*87
88 88
88 88
;
3
3314 32 3314 3,525 Isle Royale Copper_ 25 20 4 Jan 15
33
34
3412 33
3412 34
34
*3412 35
318 Feb 13
50 A pr 2
. 2 3a ti 9
5
2 8 234 1,495 Kerr Lake
5
2 8 2nre
3
5
58 234 *2 1; 2 4
2
58 234 *212 234
*2
3 May o
121 Keweenaw Copper
6
25
*2
2
2
2
218
2
2
218 *2
2
*2
218
5 171_ Oct 25 49 Apr 10
25 2
6,235 Lake Copper Co
30
29
27
• 3413 3412 3314 3414 32 4 33
2814 3212 29
3
8 Apr 17
290 La Salle Copper
7
48 5
8
7
4 8 47
5
5
512
512 *---512
*5
Febg
1 e1: 1412 J'ne 27
461 Ma.son Valley Mines.__5
*1212 1258 1212 1212 1212 1212
5
1234 1234 1258 1234 *12 8 13
914 Jan 4
8 Oct 24
23
880 ..4ass Consol
6
*7
6
3
612 612
12 6 4
6
712
712 *7
712 *7
234 Jan 3 1812 APr :13
23
2,370 Alayflovvel•
12
1234 12
1134 1212 12
13
12
12
1212 1212 12
5 2338 Jan 29 3038 Sep 26
1350 Miami Copper
*265 27
2612 2812
2612 27
8
5
14 2734 26 8 27
4 27
. 2734 273
512 Apr 2u
4
13 Oct 11
25
Michigan
Oct'12
*134 212
Last Salt 2
*134 214 *134 212 *134 2
25 5012 Jan 30 7J J'n0 2i
965 AbboWk
81
60
62
61
64
8512 62
6612 65
86
80
66
989 Nevada Consolidated_ 5 1814 Jan 29 2438 Sep 3u
21/2 2112 2118 2112
4
8 213 22
4
2234 213 223
3
7
7
22 8 22 8 22 4
014 Apr lu
244 Oct 24
560 N.:N-1 Arcadian Copper 25
3
3
3
24 3
3
3
314
318 *3
3
312
*3
834 Sep 2i,
534 Jan 3
5
330 Nipissing Mines
814 814
3
88 8 8
814 814
3
838 814 814
838
*814 838
3
393 Oct 8
15 2234 Feb 1
3314 3513 15,779 Nortn Butte
3512 36
8 3612 3714 3514 37
8
367 377
38
38
634 Apr 22
2;8 Sep 26
25
North Lake
00
4
4
4
312 312
4
4
1
3_2 312
48
4 11 312
34
4
c63 Jaa 11
234 Oct 24
25
100 O lbway Mining
3
24
. 2 4 --- - _
*314 4
, *312 4
*312 4
*312 4
4 .1 n 2 1314 May 1
23 4258 .7ari 31
812 4,045 Old Colony
8
814 834
813 918
812 9
812 81
9
9
;
O
J.
Oct 2
25
Old Dominion Co
583 58 4 1,204
3
4
8114 5912 60
60
6214 8114 62
• 62
6234 81
6tt2
25 101 Oct 25 130 '
397 Osceola
101 105
103 109
110
111 111
• 113 113 *110 115
02
131
g , 2 lig g E Sep 21
3
*-iii4 2234 2214 2214 217 2238 3,055 Pond Creek Coal
3
3
2318 2212 23
22 4 22 4
, 23
le
7912 80
2ta ?aryn
_.
4
813 83
85
' *87
83
87
88
*85
87
87
10 1213 han r 2413 Sep 25
n
C nsol Copper
7
5
3
7
2158 20 8 2114 2034 2114 20 8 20 8 20 8 2012 2 1
8 21
8
1 217 217
1
723
8
47 Ma$
. 334,, 3.34 3
,
314 351
.,30, 3.18
314 338
313 1,395 ianta Fe Gold & Cop_ 10
311. 3
3
3 0 314
1778 Aug b
9 Jan 31
10
1414 3,400 Shannon
1414 1433 14
15
14
15
15
15
1514 15
15
10 17 Feb 21 30 Sep 30
2714 28
700 Shattuck-Arizona
28
2812 28
28
*2812 29
2812 29
2812 29
114 Apr 3
300 South Utah Al & S.._ 25 .48 Sep (3
.50 *.40 .45 *.15 .55
.60 .50
.50
.75 .60
O
.65 4.50
5 24 Feb 1 4878 J'ly 2,
40
42
40
40
38
42
3812 1,555 3uperlor
*4312 4412 4312 4312 42
478 Jan 13
a ny24
6
25
485 Superlor& Boston :11n 10 2114 ya
8
8 15
15
4 134 111i6 11114
13
134 11316 1,318 178
2
4
*13
31 5i Apr 16
235 farnaraok
4012
39
42
41
44
4612 4812 46
4518 4518
46
912 Apr 9
418 Oct 21
25
*5
850 rrInitY
418 434
413 413
514
7
4 8 478
5
8
8 47
47
5
1
3
2 8 J'ly 21 41116 Meh 26
4 27
*23
220 Tuolumne Copper
8
234 234 *214 234
234 278 *234 3
*234 3
5
41 Ja n 31 x50 8 sea 3(1
a
4514 46
5,390 U 5 Smelt net & Min.. g8 3
8
4 4714 4734 46
4
' 473 473
3
14 45 4 4612 447 48
47
5018 1,513
D • pref
5018 5018 50
' 6068 5058 50
60
50 50
50
50
,
5
2 May21 3 34 Sep 21.l
10 51211 Fe b ''
2
2
2
213
785 Utah-Apex Mining
2
2
*2
2
2
21g
*2
2
12
2,537 Utah Consolidated___
1212 12
1338 1234 1234 1212 1234 12
1338 1312 13
lg 5T1: Jg 2t
,
1,595 Utah Copper Co
6333 6338 62 8 6318 62 3 6234 6158 62
8
5
5
6512 65 8 1145 65
7
Oct
60 Vie orla
212 212 *212 3
8 3
3
*212 2'
212 2 4 *23
3
*2 4 3
1g
8
1738 tpn 1
V2 ro 21 26°34 iepr 22‘0
'13 SA on 21
1
1:
205 Winona
414 414
3
4 4 43
4 *412 5
4 4 43
4 *414 514
3
• *434 514
c 7
• 74 8 75
4 7112 Oct 22 117 Apr 17
7212 71
72
1,319 Wolverine
71
7112 71
7212 75
7
7212 71
31, Meh 4
,n
Vil, 'ott
Last Sale 112 Oct'12
*112 2
*112 2
*112 2
*112 2
1. Bld and.asked_ priOes. a New _stook. s Asst't paid. 0 EX-stook dbl. 8 Ex-rights. a Ex-diV. and rights, , z Unstamped.
.
678 612
•
878g Pulttegarti2,718oMpg-
__4
Highest.
10038 Sep 11314 J'ne
101 Sep 105 J'ne
119 Apr 220 Feb
12412 Sep 13012 Aug
207 Feb 218 Sep
9612 Oct 12238 Feb
202 filch JOU Mob
18 Alch
12 Sep
7614 J'ne
70 Oct
13 J'ly
8 Feb
68 J'ly
3812 Jan
150 Apr 171 Deo
107 Itich 11512 J'il
266 Jan 272 J ne
125 Apr 140 Jan
z11712 Jan z164 Oct
88 Feb
9312 J'no
135 Sep 215 Jan ;
16 Apr
24 J'ne
4 Sep
212 Oct
21 Aug
4134 Sep
1934 Oct
8
13 Dec
.30 Oct
33 Aug
4
3 Nov
712 J'ne
11 J'ne
4414 Dec 7158 J'ne
3058 J'ne
2111, Dec
.76 May
1512 May
612 Jan
45 Sep
360 Sep
8 Aug
1638 Sep
03 Nov
"34 Sep
3 Feb
878 Aug
512 Aug
338 Set)
Aug
3
594, Oct
17 Sep
4
3 Sep
514 Oct
6334 Dec
145 Jan
19 Dec
2712 Dec
15 J'ne
31933 Feb
7 Dec
4
113 J'ne
14 J'ne
818 Feb
4312 J'ne
858 Dec
3112 Deo
2 Feb
10 J'ne
2914 may
8118 Sep
1112 Aug
258 Oct
12 Nov
22 Aug
3 Aug
1312 Apr
412 Aug
.20 Feb
1878 Sep
114 Nov
36 Apr
15 Sep
2 Aug
2812 Deo
20 Sep
4
33 Aug
8
35 Dec
.50 Jan
3414 Sep
81 Sec.
99 Deo
91 J'ne
23 Dec
778 Jan
334 Joe
40 J'ao
6 Jan
1178 Deo
J'ne
315, Deo
2438 Deo
312 Jan
57 Dec
2114 J'ne
414 Aor
8
113 Feb
3614 J'ne
934 J'ne
812 J'ne
318 J•ly
40 J'ne
124 Jan
55 Sep
12 Sep
4
3 Apr
7 Oct
1112 Sep
12 Dec
20 Oct
e2I8 Oct
20 Sep
278 Oct
134 Sep
3038 Sep
4514 Aug
172 Nov
4
93 Jan
33 Sep
1 Aug
4
33 Nov
74 Nov
.30 Nov
76 Dec
19 Deo
134 J'ne
12.4 Feb
24 Jan
1113 May
4212 Jan
814 J'ne
52 Jan
512 Deo
472 May
4018 J'ne
4912 Joe
312J'ne
20 J'no
5758 Dec
418 Deo
912 Feb
122 Fob
2 Fob
OCT. 26 1912.]
Boston Bond Record
BONDS
,BosToN STOCK EXCHANGE
Week Ending Oct 25.
g
Am AgrIcul Chem 1st 5s___1928 A-0
Am Telcp & Tel coil tr 4s_1929 J -J
1936 M-S
, Convertible 45
'Am Writ Paper 1st s t Is g_1910 J J
1913 M-N
Am Zinc L & S deb Os
Ariz Corn Cop let 68 etts of dep.
6
Atch Top & 8 Fe gal g 4s 1993 A-7
, Adjustment g 45____Juty 1995 Nov
July 1991 11-N
Stamped
•
1955 J -D
50-year cony 45
•
1917 J D
10-sear cony 55
Ati Gulf & W 1 SS Lines 58_1959 J - .T
1935 11-N
Boston Elev 30-yr g s
1916 J -J
'Boston & Lowell 4s
1944 J -J
,Boston & Maine 4 30
193. F - A
' Improvement 4s
1942 F-A
1918 J -J
(Bur & Mo Rly cons 6s
Cedar Rap & Mo 11 1st 75_1914 11-N
Pent Verrnt 1st g 4s__ _May 1920
'C B & Q Iowa Div 1st 9s_1919 -0
1919 A -0
Iowa Div 1st 4s
1913 M-N
Debenture Is
1922 F- A
; Denver Exten 45
1927 51.-N
Nebraska Exton 4s
1921
S
•B&SWsr 4s
1949 .1 -.1
, Illinois Div 3 30
Chic Jet fly & Stk Yds 5s__1913 J J
Coll trust refunding g 4s_1940 A -0
Ch Alliw do St P Dub 10 6s_1920 J-J
c)h H & St P Wis V div 6s__1920 J j
Oh & No Mich 1st gu 5s____1931 11-N
1921 J -D
Chic do W Mich gen Is
Concord & Mont cons 43_1920 J-1)
Cudahy Pack (The) 1st g 55 1924 11-N
1926 A-0
Current River 1st Is
1944 A-0
'Bet Gr Rap do W 1st 4s
1940 M-N
Dominion Coal 1st s t 5s
1913 11-S
Fitchburg 45
1927
S
• 45
1933 A-0
Fremt Elk & Mo V 1st 6s
1933 A-0
Unstamped 1st Os
Range
Since
Jan. 1.
Week's
Range or
Last Sato
----High
Bid
A k Low
10114 Sale 10114
10114
8912 Sale S038
8934
11412,1'1y 'lv
8
- 80, J'ne 12
131 J'ne•12
82 J'ly '12
-Hag Sale 9738
91/.
83 Oct '12
8919 J'iy '12
10134 Sep
1195-4 Mch 11
62%8
43
9518 Feb '12
10014 I1eh'09
104120ct '0
Price
Friday
Oct 25
Law H.gt.
10118 1024.
88.8 9114
10834 11534
89;3 90
103 131
.51 88
963 9934
4
88 921s
8912 915r,
10434 108(:.
4
- -2 11142195 9518
05 Feb 12
103 J'ne'12
11158Sep '11
90
7 014 3014
1103 Oct '01
99 Aug
1110.58J'ly '12
9978 Feb '1
9812 Itch'12
9918 Feb *11
8718 Nlay'12
16517 11)057 10) 1)314
8 8
___ 90 88 Sep '1_
114 Jan '11
11381 Feb '11
01 May 12
9612 Oct '1_
07125ep '11
10014 Aug'12
100 Aug'12
8014 Sep '12
09 Oct '12
1031 Apr '06
1)5
95
12712 Mch•12
127 Nich '12
95 95
103 1031).
8912 9214
9 911:
--- 9
10038 10112
997 100
8
9812 984
8654 87s
100 10134
87 01
91 99
9614 101
-- 4
0
1661; 10 1
9014 103
80 8614
9834 9914
95 95
12712 12712
127 12712
1111
Ween
Range
Range or
Since
Last Sals
L
--- -High No .,oto High
Ask Low
Bid
General Motors 1st 5-yr 6s_1915 A-0 9934 199018 14 Feb '12
9914 9914
9,39,.552818
9
.7
: 5.5533
9,9958 _ 0_95 s 19991888
:
1
Gt Nor C B & Q coil tr 4s__1921 J -J
4. 95 9812
Registered 43
9538 97%
1921 Q -J
985 10034
8
Illinois Steel deben 55
1913 A-0
fa Falls do Sioux C 1st 7s
1917 A-0
117 Apr '08
Kan C Olin & Spr 1st 5s_,1925 A-0
-- 2 97
9(T19711314
t :12
h 2
Kan C Ft Scott & Hem 6s 1928 11-N _113
113 11712
Oct
_
(Can C NI do /3 gen 4s
92 9212
1934
9212 0212 Sep '12
S
Assented Income Is
1934 l. S ____ 86 86
8412 89
86
Ilan C & M Hy & Br 1st 5s_1929 A 10212 1023
4
103 J'ly
_tiarq Hough & Out 1st 8s_11)25 A -0
115 .1'ne'08
51555 Gas 4 30.
_
1929 J -J
97 Out '12 __ 1718 1912
Ailch Telephone 1st Is
1917 J -J
10018 10018
10018 Apr '12
New Eng Cotton Yarn 5s 1929 F - A
96
1 96 99
New Lag Tel -ph 5s
1915 A-0
961' 144 8 Me'
9613hl
Is
10012 Sep '08
1914 A-0
New England cons g 5s
397 Jan
5
1945 J -J
19914 -- 79 8
1
Boston Term 1st 4s
11139 A -0
- -New River (The) cony 55_1934 J -J
77
_
75 r5JC'ii:2
S Y N H & 11 con deb 3 30_1933 J -J
921k 9238
9214 Meh'12
Cony deb Os
1348
1 12814 13212
12814
i2,14
3id Courtly gold 4s
1924 F- A
101 Apr •Ou
Oregon fly & Nay con g 43_1946 J -1)
9878 Sep '09
Oreg Sh Line 1st g Os
1922 F- A
8
I-1- 11334
2
1113 Oct '12
Pere Marquette deb g 8s
1912 J -J
95 Jan '12 __- 95 95
Repub Valley let s f 63
191(3 J -J
103 Jan '11
iavannah Elec 1st cons 53 19.52. J -J
J y
D c
3eattle Elec 1st g 55
193u F- A
1131- 17051- 2 --4
:hannon-Arlz 1st g (3s
1919 M-N --11 :
8312 100
°730
: 1;6 197142 Aug•12
Terre Haute Dec g 55
1029 J -J
97
Torrington 1st g 5s
1918 M-S
101 Sep '12
9934101
Union Pac RR & I gr g 4s,,_1947 J -J
10018 J'ly '12 -- 10018 10058
20-year cony 4s
1927 J -J
10178 blay'12
1(11/ 10178
8
United Fruit gen s t 4 30
1923 J -J
1 9512 9718
955
8
_ 9614
1614
Debenture 4 3.is
1925 J_ J
9518 Sale '5 8
,
95 5
3
3 95 9612
U S Steel Co 10-60-yr Is Apr 1963
10128 104
10214 Oct '12 _
West End Street fly 4s
1915 F-A
99 9918
99 May'12
Gold 4 30
1914 M-S
9938 10014
99%
9938
Gold debenture 43
1916 11-N
987 Apr '12
8
Gold 43
1917 -A
o9,
98 3 Nov'11
,1 2
Western Teleph & Tel 5s
9914 993
4
1932 J -J
-- for
111T38 '
Wisconsin Cent 1st gen 4s 1949 J -J
935g Feb 'Iv ____ 9358 93 •
Price
Fri lay
Oct 25
BONDS
BOSTON STOCK EXCHANGE
Week Ending Oct 25.
:
-Buyer pays accrued Interest In addition to the purchase price for all Boston Bonds. • No price Friday: atest bid and asked. 11 Flat price •
NOTE.
3.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Price/-Not Per Centunt Prices
Saturday
Oct. 19.
Monday
Oct. 21.
Tuesday
Oct. 22.
Wednesday
Oct. 23.
Thursday
Oct. 24.
Sated
ACTIVE STOCKS
0/ 1114
Week (For Bonds and Inactive
Stocks see below)
Shares.
Friday
Oct. 25.
Range Since
January 1
Lowest
Highest
Range tor Previous
Yeas- (1911)
Lowe
-4
iluihest
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
33 Jan
1612 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 The
50 Nov
1978 J.17
•
....235
8
6912
-.
1f)25711
Baltimore
525 Con Gas Et L & Pow_100
_ *114 ____ 11412 11412 11412 11412 11512 11512 *114 11512
Do
prat
100
*110 112 *___ 112 *____ 112 *110 112
2178 233
4 2118 2278 2108 22.34 2058 2112 15,984 Houston 011 tr ctts_100
24
235 -24
Do
pre: tr ctts 100
1,186
6714 68
6812 6834 68
70
6512 70
687
8 6812 69
50
124 124 *124
. 12412 12434 *124 125
73 Northern Central
. 124 124
100
19
19/4 1914
485 Seaboard Air Line
19 1918 1914 *19
1918 19 - - *1834 --_100
pre,.
Do
*473 4812 ____ ____ ---- -__ ---- ---- *4712 48
4
2618 2618 2618 26 26
26
26
1,280 United Fly & Electric- 50
8 26
8
---7
2 3 257 257
5
*2_
8
4312 137
8
537 5438
__
*12
5614 1614
*3114 3134
7214 7214
1112 1112
3178 3178
9514 9514
88
88
1434 1434
3112
*31
6214 6238
e51
5112
2338 23 8
3
2853 2853
*8818 9814
612 612
5238 52 8
3
90
90
4
43
5212
*12
56
30 4
3
7112
11
3113
94
87're
*14 4
3
*3114
62-irs
5118
2318
2818
4
863
612
5212
8934
4
*33
4 4
418
4
4312 r4238 4238
44
43
513 5258
4
5334 5253 53
1218 1218
__ *12
56
5614
1618 56 16
30
3012
31
30 4 31
3
7114 7114
7112 7114 7114
11
11
1034 107
8
1114
31
31
31
3114 31
94
9412
9512 947 95
8
8818 *873 8712 86513 813•10
8
15
15
1514 *143 15
4
3112 3114 3114 31
3114
62 8 6218 6214 811618 6214
3
5114 507 507 *5012 51
8
3
2318 23
2318 23
23
2812 28
2818 2758 2778
88
8612 867
8 85 8 8634
3
6
13
613
613
614 6je
5212 5214 5214 52
5214
8934 8912 8934 8912 8953
96 Jan 3 117 May 6
101 Jan I 116 Apr :s
814 Jan 3 2412 Oct 18
4
533 Jan 25 7212 Jily IN
124 Oct ii 130 Apr 8
19 Oct I., 2714 May24
4512 Mch 1, 5534 Joe 10
1814 Jan 2 265 Sep 9
8
Philadelphia
1712 Jan
1 J'ne 14
334 American Cement__ 50
5 Nov
7 Jan 10
972 American Railways__ 50 z4238 Oct 23 47 Sep 25
42 Jan
4612 Nov
50
6,277 Cambria Steel
4078 Sep
4112 Men 2 5518 Oct 10
4834 Feb
1212 Jan
1112 Jan
1112 J'Iy 31
30 Electric Co of America 10
1212.1'1y
1,547 Etec Storage Battery_100
5234 Jan 16 5638 Aug 12
5618 J'ae
4812 Jan
1,480 Gen Asphalt tr ctfs
100
2812 Aug • 3914 Oct
18 Apr 2 3318 Feb 17
Do
654
pref tr ctts_100
83% Jan
08 Aug
5334 Apr 2 73 Jan 3
6 Apr 4 13 Sep 16
918 Jan
658 Dec
250 Keystone Telephone_ 50
32 Feb
27 Feb 20 3514 Sep 7
2112 Sep
880 Lake Superior Corpt_100
8312 J'ne
87% Men 20 100 Sep 25
98 Jan
604 Leh C & Nay tr ctfs- 50
Sep 93 48 Dec
50
7818 Feb 5 9278 Jan 16
,
496 Lehigh Valley
7504
614 Jan
812 Jan 3 16/8 Sep 16
978 Oct
635 Lehigh Valley Transit 50
23 Jan 12 3338 Sep 16
2538 Oct
50
1812 Jan
Do prof
523
50 611 8 Jan 27 63113 Apr 26
,
8
65 Feb
593 Sep
2,369 Pennsylvania RR
50
4814 Sep
5914 J'ne
674 hiladel Co(Pittsb)
50 Oct 11 5614 Feb lb
25 II1678 Jan 2 2434 Sep 6
1512 Nov
18 J'ly
2,073 Philadelphia Elea
50
2218 May 6 29 Sep 13
2415 Aug
17 Apr
4,356 Phil 13 T vol tr ctfs
50
7414 Jan 11
6,894 Reading
8034 Feb
15£114 Apr 30 66151s Sep
1
6
348 J'ly 19
814 Apr 15
512 Jily
858 Jan
1,396 Tonopah Mining
50
4934 Feb 28 53 Sep
43 Jan
5234 Aug
1,206 Union Traction
5.,
8614 Jan 9 92% Aug 6
8414 Sep
893 Jan ,
2,538 United Gas Impt
414
*334 4
*4
4253 4234
4212 43
5214 53
52
5234
__ *12
1212
*12
5514 5514
5512 16
30
3014 2
912 2912
7114 7014 7034
*71
*1012 11
*1012 11
*3012 31
31
31
9414 94
9414
*94
4
8612 87116 857 863
8
15
15
*14 4 15
3
3012 3114 31
3118
81/qo 6211e 6113ra 6246
*5012 50 4 5014 5012
3
2314
23
2318 23
2758 2734 2714 2712
8534 86 84t548 86
6'is 61110
3
68 6 4
5
52
5218 5134 517
8
89
89
89
8914
,
OM
PHILADELPHIA
Inactive Stocks
10
American Milling
50
Gambrla Iron
.
Ventral Coal & Coke _100
100
i Preferred
100
0Onsol Trac of N J
50
Germantown Pass
o
8 n tI n g t a & B T____50
u
50
' Preferred
' diana Union Tr,,__100
7.1
Insurance Co of N A....10
ilinter Sm Pow & Chem_5()
.10
[Interstate Hys. prof.,
(Kentucky Securities...100
100
Preferred
iKeystone Telep v t c___ 50
50
' Preferred
tKeystone Watch Case_100
_10
iLlt Brothers
50
;Little Schuyiklil
Winetill. & Schuyl 11_50
Vat Gas Elec Lt 63 Po_ 100
100
. Preferred
Worth Pennsylvanta_50
50
'Pennsylvania Salt
.100
;Pennsylvania Steel..
100
! Preferred
VIalla Co (Pitts) pref___5o
Phil German & Norris_13
50
Phila Traction
10
iRailways General
;Tonopah Belmont Dev_1
United Cos of N J____100
Nalted Trac Pltts pref _50
ylrelnia fly & Pow.. 100
Preferred
100
-Warwick Iron & Steei__10
:WashIngton-Va Ry
IN
' Preferred
100
;Welsbach Co
100
i West Jersey & Sea 311_50
Westmoreland Coal____ 50
100
Wilkes Gas & Elec
5';
York Hallway
Preferred
5
1
'
MLt
Ark
Bends
Prices are all "and
253 212
interest'
4312 44
_- Alt & L V Lice 4 30'33F-A
,
-- __ _ - Am Gas do Bice 55 '07_1 -A
7513.... Am Rys Its 1917
A-0
Alt 0.Jas 1st s f 5s '60_J-J
1014 ____ Berg &EBrew 1st 6521 J-J
ilethlell Steel 8s 1998_Q-F
Choc & Me 1st 55 1949 _J-J
-2134 -21, Oh Ok & G gen 5s 1919 J-J
--- Con 'lute of N J 1st Is '33
Del Co Hys tr °Hs 43'491-1
Elec do Peoples Tr tr etts__
_Fr Tac&H 1st Is 1940.J-J
-Gen Asphalt Is 1916_M-S
44 Indianan fly 43 1933__J-J
Interstate 4s 1943_F-A
-_
1712 -lit- Keystone Tel Is 1935.J-J
88-s -- - Lake Sup Corp Inc 5s'24 _0
.
Lehigh Nay 4 30'14 Q-J
33 __ Gen M 4 145 g 1924...Q-F
80 __ Leh V C let 55 g 1933 _J-J
Leh V eat 4s tat 1948_J-D
166707 cons() 63 on
J-D
Consol 4 145 1923.__J-D
- ..... __
Annuity 65
J-D
-9912
43 :,, 4.14
Gen cons -.a 2003__M-N
Leh V 'Iran con 45 '35 J-D
-ii-12 8312
1st series A 45 1935_M-S
let series B 5s 1935 01-5
138 912 SlarketStEl 1st 4555 01-N
NatLii&P ser B Is '19 J-J
7367 73.; - New Con Gas 55 1948.1-D
--- NY Ph & No lot 48'39 J-J
Income 45 1939_
M-N
1012 11 Pa & N V Can Is '33A --O
Penn Steel 1st Is '17_11I-N
People's Tr tr ctfs 45 1943
- - -- P Co istdocoi. tr 55'49 M-8
--__
Con & coil tr 55 '51 M-N
if "gi - Phil Elec gold tr ctits_A-0
'
Trust Ws 45 1949
J-J
-is - 131: P & N3 gen lid Is it '20.A-U
Gen M 4s g 1920
3513 3614
A-0
!
BA and asked; no sales on Ma day. 11 Ex-div. do rights-
PHILADELPHIA
Bid
PHILADELPHIA
8;
95
_
6617
4
794 7
_
_
_
_
iddf4
114
7tid 7
_
91
1021
95
103
81
105
9331
II 415 paid.
Rid
Ph do Read 2d Is 1933 A-U
Ex Imp 11 43 1947_A-U
Termin.1 5s g 1941...Q-F
P W & 13 col tr 4.'21__J-J
Read Tree lot Os '33__J-J
foci fly & Leon 55'5* J-J
Spanish-Am Ir 6s '2
Stand Gas & E 65'263-D
Stand Sti Wks Ist53'28 J-J
Trac Ind gen Is '19 _J-J
Un flys Tr Ws 45'49__J-J
United Rys Inv 1st coil tr
5 f Is 192
6____M-N
Welsbach s 1 Is 1930 __J-D
WO-B G&E con 53'55_1-1
York Iiyb let Is 1937.4-D
112
BALTIMORE
Inactive Stocks
Atlan Coast L (Conn) _100
100
Canton Co
Consolidation Coal
100
Georgia Sou &
100
1st preferred
100
2d preferred
G-B-S Brewing
100
Bonds
Prices an all "and
interest"
Bait City 3 3is 1930.....J-1
45 1954-1955___Various
M-N
Is 1916
Anacostia do Potom Is A-0
AtCoast L cony deb 453,1-N
All Coast L(COctts Is J-D
J-J
5-20-yr 4s 1925
-A
[I SP &C 1st 4 30'53 F
Ball Trac 1st 58 '29__M-N
No Balt Div Is 1942 J-D
Cent fly cons 53'32__M-N
Ext & Imp 53 1932 _M-S
Cha3 City Hy 1st 5s'23 J -J
& El 55 '99 01-8
Chas ley
City & Sub 1st 58 1922 J-D
City do Sub(Was)Ist 53 '48
13%
Ask
113
99
113
101
1013
lout
74
100 8
5
743,
821: 83
931 9414
263 2713
4
135 137
1014 ,0
334
30
94
75
41
4
92,
90
103
100
103
1031
92
953
106 6314
107
_
109
106
103
95 91
1J414 105
103 10 4
33
pald. $ 417 34 paid.
BALTIMORE
Coal & C fly 1st 5s'19 A-0
Coal & I fly 1st Is '2O_F-A
ColeoGrnv 1st 6s 1916 J-J
Consoi Gas Is 1939_.._J-D
Gen 414s 1954____A-U
Cons G E & P 4 30'35 J-J
Consol Coal Is 1950__J-D
Fair & Ci Tc 1st fts'38 A-0
Ga & Ate let con Is '45 J-J
Ga CardoN 1st Is g '29..J-J
Georgia P let Os 1922__J-..,
Ga Iso & Fla 1st Is '45_J-J
0-13-S Bmw 3-4s '51_M-.9
Houston 011 div ctfs _F-A
Knoll/ 'frac 1st 53'28 A-U
AlsconRy dcLt 1st 53 54J-J
.
lid Elec Ry 1st Is'31_A-0
Memptus St 1.,t 53 '45_J
Monon V Trao 55'42_J-D
Sit Ver Cot Duck 1st 5s__
Npt N & 0 P 1st 0s'38M-N
N do A Terml Is '29_ M-S
NordoPort 'Tr 1st 5s'36
Nodf fly & L Is '49__M-N
North Cent 4 30 192 -A-U
bet es A Is 1926____J-J
,
Series B 5s 19215____J-J
P.tt Un Trac Is 1997__J-J
Polo Val 1st 0,3 1941__J-J
Say Fla & West Is '34 A-U
Scab Air L 43 1950___A-U
Scab & Roan Is 1926__J-J
South Bound 1st 513__A-u
U El L&P 151 4 30'29 /31.-N
Un Ry & El 1st 43 '49 M-S
Income 4s 1949___J-D
Funding 55 1036___J-D
Cony notes 5s 1914_ J-J
Va Mid 3d ser 6s '16__M-s
4th ser 3-4-5s 1921 _M-S
5th series As 1926_M-s
Va (State) 3s new ',32_J-J
Fund debt 2-35 1991 J-J
West N C con 65 1914_J-J
Wit & Weld As 1935___J4
Bid
Ask
iciti
107
9 2
4
8814
9212
95
(561i
105
10112 10514
109 111
106 _5114 5218
84
8514
105 106
100
798 7 9813
96
73
99
_
92 91
90 9012
100
lot
1(713
10112
105 1071$
107 111
4712
103 105 ,
107
_ 7ii- I
8414
66 _
8834
1t:31
104
845si
10414
ieti"
110
1O4;
[VoL. Lxxxxv.
THE CHRONICLE
1112
'V
Xnuesttnent and itlailroad $ntatigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary;
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period, The returns of the electric railways are brought togethar separately on a subsequent page.
July 1 to tales; Date..
Latest Gross Earnings.
ROADS.
Week or
Month
Current
Year
Previous
Year.
Curren:
Year
Previous
Year
3
Ala N 0 & ex
$
931,352
293,346 288,664
839,780
N 0 & Nor East_ September
446,990
145,080 139,703
394,275
Ala & Vicksburg_ September
412.964
134,438 116,793
342,029
Vicks Shr & Pao_ September
48,231
679,896
48,011
2d wk Oct
691,249
Ann Arbor
Atch Topeka ea S Fe September 10024 641 8,954,228 28,615,414 25,843,513
254,695
504,852
487,822
Atlanta Birm & At! August- 257,351
'Atlantic Coast Line August _-_ 2,437,795 2,123,256 4,905,552 4,381,581
257,203
129,083 151,409
285,963
Chariest & W Car August ___
108.695 110,231
196.128
212,426
Louisv Hen&St L August ___
g Baltimore & Ohio.. September 8,7138,371 8.279,301 25,697,527 23,890,972
319,933
266,865
B & 0 Ch Ter RR August - 170,924 143,817
469,112
501,522
Bangor & Aroostook August ___ 234,609 274,530
Bessemer & Lake E August ___ 1,043,208 1,042,418 2,071,636 1,947,145
93,476
70,787
178,769
129,009
Birmingham South_ August ___
August __ 4,637.784 4,230,739 8,845,668 8,047.979
Boston & Maine
Buff Roch & Pittsb 3d wk Oct 237,008 200,145 3,640,069 3,189,864
222,426 219,730
400,693
_
415,116
Buffalo & Susq__- August
Canadian Northern.. 3d wk Oct 561,100 459,000 6,803,500 5,873,300
Canadian Pacific... _ 3d wk Oct 2,943,000 2,532,000 44,291,115 37,355,722
Central of Georgia... 2d wk Oct 332,500 316,600 4,026,243 3,966,207
323,750 289,873
627,256
510,987
Central New Engl'd August ...._
Cent of New Jersey.. August _ - 3,074,388 2,523,675 5,888,294 4,912,429
391,564 381,323
751,824
733,311
Central Vermont__ _ August ___
Ches & Ohio Lines_ 2d vrk Oct 666,381 672,374 10,177,909 9,973,597
Chicago & Alton_ _ 2d wk Oct 406,749 361,966 4,720,283 4,730,130
8,487,985 8,018.070 15,783,908 15,060,121
Chic Burl & Quincy August _
V Chlc Great West.... 2d wk Oct 321,250 295,421 4,118,441 3,925,801
Chic Ind & Loulsv_ 3d wk Oct 149,488 144,901 2,237 869 2,180,702
Chic Milw & St Paul August ___ 6,260,066 5,495.460 12,020.684 10,539,998
Chic Mi! & Pug Sd August ___ 1,851,211 1,351,410 3,484,104 2,695,063
eChle & North West September 7,812,947 7,005,105 22,703,056 20,564,270
t)Chlo St Paul M &O August -1,481,329 1,328,152 2,774,328 2,491,739
302,569
300,039
Chicago T H & S E_ August- 164,961 159,806
937,867 915,972 2,785,748 2,796.645
On Ham & Dayton September
336,533
317,518
Colorado Midland_ - August184,427 181,135
S Colorado & South_ 2d wk Oct 312,515 316,253 4,118,395 4,348,265
ct
15,879
42,114
32,788
Cornwall
23,377
August __
31,287
78,571
66,188
Cornwall & Lebanon August ___
40,322
520,452
643,702
August _
309,308 257,787
Cuba RR
Delaware & Hudson August -_ 2,280,859 1,982,748 4,333,392 3.750,188
Delaw Lack & West August cat_ 3,492,749 3,240,377 6,827,205 6,303,271
577,300 513,400 8,349,798 7,908,702
Deny & Rio Grande 3d wk
922,165
Western Pacific-- August _-- 543,893 500,080 1,074,159
253,725
250,833
134,506 139,623
Denver N W & Pac_ August _
290,250
279.751
154,380 161,305
Detroit To! & Iront August
363,859
384,022
25,130
21.940
Mackinac 2d vak Oct
Detroit &
1,060,321 1,059,813 2,129,395 1,967,269
Dui & Iron Range__ August
70,628 1,067,469 1,011,301
67,605
Dul Sou Shore & Atl 2d wk Oct
Elgin Joliet ea East_ August ___ 1,116,639 835,460 2,241,641 1,561,511
El Paso & Sou West August ___ 643,600 540,467 1,310,590 1,087,536
August ___ 5,741,689 5,388,159 11,123,247 10,287,757
Erie
3,397
1.727
2,045
4,398
August ___
Fairchild ea N E
442,178
525,778
Florida East Coast_ August ___ 265,622 213,492
98,382
200,356
190,262
Fonda Johns & Glov August __ 101,568
510,133
August ___ 280,200 257,276
484,478
Georgia Railroad
2d wk Oct 1,063.161 995,000 16,489,313 15,130,946
Grand Trunk Syst
Grand Trk West_ 1st wk Oct 140,695 129,897 1,921,354 1,813,853
48,246
45.760
603.159
Mil 1st wk Oct
616,113
Det Gr Hay &
48,490
43,648
668,354
594,715
Canada Atlantic_ 1st wk Oct
Great Northern Syst September 7,554,405 6,549,357 20,899,402 18,296,225
335,707
322,288
172,226 165,789
Gulf & Ship Island_ August ___
August- 764,455 713,466 1,454.491 1,317,924
Hocking Valley
Illinois Central.- _ September 5,519,720 5,222,386 16,203,253 15.902,153
/nternat & Grt Nor.. 3d wk Oct 282,000 261,000 3,750,318 3,073,793
p_InteroceanIc Mex_ 2d wk Oct 142,731 149,327 2,403,515 2,465,936
601,372
617.331
Kanawha ea Mich_ August _-_ 320,750 324,731
910.899 780,191 2,680,446 2,323,564
Kansas City South_ September
Lehigh Valley__ - September 3,856,024 3,413,194 11,389,571 9,928,335
69,787
53,736
124,673
101,150
August ___
Lexington & East
206,147
284,051
Louisiana & Arkan_ August ___ 141.454 105,409
sLoulsvIlle & Nashv 2d wk Oct 1,179,710 1,190,995 16,582,694 15,984,345
13,565
16,079
40.719
39,650
Macon ec Birm'ham September
August ___ 1,074,871 999,358 2,036,000 1,884,807
Maine Central
47,484
43,270
85,311
77.357
Maryland & Penna. August ___
a Mexican Railway.. 4th vrk Sep 182,700 203,600 2,140,900 1,956,800
240,891
215,944
17,999
14,391
2d wk Oct
Mineral Range_
Minn & St Louls__•1 2d wk Oct 223,045 189,171 2,888,196 2,381,353
Iowa Central___
Minn St P & S S MI 2d wk Sep 718,672 556,326 6,132,022 5,383,853
Chicago Division'
88,334
76,038
171,621
148,884
Mississippi Central.. August ___
U Mo Kan & Texas_ 3d wk Oct 744,458 703,866 9,988,404 9,230,513
Missouri Pacific__ _ 3d wk Oct 1,333,000 1,197,000 19,788,625 17,422,987
Nashv Chat & St L., August ___ 1,098,297 1,019.634 2,142,492 1,990,139
a Nat Rys of Mex_t_ 2d wk Oct 1,196,541 1.299,438 18,002,904 18,784,491
150,411
9,846
8,163
115,529
Nevada-Cal-Oregon 2d wk Oct
300.489
281,145
N 0 Great Northern August _-- 152,783 149,440
375,888
195,068 149,532
289,698
N 0 Mobile & Chic_ August ___
ON Y C & Hud Rly August --- 10157807 9,521,081 19,442,778 18,335,366
Lake Shore & M 8 August ___ 5,072,476 4,655,514 9,516,645 8,776,556
998,632
n Lake Erie & W. ugust ___ 561,807 544,700 1,021,562
655,177
579,371
Chic Ind & South August ___ 349,230 304,511
2,919,182 2,773,637 5,618,418 5,163,850
Michigan Central August
Cleve CC & St L.. August __ 3,175,445 2,816,418 5,777,515 5,410,604
604,340
550,326
Peoria ea Eastern August ___ 341,104 294,534
244,438
233,686
" Cincinnati North.. August .,- 136,986 132,152
Pitts & Lake Erie August -__ 1,774,667 1,528,183 3,441,932 2,918,128
N Y Chic ea St L_ August ..... 1.053,825 1,013,504 1,915.166 1.913,325
990,335
950,324
506,477 507,736
Tol & Ohio Cent.. August ___
Total! lines above August...... 28049011 24092 030 49,228.311 45,832,168
Jul/ 1 to Latest Date.
Latest Gross Earnings.
ROAI)S.
IS eel or
Month.
Current
Year.
Previous
Year,
Current
Year.
Previous
Year. '
3
5
NYNII& Hartf_ August ___ 6,410,104 5,598,020 12,163,959 10,795,729
N Y Ont & West.. __ August __ 1,023,883 951,498 2,001,665 1,884,010
595,498
660,198
NY Susq & West__ August __ 303,868 342,850
585,819
515,584
Norfolk Southern_ _ August ___ 289,986 260,531
Norfolk & Western.. August ___ 3,874,822 3,491,861 7,454,672 6,545,574
Northern Pacific__ _ August ___ 6,035,548 5,523.737 11,785,904 10,756,589
Pacific Coast Co___ August ___ 791,872 720,168 1,494,630 1,444,629
Pennsylvania RR.. _ August _ _ 15797 061 13763 668 30,463,796 26,484,725
55,988
48,512
96,197
813,428
Bait Ches& Atlan August __
554,842
470,698
Cumberland Vail.. August ...... 293,523 235,161
August ___ 1,263,915 1,160,113 2,581,779 2,403,477
Long Island
40,8681
22,584
41,527
23,167
Maryl'd Del & Va August ___
697,836
617,775
N Y Phila & Nonf August ___ 342,925 311,381
Northern Central August ___ 1,117,796 1,065,088 2,180,707 2,014,0071
3,702,873 3,297,519;
Phil Bait & Wash August ___ 1,832,952 1,683,961
W Jersey & Seash August __ 1,025,618 871,814 1,869,632 1,725,938;
Pennsylvania Co__ _ August ___ 8,227,837 5,316,677 12,222,658 10,029,6944
930,073,,
Grand Rap ea Ind August ___ 551,217 503,539 1,020,115
Pitts C C & St L.. August ___ 3,917,983 3,591,392 7,525,994 6,801,339)
979,457 883,093 1,860,820 1,719,520:
Vandalia
August
Total lines
East Pitts & E.... August ___ 23386 158 20626 242 15,305,341 39,996,668 •
West Pitts ea E_ August __ 11811 571 10422 645 22,862,618 19,700,889
All East &West August ___ 35197 729 31048 888 68,167,960 59,697,538 ,
Pere Aar,"uette _
August ___ 1,572,373 1,516,401 2.917,903 2,877,278 ;
Reading Company...
'
Phila & Reading_ August _ 4,418,187 3,882,190 8,402,355 7,158,987
3,449,643 1,980,389 6,453,239 3,659,603
Coal & Iron Co... August
Total both cos..... August __ 7,867,830 5,682,579 14,855,594 10,818,589
455,843
379,701-:
Rich Fred & Potom August _ __ 218,227 178,798
84.276
84,270
78,498
78,498
Rio Grande June_
July _____
186,163
3,762
149,4581
12,507
Rio Grande South
wk Oct
Rook Island Lines.._ August ___ 0,614,386 5,762,512 12,332,268 10,833,270 :
685,482
632,539
August __ 357,167 319,534
Rutland
307,540
St Jos & Grand Isl.. August ___ 163,277 152,381
300,617.:
St Louts & San Fran August __ 3,948,356 3,555,786 7,419,337 6.830,649:
f Ohio do East III.. August _ 1,443,501 1,373,790 2.745,430 2,600,487;
10,164,768 9,431,131
5,391,858 4,929,577
Total all lines_ __ _ August
251,352
305,269
St L Rocky Mt & P.. August ___ 156,544 136,130
St Louis Southwest_ 3d wk Oct 303,000 267,000 4,135,770 3,570,073
August ___ 824,277 750,845 1.604,053 1,479,614';
San Ped L A de S L_
Seaboard Air Line.... 2d wk Oct 459,266 448,392 6,204,722 6,075,961
Southern Pacific Co. August ___ 12447187 11406015 24,209,578 22,277,9031
Southern Railway.... 2d wk Oct 1,374,937 1,326,012 19,359,060 18,182,070 !
Mobile & Ohio...... 2d wk Oct 245,806 264,222 3,374,220 3,224,647
Cin N 0 & Tex P.. 2d wk Oct 201,801 191,757 2,8413,476 2,789,9981
96,100 1,404,340 1,295,147 !
Ala Great South.. 2d wk Oct 104,940
681,353
49,823
687,065
47,551
Georgia Sou & Fla 2d wk Oct
941,283
877,513'
Spok Port es Seattle August ___ 486,437 454,973
2,270 • 2,141
38,280
34,585'
Tenn Ala & Georgia 2d wk Oct
275,47
273,834 !.
Tennessee Central.._ August ___ 149,767 136,820
Texas & Pacific........ 3d wk Oct 450,842 396,957 5,337,590 4,931,243 :
9,863
10,276
19,830
17,859
Tidewater & West_ August ___
27,352
26.402
403,833
876,039
Toledo Peon & West 2d wk Oct
83,370
75.110 1,158,078 1,194,547
Toledo St L & West 2d wk Oct
Union Pacific Syst_ August ..... 8,451,437 7,750,895 16,270,021 15,079,244
278.165'
301,224
155.498 149.962
Virginia 4% So West.. August __
865,419
752,115
August ___ 488,870 404,004
Virginian
September 2,847,701 2,582,576 8,334,901 7.730,058 ,
Wabash
Western Maryland_ August ___ 668,643 637,860 1,236,023 1,225,7801
Wheel & Lake Erie_ August .._ 788,217 705,610 1,502,587 1,330,793
25,368
40,205
20,121
45,988
Wrightsv & TennIlle August ___
850,443 781,770 2,335.439 2,323,440 ;
Yazoo & Miss Vali_ September
Various Fiscal Years.
Period.
Jan 1
Delaware & Hudson
N Y Central & Hudson River-6_ Jan 1
Lake Shore 8: Michigan South Jan 1
_ Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Cleve Cin Chicago & St Louis.. Jan 1
Jan 1
Peoria ea Eastern
Jan 1
Cincinnati Northern
Pittsburgh ea Lake Erie..... Jan 1
NewYork Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central..
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaware& Virginia Jan 1
N Y Philadelphia & Norfolk_ Jan 1
Northern Central
Philadelphia Bait ea Wash...... Jan
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
1
Grand Rapids ea Indiana
jan 1
J
Pitts ClnoinChleago & Si L
Jan 1
Vandalla
Total lines-East Pitts ec Erie Jan 1
West Pitts& Erie Jan 1
All lines E & W_ Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
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
Current
Year.
Previous I
Year. '
31 14,443,403 13,974,197 !
31 70,005,173 67,144,029
31 34,502,56 31,521,599
31 3,875,123 3,522,800
31 2,680,968 2,452,217.
31 20,855,810 19,223,264,
31 20,472,331 19,836,490
31 2,110,788 2,114,003,,
31
861,193
774,369
31 11,512,368 9,855,425
31 7,642,438 7,307,130.,
31 3,409,390 3,058,5971
31 177788 145 166810 5221
31 112493 912 101810 4071
208,870
31
191,6831
31 2,089,147 1,861,9811
31 7,499,846 7,086,8731
31
90,415
89,843!
31 2,393:301 8216:809
1 989 2 221 221.1
:
31132 5, 69 12,410,857
1 8,10
4
to Aug 31 4,500,469 4,313,323
to Aug 31 30,722,380 34,293.203;
tg
to Auo
u
31 23,714:375 243:858,03 1
7 8585 33
273 20
3
0
to Aug 31 6,680,529 6,489,515i
to Aug 31 159971 239 146912 970
to Aug 31 78,628,868 60,768,068:
to Aug 31 238600 106 216681 0351
to July 31
585,0631
590,307
to Aug 31 2,302,767 2,206,3611
AGGREGATES OF GROSS EARNINGS
-Weekly and Monthly.
1Veekly Summaries.
Cuent Year Prey's Year Inc. or Dec.
Monthly Summaries.
ICuent Year Prev's Year Inc. or Dec.
ey;
$
Mileage. Cur, Yr. Prey. Yr.
.
$
. .
$
December _238,561
0.57
1st week Aug (39 roads)____ 14,420,856 13,137,388 +1,283,468 9.77
January _...237,838 Ig:1
1.14;
5
,V
2d week Aug (37 roads)___ 14,397,814 13,223,581 +1,174,233 8.88
February _231,082 233,191 218,031,091 197,278,939 +20.752.155 10.53,
,
3d week Aug (37 roads).._.._ 14,638,26.) 13.552,577 +1,083,689 7.99
++42.2 95 :
1 1089 13 15
.
March
1
238,218 234,692 237,564,332 224,608,654 +1,1;85975.:3418 5..771
4th week Aug (39 roads)____ 22,082,416 20,517,970 + 1,544,446 7.52
216,140,214 +4,538,251 2.101
+)0.1,'I) 0.3)
April
236,722 233,057 220,678,465
1st week Sept (4) roads).5,1,35,219 14,131,559
May
+847,385 5.75
235,410 231,597 232,229,361 220,131,666
2d week Sept (40 raods)__ 15,765,881 14,918,490
+913,638 0.63
June
i
235,385 230,394 243,226,498 223..gz l:g
6.38 i
3d week Sept (39 roads)......_ 15,182,361 14,238,728
+729,369 3.88
July
72 +23 017 60 10..34 1
+ 01, 0 2
6,0
69 "
8
230,712 227,194 245,595,532 222
4t12 week Sept (30 roads)____ 19,503,157 18,773,788
August _ _230,230 235,404 276,927,416 231,067,032
+598,665 4.17
10.30
st week Oct (38 roads)---- 14.964.702 14,366,037
1
September _ 85,901
+985,991 6.56
81,356 75,580,013 70,591,572
Oct (39 roads)____ 16,003,026 13,017,031
2d week
-- - -I
0 Does not Include earnings of Colorado Springs & Cripple Creek District Ha lway. fro -rt November 11911.
a Mexican currency.
•Includes the Boston & Albany. the New York ea Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of
which. beta; a Canadian road, does not make returns to tile Inter-State Commerce Commission.
f Includes Evansville ea Terra Haute and Evanel
vine So Indiana RR. 0 Includes the Cleveland Lorain & Wheeling fly. In both Years. n Includes the Northern Ohlo mt. p Includes earnings of
s Includes Louisville & Atlantic and tile Frankfort & Cincinnati.
Mason City & Ft. Dodge and Wisconsin Minnesota ea Pacific.
I 1=10404 tag.
.
Mexican International. u Includes the Texas Central. v Includes not only operating revenues, but also ail other receipts.
. .
3
3
s
1
N(1,1(i1:317. nr4g,.41. -1.113..IN
11.1.3
THE CHRONICLE
OCT. 20 19121
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second week
of October. The table covers 39 roads and shows 6.56% increase in the aggregate over the same week last year.
1912.
Second week of October.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake de Ohio
Chicago & Alton
Chicago Great Western
•Chicago Ind & Louisville
Gina New On & Texas Pa,cLt1o
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida_ __ _
1
Grand Trunk of Canada
t
Grand Trunk Western
Detroit Gr Hay & Milw
Canada Atlantic
Internet & Great Northern_ _
Interoceanie of Mexico
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
I
Iowa Central
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Railways of Mexico_ Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia_
Texas & Paoli's,
Toledo Peoria & Western
Toledo St Louis & Western_ _ __
1911.
312,264
158,759
293,956
153,851
2,994,057
1,523,335
3,164,531
1,547,427
2,220
Total operating revenues_ Maintenance
Traffic expenses
Transportation expenses_ _ _ General expenses
153,504
19,521
3,723
82,789
Cr.569
140,105
1,920
3,319
80,379
5,512
1,470,722
40,914
40,231
937,324
65,466
1,617,104
25,549
39,455
930,440
61,256
5,993
Total operating expenses
Net operating revenue_
One-twelfth annual taxes__ _
105,463
48,041
8,579
91,131
48,973
4,470
1,083,935
386,786
58,079
1,056,702
560,401
53,970
Operating income
Mileage of allfSteam roads_ Ines covered1Other lines__ _
39,461
7,521
276
44,502
7,310
315
328,706
506,430
$
3
8,840
40,011
42,800
447,000
15,900
___ _
44,783
25,829
10,200
10,044
______
22 000
•
3,738
3,190
3,023
2,272
995,600
291,000
240,000
149,327
142,731
1,179,710 1,190,995
17,999
14,391
• 223,045
189,171
Gross receipts from oper
-Dr
Express privileges
Increase. Decrease.
$
$
104,940
96,100
46,011
48.231
240,156
200,145
523,700
480.900
2,957,000 2,510.000
332,500
316,600
666,381
672,374
406,749
361,966
321,250
295,421
147,738
137,538
201,801
191,757
312,515
316,253
536,100
514,100
21 940
25,130
70,628
67,605
49,823
47,551
1,063,161
EXPRESS COMPANIES.
June---July 1 to June 301911.
1912.
1911.
1912.
Northern Express Co.$
$
$
$
Express revenue
308,730
290,534 2,954,158 3,122,615
Miscellaneous transport. rev_
41,915
Non-transportation revenue_
39,898
3,534
3,421
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
• Road.
67,561
•
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
51,000
6,596
11,285
274,557
285,114
Atlantic Shore Ry_ _ _ September
35.733 $7,699
cAur Elgin & Chic By September 182,851 167,422 1,436,292 1,344,192
380,374
458,875
70,418 60,048
Bangor Ry & Elec Cu August _ __
75,647
95,756
9,997
11,767
Baton Rouge Elec Co August ___
255,682
282,855
39,699 37,618
Binghamton Railway August _ __
716,571
665,357
51,214
81,589
82,803
14,872
15,958
Brock & Plym St Ry_ August ___
1,323,000 1,192,000 131,000
2195,014 2045,385 11,672,616 11,113,047
18,416 Bkiyn Rap Tran Syst June
245,806 .264,222
213,184
225,729
31,598 29.834
102,897 Cape Breton Elm Co_ August
1,106,541 1,299,438
200,229
240.597
36,267 26.980
Carolina Pow & Lt Co July
9,846
1,683
8,163
306,477
314.935
57,866 57,747
Cent Park N & E Riv June
12,507
3,762
8,745
654,401
688,757
74,555 77,164
Central Penn Tree__ _ September
291,000
16,000
275,000
614,120
687,538
94.925 83,990
Chattanooga Ry & Lt August _
459,266
10,874
448,392
244,915
255,450
43,385 39,901
Clev Painesv & East_ August
48,925
1.374,937 1,326,012
739,059
767,999
117,208 110,247
Clev Southw & Colum August
2,270
129
2,141
314,778
44,758 39,574
350,006
Columbus (Ga) El Co August
44,391
408,977
364,586
53n.77. 440, 95 4.n
,
3,507,171
Commonw P, R & I Atmust
950
27,352
26,402
709,978
719,888
169,552 154,490
Coney Isi'd & Bklyn. June
75,110
8,260
83,370
147,351 129,851 1,133,367 .1,019,643
Dallas Electric Corp. August
4th wk Sep 278,028 267,587 8,594,246 7,475,525
Total (39 roads).
16,003,026 15,017,035 1,145,621 159,630 Detroit United Ry___ June
298,824
306.716
51,917 50,923
DDEB& Batt(Ree)
Net Increase (6.56%)
985,991
746,810
761,755
105,656 103.279
Duluth-Superior Trac August
208,339 193,413 1,555,173 1,480,821
East St Louis & Sub_ August _
436,457
495,618
63,401
50,588
El Paso Elec Cos.__ August
752,788
864,189
159,199 142,891
Net Earnings Monthly to Latest Dates.
-The table fol- 42dSt M&SNAv(Rec) June
990.732
199,208 142,326 1.302.842
Galv-Hous Eke Co_ _ August
765,706
814,673
111,605 105.274
Grand Rapids Ry Co_ August _
lowing shows the gross and net earnings of STEAM railroads
Havana Electric Ry_ Wk Oct 20 50,137 46,006 2,054,128 1,925.399
and industrial companies reported this week:
Honolulu Rapid Tran
325,519
365,102
45,688 42616
August
& Land Co
204,222
203.711
28,314
- Houghton Co Trac Co August
28,534
-Gross Earnings- -Net Earnings
283.357 237,920 1,842.112 1,507,694
A e
Current
Current
Previous
Previous
Hudson & Manhattan June
August
619,457 576,166 4,698.763 4,387,762
Year.
Year.
Year.
Roads.
Year.
Illinois Traction
8 5
2333:156 2146,162 20,996,084 19,714,554
48 2
$
*
Interboro Rap Tran_ August
$
377,688
399,124
44,565
Atoll Top & San Fo_b__Sept10,024,641 8,954,228 53,676,915 53,050,959 Jacksonville Trac Co_ August
837,469
August
147,887 143,584
872,777
28,615,424 25,843,513 59,751,906 58.098,180 Lake Shore Elec Ry_ June
July 1 to Sept 30
92,147
96,233
19,876
Long Island Electric.
Baltimore & Ohio_ b_ _ _ _Sept 8,766,371 8,279,301 2,631,804 2,825,275 Milw El Ry & Lt Co_ August
22 710
469 208 419,464 3,612.311 3,238,933
:
25,697,527 23,890.972 7,891,466 7,879,173 Milw Lt, Ht & Tr Co_ August
July 1 to Sept 30
738,479
816.484
131.833 121,505
468,899
543,827
76,981 64,242
Chic & Nor West_a_ __Sept 7,812,947 7,005,105 2,542,717 2,218,448 Monongahela Val Tr August
137,810
213,516
39,507 26.014
22,703,055 20,564,270 7,246,444 6,370,017
July 1 to Sept 30
N Y City Interboro. June
177,179
180,238
35,541
915.972
295,277
278,063 N Y & Long Isl Trac_ June
Cino Ham & Dayton_b_Sept 937,867
587.597
631.664
37 179
132.'478 118,956
N Y & Queens•Co ___ June
2,785,746 2,796,645
867,520
860,520
.,, July 1 to Sept 30
1165,081 1148,050 9,011,739 8,969,721
New York Railways_ August
780,191
380,696
281,138 Northam Easton & W August
Kansas City Southern _b_Sept 910,899
109,467
121,574
17,445
20,980
2,680,446 2,323,564 1,047,543
789,750 North Ohio Trac & Lt August
July 1 to Sept 30
305,222 272,624 1,979.792 1,773,731
147,203 135,529 1,088,837 1,041,916
Sept 3,856.024 3,413.194 1,465,255 1,154,268 North Texas Elec Co_ August
Lehigh Valley_b
36,769
45.936
17,326
13,424
,, July 1 to Sept 30
11,389,571 9,928,335 4,345,990 3,478.859 Ocean Electric (L I) _ June
170,429
184,965
23,954
21,470
Paducah Tr & Lt Co_ August _
187,725
188,457
25,905 23,555
Pensacola Electric Co August
INDUSTRIAL COMPANIES.
Phil& Rapid Trans Co September 1926,043 1899,351 17,114,260 16,348,089
543,189 521,262 4.376.361 4,179,778
- Port(Ore)Fty.L&PCo. August _
-Gross Earnings- -Net Earnings
Current
5,478,299
Previous
Previous
680205
Current
Puget Sd Trac, L & P August
Year.
159,748
Companies.
167,368
38,720 35,651
Year.
Year.
Year.
Richmond Lt & RR_ June
$
3
3
3
Rio de Janeiro Tram
1272,527 1140,851 9,509,277 8,403,562
Light & Power Co_ August _
Sept
26,059
Canton Electric
23,357
13,291
11.407
St Joseph (Mo) Ry.Lt
371,789
K,Ings Co El Lt & Pow_a_Sept 401.617
118.400
129,005
715,656
768,350
102,859 92,959
Heat & Power Co_ August
3,767,514 3,306,377 1,310,908 1,241,161
" Jan 1 to Sept 30
Santiago Elea Lt. &
258,086
693,559
Sept 728,630
299,765
36,122 30.499
Mexican Lt & Pow
533,177
September
527,861
Traction
6,516,421 6,026.453 4,077,041 3,940,078 Sao Paulo Tram,L&P August _ __ 387,486 303.796 2,963.831 2,271,490
Jan 1 to Sept 30
;
488.502
452,985
64.073
58,681
22,947
28,318
Sept
13,044
10.238 Savannah Electric Co August __
Muncie Electric Lt
424,668
462.217
90.658 86,283
Second Avenue (flee) June
111,953
108,647
57,095
50,979 Southern Boulevard_ June
Pacific Pow & Lt_a_ _ _ _Sept
57,265
65,206
11,969
146,843
166,772
85,499
50,290
42,060 Sou Wisconsin Ry Co September
9 . 37
1 48676 16,312
Portland (Ore) Gas & CaSept 100,119
117,428
123,340
31,424
28.383
29,008
14.401
30,388
Sept
13,647 Staten IsI'd Midland_ June
Rockford Electric
448,448
496.263
62,981
56.408
272,499
294,073
134,643
116,533 Tampa Electric Co_ August .._ 333,854
Jan 1 to Sept 30
321,829 1,883.583 1,778,969
Third Avenue (ReeL June
56,573
34.384
62,810
Sept
32,420 Tri-City Fly & Lt Co_ August
Scranton Electric
259.878 230.688
Twin City Rap Tran_ 2d wk Oct 155,869 148,528 6,392,868 6.140,954
fita Net earnings here given are after deducting taxes.
Underground Elea Ry
of London
b Net earnings here given are before deducting taxes.
Three tube lines__ _ Wk Oct 19 £13,950 .213,895 £565.980 £566,095
jThe company now includes the earnings of the Atchison Topeka &
Metropolitan Dist_ Wk Oct 19 £13,173 £12,135 £521,434 £494,947
Santa Fe Ry. Co., Rio Grande & El Paso RR. Co., Gulf Colorado & Santa
United Tramways_ Wk Oct 19 £5,873 £5,825 £266.079 £279,505
Fe Ry. Co.. the Southern Kansas Ky. Co. of Texas, the Pecos & Northern
London Gen'i Bus_ Wk Oct 19 £59,644 £39,914 £2,128,840 £1,578,953
Texas Ry. Co., The Pecos River RR. Co.. The Texas & Gulf. The Gulf do
244,454 282,126 1,207.987 1.171,365
June
Ry. Co. of Texas and The Concho San Saba & Llano Valley Union (Ree)
Inter-State
$44,909 254,812 2.424,662 2.018.199
RR.Co.In both years. For September taxes amounted to 2393,289, against UnionRy.G&ECo(Ill) August _ 1031,600 1??1 .,
of St L.September
1,729 9,s?75.065 8,859,508
.5368,000 in 1911: after deducting which, net for September 1912 was $3,- United Rys
1,465,647
t
11 ,
in 1:r luly
283,625, against $2,682,959 last year. From July 1 to Sept. 30 taxes were • 0
274,870
272.722
57,875 57,175
Westchester El (flee) June
1,156,638 in 1912, against $1,021,278 last year.
327,044
356,156
69.044 65.951
Yonkers RR (flee) __ June
108,164
110,17
19.840
20,199
Youngst & Ohio Riv. June
1
•
3,608
33,874
Interest Charges and Surplus.
Roads,
-Chic & Nor West
. , July 1 to Sept 30
-Int., Rentals, &c.- -Dal. of Net Earns.
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
697,298 1,680,035 1,521,149
Sept 862,682
2,533,413 2,113,046 4,713,031 4,257,571
e These noires are for consolidated company.
-The following table gives
Electric Railway Net Earnings.
the returns of ELECTRIC railway gross and net earnings
reported this week:
-Gross Earnings
-Net EarningsPreviuos
Current
Current
Precious
Year.
Year.
Year.
Year.
$
INDUSTRIAL COMPANIES.
337,280
366,515
346,371
Amer Light & Tree__ __Sept 375,547
-Int., Rentals, occ.- -flat, of Net Earns.
2,972,640 2,925,702 2,883,851 2,841,834
Jan 1 to Sept 20
Previous
Current
Current
Previous
10,584
12,777
Shore Line.b__Sept
37,699
Atlantic
35,733
Companies.
Year.
Year.
Year.
Year.
72,798
81.615
274,557
Jan 1 to Sept $0
285,114
3
$
$
3
79,064
167,422
83,758
Aurora Elgin & Chic _a _Sept
182,851
Sept
4,699
•Canton Electric
6,651
4,756
8,592
262,423
269,426
542,975
July 1 to Sept 30
573,749
72,235
Icing's Co. El Lt & Pow_ _Sept
x63,224 Central PennTrac
72,235
x47,097
26.086
77,164'
Sept
23.474
74.555
Jan 1 to Sept 30
650,122
x683,926
608,331
x691.582
197,703
208,395
954,401
688,757
Jan 1 to Sept $0
0,86!
Sept
Muncie Electric Lt
6,177
4,278 Internet Ry Co (Buffalo)-b5,960
24,414
Sept
Pacific Pow & Lt
32,681
649,591
19,386
520,999
31,593
Apr 1 to June 30
1,273,730 1,285,903
16,968
•
Penland (Ore) Gas &0 Sept
27,405
33,322
14,661
Crosstown Street fly-b-85,759
243,701
Apr 1 to June 30
87,709
255,405
Sept
8,101
Rockford Electric
7,830
6,300
5,817
70,675
66,597
63,968
68,539
49,936 Lehigh Valley Transit _Sept 116,328
63,544
121,177
Jan 1 to Sept 30
455,783
Dec 1 to Sept 30
493,184
959,273
1,040,264
Sept
12,872
11,690
21,512
20,730
Scranton Electric
266,914
316,183
522,734
Mexico Tramways Co.-Sept 587,734
Jan 1 to Sept 30
5,008,432 4,540,1139 2,629,116 2,345,790
x- After allowing for_other:income)•eceived.
Roads.
1114
[VOL. Lxxxxv.
THE CHRONICLE
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
Phila'Rapid Transit_ _ _ _Sept 1,926,043 1,899,351
798,889
771,788
5,758,078 5,551,157 2,328,732 2,154,610
July 1 to Sept 30
United Rys of St L_a_ _ _Sept 1,081,600 1,001,729
322,861
332,812
Jan 1 to Sept 30
9,075,065 8,859,508 2,752,728 2,845,327
Virginia Ry & Power_ b_Sept 395,114
373,474
201,480
164,316
July 1 to Sept 30
1,211,484 1,167,981
598,622
542,959
Western Rys & Light _a _Sept 202,958
84,746
175,859
72,303
Jan 1 to Sept 30
1,659,781 1,495,078
599,374
539,551
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Aurora Elgin & Chic_ _ _Sept
31,311
32,120
July 1 to Sept 30
98,795
96,327
Internat Ry Co (Buffalo)
Apr 1 to June 30
281,817
287,330
Crosstown Street Ry.Apr 1 to June 30
63,258
62,145
Phlia Rapid Transit_ __ _Sept 762,039
737,138
. July 1 to Sept 30
2,277,322 2,213,170
United Rys of St Louls_Sept 223,841
227,412
Jan 1 to Sept 30
2,025,126 2,060,638
Virginia By & Power_ _ _Sept
118,270
124,536
July 1 to Sept 30
355,149
371,388
x After allowing for other income received.
51,638
170,631
47,753
166,101
z247,974
z272,104
x24,407
x23,592
36,850
34,650
51,411 def.58,560
x104,851
x109,007
x774,338
x818,589
x84,174
x53,182
z250,679 5203,742
ANNUAL REPORTS.
Annual Reports.
-The following is an index to all annua
reports of steam railroads, street railways and miscellaneous
companies which have been published since Sept. 28.
This index, which is given monthly, does not include reports in to-day's "Chronicle."
RailroadsPage.
Alabama Great Southern RR
1038
Alabama & Vicksburg Ry
967
Ann Arbor RR
967
Atchison Topeka Az S.Fe Ry__ _.062.980
AtlantaB'ham ..tr Atlantic RR
888
Atlantic Coast Line Co., Conn.(bal1036
ance sheet)
Boston & Maine RR
965
Canadian Pacific Ry.(proceedings of
annual meeting)
1037
Central of Georgia Ry
1037, 967
Central RR.of N.J
812
1039
Central Vermont Ry
Chicago Indianap. Az Louisv. Ry._ _ _ 968
Chicago St. Paul Minn.& Omaha Ry.812
Coal & Coke Ry., W. Va
816
Cripple Creek Central RV
1039
Detroit Toledo & Ironton Ry. (receiver's report)
815
Erie RR
962, 975
Great Northern Ry
1046, 1036
Gulf & Ship Island RR
968
Hocking Valley Ry
814
Illinois Central RR
823, 811
Kansas City Southern fly...814,887,904
Louisiana Az Arkansas Ry
1040
Louisville Hend.& St. Louis fly..
..1040
Louisville & Nashville RR
886, 895
Missouri Kansas & Texas Ry__1056, 1036
Missouri Pacific Ry
813
Nashville Chatt. & St. Louis
968
National Railways of Mexico
888
New Orleans & Northeastern RR
968
'Nevada-California-Oregon Ry
818
New York New Haven & Hart. RR_ 963
New York Susq. & Western RR _ _ _ 968
Northern Pacific Ry
887
Oklahoma Central RR
818
Reading Co
829, 811
St. Louis Southwestern Ry
887
Seaboard Air Line Ry___.906, 886, 814
Railroads, ConcludedPane.
Southern Ry
971, 963
Tonopah & Goldfield RR
968
Vicksburg Shrev. & Pacific Ry
968
Virginia Southwestern Ry
1041
Wheeling de Lake Erie RR
966, 888
Electric Railways
Aurora Elgin & Chicago RR
817
Boston & Suburban El C. Companies 817
Boston Az Worcester Electric Cos.... 815
Quebec Ry.Lt. Heat & Pow.Co.,Ltd.815
Spokane & Inland Empire RR
818
Industrials
American Shipbuilding Co
969
American Typefounders Co
1041
American Window Glass Co
1041
Amoskeag Manufacturing Co
892
Canadian Locomotive Co., Ltd.,
Kingston, Ont
816
Consolidated Gas, Electric Light &
Power Co., Bait
819
Distillers' Securities Corp., N.Y__
889
Granby Consolidated Mining, Smelting & Power Co., Ltd
892
General Motors Co
1060,1038
Intercontinental Rubber Co., N. Y__ 969
International Agricultural Corp.967, 893
Lake-of-the-Woods Milling Co
970
Lehigh & Wilkes-Barre Coal Co
817
Massachusetts Gas Companies
970
Mergenthaler Linotype Co
1042
No them States Power Co
821
Ogilvie Flour Mills Co
1043
Pacific Coast Co
1055, 1038
Pittsburgh (Pa.) S eel Co
888
Pope Manufacturing Co
893
Pullman Co
1043
Standard Milling Co
970
Street's Western Stable Car Line... _ 822
U. S. Fl ishing Co
894
Virginia Iron Coal & Coke Co
822
Western Union Telegraph Co.
.983, 967
Northern'Pacific Railway.
(Report for Fiscal Year ending June 30 1912.)
• The report of President Howard Elliott will be found on
subsequent pages, together with the income account, profit
and loss account, balance sheet and traffic statistics. The
comparative income account was given in the "Chronicle"
of Oct. 5, page 887. The comparative balance sheet for
two years and comparative traffic statistics for several
years are given below.
Par Value Treas. Securs.[Total $87,421,938], excl. Insur. Fd. June 30 1912.
Stocks
Bonds
Northern Pan. Ry. Co_ _ _ _
$54,000 Nor. Pac. prior lien 4s__ _$3,933,000
Spokane Portland & SeDo do gen. lien 3s.. 8,828,500
attle By
20,000,000 N.P.-Gt.Nor. joint 4s_ _ _ _ 2,139,000
St. Paul Union Depot Co_
59,850 Wash.& Col.R.Ry.lstM.4s 2,480.000
Lake Superior Terminal Fe
C. B. & Q. RR.gen. M.4s 3,350,000
Transfer By
148,800 Spok.Port.&S.Ry. 1st 48_25,500,000
Colo. & Southern By. Co_
100,000 Northwest. Impt. Co_ __ _ 2,960,000
Northwest. Impt. Co_ _ _ 6,775,000 Gt.Nority."1st&ref."4 Us 1,000,000
Clearwater Short Line_ 2,127,200 Other good RR. bonds...748,000
Miscellaneous
x1,787,995 Notes, sundry advances__ 5,479,593
z Includes stock in following cos.: C. B. do Q. RR., Camas Prairie RR.,
Big Fork & International Falls By,, Wash, Central Ry. (entire $1,000,000
stock), Missouri River Ry. Connell Northern Ry., Camp Creek Ry.,
Western Dakota Ry., Shields River Valley fly., Dakota & Montana Ry.,
'
Cuyuna Northern By,, Midland Ry. Co. of Manitoba, Lewiston Terminal
Co. and Ruth Trust Co.
Said securities (par value, $87,421,938) have a book value of $79,013,960,
which is classified in the general balance sheet as follows: Securities of proprietary, affiliated and controlled companies, unpledged, $46,619,949; securities issued or assumed, held in treasury, $17,434,500; marketable securities other than those issued or assumed, $14,959,511.
;OPERATIONS.
1911-12.
1910-11.
6,025
5,950
1908-09.
1909-10.
Average miles operated
5,765
5,671
Equipment
Locomotives
1,416
1,441
1,430
1,323
Passenger cars
1,161
1,161
1,119
1,005
Freight cars
93,220
43,100
43,816
41,498
Miscellaneous cars
6,567
6,460
6,755
6,417
Operations
Passengers carried
9,262,853
8,661,645
9,639,994
8,404,712
Pass. carried 1 mile_ _ _ _6,
19,508,183 759,276,059 976,772,093 767,439,465
Rate per pass. per mile_
2.27 cts.
2.36 cts.
2.18 cts.
2.25 cts.
Revenue freight carried_ 17,455,975 17,217,748 18,268,998 16,800,504
do 1 mile...5,051,181,481 4800666,026 5419084,365 5260492,660
do
Rate per ton per mile.- _ 0.867 cts.
0.903 cts.
0.900 cts.
0.895 cts.
Gross earnings per mile_
$10,527
$10,909
$12,928
$12,071
GENERAL BALANCE SHEET JUNE 30.
(For further details of 1912 balance sheet see page 1131.]
1912.
1912.
1911.
1911.
Assets
Liabilities
Road & equip1.406,901,787 401,802,861 Capital stock...248,000,000 248,000,000
Securities
155,734,759 159,992,182 Mortgage bonds 191,365,500 190,325,500
Advs. to prop.,
Coll. tr. bonds _.107,613,500 107,613,500
&c., cos. for
885,996
887,487
Traffic,&c.,bals.
construe., &c. 22,665,563 26,529,958 Vouch. & wages 5,830,040 3,669,737
Misc. investm'ts 1,373,800
Matur.int.,divs.
Cash
5,566,568 5,931,724 and rents
1,131,909
1,159,945
Securs. In treas. 17,434,500 16,248,000 Misc. accounts _
467,896 6,867,679
Marketable sec. 14,959,511 19,362,918 Unmatured int.,
Loans&bilis rec. 3,706,813
53,317 divs. and rents 4,845,924
4,850,891
Traffic,&c.,bals. 1,148,770
990,122 Taxes accrued
816,827
Agts. & condos_
1,825,013
660,465 (partly est.) _. 1,955,645
Material & supp. 6,411,113 6,058,227 Deferred credit
Misc. accounts. 4,358,517 4,118,696 items
153,452
191,264
Accrued interest,
Approp. surp.dividends, &e_
596,269
822,395 Insur. fund... 5,542,517 5,397,117
Special deposits
633,979
523,389 Profit and loss.. 80,260,438 78,074,262
Insurance fund_ 5,542,517 5,397,117
Other def. debit
items
269,363
303,685
Total
648,120,156 648,795,056
-V. 95, p. 887, 298.
Total
648,120,156 648,795,056
ma al
Chicago Rock Island & Pacific Railway. idiclia
(Report for Fiscal Year ending June 30 1912.)
The full text of the report, comparative balance sheet and
other data will be found on another page.
Below are a comparative income account and various
statistics from the annual report.
ROCK ISLAND SYSTEM-MILEAGE AND TRAFFIC STATISTICS.
1911-12.
1908-09.
1910-11.
1909-10.
8,036
8,026
Average miles operated_ •
8,044
8,026
Equipment
Locomotives
1,410
1,554
1,486
1,573
897
Passenger cars
1,073
1,034
984
37,448
Freight cars
40,798
39,380
41,437
Service cars
4,197
4,419
3,280
3,814
Operations
Tons moved (rev.), No. 18,969,251 19,118,358 19,167,179 17,145,657
6,324,998
5,086,522
5,972,748
Tons moved (co.), No.. 6,343,259
Tons moved 1 m.(rev.) _4599242133 4718460846 4567089384 4160828170
Tons moved 1 m.(co.) 860,382,165 879,510,730 701,013,424 569,193,324
Passengers carried, No. 18,927,146 19,842,167 20,137,409 18,743,022
.939,391,981 1010037,752 1016385,259 952,679,666
Pass. carr. 1 mile, No.
Earns, per ton per mile_
$0.0089
$0.0092
$0.0094
$0.0092
Earnings per train mile_
$2.486
$2.479
$2.490
$2.380
Tons per tr. p. m.(rev.)
278
270
265
257
Tons per tr. p. m.(Co.).
51.97
50.26
36.19
39.51
Earns. per pass. per mile
$0.198
$.0200
$.0188
$.0191
Earns, per train m.(Incl.
. .
mall, express, &c.)
$1.179
$1.234
$1.226
$1.312
No. of pass. per train m_
55.34
49.21
54.31
54.91
$7,623
Total earns. p.m.of road
$8,233
$8,053
$8,533
INCOME ACCOUNT.
1908-09."
1909-10.
Earnings1911-12.
1910-11.
$41,156,835 $43,368,396 $42,218,881 $39,158,053
Freight
18.609,408 20,240,528 19,378,174 17,883,379
Passenger
3,056,761
3,375,682
3,630,769
3,616,595
Mall and express
774,380
• 720,281
873,417
800,107
Miscellaneous
473,462
• 366,413
447,673
456,598
Other than transport'n_
$64,712,853 $68,487,473 $66,220,579 $61,184,887
Total
• •1
•
Operating expenses$8,493,346 $9,738,016 $10,673,387 $9,051,830
Maint. of way & struc
7,512,889
8,455,746
9,359,749
8,302,467
Maint. of equipment
1,441,214
1,795,262
2,007,149
1,981,399
Traffic expenses
Transportation expenses 26,210,502 26,171,419 25,195,579 22,848,052
1,659,510
1,949,395
1,771,780
General expenses
1,779,350
Total
Net earnings
Taxes
$46,759,494 $49,055,683 $48,069,369 $42,513,495
$17,953,359 $19,431,790 $18,151,210 $18,671.392
2,752,861
2,708,651
2,270,865
2,876,701
Operating income_
$15,200,498 $16,723,139 $15,274,509 $16,400,527
Outside operations_ _def.$196,976 def.$115,725 def.$155,891 def.$146,201
de1.990,828 def.1,273,768def.1,171,066 der.812,116
Hire of equipment
1,169,788
1,550,189
1,574,970
1,874,595
Other Income
$211,471
$223,232
$185,477
$686,791
Total
$15,887,289 $16,908,616 $15,497,741 $16,611,998
Total income
. . . . - .1
Deduct$10,492,135 $9,741,853 $9,129,875 • $8,861,223
Interest
1,547,402 • 1,567,967
1,544,758
1,704,925
Rentals
72,583 • P 116,577
Betterments,leased lines
19,124
x3,743,760 p3,930,948 53,743,272 • p3,930,019
Dividends
$15,780,653 $15,396,850 $14,493,132 $14,375,786
Total charges
$106,636 $1,511,766 $1,004,609 $2,236,212
Balance, surplus
x5% in 1911-12 and 1909-10. y 5 % in 1910-11 and 1908-09.-V. 94,
p. 1448, 1056.
Chicago Rock Island & Pacific RR.
(Statementfor Fiscal Year ending June 30 1912.)
The income account and balance sheet of this Railroad
Company, which owns most of the stock of the Railway Company and is itself controlled by the Rock Island Company
through ownership of the entire outstanding stock (see Rock
Island Company below), is as follows:
•
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1909-10.
1908-091
1911-12.
1910-11.
Div. on Chic. R. I. & Pan.
Ry. Co. stook
x3,567,441
Other Income
23,478
Total Income
3,590,919
DeductExpenses..15,269
Interest on 4% bonds
2,853,636
Interest on 5% bonds
375,000
Dividends
100,000
BV,
v3,741,446
14,258
x3,538,088
24,852
3,755,704
3,562,940
26,953
2,850,035
375,000
50,000
8,308
2,829,840
818,950
50,000
y3,690,372
21,202
3,711,574'
rtii2,811
2,811,765
868'200
Vi0
Total
3,301,988
3,707,098 Il.3,682,780
3,343,905
Balance for year
sur247,014 sur453,716 def144,158
sur28,794
x 5% 1911-12 and 1909-10. y 5,t(% in 1910-11 and 1908-09.
BALANCE SHEET JUNE 30.
1912.
1912.
1911. ..
1911.
$
$
LiabilitiesAssets$
$ ...w
Stocks owned_ _222,908,029 222,851,929 Capital stock_ __145,000,000 145,000,000
292,768
284,961 Gold bonds, 4% 71,353,500 71,297,400
Other investla.
1,604,451
1,354,164 Gold bonds, 5% 7,500,000 7,500,000
Cash, &c
ut32
Vouchers pay'le.
Due cos & hurls.
245
40,387
Unpd coups.,&e.
59,900
600,313
Interest, not due
600,687
43,921'
290,910
Profit and loss._
a.
Total assets_ _224,805,248 224,491,054
-V. 9411)1144831056.
Tot. liabilities.224,805,248 224,401,05S
THE CHRONICLE
OCT. 26 1912]
Rock Island Company.
(Report for Fiscal Year ending June 30 1912.)
On subsequent pages we give tbe report of the operating
company, the Chicago Rock Island & Pacific Ry. We also
give above, under a separate heading, the balance sheet and
profit and loss account of the Chicago Rock Island & Pacific
RR. (all of whose stock except directors' shares is owned
by the Rock Island Co.). Following is the combined income
account of the two companies last named.
-ROCK ISLAND COMPANY AND
COMBINED INCOME ACCOUNT
CHICAGO ROCK ISLAND & PACIFIC RAILROAD CO.
1911-12.
1910-11.
1908-09.
1909-10.
$
$
$
$
Div. on C. R. I. & P. Ry.
3,690,372
3,567,441
3,741,447
3,538,088
Co. stock owned
(5)
(5)
(5%)
(5%)
Per cent of said dividend
15,330
21,731
24,236
25,983
Other Income
3,756,777
3,712,103
3,591,677
Total income
Deduct
89,657
Expenses and taxes_ _ _
Int. on C. R. I. & P. RR.
3,228,636
Co. bonds
122,283
43,913
19,928
3,225,035
3,648,790
3,679,965
3,318,293
273,385
3,347,318
409,459
3,692,703
def128,632
3,699,894
12,209
Bal., surp., for year
3,564,071
BALANCE SHEET OF ROCK ISLAND COMPANY JUNE 30.
1911.
1912.
1911.
1912.
S
.
Liabilities
$
Assets$
Stocks owned_ A50,007,515 150,007,515 Common stock _x96,000,000 96,000,000
67,932
45,499 Preferred stock 454,000,000 54,000,000
_
Cash ..
32
32
Cos. &
52,982
75,415
Surplus
Total
150,075,447 150,053,014
Total
150,075,447 150,053,014
z Includes: Issued and held in treasury, $5,111,797.
and held in treasury, 54,052,550.-V. 94, p. 1186, 912.
y Includes: Issued
The Wabash Railroad Company.
(Report for Fiscal Year ending June 30 1912.)
Pres. F. A. Delano, Chicago, Oct. 2, wrote in substance:
The property passed into the hands of receivers on Dec. 26 1911. The
following report, therefore, covers the operation of the property by the
company from July 1 1911 to Dec. 26 1911 and the operation by the receivers from Dec. 26 1911 to June 30 1912.
The gross revenue was $28,354,764, a decrease of $1,529,273, or 5.12%;
gross operating expenses were $23,150,484, an increase of $784,301, or
3.51%, leaving a net operating revenue of $5,204,280, decrease $2,313,574.
After deducting fixed and other charges, including additions and betterments aggregating 5268,458 in 1911-12, $192,809 in 1910-11 and 861,044
in 1909-10, there was a deficit for the late fiscal year of $2,864,597, contrasting with $403,421 in 1910-11 and with a surplus of $545,710 in 1909-10.
Interest on first refunding and extensions mortgage bonds accrued for the
12 months ending June 30 1912, *1,283,900, is included in the above statement for comparative purposes, although not paid. Interest amounting
to $118,750 on receivers' certificates is included in the results for the year
•
ending June 30 1912.
These very unsatisfactory results for the year 1911-12 were due both to
diminished gross earnings-which other railroad companies in the same
territory have suffered-and to an increase in expenses, largely on account
of increased wages, new requirements of law, increased price of materials
and a very severe winter.
That the experience of the Wabash RR. was worse than that of other
companies may be attributed largely to the following reasons: (1) Expenses
for maintenance had long been on such a basis that no further reduction
was permissible; (2) there was a temporary disturbance of patronage naturally incident to the receivership proceedings; (3) since the receivership
began considerable rehabilitation work has been charged in as an operating
expense. Thus maintenance of equipment aggregated $444,267 more than
in the previous year and maintenance of way $259,827 more, a total of
$704,094, which under ordinary operations would have been spread through
a period of years; (4) in the last three months of the year there has been in
progress a large amount of improvement work authorized by the Court
to be paid for out of [515,000,000] receivers' certificates (V. 94, p. 353,
1250; V. 95, p. 298), requiring many construction trains, interfering with
operations, and therefore increasing the cost thereof.
During the fiscal year above referred to the railroad received practically
no benefit whatever from the large expenditures authorized by the Court,
for, with the sole exception of the receipt of some new locomotives, none
of the newly purchased equipment had arrived, and the work of constructing additional tracks, terminal facilities,shop and building improvements,
&c., had none of It been completed.
OPERATIONS,EARNINGS,ETC.
1911-12.
2,515
1910-11.
2,515
1900-10.
2,515
28,354,764
29,884,037
28,886,056
3,889,590
5,312,741
953,132
12,137,368
857,653
3,629,763
3,600,739
4,868,474
4,117,109
919,043
928,784
12,052,964 • 11,056,061
895,1'39
833,530
23,150,484
F'Total
(81.65)
P.0. oper. exp.$n earns,
5,204,280
Net earnings
22,366,183 •20. 16,223
(74.84) . (71.09)
7,517,854
8,349,833
Road operated June 30_
Equipment
699
645
662
Locomotives
418
425
428
Passenger equipment__ _
22,126
20,946
21,172
Freight equipment
Operations
5,889,189
6,052,645
Passengers carried (No.) 5,989,029
Pass. carried 1 mile__ _359,585,619 384,356,851 374,610,200
1.926 cts.
1.889 cts.
Rate per pass, per mile_ 1.945 eta.
Freight (tons) carried.a_ 13,496,755 14,137,433 14,002,722
Freight (tons) carr. 1 m. 53,127,414 53,343,249 53,325,804
0.630 eta.
0.585 cts.
Rate per ton per mile_ _ _ 0.609 cts.
358
344 •
Rev. train-load (tons) ..
353
•
52.1821
Earn, per fgt. train mile
$2.0767 . • 52.0651
$1.1418
51.1902 • • 51.1796
Earn, per pass. train m_
$11,884• • *11,487
$11,276
Gross earnings per mile_
Earnings
$
Sin
Passenger
7,400,934
7,075,314
6,993,874
Freight
19,074,821 20,160,877 19,473,373
2,322,226
Mall, express, &a
2,337,369
2,286,069
• Total
Expenses
Maintenance of way, &c.
Maint. of equipment
Traffic eXpenses
Transportation
General
a Revenue freight only.
b Three ciphers (000) omitted.
INCOME ACCOUNT.
1911-12.
Net earnings _____________________ 55,204,280
851,630
Taxes accrued
1910-11.
$7,517,854
920,873
$4,352,650
749,510
$6,596,982
819,532
$5,102,160
$7,416,514
Operating income
Investments, rentals, &c
Gross income
1115
Deduct1911-12.
1910-11.
1909-10.
Rentals and miscellaneous interest__ $1,559,347 $1,608,254 51,671,165
Hire of equipment
1,161,026
1,024,390
744,379
192,809
268,458
61,044
Additions and betterments
140,177
409,786
93,316
Miscellaneous
3,849,305
Interest on bonds
4,765,860
3,670,589
Interest on receivers' certificates_ _ _ _
118,750
(6)210,000 (6)210,000
Dividend on deb. bonds, series A_ _ _ _
(3)795,000 (4)1,060,000
Do
do
do series B___ _
$7,966,757 $7,819,935 $7,826,963
Total deductions
def$2,864,597 def$403,421 sur$545,719
Balance
Note.
-Interest on 1st ref. and ext. M. bonds accrued for the year ending
June 30 1912, $1,283,900, although not paid, is included in the above
statement for comparative purposes.
"Interest on bonds" in the years 1910-11 and 1909-10 is a net item and
includes the full interest on the outstanding "first refundingand extensions
bonds" (amount outstanding on June 30 1911, $41,576,220; on June 30 1910,
$38,615,587, and on June 30 1909, $31,476,243), after deducting an amount
equal to that portion of the int. paid on the A and B deb. bonds which
reverted to the company as owner of the major portion of such debentures.
The amount of outstanding "first refunding and extensions bonds"on June 30
1912 was $41,921,240. As above shown, no Interest was paid on either the
"first and refunding" or debenture bonds during the fiscal year 1911-12.
BALANCE SHEET JUNE 30.
[Owing to change in method of accounting, comparisons with some items
in earlier years are inaccurate.]
1910.
1911.
1912.
$
$
Assets$
Road and equipment
a175,436,040 176,732,184 175,353,386
1,275,178
Supplies and materials
1,001,623
3.280
Cash
2,315,838
24,770
4,382,460
Securities of proprietary, &c., cos_ _ _
103,013
Securities issued or assumed in treas_ 1,691,772
Securities issued or assumed, pledged 8,500,000 20,410,337 22,889,719
Miscellaneous investments
10,411,128
Marketable securities
139,941
Wheel. & L. E.3-year notes and int_ 10,483,311
9,816,211
4,905,504
Special deposits
1,151,512
4,468,386
Miscellaneous
1,197,395
5,774,862
Loans and bills receivable
5,773,810
6,420,139
Cost of equipment in suspense
5,344,000
4,421,000
5,275,727
Debit to profit and loss
2,930,213
6.916,432 '6,126,934
Receivers' account-assets collected_ 8,182,979
Total assets
233,937,439 233,132,945 220,788,700
Liabilities
Common stock
53,200,213 53,200,213 53,189,293
Preferred stock
39,200,213 39,200,213 39,189,293
Bonds
116,302,149 116,968,129 115,156,496
Obligation to bankers, account W. &
L. E. notes
9,807,958
9,807,958
1,775,665
Interest, 8cc
744,495
1,773,445
4,428,139
216,155
3,944,911
Vouchers and pay-rolls
527,013
585,680
114,292
Taxes accrued
1,050,377
1 1,013,377 51,345,156
Loans payable
1
104,500
66,000
Bills payable
1
Additions to property through income
425,490
618,299
886,271
since June 30 1907
1,763,503
2,528,256
Reserved for accrued depreciation__ _
a
107,399'1
Miscellaneous accounts payable
3,178,930
3,094,685
2,406,801
Deferred credit items
231,706
Reserve from income or surplus
Receivers' account-liabilities paid
9,706,409
Total liabilities
233,937,439 233,132,945 220,788,700
a Road and equipment is stated in 1912 after deducting reserve for accrued depreciation, $2,864,640.
RECEIVERS' BALANCE SHEET JUNE 30 1912.
Liabilities ($22,102,290)
Assets ($22,102,290)Additions and betterm'ts_ •$243,785 Receivers' certificates__ _$10,500,000
130,006
Cash
7,320,753 Traffic, &c., balances_ _ _ _
3,099,177
Loans and bills receivable
180 Vouchers and wages
370,030
134,812 Miscellaneous accounts_ _ _
Traffic, &c., balances_
462,099
694,856 Mat. int., div. & rents_ _ _
Agents and conductors_ _ _
982,224 Unmat. Int., divs. & rents 678,340
Miscellaneous accts
492,099
1,872,385 Taxes accrued
Materials and supplies_ _
187,073
140 Deferred credit items_
Advances
21,599 •Add'ns to prop'y since
Prepaid rents & insur_ _ _ _
June 30 1907 through
Wabash RR.liablis. paid_ 9,706,409
487
1,125,147
Profit and loss
Income
6,182,979
Wabash RR. assets coll
'Includes $624,607 paid from proceeds of receivers' certificates and $487
paid through income; total, $625,094; less reserve for accrued depreciation,
5381,309.-V. 95, p. 968, 745.
Nashville Chattanooga & St. Louis Railway.
(Report for Fiscal Year ending June 30 1912.)
The report, dated at Nashville, Oct. 11912, says in subst.:
-These aggregated $956,199; less depreciation
Additions and Betterments.
of equipment during the year, $386,475; net charged to road and equipment, $569,724. Principal items: additional second tracks, $293,652;
increased weight of rails, $96,236; station buildings, &c., $111,053; equipment, $245,661.
Maintenance.
-The total expenditure for maintenance and improvements
657
436 was $2,500,106, or $2,032 per mile of main track; year preceding, $1,939
23,465 per mile. There were 69.01 miles of new 85-lb. rail laid, replacing 80-lb.
rail; also 7.63 miles of second track and 8.94 miles of side track: net in5,812,545 crease in all tracks is 15.13 miles. 672,381 cross-ties and 425 sets of
355,979,515 switch-ties were used in renewals.
Miscellaneous.
-The 3.05 miles of new track at Hickman, Ky., con1.797 cts.
12,556,220 structed on account of the encroachment of the Mississippi River, was put
52,950,014' in operation Nov. 21 1911. One of the new freight stations at Memphis,
0.582 eta. for joint use with the Louisville & Nashville RR. Co., is now in service;
352 the other will be completed about Oct. 1. The new union passenger station
52.0494 at Memphis was opened April 11912. The subways at Mississippi Ave. and
51.1369 Rayburn Boulevard, Memphis, have been completed.
A second track, Wauhatchie to Hooker, 4 miles, was put in service
$10,287
March 26; Hooker to Whiteside, 4.2 miles, April 25. Five miles, Vulcan
$
0,395,775 to Shelimound, will be completed about Sept. 15. The grading on 3.56
17,176,709 miles, Wauhatchie to Cravens, is almost finished. Contracts have been let
2,295,549 for 5.55 miles between Sheilmound and the draw at Bridgeport and 5.21
miles between Bridgeport and Bolivar. The grade reduction at Stevenson
25,888,033 and the revision of the yard at that point will be completed about Jan. 1
The reduction of the grade for double track between South Cherry St.,
3,112,598 NashvIle, and Glencliff, 3.3 miles, is progressing satisfactorily.
3,966,180
OPERATIONS AND FISCAL RESULTS.
836,493
1910-11.
1909-10.
1908-09.
1911-12.
10,024,796
1,230
1,230
1,230
1,230
817,117 Mies operated June 30_ _
Equipment.
261
261
251
258
18,757,184 Locomotives
237
238
227
232
(72.51) Passenger cars
10,077
10,084
9,586
9,684
7,110,849 Freight cars
635
406
525
488
Other cars
Operations
3,130,581
2,574,608
Passengers carried
2,979,863
2,771,397
Pass. carried one mile_ _126,417,565 119,669,068 108,788%035 103,496,165
2.33 cts.
2.39 cts.
2.36 cts.
Rate per pass, per mile_
2.36 cts.
5,636,188
5,278,378
5,715,679
1909-10.
5,830,566
Freight (tons) carried
$8,349,833 Freight (tons) one mile_822,258,933 857,931,472 846,228,627 822,135,574
1.03 cts.
851,324 Rate per ton per mile__ _
0.96 cts.
1.01 cts.
0.99 cts.
$9,042
$9,970
$9,461
Gross earnings per mile_
$10,019
$7,498,510 Earns, per pass. train m.
$1.20
$1.23
• $1.20
$1.19
874,172 Earns. per fgt. train mile
$1.82
$2.03
51.94
$1.93
1908-09.
2,515
$8,372,682
'Also owns 2 steamers, 3 transfer barges, 1 wharf boat.
1911-12.
Napalms-$2,946,752
Passengers
8,460,360
Freight
855,563
Mall, express, rents, &c..
1910-11.
$2,827,755
8,707,680
788,428
1909-10.
$2,568,305
8,353,212
715,686
1908-09.
$2,476,679
7,870,698
774,737
Total gross earnings__$12,262,675 $12,323,863 $11.637,203 $11,122,114
Expenses
Maintenance of way_ __ _ $1,796,914 $1,863,673 $1,783,062 $1,761,049
Maintenance of equip't_ 2,227,346
1,939,777
2,261,008
1,954,772
415,207
Traffic expenses
463,317 •
431,358
425,103
Transportation expenses 4,569,759
3,950,231
3,987,927
4,429,496
284,436
General
321,535
280,139
300,880
Total expenses
$9,378,871
P.c. of exp. to earnings_
(76.48)
Net earnings
2,883,804
Income from investm'ts.
22,500
Other income
x350,721
$9,279,960 $8,437,258 $8,350,701
(75.08)
(72.50)
(75.30)
2,771,413
3,199,945
3,043,903
16,458
22,500
22,500
261,790
336,704
415,448
• Total income
$3,257,025
Disbursements
Interest
$928,820
Taxes
305,506
Rentals
626,518
Bonds retired and misc.
Dividends on stock_ _ _ -(63)649,003
Res've for doubtful accts
Additions to property__
$3,481,851
$3,559,149
$3,049,662
$938,487
285,904
626,518
$943,220
267,455
626,518
(6)599,079
(6)599,079
80,000
83,252
$945,060
245,942
626,518
•
26,000
(5)499,232
20,000
33,115
Total disbursements__ $2,509,847
Balance, surplus
$747,178
$2,449,988
$1,031,863
$2,599,524
$959,625
$2,395,867
$653,795
x "Other income" in 1911-12 includes interest from notes receivable,
bank deposits, &c., $49,459; hire of equipment, balance, $178,292; rental
received, &o.,*122,970.
•
GENERAL BALANCE SHEET JUNE 30.
1912.
1911.
1912.
1911.
LiabilitiesAssets$
$
$
10,000,000 10,000,000
Road & equipl_*30,049,016 29,479,292 Capital stock
15,885,000 15,905,000
Physical property_ 357,706
363,826 Funded debt
130,765
Cash
1,309,700 1,613,232 Traffic balances
191,911
758,347 Vouchers & wages 1,080,109 1,036,408
Securities owned_ _ 842,347
119,036
Traffic balances
89,208 MIscell. accounts_
91,894
129,287
Agts. dr conductors 461,222
33,827
417,256 Int. & diva. due
33,681
Bilis <lc other accts.
670,812
Accr. int. & diva_ 717.178
receivable, &c
1,521,614 1,442,810 Taxes accrued.... 135,000
135,000
Mat'is & supplies_ 1,819,184 1,524,696 Def. credit items
71,183
69,357
Def, debit items
25,193
25,059 Add'ns to prop'ty_ 271,404
271,401
Profit and loss.... 8,036,200 7,269,040
Total
36,477,876 35,713,726
Total
36,477,876 35,713,726
a After deducting reserve for accrued depreciation, $2,174,583.-V. 95,
p. 968. 111.
Bangor & Aroostook RR.
(Report for Fiscal Year ending June 30 1912.)
The report, dated Oct. 15, says in substance:
The gross operating revenue was $3,345,241, an increase of $172,129,
and the operating expense was $2,148,672, an increase of $144,901. There
is included in operating expenses $64,307 on account of passenger train
collision at Grindstone on July 28 1911.
Equipment acquisitions were: 6 locomotives, 2 gas-electric-motor cars
and ear for ballast-spreader.
Important Items of roadway repairs and renewals arc: New steel rails,
85 lbs. per yard, 48 tons; 70 lbs. per yard, 799 tons; new ties, standard cedar,
138,163; ballast, 0,923 cu, yds; tie plates, 3,000. 34 culverts were replaced
with pipe and 11 with concrete. Four trestles, aggregating 110 lin. ft. In
length, were replaced with concrete culverts and earth. fill. The Ashland
branch Improvements as originally recommended have been in part made;
on one section (approximately 7,000 ft.) there has been material reduction
of curvature and gradient materially Increasing train loads for that part
of the line.
Analysis of Freight Traffic (Tons).
MiscelForest
Coal
PotaOther
Products. &c.
toes. Ag.Prod. Paper. laneous. Total.
1911-12 ____721,199 222,244 388,323 79,261 151,659 231,727 1,794,413
1910-11 ____667,580 185,486 350,472 70,363 147,726 246,279 1,667,906
Norfolk Southern Railroad Company.
(Report for Fiscal Year ending June 30 1912.)
The report shows the following results:
Earnings, &c.
-Total operating revenue was $3,284,824, an Increase of
$329,153, the mileage operated (608) being the same in both years. On
the other hand, the total operating expenses increased $246,031, the income
from outside operation decreased $10,120 and from other sources decreased
$12,205, while taxes increased $19,050; interest on funded debt increased
$51,416 and rents and other deductions increased $12,687, with the result
that the net corporate income was $588,104, or a decrease of $22,346. There
was paid in dividends $320,000, against $240,000 in 1910-11, leaving as
surplus for the year $268,104, against $370,450 In 1910-11.
Operations were materially affected during December 1911 and Jan.,
Feb. and Mch. 1912 by the almost unprecedented adverse weather conditions,causing areduction in the general revenues and increasing the expense
of operation and maintenance.
Comparison of Gross Operating Revenues Per Mile of Road.
9
1911-12.
1910-11.
1909-10.
1908-00.
1907 08
83, -16.
$4,155
$5,402
$4,864
$4,467
The statistics of traffic handled in comparison With the previous year
show: Tons of freight carried increased 4.1%; same one mile increased
8.1%; passengers carried increased 11.9%; same one mile increased 6.04%.
Maintenance of Road and Equipment (per unit owned).
1911-12. 1910-11.
1911-12. 1910-11.
$589
Locomotives, average$1,585 $1,382 Way & tame., perm. $648
$455 Cross-ties, Total No_195,228 171,474
Passenger cars, aver_ $159
$40 Rail (80-lb.), miles... 5 1-3
$37
Freight cars, average_
New ballast placed in track: Sand. 2,496 yards; oyster eiells. 133,816
bushels. Five new locomotives and 500 steel underframe 60,000-1b. capacity ventilated box cars were purchased during the year. "Additions and
betterments" aggregated $748,475, of which $547,862 for equipment.
Dividen s.
-Four regular quarterly dividends of M of 1% each were
declared during the year.
-During the fiscal year the company acquired all the
Acquisition, &c.
capital stock of the Raleigh Charlotte & Southern By. Co., In which company were vested the properties and franchises formerly owned by the Raleigh & Southport By. Co., Sanford & Troy RR. Co., Durham & Charlotte
RR. Co., Aberdeen & Asheboro RR. Co. an I a leasehold interest in the
Carthage & Pinehurst RR. Since June 30 the Company has acquired the
physical properties of the Raleigh Charlotte & Southern By. Co., which
gives it a line of road from Raleigh to Fayetteville, Colon to Mt. Gilead and
Troy, Asheboro to Aberdeen and to Pinehurst, with 2'2 miles under construction from Varina to Colon, a total mileage of 228.15. A contract has
been let for an extension from Mt. Gilead to Charlotte, N,C., about 53 miles,
giving the company a direct line from Norfolk, Va., one of the most important commercial ports on the Atlantic Coast, to Charlotte, N. C., the largest
city in North Carolina. We believe that these lines of road will greatly
increase the value of your property. (V. 94, p. 488; V. 95, p. 48.)
-On Feb. 1 1912 $6,000,000 3
-year 5% collateral gold notes
Funded Debt.
dated Jan. 1 1912 were issued and sold to provide funds for the acquisition
and completion of the above additional lines of road and for the purchase
of additional equipment; $544,000 par value of these notes were canceled
on May24(leaving $5,456,000 outstanding June 30 1912),and a like amount
par value of Norfolk Southern RR."first and refunding bonds" were issued
and sold to reimburse the company for Its purchase of five new locomotives
and 500 new box cars. The amount of outstanding "first and refunding"
bonds as of June 30 1912 was $6,381,000, as compared with $5,837,000 for
the previous year (V. 93, p. 1534.) The total funded debt June 30 1912,
exclusive of bonds owned by the company, was $14,967,000, including the
notes and bonds aforesaid and also the old N. ec S. RR. 1st M. 53, $1,655,000, and 1st gen. M. 5s, $825,000; also S. & C. fly. 1st consol. 55, $650,000.
Agricultural Development.
-The land and industrial department has been
actively engaged in an effort to interest progressive people from other
States in the great agricultural possibilities of Eastern North Carolina.
Exhibitions of farm products from that terrtory were made at the land
shows at both Pittsburgh and N. Y. City, and an extensive exhibit was also
made at the State Fair at Columbus, 0. Five personally conducted homeseekers' excursions were operated, with very gratifying results. A substantial number of these homeseckers have since located in this section and
others are arranging to do so in the near future. Success has also attended
the efforts of this department to increase the output per acre.
-PRODUCTS OF.
CLASSIFICATION OF TONNAGE
Agriculture. Animals. A fines. Forests. Manufac.
271,400 26,315 160,746 813,221 186,121
202,363 25,299 143,747 862,897 146,645
197 725 26,329 130,078 816,252 130,219
Year
1911-12
1910-11
1909-10
OPERATIONS, EARNINGS, EXPENSES AND CHARGES.
1909-10.
1908-09.
Operations-1910-11.
1911-12
530
Average miles
618
515
631
Pass. carried (revenue).
743,707
760,825
627,775
778,567
Pass. carried 1 mile_
27,873,016 26,736,732 26,878,322 23,751,756
Rate per pass, per mile_
2.37 cts.
2.35 cts.
2.34 cts.
2.26 cts.
Rev. freight (tons) car'd 1,794.413
1,667,906
1,612,667
1,463,619
do carried 1 mile
225,213,544 204,794,594 191,230,064 181,361,658
1.15 eta.
1.17 cts.
Rate per ton per mile_ _
1.15 eta.
1.12 cts.
$5,134
$5,643
$5,476
Oper. rev. p. m. of road_
$5,306
• Earnings
$638,144
$560,446
Passenger
$626,846
$631,264
2,204,330
Freight
2,372,128
2,122,422
2,525,535
Mall, express, car ser148,056
174,138
135,576
188,442
vice, rents
Total gross earnings__ $3,345,241
Operating ExpensesMaint. of way & struct_
$551,687
Maint. of equipment__
346,996
Traffic expenses
45,964
Transportation expenses 1,066,529
General expenses
137,497
Total
Per cent exp. to earns
Net earnings
Other income
$3,173,112
*503,360
368,689
39,997
962,665
129,061
$2,990,530
$447,220
335,727 •
33,804
839,878
128,652
$2,818,444
$482,707
324,313
33,847
824,169
124,130
$2,148,673 $2,003,772 $1,785,290
(64.23)
(63.15)
(59.70)
1,196,568
1,205,240
1,189,340
150,581
178,629
172,742
$1,789,165
(63.48)
1,029,279
98,371
Total net income ____ $1,347,149 $1,347,969 • $1,377,982
Fixed Charges
Taxes
$119,403
$45,841
$20,912
Interest on bonds
1,079,980
1,099,489
965,777
Dining-car deficit
4,236
5,008
3,440
Improvements & equip_
161,949
Interest and discount
54,144
33,959
59,149
Disc. on securities sold_
1,132
1,147
2,111
104,212
Dividends (4%)
124,584
127,944
$1,127,650
$17,920
935,038
1,795
29,422
100,400
$1,411,530 $1,309,917 $1,292,964 $1,084,575
def.$64,387 sur.$38,052 sur.$85,018 sur.$43,075
Total
Balaaeo
A331.13-
[VoL. Lxxxxv.
THE CHRONICLE
1116
GENERAL BALANCE SHEET JUNE 30.
1912.
1912.
1911.
$
1911.
$
Road .f.: equIpm1_27,583,055 27,380,003 Capital stock
3,108,600 3,198,600
Nor. Me. Seaport
Bonds&car trusta..24.461,000 23.292,000
RR. stock
420,000
420,000 Loans & bills pay_ 1,183,522 1,363,361
Cash _
17,886
13,377
461,541 Traffic, &o., bale_
461,687
Traffic &c., bals_
130,530
86,078
126,433 Vouchers & wages 239,663
Agents & cond'rs_
28,327
31,783 Matured divs.,Int.
Mat'la & supplies_ 501,182
356,697
397,658
& rents unpaid_ 247,180
Mlscel. accounts__ 394,508
230,028
206,204 Miscel. accounts.. 130,321
Advances
20,868
25,828 Divs, declared,int.
Discount on bonds 309,341
182,721
44,141
& rents not due_ 314,750
Special deposits
161,949
287,957
35,390 Appropriated surp. 161,949
Oth.def.deb. Items
97,373
332,088
132,280 Profit and less.... 236,405
PM
30,191,276 29,261,351
F' Total _ .
-y,gc p. 1038, 418.
Total
30,191,276 29,261,351
Miscel.
191,854
202,945
173,497
TRAFFIC STATISTICS.
Average miles
'Equipment
Locomotives
Passenger cars
Freight cars
Working, &c cars
Traffic
Passengers carried
assenge cariedPs
one mile
Received per passenger per mile
No. of tons carried
Tons carried one mile
Received per ton per mile
Average tons per train mile
Gross revenue per mile
1911-12.
608
3,19
63
608
1910-1 1.
.
1909-10
698
67
128
2,587
62
68
121
2,859
58
1,999,038
2,211,577
2,474,129
50,344,889 47,308,669 44,443,760
1.510 eta.
1.604 cts.
1.677 (As.
1,483,100
1,583,896
1,649,657
133,308,800 123,282,063 110,786,603
1.658 cts.
1.620 cts.
1.643 cts.
184.70
152.04
157.82
$4,467
$4,864
$5,402
'Equipment as above on June 30 1912 includes 15 locomotives leased and
341 cars in passenger, freight and company's service. The company also
owned 11 barges, 6 car floats, 1 steamboat and 1 tug.
INCOME ACCOUNT.
1910-11.
1909-10.
1911-12.
Revenues$2,189,600 $1,997,603 $1,836,685
Freight
844.251
758,856
672,231
Passenger
193,294
150,685
160,371
Mall, express and miscellaneous....
57,679
48,577
21,183
Other revenue from operations
Total
Expenses
Maintenance of way, &c
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
$3,284,824
$2,955,671
$394,142
394,780
66,808
1,062,837
160,757
$345,651
345,770
59,905
921,517
180,450
Total
Per cent expenses to earnings
Net operating revenue
Outside operations, net
Taxes accrued
$2,079,324 $1,833,293 $1,664,793
(61.88)
(63.30)
(62.03)
$1,205,500 $1,122,378 *1,025,677
Deb.8,795
Deb.5,661
Cr.1,324
90,034
72,649
70,984
Operating income
t
• Othet income
Gross corporate income
Deduct
Rent, lease of road
Hire of equipment
.
Interest on bonds, &o
Other deductions
Dividends
Total
Balance
$2,690,470
$306,806
332,165 •
48,526
812,066
165,230
$1,106,671
a102,608
$1,052,719
70091
$947,367
18,767
$1,209,279
$1,122,810
$966,134
$97,026
$94,598
46,794
3,310
463,170
413,5761
12,947
876f
( %)320,000(1%)240,000
9
$939,937
$752,360
sur$269,342 sur$370,450
$90,345
25,109
893,914
$1,009,368
def$43,234
a Other income In 1911-12 ($102,608) Includes $57,139 from investments
(of which $50,000 from $1,000,000 John L. Roper Lumber Co. stock),
$38,537 from Interest on loans and accounts and $1,328from miscell.sources.
THE CHRONICLE
OCT. 26 1912
INCOME ACC' JOHN L.ROPER LUMBER CO. YEAR END.JUNE 30.
T
1911-12. 1910-11.
1911-12. 1910-11.
$227,077 $209,801
Gross earnings_ _.$1,901,706 $1,844,994 Total income
84.211
Operating expens_ 1,707,886 1.670,494 Int., tax., depr.,&e. 82.945
Net earnings__ $196.820
30,257
Other income___
$174,500
Balance
35,301 Profit land sales
$144.132
12,230
$125.590
1,420
Tot,to sur. acc't $156,371 $127,010
Total income___ $227.077 $209,801
The lumber, logs, &c., sold aggregated 111,772,230 ft., against 115,473,940 ft. in 1910-11. President C. I. Millard of the Lumber Co. says in substance: "The readjustment of the inventory of the standing timber and
agricultural lands has resulted in an increase in the surplus account of
$1,838,872. The expense of the surveys and estimates of timber (which
was included in operating expenses in the monthly reports) has been deducted from the total operating expenses. If the present market conditions
continue, the results for the ensuing year should show a substantial increase.'
1117
CONDENSED GENERAL BALANCE SHEET JUNE 30.
1912.
1912.
1911.
1911.
AssetsLiabilities$
$
$
$
Road & equip't__*12,906,687 12,931,066 Capital stock
6,750,000 6,750,000
Miscell.investts_
31,718
51,092 Funded debt
6,000,000 6,000.000
Cash
174,019
178,528 Loans & bills pay_
57,000
Loans & bills ree_
52
Vouchers & wages 135,600
156,988
Mat'ls & supplies_
152,460
156,949 Mat'd int. & diva_
125,655
127,165
Miscellaneous __
85,315
41,973
86,596 Miscellaneous ____
39,111
Sinking fund
492,522
427,215 Int. & taxes am._
37,791
38,539
Other def. debit
Def.credit items__
83.350
120,001
items
30,180
517,442
34,864 Sinking fund
452,135
Profit and loss_
125,372
181,173
Total
13,872,984 13,866,311
Total
13,872,984 13,866,311
Includes investment to June 30 1907, $14,010,387 (road $12,267,166
and equipment $1,743,222), less credits as follows: Investment since June 30
1907, $77,001 (in road, Cr. $140,562, less equipment, $63,564); less reserve
for accrued depreciation, $1,026,699.-V.95, p.968.
BALANCE SHEET JUNE 30.
Ann Arbor Railroad.
1911.
1912.
1911.
Assets
Liabilities
(Report for Fiscal Year ending June 30 1912.)
Road & equip_ _ _al(),972,591 19,222.937 Capital stock
16.000.000 16,000,000
Real eat, not used
Funded debt (see
Pres. J. Ramsay Jr., N. Y. City-Toledo, says in subst.:
in operation_ __
152.693
155.343
"Ry. & Indus."
Results.
Leased rail
-The tables show an increase in gross operating revenues o'
73,228
150,424
Section)
17,373,000 11,373,000
Adv. to proprieTraffic, &
49,765 $185,768; in gross corporate income of $70,582; in interest and other
61,925
charges of $53,444, resulting in net corporate income of $180,284, an
tary, &e.. C08 5,342.746
Vouch. & wages_ _ 290,8771
Increase of $17,138.
Securs. of underlyInt., &c., due_ _ _ _
193,875) 406,003
While the increase in freight revenue was 9.3%, there was an increase
ing & other cos..
Misc. sects pay'le
51,4171
In number of tons of freight handled one mile of 17.6%, with a decrease
pledged & unAccr'd int., rents,
pledged
6.477,949 6,588.769 &e
157,958
147,666 in the rate received per ton per mile of 4-10 of one mill, or 7.07%. Had
Cash
1,211,658 1,427,276 Taxes accrued_ _ _ _
27,202 the average rate per ton per mile been the same for 1912 as for 1911, the
23,747
Mat'l & supplies
229.2671 491,195 Def'd credit items_
128,886
12,447 revenue from freight traffic would have been $114,283 more than it was.
Passenger revenues showed an increase of 10.29%. The passenger train
Reserve
Misc. sects recle_ 416,6161
b212,225
1,725 Surplus
Accrued income
1,725
713,055
443,713 revenues have shown almost a continuous increase for the past decade,
1912 showing $659,969, against $426,472 for 1902, an increase of 54.75%.
Unextin. disc, on
The gross revenues have increased from $1,891,073 for 1909 to $2,860.855
funded debt_
299,245 for 1912, a gain of $408,173, or 21.06%. The year 1912 was the
634,352
135,000
Special deposits
record year-the gross earnings being *116,728 above the next highest
120,412
Oth.def.deb.items
year, 1907.
Taxes for 1912 amounted to 24.2% of net revenue, as compared with
34,994,740 28,672.021
Total
Total
34,004,740 28,672,021
27% for 1911. When a corporation Is paying an average of 8% of its
gross revenue and over 25% of its net earnings (before deducting taxes)
a Includes road, $17,207,212, and equipment, $2.786,314, and $75,955 it is certainly being well taxed.
for general expenditures, less reserve for depreciation, $96,889. b Reserve
"Transportation expenses" were very greatly
the
to meet unadusted claims and funds held in suspense of the old company. usually severe winter, extending from latter end Increased by well unof December
into
__Nr. 95, p. 1040, 968.
April. This, with the frequent snow storms, resulted in a complete blockade of traffic on all lines, particularly at Toledo, resulting in traffic operations under the most expensive conditions-overtime, reduced engine
lading. Increase In per diem, &c., &c.
Gulf & Ship Island Railroad.
The capital expenditures for additions and betterments aggregated
734,239, of which $633,676 was for equipment.
(Report for Fiscal Year ending June 30 1912.)
The freight equipment was increased by the receipt of 580 cars, with
total tonnage
of
were 21
Pres. J. T. Jones (Buffalo, N. Y.) Sept. 30 wrote in subs t.: into company capacity and23,200 tons. Theresold and old light cars put
service
189 obsolete cars
destroyed. Total
capacity of freight equipment June 30 1912 was 105,235 tons, an increase
Results.
-Although, in common with other railroad corporations in the
Gulf district, we have been affected adversely by serious strikes and unusual of 19,300 tons.
Great Improvement has been
rains and overflows, which greatly interfered both with transportation placing of 43.3 miles of ballast,made In the condition of the track by the
218,550 tie plates. 111,609 cross ties and
and lumber production, the decrease in operating revenue was only $24,050, 1,000
of 85-1b. steel rail. During the past ten years 214.3 miles
or 1.20%. Operating expenses show an increase of $47,083, due to high of newtons have been laid in the track
rail
(about 74% of the total main track
cost of labor and materials, extraordinary repairs incident to the floods, mileage) as follows: 100 miles of 70-1b.
rail, 33.5 miles of 80-1b. rail and
and expenditures Incurred In securing a more diversified tonnage. The
miles of 85-1b. rail. Practically 50% of the rail now in the track is
reduction, therefore, In net operating revenue was $71,133. Nevertheless, 80.8 than 5 years old.
less
after deductions for maintenance, sinking fund and interest requirements,
The results of the operation of car ferries were more satisfactory than for
the accounts show a surplus for the year of $204,570.
the previous year. The gross revenue to the company
Requirements.
-It has become imperative to provide additional facilities freight traffic was $752,622 for 1912 (or 46.64% of its total from translake
freight revenue)
at Gulfport for taking care of the export and import tonnage which is now and $624,851 for 1911-a gain of $127,770.
The boat proportion of this
being offered and the increase which it is believed will follow the completion revenue was, for 1912 5166,655, and for 1911
$140,263. There was an
Panama Canal. Expenditures will be required also for other im- nerease In expenses of $25,639 (17%), with
of the
an increase of 2,615 loaded
provements In connection with the property. Your company is already cars handled,
engaged in the construction of a large warehouse at the south end of the against $6,337equivalent to 10.27%. The deficit for the year was $6,940,
for the previous year.
present pier, which is to be used for the storage of commodities awaiting
OPERATIONS AND FISCAL RESULTS.
export, and also in the construction of a pier and approaches thereto on
1911-12.
the west side of the anchorage basin, which will provide during the next
1910-11.
1909-10.
1908-68.
292
year 1,000 feet of additional wharfage. It has been deemed advisable Miles operated
292
292
292
Passengers carried
1,089,353
to meet the cost of these improvements out of income.
949.902
841,422
836,200
31,367,512 28,787,790 26,850,309 25,231,925
Attention is called to the absence of floating debt as shown in the balance Pass. carried 1 mile
Rate per pass. per mile_
1.72 eta.
1.70 cts.
sheet, and the fact that none of our equipment is subject to car trusts.
1.74 eta.
1.71 cts.
96.24 eta.
95.43 eta.
Development of Territory.-Itt Sept. 1911 we established an immigration Pass. earns, per train m. 77.02 eta.
90.0$ eta.
1,775,291
1,737,184
and industrial department. Associations of truck growers have since been Tons carried (revenue). 1,945,977
1,614,810
formed at 13 points and 3,500 acres planted; two canning plants have been Tons carr'd 1 m. (rev.) _274,971,595 233,802,696 250,223,316
0.526 eta.
0.566 eta.
0.505 eta.
started, and also a wood-reduction plant. It is estimated that these in- Rate trer ton per mile
$2 35
$2 34
$2 47
$1 89
dustries will produce about 875 cars of revenue freight per season and that Fr't earns, per tr. mile_ $6,628
$7,264
$6,359
$5,680
the factories will employ about 100 persons. The department has also Gross earns, per mile_ _
447
437
463
been instrumental in inducing about 200 farmers and their families to settle Av. tons per train mile_
Operating revenues
on and work the "cut
-over" lands along your railroad, and there has been
Freight
1.823,944
1.447,074
1,264,661
formed quite a deman for such lands.
1,146,719
490,488
541,173
467,430
450.324
Gulfport Harbor.
-While the movement of lumber over your road in- Passenger
132,137
120,184
124.068
111.437
creased somewhat, the lumber handled over the pier at Gulfport decreased Mall, express, &c
about 11%, from 342,214,986 ft. to 304,189,000 ft., caused by inability
Total
2,120,384
1,934,616
1,856,159
to secure the necessary vessels for carrying lumber.
1,701,480
Operating expensesMaint. way & structures
238,049
259,444
298,306
OPERATIONS AND FISCAL RESULTS.
254.718
Maint. of equipment__ _
236,678
245,415
246,453
193,865
Traffic expenses
1911-12.
50,442
48,581
1910-11.
46,981
33.214
1909-10.
1908-09.
Transportation expenses
Average miles operated_
800,711
308
666,734
642,806
662,157
307
307
307
General expenses
93,568
Operations
85,194
64,222
48.359
548,699
Passengers carried
585,085
538,605
479,084
Total
1,419,448
Passengers carried 1 mile 15,584,837 15,641,107 14,519,085 11,551,519
1,305,368
1,298,768
1,197,313
(66.94)
(67.47)
2.592 eta.
(69.97)
Rate per pass. per mile_ 2.596 eta.
(70.08)
2.831 eta.
3.046 eta. P. c. exp. to earnings_ _ _
700,936
Net operating revenue_
629,248
557,391
1,265,281
Tons freight moved_ _ _ _ 1,264,838
511.167
1,276,250
1,115,663
def7,679
def8.186
def31,041
27.250
Tons fr't moved 1 mile•_ 85,726,808 85,400,813 89,389,269 81,972,402 Outside operations (net)
1.703 eta.
Rate per ton per mile•_ _ 1.665 eta.
1.739 Ms.
1.715 eta.
693,257
Net revenue
621,062
526,350
276
Av.train load,rev.
538,417
274
(tons)
273
254
167,827
167,827
Earns, per pass, train m.
$1.02
147,967
147,967
$0.99
$0.95
$0.79 Taxes _
Earns, per freight tr. m_
$4.66
$4.59
$4.75
$4.36
Operating income_ _ _ _
525,430
Gross earns, per mile_ _ _
453,236
$6,447
390,450
378,383
$6,537
*6,821
$6,102
Other Income
•51,226
52,838
88.092
72,775
Gross Earnings$
$
$
$
Freight
1,427,620
1,454,787
Gross income
1,554,182
1,405,593
576,656
471.542
451,158
506,074
Passenger
405,384
404,531
Deduct
411,016
351,882
Mail, express and !Iliac
94,588
100,335
88,085
82,623 Hire of equipment
38,241
10,741
52,634
174,643
Other than transporta'n
50,254
52,031
40,793
280,000
33,006 Interest on bonds
280,000
280,000
280.000
Interest on equip. notes_
78,131
52,187
28,233
1,655
Total oper. rev
2,006,790
1,982,740
2,004,076
1,873,196 Appropriations & res'ves
5,997
Betterments
4,153
Operating Expenses
Maintenance of way, &e,
263,817
265,738
365,841
395,266
Total deductions_ _
396,372
342,928
366,863
460,451
Maintenance of equip't_
355,670
363,517
316,238
278,440 Balance, surplus
180,284
163,146
84,295
13,091
Traffic expenses
19,245
29,347
17,633
15,899
Transportation expenses
576,885
596,721
595,521
630,819
• Other income includes in 1911-12: Joint facilities, $42,193; lit, on
General expenses
96,135
103,513
89,162
86,794 securities, loans and accounts, $4,352; misc. ,$4,681.
GENERAL BALANCE SHEET JUNE 30.
Total
1,311,753
1,384,396
1,358,836
1,407,218
1912.
1911.
1911.
1912.
c. of exp. to revenue_
P.
(65.37)
(66.12)
(68.53)
(75.12)
$
Ana,$
Liabilities$
Net earnings
695,037
623,904
709,680
465,978 Road & equip't_a17,052.807 16,337,296 Preferred stock___ 4,000,000 4,000,000
Taxes
60,423
57,883
61,490
61,217 Securs.issued or asCommon stock__ 3,250,000 3,250,000
.
sumed-pledged 1.000,000 1.000,000 Mortgage bonds__ 8,000,000 8,000,000
Operating income_ _
634,614
566,021
648,190
404,761 Other securities__
123,738
203,470 C,oll, trust bonds__ 600,000
600,000
Other income
12,886
12,698
14,170
7,702 Cash
88,439
135,637 Equipment notes_ 1,005,000 1,161,000
Remit. in transit_
91,631
81,182 Loans & bills pay_
120,000
110,000
Total income
578,907
647,312
662,360
412,463 Mat'ls & supplies_
173,912
157,567 Vouchers & wages. 299,140
245,344
Deduct
Adv.(D.T.&I.Ry.) 220,200
220,_00 Miscell. liabilities_
53,050
30.526
Interest
Interest matured &
312,762
300,593
306,838
331,487 Jackson Ann Arbor
7,000
& Chicago bonds
Sinking fund
7,000
49,840
accrued
102,460
161,743
49.840
49,840
49,840 Miscellaneous
___ - 233,846
197,201 Taxes accrued_ .._
11,734
hire of equip.,rents, &o.
51,867
52,546
7,912
14,343
26,478 Cash for
purcb. of
Traffic bals., &c.._
23,842
5,653
new equipment_
Total deductions_ __ _
374,336
619,603 Def.credit items_ _
759
25
7,022
358,345
371,021
407,805
204,571
191,258 Profit and loss._ _ _ 1,688,997 1,569,070
Bal., surplus for year_
288,967
291,339
4,658 0th .del.deb .items 184,539
Dividends
(2)135,000 (4)270,000 (4)262,500 (4)242,500
Total
19.176,871 19,150,414
Total
19,176,871 19.130,414
• Not including company's freight.
a After deducting reserve for accr. deprec'n, $142,270.-V. 93, v. 1193.
1912.
Duluth South Shore & Atlantic Railway.
(Report for Fiscal Year ending June 30 1912.)
Results of operations for several years were as below:
TRAFFIC STATISTICS.
1908-09.
1909-10.
1911-12.
1910-11.
Operations593
603
609
621
Aver. miles operated_ _ _
707,653
719,169
785,622
790,239
Revenue pass. carried__
pass. carried 1 mile 37,653,013 39.484,915 39,231,325 37,137,717
Rev,
2.464 cts.
2.519 cts.
2.452 cts.
Rate per pass. per mile_ 2.469 cts.
2,555,351
3,695,469
3,429,218
Rev.freight tons carried 3,413,835
Tons carried one mile__ _230,353,543 228.447,625 299,466,756 171,817,332
0.951 cts.
0.857 cts.
0.880 cts.
Av.rate per ton per mile 0.895 cts.
INCOME ACCOUNT.
1909-10.
- .
-1911-12.
Earnings
'Merchandise freight_ ___ $1,718,715 $1,665,880 $1,723,312
415,438
346,704
342,381
Iron ore freight
988,367
968,083
929,692
Passenger
175,030
168,151
161,687
Mail, express and misc._
1908-09.
$1,411,258
222,832
915,124
170,124
$3,152,475 $3,148,818 $3,302,147 $2,719,338
Total revenue
Expenses
$527,683
$445,281
$512,170
$575,766
:Want. of way & struc
361,459
327,791
359,552
360,164
Maint. of equipment_ _ _
107,909
100,884
118,982
121,764
Traffic
1,193,180
1,027,071
1,195,816
1,225,429
Transportation
79,016
78,491
82,821
112,038
General expenses
$2,395,161 $2,269,341 $2,269,248
Total expenses
(68.72)
(72.07)
(75.98)
Per cent of exp. to earns.
1,032,899
879,477
757,314
Net operating revenue
8,591
9,428
3,359
-Net
Outside operations
$1,979,518
(72.79)
739,820
7,866
Total net revenue_
Taxes accrued
$760,673
217,418
$888,906
215,180
$1,041,490
225,918
$747,686
203,600
Operating income_ _ _ _
Other income
$543,255
38,764
$673,726
52,144
$815,572
49,939
$544,086
146,209
Net income
Deduct
Interest on bonds
Other interest
Other dcduc.(rents, doc.)
$582,019
$725,870
$865,512
$690,295
$871,357
$876,219
$862;805
72,209
$876,991
500
68,844
71,117
28,937
Total
Balance, deficit
$943,566
$361,547
$946,335
$220,465
$947,336
$81,824
8891,792
$201,497
BALANCE SHEET JUNE 30.
1911.
1912.
1911.
1912.
3
LiabilitiesAssets
Road and equip_a46,762,309 46,772,692 Common stock.._ _12,000,000 12,000,000
Stocks other cos_ _b1.100,917 b1.100.917 Preferred stock _10,000,000 10,000,000
23,212,000 23,330„00
72,560 Funded debt
Misc.investments. 115,184
c55,331
149,861
159,270 Traffic, &c., bals_
149,193
Cash
356,656
Vouchers & wages 483,771
M. R. 1111. equip.
3,007
3,753
217,984 Miscell. accounts.
notes in treas. 198,755
(c)
Matured interest. _ 6,825,075 6,320,795
139,567
Traffic, &c., bals_
186,213
186,213
277,904 Mat. car tr. notes_
Material &supplies 342,563
271,642
91,403 Accrued interest_ 270,458
102,164
Agents & condue_
107,000
107,000
219,161 Accrued taxes_ ..
217,298
Miscellaneous __
19,366
30,903 Def. cred. items
26,853
Eq.tr. redemp.Id.
9,881
def. deb. Items 10,598
0th.
Profit and loss... 4,091,350 3.679.115
Total
[VOL. Lxxxxv.
THE CHRONICLE
1118
53,256,751 52,631,790, Total
53,256,751 52,631,790
a After deducting reserve for accrued depreciation, $420,217.
b Stocks of other companies include Mineral Range RR., $751,995;
Lake Superior Term. & Transfer fly., $70,800; Ste. Marie Union Depot Co.,
537,500; N. J. Bridge Construction Co., $250; Mackinac Transportation
Co., $237,372, and South Shore Land Co., $3,000.
c Traffic, &c., balances in 1911 are stated as a net item under liabilities.
-V.95, p.818, 361.
miles, has been, at the date of this report, put In condition for the heavier
type of power which was introduced during the year. The main line track
has been otherwise strengthened also, 4,356 tons of new 90-lb. steel rail
being laid in the Indianapolis line between Kirklin and Belt Junction,
28.35 miles; and since the close of the year 7,000 tons of additional 90-1b.
rail are being laid in the main line between South Hammond and Monon,
about 50 miles, all replacing 75-1b. rail. 324,917 new white oak or treated
ties and 41,592 yards of new, ballast were put in track.
The automatic block signal system between the Illinois State line (Chicago) and Massachusetts Ave., Indianapolis, 161.94 miles, was all in service
before Jan. 1 1912. Since June 30 a contract has been let for the extension
of this automatic signal system from Monon to MoDoel, 133.1 miles. Four
new stone and brick station buildings were built at Hammond, Rensselaer
and Bloomington at an aggregate cost of $63,361, of which a part was
carried over into the new year.
-Nine new Mikado type freight engines, having a weight
Rolling Stock.
of 287,000 lbs. and a maximum tractive power of 53,946 lbs., were acquired
and put in service at the end of the year, 10 old locomotives being retired.
Pending the strengthening of bridges, the full benefit of these greater units
of power was not realized until after June 30 1912. Sixteen additional
freight locomotives of the same type and power have since been taken into
service, releasing from heavy service seven more old engines of inadequate
power, and three additional heavy Pacir.;o type passenger engines were
acquired, thus increasing the units of power to 148 locomotives with an aggregate tractive power of 4,707,475 lbs., a net increase of 11 locomotives
and 831,050 lbs. of tractive power lover June 30 1911. This affords an opportunity to offset some of the current burdens of transportation expenses
by increasing train loads. 1,000 new steel general service gondola cars were
acquired, chiefly for the coal trade, and 1,000 new steel frame box cars
were ordered for delivery in the autumn of 1912.
The company Is now for the first time in years equipped to handle a
large freight business economically.
OPERATIONS, EARNINGS AND EXPENSES,
1908-09.
1909-10.
1910-11.
1911-12.
616
616
616
616
Miles operated June 30_
Operations
1,897,949
1,996,220
2,160,716
2,085,373
Passengers carried
88,358,953 86,436,178 80,049,334 75,038,705
Pass. carried one mile
1.798 cts.
1.810 cts.
1.824 cts.
Rate per pass. per mile_ 1.863 cts.
2,961,152
3.520,739
3.656,179
Rev. freight (tons) cam. 3,858,084
(tons) carried 1 m_515,420,460 485,074,802 524,265,962
Fgt.
0.775 cts.
0.836 cts.
Rate per ton per mile.._ 0.826 cts.
340
313
307
Avge. train-load (tons) _
$1.13
$1.13
$1.15
$1.14
Earn, per pass.train mile
$2.48
$2.61
$2.64
$2.54
Earn, per fgt. train mile.
$8,639
$9,777
$10,547
$10,040
Earns, per mile of road_
$
Earnings1,349,547
1,449,074
1.576.660
1,646,207
Passenger
3,482 685
4,063,422
4,054,115
4,257,162
Freight
487,154
507,746
556,104
600,284
Mall, express and misc.._
Total earnings
ExpensesMaint. of way, &c
Maint. of equipment__ _
Traffie expenses
Transportation
General
6,503,653
6,186,879
6,020,242
5,319,386
904,879
953,342
210,467
2,529,722
176,802
799,008
878,722
201,556
2,193,184
184,693
792,968
822,785
175,641
1,973,814
182,927
777,957
796,980
152,177
1,761,205
165,461
Total
Per cent exp. to earns_ _
Net earnings
Taxes
4,775,212
(73.43)
1,728,441
278,145
4.257,163
(68,81)
1,929,716
268,445
3,948,135
(65.58)
2.072,107
268,654
3,653,780
(68.69)
1,665,606
260,814
Operating Income_ _ _ _
Additional dividends, &c
Hire of equip., balance_
Rents receivable
1,450,296
160,997
1,661,271
168,187
38,526
36,121
1,803,453
173,663
12,709
51,583
1,404,792
191,743
7,718
52,840
Total
Disbursements
Interest on bonds
Rentals
Hire of equip., balance_
Miscellaneous
1,649,819
1,865,579
2,041,408
1,657,093
732,300
430,464
77,895
724,920
416,485
8,345
3,242
774,036
905,706
772,100
382,108
85
1,154,206
1,179,827
1,152,992
1,240,659
Total
502,887
861,580
712,587
409.160
Surplus for dividends__ _
Chicago Indianapolis & Louisville Ry. Co.
200,000
200,000
200,000
200,000
Dividend on pref.(4%)_
Dividend on common_ _(3 h)341,250(31.1)341,250(3;0341,250 (3)328,125
(Report for Fiscal Year ending June 30 1912.)
BALANCE SHEET JUNE 30.
Pres. Fairfax Harrison, Chicago, Sept. 17, wrote in subst.:
1911.
1912.
1911.
1912.
-Gross operating revenues increased $316,774, or 5.12%; but,
$
Results.
$
Liabilities$
$
Assetson the other hand, total operating expenses increased $518,049 (12.7%), Road & equip._ _a33,888,721 32,493,403 Common stock.. A0,500,000 10,500,000
Preferred stock._ _ 5,000,000 5,000,000
taxes increased $9,699, other income•decreased $4,785 and fixed charges Stocks of proprie15,000,000 17,300,000
increased $87,668, so that the balance of income over charges decreased
692,036 Funded debt
tary, &c., cos_ 742,382
425,000
,
from $712,587 to $409,160, or $303,427. Dividends were paid as usual, Miscell. stocks_ __ _ 306,511
306,511 Equip. 4 •6s, Ser A 383,000
713,000
aggregating $541,250, viz., 4% on the pref. stock and 3% on the common Cash
do Series B
839,594
1,915,057
69,680
67,535
stock, and charged to profit and loss.
4,300 1,562,300 Traffic., &c., bale_
Securs. In treasury
621,251
The winter weather after Jan. 1 was unusually severe and protracted, Marketable securs. 907,700 1,598,700 Vouchers & wages_ 692,027
53,712
resulting seriously so far as operating efficiency was concerned, while the Loans & bills rec
80,560
79,577 Miscell. accounts__
81,877
suspension of coal mining in the Indiana mines for two months not only de- Traffic, &c., bats_
24,098 Matured int., divs.
13,517
351,893
prived the company of revenue from transporting commercial coal, but add- Age ts & conduc._ 341,597
379,704
and rents
287,092
67,295
46,788
ed heavily to the expense for fuel. A further burden was the adverse Material & supplies 579,367
467,720 Unmat'd int., &c_
balance of car hire. The traffic had outgrown its supply of equipment, mak- Miscell. accounts__ 256,894 • 257,95 i Taxes accrued_ _ _ _ 271,653
174,201
ing increasingly necessary the use of foreign cars, a condition which led to Advances
26,644 Operating reserves
161,465
19,790
2,845
the purchase of the additional cars acquired or ordered during the year.
135,984 Oth.deLered.1 ems
Special deposits_
The passenger traffic has continued to make a wholesome growth, show- Sinking fund
16,610 2,411,987 Asides to ProP'Y
-year
through income_ 1,002,794 1,152,122
ing an increase 01 4.41% In revenue over the previous year, and, for a 5
14,608
11,057
Oth.def.deb.items.
Profit and loss. _ _ _b4,187,149 5,463,261
period, 23.78%. The greater part of this traffic is highly competitive.
The earnings of passenger trains have, however, been adversely affected
39,227,055 41,198,205
Total
during the year by arbitrary reduction in the allowances for transporting
39,227,055 41,198,205
Total
the malls. The reduction of mail pay was $29,899, which was in part
offset by an increase of $23,381 in revenue from express.
a After deducting reserve for accrued depreciation, $574,736.
-On Oct. 16 1911 there were created, issued and sold
Funded Debt.
is After deducting $750,671 for additions to property (transferred from
$750,000 of equipment 4 M% gold bonds, series B (payable In semi-annual profit and loss to property account); $265,577 for adjustment of taxes to
installments to and incl. Oct. 15 1921), in part, payment for9 locomotives basis of actual accruals in lieu of dates of payment; $80,850 for excess of
and 1,000 steel coal cars, which cost $1,073,500; the remainder of the cost loss over profit on securities of other corporations sold and $46,924 miscelwas paid in advance out of treasury funds. (V. 93, p. 1105.)
ancous (net)
.-V. 94, P. 1118.
There were sold during the year, to be Invested in additions and betterments, the $1,558,000 of refunding mortgage 5% bonds which have been
Chicago Terre Haute & Southeastern Ry.
guarheld in the treasury (V. 94, p. 1118). (As to'offering of $2,500,000
anteed 1st M.5s of the Monon Coal Co. early in 1912, see V.95, p. 629, 697.]
(Report for Fiscal Year ending June 30 1912.)
Cool-Monan.Coal Co.-Tho increase of 5.01% in freight revenue was
largely in coal, but the coal traffic from the mines of the Monon Coal Co.
Pres. M. J. Carpenter,Chicago,Sept. 14, wrote in substance:
referred to in the last annual report had not been fully developed during
The property consists principally of the railways and other property
the year pending completion of arrangements for service of the mines. At
Southern By. Co. and The Southern
the close of the year these arrangements had been effected, partly by the formerly belonging to The Chicago
foreclosure and on Jan. 1 1911 were
construction of an extension of the Indianapolis & Louisville line, 4.47 miles, Indiana Ry. Co.,which were sold under&
Southeastern fly. Co. The total
railroads, so that at the taken over by the Chic. Terre Haute
and partly by trackage arrangements with other
is practicdate of this report the railway serves direct six mines of Monon Coal Co. of mileage is 351.07. For nearly a hundred miles in Illinois there but other
ally no curvature. Small towns might have been reached,
tons a day. (V. 94, p. 629,697.)
an average potential output of 6,000
served them. There arc 15 grain elevators in Illinois
-The total charges to additions and betterments railroads would have
Physical Condition.
elevator points and
were $1,480,548, of which $808,877 represented new capital financed through and no doubt small towns will soon be built near these
bridges in this
the equipment trusts, series A and B, and the remainder, $671,671, was a passenger service will eventually be established. The
and capable of carrying the most modern
the investment in the property of accumulated income, the charge being district are of the latest design
with ample passing
what is now known as "cost of progress." We invested during the two equipment. The track was laid with 80-1b. steel
may be reduced to .3
years since June 30 1910 $1,175,000 of new capital and $969,108 of ac- tracks. The maximum grade is .5 of 1%, whichexpenditure of a comcumulated Income in additions and betterments to the road and equipment. of 1% whenever the traffic demands, with an
income the stockholders have received paratively small sum of money.
This means that of the accumulated
The tonnage is composed largely of coal and stone and 94.20% of the
in dividends 634% and have put back into the property 9.2% upon the
total tonnage originates on the company's own lines. The road has a
common stock during these two years.
well maintained during the year, large number of cars and ample motive power for the present. In adFurthermore, ordinary upkeep has been
live
as will appear from the fact that the expenses for maintenance of way per dition to the equipment as of June 30 1912 since superheater locomobeen
1,000
mile of road were $1,566; for maintenance of equipment, $2,868 per loco- tives, with 217,000 lbs. on the drivers, haveand will bereceived; before
received
passenger train car. The additional freight cars have also been ordered
motive, $43.59 per freight train car and $593 per
charges to maintenance of way reflect somewhat the necessary preparation Jan. 1 1913.
A strike In the coal fields during the entire months of April and May
for heavier power by the construction of heavier steel bridges, of which 18
freight statis(aggregating 33 spans) were erected and 3 were reinforced during the year. 1912 reduced earnings and also had its adverse influ• no on completion in
Ing
Twenty pile bridges and box culverts have been replaced by stone box tics. There are a number of new coal mines now rleftL•million and Vigo
culverts.
the district which lies north of Terre Haute, 1. o.,
cast-iron pipe, concrete pipe and corrugated pipe
of the
Other work of this character was In progress at the close of the year, as counties. Ind., which will contribute materially o the tonnage in im)largo
pen'tures arc
the result of all of which the main line between Chicago and McDoel, 221.5 road. The road Is well ballasted and n
V
OCT. 26 1912.]
THE CHRONICLE
1119
_
mediate sight. It Is well located from a traffic standpoint and I look for earnings of $5,760, or a decrease of $1,960, due largely to the severity of the
Its constant growth and am very hopeful of its future.
winter and resultant car shortages, and also to the relatively greater amount
of underground development
The Federal Co. mined
RESULTSFOR YEARSENDING JUNE 30(AVERAGE MILES OPERATED 351) 451,032 gross tons, an increase during the year.Had a full car supply bees
of 73,261 tons.
1911-12.
1910-11.
1911-12.
1910-11.
obtainable from the railroad, increase would have been at least 100,000 tons
Expenses$
$
The output of the J. 13. B. Coal Co. (2,000 shares, abt. 60% of capital
Statistics (see note.)269,944 stock, owned by New England Coal & Coke Co.) was 328,152 gross tons,
663,013 Maint. of way,&c. 209,115
643,447
Pass. carried..
309,255 which was less than expected, owing almost entirely to car shortage, but a
430,098
Pass. carr. 1 m__ 10,695,307 10,324,618 Matra. of equip_
35,926 gain, nevertheless, of 70,551 gross tons over 1910-11 under the old manage668,327k
1.977 eta Traffic expens I
Av.rec.p.pass.p.m. 1.918 eta
i
590,557 ment. The poor financial showing is almost entirely due to the inadequate
Rev. tons carr'd 3,270,032 3,151,339 Transportat'n k
89,394 and irregular supply of cars and the great amount of underground develop83,636
TOM 1 mile__ _300,705,661 250.168,091 Generni expenses
0.631 cts
ment necessary to ultimately secure a large production.
Av.rec p.ton p.m. 0.587 cts
1,295,076
Total expenses 1,391,176
$
In order to secure more expeditious transportation of coal from the
$
Earnings532,285 mines to tidewater, the New England Coal & Coke Co. during the year con602,804
1,764,317 1,579,586 Net oper. reven.
Freight
204,145 Hire of equip.&c. 222,205
332,964 tracted for the purchase of 400 steel hopper cars of 50 tons capacity. These
205,104
Passenger
43,630
24,560
cars arc now in operation on the B. & 0. RR. between Grant Town (Federal
Mall,expre 38,Sce
-- --Coal & Coke Co. mine) and Curtis Bay, Baltimore.
1,827,361 Gross corp.Inc.
86,,249
1.993,981
825,009
Total
Boston Tow Boat Co.
-The business has shown a satisfactory increase, a
dividend of 10% having been paid for 1911-12. The tug Saturn was com3110,035
-Taxes ($104,400) and rents($5.635)
Deduct.
pleted and put into commission, and the Neptune is now, nearing comInt. on Southern Indiana 1st 4s (3301,480); on Bedford Belt 1st 5s
504,813 pletion, with which the fleet will number 15 tugs and 16 lighters.
($8,750) on 1st & ref. 50-yr. 55 ($194,583)
130,000
Interest on income bonds (2%)
MASSACHUSETTS GAS COMPANIES
-YEAR ENDING JUNE 30.
$744,848
Total deductions
1908-09.
1909-10.
1910-11.
1911-12.
120.401 Int. on bonds, notes, &c. $324,331
Balance, surplus
$250,927
$155,628
$206,423
1,946,960
2,134,041
2,177,564
2,198,049
Note -Passenger earnings and all passenger statistics are based on 206.79 miles Dividends received
4,350
550
206,975
of road only, the coal branches and a portion of the mileage in Illinois having no Profit on sale of securities
passenger service.
Total earnings
$2,522,930 $2,590,962 $2,389,318 $2,102,580
Deduct
CONDENSED GENERAL BALANCE SHEET JUNE 30 1912.
Expenses
$55,324
$66,198
$54,578
$57,693
Liabilities-($15,409,264)
Assets-($15,409,264)172,385
370,568
300,313
274,143
$4,300,000 Interest
Road and equipment__ _$14,070,903 Capital stock
Divs,
1,000,000
1,000,000
1,000.000
3,950,000 lies, on pref. shares,4% 1,000,000
376,628 1st & ref. 50-yr. 58
Miscellaneous securities_
for deprec. of secur.
114,208
495,761 Income 50-yr. bonds_ _ _ _ 6,500,900
Cash
19,375
10,001 Equipt. notes, locom'ves.
Bills receivable
Total deductions
$1,436,766 $1,442,929 $1,358,006 $1,227,709
28,236 Traffic, &c., balances__ _
1,298 Balance,
Traffic, &c., balances__ _
1,086,164 $1,148,033 $1,031,312
$874,871
258,645 Surplus surplus
41,600 Vouchers & wages unpaid
Agents and conductors
from prey. years 1,199,831
926,002
1,051,798
1,010,874
91,273 Miscellaneous accounts.. _
10,387
Miscellaneous accounts
Cred.9,612 Deb.39,999
228,902 Unmatured Interest
16,620 Adjustments
Materials and supplies_ _ _
80,202
Taxes accrued
Unexting. disc. on 1st
Total
$2,285,995 $2,199,831 $2,051,798 $1,760,874
272,737 Divs, on
65,960 Profit and loss
ref. bonds
corn. shares......(4)1,000,000 (4)1,000,000 (4)1,000,000 (3)750,000
-The outstanding $7,537,000 Southern Indiana 1st 4s and $350,000
Note.
Balance
51,285,995 51,199,831 $1,051,798 $1,010,874
BedfordiBelt 1st 5s are not shown in the above balance sheet for the reason
The net undivided earnings of
the operathat "these mortgages were not assumed by the new company. The prop- tions of 1911-12 (see the several the constituent companies fromof $65,230,
erty was simply acquired subject to these underlying mortgage liens, and against a surplus of $12,762 instatements below) show a surplus in 1909-10
1910-11 and deficits of $33,190
company pays the interest in order not to lose possession." Compare and $52,850 in 1908-09.
this
V. 94, p. 622.-V. 95, p.419.
• OPERATIONS OF SUB-COMPANIES DURING YEAR 1911-12.
Pullman Company.
(Report for Fiscal Year ending July 31 1912.)
RESULTS FOR FISCAL YEARS.
1908-09.
•
1911-12.
1910-11.
1909-10.
revenue
Total
$40,219,748 $38,994,610 $38,880,805 $33,801,155
Disbursements
Operating expenses_ _522,608,178 323,043,701 $20,839,570 $18,517,341
3,794,323
Depree'n of cars, &c
3,761,502
4,477,434
4,859,098
Reserve for further depreciation of cars, &c.. 2,000,000
Paid other sleeping-car
541,290
associations
324,014
346,238
333,443
7,990,070
8% My. on capital stock 9,599,460
9,599,336 '8,798,996
Total disbursements339,390,750 $37,453,914 $33,746,304 $30,552,,L!
$828,098 $1,540,696 $5,134,501 $2,949,131
Surplus
• Also in April 1910, 20%, to distribute surplus. V. 90, p. 508, 854.
BALANCE SHEET JULY 31.
1911.
1912.
1912.
1911
LiabilitiesAssets
$
Capital stock_ _ _120,000,000 120,000,000
Cars, real est. &
open supplies 107,448,698 97,043,756 Accts. payable_ 7,248,418 6,649,820
11,893,524 11,184,108 Reserve for deCash
9,214,167 9,246,658
Securities
preciation and
20,136,408 23,251,373
Mfg.dept
adjust. accts.. 20,753,193 14,022,522
Accts. receivable 2,193,195 2,001,830 Surplus July 3L 2,884,381
2,055,383
Total
150,885,992 142,727,725
Total
150,885,992 142,727,725
Total number of cars owned and controlled, 6,229.-V. 95. )3 1043.
Massachusetts Gas Companies, Boston, Mass.
(Report for Fiscal Year ending June 30 1912.)
Pres. C. Minot Weld, Boston, Oct. 8 1912, wrote in subst.:
Dividends.
-During the year the trustees voted to set aside $1,000,000
from the accumulated earnings for the payment of dividends upon the common shares in the year ending June 30 1913, being at rate of 4% per annum.
-This account June 30 1912 included:
Property Account.
*Outst'g
Owned.
Owned. *Outst'g
.
Stocks'Stocks
$
$
New England Coal &
New England Gas
Coke Co
17,500,000 17,500,000
499,000 500,000
& Coke Co
Dos. Con. Gas Co_15,111,600 15,124,600 Boston Tow Boat Co _ .400,000 400,000
575,000
East Bost. Gas Co. x567,700
Bonds
Newton & Water560,000 Federal Coal & Coke Co.
town Gas Lt. Co 560,000
Citizens' Gas Light
first mortgage (see
Co. of Quincy
38,300
below)
439,000 4.:9,000
38,300
•
*Supplied, not in report. x Par of shares $25; other shares 3100.
-Ed.
-During the year the Citizens' Gas Lt. Co. of Quincy rePrice of Gas.
duced the price of gas 10 cents per 1,000 cubic feet.
The reduced price at which gas was sold during the year by the constituent gas companies when compared with the price charged at the time
your trustees acquired control of these companies represents a saving to
consumers (and consequent reduction in earnings) for the year of $1,158,687, including:
Boston Consol. Gas Co
$958,5011Newt. & Wat. Gas Lt. Co__$41,769
East Boston Gas Co
110,5961Citizens' Gas Lt. Co., Quincy. 47,821
Gas Company Operations.
-The Boston Consolidated Gas Co. paid the
9% dividend for 1911-12 which it was legally entitled to pay under the
"sliding scale bill." Construction has been started by the company on a
new 6,000,000 cuble-foot holder for the Everett plant. One parcel of real
estate was sold for $47,203 in excess of its book value, and two parcels were
purchased for office buildings in Roxbury and Jamaica Plain.
The East Boston Gas Co. for the year 1911-12 paid a dividend of 10%,
the Newton & Watertown Gas Light Co. a dividend of 11% on its capital
stock and the Citizens' Gas Light Co. 43-%. The last-named company
made a reduction in price of gas of 10 cents net per 1,000 cu.ft. on Mch. 1 !12
Sundry StatisticsBost.Cons.East Post. Netet.&W. Citizens
Net addition in street mains, miles
11
2.34
11.80
9.77
Output of gas to consumers, million cu. ft__ _ _ 4,990
376
430
83
gain
Do
5.35% 10.49% 10.93% 23.15%
Net gain in meters set
7,806
1,650
865
1,120
New England Gas & Coke 00.
-The continued growth of the coal business
has necessitated the enlargement of the coal-handling plant at Everett. The
coal storage capacity is being increased to 200,000 gross tons, thereby Insuring to a greater degree the regularity of shipments. Everything considered, earnings were satisfactory. A dividend of 3 , % was paid, being
;
6
the same rate as in 1910-11.
-The steam collier Newton was added to
New England Coal & Coke Co.
the fleet Nov. 18 1911, carrying capacity 7,200 tons. The coal business
has shown a continued growth for the year. There was sold and delivered
about 2,105,000 tons in addition to the tonnage sold by the Federal Coal &
Coke Co. The rate of dividend paid was 10%, the same as in 1910-11.
The net results of the operations of the Federal Coal & Coke Co. (entire
capital stock owned by Now England Coal de Coke Co.) show undivided
Additions to
-Gas to Consumers
Street Mains. Total Cubic Feet. Increase.
Boston Consolidated Gas Co
58,027 ft.
5.35%
4,990,691,000
East Boston Gas Co
12,863 ft.
376,259,000
10.49%
Newton & Watertown Gas Lt. Co_62,314 ft.
430,213,000
10.93%
Citizens' Gas Light Co
51,619 ft.
23.15%
83,436,000
OPERATIONS OF BOSTON CONSOLIDATED GAS CO. FOR YEARS
ENDING JUNE 30.
Reported by Public Accountants as Required by Sliding Scale Act.
1910-11.
1911-12.
Gas purchased (cubic feet)
2,612,382,000 2,425.069,600
Gas manufactured (cubic feet)
3,158,682,000 3,052,048,000
Total
5,771,064.000 3,477,117,600
Gas sold during year (cubic feet)
5,573,608,849 5.294,008,508
Cost of gas in holder (per 1,000 cubic feet)
Gas purchased
29.93 cts.
29.89 cts.
Gas manufactured
22.73 cts.
23.27 cts.
Gas sold
26.89 cts.
27.13 cts.
Cost of distribution, management, dco
21.36 cts.
22.01 cts.
Total cost of gas sold (excluding interest,
depreciation and reserve)
48.25 cts.
49.14 cts.
BOSTON CONSOLIDATED GAS CO.
-YEAR ENDING JUNE 30.
1911-12: 1910-11.
1911-12. 1910-11.
Gross income
84,339.829 84,019,270 Net earnings
$1,442,839 $1,361,844
0,906,968 2,665,879
Expenses
Deduct
Interest
$96,292
870,650
Net income..._ ..$1,432,861 $1,353,391 Dividends
1,361,214 1,361,214
Misc. income
8,453
9,978
31,457,506 31,431,864
Total
Net earnings_ _81,442,839 $1,361,844 Balance,deficit_ _
The above does not include $47,203 credited to profit and loss account for profit
on real estate sold during the year.
NEW ENGLAND GAS & COKE CO.
-YEAR ENDING JUNE 30.
1911-12. 1910-11.
1911-12. 1910-11.
Gross income
$3,062,736 $2,989,308 Gen. exp. & man_ $83,513
$78,888
Oper. expenses...._ 2,255,761 2,155,712 Taxes and insur_
73,510
70,056
Interest
47,456
52,129
Net Inc.from oper. $806,975 $833,596 Dividends
612,500
612,500
MLscel. Income
54,460
31,073
Total deductions $818,198 $812,354
Total Income_
$861,435 $864,669 Balance,surplus.. _ 343,237
t52,313
L
i
rgrBOSTON GAS CO., NEWTON & WATERTOWN GAS LIGHT CO.,
CITIZENS' GAS LIGHT CO. OF QUINCY, NEW ENGLAND COAL
& COKE CO., BOSTON TOW BOAT CO., FEDERAL COAL d:
COKE CO.,J.B. B.
-YEAR END.JUNE 30 '12.
COAL CO.
77 1,INP9'
1•
E.Boston Newton& Citizens' N.H.Coal Boston
roc.
•, ,
71.7.
Gas Co. Wat.G.Lt. .Lt. Co & Coke Co. TotoB.Co.
.
Gross income
$341,326 $388,255 $102,468 31,191,220 3303,463
Expenses
277,241 312,202
1,006,883 254,834
69,764
Net from operations
Miscellaneous income
$64,085
926
$76,053
3,719
$32,704
513
3184.337
$48,629
Net earnings
Deduct
Interest
Dividends
$65,011
$79,772
$33,217
$184,337
$48,629
$2,065
57,500
$7,420
61,600
$13,247
17,235
$129,119
50,000
81,880
40,000
Total
Balance
Gross earnings
Expenses
$59,565 $69,020 $30,482
$2,735
$5,446 $10,752
Fed.Coal J.B.B.
& C Co. Coal Co.
.
5400,854 5415,798 Net earnings
364,676 432,976 Interest
$179,119 841,880
$5,218
$6,749
Fed.Coal J.B.B.
&CokeCo. Coal CO.
$36,178def$17178
30,418 20,058
$36,178def$17178
Balance
Net earnings
sur$5,760 def$37.236
The New England Coal & Coke Co. owns 2,000 shares, equal to approximately
60% of the capital stock of the J. B. B.Coal Co.,
njeg
BALANCE SHEET OF MASSACHUSETTS GAS COMPANIES JUNE 30.
1912.
1911.
1912.
1911.
Assets
Liabilities$
Property account_53,948,636 53.956,658 Preferred stock _25,000,000 25,000,000
banks,__- 297,727
Cash in
188,667 Common stock _25,000,000 25,000,000
Notes receivable._ 7.375,068 3,641,839 20
-year bonds.......9,641,000 5,761,000
2,202
Accts. receivable..
95 Accounts payable.
4,167
2,372
suspense 521,129
Bond disc.
373.485 Accr. Int.&taxes__
16,059
Pref. div. accrued
83,333
83,333
Res. for corn. div_ .1,000,000 1,000,000
Res.for dep. of sec; 114,208.
J7111
rtril
114,208
Surplus1,285,995 1,199,831
• • :
-
Total
62,144,762 58,160,744 XTotal
-V. 95, p.1070, 179.
62,144,762 58,160,744
Standard Killing Company.
(Report for Fiscal Year ending Aug. 31 1912.)
The results for the year ending Aug. 31 1912 compare with
those of previous years as follows:
1911-12.
$826,283
143,300
Net profits
Interest on bonds
1910-11,
3766.737
116,491
1909-10.
$771,435
159,517
1908-09.
$749,884
159,433
$590,451
$611,918
$620,246
$682,983
Balance
Dividend on preferred stock___(5%)344,737 (4)275,772 (3)206,821 (4)275,728
(2%)91,858
Dividend on common stock
Balance, surplus
$246,388
$344,474
$405,097
BALANCE SHEET AUG. 31.
1912.
1911.
1912.
$
LiabilitiesAssets$
$
referred stock__ 6,793,500
,
'
Real estate, plant,
trade-marks,&c.7,657,418 7,699,014 common stock.... _ 4,600,000
First mtge. bds___c2,871,000
Cash
134.314)
47,266
153,205) 541,546 Interest accrued__
Sundry debtors..
69,698
Sundry creditors__
4,1751
Miscellaneous
Insurance reserve.. 292,262
Accum. earns. due
from sub. cos.... _ 3,587.793 3,363,122 Surplus earnings
• 3,622.358
account
146,436
a17,653
Investments
364,252
202,262
Insurance fund_
Securities covered
by 1st M.bonds 56,419,264 6,274,264
Total
[VoL. Lxxxxv.
THE CHRONICLE
1120
18,296,084 18,388,634
Total
$314,723
1911.
$
6,900.000
4,600,000
2,926,000
48,017
174,396
364,252
3,375,969
18,296,084 18,388,634
a In 1912 Includes Hecker-Jones-Jewell Milling Co. debenture bonds and int.,
$35,830; miscellaneous, $11,823.
S Includes in 1912: (1) Hecker-Jones-Jewell Milling Co. 1st M.6s, $868,000 (out
of $2,316,000 at par.)
-Jewell Milling Co. (out of $1,000,000), valued at
(2) $1,000,000 Hecker-Jones
$3,537,105.
(3) Northwestern Cons. Mil. Co. Corn. stock,42,917 shares, valued at $1,229,746.
(4) Duluth-Superior Milling Co.stock,$250,000(total amount), at par.
(5) Southwestern Milling Co.stock, 2.000 shares (total amt.), valued at $489,413.
(6) Hecker Cereal Co. stock, $45,000, at par.
c/n 1912, as follows: Authorized issue, $1,250,000; issued, $5.505,000; held in
-J.
treasury to take un outstanding H. -J. M. Co. and N. W. C. NI. Co. bonds, $2,139,000; canceled (sinking fund), $495,000; balance outstanding, $2,871,000.
-V.95, p. 070,822.
r
American Typefounders' Co., New York.
(Report for Fiscal Year ending Aug. 311912.)
Pres. Rob't W. Nelson Oct. 16 wrote in substance:
During the early months of the fiscal year the company's sales showed a
slight falling off iron the corresponding months of the previous year. During July and August. the last two months of the year. the sales materially
increased, as have also the sales of September, the first month of the current fiscal year. The net falling off of sales for the fiscal year amounted
to a few thousand dollars, the net profits showing a slight increase.
Our increased sates during the last three months and the abundant harvests of the country, as well as the increased dem-nd, indicate that the
current fiscal year will show materially increased sales. All sections of the
country have already shown an increase excepting the Southern and Pacific
Coast States. and business there is steadily improving, with every indication
of soon reaching norm 1 volume. During the year the company has issued
over 25,000 copies of Its new specimen book, containing more than 1,200
pages of type faces, printers' machinery and supplies, which will bring
liberal returns during the coming years. The company is now in better
condition than ever before in its history to take advantage of and share In
the results of a period of general prosperity.
The National Paner & Tyne Co., in which this company is largely Interested, and which handles its Products in Spanish America, has shown an
increase in its business and profits. The business in Mexico, notwithstandcondition, has been well protected and maining the disturbed
tained and sales have Increased.
RESULTS FOR YEARS ENDING A UGUST 31.
1908-09.
1909-10.
1910-11,
1911-12.
$306,759
$323,082
$331,803
$333,531
earnings
Net
*160,000
$160,000
$160,000
Common stock div.(4%) $160,000
140,000
140,000
140,000
140,000
Preferred stock div.(7%)
$31,803
$23,082
$33,531
Balance for year, sun
BALANCE SHEET AUGUST 31.
1912.
1911.
1912.
Liabilities8
$
Assets
4,458,723 4,424,53' Capital stock,corn. 4.000,000
Plant
Mdse.& raw mater.2,668,376 2,865,181 Capital stock, pref 2,000,000
769,273 Debenture bonds_ 1,850,000
Acets receivable_ _ 746,816
158,309
590,677 Accounts payable_
602,379
Notes receivable
1,471,477
353,033 Notes payable_
414,072
Cash
9,745
Stocks and bonds_ 1,173,010 1,304,096 Scrip
843,799
121,234 Surplus
270.044
Miscellaneous
10,333,420 10,428,033
Total
--V. 98,D. 1041.
Total
$6,759
1911.
It
4,000,000
2,000,000
1,900,000
180,807
1,525,300
11,658
810,268
10,333,420 10,428,033
Electrical Utilities Corporation.
(Results for Fiscal Year ending June 30 1912.)
The Sept. circular of investment offerings of William I'.
Bonbright & Co. shows:
Incorporated June 18 1909 In Maine (V. 89, p. 1485) for the purpose of
purchasing the securities of companies operating electric power, gas and
street railway pronerties situated In growing centres of population In North
America. The directors, from their intimate knowledge of the electrical
business, have exceptional opportunities for obtaining first-hand information regarding,and/of participating in, gas and electric public utility companies on the mostVavorable terms. They are also in a position to make
judicious selection of those secutities which show the largest promise of
-In order to meet the rapidly Increasing use of gas and
Extensions.
electicity, expenditures for extensions, Improvements and betterments,
completed and in course of completion, were made amounting to $1,364,703, viz.: gas division, $564,420; electric division, $800,283; The
work in progress will provide ample surplus capacity. The plants and
distributing systems have been fully maintained by ordinary repairs and
maintenance for $309.935, *or 5.7% of the gross income. There has also
been set aside out of earnings for the fiscal year a reserve for renewals,
amortization, &c., amounting to $455,527.
-Of the total output of electricity during the year,
Electric Division.
75,800,200 killowatt hours, or 79.5%, was furnished by the Pennsylvania
Water & Power Co. from its hydro-electric power development on the
Susquehanna River at McCall Ferry, Pa., resulting, as expected, in economies in operation. With the extension of the electric distribution system,
four additional sub-stations and considerable additional boiler capacity, &o.,
have been provided.
-To keep pace with the growth of the city and suburbs,
Gas Division.
22 miles of mains and 4,286 new services were installed, making a total
672 miles of mains in use at the end of the year; 8,576 gas ranges and
of
2,564 gas water heaters were installed, making the totals thereof now in
use about 76,000 and 19,000, respectively.
A new generator house at Spring Gardens Station has been completed
and two modern sets of water gas apparatus were installed, increasing
the generating capacity of the plant by 6,000.000 en. ft., and making the
total capacity, with all available apparatus in operation, about 20,000,000
Cu. ft. of gas per day. Work on a new 6,000,000 Cu. ft. storage holder is
well under way. The distribution system has been further Improved to
meet the rapid development of the northern and western sections of the
city and adjacent territory. The new suburban distribution station
has been completed and placed in service.
-At the 1912 scsion of the Legislature of Maryland, our
Financial.
charter was amended, empowering the Issuance of debenture stock having
all the legal characteristics of such securities known in England. the entire
Through the sale of $700,000 of additional common stock,
$1,500,000 authorized by the P. S. Commission of Maryland has been
subscribing
disposed of. The stockholders were given the privilege of
to this additional stock at par. (V. 94, p. 633, 701, 1188.) notes, $1,000,000
collateral trust 3-yr. 5% secured gold
Of the $4,000,000
were redeemed, which released from the collateral held thereunder $1,$1,000,000 of
250,000 Consolidated Gas Co. gen. mortgage 4 %% bonds,p. 633,
701.)
which were sold to a Baltimore syndicate of bankers. (V.94,
The remaining capital stock, amounting to 3.4% of the total outstanding
capital stock of the Mount Washington El. Lt. Fe Power Co., supplying the
northern suburbs, was acquired and the operations of that company
were combined with those of your company on March 1 1012. On June 1
1912 your company also acquired by lease the property and business of
the Baltimore County Electric Co., operating in a large porton of Baltimore County. (V. 94, p. 1386.)
-A comprehensive system of pensions was adopted
Pension System.
during the year. On March 1 1912 28 old employees received the benefits
thereof, their period of service on retirement ranging from 20 to 56 years.
-Our relations with the State, municipal and other
Public Relations.
governing bodies have been harmonious.
-There was put into effect July 1 1911 the uniform system
Accounting.
of accounting prescribed by the P. S. Commission of Maryland.
-Hearings are now being held before the P. S. Commission inRates.
estigating the reasonableness of our rates for gas and electricity. Inasmuch as it is the fixed policy of your company to reduce rates as fast
as possible, it Is expected that the investigation will bring satisfactory
results to all concerned.
-Years
Comparative Statement Indicating the Development of the Business
Ending June 30 1906, 1911 and 1912.
1905-06.
1910-11.
1911-12.
Gross income from sale of gas
$3,570,516
$4,842,095
$5,430,568
and electricity
8,918
17,608
24,351
Electric customers
20,624,808
54,892,372
78,812,729
Electric sales in k. w. hours.. _
3,378,475,400 3,140,663.170 2,453,406,900
in cubic feet
Gas sales
77,743
101,888
106,699
Gas customers
30,023
67,595
76,171
Gas ranges in use
4,477
15,852
18,416
Water heaters in use
INCOME ACCOUNT YEARS ENDING JUNE 30,
1908-09.
1909-10.
1910-11.
1911-12
$
$
$
$
4,426,910
4,679,501
4,842,095
Income from gas & elect. 5,430,568
22,366
19,597
25,881
34,719
Other income
5,465,287
2,642,887
4,867,776
2,455,440
4,609,008
2,265,534
4,449,276
2,279,578
2,822,400
Net earnings
Int. on funded debt, &o. 1,417,268
2,412,336
1,377,403
2,433,564
1,374,362
2,169,698
1,383,184
Total gross income__ _
Operatng exp. & taxes_
786,534
1,059,202
1,034,933
Surplus for divs., &c.. 1,405,132
(6)42,000
(6)42,000
(414)31,500
Divs.: Prior lien stock _
(6)381,603 (6)381,603 (6)381,603 (6)381,603
Pref. stock _ ____
(5)363,147 (4.i)293,502 (2)128,001
Corn. stock
Reserve for renewals,
257,597
219,050
455,527
amortiz'n conting.&o.
807,201
925,655
Total deductions._ _ _ 1,200,277
252,001
109,278
204,855
Net surplus
BALANCE SHEET JUNE 30.
1912.
1911.
1912,
5
AssetsCommon stock__ 7,800,034
Property, plant,
franchises, &e_ _39,069,479 38,285,612 Preferred stock__ _ 0,360,054
Bonds in treasury.a3,837,000 5,020,000 Funded debt..___*29,55 ,000
620,305
1,359,475 1,261,694 13llls payable
Investments
Unpaid wages(not
Construction work
20,911
due)
in course of cornAccounts payable. 168,663
490,262
nletion
Accrued interest on
in
Cash on hand,
547,422
bonds,&e
bank & with
528,546 Sundry accruals,
544,735
fiscal agents__
533,572
reserves, &c
610.044
Acc'ts & bills recle 709,889
97,500
536,411 Divs. pay. July 1_
Material &supplies 680,167
1,213,351
Surplus
Prepayments,taxes 139,805
Total
46,020,812 46,242,307
Total
423,603
362,931
1911.
7,100,034
6,360,054
29,992,000
787,805
11,802
155,439
603,991
133,845
88,750
1,008,496
46,920,812 46,242,307
• Funded debt Includes: Consol. M. 5% gas bonds, due July 11039, $3,400,000; gen. M. 434% gas bonds, due April 1 1954, $5,788,000; gen. M.
Success.
Authorized Outstand'g. 4;4% G. & E. bonds, due Feb. 14 1935, $12,631,000; United E. L. & P.
CapitalizationCo. 434% bonds, due May 1 1929, $4,428,000; certificates of Indebtedness
Pref. stock 5% cum., par $100, callable at 125 and
$2,500,000 $1,500,000 (10 years). due 1912-13, $312,000; coll. trust 5% secured gold notes, due
-J. 15)
dlys. (Q.
July 1 1913, $3,000,000.
Common stock, par $100 (Corp. Trust Co. of N. J.,
a Bonds in treasury include in 1912 $328,000 available (against $261,000
5,000,000 2,250.000
registrar)
-year 5%
In 1911) and $3,509,000 pledged as collateral for $3,000,000 3
-V. 95, p. 819.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30 1912 AND 1911.
secured gold notes.
1911-12. 1910-11.
1911-12. 1910-11
7tpenses, Incl. taxes_ $6,184 $8,678
Divs. on stocks owned _$78,456 $51,40
Edison Electric Illuminating Co. of Boston.
•ommissions and disxInt.on bonds and cou1,404
counts paid
16,031
20,699
pon notes
(Report for Fiscal Year ending June 30 1912.)
4,055 zDivs. on pref. stock- 75.000 60,520
2.347
xInt. on loans, &e.
17,986
Profits-sales stock,do 28.105
President Charles L. Edgar says in substance:
$166,028 $18,879
Surplus profits
C,omm.(underwrit.,&c) 7,433
-The following table shows the number of incandescent
Connected Load.
Re-appralsal of securs_ 110,172
lamps, are lamps, horse-power in motors, as compared with previous years:
Total gross earnings.$247,212 $89,481
Number of Lamps and Motors Connected.
x Including amounts accrued.
Incand.
Arc
Motors
Arc
MotorsI
Incand.
The aforesaid bankers offer the preferred stock at market price, to yield abbot
.P
Lamps. (H.P.) I June 30- Lamps, Lamps, (H .)
30- Lamps.
June
6.25%.-V. 91. n. 1772.
1912 -.1,766,618 11,652 78,73311910 ____1,432,407 10,910 57,094
9,282 44,066
1911 -....1,605,569 11,544 69,41911909 -.1,040,613
Consolidated Gas, Elect. Lt. & Pow. Co. of Baltimore,Nd.
-watt equivalents) June 30.
Total Load Connected (in 50
1907.
1909.
1008.
(Report for Fiscal Year ending June 30 1912.)
1910.
1911.
1912.
1,503,478
1,803,803
1,638,544
2,408,926
2,773,838
3,075,783
Prost. J. E. Aldred, Bait., Oct. 7 1912, wrote in substance:
-As recommended by State Commission, the retail price for elecPrices.
Results.-The gross income shows an Increase of $597,510, or 12.3% and tricity was reduced on March 1 1912 from 11 to 10 ots. per k.w. hour, reof about $200,000 per year and reducing
the net earnings an increase of $410,063, or 17%. The gas output in- sulting In a saving to our customersfiscal year by about 860,000.
the proportionate earnings for this
creased 8% and the electric, output 43.6%.
THE CHRONICLE
OCT. 26 1.912.]
1.121
-During the year we have purchased all the electric
• Additions, ea.
Electric Bond & Share Co.
properties both of the Hyde Park Electric Light Co., except its generating
(Balance Sheet Aug. 31 1912.)
station (sold to street railway interests), and the Weston Electric Light Co.,
being taken Juno 30 and Sept. 30 .1912, respectively. Elecpossession
Aug.31 '12. Dec.31'11
Aug.31 '12 Dee.31'11
tricity for the districts so covered Is now furnished from your L St. station.
AssetsLiabilities
$
$
Land has been purchased on South St., Roslindale, near Hyde Park,and
4,270,393 2,966,631 Preferred stock
3,500,000 2,000,000
a sub-station now being erected theron. A new building on Congress St., Stocks
3,500,000 2.000,000
near Pittsburgh St., has recently been leased from the Boston Wharf Co. Bonds & coup. notes. 536,052 781,455 Common stock
Accounts payable... 14,586
12,101
being equipped for a modern sub-station. The dismantled generating Syndicate holdings,
and is
underwritings and
Preferred dividend
17,480
20,000
station located on Cambridge St., Allston, has been sold.
advances
2,484,682 1,049,402 Syndicate and conThe service buildings on Massachusetts Ave. (V. 93, p. 1104) will be
tingent liabilities__ 50,800 347,536
756,612 895,599
completed in the early spring. A number of adjoining lots have been pur- Cash
51,161 Reserves
93,758 100,400
chased for future extensions. [At the annual meeting authority was voted Accounts receivable_ 61,166
to increase this mortgage to cover the additional expenditures incurred to Notes receivable_ _ _ _1,861,915 989,265 surplus and undi60,748
vided profits
19,204
2,813,402 2,314,224
not over $1,000,000.1 Although the office building No. 33-39 Boylston Accrued interest_ _ _ _
St. is of sufficient size for immediate needs, it was felt that, in the interests
Total
9,990,024 6,794,261
Total
9,990,024 8,794,261
of future development, it would be wise to acquire the property No. 23-27
Boylston St., and a mortgage for the amount of the purchase price has been -V. 94, p. 1767.
placed upon It. The entire property is under lease to satisfactory tenants.
To care for the natural growth, another turbine, No.7, of 15,000 k.vr.
capacity, was ordered: it will be in operation about the middle of October.
-These various expenditures have been temporarily financed
New Stock.
by notes. On Sept. 25 1912 the capital stock was increased by 26,007
shares, and these shares were offered to the stockholders for subscription
RAILROADS, INCLUDING ELECTRIC ROADS.
[at $215 a share] on the same day and full paid certificates of stock will be
Issued on May 2 1913. (V. 95, p. 820.)
Arkansas South Eastern Ry.-4166,600 Stock Sal.
STATEMENT OF OPERATIONS ENDING JUNE 30.
See "Auction Sales" on a preceding page.
1910-11.
1911-12.
1909-10,
1908-09.
Atchison Topeka & Santa Fe Ry.-Ratified.$5,787,345 $5,257,914 $4,709,456 $4,111,343
Gress earnings
The stockholders on Oct. 24 approved the sale by the company to the
2,243,276
1,770,956 Southern Pacific of the Sonora I4y. and the New Mexico & Arizona RR.,
2,107,228
Expenses (excl. depr'n)_ 2,371,564
and also ratified the acquisition of the California Arizona & Santa Feby
8 :2 8
00
Net from operations... $3,415,781 $3,014,638 42,602 222 $2,340,387 the Atchison Co. and other measures referred to in V. 95, p. 543.-V. 95,
78,271
74,969
45,360 p. 980, 962, 543.
Miscellaneous profits__ _
$3,490,750 $3,092,909 $2,682,430 $2,385,747
Atlantic Coast Line RR.
Total
-Increase of Stock.
•$608,596
$780,000
$462,541
$546,508
Taxes
The stockholders will vote on Nov. 19 on increasing the oommon stock
179,316
242,860
86,846 by 36,000000,each stockholder to be entitled to subscribe for the now stock
166,778
Interest
1,867,035
1,872,444
1,424,389 at par to the extent of 10% of his holdings. Compare V.95, p. 967. 416.
1,555,596
Dividends
(12%)
(12%)
(11%)
Dividends, per cent
(11%)
GENERAL INVESTMENT NEWS.
Augusta-Aiken Railway & Electric Corp.
-Strike Off
-
32,895,304
$595,446
$2,654,947 $2,268,882 $1,973,776
$437,962
$411,971
$413,548
BALANCE SHEET JUNE 30.
1911.
1912.
1911.
1912.
Assets
Liabilities
Installation and
Capital stock
15,803,700 15,603,700
30,832,16T 28,146,572 Premium on stock 9,951,131 9,951,131
property
First M. bonds _ __ 215,000
219,000
Unfinished instal1,513,883 1,028,425 Consol. bonds__ _ _ 1,250,000 1,250,000
lation
369,396 Accounts payable_
149,724
Cash in banks _ _ 214,133
156,673
049,274 Notes payable__ __ 5,642,000 2,567.000
Stock on hand__ __ 826,759
262,578
3,227 Coupon notes ____
Notes receivable
35,000
31,500
394,736 Accrued taxes__ _
Amts. receivable_ 461,840
108.000
112,000
37,947 Dividends
468,111
Sundry open accts.
468,111
20,000
20,877 Sundry open accts.
Cash In sink.fund_
75,538
Reserve for maint_ 330,598
163,415
32,370
Replacement acct..
19,304
102,996
Profit and loss.... 135,805
Total deductions.
Undivided profits
Total
33,991,360 30,850,454
-V.96, p. 820. 682.
33,991,360 30,650,454
Total
The Pope Manufacturing Co., Hartford, Conn.
(Report for Fiscal Year ending July 31 1912.)
Prest. Albert L. Pope says in substance:
The strike on the lines In Augusta and tne hitt:I
-urban line to Aiken,
which began on Sept. 23, has been settled, the men returning to work on
Oct. 17 after accepting the award of mediators of 2 cents an hour Increase
In wages and a shorter (10-hour) day.
-V. 95, p. 360, 234.
Baltimore & Ohio RR.
-Merger of Controlled Companies.
-
-V.95, p. 88a.
See Ohio River RR. below.
Bangor & Aroostook RR.
-Report.
----See "Annual Reports" on previous page.
Status.
-The following is authoritative:
Tim recent changes in the management do not signify anychanges in the
control of the stock but are the result of a desire of the majority stockholders to take a more active Interest in the policy and operation of the
road. It is expected that the present management will be able to give
Improved service to the citizens of Northern Maine and at the same time
increase the value of the property to the holders of its securities.
-V.95.
p. 1038, 418.
-Additional Bonds.
Eemunont & Great Northern RR.
The Texas RR. Commissioners on Oct. 17 authorized the company to
issue and register $228,811 additional 1st H. bonds. The line extends from
Trinity to Weldon, 49.3 miles, on which $605,000 bonds had heretofore
been issued, the value of the road being placed at $933.810.-V.95,p.967.
Bellingham Bay & British Columbia Ry.-Successor.See Bellingham & Northern Ry. below.
Bellingham & Northern Ry.-Successor Co.
-The com-
The sales for the fiscal year amount to $3,734,113, showing net earnings pany has been incorporated in Washington with $1,200,of $251,290. There has been charged to cost of operations $77,082 for
000 authorized stock as successor of the Bellingham Bay &
repairs and up keep of plant and depreciation.
• During the year, In addition to our other types, the company has designed British Columbia Ry. and Bellingham Terminal & Ry.,
a new model of car to sell at $2,250 and in a large measure has manufactured.
the same for the coming year's business. A new building is nearing com- which were recently acquired by the Chicago Milwaukee &
pletion, as an addition to the main factory in Hartford, which will give Puget Sound Ry. (see annual report, V. 95, p. 745). H. R.
the additional floor space of about 70,000 sq. It., made necessary by the
Williams, Pres. of Chic. M. & Puget Sound Ry., will also be
increase of product.
The motor truck has met with gratifying success for its first year on the President of the new company.
market, the only model thus far having been a truck of three tons capacity.
The Bellingham Flay & British Columbia Ry. had outstanding $639,000
A new model of five tons capacity Is now being manufactured.
bonds. The new company will not make an additional bond Issue.
Our first year in the motor-cycle business has been most satisfactory, but
the addition to its line of motor cycles with greater power and more speed
Boston Elevated Ry.-Shareholders to Vote on Issuing
Is urgently demanded and one new model to meet such demand Is already $4,000,000 New Stock and Making Mortgage to Secure
being produced and still another larger model Is nearly completed.
-The shareAt this time, abo4 Oct. 1st, the company's prospects are very bright. $5,000,000 New Bonds and All Existing Bonds.
We have on our books orders for all the pleasure cars that can be manuwill vote Nov. 4 on
factured the coming year and substantial orders for trucks. The motor holders
1. Increasing the capital stock by the issue of not exceeding $4,000,000
cycle and bicycle business Is also in good condition, there being satisfactory new
stock for such purposes as the stockholders may determine.
orders for both motor cycles and bicycles on our books. Our line of motor
2. Authorizing the issue of not exceeding $5,000,000 bonds and on securcycles is now complete, and comprises one at $165, a larger single cylinder
ing the same, as well as all other bonds now outstanding, by a mortgage
at $200 and a twin cylinder at $250, giving us as complete a line of these
goods as any one engaged in the business. We look forward to a good year or pledge of the property and to determine the purposes for which said
-V.95, p. 618, 296.
in all departments and net earnings should be most gratifying to stockholders. bonds shall be Issued.
-Bonds.
Boston Revere Beach & Lynn RR.
-The comSTATEMENT OF EARNINGS FOR YEAR ENDING JULY 31.
pany has petitioned the Mass. RR. Commission for auYears ending July 31
7 X Mos.
thority to issue not to exceed $30,000 bonds to purchase the
ending
1912.
1911.
1910.
July 31 '09. Point Shirley Street Ry.
3
3
Inc. from oper. (after
The bonds will be payable July 15 1927, the interest rate not to exceed
deducting producing
5%. The Legislature In 1912 authorized the purchase of the street railcosts, depr., replacc'ts
way.
-V. 94, p. 982.
& renewals, administrative, offic ,
ll-Default----Deposits
Buffalo & Lake Erie Traction Co.
tog expenses-------}316,877{
160,310
664,496
462,816 Calied.-The
company, it is ann unced, will be unable to
Disc., Int. & royal's rec.
107.928
127,989
58,029
Total earnings
Miscell. deductions _
Pref. dividends (
Corn, dividends
_
316,877
b65,587
137,892
(1)36.908
277,238
363,119
137,892
792,485
b 17.094
137,892
(236)92,270
,
520,845
837,978
al37,892
76,490
Surplus
76,227
515,229
344,975
•
a This is the 6% accumulated div. paid Sept. 30 1909 on the pref. stock
for the year ending July 31 1909. b "Miscellaneous deductions" Includes in
1911-12 • 1910-11 and 1909-10 miscellaneous losses and expenses, including
discounts, provision for losses on bad and doubtful accounts, Interest on
loans (in 1911-12 and 1910-11 only) and paid and accrued excise tax on
Income: in 1908-09 miscellaneous losses and expenses, $21,368, and interest
and disbursing expenses on mortgage notes, $16,610.
BALANCE SHEET JULY 31.
1912.
1911.
meet the interest due Nov. 1 on the [$7,066,000] first and
refunding mortgage 5% 30-year bonds of 1906 and the
holders are therefore requested by the protective committee
named below to depos t their bonds wit the Equitable
'Fr. Co., 37 Wall St., N. Y., as depositary, or the Girard
Tr. Co. of Phila. as sub-depositary. Th committee has
arranged for an ad ance to the depositors equivalent to
the interest due Nov. 1, payable on t.res ntation of the certificates of deposit on or after Nov. 11.
The committee states that the company's bankers have for some time
been advancing funds to meet bond interest, but,owing to the long-deferred
revival of business activities in the territory served, a reorganization has
become inevitable. The bankers, who are also the largest individual bondholders, have also for some months past been engaged upon a plan of readjustment, which it Is believed would be of great advantage to the bondholders. Any depositors who may not be satisfied with any plan submitted
will be allowed to withdraw within three weeks after notice of the plan, on
Payment of his share of the expenses of the committee (but not over A of
1%) and without compensation to the committee.
Committee: Alvin W. Krech (Chairman), Arthur V. Morton, W. N.
Ely, Harrison Nesbit, George R. Teller and Rodman E. (discern, with
-V. 92, p. 525,
Samuel Armstrong, 37 Wall St., as Secretary.
1912.
1911.
AssetsPlant. tools,pata,&c.z5,620,251 5,817,569 Preferred stock
2,298.200 2,298,200
Common stock
Deferred charges and
3,690.800 3,690,800
prepaid expenses_ 363,332 156,868 6% notes due 1914 1,000,000
Reserves for replace-.
Contrast to he liquiments. &c _
dated by deferred
y
458,597
170,844 183,641 Bankers' loans
installments
175,000
Materials & supplies_1,477,313 1,190,841 Accts. pay.,aced int.
Accts. & notes reedy.
on notes, taxes.&c. 179.606 141,795
(lees reserves)- _ 396,608 338,330 Pay-rolls accrued_
33,750
11,625
92,081 Deposits on orders__ 46.742
Cash
253,829
46,302
Contingent liabilities 20,159
20,560
Profit and loss
1,012,921 936,431
Total
Total
8.282,178 7,779,310
8,282,178 7,779,310
Judge Wright in the United States District Court has entered an order
modifying the lease to the St. Louis Iron Mountain & Southern Ry. for 99
years from March 11011 so as to provide that the St. Louis & San Francisco
and the St. Louis Southwestern can use the terminals whe9ever they make
application. The road was originally built for the Louisville & Nashville
with a view to serving as a terminal for the various lines -V.92.p. 525.
z "Plant, tools, patents, &c.," is stated after deducting
r3placements and accrued renewals to Plant, 3349.683.
(M• As* tootasote "a“.
-v.94. p. 1702.
A semi-annual dividend of 2% and an extra di'. Wend of 1% have bees
declared on the $1.125,000 common stock, together with the replies halt-
reserves
for
-Litigation Ended-Lease Modified.
Cairo & Thebes RR.
-
Cape Breton (N. S.) Electric Co.
-Extra Dividend.
-
1122
THE CHRONICLE
Lxxxxv.
man Erb, who has undertaken to reorganize the railway,
has written to Mayor Arnold of Denver that, in case the State
decides to build the tunnel, he and his associates will simulCentral Park North & East River RR.,N.Y.—Committee.—
City and will enter
The stockholders at the meeting on Monday appointed a protective taneously extend the road to Salt Lake
committee consisting of A. B. Moran, Henry N. Curtis and G. F. Morgan into an agreement to pay the interest on the $4,000,000
to protect their interests in the pending litigation. The committee has 50-year 4% State bonds issuable to pay for the tunnel and
obtained a stay for two weeks of the foreclosure sale which was scheduled
for October 31. The committee will also decide whether or not a reorgan- will also provide for the principal of these bonds.
yearly payment of 3% on the $234,000 pref. stock, both payable Nov. 1 to
kolders of record Oct. 25. In 1911 4% was disbursed and on Nov. 1 1910
1 %TO, the first distribution made.—V. 92. p. 1108.
ization of the property Is feasible and report back to the stockholders, who
will be asked to deposit their holdings with a New York trust company.
The committee has the power to assess the stock up to $1 per share. There
Is $1,800,000 stock outstanding.
Theo. P. Shonts, Prest. of the N.Y. Railways, has suggested to the
P. S. system a mbthod of transfers to and from 59th St. with the lines of
the N. Y. Railways, Third Ave. and Second Ave. RR. lines.—V. 95,
p. 1039, 969.
Digest of Letter from Mr. Erb to Mayor Arnold of Denver, Oct. 11.
My associates and I are prepared to extend the Denver Northwestern &
Pacific By. from Steamboat Springs to Salt Lake City, substantially as
planned by the late David Moffat, prosecuting the work as rapidly as it
can be properly done, if the co-operation of the State of Colorado Is extended In the construction of the Rocky Mountain tunnel as provided for
in the so-called tunnel bill (V. 92, p. 1310), which is to be voted upon under
referendum provision of the bill at the forthcoming election.
We are prepared, If the bill becomes a law, to enter into an obligation to
Centre & Clearfield St. Ry., Philipsburg, Pa.—Sale.-the State for the payment of the interest upon the bonds to be issued and
D. Shelley Kloss of Tyrone, Pa., trustee of the mortgage dated July 1 to repay the principal of the bonds as provided in the bill, and if the $4,1903, will, by virtue of the power of sale therein given, sell the property at 000,000 of bonds to be issued thereunder shall be insufficient to complete
auction on Nov. 16 at Philipsburg, Pa. The road extends from Philips- the tunnel, to supply such additional amount as may be required for the
burg to Winburn, about 13 miles. Bonds outstanding, $492,500 1st 30- purpose.
year 5s, on which interest has been In default since Jan. 1 1908. Pres.,
The Denver Northwestern & Pacific, extended to Salt Lake City, will
C. H. Rowland: Sec. and Treas., S. H. Wigton.
have a tonnage sufficient to justify the obligations which it is proposed to
Incur and no risk to the State as to the payment of interest or principal is
Central of Georgia Ry.—New Mortgage.—
Colorado it will provide a direct east and west
involved. To
The stockholders on Oct. 17 authorized the new mortgage to secure fine of modestthe people of
mountain grades, and I invoke the co-operation of the
$80,000,000 bonds.—V. 95, p. 1037, 967.
people of Denver and of the State in bringing about the early completion of
which shortens the distance between Denver and the
this through
Charleston (S. C.) Consolidated Ry. Gas & Electric Co.— Pacific under line, of the existing transcontinental lines by more than 150
that
Sale.—James Sottile has arranged to purchase for about miles, broadens and extends your markets and is certain to bring innumerable new industries to Denver and to Colorado. We are prepared to do our
$500,000 the seashore division, including all wharf proper- full duty.
ties, ferry boats, the railroad line from Mount Pleasant to
(Mr. Erb, it is stated, estimates that between 2,500,000 and 4,000,000
Exposition In
will go
the Isle of Palms, together with its equipment and the power transcontinental passengers will passto the Panama-Pacificclaims that the
through Denver. He
1915, and that 40% of them
house on Sullivan's Island.
population of Denver will be doubled and that of the State trebled within
A company will be organized to take over the property . Storage battery five years after the completion of the road.]
cars will be operated in addition to present trolley cars.—V. 92, p. 880.
The tunnel in question would be not over 5 miles in length, extending
to
Tolland on the D. N. & P.
with
Chattanooga (Tenn.) Railway & Light Co.—Bonds Offered. near single track from a point near it is to be leased to the D. westerly or
N. & P.
Arrow on the same road, and
—E. W. Clark & Co., Phila., are offering at 96 and int., Its successor for 50 years, the lessee to provide for op. expenses and maIntetenance and to pay all principal
yielding 5.20%, by adv. on another page, $150,000 "first 4% 50-year State tunnel bonds, and interest of the $4,000,000 sinking fund
which will be a first lien on the tunnel and
and refunding' mtge. 5% gold bonds of 1909; total out- its approaches. The lessee is required "to give a good and sufficient security satisfactory to the State Tunnel Commission and based upon the
tax refunded).
standing, $2,214,000 (Penn. State
holdings of said D. N. & P. Ry. Co., its successor and assigns, for
A first lien on all the electric-light and power properties of Chattanooga, entire
bonds' aforethe payment
Tenn.; also a lien on the entire street railway system of the city, aggregating said and shallof the principal and interest of all State tunnel or charge for
pay to the Commission "from time to time as toll
58 miles of track, subject to $2,790,000 underlying bonds (closed issues).
use the maturing
the final payThe company's capital stock is owned, as are also the Nashville Ry. & Lt. such of the bonds and Interest" thereon; and shall guarantee
"with the Tunnel
all Interest
ment
Power Co., Tenn. Power Co. and Cleveland (Tenn.) Elec. Co., by the Ten- Commission a first-class negotiablethereon by depositing collateral security
security or bonds as
nessee Ry., Lt. & Power Co., a company with no bonded debt and with
company, its
In case the
In an amount equal
outstanding capital stock as follows: Pref., paying 8% divs., $10,250,000; successor or assigns to said bond issue." called upon railwayand shall pay
to pay
shall at any time be
common, $20,000,000.
the principal of all said bonds at any time issued and all interest thereon
Sept. 301912.
Earnings Chattanooga Ry.& Light Co., 12 Mos.ending
which has been paid by the State and all expenses of the Commission and
_41,028,5821Int. Chatt. By. 5s - _ -----$156,056 all the expenses of the State for the referendum election, then the title to
Gross receipts_ _ _ ____
416,0281Int. Chatt. Ry. & Lt. 5s_ __ 102,513 the tunnel shall rest in the railway co., its successors and assigns. The railNet (after taxes)-------way company agrees that by the time the tunnel Is completed, the railway
$157,459 will have established through service between Denver and Salt Lake City,
Balance, surplus, for the 12 months
See further particulars In V.89, p. 846; V. 95, p. 543.
either through the completion of the D. & N. P. or by the building of a
connecting line between Orestod station on that road and Doresto on the
Chesapeake & Ohio Ry.—New Director.—
Denver & Rio Grande RR. Compare reorg, plan in V. 95, p. 800.
Frederick H. Rawson of Chicago has been elected a director to succeed
Detroit & Toledo Shore Line RR.—New President.—
Thomas H. Hubbard.—V. 95, p. 1039, 757.
Walter L. Ross, President of the Toledo St. Louis & Western RR., has
Chicago & Eastern Illinois RR.—Listed.—The New York been elected President to succeed Theodore P. Shonts. B. C. Stevenson.
in charge of
Vice-Presid
Stock Exchange has listed $5,031,000 "purchase money been chosenentdirector.—V.traffic of the Toledo St. LouLsi & Western. has
87, p. 1237.
a
1st lien 5% coal bonds" due 1942, issued as follows:
Purchase of the coal lands, rights, mines formerly owned by—
(1) Burnwell Coal Co., Kortkamp Coal Co., Montgomery
County Coal Co. and West Jackson Hill Coal Mining &
•
• Transport Co. (the last-named in Sullivan Co., Incl., the
$2,680,000
others In Montgomery Co., Ill.)
(2) Peabody Coal Co., Montgomery Co., Ill., $983,000; Oak
Hill Coal & M.Co., Vigo and Vermillion Cos., Ill., $843,000 1,826,000
Purchase of 22 gathering locomotives, 6 electric mine haulage
locomotives, 60 motor cars (mine locomotives), 800 pit cars,
37 mining machines, 30 Morgan-Gardner mining machines,
blacksmith shop and machine shop,with equipment, office and
525,000
supply house, car hoists,electric haulage plants, &c
• The aforesaid six coal properties include: Mines, 10; acres land owned In
acres mineral rights owned in fee, 39,473; acres mineral rights
fee, 1,202
leased, 749 (expiration of leases 1951, 1927 and 1920); available tons of coal,
353,300,000. (See bond offering in V. 94, p. 629.)—V. 95, p. 1039, 749.
Chicago Great Western Ry.—Rumors.—It is reported that
negotiations are actively under way for the sale of control
to the Grand Trunk Ry., although knowledge of the deal
is not admitted by bankers in this city interested in the road.
Duluth South Shore & Atlantic Ry.—Suit.—
The company has brought suit in the U. S. District Court to test the
validity of the Act passed at the last session of the Legislature, requiring
railroads of the Upper Peninsula to carry passengers for 2 cents per mile, the
same as in other sections of the State. The company still charges 3 cents
per mile pending settlement of the case, but gives each passenger a duebill, entitling him to a refund on final decision.—V. 95, p. 818, 361.
Fitchburg RR.—Application.—The company has applied
to the Mass. RR. Commissioners for authority to issue
$400,000 20-year 4%% bonds which were authorized by
the stockholders on Sept. 25.
Approval Is also asked of the application of the remainder of proceeds of
sale of $1,200,000 bonds authorized by the board Dec. 20 1911, amounting
to $8,920, for additions and improvements. The proceeds are to be used
to reimburse the Boston & Maine for expenditures in conformity with the
lease, the amount duo that company June 30 1912 being $409,759. The
separation of grades entailed an expenditure of $322,140 during the last
fiscal year, of which that on Webster Ave., Somerville, cost *215,224.—
V. 95, p. 818, 750.
Florida East Coast Ry.-23-% Int. on Incomes.—The
directors have declared interest at the rate of 234%, payable
Nov. 11912, for the fiscal year ended June 30, on the $20,000,000 general mortgage income 5% 50-year gold bonds.
This compares with 4% and 3%%,respectively, in 1911 and
.18. 1910, the first distribution.—V. 94, p. 1185.
Chicago Peoria & St.Louis Ry.—Foreclosure—Sale Nov.
The foreclosure sale of the property of the old Railway Co. Is advertised
for Nov. 18 at Springfield, Ill. Upset price, subject to $2,000,000 prior
Georgia Ry. & Electric Co.—Bonds Sold.—The company
is
Hen 4 y of 1900, $750,000. Included in the sale are $250,000 of the $1,& Co. of Phila. $250,000
000,000 stock of Peoria & Pekin Union By. and the entire $50,000 stock has sold to Charles C. Harrison Jr.
and $50,000 1st M. bonds of Alton Terminal Ry. Sec plan in "Ry. & Ind. refunding and impt. M. 5% bonds due 1949.—V.94, p. 1119.
Section."—V. 95, p. 968.
Georgia Southern & Florida Ry.—New Director.—
Chicago Railways.—New Directors Elected.—
Charles M. Hays, late President of the Grand Trunk, is stated to have de
sired to make the purchase on behalf of his road, and Pres. Chamberlain of
that company is said to have recently returned from an inspection trip
with Pres. Felton over the northern lines of the Great Western system.—
V. 95, p. 968, 889.
Charles L. Hutchinson, Charles C. Adsit, R. G. Chandler, Edward S.
Hunter and W. R. Hosmer have been elected directors to succeed Markkam B. Ord, Williston Fish, John Reese, Frank L. Hupp and W.W.Jones.
—V.95, p. 419, 238.
A. D. Ashetield of Macon, Ga., has been elected a director to succeed
Fairfax Harrison of Chicago, who resigned.—V. 93, p. 1187.
Grand Trunk Ry. (of Canada).—Equipment Notes Offered.
—Blair & Co. New York, are offering at a price to yield 4.70,
Cincinnati-Nashville Southern Ry.—Successor—Lease.—
$3,360,000 43% equipment gold notes, series B, a direct
See Tennessee Kentucky & Northern RR. below.
obligation of the company, dated Nov. 1 1012 and due
Columbia (S. O.) Railway, Gas & Electric 00.—Hydro- 8168,000 semi-annually beginning May 1 1913, but red. on
Electric Development—$3,000,000 Guaranteed Bonds.—
any int. date on 40 days notice at 102M and int. Par
See Parr Shoals Power Co. under "Industrials" below.—V. 94, p. 206.
$1,000 (c). Int. M. & N.
These notes are to be issued in part payment for 100 locomotives, 2,000
Coney Island & Brooklyn RR.—Directors.—
At the stockholders' meetings this week all of the directors were reelected, except Guy Richards, who resigned. The board now consists of
13, but 4,consisting of employees, will be dropped assoon as it is considered
advisable, to reduce the number permanently from 13 to 9. This board will
then be constituted as follows: Slauter H. Huff, George H. Prentiss, J. H.
Walbridge, Harold Fitzgerald, Allan McCulloh, William A. Day, Duncan
0..Cannon, John A.Thake and Edward W.Glucas.—V.94, p. 1695, 1185.
Denver Northwestern & Pacific Ry.—Railway to be Extended to Salt Lake City in Case Proposition for State to Build
Tunnel Through Continental Divide Carries at the Referendum
Election in November.—The Colorado Legislature in April
1911 passed a bill providing that, subject to a referendum
vote, the State should build a tunnel through the Continental Divide, thus reducing the distance between Denver
and Salt Lake City by about 150 miles, the Denver Northwestern & Pacific to lease the tunnel,but any other road to
be allowed to use same . under traffic agreement. The
referendum election will be held on Nov. 5 next, and New_
box cars and 50 tank cars. Of the total cost of this equipment, approximately $3,820,730 47, the railway company will pay approximately
$460,730 47 in cash and issue its equipment notes, as above, for the balance. The title to all of the equipment will remain in Blair & Co. until
all the notes have been paid. Bankers Trust Co. of N. Y., trustee.
Possible Purchase.—See Chicago Great Western Ry.above.
—V. 95, p. 419, 297.
Gulf Florida & Alabama.—Completion of Line.—The first
train (work train) was run into Pensacola, Fla., on Oct. 19,
the extension from Cantonment, Fla., to Pensacola, 20
miles, being completed. Full freight service will be begun
by Dec. 1.
The road now extends from Pensacola, Fla., to Local, Ala., 82 miles;
Gateswood Jet. to Gateswood, 11 m., with sidings, 7 miles, and is under
construction to Pine H111, 70 miles. The company owns piers, &c., In
Pensacola.—V. 95, p. 419.
Hocking Valley Ry.—East Toledo Terminal.—The Toledo
Council on Oct. 21 voted to vacate.certain-streets and alleys •
OCT. 26 1912.]
THE CHRONICL
and to grant the company the right to cross other streets.
1123
New York New Haven & Hartford RR.
-Not to Sell
Steamship Properties unless Compelled to.-Referring to the
newspaper reports that the company proposed to sell its
steamship holdings to the Eastern Steamship Corporation,
Pres. Mellen at the annual meeting on Tuesday said:
As a result the company will soon begin construction on its proposed
$2,000,000 terminal in East Toledo. The plan provides for 30 tracks at
some points and 20 at others, the building of a viaduct at Front St. over
the tracks and for an overhead crossing at Seamon St.; the separation of
grades at Starr Ave. and for the erection of overhead crossing at the boulevard sites. The company is also to provide two streets connecting Seamon
-V.05, p. 814.
St. and Starr Ave.. In return for thoroughfares vacated.
In regard to this matter there has been a vast amount of misinformation.
The directors in the annual report stated that they thought it advisable
to segregate the company's interests in the water lines hitherto owned by the
New England Nay. Co., and that a sale of the physical properties had been
made to the New England Steamship Co. for which the stock and first
mortgage bonds of that company had been received. This action was
thought advisable because of legislation then pending.
We do not consider the segregation of these water lines from the New
England Navigation Co. any compliance with the terms of the Isthmian
Canal Act, which requires railroads to part with their interests in steamFor the cal. year 1911 the gross earnings were $532,037 and the net earn- ships. What we were trying to do was to segregate the operation of our
ings, after taxes, were $215,426, while for the year ending May 31 1913 steamship lines from the immense number of undertakings under the head
Pres. Samuel Insult now estimates the gross earnings at $645,000 and net of the New England Navigation Co. The treasury of the New England Naviearnings, after taxes, at $302,100, against an interest charge of $125,000. gation Co. holds securities valued at over $16,000,000. We felt that if
we were to be required to sell, it would be necessary to separate the operation
See further particulars V. 94, p. 1383.
of the steamships from the other undertakings. Therefore, we organized
International Ry., Buffalo, N. Y.
-Merger Approved.
- New England Steamship Co. Since July 1 the water lines have been the
opThe Councilinanic Committee of nine on Oct. 17 decided to erated as independent properties. We will not dispose of our boats unless
we are obliged
Act suggests a way of keeping
report in favor of the proposed merger of the company and them, provided to, and the Isthmian Canal Inter-State Commerce Commiswe have the approval of the
sion. In due time we shall undoubtedly petition the Commission to retain
the Crosstown Street Ry.-V. 95, p. 618.
the water lines, and I assume that they will
Kansas City Mexico & Orient Ry.-Possible New English have been part of the New Haven system. consent, as for 70 years they
But the
-E. Quincy Smith, Pres. of the United States & and if their matter isis one that must be submitted to the Commission,
Capital.
consent
Mexican Trust Co., states that Cecil Braithwaite of Foster -V. 95, p. 1040, 983. not secured,we must sell on or before July 1 1914.
Illinois Northern Utilities Co., Chicago.-Bonds Offered.
N. W. Halsey & Co., Chicago, New York, Phila.and San Fr.,
offered this week, at 95 and int., "first and refunding mortgage" 5% gold bonds dated April 1 1912. Total outstanding, $2,000,000, along with only $468,600 underlying bonds
on portion of property.
& Braithwaite and Philip D. Tuckett of London are now on
Norfolk Southern RR.
-New President.- Charles H. Hix,
an inspection tour over the road with a view to definite formerly First Vice-Pres. and Gen. Mgr. of the Seaboard
proposed $15,000,000 loan. Mr. Smith says: Air Line Ry., has been selected as President and Gen. Mgr.
action on a
We will complete the road from Chihuahua to Kansas City. English
capitalists are putting in $15,000,000 for that purpose, and we shall connect to succeed E. T. Lamb, who resigned to become Gen. Mgr.
up all the broken links clear to Kansas City. The total length of the road of the receivers of the Atlanta Birmingham & Atlantic RR.
from Kansas City to Topolobampo on the Gulf of California is 1,650 miles.
The link from Chihuahua to that port, 300 miles, will not be finished for -V. 95, p. 1040, 968.
several years. Between Chihuahua and Kansas City 950 miles arc complete,
Northern Illinois Light & Traction Co.
-Guaranteed Bonds.
leaving about 400 more to build. .We shall not only finish this within the
next 6 or 8 months, but will complete the Kansas City Outer Belt. As -Cutter, May & Co., Chicago, are offering at 97 and int.,
soon as these arrangements are made it will mean, of course, the taking netting g.35%, 1st M. 5% gold bonds
dated July 1 1903 and
of the road out of the hands of receivers and into the hands of stockholders.
due July 11923, being part of the $342,000 which are guarCo-Receiver for International and Union Construction Cos.
- anteed, p. & i., by Western Railways & Light Co. (total
Judge John C. Pollock at Kansas City on Oct. 15 appointed Charles S.
Jobes (Pres. of Security Nat. Bank) as co-receiver, with Charles A. Young, issued $607,000). A pamphlet says:
International
Construction Co. of Delaware, Union Construction Co.
for the
of Dela. and International Construction Co. of Texas.
-V.95, p. 420, 297.
Kenosha Gas & Electric Co.
-Bonds Called.
All of the 1st M. 5% gold bonds ($288,500) dated June 1 1900 have been
called for payment at 105 and int. on Dec. 1.
Merger.
-See Wisconsin Gas & Elec. below.
-V.71, p. 87.
Lakeview Traction Co., Memphis, Tenn.
-Bid Accepted.
The bid of $155,000 made at the receiver's sale on Sept 12 by a syndicate
of bondholders was accepted on Oct. 10, no higher bid being made. The
syndicate is said to include Dr. B. G. Henning, M. J. Roach and others, of
Memphis, and Harvey Myers, of Jackson.
The company now owns 12 miles of track between Memphis and Lakeview, 4 interurban cars, a power-house and the franchise into the city,
which expires in May next.* It is proposed to build into the city at once
to Main St.and Adams Ave.and purchase new rolling stock.
-V.95,p. 420.
Lehigh & Hudson River Ry.-Earnings.Gross
June 30
Earnings.
Year1,621,891
1912
1911 --------------1,465,795
-V.94, p. ---- 416.
Net (after
Taxes).
$514,426
516,273
Interest, Balance,
Other
Income. Rents, .Sec. Surplus.
$13,627 $291,282 $236,771
272,009
244,264
Earns. Cal. Years- 1911. est. 1912.;
1911. est. 1912.
Gross earnings__ _$121,593 $182,200lFixed charges_ _ _ _ $13,250 $30,350
Net (after taxes). 61,567
88,100 Balance, surplus_ 48,317
57,750
The new hydro-electric plant at Marseilles was placed in operation in
April 1912 with a capacity of 4,000 h.p., and C. W. Humphrey of Chicago
states that after this plant is operating on a 75% load factor, the company
should show gross earnings of $288,602 and net from operation of 5116,008.
In addition to the electric railway, light and power business in Ottawa,
which alone earns double the interest on all bonds now outstanding, the
new hydro-electric plant has made possible new contracts for power at
wholesale which are estimated to yield a gross income, based on contract
price and present needs, of $141,802, notably with Chicago Ottawa &
Peoria By. and Citizens' Lighting Co., La Salle, expiring in 1931, estimated
to yield $113,600 and $10,990 respectively. See further particulars in
V. 93, p. 1788.
-Merged into Baltimore cfc Ohio.
Ohio River RR.
-
The stockholders of the Ohio River RR., Parkersburg Branch RR.,
Huntington & Big Sandy RR., Ravenswood Spencer & Glenville RR.
and Ripley & Mill Creek RR. on Oct. 19 voted to merge these companies
Into the Baltimore & Ohio. The stockholders of the latter approved the
merger on Oct. 18.-V. 95, p. 237.
Overton County RR.
-Successor.
See Tennessee Kentucky & Northern RR. below.
-V.95, p. 481.
Little Falls (N. Y.) & Johnstown (Electric) Ry.-Increase
of Stock. A certificate has been filed in the office of the Secretary of State at Albany of increase of stock from $200,000
to $2,000,000.-V. 95, p. 111.
Louisville & Nashville RR.
-Sub. Company, New Stock.
See Nashville Chattanooga & St. Louis Ry. below.
New Stock Issue.
-Regarding the new $12,000,000 stock
issue, Chairman Walters is quoted:
Pennsylvania RR.
-Sale of Additional Car Trusts.
-The
company several weeks ago sold to Kuhn, Loeb & Co. an
additional amount of $1,000,000 "Pennsylvania general
freight equipment trust" 4% gold certificates, of which
$6,000,000 were sold in June last (V. 94, p. 1566).
Of the extraordinary expenditures heretofore authorized by the board,
there remain uncompleted items which aggregate a total cost of $40,000,000,
From surplus earnings and sale of bonds, $23,000,000 has already been
supplied, leaving a balance of $17,000,000 to be provided as work progresses
during the next two years.
The Ohio Supreme Court on Oct. 22, by a divided vote of 3 to 3, failed to
reverse the decision of Judge Vickey,handed down 3 years ago,under which
the city of Cleveland was held to have ownership of a tract of land along
the lakefront comprising about 51 acres lyingbetween Cuyahoga River and
West 9th St., now used by the railroad company for coal docks, warehouse
and freight-yard purposes. As it requires a majority to reverse the lower
Court the action operates as an affirmance of the lower Court's decision.
The company will appeal to the U. S. Supreme Court. The litigation was
begun in 1893, having been transferred from the State to the Federal courts
and sent back by the U. S. Supreme Court to the State courts. The company In 1848 obtained a perpetual lease to the Bath St. property from the
city, running east and west along the lake shore, which it was claimed the
city could at any time revoke. Additions were made to the land by filling
In from time to time and this. It is stated, became part of the old Bath St.
and the ownership became vested in the city.
-V. 94, p. 1566.
Called Bonds.
-See advertisement on another page giving
numbers of $110,000 Evansv. Hend. & Nashv. Div. bonds,
called for payment at the office, 71 Broadway, at 110 and
int. on Dec. 1.-V. 95, p. 968, 891.
Massachusetts Electric Cos., Boston.
-Boston Elevated to
-The following was ofHandle Freight-Wage Agreement.
ficially confirmed on Oct. 3:
The Mass, Electric Is now handling express and freight by trolley over a
considerable percentage of its 958 miles of track, but the sticking point
has been an entrance into the City of Boston. A year ago the subsidliary
Bay State Street Ry. made a contract with a local express company to
handle express and freight from Neponsct into Boston. Now, by a contract just signed, the Boston Elevated will take the express cars of the Bay
State and bring them into Boston over its lines to a freight terminal near
the Albany power station. Even with the temporary expedient, the Bay
State was able to make a 50% increase In Its freight and express traffic
last fiscal year. Later, the Elevated will erect a permanent freight terminus
In Boston which will be a central receiving and distributing point not only
for its own system but for the Bay State Street By., Boston & Worcester
and the Boston Suburban lines.
The Bay State Street Ry. Co. recently signed a two-year's wage agreement with its 3.500 conductors, motormen and shopmen, giving them an increase of 1 cent per hour for the first year and one-half cent per hour for
the second year. This means an advance of from 22 yi to 26% cents per
hour (the present scheule) to 23% and 27% cents (the new schedule).
"Boston News Bureau," Oct. 1.-V.95, p.018, 750.
Mobile & Ohio RR.
-Earnings.
-For year ending June 30.
Operating
Fiscal
Net (after
Interest,
Other
Divs., Balance,
Year- Revenue.
Taxes). Income. Rents,&c. (4%) Surplus.
1911-12__$11,207,732 $2,719,059 $229,973 $2,524,961 $240,824 $183,247
1910-11_ _ 11,197,347 2,988,242 230,188 2,604,581 242,824 371,025
From the balance as above in 1911-12 was deducted $10,751 for additions
and betterments, against $8,335 in 1910-11, leaving $172,496 in 1911-12,
against $362,690.-V. 93, p. 1101, 1022.
Nashville Chattanooga & St. Louis Ry.-See "Reports."
New Stock May Be Offered to Shareholders at Par to Take
up $6,300,000 1st M. 7s Due July 1 1913.
-At the annual
meeting of stockholders held on Oct. 8, the following resolution was adopted:
That the Chairman appoint a committee with authority to draft a resolution recommending to the individual stockholders, through the Secretary,
on or before Jan. 11013, a suggestion that the 7% bonds due July 1 1913,
amounting to $8,300,000, be taken up by an issue of stock to be offered to
the stockholders at par. (Of the present stook of $10,000000, on which
dividends of 7% per annum are now being paid, the Louisville & Nashville
• • IL:
RR. Co. owns $7,177,600.}-V. 95, P. 111, 988.
The new certificates are identical in form with the previous Issue, being
also dated June 1 and maturing one-tenth yearly.
Cleveland Water-Front Decision by Ohio Supreme Court.
-
Potomac Fredericksburg & Piedmont RR.
-Changes.
George W. Richards has been elected President to succeed
his father, L. Harry Richards, deceased.
Howard Butcher Jr and Abram G. Tatnall, both of Philadelphia, have
been added to the directors.
-V.89, p. 470.
Quebec Central Ry.-Earnings.-For year ending June 30:
Fiscal
Working
Gross
Net Oper.
Other
Net
YearReceipts.
Revenue,
Expenses.
Income.
Income.
1911-12
51,366,555
5943,976
$422,579
$422,579
1910-11
1,208,949
820,803
388,148
396,057
$7,911
The surplus as above in 1911-12, added to the balance of $77,005 brought
forward, makes a total of $499,584, from which payments were made as
follows: Interest on 4% debenture stock, $117,742; interest on 3% debenture stock, $49,348; full interest on 7% income bonds, $115,145; balance
carried forward, $217,349, from which the directors recommend the payment of a 4% dividend on share capital, calling for $111,214, leaving balance
to carry forward $106,135.-V. 95, p. 619.
-Action Postponed.
St. Joseph & Grand Island RR.
-The
stockholders on Oct. 15 failed to approve the proposed new
$15,000,000 mortgage, owing to the application of the minority stockholders for an injunction to prevent such action.
The motion will be argued in December unless meantime an agreement is
reached with Union Pacific RR. majority stockholder.
-V. 95. P. 750.
-First Mortgage Bonds Called.
Tanana Valley RR.
Five ($5,000) 1st M.20-year 6% gold bonds (Nos. 119, 442, 453, 681 and
685) for payment at $1,050 per bond on Dec. 1 at Columbia-Knickerbocker
-V.91, p. 1382.
Trust Co., N. Y.
Tennessee Kentucky & Northern RR.
-Lease-Extension.
-The stockholders will vote on Dec. 20 on leasing the Cincinnati-Nashville Southern RyThe latter is the successor by purchase of the Overton County RR., extending from Allgood, Tenn., to Livingston, 21 miles, which was sold under
foreclosure on Aug. 13 1912, issuing $25,000 stock and $150,000 gen. Mr
bonds in exchange for the $250.000 Overton County bonds. The Tennessee
Kentucky & Northern BR., with $10,000 stock.and no bond Issue author-.
1124
THE CHRONICLE
ized as yet, has arranged to lease the road for a long period and extend
and improve the same. The lessor company stockholders will vote on
-V.95, p. 1040, 481.
the matter on the same day.
-Second
United Railways & Electric Co. of Baltimore.
-A dividend of 13'% has been declared
Common Dividend.
on the $15,000,000 common, payable Nov. 12 to holders of
record Nov. 2, being the same amount as paid in May last,
the first distribution. This is taken to mean that the stock
is on a 3% yearly ratc.-V. 94, p. 1187.
United Rys. of St. Louis.
-Judgments in Mill-Tax Suits.
Judge Shields in the Circuit Court on Oct. 15 In 5 sults against the company rendered judgments aggregating $975,819 for taxes which accrued
from 1904 to 1911 under the mill-tax ordinance. Another judgment against
the St. Louis do Suburban Ry. Is for $18,891. Interest at 6% is to be added
to these amounts. Appeals will be taken as In other mill-tax suits
which have been decided against the comapny. Compare V. 94, p. 418.
-V. 94, p. 1764.
-New Union Passenger
Union Terminal Co. of Dallas, Tex.
-The
-Proposed $5,000,000 Bonds.
Terminal for All Roads.
shareholders' meeting called for Sept. 26 to authorize an issue
proposed new union
of $5,000,000 bonds on account of the
passenger terminals for all roads entering Dallas has been
adjourned till Dec. 16.
The company was organized during the past year and it is constructing a modern passenger terminal which will be used by an lines entering Dallas. The capital stock ($48,000) is owned In equal amounts, oneeighth each by the Missouri Kansas & Texas Ry. Co. of Texas, the Texas
& Pacific RR. Co.. Houston & Texas Central RR. Co. (Southern Pacific
System), Gulf Colorado & Santa Fe Ry. Co. (Atchison System), the
Trinity & Brazos Valley Ry. Co. (Colorado Southern System, St. Louis
San Francisco do Texas By. Co., Chicago Rock Island & Gulf By. Co.
and St. Louis Southwestern By. Co. of Texas. The terminal is estimated
to cost $3,000,000 and it will be financed by an issue of first mortgage 5%
-year bonds of the Terminal Company, guaranteed principal and interest,
30
jointly and severally, by the eight proprietary companies. Officers: President, F. G. Pettibone; Vice-Presidents, Thornwell Fay and W. A. Webb;
Secretary, Murrell L. Buckner; Treasurer, R. P. Roach.
-L. F. TimmerWestern Maryland Ry.-New Treasurer.
man, formerly Secretary & Asst. Treas., has been elected
Treasurer to succeed Major J. T. M. Barnes, who resigned on
-V. 95, p. 1041, 969.
account of illness.
'Wisconsin Gas & Electric Co., Racine & Kenosha.
Bonds Offered.-Harris, Forbes & Co. N. Y., Harris Trust
& S. B., Chicago (the trustee), and N. W.Harris & Co., Inc.,
Boston, and Spencer Trask & Co., N. Y., Albany, Bost. and
Chic., are placing at 983' and int. the present issue of
$2,000,000 1st M. 5% gold bonds, dated June 1 1912 and
due June 1 1952, but red. at 105 and int. on or after June 1
1917. Par $1,000 and $500 (c*). Int. J. & D. in N. Y.
See advertisement on another page.
Digest of Letter from Pres. J. D. Mortimer, Oct. 2 1912.
Succeeded, by amendment of articles of association, the Racine Gas
Light Co., and has acquired the properties, business and franchises of the
Kenosha Gas & Electric Co. and Kenosha Electric By. Co.; and now does
the entire gas business in Racine and Kenosha, and the entire electriclighting, power and street railway business in the latter city. (V.95, p. 986.)
Outstanding Capitalization.
$1,200,000
Capital stock ($200,000 is pref. 6% cum.)
2,000,000
These 1st M. 5s, on all pcsent and future property, &c
Additional 1st M. bonds can be issued for only 80% of the cash cost and
fair value of permanent improvements, extensions, &c., when the annual
net earnings are 1 h times the annual interest charge, including bonds proposed to be issued. The company is obliged to appropriate each year
certain amounts of the gross earnings for maintenance and depreciation.
Earnings of Consol. Properties Year end. Aug. 31 1912-Present Int. Charge.
$614,5881Int. on $2,000,000 1st 5s_ 4100,000
Gross earnings
$197,2361Bal., sur., on above basis_ _ 897,236
Net (after taxes)
Properties: 84 miles of gas mains in Racine and Racine to Kenosha, and
37 miles in Kenosha; electric plant in Kenosha, generating capacity of 2,200
h.p.; street railway in Kenosha. total single-track mileage of 7.87 miles,
affording entrance into the city for the Milwaukee Light, Heat & Traction
Co.; office building on Market Sq., Kenosha, including offices for Kenosha
division and interurban passenger station. Electric light and power
business In Kenosha is done under an indeterminate permit (State law).
Franchise for street railway in Kenosha extends until 1952, with 5-cent
fare. Its gas business the company has (In the opinion of counsel) the right
to conduct either under an indeterminate permit or without limit of time
under the special franchises originally granted.
Racine and Kenosha are enterprising, prosperous and growing manufacturing cities, with good harbor facilities. Present combined population
is estimated at over 60,000, contrasting with 40,708 in 1900 and 27,546
in 1890. According to the U.S. Census, Racine in 1909 had. 142 manufacturing establishments, with a total value of products of $24,673,000;
Kenosha 62 establishments, total products $23,182,000.-V. 95, p. 986.
Worcester (Mass.) Consolidated Street Ry.-Application.
The company has petitioned the Mass. RR. Commissioners for approval
of acquisition of the Quinsigamond Park company's property for a pleasure
resort and certain real estate owned by the Electric Mfg. Co., and the determination of the board of the amount of first and refunding 4 Wyo bonds
-V.94, p:828.
dated Aug. 1 1910 for the purchase of the property.
INDUSTRIAL, GAS AND MISCELLANEOUS.
-The
American Caramel Co., Phi a.-$400,000 New Bonds.
shareholders will vote Dec. 21 on increasing the indebtedness
in the amount of $400,000. There are now out $325,000
1st M. 6s, due June 11920, but callable.(See V.88, p. 880.)
-V. 91, p. 216.
-Plan-Bonds UnAmerican Cement Co., Philadelphia.
-The general reorganization committee has prederwritten.
pared a plan of reorganization dated Oct. 18, under which
deposits are asked with the Girard Trust Co.,Phila.,as depositary. A syndicate headed by Edward B.Smith & Co.,N.Y.
and Phila., has underwritten the $750,000 new 1st M. 6%
serial bonds, except the $78,594 to go to creditors.
The plan is presented by the general reorganization committee (Incl.
representatives of the American, Reliance and Norfolk committees), viz.
George Burnham Jr. Charles S. Farnum, Richard W. Melo, Evan Randolph. Claude A. Simpler, Edward B. Smith, Minturn T. Wright and
Charles J. Rhoads.
The successor company will acquire the assets of the parent company
and its subsidiaries. The new bonds will be: (1) A first mortgage on properties and franchises formerly of the following: Am. Cement Co. of Penna.,
Reliance Cement Co., Central Cement Co.
-each with mills and lands at
and near Egypt, Pa.; Norfolk Portland Cement Corp., with mills at Norfolk. Va., and marl properties near Norfolk; and Am. Cement Co. of New
Jersey, with lands in Onondaga Co. and Jordan, N. Y. (2) A lien on property of Vindex Land Co., with mill sites and quarries at Poughkeepsie and
Dresden, N. Y. subject to 348,250 mortgages; (3) also secured by good-will
of selling agencies In business since 1874 and 1800 (United Building Material
Co. and Lesley & Trinkle Co.). and by trade-marks, patents, stock of
• . . .
gement, supplies, accounts receivable, 610. ..... .
(Vol, Lxxxxv.
Capitalization of Proposed New Company:
First M. 6% serial gold bonds, maturing $50,000 yearly, beginning at end of third year and red, at co.'s option in series at
$750,006
105 on any interest date. Tax-free in Pa
To creditors, $78.594, and remainder, $671,406, to be sold for
cash (underwritten), present stockholders to be allowed to
subscribe for $420,000 (20%) at par, with bonus of 125%
in new common stock (equal to 25% of present stock holding,
In addition to 25% new common, receivable in exchange for
old common). Proceeds for working capital, improvem'ts
and reorg. expenses.
Pref. (p. & d.) stock, 7% cumulative from July 1 1916 (par $50 a
share), red., all or part, at 105 on any Int. date. Consent of
75% necessary to creation of any additional mortgage or
2,000,000
pledge. Practically an issuable under plan
Common stock (par value of shares, like present shares, $50 each) _ 2,000,000
$1,503,194
Now issuable under plan (see below)
496,806
Balance available for other purposes
Basis of Exch.-Amts. of New Securities for Each $1,000 Old Securities,
New Common.
Now Out. New Preferred.
Existing SecuritiesAm.Cement Co.(N.J.) bds _ $550,000 $900-$495,000 $200-$110,000
200- 100,350
501,750 1,200- 602,100
Reliance Cement Co. bonds_
300-- 50,250
700-- 117,250
167,500
Preferred stock
100- 27,650
Norf. Port. Cement Corp. bds. 276,500 1.000- 276,500
100-- 17,500
Notes
175,000 1,000-- 175,000
300- 68,850
500- 114,750
229,500
Preferred stock
250- 525,000
None
Am. Cement Co.(N.J.)stock_2,100,000
do do (also) if subscribing at par for 20% ($200)
250- 525,000
None
new bonds
To general creditors (with
$250 new bonds, in all
250-- 78,593
500-- 157,187
314,374
$78,593)
$1,503,193
51,937.787
Total
Subscribing shareholders must pay to the Girard Trust Co., Phila., 20%
of subscriptions on ten days' notice after plan has been declared operative.
40% thereafter on 30 days notice and 40% after a further 30 days' notice.
The plan provides, as recommended by experts, $400,000 for working
capital and $110,000 for improvements and alterations. Experts value
the tangible assets, exclusive of good-will, patents, &c., at $3,100,000
including net quick assets of about $700,000.
The average earnings, exclusive of any revenue from the Norfolk Portland
Cement Corporation, have been: For the'five years ending 1911, $220,245;
for the ten years ending 1911, $265,276. To this. If we add the earnings of
Norfolk Portland Cement Corp., which experts have estimated at from
$60,000 (based upon the then prevailing low prices of cement) to $180,000,
and which, with present much higher prices, the officials estimate at a minimum of $100,000, the result would show funds available for Interest ($45,000), redemption of bonds and pref. stock div. much in excess of the requirement. Compare report, V. 94, p. 276, 418, 489. 828.
-Earnings.
American Hide & Leather Co.
3 Mos. ending
Sept. 30191 1
191 2
1910
Balance for
Bond Sinking Int. on
•Net
Period.
Earnings. Interest. Fund. S.F.Bds.
$331,700 $86,145 $37,500 $41,730 sur.$166,325
37,065
37,500
167,029
90,810
s.1 3,454
dcft1 81 665
95,190 37,500
'
1,910
32,685
'After charging replacements and renewals and interest on loans.
Net current assets Sept. 30 1912, $9,026,581.
Pres. Thomas W. Hall and Treas. Geo. A. Hill say: "This statement has
been prepared on the same accounting basis as the annual statement of
June 30 1912, and finished leather has been taken at the same prices, which
are below those now prevailing. It this higher range of values continues,
effect will be given thereto in the accounts at the end of the current fiscal
-V. 95. p. 616, 237.
year."
-Option.
American Power & Light Co., New York.
-V.95, p. 112.
See Southwestern Utilities Corporation below.
-Payment of Underlying Bonds.
American Steel Foundries.
The $446,000 American Steel Castings 1st M.5% bonds will be paid at maturity on Nov. 1.-V. 95. p. 299.
American Textile Co., Pawtucket, R. I.-10% New Stock.
-Shareholders of record Oct. 21 have been given the right
to subscribe at par, $100 a share, for $60,000 new stock, to
the extent of one share of new stock for each 10 shares of
old stock now held, making the total stock $660,000.
Said to own the largest mill in America for the manufacture of trimming
lace and to have on hand a large volume of unfilled orders. Dividend rate,
8% per annum (M. & N.). Joseph J. Bodell of Ilodell do Co., investment
securities, Providence, is a director. See V. 91, p. 1097, 1631.
-Board Increased.American Typefounders Co.
•
The board of directors having been increased, John T. Murphy has been
elected a director. See "Annual Reports" abovo.-V. 95. p. 1011.
-Reorganization-Plan.
Atlantic Fruit & Steamship CO.
The special meeting of stockholders which had been set for
Oct. 25 has been adjourned to Nov. 6.
Although a majority of the stock was presented both in person and by
proxy, it was decided that stockholders who live in the West Indies and in
other distant places should be given further time to communicate with the
company In rftard to the matter.
The plan provides for the incorporation eta new company, to be called the
Atlantic Fruit Co., to take over the assets of the present company, with
$5,000,000 authorized commom and 52,500.000 7% cumulative non-voting
preferred stock, and an issue of 31,500.000 7% debentures,the latter,to be
issued for new capital, having been underwritten.
The 6% bonds (52,185.700) are to be exchanged for new pref. stook,
with a bonus of 25% in common stock. The outstanding common stock
(about $8,000,000) will receive one share of new common stock for each
five shares of present stock. This arrangement is expected to increase the
-V.
credit of the company, besides affording necessary working capital.
95, p. 1041, 299.
-New Co.
-Sale.
Atlas Engine Works, Indianapolis.
Judge Weir in the Superior Court on Oct. 15 accepted the new bid submitted to Receiver Gardiner. The Lyon:5-Atlas Co. was incorporated on
the same day with 5500,000 stock, all paid-in, to take over the property.
Under the provisions of the bid, the new company will pay $441.000
interest on the 51,050,000 outstanding bonds under the mortgage to the
Indiana Trust Co.; also $105,000 with Interest from May 1 1912 at 6%,
the debt being secured by $150,000 of bonds which are to be canceled on
payment of the debt; also $48,187, the amount being secured by $63,000
bills and accounts receivable, and $80,000 cash to pay the debts of the
receivership. Two judgments against the Atlas Engine Works, aggregating
$6,700 will also be paid.
The new company takes over the real estate and buildings of the Atlas
Engine Works subject to the mortgage deed of trust, but does not assume
the same.
James W. Lyons is President of the new company; Wm. P.Lyons,VicePrest., and George W. Lyons, Secretary and Treasurer, all of Chicago.
James W. Lyons and William Lyons were connected with the Atlas Engine
-V.95, p. 819, 751.
Works about 20 years ago.
-Sale to City.
Baltimore Suburban Sewerage C0.
See Baltimore In "State and City Department."
-Dividends on Common ReBergner & Engel Brewing Co.
sumed.A seml-annual dividend of $2 has been declared on the $1,650,000 common stock, payable Nov. 1 to holders of record Oct. 24. being the first dis-
tribution since 1899. The last of the accumulated dividends on the $1.650,000 8% cumulative pref. were paid in 1011. The usual semi-annual
-V.93,p.1261.
distribution of $4 on pref. stock Is payable at the same tine.
-Successor Co.
Black Lake Asbestos & Chrome Co., Ltd.
laws on Sept. 28 wilk
This company was incorporated under Canadian
OCT. 26 1912.]
TIIE CHRONICLE
Federal Mining & Smelting Co.-Earnings.-
$4,000,000 stock in $100 shares, as successor of the Black Lake Consolidated Asbestos Co., per plan in V. 95, p. 238.
Black Lake Consolidated Asbestos Co., Ltd.
-New Co.
See Black Lake Asbestos & Chrome Co., Ltd., above.
-V.95, p. 238.
(J. I.) Case Threshing Machine Co.
-Listed.
-The N. Y.
Stock Exch. has listed $11,289,500 stock trust certifs. for
pref. stock, with authority to add $710,500 additional on
notice of exchange for outstanding pref. stock, making the
total amount to be listed $12,000,000.
-For calendar years (Compare V. 94, p. 353):
Earnings.
Gross
Net (after
Calendar
Taxes
Sales.
YearDepreciation. Paid.
_9,163,749 $1,509,191 $97,605
1911 _
_
1910 ---- ---- ---6,946,994
1,133,062
85,666
94,
-V.- - P. 1386.
Interest
Paid.
$350,635
248,353
Balance
for Divs.
$1,060,951
799,043
Castle Valley Coal Co.
-Bonds as Collateral.
-
The stockholders on Oct. 14 authorized an issue of $1,000,000 15-year
6% gold bonds dated Oct. 1, subject to call at any time after 3 years on
any interest date (April 1 or Oct. 1) and convertible at the option of
owner on or before Oct. 1 1915 into stock. The bonds are all to be deposited as collateral under the $10,000,000 issue of Utah Co. 6% 5
-year
collateral gold notes of 1912. (V. 94, p. 1124.)-V. 94, p. 1121.
Central Leather Co.
-Earningsfor 3 ct: 9 Mos. end. Sept. 30.
9 Mos.
3 Mos.
Total net earnings of all properties*
$2,968,725 $7,760,025
Less expenses and losses of all cos., incl. Interest on
outstanding obligations (except bonds)
862,824 2,447,919
Add income from investments
$2,105,901 $5,312,106
20,976
6,824
Total
Deduct-Interest on 1st M. 5% bonds
Interest on debentures
Preferred dividends
$2,112,725 $5,333,082
$459,552 $1,378,656
120,600
40,200
582,732 1,748,196
Surplus for period
$1,030,241 $2,085,630
• Total net earnings are stated after deducting operating expenses, including those for repairs and maintenance, approximately $404,589 for
the quarter and $1,074,338 for the nine months.
Total surplus Sept. 30 1912, $3,856,088.-V. 95, p. 238.
Champaign & Urbana (Ill.) Water Co.-Bonds.-Geo. A.
Fernald & Co., Boston, recently offered at 98 and int.,
yielding 5.15%,$105,000 1st M.sinking fund gold 5% bonds,
dated July 1912 and due July 1932.
Bonds auth., $400,000; outstanding, $215,000. Company in successful
operation since works were built in 1885. Total auth. cap. stock $400,000;
outstanding, $250,000. Since 1899 has expended $123,000 in additions
and extensions. Excellent water from driven wells in Urbana, fully adequate for prospective needs. Franchises expire in Champaign in 1940
and in Urbana in 1942. Old 1st M. bonds are being refunded with this
issue. Sinking fund to retire over $100,000 by maturity. Earnings year
ending April 1 1912: Gross, $60,607; net, $27,918; present int. charges,
$10,750; bal., surplus, $16,168.
Claremont (N. H.) Power Co.
-Bonds and Status.-
Geo. A. Fernald & Co., Boston, recently offered at the market, yielding
about 5.20%, a small block of the $400,000 1st M. s. fd. 5s due July 1937,
int. J. & J. at Union Tr. Co. Providence, trustee. Stock, common, $600,non-cum.,
000; pref. 6% non-cum. $100,000; par, $100. Owns hydro-electric plant,
Vt. Earnings year 1911, gross, $74,757;
2,250 h.p. capacity, at
net, after taxes, $33,060; bond int., $20,000; other int., $5,046; bal., sur.,
$8,014. Pres., W. L. !daimon. Providence.
Colorado Fuel & Iron Co.
-Charter Extended.
The stockholders on Oct. 10 voted to extend the company's charter for
20 years from the date of its expiration, Oct. 21, a certificate being filed
with the Secretary of State.
New Director Elected.
-S. G. Pierson has been elected a director to succeed
Edwin Hawley, deceased.
-V. 95, p. 752.
Columbia Gas & Electric 0o.
--Application Denied.
The Ohio P.S. Commission has denied the application of the Union Gas &
Electric Co. to issue $500,000 additional capital stock in exchange for
bonds of the Columbia Gas & Electric Co., and to deposit the same as security for the payment of rental under the lease to the Cincinnati Gas & Elec-V.95, p.752, 422.
tric Co.
Dominion Sawmills & Lumber Co., Ltd.
-Plan Approved.
A press dispatch from London states that Justice Neville on Oct. 18
approved the reorganization plan. See V. 95, p. 483.
Edison Electric Illuminating Co. of Boston.
-Mtge. Notes.
The shareholders at the recent annual meeting authorized the directors
to mortgage the property on Massachusetts Ave. to an amount not exceeding $1,000,000. The total mortgage now outstanding against this
authority is $400,000. Mortgages for the balance will be placed as money
is needed for additional construction. The mortgage on the property
No. 23-27 Boylston St. amounts to $375,000. Other mortgages outstanding amount to $940,000, making a total of $1,715,000. (See annual report abOve.)-V. 95, p. 820, 682.
Great Lakes Coal Co., Pittsburgh.
-Bond Committee.
William Price of the Diamond Nat. Bank of Pitts. has been made Chairman and A. C. Robinson of the Commonwealth Trust Co. of Pitts. VicePres. of the committee representing the 1st M. and collateral trust 5%
bonds, on which default was made Oct. 1. Of these bonds, $2,181,000, it
appears, are outstanding including $325,000 pledged as collateral. The
notes and accounts payable aggregate about $527,000.
The Common Pleas Court at Pittsburgh on Aug.5, on petition Inequity
by George S. Goodwin, a creditor and stockholder, appointed Van Horne
Ely as receiver. The bill of complaint then stated that the company has
outstanding stock of $5,000,000 and owns 22,000 acres of coal in Armstrong and Butler counties, with four mines fully equipped; also, the entire
capital stock ($1,511,000) of the Western Allegheny RR., which owns about
57 miles of railroad between Dewey and New Castle, Pa., built at a cost of
$2,600,000. The indebtedness of the railroad June 30 1912, the bill stated,
was $1,175,000, of which $1,129,435 was a promissory note given to the
Coal Co. See also V. 80, p. 715; V. 87, p. 418.
Griffin Wheel Co., Chicago.
-Re-incorporation-Stock Increase.
-Holders of over 70% of the $8,000,000 capital
stock ($5,000,000 common stock and $3,000,000 6% cum.
pref.) have, it is stated, approved a plan for re-incorporation
of this Illinois co. under the laws of Mass. with the following
capitalization in $100 shares:
Common stock, total authorized, $12,000,000. Now to be issued_$9,500,000
Issuable In exchange for present common stock,
being 145% thereon (along with 45% now pref) _ _$7,250,000
Issuable for other purposes, including about *500,000 new cash kir additions and improvements_ _ 2,250,000
Pref. stock 6% cum., callable as a whole at 115 or in part at 120.
Total auth.; $9,000,000. Now to be issued
$6,000,000
Holders of present $3,000,000 pref. stock to receive
110% in cash, applicable at their option to sub• soriptions at par for new preferred
$3,300,000
Issuable (45%) with 145% new corn. for old com_ _ 2,250,000
Other purposes
450,000
The company is a large manufacturer of chilled iron car wheels, with
foundries In Chicago, Detroit, Denver, St. Paul, Tacoma, Kansas City and
Boston. The balance sheet as of Jan. 1 1912 showed: Real estate, $2,294,936; machinery, $2,217,175; merchandise, &c., $2,918,962; miscell. Invest.,
$146,464; cash and debts receiv., $879,094.-V. 87, p. 418.
1125
Aug.31-Year. Net Profits.
Div. on Pref.
Div. on Corn.
Balance.
1911-12
$1,895,429 (6 3 %)$749,131
sur.$146,298
1910-11
1,241,115
(7%) 839,027
sur. 402,088
1909-10 _ ______
743,807
(7%) 839,027
def. 95,220
1908-09
900,290
(7%) 839,027 (1 %%)$89,894 def. 28,631
-V.94, p. 17699. 489.
Internat. Engineering Works, Ltd., Montreal.-Reorg. Co.
This company has been Incorporated under Can, laws with $1,500,000
stock, in *100 shares, as successor of Robb Eng. Co., foreclosed. See V.95,
p.424.
Jackson (N. H.) Co., Nashua, N. H.
-Decision.
The U. S. Circuit Court of Appeals at Boston on Oct. 23 decided to prohibit the merger of the Jackson and Nashua Mfg. companies, as proposed
in 1911 (V.92, u.1113).
The bill was filed March 19 1912 by the complainant as holder of 35 shares
in behalf of all stockholders. It is alleged that under the proposed agreement the Jackson stockholders were to exchange their shares at the rate of
one share for 1 4 shares of the Nashua Co. An arrangement, the Court
says, was made with the American Trust Co. for purchase of an amount of
stock covering all minority shares (about 100 of the outstanding 600) In
the Jackson Co. at 8650 per share, within a year, which would give each
stockholder of the Jackson Co. $975 per share, which apparently was the
ordinary market value. But the bill also showed that each corporation
appointed a committee, who reported that the intrinsic value of Nashua
Co. stock per share was $2,250 3734 and of Jackson Co. stock $3,277 51.
Consequently, it is stated, under the arrangement, a shareholder of the
Jackson Co. would be compelled to exchange his stock for that of the Nashua
Co. on the basis named or receive in exchange less than one-third of the intrinsic value of his shares.
The New Hampshire Supreme Court last year in the suit brought by
A. P. Bowdltch approved the proposed consolidation. Judge Putnam in
the opinion points out that the New Hampshire decision did not go Into
the merits of the case and it is supposed that the latter will not be appealed.
-V. 92, p. 1503.
(Julius) Kayser & Co., New York.
-Listed.
-The N. Y.
Stock Exch. has listed $2,900,000 1st pref. and $6,000,000
coin, stock, with authority to add $750,000 additional corn.
stock, making the total of the latter to be listed $6,750,000.
Earnings.
-For 8 months ending Aug. 31 1912:
8
Months
Net
Redemp. Special Pref. Com.Divs. Balance,
EndingProfits. lstPf.Stk. Surp.
Divs. Pd.(ornos), Surp.
Aug. 31 1912 __$1,023,695 $111,751 $33,333 $166,600 $120,000 $592,011
Dec. 31 1911_
589,686 101,814 33,333 172,433
282,104
The gross profit on sales for the 8 months ending Aug. 31 1912 was
$1,396,651, comparing with $1,515,722 for the entire year 1911, the net
profits for the year 1911 having been $1,017,478. See report for period
ending Dec. 31 1911.-V. 94, p. 980.
Keystone Watch Case Co.
-Sale of Properties, dec.-
The stockholders on Oct. 22 authorized (1) the sale of the company's
properties in Philadelphia and Riverside, N. J., In accordance, it is stated,
with the plan to remove to Newark, N. J. where the business is to be consolidated; and (2) the change In the date of the annual meeting from Jan.
'
to Feb.
-V. 95, p. 820.
Laclede Gas Light Co.
-Earnings.
9 Mos.end. Gross
Sept. 30. Earnings.
1912____$3,224,733
1911____ 3,183,385
-V. 95, p. 240.
Net (after Deprecia- Inter- Pref. Divs. Balance,
.
est.
lion.
Taxes).
(3(%). Surplus.
$1,638,872 $193,229 $757,177 $93,750 $594,716
1,579,822
182,819
735,875
93,750
567,378
Lowell (Mass.) Machine Shops.
-Consolidation Plan.
Lyons-Atlas Co., Indianapolis, Ind.
-Successor Co.
-
See Saco-Lowell Shops, Boston, below.
-V.94, p. 564.
See Atlas Engine Works above.
Manufacturers' Light & Heat Co., Pittsburgh.
-Earnings.
9 Mos.end.
Gross
Net (after
Other
Int. cfc, Dividends Balance,
Sept. 30.
-Earnings.
Taxes). Income. Renewals. (2%).
Surplus.
1912
__$4,305,846 $2,052,854 $28,605 $260,117 $430,000 $1,391,342
1911
3,706,820 1,617,671 43,004 595,058
1,065,617
Profit and loss surplus Sept. 30 1912, after deducting $11,726 for sundry
adjustments, was $1,403,068.-V. 95, p. 547, 424.
Massachusetts Lighting Co. Boston.
-Annual Statement.
Income Acco'unt Mass.Lighting Co.and 19 Cos. Controlled by Stock
Ownership.
Income.
Op.Exp.
Net.
Interest. Bal.,Sur.
Yr. end.J'ne 29 '12$1,213,366 $814,193 $399,173 $115,139 $284.034
Yr. end. Dec. 30 '11 1,218,743
802,399
416,344
111,866
304,478
Divid. rate 7% per ann. since July 1910, pay. Q.
-J. 15.-V. 90, p. 1681.
Bal. Sheet June 29 1912 (Tot. Each Side $4,695,819) and Dec. 30 1911 (Tot,
$4,370,770).
AssetsJ'ne 1912. Dec. 1911. Liabilities-Xne 1912. Dec. 1911.
Stock
$3,486,653 $3,479,853 Share capital_$4,246,900 $3,954,500
Notes receiv
957,300
783,500 Notes,&c.,pay.
12,420
21,640
Cash
153,624
25,616 Current div__
74,321
69,204
98,242
Acc'ts receiv_
81,801 P. & L. surp_
362,178
325,426
Indebtedness of 19 sub. cos. not reported.
-V.94, p. 830, 633, 565.
Motion Picture Patents Co.
-Texas Anti-Trust Suit.
-
Attorney-General Walthall of Texas has brought suit against the company and its subsidiaries alleging violation of the State anti-trust laws of
1903 and its amendments and requesting a dissolution thereof and an injunction preventing the defendants from doing business in the State.
Judge Pope in the District Court of Jefferson Co. at Austin on Oct. 19
appointed H.A. Wroe, Vice-President of the American Nat. Bank at Austin
receiver for the properties In the State. The penalties prayed for amount
It is stated, to $2,500,000.-V. 95, p. 484.
Niagara Falls Power Co.
-Combined Income Account.
-
Three Months ending Sept. 301912
1911
V.95, p. 240.
Gross
Net
Earnings. Earnings.
$618,233 $501,621
544,481
425,680
Other
Fixed
Balance
Income. Charges. Surplus
$32,124 $306,557 $227,187
44,441
317,434
152,687
•
Norton (Mass.) Water Co.
-Bonds.
-The Exchange Trust
Co., Boston, the mtge. trustee, recently offered at par and
int. the present issue of $75,000 1st M. 5% gold bonds
• Dated April 1 1912 and due April 1 1932. Par $500 (c). Int. A. & 0.
at office of trustee. Total auth., $100,000. Cap. stock auth.. 100,000;
Issued, $75,000. Company has an extensive modern filter; water excellent.
Norton is a rapidly growing town.
Earnings (estimated): 300 family services at $12 each, $3,600; hydrant
rental (3-year contract, $40 for each additional hydrant), $2,000; Wheaton
Seminary (5-year contract), $1,500; 7 manufacturing plants, $1,500; total
$8,600; oper. exp., $2,250; net, $6,350; 5% int. on $75,000 bonds,$3,750;
balance, surplus, $2,600.
The Act of incorporation provides that the town shall have the right at
any time to acquire the franchise, property, &c., at their actual cost plus
such sum as would, with dividends theretofore paid, make the net return
to the stockholders 5% per annum on the investment from time of incorporation. The town shall in such case assume all outstanding bonds, &c..
Incurred for construction or improvements, the amount thus assumed to be
deducted from the total amount to be paid to the corporation.
Parr Shoals Power Co., Columbia, S. 0.
-New Plant
Guaranteed Bonds.
-This new South Carolina corporation,
which in June last passed under the control of the Columbia
(S. C.) Railway, Gas & Electric Co., has filed a mortgage
to the Columbia-Knickerbocker Trust Co. of N. Y., as trustee,
to secure an issue of $3,000,000 1st M.5%40-year gold bonds,
guaranteed, p. & i. by the Columbia Ry., Gas & Elec. Co.
(V. 93, p. 229.) Of these bonds, $2,700,000 are now being
issued on account of the dam and 18,000 kilowatt hydroelectric plant that are being built on the Broad River
THE CHRONICLE
1126
Lxxxxii
near Alston, S. C., 27 miles northwest of Columbia, S. C., I public service holding company, in which the Electric Bond
Share Co. of N. Y. is interested:
to supply the requirements of the controlling company. The &Incorp. in Va. with $15,000,000 of auth. cap. stock in $100 shares and
'
new bonds, it is understood, will be placed by Redmond & authorized an issue of $15,000,000 5-year 6% notes, secured by trust deed
dated June 15 1912. Under an agreement dated May 29 1912, $10,000,000
Co. and E. H. Rollins & Sons.
y
, and
subsequentl
notes and $10,600,000 stock were offered for subscription
the remaining $5,000,000 notes and $4,400,000 stock were authorized to
be issued. The original subscription to the notes called for an initial payment of 30%, and subsequently an additional payment of 10% was made.
Another call for 10% payment has been made for Nov. 7 1912. A total of
$6,400,000 notes has been fully paid and issued to the present time. Of this
amount, $1,320,500 has been retired, as stated above, leaving $5,079,500
now outstanding. Proceeds from the sale of the notes were to be used to
purchase the securities of public utility companies operating or controlling
properties in Texas or elsewhere in the Southwest. All securities so purchased are to be deposited under the trust agreement securing these notes.
The Southwestern Utilities Corporation controls the Southwestern Power
& Light Co., which company [incorporated in Maine on Aug. 3, with $18,500,000 of auth. cap. stock) controls the Texas Power & Light Co., operatPennsylvania & West Va. Steel Co., Lebanon, Pa.—Sale. ing in 12 cities and towns in the "black-land belt" and adjacent territory
The Fidelity Trust Co. of Phila., trustee under $200,000 mtge. of Feb. 24 In Texas, and other companies operating In six cities In Texas.
The Texas Power & Light Co. recently sold $2,100,000 1st M. 5s (V. 95,
1909, gives notice that the property will be sold in Room 201, Phila. Bourse,
on Oct. 30, pursuant to powers conferred by the mortgage, subject to p. 970), out of the proceeds of which its notes and notes of the Southwestern Utilities Corporation are to be redeemed. The stock of the Southunpaid taxes and water rents.
western Is deposited under a voting trust agreement which runs until
gives the Electric Bond & Share Co. of N. Y. the right
People's Water Co., Oakland, Cal.—Collat. Trust Notes.— June 15 1917, andall of the voting trust certificates by delivering one share
to the RR. Commission for an extension to acquire any or
Tile company on Oct. 10 applied
of July 20, the of common stock (or voting trust certfs., if in a voting trust) of the Am.
of 90 days from Oct. 20, the date by which, under the order
p. 112; V. 93, p. 668, 161, 106) for voting trust
. company was permitted to Issue $500,000 notes and $1,500,000 bonds Power & Light Co. (V. 95, shares of com. stock of the Southwestern,
certificates representing two
to secure the same.—V. 95, p. 115.
if said option is exercised, any party so desiring
provided, however, that
Sold.—
may elect to take, in lieu of Am. P.& L. Co. stock, cash for each South'Plainfield (N. J.) Union Water Co.—Bonds Jersey a
certifi- western share during the 12 mos. ending June 15 as follows: 1912-13, $25;
The company has flied with the Se(r3tary of State of New the
$51. Voting trustees
under
cate that it lug sold $485,000 20-year 1st M. 5% bonds which it mortgage 1913-14, $30; 1914-15, $36; 1915-16, $43; 1916-17, V. 95, p. 55, 818.
received are Calvert Brewer, J; M. Pratt and S. Z. Mitchell.—
to the Fidelity Trust Co. of Newark, as trustee, for
cflering of $250,000 of the bonds
$488,031 cairn, or a premium of 1%. See
Standard Oil Co. of Indiana.—Extra Dividend.—A quarin V. 95. P. 240.
Capital stock auth. and issued, $2,300,000, in $100 shares, of which
$300,000 is 7% pref. (p. & d.) cum. after Jan. 1 1914 and 'subj. to call.
Bonds dated Aug. 1 1912 and due Oct. 1952, but subj. to call at 105. Par
$1,000. Int. A. & 0. In N. Y. Sk. Id. 1% of bonds out.
J. G. White & Co. of New York, the engineers and contractors, say:
When completed in about two years, the dam and proposed power house
will entail an expenditure of from $2,500,000 to $3,000,000. The pond
created by the dam will extend 12 miles up the river, with an area of 2,400
acres; drainage area 4,600 sq. miles. The ultimate installation will be 28800 k. w. A steel tower, double circuit transmission line will be built
to Columbia, S. C., probably operating 66,000 volts." Edwin W. Robert-P. and Gen. Mgr.; R. Charlton
son is Pres. and Treas.; Guy K. Dustin, V.
Wright, Sec., all of Columbia.
Port Arthur Light & Power Co.—Purchase.—
Stone & Webster, Boston, recently purchased the electric-light, power
Port Arthur Light
and ice companies at Port Arthur and have organized
& Refrigerating
& Power Co. (cap. stock $600,000) and Port Arthur Ice
Co. to take over same.
terly dividend of 3% and an extra dividend of 7% have been
delared on the $30,000,000 stock, payable Nov. 30 to holders of record Nov. 12.
A regular dividend of the same amount(3%) was pal I 3 months ago, tills
being the first cash disbursement since the segregation of the Standard Oil
Co. properties in 1911. A 2,900% stock dividend was paid May 15 1912.
In De- --V. 95, p. 180.
Current reports state that the
bonds were recember 1911 was $18,000,000, of which about $2,000,000
Standard Sanitary Mfg. CO.—Increase ofStock—Divs.—
year, has been since further reduced by about
tired early in the current
$4,500,000), bringing
'rho company has filed an amended certificate of incorporation in the
$5,000,000 or $6,000,000 (one report, however, saysabout $10,000,000 or
office of the Secretary of State of New Jersey, increasing its authorized
of outstanding bonds down to
the total amount
stock from $7,500,000, consisting of $5,000,000 common and $2.500,000
$11,000,000.
Nov. 1 7% non-cumulative pref. (all outstanding), to $10,000,000, consisting of
The Inter-State Commerce Commission on Oct. 24 postponed from
effective date of the order directing pipe line $6,000,000 common and $4,000,000 preferred.
to December 1 the
Commerce Court
A regular quarterly dividend of 1% and an extra dividend of 1% have been
companies to file schedules of rates, in order to give thefor an injunction.
declared on the common stock, payable forthwith to stockholders of record
time in which to pass upon the petition of the pipo lines
Oct. 21. Extra dividends of 2% each were paid on the common In Jan.
Dividends.—A dividend of 6% has been declared,accord- 1906 and 1907 and of 1% in Dec. 1906 and 1907, Jan. 1909 and Jan. and
A stock
ing to newspaper accounts, on the $18,000,000 stock, pay- July of 1910 and 1911. p. 1255. dividend of 100% was paid on the common
1907.—V. 94,
record Nov.
able Nov. 30 to holders ofdistributions were9. and on March 30 in Jan.
made
29 similar
On Sept. 28 and June
Texas Power & Light Co., Waco,&c.—COntra--/PinanCing.
officially confirmed,
7% was paid. The last declaration, which has not been
See Southwestern Utilities Corporation above.—V. 95, p. 970, 240.
covering only
is regarded by brokers trading in the stock as a distribution
Utah Co.—Deposits of Further Security.—
two months.—V. 94, p. 1630.
See Castle Valley Coal Co. above.—V. 94, p. 1060.
Co.—Dividends Resumed.—The di-
Prairie Oil & Gas Co.—Reduction of Bonded Debt.—
outstanding bonded debt, which
Republic Steel & Iron
of
rectors on Tuesday declared a. regular quarterly dividend
1M% on the $25,000,000 7% cumulative pref. stock, payable
Jan. 1 to holders of record Dec. 14, being the first distribuon action since Jan. last, aside from the 1% paid on Oct. 1
count of accumulations, which was voted in 1909; see below.
Previous Record of Preferred Stock.
'99. '00-'03. '04. '05. '06. '07. '08. '09. '10. '11. 1912.
7 Jan., I X
7 3% 3% 7
y'ly. 0 1 _n 7
1 _X
Regular
1 Oct.
1
1
1
% 6 __
_
Onaccumula'ns _
dividend of X of 1%, payable in July,
declared a The directors in 1909 the accumulations, and voted to discharge all the remaining
on account of
1909 and
accumulated dividends by annual payments on 006.1— X% in
1% yearly 1910 to 1915.
following has been confirmed:
The
31ent to meet the
ending Sept. 30 were suff1,
The earnings for the quarter stock and leave a substantial amount
pref.
full requirements on the Earnings for the 6 months ending Jan. 1 next,
earned on the common.
maintained, will, it is estimated, show 6%
If the present ratio of ihcrease isThe company is now In good condition by
earned on the common stock.
largo cash reserves. Net assets are
reason of improvements completed and orders at present show an increase
now close to $14,000,000. Unfinished
breaking all previous records,
of approximately 33%, with production with orders. Increases in proto keep up
the mills working day and nightOct. 1 1912 In ouput of steel, pig iron and
ending
duction for the quarter
s approximately 15%.
various finished products average in all department them working at full
keep
The plants,,have enough business on hand to 1913 at satisfactory prices.
quarter of
capacity until well into the second
—V. 95, p. 822, 753.
Robb Engineer ng Co., Ltd.—Successor Company.—
Ltd., above.—V. 95, p. 424.
See International Engineering Works,
Mountain Fuel Co., Denver.—New Bond Issue.
Rocky
reincorporated last year In Wyoming, has arranged to
• This
(not $20,000,000)
company'
increase its capital stock from $8,000,000 to $10,000,000 of which $4,000,
making an issue of $10,000,000 new bonds,
preparatory to
5% bonds of 1911 and the remainder
will be reserved to retire the $4,000,000
time required.
used for extensions and additions as from time to by the present
will be
been subscribed
The $2.000,000 new stock, it Is said, has
in Colorado, It is
stockholders. Fo the year 1911 the company's output
1,001,418 tons.—V. 93, p. 1607.
said, was
Boston.—Proposed Consolidation.—
Saco-Lowell Shops,
94, p. 564) and also of
Shareholders of the Lowell Machine Shop (see V. a plan by which the
1 on
Saco-Pettee Co. (V. 90, p. 1494) will vote Nov.
miscellaneous assets and quick
former will acquire the plants, good-will, $930,000) of Saco-Pettee Co.
assets (these last amounting, net, to about
being omitted) in exchange
(only the notes receivable and certain mill stocksassumption of all contracts
for $1,400,000 Lowell common stock, and the be changed to Saco-Lowell
The name of the Lowell Co. Is to
and liabilities.
&c.
Shops, an, the executive offices moved to Boston,
Side $4,930,000.
Resulting Balance Sheet (Approximate), Total Each Lowell pf)$.,250,000
Pi. stk.(present
Plants (Newton and Saco,
_ __ 2,350,000
and Kitson) -- _$2,500,000[Common stock ._ -bt.) _- 1,330,000
Lowell
(over inde Net quick assets __ 2,430,000[Surplus
will manufacture practically a full line of machinThe Saco-Lowell Shops
Directors: Robert F. Herrick,
ery for the cotton and worsted industries.
Pres.; James C. Howe, Vice-Pres.
Chairman of Board; Henry S. Shaw,Hale, Gen. Agent; Harcourt Amory,
Treas.; Frank J.
Rodman P.Snelling,
E. Rogerson.
Wilmot R. Evans, Seth M. Milliken and Charles
Saco-Pettee Co. (par $100)
The holders of the $1,600,000 stock of the and In addition will retain
Shops, $ for $,
will receive stock In Saco-Lowell
may be determined.
their Saco-Pettee stock reduced to such par value asIncluding mill stocks
Saco-Pottee Co. will still hold certain quick assets,
as above stated, and will have no debts.
Saco-Pettee Co.—Proposed Consolidation.—
Sheffield Farms-Slawson-Decker Co., New York.
p. 1494.
See Saco-Lowell Shops, Boston, above.—V. 90,
stock from $1,Stockholders will vote Nov. 7 on increasing the capital to $2,500,000,
and $500,000 pref.,
500,000, consisting of $1,000,000 common
1440.
of $1,000,000 common and $1,500,000 pref.—V. 92, p.
consisting
Southwestern Utilities Corporation, New York.—Status.
—We now have tile following particulars regarding this new
United States Steel Corporation.—Bonds Ready.—
J. P. Morgan & Co. announce that they are prepared to deliver definitive
bonds in exchange for their trust receipts for Indiana Steel Co.first mortgage 5% gold bonds and the National Tube Co. first mortgage 5°' gold
bonds, on presentation of the receipts at their office, properly endorsed.
(See V. 94, p. 987.)—V. 95, p. 970, 685.
United States Motor Co.—Majority Deposited.—Time for
Deposits Extended to Nov. 9.—The reorganization committee
announces by advertisement on a previous page that a majority in amount of the indebtedness of the company and its
allied companies, provided for 1 the plan dated Oct. 10
1912 (see last week's "Chronicle," page 1044), having been
deposited subject to said plan all deposits must be made
'
with Central Trust Co., depositary, on or before Nov. 9.
Resignation.—Benjamin Briscoe has resigned as President,
the resignation to become effective the middle of November,
when he intends to sail for Europe for a stay of several
months. Mr. Briscoe, it is understood, will retain his
interest in the company.—V. 95, p. 1044. 685.
United States Worsted Co.—Bankers Approve Plan.—
Touching the plan outlined last week, p. 1044, a circular issued Oct. 1 by Turner, Tucker & Co., says in part:
that
The U. S. Worsted Co. was organized in 1908, and we are informed
its business
from its inception it has been successful in so far as increasing$0 1910 the
Juno
and making satisfactory profits. For the year endingwas approximately
Co.,
gross business, including the Lawrence Dye Worksfor 1911-12, $3,951,000.
and
$2,868,000; for the year 1910-11, $3,105,000,doing a gross business of over
advise us that they are now
The management
satisfactory,
$5,000,000 per year, and that the net profits are exceedingly
Is operating. While
considering the conditions under which the company
has been steadily increased, the additional working capital
tile business
controls some 842
required has not been forthcoming. The company of about $4,000 per
looms and, we are informed, needs a working capital
is now $1,250,000, and, with the help of loans,
loom.The net working capital
of its capacity.
the company has been able to operate only about two-thirds
The overhead charges arc practically the same when operating at twocapacity, and inasmuch as the
thirds capacity as when operating at total
company has had to pay a high rate of interest for borrowed money, It is
a great satisfaction that the dividends -have been earned.
It is absolutely imperative to obtain additional working capital. Tile
suspension of dividends would be a great hardship for the stockholders,
and it would take a long time to accumulate the necessary capital in this
manner. Consequently, it has been deemed advisable to sell the property
to the United States Worsted Co. of Mass., per plan V.95, p. 1044.
Utah Power & Light Co.—New Merger Company.—
Vicksburg (Miss.) Water Works Co.—City May Purchase.
1045.
See Utah Securities Corporation in last week's "Chronicle," p.
117.
See Vicksburg in "State and City Department."—V. 95. p.
Washington County (Pa.) Coal Co.—Receiver's Sale.—
E. T. Kurtz
The property was sold at auction on Oct. 23 by Receiver
for $121,200. 'rho company
to the New Castle (Pa.) Savings & Trust Co.years. The trust company is
3
had been in receiver's hands for about
property, while other
said to have had liens of over $200,000 against the
other creditors and
claims aggregated $100,000. The bank will pay the
89, p. 1674.
either operate or sell the property.—V.
Westinghouse Air Brake Co.—Listed.—The N. Y. Stock
Exchange has listed $18,323,250 stock.—V. 95, p. 894.
(F. W.) Woolworth Co.(5 and 10 Cent Stores).—Earnings.
will reach a now high
Sales for October, according to official estimates,
the total sales for
record, as the sales during the first two weeks equaled
,
September. The gross earnings for 1912 are expected to reach $60,000,000
on gross sales,
compared with $52,616,000 in 1911. About 10% is madeequals approxi$6,000,000. This
which would mean net earnings of about
the pref.
mately 10% on the $50,000,000 common after the regular 7% on when the
English business is reported to be better than officials expected
stores were opened.—V.95, p. 986, 685.
OCT. 26 1912.]
THE CHRONICLE
112'i
gevorts anti Patirtnients.
NORTHERN PACIFIC RAILWAY COMPANY
SIXTEENTH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDING JUNE 30 1912.
Office of the Northern Pacific Railway Company,
Mail revenue was $981,528 33, an increase of $1,1192 51,
St. Paul, Minn., September 16, 1912.
or 0.13 per cent.
To the Stockholders of the Northern Pacific Railway CoMpany:
Express revenue was $1,283,352 39, a decrease of $125,The following, being the Sixteenth Annual Report, shows 768 02, or 8.93 per cent.
the result of the operation of your property for the fiscal year
Excess baggage and miscellaneous passenger revenue was
ending June 30 1912.
$281,610 88, a decrease of $16,974 86, or 5.69 per cent.
Total revenue for persons and property carried on passenINCOME ACCOUNT.
ger trains was $17,890,243 65, a decrease of $2,076,510 84,
Increase(+) or
1911.
19112.
Decrease (-.) or 10.40 per cent, from the previous year.
Revenue troll Transportation:
The number .of passengers carried was 8,661,645, a deFreight .
43,332,918 23 43,793,521 58
+460,603 35
17,278,812 52 15,343,752 05 -1,035,060 47 crease of 601,208 from the previous year, and the number of
Passenger
Other revenue from transpassengers carried one mile was 649,508,183, a decrease of
3,456,962 01 3,357,864 67
portation
-99,097 34
109,767,876, or 14.46 per cent.
64,068,692 76 62,495,138 30 -1,573,554 46
The number of miles run by revenue passenger trains was
Totals •
Revenue from Operation other
844,139 13
than transportation
928,808 32
+84,669 19 11,355,464, a decrease of 24,891, or 0.22 per cent.
The rate per passenger per mile was .02362 and .02276
Total operating revenue_64,912,831 89 63,423,046 62 -1,488,885 27 last year.
10,908 93
Per mile (average)
10,526 64
Operating Expenses:
Maintenance of way and
structures
8,065,462 47 7,861,490 57
Maintenance of equipment_ 7,911,231 46 7,207,716 49
Traffic expenses
1,127,233 05 1,202,292 65
Transportation expenses__ _21,601,477 48 20,756,386 75
General expenses
1,024,356 05 1,130,630 56
-382 29
OPERATING EXPENSES.
CONDUCTING TRANSPORTATION.
The charges for transportation expenses were $20,756,386 75, a decrease of $845,090, or 3.91 per cent.
39,729,760 51 38,158,517 02 +1,571,243 49
Totals __
-203,971 90
-703,514 97
+75,059 60
--845,090 73
+106,274 51
The charges for maintenance of equipment were 51,207,716 49, a decrease of $703,514 97, or 8.89 per cent.
Per mile (average)
6,676 79
0,333 27
-343 52
Net operating revenue__ _25,183,071 38 25,265,429 60 •
+82,358 22
Per mile (average)
4,232 14
-38 77
4,193 37
Outside Operations:
Sleeping, parlor, observation, dining and cafe cars
and restaurants
441,802 83
312,750 94 -129,051 89
Total net revenue
Taxes Accrued
Per mile (average)
25,624,874 21 25.578,180 54
3,296,797 49 3,739,079 37
554 04
620 58
-46,693 67
+442,281 88
+66 54
Opnating income
22,328,076 72 21,839 101 17
Other Income:
Divi lends and Interest on
securities, interest on deposits and miscellaneous_ 2,705,981 83 2,299,856 67
Rentals received
2,027,352 75 2,116,171 16
Hire of equipment
607,094 46
615,815 58
-488,975 55
Gross income
-406,125 16
+88,818 41
+8,721 12
27,668,505 76 26,870,944 58
-797,561 18
Deduct:
Rentals paid
561,149 26
$26,319 96
Interest on funded debt__ 6,665,090 00 6,680,810 00
Dividends on stock
17,360,000 00 17,360,000 00
-34,829 30
+15,720 00
Totals
24,586,239 26 24,567,129 96
Net income for the year
3,082,266 50
Ratio of operating expenses to
total operating revenue_
Ratio of taxes to total operating revenue
2,303,814 62
--19,109 30
-778,451 88
61.20%
60.16%
5.90%
+.82%
LOCOMOTIVES.
Total number of usable locomotives June 30 1911
Deductions:
Sold
Dismantled_
MILEAGE OPERATED.
Changes have taken place in the mileage operated during
the year as follows:
There were added:
Aug. 14 1911. Gray's Harbor Branch in Washington, extension_
Jan. 20 1912. Camp Creek Railway in Montana, constructed__ _
Mar. 1 1912. Miller Branch in Minnesota, extension
Total additions_
2.74
15.15
.14
18.03
1,441
a
19
--
25
Total number of usable locomotives June 30 1912
In addition to these there arc held for sale
1,416
17
--Total locomotives owned
1,433
Note.
-Of the 26 engines held for sale June 30 1911. 9 were 016rnantled
during the year. leaving 17 held for sale as above.
HAULING CAPACITY.
Tractive
Total Weigle TetalWeight
NumPower.
on Drivers. of Engines.
Active Listber. (Pounds.) (Pounds.) (Pounds.)
Assignment June 30 1911.. _ .i,441 44.276,900 199,985,138 253.791,988
_ _1,441
Added during fiscal year•_
7,100
22,500 deduc59,000
Total
1.441 44.284,000 200,007,638 253.732,998
Sold and dismantled
25
$84,100 • 1.817,850
2.315,400
Total
1,416 43.899,900 198,189,788 231,417,598
• Account compound engines changed to simple.
The following 'statement shows the character and condition of the locomotives of the company on June 30 1912:
-1.04%
5.08%
MAINTENANCE OF EQUIPMENT.
Owned Condemned Owned
June 30 Destroyed June 30
1911.
and Sold.
1912.
Total _ _ _ _1,467
34
1,433
ConditionGood
Fair
At shops
Average Weight
of Locomotive
without tender.
Tons of 2,000 lbs.
Total.
88.22
On Drivers.
65.98
Tractive
Force
Lbs.
30,791
Number.Per cent.
1.124
78.44
189
13.19
120
8.37
1.433
Number of oh -burning locomotives
Number of locomotives equipped with superheaters
21
99
100
1.47
6.91
PASSENGER EQUIPMENT.
Deductions:
Sept. 1 1911. Main Line in Minnesota shortened
.43
Nov. 1 1911. Rocky Ford Branch in Montana shortened
.13
Mar. 1 1912. Main Line in Washington shortened
.79
Mar. 311912. Oregon-Washington RR. Ss Nay. Co. In
Washington, leased, shortened
1.10
May 1 1912. Red Mountain Branch in Montana shortened .14
June 30 1912. Corrections in rechaining
.57
Total deductions
3.16
Net additions
Mileage operated June 30 1911
14.87
6,016.02
Mileage operated June 30 1912
There was no change in the number of passenger train cars
owned during the year, viz.: 1,161 cars,including 130 sleeping cars owned jointly with the Pullman Company. The
number and kind of cars owned is shown in table on page 43
of pamphlet report.
On June 30 1912 of the 1,161 cars owned, 837 aarm were
not due in shops for two months or more.
6,031.79
Average mileage operated during the year
EARNINGS,
FREIGHT BUSINESS.
FREIGHT EQUIPMENT.
Comparative number and capacity of freight cars:
6,025.09
Box
Furniture
Refrigerator
Stock
Flat
Oil
Coal
Ballast; and Ore
-----1911
-----1912
Capacity
Capacity
No.
•(Tons)
No.
•
(Tons)
23,787 865,700 23,846 873,685
594
18,670
565
17,900
1,566
41,425
1,553
41,125
2,579
58,095
2,562
57,715
8,400 288,555
8,230 284,700
18
475
17
455
5,353 229,655
5,651
251,610
796
803
32,120
31,840
Ine.or Dec.Capacity
No.'
(Tons)
59 7,985
29
770
13
300
17
380
170 3,855
1
20
298 21,955
7
280
Freight revenue was $43,793,521 58, an increase of $460,603 35, or 1.06 per cent, over the previous year.
5,051,181,481 tons of revenue freight were moved one
mile, an increase of 250,515,455 tons one mile, of 5.22 per
Totals
43,100 1,534,695 43,220 1.559,030 120 24,335
cent over the previous year.
28% 1.59%
The rate per ton per mile decreased from .00903 to .00867. Precentage
35.8
Average capacity per car
36.1
The revenue train load increased from 461.45 to 510.54
face denote decrease. • Of 2,000 lbs.
Note-Figures in full
tons. The total train load, including company freight,
Of the total number of freight cars on the road on June 30
increased from 553.12 to 593.78 tons.
The number of miles run by revenue freight trains was 1912, only 1,688, or 3.90 per cent, were in need of repairs
costing $5 00 or more per car.
9,296,541, a decrease of 475,172, or 4.86 per cent.
In addition to equipment shown as on hand June 30 1912,
PASSENGER BUSINESS.
the following have been purchased or
Passenger revenue was $15,343,752 05, a decrease of pany's shops during the current year will be built at Comand will be delivered
$1,935,060 47, or 11.20 per cent from the previous year.
this autumn:
[VoL. Lxxxxv.
THE CHRONICLE
1128
SHOPS, ENGINE FACILITIES AND YARDS.
Locomotive
Six-wheel switching locomotives
Passenger Train Cars
Passenger refrigerator cars
Freight Train Cars
-ton capacity (Company shops)
Box cars, 40
Box cars, 40-ton capacity
Refrigerator cars
Gondolas, 50-ton capacity
Automobile cars
Tank cars, 8,000-ration capacity
-gallon capacity
Tank cars, 12,C00
Ore cars, 35-ton capacity (second hand)
10
13
84
1,500
1,500
16
300
50
10
60
-----3,520
Buildings, tracks turntables or increased facilities have
'
been provided at the following points:
Minnesota.-Northtown, Staples.
North Dakota.
-Jamestown, Wahpeton, Leeds.
-Wallace.
Idaho.
-Pasco,Parkwater, Auburn, Centralia, Elina,
Washington.
Easton, McCleary, Lester.
FUEL STATIONS.
DEPRECIATION OF EQUIPMENT.
Additional or increased facilities have been provided at
In accordance with the rules of the Inter-State Commerce the following points:
-Zero.
Montana.
Commission, the following amounts have been charged to
-Pasco, Parkwater, Auburn, Centralia.
Washington.
operating expenses on account of estimated depreciation
of equipment, viz.:
WATER SUPPLY.
Locomotives
Passenger cars
Freight cars
Work cars
Floating equipment
$387,070 55
110,149 88
516,024 60
21,279 16
3,158 59
Credit_
$1,031,365 60
Additional or increased facilities have been provided at
the following points:
-Hinckley, White Bear, Lincoln, Ulen.
Minnesota.
North Dakota.-Merser, Belfield.
Montana.-Wibaux, Zero, Lombard, Amsterdam.
MAINTENANCE OF WAY AND STRUCTURES.
-Pasco, Parkwater, Auburn, Ellensburg,
Washington.
The charges for Maintenance of Way and Structures were Lester, Castle Rock, Sopenah.
$7,861,490 57, a decrease of $203,971 90, or 2.53 per cent.
BLOCK SIGNALS AND INTERLOCKING PLANTS.
The table in the report of the Comptroller, page 32, shows
the distribution of this decrease under the respective accounts.
Imterlocking plants have been installed and placed in serThe following statements give particulars of the work vice at the following points:
done and show that the property has been well maintained.
-St. Paul, Rice's.
Minnesota.
PERMANENT WAY.
-Ballard.
Washington.
1911.
1912.
6.76
miles
15.79
On June 30, on 2,485 miles of important main line, there
-pound rail
New second track laid with 85
54.59
29.40 were 441.40 miles protected by automatic block signals and
rail
New second track laid with 90-pound
2.64
-pound rail
New second track laid with 72
1.38
1.06 917.30 miles protected by manual block.
-pound rail
New third track laid with 72
61
1.
12.26
-pound rail
New branch lines laid with 90
16
15.15
188.69
New branch lines laid with 72-pound rail
2.74
2.57
-pound rail... "
with 56 and 60
New branch lines laid
102.38
136.68
-pound rai
Main line relaid with 90
2.92
-pound rail- -- - --- "
line relaid with 85
Main
6.89
-22.6i
-pound rail_ _ _ _ "
Main line relaid with 66, 72 and 85
2.00
10.80
-pound rail
Second track relaid with 90
61
1.35
Second track relaid with 85-pound rail
66
6.61
-pound rail
Branch lines relaid with 90
164:Ei
100.45
-pound rail_ "
Branch lines relaid with 66, 72 and 85
40.79
48.11
Sidings and spurs constructed
6.
457.49
341.51
Track ballasted
II
130.03
161.34
Embankment widened
Ties A,955,840 1,845,781
-tie renewals, main line
Cross
1,274,472 1,034,312
Cross-tie renewals, branch lines
Timber bridges replaced by permanent structures
3.89
2.14
miles
and embankments, 57 in number, equal to
111
72
Timber bridges renewed
119
107
Timber culverts replaced
102.62
78.56
miles
New stock fence constructed
10.82
30.82
New snow fence constructed
RAIL IN MAIN, SECOND AND
90-pound steel
-pound steel
85
80-pound steel
76-pound steel
72-pound steel
-pound steel
70
-pound steel
66 and 67
60-pound steel
56-pound steel
Other weights
THIRD TRACKS.
--Miles
1912.
1911.
1,108.62 1,236.78
1,999.74 1,943.32
2.26
2.52
5.14
5.14
901.68
732.57
41.02
41.02
607.93
629.75
207.42
214.71
1,695.66 1,549.69
11.10
10.92
6,440.65
6,506.34
BRIDGES.
During the year; 1751 bridges were replaced and 3 abandoned. 111 bridges 19,234 feet in length were replaced by
timber structures and 7 permanent and 57 timber structures
were replaced in permanent form, as follows:
46 bridges, 18,819 lineal feet
Replaced by embankment
Replaced by truss, girder, I-beam and rein18 bridges, 1,898 lineal feet
forced concrete trestle
64 bridges, 20,717 lineal feet
Total
119 timber culverts were rebuilt; 15 in temporary and 104
in permanent form.
There are now under construction on operated lines 1,145
lineal feet of steel girder and I-beam spans; 870 lineal feet
of steel truss spans; 1,408 lineal Act of reinforced concrete
trestle; one 425-foot double-track steel draw span and one
191-foot movable leaf bascule span; also one steel highway
viaduct 738 feet long.
BRIDGES AS THEY EXISTED JUNE 30 1912.
Aggregate Length.
No. Lineal Feet. Miles
98,524 18.66
Steel, iron, stone and concrete permanent bridges__ _ 602
Timber and combination Iron and timber structures _2,738 418,007 79.16
3,340 516,531 97.82
Totals
Total length of timber structures replaced by steel bridges, embankments,
or in other permanent form, from July 1 1885, when work was commenced,
to June 30 1912, has been 124.16 miles.
STATION BUILDINGS.
New buildings and structures, or increased facilities, have
been provided at the following stations:
-St. Paul, Little Falls, Fergus Falls, MooreMinnesota.
ton Fertile, Joliette.
-Fargo, Cannon Ball, Elgin, New Leipzig,
North Dakota.
Beach, Mandan.
-Myers, Bull Mountain Grey Cliff, Clarkston,
Montana.
Willow Creek, Sappington, Butte, Edgar, Fromberg, Chadbourn, Amsterdam, Anceny, Pony, Perma, Hall, Miles City,
Bozeman.
-Centralia, Chehalis, Winlock, Kelso, Castle
Washington.
Rock, Otis, Cosmopolis, Kirkland, Snohomish, Auburn,
Seattle, Sumner.
-Deer Island.
Oregon.
r•
DOCKS AND WHARVES.
Seattle, Washington. Remodeling of Pier 1, and warehouse providing freight room, waiting room and offices has
been finished.
CHARGES TO CAPITAL ACCOUNT.
Upon requisition of the Executive Officers, approved by
the Board of Directors, expenditures have been made during
• ;ta:2,2.:
•
the past fiscal year for:
Real estate, right of way and terminals:
At Superior, Wisconsin, real estate
St. Paul, Minnesota, real estate
Minneapolis, Minnesota, real estate (Credit)
$2,188 81
1,638 94
4,769 11
(Cr )$941 36
Branches, line changer, grade revisions and second main track:
One-third interest In double-track line Vanft couver to North Portland, including bridges
over Columbia and Willamette rivers (twothirds owned by Spokane Portland & Seattle
$482 84
Railway Co.)
Edgeley-Missouri River line, North Dakota_ _ _ _ 21,057 12
_ _ 906,695 48
Pingree West line, North Dakota
675 67
Bitter Root Branch, extension, Montana
4,069 91
Spokane, Washington, grade separation
89
Point Defiance line. Tacoma to Tenino, Wash_ _ 632,218 01
48,103
Ocosta Branch, extension, Washington
111,302 62
Orting Branch, extension, Washington
Rights of Way at Seattle, Washington, for
130.883 91
change of line and new tracks
3,202 41
Sundry surveys and expenses
St. Cloud to Rice's, Minnesota, second main
86,888 24
track
Philbrook to Staples, Minnesota, second main
345 34
track (Credit)
Bloom to Jamestown, North Dakota, second
9,854 66
main track
52
Huntley to Billings, Montana,second main track 6,453 04
3,727
Billings to Laurel, Montana, second main track
117 25
Montana,second main track
Livingston to Muir,
M. P. 73 to Yardley (Spokane), Washington,
110,352 45
second main track
Tenino to Kalama, Washington, grade revision
743,687 61
and double track
Kalama to Vancouver, Washington, grade re9,144 89
vision and double track
North Portland to Portland City Limits, Ore1,530 05
grade revision and double track
gon,
Sundry double track adjustments in Montana 24,362 00
(Credit)
$2,806,640 23
Additions and betterments:
$158,368 99
Right of way and station grounds
49,132 10
Widening cuts and this
46,756 33
Protection of banks and drainage
118,378 03
Grade reduction and change of line
3,427 08
Tunnel improvements
451,881 60
Bridges, trestles and culverts
162,881 00
weight of rail
Increased
9,255 66
Improved frogs and switches
356,115 86
Track fastenings and appurtenances
179,383 98
Ballast
Additional main tracks
21/127i1
Sidings and spur tracks
604,107 89
Terminal yards
2,631 81
Fencing right of way
29
Improvement of crossings, under and over grade 67,853 56
56
Elimination of grade crossings
47
Interlocking apparatus
436
7,79 7
28 29
other signal apparatus
Block and
48,961 01
Telegraph and telephone lines
291,934 01
Station buildings and fixtures
356,313 91
turntables
Shops, engine houses and
61,092 13
Shop machinery and tools
124,246 62
Water and fuel stations
81,545 03
Dock and wharf property
3,888 03
Snow and sand fences and snowsheds
10,338 07
Other additions and betterments
3,509,929 66
eusersevdes.
Total
Capital.
Les
New Equipment: Expenditure. from Its
$95,358 85 Cr$73,510 25
$21,848 60
Locomotives__
46,406 39
31,548 68
77,953 07
Pass.train cars
Freight train
and work
cars
801,747 21
388,213 45
1,089,960 66
•
cars
$1,189,764 33
Total for the year
$415,120 98
774,643 35
$7,090,271 88
OCT. 26 1912.]
In addition to the above amount added to the cost of
the Northern Pacific Estate, advances have been made during the year to sundry companies as follows:
Midland Railway Company of Manitoba
Clearwater Short Line Railway Co
Missouri River Railway Company
Western Dakota Railway Company
Connell Northern Railway Company (Credit)
Shields River Valley Railway Company
Camp Creek Railway Company
Cuyuna Northern Railway Company
Northern Pacific Terminal Co. of Oregon, account of Sinking
Fund
Advances account of sundry surveys and rights of way
Total ----------------------
$371,136 18
23,302 73
455,424 68
119,554 23
199,147 79
11 70
164,761 54
40,152 02
36,792 99
123,616 51
,
------- -$1,135,604 79
Less
Amount advanced in 1910 for "Railway Development In
5,000,000 00
Oregon" credited*
$3,864,395 21
Net reduction during the year
" In 1910 an amount of $5,000,000 was charged to "Advances" for
"Railway Development in Oregon." The respective properties benefited
thereby having been charged direct, in the intervening time, with the
actual amounts applicable thereto, the amount charged as above stated is
now credited, leaving a reduction for the year in the Balance Sheet account
'Advances to proprietary, affiliated and controlled companies" of $3,864,395 21 as above stated.
• RESERVE FOR ACCRUED DEPRECIATION OF
EQUIPMENT.
Credit balance, reserve for aecrued depreciation June 30 1911 $10,089,366 86
Credits during year endinglune 30 1912:
From charges to operating expenses and outside operations:
Maintenance of equipment, depreciation_ _$1,031,365 60
Maintenance of equipment, renewals
80,906 18
Outside operations, depreciation
60,671 08
From salvage
212,160 44
From equipment sold
142,450 15
1,327,553 45
$11,616,920 31
Less equipment retired:
Locomotives
Passenger cars
Freight cars
Miscellaneous equipment
$95,358 85
31,548 68
230,529 12
57,684 33
---- -
Credit balance June 30 1912
415,120 08
$11,201,799 33
CAPITAL STOCK AND DEBT.
There has been no change in the amount of capital stock
outstanding during the year, viz: $248,000,000.
Changes in Bonded Debt were as follows:
Prior Lien bonds Issued under Article One, Section 4 of Mortgage _$1,500,000
Deduct Prior Lien bonds purchased and canceled under Article
460,000
Eight, Section 2 of Mortgage
Increase in bonded debt
$1,040,000
During the year bonds held as Treasury Securities were
sold to provide funds for general construction purposes
Prior Lien bonds
Northern Pacific-Great Northern Joint 4s
C. B. & Q. General Mortgage 4s
Southern Pacific First Refunding 4s
1129
TIIE CHRONICLE
$9,500,000
300,000
1,550,000
429,000
$4,779,000
Miles operated__ _
Operating revenue
Operating expenses
1911.
71.68
$616,079 79
323,512 28
1912.
72.81
$787,476 09
480,533 28
Net operating revenue
Less taxes
$292,567 51
30,403 03
$306,942 81
47,440 10
Operating income
Miscellaneous Income
$262,164 48
5,239 62
$259,502 71
4,277 75
Gross Income
Interest on bonds and notes
$267,404 10
100,000 00
$263,730 46
116,483 06
$167,404 10
$147,297 40
Balance
The extension of the road from Salem to Albany, 26.7
miles was completed and put in operation on July 4-1912.
The extension from Albany to Eugene, 44.9 miles, will be
completed in the autumn of 1912.
The United Railways Company and the Pacific Eastern
Railway are operating the same mileage as shown in the last
annual report.
The two properties mentioned above are controlled and
managed by the Spokane Portland & Seattle Railway Company, the securities of which are owned one-half by your
C
company and one-half by the Great Northern Railway
THE MIDLAND RAILWAY COMPANY OF MANITOBA.
The securities of this Company are owned one-half by
your Company and one-half by the Great Northern Railway
Company. The Company owns valuable real estate and
terminal property in Winnipeg, which have been develpoed
during the past year by the construction of a freight house,
team tracks, freight yards, round-house and other facilities.
Contracts are now under discussion with the Canadian
Northern Railway Company for the right to use the line of
that Company from Pembina (a station on the Northern
Pacific on the Canadian boundary) to Winnipeg, and their
passenger terminal facilities at Winnipeg.
Up to June 30 1912 there had been advanced to the Midland
Company $3,027,272 36, one-half of which, 81,513,636 18,
had been advanced by your Company, and which is carried
in the balance sheet under the head of Advances to Proprietary Companies.
VANCOUVER, BRITISH COLUMBIA.
During the past three years terminal property at Vancouver
has been purchased in the interest of the Northern Pacific
Railway and the Great Northern Railway and is now being
developed. When the plans now under consideration are
completed,there will be a first-class terminal for both freight
and passenger business, owned jointly by the two companies
named.
The Northern Pacific Railway up to June 30 1912 has advanced $1,095,831 84 as its share of the enterprise, which
amount is carried on the books under the head of Miscellaneous Investments.
With the completion of the plans for obtaining better
facilities at Vancouver and at Winnipeg, your Company will
be in a much better position to participate in the growing
business moving between these important Canadian cities
and the United States.
NEW LINES, DOUBLE TRACK, GRADE REVISIONS
AND LINE CHANGES.
SPOKANE PORTLAND & SEATTLE RAILWAY CO.
The results of the operation of the Spokane Portland &
MINNESOTA.
Seattle road (including the Astoria & Columbia River RR.,
merged March 1 1911) for the years ending June 30 1911
Between St. Paul and Minneapolis, Line "B," Second Main
-At time of last annual report this imand 1912 were:
Track, 2.68 Miles.
provement was completed with the exception of steel work
1911.
1912.
555.86 on Como and Bayless Avenue bridges, which has now been
550.95
Miles operated
$5,453,459 14 $4,814,560 85
Operating revenue
2,662,122 37 2,476,258 23 done.
Operating expenses
St. Cloud to Rice's Second Main Track, Line and Grade
$2,791,336 77 $2,338,302 62 Change,14.79 miles.
Net operating revenue
-At time of last report,this improvement
5,729 37
13,094 42
Outside operations
was completed except track laying and the Little Rock Creek
14 $2,351,397 04 bridge, which has now been done.
$2,797,066
Total net revenue
527,404 78
470,300 00
Less taxes
-A branch line for handling
Cuyuna Northern Railway.
$2,326,766 14 $1,823,992 26 ore from the Cuyuna Range (3.81 miles long, with sidings
Operating income
Other income (rents, &c., received) _
726,528 22 1,104,451 97
0.40 miles) running south of the main line of the Northern
$3,053,294 36 $2,928,444 23 Pacific Railway from Deerwood, Minnesota, was begun in
Gross income
813,331 37
399,879 75
Rents, interest, hire of equipment, &c
the latter part of September and completed in December
$2,653,414 61 $2,115,112 86 1911, with the exception of some surfacing which was comBalance
The gross earnings of this company on business exchanged pleted in the spring of 1912.
'Another line about 5.25 miles long is at present being conwith the Northern Pacific Railway Company for the fiscal
structed north of the main line.
year approxitnated $1,676,000.
DAKOTA.
OREGON TRUNK RAILWAY.
This road is finished to Bend, Oregon, 156.5 miles, from
a connection with the main line of the Spokane Portland &
Seattle Railway at Fallbridge, Washington, on the Columbia River.
Contracts permitting the Oregon-Washington Railroad &
Navigation Company to use the tracks of the Oregon Trunk
Railway from North Junction to South Junction, 11 miles,
and from Metolius to Bend, 41.miles, a total of 52 miles, and
the terminals at Metolius and Bend, have been executed,
and joint freight and passenger service was inaugurated
November 1 1911.
-At
Bloom to Jamestown, Second Main Track, 4.99 miles.
the time of last report this work was completed except track
laying, which will be finished this autumn.
-This branch was completed
Pingree to Wilton 92.5 miles.
the
and turned over to' Operating Department August 11912.
Missouri River Railway (Mandan North Line), 53 miles.This line was completed and turned over to the Operating
Department August 1 1912.
Grading for the Knife River Line, extending from Stanton
on the Mandan North Line westwardly, is now being done.
This line will serve a good wheat country.
MONTANA.
Missouri River Railway (Glen-dive East LinP).
Northeasterly along Yellowstone River, 55 Miles.-, Line comOREGON ELECTRIC RAILWAY COMPANY.
pleted and turned over to Operating Department Aug. 11912.
The results of the operation of this property for the year There is a very good grain crop in the country tributary to
as given belol,v) compared with the previous year were:
this line.
1130
[VoL. Lxxxxv.
THE CHRONICLE
Huntley to Billings, Second Main Track, Line and Grade
Changes, 12.63 Miles.—Grading, track laying and culverts
are completed, bridges are 96 per cent complete and ballasting 99 per cent complete.
Camp Creek Railway.—A branch line extending from Manhattan to Anceney in the Gallatin Valley (15.15 miles main
line and 1.32 miles sidings) was begun in July and completed
in November, 1911.
IDAHO.
Clark's Rork to Oden Grade Revision, 7.62 Miles.—This
work has been completed.
Cocolalla Line Change, 0.8 Mile.—This work has been completed.
WASHINGTON.
about every 90 people. This results in considerable decrease
in the short travel on the railroads, and also has had the effect of reducing the volume of pleasure travel, temporarily at
least, because people of moderate means cannot own automobiles and also make trips to the mountains, parks and
lakes. The same causes that Affected passenger earnings
caused reductions in express and other sources of revenue
classified in the income account under, "Other revenue from
transportation" and "Outside operations."
During the year arrangements were completed with the
Chicago & North Western Railway Company whereby the
passenger train known as the "North Coast Limited, formerly operated between St. Paul and Minneapolis and Puget
Sound cities and Portland, was run through between Chicago
and Pacific Coast terminals. This arrangement will offset
in part the competition of the double daily service of the Chicago Milwaukee & St. Paul Railway and, it is thought, will
increase the movement of business, both freight and passenger, between the territory served by the Northern Pacific
and Northwestern roads. The results of the operation of the
train which was established December 17, have been very
satisfactory up to the present time.
The winter was a long and severe one, entailing rather
more expense than usual. In spite of that, however, there
was a reduction in the cost of conducting transportation of
$845,090 73, due to the ability of the company to increase
its revenue train load from 461.45 tons to 510.54 tons, with
a consequent reduction in freight train mileage of 475,172
miles. The passenger train mileage was 24,891 less than for
the fiscal year ending June 30 1911 and 1,219,443 miles less
than for the year ending June 30 1910.
Your attention is called to the taxes paid, which show an
increase of $442,281 88. The total taxes amount to 5.9.
per cent of the gross earnings and 14.6 per cent of the net
earnings of the company.
The outlook for general business for the coming year in
all of the States served by your company is extremely good.
The crops of grains, grasses and fruits have never been better
than they are this year, and there is a marked increase in
the movement of lumber and manufactured articles.
The report of the Comptroller gives further details of the
transactions of the company.
By order of the Board of Directors,
HOWARD ELLIOTT,
President.
Moab to Trent, Grade Revision, 2.93 Miles.—Minor grade
revisions have been completed, except at Moab, where 90
per cent is completed, and at Otis, 80 per cent.
Mile Post 73 to Yardley, near Spokane, Second Main Track,
7.9 miles.—This work is completed.
Between Weston and Maywood (on west slope of Cascade
Mountains).—Raising grade, including necessary raises of
bridges at first, third and fourth crossings of Green River,
to bring same above danger of high water, about 70 per cent
of this work has been completed.
Wilkeson Branch.—A change of line 0.9 miles in length
between Melmont and Fairfax, to obviate the danger of washouts and provide better facilities for the lumber industries
near Fairfax has been authorized and is under construction.
Point Defiance Line, Tacoma to Tenino.—Contracts were
let for the construction of this line early in the year, and the
work is progressing satisfactorily.
Tenino to Vancouver, Second Main Track, Line and Grade
Changes.—This work has been completed wjth the exception of the erection of the Cowlitz River Bridge and some
grading and track work which cannot be completed until
the bridge is in place. Work on the bridge is in progress
and should be finished early in the fall.
Gray's Harbor Branch, Ocosta to Bay City.—An extension
of 2.74 miles of this branch has been completed and turned
over for operation.
Interbay-Ballard (Suburbs of Seattle), Change of Line and
Grade.—The construction of a single-track railway from Interbay to Fremont, with connections to Ballard, including
a bascule bridge over Salmon Bay Waterway, has been authorized, but work is deferred awaiting action of the United
States Government.
The construction of the Salmon Bay-Lake Washington INCOME ACCOUNT FOR THE FISCAL YEAR ENDING
JUNE 30 1912.
Ship Canal required a change in the location and grade of the
Dr.
existing line of railway between these points, a distance of
To—
approximately 1.08 miles.
Operating Expenses—
$7,861,490 57
Maintenance of way and structures
Lake Union Line, Seattle.—A spur 2.36 miles long for servMaintenance of equipment
7,207,716 49
ing the industries along West Lake Avenue and at the south1,202,292 65
Traffic expenses
erly end of Lake Union is under construction. This connects
20,756,386 75
Transportation expenses
1,130,630 56
General expenses
with and makes use of part of the old line between Interbay
$38,158,517 02
and Ballard, referred to in the preceding paragraph. An ex- Taxes—
$3,556,587 64
State and county
tension of the Lake Union Line to serve Terry Avenue south
182,491 73
U. S. Government Corporation Tax
of Valley Street, has been authorized, but the work is de3,739,079 3
ferred pending completion of change of street grade by the Interest and Rentals—
$6,680,810 00
Interest on funded debt
city.
517,906 13
Rentals of leased roads and terminals
8,413 83
Other rentals
Pilchuck, Grade Revision and Change of Line, Approxi7,207,129 96
mately 2 Miles.—This work is about 50 per cent completed.
Dividends—
GENERAL.
During the fiscal year business in the territory served by
the Northern Pacific Company's lines was quiet; the lumber
business, which is an important part of the tonnage handled
by your company, was smaller than for several years past.
That freight earnings did not show a decrease in spite of the
generally dull business in many lines is due to the fact that
there were 21,639 more cars of grain delivered at important
terminals this year than last.
The fall in passenger earnings was very marked—$1,935,060 47. This heavy decrease was the result of several
causes. General conditions were such that people felt poor,
and were much more careful about expenditures than during
the past three years. The Chicago Milwaukee & St. Paul
Company on May 29 1911 established double daily passenger
train service between Chicago and Puget Sound points via
St. Paul. These trains, making 1,464 trips during the year,
naturally took a very considerable proportion of the business that they did from the Northern Pacific, not only
the long-haul business, but much intermediate business
handled heretofore exclusively by this company. The passenger business moving between Portland, Tacoma and Seattle and intermediate points over the line of your company,
leased to the Union Pacific and Great Northern, is gradually
being divided up more nearly into equal parts between the
three companies using the property. The equalizing process results in loss to the Northern Pacific that formerly
handled all of the business. There was also greater competition than ever before in the Gray's Harbor and Yakima
Valley districts in the State of Washington. There is little
doubt, also, but that the growing use of the automobile
has had its effect on the volume of passenger business. The
latest figures for registration of automobiles shows that there
are, not counting commercial vehicles, 827,284 automobiles
in the United States, or about one for every 115 people, and
in the States served by your Company, one automobile for
17,360,000 0().
2,303,814 62
Nos. 56, 57, 58 and 59
Balance, carried to Profit and Loss
$68,768,540 97
Cr.
By—
Operating Revenue—
Freight
Passenger
Other
$43,793,521 58
15,343,752 05
4,286,672 99
$63,423,946 62
Outside Operations—
Sleeping cars
Parlor anl observation cars
Dining and cafe cars (Deficit)
Restaurants
Stock yards (Deficit)
Rentals Received
Hire or Equipment
Miscellaneous Income
Dividends and Interest—
On securities owned and Interest on deposits
$317,791 61
22,255 10
112,222 59
78,337 42
410 60
312,750 94
2,116,171 16
615,815 58
29,445 00
2,270,411 67
$68,768,540 97
PROFIT AND LOSS ACCOUNT JUNE 30 1912.
To—
$81,053 15
Discount and commission on treasury securities sold
Settlement of damages In 1909 account of bridge at Aber,
50,000 00
deen. Washington
66,593 37
Property abandoned, chargeable to Profit and Loss
Adjustment of accounts In connection with construction of
308,990 59
Spokane Portland de Seattle Railway
------------------------------------80,260,438 07
Balance
$80,767,075 18
By—
$78,074,261 86
Balance to credit June 30th 1911, as per annual report
Balance of Income for year ending Jpne 30 1912, brought down 2,303,814 62
Difference between book value and par value of securities
353,354 05
held in treasury, credited to Profit and Loss
17,404 31
Unclaimed wages
-3 years old
18,240 32
Balance of sundry accounts
$80,767,075 18
ByBalance to credit of Profit and Loss, as per balance sheet_ - - _$80,260,438 07
OCT. 26 1912.]
THE CHRONICLE
1131
NORTHERN PACIFIC RAILWAY COMPANY GENERAL BALANCE SHEET JUNE 30 1912.
ROAD AND EQUIPMENT (Northern Pacific Estate):
-Road, lands, &c_ 4318,333,961 80
Cost to June 30 1907
Equipment
37,295,670 07
CAPITAL STOCK-Common
$355,629,631 87
-Road (less Land
Cost since June 30 1907
Dept. net proceeds)
$46,257,403 11
Equipment
11,983,502 77
Land Dept. current assets_..
4,233,048 73
$62,473,954 61
$418,103,586 48
Less reserve for accrued depreciation . _ _ _ 11,201,799 33
$406,901,787 15
SECURITIES:
Securities of proprietary, affiliated and
controlled companies-pledged, viz.:
This company's one-half of $107,613,500 stock of Chicago Burlington &
Quincy RR.Co. to secure $215,227,000
joint bonds made and issued by this
Company and the Great Northern Co.
to pay for said stock, costing
$109,114,809 76
Securities of proprietary, affiliated and
controlled companies-unpicclged
46.619,949 46
155,734,759 22
OTHER INVESTMENTS:
Advances to proprietary, affiliated and
controlled companies for construction,
$22,665,562 57
equipment and betterments
1,373,799 98
Miscellaneous Invest's, physical property
24,039,362 55
Toil! Cap:tal Assets
WORKING ASSETS:
Cash
.....
Securities issued or assumed-held in
treasury
Marketable securities (other than those
issued or assumed)
Loans and bills receivable
Traffic and car service balances due
from other companies
Net balance due from agents and conductors
Miscellaneous accounts receivable
Material and supplies
$586,675,908 92
$5,566,568 25
17,434,500 00
14,959,510 96
3,706,813 26
$948,009,000
oc.
MORTGAGE, BONDED AND SECURED DEBT:
Mortgage Bonds
$191,365,500 00
Collateral Trust Bonds
(Northern- Pacific
Great Northern joint)
total issue
$215,227,000 00
Less, Great Northern
Railway Company's
proportion
107,613,500 00
107,613,500 00
$298,979,000 00
• Total Capital Liabilities
WORKING LIABILITIES:
Traffic and car service balances due
other companies
Audited vouchers and wages unpaid ____
Miscellaneous accounts payable
Matured interest, dividends and rents__ _
Other working liabilities
$546,979.033 03
$887,486 76
5,830,039 93
280,833 26
1,159,944 50
187,062 78
8,345,367 23
1,148,770 06
816,827 11
4,358,516 86
6,411,113 37
54,402,619 87
ACCRUED INCOME NOT DUE:
Unmatured interest, dividends and notes
DEFERRED DEBIT ITEMS:
Advances and working funds
Special deposits (with Trustees of Mortgages)
Cash and securities in Sinking and Redemption Funds
Cash and securities in Insurance Fund
596,268 50
$65,486 31
ACCRUED LIABILITIES, NOT DUE:
Unmatured interest, dividends and rents
payable
$4,845,924 34
Taxes accrued (partly estimated)
1,955,645 01
6,801,569 33
633,478 54
203,876 91
5,542,517 10
$6,445,358 86
DEFERRED CREDIT ITEMS:
Other deferred credit items
APPROPRIATED SURPLUS:
Invested in other reserve funds (Insurance Fund)
PROFIT AND LOSS
191,264 40.
5,542,517 10
80,260,438 07
$618,120.156 15
$648,120,156 15
PASSENGER AND FREIGHT STATISTICS.
1911-12.
1910-11.
Mites,
Tons, &c.
Amount,
Rate, &c.
Amount,
Rale, &c.
Miles,
Tons, &c.
Increase.
Per
Cent.
Decrease.
5,950.43
Average mileage for the year
6,025.09
74.68
Passenger Traffic
9,262,853
Number of passengers carried
8,661,645
601,208
6.49
Number of passengers carried one mile
759,270,059
649,508,183
14.46 109,787,876
82.0
Average miles traveled by each passenger
* 75.0
7.0
8.54
$17,278,812 52
Passenger revenue
$15,343,752 05
11.20 $1,935,060 47
Other passenger train revenue
2,687,941 97
2,546,491 60
141,450 37
5.28
19,966,754 49
17,890,243 65
10.40 2,076,510 84.
Total passenger train revenue
1.87
1.77
.10
Average amount paid by each passenger
5.35
.02276
.02362
Average rate per passenger per mile
.00086 3.78
Passenger train revenue per mile of road (average mileage).
$3,355 51
$2,969 29
11.51
;386 22
Freight Traffic
Number of tons revenue freight carried
17,455,975
17,217,748
238,227 1.38
Number of tons revenue freight carried one mile
5,051,181.481
4,800,666,026
250,515,455 5.22
Average distance haul of one ton
289.4
278.8
10.6 3.80
revenue
Freight
$43,793,521 58 $460,603 35 1.06
$43,332,918 23
,- '
Other freight train revenue_
1,029,418 46 20,109.93 1.99
1,009,308 53
Total freight train revenue
44,822,940 04 480,713 28 1.08
44,342,226 76
Average receipts from each ton of freight
2.51
2.52
.40
.01
Average receipts per ton per mile revenue freight
.00867
3.99
.00036.
.00903
Freight train revenue per mile of road (average mileage)_..
$12.56,
$7,451 94
$7,439 38
.17
' Total Train Traffic
Revenue from freight and passenger trains
2.48 $1,595,797 56.
$62,713,183 69
$64,308,981 25
Revenue per mile of road (average mileage)
3.69
398.78.
10,807 45
10,408.67
Revenue per train mile
2.95
2.95
Expenses per train -mile
1.82
.03.
1.65
1.79
Net traffic revenue per train mile
1.13
1.16
.03 2.65
TRAIN AND CAR MILEAGE STATISTICS,
1910-1911.
1911-1912.
Miles, Tons, &c. Miles, Tons, &c.
Mileage of revenue passenger trains
Mileage of locomotives employed in "helping" passenger trains
Percentage of "helping" to revenue train mileage
Mileage of revenue mixed trains
Mileage of revenue freight trains
Mileage of locotnotives employed in "helping" mixed and freight trains_
Percentage of "helping" to revenue train mileage
Mileage of revenue special trains
Total revenue train mileage
Mileage of-non-revenue trains
Mileage of passenger train cars
Average number of passenger cars in train_
Average number of passengers in train
Average number of passengers in each car
Mileage of loaded freight cars
Mileage of empty freight cars
Mileage of caboose cars __ _ _
Total mileage of revenue freight cars
Special service car mileage-freight
Special service car mileage-Passenger
Total special service car mileage
Non-revenue service car mileage
----Average number of loaded freight cars in train
Average number of empty freight cars in train
Average number freight cars in train (exclusive of cabooses)
Percentage of empty cars to total cars in train (exclusive of cabooses)
Average number tons revenue freight in train
Average number tons revenue freight in each loaded car
11,380,355
780,344
6.86%
631,654
9,771,713
1,181,767
• 11.36%
15,583
21,799,305
1,329,170
72,278,003
6.02
63.21
16.57
263,611,102
72,502,109
9,056,710
345,769,921
240,572
67,030
307,602
5,452,320
25.34
6.97
32.31
21.57%
461.45
18.21
597,324
9,296,541
1,122,781
11.35%
21,056
21,270,385
1,318,381
72,641,280
6.08
54.34
14.02
266,588,712
77,140,586
9,240,248
352,969,546
261,728
98,701
360,429
6,411,428
26.94
7.80
34.74
22.45%
510.54
18.95
Company freight-tons carried
Company freight-tons carried one mile
Tons per train-company and commercial
Tons per loaded car
-company and commercial
4,515,846
953,612,242
553.12
'1.83
4,217,573
823,643,269
593.78
22.04
Increase.
11,355,464
614,302
Per Cent.
.22
21.28
5.41%
5,43
4.86
4.99
5,473
363,277
.06
2,977,610
4,638,477
7.199,625
21,156
31,671
52,827
959,108
1.60
.83
".43
.88%
49.09
.74
40.66
.21
35.12
2.43
.81
.50
1.00
14.03
15.39
1.13
6.40
4.31
2.08
8.79
47.25
17.17
17.59
6.31
11.91
7.52
Decrease.
24,891
166,042
1.45%.
34,330
475,172
58,986
.01%.
528,920
10,789
8.87
2.55
416,462
10.64
4.06
6.61
13.63
7.35
.96
298,273
129,968,973
Lxxxxv.
THE CHRONICLE
1132
THE CHICAGO ROCK ISLAND & PACIFIC RAILWAY COMPANY
THIRTY-SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1912.
At the close of the fiscal year about forty-five per cent
To the Stockholders:
The Board of Directors herewith submit their report of of the grading and bridging was completed. Track laying
the operations and affairs of the Rock Island Lines for the will begin about November 1 1912.
The line, when completed, will traverse a rich lumber secfiscal year ended June 30 1912.
tion, and also furnish additional service for the cities of
The results of the operations for the year were as follows:
Malvern and Camden, with populations of about three thouTotal operating revenue (decrease $3,774,sand each.
619 72, or 5.5 per cent)
$64,712,853 32
Operating expenses (decrease $2,296,188 99,
To enable that company to meet its construction obli46,759,494 01
or 4.7 per cent)
gations, your company has advanced $297,097 92 to the
Net operating revenue (decrease $1,478,430 73,
Malvern & Camden Railway Company.
$17,953,359 31
or 7.6 per cent)
faxes (Increase $44,210 27, or 1.6 per cent)
2,752,861 23
Operating Income
Miscellaneous income
$15,200,498 08
686,790 83
Total income
Interest and rentals
$15,887,288 91
12,036,892 99
Balance of income, after providing for all charges, being
$3,850,395 92
5.1 per cent on capital stock ($75,000,000 00)
3,743,760 00
Dividends paid (5 per cent on capital stock)
Balance surplus for the year
$106,635 92
For comparative income account in detail, see table below.
CAPITAL STOCK.
The capital stock outstanding June 30 1912 was $74,877,200 00; no change having occurred during the current
fiscal year.
FUNDED DEBT.
The funded debt, not including equipment notes, increased
$22,439,600 00 during the period under review and equipment notes decreased $1,412,000 00, creating a net increase
in the total funded debt of $21,027,600 00. Details are
set forth on pages 19 and 20 of pamphlet report.
ROAD AND EQUIPMENT.
The property investment increased $3,449,579 89 during
the year, which figure includes the cost of new equipment
purchaied under trust agreement or otherwise acquired, and
expenditures for additions and betterments. The changes
comprising the above amount are shown on pages 17 and 18.
NEW LINES ACQUIRED.
Under date of October 14 1911 the Rock Island Arkansas
& Louisiana Railroad Company purchased that portion of
the Little Rock & Hot Springs Western Railroad extending
from Little Rock, Ark., to Benton, Ark., a distance of 21.97
miles, formerly operated under lease.
On December 1 1911 The Chicago Rock Island & Pacific
Railway Company leased for a term of nine hundred ninetynine years the Rock Island St Dardanelles Railway Company,
a branch line of railway, extending from Ola, Ark., to Dardanelle, Ark., a distance of 13.93 miles, and has included the
mileage, revenues, operating expenses, taxes, etc. in its
accounts. By reason of the length of the terms of the lease,
the mileage is considered owned in figuring all statistics.
NEW EQUIPMENT.
The 60 steel passenger train cars mentioned in last year's
report have been received and placed in service.
Orders were also placed during the current fiscal year for
150 locomotives, 2 steel passenger motor cars, 51 steel passenger train cars (including 4 horse cars and 1 business car)
and 4,940 steel underframe freight train cars, of which 10
locomotives and 622 freight train cars have been delivered;
the balance, consisting of 40 locomotives, 4,318 freight train
cars, and 51 steel passenger train cars and two steel passenger motor cars are to be delivered after June 30 1912.
CONSTRUCTION OF NEW LINES.
The construction of the St. Paul er Kansas City Short
Line Railroad between Carlisle, Iowa, and Allerton, Iowa
(mention of which was made in last year's report), is now
well under way, about eighty-five per cent of the grading
and about eighty per cent of the bridging having been completed at June 30 1912.
Twenty-two miles of rail had been laid to October 11912,
and the laying of the balance is rapidly progressing.
The details of the building of this line are in accordance
with the most modern ideas of railroad construction; new
ninety-pound rail on creosoted tics, with the latest design
of rail fastenings; track ballasted with gravel; concrete
posts for right-of-way fence; public highways diverted
wherever possible, either under or over the rails ,etc.
Under date of June 3 1911 a charter was granted, under
the laws of the State of Arkansas, to the Malvern Sr Camden
Railway Company, with authorized capital stock of $1,300,000 00, of which $420,000 00 has been issued and is owned
by your company.
It is proposed to construct a line of raill,vay,approximately
sixty miles long, from the City of Malvern, Hot Spring
County, Arkansas, in a southerly direction through the countieS of Hot Spring, Dallas and Ouachita to the City of Camden, Ouachita County, Arkansas.
GENERAL.
The records of the industrial department indicate that one
hundred and twenty-eight new industries were located along
the Rock Island Lines during the current fiscal year. It is
estimated that their construction will cost approximately
thirteen million dollars and that their operation will furnish
employment for more than five thousand men and create an
annual movement of over fifty-four thousand car-loads of
revenue freight. These industries will also require the movement of considerably less than car-load freight.
During the year seventy-three industrial side tracks were
constructed to private industries and four to coal mines, making a total of seventy-seven new tracks. Extensions and rearrangements of tracks were also made to twelve industries
and three coal mines.
The policy of improving the terminals of your property
has been carried forward during the year. For improving
and creating new terminals, the sum of $1,163,955 39 was
expended.
Details of the upkeep and improvement of your Company's
roadbed and equipment may be found on pages 38 and 39
[of pamphlet report].
In addition to the above expenditures, $664,333 08 was
advanced to the Arkansas Sr Memphis Railway Bridge &
Terminal Company for the purpose of purchasing a bridge
site and land for terminals at Memphis, Tenn., in connection with the construction of a bridge across the Mississippi
River at that point.
Advances aggregating $418,603 23 during the period
covered by this report were also made to the Trinity &
Brazos Valley Railway Company, covering one-half of the
expenditures for additions and betterments, equipment and
operating deficit of that company.
In order to promote the safety of employees and patrons
and to reduce to a minimum personal injuries, there was
organized on August 1st 1912 a safety bureau with jurisdiction over the entire Rock Island Lines. The organization embraces practically every operating official, together
with minor officers and employees, and it is hoped that by
co-operation of all concerned, a large percentage of accidents
will be avoided.
Taxes continue to show an increase. The increase for
the period under review, compared with the same period last
year, was $44,210 27, or 1.6 per cent. However, in making
a five-year comparison, the account shows an increase of
$962,966 44, or 53.80 per cent, while the operated mileage
has increased during the same period less than one per cent.
At June 30 1912 one hundred and th'rty-three pensioners
were on the pension pay-rolls, ninety-five employees having
been retired by reason of the age limit and thirty-eight by
reason of being incapacitated. The total cost for pensions
paid and the expense of administration during the year was
$41,807 30.
In common with other railroads, the gross revenue of
your Company decreased, and the expenses of operation
increased, as compared with the preceding fiscal year. The
almost unparalleled weather conditions during the winter of
1911-1912, and the extraordinary flood conditions in the
spring of 1912, during which latter period some forty miles
of the track of your Company were under water for a period
of more than two weeks, made both for an increase in expenses and decrease in earnings. These conditions, together
with the fact that the expenses for the year carry a charge
of $342,000 on account of increased rates of pay in employees
wages, as compared with the preceding year, made it impossible to keep operating expenses down to a level proportionate to the earnings, consequently causing an increase in
the operating ratio.
As stated in previous reports, the accounts of your Company are handled in accordance with methods prescribed and
enforced by the Inter-State Commerce Commission, and are
periodically audited by their exatniners; therefore, it is
deemed unnecessary to have the accounts certified by an independent auditor.
It is a pleasure to acknowledge the loyalty and hearty
co-operation of officers and employees.
By order of the Board of Directors.
H. U. MUDGE, President.
October 21 1912.
OCT. 26 191ez.]
THE CHRONICLE
ROCK
1133
ISLAND LINES.
INCOME ACCOUNT YEAR ENDED JUNE 30 1912 COMPARED WITH
PREVIOUS YEAR.
Inc.(+) or Dec.
1911-12.
1910-11.
Amount.
P.Ct.
*
8,035.84
Average mileage oper.
8,026.09
+9.75
+.12
Revenue from transportation:
41,156,834 72 43,368,395 66 -2,211,560 94 -5.10
Freight
18,609,408 36 20,240,528 03 -1,631,119 67 -8.06
Passenger
1,602,209 29 1,577,219 40
Mail
+24,989 89 +1.58
2,014,386 03 2,053,549 44
Express
-39,163 41 -1.91
Miscellaneous
873,417 38
800,107 57
+73,309 81 +9.16
(-).
Total transportation revenue_ _64,256,255 78 68,039,800 10 -3,783,544 32
Revenue from operations other than transportation
456,597 54
447,672 94
--5.56
+8,924 60
+1.99
Total operating
revenue
64,712,853 32 68,487,473 04 -3,774,619 72
Rentals
Betterments on Leased
lines
1911-12
$
1,544,758 36
Inc.(+) or Dec. 4-)
•
1910-11
Amount.
P. Ct.
$
$
1,704,925 05 -160,166 69 -9.39
19,124 71
Total charges__ _12.036,892 99 11,465,902 48
-19,124 71-100.00
+570,990 51
+4.98
Balance of income (available for dividends). 3,850,395 92
Dividends
3,743,760 00
5,442,713 66 -1.592,31774 -29.26
3,930,948 00 -187,188 00 -4.76
Balance, surplus (carried to credit of profit
and loss)
1,511.76566 --1,405,129 74 --92.95
Dividend
Dividend
Dividend
Dividend
106,63592
Dividends Declared During Year Ended June 30 1912.
No. 125, 1 X per cent, paid September 30 1911_
_ $935,940 00
No. 126, 1
per cent, paid December 30 1911____
748,752 00
No. 127, 1
per cent, paid March 30 1912
935,940 00
No. 128, 1
per cent, paid June 29 1912
1,123.128 00
X
--5.51
Total, 5
Operating expenses:
Maintenance of way
and structures__ 8,493,345 86 9.738,015 96 -1,244,07010 -12.78
Maint. of equipm't 8,302,466 70 9,359,748 70 -1,057,282 00 -11.26
Traffic expenses__ _ 1,981,398 97 2,007,149 52
-25,750 55 -1.28
Transportation expenses
26,210,502 08 26,171,418 77
+39,083 31
+.15
General expenses.. _ 1,771,780 40 1,779,350 05
-.43
-7,569 65
Total operating
46,759,494 01 49,055,68300 -2,296,185 99
expenses
--4.
53
Net operating revenue _17,953,359 31 19,431,790 04 -1,478,430 73 -7.60
2,752,861 23 2,708,650 96
Taxes
+44,21027 +1.63
Operating income__ _ _15,200,498 08 16,723,139 08 --1;522,641 00 -9.10
Outside operations
(debit balance).-81,251 00 -70.21
Hire of equiptnent
(debit balance) _ _
+282,939 94 +22.21
1,874,595 13 1,574,970 30
Other income
+299,624 83 +19.03
Total
686,79083
185,477 06
+501,313 77 +270.28
196,976 63 115,725 63
990,827 67 1,273,767 61
Total income__ _15,887,288 91 16,908,616 14 -1,021,327 23 -6.04
Interest
10,492,134 63t9,741,852 72
+750,281 91
+7.70
ROCK
per cent
$3,743,760 00
PROFIT AND LOSS.
Credit balance, June 30 1911
$17,008,302 69
Surplus for year ended June 30 1912
$106,63592
Interest prior to current fiscal year on advances
for construction
13,684 93
Profit on purchase of scrip and warrants used in
payment of taxes
2,623 55
Sundry adjustments not affecting current
year's income
69,249 72
Less
Loss on securities and land sold_ _
$81,104 29
Losses through failures of railroads and individuals
50,039 43
Unextingulshed discount on securities
1,637,500 00
Miscellaneous adjustments
118,789 01
*192,194 12
$1,887,432 73
Depreciation on:
Tracks removed_ _..$51,263 17
Structures sold, remov'd or destroy'd29,725 55
Equipment sold, dismantled or destroyed
633,991 39
714,980 11 2,602,412 84
Credit balance June 30 1912
2,410,218 72
$14,598,083 97
ISLAND LINES.
CONDENSED GENERAL BALANCE SHEET JUNE 30 1912 AND COMPARISON WITH PREVIOUS
YEAR.
ASSETS.
609,043 31
Securities
Securities of proprietary,
affiliated and controlled
companies-pledged_ __
180,233 16
Securities of proprietary,
affiliated and controlled
companies-unpledged. 7,044,138 42
Other investments
Advances to proprietary,
affiliated and controlled
companies for construction, equipment and
betterments
8,873,117 75
Miscellaneous investments 2,471,175 52
LIABILITIES.
(+)
(-).
Inc.
or
1911.
Dec.
Property investment
Road and Equipment:
Investment to June 30
1907
255,585,343 24 255,585,3.13 24
Investment since June 30
1907
31,610,476 77 28,160,806 88 +3,449,579 89
Reserve for accrued depreciation
138,424 45
Total road and equip't_286,586,776 70 283,275,621 26 +3,311,155 44
1912.
470,618 86
99,504 00
+80,729 16
8,966,521 52 -1,922,383 10
7,041,287 21 +1,831,830 54
2,258,858 07
+212,317 45
Total property investment
305,155,441 55 301,641,792 06 4-3,513,649 49
1912.
Total working assets__ _ 44,838,192 68
Accrued income not dueUnmatured interest, dividends and rents receivable
31,522,138 54+13,316,054 14
Inc.(-H or
Dec.
(-).
75,000,000 00
Mortgage, bonded and secured
debt
Funded debt
251,189,600 00 230,162,000 00 +21,027,600 00
Total capital liabillties_326,189,600 00 305,162,000 00+21,027,600 00
Working liabilities
Traffic and ar-service balances due to other companies
917,345 51
Audited vouchers and
wages unpaid
3,703,690 95
Miscellaneous accounts
payable
292,048 29
Matured interest, dividends and rents unpaid 2,235,041 25
Matured mortgage, bonded
and secured debt unpaid
23,000 00
Working advances due to
other companies
190,620 30
Other working liabilities_ 1,002,748 53
Total working liabilities
Working Assets
15,073,939 94
Cash
3,241,991 16 +11,831,948 78
Securities issued or assumed-held in treasury
557.458 23
4,758 23
+552,700 00
Marketable securities_ _ 15,946,140 08 15,955,932 87
-9,792 79
Loans and bills receivable
484,567 43
456,522 76
+28,044 67
Traffic and car-service balances due from other
companies
652,253 82
398,354 26
4-253,899 56
Net balance due from
agents and conductors.. 1,058,584 79
1,041,406 29
+17,178,50
Miscellaneous accounts receivable
3,284,397 25
3,222,814 22
+61,583 03
Materials and supplies__ _ 5,934,979 99
5,813,008 40
+121,971 59
Other working assets_
_ 1,845,871 15
1,387,350 35
+458,520 80
1911.
75,000,000 00
Stock
Capital stock
940,932 30
-23,586 79
5,042,603 29 -1,338,912 :31
239,813 50
+52,234 79
1,980,352 26
+254,688 99
23,000 00
213,101 29
818,638 44
-22,480 99
+184,110 09
25.
8,364,494 83
9,258,441 08
-893,946
Accrued liabilities not dueUnmatured interest, dividends and rents payable 2,425,223 42
Taxes accrued
1,317,869 45
1,872,923 87
1,371,588 74
+552,299 55.
--53,719 29
3,743,092 87
3,244,512 61
+498,580 28
Deferred credit items
Operating reserves
1,007,518 39
Other deferred credit items
942,215 92
952,868 86
1,532,953 93
+54,649 5:3
-590,738 01
2,485,822 79
-536,088 48
Total accrued liabilities
not due
Total deferred
items
credit
1,949,734 31
Grand total liabilities_ _340,246,922 01 320,150,776 48 +20,096,145 5$
656,656 94
507,640 25
+149,016 69
2,799,127 71
1,884,213 75
+934,913 96
33,772 60
227,610 98
1,198,571 28
56,479 94
417,622 86
1,213,559 53
--22,707 34
-190,011 88
-14,988 25
Total deferred debit items 4,259,082 57
3,551,876 08
+707,206 49
Deferred debit items
Advances
Rents and insurance paid
in advance
Special deposits
Other deferred debit items
Grand total
354,909,373 74 337,223,446 93 +17,685,926 81
Appropriated surplus
Additions to property
since June 30 1907,
through income
Profit and loss
Balance
Grand total
64,367 76
14,598,08397
64,367 76
17,008,302 69 --2,410,218 72
354,909,373 74 337,223,446 93+17,685,926 81
-In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings
Note.
of the Chicago Rock Island & Pacific Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the various
companies, have been eliminated from the
liabilities and a like reduction made in the assets pertaining thereto: the figures shown, therefore,
represent the book value of the assets and the ha-.
billties without duplication.
[VoL. Lxxxxv.
THE CHRONICLE
1134
ROCK ISLAND LINES.
FINANCIAL CHANGES DURING YEAR ENDED JUNE 30 1912.
.
RES° URGES
$3,241,991 16
Cash on hand June 30 1911
Funded debt increased-sec below
Securities of proprietary, affiliated and controlled companies--unpledged (decrease)-
$21,027,600 00
1,922,383 10 $22,919,983 10
Changes in working, accrued and deferred accounts, as follows:
Decrease in assets:
Marketable securities
Rents and insurance paid in advance
Special deposits
Other deferred debit items
$9,792 79
22,707 34
190,011 88
14,988 25
• Increase in liabilities:
Miscellaneous accounts payable
Matured interest, dividends and rents unpaid
Other working liabilities
•
Unmatured interest, dividends and rents payable
•
Operating reserves
$237,500 26
$52,234 79
254,688 99
184,110 09
552,299 55
54,649 53
1,097,982 95
$1,335,483 21
•
•
Less--increase in assets:
Securities issued or assumed-held In treasury
Loans and bills receivable
Traffic and car service balances due from other companies
Net balance due from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Other working assets
Unmatured interest, dividends and rents receivable
Advances
$552,700 00
28,044 67
253,899 58
17,178 50
61,583 03
121,971 59
458,520 80
149,016 69
934,913 96
$2,577,828 80
• Decrease in liabilities:
• Traffic and car service balances due to other companies
Audited vouchers and wages unpaid
__
Working abvances due to other companies _ _
•
Taxes accrued
Other deferred credit items_
r•
$23,586 79
1,338,912 34
22,480 99
53,719 29
590,738 01
$2,029,437 42
•
•
•
4,607,268 22
3.271.783 01 19,678,200 09
$22,920,191 25
_
Total to be accounted for__
APPLIE
AS F LLOWS:
Investment since June 30 1907 (increase)-additions and betterments, additional equipment, &c., as per details in table below
Reserve for accrued depreciation-credit
$3,449,579 89
138,424 45 $3,311,155 44
80,729 16
Securities of proprietary, affiliated and controlled companies-pledged (increase)
Advances to proprietary, affiliated and controlled companies for construction, equipment
and betterments (increase)
Miscellaneous investments_
Net debit to profit and loss
1,831,830 54
212,317 45
2,410,218 72
7,846,251 31
$15,073,939 94
Balance, cash on hand June 30 191"
-CHANGES DURING YEAR ENDED JUNE 30 1912.
FUNDED DEBT
Funded debt, including equipment notes June 30 1911:
Funded debt
Equipment notes
$215,117,000 00
15,045,000 00
4230,162,000 00
Total
This has been changed during the year as follows:
Funded debt increased
By the issue of The Chicago Rock Island & Pacific Railway Company's first and
refunding mortgage gold bonds, viz.:
For additions and betterments (including equipment), 1912 fund
1912,
For an equal amount of general mortgage gold bonds, issued January 1having
E
for additions and betterments, said general mortgage gold bonds
been deposited with trustees of first and refunding gold bond mortgage
$2,500,000 00
1,000,000 00
$3,500,000 00
By the issue of The Chicago Rock Island ec Pacific Railway Company's twentyyear gold debenture five per cent bonds
By the issue of Rock Island Arkansas & Louisiana Railroad Company's Hot Springs
Western four per cent notes
20,000,000 00
453,600 00
*23,953,60000
-By the redemption of matured obligations as follows:
Less
The Chicago Rock Island & Pacific Railway Company's gold bonds of 1902,
$1,494,000 00
matured May 1 1912
20,000 00
Little Rock Bridge Company's bonds, matured June 1 1912
1,514,000 00 $22,439,600 00
Equipment notes decreased
By the redemption of matured obligations as follows:
The Chicago Rock Island & Pacific Railway Company's equipment four and
one-half per cent gold notes, matured as follows:
August 1 1911
February 1 1912
$325,000 00
325,000 00
$650,000 00
The Chicago Rock Island & Pacific Railway Company's equipment series B
six per cent notes, matured as follows:
October 15 1911
April 15 1912
$60,000 00
60,000 00
120,000 00
The Chicago Rock Island & Pacific Railway Company's equipment series C
four and one-half per cent gold bonds, matured as follows:
October 1 1911
April 1 1912
$265,000 00
265,000 00
530,000 00
'Phe Chicago Rock Island & Pacific Railway Company's equipment series D
four and one-half per cent gold bonds, matured as follows:
November 1 1911
May 1 1912
$225,000 00
225,000 00
450,000 00
The Chicago Rock Island & Pacific Railway Company's equipment series E
five per cent gold notes, matured as follows:
July 1 1911
January 1 1912
$5,000 00
5,000 00
10,000 00
$1,760,000 00
Less-'By the issue of The Chicago Rock Island & Pacific Railway Company's
four and one-half per cent equipment gold notes series F
Net decrease in equipment notes
348,000 00
$1,412,000 00
$21,027,600 00
Net increase in funded and other fixed Interest-bearing debt
Funded debt, including equipment notes June 30 1912:
Funded debt
Equipment notes
Total
'Authorized and issued, $360,000 00, of which $12,000 00 were redeemed February 1 1912
*237,556,600 00
13,633,000 00
$251,189,600 00
OCT. 26 1912]
THE CHRONICLE
1135
ROCK ISLAND LINES.
ROAD AND EQUIPMENT-INVESTMENT SINCE JUNE 30 1907
-CHANGES DURING YEAR ENDED JUNE 30 1912.
Balance June 30 1911, as per balance sheet
$21,160,896 fc8
Changes During the Year.
Additions
Additions and betterments, current year (not including equipment)
$3,282,603 30
Expenditures for additional and improved equipment:
Converting coal-burning locomotives Into oil burners
$13,523 66
miscellaneous charges in connection with purchase of new ballast cars
Freight, inspection and
7,730 88
Converting steam shovel 95,256 into derrick car
996 73
New appliances for existing equipment, required by Federal and State laws
26,133 70
Other new appliances for existing equipment
16,105 66
Silverware for dining and cafe cars
3,232 44
67,723 07
Total additions and betterments
$3,350,326 37
Acquisition of Little Rock & Hot Springs Western Railroad by Rock Island Arkansas & Louisiana Railroad Company_
453,600 00
Disbursements for construction of Malvern & Camden Railway (property of Rock Island Arkansas & Louisiana RR.Co.)
297,097 92
Additions and betterments on leased lines_
20,199 28
Bankers Trust Company of New York equipment purchase under indenture of _______ i 1911
402,431 93
old construction liabilities of Rock Island Arkansas & Louisiana Railroad Company
Disbursements for
1,217 67
Net adjustment of charges, Yarnall, Texas, to Amarillo, Texas, line ________________________________
2,595 44
$4,527,468 61
Deductions
Bankers Trust Company of New York, equipment purchase under indenture of May 2 1910-Credit from
material furnished equipment builders
$253,559 82
Reserve for replacement of destroyed equipment which, under mortgage and equipment trust agreements,
must be replaced
31,236 77
Value of equipment destroyed, dismantled or sold during the past fiscal year (exclusive of equipment
which, under mortgages or equipment trust agreements, must be replaced). Such value, less salvage,
was charged to operating expenses and profit and loss
790,940 00
Net amount of miscellaneous adjustments covering equipment purchased under car trust agreements prior
to the current fiscal year
2,122 13
Sale of lots eight and nine in block seven, Quitman, La. (property of Rock Island Arkansas de Louisiana
Railroad Company)
ao 00 1,077,888 72
Net increase
8.449,579 89
Balance June 39 1912, as per balance sheet
$31.610,476 77
SECURITIES OWNED JUNE 30 1912.
IN PROPERTY INVESTMENT.
Included in securities of proprietary, affiliated
and controlled companies-pledged and enpledged:
Stocks-RailroadsFace Value,
Calumet Western Railway Company
$106,400 00
Cedar Rapids Iowa Falls & Northw. By. Co_
604,500 00
Kankakee & Seneca Railroad Co _ _ _..
5,000 00
- -00
Kansas City Rock Island By. Co.($39,300
pledged)
40,000 00
Keokuk & Des Moines By. Co.
-preferred
575,100 00
Keokuk & Des Moines Ry.Co.
-common
1,487,900 00
Peoria & Bureau Valley Railroad Co_
10,000 00
Rock Island & Dardanelle Railway Co
100,000 00
St. Paul & Des Moines Railroad Co
2,700 00
St. Paul & Kansas City Short Line RR. Co_
50,000 00
Stocks-Union depot, terminal, stock yards
and coal companies
Arkansas & Memphis By. Bridge & Term. Co
10,000 00
Atchison Union Depot & Railroad Co _
9,000 00
Iowa Transfer Railway Co_
6,800 00
Joliet Union Depot Co _
25,000 00
Kansas City Terminal Ry. Co. ($99,500 00
pledged)
100,000 00
_ - -- - _____ - __
Keokuk Union Depot Co_
_ _______
20,000 00
Leavenworth Depot de Pailroad Co
25,000 00
7,000 00
Minnesota Transfer Railway Co_
50,000 00
Morris Terminal Railway Co
500,000 00
Peoria Railway Terminal Co
8,120 00
Pueblo Union Depot ee Railroad Co
300,000 00
Rock Island-Frisco Term. By. Co. (Pledged)
2,000 00
St. Joseph Union Depot Co_
St. Louis Rock Island Terminal Railway Co.
12,000 00
($11,300 00 pledged) _
103,600 00
St. Paul Union Depot Co
Terminal Railroad Association of St. Louis .._
205,800 00
Union Terminal Ry. Co., St. Joseph, NI°.
(pledged)
125,000 00
Wichita Union Terminal Railway Co
25,000 00
Funded debt-Railroads
Kankakee & Seneca Railroad Co....325,000 00
Rock Island & Dardanelle Railway Co_ __
100,000 00
Trinity & Brazos Valley Ity, Co.
-certificates of Indebtedness
____
2,330,377 85
Funded debt-Union depot, terminal, stock
yards and coal companies
Atchison Union Depot & Railroad Co
3,500 00
Minnesota Transfer Railway Co_ ....
54,000 00
.
'Peoria By. Terminal Co. (first mortgage).
1,500 00
Peoria By. Terminal Co. (first and refunding
mortgage) 1,169,000 00
Rock Island Improvement Co.($2,700,000 00
3,931,318 93
pledged)
-equipment ser. A
Rock Island Improv. Co.
665,000 00
-equipment ser. II
730,000 00
Rock Island Improv. Co.
Total _____________ - __
413,825,616 78
Included in miscellaneous investments:
Stocks
Coal Valley Mining Co...........
-common _ _
Chicago Union Transfer By. Co.
Chicago Union Transfer Ry. Co -preferred_
.
Consolidated Indiana Coal Co__
-Crawford County Mining Co ____________
______---__
Dering Coal Co
Gasconade Railway Construe. Co.(pledged).
_ __________
Gulf Construction Co
Kansas Town & Land Co ________ _
Memphis Railroad Terminal Co..
Missouri & Illinois Bridge & Belt RR. CO...
Book Value.
Face Value.
Brought forward...............
$4,478,600 00
Rock Island Coal Mining Co
'10.000 00
St. Joseph Stock Yards de Terminal Co_ __
12,500 00
Union Stock Yards Co., Topeka, Kan _
13,100 00
Western Coal & Mining Co
........
....
36,000 00
Funded debt
Chicago Transfer & Clearing Co-judgment
note trust certificate
98,000 00
•
Total
$4,648,200 00
Total in property investment
$18,473,816 78
Boole Value.
47,224,371 58
828,964 14
$8,053,335 72
'$3,000 00 owned jointly with the Chicago & Alton RR.Co.
IN WORKING ASSETS.
Included in securities issued or assumed-held
In treasury:
Stocks
The Chicago Rock Island & Pacific By. Co._
$4,877 50
Funded debt
The Chicago Rock Island & Pacific Ry. Co.:
First and refunding mortgage bonds_
1.000 00
Gold bonds of 1902....
398,000 00
Equipment gold notes_
53,000 00
Equipment notes series B _
_________
30,000 00
Equipment gold bonds series _
___
45.000 00
Equipment gold bonds series D
25,000 00
Choctaw do Memphis RR. Co.
-first mortgage bond scrip
580 73
Total
$7,224,371 58
$50,000 00
40,000 00
40,000 00
2,400,600 00
100,000 00
1,700,000 00
50,000 00
25,000 00
50,000 00
10,000 00
13,000 00
$557,458 23
$557,458 23
Included in marketable securities:
Stocks
American Automobile Corporation
$400 00
Cedar Rapids Auditorium Co ____________ _
1 ,000 00
Central City Elevator Co_
4,000 00
Council Bluffs Auditorium Co_
2,500 00
Des Moines & Fort Dodge P.R. Co_ _ _ _
800 00
Kansas City Times Newspaper Co _
6,400 00
National Implement and ehicle Show.
• 3,000 00
Nebraska Central By. Co....
99,700 00
Nebraska Construction Co
270,000 00
Oskaloosa & Buxton Electric By. Co _
200 00
_
St. Joseph Auditorium Co
5,000 00
The Chicago de Alton RR. Co.
-preferred..
450,000 00
The Rock Island Co.
-common
11,075 00
The Rock Island Co.
-preferred
1,002,035 00
Funded debt:
Bridgeport Safety Emery Wheel Co_
32 00
Chic. R. I. & Pac. RR. Co. (of Iowa)
502.000 00
-4%.
Chic. R. I. & Pac. RR. Co. (of Iowa)
-5%
7,500,000 00
Consolidated Indiana Coal Co _
273,000 CO
Crawford County Mining Co..
472,000 00
Dering Coal Co
450,000 00
Kansas City & Northwestern By. Co......
8,000 00
Omaha Auditorium Co
5,000 00
Toledo St. L. & W.RR.Co. gold 4%, ser. A.
400,000 00
'Toledo St. L. & W.RR.Co.gold 2%, ser. B 5,047,000 00
Total _
_ *16,513,142 00 115,946,140 08
Total bonds and stocks in working assets$17,070,600 23 $16.503,598 31
RECAPITULATION.
Included in property investment _
$18,473,816 78 $8,053,335 72
Included in working assets.
17,070,600 23 16,503,598 31
Total securities owned.
_135,544,417 01 $24,556,934 03
Rate increases to 4%, effective Aug. 1 1912.
CAPITAL STOOK AND FUNDED DEBT OUTSTANDING AND AMOUNT OF EACH PER MILE OF ROAD OWNED FOR THE TEN YEARS
ENDED JUNE 30 1912.
Capital Stock June 30
Year.
Mileage
Owned.
Amount
Outstanding.
-1903 _________________________________________
6,319.23
1904 _______________________________________
6,460.31
1905 _______________________________________
6,486.73
1906 _______________________________________
6.619.04
1907
____________________
6,986.18
1908
7,074.09
1909
7,085.69
1910
7,157.40
1911
7,159 81
1912_
a7,196.67
Per
Mile.
$75,000,000 00
75,000,000 00
75,000,000 00
75,000.000 00
75,000,000 00
75,000,000 00
75,000,000 00
75,000.000 00
75,000,000 00
75,000,000 00
$11,868 53
11,609 35
11,562 07
11,330 95
10,735 48
10,602 07
10,584 71
10,478 67
10,475 14
10,421.49
Funded Indebtedness June 30
*Annual inter(Including Equipment Tr. Notes). est Charge vet
Mile on Debt
Outstanding
*Amount
•Per
June 30.
Outstanding.
Mile.
$136,138,000 00
148,535,000 00 169.857,000 00
179,337,000 00
195,196,000 00
196,110,541 00
201,525,000 00
228.002.000 00
230,162,000 00
251,189,600 00
$21,543 45
22.991 93
26,185 30
27,094 11
27,940 31
27,722 37
28,441 12
31,855 42
32,146 38
34.903 59
1973 80
1.039 67
1,148 67
1,177 19
1,179 23
1,208 69
1,219 26
1,369 93
1,380 15
1,516 45
• The figures in these columns prior to 1910 differ somewhat from those published in preceding reports wherein equipment trust notes and shortterm notes were omitted.
aOperated mileage
8,041.66'
Leas leased lines and trackage rights
844.99
Main line owned
7,196.67
THE CHRONICLE
1136
ROCK ISLAND LINES.
TOTAL OPERATING REVENUE, OPERATING EXPENSES, NET OPERATING REVENUE AND AMOUNT OF EACH PER MILE OF
ROAD OPERATED FOR THE TEN YEARS ENDED.JUNE 30 1912.
Per Mile of Road.
Average
Mileage.
Operated.
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912.
Total
Operating
Revenue.
Operating
Expenses.
Net •
Operating
Revenue.
Ratio of Opcrating Ex'penses to
Operating
Revenue.
Total
Operating
Revenue.
Operating
Expenses.
Net
Operating
Revenue.
6,978.43
7,205.14
7,231.91
7.218,07
7,780.26
7,969.53
8,026.38
8,043.59
8,026.09
8,035.84
Year.
$44,376,619 91
44,069,491 42
44,051,509 14
51,237,858 05
60,138.673 28
58,484,19688
61,184,886 95
66,220,578 94
68,487,473 04
64,712,853 32
$28,059,164 65
31,774,893 29
31,058,209 26
35,067,058 53
40,812,822 44
42,136,179 97
42,513,495 41
48,069,368 91
49,055,683 00
46,759,494 01
$16,317,455 26
13,194,598 13
12,993,299 88
16,170,799 52
19,325,850 84
16,348,016 91
18,671,391 54
18,151,210 03
19,431,790 04
17,953,359 31
63.23
70.66
70.50
68.44
67.86
72.05
69.48
72.59
71.63
72.26
$6,350 11
6,241 31
6,091 27
7,098 55
7,729 65
7,338 48
7,622 97
8,232 71
8,533 11
8,053 03
$4,020 84
4,410 03
4,294 61
4,858 23
5,245 69
5,287 16
5,296 72
5,976 11
6,112 03
5,818 87
$2,338 27
1,831 28
1,796 66
2,240 32
2,483 96
2,051 32
2,326 25
2,256 60
2,421 08
2,234 16.
CONDENSED INCOME ACCOUNT FOR THE TEN YEARS ENDED JUNE 30 1912.
Average
Mileage
Operated.
Year.
6,978.43
7,205.14
7,231.91
7,218.07
7,780.26
7,969.53
8,026.38
8,043.59
8,026.09
8,035.84
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
Gross
Income.
Operating Expenses and All
Other Deduclions tram Income Other
Than Interest.
Interest on
Funded Debt,
Equipment
Notes and
Other Notes.
$46,048,107 11 $30,419,009 21 $15,629,097 90
12,039,720 00
46,303,325 07 34,263,605 07
11,829,205 02
45,577,681 03 33,748,476 01
52,253,695 31
37,719,693 55
14,534,001 76
60,752,282 06 43,722,464 97
17,029,817 09
58,612,830 33 45,481,506 00
13,131,324 33
61,396,357 84
46,368,904 05 15,027,453 79
52,566,055 07
66,443,810 76
13,877,755 69
68,672,950 10 53,488,383 72
15,184.566 38
14,342,530 55
65,399,644 15
51,057,113 60
Surplus
Applicable
to
Dividends.
Less
Dividends
Declared.
Balance
of
Income.
$6,056,186 39
6,011,521 68
7,096,095 85
7,748,169 72
8,279,300 02
8,413,221 92
8,861,223 05
9,129,874 61
9,741,852 72
10,492,134 63
Total
Net
Income.
19,572,911 51
6,028,198 32
4,733,109 17
6,785,832 04
8,750,517 07
4,718,102 41
6,166,230 74
4,747,881 08
5,442,713 66
3,850.395 92
$4,680,766 50
5,985,060 00
4,676.622 00
4,677,552 50
4,116,728 00
3,920,785 00
3,930,018 75
3,743,272 00
3.930,948 00
3,743,760 00
$4,892,145 01
43,138 3Z
56,487 17
2,108,279 54
4,633,789 07
788,317 41
2,236,211 99
1,004,609 Off
1,511,765 66
106,635 92
SUMMARY OF REVENUE FREIGHT AND PASSENGER TRAFFIC FOR TEN YEARS ENDED JUNE 30 1912.
REVENUE FREIGHT TRAFFIC.
Tons Carried.
Average
Mileage
Operated.
6,978.43
7,205.14
7,231.91
7,218.07
7,780.26
7,969.53
8.026.38
8,043.59
8,026.09
8,035.84
Year.
1903
1904
1905
1006
1907
1908
1909
1910
1911
1912
Average per Ton
Number.
Mileage.
Revenue.
Dislance.
13,300,898
13,567,817
13,515,367
15,394,395
17,412,333
15,877,646
17,145,657
19,167,179
19,118,358
18,969,251
2,987,577,497
3,250,750,267
3,171,456,832
3,715,621,556
4,281,228,365
4,019,704,681
4,160,828,170
4,567,089,384
4,718,460 846
4,599,242,133
$30,917,281 10
31,167,006 12
29,662,386 08
34,695,823 88
40,215,901 41
37.899,356 36
39,158,053 16
42,218,880 84
43,368,395 66
41,156,834 72
221.61
239.59
234.66
241.36
245.87
253.17
242.68
238 28
246.80
242.46
Average Load in Tons.
I Rate per
Per train
Mile. Cents
Mile.
1.04
0.96
0.94
0.93
0.94
0.94
0.94
0.92
0.92
0.89
189.13
225.48
228.04
245.19
266 17
254.77
264.55
257 43
269.66
277.81
Per loaded
Car Mile.
Per loaded &
emptyCarMile
13.45
14.53
14.06
14.54
15.27
15.33
15.15
15.07
14.02
15.11
9.39
10.10
9.87
10.38
11.53
10.69
10.87
10.73
10.49
10.83
REVENUE PASSENGER TRAFFIC.
Passengers Carried.
Year.
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
Average per Passenger. Average No. of Passengers.
Average
Mileage
Operated.
Number.
Mileage.
Revenue.
6,978.43
7,205.14
7,231.91
7,218.07
7.780.26
7,969.53
8,026.38
8,043.59
8,026.09
8,035.84
10,595,130
11,536,847
12,065,685
13,721,273
15,382,399
16,960,747
18,743,022
20,137,409
19,842,167
18,927,146
512,094,475
514,108,832
552,903,897
646,166,553
725,233,506
881,991,344
952,679,666
1,016,385,259
1,010,037,752
939,391,981
$11,490,543 53
11,697,033 15
12,050,781 44
13,917.030 64
16,153,539 42
16,693,110 45
17,883,378 99
19,378.174 27
20,240,528 03
18,609,408 36
Distance.
48.33
44.56
45.82
47.09
47.15
52.00
50.83
50.47
50.90
49.63
Rate per •Per Train
Mile. Cents
Mile.
2.24
2.28
2.18
2.15
2.23
1.89
1.88
1.91
2.00
1.98
39.58
39.74
40.52
43.77
42.77
52.10
55.34
54.31
54.91
49.21
aPer Car
Mile.
8.42
10.40
10.53
11.53
11.08
13.66
14.14
14.46
14.55
13.16
*The figures in this column prior to 1910 differ slightly from those published In previous reports, the figures in previous reports having been computed without including mixed train miles.
a From July 1 1902 to June 30 1903 these figures are average number of passengers per car mile in all passenger train cars, the figures for average
number of passengers per car mile in cars carrying passengers not being available.
-The interests of the bond house of Joseph T. Elliott & Sons of Indianapolis and the Cincinnati bond
house of Breed & Harrison are to be combined in a
new organization to be incorporated in Indiana under
the name of Breed, Elliott & Harrison, with a capital of
$900,000. The new company, the Cincinnati "Tribune"
states, is formed for the purpose of widening out into a
larger business, covering the entire central part of the
country. In addition to the Indianapolis and Cincinnati
offices an office will be established in Chicago and eventually
in other cities in the Middle West. Tile officials of the new
organization will be as follows: President, W. D. Breed of
Cincinnati; Vice-Presidents, Edgar Elliott of Indianapolis,
L. B. Harrison of Cincinnati, W. A. Bryson of Liberty, Ind.,
George C. Forrey Jr. of Anderson, Ind., and Joseph T. Elliott
of Indianapolis; Treasurer, George Elliott of Indianapolis;
Secretary, C. L. Chambers of Indianapolis. 'rile Cincinnati office will be in charge of Messrs. Breed and Bryson;
the Indianapolis office will be operated by Messrs. Forrey
and George Elliott and the Chicago office will be directed
by Edgar Elliott.
C. Cassels, who until recently was connected with
the Bank of Montreal at London, has become associated
with William P. Bonbright & Co. at the New York office
of that firm, with the view of becoming a general partner
therein upon his return to London a few months hence.
Mr. Cassels is a Toronto man by birth and has had a wide
experience with banking conditions in this country as well
as Canada and England. His association with the Bank of
Montreal dated from 1885. He was active in the management of several of its most important branches.
-"rhe Bank and the Newspaper" is the theme of an address recently delivered by Fred. W. Ellsworth, Publicity
Manager of the Guaranty Trust Co. of this city, before the
State Secretaries Section of the American Bankers' Association at the annual convention at Detroit last month, and
now reprinted in booklet form. Mr. Ellsworth discusses
the relations of the banks with the newspapers in his usually
interesting and vigorous style, and what he says should be
of interest to both the bankers and the newspapers. Free
copies of this booklet will be mailed on application to the
Guaranty Trust Co., 28 Nassau St., N. Y.
-Hereafter all coupons due and payable by tlie Guaranty
Trust Co. 28 Nassau St., should be presen ted for payment
at the Standard branch of the company, 25 Broad St.,
'
formerly the Standard Trust Co. The stocks and bonds
of all companies for which the Standard Trust Co. has heretofore acted as transfer agent or regiStrar will now be transferred or registered by the Guaranty Trust Co. at its main
office, 28 Nassau St.
-Spencer Trask & Co. and Harris, Forbes & Co. of this
city are advertising in to-day's "Chronicle" their joint
offering of $2,000,000 Wiscons n Gas & Electric Co. 1st
mortgage 5% bonds, *due 1952. Price 98A and interest.
See advertisement and our "General Investment News"
Department for particulars.
-Pingree, McKinney & Co., Boston, are offering a block
of the $1,000,000 5% gold bonds, series B, of the Central
Vermont Transportation Co. (Steamship) guaranteed principal and interest by endorsement by the Central Vermont
Ry. Co.(Grand Trunk Ry. System)(see V. 94, p. 1695).
-Coupons due Nov. 1 1912 from Chicago Terminal 1st M.
4s of Minn. St. Paul & Sault Ste. Marie Ry. will be paid
at agency of Bank of Montreal, New York.
OCT. 26 1912.]
Tomutertial
THE CHRONICLE
Times.
1137
COTTON.
Friday Night, Oct. 25 1912.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
512,935 bales, against 500,942 bales last week and 421,208
bales the previous week, making the total receipts since
Sept. 1 1912 2,828,367 bales, against 2,986,415 bales for the
same period of 1911 showing a decrease since Sept. 1 1912
of 158,048 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
25,856 23,034 46,232 24,278 31,651 29,363 180,414
Texas City
7,725
3,1'70 3,825 4,312 4,253
1,399 24,684
Aransas Pass,&c.
2,483
2,483
New Orleans_ __ _ 10,832 10,824 10,677 14,211 12,606 13,079 72,229
Mobile
1,521
1,91)4
3,623
2,53'7
1,902
1,247 12,824
Pensacola
_ _
____ 13,500
412 13,912
Jacksonville, &c.
1,000
1,000
Savannah
16,880 2(1,149 19,474 11,472 14,372 16,945 99,292
Brunswick
20,500 20,500
Charleston
2,947
6,278
2,737 2,113 4,394
4,598 23,067
Wilmington ___ _
3,550 2,867 4,473 4,726 3,689
2,885 22,190
Norfolk
4,
4
250 4,031 33,159
N'port News, &c. --------------------------2,078 2,078
_Boston
345
601
1)1
64
4,'7
54
Baltimore
4,530 4,500
,
Philadelphia- -----------------2
2
Totiasthialvprir
IA GRA IA R95 07 ARK RR R01 09 RR1 MA RA5519 AftS
,tThe following shows the week's total receipts, the total
since Sept.1 1912, and stocks to-night, compared with 1911:
Stock.
1912.
Receipts to
October 25.
1911.
This Since Sep
Week. 1 1912.
This Since Sep
Week. 1 1911.
Galveston
180,414 1,313,082 137,563 1,047,977
Texas City
24,684 202,745 36,206 143,418
Aransas Pass. &e. 2,483
59,623 3,298
17,236
New Orleans _
_ 72,229 227,609 52,165 201,883
Mobile
12,824
62,233 17,756
93,508
Pensacola
13,912
17,607 10,500
33,360
1,000
Jacksonville, (ke
3,860
3,474
10,909
Savannah
99,292 437,108 121,416 828,957
20,500
89,700 21,540 104,895
Brunswick
23,067 128,182 18,989 144,052
Charleston
'Georgetown
135
Wilmington _ _ _ _ 22,190 135,624 26,410 153,646
33,159 133,397 31,113 162,914
Norfolli
_
6,395
2,078
512
Newport News,.Sce
iio
672
New York
•
601
1,766
2,506
3,273
Boston
3,846
9,454
12,079
4,500
Baltimore
2
2
Philadelphia ____ •
.-,9
Total
1912.
1911.
354,297
60,243
1,478
121,874
34,043
182,522
11,617
82,769
53,562
1,032
161,114
25,802
52,111
212,701
6,674
63,539
26,217
46,524
32,507
30,889
120,336
2,077
5,866
9,154
78,800
2,447
8,854
2,671
n9r. 9 5951 RAI AR7 009 9 ORA Al., 1 099 lilla
'7,1 MK9
We give below the totals at leading ports for six seasons:
1907.
1911.
1910.
1909.
1908.
180,414
-Galveston _ _ _
27,167
Texas City,&e
72,229
New Orleans_
12,824
Mobile
99,292
Savannah __ _
20,500
Brunswick _ _ _
23,067
Charleston,&c
22,190
Wilmington_ _
33,159
Norfolk
•
2,078
N'port N.,&c.'
20,015
All others__ __
137,563
39,504
52,165
17,756
121,416
21,540
18,989
26,410
31,113
153,610
13,281
50,573
14,500
74,527
5,495
17,979
21,191
30,034
727
8,915
130,518
1,563
71,844
15,008
101,035
17,390
15,282
18,594
36,821
298
11,718
168,898
3,840.
92,681:
19,198,
71,592;
14,740
10,7241
19,113,
27,8321
276,
11,966;
74,700
5,430
65,410
18,986
88,779
12,128
13,810
23,211
25,533
1,388
9,693
Total this wk_
487,092, 390,S31
420,071
440,660;
337,068
Receipts at-
1912.
512,935
20,636
I
Since Sept. 1_ 2,828,367 2,986,415 2,519,282 2,826,881 2,595,114 1,901,505
The exports for the week ending this evening reach a total
of 393,258 bales, of which 157,261 were to Great Britain,
51,693 to France and 184,304 to the rest of the Continent.
Week ending Oct. 25 1912.
Exported to
E:ports
from
-
From Sept. 1 1912 to Oct. 25 1912.
Exported to
-
Great
Coat
Great
Britain. France. neat. Total. Britain. France.
ContInent.
Galveston _ .. 68,702 12.9691 66,473 148,144 432,722 120,924 321,66
6,451
38,487
97,588
6,451 30,296
Texas City.. _ 23,845
Aransas
11,20
17,15'
18,875
Pass, &e_
19,0
37,78
New Orleans 29,376 5.4211 20,609 55,406 65,922
3,43
17,303
9 162
Mobile
13,91'
3,695
13,912
Pensacola
13,9121
119,41
28,31
34,454
Savannah _ _ 9,667 14,4451 42,384 66,496
29,14
31,057
Brunswick
20,493
5,0091 33,80
13,200 13,200
Charleston
28,955 22,2381 54,6
13,604 13,604
Wilmington_
5001 10,59
Norfolk
5001 5,000 5,500
12,2811 56,13
78,207
New York_ _ 9,816 4,446 8,257 22,519
67
38,468
250 6,943
6,693
Boston __ _
17,23
1,729 1,729
2,496
Baltimore
1,10
8,420
Philadelphia.
22,09
6,347 6,347
6,347
San Fran
1,45
Pt. Towns'd
Total
Total.
875.312
142,526
47,230
120,774
20,738
17,607
182,186
60,204
59,293
105,843
11,093
.14,603
39,141
19,730
9,520
22,098
1,450
1,881,348
157,261 51,693184,304393,258 876,655
Total 1911__ 176,820 53,923170,890401,6331,009,786 286,670 875,51 2,171,971
-New York exports since Sept. 1 include 13,123 bales Peruvian to Liverpool.
ttltNote.
/In addition to above exports, our telegrams to-night also
give us the following amounts of cotton„on.s'shipboard, not
cleared, at the ports named.
On7Shipboard, Not Cleared for
Great
OCt.'25 'at - Britain. France
Other
Germany. Foreign
Coastwise.
Total.
Leaving
Stock.
6,046
233 31,018
7,907
2,918 13,914
4,270 171,339
44,921 40,799 40,963 40,386
1,300
25,900
20,000 4,600
3,000
8,00
5,000
fon 10,891
900 3,852 5,139
5,000
21,000 26,000
8,700
.
3;665 1,000 2,200 2,566
57,000
25,000 4,000
28,000
90,856
182,958
135,214
44,111
23,152
20,524
111,636
74,889
Totar1912 _ _ 104,739 64,165 90,509 52,932 26,903 338,848
• Total 1911 _ _ 86,157 14,982 67,725 27,687 17,885 214,436
• Total 1910_ - 111,726 24,786 73,110 29,906 20,555 260,083
683,320
553,116
428,353
New Orleans_ _
Galveston _ _ _ _
_
Savannah _
Charleston_ _ - _
Mobile
Norfolk,
New York_ __ _
Other ports _ _ _
THE CHRONICLE
1138
[VoL. Lxxxxv.
-The highest, lowest and closing prices at
Speculation in cotton for future delivery has been on a • FUTURES.
moderate scale. Prices, after declining for a time, turned, New York the past week have been as follows:
upward, owing to small ginning in the Eastern belt, a fear
1 21 21 VI 21 11 `,V 11 21 21 5
of frost in the Western belt, an increased demand from
81
t ',1
spinners,. stronger spot markets (which show an unusually
2 2. 6
high basis for the better grades), and,finally,heavy buying
al @ I lj tl c
21 al n :I
@I
n
ci
for Liverpool account in undoing straddles. That is to say,
00
ci
0J 21 21 21 21
the straddle was originally made by buying in Liverpool and
21 6
711 6 1 • • 1
11
h.10
ON
selling here. Naturally, in undoing it there has been a
I I 00 0 000 C. ho
RR RR
ii
i 0101
good deal of selling in Liverpool and a corresponding amount
cc;
00
of buying here. This buying was done by very important "g"
01 .c.,
hh
spot interests,and has played a very important role in the
Oh 00 t7c1
week's transactions. Memphis and the South have also
c;o
00 II ..::'4 .. .. ci
C : G a :)
e ,4 .. cr4 C,:4
bought to some extent at times. At one time Waldorfin 00. N
,..
N0
g:
II oc:aq 11 0012 g.
Astoria interests also bought. So did the rank and file of
CO
0000 00 .. 2.
00
CC ,C4 2° 0
64
.. .. ..
7
shorts, who became alarmed at the increased resistance
-ZSO
@I
V. •
which the market showed when it reached a certain
ON ®. 2. ®,,. @0
. c1
I
I
1
.... ..,
'1'1 00 .7:2 : . 00
@1'VI , :2
..
oR t:
level. Attention has been drawn to the fact that the
00 __ _- "- 12
..411 22 12 22 12 12
movement of the crop east of the Mississippi River has not
..„. NOD
ml
I'S
on the whole come up to expectations. Also, the cotton goods
cc 1,1 ipc,.
IN.
Is
C73 •
00
0
business on this side of the water continues active at very
.. 2 00 0 . oc;
.-,
.
7
profitable prices. Manchester's trade is also reported good,
@
1 0 1, -0 21 21 @)1
.
•
ON
even if some rumors have been circulated to the effect that
N.!
N 'I". v.111 'IR RC:
oo oo oo 00
Turkey has countermanded some of its .orders. Not only
.,... 12 ..,.. .. .-..
II
12
.n IN NO a0,
1
has there been an expanding business in cotton goods on this
:: If4o., cvq.
N
t-.tt
NR
'IR 'IR lu. NN II iON
side of the water, but also a very large trade in woolens and
00 -7
oo
00
0. 2 CO 00 2 00
......
'
614
.
worsteds. This, together with the revival in general business
.2
@. @I @1 in 0000 @)
O'3 •
in the U.S., has tended to confirm some members of the trade
no,
NN
E.40
in the belief that sooner or later the price of raw cotton is
00 00
00
CO -. 18 00 II CO
00
.....
likely to advance to a considerably higher level than it now
on
ci
In
11 WO
occupies. Furthermore, the time has now arrived when killCo
CO
00
ing frost over a considerable area of the belt would not be
@I @)1 01
C.
@I @I
surprising. Certainly the trade is on the qui vive for this
NO
NO
ci
R”:
great event of the season. Meantime opinions differ widely
RR
00
Co
as to the size of the crop. There is nothing surprising
I I 00
Oh Nn 40 1 I 0. iO Nio 100 0.0
ON
But while some are
about this. It happens every year.
mci
N
0.01
00 2 .0 0 0.
00
CO
insisting that the yield is in the neighborhood of 14,500,000
. CO 00
1
ts• •
to 15,000,000 bales, others are quite as firm in the convic@
@ @I @I @I @I @4 @I
000
Oet.
co
n hh
tion that the crop is not much, if any, over 14,000,000
ci
.CT!
00
that figure.
CO 12 00 11 22 12 28 12 12
bales, and not impossibly is something under
They lay stress on the moderate receipts in the Eastern
gg gg gg gg gg a
gg
gg a
section of the belt, even admitting that of late there has
1 C40S. .2tcg4-081gV1g94u1PV81g8 a6 18 4C3Y.c1l=%4"65g1c
been some increase in the crop movement there. Moreover,
4
581g81.
14U0.4
while recently sentiment here was almost unanimously bearg
p-z
it has latterly leaned a little more towards the bull side.
ish,
Southern spot markets of late have been noticeably strong.
VISIBLE SUPPLY OF COTTON to-night, as made
Spot sales at Liverpool have been liberal. Recent rainy upTHEcable
by
and telegraph, is as follows. Foreign stocks,
weather is believed to have lowered the grade on both sides as well as the
afloat, are
week's
of the Mississippi River. Assertions are heard that the quently all foreign figures this brought returns, and consedown to Thursday
are
crop is of little better quality than the last one. Good evening. But to make the
for
total the complete
white cotton is reported to be in sharp demand on an abnor- to-night (Friday), we add the item of exportsfigures the
from
mally high basis. To-day prices advanced sharply, owing
including in it the exports of Friday only.
to the smallness of the ginning up to Oct. 18 in Georgia and United States,
October 251912.
1911.
1910.
1909.
other parts of the Eastern belt as reported by the Census Stock at Liverpool
bales. 608,000 399,000 412,000 672,000
Bureau, predictions of frost and a big demand to cover Stock at London
7,000
5,000
5,000
10,000
14,000
34,000
25,000
20,000
shorts. The total ginned was 6,838,841 bales, against 7,- Stock at Manchester
758,621 bales in the same time last year, including 3,214,222
Total Great Britain stock
643,000 424,000 431,000 713,000
8,000
12,000
10,000
11,000
in Texas, against 2,700,037 last year-one extreme-and Stock at Hamburg
191,000
109,000
102,000
179,000
Stock
only. 788,570 bales in Georgia, against 1,552,718 last year Stock at Bremen
136,000
86,000
86,000 232,000
at Havre
2,000
2,000
2,000
2,000
-the other extreme. Georgia had more weight for the time Stock at Marseilles
11,000
8,000
7,000
12,000
thanTexas. Spot cotton closed at 11.25c. for middling Stock at Barcelona
17,000
20,000
15,000
3,000
Stock at Genoa
3,000
uplands, showing an advance for the week of 30 points.
2,000
4,000
Stock at Triests
5,000
The rates on and off middling, as established Sept. 11 1912
Total Continental stocks
357,000 241,000 230,000 449,000
by the Revision Committee, at which grades other than
Total European stocks
1,000,000 665,000 661,000 1,162,000
middling may be delivered on contract, are as follows:
India cotton afloat for Europe__ _
26,000
18,0003
39,000
T .4 ,. . . . ,. . .
.1 II II
•-•0
1.-1 v-I
TO
1
'
VI
••4 I
-I
@
I
1`.1
®
@
CO1
@
ill
r
i
10
"..1
V
..
04
1
N.
•-1,1
Fair
c 1.50 on
Strict mid. fair_ __ _1.30 on
Middling fair
1.10 on
Strict good mid _ _0.68 on
Good middling_ _ _0.46 on
Strict middling. _ _ _0.24 on
Basis
c
Middling
0.35 off
Strict low mid
0.80 off
Low middling
Strict good ord___ _1.40 oft
Good ordinary _ _ _ _2.15 oft
Strict g'd mid. tgd_0.33 on
Good mid tinged_c_ Even
Strict mid. tinged 0.15 off
Middling tinged_ 0.30 off
Strict low mid.ting.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. 19 to Oct. 25Middling uplands
Sat.
10.90
Mon. Tues. Wed. Thurs. Fri.
10.90 11.00 10.95 11.05 11.25
NEW YORK QUOTATION FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 25 for each of the past 32 years have been as follows:
1912_0
1911
1910
1909
1908
1907
1906
1905
11.25
9.45
14.60
14.40
9.35
10.95
10.95
10.65
1904_0
1903
1902
1901
1900
1899
1898 _
1897
10.05
10.20
8.70
8.38
9.44
7.31
5.44
6.06
1896_c
1895
1894
1893
1892
1891
1890
1889
•
8.00
8.56
5.81
8.31
8.31
8.44
10.12
10.50
1888_c
1887
1886
1885
1884
1883
1882
1881
9.81
9.62
9.25
9.81
9.75
10.62
10.88
11.62
.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday__
Monday____
_
Tuesday- _
Wednesday
Thursday __
Friday
Futures.
Market
Closed.
Quiet, 5 pts. deo___ Barely steady_ _
Quiet
Steady
Quiet, 10 pts. adv.. Steady
Quiet, 5 pts. deo
Steady
Quiet, 10 pts. adv_ Barely steady
Quiet, 20 pts. adv.. Steady
TotaL
SALES.
Spot. Coulee: Total.
50
100
200
350
-300
1,300
100
1,700
Amer. cotton afloat for Europe
886,487
Egypt,Brazil,&c.,afit.for Europe.. 65,000
Stock In Alexandria, Egypt
177,000
Stock in Bombay, India
289,000
1,022,168
Stock in U. S. ports
Stock in U. S. Interior towns__- 485,258
93,005
U. S. exports to-day
960,758
40,000
91,000
238,000
767,552
583,506
53,800
751,40
5
68,000
142,000
191,000
688,436
471,775
28,981
816,169
42,000
123,000
103,000
889,429
530,365
66,541
4,056,918 3,417,616 3,066,597 3,758,504
Total visible supply
Of the above, totals of American and other descriptions arc as follows:
American
591,000
bales. 468,000 297,000 335,000
Liverpool stock
13,000
11,000
16,000
29,000
Manchester stock
198,000 424,000
331,000 205,000
Continental stock
886,487 960,758 751,405 816,169
American afloat for Europe
1,022,168 767,552 688,436 889,429
U. S. port stocks
583,506 471,775 530,365
485,258
U. S. Interior stocks
53,800
28,981
93,005
66,541
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &o. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
• Total East India, &o
Total American
3,301,9182,880,616 2,484,597 3,346,504
140,000
10,000
9,000
26,000
39,000
65,000
177,000
289,000
102,000
5,000
7,000
36,000
18,000
40,000
91,000
238,000
77,000
5,000
3,000
32,000
63,000
69,000
142,000
101,000
81,000
7,000
5,000
25,000
26,000
42,000
123,000
103,000
755,000 537,000 382,000 412,000
3,301,918 2,880,616 2,484,597 3,346,504
4,056,918 3,417,616 3,066,597 3,758,504
• Total visible supply
6.16d.
5.17d,
Middling Upland, Liverpool
7.78d.
7.71d
0.50o.
Middling Upland, New York_ _ 11.250.
14.75o.
14.75c.
10.00d.
Egypt, Good Brown, Liverpool
10 Xd.12 13-16d. 11 11-16d
9.75d.
Peruvian, Rough Good, Liverpool 10.00d.
10.50d.
9.00d.
6 1-16d,
7
Broach, Fine, Liverpool
514d.
71-mod.
6.00d, 55-16d.
7 3id.
6'%d.
Tinnevelly, Good, Liverpool
Continental imports for the past week have been 211,000
-565 bales.
50
The above figures for 1912 show an increase over last week
100
1,500 of 317,114 bales, a gain of 639,302 bales over 1911; an ex100
cess of 990,321 bales over 1910 and a gain of 298,414 bales
2,050 over 1909.
'
• _• •
OCT. 26 1912.]
THE CHRONICLE
1139
AT THE INTERIOR TOWNS the improvement-that is,
NEW ORLEANS OPTION MARKET.
-The highest,
the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New
for the week and the stocks to-night, and the same items Orleans cotton market for the past week have been as follows:
for the corresponding period for the previous year-is set
out in detail below.
Sarday, Monday, Tuesday, Wed'day, Thursd'y' Friday,
Oct. 19. Oct. 21. Oct. 22. Oct. 23. Oct. 24. Oct. 25.
?4
,
0
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Receipts.
C/1
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.
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Movement to October 27 1911.
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Movement to October 25 1912.
WW
Receipts.
Week. I Season.
.
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4
4
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• Last year's figures were for Louisville, Ky.
OVERLAND MOVEMENT FOR THE WEEK • AND
SINCE SEPT. 1.
-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
1912
October 25
ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &o
Week.
12,274
10,209
250
2,260
3,107
5,398
12,983
Since
Sept. 1.
34,732
19,035
300
7,070
6,815
14,937
38,882
121,771
46,481
Total gross overland
Deduct shipments
Overland to N. Y., Boston, &c___ 5,103
11,222
Between interior towns
697
5,186
Inland, dec., from South
1,275
11,144
Total to be deducted
Leaving total net overland*
1911
Week.
14,924
a7,724
105
5,498
692
6,893
15,869
Since
Sept. 1.
42,454
a31,692
283
14,878
3,170
22,087
36,540
51,705
151,095
6,662
428
385
16,015
3,815
8,957
7,075
27.552
7,475
28,787
39,406
94,219
44,230
122,308
'Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 39,406 bales, against 44,230 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 28,089 bales.
1912
1911
Since
Since
In Sight and Spinners'
Week.
Sept. 1.
Week.
Sept. 1.
Takings.
512,935 2,828,267 487,092 2,986,415
Receipts at ports to Oct. 25
25_39,406
94,219
44,230
122,308
Net overland to Oct.
440,000
47,000
324,000
Southern consump'n to Oct. 25_ _ _ 56,000
October
Range
Closing
November
Range
Closing
December
Range
Closing
January
Range
Closing
February
Range
Closing
March
Range
Closing
May
Range
Closing
July
Range
Closing
Tone
Spot
Options
- @ .80 10.72-.75 10.82-.90 10.73-.82 10.80-.91 10.91-.13
10.79-.80 10.73 -10.83-.85 10.80-.82 10.82-.85 11.10-.12
- ® -- ® -- ® -10.86 -® -® 10.67-.69 10.63-.65 10.71-.72 10.73-.75 10.73-.75 10.99-.01
10.65-.80 10.58-.68 10.71-.80 10.64-.74 10.72-.85 10.78-.03
10.67-.68 10.65-.66 10.74-.75 10.72-.73 10.76-.77 11.01-.02
10.70-.83 10.60-.71 10.74-.83 10.67-.76 10.75-.89 10.80-.06
10.70-.71 10.69-.70 10.76-.77 10.74-.75 10.79 -11.03-.04
_ ® _ _ ® -- ® ___- ® _ _ ® _ ___. ® __
10.72-.74 10.71-.73 10.78-.80 10.77-.79 10.81-.83 11.05-.07
10.86-.99 10.76-.87 10.90-.99 10.83-.92 10.91-.05 10.95-.21
10.86-.87 10.85 -10.92 -10.91-.92 10.95-.96 11.20-.21
10.97-.10 10.87-.97 10.01-.10 10.94-.03 11.03-.16 11.09-.34
10.97-.98 10.96-.97 11.03-.04 11.01-.02 11.06-.07,11.31-.32
11.15-.18 11.05-.06 11.11-.17 11.05-.08 11.15-.20 11.27-.44
11.09-.10 11.06-.08 11.13-.15 11.12-.13 11.16-..17,11.41-.43
Steady.
Easy. Steady. Steady. Firm.
Firm.
Steady. Very sty. Very sty. Steady. Steady. Bely s'y
CENSUS BUREAU REPORT ON COTTON GINNING
TO OCT. 18.
-The Census Bureau issued on Oct. 25 its report on the amount of cotton ginned up to Oct. 18 from .the
growth of 1912 as follows, comparison being made with the
returns for the like period of the preceding years:
Number of bales of cotton ginned from the growth of 1912 prior to
Oct. 18 1912, and comparative statistics to the corresponding date in 1911,
1910 and 1909.
Counting Round as Half Bales
-1912.
1911.
1910.
1909.
Alabama
585,279
838,617
525,226
512,323
Arkansas
297,552
278,238
161,363
330,884
Florida
23,311
43,009
27,238
35,006
Georgia
788,570 1,552,718
912,612 1,113,341
Louisiana
198,580
176,904
113,770
143,977
Mississippi
347,357
386,016
358,851
390,096
North Carolina
356,081
438,266
250,141
255,040
Oklahoma
398,113
396,739
421,625
329,429
South Carolina
539,514
788,927
516,232
824,301
Tennessee
66,587
125,791
57,769
101,250
Texas
3,214,222 2,700,037 2,070,261 1,675,428
United States
6,838,841 7,758,621 5,423,628 5,530,967
The report includes 41,753 round bales, as compared with 53,605 last
year, 55,105 in 1910 and 88,716 in 1909. The number of bales of sea island
cotton included is 15,704. This compares with 40,303 last year, 25,691 in
1910 and 36,482 in 1909.
-Craig & Jenks have just issued the sixth annual edition
of their "ten-year cotton statement" chart. The chart,
which is gotten up in convenient form for hanging up, gives
a great amount of information of special value to all who
are interested in cotton.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
-We give below a statement showing the exports of domestic
cotton manufactures for August and for the eight months
ended Aug. 311912, and, for purposes of comparison, like
figures for the corresponding periods of the previous year and
also presented:
Manufactures
Cotton Exported.
Month ending Aug.31.8 Mos. ending Aug. 31.
1912.
1911.
1912.
1911.
Piece goods
Piece goods
Clothing, &c.
-Knit goods.
Clothing, dec.-All other
Waste cotton, dm
Yarn
All other
yards 33,690,523 32,042,886 327,406,286 250,989,982
value $2,286,088 $2,188,029 $21,442,487 $17,706,886
331,827
186,878 1,479,468 1,211,440
value
726,695
485,739 5,485,752 3,950,392
value
351,245
235,603 2,613,209 2,267,086
value
69,138
42,137
400,474
382,689
585,214
value
492,616 4,399,447 3,677,227
Total manufactures of
value $4,350,207 $3,631,002 $35,820,837 $29,195,720
-A little handbook of cotton statistics has recently been
issued by Mr. Thomas Sinclair, its compiler. Containing
a considerable volume of statistics of much value to those
608,341 3,362,586 578,322 3,432,723 interested in cotton, the book is nevertheless of a size to be
Total marketed
388,222
40,140
483,069 conveniently carried in the pocket.
80,349
Interior stooks in excess
658,671
Came into sight during week__ _648,481
WEATHER REPORTS BY TELEGRAPH.-Advices to
3,915,792
3,750,808
Total in sight Oat. 25
us by telegraph this evening denote that while there has been
North'n spinn's takings to Oct. 25 89,124
413,038
314,698 101,437
rain in some sections favorable weather has been quite the
Movement into sight in previous years.
rule over the South during the week, and the gathering of the
WeekBales.
Since Sept. 1Bales.
1910-Oct. 28
562,159 1910
-Oct. 28
3,359,328 crop has consequently progressed rapidly. Temperature
1909-Oct. 20
561,410 1909
-Oct. 29
3,809,055 has been lower, with light
frosts reported in some localities,
1908-Oct. 31
610,866 1908-Oct. 31
3,625,058
QUOTATIONS FOR MIDDLING COTTON AT OTHER but no damage to cotton is referred to.
MARKETS.
-Below are the closing quotations of middling
Galveston, Tex.
-We have had no rain during the week.
cotton at Southern and other principal cotton markets for The thermometer has ranged from 58 to 81, averaging 70.
each day of the week:
-Rain has fallen on one day during the
Brenham, Tex.
week, the rainfall reaching eighty-two hundredths of an inch.
Closing Quotations for Middling Cotton onAverage thermometer 68, highest 86 and lowest 50.
Week Ending
-We have had rain on day one of the past
Cuero, Tex.
October 25. Sat'day. Monday. Tuesday. Wed'day. Thursd'y, Friday.
week, the rainfall being four hundredths of an inch. The
10 15-16 11
Galveston ._ _ 11
11
11 3-16
11
thermometer has averaged 71, the highest being 90 and the
100%
100%
New Orleans.- - 100%
10%
10 13-16 10 15-16
lowest 52.
10 11-16 10 11-16 10 11-16 100%
Mobile
10 11-16 100%
10 9-16 100%
10/s
100%
Savannah
100%
10 13-16
-Dry all the week. The thermometer has
Dallas Tex.
10%
100%
10 0-16 100%
Charleston
100%
100%
averaged 64, ranging from 40 to 88.
'
10%
100%
Wilmington_ ..
10 9-16 10%
10 %
100%
000%
11 %
10 11-16 100%
Norfolk
100%
Henrietta, Tex.
-It has been dry all the week. The ther100%
100%
10%
Baltimore
100% 100%
100%
100%
mometer has ranged from 40 to 84, averaging 62.
11.25
11.15
11.20
11.15
Philadelphia
11.30
11.50
10 13-16 10 13-16 10 13-16 11
10'%
Huntsville, Tex.
Augusta
-There has been no rain during the week.
100%
11
11
11
Memphis
11
11
110%
Average thermometer 65, highest 84 and lowest 40.
11%
110%
11 %
St. Louis
11%
110%
110%
13-16 10 15-16 10 15-16 11
Kerrville, Tex.
-We have had rain on one day of the past
Houston
10 15-16 10
110%
10%
100%
Little Rock_ __ - 100%
100%
10 t
100%
week, the rainfall being six hundredths -of an inch. The
1140
THE CHRONICLE
thermometer has averaged 63, the highest being 82 and the
lowest 44.
-We have had no rain during the week.
Lampasas, Tex.
The thermometer has averaged 65, ranging from 44 to 86.
Longview, Tex.
-We have had light rain on two days of
the week, the rainfall being fourteen hundredths of an inch.
The thermometer has ranged from 44 to 82, averaging 63.
Luling, Tex.
-Rain has fallen on two days during the week,
the rainfall reaching five hundredths of an inch. Average
thermometer 68, highest 86 and lowest 50.
Nacogdoches, Tex.
-Rain has fallen on one day during the
week, to the extent of twenty hundredths of an inch. The
thermometer has averaged 65, the highest being 84 and the
lowest 46.
Palestine, Tex.
-Rain has fallen on one day of the week.
the rainfall being four hundredths of an inch. The thermometer has averaged 66, ranging from 48 to 84.
Pai•is, Tex.
-Rain has fallen on one day during the week.
the rainfall reaching eight hundredths of an inch. The thermometer has ranged from 40 to 80, averaging 60.
San Antonio, Tex.
-Dry all the week. Average thermometer 69, highest 86, lowest 52.
Taylor, Tex.
-No rain this week. Minimum thermometer
48.
Weatherford, Tex.
-It has rained on one day during the
week, the rainfall being fourteen hundredths of an inch.
The thermometer has averaged 59, ranging from 38 to 80.
Tulsa, Okla.
-There has been rain on one day during the
week, the precipitation being forty-three hundredths of an
inch. Average thermometer 57, highest 81 and lowest 32.
New Orleans, La.
-It has rained on one day of the week,
the rainfall being twenty-three hundredths of an inch. The
thermometer has averaged 68, the highest being 82 and the
lowest 54.
Shreveport, La.
-There has been no rain the past week:
The thermometer has averaged 68, ranging from 48 to 87.
-Light frost has been reported. There has
Helena, Ark.
been light rain on three days of the week, tbe precipitation
reaching ninety-seven hundredths of an inch. The thermometer has ranged from 40 to 71, averaging 59.5.
-There has been rain on two days during
Little Rock, Ark.
the week, the precipitation being seventy-seven hundredths
Average thermometer 62, highest 80 and
of an inch.
lowest 43.
-We have had rain on two days of the
Meridian, Miss.
past week, the rainfall being one inch and ninety-six hundredths. The thermometer has averaged 60, the highest
being 78 and the lowest 42.
-There has been rain on two days of the
Vicksburg, Miss.
week, the rainfall being one inch and eight hundredths. The
thermometer has averaged 64, ranging from 44 to 83.
-Weather favorable for picking. Light frost
iVlobile, Ala.
has occurred in the upper part of this district, but without
damage to cotton. There has been rain on two days of the
past week, the rainfall being five inches and twenty-five hundredths. The thermometer has ranged from 42 to 81,
averaging 68.
-There has been rain on four days during
Montgomery, Ala.
the week, the precipitation being one inch and nineteen hundredths. Average thermometer 61, highest 79 and lowest 42.
-Rain has fallen on five days of the week, the
Selma, Ala.
rainfall being three inches and twenty-three hundredths. The
thermometer has averaged 62, the highest being 75 and the
lowest 42.
-There has been rain on two days of the
Madison, Fla.
week, the precipitation reaching two inches and eighty hundredths. The thermometer has ranged from 49 to 81, averaging 69.
Savannah, Ga.-Rain has fallen on four days of the week,
to the extent of seventeen hundredths of an inch. Average
thermometer 68, highest 79, lowest 48.
Washington, Ga.-Rain has fallen on four days of the week,
the rainfall being one inch and fifty-five hundredths. The
thermometer has averaged 58, the highest being 75 and the
lowest 40.
-There has been rain on four days of the
Charleston, S. C.
week, the rainfall being thirty hundredths of an inch. The
thermometer has averaged 69, ranging from 49 to 78.
-There has been rain on four days during
Charlotte, N. C.
the week, the precipitation being eighty-seven hundredths
of an inch. Average thermometer 56, highest 72 and
lowest 40.
-It has rained on one day during the
Dyersburg, Tenn.
week, the rainfall being thirty-five hundredths of an inch.
The thermometer has averaged 58, the highest being 80 and
the lowest 36.
-There has been rain on three days of
Memphis, Tenn.
the week, the rainfall being one inch and twenty-three hundredths. The thermometer has averaged 60, ranging
from 41 to 79.
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates giv n:
oct. 25 1912. Oct. 27 1911.
Feet.
Feet.
8.4
4.0
Above zero of gauge_
New Orleans
18.1
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Below zero
Above zero
of gauge_
of gauge_
of gauge_
of gauge_
0.4
7.1
1.0
6.9
8.1
•3.8
20.4
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1911.
1912.
Week.
Week.
Season.
Season.
Visible supply Oct. 18
131,847
3,739,804
Visible supply Sept. 1
1,603,418
2,135,485 '
American Insight to Oct. 25_ _ _ _
645 481 3,750,808. 658,671 3,915,792
8 00
:0
Bombay receipts to Oct. 24_ _ _ _
44,000
10,000
37,000
Other India ship'ts to Oct. 24_ _
52,000
7,000
'5,000
40,000
Alexandria receipts to Oct. 23_ _
108,600
63,000
214,000, 35,900
Other supply to Oct. 23.
56,000
3,000
5,000
46,000'
Total supply
Deduct
Visible supply Oct. 25
4,464,285 6,223,29313,848,418 5,779,810
4,056,918 4,056,9183,417,616 3,417,616
Total takings to Oct. 25
407,367 2,166,375, 430,802 2,362,194
Of which American
358,387 1,813,375 383,902 1,887,594
Of which other
49,000
353,000' 46,900
474,600
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
•
INDIA COTTON MOVEMENT FROM ALL PORTS.
_
Oaober 24.
1912.
1911.
1910.
Receipts at
-
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Wee/c.1 Sept. 1.
Bombay
5,000
37,000 10,000
Exports
from-
Total all
1912 _ _
1
1910 ____
3,000
1
1,000
1.666
____
51,000
neat..
Jalogn
ContiCna.' Total.
hi
Great Conti- Japan
I Great
Britain nent, &China; Total. Britain.
Bombay
1912
1911
_ _
1910_..
Calcutta
1912 __ _ _
1911
1910
Madras
1912 __
1011
1910
All othPrs1912
1911 __ _ _
1910 _ _ _
44,000 18,000
Siflee September 1,
For the Week.
1,000,
7,000,
I
2,000,
2.000
6,floo
-
1,000
1,000
2,000
2,000
1,000
2,000
.
2,000
2,000
____
2,000
3,000
2,000
5,000!
5,000 1,000 8,000
2,000 . 6,000 11,000
2,CO3'1,000
16,000
2,000 86,000
3,000, 46,000
7,000 23,000
16,000 ,104,000
1,000,
1,000'
1,001
4,000
5,000
4,000
5,000
6,000
5,000
3,000
2,003
2,000.
1,000;
1,000,
2,000
5,000
4,000
4,000
6.000
5,000
1,006 3;666
1,0001
,
4,0001
4,000,
29,000
35,000
25,000
___.
4,000
1,000
1,000
6,000, 76,000
6,000, 61,000
8,000 119,000
31,000
40,000
29,000
4,000 86,000
8,000 75,000
16,000 143,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
October 23.
1911.
1912.
Receipts (cantars)This week
Since Sept. 1
470,000
1,603,089
1910.
270,000
814688
480,000
1,634,938
This Since
Week. Sept. 1.
To Liverpool
To Manchester
To Continent and India_ _
To America
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
5,750 21,787
7,750 26,250
7,500 33,023
600 4,500
17,039 10,750 41,222
6,750 14,745 6,250 30,308
5,750 29,327 7,500 38,773
1,583 2,000 6,108
21,600 85,560 12,500 62,694 26,500 116,411
Total exports
MANCHESTER MARKET.
-Our report received by cable
to-night from Manchester states that the market is steady
for both yarns and shirtings. Spinners are considered to be
well under contract. We give the prices for to-day below
and leave those for previous weeks of this and last year
for comparison.
1911.
1912.
32s Cop
Twist.
d.
Sept
6 9% 0
13 97 0
20 10 0
27 913-160
Oct.
4 9% (4)
11 9'5 @
18 9% 0
25 9 1-160
8% Ws. Shirt- Cot'n 83 lbs. Shirtins,common Mid.
32s Cop
Twist,
to finest.
Upl's
d. s. d.
s. d. d. d.
10,6
10% 6
11 6
1035 6
2 @II 1
235011 2
2 @112
2 011 2
10% 6
10.. 6
1035 6
103-5 6
1
I
0
0
@II
011
(»11
011
135
135
1
135
ings, common
to finest.
n. s. d.
Upt's
s. d. C.
10% 5
1034 5
1035 5
1035 5
9 ©1010
9 010 103
9 @10103-5
835010 935
7.32
7.18
6.80
6.11
6.32 93-1 0 10 5
0% 5
6.309
m
935 5
6.0) 835
6.16 8 11-160 9% 5
7350 10-S
7 010 735
6 o 10 6
535010 435
5.59
5.31
5.29
5.17
6.629( 0
6.75 935
6.79 911-160
6.59 9 7-16 55
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 393,258 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool
-Oct. 18-Caronia, 2,071___Oct. 23
Baltic, 5,989 upland, 1,756 Peruvian
9,816
To Havre-Oct. 19-Chicago, 2,196_ _ _Oct. 23-Floride, 2,250 4,446
To Bremen-Oct. 18-Prinz Friedrich Wilhelm, 2,655
2,655
Antwerp-Oct. 18-Etonlan, 1,089; Vaderland, 799
To
1,888
To Genoa-Oct. 18-Prinzess Irene, i,248
Oct. 23-Principe dl Piemonte, 550; Taormina, 150
1,948
To Naples-Oct. 18-Prinzess Irene, 499; San Giorgio, 700-1,599
Oct. 23-Carpathia, 400
167
To Trieste-Oct. 22-Argentina, 167
GALVESTON-To Liverpool
-Oct. 19-Custodian, 21,437; NItonian, 14,768; Crown of Castile, 12,584_ _Oct. 24-Dominic, 6,967
55,758
To Manchester-Oct. 2i-St. Hugo, 12,946
12,946
To Havre
-Oct. 18-Strathyre, 7,023 __ _Oct. 19-Helene
Menzell, 5,946
12,969
To Bremen-Oct. 19-Rowanmore,
_ _Oct. 21-Hannover, 9,692 _ _ _Oct. 24-Crown of Seville, 12,674
18,55840,924
To Hamburg-Oct. 19-Virginia, 648._ _Oot. 21-Tredegar
Hall, 2,222 _
__ __ _
__
2,870
To Barcelona-Oct. 21-Balmes, 5,182 __ _Oct. 23-Gerty,
-8,225
13,407
8,972
To Genoa-Oct. 21----kong16ello,8,W7i
300
To Naples-Oct. 21-Mongibello, 300
TEXAS CITY-To Liverpool
-Oct. 14-Barra, 10,898 _ _ _Oct. 21
23,845
Nestorian, 12,947
6,451
To Bremen-Oct. 24-Kyleness, 8,451
THE CHRONICLE
OCT. 26 1912]
1141
These facts have had a stimulating effect onc.
prices, especially as the war reports from Europe
were accompanied by a decline in British Consols and a fall
on the Continental bourses. Winnipeg has reported a good
demand. At times there export firms bought all the wheat
that was offered. Kansas City has also reported a good
deal of export business. Fears that the Dardanelles niight
be closed and rumors that it had actually been closed have
contributed largely to the advance at home and abroad.
The rapid absorption of wheat by domestic mills, as already
intimated, has also been a very significant factor on which
not a little stress has been laid. Yet the receipts continue
very large, the world's stocks showed a considerable increase, the stock at Minneapolis is naturally increasing and
the world's exports for the week were far in excess
of those for thesame time last year. The total was 13,968,000
bushels, against 13,488,000 in the previous week and only
10,160,000 last year. American shipments were no less
than 7,144,000, or more than double the total for the same
week last year. Russia's shipments of 2,208,000 bushels
were about a million bushels larger than in the same week
last year. India's total of 1,528,000 bushels was more than
four times as great as that in the same week last year. It
393,258
Total
is true, on the other hand, that Danubian shipments are
-By cable from Liverpool we have the fol running behind those of last year at this time. SpeculaLIVERPOOL.
week's sales, stocks, &c.,at that port tion of late, moreover, has shown signs of broadening, owing
lowing statement of the
Oct. 25 to
Oct. 18
Oct. 11
Oct. 4
the war news from Europe, the export demand, the rapid
52,000
60,000
61,000
bales_ 61,000
Sales of the week
1,000 disappearance of wheat and the possibility of a more or less
2,000
2,000
2,000
which speculators took
Of
2,000 serious situation growing out of the war in the Balkans,
4,000
2,000
2,000
Of which exporters took
41,000
45,000
44,000
48,000
Sales, American
3,000 whether such an issue of the trouble is really probable or not.
2,000
4,000
4,000
Actual export
94,000 The foreign grain trade in any case is plainly nervous.
89,000
69,000
75,000
Forwarded
487,000 489,000 519,000 608,000
Total stock-Estimated
339,000 347,000 376,000 468,000 To-day prices were irregular.
Of which American
Total bales.
-Oct. 18-7terchant, 9,578___
-To Liverpool
NEW ORLEANS
26,876
Oct. 21-Messina, 4,798__ _Oct. 25, Nubian, 12,500
2,500
-Oct. 24-Albanian, 2,500
To Manchester
5,421
21-Kwarra, 5,421
To Havre-Oct.
10,101
To Bremen-Oct. 19-Californian, 10,101
1,450
To Hamburg-Oct. 19-Bethania, 1,450
50
To Rotterdam-Oct. 18-Maresfield, 50
Oct. 25-Citta di
To Genoa-Oct. 24-Dora Baltea, 104
4,475
Palermo, 4,371
65
To Antwerp-Oct. 22-Chaucer,65
1,000
To Trieste-Oct. 22-Emilia, 1,000
-Martin Saenz,
21-Inez, 1,018._ _Oct. 22
To Barcelona-Oct.
2,418
1,400
1,050
To Venice-Emilia, 1,050
9,162
-Oct. 23-Alexandrian,9,162
-To Liverpool
MOBILE
13,912
PENSACOLA-To Havre-Oct. 23--Santaren, 13,912
9,667
-Oct. 24-Competitor, 9,667
SAVANNAH-To Liverpool
14,445
To Havre-Oct. 19-Longwy, 4,025; Muirfield, 10,420
To Bremen-Oct. 21-Glensloy, 13,275; Radiance, 10,725._ _
30,766
Oct. 23-Archbank, 6,766
7,960
To Barcelona-Oct. 22-Delphine, 7,960
• 3,568
-Oct. 22-Delphine, 3,568
To Genoa
13,200
13,200
CHARLESTON-To Bremen-Oct. 23-Harlyn,
13,604
WILMINGTON-To Bremen-Oct. 24-Mora, 13,604
500
NORFOLK-To Havre-Oct. 24-Longwy, 500
5,000
To Bremen-Oct. 19-Saltburn, 5,000
BOSTON-To Liverpool-Oct. 18-Canadian, 4,993. Oct. 216,693
-Arabic, 1,700
250
To Naples
-Oct. 18-Cretle, 250
1,729
-Rhein, 1,729
BALTIMORE
-To Bremen-Oct. 23
6,347
17-Shinyo Maru, 6,347_
SAN FRANCISCO-To Japan-Oct.
Total imports of the week
Of which American
Amount afloat
Of which American
52,000
80,000 121,000
72,000 103,000
46,000
357,000 418,000 486,000
313,000 365,000 439,000
186,000
177,000
480,000
416,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
NEW YORK.
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts.105 M 105% 106
106
1063 1063
December delivery in elevator..___ 99% 99 M 99% 100% 994 99 h
May delivery in elevator
1033•6 103% 103% 105
104% 104%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator, eta. 92
923. 92
93
93
93
May delivery in elevator
96% 96% 97% 98 % 97% 9734
93% 93% 94
July delivery in elevator
95
94 5
94%
CHICAGO.
Corn has not shown any wide fluctuations, but of late the
tendency has been towards a rather steadier basis of values
Irregular,
in sympathy with wheat, and despite the favorable weather
at the West for curing the crop. It is true that the world's
6.16
6.13
6.17
6.10
6.16
6.07
Mid•Uprds.
shipments last week were 5,532,000 bushels, against 1,639,000 in 1911. The Argentine shipments are very large,
10,000
7,000
10,000
10,000
10,000
9,000
Sales
700
500
800
500
500
500
Spee.&exp.
reaching last week 5,100,000 bushels, though in the previous
week they were even 1,000,000 bushels larger than this.
Quiet,
Steady,
Steady,
Quiet,
Quiet,
Steady,
Futures.
unch. to
102 pts. 3 points
They are enormously in excess of those at this time last year.
Market I gen. 4% 708 pts. 2 points
advance.
decline.
advance. 1 pt. adv.
decline,
J pts. adv.
opened
At the same time the Danubian shipments last week were
Firm,
Firm,
Barely sty. Steady,
only 187,0001 bushels, against 901,000 in the same week
Steady,
Market, 1 Quiet,
)3(43% pts.8@9% pts. 7%(4+10% 5M@83 6(416% pts. 7%08%
4
last year. Russia shipments are also somewhat smaller
r, iki
I nillyanpa
deeline
ntg adv.
Ms. dec.
advance. pts. adv.
than they were a year ago. What is more, the receipts at
The prices of futures at Liverpool for each day are given primary points in this country are very small. Stocks of old
be:ow. Prices are on the basis of upland, good ordinary corn in.the U. S. are admittedly light. Finally, there is the
clause, unless otherwise stated.
possibility that corn may be advanced if wheat quotations
move upward. It is a fact that of late the foreign markets
Fri.
Thurs.
Wed.
Tues.
Mon.
Oct. 19
Sat.
have risen quite noticeably, not only in Liverpool but in
to
Buenos Aires. Largel Chicago speculative interests are still
4
4 12% 4 123( 4 '12
0cm. 25. 12M, 1254 12% 4 123
P.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p m. pan• on the bull side. To-day prices were firm.
1
Market,
12;15 } Moderate
P. M. J demand.
d.
October_ _ ____ 5
5
Oct.
-Nov_
-Dec. ____ 5
Nov.
Dec.-Jan _ ____ 5
-Feb _ ....__5
Jan.
Feb.-Mch. ____ 5
Mott.
-Apr. ____ 5
-May. ____ 5
Apr.
May-June ___ 5
5
June-July
July-Aug_
a
Good
demand.
Good
demand.
Good
demand.
Moderate
demand.
d.
d.
d.
d. d.
d.
d.
d.
d.
d.
d.
92 84% 83% 88 % 94 95 87 M 90 % 94 94 02
91 84 83 87 92% 94 86 89 92% 93 01
85% 78 % 77 80 85 % 87 79 82 85 85% 93%
85 % 78 % 77 80 85 % 87 79 82 85 85 % 93 %
87% 80 M 79 81 % 87 88 80 83 86 86 % 94 %
89 82 80% 83 88 % 89 81 84 % 87% 88 95%
91 83% 82 84 89 % 90 82 85% 88 M 89 97
92 84 % 83 853 90 h 91 83 86 A 89 89 % 98
93 86 84 86 % 91 % 91 % 83% 87 89 A 90 98 %
93 86 % 84 86% 91 % 92 83 87 89 % 90 98 %
931 88/ R4
/
4
1
4
88/ 91 / 91 / 83
1
4
1
4
1
4
87 89 89 % 97%
A
A
BREADSTUFF'S.
Friday Night, Oct. 25 1912.
Flour has been firm, with a fair business. The firmness
of wheat, due partly to the war news from Europe, has had
some tendency to cause increased buying here, though nothing like activity can be recorded. Nevertheless, a certain
sympathy with the wheat market has been clearly apparent.
At the Northwest, the mills have sold quantities about equal
to their output. Mills are running full time and have abundant directions. As a rule, however, export business has
been light. A good demand has prevailed at the Northwest
for first clear, and the demand for second clear is brisk enough
to take care of the flour as fast as it is produced. The total
week's production at Minneapolis, Duluth and Milwaukee
reached 497,165 barrels, against 481,450 in the previous week
and 407,510 barrels in the same week last year.
Wheat has advanced, mainly owing to an increased demand
for both domestic and foreign. It is one of the striking facts
this season that, despite very large receipts at the Northwest,
the increase in stocks has been comparatively slight. This
has occasioned widespread remark. The fact is that before
the wheat could reach the big primary markets it has been
absorbed by local mills and others. And:now comes the war
in the Balkans with its attendant advance in European
wheat markets,large exports from this side and reports of an
enormous new business for export. On a single day the
export clearances from this country approximated 1,000,000
bushels. On Tuesday last some 500,000 bushels were reported sold for export, partly Manitoba. On Wednesday
such sales reached, it was stated, some 880,000 bushels.
NEW YORK.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
eta. nom. nom. nom. nom. nom. nom.
December delivery in elevator_ __ _ nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator,eta. 53 % 53 M 53'4 53% 53'4 53'4
52 % 52 % 52% 52% 52'4 52'4
May delivery in elevator
July delivery in elevator
52'4 52'4 52'4 52'4 52'4 52%
CHICAGO.
Oats, like corn, have not moved decisively either way. At
times they have been inclined to recede somewhat in value.
But in the main, like corn, they have been held up by the
firmness of wheat. Also, however, there has latterly been
a much better export demand. On Wednesday alone sales
of some 715,000 bushels of cash oats were reported at Chicago, of which over half a million bushels were for export.
The receipts at Western points have been liberal and at
times the pressure of country offerings has had some effect
on prices. But of late these offerings have -decreased, while
at the same time, as already intimated, the domestic and
foreign demand has been better. Everybody knows that
the oats crop is the largest on record. The question is
whether the domestic and foreign demand is going to be so
extensive that the crop, big as it is, will be easily handled.
Some are of the opinion that it will be. Others maintain
that when the crop begins to move in earnest some decline
in prices will be no more than what might be expected. Today prices were firm, with trade light, however.
NEW YORK.
DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues. Wed. Thurs. Fri.
eta. nom. nom. nom. nom. nom. nom.
Standards
nom. nom. nom. nom. nom. nom.
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator,cts. 32 M 32'4 32 M 32 % 32% 32 A
May delivery in elevator
345% 345% 34 % 34 % 34 % 34 %
July delivery in elevator
34 M 34 M 34 M 34 % 34 % 34 %
CHICAGO.
.
The.. following are closing quotations:
FLOUR.
Winter, low grades___ _$3 60©$3 95 Kansas straights, sacks_$4 30(0$4 40
patents
5 25
5 40 Kansas clears, sacks__ 4 00(0 4 25
Winter
4 65
4 80 City patents
6 20(0 6 50
Winter straights
4 25
4 30 Rye flour
3 85(4 4 10
Winter clears
4 80Ø 5 10 Graham flour
4 000 4 70
Spring patents
4 600 4 75 Buckwheat,cwt
Nominal
Spring straights
4 500 4 60
Spring clears
[VoL. Lxxxxv.
THE CHRONICLE
1,173
163
525973
377
742
735
1,356
179
5,687
211
5,376
5,274
3,447
5,669
3
390
643
3,661
84
6
2
50
1
____
-iii
____
____
____
-iir
__
---____
____
____
___
----
Total Oct. 19 1912._36,668
770
Total Oct. 12 1912.._ _34,417
371
Total Oct.21 1911_ _61,815
_
, Total Oct.22 1910
37,978
_CANADIAN
Canadian Bonded
Wheal. Wheat.
F Thousandsbush. bush.
_ ___
1,029
Montreal
__ _
Ft.William & Pt.Arhur 8,010
2,389 ---Other Canadian
8
___
4
4
____
37
----
Total Oct. 19 1912....A8,096
Total Oct. 12 1912._ _43,621
Total Oct. 21 1911_ _69,245
Total Oct.22 1910_ _48,393
29
62
10
121
104
172
403
12
-------
--.1
----
1
_ __ _
-__ __
--- -
"iii
77
1,447
791
------- 52
333
158
__-49
-------
987 4,110
3,164 9,129
•37
50 •
35 1,122 2,979
3,573 9,412
37
962 4,213
3,110 21,768
__ _
421 2,843
2,996 16,989
GRAIN STOOKS.
Canadian Bonded
Canadian Bonded
Corn. Oats. Oats, Rye.Barley. Barley.
bush. bush. bush. bush, busk. bush.
_
16
310
71
58
916
_
-_
233
-
----
770
371
____
-
43
3
---1
----
-55 1,65i 1::
16 1,459
35
854
339 4,911
97
576
SUMMARY:
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
&fish. bush. bush. bush. bush.
36,668
770 3,164 9,129
37
16 1,459 ---11,428 -_-_
Total Oct. 19 1912_ _ _11,428
Total Oct. 12 1912_ - _ 9,204
7,430
L Total Oct. 21 1911
t Total Oct. 22 1910__ A0,415
Is ThousandsAmerican
Canadian
117 1,010
5
145
9
243
10 1.971
215
107
17
422 "388
124
603
119
80
1,305 1,620
59
305
____ 345
4
618
24
295
35
43
322
77
273
359
153
580
93
---118
3,180 10,588
3,608 10,266
3,449 26,679
3,093 17,565
7158
42
73
- -- 33
____
-_
---__
Bonded
Rye. Barley. Barley.
bush. bush. bush.
987 4,110
50
68
71
37 1,08 4,168
35 1,164 3,052
962 4,213
__
____
421 2,881
50
37
THE DRY GOODS TRADE.
New York, Friday Night, Oct. 25 1912.
There has been little change in the dry goods situation
dur ng the past week. A steady volume of business is being
put through and fall supplies are disposed of at a rate that
assures of very little carry-over at the end of the year. The
lateness of deliveries continues a source of much anxiety to
buyers, while mills maintain that shipments cannot be made
more promptly, considering the severe congestion of railroad
traffic throughout all mill sections and the disadvantages
they are under regarding labor. In cotton goods prices
are firm, despite the decline in the 'price of the staple, and
are likely to continue so, owing to the well-sold condition of
mills and the backwardness of deliveries. Jobbers are in
receipt ofa steady volume of mail orders calling for additional
supplies of fall and winter merchandise, while urgent requests are also made for the prompt shipment of all goods
now under order. Retail trade is active and steadily expanding under the influence of the excellent crops extended
railroad operations and general better employment of labor.
The opening of the new lines of underwear for the fall of
1913 is expected soon and the opening prices are a matter
of much speculation among the trade. It is generally felt
that the opening prices will be higher than those prevailing
this season, as manufacturers claim that the present prices
allow them a very narrow margin of profit. A good business is being done in dress fabrics, with initial stocks of
same proving entirely insufficient to meet demands. Manufacturers and selling agents are about closing out their
fall and winter season and the recent cool weather has
greatly smulated demand. In men's wear departments a
marked shortage of the most desirable fabrics is noticeable.
Deliveries are the matter of chief concern. Retailers and
cutters-up steadily complain that they are hard put to meet
the demands of their trade, Owing to the scarcity of supplie
and the tardiness of deliveries.
DOMESTIC COTTON GOODS.
-The exports of cotton
goods from this port for the week ending Oct. 19 were 4,855
packages, valued at $305,974, their destination being to the
points specified in the table below:
.New York to Oct. 19Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
0 •
. Total
1912
Since
Week. Jan. 1.
3,462
22
1,637
16
54,601
23,140
42,227
23,729
253
37,218
1,170
2,630
33
17,172
242
2,915
59,436
204
58,807
-1911
Since
Week. Jan. 1.
20
708
113
1,054
100
82,264
34
20,355
128
16,359
151
11,408
1,147
33,142
11
1,921
448
16,532
422
46,739
400
33,860
4,855
2,974
324,059
264,362
FOREIGN DRY GOODS.
--Linen markets continue their
firm undertone, with a steady demand for all I nes. In the
house trade, however, the trade has not been so brisk, due
no doubt to the limited supplies. The high level of values
has stimulated inquiries for spot goods, but on account of
low stocks buyers are finding it hard to place orders. Burlaps remain firm. Inquiries are numerous, but business is
checked by the scarcity of supplies. It is reported that considerable sales are being made on goods to arrive. Lightweights are quoted at 6.85c.©6.90c. and heavy-weights
at 8.60c.©8.65c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Oct. 19 1912 tind since
Jan. 11912, and for the corresponding periods of last year,
were as follows:
0h01020 00
w.
N.
002000 0
0000
!4
aanao
on
NO
^
• 0 1,3 444.444
cd.h
.
0 -.4, ON0C00 0
NV
NV
NO
00
el 00
Cb 0
000
010
ncq.
NO
NO
,e11 0 h h el 0 . 00 co 0 .0
om 00
0
no
oo
w
• t
01
-.000
10 ,h 00 OD 00
000,
r-co
ci
00 Co
don,
40;
-..0h. 00....c., .1..
ow
woo
n
..
..4
.n 00
E4
00
CI
CI
00
er CO K2 Cb
0h h h0
W C)
CI
....a
Vg2gg
:1 nwcsonoo
g
.n
,oido;n .
wa.r.;loo
hh
0004
00
1Scs;
ON
00
51
00
113,576,093
New,iYork
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
°blahs
On Lakes
On Canal and River_ __ ..
ON
00
00
00
r4
0100
01
00
00
WI
00
W
eq
01
00
VC* 00
t
• 0h.00 01.0 .44
SI
00
0001
7-1
Ci 0
00 0010
CD Cb
00000$N
CI .0
000001 N 00
WIN
r4
0
• .0.0.
Cl 0000000
X
0110
0000
0000001
0100000001
4.1
g 4c;444
01
E.
W gggigig
• ,
r onoor-
E.
• 4ON7e0O
.n
r-O
Na
4«
000
000
COC:
NO
00
0N 00
00 00
001 r4
OIN
0000
ow
on
oa
eS.-;
,
ro
00
a
01
0001 0OhC150.r,
414 tr; d 10
.
.
02
c„,_,
10
0000
000
.0
00
00
0TP
01
00
00
01
41
cl
o
0
0
10 LIV/
54
WW4m
oo
N
74
0001
0000
4
Te
4.4,44
00
00
v.4 eq
,ro
010
no
0000
*
Nw
000
covootsco
WI
C%
SIN
04-mt3T.,
gc5V):A
A
A
17,365 a.3,264,22971.610,040 121,108,594
,
Lagic143424.30.jj _A 4 UNITED STATES GRAIN STOCKS.
.Bondn
Amer.Bonded Amer. Amer.Bonded Amer. Amer
Wheat. Wheat. Con
bush.. Oats. Oals b
h.
h: laBa w i:Ba u .
brler
br .
lg
584,497 113,869,$59
PsN The risible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 19 1912, was as follows: •• • • istjaimi
•
,:- , •-,
The value of these New York exports since January 1 have
been $21,096,565 in 1912, against $19,066,746 in 1911.
Less animation has been witnessed in domestic cotton
markets during the past week, but,despite this fact and talk
among buyers of lower values, the undertone has been steady.
Jobbers appear to be less inclined to operate on domestics
much beyond current needs. It is evident that before
making commitments for future delivery they prefer to
await the outcome of the election and the appearance of reorders from out-of-town merchants which will soon be due.
Trade advices from the interior show little change, continuing to confirm recent reports to the effect that conditions are
sound, that business is undisturbed by politics and that
trade is better than a year ago. An encouraging feature
in the situation is the healthier export movement. It
is estimated that upwards of 25,000 bales of goods have been
sold to the Far East so far during the current month.
Fancy cottons continue to attract attention. It is reported
that medium-priced grades have been purchased liberally and
are being sold well by jobbers. Bleached cottons are firm
and quiet, ginghams are less active and the demand for
wash fabrics, particularly printed lines, has shown some
falling off. Indications, however, are that there will be a
good distr:bution of dress ginghams for spring 1913. Perhaps the weakest spot in the cotton ?goods market is in
wide print cloths, but concessions there have only amounted
to 3.gc. a yard. Gray goods, 384-inch standard, are quoted
at 5 to 53'
9c.
WOOLEN GOODS.
-In men's wear and dress goods
markets business is active, although in the departments for
heavy goods, as a result of the milder weather, there has
been some falling off in the demand as compared with that
of a few weeks ago. A few mills, however, continued to receive a steady business from the cutting-up trade. There
has also been a falling off in the demand for goods for spring
delivery, but mills are well supplied with orders and many
complaints are heard of backward deliveries.
120,506,679
GRAIN.
-f. o. b.
Corn, per bushelWheat, per bushel
Cents.
No. 2
N. Spring, No. 1, new..--41 00
elevator Nominal
Steamer
N. Spring, No. 2, new _ _ _ nom.
elevator Nominal
No. 3
Red winter, No. 2, new _ _ 1 06%
c.i.f. Nominal
1 01 ;i Rye, per bushel
Hard winter, No. 2
o. 2
Cents.
Oats, per bushel, new
72
nom.
State & Pennsylvania
Standards
.
nom.
nom Barley-Malting
ka, No. 2, white
60@70
No.3
39 3.6
For other tables usually given here, see page 1097. •
Total marketed
1142
TELL C.1RONICLE
OM. 26 1912.]
1143
Amendment to Sec. 6, Art. XI, enlarging the limitatiox
1BTATE AND
upon county debts for highways and other purposes. (This
CITY DEPATIMMANIT, amendment was given in full in the "Chronicle" of Sept. 14,
page 698.)
,F4A.mendment to Sec. 3, Art. XI., authorizing the State to
-50-year (optional)
issue not exceeding $10,000,000 4% 10
Antigo, Wis.—Election on Purchase of Water Plant.— bonds for the construction and improvement of public
The voters will decide on Nov. 5 whether or not it is ad- highways.
visable to purchase the local water plant.
REFERRED TO PEOPLE DIRECT BY LEGISLATURE.
Baltimore County, Md.—County Buys Sewer Plant.—
An Act providing for the issuance of $4,000,000 4% 50purchase by the County Commissioners of the plant
The
year bonds for the construction of a tunnel through the base
of the Baltimore Suburban Sewerage Co. at Mt. Washington of James Peak, a spur of the Rocky .Mountains, to be used
completed on Oct. 23. The consideration is $600,000
was
under Denver
to be paid in 5% promissory notes due in series of $20,000 for public or semi-public purposes (see item
each beginning June 1 1917 the same being subject to call Northwestern ,Sc Pacific Ry. in our "Railroad and Investment News" on a preceding page.)
June 119.18.
Those propositions of particular interest to our readers
Cincinnati, Ohio.—To Vote on Annexation.—Ordinances will be referred to more fully in these columns if adopted by
were passed Oct. 1 providing that the question of annexing the voters.
lie villages of Kennedy Heights and Elmwood Place be
East St. Louis, Ill.—Commission Form of Government Desubmitted to the voters of Cincinnati on Nov. 5.
feated.—The question of adopting the commission form of
Cleveland, Ohio.—Election on Annexation of Nottingham government failed to carry, it is stated, at the election held
and Newburgh.—Ordinances were passed Oct. 7 providing Oct. 22 (V. 95, p. 842). The vote was 3,304 ,`for" to 4,618
for the submission to the voters on Nov. 5 of propositions "against".
to annex the city of Newburgh and village of Nottingham
Indiana.—Rehearing Refused in Case involving New Conto Cleveland. The question of annexing Newburgh was
stitution.—The State Supreme Court on Oct. 18 denied the
defeated at the last general election.
petition for a rehearing in the case involving the constituColorado.—Measures to Be Voted upon at General Election. tionality of the Act approved March 4 1911 providing for
be sub- the
—On Nov. 5 thirty-two separate propositions will
submission to a vote of the people Of a proposed new
mitted to the voters of this State. They consist of nine constitution. The Act was declared .void by the Supreme
proposed
proposed constitutional amendments and eleven
Court on July 5, as stated in V. 95, p. 126.
laws initiated by petition, six bills referred to the people
Massachusetts.—Savings Bank Investments.—Bonds of the
amendments
by petition of referendum, five constitutional
to the list
passed by the Legislature, and an Act referred to the people following cities have been added since Jan. 12 banks, as
savings
by the Legislature. Briefly, the various questions to be of legal investments for MassachusettsCommissioner: Los
prepared by the office of the Bank
voted upon are as follows:
Angeles, Cal.; Oakland, Cal.; San Francisco, Cal.; Omaha,
INITIATELYBY PETITION UNDER THE INITIATIVE AND
Neb.; Jersey City, N. J.• Newark, N. J.; Paterson, N. 3.,•
REFERENDUM.
Dayton, Ohio; Seattle, *ash.; Spokane, Wash., and PortProposed .constitutional amendment providing State-wide land, Ore. With these additions the list of cities, outside
prohibition.
of New England, whose bonds are considered legal investProposed law to enforce local option laws or any other laws ments, stands as follows:
and ordinances prohibiting traffic in intoxicating liquors.
Akron, O.; Albany, N. Y.; Allentown, Pa.; Altioona, Pa.; Auburn,
Proposed law regulating employment of females in manu- N. Y.; Baltimore, lid.; Bighamton, N. Y.; Buffalo, N. Y.; Cedar
Ill.; Cleveland,
facturing, mechanical and mercantile establishments, laun- Rapids, Ia.; Chicago, Ill.; Des Moines,O.; Columbus, O.; Davenport, Ia.;
Ia.; Detroit, Mich.; Dubuque, Ia.;
Dayton, O.; Decatur,
dries, hotels and restaurants.
Y.; Erie, Pa.; Evansville, Ind.; Flint, Mick.; Fort Wayne,
Elmira, N.
Indianapolis, Ind.;
Proposed law creating public service commission and de- Ind.*, Grand Rapids, Mich.: Harrisburg, Pa.; J.; Joknstown, Pa.;Jackson,
Joplin,
Mich.* Jamestown, N. Y.; Jersey City, N.
fining its duties and powers.
Mo.; La Crease, Wis.* Lancaster,
Kalamazoo, Mich.*, Kansas City,
Mo.:'
McProposed law for the establishment of a State Fair and to Pa.; Lansing, Mich.; Lima, O.; Los Angeles, Cal.; Louisville, Ky.; Pa.;
Keesport, Pa.; Milwaukee, Wis.; Minneapolis, Minn.; New Caatle,
regulate the control and management thereof.
Newark. N. J.• Oakland, Cal.; Omaha, Neb.; Oshkosh. Wis.; Paterson,
Proposed constitutional amendment levying tax to create N. J.• Philadelphia, Pa.; Pittsburgh, Pa.* Portland, Ore.; Quincy, 111.;
St. Joseph,
'
Racine, Wis.; Reading, Pa.; Rochester, N. Y.; Rockford.
special fund for Immigration Bureau.
Minn.; San Francisco, Cal.; Scranton, Pa.;
Mo.; St. Louls,
Proposed law for reducing cost of publishing initiated and Seattle, Wash.;Mo.; St. Paul,Ia.; South Bend, Did.; Spokane, Wash.;
Sioux City,
Superior, W12.;
referred laws and amendments and publishing arguments Springfield, Mo.; Springfield, O.;N. Y.; Utica, Byraeuse, N. Y.; Terre
N. Y.; Wilkes-Barre, Pa.;
Haute, Ind.*, Toledo, 0.• Troy,
for and against same.
'
Williamsport, Pa.; York, Pa.; Youngstown, 0.
Proposed constitutional amendment granting home rule
of railroad bonds which are considered legal
To the list
to cities and towns.
investments (given in full in "Chronicle" of April 27 1912,
Proposed constitutional amendment making every elec- page 1200) there have been added the following:
tive public officer of the State or of any county, city and
Atchison Topeka de. Santa Fe Railway System.
eounty, city and town, subject to recall.
Atchison Topeka & Santa Fe fly. general mortgage 4s, 1995.
manner of Atchison Topeka & Santa Fe fly. Trans. Short Line, first 4s. 1958.
Proposed constitutional amendment concerning
Atchison Topeka & Santa Fe By., East Oklahoma, Arst 4s, 1533.
amending State constitution.
Chicago & St. Louis fly. first es, 1915.
Chicago Santa Fe & California By. first 5s, 1937.
Proposed law concerning elections.
1928.
Hutchinson &
Proposed constitutional amendment concerning contempt San Francisco Southern fly. first 51, fly. first 5e, 1940.
& San Joaquin Valley
proceedings.
Natchitoches, Natchitoches Parish, La.—Commission
Proposed constitutional amendment creating Public UtiliForm of Government Adopted.—The question of establishing
ties Court.
government carried by a vote of 158
Proposed law concerning official ballot and method of vot- the commission form of Oct. 12 (V. 95, p. 699).
to 37 at the election held
ing.
Oklahoma.—Decision of Supreme Court Interpreting InProposed constitutional amendment for the wider use and
heritance Tax Law.—At the request of one of our subscribers
control of schools.
Proposed constitutional amendment giving the people the we are calling attention to a decision rendered by the State
right to overrule or recall the decisions of the Supreme Court Supreme Court on May 18 (Pacific Reporter, Vol. 124, No. 7,
declaring laws unconstitutional and concerning the judicial page 1063) interpreting and construing the Oklahoma Inpower of the State and courts for the protection of children. heritance Tax Law. Section 7714 of this law provides
Proposed law concerning dependent and neglected chil- in part that "upon all (property) in excess of $5,000 in class 1
the primary rate provided for herein shall be increased 1-125
dren.
of 1% for every $100 increase in valuation of such excess:"
Proposed law in relation to civil service.
Proposed law regulating employment in mines and certain It has been contended that the tax thus levied is progressive
and increases under the rule of arithmetical progression so
other occupations.
that it might be possible, if an estate amounted to as much
Proposed law concerning State Highway Commission.
as a million dollars or more, for the beneficiaries to lose the
REFERRED TO PEOPLE BY PETITION OF REFERENDUM.
amount, and that in fact it would be possible for the
House Bill No. 46, regulating and limiting hours of em- entire
beneficiary to become indebted to the State; in other words,
ployments in mines and certain other occupations.
that the tax rate under this rule would amount to more than
Senate Bill No. 219, concerning branding and marking of the estate itself. The Oklahoma Supreme Court holds,
live stock.
that this simply amounts to a tax of 1-125 of 1%
Senate Bill No. 459, concerning custody and management however, excess property; that is, there is primarily levied
upon all
of public funds.
up to a certain amount (the amount
House Bill No. 85, establishing Teachers' Summer Normal a 1% tax upon property degree of relationship of the benevaries according to the
School Districts.
the testator),and that in addition to this 1% there
House Bill No. 91, relating to holding of examinations for ficiary to upon the additional amount the additional tax of
is levied
teachers' certificates.
1-125 of 1%.
Part of Sec. 4, Senate Bill No. 134, concerning•rights of
After upholding the constitutionality of the law itself,
reservoir owners.
the Court proceeds with the question of applying the tax,
CONSTITUTIONAL AMENDMENTS.SUBMITTED BY LEGISLATURE. and eray nio pestt
:
se
Theresa iss n u ario
n before us other than the construction of said statute
Amendment to Sec. 16, Art. XV., concerning mills ,and
the proper rate of taxation to be applied tcrthe transfer of these reas to
smelters.
spective inheritances. Germane to this inquiry, the statute provides:
Amendment to Sec. 15,Art. X., concerning State Tax
"Sec. 7712. A tax shall be and Is hereby imposed upon any transfer of
any property, real, personal or mixed, or any Interest therein, or Income
Commission and County Board of Equalization.
therefrom in trust or otherwise, to any person, association:or-corporation,
Amendment to Sec. 15, Art. XIV., concerning fees _And eXcept corporations of this State organized under Its laws.snlely for religious,
,
.
charitable or educational purposes, which shall use the:iprOperty so trans.
•gompensation pf county, precinct and other officers.
News Items.
1144
[Vol. Lxxxxv.
THE CHRONICLE
ierred exclusively for the purposes or their organization within this State.
In the following cases: • * • When a transfer Is by will or intestate
faw, of property within the State or within its jurisdiction and the decedent
was a non-resident of the State at the time of his death. • • • The
tax so imposed shall be upon the clear market value of such property at the
rates hereinafter prescribed, and only upon the excess of the exemptions
hereinafter granted.
"Sec. 7713. When the property • • • passes by any such transfer,
where the amount of the property shall exceed in value the exemptions hereinafter specified, the primary rates of taxation hereinafter imposed shall
apply as follows:
'On the first $5,000 of such excess, in class 1; on the first $2,000 of such
excess in classes 2 and 3; on the first $500 of such excess in classes 4 and 5,
and shall be:
"Class 1. Where the person or persons entitled to any beneficial interest
In such property shall 13e the husband, wife, lineal issue, lineal ancestors
of the decedent or any child adopted as such in conformity with the laws
of this State, • • • at the rate of 1% of the clear value of such interest
in such property.
"Class 2. Where the person or persons entitled to any beneficial interest
in such property shall be the brother or sister • • • of the decedent,
a wife or widow of a son, or the husband of a daughter of the decedent,
at the rate of 13i% of the clear value of such interest in such property.
"Class 3. Where the person or persons entitled to any beneficial interest
In such property shall be the brother or sister of the father or mother, or a
descendant of a brother or sister of the father or mother of the decedent,
at the rate of 3% of the clear value of such interest in such property.
"Class 4. Where the person or persons entitled to any beneficial interest
in such property shall be the brother or sister of the grandfather or grandmother or a descendant of the brother or sister of the grandfather or grandmother of the decedent, at the rate of 4% of the clear value of such interest
In such property.
"Class 5. Where the person or persons entitled to any beneficial interest
in such property shall be in any other degree of collateral consanguinity
than is hereinbefore stated, or shall be a stranger in blood to the decedent,
or shall be a body politic, or corporate, at the rate of 5% of the clear value
of such interest in such property.
"Sec. 7714. The foregoing rates In section 7713 are for convenience
termed the primary rates. Upon all in excess of $5,000, in class 1, the primary rate provided for herein shall be increased 1-125 of 1% for every $100
Increase in valuation of such excess. Upon all in excess of $2,000, in
classes 2 and 3, the primary rate provided for herein shall be Increased
1-50 of 1% for every $100 increase in valuation of such excess. Upon
all in excess of $500, in classes 4 and 5, the primary rate provided for herein
shall be increased 1-10 of 1% for every $100 increase in valuation of such
excess.
"Section 7715. The following exemptions from the tax are hereby allowed:
"All property transferred to corporations of this State organized under
its laws solely for religious, charitable or educational purposes • • •
shall be exempt.
"Property of the clear value of $10,000 transferred to the widow of the
decedent, and $5,000 transferred to each of the other persons described
In the first division of section 7713, shall be exempt."
Also the following exemptions are noted:
$500
(2) Brother or sister or their descendants, &c
250
(3) Brother or sister of father or father or mother, &c
150
(4) Brother or sister of grandfather or grandmother, Zce
100
(5) Any other relative or stranger in blood, &o
Applicable to the widow's $130,000 subject to this tax said section 7714
provides:
"The foregoing rates in section 7713 are for convenience termed the primary rates. Upon all in excess of $5,000, in class 1, the primary rate provided for herein shall be increased 1-125 of 1% for every $100 increase in
valuation of such excess."
As 1% Is the primary rate, and $125,000 is the widow's excess of $5,000
subject thereto, in construing this statute the county judge increased this
primary rate and applied It to each $100 unit in said excess which produced
from said sum a tax of $1,310 due the State. This was right. This would
have been clearly so had the Act provided, "Upon all in excess of $5,000,
in class 1, the rate provided for herein shall be increased (added to) 1-125
of 1%," and stopped, which means the State's toll on the lump sum shall
be 1% thereof plus 1-125 of 1%, or 1.008%. So far the sentence clearly
expressed the dominant idea which must not be lost sight of and permitted
to "dwindle into a squirrel's trail and run up a tree" by what follows in the
same sentence, and which was intended to prescribe the detail. Having
thus ascertained the rate, the tax is to be applied to what? To each $100
unit in $125,000, the total Increase In valuation of the excess, or "for every
$100 increase in value of such excess." This increased rate was "for
one of these units, which means for each and every one of them. And
was "for" them in the same sense as when we say "a whip for the horse,
a bridle for the ass and a rod for the fool's back," which means, to be applied
to. Thus the State told the tax gatherer, In effect, not to take the twentieth
penny, as it seems the Romans did, but that "for" every $100 unit of this
excess passing through his hands he should exact therefrom, not only the
dollar, but a modicum besides, or 1.008% of that amount;and it seems that,
should the last not be a full unit, he might say as to that de minimus non
curat lex, but such is not the case here.
This Is no novel use of the word "for," which seems to have occasioned
so much confusion in the application of this sentence. In Knowlton vs.
Moore, 178 U. S. 41, 20 Sup. Ct. 747, 44 L. Ed. 969, the law under construction was similar to the one here. It taxed the legacy of $100,000 in
question "at the rate of 75 cents for each and every $100 of the clear value
of such interest in such property" to be multiplied as therein stated. The
executors, construing the rate, returned it to the taxing power thus:"Rate
for every $100, $2 25," which was so far held to be a correct construction
of the word "for" that the same was not questioned. The syllabus in that
case stated the contention of the executors to be: "(3) That a legacy of
$100,000 taxed at the rate of $2 25 per $100 was only subject to the rate
of $1 12 M"—showing clearly that "for," as used in the sentence under
construction, meant "to be applied to," and that $2 25 was to be deducted
from every $100, and we shall likewise hold. We are therefore of opinion
that the method of computation adopted throughout by the county judge
was right, and for that reason the same Is approved. This for the further
reason that the method adopted by the district court, to quote again from
Mr. Bancroft's book, would lead to something like this: "Suppose a rich
New York resident shows his appreciation of his best friend by naming him
his executor, and leaves him, in addition, a handsome legacy of $2,000,000
worth of stock In an Oklahoma corporation. The executor is not familiar
with the gyrations of inheritance tax laws,and,as he wishes to receive his dividends, he sends along the stock for transfer. Some one has borrowed our
table of logarithms and our higher mathematics are a little rusty, but under
this handicap we figure that $1,951,930 is a very close approximation to
the Oklahoma tax on this legacy. The exhilarating feature of the situation
is not that he has only $48,070 of the $2,000,000 left when Oklahoma is
through, but is that a tax of $418,745 is still due on the legacy to the State
of New York, and the executor is personally responsible for the payment of
the entire amount."
The latter method of computation Is rejected, pursuant to the wellknown canon of construction stated in Lau Ow Bew vs. U. S., 144 U. S.
47, 12 Sup. Ct. 517, 36 L. Ed. 340, thus: "Nothing is better settled than
that statutes should receive a sensible construction, such as will effectuate
the legislative intention, and, if possible, so as to avoid an unjust or an absurd conclusion. Church of Holy Trinity vs. United States, 143 U. S. 457
(12 Sup. Ct. 511, 36 L. Ed. 2261; Henderson vs. New York, 92 U. S. 259
(23 L. Ed. 5431; United Statesvs. Kirby,74 U.S.(7 Wall)482(19L. Ed. 2781;
Oates vs. First Nat. Bank of Montgomery, 100 U. S. 239 (25 L. Ed. 5801."
- And in view of the further rule, in construing tax laws, that, where there
Is any ambiguity or doubt, it must be resolved In favor of the person upon
whom it is:soughtto impose the burden (26 Am. tio Eng. En. Law (2d Ed.
669), or, as stated in 2 Lewis' Sutherland's Con. (2d Ed.) Sec. 490: "Statutes will be construed in the most beneficial way which their language
will permit to prevent absurdity, hardship or in ustice, to favor public
convenience and to oppose all prejudice to public Interest. 'In construing
an Act of the General Assembly, such a construction will be placed upon it
as will tend to advance the beneficial purposes manifestly within the contemplation of the General Assembly at the time of its passage; and courts
will hesitate to place such a construction upon Its terms as will lead to
manifestly absurd consequences, and impute to the General Assembly total
ignorance of the subject with which it undertook to deal.' 2 Lewis'Sutherland, Stat. Const. (2d Ed.) sec. 490."
"for" is to have the meaning "to be applied to." How the
law thus applied would work out in the case of the widow
in the present suit is indicated by the Court in the following
computation:
Inheritance
Exemption
$140,000 00
10,000 00
Primary rate of 1% on first
$130,000 00
5,000 00
Excess above primary rate
Primary rate of 1% on $125,000
Add to primary rate 1-125 of 1%
$50 00
$125,000 00
1,250 00
10 00
$1,310 00
65 50
Less 5% on $1,310, if paid in year
$1,244 50
Tax
Oregon.—Measures to Be
Voted Upon at General Election.—
Arrangements have been made for the submission to the
voters of this State on Nov. 5 of thirty-eight separate propositions, including six proposed constitutional amendments
referred to the people by the Legislature, eight proposed
constitutional amendments and twenty bills for Acts proposed by initiative petition and four Acts passed by the
Legislature and upon which a referendum was ordered by
petition of the people. The various measures to be voted
upon are outlined below:
CONSTITUTIONAL
AMENDMENTS (REFERRED TO PEOPLE BY
LEGISLATURE).
Creating office of Lieutenant-Governor, who shall act as
Governor in case of the inability of the Governor to perform
his duties, and also act as President of the Senate, and providing for the President pro tern of the Senate to act as Governor
in case of the inability of both the Governor and LieutenantGovernor, and in case of the inability of the Governor,
Lieutenant-Governor and President pro tern of the Senate,
the Speaker of the House to act as Governor.—Sec. 8, Art. V.
Providing for a uniform rule of taxation, except on property specifically taxed, providing for the levy and collection
of taxes for State, county and other municipal purposes upon
different classes of property, and for the ascertainment, determination and application of an average rate of levy and
taxation on property taxed for State purposes, and for apportioning State taxes among the several counties as county
obligations by reasonable and equitable rules.—Sec. 1, Art.
IX.
Permitting taxes to be levied upon different classes of property at different rates, but providing that taxation must
be uniform upon each separate class within the territorial
limits of the authority levying the tax, and shall be levied
and collected for public purposes only, and the power of taxation must never be surrendered, suspended or contracted
away.—Sec. 32, Art. I.
Repealing all of Sec. la, Art. IX., except that part prohibiting poll and head taxes in Oregon, and instead of the
portions repealed to add a provision prohibiting the declaration of an emergency clause in any Act passed by the Legislature regulating taxation and exemptions.
Requiring the adoption of any proposed constitutional
amendment by a majority vote of all the electors voting at
such election instead of a majority of those voting on the
amendment only.—Sec. 1, Art. XVII.
Making stockholders in banking corporations liable to pay
for the benefit of depositors an amount equal to the par value
of the stock held by any stockholder in addition to having
originally paid the par value thereof.—Sec. 3, Art. XI.
CONSTITUTIONAL
AMENDMENTS (PROPOSED
ION
PETIT.)
BY
INITIATIVE
Extending the right of suffrage to women.—Sec. 2,Art. II.
Requiring a majority vote of all electors voting at any election to adopt constitutional amendments and pass initiative
measures, and a majority vote only of electors voting
thereon to reject measures referred to the people.—Sec. 1,
Art. IV.
Allowing the State to become bonded for the construction
and maintenance of permanent roads but not in excess of
2% of the assessed valuation. We print Sec. 7, Art. XI.
below, italicizing the words to be added if the amendment is
adopted.
Section 7.—The legislative assembly shall not lend the credit of the
State nor in any manner create any debt or liabilities which shall singly
or In the aggregate, with previous debts or liabilities, exceed the sum of
fifty thousand dollars, except In case of war or to repel invasion or suppress
insurrection or to build and maintain permanent roads; and the Legislative
Assembly shall not lend the credit of the State nor in any manner create any
debt or liabilities to build and maintain permanent roads which shall singly
or in the aggregate, with previous, debts or liabilitiesincurred for that purpose,
exceed two per cent of the assessed valuation of all the property in the State;
and every contract of indebtedness entered into or assumed by or on
behalf of the State in violation of the provisions of this section shall be void
and of no effect.
Limiting the amount of bonded indebtedness incurred by
counties for road purposes to 2% of the assessed valuation.
If this amendment carries, Sec. 10, Art. XI, will read as
follows, the part to be added being given in italics:
Section 10. No county shall create any debts or liabilities which shal
singly or in the aggregate, with previous debts or liabilities, exceed the
sum of five thousand dollars, except to suppress insurrection or repel
Invasion or to build and maintain permanent roads within the county;
and debts for permanent roads shall be incurred only on approval of a
f
majority of those voting on the question, and shall not either singly o in
the aggregate, with previous debts and liabilities incurred for that purpose.
of all the property in the county.
exceed two per cent of the assessed valuation
Empowering the court of any county to issue and sell bonds
or other securities to build and maintain roads when authorIn brief, the conclusion of the Court is that when the law ized by a majority of the voters, and empowering the county
says the primary rate "shall be increased 1-125 of 1% for court to present the question at any general election or to
every $100 increase in valuation of such excess", the word call a special election for such purpose, and repealing all con-
OCT. 26 1912]
THE CHRONICLE
1145
Exempting fraom txation all household furniture, domestic
stitutional amendment, and acts in conflict with the proposed amendments, including those submitted to the people fixtures, household goods and effects actually in use in homes
at this election. If this proposal carries, Sec. 10 of Art. XI and dwellings, and all wearing apparel, watches, jewelry and
similar personal effects actually in use.
will read as follows, the new part being italicized:
Exempting from taxation all debts of every kind, whether
No county shall create any debt or liabilites which shall singly or in the
aggregate exceed the sum of five thousand dollars, except to suppress on contract, note, mortgage, bond or otherwise, either within
invasion, or to build and maintain roads within the
Insurrection or repel
or without this State; public stocks and securities, bonds,
county, but debts for roads shall be incurred only on approval of a majority
of those voting on the question when submitted by the county court of the warrants and moneys due from this State, or any county or
special, election called by the said court for the other
county at a general, or a
municipal subdivision; stocks and shares in incorpurpose. Any county shall have power to borrow money for the building
and maintaining of roads within the county and may issue negotiable or other porated or unincorporated companies, except bank stocks,
authorized by a shares and
bonds or other evidences of indebtedness therefor, when so
banking capital. The bill is as follows:
a majority of the voters of the county. Any county court may submi
vote of
the matter of incurring such indebtedness and of issuing such bonds or other
securities to the voters of said county at any general election by an order spread
upon the journal at least thirty days prior to the holding of such election, such
order shall provide the amount of money to be borrowed or indebtedness to be
incurred, the forms, terms and conditions of the bonds or other securities to
be issued, and the maximum rate of interest therefor. The question of borrowing
money or incurring indebtedness and issuing bonds or other evidences of indebtedness for roads within the county may be, by such county court, submitted
to the voters at a special election called for that purpose, by the entry of a like
order upon such journal more than thirty days prior to the holding of such
election, and by giving at least thirty days' notice thereof through the clerk
of said county, the form of such notice to be prescribed in such order of said
county court. The provistons of law pertaining to the holding of general or
special elections, or either, shall govern special elections under 7his provision
when applicable. Such county court may, in said order, provide every detail
concerning the form and manner of issuing or disposing of the securities for
roads, and any other bonds or other securities so issued shall be binding upon
the county if issued and authenticated as required in said order. This constitutional provision is intended to be, and is, self-executing. No legislation is
required in aid thereof. It hereby amends and repeals all constituional
amendments or acts in conflict herewith, including any acts or provisions
relating thereto submitted to the people concurrently with this amendment.
Providing for the taxation of incomes from whatever source
or sources derived by adding the following, to be known as
Sec. lb., to Art. IX:
Section lb. Taxes may be imposed on incomes, from whatever source
or sources derived, and such sources may be classified for the purpose of
taxation. Taxes on incomes may be either proportional or graduated and
progressive, and reasonable exemptions may be provided.
Abolishing the State Senate; providing that none but
registered voters be counted on initiative or referendum
petitions; increasing State and municipal referendum powers;
House of Representatives to consist of sixty elective members, and the Governor and unsuccessful party candidates
for Governor to be ex-officio members; Governor to introduce
all appropriation bills, Legislature not to increase the
amounts thereof; four-year terms, annual sessions; proportionate election of members; proxy system of voting on bills,
and those introduced after twenty days to go to next session;
control and revocation of franchises.—Art. IV.
Providing for specific graduated taxes, in addition to other
taxes, upon all franchises and rights-of way, lands and other
natural resources in excess of $10,000 under one ownership,
and assessing water powers in the counties where situate,
exempting from taxation all personal property of every kind,
and improvements on,in and under land,except that a county
--Sec. 2, Art. IX.
may enact a county law to tax the same.
BILLS FOR ACTS (PROPOSED BY INITIATIVE PETITION).
Providing for the creation, out of the eastern part of
Clackamas County, of a new county, to be called Cascade
County.
Creating a single Board of Regents for the University of
Oregon and the State Agricultural College.
Providing for the holding of road district meetings and
county road meetings and defining their duties; providing
the methods by which a special election may be called to
vote road bonds and the expenditure of the money realized
therefrom.
Creating a State Highway Department, authorizing the
Governor to appoint a State Highway Engineer at an annual
salary of $3,600, providing his duties, and making an annual
appropriation of not to exceed $12,000 for the maintenance
of the Department.
Putting Chapter 266, Laws of 1911 (which creates State
Printing Board)into effect Dec. 1 1912 instead of Jan. 11915.
Creating the office of Hotel Inspector, defining hotels and
providing for their inspection and regulation.
Making eight hours a day's labor in all cases where the
State, co n y, school district, municipality or other subdi isions of the Statc are interested, either directly or through
any contractors or agents, nd providing that contractors
shall give a bond, providing am ng uther things, that no
person shall be employed on such public work more than eight
hours in any one day, and that no liens or claims shall be
filed against the building or other structure.
To protect purchasers of stocks and bonds and providing
for the regulation and supervision of corporations.
Prohibiting the employment of convicts of the State Penitentiary by private parties and authorizing the use of such
labor on public highways and State institutions.
Prohibiting employment by private parties of county, city
or town convicts and authorizing their employment on public
highways and other works of a public nature.
Creating a State Road Board with power to issue not exceeding $1,000,000 30-year bonds yearly for building public
roads; also creates office of State Highway Commissioner at
a salary of $3,600 per annum.
Authorizing counties to issue 20-year bonds for roadbuilding, providing a method for expending the money in
actual road construction and for calling and holding elections to vote bonds.
Providing for the consolidation of contiguous incorporated
cities and towns, legalizing consolidations heretofore attempted and providing a method for the creation and organization of new counties.
Be it enacted by the People of the State of Oregon:
Section 1. The following property shall be exempt from taxation: All
debts due or to become due, whether on account, contract, note, mortgage,
bond or otherwise, either within or without this State; all public stocks and
securities; all bonds, warrants and moneys due or to become due from this
State, or any county or other municipal subdivision thereof; all stocks and
shares in incorporated or unincorporated companies; provided, that this
Act does not exempt bank stocks, shares and banking capital from assessment and taxation.
Revision of inheritance tax law to conform to model law
recommended by the National Tax Association, also to recent
legislation on this subject in the State of New York. The
principal change is the elimination of the tax altogether as
far as non-residents are concerned. A graded system of
taxation is provided and in the case of direct heirs the rates
are fixed at 1% on amounts in excess of $5,000 and up to
and including $25,000, 13'% on bequests above $25,000 and
up to and including $50,000, 2% on over $50,000 and up to
and including $100,000, 2% on amounts above $100,000
and up to and including $200,000, 3% on over $200,000 and
up to and including $400,000, 33% on from $400,000 to
$600,000, 4% on from $600,000 to $800,000,4% on from
$800,000 and including $1,000,000 and 5% on any amount in
excess of $1,000,000. As the law stands at present, bequests
to direct heirs of over $5,000 (unless the whole estate is
valued at less than $10,000)are subject to a tax of 1%. Indirect heirs are to be taxed as follows under the new Act: 2%
on any amount in excess of $1,000 and up to and including
$10,000, 3% on from $10,000 to $25,000, 4% on $25,000 to
$50,000, 5% on 4.50,000 to $100,000, 6% on $100,000 to
$200,000, 7% on $200,000 to $400,000, 8% on $400,000 to
$600,000, 9% on $600,000 to $800,000, 10% on $800,000 to
$1,000,000, and 12% on any amount in excess of $1,000,000.
Under the present law bequests of over $2,000 (unless the
whole estate is valued at less than $5,000) to an uncle, aunt,
niece, nephew or any lineal descendant of same are taxed at
2%. Other indirect heirs are taxed under the present law
at 3% on amounts not exceeding $10,000,4% on over $10,000
and not exceeding $20,000, 5% on over $20,000 and not
exceeding $50,000, and 6% on all amounts over $50,000, such
estates of less than $500 being exempt. The more important
sections of the new law are given in full below:
Section 1. Definitions.—The words "estate" and "property", as used
In this Act, shall be taken to mean the property or interest therein passing
or transferred to individual or corporate legatees, devisees, heirs, next of
kin, grantees, donees or vendees, and not as the property or interest therein
of the decedent, grantor,. donor or vendor, and shall include all property
or interest therein, whether situated within or without this State. The
words "tangible property," as used in this Act, shall be taken to mean
corporeal property such as real estate and goods, wares and merchandise,
and shall not be taken to mean money, deposits in bank, shares of stock.
bonds, notes, credits or evidences of an interest in property or evidences at
debt. The words "Intangible property," as used in this Act, shall be taken
to mean incorporeal property, including money, deposits in banks, shares
of stock, bonds, notes, credits, evidences of an interest in property and
evidences of debt. The word "transfer," as used in this Act, shall be taken
to include the passing of property or any interest therein In possession or
enjoyment, present or future, by inheritance, descent, devise, bequest,
grant, deed, bargain, sale or gift, or by intestate laws, in the manner
herein prescribed. The words "the intestate laws of this State," as used
in this Act, shall be taken to refer to all transfers of property, or any beneficial interest therein, effected by the statute of descent and distribution,
and the transfer of any property, or any beneficial Interest therein, effected
by operation of law upon the death of a person omitting to make a valid
disposition thereof, including right of dower and estate by courtesy.
Section 2. Taxable Transfers.—A tax shall be and is hereby imposed
upon the transfer of any tangible property within this State and of intangible property, or of any interest therein or income therefrom, in trust or
otherwise, to persons or corporations in the following cases, subject to the
exemptions and limitations hereinafter prescribed:
1. When the transfer is by will or by the intestate laws of this State
of any intangible property, or of tangible property within the State, from
any person dying seized or possessed thereof while a resident of the State.
2. When the transfer is by will or Intestate law of tangible property
within the State, and the decedent was a non-resident of the State at the
time of his death.
3. Whenever the property of a resident decedent, or the property of a
non-resident decedent within this State, transferred by will, is not specifically bequeathed or devised, such property shall, for the purposes of this
Act, be deemed to be transferred proportionately to and divided pro rata
among all the general legatees and devisees named in said decedent's will,
including all transfers under a residuary class of such will.
4. When the transfer Is of intangible property, or of tangible property
within the State, made by a resident, or of tangible property within the
State made by a non-resident, by deed, grant, bargain, sale or gift made in
contemplation of the death of the grantor, vendor or donor or intended to
take effect in possession or enjoyment before, at or after such death.
5. When any such person or corporation becomes beneficially entitled.
In possession or expectancy, to any property or the income thereof by any
such transfer, whether made before or after the passage of this Act.
6. Whenever any person or corporation shall exercise a power of appointment derived from any disposition of property made either before or after
the passage of this Act, such appointment when made shall be deemed a
transfer taxable under the provisions of this Act in the same manner as
though the property to which such appointment relates belonged absolutely
to the donee of such power and had been bequeathed or devised by such
donee by will.
7. The tax imposed hereby shall be upon the full and true value of such
property, at the rates hereinafter prescribed;such value shall be determined
with reference to the date of death of the decedent, except as herein otherwise provided.
Section 3. Exemptions.—Any property devised or bequeathed to an..
religious, educational, benevolent or charitable corporation or association,
wherever incorporated or located, shall be exempted from the provisions
of this Act. But no such corporation or association shall be entitled to
such exemption If any officer, member or employee thereof shall receive
•or may be entitled to receive any pecuniary profit from the operations
thereof, except reasonable compensation for services in effecting one or
more of its strictly religious, educational, benevolent or charitable purposes; or If the organization thereof for any such avowed purpose be a
guise or pretense for directly or indirectly making any other pecuniary
profit for such corporation or association or for any of its members or
1146
THE CHRONICLE
employees; or if it be not inigeod faith[organized and conducted exclusively
for one or more of such purposes.
-1. Upon a transfer taxable under this Act
Section 4. Rates of Tax.
of property or any beneficial interest therein, of an amount in excesS of
the value of $5,000 to any grandfather, grandmother, father, mother,
husband, wife, child, brother, slater, wife or widow of a son, or the husband
of a daughter, or any child or children adopted as such in conformity with
the laws of this State, of the decedent, grantor, donor or vendor, or to any
child to whom any such decedent, grantor, donor or vendor for not less
than ten years prior to such transfer stood in the mutually acknowledged
relation of a parent, provided, however, such relationship began at or
before the child's fifteenth birthday, and was continuousfor said ten years
thereafter, or to any lineal descendant of such decedent, grantor, donor or
vendor born In lawful wedlock, the tax on such transfer shall be at the rate
of:
One per cent on any amount In excess of $5,000 up to and including
the sum of $25,000;
One and one-half per cent on any amount in excess of $25,000 up to
and including the sum of $50,000:
Two per cent on any amount in excess of $50,000 up to and including
the sum of $100,000;
Two and one-half per cent on any amount in excess of $100,000 up to
and including the sum of $200,000:
Three per cent on any amount in excess of $200,000 up to and including
the sum of 6400,000:
Three and one-half per cent on any amount in excess of $400,000 up tp
and including the sum of $000,000;
Four per cent on any amount in excess of $600,000 up to and including
the sum of $800,000;
Four and one-half per cent on any amount in excess of $800,000 up to
and Including the sum of $1,000,000;
Five per cent on any amount In excess of $1,000,000;
The transfer of such property of an amount up to and including the
value of $5,000 to any persists described in paragraph one of this section
shall he exempt from payment of the tax.
2. Upon a transfer taxable under this Act of property or any beneficial
Interest therein, of an amount in excess of $1,000 to any person or corporation other than those enumerated in paragraph one of this section, the tax
shall be at the rite of:
Two per cent on any amount in excess of $1,000 up to and including
the sum of $10,000;
Three per cent on any amount in excess of $10,000 up to and including
the sum of $25,000;
Four per cent on any amount in excess of $25,000 up to and including the
sum of $50,000;
Five per cent on any amount in excess of *50,000 up to and including
the suns of $100,000;
Six per cent on any amount in excess of $100,000 up to and including
the sum of $200,000;
Seven per cent on any amount in excess of $200,000 up to and including
the sum of $400,000;
Eight per cent on any amount in excess of $400,000 up to and including
the sum of $600,000:
Nine per cent on any amount in excess of $600,000 up to and including
the sum of $800,000;
Ten per cent on any amount In excess of $800,000 up to and including
the sum of $1,000,000;
Twelve per cent on any amount in excess of $1,000,000.
The transfer of such property of an amount up to and including the value
of $1,000 shall be exempt from payment of the tax specified in paragraph
two of this section.
Section 5. Transfers Subject to this Act.
-This Act shall apply to all
transfers from the estates of decedents whose death occurs subsequent to
the date when this Act takes effect, and not to transfers from estates when
the decedent died prior to the taking effect of this Act, except as provided
in subdivision 6 of Section 2.
Section 9. Tax a Lien; Linsitation.-Every tax imposed by this Act
shall be and remain a lien upon the property transferred until paid and the
person to whom the property is so transferred, and the executors, administrators and trustees e every estate so transferred shall be personally liable
for such tax until its payment. The provisions of the Code of Civil Procedure relative to the limitation of time of enforcing a civil remedy shall
not apply to any proceeding or action taken to levy, appraise, assess
determine or enforce the collection of any tax or penalty prescribed by this
Act. However, as to real estate in the hands of bona fide purchasers, the
tax shall be presumed to be paid and cease to be a lien as against such
purchasers after the expiration of six years from the date of accrual, provided administration of the estate has been had In this State.
-If such tax is paid within
Section 10. Discount, Interest and Penalty.
eight months from the accrual thereof, a discount of five per cent shall be
allowed and deducted therefrom. If such tax is not paid within eight
months from the amnia' thereof, interest shall be charged and collected
thereon at the rate of eight per cent per annum from the time the tax
accrued; unless by reason of claims upon the estate, necessary litigation
or other unavoidable delay, such tax cannot be determined and paid as
herein provided, in which case interest at the rate of six per cent per annum
shall be charged upon such tax from the accrual thereof until the cause of
such delay is removed, after which eight per cent shall be charged. In all
cases when a bond shall be given, under the provisions of Section 16 of this
Act. Interest shall be charged at the rate of six per cent from the accrual
of the tax until the payment thereof.
Section 15. Depositaries of Securities Not to Deliver Same until Notice
-No safe deposit
Given to Board of Slats Tax Commissioners; Penalty.
company, trust company, bank, corporation or other institution, person
or persons, having In possession or tinder control, securities, deposits or
other assets belonging to or standing in the name of a decedent, or belonging to or standing in the joint names of such decedent and one or more
persons, including shares of the capital stock of or other interests in, the
safe deposit company,trust company, bank,cortoration or other institution
making the delivery or transfer herein provided, shall deliver or transfer
the same to the executors, administrators or legal representatives of said
decedent, or to the survivor or survivors when held in the joint names of a
decedent and one or more persons, or upon their order or request, unless
notice of the time and place of such intended delivery or transfer be served
upon the Board of State Tax Commissioners in writing at least ten days
prior to said delivery or transfer; and it shall be lawful for said Board,
personally or by representative, to examine said securities, deposits or
assets prior to the time of such delivery or transfer. If upon such examination said Board or its said representative shall, for any cause, deem it
advisable that such securities, deposits or assets should not be immediately
delivered or transferred, the said Board may forthwith notify, in writing
such company,bank,institution or person to defer delivery or transfer thereof
for a period not to exceed ten days from the date of such notice, and
thereupon it shall be the duty of the party notified to defer such delivery
until the time stated in such notice, or until the revocation thereof within
ten days; failure to serve the notice first above mentioned or to allow
such examination or to defer the delivery of such securities, deposits or
assets for the time stated In the second of said notices, shall render said
safe deposit company, trust company, bank, corporation or other institution, person or persons, liable to the payment of the tax due on said securities, deposits or_asseta.:pursnantIto_the provisions 'of this Act. • • • •
_
Ian car
• Fixing the per-CTillige"-That
:
load lots shall bear to car loads and to establish minimum
weights and maximum freights and providing penalties for
violations of the Act.
Abolition of capital punishment in State of Oregon.
Prohibiting boycotting or picketing any industry, workshop, store, place of business or factory or any lawful business
or enterprise and prohibiting enticing, persuading or attempting to persuade or induce any person working therein from
continuing such employment and providing a penalty for
violation of the Act.
Prohibiting the use of public streets, parks and public
grounds, i any city or town, having a population of 5,000
or over, for holding meetings for public discussion or speechmaking purposes without a written permit from the Mayor
thereof.
[VOL. Lxitxv.
ACTS (REFERENDUM ORDERED BY PETITION OF litOPLE.)
Vesting the Railroad Commission with power and jurisdiction to supervise and regulate every public service corporation and utility in the State; as to the adequacy of service
rendered and facilities provided, the fairness of rates, tolls,
and charges to be collected from the public therefort and also
as to interchange of business between such public service
corporations and utilities, the purpose of the bill being
(according to the ballot) "to give the Commission supervisory
control over all such corporations and utilities as far as their
business has to do with the general public."
Appropriating $50,000 for building, furnishing and equipping a dormitory at the Oregon Normal School at Monmouth.
Appropriating $175,000 for building and equipping an
administration building and extending heating plant to the
same for the University of Oregon, and also appropriating
the further sum of $153,258 92 for the purchase of additional
land, equipment and apparatus, making repairs, additions,
and improvements to buildings and grounds; paying salaries
of instructors and employees, paying street assessments; and
for additional maintenance of the correspondence study department of the University of Oregon.
Appropriating $175,000 for the construction, equipment
and furnishing a modern fireproof library and museum building, and the extension of the heating plant to the same, for
the use of the University of Oregon.
-An election has been
-Charter Election.
Phoenix, Ariz.
called for Nov. 8 to vote on a new city charter embodying
the commission form of government, initiative, referendum and recall.
Vicksburg, Miss.
-Committee Recommends Election on
Proposition to Buy Plant of Vicksburg Water-Werhs Co.
The report of the special committee appointed to negotiate
with the Vicksburg Water-Works Co. for the purchase of
its plant by the city was presented to the City Council on
Oct. 7. The company agreed to sell its property' for $347,500, and the committee recommended that an election be
held to vote on the question of issuing bonds in this amount.
The committee also favored the naming of three auditors to
examine the books of the Water Co., and in accordance with
this recommendation a special committee was appointed on
Oct. 17 to select three auditors. It is expected that the
matter will be submitted to a vote as soon as the audit is
completed.
Bond Calls and Redemptions.
Cuba (Republic of).
-Bond Call.
-The following numbered
Interior Debt 5% bonds (amounting to $50,000 par value)
have been called for payment on Nov. 28 at the Treasury
in Havana:
Nos. 13551 to 13600, 15201 to 15250, 16501 to 16550, 17201 to 17250,
23901 to 13950, 29401 to 29450, 43451 to 43500, 49501 to 49550, 55701 to
55750, 94901 to 94950, inclusive.
Denver, Colo.
-Bond Call.- The following bonds were
called for payment Oct. 31:
Sanitary Sewer Bonds.
Sub. Dist. No. 11 of the East Side Sanitary Sewer DLst, No. I, bongNo.64.
Improvement Bonds.
East Denver Improvement Dist. No. 5, bonds Nos. 55 and 56.
East Side Improvement Dist. No. 1, bond No. 77.
East Side Improvement Dist. No. 2, bond No. 60.
North Side Improvement Dist. No. 3, bonds Nos. 161 to 164, Incl.
North Side Improvement Dist. No. 12, Bonds Nos. 5 to 7, Incl,
South Denver Improvement Dist. No. 8, bonds Nos. 1 to 16, Incl.
Paving Bands.
Alley Paving Dist. No. 19, bond No. 15.
Alley Paving Dist. No. 25, bond No. 9.
Lawrence County (P. 0. Deadwood), So. Dak.-Bond
-Payment will be made at the Fourth Nat. Bank in
Call.
N. Y. or the County Treas.office, on Nov.1,of the following
5% bonds: Nos. 1, 12, 15, 16, 41, 42, 47 and 83 of $1,000
each. Date July 1 1899.
Missouri.
-Whitaker & Co. of St. Louis ill
-Bond Calls.
their quotation pamphlet dated Oct. 15 include the following
list of municipal bonds which have been called for redemption:
-5% bonds for build,ing
Columbia, Mo., School District, Boone County.
purposes, dated Nov. 2 1903. of $1,000 each, being Nos. 1, a, 3, 4, 11,
12, 13, 14 and 15, have been called and will be paid Nov. 1 1912.
Lathrop School District, Clinton County.
-5% building bonds, Nos. 3
and 4, for $500 each, have been called and will be paid as soon as possible.
School District No. 7, Butler County.
-Building bonds, dated Sept. 1
1904, bearing 5% Interest, for $100 each, Nos. 4 and 5, have been called
and will be paid Oct. 15 1912.
School District No. 4-28-13, Wright County.
-6% building bond No. 2,
for $200, dated June 11908, has been called and will be paid Aug. 11012.
Bond Proposals and Nedotiations this week
lia,ve been as follows:
-BOND SAL11.-The H. 0. Speer &
ABILENE, Taylor County, Texas.
Sons Co. of Chile. has purchased, it Is said, the $30,000 5% 10-40-year (opt.)
street-Impt. bonds which this city has been offering for sale (V. 95, p. 406).
ADA SCHOOL DISTRICT (P. 0. Ada). Hardin County, Ofdo.-NO
-WO are advised under date of Oct. 22 that no
ACTION YET TAKEN.
action has yet been taken looking toward the issuance of the $15,000
heating-system bonds voted Sept. 3 (V. 95, p. 766.)
-BIDS REJECTED.
-that ahllblds
-Local papers state
AKRON, Ohio.
received on Oct. 15 for the 11 issues of 436% streCt-impt. (city's portion
and assess.) bonds, aggregating $177,490 (V. 95, p. 766), were rejected.
-The other bids received on
-BIDS.
ALAMEDA. Alameda County, Cal.
Oct. 15 for the $158,000 5% 1-40-year (serial) coupon municipal impt,
bonds awarded to N. W. Halsey & Co. of San Francistio for 3163,940 88
(103.759) and int. (V. 95, p. 1069) were as follows:
$163,351 00
Torrance, Marshall do Co., an Francisco
161,776 20
E. H. Rollins & Sons, San Francisco
161,618 20
Alameda Savings Bank, Alameda
161,005 00
Harris Trust & Savings Bank, Chicago
-BONDS
ALBERHILL SCHOOL DISTRICT, Riverside County, Cal.
CANCELED -We are advised that the $4,000 6% 20-year bldg. bonds
voted Aug. 16 (V. 95, p. 569) and offered on Oct. 9, have been canceled.
The securities are being re-voted upon to-day (Oct. 26). See V. 96, p.10611.
OUT. 26 1912.]
THE CHRONICLE
-BOND SALE NOT CONALBERT LEA. Freeborn County, Minn.
SUMMATED.
-We arc advised that the sale of the $28,000 bridge, $25,000
sewer, $51,000 street and $37,000 funding 4% bonds to the Harris Trust
& Savings Bank of Chicago (V. 95, p. 560) was never consummated.
-BOND SALE.
-On Oct. 16 the
ALHAMBRA. Alhambra County, Cal.
six issues of 5% coupon bonds, aggregating $173,000, offered on Oct. 12
(V. 95, p. 993) were awarded to Torrance, Marshall & Co. of Los Angeles
for $174,287 (100.7430) and interest. Other bids follow:
N. W. Halsey & Co., San Francisco, bid $173,510 for total issue.
The National Bank of Alhambra bid $173,055 for total issue.
•S. A. Kean & Co. of Chicago bid $161,160 for $158,000.
Harris Trust & Savings Bank of Chicago bid $101,000 for $100,000.
• No check received with bid.
AL
NY COUNTY (P.O. Cumberland), Md.-BOND OFFERING.
Proposals will be received till 10 a. m. Oct. 30 by A. Ireland, Clerk of Co.
Comm'rs, for $10,000 5% road-impt. bonds. Auth. Chap. 74, Acts of 1912
of the Gen. Assembly. Denom. $500. Date Nov. 1 1912. Int. M. & N.
Due May 1 1913.
ALLENTOWN, Lehigh County, Pa.
-NO ACTION YET TAKEN.
No action has yet been taking looking towards the issuance of the $55,000
bonds recently authorized (V. 95, p. 767.)
-BOND SALE.
AMSTERDAM. Jefferson County, Ohio.
-On Oct. 21
the two issues of 5% bonds, aggregating $10,414 (V. 95, p. 993) were
awarded to the People's Banking Co. of Amsterdam for $10,715 (102.80)
and interest. Other bids follow:
Both Issues.
For $9,471 Issue.
Secur.S. B. & Tr. Co.,Tol.$10,715 75 Hayden, Miller & Co., Cleve_ _$9,851
Tillotson&WoleottCo.,Cley 10,711 13 Well, Roth & Co., Cincinnati_ 9,689
Spitzer,Rorick&Co.,Tol__ 10,562 69
ANTWERP SCHOOL DISTRICT (P. 0. Antwerp), Paulding County,
-We are advised that the price paid
Ohio.
-PRICE PAID FOR BONDS.
for the $6,000 5% building bonds awarded to Spitzer, Rorick & Co. of
Toledo on Oct. 8 (V. 95, p. 1069) was $6,548 (109.13$). Denom. $1,000.
Int. annually in Sept. Due $1,000 yearly from 1938 to 1943, inclusive.
-BONDS VOTED.
ARLIN(1TON, Shelby County, Tenn.
-At an election held Oct. 19 the question of issuing $10,000 water-works-plant-equip.
bonds carried by a vote of 39 to 9, according to reports.
ARLINGTON HEIGHTS, Hamilton County, Ohio.
-BOND ELECTION.
-It Is reported that this village will vote on the issuance of not exceeding
$12,000 sewerage-system-construction bonds at the November election.
ASHTABULA CITY SCHOOL DISTRICT (P.O. Ashtabula), Ashtabula
County, Ohlo.-BOND ELECTION.
-Local papers state that the question
of issuing $20,000 site-purchase bonds will be submitted to a vote on Nov. 5.
-BIDS.
ATTLEBORO, Bristol County. Mass.
--The other bids received
on Oct. 18 for the $75,000 4% 16-30-year (serial) sewer bonds awarded to
Estabrook & Co. of Boston at 101.425 (V. 9$, p. 1069) were as follows:
Biodget & Co., Boston
100.83 J N.W.H arris do Co.,Inc.,Bos_ _ 100.746
R. L. Day & Co., Boston_ _ _ _100.789 Blake Bros. & Co., Boston_ _100.06
Denom. $1,000. Date July 1 1912. Interest J. & J.
BABYLON, Suffolk County. N. Y.
-BOND OFFERING.
-Proposals will
be received until 8 p. m. Nov. 12 by Jas. B. Cooper Jr., VII. Clerk, for $4,000
fire-apparatus-purchase bonds, series "A," at not exceeding 5% interest.
Auth. election held March 19. Denom. $500. Date Dec. 1 1912. Int.
J. & D. at the Bank of Amityville, Amityville. Due $500 yearly on Dec. 1
from 1913 to 1922 incl. Bonds to be delivered and paid for on Dec. 11912.
Cert. check for 5%, payable to Jos. Keenan, Vi!. Treas. Purchaser to
furnish printed forms for bonds.
BALDWIN. Jackson County. Iowa.
-BOND SALE.
-On Oct. 1 $2,500
6% water-works bonds were awarded to the Baldwin Savings Bank of
Baldwin at par. Denom.$500. Int. A. & 0. Due $500 every five years.
BALTIC, Tuscarawas County, Ohio.
-On Oct. 18 the
-BOND SALE.
$11,000 4 A% 1-23-year (serial) water-works-system bonds (V. 95, p. 767)
were awarded te the First Nat. Bank of Cleveland for $11,390 60 (103.55)
and interest. Other bids follow:
Citizens Bank, Sugar Crk_$11,314 60 Stacy & Braun, Toledo__ _$11,117 70
TillotsontaVolcottOo.,Clev 11,201 00 Spitzer, Rorick & Co., Tol. 11,062 70
Farm. & Merchants Bank_ 11,132 00
-BOND OFFERING.
BEAVERTON, Washington County, Ore.
-Proposals will be received until 3 p. m. Nov. 1 by C. H. Fry, Town Recorder,
for $12,300 6% water-system-construction bonds. Denom. $300. Date
Nov. 1 1912. Int. M. & N. Duo Nov. 1 1932. Bids submitted must
not be for loss than $300.
BELL COUNTY COMMON SCHOOL DISTRICT NO. 37, Texas.
BONDS AWARDED IN PART.
-Of the remaining $1,500 of the *3,000
5% 20-40-year (opt.) bonds (V. 95, p. 767) $500 were awarded on Oct. 14
to the State School Fund at par and interest.
BELLEFONTAINE, Logan County, Ohio.
-BOND SALE.
-We arc
advised that the Sinking Fund Trustees have purchased the $3,600 4 A%
9
-18-year (opt.) coupon sewage-disposal-plant bonds (V. 94, p. 1398) and
the $3,000 5% 1-5-year (serial) coupon sidewalk assessment bonds (V. 95,
p. 700).
BELLE PLAINE, Sumner County, Kans.-BONDS VOTED.
-At a
recent election the voters authorized the issuance of the elec.-light and
water-works bonds (V. 95, p. 843), according to reports.
BEND. Crook County, Ore.
-BIDS.
-Among the other bids received
on Sept. 24 for the $00,000 20-year sewer-construction bonds awarded to
Farson, Son & Co. of Chicago (V. 95, p. 1069) were the following:
Washington Trust CoCo..$61,2121Chas. S. Kidder & Co Chlo.$00,067
Union Trust & Say. Bank_ _ _ 60,3251Jas. N. Wright & Co., Deny_ 60,065
C. F. Childs & Co., Chicago_ 60,250 I
-It is reported
BILOXI, Harrison County. Miss.-noyDs PROPOSED.
that this city Is contemplating the issuance of jail-construction bonds.
-PURCHASER OF BONDS.
-We are advised
BIRMINGHAM. Ala.
that the purchaser of the $17,000 5% public impt. bonds sold on June 20
at par (V.95, p. 1070) was the American Trust & Savings Bank of Birmingham. Denom.$500. Date Sept. 11912. Interest annually in Sept. Due
-paying period.
in 10 years, subject to call at any interest
BOMARTON INDEPENDENT SCHOOL DISTRICT (P. 0. Bomarton),
-BOND SALE.
-The State School Fund was
Baylor County, Texas.
awarded on Oct. 14, at pat and int., the remaining $840 of the $8,400 5%
10-40-year (opt.) bonds (V. 95, p. 767).
-BOND REFERENDUM.
BOSTON, Mass.
-On Nov. 5 the voters
will decide whether or not an Act of the 1912 Legislature authorizing this
city to issue $2,500,000 bonds outside the debt limit for the construction
of new streets shall be accepted.
LnaA
BRIDGEPORT, Fairfield County, Conn.
-BOND SALE.
-This city has
disposed of two issues of 4 ;i% paving bonds of 417,000 each, due April 16
1916 and July 20 1917, respectively.
•
BUFFALO, N Y.
-BONDS AUTHORIZED.-Ordlnances have been
passed providlng for the issuance of the following 4 A % bonds:
$112,500 water-works-ext. refund. bonds. Due Dec. 1 1937.
Baltimore & Jamestown RR. refund. bonds. Due $3,750 yearly
75,000
on Dec. 1 from 1913 to 1932, inclusive.
Denom. $1,000. Date Dec. 1 1912. Int. J. & D. at the City Comptroller's office or at the Hanover Nat. Bank of N. Y. as the purchaser may
elect.
BURLINGAAIE SCHOOL DISTRICT (P. 0. Burlingame), San Mateo
-By a vote of 495 to 204 the proposition
-BONDS VOTED.
County, Cal.
to issue the $50,000 5% 30-year building-construction bonds (V.95, p.904)
carried at the election held Oct. 18.
CALDWELL COUNTY COMMON SCHOOL DISTRICT NO.40, Texas,
-On Oct. 14 $1,000 of the remaining
BONDS AWARDED IN PART.
$4,000 57,, 10-40-year (opt.) bonds (V. 95, P. 767) were awarded at par and
int. to the State School Fund. These securities are part of an issue of
*6,000.
-BOND SALE.
-On Oct. 10
CAMBRIDGE. Guernsey County, Ohio.
the $25,000 4% 1-25-year (ser.) park bonds (V. 95, p. 904) were awarded,
it is stated, tejMayer, Deppc 631Walter.of_Cincinnatl at,100.70. rtthip4(0 6,,,
1
-BOND OFFERING.
-Proposals
P'CAMDEN, Kershaw County, So. Caro.
will be received until 12 in. Dec. 2 by J. J. Goodale, Clerk Board Commrs.
of Public Works, for $100,000 5% 20-40-year (opt.) coupon water-works
and electrio-light-plant-oonstruction bonds. Demon. $1,000. Interest
semi-annual.1,Certlfied check for $2,000, payable to the Board, required.
1147
CANADIAN. Hemphill County, Tex.
-BONDS VOTED.
-At the election held Oct. 17 the proposition to issue the $31,000 5% 20
-40-year (opt.)
water and sewer bonds (V. 95, p. 994) carried by a vote of 114 to 6.
CARROLLTON. Carroll County, Oa.
-On May 151"the
-BOND SALE.
$9,000 sewer, $4,000 water-works, $25,000 city-hall, $18,000 school-bldg.
and $10,000 street-impt. 5% bonds, voted during April (V. 94, p. 1132),
were awarded to the Guarantee Trust & Banking Co. of Atlanta. Denom.
$1,000. Date Jan. 10 1912. Int. J. & J. Due $7.000 in 1936, $8,000 in
1937, 1938 and 1939, $9,000 in 1940 and 1941 and $10,000 in 1942.
CASS COUNTY (P. 0. Weeping Water), Neb.-BOND ELECTION.
At an election to be held Nov. 5 the voters will decide whether or not this
county shall issue $19,000 coup. jail-construction and court-house-impt.
bonds, at not exceeding 5% interest. Denom. $1,000. Date May 1 1913.
,
Int. ann. at Nebraska fiscal agency in New York. Due $2,11001yearly
commencing May 1 1914, subject to call beginning May 1 1918...
;001
CERES HIGH SCHOOL DISTRICT, Stanislaus County. Cal.
-BOND
SALE.
-On Oct. 15 $35,000 5% bonds were awarded ,it is stated. to &ill
Rollins & Sons of San Francisco. Due 31,000 yearly tram 1917 to,1919,
Incl., and $2,000 yearly from 1920 to 1935, inclusive.
CHAMBERS COUNTY (P. 0. Anahuac), Tex.
-BONDS PROPOSED.
It is stated that this county is contemplating the Issuance of road bonds.
CHANEYVIILE INDEPENDENT SCHOOL DISTRICT, Tex.
-BONDS
AWARDED IN PART.
-On Oct. 14 $1,050 of the $7,000 5% 20 -year
-40
(opt.) bonds, of which $2,000 were sold previously (V. 95, p. 767)were
awarded to the State School Fund at par and interest.
CHAR LES CITY,Floyd County, Iowa
-BOND OFFERING.
-Proposals
will be received until 12 m. Nov.30 by E. Haysberg, Sec. of Park Commrs.,
it is stated, for $20,000 5% 20
-year park bonds. Interest semi-annual. •
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Okio.-BOND
-On Oct. 21 the $350,000 4% 40
SALE.
-year coupon building bonds (V.95,
p. 917) were awarded jointly to Mayer, Deppe & Walter, Breed & Harrison
and Field, Longstreth & Co. of Cincinnati for $363,126 (103.75) and,
Lint.
Other bids follow:
Provident Savings Bank & Trust Co., Cincinnati
*$363,338
Western-German Bank, Seasongood & Mayer, Stacy & Braun and
Well, Roth & Co. of Cincinnati
$62,781
Hayden, Miller & Co., Cleveland
361,556
Conditional bid.
CLEARWATER. Pinellas County, Fla.
-BOND LIAL.-0n Oct. 1$
the $40,000 5% 30-year street-paving, pier and park bonds (V. 95,
994)
were awarded to Farson, Son & Co. of N. Y. at 98. Date Oct. 1 1912.
p.
Int. A. & 0.
CLEVELAND, Cuyahoga County. Ohio.
-BONDS AUTHORIZED.
According to reports, an ordinance was passed Oct. 21 providing for the
issuance of $2,000,000 sewer-system-completion and sewage-disposal
plant-construction bonds.
NO ACTION YET TAKEN.
-No action has yet been taken looking
towards the issuance of the remaining $1,500,000 of the $2,000,000 electric
light bonds (V. 95, p. 701.)
CLEVELAND HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
-BOND ELECTION.
-On Nov. 5, reports state, the voters
County, Ohio.
will decide whether or not this district shall issue $200,000 building bonds.
-BOND OFFERING.-Proposals -wil
CLYDE. Sandusky County, Ohio.
be received until 12 m. Oct. 28 by F. A. Shaw, Village Clerk, for $14,000
5% coupon Maple St. paving bonds. Denom. $1,400. Date Sept. 1 1912.
Int. M. & S. at Chase Nat. Bank in N. Y. Due $1,400 yearly on Sept. 1
from 1913 to 1922, incl. Cert. check for 5%, payable to the Village Clerk,
required.
CLYDE INDEPENDENT SCHOOL DISTRICT (P. 0. Clyde), Callahan
-BONDS AWARDED IN PART.
-On Oct. 14 the State
County, Tex.
School Fund was awarded at par and int. $1,000 of the $6,000 5% 20
-40year opt.) bonds, $2,000 of which had been sold previously (V. 95, p. 768).
COATESVILLE, Chester County.Pa.-BOND SALE.
-On Oct.24 the
$25,000 4 Si% 10-30-year (opt.) tax-free water and street-impt.t:bonds
(V. 95, p. 1070) were awarded to Newburger, Henderson & Loeb orPhiladelphia at 100.052 and int. Denom. $100 and $500. Date Nov.:111912.
,Interest M. &N.
1
COLLINGSWORTH COUNTY COMMON SCHOOL DISTRICT NO.
-37.
-BOND SALE.
-On Oct. 14 $1,350 5% 10 -year (opt.) bonds dated
Tex.
-20
April 10 1912 were purchased by the State School Fund at par and int.
BONDS REGISTERED.
-On Oct. 17 these securities were registered by
the State Comptroller.
•..1 I
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.-BONDrSALE.-On
Oct. 21 the $32,569 93,4;4% 9 1-3-year (ay.) debt-ext. bonds (V. 95. p.
917) were awarded, it Is stated, to A. E. Aub & Co. of Cincinnati for $33,800 03
-making the price 103.807.
COLUMBUS,Ohlo.-BONDS A UTHORIZED.-Ordinances were
-passed
Oct. 14 providing for the issuance of the following coupon bonds:
$1,500 4% St. Clair Ave. viaduct sidewalk construotion bonds. Denom.
$500. Int, at office of City Treas. Due March 1 1917.
1
25000 4% Franklin Park impt. bonds. Denom. $1,000. Interestat
office of agency of the City of Columbus in N. Y.Due
March 1 1933.
16,000 4 A% sewer-construction assessment bonds. Denom. $1,009. Int.
at City Treasurer's office. Due Sept. 1 1918.
Date not later than Deo. 31 1912. Interest M. & S.
CONCHO COUNTY COMMON SCHOOL DISTRICTS, Tex.
-BOND
SALE.
-On Sept. 1 the two Issues of 5% 10-20-yr. (opt.) bonds, $3,0001of
Dist. No. 7 and $1,500 of Dist. No. 8 registered by the State Comptroller
on Aug. 3 (V. 95, p. 636) were purchased by the county. Denom.,.1200.
Interest annually in April.
CONLEY SCHOOL DISTRICT. Kern County, Cal.
-BOND SALE.
-On
Oct. 11 the $30,000 6% coup. bldg. bonds (V. 95, p. 917) were awarded to
Torrance, Marshall & Co. of Los Angeles, it is stated, for 330,20589
(100.6783) and interest.
CONRAD.Teton County. Mont.
-BOND SALE.
-On Oct.21 the $10,000
8% sewer bonds (V. 95. p. 701) were awarded to Spitzer, Rorick & Co. of
Toledo at 102.61.
COUNTY COMMON SCHOOL DISTRICT NO. 17, Texas.
BONDS AWARDED IN PART.
-On Oct. 14 $1,000 of the $7,500 5% 1040
-year (opt.) bonds were awarded at par and int.to the State School,Fund:
$5,000 of these securities were previously sold (V. 95, p. 768).
CUERO INDEPENDENT SCHOOL DISTRICT (P10. Cuero), De Witt
-BONDS AWARDED IN PART.
County, Texas.
-On Oct. 14 $3,000 of
the $35,000 5% 20-40-year (opt.) bonds registered on July 9 (V. 95, p. 189)
were awarded to the State School Fund at par and interest.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-On
Oct. 23 the $1,000,000 4% coupon bonds (V. 95, p. 844) were awarded
jointly to the Tillotson & Wolcott Co. and the Cleveland TrustCo4ot
Cleveland at 100.76, reports state.
DALLAS COUNTY COMMON SCHOOL DISTRICT NO.9.TeX.
-BONDS
-On Oct. 14 $1,000 of the $6,000 5% 20
AWARDED IN PART.
-year
bonds were awarded to the State School Fund at par and int. Previous to
this sale $4,000 of the issue had been placed (V. 95, p. 768).
-BONDS A UTHORIZED.-Ordinances were passed
DAYTON, Ohio,
Oct. 7 providing for the issuance of the following bonds:
$8,000 6% boulevard-lighting assess. bonds. Denom.$8,000. Due Dec. 1
19
3,000 43..% eridge-repair bonds. Denom. $1,000. Due Dec. 1 1919.
Date Dec. 1 1912. Int. J. & D.
DECATUR TOWNSHIP. Marion County, Ind.
-BONDS OFFERED BY
-Joseph T. Elliott & Sons of Indianapolis are offering to InBANKERS.
vestors $21,320 4% tax-free refunding bonds. Denom. $500. Date
Aug. 3 1912. int. F. & A. Due on Aug. 3 as follows: $320 in 1013: $500
yearly from 1914 to 1921, inel. and $1,000 yearly from 1923 to 1939,Incl.
'
Total debt, $25,990. Assessed valuation, $1,664,140.
-BOND ELECTION.
DE KALB COUNTY (P. 0. Fort Payne), Ala.
An election will be held Nov. 5 to vote on the issuance of $16.00O 4% 80yr. road bonds (V.95, p.313), according to reports. Int. semi-annual.
DELAWARE COUNTY (P.O. Delaware), Ohio.
-BOND OFFERING.
The Board of County Commrs. will offer at public auction at 1 p. in. Nov. 4
$11,850 43.% ditch bonds. Auth. Sees. 6490, 6492 and 6493, Gett..Code.
Denom. (10) $500, (10) $685. Date Aug. 31 1912. Int. M. 63S. at office
of County Treas. Due $1,185 eack 6 mos. from:March 1 1913 to Sept. 1
corrLE
THE CHRONICLE
1148
1917, incl. A deposit of cash or certified check on a bank in Delaware
County for $500, payable to W. H. Bodurtha, County Auditor, required.
Official advertisement states that all previous bonds and interest have been
paid promptly at maturity. Bonds must be taken up within five days from
time of award.
DEPORT INDEPENDENT SCHOOL DISTRICT (P. 0. Deport), Lamar
-On Oct. 14 $2,000 5%
-BONDS AWARDED IN PART.
County, Tex.
10-40-yr. opt. bonds were awarded to the State School Fund at par and
Int. These securities are part of an issue of $18,000, of which $4,000 were
previously sold (V. 95, p. 768).
DES MOINES INDEPENDENT SCHOOL DISTRICT (P.O. Des Moines),
-J. H. Hogan, Treas. Bd. of
Polk County, lowa.-BOND OFFERING.
Ed., will offer at public auction at 2 p. m. Oct. 28 (time extended from
Oct. 15) $70,0004 % refund. bonds. Denom.$1,000. Date Nov. 1 1912.
Int. M. & N. at First Nat. Bank in Chicago. Due Nov. 1 1932. A deposit of $2,000 is required. Official circular states that there is no litigation affecting this issue.
DOWAGIAC SCHOOL DISTRICT NO.1(P.O. Dowagiac), Cass County,
Mich.
-BOND SALE.
-The $8,000 4;i% bonds (V. 95, p. 701) have been
awarded to H. W. Noble ,& Co. of Detroit at par. Int. J. & J.
EAST WINDSOR TOWNSHIP SCHOOL DISTRICT (P.O. Hightstown),
-It is reported that proposals
Mercer County, N. J.
-BOND OFFERING.
13
: 21
0,00
will he received until 8:15 p. m. Oct. 28 by J. F. Mount, Clerk,
4 % 1-30-yr. (serial) building bonds.
EDGEWOOD INDEPENDENT SCHOOL DISTRICT (P. 0. Edgewood).
-The State
-BONDS AWARDED IN PART.
Van Zindt County. Tex.
School Fund was awarded $1,000 5% 15-40-yr. (opt.) bldg. bonds on Oct. 14
at par and int. These bonds are part of an issue of $12,000, of which $3,000
were previously sold (V. 95, p. 768).
-On Oct. 10
-BOND SALE.
ELLIS COUNTY (P.0.Waxahachie). Tex.
the $73,000 Road Dist. No. 8 and $98,000 Road Dist. No.9 5% road-impt.
bonds (V. 95, p. 701) were awarded to the Harris Trust & Savings Bank of
.. .. • • . . . • • . . . . .
Chicago at 98 and interest.
-Local
-BONDS AUTHORIZED.
ELYRIA, Lorain County, Ohio.
papers state that ordinances have been passed providing for the issuance
•of $66,000 street-impt.; $4,000 undercut (city's portion); $20,000cemetery,
.and $3,000 sewer-construction bonds.
-Proposals will be
ENID, Garfield County, Okia.-BOND OFFERING.
received until 10 a. m. Oct. 28 by W. C. Rogers, City Clerk, for $25,000
gas-well bonds.
EVANGELINE PARISH SCHOOL DISTRICT (P.O. Ville Platte), La.
BOND SALE.
-We learn that an issue of $15,000 5% 10-yr. school bonds.
has been purchased by the Evangeline Banking & Trust Co. of Ville Platte
at par and int. Denom. $100 to $400. Date of $10,400 Sept. 1 1912, balance April 1912. Interest annual .
-Reports state
EVANSTON, Cook County, 111. BOND ELECTION.
that the question of issuing $180,000 water-filtration-plant-construction
bonds will be submitted to a vote on Dec. 16.
-We are advised
-NOTE SALE.
EVERETT, Middlesex County, Mass.
that this city has disposed of the following 4% notes:
42,000 block-system notes. Int. J. & D. Due $1,000 June 1 1913 & 1914.
1,200 fire-department notes. Int. F. &A. Due $600 Aug.! 1913& 1914.
3,000 library notes. Int. J. &J. Due $1,000 July 15 1913, 1914 & 1915.
4,000 playground notes. Int. M. & S. Due $1,000 yearly Sept 1 from
1913 to 1916, inclusive.
3,000 fire department notes. Int. J. & J. Due $1,000 July 15 1913,
1914 and 1915.
5,000 refunding notes. Int. F. & A. Due $1,000 yearly Aug. 1 from
1913 to 1917, inclusive.
3,000 school notes. Int. F. & A. Due $1,000 Aug. 1 1913, 1914 & 1915.
600 library notes. Int. J. & J. Due July 15 1916.
-On
-BOND SALE.
FARRELL (P. 0. Sharon), Mercer County, Pa.
Oct. 2 the $50,000 4;i% 30-yr. tax-free street-impt. and funding bonds
voted Aug. 3 (V. 95, p. 374) were awarded to J. S. & W. S. Kuhn, Inc.,
Pittsburgh. Denom. $1,000. Date Oct. 1 1912. Int. A. & 0. • • • •
FREDERICKSTOWN, Madison County, Mo.-BOND OFFERING.
Proposals will be received until Nov. 1 by A.V.Downs,City Clerk, for the
$12,000 5% coup. electric-light-plant-constr. bonds voted Aug. 31 (V. 95.
p. 702). Denom. $500. Date Nov. 1 1912. Int. M. & N. Due Nov. I
1932, subject to call beginning Nov. 1 1917.
-On Oct. 15 the
-BOND SALE.
FREMONT, Sandusky County, Ohio.
$17,000 4% 6%-yr. (ay.) coup. Buckland Ave. impt. (assess. and city's
portion) bonds(V.95, p. 918) were awarded to the Provident Savings Bank
& Trust Co. of Cincinnati at 102.39 and Interest.
-Proposals will be received until 12 m. Nov. 12
BOND OFFERING.
by the Clerk of Council for $10,000 4)% coupon street-impt. bonds
Denom. $500. Date Oct. 1 1912. Int. A. & 0. at office of Sinking
Fund Trustees. Due $500 each 6 months from Oct. 1 1913 to April 1
Certified check on some solvent bank for $200 required.
1918, Incl.
Purchaser to pay accrued interest. Bids must be unconditional
-On Oct. 21
-BOND SALE.
GALLIA COUNTY (P.O. Gallipolis), Ohio.
the $20,000 4% 10-year bridge bonds (V. 95, p. 918) were awarded to
J. C. Ingels of Gallipolis at 104.78. Other bids follow:
A. E. Aub & Co., Cincin_ 420,802 00
Commercial & Say. Bank
Co., Gallipolls
$20,925 00 Stacy & Braun, Toledo__ _ 20,707 60
Seasongood & Mayer, Ctn. 20,906 00 Atlas Nat. Bank, Cin__ _ 20,655 00
20,860 00 Dayton Say. & Trust Co.,
Well, Roth & Co., Cin
20,650 00
Dayton
Prov. Say. & Tr. Co., On_ 20,856 00
C.E.Dennison & Co.,Clev_ 20,855 60 S. A. Kean & Co., Chicago 20,400 00
Otis & Co., Cleveland. _ _ _ 20,815 00
GAUSE INDEPENDENT SCHOOL DISTRICT (P. 0. Gause), Milam
-The State Permanent
-BONDS AWARDED IN PART.
County, Tex.
School Fund was awarded on Oct. 14 at par and int. $2,000 5% 10-40-yr.
(opt.) bldg. bonds. These are part of an issue of $9,000, of which $3,000
were previously sold (V.95, p. 769).
-TEMPORARY LOAN.-AccordIng to local papers, the
GEORGIA.
Governor has negotiated a loan of $200,000 due in 90 days. with Lthe
National Park Bank of New York, at 3%• 41V 414,V 1
4 dtzti•Adil
• GIDDINGS SCHOOL DISTRICT (P. 0. Giddings), Lee County, Tex.
-At an election held Oct. 15 the proposition to issue
BONDS VOTED.
$20,000 building bonds carried, it is reported. •
-We are
SALE.
GLOVERSVILLE, Fulton County, N.
advised by wire that on Oct.25 the $10,000 4;i% coupon tax-free bridge
bonds (V. 95, p. 918) were awarded to Adams & Co. of N. Y. at 100.4376.
GRANDFALLS DRAINAGE DISTRICT. Ward County, Texas.
-On Oct. 18 the State Comptroller registered
BONDS REGISTERED.
$33,000 5% bonds.
-An election will be held
-BOND ELECTION.
GRAND RAPIDS. Mich.
Nov. 5 to vote on the question of issuing $175,000 4% 20-yr. bridge bonds,
It is stated.
-BONDS VOTED.
-At an
• GRANGER SCHOOL DISTRICT. Texas.
election held Oct. 12 the question of issuing $3,000 building-construction
bonds carried by a vote of 23 to 6, according to reports.
-BONDS DOFEATED.-The
GRANITE CITY, Madison County. III.
election held Oct. 22 resulted in the defeat of the proposition to issue the
$43,000 park bonds (V. 95, p. 845), reports state.
-BOND OFFERGRANT COUNTY SCHOOL DISTRICT NO. 12. Wash.
ING.
-Proposals will be received until 2 p. m. Nov. 11 by C. T. Sanders,
County Treas.(P.O. Ephrata), for $1,000 3-10-yr. (opt.) bonds at not exceeding 6% interest. Int. annual. Purchaser to furnish blank i?onds. •
-BOND SALE.
P GRANT COUNTY SCHOOL DISTRICT NO.94. Wash.
On Oct. 21 the $1,000 5.20-year (opt.) bonds (V. 95. P. 918) were awarded
to the State of Washington at par for 6s. W. D. Perkins & Co., Seattle,
offered par, the district to furnish blank bonds. The bonds bear date
Nov. 1 1912.
-BOND SALE
GRANT COUNTY SCHOOL DISTRICT NO. 111, Wash.
-On Oct. 19 the $2,500 2-10-yr. (opt.) bonds )V.95, p. 918) were awarded
to the State of Washington at par for 5 ;is. No other bids were received.
The bonds are dated Nov. 1 1912.
GRAPELAND INDEPENDENT SCHOOL DISTRICT (P.O. Grapeland),
-On Oct. 14
-BIN DS AWARDED IN PART.
Houston County. Tex.
$1,000 of the $10,000 5% 20-40-yr. (opt.) bonds were awarded to the State
School Fund at par and int. This makes a total of_$7,000 bonds disposed of
•
•
V. 95, p. 769).
17
v.
-BOND
[VOL. I.XX XXV.
-BOND
GRAY COUNTY COMMON SCHOOL DISTRICT NO. 7, Tex.
-The remaining $850 of the $8,500 5% 20-40-yr. (opt.) bonds (V.
SALE.
to the State School Fund at par & int.
95, p. 769), were awarded on Oct. 14
GRAYSON COUNTY COMMON SCHOOL DISTRICT NO. 71, Tex.
-On Oct. 14 the State School Fund purchased $1,500 5%
BOND SALE.
15-yr. bonds dated July 10 1912 at par and int.
-The State Comptroller on Oct. 17 registered
BONDS REGISTERED.
these securities.
-At the elec-BONDS VOTED.
GREENFIELD. Adair County, Iowa.
tion held Oct. 21 the proposition to issue the $9,000 electric-light-plant
bonds (V. 95, p. 995) carried by a vote of 340 to 84.
construction
DISTRICT NO. 6, Tex.
GUADALUPE COUNTY COMMON SCHOOL
-On Oct. 14 $875 of the $7,000 5% bldg.
BONDS AWARDED IN PART.
bonds, $2,625 of which were previously sold (V. 95, p. 769), were awarded
at par and int. to the State School Fund.
-BOND OFFERING.
HADDON HEIGHTS, Camden County, N. J.
Proposals will be received until 8 p. m. Oct. 31, It Is stated, by Frederick
street-impt. bonds. Int. semi-ann.
Fries, Mayor, for $30,000 5% 20-year
Cert. check for 5% required. A similar issue was offered on May 28
(V. 94, p. 1462.)
-NO BONDS TO BE
HAMILTON COUNTY (P. 0. Hamilton), Tex.
-We are advised that the reports stating that an election would
VOTED.
be held to vote on the issuance of $10,000 road bonds (V. 95, p. 702) are
erroneous.
HAMLIN INDEPENDENT SCHOOL DISTRICT (P. 0. tlamlin), Jones
-The State School Fund
-BONDS AWARDED IN PART.
County, Tex.
was awarded at par and int. on Oct. 14 $500 of the $4,500 5% 10-20-yr.
(opt.) bonds, $3,000 of which were previously disposed of (V. 95, P. 769).
-The highest bids
-BIDS.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
received on Oct. 16 for the seven issues of 5% coup. road-impt. bonds
aggregating $35,000 (V. 95, p. 995) were as follows: P. J. Reimund,
$3,618 90 for $3,500; Davies-Bertram Co., Cin., $36,316 for $35,000.
The County Commissioners have asked the Davies-Bertram Co. to accept $31,500 of the $35,000 at a proportionate premium.
We are advised under date of Oct. 22 that no further action has yet
been taken.
-BOND OFFERHANFORD SCHOOL DISTRICT. Kings County, Cal.
-Proposals will be received until Nov. 6 by the Board of Co. Supervs.,
ING.
(P. 0. Hanford), for the $36,000 site-purchase-bldg. and Imp!. bonds
voted Sept. 4 (V.95, p.769.)
-A. E. Bowers of
HARPER. Harper County, Kans.-BOND SALE.
Wellington has been awarded an issue of $25,000 se.wer bonds ar par.
Denom. $1,000. Interest J. & J.
HARRIS COUNTY COMMON SCHOOL DISTRICT NO. 48, Tex.
-On Oct. 14 $900 5% 10-20-yr. (opt.)
BONDS AWARDED IN PART.
bonds were awarded to the State School Fund at par and int. These securities are part of an issue of $6,000, of which $3,000 have now been sold
(V. 95, p.769).
-PURCHASER
HARRIS COUNTY DRAINAGE DISTRICT NO.5,Tex.
-The purchaser of the $136,000 5% drainage bonds sold durOF BONDS.
ing September (V. 95, p. 1071) was A. J. McMahan of Oklahoma City at
par and int. Denom. $100. Data Oct. 1 1912. Int. A. & 0. Due
serially from 1914 to 1938.
HASKELL COUNTY COMMON SCHOOL DISTRICT NO. 33, Tex.
BONDS AWARDED IN PART.
-The State School Fund purchased on
Oct. 14 $1,000 of an issue of $2,000 5% 15-20-yr.(opt.) bonds, dated July 10
1912, at par and int.
BONDS REGISTERED.
-These bonds were registered on Oct. 17 by
the State Comptroller.
HAYNES CREEK DRAINAGE DISTRICT NO. 1 (P. 0. Grayson)
'
-Proposals will be received
Owinnett County, Ga.-BOND OFFERING.
by the Bd. of Drainage Commissioners for the $15,000 6% !mot. bonds
95, p. 1071). Denom, 3500. Int. ann. Due part yearly for 10 yrs.,
(V.
commencing 3 years from date.
HEN R YETTA SCHOOL DISTRICT (P.O.Henryetta), Okmulgee County,
-The $8,500 5% 10-yr. bldg. bonds voted during
-BOND SALE.
Okla.
June (V. 94, p. 1717) have been awarded to R. J. Edwards of Oklahoma
City at par. Denom. $1,000 and $500. Int. J. & D.
-BOND OFFERHERRIN COUNTY HIGH SCHOOL DISTRICT, III.
ING.
-Proposals will be received, it is stated, until 12 m. Nov. 13 by R. W.
Hopper, Secy. Bd. of Ed., (P. 0. Herrin), for $50,000 4% 9-yr. (aver.)
bonds. Int. annual. Cert. check for $500 required.
HILLIAR TOWNSHIP (P. 0. Centersburg), Knox County. Ohio.
BOND SALE.
-On Oct. 12 an issue of $8,000 turnpike bonds was purchased by the First Nat. Bank of Centersburg, it is stated, at par.
HIRAM TOWNSHIP SCHOOL DISTRICT (P. 0. Hiram), Portage
-Proposals will be received until
-BOND OFFERING.
County, Ohio.
12 M. Nov. 1 by Perry I.:. Green, Clerk Bd. of Ed., for $20,000 4% bldg.
bonds. Auth., Secs. 7625, 7626 and 7627, Gen. Code. Denom. $500.
Date Nov. 11912. Int. A. & 0. Due $500 each six months from Apr. 1
1914 to Oct. 1 1933, incl. Cert. check for $300. payable to the Dist.
Treas., required. Bonds to be delivered within 10 days from time of award.
Purchaser to pay accrued interest.
-BOND ELEOTION.-An
HOCKING COUNTY (P. 0. Logan), Ohio.
election will be held Nov. 5 to vote on the proposition to issue $13,000
county-fair-site-purchase and $7,000 site-Improvement bonds.
-BONDS AWARDED IN PART •
HONEY GROVE,Fannin County,Tex.
-The State Permanent School Fund was awarded at par and int. on Oct. 14
$2,000 5% 20-40-yr. (opt.) bldg. bonds. These are part of an issue ol
$14,000, of which $3,000 has been disposed of (V. 95, p. 769).
-On Oct. 21
-BOND SALE.
HOOD RIVER, Hood River County, Ore.
the $90,000 20-yr. water-works bonds (V.95, p. 918) were awarded to Well
Roth & Co. of Chicago as 5s. It is stated that the bonds were sold at a
discount of $756.
HOPKINS COUNTY COMMON SCHOOL DISTRICT NO. 19, Tex.
-On Oct. 14 the State School Fund was awarded $500 5%
BOND SALE.
par and interest.
10-20-year (opt.) bonds at
-Local papers state
-BOND SALE.
HOUSTON. Harris County, Tex.
that the 6 issues of 4;i% bonds, aggregating $2,500,000, registered by the
State Comptroller on Oct. 9 (V. 95, p. 1071) have been purchased by the
Wm. R. Compton Co. of St. Louis at 100.28 and int.
INDEPENDENCE SCHOOL DISTRICT (P. 0. Independence), Jackson
County, Mo.-PRICE PAID FOR BONDS -The price paid for the $75,000
5% 5-20-yr. (opt.) building bonds purchased by the Bank of Independence
and the First Nat. Bank of Independence (V.95, p. 1071) was par. Denom.
$500. Date Oct. 1 1912. Int. A. & 0.
IRVINfl INDEPENDENT SCHOOL DISTRICT (P. 0. Irving). Dallas
-It is reported that this district author-BONDS VOTED.
County, Tex.
ized the issuance of $13,000 bldg. bonds by a vote of 74 to 21 at an election held Oct. 19.
-It Is
-BOND ELECTION.
JACKSONVILLE. Duval County. Fla.
reported that this city will submit to the voters next Jannary the question
issuing $1,500,000 dock and terminal-impt. bonds.
of
-BOND SALE.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
On Oct. 18 the $50,000 4% bridge-repair bonds (V. 95, p. 918) were
awarded to Seasongood & Mayer of Cin. at 104.90 and Int. Other bids
follow'
Well, Roth & Co., Cin__ $52,4J0 00 First Nat. Bank, Cleve___$51,992 80
Proy.Say.Bk.& Tr.Co.,Cin. _52;375 00 A. E. Aub 63 Co., Cln__ _ _ 51,975 00
Hayden, Miller & Co., Clev. 52,202 50 Stacy & Braun, Toledo__ 51,923 50
Tex.- 876 D
,
52,122 00 Mayer,Deppe & Walt.,Cin.51B0NO O
Otis & Co., Cleve
1c
Dayt.Sav.& Tr.Co.,Dayton 52,030 00 Nat. Ex.B.,Steubenville_ 51,150 00
JEFFERSON COUNTY DRAINAGE DISTRICT NO. 3.
OFFERING.
-Proposals will be Nee yed until 10 a. m. Nov. 2 by R. W.
Wilson, Co. Judge (P. 0. Beaumont), for $92,000 5% 10-40-yr. (opt.)
drainage bonds. Int. semi-ann. Cert. check for 5% of bonds required.
-BOND ELECTION.
JOHNSON CITY. Washington County, Tenn.
On Nov. 21 the voters will deckle whether or not this city shall Issue $50,000
5;i% 20-yr. high-school-building bonds.
-BOND SALE.
-On Oct. 15
JOHNSON COUNTY (P.O. Cleburne). Tex.
the $175,000 5% 10-40-yr.;opt.)court-h'se bds. voted Sept.26(V.95, p. 915)
were awarded to Wm.R.Compton Co.of St.Louisior $176,765(101.0085,)
•
•
Interest and lithographed bonds.
• • •
OCT. 26 1912]
THE CHRONICLE
-BOND SALE.
-On Oct. 17 the
JOHNSTOWN, Licking County, Ohio.
5 issues of 5% street-impt. bonds aggregating $16,943 96 were awarded to
the First Nat. Bank of Cleve. for $17,542 20 (103.53) and Int. and not to
Well, Roth & Co. of Cin. as reported in V.95, p.1071. Other bids follow:
$17,536 96 Seasongood & Mayer, Cin.$17,390 98
Otis & Co., Cleve
Tillotson & Wolc.Co.,Clev. 17,445 88 11. B. Rusler, Johnstown_ 17,155 76
Hayden, Miller & Co., Clev. 17,403 96 Spitzer, Rorick & Co., Tol_ 17,142 20
-NO BONDS TO BE ISSUED.
JONES COUNTY (P.O. Eilisville). Miss.
-Using newspaper reports, we stated in V. 95, p. 702, that this county
proposed to issue $200,000 road bonds. We are now advised that the
reports were erroneous.
-BOND SALE.
JONES COUNTY COMMON SCHOOL DISTRICTS, Tex.
-On Sept. 10 the County Permanent School Fund purchased at parand
Interest the following 5% 5-20-yr. (opt.) bonds: $800 bonds of Dist.No. 4,
$1,600 of Dist. No. 62, $1,000 of Dist. No. 53 and $2,000 of Dist. No. 31
registered by the State Comptroller on Aug. 30 (V. 95, p.637). Denom.
$500. Date July 10 1912. Int. annually in April.
JOUR DANTON INDEPENDENT SCHOOL DISTRICT (P. 0. Jourdan-On
-BONDS AWARDED IN PART.
ton), Atascosa County, Texas.
Oct. 14 the State School Fund was awarded at par and int. $1,000 of the
$18,500 5% 10-40-year (opt.) building bonds, $14,000 of which have now
been sold (V. 95, p. 769).
-On Oct. 15 the $17,KANSAS CITY, Mo.-CERTIFICATE SALE.
438 6% 1-10-yr. (ser.) So. Park Dist. assess. certificates (V. 95, p. 995)
were awarded to the Title & Say. Trust Co. of Kan. City for $17,998 01,
making the price 103.211. A bid of par and int. was also received from
the Travelers' Ins. Co. of Hartford. Denom. $1,000. Date May 2 1912.
Int. J. & J.
-On
-BOND ELECTION.
LAKEWOOD, Cuyahoga County, Ohio.
Nov. 5 the voters will have submitted to them the question of issuing
$30,000 road, $25,000 police and fire building and $8,500 fire-engine bonds.
-BOND SALE.
-The $100,000
LAMAR COUNTY (P. 0. Paris). Tex.
road bonds recently voted (V. 95, p. 702) have been awarded to the First
Nat. Bank and the American Nat. 'Bank of Paris.
LAMAR COUNTY COMMON SCHOOL DISTRICT NO. 48, Texas.
-01 an issue of $2,500 5% 10-20-year
BONDS AWARDED IN PART.
(opt.) bonds, dated Feb. 1 1912, the State School Fund purchased $1,000
on Oct. 14 at par and interest.
LAS CRUCES, Dona Ana Cnunty, N. Mex.-BOND ELECTION PROPOSED.
-This city will probably vote on the issuance of $30,000 6%
bonds (V. 95, p. 637) on Nov. 5.
--Proposals
-BOND OFFERING.:
• LEWISTOWN, Mifflin County. Pa.
will be received, It is reported, until Nov. 1 by J. H. Saxton, Sec. Borough
Council, for the $24,000 4% 10-30-yr. (opt.) bridge and paving bonds
(V. 95, P. 996). Int. semi-ann.
-NO ACTION YET TAKEN.
-No
• LEONIA. Bergen County, N. J.
action has yet been taken looking towards the issuance of the $23,000 sewer
bonds voted Aug. 26 (V. 95, p. 562).
LIMESTONE COUNTY COMMON SCHOOL DISTRICT NO.37,Texas.
BO ND SALE.-The State School Fund was awarded on/0ot. 14 the $1,000
5% 10-20-year (opt.) bonds registered on Sept. 4 (V. 95, p. 702) at par and
interest.
-Proposals
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
will be received until 12 m. Nov. 20 by Ft. C. Ozman, City Clerk, for $18,500
Paving Dist. No. 190; $11,100 Paving Dist. No. 216: $7,200 Paving Dist.
No. 218 and $5,400 Paving Dist. No. 210 assess. bonds at not exceeding 5%
Int. Denom. as purchaser may desire. Date Dec. 1 1912. Int. annual at
Nebraska fiscal agency in N. Y. or at City Treas. office. Due one-tenth of
each issue yrly. on Dec. 1 from 1913 to 1922 incl. Bidder to state whether
or not he will furnish completed printed or lithographed bonds. Certified
check for $200 required.
-It is stated that
LONGVIEW, Gregg County, Tex.
-BONDS VOTED.
the question of issuing $100,000 water-works-extension bonds received a
favorable vote at a recent election.
LOS NIEROS VALLEY HIGH SCHOOL DISTRICT, Los Angeles County.
-At an election to be held Nov. 8 the voters
-BOND ELECTION.
Cal.
will have submitted to them the question of issuing $5,000 bonds, according to reports.
-BOND OFFER/NO.-Proposals
LOWELL. Middlesex County, Mass.
will be received, according to reports, until 11 a. m. Oct. 28 by the City
Treas. for $21,825 4% 5-8-year (serial) municipal bonds. Int. semi-ann.
LOWER MERION TOWNSHIP (P. 0. Ardmore). Montgomery County,
-BONDS NOT SOLD.
-No bids were received on Oct. 15 for $15,000
Pa.
of the $200,000 4% bonds. Denom. Mom. Date July 1 1904. Int.
J. & J. Due Jan. 1 1934.
-BOND ELECTION PROMC LENNAN COUNTY (P. 0. Waco). Tex.
POSED.
-We are advised that there is talk of calling an election In Justice
Precinct No. 1 to vote on the issuance of $100,000 road bonds.
MADEIRA VILLAGE SCHOOL DISTRICT. Hamilton County, Ohio.
-An election will be held Nov. 5 to submit to the
BOND ELECTION.
voters the question of issuing not exceeding $25,000 site-purch. and bldg.constr. and equip. bonds, reports state.
MADISON, Madison County, Neb.-BOND SALE.
-On Oct. 15 the
$16,000 5% sewer bonds voted Aug. 27 (V. 95, p. 638) were awarded to the
H. C. Speer & Sons Co. of Chicago at 100.0625. Denom. $500. Date
Sept. 1 1912. Interest annually at the fiscal agency in New York. Due
Sept. 1 1932, optional Sept. 1 1917.
-On Oct. 23 the three
MARION, Marion County. Ohlo.-BOND SALE.
issues of tax-free bonds, aggrerating $22,691 (V. 95, p. 996) were awarded
as follows:
$14,591 4% refunding bonds to Weil, Roth & Co. of Cincinnati for
$14,635-making the price 100.301.
6,000 4 J. % 5 1-3-year (average) fire-engine-house bonds to Henry
Shelitz of Marion for $6,149 50-making the price 102.491.
2,100 43% funding bonds to Henty Shelitz, Marion, for $2,130 84
making the price 101.4685.
-BOND OFFERING.
-It is stated
Coos County, Ore.
MARSHFIELD,
that proposals will be received until 4 p. m. Oct. 28 by the Finance Committee of the Common Council for $17,642 6% 1-10-yr. (opt.) street-impt.
bonds. Int. semi-ann.
MASSENA SCHOOL DISTRICT (P.0. Massena), Cass County, Iowa.
-The $16,000 5% coup. bldg. bonds offered on July 16
BOND SALE.
(V. 94, p. 1780) have been awarded to the Cook Construction Co. of Des
Moines at par.
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.
-On
Oct. 22 the loan of $50,000, due May 26 1913 (V.95, p. 1072), was awarded,
it is stated, to R. L. Day & Co. of Boston at 4.50% discount.
MEDINA, Medina County, Ohio.
-BOND SALE.
-On Oct. 21 the
$2,000 5% 3-6-yr. (ser.) coup. E. Wash, St. Impt. (vii. portion) bonds
(V. 95, p. 996) were awarded to the Old Phoenix Nat. Bank in Medina
and int.-a basis of about 4.01%. Other bids follow:
at 104
M. S. Pond, Somerset_ __$2,048 801P. Himelspaugh, Medina...42,032 00
Hayden, Miller & Co., Cie_ 2,032 001Stacy & Braun, Toledo... _- 2,02200
-BONDS VOTED.
MEDINA COUNTY (P. 0. Hondo), Texas.
-At a
recent election the question of issuing the $40,000 Precinct No.4 road bonds
(V. 95, p. 499) received a favorable vote, it is reported.
MELOLAND SCHOOL DISTRICT, Imperial County, Cal.
-BOND
OFFER/NO.-Proposals will be received, it is reported, until 2 p. m.
Nov. 4 by the Board of County Superv. (P. 0. El Centro) for $4,000 6%
$500.
school bonds. Denom.
-BOND SALE.
-We are advised
MERIDIAN, Jefferson County. Kan.
that the $5,000 city-hall and auditorium-erection bonds recently voted
(V. 95, p. 703) have been sold.
MERIDIAN INDEPENDENT SCHOOL DISTRICT (P. 0. Meridian).
-The State
BOSCale County, Texas. BONDS AWARDED IN PART.
School Fund on Oct. 14 was awarded at par and int. $3,000 of the $21,000
5% 40-year bonds, $5,000 of which were sold some weeks ago (Y. 95, p.
770).
MEXICO SCHOOL DISTRICT (P. 0. Mexico). Audrain County, Mo.-Reports state that the question of issuBOND,ELECTION PROPOSED.
ing $75,000 school-impt. bonds will probably be submitted to the voters
within the next sixty days.
-BIDS REJECTED.
-All bids received on
MINNEAPOLIS, Minn.
Oct. 24 for the *200,000 4% 30-yr. high-school bonds (V. 95, p. 996)
were rejected.
1149
-The question of
MONDOYI. Buffalo County, Wis.-BONDS VOTED.
issuing park-site-purchase bonds received a favorable vote at a recent
election, reports state.
MOODY COUNTY (P. 0. Flandreau), So. Dak.-BOND ELECTION
PROPOSED.
-It is reported that an election will be held this fall to vote
on the issuance of $75,000 court-house-construction bonds.
-An election
MONROE, Monroe County, Mich.
-BOND ELECTION.
will be held Nov. 25, it is stated, to decide whether or not this city shall
issue $25,000 paving bonds.
MT. CORY, Hancock County, Ohio.
-BONDS NOT SOLD.
-Local
papers state that no bids were received on Oct. 15 for the $1,500 5% electric-light bonds offered on that day (V. 95, p. 770).
MT. HOLLY SPRINGS SCHOOL DIETRICT (P. 0. Mt. Holly Springs).
Cumberland County, Pa.
-BONDS NOT SOLD.
-We are advised that the
$4,500 4 h% 4-19-yr. (opt.) coup. bonds offered on Aug. 26 (V. 05, p. 500)
were not sold.
MT. VERNON, Westchester County. N. Y.
-BOND OFFERING.
Proposals will be received until 8 p. m. Oct. 30 by P. Collins, City Clerk,
for $25,000 4).% highway-repaving bonds. Denom. $1,000. Date
Nov. 1 1912. Int. M. & N. at City Treas. office. Due Nov. 1 1932.
Certified check for $1,000 required. Bonds to be delivered on or before
Nov. 5, unless a subsequent date shall be mutually agreed upon. Bonds
will be certified as to genuineness by the U. S. Mortgage & Trust Co., and
their legality will be approved by Caldwell, Masslich & Reed of N.Y.,whose
opinion will be furnished to the purchaser. Bids to be made on blank
forms to be furnished by the city. Purchaser to pay accrued interest.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO.10, Mont.
-BONDS
TEMPORARILY WITHDRAWN FROM MARKET.
-We are advised
that the sale of the $1,000 6% bldg. bonds which was to have taken place
Oct. 14 was withdrawn for the present.
NACOGDOCHES COUNTY COMMON SCHOOL DISTRICT NO.2, Texas.
-BOND SALE.
-The remaining $900 of the $3,000 57 5-20-year (opt.)
bonds (V. 95, p. 770) were awarded to the State School'Fund on Oct. 14
at par and interest.
NARRAGANSETT (P.O. Narragansett Pier), Washington County, R. I.
BONDS DEFEATED.
-An election held Oct. 22 resulted in defeat of the
proposition to issue $25,000 road bonds, reports state.
NEW LONDON TOWNSHIP (P.0. New London), Huron County, Ohio,
-BID.-A bid of $2,518 was received on Oct. 19 from Well, Roth & Co.
of Cincinnati for the $2,500 4%% 1-10-year (serial) coupon tax-free roadimpt. bonds offered on that day. Denom.$250. Date Oct. 1 1912. Int.
A. & 0. at the Township Treasurer's office.
NEW MEXICO.
-HIGHWAY BOND ELECTION.
-At the general
election on Nov. 5 a vote will be taken on Chapter 58 of the Laws of 1912,
which provides for the issuance of $500,000 4% gold highway bonds.
Denom. $1,000. Date July 1 1913. Int. J. & J. Due $20,000 yearly
beginning 1919.
-On Oct. 11 Harris, Forbes & Co. of
NORFOLK, Va.-BOND SALE.
N. Y. exercised their option on the remaining $557,000 bonds at 97.584,
this being the remainder of the $835,000 bonds $278,000 of which were
sold on Sept. 12 (V. 95, p. 770).
NORWOOD. Hamilton County, Ohio.
-BOND ELECTION.
-On Nov. 5
the voters will have submitted to them propositions to issue $10,000 Franklin Ave. extension, $90,000 city-hall-constr. and equip., $50,000 elec.-lightsystem-constr., $10,000 Lafayette Ave. ext., $25,000 Crown Ave. ext.
and $15,000 Ross Ave. ext. bonds, according to reports.
NUECES COUNTY COMMON SCHOOL DISTRICT NO. 7, Texas.
BONDS AWARDED IN PART.
-The State School Fund was awarded on
Oct. 14 at par and int. $2.000 of the $10,000 5% 10-40-year (opt.) bonds,
$5,000 of which had already been sold (V. 95, p. 771).
OLNEY, Richland County, III.
-BOND SALE.
-On Oct. 14 the $35,000
5% 5-20-yr. (opt.) coup. water-works-ext. and impt. bonds (V. 95, p. 919)
were awarded to C. H. Coffin of Chic.for $35,901, making the price 102.574.
Other bids follow:
A. B. Leach & Co. Chic__ ..335,227 Bolger,Mosser&Willaman,Chl$35,021
N. W. Halsey & Co., Chic_ _- 35,210 Wm. R. Compton Co., Chic_ 34,825
Ulen & Co., Chicago
35,078 Harris Trust & Say. Bk., Chi. 34,705
PALACIOS, Matagorda County, Tex.
-PURCHASER OF BONDS.
The purchaser of the $25,000 5% 15-40-year (opt.) water-works bonds sold
recently (V. 95, p. 1072) was Spitzer, Bolick & Co. of Toledo. Denom.
$1,000. Date May 1 1912, Int. M.& N.at the Hanover Nat. Bank, N. Y.
PASADENA. Cal,'
-BOND SALE.
-On Oct. 15 the $1,000,000 43%
water-plant bonds were purchased by E. H. Rollins & Sons of Los Angeles
at 100.0511 and int. This firm has a joint account with the Cont. & Corn.
Trust & Say. Bank of Chic., which gets $375,000 bonds, while $250,000 goes
to Torrance, Marshall & Co. of Los Angeles, leaving $375,000 for Rollins
& Sons. The bonds were apparently purchased by Rollins through the
Union Nat. Bank of Pasadena, as the City Clerk advises us that that
institution was awarded the bonds on Oct. 15 at 100.0511 and int.
The entire issue consisted of $1,250,000 bonds. They were previously
offered on Oct. 1, at which time $250,000 were awarded to the State (V. 95,
p. 996) and $1,000,000 to the Union Nat. Bank. The bank's offer was
later rejected, however, on the ground that it had been received too late
and the bonds were re-offered, as stated above, on Oct. 15.
PATERSON, Passaic County, N. J.
-BOND SALE.
-On Oct. 24 the
$200,000 4;4% 30-yr. gold coup. or reg. tax-free sewer funding bonds
(V. 95, p. 996) were awarded to the Harriman Nat. Bank, N. Y., at 103.39
and int. Other bids follow:
Harris, Forbes & Co., N. Y.$204,642 A. B. Leach Sc Co., N. Y___$203,540
Adams & Co., N Y
204,020 Kountze Bros., N. Y
202,194
Curtis & Sanger, N. Y
203,564 Parkinson & Burr, N. Y
201,151
Kissel, Kinnicut & Co.,N.Y. 203,550 Estabrook & Co., N. Y
•103,100
*For $100,000.
PAULDING, Paulding County. Ohio.
-BOND SALE.
-On Oct. 19
the $30,000 4% electric-light-plant and water-works-impt. bonds (V. 95,
p. 919) were awarded to Mayer, Deppe & Walter of Ctn. at 100.86. Other
bids follow:
Well, Roth & Co., Cin
$30,117 Stacy & Braun, Toledo
$30,000
Otis & Co., Cleveland
30,0751
PEASE TOWNSHIP SCHOOL DISTRICT (P. 0. Martin's Ferry), Belmont County, Ohio.
-BOND OFFERING,
-According to reports, Proposals will be received until 12 m. Nov.22 by H.S. Johnston, Clerk Board of
Education, for $10,000 5% 631-yr. (aver.) bldg. bonds. Int.semi-annual.
• PEMBERVILLE. Wood County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Nov. 11 by the Mayor for $7,500 5%
coup. street-impt. tax-free bonds. Denom. $750. Date Oct. 1 1912.
April at Pemberville. Due part yrly. on Oct. 1. Cert, check
Int. ann in
for 5%, payable to the VII. Treas., required. Bonded debt, $2,000.
Floating debt, $800. Assess. val. 1912 (est.), $1,000,000.
PERU TOWNSHIP. Huron County, Ohio.
-BOND OFFERING.
Proposals will be received until 12 in. Nov. 2 by the Township Trustees
at the Farmers' & Citizens' Banking Co. in Monroeville for $15,000 of an
issue of $30,000 43% coup. Peru Road Dist. bonds voted Feb. 23. Auth.
Sec. 7033 to 7052 incl., Gen. Code. Denom. $500. Date Oct. 1 1912.
Int. A. & 0. at Farmers' & Citizens' Banking Co. Due $500 each six
months from April 1 1914 to Oct. 1 1928 incl. Unconditional cert. check
on a bank other than the one making the bid.for 5% of bonds bid for.
payable to the Twp. Trustees, required. Bonds to be delivered within 10
days from time of award. Purchaser to pay accrued interest. Bids must
be unconditional.
-BOND OFFERING.
PETERSBURG, Menard County. III.
-Proposals
will be received until Dec. 2 for $15,000 5% sewer bonds. Auth. vote of
253 to 103 at an election held Oct. 15. Denom. $1,000. Due $1,000 yrly.
on Sept. 14 from 1914 to 1928 incl.
PHELPS, Ontario County. N. Y.
-BOND ELECTION.
-A vote will
he taken at the general election on Nov. 5 on the question of. issuing $12,000 town-hall construction bonds.
PHILMONT, Columbia County, N. Y.
-NO ACTION YET TAKEN.We are advised by the.Village Clerk under date of Oct. 24 that no action
has yet been taken looking towards the issuance of the $5,000 eleo.-light
bonds voted Aug. 20 (V. 95, p. 771)).
PIEDMONT SCHOOL DISTRICT, Alameda County, Cal.
-BOND
ELECTION.
-On Nov.6 the voters will have submitted to them the proposition to issue $50,000 bonds, reports state.
1150
THE CHRONICLE
,
PITTSY L VA N IA COUNTY (P. 0. Chatham) Va.-BOND OFFERING.
-Further details are at hand relative to the offering on Dec. 3 of the
$60,000 5% Dan River Magisterial District bonds (V. 95, p. 996). These
bonds will be offered at public auction at 12 m. on that day by the Board
of Supervisors. Denom. *100 or multiples thereof. Int. semi-ann.
Due 34 years from date.
-The
-BOND SALE.
PORT CHESTER, Westchester County. N. Y.
following bids were received on Oct. 18 for the two issues of bonds offered
on that day:
$13,000 43% $6,331 33 5%
Issue.
Issue.
Port Chester Savings Bank
•$117 00 prem. $20 00 prem,
John J. Hart, Albany
4 50 prem. •59 27 prem.
Curtis &Sanger, New York
47 65 prem.
R. M. Grant & Co., New York
30 42 prem.
Adams 64 Co., New York
7 00 prem.
28 00 prem.
• Successful bids.
-Proposals will be received
-BOND OFFERING.
PORTLAND, Ore.
until 11 a. m. Nov. 26 by A. L. Barbur, City' Auditor, for the $315,000 4%
gold bridge bonds offered but not sold on Oct.8 (V.95, p. 1072). Denom.
$1,000. Date Oct. 1 1912. Int. A. & 0. at the City Treasurer's office
or the fiscal agency of the city in N. Y. Due 30 years. Certified check on
a responsible bank in Portland for 5% of bonds bid for, payable to the
Mayor, is required. Bids must be unconditional, except as to legality.
The official notice of this bond offering wilt be found among the advertisements elsewhere in this Department.
PORTLAND SCHOOL DISTRICT NO. 1, Multonomah County, Ore.
BOND OFFERING.
-Proposals will be received until 2 p. m. Nov. 20 by
6% building
,
J. M. Lewis, County Treas. (P. 0. Portland), for $150,000 43
bonds authorized by a vote of 122 to 49 at an election held Feb. 14 1911.
Denom. $1,000. Date Dec. 2 1912. Interest semi-annually in Portland
and New York. Due Dec. 2 1932, subject to call, beginning Dec. 2 1922.
Official circular states that there is no controversy or litigation pending or
threatened affecting its corporate existence or the boundaries of said district, title of its present officials to their respective offices, or the validity
of these bonds, and that no previous issue has ever been contested;also that
the principal, also interest, on all bonds has always been promptly paid at
maturity. A deposit of $1,000 is required.
-BOND SALE.
PORTLAND WATER DISTRICT (P.O. Portland). Me.
-We are advised that this district has disposed of an issue of $130,000 bonds
-BOND OFFERING.
-According
PORTSMOUTH, Scioto County. Ohio.
to reports, proposals will be received until 12 m. Nov. 12, by W. N. Gableman, City Aud., for $130,000 4% 33-yr. (aver.) water bonds. Int. semiann. Cert. check for 2% required.
-The $5,000 6%
-BOND SALE.
RIGBY. Fremont County. Idaho.
10-20-year gold coupon tax-free water-works bonds (V.95, p. 68) have been
disposed of, we are advised.
-NOTE SALE.
-On Oct. 18 the $100,000 waterROCHESTER, N. Y.
works-impt. and $40,000 East Side Tank sewer 3-months' notes were
awarded as follows: $100,000 water-works to L. Von Hoffmann & Co. of
N. Y. at 100.01 for 5.375s, $10,000 sewer to tho Bond & Share Co. of
Rochester at par for 5s and $30,000 sewer to H. Lee Anstey of New York
at par for 5.408. Other bids follow:
$140,021 00 for $140,000 as 5 Ms
Bond & Goodwin, New York
140,011 00 for $140,000 as 5 Ms
L. Robbins, Rochester
140,011 00 for 140,000 as 5
Security Trust Co., Rochester
40,002 25 for 40,000 as 5;is
{
50,002 25 for 50,000 as 5 Sis
Ferris & White, New York
50,002 25 for 50,000 as 5.608
140,000 00 for 140,000 as 5 Ms
Union Trust Co., Rochester
575,000 00 for 75,000 as 5.75s
T. E. Lannin, Rochester
'L25,000 00 for 25,000 as 5.708
NOTE OFFERING.
-Proposals will be received until 2 p. m. Oct. 29
by E. S. Osborne, City Comptroller, for $100,000 refuse-disposal notes due
four months from Nov. 4 1912, and $100,000 sewage-disposal, $10,000
park-impt., $64,500 park-impt. and $160,000 local-impt. notes due four
months from Nov. 7 1912. They will be drawn with interest and made
payable at the Union Trust Co. in N. Y. Bidder to designate rate of int.
aad denomination of notes.
-This town has
'Mass.-BOND SALE.
ROCKLAND, Plymouth County,
disposed of $35,000 4% reg. tax-free refunding loan bonds. Int. ann. at
the Second Nat. Bank in Boston. Due $3,500 yriy. Aug. 1 1913 to 1922
inel.
-BOND OFROD-0 SCHOOL DISTRICT. Contra Costa County. Cal.
FERING.
-Proposals will be received until 10 A.M.Oct.28 by L.N.Buttner
County Treas. (P. 0. Martinez), for the $16,000 5% bonds. Auth. vote
of 68 to 14 at election held Sept. 23 (V. 95, p. 920). Denom. $1,000.
Date Nov. 15 1912. Int. M. & N. Due $1,000 yearly on Nov. 15 from
1913 to 1928 incl. Cert. check for 5% of bid required.
-On
-BOND SALE.
ROSEBOOM SCHOOL DISTRICT NO. 3, N. Y.
Sept. 24 $1,500 5% bonds were awarded to the First Nat. Bank of Cooperstown at 101. •Denom.$300. Date Oct. 1 1912. Int. annually in October.
Due 9300 yearly beginning Oct. 1 1913.
ST. FRANCIS CONSOLIDATED SCHOOL DISTR ICT (P.O.St. Francis),
-At an election held Oct. 15,
Anoka County, Minn. BONDS VOTED.
It is reported, the voters authorized the issuance of $25,000 bldg. and equip.
bonds.
-BOND OFFERING.
-Proposals
ST. PAUL, Ramsey County. Minn.
will be received until Nov. 1 for $11,396 local-assess, bonds, reports state.
-BOND SALE.-Thle city has disposed
• SALEM, Essex County, Mass.
It the following 4% bonds:
9T,000 sewer bonds. Int. M. & N. Due from May 1 1913 to 1919.
6,000 water bonds. Int. J. & D. Due from June 1 1913 to 1918.
-NO BONDS TO BE VOTED.
SANDUSKY, Erie County, Ohio.
Local papers state that there will be no vote taken at the November election
on the proposition to Issue the $150,000 municipal electric-light-planterection bonds (Y. 95, p.-771).
SAN PATRICIO COUN , Y COMMON SCHOOL DISTRICT NO. 6, Tex.
BONDS AWARDED IN PART.
-The State School Fund was awarded
on Oct. 14 at par and int. $2,000 of an issue of $10,000 5% bldg. bonds,
$2,500 of which had already been disposed of (V. 95, 0.771).
SAN PATRICIO COUNTY COMMON SCHOOL DISTRICT NO.7. Texas
-On Oct. 18 $15,000 5% 10-40-year (opt.)
-BONDS REGISTERED.
bonds were registered by the State Comptroller.
-BONDS DEFEATED.
SANTA ROSA COUNTY (P. 0. Milton), Fla.
The proposition to issue Escambia River bridge bonds failed to carry at an
slaction held Oct. 15, according to reports.
-At the
-BONDS DEFEATED.
SAWTELLE. Los Angeles County, Cal.
election held Oct. 19 the proposition to issue $10,000 5% fire-dept.-Impt.
bonds (V. 95, p. 920) was defeated, it is stated, by a vote of 270 to 215, a
two-thirds majority being necessary to carry.
SEBRING SCHOOL DISTRICT (P.O. Sebring), Mahoning County, Ohio.
-BOND ELECTION.
-On Nov. 5 the voters will decide whether or not
this district shall issue $40,000 site-purchase-and-bidg. bonds.
-BONDS REGISTERED.
-On
SHERMAN, Grayson County, Texas.
Oct. 18 the State Comptroller registered the $10,000 water-works-impt.,
$13.000 fire-dept.-impt., $100,000 street-Inapt. and $75,000 public-schoolbuilding 5% bonds sold on Sept. 16 (V. 95, P. 771.)
SIGOURNEY SCHOOL DISTRICT (P 0. Sigourney), Keokuk County,
-It is stated that the people
Iowa.
-BOND ELECTION PROPOSED.
will probably vote this fall on the issuance of bonds for a new school-bldg.
PIP SMITH COUNTY COMMON SCHOOL DISTRICTS. Texas.
-BONDS
-The State Comptroller on Oct. 18 registered $6,000 10REGISTERED.
40-year (opt.) Dist. No. 50; $1,000 5-20-year Dist. No. 40 (opt.) and $800
6-20-year (opt.) Dist. No. 16 5% bonds.
-BOND ELECTION.
NW SNOHOMISH COUNTY P. 0. Everett), Was.
Oa Nov. 5 the voters will have submitted to them the question of issuing
$1,500,000 6% road-Impt. bonds, it is reported.
-This
SOUTH KINGSTOWN,Washington County,R.I.-BOND SALE.
town has disposed of $23,000 4% coup. funding bonds. Int. J. 6c D. at the
R. I. Trust Co. or the Town Treas. office.
--The other bids re-BIDS.
SPRINGFIELD. IIampdn County. Mass.
ceived on Oct. 18 for the $525,000 4% gold coup. or reg. municipal-bldg.
[VoL. Lxxxxv.
4
tax-free bonds awarded to \.‘A. Harris Co., Inc.. and Blodget & Co. of
Boston, at their joint bid of 102.567 V. 95, p. 1073), were as follows:
101.813
Jackson & Curtis
R. L. Day & Co
101.63
102.346 Curtis dc Sanger
Estabrook & Co_
101.615
Perry, Coffin de Burr
Merrill Oldham & Co. _ _
1101.149
102.33 Lee, liigginson dc Co
Blake bros. ac Co
Wm.C. Simons
Adams &
• The above bidders all of Boston except Wm.C. Simons, of Springfield.
-Well, Both
-BOND 'SALE.
STATESVILLE, lradell County. No. Car.
& Co. of Cincinnati were awarded on Oct. 5 the following bonds (V. 95,
p. 920): $25,000 5% 30-year bonds at 101 and $10,000 53% 1-10-year
(serial) bonds at 102.375.
-BOND OFFERING.
STEUBENVILLE, Jefferson County, Ohio.
Proposals will be received until 12 m. Nov. 18 by W. H. Patterson, City
Aud. for the following 4;,% bonds:
$2,860 Clair Ave. Impt. bonds. Auth. Secs. 3821 and 3914, Gen. Code
Denom. (1) $300, (5) $500. Due $500 in odd years on March 1
from 1915 to 1923, incl., and $300 Mch. 11924.
8,500 fire-apparatus-purch. bonds. Auth. Sec. 3939, Gen. Code. Duo
March 1 1918.
Date Oct. 11912. Int. semi-ann. Cert. check for 3% of bonds bid for,
payable to the City Treas., required. Bonds to be delivered within 10
days from time of award. Purch. to pay accrued interest.
-BOND
STEVENS COUNTY SCHOOL DISTRICT NO. 105, Wash.
-On Oct. 12 $1.600 1-3-year (opt.) building bonds were awarded
SALE.
to the State of Washington at par for 5 Hs.
-Reports state
-BOND SALE.
SWEETWATER, Nolan County, Tex.
that the $35,000 5% 20-40-year (opt.) coupon sewerage-system bonds
offered on Sept. 3 (V. 95, p. 438) have been awarded to Otis & Co. of Cleveland at par and interest.
-Proposals
-BOND OFFERING.
SYRACUSE. Onondaga County, N. Y.
will be received until 1 p. m. Oct. 29 by 2.1. E. Monahan, Compt. for $220,municipal-impt. tax-free bonds. Denom. as ilurch. may
000 431% reg.
desire. Date Nov. 1 1912. Int. M. & N. at the Columbia-Knickerbocker
Cert.
Trust Co., N. . Due $11,000 on Nov. 1 from 1913 to 1932, incl. Bonds
check for 2% of bonds bid for, payable to the Comptroller, required. Trust
will be certified as to genuineness by the Columbia-Knickerbocker
Co., N. Y. The legality of the issue will be examined by Caldwell, Masslich
& Reed, N. Y., whose opinion will be furnished to the purchaser. Bids
delivered
to be made on blank forms furnished by the City. Bonds to bePurchaser
Nov.8 unless a subsequent date shall be mutually agreed upon.
to pay accrued int. No conditional bids considered.
-BOND OFFERTALLAHATCHIE COUNTY (P.O. Charleston), Miss.
-W.D. Brown, Chancery Clerk, will offer at public auction at 1 p. m.
ING.
Nov. 4 $25,000 6% coup. Supervisors' District No. 1 tax-free road bonds.
Auth. Chap. 149, Laws of 1910. Denotn. $100. Date Oct. 1 1912. Int.
A. & 0. Due $1,000 yriy. on Oct. 1 from 1922 to 1931 incl. and $3,000
yriy. on Oct. 1 from 1932 to 1936 incl.
-Proposals will
-BOND OFFERING.
TEHACHAPI, Kern County, Cal.
be received until Nov. 18 for the $14,000 6% municipal-water-works-system-constr. bonds. Auth. vote of 94 to 24 at an election held Oct. 14
(V.95, p.847). Due 1922. A.S. Waterman is City Clerk.
-BOND ELECTION.
TERRACE PARK, Hamilton County, Ohio.
On Nov. 5 the voters will be called upon to decide whether or not this
village shall issue $2,500 bonds to meet deficiencies, according to reports.
TIPTON,Tipton County, Tnd.-BOND SALF,.-The $5,000 water-works
and electric-light-plant consolidation bonds recently authorized (V. 95,
p. 704) have been disposed of to local investors.
AT
• TONOPAH. Nye County, Nev.-NO BONDS TO BE ISSUED to in•
PRESENT.
-We are advised that the fire-protection bonds referred
V. 95, p. 639, will not be issued at present.
-On Oct. 22 the $52,000 4 %% 10-year
TRENTON. N.J.-BOND SALE.
registered refunding bonds(V.95, p. 1073) were awarded to Curtis & Sanger
of New York at 101.419. Other bids follow:
101.31 Watson & Pressprich, N. Y_ _100.87
Rhoades & Co., N. Y
100.814
R. M. Grant & Co., N. Y........101.178 Adams 43 Co., N.Y
100.69
101.13 Kountze Bros., N Y
Estabrook & Co., N Y
Kinnicutt & Co., N.Y _101.13 John D. Everitt & Co., N. Y_100.58
Kissel,
100.55
Harris, Forbes & Co., N.Y__100.912 Ellodget & Co., N Y
100.911 Parkinson & Burr, N. Y_ _100.537
Ferris & White, N. Y
100.88
Harriman & Co., N Y
TURLOCK I RRIGATIONIDISTR ICT (P.O.Turlock). Stanislaus County.
-On Oct. 21 the $500,000 5% bonds (V. 95, p. 998)
-BOND SALE.
Cal.
were awarded to H. S. Crane at par.
-BOND SALE
TURLOCK SCHOOL DISTRICT,Stanislaus County,Cal.
_on Oct. 15 the $15,000 5% bldg. bonds (V. 95, p. 920) were awarded, it
is stated, to Wm. R. Staats & Co. of Los Angeles at 100.12. Denom. $1,000. Date Oct. 15 1912. Due $1,000 yriy. from 1918 to 1032 incl.
UNION DISTRICT HIGH SCHOOL DISTRICT (P. 0. Benwood), Mar-On Oct. 9 the $80,000 5% coup.
shall County, W. Va.-BOND SALE.
high-school-bldg. bonds (V. 95, p. 848) were awarded to Breed & Harrison
of Cincinnati at 102.12. Due July 1 1942, subject to call part yearly
from July 1 1922 to 1941 inclusive.
-BOND SALE.
VANDERBURG COUNTY (P. 0. Evansville), Ind.
On Oct. 16 an issue of $51,700 road bonds was awarded to the City Nat.
-making the price 100.009.
Bank of Evansville for 451,705
-It is re•
-BOND ELECTION.
VENICE, Los Angeles County, Cal.
ported that the voters will have submitted to them In November the question of issuing $100.000 fire-main bonds.
-The Meyer-BOND SALE.
VIGO COUNTY (P. 0. Terre Haute), Ind.
Kiser Bank of Indianapolis has purchased, it is stated, an Issue of $8,300
bonds at 100.50.
road
-BOND ELECTION.
WAHKIAKU COUNTY (P.O.Cathlemet), Wash.
-It is stated that an election will be held Nov. 5 to vote on the issuance
of $50,000 6% road-bldg. bonds.
-Proposals
-BOND OFFERING.
WARREN, Trumbull County. Ohio.
will be received until 12 m. Nov. 20 by Wm. E. Dilley, City And., for
bonds. Denom. $500. Date Sept. 15
$20,000 4% coup. Packard Park
Due $500 each
1912. Int. M. & S. at office of Sinking Fund Trustees. check for $200,
six months from Mch. 15 1959 to Sept. 15 1978 incl. Cert.
payable to the City Treas., required. Bonds to be delivered within 5 days
from date of award. Purchaser to pay acOrued interest.
-Proposals
WARWOOD, Ohio County, W. Va.-BOND OFFERING.
will be received until Nov.7 at the "Bank of Warwood" for the 413,000 5%
10-yr. sewer bonds voted Aug. 26 (V. 95, p. 639.)
WATERTOWN. Codington County So. Dak.-DESORIPTION OF
-The $27,000 5% coup. funding bonds recently sold to the First
BONDS.
Nat. Bank of Watertown (V. 95, p. 998) are in the denom. of $1,000 each
and dated Oct. 1 1912. Int. ann. in October. Due $3,000 yrly. Oct. 1
1917 to 1925 inch
ACTION YET TAKEN.
WELLSTON, Lincoln County. Oktn.-NO has yet
The Town Clerk advises us that no action recently been taken looking
N (VSALE- )
.95,p..998.
0n
park bonds Ohio.
toward the issuance of the $2,000
WEST LAFAYETTE, Coshocton County.
Oct. 21 $4,700 4 WO sewer, park and public-hail bonds were awarded to the
50, making the
People's Banking Co. in Cothocton for $4,774 1 1912. Int. price 101.58.
M. & S. Due
Denom. (2) $600 and (7) 4500. Date Sept.
from Sept. 1 1917 to Sept. I 1921.
County, Cal.
-BOND SALE.
WILDWOOD SCHOOL DISTRICT, Kern
_on Oct. 11 the $1,000 5% coup. bldg. bonds(V.95, P. 921) were awarded,
it is stated, to the Security Trust Co. at 100.50 and Int.
WILLIAMSON SCHOOL DISTRICT (P. 0. Williamson), Pike County.
-At a recent election, ills reported, the question
-BONDS VOTED.
Oa.
of issuing school-bldg. bonds carried.
-BOND SALE.
WILLITS SCHOOL DISTRICT. Mendocino County. Cal.
-On Oct.8 the $10,000 5% building bonds (V. 95, p. 501) were awarded to
Torrance. Marshall & Co. of Los Angeles at 100.26 Denom. $1,000. Due
$1,000 yearly for 10 years.
.- awarded to 14. W.Harriserris 24
On
t. 4
WINTHROP, Suffolk County. MussereBO ND SALE$20,000 4% coup. playground bonds w
Co., Inc. of Boston at 100.22 and interest. Denom, (16) $1,000 and (8)
$500. date Jan. 11011. Int. J. ec J. at the Old Colony Trust Co. in Boston. Due $2,500 yriy. Jan. 1 from 1918 to 1925 inol.
Bids were also received from Merrill, Oldham & Co., Blake Bros., Betabrook & Co. andr3lodget &So. of Boston.
00T. 26
1912]
1151
THE CHRONICLE
-We are
-BOND SALE.
WOOD COUNTY (P. 0. Quitman), Tex.
CHATHAM. Ont.-DEBENTURE OFFERING.-Thle city Is offering
advised that the $120,000 5% 10-40-year (opt.) road and bridge bonds for sale
the $15,000 5% school debentures (V. 96. p. 640). Due 10 yrs.
voted Sept. 1 (V. 95, p. 1074) have been sold.
from Oct. 1 1912. R. G. Fleming is City Treas.
-BOND SALE.
-On Oct. 8 A. J. McYALOBUSHA COUNTY, Miss.
CLI NTON. Ont.-DEBENTURE SALE.
-On Oct. 1 the *2.0004 % 20Mahan of Oklahoma City was awarded $15,000 5% court
-house bonds at yr. coup,
road debentures (V.95, p.705) were awarded to the I.0.0. F.at
102.50 and $7,000 5.% road bonds at 104.50. Denom. $1,000. Date par.
Int. A. & 0. Due Oct. 1 1937.
Oct. 1 1912.
COLGATE. Sask.-DEBENTURE OFFER/NO.-Proposals will be re-BOND SALE.
YOUNGSTOWN. Ohio.
-On Oct. 21 the following bids
were reoelved for the 12 issues of bonds aggregating *388,305 (V.95, p.921): ceived, according to reports, by L. M. Moore. Sec.-Treas., for $2,500 5%
15-yr. debentures.
1300,000 119,000 $8,775 11,005 $4,915 13,000
EMERALD (Rural Municipality No.277),Sask.-DEBENTURE OFFERIssue.
Issue. Issue. Issue. Issue. Issue. ING.
-Proposals will be received by S. G. Thorne, Sec.
-Trews.. for $20,000
Seasongood & Mayer, Cin____*$320,430 $19,529 19,016
permanent-impt. debentures.
Hayden, Miller & Co., Cleve.__ 320,400 19,580 $9,043
*15,062
ESTEVAN. Sask.-BONDS NOT SOLD.
Citizens' Nat,Bank,New Phila.
-No bids were received on Oct.
*9,060 441038
,
City Sat. Bank, Youngstown_
4,940 *$3,035 15 for the 3 issues of 5% debentures, aggregating 1110,000, offered on that
$4,785 $9,095 $4,865 $4,355 $5,860 $22,650 day (V. 95, p. 849).
Issue. Issue. Issue. Issue. Issue. Issue.
FORT FRANCIS, Ont.-DEBENTURE SALE.
-C. H. Burgess & Co. of
Seasongood & Mayer,CM
$9,345
$23,286 Toronto have been awarded, reports state, $15,228 6% 30
-Installment deHityden, Miller & Co., Cleve_ _$4,930 9,370 $5,011 $4,485 *$6,036 *23,341 bentures.
Citizens' Nat. Bank, New Phila._*4,953
5,036 4,507
FORT WILLIAM. Ont.-NO ACTION YET TAKEN
.-We are advised
Mahoning Nat.Bk.,Youngstown. 4,870
5,064 23,055 under date of Oct. 18 by the City Clerk that no action has yet been taken
Commercial Nat. Bk., Youngst'n.
*9,424 *5,041 *4,513
looking towards the issuance of the *10,000 school debentures authorized
City klav. Bank, Youngstown
9,159
5,890
on Aug. 13 (V. 95, p. 641).
FRE DER IC KTON, N. B.-DEBENT URN OFFERING.
-Proposals will
*Successful bids.
be received at once for 15.0004% debentures. G. R.Perkins is Sec.-'Treas.
YUMA COUNTY UNION HIGH SCHOOL DISTRICT. Ariz.
-BOND
GALT, Ont.-LOAN ELECTION.
-A by-law providing for a loan of
OFFERING.
-Further details are at hand relative to the offering on Nov. 2
of the $60,000 5% gold coupon tax-free bonds (V. 95, p. 1074). Proposals 115.000 as a bonus to the Galt Shoe Mfg. Co., Ltd., will be submitted to
will be received on that day until 10 a. m. by R. Hansberger, Clerk Bd. the ratepayers at an election to be held Oct. 31, according to reports.
of Co. Supervisors (P. 0. Yuma), Auth. Chap. 77 Laws of 1912: Denom.
GOLDEN WEST (Rural Municipality No.95), Sask.-DEBENTURE OF$1,000. Date Oct. 31 1912. Int. ann. In Dec. at Co. Treas. office. Due FERING.
-It is reported that proposals will be received by B. Mott, Sec.$6,000 yrly. Dec. 31 1922 to 1931 incl. Cert. check for $6,000, payable Treas. (P. 0. Gienada), for the $12,000 debentures for permanent impts.
to the 0/aairman Board of Supervisors, required.
GRAND FORKS. B. C.
-DEBENTURE OFFERING.
-Proposals will
be received until Nov. 6 by John Hay, City Clerk, for the $16,000 reservoirconstr. and $5,000 school 5% 20-yr. debentures recently voted.
HAY TOWNSHIP, Ont.-DEBENTURES A UTHORIZED.-Accordlog to reports, the City Council recently passed a by-law providing for the
ACTON. Ont.-DEBENTURES AWARDED IN PART.
-Of the two issuance of $18,000 local-telephone-system debentures.
Issues of 5% 20-Installment debentures, aggregating $10,168 85, offered on
Oct. 7 (V.95, P. 849), $8,500 have been awarded, it is stated, to C. H. 13urHERBERT. Sask.-DEBENTURE OFFERING.
-Proposals will be received. according to reports, by D.J. Wiens, Sec.-Treas., ter $9.000 permagem & Co. of Toronto.
nent-impt. debentures.
ASSINIBOIA, Rural Municipality (P. 0. Kirkfield Park). Mao.
DEBIINT URE OFI.ERINC.-Proposals will be received until 4 p. in. Nov.
HUMBOLDT. Sask.-DEBENTURES PROPOSED.-Aocording to re16 by F. Ness, Sec.-Treas., for $38,413 7-yr. local impt., $12,000 10-yr. ports, this place is considering the issuance of $30,000 oleo.
-light and powergeneral impt., $33,926 15-yr. local impt., $127,544 20-yr. local Impt. and plant-constr. and $30,000 road-impt. debentures.
$15,803 30-yr. local impt. 5% debentures.
LAIRD. Sask.-PRICE PAID FOR DEBENTURKS.-The price paid
BERLIN, Ont.-DEBENTURE SALE.
-On Oct. 21 $4,500 30-Installment school and $17,000 20-installment street 5% debentures were awarded for the $3,300 5 A % 10-installment debentures awarded to Say & James of
to the Dominion Securities Corp., Ltd., of Toronto for $21,292-making the Regina (V. 95, p. 922) was $2,956 (92.375). A bid ef $2,945 was also received from Curran Bros. of Regina.
price 99.032. Date Oct. 15 1912. Int. annually In October.
LAMBTON COUNTY (P. 0. Sarnia). Ont.-DEBENTURE SALE.
BROWNLEE. Sask.-DEBENTURE OFFERING.
-According to reports, proposals will be received by W. J. Wallace, See.-Treas., for $6,000 The $16,000 4 A % 10-Installment debentures (V. 95. p. 840 have been
awarded to Wm. A. Mackenzie & Co. of Toronto, acoording to reports.
Permanent-I m p t.-deben tures.
CA NOR A. Sask.-DEBENTURE ELECTION.-A by-law providing for
-DEBENTURES NOT YET SOLD.
LETHBRIDGE. Alta.
-No award
the issuance of $5,000 well-constr. debentures will be submitted to a vote has yet been made of the $638,000 debentures, the unsold portion of $753,to-day (Oct. 25), according to reports.
000,(V. 95, p. 705).
Canada, its Provinces and Municipalities.
MISCELLANEOUS.
NEW LOANS.
BOND CALL.
$315,000
City of Portland,Oredon,
BOND CALL
ESTABLISHED 1885.
Pontchartrain Levee District
H. C. SPEER & SONS CO.
BRIDGE BONDS
Sealed proposals will be received by the undersigned until 11 o'clock A. M., on TUESDAY.
NOVEMBER 26, 1912, for the whole or any part
of Three Hundred Fifteen Thousand Dollars
($315,000) of the bonds of the City of Portland in
denominations of One Thousand Dollars ($1,000)
snob, dated the First day of October A. D., 1912,
payable thirty years after date and bearing interest at the rate of 4 per cent per annum, payable
on the first day of April and the first day of
Ootober, of each year, principal and interest
payable in United States gold coin, at the office
of the Treasurer of the City of Portland, Oregon,
or at the fiscal agency of the City of Portland in
the City of New York.
The above-described bonds are issued for the
purpose of constructing a bridge across the Willamette River In said city from a point at or near
Broadway and Larrabee Streets on the cast side
it said river, and following the line of Broadway Street, extended westerly in its present
course to a point at or near its interesection with
Seventh Street on the west side of said river,thence
southerly and easterly to a point at or near the
intereffection of Sixth and Irving Streets in said
city (the west approach and incline of said
bridge being subject to modifications and changes
by the Bxecutive Board of said city or its sueoessors). The authority for the issue of said
bonds i granted by an amendment to the charter
of the city of Portland, adopted June 7, 1909.
The bidder will be required to submit unconditional bids except as to the legality of the bonds,
and each bid must be accompanied by a certified
cheek on some responsible bank in the City of
Portland, Oregon, for an amount equal to five
(5%) Par Cent of the face value of the amount of
bonds bid for, payable to the order of the Mayor
it the City of Portland, to be forefeited as liquiddated damages in case the bidder shall withdraw
his bid or shall fall or neglect to take and pay for
said bonds should the same be awarded to him.
Said bond shall be sold to the highest responsible
bidder for cash.
The right is reserved to reject any or all bids.
All proposals should be marked 'Proposals for
Bridge Bonds" and addressed to A. L. Barbur,
Auditor of the City of Portland.
13y order of the Council of the City of Portland,
Oregon.
A. L. BARBUR.
•
Auditor of the City of Portland.
First Nat. Bank Bldg., Chicago
New Orleans, September 28th, 1912.
To the holders of the outstanding 0% bonds,
SCHOOL,
Series C, of the Board of Coinmissioners, for the
Pontchartrain Levee District.
COUNTY AND MUNICIPAL BONDS
Notice is hereby given by the above-named
Board of its intention to redeem all of its outstanding 6% bonds, Series C, maturing on the
First day of November, 1912. Payment will be
made at the Whitney Central National Bank, New
Orleans, together with ail accrued interest.
4% PUBLIC IMPROVEMENT BONDS
Holders of said bonds are notified to present
Due Sept. 3, 1142-32 416 102.75 and interest.
them for payment at said Bank on the 1st day of
November, 1912, on which day all interest on
Tax Free Throughout United States
said.lbonds will cease.
Accepted at par for (Wet, and Postal Deposits
HUNTER C. LEAKE. President.
TERRITORY OF HAWAII
1•1•••••
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
ragas Building
CINOINNATI
HODENPYL, HARDY & CO.
F. WM. KRAFT
LAWYER.
in Examination of
Municipal and Corporation Bonds
Specializing
CHICAGO, ILL.
14 Wall St., New York
ACCOUNTANTS.
Railroad, Street Ry., Gas & Elec. Light
LYBRAND,
ROSS BROS &
MONTGOMERY
SECURITIES
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
Certified Publie Accountants
(Pennsylvania)
NEW YORE,55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH. Union Bank Bldg.
CHICAGO. First Nat. Bank Bldg.
SAN FRANCISCO. Kohl Bldg.
SEATTLE. Central Bldg.
LONDON, 58 Coleman as.
PARK, POTTER & CO.
Bolger, Mosser &
Willarnan
MUNICIPAL BONDS
80 PINE STREET, NEW YORK
Legal for Savings Banks,
Patted Savings and Trust Funds.
Cincinnati, 0.
1037-9 FIRST NATIONAL BANK BLDG.,
80 STATE STREET, BOSTON
STATE, CITY & RAILROAD BONDS
Toledo, 0.
BONDS
VERST NATIONAL BANK BUILDING
CHICAGO
BLODGET & CO.
STACY & BRAUN
New York, Ohiftgo, Cincinnati and
London, England.
AUDITORS FOR
FINANCIAL INSTITO.
TIONS INDUSTRIAL AND
urinNG COMPANIES
SEND FOR EMIT.
29 South La Salle St.;
CERTIFIED PUBLIC ACCOUNTANTS
01110AGO
Investigations, Financial Statements;
Periodical Audits and AMUUttlir
Lxxxxv. •
TILE CIIRON1CLE
1152
MA PIE CREEK,Sask.-DEBENT(IRE OFFERING WITHDRAWN.The $30,000 5% 30-yr. town-hall debentures advertised for sale on Oct. 1
(V. 95, p. 502) have been withdrawn from the market.
MARIPOSA (Rural Municipality No. 350), Sask.-DEBENTURE OF-Proposals will be received, it is stated, by A. M. Carlile, See.FERING.
Treas. (P. 0. Kerrobert), for $15,000 permanent-impt. debentures.
MEBEC, Ont.-DEBENTURE ELECTION.-On Oct. 31, It is reported,
the ratepayers will vote on a by-law providing for the issuance of $12,500
fire-engine-purchase debentures.
MELVILLE, Sask.-DEBENTURE OFFERING.-Proposals will be received until 6 p. m. Nov. 11 by F. H. Clarkson, Sec.-Treas., for $55,000
40-yr. town-hall, $6,000 6-Installment mill loan and $43,300 30-installment
5% debentures. Int. ann. at the Merchants' Bank in Melville, Sask.,
Toronto, Ont., or Montreal, Que. Purchaser to pay accrued int. furnish
'
blank debentures and pay bank charges. Similar issues of debentures were
offered on Sept. 30. See V. 95, p. 850. Debenture debt (including this
issue) $259,628 01. Assess. val. 1912 $3,180,000.
-Proposals will be reMILDEN, Sask.-DEBENTURE OFFERING.
ceived for $4,000 permanent-impt. debentures, according to reports.
C. T. Carnie is Secretary-Treasurer.
-According to
-LOAN ELECTION PROPOSED.
NANAIMO, B. C.
reports, the ratepayerswill soon have submitted to them a by-law providing
for a loan of $5,000 as a bonus to aid the Nanaltno Agricultural Society.
-At a recent election
NEW HAMBURG,Ont.-DEBENTURES VOTED.
the ratepayers authorized a by-law providing for the issuance of $40,000
bonus debentures (V. 95, p. 1000), it is reported.
NO KOM I S, Sask.-DEBENTURES VOTED.-The election held Oct. 14
resulted in favor of the propositions to issue the $5,000 rink-constr. and
$5,000 street-Impt. 6% 20-installment debentures (V. 95, p. 923). The
vote was 43 to 7 and 40 to 10, respectively.
-DEBENTURE ELECTION.-PRONORTH VANCOUVER. B. C.
POSED.-It is reported that the ratepayers will have submitted to them
a by-law providing for the Issuance of $150,000 public-utilities-impt. debentures.
PARK (Rural Municipality No. 375), Sask.-DEBENTURE ELECTION
-It Is reported that the ratepayers will vote in the near
PROPOSED.
future on a by-law providing for the Issuance of $20,000 road-impt. debentures.
-A by-law providing
PETERBOROUGH. Ont.-LOAN ELECTION.
for a loan of $1,581 as a bonus to the De Laval Dairy Supply Co. will be
submitted to a vote, it is stated, on Oct. 30.
-Proposals
PENETANGUISHENE, Ont.-DEBENTURE OFFERING.
will be received until Nov. 5 by W. H. Hewson, Town Clerk, for the $15,000
5% 20-installment debentures voted May 31 (V. 94, p. 1465).
PLEASANT VALLEY (Rural Mun. No. 288), Sask.-DEBENTURE
-It is reported that proposals will be received by W. B. Van
OFFERING.
Aistyne (P. 0. McGee) for $12,000 debentures for permanent impts.
-At a recent election
-DEBENTURES VOTED.
REVELSTOKE, B. C.
the ratepayers voted a by-law providing for the issuance of $10,000 waterworks-system debentures, it is stated.
ROUND VALLEY (Rural Municipality), Sask.-DEBENTURE SALE.
-It is stated that $5,000 debentures have been purchased by Nay & James
of Regina.
• SANDWICH, Ont.-DEBENTURE ELECTION.-To-day (Oct. 26)
the ratepayers will vote on a by-law providing for the issuance of $7,000
water-main-construction debentures, it is reported.
STORNAWAY SCHOOL DISTRICT NO. 829, Sask.-DEBENTURE
-On Oct. 3 $4,000 6% 10-yr. school debentures were awarded to
SALE.
B. K. Thompson do Co. of Winnipeg for $3,965 (99.12) and int. Other bids
follow:
Wood, Gundy & Co., Toronto_$3,9321Brent, Noxon & Co., Toronto-$3,531
3,9251
Nay & James, Regina
These securities were previously advertised for sale on Sept. 10 but were
not sold on that day, owing to irregularities in the proceedings.
-An issue of $2,000
STRONGFIELD, Sask.-DEBENTURE SALE.
debentures has been awarded, It is stated, to Nay & James of Regina.
-On Oct. 28 the rateTILBURY, Ont.-DEBENTURE ELECTION.
payers will have submitted to them a by-law providing for the issuance
of $10,000 flour-mill-factory bonus debentures, it is reported.
NO ACTION YET TAKEN.-We are advised by theTown Clerk under
date of Oct. 17 that no action has yet been taken looking towards the issuance of the $5,000 bonus debentures voted Aug. 22 (V.95, p. 641).
-Reports state that Nay &
TISDALE, Sask.-DEBENTURE SALE.
James of Regina have been awarded an issue of $1,500 debentures.
-It is reported that
TORONTO, Ont.-DEBENTURES PROPOSED.
the burgesses will have submitted to them the question of issuing $250,000
to construct an additional building to the Hospital for Sick
debentures
Children.
TUGASKE, Sask.-DEBENTURES A UTHORIZED -According to
reports, the burgesses recently authorized the issuance of $4,000 skating
and curling-rink debentures.
TURNBERRY TOWNSHIP, Ont.-DEBENTURES NOT SOLD.-No
award was made on Oct. 21 of the $10,000 5% 20-yr. debentures (V. 95,
p. 1000). Bids were received from the following, the highest being at
97.25: R. C. Matthews & Co., Ont. Sec. Co.. Ltd., C. H. Burgess & Co.,
G. A. Stimson & Co., Brent, Noxon & Co., Wood, Gundy & Co. and A. E.
Ames & Co., all of Toronto.
-DEBENTURE'S A UTHORIZED.-It Is stated that
VICTORIA, B. C.
the City Council recently passed by-laws providing for the issuance of
$450,000 school debentures.
-Proposals will be
WALDHEIM. Sask.-DEBENTURE OFFERING.
received, reports state, by J. D. Buller, Secy.-Treas., for $2,000 permanentimprovement debentures.
-Proposals will be reWATROUS, Sask.-DEBENTURE OFFERING.
ceived until Nov. 1 by Jos. Gaye, Secy.-Treas., for the $83,000 5% 40-yr.
water-works and sewer-construction debentures offered, but not sold on
Sept. 3. (V. 95, p. 774.)
WELLINGTON (Rural Municipality No. 97), Sask.-DEBENTURE
-On Sept. 3 the $5,000 5% 20-yr. road debentures (V. 95, p. 774)
SALE.
were awarded to Curran Bros. of Regina at 95.80.
.WESTMOUNT, Que.-DEBENTURES PURCHASED BY CITY
This city has accepted an offer to sell $31,000 4% of Its outstanding debentures. Denom. $500. Int. M. dc N. Due May 1 1954.
-Re-DEBENTURE ELECTION PROPOSED.
WINNIPEG, Man.
ports state that the ratepayers will have submitted to them in December
by-laws providing for the issuance of $1,000,000 debentures.
MISCELLANEOUS.
MISCELLANEOUS.
LIMITED.
LLOYDS BA
Adrian H. Muller & Son,
($5 = £1.)
AUCTIONEERS,
Subscribed Capital, $131,521,000.
Reserve Fund, $14,500,000.
Paid up Capital, $21,043,360.
Regular Weekly Sales
OF
STOCKS and BONDS
HEAD OFFICE: 71, LOMBARD STREET, LONDON, LC.
EVERY WEDNESDAY
Deposit and Current Accounts - (31st December, 1911)
Cash in hand, at call, and at short notice
Bills of Exchange
11
11
Investments
11
Advances and other Securities -
- $423,293,135
107,670,605
Office, No. 55 WILLIAM STREET,
Corner Pine Street.
54,052,575
••
55,262,335
231,529,895
THIS BANK HAS OVER 600 OFFICES IN ENGLAND AND WALES.
Colonial and Foreign Department: 60, Lombard Street, LC.
NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED
BONDS
PARIS AUXILIARY : LLOYDS BANK (FRANCE) LIMITED, 19, RUE SCRIBE.
All Issues
A. H. Bickmore & Co.,
BANKERS
Nevada-California Power
Company Gs
Net earnings, after operation, 1911.
More than 3 times
Bond Interest
JOHN H. WATKINS
R. T. Wilson
&
Co.
WE WILL BUY OR BELL
Boettcher, Porter & Company
B. W. Strassburger
Colorado
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY, ALA.
A -R-E Six's, 10-year debenture, based on New York
realty. $100, $500, $1,000,
BONDS etc., Interest semi-annually,
6%
AMERICAN MFG. CO.
MANILA, SISAL AND JUTE
CORDAGE
Sales Office:
Noble & West Sts., Brooklyn, N. Y.
CHRONICLE VOLUMES
FOR SALE
Second-hand volumes in good condition for
years prior to 1908
American Real Estate Company
Founded 1888
Assets $24.134,240. Capital & Surplus $2,076,587 COMMERCIAL & FINANCIAL CHRONICLE
138 Front St., New York
Non- V•rk
Fail it A veuue
527
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INVESTMENT BONDS
33 WALL STREET
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EDWIN R. CASE
NEW JERSEY SECURITIES
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• JERSEY CITY
roIs 751 and 752
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