Full text of Commercial and Financial Chronicle : October 5, 1912, Vol. 95, no. 2467

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The.
VOL.95

OCTOBER 5 1912

NO.24671

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

OLEARINGS-.FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING SEPT. 28

1912.

1911.

Week encing September 28.

Nine Months.

September.
Clearings at-

Inc. or
Dec.

1911.

1912.

Inc. or
Dec.

1912.

1911.

Inc. or
Dec.

1910.

1909.

1,596,471,530 2,260,843,360
+12.5 135,503,867 153,247,066
50,090,942
50,999,910
+24.0
28,763,467 •
+9.5
30,241,817
10,186,011
9,052,683
+12.8
6,823,577
6,164,885
+1.9
6,318,544
6,213,936
--0.5
4,400,249
3,595,352
+12.0
2,600,000
2,494,195
2,180,721
2,100,457
+42.8
1,818,889
1,368,040
1,651,053
-3.9
1,545,127
1,250,894
1,246,025
+17.3
1,711,937
1,619,557
+13.6
1,336,276
+14.4
1,402,085

7,432,835,821 7,184,977,144 1423.4 72,976,410,203 68,676,922,064 +6.3 2,016,871,986 1,948,842,303
New York
158,782,617 141,161,463
580,758,339 +5.8 5,913,957,272 5,727,223,458 +3.2
614,710,482
Philadelphia
60,298,461
48,609,528
196,758,460 +13.4 2,055,822,509 1,888,140,090 +8.9
223,154,998
Pittsburgh
32,135,295
35,203,618
+5.1 1,419,317,808 1,294,028,138 +9.7
139,784,091
146,858,542
Baltimore
381,144,663 +9.8
418,463,120
10,602,509
11,957,155
41,789,776 +10.6
46,208,797
Buffalo
228,336,200 +1.3
231,307,337
6,114,538
6,231,189
25,695,167
24,200,152
Albany
271,836,394 +7.0
290,814,392
6,305,418
6,271,929
26,635,503 +0.02
28,641,027
Washington
181,548,803
163,975,235
+10.7
+2.5
4,101,793
3,660,082
17,660,180
18,137,815
Rochester
104,898,794
106,303,398 -1.3
2,500,000
2,548,905
10,587,768 -5.5
10,000,000
Scranton
94,724,207 +6.4
3,025,124
100,777,165
8,486,205 +35.3
2,118,145
11,485,357
Syracuse
58,709,271 +12.4
65,988,043
1,555,987
1,645,679
6,499,799 +7.9
7,010,125
Reading
+4.9
58,694,465
61,655,908
-1.7
1,610,131
1,675,753
6,605,794
6,492,626
Wilmington
56,081,186
52,845,978 +6.1
1,543,698
1,315,892
5,891,048
5,809,718 +1.4
Wilkes-Barre
66,083,373 +14.4
75,621,657
2,051,262
1,806,334
8,o82,268
7,438,932 +15.4
Wheeling
+8.8
60,245,850
65,539,469
1,559,461
1,363,461
+5.0
6,628,378
6,313,752
Trenton
50,294,747
+0.5
50,561,163
5,600,000
5,583,576 +0.3
Harrisburg
892,539
816,155
36,004,788 +4.8
998,623
896,473 +11.4
37,742,227
3,911,171
3,658,705 +6.9
York
817,721
764,388
32,514,736 +13.9
961,415
843,368 +14.0
37,144,322
3,998,339
3,749,937 +6.6
Erie
542,405
590,000
22,205,389 +2.7
562,524
542,635 +3.7
22,809,174
2,310,573
1,947,248 +18.6
Greensburg
400,800
+17.1
407,500
+1433
20,103,300
466,400
534,200
23,538,000
2,493,700
2,280,000 +9.3
Binghamton
479,464
565,385
644,884
542,873 +18.8
21,162,579 +8.8
23,027,832
2,626,540
2,315,353 +13.4
Cheiter
473,750
433,820
523,207
461,127 +13.4
17,901,421
+8.9
19,495,536
2,136,605
2,120,953 +0.7
Altoona
+2.8
9,044,671
• 9,297,333
Franklin
1,060,921
882,237 +20.2
10,714,615 +3.2
11,056,810
Frederick
1,231,781
1,263,671 -2.5
974,773
914,675 +50.7
1,378,225
43,094,078 +39.3
60,031,869
Lancaster
5,958,086
3,904,691 +52.6
18,944,267 +1.3
19,196,966
Beaver County
2,156,836
2,082,479 +3.5
17,658,598 -0.4
17,583,262
Norristown
1,948,703
1,952,626
1,410,803 Not included in total
Montclair
1,410,803 Not included in total
Total Middle
8,624,270,691 8,297,542,095 +3.9 84,349,580,160 79,428,951,973 +6.2 2,319,167,489 2,214,571,856 +4.7 1,854,54,0,579 2,356,742,412
161,914,138 138,341,323 +17.0 139,328,979 164,972,116
Boston
600,726,733 +6.2 6,643,667,083 6,117,578,470 +8.6
638,094,116
8,631,800
7,881,200
6,891,600 --1.6
6,780,600
296,313,400 +7.3
316,904,400
Providence
27,921,000 +3.0
28,760,700
4,042,238
3,612,225
+9.2
3,724,165 +5.8
3,941,780
167,348,216
+4.0
182,774,686
Hartford
16,482,551
17,148,531
2,732,254
2,293,566
2,459,611 +2.0
2,508,121
114,444,743
113,010,239 +1.3
New Haven
10,903,829 +0.2
10,929,508
2,164,473
2,363,504
2,257,440 +10.9
2,503,259
75,303,007 +14.4
86,135,231
9,852,625
8,673,665 +13.6
Portland
1,900,000
1,943,725
1,938,096 +24.9
83,052,518 +19.8
2,420,914
99,460,360
8,390,238 +17.6
9,863,747
Springfield
2,039,352
2,024,692
89,204,174 +12.2
2,151,829 +14.5
2,482,355
100,100,140
9,554,872 +5.7
10,100,429
Worcester
1,054,109
1,008,152
+5.2
958,772
+7.2
41,148,712
1,027,986
43,295.075
3,094,784 +8.4
4,331,282
Fall River
1,093,070
809,594
710,426 +19.9
851,604
37,187,984 +2.5
38,130,485
3,577,288 +10.7
3,958,068
New Bedford
465,611
418,723
514,989
21,111,166 +4.5
475,820
22,009,925
2,223,147 -1.3
2,195,138
Lowell
525,376
547,787
703,238
564,592 +24.6
22,618,133 +11.8
25,280,437
2,535,194 +5.8
2,683,139
Holyoke
448,400
492,728 -9.0
16,840,248 +9.0
18,353,711
1,979,614 +5.9
2,095,242
Bangor '
in
total
26,071,000 Not included
3,295,500 Not included in total
Waterbury
162,278,934 189,563,511
186,138,025 161,005,571
696,962,915 +6.2 7.69075557676 7,079,716,261 +8.6
Total New England
740,012,525
+9.1
290,974,621 '259,000,101 +12.3 265,290,995 280,252,550
1,206,651,833 1,140,206,067 +5.8 11,250,351,274 10,311,563,270
Chicago
24,651,700
23,322,250
24,137,950
22,358,700 +8.0
953,237,550 +7.3
104,681,050 +2.4 1,022,805,150
107,102,750
Cincinnati
16,089,173
16,458,149
22,237,696
746,514,344 +11.9
17,688,325 +25.7
834,963,361
80,687,698 +14.2
92,125,515
Cleveland
13,725,966
16,143,519 +24.9
15,960,796
20,165,532
711,410,35 +16.3
827,474,178
76,512,754 +14.8
Detroit
87,870,671
12,792,627
11,711,744
13,213,508
13,260,912 -0.4
513,505,918 +3.1
529,678,359
59,212,232 -2.7
57,618,138
Milwaukee
7,762,743
8,015,506
7,535,387 -2.8
7,321,765
331,287,731 -2.3
323,828,074
32,686,220
36,063,658 -9.4
Indianapolis
6,300,900
5,462,900
4,876,700 +29.6
6,318,000
219,440,200 +8.8
238,753,700
26,284,100
22,130,500 +18.5
Columbus
3,759,717
3,532,865
3,256,065 +44.3
4,698,975
184,406,907 -0.4
183,665,269
21,617,521
17,654,839 +22.4
Toledo
2,920,651
3,210,192
2,983,672 +14.3
3,411,562
116,897,462 +10.1
128,695,780
13,263,167 +13.0
Peoria
14,993,106
2,411,450
2,605,392
2,403,284 +14.6
2,755,951
100,632,353 +20.7
121,424,889
10,641,185 +18.1
12,571,256
Grand Rapids
1,696,427
1,867,999
1,757,739 +8.8
1,912,850
84,843,607 -0.6
84,310,862
8,467,315 +1.9
8,625,109
Dayton
2,230,968
2,085,420
2,184,184 -10.5
91,263,756 -4.0
1,954,595
87,614,928
9,709,164 -6.8
9,049,080
Evansville
553,969
659,285
674,750 ---9.0
26,039,430 +8.3
614,026
28,206,265
2,881,658 -5.9
2,710,151
Kalamazoo
832,729
800,000
971,321 +0.07
40,697,449 +16.9
971,963
47,557,707
4,632,568 -0.6
4,605,295
Springfield, Ill
949,940
1,621,545
923,064 +59.4
46,229,296 +22.7
1,471,240
66,731,352
6,243,036 +0.6
6,277,166
Youngstown
866,172
1,009,992
40,512,486 +6.6
884,771 +25.0
1,105,057
43,177,661
4,117,319 +12.2
4,619,411
Fort Wayne
785,000
813,000
42,941,140 +59.3
1,550,000
1,256,100 +23.4
68,390,200
6,072,000 +10.6
Akron
6,718,000
623,505
733,818
30,396,984 +9.0
839,312 +13.7
954,778
33,133,105
3,177,503 +9.9
3,493,159
Rockford
616,402
+0.9
760,074
748,306
38,017,657
+6.0
805,735
38,360,472
+9.1
3,122,215
3,405,793
Lexington
583,382
666,902
+5.6
26,282,727 +5.5
585,963
618,899
27,724,132
2,836,722 +9.3
3,101,612
Quincy
462,809
540,927
543,718 +19.9
651,928
25,954,499 +6.9
2,698,853 +14.5
27,741,164
3,088,563
Bloomington
600,000
917,585
2,000,000 -32.2
1,354,547
40,461,977 +19.2
4,301,723 +27.6
48,256,119
5,488,166
Canton
435,248
496,290
+28.3
449,419
+2.5
21,720,161
576,878
+18.2
2,201,662
22,256,955
2,601,206
Springfield, Ohio_ _ _
517,662
+154.9
475,770
509,913
1,300,000
21,001,237 +30.4
2,330,766 +102.8
27,476,592
4,726,461
South Bend
454,371
420,171
362,886 +49.1
17,331,102 +14.4
540,845
1,808,838 +39.8
19,833,111
2,527,081
Decatur
310,992
287,736
395,102 +13.9
450,460
1,833,006 +9.1
16,136,109 +6.5
1,999,366
17,072,638
Mansfield
362,485
364,662
379,243 +9.8
1,728,449 +4.6
416,631
16,436,625 +4.4
1,807,532
17,159,420
Danville
360,000
+12.0
400,000
366,129
1,898,371 +16.1
17,212,628 4-20.0
410,000
2,204,735
20,656,955
Jackson
249,713
317,232
238,535 +15.1
274,532
1,141,893 +11.7
11,948,872
11,742,034
1,275,798
Jacksonville, Ill
261,159
313,344
316,778 +10.4
1,621,978 +13.1
14,854,332 +9.2
349,079
1,833,446
16,000,799
Lima
210,000
133,000
152,883 -1.5
+7.5
607,963
6,734,555
150,612
+1.0
7,238,416
614,093
Ann Arbor
20,562
27,896
155,819 +24.4
1,565,734 -3.1
34,210
26,575 +24.4
193,134
1,516,492
Adrian
391,660
325,839 +16.3
1,468,342 +33.9
378,502
14,042,315 +25.3
1,966,729
17,597,589
Lansing
+21.2
+2.4
352,754
1,451,603
+9.8
16,870,152
325,260
17,278,176
394,340
1,593,265
Owensboro
7,883,518 +34.1
1,030,280 +30.9
10,571,058
1,348,467
Gary
1,347,109 +20.4
13,339,352
1,622,702
15,473,486
Flint*
3,700,624
404,621 +34.1
542,315
4,600,890
Lorain *
371,926,083 384,550.962
414,477,267 368,736,163
Tot. Mid. Western. 1,745,392,928 1,638,892,096 +6.5 16,259,250,236 14,005,974,433
Details of Pacific and Other Western on page 000.
98,114,462
121,699,888 121,699,888 +13.4 103,294,038
493,867,715 +5.3 4,773,244,209 4,243,516,198 +12.5
Total Pacific
520,215,583
147,524.491 139,024,573 +6.1 144,434,065 245,619,804
593,347,536 +7.1 5,404,429,609 5,098,714,826 +6.0
635,443,303
Total Other West
80,081,592
66,565,717
67,867,529 +1.5
68,890,230
317,432,804 -0.2 2,943,259,354 2,824,070,072 +4.2
316,895,065
St. Louis
17,123,791
15,829,619
17,500,960
728,710,999 +2.4
13,376,624
74,511,762 -2.3
New Orleans
72,788,257
746,476,104
11,158,549
11,390,347
508,914,191
+6.5
11.211,719 +17.3
13,149,734
49,199,528 +5.0
542,358,144
51,651,145
Louisville
9,241,528
17,807,359
+40.6
+12.9
21,244,158
+16.6
467,635,341
23,993,106
77,480,536
90,317,663
656,589,983
Houston
7,893,500
9,958,000
13,047,500 +3.5
54,212,500 -1.0
302,149,500 +17.0
13,500,000
53,646,000
353,794,000
Galveston
6,493,462
5,800,144
29,371,944 +2.9
287,731,610 +11.0
6,582,889 +6.9
7,035,748
319,472,920
30,222,028
Richmond
8,844,921
9,705,599
9,720,767 -35.4
35,569,184 -38.8
189,316,310 +2.2
6,276,919
21,768,534
193,553,256
Savannah
7,250,870
+47.1
6,526,254
+14.4
6,571,135
25,207,330
+33.3
217,057,280
9,667,603
248,288,662
Fort Worth
33,590,479
9,802,882
11,025,933
13,337,344 -18.3
51,640,680 -12.5
434,403,498 +9.4
10,895,385
Atlanta
475,206,705
45,169,448
5,606,087
3,716,380
6,132,175 -18.1
20,421,766 +15A
231,849,495 +18.0
5,024,904
Memphis
0
273,551,691
23,567,358
3,911,350
3,439,984
4,349,553 +25.9
16,194,432 +47.1
162,782,064 +29.4
5,476,541
210,580,089
Nashville
23,821,476
+1.6
3,132,595
2,619,992
3,310,953
13,261,388
+4.1
118,042,565
+10.7
3,364,335
Norfolk
130,623,930
13.807,412
1,892,306
2,544,340
2,318,184 +10.9
93,327,155 +15.1
2,570,115
9,739,729 +6.0
107,996,946
Birmingham
10,325,370
3,089,424
2,870,924
3,851,544 -33.0
11,800,406 -29.8
81,941,848 -3.2
2,579,496
79,302,031
Augusta
8,286,755
1,504,981
1,641,728 +10.2
1,565,133
1,809,066
7,778,245 -1.2
66,099,567 +13.3
74,881,493
Knoxville
7,685,604
1,519,6341
2,179,917
+23,8
1,953,487
+17.3
10,618,429
2,697,418
+10.7
107,157,757
125,715,103
Jacksonville
11,756,283
1,299,898
1,926,484 +10.0
1,203,293
2,119,853
8,223,161 +18A
72 503,642 +22.9
89,113,734
Chattanooga
9,735,222
1,364,664
1,235,924
1,143,861 -3.8
1,100,000
5,357,821 -7.3
5 d'..N4i,045 -4.5
51.352,049
Mobile
4,964,608
1,711,963
1,291,751
1,446,004 +13.9
1,647,926
6,362,915 +9.6
.,%,657,231
+7.8
72,959,765
Little Rock
6,972,752
2,000,000
1,721,578
2,163,512
2,218,740 -2.5
7,500,948 +3.2
112,778,373 +11.5
70,006,861
Charleston
7,737,927
2,002,697
2,219,131
1,361,248
1,708,491 -20.3
1,349,124 -26.5
6,940,680 -9.9
Oklahoma
56,876,797
6,251,404
1,428,148
1,288,000
3,591,510
4,494,176 -20.1
16,966,213 -20.6
' 1,810,376 +9.5
131,168,175
Macon
13,475,933
.2,326,778 +6.9
3,561.100 +20.2
34,570,982
Columbia
4,280,512
918,841
1,400,000
1,996,588
1,266,052 +57.7
89,687,240
7,100,575 +31,5
87,271,984
Austin
9,335,303
21,886,409 +0.3
2,372,780 -0.5
21,945L048
2,362,854
Beaumont
15,451,277 +12.0
17,302,428
1,989,736 -7.8
1,834,101
Columbus,Ga
425,III
685,000
500,000
750,000 -8.7
27,852,885 +2.8
3,313,192 -10.1
28,636,655
2.980,029
Wilmington, N.C_.
+0.6
2076,
253,793
196,088
180,821
10,860,141
+8.4
906,717 -0.7
10,921,725
900,000
Vicksburg
43,198,843 +21.0
52,252,023
4,579,703 +30.2
5,962,508
El Paso
7,703,514 -31.6
863,472 -31.5
5,267,770
591,656
Guthrie
320,000
395,000
320,986 +20.7
18,286,717 -6.0
387,227
1,424,173 +19.5
17,190,800
1,701,877
Jackson
11,644,543 +11.3
12,964,898
1,393,943 -8.5
1,275,779
Meridian
417,192 +68.1
23,763,393 +12.5
701,993
2,346,354 +34.3
26,746,969
3,151,754
Tulsa
705,064 -2.6
24,875,294
686,829
3,161,011 --5.2
2,997,572
28,143,147
Muskogee*
207,944,998 207,445,926 -TO
-- .2 184,498,390I 190,706,596
898,813,096
8$5,644,054 +1.5 8,260,2077661 7,578,179,683 +9.1
Total Southem....._
+6.3 2,821,192.089 3,614,395,847
3,196,114,781
+7.1
3,396,852,158
118,335,053
380
13,164,149,126
12,606,056,411
128,746,272,951
+4.4
all
Total
1.379.080.172
.224,720,559 1,284,562,4-87
1.247.272.458
-VW- .3
53.7(18,862.71A 49.6.58.131.316Outside New York_ 6.731,31T,164 5.421.077.261
rirfable Clearings by Telegraph and Canadian c.learinis oa page 030. * Not inclUied in total for month and nine months; comparlsonjncomplete




;I

852

THE CHRONICLE

[VoL. Lxxxxv.

given weight of gold was worth as much to him as
THE FINANCIAL SITUATION.
it was to the Government, but obviously such sordid
Professor Irving Fisher of Yale is guilty of a unique considerations
deserve no place in such a beautiful
suggestion for dealing with the great problem which scheme as that
which Professor Fisher has devised.
is confronting mankind to-day—the high cost of living. That the
reader may appreciate to the full the merits
All over the world statesmen, politicians, publicists, of the proposal
and get a perfect understanding of it,
economists,theorists, as well as dreamers, have been we make the
following excerpts from the paper, as
racking their brains for a decade past for a remedy, printed in the
"Independent".
but have been obliged to give up the job. They have
My
proposal
is
virtually to increase the weight of the
had to admit one and all that it was beyond them.
dollar.
gold
But
this increase in weight would not be
But Professor Fisher, after revolving the matter in his
added to the coins themselves but only to the bullion
mind for many moons, has managed to solve the out of which they are made. In
other words, the proproblem. There may be doubters so incredulous as posal is to restore the ancient custom of a "seigniorage"
to disbelieve this statement, but "he himself hath said on gold coinage. At present there is no seigniorage.
it." He confided his discovery at last week's meeting Coinage is free and the weight of a gold dollar is as
of the International Chambers of Commerce at Bos- great as the weight of the bullion which the miner
ton. His paper in full was printed in the issue of the takes to the Mint and for which he receives back a
dollar. He now takes 25.8 grains of gold bullion to
"Independent" of the same week. The editor of the Mint to secure a 25.8-grain gold dollar.
The
"Independent" is so tickled with the idea that he is coined dollar weighs the same as the uncoined or
moved to ask: "Why wasn't it thought of before?" "bullion dollar," if I may employ such a term. My
Be would not venture, he says, to anticipate the ver- proposal is to increase the weight of the bullion dollar—
dict of qualified experts, but has "no hesitation in that is, to require 26 or 27 or 28 grains of gold bullion
saying that it (Professor Fisher's proposition) appears to be taken to the Mint to secure a 25.8-grain gold
dollar. The coined dollar would remain unchanged
to be most scientific and feasible."
in weight (25.8 grains), but the bullion required to
Prof. Fisher himself goes into raptures over this secure the coined dollar—the bullion
dollar—would
latest emanation of his brain. After dismissing be heavier. The difference in weight between the
gracefully a long list of what he terms "possible two would be what is called seigniorage. It would
makeshifts or palliatives which deserve careful con- not be fixed once for all, but would be continually adsideration," he takes the whole world into his con- justed so as to give the dollar always a fixed purchasing
fidence and announces that "among the more am- power. As the coined dollar would be interconvertible with the bullion dollar, the two would always be
bitious plans which aim to go to the root of the matter equal in value.
The ultimate dollar would be as it
is one of my own." And, most wondrous of all, he now is—a dollar of gold bullion—but this dollar
would
says "this is similar to a suggestion of Governor no longer be of fixed weight and variable value, but of
Woodrow Wilson that the weight of the gold dollar fixed value and variable weight.
The adjustment of the seigniorage would be entirely
should be increased enough to restore some of its lost
purchasing power." Mr. Wilson in his speech of automatic, dependent on an official index number
acceptance confessed ignorance on the subject of of the price level. Index numbers are now familiar
and well-tried
currency reform; in that frame of mind and being general level of devices for measuring changes in the
prices. The new official index number
at the same time a disciple and a devotee of William could be modeled on the well-known index numbers
J. Bryan, it might be easy for him to look favorably already in use, such as those of the United States
upon suggestions for tampering with the standard of Bureau of Labor, Bradstreet, Gibson, the Canadian
values. But Prof. Fisher unbosoms himself further Labor Office, the British Board of Trade, the London
and says "my proposal is not literally but virtually "Economist," or of Sauerbeck, the London wool merchant. The system here proposed is, so far as I
to increase the weight of the gold dollar by increasing know, the
only one proposed which is purely selfthe weight of the bullion on which it is based." acting. If the official index number shows a rise of
He would not change the weight of the gold dollar prices in any year, say 1%, it would be mandatory
but would increase its purchasing power by abandon for the mints to add 1% to the seigniorage. Exing the practice of paying for gold bullion in gold pressed the other way about, if gold roses 1% of its
value, the mints would pay 1% less for it. This
dollars of equal weight.
When the miner or bullion holder presented his would tend always to preserve a uniform purchasing
power of the monetary unit. As soon as any
gold at the Mint he would be told that since the pur- ciation occurred,the increase:of the seigniorage deprewould
chaging power of gold, as expressed in commodity operate to correct it. The present Mint price is fixed;
prices, had declined, therefore, he Could only get in it is <£3 17s, 103/
2d. per ounce of gold 11-12 fine in
return such a number of gold dollars as would pre- England, or $18 60 per ounce of gold 9-10 fine in the
serve the old equilibrium between the value of gold United States. The proposal is simply that instead
and• the value of commodities. The gold dollar of always paying the same money price for gold, no
matter how much it appreciates or depreciates in
would still contain 25.8 grains of gold, but the mine- purchasing
power over goods, we would pay exactly
owner would have to yield up 30 or 40 or 50 grains what it is worth. There is no virtue in a
fixed Mint
of his own gold in order to get it. The Government price for gold, but there is virtue in a fixed purchasing
would confiscate the difference by calling it seignior- power of money. The proposed plan has been enage, thereby deriving an important source of revenue. thusiastically endorsed by those who have examined
At the Mint the authorities would always keep tables it in detail.
of commodity prices and series of index numbers
To the shallow-minded the foregoing may look like
so as to make sure that a perfect accord between the an attempt to regulate the price of gold rather than
standard gold dollar and commodity values was a plan for insuring stability for the prices of commodimaintained and that the Government got the last ties. But it must be remembered that faith will move
penny of seigniorage. It is conceivable that the mountains. Again, some of us have been
foolish
mine-owner might enter into a league with the Money enough to believe that commodity prices are
regulated
Power and refuse to tender his gold bullion to the by the law of supply and demand—that if
the supply
Mint. He might hold to the obsolete theory that a of wheat, for instance, increases faster than consump-




OCT. 5 1912.1

THE CHRONICLE

853

tive:wants, the price, whether in gold dollars or silver mission is now sitting to determine whether the locodollars, will tend downward; whereas if consumptive motive engineers on the railroad lines east of Chicago
wants expand faster than the growth in production, and north of the Ohio River shall have an increase
the price of the cereal will soar upward. But such in wages, and, if so, how much. Why should not
thoughts are evidently the relics of a by-gone age. the beauties of the Fisher scheme be unfolded to the
Professor Fisher takes us into loftier realms. If we eminent members of this commission? The engineers
will;only look intently we shall see that the high cost argue that they should receive more dollars since
of living and the prodigious advance in the necessaries the purchasing price of the dollar as expressed in
of life are due to one thing, and only one thing, namely commodities has so materially decreased. Duly imthe disturbance in the ratio between gold and commod- pressed with the new doctrine, this arbitration board
ity values. Professor Fisher's scheme will cure the could advise the engineers that an easier and simpler
remedy is at hand which will obviate the need for any
dislocation.
advent
the
increase in wages and will permit a reduction—give
before
frank
and
admit
be
that
We will
Census
the mine owner less for his gold and let the Government
some
quoted
we
ourselves
plan
Fisher
the
of
statistics with the view of demonstrating that food add to its revenues by appropriating the seigniorage.
prices had moved upward in response to the obsolete By observing a proper demeanor, the engineers can
law of supply and demand. We showed that during readily be made to see that they are not being handed
the last Census decade population had increased, a gold brick.
Since such huge benefits are to resultfrom it, Profesroughly, 16,000,000, while the yield of our farms in
rehad
cotton
except
Fisher ought to do everything possible to spread his
sor
crops
leading
the
all
the case of
mained practically stationary, so that with sixteen propaganda, putting to shame the old school of thought
million more mouths to feed,there was only the same which remains in benighted ignorance when there is
quantity to go around as before. Not having been such a flood of light to be had from the new heaven.
led into Mr. Fisher's secret, we encouraged imaginings Apparent flaws in the scheme should worry no one.
that the great advance in food prices had been occa- They will disappear with the spread of knowledge
sioned by the fact that the farmers had failed to ex- concerning it. No doubt those wedded to the idea
tend production. And as indicating the extent of the that the increase in the production of gold is responrise in prices and the magnitude of the burden thereby sible for the advance in commodity prices,rather than
imposed on the consuming masses, we quoted further more palpable causes, will ask Prof.Fisher, as the most
statistics to show that by reason of the increase in brilliant exponent of that doctrine, how the situation
price alone the farmer had realized in the latest Census in that respect will be relieved in the slightest degree
year, roughly, two thousand million dollars more— by the plan proposed. The mine-owner will get less
in exact figures, $1,972,132,000 more—than ten years for his gold,since he will be paid on a basis of combefore. Educated in the old school of thought, we modity values (with scales of index numbers and
drew from these figures the inference that the rise in schedules of mercantile prices constantly on hand),
price was due to the circumstance that production had but the quantity of gold taken over from him will be
not increased, while consumption had. From Pro- the same as before, and this gold will be coined into
fessor Fisher's argument it is plain that what really the same number of dollars. Therefore, as far as the
happened was that gold depreciated in value—not volume of the circulating media has any influence upon
that commodities appreciated—the depreciation being the course of prices in general, the disturbing influence
due, according to those who believe in the quantitative of the large production of gold will apparently not
theory of money, to the fact that the production of be removed. We confess ourselves puzzled as to this
aspect of the matter. We should also be disposed to
gold in recent times has enormously increased.
That being the true cause of the rise in food prices, ask whether the plan will really accomplish anything
the remedy is obvious: restore the old ratio between more than the mere maintenance of a parity between
gold and commodities by paying less for uncoined gold gold and commodities as far as new takings of gold are
and purloining the difference as seigniorage. Nothing concerned. What reason is there for thinking that
could be simpler. If foodstuffs were in insufficient the purchasing power of the gold dollar, as a dollar,
supply before, now there will be enough. If prices would be affected at all, especially as the dollar would
soar too high, squeeze the owner of gold and bring be of precisely the same weight as before? But we
him to a proper state of benevolence. If there is a forbear carrying our misgivings any further. Every
paucity of any commodity, just restore the old ratio one can readily perceive that the plan is a most beauof gold. If farming methods are inefficient, don't tiful one and cannot fail to meet expectations—if
attempt a corrective on the farm but at the Mint. one is simple enough to believe in it.
All over the country tremendous efforts are being
The cotton-ginning and cotton-condition reports
made by bankers, railroad men and others to induce
by the Government on Wednesday, more parissued
to
as
efficient
so
methods,
more
to
adopt
farmers
increase the fertility of the soil. These well-meaning ticularly the latter, were favorably construed by
persons entertain the delusion that in this way a cotton interests quite generally, and as a result there
lower level of values for farm products can be brought was an immediate decline in the value of the staple in
about. But the new concept teaches differently. the leading markets of the world. On the New York
It furnishes warrant for saying: Why go to all this Cotton Exchange prices for the various options eased
trouble when a much simpler remedy is at hand in off on Wednesday 29 to 32 points from the previous
the new plan for restoring the purchasing power of day's close, and the spot quotation for middling
uplands was dropped 20 points. Since then there has
gold?
The three Presidential candidates for this year may been some recovery in the options, but at the close
differ asto everything else, but they are agreed that the of the market last night middling uplands cotton was
cost of living should come down and the prices of the quoted here at 11.25 cents, as low a level as has been
necessaries of life be reduced. Why not then embrace reached since April 4 last, and a falling off of 2.15
Professor Fisher's proposition? An arbitration corn- cents since July 29.




854

THE CHRONICLE

[VOL. Lxxxxv.

The ginning statement, as we have remarked on crease in the country as a whole for
the month, as
former occasions, can in no sense be taken as an indi- contrasted with 1911, reaches 4.4%,
and the gain for
cator of the size of the yield, and especially so the the period since Jan. 1—nine months—is
7.1%.
current season, when it is well known and freely ad- Outside of New York an
augmentation of 5.7% is
mitted that, outside of Texas, the crop is late in ma- shown for the month
and for the longer period it is
turing. It seems, however, that there had been ginned 8.3%. At New York
the reduced activity in Stock
to Sept. 25 this year over three million bales (3,015,033 Exchange circles served,
as explained above, to hold
bales), a total exceeded only by the quantity put in down the .volume of clearings,
but nevertheless a
shape for marketing during the corresponding period moderate gain-3.4%—is
recorded for the month, and
last year, when the aggregate reported was 3,676,594 the nine months' aggregate
exceeds that of 1911 by
bales. Compared with the years 1905 to 1910,inclusive, 6.3%.
the current total is in excess by from M million to 13'
Transactions on the New York Stock Exchange,
million bales. The salient fact this report makes clear while somewhat heavier than in
August, were appreis the lateness of the crop over most of the belt, as in ciably below the total for September of
last year, or, in
all States except Texas this year's ginning to Sept. 25 fact, of any year since 1900 only excepting
1910.
was much below that of last year, in most cases even The comparison with 1902 and 1906 is especially
poor,
less than that of 1910, and in such an important State operations in stocks in September of each
of those
as Georgia the smallest in any year since 1903. On years having been more than double those
of the curthe other hand, the total reported for Texas is no less rent period. But although dealings in September
than 2,001,697 bales, or 333,822 bales greater than a this year were comparatively light, it is to
be noted as
year ago. Owing to the backwardness of the crop a favorable development that the
general tendency of
east of the Mississippi the date of occurrence of killing values was upward, a number of
leading issues making
frost becomes a more important factor than usual in quite satisfactory advances. The
month's sales of
determining the ultimate yield.
stocks were 10,107,204 shares, as against 17,395,957
The cotton-condition report, the announcement of shares last year, 7,673,529 in 1910
and, 19,981,675
which followed close upon the publication of the shares in 1909. The nine months'
aggregate slightly
ginning figures, was, of course, a market influence, exceeds that of a year ago, the
comparison being beand, as it was rather better than anticipated, its ten- tween 95,604,426 shares and 92,294,988
shares, but
dency was, as noted above, to weaken values. As is makes a sorry contrast with the results
for the corcommonly the case in September, deterioration was responding period of most earlier years since
1900, and
shown during the month, but while this was greater particularly with the 2223/ million shares of
1906
than in 1911, it was less than usual, the general condi- and 216 millions of 1901. Bond dealings were smaller
tion on Sept. 25 this year being given by the Depart- than in September of any year since 1907, and the
sales
ment of Agriculture as 69.6% of normal, against 74.8% for the period since Jan. 1 this year total
only 5463/b
a month earlier, or a decline of 5.2 points, whereas for million dollars, par value, against 639
millions last
the years 1902 to 1911, inclusive, the falling off year, 484 millions on 1910
and 1,026 millions in 1909.
averaged 6.1 points. Moreover, the average is only At Boston the volume of share
sales in September 1912
1.5 points below last year at the same date, and is was noticeably greater than
in the month of last year,
moderately better than in 1910 and appreciably higher and the aggregate for the
nine months exceeds last
than in 1909, when, at 58.5, the status of the crop was year largely and is only moderately less
than for 1910.
the lowest for the date named since monthly reports
Canadian clearing-house returns for September this
were first issued. Furthermore, current condition is year make the same satisfactory exhibit as
those for
reported practically the same as on Sept. 25 1908— earlier periods of 1912. For the 18 cities included
in
the season when the yield turned out to be 13,828,846 our compilation, from which comparativ
e figures are
bales from an area about 12% less than is now under obtainable, the aggregate for the
month exhibits an incotton. Under all the circumstances, it is not sur- crease over 1911 of 24.3%, Calgary,
Victoria, Edmonprising that this final official condition report for 1912 ton,Regina and Saskatoon being expecially
conspicuous
should (barring early frosts) be construed as indicating for ratio of gain. The total for the nine months'
period
a yteld second only to that of last year, and therefore is 25.1% heavier than for 1911. Contrasted with
1910
a crop fully sufficient to meet the world's consumptive the gains are 38.5% and 48.1%, respectively.
requirements for the season.
If we are to believe accounts cabled from St. PetersThe bank clearings returns for the month of Septem- burg, hostilities between the Balkan States
and Turber 1912 from all sections of the United States furnish key have really commenced. A dispatch
received by
indisputable evidence of continued activity in the the Russian Government states that the
Bulgarians
business affairs of the country, a fact that the current are crossing the. frontier. This news may turn
out to
reports of railroad earnings serve further to confirm. be exaggerated or premature, for if the
reports are
Even in the South, notwithstanding the less free true, no ultimatum has yet been presented
to Turkey
movement of cotton thus far the present season, due by the Balkan States, and in Constantin
ople there is
to the lateness of the crop, most of the cities share in no expectation that one will be received
until Monthe gains reported. Furthermore, at New York, day. The Porte has sent the following
official notiwhere speculative transactions are a very important fication to the Powers: "In view of the
mainfestly agelement in increasing or decreasing the volume of gressive attitude of the Balkan
States, Turkey reclearings, a fair increase over 1911 is recorded in the serves to herself full liberty of action,
convinced that
face of much smaller dealings in stocks and bonds.
the civilized world will not fail to do justice to its modFrom our detailed compilation of clearings on the erate attitude. But this
cannot exclude care for safefirst page of this issue, it appears that only 41 of the guarding its
dignity and security as well as its rights."
150 cities fail to show improvement as compared with
It is evident that the Balkan States are being enSeptember 1911. and that where losses are recorded couraged in their present
action by the fact that they
they are in almost all cases quite nominal. The in- have at the present time, formally at least,
an ally




OCT. 5 1912.]

THE CHRONICLE

855

Advices from Constantinople state that the war fever
of the populace is rising rapidly. Many thousands of
students and others, for instance, formed processions
and marched through the streets on Thursday night
and held demonstrations in favor of war before the
Palace, where the Sultan saluted them. Then they
proceeded to the various embassies and the Porte.
Everywhere perfect order was maintained, except that
while passing the Bulgarian Legation, hostile cries
were raised and stones were thrown. Later a strong
body of police was sent to guard the legation. Patriotic meetings were held and fiery speeches were made,
clamoring for war. The outcry is based on the belief
that the Balkan States are combining to drive the
the
Turks out of Europe. It does not appear unreasonin
peace
to
menace
As you now see, there is a great
Balkan peninsula. The terrible danger which hovers over able to suppose that advantage will be taken by the
the lives and property of thousands of innocent persons is the Turkish Government of the present excitement to
result of the deplorable policy of the great Powers since 1878. cover up its loss in Tripoli. Latest dispatches intiIn that year, after the Russo-Turkish War, Turkey was at
the mercy of Europe, which had a splendid opportunity of mate that terms of peace, very largely on the lines
settling the Balkan question. Europe refused to do its duty. that have frequently been outlined of late, have been
The Christians in Turkey were left to suffer atrocities. arranged between Italy and Turkey, and now only
When the Christians were unable to bear their sufferings any require formal ratification. In fact, it was unofficially
longer, the small Balkan States were obliged to espouse their
announced in Paris last evening that the peace treaty
cause.
had been officially signed by the Turkish and Italian
to
but
the
wishing
peace,
of
break
are
accused
allies
The
their intervention is solely on behalf of the Christians in representatives at Lausanne,Switzerland,on Thursday.
Macedonia. No one need wonder. The example set by
The sudden development of the acute stage of the
Italy had a contagious influence on the Christian inhabitants
troubles had a very depressing influence on
Balkan
of the Balkan peninsula, and we thought the time had come
and
to ask Turkey to change her policy toward the provinces in the European Bourses, especially in Germany
another
in
at
referred
some
length
have
We
Austria.
Turkey where Christians have been persecuted.
We have left no means unemployed to persuade Europe column to its influence on the gold situation and the
that radical reforms should be introduced in Macedonia as resultant effect on the money market in America.
a sequel to the Istib and Kotchana massacres.
In Berlin the selling of securities was panicky in
After Turkey's final provocation—mobilizing just when
character on Tuesday and Wednesday and the excitemoto
were
obliged
reservlsts—we
our
we were dismissing
bilize in our turn. Simultaneously Servia, Greece and Mon- ment is described by cable advices as being even greater
tenegro mobilized their armies. This historic event, mark- than during the Moroccan crisis of last year. Towards
ing an understanding between the four Balkan States, should the close of the week, notwithstanding the military
prove to Europe that it is not territorial ambition that has
advance by Bulgaria, all foreign markets seemed to
led us to take a warlike step. We could not have come to
an understanding if territorial ambitions inspired us, but be settling down into a quieter state. British consols
it is our deep conviction that an end must be put to the suf- as a matter of fact closed at 74, which is identical with
ferings of the Christians in Macedonia.
the closing figures of Friday of last week, and French
That is what has united us. We hope public opinion will rentes were quoted yesterday by cable at 90.35 francs,
assist us to attain our aim, which is the lasting pacification comparing with 91 on Friday of last week. On the
of the European provinces.of Turkey.
American markets, as we show elsewhere, the chief
The importance of the actual advance of Bulgarian influence, aside from checking the importations of
troops may, we think, be very readily exaggerated. gold, has been the active selling by and through LonThe European Powers are working actively in diplo- don of American securities for the purpose of rematic channels to prevent an outbreak; and their in- enforcing the cash reserves of European bankers.
fluence in this direction will undoubtedly receive careThe intimations cabled on Friday of last week that
ful consideration. In fact an agreement has already
that
press
cable
to
accounts,
according
the
independent Chinese loan of 25,000,000 had not
been reached,
it
note,
States'
the
to
Balkan
been
reply
accorded a favorable reception in London prove
not
does
if Turkey
will be repeated,and the coalition of States will then to have been accurate. On Monday announcement
simultaneously address a collective note to the Powers was made that only £1,987,000 of the 25,000,000
telling them that the Balkan States are prepared for offered was subscribed by the public, the underwriters
war. This suggests that they will look to the Powers being compelled to take practically 60% of the tota 1
to find some means of compromising the situation. amount. It is hardly likely, therefore, that other loans
The draft of the collective note to be presented to will be offered in the near future under similar condiTurkey by Bulgaria, Servia, Greece and Montenegro tions. The loan, in the first place, encountered active,
was received at all the Balkan legations in London on though unofficial, discouragement by the British
Thursday, and the foreign offices of the various Government. It was subject also to the opposition,
Powers are to be made acquainted with its contents or at any rate the lack of support, by probably the
before its presentation to the Ottoman Government. strongest group of bankers in the world; and beyond
The note demands autonomy for Macedonia, Albania this it had to contend with the conservative instincts
and Old Servia which shall be at least equal to that of investors who proverbially dislike unconventional
enjoyed by Crete under the protection of the Powers. methods of doing an investment business. One
The refusal of IPrench and other European financiers London correspondent rather neatl y expresses the
to advance loans to the Balkan States is interpreted London view that the loud support that was accorded
to Crisp Sr, Co. lacked one important and necessary
as a factor in !'avor of peace.
Meanwhile it is significant that the war spirit is as element. It was, he says, "a support of words and
mpant in Turkey as it is in the opposing States. not of cash." The absence of success is ascribed by

in Italy, and the further fact that peace negotiations
between Turkey and Italy are so near a successful
conclusion seems to be furnishing the chief incentive
for forcing the contest at an otherwise unpropitious
time. Winter is now clearly in view, and military
operations in the Balkans under such circumstances
will mean extreme hardships for both sides. Probably the best summary of the objects of the potential
war that has yet appeared from the anti-Turkish
standpoint is contained in a statement furnished for
publication on Thursday by the Prime Minister of
Bulgaria, Mr. Guechoff, and reported in a special cable
to the New York "Herald" from Sofia. The statement follows:




856

THE CHRONICLE

Charles Birch Crisp, the head of the syndicate, to the
fact that many of the underwriters are actually large
investors, to whom the issuers of a big loan generally
look for large subscriptions. The loan, since the
announcement of the backwardness of the subscriptions, has been quoted at a fractional discount. A
Brussels dispatch states that a contract was signed on
Saturday for a $50,000,000 loan to China by a Belgian
syndicate. The proceeds are to be expended on the
extension of the Kaifeng-Honanfu Railroad into Kansu.
Reports have been current that the underwriters of
the London loan are behind a separate independent
loan of $10,000,000 that is under consideration by
financiers in Hamburg. A Berlin cable announces
that the German Government is inclined to disapprove
strongly the issue of such a loan in Germany. The
Chinese Legation at Berlin disclaims any knowledge
of the transaction, and associates of Mr. Crisp state
that there is no connection whatever between the London loan and that reported to be under consideration
in Hamburg. A joint demand upon China for immediate payment of arrears on the Boxer indemnity,
amounting to about $50,000,000, has been proposed
by Russia to the other five interested Powers. We
learn that no decision has been reached. The SixPower Syndicate, however, is awaiting developments,
and will be prepared to negotiate a loan with China
whenever the authorities in that country desire to
renew negotiations on the old terms, which will include
foreign supervision of the proceeds of the loan.

[VoL. LxxxxV,

did not assume important proportions, amounting to,
possibly, 30,000 shares, according to estimates of
usually well-informed foreign houses. Active selling
of American securities has become the usual feature in
times of political stress in Europe. It was, it will be
recalled, a particularly noticeable feature of the Franco-German crisis in the summer of 1911, when a selling
movement began that forced quotations of usually
active stocks down some 10 points before the end of
September. There has not been an active re-purchasing of our securities since last year's liquidation.
Therefore the argument is heard quite freely in international banking circles that there cannot be the same
degree of liquidation as occurred last year. The
so-called floating supplies of American securities in
Europe were, it is believed, quite fully disposed of at
that time.
It is with our money situation rather than the
technical stock market position that the Balkan uprising seems more especially to deal. With the sudden
development of an acute stage in the controversy
between the Balkan States and Turkey and the possibilities of the dispute involving the greater Powers,
there has developed in Europe a sudden demand for
gold. A rather significant indication of the urgency
of this demand is the news that comes by cable that
the Bank of France and other of the large French
banking institutions have temporarily suspended payments in gold as a precautionary measure, in view of
the diminution the last week of the gold holdings
(22,850,000 francs) of the French Bank. The sudden
President Taft has allowed it to become known that increase in the foreign demand for gold has been somethere is no truth in the report that he proposes in the what disconcerting in local money circles, which have
near future to call a special session of Congress as a been feeling assured that with the preparations for the
preliminary to United States intervention in Mexico. October payment successfully completed, the engageThe President holds, as he has for several weeks, ments of gold abroad would furnish a sufficiently
that intervention is a possibility but a decided im- strong improvement in the bank reserves to enable
probability. Senator Fall, a member of the Senate the present season of strain to be overcome without
sub-committee appointed to investigate the Mexican causing distress among all merchants and manufacsituation, has denied, according to a dispatch from turers requiring banking accommodation for legitiEl Paso, that either he or the committee had made a mate purposes. On Monday, according to cable acreport to President Taft recommending intervention. counts, £1,100,000 of the £1,500,000 of new Cape gold
Senator Fall admitted that conditions in Mexico were was set aside for America at 77s. 931d. per ounce,
serious, but he added: "We have known this for some which is Yid. above the Mint price. The remainder
time." It is intimated that before the sub-committee of the offering was secured by India. Of the total
finishes its investigation, it will hold a hearing in New purchased for America, £450,000 was engaged by
York with a view of discovering what financial aid Lazard Freres, £200,000 by Heidelbach, Ickelheimer
has been furnished the Mexican revolutionists. Late & Co., who later in the week increased their engagetelegrams from Mexico City state that a well-defined ment by £50,000, £200,000 by Goldman, Sachs &
revolutionary movement has started in the Tuxpan Co. and £150,000 by Kuhn, Loeb & Co., making a
district, the centre of the Pearson oil interests.
total on the basis of actual engagements of £1,050,000,
or $5,250,000. This brings the total amount of gold
'The October payments were successfully arranged engaged during the current movement up to $8,700,
without exceptional friction, both at home and abroad. 000. London cable advices have since announced tha
The new month has witnessed a somewhat easier ten- a part of these engagements has been canceled, some
dency in the money trend at home, notwithstanding $2,000,000 of the gold purchased in the open market for
that the sudden development of the Balkan crisis American account having gone into the Bank of Engbecame a highly disturbing factor in the old world land. The Bank in its weekly statement showed a loss
money centres. In this respect New York has also for the week in its gold coin and bullion holdings of
to a minor extent participated, for history once again £2,755,524. But the receipts of gold at the Monday
has repeated itself, and European markets, in order auction are not likely to have counted fully in the
to promptly re-enforce their cash reserves, have on Bank's weekly statement. Nevertheless, the reducquite an extensive scale sold American securities back tion of gold in Threadneedle Street is significant of
to us. It is estimated that during the first three days the active demand that is current in all directions for
of the week the sales of American securities through the precious metal. London correspondents cable
London, representing British as well as Continental that the Governors of the Bank were inclined to raise
liquidation, amounted to fully 200,000 shares. Later the minimum discount rate on Thursday, but finally
there was some disposition, following a more settled concluded not to do so. There has for several
weeks
situation of the foreign markets, to re-purchase some been an impression in circles, that are usually
well
of these securities; but the movement in this direction informed as to the position of the Bank's Governors,



OCT. 5 1912]

THE CHRONICLE

that if America were to insist upon taking gold from
that institution, an advance in the Bank rate would
immediately be put into operation.
It is quite evident, therefore, that if the Balkan
disturbance is not promptly settled, the relief to New
York banking circles that has been counted upon to
accrue from a large importation of gold will not be
realized, although there can be no question that with
the active movement of our great grain and cotton crops
and the continued activity in our exports of merchandise, New York bankers will be in a position to demand gold in payment. Our balances abroad that
assumed such large proportions in London,and especially in Berlin, less than a year ago, have now been
quite effectively drawn down, though there is no
reason to believe that a balance adverse to American
bankers has been created. Gold flows where it
is most needed, as indicated by the ruling rental rates,
and it seems likely that our own centre will have to
compete with interests that urgently need the metal.
It is not impossible, therefore, that Secretary MacVeagh may feel impelled to withdraw from the decision
he reached early in the week as regards the necessity of
depositing additional public moneys in the banks of
the country in order to relieve the strain during the
period of crop moving. The Secretary's decision after
Assistant Secretary Bailey had made a personal canvass of the situation and had reported to Mr. MacVeagh at Dublin, N. H., was that there was nothing
in the situation to warrant the Treasury Department
taking arbitrary action. It now remains to be seen
whether the active demand for gold abroad will sufficiently alter the situation to induce a new ruling
on the question. The view most generally held by
New York banks is that,even under the new conditions,there is no warrant for Government intercession.
New York funds in Chicago and St. Louis now command a slight premium, which compares with a discount of 10c. per $1,000 at each of these centres a
week ago. This change indicates somewhat of a lull
in the Western crop demand and a somewhat similar
situation is indicated in the Canadian demand on New
York, as New York funds in Montreal were yesterday
quoted at par, which compares with 46 8c. per
$1,000 discount a week ago. The demand from the
South, however, is showing greater strength, as was
indicated by shipments aggregating $1,550,000 through
the Sub-Treasury to New Orleans this week.
In Lombard Street discounts as reported by cable
4% for sixty day bankers' acyesterday were 35
15-16% for ninety-day bills.
3%@3
and
ceptances
A week ago the quotations were, respectively, 3%%
4%. Sixty day bills to arrive are quoted at
and 33
4% and ninety day bills to arrive at 4@4%%.
33
In Paris the open market rate remains unchanged at
3%, which is also the official discount rate of the Bank
of France. The Berlin open market rate declined
sharply after the October payments had been successfully concluded and the closing rate for all maturities
4%—a reduction
as quoted by cable yesterday was 33
of 4% from the quotation of a week ago. The open
market rate in Vienna is 4%%. At Amsterdam
the market rate is 4%,which is the same as the official
Bank rate and in instances it would be necessary to
accept a fractional advance above 4%. Brussels
closes IA% lower at 332%. The official Bank rates
at the leading foreign centres are: London, 4%;
Paris 3%; Berlin 4 2%; Vienna 5%; Brussels 4%;
m ste:dam 4%; Bombay 4%, and Bengal 3%.



857

As was to have been expected in its first return after
entering upon the new quarter, the weekly statement
of the Bank of England showed a decrease in its gold
coin and bullion item. In this it did not differ from
the official French and German banks. The English
Bank's reduction amounted to £2,755,524, bringing
the total holdings slightly below those of a year ago,
namely to £38,937,720, comparing with £39,064,231
in 1911 and £34,413,052 in 1910. A reduction of
£3,513,000 was indicated in the total reserve, which
brought down the proportion to liabilities to 48.74%,
from 51.39% last week, and which compares with
51.45% in 1911. The Bank reports a decrease of
£368,000 in loans (other securities) and the loan
account still stands well in advance of recent years,
amounting to £34,202,000, compared with £28,357,286 in 1911, and is, in fact, the highest amount outstanding since the corresponding week in 1906, when
the total was £34,974,642. The London market received the benefit of a decrease of £2,923,000 in public
deposits. Notes reserved declined £3,581,000, but
notes in circulation increased £757,000. Ordinary
deposits were reduced £965,000. The Bank did not
secure any of the Cape gold offered at the usual Monday auction in London, but later in the week, by some
arrangement that has not yet been definitely reported
by cable, a part of the gold set aside for exportation
to New York was released on Thursday and went into
the Bank. Our special correspondent furnishes the
following details of the gold movement into and out
of the Bank for the Bank week: Imports, £26,000
(of which £20,000 from Ecuador and £6,000 from
Australia); exports, £1,800,000 (of which £1,700,000
to Egypt, and £100,000 to France) and shipments of
£982,000 net to the interior of Great Britain.
The loss of gold coin and bullion reported by the
Bank of France as a result of the combined strain of
the October payments and the Balkan crisis amounted
to 22,850,000 francs. In consequence of this loss
the Bank decided to temporarily suspend gold payments and in this was promptly followed by other
large French financial institutions. It is difficult,
therefore, to exchange notes for gold in Paris to-day,
and gold is quoted, according to cable reports, at 25
to 50 centimes premium on a 200-franc bill. The
Bank, however, is still quite strong in its gold and, in
fact,in its general position comparing with a year ago.
The total holdings of the precious metal amount to
3,252,275,000 francs, which compares with 3,108,750,000 francs and 3,349,675,000 francs in 1910.
The silver holdings during the week showed a further
reduction of 975,000 francs, bringing the total down
to 759,325,000 francs, comparing with 802,450,000
francs in 1911 and 841,025,000 francs in 1910. Notes
in circulation increased 275,825,000 francs, but this
item is still below the total of a year ago, amounting
to 5,461,318,000 francs, against 5,530,786,335 francs.
The bills discounted increased 302,150,000 francs
during the week and are well in excess of a year ago,
amounting to 1,552,391,000 francs, comparing with
1,461,255,905 francs. Advances showed an increase
of 20,500,000 francs and treasury deposits also an
increase of 114,675,000 francs.
The Imperial Bank of Germany in its weekly return
published on Wednesday recorded some sensational
changes as a result of the quarterly settlements. The
gold on hand indicated a decline of 100,379,000 marks,
and gold and silver combined a reduction of 158,139,000
marks. At the same time discounts showed an expansion of 491,016,000 marks, loans a gain of 32,669,000

858

THE CHRONICLE

marks and circulation an increase of 574,268,000
marks. There was also a withdrawal of 130,021,000
marks in deposits and an increase of 80,006,000 marks
in treasury bills. However, in comparison with recent
years the Bank is in a much stronger position and
shows that the new policy insisted upon by the Kaiser
a year ago that for political reasons German banks
must strengthen their position, is being persistently
carried out. The total cash holdings of the Reichsbank at the present time, gold and silver, are 1,114,257,000 marks, which compares with 995,260,000
marks one year ago and 907,940,000 marks in 1910.
Meanwhile loans and discounts in the aggregate are
about 30,000,000 marks below last year's figures,
amounting to 1,845,158,000 marks, against 1,875,760,000 marks in 1911 and 1,744,360,000 marks in
1910. There is also a reduction-22,000,000 marks—
in the outstanding circulation from last year, the total
being 2,273,413,000 marks, which compares with
2,295,200,000 marks in 1911 and 2,056,080,000 marks
in 1910.
The local money market has ruled rather nervous
and has shown rapid changes in sentiment. On
Monday, the last day of September, call money
touched 7 2%, which reflected, of course, the final
preparations for the October payments. On Tuesday,
Oct. 1, a 7% rate was current for a short time and
renewals of Stock Exchange loans were generally on a
6% basis. But. on Wednesday easier conditions
prevailed, and there would undoubtedly have been:a
still easier monetary position, had the Balkan situation
not suddenly become so acute and caused an unusually active demand for gold abroad, sufficient
to interfere with our gold engagements in London that
had been counted upon to re-enforce American bank
reserves during the ensuing month or more. As it is,
a cancellation is reported of $2,000,000 of the $5,250,000 that was engaged for New York account in
London earlier in the week, the New York bankers
having found it more profitable, in view of the sharp
advance in sterling exchange, to re-sell the bars in
London. The banks and trust companies were forced
to actively call in loans last week, and the statement
of the New York Clearing House on Saturday—the
actual, not the average figures—indicated a reduction
of $20,166,000. The reduction in deposits was
$15,946,000, which in turn curtailed the reserve requirements. Therefore, although the Clearing-House
institutions suffered a loss of $1,461,000 in their net
cash, their surplus above requirements increased
$2,127,500, makint the total surplus reserve $9,499,100, which compares with $21,624,850 in 1911. Domestic exchange rates suggest at least a temporary
easing up of the Western demand, as both Chicago and
St. Louis yesterday quoted New York funds at a
premium of 10c. and 20c. per $1,000, respectively,
which compares with 10c. discount in each case
a week ago. A still further indication in the
same direction was an order from a Minnesota
bank to a New York bank to loan out on call in
the New York market $400,000 of the former's funds.
Still another instance was the cancellation by a Texas
bank of an order for a substantial amount of currency
that its New York correspondent ordinarily ships at
this season in connection with the movement of Texas
cotton. This cancellation was explained on the ground
that dear money had been so plainly in sight that—
forewarned, forearmed—the bank in Texas had made
preparations well in advance. A definite statemen




[VoL. Lxxxxv.

from Washington on Tuesday announced that the
Treasury Department would make no deposits this
fall with the national banks to facilitate the movement
of the crops. Assistant Secretary Bailey, on his
return from Dublin, N. H., where he had conferred with
Secretary MacVeagh, made the announcement. It is,
of course, possible in view of the complications that
have subsequently arisen in the European monetary
situation and the interference that this in turn means
with our importations of gold, which constituted the
chief source from which relief was to be expected, that
Secretary MacVeagh may feel inclined to reverse his
decision. He stands willing to deposit additional
public moneys whenever such action seems warranted,
and his decision not to do so at the present time was
based entirely upon the supposition that action would
not be warranted. Time money has declined about
%. A reduction of about Y
i% was made on Tuesday, which was subsequently withdrawn; but on Friday a 532% rate became available on maturities up
to four months. Bankers in New York feel that while
profitable money rates will undoubtedly continue for
several months, there will be nothing in the general
money situation in the American markets to cause
distress.
Call money this week has ranged between 3 and
732%, although the lower figure has been very largely
a nominal one, the ruling rate for renewals not having
gone below 4%%. On Monday the extreme figures
were 6 and 73'%, with the lower one the renewal
basis; Tuesday's highest was 7%, with OA% the
lowest and 63'% the ruling quotation; Wednesday's
maximum was 6%, minimum 3% and renewal rate
6%; on Thursday the range was 3@53/2%, with 53'%
the ruling basis; on Friday 5% was the highest, 414%
the lowest and 49.70 the ruling basis. Time money
closed about IA% lower for the week, the final quotations being 532% for sixty days, ninety days and four
months, 53@532% for five and six months and more
distant periods. Mercantile paper, also, is a shade
easier, closing at59.@6% for choice six months names
and also for sixty and ninety-day endorsed bills receivable; names not classed as choice are quoted at 6M%.
Sterling exchange during the week has been excited
and strong as a result of the pronounced flurry in the
foreign money centres, the sudden demand for
gold all over Europe that accompanied the serious
character of the Balkan troubles, and the demand for
remittances to pay for the large sales of American
securities at this centre by and through London.
Probably the best indication of the situation is
that while New York bankers purchased on Monday $5,250,000 of South African gold at the London auction, orders for the exportation of $2,000,000
of this amount were subsequently canceled as a
result of a sharp advance in sterling exchange
rates later in the week. Thus the net engagements for the week amount to $3,250,000,
which, added to those made during the preceding
fortnight, brings the total of the present movement up
to $6,700,000. The engagements on Monday included
$2,250,000 by Lazard Freres; $1,000,000 by Heidelbach, Ickelheimer & Co.; $1,000,000 by Goldman,
Sachs & Co., and $750,000 by Kuhn, Loeb & Co.
On Wednesday Goldman, Sachs & Co. increased their
engagement by $250,000. But on Thursday Lazard
Freres canceled $1,250,000 of theirs, and Kuhn, Loeb
& Co. canceled their entire amount of $750,000.
There was a considerable short interest in the market

THE CHRONICLE

OCT. 5 1912.]

early in the week, and this, in view of the developments already noted, was induced to cover. On
Friday the news of the gold cancellations was accompanied by offerings of the exchange that had origianlly
been drawn against the metal,and a sharp,though temporary, reaction in rates ensued. Demand sterling
in Paris, after touching 25.29 francs early in the
week, sold off to 25.26M and closed at 25.273•
The London check rate in Berlin closed at 20.483,
which is an advance of 2 pfennigs. The Berlin
check rate in Paris closed at 123.35 francs, comparing
with 123.57M francs a week ago. The rate of discount
of the Bank of Bombay was raised from 3 to 4% on
Thursday.
Compared with Friday of last week, sterling exchange on Saturday was unchanged for cable transfers
and sixty-day bills, which were still quoted at 4 8565@
4 8570 and 4 8190@4 82, respectively; demand was
firmer and advanced to 4 8530@4 8540. On Monday
rates ruled practically unchanged during the forenoon,
though later in the day there was a decline of about
10 points, and the close was at 4 8525@4 8530 for
demand and 4 8560@4 8565 for cable transfers; sixty
days was firmer at 4 82@4 8210. Sterling moved
irregularly on Tuesday, with the market quiet and disposed to await further developments; the final range
showed little change, with demand at 4 8530@4 8540
and cable transfers at 4 8560@4 8570; sixty days declined to 4 8190@4 82. The threatening features of
the Balkan situation, together with active covering of
shorts, brought about a sharp recovery in exchange
rates on Wednesday; demand advanced about 30
points to 4 8560@4 8570, cable transfers to 4 86@
4 8610 and sixty days to 4 8230@4 8240. There was
a decline at the opening on Thursday to 4 8555 for
demand and 4 8590 for cable transfers on the apparent
improvement of affairs in the Balkan States; later,
however, the market rallied on short covering and
closed with demand and cable transfers unchanged
at 4 8560@4 8570 and 4 86@4 8610, respectively;
sixty days declined to 4 8225@,4 8235. On Friday
the market ruled active and excited. The opening
was firm but declined 10 points on the news of the
cancellation of London gold engagements, but closed
at partial recoveries. Closing quotations were 4 8220
@4 8230 for sixty days, 4 8550@4 8560 for demand and 4 8590@4 8610 for cable transfers. Commercial on banks closed at 4 809'8@4 82, documents
for payment 4 813' @4 8214. Cotton for payment
ranged from 4 81V1 to 4 81.3; grain for payment
4 813
4 to 4 82.
The New York Clearing-House banks, in their operations with interior banking institutions, have gained
$3,111,000 net in cash as a result of the currency
movements for the week ending Oct. 4. Their
receipts from the interior have aggregated $10,196,000,
while the shipments have reached $7,085,000. Adding the Sub-Treasury operations and the gold imports,
which together occasioned a loss of $4,400,000, the
combined result of the flow of money into and out of
the New York banks for the week appears to have
been a loss of $1,289,000, as follows:
Week ending Oct. 4 1912.
Banks interior movement
Sub-Treas. operations and gold imp
Total

Into
Banks.

Out7o/dl
Banks.

Net Change to
Bank Holdings.1

$10,196,,00
29,600,000

$7,085,000 Gain 83,111,000
34,000,000 Loss 4,400,000

$39,796,000

$11,085,000 1.oss $1,289,000

The following table indicates the amount of bullion
in the principal European banks.




859
Oct. 5 1911.

Oct. 3 1912.
Banks of
Gold.
E
England_ _ 38,937,720
France _.130,087,040
Germany 41,833,800
Russia __.155,714,000
Aus.-Hun. 51,899,000
Spain _ ___ 17,172,000
Italy ____ 42,412,000
Netherrds 12,472,000
Nat.Belg._ 7,938,667
Sweden _ _ 5,413,000
Switzerl'd 6,989,000
Norway _ _ 2,171,000

Silver.
E

Total.

Gold.

E
X
38,937,720 39,064,231
30,372,960 160,460,000 124,350,240
16,000,000 57,833,800 35,072,900
7,251,000 162,965,000 147,992,000
11,267,000 63,166,000 54,692,000
29,973,000 47,145,000 16,650,000
3,580,000 45,992,000 40,150,000
622,200 13,094,200 11,851,000
3,969,333 11,908,000 6,657,333
5,413,000 4,741,000
6,989,000 6,433,000
2,171,000 2,225,000

Silver.

Total.

E
39,064,231
32,098,320 156,448,560
13,790,050 49,762,950
6,749,000 154,741,000
11,867,000 66,559,000
30,883,000 47,533,000
3,482,000 43,632,000
1,346,601 13,197,600
3,328,667 9,986,000
4,741,000
6,433,000
2,225,000
E

Total week 513,039,227 103,035,493 i 16,074,720490,778,704 103,544,037594,323,341
Prey. week 522,182,034 104,226,040626,408,074 499,918,216 105,526,107 05,444,323
...4

GOVERNOR WILSON'S POLITICAL VIEWS.
The apparent trend of the Presidential campaign in
favor of Governor Wilson gives more importance
than has existed at any previous time to that candidate's declarations on fundamental questions of public policy. Many of the declarations on such matters,
made by Governor Wilson since the campaign began,
have been honestly applauded by the conservative
part of the community. This was especially true of
his speech of acceptance in the opening week of August, when he said, regarding the tariff, that in the
matter of revision "we should act with caution and
prudence, like men who know what they are about
and not like those who are in love with a theory," and
when, referring to the so-called "Money Trust," he
declared that he was not "one of those who believe
that business done upon a great scale by a single organization is necessarily dangerous to the liberties,
even the economic liberties, of a great people like our
own." These assurances he then supplemented by
the distinct assertion that "what we are seeking is
not destruction of any kind, nor the disruption of any
sound or honest thing, but merely the rule of right
and of the common advantage."
But there still remained in the memories of conservative-minded people Governor Wilson's other declaration in his speech at Norfolk of April 29 1911, when
he said:
"For twenty years I preached to the students of
Princeton that the referendum and the recall were
bosh. I have since investigated and I want to apologize to those students. * * * I want to say
with all my power that I favor it."
The effect of that speech on popular opinion,especially in conservative business circles, was immediate
and most unfavorable. Any reader of this article
will be able to recall the chill which spread over the
feelings of conservative and thoughtful men who, up
to that time, had been gradually assuming a receptive
and cordial attitude towards Mr.Wilsons candidacy.
In his speech of acceptance last August, Governor
Wilson did not touch on the referendum, the initiative
or the recall. That omission was proper enough, for
the reason that these are not matters of national legislation—unless under such wild and crazy interpretation of them as was applied in Mr. Roosevelt's
recent intimation of his willingness to have the President of the United States subject to recall,in a special
election, on petition of a small minority of the voters.
Nevertheless, the influence of a National Executive
is always bound to be important on matters of State
politics; and this explains the great interest taken in
Governor Wilson's Hartford speech on Wednesday of
last week. This speech contained,first, an unquestionably sound declaration of principle:
"We ought to go very slowly and very carefully
about the task of altering -the institutions we have
been a long time in building up. I believe that the

860

THE CHRONICLE

[VoL. Lxxxx

ancient traditions of a people are its ballast. You law which 3% of the electorate has pressed for the
must knit the new into the old. If I did not believe Legislature's consideration may be forced to a vote by
that to be progressive is to preserve the essentials another 3%
petition when the Legislature has refused
of our institutions, I, for one, could not be a Progresit consideration. That other Western States have
sive."
adopted, or are considering, constitutional procedure
Next, referring to the direct primaries, the Governor even more
radical than that of Ohio, is perfectly well
proceeded to say that "what you have established known.
the direct primaries for is to find a way of dominating
We regret this attitude of Governor Wilson, and we
those who have dominated us." Perhaps; but there believe
that the candidate himself will regret it later
are many people who feel strongly that the nation at on. The
character of the third party's campaign, and
large has learned some lessons from its experiment the
wildness of Mr. Roosevelt's specific propositions,
with the Presidential primaries this year. When the show where
the real present danger in the political
matter is next tested, we are confident that there situation lies.
What the country needs, in our
will be found a large body of honest and conservative judgment, is
quite as much determination on the part
opinion to the effect that the paramount necessity of conservative citizens to rescue from
reckless and
now is to protect the people, in their national and local indiscriminate
attack the old institutions, which have
elections, from ambitious demagogues, from irregular served
the people well, as it does an enthusiastic
voting, and from their own hasty impulses, rather than
movement to institute radical changes, even where
to protect them from the boss domination, which may
abuses are seen to have existed. The one attitude at
conceivably at any rate be restrained in other ways.
any rate leaves us with our feet on solid ground.
Taking up next the initiative, the referendum and The
other, pressed with the haste and excitement
the recall, the Governor began by stating emphatically which inspires its
present advocate would drive the
that "I myself have never been in favor of the recall country at once into an
unknown and precarious
of judges." That this was true was proved by his future.
Kansas City speech of May 5 1911, shortly after his
Perhaps the most definite, factor of reassurance in
unfortunate Norfolk speech. He then said:
this matter lies in the principle, thoroughly established
"Judges are not lawmakers. They are not admin- in our past political history, that the spirit of popular
istrators. Their duty is not to determine what the discontent is likely to wane with the return of business
law shall be, but what the law is. Their independence, prosperity.
Propositions for reversing and overturntheir sense of dignity and freedom, is of the first consequence to the stability of the State. To apply to ing existing institutions of government, which get
them the principle of the recall is to set up the idea wide hearing at a time when the people at large are
that determinations of what the law is must respond struggling with adversity, are often either forgotten
to popular impulse."
or else dealt with in a spirit of larger common sense
But proceeding further, in his Hartford speech of when that special source of grievance and irritation
last week, Governor Wilson thus defined the initiative disappears. It may not be unreasonable to hope that
this experience will be repeated after the coming
and the referendum:
' The initiative is a means of recapturing the seat national election has been held, and when the time
of legislative authority on behalf of the people them- arrives for other States than Ohio to act on these new
selves. The referendum is a means of seeing to it and radical propositions in our form of govermnent.
that unrepresentative measures are not put upon the
statute books, but are checked by being submitted
THE BALKAN SITUATION.
to the vote of the people. When you come to the
History is making fast in Southeastern Europe.
recall, the principle is that if an administrative officer To understand
it and in any degree to forecast events,
—for we will begin with administrative officers—is
corrupt or so unwise as to be doing things that are two important facts are to be kept in mind:
One is that many of the races that make up the
likely to lead to all sorts of mischief in the future, it
will be possible by a sedate and slow process prescribed principalities are Mohammedan; and the other that
by the law to get rid of that officer before the end of the final decision will be made not by the parties
his term.
immediately concerned, but in the chancelleries of the
Now it may properly be asked, is this a correct great Powers.
When the Turks overran Southeastern Europe in the
diagnosis? "Sedate and slow process," Governor
fifteenth
century, they compelled many of the conit.
But is a process sedate whereby a
Wilson calls
small minority of the voters may force public men and quered peoples, all of whom .were Christians, to
public statutes to further and repeated consideration become Mohammedans. These forced converts have
at the polls—perhaps in immediate sequence to action remained largely apart from their fellow countrymen
on them after serious discussion and possibly and pre- and, as is so often the case, have distinguished themsumably in a moment of passion and excitement? Or selves by their hostility to the Christians, and even
is a process slow which is brought about by hastily by cruelty and treachery toward those who remain
circulating a paper for the off-hand signature of one- true to the old faith. The Albanians are instances of
tenth of the voters at a previous election? Governor this experience, and this explains why it is that so
Wilson, in fact, went so much further in dealing with many of them, in spite of the cruel Turkish oppression
this matter as to say: "Let no man deceive himself they have been recently passing through, are already
by the fallacy that anybody proposes to substitute enrolling themselves on the Turkish side. The contest
direct legislation by the people or the direct reference is sure to take on, in large part, the character of a
of laws voted in the Legislature to the vote of the religious war and these descendants of the original
people for representative government." But Gov- races who were forced to become Mohammedans and
ernor Wilson should have known that this is precisely have remained so will constitute an important elewhat has been brought about through the new consti- ment in favor of the Turks. There are, for example,
tution in the old State of Ohio, whereby even the con- some 250,000 Albanians in Greece; and the perpetual
stitution may be amended by popular vote on peti- warfare and brigandage, in Macedonia particularly,
tion of one-tenth of the electorate, and whereby any and along all the borders, is in no small part due to




OCT. 5 1912.]

THE CHRONICLE

861

the great intermixture of races and the prevalence the British at Bagdad. By this route, Germany
Europe
of so many among them who are of the faith of Islam, hopes to secure control of a direct line from
military
high
of
position
in
be
and
and have a traditional hostility, easily fanned into to the Persian Gulf,
advantage with relation to Great Britain and her
violence, against their fellow countrymen.
Asiatic provinces. What view will be taken of the
exists
also
real,
antagonism
A less violent,but a
of the present crisis in the Balkans to Gerrelation
provinces
of
the
northern
Catholics
between the Roman
ulterior project cannot be forecast. But
many's
among
Eastern
the
Church,
of
"orthodox"
and the
in
whom the Montenegrins are conspicuous. This will that Germany is not only dominant, at the hour,
she
has
immediate
that
but
also be an important factor in the contest, and makes the councils of Europe,
the balance of power quite other than that which interests at stake and a definite program for the
may be represented by the relative population of the future, is sure.
The German situation has been definitely stated for
Principalities on one side and the Ottoman Empire
own people in these terms: "The compelling facts
her
on the other.
within forty years she has raised herself at a
that
are
the
is
of
the
fact
attitude
important
most
But the
political insignificance to the chief place,
from
if
stroke
that
no
be
question
can
There
Powers.
Great
army,
they could be sure of a mutual agreement for the won a national dominance, has created a great
, has
manufactures
and
commerce
her
division of European Turkey, the hold of the Turks has developed
right,
the
claim
to
proposes
now
and
ships,
great
built
But
on that territory would not be long continued.
that agreement hitherto has never been possible. in consequence, to set her interests in the forefront
Russia, of course, wants free exit through the Black of the world." That the German spirit is at heart
Sea, and her hand has always been outreached for peaceful and, whatever may be said of Prussia, that
Constantinople. Austria has been pressing steadily Germany is justified in her claim that she is by no
toward the Mediterranean and Salonica as the chief means "reactionary", and has "a real desire to keep in
seaport. But while Russia is financially, perhaps, in mind the rights of others," may be admitted. The
the strongest position, and her army has been re- temper of Christendom being what it is, it is hardly
organized, it is not at • all probable that Russia at conceivable that, however tempting the prize, or
present wants war with anybody. Italy has her irritating the aggression, any nation will recklessly
hands full with the North Africa campaign, and precipitate war. Peace is the dominant note of civilizaFrance with Morocco and the Hinterland. Both tion to-day and the whole influence of the bourses
may be regarded as having only secondary interest in of the civilized world is steadily and powerfully in favor
the present crisis. Austria will be largely governed of peace. War will certainly be avoided if diplomacy
by Germany, and England makes her every move with can accomplish it, and the issues of any great war
reference to the German position. The central factor to-day are inevitably so uncertain and the disasters
in the problem may, therefore, be properly regarded involved so tremendous that it seems little imminent,
notwithstanding appearances to the contrary.
as Germany.
Recent German publications of wide circulation
IMPROVING GOVERNMENTAL METHODS.
have defined the general position of Germany and
To the commercial executives assembled in Washunmistakwith
mark out her intentions and program
recently Mr. Taft remarked that good governington
cony
geographicall
herself
able clearness. She feels
a matter of good business, an expression to
is
makes
ment
population
growing
her
which
fined with bonds
must assent, of course, provided the
everybody
which
And,
burst.
shall
she
that
imperative
it increasingly
used in the worthy sense as meanis
"business'
the
of
word
dominance
the
by
irked
greatly
is
she
also,
Anglo-Saxon influence, especially in the Orient, but ing effective methods directed to worthy ends. He
also in the wider commerce of the world. She has appealed to his listeners for their sympathy and aid in
definitely declared her purpose to keep up the pressure his desire to correct the financial method (or lack of
against these restricting influences, and to this end is method) in the financial affair of carrying on the
persistently, and as rapidly as possible, increasing Government. He urged this desire not then for the
the effectiveness of her army and navy and developing first time. Only a few weeks ago he made public a
her merchant marine. Her course is not clearly open letter to Secretary MacVeagh, saying that he deems it
to establishing new colonies, and her success with such quite competent for the Executive to submit to Concolonies as she has has not been of a kind to satisfy gress and the country a statement of resources, obliher own people or to encourage further aggressive gations, outlays and estimates in such form as he
action in that direction. The outflow of Germans thinks advisable, and that he intends to exercise the
to-day is into communities where their dominance is power to do this. He objects particularly to making
to be that of trade and finance rather than of posses- increasing appropriations on no better basis than estision of territory. The one open and most attractive mates submitted to Congress "by officers acting in the
channel for her aggression is through Turkey toward capacity of ministerial agents," and he has sought to
the Indian Ocean. To this end she has for some time change this practice by asking Department heads to
been coquetting with the Porte and has taken an send to him all estimates before printing them. "The
active part in the building of the main line of the present legal directions as to estimates, he said, are
Turkish railway running through Asia Minor to the based on the theory that there is no need to take stock
South. Her ultimate purpose is to increase her control before passing on appropriations; that it is not necesof this line with the viewto intercepting and cutting sary to consider revenues or Treasury resources."
We all know that this Government is most profuse
the projected line of railway communication of England
from Suez, by way of Bagdad, to the Persian Gulf, in statistics, not all of which are significant and
and eventually through to North India. The Turkish useful, and it is not questioned that there is an abunRailway will have immediate connection with Aleppo, dance of bookkeeping of many sorts. It is not difficult
and the plan is to extend it to Haifa, which is within to determine where the money goes, but the Govern300 kilometers of Suez, and to run another branch ment's own finances are run very much on the manner
directly south to Mecca, the main line intercepting of mere cashbook or memorandum entries. Indeed,




862

THE CHRONICLE

[VoL. Lxxxxv.

we might say the custom, now a very old and rooted lived up to the terms of this agreement, peace would
one, recalls the story of the good wife who resolved to reign in the hard coal region of Pennsylvania. But
keep accounts, but her first attempt consisted of two because the Lehigh Coal & Navigation Co. would not
entries: "Received from Jack, May 5, $100;" "May 8, discharge two loyal employees who refused to wear
spent it all." The various Departmental subordinates union buttons, some of their fellow workers in a
have guessed or "estimated" that they might want so colliery who were members of the union struck.
much, have reported it, in much apparednt precise- They induced others to join them and in a short time
ness, down to dollars and cents, to their respective about ten thousand men were idle and the collieries
chiefs; to make an appearance of business, estimates of were compelled to close.
revenues have been set down,too, but back of the
This condition continued for three weeks, the loss
whole has been the comfortable yet dangerous assum - of the mine workers in wages being about $20,000 a
tion that if the money did not turn out enough it day. Of course the officers of the company concerned
was only necessary to stretch out the clutching hand relied upon the terms of its agreement with its emfor more, the Treasury being a barrel of oil whose bot- ployees and they felt that it was incumbent upon the
tom could never be reached. Was there not the un- labor leaders to keep good faith and see that the men
limited power of taking, as illustrated by the corpora- returned to work. But the labor leaders made no
tion tax and (more significantly) by the income tax progress in this respect and there promised to be a prowhich hangs over all our heads?
tracted period of idleness at a time when the demand
Only a thinking minority of the people take note of for anthracite is most urgent, when the company can
the essential difference between private and public obtain the best market for its product and when its
affairs, namely that while the former must keep its customers who had already made contracts for supoutgoes within its income somehow or go to smash, the plies were most insistent upon deliveries. Yet the
latter can bring up any deficits by seizing whatever corporation's officers patiently awaited the return of
they amount to, because the people have all there is the mine workers.
and the Government "has" the people. Therefore the
They would doubtless still be waiting had it not been
whole subject of Governmental financing, of keeping for the intervention of local business interests. MerGovernment methods responsive to regular business chants in the vicinity of the company's mines took the
laws, and of promoting efficiency and economy, is subject in hand. They saw their trade falling off and
unattractive and is constantly shirked. It figures they found themselves giving credit to customers who
in party platforms, and is mentioned in campaigns were obtaifling no wages. The business men therein the form of criticisms; but the pressure for more fore raised a purse for the purpose of sending away the
expending is constant and vigorous, while nobody two men who had stood upon their rights as American
stands up boldly and stiffly for economy in the con- citizens by refusing to join the union or to wear the
crete. The Governmental horse leech has many more union button. These men having departed, the minethan seven daughters, and they keep presenting their workers returned to their tasks and the "two-button".
mother with grandchildren.
strike was terminated. The incident emphasizes the
The Constitutional provision that the President necessity of having the labor unions incorporate so
"shall" recommend to Congress "such measures as he that some degree of responsibility may attach to their
shall judge necessary and expedient" is without limita- acts. If the Lehigh Coal & Navigation Co. fails to
tion, and there is no good reason why the United States live up to the terms of its agreement with its employees,
should not have a budget. The struggle for a Govern- it may be sued for damages, and if a verdict is obtained
ment of efficiency and economy includes the struggle against the corporation, a judgment may be collected.
for a Government which shall at least justify calls for There is no doubt about the responsibility of one
more and greater powers by showing that it exercises party to the agreement and there should be equal
its present ones at least as well as the average success- assurance of the responsibility of the second party
to
ful private business. This does not tickle the popular the contract. This is a subject which ought to be
fancy like campaign palaver about promoting social satisfactorily solved by the year 1916, when the
equality and justice and all the rest of it; this asks anthracite mine-workers will again ask the operators
persistent good sense in conduct from the people, while to enter into an agreement with them.
the other deals in unspecified and unsustained promises
of great things to be given to them at the cost of noTHE LOUISVILLE de NASHVILLE REPORT.
body in particular (except the rich). A budget will
The Louisville & Nashville Railroad is one of those
not raise human nature, and therefore will not make long established railroad systems which are able to
any quick improvement; but it may be a leaven, and make a creditable showing even in bad times. Naturally,
the mere putting of things into a businesslike form on therefore, in fairly good times, such as were experipaper should make for the beginning of better habits. enced in the fiscal year covered by the report issued
At least, Mr. Taft deserves the credit of trying to the present week, the result is sure to be of an exbring about some changes which are right though not ceptionally gratifying character. Conditions during
popular, and this is a credit which very few can con- the twelve months ending June 30 1912 were, on the
test with him.
whole, of a favorable character. The system serves
the Central Belt of Southern States East of the
LABOR IN THE ANTHRACITE REGIONS.
Mississippi River, including the mineral regions of
The futility of contracting with an irresponsible Alabama and Tennessee, where development has been
party has just been demonstrated in the Panther unusually rapid. By reason, too, of its location in the
Creek district of the anthracite coal regions. When South,it gets a considerable traffic in cotton, and
the labor troubles of last spring in the anthracite hence the fact that last year's cotton crop ran far in
fields was settled, a pact was entered into between the excess of that of the previous year and proved the
authorized representatives of the mine workers and very largest ever raised was an advantage of no small
the operators for a period of four years. Naturally, moment. As a matter of fact, this latter was an
it might be supposed that as long as the operators advantage, not merely by reason of the extra cotton




OCT. 5 1912.]

863

THE CHRONICLE

On its entire freight tonnage it realizes only
tonnage which it brought, but also by reason of its rates.
of a cent per ton per mile. For 1911-12 the
of
about
influence in keeping the whole South in a state
slightly better (2)4% better) than in the
was
average
prosperity.
g, but nevertheless was only 7.86 mills
year
precedin
previous
the
It is likewise to be remembered that in
ton mile. This compares with 7.67 mills in 1910-11,
fiscal year, when the rest of the United States suffered per
7.51 in 1909-10, 7.63 in 1.908-09 and 7.79 mills in
more or less from general trade reaction, the South
The slight improvement in the averages the
experienced scarcely any setback at all, but continued 1907-08.
last two years followed, no doubt,from some shrinkage
to enjoy growing activity—except that in the iron
the proportion of bulky and low-class freights
in
trade there was some shrinkage in business, the same
moved.
the
as at the iron and steel centres in the North. In
It has always been the policy to extend the mileage
year under review the iron trade _again recovered
degrees and in a very conits tone, and this meant not only a direct addition to of the system but only by
policy is still being adhered
the tonnage in iron and steel products, but also a new servative manner. This
the report enumerates numerous cases where
impetus to trade prosperity. Thus practically all to, and
s to mileage are being made. During
addition
the elements on which a railroad is obliged to depend small
were also two larger acquisitions,
year
there
late
the
for its success, at least as far as the volume of traffic is
of the Lexington & Eastern Ry.,
the
purchase
namely
concerned, were highly propitious.
(and to which an extension of
96
ng
miles
comprisi
us.
before
The fact is reflected in the annual report
length is being made)and the acquisition,jointly
The addition to traffic was, perhaps, not as large as equal
St.Louis & San Francisco Railroad Co., ofa
might be supposed, but the revival in the iron and with the
.and corn,stock of the New Orleans
of the pref.
steel trades did not get under full swing until well on majority
This latter line extends from
Ry.
&
Chicago
Mobile
towards the close of the fiscal year. Nevertheless
Ala., a distance of 369
Mobile,
to
Tenn.,
n,
Middleto
and
there was a substantial addition to the passenger
ing 35 miles, and
aggregat
branches
two
with
miles,
which
,
the freight traffic alike. Total gross earnings
Orleans & North
New
the
over
rights
also
has
trackage
high
new
ed
in both 1910 and in 1911 had establish
from Laurel, Miss., to a point of connection
records, made still another advance, and rose from Eastern
Co., a distance of
$53,993,740 to $56,211,788. As showing how gross with the New Orleans Terminal
ons, of course, are
acquisiti
These
revenues have been steadily expanding in recent years, about 138 miles.
s.
separate
propertie
as
even in periods of indifferent conditions, we may note operated
Besides the outlay in the acquisition of these properthat after the downward reaction which came in 1908,
$4,819,586 was spent on property account for
ties,
$44,when the gross dropped from $48,263,945 to
s and betterments and $1,650,594 for new
addition
which
t,
620,281, earnings began an upward movemen
company's holdings of cash in bank
has continued uninterruptedly in progress ever since. equipment. The
not quite as large as they were on
In 1909 there was an increase to $45,425,891, in 1910 June 30 1912 were
amount was $15,198,310, but
to $52,433,381, in 1911 to $53,993,740 and now in 1912 June 30 1911, when the
$11,085,960. Through the
ess,
neverthel
aggregated,
to $56,211,788.
the meeting of the stockat
week
this
taken
action
What is particularly noteworthy, however, about
status will be further
's
financial
company
the
holders,
company
the
the present report is that in the late year
stock is to be issued
of
new
000
$12,000,
for
d,
improve
earnnet
the
to
addition
was also able to make some
par.
ders at
ings. The company has felt the rise in railroad and sold to sharehol
for the twelve months ending
account
income
The
systems
railroad
other
as
same
the
cost
operating
on the operations of the
surplus
a
shows
throughout the United States, and in 1911 suffered June 30 1912
fixed charges, of
above
and
over
mpnths,
a heavy reduction of its net in face of continued twelve
dividends on the
7%
the
for
call
The
71.
$9,560,7
expansion in gross revenues. In other words, in 1911
only $4,200,000.
was
ing
outstand
stock
of
000
$60,000,
,
there was an increase of $1,560,359 in gross revenues
of stock which will be
but expenses ran up in the sum of almost 334 million Even on the enlarged amount
of the $12,000,000 which has
dollars,and consequently the amount of the net was outstanding after the issue
for dividends will be no
call
the
ed,
reduced almost $2,000,000, falling from $17,447,803 just been authoriz
$9,560,771 available
the
against
00,
to $15,513,918. In 1912, however, the outcome was more than $5,040,0
while the prospect is
year,
late
the
of
ns
operatio
more satisfactory, and with $2,218,048 gain in gross, on the
with conditions so
year,
fiscal
current
the
in
the increase in expenses was no more than $1,147,505, that
be
even better than
will
result
the
e,
favorabl
generally
course,
in
the
Of
net.
leaving, hence, $1,070,543 gain
even with this improvement in net the total of the in the year past.
latter,at$16,585,460, is almost a million dollars less
than the amount of the net in 1910, two years before, BANKING, FINANCIAL AND LEGISLATIVE NEWS.
at $17,447,803. In the same two years the gross ad—The public sales of bank stocks this week aggregate
4 million
vanced, as we have already seen, over 33
604 shares, of which 544 shares were sold at the Stock Exdollars. The shrinkage in the net, in face of this change and 60 shares at auction. The transactions in trust
increase in the gross, furnishes evidence of the part company stocks reach a total of 20 shares. National Bank
of Commerce stock was actively dealt in at the Stock Explayed by rising expenses in diminishing net results.
change on Friday, the sales amounting to 433 shares at
,
promoted
is
steadily
being
ns
operatio
• Efficiency of
2. Naprices ranging from 206 to 210 and closing at 2093/
and the growth in operating cost has occurred in face tional City Bank stock closed 10 points higher than last
of that circumstance. For 1912 the train-load was week's sale price at 450. Extensive tables reporting the bid
285 tons, which compares with 275 tons in 1910-11, and asked quotations, deposits, surplus, &c., of banks and
cities in the United States
278 in 1909-10, 263 tons in 1908-09 and only 234 tons trust companies in all important
"Bank and Quotation Secthe
in
monthly
published
are
increase
be
observed, is an
in,1907-08. This, it will
tion, the October issue of which accompanies to-day's"ChroninIthe train-load in four years of over 20%. It is not icle." Bid and asked quotations for all New York City
generally known that the Louisville & Nashville, bank and trust company stocks are also published weekly in
even more so than many important Western railway another department of the paper, and will be found to-day
systems, is obliged to move traffic at very low average on pages 873 and 874.




•

864

THE CHRONICLE

Shares. BANKS—New York.
Low. IRO. Close. Last previous sale.
•50 City Bank, National
440
450
450
Sept. 1912— 440
204
'94 Commerce. Nat. Bank of
210
209M Sept. 1912— 204
201 N 201% 201
60 Mount Morris Bank
250
Aug. 1911
TRUST COMPANIES—New York.
3 Empire Trust Co
301
301
301
Jan. 1908-- 327
1303 1303 1303
17 Union Trust Co
Mch. 1912-1325
• Sold at the Stock Exchange.

—Two New York Stock Exchange memberships were
posted for transfer this week, the consideration in one case
being $70,000.
—Dr. Frederick A. Cleveland, Chairman of President
Taft's Economy and Efficiency Commission, gave out on
the 28th ult. a statement relative to the plans of the President
anent his proposal to submit to Congress a national budget.
In this statement Dr. Cleveland said:
After nearly two years of study of the problem, it is my belief that Senator
Aldrich's statement that 300,000,000 per annum could be saved if the
Government were run on a businesslike basis is not so wide of the mark as
has been supposed. But to realize this amount in increased economy and
efficiency, or even a considerable part of it, will require not less than ten
years of continuous, persistent effort in which both the legislative and the
executive branches must co-operate.
Popular sovereignty to be successful cannot be conducted on the theory
that public business is to be transacted by officers behind closed doors and
in the dark. The exercise of popular sovereignty requires the most open
publicity. The only way to get publicity on matters of policy pertaining
to what the Government shall do and what it shall not, what money shall
be appropriated and for what purposes, is through a budget prepared and
submitted by the Executive in a form to make it readily understood.

—It was announced from Washington under date Of the
3d that as soon as it can be arranged, the Post Office Department will give full access to the sworn statements of management and ownership filed with the Department in compliance
with the newspaper publicity section of the Post Office Appropriation bill. While the law cloes not specifically direct
the Department to make these statements public, or to grant
access to them, it does require each publication to print its
sworn statement in its second issue published next after
the filing of such statement, and the officials hold that the
law contemplates full publicity and ready access to persons
properly seeking the information.
—Mr. Edward L. Andrews has sent us the following letter
criticizing ex-Senator Towne's defense of the Congressional
inquiry into the so-called "Money Trust." In enclosing his
letter Mr. Andrews takes occasion to refer to the application
now pending before the President for the opening of the
Treasury books and papers to the Pujo Committee. "If,"
he says, "the principles for which the banks contend in the
enclosed communication are correct, the Treasury would not
be justified in exposing these accounts to a committee engaged in an unconstitutional inquiry."
New York, October 1 1912.
Editor of The Financial Chronicle:
The publication in "The Financial Chronicle" of a communication from
Senator Towne of Minnesota, replying to an opinion on the legality of the
Money Trust inquiry, calls for a few lines, due to the distinguished character of the Senatorial writer.
I cannot perceive that the Senator's enumeration of the Constitutional
powers of Congress will avail to justify the legislative control over the extension of bank credits, in respect to the personality of their recipients.
The Congressional inquiry originated in the complaint that individuals
and sections of the country were not getting the bank accommodation that
they claimed. They attributed their omission in this respect to a Money
Trust, otherwise.called "a concentration of the control of credit." Assuming that these conditions could exist;is the Federal Government so organized.
as to change them? Does the Constitution provide for contingencies of
this kind? If it does not, the Committee of the House is engaged in an
unwarranted inquisition.
The eminent Senator believes that he has found authority for the Committee in the powers conferred on the Government "to lay and collect taxes,
to borrow money, to declare and conduct war, to raise and support armies
and navies, • to regulate commerce, to coin money." I cannot discover
that any of these powers can be utilized to intervene between citizen and
citizen for the selection of the personalities to whom money credit may be
extended. There is no such factor known to the law as a franchise to obtain loans of money, and it Is beyond the province of the national and State
governments so to control an individual in the use of his property as to
create such a franchise. This principlels not affected by the fact that the
private capital of national banks and the depmits loaned to them are the
aubOct-matter involved—the 'property of citizens is'equally at stake.
Let us glance at the clause of the Constitution which the Senator claims
to be particularly effectual—the power "to coin money, regulate the value
thereof, and of foreign cola, and fix the standard of weights and measures."
It is claimed that tills provision involves the power to regulate prices and
credit. This contention is based on the doctrine that representative and
credit money enter into the determination of prices. If this proposition
be assumed as an etonomic theory', what bearing has it on the power "to
coin money and regulate the value thereof"? That'power is not conferred
with any reference to the quantitative theory of prices, as influenced by the
volume of money. This is not the value which Congress niay regulate.
The value which is the subject of regulation relates merely to the fixity of
standards of coinage for purposes of circulation.
Let us try another suggested resource—"the power to regulate commerce
among the several States and with foreign nations." Approaching this
power with due'reverenbe, I 'cannot timid any warrant for attributing to It
the ability to dictate the creation of contracts •between lenders and borrowers, the selection of individualities who may borrow money, nor tile
limitation of amounts that may be borreisied. The3c are not regulations of
ommerce; the' are ordinances of property, beyond the powers Of any government. 'What wou!dlioe-the legal status of an Act of Congress prescribing
Oat in all commerce among the States credit for merchandise Should be




[VoL. Lxxxxv.

excluded, that such commerce should be on a cash basis; or, on the other
hand, should be on a credit basis? Would the power to regulate interState commerce suStain such interferences with the right of contract? Yet
the f.urpose of this inquiry—to create an artificial and legislative system
of credit—ventures to an equal extreme.
I agree with the distinguished Senator that we must all stand just where
John Marshall stood in reference to the protection afforded by the Constitution—that the Money Trust inquiry "must be really calculated to effect
any one of the objects entrusted to the Government."
EDWARD L. ANDREWS.

—Three of the Albany, N. Y., savings banks reduced their
interest rate this week from 4 to 33,%. The institutions
are the Albany Exchange Savings Bank, the Albany County
Savings Bank and the Mechanics' & Farmers' Savings Bank.
A joint announcement issued by the Presidents of the three
banks stated that—
In view of the high character and restricted field for savings bank
investments, as limited by law, it is the consensus of our respective boards
that the rate of interest hereafter will be reduced to 3 34% per annum.

Dudley Olcott, President of the Mechanics' & Farmers'
Savings Bank, also had the following to say regarding the
movement:
This is not a spasmodic action, but it has had the careful thought of our
respective boards of trustees for over a year, and now this action has the
unanimous approval of each of our boards.
It has been recommended to ail the savings banks of the State, strongly,
by three successive superintendents of our Banking Department. Many of
the large and strong savings banks in New York City haVe•reduced their
rate to 3 %.
The Troy Savings Bank, a strong institution, has never paid but 3;i%
Hudson, Schenectady, Cohoes, Syracuse and Utica have thought it wise to
reduce their rate, and, further, at a meeting of the savings' banks of this
State, held in Albany last winter, at which 70 of the banks were represented, the sentiment was almost unanimous against a continuation of the
payment of 4% interest.

The Albany Savings Bank lowered its rate to 3M% in
July, there thus being three which still maintain the 4% rate,
namely the Albany City Savings Institution, the Home
Savings Bank and the National Savings Bank.
—Five of the seven farmers of Orange County, N. Y., who
were arrested on Sept. 6 on a charge of shipping immature
veal to this city, by an inter-State route, pleaded guilty this
week (Oct. 1) and were fined in the Criminal Branch of the
United States District Court of this city. Fines of $10 each
were imposed on John Somers of Montgomery and J. F.
Horton of Campbell Hall; Robert Siegler of Pine Island was
•fined $15, while J. Smith of Johnson Township and E. W.
Wilkins of Stony Ford were each fined $20.
—At the Fifth International Congress of Chambers of
Commerce and Industrial Associations held in Boston last
week a resolution was passed giving the assent of the Congress
to the proposal of Prof. Irving Fisher of Yale that the United
States call an international conference on the high cost of
living. The Congress also voted to confirm the resolution
adopted two years ago asking for a fixed date for Easter
and the reform of the calendar, the purpose of the latter
being to make the months of xnore nearly uniform length.
The delegates likewise voted in favor of international arbitration in its widest sense, the resolution saying:
"The Congress affirms the desire to see convened as soon as possible a
number of official international congresses assuring between nations the
existence of an arbitral jurisdiction in the widest sense of the term and such
as may assume an equitable solution of all international controversies either
between private people of different nations or between the governments."

—F. W. Ellsworth, Publicity Manager of the Guaranty
Trust Co. of New York, has been offered and has accepted
the chairmanship of the Publicity Committee of the American
Institute of Banking. He will have associated with him
some of the best-equipped bank men in the country, whose
names will be announced later.
—At the annual meeting of the New York Clearing-House
Association on Tuesday, the 1st inst., Francis L. Hine,
President of the First National Bank, was elected President,
succeeding A. Barton Hepburn, Chairman of ,the Board of
the Chase National Bank, who had held the presidency of
the Association for two successive years. Stuart G. Nelson,
Vice-President of the Seaboard National Bank, has been
elected Secretary of the Association, vice Edward Earl, President of the National Nassau Bank. William Sherer has been
re-elected Manager, William J. Gilpin is continued .as Assistant
Manager and Charles A. Hanna as Examiner. The personnel of the various committees for the ensuing year is as follows:
Clearing-House Committee—Walter E. Frew, President of the Corn Exchange Bank (Chairman); Richard Delafield, President of the National
Park Bank; Otto T. Bannard, President of the New York Trust Company;
Albert H. Wiggin, President of the Chase National Bank; William Woodward, President of the Hanover National Bank.
Conference Committee--Clarence H. Kelsey, President of tile Title Guarantee & Trust Co. (Chairman); Lewis L. Clarke, President of the American
Exchange National Bank; Joseph T. Talbert, Vice-President of the National
City Bank; A. S. Frissell, President of the Fifth Avenue Bank; John T.
Sproul!, President of the Coal & Iron National Bank.
Nominating Comtnittee—,George F. Baker Jr., Vice-President of the First
National Bank (Chairman); Benjamin Strong Jr., Vice-President of the

OCT. 5 1912]

THE CHRONICLE

Bankers Trust Co.; David H. Rowland, President of the National Butchers'
& Drovers' Bank; William A. Simonson, President of the Second National
Bank; Casimir Tag, President of the German-American Bank.
Committee on Admissions—Joseph B. Martindale, President of the Chemical National Bank (Chairman); Samuel S. Conover, President of the(Fidelity Trust Co.; Pierre Jay, Vice-President of the Bank of the Manhattan Co.;
Edwin S. Schenck, President of the Citizens' Central National Bank; Lewis
E. Pierson, President of the Irving National Bank.
Arbitration Committee—Frank 0. Roe, Vice-President of the Mechanics'
& Metals' National Bank (Chairman); Herbert L. Griggs, President of the
Bank of New York, N. B. A.; John W. flatten, President of the United
States Mortgage & Trust Co.; Edward C. Schaefer, President of the Germania Bank; Francis L. Leland, President of the New York County National Bank.

The total Clearing-House transactions for the year were
$101,723,563,155, as compared with $96,808,683,205 the
previous year. This year's figures are made up of $96,672,300 864 exchanges and $5,051,262,291 balances. The
average daily transactions during the year just ended were
$335,721,330, composed of $319,050,498 exchanges and
$16,670,832 balances. The largest transactions on any one
day in the year were $603,459,752,on July 2, while the smallest transactions on any one day in the past twelve months
were $179,357,213, on April 6. The total transactions since
the organization of the Clearing House, fifty-nine years ago,
are $2,428,676,538,356, consisting of $2,321,152,175,785
exchanges and $107,524,362,571 balances.
—As a preliminary to the merger of the Standard Trust Co.
of this city with the Guaranty Trust Co., the stockholders of
the latter on the 1st inst. approved the proposition to ,increase the capital frotn $5,000,000 to $9,500,000. A further
increase in the capital of the Guaranty Trust to $10,000,000
will be made at a meeting of the stockholders to be held on
the 15th inst. On that date, also, the proposed consolidation
will be formally ratified by the stockholders of both companies. As we indicated in our issue of Sept. 14, $4,000,000
of the additional capital of the Guaranty Trust will be offered to its existing shareholder, $500,000 will be allotted
to the stockholders of the Standard Trust Co. (capital $1,000,000) ou the basis of one share of Guaranty stock for
two of the Standard, and the remaining $500,000 will be
sold to new parties for the best interest of the Guaranty
Trust Co.
—The Corn Exchange Bank of this city is preparing to
open a new branch on the corner of Tremont and Arthur
Axes., in the Bronx. This branch will be known as the Corn
Exchange Bank, Tremont Branch.
—Frank S. Witherbee has resigned as a director of the
Chatham and Phenix National Bank of this city and the
Citizens' National Bank of Port Henry, N. Y., to qualify
as a Republican Presidential Elector.
—Channing Rudd, formerly with Rhoades & Co. of New
York, has become associated with the international banking
house of Alexander Brown & Sons of Baltimore, as manager
of their investment department.
—The celebration of the silver anniversary of Ralph W.
Cutler and Frank C. Sumner as President and Treasurer of
the Hartford Trust Co., Hartford, Conn., occurred on Tuesday the 1st inst. They Were elected on Oct. 11887, and in
the term of 25 years the Hartford Trust Co. has paid continuous dividends amounting to 200% on its capital stock.
The undivided profits of the company have increased from
$70,000 to $475,000 in the same period and more than $100,090 has been expended upon the banking house and office
out of the net earnings. The trust company is on the
"honor roll" of the trust companies of the United States,
and is the oldest trust company in the State of Connecticut,
having been 'formed in 1868. Messrs. Cutler and Sumner
received many floral tributes and cordial congratulations
upon the success of the company during the quarter-century
period of their administration. At the recent convention in
Detroit, President Cutler was elected Chairman of the Executive Committee of the Trust Company Section of the
American Bankers' Association.
—The formation of a new trust company in Bridgeport,
Conn., has been undertaken by Hosea Mann, Cashier of
the Torrington National Bank of Torrington, Conn., and his
son, Ralph II. Mann, Treasurer of the Manchester Trust
Co. of Manchester, Mass. The charter for the proposed
institution, which is to be known as the Federal Trust Co.,
was procured several years ago in the interest of one of the
local banks. According to a statement of Mr. Hosea Mann,
it was obtained at a time when the Legislature granted more
hberal charters than it does now, and it is consequently
most desirable to organize under it before its expiration on
Dec. 1 next. The owners of the charter have arranged with
the Messrs. Mann to place the stock of the company. It is




865

announced that while most of the stock will undoubtedly
be held by Bridgeport people, a portion is being reserved to
place with such State banks as will make Bridgeport their
reserve depository. The plan is to raise $500,000, selling
the shares of the new company (par $100) at $200, furnishing $250,000 capital and $250,000 surplus. Special attention is to be given to savings deposits by the new institution.
—The directors of the Old Colony Trust Co. of Boston
took action on the 1st inst. towards increasing the outstanding capital from $5,000,000 to $6,000,000. The new $1,000,000 of stock is offered pro rata at $150 per share to stockholders of record Oct. 5; subscription rights expire Oct. 17
and payment is called for on or before that date. The stock
of the company has recentlylbeen offered at about $400 per•
share. -The $500,000 premium realized on the proposed
issue will increase the surplus from $7,500,000 to $8,000,060.
In August 1911 the authorized capital of the institution was
raised from $3,000,000 to $7,500,000 and the outstanding
amount was increased from $2,500,000 to $5,000,000, and
was paid for through a cash dividend of 100% declared out
of the surplus. The matter of issuing the further $2,500,000
authorized was left to the discretion of the board of directors.
—Control of the Paul Revere Trust Co. of Boston is reported to have been acquired by interests affiliated with Lee,
Higginson .& Co. As a result .former President Edmund
Billings, who, with eleven other members of the board
resigned last June, will, it is understood, be re-elected to the
Presidency. Most Of the directQrs who Withdrew with
President Billings are expected to return to the board.
Since Mr. Billings' resignation Vice-President Rottenberg
had been Acting President. W. E. Moreland who has resigned as Treasurer of the company, has become Assistant
Treasurer of the Cosmopolitan Trust Co. of Boston.
—John R. Macomber, of N. W. Harris & Co., and John
S. Lawrence, of Lawrence & Co., have been elected to the board of the Boston Safe Deposit & Trust Co. of Boston,
Mass.
—The stockholders of the Cumberland National Bank
of Portland, Me., voted on Sept.30 to place their institution
in voluntary liquidation. Its business has been taken over
by the Portland National Bank. The Cumberland National
was the oldest national bank in Portland, dating from 1812.
It had a capital of $150,000/and deposits of $450,000.
—Thomas S. Gates was formally installed as President of
the Philadelphia Trust, Safe Deposit & Insurance Co. of
Philadelphia, on Monday last, the 30th ult. Mr. Gatest
forthcoming election to the office was announced in July,
when he was elected a director of the compamy. As head
of the institution Ile succeeds Samuel Y. Heebner, who last
January accepted the post temporarily pending the election
of a permanent successor to Roland L. Taylor, who resigned
in December. Mr. Gates is one of the youngest bank presidents in Philadelphia; he is only thirty-eight years of age.
For the last six years he was connected with the Pennsylvania Company for Insurances on Lives & Granting Annuities, first as Trust Officer, and later, since 1910, as VicePresident.
—Roland L. Taylor, formerly President of the Philadelphia Trust, Safe Deposit & Insurance Co. of Philadelphia,
lias been admitted to general partnership in the banking
house of Wm. A. Read & Co. Mr. Taylor will be the resident partner in Philadelphia, conducting the firm's business
at the newly established offices in that city in the Morris
Building, 1421 Chestnut St.
—Louis Fleisher has been elected President of the People's
Trust Co. of Philadelphia to take the place of Joseph L.
Greenwald, resigned.
—The Union Trust Co. of Pittsburgh, Henry C. MeEldowney, President, has recently moved back to its bank
building on Fourth Avenue, which has been completely
remodeled to more advantageously handle the business of
this vast Pittsburgh concern. A mezzanine floor has been
installed—connected by elevators—where the transfer and
trust departments have been remov,;(1. The floor of the
main bank ng mom is now devoted entirely to the banking
de artm nt. On the mezzanine floor is located the directors'
room which is available for corporation meetings, and adjoining the directors' room is a private .consultation room
nd library. Profiting by the fire in the Equitable Life
Building in New York last winter, when millions of dollars
of securities tern orarilY tied up financial Operations, the
C mpany has had a commodious vault constructed at the
extreme ar of the building, divided into three separate

866

THE CHRONICLE

safes for the use of the trust department, transfer department and a fire-proof book vault. The public safe deposit
vaults are situated conveniently at the rear and center of the
banking room.
Probably the most striking improvement to attract public
attention is the system of electric lighting; the lights are
partially concealed and arranged in s ch a way as to give the
effect of sunlight. The Union Trust was incorporated October
28 1889 and to-day enj ys the distinction of "earning" the
largest surplus and undivided profits of any trust company
in the country. On May 3rd last its capital was $1,500,000,
surplus $29,000,000 and profits $747,407, or combined
capital, surplus and profits of $31,247,407, all of which has
been "earned" with the exception of the capital. Annual
dividends of 100% are paid to shareholders on its $1,500,000
capital stock and in addition a 6% Christmas bonus. The
deposits of the company's banking department on the date
mentioned were $46,948,875,aggregate resources $78,196,283,
while the trust department holds estate funds of $42,699,927.
The institution is trustee under deeds of trust or mortgage
for over $240,626,512 and the total amount of securities
deposited with it by corporations to secure issues of collateral trust funds is $162,066,160. The directorate includes
the names of many of Pittsburgh's famous industrial leaders,
who are known throughout the nation. The board is
composed of Arthur V. Davis, John B. Finley, Henry C.
Fowes, William N. Frew, Henry C. Frick, Benjamin F.
Jones Jr., Philander C. Knox, James H. Lockhart, J. Marshall Lockhart, Thomas Lynch, Andrew W. Mellon, Richard
B. Mellon, Thomas Morrison, Henry C. McEldowney,
David E. Park, Henry Phipps, Henry R. Rea, William B.
Schiller, James M. Schoonrnaker and George E. Shaw.
—John G. Jennings; President of the Columbia National
Bank of Pitssburgh, Pa., died on the 26th ult. of heart
disease. Mr. Jennings was also President of the Kanawha
Oil Co. and a member of the firm of E. H. Jennings Brothers
Co. He was forty-eight years of age.
—Sprigg D. Camden of Parkersburg, W. Va., was elected
a director of the Fidelity Trust Co. of Baltimore on Thursday. Mr. Camden is identified with the management of a
number of organizations; he is President of the Union Trust
& Deposit Co. of Parkersburg; Vice-President and Treasurer
of the Monongah Company; President of the Parkersburg,
Marietta & Inter-Urban Ry. Co.; Vice-President of the
South Side Bridge Co., the Parkersburg Chair Co. and the
Balwin Tool Works. He is also President of the Parkersburg Water Works Commission and President of the Parkersburg Industrial Co., and has other important affiliations. •
—Edgar G. Miller Jr., who retired as President of the
Title Guarantee & Trust Co. of Baltimore last June, has been
again elected to that office, the, directors having prevailed
upon him to resume the post, which became vacant through
the recent death of George C. Morrison. Mr. Miller has
also been made President of the Mortgage Guarantee Co.,
which is allied with the title Company.
—W. H. Yeasting has resigned as Cashier of the Home
Savings Bank Co. of Toledo to become Vice-President of the
Commercial Savings Bank & Trust Co. of that city. Mr.
Yeasting's election to the management of the latter follows
the purchase by him of 150 shares of its $200,000 capital,
the price paid for the same, it is stated, being $100 each.
John D. R. Lamson, Vice-President and Chairman of the
Board of the Commercial Savings Bank dr Trust Co., has
been made Acting President, to take the place of President
George W. Close, who died in August.
—The proposed La Salle St. Trust & Savings Bank of
Chicago, whose organization is now being perfected, is
to represent a conversion of the La Salle St. National Bank.
William Lorimer, President of the latter, in a letter to the
stockholders of the existing institution, announces that it is
the purpose of the new institution to take over the national
bank,and explains that the reason for the change is that"we
can make a great deal more money with a trust and savings
bank than we can with a national bank. He adds:
national bank, but with
We are limited to a very narrow field with the
business which we are perthe trust and savings bank, in addition to the
make real estate loans,
mitted to do under our national charter, we can
take trusteeships, and do a hundred other kinds of business, and receive
compensation for our services, all of which we arc prohibited from doing
under the national banking law.

The capital and surplus of the company will be the same
as that of he bank, namely $1,250,000, of which 1,000,000
is capital. Mr. Lorimer states that more than two-thirds
of the stockholders have signed agreements to exchange their



[VoL. Lxxxxv.

stock in the national bank for an equal number of shares in
the tru t and savings ban e.
—A permit for the organization of the Northern Illinois
Trust & Savings Bank of Chicago, with *.200,000 capital,
was recently issued to Albert H. Tyrrell, George R. Kent
and William H. Mulholland.
—Neil J. Shannon has been elected Trust Officer of Foreman Bros. Banking Co. of Chicago, which recently established
a trust department.
—It is stated that the Peninsular State Bank of Detroit
contemplates increasing its capital from $800,000 to $1,000,000.
—Louis W. Hill, Chairman of the board of directors of
the Great Northern Ry., was elected a director of the Northwestern National Bank of Minneapolis on the 27th ult.
Mr. Hill, who replaces the late Judge Martin B. Koon on
the Northwestern's board, is a member of the directorate
of the Merchants' National and First National banks of
St. Paul and the First National Bank of Duluth. W. H.
Dunwoody, Chairman of the board of directors of the Northwestern National Bank, is a director of the Great Northern
road
—Guy C. Landis, Cashier of the new Commercial National
Bank of Minneapolis, which began business on Sept. 16,
was found dead in bed on the 27th ult. His death was attributed to heart disease. Mr. Landis was formerly Cashier
of the Flour City National Bank of Minneapolis, and upon
its merger with the Security Bank of Minnesota he became
Assistant Cashier of the latter. He was Secretary of the
Federal Securities Co. of Minneapolis and Secretary of the
Barthe-Martin Co. of Duluth, wholesale grocers.
—A consolidation of the business of the Merchants' Bank
and the First National Bank of Buchanan County at St.
Joseph, Mo., went into effect on Sept. 16, following the completion of the proceedings incident to the merger on the 14th
ult. The consolidation is carried through under the name
of the First National Bank of Buchanan County; it has been
accomplished by an exchange of stock, the shareholders of
the Merchants' Bank, capital $200,000, having received an
equal interest in the First National. The capital of the latter, $500,000, has not been increased, and it is intimated in
the St. Joseph "News-Press" that the 2,000 shares of First
National stock exchanged for those of the Merchants' came
largely from Swift & Co., which is understood to have held
a considerable interest in the First National. The Merchants' was organized in 1878 and was the oldest bank in
the city; its deposits on June 14 were $2,202,191. On the
same date the deposits of the First National Bank of Buchanan County were $4,017,290; this bank is the outgrowth
of two previous mergers; the first, it is stated, took place
about eighteen years ago, when the Saxton National and the
Shuster-Hax National banks joined forces and formed the
First National; and in 1905 the National Bank of St. Joseph
was merged with the First National. Under the present
consolidation its officers are: T. W. Evans, Chairman of the
board; R. T. Forbes, President; J. M. Ford, R. L. McDonald
and W. S. McLucas, Vice-Presidents; J. E. Combs, Cashier,
and R. S. Brittain, R. N. Ridge and Max Andriano, Assistant Cashiers. Messrs. Forbes, Combs and Brittain were
respectively President, Cashier and Assistant Cashier of
the First National before the merger; Messrs. Evans, McDonald, Lucas and Andriano were respectively President,
Vice-President, Cashier and Assistant Cashier of the Merchants' Bank.
—In accordance with plans mentioned in our issue of
March 23, the stockholders of the Missouri-Lincoln Trust
Co. of St. Louis voted on Sept. 20 to increase the capital
from $500,000 to $1,000,000. The movement is incidental to
the reorganization of the institution, and follows a reduction
to $500,000 of the original capital of $3,000,000. The proposal
to make the capital $1,000,000 was ratified by 3,1053. shares
of the total of 3307 voting. Suit.to prevent the reorganization of the company and for the appointment of a receiver
was filed in the Circuit Court at St. Louis on the 13th ult.
by T. L. Rubinstein, owner of 200 shares, and J. B.Reynolds,
who holds 50 shares. In 1907 the Mercantile Trust Co. took
over the safe-deposit department of the Missouri-Lincoln
and guaranteed the payment of its depositors. The complainants in the Missouri-Lincoln suit are opposed to
the company's reo rganization; they ask the Court to order
the disposal of the trust company's assets, the payment of
its debts and the distributon of the remainder of its assets
among the stockholders.

867

THE CHRONICLE

OCT. 5 1912.]

Canadian Bank Clearings.-The Clearings of the Canadian
&c.• Clearings by Telegraph-Sales of Stocks, Bonds,
for the month of September 1912 show an increase over
banks
week,
current
the
for
The subjoined table, covering clearings
the same month of 1911 of 24.3%, and for the nine months
on account the gain reaches 25.1%.
usually appears on the first page of each issue, but
a month.
of the length of the other tables is crowded out once
Nine Months.
Septem'Ar.
cities.
leading
other
from
telegraph
by
received
The figures are
Clearings atInc. orJ
1912.

1911.

Per
Cent.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$2,259,463,492
169,733,942
158,414,203
36,915,403
295,742,347
67,892,975
17,129,438

$1,642,365,855
140,729,136
139,030,330
32,614,453
252,656,315
82,094,219
15,149,355

+37.6
+20.0
+13.2
+13.2
+17.0
-17.3
+13.1

Seven cities, 5 days
Other cities, 5 days

$3,005,291,800
585,238,413

$2,301,638,663
562,417,248

+30.4
+4.1

Total all cities, 5 days
All cities, 1 day

$3,590,530,213
591,073,384

$2,867,055,911
527,486,500

+25.2
+12.1

54.181.603.597

53.395.542.461

+23.2

Clearings-Returns by Telegraph.
Week ending Oct 5.

Total all eitipq for week

• Pacific and Other Western Clearings brought forward from
first page.
Nine Months.

Sepiembcr.
Clearings at

Inc. or
Dec.

1911.

1912.
$
San Francisco_ 216,202,941
Los Angeles__ 87,029,281
49,981.454
Seattle
51,981,348
Portland
17,601,205
Spokane
Salt Lake City_ 23,127,086
17,391,911
Tacoma
14,817,844
Oakland
Sacramento... 7,749,81
10,877,27.
San Diego
4,366,98.
Fresno
3,924,03
Stockton
2,884,224
San Jose
2, '10,. .
Boise
3,538,202
Pasadena
1,804,49
North Yakima
1,410,40:
Reno
2,727,06.
Ogden

$
04,833,989
76,232,199
48,918,222
49,690,220
18,383,747
26,423,463
19,151,071
13,670,605
0,362,802
7,795,526
3,226,490
3,983,832
2,985,618
2,774,755
3,122,035
2,171,985
1,354,581
2,786,575

1911.

1912.

$
$
%
+5.5 1,950,771,375 1,757,648,102
+14.2 844,369,601 692,942,647
+2.1 436,003,085 404,193,897
+4.6 434,703,255 406,441,391
-4.3 161,826,654 161,188,276
-12.5 273,255,497 232,772,781
-9.2 165,085,619 161,721,14.
+8.4 144,124,229 126,822,491
+21.8 63,748,473 55,562,383
+39.5 95,783,520 61,500,287
+35.3 33,972,238 26,531,601
27,951,543
-1.5 32,049,563
19,639,207
24,650,738
-3.4
29,802,516
+1.0 2.,8 s,164
31,272,220
+13.3 3 , 1 .9 I
17,122,255
15,183,323
-16.9
10,089,944
10,761,625
+4.1
24,396,982 20,313,512
-2.1

%
+11.0
+21.8
+7.9
+6.9
+0.4
+17.4
+2.1
+13.6
+14.7
+55.7
+28.0
+14.7
+25.5
-3.2
+7.4
-11.3
+6.7
+20.1

+5. 4,173,.4I,:.094,243,516,198 +12.5

11,910,316
95,231,527
63,365,108
42,043,253
39,002,596
27,480,588
16,539,274
10,122,943
13,964,206
21,122,003
6,682,392
5,870,836
6,581,335
4,858,479
4,144,647
1,876,903
2,982,794
2,628,913
1.301,419
756,402
1,330,038
4,286,770
5,043,820
1,284,970
2,936,004

+4.4 1,933,216,795 1,881,112,809 +2.8
+10.2 5 A ,5 1 712,641,874 +'.2
+7.9 626,201,419 560,761,266 +11.7
+10. 40 ,731, 5 384,307,352 +6.1
-2.8 351,322,967 329,423,878 +6.7
+7.2 291,280,095 268,499,795 +8.5
+14.4 173,324,013 156,020,462 +11.1
+22.9 115,494,950 95,093,091 +21.5
+0.6 130,090,349 121,467.367 +7.1
+2 .0 12 .7 ,938 110,120,292 +13.3
+3.9 65,958,632 60,192,789 +9.6
-3.6 58,623,456 59,585,507 -1.6
-2.8 60,930,583
57,779,083 +5.5
+42.2 54,576,175
50,338,761 +84
-56.7 21,912,609 28,724,752 -23.7
+1.3 20,382,265 33,910,526 --39.9
-1.7 26,212,050 25,074,912 +4.5
24,257,542 +1.5
-2.5 24,618,524
12,711,966
12,592,761 +0.9
-3.8
7,455,897
6,957,944 +7.2
+20.0
12,943,494 -1.0
12,811,925
+43.6
35,280,895 34,935,613 +1.0
+2.1
+30.3 52,779,982 45,187,114 +16.8
5,546,269 +116.4
12,002,287
+31.8
21,239,393 +29.9
+11.2 27,,87, 21

Tot. oth.West635,143,30,593,347,536

+7.1 5,401,119,60J 5,098,714,826

+6.0

1912.
$
San Francisco
Los Angeles
Seattle
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Boise
Pasadena
North Yakima _.
Reno
Total Pacific

1911.
$

Inc. or
Dec.
%

1310.
$

1009.
$

43,157,552
44,242,47.
13,539,903
12,288,491
11,854,141
11,772,517
9,300,000
7,800,000
4,447,681
4,655,621
5,511,393
5,722,116
5,801,444
6,621,688
3,337,549 • 1,799,837
1,280,396
1,033,740
1,100,000
790,009
712.200
[617,095
562,740
548,924
655,000
[510,000

52,970,044
19,988,543
11,705,983
12,038,7 4
4,214,126
4,604,145
4,322,233
3,577477
1,800,575
2,466,395
1,083,011
872,691
700,000

1
4L'4',7'
15,077,579
10,755,263
11,490,424
4,076,443
5,758,220
4,489,294
3,110,513
1,322,019
1,500,000
772,655
812,676
645,000

+17.0
+25.1
+8.8
+4.8
+3.4
-20.0
-3.7
+15.0
+36.1
+64.4
+40.3
+7.4
+8.5

746,959
393,922
27 „000

709,973
405,925
260,000

+5.2
-3.0
+5.

566,399
400,000
250,000

450,927
352,430
275,000

121,6.9,88.107,330,672 +13.,

103,294,038

98,114,462

Kansas City _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Topeka
Davenport
Cedar Rapids
Fargo
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Helena
Waterloo
Billings

51,263,190
26,115,315
15,901,019
10,100,193
8,358,427
6,447,530
4,20 .5 3
2,859,340
3,337. 13
7,732,034
1,525,508
1,241,273
1,609,942
1,358,984
376,051
633,325
554,752
254,702
180,- 11
487,065
973,087
1,580,977
42,,400

48,683,356
25,630,232
14,623,677
10,004,677
8,262,235
5,959,475
3,944,450
2,466,135
3,352,767
5,737,988
1,396,147
1,221,566
1,027,380
1,091,620
738,029
700,000
573,688
249,208
180,988
315,419
1,019,799
981,701
264,036

+5.3
+1.9
+8.7
+1.0
+1.2
+8.2
+6.7
+16.0
-0.5
+34.8
+9.2
+1.6
+1.1
+24.5
-49.1
-9.5
-3.3
+2.2
-0.
+54.5
-1.5
+61.0
+ 1.0

Tot. oth.West _

147,524,491

139,024,573

+6.1




Dec. 4

1911.

1912.

% 41
$
$
%
$
Canadas
+21.7
Montreal
234,735,761 179,712,213 +30.6 2,061,515,134 1,693,706,044 +17.9
158,122A21 140,784,761 +12.3 1,579,548,996 1,338,994,944
Toronto
106,388,574 86,640,717 +21.6 1,021,775,891 749,795,673 +36.3
Winnipeg
53,896,987 47,008,169 +14.6 469,376,757 390,566,702 +20.2
Vancouver_
Ottawa
15,157,241 16,251,033 -6.7 190,292,810 153.117,981 +24.3
95,322,707 +18.2
13,248,970 10,342,726 +28.1 112,734,241
Quebec
Halifax
7,754,703 6,576,992 +17.9 • 71,812,194 62,856,472 +14.3
+34.7
Hamilton
12.899,707 9,506,300 +35.7 118,121,205 87,715,962
56,732,425 +12.5
St. John
7,303,353 5A95A13 +32.9 63,833,073
+29.4
Calgary
24,137,286 16,965,562 +42.3 196,774,557 152,123,173
London
6,579,525 5,276,589 +24.7 60,764,905 52,080,966 +16.7
+32.3
Victoria
15,266,380 9,652,304 +58.2 130,621,899 98,778,856 +90.6
Edmonton_ _ 17,702,793 10,231,600 +73.0 153,491,338 80,546,604 +58.1
49,269,937
77,872,262
+47.2
6,611,958
Regina
9,732,149
19,467,131 +11.5
21,707,647
Brandon
2,204,383 2,158,161 +2.1
19,963,295 +19.2
23,791,078
2,652,18. 2,245,619 +18.1
Lethbridge
+98.8
39,784,060
79,087,881
+76.7
Saskatoon .. _ _ _ 9,643,008 5A56,902
24,817,496
Moose Jaw*...
5,413,522 3,384,972 +59.9 43,365,360
+23.3 21,732,028 20,518,001 +5.9
Brantford -_-- 2,287.497.,
28,751,934 Not included in total
Fort William__ 2,992,051 Not Included in tot
53,896 5,161,340,933 +25.1
+24.36,454,8
Tot. Canada699,712,924 562,772,512
•

The clearings for the week ending Sept. 28 make quite a
satisfactory comparison with the same week of 1911, the
increase in the aggregate having been 34.2%.
Week ending feN. 23.
Clearings at1911.

1912.

Inc
D

1909.

1910.

$
$
%
$
$
59,515,883 42,136,000 +41.2 45,352,528 36,575,421
38,683,303 30,128,186 +28.4 32,153,715 30,753,286
25,024,289 21,246,283 +17.8 19,444,487 18,179,994
12,241,019 11,706,064 +4.6 9,433,800 6,544,020
3,569,071 3,663,179 -2.6 3,804,379 2,943,867
2,938,511 2,217,128 +32.5 2,295,471 2,095,589
1,600,776 1,527,277 +4.8 1,570,528 1,717,684
3,202,299 2,130,938 +50.3 2,021,424 1,767,429
1,822,242 1,143,578 +59.4 1,444,163 1,418,307
8,445,201 3,588,454 +135.4 2,792,016 2,497,791
1,565,678 1,118,952 +40.0 1,123,917 1,066,270
387
3,620,066 2,049,834 +76.6 1,556,258 1,339
4,271,230 2,173,876 +96.6 1,290,652 1,050.578
920,582
+33.7
1,651,827
2,208,843
470.447
480,605 +26.0
605,590
379,203
498,767 +36.3
679,705
+67.2
1,363,466
2,279,051
818,693 +102.4
1,657,151
373,005 +63.8
612,071
734,682 Not include d in tot al

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantfo d
Ft. William

174,541,979 130,016,112 +34.2 126,053,570 107,949,623

Total Canada

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

Clearings, Toted AU.
Month.

1911.

1912.

%

1911.

1912.

%

$
$
$
$
+6.3
Jan __ • 15,175,151,478 14,494,695,194 +4.7 6,339,569,939 5,963,447,224 +13.7
Feb __ 12,968,617,648 12,269,918,159 +5.7 5,655,9E0.284 4,974,752,712
14,529,179,200 13,470,154.904 +7.8 6,103,224,978 5,848,553,399 +4.3
Mch
5 +7.8
let qr.. 42,663,948,326 40,234,768,257 +6.0 18,098,764,201 16,786,753,33
April 15,043,870,590 12,403,607,069 +21.3 6,213,715,072 5,433,794,576
May _ 14,883.783,164 13,524,593,344 +10.0 6,104,005,676 5,565,969,331
_ 13,690,863,132 13,834,180,185 -1.0 5,729,871,661 5,618,651.318
J
2d qr. 43,618,516,886 39,762,386,598 +9.8 18,047,592,419 16,618,415,228

Week ending Sept. 21.
Clearings at

Inc. or
Dec.

• Not included in totals; comparison incomplete.
Inc. or
I Dec.

Total Pacific 520,215,5t3493,867,715
Kansas City _221,160,062
Minneapolis__ 101,,) 9,4)6
68,402,008
Omaha
4 ,5 :1,5.,8
St. Paul
37,922,709
Denver
St. Joseph_ _ _ _ 2 ,4 ,,,1 5
18,919,540
Des Moines
12,438,271
Sioux City
14,0 6,56:
Wichita
26,39 .,383
Duluth
6,945,940
Lincoln
5,660.136
Topeka
Davenport_ _ _ 6,398,254
Cedar Rapids _ 6,006,30:
1,795,17
Fargo
1, 00,00
Sioux Falls
Dolorado Sp'gs 2,931,974
2,562,82
Pueblo
1,252,45.
Fremont
907,214
Hastings
1,910,771
Aberdeen
Helena
4,379,675
Waterloo
6,573,574
Billings
1,693,498
Toplin
3,265,76

1911.

1912.

52,502,362
25,794,525
15,834,157
10,830,813
9437.447
5,869.784
3,461,071
2,690,681
3,146,430
4,049,474
1,420,840
1,204,768
1,247,234
1,065,000
872,274
685,000
566,237
258,880
200,000
400,000
919,177
951,884
116,027

49,126,783
28,473,750
15,930,318
11,710,453
0,548,956
5,717,617
3,816,349
3,091,470
2,866,541
6,685,243
1,432,250
1,184,799
1,485,745
1,027,949
763,264
690,000
639,549
367,689
813,513

111,56o

144,434,0651 145.619.804

+14.3
+9.7
+2.1
+8.6

6 mos_ 86,282,565,212 79,997,154,855 +7.9 36,146,356,620 33,405,168,563 +8.2
+9.7
July__ 14,015.610.065 13.069,255,484 +7.2 6,094,527.836 5,553,439,060
+3.8
Auz 13,283,918,548 12.662.5116,630 +4,11 5.797,664.988 5,278.444,420 +5.7
5,421,079,267
1
+4.4
5,731,313,304
12,606,056,41
6
13,164,149,12
Sept__
3d qr. 40,463,707,739 38,337,898,525 +5.5 17,623,506.128 16,252,962 73 +8.4
+8.3
9 mos_ 126746,272,951 118335,053,380 +7.1 53,769,862,748 49,658,131,316

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1912
amd 1911 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1911.

1912
Number
of
Shares.

Values.
Par.

Actual.

Number
of
Shares.

I
$
Jan.10,906,138 970,876.427 958,417,286 10,416,521
Feb.. 7.086,544 621.704,401 602.463,418 10,194,217
Mob_ 14,552,052 1,334,837,227 1.312.748,973 6,823,868

Values.
Par.

Aaual.

$
$
907,563,875 872,467,419
902,448,900 879,948,718
619,067,575 600,479,480

lstqt 32,544,734 2,927,418,057 2,873,629,677 27,434,611 ,,429,080,350 2,352,895,617
471,409,900 456,396,404
April 15,959,338 1,952,962,700 1,438,401,408 5,369,35( 983,924,050
971,047,984
May 13,662,747 1,233,734,950 1,210,479,868 11,115,578 951,730,450 940,178,916
10,508,400
June 7,219,721 645,234,077 622,417,928
,407,064,400 1,367,613,304
2d qt 34,841,807 3,331,931,727 3,271,299,204 26,993,328
6 m't 39,386,540 3,259,349,775 3,144,928,881 54,427,939 1,836,144,750 1,720,518,921
5.476.55c 503,137,300 486,492,746
July. 7.158,324 654,771.350 620.416,20P
1 .303.437,416
Amt. 5,352.350 R11.531.75n 700.416,‘,0, 14.004.51,1 .371.505.250 1,401.487,498
Sept. 10,107,204 911,341,200 887.463,294 17,395,957 1,594,873,875
3d qr 26,217,886 2,378,004,3002,298,295,711 37,867,049 .469,617,425 396,387,660
0 m's95,604,426 8,637,354,0758,443,224,59292,294,988:,305,762,175 ,916,906,581

868 .1

THE CHRONICLE

[VoL. LXXXXN

Our usual monthlydetai1ed"statement of transactions on not expected
the New York Stock Exchange is appended. The results the American to be great. The chief anxiety is respecting
demand. Everybody knOWS" that there will
for the nine months of 1912 and 1911 are given below.
he a large Egyptian demand, which is ostitnated at from
six to ten millions sterling; but the Bank of England can
Nine Months 1912.
Nine Months 1911.
I
easily afford to part with that amount. Should, however,
Descriplion.
Par Value
Actual
Aver. Par Value
Actual
Aver. a large American .demand spring up it would undoubtedly
or Quantity.
Value.
Price or Quantity.
Value.
Price compel the Bank of England to raise its rate seriously
St'ksj Sh's_
and so might disturb all the money markets and stock
95,604,426
92,294,988
t Val $8,637,354,075 $8,443,224,592 97.758,305,762,175 $7,916,906,581
95.3 exchanges of Europe.
RR. bonds
523,810,500
504,863,666 99.4 $053,756,500 $533,533,987 96.3
The India Council offered. for tender on Wednesday 60 lacs
Gov't bds:
1,073,500 ,
1,10401 102.9
3,112,000
3,219,192 10 1.4
State bds_ _
. 21,669,000
21,122,591 97.5
82,028,000
82,117,727 100,1 of its bills and telegraphic transfers and the applications
Bank sties.
559,200
1,347,253 240.9
1,400,600
3,800,317 260.2 amounted to rupees 798,19,970
at prices ranging from is.
Total...$9,184,466,275 $8,971,662,303 97.7$8,946,119,275
$8,539,577,804 95.5 4 1-32d. to is. 4 1-16d. per rupee. Applicants for bills at
is. 4 1-32d. per rupee were allotted 2 per cent, and above in
The course of bank clearings at leading cities of the country full.
for the month of September and since Jan. 1 in each of the
English Financial Markets-Per Cable.
last four years is shown in the subjoined statement:
The daily closing quotations for securities, &c., at.London,
BANK CLEARINGS AT LEADING CITIES.
as reported by cable, have been as follows the past Week:
Fe:I.
.
Jan.. 1. to sert. 30
(000,000.1
1912. 1911. 1910. 1909. 1912.
1911,
1910.
London,
1909.
omitted.)
$
5
$
8
s
s
Week ending Oct. 4.
:
s
Mon.
Sat.
s•
DUCS.
Wed. Thurs.
Fri.
New York
7,433 7,185 6,231, 8,478 72,976

68,677 75;531 74,566
1,207 • 1,140 1,091 1;130 11,250 10,312 10,430 10189
638
001
574
624
6,644
5,118
6,110 0,136
615
581
570
600
5,914
5,727
5,733. 4,995
317
317
288
283
2;943. 2,824* 2,725
2,463
223
197
205
196
2,056
1,888
1,399. 1,603
216
205:
194
171
1,951; 1,758, 1.,708; 1,280
107
105
99
100
1,023
953
929
, 999
147,
140.
In
110: 1,419, 1,294
1,165
1,049
221
212
224
203
1,933, 1,881
1,925
1,792
92.
81
76
73
835
740
747
030
73
75
67
64746.
729
692.
609
115
95
114
97
751
713.
808
658
52
49
49
45
542
509
505
476
88
77
75
62
827
711
692
557
58
59
52
48530
514
491.
430
87,
76
62
51.
844
693
595
490
29
28
29,
27
317
295
295
27:3
68
67
71
62
026564
627
539
46
42
:;9
40
418
381
374
J40
47.
49.
4241
4)8
384
437'
i57
36
;:s
33
33324
331
352
107
38,
39
42
36,
351
329
362,
135
30
29
27
28319
288
282
257
20
1,1
16
274
232
210
183
50
49
• 4
55
436
404
- 447.
416
17,
16
13
14
143
167
164
137
23
26
21
20
273
233
238
241
-Total
1",O84 11.589 10,482 12,722 110,119 109,656 114,479 112;304
Other citie •
1,030 1,017
913
820 10,627
8,679
8,195
7,009
.
-Total all
13,161 12,606 11,305 13,542 1-'6,746 118,335 122,674 119,313
Outside NeW York_ 5,731 5,421 5,164 5,064- 53,770 49,658 49,143 44,747
Chicago
Boston •
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha _ _
Buffalo
St. Paul
Indianapolis
Denver.
Richmond
Memphis
Seattle
Hertford •
Salt • Lake city_

MouttavggCommercialguglishgew
[From our own correspondent.)

Silver, per oz
d 297-16 29- 7-16 293%.,
293%
29 9-16
2934
d Consols, 23.4 per cents 74'
74
74. 13-16733%
74.
74
d For account
743%
74
74 1-16 74 1-16 74 3-10 74 3-10
d French Rentes (in Par.) fr. 90.75
90.75
90.40
90.473% 90.40
90.35
Amalgamated Copper Co_ __ _ 94
923%
93
9434
923%
933%
Am. Smelt. &. Refining Co
94
02
0234
913%
9134
923%
S Anaconda Mining Co.
9%
93
0%
934
93%
934
Atch. Top. & Santa Fe__ _ _113%
11234
11334
11334
115
1139/
Preferred
106
109
10534
105
10534
1053%
Baltimore k Ohio
113
Preferred
90
00
8936
8934
8934
8934
Canadian Pacific.
/ 2843%
2883
2903%
285%
2
993%
2863%
Chesapeake de Ohio
8434
843%
8451
8534
5634'
8851 "
Chicago Great Western
1834
18
17,34
18
18
18
Chicago NIllw. &,St. Paul_ _112
115;4
11651
1153%
Denver & Rio Grand
24 e,%
24
243%
24
2334
2334
Preferred
41%
413%
1123413
1445
14,3.4
4134
43
Erie
39
39%
3
13
384
First preferred
56,
5654
5634
50
5054
5
Second preferred
46
46
403%
46
46
46
Great Northern, preferred_ _14634
1463%
145
1463%
1453%
1443%
Illinois Central
1343%
135
134
134
1343%
1343%
Louisville & Nashville
168.
168
16734
167
168
168.
Missouri Kansas & Texas_ _. 323%
32
313%
303%
303%
3434
Preferred
663%
6654.
6634
6634
6634
663-4
Missouri Pacific
4734
4634
47.
4634$.
47
4734
Nat. IlIt. of Mex.. 1st pref.. 67
06
67
653%,
653%
653%
Second preferred
303%
305-i
3034
2936
2934
30
N.Y.Central & Hod. RIv- _122%
120 X'. 12094
121
1223%
12034
N. Y. Ontario & Western... 40
393%'
383%
3894
383%
383%
Norfolk & Western
120
11
119
19%
1193%
Preferred
92.......
..........92
Northern Pacific
1333%
1.135;i
1 i. i
1; a Pennsylvania
04%
64%
64'%, 132M
64%:
(
81tti 133
(
9
0
)4
2,
a Reading Company
8934
8934
80%'
8
a First preferred
46.
45%
46
4534
46
453%
a Second preferred
49%
49
50
Rock Island
Hi3A-,.
30%
iiii.;
2
.9
.;i'
283%
2994
Southern Pacific
11694* 11634
11734
11634
1183%
117%
Southern Railway
323%
304
32
323%
3t34
3,294
Preferred
89
89
89.
883%
89
8954
Union Pacific
1813%
1703%
1793%. 1803%
i'134
1803%
Preferred
93.
923%
93.
923%
9254
9254
U.S. Steel Corporation
813%
81
813%
813%
823%
803%
Preferred
119
1193%
1183%
1183%
119
1193%:
Wabash.
4%
49.4.
5
5
534
54
Preferred
15)4
153%
16
1594
153%
153%
Extended 4s
71;
713%
71
71
713%
71

112.

112..4

11134

11134

my,

London, Saturday, September 28 1912.
The week that has been looked forward to with no little
apprehension for several months in both Berlin and Vienna,
is passing off much more smoothly than even optimists
ventured to expect. So far Germany has not taken much
gold from London. And as the liquidation will end .on
a Price per share. b
sterling. c Ex-dividend. el Quotations here glven are
Monday evening it is not probable that she wil take much; flat prices.
though, of course, it' is possible she may take some to-day:
There will be no other trying liquidation until the end of
the year. Therefore the new month may be expected to Kornmerciat and A,tisceilanerins
see an easer 1110h0Y market and a more hopeful feeling on
Breadstuff
the Bourse. November, likewise, is usually a month of ment below s Figures brought from page 913.-The stateprepared by us from figures collected by
improving business; and'it is certain that the feeling all over the New Yorkare
Produce. Exchange. The receipts at Western
Germany is exceedingly hopeful.
take
river ports for the week ending last Saturday and
In Vienna there is more stringency, and, of course, there sinceand
August 1 for each of the last three years has been:
is not equal wealth to fall back upon. Still, the liquidation
is passing over sinoOthly, according. to all the information Receipts at- Flour.
1Vheal.
Cons.
Oats.
Barley.
Rye.
that reaches London, and. there also we may look for a
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush.32 lbs. hush.481bs. bre. 56 lbs.
couple of months of quieter feeling and improving business.
Chicago
195,214 1,742,600 2,692,500 3,823,200
588,000
98,000
In Paris the tendency!
: is good and' confidence is general. Milwaukee..
188,700
523,800
457,700
86,400
430,800 107,800
316,708
41,180 5,544,833
482,108 136,454
The one Unfavorable condition, of Course, is the unrest in Duluth
Minneapolis_
3,364,900
598,540 1,104,840 223,490
68,030
the Balkans and the continuance of the war between Italy Toledo
214,500
125,100
119,000
108,500
80,600
84,000
14,000
and Turkey. Regarding the latter. however, a correspond- Detroit
5,800
Cleveland _
36,448
12,619
922
800
465
ent has been authorized by the representatives Of both St.
Louis_ _ _
310,310
592,150
79,160
671,803
75,200
6,852
States at °Itchy., where the peace negotiations are going Peoria
326,400
52;000
33,100
200,000
73,716
33,000
Kansas
92,400
City.
1,522,000
117,300
on, to announce that no deadlock has occurred, and that the Omaha
58,500
139,200
117,425
only seriottS• question now is aS to' the Italian. sovereignty
Total
wk.
'12
3,978,588
441,776 13,640,655
0,587,623 2,761,464 714,561
over Tripoli. There are hopes still, therefOre, that peace Same wk.'11 345,072
7,506,324 3,351,061 3,141,056 3,446,146 324,347
may be concluded, while the expectation is general that, if Same wk.'10 377,063 7,284,088 3,850,453 3,032,577
2,356,913 110,049
necessary, the great Powers are preparing for a serious Since Aug. 1
mediation between Italy and Turkey, and for using all
1912
2,937,729 89,375,603 30,401,805 50,272,408 12,734,923 4,043,855
1911
2,887,302 56,705,354 30,015,419 36,667,522 17,394,147 2,119,200
their influence to keep the Balkans quiet. If that is ac1910,
3.272.770
74,324,652 34,507,118 56,810,705 11,903,100 1,407,9'15
complished the confident opinion of those best in a position
Total receipts of flour and grain at the 'seaboard ports for
to judge is that' the neW year will be exceedingly prosperous
at home and abroad in trade and will see active business the week ended Sept. 28 1912'follow:
on the stock exchanges and bourses of Europe.
Oats, Barley,
Wheat,
Flour,
Corn
RIM
Receipts albush.
bush.
bbls.
bush.
bush.
bush.
In regard to the London money market the drain upon New.
York
803,675
187,901 1,669,200
162,000
25,500
51,750
it this week has been much less than was anticipated. It is Boston
145,338
8,653
42,448
481,256
2,357
Philadelphia _ _ _ _
419,115
32,987
52,568
380,217
understood that of the bar gold offered in the open 13altiniore800
66,343 1,300,664
204,761
42,192
3,376
market on Monday, amOunting to about £600,000, India New Orleans _ _ 37,210
112,000
155,500
Newport
News_
430,000
and the trade took about £150,000 and New York Galveston
3,000
424,000
1,000
3,000
took the remainder. The general impression was previously Mobile
23,000
5,000
3,000
Montreal
534,145
18,657
325,056
that Germany would. compete. But if she did so she did Port Arthur,Tex
29,005
27,748
120,000
not offer as good terms as. New York. Since then she has
not withdrawn any gold from the Bank of England. There Total week 1912_ 393,976 3,813,579 407,983 3,585,948 53,248 90,288
Jan. 11012.12,739,086 92,936,494 27,719,652 46,121,932 3490,853 467,791
has been but little taken for any other quarter. The im- Since
Week 1911
437,121 1,450,152 1,489,014
799,091 217,423
90,960
pression is general that the Gentian demand for gold, if it Since Jan. 11011.13.983.490 61,356,973 55,105,322 41,807,239
3186,420 590,190
is not already satisfied, will be completed at the latest on
*Receipts do not include graln passing through New Orleans for foreign ports on
Monday. After that no German withdrawals are looked for through bills of lading.
for two months at all events. India is not likely to take
The exports from the several seaboard ports for the week
gold before Christmas,'and the demand of Argentina i8 ending Sept. 28 are shown in the annexed statement:




THE CHRONICLE

OCT. 5 1912.]
Corn, Flour,
bids.
bush.
3,105 54,108
700
7,000
224
2,100
11,000 44,500
7,500
23,000 3,000
41,000

Wheat,
bush.
Exportsfrom943,270
New York
421,760
Boston
200,000
Philadelphia
24,000
Baltimore
New Orleans ____ 624 000
596,000
Galveston
Mobile
911,000
Montreal

Peas,
bum.
5,051

Oats, Rye, Barley,
bush,
bush,
bush.
760,791 17,186
61,480
38,000
677,775
6,000
5,000
267,000

200

1,000 38,000

39,205 158,032 2,246,046 18,186 38,000
Total week._ _3,840,039
72,603
1,215,796 1,113,053 242,919
Week 1911

5,251
3,240

The destination of these exports for the week and since
July 1 1912 is as below:
Vheal:
Corn
Since
Since
Since
Week
July 1
July 1
Week
July 1
1912.
1912. Sept.28.
1912. Sept.28.
bush.
bush.
bush.
bole.
bush.
92,167
946,519 1,476,239 17,145,037
14,000
258,830 2,363,800 14,145,137
257,371
3,775
310,244
226,730
391,147
35,430
4,875
412,150
2,625
19,352
14,439
4,000
67,299

Week
Exportsfor week and Sept.28.
bbls.
since July 1 toUnited Kingdom_ .._ 68,346
58,641
Contineht
Sou. & Cent. Amer_ 12,878
15,417
West Indies
Brit. Nor. Am.Cols_ 2,750
Other Countries_ __ _
Total
Total 1911

771,749
39,205
158,032 2,011,394 3,840,039 31,525,779
242.919 2,445,119 1,215,796 22,146,477 1,113,053 6,895,478

The world's shipments of wheat and corn for the week
ending Sept. 28 1912 and since July 1 1912and 1911 are shown
in the following:
Corn.

Wheat.
Exports.

WeekSept. 28.
Bushels.
North Amer. 5,840,000
3,876,000
Russia
Danube _ _ _ _ 980,000
Argentina _ _ 1,032,000
384,000
Australia
1,504,000
India
0th.countr's 352,000

Since
July 1.

Since
July 1.
Bushels.
47.50.000
33,099,000
18,020,000
20,970,000
6,400,000
25,120,000
2,438,000

1911.

1912.

1911.

1912.

Week
Sept. 28.

Since
July 1.

Since
July 1.

Bushels. Bushels. Bushels.
Bushels.
21,000
189,000 5,657,000
41,162,000
27,471,000 153,000 4,192,000 16,562,000
23,191,000 255,000 7,585,000 20,868,000
15,256,000 6,256,000 77,040,000
60,000
12,200,000
14,858,000
2,627,000

Total __-_ 13968000 153,553,000 136.764.000 6,685.000 89.004.000 43.137.000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
United
Kingdom. Continent.
Sept. 28
Sept. 21
Sept. 30
Oct. 1

Total.

Bushels. Bushels. Bushels.
1912_ 18,920,000 19,890,000 38,816,000
1912_ 17,896,000 22,008,000 39,904,000
1911_ 17,832,000 13,424,000 31,256,000
1910J14,901.000 23,512.000 38,416.000

United
Kingdom. Continent.! Total.
-Bushels. Bushels. I Bushels.
8,942,000 21,768,000 30,710,000
9,146,000 21,590,000 30,736,000
1,539,000 3,825,000 8,364,000
7.5m1 ono 11.300 000 I Q.nR0 000

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

When
Payable.

Railroads (Steam).
Alch. Top.& Santa Fe, com.(qu.)(No.30) 14 Dec.
Brazil Railway. preferred ((mar.)
14 Oct.
2
Nov.
Central RR.of New Jersey (guar.)
Oct.
elev. Cin. Chic. & St. L., pref. (quar.)- 24 Oct.
Delaware Lack. & Western (quar.)
Georgia RR. & Banking (quar.)
Oct.
3
2
Grand Trunk', guaranteed _
24
• First and sccoad preference
14 Nov.
Great Northern (quar.)
14 Oct.
Joliet Jr Chicago (quar.)
1
Oct.
Kansas City 8 uithern, preferred ((mar.) _
Minn. St. P. & S S.M..com.&Pfd.(No.19) 34 ')ct.
Oct.
N. Y. Central & Hudson River (guar.)- 1
Nov.
Norfolk & Western, adj. pref.(quar:)___.
1) Nov.
.Vorthern Pacific (quar.)
2% Oct.
Philadelohla & Trenton (nar.)
Pitts. Cln. Ch. & St. L., corn. & pf.(qu.) 1 ki Oct.
14 Oct.
Pitts. Ft. NV. Chic., reg. guar.(guar.)._ _
1
Oct.
Reading Comnitoy, second pref. tquar.)
1% Nov.
Heading Company, corn.(quar.)
St. Louts Southw., pref. (quar.) (No. 8). 14 Oct.
24 Oct.
Southern'Railway, preferred
24 Oct.
United N. J. RR.& Canal Cos. go.(qu.)_
1
Oct.
Western Maryland, pref. (guar.)
Street and EleccrIc Railways.
'
14 Oct.
Auburn & Syracuse El. RR., pref. (qu.)_
Aurora Elgin &. Chic. RR.,corn.(quar.)
Oct.
Preferred (mar.)
1% Oct.
Boston & Suburban El. Cos.. pref. (qu.) $f
Oct.
2
Oct.
Brooklyn City RR.(guar.)
Cin. Newp. & Coy. L. dc Trac.,com.(qu.) 1% Oct.
14 Oct.
Preferred (quar.)
3
Oct.
Dallas Electric Corp., lot pref
24 Oct.
rd
23C011ti pr(
2
Oct.
Denver et Northwestern By. (guar.)
Ft. Smith Light & Traction, pref. (qu.).. 14 Oct.
1 31., /et.
Germantown Passenger By.(mar.) Greene cfc Coates Sls., Phila., Pass.Ry...- $1.50 Oct.
Jacksonville 'frac., corn. (quar.)(No. 7)- 1% Nov
14 Nov.
Preferred (guar.) (No. 7)
1
Lehigh Valley Transit, preferred
Nov.
)et.
Manchester Trac., L.& Pow.,(quar.)-- - 2
14 Sept.
Memphis St. By., pref. (guar.)
1% Nov.
Mexico Tramways (guar.)
3
Milwaukee Northern Ry., lot de 2d pref..
Oct.
Omaha & Council Bluffs, coin.& pref (qu.) 14 Sept.
OUumwa By. dc Light, pref. (quar.)
1% Oct.
Pacific Gas & Elec.,corn.(qu a (No. 3)..
14 Oct.
Philadelphia Co.. corn.((marl (N)). 124/
14 Nov.
Public Service Invest., pf.(qu.)(No. 14) $134 Nov.
Puget Sound Trac., L & P.,com,(guar.). 1
Oct.
Preferred Mara
134 Oct.
Republic Itv. & It.. pref. (oil.)(No.SL. 13-4 Oct.
Rio de Janeiro Tram., L. & Pow.(quar.) 14 Nov.
Rome(Ga.) By.& Elec.(quar.)
134 Oct.
Sao Paulo Tram.. L. & P.(qu.)(No. 43) 23-4 \Inv.
Scioto Valley Trac.,1st pref. & pref.(qu.)
134 Oct.
Sierra Poe. Elec. Co.. pref.(qu.)(No. 13). $14 Nov.
let.
1
Virginia Ry. & Power, common
134 Oct.
West Penn Trac., pref. (guar.)(No. 11),

1q

F'ifth National (quar.) (No. 149)
Produce Exchange, New York (No. 55).- -




3
4

Books Closed.
Days Inclusive.

2 Holders of rec. Nov. la
5 Oct. 1 to Oct. 5
1 Holders of rec. Oct.21a
21 Oct. 2 to Oct. 30
21 Holders of rec. Oct. 4a
15 Oct. 2 to Oct. 14
1 Holders of rec. Oct.17a
7 Holders of rec. Sept.27a
15 Holders of rec.Sept.30a
15 Holders of ree.Sept.20a
15 Holders of rec. Sept.20a
18,Holders of rec. Oct.:ila
1 Holders of rec. Oct.10a
10 Oct. 1 to Oct. 10
25 Holders of rec. Oct.15,t
8 Sept. 1,5 to Oct. 8
10 Holders of rec. Sept 24a
14 Holders of rec. Oct.29
15 Holders of rec. Oct. set
28 Holders of rec. Oct. 5
10 Sent. 21 to Sent. 30
19 Holders of rec Oct. 5
15 Holders of rec. Sep.30a
10 Sept. 19 to Oct. 15
10 Sept. 19 to Oct. 15
15 Holders of rec. Oct. 2a
15 Oct. 2 to Oct. 15
15 Oct. 1 to Oct. 15
15 Oct. 1 to Oct. 15
14 Holders of rec. Oct. 8a
14 Holders of rec. Oct. 8a
10 Holders of rec. Oct. la
15 Holders of rec. Sept.30a
Skein. Pi to 0^t.
7,0ct. 1 to Oct. 7
11Holders of rec. Oct. 15a
1 Holders of rec. Oct. 15s
10,
15IHolders of rec. Sept.30a
30 Sept. 24 to Sep'. 30
1 Oct. 13 to Oct. 31
1 Holders of rec. Sept.28a
30 Sept. 15 to Sept. 30
15 Holders of rec. Sept.30a
16 Holders of rec. Septl4a
1 Holders of rec. Oct. la
1 Holders of rec. Oct.15a
15 Holders of rec. Oct. 5a
15 Holders of rec. Oct. 5a
15 Holders of rec. Sept. 30
1 Holders of rec. Oct. 10
1 Sept. 27 to Sept. 30
1 Holders of rec. Oct. 10
1 lioldres of rec. Sept. 25
1 Holders of rec. Oct.16a
21 Holders of rec. Oct. 7a
15 Oct. 8 to Oct. 15

Oct.
Oct. 15 Holders of rec. Oct. 8

Name of Company.

869
Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

r` Trust Companies.
Union (quar.)
124 Oct. 10 Oct. 6 to Oct. 9
Miscellaneous.
Alliance Realty (quar.)
2
Oct. 15 Holders of rec. Oct. 5
1
Amer. Aerie, cnem.,com.(qu.)(No. 4)- Oct. 15 Holders of rec. Sept.27a
Preferred (quar.) (No. 29)
14 Oct. 15 Holders of rec. Sept.27a
14 Nov. 15 Holders of rec. Oct. 31
Amer. Beet Sugar, com. (guar.) (No. 5)
Oct. 14
1% Oct. 1,) Oct. 11 to
American Coal Products, pref. (quar.)
1 Oct. 18 to Nov. 1
Amer. Gas & Elec., pref.(qu.)(No.23)...
Nov.lid
24 Nov. 1 Oct. 17 to Oct. 31
Amer. Light & Trac., com.(guar.)
Common (Payable in common stock)._ _ _ 24,f Nov. 1 Oct. 17 to Oct. 31
14 Nov. 1 Oct. 17 to Oct. 31
Preferred (guar.)
1% jet. 21 Sept.22 to Oct. 20
American Locomotive, preferred (quar.)
254 Nov. 2 Oct. 18 to Nov. 2
Amer. Malt Corporation. preferred
$1.55 Nov. 1 Holders of rec. Oct. 17
American Malting, preferred
1% Oct. 15 Holders of rec. Sept.14a
American Shipbuilding, pref. (quar.)_ _ _ _
2
Oct. 15 Holders of red. Sept.30a
American Telep. & Teleg.(guar.)
1
Oct. 15 Holders of rec. Oct.10a
_
(quar.)
corn.
Founders,
American Type
Preferred (quar.)
154 Oct. 15 Holders of rec. Oct.10a
American Woolen, of:et.(quar.)(No. ro)„, 14 Oct. 15 iept. 24 to Oct. 3
Anaconda Copper Mining (qu.)(No 48) 75c. Oct. 16 Holders of rec. Oct. 4a
14 Oct. 15 Holders of rec. Sept. 30
Associated Gas & Electric, pref.(guar.).
Associated Merchants, let pref. (quar.)_
154 Oct. 15 Holders of rec. Oct. 7a
First preferred (extra)
M Oct. 15 Holders of rec. Oct. 7a
Second preferred (quar.)
134 Oct. 15 Holders of rec. Oct. 7a
Second preferred (extra)
M Oct. 15 /folders of rec. Oct. 7a
Bell Teleonone or Canada. Ltd.(guar.)- Oct. 15 Holders of rec. Sept. 25
2
Bell Telephone of Pennsylvania (quara_ _
14 Oct. 15 Oct. 5 to Oct. 15
Bliss(B. W.)Co., pref.(quar.)
1 Holders of rec. Sept. 30
Oct.
2
British Columbia Cop., Ltd.0111 (No.5) 3
Oct. 1. Holders of rec. Oct. 1
Canada Car & Fdy., pref. (quar.)
154 Oct. 25 Holders of rec. Sept.30
134 Oct. 10 Oct. 1 to Oct. 9
Can. Westinghouse, Ltd.(qu.)(No.31)_
Central Coal & Coke, common (quara_
14 Oat. 15 Oct. 1 to Oct. 15
Preferred (civar.)
134 Oct. 15 Oct. 1 to Oct. 15
Central & S. American Telegraph (quar.) 14 Oct.
t Holders of rec. Sept.30a
1
Oct. 25 Oct. 16 to Oct. 25
Chidago Pneurhatic Tool (quar.)
13 Nov. 1 Holders of rec. Oct.15a
Ci ies Service, common (monthly)
Preferred (monthly)
34 Nov. 1 Holders of rec. Oct.15a
14 Oct. 15 Holders of rec. Oct. 7a
Claflin (H. B.) common (quar.)
vt. 1: Holders of rec. Oct. 7a
1
Corn Products Refg., pref. (quar.)
14 Oct. 31 Holders of rec. Oct.15a
Cuyahoga Telephone, pref. (guar.)
14 Oct. 15 Holders of rec. Sept.30a
Dayton Power & Light, pref.(guar.)
24 Jct. 1.. Holders of rec. Oct. la
Del. Lack. & West. Coal (guar.)
I% Oct. 15 Holders of rec. Sept.30a
Detroit Edison (quar.)
Oct. 16
(No.
(quar.)
Corp.
Secur.
40)Distillers'
3-4 Oct. 31 Sept 26 to
Oct. 30 Sept.26 to Oct. 16
1
Dist illlnsr Co.of America, pref.(quar.)_ _ _
14 Oct. 25 Oct. 16 to Oct. 25
duPont(E.1)de Nemours Pow.. nt(qu.)_
24 Dec. 2 Holders of rec. Oct 31a
Eastman Kodak, common (extra)
Nov. 1 Holders of rec. Oct. 15
Edison El. Ill, of Boston (qu.)(No.94)-., 3
13.1 Nov. 1 /cr. 27 to Nov. 13
Electrical Securities Corp., pref. (quar.)_
Electrical Utilities Corp.,cam.(qu.)(No. 1)
34 Oct. 15 Holders of rec. Oct.10a
14 Oct. 15 Holders of rec. Oct. 8a
Preferred (guar.)(No. 10)
Nov. 1 Holders of rec. Oct.15a
10
Eureka Pipe Line (guar.)
wt. 15 r meters of rec. Sept.7a
2
General Demi- (quar.)
1 Holders of rec. Sept. 30
General Gas & Elec., pref.(guar.)
154 Oct.
30e Oct. 31 Holders cif rec. Sep.30a
“/ Ultima 4 onsolidated Nlines (quar.)__
1% Oct. 19 Holders of rec. Oct. 10
Harbison-Walker Refrac., pref. (guar.)_
134 Nov. 1 Holders of rec. Oct. 21
Illinois Northern Utilities, pref. (guar.).
$4 Nov. It Holders of rec Oct. 23
Indiana Pipe Line (quar.)
Oct. 15 Holders of rec. Oct. 5
Internat. Buttonhole Mach.(qu.)(No.60) 1
Internat. Harvester,co:n.(quar.)(No.11) 134 Oct. 15 Holders of rec. Sep. 25a
Nov. 14 to Dec. 2
Dec.
2
International Nickel, cammon (quar.)-- Preferred (quar.)
154 Nov. 1 )ct. 15 to Nov. 1
M Oct. 15 !folders of rec. Oct. 2a
Tnternat. Paper. pref. (guar.)
Nov. 15 Nov. 2 to Nov. 15
Internat.Silver pref..(account accum.div.) el
Nov. 15 Holders of rec. Nov. 5a
4
Inter. Smokeless Powde- & Cite n.. me'
Internat. Steam Pump, pref,(qu.)(No.54) 14 Nov. 1 Holders of rec. Oct. 19
Oct. 17
24 Jet. 21 )et. 1 to
Lo Hose Censolidaied Mines (ouara
24 /et. 21 Holders of rcc. Oct. 10
Lehigh Valley Coal Sales(No. 1)
Loose-Wiles Biscuit, 2d pref. (qu.)(No.2) 14 Nov. 1 ,)ct. 16 to Nov. 1
MacAndrews & Forbes, common (quar.)- 24 Jct. 15 Holders of rec.Sept.30a
Preferred (attar.)
134 Oct. 15 Holders of rec.Sept.30a
Manufacturers' Light & Heat (quar.)_
Oct. 15 Holders of rec. Sept. 30
1
Nov. 1 Holders of rec. Oct.14a
Massachusetts Gas Cos., common (quar.)_ $1
Massachusetts Lighting Cos.(qu.)(No.36) 14 Oct. 15 Holders of rec. Sep.15a
1
Oct. 15
Mexican Lt. & Pow., Ltd., cam. (guar.)._
34 Nov. 1
Preferred
Mexican Telegraph (quar.)
2% met. 1: Holders of rec. Sept.30a
IM Oct. 15 Holders of rec. Sept.30a
Mountain States Telep. & Teleg.(guar.)_ _
eoni ((mar (No..57),
1% Oct. 15 Holders of rec.Sept.28a
National Carbon, common (quar.)
14 Oct. 15 Oct. 6 to Oct. 15
Oct. 15 Holders of rec. Oct. 4
National Fireproofing, pref. (quar.)___ 1
New
ork Transit (quar.)
Oct. 15 Holders of rec. Sept. 21
$10
Oct. 15 Holders of rec. Oct. in
2
Niagara Falls Power (quar.)
Nine Bay Cm., prefetnd (quar.)
Oct. 15 Holders of rec. Sept.28
1
Oct. 21 )ct. 1 to Oct. 17
5
NiniFsing Mines (guar.)
24 Oct. 21 met. 1 to Oct. 17
Extra
154 Oct. 15 Holders of rec. Sept.30a
Northern Slates Power, pref.(guar.)
Nova Scotia Steel & Coal, Ltd.,tom.(gu.). 14 Oct. 15 Holders of rec. Sept.30
2
Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
$3
Oct. 2. Liolders of rec. Sept.28
Osceola Consol. Mining (guar.)
Oct. It Holders of rec. Sept.30a
1
Otis Elevator, common (quar.)
14 Oct. 15 Holders of rec. Sept.30a
Preferred (atm.)
. & Tel,., pref. (guar.)
13-4 Oct. 15 Oct. 1 to Oct. 15
Pacific Tel,
Pay-As-You-Enter Car Corp. pref. (qu.), 14 Oct. 15 Holders of rec. Oct. 5
Oct. 15 Holders of rec. Sept. 30
6
(No.
Mfg.
Salt
Pennsylvania
14 Oct. 25 Holders of rec. Oct. 14a
Pittsburgh Coal, preferred (quar.)
Oct. 15
Oct. 15 .ent. 22
2
to
Procter & Gamble, nreferred (quar.)--- Nov. 1 Holders of rec. Oct. 21
1
Public Service Co. of Nor. Ills., com.(gu.)_
14 Nov. 1 Holders of rec. Oct. 21
Preferred (guar.)
2y., Oct. 15 .iolders of rec. Oct. la
Quaker Oats. common (quar.)
134 Nov. 30 Holders of rec. Nov. la
Preferred moan).
Oct. 1 Holders of rec. Oct. 5
Reece Buttonhole Mach.(qu.) (No. 106) 3
Oct. 15 Holders of rec. Oct. 3
1
Rhode laid. Perk. Horseshoe, pref. (qua_ _
14 Oct. I:, Holders of rec. Oct. 7
S'iawintgan Water & Power (auar.)_
Oct. 15 Holders of rec. Sept. 30
Southern Cal. Edison, pf.(qu.)(No. 13).. 1
SouthernNew Eng. Telephone (quar.)_ _
134 Oct. 1:.)ct. 1 to Oct. 15
214 Oct. 31 Oct. 25 to Oct. 31
Standard Milling, pref.(quar.)(No. 19)_
134 Oct
7 Holders of rec. Sept 14
Swift & Co. (guar.) (No. 104)
Oct. 15 Holders of rec. Sept30a
Union Bag & Panel*, pref.(nuar.) (No.54) 1
Union Natural Gas Corp. (quar.)
234 )ct. 15 Holders of rec. Sept.30
Oct. 10 Holders of rec. Oct. 1
Union switen & Signal.coin.& pf.(quar.) • 3
1
Nov. 1 Holders of rec. Oct. 24
United Cigar Mfrs., corn. (guar.)
)ct. 15 Holders of ree Sept.14C
2
United Fruit (quar.) (No. 53)
$1
Oct.
15 Holdera of rec. Sept. 30
ininmvement
(attar.)
Gas
United
50e. Oct.
Holders of rec. Sept. 17
United Shoe Mach.. com. (quay.)
374c. Oct.
5 Holders of rec. Sept. 17
Preferred (guar.)
si
1
_
let.
_
(quar.)
pref.
15
6.
Iders of rec. Oct. 8a
rid
A lcoh
U. S. Indus
Oct. 31 Oct. 12 to Oct. 15
1
U. S. Rubber, com. (guar.)
2
Oct. 31 Oct. 12 to Oct. 15
First preferred (guar.)
Second preferred.(quar.)
13-4 Oct. 31 Oct. 12 to Oct. 15
75c. set. lo ,Holders of rec. Sept. 30
U.S.Smelt., Rfg. dr Min.,com.(quar.)
87 Mc. Oct. 15 ,Holders of rec. Sept. 30
Preferred (quay.)
)ct. 31 Holders of rec. Oct. 15a
3
Vneunm 011
Holders of rec. Oct. 1
13-4
Van Dyck Estate, pref. (guar.)
)ct. If ct.)
1 to Oct. 15
Virginia-Caro. Chem., of.(qu.)(No.68). 2
14 Oct. 21 Holders of rec. Oct. 106
Vulcan Detinning, pref. (quar.)
Warner (Chas.)co.of Del.,1srd24 of.(qu.) 154 Oct. 24 Holders of rec. Sept. 30
14 Oct. 15 Holders of rec. Sept.30a
Western States Gas & Elcc., pref.(guar.). _
y, Jet. lo 4ept. 21 to Oct. 9
Western Union Teleg. (quar.)(No. 174)
2
Oct. 1r Holders of rec. Sept. 19
WestinghouseAir Brake (quay.)
2
Oct. 1 Holders of rec. Sept. 19
Extra
Oct. 3 Holders of rec. Sept.30a
Westinghouse Elec. dc Mfg.,corn.,(quay.) 1
1 4 let. 1 Holders of rec. Sept.30a
Pretwred (cmar.)
134 Nov. 1 Holders of rec. Oct. 22
While (J. G.) Co.,Inc., pref.(guar.)
24 Oct. 10 Holders of rec. Sept. 30
Young (J. S.) Co.,com.(quar.)
Preferred (guar.)
13-4 Oct. 10 Holders of rec. Sept. 30
a Transfer books not closed for this dividend. b Less Income tax. d Correction
e On account of accumulated dividends. f Payable in common stock.

[VoL. Lxxxxv.

THE CHRONICLE

870

Auction Sales.—Among other securities, the following, not
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares.
Shares.
60 Mount Morris Bank..
20134 120,000 Porcupine Cent. MgCo.i
94 E. W. Bliss Co., com
80,000 Porcupine Nor. Mg. Co.Y$13,000
82
3 Empire Trust Co
301
497 Devel. Co. of Porc.,Ltd.1
2 Clinton Hall Association _ 42
17 Union Trust Co
1303
$1,000 lot
68 Ye Olde Tavern

By Messrs. Francis Henshaw & Co., Boston:
Shares.
3 Esmond Mills, pref
25 Atlantic Cotton Mills

$ per sh.1Shares.
2 Waltham Watch Co., pref
103
405.-4034

$ per sh•
1023.1,

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
5 Traders' Nat. Bank, Lowell__ _ _10034
5 Tremont & Suffolk Mills
11434
10 Massachusetts Cotton Mills__ _ _120
125-12534
23 Lyman Mills
6 Nashua Mfg. Co. ($500 each)_ _ _625
114
5 Richmond Lace Works
14934
7 Bost. R. B. & Lynn RR
135
5 Con. & Mont. RR., class 4

$ rer sh.
a .•gs.
10 Quincy Mkt. R. E. Trust _ _101. & int.
2 Mass. Real Est. Co., Taunton... 3034
10 Regal Shoe Co., pref
__ 9734
Bonds.
Per cent.
$6,000 Cleve., 0., Elec. Ill. Co.
1st 5s, 1039
10134
$4,000 Cal. & Nev. Copper Co. 7s,
1912; June 1912 coupon on.._15 flat

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
150 Phila. & Easton Ry.(tr. etfs.)$3 lot
5 Bryn Mawr Trust Co.($25pd.) 6034
5 Nat Bank of Nor. Liberties_250
15 First Nat. Bank, Havre de
15534
Grace, Md
30 First Nat. Bank, Clifton
Heights, Pa
17734
18 Bucks Co. Tr. Co., Doyles115
town ($50 paid)
8 Globe Telephone Co. of N.1(_$10lot
15 Sea Haven Imp.00.(850 ea.)$12 lot
13
18 So. Cape May Impt. Co
4 American Bank ($50 each)_ _ 603.1,
5 Corn Exchange Nat. Bank_ _300
2 Farmers'& Meehan. Nat.Bk.144
250
5 Third National Bank
15 Ridge Ave. Bank ($50 each)_ 50
10 Continental-Equitable Trust
10134
Co.($50 each)
31 German-Amer. T. & T. Co.
($50 each)
9534
8 Pennsy. Co. for Ins., &c.,
&c., ex-div
650
55
12 Real Est. Trust Co., cona
13 Wayne Title & Trust Co_ _ _126
6 Fire Assn. of Phila.($50 ea.)356

$ pets/s.
Shares.
1 Franklin Fire Insurance
41334
32 2d & 3d Streets Pass. Ry__ _250
2 Union Passenger Ry
194
17 Sehuyl. Val. Nay. & RR.
($50 each)
51
15 Tonopah-Goldfield RR.,pref.100
20 Phila. Life Ins. Co.($10 ea.). 1034
2 John B. Stetson Co., corn__ A60
25 Amer.Pipe & Constr. Co
8734
8 American Meter Co
115
20 DeLong Hook & Eye Co_ _ _ _1003.1
4 Phila. Bourse, corn.(850 ea.) 4
2,000 Vacation & Tour. Co.($10 ea.) 5c.
2 Nor. Liberties Gas
4334
Percent.
Bonds.
$2,000 Buff. & Lake E. Trac. Co.
65-68
1st ref. 5s, 1936
85,000 Elmira W.L. & RR.Co. 1st
93
5s, 1956
$2,000 MIMI. L. Sup. Power Co.
1st 58, 1949, ctf. of dep.; May
1905 coupon on
15
$500 No.Spring. Vat. Co.5s, 1928_ 96
$49,000 Hawley Down-Draft Furnace Co. 1st 5s, 1918; Jan. 1912
coupon on
5

DETAILED RETURNS OF TRUST COMPANIES.

Trust Cos.
003 omitted

Net
On Dep.
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve
Average. Average. Average. Banks. Average.

$
Brooklyn _ _ _ 2,440,3 17,065,0 1,468,0
493,0 1,083,0 12,679,0 15.4+ 7.6
16,412,4 147,871,0 17,320,0
Bankers
30,0 13,119,0 115,74;1,0 15.0+10.1
U.S.Mtg.& Tr_ 4,569,4 46,397,0 4,332,0
582,0 4,756,0 32,728,0 15.0+12.5
Astor
21,0 • 1,666,0 15,243,0 14.2+ 9.7
1,368,6 20,066,0 2,149,0
Title Guar.&T. 12,243, 33,590,0 1,673,0 1,630,0 2,210,0 21,469,0 15.3+ 9.2
Guaranty.
22,723,0 160,651,0 15,178,0 1,325,0 11,963,0 111,620,0 14.7+ 9.8
Fidelity
1,303,2 7,660,0
744,0
233,0
748,0 7,580,0 15.9+10.1
LawyersT.I.&T 6,394, 18,445,0 1,463,0
675,0 1,447,0 13,481,0 15.8+ 9.6
Colum-Knicker 7,192,6 46,739,0 5,234,0
870,0 4,551,0 40,721,0 15.0+10.0
Standard _ _ 1,282,7 14;806,0 2,060,0
14,0 1,510,0 13,384,0 15.4+10.1
People's
1,690,5 17,485,0 1,866,0
470,0 1,783,0 15,457,0 15.1+10.1
408,0 3,411,0 30,526,0 15.2+10.0
New York__ _ _ 11,713,5 43,883,0 4,252,0
Franklin _
1,281,4 9,130,0
909,0 8,291,0 15.4+ 9.8
958,0
320,0
557,2 10,675,0 1,271,0
Lincoln
223,0 1,088,0 9,945,0 15.0+ 9.8
Metropolitan_ _ 6,103,4 22,974,0 2,284,0
9,0 2,126,0 15,274,0 15.0+12.1
966,0
327,0
930,0 8,417,0 15.3+ 9.6
565,3 8,549,0
Broadway
Totals, Avge- - 97,842,3 625,986,0 63,218,0 7,630,0 53,300,0 472,555,0 14.9+10.1
Actual figures Sept. 28 623,352,0 64,282,0 7,408,0 53,021,0 471,236,0 15.2+10.1
The capital of the trust compan es is as follows: Brooklyn, $1,000,000; Bankers,
$10,000.000: United States Mortgage & Trust, $2,000,000; Astor, 81,250,000; Title
Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, 81,000,000:
Lawyers' Title Insurance & Trust, $4,000.000; Columbia-Knickerbocker,$2,000.000:
Standard, $1,000,000; People's, $1,000,000; New York, $3,000,000; Franklin,
81,000.000; Lincoln, $1,000,000; Metropolitan, 52.000,000; Broadway, $1,000,000
total, $40,625,000
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Capital. Surplus.
Sept. 28

Loans.

Specie.

On Dep.
Net
Legal vith C.H
Tenders. Banks. Deposita

Averages

1,335,003,0
Banks _ 133,650,0 199,887,6 1,338,464,0264,308,0 75,828,0
Trust cos_ 40,625,0 97,842,3 625,986,0, 63,218,0 7,630,0 53,300,0 472,555,0
174,275,0297,729,9 1,961,450,0327,526,0 83,458,0 53,300,0 1,807,558,0
Total
Actual.
1,329,684,0263.773,0 76,190,0
1,325,874,0
Banks _ _ _
623,352,0, 64,282,0 7,408,0 53,021,0 471,236,0
Trust cos_
Total

1,953,036,0.328,055,0 83,508,0 53,021,0 1,797,110,0

The State Banking Department also furnishes weekly
returns
of the State banks and trust companies under its
By Messrs. Samuel T. Freeman & Co., Philadelphia:
These returns cover all the institutions of this class
charge.
$ per sh. Bonds.
Per cent.
Shares.
8500 Nor. Spring. Wat.Co.5s, 1928_ 96
248
2 Phila. & Trenton RR
in the whole State, but the figures are compiled so as to
$7,500 Warrensburg Light & Power
distinguish between the results for New York City (Greater
Co. 1st 6s, 1937
80
New York) and those for the rest of the State, as per the
following:
Statement of New York City Clearing-House Banks and
For definitions and rules under which the various items
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members are made up, see "Chronicle," V. 86, p. 316.
for the weels ending Sept.28. The figures for the separate
STATE BANKS AND TRUST COMPANIES.
banks are the averages of the daily results. In the case of
Trial Cos.
the totals, ae ual figures at the end of the week are also given.
Trust Cos.
State Banks
State Banks
outside of
outside of
For definitions and rules under which the various items are Week ended September28. GreaterinN. Y. GreaterinN. Y Greater
N.1'. Greater N. Y
made up, see "Chronicle," V. 85, p. 836, in the case of the
-a
c
g
$
banks, and V.02, p. 1607, in the case of the trust companies. Capital as of Sept. 9
*9,750,000
'9,323,000
22,325,000
62.775,000
DETAILED RETURNS OF BANKS.
We omit two diners (00) in alt cases.
Specie. Legals. Net Depos- ReAverage. Averaje. tts, Aver. serve.
-%
Bank of N. Y. 2,000,0 3,842,0 21,044,0 4,169,0
825,0 18,936,0 26.3
Manhattan Co. 2,050,0 4,835,2 32, 00,0 8,245,0 1,459,0 36,600,0 26.5
Merchants' _
2,000,0 1,990,9 19,366,0 3,687,0 1,388,0 19,451,0 26 0
Mech.& Metals 6,000,0 8,640,5 55,901,0 12,178,0 1,750,0 54,112,0 25.7
1,500,0 6,260,
23,010,0 3,658,0 2,124,0 22,145,0 26.1
America
25,000,0 29,540,7 183,970,0 38,780,0 6,140,0 176,378,0 25.4
City
Chemical
3,000,0 7,134,2 28,695,0 4,383,0 2,268,0 25,597,0 25.9
Merchants' Ex.
600,0
515,9
165,0
7,078,0 24.1
6,993,0 1,544,0
Butch.& Drov.
300,0
127,1
59,0
2,139,0
394,0
1,918,0 23.5
Greenwich _ _
500,0
170,0
949,4
9,345,0 25.0
8,313,0 2,173,0
Amer. Exch._
5,000,0 4,766,2 41,727,0 9,242,0 1,045,0 40,000,0 25.7
Commerce _ _ _ 25,000,0 16,157,5 136,146,0 17,919,0 9,959,0 112,015,0 24.8
060,e
Pacific
5 0,0
591,0
4,193,0 24.2
4,565,0
428,0
Chat.& Phenix 2,250,0 1,243,0 18,189,0 3,080,0 1,616,0 18,542,0 25.3
People's
200,0
472,8
148,0
2,220,0
430,0
2,124,0 27.2
IIanover
3,000,0 13.471,' 70,280,0 13,166,0 5,745,0 76,234,0 24.8
Citizens' Cent_
2,550,0 2,139,1 21,968,0 4,752,0
622,0 20,539,0 26.1
Nassau
1,0 0,0
485,0 10,903,0 2,203,0 1,065,0 12,595,0 25.9
Market & Fult. 1,000,0 1.871,3
9,517,0 1,749,0
980,0
9,793,0 27.8
Metropolitan _
2,000,0 1,725,7 14,258,0 3,587,0
239,0 15,164,0 25.2
Corn Exchange 3,000,0 5,753,6 49,581,0 8,722,0 5,934,0 58,235,0 25.1
Imp.& Traders 1,500,0 7,661,1 25,211,0 3,466,0 1,924,0 22,007,0 24.4
Park
5,000,0 13,313,0 83,950,0 20,017,0 1,753,0 86,344,0 25.2
East River_ _ _
250,0
68,1
1,575,0
331,0
125,0
1,576,0 28.8
Fourth
31,811,0 6,522,0 2,266,0 32,410,0 27.1
5,000,0
Second
1,000,0 2,469,0 13,648,0 3,129,0
166,0 12,981,0 25.3
First
10,000,0 21,582,3 109,967,0 22,057,0 3,207,0 99,576,0 25.3
Irving
4,000,0 3,131,7 36,267,0 6,256,0 3,120,0 36,697,0 25.5
Bowery
799,2
812,0
91,0
250,0
3,470,0
3,640,0 24.8
N. Y. County_
500,0 1,836,9
720,0
8,421,0 1,440,0
8,521,0 25.3
German-Amer.
210,0
750,0
828,0
3,973,0 26.1
711,6
4,171,0
Chase
5,000,0 9,359,0 87,305,0 19,449,0 5,795,0 97,150,0 25.9
Fifth Avenue_
100,0 2,119,4 13,048,0 2,560,0 1,218,0 14,729,0 25.6
German Exch..
200,0
830,9
3,550,0 25.2
326,0
3,581,0
570,0
Germania _
200,0 1,064,3
254,0
6,604,0 23.4
5,779,0 1,296,0
Lincoln
1,000,0 1,773,9 15,409,0 3,247,0
605,0 15,689,0 24.5
Garfield
1,000,0 1,270,8
8,811,0 23.9
8,895,0 1,758,0
351,0
250,0
Fifth
524,5
3,424,0
470,0
408,0
3,567,0 24.6
Metropolis _ _ _
1,000,0 2,182,4 12,098,0
987,0 1,928,0 11,752,0 24.8
West Side...
200,0 1,023,0
4,327,0
990,0
255,0
4,918,0 25.3
Seaboard_
1,000,0 2,226,2 24,425,0 5,480,0 2,527,0 29,160,0 27.4
Liberty
1,000,0 2,725,2 21,833,0 4,206,0 1,280,0 23,074,0 23.7
N.Y.Prod.Ex _
1,000,0
8,964,0 2,146,0
484,0 10,515,0 25.0
895,2
State
361,0 21,610,0 25.0
1,000,0
607,9 16,699,0 5,058,0
Security
1,000,0
416,1 10,599,0 2,556,0 1,086,0 14,038,0 25.9
Coal & Iron_
463,0
1,000,0
6,337,0 1,069,0
507.3
6,306,0 24.2
Union Exch _
360,0
1,000,0
8,858,0 1,811,0
967,3
8,701,0 25.0
Nassau,Bklyn. 1,000,0 1,119,9
253,0
7,407,0 1,308,0
6,110,0 25.5
-Totals, avge_ 133,650,0199,887,6 1338,464,0 264,308,0 75,828,0 1335,003,0 25.4
Banks
00s omitted.

Capital. Surplus.

Actual figures Sept. 28

Loans.
.4 verage.

1329,684,0 263,773,0 76,190,0 1325 874 0 25.6

Circulation.—On the basis of averages, circulation of nat onal banks in the Clearing
House amounted to $46,434,000, and according to actua figures was $46,466,000.




Surplus as of Sept. 9.
Loans and investments
Change from last week_

172,033,200

*12,233,100

*12,377,200

293,216,200 1,156,795,900
+741,900 —12,142,100

112,845,500
+911,800

172,847,400
+832,100

38,321,500

Specie
Change from last week_

52,787,100
—734,300

121,456,100
—2,301,100

Legal tender & bk. notes_
Change from last week_

21,604,200
+583,400

11,281,500
+305,900

Deposits
Change from last week_

335,759,600 1,220,909,800
—1,205,000 —13,011,400

118,628,900
—134,200

177,273,200
—180,000

Reserve on deposits
Change from last week_

88,927,000
—1,233,500

140,144,200
—2,005,900

23,109,500
—607,000

20,973,800
—890,400

27.4%
27.7%

16.0%
16.1%

20.7%
21.2%

12.8%
13.3%
•

P. c. reserve to deposits
Percentage last week

+ Increase over last week. — Decrease from last week. * As of June 14.
Note—surplus" includes all undivided profits. -Reserve on deposita" 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 (dot 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.— —Stale Banks—
Total
Of
Total
Of
Reserve Required for Trust Companies
Reserve which Reserve
which
and State Banks
Required, in Cash. Required. in Cash
Location—
15%
Manhattan Borough
15%
25%
15%
10%
Brooklyn Borough (without branches in Manhat.) 15%
20%
10%
734%
15%
10%
Other Boroughs(without branches in Manhattan) 15%
15%
20%•
20%
Brooklyn Borough, with branches In Manhattan. 15%
15%
15%
15%
Other Boroughs. with branches in Manhattan__._ 15%
_
10%
5%
Cities of the first and second class
3%
10%
Cities of the third elms and villages
Elsewhere In State

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

871

THE CHRONICLE

OCT. 5 1912.]

Boston and Philadelphia Clearing-House Members.-BeHouse banks and trust companies. In addition, we have
combined each corresponding item in the two statements, low is a summary of the weekly totals of the Clearing-House
thus affording an aggregate for the whole of the banks and institutions of Boston and -Philadelphia:
We omit two ciphers(0O)in all thesefigures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Total of all
Clear -House Clear -House Stale Banks
Members. Trust Cos. Not Banks&Trust
Week ended Sept. 28- Members.
Average. in C.-H. Acer. Cos. Average
.4ctualFigures
$
1Nat. banks)
Capital }Sept. 4 andc
'State banks
Surplus 'Sept.

174,275,000

174,275,000

29,025,000

203,300,000

297,729,900

297,729,600

80,906,900

378,636,800

Loans and investments 1,953,036,000 1,964,450,000
Change from last week -20,166,000 -12,063,000

607,552,400 2,572,002,400
-2,812,800 -14,875,800

1,797,110,000 1,807,558,000
Deposits
Change from last week -15,946,000 -9,932,000

a612,791,500 2,420,349,500
-4,181,700 -14,163,700

Specie
Change from last week

328,055,000
-2,166,000

327,526,000
-2,527,000

66,002,700
-782,000

393,528,700
-3,309,000

Legal tenders
Change from last week

83,598,000
+705,000

83,458,000
+221,000

b8,357,100
-102,800

91,815,100
+118,200

Banks:cash in vault_
Ratio to deposits__ _ _

339,963,000
25.64%

340,136,000
25.47%

12,448,300
14.28%

352,584,300

Trust cos.:ca.sh in vault

71,690,000

70,848,000

61,911,500

132,759,500

Aggr'te money holdings
Change from last week

411,653,000
-1,461,000

410,984,000
-2,306,000

74,359,800
-884,800

485,343,800
-3,190,800

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

53,021,000
-2,233,000

53,300,000
-1,507,000

16,053,500
-511,200

69,353,500
-2,018,200

Total reserve
Change from last week

464,674,000
-3,694,000

464,284,000
-3,813,000

90,413,300
-1,396,000

554,697,300
-5,209,000

Surplus CASH reserve
Banks (above 25%)-Trust cos.(above15%)

8,494,500
1,004,600

6,385,250
def.35,250

Total
Change from last week

9,499,100
+2,127,500

6,350,000
-247,900

% of cash reserves of tr oat co.sCash in vault
15.21%
10.11%
Cash on dep. with bits.
Total

25.32%

Capitol
Loans
and
Surplus.

Boras

$
$
$
$
$
11,575,0 238,710,0 24,322,0 5,265,0 270,640,0
/1,575,0 240,247,0 24,172,0 5,328,0 274,065,0
41,575,0 210,070.0 24,030,0 5,251.0 270,787,3
41,575,0 241.101,0 24,040,0 5,410.0 267,320,0
11,575,0 241,070,0 23,623,0 5.074,0 271,202,0
41,575,0 239,631,0 24,393,0 5,212,0 273,178.0
41.575.0 239,412,0 24.513.0 S.135.0 270.832.0
41,575,0 237,684,0 24,123,0 5,095,0 267,360,0

Boston.
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
4ept. 21
Sept. 28_
Philadelphia.
Aug. 10
tug. 17
tug 24
tug. 31
Sept. 7
Sent. 14
Sent. 21
3ept. 28

25.12%

16.14%

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:

t 431,014,0 15,054,0 139,955,5
t 433,602,0 15,090,0 143,986,4
t 428,637,0 15.120.0 127,995.6
t 430,884,0 15,116.0 128,051,0
t 435,122,0 15,123,0 133,852,8
t 430,976,0 15,147,0 143,211,3
t 430.613,0 15.136.0 154.060.7
t 429,233,0 15,135,0 158,782,6

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept.28; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.

1911.

I

1912.

1909.

1910.

I

$2,630,1541
13,125,8131

53.2:0.653
15, 1.697

52,799.672
11,178,575

$2,888,262
13,929,156

518,665,3101 515.755,9671 $13,978,247 $16,817,418
8111,716,010 $105.429.753 $118,801,790 $127,425,507
637,26,5 2 544,932.685 57 .392,911 517,271870
$749,342,502 $650,362,438 $691,194,701 $644,697,377
1

Total 39 weeks

• + 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 $663,892,200, a decrease of $6,517,400 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.

$
$
7,854,0 144,791,3
7,856,0 149,693,7
7,85:3,0 138,659,1
7,775.0 122,823,9
7,713,0 142,439,2
7.607,0 153.961,9
7,661,0 158,200.6
7,591,0 161,914,1

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $871,000 on September 28, against 8852,000 on
September 21.
"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 Sept. 28 as $14,490,000.

Total
Since January 1,
Dry goods
General merchandise
15.06%
1.08%

97,256,0
97,837,0
97.074,0
97,285.0
97,245.0
92.946,0
92.200.0
93,115,0

30,623,2 391,606,0
30,623,2 389,910.0
80,623,2 391,213,0
80,623,2 392,338,0
80,623,2 393,222,0
80,623.2 393.833,0
50.623,2 091.262.o
80,623,2 390,007,0

Dry goods
General merchandise

14.99%
10.13%

Specie. Legals. Deposits. Circu- Clearincs
a
la/fan.

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Sept. 28 and from Jan. 1 to date:
• EXPORTS FROM NEW YORK,
1909.

1910.

1911.

1912.
For the week
Previously reported

$17,740,768 $17,472,978 $13,325,169 $11,887,437
600,577,466 561,646,657 481,566,091 443,087.043

Total 39 weeks

$618,318,234 $579,119,635 $494,891,260 $454,974,480

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK

The following table shows the exports and imports of
specie at the port of New York for the week ending Sept.28
and since Jan. 1 1912 and for the corresponding periods in
1911 and 1910:

We omit Iwo ci'ohers in all thesefigures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Loam, and
Week
Investments.
Ended
----July 27._
Aug. 3_ _
Aug. 10__
Aug. 17
Aug. 24._
Aug. 31.
Sept, 7..
Sept. 14__
Sept. 21_
Sept. 28 _

2,658,577,7
2,653.996.4
2,649.899,1
2,051,628,2
oS.. 4
2
0
2.6"
2,644,504,1
2,618,939,0
2.556.878.2
2,572,002,4

Deposits.

Specie,

Legats.

$
2,533,714,8
2,531,377.0
2,523,862,0
2,532,105,2
2,533,156,4
523,586,7
2,503,801,2
2,487,559,4
2,414,513,2
2,420.349.5

s

$

424,715,6
428,240,0
428,136,2
430,507.2
427,920,0
417,008,1
407,961,1
400,137,8
306,807.7
393.528.7

97,255,9
06,637,5
94,811,9
04,054,6
92,738,6
92,851,8
91,860,8
01,421,3
91.606,9
91.815.1

s

$

521,971,5
522,877,5
522,948,1
524,561,8
520,658,6
509,659,9
499,821,9
491,559,1
488,534.6
485.343.8

612,935,5
614,220,7
611,448 1
615,325,4
603,858,1
590,236,8
576,345,3
566,766,7
559,006.3
554.697.3

Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Sept.28, based on average daily results:
We omit two ciphers (00)in all these! gums.

Banks
-

On
Legal
Loans,
rendes Deposit
Disc'ts
with
Net
Specie. and
and
SurCanttat.
Bank C.-H. Deposits,
pita
InvestNotes. Banks.
',lents.
----- ----

New York City.
a
a
3
5
3
3
3
Manhanon and Bronx
60,0
119,0 3,039,0
500,0
544,9 3,288,0 718,0
Aetna National
100,0
336,0
1,567,0
Heights_
158,0
84,0
195,0 1,326,0
Washington
65,0 1,623,0
36,0
115,1 1,584,0 338,0
13attery Park Nat __ 200,0
500,0
515,5 6,119,0 654,0 439,0
596,0 6,996,0
Century
549,4 6,067,0 791,0 418,0
400,0
876,0 6,302,0
Colonial
787,4 6,192,0 575,0 503,0
300,0
782,0 6,967,0
Columbia
45,0 118,0
168,9 1,049,0
200,0
112,0
983,0
Fidelity
337,4 2,574,0 446,0
38,0
305,0 2,876,0
250,0
Mount Morris
411,0 4,537,0 474,0 327,0
510,0 4,740,0
Mutual
200,0
95,0
281,4 2,746,0 283,0
211,0 2,478,0
New Netherland
... 200,0
96,0 2,066,0 260,0 102,0
227,0 .2,271,0
Twenty-third Ward
200,0
515,8 4,557,0 620,0 241,0
Yorkville
609,0 5,074,0
100,0
Brooklyn,
444,0 2,940,0
672,3 3,792,0 280,0 119,0
First National
300,0
Manufacturers' Nat__ 252,0
910,2 6,149,0 033,0 202,0
640,0 5,682,0
Nleohantes'
765,7 11,453,0 1,360,0 763,0 1,526,0 13,693,0
1,000,0
670,0 4,265,0
National City
300,0
578,5 4,328,0 506,0 120,0
227,0 2,313,0
200,0
174,5 2,320,0 188,0 103,0
North Side
Jersey City.
400,0 1,335,0 5,197,0 307,0 284,0 1,612,0 4,122,0
First National
462,0 2,087,0
798,4 3,703,0 219,0 115,0
Hudson County Nat _. 250,0
85,0 144,0
558,0 1,433,0
417,9 2,075,0
Third Nati ,Ill__ ___. 200,0
Hoboken.
220,0
374,0 1,693,0
57,0
649,0 4,066,0 192,0
First National
49,0
286,0 1,280,0
275,7 3,128,0 189,0
Second National ___ _. 125,0
- -Totals Sept. 28__ __ 6,597,0 11,236,0 88,557,0 9,327,0 4 417 0 11,406,0 84,183,0
Totals Sept. 21._ 6,597,0 11,236,0 89,163,0 9,224,0 4,474,0 10,934,0 84,763,0
Totals Sept. 14._ __ 6,597,0 11,200,4 88,469,0 9,009,0 4,526,0 11,352,0 83,123,0




Imports.

Exports.

Tot. Money Entire Res.
Holdings. on Deposit.

Gold.

Week.

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Week.

Since Jan.1

$14,402

$20,146,622
15
$6,000 2.729162
44,750

$50,750 $32,713,685
1,532,607 4,795,268
130,500 44,853,953

Total 1912
Total 1911
Total 1910
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

43,881
277.626
167,463
70,176

9,783,903
53,483

200

$32

83,221

1,074

25,349
707,590

27,516
61,942

$1,356,123 $42,623,808
$901,255 $36,993,797
$495,669 $32,650,531

$391,272
2,026,918
2,569
277.245
10,892.094
2,774,737
1,260,340

$573,548 517.625,175
390,292 11,778,774
69,978 20,333,193

$1,050,753 $36,373,703
305,170 5,433,945

Total 1912
Total 1911
Total 1910

Since Jan.1

$3,329
6,894
20,853
39,899
3,291,233
2,380,668
1.245,357

$90,564 $6,988,233
$123,146 $5,517,024
553,317 $3,574,750

Of the above imports for the week in 1912, $43,113 were
American gold coin and $1,074 American silver coin.

Aaulting and Financial,.
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 classided by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.

Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago. Ill. Boston, Mass. Albany. N. V.
Members New York Stock Exchange.

White, Weld & Co.
Bonds and Investment Securities,
14 WALL STREET
NEW YORK

THE ROOKERY
CHICAGO

111 DEVONSHIRE STREET
BOSTON

THE CHRONICLE

872

ft alters'

azetteo

shares market. A few issues are fractionally lower, but over
against them are many more which are from half a point
to a point higher.
Wall Street,•Friday Night, Oct. 4 1912.
United States Bonds.-Sales of Government bonds at the
The Money Market and Financial Situation.-The security
markets have been quite irregular throughout the week. Board are limited to $6,500 3s coup. at 102%. Closing
They opened strong on Monday and the advance then re- prices have been as follows: for yearly range see third page
corded carried several issues to a new high level. Accrued following.
profits were alluring and to sales inspired thereby were added
Interest Sept. 1 Sept. *Oct.
Oct.
Oct.
Oct.
increasing liquidation for foreign account as a result of the
Periods 28
30
3
1
4
2
disturbed political situation in Southeastern Europe. At
2s,
1930
registered
Q-Jan
*101 1'1.101 *101 *101 *101 *101%
the same time call loan rates moved up to 73/
9%,the highest 28, 1930
coupon Q-Jan *101 *101 *101 *101 *101 *101
quotation of the season. The reaction which followed these 3s, 1908-18
registered Q-Feb *10231 *1023-1 *10231 *10231 *10231 *10231
3s, 1908-18
coupon Q-Feb *10231 *10234 *10234 *10234 *10234 *10234
conditions was, however, relatively unimportant, and, with 4s,
1925
registered Q-Feb *11331 *11331 *11331 *113
%
8 *113% *113%
a less disquieting state of affairs in the Orient and a return 4s, 1925
coupon Q-Feb *113% *1134 *11331 *113% *11331 *11331
2s, 1936_Panama Canal regis Q-Feb *101 1 4.101 *101 *101 *101 *101
of interest rates here to a lower basis,security prices are again 35,
1961_Panama Canal coup Q-Mch *10131,*101% *10131 *1015
% *101% *101%
on the upward trend.
I
The domestic news of the week has been altogether favor* This is the price bid at the morning board; no sale was made.
able. Preliminary figures referring to iron production in
Railroad and Miscellaneous Stocks.-The stock market
September indicate that the daily output was in excess of has continued active with several noteworthy changes
in
that for August, and orders are already placed which will prices. The liberal sales for foreign account, as noted above,
keep practically all mills in full operation so far into 1913 were readily absorbed, but to-day's decline leaves closing
that manufacturers are declining further bookings.
quotations irregular. The market to-day has been reThe Government monthly report shows the condition of actionary in tone and prices gave way substantially towards
cotton to be 2 points above the 10-year average and indicates the close.
a crop of about 14,000,000 bales, if the yield is not cut short
Canadian Pacific is conspicuous in a decline of 49/i points
by an early frost. Last, but by no means least, is the show- within the week, presumably on sales for London account.
ing made by some of the railway reports of earnings. St. New York Central is 13' points lower, Union Pacific and
Paul, which earlier in the year made unfavorable compari- Southern Pacific over a point.
son with 1911, now shows net earnings of $1,000,000, in
On the other hand, St. Paul shows an advance
round numbers,more than in August last year,and other in- points, Lehigh Valley 234, Chesapeake & Ohio 29/8, of 3%
Pacific
portant lines make very excellent reports.
Mail 23/i and National Lead 3.
The open market rate for call loans at the Stock Exchange
As a result of the week's operations a list of 30 active issues
during the week on stock and bond collaterals have ranged shows 14 higher and 16 lower than at the close last week.
from 3073%. To-day's rates on call were 4%®5%.
For daily volume of business see page 882.
Commercial paper quoted nominally at 5%®6% for 60 to
The following sales have occurred this week of shares not
90-day endorsements and 53®6% for prime 4 to 6 months' represented in our detailed list on the pages which follow:
single names and 63% for good single names.
The Bank of England weekly statement on Thursday
STOCKS.
Sales
Range for Week.
Range since Jan. 1.
showed a decrease in bullion of £2,755,524 and the percent- Week ending Oct. 4. for
Week.
Lowest.
Highest.
Lowest.
Highest.
age of reserve to liabilities was 48.74, against 51.39 last
week. The rate of discount remains unchanged at 4%, as Adams Express
27197 Oct 1200 Oct 2 101
Mch 21754 Apr
rcts 1st paid
2,200
% Sept 30 1 Sept 30
% Sept 234 May
fixed Aug. 29. The Bank of France shows a decrease of 22,- Allis-Chal
Pref rcts 1st paid
2,300 3q Sept 30 4A Oct 1 234 Sept 6
May
850,000 francs gold and 975,000 francs silver.
Am Brake Shoe & Fdy
10 9934 Sept 28 9934 Sept 28 9154 Jan 9934 Sept

Preferred
1 0 155 Oct 3 155 Ott 31130
Jan 160
Sept
Amer Coal Products_
200 97 Oct 2 97 Oct 2 9534 Jul 98 June
Preferred
30 118 Oct 2118 Oct 2 108% Jul 114
Sept
American Express
120197 Sept 30199 Oct 1 195
Sep 225
Apr
1911.
1912.
1910.
Amer Teleg & Cable_
100 683 Oct 4 6831 Oct 4 6831 Oct 78
Jan
Differences
Averages for Averages for
Averages for
Brunswick Terminal
1,300 8 Sept 28 831 Oct 3 8
Jan 1134 May
from
week ending week ending
week ending
Buff Roch & Pitts
100 115 Sept 30 115 Sept 30 105
Jan 11954 July
Sept.
previous
0:f.
30.
Sept. 28.
week.
1.
Chicago & Alton
300 20 Oct 2 22 Oct
17
Jan 2431 Apr
C St P 3,1 & Om,pref_ _ _
Má'156
100152 Oct 3152 Oct 3 150
Feb
Colorado & Southern_
400 393.4 Sept 28 41 Sept 30 39 Jun • 45
Feb
Capital
133,650,000
135,150,000 132,350,000
2d preferred
300 70 Sept 30 70 Sept 30 67 June 71
July
Surplus
199,887,600
196,199,000 193,297,900 Cuban-Amer Sugar '
100 35 Oct 2 35 Oct 2' 35
Oct 35
Oct
Loans and discounts.._ _ 1,338,464,000 Dec. 2,802,000 1,354,087,000 1,285,416,400 E I duPont Powd, pref_
100 9834 Oct 4 9834 Oct 4 9034 Jan 9934 Sept
Circulation
46,434,000 Inc.
396,000
47,189,600 Green Bay & W deb B.._
49,959,000
3 1334 Oct 3 1334 Oct 2 1031 Feb 15
Aug
Net deposits
1,335,003,000 Dec. 5,608,000 1,380,158,000 1,276,574,000 0 W Helme
100187;4 Sept 30187;4 Sept 30 155
Ma 19734 July
Specie
264,308,000 Dec. 1,144,000 290,911,000 261,607,600 Homestake Mining
218 98 Sept 30 99 Oct 1 8634 Mch 99
Oct
Legal tenders
75,828,000 Dec.
110,000
76,362,000
67,815,300 Keokuk & Des Moines
100 834 Sept 28 834 Sept 28 6
Mch 934 May
Knicker Ice (Chic), pref.
100 70 Sept!8 70 Sept 28 70
July 7831 Aug
Reserve held
340,136,000 Dec. 1,254,000 367,273,000 329,422,900 Long Island
100 48 Sept 28 48 Sept 28 4314 Feb 5434 June
25% of deposits
333,750,750 Dec. 1,402,000 345,039,500 319,143,500 Manhattan Beach
Oc
Oct
100 2 Oct 3 2 Oct 3 2
2
NY Chic & St L
Feb 6134 Apr
1
0 59 Oct 2 50 Oct 2 54
6,385,250 Inc.
Surplus reserve
148,000
22,233,500
10,279,400 Norfolk Southern
May
1,,00 4631 Sept 28 4634 Oct 2 4531 Sept 55
Ontario Silver Mining__ _
Feb 331 May
700 2 Sept 30 234 Oct 2 1
-Note.-The Clearing House now issues a statement weekly, show ng the actual Pitts Ft Wayne & Chic_
Oct 170 June
60167 Oct 4 167 Oct 4 167
500102% Oct 110331 Oct 1 101
condition of the banks on Saturday morning, as well as the above averages. The Pittsburgh Steel pref.._ _
Feb 10431 Aug
figures, together with the returns of the separate banks and trust companies, also Quicksilver Mining
1,800 634 Oct 1 8 Sept 28 3
Jim . 834 Apr
Preferred
700 834 Sept 28 934 Sept 30 354 Feb 1231 May
the summary issued by the State Banking Department, giving the condition of Slate
banks and trust companies not reporting to the Clearing House, appear on the second Sears, Roebuck & Co,pfd
40123% Oct 2123% Oct 2 121
Jan 12431 Aug
So Porto Rico Su pref.._
200109 Oct 3109% Oct 1 109
page preceding.
Au 110
Jan
United Cigar Mfrs
Oct 2 5631 Oct 2 53 Sept 6431 May
200
5434
Foreign Exchange.-The market ruled firm during the United Dry Goods
800 9934 Sept 30100% Oft a -07
Feb 102% July
Preferred
300105% Oct 2 107 Sept 30 10331 Feb 10831 July
greater part of the week, largely as a result of the demand for
U S Express
100 85 Sept 28 85 Sept 23 84
Jan 10031 Apr
remittances on account of the large sales of American securi- U
S Rubber 1st pref subscription ma full paid
ties by and through London. At the close there was a rather
8001003.1 Sept 30110 Oct 1 107
Aug 110
Oct
Detinning
100 1631 Oct 4 1631 Oct 4 15
Jan 2734 Feb
easier tendency, due chiefly to the cancellation of a part of Vulcan
Pr..fer ed
199 87 Sept 30 87 Sept 301 70
Jan 87
Sept
the gold engaged in London earlier in the week.
Wells, Fargo & Co
Aug 151
Jan
25 134 Sept 30 135 Oct 1 133
To-day's (Friday's) nominal rates for sterling exchange were 4 83 for
sixty-day and 4 86% for sight. To-day's actual rates for sterling exchange
were 4 822004 8230 for sixty days, 4 8550()4 8560 for cheques and
Outside Market.-"Curb" trading this week was again of
4 859004 86* for cables. Commercial on banks 4 80351j4 82 and documents for payment 4 81 804 82%. Cotton for payment 4 Si 1104 81 % small proportions, with no definite trend to prices. Considerand grain for payment 4 81 %04 82.
able attention was directed to Anglo-American Oil by reports
The posted rates for sterling, as quoted by a representative house, were
of a possible passing of the dividend, the stock losing some
not changed during the week from 4 83 for 69 days and 4 86% for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 22% less 3 points to 18. A rally later resulted in a recovery to
1-1605 22 A for long and 520 less 3-3205 20 less 1-16 for short. Germany
bankers' marks were 94 n ®91% for long and 94 A leas 1-32095% for 21 3. Issues of the new tobacco combination also attracted
short. Amsterdam bankers' guilders were 4031 less 1-16040 31 less 1-32 attention and under the name of the Tobacco Products Co.
for short.
"when, if and as issued"
Exchange at Paris on London, 25 fr. 2714o.; week's range 25 fr. 29c. the preferred was reported sold
high and 25 fr. 26'4c. low.
between 93 and 100, the common being quoted 100@125.
Exchange at Berlin on London 20 m. 48 % pf.; week's range 20 m. British-Amer. Tobacco dropped from 243
% to 233
%. United
4834 pf. high and 20 m. 463- pf. low.
Cigar Stores was less active, the common moving down from
The range for foreign exchange for the week follows:
Sterling ActualCheques.
Sixty Days.
Cables.
1043/
8 to 10234, up to 104%, and resting finally at 104.
High for the week__ _ 4 8240
4 8570
4 8610
The pref. sold up 2 points to 123 and closed to-day at 1223..
Low for the week _ _ _ 4 8190
4 8560
4 8525
Paris Bankers' FrancsEmerson-Brantingham corn. declined from 775% to 753/ and
High for the week _ 5 22 1i
5 20 plus 1-32
5 10 %
ends the week at 759. The pref. was off from 1023/ to
Low for the week_ _ _ 5 233
5 2131 less 1-32 5 209 less 1-32
Germany Bankers' Marks10134. Manhattan Shirt corn. receded from 693/s to 68
High for the =cit.__
94 %
94 %
95 less 1-32
and recovered to 6934. The pref. fell from 1013/i to 101, the
Low for the week__ _
94 ki
943
9431
final figure to-day being 10134. Standard Oil of New Jersey
Amsterdam Bankers'Guilders-High for the week__ _
40
40 25
40 31
lost about 8 points to 402 and Standard Oil of New York
Low for the week__ _
39 94
40 20
40 26
Domestic Exchange.-Chicago, 100. per $1,000 premium. Boston, par. 10 points to 535, the latter advancing subsequently to 537.
St. Louis, 20c. per $1,000 premium. New Orleans, commercial, 50e. per In bonds 8raden Copper 6s rose from 148 to 151 and reacted
$1,000 discount and bank $1 premium. San Francisco, 50c. per $1,000
premium. Savannah, buying 3-16% discount, and selling, par. Mon- to 150. Brooklyn Rapid Transit 5% notes were traded in
treal, par. Charleston, buying, par; selling, 1-10% premium. Minneap- at 965
% and 969. Chicago Elev. 6s sold down from 985%
olis, 20c. per $1,000 premium. Cincinnati, par.
to 97 8. Among copper stocks Greene Cananca, after weakNEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)

State and Railroad Bonds.-Sales of State bonds at the
Board include $23,000 New York Canal 4s, 1962, at 1003
/i to
1009' and $12,000 Va. 6s def.trust receipts at 553/i to 57.
In the market for railway and industrial bonds last week's
closing prices have been more closely adhered to than in the




ening from 10 to 9%, developed strength and activity and
ran up toll, the close to-day being at 10%. Braden Copper
was off from 73.g to 6%. Giroux receded from 514 to 4%
and moved upward again, resting finally at 5.
Outside quotations will be found on page 882.

New York Stock Exchange-Stock Record, Vail-3r, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHRST AND LOWEST SALE PRICES.
Saturday
Sept. 28

Monday
Sept. 30

Tuesday
• Oct. 1

Wednesday
Oct. 2

Thursday
Oct. 3.

Friday
Oct. 4.

Sales 01
the
Week
Shares.

STOCKS
NEW YORK STOOK
EXCHANGE

Range since January 1.
On basis of 100-share lots.
Lowest.

Highest.

Railroads
10934 11078 11012 11134 70,050 A toh Topeka & Santa Fe 10314 Feb 1 11134 Oct 4
10978 11018 10934 11014 10938 10978 10938 110
10214 10214 10212 10212 10212 10212 10212 10212
833 ra. Do pref
10138 Jan 2 10414 Feb 10
10278 10278 10234 10234 *14312
144 *14312 144
144 114
14328 14358 14378 14412
14312 14378 1,950 Atlantic Coast Line RR... 13318 Jan 10 14812 Aug 12
10812 10958 10812 10938 10814 10914 10812 10918 10834 11018 109 11038 43,875 Daltimore es Ohio
510114 Feb 1 11178 Apk 30
*86
8714
*86
8714
*86
*85
8714
8712 *8618 8714
*8618 87
Do pref
8618 Aug 13 91 Jan 23
9218 18,940 Brooklyn Rapid Transit_
9078 9112 9078 9118 9038 9078 9078 9112 9114 9112 91
7634 Jan 2 9412 J'ly 2
28014 28112 27734 28038 27814 27938 27612 27858 27534 27834 276 27838 59.900
lanadian Pacific
22612 Men 4 283 Aug15
*376
380
*375
380
380
*370
376 376
37934 37934
*375 380
entral
350
k
of
305
New
Jan 9 395 Apr 29
Jersey
8218 8458 8334 8478 8438 8514 84
8178 82s 8178 83
6814 Feb 1 8514 Oct 3
8514 100;150 Chesapeake & Ohio
*1712 18
18
1714 1778 *1758 ,18
18
3778 18
*1734 18
1,500 Chle Gt West trust ctfs_ _
1638 J'ly 12 201A')r 8
3312
3312
3212 3212 *32
3312 33
3314 3334
3312 3338 3338 1,200
Do pref trust ettS
3118 Sep 18 3912 Apr 8
109 10912 10834 11078 10934 11134 111 11212 11158 11238 112 11338 114,450 Chicago Milw & St Paul
9933 J'ly 13 11338 Oct 4
*141 142 414178 14178 *141 142 *14112 14212 14112 14112 *141 14212
210
Do pref
J'ly 11 146 Jan 2
140
14178 142
14112 14178 2,500 Chicago & North Western 13412 J'ly 12 145 Apr 26
14214 14278 14214 14214 14134 14214 *14012 142
3 *181 191
*180 190 *180 190 *180 190 *181 191 *180 190
Do pref
190 May 4 198 Mch2b
•214
*214
3
*2
234
*214 3
*214 212
*234 3
Chic Un •Trac ctfs stmpd
Apr 18
118 Feb 16
*6
8
*612 812 *8
8
*6
8
*7
9
*6
Do pref ctfs strupd___
8
1014 Apr 18
4 Mch 21
*5158 611 *5158 60 *5134 60
61
*55
6112 *55
*5158 60
Cleve On Chic & St L___
5412 Mch28 6212 Apr 23
Do pref
*101 10112 *98 10134 *100 1013 *9834 10134 *9834 10134 *9834 10134
49578 Feb 24 10112 Apr 17
17118 17118 17118 17118 *170 172 *169 171
17012 17112
600 nelaware 6c Hudson
*170 172
166 J'ly 8 17612 Feb 6
630 545 *520 550 *520 550 5540 550
600 .12elaware Lack & West_ 530 Aug 23 369 Jan 29
*530 550 *530 550
2258
2212
23
2312 2312 2312 1,100 Denver & Rio Grande
*2314 24 *2234 2334 *2212 24
1812 J'iy 12 24 Mc1127
4012 *3912 4012 4018 4018 40
4112 41
Do pref
4178 4,600
3414 J'ne 19 4614 Jan 24
4014 4034 40
10
1018 *9
95s 958 *9
200 Duluth So Shore & Atlan
1014
958 958
8 Sep 9 1134 May16
*918 078 *9
*1613 1834 *1612
20
1734 1734 *1634 17
68,5
*1734 19
100 14.Do pref
3738 38
*1734 19
1512 Sep 9 23 May15
3712 3734 3738 3814 3738 3734 3634 3738 3714 3758
3014 Jan 16 3918 Apr 11
5478
5618
55
5512
5478
55
5438
5478
5418 5513 12,800
1st preferred
5018 Feb 3 57% April
5434 55
Do gd preferred
4558 4514 4514 4414 4414 *4412 4512 *4434 46
45
1,400
40 Feb 3 48 Apr 11
45
45
14034 14114 140 14114 30,900 Great Northern pref
126 Jan 15 14331 Aug 10
14112 14212 14112 14238 14053 14138 13978 141
5014
5112
5114
5234
5118
5018 5114 5038
Iron Oro properties
5012 5112 21,664
:36 Jan 31 53 Sep 26
5258
51
13012 131
131 131
1,535 Illinois Central
12058 May 9 14118 Jan 23
13138 13135 .13112 13112 4131 13112 131 131
2018 2012 2018 2038 2015 2014 2014 2034 2012 2034 2012 2114 28,900 nterboro-Metrop v t Ctrs 1633 Jan :3 22 J'ly 2
6014
603
8
6034
6013 6238 6178 6214 6212 6418 43,850
6058 6014
5338 Jan 3 6418 Oct 4
Do pref
' 60
2934 3014 2978 3114 3018 3034 2958 3018 2958 3014 2958 30
11,600 Iransas City Southern_ _
2212 May29 3114 Sep 30
6418 6258 8314 *61
6414 *61
x64
64 *61
64
64
6414 1,600 -Ix- Do
preferred
56 May29 6553 Mch 25
1634
*14
*1414 1634 *14
1633
1612 *14
17
*1414 1634
ake Erie & Western_ _
*14
1112 Jan 26 18 Apr 24
39
3878 *36
*36
ja LA Do preferred
39 *37
3812 3812 3812 *37
39
*38
30 Jan 8 40 May21
17234 17314 17234 17378 17238 17378 172 17334 17338 17478 17143 17534 104,600 Lehlah Valley
15573 Feb b 18534 Jan 15
16412
16234 16314 163 16314 16312 16334 16278 16312 4,110 Louisville & Nashville
163 16333 163
14078 Feb 1 170 Aug 14
133 133 *13134 134 *132 134 *132 134
*132 134 *132 134
1.00 Manhattan Elevated.... 13158 Sep 18 13834 Mob 13
2518 *2478 2534 2412 2434 2438 243;3 2512 2512
2514 25
*24
1nneapolls & St Louis 1812 J'ly 24 2713 Jan 23
640
52
5012 6012 *5014 5112 *50
5114 *50
*50
52
Do preferred
100
51
*50
§40 Feb 26 457 Jan 13
14933 150
14834 14918 14834 14978 14914 14912 14818 14378 2,640 Minn St 1' & S S Marie__ _ 129 Feb 3 15112 Aug 12
150 150
*15338 157 *15338 157 *15338 160 *15338 160 *162 156
Do preferred
*15338
14714 Feb 1 168 Aug10
3114 3112 3114 3138 3038 3034
8 3018 3012 3078 3014 31
2.555 J'ly 13 3158 Mch 29
9,050 Mo Kansas & Texas
*64
65
65
*64
65
45
*6312 65
*64
65
Do preferred
5738 May213 66 Apr 17
100
*62
65
46
4514 46
45
4838 4534 4612 4518 4638 48,370 Missouri Pacific
4558 4638 4514
35 J'ly 12 4734 Mch 27
*62
66
*63
66
*61
66 *61
66
*Mat Flys of Mex 1st pref 63 May17 71 Jan 4
*61
66
66
*61
2912 2912 2918 2938 2812 2812 *2734 2914 *2812 2912 2812 2812
600 11 Do 2d preferred__ _
28 Apr 1 3673 Jan 20
11758 11878 11714 118
117 11734 11634 11712 117 118
13,925 N Y Central & Hudson_ 10614 Jan 9 12113 Apr 25
11812 119
14018 14018 13973 13973 13934 13934 *139 140
140 140
950 NY NH Is Hartford..... 134 J'ne lb 14214 Apr 1
140 140
38
3814 *3712 3814 37
3712 3818
3714 3738 3758 3658 3714 4,050 N Y Ontario & Western.. 2978 J'ne 29 4138 Apr 12
86
88
8938 8933 *8812 8912 87
86
8634 8634 8614 8634
86 Oct 2 0334 Apr 26
700 N Y State Railways__
216 11612 11614 11678 116 11638 116 11658 11612 11634 11612 11714 12,700 Norfolk Be Western
:10734 Feb 1 11914 Aug 12
91
91
92 *88
Do adjustment pret
*88
91
*88
90 *89
*89
*88
100
92
88 J'ne 12 92 Feb 17
88
*64
*64
Nor Ohio Trac & Light_ _ 56 Mchll 6734 Aug 27
68
68
*64
68
*66
68
466
17
2e:38 I3038 12813 12918 12814 12878 12878 12912 12834 12978 33,410 ,Northern Pacific
12938 130
11538 Jan 15 13112 Aug 14
12458 125
12478 12518 12434 12514 20,983 Pennsylvania
125 12514 12478 12514 12434 125
12212 Jan 9 12614 May 2
10912 110 • 11014 11014 *110 11034 1,500 Pittsb On Chia & St L_.... 9812 Jan 2 11112 Sep 23
11034 11034 110 11012 110 110
10812 Jan 2 117 Feb 20
Do preferred
100
*114 117 *114 117 *114 117 *114 117 . 117 117 *114 117
17314 17378 17212 17478 17278 17458 17318 17412 174 17638 17438 17634 707,000
14818 Jan 11 17014 Apr 29
89
89
89
*8812 89
89
1st preferred
89
8712 J'ne27 9314 Apr 20
89
*8712 8912 89
89
900
yeadlnr
9612 *96
*98
97
9612 9612 99
2d preferred
9612 98
*9512 0712 98
94 Jan 11 10112 Apr 29
2858 2912 2858 2912 2818 2858 '2712 2838 2812 2878 2814 2918 70:90
Rock Island Company__ _
221, May31 30/2 Apr 8
0
5558 5718 5614 5734 5512 5634 5512 57
5614 57
Do preferred
5534 5738 39,300
4714 J'ly 16 5953 Apr 9
2512 26 *25
28 *25 .28
26
*24
*25
26
Qt Louis & San Fran _
1025
25
2012 Sep.6 2912 Mch 28
66
*61
0412 *61
*82
68
6114 6114 *6112 65
66
*61
1st preferred._
175 LI
(31 May10 6912 Jan 23
3738 1,705
3738 37
3714 3712 3712 3712 3714 3712 36.58 37143 37
Do 2d preferred
ferred
3312 J'ly 24 4384 Apr 11
*37
3712
3812
3712
3934
3838
*3634 3812
9934
3934 4038 4,300 St Louis Southwestern
3714 3734
2934 Jan 22 4038 Oct 4
7812 79
80
7913 80
8014 8014 8058 1,600
*7812 7912 *7834 81
Do preferred
6882 Jan 17 8053 Oct 4
2158 23
2178 2178 *2112 22
*2112 23
*2112 22
*2112 22
900 Seaboard Air Line
2158 Sep 36 2712 Apr 4
5112
5034 5112 5012 5034 50 .5034 5012 5078 5018 5018 4,900
51
Do preferred
4912 Sep 16 5612 J'ne 7
11334 11412 1133.1 11478 11318 114
113 11312 11338 114
113 114
34,800 Southern Paciffc Co
10512 Feb 1 11512 Apr 8
3114 3112 3034 3114 31
3158 3138 3178 31,700 Southern v tr ctfs stmpd _
2612 Jan 31 :32 Sep 30
3138 3112 3138 32
5618 8638 8614 8638 8614 8612 8612 8678 8614 8658 58212 8334 382)
piGve
o
6814 Feb 4 8678 Oct 2
Viexas
2578 26 . 2578 2618 *2534 26
ftacific
2538 2818 2512 2578 2512 26
2012 Jan 3 2614 Apr 2
1hird
37
3814 3614 3612 3612 *38
37
3758 3734 38
38
4,650
39
35 Sep 14 4934 Jan 0
514 834
812 812
778 8
1,300 Toledo Railways & Lt_.. _
8
8
*711 814
3 Jan 15 10.53 Apr 18
8
812
1438 1438 1458 1412 1412 1378 1378 1414 1414 *1212 1434 1,400 Toledo St L & Western.. _
14
12 Sep 11
1638 Mch27
3134 :3134 3114 3114 3112 3158 31 . 3112 3114 3134 *29
Do Pre-erred
32
800
28 J'ne 7 36 Apr 8
10712 10712 *107 10912 *106 110 *105 110
*108 110
107 107
300 Twin City Rapid Transit_ 10412 Jan
11118 Sep 17
17534 17614 175 17634 17418 17538 17312 17438 17458 17512 17312 17534 156,250 Union Pacific
160 Feb 1 17634 Sep :30
*8912 90
8934 90
90
90
8034 8978 8912 8912 8912 8912 1,300
Do preferred
8878 Sep 12 9358 Feb 27
3218 3212 *32
33
33
32
32
33
*30
33
700 Unit Rys Inv't of San Fr 28 J'ly 11 3714 Feb 14
3312
32
*
62
*61
61
61
62
62
61
62
62
61
62
62
Do preferred
1,200
57 J'ly 18 6512 Feb 14
618
518
514
514
518
434
412 458
5
5
*434 618 4,300 W abash
034 Mayll
334 J'ne 19
15
1533 1538 1612 1534 1534 1514 1558 *1514 1512 1514 1512 4,500 " Do preferred
1238 J'ne 27 2278 Apr 9
59
6012 6112 6012 6158 5834 80311 '6734 5834 59
*5812 5912 4,800 Western Maryland By
5514 Sep 17 6414 Mch 25
*712
712
812
•778
838 838 .*712 812 2,100 Wheeling & Lake Eric
8
812
778 814
914 Mch13
4 Jan 10
29
29
2912 2912 2912 2934 2934 3,000
28
2878 *28
28
30
Do 1st preferred
11 Jan 3 30 Sep 28
1358 1312 1334 *13
1334 1334 11
1312 1378 *1212 1312 13
2,100
Do 20 preferred
6 Jan 19 14 Mch 13
5814 5814 5814 6814 *57
59
*57
5812 1,600 Wisconsin Central
5718 5812 5812 59
48 Feb 5 6212 Aug 12
' industrial&Miscellancous
8934 9112 91
9212 9138 9234 203,800 A maigamated Copper_. 60 Feb 1 9234 Oct 4
9112 0178 0078 9238 0018 91
5912 5912 5912 5938 508 5873 59
5914 *50
5938 5912 59
2,150 rk:merAgricultural Chem
5712 Sep 16 6358 Mch22
*99 102 410012 10012 10012 10012 *100 10012 *100 10012 *100 10012
Do pref
150
98 J'ly 17 10414 Mch 20
7434 755s 7412 7514 7418 7412 75
7312 75
7434 75
18,700 American Beet Sugar
75
Feb 26 77 Sep 19
53
*98 100 *9712 100 4100 100
*97 100
*9712 100
Do pref
9
*97 100
97 Apr 3 10114 J'ne 19
4434 4558 4378 '4518 4314 4438 4338 4553 4138 4514 4312 4478 85,400 American Can
1114 Feb 1 4534 Sep 20
12234
124
12318
12412
1243
123 12412 *12312 125
4
*12312
Do pref
12312 12418 7,300
9058 Feb 1 12614 Sep 19
6234 6312 6278 6314 6238 6234 6112 6214 62
6234 62
6318 10,000 American Car & Foundry
49 Feb 5 6358 Sep 25
11814 11814 *11712 11834 *11712 11834 118 118
11738 11738 *11718 119
Do pref
460
115 Feb 19 120 May24
*3138
32
*3118 3214 *3034 32
3112 3112 *3128 32
100 American Cities
32
*31
31
ug22 34 J'ly 2
*7634 7712 7712 7712 *7753 7784 7712 7712 7718 7712 *7634 7738
Do preferred
600
7514 Aug 6 8318 J'ne 20
5618 5758 5658 5738 5612 57
5634 5718 5613 67
*5814 57
5,050 American Cotton Oil
19 5838 Sep. 6
4512
_
_
*98 101
*9712 100
*98
*98
95 Jan 19 9914 Feb 13
Do pret
6$8 634 *98012 612 *98-638 612
634 --07-8
714 Sep 25
3 Feb 19
612 612 *614 612 1,600 American Hide dc Leather
3134
3134
3238
2912
3012
3012
32
32
32
•
3012 3014 3012 1,900
Do pref
20 Feb 26 34 Sep 24
23
23
*23
24
23
2314 2314 2314 2338 23
2312 2412 1,500 American Ice Securities.. 18 Jan 2 3034 May20
*14
15
1412 1458 1418 1418 *14
1414 1414 1418 1438 1,400 American Linseed
1514
9 Mch 6 1778 Apr 23
39
39
3918 3914 3912 *38
3978 39
39
Do pref
*3834 8934 39
900
30 Feb 20 43 Apr 23
4534 4614 4512 4614 45
4334 4414 44
45
4458 4378 4414 5,600 American Locomotive
3134 Feb 27 4634 Aug 17
*107 10812 10878 10878 109 109 *10812 109 *107 109
10812 1081
Do pref
300
103 Jan 15 11012 Aug 14
1512 16
*1612 17
*15
1518 1518 1512 1512 1534 16
16
750 American Malt Corp......
434 Jan 10 1918 Aug 5
6612 6812 6658 6714 *66
*65
67
6612 6612 8612 65
Do pref
92 Jan 6 6914 Aug 14
6612 1,200
*8712 88
*8634 8734 *8634 8734 *8634 8734 *8834 8734 *8634 8734 1,700 Amer Smelters See pref
86 Mch 22 8912 J'ne 10
•

p

Jan

Range for Previous
Year 1911.
Lowest.

Highest,

9978 Sep
10034 Jan
117 Jan
0312 Sep
8512 Aug
72 Sep
195533Jan
260 Aug
6838 Sep
17 Sep
3512 Dec
10534 Oct
141 Sep
13818 Sep
101 Nov
138 Sep
434 Sep
4318 Sep
9414 J'ly
15912 Sep
605 Sep
1758 Dec
3634 Dec
9 Nov
1718 Dec
2714 Jan
4558 Jan
35 Jan
119 Sep
3334 Dec
1:32 .Tan
1318 Sep
3234 Sep
2514 Sep
6112 Sep
10 Sep
25 Sep
151 Sep
13612 Sep
13114 Sep
2112 Apr
:33 Mch
x12134 Sep
146 Nov
27 Sep
(3234 Sep
3314 4ep
60 Aug
2578 Aug
x0978 Sep
32678 Sep
3734 Sep

116,58 J'ne
10512 J'ne,
13914 Nov
10914 J'ly
91 Jan
8458 J'ly
247 J'ly
320 Dec
8634 Feb
2514 rise
4914 Feb ;
13312 Feb
15512 Feb ,
25013 J'ne
4209 Jan •
338 Feb
714 Feb
66 Jan
08 Feb
17478 J'ne
570 Nov
35 Feb
74 Feb
1558 Mch
3018 Sich
2838 J'ly
014 J'ly
4934 J'ly
149 J'ne
6334 Feb
147 J'ly
2038 Feb
5638 J'ly
3738 J'ne
6934 J•ne
17 Nov
40 Jan
13678 Dec
16034 Nov
1421. Jan
4212 Sep
6812 Sep
15214 Mch
100 Mob
3818 J'ne
70 Oct
63 Feb
7238 Jan
3338 Feb
11512 Feb
15118 Feb
4073 J'ly

9934 Sep
8534 Apr
3912 Jan
11034 Sep
11834 Sep
9013 Sep
10218 Sep
134 Sep
88 Mch
9012 Sep
2234 Sep
4334 Dec
23 Dec
59 Sep
37 Sep
24 Jan
5934 Jan

11114 Nov
9114 J'ne
5534 Nov
13778
'
18018 Feb '
100 Jan
112 Feb .
16178 J'ne
92 J'ly
101 May
3438 J'ne
6358 J'ne
27 Oci
6914 J'ly
4912 J'ly
34 Feb
72 J'ne

10412 Sep
2434 Sep
6114 Jan
1978 Dec
'31 Nov
4 Nov
12 Dec
3478 Dec
101 Sep
15312 Sep
89 Sep
2312 Sep
52 Sep
534 Dec
1414 Dec
4878 Apr
212 Sep
7 Sep
3 Auc
48 Sep

12638 J'ne
3338 J'17
7514 J'ly
3014 Feb
41 Dec
814 Jan
2434 Feb
5378 Jan
111 Feb
19238 J'ly
08 J'iy
49 Feb
7614 Meh
1838 Feb
4038 Feb
66 rly
614 Feb
1758 Feb
8 Feb
7218 May

4434 Sep
4434 Sep
9912 Oct
3914 Jan
9212 Jan
878 Jan
77 Jan
4238 ,Sep
113 Oct

7158 Vas
6312 flea
105 Dec
5934 Oct
101 (Set
1212 May
0318 Dee
5814 J'ly
120 May

4158 Nov
6238 Feb
92 Nov 10512 Feb
312 Sep
5 J'no
18 Sep
2638 J'ne
1e12 Aug
2534 .1'1y
1278 Feb
8 Aug
3412 Deo
2618 Oct
3218 Oct
4314 May
102 Oct 11034 Meh
3 Sep
53s Jan
4358 J'ly
3112 Mch
8918 J'ly
332 Sep

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America II_
Amer Each_
Battery Pk
Ilawery".._
Bronx Bor04
Bronx Nat_
5ryant Pk 11
Butch Is Dr
Dentury 11ilhase

Rid
202
615
240
125
400
300
170
150
130
230
675

Ask

Ma
Banks
Ask
Ask
Bid
Banks
Bid
Banks
Banks
Bid
Banks
Ma Ask
Ask
Chateabonix 175
180 Fifth Ave 1300. Harriman _ 280
_ Metropolis $ 375
385 Prod Exch 1 16712
212 Chetsea Ext 150
Fifth
Reserve
Metropol'n" 190
300 3-2-5- Imp 64 Trad __ __ 570
198
630 Chemical __ 445 450 lint
Mt alorrts".. 320118eaboard
210
1000 1020 Irving
206
_ 425
____
245 Citizens' Ctl
_ Fourth ....._ 200
Liberty
635
__ Mutual "___ 285
203
iecond
295
375
130 City
185-14-50 Garfield _ 276
3440
Nassau ____ 21711 ____ Security-1
290 Lincoln__ 375
385
-__
-- Coal Is Iron 155 -160 Germ-Am
ll 3.50
140
_ Manhattali.
_ _ New Neth _I 220
_ _ Sherman__
--135
_. Colonial "__ 425
. Germ'n Ex" 400
-_-___ Markl&Ful 250
255
-- New YorkCo 875
__ State 1 ....,.. 250
18-0 Columbia i_ 335 3-45 Germania
280
525 640
Aech &Met's 270
New York.. 350
23d Wards.. 175
375
.165 Commerce _ 1204 1210 Gotham ___ 15s
Merch Each 160
165 Padllel____ 255
163
Unlon Exc.. 162
265
140 Corn Ex ¶
326 330 Greenwich 1260
___ Merchants'. 185
370 375
Wash 11'ts 41 275
.... -- Park
East River_
88
__ tianover
235
People's
West Side 1 5T5
700
240
.-_
250
___ _ Fidelity "_
.. 165
1-7-5
Yorkville 1. 600

Ask
17212
_ -...
400
145
275"
I
105
.......
628
___,,

• Bid and asked prioes ; no sales were made on this day. :Ex-rights. Mess than 100 shares. 11State banks. a Ex-dlvidend and rights. 0 New 00014
I Sale at Stock Exchange or at auction this week. h First installment paid. n Sold at private sale at this price. x Ex-dividend. 1 Full paid,. __..._




[VoL. Lxxxxv

New York Stock Record-Concluded-Page 2

874

For record of sales during the week of stocks usually Inactive see second nage preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Sept. 28

Monday
Sept. 30

Tuesday
Oct. 1

Wednesday
Oat. 2

Thursday
Odt. 3.

Friday
Oct. 4.

Sales 01
the
Week
Shares.

Range since January 1
On basis 01 100-share tots

STOCKS
NEW YORK STOCK
EXCUANGE

Lowest

Industrial and Misc.(Con)
8953 9072 8914 8978 8838 90
91
90
8852 8934 8712 9018 74,940 Amer Smelting ec Relining
Do pret..
610
10878 10878 109 109
109 106 *10834 10912 *1083410912 10834 10834
*190 192
1,100 American Snuff
190 190
190 191
189 189
189 18934 190 190
Do pref. new
*100 105 *100 105
100 105 *100 105 *100 105 *100 105
4112 4158 4153 41
5.500 Amer Steel Found (new).
4114 4138 4073 4112 4134 4278 4278 44
12778 1277 12734 12834 12712 12712 12712 12712 12712 12712 12722 12734 3,800 American Sugar Refining
*122 124
Do pret
123 123
123 123
12338 12334 *122 12334 1,000
12234 123
14534 146 x144 14414 144 14412 141 14414 14418 14458 14378 14434 4,650 American Telepti & Teleg
1,800 American Tobacco
270 272
270 270
27014 27014 270 272 *268 271 *26912 273
350
Preferred, new
110512 10512 105 10512 105 105 *10412 105 *104 105 *10414 10512
100 American Woolen
*28 30
2772 2778
30
*26
*28
*27 30
30
*28
30
Do pref
400
*8914 91
8912 8912 *8914 9014 *8914 9012 8934 8934 8914 8914
850 Amer Writing Paper, pH.
3712 3712 3778 3778 3612 3714 13714 3714 3712 3712 3712 3712
4714 48
x4614 4773 103,400 aAnacondaCopper Par$25
4634 47
4-i
4658 4758 4614 4612 46
400 Assets Realization
126 12712 *128 12912
126 126
*12314 126 *12314 126 *12452 126
800 12aldwin Locomotive _
5812 5812 5812 5812 *5812 59
105858 5912
5918 5 18 *5852 59
620 I
*10618 10612 *10618 10612 *10618 10612 *10612 10612 10614 10612 10612 10612
Do pref
4734 4834 4734 4834 4712 5038 4912 5158 5034 5112 4912 5114 43,200 Bethlehem Steel
Do pret
7918 7812 7914 7878 7914 7918 7938 7838 7914 4,600
7814 7878 78
14512 146
*145 14712 146 146 *145 14712 14634 14718
*146 147
980 Brooklyn Union Gas
34
1,350 Butterlck Co
32
34
*3134 331 *3112 3212 3112 3212 3234 3234 *32
3232 32
3214 3258 32
3238 3134 3218 7,700 4' lentral Leather
3212 33
33
33
*9912 100
9934 9934 9958 9958 9914 9914 *9812 9914 9914 9914
500 k • Do pret
4418 4378 4
111: 4234
4
44
358 4
43
23,550 dChino Copper_ _ __Par $5
4412 4438 4358 4432 4312 4378 43
4212 4112 4212 4214
41
26,325 Colorado Fuel & Iron
' 4012 4258 4118 42
147 14738 *14614 14712 14612 14612 14658 14758 14634 148
14658 147
15,400 Consolidated Gas (N Y).
16
1534 16
1638 16
16
16
16
1534 1578 1534 1578 4,400 Corn Products Refining
8434 8512 8158 8458 *8412 85
Do pret
*8312 85
*8312 85
370
*8312 8514
3312 3334 3212 3314 2934 3212 8,480 Distillers' Securities Corp
3438 3334 34
34
3334 34
21
2012 201 *18
*1712 21
*18
21
100 Federal Mining & Smelt'g
*1712 21
*1712 21
5112 5112 *46
*47
Do pret
52
5112 *46
400
5112 *46
51
46
46
184 18412 18312 181
18278 18312 18218 18258 183 18334 183 184
5,660 General Electric
*37
3812 37
38
38
*3714 381
700 Gen Motors vot t"..•
3714 *3612 38
3612 37
700
81
8134 *8012 82
*8012 81
Do prof vot tr ars
81
81
8012 8012 8178 82
3
3
x.34 272
252 25,
252 234
234 234
234 234 3,630 dGoldfleld Con II Par $10
*75
7612 76
76
75
7512 75
7532 7532 7538 7512 7512 2,650 Goodrich (B F)
Do pret
*106 107
10612 10652 107 107 *10612 10712 *10634 10712 10678 10678 1,000
5934 60
60
6018 69
5912 5858 5938 5,000 dGuggenh Expio_Par 226
59
5938 5812 59
1958 1934 1934 1978 1912 1934 1914 1912 1912 1912 1914 1012 1,612 d 1 nsp'n Con Cop Par $20
nternational Harvester
12318 12318 123 12314 12234 123
12212 12234 12214 12434 12334 12512 6,900
*115 120 *117 120 *118 120 *118 120
Do pret
100
120 120 *118 120
500 Int Mer Marine stk tr ctfs
512 512 *512 534 *538 534
*512 534
534 6
534 534
Do pre!
2012 2058 4,100
2012 21
2012 21
23
2134 22
22
2278 *20
*1512 16
1534 1534 3,500 International Paper
1552 1612 1618 1638 1614 1614 *1512 16
Do prof
200
58
*56
58
*56
*56
58
58
5778 5778 *57
*56
58
28
2818 28
28
28
2812 28
*2712 2812 2812 2812 1,520 Intermit Steam Pump
28
770
Do prof
' *8(334 8114 81
8112 8112 8132 381
81
*8078 8112 8114 8138
7212 72'72 73
73
80
85
74
8912 85
82
5.875 Kresge Co (S S)
8612 81
• 102 102
10118 10118 *101 10212 102 10512 *10212 10412 103 103
pref
Do
2,100
4812 5212 53
5517 5278 531. 5212 5712 52
53
5012 5012 4,045 Lackawanna Steel
*10512 106 *10512 1061 10512 10512 *10512 106 410512 10512 *10512 106
225 Laclede Gas (St L) corn_ _
215 215
216 217
216 21712 21712 21712 *215 21712 215 217
2,400 Liggett & Myers Tobacco
$11612 11612 *114 117 *114 117 *114 117 *113 117
220
116 116
Do preferred
4234 4234 43
4312 42)2 4212 43
7,200 Loose-Wiles Bis tr co otfs
4338 4312 45
*1023
.4 1e3 - *10234 103
Do 1st pref
10234 10234 10234 10234 *10212 103 *10212 103
400
*9012 91
*9012 91
Do 2d pre
122
*9012 91
91
*9012 91
91
*9012 9112
700 Mackay Companies
88
88
*86
88
88
8734 8734 88
8714 8714 *8614 88
800
Do pref
*6838 69
6872 6878 6858 6858 6878 6872 *6814 6872 *6814 09
• *8212 83
10,450 May Department Stores_
82
83
8272 82
8512 84
82
85
84
85
*105 10714 *10514 10712 *10514 10612 10612
Do prof
100
*105 107 *105 10712
• 8178 8372 8212 8318 8258 8334 82 10612
34 8338 831g 8838 8714 8912 74,100 Mexican Petroleum
30
3012 2948 3018 2958 2978 2872 2938 2914 2912 2914 2912 6,700 dailami Copper_ _Par $5
300 mational Btsoult
138 138 *137 138 *136 13712 137 137 *136 137 *1323 137
*123 12434 125 125 *123 12734 *123 127.i.i *123 127
123 123
200 LI Do prof
1812 1812 1834 19
1814 1034 1818 1818 1812 1834 1814 1858 2,305 Nat Enamel'g & Stamp'g
9312 *91
9312 193
• *91
*91
Do pref
93
93
10
*9012 91
*91
93
6234 6312 6312 6618 6412 6534 6412 65
65
6512 65
6534 14,700 National Lead
*108 110 *10812 110 *10838 111 *109 111 *108 111 *109 111
Do pret
2334 24
2334 2418 2332 2334 2,14 2334
2318 2312 2234 2314 33,100 dNev Cons Copper_Par $5
77
77
*76
80
80
80
100 New York Air Brake__ ._
*76
*76
*76
80
81
*76
• 8512 851
85
2,403 North American Co (new)
85
8.34 8434 84
85
85
84
8412 84
3314 3412 3514 38
3534 3612 3412 3534 35
36
35
3512 20,175 pacific: Mali
*5014 5034 5018 5138 *5012 51
WM)Telep & Teleg_
5012 5012 50
5038 4934 4034 1,200
*116 117
117 117
11652 11712 117 11714 11714 11712 11718 11753 2,700,People's G L & C (Chic)*104 105 *10412 106 *102 104 *103 105 *102 10434 *10212 105
'Philadelphia Co (Pittab)2618 2612 26
2612 2534 2612 2512 26
2512 2578 2533 2534 11,650 Pittsburgh Coal Co
Do pref
9734 6,570
9814 9834, 9712 9832 9732 9812 9'712 9812 9714 98
97
• *188 190
*188 19212 *188 192
230 P. Lorillard Co
190 191 *188 19212
Do preferred
*115 117 *115 117 *115 117
*115 117 *116 117
40
4038 4034 4018 4073 40113 4058 -1418 40
4072 3912 4038 5,200 Pressed Steel Car...
Do ore,
*103 104 *10212 104 *10212 104 *10212 104 *10212 103 *10212 10312
•'11878 11878 *11634 11934 *11634 120 411712 11712 *11634 11912 *11634 11912
125 Pub Service Corp of N J.
116812 16812 *16814 16914 1169 169
190 Pullman Company
16834 16834 *16838 16912 *168 169
*3934 40
40
3912 3912 3912 3958 1,600 14 allway Steel Spring
*37
3934 3972 3834 39
*10334 105 *10334 105
103 103
500 LL Do pref
103 10318 103 103 *102 105
• 2312 24
2312 2334 23
2338 2234 2333 27,610 d Ray ConsCopper Par $10
2314 2234 2314 23
3334 3438 3358 3412 33
3334 35
33,250 Republic Iron & Steel......
3234 3358 3334 34
84
9238 9212 9214 923
9134 9212 4,000
Do pret
92
92
92
9134 92
92
4'10012 101 8_
101
10012 10012 10012 10112 10012 10012 10012 10013 1,100 Rumely (M) pref
*213 215
8,200 Sears, Roebuck & Co_
21312 21412 214 215
213 21414 214 21414 21312 214
1,350 Sloss-Sheffield Steel &
58
5812 59
359
59
58
5812 5812 *57
58
5812 57
*2912 3017 3018 3012 *2912 3012 29
29
29
610 Standard Milling
29
*2812 30
• 6512 6512 *65
Do pref
400
67
*65
6734 43512 66
*63
6734 *64
68
, *43
45
44
44
1,000 Studebaker Corp (The)
42
*42
4412 42
4312 *4112 44
*41
• *9412 97
*9412 97
Do pref
180
497
97
*9412 9612 *9412 9612 9434 9434
' 4618 4614 4578 4634 4512 46
46
9,300 d'rennessee Copp _ Par 325
45
46
4534 4638 45
126 127
12634 12714 12612 12612 126 126
5,700 Texas Company (The) _
126 12614 12534 127
112 112
10934 11034 10958 10953 10912 11114 *110 11212 10914 112
1,700 I I nderwood Typewriter.
*11138 11334 *11/38 11334 *11158 11334 *113 11334 11314 11314 *113 11334
100 Li Do pret
• 14
1414
1378 14
*1312 14
14
1,550 Union Bag & Paper
14
14
14
1414 14
• 62
62
x60
60
60
6012 1.050
60
60
Do pret
60
60
60
60
' 2058 21
2112 2112 *2012 2112 2014 2012 *2014 2112 *20
2112 1,270 U S Cast I Pipe & Founclr
• 16312 6312 6312 6312 63
6212
6312 *60
*61
Do pref
63
820
*6034 64
5513 8518 55
55
55
66
65
*53
400 U S Industrial Alcohol
65
56
*53
67
85
88
8512 86
*8412 8512 *84
*84
86
86
6,300 U S Realty & Improv't_
8334 85
*, 5434 5478 5452 551
5412 5434 54
5434 5458 5478 54
5458 8,000 United States Rubber
911034 111
111 1111 11138 112 *110 112 *110 112
11112 11112 1,100
Do 1st prof
*8012 8112 8114 81
8112 8158
*81
82
*8112 82
Do 2d pref
600
\ 7938 7978 7912 8034 Vas 7912 7814 79
7912 7973 7812 8038 688,250 United States Steel
11514 11538 11534 117
Do pref
116 11614 11534 116
11618 11612 11558 11614 8,970
• 6634 6738 6618 6712 6512 6612 6512 6632 6552 6614 6518 6614 43,700 dUtah Copper_ _Par 310
4714 4714 4712 43
4672 4714 8,750 Virginia-Carolina
- Chem
47
4678 4712 47
4678 47
*116 118 311538 11558 *114 117
116 116 *115 117 *115 117
120
Do pret
65
65
66
70
3,225 Virginia Iron Coal 63 C.. _
6912 6912 7112 68
66
66
6719 63
" 8114 82
8112 8134 8112 8134 81
8114 *8114 8112 81
estern Union Teieg_ _
8114 1,700
• 8534 8632 28532 863
estIngh'seEl &Mfg ass
8478 8514 8434 8512 8478 8512 85
8514 16,000
*125 130 *124 130 *12212 126 3130 130
102
126 126 *12212 130
Do 1st pre
*10812 109
10912 11234 11112 11534 11438 11778 11412 11638 11432 116
40,440 Woolworth (F W)
-115 115 *11412 11512 11518 11518 11434 115
11412 11458 *11412 115
750
Do prof

6778 Feb 1
19238 Jan 2
123 Mch 6
99 Feb 9
26 Jan 19
11434 Jan 12
limy Jan 5
13758 Jan 2
24118 Feb 29
110
011
514
2 Jan 11
2514 Feb 6
86 Feb 7
2512 Jan 25
$34 Feb 1
Feb 7
538x J'ne ia
10234 Feb 2
Fob
74 Feu
Fe 27
27
5
282
13712 71c5121
2912 Melt lb
16)2 Feb 27
80 Feb 27
$25 Jan 15
2318 Feb 2t
13814 Feb 17
10 Jan 16
z7614 Jan 3
l.ceb
b 28
5
1114 k
2

Highest

Range tor Previous
Year 1911.
Lowest

5658 Sep
91 Sep 2)
12834 Sep
10938 Sep 21,
197 Sep b 225 Sep
105 Aug 1:1
25 Sep
44 Oct
13312 May13 11214 Sep
124 Sep 21 111 Jan
14918 Mon 21., 13112 Aug
32412 J'ly 1
10638 Jan 1
2612 Dec
31 May17
8514 uct
9412 Mch L
2412 Sep
4138 May
$48 Oct 2 $29 Sep
12712 Out 7 10612 Dec
6034 Aug 3,
10818 J'ne i, 10314 Dee
Sep
6158 Oct 1.
54 Sep
80 Sep 23
r129 Sep
146 Aug
28 Feb
4018 Apr 31,
1834 Sep
3352 Sep 21
9118 Dec
100 Aug 15
81478 Sep 1,, 51612 Sep
25 Sep
4334 Sep 2t,
14912 Aug 11 12834 Sep
958 Oct
1712 Apr 24
73 Sep
87 Apr 24
Deep
c
1
23
9 S
(,
13
14 S
Aeupg 2,
3
26

Highest.
8378 J'ne
10812 J'ne
325 May
5212 Feb
12212 Feb
11912 Feb
15318 J'ne
3612 Mch
9614 J'ne
3412 Feb
$4118 J'ne
108 Dec
107 Deo
3818 Aug
6634 J'iy
14814 Nov
31 Mch
3338 Feb
105 Feb
$2712 Dec
3638 Feb
14812 J'ne
1534 May
85 May
3814 Mch
36 Feb
61112 May
16838 May
6134 Aug
8658 Aug
$778 Jan

37 Dec
3718 Jan 23 5234 Sep 26
155 Jan 2 18812 J'ly 25 142 Sep
35 Nov
so Feb 26 4272 Sep 3
7412 Dec
7014 May 3 8234 Sep 3
$312 Oct
31.58 Oct 1 $5 filch lb
7412 Sep 25 81 Sep t
106 Sep 2(, 10912 Sep 10
$53 J'ly 11 c213238 J'ne 14
21814 J'ne 3 22018 J'ne
9912 Sep 12938 May
10514 Feb 1 12678 Sep 10
11612 Jan 26 12134 Apr 4 115 Sep 12814 May
578 Jan
314 Sep
772 Men29
4 Meh 7
2212 Deo
14 Aug
1534 j'IY 30 26 Mch2b
1338 Jan
938 Jan 17 1934 May23
J Sep
5638 Jan
4458 May
X4573 Jan 3 6278 May23
44 Feb
23 Oct
2412 J'ne 3 34 Jan 2
9012 Joe
79 Fen 1 8458 Apr 8
80 Oct
71 Sep 25 8912 Oct 2
101 Sep 17 10512 Oct 2
48 Apr
29 Meh71 5512 Sep 36
30 Sep
104 Merl le 10834 Jan 4 10114 Sep 11412 Jan
15678 Jan 15 21712 Sep 10
105)2 Jan 12 118 Aug 29
4718 J'ly 26
42 Sep 2r
10234 Oct 1 10414 J'ly 27
90 J'ly 22 9212 J'iy 26
95 Feb
7518 Jan 31 9214 Ply 17
7412 Dec
77 Mch '
68 Dec
6812 Jan 11 7078 Jan 23
87 J'ne
70 Apr
69 Apr 11 8512 Oct 2
10534 J'ne 24 112 Jan 11 10734 Sep 11314 J'ne
6234 Apr 20 8912 Oct 4
:1)e
;
$2312 Feb 14 $3014 Sep 25 21652 Sep -12172
12912 J'ly 26 161 Apr 30 11714 Jan 14334 Nov
130
Feb
Jan
124
19
J'ne
123 Oct 4 131
22 J'ly
1212 Dec
1214 Feb 29 2018 Sep 21
86 Jan 10034 J'iy
88 Feb 27 9512 Jan 2
59 Feb
4212 Sep
6118 Jan 0 6618 Sep 30
10512 Feb 1 11014 Aug 20 104 Sep 10034 Aug
$1814 Jan 29 $2418 Sep 30 $1518 Sep *2114 J'ne
45 Oct
76 Feb
60 Feb 17 83 Aug 21
7834 May
64 Jan
7412 Jan 3 8778 Aug 21
3338 Nov
2318 Apr
30 Jan 3 38 Sep 30
5458 Jan ,
85
Sep
Apr
26
47 Feb 6 5538
103 Jan 8 11814 May25 10112 Aug 109 Jan
99 Sep 11812 J'ne
102 J'ne 3 11114 Feb 16
17 Dec
2314 J'ne
1634 Mai 1 2714 Aug 14
90/8 J'iy
6734 Jan
77 Feb 8 10034 Aug 14
167 Mob 11 20012 J'ne 8
10734 Jan 12 118 Aug 20
3758 J'ne
25 Sop
2834 Feb 27 4078 Sep 30
96 Fen 28 10334 Aug 16
91 Sep 10234 J'ne
10634 Feb 17 12072 Aug 13 108 Oct 120 Feb
15812 Feb 2 175 Aug 21 164 Sep 163 Jan
26 Oct
39 J'ne
2712 Feb 8 4034 Sep 25
92 Jan 103 J'no
100 Itch 12 105 Aug 28
$16 Jan 29 $2418 Sep 23 $12 Sep $19 Deo
1534 Feb 26 35 Oct 4
3514 Feb
18 Oct
9988 Feb
7412 Oct
6412 Feb 27 0212 Sep 27
100 J'ne 20 103 J'1y20
140 Jan 15 22012 Sep t 12512 Sep 192 Feb
6614 Feb
3914 Jan 30 5934 Sep 20
34 Seri
17(8 J'ne
1614 Jan 19 3312 J'ne27
15 Aug
53 Dec
60 J'ly
53 Jan 8 66 Oct 2
30 J'ly 10 4012 Aug 9
9012 J'ne 28 9818 Aug 13
$3412 Feb 1 $4714 May21 $3014 Sep $44 J'ne
703412
13612 Feb
81 Jan 16 13058 Sep 7
Mch 111 J'ne
0834 Apr 3 11534 J'ne 28
Deconbv 11378 J'iy
.5
03184 NM
110 J'ne 14 11412 Sep 171
9 Feb
438 Jan 25 1778 May15
5912 Jan
4934 Feb 21 6734 May15
19 Feb
11 Sep
13 Feb 16 2212 May16
4012 SeP 261 Feb
60 Jan 4 63)2 Sep 26
24 Aug
26 Jan 8 5714 Sep 24
6518 Jan
67 Jan 31 8612 J'ly 18
3012 Sep
4514 Feb 1 6778 May21
8
4
1908
5
2318
:J
2
F
MMD;elaayy
f
10538 J'ly 25 116 May20 104 Sep 173
60 Sep
79 Mch
75 Jan 23 8512 May21
30
50
Oct
Sop
Feb
13
8034
6814
10738 Feb 13 117 Sep 30 103 Oct 12078 Fob
$5212 Jan 29 $6712 Sep 30 338 Sep 85773 Dec
4318 Sep
6714 Jan 26
7038 Fel)
45
11512 Aug 8 122 Mch27 114 Sep 12812 Mcli
Jan
2
90
52
4
Mcla
Jan
97 J'iy
54
7158 Apr
8413 May
79 Jan 2 8614 Jan lb
6858 Sep
0614 Jan 3 891p Aug 9
79 May
11478 Jan 5 126 Aug 8 11012 Aug 123 Jan
9212 „fly 25 11778 Oct 2
11414 J'ly '29 11634 J'ly 2

sep lo

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney Isrdi
••Pirst
Oree n po int
11111side1;
48omestead1
Manutao'rs
-Mechanics',
Montauk 11
Nassau _ _
Nat City..

Bta

Ask

155
'1;11 295
161
125
115
411- 425
230
240
150
212
225
295
275

Banks
BraukitIn
North Side 11
People's _ _
Prosp'et1•10,1

Bits
175
145
150

Trust Co's
N Y City
Astor
400
Bankers' Ir 575
1.1'way Tr
175

Bid
Trust CO.
Ask
N Y
200 Central jr.,., 1040
165 ColumbiaKnlokerb 570 575
165
Co in inerclal
9712
Empire
1301
10
4ult'ble Tr 510 ‘5-0'
.
Farm Lodz
1100
Fidelity _ 218
222
410
ton
315 325
58212
uluar'ty Tr_ n135
180
Ask

Trust Co's
Guardian Tr
Hudson _
Law '1' I &Tr
Lincoln 'Jr.
Metro pol
Mutual Alll
anco
Ilut.4 Westchester)-.

Bid
90
137
225

450"

Ask
105
142
230
140
465

145

152

140

150

1114
Ina: Co's
NY Life dsTr 1030
N Y Crust. 630
Standard rr
ritletiu&
'520Union Tr._ f 1303
Nitg& Tr 485
Unit States. 1110
ashington 400
Westchester 151)
Windsor --

Ask
1045

trust Co's
Broaklyn
Brooklyn Tr
375 Citizens'
530 Franklin ___
Hamiltonhome--- 1130 Kings Co -L 1st L Is 'Jr
410
160
Nassau ___
1871: Peoples'
lueens Co_

Bid
470
150
265
275
110
520
300
130
296
100

itst

275

--3-fr
305
110

• Bid and asked prices* no sales on this day. 0 Less than 100 shares. * Ex-rights. a Ex-div and rights. b Now stock. d Quoted dollars per share.
Sale at Stook Exchange or at auction this week. s Ex stook dividend.
Banks marked with a paragraph (11) are State banks. x Ex-dividend.




875
Yearly
and
Weekly
Friday,
Record,
Bond
New York Stock Exchange- and prices are now all-"and interest"--excep for income and defaulted' bonds.

Jan. 1 1909 ghe Exchange method of quoting bonds was changed,
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct 4.

23

Price
Friaay
Oct 4

Week's
Range or
Las. Sale

§3

Range
Since
Jan. 1.

BONDS
E
N. Y. STOCK EXCHANGE
...a,
•
Week Ending Oct 4.

Week's
Range or
Last Sale

Price
Friday
Oa 4

•nt
g21,
caa5

Range
Since
Jan. 1,

High No Low High
Ask Low
Hid
High No. Low High Chesapeake & Ohio-Ask Low
litd
Gen funding dc impt 55_1029 J -J 102 10 1, 10178 Sep '12.- 10112 10412
10014 10078
10034 May'12
U S 2s consol regIstered__419300 Q- J 10118101.s
10 58 1. 109 11154
1939 11-N 10,58 Sale 09
1st consol gold 55
12
10054 10131
May
10034
101
10112
coupon:.___4193
Q-J
U S 2s consol
1939 111-N 107 11) Ill May'12 --__ 110 11114
Registered
102 10234
k1918 1)-F 10212 1(13 10212 J'ly '12
U S 35 registered
6, 991 103
100
1992 111-S 9938 Sale 9912
General gold 4345
10112 10314
k1918 Q-F 10212 10:1 10212 Sep '12
U 5 35 coupon
1992 31-5 98 9,'3 9938 Nov'11 -----------Registered
'1:.
11314
11358
11453
Aug
11334
11414
Q-F
1925
U 5 4s registered
LUt 9238 94
91
9312
Sale
A
F1930
Convertible
43'6s
'12
114
Aug
11314
1143
4
1)334
11114
1025 Q-F
U S 42 coupon
1044 J -D 84 86 8812 Sep '12 ____ 5614 89
Big Sandy 1st 43
101 1011; 10012 J'ne'll
U S Pan Canal 10-30-yr 25 k1936
1 85 8818
8811
gu 4s_1945 J -D 84 8158 8812
ifs 10212 Coal Itly By 1st
10134 10214 10:.18 Sep 'h
U S Panama Canal 3s g ___ _1061
1940 J -J 100 ____ 10134 May'12 ____ 10134 10134
Craig Valley 1st g 5s
May'12
__-_
84
84 8634
J-J
____
8314
Potts Creek Br 1st 4s__1946
Foreign Government
2 9134 98
95
95 Sale 9214
11 & A Div 1st con g 4s 1989 J -J
I 97 I00
9878
Argentine-Internal 53 of 1909 M-S 9758 987 9873
9012
9012 9012
Ang'11;____
___
-J
J
1989
45
gold
2d
conga!
0314 9512
0312 92 Sep '12
_ _ J -D
Chinese (lukuang) By 5s
__
Greenbrier By 1st gu g 45 1940 71-N 8712 ____ 95 Oct '10 ____
Imperial Japanese Government
1 70 7213
79
A-0 __ 701- 70
1949
ref
3s
g
RR
Alt
&
Chic
9214
9158
94
3
9112
1925 F- A 91% Sale
Sterling loan 4 Hs
11 6014 6512
65
6412
J-J
Sale
6413
19a0
Hs__
3
1st
lien
Railway
3 0038 93
91
00% Sale 908
1925 J -J
2d Series 43s
$ Seri '1:
1 ---- 9918 100
'
8334 10 8312 8818 Chic 13 de Q Denver Div 48 1922 F-A 908 110 991
8334
1931 J J (83
Sterling loan 4s
12 8-334 88
851
8518 Sale 8434
1949 J -J
Illinois Div 3 Hs
19 10212 105
105
;103 Sale 103
Republic of Cuba 5s exten debt_
_, 8512 8614
'1
Aug
8614
Si)
8412
-J
J
1049
Registeted
99
9914
99 Aug'12
External loan 4 54a.
1949 F- A
21 98 10018
981
9312 Sale 98
1949 J -J
Div
43
Illinois
4
4
,
.
973
9718
9758
981
-J
J
5;tie
9738
San Paulo (Brazil) trust 5s_1919
---- 97
'1,
Sep
9912
WU
97
96
J
J
1949
Registered
9173 95
91/8 Sep 'I:.
Tokyo jity loan of 1012, 5s..__•S
Iowa Div sink fund 53_1919 A-0 10378 _ _ 103 Sep '12 _- 10373 105
8 0513 9714
00
96 9614 96
U S of Mexico s t g 53 of
1899
- 9914 Aug'12 - --- 9914 9953
A-0 99 6934
1910
Sinking
fund
45
May'12
91
88
91
90
Gold 4s of 1904
1954 -D
4 9938
Nebraska Extension 4s 1927 111-N 97 99 98 Sep '1' ..-- 97)
These are p ices on tile 1w 513 1 15 to £.
1927 111-N 96 9712 9633 Sep '12 ____ 9658 9658
'Registered
State and City Securities
9834 ____ 9912 Aug'12 ____ 9938 9912
__1921 51-S
Div
Southwestern
30
1003,
10014
103
100%
101
10012
1960 11-S
N Y City-4 J.is
Joint bonds See Great
4s_- Nortb
10038
10038 Sale 10014
4 Hs when issued
Debenture 1w
1913 M-N 10018 1015 10038 Aug'1' _ 10418 101%
57
t11 9
.
981; 34
7878 1900
8
09
0011
00
9838 Sale 9814
111
962
1950
4% Corporate Stock
9558 66 9412 9714
19511 111-S 0514 Sale 95
General 4s
9814
9814
.,12
9818
4% Corporate Stock___1958
2 77 8112
III
E
55 J -J ___ 77
77
&
77
gs_19
ref
Chic
&
4
Imp
9812
1957 11-N 9838 Sale 9818
4% Corporate stock
7 11912 125
11912
1934 A-0 11912 Sale 11912
1st consol gold 6s
10578 to 10538 10778
1957 11 N 10512 10334 10573
New 4 Hs
51-N 10612 109 107 Sep '12 ___. 107 11113
1937
consol
General
1st
5s
10234
Aug'12
102
1015
-10112
10214
1917 11-N
New 4 Hs
1937 SI-N
10914 Feb '12 ____ 10914 10914
Registered
1054
5 10512 10778
10612 10534 10578
4 35% Corporate Stock_ _1957 11-N 10112 1.0138 10178 10178
- 10812,rne•12 ....... 10812 10912
Chic & Ind C Ry 1st 53_1036 J-J 10613 10734
2 10112 10278
44% assessment bonds_1917 11-N
M-S
761: 11 75 83 ,
1959
4
753
7712
7614
Gt
Chic
1st
4s
Western
86
s478
88
8538
8538
85
8512
3% Corporate Stock_1054 11-N
125 12912
- 10114 10038 Sep '12 ._-_ 10038 10278 Chic Ind & Loulsv-Itet 133_1047 J-J 124 1281: 125 Aug 11____
1061 11-S
Y State-4s
10 0934 Aug 12 .___ 10934 11034
1047 J-J
Refunding gold 58
'12
10278
Sep
itii14
10038
10012
----J
J
10934
48_1951
Canal Improvement
__
____
-9558
'11
Apr
------1917
J-J
43
C
Refunding
Series
'12
103
10118
10118.1'1y
10038
J
Canal Imp'ment (new) 4s 1901 J
80 84 86 J'ly '12 __ 86 9012
Ind & Loulsv 1st gu 4s 1956 J-J
-- 10012 Sep '12 •-- 10012 102
Canal Improvement 4s....1960 J J
___ 9312 9014 Aug'12 ---- 9014 9158
Chic Ind & Sou 50-yr 4s_1956 J J
'10
J'ly
10312
-J
J
-9114
1933
Carolina
414s 20-40
So
L S & East 1st 4 Hs
1989 J -D *-___ 10418 104 Dec '11 __ ___ ---..1
"6/3-4 Chic
0708 98 0734 Apr '12
1913 J-J
Tenn new settlement 3s
8 102114
10053 Sep '12 _. 10J5Chic Mil & St P terml g 5s 1914 J -J 1005-s
8612 Dec '11
- 87
1991 J -J
Virginia fund debt 2-3s
9814 71 9612 9913
J -J
98 sale 9734
45
gold
Gen'l
A01989
Series
12
57
Ea]
46
59
5512
8s deferred Brown Bros ctts_
95 ___ 9712 Apr '12 ---_ 9712 98
Registered
81989 Q- J
Railroad
83 85 8358 Sep '12 __ ts388 8672
Gen'l gold 3313s Series B_81989 J-J
7158
2 7612 8414
7512 80
7612
A nn Arbor 1st g 43
Registered
82
86 J'ne'll ..... ___ ...„,-_51989 J -J
98
198 9612 100
-j 9734 Sale 97%
(itch Top & SF° gen g 431_19
11995 -0
J
J
3 90 9232
9073 -013-4 9114
48
1934
9114
deben
25-year
1995 A -0 9712 98 9618 Ply '12
Registered
10638 676 10134 107 ;
103 Sale 10534
Cony 4 Hs (full pd rects)
8812
8814 88
Adjustment gold 45____51995 Nov
105 108
J-J
____
'12
Sep
5s___1921
10618
105
____
g
Div
Sup
L
&
Chic
'12
9114
91 Feb
Registered
51995 Nov 87
Chic & Mo Riv Div 5s___1928 J -J 106 107 108 J'ne'12 ____ 108 10834
8812
8813 Sale 8818
Stamped
i 10112 10653
1921 J -J 10412 105 10112 10417
g
1st
1w
&
W
P
Chic
'12
Sep
10818
-D
J
45
issue of 1909
Cony
5
955
199
h_1
924 45 921. 9514
CM & Puget Sd 1st gu 48 1949 J -J ____ 93 9210
111
Cony gold 43
1955 J -D ii0,-2 Wale 1.0918
1021:i Sep '12 ____ 102 "103
1918
Dak & (It So gold 5s
7:51- 11;80
-7-0
7
80
146
0
:
84:41 111100
:5167311 4
99910722711323114:82
0
Cony 45 (Issue of 1010) _1960 J -D 10, 38 Sale 10538 1014 1 11134 113%
111,
J -J 111 11134 11178
(38_1920
f
s
Div
1st
Dubuque
111
174
105
111
111
10014
dale
10-year cony gold
1917 J -1)
.
1924 J -J 11312 _ _ 11738 Aug 11 ....... ____.
Far & Sou assum g 6s
0.)
0914 J'ly '11
1913 F -A
5s.,Debentures 45 Series
ii
4
.10434 J'ne'12 ____ 104121033
1919 J -J 103
LaCrosse It D 1st 58
4963
5 -9b19514
9.614 9514
1928 11-S 94 .
East Okla Div 1st g
J'ne'12 ____ 106 1063
-J
106
J
10114
19814
1921
5s
Minn
Div
g
&
Wis
91
04
91
1
91 92 91
Short Line 1st 45 gold_ 1958 J -J
1134
Sep
-J
4'
J
1122
'12
-.
1113
4
1920
11018
11218
Val,
Div
Wis
1st
6s
23 9934 10012
Cal-Ariz 1st & ref 4 5s 1902 31- S 100 30012 10012 1001;
___ 101 10114
M11 & No 1st cons es
10814
1 10814 11012
1913 J-D 10012-- 101 Sep '12 ____
10018 10018
S Fe Pres & Pb 1st g tis_1042•S 10814 10834 10814
Aug'12
10018
-D
J
1913
__
____
Extended
'11
43.4s
J*17
103
10638
1915 11-S
Chic) & St L 1st 13s
- 10714 10514 Sep '12 ____ 10134 108
95 Sale 9458
9514 Si 9418 9678 Chicago & N West cons 7s _1915 (4-F 105
NIC 9612 9E1
AU Coast L 1st gold 49_51052 M-S
9634
_ 9612
1888-1928 I.-A _ _
Extension 40
03
98 Oct '06
Registered
F-A
-1888-1926
iii
Registered
66 0734 Nov.I1 - _
10812
Aug
10612
108%
2 M-N
28
Ala Mid 1st gu gold 15s...N95
8 87
8414
63384
4
8414
84
gold
1087
5I
-N
General
4
3)4s
91
-eV -68-43:
95 Aug'12
Bruns & W 1st gu gold 45 1938 J -J
Registered
p1087 Q-F *8212 8414 8434.1'1y '12 _.. 8412 8634
Charles & Say 1st gold 75 1938 J -J 128
1 9
1987 111-N 908 Sale 9558
General 48
964
-1333-4 ii; -6-324 "9614
0312 Wart; -5314
01952
& N col, gold 45
•
'
.
Sinking fund 6s1879-1929 A-0 110
11134 Noy'll -----------12318 12318
Say F & W 1st gold 8s__1934 A-0 122 123 12318 J'ne'12
1879-1929 A-0 103
4 1094
1093 Aug'12 ____ 1093Registered
11212
100
1103
MaY'll
A
58
-0
1934
gold
1st
,
10872
10518
A-0
___
105
2
1879-1929
106
106
fund
5s
Sinking
97
97 100 97
1 97 97
1918 J -J
Sil Sp Oca & 0 gu g 4s
1879-1929 A-0 1045 ____ 10373 Deo '11
Registered
16 9012 93
alt & Ohio Prior 3 Hs 1925 J -J 01 9158 91 Aug9112
lo2-.3.-4 far,
03 10438 Sep '12
1921 A-0
Debenture 58
'12
9053 9158
9058
1925 Q-J
Registered
_ ---10612Feb '10
1921 A-0 ---Registered
9712 40 9612 9914
51948 A-0 9712 Sale 96
Gold 46
1
0812 Mch'12 __._ foil2 10812
1933 ill-N
Sinking fund deb 5s
Aug'12
9818
96
96
51948
Registered
1933 M-N ---------10734 Aug'11
Registered
_ _ 112 Jan '12
112 112
Pitts Juno 1st gold Ss.-- _1922 -J 1091; _ _
___
126
1271g
J'ly
l'-'
126
_
_
124
A-()
_
63_1933
V
&
1st
Mo
Elk
From
'12
8712 90
P Juno & 11 Div 1st g 3H81025• N 87 __ 8712 Sep8938
_
9012 Sep '09 ___ __-__Mani G B & NW Ist 3 Hs 1941 J -J
85 89 92
t12 89
P L E & W Va Sys ret 48_1941 111- N _ _
J
let
L
-J
S
3
&
gu
1,0_1941
Mllw
---4
8638
89,
12
8812
9112
89/3 Sale 8978
Southw Div 1st gold 3 145 1025 J -J
Mil L S & West let g 65_1921 111-S iff 114 iiii:4 Soft ii ____ 11112 Hi%
'12 ---_ 10181015
Con Ohio R 1st c g 4 Hs_ _1930 11-5 10158.1015 Sep
10631 Aug'12 ____ 10634 11C1
F-A 10714
f
Imp
Ext
s
&
5s.._1929
gold
J'ne'12
107
11112
107
12
.
105
166
A-()
Ci Lor & W con 1st g 5s._1933
_ 14212 Feb '02
Ashland Div 1st g 6s1925 M-S 11434
Monon Itly 1st gu g 5s___1919 F-A 10112 _ 10214 J'ne'12 ---- 10214 10412
4 116311634 May'12 _. 11634
Mich Div 1st gold 83_1924 J-J 11414
Ohio River RR lit g 5s_ _1938 J -D 107_ 10933 Mch'12 --- 10918 10938
26 9212 94
93
92,8
N
S
do
93
W
9314
A1,Spar
1111
43_1947
1st
gu
10512
'12
Apr
105
10512
id6'1414
-100
5s
-0
A
1937
General gold
M-S
_
'11
____
Northw
-..
J'ly
g_1917
Union
_
115
_
1st
11018
is
11312
11312
_ 11312 Feb '12
• Pitts Clev & Tol let g 88_1922 A-0
2 109 111
Winona & SIP 1st ext 7s 1916 J-D 10018 111% 109 Sep '12 97 9712
9512 _ 97 Sep '12
1917 J -J
• Pitts do West 1st g 4s
10034 Sep '12____ 10634 1087s
Chicago Rock Is & Pa 88 1917 J-J 10614
91 91
01 J'ne'12
• Stet Isl Hy lit gu g 4 H8_1943 J -D 91
'10
____
Aug
109
Registered
1917
J
_
-J
_
106
11173 11212
112 J'ly '12
Buffalo R & P gen g 58_,,,,1937 M-S 10)12 _
;
'i 9414 967
951:
General gold 45
9512 'Safe 9434
1988 J -J
104 10714
1057 ;11-N 101 105. 10178 Sep '12
• Como, 44s
9338 9614 •
Registered
1988 J -J *9338 9478 9338 Sep '12
All & West 1st g 45 gu__ _1998 A-0 0578 ____ 97 Feb '11
1934 A-0 8712Sale 8714
8734 71 87 9034
Refunding gold 4s
103 J.17 '08
1943 J -J
Cl & Mah 1st gu g 53
9453
9213 75 91
__ 11334 Noy'll
20-year debenture 5s,1932 J- J 9213 Sale 91
Roots & Pitts 1st gold 88_1921 F-A 11113
Coll trust Series L 4s __1914 /11-N 96 _ 9734 Sep '11 ____ ____ -...:
112 Aug'12
..,
112 1158
1922 J -D 11212.
Consol 1st g Ss
9434,rnem
72 Mehl°
68J -J
-z.7
Buff & Susq 1st ref g
-N
M
1918 14-N
6978 232 67 5141
2002
uujii Sale 6912
I & Pao RR 4s
Chic II
10013: 10018
10014 lii 1002$ idi
1913 J -J
45
Clan So 1st ext 83
P
____
M-N
7134
Afeh'12
2002
723
4
____
7134
-__8
Registered
097
907, 13 99i101
100 9934
1913
•-1 2d 59
R I Ark It Louts 1st 4 Hs 1934 111-S 88 00 90 Sep '12 ____ 90 93 .
1913 M-S 99 ___ 10034 Jan '11
Registered
Aug'12
11012
A-0
110
'1
1934
11112'
5s
g
&
N-lst
C
R
Bur
11278
Apr
'12
F-A
11014
4
112781133
-.Central of (la 1st gold 5s__p1945
1934 A-0 --------12012 Itch'03
Registered
10634 11118
1945 M-N 10712 108 10712 Sep '12
• Congo! gold 53
__
1_06 1051_4 Sep '11
0 R I F & N W lst gu 5s '21 A-0
107 Aug'12 -_ 107 107
1945 51-N 0106
Registered
1
___ ____ _____
1927J-D 102%_ __
7s
M&StL1stgug
'11
103
Dec
Oct
• let pret income g 5s___p1945
Sep
J
102
-J
____ioi
Choc O k & 0 gong 5901919
105 Deo '11
2d pret income g 5s____91945 Oct
1952 n-N 106 10614 107 May'12 ..... 107 10814'
Consol gold 5s
06 Noy'll
_
2d peel income g 5s stamped__
1923 A-0 ____ 10034 10012 J'ly '12 _ 100 10141
Keok & Des M 1st _
107 Dec '11
Oct
3d prof Income g
1st4 )48'41 P- A 8934 9034 89 Sep '12 ...... 89 91111
St Paul& KC Sh L5s8513 Oct '10
3d pref Income g 55 stamped_ _
1930 J-D 120 122 12012 Sep '12 _.12012 124
PM & 0 con 6s
-9012 9117 9112.1.1y '12
"aiti -611-2 Chic St 85
Chatt Div pur mon g 4s 1951
---.
__ 93 Dec '03 ___
reduced to 3 313s_ 1930 J -D 89
Cons
10714 10714
Mac & Nor Div let g 5s 1948 J -J 107 10912 10714 Jan '12
1102 105 .
- 10214 Sep '12
1930 M-S 10214 i0312
Debenture 5s
-- _
1947 J -J 10513-- 115 Nov.05
Mid Ga & Ati Div 53
1.22 12312'
Joe'12
120
M-N
-___
122
&
1918
P
St
g
Minn
1st
88
Ch
10934
May
11
105_
1946
J
-J
g
1st
5s
•• Mobile Div
...
12951 May'09 ___
1930 J -J 120
Nor Wisconsin 1st 6s
lo
.112 101 Sep '12
101 103
Oen RR & B of Ga col g 5s_1937 ,11-N
i iOT iilis
109
109
ma A-0 1.03
St P & S City 1st g 6s_
11814
118 12234
1987 J-J 117;18 119 11814
Cent of N J gen.1 gold 5s
M-S_
-g_1930
L
55
1st
Short
Superior
12214
_
11)04
11713
11712
Sep
'12
51987
Registered
108 10812
Chic &West Ind gen g 83_41932 Q-M 10618N/12 Kist; J'ne'12
10514
105 107
Am Dock & Imp gu 5s__1921 -J 10-314 Sale 104%
8812 9214.
8634 9134 8812 Sep '11
1952 J-.1
Consol 50-year 4s
• Le & Bud It gen 2-11 g 53_1920 J-J 102 -__ 10212 May'12 _. 10212 10212
101 101 -!
____
J-J
Mch'12
_.
10114
101
43s__1937
gold
2d
D
&
H
Cin
100
100
J'ly
'12
_
100
Leh & Wilkes-B Coal 55_1912 M-N
4s
1959
J-J
__
--9112_
refunding
- --,
lit &
100 100
100 Sep '12
N Y & Long Br gen g 43_1941 M-S 08 _
4 J'ne'12 -____ 81 87 1
1.
1959 J-J ____ 907s §6
1st guaranteed 45
- - 91
91
90 9214
Cent Vermont lit gu g 43-.1920 Q-F 9012 9178

U. S. Government.

0378

;

L'6

T

4-4 10214 10212

B

16018

'12 ._iii iii

...iii;

MISCELLANEOUS BONDS-Continued on Next Page,
Street RallwaY,

Street Railway
19 103 1055
Brooklyn Rap Tran g 5s_1945 A-0 10312 10412 10334
104
9258 548 8373 9434
1st refund cony gold 48_2002 J-.1 0218 Sale 9118
1 10
124 10
612
84
82
102
Bk City 1st con 53 1916-1941 J J .- 10212 102
09 9834 J'ly '12
Bk Q Co & S con gu g 5s_1941 M-N
9834 9834
Bklyn Q Co & S let 5s..._1941 J-J
12 10l3 iOS1-4
Bklyn Un El 1st g 4-53_1950 F-A -_-_-- HZ"
1 10113 10212
Stamped guar 4-5s___1950 F-A 101-3-4 10218
8312 87
Kings Co El let g 4s
1949 F-A 8612 87 87 Sep '12
8512 Sep '12
Stamped guar 4s
1949 F-A 88
7712 81
79 Sep '12
Nassau Elec guar gold 48_1951 J- J 78 70
101 1017
10258 10173 J'ne'12
Conn Ry& List & ref 5g 4 Hs...51 J-J
Stamped guar 4 Hs
1051 j-.1 ..-- 10158 10112 Sep '12 _ 10112 10214
14 75 79%
77
7612 Sale 7618
Dot United 1st cons c 434s_1932 J -J
. 94-2 93 Apr '12 ".... 93 95
Ft Smith Lt & Trac 1st g 53_1938 M-S
4
878 10
0134
99
9
0,
. 99 Sep '12 _
Grand Rapids Ry 1st g 5s_191 J -D 1E10
Havana Elec consol g 58_1952 F-A -99 09 Sep '12 _
82
290 8012 8413
3 Sale 8114
Interboro-Metrop coil 434e..1956 A-0 817104% 13 10318 105
10114 Sale 10118
interboro Rap Tr 5s Ser A.1952

.J.;Idi3-4
10134
10134

•

!!. NO prlee Friday; latest thla week




d Due April, # Due May

94%
9455 9453
Manhat Ry(NY) cons g 45_1990 A-0 .
9434
9434
Stamped tax-exempt. __1990 A-0
Met St By gen coil tr g 5s_ _1997 F-A ---- ---- 102 Mch'12
9918 J'ne'12
Guaranty Trust Co certifs_
May'12
84
2002
Refunding gold 4s
- 6114 J*17 '12
Farmers' Loan as Tr ctf___
5934 Mch'12
Stamped
Bway It 7th Av lstc g 5s_1943 J-D ____ 10312 103 Sep '12
10134 102% 103 Sep '12
Col & 9th Ay let gu g 58_1993
1024 102 J'ne'12
Lox Ay It P F let go g 58_1993
74 J'ly '12
Third Ay RR cons gu 4s_2000 -J
Central Trust Co certa
74 7412 J'ly '12
*
73 Sep '12
Cent Tr Co cts stamped_
Third Ave Ry 1st g 5s___1937:14 10712109 108 J'ly '12
9312.1'1y '06
Het W S El (Chic) let g 48_1938 F-A
-10412 Deo '11
MIlw Elec By It Lt cons g 581926 F-A
Refunding It eaten 4 54s..1931 J -J 9413 ---- 9512 May'12

h Duo july.

k Duo Aug. o Duo Oct.

p Due Nov.

1 9412 9811
2 9434 98
9912 102 3
97 10352'
5512 64 11
5712 62141
5748 62 1
103 10414:
1011103l
102 103 ,4
74 80
73 811
7214 811
108 1101

q Duo Deo. s Option sales_

876

New- York Bond Record-Continued-Page 2

(VoL. Lxxxxv.

,
BONDS.b
"
.
. c.
)1. Y. STOCK EXCHANGE .....E
v
Week Ending Oct 4.
.
1 ...a.,

Price
Friday
Oa 4

Week's
Range or
Last Sale

.4
,V,
a)r5

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct 4.
...a,

Price
Friday
Oct 4

10eek's
Range or
Last Sale

1
:51
qv.
°

Range
Since
Jan. 1.

Oln Ham & Dayton (Continued)
Bid
Ask Low
High No. Low High St P M & M (Contintted)Bid
Ask Low
High No. Low High
. Cln D & I 1st gu ir 5s____1941 11-N 101
0212Aug'l2 ____ 10212 10414
Pacific Ext guar 4s .e.. _1940 J-J
9212 _ 9258Mch'll ____ _ _
;' 0 Find & Ft W 1st gu 4s g 1923 11-N ---- -----88 Mch'll
E Minn Nor Div 1st -g4s1948 A-0 0434 97 97 Sep '12 ...._ 11612 9812
. _../ 1 Cln I & W 1st gug 4s__19113 J -J 8034 -8812 8634 Sep '1,
Minn
Union
____
1st
g 6s....1922 J -J Ill ____ 11114 Sep '12 .___ 114 116
8634 88
Day de Mich 1st cons 4;s 1931 J -J
Mont C 1st gu g Os.__,j937 J-J 125 ___ 127 May'12 ____ 127 12714
____
Ind Dec & W lstg 5s___1935 J -J 101 - -_-_-_-_ 10-4-1.J'ne-'17
Registered
2 ____ 104 10412
1937 J-J 123
..13614 May'06 ---- ---- -1st guar gold 5s
1935 J -J 1st
guar
Dec'02
gold 5s
1071
1937 J -J 109341113
11114 11113
--- 4 11114 Sep '12
Cleve Cln C dc St L e 4_1993 J -D ____ 023I,1,1 9012 9314
Registered
8 91t.
1937 J-J
.. 20-yr deb 4 lis
_
1931 J-J 91 93 91 -Sep '12 ____ 91 933
Will ec S F 1st gold 5s_1938 J-D 1091-2 --_-_-_ Ifil-9Sep
-'
--ii ------------ - --: , Cairo Div let gold 4s_1939 J -J _.... 9312 9318 Sep '12
Gulf
S
I
1st
&
ref & t g 5s__51952 J -J 92 -95 941.--Sep '1: ____ 91-1941:
8 95
' Cin W de M Div 1st g 43_1991 J -J--, 8934 90 J'ly '12 _ _ 0318
Registered
51952 J -J
90 93
, St L Div 1st col leg 4s1990 M-N 901-2
ock Val let cons g 4 is_1999 J-J 1013-4 §itle 13-5-8 114 - - -7 -9934 103
92 9112 Sep '12 __-_ 8973 931;
Registered
1990 51-N 8812
Registered
_ 91 Oct '07
1999 J-J
10914 10012 Sep '08 .--- ---- - --Spr de Col Div 1st g 4s
1940 M-S 88
Col & H V 1st ext g 4s
1948 A-0 -92
90 Dec '11 _
94'2 Dec '11 ..
--' W W Val Div 1st g 48_1940 J-J 83 _ -_ 91 Apr '12 ___ 91 91
Col & Tot 1st ex 48
1955 F-A 9234 96 961 Jan '12.
961 9618
9618
C I St L & C consol 6s
lions Belt & Term 1st 5s__ _1937 J-J
1920 M-N 100111_ -_-__ 10534 Dec '11
9914
100
Sep '11 --__ 9938 10014
19914
lst'gold 4s
k1938 Q-F 96 _9618
Illinois Central061,
7 96 97
let gold 45
Registered
k1936 Q-F 9518 _:-: on J'ly '12
1951 J -J 10012 __ 101% Sep '12 .___ 10158 104
96 96
• Cin S & Cl con 1st g 5s_1928 J -J 10512 -.10718.11y '12 ____ 10718 10718
Registered
1951 J-J
100 Sep '11
0 C 0 & I consol 7s
1914 J-D
1st gold 3 hs
- 164 105 J'ne'12
1951 J -J 61105
1051;
21-2.
§iiie, 212
921.
i -6(1 6212
•
Canso' sinking fund 7s_1914 J -D ___
Registered
_
--_
1951 J -J __ ____ 89 Aug'12 •._-_ 89 8912
• General consol gold 65_1034 J -J ..-- US- Hifi Air .E.
Extended 1st g 3
5
ifiii Nit.
1951 A-0
9312 May'O____ ___-_-'
Registered
1934 J-J
Registered
- 12034 ..._
1951 A-0 _
__-_
_
C./ Ind Bi & W 1st pret 4s
1040 A-0 --- ___ g4 - J'ly '03 ____ __
1st gold 3s sterling
1951 31-S---J ly '09 ____ ____ __ __
80
e 0 Ind de W 1st pref 5s__d1938 Q-J 95 :
_
___
-- ---Registered
__ __ __
1951 31-S ........
__
....... ---i* Peo dc East 1st con 43_1940 A-0 8714 iii-3.
Coll trust gold 48
4 Sep '12 ____ -fiii4
- -91- gii1952
A-0
9838_
991..,Sep '12 ____ 0712 100
• Income 4s
1990 Apr
49 Sale 43
49
27 35 49
Registered
1952 A-0 __ lig 9514 Sep '12 -___ , 954 18514
Col Midland 1st g 4s
1947 J-J 45 An 50 Sep '12 _
1st ref 4s
1955 M-N 94 Sale 933,
42 581
94
20 93 9634
Colorado de Sou 1st g 4s
1929 F-A 9412 Sale 9412
9412
Purchased lines 3 5is__1952 J-J ___ - _.__ 8614 Feb '12 ____ 8613 8614
1 9358 975<
Refund & ext 4 iis
1935 M-N 94 941. 943
L N 0 & Tex gold 4s
0412 17 94 9818
1953 Al-N 9558 Sale 9538
9/53
5 9512 9913
Ft W de Den C 1st g 6s_1921 J -D 1081 00 109
Sep '12 .-- 109 1121.
Registered
1953 M-N
1 951 0434 Jan '11 ____ _- _ --,Coon & Pas Rivs 1st g 43_1943 A-0 ----___
Cairo Bridge gold 45
-__-_ ---- ---_
1950 J -D ---- --__ 9479 J'ly '12 ____ 9478 95
Cuba RR 1st 50-yr 5 g
1952 J-J -.
-_ i(j0- May'10 -- _ .....
LItchtleld Div 1st g 3s_ _1951 J-J 73 7518 7312 J'ne'12 .__ 7312 73i2
'lel Lack & Western'
Loulsv Div & Term g 3 As1953 J-J 85 ....„.. 85
55
1 8412 8718
-5,,
- Morris & Essex 1st 7s_1914 M-N 104 10434 10634 Sep '12 ____ 10438
Registered
1953 J-J
1063
82 85 81 Aug'12 ---- 83 83
1st consol guar 7s
1915 j-D 10634 Sale 1063t
Middle Div reg 5s
1063.
1 10634 10918
1921
F-A
10212
____
123
May'99
..-.
---- -„Registered
1915 J-D
Omaha Div 1st g 3s
1138 Dec '10 _
1951 F-A 75 ____ 7518 Aug'1:
75 7518
1st ref gu g 3 jis
2000 J-D ---- ----St Louls Div & term g 38_1051 J -J
____ 00 Mch'12 -__ -ii(i 90
74 7J
7512
Mch'12
•
-_
7512 7511
"NY Lack & W 1st 83
1921 J -J 11114
Registered
_ 1111.Sep '12 __ 1111911414
1051 J -J
73 7518 _ ,.
_
.' Construction 5s
1923 F-A 10412 1..(1718 10734 May'12
Gold 3;is
1951 J-J 8512 --- ;Z51-0 sec)".1 1074
1071i
...: -igli -i634
' Term & Improve 43_1923 M-N 0512 Sale 8817
Registered
1951 J-J 83 ____ 10118 Oct '99,..____ -:151,
2 9512 98
Warren 1st ref gu g 3 Ms_2000 F-A_
Spring Div 1st g 3 As
1951 J-J
10218 Feb '03
100 Nov'00
Del ec Hud 1st Pa Div 7s
Registered
1917 M-S *Ii1178
1951 J-J -§1" 46 _
11512 Aug'11
Registered
Western lines 1st g 48__1951 F-A 03 Sale 9
1917 M-S ---_ 140 Aug'01 ---- _
.:i- "6:1- ---E. -tii" -1761;
---,: 10-yr cony deb 4s
1916 J -D 93 Yale 9712
Registered
98
1951 F-A 9212
5t• 9738
- 99
_
; let lien equip g 4 5-is
Bellev
& Car let Os
1922 J-J
- 1011. 10118 10114
10134
1923 J-D 11234
101
2
j1712 May'10 -------------,r 1st & ref 4s
983
1943 M-N 9833 Sale 9314
Carb
&
Shaw
let g 4s
60 9712 993
1932
111-§
--941.J'iy
'12
9419
96
.• Alb ec Bus cony 3 jis
Chic St L Ss N 0 g 5
1946 A-0 90 9012 001.Sep '12 --- 90 93
1951 J-0 11218 114 1133t J'ly • II:
1133.-1 116
". Eons & Saratoga 151 7s 1921 111-N 119_ _,_ 12114 May'12 ---- 12114 1211.
Registered
1951 J-D 111 11214 114 Feb '11 ____ _--Deny& R Gr 1st con g 4s_1036 J -J 8613 g8 86 Sep '12 ____ 84 91
Gold 3;is
1951 J-D 83 Oct
___---'09::::
90
_, Consol gold 4 9s
1936 J-J 97 98 97 Sep '12
Registered
1951 J-D _ 9812 98 Improvement gold 5s
1928 J -D -,- 9458 95 Aug'12 ___ 94 991.
Memph Div 1st g 4s
1951 J-D 9118 7:: -112
.1-2Au-g-1i
.:::: -012 -Ell
let & refunding 5s
1955 F-A 8314 Sale 82158
8314 12 81 90 •
Registered
1951 J-D _
,l• Rio Or June 1st gu g 5s 1939 J-D ----IOU.: 10112 Aug'12 ..--- 10119 10112
St L Sou let gu Fr 4s
1931 111-S ..---98 J'ly '08 ------------....._
'.:• Rio Gr So 1st gold 4s
1940 J-J ---- 7712 6112 Apr '11
Ind
III
&
la let g 4s
1950 J-J
91 9134 94 Aug'12 .._ 9238 96
1' Guaranteed
1940 J-J --_ _ 85 Alch'08
Nit & Great Nor 1st g 6s
1919 M-N 107 Sale 107
107
4 107 10813
Or West 1st g 4s_ __ _1939 J-J 8318 fa 83
84
-gi- igis; (owa Central 1st gold 5s_1938 J-D 9818 100 98
98
1 9512 105
,•
Mtge & col trust 4s A 1949 A-0 ---- 79 80 J'ne'12 ___ 78 81
Refunding gold 45
1951 11-S 63 631; 61
61
3 61 6612
k4' Utah Cent 1st gu g 4s..a1917 A-0 82
lamestown Franklin &
J
'0
Dell Mot Un By 1st g 53._ 1917 M-N 99
to Clearfield 1st 45
1959 JI-D ___
no Sep '01
94 May'12 _
9412
Det de Mack 1st lien g 411_1995 J-D --,-- 95 92 Nov'll
Van City Sou 1st gold 3s 1950 A-0 '714 -72 7178 Sep '12 s 14 • 94.
7178 74
Gold 4s
1995 J -D 9014
1050 A-0
9014 Sep 'II
921 .IA. Registered
.. 63 Oct '00 _
66
___ ---Det Riv Tun Det Ter Tun 4 Lis'01 M-N 9834 994 9812 Aug'12- 9312 10078
Ret de Inlet 5s
--1Apr 1950 J-J
0312
t 96t2 10014
98 8 Sale 9734
Det T & 1-OS Div 1st g 481041 /11-S ,..-_
Kansas City Term! 1st 4s_1060 J -J
75 Feb '12 ...._ 75 75
9638 9814 9814
9814
9 9634 9834
pul Missabe & Nor gen 6s._1941 J -J 104 fog- 105 Sep '12 ---- 105 106
T ake title dc W 1st g 58_1937 J -J 10634 10714 10634 Sep '12 ___. 10634
110
Dui 83 Iron Range 1st 6s
1-4 2(1 gold 5s
1937 A-0 10338
104 Aug'12 ____ 104 107
1941 J-J ____ 1041: 104 Sep '12 ____ 104 10414
Registered
1937 A-0 .103 ____ 10612 Mch'08 __
North Ohio 1st gu g 5s_ _1945 A-0 10414 10612 10114 J'ne'12 ____ 10414
10512
• 2d 6s
1916 J -J 101
Len Vail N Y 1st gu g 4 jii_1940 J-J 1C)314 - 10412
104 Feb '11
1.)11::
1 10438 106
Dui So Shore & All g 5s_ _1937 J -,T 103 ::__ 10512.1'1y '12 _ 10
Registered
.5-12 103
1940 J-J
VIgin Jo! & East 1st g 5s 1941 /11-N 110__ 110 Aug'12 ____ 110 1121- Lehigh Vail (Pa) cons g 48_2003 M-N 9614 ........ 10412 May'12 __ 10912 10412
951., Sep '12 ___ 951
. 9814
1;41e 1st consol gold 7s
1920 M-S 115 116 117 Aug'12 ---V
Leh
Ter
Ry
1st
53_1041
gu
g
A-0
108
113 - Sep '12. ____ 113 -114
11814 11858
'‘,• N Y & Erie 1st eat g 4s 1947 31-N.Registered
_
_ 10112J'ne'll ___
_
1941 A-0 110
11118
Dec
'11
--,,,..
5s
2d
gold
,
eat
1919 M-S 101 __ 10414 Mch'12 ____ i0414 1011. Leh V Coal Co let gu g 5s 1933 J -J 10612 10634 ,0612
oei
Aug'12 ____ 1061-2 108
n • 3d ext gold 4 lis
1923 111-S 99
Registered
.10212 Mch'12
1933 J-J
10212 10234
____ • ___ ____ ___........_
1"•
4th
go
gold
ext
5s
1920
101_
A-0
105
Feb
let int reduced to 4s
1033 J -J
'12
i."
105 10514
iv • 5th ext gold 45
1928 J -D 96 161 100 Jan '12 ____ 100 100
Leh & N Y 1st guar g 4
1045 M-S gii-::-: -id- J'tie-qi -. -__-_ -63
. oils
NY L 5 & W 1st g Id 78_1920 M-S -„. 116 11534 J'ne'12 ____ 1153,11612
Registered
1945 111-S
____
__ _ _ __
/),IErie 1st con g 4s prior
1998 J-J 88 Sale 83
El C do N lst pref (is
1914 A-0 ---8812 54 8712 90
mit
Feb
'10
_
---_Registered
,,.
1996 J -J 85
85 Sep '12
Gold guar 5s
1914 A-0
85 W103 Mch'12.. idi-- idi
• lst consot gen Ilen g 43_1996 J -J
7778 hi 7714
7778 34 765 7934 Long island), ! •
Registered
1996 J-J
let consol gold Ss
7712 77 Apr'12
31931 Q-J 109 112 10914 Aug'12
77 77
_ 10914 11038
il • Penn coil tr g 4s
1951 F-A 8912 R93, 8912
1st consol gold 43
8912
31931 Q-J 93
5 88/8 91
9614 hiell'12 ___ 9614 9614
',‘,. • 50-year cony 4s A
1953 A-0 8812 Sale 88
General gold 48
8834 77 85 9118
1938 J -D 915 94 04 Sep '12 __ 99 9412
yr •
do
Series B
1953 A-0 7912 Sale 793
Ferry gold 4;is
7934 39 7514 81171922 31-S 9614 100 98 J'ne'12 ____ 98 98
Il Buff NY &Erie 1st 78_1916 J -D ____
Gold 4s
110 Apr '12 .._. 10834 11034
1932 J -D 90 97 9914 Oct '06 ..... .. SI Chic & Erie 1st gold 5s 1982 M-N - 1117 112 Sep '12 .___ 112 114
Unified gold 4s
1949 111-5 90 91 90
90
L 66 6E12
, Clew & Mahon Val ir 5s 1938 J -J 1083-4 ___ 109 May'12 ___ 109 109
Debenture goid 5s
1934 JD
_ 10312 10412 Dec '08 _. ___ -1938 Q_J
,)'• Registered
Guar ref gold 43
1949 111-S 93
94
C 93 9712
i'378
1935 A-0 12218 ___ 12412 May'12 ___ 12334 1191'Long Dock consol g 6s
Registered
1949 M-S
95 Jan '11 ..._ _._ --'• Coal de RR 1st cur gu 6s_1922 31-N 107%10712 10738 Sep '12 _.. 108 1073
N Y B & M B let oon g lis 1935 A-0 10412_... 11014 Nov'06
, Dock Fe Imp let cur 6s 1913 J-J 10014 101 10184 Mch'12 ___ -1013410114
N Y & R B 1st g Ss
MS
1927
103 10312 103
103
1, 103 104
.
1,'.' N Y & Green L gu g 58_1946 11-N 104
10312 Aug'12 ____ 10312 105
Nor Sh B lst con.g gu 5s.o1932 O-J 10378 _...... lob Aug'12
105 107.4
'
'
l N Y Sus & W let ref 58_1937 J-J 103 _
103 J'ly '12 ____ 103 105
Louisiana & Ark let g 5,1927 3,1-S 91 9612 93 Sep '12 __ 93 9418
2d gold 4 Hs
1937 F-A 8225 _- _ 10014 Deo '08 ____ ___ _ ___ Louisville & Nashville-,•
General gold 5s
1940 F-A 87 IN 87 Sep '12'
General gold Os
-s7 90
1930 J-D 113 1131, 11312 Sep '12 __ 11212 11712
Terminal 1st gold 5s 1943 /11-N 10812 _ 10312 10812
1 in812110
Gold 53
1937 31-N 11012 11118 11034 Sep '12 __
11034 11218
"Mid of NJ 1st eat 5s.„.....1940 A -0 --„- ..:._ 11112 May'12 __ 1111211111940 J-J
Unified gold 45
0734Sale 9734
9814 85 9713 9953
r. Wilk & Ea 1st tru g 5s_1942 J-D 100 -____ 100 Seel '12
Registered
0912 1021r
1040 J-d 90 008 9612 Sep 'li ..__ 9612 9838
By & Ind 1st con zu g 6s
1928 J -J 11014 112 106 May'12 __ 106 106
Collateral trust gold 58_1931 11I-N 107 109 110 Aug'12 ___ 1085 11012
livens & T 11 1st cons 6s
1921 J -J 11034____ 112 J'ly '12 ____ 111121122
1919 J-1) 110 11118 i1012 Sep '12 _ 11012
E II & Nash 1st g 6s
11133
1st general gold 6s
1942 A-0 98 102 192 J'ne'12 ____ 10178 10238
1931 51-N 101
L Cln de Lex gold 4 lis
10434 MaY'll
10418 105
• Mt Vernon 1st gold 6s
1923 A-0 10714 ___ 108 Nov'll
1930 J -J 11852 f2611 1203 Aug'12 _ 12014 121
NO & AI 1st gold 6s
• Soil Co Branch 1st g 5s 1930 A-0 95 ____ 95 J'ne'12 __ 95 95
11712Jan '12 ..„. 11712 11712
N 0 & St 2d gold 63_1930 J-J 114
lorlda E Coast 1st 4 Jis_1959 J-D ___ 9612 96t2
9612
1 96 995
Paducah & Mem div 4s...1946 F-A 90 9418 9314 Aug'12 ___ 9314 98
ort St 11 D Co 1st g 4 jis_1941 J-J
92 Aug'10 _ __ __ _ ..
1920 31-S 10534
Pensacola Div gold 6s
10534 Meil'll
rt w & Rlo Or let g 4s 1928 J -J •._
7'712 78 7717 Sep '12 __ 76 8112
St Louis Div 1st gold 68_1921 M-S 11012 114 1121. J'iy .1:. _.__ 11•212 ifs
al H dc H 01 1882 1st 5s-1913 A-0 9812 100 9915 Aug'12 ____ 9912 100
1080 M-S *6913 7218 698;i Sep '12 ___
2d gold 3s
6918 6934
real Northern92
1955
9112
MN 9112
Atl Knox de Cin Div 4s
92
L 9112 93
- 0 B & Q coil trust 4s
1021 J-J
9534 Sale 0514
All Knox do Nor let g 5s_1946 J-D 110
11212 May'12 _ 11212 11212
9534 167 9514 985.
Registered _ h
1921 Q- J __ --____ 9538 Sep '12 __
955 9838
Ilender Bdge lets 1 g 6s_1931 51-S 105
108 Apr '11
1st & refund 4 Us set A1981 J J 100 10012 10012 10012 19 10018 101%
Kentucky Cent gold 45 1987 J-J 9212 93 9212
921,
j 6i- cii
Registered
1061
- _
L & N & 51 & M 1st g4 5s1945 MS 10312
10458 Sep '12 _ 10414 10458
___
Bt Paul M & Man 4s
1933 -J---,1 id "tii" f - Au-g-i.
90 Aug.'', ___ 8878 00
2 _ ... _ iii.- 99134
L & N-South 111 joint 4s_1952 J-J 9012
let consol gold 6s
1933 J-J 123__ 12534 Sep '12
Registered
95 Feb '05
31952 Q-J ___
12434 12534
_ ---Registered
1933 J-J -------122 Sep '12 ____ 122 122
N Fla & S 1st gu g 5s___1937 F-A 1073;11012 10814 Sep '12 ____ 10814 10934
Reduced to gold 4331933 J-J 10312 10418 10358 Aug'12____ 10358 10512
N &C Bdge gen gu g 4 As 1045 J-J 100510112 10012Sep '12 __ 10012 10012
Registered
1933 J -J 102 ____ 10834 J'ne'09 ____
Pens & Atl 1st gu g 3s_1921 F-A 11014 .._ 11014
11014
4 11014 112
Mont ext 1st gold 4s....1937 J -D 9618 97 97 Sep '12
9012 9814
S & N Ala con gu g 5s___1930 F-A 10834 11025 10918 J'ly '12
10918 11112
Registered
1937 .1 -D
10AN 3,1-.S
98 J'ne'll
_
ant Mr1-019
fill. Olt.

p

eRio

•

I

F
G

MISCELLANEOUS BONDS-Continued on Next Page,
Street Railway
Minneap St 1st cons g 5s___1919
New Or! By & Lt gen 4 is_1935 J-J
N Y Rys 1st it 5 d4 ref 4
m J -J
• Temporary ad' Inc 5s________ A-0
Portland Fly 1st & ref 5s___1930
Portland Gen Sloe 1st . _1935 hi
St Jos Fly L, 11 & P tstg
5s5s 1937 M-N
St Paul City Cab cons g 53__1937 J -J
Third Ave 1st ref 4s ctts
Adj Inc Sc Interim ctfs
Psl-City By & Lt 1st s f 5s_1923 A-0
Underground of London 5s_1920 Ni-N
• 4)45
1933 J -J
Income 65
1948
Union Elm (Chic) 1st g 5s....1945 W-15
,United Rys by let lien coil
trust 5s Pltts issue
1926 hl-N

102 1024 102 Sep '12
10112 102
85 8712 8714 J'ly '12
8412 8812
7712 Sale 7712
7734 50 7634 8158
5412 Sale 5412
55% 360 5112 593
10034 ---- 10934 Sep '1.2
99 1003
____
06 -- -46"
105 Sep '12
105
105 106
8118 55 81 86
8178 Salo 8114
72 273 70 8014
72 Sale 7083
9818
9818 Sale 93
9758 99
98 Apr '09
- 95 Sep '12
95 9014
"8712 89 88l Sep '12
7912 90
89 Oct '08
-

Street Railways,
United Rys St L let g 4s__,,1934
St Louis Transit gu 5s___1024
United RRs San Fr s t 4s_1927
Va By & Pwr 1st& ref 5s___1934

J-J
A-0 83 87
A-0 85 67
J -J ---- 98

7712 J'ly '12
84 Sep '12
6412
05
96 Sep '12

7012
83
5 6412
98

80
85
70
9712

Oas and Electric Light
Atlanta G L Co 1st g 88.___1947 J-D 104
Bklyn U Gas let con g 5s_1995 51-N 106 Sale 15E3-4 161-4 --i; ifigiiidiii
Buffalo Gas 1st g 58
1947 A-0 66 Sale 66
21 co 6538
5
Columbus Gas 1st g 58
1932 J-J
Detroit City Gas g 5s
1923 J -J WI' ii5i- idd - seFii :::: lad - 1.5'1i
9558 Sep '08
Det Gas Co con let g (5s..
1918 F- A
Bet Edison let coil tr 58_1933 j-.1 iiiiis foil; 10112 lolly
11)125 10215
Eq GLNY 1st con g 5s_1932 (1.1D
-S --__ 10612 10812 Aug'12
110534 10612
102 __ 103 Sep '12
Gas & Elec Berg Co c g 5s 1949
103 103
Gr Rap G L Co let g 5s
1915 F-A 99 100 100 Oct '09
8212 8312 8412 J'ly '12
9334 861: Hudson Co Gas let g 5s
1949 51-N 103% ........ 105 Sep '12
i(11.14 WI;
Kan CIty(Mo)Gas tst g 58_1012 A-0 971.!
9312 Sep '12
9312 99 ,4
.1 No prloe Friday; latest bid and asked this week. a Due Jan, 9 Due Fob. d Due April, I; Due July. 8
Duo Aug. 0 Due 00t. s Option sale.




OCYr. 5 1912.]

New York Bond Record—Continued—Page 3
Pricy
Friday
Oct 4

Range
Week's
Range or
Since
cl
Last Sail
Jan. 1
1,41
----aid
Ask Low
High No. Low High
_
anlla RR—Sou lines 43_1936 M-N ____ 86
2512 Apr '09
exiean Cent inn g 38 tr rects.
()
1917 -A--Equip di coil g Is
- hfc-h-'16 -_-_-_-_
Mex 1nternat 1st con it 45_ _1977•S
79 Nov '10
Stamped guaranteed_ _ _ _1977 M- S
129 Feb '12
129 192i J -D
Minn & St L 1st gold 7s
11018 11018 Aug 11
_
Pacific Ext 1st gold 6s_ _ _1921 A-0
101 - log
1931 M-N _101 .02 Sep '1._
1st consol gold Is
1st and refund gold 4s_ _ _1942 M- S 66 63 61 Sep '1_ - -. 5978 6978
78 771: 7714 XIV'12
77 81
Des IM So Ft D 1st gu 4s 1032 J-J
96 9734
9513 9678 9678 Sep '12
Id StP&SSM con g 43 int gu.I938 J -J
1941• N 95 ____ 9714 J'ne 12 __-- 9714 9714
1st Chic 'fermi s f 4s
0658
0614 May'12 ____ 0614 9614
21 S SM & A 1st g 4s int gu 1926 J -J
9812 Mch'll
Mississippi Central 1st 53_1999 J -J
1) 9. 8 Sale 9258
9312 Is -5a,897
Mo Kan & Texaslst gold 4419911
8114
0990 1.2- A 8114 Sale 8114
2(1 gold 4s
10038
9'.9112 10
8
11<8
82
.
1944 M- N 0934 10039 10038
1st ext gold Is
2004 51-s _7634 78 Sep '12 _ _ 7712 811
1st & refund 4s
8C)
10 8514 8914
gE3-4 Sale 8534
Gen sinking fund 4 22s_ _ _1932 J-J
. 78
78 J'ly '12
76 78
St Louis Div 1st ref g 4s_2001 A-0
_ 10478 Sep '12 ____ 10.178 1053,
19-10 21-N it;i12
Dal & Wot 1st gu g 5s_
88 91
199 1 F- A 87 ___ 88 Sep '12
Kan C & Pao 1st g 4s
10(115 110
Mo K & 5 1st gu g Is_ .1942 A-0 10614 107 10618 Sep 'P.
105
105 10712
1942 M-N 10312 105 105
M K & Ok 1st guar 5s
101
0014 104
M K & T of T 1st gu g 5s_1942 21-S ____ 10314 ,01
_ 104 10378 Feb '12
10334 1032
Sher Sh & So 1st gu g Is 1943 J-1)
10378 10514
Texas & Okla 1st go g Is 1943 M- S 102 10,514 10378 Mch'12
10512
Missouri Pao 1st cons g 6s 1920 M-N 105 10511 10514
100
10034
034 191
19473
Trust gold 58 stamped_ _a1917 21-S 9912 100 0934
_ 97 97
a1917 NI- S 98 ---_ 07 May'12
Registered
10034
0634
I
97
F-A
Is____:1920
4
,
97
9612
981
1st collateral gold
1920 F-A
Registered
71 70 -f,i173
4
1945 In- S 72 Sale 72
40-year gold loan 45
0612 May'l 1
1938 24-N
3d 7s extended at 4%
88
71 81 - -05;
1950 M- S 88 Sale 871.,
1st & ref cony Is
Cent 13r fly 1st go g 41_1910 F- A 92_ 92 Sep '12 ____ 02 92
8'6 81 May'12
81 81
Cent Br U P 1st g 4s_ _1948 - I) 75
_
110 Mch'05
Leroy &CVAL 1st g 53_1922 J
_ _ 0318
!o218
to:315
Ts -024 06
Pao 11 of Mo 1st ext g 4s_1938 F- A
10314 105 10812 May'll _ .
2d extended gold 5s...._1038 J
1 1021 i063
10334
StL Ir M&S gen con g 53_1931 A-0 10312 10334 103,2
_ 111 Sep '09
Gen con stamp gu g 5s_1031 A-0 10212 _
80 -15: 779 82i
7058 go.78 71)
Unified & ref gold 4s 1929 J -J
192 3-J _8078 80 Mch'12
78 80
Registered
•
83
. Sale 83
.3
8212 84
Riv & (1 DIv 1st g -Is_ _1932 M-N 8
100 10212 Jan '10
_
Verdi V I & W 1st g 5s....1926 11- S
ft;
-33 11834 i 1834 Sep '12
71113) 121
1927 J -D
Mob & Ohio new gold 6s
11534 11534
1st extension gold 133___81927 Q-J 11413 11412 11534 Feb '12
8534
813 8534
2 85 8734
1938 id- S 85
General gold 4s
10734 1101
Montrrn Div 1st g 53_1047 F- A 10658 110 10814 Aug'12
43
Cairo colt g 4s__51930 Q- F 83 8518 83
82 835,
St L
9312 Mch'11
93
Guaranteed gold 4s
1931 j-j
Mashy Ch & St L 1st 78_1931 -3 151 1021- 10118 Sep '12.- HI3-4 64:10922
LI 1st consol gold Is
1928 A-0 10953 Sale 10958
2 m381097i
Jasper Branch 1st g 64_1923 j-J 11112____ 11578 Nov'10
10734 Mch'12
MoM II W 63 Al 1st 83_1917 J -J 105
10754 10734
T do P Branch 1st Os_ _1917 J -J 105
113 J'ly '04
0012 Sep '12
8978
89 921,
at Rya of Mex pr h
57 J -J
2en 4 33.19
78
,
78 861'
78
• Guaranteed general 4s_ _ _1977 A-() 7734 82
99 100 .Kat of Mex prior lien 4 323_1928 j-J __ 100 99 Mch'12
7712 80
- 80 7712 Aug'12
1951 A-0
• 1st consol 45
89
83 89 89
8812 05
0 Mob &Chic 1st ref 55 1960 J -J
0 & N E prior lien g 6s_p1915 A-0 104 10478
2
8713 88:.
ow Orleans Term 1st 45_1953 J -J -8714 8714 Se15-'1:
88
i12 86 8512
85 881,
Y Central & H It g 3 y23_1097 J-J
85
8414 Sep '12
1997 J-J
8414 8714
Registered
0214
1931 51-N 9214 0228 92
92 9614
Debenture gold 48
193 111-N
03 May'12
Registered
93 93
34 1934 7912
7912
Lake Shore coil g 3 325_,...1998 F- A
7912 85
Registered
1998 F- A ____ 771, 7634
1 7634 84
76,4
78 Sale 78
Mich Cent coil gold 3 20_1998 F-A
78
lo 78 821.
Registered
1998 F- A _. 7712 78 Sep '12
773e 791!
Beech Creek 1st gu g 4s 1936 J -J
2/g12 100 0918 J'ne'12
9918 0918
Registered
1936 -J
97 _
99 May'll
10473
1936 J2d guar gold 5s
1936
Registered
•
Beech Cr Ext 1st g 3 Y0_81951 A -0
- 9712 Apr '09
. Cart do Ad 1st gu g 4s_ _ _1981 -I)
; Gouv & Oswe 1st gu g 53_1942 j-D 108_
g12 -561, Me-h-q-1
;• Moh do Mal 1st gu g 4s1991• S _
105 Oct '02
N J Juno R guar 1st 43_1986 F- A
Registered
•
1986 F- A
80 May'12
8868 89
N Y & Harlem g 3 yls_ _20ou M-N
Registered
2000 111-N
••
N Y do Northern 1st g 55_3927 A-() 166- 'di- 1071 Oct '09
0778 Aug '11
N Y & Pu 1st cons gu g 431993 A-0 __ 06
• Nor & Mont 1st gu g 53_2.1916 A-0
13112 Jan '00
• Pine Creek reg guar 6s.._ _1932 J -D
10634 -5 1043.3-4 10734
R W do 0 con 1st ext 515..h1922 A-0 10634 Safe 10614
_ 105,2 101 Mch'12
°awe & R 3d gu g 5s___51915 F- A
101 101
104 J'ne'10
' 1115V & OT II 1st go g 5:4_1018 M-N 102
913 .'arei
-i;(T - 9814
Rutland 1st con g 4 22s_ _1941 J -J
8112 Sep '12 _
84 88
Ogdol.Cham 1st gu 4s g 1948 J-3 8318 84
92 J'ne '09
Itut-Canad let gu g 48_1940 -J
108 Sep '12
108
a Lawr do Adir let g 5s_ _1996 J -J 10734
•s
11 1-21
5
11912 Mch'12
91-2
iiii
1996 A-() 105
'• 2d gold Os
_
Utica & Blk 11,1v gu g 48_1022 3-J __ 100 0973 Nov'll
10 871 897
88
Lake Shore gold 3 5s.. _.._1997 J -D 88 8914 84)
Registered
1997 J -D 8634 8734 8734 J'ly '12
8714 8834
0234 54 0154 941.
•
Debenture gold 4s
1928 111- S 02 9212 02
23-year gold 45
1931 M- N 9218 Sale 0178
0214 43 9112 937,
Registered
1931 M-N
9268 Apr '12 --__ 9258 931:
Ka A & (1 iii ,t, iru 0 53.1938 J Mahon C') RR 1st 58..1934 -J rid - -_-_-_-_ 1111-522c-h-qi
Pfits & L Erie 2d g Is,. .01 923 A-0 10512 _ _ _ 105 Apr '12
105 105
• Pitts MoK & Y 1st gu 83_1932 J -J 121 ____ 1301 Jan '09
_ 12314 Mch'12
1034 J-J 121
26 guaranteed Os
12314 12314
Meliees & B V 1st g ds_191s 3-j
1931 (21-S 110 111 111 - Jan '12
Michigan Central 53
111 111
1931 Q-M
Registered
119 J'ne'06
1040 J -J
93 Apr '12
421
-08 98
1940 J-3 9812 Nov'1 1 _
Registered
00 J'ne'08
_
J L & S Ist gold 3 25s 1951 M-S
192 M-N
8612 Mch'12 -- 8613 8634
let gold 3 22s
8918 8812 Aug'12
20-year debenture 48_1929 A-0
81105 02
_- - 9812 9758
08
5 0712 1002,
NY Chi° &St L 1st g 4s_1037 A-0 9758
1937 A-0
99 9934
0934 Mch'12
Registered
8
883
8838
8
883
M-N
-8812
1931
1 W:38 91
Debenture 4s

BONDS
N. Y. STOCK EXCITANGIE
Week Ending Oct 4.

31

rig -

ga.,

i

-

.76- 00
*

10

rrg
BONDS
N. Y. STOCK EXCHANGE
4.
Oct
Ending
Week

877
Price
Friday
Oct 4

Pi'cer
Range or
Last Sate

Range
Since
Jan, 1.

Bid
Ask Low
High No. Low liffik
N- Y C &H R—(Con)
11514 4 imi4 101
9814
9814
West Shore 1st 45 guar_2381 J -J
9813
07 Sale
97
2361 J -J
97
Registered
10012 J'ly '11
—
N Y Cent Lines eq tr 4 Yis 1923 J -J
N 1r New Haven & Haar—
92
91
___ 02 01 Sep '12
1955 J -J
Non-conv deben 48
_ 911! 91 Sep ',:.
9312
91
Non-conv 4s
0234 Sep '1: -_ 90 9458
56 JJ
95
19
Cony debenture 3 3is
12,14 — 14 12778 13212
12812 1283, 12834
Cony debenture 6s
1 ____ 9936 99 Sep 'I:
1-k
99 0918
54 Aj
'8
191
Harlem R-Pt Cites 1st 43_19
9912 9913
9912J'ne'11
B & N Y Air Line 1st 4s 1055 F-A
1014 Sep '11
9014 0358
Cent New Eng 1st gu 4s 1961 J -J
115 Aug'i:
114 115
Housatonic R cons g 5s 1937 21-N
0938 Sale 2 38
.0018 it, 98 10014
N YW'ehes &Hist ser I 4 325 '46 J -J
- -- - Nil & Derby cons cy 5s_1918 Al-N 10212 ____ 107 Aug 22
New England cons 5s
1945 J-J *115
lot;
JJ *9958 ___
Conso' 4s
84 J'ly 'Is
45
84 84
81
7
1955
Providence Secur deb 4s_194
02 06
0212 Sale 92
N l'OdcWref 1st g 4s_01992
9212 9212
921,J'ne'1:
Registered 55,000 only_a1992 21-S
8958 8923
General 4s
- - 9214 895i-; Feb '12
99 1001s
1 9812 100 100 Amt'11
,- 142
j55 2
981
Norfolk Sou 1st & ref A Is 19
10212 10254
\/orf & South 1st gold 5s_1941 11-N
- ---- 10234 Apr '12
i233 12513
1251z; J'ly '12
Nort & West gen gold 6s 1931 m-N iii
124 12638
12412 May'12
Improvement & eat g 6s_1934 F-A 123
124 124
New River 1st gold 0_1932 A-0 12134 _ _ 124 May'll
;5 58 2. 9612 9978
reldst cons g 4s 1996 A-0 9678 Oil 97
y
N IlelgVisn
98 Jan '11
te
911. 94
92
ti
9112 921. 9134
44
46
09
Div'l 1st 1 & gen g 4s 19
1071-2 118
1 0-25-year cony 4s_
_1932 J-D 116 1123. 11758 Sep '12
O lt,58 Sale 116
111634 21 108 117
10-20-yr cons 4s full pd rct
905.. 1. 00 94
C de C Joint 4s_ _1941 JD 9012 'j2 .60
10628 10638
C C de V 1st guar gold Is 1922 J -J 10614 - - - - 10533 Mch'12
95 0812
Selo V & N E 1st gu g 4,3_198t, 21-N 95
06 Sep '1:
Northern Pac prior 1 g 4s1997 Q-J
941. 61 9738 10021
9812 'Sale 0818
9778 Sep '12
1997 Q-J
Registered
9714 9912
6.42 42 6514 7018
General lien gold 35____a2047 Q- F 6912 Sale 6014
68 68
68 J'ly
Registered
9512 9612
St Paul-Duluth Div g 4sa_2
9513 _ 96 Sep '1:
04
19
J
6Q
97
100 100
Dul Short L 1st gu .5s___1916 M-S 10012 101 100 J'ly 12
11434 11512
St P & N P gen gold 6s_1923 FA 11314 11414 1424 Aug '1:
Registered certificates_1923 Q-F 11234 114 11532 Aug '11
107 107
St Paul & Duluth 1st Is. 1031 FA 10914
107 Jan 12
10152 ____ 10233 Sep 'I:
.0238 10238
26 Is...
0234 04
1st consol gold 9s
9234
94 J'ne '1:
0118 Apr '11
Aj_
Wash Cent 1st gold 4s1
87 (4
618
994
119
fie
Nor Pao Term Co 1st g 6s_ _1933 J -J 11114_ 11118 Sep '12
iii
1 912 9234
.2012 21 ,
2012 Sale 9014
Oregon-Wash 1st & ref 4s .1901 J - J
Pacific Coast Co 1st g 5s_ _ 1946 j-D 102 104 104
2 10312 104
124
10018 1011 111013
L enna KR 1st real est g 4s _ 1923 MN
10018
I 100 102
Consol gold Is
108 110
_ 110 110 Mch'12._
In
I. 101 104
Consul gold 48
air 111::). 101
10212
9912 10012
N
2M1--- S
9978 Sale 9978
Convertible gold 3 2-5s__ _1911923 11N
9117
9676 26t. 9653 9778
Convertible gold 3 2i8-0191 5 J- D 0634 Sale 0658
"7 9712
97 J'ly '12
Registered
10112104,18
1As 15131.
11:12 1A1,1
14!
994
4 Sale 10112
10134
Consol gold 4s
ss 19
_ 9938 10018
10018 Aug
4
Alleg Vol gen guar g 4 _
R R & Bge 1st gu 4 g 3
D
18)
99 i111.71g
Phlia Bait h W 1st g 9s_ _1043 MN 08 100 Toti
—
102 Jan
Sod Bay & Sou 1st g 5s_ _1924 J - J
1.).)58
Sunbury do Lewis 1st g 4s 1936 J
& Can gen 4s_ _1944 Al-S
U NJ
161 - 1611-1
10112 May'12
10214 _
Penns Co guar 1st g4 ;s___1921 J
103 Sep '1:
10212 104
Registered
1921 3- J 101_18 Sale - 0118
0212
.02 103
Guar 3 22s coll trust teg 1937 NI-S 88 --Sep
8812 8914
Guar 3 22s coil trust ser 13.1941 F-A -- __- 8
898 Sep '
88
Trust Co certfs gu g 3 3.0_1916 21-N __ -- 89 Sep '12
9712 0S14
Guar 3 32s trust ctfs C
1942 J 4) 86 8712 88 Mch'12___
88 8814
8734 8734
Guar 3 lis trust ctts D
1944 3-1) _8714 8734
,6 Jan 12
.459
C 96 0812
Guar 15-25 year g 4s
1931 A -0 1
9658
Cln Leb dc Nor gu 4s g__ _1942 21-N
90 --5
l 1011
10 J aete
10612D
Ci & Mar 1st go g 4 3.4g 1035 Al-N
---10734 Dec '11
CI So P gen gu g 4 3.2a ser A 1942 J -J
___
Series B
109343'1y -09
0
Int reduced to 33.s_1942
-°
1912 A 9114 Feb '12
Series C 3 42s
1948 M- N 9018 9114 44114 May'12
1
14
9;
-4 6
1114
;
Series D 3 3-213
0018 ____ 90 May 08
Erie &
9
50
gu g 33.4j B_119
94
_
9112 May'12
Series C
91)1i 9018
9013 J'ly 'o2
Grit & I ex 1st Cusg
104 105
104 Aug'12
191?
t 4p_s_ 19
Pitts Ft W & C 1 7
2 J
100 10114
100 May'12
2d 7s
10378Feb '11
1912 J -.1
3d 7s
101 Dec 11
Pitts Y & Ash 1st con 584
2 ,'1'N
9217
_119
109 LIa y:10
10134 102)3
Tol W V & 0 gu 410
, A__1931 - J 101
11)218 J ne 1 1
1933 J - J 101
Series B 43.4s
100 J'iy '10
9558 ____
1942 MSeries C 45
0414 10634
P C C do St L gu 4 22s A 1940 A -0 103
10418 104 10134 J'iy '12
10134 107
Series B guar
,525
1(.138 __ 110
141
614 inch
,5
Series C guar
4
19
14
1945 M-N 06 61;12 9 12 Sep '1:
-if 66
Series D 45 guar
9313 0538
1949 F-A ____ 95
Series E 3 148 guar g
Series F gu 4s g
1953 3-0 *96 9734 07 J'ly 'I'S
97 97
_ 97 99
Series G 4s guar
_ 08
97 J'ly '12
N 1
A --O
C St L & P 1st con g 5s_193
2M
-1957
- 11312 Nov'll
Peo & Pek 1In 1st g 6s
1921 Q-F 10612 - - 109 Atay'll
2d gold 4 32s
01 92 '5312 Jan '11
Pere Marquette—Ref 43—n92
-663-4 -6614
1 JJ
955
Refunding guar 43
_ 69
5312
5233 51
1951 J - J
4 Au
548
r :1
pg
212
102i J1) 06
Ch & W M 53
98 9952
Flint & P H g Os
108 108.32
___.. Hi- 10
07s13: Itmfaa y:112
1st consol gold 5s
2
96 100
06
1/71: 96 Sep 's
Pt Huron Div let g 5s_1119
90
___
329
993
9712 9712
Sag Tus & H 1st gu g 48_1931 F-A
Philippine fly 1st 30-yr s f 4s_'37 J - J
8414 88
-g6172 88 May'12
113 11314
Pitts Sh & L E 1st g 55___ _1940 A -0
_ 113 J'ly '12
1943 J J
1st consol gold 5s
11314 Nuy'll
-J
4
1097 J
1:: 132 -66- -68597 Sale 096t,33,
pending Co gen g 4s
Or,32 9814
J'ly '12
IA, Registered
A-6 9613 9411 9612 Aug'1:
1 j-1
957
1
1 99
9112 931
Jersey Cent coil g 4s
95 --Allan City gu 4s g
cit Jo & Gr 1st 1st g 4s
_ 57 Sep 1:
1
47
95
19
8738
1
88 8915
1181211958
L & San Fran gen g 6e 1931 J -J 11812 i.i6 118)-Sep '1:
1931 J-J 10458 10712 :0458 Sep '11
10112 10812
General gold 55
82 8512 8412 Aug']..
8112 8814
St L do S F RR cons g 43_1906 J - J
84 8114 8414
, 8312 8812
4114
Gen 15-20 yr Is
_ 943
10()
27
94
1 11934 0034
Southw Div let g 24_ 19
s34 25
72
9
34
7734 Sale
Refunding g 48
7734 8154
11951
Registered
8034 Mch'11
--- - -

(5a1, _

--

__
1°21.
_ .2 _ _ _ _

MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g 5s......_1937 A-0
Purchase money Os
1997 A-0
Convertible deb Os
1.922 In-S
Ed El Ii Min 1st eon g 48_1939 J -J
Lao Gas L of St L 1st g 5s_e1919 Q- F
Ref and ext 1st g 55
1934 A-0
waukee Gas L 1st 45
1927
N
mark Con Gas g 53
1948 J-D
Y G E L If 61 P g 5s_1948 J-1)
Purchase money g 4s
1049 F- A
Ed Si III 1st cons g 5s
1095 J -J
Y& Q El L&P 1st con g 53_1930 F-A
ti Y & filch Gas 1st g 5s
1021 ,11-N
aciflo G & El Co Cal (3 do 5
Corp unifying & ref 58_1937 21-N
pao Pow Is Lt 1t Is ref 20-yr
5s Internal Serie,
1010 F -A
at & Passaic 0 do 5 5s_ __ _1949 11-S

r

16.114 Aug'12
Sep '12
11818 Deo '11
2334
8812 Dee '11
10214
10214
10214
10114 Sale 10119
10114
9038 9139 0038 Sep '12
102 105 10614 Apr '12
11)3 Sale 10222 103
841,
8614 Sale 8614
11318 Mch'12
1)11) hO11 1)50 Sep '1_
- - 9212 J'ly '09
_ 105

11514 115

95
53 95
10212 103

0114

95

95
95
10258 J'ly '12

5
3
35
3

12

Gas and Electric Light
10414 1051. Peo Gas & C 1st con g 6s___1943 A-0
1947 M-S
115 117
Refunding gold Is
1947 51-S
Registered
Ch G-L & Cke 1st gu g 5s1937 J-J
1011 103
Con G Co otCh lst gu g 5s 193 J-1)
Ind Nat Gas & 011 30-yr Is '36 21-N
10034 102
Mu Fuel Gas 1st gu g 5s 1947
8978 905s
N
10614 10614
1947 M-N
Registered
10258 10414 Philadelphia Co cony 58_1910 F-A
8.14 sip, Stan Gas& Bice cony if 65_1922, J-D
112131111< Syracuse Lighting 1st g 5s_1951 J -I)
10) 10212 Syracuse L & P 55
1054 J -J
1940 M- S
- - - - - - - - Trenton G & E 1st g 5s
Union Eiec L Is P 1st g 5s 1932 M-S
1933
04 9538
Ref & ext Is
Utica El L & P 1st g Is___ _1050 J -J
1957 J -J
93 95
Utica Gas & E ref 5s
10222 10252 Westchester LIght'g g 5s
1950 J-1)

m-N

101

117 117 Sep '12
ill
Sale '01
Sale
10314

11:al;
5—:"
-I8,3

3212
92
312
1119
rIb:
3 I
0003
Fjt'elei
10114 Aug'12

i6i - 109 Feb '12

115612 10113 10032 •(<1
10012
_ 101 Deo '11

__ 88 8512 J'ne'12
103 ___ 109 Feb '01
100
__ 10012 Aug'12
11634
J'ly '12
103
9 222 i661-4DeO-ii
loss,
105 1051; 1o218

• No price Friday; latest bid and asked. a Duo Jan. 3 Due Feb. e Due May. g Duo Juno. h Due July. o Due Oct. p DUO Nov.




1161411713
t, 10.454 10211
it i6214
10119 103
93 - 4.43
10053 10114
107 - 109
6 100 101
-E1-2 86
10012101"
9825 9813
-Z i641-8

I Opt1a32 sale.

878

New York Bond Record—Concluded—Page 4
BONDS

N. Y. STOCK EXCHANGE
Week Ending Oct 4.

Price
Friday
Oa 4

Week's
Range or
Last Sale

Range
Since
Jan, 1

l c

N.

BONDS
p.'e),
Y. STOCK EXCHANGE .4:
Week Ending Oct 4,
4s.,

[VOL. Lxxxxv.
Price
Friday
0.s 4

Wcek%
Range or
Last Sate

co

Range
Since
Jan. 1.

Bid
L 63 San Fran (Con)
Ask Low
High No. Low High
Bid
Ask Low
High No. Low Higli
K 0 Ft S & M con g tis__1928 M-N 11273 114 11534 J'ly '12
Vabash 1st gold Is
115 118
1939 11-N 10513 10334 105
105
10412 10773
K C Ft S de M By ref g 4s_1938 A-0 7814 7812 7814
2 77
7814
3d gold ISs
8012 Vi
1939 F-A 9912 100 9958
9,34
96 10112
Registered
1936 A-0 ---- 7712 J'ly '12
Debenture Series B
7712 7712
1939 J-J —_ —__ 90 J'ne'12
90 100
K 0 33 3111 & B 1st gu 55_1929 A-0 9712
10312 J'ly '12
1st
10312 10312
lien equips Id g 5s
1921 11-S
'I:
Sep
9834
9S14 101)
&
Ozark
Cis C 1st gu 5s g _ 1,)17 A-0 9914 9938 9912 Sep '12
9914 100
1st lien 50-yr g term 4s 1954 J-J
80 _ 8:3 Dec '11
St L S W 1st g 45 bd 0.13_1980 If- N 89 90 8978 Sep '12
1st ref and ext g 4s
8934 0212
1936 J -J
6814 Sale 6814
6912 21 -1412 723
2d g 45 Inc bond ctfs____p1989 J -J
80 Aug'12
Cent 1 rust Co etts
80 83
6612 Sale 6612
66f.
6433 71
Consol gold 48
sot, 21 7812 84,
1932 J-1)
80
Do Stamped
_
03 66 Sep '1:
6458 6934
Gray's Pt Ter 1st gu g 5s_1947 J -D 9918
10118 Apr '07
Equit Tr .st Co ctts
61 67 70 J'ne'12
5914 70
9 A & A Pass 1st gu g 4s
8612 Sale 3093
1943 J -J
861!.Do St..mped
86 8734
6131. (3512
ssi, 11 (301s (1953
S F & N P 1st sink t g 5s_1919 J -J
94
Det & Ch Ext 1st g 5s___1941 J-J 10/14 Sale 10114
104 Oct '00
10714 1. 11)6 - 10714
Seaboard Air Line g 4s
1950 A-0 85
_ 8714 Aug'12
Des Moin Div 1st g 43_19:39 J-J
87 873
79 8014 80 Aug'12
8:1
8:1
Gold 48 stamped
1950 A-0 86
Urn Div 1st g 3 $is
8618
86
86 90
1941 A-0 ....... 70
70
7,1
5812 7l34
Registered
1950 A-0
Tol & ell Div 1st g 4s__1941 M-S 80 8431 8013 J'ly '1
7234 8312
Adjustment 5s
Wab Pitts Term 1st g 4s
•
fi3-4
01949 F- A
"
7712
"fi33
72 Sate
8017
3212
1054 J -D
331, 3014 Sep 'Is
34;14 391,
Refunding 4s
79
Cent & Old Col Tr Co certfs__ -_-_ 32 3212 3234
7853 83
1959 A-0 79 Sale 79
343, 139 1;08 4214
Atl-Birin 30-yr 1st g 4s_e1933 St- S ---- 8734 88 J'ly '12
Columbia Tr Co ctfs
87 90
3014 ____ 34
4i1
34
30
Car Cent 1st con g 43
90
2d gold 4s
9312 Apr '12
9234 9312
1949 J-J
11
1954 J-D
3
11
12 31s 3
Fla Cen & Pen 1st g 53
1918 J -J 10314 __ 103 MaY'1 1
Trust Co cents
1
212 318
17
8
1i12
31,
71
1st land gr ext g 5s_1930 J -J 10378
Wash Terml 1st gu 3 Sis___1945 F-A
10-1 108
- 104 May'12
83 ...._ 8738 Oct '11
Consol gold 5s
1st 40-yr guar 4s
107 J'ne'12
107 107
1943 J -J
1943 F-A 9718
9718
0718 Ditch'1
9413
911 6: Ala Sly 1st con 53_0194 5{ J -J 10.334 106 106 Sep '12
10334 10714 West Maryland 1st g 4s
l5,
195.1 A-0 8534 Sale 8512
61 }-538 811,
Ga Car & No 1st gu g 53_1029 J -J 104 __ 10134 Sep '12
10134 10534 West N Y & Pa 1st g 5s
1937 J -J -_,_ 10,14 1063.1 Aug'12
10631 10834
Seab & Roe 1st Is
105 May'12
105 10618
1926 J-J 102
Gen gold 4s
ow
1043 A-0 86 8638 8638
8C38 8812
Southern Pacific Co—
Income 5s
d1943 Nov -------34 Feb '01
Gold 4s (Cent Pac coil) _k1940 J -D 8873 Sale
12 88 9212 Wheeling & L E 1st g 5s___19213 A-0 101(21031'. 1 317
101
14
1,1
:
11f
Registered
J-D
86
-k1949
Wheel Div 1st gold 5s___1928 J-J _— 104 10218 Nov '1 i
91 91
_
20-year cony 4s
S 9458 Sale 90841:2
isI 94 97
91929
Exten & Imp gold 5s____1930 F-A .„-- 10034 102 J'ne'l
2
8
' 24 94
Cent Pac 1st ref gu g 4s_1949 F-A 95 Sale 9434 1Y98'117
95
RR 1st consol 4s
97
s33
8.02
8214 -g4;13
1949 31-S 831 8378
93_
'12
J'ly
Registered
F-A
9412
1949
20-year equip s f 53_1922 J-J -------9812
9412 0412
'Feb '11
Mort guar gold 3 3.0_ _k1929 J -D
61112 9012
9012 111 0012 9112 Winston-Salem S B 1st 4s 1900 J -J
"jai 93
00 9114 9114 Sep "1:
4 02 89 Sep '12 _
Through St I. 1st gu 43_1954 A-0 89380 9278 Wls Cent 50-yr 1st gen 4s 1949 J-J
9333
91S
9113
9153 92
01
OH &SAM&Plst 5s_1931 11-N
_ 10512 10512 J'ne'12
Sup &Dul div & term 1st 4s '38 M-N 9034 9112 91
10512 107
9012 9212
1)1
Gila V 0 & N 1st gu g 53_1924 M-N
_ 103 10213 J'ly '12
10218 10434
Hous E & W
105 Aug'12
1st g 58_1933 M-N i6
104 105
Manufacturing and Industrial
1st guar 55 red
1933 n-N 103 1047-8 10414 May'12
10414 10414 kills-Chalmers 151 5s
1936 J-J
6034 Sale 6034
1 52 8714
603,
& T 0 1st g 5s Int gu 1937 J-J 10014 ---- 10.44 Sep '12
Trust Co ars deposit
10314 110
61 Sale 60
61
4C 57i2 61
Consol g 65 int guar1912 A-0
km Ag Chem 1st c 55
- 10712 Sep '11
10112 24 10
1928 A-0 10114 Sale 101
95
213.21
0:13)78 11)
Gen gold 45 int guar 1921 A-0 9312 95 94 Aug'12
km Cot 011 ext 48s
"cii
1915 Q-F 9634 97
9634
1 9634 9812
97
Waco & N W di v 1st g 68 '30 n-N 114 118 11914 Mch'10
Debenture Is
1931 ss-N 02 94
94
13
04
A 33 N W 1st gu g 5s
km
1941 J -J 105 108 10712 Feb '12
Hide
& L 1st s t g 68
11)712 10712
1919 31-S 10013Sale 10014
101
1
9813 101
Morgan's La & T 1st 7s 1918 A-0 10912
__ 11134 Aug'12
1113.1 1113.1 Amer Ice Senor deb g Os__ 1925 A-43 76 7.1 77
7734
1111: 18
02
1
7
i)2
J-J 10612
1st gold 6s
km Smelt Securities s t Os_ ,j926 F-A 10534 Salo 1051, 106
111 Meh'll
7( 10212 103
N Y Tex
M gu 4s g.._1
A-0
92
0
km Spirits Mfg 1st g 8s
191S
1915 M-5 100 101 100 - Sep 'H.
iji- Feb '?ñ
No of Cal guar g 5s
1938 A-0
km Thread 1st col tr 4s
9312 9438 01 J'ly '12
1919 J-J
Ore & Cal 1st guar g 5s 1927 J -J 108
Am Tobacco 40-yr g Os__,,1944 A-0 1201 121 12014
102 J'ly '11
12014
So Pac of Cal—Cu g 55 _1937 M- N ,11034 _
116 May'07
2 11878 12138
Registered
12014
1944 A-0 ---- ---- 1201 1
So Pac Coast 1st gu 4s g..1937 J -J 90_ 9112 Sep 12 __
Certificates of deposit
i
9113 911!
135
51618
9
2
11:5
11912 Sep '12
18
2
115
1
7
1 ,
18
9
,09
San Fran 'Fermi 1st 424_1950 A8914 -0. 14 8914 Sep '11:
Gold
43
ssIs 02
9573
1951 F-A --- 0714 9512
Tex Ec NO Sab Div 1st g Os '12 M-S
10034 lich'12
Registered
0538Pne'12
10034
1951
F-A
1003
—__
4
---Con gold 55
1943 J -J fag Lif 10152 May'll
_
Certificates of
____ ____ 9514 May'12
So Pao 1111 1st ref 4s
1955 J -J 9312 Sale 9338
9334
9314 9538 Am Writg Paper 1stdeposits f 5s 1919-4
J
9038 9034 904.1 9034
Southern 1st consol g 5s
1994 J -J 106.34 Sale 10618
10634
10334 10838 Baldw Loco Works 1st 55_ _1940 M-N 10214 10312 103 Sep '12
Registered
1994 J-J
Beth Steel 1st ext 5 f 5s_5_ 1928 J -J
105 Sep '11
0658 Sale 9(314
31:,. 1 )i)
965s
0
960:
3i:.;
Develop & gen 4s §er A_1956 A-0 79 Sale 7834
Cent
793
79
Leather
4
20-year g 5 1925 A-0 0558 Sale 9512
"ig
9534 17 9134 9614
Mob & Ohio coil tr g 4s 1938 11-S 85 86
85 8712 Oonsol Tobacco g 45
1951 F-A ---- 081: 957s
957
,
Mem Div 1st g 4 4S-53_1996 J-J 10712 10814
Registered
10814 111
1951 F-A -------77 Nov'07
St Louis div 1st g 4s
1951 J -J
8914
83 9014 ;,'orn Prod Ref s I g 5s
1931 51-N
97
2 963-4 9638 Sep '12
J -J iiir73;
Ala Cen H 1st g 6s
1st 25-years t 5s__1934 SI-N —_ 05 95 Sep '12 .
10
808895
10514 10514
s1148 SepSAfca8:'6111222
All & Deny 1st g 4s
89
94
18 J -J
Duban-Amer Sugar cod tr 83 1918 A-0 0612 „___ 97 Sep '12 . i61
10
9012 Nov'll
71422a
8
2
970
7183 9
..; 9
8.715
2(1 4s
8112
1948 J -J
Distil
Sec
8214 Feb '12
Cor cony 1st g 5s_1927 A-0 74 Sale 74
-E14 8214
7434
At' & Yad 1st g guar 43_1049 A-0 8414
0 1 du Pont Powder 4 Sis_1938 J-1) 9012 Sale 9033
0111
001 63 Greenv 1st Os
3en Electric deb g 3 $Ss
1916 J -J 10313 IGE1-2 10834
234
84
21 0
1942 F-A ___. 7918 8358 J'ne'12 . 2i
. 893.
T Va 61 Ga Div g 55_1930 J-J 10612 10812 10778 May'12
10-yr g deb 58
10734 10814
15312 182
1917 J-1).180„_....,. 182 Sep '12 .
Con 1st gold 53
1950 NI- N 10818 110 110 Sep '12
10073
110 11134 3en'l Motors 1st lien 6s
9812
1915
36
A-0
9914 Sale 9914
994
IC Ten reor lien g 5s
11 Steel deb 4 53s
1938 11-S 10412 _
10513 J'iy 14
10518 108
1940 A-0 90 9S8 9014
9038
Ga Midland 1st 3s
1946 A-0 6312-. 64 Aug'12
841, Indiana Steel 1st Is (rents) 1952 M-N 101 Sale 10012 10118 124
3
84
)111114
3 1.140
9 100
Ga Pao fly 1st g Os
J-J 109 ii1.12 111 J'ly '12
111 11278 Int Paper Co 1st con g 8s 1918 F-A 103 13358 103
103
Knox 63 Ohio 1st g 83_192
113
J
-J
J'ne'12
Consol
1925
2
114
cony s t g 53
114 115
1935 J-J 8818 91 8814 Sep '12 .
Mob & Bir prior lien g 53_1945 J-J 10-112___ 17
Int St Pump 1st 5 1 5s
10
1
Ne
ocv:1.
08
513 D
1929 5,-.5
_ 92 92
92
•
Mortgage gold 4$
79 ,
Lackaw Steel 1st g Is
J -J
96
12
. 9712 9612
1923 A-0 .,0612 9
1
-6
41 0
74
987
1143 9
83
7
2
1:711
Rich & Dan con g 832
5 J -J 10113 10434 1031, Sep '12
915
1st con Is Series A
_ 194
10314 10434
Salo
82
11-S
1950
8013
82
•
Deb 55 stamped
1927 A-0
5-year convertible 5s
_ 10434 Apr '12
104 10434
1915 SI- S (35 Sale (3413
95
Rich do Meek 1st g 43
73 Sep '12
1948 31-N
Ligg & Myers Tob Co7s tpy bds__
73 73
12014 Sale 12018
7
28
5
1 19
8
10
,
83
14
3 19
2,
12014 14
95
314
So Car & Ga 1st g 5s__1919 M-N loi
s 16318 10214 Sep 'ti
5s temporary bonds
10214 104
0578 Sale 0553
9614
• Virginia Mid ser 0 68
_ _ 112 Oct '00
1910 M-S 10334
Mexican Petrol Ltd cnv 68A '21 A-0 *---. 1012 101
10114 23
03 1011
3 05
Series D 4-5s
Nat Enam & Stpg 1st 5s___1929 J -D 0212 93 93
1921 M-S 10338 -- 10414 J'ne'11
9412
• • Series E 53
1920 M- S 103 _ 10534 J'ly '12
1663-4 16E3; Nat Starch 20-yr deb 5s...._1930 J -J 8712 05 8934 Sep03
'12 ___ 8914 8934
•
Series F 5s
1931 M- S 10413 ____ 105 J'ne'10
National Tube 1st 5s rects_1952 M-N
9914 9938 9914
9979
General 5s
ipyg:
.111212
•
NY Air Brake 1st cony Os _1928 11-N 101 1011- 10014
A.,eu
7112
2 js
1,0
068
1930 M-N 10412
101
2
13
11.i
2
)3
9
)3 I:0
5
33
.C, :9:17
•
P Lorillard Co 78 tem'pry bds_ _ ___ 12012, Sale 12014 12034
Va & So'w't 1st gu 53_2003 J -J 108_
let cons 50-year 5s 1938 A-0 95 66
91;
1
-66 9734 53 temporary bonds..
7 15
113 9
0634 Sale 9610
97
964 5_1: 0
W 0 & W 1st cy gu 43_1924 F-A
94 __ 9312 Sep '12
Ry
Steel
Spgs
1st
s
f 5s__1921 J---,1 ____ 9812 9812
90 931!
- Aug'12
West N 0 1st con g 8s
1914 J -J 102_ 103 May'12
103 10312 Repub I & S lst&col tr 51934 A-0 10338 -___ 101 Apr '12
10278104
Spokane Internet 1st g 55.._1955 J -J
103 102
'1341
3131 Apir03
10-30-year Is s 1
9131 SC 9034 9333
1940 A-0 9134Sale (3153
rrer A ot St L 1st g 4 10_1939 A-0 103-34 Sale
3tandard
Milling
10334 105
1st 5s__1930 1I-N 88 8.38 88 Sep'12
80 8834
1st con gold 5s_1894-1944 F-A 109 11112 111 Aug'12
11034 11212 rho Texas Co cony deb 13s 1031 J -J 10034 Sale 10034 101
72 9412 10213
Gen refund s I g 45
- 98 95 Sep '12
1953 J-J
Linton Bag & Paper 18t 5s 1930 J -J
94 00
92
1 92 9412
02 0258 02
St L M Bge Ter gu g 55_1930 A-0 15E12 107 10618 Sep '12
Stamped
l0618 1071,
1930 __ _ 9234 Sale 9231
923,
5 9231 1/412
Tex & Pan 1st gold Is
2000 J-D 10814 107 10614 (0612
10014 11012 II S Leath Cost deb g 8s
10018
1913 M--N 10038 1001. 100
7 10018 102
2d gold Inc 55
92000 Nish
- 55 4978 Sep '12
I) S Realty & / cony deb g 5s_'24 J-J
4973 50
89 Sale 80
8912 3e. 8712 91
9912
La Div B L 1st g 55
1931 J -J
Apr '11
_ _
LI 8 Red & Refg 1st g 8s
30 35
1931 J-J
3212
3212
3 30 50
W Mtn W & N W 1st gu 55.'30 F-A
10612 Nov'04
II S Rubber 10-yr coil tr 8s_1918 J -D 10334 Sale 10338 10334 25 10358 105
Tol & U C 1st g 5s
1035
- 107 1082 Sep '12
Registered
1918 J -I) _. ____ 10318Jan '10
&SI;
Western Div 1st g
A
J I-8 106 ____ 10734 J'ne'12
10734 10734 (.1 S Steel Corp—/coup _ _d1983 31-N 10218 Sale 142
11)214
i 10134 10115
General gold 5s
1935
8 1 10-80-yr 5slreg ___d1963 31-N 102 Sale 102
10214
10312 10118 10334 Sep '12
103 104
4 10158 104
Kan 63 IA 1st gu g 4s
1990 A-0 9134
Sep
'12
9134
Va-Car Chem 1st 1 5-yr 5s 1923 J-0 98 Sale 9773
25 9734 101
9134 93
98
2d 20-year 5s
1927 J -J
98 66 99 Sep '12
9714 9912 West Electric 1st is Dec 1922 J -J 101 Sale 10073 10118 26 10078 10318
Tol P & W 1st gold 4s
1917 J-J
9314 9478 Westinghouse Fl & 31 5 t 5s..1931 J -J
9112 Sale 0.112
9378 9412 J'no'12
9934 8t 93 96
Tol St L & W pr lien g 3 4s1925S
10-year coil tr notes 5s_1917 A-0 97 0714 07
97
84 8412
84
J -J
3 9612 98
1 84 8712
50-year gold 4s
1950 A-0 62 63 n Sep '12
00 8958
Coll tr 4s g Ser A
1917 F-A 68 72 6818 Aug'12
08 7312
Telegraph & Telephone
Tor Ham 63 13u11 1st g 48_81946 J -D 89 ____ 8918
8978 30 89 9118
1 8913 9012 Am Telep 63 Tel coil tr 4s1929 J-J
8913 Sale 8914
8918
lster 33 Del 1st con g 5s 1928 J -D 10318
11414 is 10834
Convertible 43
105 Sep '12
105 100
1938 3%-S 11312 11412 11334
1st refund g 43
1952 A-0 8518
8312 J'ne'12
8512 8618 Chicago Telephone 1st 55_1923 J-1) ------ -,..- , -,.,
Union Pacitic—Gold 45._ 1947 J-J 10018 §ife 9938
8212 8212
10018 60 9878 10214 Commercial Cable 1st g 48_2397 Q-J
851 8212 Sfeh-'12
Registered
1947 J -J
Registered
1 9813 10178
2397 Q-J --------8312Nov'll
9914
9914
20-year cony 4s
1927 J -J i65% Sale 10312 104 413 10114 104
Keystone Telephone 1st 53_1935 J -J
85 ____ 85 Aug'12
- 16382 85
1st & ref 45
92008 31-S 9558 Sale 9533
9558 8t 9533 9778 Metropol Tel & Tel 1st s f Is 1918 M-N 101 103 10214 Sep '12
102 103
Ore Ry & Nay con g 45_1946 J -D 9212 9334 9234
10038
9314
9112 91313 Mich State Telep 1st
_1924 F-A 993 10038 10033
9978 101
Ore Short Line 1st g 8s__1922 F-A 111 112 111
1
314
5 111 11334 N Y 63 N J Telephone
111
May'll
0
_
5s_55g_1920 31-N ---- ---1st consol g Is
1946 J -J 109 Sale 109
0818 107 98 i d
1119
ale 9734
1 10838 112
Ni Y Telep let & gen s 1 4 Hs 1939 111-N 98
Guar refund 43
1929 J -D 9214 Sale 9218
9958 45 98%10114
1937 .j- s 9912 Sale 0912
9238 11 0134 9514 Pac Tel & Tel 1st 55
Utah & Nor gold 5s
•
1926 J -J 10518 _ 108 May'll
99 9934 9958
3outh Bell Tel &T 1st s f 58_1941 J -J
13 9012 100
0034
1st extended 4s
1933 J -J
90 99
West Union col tr cur 5s
1938 J -J 10014 101 10058 Sop '12
10012 10312
ljandalla cons g 4s Ser A_1955 F-A 9334 9855 mcy.h.
"Ws "Ws; Fd and real est g 4 14s 1950 NI-N 061 Sale 9618 07
9618 10013
Consol 4s Series B
v
- 9211
1957 M-N 92 ti.i 38
5 9212 9712
921
Mu; Un Tel gu ext 53_1941 M-N -------.
104 J'ne'll
Vera Cruz & P 1st gu 4 48_1934 J-J ___ 0612 9134 J'ne'12 ____ 9134 9134
Northwest 'l'& en 4 14n cr_ 1934 .1-J
"iig” 0614
---- 9614 J'ne'12

28.8ga-le

--_-

_-

•

•

•.

u

MISCELLANEOUS BONDS—Concluded.
Coal Ec Iron
Buff & Susq Iron s I 5s___1932 J-D
Debenture Is
a1926 Id-S
Cot? & I Co gen s g 5s____1943 F-A
Col Fuel gen Os
1919 31-N
oi Indus 1st & coil 5s gu_ 1934 F-A
ons Ind Coal Me 1st 5s
1935 J-D
ons Coal of Md 1st & ref 55 1950 J -D
Or Riv Coal & C 1st g 6s_h1919 A-0
Kan &HO &C lstsfg 5s_1951 J-J
Pocah Con Collier 1st a f 55_1957 J-J
St L Rock Mt & P 1st 5s
1955
Tenn Coal gen Is
1951 1:•1
Bins Div 1st consol 8E1_1917 J -31
Tenn Div 1st g Os
a1917 A-0
M Co 1st gu g 83_1922 J-D
Cah
Utah Fuel let c 5s
1931 II-S
Victor Fuel 1st s f is
1953 J-J
Va Iron Coal &Coke let g 551949 M-S

g

97 J'ly '12
97
8612 _- 91 Nov'll
3
9834
9834 --- 9834
10834 10912 10714 J'ne'12
8514 Sale 85
8514 73
85 J'ne'11
1
03
94 93
9414 10258 Apr '06
9734 98 98 rile.12
'12
Sep
85 88 88
83 80 Sep '12
101% 102 102 Sep '12
102 10334 10334 Sep '12 --102 103 10333 J'ly '12
10312 110 110 Jan '09
------- 8534 -66 May'12
97
7
9612 9712 90

97

98

9834 10033
10714 10734
7212 8514
93

94

9734

9812
8112 8012
7934 8912
10134 10378
10312 10412
103 104
88 86
9412 9812

Miscellaneous
Adams Ex coil H g 45
1948 M-S
Armour & Co 1st real eat 4 415'39 J -D
Bush Terminal let 48
1952 A-0
Consol 5s
1955 J-J
Chino Copper 1st cony 8s 1921 J-J
Irrigation Wks & D of A 43-45 '43 M-N
InspIr Cons Cop 1st 88 (rests) -Int Mercan Marine 4 Hs_1923
Int Navigation 1st 5 f 55
1929
Mge Bond (N Y) ser 2-4s
1966 A-0
Morris & Co 1st s 1 4 343)
1939 J-J
N Y Dock 50-yr 1st g 4s
1951 F-A
Nlag Falls Pow 1st is
.1932 J-J
Refunding & gen Os__ _a1932 A-0
Ontario Transmission 5s___1945 31-N
Pub Serv Corp N J gen 5s__1959 A-0
Ray Cons Copper 1st cony Os 1921 -J
Wash Water Pow is; 53_1939 J-J

2 883
83
83 84 83
214
2 9
82
818
9034 26 9014 9214
0034 Sale 0058
9018 Sep '12
8612 91
973 07 Aug'12
07 99
a7e 175
175 Sale
175
116 180
9318 Nov'11
10812 Sale 108
10812 124
NA
6612 Sale 6613 6714 101 63 71)
79 Sale 79
7912 36 78 8214
89 Apr '11
lj 89
— 90 8934 Aug'12
81 83 81 Sep '12
81 854
10034
10012 1017g,
10178 J'ne'12

-643; seii;i

-07-8
Osia
03
127 Sale 127
130
102
104 May'12

9212
83;
- 38 1411
0434;;
28 112 130,
10278 104

!Na pea)Friday: latest bid and asked aDue Jam 4Due April eDue May gDue Juno hDue July hDue Aug oDua Oot 4Due Nov gDue Dee soPption 540.




879

CHICAGO STOCK EXCHANGE-Stock Record.
A V D L93V EST ,3.4(S PRICES

STOCKS-IIIO itE
Saturday
Sept. 28.
3012
*89
*80
2334
*8
*3
*22
*38
*9
*49

3012
92
90
2411
812
4
25
42
1014
51

Taesday
oa. 1.

Monday
Sept. 30.
*30
*89
*80
2314
*8
*3
*22
*38
*9
*49

32
92
90
2314
812
4
25
42
1014
51

*30
*89
*80
2314
*8
3
*22
42
*9
*49

32
92
90
2338
812
312
25
42
912
51

Wednesday
Oct. 2.
30
*89
*80 .
2312
*812
312
*22
*38
*..)
*43

Tlinr.day
Oct. 3.

FridaY
Oct. 4.

32
*30
*30
33
30
Last Sale 9212 Aug'12
92
Sep'12
Last Sale 90
90
2314 2338
2358 2314 2338
01,,
Sep'12
Last Sale 8
4
4
3
312 5..:
Sep'12
Last Sale 25
25
42
*38
42
*38
42
912
Last Sale 1012 Sep'12
Sep'12
51
Last Sale 51

4513 4514 4314 414
4333 45
12312 124
123 125
12314 124
P400
Last Sale 405 July'12
*130 138
Last Sale 135 Aug'12
59
61
61
61
*101 103 10114 10114 7 7
-*144 14412
Last Sale 144:3-Sep'12
5)
*57
*57
*57
59
59
Apr'12
Last Sale 17
2 *89 9012 89 8933
*8912 -901
2 -1-388 -8-£3 ;0
.2 -9-61
2 ;35- -66158
58
*55
*55
57
58
57
*55
58
55 3 5512 *55
5412 5412 5412 5412 5134 5412
4
5412 51,
5412 5434 5412 55
Last Sale 142 May'12
'Hi" ill" *211 215 *211 215
*Hi- 215
217
1- 2-11- *Hi- 21-g- ,
13912 13912 139 13912 139 13914
139 139
139 139
*13312 139
*152 16
*1512 16
1614 1614 *1512 16
--Las
- t tiZ 73
Jan'11
10812 10812
4,15714 1613; 1571-4 1.07-4; 108 103 10742 10712 10712 10812
9814 0814 9834 9812 9812
*9812 99 9814 99 9814 0814 93
72
72
*7,12 72
7112 72(
7112 7112 7112 7134. 72 • 72
12234 12234 12414 12414 12434 12434
123 123
123 123
123 123
Last Sale 7638 Aug'12
72 4,-- 72 *--- 72 *____ 72
13718 13718
*135 137 *135 137 *136 138 *136 133
--Last Sale 12312-Sep'12
*123 126 *123 126 *123 124 *123 124
130 130 *12,12 131 ,12.),2 131
128)8 130
123 129
*128 133
*118 11912 11914 11914 11014 11914 120 120 .31314 120 011914 120
64
6478 6478 6134 6,313 64
6334 6334
6414 65
Last Sale .60 May'12
• ---*9112
*9113 _
*1)142
*9132
*9112 -- *9112
11714
11738 11714 117-3;
117
11714
11634 11634
117 cif
11673 117
*8914 8033 *3914 89:s *8914 89'3 8812 89
*8934 90
Last Sale 33--.3ift-yl12
155" 100 100 100 100 100
*156- 1-661-2 1001-4 10014 155 1661; *101
102 *101 102 *101 102
102
10012 10012
*101 102 *101 215
21312 21413 21312 21412
21334 21512 21314 214
21412 21412 21334
*12314 12358 123 123 *123 12358 123 12312 .123 123,8 12313 12314
*44
45
4214 4214
*44
45
• *44
45
Lest -SUl; 9712 Aug'12
*94
95
*91
95
95
*94
10734 10778 10713 10773
108 10838 108 108,8 108 10814 15i;
310 310
310,2 310.2
305 305
305 305
*305 315 *305 315
10914 10914 10918 10918 10812 109 *10312 109
*10812 100 *10812 109
192 193
19114 192
191 19112 19212 193;2 19534 194
194 194
Last Sale 412 May'12
*114 -1-12 -;1174 --112 -;iTt - 171-2 *114 --112
Last Sale 138 Aug'12
7918 7912 7858 8014
7912 7814 79
7912 7934 7918 8011 79
*9
*9
10
*9
10
*9
10
10
10
9
10
1014
45
124
*400
*130
57
*10012
*14512
*57

4512 4418 4478 4333 4414
12312 124
12314 12314
124
__
*100
1 400
- - ,
_- *130 138
-138 *130 138
61
61
*58
59
57
101 *10014 101 310014 101
14612 *14512 14612 314312 144
58
*57
58
58
58

Sates
of the
IYeet
Shares.

Interest
Period

Price
Friday,
Oct. 4

Week's
Range or
Last Sate,

Range for Year 1912

Range 101 •Prertola
Year 1911

Lowest.

Lewes.

Highest

Railroads
40 Apr 24
62 Chicago Elev Rys com___
30 Aug 2.,
9334 Jan 20
Do pret
90 May27
Chic Rys part Ott "1"_ - 85 J'ly 1: loos Jan 18
38 Jan 9
621 Chic Rys part ctt "2"
2314 Oct 1
11 Jan 12
Chic Rys part ctf "3"
6 J'ne 1
578 Jan 13
130 Chic, Rys part ctf "4"__ _
3 Oct 1
Kansas City lty & Lt..100
25 Sep 27
1414 Aug
Do pret
20
100 4012 J'ne 1: 5012 Jan 19
1178 Apr 10
Streets W Stable (3 L_100
6 Mch2c
52 J'ne 20
Do pret
100 35 Jan 31
fdiscel'aneous
4512 Sep 20
1,800 American Can
100
1112 Jan 1
Do pret
6,50
100 91 Feb 1 126 Sep 19
American Radiator_ _100 325 Feb 1 405 J'iy
Do prof
100 131 Jan 14 135 Apr 30
61 Oct 1
630 Amer ShIpbuildIng_100 45 Aug 7
Do pret
200
100 100 Feb ( 10414 J'ne 20
Amer Telep & Teleg
139 Jan 11 10873 Mch 17
6612 May22
150 Booth Fisheries com
39 Mch 14
Voting trust ett
4312 Feb 21 50 Jan 9
Do 1st pre
95 J'ne 5
112
77 Itch 14
6558 May13
63 Cal & Chic Canal dr D_100 40 Feb 1
860 Chic) Pneumatic Tool_100 44 Whit, 5514 Sep 25
Chicago Telephone__ _100 13712 Jan 4 143 Mch 9
10 Chicago Title & Trust.100 184 Jan 4 222 J'ne 20
155 Commonw'th-Edison _100 13514 Jan 4 150 Mch 7
100 Corn Prod Ref Co corn__ _
1713 Apr 26
10 Feb 13
Do
do
pret
100 103 J'ly 5 111$4 Feb 5
213 Diamond Match
270 Hart Shaffner & Marx pf_
08 Oct 2 10212 Mch 8
100 56 Jan 2
170 Illinois BrIcar
7312 Sep 23
410 Internet Harvester Co..__ 10e Feb 13 12678 Sep 10
Knickerbocker Ice pret_
67 May I
7633 Aug 6
100 131 J'ly 21 161,2 Apr 330
10 National Biscuit
Do pret
100 12312 Sep 21 13034 May28
100 103 Mch
135 Sep 24
137 National Carbon
Do pre(
100 115 Feb 11 120 Jan 2
43
x 61 J'ly 1 it 67 Apr 22
507 Pacinc Gas & El Co
Do
rights
x.60 May :j z.65 Apr 23
Do
preferred
579 People's Gas L&Coke_100 10112 Jan 2 11834 Aug 13
115 Pub Serv of No III com. 2 84 May2:, x 9412 Apr 24
Do righta
2.03 May 1;„ ^2 112 Apr 24
Do preferred
327
210712 Apr 24
2100 May
50 [timely Co, preferred_
X 9910 Apr 27 210212 Aug 19
1,980 Sears-Roebuck com__100 140 Jan 5 221 Sep 9
100 12112 Jan 11 12534 J'ne 8
126
Do pre
50 Studebaker Corp corn__
110(s; J'ly 1
49 Aug 9
Do preferred
9.112 J'ly 11
9712 Aug 7
100 9334 Jan 2 10914 Apr 4
1,383 Swift & Co
00 The Quaker Oats Co.,_100 215 Jan 13 31012 Oct 4
100 10512 Jan 2 110 Jan 15
Do prof
15
213534 May ) 193 Sep 23
459 Union Carbide Co
it 314.May ) r 6 May22
rights
Do
33 May
178Jan 18
Unit Box Bd & P Co_100
1,625 United States Steel corn,, 5838 Feb 1', 8012 Sep :30
9 Sep ,
1.40 Feb 7
100
85 Western Stone

Highest,

21 J'ly
85 J'ly
80 Apr
2034 May
8 May
412 Meh
15 Sep
39 Sep
7 Dec
38 Nov

32 Dec
94 Nov
101 Aug
• 3778 Dec
1212 Aug
71- Aue
25 Feb
721: Feb
1314 Feb
10 Jan

9 Jan
7678 Jan
265 Jan
/2612 Met(
48 Nos
10612 Sep
13138 Aug
35 Apr
39 J'ne
00 Sep
4912 Apr
3912 Sep
115 Jan
15112 Jan
113 Jan
934 Oct
78 Jan
921" Feb
100 Sep
4978 Sep
9914 Sep

1212 May
03 Dec
:.,04 Oct
133 Nov
79 Feb
113 May
15214 j(1,
5914 Mch
5734 Men
8833 Dec
52 Feb
5512 Feb
14114 No
180 Dec
13733 J'ly
1533 J'ne
78 Jan
111)34 Nov
10334 Dec
70 Jan
129 May

11714 Jan
123 Jan
100 Aug
117 Sep

14212 Dec
130 Melt
120 Mch
120 Mch

101

Sep

108,13 Jan

12334 Sep
119 Sep

19234 Jan
122 Meh

9734 Sep
165 Mcb
10210 Feb

101 J'ne
212 Dec
10712 J'ly'

1 Dec
5010 oet
1.1 Dee

7 Jan
8178 Feb
-5 Jan

Chicago Liana and Trust Companies

Cnicago Bond ttecord
BONDS
CHICAGO STOCK
EXCIIANGE
Oct. 4.
ending
Week

STOCKS
CHICAGO STOCK
EXCHANGE

Lids
Said

Range
for
Year 1012

Bid,
High No Low. High
Ask Low.
Apr'12
291
91
91
- J
Am Tel & Tel coil 4s_ _1929
855E8 §ai; 0033 908 1.1 9012 9214
Armour & Co 454o_.,1938 J 28214 8214
8214 Apr'12
Auto Elec 1st al Gs___1028
9618 alay'12
x9613 9613
Cal Gas & El unithret 53'37
10178
7 10134 103
Chicago City ity 53_1927 L.' -A 1664 f6i- 10134
8713 9153
808 8714 Sep'12
Chiceity&ConItys 53.01927 A - :86
9778
9738 99
9734
Chicago Eley Fly 53_1914 J - J t 0'734
92
2 90
95
9214 92
- J
Chic Pm)Tool 1st 53_01921
9973 22 91912 10114
9958
9973 Sale
1927 F -A
Chicago Rys 5s
9318 Sep'12
9518 97
Chic Rys 5s__serie3 "A" A - 0 5---- 0512
9614 9738
_
9633 Jan'12
Chic Rys 4s__series "A" A - 0
34 8518 9158
85
3514
Chic) Rys 43_ -series "B"
8514 Sale
9334 9513
94 June'12
Chic Rys 4s_ _series "C''
- A 5____ lOs
Jan'12
100 100
100
Chia Rys coil 63_1913
-A
85
70
7238 7138 Sep'12
70
- J
Chic Fly Pr m M g 4s_e'07
Sep'12
45
60
50
50
47
Chic Fly Adj Inc 4s.c1927 afay 1
101
41 10073 10314
Chicago Telephone 53_1923 J -D 101 Sale 10073
9733 9938
_
9338 May'12
Cicero Gas Co ref G M_1032
-J 5_.-10278
15 10214 10354
Commonw-L'dison 53_1043 In - S 10234 Sale 10234
_ _ 10214 10334
_ 10212 July'12
Commonw Elea .53.0 1043 .31 - S :102
10118
18 9978 10118
Cudahy Pack 1st M 53.1024
N 10118 Salo 101
3 107 11014
5100 10J,, 10912 110
Dla Match Con db 6s_1920
99,34 Apr'12 ____ x9938 9934
Gen Mot 6% 1st L notes '15 A 10114 May'12 --- x10114 10112
Ind Steel 1st g 53____1952 (11.- N
1st g 6s____1928
Do
r10012 10058
g notes'13 F - A 110014 10034 10033 May'12
Int liar 3-yr
10518 Apr'12
x10518 10518
St'l is. M g 63_1928
Kan City fly & Light
90
9414
1013
90
5 89
- N 5 90 Sale
Co Os
8,3
88 Sep'12
88
Lake St 131-1st 53-1928 J - J
8714 90
8034
8034 Sale
81
Metr W Side El 1st 43-1938 F - A
8034 8531
79 Sep'12 -- 79
83
1938 J -J 5 ____ 70
Extension g 4s
10173 Apr'12
210478 10478
Mil El Fly & Lt 1st g 531926 F 95 Apr'12 --__ x05
95
do re, & eat 4 As_1031 I - J
do gen & rot 53_1051
-E)
8
5678 May'12
2t-365.4 -9-01Milw Gas Lt 1st g 43_1927 .11 - N
1939 J 8853
8858 9014
Morris (So Co 4 As
8838
58858 Sale
1052 ,11 - N
10034 May'12 --__ x10034 10114
Nat Tube 1st g 53
510278 -_-_-_-_ 10314 Apr'12
210314 10314
Nor Shore 1.11 1st g 53_1922 A 90%
05
0.132
8 107
x2
19
do 1st & ref g 53_1940 A - 0 110033 10078 10033 Apr'12
9512 Sep'12
Nor Sh Gas o. III 1st Os '37 F -A
North West El 1st 4s_1011 St - S
10014 July'12 ____ 10014 10014
10012 Aug'12 ---- 0034 10012
N W U L & Coke Co 53 1028 Q -51
1045 it - N
Ogden Gas 5s.
7 9534 99
9758
9734
97
98
J
Pas Gas dr El ref g 53_1942 J
92 May'12 -__ x9178 9218
100 May'12 _-__ x100 10018
Pee T&T 1st cob tr 53_1037 J -J
1016
Pearsons-Taft Os
-D
10033 Melf09
9812
- S 95 ---0612 WW1()
4.40s
96
____
-N
Feb'10
97
4.605 Series E
9314 Nov'll
N
M
4.803 Series
9712 ---11512 Sep'12
11513 11812
Peop Gas L & C 1st 63_1043 A - 0 5____ 117
11
Refunding gold 53_1947 51 - S 110114 Salo 10034 10114
123
31 01032344
Chic Gas L&C 1st 5s 1937 J - J 1103 10334 10314 July'12
10114
2 10114 103
Consum Gas 1st 53_1036 J -1) t..._ 10112 10114
10034 101
- N 510038 101
7 10034 10112
Mut'l Fuel Gas 1st5s1947
0712 • 9934 Sep'12 ____ x9634 100
Pub Scrv Co 1st ref g Os '56
Sou Bell T & T 1st st 5s '41 J - J
x100 10014
---- 10014 May'12
03
93
South Side Eley 4 3s_1924 J -J / 9234 93
Swift & Co 1st g 53_1911 J - J
Sep'12
1 162
9978 ---- 100
0012 160.
06134
4
Tr -City Fly & Lt coil
9814 Apr'12
trust lien s f 5s
9814
z98
1923 A - 0
--85
Union Elco (Loop) 53_1945 A - 0 t____ 81
Apr'12
85
89
100 May'12
x9978 100
U S Gypsum 13'4 g 53_1022 M - S
10212 Apr'12
210213 10238
U S Steel 10-60-yr at g 53_ 4,
Western Eleo Co 5s......1922 -=- 115112 170214 10034 Sep'12
10034 103
Note-Accrued Interest mu.L be added t o all Chicago bon d prices.

NAME

Outstandinj
Stock.
(t)

Surplus
eat
Profits,
(t)

Divide td Record.
In
1910.

In Per- Last Paid,
1911. tad.

Oct '12, 134
$200,000 $179,77,
American State
An Jan '11, 6
I,
100,000
Calumet National
6
60,87
.)et '12,234
21,500,000 6,055,23__-4-.1
Cont'tal & Comm Nat
9,107,956
10
Corn Exchange National 3,000,000
a
;
QI-...11 Oct '12,4
200,1300
1,V.92,01538
Douglas State
3,371 Beg. b.-us1Aa
0
I5,
900,00o
Drexel State
Q-J Jet '12,134
75,791
8
6
600,000
487,124
Drovers' Dep National_
10
34-.1 Jet '12,233
10
900,000
11,2
Eng.ewood. State
57,633
t:
6
12% 4,1-.3.1
10,000,000
11,723,927
First National
12
6
Oct434
-51 4ep30'12 214
First Nat Englewood_
150,000
210,06.4
10
12
511,178
Priv ate Ba ik
Foreman Bros I3'k'g Co_ 1,000,000
Q-J Jet '12,2
8 • 8
680,779
Fort Dearborn National 2,000,000
Hibernian Banking Assn 1,500,000 1,639,807 8+2
(11.) Q-.1
),5
J-J July '112
10
151,70(510+15
.
400 000
Kasper State Bank
2,312 13eg. b us Apt 311 V.92,p. 1004
209,004)
Lake View State
282,618 s3e,g bus. Ma r10 %7.90,p. 1277
1,000,000
La Salle St National_
u33,614 Org. D eo. 16 1911
200,000
Lawndale State
-31 Jet '12,234
10
554,940
10
Live Stock Exclfge Nat 1,250,000
200,000
855,235 Beg. b us.Aug 26' 1 2.V 95,p593
Mech. & Traders State..
Q-J Sept 3012,2
8
8
Nat Bank of Republic- 2,000,000 1,374,185
National City
6
606,680
Q-J Jet '12, 114
2,000,000
6
National Produce
103,07
Q-J Jet '12,134
4
950,000
6
North Avenue State
78,134
Q-J Jet '12, 134
1339
7
200,000
North Side State Say'gs
Q-J Oct '12, 1A
6
50,000
46,071
6
North West State
44,751
4
Q-J Jet '12, 114
5
200,000
People's Stk Yds State94,348
7
500,000
934 Q-J Oct '12,234
Second Security
200,000
7,193 Beg. b us Nov 1'11 V.93,p. 1235
Security
160,022
400,000
Q-J Oct '12, IA
434
s6
200,000
110,00
South Chicago SavingsQ-J Jet '12, 2
734
8
1)4
2 3
Oc
ct:12
200,000
16,971
6
South Side State
Q-.J1 0
Q
12
6
1,500,000 2,327,121, 12
State Bank of Chicago
225,11
8
8 34-31 Sep30 '12, 3
Stock Yards Savings
250.000
159,315
6
6 51-N May'12. 3
500,000
Union Bank of ChicagoQ-.1 July'12. 134
100,000
12,001
6
6
Washington Park Nat....
u41,610 None None .4-344 Dec31'08,114
50,00u
Wendell State
Q-3 Oct '12 2
8
Central Tr Co of Ill.._ 4,500,000 1,950,874
734
322,860 10
J-J July'12,5
10
Chic City 13k & Tr Co.._
500,000
Q-J Jet '12,134
257,3116
6
Chicago Say Bank & Tr 1,000,000
Q-J Oct '12,2
8
Chicago Title & Trust
5,600,000 12,271,355
73-9
f3-.1 Jet '12.3
6
10
Citizens Trust & Savings
50,000
16,511
Colonial Trust & Savings
600,000
477,371 8+2 8+2 Q-.1 Sep30'12 2%
Cont ec Comm Tr & Sax 3,000,0013 1,542,326
Drovers Trust & Saw..-167,774 --8
-- -- il -6:1 o-c-t-'12, 234
200,000
Q-M Dec 30'11.4
16
12
First Trust & Savings-- 5,000,000 2,177,116
Ft Dearborn Tr&Sayllk
3,336 leg, bus Apr i'11 V. 92, p. 029
250,000
51,801 d_e_g_...b us Apr 3'12 V.94, p 1030
200,000
Franklin Tr & Say Bank
GreenebaumSonsBk &Tr 1,500,000
208,457
_ii2.
h Q-J Oct '12, 214
40,391 1.1...4.7.8
J- J July'12, 3
Guarantee Trust & SaV200,000
Q-J Oct '12,3
Harris Trust & Sayings.. 1,500,000 2,10772:4468:36
Homo Bank & Trust-stagb us Apr 14)'1 1V.92,910114
300,000
q July'12,4
IlllnoLs Trust & Sayings 5,000,000 9,626,950 16+4 16+4
77,463 7+1Y/
Kenwood Trust ec Saw_
Q-J Sep30'12.134
200,000
7
61,714
Lake View Trust & Saar..
Q-J Sep30'12,112
5%
6
200,000
Mercantile Tr. & Say_
250,000 u 38,004 Beg, b us-Jay 1 '12 . V.94,p.484
Merchants' Loan&Tr Co 3,000,000 6,649,802
Q-J Oct '12.4 .
12
15
200,000
Michigan Ave Trust Co..
64,759 Beg. b us Oct 29'1 OV.91,91221
500,000
Mid-City Tr & Say Bank
75,843 Corn b us Apr 10'1 1V.92,p1004
Northern Trust Co
Q-J Sep 30'1 2,2
8
1,500,000 2,734,557
8
J-J Joe 29'12,4
North-Western Tr& Say
8
127,511
6
250,000
50,661 Beg. b us J'ne 1'11 V.92,p. 1537
Old Colony Tr & Say Bk
200,000
190,219
People's Tr & Say Bank
Q-J Oct '12,2
500,000
273,541 --aPullman Trust & Saw_
Q-J Oct '12,2
8
300,000
6
121,
Sheridan Tr & Saw Bank
91%
200,000
bQu-sJ SeptOct'
0 .
34
Standard Tr & Savings_ 1,000,000
83
0:4
05
36
3 Comma en
-;e
-d
46,209
514
Stockmen's Trust & Saw
200,000
J-J July'12,3
6
1,200,000 1,455,633 k8+2 8+2 Q-M Sept 30'12,2
Union Trust Co
98,190
6
8+2 Q-M Oct '12,2
400,000
West Side Tr &Say Bk_
200,000
86,340
714
914 Q-J Oct '12, 23-4
Woodiawn Tr & Say Bk

'
s Bid and asked prices: no sales were made on this day, 3 Sept. 4 (close of business) for national banks and Sept. 5 (opening of business) for State
Institutions. 5 No price Friday; latest price this week. iSept. 1 1011. If Dividends not published. Stock all acquired by the Cont. & Comm. Nat' Bank. a Due Dec. 31. 0 Due June. c Due Feb. dDue Jan. 1. k Also 20% in stock. q Dividends are paid Q.-J. with extra payments Q-F. s A
dividend of 50% was Paid in 1911 on Security Bank stook, to provide capital for the new Second Security Bank. V.93, p. 1235. 1 Aug.31 1912. it Sales
reported keenning April 18. uJuno 15 1912. s April 191912, eJune 14 1912.




BOSTON STOCK EXCHANGE-Stock Record.

880

Sales

SHARE PRICES-NOT PER CENTUJI PRICES
Baturdov
Sept. 28.

Mon& r
Sept. 30.

Tuesday
Oct. 1.

Wednesday
Oct. 2.

Thursday
Oct. 3.

Friday
0.3. 4.

10978 110 *12531 110
10978 109'8 *109"8 10938 11014 11014 11073 11077
10212 10212 *10214 10234 *10214 1023 *10211 10234
*10234 103 *10212 104
*21212
_. 21112 212
212 212
212 212
212 213
212 212
122 12212
122 123
124 124
123 123
123 1231: *123 124
205 205
205 205
*205 206 4205 206
205 205 *____ 206
9513 96
96
9512 96
96
95
9511 95
96
95
96
(2..._ 296 *__ 295
203 293
293 293 *293 295 *293 295
Last Sate 14 June'12
15 4___ 15 *____ 13
*---- 15 *_
Last Sal 78 Sept'12
*--- 78 *-__ 78 *____ 78 *____ 78
Last Sal. 9
Aug'12
Last Sate 50 Sept'12
53
*50
*50 .53
*50
53
*50
53
Last So:' 169 Aug'12
41-- 169 *-2 169 *____ 169 *____ 169
*........ 110'5 103 108 *____ 1101: *____ 11012 10713 10,1,
11012
Last So5 *___260 Aug'12
....... ----_ _ ___*_- 265 *__._ 265
121 121
121 122 *120 122
*121 125 *__ 124
121 121
12613 12712 *126 127
*12412 - *12412
_ 126 128 *12712 128
*8412 15
8412 8412 *8412 8514 *8414 8511 *8414 8514
*8412 15
*128
_ *128_ 12834 12834 *12812 130 *12812 129
129 129
*1934 2018 23
2012 162 *20 -i018 1934 20
20
20
20
7934 79
7934 702 7912 7912 7912 7912 79
7912 79
79
13938 13978 13914 13934 139 13934
13912 140
13912 1305 13934 140
12812 12812
Last Sale 253--Au-gl.12
*Fli- iii- 178" ifi- 175" fii- *Fth" -7:*-_- 178 *____ 176
5`
2
.
.
*42
52
52
*___
4,Last Sale 52 Sept'12
52
*45
17538 175-'8 175 17614 *17458 17478 174 174
17412 175 *17334 174
*8912 90
*8912 90
*8934 9014 *8912 90
Last Sale 8918 Sept'12
*15214
.
_
*15214
*152___ 152 152
*152
8112 8114 8114 *81
8112.
.
; 12, 81 -82
82 -82
82
8
9812 ---- ----98_
98
98
98
*9
98
98
98
98

of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
152 Atch Top & Santa Fe_100
Do pre,
20
100
116 Boston & Albany___ _109
373 Boston Elevated
100
doston
47
& Lowell
100
367 Boston & Maine
100
21 Boston & Provident:2_100
boston Suburban El Cos_
Do pre!
Boston & Woro Eleo Cos_
Do pre,
Chic Juno Ry & USY _100
Do prof
24
Connecticut I4Iver__100
106 Fitchburg. pret
100
142 Ga Fly & Eleo stmpd_100
Do pre,:
100
100
100
100 ..1a,ine Central
100
520 .,lass Electric Cos
Do pref Stamped .,100
312
504 N Y N li & Harttord_100
Northern N II,
100
5 Norwich
& Wor pret..100
100
18 Old Colony
Rutland pre(
100
100
145 Union Pacific
Do pre,
100
1(2
14 Vermont & Mass
106 17est E.,41 St
50
41
Do pret
50

Range since Januar, 1
On basis a; 100-5h31e tots
Lowest

5938 5937
5914 5012
10012 1001; 10014 10038
434 5
434 434
20
1912 20
2014
12718 12814 12738 12734
12218 12234 *122 123
144 14411 144 14414

13154061518
7
7
7
*534 8
7
*634 712
684 7
3
3
3
3
333 312
3,2
314 338
3
3
3
4612 46'2 4612 471
47
47
47
47
47
47
4714
47
913
8934
91
9038
9112 9134 9114 9218
0114 9214 9178 9258
8318 3412 23313 3478 3358 3412 34
3412 3414 35
3414 3414
438 158
458 458
434 434
458 434
*478 5
412 41
,45*
.45
.45
-..30 .30 *___
614 738
612 712
7
7
712 712
712
712 712 *7
358 338
358 314
312 358
312 312 *312 334 *312 334
4614 4612 4612 4678 4658 4734 47
4734 4734 4814 4814 50
83
82
8114 8234 8134 82
8112 82
82
8214 8212
83
609 609
605 610
008 610
605 610
603 608
600 603
20
2113 2112 2112 2112 2112 22
20
22
2234 *2114 23
4438 4412 44
4414 *4334 44
4412 4312 4334
4314 4312 44
Last Sale .04 Aug'12
4 5914 5938 59
591 ,
- 1-4 -----5912 "591:4 -611-1-2 -Lift 0
*414 434 *414 434 *412 434
4
438 438
4
4
4
1614 1578 1638 1613 1612 1514 1633
1623 1634 1614 1634 16
714 714
713 712
734 8
714 712
731 712
712 734
514
5
41
513
ie
5
51141
5
*518 5.4
518
511e
5
60
59
5812 59
5834 59
58
5234 5812 5334 59
5912
978 10
978 915le
978 078
078 10
973 1012 1012 1118
2613 *2614 27
2014 2614 26
26
26
2614 2612 2612 2634
1 *.90
4.90
1 *.90
1 *.75 .95
Last Salc .95 Sep'12
1213 1212 1212 1234 1212 1234 1212 1234 1258 1314 1314 1312
1973 1978 1973 1978 1912 1934 1914 1912 1913 1918 1912 1912
*5612 58
88
58
*55
55
*55
58
*55
58
58
*56
89
89
89
*88
89
*88
Last Sale 88
Sep'12
35
3514 35
35
3434 3512 3512 3614 3614 3612 3512 36
*253 234
*234 278
234 234 *213 2"12
234 21316
258 258
1
1
214
*2
2
1
2
1
*2
214
8
,
3514 3512 3513 38
3514 3512 3512 3538 3512 351F 3414 3514
*512 6
*6
612 *6
612
6
6
6
6
6
6
1314 1278 13
*13
1278 1278 1234 1234 *1234 1277
1258 1258
738 712
714 712 *714 712
714 714
714 714 *634 7
1258 1234 1212 1234 12
12
1213 1234 *1214 13
1214 1212
30
30
30
30
2912 2912 2913 2912 2914 295 2914 2914
2
2
2
2
2
2
2
2
2
2
*134 214
67
67
67
6634 67
6634 67
*66
67
69
6712 68
2353 24
2334 2438 2312 2334 2338 2312 23
2338 2253 2318
*3
312 *3
312 *212 3
3
3
312
3
312
*3
812 812 *838 812
834 834 *833 83s
8513 838
833 812
3412 3434 3412 3434 34
3414 34
3412 3414 343, x3334 34
3
314
3
312
312 334 *312 4
312 35,
313 312
4
418 *4
414 414
413 *4
414
414
914 914
933 934
9
914
913 918
9
9
9
938
62
6212 62
6238 62
6212 62
64
6314 84
6312 64
*109 116
113 116
114 114
114 114
116 116
11312 11312
2378 2414 2334 24
2378 24
2312 2378 2312 2372 2313 2334
90
90
90
90
*89
89
90
90
89
89
8812 89
2358 2358 2313 2334 2318 2312 2273 23
23
2314 2258 2314
332 338
371e 312
312 312
338 312 *338 312
312 312
1614 16
1614 16
18
1614 16
16
1614 16
1614 16
27
27
2613 30
2934 30
2914 2978 2934 30
29
29
*.50
.55 *.55
.60 *.50
.60 *.50
.60
Last Sal .57 Sep'12
48
46
4512 4612 4513 4512 4513 4612 46
4614
462. 46
*112 134
158 134 *112 134
112 158 *112 134
---42
42
43
*42
43
42
45
50
47
45 2 4012 47
512 512
512 512
5
512 512
5
514 514
513 512
*278 3 *21442 3
*273 3
3
3
3
3148 318
3
4938 5038 x4934 5058 4918 4934 4933 50
4934 50
4934 50
5234 5234 251
5112 5112 5134 5112 5112 5112 5134 51
5112
*214 212 *213 238 *218 212
218 218
213 21,1
218 218
*12
1212 1214 1258 12
12
12
12
12
12
12
12
87
87
*6618 663s 6534 6534 6553 6638 6614 6614 6.513 6518
*234 3'18 *234 3'18 *234 3I8 *234 318
234 234
234 278
414 414
5
412 458
512 •532
5
512
5
5
538
7812 7912 7912 80
7814 7812 79
79
80
79
78
*2
213 *2
212 *178 2'16 *2
Last Sale 2
Sep'12
214
Bid and asked prices. a New stock. 8 Asst't paid. b Ex.-stoOk




Lowest

UN/test.

10378 Feb 10 11078 Oct ‘: t0038 Sep 11314 J'ne
10113 Jan 12 10414 Feb 7 101 Sep 105 J'ne
019 Apr 222 Feb
21112 Sep 2i 22212 Apr
120 Aug . 13434 Mch 25 12412 Sep 13012 Aug
204 Judo 218 Jan 4 207 Feb 218 Sep
9612 Oct 12238 Feb
9412 Sep 20 10012 Jan 3
300 Apr 27 292 Mull 3011 Mch
293 Oct
16 hlch
12 Sep
1. May...
13 Jan IA
7614 J'ne
70 Oct
75 Jan 26 80 J'ne 6
13 J'iy
6 Feb
9 Aug 14
1213 Jan 6
3812 Jan
58 J'ly
50 Aug 2, 57 Jan b
170 Jan 19 156 Apr 171 Dec
105 May
10712 Oct „ 112 J'ne 14 107 M eh 11512 J'ly
260 J'ly 24 272 Jan 18 065 Jan 272 J'ne
121 Oct 1 128 Jan 25 125 Apr 130 Jan
2179 Apr 1 311713 Jan 3164 Oct
124 J'irie
86 Feb
84 Sep 16 9112 Jan 0
9312 J'no
125 J'ly Si 14738 May3
135 Sep 215 Jan
2318 Jan /
16 Apr
24 J'ne
1814 J'IY
76 J'ly .5, 83 Feb 22
13312 Slay12 14238 Apr 2 127/4 Sep 15138 Feb
2812 Oct .1 143 Jan 24 139 Jan 142 Mch
203 Aug 2 21212 Jan 29 210 Jan 214 Nov
187 Jan 31 183 Mel] 191/ Nov
c174 J'ne
32 Jan
45 Deo
41 Jan 2 70 Jan 24
15312 Sep 19213 J'ly
16012 Feb 1 17614 Sep
1/0 hich
9518 May
8918 Sep 23 9212 Feb 2
152 Sep 30 164 Jan 16 156 Mai 16418 Dec
03 Meh
85 Sep
81 Oct 1 88,8 Feb 22
93 J'ly 11 10312 MO 10 10,/ Aug 105 Jan

Miscellaneous
5912 5912 59
5733 Sep 16
59
364 Amer ARTicul Chem...10,
Dprof
10014 10012 104
0144 101)3
436
100 29958 J'ne
43 1,731 Amer Pncu ServIc2_ 50
4,2 412
3 Aug 0
Do pret
1934 19$t
50 14 Meh 26
2078 3,387
12714 12712 12714
196 Amer Sugar Refin
2.9
8 .4
3 1_8
100 11434 Jan 10
Do pret
12212 12312 12234 12314
413
109 11512 Jan 4
14414 144% 14414 14431 2,048 Amer Tel.p & Teleg..100 13712 Jan 2
29
29
100 23 Jan 31
6 Amer,can Woolen_
I914 16- -Wiry -.19-3-4 -8612 .89374 -891-4 19-1Do pret
100 86 Feb 5
448
8954
4 8878 8914
83
*81
82
82
81
82
82
84
82
*81
125 kmoskeag Manufacturing 77 Jan 3
82
82
Do pret
201.214 J'ne 21
103 103 *101 102 1101 102
101 101 *101 102
*101 103
6
4.631 7
5 Aug'.
*678 8
*634 7
12 Atl Gulf & W I SS L.100
*634 7
*634 7
678 678
Do pret
12 *12
12
13
1312 12
*12
12 *12
13
104 102 Aug 21
1212 1212
55
*14
1414 1414 1412 1414 141. 1414 1414 14
1414
10 1034 Jan 2
1,775 East Boston Land
27212 27278 273 27338 27312 27514 27423 275
275 279
100 27212 Sep 22
19
412 1,561 Edison Elea Illum
27
19
4 27
184 184
184 18412 18312 18338 18212 18112 183 183
178 General Electric
100 155 Jan 2
9412 9434 9412 9412 94
94
2312 9334 91
1,082 Massachusetts Gas Cos100 28818 J'ly 1,,
9414
96
9534 9534 9558 9534 9558 96
96
Do p_et
9578 9578
189
100 9312 Jan 5
*223 225
224 224
223 223
223 223 *223 226 *2
12
35 Mergenthaler Lino
t193
100 217 J'ne 21
4355834 1-98:9-483-134'Mexican Telephone.... 10
*4
412 *4
412 *1
412 *4
413
212 Mch 14
Last Sale 4
Sept'12
N E Cotton Yarn
*100 10112 *100 10112 *100 10112 *100 10112
Last Sale *00
0
100 100 J'ne 12
10
1112 Sep'12
*100 102 *100 10112 *100 10112 *100 10112 100 100
Do pret
100 98 J'ne
16
173 N E Telephone
154 15418 154 154
154 15418 15312 154
154 154
154 154
100 150 J'ly it,
Portland (Me) Elec.._100 7212 Jan 17
Last Sale 90 Meh'12
16834 16812 16834 *110
.
7
4
314 Pullman Co
.11
6
18
763
3
18
76112 10
100 158 Feb 1
Hi- 16814 iii" 1684 DT 11812 188
6
18
113 Reece Button-Hole._ 10 1334 Jan 2
1613 1612
*13
1634 1812 1612 1612 1612 1 612 1612
Inc,
Ina, 'no
•nol. 1,7, 1114
1071.. 1073, 10712 10734
400 Swift & Co
100 9812 Jan 2
100 Torrington
25 27 May
*2818 29
29
29
2878 2878 2812 2812 *28
*2812 29
29
Do pre'
25 28 Jan
*28
29
*28
29 *28
Last Sale 2878 Sept'12
29
29
*28
214
214 *2
2
*2
*2
2
214 *2
10 (,nlon Copper L & hi 2. .85 Jan 6
212
18112 189
100 h174 Sep 1
184 188
188 18912 187 189
187 188
188 116-- 2,809 United Fruit
5512 5512 5512 5612 5513 5614 561s 5612 5612 5612 56
4,791 On Shoe Mach Corp_ 25 4614 Jau
56
Do prof
2934 2934 29
25 2758 Jan lb
29
2913 2912 29
29
29
29
178
2912
*29
79 7958 7812 79
7914 7934 7812 8014 12,319 U s Steel Corp
100 5838 Feb 13
7938 7934 79338034
Do pret
11513 11512 11553 11534 11558 11638 11512 11534 11638 11638 118 118
_100 10718 Feb 10
121
5914 5913 5912 60
10014 10014 10014 10012
412 412
*418 414
1912 20
1934 2012
12814 12814 12734 12734
123 123
12218 123
14534 146 214378 14411

Ii iohest

Range tor l'reviou.
Year 1911

Mining
514 Mch 2s
26
280 Adventure Con
3 Sep 21
25
1,015 Algomah 2.11nIn4
25 3814 Feb 1
705 Allouer.
7,360 Amalgamated Copper 100 50 Feb 1
20,116 an Zinc 1,25,1 & Sin_ 23 2412 Feb 15
2 Jan 2
'ctIs dep1,445 Arizona Com.
100 donanza Dev Co
10 .30 Oct 3
614 toeb 1
2,740 Bos&CorbCop&SIIMg 5
812 Butte-Balaklava Cop_ 10 215to J'ly 23,
19,434 Butte& Sup Cop(Ltd) 10 1912 Feb 7
2,596 Calumet & Ark:onv.„ 10 5712 Feb 1
25 405 Feb 1
118 Calumet &
Z4 1712 Jan 5
805 Centennial
5 2314 Feb 25
999 /142hino Copper
Cons Mercur Gold__ 1 .03 Mch 26
1,743 Copper Range Con Co 100 50 Jan 31
4 Sep 17
20
230 Daly-West
10 1214 Jan 15
22.463 East Butte Cop Min
678 Sep 27
2,938 Franklin
25
418 Feb 27
2,855 Giroux Consolidated_ 5
4.819 Granby Consolidated_100 33 Feb 5
17,092 Greene Cananea
20
72 Feb 29
1,200 El oncock Consolidated 25 2334 Sep 14
Elelvet;2. Copper
25 .95 Sep 2,
3,833 Indiana Mining
25 1113 Sep 26
685 aisplration Consol C 20 18 Feb 6
210 island Creek Coal__ I 4012 Jan 17
Do pret
1 85 Jan 13
4,315 Isle Royale Copper_ 25 2034 Jan 15
2 Apr 0
225 Kerr Lake
415 Keweenaw Copper
25 230 Jan 2
2,105 Lake Copper Co
25 3212 Feb 1
442 Feb lb
23
465 La Salle Copper
590 liason Valley MInea......5 19,8 Feb 2
613 J'ly
630 .lass Consol
25
234 Jan 2
23
1,015 41ay(1ower
390 Miami Copper
5 2333 Jan 20
2 Jan
25
655 Michigan
1,815 Mohawk
25 5012 Jan 30
6,261 Nevada Consolidated_ 5 1814 Jan 29
3 Aug 13
320 Ncvi Arcadian Copper 25
425 NIpissIng Mines
534 Jan 3
5
8.05, North Butte
15 2234 Feb 1
2.330 North Lake
25
25, Sep 26
378 Sep 13
150 0 lbway Mining
25
2,824 Old Colony
25
258 Jan 2
4,300 Old Dominion Co__ 25 44 Jan 31
208 Osceola
25 106 Jan 15
1,903 Pond Creek Coal
15 Mch 27
10
102 Quincy
25 7312 Jan 29
2,770 Ray Consol Copper._ 10 1613 Jan 29
1,115 Santa Fe Gold ec Cop.. 10
1 Jan 31
1,271 Shannon
9 Jan 31
10
3,725 Shattuck-Arizona
10 17 Feb 21
South Utah 11 & S._ 5 .48 Sep 6
1,890 3uperlor___.......
25 24 Feb 1
215 Superior& Boston Ulu 10
114 May24
2,792 Tamarack
25 26 Jan 31
493 rrinIty
5 Jan 15
25
1,300 Tuolumne Copper - 1
258 J'ly 27
15,062 11 S Smelt Ref & Mln 50 34 Jan 31
1,874
D
pret
50 47 Jan 11
265 Utah-Apex Mining._ 6
2 May21
835 Utah Consolltiskted_ 5
012 J'ly
723 ,jtah Copper Co
10 5212 J411 29
150 Vio orla
234 Oct 3
23
1,410 Winona
4 Sep 13
25
285 Wolverine
25 7512 Sop 14
1,1755neott
25
131 Jon 5
city. h EX-rights. a Ex-cliv. and rights.

46 Sep
6334 Meh 23
09 Jan
105 Mehl k
312 Au.,
514 J'ne 10
12171 Aug
21 J net.,
13358 Ma21.; 112 Sep
12334 Aug 30 11134 Jan
149 Mch 2O 13158 Aug
2612 Deo
30 Mch 22
8512 Oct
9414 Mch 23
84 May
7712 Dec
1/9 Dec
105 Mch 26
9 Feb 14
738 Dec
20 Jan 18
1412 Nov
1714 May27
714 Jan
300 Met,2i 575 Sep
18778 J'ly 25 142 Sep
8734 Jan
9434 Sep 28
9878 Feb 19
03 Dee
229 Aug 2o 211 Jan
3 Oct
412 J'ne1:6
105 Jan 18 103 Oct
107 hlch 20 101 Nov
164 Mch 14 137 Jan
0234 J'15
00 Mch2u
174 Aug 2, 153 Sep
1738 Apr 11 x12 Jail
0234 Sep
10918 Sep 25
32 ot1.11 10
29 Sep
27 Mch
31 Apr 17
334 Apr 8
34 May
20812 J'ne 19 4178 Dec
5712 Aug 2..
4014 Aug
2034 Sep 13
2612 SeP
50 Oct
8058 Sep 3,
11638 Oct 1 10312 Sep

6334 Deo
10514 Mch
612 Jan
1124 Jan
122 Feb
12013 May
15314 J'ne
3614 Mch
9612 J'ne
81 Nov
10012 Dec
11 May
26 Jan
12 Slay
297 Deo
16734 May
,9034 Aug
9812 Oct
235 Aug
478 Jan •
119 Mch
11612 MAI
16512 Deo
7334 Nov
123 Jan •
15 May
104 J'ne
36 Jan
31 .fly •
1140 Mch
19713 J'ly
5878 Feb
2914 Jan
8218 Feb
12012 Feb

1114 Apr 20
814 May
5018 J'ne 21
93138 Oct 4
35 Oct 3
L178 Apr 0
.55 Apr 11
914 XII,/ o
534 Apr 2
6134 J'ne 12
8312 Aug 2t•
615 Sep 17
2712 Apr la
45 Sep V.
.09 Jan 19
6612 Apr 1,
712 Nich 27
1634 Sep 21,
1614 Apr 1
6"isApr 6
6014 Apr 26
1118 Oct 4
37 J'ne 14
2 May a
23 Apr 24
2158 Jan 24
6.534 J'ne 10
9114 Aug 1
3678 Aug 21
318 Feb 13
3 May 6
49 Apr lu
8 Apr 17
1412 J'ne 27
914 Jan 4
1812 Apr 2.s
3038 Sep 2
512 Apr 2,
73 J
2438 Sep 3u
014 Apr B.
834 Sop 22
3514 Sep It,
834 Apr 2::
e634 Jan 11
3314 May 1
6i Oct 2
13012 J'ne 2.
25 Sep 2:
J'ne 2'..
2418 Sep 25
478 M81,20
1778 Aug
30 Sep 30
114 Apr 3
4878 J'ly 27
478 Jan 13
51 Apr 18
012 Apr 9
41142 Mob 26
x5058 Sep 30
5234 Sep 28
3112, Feb 9
2038 Apr 2
8738 Sep 24
578 Jan 20
734 Mess 1
117 Apr 17
31, Nich 4
Uustamped.

4 Sep
212 Oct
21 Aug
4434 Sep
1934 Oct
138 Dec
.30 Oct
334 Aug
3 Nov

718 J'ne
11 J'ne
4414 Deo
7158 J'ne
3028 J'ne
21153 Dec
75 May
1513 Stay
612 Jab.

45 Sep
360 Sep
8 Aug
1632 Sep
03 Nov
4634 Sep
3 Feb
878 Aug
512 Aug
338 Sep
:.6 Aug
Pio Oct
17 Sep
34 Sop
514 Oct

0334 Dec
545 Jan
19 Dec
2712 Dec
15 Joe
034 Feb
7 Deo
1134 J'ne
14 J'ne
818 Feb
4312 J'ne
858 Dec
3112 Deo
2 Feb
16 Jab,

2914 May
808 Sep
1112 Aug
253 Oct
12 Nov
22 Aug
3 Aug
612 Apr
412 Aug
20 Feb
1678 Sep
114 Nov
26 Apr
15 Sep
2 Aug
2612 Dec
20 Sep
334 Aug
358 Dee
.21) Jan
2414 Sep
tfl Sep

44 Deo
91 J'ne
23 Dec
718 Jan
334 J'ne
40 J'ne
6 Jan
1178 Dec
;10
142 Dec
Joe,3
2438 Dec
312 Jan.
17 Dec
2114 J'ne
414 Aor
1138 Feb
3614 J'rte
934 J'ne
612 J'ne
313 J'ly
49 J'ne
124 Jan

55 Sep
12 Sep
34 Apr
7 Oct
1412 Sep
12 Deo
20 Oct
2218 Oct
20 Sep
278 Oct
134 Ben
3038 Sep
4514 Auv.
172 Nov
934 Jan
38 Sep
1 Ana
334 Nov
74 Nov
.30 Nov

76 Dec
19 Dec
134 Joe
1214 Feb ,
24 Jan
1110 May
4213 Jan
8,4 Vile
12 Jan
512 Dee
478 Mar

cos J'n•

4912 J'ne
312J'ne'
20 J'ne
5758 Dec
413 Dee
912 Feb
122 Feb
'3 Feb

Boston Bond Record

OCT. 5 1912.1
BONDS
BOSTON STOCK EXCHANGE
Week Ending Oct 4.

11 8
-

Price
Friday
031 4

1Vcck't
Range or
Lail Sale

-

Range
Since
Jan. 1.

C.

Hid
High No
Ask bow
10114
10112
Am Agricul Chem Isi; 5s_ _1921( A-0
4 Sale 8914 897s 51
Am Telep & Tel coil tr 4s1929 J-J -5;131936 .51-S 113 115 11412 J'ly '12 Convertible 9s
8978 J'ne'12 _
Am Writ Paper 1st s f 5s g.._1019 J J
1913 11-N
131 J'ne12
Am Zinc L & S deb as
82 J'ly '12
Ariz Corn Cop 1st (Ss ctfs of dep..
0734 Sale 9734
97s 3(
Atela Top & S Fe gen g 43 1995
Adjustment g 48___Juiy 1995 Nov
1
88
88
July 1095 1I-N
Stamped
69(7 J'ly '12
1915 i-i)
50-year cony 4s
10164 Sep '12
1913
10-year cony 5s
D
11033 lich'll
Atl Gulf & W 1 SS Lines 53_1935 2s
03
--II Sale 6218
Boston Elev 50-yr g
_1933 111-N
05(8 Feb '12
1016 J -j
Boston & Lowell 45
i01)14 Nich'09
Boston & Maine 4Sis
1944 J - J
10412 Oct 1.1t
Improvement 4s_ _
_193. F- A
Plain 4s
95 Feb '12
1942 F- A
Bur & Mo Itiv cons 6s
1118 J 103 J'ne'12
Cedar Rap & Mo It 1st 73_1916 M-N
1112s Sep '11
Cent Vermt 1st g 4s__ May 31)2()
9(113 Sale 9012
9.012
1103 Oct '07
O 13 & Q Iowa Div 1st 5s__ _1315 A-0
99 Aug 'I:.
• Iowa Div 1st 4s
1910 A-0
i0038
J'1
y
'12
Debenture Os
1913 11-N
'3973 Feb '12
A
1922
Denver Eaten 45
9812 M ch'12
1927 11-N
-Nebraska Eaten 4s
9918 Feb '11
1921 Si- S
• B&SWst 4s
-8718 May'12
1941 3-i
Illinois Div 3 3.js
110,s
()hie Jet fly & Stk Yds 5s-1915 J J 1653-4 1607-8 10034
00 88 Sep
Coll trust refunding g 45_1940 A-0
114 Jan '11
Oh Mllw & St P Dub 1) 63_1920 J-J
11338 Feb '11
J
Oh M & St P Wis V div 133 1920
91 May'12
1931 11-N
55
Oh 40 No Mich 1st
9616
1921 J -D
961,.
Ohio & W Mich gen Os
0712Sep '11
Concord & Mont cons 43_1920 .1 -I)
10014 Aug '1::
Cudahy Pack (Tile) 1st g Os 1924 Si-N
1926 A-()
100 Aug'12
Current River 1st 53
8014 Sep '12
1946 A-0
Bet Gr Rap & W 1st 4s
99 fly '12
1940 11-N
'Dominion Coal 1st s f 5s
10313 Apr '05
1915 11- s
Fitchburg 43
1927 '1-S
96 Apr 'Os
4s
12712 Mcla'12
Fremt Elk & Mo V 1st 6s__ _1933 A-0
1933 A-0
Unstamped 1st 6s
127 \itch '12

Low 11,:gi.
10114 10234
8878 9114
10834 11531
8973 90
103 131
64 88
9634 9934
88 9218
8912 9138
10134 10818
-6267
8 181
4
95 9513

95 95
103 1031e
4
2 -921-8-0-199
10013 10112
9973 100
9812 9838
-136-3-4 8• 7-3-4
1001210134

37

91

1)1

139

9614 lin
1170-1:,;
9914 103
80 8614
9834 9914
- --

881

BONDS
BOSTON STOCK EXCHANGE
Week Ending Oct 4.

z.
c

General Motors 1st 5-yr 63_1915 A-0
Gt Nor C B Is Q coil tr 43_1921 J -J
1921 (J -J
Registered 43
1913 A-0
Illinois Steel deben 5s
1917 A-0
la Falls & Sioux C 1st 7s
Kan C Clin & Spr 1st 5s
1923 A-()
Kan C Ft Scott & Mem 6s1928 .11-N
1934 ,11-8
Kan C II & B gen 4s
1934 11- S
Assented income 5s
Kan C Is II fly & Br 13t 53_1929 A -()
Marq Hough Is Ont lot 6,_1925 A -0
1921 J -J
Mass Gas 4 ;is
1917 J • J
Mich Telephone 1st Os
New Eng Cotton Yarn Os 2929 F - A
1915 A-0
..,1.evi Eng Tel .pli 5s
1916 A-0
53
1145 J -J
1 New England cons g 5s
1931 A-0
Boston Term 1st 4s
New River (The) cony 53_11334 j- J
NYNH de II con deb 3 3.3s_1956 J -J
Cony deb 6s
19-18 J -J
1924 F - A
Old Colony gold 4s
Oregon fly & Nay con g 4s_1946 J -1)
(Reg Slt Line let g 6s
11122
A
Pare Marquette deb g 63__ _1912 J -J
Rcpub Valley 1st s f 6s
1919 J-J
Savannah Elec let cons 5s 1032 J -J
Seattle Elec 1st g 5s
1930 - A
Shannon-Ariz 1st g 6s
1911 21Terre Haute Elec g Os
1929 J -J
Torrington 1st g 55
1518 Ni- S
Union Pae RR Is I gr g 4s1947 J -J
20-year cony 45
1927 J -J
United Fruit gen s 1 4 3.s.._.,1923 J -J
Debenture 4 y4s
1925
,3
U S Steel Co 10-60-yr 5s Apr 1953
West End Street fly 4s
1913 10-A
Gold 4 Yis
1914 M-S
Gold debenture 43
1916 '11-N
Gold 43
1917 F-A
Western Teleph & Tel Os__ _1932 J -J
Wisconsin Cent let gen 4s 11/49 J -J

rs

Price
Friqay
Oct 4

2

W cc;
Rang3 or
Sal.:

Rance
Since
.iczn. 1.

Lae

High No Low High
Low
1)914 Feb '11.
0914 9914
9538
951: 1. 95 9812
2 9312 9763
9512
951:
99
1 99 10034
99
117 Apr '08
97 Meh
1152 97
113 114 113
113 11712
Ils
9213 _ 9212 Sep '12
92 9212
86
_
86
1 8412 89
103 J'ly '1:
10212 10234
115 J'ne'Os
-jf Sale 97
97
17-1 19-1;
10018 Apr - 1:
10013 10013
ui 97 Sep 'L
9612 99
10138 Alehill
-Sep '08
---- 10012
9975 Jan '1:
-1-9-7g
----

bid
Ask
9934 1001,
9512 Sale
9514
9912 190

---Dec11
---- ---- 78
9214 Meh'12
---12814 Sep '1.

101 Apr 119
9878 Set) 'it
112 J'ne'12
95 Jan '15
103 Jan '11
10314
7014 Dec '10
10312.1'1y 'L
97 Augill
97 Apr 1.1.
1011, 101 Sep
10015 J'ly
1(1178 May'12
951:
95
9512
951.
-- 951 9512
102;8 Aug'12
09 May'L.
993s
9933
9873 Apr '13
5812 N ov'11
:i97,
-9'38 Sale 9912
WO*, Feb '1•

-9-21; -1/18
1.2814 13212
-

112 - 11-3-4
95 95

• 163-1; 115-14
8312 100
-9-94 1-(11• 10018 10063
10178 10173
1 9512 9713
1 9.814 9612
10158 104
99 1118
9333 10014

1271212312
-1/91-21-61-127 12716
9361 03
all
Boston
in
addition to the i urchasc price for
NOTE.—Buyer Pays accrued Interest
Bonds. • No price Friday: atest bid and asked. 11F at price

Philadelphia and Baltimore Stock Exchanges—Stock :Record, Daily, Weekly, Yearly
Share Price( —Not Per Cesium Prices
Sailirdag
Sept. 28.
*11434
*110
1834
6734
s____

112
1914
68
126
23

Monday
Sept. 30.

4512
5116
57
30
7012
12
3412
98
8612
1614
33
6253
525s
2358
2734
8673
7'16
52
9138

Wednesday
Oct. 2.

11514 11514
*11012 112
1958 1912
9
6812 6734
67
125
123 125
____
22
-21- *21
16-1; -25T8 161-4 2614

1014 20
6778 69
22

E1-4 -2-6-1:4 -2

4818
5078
*12
5612
30
7014
*1134
*3378
98
86106
1614
*3212
62,56
5268
2312
2712
8634
678
62
91

Tuesday
Oct. 1.

212
4514
5033
*12
5534
3013
7014
1168
3418
9712
867Lis
16
3212
621ts
*5214
2338
2712
8638
3638
52
39014

212
4514
51
3014
7078
1168
3412
98,2
37
16
3238
6238
53
2312
2753
8738
612
62
9012

Oct. 3.

Saks
Friday
Os 4

115 11534 *112
11
- -i- 112 112 *111
2013
1938 1934 1918
1
6712 6778 6712
68
12514 12512 *125
125
22
22
*59
2614(
2614 -H1-4 20(4

117
11212
1912
6758
1251s
22
.___
2614

ACT( Vii STOCKS

Inactive Stocks
10
American Milling
50
Cambria Iron
Central Coal Is Coke__100
100
Preferred
100
Consol 'Frac of N J
50
Germantown Pass
Huntington Is 13 T____50
Preferred
50
Indiana Union Tr_ ___100
Insurance Co of N A
hi
Inter Sm Pow Is Chem_5o
Interstate ltys, pre__ _10
Kentucky Securities_ 100
Preferred
100
Keystone Telco v t c__ 50
Preferred
5u
Keystone Watch Case_10u
Lit Brothers
10
Little Schuylkill
50
Is Schuyi IL._50
Gas
Eiec Lt Is Po_100
Nat
Preferred
10U
North Pennsylvania_ 50
Pennsylvania Salt
Su
Pennsylvania Steel_ _100
Preferred
1(10
Phila Co (PItts) pref___5.4
Phil German Is Norris...5')
Phlia Traction
50
Railways General
10
Tonopah Belmont Dev__1
United Cos of N
United Trae Pitts pref _50
Virginia fly Is Pow___100
Preferred
100
Warwick Iron Is Steei__10
100
Washington-Va Ry
100
Preferred
100
Weisbach Co
West Jersey Is Sea Sh...50
Westmoreland Coal_ ___50
10
Wilkes Gas Is Elec
5'.
York Railway
50
Preferred

Bit

Ask

Bid

PHILADELPHIA

Bonds
Prices are all "and
interest'
Alt & L V Elec 4 Iis'33F-A
Am Gas Is Elec Os '07_10-A
Am Itys Os 1917
A-0
Atl C Gas 1st s 1 58 '60_J-J
Berg&EBrew let 6821 J-J
ilethleli Steel 6s 1998 _Q-1
,
Choc Is Me 1st Os 1949_J-J
Ch Ok Is G gen 5s 1919 J-J
Con 'Frac of N J 1st 63 '33
Del Co Itys tr etts 48'49J-J
Etc° Is Peoples Tr tr ars__
Fr Tac4011 1st 5s 1940_J-J
Gen Asphalt Os 19 16_M-S
Indianan Ity 48 1933__J-J
11 - 43
Interstate 43 1943
F-A
- -153-4 Keystone Tel 5s 1935_J-.)
Lake Sup Corp Inc 5s'24_0
Lehigh Nay 4 WI '14__Q-.1
Gen M. 4 9s g 1924_Q-F
5
Leh V C 1st 5s g 1933
80
Leh V ext 4s let 1948_J-1)
Conso as 1923
J-D
Consol 4 ;is 1923
J-1)
Annuity 65
98 -titi
J-D
Gen eons
41
4412
2003 _M-N
Leh V 'Fran con 45 '35 J-D
1st series A 43 1935_II-S
82 83
1st series B 5s 1935 111-S
012
MarketStEl 1st 4s'55 114-N
078 10
NatLII&P ser II 55 '19 J-J
New Con Gas ris 1948 _J-D
N V Ph Is No 1st 4539 J-J
Income 45 1939
II-N
Pa Is N Y Can 5s '39_A-0
61
51:1 Penn Steel let 53 '17_111-N
79
S014 People's 'Fr tr etfs 4s 1943
P Co lsteccoll tr 5s'49 II-S
Con Is coil tr 5s '51
Phil Elee gold tr ctfs_A-0
Trust etfs 43 1949 __J-.1
1312 Is E gen M 5s g '20_A-0
30 37
Gen II 4s g 1920
A-0
214

21

!' Bid and asked; no sales on this day.

11 Ex-div. Is r.ghts.

Range Since
January 1

01 14.4
iVeck

(For Bonds and lizaclive
SlOC33 se3 bclow)
Shares
Baltimore
16 Con Gas El L & Pow_100
prct
Do
100
127
14,783 Houston 011 hr etfs 10u
1)o
preZ tr etts _100
2,806
50
112 Northern Central
343 Seaboard Air Line_100
pro:
Do
100
_ 27.0;6 United fly Is Electric_ 50

Philadelphia
50
*2
3
25 American Cement
4511 45
50
-4314 45
45
45
1,972 American Railways
4314 44
50
5014 6012 50
5112 5114 5112 5014 5213 36,157 Cambria Steel
*12
1218 1218 *12
*12
5 Electric Co of America 10
803 1.:iec Storage Battery_100
58
5534 5314 5618 5014 5614 5612 50
100
665 Gen Asphalt tr etts
*2912 3014 2968 2978
*2934 3014 2912 30
*7014 7078 7034 7034 7034 7034
Do
71
pre tr ctls_100
71
990
*1114 1134 *11
1118
1134 1114 1114 11
360 Keystone Telephone_ 50
*3312 34
224 Lake Superior Corp_100
*34
34
3412 34
3314 33,4
50
97
9712 95,4 9712 9534 9634 1,788 Leh C Is Nay tr ars
9734 15
8738 8714 8733 2,504 Lehigh Valley
8613 8638 8614 8638 87
50
1568 16
1478 1514 15
1514 2,645 Lehigh Valley Transit 50
1514 1578
Do pre!
3112 3133 3112 2,054
3233 3212 32
50
3214 31
62,38 6212 6238 6268 62,16 62,
50
16 0233 62,16 1,261 Pennsylvania 11.11,
35184 5134 *5138 62
125 PhIladel Co(Pittsb) _ 30
*5138 52 • *5138 52
2312 235s 2312 2378 2312 2312 2314 2338 4,965 Philadelphia Elec0
25
27
50
2712 27
2733 2738 2712 2758 2768 5,756 Phil R T vot tr etts
30
&Ma 8714 8678 87316 8718 8818 87•94 88
'
16 17,990 Reading
1
612 6''s6
6'4ia 6"te
635 6"re
612 668 3,561 Tonopah Mirung
5138 52
5134 62
50
5218 5218 52
5212 1,045 Union 'fraction
9014 9018 0018 90
9018 2,811 United Gas Imp',
9014 9014 90

PHILADELPHIA




b'hursday

Ask

PHILADELPHIA

Lowest

913 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 2618 Oct I
5334 Jan 25 7212 J'ly It
12434 J'ly 31 130 Apr t
22 Sep 25 2714 May24
4512 Itch 14 5534 J'ne 10
1814 Jan 2 2658 Sep 3

U*15 paid.

13 34

Paid.

Lowe.i
64
89
7
43
121
20
33
161

Jan
Jan
Feb
Jan
Jan
Jan
Jan

1 J'ne 14
5 Nov
7 Jan 10
4318 J'ne 10 47 Sep 25
42 Jan
4112 Merl 2 5218 Oct 4
4078 Sep
1112 Jan
1112 J'ly 31
1212 J'ly 8
43124an
5234 Jan 18 5833 Aug 12
18 Apr 2 33%8 Feb 17
2312 Aug
5934 Apr 2 73 Jan 3
68 Aug
613 Dec
6 Apr 4 13 Sep 16
27 Feb 20 3514 Sep 7
2112 Sep
8312 J'ne
8778 Alch20 300 Sep 25
75,34 Sep
7818 Feb 5 9278 Jan 16
614 Jan
812 Jan 3 1673 Sep 16
23 Jan 12 3338 Sep 16
1812 Jan
5938 Sep
61116 Jan 27 63111 Apr 26
51(12 Jan 11
4814 Sep
5614 Feb 13
111078 Jan 2 2434 Sep 6
1112 Nov
2218 May 6 29 Sep 13
17 Apr
,
7414 Jan 11 3914 Apr 30 61316
Sep
(13i0 J'ly 19
814 Apr 15
612 J11,
43 Jan
4934 Feb 28 53 Sep 13
8614 Jan 9 9238 Aug 6
8414 Sep

1115

All:

Ph Is Read 2d 53 1933 A-0 112 113
Ex Imp II 43 1947_A-0
Termin- 5s g 1941_Q-F 113 1111:
P W & B col tr 43 '21__J-J
87
871: Read Trac 1st 63 '33__J-J
____ 9534 Roch fly Is Leon 5s'5. J-J
Spanish-Am hr 6s '27__J-J 1015 itii
Stand Gas Is E 63'26_J-D 100), 10053
Stand SU Wks Ist5s'28 J-J
11 'Frac Ind gen 55 '19 _J-J
Un Itys Tr etts 4s'49__J-J
United Itys Inv 1st colt ti
s f 5s 1926------01-N 8212 83
Weisbach s f Os 1930 _J-D 93
1)5
Wi)-13 G&E con 5s'55_J-J
York Itys 1st 5s 1937-J-D
951s
BALTIMORE
6112
Inactive Stocks
8712
83 Atlan Coast L (Conn) _100
Canton Co
100
Consolidation Coal.._ 100
10-612 Georgia Sou Is Fla.— 10u
1st preferred
IOU
2d preferred
100
103
100
G-B-S Brewlng
Bonds
Prices am r all "and
961, 963.;
930_ .14
;inleresi1
3"s "
halt City
45 1954-1935___Various
5s 1916
Anacostia Is Pot= 53A-0
AtCoast L cony deb 4s51-N
At) Coast L(COctts Os J-D
5-20-yr 45 1925
J-J
- "Ea B s P c 1st 4 ;is'53 F-A
halt 'Frac 1st 55 '29__II-N
No Bait Div 5s 1942 J-D
91
Cent fly cons 5s '32__M-N
10114 i(Ext Is Imp 5s 1932 _M-S
94 9414
103 10338 Chas City fly 1st 5s'23 J-J
Is El 53'99 M-S
8134 8214 Chas By
City Is Sub 1st 5s 1922 J-D
City Is Sub(Wa-s)1st 5s '48

Highes!

Lange ;or 1 revious
Year (1911)

272
135
102,34
32
95
78
3:11

5:114
41.

92
_
9612
_
103
100 ___
10434 10514
10312
92
9512
_
106 ___ _
107
106
_
106 ___ _
103 __
96 9634
10414 105
____ 104

8 *17 ;i pa:d.

BA LIIMOR E
Coal Is C fly 1st 5s'19 A-0
Coal Is I fly 1st 5s '20_F-A
Col&G'rnv 1st 6s 1916 J-J
Consol Gas 5s 1939___J-1)
Gen 4;is
Cons G E Is P 4 ;is '35 J-J
Consol Coal 5s 1950__J-D
Fair Is CI Tr 1st 5.'38 A U
Ga Is Aia 1st con .53 '45 J-J
Ga Car&N 1st 53 g '29_J-_i
Georgia P 1st 6s 1922 _J-4
Ga So Is Fla 1st Os '45_J-J
'51_Mne
G-B-S 13rew
Houston 011 dly ctfs _F-A
Knoxy Trac lit 53 '28 A-U
MaconIty&Lt 1st 5s'53 J-J
Sid Elec By 1st 55'31_A-0
Memphis St 1st Os '45_J
Monon V Tram 5s'42_J-D
Mt Ver Cot Duck 13t 3.3„
Npt N &0 P 1st 3s'382I-N
N Is A Terml 55 '29_ M-S
Nor&Port 'Fr 1st 5s'36 J-D
Nonf Hy Is L 5s '49__M-N
North Cent 4 3 192,-A-U
Series A 52 1926____J-J
Series B 5s 1926____J-J
P:tt Un 'Frac 5s 1997__J-J
Polo Val 1st 5. 1941__J-J
Say Fla Is West 5.'34 A-U
Scab Air L 45 1950___A-U
Scab Is Roan Os 1926__J-J
South Bound 1st 5sA-u
U SI L&P 1st 4 84s'29 M-N
Un fly Is El 1st 43 '49 M-S
Income 43 1949___J-D
Funding Os 1935___J-D
Cony notes 5s 1914_ J-J
Va Mid 3d ser 63 '16....M-s
4th sec 3-4-5s 1921_M-S
5th series Os 1926__M-1
Va (State( Is new '32_J-J
Fund debt 2-3s 1991 J-..1
West N C con Gs 1914_J-J
Wil & Weld Os 1935___J-J

9512 Dec
101
10 Sep
Aug
79 J'ly
13034 .1'ne
27 J'no
30 Nov
1178 J
1712 Jan
4°
83% F
N by
121. Jan
9 JanOct'
356111:s
8375 Jan
32 Feb
98 Jan
Dec
93176
8 Oct9
2533 Oct
65 Feb
5914 J'ne
13 J'ly
2418 Aug
8034 Feb
85 Jan
5234 Aug
81.)3, Jan

BL3

Ask

92
1001: _ _
104 _—
:
,
89711314:
10384
95
8834

10501 2 101
104.3
no 111
521

841;

53

105
99

731: 7412
____ 99
99412
__ 8
.93
991:
104
108
105 _ —
1091: 108
109
86
104
106

--4
8 -3-4

85
6534 6573
8918 _ _
02
i
1160_11

i
1g91.18- i(56-1

THE CHRONICLE

882

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks
Week ending
Oct. 4 1912.

Railroad,
ctc ,
Bonds.

State
Bonds.

$1,759,000
2,271,500
1,681,000
2,212,500
2,270,000
2,4,0,00

$131,000
172,500
159,000
93,000
48,500
19,000

3,807,705 3354,660,25U $12,634,500

$623.000

Shares

Par value.

363,286 $34,321,100
784,055 70,143,000
640,357 66,534,300
638,494 66,689,300
669,209 55,533,150
802„104 74,430,4

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.

1911.

$6,000
500
$3,500

Jan. 1 to Oct. 4

Week ending Oct. 4.
1912.

U S.
Bonds.

1911

1912.

94,542,583
98,354.880
2,522,052
3.897,795
Stocks-No. shares.-.
Par value
$354,660,250 $234,956,300 $8,887,550,225 $8,511,990,775
$301,600
$1,487,500
$25,000
$56,400
Bank shares, par
Bonds.
$1,080,000
$3,113,500
$1,500
$6,500
Government bonds
21,988,300
82,348,400
495,400
823,000
State bonds
565,647,500
532,434,500
12,684,500 13,943,500
Nit.and misc, bonds
Total bonds

$1 ,,314,000 $14,440,400

$555,533,000

$651,109,400

DAILY TRANSAC1'ION5 AT rim BOSTON AND PHILADELPHIA
EXCHA NOES
Boston.
Week ending
Oct. 4 1912.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Listed
shares

Unlisted
shares

Bond
sales.

Listed
sdares.

Unlisted
shares.

Bond
sales

15,176
26,176
14,999
21,142
28,732
24,427

15,148
17,361
14,183
15,724
19,799
21,2,,

$8,000
17,000
32,000
34,500
51,500
22,000

10,172
14,805
9,394
17,387
19.597
26,680

6,485
15,876
9,558
4,944
8,549
15,786

$7,800
37,000
23,700
34,200
33,400
15,935

130,352

103.49.

$165,000

98,236

59,198

$152,03.5

Inactive and Unlisted Securities
All bond prices are now "and interest- except where marked "1"

Lxxxxv.

Ferry Companies
Bta Ask ilndust and Miscell-(Con.) Bia Ask
319 4
B & N Y 1st 6s 1911____J-J
95 102
%user Writing Paper-.100
o tStkE x list
N Y dr E It Ferry stock_101 158
5
15
Ati Gulf& WISS LinesSeeBf•
25
51-8 (5,
let 65 1922
16
00 Bap
reS
amith Car com104) 15
rn
refyer&
100 8414 100
•
N Y & Hob 55 May '46 J-4)
85
Hob Fy 181 531946_ M-t, 98Co
6t, 75
lIss
coin
NY &NJ 5s 1946____J-2
lilt 120 125
B Preferred
tI
10) 288 205
(0th & 23d Sts Ferry...10u 25 -;f6' Bond & Mtge Guar.
let mtge 544 1919
S-i) 55
65 Borden's (Sand Milk corn 10(5 120 122
Union Ferry stock
100 15
17
1015 108 111.
Prefecred
181 Is 1920
141-N 94 98
847, 5
British Col Copper
1
2
pere
Cas
infeCromodf Amer coin „100
Short-Term Notes
40 40
Amid Copper 53 1913 A-0 9934 100 Casualty Co of America.10
18
1 f 110 120
Halt lk Ohio 440 1913 J-1) 9912 9934 Ceinnold Co
10)) 140 143
Bklyn Rap Tr 68 1918(w IL
06114 97 City Investing Co
47
..10i
° 45
Cues & Ohio 434e 1914 J-D 9812 9834
Preferred .
101 100 101
Chia & Alton Is 1913..M43 98
9834 6 Clanin (11 13) Co com...1011
85
90
COle Elev Eye 55 1914..J-J 97
9734 5 e let preferred.
91
86
CM Ham & D 4s 1913....J-J 981: 9912
e 2d preferred....
92
1°
04
: 87
Erie Os April 8 1914...A-01 9312 100 Consol Car Heating._100 78
84
Coll 5s Oct 1 1914... A-0 99
904 Consol Rubber 'Tire.....10u 13
16
Coll 55 April 11915._A-ti 9712 98
Preferred
104, 50
59
Genf! Motors 68'15-See N Y itklix list.
Debenture 45 1951...A-0 /50
60
Hudson Companiese Crucible Steel corn __EN
1812 1878
Os Feb 1 1913
0914 100
•Preferred
F-A
971E 9712
10
Os (Jet 15 1913. _A&016 99 WO
Davis-Daly Copper Co_14
*2
218
Ill Cent 434s 1914___J&J 9914 9934 eDiamond Match-See Chic StkEx list.
Int & Gt Nor M 1914__F-A 9714 9734 duPont(I) de Nem Pow 100 195 205
Inter Harvester 53 '16_F&A 9978 10014
o Preferred
100, 981:
C Ry & Lt as 1912_ M-8 /90
Gold 45s'36-See N Y St k Ex
91
Minn & St L g As 1913_F-A
t5anerson-13rantingham _100 7758 777s
97
93
Mo Kan & Tex As 1913.3f-N
9834 9914
Preferred
104, 10212 103
10
5
Missouri Paolfle Is 1914_J-D 9534 9614 Empire Steel & Iron corn 100
45
Nat 14,
5 of Mex 4 As'18.J-D 98
100 40
9811
Preferred
cNYCI Lines Eq 544 1912-22 6 4.70 412 e General Chemical corn 100 fag_ 210
4 As Jan 1913-1925_
100
114
e Preferred
6 4.60
434s Jan 1013-1927. J-J b 4.641 4.4.; Joodrich (B F) Co-See N Y Stk E x list
N Y Cent 4 Ms 1914
99
9914 Greene-Cana neft-See 13os Si k Ex list.
M-5
St L & S F Se 1913 opt J-D 9834 94:14 k Hackensaok Water CoGs Sept 1 1914 opt 11-S 99 100
8713
Ref g 4s '52 op 1912_ J-J 85
South ity g 59 1913
5
F-A
9934 100
Havana Tobacco Co
100
Wabash 494s 1913_
al-N 90
14
94
Preferred
9
10(5
Westingh'se El & H Os 1913 100 10034
1st g Ss June 1 1922__J-D / 62
64
notesOct'17-See NY itk
x list liecker-Jones-Jewell Milling
let tis 1922
102 104
Railroad
Herring-Bali-Marvin __M
20
a 10
e Chic) & Alton com._100 18
2212 Hoboken Land & Improyel.
40
let Is Nov 1930
100 25
e Preferred
51-N 1033, 10412
Hocking Val Products WO
e Ohl° tit P
& Om
100 134 138
5
8
lit g Is 1001 ..... J-J
lOu 153 160
e Preferred
57
CO
3 Colo & South corn__
100 3912 4011 Houston Oil-See Halt Stk k x list.
Ingersoll-nand
e
corn. _106 105
let preferred
74
195) 72
e Preferred
e 2d preferred
100 6612 70
100 95
e N Y Chia & St L com -100 59
5934 Intercontin Rub com_10t) 12
13
e 1st preferred
Internet Banking Co.,_100 87
100 10214 120
92
e 2d preferred
90 International Nickel...JOU /131 133
100 85
Northern Securities Stubs.. 105 11()
Preferred
1W 10519 10712
Pitts Bess & Lake Erie..50 *30
35 International Salt
Preferred
/2
1st g 53 1951
A1-0
00 /"49- 52
50 •60
s Railroad &curdles Co-Internattonai Silver coin 100 125 140
III C elk tr atfs Ser A.
Preferred
8314 85
106 134 137
Wait Pao lit As 1033 .141-S 8114 82
J-I.; 110 111
1st Os 1948.
Internalwilm
S eselp
t i&
sis
teetag_
N"
-11(0 sltk6
23
7N12 128
Standard Oil Stocks
92
Kayser (Julius) & Co_ _.100 90
100 1001: 111
Anglo-American 011
let preferred
£1 *2012 2119
k Ex list.
Atlantic Henning
100 560 570 e Kresge (S S)-See N Y
StkEx
list.
Borne-Scrymser Co
.l4.14) 200 225 e LackawannaSteel-SeeNY
100 9134 9312
Lanston Monotype
Buckeye Plpe Line Co...50 .185 i90
22212
Lawyers' Mtge Co
Chembrough Mfg Cons..100 725 775
15
812 255
15
00 24
Lehigh Val Coal Sales...
100 155 175
Colonial 011
x
100 825 675 cLuoceContinental Oil
014
68
Madison Sci Gardm Stubs
Crescent Pipe Line Co....64.1 .65
85 Manhattan Shirt
6912
Cumberland Pipe Line 100 80
Preferred
10" 101 10112
100 405 110
Eureka Pipe Line Co
Manhattan Transit
Galena-Signal 011 com_100 235 215
Monongahelalt Con C&() 50
Preferred
100 138 143
1812
Preferred
50 *45
Indiana Pipe Line Co...50 *145 148
.100 105 roti48
Mortgage Bond Co
National Transit Co
25 •4€1
10u 225 230
New York Transit Co....100 3O,) 170 e National Surety
Northern Pipe LlneCo_11.)U 113 123
New York Dock com 100 19
Ohio Olt Co
e Preferred
100 35 -ig
25 .121 126
Prairie Oil & Gas
N Y Mtge & Security..J00 205 208
lUu 290 fOU
Solar Refining
N Y Transportation
20 *5
100 650 750
6.
Southern Pipe Line Co _100 205
Nilos-13em-Pond
85
130
00
South Penn Oil
100 800
25
Nipissiug Mines-See Bost S tk Ex list.
Sou West Pa Pipe Lines_ Wu 177 183 Ohio Copper Co
10 *158 134
Standard Olt of Callf_100 140 145
Ontario Silver
100
214 234
Stand Oil of Indiana
tis Elevator corn
.100 315 320
100 74
78
Preferred
Standard Oil of Kansas_100 470 190
10. 103 104
Pittsburgh Brewing
50 •1078 11
Stand 011 of Kentuoky..100 425
75
Preferred
so .10 41
Stand 011 of Nebraska_100 300 115
10234 104
Stand 01101 NJ (old)...100 1050 1100 1 Pittsburgh Steel pref
100 36
Stand Oil of N J
100 402 006 Pope Mfg Co corn
39
Preferred
100 74
76
Standard 011 subsidiaries.
650 700
Pratt
Whitney
100
Jo
prof.
105 too
Standard Oil ot N Y__ _100 535 '45
109 120
Standard 011 of Ohio. .100 250 280 Producers 011
Swan & Finch.
IOU 200 225 [(catty Mono (Bklyn),,100 112 116
100 215 220
Royal Bak Powd corn
84
100 80
Union Tank LineCa
IOU 109 111
Preferred
100 180 185
Vacuum 011.
29 Safety Car Heat & Lt. _IOU 1171: 11812
10 *24
Washington 011
x us
Waters-Pierce Oil
_J00 1600 1800 Sears,Rocbuck &Co-SeeN Y Stk
ePreferred-See Chic Stk Ex 11s t.
100 280 289
Singer Mfg Co
Tobacco Stocks
2
South Iron & 8 corn...J(10 _
(See also Stock ExchangeL)
ist
IOU
1
Preferred.
5
Amer Machine & Fdy..
68
82
40
British-American Tobae.£1 •2352 2334 Standard Coupler com 10() 30
100 108 112
Preferred.
Conley Foil
100 295 .310
tern Bros pref
100 84
• Heime ((leo W) com_100 185 120
85
e Preferred
IOU 114 120 Sulzberger & Sons Co p1 100 99 100
l'exas & PacUlc Coal..100 95 100
Johnson Tin Foll &Metal 100 180 190
MaoAndrews & Forbes 10U 195 205 e Texas Pacific Land Tr.1.00 95 100
123
Porto-Rican-Amer Tob 104) 285 295 Title Ins Cool N Y__100
Tonopah Min(Nev)-SecPhlia31k K x list
Reynolds (It J) Tobacco ,100 265 275
7
4
e United Cigar Mfrs corn 100
Sul:, Trenton Potteries corn _100
54
55 '
IOU 60
e Preferred
Preferred new
100 10314 110
30
100 20
UnitedCigarStoresofAra coin 104 10432 Trow Direotory
42
Preferred
122 124
Union Typewriter corn _100 40
IOU 110 112 •
e WeytnamBruton Co _100 250 265
1st preferred
100 103 108
e Preferred
100 116 117
20 preferred
11: 212
100
United Copper
Young (J 8) Co
100 172 180
8 20 •
100
Preferred
9934
0
0
0
_
1
10014
_
_
Goods
e
rred
Dry
f
fi
Industrial and Miscellaneous
eU
enpirte
105 107
Adams Express
100 197 200
100 195 205
Col tr g 45 1947
J-D
U Casualty..
100 100 104
Alliance Realty
100 1718
82 120
13358 (I 5 Envelope corn.
IOU 118 120
Preferred
Amer Bank Note com-50 *51
53
100 80
88
65 e U B Express
Preferred
50 *53
100 85
90
U 5 Finishing
American Book
100 170 175
104) 100 108
gu 1019
Preferred
8
American Brass
11
40
100 2
114
37 2
J-J 100 105
1st
American Chicle corn..,100
J-J 95 100
Con g 5s 1929
10
05
2
Preferred
0312 2
100 196
US Indus Alcoh-See N Y S II Ex list. '
eAmerican Express..__100
100 103 103
6 Preferred
Am Graphophone com 100 4018 46
U 13 Steel CorporationPreferred
85
100 75
American Hardware
Col s I Apr Is 1951 op 1911 114
100 13812 13912
Col s t Apr eas 1051 not opt 114
Amer Malting as 1914 J-D 101 102
ill '1.1
Amer Press Assoo'n
100 00
U S Tit Ou & Indem
70
100 60
Am Steel Fdy as 19354 A-0 99 10012 e Wells Fargo & Co-- 100 133 135
Deb 45 1923
Westchester & Bronx Title
F-A 71
72
&Mtge Guar_
American Surety
100 160 168 ;
412 32
._
5
60 3
.
20
American Thread pref....5
Westingh'se Air rake_ _.5O *144 148
Amer Typefounders com 100 4712 50 6Woolworth (F W)-.See NY Stk E x list.
Preferred
WorthIngton(HH)Co p1.100 105 1081111
100 103 105
Deb g M 1939...
M-N 100 102

Bid Ask
Street Railways-Won.)
United Rye of St LCo..i vol In ctfs
100
1314 1312
6 Preferred
10u 4312 44
New York City
IOU 89
24 Wash Sty & El Co
9014
Bleeck St & Ful Icy stk_100 18
Preferred
IOU 91
9112
_ J-J
70
. 1st mtge 45 1950
4s 1961
J-D 84
8412
100 170 180
B'y & 7th Ave stk.
33
J&J 9934 10014 West Penn Tr&Wat Pow 100 32
2d mtge 58 1914
Preferred
100 8214 83
Broadway Surface 1111J&J 101 103 Electric, (las & Power Cos
1st 6s 1924
New York City
10
Cent Crosstown stock 104)
Cent Un Gas 55 1927._,J-J 10112 10:3
103 _
1st mtgo tis
13 e Kings Co El L & P Co...10U 130 132
Cen Pk N & N Ely stock.100
Ohrlstopher&lOth St stk 100 iiE 137 New Amsterdam Gas1st consol Is 1948
J-J 10012 102
Dry Dock A B & Blot gold`63 1932
J-D 10014 10111 N Y & E It Gas 1st 5849 J-J 101 10512
Consol Is 1945
J-J 101 103
45
Scrip Is 1914...F-A j35
172 175
Eighth Avenue stock. .100 310 120 e N Y Mutual Gas
F-A 99 1(11 N Y & Q NIL & Pow Co_100 50
Scrip Os 1914
58
Preferred
42d & (Jr St Fy stock. 100 260 285
100 77
80
N Y & Richmond Gas ___10u 55
420 St 11 & St N Ave_ 100
05
M-a I-gg - Rid - North'n Un 1st Cis 1927 11-8 101 103
let Os 1910
Standard Gas L com___100 60 -2nd too Os Jan 1 1915.... ,78
Preferred
10
95
Ninth Avenue stock _JO(i 160 jailet Is 1930
M-N 103
1
3
Second Avenue stock. 100
Other Cities.
38
42
Consol Is 1948 ctfs F-A
50 .9112 93
• Sixth Avenue stock_ 100 110 126 Am Gas & Elea corn
Preferred
50 *49
51
J-J 88 93
Sou Boulev te 1945.
100 443 445
98 Am Lt & 'Frac corn
A-0 90
So Fer let 5s 1919.
Preferred
100 110 11112
80
Tarry WP &141 Is '28...M&S 75
71
28 Amer Power & Lt corn _100 67
28 & 2910 Ste Is '96 etfsA-0 20
Preferred
100 86
8634
Twenty-third St stools _100 250 45
50
Union Sty 1st 5s 14/42 F-A 104 107 Bay State Gas
.38
12
97 Bingh'ton (N Y) Gas Wk
Westchester 1st 58 '43_J-J 93
1st g 5s 1038
A-0 98
Yonkers St RR 58 1:146_A-() 88 95
Buffalo City Gas stock _100
Brooklyn
312 614
Atlan Ave RR con $8'31A-0 102 10311 Cities Service Co corn.,,l00 119 121
Preferred
91
100 89
BB&WE 5s 1033....A-0 07 101
106 1714 1734
c162 164 0)111..111)1a Gas & Elee
Brooklyn City RR
1st Is 1027
J-J
78
7834
Bklyn ligts let Is 1941.,A-u 100 103
Con Gas of NJ 58 1936 J4 98
Bklyn Queens Co & SubConsumers' L H & Powlet g Is'41-See N Y Stk Ex list.
5.5 1938
let con 5s'41-See N Y St ,t Ex lIst.
J-D 100
104) 101 105 Consumers Power (Minn.)Coney Isl & Bklyn.
1st&ref 5s 19290p'14_31-N
let cons g 48 1948_ __J-J 80
87
9612
J-J
Con g 48 1955
77
82 Denver U & El Is 1949.31-N
Brk C & N Se 1939_ __J-J 99 101 Elizabeth Gas Lt Co.. .100 325
100
Nassau Elea pref
Essex & Hudson W.9_100 135 i
A-0 10212 idSti Gas & El Bergen Co
let Is 1944
100 87
89
(Jet West Pow 5s 1946..J-J 8834 8912
NI,Vmsburg & Flatbush92 95 Hudson County Clas
10(1 136 139
1st 4341 July 1941..F&A
44
Steinway 1st Os 1922...J-J 100 104 Indiana Lighting Co..,.100 40
Other Cities
72
F-A 68
9s 1958 opt
Indianapolis Gas
45
Buffalo Street Hy50 38
A-0 88
90
1st consol 5s 1931___F-A 104 105
let g As 1952
A-4.) 10119 ____ Jackson Gas As g 1937 __ A-0 09 '102
Deb Os 1917
e Conn lty & Ltg com 100 7712 7912 eLaclede Gas preferred ,,100 9912 10038
e Preferred
100 79 82 Madison Gas 6.9 1926
A-0 104 109
Federal Light & Trac_100 37
38 Narragan (Prov) El Co _50 *9612 9812
Preferred
8414 8514 Newark Gas as Apr'44-Q-J 124 126
100 9712 9812
• Havana Elea Ry L & P 100 8512 87 Newark Consol Gas
100 9612 98 No Stud L H &P 5s 1938 A-0 100
e Preferred
6412
J-J
_100 64
• 10512 Pacific Gas & E corn
I Loulsv St Si 1930
Preferred
100 9212 9312
•New On Rye & Lt corn 100 3534 38
95
• Preferred
100 7534 77 Pat & Pas Gas & Elm _100 91
con g 551949-See N Y St I Ex list.
Y %Veatch & Bost ByJ-J 90
94
1st g 4s 1946-See N Y 3tk E x list St Joseph Gas As 1937
Pub Serv Corp of N J -See 8th E x Ilst Standard Gas & Elec(Del).50 *2314 24
Preferred
50 *05012 Al
Tr otfs 2% to 6% perpet 10912 11012
95
North Jersey St Ity_100 79
80 United Electric of N 5...100 90
let 4s 1948
J-D 8214 8314
M-N 80
let g 45 1949
81
29
Cons Tract of N J
30
4100 751: 7612 Western Power corn
let 55 1933
100 59
J-D 10312 10.112 Preferred
13012
New'k Pass Ry M '30 J-J 107 108 Western States Gas&ElecRapid Tran St Ity
95
100 235
lst & ref g 591941 op-J-D 93
let Is 1921
A.0 103 iaS" -telegraph and Telephone
.1 0 Hob & Patersone Amer Teleg Jo Cabie___100 6878 70
4s g 1949
M-N 79
80 e Central & South Amer.100 113 117
Bo J Gm El & Trao_100 129 133 Comml Un Tel(N
108 118
Cu g 6s 1953
75
M-s 9912 10012 Empire & Bay State Te1 100 65
NO Mid Co Ity as 1919 J-J 102 103 Franklin
100 40 60
Con 111 Se 1928
J-J 102 10312 • gold & Stock Teleg
100 118 123
Ext 5s 1924.... __M-N 98
e Northwestern 'Teleg.....50 117 124
Pat Hy con as 1931 J-D 114
25 70
75
Pacific & Atlantic
2d tls 1914 opt__ _A-0 100
Pao Telep & Teleg pref.100 100
Republic Hy & Light-100 27
97
2812 Southern & Atlantic
25 92
100 8012 8112 South Bell Telep &Tele?:
Preferred
99
see N Y Stock Exeh list
Trent P & LI 65 1943___J-D 97
dividend. b Basle. k Listed on Stock Exchange but usually inactive. f Flat pr ee. n Nominal, a Sale price. I New stock. x
accrued
* Per share a And
x Ex-rights. s Includes all new stock dlVi4end-9 and subscrjptions. e.141/i8e4_eajlt9Ck Axehange but Infrequent4y ctegt.p; mord 0.sakqs,t1 plyto found 00 ,
Street Railways




Bid

Ask

N 211,

a.

8812
9512

8912

883

THE CHRONICLE

Om.5 1912.]

lnuestment and Aztitroad intettivace.
RAILROAD GROSS EARNINGS.
monthly returns
The following table shows the gross earnings of every STEA.NI railroad from which regularorweekly orand the last two
month,
figures give the gross earnings for the latest week
can be obtained. The first two columns of
and including such latest week or month. We add a supplementary
columns the earnings for the period from July 1 to
whose fiscal year does not begin with July, but covers some other
statement to show the fiscal year totals of those roads
plge.
period. The returns of the electric railways are brought together separately on a subsequent
Latest nross Earnings.

ROADS.

Fleck or
Month

Current
Year

Pre viva..
Year.

current
Year.

Previous
Year

.A.la N 0 & Tex
603,116
689,006
52,000
51,000
N 0 & Nor East_ 1st wk Sep
281,572
328,310
27,000
27,000
Ala do Vicksburg_ 1st wk Se
247,236
304,526
22,000
26,000
Vicks Shr & Pac_ 1st wk Se
544,463
533,969
48,585
45,579
Sep
wk
3d
Ann Arbor
18,590,782 18,889,285
Atch Topeka & S Fe August ___ 9,630,813 8,867,640
233,126
233,• 21
247,3o i
247,:to
Atlanta 13 m & Ati luty
4,381,581
Atlantic Coast Line August _. 2,437,795 2,123,256 4,905,552
285,1)63
257,203
129,088 151,409
Chariest ec W Car August ___
212,426
191,128
108,695 110,231
Loulsv Hen &St L August ___
15,611,672
16,931,156
8,878,271
8,290,515
g Baltimore do Ohio_ August ___
260,865
319,933
170,924 143,817
B & 0 Ch Ter 1111 August _ __
501,522
469,112
234,609 274,530
Bangor & Aroostook August __ 1,043,208
1,947,145
2,071,036
1,042,418
Bessemer & Lake E August ___
120,009
178,769
93,476
70,787
Birmingham South_ August
8,047,979
Boii.fl & Maine _ _ August __ 4,637,784 4,230,739 8,845,668
2,589,428
2,917,445
309,500
270,125
Butt :‘.:coh & Pittsb 4th wk Sep
19 077
178,267
178,267 195.377
July
Buffalo do Susq_
4,472,900
Canadian Northern_ 4th wk Sep 526,600 o06,000 5,247,000 29,917,722
35,626,115
3,457,000
0,061,000
4th wk Sei
Canaulan Pacific
2,869,427
Central of Georgia.. 3d wk Sep 267,000 304,800 3,033,925
510,967
627,256
Central New Engl'd August ___ 323,750 269,873
2,813,906 2,388,754 2,813,906 2,388,754
Cent of New Jersey_ July
351,988
360,260
360,260 351,988
July ____
Central Vermont_
728,326 707,629 8,026,913 7,767,199
Ches do Ohio Lines_ _ 3d wk Se
3,623,126 3,737,433
381,137 382,71
Chicago & Alton__ _ 3d wk Sei
7,295,922 7,042,050 7,205,922 7,042,050
Chic Burl & Quincy July
344,568 318,758 3,222,833 3,057,565
p Chic Great West_ 3d wk Se
148,181 142,498 1,009,127 1,588,456
Chit) Ind & Loulsv_ 3d wit Se
5,495,460 12,020,684 10,539,998
0,260,066
August
Paul
Chia Milw & St
1,851,211 1,351,410 3,484,104 2,695,063
. Chic Mil & Pug Sd August
8,140,192 7,353,148 14,890,109 13,559,165
roChto & North West August
1,481,329 1,328,152 2,774,326 2,491,739
vCille St Paul M & 0 August
142,763
135,078
135,078 142,763
Chicago T II & S E_
971,818 1,004,309 1,847,878 1,880,673
.Cln Ham do Dayton August
317,518
336,533
181,135
--184,427
_
August
Colorado Midland_
- 297,061 303,746 3,126,535 3,329,551
3p
b Colorado & South _ 3d wit
19,737
10,909
19,737
16,909
July
Cornwall
38,248
34,901
38,248
34,901
Cornwall & Lebanon July
234,393
262,666
334,393 262,666
July
Cuba RR
2,052,533 1,767,440 2,052,533 1,767,440
Delaware & Hudson July
3,492,7.19 3,240,377 6,827,205 6,303,271
Delaw Lack &IVest August
0,699,598 6,451,002
Deny & Rio Grande 4th wk gei3 777,200 685,400
530,206
422,085
530,266 422,085
Western Pacinc_ July
116,267
114,102
116,267 114,102
Denver N W & Pao_ July
125,371
128,945
125,371 128,945
Detroit Tol & trout July
270,372
289,898
23,585
23,228
Sep
wk
3d
Mackin/1.e
Detroit &
2,129,395 1,067,269
Dul & Iron Range_ _ August.1,060,321 1,059,813
770,446
838,371
64,485
71,335
Dul Sou Shore & Atl 3d wk 'ef) 1,116,639
835,460 2,241,641 1,561,511
Elgin Jcllct & East_ August
643,600 540,467 1,310,500 1,067,530
El Paso e4 Sou West August
5,741,689 5,388,150 11,123,247 10,287,757
August
Erie
3,397
4,398
1,727
2,045
Fairchild & N E___ August __
442,178
525,778
Florida East Coast_ August ___ 265,622 213,492
190,262
200,356
96,382
Fonda Johns & Gloy August ___ 101,568
484,478
510,133
260,200 257,276
Georgia Railroad__ August
Grand Trunk Syst_ _ 3d wit Set 1,101,588 1,018,506 12,902,842 11,818,664
Grand Trk West_ 2d wk Sep 138,194 130,344 1,452,180 1,389,630
458,677
496,269
48,159
51,979
Bet Or Hay & Mil 2d wk Sep
456,735
500,659
45,526
50,388
Canada Atlantic _ 2d wit Se
11,746,869
13,354,597
6,000,951
6,885,676
___
Syst
August
Great Northern
322,288
335,707
172,226 165,789
Gulf do Ship Island_ August
604,458
600,036
690,036 604,458
locking Valley_ ___ July
5,586,528 5,551,556 10,683,533 10.679,768
Illinois Central_ __ _ August
Internet & Grt Nor_ 3d wk Set) 278,000 239,000 2,469,268 1,991,580
131,916 147,242 1,902.779 1,058,585
Interoceanie Mex. 3d wk Se
276,641
296,581
290,581 276,641
Kanawha & Mich_ _ July
035,751 792,285 1,769,548 1,543,374
Kansas City South_ August
August
3,999,841 1,423,485 7,533,547 6,515,141
Lehigh Valley
47,414
54,885
54,885
47,414
Lexington & East_ _ July
206,147
284,051
54 105,409
_
Louisiana & Arken_ August141,4
s Louisville & Nash 3d wk Sep 1,163,210 1,091,365 12,737,880 12,099,876
23,571
26,061
11,322
12.681
Macon & Birm'ham August
August
1,074,871 909,350 2,036,000 1,884,807
Maine Central
77,357
85,311
47,464
August
43,270
Penne_
&
Maryland
177,000 172,700 1,787,900 1,623,900
a Mexican Railway_ 2(1 wk Sei
167,450
187,261
15,04
15,867
3d wk Se
Mineral Range
219,81
181,150 2,458,101 2,018,551
Minn & St Louis-1 ith wk Sc
Iowa Central.... _1
718,672 556,326 6,132,022 5,383,853
Minn St P & S S M1 25 wk Sel
Chicago Division!
171,621
88,334.
76,038
148,884
Mississippi Central_ August
670.302 614,602 6,726,586 6,267,189
Mo Kan & Tex__ _ 3d wit Set
Missouri Pacific_ _ _ _ 1th wit Sc 1,580,000 1,494,000 15,808,770 13,049,857
1,098,297 1,019,634 2,142,492 1,000,239
!IsTasity Chat & St L_ August
'et Nat Rys of Mex_t _ 3d wk Sep 1,280,328 1,196,907 14,059,774 14,763,932
8,719
118,049
87,754
10,807
••Nevada-Cal-Oregon 3d wk Sep
147,686
131,705
147,68
181,705
.3g 0 Great Northern
140,166
180,820
140,166
180,82
.N 0 Mobile & Chits_ July
eNYC & Hud Itiv August ___ 10157 807 9,521,081 19,442,778 18,335,360
• Lake Shore & at S August ___ 5,072,476 4,655,514 9,516,645 8,776,556
098,632
n Lake Erie & W. August ___ 561,807 544,700 1,021,562
579,371
655,177
- 349,230 304,511
Chit) had & South August
5,163,850
2,919,182
2,773,637
5,618,418
___
August
Central
. Michigan
Cleve C C & St L_ August ___ 3,175,445 2,816,418 5,777,515 5,410,004
550,326
604,340
' Peoria & Eastern August ___ 341,104 204,534
233,686
244,438
136,986 132,152
Cincinnati North August ___
Pitts & Lake Erie August ___ 1,774,667 1,528,183 3,441,932 2,018,128
• N Y Chic & St I.,_ August ___ 1,053,825 1,013,564 1,915,166 1,915,325
950,324
090,335
Tol & Ohio Cent_ August ___ 506,477 507,736
Tot all lines above August ___ 26049011 24092 030 49,228,311 45,832,168

ROADS.

I. eek or
Month.

Cur'nt Year Press Year Inc. or Dec.

Previous
Year.

Current
Year.

Current
Year.

Previous
Year.

$
8,410,194 5,598,020 12,163,059 10,795,729
NYNH & Hartf_ _ August
932,512
977,781
977,781 932,512
N Y Ont & West__ _ July
660,196
595,498
303,868 342,850
NY Susq & West.... August
515,584
585,819
289,986 260,531
Norollt Southern__ August
3,874,822 3,491,861 7,454,672 6,545,574
Norfolk & Western_ Au. (St
6,035,548 5,523,737 11,785,904 10,756,589
Northern Pacific_ _ August
724,461
702,758
702,758 724.461
Pr. tic Coast Co...... July
15797 061 13763 668 30,463,796 26,484,725
Pennsylvania RR_ _ August
86,426
96,197
48,512
55,986
Bait Ches& AtIP.1 August
470,696
554,842
293,523 235,161
Cumberland Vail.. August
Long Island
August
1,263,915 1,160,113 2,581,779 2,403,477
40,868
41,527
22,584
23,167
Maryl'd Del & Va August
617,775
697,836
342,925 311,381
NY Phla & No:t August
1,117,796 1,065,088 2,180,707 2,014,007
Northern Central August
1,882,952 1,683,961 3,702,873 3,297,519
Phil Bait & Wash August
1,025,618 871,814 1,869,832 1,725,936
W Jersey & Seash Aut,1st
Au...1st
6,227,837
_
5,316,677 12,222,658 10,029,694
Pennsylvania Co.._
930,073
551,217 503,539 1,020,115
Grand Rap do Ind August
3,917,983 3,951,392 7,525,994 6,801,389
Pitts C C ec St L_ August
979,454 883,093 1,860,820 1,719,520
August
Vandalia
Total lines23380 158 20626 24, 45,305,341 39,996,666
East Pitts & E.... August
11811 571 10422 645 22,802,618 19,700,869
West Plt;..3 & E__ August
35197 729 31048 888 68,167,960 59,697,536
All East &West kugust
t,o72,37., t,516,401 2,971,9u,, 2,877,278
Pere
_ .tugust
Reading
alarr..tette__Company4,418,187 3,682,190 8,402,355 7,158,987
Phila & Reading.. August
3,449,643 1,980,389 6,453,239 3,659,602
Coal & Iron Co__ August
Total both cos._ __ August
7,867,830 5,682,579 14,855,594 10,818,589
200,903
237,616
237,616 200,903
Rich Fred do Potom July
78,498
84,276
78,498
84,276
Rio Grande June_ July ___
126,004
142,963
11,959
11,971
Rio Grande South__ 3d wk Sep
_ 8,614,386 5,762,512 12,332,268 10,833,270
Rock Island Lines__ Aug.ist
632,539
685,482
August __ _ 357,167 319,534
Rutland
148,235
144,262
144,262 148,235
St Jos & Grand 181_ July
3,948,356 3,555,786 7,419,337 6,830,649
St Lon's & San Fran AugaSt
1,443,501 1,373.790 2,745,430 2,600,487
Chic Cc East III_ August
5,391,858 4,929,577 10,164,768 9,431,137
_ _ August
Totil all
115,222
148,725
148,725 115,222
Mt doP_ July
St L Rockylines_St Louis Southwest.. 4th wk Sep 347,000 316,000 3,275,770 2,761,948
839,775
728,770
830,775 728,770
San Ped L A & S L._ July
Seaboard Air Line__ 3d wit Sep 421,044 439,849 4,765,044 4,625,802
Southern Pacific Co. August __ _ 12447187 11406015 24,209,578 22,277,902
Southern Railway__ 3d wk Sep 1,314,223 1,288,066 14,924,455 13,786,284
Mobile & Ohio_ __ 3d wk Sep 222,725 219,081 2,596,978 2,424,561
Cin N 0 & Tex P_ 3d wk Sep 179,244 185,182 2,167,307 2,124,682
972,967
85,371 1,047,305
86,205
Ala Great South_ 3d wk Sep
523,971
528.754
48,400
50,671
Georgia Sou & Fla 3d wk Sep
877,512
941,283
486,437 454,973
Spok Port & Seattle August
27,466
29,6 ,3
2,383
2,262
Tenn Ala & Georgia 3d wk Sep
137,013
125,70.s
125,70,3 137,013
Tennessee Central_ July
Texas & Pacific_ _ _ 3d wk Sep 333,129 318,620 3,558,422 3,319,989
7,583
9,167
7,583
9,967
Tidewater & West_ July
291,652
28,472
24,852
304,585
Toledo Peon & West 3d wit Sep
958,927
90,297
893,450
85,336
Toledo St L & West.3d wk Sep
8,451,437 7,750.895 16,270,021 15,079,244
Union Pacific Syst_ August
278.165
301.224
155,498 149,962
Virginia & So West_ August
752,115
865,419
August -_ - 488,870 404,004
Virginian
5,148,082
2,930,490
5,480,501
2,700,640
August
Wabash
587,919
567,379
567,379 587,919
Western Maryland.. July
788,217 765,610 1,502,587 1,380,793
Wheel & Lake,Erie_ August
40,205
45,986
25,366
20,121
Wrightsv & Tennille August
758,829 810,491 1,484,996 1,541,662
Yazoo & Miss Vali_ August
Various Fiscal Years.

Period.

Jan 1
Delaware & Hudson
N Y Central & Hudson River_e_ Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central __
u_ Jan 1
Cleve Cin Chicago
Peoria & Eastern.......... Jan
Jan 1
Cincinnati Northern
Pittsburgh & Lake Erie_ __ _ Jan 1
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central_
-- Jan 1
Total all lines__ .._
Jan 1
Pennsylvania Railroad
Baltimore Chump & Atlantic_ Jan
Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delawrre&
N Y Philadelphia & Noriolk_ Jan
Jan 1
Northern Central
Philadelphia Bait de Wash...... Jan
Jan
'West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Pitts CinolnChicago & S. L.._ Jan
Jan
Vendetta
Total lines-East Pitts & Erie Jan
West Pitts& Erie Jan
All lines E & W._ Jan
Dec
Rio Grande Junction
Jan 1
Rutland

AGGREGATES OF GROSS EARNINGS-Weekly and
Ireekly Summaries.

Jul/ I to Latest Dale.

Latest Cross Earnings.

July 1 to Latest Date.

Monthly Summaries.

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
•to
to
to
to
to
to
to
to
to

July
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
July
Aug

Current
Year

Previous
Year.

3
31 12,161,541 11,991,449
31 70,005,173 57,144,029
31 ;11,562,565 31,521,599
31 3,675,123 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 2,114,603
774,369
31
861,193
31 11,512,368 9,855,425
31 7,642,438 7,307,130
31 3,409,390 3,058,597
31 177788 145 166810 522
31 112493 912 101810 407
191,683
208,870
31
31 2,089,147 1,861,981
31 7,499,846 7,086,872
89,842
90,415
31
31 2,393,981 2,216,221
31 8,191,309 8,221,809
31 13,215,469 12,416,857
31 4,560,469 4,313,322
31 39,722,380 34,293,203
31 3,515,833 3,725,230
31 27,781,375 24,853,003
31 6,680,529 6,489,515
31 159971 239 146912 970
31 78,628,868 69.768,066
31 238600 106 210681 035
585,062
31
590,307
31 2,302,787 1,206,367

11Ionthly.
ICuent YearlPrev's Year Inc. or Dec.

%

3
S
Mileage. Cur. Yr. Prey. Yr.
3
0.73
November _234,209 231,5631241,343,763143.111,33s -1.767,62
week July (40 roads) __ 13,934,880 13,271,242
+663,638 5.00
December __238,561 235,385233,611,912 232.275,177 +1,339,735 0.57
14,320.563 13,238,634 +1,081,029 8.17
week July (41 roads) -January -- -237,888 234,402210,704,771 213,145,078 -2,440,307 1.14
dth week July (38 roads)____, 20,868,686 18,084,755 +2,783,931 15.39
February _231,082 233,191 ,218,031,094 197,278.939 +20,752,155 10.52
'1st week Aug (39 roads)____ 14,420,836 13,137,188 +1,283,468 9.77
238,218 234,692 237,564,332214,608,654 +12,355,678 5.77
March
_ 14,307,814 13,223,581 +1,174,233 8.88
2d week Aug (37 roads)
236,722 233,057 220,678,465 216,140,214 +4.538,251 2.10
April
3d week Aug (37 roads)......_ 14,636,261 13,552,577 +1,083,689 7.09
935,410 231,597232,229,364 226,184,666 +6,044,698 2.87
May
22,062,416
7.52
+
(39
roads)--20,517,970
Aug
1,544,446
week
.4th
235,385 230,894 243,226,498 228,647,383 +14,579,115 8.38
.15,035,240
June
+003,600 6.39
1.1,1,11,559
1st week Sept (40 roads) _ _ _ _
230,712 227,194 245,595,532 222,587,872 +23,007,660 10.34
15,765,881 14,918,400
July
+847,385 5.75
Rd week Sept (40 raods)
88,1341 77,638,413, 71,361,692 +6,276,721 8.79
89,691
......
15,182,364
August
6.63
14,238,726
+943,638
(39
roads)
week Sept
b Does not include earnings of Colorado Springs & Cripple Creek District Railway, from November 1 1911;
a Mexican currency.
.
the Ottawa & New York Railway, the latter o'
and
C Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence & Adirondack
I Includes Evansville & Terre Haute and EvansWhich, being a Canadian road, does not make returns to tile Inter-State Commerce Commission.
p Ineludes earnings of
the
Northern Ohio 1114.
Includes
n
years.
both
the
Cleveland
ev
Ry.
Lorain
in
Wheeling
ville do Indiana RR. g Includes
t Includes the
s Includes Louisville & Atlantic and the Frankfort dc Cinoispiatj,
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacillc.
Mexican International. u Includes the Texas Central. v Includes not only operating :evenues, but also all other receipts.




884

THE CHRONICLE

Latest Gross Earnings by Weeks.-For the third week of
September our final statement covers 39 roads and shows
6.63% increase in the aggregate over the same week last
year.
Third week of September.

1912.

1911.

$
$
Previously reported (25 roads)_ 12,151,504 11,285,290
Alabama Great Southern
86,205
85,371
Anti Arbor
•
45,579
48,585
Chicago & Alton
381,137
382,775
Chicago Great Western
344,568
318,758
Cinc New Or! & Texas Pacific
179,244
185,182
Detroit 40 Mackinac
23,228
23,585
Georgia Southern & Florida
48,400
50,671
Louisville & Nashville
1,163,210 1,091,365
Mobile & Ohio
219,081
222,725
Nevada-California-Oregon ____
10,807
8,719
Rio Grande Southern
11,959
11,971
Seaboard Air Line
421,044
439,849
Tennessee Alabama & Georgia_ _
2,383
2,262
Toledo St Louis & Western
85,336
90,297
Total (39 roads)
Net increase (6.63%)

Increase. Decrease.
$
926,844
834

$
60,630
3,006
1,638

25,810
5,938
357
2,271
71,845
3,644
2,088
12
18,805
121
4,961

15,182,364 14,238,726 1,036,221
943,638

92,583

Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:

[VoL. Lxxxxv.

-Gross Earnings- -Net Earnings
Current
Previous
Current
ye
Previous
Year.
Year.
ar.Year.
$
$
$
$,
Northern Pacific_ b_ __Aug 6,035,548 5,523,737 2,343,439 2,308,294
July 1 to Aug 31
11,785,904 10,756,598 4,440,961 4,211,648
Pennsylvania Railroad _aAug 15,797,061 13,763,668 4,413,958 3,721,932
Jan 1 to Aug 31
112,493,912 101,810,407_26,491,164 23,635,744
Balt Ches & Atl_a___Aug
55,986
48,512
26,389
24,669
Jan 1 to Aug 31
191,683
208,870
36,456
43,165
Cumberland Valley_a_Aug
293,523 ' 235.161
111,341
69,834
Jan 1 to Aug 31
2,089,147 1,861,981
624,157
491,693
Long Island_a
Aug 1,263,915 1,160,113
492,123
432,449
Jan 1 to Aug 31
7,469,846 7,086,872 1,669,767 1,487,828
Maryland Del 40 Va a Aug
23,167
7,769
22,584
7,751
Jan 1 to Aug 31
90,415
89,842 def13,808
def4,923
N Y Phila & Norfolk aAug 342,925
311,381 • 102,524 • 100,929
Jan 1 to Aug 31
2,393,981 2,216,221
610,618
475,304
Northern Central_a_Aug 1,117,796 1,065,088
197,778
148,216
Jan 1 to Aug 31
8,191,309 8,221,809
568,708 • 859,949
Phila Bait & Wash_a_Aug 1,882,952 • 1,683,961 • 421,896 ' 457,771
Jan 1 to Aug 31
13,205,469 12,416,857 2,237,140 2,498,758
West Jer & Sea Sh a_ _Aug 1,025,618
871,814 • 485,531 • 316,158
Jan 1 to Aug 31
4,560,469 4,313,322 1,034,992 • 1,060,482
Pennsylvania Company a Aug 6,227,837 • 5,316,677 2,082,272 • 1,85471
39,722,380 34,293,203 9,738,612 9,072,942
Jan 1 to Aug 31
Grand Rapids & Ind a Aug
551,217
503,539,, 172,475 • 157,623
Jan 1 to Aug 31
3,515,833 3,275,230
494,658
510.397
Pitts Mc Ch & St La Aug 3,917,983 • 3,591,392 1,131,824 1,085,981
Jan 1 to Aug 31
27,784,375 24,853,003 6,562,652 . 5,938,307
Vandalla a
Aug 979,457 • 883,093 • 266,617 .1 193,371
Jan I to Aug 31
6,680,529 6,489,515 1,113,075 1,108,772
Total lines East P&E aAug23,386,158 20,626,242 6,588,356 5,546,609
Jan 1 to Aug 31
159,971,239 146 912,970 34,088,422 31,230,562
Total lines WestP&E aAug11,811,571 10,422,645 3,688,134 3,328,280
Jan 1 to Aug 31
78,628,868 69,768,066 18,120,163 16,845,941
Total all lines_a
Aug 35,197,729 31,048,888 10,276,490 8,874,890
Jan 1 to Aug 31
238,600,106 216,681,035 52,208,585 48,076,503
Rock Island Lines_b__ _Aug 6,614,386 5,762,512 2,110,578 1,559,259
July 1 to Aug 31
12,332,268 10,833,270 3,686,909 2,657,344
Rutland b
Aug
357,167
319,534
119,328
97,413
Jan 1 to Aug 31
2,302,767 1,206,367
564,607
477,988
St Louis & San Fran_b_Aug 3,948,356 3,555,786 1,259,583 1,217,989
July 1 to Aug 31
7,419,337 6,830,649 2,307,903 2,223,512
Chicago & East Ill_b_Aug 1,443,501 1,373,790
368,216
454,850
July 1 to Aug 31
2,745,430 2,600,487
770,135
858,510
Total all lines_ b
Aug 5,391,858 5,929,577 1,627,799 1,672,840
July 1 to Aug 31
10,164,768 9,431,137 3,078,039 3,082,023
St Louis Southwestern b Aug 1,076,373
934,720
354,243
284,336
July 1 to Aug 31
2,159,770 1,755,948
720,844
517,465
Seaboard Air Linea_ _Aug 1,775,625 1,677,579
420,657
372,215
July 1 to Aug 31
3,514,116 3,313,745
784,834
764,868
Southern RailwayGeorgia So & Fia_b_ _Aug
198,894
187,369
39,493
33,119
July 1 to Aug 31
389,184
378,769
73,496
76,812
Yazoo & Miss Valley_a_Aug
810,491
64,144
758,829
156,113
July 1 to Aug 31
1,484,996 1,541,661
55,048
268,949
INDUSTRIAL COMPANIES.
-Gross Earnings
Net Earnings
Current
Current
Previous
Previous
Companies.
Year.
Year.
Year.
Year.
Roads.

-Gross Earnings- -Net Earnings----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Atlantic Coast Llne_a_Aug 2,437,795 2,123,256
426,471
370,252
July 1 to Aug 31
4,905,552 4,381,581
825,060
861,919
Bangor & Aroostook__Aug 234,609
274,530
69,721
92,424
July 1 to Aug 31
469,112
501,522
129,235
146,180
Boston 40 Albany-aJuly 1 to June 30
15,710,512 14,593,463 3,942,344 2,248,415
Boston & Maine_b
Aug 4,637,784 4,230,739 1,550,696 1,177,099
July 1 to Aug 31
8,845,668 8,047,979 2,784,859 1,995,002
Canadian Pacifica __Aug 12,251,716 10,421,904 4,717,920 4,075,571
July 1 to Aug 31
24,304,115 20,083,722 9,166,103 7,778,599
Central of Georgia_b___Aug 1,088,318 1,047,779
c236,370 c244,957
July 1 to Aug 31
2,216,943 2,025,907
c525,305
c478,271
Chesapeake & Ohlo_b_Aug 3,214,298 3,019,132 1,249,419 1,136,336
July 1 to Aug 31
6,016,273 5,736,721 2,114,254 2,096,643
Chicago & Alton_a
Aug 1,403,259 1,402,454
s375,969
s419,053
July 1 to Aug 31
2,633,870 2,717,355
s713,442
s826,720
Chic Mliw & St Paul_a_Aug 6,260,066 5,495,461 2,142,976 1,085,201
July 1 to Aug 31
12,020,684 10,539,998 3,869,242 2,212,028
Chic Milw & Pug Sd.a.Aug 1,851,211 1,351,410
806,266
491,065
July 1 to Aug 31
3,484,104 2,695,064 1,473,606 1,055,813
Chic Ham & Dayton_b_Aug 971,818 1,004,309
324,862
343,068
July 1 to Aug 31
1,847,878 1,880,673
565,251
589,457
Del Lack &
__Aug 3,492,749 3,240,377 1,423,062 1,249,999
July 1 to
West_b_Aug 31
6,827,205 6,303,271 2,667,204 2,362,661
Denver do Rio Grande_a•Aug 2,215,460 2,188,067
562,525
630,640
July 1 to Aug 31
4,272,598 4,165,702 1,037,035 1,147,462
Detroit & Mackinac_a_Aug
110,441
115,066
24,499
28,659
July 1 to Aug 31
220,826
214,087
46,184
48,455
Erie a
Aug 5,741,689 5,388,159 1,808,585 1,681,207 Abington & Rockland Elect
July 1 to Aug 31
11,123,257 10,287,757 3,386,852 3,188,092
Lt & Power_b
Aug
9,992
1,707
9,052
1,983
Georgia b
Jan 1 to Aug 31
Aug
260,200
71,005
257,276
63,348
8,737
32,574
12,039
50,394
July 1 to Aug 31
510,133
484,478
51,643
99,285 AtlanticGulf & West Indies SS LinesIllinois Central_a
(Subsidiary Cos)
Aug 5,586,528 5,551,555
July 1,370,557 1,364,625
924,638 1,182,240
51,140
193,367
Jan 1 to July 31
July 1 to Aug 31
10,683,533 10,670,767 1,539,403 2,057,640
10,485,455 9,997,022 1,376,381 1,637,752
gInteroceanic of Mexico Aug
709,413
772,248
98,629
264,025
278,331 Blackst Val Gas & 1..11.b.Aug
80,545
26,328
25,338
Jan 1 to Aug 31
July 1 to Aug 31
1,536,233 1,496,898
778,830
510,667
315,569
v22,581
326,124
304,305
Edis El Ill (Brockton).b.Aug
Little Falls & Dolgeville-b29,599
25,819
9,112
6,045
Jan 1 to Aug 31
247,304
Apr 1 to June 30
18,733
26,770
722,829
5,998
91,115
12,700
69,050
37,603
Louisiana & Arkansas.a.Aug
141,454
34,972
105,409
10,018
45,235
22,326 Fall Riv Gas Works_ b__Aug
10,032
Jim 1 to Aug 31
291,484
275,630
284,051
81,146
July 1 to Aug 31
206,147
97,374
40,082
82,311
21,177
20,749
9,446
Louisville & Nashv_b___Aug 4,892,953 4,593,083 1,393,754 1,442,632 Houghton Co. Elect Lt._ bAug
8,422
Jan'l to Aug 31
186,581
180,426
85,760
July 1 to Aug 31
87,183
9,394,128 8,879,831 2,495,009 2,670,775
Maine Central_b
27,566
32,761
11,240
362,251
Aug 1,074,871
7,652
330,926 Lowell El Lt Corp_b___
999,356
Jan 1 to Aug 31
July 1 to Aug 31
209,790
275,329
94,555
2,036,000 1,884,807
612,978
575,303
93,405
Minneap & St Louis_ b__Aug 818,016
51,875
51,141
31,370
692,405 k228,678
32,001
k172,200 Sierra Paciflc Elect_ b_ _Aug
Jan 1 to Aug 31
July 1 to Aug 31
413,683
376,249
1,551,546 1,288,225 10419,057
254,186
k283,229
234,360
Minn St P & S S M_a__ _Aug 1,601,578 1,386,604
371,567
:319,785
554,631 Southern Cal Edison__ _Aug
147,352
575,594
172,321
Jan 1 to Aug 31
July 1 to Aug 31
2,849,964 2,380,833 1,335,144 1,214,851
3,098,096 2,705,195 1,073,525 1,054,276
Chicago Division_a___Aug 914,575
830,195
201,931
288,497
a Net earnings here given are after deducting taxes.
July 1 to Aug 31
1,780,883 1,605,290
453,014
546,020
b Net earnings here given are before deducting raxes.
Mississippi Central_b__ _Aug
88,334
76,038
33,634
42,686
c After allowing for oustidc operations and taxes, operating income for
July 1 to Aug 31
171,621
148,884
66,606 August 1912 was $193,685, against $204,745:
77,776
and from July 1 to Aug. 31
Missouri Ran & Tex_b__Aug 2,691,722 2,881,034
d497,780 was $436,656 in 1912, against $398,871 last year.
d862,412
July 1 to Aug 31
4,975,153 4,535,697 d1,387,992
d After allowing for outside operations and taxes, operating income for
d811,183
Missouri Pacific_b
Aug 5,612,882 4,760,371 1,552,907
951,300 August 1912 was $739,360, against $412.463; and from July 1 to Aug. 31 was
July 1 to Aug 31
10,790,836 9,196,920 3,002,001 1,539,972 $1,165,091 in 1912, against $636,497 last year.
c Includes Northern Ohio RR.
St L Iron Mt & So_b_Aug 2,940,286 2,517,734
874,541
686,947
g These results are in Mexican currency.
July 1 to Aug 31
5,780,631 4,782,354 1,762,556 1,223,849
k For August 1912 additional income was $4,533, against $5,351 in 1911,
Nashv Chat & St Louis b Aug 1,098,297 1,019,634
242,225
244,962 and for the period from July 1 to Aug. 31 was $9,081 in 1912, against $8,926
July 1 to Aug 31
2,142,492 1,990.139
474,407
470,721 last year.
• el
q Includes the Boston do Albany, the N. Y. & Ottawa, the St. Lawrence &
gNational Rys of Mex__Aug 5,475,534 5,391,959 2,155,802 2,377,544
July 1 to Aug 31
10,443,596 10,974,777 3,456,241 4,802,067 Adirondack and the Ottawa & N. V. My., the latter of which, being a Canadian road, does not make returns to the inter-State Commerce Commission.
qN Y Cent ec Mud fly b Aug 10,157,807 9,521,081 3,307,772 3,480,18.1
s After allowing for miscellaneous charges to income for the month of
Jan I to Aug 31
70,005,173 67,144,029 17,108,919 17,406,198 August 1912, total net earnings
were $311,621, against $355,706 last year,
Lake Sh & Mich Sob Aug 5,072,476 4,655,514 2,120,668 2,096,424 and for the period from July 1 to Aug. 31 were $606,518 this year, against
Jan 1 to Aug 31
34,562,565 31,521,599 11,3”,499 9,315,896 5696,794.
eLake Erie & West_ b_Aug
544,700
551,807
175,995
182,658
Jan 1 to Aug 31
3,675,123 3,532,800
653,278
746,686
u
Interest Charges and Surplus.
Chic Ind & Sou_b_ __Aug 349.230
304,511
75,082
39,604
Jan 1 to Aug 31
-mt., Rentals,(5c.- -flat. of Net Earns.
2,680,968 2,452,217
449,676
297,756
Previous
Current
Current
Michigan Central_b__Aug 2,010,182 2,773,637
Previous I
996,853 1,203,395
Year.
Roads.
Year,
Year.
Year,,,
Jan 1 to Aug 31
20,855,810 19,223,204 6,002,402 5,164,158
b
$
$
4
•
Clev On Ch & St L_b_Aug 3,175,445 2,816,418 1,164,013
972,969 Bangor ec Aroostook__ _Aug
103,442-xdef22,1061-1, - x3,345
111,076
Jan 1 to Aug 31
20,472,331 19,836,490 4,749,974 4,722,253
July 1 to Aug 31
219,941
207,960_xdef52,795_ xdef29,512
Peoria & Eastern_b__Aug 341,104
144,264
93,266 Boston & Albany294,534
..
r:1
Jan 1 to Aug 31
2,110,788 2,114,603
379,321
531,043
July 1 to Aug 31
4,256,192 3,892,743-xdef26,320xdef1477431
Cincinnati Northern b Aug
136,986
132,152
37,062
33,883 Georgia
64,050
59,670
Aug
xdef22,788
•
x8,477
Jan 1 to Aug 31
861,193
774,369
82,239
59,249
July 1 to Aug 31
124,636
119,596 xdef55,455 • xde13,010
Pitts & Lake Erie_ b_ _Aug 1,774,667 1,528,183
785,201 Denver & Rio Grande_ _Aug
967,956
514,115
503,612
d119,949 (1199,268
Jan 1 to Aug 31
11,512,368 9,855,425 5,523,245 4,852,069
July 1 to Aug 31
1,010,237
990,360 d196,817
d327,155
N Y Chic & St Lb_ _Aug
Aug 1,053,825 1,013,564
351,528 Little Fails & Dolgeville300,353
Jan 1 to Aug 31
7,642,438 7,307,130 1,888,342 1,909,525
Apr 1 to June 30.-- 3,973
4,273
x8,505
x2,121
To! & Ohio Central_ b..Aug
506,477
507,736
202,330 Louisiana do Arkansas.. Aug
156,204
23,347
28,020
x20,725
x2,292
Jan 1 to Aug 31
3,409,300 3,058,597
703,276
814,879
July 1 to Aug 31
44,483
55,005
x40,394
.
x2,555
Total all lines-b
Aug 26,049,011 24,092,030 9,446,222 9,441,532 Missouri
Pacific
Aug 1,556,186 1,510,479" x164,682xdef423,364
Jan 1 to Aug 31
177,788,145166,810,522 49,213,914 45,475,969
July 1 to Aug 31
3,062,735 3,028,710 • x274,316xdf1108,070
N Y N H & Hartford_b_Aug 6,410,194 5,598,020 2,794,593 2,122,9.19
St
L
Iron
Mt
728,864
&
_Aug
So_
760,511
_
_
x128,008 x133,069
July 1 to Aug 31_12,163,959 10,795,729 5,057,484 4,055,751
July 1 to Aug 31
1,507,906 1,440,546 x284,987
x444,011
N Y Sus(' & Western_a_Aug 303,868
342,850
56,358
107,621 St Louis Southwesrern_ _Aug
193,243
225,235
c156,747
c113,680
July 1 to Aug 31
595,498
660,196
109,711
208,960
July 1 to Aug 31
451,496
385,234
c317,431
c182,961
Roads.




885

THE CHRONICLE

OCT. 5 1912.

INDUSTRIAL COMPANIES.
-Int., Rentals, ecc.- -Bal. of Net Earns.- Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
Abington & Rockland Elect
1,796
187
1,520
187
Aug
Light & Power
10,539
7,237
1,500
1,500
Jan 1 to Aug 31
•
Atlantic Gulf & West Indies SS Lines63,890
129,477 def94,379
145,519
July
(Subsidiary Cos)
737,170
456,233
900,582
920,148
Jan 1 to July 31
16,745
17,326
9,002
8,593
Blackst Val Gas & El__Aug
128,850
144,662
175,455
181,462
Jan 1 to Aug 31
4,228
1,817
7,181
1,931
Edis El Ill (Brockton)_Aug
54,699
15,503
14,351
75,612
Jan 1 to Aug 31
9,446
741
586
9,272
Fall Illy Gas Works_ __ _Aug
78,076
5,223
4,235
75,923
Jan 1 to Aug 31
4,293
4,153
4,129
5,293
Lt__Aug
Elect
Houghton Co
53,290
34,262
33,893
51,498
Jan 1 to Aug 31
6,175
1,477
1,558
9,682
Lowell Elect Lt Corp..._Aug
12,486
80,919
12,557
81,998
Jan 1 to Aug 31
2,581
29,420
5,451
25,919
Aug
Sierra Pacific Elect
206,911
27,449
210,863
43,323
Jan 1 to Aug 31
117,171
55,150
87,112
60,240
Southern Cal Edison___Aug
771,849
443,002
852,150
476,994
Jan 1 to Aug 31
c After allowing for taxes, deficit outside operation and other income.
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 Is deducted every month from surplus and
placed to the credit of the Renewal Fund.
x After allowing for other income received.
EXPRESS COMPANIES.
Canadian Northern Express Co.
Express revenue.
Miscellaneous transportation revenue
Non-transportation revenue_

July
1912.
1911.
$
$
45,516
57,848
1,805

-July 1 to June 30----June
1912.
1911.
1911.
1912.
United States Express Co.$
Express revenue
1,767,704 1,699,394 20,808,974 20,035,764
Miscel. Tranfportat. revenue
322,534
328,309
26,379
Non-transportation revenue.
27,288
Gross receipts from oper__ 1,794,992 1,725,774 21,131,508 20,364,074
Express privileges-Dr....__
839,533 9,927,777 9,917,522
878.451
Total operating revenues_
886,240 11,203,731 10,646,551
918,541
366,775
Maintenance _
404,335
99,154
36,094
149,353
Traffic expenses
183,367
14,760
14,843
763,705 9,948,137 9,112,670
Transportation expenses_ _
871,055
513,697
594.862
General expenses
42,093
42,168
Total operating expenses....
919,714 11,130,703 10,142,497
964,160
504,053
Net operating revenue__ _ _ -47,621 -33,473
73,027
123,399
One-twelfth of annual taxes_
134,040
2,617
13,896
Operating income
330,654
-50,249 -47,370 -61,012
Mileage of all 'Steam roads_
28,836
28,817
lines covered Other lines._
3,911
3,983
February- -July. 1 to Feb. 291911.
1912.
1911.
1912.
$
Western Express Co.$
$
$
731,143
493,346
52,745
Express revenue
70,070
2,101
2,251
257
Miscel. transportation rev_ _ _
222
11.229
6,343
906
1,246
Non-transportation revenue_
744,472
501,941
Gross receipts from oper__
53,910
71,538
290,095
387,373
32,445
Express privileges-Dr
38,880
211,845
357,098
21,464
Total operating revenues....
32,658
4,018
8,517
Maintenance
693
1,265
17,169
23,618.
3,012
Traffic expenses
2,448
190,992
Transportation expenses_ _ _ _
278,858
31,311
29,421
22,726
3,205
27,199
General expenses
2,922
234,906
338,193
38.230
Total operating expenses.._
36,050
-5,572 -14.586
Net operating revenue_ _ _ _
18,904 -23,060
4,362
407
6,155
757
One-twelfth of annual taxes..
Operating income
12,748 --27,413
--6,329 --14,993
alliSteam
roads..
4,765
4,891
Mileage of
4
4
lines covered1Other lines

'i:iiii ELECTRIC RAILWAY AND TRACTION COMPANIES

Gross receipts from operation
Express privileges-Dr

59,653
23,139

40,810
18,206

Total operating revenues _
Maintenance
Traffic expenses _
Transportation expenses
General expenses

36,514
268
334
17,463
1,584

28,604
100
'577
13,163
2,077

Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan.1 to Latest date.
Current
Year.

Previous
Year.

$
$
$
$
249,381
236,858
56,221
56,649
August
Atlantic Shore
Ry August
Ry_..198,145 189,282 1,253,441 1,176,770
cAur Elgin & Chic
388,457
320,326
64,300 55.677
Bangor Ry & Elec Co July
15,919 Baton Rouge Elec Co August
19,650
Total operating expenses
11,767
9,997
95,756
75,647
12,684 Binghamton Railway July
16,864
Net operating revenue _
40,154 38,107
243,156
218,064
___________________
128
taxes_
403
annual
of
One-twelfth
15,958
14,872
82,803
81,589
Brock & Plym St Ry. August
2195,014 2045.385 11,672,616 11,113,047
Bklyn Rap Trail Syst June
12,555 Cape Breton Eke Co_ August
16,460
__
Operating income
31,598 29,834
225,729
213,184
coverediSteam
roads
lines
3,369
4,343
Mileage of all
36,267 26,980
240,597
200,229
Carolina Pow & Lt Co July
10ther lines_
22 Cent Park N & E Riv June
22
314,935
306,477
57,866
57,747
614,202
577,237
89,044 77,895
JuneJuly 1 to June 30- Central Penn Trac___ August
592,614
530,130
94,055 84,175
Chattanooga Ry & Lt July
1912.
1911.
1912.
1911.
255,450
244,915
39,901
43,385
August
Clev Painesv & Bast_
Globe Express Company767,999
739,059
117,208 110,247
August
Colum
&
Southw
Clev
693,45
762,752
67,999
60,422
revenue
Express
314,778
350,006
44,758 39,574
Columbus (Ga) El Co August
Miscell. transporta. revenue_
536,777 440,88 4,033,60, 3,507,049
6,977 Connnonw P, fly & 1 Au nist
10,466
582
1,353
Non-transportation revenue_
719,888
709,978
169,552 154,490
Coney Isi'd & Bklyn_ June
700,429 Dallas Electric Corp.. August
773,218
61,005
69,352
Gross receipts from °per_ _
147,351 129,851 1,133,367 ,1,019,643
350,332 Detroit United Ry __ 2d wk Sep 228,701 193,647 8,068,407 7,117,269
385,228
33,624
33,891
Express privileges-Dr
306.716
298,824
51,417 50.923
350,097 D D E B & Batt(Rec) Tune
387,990
27,380
35,460
Total operating revenues_ _
761,755
746,810
10,352
9,466 Duluth-Superior Trac August
105,656 103,279
1,098
2,760
Maintenance
1,513
20,252
16,785 East St Louis & Sub July
1,702
197,978 195,688 1,346,834 1,287,407
Traffic expenses
436,457
495,618
24,312
291,682
50,588
63,401
249,877 El Paso Elec Cos_ _ _ August
23,891
Transportation expenses. _ _ _
4,066
752,788
49,614
4,100
864,189
48,207 42dSt M&SNAv(Rec) June
159,199 142,891
General expenses
_
990,732
142,326 1,302,842
199,208
Co.._
Eiec
August
Galv-Hous
32,454
30,901
371,902
_
expenses..
operating
324,337 Grand Rapids Ry Co. July
Total
660,432
703,068
107,072
111,191
-3,611
16,088
3,005
25,759
Net operating revenue_
1,977
9,812 Havana Electric Ry. Wk Sep 29 49,054 45,366 1,898,786 1,779,647
718
8,918
One-twelfth of annual taxes
Honolulu Rapid Tran
15,947
-4,688
7,169
2,286
Operatng income
325,519
365,102
& Land Co
August ___
45,688 42,616
2,903
2,903
Mileage of alliSteam roads..
204,222
28,534
203,711
28,314
Houghton Co Trao Co August ___
lines covered lOther lines
283,357 237,920 1,842,112 1,507,694
Hudson & Manhattan June
August __ _ 619,457 576,166 4.698,763 4,387,762
Illinois Traction
July 1 to Mch. 31
March
Interboro Rap 'Fran.. August ___ 2333,152 2146,162 20,996,084 19,714,554
1911.
1912.
1911.
'1912.
Western Express Co.377,688
399,124
48,856 44,565
Jacksonville Trac Co_ August
$
$
837,469
872,777
147,887 143,584
576,482 Lake Shore Elec Ry.. August
823,279
83,136
92,137
Express Revenue
92,147
96,233
19.876
22,718
June
Electric_
Island
Long
2,513
2,265
292
164
Miscellaneous Transport. rev.
469,200 419,464 3,612,311 2,238,933
7.546 Milw El Ry & Lt Co_ August
12,683
1,454
1,203
Non-transporattion revenue_
816,484
738,479
131.833 121,505
Milw Lt, Ht & Tr Co_ August
838,228
586,573 Monongahela Val Tr August
84,631
93,756
468,899
543,827
Gross receipts from oper
76,981 64,232
336,818 N Y City Interboro__ June
46,922
438,964
51,951
137,810
213,518
Express privileges-Dr
39,507 26,014
177,179
180,238
37,178 35,541
42,165
249,754 N y & Long Isl Trac_ June
37,908
399,263
Total operating revenues_
587,597
631,664
132,479 118,956
June
10,341
5,093 N Y & Queens Co
1,824
1,074
Maintenance
1150,986 1134,764 7,946,588 7,821,671
2,840
19,870 New York Railways. July
26,458
2,700
Traffic expenses
109,467
121.574
17,445
20,980
33,638
222,651 Northam Easton &W August
31,658
312,497
Transportation expenses..
305,222 272,624 1,979,792 1,773,731
3,331
30,531
25,986 North Ohio Trac & Lt August
3,259
General expenses
147,203 135,529 1,088,837 1,041,916
North Texas Elec Co. August
- 41,634
38,693
379,828
273,600 Ocean
Total operating expenses..
36,769
45,936
13,424
17,326
Electric (L I).. June
530
--784
19,434 --23,845 Paducah
Net operating revenue_ _ _ _
170,429
184,965
21,470
23,954
& Lt Co_ August
873
,511
7,029
4,864 PensacolaTr
One-twelfth of annual taxes..
187,725
188,457
25,905 23,555
Electric Co August
-343
--1,296
12,405 --28,710 Phila Rap Trans Co.._ August
1913,094 1794.989 15,188,217 14,448,738
Operating income
4,891
4,847
580,557 543,704 3,833,174 3,658,516
Port(Ore)Ry,L&PCo. July
Mileage of alliSteam roads..
8
4
713,526
4,798,094
lines covered'Other lines_
Puget St Trac, L & P July
159,748
167,368
38,720 35,651
June
RR
&
Lt
Richmond
May
-July 1 to May 31Rio de Janeiro Tram
1911.
1912.
1911.
1912.
9,509,277 8,403,562
1149,851
1272,527
August
Power
Co_
&
Light
$
$
Northern Express Co.252,523 2,645,428 2,832,080 St Joseph (Mo) Ry.Lt
264,207
Express revenue
622,697
665,491
98,335 92,375
Heat & Power Co_ July
Miscellaneous transpor. rev..
Santiago Eleo Lt &
Non-transportation revenue..
3,687
38,493
208,088
263,641
36,364
3,621
35,677 32,642
Trac
August
256,210 2,681.792 2,870,574 Sao Paulo Tram,L&P August
267,828
387,486 303,796 2,963,831 2,271,490
Gross receipts from oper
452,985
488,502
58,681
64,073
Savannah
Co
Electric
August
Express privileges-Dr
123,744 1,364,575 1,393,575
137,249
424,668
462,217
86,283
90,658
132,466 1,317,217 1,476,998 Second Avenue (Rec) June
130,579
Total operating revenues
57,265
65,206
11,969
14,837
1,469
23,629 Southern Boulevard.. June
21,392
2,609
Maintenance
130,531
147,096
16,720
19,368
Ry
Sou
Co
Wisconsin
August
4,012
36,136
36,508
3,151
Traffic expenses
117,428
123,340
28,383
31.424
78,477
850.061 Staten Isi'd Midland_ June
854,534
77,610
Transportation expenses_
448,448
496,283
56,408
62,981
Tampa Electric Co__ _ August
General expenses
8,893
55,744 Third Avenue (Rec)_ June
66,036
6,009
333,854 321,829 1,883,583 1,778,969
92,853
965,570 TO-City Ry & Lt Co_ August __ _ 259,878 230,688
978,471
Total operating expenses_
89.389
39,613
511,428 Twin City Rap Trap_ 3d wk Sep 158,502 147,797 5,885,382 5,654,523
Net operating revenue_ _ _ _
338,745
41,190
One-twelfth of annual taxes..
4,500
49,500 Underground Eleo Ry
49,500
4,500
35,113
Operating income,.
289,245
of London461,928
36,690
7,168
Mileage of alif Steam roads_
Three tube lines...... Wk Sep 28 £13,140 £12,760 £523,630 £524,710
7,310
261
lines coveredlOther lines
Metropolitan Dist_ Wk Sep 28 £12,526 £11,557 £481,621 £458,773
315
United Tramways_ Wk Sep 28 £6,325 £6,545 £248,313 £261,837
July 1 to June 30June
London Gen'i Bus.. Wk Sep 28 £60,144 £40,586 £1.956,136 £1,461,079
1912.
1911.
1911.
1912.
244,454 282,126 1,207,987 1,171,365
June
Union
(11ec)
Southern Express Co.
$
$
*
-$
272,714 237,408 1,751,319 1,518,456
UnlonRy,G&ECo(Ill) June
Express revenue
1,182,119 1,131,386 15,333,780 14,606,195 United Rys of St L.._ July
1044,441 1016,759 6,988,825 6,841,998
transpOrta. revenUe_
238
--6
1,003 United Illis of San Fr hits,
28
687.013 644,512 4,795,126 4,465,647
Non-transportation revenue_
294,451
235,595 Westchester El (Bee) June
23,351
18,680
274,870
272,722
57,176
57,875
327,044
356.156
69,044 65,951
Gross receipts from oper _ 1,205,498 1,150,070 15,628,469 14,932,793 Yonkers RR (Ree)_ _ June
110,170
108,164
19,840
Express privileges-Dr
20,199
635,618
577,921 7,728,291 7,233,558 Youngst & Ohio Riv_ June
Total operating revenues.. 569,880
572,148 7,900,178 7,699,235
e These tbrures are for consolidated company.
Maintenance
16,321
15,315
229,952
205,267
Electric Railway Net Earnings.-The following table gives
7,968
8,955
Traffie expenses
105,670
120,951
461,440
Transportation expenses.. _ _
402,858 5,287,582 4,843,052 the returns of ELECTRIC railway gross and net earnings
76,199
55,638
expenses
773,335
660,277
General
reported this week:
561,938
482,767 6,896,540 5,830,155
Total operating expenses.. _
-Gross Earnings--Na Earnings
7,942
89,381 1,503,638 1,869,079
Net operating revenue...._ _
Current
Previous
Current
Prevtuos
23,175
13,672
178,174
One-twelfth of annual taxes_
143,560
Year.
Year.
Year.
Year.
Roads.
$
s
-15,233
75,708 1,325,464. 1,72-5-,419
$
$
Operating income
3,552
4,248
11,767
• ^,997
32,127
31,735
Mileage of alifStearn roads..
Baton Rouge Eleo Co_ b_Aug
26,037
37,703
816
95,756
75.647
821
Inca covered'Other lines.• Jan 1 to Aug 31




V4

886

Lxxxxv.

THE CHRONICLE

-Int., Rentals, &c.- -Del. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Brockton & Plymouth b Aug
15,958
14,872
6,131
6,813
Jan 1 to Aug 31
82,803
81,589
22,352
20,910
Cape Breton Eke_ b__ _ _Aug
31,598
29,834
15,498
14,277
Jan 1 to Aug 31
225,729
213,184
94,899
93,165
Cleve Painesv & East.a.Aug
43,385
39,901
23,431
19,843
Jan 1 to Aug 31
255,450
113,030
113,323
244,915
Cleve Southw & Col_b_ _Aug
117,208
54,517
51,597
110,247
Jan 1 to Aug 31
767,999
739,059
314,489
320,227
Columbus (Ga) Elec_ b--Aug
44,758
39,574
21,445
16,903
Jan 1 to Aug 31
350,006
314,778
169,563
159,053
Dallas Elect Corp_ b_ _ _ _Aug
39,741
147,351
129,851
59,122
Jan 1 to Aug 31
421,510
308,874
1,133,367 1,019,643
Detroit United_ b
370,478
328,116
987,533
Aug 1,103,504
Jan 1 to Aug 31
7,601,892 6,715,170 2,640,255 2,423,180
Duluth-Superior Trac.b.Aug
103,279
47,924
52,113
105,656
Jan
1
332,204
to Aug 31
746,810
331,206
761,755
18,575
El Paso Cos_ b
63,401
50,588
28,086
Aug
436,457
Jan 1 to Aug 31
495,618
221,722
171,414
117,890
138,912
52,474
40,455
Federal Lt & Traction.. _Aug
142,326
95,287
199,208
El
b
Aug
59,766
Galveston-Houston
1,302,842
990,732
539,362
365,946
Jan 1 to Aug 31
45,688
42,616
22,709
20,079
lIonoluluR T & Land.b.Aug
365,102
325,519
171,459
154,338
Jan 1 to Aug 31
28,314
28,534
15,011
12,816
Houghton Co Trac _ b _ _ _Aug
203,711
204,222
Jan 1 to Aug 31
86,224
84,536
Aug
619,457
576,166
Illinois Traction_a
268,471
229,795
Jan 1 to Aug 31
4,698,763 4,387,762 1,879,457 1,710,811
Interborough Rap Tr_a_Aug 2,333,152 2,146,162 1,110,087
952,434
July 1 to Aug 31
4,600,561 4,233,891 2,153,394 1,863,821
48,856
44,565
17,535
Jacksonville Trac_ b_ _ _ _Aug
15,385
142,978
399,124
377,688
139,248
Jan 1 to Aug 31
69,076
66,965
29,044
25,101
Kentucky Securities_ b_ _Aug
July 1 to Aug 31
133,935
130,421
54,216
49,472
10,961
4,138
4,400
11,512
Key West Elec_b
Aug
143,584
75,108
75,077
147,887
Lake Shore Elect_a_ __ _Aug
372,563
393,850
837,469
872,777
Jan 1 to Aug 31
47,254
41,141
64,242
76,981
Monongahela Val Tr_ b _ Aug
304,688
323,140
543,827
468,899
Jan 1 to Aug 31
61,511
68,370
135,529
147,203
Northern Texas Elec_b_Aug
460,063
1,088,837 1,041,916
492,508
Jan 1 to Aug 31
305,222
272,624
144,879
128,958
North Ohio Tr & Lt_a_ _Aug
1,979,792 1,773,731
868,623
792,039
Jan 1 to Aug 31
24,784
Northwestern Penna_ __Aug
24,199
13,546
12,468
July 1 to Aug 31
130,095
116,757
47,384
38,932
Paducah Trac & Lt_ b__ _Aug
23,954
21,470
8,335
8,234
Jan 1 to Aug 31
184,965
170,429
57,107
65,922
Pensacola Elect_ b
Aug
25,905
23,555
7,262
10,890
Jan 1 to Aug 31
188,457
187,725
69,102
70,990
84,382
Republic Ry & Lt _a_ __ _Aug
227,513
207,095
90,009
16,457
15,304
58,681
Savannah Elect _ b
64,073
Aug
123,251
452,985
128,837
488,502
Jan 1 to Aug 31
21,315
48,439
Springf (Mo) fly & Lt_ _Aug
250,991
556,395
Sept I to Aug 31
30,264
24,756
56,408
Tampa Elect_ b
62,981
Aug
448,448
235,547
200,861
496,263
Jan 1 to Aug 31
230,688
115,962
98,640
259,878
Tr -City By & Lt _a
Aug

ANNUAL REPORTS,

Roads.

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

Annual Reports.-An• index to annual reports of stealn.
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 28. The next will appear in that of Oct. 26.
Louisville & Nashville Railroad.
(Report for Fiscal Year ending June 30 1912.)
The annual report of the Board of Directors (Mr. H. Walters, Chairman, and Mr. M. H. Smith, President) is given
at length on subsequent pages; also the income account and
balance sheet.
The statistics for four years have been compiled for the
"Chronicle" as below:
ROAD AND EQUIPMENT.
1910-11.
1909-10.
1908-09.
1911-12.
4,554
4,393
4,598
4,710
Average miles operated_
Equipment928
899
971
998
Locomotives
590
573
611
Passenger cars
620
41,721
43,019
44,727
44,564
Freight, &c., cars
1,421
1,429
1,884
1,648
Roadway cars
OperationsPassengers carried
12,312,662 11,726,804 11,030,027 10,112,246
Pass.carried one mile_ _532,465,242 511,660,752 477,050,940 433,684,066
Rate per pass. per mile_ 2.296 cts.
2.275 cts.
2,283 cts.
2.320 cts.
Freight (tons) carried
30,425,132 29,619,932 30,155,217 24,403,952
Fr't (tons) car'd 1 mile_ _5172299481 5095052668 5119038899 4255981335
Rate per ton per mile _ _ _ 0.786 cts.
0.767 cts.
0.751 cts.
0.763 cts.
Av. train-load (rev.) tons
285
275
278
263
$1.3683
Earn. per rev.pass.tr.m_
$1.3457
$1.3059
$1.2855
Earn, per rev. fr't tr. m..
52.2382
$2.1138
52.0895
$2.0054
GroA earnings per mile_
$11,935
$11,742
511,513
$10,340
INCOME ACCOUNT.
1911-12.
Earnings from
-$
40,601,288
Freight
12,227,934
Passengers
845,739
Mail
1,478,346
Express
1,058,481
Miscellaneous

1910-11.

1909-10.

1908-09.

39,066,034
11,641,309
869,414
1,446,311
970,673

38,421,779
10,796,998
865,966
1,409,205
939,434

32,465,969
10,062,535
854,800
1,207,767
834,829

Total oper. revenues 56,211,788
Operating ExpensesMaint. of way & struc_ _ 8,828,755
Maint. of equipment_ _ _ 10,071,303
Transportation expenses 18,408,197
Traffic expenses
1,178,108
General
1,139,964

53,993,741

52,433,382

45,425,801

9,178,192
9,490,759
17,588,595
1,124,599
1,097,677

8,172,166
8,559,104
16,030,238
1,120,516
1,103,554

5,257,038
7,832,021
14,587,773
999,655
951,012

Operating expenses_ _ 39,626,327
P. C. op. exp. to earns_ _
(70.49)
Net operating revenues_ 16,585,461
Outside operations (net) def. 8,179

38,479,823
(71.27)
15,513,918
40,403

34,985,579 29,627,499
(65.22)
(66.72)
17,447,803 15,798,392
121,232 del. 75,555

16,577,282
1,854,684

15,554,321
1,938,089

17,569,035
1,602,632

15,722,837
1,437,992

14,722,598
Operating income
Inc.from inv., rents,&c. 2,430,953

13,616,232
1,979,679

15,966,403
1,733,303

14,284,845
1,395,124

17,159,551

15,595,911

17,699,766

15,679,969

Taxes

Interest Oharges and Surplus.
-Int., Rentals, &c.- -Bat.of Net Earns.
Current
Current
Previous
Previous
Roads.
Year.
Year.
Year.
Year,
$
$
$
$
1,823
1,729
2,518
Baton Rouge Elec Co_ _ _Aug
1,730
12,267
23,861
13,770
13,842
Jan 1 to Aug 31
5,063
1,068
5,783
1,030
Brockton & Plymouth_ _Aug
13,962
8,773
12,137
8,390
Jan 1 to Aug 31
.5,652
9,795
8,625
5,703
Cape Breton Elec ------Aug
45,219
49,478
47,946
45,421
Jan 1 to Aug 31
9,851
8,705
13,580
11,138
Clove Painesv & East_ _Aug
65,733
79,232
33,798
47,590
Jan 1 to Aug 31
x22,283
32,011
20.920
22,506
Cleve Southw & Col_ __Aug
x85,106
245,523
240,436
x69,498
Jan 1 to Aug 31
7,888
12,886
9,015
8,559
Columbus (Ga) Elcc_ _ _ _Aug
81,935
108,196
77,118
61,366
Jan 1 to Aug 31
20,449
24,667
19,292
34,455
Aug
Dallas Elect Corp
141,623
191,679
167,251
230,831
Jan 1 to Aug 31
Aug
176,499
178,839
x211,351 x175,275
Detroit United
1,418,826 1,411,494 x1356,409 x1,125,625
Jan 1 to Aug 31
25,236
22,688
23,237
28,876
Duluth-Superior Tract_Aug_
154,705
Jan 1 to Aug 31
177,499
182,729
148,477
Aug
El Paso Companies
6,758
5,359
22,727
11,817
Jan 1 to Aug 31
52,281
53,635
169,441
117,779
Galveston-Houston El_ _Aug
33,665
18,837
40,929
61,622
Jan 1 to Aug 31
270,500
154,098
268,862
211,848
Honolulu R T & Land_ _Aug
7,091
6,637
x15,985
x13,874
Jan 1 to Aug 31
54,706
52,637
x120,705
x105,371
5,677
Houghton County Trac_Aug
9,334
5,227
7,589
44,464
41,830
41,760
42,706
Jan 1 to Aug 31
919,036
Interborough Rap Tr_ _Aug
896,969
x220,455
x81,401
1,838,072 1,793,938
July 1 to Aug 31
x121,636
x371,731
9,934
9,196
Jacksonville 'Fraction__ _Aug
5,451
8,339
77,382
62,067
Jan 1 to Aug 31
61,886
80,911
17,565
Kentucky
16,594
x13,605
x8,286
__Aug
32,738
35,488
x23,548
to Aug 31
x15,606
July 1Securities_3,182
3,100
1,300
956
Aug
Key West Elect
34,912
Aug
35,187
39,921
40,165
Lake Shore Elect
277,687
93,314
116,163
279,249
Jan 1 to Aug 31
17,021
23,612
26,642
Monongahela Val Tract_Aug
24,120
129,157
161,059
162,081
Jan 1 to Aug 31
175,531
21,576
47,512
20,858
Northern Texas Elect__ _Aug
39,935
166,303
325,722
166,786
Jan 1 to Aug 31
293,760
44,321
94,353
50,526
North Ohio Tract Fc Lt_Aug
84,637
354,749
504,881
363,742
Jan 1 to Aug 31
437,290
6,690
1,140
Paducah Tract & Lt_ .._ _Aug
7,195
1,544
48,840
4,315
Jan 1 to Aug 31
52,792
17,082
4,985
4,512
Pensacola Elect
6,378
Aug
2,277
40,325
Jan 1 to Aug 31
19,971
51,019
28,777
Republic fly F6 Lt
47,035
43,423
42,974
Aug
39,959
Savannah Elect
15,296 •
304
Aug
16,153
8
- Jan 1 to Aug 31
122,864
564
128,273
387
Tampa Elect
25,729
Aug
4,535
5,102
19,654
Jan 1 to Aug 31
199,975
40,840
160,021
35.572
Aug
83,145
32,817
Tr -City By & - Lt
63,263
35,377
x After allowing for other Income received.




Total income
DeductInterest on bonds
N. Se D. RR. rent
Other rents
Sinking fund
To S. 86 N. A
Dividends

6,328,641
6,059,891
6,088,919
5,095,013
129,482
136,694
118,061
118,061
308,553
251,026
289,331
303,255
233,204
266,240
250,049
264,302
302,236
523,959
411,403
639,581
(7)4,200,000 (7)4,200,000 (7)4,200,000(5;4)3300006

Total deductions__ 11,798,779
5,360,772
Balance, surplus

11,240,578
4,355,333

11,486,510
6,213,256

10,392,034
5,287,935

GENERAL BALANCE SHEET JUNE 30.
(For further details of 1912 balance sheet, see page 899.1
1912.
1911.
AssetsRoad & equip't_ _177,424,492 173642,922
Securities
11,433,984 11,758,974
Adv.for const.,&e. 7,992,897 5,636,075
Misc.investments.20,301,403 18,279,381
Cash
11,085,961 15,198,310
Bonds in treas..... _11,133,000 10,501,000
Marketable bds
8,561,981 8,397,384
Loans d: bills rec
573,436 2,667,382
456,773
484,921
Traffic, &c., bats_
983,717
Agents, &c
1,024,260
Material & suppl's 5,326,517 4,976,824
Misc. accounts_
2,873,439 2,482,146
Temp. adv., &c__ 6,335,245 2,458,651
500,000
Special depogIts__ 862,136
910,447
Sinking funds_ __
960,540
Other def. debit
1,134,741 1,195,753
items
Conting. assets
16,542,000 15,822,000
Total
284,050,983 275867,739
-V. 95, p. 544, 420.
•

1912.
1911.
Liabilities$
00,000,000 60,000,000
Capital stock
Funded .debt__ -155,220,157 155339,757
Traffic, &c., bids. 272,571
275,784
Vouch. & wages__ 4,971,959 3,614,715
Matur'd int., &c_ 1,812,006 1,799,651
66,000
Matur. fund. debt
72,100
400,876
Misc. accounts_ __
255,059
Int., &c., accr'd__ 2,883,096 2,883,704
943,184
798,582
Taxes accrued_ _ _
719,434
Open. reserves__ .637,285
Other def. credit
600,402
491,439
Items
Add'ns to prop'y
2,281,570 2,281,571
through inc
324,876
Sinking funds__ _
267,072
Profit and loss_ __ _37,095,001 31,246,881
Contingent liabil16,542,000 15,822,009
ities
Total

284,050,983 275867,739

Seaboard Air Line Ry. •
(Report for Fiscal Year ending June 30 1912.)
On a subsequent page are given at length the remarks of
President Meldrum and Vice-President and General Manager
Hix. Below are the comparative statistics, income account
and balance sheet for several years:
OPERATIONS AND FISCAL RESULTS.
1911-12.
1908-09.
1910-11.
1909-10.
3,059
2,993
Average miles operated_
3,037
2,997
3,668,292
Passengers carried (No.) 4,870,104
4,573,532
4,103,749
Pass. carried 1 mile_ _ _ 231,202,542 221,058,350 196,914,704 174,536,521
2.102 cts.
2.142 cts.
Av. rate p. pass. p. mile 2.184 cts.
2.159 cts.
51.09649
51.18146
Earns. per pass. tr. mile
51.03498
51.17560
8,131,402
9,406,877
Tons carried (No.)
7,195,182
8,982,191
Tons carried 1 mile__ A,390,977,614 1275651,651 1224884,629 1090736,611
1.133 cts.
Av.rate per ton p. mile_ 1.110 cts.
1.118 cts.
1.160 (Its.
222.81
Av. tons p. tr. m.(No.)_
237.22
219.84
205.86
$2.52460
Earns, per freight tr. m_
52.54880
52.63200
52.30112
56,697
Earns, per mile of road_
57,172
57,494
$5,892

Operating RevenuePassenger
Freight
Mall, express, &43

INCOME ACCOUNT.
1909-10.
1910-11.
1911-12.
$5,050,068 $4,735,504 $4,251,395
15,433,239 14,801,969 13,879,059
1,938,318
2,244,531
2,438,597

1908-09.
$3,773,730
12,192,137
1,668,629

$22,921,904 $21,782,004 $20,068,772 $17,634,496
Total
Operating Expenses$3,347,359 $2,836,577 $2,733,961 $2,566,738
struct
&
of
Maint. way
2,452,074
2,757,616
2,884,953
Maint. of equipment._ _ 3,212,278
605,921
689,028
711,839
715,361
Traffic expenses
6,009,770
6,381,397
7,423,677
8,333,357
expenses
Transportation
582,300
594,071
623,521
671,732
General expenses
Total
Net earnings
Income from rents
Other income

$16,280,087 $14,480,567 $13,156,073 $12,216,803
$6,641,817 $7,301,437 $6,912,699 $5,417,693
71,587
85,454
94,928
98,894
38,701
41,562
51,025
51,647

$6,792,358 $7,447,390 $7,039,715 $5,527,981
Total income
DeductionsInterest: Funded debt_ $3,146,904 $3,059,102 $3,055,338 $3,373,617
300,149
141,701
Receiver's certificates
1,248,975
'832,650
Adjustment M. bonds 1,249,658
313,808
287,331
286,800
288,987
obligations
tr.
Equip.
201,638
37,501
12,309
Cr. 8,000
Other interest
694,729
818,000
748,406
917,000
Taxes
48,925
51,000
51,000
51,000
Rents lease of road
105,456
108,220
109,116
109,239
Rents other property..
39,842
143,874
9,177
201,098
Hire of equipment
13,682
33,356
10,250
22,686
Outside operations
105,000
178,637
248,193
Disc, on adjust. M. bds_
$6,226,765 $5,918,063 $5,409,680 $5,091,846
Total deductions
$436,135
$565,593 $1,529,327 $1,630,035
Balance, surplus
• Eight months' proportion.
BALANCE SHEET JUNE 30.
1011.
1912.
1911.
1912.
AssetsRoad., eq., &c_a155,520,638 152146,732 Common stock_ _37,516,000 37,516,000
Securities owned __b2,600,605 2,212,570 Preferred stock...25,000,000 25,000,000
365,471 Bonds (see "fly. &
Leased rail & mat 1 398,648
Ind." Sec.) .97,830,000 93,819,500
Prof. stk. In treas. 1,105,900 1,105,900
496,600
496,600 Equip. trust notes 5,480,000 5,456,790
treas.
In
Corn stk.
408,390
1,692,896 2,243,270 Traffic, &c., be's_ 357,688
Cash
953,900
301,575 Loans & bills pay_
Traffic, &c., bals. 24,229
634,069
756,531
vouchers.
Audited
59,516
37,904
Loans & bills rec
722,186
601,011 Wages unpaid.... 760,233
646,540
Misc. accounts_
300,336 Accrued interest__ 1,353,386 1,305,929
Agents & cond'rs. 332,767
721,714
720,514
interest_
Matured
1,332,603
Mat'ls & supplies_ 1,367,540
174,000
64,000
238,968 Bonds, &c., mat'd
Claims In suspense 326,405
417,189
317,948 Reserve funds.... 309,750
Advances, &c.... 410,964
Read for stock of
Unexting. disc. on
32,426
31,426
proprietary cos_
securities _ _.10,587,737 10,031,883
348,912
251,980 Accrued taxes ____ 353,636
0th. def.deb.ltems 185,802
361,413
Miscellaneous __ __ 474,584
Profit and loss__ „c4,949,039 4,112,333
Total

175,956,788 171984,751

Total

175,956,788 171984,751

a After deducting $1,389,533 reserve for accrued depreciation of equipm't.
S Securities owned include in 1912 those of proprietary, affiliated anti
controlled companies pledged, $577,990, and unpledged, $604,678, and
other securities pledged, $1.082,010, and unpledgcd, $335,927.
C After adding delayed Income credits, $255,833, and miscellaneous
(net), $15,280.
A foot-note to the balance sheet shows that the company Is the guarantor
of the following bonds of the companies In addition to those mentioned
in previous reports: $350,000 Raleigh & Charleston prior lien 4s and
$200,000 consols and $200,000 Tampa Northern RR. notes.-V. 95,
p. 814, 818, 751.

Kansas City Southern Railway.
(Report for Fiscal Year ending June 30 1912.)
The full text of the remarks of President J. A. Edson \Val
be found on subsequent pages. Below we give various statistics of interest:
ROLLING STOCK JUNE 30.
Locomotives. Pass. Cars. Freight Cars. Miscellaneous.
1,148
5,479
94
188
1912
1,102
5,636
79
168
1911
872
6,536
202
86
1910
688
6,908
87
208
1909
STATEMENT FOR YEARS ENDING JUNE 30.
1908-09.
1909-10.
1910-11.
1911-12.
827
827
827
827
Miles operated
Operations$10,103
$11,074
$10,633
$11,493
Gross earnings per mile_
$3,944
$3,814
$4,085
$3,340
Net earnings per mile__ _
3,095,274
3,620,047
3,605,461
3,326,572
'Tons carried
'Tons carried one mile_ _840,995,242 925,279,313 W6,940,502 880,119,698
7.47
7.25
7.87
7.98
Av. per ton perm.(mills)
$8,053
$8,794
$8,864
$8,113
Freight receipts per mile
$2.65040
$2.63806
$3.01505
Fr't rec. per rev. tr. mile $3.29778
361.47
353.67
380.49
413.31
Rev, train load, tons__ _
1,860,020
1,644,918
1,839,357
Rev. passengers carried_ 1,701,032
Rev. pass. carried 1 mile 63,662,816 66,510,967 61,220,129 57,743,041
2.289 ets.
2.366 cts.
2.525 cts.
Aver, per pass. per mile_ 2.547 cts.
• Revenue freight only.
INCOME ACCOUNT.
1910-11.
1911-12.
Gross Receipts$6,658,269 $7,278,970
Freight
1,657,662
1,599,346
Passenger
1,058,542
1,015,244
Mall, express, &c

1909-10.
$7,226,739
1,430,114
937,799

1901'-09.
$6,638,420
1,306,079
827,466

$9,995,174

$9,594,652

$8,771,965

$939,962
1,394,547
3,376,634
316,940
375,918

$1,047,348
1,195,699
3,346,463
319,957
359,117

$960,600
1,006,698
2,779,583
271,593
331,581

$9,272,859
Total receipts
Operating ExpensesMaint. of way & struct's $1,041,393
1,289,937
Maint. of equipment
Transportation expenses 3,318,608
316,575
Traffic expenses
366,326
General expenses

Total oper. expenses_ $6,332,839 $6,404,001 36,268,585 $5,350,056
$2,940,020 $3,591,173 $3,326,067 $3,421,909
Net earnings
(64.07)
(65.33)
(60.99)
P. C. of exp, to earns...
(68.29)
130,460
94,453
97,813
149,172
Int., disc., rents, &c_ _ _
Net income
$3,089,192
DeductTaxes
$410,369
Interest on bonds
1,505,791
30,500
Rents, &c
39,060
Int. on equip. notes_ _ _ _
Int. on collat. gold notes
217,522
Hire of equipment
Adjust. of current accts.
Div. on pref. stock 4%. .840,000

$3,721,633

$3,420,520

$3,519,722

$361,875
1,334,186
23,676
48,240

$343,773
1,209,042
23,518
57,420

288,597
2,400
'840,000

232,088
63,258
'840,000

$322,279
900,000
21,689
66,600
255,000
77,498
'840,000

$3,043,242
$45,950

$2,896,974
$824,659

$2,769,099
$651,421

$2,483,066
$1,036,655

Total
Balance, surplus

• Charged against profit and loss account but here deducted from Income
account.




887

TIIE CHRONICLE

OCT. 5 1912.j

OPERATIONS OF SUBSID.PROPERTIES OPERATED SEPARATELY.
Gross. Net(over tax). Ing..etc•
Balance•
$17,233 $38,054 def.$20,821
Arkansas West. By.._-_1911-12 _$52,233
36,623 def. 18,241
18,382
do
1910-11_ 57,781
do
8,281 def. 5,747
2,534
H.0. Sh. & Gulf Ter__ _1911-12 _ 27,229
6,000 sun 2,782
8,782
1910-11_ 27,557
do
do
50,000 def. $8,532
11,468
Pt. Arthur Can. & Dock1911-12. 56,633
50,000 def. 56,810
do
1910-11_ 45,072 def.6,810
do
BALANCE SHEET JUNE 30.
1911.
1912.
1911.
1912.
Liabilities$
Assets$
Property acct___a97,554,957 93,036,904 Preferred stock_ ..21,000,000 21,000,000
Common stock_ __30,000,000 30,000,000
Replacem't val. of
abandoned line_ b393,784 b523,063 First mtge. bonds _30.000,000 30,000,000
190,545 Refund, and imAgents & condue'rs 209,399
provement b'nds15,000,000 15,000,000
Cash
c1,523,141 5,303,170
948,000
Equip. trust notes 744,000
Co's stock in treas.(par)43,600
392,922
Material & supplies 820,921
870,378 Unpaid coupons__ 411,633
230,985
Accrued interest__ 229.680
Loans on collateral
179,658
178,322
security
266,227 1,072,019 Traffic balances__
Bills receivable...
21,722 Pay-rolls & sects_ 1,355,585 1,126,675
25,916
35,308
6,123
Traffic balances
226,984
296,183 Bills payable
175.725
587,818 Accrued taxes.... 180,464
Individuals & cos_ 563,161
reand
Renewal
10,509
10,339
U. S. Government
176,644
183,285
22,996
Wells,F.&Co.Exp_
30,171 serve funds
Pref. d1v. payable
Investments in and
210,000
210,000
July 15
advances to pro164,116
178,033
prietary cos
2,165,900 2,063,552 Miscellaneous
Miscellaneous
179,428
221,230 Profit and loss.. d4,329,798 4,587,063
Tot. liabilities .104,006,923 104,227,094
Total assets.._104,006,923 109,227,094
a Includes In 1912, cost of properties, $80,399,568,and Improvements and
equipment, buildings and tracks
of
rehabilitation, $18,263,196, less value
destroyed or abandoned, which, less salvage, has been charged to operating expenses, $802,582; and also less credit of $209,100 to equipment from
renewal and reserve funds and $96,125 salvage from equipment dismantled.
b This is the replacement value, less salvage, of line abandoned in course
of improvements, which was taken out of cost of properties under an order
of the Inter-State Commerce Commission and carried separately pending
appeal from the order.
c The item of cash in 1912, $1,523,141, includes reserve for dividend,
$210,000; reserve for coupons unpaid, $411,633; available for other purposes, $901,508.
d After deducting $85,029, the estimated original cost of property abandoned and not replaced, less salvage, and $218,185 for miscellaneous adjustments.-V. 95, p. 814.

Northern Pacific Railway.
(Report for Fiscal Year ending June 30 1912.)
Below we give the income account as appearing in the
pamphlet report. The text and further data will be given
another week.
INCOME ACCOUNT.
1909-10.
1910-11.
1911-12.
5,765
5,950
6,025
Average miles operated_
$
$
$
Operating revenue43,793,521 43,332,918 48,758,736
Freight
15,343,752 17,278,813 21,333,313
Passenger
3,671,817
3,456,962
Other rev, from transp_ 3,357,865
62,495,138 64,068,693 73,763,866
Total
761,960
844,139
928,808
Rev, other than transp_

1908-09.
5,671
$
47,073,305
17,330,608
3,416,102
67,820,015
640,732

Total open revenue.. 63,423,946
10,526
Per mile (average)
Operating expenses7,861,491
Maint. of way & struc
Maint. of equipment__ _ 7,207,716
1,202,293
Traffic expenses
Transportation expenses 20,756,387
1,130,630
General expenses

64,912,832
10,909

74,525,826
12,928

68,460,747
12,071

8,065,463
7,911,231
1,127,233
21,601,478
1,024,356

10,842,955
8,992,137
1,036,404
24,045,197
1,070,712

7,847,050
7,845,689
019,199
20,305,621
1,102,445

Total oper. expenses_ $8,158,517
(60.16)
P. 0. op. exp. to op. rev.
25,265,429
Net operating revenue
Sleeping, parlor, observation, dining & cafe
312,751
0 restaurants...
.
cars 45

39,729,761
(61.20)
25,183,071

45,987,405
(61.71)
28,538,421

38,020,004
(55.54)
30,440,743

441,803

602,475

429,359

Total net revenue... 25,578,180
3,739,079
Taxes accrued

25,624,874
3,296,797

29,140,896
3,622,000

30,870,102
2,547,835

21,839,101
Operating Income
Divs. & int. on securities,
int. on dep. & rentals
4,416,028
received
u15,816
Hire of equipment

22,328,077

25,518,896

28,322,267

4,733,333
607,094

3,795,727
160,578

3,245,419
452,219

26,870,945
Gross income
Deduct526,320
Rentals paid
Int. on funded debt_ __ _ 6,680,810
Int. and comm's on new
stock subscriptions_
Dividends on stock(7%) 17,360,000

27,668,506

29,475,201

32,019,905

561,149
6,665,090

509,928
6,669,014

337,136
6,775,003

17,360,000

17,360,000

3,268,416
14,105.000

24,567,130

24,586,239

24,538,942

24,485,555

2,303,815

3,082,267

4,936,259

7,534.354

Total
Net income for year
-V. 95, p. 298, 111.

St. Louis Southwestern Ry.
(Report for Fiscal Year ending June 30 1912.)
Chairman Edwin Gould, N. Y., Sept. 16 1912, said:
during the

First Terminal and Unifying Mortgage.-There was authorized
year "first terminal and unifying mortgage," to secure an authorized Issue
of $100,000,000 5% bonds, dated Jan. 1 1912 and maturing Jan. 1 1952.
In connection with this mortgage, and to comply with the requirements
of the Missouri statutes, the authorized capital stock was increased from
$55,000,000 to $130,000.000, by action of the stockholders, the amount
of capital stock outstanding remaining the same as on June 30 1911.
A sale of $7,500,000 face amount of first terminal and unifying mtge.
to wit:
bonds has been made (V. 94, p. 1450) for the following purposes, Worth;
$2,250,000 to acquire new terminal properties In St. Louis and Ft.
equalise°
an
of
obligations
trust
equipment
outstanding
retire
$2,165,000 to
value; $400,000 to acquire "first refunding and extension mortgage"
000
bonds of Gray's Point Terminal By. Co. of an equal face value; $2685
permanent
to reimburse the treasury for expenditures and advances for
Inadditions and betterments heretofore made and chargeable to property
$7,vestments. Of this $7,500,000 there were issued to June 30 1912
equipof
portion
that
071,000; the balance ($429,000) Is reserved to retire
ment trust obligations, Series "13," still outstanding.
The retirement of equipment trust obligations will materially reduce the
company's annual cash requirements.
The net increase In the amount of funded debt was $5,123,843.
(As to offering of guaranteed bonds, see Central Arkansas & Eastern RR.
and Stephenville North & South Texas By. In V. 94, p. 416, 632.)
Data Furnished by V.-P. and Gen. Mgr. F. H. Britton. St. Louis. Sept. 3.
Results.-The total operating revenues exceeded $12,000,000 for the first
time In the history of the company. The increase over the preceding year
equaled $154.506, or 1.30%,net oper.revenue increased $313,246,or 9.46%.
There has been a general revival In business conditions throughout the
territory served by this line during the past few months. Traffic was temporarily Interrupted on portions of the line by the destructive floods in the
Mississippi River Valley during March and April 1912. Portions of the
Cairo line between Malden and Bird's Point were out of service the greater
part of March and April. Trains to and from Memphis were annulled for
practically the entire month of April. These floods, however, did no

888

THE CHRONICLE

damage to our main line tracks, which were operated continuously and were
Deduct1910-11.
1909-10.
1908-09.
1907-08.
used extensively by other lines, under detour arrangements.
1st & cons. M. bds$1,7281838 $1,690,440 $1,690,440 $1,637,133
Int.
freight revenue increased $104,268, or 1.18%. Excellent cotton and Int. on
on 2d M. Inc. bonds
grain crops, together with improved business conditions generally, resulted
held by public
121,700
121,700
121,700
128,080
In a slight increase in tonnage movement as a whole, notwithstanding a Other Interest
.& mIscell. _
165,138
62,382
88,850
33,098
substantial decrease in the tonnage of products of mines and forests. - Pass- Rents-leased roads
65,945
25,000
25,000
25,000
enger revenue shows a decrease of $92,154, or 3.85%, Which is attributable Rents-Joint facilities,&c
348,877
274,077
287,297
315,191
argely to the flood conditions.
The remarkable agricultural development of the country traversed by
Total
42,430,296 $2,241,181 $2,186,799 $2,145,388
this line continued uninterruptedly during the past year, being reflected Balance,deductions
for year_ _51,617,619 $1,215,823
$598,089
5816,468
by the increased rural immigration, coming principally,from the prosperous Preferred surp.
dividends_ _(43i)$895,214 (4)5795,746 (5)5994,883 (2)5397,873
farming States of the North, and improved methods of farming. The
cultivation of rice in Arkansas has proven highly profitable and the acreage
CONDENSED BALANCE SHEET JUNE 30.
devoted thereto continues to Increase from year to year. Fruit-growing in
East Texas is attracting much attention and the. yield for 1912, wilich was
1912.
1911.
1912.
1911.
peactically all marketed after June 30, exceeded all previous records. More
Assets
Liabilitiesthan 3,600 cars of peaches and early vegetables were shipped from that
Road & equip_ __a85,944,661 83,052,559 Common stock. _A13,500,000 16,500,000
section via this'llne during the season of 1912.
b14,812,332 14,197,179 Preferred stock_ __20,000,000 20,000,000
A number of new industries have located along this line, and the led- Securities
Misc. Investments_
10,855
10,130 Bonds (see "Ry. &
trial development has kept pace with agricultural and general business.
Cash
3,330,442 1,220,033
Ind." section) __65,913,583 00,789,741
The total operating expenses show a decrease of $158,740, or 1.85%; the
Secur. held in treas 500,250
250,250 Loans&bills pay_
___
950,000
per cent of open exp. to oper. rev. being 69.92, as against 72.16 last year.
706,834 Vouchers & wages 950,881 1,115,195
Maintenance of way and structures account decreased $322,847, or Marketable secur's 701,834
128,336
17.94%; maintenance of equip/Tient increased $108,224, or 5.24%; traffic Material & supplies 1,347,605 1,051,104 Int., dies., &c.,due 320,765
Traffic
bal.
(net)..
5,269 Miscell. accounts_
16,393
285,258
118,543
expenses increased $33,370, or 7.49%; transportation expenses decreased
Loans&bliis receiv
222,920 Interest, dies.,&c.,
10,033
$53,960, or 1.42%; general expenses increased $76,473, or 16.26%.
accrued
736,065
073,490
Taxes accrued show an increase of $89,220, or 24.16%, due to the higher Miscell. accounts_ 1,053,863 3,169,701
33,090 Taxes accrued__
46,811
201,781
173,291
valuations placed on the company's property In the seycral States, particu- Accr. int.,divs.,&c.
1,281,746 1,162,500 Def'd credit items_
140,412 1,087,255
larly, the State of Arkansas, and to increases in rates of taxation in all Advances__
1,151,669 Profit and loss_ ...c4,402,585 5,110,718
Special deposits
States in watch the company owns property.
411,326
Track Mileage.-The main track mileage operated June 30 1912 was 0th etdebit items 385,045
1,609.2 miles, an increase of 109.2 miles, which is explained as follows:
_109,451,930103,044,5/0 Total_
Total
__ _ __ 109,451,930 106,644,570
Trackage rights, 71.0 miles [C. R. I. & P. By., Brinkley, Ark., to Bridge
Junction, Ark. (West Memphis), 64.7 m.; Kansas City do Memphis fly. & --deducting
reserve
After
for
a
accrued
depreciation
of
existing equipment,$1,822,Bridge Co. tracks (Memphis Bridge), 2.5 m.; St. L. & S. F. RR. In Mempphis, 0.4 m.; Memphis Union Station Co. tracks In Memphis, 0.5 in.; 179 8 Includes securities of proprietary, affiliated and controlled companiesSt. Louis Iron Mtn. & Sou. fly. in Pine Bluff, Ark., 1.2 m.; Vandalia pledged, 32,287,996, and unpledged, $20,003, and St. L. So. Ry. securities pledged,
RR. In East St. Louis, Ill., 1.7 m.1; Central Ark. & Eastern RR.(operated $12,504,333. c After deducting $1,233.,985 extinguishment of discount on funded
under lease), 43.9 m.• miscellaneous, 1.6 m.• total. 116.5 m. Less- debt sold and $196,573 miscellaneous (net).-V.95, p. 680, 331.
Terminal RR. Assn. ofSt.
'
Louis mileage discontinued
by this company on
'
account of running its passenger trains via East St. Louis, Ill., and Eads
Ferrocarriles Nacionales de Mexico.
Bridge Instead of via Merchants Bridge, 7.3 oh, • net increase this year,109.2.
Equipment.-The following equipment, contracted
for under trust agree'
(National Railways of Mexico.)
ments during the preceding year, was received during the current year: 479
automobile cars and 63 refrigerator cars. There was purchased for cash
(Statement
for Fiscal Year ending June 30 1912.) .
and built at company's shops from current funds equipment as follows:
40 steel flat cars, 178 other cars, 1 steam wrecker and 3 locomotive cranes.
1911-12.
1910-11.
1909-10.
Gross
earnings
covering
Contracts have been executed
equipment to be delivered on or
561,987,108 $61,934,421 $61,483,147
before Oct. 1 1912, as follows: 18 consolidated locornotives, 4 mogul switch Operating expenses
38,435,255 39,279,345 38,728,318
engines, 10 steel baggage cars and 10 steel comb, baggage and mail cars.
Net earnings
Additions and Betterments.-These for "Road" amounted to $2,114,446,
$23,551,853 $22,655,078 524,754,829
and for equipment, after allowing for value of equipment retired, aggregated Other Income
1,280,619
1,227,471
944,893
$1,222,135, making the total amount expended $3,336,582. The principal
expenditures under the heading, "Road" were: "Right of way and station
Total income
$24,812,472 $23,599,969 525,982,300
Deductgrounds," $1,441,521; ballast, $135,192, and station buildings and fixTaxes,rentals,repairs, &c
tures, $220,562.-Ed.1
$2,924,439 $3,095,829 $4,583,127
Express Contract.-A contract, effective Aug. 1 1911, was entered into Int. on bds., equip. trusts i& notes pay.19,403,457 17,940,289 18,582,604
with Wells, Fargo & Co., granting that company express privileges over this Reserve fund
d124,228
d127,894
d141,828
company's lines. The Pacific Express Co. ceased to operate over this First preferred div.(4%)
2,306,632
2,306,032
2,306,632
company's lines on July 31 1911.
Total deductions
$24,758,756 $23,476,624 $25,594.191
Central Arkansas & Eastern RR.-This road of 43.9 miles was completed
Balance, surplus
and taken over for operation on Oct. 22 1911 under a 30-year lease.
$53,718
$123,345
5388,109
Trackage Rights for Passenger Trains between Brinkley, Ark., and Memd This is 5% of net profits.-V.95, p. 618.
Phis, Tenn.-Effective April 1 1912, a contract was entered into with the
Ch. Rock Isl. & Pac. By. Co. under the terms of which this company is
granted the right to operatelts passenger trains over the rails of that comAtlanta Birmingham & Atlantic RR.
pany between Brinkley, Ark., and West Memphis, Ark., 64.7 miles. Between West Memphis and the new Union Station at Memphis the tracks of
(Statement for Year ending June 30 1912.)
the Kansas City & Memphis By. & Bridge Co. (Memphis Bridge), the
St. Louis & San Francisco RR. Co. and the Memphis Union Station Co.,
1911-14.
1910-11.
1909-10.
1908-09.
are used for a distance of 3.4 miles.
Operating revenue
$3,246,302 $2,810,410 52,579,348 52,069,810
Memphis Union Station.-Effective Apr. 1 1912, the new union passenger Operating expenses
2,569,477
2,147,817
1,712,783
1,999,958
station at Memphis, constructed by the. Memphis Union Station
Co., of which this company owns a one-fifth interest, was opened for
Net operating
$862,593
$357,027
$579,390
operation. All of this company's passenger trains to and from Memphis Other Income revenue_ 5676,825
36,654
132,326
108,085
110,043
use this new station (V. 93, p. 1324; V. 91, p. 94).
New Passenger Terminals at Dallas, Tex.-The Union Terminal Co.,
Total income
$794,919
$713,479
$483,112
$689,433
Dallas, has been organized by all lines entering that city for the purpose
of constructing a union passenger station and facilities therefor. This
DEDUCTIONS FOR INTEREST, TAXES, &C,
company owns one-eighth of the capital stock and will make use of, Its
facilities, when completed, in the operation of passenger trains to Dallas.
1911-12. 1910-11.
1911-12. 1910-11.
Other Freight Facilities.-The new freight house and, auxiliary facilities Total income ___ _3713,479 $794,919 Miscellaneous ___ $36,798 $16,433
at S. Louis, Mo., are nearing completion and will be ready for use within
Int.on A.&B.1st 5s 204,500 204,500
Deductthe next few months. A desirable location in Ft. Worth, Tex., has been Taxes
$173,500 5131,148 Int, on rec. ctfs_ _ 162,500 162,500
selected and the property acquired, on which to construct a freight-house, Int.on equip.notes 84,833
96,275
&c.; this new terminal will be pushed to completion as rapidly as possible. Rent of terminals
Total
$934,381 $883,104
272,250 272,250 Balance, deficit_ _$220,902 $88,185
(See note)
Character of Steel Rail in Main Track June 30.
85-1b.
Miles754b.
70-1b. 60-1b. 56-lb. 35-1b.
Note.-Bent of Georgia and Alabama terminals is not being paid. The
Total.
1912
8.95 1,035.31 30.67 6.15 287.14
____ 1,368.22 receivers have neither adopted nor disaffirmed the lease contract existing
1911
8.95 1,024.25 30.67 6.15 2 .4.01
____ 1,324.03 between those companies and the A. B. & A. RR. Co., nor has any rental
1910
8.95
935.71 30,67 6.15 340.32
4.05 1,325.85 been agreed upon for the use by the receivers.-V. 95, p. 678, 296.
8.95
1909
830.10 30.67 6.15 416.85 33.13 1,325.85
Ballast and Bridges in Main Track June 30.
Wheeling 86 Lake Erie Railroad.
Rock. Gravel. Cinders Soil,&c.Bdges. Trestles. Total.
-------Miles.
1912
190.09 721.65 69.20 336.39 1.50 48.79 1,368.22
Fiscal Year ending June 30 1912.)
for
(Statement
1911
190.69 678.28 69.20 336.93 1.49 47.46 1,324.03
1911-12.
157.16 642.02 89.93 387.90 1.47 47.37 1,325.85
1909-10.
1010
1908-09.
1910-11.
1909
$7,498,147 $6,800,707 56,950,437 $5,633,645
179.02 628.04 89.05 381.21 1.47 47.06 1,325.85 Operating revenue
4,776,054
4,200,718
Operating expenses_ _cp _ 5,038,335
4,744,267
OPERATIONS, EARNINGS, EXPENSES, CHARGES, &C.
Net open revenue__ $2,459,812 $2,058,440 $2,174,383 $1,432,927
1911-12.
1910-11.
1909-10.
1908-09.
261,504
367,225
248,007
260,336
Averagelmiles operated.
1,548
1,487
1,473
1,470 Taxes accrued
Operations_ $2,092,588 51,808,433 $1,912,879 $1,172,591
Passengers carried
Operating income_
2,380,366
2,487,970
2,258,455
2,217,806
Passengers carried 1 mile 87,700,576 94,397,308 83,984.450 87,919,405 Outside open-net
935
515
1,770
902
Rate per pass. per mile_
2.62 cts.
2.54 cts.
2.58 cts.
2.34 cts.
Tons freight moved •-- 3,408,053
$2,094,362 51,808,948 51,913,814 51,173,493
Total
3,356,722
3,062,042
2,948,126
Dr.31,832
do
Dr.244,196
1 mile*835,722,979 824,246,732 790,502,040 716,547,816 hire of equip., &c
31.301
do
Dr.28,587
Rate per ton per mile
1.07 cts.
1.08 cts.
1.04 eta.
1.08 cts.
Total income
$1,850,166 $1,777,118 $1,945,175 $1,148,908
Earns. per pass. train m.
$1.3085
$1.3374
51.2303
51.1825
1,129,155
1,407,724
Earna per fgt. train m
$3.1359
52.9857
1,119,474
52.9330
32.8131 Interest, rentals, &c._ _ _ 1,132,049
$7,778
Gross earnings per mile_
57,458
$7,995
$7,029
$647,961
Balance, surplus
5718,117
$537,451
$27,432
-V. 94, p. 1765.
• Not including company's freight.
INCOME ACCOUNT.
Operating Revenue1911-12.
1910-11.
1909-10.
Passenger
$2,346,244 $2,439,004 $2,205,196
Freight
8,866,846
8,971,114
8,243,954
Mall, express, &c
472,071
541,142
447,303
Rev. oth. than from tran. 184,042
90,063
110,116

1908-09.
$2,091,121
7,731,677
428,531
80,561

Total open revenues_512,042,543 $11,888,037 $10,988,516 $10,331,889
ExpensesXtaInt of Way & struc_ _51,477,069 $1,799,916 $2,150,727 51,892,498
Maint. of equipment
2,064,046
2,172,269
1,857,527
1,866,682
Traffic expenses
445,783
414,702
479,154
366,883
3,798,103
Transportation expenses_ 3,744,143
3,276,478
3,229,425
Geberal expenses
470,307
446,563
546,780
431,625
Total oper. expenses_ -$8,419,415
Net operating revenue__ _53,623,128
Outside oper.-net deficit
14,545

$8,578,155
$3,309,882
10,470

58,146,057
$2,840,459
12,611

57,787,093
$2,544,796
10,159

Total net revenue
Taxes accrued

53,608,583
458,511

$3,299,412
309,292

52,827,848
389,704

52,534,637
268,704

Total oper. Income_ _ _ -53,150,072
Hire of equip.-balance_ $531,747
joint facilities
208,033
Interest on invest., &c
159,483

$2,930,120
$199,328
180,322
147,236

$2,458,144
$200,735
173,485
170,901

$897,843
$4,047,915

5526,884
$3,457,004

5545,121
$3,003,265

Total net Income




Pittsburgh Steel Company.
(Report for Fiscal Year ending June 30 1912.)
INCOME ACCOUNT YEARS EN DING JUNE 30.
1911-12,
1910-11.
1909-10.
$11,417,869 $11,567,748 $11,506,005
1,277,978
1,046,698
840,091

Sales
Inventory end of year

Inventory beginning year

$12,695,847 512,814,446 512,348,096
1,046,008
675,177
840,091

$11,649,149 511,774,355 511,670,919
Mater. & open cost (Incl. rcpt., &e.)_ 58,967,870 59,297,549 $9,311,939
Selling and general expenses
1,360,726
1,103,168
1,209,554
Net profits
Miscellaneous income (net)

$1,311,553
10,019

$1,287,252
5,924

$1,255,812
28,782

Total net income
$1,321,572 $1,273,178
Deduct$116,628
Int. on 1st & gen. M. bds.(sincc ret'd)
Miscellaneous interest
21,184
75,043
Common dividends (8%)
541,117
496,779
Preferred dividends
(7%)490,000 (354)245,120

$1,284,594

52,265,933
$98,444
134,930
244,171
$477,545
$2,793,478

Total deductions
Balance, surplus

$1,052,301
$269,271

$933,588
$339,008

$254,485
115,187
479,520
$849,192
$435,402

OCT. 5 1912]

THE CHRONICLE

BALANCE SHEET JUNE 30.
1011.
1912.
1912.
$
S
Assets*Real est,plant,&c14,174,084 13,336,519 Preferred stock _ _10,500,000
330,000 Common stock.... 7,000,000
Stocks of sub. cos_ 330,000
905,939 Subscription rects
2,085,677
Cash
777,942
79,759 , on common_
Notes receivable
30,000
Accts, receiv.(net) 2,203,081 1,458.509 Chicago real est.M.
864,168 Time & dam. loans 466,000
Loan & advances_
Materials & sup). 2,444,177 2,123,579 Accounts payable. 1,167,101
6,913 Divs. pay. Jan. 1
Prepaid charges
Profit and loss... 3,751,860
Total

22,914,961 19,105,386

Total

*Patent rights are not valued.-V.95, p. 822.

confirming the step: "By this means the company will be getting money
on its ordinary share capital at a low rate of interest, taking the present
rate as a basis, its bond and debenture debt will be $60,000,000 less, the
7,000,000 fixed charges will be $2,400,000 per annum less than otherwise would have
6,000,000 been, and its available funds for the purposes of the undertaking will be
increased by $45,000,000. Your directors will recommend that this
484,270 amount be supplemented by an appropri: t 3n of $15,000,000 frcin your
30,000 accumulated surplus that might properly be distributed to the sharenoiders
950,000 but that will Instead be expended on capital account in additions and im1,028,867 provements to your property."
A resolution was also passed authorizing the construction and lease of
129,660
3,482,589 the lines mentioned in the annual report (V. 95, p. 550) and the purchase
of the Cap de la Madeleine fly. and the issue of debenture stock to acquire
22,914,061 19,105,386' outstanding securities of Dominion Atlantic fly.
There has been deposited in the office of the Seeretzr ,r of State for Canada
a duplicate original of the lease of the Equimalt & Nanaimo fly. to the
Canadian Pacific fly, dated July 1 and of the indenture mortgage of that
company dated July 25 1912 between the Equimalt & Nanaimo fly.,
New York.
Royal Trust Co. and Canadian Pacific fly.-V.95, p. 679, 550, 541.
1911.

Distillers' Securities Corporation,
(Report for Fiscal Year ending June 30 1912.)
Pres. E. J. Curley Sept. 25 wrote in substance:

The cost of production this year was materially increased by reason of
the abnormally high prices of grain and other manufacturing supplies. Owing to unusual and temporary trade conditions, there was no corresponding
advance in the selling price of certain of our products. These conditions
necessarily reduced net earnings. The operating efficiency of the plants
has been maintained, and the cost ($287,992) has been charged against
earnings. Accounts and bills receivable and bills payable are all current,
and represent the trade receivables and payables of the companies. All
accounts between the company and Its constituent companies have been
eliminated, so as to show the net figures.
EARNINGS, EXPENSES, CIIARGES, &c.
1910-11.
1911-12.
1909-10,
1908-09.
2,641,780
•Gross profits
Deduct338,89/
Int. on notes and loans.
158,111
'Taxes
74,527
Rentals
(fnsurance
132,711
Additions and maint _
287,992
Administration, &c., exp. 329,314

3,043,279

2,723,980

2,683,237

340,696
144,710
79,295
115,667
296,086
316,409

333,232
116,797
79,568
96,969
225,191
301,358

321,294
104,470
79,239
84,595
225,195
344,620

Total
Net earnings
anterest on bonds
Dividends (2%)

1,202,863
1,750,416
792,793
687,897

1,153,115
1,570,865
791,647
687,668

1,159,413
1,523,824
789,617
679,695

1,321,552
1,320,228
793,046
687,775

Total int. and divs
1,480,821
1,479,315
1,480,690
1,469,312
Balance
det.160,593 sur.269,726 sur.91,550 sur.54,512
BALANCE SHEET JUNE 30, SHOWING ASSETS AND LIABILITIES
OF DISTILLERS'SECURITIES CORPORATION AND
OF ITS CONSTITUENT COMPANIES.
1912.
1911,
1910.
1909.
Assets$
$•
$
$
Properties constlt. cos._ 40,777,432 40,320,377 40,089,933 39,987,140
'Cash
1,249,176
1,219,005
996,676
1,200,862
Aco'ts & bills receivable_ 7,957,559
9,246,100
9,255,727
9,574,114
Mat'l & supplies(at cost) 3,322,937
3,110,711
3,056,779
2,822,605
xSecurities of other cos_ 5,581,996
5,462,233
5,673,442
5,521,859
Total assets

P58,880,100 y59,358,426 y59,072,557 y59,106,580

30,809,181
'Capital stock issued
Stock with Mere. Trust
Co. agst. outstdg. stk.
of Dist. Co. of Amer.
and Its constit. cos__ _ 1,669,659
,Bonded Indebtedness_ 16,000,000
Unclaimed dividends._ _
1,493
Acets & bills payable.- 0,263,776
Reserve accounts
213,910
Surplus account..5,931,081

889

30,784,140

30,780,874

30,766,997

1,694,700
16,000,000
953
y4,597,359
189,600
6,091,674

1,697,966
16,000,000
596
y4,605,818
165,355
5,821,948

1,711,843
15,933,000
264
y4,806,733
157,345.
5,730,398

Total liabilities
y58,889,100 y59,358,426 y59,072,557 y59,106,580
x Principally stocks in companies owned by the parent or constituent cos.
y Totals differ from those in company's report. The "accounts and bills
payable" are shown above under liabilities; in the report they are deducted
from current assets and omitted under liabilities.-V.93, p. 1193.

GENERAL INVESTMENT NEWS.

Central of Georgia Ry.-New Mortgage.-The stockholders
will on Oct. 17 take further formal proceedings necessary in
regard to the authorization of the new mortgage to secure
$80,000,000 bonds, and their sale from time to time by order
of the directors or exec.committee. Compare V. 95,p.110.
Chicago & Alton RR.-New Directors.-Judge Robert S.
Lovett, Chairman; Louis J. Spence, traffic director, and
Julius Kruttschnitt, director of maintenance of the Harriman
lines, have been elected directors to succeed Theodore P.
Shonts, H. E. Huntington and F. T. Frazier.
This is In pursuance of the plan for increased representation on the board
by the Union Pacific, which was announced early In August last. See
"Union Pacific RR." under "Annual Reports" in V. 95, p. 358.-V. 95,
p. 749, 480.

Chicago Elevated Railways.-Earnings Controlled Cos.Metropolitan West Side Elevated Rv.
Period
Gross
Interest,
DiviNet
Bal.,
CoveredIncome. Earnings. Taxes,etc. dends.
Surp
6 mos. end. June 30 '12.$1,501,612 $728,860 $538,654 $130,618 $59,588
Year end. June 30 '11._ 2,891,254 1,482,739 1,076,376 261,237 145,126
Northwestern Elevated
Year ending June 30 '1263,067,062 $1,752,668 $1,634,912 $100,000 $17,755
Year endingJune 30 '11 2,731,376 1,646,571 1,209,062 200,000 237,509
South Side Elevated RR.
6 mos. end.June 30 '12.$1,207,734 $499,661 $352,074 $127,872 $19,717
Year cnd. June 30 '11_ 2,419,922 *807,834
503,080 230,203 74,551

RR.

*Taxes of the South Side Elevated RR,for the year ending June 30 1911
were included in operating expenses.-V. 95, p. 749, 110.

Chicago & Great Western RR.-Earnings.-President
S. M. Felton has, in reply to an inquiry, put out the statement which is given below, following the table of earnings,
of which it is in effect explanatory:
Results of Operations Since the Present Company Took Possession. Sept. 1 '09.
(June 30 Years.)
1910-11. 10 Mos. 1909-10. Total.
1911-12.
Gross earnings
$12,795,242 $12,618,642 $10,171,783 $35,585,667
Total net income
$2,913,825 $3,292,942 $2,616,165 $8,822,932
Taxes and other charges 2,730,216
2,525,034
2,160,390
7,415,640
Balance, surplus
$183,609
$767,908
$455,775 $1,407,292
The reason for the small surplus, over and above fixed charges, for the
last fiscal year is accounted for by the very severe winter and the threatened
coal strike last spring. The Great Western was not alone in the effect
of these conditions on its earnings. Of nine Western roads operating in
the territory of the Great Western, the Great Western was the only line
showing an actual increase in its gross operating revenues for the year.
All
showed heavy decreases in their net results, five of the eight showing larger percentages of decreases than' the Great Western and but three
showing less, the decreases of the year varying from 6% to 46%, the Great
Western being 14.8%. Our gross earnings In the last three years have
increased over $2,000,000. July and August this year show an increase
In gross of $152,365; in surplus of $97,400, being $227.684 above all charges.
The prosrc ts this fall are unusually bright, owing to the crops on the
line of the Great Western and in the States tributary thereto. The results
for the second six months of the present fiscal year should be very favorable.
There should be a gain in excess of the loss last year, so that for the year ending June 30 1913 the surplus should be, barring some unforseen disaster,
In excess of $800,000 over and above charges, which would bring the accumulated surplus well above $2,000,000.
During the past three years above $14,000,000 has been spent on the
property nal its equipment. During this period of reconstruction the operating results were necessarily unsatisfactory, as It is impossible to obtain
the maximum efficiency while heavy reconstruction work is In progress.
This period having now passed, the operation of the road should reflect the
benefits naturally expected from so large an expenditure.-V.95, p. 618.

RAILROADS, INCLUDING ELECTRIC ROADS.
r American Railways Co., Philadelphia.-Pref. Stock.-The
.shareholders will vote Oct. 17 on creating an issue of $4,C00,000 7% cumulative pref. stock, of which only $2,000,000
Chicago Milwaukee & St. Paul Ry.-New Officers.will be issued at present, this amount to be underwritten, Samud McRoberts, V.-Pres. of the National City Bank of
And then offered at par to shareholders pro rata. A state- N. Y., has been elected a director to succeed Frank S.
ment signed by Pres. J. J. Sullivan and Sec. Walter W. Per- Bond, deceased.
kins, at Philadelphia, Oct. 3, says:
A. C. Hagensick, Chief Clerk for the last fourteen years, has been made
As shown by the annual report for the year ending June 30 1912, the company has now outstanding bills payable of $1,892,240, representing substantial improvements chargeable to capital made on the properties and
demanded by the growth of your business. This item your directors feel
should be capitalized, either In a funded debt or by the issuance of capital
stock. Of the two methods, the latter seems the more desirable. In the
year ending June 30 last the net earnings were more than sufficient to
meet the dividend requirements it the new stock proposed to be issued had
been outstanding, and also pay the dividends declared and. paid upon the
common.stock. The value of the properties owned and their earning capacity is constantly increasing, and, In the judgment of your board, the
not earnings will continue in the future to be sufficient not only to meet the
dividends on the new pref. stock, but to pay at least the present rate of
dividends on the cornmon stock; to provide for the expenditure of large
sums of money In the various improvements on the properties owned and to
maintain the same at their present high standard of efficiency.-V.95,
J).749, 817.

Baltimore & Ohio RR.-Acquisition.--.The Sandy Valley
& Elkhorn Ry., the new road from Shelby, Ky., to the coal
tract lately acquired by the Consolidation Coal Co., was
taken over by the B. & 0. on its completion on Oct. 1 in
Accordance with the arrangement made in 1911 (V.93, p.228).

Daniel Willard was elected President to succeed Jere H. Wheelwright.
George F. Randolph, 1st V.-Pres.; George M. Shriver, 2d V.-Pres.; A. W.
Thompson, 3d V.-Pres.; C. W. Woolford, Sec., and J. V. MaeNcal, Treas.
The newly elected officers occupy the same positions in the Baltimore &
Ohlo.-V. 95, p. 678, 235,

'Canadian Pacific Ry.-Increase of Stock.-The stockholders on Oct. 2 authorized an increase in the ordinary
stOck from $200,000,000 to $260,000,000.
The directors subsequently decided to offer the stock at
175. The issue is to be put out about Jan. 1913.
proceeds of
The
the new stock arc to be used for tile purposes for which
consolidated debenture stock would otherwise have been utilized, Including the satisfaction and cancellation of the outstanding $33,760,000 5%
1st M.,maturing July 11915, The remainder will be used for additions and
improvements chargeable to capital account. Presider t Shaughnessy
stated-at the inecting,prior to the passage by the stockholders of resolutions




Assistant Secretary.-V. 95, p. 744.

Chicago Peoria & St. Louis Ry.-Favorable Decision.Judges Baker, Sanborn and Humphrey, inthe U. S. District
Court on Sept. 27, held that the 2-cent passenger rate bill
passed by the Illinois Legislature in 1907 is unconstitutional,
being non-compensatory so far as the company is concerned.
The State will take an appeal.
The opinion, written by Judge Sanborn, sustains the report of Master in
Chancery Walter McClellan. The appeal makes perpetual the temporary
injunction granted by Judge Humphrey on Oct. 13 1909 on application of
Receivers Ramsey and Merriam. The company has been charging 3 cents
a mile, receipts being given for the 1-cent excess. The pendency of the
suit, it is understood, has been a large factor in causing delay in the reorganization of the company. The decision does not affect other roads In
the State. A suit by the Wabash Chester & Western is also brought in
the Federal Court.-V. 93, p. 1781.

Chicago Utilities Co.-Interest Payment Oct. 1.-

The interest due Oct. 1 on the 1st M. series A 5% bonds will be paid on
presentation of the temporary bonds for stamping at the main office of the
United States Mtge. & Trust Co., 55 Cedar St.-V.95, p. 236, 175.

Cincinnati Traction Co. (Lessee of Cincinnati Street Ry.
Co.).-Equipment Notes Offered.-The Fifth-Third National
Bank, Cincinnati, is placing at prices to yield 4.90% the total
issue of $340,000 5% equipment notes, Series D.
Issued by the Fidelity Trust Co., Philadelphia, as trustee, and guaranteed as to principal and interest by the Cincinnati Traction Co. Dated
Oct. 1 1912. Par $1,000 (e). Int. A. & 0. Principal due $17,000 halfyearly from Apr. 1 1913 to Oct. 1 1922 inclusive. These notes have been
Issued to pay in part for 76 double-truck closed motor cars complete,
bodies 33 It. over corner post, 44 ft. over buffers, pay-within type. The
cost is $456,000, of which amount $116,000 will be paid in cash. The Cincinnati Traction Co. Is capitalized at $2,000,000 and controls and operates
the entire street railway system of Cincinnati and its suburbs, comprising
In all 220 miles of track. Neither the company nor Its leased property has
any bonded debt. The annual surplus Is considerably In excess of the
amount required to pay both the maturing principal and Interest of this
Issue the first year.-V. 95, p. 817.

890

THE CHRONICLE

Cleveland Cincinnati Chicago & St. Louis Ry.—Guaranty.
—At the annual meeting on Oct. 30 the stockholders will
be asked to authorize the guaranty of not to exceed $5,000,000 of the "1st M. bonds of the Evansville Mt. Carmel &
Northern Ry. Co., a subsidiary company, on whose 32mile double-track road; extending from Evansville to Mt.
Carmel, Ind., there have been issued $2,082,000 bonds.
"The Evansville Mt. Carmel & Northern Ry. was built as a subsidiary of
your company in order to connect the Cairo Division with the Louisville
& Nashville 'RR. at Evansville, thus making possible an interchange of
traffic to and from the South with that road. All of the stock of the Evansville Co. Is owned by your company, which has taken first mortgage bonds
to the amount of $2,082,000 in payment for a portion of the moneys advanced for construction. The authorized issue of bonds by the Evansville
Co. is $5,000,000, and they can be Issued and sold from time to time as
moneys are needed for improvements or additions to the Evansville road.
In order that the bonds of the Evansville Co. now or hereafter owned by
your company may be sold to advantage, and thus the treasury reimbursed,
it Is necessary that their payment should be guaranteed." (Official circular)•
Touching the special meeting Nov. 25, Sec. Pardee says:
A special meeting of the stockholders will be held Nov. 25 at which authority will be asked for the conveyance by deed to the company of the
railroads of the following companies: Cairo Vincennes & Chicago Ry. Co.,
Cincinnati & Springfield fly. Co., Columbus Springfield 84 Cincinnati RR.
Co., Findlay Belt Ry. Co., Harrison Branch RR. Co. and Chicago Ind. &
St. Louis Short Line Ry. Co. These are subsidiary and leased lines, the
capital stock of which is all or nearly all owned by your company. All of
these roads are operated as part of the company's system, and there is no
reason for continuing their separate corporate existence. It is Intended to
convey their franchises and properties by deed, the company succeeding
to their bonded and mortgage debt. It will be necessary to make formal
extension to the company's charter from Terre Haute to the State line, In
order that your company may have the right to purchase the property of
the Cairo Vincennes & Chicago Ry. Co. This extension, however, will
not involve the construction of any new road. Sec also V. 95, p. 817.

Columbus Newark & Zanesville Electric Ry.—Extension
& Co. have purchased the
$750,000 1st consolidated mortgage 5% bonds of the Zanesville Railway, Light & Power Co.' maturing Oct. 15, and
have extended the same until March 11924. The extended
bonds are being offered to investors at par and interest.
of Bonds of Controlled Co.—Drexel

For the calendar year 1011 the gross earnings of the Zanesville company
were $254,313, and the surplus over charges, $72,031.—V. 95, p. 47.

Denver Northwestern & Pacific Ry.—Plan—Noteholders'
committee, Benjamin Strong Jr., Chairman, representing holders of the purchase money collateral
trust 6% gold notes of the Denver Railway Securities Co.,
due May 1 1912, total issue $3,500,000, announces that it
has entered into an agreement for the readjustment of the
obligations of that company in connection with the reorganization of the railway company. Over 85% in amount of the
notes have been deposited with the Bankers Tr. Co., depositary, and all who do not assent to the plan (outlined
below) are required to withdraw their notes on or before
Nov. 4. The committee says:
Committee.—The

The plan, briefly stated, is as follows: When and If the committee shall
acquire the $4,000,000 Colorado-Utah Construction Co. notes deposited
to secure the $3,500,000 Securities Company's notes, and in turn shall acquire the $8,000,000 of bonds deposited as security for the notes of the Construction Company, the committee will use the said bonds if acquired by
it In the purchase of the property of the railway company upon a sale under
foreclosure. The railway property is to be conveyed to a new company,
and contemporaneously with such transfer the committee shall receive
$4,117,640 of 1st M. 30-year bonds of the new company, and In addition
thereto similar bonds for a sum equal to the interest at 6% per annum upon
$3,500,000 from Feb. 1 1912, the date of the last payment of interest on
the Securities Company notes, to the time of the receipt by the committee
of the new bonds, which bonds are to be taken at the price of 85%. The
new bonds to be delivered to the committee will by their terms bear interest at the rate of 3% per annum for the first three years, 4% per annum
for the fourth year and 5% per annum for the fifth year and thereafter.
To provide for the payment of a portion of the 3% interest for the first
two years on the 34,117,640 bonds to be delivered to the committee, there
will be deposited with the trustee under the new mortgage, in cash, 2%
Interest for the first year and 1% interest for the second year. In order
to make up 5% per annum for the first four years, the committee will receive new first mortgage 5% bonds for the difference.
The total amount of new first mortgage bonds to be issued at the time of
the transfer of the properties to the new company will not exceed $7,800,000. No additional first mortgage bonds can be issued except under restrictions to be contained In the mortgage, which restrictions are to be
determined by a committee on which the committee will have representation.
The mortgage securing the bonds will be a first mortgage upon the pro0ertles
of the new company and a second mortgage upon the properties of the
Denver Northwestern Terminal Ry. Co., unless the committee elects to
have the stock of the latter company deposited as collateral security. The
• total bonds authorized under the new first mortgage will be $35,009,000.
Mr. Erb has agreed to contribute $1,000,000 in money and to take new
first mortgage bonds therefor at the price of 85%, and also has agreed to
purchase for cash additional 1st M. bonds at 85 In order to realize an additional $132,000, with which to pay to time trustee 2% per annum on account
of the first year's interest coupons and 1% per annum on account of the
second year's interest coupons upon the bonds to be delivered to the committee. Besides this, there will be supplied by Mr. Erb the $1,000,000
which will be devoted to making improvements, discharging claims,
mechanics' liens, expenses, &c.
Under the plan, each holder of a $5,000 deposited note will be entitled
•
to receive $5,882 par value of new 1st M. bonds and scrip of the new company, and new first mortgage bonds or scrip equal to the interest due at
6% per annum from Feb. 1 1912 to the date of the delivery of the new
bonds to the committee, and also an amount of such bonds or scrip equal
to the difference between the lesser interest and Interest at 5% per annum
for the first four years upon the new bonds, with proper adjustment for
•
anticipation of interest.
The committee recommends the adoption of the plan. [The committee
Includes: Benjamin Strong Jr. Chairman; George H. Burr, E. F. Shanbacker, Herman Waldeck and'
Henry H. Wehrhane, with B. %V. Jones,
16 Wall St., as Secretary.]
Plan Dated Sept. 3 1912.—The agreement between the

noteholders' committee and Newman Erb shows in substance:

The Denver Railway Securities Co. owns and controls $8,232,700 of an
entire Issue of $10,940,000 of time stock of the Railway Company, and is also
the owner of $4,000,000 of the notes of the Colorado-Utah Construction Co.
These notes were secured by pledge of $8,000,000 of the Railway Company's
$10,940,000 outstanding bonds, and have been deposited • to secure the
$3,500,000 6% notes of the Securities Company which became due and payable on May 1 1912 and are now in default.
Present Capitalization, tc., of the Railway Company.
$11,000,000 Den. Ry. See. Co. judg't..$1,756,013
Capital stock
Do claims, &c
10,040,000
200,000
First mortgage bonds_
348,609 Due for supolles, labor,&c. 323,000
_
Equip. tr. (5-yr.)
The Railway Company
notes- has also heretofore purchased 218 cars for $264,999 under an agreement that the amount is to be paid In installments
within five years, and upon which there is now due the first installment of
20% of the purchase price.
Capitaltration of the New Company to be Incorp. under Laws of Colorado.
First At. 5% gold bonds, payable 30 years after date thereof (which date
shall be the date of transfer of the properties to the new company), redeemable on any semi-annual interest day at 105; to be a first mortgage upon all
the properties (with after-acquired property clause) and on the $3,000,000




[VOL. xxxxxv.

stock of the Northwestern Terminal Ry. Co., unless the properties of that
company shall be conveyed to the new company, In which event it shall
be a second mortgage on said terminal properties, subject to the [$2,025,000] mortgage bonds of the Terminal Co., and subject also to two leases
(made to the Denver & Northwestern By. Co. and the Denver Laramie &
Northwestern By. Co.) on portions of said terminal properties. Total
authorized issue, $35,000,000.
(1) To be issued bearing coupons for cash interest, payable semi-annually
as follows: 3% per ann.for first 3 years,4% for 4th year and 5% yearly
thereafter; with difference between 5% and the rates indicated for
first 4 years, payable In 1st M. bonds (bearing full 5% Int.) taken at
85% of their face value. From the funds provided by Mr. Erb there
will be placed in trust $132,000, to be applied in paying 2% on account
of the 3% interest payable for the first year and 1% of the 3% interest
payable the second year—
(a) To retire the $8,000,000 1st M. bonds deposited as security
for the $4,000,000 notes issued in 1909 by the Col.-Utah
Construction Co. (see above) a principal sum (equal at 85%
to the par value of the principal of the $3,500,000 notes] of_ 34,117,640
(5) Also an amount of the bonds equal at 85% of their par
value to the interest upon $3,500,000 at 6% per annum from
Feb. 1 1912 (not Nov. 1 1911—Ed.) to time of issuance to
226,000
committee, say (If said date be Jan. 11913] about
(2) To be Issued to Mr. Erb bearing coupons for cash interest,
payable semi-annually, as follows: 1% per ann. for the
first year; 2% for the 2d year;3% for the 3d year; 4% for
the 4th year, and 5% yearly thereafter; with difference between 5% and the rates indicated for first four years
payable in 1st M. bonds (bearing full 5% int.) taken at 85—
(a) To retire remaining $2,040,000 existing 1st M. bonds, $1,470,000 being 50% of their face (along with 20% in adj.
bonds) and an additional amount equal at par to 2% interest per annum on the $2,940,000 bonds from March 1 1912
1,500,000
to date of issuance, say, In all about
195,293
(5) To be used in settling certain claims
(3) To be issued bearing from the outset full 5% interest—
(a) Issuable forthwith at 85 to Mr. Erb, in return for $1,132,000 cash, of which $132,000 is to be placed in trust to be
applied as above stated under (1) on account of first two
years' coupons on certain of the new bonds, and $1,000,000
to be used for improvements, new equipment, &c., as
1,553,000
below shown, about
(5) To be used for such purposes as Chairman Strong of noteholders committee shall agree, any balance not so used
,000
within 6 mos. to be returned to the
company200
plan not over $7,800,0001
(Making total to be issued under the
(c) Reserved, to be issued for future requirements, subject to
restrictions to be agreed upon by Mr. Erb, Mr. Strong and
William W. Green of N. Y.(any disagreement to be finally
passedsaysedon by the Pres. or V.-Pres. of the Guaranty Trust
27,208,067
Adjustment M.5% bonds,due on or before 30 years from date. Interest
at outset payable annually up to 5% per annum, only if earned, and noncumulative, being payable out of the net earnings during each fiscal year
over and above an amount equal to 5% on (a) all outstanding 1st M. 5%
bonds available under the rulings of the Inter-State Commerce Commission
for payment of interest and (b) on the ($2,025,000) outstanding bonds of
the Terminal Company. Said adjustment bonds shall become 2d M. 5%
bonds, that Is, bonds under which there shall be a firm obligation to pay
5% per annum interest, payable semi-ann., whenever the net earnings of
the road, either as now constructed to Steamboat Springs or as hereafter
extended, available as aforesaid for the payment of interest, shall for two
consecutive years equal 150% of the interest at 5% per annum on all of the
then outstanding 1st M. bonds (including both the graduated and the full
interest bonds), and in addition thereto the actual interest on said ($2,025,000) Terminal bonds. These 2d M. bonds shall be redeemable at comAll
pany's option on any interest date at par and full accrued interest. for
ntercst on equipment obligations now or hereafter outstanding shall,
what
determining
In
all purposes, be considered as operating expenses
are the net earnings. Total authorized issue, $2,000,000.
To holders of $2,940,000 existing 1st. M. bonds,20% of their face $600,000
and accrued interest (with 50% new 1st M. bonds) ab out..
In full settlement of the claims of Denver By. Securities Co.
1,400,000
and the judgment above referred to
Capital stock (to be distributed in shape of voting trust certifiCo.,
By.
Securities
Denver
the
and
cates to the Erb syndicate
the latter receiving their portion of the same as additional
consideration in settiem ofitheir claims and judgm'ts] not over 101000,000
The total capital stock (except seven shares thereof to qualify directors)
of 5 years
shall be forthwith transferred to seven voting trustees for a period
seven
unless said stock is sooner sold by said voting trustees. One of said
by Mr. Erb
trustees shall be designated by the committee and the other six said
voting
the
as
long
So
designate.
may
or such person or persons as he
the board
trust shall be effective, the voting trustees shall be members of
of directors of the new company.
no divithat
provide
will
The mortgage securing the adjustment bonds
one-half
dends shall be paid on the stock of the new company until at least
discharged.
and
paid
been
have
bonds
adjustment
outstanding
the
of
follows: '
The $1,000,000 so to be paid by Mr. Erb shall be applied as _$300,000
(a) For betterments, improvements, snow sheds, sidings, &e
100,000
about
acquired,
be
to
equipment
of
(b) On account
0
10
0,0
250
(C) To pay existing floating debts and mechanics' liens, not over
(7)
(d) Costs and expenses of the foreclosure or other suits, fees,
(?)
company
new
the
of
treasury
(e) Balance to be paid into the
(Receivers' 5% certificates may be issued for the purposes mentioned
in (a) and (5), and if so issued will be purchased by Mr. Erb [probably on a
6% basis and exchanged by him for new 1st M. bonds at 85.1 have assented
If 80% of the $3,500,000 notes of the Securities Co.shall not
option
to the plan by Nov. 15, the agreement of reorganization will, at the
95,
of either Mr. Erb or the noteholders' committee, be null and vold.—V.
p. 817.
Denver Ry. Securities Co.—Reorganization Plan.—
See Denver Northwestern & Pacific Ry. above.—V. 93, p. 1021.

Detroit Toledo & Ironton Ry.—Sale Again Postponed.—
The foreclosure sale, which was adjourned to Oct. 8,has been
further postponed to Jan. 9.—V. 95, p. 815, 110.
Detroit (Mich.) United Ry.—Decision.—The Michigan Supreme Court on Oct. 2 in a unanimous decision affirming
that of the Wayne County Circuit Court, held that the
company has no right to continue to operate its cars in Fort
St., the 30-year franchise originally granted having expired.
An appeal, it is stated, will probably be taken to the U. S,
Supreme Court.

An ordinance was passed by the Council in 1905 asserting the right to
control the cars and their operation, and making the comoany subject to
all resolutions it might pass. Resolutions were also passed fixing the rental
rate at $200 per day. An injunction was obtained by the Guaranty Trust
Co. of New York, as trustee for the bondholders, In the Federal Court
against publishing the ordinance, and the case Is still pending. The company contended that its rights In the streets and the contracts between the,
city and the company were extended by the ordinance which sought to control its operations; also that the city was estopped from interfering because
the city permitted the company to expend large sums of money In improvements. The Court held against the company, claiming that the franchises
referred to in the ordinance were granted by the village of Springwells, and
that although the construction of the ordinance is dbubtful, time city is
entitled to the benefit of time doubt.
The Court holds, however, that the city has no right to fix au arbitrary
rate of rental for the use of the street, but has the right to compel the
company to vacate the streets upon which the franchises have expired and
to require It to remove Its property within a reasonable time. Tho suit
Is remanded to the lower Court for further proceedings.—V. 95, p. 110.
Gary & Interurban Ry., Indiana.—Offering of 3-Yr. 6%
Collateral Secured Convertible Gold Notes.—Poe & Davies and

the Baltimore Trust Co., both of Baltimore, are offering at
•

OCT. 5 112.]

THE CHRONICLE

auth.
98M & int., to yield about 63%,$350,000, the entire
gold notes,
issue, of 3-yr. 6% collateral secured convertible
and
dated Sept. 1 1912 and due Sept. 1 1915. Par $500
$1,000 (c*). A circular shows:
and
stock
capital
the
all
of

Co., trustee,
Secured by deposit with Bait. Tr.Chicago
By. Co., namely, $500,000 1st
all of the 1st M. bonds of the Eaststock.
M.gold 5s, due 1928, and 4500,000
int. on Sept. 1 1915 upon 60 days'
Convertible into said bonds at 90 and
bonds are unconditionally guaranteed,
written notice to the trustee. The
by the Gary & Interurban Ry. (see map,
both as to principal and Interest,
Sec.")
By.
"El.
of
53
and
52
pages
&e.,
that the Gary & Interurban By. Co. will
The deed of trust provides upon
the maturity of these notes (Sept. 1
acquire the East Chicago Ry.of
Gary & Interurban By. refunding 55 due
amount
equal
an
when
1915),
for the redemption of the East
reserved
be
will
55)
July 1 1930 (now 1st M.
Chicago Ry. Co. 1st M. 5s due 1928.
Chicago and Indiana HarEast
in
1949
Gary,
in
1957
until
run
Franchises
bor and 1939 in Hammond.
June 30 1912.
Ending
Year
for
RI/.
Interurban
Earnings of Gary dt.
$182,2491Int. on $1,000,000 1st M.5s. $50,000
Gross
$27,610
surplus
$77,610
Net
Condensed Statement from President F. N. Gavit.
in March 1912,
Our company completed its present system of 23 miles
gratifying. For the
since which time the earnings have been extremely
interest (see above),
year ending June 30 1912 the net earnings, after
1 times the fixed charges,
amounted to $27,610, or slightly better than 1 ,5
5th Ave. (built out of the
despite the fact that the four miles of track onproductive
only for four
proceeds of our $1,000,000 bonds) was fully July 31 1912 were, gross,
ending
quarter
the
for
earnings
The
months.
while for July
*12,500,
of
interest
bond
$54,490, and net, $27,401, against
the interest for a
1912 the net earnings were $10,005, or over 23,6 times
bonds.
of
$1,000,000
month on our
in building 11 miles of standThe proceeds of these notes are to be usedand
wooden pole construction,
ard gauge electric street railway, with steel
will be within the
extension
This
length.
entire
paved throughout its
connecting our present
Hammond,
and
city limits of Gary, East Chicago Ave.,
Gary, with our Gary-Hammond
Ambridge
and
Ave.
5th
at
line
Harbor and East Chicago, and making
branch in Hammond, via Indiana
with the street railway system of the Chicago
two physical connections subsidiary
company we have made an agreement
whose
with
Co.,
Ry.
City
the City of Chicago
which will provide for the operation of our cars into
will be self-supporting
from the Calumet district. The new line, I believe,factories
along the line
the
numerous
in
operatives
the
as
start,
the
from
of the through traffic.
should produce this revenue, to say nothingat
the present time Is about
The population of the Calumet district
gas and sewer system
100,000. I am informed that the underground water,
and that the manufacturing
of Gary has been laid for a city of 300,000,
when running at capacity,
plants now built and to be built at Gary will,and
Indiana Harbor 33,000.
employ 70,000 men, and those of East Chicago
the
We estimate that our earnings will be largely increased through
east and
handling of the through cars from the lines entering Gary from the
traffic
the
by
also
and
recently
commenced,
but
has
south, which business
to and from Chicago over our new line, which we expect will be completed
about Jan. 1 1913. I estimate our net earnings for the year 1914 at over
three times our interest requirements.
. We operate pay-enter double-truck cars of the most improved type.
The management is composed of men of large experience in electric railway
is
matters, and of influence in the Calumet district. The capital stookbeclosely held, prominent business men and bankers of northern Indiana
ing heavy holders.—V. 95, p. 750.

Earnings for Cal. Years 1909 to 1911 and 8 Months ended Aug. 31 1912.
1911. 8 Afos.$1912.
1910.
1909.
$13,491,288 $14,044,596 $14,604,609 $9,694,841
$5,959,712 $6,123,255 $6,390,537 $4,230,086
2,319,118
3,254,133

Gross earnings
Net, after taxes
Bond interest paid

$3,136,404 $1,910,968
Balance
As compared with net earnings for 1911(56,390,537), a full year's interest
will be $3,809,085.
issue,
the
present
on all the bonds outstanding, including
As the proceeds of the present issue will be used entirely for future additions and extensions, they should, with the normal growth of the company's
business, result In a material increase in gross and net earnings.
Operates and owns property in 30 counties in Central California, located
largely in the fertile Sacramento and San Joaquin valleys, and embracing
an area approximately 37,755 square miles, with a population of 1,325,637,
or about 55% of that of the entire State. The field includes San Francisco,
Oakland, Berkeley, Alameda, San Jose, Sacramento, Fresno and Stockton,
cities whose population has increased in the aggregate 45% in the last ten
years. The development of this particular section of California will undoubtedly be greatly stimulated by the opening of the Panama Canal and
by the Exposition to be held in San Francisco in 1915. The number of
communities supplied from the company's plants is as follows: Electric
light and power, 187; gas for heating and lighting, 49; water for domestic
purposes, 10; street railway [Sacramento], 1.
Table Showing Growth in Number of Consumers Served.
Water.
Total.
Electricity.
Gas.
183,271
5,263
55,704
122,304
Dec. 31 1907
287,106
7,398
102,198
177,510
Dec. 31 1911
299,350
7,505
106,817
185,028
June 30 1912
These bonds precede preferred and common stock having a present aggregate market value of more than $29,000,000. [The bankers have for distribution in pamphlet copies of a handsomely illustrated article regarding
the South Yuba and Bear River hydro-electric development.]—V. 95.
p. 680, 237.

Grand Rapids Ry.—Possible Municipal Ownership.—
International Traction Co., Buffalo, &c.—New Mortgage
vote Oct. 29 on auth'g:
Under Plan.—The shareholders will bonds
equal in amount to the
40.
See "Grand Rapids" in the "State & City" Department.—V.85, p.

"A mortgage to secure an issue of 4% gold
bonds at present issued and
par value of the 50-year 4% collateral trust gold
company, dated
outstanding under the collateral trust indenture of this
to
July 11899, which bonds to be so issued and the said new mortgage are
collateral trust
outstanding
said
of
place
the
in
be substituted for and
gold bonds and the said existing collateral trust indenture." (See plan
V. 94, p. 911; V. 92, p. 261.)—V. 95, p. 420, 618.

Laramie Hahn's Peak & Pacific Ry.—Default—Committee.
—The interest due Oct. 1 on the $1,560,000 1st ref. 6%
bonds remains unpaid.
in Boston at the in-

10 The following protective committee has been formedconserve the equities
stance of leading interests in the company in order to
& Hall; and
of the junior security-holders: Samuel L. Powers. of Powers N.
Seiders of
Joseph II. O'Neill Pres. of Federal Trust Co., Boston; Georgeand
John W.
Conn.,
Norwich,
of
Portland, Me.• Judge J. J. Desmond
Sharon, Mass. The intention, it is said, is to raise funds for
'
Mackintosh of
meeting the interest on the bonds by assessment of holders of both notes
and stock.—V. 95, p. 111.

Louisville & Nashville RR.— Report.—See "Annual
Reports" in to-day's "Chronicle."
Ratified.—The stockholders on Oct. 2 authorized an increase in the stock from $60,000,000 to $72,000,000. The
new stock is to be offered to shareholders at par.—V. 95,
p. 544, 420.
National Rys. of Mexico.—Report.—See "Ann. Reports."
Mexican Boards.—
New Directors on New York and
es H. Sabin, Vice-Pres. of the Guar-

Changes in New York Board.—Charl
the new Mexican
anty Trust Co., New York; Enrique Martinez Sobral, Loeb & Co.; H. H.
Consul-General at N. Y.; Paul M. Warburg, of Kuhn,
of Ladenburg,
Wehrhane, of Hallgarten & Co., and Walter T. Roesn,
Clay Arthur
Thalmann & Co., have been elected directors to succeed
and the late
Palmer
W.
Pierce, Henry S. Priest, Eben Richards, Bradley
Ernst Thalmann,
Changes in Mexican Board.—Andree Guieu, Elias S.A. de Lima, Alberto
J. Pant, Ernesto Pugibet, J. N. Galbraith, Gustavo Madero, Jose Simon
and Manuel Urquidi have been elected as directors on the Mexican board
In place of Hugo Scherer Jr., Gabriel Mancera, Jose A. Signoret, Ignacio
L. de la Barra, Joaquin D. Casasus, Ricardo Honey, Jose Yves Limantour
and Enrique C. Creel.—V. 95, p. 618.

Pacific Gas & Electric Co., San Francisco.—Bonds Offered.
—N. W. Halsey & Co., N. Y., Phila. ,Chic. and San Fr.;
Harris, Forbes & Co., N. Y.; N. W. Harris & Co., Inc., Boston, and Harris Trust & Savings Bank, Chicago, offered on
Sept. 30, at 915,6 and int., netting an income of about 5.60%,
a further $5,000,000 of the "general and refunding mortgage"
57' gold bonds, dated Dec. 1 1911 and due Jan. 1 1942,
fully described in V. 94, p. 351. The bonds have all been
sold, See map on page 116 of "El .Ry.Sec."
Data from Statement by 2d V.-Pres. A.P. Hockenbeamer, San Fr., Sep. 30,
Outstanding Capitalization ($41,998,750 Stock, $76,443,000 Bonds).
Stock,common,5%, $31,998,750; pref.,6% cum.,510,000,000 *41,998,750
*25,000,000
"General & refunding mtge." 5s, incl. present issue
Underlying divisional bonds to retire which a like amount of
gen. & ref. 55 are reserved, incl. $257,000 in treasury (the aggregate amount of the present underlying issues can never be
51,443000
increased)
'The proceeds of the present issue of bonds will be applied to various
additions and extensions. The most important of the new construction
now under way is a hydro-electric development on the Yuba and Bear
rivers, which will have an initial generating capacity of 53,000 h. p. The
completion of this development will make the company independent of
outside sources of power supply and will result in a saving, as compared
with the present cost of current purchased more than sufficient to provide
for the operation and maintenance of the new plant and the additional
fixed charges Incurred in its construction, besides giving the company a
surplus of approximately 86,000 h. p. available for future sale.




891

Philadelphia Company, Pittsburgh, Pa.—Convertible Debentures Offered.—Blair & Co. and Ladenburg, Thalmann &
Co., New York, having sold the larger portion of the issue
in this country and Europe, publicly offered on Sept. 30 the
unsold convertible 5% gold debentures of 1912 at 9734 & int.,
to yield over 5.30% on the investment. Dated May 1 1912,
Due May 1 1922. Authorized and outstanding, $10,000,000.
Redeemable at option of company on any int. date upon
45 days' notice at 102k & int. Convertible after Jan. 31
1913, at option of holder, at any time prior to maturity or
date fixed by call for redemption, into an equal amount in
par value of 6% cumulative pref. stock. Par $1,000 or
£205 15s. 2d. (c*). Principal and int. payable in N. Y.
and London. This issue was a complete success. See advertisement on another page.
A simultaneous offering of these bonds is made in London by James
Capel & Co. in behalf of the aforesaid bankers. Application will be made
to list this issue on the N. Y. and London stock Exchanges.
company.
Trustee, N. Y. Trust Co. Penna. State 4-mill tax paid by the
16 1912.
Digest of Letter from Pres. J. H. Reed, Pittsburgh, Pa., Sept.
and are limGold Debentures of 1912.—Duly authorized on April 29 1912
65.8d. They
ited to the aggregate par value of *10,000,000, or £2,057,583
are a direct obligation of the company, and, as set forth in the indenture
securing the same, the company binds itself not to create, except as therein
mentioned, any new mortgage upon its property without also securing
thereby every debenture of this issue.
The proceeds are to be utilized as follows: $6,000,000 or less to the improvement, betterment or extension of the facilities of the street railway
system owned, and the remainder to the acquisition of additional electric
light and power properties and the extension and improvement of the
facilities of the light and power system controlled. The company has purchased or contracted to purchase light and power plants to be paid for out
of the proceeds of the debentures, at a cost of $2,525,000.
New Cumulative Pref. Stock.—The stockholders also on April 29 authoras to
ized an issue of $25,000,000 6% cumulative pref. stock (preferred
capital and dividend), of which $10,000,000 is to be reserved for the conis
version of these 5% convertible debentures; of the balance, $6,000,000
stock
held In reserve for the conversion of the existing 5% non-cum. pref.
demay
directors
the
as
terms
such
upon
only)
dividend
to
as
(preferred
termine, and the remaining $9,000,000 is reserved for future issue. It is
anticipated that the convertible debentures will provide all the capital
requirements of this company for some years to come. The company
pledges itself not to create any class of stock ranking with or prior to the
8% cumulative pref. stock without the consent of the holders of twothirds of the amount of such stock outstanding.
Organization.—Organized in 1871 and is engaged—either through dinatural and artificial,
rect operation or stock ownership—in supplying gas,
of Pittsburgh
electric light and power and street railway services in the city (See
map on
1,000,000.
and district, serving a population in excess of
the whole
supply
controlled
Companies
Sec.")
page 101 of "Electric By.
light and power, and operate
of the artificial gas, over 96% of the electric of
Pittsburgh, with lines exthe entire street railway system In the city
whole system comtending into neighboring boroughs and counties, the
produces
prising some 640 miles of track. In addition, the companyownership
stock
through
or
directly
owning
gas,
natural
transports and sells
gas rights in 577,706 acres, and It sold during the financial year ending
March 31 1912 over 37,569,777,500 cu. ft. of natural gas to 111,025toconbe
sumers. Independent engineers estimate the value of the gas $240,contained in the above acreage at present selling price as in excess of
000,000. The company and the properties it controls are operated under
franchises which, with some unimportant exceptions, are either perpetual
or were granted for 999 years.
Direct Funded Debt.—There are now outstanding ("El. Ry. Sec.," p. 99):
First mtge,and consol. mtge.5% bonds, due 1949 and 1951_ __ _$21,159,000
Debenture 55 due 1919 and 1913,convertible into common stock 3,429,000
10,000,000
These debentures
6,000,000
Preferred stock, 5% non-cumulative
38,971,000
Common stock
Of the above, the mortgage bonds cannot be increased beyond *22,000,000. The *3,429,000 5% debentures are the unconverted balance of an
original $6,400,000. No more thereof can be issued and an equivalent
amount of common stock is reserved for their conversion.
Dividends, &c.—Since 1900 annual dividends on the common stock
in 1902 to 6%, in
have been paid regularly of not less than 5%, increasing
1910 and 1911 to 6% plus 1% bonus in each year, and in August 1912 to
a dividend rate of 7% per annum. The company's average net income for
the past six years has been in excess of *5,600,000.
Earnings for the Fiscal Year ended March 31 1912 (V. 94, p. 1380).
$5,637,521]Available for present issue$4,415,621
Net (after taxes)
500,000
_ _ 1,221.9001Int. on these debentures_ _
Fixed interest
54,415,621, $917,639 was appropriated for developments
charges_Of the above
31
and improvements before paying dividends on capital stock. Since Mch.im1886 there has been expended out of revenue, for developments and
provements, $19,601,608, no part of which has been charged to capital account.—V. 95, p. 619, 298.

Puget Sound Traction, Light & Power Co.—New Pref.—

A circular dated at Boston Sept. 23 states that the directors recommend
that, if the shareholders authorize on Oct. 16 the proposed issue of $1,136,400 additional pref. stock, that said stock be offered to the stockholders
not only of this company but also to the stockholders of the Puget Sound
Traction, Light & Power Co., the Maine corporation, and to a few remaining
stockholders of the Seattle Electric Co. and Whatcom County Ry. & Light;
Co., who have agreed to exchange for stock of this company,in accordance
with the consolidation plan, but who have been unavoidably delayed in
so doing. The holders of each 25 shares of stock, whether preferred or
common, of this company, will be entitled to subscribe at par for one share
of the additional preferred stock. The Proceeds will be applied to financing extensions, additions and improvements made necessary by the growing business.—V. 93, p. 818.

892

THE CHRONICLE

[VoL. Lxxxxv.

Raleigh & Charleston RR.-Acquired by Seaboard
Del., on Sept. 30 adjudged this company bankrupt in suits
Guaranty.-The report of the Seaboard Air Line Ry. on a brought by the Bankers
Trust Co. of N. Y. and others.
subsequent page shows that it has acquired the entire capital
The assets arc stated at 62,820,514 and the liabilities at 513,307,686,
latter item including $5,333,300 bonds (Bankers Tr; Co., trustee) and
stock of the Raleigh & Charleston and also control, through athis
claim of $7,000,000 put In by the Texas Company. See V. 93, p. 531,
stock .ownership, of the 12-mile extension known as the 733;
V. 94, p. 489, 769, 914, 1121.
Marion & Southern RR. The Seaboard Air Line Ry. has, it
Cleveland- Telephone Co.-Possible Purchase by City.appears from a foot-note to the balance sheet(see a previous
See "Cleveland" in "State and City" Department.-V.95, p. 483.
page)., guaranteed the outstanding $350,000 Raleigh -&
•Crucible Steel Co., Pittsburgh.-Chairman Dupuy says::
Charleston prior lien 4s and $200,000 consols.-V. 83, p. 97.
It is too soon to determine exactly what profits for fiscal year ended
Aug. 31 have been. From present indications, however, earnings over the
.Sandy Valley & Elkhorn Ry.-Completion, &'c.preferred dividend amount to about 6% on Cie common..
Sec
Baltimore & Ohio RR. above.-V.93, p. 228.

rSecond Ave. RR., N. Y. City.-New Refunding Receivers'
Certificates.-The Guaranty Trust Co. Redmond & Co.,
Strong, Sturgis & Co. and Kean, Taylor & Co., all of New
York, are offering .at 99 and int. 5% coupon rec. certificates
dated Oct. 1 1912 and due Oct. 1 1913, callable April 1 1913
at 100 and int. Par $1,000. Int. A. & 0. Authorized,
$3,200,000; present issue $3,140,000; reserved to be issued
under further order of the Court, $60,000. Issued under
order of Supreme Court of the State of New York,'entered
Oct. 1 1912. A circular says in substance:

Issued to refund a previous issue Maturing Oct. 1 1912, and constitute
a first and paramount lien upon the entire property. No receiver's certificates In addition to these 63,200,000 can be Issued unless they shall be •
subordinate in lien, or unless this issue be discharged out of theproceeds.
Value of Principal Properties Covered, as Appraised for the Public Service
commission. Total, $5,748,271.
About 25 miles of electrically-operated street railroad track in
N. Y. City, with perpetual franchises_
43,514,679
'
Real estate at 96th St. and 2d Av. and 127th St. and 2d Ave_
_ 1,688,654
175 closed double-truck, 100 open double-truck and 25 combination ears and shop equipment
544,938
Deducting the value of the real estate and other property from the amount
of receivers' certificates now to be Issued • leaves about 636,260 per mile of
track owned to be secured by the road itself. TheTePlacement Value Of the
tangible property, after allowing for depreciation, is estimated by the engineers of the P. S. Commission at over $140,000 per mile.
Earnings for Fiscal Year Ended June 30 1912.
Total revenue
$976,717 Rents & int, on rec. ctfs_ _ $153,241
Net (aft. ord. taxes)
$186,268 Spec. Iran. tax (In lit.), est_ $26,500
Balance, surplus
Changes in operating conditions effected or arranged for since June
$
6
1912 will result in a substantial saving in expenses. The receiver estimates
that earnings applicable to interest on debts of the receiver for the current
fiscal year, after payment of all taxes, will be not less than $250,000.V. 93, p. 872.

Tampa Northern RR.-Seaboard Guarantees $200,000Notes:

See foot-note to Seaboard Air Line .Ry. balance sheet under "Annual
Reports" on a previous page.-V.95;p. 112, 49.

.Terre Haute Lid. it Eastern Traction Co.-Bonds Called.Seventeen ($17,000) 1st M. 5% bonds, Nos. 113 to 120, incl., of the Indianapolis & Greenfield Ila'plti Transit'Co., for payment at 105 and int.,
on Jan. 1 1913 at Citizens' Savings & Trust Co., Cleveland.-V.94, P. 1567.
.
Wheeling (W. Va.) Traction Co.-Bonds Offered.-The
Continental Trust Co., Washington, D. C., and Redmond &
Co., New York, are offering .by advertisement on another
page, at 98
& int. netting 5.12% on the investment,
the unsold portion of the block of $750,000 5% first consols
(now a closed first mtge.) dated 1901, due Jan. 1 1931, fully
described (on the authority of a statement by Secretary
W. A. Shirley) in "Chronicle" of Sept. 7 1912, p. 619.
Wisconsin Minnesota & Pacific RR.-Default-Deposits.In View of tile default in the payment of the interest due
Oct. 1 1912 on the $6,232,000 1st M. 50-year 4% gold bonds
of 1900, the protective committee named .below calls for
deposit of these bonds on or before Oct. 15 1912 with the
Central Trust Co. of N. Y., the depositary, or with Martin's
Bank, Ltd., London, as agent for said depositary. See
adv. on another page.
The committee has arranged with Central Trust Co. of N. Y. to advance
at its office, 54 Wall St., N. Y., or at Martin's Bank, Ltd., 68 Lombard St.,
London, to any depositing bondholder so requesting, the =fount of the
Oct. 1 1912'coupon, upon the security of the bonds and coupons deposited
by such holder.
The committee consists of James N. Wallace, Chairman; Sidney C.
Borg, Charles W. Cox, R. Walter Leigh.and Leonard B. Schlesinger, with
Franklin L. Babcock as Secretary, 54 Wall St., and L. C..Krauthoff, C. A.
Severance and Alfred A. Cook as counsel. Sec also V. 95, p. 681, 620.

Zanesville (0.) Ry. Light &.Power Co.-Extension of Lids.
•• See Columbus Newark &
'
Zanesville Electric Ry. above.---V. 82, p. 1440

INDUSTRIAL, GAS AND MISCELLANEOUS.
American Oil Fields Co., Los Angeles.-Control.-

See California Petroleum Corporation below.-V. 92, p. 057.

American Petroleum Co., Los Angalei.-Holding Co.-

See California Petroleum Corp. below.-V. 92, p. 1111; V. 91, p. 216.

Amoskeag Manufacturing Co.-Report.Recelvel from Gusto!
Manufg.
$a!ev.
June 30 Year.
.$
1911-12
20,766,798 19,425,288
1910-11
21,559,339 20,534,004
-V 93, p. 1728.

Guar- Invent.
Net
DiedBal.,
awl,. Decrease. prOills. (lends.
Sur.
$
8
113,645 123,513 1,101,352 1,035,132.69220
78,919 224.591 721,825 691,200 30,625

Avery Company (Agricultural Implements), Peoria, Ill.7% Cum. Pref. Stock Offered.-See advertisement of C. F.
Childs & Co. of Chicago on another page and letter of President Bartholomew in "Chronicle" of Aug. 24 1012, p. 482.
Bethlehem Steel .Corp.-Bonds Called.-The outstanding
$6,312,000 Bethlehem Steel Co. secured 6% gold notes of
1.900 have been called for payment at 1023'2 and int. On
Nov. 1 at the Bankers Trust Co.

A false statement by some one Interested in the speculative feature of the
market is that the Chairman has been a heavy seller of Crucible
Steel stock,
and, to buy it back at a lower level, gave out the recent Statement
95,
p. 820). The Crucible Steel Co. Itself Is not 'Interested in any (V.
way in
speculative matters, and although Mr.'Dupuy is by far the largest Individual,
stockholder, owning many thousands of common shares as well'as preferred,
he Is In no way connected with the present condition of the market, having
neither sold nor bought a single share (luring a long time. Ills interest,.
therefore, lies entirely in building up .the •company and for protection.
of its shareholders, and to let shareholders know exact conditions.-V.
95,
P• 820, 422,

Cuyahoga Telephone Co.-Possible Purchase by City.-

Sec "Cleveland" In the "State and City' Department.-V. 95, p. 40.

Edison-Sault Electric Co., Sault Ste. Marie, Mich.-Bonds..
Called-Stock.-All of the outstanding $350,000 .1st M. 20year 5% gold bonds, issued under mortgage dated May I
.1005, have been called for payment at 105 and int. on.
Nov. 1 at Standard Trust Co., N. Y.
The State RR. Connnission sanctioned an Increase In the stook (all co.m,
par:625) from $150,000 tb 6300,000, to provide for improvements, &c.
Anntial dividend rate in 1911,
6% (J. & J. 15). 'Flinded 'debt,.
$350,009 ($500,000 auth.) 1st M. 5s
&c.,
of 1905, due May 1 1925, but callable
at 105; int. M. &N. at Standard Tr. Co., N. Y., trustee (V. 80, p. 2461).
Pres., Alex Dow, Detroit; Sec., W. W. Edwards.-1/. 93, p. 1604.)

General Electric Co., New York and Schenectady.-Debentures Offered.-J. P. Morgan & Co., New York, and Lee,.
Higginson .& Co., Boston, offered on Sept. 28, at 99M and.
int., $10,000,000 of the new issue of $60,000,000 gold debenture bonds dated Sept. 2 1912 and clue Sept. 1 1952,.
but callable in whole or in part at 1073/ and int.'on any int.
ndate upon 6 weeks' notice. The bonds have been over-subscribed, but an Advertisement, published for 'record' purposes, is given on another page:
•
A simultaneous issue was made in London by Morgan, Grenfell & Co.
and Higginson & Co.
Subscriptions are payable at the offices of J. P. Morgan & Co. In N. Y.
and Lee, Higginson & Co. Boston, as follows: (a) In installments (for each
61,000 bond):.on application, $50; on Oct. 15 1912, $300 and Int. (accrued,
on bond); on NOv.11 1912; $300 and .int.; on Dec. 10 1912 5347 50 and
int; or (0) $50 per bond upon application and remainder with int. Oct. 15.
Digest of Letter from Pres. C. A. .Coffin, Sept. 26 1.912
Entire Issue.-The 5% gold debenture bonds, of Which 610;000,000 has
been sold to you, are part of an authorized issue of $Go,000,000 and bear
date Sept. 2 1012, maturing Sept. 1 1952, with the right ceservokto redeem
all or any of the series outstaihilitg on any interest date after six weeks'
notice at 107
and int. Interest runs from Sept. 1 1912, payable
March 1 and Sept. 1. Both principal and interest are payable in New York
or Boston; also In London at .£1.for every $4.86 %. Principal and interest
are payable In gold without deduction for any tax or taxes which the company or the trustee may be required to pay or to retain under any present
or future law of the U.S., Or of any State or county or municipality therein.
The company will pay the tax which will entitle these debentures to theexemption from taxation under the
,
secured debt.1 tax law" of N.Y.State.
These debenture bonds are issued under an indenture dated Sept. p 1912,
executed by the company to Bankers Tr. Co., N. Y., as trustee. Par:
Coupon. $1,000 and $500; registered, $1,000, $5,000 and 610,000.(c.&r*
in New York or Boston).
Security.-The company has no mortgage debt. In the indenture the
company covenants that with the exception of purchase-money mortgages
and of pledges as seeurlty for tenaporary loans or as indeninity, It wit
not at any time mortgage or pledge any of Its property Or franchises
without thereby expressly 'securing the principal and the interest of the
bonds issued and issuable under this indenture equally and ratably with any
and all obligations or indebtedness secured by such mortgage or pledge.
Purpose of Issue.-Thee. debentures are issued In accordance with the.
vote of the directors on July 25 1912 to the effect that the future financial.
needs of the company should In part be met by the sale of debentures.
The proceeds of these debentures will be used to provide for the rapidly
expanding business of the company, orders received for the current year
being at a rate lit excesS of *90,000,000 per annum.
Sales Billed-Net Income (all sources)-Total Surplus End of Year.
1909(11 mos.) • 1910.
1907.
1908
1911.
Sales billed $70,977,168 644,540,676 $51,656,631 $71,478,558 570,383,854
Net income 6,948,683
5,518,896
7,151,291 11,573,087 -12,174,545
Total surp_ 16,513,836 16,102,063 17,381,381 23,022,705 29,019,892
Average per year: Sales billed, 401,807,377; net income, 48,673,300.
• The net income for the last fiscal year was more than 20 times and the.
average net Income for the last five 'years was more than 14 times Present
interest charges ($5.91,920), including this issue. Dividends at rate of
8% Per year have been paid for past tell years.
Oiyanitation, &c.-Organtzed tinder laws of N. Y. State In 1892, with
a special and liberal charter. Has inaportant manufacturing plants located at Scheneetady, N. Y.; Lynn hod Pittsfield, Mass:: Harrison' and
Newark, N. J.; Erie, Pa.; Ft. Wayne, Ind., and lesser plants at many
other points. Total floor area exceeding 10,000,000 sq. ft.; employees
about 50,000.
Assets and Funded Debt.-The net quick -assets, Including (I) cash,
to bet:5
r7
y,i7s
:i ti.id
.7de(2) notes'and accounts receivable and (3) merchandise inven
60.
ducting all direct liabilities of eVery 'nature excepting outstanding debentures, arc shoWn by report'for year'ending Dee. 31 1911
This does not take into account an item of stocks and bonds owned amounting•to 598,707,843. To these net quick assets will be added the proceeds
of these debentures, making a total over five times the entire fundelidebt.
Other than current operating Recounts, the company has no indebtedness
except outstanding coupon debentures, $2,452,509, and these 5% gold debentures, 610,000,000. •
Application will be made to list the'debenture bonds on the New Yorli
and Boston Stock Exchanges.-V.05, p. 752, 621. • • ...... . .

Glendale (Cal.) Consol. Water Co.-Foree

Judge Willis in the Superior Court on Sept, 26 granted a decree of foreclosure in the suit brought by tile Title Guarantee & TrustefCo.,tu
imn are In
said to be $530,000 6% .bonlis,on which epos
1909, making a total of about $585,000 due thereon. A. 12, Kiligore was
appointed a commissioner to sell the property. The State RII.Cominissioners on Sept: 21 ordeeell the collo/any ,to continue Service to Its .patrons and
repair a break In ohe of their pipes. The coinpany early in the Week ceased
operations, announcing that the municipality hatl reduced its rates to such
The payment is provided for from the proceeds of the $15,200,000 new an extent that
operations would be unprofitable. The gross revefirst lien and refunding mortgage 5% bonds which were recently 'sold.- nues are stated further
to amount to over $4,500 monthly.
681, 546.
City"s t(olepparrtne
proposed purchase by the city see "Glendale" In "State 'awl'

Buffalo (N. Y.) Gas Co.-Default.-The company failed
to pay the interest due Oct. 1 on its 1st M. bonds, total
issued $5,900,000, of which $85,000 in the treasury. The
Standard Trust Co. of N. Y., the mortgage trustee, is buying
the .coupons.-V,. 04, :p. 1315.
Central Fuel Co., N. Y. and Oklahoma.-Bankrupt.Judge Bradford in the U. S. District Court at Wilmington,




Granby Consolidated Mining, Smelting & Power Co., Ltd.
June 30
DepreBalance,
or Dc
Net
Gross
• YearProfits. elation.
Dividends. Sur.
Sales.
(1(f.$17,183
1911-12
32,874,760 $583,379 5609,562
1910-11
3,210,272 217,416
There was sold during the fiscal year 1911-12 13,/231.121 lbs. copper line
at an average of $0.1558; 225,305 ozs. silver fin(el %
8age'''o
uf.50
6.5
8.90
36
tv.:r
5
at)aSill'if8
33,032 ozs. gold line at an average of $20. The total surplus on June 30
1912,was $2,516,1221

OCT. 5 1912.)

THE CHRONICLE

893

Pratt, II. T. Ambrose, A. L. Shapleigh, Edward P. Russel and William
New President-Board Reduced.Niblack.
William H. NIChols has been elected President to succeed George M. C.B.
W. Jones, 16 Wall St., is Secretary of the reorganization committee.
Luther, who retires on account of ill-health. The board has been reduced
from 15 to 13, A. L. White and Arthur C. James resigning.-V.93, p. 1598. -V.95, p. 424.

Hawaiian Commercial & Sugar Co.-Correction.See Makawell Sugar Co. below.-V.92, P. 1113.

Hawaiian Sugar Co., San Francisco.-Merger.Sec Makawell Sugar Co. below.-V.87, p. 815.

International Agricultural COrporation.-Earnings.Net (after
June 30.
Taxes).
'Year$2,031,209
1912
1,420,346
1911
-V. 94, p. 1767.

Pref. Divs. Balance,
Bond
Interest.
(7%).
Surplas.
$565,696 $914,505 $551,008
835,527
584,819

Total
Surplus.
$1,474,820
1,129,422

Merchants' Public Utilities Co. of Indianapolis.-New
Company-Acguisition.-This company was incorporated on
Sept. 17 with $4,000,000 of auth. capital stock <$2,000,000
pref.) and has acquired control of the Merchants' Heat &
Light Co. of Indianapolis (V. 94, p. 283; V. 90, p. 631)
through the purchase of common stock ($500,000 issued)
at $200; par $100 a share.

The new company Is authorized to issue $6,000,000 of 5% 10-yearilmnds,
and enough of these bonds will be issued or reserved to retire the present
$500.000 pref. stock and the $1,500,000 of bonds of the Merchants' Heat &
Light Co.
Samuel Insull of Chicago and the Harris Trust & Savings Bank Chicago,
have been mentioned In connection with the purchase, and it is
'probable
that the Inter-State Public Service Co. and the Middle West Utilities Co.
will prove to be interested.

International Mercantile Marine Co.-Voting Trust Extended.-Notice is given by the voting trustees by advertisement on another page that the holders of a substantial
majority of the preferred and common stock voting trust
National Fire Proofing Co., Pittsburgh.-Bonds Sold.certificates having signified their desire that the trust should
be extended 5 years to Oct. 1 1917, unless earlier terminated The Union Trust Co. df Pittsburgh has purchased the $2,by the trustees, the trustees have agreed to such extension, 500,000 1st M. 20-year serial 5% bonds authorized by the
in July last.
and the voting trust has been extended on behalf of all stockholders
The bonds arc
Sept. 2 1912 and mature at the rate of $125,000
holders of stock voting trust certificates which shall have been yearly from 1913 dated
to 1932, inclusive. The Union Trust Co. of Pittsburgh
stamped as assenting. The N. Y. Stock 1Xchange has is mortgage trustee. Compare V. 95, p. 53, 424.-V. 95, p. 424, 300.
listed the extended certificates.
Northwestern Gas Light & Coke Co.-Notes All Sold.'Assenting holders of stock trust certificates are requested to present their
certificates to be stamped with the extension at the offices of J. P. Morgan
& Co., 23 Wall St., New York; Morgan, Grenfell & Co., 22 Old Broad St.,
London; Adolph Boissevain & Co., Amsterdam, and •Arnold Gilissen,
Rotterdam. The voting trustees are: J. P. Morgan, J. Bruce Imlay,
W. J. Piffle, P. A. B. Widener and Charles Steele.-V. 95, p. 364.

Lake Superior Corporation.-New Director.-

W. E. Stavert, Supt. Eastern Providence and Newfoundland branches of
the Bank of Montreal, has been elected a director to succeed R. L. Austin.
-V. 96, p. 752, 748.

N. V.Long Acre Electric Light & Power Co., N
With respect to the sale of bonds noted last week, V.-Pres. John C. Sheehan Is quoted as saying: "We had hoped to give the Edison Company
(controlled by Consol Gas Co.) a tussic,.but there is no doubt that the Edison
Company 15 now In a position tO foreclose the mortgage at any time and
throw us into bankruptcy.-V.9,P. 821.

Pdakaweli Sugar Co., San Francisco.-Dissolution.This company, a holding company for the Hawaiian Sugar Co. (not Hawaiian Commercial & Sugar Co.), was dissolved on Feb. 26 1912. The outstanding stock,$3,788,250 In $50 shares, was exchanged,share for share, for
stock in the Hawaiian Sugar Co., the total issue of which is $3,000,000 in
*20 shares, all full paid -V.91, p, 521.

McCrum-Howell Co., N. Y. and Chicago.-Plan.-A plan
of reorganization dated Sept. 27 1912 has been adopted by
the reorganization committee, the creditors' committee,and
a majority of the stockholders' committee. This plan provides in substance:

The $3,500,000 5-year 5% gold coupon notes offered last week by N. W.
Halsey 3: Co., Lee, Higginson & Co. and Russell, Brewster & Co., It is
announced, have all been sold. See V. 95, p. 821.

Pittsburgh Coal Co.-Bond's Offered.-The Pittsburgh Tr.
Co. is offering at par and int. $100,000 "Midland Coal Co.
purchi.se" 1st M. 5% gold bonds.
Dated May 15 1912 and due May 15 1932, but redeemable by lot at any
int, date after Nov. 15 1915 at 102 3 and int. Auth., $1,200,000. Par
$1,000.-V. 94, p. 1570.

Pope Manufacturing Co.-Earnings.July 31 Year1911-12
1910-11
-V. 94, p. 1702.

Tqtal Net
Misc.
Income.
Deduc.
$316,877 $65,587
277,238
63,119

Pref.Div. Com.Dir. Bal.,
Surp.
(1%).
(6%).
$137,892 $36,908 $76,490
137,892
76,227

Public Service Corporation of Northern Illinois.-Acguisition.-See Oak Park, Ill., in "State and City" department.
-V.95, P. 1387.
Putnam (Conn.) Water Co.-Co. Agrees to Sell.See Putnam in "State and City "department.-V.95, p. 884.

Railway Storage Battery Car Co.-First Pref. Dividend.An initial quar. div. of 1,
4% has been declared on the 7% cum. pref.
stock, payable Oct. 5 to holders of record Sept. 25.
The company finances the sales of Beach-Edison cars, which are propelled
by the new Edison storage battery. A delegation of railroad men witnessed
the running of the first train ever operated by storage batteries under multiple control between the Pennsylvania Station, Manhattan, and Long
Beach, L. I. The train was composed of three Beach-Edison cars.V. 94, p. 1190.

Present Liabilities and Capital (Together Aggregating $9,800,000).
Indebtedness upon open accounts for merrhandise notes, endorsements and guaranties (excluding disputed and invalid
Sears, Roebuck & Co.-Sales by Months.$2,800,009
claims), approximately
7,000,003
1912.
1911.
1911.
Stock, in $100 shares ($3,500,000 is pref.)
1912.
$5,859.256 $4,624,764 June
$4,303,489 $3,829,160
Proposed Capitalization of Successor Company, Aggregating $4,725,000. January
February _ _ 7,025,376
5,483,743 July
5,614,276
3,881,120
Cum. 7% pref. stock, pref. p. & (1., callable any time at 110 and
March
7,333,665
6,294,971 August-._ 5,652,016
4,485,031
accrued divs. Par, $100 a share. Total auth.' $1,575,0007,753,122
5,837,207 September _ 5,176,127
4,659,443
$875,000 April
To old stockholders participating, or to underwrIters&
6,381,551
May
5,418,118
.--To creditors, 25% of the'face of the claims (but see below), or
Total for nine months
$55,098,878 344,513,557
be used for purposes approved by the committee
700,000
-V. 95, p. 622, 364.
Coalmen stock, In $100 shares. Total auth., $3,150,000To creditors for 75% of their claims, or for purposes approved
Sheffield Coal 85 Iron Co.-Trustee's Sale.by the committee
$2,275,000
The Bankers Trust Co. as trustee under the mortgage dated March 1
To old stockholders participating (or to underwriters)
875,000 190P, will, at the request'
in writing signed by the holders of more than
A voting trust of all the stock (except directors' qualifying shares) will 75% of the outstanding bonds, sell at public auction on Oct. 30 at 12:30
be created for five years, with three or more voting trustees, who are•to o'clock noon. by Adrian N. Muller 8: Sons, auctiOneers, at the Real Estate
be appointed by or approved by the committee, and voting trust certifi- Exchange Sales Room, No. 16 Vesey St., N. Y., the property pledged as
collateral security under said mortgage, to wit: $99,500 stock of Wise
cates will be distributed in lieu of the stock itself.
The voting' trust certificates representing pref. stock issued .to creditors Terminal Co., being all of the shares except 5 held by directors, and $35,000
will be deposited . with the committee and negotiable receipts therefor will 1st M. 6./ bonds of said Terminal Co., secured by mortgage dated Sept. 1
° 94, p. 766, 702.
be issued under an agreement which will give to the'underwriters of the 1909.-V.
pref. stock the option to buy, during a period of two years, the'pref. stock
Southern Bell Telephone & Telegraph Co.-Bonds Offered.
to Which creditors are So entitled at the Par Value thereof. •
-The Robertson-Humphrey- Wardlaw Co., Third Nat. Bank
Terms of Exchange Offered to Subscribing Stockholders and to Creditors.
Pays
Each $690 of Total
-And Will Recette
Bldg., Atlanta, Ga., have purchased $3,000,000 30-year
ExistingOut.
Cash.
New Preferred.
New Common.
Pref. stock$3,500,000 $96-$560,000 $100-$583,333 33 $100-$583,333 33 1st M. sinking fund 5% gold bonds due Jan. 1 1941. The
Com. stock 3,500,000 48- 280,000
$50-$291,666 66
$50-$291,666 66 bankers offer $2,400,000 of the bonds.
(
None.
Will be paid In cash
The total amount of the bonds outstanding is $12,903,000. The net
Notes and) 2,800,000i
earnings are stated to be over 3 36 times' the interest charges on the outNone.
$150 (24%)
I
$450 (75%)
claims)
standing bonds. The bonds just sold have been authorized to be listed on
Noteholders holding endorsements do not surrender same, but retain the New York Stock Exchange. Compare V. 95, p. 684.
their respective claims against end orscrs.
Surbrug (Tobacco) Mfg. Co.-New Consolidation Forming.
Of the cash payments required of the old stockholders, by way of subscriptions for new stock, 25% must be paid op surrender of the certificate -A new company, it is stated, whose name has not been
of deposit issued under agreement of April 24 1912, but not later than Nov. 1
1912, and the remainder on the date to be fixed for declaring the plan* made public, is about to be incorporated to take over the
onerative; but arrangements have been .made whereby those desiring ad- company, which was lately acquired by William H. Butler
nitional time may pay 25% Jan. 11913. 25% Feb. 1 1913 and 25% Melt. 1
1913. Such deferred payments will bear interest at 6% per annum from and a number of other cigarette-manufacturing concerns, on
thb date that .the plan shall be declared operative, and will be secured by some of which options have been secured. White & Case,
deposit of the subscriptions and all of the rights of the subscriber thereunder.
The $875,000 of pref. stock, together with the $875,000 of common stobk, who have charge of the legal details, say that the articles of
to which the present stockholders arc entitled to subscribe, as above pro- incorporation in some State other than N6w York will probwhich will receiv ecompcnvided, have been underwritten by a syndicate
.
ably be filed shortly, possibly next week. The securities
satiOn for its undertaking.
Ali of the proceeds of $875,00,0 new pref. stock and $875,000 new common of the new company have been dealt in this week on the
subscribed
for
by
stockholders
(for $840,000) or sold, as curb, "when and if issued."
stock, whether
The capitalization is genabove provided, will be used for expenses of receivership, reorganization,
preferred roYalty payments and liens (all of which items it is estimated will erally reported unofficially as $20,000,000 7% cumulative
the
not require In excess of $300,000), and
balance for working capital preferred and $30,000,000 common stock.
after payment of the outstanding receivers' certificates.
pantgl G. Reid announces that he has agreed to underwrite a part of
The voting trust,agreement, if In the opinion of the committee lawful and
and that
practical, shall contain provisions that the stock, subject to the voting trust the stock and expects to become a director in the new concern
reports that II. C.
agreetnent shall not be voted to authorize any mortgage upon the prop- practical tobacco men will be in charge of the same. The
the syndicate in control
erty nor to increase the amount of pref. stock authorized, except after ob- Frick will be associated In the management and that
not been confirmed.
taining the consent of the registered holders of voting trust certificates will include ,Norman B. Ream and W. H. Moore have of
the new company.
representing 75% in amount of the preferred stook outstanding, in writing, Win. H. Butler will. it Is stated, probably be President
America
item, V. 95, p.
of
Stores
Compare
V.
95,
Cigar
p.
754,
United
and
or at a Meeting of the holders of such voting trust certificates.
95,'p.
822'.-V.
754.
The committee will select the first board of directors, and has obtained
consent from the following to serve thereon: William W. Potter, Vice-Pres.
Taylor-Wharton Iron & Steel Co., High Bridge, N. J., &c.
Guaranty Trust Co.; S. 11. Miller, V.-Pres. Chase Nat. Bank; Frederick L.
Alien, V.-Pres. p,,techanics' & Metals' Dank; F. H. Moore and F. V. Bartlett; Securities Sold.-The Equitable Trust Co. (the mortgage
• the two last harried have had largo experience In Manufa:oturing enterprises trustee) and Wm. Morris Imbrie & Co., both of N. Y.,
and M. Moore haS consented, under certain conditions, to become President
of the new company. It is pot intende I that any of the directors or exeau- Offered this week at par and int., and have wholly sold to
tive offieers Or the old edmpanY shall have'any part in the management. the public the present issue of $1,250,000 1st M. sinking
All deposits and payments must b3 made to the depositary, Bankers fund 6% gold bonds. Tax-exempt in N. J. and Penn.
Trust Cp.', 16 Wall St., N. V. City, or its agent, the'Chleago Title 450 Ti'. Co.,
69 West Washington St., Chicago. Depositing creditors who do not dis- Total auth., $2,000.000. Dated Sept. 1 1912 and due
sent by Nov. 4 will be bound by the plan.
Sept. 11942, but callable as a whole or in part on any int.
The reorganization agreement is signed as follows: (1) Reorganization
committee: Albert II. Wiggin, John C. McKeon, James M. Pratt, Edward date at 105 and accrued int. through sinking fund. Par
P Russell, Charles H.- Sabin and Hernan'Waldeck: (2) Creditors' com- $500 and $1,000 (c*). Int. M. &,S. See advertisement for
mittee: Albert H. wjggln, John C. McKeon, Charles II. Sabin and Herman Waldeck. (3) A Majority of stookholders' committee: James M. record on another page.




894

THE CHRONICLE

Win. Morris Imbrie & Co., N. Y., and Parkinson & Burr,
Boston, have placed $1,500,000 7% cum. pref. (p. & d.)
stock at par ($100 a share) and accrued div. Total auth.,
$2,000,000. Divs. Q.-F. The bankers say in substance:

[VOL. Lxxxxv.

and the largest manufacturer of insulating tapes in the world. Its products
include "Cat's Paw" heel, "Armulac," "Insulac," and "Enamalao," Insulating compounds; Walpole and Neposit insulating tapes; insulating wire,
rubber shoes, seamless hot water bottles, mats, gaskets, horseshoe pads,
rubber clothing and tires. Five months ago the company started in the
manufacture of automobile tires,and in this time has established a business
which calls for more tires than they can produce. The Massachusetts
Chemical Co., which the Walpole Rubber Co.succeeded On 1910), had a very
prosperous career for a number of years previous to the consolidation.
Directors (and officers).-E. W. Tinkham, HarrisvIlle, R. I., Pres.;
James Dowdle, Oswego, N. Y., 1st V.-Pres.; F. J. Gleason, Walpole, 2d
V.-Pres.; Alvi T. Baldwin, Walpole, Treas.; Edward P. Metcalfe, Providence, R. I.; Alfred W. Anthony, Lewiston, Me.; Louis 0. Duclos and
E. W. Furbush, Boston; Elmore C. Green and John C. Blanchard Jr.,
Walpole; Wm. H. Miner, Granby, Quo.
Data from Circular Issued in July Last Offering Stock of Walpole Rubber:Co
Gross Business for Five Years Past.
1911.
1910.
1909.
1908.
1907.
$1,508,911
$1,006,430
$726,088
$505,707
$464,901
Statement of Tangible Assets and Liabilities Jan. 1 1912.
Assets-Real estate, $471,829; machinery,$499,733; merchandise,
$2,124,880
$510,502; bilis receivable and cash, $642,816
Excess of assets over liabilities (notes and accounts payable
$1,623,445
(no bonds), $501,435J

No more pref. stock can be issued without a two-thirds vote, and no further bonded debt without a 90% vote, of both classes of stockholders.
Pref. stock has equal vote with the common, and at no time can common
stock be increased so as to exceed the pref. stook outstanding. Beginning
Jan. 1 1913, in each year after payment of 7% in divs. on both classes of
stock, 25% of the remaining earnings shall be reserved for retirement of th
pref. stock if the same can be purchased at $115 per share or better; oe
otherwise for permanent improvements (other than renewals or repairs). r
Data Furnished by President Knox Taylor Sept. 28 1912.
History.-A combination in Sept. 19121 of the Taylor Iron & Steel Co.
William
Wharton Jr. & Co. Inc., both successful concerns for upward
and
the manufacture of manganese steel and its
or 50 years, and both engaged in'
products. The Wharton Co. has for some years had the exclusive right to
use the Taylor manganese in their railway switches, cross-overs and other
parts of steam and street railways which are subject to unusual wear.
The Taylor Iron & Steel Co. was incorporated in 1891 (to take over the
Taylor interests dating back to the first settlement of New Jersey), and
thereafter paid 7% divs. on its pref. stock and as high as 10% on common
stook. Plant thoroughly modernized at cost of $900,000 in last six
Westinghouse Air Brake Co.-New Director.years. In recent years devoted to the manufacture of alloy steel castings,
H. E. Andrews has been elected a director to succeed Horace E. Smith.
chiefly manganese steel by the Hadfield process,for use In track parts, safes,
vaults, special wheels, rock-crushing and cement machinery, steam shovels -V. 95, p. 748, 685.
and dredges, and other parts of heavy-duty machinery, subject to excessive
wear and abrasion. The business of William Wharton Jr. & Co. was
founded in 1859; for the last 10 years it has earned an average of 19% on
-A large Canadian bond firm has been organized under the
its capital stock (average amount out, $958,000).
Bonds.-Are a first mort., either by direct mortgage or by deposit of title of the Canada Bond Corporation, with a capital of
entire bond and stock issues, on the works at High Bridge, N. J.; on the $2,000,000. The new company has a Dominion charter to
works of the Manganese Steel Safe Company at Plainfield, N. J., and of
Wm. Wharton Jr. & Co., Inc., at Philadelphia, and its property at Jenkin- buy and sell government and municipal bonds and debentown, Pa. The company also, through its ownership of the Wharton Co., tures, also securities of public utility and industrial corporaowns the entire $250,000 stock of the Phila. Roll & Machine Co., which is
general
an adjunct to the main plant of Wm. Wharton Jr. & Co., Ine. The re- tions of Canada, and authorizing it to conduct a
maining bonds auth. ($750,000) can only be issued for permanent improve- financial, investment and brokerage business. The head
ments up to 75% of the cost thereof, and only when the interest on the bonds
branch offices
then outstanding and those about to be issued shall have been earned at offices will be at 59 Yonge St., Toronto, with
least twice for a period of 12 months in the 14 immediately preceding.
in London, England, Montreal, Winnipeg, Vancouver, &c.
all
outstanding,
on
bonds
annum
per
with
2%
fund,
sinking
Cumulative
The board of directors is made up of some of the most inint. on bonds in sinking fund, to retire the entire issue by 1938.
Properties.-The plant at High Bridge, N. J., has 318,000 sq. ft. of floor fluential and prominent men in the Dominion. George 0.
ft.;
278,000
Jenkintown,
sq.
and
Phila.
at
space; the Wharton plants
Somers, the General Manager, is well and favorably known
Phila. Roll & Machine Co. at Phila., 50,000 sq. ft.•, total floor space,
646,000 sq. ft. The Taylor Co. also owns an hydro-electrical power plant in financial and railroad circles. He was connected with the
Power
&
Electric
Hunterdon
the
and
River,
on the south branch of Raritan
Canadian Pacific Ry. for several years and was afterwards
Co. (which supplies borough of High Bridge), and, in addition to 66 acres
Great
available for manufacturing purposes, has 197 acres of timber and farm associated with Mr. Hill in the development of the
Penn.
on
Phila.
in
(7
acres
RR.).
11
lands. The Wharton plants cover about
Northern properties, being at one time Assistant ViceThe joint net assets are appraised at about $4,825,000, with no allowance President.
times the present bond
for good-will, patents, processes or licenses, or 3
Issue. The net quick assets alone are about $1,500,000, or over 20% in
-Attention is called to the offering of Wheeling Traction
excess of the bonds at present out.
Earnings.-The combined earnings of the Taylor Iron & Steel Co. and Co. first mtge. 5% gold bonds by Redmond & Co., this city,
Wm. Wharton Jr. ec Co., Inc., for the past ten years have averaged $360,Co., Washington. The bonds of234, or nearly five times the interest on the total bonds now outstanding. and the Continental Trust
The use of manganese steel in steam, street railway and other construction fered are issued to retire an equal amount of prior lien 6%
Is constantly increasing, and improvements and economics resulting from bonds matured Sept. 1 and Oct. 1-see "Chronicle," issue of
the consolidation should considerably increase earnings.
Sept. 7, page 619. The bonds are offered at 983 & int.,
Approximate Balance Sheet Combined Companies Aug. 30 1912.
netting 5.12%. Full particulars will be found in the adverLiabilities (54,975,261)Assets ($4.975,261)Real estate, plant, &c___ _$3,157,870 First mortgage bonds__ _*$1,250,000 tisement on another page.
*1,500,000
779,886 Preferred stock
Raw materials, &c
-Avery Company 7% cumulative preferred stock is of750,*
87,584 Common stock
Stocks owned
250,000
15,000 Mortgage P. 11 &M
Mortgage owned
Childs &Co.,Chi179,285 fered at par and accrued dividend by C. F.
635,445 Accounts payable
Bills & accts. receivable__
cago. The Avery Company, located at Peoria, Ill., is said
106,419 Sundry reserves
Cash in banks
81,091
depree_
for
4,722 Special reserve
Cash advanced to agents-manufacturers of agricultural im250,000 to be one of the largest
177,053 Reserve for contingencies_
Finished product
699,314 plements and other machines. A statement made by the
11,282 Surplus
Deferred items
* Total authorized bonds, pref. stock and corn. stock, each, $2,000,000.
Management.-Pres. Knox Taylor and Vice-Pres. Adolph E Bone,
respectively, former Pres. and V.-Pres. of Taylor Iron & Steel Co.; V.-Pres.,
Henry M. Howe; V.-Pres., Victor Angerer, former V.-Pres. and Mgr. of
Wm. Wharton Jr. & Co.; Sec. and Treas.. W. A. Ingram.-V. 95, p. 822.

Texas Company, N. Y. and Houston.-$7,000,000
See Central Fuel 011 Co. above.-V.95, p. 622, 479,

Claim.

U. S. Finishing Co.-Earnings.-For year ending June 30:
Interest Depre- Pf.Dins. Com.Divs Balance,
Net
Gross
Year. Receipts. Receipts. on Bds. ciation. (7%). (4%). Sur.orDef.
*210,000 $120,000 D$111,146
'11-12$4,626,341 $401,354 $182,500
210,000 120,000 S 59,253
?10-11_ 4,941,966 561,753 172,500
Queen Dyeing Co.
See
$35,000
$51,985
$7,113
*37,500
'11-12_ $749,987 $131,598
35,000 below
57,992
37,500 6,389
?10-11_ 770,705 136,881
Dividend No. 1, 15%,on the Queen Dyeing Co.common stock, calling for
$112,500, was paid June 25 1912 out of accumulated surplus.-V.95,p.822.

.zoiscal

• United States Worsted Co., N. Y.-Proposed Consolidation.-The stockholders are asked to deposit their stock with
the Old Colony Trust Co. of Boston, by Oct. 12, preparatory to a consolidation of the U. S. Worsted Co:, its allied
properties, the Lawrence Dye and Usi,voco mills and the
Silesia Worsted Mills Works. The consolidated company
will be a Massachusetts corporation with $6,000,000 1st pref.
stock (of which only $5,000,000 will now be issued), $4,000,000 non-cum. 7% 2nd pref. st. and $7,000,000 corn. stock.
Terms of exchange, as reported by a Boston paper: Lawrence, $1,500,000
U. S. Worsted pref., par in new 2d pref.; U. S.
pref., par in new 1st
pref.•.
of $15 a share, par in new common and 6 % in new
common, on payment,
2d pref. A block of the new stock, it is said, has been underwritten and
will be offered to the public by Kidder, Peabody & Co. and F.S. Moseley 43
Co.-V. 94, p. 141.

r4(The) Walpole Tire & Rubber Co.-Re-incorporation.Hotchkin & Co., Boston, who have long been interested in
the Walpole Rubber Co., having within a few months
offered some of its pref. stock at $105 a share, with a bonus
of 20% in common, report:

The Walpole Rubber Co. of Maine has been re-incorp.(Oct.2) under the
laws of Mass. as the Walpole Tiro & Rubber Co., having an authorized
capital of $3,000,000 pref. and $1,500,000 common, par of shares, *100.
The old company had a capitalization of 51,500,000 pref. and $1,500,000
common, all In $100 shares, which is exchangeable,share for share,in the
stock of the new company. Dividends on the new common and pref.stock
arc payable quarterly (Q-J 15). There is a 5% sinking fund for the purchase of new pref. stock at not over $120 per share.
The nor/ corporation has issued $500,000 additional pref,stock to develop
the business of the tire department,so that the present company will have
outstanding $2,000,000 7% cum. pref. and $1,500,000 common.
. The pref. stockholders of th e old company have been given rights
entitling them to subscribe for the new pref. stock.
Dividends at the rate of 7% per annum have been paid by the Walpole
Rubber Co. on its pref. stock since 1910 and 4% on its common stock for
the same period. The net earnings for last year were $276,400 and the
business for this year is about 30% above a similar period last year.
The change of name was made because of the company's rising prominence in the rubber-tire field. The company employs about 800 hands
and has factories at Walpole, Mass., Bristol, R. I. Foxboro, Mass. and
heeli
Granby, Quebec. It is the largest manufacturer in America of rubber'




President of the company, together with the balance sheet,
was published in the "Chronicle" of Aug.24, page 483. Further particulars will be found in the advertisement on another
page.
-The September 1912 issue of the Bankers' Encyclopedia
has come to hand. This is the 36th edition of this wellknown annual styled "The Purple Book." In its 2,000 pages
it covers very thoroughly the scope included in a bankers'
directory, and with the marginal index tabs desired information is made easily obtainable. Bankers' Encyclopedia Co.,
20 Nassau St., New York.
-An interesting illustrated booklet describing the city of
Hamilton, Ontario, Canada, has been issued and copies may
be had from H. H. Marsh, Commissionsr of Industries,
Hamilton. There are photos of a number of the manufacturing plants, of which there are some 400 in the city, with
yearly products valued at $50,000,000.
-Messrs. Edward C. Patterson, Howard F. Turrill and
James L. Ridgway announce that they will continue, under
the name of Patterson & Ridgway, at 141 Broadway,
New York, the general practice of accounting formerly
conducted by them under the name of Patterson & Cochran.
Baltimore office, Munsey Building.
-Wm.Salomon & Co. and G. H. Walker & Co. are offering, by advertisement on another page, St. Louis & San
Francisco RR. Co. 2-year 6% secured notes dated Sept. 2
1912. The letter of Vice-Pres. Hillard giving the facts about
the issue was printed in the "Chronicle" of Sept. 21, p. 751.
-William P. Philips has become a partner in the international banking firm of J. & W. Seliginan & Co. Mr.
Philips was formerly a member of the law firm of Byrne &
Cutcheon.
-T. Stewart Foulke, formerly with Gude, Winmill &
Co., has become associated with Leonard Snider & Co.,
60 Broadway, and will have charge of their bond department.
-C. E. Denison & Co., Boston and Cleveland, are advertising on another page a list of securities to which attention
is invited. A complete circular will be mailed on request.
-Belvidere Brooks Jr. has become associated with the
bond firm of Lawrence Barnum & Co. of this city, Philadelphia and Washington.
-Herzfield & Stern announce the withdrawal from their
firm of Felix E. Kahn and the admission to partnership of
Walter J. Herzfeld.

THE CHRONICLE

OCT. 5 1912.1

895

gel:farts and pacituxents.
LOUISVILLE & NASHVILLE RAILROAD COMPANY
SIXTY-FIRST ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1912.
Louisville, Ky., October 2 1912.
To the Stockholders of the Louisville & Nashville Railroad Co.:
The Board of Directors of your Company respectfully
submits the following report for the fiscal year ended June 30

1912:
MILEAGE.
I. Lines Owned and Operated.

BONDED DEBT.
Bonded Debt June 30 1911, total Issue
Bonds Drawn for Sinking FundsRedeemedEvansville Henderson & Nashville Division Gold
$108,000 00
General Mortgage Gold
482,000 00
Pensacola & Atlantic RR.First
Mortgage Gold
83,000 00
Pensacola Division First Mortgage Gold
25,000 00

Miles.
3,538.03
(1) Owned-Property deeded
(2) Operated but not owned(a) Operated as owner of entire Capital Stock.._ _ _632.05
118.97
(b) Operated under lease
221.88
(c) Operated for account of owners
217.04
(d) Operated under trackage arrangements
1,189.94
(3) Owned, leased to N. C. & St. L. Ry.-operated under
5.46
trackage arrangements
(4) Owner of entire Capital Stock, property operated separately-operated by this Company under trackage ar6.46
rangements
4,740.49

Total operated
Average mileage operated during the year, 4,709.93.

$698,000 00
Unredeemed (Not Presented for Payment)Evansville Henderson do Nashville Division Gold
$2,000 00
General Mortgage
45,000 00
Pensacola & Atlantic RR.First
Mortgage Gold
4,000 00
$51,000 00
$749,000 00
Bonds IssuedUnified Fifty-Year 4% Gold.._ _ _4183,000 00
Atlanta Knoxville & Cincinnati
Division 4% Gold
449,000 00
632,000 00Net decrease from last year..

II. Lines Operated under Their Separate Organizations in Which This Company Owns All or a Majority of
the Capital Stock or Is Interested as Joint Owner or
Lessee.
Nashville Chattanooga & St. Louis By.(a majority of the
Capital Stock owned)
Central Transfer Ry. & Storage Co., Louisville (one-half of
the Capital Stock owned)
Georgia RR. and Dependencies (interested as joint lessee) _
Chicago Indianapolis & Louisville Ry. (a majority of the
Capital Stock owned jointly with the Southern By. Co.)
Louisville Henderson & St. Louis Ry., less mileage of
Louisville & Nashville RR. operated under trackage
arrangements (a majority of the Capital Stock owned)_ _
Woodstock & Blocton By. (one-half of the Capital Stock
owned)
Lexington & Eastern Ry.(all of the Capital Stock owned)New Orleans Mobile & Chicago RR. (a majority of the
Capital Stock owned jointly with the St. Louis & San
Francisco RR. Co.)

975.85

Total Outstanding Bonded Debt in hands of public
June 30 1912
$136,078,500 00
Total Outstanding Bonded Debt in hands of public
June 30 1911
136,883,500 00

.87
571.00
616.60

Decrease in Bonds outstanding in hands of public....
Accounted for as followsBonds drawn for Sinking Funds, including
Redeemed and Unredeemed Bonds
$749,000 00
Bonds purchased for Sinking Funds
56,000 00
Bonds purchased, held in Treasury
1,000 00

181.70
7.73
96.11
547.06

III. Lines Owned by This Company but Operated
by Other Companies.

GENERAL RESULTS.
The General Results, as given in detail in Table No. I,
are here summarized.
$56,211,788 30
39,626,327 44
*16,585.460 86
1,854,684 40
$14,730,776 46

Other IncomeFrom Rents
From Investments
.From Interest

$780,882 03
951,201 55
704,869- 70

20.71
260.45
7,947.83
7,185.80

Increase
Accounted for as follows:
AdditionsNew Orleans Mobile & Chicago RR
Lexington & Eastern Ry
Wasioto & Black Mountain RR
Athens & Tellico By
Harriman Knoxville & Eastern RR
Sundry net additions

•

Net Operating Revenues, 29.51%
Taxes

248.74

762.03
547.06
96.11
70.05
22.42
17.54
8.85

$805,000 00

$806,000 00
LessBond withdrawn from Treasury and canceled
for Sinking Fund
1,000 00Decrease as shown above
1805,000 00

Operating Revenues
Less Operating Expenses, 70.49%

Paducah & Memphis Division (leased to Nashville
Chattanooga & St. Louis By. at 5% on cost of
254.20
Road)
Less-Mileage operated by this Company under
5.46
trackage arrangements

Total Mileage
Total mileage June 30 1911

117,000 00

Bonded Debt June 30 1912, total issue (See Balance
Sheet, Table III.)
$155,195,500 00
LessBonds Owned
In Treasury
$11,133,000 00
Deposited in Trusts as Collateral_
7,079,000 00
Held in Sinking Funds
905,000 00-19.117,000 00

2,996.72
Less-Mileage used by this Company under trackage arrangements:
7.73
Woodstock & Blocton Ry
50.84
Nashville Chattanooga & St. Louis P.1
.26
Louisville Henderson & St. Louis Ry
58.83
2,937.89

Clarksville & Princeton Branch-Gracey, Ky. to
Princeton, Ky. (leased to Ohio Valley Ry. Co. at
*12,039 70 per annum)

*155,312,500 00

$2,436,953 28
8,178 92-2,428,774 36

Outside Operations-Deficit
Total Income
Deductions from IncomeInterest on Bonded Debt
Rents
Sinking Funds

$17,159,550 82
$6,328,640 67
380,507 79
250,049 33-6,959,197 79

$10,200,353 03
South & North Alabama RR. Co. surplus (included in
above)
639,581 15

762.03

Net Income carried to Profit and Loss Account
$9,560.771 88
The balance to credit of Profit and Loss Account amounts to 07.419.876 39. For details see Table No. II.

GROWTH OF TRAFFIC
The growth of traffic for the past ten years is shown by the following table.
Years.
1902-1903
1903-1904
1904-1905
1905-1906
1906-1907
1907-1908
1908-1909
1909-1910
1910-1911
1911-1912

Average
Miles
Operated.

Operating
Revenues.

Operating
Expenses.

Net
Operating
Revenues.

Operating
Revenues
Per Mile.

Operating
Expenses
Per Mile.

3,438.93
3,618.19
3,826.31
4,130.91
4,306.33
4,347.80
4,393.11
4,554.30
4,598.39
4,709.93

35,449,377 84
36,943,792 73
38,517,070 72
43,008,996 23
48,263,945 20
44,620,281 16
45,425,891 45
52,433,381 94
53,993,740 78
56,211,788 30

23,970,812 44
25,141,548 27
26,490,020 97
30,933,463 71
35,781,302 54
'33,594,291 05
*29,627,499 48
"34,985,578 78
'38,479,822 61
•39,626,327 44

11,478,565 40
11,802,244 46
12,027,049 75
12,075,532 52
12,482,642 66
11,025,990 11
15,798,391 97
17,447,803 16
15,513,918 17
16,585,460 86

10,308 26
10,210 57
10,066 37
10,411 50
11,207 67
10,262 72
10,340 26
11,512 94
11,741 88
11,934,74

6,970 43
6.948 65
6,923 12
7,488 29
8,309 00
7,726 73
6,744 08
7,681 88
8,368 11
8,413 36

l Net Operating P. C. of Exp.
Revenues
to Operating
Per Mile.
Revenues.

I

3,337 83
3,261 92
3,143 25
2,923 21
2,898 67
2,535 99
3,596 18
3,831,06
3,373 77
3,521 38

67.62
68.05
68.77
71.92
74.14
75.29
85.22
86.72
71.27
70.49

'Does not include Additions and Betterments heretofore Included in Operating Expenses.

RAILS.
The rails in main track operated, except trackage rights,
are shown below:
Steel RailsUnder 5831 pounds per yard
58( pounds per yard
60 to 65 pounds per yard
68 pounds per yard
70 pounds per yard
80 pounds per yard
85 pounds per yard
90 pounds per yard
141 pounds per yard
Iron Rails
Total




Miles.
151.28
461.98
8
342.9
60.69
1,429.38
1,932.29
10.02
121.00
1.30
--------4,510.92
.61
4,511.53

Brought forward
To which add-Operated under trackage arrangements
Total mileage owned and operated

Miles.
4,511.53
228.96
4,740.49

The. rails in main track owned, operated by other companies, are shown •below:
Steel Rails56 pounds per yard
58 pounds per yard
60 pounds per yard
68 pounds per yard
80 pounds per yard
85 pounds per yard
Less portion of Paducah & Memphis Division used by L.
Railroad under trackage arrangements
Total mileage operated by other companies

92.51
2.56
95.16
16.99
46.98
20.71-274.91
& N.
5.46
269.45

ADDITIONS AND BETTERMENTS-ROAD.
During the year there were charged to Property Investment, Road, expenditures for additions and betterments,
as follows:
Right of way and station
$496,345 60
grounds
165,047 41
Widening cuts and fills__ _
Protection of banks and
20,934 75
drainage
Grade reductions and
809,514 52
changes of line
9,419 75
Tunnel improvements
Bridges,trestles and culverts 122,234 65
148,269 26
Increased weight of rail__ _
1,161 63
Improved frogs and switches
Track fastenings and ap7,144 83
purtenances
1,691,596 17
Additional main tracks_
273,288 28
,Sidings and spur tracks
296,775 75
Terminal yards
45,245 07
Fencing right of way
Improvement of crossings
3,023 46
under and over grade__ _
Elimination of grade cross10,915 31
ings
32,948 31
InterlDcking apparatus

Lxxxxv.

THE CHRONICLE

806

Block and other signal apparatus
Telegraph and telephone
lines
Station buildings and fixtures
Roadway machinery and
tools
Shops, engine houses and
turntables
Shop machinery and tools.
Water and fuel stations_
Dock and wharf property....
Other additions and betterments

$20,561 60
22,958 10
230,365 62
15,209 72
219,052 92
107,330 00
30,993 60
1,921 90

$2,454,294 35

ADDITIONS AND BETTERMENTS-EQUIPMENT.
The following expenditures for additions and betterments,
'equipment, were charged to Property Investment, Equipment, during the year:
.Charges:
Locomotives$483,573 58
Thirty-four (34) bought or built
Equipping with second air pumps and glass
water gauges, and changing safety ap42,260 27
pliances
Passenger Train CarsTwenty-three (23) bought or built
Changing safety appliances and additions
and betterments to mall apartment cars_

$525,833 85

Credits:
DepreciationLocomotives
Passenger Train Cars
Freight Train Cars
Work Equipment
Floating Equipment

$424,112 42
74,936 37
1,306,528 62
35,372 40
71 04
*1,841,020 85

•Renewals$9,320 40
For 11 Locomotives destroyed or sold__ _
For 9 Passenger Train Cars destroyed or sold 17,256 44
413,113 64
For 2,047 Freight Train Cars destroyed__
6,006 48
For 45 Work Cars destroyed or sold

and
$2,290,809 88
15,835,036 00

Total Credits to Reserve for Accrued Depreciation_ _$18,125,845 88

211,990 46

2,122,156 84

445,696 98

Total charges to Operating Expenses for Depreciation
$2,286,717 81
and Renewals
Depreciation on Dining and Special Cars-Dining Cars,
4,092 07
charged to Outside Operations

11,225 65

Charges:
For original cost of equipment destroyed or sold, credited
to Additions and Betterments$75,438 57
Locomotives
34,957 24
Passenger Train Cars
1,093,663 60
Freight Train Cars
17,659 61
Work Equipment
$1,221,719 02
Accrued Depreciation on Cars Changed to
Work Equipment:
$9,646 75
Passenger Train Cars
87,191 75
Freight Train Cars
18 04
Work Equipment
96,856 54

$12,672 02
23,861 76
5,507 29
3,500 00
77,578 16
21,583 44
2,595 00

1,318,575 56

Balance to credit of Reserve for Accrued Depreciation$16,807,270 32
Equipment, June 30 1912

3,760 67
151,058 34
$3,011,039 49

.Credits:
Locomotives-11 destroyed or sold
• Passenger train cars-9 destroyed or sold
• Freight train cars-2,047 destroyed or sold
Work equipment-45 destroyed or sold

RESERVE FOR ACCRUED DEPRECIATIONEQUIPMENT.

Total amount charged to Operating Expenss
to Outside Operations
Balance June 30 1911

200,764 81

Freight Train Cars$2,013,305 92
2,464 bought or built
Changing safety appliances, applying Farlow draft gears and equipping cars with
108,350 21
air brakes
266 71
Expenditures on new cars not completed
234 00
One (1) car changed from work equipment_
Work Equipment1 self-propelling pile driver
2 steam wrecking cranes
1 Lidgerwood unloading machine
20 cars used as water tanks for bridge and
section crews on N.0. & M. Division__ _
253 freight cars changed to work equipment
Expenditures on new cars not completed
5 passenger train cars changed to work
equipment
• Changing safety appliances and equipping
cars with air brakes

Net charges to Additions and Betterments, Equipment,
$3,058 05
for the year
There was no equipment acquired by the South & North Alabama Railroad Company during the year.

37,327 60

Total for year ended June
30 1912 (see Table VI) 84,810,586 03
Total for year ended June
30 1911
2,365,291 68
Increase

SOUTH & NORTH ALABAMA RAILROAD COMPANY.
ChargesLocomotivesEquipping with second air pumps and glass
• water gauges, changing safety appli$3,080 49
ances, &c
Freight Train Cars1,291 00
.Changing safety appliances
$4,377 48
Credits:
Freight Train Cars1,319 44
2 destroyed

$75,438 57
34,957 24
1,093,663 60
17,659 61

$1,221,719 02
LocomotivesErroneous charge in previous fiscal year for applying air
whistle and steam-heating equipment, which should
•
•
have been charged to the South & North Alabama
174 34
Railroad Co
Passenger Train Carsof
cost
over
removed
. Excess cost of heating apparatus
88 75
new apparatus installed
16,151 65
5 changed to work equipment
16,240 40
Freight Train Cars59
122,065
equipment
253 changed to work
Work Equipment00
246
car
train
freight
to
1 changed
1,360,445 35
Net charges to Additions and Betterments, Equipment,
$1,650,594 14
for the year
13,605 09
Acquired with new lines taken into the syEem this year
$1,664,199 23
Total charges for the year, Table VI

SOUTH & NORTH ALABAMA RAILROAD COMPANY.
Credits:
Depreciation$29,711 16
Locomotives
8,712 14
Freight Train Cars
$38,423 30
'Renewals917 39
For 2 Freight Train Cars destroyed
39,340 69
182,531 69

Total amount charged to Operating Expenses
Balance June 30 1911

$221,872 38
Charges:
For original cost of equipment destroyedFreight Train Cars

$1,319 44

Balance to credit of Reserve for Accrued DepreciationEquipment, South & North Alabama Railroad, June 30
1912

$220,552 94

• The difference between these credits and the amounts shown as Renewals in Table IX is due to credits to Renewal Accounts for salvage from
locomotives and cars destroyed, and on account of charges to other comRepanies for cars destroyed on their lines, also to debits and credits to
deprenewal Accounts occasioned by adjusting the difference between
appraiseMachinery's
of
Superintendent
ciated value, according to the
ment, of cars changed from one class to another, and the depreciated value
shown by the Equipment Depreciation Register.

MAINTENANCE OF EQUIPMENT
The average cost per mile for repairs to equipment for the past ten years has been as follows:

Locomotive repairs, per mile
Passenger Car repairs, per mile
Freight Car repairs, per mile

1902-1903. 1903-1904. 1904-1905. 1905-1906. 1906-1907. 1907-1908.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
9.090
7.771
9.102
6.747
6.962
6.560
1.542
1.546
1.646
1.290
1.267
1.410
.918
1.049
.865
.820
.889
.800

1908-1000. 1909-1910. 1910-1911
Cents.
Cents
Cents.
8.092
1.190
.745

7.884
1.292
.739

8.492
1.591
.835

1911-12.
Cents,
8.770
1.531
.914

brakes and automatic coup ers, except freight
All equipment of the System in revenue service is provided with bath air
number of freight cars equipped with air brakes
. equipment, which is equipped complete with automatic couplers only. The
is 44,694, or 99.93 per cent.
EQUIPMENT OWNED.
Locomotives.
Louisville & Nashville Railroad:
____________________________
On hand July 1 1911 ____________
-----------------------------------Bought and built
roads
other
Acquired by purchase of
Changed
Changed --- - _ ---- ,
Destroyed or sold

611
23

Freight Cars.

11

14

44,324
2,464
_
1
46,789
253
2,047
2,300

918

620

44,489

921
34
4

634

959
5
9

11

On hand------------------------------------------------------------South de North Alabama Railroad:
On hand July 1 1911 -------------------------------------------------

Passenger Cars.

50
50

240
------

240
2

Destroyed
On hand




50

238

Work EguiPml
1,648
24
258
1,930
1
45
46
1,884

THE CHRONICLE

OCT. 5 1912]

897

The following table shows the equipment on hand at the close of each of the past ten fiscal years:
LOUISVILLE & NASHVILLE RAILROAD AND OPERATED LINES.
1902-1903. 1903-1004. 1904-1905. 1905-1906, 1906-1907. 1007-1908. 1908-1909. 1909-1910. 1910-1911. 1911-12.
Locomotives
Passenger Cars
Freight Cars
Work Equipment

605
471
28,118
705

676
501
30,905
779

705
515
33,241
1,149

745
535
36,633
1,289

865
559
39,528
1,452

896
572
40,589
1,503

899
573
41,720
1.421

928
590
43,019
1,429

971
611
44,564
1,648

998
620
44,727
1,884

PAYMENTS TO BE MADE ON ACCOUNT OF SINKING posed to north-bound trains and .5 per cent opposed to
FUNDS, 1912-1913.
south-bound trains. Construction of the roadbed has been
July 1 1912
Newport & Cincinnati Bridge Co
$14,000 00 commenced.

Henderson Bridge Co
Aug. 1
Pensacola Division
Sept. 1
Evansville Henderson 6: Nashville Division__ _Dec. 1
Pensacola & Atlantic Railroad
Feb. 1
General Mortgage
June 1

1912
1912
1912
1913
1913

8,400 00
26,250 00
121,000 00
100,100 00
611,600 00

NEW LINE, BEATTYVILLE TO ATHOL.

A new line is to be constructed from Beattyville, on the
Louisville & Atlantic Division, to Athol, on the Lexington
& Eastern Railway, a distance of 9.28 miles, with maximum
Total
$881,350 00
grades of .3 per cent opposed to north-bound trains and 5
GUARANTIES.
per cent opposed to south-bound trains. The right of way
The Company has guaranteed, by indorsement or by agree- is being acquired.
ment, the following obligations of other Companies:
LEWISBURG & NORTHERN RAILROAD.
Issued. Annual Charge.
This Company owns all of the capital stock of the LewisSouth & North Alabama Railroad Company
burg & Northern Railroad Company and will advance sufConsolidated Mortgage 5% Gold BondsEndorsement covers principal and interest_ _$10,000,000 00 $500,000 00 ficient amount of capital for that company to construct a
Louisville & Nashville Terminal Company First
line from Maplewood, on the Main Stem, Second Division,
Mortgage 4% Gold BondsEndorsement, made jointly and severally
to Overtons, Tenn., on the Nashville & Decatur Division, a
with Nashville Chattanooga & St. Louis
distance of 10.5 miles, and from Brentwood, on the NashRailway, covers principal and interest of
101,400
00
2,535,000
00
bonds issued
ville & Decatur Division, via Lewisburg, Tenn., to the AlaLouisville & Nashville-Southern, Monon Colbama State Line, a distance of 78.8 miles. The maximum
lateral, Joint 4% Gold Bondsgrade is .4 per cent in both directions, except for one reach
This Company and the Southern Railway
Company are each liable for one-half of
of 6.25 miles against south-bound traffic, which is .9 per
the principal and interest of bonds issued,
811,827,000 00. One year's interest, $473,cent where pusher engines will be used.
080 00: this Company's liability one-half.
Contracts have been let for the whole of this line, and the
Should either Company default in its obwork is being actively prosecuted.
ligations to the other, in respect of the
bonds of this issue, the pledged shares of
stock belonging to such Company so in default shall become and be the property of
the Company not in default, which thenceforth shall be liable in severalty upon all
covenants contained in the bonds
5,913,500 00
Nashville & Decatur RR. Rent DividendUnder lease of this property the payment of
% annual dividend to stockholders is
guaranteed as rent. Amount of Capital
Stock, $3,553,750 00
Terminal Railroad Association of St. LouisOne-fifteenth of interest on $20,594,000 00
General Mortgage 4% Gold Bonds now
outstanding-one year's interest, $823,760 00 L. & N. RR Co's proportion, onefifteenth
Georgia Railroad LeaseThis Company is liable jointly with the Atlantic- Coast Line Railroad Company for
the yearly rent, under the lease of the
Georgia Railroad, amounting to $600,000 00
This Company's liability per annum
Memphis Union Station CompanyFive per cent Collateral Gold Notes due
2,100,000 00
November 1 1913
Secured by deposit of $2,500,000 00 First
Mortgage 4% Fifty-Year Gold Bonds of
the Memphis Union Station Company.
Endorsement, made jointly and severally
with Nashville Chattanooga & St. Louis
Railway, Southern Railway Company,
St. Louis Iron Mountain &Southern Railway Company and St. Louis Southwestern
Railway Company, covers principal and
interest of the notes and bonds issued.

NASHVILLE & DECATUR DIVISION.

236,540 00

266,531 25

54,917 33

TUSCALOOSA MINERAL RAILROAD.
300,000 00
105,000 00

REDUCTION OF GRADES, NASHVILLE TO HENDERSON.

The reduction of grades on the Henderson Division between Guthrie and Henderson, mentioned in previous reports, was completed in the fall of 1911, and trains are now
being operated over the improved roadway. The maximum
grade opposed to all trains is .6 per cent.
SECOND TRACK AND REDUCTION OF GRADES, COVINGTON TO
WINCHESTER.

The work on the second track and reduction of grades on
the Kentucky Division between Covington and Paris, referred to in last year's report, is being pushed rapidly,
twenty-five miles of second track having been laid and ballasted. The grading of the DeCoursey yard is nearly complete and tracks are now being laid. This work will probably be completed by January 1 1913.
In order to obtain the lowest practicable grade from the
coal fields at the head of the Kentucky River to Cincinnati,
and to effect economies in operation of this division, work
has been undertaken to reduce grades between Paris and
Winchester, a distance of 15.6 miles, to the same rates that
have been adopted between Paris and Covington, and to
double-track the line.
NEW LINE, WINCHESTER TO IRVINE.

The reduction of grades and construction of second track
on the Nashville & Decatur Division has been undertaken
between Overtons and Brentwood, Tenn., a distance of
4.9 miles, and between Athens and Decatur, Ala., 12.45
miles. A new line is being constructed from Athens to the
Tennessee State Line, a distance of 14.43 miles, to connect
with the Lewisburg & Northern Railroad. It is expected
that this work will be completed by the time that road is
finished, thus completing the scheme for .4 per cent maximum grades from Maplewood, on the Main Stem, to Decatur,
Ala.
All of the capital stock of the Tuscaloosa Mineral Railroad
Company is owned by this Company,and advances have been
made to that company for construction of a branch line from
Brookwood, Ala. on the Birmingham Mineral Division,
to Tuscaloosa, Ala., a distance of 17.73 miles. The construction of the roadbed with a terminal yard, wye, and
brick freight house at Tuscaloosa, Ala., has been completed,
and twelve miles of track laid. It is expected that the road
will be completed and placed in operation shortly after the
close of the present fiscal year.
WASIOTO & BLACK MOUNTAIN RAILROAD.

This Company owns all of the capital stock of the Wasioto
& Black Mountain Railroad Company, which has constructed a railroad 70.05 miles in length. The main line
extends from Orby, Bell County, Ky., on the Cumberland
Valley Division, up the Cumberland River to Benham in
Harlan County, Ky. The construction of this road was
commenced in the summer of 1909, and is practically complete, the greater portion having been placed in operation
during the present fiscal year. The operations are included
with those of the system. The line reaches valuable coal
properties in Bell and Harlan counties.
HARRIMAN KNOXVILLE & EASTERN RAILROAD.

This company owns all of the capital stock of the Harriman Knoxville & Eastern Railroad Company, which constructed a branch line from Allingham to Harriman, Tenn.,
a distance of 17.54 miles: The road was completed and
placed in operation on March 15 1912. The operations are
being conducted as a part of the system.
MEMPHIS UNION STATION.

In September 1909 the Memphis Union Station Company
was incorporated for the purpose of constructing passenger
terminal facilities at Memphis, Tenn., for the joint use of
various railroads. The station was completed and placed
in operation on April 11912. The company is owned by the
Nashville Chattanooga & St. Louis Railway, Southern Railway Company, St. Louis Iron Mountain & Southern Railway
Company, St. Louis Southwestern Railway Company and
this Company.

A new line is being constructed from Winchester, on the
Kentucky Division, to Irvine, Ky., on the Louisville & Atlantic Division, a distance of 26.26 miles, with maximum
grades of .4 per cent opposed to north-bound trains and
.5 per cent opposed to south-bound trains. Contracts for
the whole of this work have been awarded and construction
begun.
A freight yard is to be built on the Louisville & Atlantic
FRANKFORT & CINCINNATI RAILWAY.
Division south of Irvine. Property has been purchased
The litigation mentioned in previous reports in the matter
and plans for the yard are being prepared.
of the acquisition of the Frankfort & Cincinnati Railway
REVISION OF LINE, IRVINE TO BEATTYVILLE.
by this Company has been terminated,and,pursuant to the
That portion of the Louisville & Atlantic Division between judgment of the Franklin Circuit Court of the Commonwealth
Irvine and Beattyville, a distance of 31.6 miles, is to be im- of Kentucky, the Louisville & Nashville Railroad Company
proved by reducing grades, eliminating timber trestles, ceased to operate the Frankfort & Cincinnati Railway on
improving alignment, widening roadbed, installing heavier June 30 1912. Commencing with the business of July 1st,
rails, with crushed stone ballast, and providing ample pass- the railway was turned over to the new owners, whose heading tracks. The maximum grades will be .3 per cent op- quarters are located at Frankfort, Ky.




iVoL. Lxxxxv.

THE CHRONICLE

898

LEXINGTON & EASTERN RAILWAY.

This Company has acquired all of the capital stock of the
Lexington & Eastern Railway Company, which owns a line
of road from Lexington to Quicksand, Ky. a distance of
96 miles. Shortly after this road was pure' hased, capital
was advanced by the Louisville & Nashville Railroad Company and construction commenced of a line from Dumont,
about two miles east of Jackson, extending in a southeastwardly direction up the North Fork of the Kentucky River
to Neon on Boone Fork of that river, a distance of 97 miles.
There have been 48.3 miles of track laid, extending from Dumont to a point 5.5 miles beyond Hazard, in Perry County.
The ruling grades are .3 per cent opposed to traffic moving
northward toward Cincinnati and .5 per cent opposed to
traffic •moving southward to the coal fields of the upper
Kentucky River. An assembling yard is being built at
Neon at the south end of the line, and a branch extending
up Wright's Fork, a distance of 4.73 miles, to the mining
operations of the Consolidated Coal & Coke Company, is
nearing completion.
When this undertaking is completed the Company will
have a line from the Ohio River at Covington to the coal
fields at the head of the Kentucky River, with maximum
grades of .3 per cent opposed to north-bound trains and .5
per cent opposed to south-bound trains, except for one reach
of .4 per cent opposed to north-bound trains between Irvine
and Winchester on which train loads will be reduced, and a
second reach of 1.0 per cent opposed to north-bound trains

between Jackson and Athol, where pusher engines will be
required.
NEW ORLEANS MOBILE & CHICAGO RAILWAY.

This Company and the St. Louis & San Francisco Railroad
Company have each acquired an equal number of shares
of the preferred and common stock of the New Orleans Mobile
& Chicago Railway Company, constituting a majority of
the outstanding stock of that company,and,under an agreement dated November 15 1911 between the two companies,
the operation of the road will be continued as a separate
organization. The line extends from Middleton, Tenn.,
to Mobile, Ala., a distance of 369 miles, from Beaumont to
Hattiesburg, 27 miles, and from Ellisville Junction to Ellisville, 8 miles. The New Orleans Mobile & Chicago Railway
Company also has trackage rights over the New Orleans &
Northeastern Railroad from Laurel, Miss., to a point of
connection with the New Orleans Terminal Company in
New Orleans, La., a distance of about 138.14 miles.
Attention is called to the report of the Comptroller for
the details of the year's business.
The Board acknowledges the fidelity and efficiency with
which the officers and employees of the Company have served
its interests.
For the Board of Directors,
H. WALTERS, Chairman.
M. H. SMITH, President.

TABLE NO. 1.-INCOME ACCOUNT.
June 30 1912.

June 30 1911. Operating IncomeRail OperationsOperating RevenuesRevenue from transportation
$53,607,978 22
Revenue from operations other than transportation
385,762 56

555,780,590 31
431,197 09
556,211,788 30

59,178,192 27
9,490,759 30
1,124,598 79
17,588,595 03
1,097,677 22

Total operating revenues
Operatiug ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses

538,479,822 61

Total operating expenses. 70.49%

39,626,327 44

515,513,918 17

Net operating revenues, 29.51%
Outside OperationsRevenues
Expenses

$16,585,460 86

$53,993,740 78

5388,972 82
348,569 41

$13,616,232 38
512,039 70
206,506 20
360,080 37
78,960 70
5657,586 07
$236,830 12
430,656 00
12.000 00
64,000 00
19,900 00
20,320 00
63,444 91
64,031 51

$385,737 92
393,016 84
48,178 92

Deficit

•$40,403 41
515,554,321 58
1,938,089 20

58,828.754 68
10,071,303 59
1.178,10812
18,408,196 99
1,139,964 06

$16,577,281 94
1,854,684 40

Total net revenues
Taxes

$14,722,597 54

Operating income
Income from RentsClarksville & Princeton Branch
Paducah & Memphis Division
Equipment
Various sources

$12,039 70
206,506 20
498,673 74
63,662 39
$780,882 03

Income from InvestmentsChicago Indianapolis & Louisville Ry. Stock
Nashville Chattanooga & St. Louis Ry. Stock
Charleston Terminal Company Bonds
Louisville Property Company Bonds
Wholesale Merchants Warehouse Company Bonds
Cairo & Thebes Railroad Company Bonds
Lexington & Eastern Railway Company Bonds
Sundry Bonds and Stocks

5236,830 12
430,656 00
12,000 00
64,000 00
19,900 00
65,436 12
70,953 33
51,425 98
$951,201 55
704,869 70

5911,182 54
410,909 49 Interest from Various Sources (Net)

2,436,053 28

51.979,679 00

$17,159,550 82

515,595,011 38

From Which DeductCharges against IncomeInterest on bonded debt
Rents paid for lease of roadsAdditions and Betterments on Nashville & Decatur RR_ __ _511,420 59
$18,632 55
Guaranteed dividend on Nashville & Decatur RR. stook_ __ _118,061 25
118,061 25

$6,328,640 67

56,059,891 06

$136,693 80
37,511 59
$174,20539
271,041 51

$129,481 84
37,897 79

Rents of other roads

167,370 63
213,128 16

Rents for tracks, yards and other facilities (net)

$6,709,148 46

$6,505,13796
5110,40000
72,90000
49,904 50

Sinking fund chargesDirect payments for which no bonds are received
Accrued premiums on bonds drawn for sinking funds
Accrued interest on Company's bonds in sinking funds

$120,400 00
76,400 00
53,240 33
5250,049 33

$233,204 50
$6,738,342 46

56,959,197 79

58,857,56892
302,23621

South & North Alabama Railroad Company surplus for year included in above

$10,200,353 03
639,581 15

58,555,332 71

Net Income transferred. to the credit of Profit and Loss Account

'Surplus.

TABLE NO. 2.-PROFIT AND LOSS ACCOUNT.

CREDITS.
Balance to credit of this account June 30 1911.531,513,953 26
Sinking Fund Payments for which no bonds
are to be received, charged to Income Ac120,400 00
count
Interest accrued on Company's Bonds in
53,249 33
Sinking Funds
Georgia Railroad-Income from securities
66,203 00
held under lease
Unpaid amounts on Audited Pay-rolls and
52,125 80
Vouchers prior to July 1 1907, closed off__ _
13,269 76
Sale of lands in State of Alabama
For interest accrued on Advances to Proprietary, Affiliated and Controlled Companies
294,955 48
for Construction. etc., prior to July 1 1911_
54,911 53
Miscellaneous credits
Net surplus from operation for year ended
June 30 1912, transferred from Income Ac9,560,771 88
count
$41,729,840 02




59,560,771 88

DEBITS.
Cash Dividend, 34%,payable Feb. 9 1912_ 52,100,000 00
2,100,000 00
Cash Dividend, 334%, payable Aug. 10 1012
Proportion of amounts advanced to the Mem85,000 00
phis RR. Terminal Co., charged off
Judgment on account of Northern Division,
14,000 00
Cumberland & uhio RR
10,963 63
Miscellaneous debits
Appropriated surplus-amount
Invested in Sinking and Re$324,875 67
demption Funds
Balance to credit of Profit and
Loss Account June 30 1012...37.095,000 72
37,419,87639

$11,729,840 02

899

THE CHRONICLE

OCT. 5 1912.]

TABLE NO. III.-GENERAL BALANCE SHEET.
ASSETS.

Dr:

PROPERTY INVESTMENT:
Road and Equipment:
Investment to June 30 1907Road
$139,471,342 11
Equipment
36,072,004 83

June 30 1912.

June 30 1011.

3175,543,346 94
$10,880,425 95
6,088,612 82

5139,471,342 11
36,072,004 83
3175,543,346 94

Investment since June 30 1907Road
Equipment

515,259,224 53
7,752,812 05
23,012,036 58

$16,969,038 77
5192,512,385 71
$3,034,427 53
15,835,036 00

(Table VI)
Reserve for Accrued Depreciation-CreditWay and Structures, dco
Equipment

5198,555,383 52
$4,323,621 37
16,807,270 32
21,130,891 69

$18,869,463 53

$177,424,491 83

$173,642,922 18
5250,72848
1,200,000 00
$1,450,728 48
57,079,000 00
52,504,245 90
725,000 00
$3,229,245 90
511,758.974 38
$5,636,074 62
52,229,626 71
11,361,577 37

Securities:
Securities of Proprietary, Affiliated and Controlled Companies-Pledged-Stocks (Table V)
Funded Debt (Table V)

$250,728 48
1,200,000 00
51,450,728 48

Securities Issued or Assumed-Pledged
Funded Debt (Table V)__ --------------------------------------------Securities of Proprietary, Affiliated and Controlled Companies-UnpledgedStocks (Table V)
Funded Debt (Table V)

7,079,000 00
$2,179,255 90
725,000 00
2.904,255 90
$11,433,984 38

Other Investments:
Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and
Betterments
Miscellaneous Investments12,540,213 40
Physical Property
11,361,577 37
Securities-Pledged (Table V)
Securities-Unpledged (Table V)
$3,327,283 35
Stocks
1,175,282 83
Funded Debt
1,897,045 99
Miscellaneous
6,399,612 17

$3,280,213 82
1,241,282 83
166,680 45
54,688,177 10
$18,279,381 18
323,915,455 80
WORKING ASSETS:
515,198,310 25 Cash
10,501,000 00 Securities Issued or Assumed-Held in Treasury-Funded Debt (Table V)
8,397,383 91 Marketable Securities-Funded Debt (Table V)
*2,667,381 68 Loans and Bills Receivable
456,773 27 Traffic and Car Service Balances Due from Other Companies
983,717 22 Net Balance Due from Agents and Conductors
2,162,471 78 Miscellaneous Accounts Receivable
4,976,824 16 Materials and Supplies
151,916 67 Other Working Assets
545,495,778 94
ACCRUED INCOME NOT DUE:
$167,757 25 Unmatured Interest, Dividends and Rents Receivable
DEFERRED DEBIT ITEMS:
Advances$6,294,540 10
Temporary Advances to Proprietary, Affiliated and Controlled Companies
52,412,306 72
40,705 27
Working Funds
46,344 11
52,458,650 83
500,000 00 Special Deposits
905,000 00
849,000 00 Cash and Securities in Sinking and Redemption Funds-Company Bonds (Table V)
55.539 85
Cash, &o
61,446 68
$910,446 68
1,195,752 72 Other Deferred Debit Items
55,064,850 23
CONTINGENT ASSETS:
37,292,000 00 South & North Ala. RR. Co. 5% Consol. Gold Bonds outstanding, endorsed by Lou. dc Nash. RR. Co_
2,500,000 00 L. & N. Term'l Co. Fifty-year 4% Gold Bonds outstanding, endorsed by Lou. & Nash., and Nash.,
Chatt. & St. Louis By
1,500,000 00 Memphis Union Sta. Co. 5% Coll. Gold Notes guaranteed by the Lou. & Nash. RR. Co. and other
interested RR.Companies
4,530,000 00 South de North Ala. RR. Co. Interest Dividend on Preferred Stock
315,822,000 00
3275,867,738 78

17,992,897:13

20,301,402 94
28,294,300 07
$11,085,960 66
11,133,000 00
8,561,981 03
573,435 86
484,921 32
1,024,260 16
2,539,521 37
5,326,546 56
151.916 67
40,881.543 63
182,001 00

$6,335,245 37
862,135 89
960,539 85
1,134,740 77
9,292,661 88
57,292,000 00
2,500,000 00
2,100,000 00
4,650,000 00
16,542,000 00
$284,050,982 79

• Included in Loans and Bills Receivable for the year ended June 30 1911 Is an amount of 51,673,195 87 on account of notes which mature more
than one year after date of issue, similar amounts being classified as Other Investments, Securities Unpledged, Miscellaneous, in the year 1912.
LIABILITIES.
STOCK:
June 30 1912.
Capital StockCommon Stock00
$59,917,200
Full
outstanding
shares
00
559,917,200
720 00
Fractional shares outstanding
720 00
82,080 00
Original stock and subsequent stock dividends unissued
82,080 00
$60,000,000 00
360,000,000 00
MORTGAGE, BONDED AND SECURED DEBT:
Funded DebtMortgage and Collateral Trust Bonds (Table IV):
$19,117,000 00
Owned by Company
$18,429,000 00
--- 136,078.500 00
Outstanding in hands of Public
$136,883,500 00
5155,195,500 00
3155,312,500 00
24.657 00
27,257 00
Plain Bonds, Debentures and Notes
155,220,157 00
3155,339,757 00
WORKING LIABILITIES:
$272,570 81
$275,783 95 Traffic, and Car Service Balances Due to Other Companies
4,971,958 74
3,614,715 03 Audited Vouchers and Wages Unpaid
120,996 79
104,696 96 Miscellaneous Accounts Payable
1,812,005 71
1,799,651 04 Matured Interest, Dividends and Rents Unpaid
66,000 00
72,100 00 Matured Mortgage, Bonded and Secured Debt Unpaid (Table IV)
279,949 26
150,352 58 Other Working Liabilities
7,523,411 31
$6,017,299 56
ACCRUED LIABILITIES NOT DUE:
$2,883,096 37
$2,883,704 16 Unmatured Interest, Dividends and Rents Payable
943,184 15
708,582 32 Taxes Accrued
3,826,280 52
53,682,286 48
DEFERRED CREDIT ITEMS:
$637,285 51
$719,434 02 Operating Reserves
600,402 53
491,438 93 Other Deferred Credit Items
1,237,688 04
$1,210,872 95
APPROPRIATED SURPLUS:
52,281,569 53
$2,281,569 53 Additions to Property since June 30 1907 through Income or Surplus
Reserves from Income or Surplus324,875 67
267,071 95
Invested in Sinking and Redemption Funds
2,606,445 20
48
32,548,641
PROFIT AND LOSS:
37,095,000 72
$31,246,881 31 Balance
CONTINGENT LIABILITIES:
37,292,000 00 South & North Alabama Railroad Co. 5% Consolidated Gold Bonds outstanding, endorsed by Louis7,292,000 00
ville & Nashville Railroad Co
2,500,000 00 L. & N. Terminal Co. Fifty-year 4% Gold Bonds outstanding, endorsed by Louisville & Nashville
2,500,000 00
Railroad Co. and Nashville Chattanooga de St. Louis Railway
1,500,000 00 Memphis Union Station Company 5% Collateral Gold Notes guaranteed by the Louisville dc Nashville
2,100,000 00
Railroad Company and other interested Railroad Companies
4,650,000 00
4,530,000 00 Interest Dividend accrued on South & North Alabama Railroad Co. Preferred Stock
18,542,000 00
$15,822,00^ 00
$284,050,982 79
3275,887,738 78
Cr.

June 30 1911.




900

THE CHRONICLE

[VoL. Lxxxxv.

TABLE NO. IV.-BONDED DEBT LOUISVILLE & NASHVILLE RAILROAD CO. AND SUBSIDIARY LINES, AND
ESTIMATED INTEREST CHARGES FOR YEAR 1912-1913.
(Including also Guaranteed Dividend on Stock Nashville & Decatur Railroad.
_

MORTGAGES ON RAILROADS.

Authorized.

Issued.

$
3
Yellow River RR., 1st Mtg
150,000
150,000
Evans. Trend. & Nashv. Dtv., 1st M. Gold
2,400,000
2,400,000
Pensacola Division, First Mtg., Gold
600,000
'
600,000
Southeast & St. Louis Div., 1st M., Gold_ _
3,500,000
3,500,000
Pens. & Atlantic RR., 1st Mtg., Gold__
3,000,000
3,000,000
New
New Orleans & Mobile Div., 1st M., Gold. 5,000,000
5,000,000
]New Orleans & Mobile Div., 2d M., Gold__ 1,000,000 1,000,000
iGeneral Mortgage, Gold
20,000,000
12,597,000
,rhe
Gallatin & Scottsville Ry., 1st M.,Gold
500,000
309,000
Erenderson Bridge Co., 1st Mtg., Gold_ _
2,000,000
2,000,000
Lou. On. & Lex. fly., Gen'l Attg., Gold
7,000,000
3,258,000
First Mortgage, fifty-year. Gold
3.500.000
1,764,000
Nash. Flor. & Sherd fly., 1st Mtg., Gold
2,500,000
2,096,000
Birmingham Mln. RR., 1st Mtg., Gold
5,000,000
3,929,000
Alabama Mineral RR., 1st Mtg., Gold_
_
3,150,000
3,150,000
Unified. flfty-year, Gold
75,000,000 63,627,000
Newp. & Cin. Bridge Co., Gen'l Mtg., Gold
1,500,000
1,400,000
L. & N. and M. & M. fly., 1st Mtg., Gold_
5,000,000
4,000,000
L. & N., Pad. & Mem. Div. 1st M., Gold_
5,000,000
4,836,000
Atlanta Knox. ec Nor. fly.,'1st M., Gold
1,500,000
1,000,000
Atlanta Knox. & Cin. Division, Gold
50,000,000 24,360,000
Southeast F0 St. Louis Div.,2d M., Gold
3,000,000
3,000,000
Gold
Kentucky Central fly., 1st Mtg.,
7,000,000
6,742,000
1.t1. Knox, & Nor. By., 1st Cons. M., Gold
2,280,000
1,280,000
209,580,000 154,998,000
Real Estate 21iortgape.
it. Louis Property, 20-year 1st M., Gold
Collateral Trust Bonds
First Mortgage Trust, Gold
'L. & N.-Sou., Alonon Collateral Joint,
Gold
Total L. & N. RR. Co
3onas Outstanding, Matured or Drawn for
Sinking Funds, Not Presented.
dobile & Montgomery By., Income Bonds
Dity of Louisville, Lebanon Branch Ext'n
Lou. Cln. & Lex. By., First Mtg
Lou. & Nash. Sinking Fund, Gold
Evans. trend. & Nashv. Div., 1st M., Gold
Evans. trend. & Nashv. Div., 1st M., Gold
Evans. Mend. & Nashv. Div., lstM., Gold
3enera1 Mortgage, Gold
3eneral Mortgage, Gold
3eneral Mortgage, Gold
?ensacola & Atlantic RR., 1st Mtg., Gold
ensacola & Atlantic RR., 1st Mtg., Gold_
Total Bonds due and unpaid, L.& N.R11.
lIortgages on Railroads Operated, Controlled
Through Ownership of Capital Stock.
lay Annette & Ft. Morgan RR. 1st M.,Gold
)wensboro & Nashville fly., 1st M., Gold_
dorganfleld & Atlanta RR., 1st M., Gold_
I1ortgages on Railroad not Owned but Operated by L. & N. Railroad.
t South & North Alabama RR., Cons.,Gold
South ec North Alabama RR., Imp., Gold
VIortgage on Property not Owned but Operated by L. & N. Railroad.
0 LoulsvIlle & Nash. Terminal Co., lstIL,G.
Stock on which Dividend is Guaranteed.
VashvIlle & Decatur Rallroad

650,000

617,000

7,000,000

5,129,000

7,750,000

5,913,500

Redeemed
or Drawn
for Payment.
$
10,000
1,320,000
320,000

Owned by Outstanding
L. c*, N. RR. in Hands of
Public.
Company.
$
140,000
6,000

1,127.000
7,000
7,888,000

17,000

____
780-,000

20,000
309,000
874,000
15,000
100,000
3,929,000
3,150,000
5,739,000
217,000
1,000
4,115,000
2,000
38,000

Maturity.

Estimated
InterInterest
est. Coupons Due. Charges Jo,
Yr. 1912-11
%

$
Jan. 1 1919
4
Jan. 1, July 1
1,080,000 Dec. 1 1919
6
June 1, Dec. 1
274,000 Itch. 1 1920 6
Arch. 1, Sept. 1
3,500,000 Arch. 1 1921
6
Arch. 1, Sept. 1
1,873,000 Aug. 1 1921
6
Feb. 1, Aug. 1
4,993,000 Jan. 1 1930
6
Jan. 1, July 1
1,000,000 Jan. 1 1930
6
Jan. 1, July 1
4,689,000 June 1 1930
6
June 1, Dec. 1
July 1 1931
4
Jan. 1, July 1
1,126,000 Sept. 11031
6
Arch. 1, Sept. 1
3,258,000 Nov. 1 1931 4 ii May 1, Nov. 1
1,749,000 May 1 1937
a
May 1, Nov. 1
1,996,000 Aug. 1 1937
5
Feb. 1, Aug. 1
Nov. 1 1937 5
May 1, Nov. 1
July 1 1940
Jan. 1, July 1
4
Jan. 1, July 1
57,871,000 July 1 1940 4
1,400,000 July 1 1945
4 % Jan. 1, July 1
4 3i Mch, 1, Sept. 1
4,000,000 Sept. 1 1945
4
Feb. 1, Aug. 1
4,619,000 Feb. 1 1946
999,000 Dec. 1 1946
5 June 1, Dec. 1
May 1, Nov. 1
4
20,245,000 May 1 1955
3
Arch. 1, Sept. 1
2,998,000 Mch. 1 1980
4
Jan. 1, July 1
8,704,000 July 1 1987
500,000 Mch. 1 2002 4 [doh. 1, Sept. 1

11,462,000 18,662,000 124,874,000

$
80,95(
15,240
210,000
110,101
299,580o
60,00Ci
278,5601
64,660
146,610
87,450
99,800
2,314,840
63,000
180,000
184,760
49,950
809,800
89,940
268,160
20,000
5,413,405

617,000 Arch. 1 1916

5

Mch. 1, Sept. 1

30,850

424,000

4,705,000 Nov. 1 1931

5

May 1, Nov. 1

235,250

31,000

5,882,500 July 1 1952

4

Jan. 1, July 1

14,750,000 11,042,500
455,000 10,587,500
224,980,000 166,657,500 11,462,000 19,117,000 136,078,500

235,300
470,550
5,914,805

4,000 Jan. 1 1890
1,000 Oct. 15 1893
2,000 Jan. 1 1897
1,000 April 1 1910
1,000 Dec. 1 1909
3,000 Dec. 1 1910
2,000 Dec. 1 1911
1,000 June 1 1909
1,000 June 1 1911
45,000 June 1 1912
1,000 Feb. 1 1011
4,000 Feb. 1 1912
366,000
500,000
2,000,000
500,000

225,000
1,200,000
500,000

225,000
1,200,000
500,000

3,000,000

1,925,000

1,925,000

10,000,000 10,000,000
2,000,000
1,920,000
12,000,000 11,920,000

July 1 1930
Nov. 1 1931
June 1 1932

4
6
4

Jan. 1, July 1
May 1, Nov. 1
Tune 1, Dec. 1

2,708,000
1,920,000

7,292,000 Aug. 1 1936
Aug. 1 1036

5
5

Feb, 1, Aug. 1
Feb. 1, Aug. 1

4,628,000

7,292,000

3,000,000

2,535,000

35,000

3,553,750

3,553,750

1,979,600

364,600
364,600

2,500,000 Dec. 1 1952
f Guarant'd1
1,574,150 lby L.&N.1

4

Juno 1; Dec. 1

100,000

71,5 Jan. 1, July 1

118,061

Total estlmated interest charges 1912-13

6,497,466

• Total amount of bonds authorized $15,500,000, Issued $11,827,000, of which this Company's liability is one-half. Of the L. ,Sc N. proportion of
the outstanding bonds, $1,515,000 are registered as to both principal and interest, and the interest thereon Is payable quarterly on January 1, Aprli 1
July 1 and October 1.
a Principal and interest guaranteed by Louisville & Nashville Railroad Company.
b This property is operated Jointly by this Company and the Nashville Chattanooga & St. Louis Railway, the principal and Interest being jointly
l'uaranteed by the two railroad companies.

TABLE NO. V.-See next page.
TABLE NO. VI.-PROPERTY INVESTMENT, ROAD AND EQUIPMENT.
Road and Equipment June 30 1911 wasRoad
Equipment
To which add the following:
RoadNew Llne, Winchester to Irvine, Ky
Athens ec Tellico Railway
New Line, Mortons to Atkinson, Ky
Straight Creek Branch
Additions and Betterments

$150,351,768 06
42,160,617 65
$192,512,385 71

$109,600 16
410,046 68
20,078 56
2,077 64
$4,819,586 03

Less-Amount included in above account of South & North Alabama Railroad, Nashville
& Decatur Railroad, Elkton Fe Guthrie Railroad and Glasgow Railway
Sundry Other Charges _________

826,962 70
3,992,623 33
323 48

____ ___

$4,534,749 85
Less-Credits:
Lot and building, Second and Main Sts., Louisville, Ky
Atlanta Knoxville & Northern Railway-Construction Account
Additions and Betterments-Shelbyville Bloomfield & Ohio Railroad
Yellow River Railroad
Sundry Other Credits

$75,000 00
50,068 79
1,625 38
21,650 10
7,607 00
155,951 27
$4,378,798 58

EquipmentBought, built, or otherwise acquired during year

1,664,100 23
6,012,997 8

Total, as per Table No. III.Road
Equipment




$154,730,566 64
43,82,1,816 88
$198,555,383 52

901

THE CHRONICLE

OCT. 5 1912 I

TABLE NO. V.-SECURITIES OWNED.
In Treasury.

Sinking and Redemption Funds.

Inedged.

8U to

Total Pledged.

z

Other Issues.

BONDS.

L. & N. Issues.

4036.;
„;

eLt3
r

esq °8

Z4
,

Grand
Total.

E.;F
.

•1
tIC

6

Louisville (.4;, Nashville Issues140,000
Yellow River RR., 1st Mtg., 4%
6,000
Pensacola Div., 1st Mtg., Gold, 6%
20,000
General Mortgage, Gold, 6%
300,000
Gallatin & Scottsv. fly., 1st M., G., 4%
Henderson Bridge Co., 1st Mtg., 6%
15,000
First Mtg., 5%, 50-year, Gold
131rmingham Mineral RR., 1st Mtg., 5%
100,000
Nash. Flo. & Shef. Hy., 1st M., G.. 5%
Alabama Mineral RR., 1st Mtg., 4%
5,723,000
Unified 50-Year 4% Gold Mortgage
217,000
L. &N., P. &M. Div. 50-yr.4%,(3., 1st
1,000
Atl. Knox. & Nor.Ry., 1st M., 5% G
4,115,000
Atl. Knox. & Cln. Div., 4% Gold
S. E. & St. L. Div., 2d Mtg., Gold, 3%
32,000
Kentucky Cent. fly., 1st Mtg., G., 4% _
424,000
Five per cent First Mtg. Trust Gold
31,000
L. & N.-Sou., Monon, Coll., 4% Joint
N. O. Mobile & Texas Ity., 1st M., 6%
Total (see Balance Sheet)

874,000 874,000
3,929,000 3,929,000
3,150,000

3,150,000

5,000

7,000

16,000

2,000
1,000

2,000
6,000
7,000

7,000
3,150,000 3,929,000 7,079,000

11,133,000

16,000

140,000'
6,000
20,000
309,000
874,000
15,000
3,929,00()
100,000
3,150,000
5,739,000
217,000
1,000
4,115,000
2,000
38,000
424,000
31,000
7,000

5,000 19,000 874,000 905,000 19,117,000

issues of Other Companies.
Subsidiary Companies.
Bay Min. & Ft. M. RR., 1st M., 470,G_
Morganlleld & Atl. RR., 1st Mtg., 4%
Owensboro & Nash. fly., 1st Mtg., 6%
South & North Ala. RR.,5% Con.M.,G.

500,000

225,000
500,000
1,200,000
500,000

1,200,000 1.200,000 500,000

2,425,000

225,000
500,000
1,200,000 1,200,000
725,000

Total (see Balance Sheet)
Marketable Bonds.
Cairo & Thebes rtrt. co., 1st Mtg., 4%
Carrollton & Worthville RR. Co., 5%
Charleston Term. Co., 50-yr., 4% Gold
Central Transfer fly. & Storage Co., 5%
Jenifer Iron & Coal Co., 2d Mtg., 5%
L. & N. Terminal Co., 50-year, Gold,4%
Louisville Property Co., Gold, 4%
Monroe Railroad, 1st Mortgage, 4%.._
Muhlenberg Co., Ky., 5% Refunding
Nash. Chatta. & St. Louis fly. Issues_ _
National Coal & Iron Co., 5%
South & North Ala. 1111-5% Con.M.,GSouth & North Ala. RI2., Imp., 5% G_
Southern Iron & Steel Co. Issues
Sloss Iron & Steel Co., 1st Mtg.. 6%_
Wholesale Merchants' Warch. Co., 5%
Sundry other Bonds and Scrip

1,688,000
92,000
300,000
10,000
22,300
35,000
1,600,000
34,000
10,000
65,000
58,000
2,208,000
1,920,000
108,678
43,000
398,000
12,930

1,688,000
92,000
300,000
10,000
22,300
35,000
1,600,000
34,000
10,000
65.000
58,000
2,208,000
1,920,000
108,678
43,000
398,000
12,930

Total

8,604,900

8,604,909

Ledger Value, Marketable Bonds (see
Balance Sheet)

8,561,981

8,561,981

1,463,000
1,175,282

1,468,000
1.175,282

Owned as Investment.
Lexington & East. fly. Co. Gen. M.5%
Ledger Value (see Balance Sheet)-- Grand Total Bonds

11,133,000 10797 909 3,150,000 5,129,000 8,279,000 500,000

7,000

5,000 19,000 874,000 905,000 31,614,909

• For Stocks held by Central Trust Co., Trustee under Unified Mortgage, see table below.

Special DePledged.
posit, New
York Trust 'Central Tr. Standard Tr. Farmers'
matter
in
Co.,
Co.Collateral Co.L. &
Owned
Loan &Trust Total Pledged
Proprietary
of N. 0. Al. for Unified Sou., Morton Co.Collateral Owned as
as
and ConInvestment. & C. Rd. 50-Year 4% Collateral under N. 0. Investment.
trolled
Bonds.
Joint Bonds. M.&T.Mtgs.
Companies.
In Treasury.

STOCKS.

Augusta Belt Railway
Augusta Union Station Co
Augusta & Summerville Railroad
Atlantic Compress Co
Atlanta & West Point RR. Co
Buck Creek Cotton Mills, Preferred
Central Transfer Railway & Storage Co
Chic. Ind. & Louisv. fly., Preferred
Chic. Ind. & Loulsv. fly..Common
Cincinnati Inter-Terminal RR. Co., Pref
Colossal Cavern Co
Elkton & Guthrie Railroad Co
Gulf Transit Co
Kentucky Public Elevator Co.. Common
Lexington & Eastern fly. Co
Lexington Terminal Railroad (of Georgia)
Lexington Union Station Co., Preferred_-_--Lexington Union Station Co.. Common
Lewisburg & Northern RR. Co
Louisville & Nashville Terminal Co
Loulsv. fiend. & St. Louis fly., Preferred
Loutsv. Hend. & St. Louis fly., Common
Milledgeville fly
Missouri & Illinois Bridge & Belt Railroad
Monroe Railroad
Nashville & Decatur Railroad
Nashville Chattanooga & St. Louis Ry
New Orleans Mobile &Chic. Itit., Preferred_
New Orleans Mobile & Chic. RR.,Common
Owensboro & Nashville Railway
Republic Iron & Steel Co., Preferred
Republic Iron & Steel Co., Common_
South & North Alabama Railroad, Preferred
South & North Alabama Railroad. Common_
Southern Iron & Steel Co., Preferred
rerminal Railroad Association of St. Louis_ __ _
Woodstock lie 13locton Railway
Wasioto 45c Black Mountain Railroad
Sundry stocks, roads operated as part of the
L. & N. System (nominal values)
--'Sundry other stocks _
Total
II
Ledger Value (sec Balance Sheet)




$32,500
12,500
25,000
25,900
110,650
30,000
25,000
a$1,936,700
a4,898,450

5,000
140.500
25,000
17,275
82,300
37,300
500,000
3,300

a$1,936,700
a4,898,450

25,000
5.000
100.000
100,000
776,081
1,631,386
15,000
13,000
50,000

1

1,979,600
1,676,100
216,616
505

$5,501,500

5,501-,500

2,000.000
1,127,400

2,000,000
1,127.400

$2,384,750

193,125
54,800
46,100
7,833
61,718
205,800
120,000
50,000

Grand
Total.

$32,500
12.500
25,000
25,900
110,650
30,000
25,000
1,936,700
4,903,450
140,500
25,000
17,275
82,300
37,300
500,000
3,300
25,000
5,000
100,000
100,000
776,081
1,631,386
15,000
13,000
50,000
1,979,600
7,177,600
216,616
2,385,255
193,125
54,800
46,100
2,000,000
1,135,233
61,718
205,800
120,000
50,000
75
67,900

75
67,900
$2,803,600

$5,664,263

$2,384,750

53,628.900

$6,835,150

2,179,256

3.327,283

362,136

5,355.544

6,006.034

$15,464,050 $26,316,663
11,361,577

17,230,253

THE CHRONICLE

902

[VOL. Lxxxx v.

In Treasury.

Pledged.
Special Deposit, New
York Trust *Central Tr. Standard Tr. Farmers'
Proprietary
Co. in matter Co. Collateral Co. L. & N.- Loan& Trust TotalPledged
Owned
and Conof N. 0. M. for Unified Sou.,Monon Co. Collateral Owned as
as
Investment, &, C. It'd. 50-Year 4% Collateral under N. 0. Investment.
trolled
Companies.
Bonds.
Joint Bonds. M.&T.Mtgs.

STOCKS.

Brought Forward

$2,803,600

$5,664,263

$2,384,750

$8,628,900

Grand
Total.

$15,464,050 $26,316,663

$6,835,150

Stocks with TrusteesOwensboro & Nashville Railway
Ledger Value (see Balance Sheet)
Henderson Belt Railroad
Southeast & St. Louis Railway
Pensacola Railroad
Louisv. Cin. do Lexington Ry., Preferred
Loulsv. Cln. ec Lexington Ry., Common
Alabama Mineral Railroad
Louisville Railway Transfer
Mobile do Montgomery Railway
Shelby Railroad
Birmingham Mineral Railroad
New Orleans Mobile & Texas Railway
Nashville Florence & Sheffield Ry
Pontchartrain Railroad
Henderson Bridge Co

963,400

250,728

501,000

19,750
980,000
285,000
1,500,000
985,000
1.969,000
100,000
2,939,700
589,256
2,412,600
3,985,000
615,000
711,800
501,000

19,750
980,000
285,000
1,500,000
085,000
1,069,000
100,000
2,939,700
589,256
2,412,600
3,985,000
615,000

$711,800

Total (Ledger Value included in Road an
Equipment on Balance Sheet)

963,400

963,400

250,728

250,728
19,750
980,000
285,000
1,500,000
985,000
1,969,000
100,000
2,939,700
589,256
2,412,600
3,085,000
615,000
711,800
501,000

$711,800 $17,593,106 $17,593,106

$16,881,306

Miscellaneous.
Woodstock & Blocton Ry.-Certificates of In •
debtedness
Lexington & Eastern Ry. Co.-Deferred De
benture Scrip
Sundry notes, maturing more than one yea •
after date of issue
Total
Ledger Value (see Balance Sheet)
Grand Total Stocks and Miscellaneous Secur
Ries

13,126

13,126
363,373

363,373

1,712,261

1,712,261

$13,126

$2,075,633

$2,088,759

13,126

1,883.920

1,897,046

$2,816,726

$7,739,896

$2,384,750 $26,473,606

$6,835,150

$711,800 $34,020,556 $46,961,929

• For Bonds held by Central Trust Co.. Trustee under Unified Mortgage, see preceeding page.
a This Company's share, or one-half of stoeir owned jointly and pledged.

TABLE NO. VII.-GROSS OPERATING REVENUES, OPERATING EXPENSES, AND NET BY MONTHS.
[4,740.49 miles.

Average operated during year, 4,709.93 miles.]

Passenger.

Freight.

Months.
July 1911
Aug. '
Sept. "
Oct. "
Nov. "
Dec. "
Jan. 1912
Feb. '
Mch. "
April "
May "
June "
Totals

July 1911
Au7. '
Sept. "
Oct. "
Nov. "
Dec. "
Jan. 1912
Feb. "
MO. "
Apr. "
May "
June "
Totals

Express.

Other Passenger
Train Revenue.

$2,962,046 19
3,231,435 73
3,384,555 87
3,850,622 15
3,623,082 02
3,230,367 49
3,299,884 02
3,479,489 36
3,689,348 46
3,461,519 84
3,355,516 09
3,033,420 67

$1,072,470 88
1,114,878 06
1,094,458 27
1,035,473 54
931,102 60
1,112,126 09
962,715 34
953,088 89
963,411 33
963,312 64
1,010,878 85
1,014,017 73

$72,147 34
72,207 16
72,234 92
71,025 54
71,826 40
69,379 89
68,554 95
70,375 15
67,440 67
70,085 99
70,223 68
70,237 84

$104,205 61
96,967 46
109,957 63
127,421 94
134,592 75
164,496 97
124,701 69
105,778 28
128,945 70
135,008 29
129,467 31
116,801 96

$16,742 71
15,656 71
19,850 22
25,674 51
21,663 45
15,932 57
19,495 86
16,769 97
20,061 70
26,200 97
25,837 17
23,783 19

$40,601,287 89

$12,227,934 22

$845,739 53

$1,478,345 59

$247,669 23

Revenues from
Other Revenues Operations Other
than
from
Transportation. Transportation.

Months.

Mail.

Total Operating
Revenues.

Per Ct. of
Expenses
to
Revenues.

Net Operating
Revenues.

Operating
Expenses.

$25,107 96
28,019 23
30,083 89
35,809 21
36,666 00
29,133 82
25,128 22
26,516 45
31,961 79
37,281 43
38,062 77
35,753 08

$34,027 58
33,918 77
39,517 38
36,707 73
35,054 86
34,400 42
35,064 69
35,025 31
38,159 97
36,181 71
38,189 75
34,949 82

$4,286,748 27
4,593,083 12
4,750,658 18
5,182,824 62
4,853,988 08
4,655,837 25
4,535,544 77
4,687,043 41
4,939,329 62
4,729,590 87
4,668,175 82
4,328,964 29

$3,058,607 26
3,150,449 12
1,149,876 36
1,238,632 96
1,265,729 80
1,180,243 53
1,380,692 08
3,272,547 70
3,547,068 11
3,495,723 13
3.502,963 56
3,383,793 83

$1,228,141 01
1,442,634 00
1,600,781 82
1,944,191 66
1,588,258 28
1,475,59372
1,154,852 60
1,414,49571
1,392,261 51
1,233,867 74
1,165,212,26
945,17046

71.85
68.59
66.30
62.49
67.28
68.31
74.54
69.82
71.81
73.91
75.04
78.17

$379,613 85

$431,197 99

$56,211,788 30

$39,626,327 44

$16,585,460,86

70.49

TABLE NO. VIII.-GROSS OPERATING REVENUES, OPERATING EXPENSES, AND NET.
Sources.
Passenger revenue
Excess baggage revenue
Parlor and chair car revenue
Mall revenue
Express revenue
Milk revenue
Other passenger train revenue
Special service train revenue-passenger
Total passenger train revenue
Freight revenue
Special service train revenue-freight
Switching revenue
Miscellaneous transportation revenue
Total revenue from transportation
Station and train privileges
Storage, freight
Storage. baggage
Car service
Telegraph
Rents
Miscellaneous
Joint facilities-Dr
Joint facilities-Cr

Per Cent
of Gross
Revenues.
21.753
.333
.017
1.505
2.630
.079
.012
.011

$12,227,934 22
187,131 38
9,785 20
845,739 53
1,478,345 59
44,171 94
6,580 71
6,399.37

72.229
.056
.607
.001

$14,806,087 94
$40,601,287 89
31,280 18
341,489 82
444 48

.037
.088
.017
.333
.013
.095
.027
.157

$55,780,590 31
21,021.45
49,743 73
9,327 35
187,280 11
7,255 71
53,180 93
14,927 85
{3,704 36
92,165 22

100.000

$56,211,788 30

Total revenue from operations other than transportation
Total operating revenues




Gross
Operating
Revenues.

Net
Operating
Revenues.

Operating
Expenses.

-$10,478,182 14
$29,148,145 30

$4,327,905 80
$11,453,142 59
31,280 18
341,489 82
444 48
21,021 45
49,743 73
9,327 35
187,280 11
7,255 71
53,180 93
14,927 85
3,704 36
92,165 22

$431,197 99
$39,626,327 44

$16,585,460 86

THE CHRONICLE

OCT. 5 1912.]

TABLE NO.IX.-OPE RATING EXPENSES.
EXPENDED FOR:
Maintenance of Way and Structures$369,185 09
Superintendence
112,648 60
Ballast
1,473 88
Ballast-Extraordinary
1,068,652 20
Ties
436 22
Ties-Extraordinary
321,884 05
Rails
222 26
Rails-Extraordinary
396,659 79
Other Track Material
991 94
Other Track Material-Extraordinary
2,468,470 48
Roadway and Track
98,905 90
Roadway and Track-Extraordinary
36,278 80
Roadway and Track-Assessments for PublicImprovements_
140,213 24
Cleaning Right of Way
21,736 93
Removal of Snow, Sand and Ice
33,097 71
Tunnels
37 19
Tunnels-Extraordinary
978,698 12
Bridges, Trestles and Culverts
65,011 63
Bridges, Trestles and Culverts-Extraordinary
11,592 22
Over and Under Grade Crossings
21 50
Over and Under Grade Crossings-Extraordinary
64,268 29
Grade Crossings, Cattle Guards and Signs
Grade Crossings, Cattle Guards and Signs-Extraordinary _ _
54,803 00
Right of Way Fences
Right of Way Fences-Extraordinary
Snow and Sand Fences and Snowsheds
65,406 24
Signals and Interlocking Plants
1 60
Signals and Interlocking Plants-Extraordinary
35,002 85
Telegraph and Telephone Lines
251 92
Telegraph and Telephone Lines-Extraordinary
Electric Power Transmission
90,961 48
Water Stations
42,057 48
Fuel Stations
185,375 67
Shops, Enginehouses, he
432,628 77
Station, Office and Other Buildings
56,001 47
Buildings, Fixtures and Grounds-Extraordinary
Buildings, Fixtures and Grounds-Assessments for Public
1,571 90
Improvements
60,280 46
Docks and Wharves
Docks and Wharves-Extraordinary
98,163 73
Roadway Tools and Supplies
49,289 12
Injuries to Persons
20,987 65
Stationery and Printing
1,627 19
Other Expenses
1,388,700 00
Way and Structures-Depreciation
,
Maintaining Joint Tracks, Yards and Other Facilities-Dr
Maintaining Joint Tracks, Yards and Other Facilities-Cr_ _Cr. 226,682 31
$8,828,754 68

Total
Maintenance of EquipmentSuperintendence
Steam Locomotives-Repairs
Steam Locomotives-Renewals
Steam Locomotives-Depreciation
Electric Locomotives-Repairs
Electric Locomotives-Renewals
Electric Locomotives-Depreciation
Passenger Train Cars-Repairs
Passenger Train Cars-Renewals
Passenger Train Cars-Depreciation
Freight Train Cars-Repairs
Freight Train Cars-Renewals
Freight Train Cars-Depreciation
Electric Equipment of Cars-Repairs
Electric Equipment of Cars-Renewals
Electric Equipment of Cars-Depreciation
Floating Equipment-Repairs
Floating Equipment-Renewals
Floating Equipment-Depreciation
Work Equipment-Repairs
Work Equipment-Renewals
Work Equipment-Depreciation
Shop Machinery and Tools
Power Plant Equipment
Injuries to Persons
Stationery and Printing
Other Expenses
Maintaining Joint Equipment at Terminals-Dr
Maintaining Joint Equipment at Terminals-Cr

$290,121 39
3,144,545 35
•1,418 04
453,823 58

638,13555
•14,295 07
74,936 37
3,689,848 51
•xCr.23,231 84
1,315,240 76

71 04
55,574 34
*xCr.1,098 93
35,372 40
240,082 85
22,491 94
34,252 40
8,150 02
78,230 19
Cr.955 28
$10,071,303 59

Total
Traffic ExpensesSuperintendence-Passenger
Superintendence-Freight
Outside Agencies-Passenger
Outside Agencies-Freight
Advertising-Passenger
Advertising-Freight
Traffic Associations-Passenger
Traffic Associations-Freight
Fast Freight Lines
Industrial and Immigration Bureaus
Stationery and Printing-Passenger
Stationery and Printing-Freight
Other Expenses
Total
Transportation ExpensesSuperintendence
Dispatching Trains
Station Employees-Passenger
Station Employees-Freight
Weighing and Car Service Associations
Coal and Ore Docks
Station Supplies and Expenses
Yardmasters and their Clerks
Yard Conductors and Brakemen
Yard Switch and Signal Tenders
Yard Supplies and Expenses
Yard Enginemen
Enginehouse Expenses-Yard
Fuel for Yard Locomotives
Water for Yard Locomotives
Lubricants for Yard Locomotives
Other Supplies for Yard Locomotives
Operating Joint Yards and Terminals-Dr
Operating Joint Yards and Terminals-Cr
Motormen
Road Enginemen-Passenger
Road Enginemen-Freight
Road Enginemen-Mixed
Enginehouse Expenses
Fuel for Road Locomotives-Passenger
Fuel for Road Locomotives-Freight
Fuel for Road Locomotives-Mixed
Water for Road Locomotives
Lubricants for Road Locomotives-Passenger
Lubricants for Road Locomotives-Freight
Lubricants for Road Locomotives-Mixed
Other Supplies for Road Locomotives-Passenger
Other Supplies for Road Locomotives-Freight
Other Supplies for Road Locomotives-Mixed
Operating Power Plants
Purchased Power -----------------------------Road Trainmen-Passenger
Road Trainmen-Freight
Road Trainmen-Mixed
Train Supplies and Expenses-Passenger
Train Supplies and Expenses-Freight
Train Supliles Erni Expenses-Mixed
Interlockers and Block and Other Signals-Operation
Crossing Flagmen and Gatemen




$96,067 10
225,764 84
157,486 83
243,030 13
167,912 86
3,959 34
7,497 46
19,134 90
42,729 27
43,496 42
35,055 91
135,778 30
194 75
$1,178,108 12
$295,706 63
479,743 83
510,998 61
2,145,747 36
82,979 83
175,750 42
297,248 90
915,838 58
50,550 18
30,741 52
525,222 87
118,630 14
356,925 51
31,510 06
9,126 11
12,606 25
890,214 18
Cr.115,182 93
1,787,149 10
88,058 89
545,173 29
707,565 54
2,091,835 95
85,624 75
200,029 00
23,863 59
51,207 20
1,711 59
25,041 52
64,279 50
2,069 50
579,351 52
2,031,399 76
107,593 04
372,745 52
238,836 94
4,360 60
28,626 69
78,709 41

903

Drawbridge Operation
29,292 10
Clearing Wrecks
110,398 80
Telegraph and Telephone-Operation
75,799 15
Operating Floating Equipment
Express Service
Stationery and Printing
932,806 12
Other Expenses
25,868 53
Loss and Damage-Freight
426,517 14
Loss and Damage Baggage
2,965 43
Damage to Property
127,754 80
Damage to Stock on Right of Way-Passenger
116,541 75
Damage to Stock on Right of Way-Freight
142,719 04
Injuries to Persons (not Employees)-Passenger
165,961 19
Injuries to Persons (not Employees)-Freight
99,487 06
Injuries to Employees-Passenger
48,752 87
Injuries to Employees-Freight
180,296 02
Operating Joint Tracks and Facilities-Dr
71,234 3
Operating Joint Tracks and Facilities-Cr
Cr.50,508 94
Total
$18,408,196 99
General ExpensesSalaries and Expenses of General Officers
$126,986 32
Salaries and Expenses of Clerks and Attendants
532,987 26
General Office Supplies and Expenses
31,903 53
Law Expenses
321,398 15
Insurance
2,710 46
Relief Department Expenses
Pensions
14,091 72
Stationery and Printing
53,383 78
Other Expenses
50,552 64
General Administration Joint Tracks, Yards & Terminals-Dr.
8,546 00
General Administration Joint Tracks, Yards ec Terminals-Cr. Cr.2,595 80
Total
$1,139,964 06
Total Operating Expenses
$39,626,327 44
• The difference between amounts shown as charged to Operating Expenses on account of Renewals, page 10, and Table IX, Is due to credits to
Renewal Accounts for salvage from locomotives and cars destroyed, and
on account of charges to other companies for cars destroyed on their tines,
also to debits and credits to Renewal Accounts occasioned by adjusting the
difference between depreciated value, according to the Superintendent of
Machinery's appraisal, of cars changed from one class to another, and the
depreciated value shown by Equipment Depreciation Register.
x Credit balance in Account 56-Freight Train Cars, Renewals,-is occasioned by adjustment of depreciation on freight cars changed to another
class. Credit balance in account 65-Work Equipment, Renewals-is
due to excess value of scrap credited to this account from work equipment
retired over depreciated values of work equipment destroyed during the year.

TABLE NO. X.-PASSENGER & FREIGHT STATISTICS.
TOTALS AND AVERAGES FOR THE YEAR COMPARED WITH
THE PREVIOUS YEAR.
Passenger Traffic.

1911-1912.

P.C. of
1910-1911.
orDec.(-)

4,709.93
a
4,598.39
Mileage of road operated
+2.4256
9,621,534
+3.5011
No. of miles run by rev,trains b 9,958,397
54,201,101
52,063,341
+4.1061
No. of miles run by cars
5.01
4.93
+1.6227
No. of cars in each train
12,312,662
11,726,804
+4.0959
No. of passengers carried
43.25
43.63
-8710
No. of miles each pass. was car.
532,465,242
511,660,752
+4.0661
No. of pass. carried one mile_
No. of pass. car. 1 mile per mile
of road
113,052
111,270
+1.6015
No. of pass. car.in each train
49.22
48.48
+1.5264
14.24
No. of pass. car. in each car__ _
14.30
-.4196
trains__
_c
pass.
Earnings from
$11,806,087.94 $14,201,524.67
+4.2570
Operating expenses, passenger_ $10,478,182.14 $9,980,326.16
+4.9884
Net earnings from pass. trains_ $4,327,905.80 $4,221,198.51
+2.5279
$3,143.50
Earnings per mile of road
$3,088.37
+1.7880
$2,224.70
Expenses per mile of road
$2,170.40
+2.5018
$918.89
Net earnings per mile of road_ _
$917.97
+.1002
Earnings per rev. tr. mile.cts.
136.831
134.570 +1.6802
Expenses per rev. tr. mile_cts.
96.834
94.571 +2.3929
Net earns, per rev. tr. mile_cts.
39.997
39.999 -.0001
Earnings per car mile
eta.
27.317
27.277
+.1466
Expenses per car mile_ _cts_
19.332
19.169
+.8503
7.985
Net earnings per car mile_cts_
8.108 -1.5170
99.312
Earnings per passenger_ _d_cts_
+.0413
99.271
2.296
2.275
+.9231
Earnings per pass, per mile cts_
70.77 .
70.28
+.6972
P.c. of expenses.to pass. earns_
Freight Traffic17,562,804
-1.5420
No. of miles run by rev, trains e 17,291,994
•
No. of miles run by mixed rev.
931,768
e
862,318
trains
-7.4536
Number of miles run by cars,
264,035,812
loaded
059,481,644
+1.7551
No. of miles run by cars, empty 121,288,830
121,181,190
+.0888
No.of miles run by cars, loaded
and empty
385,324,642
380,662,834
+1.2247
train
14.54 .
No. of cars loaded in each
14.03
+3.6351
6.68
No.of cars empty in each train
6.55
+1.9847
No. of cars loaded and empty
21.22
in each train
20.58
+3.1098
P. c. of loaded car mileage to
68.52
68.17
total car mileage
+.5134
P. c. of empty car mileage to
31.48
31.83 -1.0996
total car mileage
30,425,132 ' 29.619,932
No. of tons carried
+2.7184
5,172,299,481
5,095,052,668
No. of tons carried one mile
+1.5161
No. of tons carried one mile per
1,098,169
1,108,008
mile of road
-.8880
170.00
172.01 -1.1685
No.of miles each ton was car'd_
285.02
No. of tons in each train
275.49
+3.4593
No,of tons in each loaded car_ _
19.60
19.64
-.2037
No. of tons in each loaded and
empty car
13.43
13.38
+.3737
Earns, from freight rev. trains_ $40,633,012.55 $39,095,390.58
+3.9330
Operating expenses, freight__.$29,148,145.30 $28,499,496.45
+2.2760
Net earns.from freight rev. trs. $11,484,867 25 $10,595,894.13
+8.3898
Earnings per mile of road
$8,627 10
$8,501.97
+1.4718
Expenses per mile of road
$6,188.66
$6,197.71
-.1460
Net earnings per mile of road
$2,438.44
$2,304.26
+5.8231
Earns, per rev. train mile_ _cts_
223.820
211.388 +5.8811
160.558
Expenses per rev. tr. mile_cts_
154.096 +4.1935
83.262
Net earns. per rev. tr. mile cts..
57.292 +10.4203
cts_
10.545
Earnings per car mile
10.270 +2.6777
cts_
7.564
Expenses per car mile
7.487 +1.0284
2.981
2.783 +7.1146
Net earnings per car mile_ _cts_
eta.
133.551
Earnings per ton
131.990 +1.1827
cts_
95.803
96.217 -.4303
Expenses per ton
cts_
37.748
35.773 +5.5209
Net earnings per ton
.767 +2.4772
.786
Earnings per ton per mile_ _cts _
.559
+.8945
Expenses per ton per mile_cts_
.564
.208 +6.7308
.222
Net earns, per ton per mile cts_
72.90 --1.5912
71.74
P. c. of expenses to fr't earns__
Total all Traffic-. .
,
Gross earnings per mile of road,
$11,741.88
$11,934.74
Pass., Freight and Miscell__ _
+1.6425
$8,413.36
$8,368.11
Dperating exp. per mile of road
+.5407
$3,521.38
Net earnings per mile of road__
+4.3752
$3,373.77
. . . .
a Mileage of road operated shows average length operated during each
fiscal year.
O Miles run by mixed revenue trains should be added to Passenger Train
Mileage in arriving at results per train mile of Passenger Traffic.
c Includes mail, express, excess baggage, parlor and chair car, milk, other
passenger train and special service passenger train revenue.
d Excludes mail, express, excess baggage, parlor and chair car, milk,
other passenger train and special service passenger train revenue.
e Miles run by mixed revenue trains should be added to Freight Train
Mileage in arriving at results per train mile of Freight Traffic.

904

[VOL.LXXXXV

THE CHRONICLE

THE KANSAS CITY SOUTHERN RAILWAY COMPANY
TWELFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1912.
Kansas City, Mo., September 16 1912.
To the Stockholders of the Kansas City Southern Railway Co.:
The twelfth annual report of the affairs7of your Company,
being for the year ended June 30 1912, is herewith presented.
MILES OF RAILROAD.

The track mileage of your Company on June 30 1912 was
as follows:
Main Line:
•
Kansas City, Mo., to Belt Junction, Mo
Grandview, Mo., to Port Arthur, Tex
Branches:
Spiro, Okla., to Fort Smith Ark
Jenson, Ark., to Bonanza Mine
West Lake, La., to Lockport, La
De Quincey, La., to Lake Charles, La

11.97 miles
777.09 miles
765.12 "
16.44 miles
2.79 "
4.05 "
22.59 "

Yard, Terminal and Side Tracks:
North of Belt Junction, Mo., and in and
around Kansas City
84.35 miles
All other Yard, Terminal and Side Tracks_ __ _324.77 "
409.12
Second Track:
Between Second and Wyandotte Streets, Kansas City, Mo., and Air Line Junction, Mo
5.57 miles
Between DeQueen, Ark., and Neal Springs, Ark. 8.54 "

./

14.11 "

Total owned or controlled
1,246.19 miles
Operated Under Trackage Rights:
Tracks of the St. Louis & San Francisco Railroad Co., between Belt Junction, Mo., and
Grandview, Mo., used under contract:
Length of track so used-Main Line
11.03 miles
Sidings
12.97
1.94 "
Operated Under Lease:
Yard Track to plant of the Armour Packing Co

45.87 "

3.74 "
1,262.90 miles

Total Miles in System

SAME BY STATES.
Operated
Under
LeaseYard Tracks
and Sidings. Yard Track.

Owned by the K. C. S. By. Co. and Subsidiary Cos.
STATE.

Second
Main Line. Main Track.

Branches.

Operated
Under
Trackage
Rights.

Total.

Missouri
Kansas
Arkansas
Oklahoma
Louisiana
Texas

174.50
18.38
152.92
127.86
222.53
81.10

12.97

4.19
15.04
26.64

107.58
60.83
54.01
43.21
85.01
58.48

.83
2.91

8.54

301.45
82.12
219.66
185.91
334.18
139.58

Total

777.09

14.11

45.87

409.12

3.74

12.97

1,262.90

5.57

In addition to this railroad property, its rights-of-way,
During the past fiscal year the total track mileage of the
System was increased from 1,257.23 to 1,262.90, making a real estate, buildings, equipment, appurtenances, etc., your
net addition of 5.67 miles, which consists of the following Company on June 30 1912 controlled, by virtue of its ownership of securities, all the property of the following corporaItems:
tions, viz.:
Net additions to operated Yard,Terminal and Side
5.68 miles
Tracks
Net increase due to reconstruction of various
stretches of main line in Missouri and Louisiana:
Length of reconstructed line__ - 24.85 miles
.02 "
Length of original line abandoned24.83 "

Less decrease in mileage of the Fort Smith Branch caused by
re-arrangement of tracks in connection with the new passenger station at Fort Smith, Ark

THE ARKANSAS WESTERN RAILWAY COMPANY.
5.70 miles

.03 "

A standard-gauge line from Heavener, Oklahoma, to
Waldron, Arkansas, 32.33 miles, together with rights-ofway, buildings, appurtenances, &c.; controlled by The Kansas City Southern Railway Company through ownership of
all the capital stock and bonds.

5.67 miles

Total Increase

Of the total System mileage, the following was not operated
by your Company during the year ended June 30 1912:
Bonanza Coal Mine Spur:
Operated by the Central Coal & Coke Co. under confract:
Main Branch
2.79 miles
3.62 "
Sidings

6.41 miles

THE KANSAS CITY SHREVEPORT F0 GULF TERMINAL COMPANY.

Union depot property at Shreveport, Louisiana, including
its real estate, buildings and 1.11 mile of yard and terminal
track; controlled by The Kansas City Southern Railway Company through ownership of all the capital stock.
PORT ARTHUR CANAL & DOCK COMPANY.

Lockport Branch:
Operated by the Edgewood Land & Logging
Co. under lease:
4.05 miles
Main Branch
1.07 "
Sidings

Lands, slips, docks, wharves, warehouses, one grain elevator (capacity 500,000 bushels), etc. all at Port Arthur,
5.12 "
' Southern Railway
Texas; controlled by The Kansas City
•
Total not operated by The Kansas City Southern Railthe capital stock and
11.53 miles Company through ownership of all
way Co
bonds.
Therefore the total mileage operated by your Company
THE K. C. S. ELEVATOR COMPANY.
during the year was:
Mlles. Miles.
elevator of capacity 650,000 bushels, sitfirst-class
One
788.12
Main Line
39.03 827.15 uated at Kansas City, Missouri; controlled by The Kansas
Branches
Company through ownership of all
14.11 City Southern Railway
Second Track
410.11 the capital stock.
Yard, Terminal and Side Tracks
Total Mileage Operated

1,251.37

During the past fiscal year the total operated track mileage
ncreased from 1,245.70 to 1,251.37, making a net addition
of 5.67 miles, which consists of the increase in operated
mileage already explained; there being no increase in mileage not operated.

THE MENA LAND & IMPROVEMENT COMPANY.

A Company formed for taking title to real estate at Mena,
Arkansas, abandoned and vacated in consequence of establishing new division terminals at •Heavener, Oklahoma, and
DeQueen, Arkansas; controlled by The Kansas City Southern
Railway Company through ownership of all the capital stock.

EQUIPMENT.

The Rolling Equipment owned or otherwise controlled on
June 30 1912 consisted of:
Acquired
Acquired
under
under
Equip.
Equip.
Owned' Trusts.
Passenger Equip.- Owned. Trusts.
LocomotivesCoaches
33
20
Passenger
7
27 Chair Cars
94
18
Freight
8 Coach & Baggage
26
Switching
Coach & Mall
2
2
4
14
35 Baggage
153
Total
66
10 Baggage, Coach & Mall_
Cabooses
Express and Mail
Freight EquipmentExcursion
In Commercial Service:
_ ___
6
940 Office and Pay Cars_ _ _ _
Box Cars
1,988
-Furniture
167
76
18
Total
97
237
Stock
Work Equipment71
Tank
99
9
1,038
390 Outfit Coaches
oal
1
Outfit Flat
Convertible Coal and
7
2
Ballast
98 Derrick
7
353
Steam Shovels
Flat
6
Slope Levelers
Vinegar Tank
1
3
Ditchers
2
Total
3,855 1,624 Pile Drivers
In Work Service:
8
Lidgerwoods
Box Cars
468
Water
43
2
25
Total
==.
Coal
20
Flat
94
Ballast
420
Total

1,027

Grand Total

4,882




1,624

GLENN-POOL TANK LINE COMPANY.

A Company operating 167 tank cars, under equipment
trusts; controlled jointly by The Kansas City Southern Railway Company, as the 'owner of three-quarters of the capital
stock, and the Midland Valley Railroad Company, as owner
of the remaining one-quarter of the stock.
That portion of the System lying within the State of Texas,
the mileage of which is included in the operated mileage of
The Kansas City Southern Railway Company, is operated
separately by its owner, the Texarkana & Fort Smith Railway Company, which Company has its own general offices
and books of account at 1exarkana, Texas, in accordance
with the Texas law.
For the sake of completeness, however, the reports of
that Company are included in those of The Kansas City
Southern Railway Company in so far as is necessary to show
the results of operation of the whole line from Kansas City
to the Gulf.
RESULTS OF OPERATION.

the following statement shows the results of operation
of The Kansas City Southern Railway for the year ended
June 30 1912, compared with corresponding results for the
preceding year:

THE CHRONICLE

OCT. 5 1912]

1910-1911.
Operated Mileage-1911-12.
788.12
788.10
Mlles of Main Line
39.03
39.06
Miles of Branches
410.11
404.43
Miles of Sidings and Spurs_ __ 14.11
14.11
Miles of Second Main Track__ _

Inc.(+) or
Dec. (-).
.+02
-.03
+5.68

Gross Earningsfrom Operation$6,658,269 14 $7,278,970 14 --$620,701 00
Freight Revenue
522,855 72
529,52727
--6,671 55
Switching Revenue
1,599,345 56 1,857,862 21
--58,316 65
Revenue
Passenger
18,154 36
16,677 01
d-1,477 35
Excess Baggage Revenue
4,288 48
15,945 61
-11,657 13
Special Service Train Revenue_
1,553 06
986 12
+566 94
Other Passenger-Train Revenue
123,286 42
123,181 02
+105 40
Mail Revenue
213,331 74
246,378 54
-33,046 80
Express Revenue
Miscellaneous Transportation
4,702 15
3,682 52
+1,019 63
Revenue
Revenue from Operations Other
127,072 54
122,163 45
+4,909 09
than Transportation
Total

$9,272,859 17 $9,995,173 89 -$722,314 72

Operating ExpensesMaintenance of Way and
Structures
$1,041,392 67 $939,961 78 +1101,430 89
Maintenance of Equipment__ _ 1,289,936 86 1,394,546 58 -104,609 72
Traffic Expenses
316,575 28
316,939 99
-364 71
Transportation Expenses
3,318,608 54 3,376,634 32
-58,025 78
General Expenses
-9,592 73
366,325 56
375,918 29
$6,332,838 91 $6,404,000 96
--71,162 0•
Total
====
Net Earnings-Taxes not De$2,940,020 26 $3,591,172 93 -$651,152 67
ducted
+48,493 61
361,875 32
410,368 93
Taxes
Net Earnings-Taxes De12,529,651 33 $3,229,297 61 -$699,646 28
ducted
Ratio of Operating Expenses
+4.22%
68.29%
64.07%
to Earnings
Ratio of Operating Expenses and
72.72%
67.69%
+5.03%
Taxes to Earnings

905

will naturally be restored. The estimated decrease due to
the construction of pipe lines was $498,000, which can be
restored only by the development of new oil fields.
These decreases amount to $918,000, while the total net
decrease is $722,314 72; showing that, notwithstanding relative commercial depression during the year ended June 30
1912 as compared with the previous year, the increase in
earnings due to general development and vigorous solicitation may fairly be stated at $195-,000.
No revenue charge was made against any Company freight
used in operation.
The increase in Operating Expenses on account of Maintenance of Way and Structures was due in part to charges to
maintenance by reason of Improvement work under rules
of the Inter-State Commerce Commission aggregating $66,061 73 in excess of similar charges during the previous year.
The balance of $35,369 16 was due to unfavorable weather
conditions.
Wage schedules were revised, beginning with yard and
trainmen June 1 1911 and concluding Sept. 1 1911. In
consequence, the transportation pay-rolls were increased
over the preceding year by $59,588 33.
The total Gross Tons One Mile were:
2,252,392,431
2,058,794,474

For the year ended June 30 1911
For the year ended June 30 1912
Decrease

193,597,957

It is estimated that, with north and southbound tonnage
fairly equalized, your road can by reason of improvements
heretofofe made, handle about 25% more gross tonnage
The following comparison of the Gross Earnings for the than during the past year, with a negligible increase in
year ended June 30 1912, with Gross Earnings for the pre- Transportation Expenses.
The management believes that the development of the
vious year, is respectfully submitted:
Gulf ports and the normal developemnt of the territory
Decreases in Freight RevenueFrom Corn-Caused by general falling off of corn
tributary to your road will soon bring about a satisfactory
shipments to Texas and Mexico
$44,210 96
increase of business and the equalization of traffic.
From Hay and Straw-Caused by shutting down
During the year the net expenditures for Additions and
of lumber mills from Sept. 1911 to March 1912,
due to labor troubles and extreme wet weather_ 29,073 70
Betterments were:
From Fruits and Vegetables-Caused principally
by shortage of the peach crop
From Lumber-Caused mainly by shutting down
of nearly all the principal saw mills on your
line between September 1911 and March 1912,
caused by labor troubles and by wet weather,
which prevented logging operations
From Ties, Posts, Logs and Piling-Caused by retrenchment of railroad companies, labor troubles and wet weather
From Petroleum and Other Oils-Due to construction of pipe lines
From Iron of all Kinds-Caused by cessation of
shipments of pipe, duo to the completion of
pipe lines

19,638 44

From the Proceeds of Refunding and Improveknent Mortgage Gold Bonds, exclusive of In$4,429,620 65
terest on Bonds
222,295 22
From Current Funds
$4,651,915 87
Interest on Bonds chargeable to Additions and Betterments
28,583 79
under rules of the Inter-State Commerce Commission

374,753 55
48,428 98

137,224 37
$1,014,463 86

Increases in Freight Reven ueIncrease due to miners' strike in 1911 and to
shortage of natural gas in 1912-From Coal_ ___ $85,868 39
Increases due principally to general development of
the territory tributary to your road$73,990 36
From Cotton
20,283 16
Flour
118,543 37
Other Mill Products
11,715 26
Cooperage Stock
37,340 98
Cement, Brick and Lime
9,648 87
Agricultural Implements
Wagons and Other Vehicles_ _ _ _ 3,802 14
2,128 01
Wines, Liquors and Beers
3,585 57
Immigrants' Movables
26,856 75
Miscellaneous net increases_
307,894 47
393,762 86

Net Decrease
Passenger RevenueDecrease in local business caused by suspension of
operation of lumber mills from September 1911
1911 to March 1912; by an epidemic of cereo bro,spinal meningitis throughout the South in the
winter and spring 1911-1912, and to cessation
of allowances made by the United States GovGovernment to Indians in 1911
$81,278 03
Less-Increase in coupon ticket sales due to gen22,961 38
eral development

6,671 55

Net Decrease
Special Service Train RevenueDecrease caus:Ki by movement of United States Troops to the
Mexican border during the year ended June 30 1911 and by
the heavy movement of theatrical and circus trains during
that year
Express RevenueDecrease caused by enlargement of the field covered by Wells,
Fargo & Company Express through affiliation with other
lines, which resulted in diversion to the St. Louis gateway
of some business prevously moving over the rails of your
Company

53,316 63

CompletedW. Bush & Sons
Various industries
Various industries
The Texas Co
Texas Produce Co
W. P. Carmichael
The Chemcal Co
De Queen Warehouse Co
Higgins Oil Co
E. W. Hamiter
Mansfield Lumber Co
B F. Walker Lumber Co
Knight Land & 011 Development Co
Various industries
Magnolia Petroleum Co
Various industries
Ballard Charcoal Co
S. A. Rose
Independent Ice & Coal Storage Co
New Zinc Mining District
Shreveport Bottle & Glass Co
Geo. W. Smyth Lumber Co
Wm. Hamilton's Coal Mine
Vivian Ice, Light & Water Co
Kansas City Crushed Rock Co
P. F. Harti (Saw Mill)
Geo. C. Chrisman
Kansas City Terra Cotta Co
Frost-Johnson Lumber Co
Federated Mines & Milling Co
Logan Lumber Co
Kansas City Bridge Co
UncompletedJ. H. Fogel Lumber Co

,

Poteau, Okla.
Kansas City, Mo.
Kansas City, Kan.
Fort Smith, Ark.
De Queen, Ark.
Kansas City, Mo.
Texarkana, Tex.
De Queen, Ark.
Caddo, La.
Mile 556.
Mile 444.
Mile 474.
Mile 530.
Fort Smith, Ark.
Beaumont, Tex.
Beaumont, Tex.
Watts, Okla.
Pittsburg, Kan.
Shreveport, La.
Mile 145.
Cedar Grove, La.
Beaumont, Tex.
Mile 76.
Vivian, La.
Leeds, Mo.
Mile 570.
Texarkana, Tex.
Kansas City, Mo.
Mile 602.
Joplin, Mo.
South Mansfield, La.'
Kansas City, Kan.
Howark, Ark.

NEW TRACKS TO SERVE OLD INDUSTRIES.
11,557 13

33,046 80
$730,393 13

Against these decreases were the following
increases, due principally to general and permanent development of the business of your road:

CompletedPeet Bros. Manufacturing Co
Ozark White Lime Co

8,078 41

Kansas City, Kan.
Gravette, Ark.

The Joplin Union Depot Company completed the new
Union Passenger and Freight stations, and other facilities
at Joplin, and placed them in operation July 1 1911.
During the year ended June 30 1912 the results fairly attributable to the use of these facilities by your Company
• may be stated as follows:
Increase in Passenger Revenue
Increase in Freight Revenue

Excess Baggage Revenue
$1,477 35
Other Passenger Train Revenue
566 94
Mail Revenue
105 40
Miscellaneous Transportation Revenue
1,019 63
Revenue from Operations other than Transportation 4,909 09
Net Decrease in Gross Earnings

These expenditures include the cost of a number of new
spurs to serve • industries not heretofore reached by your
tracks, and to accommodate new industries that were being
established.
The following is a list of such spurs, of which some have
been completed and others are in course of construction.
NEW TRACKS TO SERVE NEW INDUSTRIES.

$620,701 00
Net Decrease in Freight Revenue
Switching RevenueDecrease due to action of the Quincy Omaha &
Kansas City RR. Co. in entering Kansas City
over the tracks of the Chicago Burlington &
Quincy RR. Co. after May 5 1911, entrance
having formerly been made over the tracks of
your Company
$13,016 25
Less-General increase in switching at various
points on the line, due to general development_
6,344 70

Total of Net Decreases

$4,678,499 66

Total

361,133 86

$16,206 12
2,606 70

$18,812 82
Total Increase in Revenue
$10,564 53
Less-Net Increase in Operating Expenses
Proportion of Interest and Taxes of the Joplin Union Depot Co. payable by your Com7,500 00 18,064 53
pany

$722,314 72
Net Gain

$748 29

The decreases due to labor troubles and the extremely
This represents a net return of over 7% from an investunfavorable weather in the lumber districts, and also to
the epidemic of cerebro-spinal meningitis in the South, proba- ment of $10,000 in the capital stock of the Joplin Union
bly amounted to $420,000, which under ordinary conditions Depot Company during the first year of operation.




906

Lxxxxv.

THE CHRONICLE

The management of the Kansas City Terminal Railway
Company, in which your Company owns a one-twelfth interest, reports that the new Union Passenger Station and
track connections will probably be completed and ready for
service by Jan. 1 1914, but that the date of completion of
all proposed freight facilities cannot be stated at this time.
The new Passenger Station and facilities at Fort Smith,
Arkansas, were completed and placed in operation May 1
1912, and are now used jointly with your Company by the
St. Louis & San Francisco Railroad Company.

The total cost of these improvements was:
flight-of-Way
Tracks
Passenger Station

$8,329 95
27,380 87
94,452 29-$130,163 11

The general improvement and development of your property was prosecuted vigorously during the past year. Funds
for this purpose were provided by the issuance of $15,000,000 of Refunding and Improvement Mortgage Gold Bonds,
of which $10,000,000 were issued July 1 1909 and $5,000,000
were issued Feb. 15 1911. The situation at June 30 1912
with respect to these bonds was as follows:

Distribution of Expenditures-

I

Discount on Bonds
Stamp Tax on Bonds sold in foreign markets ________________________________________________________________
Payment of Collateral Gold Notes on July 1 1909
________________________________________
Reducing Grades to one-half of one per cent on five full Operating Divisions, aggregating 66% of the Company's lines
Re-arranging Five Division Terminals to permit of better and more economical operation under the 16-hour law and to
provide more adequate facilities for taking care of Power and Traffic
Improvements of Terminal facilities at Kansas City and Port Arthur, Facilities for securing new business and for other
corporate purposes
Purchase of additional Equipment
Acquisition of New Raji to complete the laying of heavier rail to Port Arthur, for Ditching, Ballasting, Improvement of
Tracks and Bridges, Facilities for securing new business and for other corporate purposes
Interest on Bonds chargeable to Additions and Betterments under rules of the Inter-State Commerce Commission ------------------------------------------------------------------------------------*g2g.:4g48,7
Less-Interest earned on unexpended funds
Total -------- _

Proposed.

Expended.

$562,500 00
50,000 00
5,100,000 00
2,750,000 00

$562,500 00
25,183 43
5,100,000 00
4,402,616 68

1,250,000 00

1,421,065 06

1,275,000 00
1,000,000 00

985,899 40
752,994 74

3,012,500 00

1,580,077 68
169,663 01

$15,000,000 00 $15,000,000 00

During the year 86.5 miles of your track south of Shreveport, Louisiana, were laid with new 85-pound rail, making
a total of 123.92 miles of track so relaid south of Shreveport
to June 30 1912.
The bridges and culverts of your road were improved during the year by reducing the total length of trestles from
72,324 feet to 70,076 feet; increasing the length of steel
bridges from 21,077 feet to 21,632 feet; increasing the number
of stone and concrete culverts from 604 to 615; increasing the
number of concrete pipe culverts from 61 to 64, and by replacing 8 cast iron pipe culverts with larger concrete openings.
Among the Statements and Statistics will be found a table
showing the progressive improvements made in bridges
and culverts from June 30 1900 to June 30 1912.

The Balance Sheets and statistical statements give full
detailed information concerning expenditures for Improvements and the results of operation.
The form of balance sheet prescribed by the Inter-State
Commerce Commission has been filed with that Commission
at Washington. Your Board has deemed it advisable, however, to retain herein the form of balance sheet heretofore
adopted, since the Stockholders are familiar with the same
and since it is believed to set out more clearly the financial
condition of your Company.
By order of the Board of Directors.
J. A. EDSON,
President.
(For statistical tables, see under Annual Reports on a preceding page.]

SEABOARD AIR LINE RAILWAY COMPANY
TWELFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1912.
New York, Sept. 26th 1912.
To the Stockholders of the Seaboard Air Line Railway:
The Board of Directors submits the following report of
the operations of your property for the year ended June 30
1912:

3,084.15
DEDUCT.
Amelia Beach branch, leased to Street Railway Company at
2.00
Fernandina, Fla
rli
Gibson, N.
branch ls t
r
10.13
Railway
Silver Springs, Fla., branch, leased to the Ocala Northern Ry_ 1.90
14.03

GENERAL INCOME ACCOUNT RAIL AND WATER LINES FOR
YEAR ENDED JUNE 30 1912.
Increase.
1911.
1912.
$23,744,447 17 $22,606,452 72 $1,137,994 45
Gross Revenue
Operating Expenses & Taxes_ 17,926,895 20 15,999,851 84 1,927,043 36

Total mileage operated June 30 1912
Sidings (including 19.15 miles on Leased Lines and Trackage)_
CAPITAL STOCK.

$5,817,551 97
151,375 57

$6,606,600 88 .$789,048 91
147,419 56
3,956 01

$5,968,927 54
Total Income
Rentals and Other Deduc389,914 98
tions from Income

$6,754,020 44 •$785,092 90

Operating Income
Other Income

Brought forward

3,070.12
777.12

There has been no change in the capital stock of your
Company during the year.
FUNDED DEBT.

The additional $4,000,000 of 4% Refunding Bonds sold in
72,260 48 the previous fiscal year for later delivery,as stated in the last
317,654 50
annual report, were delivered during this fiscal year and
$5,579,012 56 $6,436,365 94 •$857,353 38
Applicable to Interest
71,877 45 the proceeds used to reimburse the Company for expendi3,430,088 49
3,358,211 04
Fixed Interest Charges
tures made to retire matured equipment trust obligations,
$2,148,924 07 $3,078,154 90 .$929,23083
Balance
and for additions, betterments and improvements to the
Full Five Per Cent Interest on
683 34 property, and for the retirement of temporary obligations
1,248,975 00
Adjustment(Income) Bonds 1,249,658 34
the proceeds of which had been shnilarly used.
Surplus Income over Charges $899,265 73 $1,829,179 90 •$929,914 17
*894,179 04
The $20,500 Adjustment Mortgage Bonds remaining unSurplus Income Rail Lines_ _
813,785 97
1,707,965 01
.35,735 13 issued were sold during the year and the proceeds used for
Surplus Income Water Lines_x
121,21489
85,479 76
the general corporate purposes of the Company.
• Decrease.
x Out of this year's surplus there was set aside $40,000 and out of the
There were redeemed and canceled during the year $10,000
1911 surplus $45,000 as a reserve fund for Betterments and Improvements.
Florida Central & Peninsular Railroad Company Land
The Gross Revenue increased 5.03 per cent, Operating Grant Extension 5% bonds.
Expenses and Taxes increased 12.04 per cent and Operating
ACQUISITIONS.
Income decreased 11.94 per cent.
Your Company has acquired during the year all the capital
The Operating Expenses of Rail Lines, exclusive of Taxes, stock of:
were 71.02 per cent of the Gross Revenue, as compared
Raleigh & Charleston Railroad Company, owning a line
with 66.48 per cent the previous year; and including Taxes of road from Lumberton, N. C., to Marion,.S. C., 43 miles,
75.02 per cent of Gross Revenue, as compared with 70.23 and, through stock ownership, an extension. 12 miles in
per cent for the preceding year.
length, known as the Marion & Southern Railroad, a total
of 55 miles.
MILEAGE OPERATED.
Tampa Northern Railroad Company, owning a line of
The mileage of the Seaboard Air Line Railway and subsidiary
lines in operation on June 30 1911 was
3,046.18 road from Tampa, Fla., to Brooksville, Fla., and branches,
Extensions, &c., constructed during the year
25.05
58.25 miles, and important terminals at Tampa, Fla.
Less spur tracks taken up
1.11
----- 23.94
The properties of the Seaboard & Roanoke Railroad Company (81 miles) and the Roanoke & 1'ar River Railroad
Mileage in operation June 30 1912
3,070.12
Made up as follows:
Company (32 miles), the stocks of which were owned by
MILEAGE OWNED.
the Seaboard Air Line Railway, were conveyed to your
Seaboard Air Line Railway and branches
3,004.53 Company during the year and are therefore now directly
LEASED LINES.
owned. The mileage of these two roads has heretofore been
Meldrim, Ga., to Lyons, Ga
57.65
included in that of your Company.
TRACKAGE.
Howells, Ga., to Atlanta, Ga
Hilton, N. C., to Navassa, N. C
In Birmingham, Ala., and vicinity
Near Mulberry, Fla




GENERAL REMARKS.
3.00
2.40
15.11
1.46
-----

79.62

3,084.15

During the year the gross revenue of the rail lines of your
Company increased $1,139,899 37. The freight train revenue per mile of road showed an increase of $171 99 and the
freight train revenue per train mile amounted to $2 63, as
compared with $2 55 in the previous year. The passenger

907

THE CHRONICLE

00T. 5 1912.]

There were also constructed 1.44 miles of new sidings and
extensions of existing sidings on leased lines, and 0.55 miles
of old sidings removed, making a net increase over last year
of 0.89 miles.
The tie renewals were 1,445,787 cross ties and 890 sets
of switch ties, and the cost, $566,917 64, was charged to
Operating Expenses.
123.79 miles of new 75-pound and 85-pound steel rail
were laid in the main line track, releasing therefrom 58, 60,
75, 80 and 85-pound worn rail, and there was charFed
(net) to Operating Expenses $65,481 06 and to Capital
Account $111,645 36.
-256,071 cubic yards of gravel and slag ballast were put
under main line track at a cost of $169,865 69, of which
$160,514 55 was charged to Capital Account and $9,351 14
to Operating Expenses.
10,435 lineal feet of wooden trestles were filled in, and of
the total cost thereof, including culverts, $62,211 36 was
charged to Operating Expenses.
The filling in of the Lincoln Street trestle at Columbia,
S. C., reference to the progress of which was made in the
last annual report, is included in the above-mentioned work.
Extracts from the report of Vice-President and General
There were built during the year with creosoted timber
Manager C. H. fix.
5,555 lineal feet of trestles, which have been ballast-decked
12
3,070
1912
30
June
operated
Miles of road
3,058 63 at a cost of $58,125 23, which was charged to Operating
Average miles of road operated during the year
Expenses.
REVENUE.
$5,050,067 90
Additional stringers were put in 178 trestles during the
Passenger
16
15,433,239
Freight
467,522 26 year to strengthen same to carry the heavier power and
Mall
819,290 62 traffic.
Express
335,538 02
Other transportation
Work has been done on forty-four bridges, replacing with
816,246 02
Other than transportation
steel or strengthening them for heavy traffic. Of this num98
$22,921,903
ber, twenty-five have been completed and the remaining
Total Revenue
EXPENSES.
nineteen will be finished by June 30th 1913.
86
$3,347,358
Maintenance of Way and Structures
Seven of the above bridges were authorized during this
3,212,277 60
Maintenance of Equipment
715,361 10 year and five of the seven have been completed.
Traffic Expenses
51
8,333,357
Transportation Expenses
The total expenditures for bridge renewals during the year
671,731 74
General Expenses
917,000 00 were $374,440 30, of which $243,523 99 was charged to
Taxes
Capital Account and $130,926 31 to Operating Expenses.
$17,197,086 81
Total Expenses and Taxes
Of the total operated main line mileage of the system,
$5,724,817 17
Net Revenue from Operation
3,069 89 miles are laid with steel rails and 0.23 miles with
Gross
Reveand
Taxes
to
Expenses
Operating
of
The ratio
iron rails.
nue was 75.02%, against 70..23% last year.
NEW EXTENSIONS.
over
increase
an
shows
road
operated
of
miles
Average
to the Company's line in Florida during the
Extensions
0.71%.
of
year
previous
were made as follows:
Gross revenue shows an increase over last year of 5.23%, year
from Frultville to Venice mentioned in last
extension
12.41%
or
The
increase
an
show
Taxes
and
Expenses
Operating
16.53 miles
year's report was completed
and Net Revenue from Operation shows a decrease of 11.70%. The extension of the Dunelion line to Inverness (with a spur to
to
largely
8.52 "
due
Holder
Mine)
was
Expenses
Operating
in
The increase
increased charges to Maintenance on account of increased
In addition to the above-named extensions,
amount of work done over the previous year; to increased spurs have been built which are not included as
cost of materials,and to increased wages paid to employees main line mileags, as follows:
of the Roadway, Mechanical and Transportation depart- Spur from Dunnellon line to Camp Phosphate Company's Barr
2.14 '
Mine
ments. The Net Operating Revenue was further adversely
from old P. C. A. & G. line, near Alafia, to State Phosphate
affected by increase in Taxes and by changes in the charac- Spur
mine
--- _ -- 1.30 "
-_
Company's
ter of freight traffic, the ton miles of which increased 9.04% Construction work has also begun and is proceeding on file extension from Mulberry to Bartow (with the branch line to the
and yielded an increase of only 4.26% in freight revenue.

train revenue per mile of road showed an increase of $115 82,
and notwithstanding the large increase in passenger train
mileage the passenger train earnings per train mile were
slightly in excess of last year.
In addition to the more liberal expenditures for the maintenance of your property, the unfavorable weather conditions
which existed during a considerable portion of the year, and
which were almost unprecedented, contributed very largely
to the increase in operating expenses. These were further
added to by increased rates of wage schedules, increased cost
of material and supplies, increased taxes, and the necessary
compliance with the various laws in relation to equipment
and service.
The road and equipment have been well maintained, and,
in view of the generally favorable business outlook, the officers of your company feel that a considerable improvement
in results during the next fiscal year may reasonably be expected.
N. S. MELDRUM,
President.

Royster mine) of approximately_

--

_12

EQUIPMENT.

The equipment of the railway was maintained during the
year at a cost of $3,212,277 60.
Included in this cost is $49,107 25 representing the value
of equipment destroyed or retired from service, which was
credited to the Cost of Equipment; $321,356 91 for depreciation, which was credited to Reserve for Accrued Depreciation, and $42,210 00 increase over the previous year due to
Federal Boiler Inspection Law.
The average cost of repairs per locomotive and per car
owned, for the year, was as follows:
Locomotives
Passenger cars
Freight cars

$2,638 24
1112 02
83 63

Equipment undelivered on June 30 1911, under Equipment Agreement, Series "M," viz., 3 Postal Cars, were
received during this fiscal year. The total liabilities under
this agreement, to-wit: $348,790, were paid during the year
and the agreement was canceled.
An Equipment Agreement, Series "N," was entered into
on September 6th 1911 for the purchase of: 10 passenger
Locomotives, 10 Freight Locomotives, 5 Switching Locomotives, 3 Postal Cars, 3 Passenger and Baggage Cars,
3 Express Cars, 1,000 Ventilated Box Cars, 30 Caboose Cars
and 200 Phosphate Cars, for which $275,650 20 was paid in
cash and equipment trust obligations aggregating $1,500,000
were issued, payable in twenty consecutive semi-annual installments of $75,000 each, bearing interest at the rate of
432% per annum. All of this equipment was received during the fiscal year.
There were built during the year at Portsmouth Shops, and
put into service to replace Trust Equipment destroyed, 78
Flat Cars.
In addition to the equipment above named there were
purchased 2 Steam Derrick Cars, 1 Steam Ditcher, all of
which have been received.
MAINTENANCE OF WAY AND STRUCTURES.

Roadway, track and structures of the railway have been
maintained at a cost of $3,347,358 86, which represents an
expenditure per mile of road amounting to $1,094 40.
61.02 miles of new sidings and extensions of existing sidings were constructed, and there were deducted by removal
and changes of old sidings 4.91 miles, making a net increase
over previous years of 56.11 miles.




GENERAL REMARKS.

The additional terminal facilities at Raleigh, Wilmington
and Savannah, referred to in last annual report, were completed,and work on additional terminal improvements is now
in progress at Wilmington, Savannah and Jacksonville.
A considerable amount of dredging has been done at
Savannah, Jacksonville and Tampa during the year to maintain proper depths of water.
The union passenger stations mentioned in report of last
year at Weldon, N. C., and Tampa, Fla., were completed.
Union passenger stations have been provided at Ocilla,
• Ga., and Bostic, N. C., and the Union Station at Vidalia,
Ga. is in the course of construction.
Modern passenger stations have been built at Athens, Ga.,
Abbeville, S. C., Leesburg, Fla., and Richland, Ga., during
the year.
At Savannah, Ga., a new reinforced concrete roundhouse
and modern steel and concrete machine and erecting shops
have been built to replace the wooden shop buildings which
were destroyed by fire.
Extensions have been made to the yards at Wilmington,
N. C., Savannah, Ga., and Jacksonville, Fla., and new yards
and mechanical facilities are in progress of construction at
Norlina, N. C., and Cayce, S. C.
Considerable improvement has been made to station
buildings by renewing floors with both timber and concrete,
extending and renewing platforms and replacing decayed
wooden roofs with metal shingles.
192 industrial sidings and extensions to industrial sidings
already existing have been constructed or are in process
of construction.
69 depots and freight stations have been constructed or
substantially added to during the year.
70 passing tracks have been constructed or extended, or
are in process of construction.
The telephone line for dispatching trains, referred to in
last year's report, has been completed, and this, with lines
already in use, makes approximately 1,089 miles of line,in
service on the system.
Respectfully submitted,
C. H. HIX,
Vice-President and General Manager.
(For statistical tables, see under Annual Reports on 4 preceding WM 1

908

THE CHRONICLE

The Tormnurnal

tuxes°

COMMERCTAL EPITOME.
Friday Night, October 4 1912.
The expansion of trade is more uniform than ever. The
industries are active. The demands of traffic are so grea
that a shortage of cars is complained of. Bank clearings continue to make a handsome exhibit. The indications point to
a larger cotton crop than at one time seemed probable. The
grain harvests are bountiful. Securities have advanced.
Money continues strong. The activity and cheerfulness 'in
the iron and steel.trade continue to be noteworthy features.
The following shows the general stocks of merchandise here:
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Rides
Cotton
Manila hemp
Sisal hemp
Flour

Oct. 1 '12. Sept. 1 '12. Oct. 1 '11.
bags_1,582,151 1,738,385 1,768,942
bags_
52,934
60,052
34,199
bags_ 293,468
305,688
207,537
bbis_
3,786
24,000
Nil
No,
3,565
500
7,900
bales_
84,795
88,754
56,438
bales_
2,908
1,968
4,266
bales_
307
379
116
bbls_
34,500
46,300
45,800

[VoL. Lxxxxv.
COTTON.

Friday Night, Oct. 4 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
460,366 bales, against 373,946 bales last week and 258,453
bales the previous week, making the total receipts since
Sept. 1 1912 1,393,282 baleslagainst 1,594,662 bales for the
same period of 1911, showing a decrease since Sept. 1 1912
of 201,380 bales.
Receipts atSat.
Mon. Tues.
1Ved. Thurs. Fri.
Total.
Galveston
26,534 31,992 64,052 25,683 29,298 28,579 206,138
Texas City
4,161 3,121 11,684
5,453 15,947 3,374 43,740
Aransas Pass,&a.
___ 21,200
4,500 25,700
New Orleans_
4,552 6,895 2,055 6,544 6,517 3,571 30,134
Mobile
1,520 1,515 1,706
1,632
409
1,13'7 7,919
Pensacola
3,695
Jacksonville, &c.
----------------------285
285
Savannah
12,085 14,101 9,406 9,614 11,'714 9,059 65,979
Brunswick
___ 15,000
1,000 16,000
Ckarleston
3,509 3,295 2,928 3,430 3,339 3,069 19,570
Wilmington
4,695
1,902 5,154 4,701
3,161 4,074 23,687
Norfolk
2,624 2,849 3,330 2,2'73 2,525 2,434 16,035
N'port News, &c.
877
877
New York
____
---------Boston
----------_,. _
29
____
5
244
Baltimore
---------____
____
------383
____
363
Philadelphia_ _ _ _
--____
_ __ _

LARD has advance, with a good demand. Prime Western 12c.; refined Continent 12.25c. Speculation in lard has
been brisk at rising prices. Shorts have covered freely in
January and there has also been a good deal of general buying of that month, coincident with rising prices for hogs, Totals this week_ 59,680 105.565.100,315 59,569 72,910 62,327 460,366
which have been freely bought by packers. On the other
The following shows the week s total receipts, the total
hand, packers have sold lard on the advance.
since Sept.! 1912, and stocks to-night,compared with 1911.
DAILY CLOSING PRICES
Sat.
10.92 M
10.9234
10.65

September
October
December

OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
11.05
11.05
11.25
11.0234 11.15
11.3234 11.4754
10.6734 10.75
10.9234 11.0234 11.2234

PORK quiet but steady; mess $20@$20 50, clear $21 25®
$23 50, family $22@$23. Beef firm, with a moderate business. Stocks are still light. Mess $17@$18, packet $18®
$19, family $22@$22 50, extra India mess $36@$36 50.
Cut meats firm; pickled hams, 10 to 20 lb., 123
%®13%c.;
pickled bellies, 6 to 12 lbs., 14c. Butter, creamery extras,
32c. Cheese, State, whole milk, new white specials, 17c
Eggs, fresh-gathered extras, 31@34c.
OIL.-Linseed firm with,a moderate demand for jobbing
quantities. Large consumers prefer to hold aloof and await
events, especially until more is known of the size of the outturn at the Northwest. City, raw, American seed, 68c.;
boiled 69c.; Calcutta 78c. Cottonseed oil easier; winter
6.50@7.25c.; summer white 6.40c. Cocoanut oil firmer.
Cochin 10(@11c.; Ceylon 934®9Y
1c. Chinawood continues firm at 9©10c. Corn higher at 6.15@6.20c. Cod
steady at 40@44c. for domestic.
COFFEE has remained quiet on the spot with No. 7 Rio
• firmer, however, at 143
4c. Mild coffee has continued to
meet with only a moderate sale, with fair to good Cucuta
16%®163Ac. Speculation in coffee futures has been on only
a moderate scale and fluctuations in prices have not been very
wide. Yet, in response to some advance in Europe and Brazil, prices have advanced, though the warehouse deliveries
have fallen off and the receipts at Rio and Santos have not
made so bullish an exhibit as compared with those of the
previous year,as was noticeable at one time this season.
It is asserted that adulteration is more extensive than formerly, owing to the existing high prices. Large interests in
New York, Santos and Hamburg are bullish. Closing prices
follows:
October__ _14.97 14.80 i February _14.06©14.07
November 14.00 14.02 March _ _ _ _14.11 14.12
December 14.031j14.05 April
14.111h314.12
January _ _14.00 14.03 May
14.12©14.13

June
14.12©14.13
July
14.13©14.14
August __ _14.13 14.14
September 14.13®14.14

1912.
Receipts to
October 4.

Galveston
206,138
Texas City
43,740
Aransas Pass, &c. 25,700
New Orleans
30,134
Mobile
7,919
Pensacola
3,695
Jacksonville, &c..
285
Savannah
65,979
Brunswick
16,000
Charleston
19,570
Georgerown ....
Wilmington ____ 23,687
Norfolk
16,035
N'port News, &c.
877
New York
Boston
244
Baltimore
363
Philadelphia
Mntn I

1911.

Stock.

This Since Sep This Since Sep
Week. I 11912. Week. 1 1911.
765,194 146,463
100,271 21,500
27,544 15,298
63,577 25,900
• 26,425 16,316
3,695 6,314
598
625
191,856 118,955
44,250 18,180
58,131 24,038
135
63,339 23,762
43,243 25,732
2,268
911
1,980

27
782

666,323
21,500
25,521
74,153
40,792
12,514
1,504
462,846
51,405
.85,818
135
75,806
73,376
128
362
125
2,354

on non 1 non 959 555 119711 And

RR2

•
1912.

1911.

253,012
54,673
15,134
80,127
19,315

51,866
26,792

91
75,124
2,113
34,718

132,852
8,767
43,862

23,529
23,109

27,466
27,269

123,049
1,215
1,089
2,751

86,363
3,050
1,082
3,638

550.045

528.29a

97,780
13,759

We give below the totals at leading ports for six seasons:
Receipts at-

1912.

1911.

1910.

1009.

1908.

1907.

Galveston ___
Texas City,&c
New Orleans_
Mobile
Savannah
Brunswick
Charleston,&c
Wilmington._
Norfolk
N'port N., ecc
All others_ ___

206,138
69,440
30,134
7,919
85,979
16,000
19,570
23,687
16,035
877
4,587

146,463
36,798
25,900
16,316
118,955
18,180
24,173
23,762
25,732

128,003
7,431
21,608
11,411
97,064
3,568
20,410
30,587
18,638

7,748

882

159,711
784
43,833
14,066
99,082
11,569
18,278
34,340
30,577
348
6,027

117,217
2,402
48,633
13,901
89,396
11,249
10,579
25,454
21,716
286
2,784

40,435
275
28,616
11,062
76,926
12,273
13,989
17,600
19,116
193
970

418,615

343,617

250,455

n,n

GOA Ki2

Total this wk. 460,366 444,027 349,502
0.- ......... . , getq non. KAA ann 1 ,741 AlA

1

K1.1 1021 'IAA

The exports for the week ending this evening reach a total
of 384,575 bales, of which 173,674 were to Great Britain,
70,255 to France and 140,646 to the rest of the Continent.

Week ending Oct. 4 1912. From Sept. 1 1912 to Oct. 4 1912.
SUGAR.-Raw was easier. Receipts at Atlantic ports
Exported toExported toExports
have been heavy-45,067 tons as against 42,367 the previous
fromContiGreat I
ContiGreat
week and 14,779 last year. The world's visible supply of
Britain.France. nerd. Total. Britain. France.
nent.
Total.
sugar is estimated at 810,000 tons, comparing with 1,050,000
89,349 176,672 407,372
Galveston__ 63,856 41,469 68,963174,288 231,351
a year ago. Centrifugal, 96-degrees test, 4.14c.; muscovado, Texas
14,599
City_
31,514
31,237
8,509
45,836
89-degrees test, 3.64c.; molasses, 89-degrees test, 3.39c. Aran.Pas4c 23,0051
10,366
200
10,366
10,3661
10,566
4,240
New Orl'ns_ 7,2421
12,283
6,528 23,051
3,070 10,312
Refined was quiet; granulated 4.95@5c.
Mobile ____ 5,3421
5,342
5,541
5,541
PETROLEUM.-Refined was firm. The movement has Pensacola__ 3,6951
3,695
3,095
3,695
shown a seasonable expansion lately and an increase of the Savannah__ iO,9i31 7,862 25,742 53,517 24,787 13,871 33,242 71,900
22,325
Brunswick. 15,1251
9,226 24,351
18,217 40,542
consumption at home is expected in the not distant future. Charleston
5,000
9,900
6,500 11,500
_ 5,000
14,900
Barrels, 8.35c.; bulk, 4.75c., and cases, 10.25c. Naphthas Wllm'ton ...... 11,915 10,042 22,857 9,107 11,015 lb,264 37,286
5,196
49,567
New York_ 7,6101
15,991
37,853
92,616
7,881
500
firm and in good demand;73@76 degrees, in 100-gallon drums Boston ____ 10.4221
16,430
200
16,630
200 10,622
1,496
14,532
22c.; drums, $8 50 extra. Spirits of turpentine 42c. Com- Baltimore__
16,028
3,558 4,556
9981
2,100
Philadella _ 1,1001
1,100
2,100
mon to good strained rosin $6 55.
San Fran
7,305
7,395
4,564 4,564
TOBACCO.-Filler has been quiet. Binder has been in
Total__ 173,674 70,255140,646384,575 425,285 139,170 321,003 885,458
brisk demand, however. The quality of the new crop
Wisconsin tobacco is favorably commented upon, but Totftl 1011 iagonil An MR lfi5 n13403.580 569,362 157,896 449,3581,176,616
prices at the present time are so high that the demand rather
Note.-New York exports since Sept. 1 include 8,968 bales Peruvian to Liverpool.
lags. For all that, however, considerable of the crop has
In addition to above exports, our telegrams to-night also
recently been bought by packers and manufacturers. The give us the following amounts of cotton on shipboard, not
same is true of Connecticut tobacco, the quality of which is cleared, at the ports named.
also good. But little business has been done in Ohio and
OnShipboard, Not Cleared forPennsylvania tobacco. Sales of Sumatra have also been
light. Cuban leaf has met with a satisfactory demand.
Other CoastGerGreat
Leaving
COPPER has been somewhat less active at 17Y4c. for
Oct. 4 at- Britoil. France many. Foreign wise. Total.
Stock.
Lake and 17M ®17.60c. for electrolytic. Consumers in New Orleans_ _ 6,429 3,202 6,722 2,900 ____ 10,253 40,874
many cases are awaiting developments. At one time there Galveston _ _ _ _ 56,101 8,732 29,345 26,914 2,765 121,857 131,155
3,300 2,700
___ _
62,424
1,700 7,700
was a sharp fall in London. European markets have lat- Savannah
3,000
Charleston_ _ _ _
-___
31,718
____
3,000
terly been quiet. They have also been irregular, owing to Mobile
15,202
--_
1,506
600 4,113
--2,007
5,000 12,000 17,000
contradictory reports as to the likelihood of war in South- Norfolk
6,109
2,100 1,800
York_
New
____
7,100
_
_
_
-iiiii
2,555
115,949
eastern Europe. Lead steady at 5.10c. Spelter 7.62Mc. and Other ports__ _ 20,000 5,000 18,000 3,000 ____ 46,000 54,595
quiet. Tin 50)4c. on the spot, with the tone quiet but
Total 1912.. 87,037 17,140 82,467 42,314 17,065 226,023 463,026
steady. Iron and steel have been strong, with an urgent
Total 1911.. 56,209 11,963 49,470 23,383 14,695 155,700 369,766
a 111 mn ORR 19 2fi2 17.340 141.238
demand.
Total 1910.. R./ I2'7
273.170




OCT. 5 1912]

TIIE CHRONICLE

11.45

11.45

11.25

11.25

11.25

1912_c
1911
1910
1909
1908
1907
1906
1905

11.25
10.20
14.10
13.60
9.15
11.65
10.65
10.40

1904.c
1903
1902
1901
1900
1899
1898
1897

10.30
9.85
8.94
8.38
10.88
7.25
5.38
6.50

1896_0
1895
1894
1893
1892
1891
1980
1889

8.38
9.12
6.25
8.25
7.88
8.62
10.38
10.75

1888.0
1887
1886
1885
1884
1883
1882
1881

10.
9
10.0
10.12
10.50
11.25
11.88

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

Quiet, 10 pts. adv__
Quiet, 20 pts. deo_ _
Quiet
Quiet, 20 pts. deo_ _
Quiet
Quiet

Total_




Futures.
Market
Closed.
Steady
Easy
Steady
Easy
Steady
Firm

SALES.
Spot. Contr'ct Total.
149
149
600
185 22,800 22,985

- aoi)
_

100

100

334 23,500 23,839

el
OZZOW?
'neneOZP OVEJ:1)0W1
.1

g g Ig g la glag I
ggiggIWPAIn i Wag i agl
El

oq

oq

11
66

;VI

EP,(r0

rs
00
,
oq

6°1
o0 on a' aq

Ec"
,

I1 :: 11 :: :1 :: :: :1
64.
;o:o. e..,
Wi. 66 ;-.

cr0

151.°1

06 b

10 ..
T5 m ..
TS I© ..
TS.
N ..
TS ..
TZ.
To ..
15 "
IP
il ki; II i.l'o. 't).1 i. , k'h ,,.1 5111 ,.1
=
11
H.-.....1. .;1: =.. .;-. . t 8: 88 11
;p. 6:;..
66
66 ;.tt ;.4-, ;4.,
00 6;., 66
15 ..
Ti m T5 1 ..
T5
T,
D
18
5 ..
Ta ..
TS lo
.
....
....
..
..
.. ..
i.lk
11
11 =
11 .t.t il.t.;.:
..-11.t.t
.t.t
88 88 11
WC.3
i.,;- ;...
;
"46
00
m T5 Is ..
li I@ ..
Ta.
T(0 ..
T5 ..
T© ..
6 .0
TS 10
II '.tt... I gt i ie. i'11 -I;
: 't
. 'sii t's. 11
11 = 1:::-00,b_
zi: 11 !81
8!88 11
C 64 66 6 6.c.
C.,

1:
00.171

mt..

10

10
..

II

tli;
:
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it

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.. .. .. .. .. ..
O. 0. O. O. 00 00

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li 81: il ,i',. !:
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=
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11 ti.1 ...8 .h; ',?,t :,;t kt il
11 88
81 88 88 81 88 11
642 42
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006
10 2
1 I® If. .12 ie I§ 10
il k.., ti t'g. tiD. •.';7.' 8q..! il
1.t;-. ;.t.t
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:8 :8 88 88 11
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i7,C, kbe iFiec, t6o .416
li ..
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cng

ta
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00

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;77
1 .1

Wednesday,
Oct. 2.

11.65

NEW YORK QUOTATION FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 4 for each of the past 32 years have been as follows:

,%d

c
,
g,9
,
Z2Z
(
I OW

Tuesday,
Oct. 1.

Middling uplands

FUTURES.-The highest, lowest and closing pricee'at
New York the past week have been as follows:

Saturdae.
Sept. ;./6

Speculation in cotton for future delivery has been of late
more active, hut the general trend of prices has been downward. The great event of the week was the publication
on Wednesday of the Government report on the condition
of the crop and the quantity ginned up to September 25th.
These were of such a nature as to give prices a severe blow.
They showed that the condition was 69.6 per cent, against
74.8 last month, 71.1 last year, 65.9 in 1910 and a ten-year
average of 67.5. That is to say, the condition was only
1.5 per cent less than a year ago in a season when the crop
exceeded 16,000,000 bales. It was 2.1 per cent above the
ten-year average and showed a loss for the month of only
5.2 per cent. In times past the loss in September has been
as much as 7 per cent in certain years and even as high as
11 per cent. Also the ginning figures were very large and
encouraged some peope to put the crop at 14,700,000 to
15,000,000 bales. The ginning was especially large in.
Texas, the total up to September 25th reaching the surprisingly large figures of 2,001,697 bales, against 1,667,875
bales last year. This was considered especially significant
and of itself caused a good deal of selling. In addition
the receipts at the ports have been very large, especially at
Texas points. The arrivals at Houston and Galveston
have at times been almost or quite double those of the
same days last year. This would apply more particularly
to Houston. At the same time spot cotton has been
offered very freely. Hedge selling has been a noteworthy
feature. Talk of war in the Balkans has not been regarded
as a favorable factor. Though in the grain markets war
is considered a bullish argument, it is considered quite the
reverse in the cotton trade. The weather of late has been
in the main favorable. Frost has done little or no harm.
There has been none of the killing kind, except possibly in
low places in Oklahoma. Frost, in fact, has been a negligible quantity. The great thing has been the big crop
movement coincident with a condition only slightly below
that of a year ago. But, on the other hand, spot interests
have judged it advisable to purchase freely on the late
decline. Spinners have also bought futures rather more
freely. Latterly, too, the spot sales in Liverpool have
been 12,000 to 14,000 bales a day, as contrasted with recent
daily sales of only 5,000 to 7,000. Manchester has been
firm with a better demand. Silver has advanced in London,
thereby, theoretically at least, increasing the buying power
of the Far East. Big grain crops in India seem to point
in the same direction. General trade has been expanding
in Europe as well as in this country. Then, as regards
the ginning, if we turn to such States as Georgia and the
Carolinas, drc., the totals up to September 25th make a
rather striking contrast with those up to the same time last
year; and Georgia especially. The total in that State
up to September 25th was only 273,086 bales, against
765,697 during the same time last year. People who think
that the crop east of the Mississippi is going to be only a
moderate one feel confirmed in this impression by the
ginning figures from that section of the Belt, though the
light totals there may be largely due to the admitted lateness of the season. They also claim, however, that the
big totals in Texas were due to a sudden and rapid opening
of the crop some time ago under the influence of a protracted period of dry, hot weather. The concensus here,
however, has much of the time been bearish. Most people
seem to be looking for a big crop and lower prices in the
end. The tendency, however, has been to create a very
large short interest. This has caused occasional sharp
rallies. To-day prices advanced suddenly on fears of rains
and colder weather over Sunday and steady buying by spot
houses and others who formerly leaned to the bear side.
Spot cotton closed at 11.25c. for middling uplands, showing
a decline for the week of 30 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 28 to Oct. 4
Sat. Mon. Tues. Wed. Thurs. Fri.

909

1
1
0

P,4

4
. 15

0
r-E.
.p.,

li

18 18 18 18 11
L.1

1@
°°

00L4

*Co

cis la 18 le

ebi

'A-

l'CO P:t: l 4
i lh 1 ;0; 1:?1 11

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
October 4Stock at Liverpool
Stock at London
Stock at Manchester

1912.
bales. 487,000
11,000
56,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

554,000
8,000
149,000
76,000
3,000
11,000
10,000
6,000

Total Continental stocks
Total European stocks
India cotton afloat for Europe__ _
Amer. cotton afloat for Europe
Egypt,Brazil,&c.,afit.for Europe_
Stock in Alexandria, Egypt
Stock n Bombay, India
Stock in U. S. ports
Stock in U. S. interior gowns
U. S. exports to-day

1911.
244,000
7,000
18,000

1910.
280,000
6,000
13,000

1909.
596,000
10,000
38,000

269,000
12,000
44,000
51,000
2,000
15,000
13,000
4,000

299,000
10,000
32,000
43,000
2,000
8,000
17,000
2,000

644,000
11,000
75,000
107,000
2,000
12,000
8,000
3,000

263,000

141,000

114,000

218,000

817,000
53,000
690,314
35,000
80,000
351,000
689,049
271,703
6,181

410,000
28,000
795,713
19,000
43,000
286,000
525,266
359,703
73,760

413,000
66,000
584,276
35,000
73,000
270,000
414,414
223,532
67,309

862,000
34,000
747,956
34,000
66,000
109,000
584,981
321,709
50,313

2,993,247 2,540,442 2,141,531 2,789,959
Total visible supply
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 339,000
121,000 207,000
513,000
Manchester stock
41,000
12,000
10,000
30,000
Continental stock
236,000
101,000
71,000
189,000
American afloat for Europe
690,314
795,713 584,276 747,956
U.S. port stocks
689,049 525,266 414 414 584,981
U. S. interior stocks
271,703 359,703 223,532 321,709
U. S. exports t-oday
6,181
73,760
67,309
54,313
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, ,Scc
Total American

2,273,247 1,988,442 1,577,531 2,416,959
148,000
11,000
15,000
27,000
53,000
35,000
80,000
351,000

123,000
7,000
6,000
40,000
28,000
19,000
43,000
286,000

73,000
6,000
3,000
43,000
66,000
35,000
73,000
270,000

83,000
10,000
8,000
29,000
34,000
34,000
66,000
109,000

720,000
569,000 373,000
552,000
2,273,247 1,988,442 1,577,531 2,416,959

Total visible supply
2,993,247 2,540,442 2,146,531 2,789,959
5.59d.
7.88d.
6.32d.
Middling Upland, Liverpool
7.27d.
9.95c.
Middling Upland, New York
11.25c.
14.50c.
13.55c.
10;id. 10 7-16d.
Egypt, Good Brown, Liverpool
12 Ud.
10 ;id.
10.25d.
Peruvian, Rough Good, Liverpool 10.00d.
10.50d.
8.50d.
Broach, Fine, Liverpool
8 3-16d. 5 11-16d. 7 5-16d.
6;Cd.
8 hd.
5 Xd. 7 3-16d. 6 7-16d.
Tinnevelly, Good, Liverpool

Continental imports for the past week have been 45,000
bales.
The above figures for 1912 show an increase over last week
of 319,762 bales, a gain of 452,805 bales over 1911, an excess of 846,716 bales over 1910 and a gain of 204,288 bales
over 1909.

910

THE CHRONIC

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.
Sardall, Monday, Tuesday, Wed'day, Thursd'y,1 Frtdau,
n
t•.nwomonowno.v..onoo.oern
o.n.Twooncooo
Septemberop
.00nonov:Noloon000nono.no.o
r..Noot.00 C...
Range
.4O4oSaSco4.6
.
:v.4t.:
..S.,441
444
m
,
a4M4i
,
,
74nW4.4
Closing
N.
..n .
. n
m .
C'S
Oct.om000nowon.000Nncnotonon000mo .1
RAnge
n.w000,ro.anovoco.000.vn,lnonc000000no
n
Closing
co
.Nomvoor-mnoonNno.now.000sorl c
Nay.
.r4: 4034,S4444 4.' .4 n .4n4o O
. n
.N

Receipts.

Week. I Season.

1

Season.
Week.

Receipts.

Movement to October 4 1911.

II

Movement to October 6 1911.

00NOWONMsVM=0W0.4,0hMMN.0NoMeppop0.NN

,roononmonoont.00nnnom. o
IN.0..000n000nno,
l.nonn0000 n
.nonomcgn000TrowomniNon,
oot,
o.o.00nN000noor-nonnono.co
NhN .
.
nm. 0NN
40'o1Wr5ui0t,
W40,4,44...tiriWo;044
eio
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m.nn
N
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N
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:
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r
5
t
.
4
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.
n
n
4
05VC0M0WWW0MhM.h0hM..1.00004SOOW00000h
canc-ono.nonow.or.o.i.onnnoor-m000000c o
0=0..qt.Int.noo.loTrnmo 000000 o
not...0,,
. -,n.,,,
--.....
7. N
Ne17644•47C;o0MM,Citih...-4•147..
r000 ..0
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0.,...0.,0,001,Ni
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nn,,roconomon.morTom0000nn.
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l404000nnoo0004040005elnelno4040.n..400,,i50 t...
d4.o; .-441, c4040
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n m o,ro.o.nowo.tono.00n........0000.....o.
NO0 00040hhhONhNWM01h.Mh.000NM-400:4.0 0
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4
'm 44. 4WeitSr: 4
t...mi annam444,14"
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,...,..,.0..om..o0005owoon.qvt.0onwo0nN.,0n
0000nnoon.i.n.toono.4.00t.hne
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h

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nn.nnononnn000.nol,rn,t0000nt-0000.o.
mnon.o.r..ocoomon000..000000.r.000.qo.
n.o.t.loclr-oonot.occonor-mln
:
loono.nom000 .d.
.(:e.40,4,24.6
5.4,
1.44 .m .4 C.
.444,
4064o;o; tri.
•-4.
.
40-4.
n

b
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1-0.-.001NO‘-•-•

lom,Sti5.74 .00

" ;10d0
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0
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t°,041-..
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1.IP602E,,I7400 g

Tail

,
5
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c.)
ZCOc45isis

.

v,

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L. 1-,

Range
Closing
Dec.Range
Closing
Jan.
Range
Closing
Feb.
Range
Closing
Mch.Range
Closing
MayRange
Closing
JulyRange
Closing
ToneSpot
Options

1

Sept. 28. Sept. 30. Oct. 1.

11-.25 11.25.-36
11.34-.35
-o •
11.3-8-.38

Oct. 2.

Oct. 3. I Oct. 4.

-- 3 -10.89-.15 10.89-.01 10.97-.10
10.89-.90 10.90-.92 10.08..10
11.24 --- 11.20-.22 10.91-.93 10.93-.95 11.1 -.11

11.36-.46 11.25-.45 11.20-.31 10.94-.24 10.01-.10 10.02-.18
11.43-.44 11.28-.29 11.25-.26 10.96-.97 10.97-.98 11.16-.17
11.42-.53 11.30-.51 11.25-.36 10.99-.28 10.95_.14h 11.05_.22
11.49-.50 11.33-.34 11.30-.31 11.00-.01 11.01-.02,11.20-.21
_
---11,51-.53
11.33-.35 11.03-.05 11.02-.04 11.21-.24
11.59-.69 11.45-.66 11.41-.52 11.17-.45 11.14-.32 11.22-.40
11.63-.64 11.48-.49 11.46-.47 11.18-.19 11.18-.19 11.37-.38
11.71-.70 11.58-.73 11.53-.63 11.28-.56 11.25-.411 11.35-.50
11.75-.77 11.59-.60 11.57-.59 11.29-.30 11.29-.30,11.49-.50
1
11.82-.83 11.71-.73- 11.39-.53 11.39 - 11.50 11.85-.87 11.69-.70 11.67-.69 11.39-.41 11.39-.40 11.59-.61
Steady. Steady.
Easy. Steady. Steady.
Easy.
Steady. Steady. Steady. Steady. Steady. Steady.

-The Land and Industrial Dtpartment of the Southern
Railway has just issued the 1912 edition of the Southern
Railway Textile Directory, giving a list of all the cotton,
woolen, knitting and other textile mills along the Southern
Ry., Mobile & Ohio RR., Georgia Southern & Florida Ry.,
Virginia & Southwestern Ry. and the Southern Ry. in Mismississippi. The directory shows a total of 782 mills in
operation at the beginning of this year, 198,042 looms and
8,749,670 spindles. There were 614 cotton mills, 145 knitting mills and 38 woolen mills.
THE AGRICULTURAL DEPARTMENT'S SEPTEMBER REPORT.-The following statement, showing the condition of cotton on Sept. 25, was issued by the Department of
Agriculture Oct. 2:

*Last year's figures were for Louisville, Ky.

The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the correspondents and agents of the Bureau, that the condition of the cotton crop
on Sept. 25 was 69.6% of a normal, as compared with 74.8 on Aug. 25 1912,
71.1 on Sept. 25 1911, 65.9 on Sept. 25 1910, 58.5 on Sept. 25 1909 and 67.5.
the average of the past ten years Sept. 25.
Comparisons by States follow:
Sept. 25
States1911
1912
1910 10- Yr.Ar.
Virginia
87
70
78
76
1912
1911
70
77
72
73
Since North Carolina
October 4
Since
68
73
70
72
Sept. 1. South Carolina
Week.
Sept. 1.
Week.
Shipped65
79
68
72
6,436 Georgia
1,776
2,435
7,014
Via St. Louis
65
75
66
71
880
9,940 Florida
a5,216
1,656
Via Cairo
68
73
67
67
50100 Alabama
Via Rock Island
63
62
67
83
1-,iii
690
2,246
3,865 Mississippi
Via Louisville
69
66
1,084
62
1,432
51
551
1,111 Louisiana
Via Cincinnati
75
71
769
1,597
3,995
63
63
Via Virginia points
4,944 Texas
68
70
10,717
68
6,243
69
7,142
11,231 Arkansas
Via other routes, &c
Tennessee
68
77
75
73
72
11,568
80
27,110
75
76
17,933
Total gross overland
37,627 Missouri
Oklahoma
60
69
70
68
Deduct shipments100
90
90
607
2,891
809
Overland to N. Y., Boston, &c_ _ _
2,841 California
2,842
1,962
Between Interior towns
957
1,876
71.1
69.6
65.9
67.5
United States
8,255
2,640
1,300
Inland, &c., from South
7,160

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:

CENSUS BUREAU REPORT ON COTTON GINNING
TO SEPT. 25.-The Census Bureau issued on Oct. 2 its report on the amount of cotton ginned up to Sept. 25 from the
Including movement by rail to Canada. a Revised.
growth of 1912 as follows, comparison being made with the
The foregoing shows the week's net overland movement returns for the like period of the preceding years.
has been 6,359 bales, against 14,867 bales for the week last
Number of bales of cotton ginned from the growth of 1912 prior to
year, and that for the season to date the aggregate net over- Sept. 25 1912, and comparative statistics to the corresponding date in
1911, 1910, 1909 and 1908.
land exhibits a decrease from a year ago of 12,628 bales.
Counting Round as Half Bales
Total to be deducted

5,209

13,988

3,066

11,877

Leaving total net overland
'

6,359

13,122

14,867

25,750

1912
In Sight and Spinners
Since
1Veek.
Takings.
Sept. 1.
Receipts at ports to Oct. 4
460,366 1,393,282
Net overland to Oct. 4
6,359
13,122
Southern consumption to Oct. 4.._ 58,000
272,000

Week.
444,027
14,867
42,000

Since
Sept. 1.
1,594,662
25,750
185,000

Total marketed
Interior stocks in excess

1,678,404
174,667

500,804
86,323

1,805,412
259,266

Came into sight during week_565,545______
Total in sight Oct. 4
1,853,071

587,217

522,-725
42,820

North. spinners' takings to Oct. 4 32,7- 81

1911

122,284

2,064,678
43,311

153,275

Movement into sight in previous years.
Week1910-Oct. 7
1909-Oct. 8
1908-Oct. 10

Bales.
Since Sept. 1454,388 1910-Oat. 7
553,037 1909-Oct. 8
484,340 1908-Oct. 10

Bales.
1,635,834
2,052,75
1,878,80

1911.
1912.
Alabama
194,334
360,244
Arkansas
40,447
43,626
Florida
9,575
21,510
Georgia
273,086
765,697
Louisiana
73,657
89,069
Mississippi
59,226
96,829
North Carolina__ _ 102,009
156,390
Oklahoma
116,328
78,453
South Carolina__ _ 177,827
338,090
Tennessee
15,541
992
Texas
2,001,697 1,667,875
All other States
5,305
2,740

1910.
201,488
22,319
11,252
365,407
45,799
83,768
46,051
110,530
160,521
1,602
1,263,212
125

1909.
187,832
83,026
19,581
536,212
62,616
96,825
80,498
134,377
285,401
17,152
1,061,558
2,172

1908.
316,349
80,365
16,657
514,898
79,042
199,001
89,063
5,705
289,969
28,109
966,607
4,774

United States_ _3.015,033 3.676,504 2.312,074 2,568,150 2,500,630
Included in the total ginnings were 19,450 round bales, compared with
27,918 round bales ginned to Sept. 25 last yera, 38.026 roung bales in 1910
and 48,070 round bales in 1909. The number of bales of Sea Island cotton
included was 3,026 bales, compared with 11,807 bales last year.

COTTON CONSUMPTION AND OVERLAND MOVEQUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling MENT FOR THE MONTH OF SEPTEMBER.-Below we
present
a synopsis of the crop movement for the month
cotton at Southern and other principal cotton markets for
of September for three years:
each day of the week:
C osing Quo attons for Middling Cotton onWeek Ending
October 4.
Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Wilmington_ _ _ _
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rook__ -

Sat'day. Monday. Tuesday. Wed'day. Thursd'y,. Friday.
11 4
11 7-16
11 5-16
115%
11 X
11 g
11 4
115%
11.90
11 4
115%
115%
11 7-16
11 X




115%
11
11.70
11 7-16
11%
11
11
1114

11
11%
11.70
115%
1134
11
11 4
11 %

1912.

1911.

1910.

21,938
Gross overland for September
bales.
20,738
20,524
Net overland for September
12,141
8,100
7,620
Port receipts in September
1,098,161 1,250,549
926,908
Exports in September
954,492
688,631
619,453
Port stocks on Sept. 30
616,007
428,759
375,820
Northern spinners' takings in September_
111,125
89,764
148,809
Southern consumption in September_ _ _ _
235,000
150,000
133,000
Overland to Canada in September (included in net overland)
3,980
3,297
6,059
Burnt North and South in September_
20,052
Stock at North. interior markets Sept. 30
12,945
5,591
1,492,261 1,596,690 1,181,451
Came in sight dntlng September
Came in sight balance of season
14,446,626 10,950,881
Total crop
16,043,316 12,132,332
Average gross weight of bales
526.90
527.28
523.57
Average net weight of bales
502.90
503.28
499.57

OCT. 5 1912.]

THE CHRONICLE

911

Savannah, Ga.-There has been rain on two days of the
WEATHER REPORTS BY TELEGRAPH.-Reports
week,
the precipitation reaching fourteen hundredths of an
that
indicate
evening
by telegraph from the South this
inch. The thermometer has averaged 65, ranging from 60
the weather has been favorable over the greater part of the to 79. Month's rainfall, 8.66 inches.
Washington, Ga.-We have had rain on four days during
a
belt during the week. Dry weather has prevailed over
the week, the rainfall being one inch and thirty-three hunprecipithe
fallen
has
rain
where
considerable section and
dredths. The thermometer has ranged from 52 to 75,
averaging 64.
tation has been light or moderate as a rule. Temperature,
furthermore, has been higher. Picking is progressing well,
Charleston, S. C.-Rainfall for the week, eight hundredths
liberal.
of an inch, on two days. Average thermometer 71, highest
on the whole, and marketing is becoming moreunder
favor- 81, lowest 60. Month's rainfall 10.42 inches.
Galveston, Tex.-Picking is progressing well
able weather conditions and a larger proportion of the crop
Greenville, S. C.-It has rained on two days during the
has been picked to date than in former years. There has week, to the extent of five hundredths of an inch. The therof
been rain on two days during the week, to the extent
mometer has averaged 60, the highest being 78 and the lowest
thirty-four hundredths of an inch. The thermometer has 41.
averaged 77, ranging from 66 to 87.
Spartanburg, S. C.-We have had no rain during the week.
Brenham, Tex.-There has been no rain the past week. The thermometer averaged 62, ranging from 45 to 78.
The thermometer has ranged from 60 to 92, averaging 76.
Gainesville, Fla.-Rain has fallen on five days of the week,
Cuero, Tex.-There has been rain on one day of the week. to the extent of two inches and thirty-eight hundredths.
the rainfall being ten hundredths of an inch. Average ther- The thermometer has ranged from 69 to 90, averaging 80.
mometer 76, highest 98 and lowest 54.
Madison, Fla.-We have had rain on three days of the
Dallas, Tex.-It has been dry all the week. The ther- past week, the precipitation reaching forty-five hundrdeths
mometer has averaged 73, the highest being 96 and the of an inch. Average thermometer 77, highest 88,lowest 67.
Tallahassee, Fla.-It has rained on two days during the
lowest 50.
Henrietta, Tex.-There has been no rain during the week. week, to the extent of thirteen hundredths of an inch. The
The thermometer has averaged 71, ranging from 48 to 94.
thermometer has averaged 75, the highest being 85 and the
Huntsville, Tex.-It has been dry all the week. The ther- lowest 66.
mometer ranged from 56 to 90, averaging 73.
Dyersburg, Tenn.-There has been no rain the past week.
Kerrville, Tex.-Rainfall for the week, eighteen hun- The thermometer has averaged 61, ranging from 40 to 82.
71,
dredths of an inch, on one day. Average thermometer
Memphis, Tenn.-There has been no rain the past week,
highest 92, lowest 50.
The thermometer has ranged from 47 to 79, averaging 63.
week.
past
Lampasas, Tex.-We have had no rain the
Nashville, Tenn.-There has been rain on one day of the
The thermometer has averaged 73, the highest being 92 and week, the rainfall being twenty-two hundredths of an inch,
the lowest 54.
Average thermometer 59, highest 78 and lowest 40.
Longview, Tex.-We have had no rain during the week.
Charlotte, N.C.-We have had rain on one day of the week,
86.
to
54
The thermometer has averaged 70, ranging from
the rainfall being five hundredths of an inch. The ther.,
week,
the
during
Luling, Tex.-It has rained on two days
mometer has averaged 62, the highest being 75 and the
the rainfall being six hundredths of an inch. The thermom- lowest 50.
76.
eter has ranged from 58 to 94, averaging
Greensboro, N. C.-There has been rain on one day of the
Nacogdoches Tex.-Dry all the week. Average thermom- past week, the rainfall reaching ten hundredths of an inch.
eter 72, highest
' 90, lowest 54.
The thermometer has averaged 60, ranging from 74 to 46.
Palestine, Tex.-There has been no rain during the week.
Raleigh, N. C.-Dry all the week. The thermometer has
90
being
highest
The thermometer has averaged 73, the
ranged from 46 to 76, averaging 61.
and the lowest 56.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Paris, Tex.-There has been no rain the past week. The
90.
to
48
thermometer has averaged 69, ranging from
1911.
1912.
Cotton Takings.
San Antonio, Tex.-We have had rain on one day during
Week and Season.
Week.
Season.
Season.
Week.
The
inch.
an
of
the week, the rainfall being one hundredth
thermometer has ranged from 60 to 92, averaging 76.
2,272,554
2,673,485
Visible supply Sept. 27
2,135,485
1,603.418
Visible supply Sept. 1
Taylor, Tex.-We have had no rain the past week. Mini- American
565,545 1,853,071 587,217 2,064,678
in sight to Oct. 4_ .... _
mum thermometer 58.
5,000
23,000
2,000
20.000
Bombay receipts to Oct. 3
4,000
32,000
6,000
33,000
Weatherford, Tex.-We have had no rain during the week. Other India shipm'ts to Oct. 3_ _
20,000
57.000
26,000
35,200
Alexandria receipts to Oct. 2.._ _
and
90
being
highest
the
69,
averaged
has
thermometer
The
9,000
32,000
7,000
32,000
Other supply to Oct. 24
3,280,030 4,132,556 2,897,771 3,788,296
Total supply
the lowest 48.
DeductArdmore, Okla.-There has been no rain the past week. Visible
2,993,247 2,993,247 2,540,442 2,540,442
supply Oct.•
The thermometer has averaged 70, ranging from 48 to 91.
286,783 1,139,309 357,329 1,247,854
has
Total
takings
to
4
Oct.
thermometer
The
week.
the
all
Dry
Marlow, Okla.
212,783
945,309 233.329
Of which American
928,654
194,000 124,000
74,000
Of which other
319,200
ranged from 41 to 90, averaging 65.
Averweek.
past
the
rain
no
West
Smyrna,
/cc.
Brazil,
Indies,
had
from
have
• Embraces receipts in Europe
Tulsa, Okla.-We
age thermometer 65, highest 87, lowest 42.
ALL
FROM
PORTS:
MOVEMENT
INDIA
COTTON
Alexandria, La.-It has been dry all the week. The thermometer has averaged 71, the highest being 91 and the
1911
1910
1912
October 3.
lowest 51.
Since
Since
Since
Receipts atNew Orleans, La.-We have had rain on three days oe the
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
week, to the extent of one inch and eighty-four hundredths.
20,000 3,000
21,000
23,000 5,000
2,000
The thermometer averaged 68, ranging from 50 to 85. Bombay
Month's rainfall, 3.84 inches.
Since September 1.
For the Week.
Shreveport, La.-Dry all the week. The thermometer has
Exports
Japan
Conti• Great
ranged from 53 to 86, averaging 69.
Great Conti- Japan
fromneat. & China. Total.
Britain. nent. &China Total. Britain.
Eldorado Ark.-We have had no rain the past week.
Average thermometer 68, highest 87, lowest 49.
Bombay5,141
2
27,000
25,0001
5,0001
......
1912
Helena, Ark.-Crops are late. We have had no rain the
5,000
11,000
15,000
6,00
6,000'
1911
......
61,
the
averaged
highest
has
thermometer
The
week.
past
8,000
60,000
1,000 51,000
12,000
...... 12,0001
1910
4.6
rainfall,
inches.
Month's
46.
lowest
the
and
Calcutta
80
being
3,000,
3,000
1,III
1912 .... ...... 1,000
Little Rock, Ark.-We have had no rain during the week.
2,000,
2,000
1911
3,000
The thermometer has averaged 67, ranging from 50 to 75.
1910
MadrasMonth's rainfall, 2.59 inches.
1,000
3,0001,00
1912
2,000
1,000;
1,000
Columbus, Mess.-It has rained on two days during the
1911
3,000
3,0 '
1,000
1910
01
00
00
1,0
......
week, the rainfall being one inch and twenty-one hundredths.
All others
701
00(0)00
The thermometer ranged from 49 to 84, averaging 66.
79 0
18,
2
28,000
5,000
1912
...... 5,
29,000
4,000
4,000
1911
......
Meridian, Miss.-'1 here has been rain on two days of the
18,000
1,000
1,000
2,000
3,000
1910
week, the rainfall being fourteen hundredths of an inch.
Average thermometer 67, highest 80 and lowest 54.
Total all59,000
27,000 57,000
11,00;
......-11,000
1912
Vicksburg, Miss.-There has been no rain during the week.
1,000
1,660 49,000
43,000
10,000
...... 10,000
1 11
The thermometer has averaged 69, the highest being 85 and
2,000
8,000 84,000
79,000
16,000
1,000 15,000
1910
the lowest 54.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Mobile, Ala.-Rainy weather the past week has delayed
picking and damaged plants and staple to some extent.
Alexandria, Egypt,
There has been rain on two days the past week. The ther1910.
1912.
1911.
October 2.
mometer has averaged 73, ranging from 63 to 82. Month's
(cantars)Receipts
rainfall 5.76 inches.
80,000
260,000
210,000
This week
Montgomery, Ala.-It has rained on three days during the
194,594
534,219
423,089
Since Sept. 1
week, the rainfall being one inch and seven hundredths.
71.
This Since
This Since
This Since
The thermometer has ranged from 59 to 84, averaging
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Selma, Ala.-Rain has fallen on four days of the week.
of
an
fifty
hundredths
inch. Average
7,978 6,250 12,575
4,250 7,787 2,750
The rainfall reached
To Liverpool
5,129 3,750 6,500
3,750 4,750 2,000
To Manchester
thermometer 68.5, highest 75, lowest 58.
To Continent nad India_ _ 4,000 14,023 3,250 13,047 6,000 17,183
rain
on
had
four
week,
the
of
have
days
Augusta, Ga.-We
500
600
1,000 3,500
1,600
1,849
To America
the rainfall being ninety-seven hundredths of an inch. The
13,000 29,063 8,500 27,754 16.600 38,10T
Total
exports
the
the
66,
and
79
being
highest
thermometer has averaged
Note.-A cantar Is 99 lbs. Egyptian bales weigh about 150 lbs.
lowest 54.




9i 2

THE CHRONICLE

[

Lxxxxv.

MANCHESTER MARKET.-Our report received by cable
The prices of futures at Liverpool for each day are given
to-night from Manchester states that the market is quiet for below. Prices are on the basis of upland, good ordinary
both yarns and shirtings. Spinners are considered to be clause, unless otherwise stated.
well under contract. We give the prices for to-day below and
The prices are given in pence and 100ths. Thus, 6.39 means 8.39-100d.
leave those for previous weeks of this and last year for
Sat.
Sept. 28
I Mon.
comparison.
Thurs.
Tues.
Fri.
Wed.
to
Oct. 4.

1912.
32.e Cop
Twist.

81i, lbs. Skirt- Cot'n 83 lbs. Shirtings, common Mid.
32s Cop
to finest.
nest.
Upt's

1.
d. s. d.
s. d.
Aug.
16 9%@ 10% 6 3 @114
23 9
Ji 10% 6 3 @II 4
30 9% 0 10% 6 2 @111
Sept
9%0 10% 6 2 @111
13 9%•0 103. 6 2%011 2
20 10 04 11 82 @112
27 113-160 103 6 2 011 2
4

1911.

d.

1.

Inas, common
to finest.

n. 3. d.

Mid.
Upl's

s. d. d.

6.70 i%68 103. 5 7%010 734 6.69
6.6C l%68 10343 8 44108
6.88
6.40 i%68 1034 3 8340110 9
6.95
6.6'2 /.4
3
68
6.75 )%
68
6.71, )11-160
6.51. 7-16 @

1034 5
103i 5
1034 3
1054 5

9% 0 10% 6 1 011 1% 6.32 9%68 10

9 010 10
9 010 10%
9 010 1034
834010 934

5 7340 10-3

7.32
7.18
6.80
6.11
5.59

1254 1234 11254 4 1234 4 1254 6 125( 4 1234 4
p.m. p.m Ip.m. p.m. p.m. pain. p.m. pain. p.m. p.m. pm. p.m.

Sept____ 6
Sept.-Oct. ____ 6
Oct.-Nov - _ _ _ 6
Nov.-Dec. - _- _ 6
Dec.-Jan .___6
Jan.-Feb ____ 6
Feb.-Mch. ____ 6
Mch.-Apr. ___ _ 6
Apr.-May. _ _ _ _ 6
May-June ____ 6
June-July - __ ..6
July-Aug_ ____ 6

39 143
25343134 Siii ii 22-4 ii ii 64134 ii-ii oitii 1.
4.-.
21 :2754 28
19
1934 18 % 09% 03 09 04
1054
15% 21 A 22 13 1334 13 04 97;4 04 99 05
1554 21;4 22 13 133413 04 9754 04 99 05
1634 2254 2334 1434 15 1434 0534 99 0534 0054 0634
18 2354 2454 16
1634 16 07 0034 07 02 08
19 25 28
1754 18
1734 0854 02 08 03 14 0954
2054 2634 2754 1834 1954 19 09 ;.4 03 0954 0434 11
21 % 27% 28% 20 20% 20 10% 04
10% 05% 12
21
2754 2854 20 2054 20 1034 04
1054 0554 12
2034 26% 27% 19
193.4 19 10 033.4 10 05 1134

BREADSTUFF'S.

Friday Night, Oct. 4 1912.
SHIPPING NEWS.-As shown on a previous page, the
Flour has been steady, with a moderate trade. Buyers
-exports of cotton from the United States the past week have
reached 384,575 bales. The shipments in detail, as made of late have been disposed to await further developments
-up from mail and telegraphic returns, are as follows:
before trading extensively. Tile stock here is 34,500 packT84'7al
ot bales.
ages, against 46,300 on Sept. 1 and 45,800 a year ago. At
NEW YORK-To Liverpool-Oct. 2-Cedric, 4,630 upland,
Peruvian! Welshman, 2,133
7,610
Minneapolis some mills have done a rather large business,
To Havre-Sept. 28-La Touraine, 500
500
To Bremen-Sept. 27-Koenigen Luise, 4,075._ _Oct. 2while
others have made but moderate sales. Yet the total
George Washington, 1,540
5,615
To Genoa-Sept. 30-Moltke, 1,967
1,967 sales, it is pointed out, have considerably
exceeded the
To Naples-Sept. 30-Moltke, 290
299
week's output. There is no complaint of a lack of shipping
CALVESTON-To Liverpool-Sept. 27-Cestrian, 23,184; Hermis43,829
ton, 11,348; Riojano, 9,297
directions. Exports sales, however, have been small.
To Manchester-Sept. 27-Maria de Larrinaga, 10,423.._ _Sept.
20,007 The total output at Minneapolis,
30-Telesfora, 9,604
Duluth and Milwaukee
Monadnock,
4,776!
-Catalina,
13.510;
-Sept.
27
To Havre
Filar de Larrinaga, 9,397-Sept. 28-Strathcarron, 3,528._
has been 473,385 barrels, against 459,275 in the previous
41,469
Sept. 30-St. FIllans, 10,258
week and 416,725 last year. Some buyers in the West have
To Bremen-Sept. 27-Cloutsham, 14,132; Coburg, 10,350;
50,533
Imperial, 11,383; Iran, 14,668
1,933 allowed their stocks to become so low that they want shipTo Rotterdam-Sept. 27-Cara, 1,933
To Gothenburg-Sept. 28-Mexicano, 1,788
1,788
To Christiania-Sept. 28-Mexicano, 50
50 ments by express.
To Barcelona-Sept. 27-Georgia, 10.905
10,905
Wheat has latterly advanced, owing in part to warlike
To Trieste-Sept. 27-Georgia, 3,754
3,754
reports from the Balkans. Foreign markets have risen,
'TEXAS CITY-To Liverpool-Sept. 27-Nlcoslan, 14,106._ _Sept.
30-Professor, 8.899
23,005
8,509 especially those on the Continent. The Continent has been
To Havre-Sept. 27-Strathcarron, 8,509
10,366 buying freely in Europe. Some signs of a
ARANSAS PASS-To Liverpool-Sept. 23-Brink burn,10,368..
decrease in
6,142
NEW ORLEANS-To Liverpool-Sept. 30-Median, 6,142
1,100 receipts have been noticed at our Southwestern markets.
To Belfast-Oct. 2-Rathlin Head, 1,100
120
To Hamburg-Sept. 28-Hillfern, 120
350 The arrivals at Chicago have latterly been small. Though
To Gothenburg-Oct. 2-Mexicano, 350
50 the freight rate from New York to Liverpool
To Christiania-Oct. 2-Mexicano, 50
has been 5 y
id.
2,550
To Barcelona-Sept. 27-Catalina, 2,550
5,342 and export business, as a rule, has been small, there was
MOBILE-To Llverpool-Sept. 28-Almerlan, 5,342
PENSACOLA-To Liverpool-Sept. 20-E.0. Saltmarsh, 3,695_ _ 3,695 some increase in the trade in Manitoba wheat in the
middle
12,513
SAVANNAH-To Liverpool-Sept. 28-Tafna, 12,513
7,400 of the week. The political situation is also being sharply
To Manchester-Sept. 28-Tantalon, 7,400
To Havre-Sept. 30-Ethelstan, 7,862
7,862 watched. In 1885, when there seemed to be some danger
To Bremen-Sept. 27-Friederike, 8,021_ _ _Oct. 2-Toronto,
8,225
16 ,246 of a clash between England and Russia over the encroachTo Hamburg-Sept. 28-Bellagio, 223__ _Oct. 2-Toronto, 300
523 ments of Russia in the Far East, wheat for a time advanced
50
To Gijon-Sept.28-Tafne, 50
50 sharply. Later in the year war news from Roumelia also
. To Lisbon-Sept.28-TaIna, 50
5,975 caused a rise. The world's stocks of wheat increased last
To Barcelona-Sept.30-Monglnevro, 5,975
2,898 week only 2,460,000
To Genoa-Sept. 30-Monglnevro, 2,898
bushels, against 4,069,000 bushels in
15,125 the
BRUNSWICK-To Liverpool-Sept. 28-Memphian, 15,125
same time last year. It was remarked, too, that, though
9,226
To Bremen-Sept. 30-Glenesk, 9,226
the
wheat
receipts
in
of
the last three months reached some
5,000
CHARLESTON-To Liverpool-Sept. 28-Barendrecht, 5,000
6,500 114,000,000 bushels, against 85,000,000 bushels during the
To Bremen-Oct. 1-Westlands, 6,500
11,915 like period last year, the visible supply has increased
WILMINGTON-To Havre-Oct. 1-Rutherglen, 11,915
only
To Bremen-Oct. 2-Camphill, 10,942_..10,942 8,500,000 bushels, against 28,000,000
bushels last year.
BOSTON-To Liverpool-Sept. 26-Michigan, 3,099... _Sept.27receipts
Here
is
over
of
an
excess
the
same time last year
9,824
Bohemian 5,725_ _ _Sept. 30-Franconia, 1,000
598 of 29,000,000 bushels, yet an increase in the
To Manchester-Sept. 28-Iberian, 598
visible stock
200
To Naples-Sept. 27-Canopic, 200
bushels.
This
of
only
8,500,000
heavy
movement, resulting
008
BALTIMORE-To Liverpool-Oct. 1-Templemore, 998
accumulation
in
of
so
small
an
stocks,
has attracted atten3,250
To Bremen-Oct.2-Brandenberg, 3,250
308 tion and has made some experienced people in the wheat
To Hamburg-Sept. 28-Pretoria, 308
PHILADELPHIA-To Manchester-Sept. 30-Manchester Extrade sceptical as to the advisability of any large ventures
1,100
change, 1,100
on the short side of the market. In fact, the speculation
SAN FRANCISCO-To Japan-Sept. 28-Tenyo Maru, 4,564_ _ 4,564
has been confined, for the most part, to small traders.
384,575 Large operators have been holding aloof. Some of them
Total
Wheat they are watching, rather uncerLIVERPOOL.-By cable from Liverpool we have the fol- are in corn.
lowing statement of the week's sales, stocks, &c., at that port: tain what to do, and in the meantime acting on the
nothing."
The high
Oct. 4. principle "when in doubt do
Sept. 13. Sept. 20. Sept. 27.
61,000 rates of ocean freight room and the recent falling
39,000
bales. 37,000
46,000
Sgies of the seek
took
speculators
2,000
2,000
1,000
1,000
which
Of
1,000
1,000
2,000 off in the export trade on that account has been one thing to
1,000
Of which exporters took
48,000 discourage buying. Another is a tendency to increase the
27,000
32,000
29,000
Sales, American
4,000
3,000
3,000
5,000
Actual export
crop estimate. One of the latest, issued by a well-known ex69,000
69,000
59,000
57,000
Forwarded
534,000 516,000 507,000 487,000 pert, is 742,000,000 bushels, the largest on record with one
Total stock-Estimated
387,000 362,000 352,000 339,000 exception-that of 1901-in
Of which American
twenty years. It includes
52,000
27,000
62,000
45,000
Total Imports of the week
24,000
15,000
46,000 334,000,000 bushels, of spring wheat, against 191,000,000
49,000
Of which American
143,000 187,000 234,000 357,000 last year, and 408,000,000 bushels of winter wheat. Though
Amount afloat
96,000 155,000 106,000 313,000
Of which American
the Northwestern receipts have recently fallen off, in part
market for spots and futures owing to unfavorable
Liverpool
the
of
tone
The
weather, they are expected to increase
daily
closing
prices
the
of
and
week
past
the
of
day
each
materially in the near future if the present favorable weather
follows:
have
been
as
cotton
spot
conditions continue. The world's shipments, though smaller
than in the previous week, closely approximated 14,000,000
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
bushels. The weather has been better in the United Kingdom, and the talk regarding the harvest there is rather more
Quiet
Dull
Market,
Good
More
but
Quiet.
Good
and
cheerful. Supplies in France are larger,even if good quali12:15 }
demand.
demand. demand.
steady.
P. M. j irregular.
ties are scarce and dear. In Germany the outlook for the
crops is better and the quality of the wheat is more satis6.47
6.31
6.46
6.59
6.32
Upl'
6.53
factory. In Russia the weather has improved. Still, the
8,000
14,000
6,000
3,000
12,000
14,000
Sales
fact remains that the European crop situation is not as a
500
500
300
500
Spec.&exp.
1,000
500
whole satisfactory. Unfavorable reports about the threshSteady Steady unSteady
Easy
Steady
Futures.
Quiet
ings in Russia are being received. Good wheat is scarce in
5 pts.
506 pts.
Market 1 5%06% 304 pts. 708 pts. changed to
decline.
de
.
7
pt.
advance.
decline.
pts.
dec.
decline.
Europe. War in Southeastern Europe might cause a blockPt opened j
ade of the Dardanelles, shutting off large quantities of RusEasy
S5eady
Steeady
',Market, 1 Steady iery ste'dy Steady
9%010
pts.
134
pt
8(410
dec. 101% pts. sian wheat, which the importing countries of
3%04M 6%07%
,t 4
Western Europe
pts. dec. tot 54 pt.ad advance.
decline.
P. M. 3 pts. dec., pts. adv.
may badly need There has also been a tendency to oversell




OcT. 5 1912.]

913

THE CHRONICLE

springthe market, owing to the glowing reports fromilthe
with
wheat section of this country. To-day prices advanced,
that Bul.a better export business, coincident with reports
garian troops have invaded Turkey. Some 280,000 bushels
were reported sold for export.

FUTURES IN NEW YORK.
DAILY CLOSING PRICES OF WHEAT
Sat. Mon. Tues. Wed. Thurs. Fri.
10334 10334 10334 10334
103
103
No. 2 red
A_ _ _
.September delivery in elevator_ ____ _100
98 % 100 A
98% 99
9834
_
9834
elevator_
in
December delivery
102 % 104 A
102 A 102 A 102 % 103
.May delivery in elevator
CHICAGO.
IN
FUTURES
WHEAT
OF
PRICES
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
88
September delivery in elevator_ __ _ 8834 8934 903% 9034 9034 92
8934
_
__
December delivery in elevator_
9434 9434 9534 9534 9534 9634
May delivery in elevator

Indian corn has at times declined under liquidation and
the short selling due to a general impression that the crop is
.one of the largest ever raised. It is true that the September
shorts had a rather unpleasant experience. That month
touched 733i last Monday as a sort of Parthian shot. But
the general sentiment is bearish. The world's shipments
have been large. Some reports of damage to the crop have
rebeen received with evident skepticism. Some of these
35%. That
ports put the damage by recent frost at 20 to firm
put the
would make a good deal of soft corn. One
last
condition at 79.2, against 82 the Government report
sales of
month: On Wednesday Chicago made shippingsome very
300,000 bushels. It is well to bear in mind thatthe market,
large interests are identified with the bull side of
than
but apparently they have been doing more bidding
buying of late, though they have already accumulated.
something of a line, and evidently for what is popularly
of
termed a "long pull." To-day there was free covering
shorts and prices were higher.
CORN IN NEW YORK.
DAILY CLOSING PRICES OF NO. 2 MIXED
Sat. Mon. Tues. Wed. Thurs. Fri.
nom. nom. nom. nom. nom. nom.
Cash corn
nom. nom. nom. nom. nom. nom.
September delivery In elevator_
IN CHICAGO.
DAILY CLOSING PRICES OF CORN FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ _ _ _ 71% 7334
% 52 A 53 A
December delivery in elevator_ _ _ _ 52 A 52% 52 % 52
52 % 52 A 51 A 52 A 52 A 52%
May delivery in elevator

Oats receded somewhat for a time under the pressure of
liquidation, though, like corn, they have now and then
shown the sustaining effect of rather stronger prices for
wheat. The belief, however, is that the oats crop approxithat
mates 1,450,000,000 bushels, the largest ever known,andeffect
unless something unforeseen happens, the inevitable have
must be a decline in prices. Of late, however, there
been rumors of new export business. Some large cash
houses have been buying May and selling December. The
cash business at Chicago has increased, mainly, however, it
would appear, for home account. Few or no striking features have been developed during the week. The speculation has been moderate, and until towards the close of the
week the cash business was noticeably small. It improved
then. To-day prices were higher with other grain and with
considerable covering of shorts.

DAILY CLOSING PRICES OF OATS IN NEW YORK. Fri.
Sat. Mon. Tues. Wed. Thurs.
383% 3834 39
38
38
38
Standards
nom. nom. nom
38
38
38
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. 1Ved. Thurs. Fri.
_September delivery in elevator_ _ _ _ 32 A 31
3234
_
_
elevator_
in
3134 3134 313% 3134 32
delivery
December
34 54 34 % 34 %
34
34 A 34
May delivery in elevator

CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush.
In Thousands2
331
396
Montreal
417
&PLArthur. 2,314 .._-150
1,520 ____
Other Canadian
Total Sept.28 1912__
Total Sept. 2119i2. _
Total Sept. 30 1911._
Total Oct. 1 1910..

In ThousandsAmerican
Canadina

4,230
2,836
4,097
6,897

Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
112
52

52
6

2

898
1,246
309 3,632
656
167

112
46
20
39

_.
_ _
____

SUMMARY:
Bonded
Bonded
Bonded
Wheat. Wheal. ('urn. Oats. Oats. Rye. Barley. Barley.
bush, bush. bush. bush, bush. bush. bush. bush.
22
59 1,062 2,217
258 3,101 9,260
31,658
112
52
898 -___
2
4,230 ----

258
Total Sept. 28 1912_35,888
298
Total Sept. 21 1912...32,969
Total Sept. 30 1911._56,806
Total Oct. 11910. _41,865- -

3,103
2,368
6,698
5,208

10,158
10,045
24,676
19,457

59 1,114
833
62
511
353
____

2,329
1,910
2,787
2,483

22
21

THE DRY GOODS TRADE.
New York, Friday Night, Oct. 4 1912.
The dry goods markets continue in a strong position, with
the total sales for September greater than during the same
period last year. Cooler weather has stimulated the buying
for fall and winter delivery, and jobbers and retailers
throughout the country are finding that their initial stocks
of fall merchandise are wholly inadequate. Jobbers in all
lines have made heavy inroads into their stocks in meeting
the retail demand, and in turn are finding it next to impossible to secure additional supplies from manufacturers in
time to be of any use. In cotton goods, interest still centers
in deliveries, and jobbers and commission houses are in
constant receipt of calls for additional supplies, together
with urgent requests for the prompt shipment of all goods
at present under order. In dress goods and men's wear,
the securing of supplies for the fall trade is also a matter
of disappointment. The development of further labor
trouble at Lawrence is augmenting the fears of clothing
manufacturers, who are being compelled to disappoint their
trade, owing to their inability to secure sufficient materials.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Sept. 28 were 5,437
packages, valued at $330,787, their destination being to the
points specified in the table below:
New York to Sept. 28Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Centra America
South America
Other countries
Total_

-----1912
Since
Week. Jan. 1.
3,422
49
--1,501
96
54,601
21,636
_ _
40,185
8-1.5 22,625
34,995
797
2,360
89
16,444
460
54,505
2,378
255
55,268
-5,437 307,542

-----1911
Since
Week. Jan. 1.
648
25
911
66
80,008
__
1,280
184
1,177
151
503
1,368
1,809

15,878
11,169
30,430
1,785
15,115
44,484
30,687

6,627

251,426

The value of these New York exports since Jan. 1 has been
$19,955,879 in 1912, against $17,887,919 in 1911.
Domestic cotton markets are firm with a broadening
demand in all directions. According to reports, merchants
situated in the South and Southwest are ordering more
goods for spring delivery than for a number of years past.
Closing prices were as follows:
Ordinarily the .Presidential campaign would be a cause for
FLOUR.
3009 4 4rj hesitation, but this year it appears to have little effect.
Winter, low grades_ _ _ _$3 60@$3 95 Kansas straights, sacks..$4 000
4 21,1
5 25551 5 40 Kansas clears, sacks__ _ 4
Winter patents
grades of cotton goods is increasing,
6 2op 6 5N Demand for the heavier
4 605 4 70 City patents
Winter straights
4 10 heavy colored cotton being in request for delivery through
3 85
4 2551 4 50 Rye flour
Winter clears
4 70
4 00
4 701 5 00 Graham flour
and January. There is also quite good buying
Spring patents.
Nominal December
4 75 Buckwheat, cwt.
4 60
Spring straights
delivery and selling agents are said to be having
for
prompt
75
4
50
4
Spring clears
considerable difficulty in meeting the demand. Demand
GRAIN.
Cents. for fine and fancy cotton is likewise improving, there being
Corn, per bushelWheat, per bushel-f. o. b.
elevator Nominal
No. 2
N. Spring, No. I, new. _ ..$1 00
a decided improvement in business for late delivery to
Nonimal
elevator
Steamer
nom.
_
N. Spring, No. 2, new_ _ _
c.i.f. Nominal retailers. Sheetings, denims and the lower-priced ginghams
No. 3
Red winter, No. 2, new.. _ 1 0334
Rye, per bushel1 01
Hard winter, No. 2
are selling steadily, while there is a steady trade in fall dress
68
No. 2
Cents.
Oats, per bushel, newnom. cottons. In view of the smallness of stocks and the restlessState & Pennsylvania_
39
Standards
60@70
nom Barley-Malting
No. 2, white
ness at labor centers, merchants appear to be feeling the
3834
No. 3
need of making provisions for their requirements. The cotton
For other rabies usually given here see page 868.
Bureau of Agriculture
The visible supply of gram, comprising the stocks in reports issued duirng the week by the
will be an abundance of cotton
granary at principal points of accumulation at lake and confirm the belief that there
during the coming year, but in view of the exhausted supseaboard ports Sept. 28 1912, was as follows:
plies of cotton goods in first hands it is not generally exUNITED STATES GRAIN STOCKS.
Amer.Bonded Amer. Amer.Bonded Amer. Amer.Bonded pected that there will be any recession in prices. Gray
Wheat. Wheal. Corn. Oats. Oats. Rye. Barley. Barley. goods, 38%-inch standard, are firmer at 5 3-16@)5Yo.
bush. bush. bush. bush. bush. bush, bush. bush
In Thousands27
40
8
.54 1,175
34
773
New York
WOOLEN GOODS.-In markets for men's wear and dress
4
2
86
7
88 __.
Boston
goods prices are firm and demand active. Mills are well sold
297
8
30
Philadelphia
489
1
--6
51 1,591
2
997
Baltimore
ahead and many of those manufacturing light-weight goods
141
180
446
New Orleans
are refusing to book further business. The low temperatures
4
946
Galveston
43 "i(55
210
746
196
46
during the early part of the week stimulated the demand
Buffalo
111
651
1,362
60
Toledo
for overcoatings, but as the weather moderated, the buying
5
274
89
63
Detroit
67
46
became less active. Demand for heavy-weight suitings is
5,574
1,260 2,201
Chicago
39
97
290
125
Milwaukee
21 moderate.
233 1,045
51
3,537
267
138-ii6
Duluth
641
401
3,231
- - -8
467
Minneapolis
FOREIGN DRY GOODS.-Although the buying of linens
12
3,609
322
55
St. Louis
is not as heavy as it was a few weeks ago, there continues to
58
5,662
26
Kansas City
3
538
123
be a steady demand. With the position of raw material
Peoria
459
351
117
Indianapolis
strong, it is not expected that there will be any lowering
16
15
615
330
150
Omaha
105
196
44
2,701
605
of prices for some time. Housekeeping and dress li lens
On Lakes
70
8
On Canal and River_
Burlaps have been very
have been in particular request.
22 strong and active. A good business, light stock and reports
258 3,101 9,260
59 1,062 2,217
Total Sept.28 1912_31,658
21 of firm
298 2,388 8,799
827 1,864
62
Totil Sept.21 1912..30,133
Calcutta markets having resulted in sharp adv inces.
6,369 21.041
511 2,767
Total Sept.30 1911..52,709
Lightweight are quoted 6.60c and 104-ounce at 8c.
353 2,444
Total Oe . 1 1910._34,968 ___ 5,041 18,801




914

THE CHRONICLE

STATE, MID CITY

DEPAIltivinli,

The Throutcle.1
PUBLISHED WEEKLY.

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For One Year
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WILLIAM B. DANA COMPANY, Publishers,
P.O. Box 958.

Front, Pine and Depeyster Sts.,

New York.

MUNICIPAL BOND SALES IN SEPTEMBER.
Our usual monthly compilation of municipal bond sales
shows that an aggregate of $20,327,120 bonds was disposed
of in September, making the total for nine months of 1912
$311,798,840. The larger and more important sales negotiated last month were as follows: Boston, Mass., $4,089,000 4s; Buffalo, N. Y., $1,284,800 434s. Redlands, Cal.,
$600,000 5s, and New Bedford, Mass., $498,000 4s.
The total of $20,327,120 given above does not include
temporary loans or sales made in the Dominion of Canada,
which in September aggregated $25,133,837 and $3,329,529
respectively. In the following we furnish a comparison of
all the various forms of obligations put out in September
dueing the last five years:
1912.

1911.

1910.

1909.

1908.

Permanent loans(U. S.).20.3f 7 10 26,187,290 18,364,021 23,001,771 34,531,814
Temporary loans (U.S.).25,133,837 28,279,819 20,526,236 8,259,055 18,185,449
Canadian loans (perm't)_ 3,32J. 2; 1,919,592 2,944,536 1,530,419 3,006,435
None
None
None
None
None
Bonds of U. S.Possessions
None
None
None 1,500,000 5,000,000
Gen. Fund bds.(N.Y.C.)_
48,790,186 58,186,701 46,834,793 32,791,245 55,723,698

Total

The number of municipalities emitting permanent bonds
and the number of separate issues made during Sept. 1912
were 301 and 457, respectively. This contrasts with 452 and
566 for Aug. 1912 and with 331 and 491 for Sept. 1911.
For comparative purposes we add the following table showing the aggregates, excluding temporary loans and also issues
by Canadian municipalities, for September and the nine
months for a series of years:
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902

For the
Month of
Nine Abs.
September.
520,327,120 5311,798,840 1901
26,487,290 314,503,570 1900
231,921,042 1899
18,364,021
272,389,451 1898
23,001,771
243,241,117 1897
34,531,814
199,722,964 1896
47,947,077
153,152,345 1895
8,980,418
141,021,727 1894
9,825,200
197,921,657 1893
10,694,671
8,762,079
111,745,993 1892
117,678,855
9,179,654

Month of
September.
514,408,056
4,033,899
7,201,593
6,173,665
9,272,691
3,693,457
11,423,212
8,249,347
3,885,137
6,242,952

Fot the
Nine Mos.
599,324,001
97,194,441
95,026,437
83,150,559
106,387,463
56,229,416
92,253,916
90,454,836
40,974,566
63,583,834

In the following table we give a list of September loans to
the amount of $20,327,120, issued by 301 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
SEPTEMBER BOND SALES.
Name.
Page.
Rate. Maturity. Amount.
$128,000
_Akron,
Ohio
4
1942
843_
84,000
4q
767_ _Albany County, N. Y
80,000
843_ _Aoxce Drainage Dist., Wash__ 6
10,000
d1932-1952
5
843.. _Aransas,Pass, Tex
4,800
43,6
767__Ashland, Ohio
3,218
d1913-1922
6
843_ _Ashland, Ore
35,000
a1917
4
843__Athol, Mass
750,000
767_ _Austin, Tex. (5 issues)
5
4,000
1913-1916
7
917 __Avila School District, Cal
87.000
843_ _Bakersfield, Cal. (2 issues) _ __.. 5
2,500
1913-1917
917_ _Ballston Com.S.D.No.8, N. Y. 5
40,000
d1915-1922
5
767_ _Barry County, Mo
1917
10,000
5
767_ _Bay City, Mich
d1922-1946
25,000
5
635_ _Belington Ind. S. D., W. Va
d1932-1952
1,500
637_ _Bell Co. Corn. S.D.No. 37, Tex 5
1942
38,000
5
700__Beimar, N J
5
12,000
843_ _Berrington, III
7,500
917 _ _Blanchard, Iowa
12,000
843_ _Bloomington, Ill
5
5,000
844_ _Bogart, Ga
61922-1952
2,520
767__Bomarton Ind. S. D., Tex_ _ _ 5
61922-1932
767__BonnevilleCo.Ind.S.D.No.1,Ida 5
30,000
4
4,089,000
844_ _Boston, Mass. (10 issues)
61912-1932
5,000
5
787_Bowen,Ill
45,000
844__Brooklyn S. D., Iowa
5
84,000
635_ _Brunswick County, Va
43,
48,000
700_ _Bryan, Ohio (4 issues)
30,000
434 1914-1943
700_ _Buchtel Village S. D., Ohio
1932
43(
373,800
844_ _Buffalo, N. Y.(3 issues)
1937
111,000
4 y,
844_ _Buffalo, N. Y
1932
300,000
43,
844_ _Buffalo, N.Y
1932
500,000
844 _ _Buffalo, N.Y
4(
20,000
4%
635_ _Caldwell, N J
61922-1952
• 2,000
767_ _Caldwell Co.Com.S.D.40,Tex. 5
61922-1932
1.000
767_ _Callahan Co.Com.S.D.19,Tex. 5




Price.
102.27
100.277
100
102.406
100
100.160
103.75
105.104
100
103
100.686
100
101.15
101.47
100.90
100
100.80
101.37
100
101.136
102.864
103.796
100.002
100.23
100.003
100.005
101.357
100
100 .

[VoL. Lxxxxv.

Page.
Name.
Rate. Maturity.
635-Cambridge, Mass. (loissues)_f 3%
4
1.
701_ _Canistco, N. Y
4.70 1913-1918
635_ _Canton, Ohio (8 issues)
4M
767_ _Canton, Ohio (3 issues)
4A
844_ _Cecil County, Md
5
635_ _Cedar Creek Township, Ind
5
1913-1927
844_ _Chagrin Falls, Ohio
767_ _ChaneyvIlle Ind. S. D., Tex
5
d1932-1952
844_ _Charlotte, No. Car.
43i
1942
767_ _Chattanooga, Tenn
6
1913-1917
636_ Chicopee. Mass.(2 Issues)
4
767_ _Chester, So. Car
5
1942
701_ _Clay County, Miss. (3 issues)._ 6
844_ _Clay County, Ind..
4
1913-1933
701_ _Cleveland, Ohio
4
844. _Cleveland, Ohio
4
1927
844_ _Cleves, Ohio
5
1917-1926
768_ _Clyde Ind. S. D., Tex
5
61932-1952
917._Coffeyville, Kan
768_ „Collingsworth Co. Corn. S. D.
No. 10, Tex
5
1942
768_ _Comanche Co. Corn. S.D.No.65,
Texas
5
61922-1952
844_ _Cordeie. Ga.(4 issues)
917 _Corpus Christi Ind. S. D., Tex 5
61932-1952
768__Cottle Co.Com.S.D.No 17,Tex_ 5
619224952
917 _Craven County, No. Caro
5
1942
917 _Crete, Ill
5
1913-1921
61917-1952
768_ _Crockett Co.Com.S.D.No.1,Tex 5
5
1932-1952
844_ _Cross Plains Ind. S. D., Tex
61916-1917
768_ _Custer Co. S. D. No 19, Mont_ 6
4
768__Cuyahoga County, Ohio.
917__Dade County, Mo
534 1914-1927
5
61932-1937
768_ _Dallas City, Ore
1932
768_ _Dallas Co. Com.S.D. No.9,Tex 5
701_ _Decatur, Ind
434 1914-1922
918_ _Defiance County,Ohio
1913-1927
4
844_ _Delaware, Ohio
701_ _ Delaware, Ohio
5
a1918
918_ Delaware County, Ohio
a1918
43.4
701__Delta, Ohio (2 issues)
43
768__Deport Ind. Sch. Dist., Tex.__ 5
61922-1952
918 _ _ Deshler, Ohio
1922
43.6
7v1_ _Detroit, Mich
4
1932
701_ _Dexter, Mo.(2 issues)
5
844_ _Douglas, Ga.(3 isses)
5
1942
918_ _Dover. Ohio (2 issues)
43
768_ _East Chicago Sch. Dist, Ind
5
636_ _Easthampton, Mass
4
1913-1927
768_ _East Palestine, Ohio
5
1914-1916
636_ _East Palestine VII. S. D., Ohio 5
1917-1921
4 3,i
1941
701_ _East Pittsburgh, Pa
5
61927-1932
768_ _Edgewood Ind. S. D., Tex_
1952
701_ _Elizabeth, N. J
434
1915-1927
6
768__Elko, Nev
1914-1927
636__Elmore Ind.S.D. No.53, Minn __
1927-1936
5
918_ _Erie Township, Ohio
845...Estherville Sch. Dist., Iowa1932
918__Excelsior Springs, Mo
5
1922
845_ _Fall River, Mass
4
768_ _Fifth Louisiana Lev. Dist., La.
1925
5
845_ _Fillmore Sch. Dist., Cal
a1918
4
918_ _Franklin County, Ind
434 61927-1942
638_ _Frederick County, Md
918„Fredonia, N. Y
434 1913-1922
918_ _Freedom, Pa
434
a1918
434
702_ _Fremont, Ohio
845__Fulton, N Y
434 1920-1941
434
769_ _Fulton County, Ohio
434
702_ _Galion. Ohio (4 issues)
61922-1952
5
769. Gause Ind. S. D., Tex
5
918_ _ Genoa, Ohio
5
845_ _ Gibsonburg, Ohio
5
702__Glenn Co. H. S. D., Cal
769-Glenville U. S. D. No, 2, N. Y. 5
1918-1932
769_ _Grapeland Ind. S. D., Texas
61932-1952
5
769_ _Gray Co. Corn. S. D. 7, Tex
5
61932-1952
769_ _Greensboro, No. Car. (3 issues) 5
1942
918_ _Greensboro Sch. Dist., Ala_ _ 6
1932
845__ Greenville. Pa
434 1934-1939
918__Grimes County, Tex
61922-1952
5
769_ _ Guadalupe Com.S.D.6,Tex.__ 5
434
1942
702__Hackensack, N. J
5
61922-1932
769..Hamlin Ind. S. D., Tex
845__Hardin County, Ohio
434
61922-1932
769_ _ Harris Co. Corn. S. D.27, Tex_ 5
61922-1932
769_ _Harris Co. Corn. S. D. 48. Tex. 5
5
769_ _Harrison, Ohio
6
1913-1952
769_ _Hemet, Cal
769__ Henderson Co. Corn. S. D.,
5
61917-1932
Texas (2 issues)
918__Henry County, Ohio (10 issues) 434
6
845__ Hermosa Beach, Cal
789_ _Highland Park S. D., Mich.
434
4
637__Hingham, Mass
1913-1922
4
1913-1917
637_ _Hingham, Mass
4
1913-1917
637__ Hingham, Mass
5
619324952
769__Honey Grove, Texas
769__Howard County, Nob
434
918_ _ Humboldt, Iowa
434 61922-1932
1922
6
769_ _ Huntsville, Ala
al920
5
702_ _Huron County, Ohio
Various
845_ _Indiana (16 issues)
434
61927-1952
769_ _Jack Co. Corn. S. D. 55, Tex_ 5
702_ _Jackson County, Miss
1937 -6
702_ _Jackson County, Miss
702_ _Jackson County, Miss
845_ _Jefferson County, Ind
434
845_ _Jefferson County, Ind.(2 iss.).. 434
1921-1951
769__Jourdanton Ind. S. D., Tex__ 5
5
846._ Kennett, Mo. (2 issues)
918_ Kewaunee S. D No. 1, Wis.
5
918_1(imbolton Sch. Dist., Ohlo
434 1913-1922
918_ Kissimmee, Fla
6
619134917
918._ Kittitas Co. S.D. No.25, Wash 5
846_ _Lakewood, Ohio (19 issues). 5
4.45 1917-1941
702_ La Salle, N Y
61932-1952
5
769_ _Lavon Ind. S. D., Texas
5
702_ _Lawrence County, Ala
702__Lawrence County, Ala
534
702 _Lee County, Miss
5
846__LeSueuer County, Minn
1922
5
769_ _Lewis County, Tenn
6
846_ _Lexington, Ky
434 1917-1925
769_ _Little Falls Sch. Dist., N. J
a1919
434
919 _Lorain, Ohio
4
1913-1919
837_ _Lowell, Mass
4
1913-1922
637 _Lowell, Mass
4
1913-1932
702_ _Lowell, Mass
1932
770_ _Lubbock Co. Corn. 5.D.20,Tex. 5
434
846_ _Macon, Ga
61912-1917
702_ _Madison Co. S. D. 30, Mont.- 6
a1923
334
702 Manchester, N. H
5
1913-1922
770__Manhattan, Kan
4
61917-1925
638__Marlon, Ind
4
1922
919_ _Marquette, Mich
11%
919__Marshalltown Ind. S. D., Iowa:
192129-3
1927
638_ _ Maryland
770_ _Mason City, Iowa
702 _Maumee, Ohio
703._Mayville, N Y
846_ _Mechanicsville, N. Y
846_ _Medford, Mass

411
434
a1918
4.60
434 1917-1939
4 ,1913-1932

Amount. Price.
$103,2001 100.033
153,000f
11,500 100.095
96,800 101.99
18,500 101.954
25,000 105.211
7,500
3,000
2,000 100
150,000 100.26
17,400 101.87
19,000 100.04
24,000 101.51
141,000 y103.385
195,000 100
500,000 x100
222,000 102.575.
5,000 106.78
2,000 100
35,000 100.485
3,000

100

3,000
95.000
36,000
2,500
15,000
9,000
2,000
4,000
2,000
10.300
17,000
90,000
2,000
9,000
15,000
8,954
18,000
101,240
17,750
4,000
20,000
120,000
53,000
50,000
12,000
75,000
30,000
1,500
2,500
43,000
3,000
393,000
60,000
7,000
10,000
75,000
22,000
12,000
250,000
6,000
10,000
25,000
16,700
40,000
30,000
22,000
20,000
45,500
3,000
3,500
1,500
50,000
12,000
3,000
2,550
80,000
12,000
23.000
125,000
2,625
150,000
3,000
25,308
1,500
2,100
1,000
44,000

100
102.63
100
101.20
100.077
100
100
100
100.436.
101.056.
100
100
103.09
103.46
102.17
100
101.262
100
100.106.
103.34
100.83
100.20
103.60
101.746.
100
101.601
100
102.022*
100.50
100.258.
102.10
100.28
100.85
100.092
101.445
102.466.
100.82
101.30
103.15
100
101
102.04
100
100
102.816
101.60
100
102.80
100
100
100
104.50
107.20

1.400
119,500
60,000
16,000
35,0001
20,000)
5,000)
3,000
75,000
8,000
17,600
50,000
155,286
1,500
5,000

ig:gs3

100
102.13
105.193
100.293
100.657
100
100
100
107.33

100
102.27
103.206
101.66
101.05
100
100
100.50
104.31
100.895
100
100
104.0004
100.023
100

2,500
10,370
3,000
75,000
44,000
4,000
60,000
15,000
43,825
42,500
3,000
50,000
25,000
100,000 y101.405
20,000 101
10,000 y100.76
32,854 100
26,000 100.25
16,500
26,250 100.47
4,000 100.47
22,000 101.416
1,000 100
25,000 100.70
1,200 100
105,000 y97
70,274 100
50,000 100
60.000
57,000
127,000

{122

50,000
41,800 101.503
16,000 y100.093
22,241 100.272
20,000 101.190

OCT. 5 1912]

THE CHRONICLE

915

REVISED TOTALS FOR PREVIOUS MONTHS.
Rate. Maturity. Amount. Price.
Name.
Page.
415,000 100.15
4.80 1913-1917
703_ _Medina, N. Y
The following items, included in our totals for previous
6,600 101.083
4%
919_ _Mercer County, Ohio
15,000 102.92
4% 1913-1923
months, should be eliminated from the same. We give the
919_ _Mercer County, Ohio
4,500 101.44
a1915
4 Si
919_ _Mercer County, Ohio
page number of the issue of our paper in which the reasons
5,000 100
1952
5
770_ _Meridian Ind. S. D., Texas_
10,500 101.323 for these eliminations may be found.
41917-1942
6
703_ _Milton, W. Va
325,000
Amount.
770_ _Milwaukee, Wis. (5 issues) _
Name of Municipality.
Page.
97.16
25,000
1932
4
$750,000
638_ _Minneapolis, Minn
767_ _Austin, Tex. (5 issues, June list)
97.16
150,000
1942
4
14,000
638.. _Minneapolis, Minn
(August
list)
768_
Tex.
_Corpus
Christi,
100
37,000
4
124,000
919_ _Minnesota (6 issues)
918_ _ Des Moines, Iowa (August list)
20,000 100.755
1916-1955
4
6,000
770_ _Minster, Ohio
845_ _Fillmore School District, Cal. (July list)
105.47
100,000
1942
5
25,000
_ .MobiIe, Ala
847_ _Russellville, Mo. (August list)
100,000 100.1345
5
1936
770_ _Monroe County, Miss
16,000 102.037
770_ _Montebello Sch. Dist., Cal_ __ _ 5
We have also learned of the following additional sales for
15,000 102.006
910. Montgomery County, Ohio_
2,500 100
previous months.
770_ _Moorpark Sch. Dist., Cal
100
45,000
Colo
1923-1932
6
I
Irr.Dist.,
919_ _Mosca
Amount. Price
Rate. Maturity.
Page.
Name.
95
5,000
1
$10,000
1932
766_ _Adair Co. S. D. No. 11, Okla_ 6
98.442
50,000
4
638_ _Mt. Clemens, Mich
5,400 100.46
____ _____
5
767_ _Allen County, Ohio
100.273
60,000
5
41922-1932
Utah
770_ _Murray City,
8,000
917_ _Baldwinsville, N. Y. (June)
434 1913-1920
770_ _Nacogdoches Co. Corn. S. D.
50,000
1913-1932
5
La_
D.
844_
12,
S.
_Calcasieu Parish
1,050 100
5
41917-1932
No. 2, Texas
2,500 100
41912-1922
Wash_
844_
No.9,
534
Co.
S.D.
_Chehalis
100
2,000
41927-1952
770_ _Navarro Co. Corn. S.D.73,Tex. 5
434 1917,'22&'27 22,000 100
917_ _Clinton, Iowa
8,500 102.75
1913-1922
6
919._Nees Colony Sch. Dist., Cal
1,800 y105.63
5
844_ -Continental VII. S.D.,0.(Mch.)
175,000
1932
4
919_ _Nevada (2 issues)
35,000 y100
844_ _Coulee de Jan Dr. D.,La.(JulY) 5
173,000 .101.16
703_ _New Bedford, Mass.(2 issues) _ 4
1,200 100
41917-1922
6
_
70,Mont.
Co.
No.
S.
Dawson
768_
D.
325,000 100.573
2,200 100
846_ _New Bedford, Mass.(3 Issues). 4
41922-1932
918_ _Eastland Co.Com.S.D.19,Tex_ 5
95
20,000
45,000 100
770_ _New Hope Irr.Dist., Utah_ __ _ 6
41917-1942
4
Pa
768_
_Easton,
2,000 100
1914-1917
5
1.000 100
703_ New London, Iowa
41920-1922
6
769_ _Gallatin Co.S.D.No.65,Mont
20,000 x100
1913-1914
4
20,000
846_ _Newport, R. I
6
918_ _Gladstone, Ore. (April)
750,0001x100
1922
3
138,000 101
919_ _New York City (2 issues)
1917-1939
_Glen
Y
N.
Cove,
769_
434
5001
1913
3
80,000
919_ _ New York City
918_ _Granite S. D., Utah (May)12,000 14
4%
846_ _ Ninishillen Twp., Ohio
20,000
1922-1931
5
769_ _Hamilton, Ill_
basis
1
8,000
41922-1932
6
_Harlan
Graded
769_
Com.S.D.,Ky_
97.584
260,000
1942
4%
4,000 101.875
770_ _Norfolk, Va
1913-1917
5
769_ _Hartwell, Ohio
100.25
10,000
1942
43i
770_ _Norfolk, Va
18,000
41917-1952
5
Texas
_Henrietta,
769_
x100
8,000
1942
Si
4
770_ _Norfolk, Va
10,000
1913-1917
6
Ore
845_
_Huntington,
100.67
846„North Dansville U. F. S. D.
5.900
845_ _Irondequoit S. D. No. 1, N. Y_ 5
32,000 100.279
4% 1914-1929
No. 1. N. Y
47,000 102
1952
918_ _Lancaster Co., So. Caro.(June) 5
5,000 104.12
846__North Lewisburg S. D., Ohio_ 5
100.076
32,500
a1915
J
4
N.
Irvington,
845_
40,000 106.56
1932
4 Si
703..Norwood, Ohio (2 issues)
65,000 100.115
846_ Ligonier, Pa
434
2,000 106 255
1932
44
703_ _Norwood, Ohio
8,000
1932
789 Little RockS.D.No.4,So.Car__ 6
5,000 106.262
1932 4%
703_ _Norwood, Ohio
1,050 102.38
1922
769_ Lockland, Ohio
434
19,594 102.14
4 Si
846_ _Nottingham, Ohio
5,000 100
Miss
_Longview,
919_
100
2,500
41922-1952
5
7,
D.
Tex_
771_ _Nueces Co. Corn. S.
100,000
1922-1932
Wis
Marshfield,
434
846_
147,500
5
919_ _Oakdale Irrig. DIst., Cal
8,000
6
770_ Mulberry Special S. D., Ark
2,500 101
1913-1916
5
846_ _Odell Sch. Dist., Neb
90,000
a1924
5
770_ Newark, N. J. (March)
7,000 100
77l Oneida, N. Y
102.45
17,000
5
Mich
_Newaygo,
770_
160,000 104.08
1913-1032
703_ _Orange County, Cal. (2 Issues) 5
18,000
a1923
434
770_ North Plainfield S. D., N. J
15,000
771_ _Ozark, Ala
25,000
1922-1932
5
Mo
Dist.,
School
Odessa
771_
104.62
25,000
a1920
6
703 Page County, Iowa
11,500 100.334
41917-1937
847_ _Park Co. S. D. No. 2, Wyo____ 6
11,000 104.363
1914-1935
6
919_ _Page School Dist., Cal
490,000 100
5
771_ _Port Arthur, Texas
145,000 102.50
771_Palm Beach Co., Fla. (2 Iss.)_ 5
15,000
1921-1930
434
Wis
Center,
_Richland
771_
90,000
5
41922-1962
771_ _Paris, Texas (3 issues)
20,000
41922-1952
920__Runnels County, Tex. (July) _ 5
46,000 101.883
1929
703_ _Passaic County, N. J. (2 iss.)_ 4 %
30,000 100
1922
6
Ark
_Russellville,
847_
100.231
6,000
4.65 1917-1928
_ e am,
95
18,000
5
41932-1952
771_ _St. George, So. Car
14,000 100.72
1923
4%
703..Pelham Manor, N Y
17,729
191_.St. Paul, Minn. (July)
20,500
704_ _Peoria, Ill
100,000
1942
4
Minn
Paul,
847__St.
269.000
4%
847_ _Phoenix, Ariz
25,000
771_ _Shelbina S. D., Mo.(2 issues). 5
10,000 101.035
5
a1919
919_ _Piper City, Ill
4,000 100
1913-1916
6
771_ _Silverton, Ore
87,000 101.334
4 Si
847_ _Pittsburgh. Pa
103,084
41912-1922
6
iss.)
10
(July,
Wash.
771_Spokane,
18,000 100.754
41914-1915
5
638__Plainfield, N. J
70,482
41912-1922
6
771_ _Spokane, Wash. (10 issues)
12,772 100
41912-1922
7
847_ _Pomeroy, Wash
18.000
41927-1942
8
920„Sundance. Wyo. (May)
15,000 100.5003
4
771_ _ Portage County, Ohio
847_ _Tarrant Co. Corn. Sch. Dists.,
16,000 102.086
43( 1914-1929
771_ _Port Chester. N.Y
9,000 100
(2 Issues)5
Texas
100.39
5,840
%
4
847..Posey County, Ind
26,900 100
5
920_ _Utah (4 Issues, May)
98.25
50,000
100
919_ _Pueblo Co. S. D. No. 20, Colo_ 4 % 41922-1932
83,625
4
June)
issues,
34&5
(11
Utah
920_
11,000 102.545
1932
5%
704__Puilman. Wash
25,000 100
5
920_ Utah (3 issues, July)
25,000 101.59
4%
847_ _Putnam County, N. Y
100
67,300
5
(5
issues)
Utah
920_
106,085
35,000
771_ _Putnam County. Ohio (4 iss.) _ 5
8,000 104.50
1932
848 Van Allen Sch. Dist., Cal_ __ _ 6
15,000 101.28
4
1913-1927
039_ _ Quincy. Mass
1,500 101
6
848_ Venice Sch. Dist., Cal
7,000 101.51
4 Sz
630..Ravenna, Ohio
6,600
Y
N
Webster,
772_
30,000 y101.086
41917-1942
5
847_ _Rawlins. Wyo
Sch.
848 __White Sulphur Springs
600,000 102.925
1922-1951
5
704_ _Redlands, Cal
20,000
41923-1932
6
Dist., W. Va.(May)
35,000
920_ _Redmond, Ore
26,000
6
772_ Yerington, Nev
2,000 100
43i 1913-1916
704_ _Remsen, N. Y
24,382 no
1917-1918
6
849_ Yolo County, Cal
10,000 107.09
5
771._Ridgefield Twp.. Ohio
102.55
5
41932-1952
50,000
920_ _ Rock Hill, So, Caro
as indicated) are for August.
(except
sales
above
the
All
771Rusk Co. Corn. Sch. Dials.,
2,800 100
These additional August issues will make the total sales (not
5
Texas (4 issues)
1937
46,000 101.506 including temporary loans) for that month $16,285,613.
4
704_ _St. Mary's Ohio
9,187 100
1915
__
847_ _St. Paul, Minn.(2 issues)
2,000
41917-1922
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES.
920_ _Salem Sch. Dist., Iowa
8,000 100
41913-1922
847_ _Sanders Co.S.D. No.11, Mont_ 5
Rate. Maturity. Amount. Price.
Name.
Page.
D.
S.
$2,500
Corn.
Co.
771_ _San PatrIcio
849_ Amazon, Sask
2,500 100
41922-1952
5
18,000
No, 6, Tex
Sask
534
Biggar,
_
772_
84,000
41922-1942
4
3,500
920_ _Schuylkill County. Pa
849_ _Blenfalt, Sask
102,500
1917-1926
6
6,000
920_ _Scott County, Ill
1927
6
Sask
922_
_Brownlee,
100.13
20,000
4.45
039„Seneca Falls, N Y
3,000
1922
6
Alta
Carlstadt,
772_
1,180 100
5a1918
771_ _Seville, Ohio.
900
_Castletown S.D. No.118, Sask_
772_
100.666
198,000
(4
_
_
5
_
_
Texas
issues)
771_ _Sherman,
95
2,500
1922
6
Alta
_Champion,
922_
25,000
920_ _Stamford Sch. Dist., Texas
62,500
1952
5
C
B.
Chilllwack,
922_
25.000 101
920_ _Sterling, Ill
2,500
_Churchbridge, Sask
849_
100
5
1,540
Ind.
Tex_
S.
D.,
Bluff
41922-1932
771_ _Sulphur
800
772_ _Clover Valley S.D.2558, Alta
18,230
5
704_ _Sunbury, Ohio (3 issues)
1,500
1913-1922
772_ Coldstream S. D. No. 435, Man. 6
6
41922-1932
30,000
771_ _Stitherlin, Ore
1,500
Sask
Colonsay,
922_
4
100
20,000
98.35
920_ _Swanton, Vt
6,000
1932
6
773_ Enderby, B. C
5
115,000 103.125
41931-1961
847_ _Tampa, Fla
5,000
1922
6
922_ Francis, Sask
5
41922-1932
45,000
847_ _Terrell, Texas (2 Issues)
1,900
Sask_
2538,
No.
Dist.
Sch.
Fry
773_
4
29,400 100.34
704 __Tiffin, Ohio (4 issues)
10,000
1932
6
922_ Gap (Rural Mun.), Sask
4
60,000
95.15
1913-1942
920_ _Tiverton. R. I
1,500
773__Glenada S. D. No. 2854, Alta_
41922-1952
70,000 y101.18
800
772_ _Tom Green County. Texas_ _ _ _ 5
Sask_
510,
No.
D
S.
Goethe
773_
6
10,000 100
41922-1932
847 _ _Torrington, Wyo
1,500
Alta
2467,
No.
773_ _ Hartlip S. D.
1913-1924
6,000 103.25
98.35
920_ _Tranquility Colony S. D., Cal_ 6
8,000
534 1913-1932
Herbert Sch. Dist., Sask
922
15,000
419224932
534
920_ _Twin Falls, Idaho
6,000 104.107
773_ _Hope, Sask
60,000 100.008
704 _ _University City S. D., Mo._-- 414 41922-1932
1,200
Alta_
773._Industry S. D. No. 2517,
2,000 100
41917-1932
772_ _Upshur Co. Com. S.D. 2, Tex_ 5
4,000
773_ Killam, Sask
20,000 103.86
434
848_ _Urbana, Ohio
12,000
5
849_ _Lacombe, Alta
59,200 100
434
920_ _Utica, N. Y.(5 issues)
1.500
_Lafieche S D. No. 2730, Alta
773_
101.99
1942
10,000
5
772_ _Ventnor City, N. J
3,200
922_ _Laird, Soak
534 1913-1922
1,960 100
5
41922-1952
772_ _Vernon, Texas
6,000
1922
Sask
the
Rivers,
of
534
773_
_Lake
12,000 100.145
1916-1917
848_ .Warsaw, N. Y
1,000
773_ _Lc Ross, Sask
20,000 102.51
41932
772_ _ Waterville, Me.
1,500
773_ _Lon Butte S. D. 2617, Alta_
9,327 102.88
5
772_ _ Waterville, Ohio
2,000
1922
6
Sask
Loreburn,
922_
95,000 100.816
772_ _ Wausau, NV's. (3 Issues)
434
1,500
1922
6
N.S
McDonald,
773_
99.60
12,500
5
41917-1932
848 _ _ Wayne County, Miss
25,000
1913-1942
6
922_ Melfort Sch. Dist., Sask
17,000 102.082
703..Wayne County, Ohio
4 y,
93.783
6,000
1932
_ 5
922__Melita S. D. No. 440,
104.012
10,000
41927-1942
772_ _Waynesboro S. D., Pa
434
No.
Man__773_ _Medicine Valley Sch. Dist,
19,640 104.53
772_ _Wellington, Ohio (3 issues)
5
800
Alta
2577,
20,000 y102.062
1914-1932
848_ _ West Allis, Wis. (2 Issues) _ _ _ _ 5
3,000
1927
6
773. Montmarte, Sask
30,000 100.55
639_ _Westbrook, Me
1913-1922
4
60,000 x100
1942
706_ _Montreal Prot. S. D., Que.__ _ 4
77,560 103.39
848 _Westchester
_Westchester Co., N. Y.(3 iss.) 434
92.375
100,000
1942
4
_
Que.__
S.
D..
Prot.
706__Montreal
40,000 100.888
772_ .West Springfield, Mass
1913-1932
4
300,000
1942
4
850_ Montreal Prot. S D., Que_
23,000 107.05
5
a1924
921_ _West Springfield, Ohio
6,000
Sask
Morris,
773_
31,500 100.821
640_ _White Plains, N. Y.(2 issues) _ 4%
2,000,000
434 Various
923_ New Westminster, B. C
99.871
434
1923
35,000
921_ _Whitewater, Wis
41,470
1932
5
923__Niagara Falls, Ont
772__Willtamson Co. Com, S. D.
15,735
1913-1932
6
Sask
Nokomis,
850_
5
2,000 100
41922-1932
No. 75, Tex
94.412
50,000
434 1913-1942
923_ _North Toronto, Ont
500 100
41922-1952
772_ _Wood Co. Com.S D.No 24,Tex _ 5
1932
35,000 101
d County, N. B. 5
_Northumberlan
850_
6
10,500 100
41922-1927
921_ _Woodland, Wash
1,000
Sask
Pangman,
774_
1932
76,000 107.15
434
849_ _Wooster, Ohlo _
850-Prince Albert Prot. P. S. D.
5
15,000 100
921_ -Wyman Sch. Dist., Iowa
96.111
100,000
1913-1942
5
No. 3, Sask
1,100 100
534 41913-19 2
772_ _Yakima Co.S.D.No.97,Wash
1,209
774 __Rainbow S. D. No.2499,
1927
434
10,000 100.50
772_ _Yale, Mich
67,500
Alta-51913-1932
Alta
Deer,
Red
850_
a1925
400.000 100
6
921_ _Yolo County, Cal
434 1913-1932 275,000
774_ _Regina S. D. No. 4, Sask
Various
116,275 Various
921_ Youngstown, Ohio (10 issues). 5
800
774_ _Schotland S. D. No. 2368, Alta.
434 1914-1933 200,000 105.01
921_ _ Youngstown, Ohio
13,000
1913-1932
5
923_ Selkirk, Man
95
3,000
1927
Sask
_Semans,
923_
Total bond sales for September 1911 (301 munici97
28,824
5
923_ Smith's Falls (4 issues)
palities covering 457 separate issues)
k$20,327,120
1,400
774 _Starke S. D. No. 2651, Alta
2,000
1913-1932
6
Sask
_Watson,
923_
a Average date of maturity. a Subject to call in and after the earlier
5,000
1932
774_ _Wellington(R.M. No.97),Sask 5
year and mature in the later year. k Not including $25,133,837 of tem600
774_ _WestBranch S.D. No.2712,Alta
porary loans reportei, anri which do not belong in the list. z Taken by
800
774_ _White Star S. D No 550, Sask. __
sinking fund as an Investment. y And other considerations.




916
Page.
Name.
Rate.
774__Wildflower S. D. 2580, Alta
774_ _Windemere S. D. 2698, Alta_
774_ _Wrenford (R. M. 379). Sask_ _ 6

Maturity.
1922

Amount.
2,000
1,600
3,000

Price.

Total debentures sold in September
$3,329,529
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
772_ _Canuck S. D. No. 719, Sask _ _ 6i
1922
$1,700
772...Clearwater S. D. No. 636,
Sask. (July)
6
1922
1,800
772„Clyde S. D. No. 887, Sask
6
1922
1,200
773_ _Coleman S.D.1216, Alta.(JulY) 5
1922
7,000
773_ _Creelman S. D. No. 998, Sask. 6
1932
8,500
773_ _Findlater, Sask. (July)
6
500
1917
773._Fort Saskatchewan, Alta
20,000
773_ _Fox Hills. D. 190, Sask.(July) 7
1922
400
773._Glenco S. D. 622, Alta. (July) 8
1,400
1922
773._ Goodeve S. D. No. 2697, Sask.. 6)j
500
1922
773_ _Holbein S. D. 461, Sask.(July) 6
1,200
1922
773_ _Keeler S. D. 491, Sask. (July). 6 n
2,500
1922
774_011vet S. D. No. 1131, Sask__ 6 M
1922
600
774...Ravine S. D. No. 355, Sask... f”,i
1922
1,400
774_ _Royal S. D. 2337, Alta. (July) 634
1917
500
774_ Sacre Coeur S. D. 1586, Sask 6
2,500
1932
1922
300
774__Strong S. D. No. 1788, Alta__ 6 Y,
774__Todlin S. D. No. 499, Man.__ 6
1932
2,400
774_ _Tweed S. 13. 463. Sask. (July) 6)
1922
1,500
774..Wild Rose Valley S. D. No.
1922
1,500
6
831, Sask
•
1927
6,000
774__Zealandla, Sask. (July)
6

• All the above sales (except as indicated) are for August.
• These additional August issues will make the total sales of
debentures for that month $4,050,451.

News Items.
Atchison, Kan.-Commission Form of Government Defeated.
The election held Sept. 25 resulted in the defeat of the
commission form of government. The vote was 588 "for"
to 741 "against."
Cleveland, Ohio.-Municipal Telephone System Proposed.
-The following resolution requesting the Mayor and Director of Public Service to investigate the question of public
ownership of one or more of the existing telephone .systems
of the city was adopted by unaminous vote of the City
Council on September 30:
Whereas, there are at present existing in the city two local telephone
systems and by reason of the existence of the two systems a very considerable additional and unnecessary cost is imposed upon the patrons of the
companies and much confusion arises; and,
Whereas, it would be extremely desirable that the telephone system be
of one management and control to the end that the largest degree of efficient
service may be rendered to the city and its inhabitants; and,
Whereas, by reason of the provisions recently adopted by amendment
to the constitution of Ohio, It is possible for cities; to own and operate
public utilities, and among them, telephone systems:
Therefore, be it resolved by the Council of the city of Cleveland, State of
Ohio, that the Mayor and Director of Public Service be requested to investigate the question of public ownership and operation of one or more of
the existing telephone systems of the city and to report to the Council, at
earliest convenience, as to the feasibility and advisability of the city
acquiring and operating one or both of said telephones systems as and for a
municipal telephone service.

Colorado.-Supreme Court Upholds Initiative and Referendum.-The Colorado Supreme Court on Sept. 23 held that
the amendment establishing the initiative and referendum
was submitted to the people in accordance with the provisions
of the State constitution. This reverses the opinion of
District Judge Riddle, who on Aug. 23 decided that the
measure had not been properly published prior to the 1910
election and ordered its re-submission this November. See
V. 95, p. 699. The decision of the higher Court, which is
given in the "Denver Repub ican" of Sept. 24, will enable
the submission on Nov. 5 of a number of measures provided
for under the initiative and referendum amendment.
Grand Rapids, Mich.-Municipal Ownership of Street
Railway Proposed.-In accordance with a resolution unanimously adopted by the Common Council, Mayor Ellis
on Oct. 1 appointed a commission of nine men who will
study the question of street railway transportation. The
Commission, which is composed of six members of municipal
boards and three private citizens, is expected to render its
report by February 15 1913, so that the voters may have a
chance to study it and then vote on the question of municipal
ownership.
The action, according to the Detroit "Free Press", follows
the refusal of the local street railway company to extend
its line into districts where such extension is deemed necessary.
New York City.-Tentative Values of Real Estate and Personal Property for 1913.-The Department of Taxes and
Assessments on Oct. 1 opened the assessment books for the
year 1913. The tentative assessed value of real estate
(ordinary and corporation) for 1913 is announced to be
$7,646,471,746, an increase of $120,997,683 over the tentative figures for 1912 and $197,721,655 more than the final
rolls for 1912. We give below the estimated figures for
1913, comparison being made with both the estimated and
the final figures for 1912:
Final Rolls.
Tentative Figures
1912.
1913.
1912.
Manhattan „fOrdinary real estate.$4,771,322,106 $4,705,161,79) $4,675,641,742
82,007,071
1Corporate real estate_
94,531,870
104,087,816
Bronx
'Ordinary real estate_ 576,237,583
555,674,643
560,670,688
1Corporate real estate_
37,541,295
44,442,055
37,656,355
Brooklyn _ _JOrdinary real estate_ 1,578,887,782 1,583,035,156 1,556,281,439
1Corporate real estate.
25,481,810
23-,844,980
23,867,830
Queens
'Ordinary real estate_ 490,042,823
418,438,936
420,853,866
1Corporate real estate_
26,334,700
23,305,922
23,279,614
It chmond _ _.'Ordinary real estate_
77,007,201
73,542,891
73,895,506
\Corporate real estate
2,627,870
2,495,080
2,497,480
Total ordinary real estate
Total corporate real estate

[VOL. Lxxxxv

THE CHRONICLE

$7,443,497,495 $7,343,617,006 $7,279,579,651
202,974,251
181,857,057
169,170,490

tions in streets and public places. The assessments for these
are made by the State Board of Assessors and returned tothe Tax Department of the city in March each year. They
were reported as follows for 1912: Manhattan, $277,836,600; The Bronx, $23,305,440; Brooklyn, $94,615,990;
Queens, $15,031,989; Richmond, $2,358,780; total, $413,148,799.
The total of the tentative personal tax list for 1913 is
$852,376,348, or $103,246,775 less than the tentative figures
for 1912. In order to show the enormous reductions usually
made in these figures by the "swearing off" process, a comparison may be made of the 1912 totals, the estimated figures
of $749,129,573 being reduced more than 400 millions, the
final figures amounting to only $342,963,540. In 1911 almost 500 millions were deducted from the estimated figures.
The following table shows the amounts for the various
classes of personal property on the 1913 list, compared with
the tentative and final lists for 1912; the final figures for 1912
being designated by means of an asterisk (*):
Ordinary
Boroughs- Personal.
Manhattan$
1013.. _302,497,980
1912_258,034,137
1912*. _125,464,167
Bronx1913.
5,168,415
1912.... 2,758,925
1912*... 2,094,615
Brooklyn1913 _ _ 63,190,195
1912.... 90,158,145
1912*..... 33,605,295
Queens1913_ 13,951,900
1912.... 10,732,250
1912._ __ 3,980,750
t tehmend1913 __ __ 2,240,400
1912.... 1,161,200
1912....
874,700

Personal of -Corporation Pers'az- -Non-Res. Pers'alResident.
Non-Res. Ordinary. Saxe Law.
Estates.
$
$
153,715,600 145,774,000 43,320,000 47,523,200 4,069,200
135,792,895 124,964,500 37,853,000 19,755,050 3,591,595
36,203,790 76,483,800 25,770,550 13,750,020 3,794,795
3,969,683
4,395,570
909,183

2,663,000
2,544,600
1,513,800

146,000
81,400
77,600

37,708,890 13,351,100 1,228,000
38,084,271 11,336,300
731,800
7,215,590 7,266,700
621,400
6,230,300
2,680,600
1,085,300

1,952,000
1,807,000
1,204,700

190,000
146,000
126,000

2,921,485
1.909,835
455,785

447,500
500,500
359,500

72,500
65,000
60,500

45,000
45,000
45,000

Total 1913_387,048,890 204,545,958 164,187,600 44,956,500 47,523,200 4,114,200
Total 1912_362,844,657 182,863,171 141,152,900 38,877,200 19,755,050 3,636,595
Total 1912.166,019,527 45,869,648 86,828,500 26,656,050 13,750,020 3,839,705

1913
1912
1912 *

GRAND TOTALS BY BOROUGHS.
Manhattan. Bronx.
Total.
Brooklyn.
Queens. Richmond.
$
$
$
696,899,980 11,947,098 115,523,185 22,324,200 5,681,885 852,376,348
579,991,177 9,780,495 140,355,516 15,365,850 3,636,535 749,129,571
281,467,122 4,595,194 48,753,985 6,396,750 1,750,485 342,963,540

Mr. Lawson Purdy, President of the Department of Taxes
and Assessments, makes the following statement explaining
the increase in the real estate values:
The aggregate increase In the assessed valuation of ordinary real estate
and real estate of corporations for 1913, as shown by the tentative assessment, Is $197,721,655. Of this total the Borough of Manhattan contributes
117 millions, or considerably more than half. Manhattan does not, however, show as large a proportionate increase as the rest of the city, because
the two rapidly-growing boroughs of The Bronx and Queens have an Increase
which is considerably more than proportionate to the increase elsewhere.
The increase In the Borough of Brooklyn is slightly less than the assessed
value of the new buildings.
In the Borough of Manhattan the Increase for new buildings was, in round
figures, $80,000,000, and the aggregate increase In the assessed value of
ordinary real estate was only $95,000,000; thus there was a very small net
Increase in the assessed value of land. There has been no marked advance
In the value of land in any part of the city during the last year, but there
are some few small sections where the increase was sufficient to offset
the decline elsewhere and yield a little net gain. In District No. 1, which
lies south of Worth St., there was a considerable increase in land values
and an increase for new buildings amounting to nearly 8 millions, the net
increase being $14,517,000. In the 2d, 3d and 4th districts, which cover
all the territory north of the 1st district and south of 14th St. from river to
river, there was a net decline. The net decrease In those three districts
millions, in spite of an increase for new buildings of over
was about 7
7 millions. It has been well known that values have been declining In the
neighborhood of Broadway and on the lower east side. The Department has
taken account of the actual decline in values and made substantial reductions In the assessments. The only other district which shows a net decrease on the Island of Manhattan is District No. 12, which Iles east of
Lenox Ave. and south of the Harlem River. The new building there has
been very slight, and the net decrease for that district was nearly $3,000,000.
The notable advances have been in the territory lying between 14th St.
and 79th St. and west of 2d Ave. In that territory there are five districts
and the increase is nearly 75 millions. A considerable part of this increase
Is accounted for by the new buildings along Fourth Ave. and Park Ave.
The increase in the assessed valuation of ordinary real estate In The Bronx
Is $20,562,000, while the Increase for new buildings is $20,444,000. It appears, therefore, that there has been no material change In the aggregate
assessed value of land. In some parts of the borough there have been reductions and in some parts slight increases, but, taken as a whole, the borough stands where it was. The greatest amount of new building has been
In District No. 3, In the neighborhood of the Southern Boulevard and
Westchester Ave.
In Brooklyn the net Increase In the assessed value of ordinary real estate
was $22,606,000, while the increase for new buildings was $24,355,000. In
11 districts out of 23 the land value for 1013 is less than for 1912. The principal increase In land valuation was on water-front property in the Red
Hook, Heights, Williamsburgh and Greenpoint districts. The following
districts show a net decrease in spite of some new building: The territory
lying south of Flushing Ave. and Broadway, cast of Bedford and north of
Putnam avenues; the district lying Just south of Greenpoint between Broadway and the borough line; East New York, Canarsle and New Lots, Rugby
and East Flatbush, Borough Park and a slight decrease In Coney Island
and Sheepshead Bay. Very important changes have been made in the
assessments in the Borough of Brooklyn. Out of 216,000 parcels, 93,100
have been changed. Many reductions were made in the assessment of
old buildings.
No district In Queens shows a decrease. The aggregate increase in the
assessed value of ordinary real estate was $21,603,000, while the increase for
new buildings was $13,514,000. The territory lying along Jamaica Bay and
including the islands in the bay remains practically stationary. The most
important increase for new buildings was in the northeasterly end of Astoria.
East Williamsburgh, Forest Hills and In parts of Woodhaven and Richmond Hill. The largest land increase was In the vicinity of the Plaza.
In all but one of the districts in Richmond Borough there was a small increase, pretty well scattered over the island, the aggregate increase being
$3,464,000, and the increase for new buildings amounting to $1,118,000.
There seems to have been a healthy growth of improvements throughout
the whole city, while land values have remained nearly stationary. The
expectation of an advance which may be expected from the building of new
rapid transit lines came too late to influence the assessment for 1913. If
progress shall be made with rapid transit development before next May,
we may expect a very considerable increment In the value of land inithe
assessment of 1914.

Jackson, Miss.-Commission Form of Government Adopted.
Grand total of real estate..
$7,646,471,746 $7,525,474,063 $7,448,750,091 -The election
held Sept. 24 resulted in favor of the adoption
The above does not include corporation franchises and of the commissionyorm of government (V••
•95 p 560). • The
assessments of tangible property of public service corpora- vote according to local papers was 753 to 214. •




THE CHRONICLE

OCT. 5 1912]

Oak Park, ni.-Village Agrees to Purchase Water Plant.At a special meeting held Sept. 27 the Village Board decided,
it is stated, to accept the proposition of the Public Service
Co. of Northern Illinois to sell its Oak Park plant for $290,000.
It is planned to pump water from the Chicago mains into
Oak Park through the distributing system just purchased.
Oklahoma.-State Auditor Recommends Repeal of Income
Tax and Graduated Land Tax Laws.-State Auditor, Leo
Meyer, in his annual report to the Governor says that both
the graduated land tax law and the income tax law have
failed entirely as revenue measures,and recommends their
entire reconstruction or repeal.
The income tax law went into effect May 26 1908 and
has not produced over $5,000 in any year since, in spite
of the fact that special inquisitions were held in two of the
wealthier counties of the State. The Auditor points out,
that there is no definition of "gross income",and each individual seems to have a different opinion concerning it.
The graduated land tax law was in effect from and after the
fiscal year ending June 30 1909 but no effort is being made
to enforce the same pending a final decision on it from the
courts. The Federal Court held the law unconstitutional
and another case is now pending in the State Supreme Court.
The procedure is confused, and in the Auditors opinion the
law,as it stands, would be difficult to enforce even if held
constitutional.
Port of Seattle, Wash.-Harbor Improvement Projects
Declared Valid by Supreme Court.-The State Supreme Court
on Sept. 26 affirmed the ruling of Judge Myers of the King
County Superior Court, upholding the creation of the Port
Commission and the validity of the $8,100,000 bonds voted
March 5 for a system of harbor improvements and terminal
facilities within the port district.
Putnam, Conn.-Terms ,for Purchase of Water Plant
Accepted.-This city and the Putnam Water Co. have, it is
said, agreed to the purchase of the water plant by the city
at the terms recently fixed by the appraisers. The city
will pay $240,000 for the property. V. 95, p. 699.

Bond Calls and Redemptions.
Hartford, South School District, Conn.-Bond Call.Payment will be made on Nov. 1, at which time interest will
cease, at the Fidelity Trust Co. in Hartford,of bonds dated
May 4 1897.

Bond Proposals and Negotiations this week
have been as follows:
AKRON. Summit County. Ohio.-BONDS AUTHORIZED.-Ordlnames were passed on Sept. 23 providing for the issuance of $660 streetimpt. (city's portion) and $1,000 bridge-repair 4 X% coup. bonds. Date
Oct. 1 1912. Int. A. & 0. at office of City Treasurer. Due Oct. 11918.
ALBANY. N. Y.-BOND SALE.--On Oct. 3 the 8 issues of 4 X% taxfree bonds, aggregating $371,300 (V. 95, p. 767) were awarded to Watson
& Pressprich of N. V. at 100.189 and interest. Other bids follow:
100.055
Curtis & Sanger, N. Y _
_100.0911R. L. Day & Co., N. Y
Adams do Co. of N. Y.-bid-$300 premium for $200,000 or $79 prem.for all.
ALBION SCHOOL DISTRICT (P. 0. Albion), Boone County, Neb.BOND ELECTION.-On Oct. 8 the voters will have submitted to them
the question of issuing $55,000 5% building bonds. Due Nov. 1 1942,
optional Nov. 1 1922.
ALTAMONT. Albany County. N. Y.-NO ACTION YET TAKEN.
We are advised by the Village Clerk, under date of Sept. 28, that no action
has yet been taken looking toward the issuance of the $6,000 building
bonds voted Aug. 27 (V. 95, p. 560).
ALTURAS GRAMMAR SCHOOL DISTRICT (P. 0. Alturas), Modoc
County, (..al.-PURCHASER OF BONDS.-Thr purchaser of the $7,500
6% bldg. bonds (V. 95, p. 498) was the First Nat. Bank of Alturas at par.
Denotn. $500. Int. M. & N. Due from 1917 to 1031.
ANTIOCH, Contra Costa County. Cal.-BONDS DEFEATED.-Reports state that the election held Sept. 21 resulted In the defeat of the proposition to issue the $31,000 municipal-impt. bonds( V.95. p.312).
AUG USIA, Kennebec County, Me.-BOND OFFERING.-Proposals
will be received until 10 a. m. Oct. 8 for $33,000 4% 1-10-yr. (ser.) school
bonds, it Is stated.
AVILA SCHOOL DISTRICT, San Luis Obispo County, Cal.-BOND
SALE.-The $4,000 7% 1-4-yr. (ser.) bldg. bonds voted Aug. 14 (V. 95,
p. 560) were awarded to the Commercial Bank of San Luis Obispo at 103.75,
1113 stated.
BAKERSFIELD Kern County. Cal.--BOND OFFERING.-Proposals
will be received, It Is stated, until 5 p. m. Oct. 7 for the $210,000 sewer and
$150,000 city-hall 5% bonds. Similar issues of bonds were offered but not
sold on Sept. 16 (V. 95, p. 635).
BALDWINSVILLE, Onondaga County, N. Y.-BOND SALE.-On
June 6 this village disposed of $8,000 4 X% reg. street-paving bonds. Int.
semi-ann. at the First Nat. Bank. Due $1,000 yearly Dec. 1 1913-20 incl.
BALLSTON COMMON SCHOOL DISTRICT NO.8 (P.0. Ballston Spa).
Saratoga County. N. Y.-BOND SALE.-The $2,500 5% bonds offered
on Sept. 6 have been awarded to Francis Bower. Denom. $500. Date
Sept. 15 1912. Int. payable at the Ballston Spa Nat. Bank at Ballston
Spa. Due $500 yriy. Sept. 15 from 1913 to 1917 incl.
BEAT R ICE, Gage Count', Neb.-BONDS TO BE OFFERED SHORTLY
-We are advised by the City Clerk that the $11,000 5% paving bonds
voted Aug. 10 (V. 95, p. 496) will be offered for sale during this month.
BEVIER. Macon County. Mo.-BOND ELECTION.-On Oct. 8 the
voters will have submitted to them the question of issuing $11,000 20-year
electric-light-plant bonds at not exceeding 6% interest.
BISHOP, Invo County, Cal.-BONDS VOTED.-At a recent election,
it is stated, the voters authorized the issuance of $10,000 street-impt.,
$5,000 sewer system, $6,000 new intake, $5,000 water-system-Impt. and
$6,000 fire-dept.-equip. bonds.
BLANCHARD, Page County, Iowa,-BOND SALE.-Geo. M. Bechtel
& Co. of Davenport have been awarded the $7,500 water-works bonds voted
Aug. 8 (V. 95, p. 498) at 101.47.
BOSTON, Mass.-BIDS.-The other bids received on Sept. 27 for the
ten issues of 4% reg. tax-free bonds aggregating $4,089,000, disposed of on
that day (V. 95, p. 844), were as follows:
R. L. Day & Co.,1Boston_ _ _100.796 Old Colony Trust Co., Boston_101.14
Estabrook & Co.. J
Edgerly & Crocker, Boston
Hayden,Stone & Co., Boa...1100.79
(for $100,000)
101.98
Harvey Fisk & Sons, N. Y
G.Willard Bartlett ($10,000)..100
BONDS OFFERED BY BANKERS.-The bonds are now offered to investors by Wm. A. Read & Co., Perry, Coffin & Burr, Adams & Co. and
Blake Bros. & Co. of Boston, the successful bidders.
BRIGGS SCHOOL DISTRICT. Ventura County, Cal.-BOND ELECTION.-The proposition to issue $5,000 bonds will be voted upon at an
election Oct. 12, reports state.




I

917

BUFFALO, N. Y.-BIDS.-Other bids /or the six issues of 4 X% reg.
tax-free bonds, the sale of which was reported in V. 95, p. 844, were as
follows:
100.17 for the $135,000 police and fire bds.
Adams & Co., New York
and $50,000 of the $300,000 water
issue.
Columbia Nat. Bank, Buffalo...100.002 for the $300,000 water and 4111,000 water refunding bonds.
Central Nat. Bank, Buffalo...100.003 for the $500,000 school bonds.
100.000 for $200,000 of the $500,000 school
Bank of Buffalo
Issue.
BOND SALE.-The following 4% bonds were disposed of at par during
SAem
ptoeum
nb
t.er top
oemptroller for the city's various sinking funds:
os
epC
ur
th
Due.
Dale.
Sept. 15 1912 Sept. 15 1913.
$15,347 76_ _Monthly local work
10,028 00 __Certificates of indebtedness ....Sept. 16 1912 July 1 1913.
CALIFORNIA.-BONDS AWARDED IN PART.-Of the $2,000,000
4% 39-74-yr. (opt.) San Francisco Harbor bonds offered on Oct. 1 (V. 95.
p. 635), $500,000 were purchased by the Hibernia Say. & Loan Society of
San Francisco and $250,000 were taken by other investors at par and Int.
CEDAR COUNTY (P.O. Stockton), Mo.-DESCRIPTION OF BONDS.
-The $19,000 5 X% road bonds recently sold (V. 94, p. 1521) are in the
denom. of $500 each and dated Sept. 1 1912. Int. semi-ann. at the Merchants-Laclede Nat. Bank in St. Louis. Assess. val. in 1911 $411,700.
Due $500 from 1914 to 1919 incl., $1,000 from 1920 to 1922 incl., $2,000
. . . . . .
in 1923 and 1924 and $3,000 from 1925 to 1927 incl.
CEDARHURST, Nassau County, N. Y.-BOND OFFERING.-ProVII. Clerk.
Raisig,
posals will be received until 3 p. m. Oct. 10 by Lewis M.
for the following gold reg. bonds voted Sept. 16 (V. 95. c.• 767):
$30,000 street-impt. bonds. Due $2,000 yearly Sept. 1 from 1917 to 1931
inclusive. Certified check for $1,000 required.
2,000 drainage bonds. Due Sept. 1 1916. Cert. check for $100 required.
Denom. $1,000. Date Sept. 11912. Int. M. & S. at the Bank of LongIsland at Far Rockaway
Cert. checks to be drawn on an incorporated
or trust company and made payable to G. D. Craft, Treas. Opinion of
Geo. W. Foren as to legality will be delivered to purchaser. Bonds to be
delavered and paid for Oct. 24 1912.
CERES HIGH SCHOOL DISTRICT; Stanislaus County, Cal.-BOND
OFFERING.-It is stated that proposals will be received until 10 a. m.
Oct. 15 by the Bd. of Co. Supervisors (P. 0. Modesto) for $33,000 5%
bonds. Denom. $1,000.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.-BOND
OFFERING.-Proposals will be received until 12 m. Oct. 21 by Wm.
Grautman, Dist. Clerk, for $350,000 4% 40-yr. coup. bldg. bonds. Denom.
$500. Date "day of sale." Int. semi-ann. at the Amer. Exchange Nat.
Bank in New York. Cert. check for 5% of bonds bid for, payable to the
Board of Education, required. Purchaser to pay accrued interest. • • •
CLAIRBORNE COUNTY (P.O. Port Gibson), Miss.-WARRANT SALE
-On Sept. 2 the $11,300 loan warrants (V.95, p.497) were awarded as 6s to
the Miss. Southern Bank at par. Denom. (11) $1,000 and (1) $300.
Date Sept. 6 1912. Due Jan. 1 1913.
CLARA CITY. Chippewa County, Minn.-BONDS VOTED.-The Village
Clerk advises us that the issuance of $5,000 bonds was authorized at a recent election.
CLEVELAND, Ohio.-BONDS AUTHORIZED.-An ordinance was
passed Sept. 23 providing for the issuance of $175,000 4% coup. public-hall
impt. bonds. Denom. $1,000. Date Oct. 1 1912. Int. A. dc 0. at the
Amer. Exchange Nat. Bank in New York. Due Oct. 1 1952.
CLINTON, Clinton County, Iowa.-BOND SALE.-On Aug. 26 $22,000
4%% funding bonds were awarded to Geo. M. Bechtel & Co. of Davenport
at par. Denom. $1,000. Date Nov. 1 1912. Int. M. & N. Due $7,000
in 1917 and 1922 and $8,000 in 1927.
CLINTON, Worcester County, Mass.-BOND SALE.-On Oct. 3 the
$15,000 4% water bonds (V. 95, p. 844) were awarded to Adams & Co. of
Boston at 100.796. Other bids follow:
E. N. Rollins & Sons,Bost_100.41761N. W Harris & Co., Incorp..
100.202
Boston
Biodget do Co., Boston_ _ _ _100.40
Denom. $1,000. Int. J. & D. Due June 1 1926.
COFFEYVILLE, Montgomery County, Kan.-BOND SALE.-On
Sept. 23 $35,000 hospital bonds were awarded, it is stated, to Spitzer,
Rorick dc Co. of Toledo for $35,170 (100.485) and int. • • • • • • • • •
COLORADO COUNTY (P. 0. Columbus), Tex.-BONDS VOTED.-On
Sept. 24 the voters authorized the issuance of $100,00Ci road bonds. According to reports the vote was 190 to 123. • • • • • • ......
COLTON SCHOOL DISTRICT (P. 0. Colton), San Bernardino County.
Cal.-BONDS VOTED.-The election held Sept. 25 resulted in favor of
the question of issuing the $6,000 5% bonds (V. 95, p. 561). The vote was
273 to 86. Due $1,000 yrly. from 1918 to 1923 incl. These securities
will be offered for sale in about 30 days.
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.-BOND OFFERING.
Proposals will be received until 1 p. m. Oct. 21 by the County Comm'rs, P.
R. Walker, Chief Clerk, for $32,569 93 4 M% debt-extension bonds. Auth.
Sea. 2431, Gen. Code. Denom. (1) $569 93, (32) $1,000. Date Oct. 1
1912. Int. A. & 0. at office of Co. Treas. Due $569 93 Oct. 1 1913 and
$2,000 yearly on Oct. 1 from 1914 to 1929 incl. Cert. check for $500,
payable to the Co. Treas., required. Bonds to be delivered Oct. 28.
Purchaser to pay accrued interest. Bidders will be required to satisfy
themselves of the legality of the bonds. Bids must be unconditional. •
• CONLEY SCHOOL DISTRICT, Kern County, Cal.-BOND OFFERING.
-Further details are at hand relative to the offering on Oct. 11 of the
$30,000 (not $10,000 as first reported) 6% coup. bldg. bonds(V.95, p. 844).
Proposals for these bonds will be received until 11 a. m. on that day by
I. L. Miller, Clerk Bd. of Co. Supervisors (P. 0. Bakersfield). Denom.
$10,000. Int. ann. in Sept. at the Co. Treas. office. Due *10,000 in
10, 11 and 12 years. Cert. check (or cash) for at least 10% of bid, payable
to the Chairman Bd. of Co. Supervisors, required. Bonded debt, including this issue, $83,000. Assess. val., $7,537, 079; real val., $1,500,000.;
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT (P.O. Corpus
Christi), Nueces County, Tex.-BONDS OFFERED BY BANKERS.Cutter, May & Co. of Chicago are offering to investors $36,000 5% 20-40
yr. (opt.) bonds. Denom. $1,000. Date July 1 1912. Int. J. & J. at theNational City Bank in New York.
CRAVEN COUNTY (P. 0. New Bern). No. Car.-BOND SALE.-The
$15,000 5% 30-yr. farm-life-school bonds offered on Sept. 2 (V. 95, p. 497)
have been awarded to John Nuveen & Co. of Chicago at 101.20.
CRETE, Will County, III.-BOND SALE.-On Sept. 28 the $9,000.%
1-9-yr. (ser.) coupon water-works bonds (V. 95, p. 768) were awarded to•
C. S. Kidder & Co. of Chicago for $9,007 (100.077), int. and expenses.
Other bids follow:
S. A. Kean & Co., Chicago_ _ _ $9,054 Bolger, Mosser & Willaraan,.0.
$0.00
J. Nuveen do Co., Chicago_ _ _ _ 9,0001 Chicago
• CUDAHY, Milwaukee County, Wis.-BOND SALE.-On Oct. 1 the
$58,000 5% sewer bonds (V. 95, p. 701) were awarded to the First Sayings
& Trust Co. of Milwaukee for $59,175 (102.025) and int. Other bids follow:
$58,715
John Nuveen & Co., Chicago.$59,0271Ulen & Co., Chicago
Harris Tr. & Say. Bk., Chic_ 58,7251
n9t.o7
o
lon)..M
l
45
ao
9
1
02
.
1,50
0
$6
$
.
.
(P
• CUSTER COUNTY SCHOOL DISTRICT NO. SO
BOND OFFERING.-M. C. Moe, Clerk Bd. of School Trustees, will offer
at public auction at 2 p.m. Oct.31 $9,000 6-10-year (opt.) coup. additional
bldg. and equip. bonds at not exceeding 6% interest. Auth. election held
Sept. 18. Denom. $1,000. Date July 1 1912. Int. ann. in July. Cert.
check or cash.for 5% of bonds required.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND SALE.-On
Oct. 2 the following premiums were received for the four issues of 4 X%
coupon bonds (V. 95, p. 701.)
$13,177
*40,000
$29,801
00
issue.
issue.
is1s2u2e.
6e0
"
.
*$4
1 0800
42
42
First Nat, Bank, Clev__•$1,178
903!00
Seasongood & Mayer, Cin. 1,088 00
937.00
• 149 50
426 00
Hayden,Miller& Co.,Clev. 1,085 00
125 60
948:90
391 30
First Nat. Bk., Cleve__ _ 1,069 90
Well, Roth & Co., Cin__ 1,008 00
341 60 • •
C. E. Denison & Co., Clev. 908 80
828 47
366 32 • •
Prov.Say.B.& Tr.Co.,Cin.
• 'These bids were successful
-Whitaker
• DADE COUNTY. Mo.-BONDS OFFERED BY BANKERS.
& Co.of St. Louts are offering to investors $17,000 5 % Washington Town-

r., •

918

THE CHRONICLE

[VoL. Lxxxxv.

ship road bonds. Denom.$1,000. Date Oct.' 1912. Int. J. & J. at the
GLEN ROCK (P.O. Ridgewood), Bergen County, N. J.-NO ACTION
Hanover Nat. Bank In N. Y. Due $1,000 yrly Jan. 10 1914 to 1924 incl. YET TAKEN.-No action has yet been taken looking toward the issuance
and $2,000 in 1925, 1926 and 1927. No other debt. Assessed val. $365,500. of the $10,000 road bonds voted Aug. 27 (V. 95, p. 561).
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BOND SALE.-The
GLOVERSVILLE. Fulton
N.Y. -BOND OFFERING.-Pro315,000 4% 1-15-year (ser.) coup. children's-home tax-free bonds offered posals will be received until 2 County,
p. m. Oct. 25 by 0. L. Everest, City Chamom June 17 (V. 94, p. 1580) have been sold.
berlain, for $10,000 4 A % coup. tax-free bridge bonds. Denom. (8) $500
DELAWARE COUNTY (P. 0. Delaware), Ohio.-BOND SALES.-On and (6) $1,000. Date Nov. 1 1912. Int. M. & N. at the Fourth Nat.
Sept. 30 the $101,240 4 A % 53i-yr. (aver.) road-impt. bonds (V. 95, p. Bank of N. Y. Due $500 yriy. Nov. 1 1913 to 1920 inel. and $1,000 yriy.
636), were awarded to the Delaware Nat.Bank in Delaware for $103,445 Nov. 1 1921 to 1926 incl. No deposit required. These securities are part
of an issue of $20,000 (V. 95, p. 189).
(102.17) and int. Other bids follow:
Seasongood & Mayer, Cinc_$103,4401Breed & Harrison, Cinc_$103,416 66
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake City), Utah.-BOND
We are advised that the Delaware Savings Bank in Dealware was also SALE.-We have just been
advised that E. H. Rollins & Sons of Boston
awarded at the same time $10,700 4 A % bonds for $10,929 (102.14) and were awarded the $80,000 bonds offered on May 3.
int. A bid of $10,928 was also received from Seasongood & Mayer of Cinc.
GRANT COUNTY SCHOOL DISTRICT NO. 94_, Wash.-BOND OFFERDESHLER, Henry County, Ohio.-BOND SALE.-On Sept. 30 the ING.-Proposals will be received until 2 p. m. oct. 21 by C. T. Sanders,
320,000 434% 10-yr. West Main St.-impt. (village's portion) and assess. Co. Treas. (P. 0. Ephrata), for $1,000 5-20-year (opt.) bonds at not exbonds (V. 95, p. 561) were awarded to Spitzer, Rorick & Co. of Toledo at ceeding 6% int. Int. annual. Purchaser to furnish blank bonds.
101.2625 and int. Other bids follow:
GRANT COUNTY SCHOOL DISTRICT NO.111,Wash.-BOND OFFEROtis & Co. Cleveland
$20,3501Well, Roth & Co., Cin
$20,210
ING.-Proposals will be received until 2 p. m. Oct. 19 by C.T.Sanders,
Hayden, Miller & Co. Cley_•20,325 New First Nat. Bank, ColumSeasongood & Mayer,'Cin__ _ 20,252
bus
20,067 Co. Treas. (P. 0. Ephrata), for $2,500 2-10-year (opt.) bonds, at not exceeding 6% interest. Int. semi-ann. Purchaser to furnish blank bonds.
'Unconditional.
GREELEY SCHOOL DISTRICT, Mariposa County, Cal.-BOND OFDES MOINES, Iowa,-BONDS REFUSED.-Newspaper reports state
that Chapman, Mills & Co. of Chicago have refused the $124,000 5% FERING.-Proposals will be received until 11 a. In. Nov. 11 by the Bd. of
Co. Supervisors (P.0. Mariposa) for $1,200 7% bonds, according to reports.
coup, river bonds awarded to them on Aug. 12 (V. 95, p. 497).
Denom. $100.
DES MOINES SCHOOL DISTRICT (P. 0. Des Moines), Iowa.-BOND
OFFERING.-Proposals will be received until Oct. 15 by J. H. Hogan,
GREENFIELD, Dade County, Mo.-BOND SALE.-The City Clerk
Treas. Bd. of Ed., it is stated, for $70,000 refunding bonds.
advises us that the $16,500 5% 10-20-yr. (opt.) water-works bonds authorzed by a vote of 190 to 16 at the election held Sept. 30 (V. 95, p. 702) have
DIXON UNION HICH SCHOOL DISTRICT (P. 0 Dixon), Solano
County, Cal.-NO BOND ELECTION:-According to reports, the elec- been sold.
tion to vote on the question of issuing $50,000 5% bldg. bonds was not held
GREENSBORO SCHOOL DISTRICT (P. 0. Greensboro). Hale County.
Sept. 21 (V. 95, p. 636).
Ala.-BOND SALE.-Reports state that the $12,000 6% 20-year bldg.
DOVER, Cuyahoga County, Ohio.-BOND SALE.-On Sept. 30 the bonds voted July 1 (V. 95, p, 128) have been sold to the New First Nat.
2 issues of 4 A % coup. street-impt. bonds, aggregating $12,000 (V. 95, p. Bank of Columbus. Ohio.
636), were awarded, to the Exchange Nat. Bank. of Canal Dover for
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Montcalm
$12,400 85, making the price 103.34.
County, Mich.-NO ACTION YET TAKEN.
-We are advised by the
Other Mids follow:
Sec.
Bd. of Ed., under date of Sept. 27, that no action has yet been taken
Otis & Co., Cleveland__ ..$12,206 87 Spitzer, Rorick & Co.,Tol.$12,073 20
Seasongood & Mayer, Cin. 12,198 00 New First Nat.Bk.,Colum. 12,040 60 looking towards the issuance of the $5,000 bldg. bonds voted Aug. 19
Hayden, Miller & Co.,Clev. 12,197 00 Prov.Say.B. ea Tr.Co.,Cin. '9,670 05 (V. 95, p.498).
• Bid for $9,500.
GRIMES COUNTY (P. 0. Anderson), Tex.-BONDS OFFERED BY
DURANT, Bryan County, Okla.-BONDS PROPOSED.-The city pro- BANKERS.-Cutter, May & Co. of Chicago are offering to Investors the
poses to issue $5,000 light and $5,000 park 6% 10-yr. tax-free coup. bonds. $125,000 5% 10-40-yr. (opt.) Road Dist. No. 1 impt. bonds voted Nov. 20
1911 (V. 93, p. 1621). Denom. $500. Date Jan. 1 1912. Int. ann. at
Int. semi-ann. at the Durant Nat. Bank in Durant.
County Treas. office or the Hanover Nat. Bank in N. Y. No other debt.
DUV AL COUNTY (P.O. Jacksonville), Fla.-BOND SALE.-On Oct. 1 Assess. val. $3,553,197.
the $250,000 5% 30-yr. gold coup. road bonds (V. 95, p. 844) were awarded
HANFORD, Kings County, Cal.-BOND OFFERING.-Proposals will
to E. H. Rollins & Sons of Boston at 106.573 and int. Other bids follow:
be received at any time, it is stated, by the Council for $20,000 5% bridge
New York Life Ins. Co., N.Y. 106.171 Well, Roth & Co., Cincin_ __ _105.25
bonds.
Florida Life Ins. Co., Jacksonv106
lB. M. Grant & Co., N. Y_ __ _103.26
Peninsular Casualty Co., Jack.105.25 Harris, Forbes & Co., N. Y_ _103.182 .
HARDSCRABBLE IRRIGATION DISTRICT, Colo.-BOND ELECEAST CLEVELAND SCHOOL DISTRICT (P.O. East Cleveland), Cuya- TION.-On Oct. 7 the voters will have submitted to them the question
hoga County, Ohio.-BOND SALE.-On Oct. 1 the following bids were of issuing $950,000 6% irrigation bonds. Due 5% 11 years, 6% 12 years
received for the $15,000 4% 20-yr. school-bldg.-impt. bonds (V. 95, p. 7% 13 years, 8% 14 years, 9% 15 years, 10% 16 years, 11% 17 years, 13%
18 years, 15% 19 years and 16% 20 years after date.
561):
Seasongood & Mayer, Ono_ _$15,195 I Prov.Say.Bk.&Tr.Co.,Tol$15,145 00
HASTINGS SCHOOL DISTRICT (P.O. Hastings), Cambria County, Pa.
Cleve, Tr. Co. Cleveland_ _ _ _ 15,192 Otis & Co., Cleveland_ _ _ _ 15,078 50 -BONDS NOT SOLD.-No award was made on Sept. 17 of the $17,500
Hayden, Miller & Co., Clev__ 15,166 First National Bank
15,076 90 5% coup. bonds offered on that day (V. 95, p. 702).
EASTLAND COUNTY COMMON SCHOOL DISTRICT NO. 19, Texas.
HENRY COUNTY (P.O. Napoleon), Ohio.-BOND SALE.-On Sept. 27
BOND SALE.-On Aug. 30 the $2,200 5% 10-20-yr. (opt.) bonds regis- Hayden,
Miller & Co. of Cleve. were awarded ten issues of 4 A % road
tered by the State Comptroller on Aug. 16 (V.95, p. 497) were purchased at bonds, aggregating
$119,500, for $122,050 (102.13). Other bids follow:
par by Dunds of this county
Otis ec Co., Cleveland.._ _$121,737 50 Stacy & Braun, Toledo_ _$121,214 57
ERIE TOWNSHIP, Ottawa County, Ohio.-BOND SALE.-On Sept. 30 Well, Roth & Co., Ctn._ 121,469 601Scasongood & Mayer, Cin. 120,753 00
Date Nov. 1 1912. Interest M. & N.
the $10,000 5% 15-24-yr. (ser.) highway bonds(V.95,p.768) were awarded,
It is stated, to Hayden, Miller & Co. of Cleveland at 109.60.
HOOD RIVER. Hood River County, Ore.-BOND OFFERING.-ProEVERETT, Snohomish County, Wash.-BIDS REJECTED.The fol- posals will be received until 8 p. m. Oct. 21 by H. L. Howe, City Recolder,
lowing bids received on Sept. 17 for the $65,000 20-year gold coup. city- for the $90,000 water-works-extension bonds at not exceeding 6%interest.
Denom. $100 to $1,000, as purchaser may elect. Date Aug. 1 1912.
dock-impt. bonds (V. 95, p. 498) were rejected:
L. N. Rosenbaum, Seattle
1021S. A. Kean & Co., Chicago__ _101.60 Int. F. ec A. at office of City Treas. or at Oregon fiscal agency in N. Y.,
at
option of purchaser. Due Aug. 1 1932. Official circular states that
• EXCELSIOR SPRINGS,Clay County, Mo.-BOND SALE.-On Sept. 30
the
the $22,090 5% 20-yr. main-sewer-constr. bonds (V. 95, p. 768) were there is no controversy or litigation pending or threatened affecting
corporate
existence or the boundaries of this city, or the title of the present
awarded to Wm. R. Compton Co. for $22,445 (102.22) and int.-a basis of
now
aubonds
any
of
officials
validity
to
their
respective
offices,
or to the
about 4.842%. Other bids follow:
Commerce Tr. Co., Kan. C y_$22,300 G. H. Walker & Co., St. L__$22,151 thorized: also that the principal and interest on all previous bond issues
to the "City
Harris Tr. & Say.Bk., Chicago22,280 C.F. Childs & Co., Chicago... 22,115 have been paid promptly. Cert. check for $1,000, payable
except that the
Com'wealth Tr. Co., St. L__ 22,235 John A.Prescott & Co., K. C. 22,055 of Hood River," required. Bids must bo unconditional,
Storey, Thorndyke, Palmer
the
opinion
city
purchaser
will
of
furnish
to
the
C. H. Coffin, Chicago
22,226 E. H. Rollins & Sons, Chicago 22,011 & Dodge of Boston. approving the legality and validity of the bonds. A
S. A. Kean & Co., Chicago.. _ 22,220
A bid was also received from the Continental & Commercial Trust & similar issue of bonds was recently offered but not sold (V. 95, p. 498).
HUMBOLDT. Humboldt County, lowa.-BOND SALE.-The $8,000
Say. Bank of Chicago. Date Oct. 15 1912. Int. A. & 0. • • • • • • •
4 A % 10-20-yr. (opt.) coup. city-hall-bldg. bonds offered on Sept. 1
• FARMDALE SCHOOL DISTRICT, Los Angeles County. Cal.-BOND (V.
95, p. 562) have been awarded to the Springfield Savings Bank of
OFFERING.-Reports state that proposals will be received until Oct. 7 Springfield, Vt., at par.
by the Board of County Supervisors, H. J. Lelande, Clerk (P. 0. Los
HUNTINGTON
PARK CITY SCHOOL DISTRICT, Los Angeles County.
Angeles), for $5,000 5% building bonds.
Cal.-BOND OFFERING.-Proposals will be received until 2 p. m. Oct. 7
FAYETTE COUNTY COMMON SCHOOL DISTRICT NO. 7, Texas.
- by the Bd. of Co. Supervisors, H. J. Leland°, Clerk (P. 0. Los Angeles),
DESCRIPTION OF BONDS.-The $2,500 5% bonds recently voted (V.
according to reports.
95, p. 130) are in the denom. of $500 each. Int. ann. In April. Due 20 for $40,000 5% bldg. bonds,
years, optional after 5 years.
JACKSON, Hinds County, Miss.-BONDS VOTED.-The election
of the proposition to issue the $35,000 abbaFORT BEND COUNTY (P. 0. Richmond), Tex.-BONDS VOTED.
- held Sept. 24 resulted In favor
The question of issuing the $175,000 road-constr. bonds received a favora- toir bonds (V. 95, p. 128). The vote was 649 to 308.
ble vote, reports state, at the election held Sept. 24 (V. 95, p. 702).
JAMESTOWN UNION SCHOOL DISTRICT (P. 0. Jamestown), Chau• FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND SALE.-On tauqua County, N. Y.-BONDS VOTED.-At the election held Sept. 24
Sept. 27 the $10,000 4% 534-year (ay.) East Fork bridge bonds (V. 95, p. the voters authorized the issuance of $109,000 bldg. bonds (V. 95, p. 769).
702) were awarded to Miller & Co. of Indianapolis at 100.28, it is stated.
The vote, according to reports, was 72 to 37.
JEFFERSON COUNTY (P.O. Steubenville), Ohio.-BOND OFFERING.
FREEDOM, Beaver County, Pa.-BOND SALE.-The Mellon
Bank -Proposals
will be received until 12 m. Oct. 18 by the Co. Comm'rs, S. M.
of Pittsburgh has been awarded the $40,000 4 A % street-impt.Nat.
bonds re- Floyd,
Clerk of Board, for $50,000 4 A % bridge-repair bonds. Auth.
cently authorized (V. 95, p. 845) at 101.445.al
•
• • • • • • •
2434, Gen. Code. Denom. $500. Int, A. .Se 0. beginning April 1
• FREDONIA. Chautauqua County, N. Y.-BOND SALE.-On Sept. 30 See.
Duo $1,000 on April land $1,500
the $16,700 4 A % 1-10-year (ser.) reg. street-impt. bonds (V. 95, p. 845) 1913, payable at office of County Treas.
Oct. 1 from 1914 to 1927 incl., and $1,500 each six months from AprIl 1
were awarded to Douglas Fenwick & Co. of N. Y. for $16,716 50 (100.092) on
1928 to Oct. 1 1932 Incl. Cert. cheek for $500, payable to tile Co. Comm'rs,
and int. A bid of $16,701 and int. was also received from Adams & Co. required.
Bonds to be taken up not later than Nov. 1. Purchaser to pay
of New York.
accit13(1 interest.
FREMONT, Sandusky County, Ohio.-BOND OFFERING.-Proposals
JOHNSON
COUNTY (P. 0. Cleburne). Texas.-BONDS VOTED.-It is
will be received until 12 m. Oct. 15 by the Clerk of Council for the $17,000
that the question of issuing the $175,000 court-house bonds carried
434% coupon Buckland Ave.-Impt. (assess. and city's portion) bonds stated
the election held Sept. 26 (V. 95, p. 637).
at
(V. 95, p. 435). Denom. (20) $350 (20) $500. Date Oct. 1 1912. Int.
JORDAN SCHOOL. DISTRICT, Merced County, Cal.-BOND OFFERA. & 0. at office of Sinking Fund Trustee. Due $850 each six months from
April 1 1914 to 1923 incl. Cert. check for $200 required. Purchaser to ING.-Proposals will be received until 10 a. in. Oct. 8 by P. J. Thornton,
Clerk Bd. of Co. Supervisors (P. 0. Merced), for $4,800 6% school bonds.
pay accrued interest. Bids must be unconditional.
Denom. $400. Int. annual. Due $400 yearly from 1913 to 1924 incl.
GAINESVILLE, Cooke County, Tex.-BONDS VOTED.-At a rcent Cert. check for 10% of bid, payable to the Chairman of the County Superelection the proposition to issue $47,500 refunding bonds received a favora- visors, required.
ble vote, according to reports.
KEWAUNEE JOINT SCHOOL DISTRICT NO. 1 (P. 0. Kewaunee),
GALLIA COUNTY (P. 0. Gallipolis), Ohio.-BOND OFFERING.
Kewaunee County, Wis.-BOND SALE.-On Sept. 19 $44,000 5% coup.
Proposals will be received until 1:30 p. m. Oct. 21 by J. S. Clark, Co. Aud., bldg. tax-free bonds were awarded to the Harris Trust ec Say. Bank of
for $20,000 4 Si% bridge-constr. and repair bonds. Auth., See. 5643 and Chicago for
making the price 104.31. These securities were
5644, Gen. Code. Denom. (50) $100, (20) $200, (20) $500. Date Oot. 21 advertised for$45,900,
sale as 4s on Sept. 10 V. 95, p. 562)
1912. Int. A. & O. at office of Co. Treas. Due Oct. 21 1922. Cert.
KIMBOLTON VILLAGE SCHOOL DISTRICT (P. 0. Kimbolton.)
check for 5% of bonds bid for, payable to J. K. Powell, Co. Treas., re;.-The $4,000 4 A % 1-10-yr.
Guernsey County, Ohio.-BOND SALI,
quired.
(ser.) coup. tax-free bldg. bonds offered on Sept. 3 (V. 95, p. 562) have been
GENESEE COUNTY (P. 0. Flint), Mich.-BOND OFFERING.-Pro- awarded to the
Cleveland at 100.895
-The.
of
Bank
First
National
posals will be received until Oct. 15 by F. A. Wertman, Co. Clerk, for
KISSIMMEE, Osceola County, Fla.-PURCHASER OF NOTES.
$100,000 of an issue of $500,000 4 A % Series "C" road bonds. Denom.
Sept.
3
(V.
95,
p.
on
sold
purchaser
769)
of
the
was
notes
the
31,000, Date Oct. 15 1912. Int. ann. In March. Due $25,000 yearly
$60,000 8%
on March 15 from 1921 to 1924 incl. Cert. check for *1,000, payable Citizens' Bank of Kissimmee at par. Denom. $1,000. Date Aug. 1 1912.
Interest F. & A.
to the County Treasurer, required.
KITTITAS COUNTY SCHOOL DISTRICT NO. 25, Wash.-BOND
GENEVA,Ontario County, N. Y.-BOND ELECTION.-An election will
be held Oct. 14 to vote on the proposition to issue $80,000 city-hall bonds. SALE.-On Sept. 21 $15,000 1-5-year (opt.) building bonds were awarded
to the State of Washington at par for 55. Other bids follow:
GENOA,Ottawa County, Ohio.-BOND SALE.-On Sept.28 the $3,500 Keeler Bros. Denver
$15,451 for 534s less $300 attorney's fees
57 coup. sewer bonds (V. 95, p. 702) were awarded to the Genoa Banking Causey,
15,245 for 534% 10-20-year bonds.
Foster & Co., Denver
Co.at 101 and int. Other bids were received from M.S. Pond of Somerset,
Denomination
$1.000.
the New First Nat. Bank of Col., the Security Say. Bank & Trust Co. of
LANCASTER COUNTY (P. 0. Lancaster), So. Caro.-BOND SALE.
Toledo and the Sinking Fund Trustees.
We have just been advised that tile $47,000 (reduced from $48,000) 5%
GLADSTONE. Clackamas County, Ore.-BOND SALE.-We have 40-yr. coup. tax-free township rallroad-ald refunding bonds offered on
just been advised that the $20,000 6% coup. water-system bonds offered June 20 (V. 94, P. 1340) have been awarded to W. N. Color & Co. of N. Y.
on April 9 (V. 94, p. 931) were sold on that day.
at 102.




OCT. 5 1912.]

THE CHRONICLE

LAVACA COUNTY (P.O. Hallettsville), Texas.-BOND ELECTION.
The proposition to Issue $100,000 road bonds will be voted upon at an
election Oct. 28, reports state.
LAWRENCEVILLE. Owinnett County. Ga.-BONDS VOTED.-At a
recent election the proposition to issue $15,000 5% 30-yr. sewer bonds carried, it is stated, by a vote of 202 to 0.
LONG BEACH, Los Angeles County, Cal.-BONDS DEFEATED.
At an election held Sept. 24 the proposition to issue $100,000 bonds (V. 95,
p. 499) for docks, warehouses and paving was defeated. The vote was
1,168 "for" to 839 "against," a two-thirds majority being necessary to
carry.
LONG MEADOW (P. 0. East Long Meadow), Hampden County, Mass.
-TEMPORARY LOAN.-The temporary loan of $90,000 recently voted
• • • • • • • •
(V. 95, p. 499) has been negotiated with the State.
LONGVIEW, Oktibbeha County, Miss.-BOND SALE.-On Aug. 1
local Investors were awarded at par and int. $5,000 bonds. These securities
take the place of $10,000 6% 20-year bonds. See V. 94, p. 648.
LORAIN, Lorain County, Ohio.-BOND SALE.-The following bids wer
received on Sept. 30 for the $16,500 434% 634-year (ay.) street-paving
(city's portion) bonds offered on that day (V.95, p. 637):
Breed & Harrison, Cine_..$16,935 60 Well, Roth & Co., Cinc__$16,872 00
Seasongood & Mayer, Cin.. 16,920 00 Hayden, Miller&Co.,Clev. 16,865 00
Otis & Co., Cleveland_ ___ 16,896 00 Prov. S. B. & Tr. Co., Ctn. 16,836 68
First Nat, Bank, Cleve___ 16,894 00 Secur.S. B. & Tr. Co., Tol. 16,812 75
C. E. Dennison&Co.,Clev_ 16,893 00 New First Nat. Bk., Col.._ 16,620 00

919

$70,000 school bonds. Due $10,000 yearly,on May 1 from 1915 to 1921 incl.
1,900 bonds for acquisition of real property. Due $1,000 May 1 1922 and
$900 May 1 1923.
22,574 88 bonds for the redemption of construction certificates. Due
$3,000 yrly. on May 1 from 1915 to 1921 incl. and $1,574 28
May 1 1922.
Denom. as purchaser may desire. Date Nov. 1 1912. Int. M. & N.Tat
office of City Treas., and will, at the request of the registered holder, be
remitted by mall in N. Y.exchange. Bonds will be certified as to genuineness by the U. S. Mortgage & Trust Co. of N. Y. Legality of bonds will
will be approved by Caldwell, Masslich & Reed, N. Y., whose opinion will
be furnished to the purchaser. Cert. check (or cash) on a national bank
or N. Y. State bank for 2% of bonds bid for, required. Bonds to be
delivered Nov. 1. Bids to be made on printed forms furnished by the
Comptroller. Purchaser to pay accrued interest.
NEWTON FALLS, Trumbull County, Ohio.-BOND SALE.-On Oct, 1
the 3 issues of 5% coupon street-paving bonds, aggregating $22,835 60
(V.95, p. 638) were awarded, it is stated, to Otis & Co.of Cleveland.
NEW YORK CITY.-BOND SALE.-We give below bonds purchased
by the Sinking Fund of this city at par during September:
Amount.
Interest. Maturity.
Purpose$700,000
3
2
992
212
1
119
Various municipal purposes
3
Water bonds
50,000
3
500
Assessment bonds
3

_________________ $750,5003
Total
_________
The following revenue_
no-tes (tempocorporate
___________
rary securities) were also issued during September:
LOS ANGELES, Los Angeles County, Cal.-BONDS DEFEATED,
Amount.
Interest.
At an election held Sept. 25 the question of issuing $100,000 city-dock- Revenue bonds, current expenses
4 21-32 $2,000,000 00•
impt. bonds was defeated, it is stated, by a vote of 1,168 to 839, a two- Revenue bonds, current expenses
300,000 00
4%
thirds majority being necessary to carry.
246,000 00
Revenue bonds, current expenses
43.4
Revenue bonds, current expenses
642,000 00
4
%
County,
Essex
Livingston).
(P.
0.
DISTRICT
LIVINGSTON SCHOOL
100,000 00
bonds, current expenses
4 34
N. J.-BOND ELECTION.-Reports state that an election has been called Revenue
Revenue bills, current expenses
1,089,919 54
*4 %
for Oct. 15 to vote on the question of issuing $17,500 school-bldg. bonds.
Revenue bills, current expenses
99,243 15
*43,
4
149,243 84
MADISON, Jefferson County, Ind.-BOND OFFERING.-Proposals Revenue bills, current expenses
*4
*334
will be received until Nov. 1 for $12,500 electric, water-works and fire- Revenue bills, current expenses
595,471 24
department refunding bonds.
a1,196,802 77'
Revenue bills, current expenses
*434
Revenue bills, current expenses
x4,316,795 53
*43i
MANISTEE, Manistee County, Mich.-BOND SALE.-On Oct. 1 the Revenue bills, current expenses
x2,593,359 7$
*4
%
the
$14,000 434% gold coupon tax-free paving bonds were awarded to
bills, current expenses
x433,433 97
*4 3-16
Manistee Co. Savings Bank of Manistee at par. Denom. $1,000. Date Revenue
Revenue bonds, special
50,000 00
4 17-32
Oct. 1 1912. Int. A. ec 0. at the City Treas. office. Due $3,000 yrly. Revenue
bonds,
special
200,000 00
434
Oct. 1 from 1913 to 1916 incl. and $2,000 Oct. 1 1917.
Revenue bonds, special
39,000 00
4 ii
VOTED.
MARION COUNTY (P. 0. Fairmount), W. Va.-BONDS
Corporate stock notes (var. municipal purposes)_ _ 4%
400,000 00
According to reports, the question of issuing the $400,000 road-impt. bonds Corporate stock notes (var, municipal purposes)_ _ 434
3,375,000 00
(V. 95, p. 190) carried at an election held in Fairmount Dist. on Sept. 21. Corporate stock notes (var. municipal purposes)_ _ 4 13-32
550,000 00
The vote was 1263 to 371:
Corporate stock notes (var. municipal purposes)_ _ 4:A
700,000 00
500,000 00
MARION COUNTY (P. 0. Marion), Ohio.-BOND SALE.-On Oct. 1 Corporate stock notes (var. municipal purposes).- 3
1,000,000 00
434
the $7,500 5% coupon Firstenberger Free Turnpike bonds (V. 95, p. 770) Corporate stock notes (for water)
1,019,033 05
Corporate stock notes (for water)
4 y,,
were awarded to the New First Nat. Bank of Columbus at 100.36 and int.
Corporate stock notes (for water)
1,500,000 00
3
MARSHALL. Harrison County, Texas.-BOND SALE.-On Oct. 1 the Corporate stock notes (for water)
492,860 15
•4 %
$28,000 5% 10-40-year (opt.) street-paving bonds (V. 95, p. 846) were
awarded to Well, Roth & Co. of Cin. for $28,148 (100.52) and interest.
$23,588,162 97
Total
MARSHALLTOWN INDEPENDENT SCHOOL DISTRICT (P.O. Marshalltown). Marshall County, lowa.-BOND SALE.-This district, we arc
• Rate of discount; figures in "Amount" column represent proceeds of
advised, has disposed of $57,000 434% 20-yr. refunding bonds.
loan after deducting discount. a Payable in francs. x Payable In £
sterling.
SALE.
-This
MARQUETTE, Marquette County, Mich.-BOND
city,
we are advised, has issued $60,000 4% school district No. 1 refunding bonds.
NOBLES COUNTY (P. 0. Caldwell), Ohio.-BOND SALE.-On Oct. 1
Due May 1 1922
the $10,000 5% 3 s-yr.(aver.) highway bonds(V.95, p. 638) were awarded
MEDFORD, Middlesex County, Mass.-BIDS.-The other bids received to Farmers' & Merchants' Bank, Caldwell, at 103.29 and int. Other bids
on Sept. 27 for the $20,000 4% 1-20-year (serial) coupon school bonds, follow:
awarded to Kidder, Peabody & Co. of Boston at 101.199 and int. (V. 95, First Nat. Bank, Cleveland_$10.28) Citizens' Nat. Bank, Caldw_..$10,260
10,264 I Spitzer. Rorick & Co., Toledo.10,153
Weil, Roth & Co., Cin
p. 846), were as follows:
Edgerly & Crocker, Boston_100.5132 Blake Bros. & Co., Boston___100.31
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
100.28 C
100.419 IBiodget & Co., Boston
Adams & Co., Boston
po
.u
2n
n
ty
..
) Cal.-BONDS AWARDED IN PART.-We are advised that this
Curtis & Sanger, Boston__ _100.38
district h as disposed of $147,500 bonds. These securities are part of an
MERCED FALLS SCHOOL DISTRICT, Merced County, Cal.-BOND issue of $1,600,000 5% bonds, of which $1,177,000 were sold Jan.4. (V. 94,
OFFERING.-Proposals will be received until 10 a. m. Oct. 8 by P. J.
Thornton, Clerk Board of County Superv. (P. 0. Merced), for the $4,000
OLLA SCHOOL DISTRICT NO. 2 (P. 0. Jena), La Salle Parish, La.
6% gold coupon tax-free building bonds voted Aug. 14 (V. 95, p. 703). BONDS PROPOSED.-We are advised by J. W. Carter, Sec.-Treas., that
Denom. $500. Int. ann. In Nov. at Merced City. Due $500 yearly from this place is preparing to issue $6,000 5% bonds. Denom. (4) $800, (2)
1913 to 1920, incl. Cert. cheek for 10% of bid, payable to the Chairman of $900, (1) $1,000. Date Jan. 15 1913. Int. J. & J. Due $800 July 15
County Superv., required. No other debt. Assessed value 1912, $250,992. 1913 and $800 on Jan. 15 in 1914, 1915 and 1916; $900 on Jan. 15 in 1917
MERCER COUNTY (P.O. Celina), Ohio.-BOND SALES.-On Sept. 27 and 1918, and $1,000 Jan. 15 1919.
the $6,610 434% coupon Shingledecker Road impt. bonds (V. 95, p. 703)
OLNEY, Richland County, III.-BOND OFFERING.-Proposals will
were awarded to Otis ec Co.of Cleveland for $6.671 25 (101.0795), and int. be received until 12 m. Oct. 14 by B. A. faun, City Clerk, for the $35,000
At the same time (Sept. 27) the $15,000 4 yi% 2-11-year (serial) bridge 5% coupon water-works-ext. and impt. bonds voted July 30 (V.95, p. 375).
bonds (V. 95, p. 703) were awarded to Breed & Harrison of Cincinnati at Denom. $100. Date July 1 1912. Int. J. & J. at office of City Treas.
102.92 awl int.
Due July 1 1932, opt. July 1 1917. Bonds to be delivered and paid for
According to reports the Commercial Bank Co. in Celina has been awarded Nov. 1.
$4,500 434% 3.2-year (average) road bonds for $4,565, making the price
ORANGE COUNTY (P.O. Orlando), Fla.-NO ACTION YET TAKEN.
101.44.
We are advised that up to Sept. 23 no action had been taken looking
MINNEAPOLIS, Minn.-BOND OFFERING.-Proposals will be re- toward the issuance of the $200,000 road-constr. bonds voted July 13
ceived until 2 p. m. Oct. 24 by Dan C. Brown, City Comptroller,for $200,000 (V. 95, p. 252).
4% high-school bonds. Date Oct. 1 1912. Int. semi-ann. Bonds are
OTTAWA COUNTY (P. 0. Miami), Mich.-BONDS DEFEATED.
tax-exempt in Minn. Due Oct. 1 1942. Bids will not be entertained for The question of issuing the $100,000 5% 25-yr. bridge bonds (V.95, p. 771)
election
Sept.
28.
the
held
failed
to
carry
at
less than 95% of par value of bonds and in
Cert. check for 2% of bonds
OYSTER BAY, Nassau County, N. Y.-BOND OFFERING.-Proposals
bid for, payable to C. A. Bioomquist, City Treas., is required.
will be received until 2:30 p. m. Oct. 14 by C. Weeks, Town Clerk for
The official notice of this bond offering will appear next week among the $19,000 434% 5 2-3-yr. (aver.) street-impt. bonds, reports state. Certified
advertisements elsewhere in this Department.
check for 5% is required.
MINNESOTA.-BONDS PURCHASED BY STATE.-The State purPAGE SCHOOL DISTRICT, Fresno County, Cal.-BOND SALE.-On
4%
following
bonds,
aggregating
$37,000, at par:
Sept. 16 $11,000 6% bonds were awarded to the First Nat. Bank of Fresno
chased in Sept. the
$5,0001Polk Co. Dist. No. 281
$10,000 for $11,480, making the price 104.363. Other bids follow:
Alaska, Beltrami Co
$11,4631G. G. Blymyer & Co., S Fr__$11,301
2,000 Princeton, Millelacs Co
2,000 State Board of Control
Farwell, Pope Co
11,162
5,000 Torrance,Marshall&Co.,LosA. 11,376 I American Savings Bank__ _
Koochiching Co.Jud.Dis.N.4 13,000 Slater, Cass County
-- incl.
In
Sept.
Due $500 yearly Sept. 5 1914 to 1935,
Interest
annually
-BOND
Ohio.
SALE.
-On
Dayton),
0.
MONTGOMERY COUNTY (P.
Sept. 26 the $15,000 bridge bonds (V.95, p. 770) were awarded, it is stated,
PARIS, Lamar County, Texas.-BONDS REGISTERED.-On Sept. 23
to the Dayton Say. & Tr. Co. of Dayton for $15,301, making the price the State Comtroller registered the $10,000 public-bldg., $50,000 streetimpt., $15,000 sewer-constr. and $15,000 school-bldg. 5% 10-50-yr.
102.006.
MOSCA IRRIGATION DISTRICT (P 0. Moses), Colo.-BOND SALE. (opt.) bonds recently sold. (V. 95, p• 7713
PAULDING, Paulding County, Ohio.-Bond Offering.-Proposals will
-On Sept. 30 $50,000 6% 11-20-yr. reservoir bonds were awarded to
W. H. Knowlton, $45,000 at par and $5,000 at 95. Denom. $500. Int. be received until 12 m. Oct. 19 by H. L. Hoffman, Village Clerk, for the
$30,000 4% electric-light-plant and water-works impt. bonds voted July 23
J. & D.
95,p.2521. Auth.Secs, 3942, 3943, 3945, 3946 and 3947 Gen. Code.
NASHUA, Hillsboro County, N. H.-NOTE SALE.-On Sept. 30 the (V.
Denom.$1,000. Date Nov. 11912. Interest semi-ann. Due $1,000 each
$50,000 5% 1-year bridge notes (V. 95, p. 846) were awarded to Blake six months from Jan. 1 1933 to July 1 1947, incl. Cert. check for 5% of
Bros. of Boston at 99.31. Denom. $5,000. Date Oct. 1 1912.
bonds bid for, payable to the Village Treas., required. Purchaser to pay
NASHVILLE Washington County, III.-BONDS DEFEATED.-The accrued interest.
election held Sept. 24 resulted in the defeat of the proposition to issue
PH I LA DELPH IA. Pa.-LOAN ELECTION.-Both branches of Council
the $21,500 water-works bonds (V. 95, p. 562). The vote was 58 "for"
on Oct. 3 passed finally the bill directing a vote of the people in November
and 375 "against."
on the $7,000,000 permanent loan.
NEES COLONY SCHOOL DISTRICT, Fresno County, Cal.-BOND
PIPER CITY, Ford County. III.-BOND SALE.-On Sept. 27 the
SALE.-The First National Bank of Fresno was awarded on Sept. 16
$10,000 5% 6 1-3-yr. (aver.) coupon water bonds (V. 95, p. 771) were
$8,500 6% bonds at 102.75. Other bids follow:
Sons & Co. of Chicago at 101.035 and int. Other
State Board of Control_ _ _ _$8,683 60IAmerican Savings Bank.._..$8,523 00 awarded to Farson,
Wm.R.Staats Co.,Los Ang. 8,612 501 G.G.Blymyer&Co.,SanFr_ 8,508 5,1 bids follow:
$10,061 John Nuveen & Co. of Chic. $10,006
Chicago
Coffin,
C. H.
Interest annually in Sept. Due $850 yearly Sept. 6 1913 to 1-922, inal
less $275
'
10,060
S. A. Kean & Co., Chicago
o_
0
,
_ 01r0$
hicai2
,0
300
NEVADA.-BOND SALE.-We are advised that the State has dis- H. C. Speer & Sons Co., Chic.. 10,015 Well, Roth & Co., Chicagoposed of the following 4% school bonds:
Bolger,MosserdoWillaman,Chle 10,000
Int.
J.
&
1912.
J.
Due
July 29 1932.
$100,000 bonds. Date Feb. 29
-Ordinances providing for the
ELECTION.
Pa.
-BOND
PITTSBURGH,
75,000 bonds. Date March 30 1912. Int. J. & J. Due March 30 1932. submission at the November election of the seventeen bond issues referred
NEVADA SCHOOL DISTRICT (P. 0. Nevada), Collins County. Tex.- to last week (V. 95, p. 847) were passed by the City Council on Oct. 1.
BONDS VOTED.-At an election held Sept. 21 the voters authorized the Five of the issues were vetoed by the Mayor, however, leaving the following
issuance of $20,000 building and equipment bonds. The vote, according aggregating $7,140,000, to be voted upon: For building a flood-wall around
to reports, was 93 to 55.
the river front downtown, $900,000; extension of Morewood Ave., from
NEWARK,. Essex County, N. J.-BONDS PROPOSED.-According to Forbes to Woodlawn Ave., $180,000; for the purchase of automobile fire
reports, the Issuance of $400,000 garbage-incinerating and $250,000 light- engines, $240.000; water extension, $1,620,000; eliminating the grade
crossings in Homewood and at 33d St., $420,000; purchase of a site for
generating plant bonds Is being considered.
a new city-hall, $1,230,000; to pay contractors' claims and judgments
NEW HAVEN, Conn.-BONDS NOT SOLD.-No award was made against the city $990,000; consolidation of city homes, $840,000; improving
on Oct.3 of the four issues of 4% coupon or reg. bonds aggregating $290,000 the fire and police alarm systems, $240,000; for additions to the Municipal
(V.95, p. 846), reports state.
Hospital, $90,000; for a new market house in Diamond Square, $300,000:
NEW ROCHELLE, Westchester County, N. Y.-BOND OFFERING.- public comfort stations, $90,000.
Proposals will be received until 11 a. m. Oct. 15 by J. MIlleman, Compt.,
PUEBLO COUNTY SCHOOL DISTRICT NO. 20, Colo.-BOND SALE,
rcg. bonds, Series of 1912:
E. H. Rollins & Sons and A. B. Leach & Co. of Chicago have jointly been
for the following 4




920

THE CHRONICLE

awarded $50,000 4 % 10-20-yr. (opt.) bldg. bonds at 98.25 and int. We
are also advised that the purchasers of the above securities have an option
on the unsold balance of this issue to the amount of $115,000.
PULASKI COUNTY (P. 0. Pulaski), Va.-BONDS TO BE OFFERED
SHORTLY.-Reports state that the $100,000 5% coupon road bonds
voted July 30 will be offered for sale in the near future. Denom. $1,000.
Date Jan. 1 1913. Int. J. & J. at the Co. Treas. office. Due $20,000
Jan. 1 1923; $12,000 Jan. 1 1928; $18,000 Jan. 11933; $24,000 Jan. 1 1938
and $26,000 Jan. 1 1943. A cert. check will be required for 1% of bonds
bid for.
REDMOND. Crook County, Ore.-BOND SALE.-We are advised that
this place has disposed of the $35,000 water-works bonds recently voted
(V. 95, p. 437).
PRINCESS ANNE, Somerset County, Md.-BOND SALE.-On Oct. 1
$10,000 5% water-tank-constr. and sewer-system bonds were awarded to thc
Bank of Somerset at Princess Anne at 100.05. Denom. $500. Date
Sept. 1 1912. Int. M. & S. Due $500 yrly. Sept. 1 from 1917 to 1936
incl.; opt. beginning Sept. 1 1927.
ROCK HILL, York County, So. Car.-BOND SALE.-On Sept. 25 the
$50,000 5% 20-40-yr. (Opt.) coupon tax-free water-works bonds (V. 95,
p. 500) were awarded, it is stated, to the New York Life Insurance Co.,
N. Y., at 102.55.
RODEO SCHOOL DISTRICT, Contra Costa County, Cal.-BONDS
VOTED.-A favorable vote was cast recently, reports state, on a proposition to issue $16,000 building bonds.
RUNNELS COUNTY (P. 0. Ballinger), Texas.-BOND SALE.-On
July 14 the $20,000 5% 10-40-yr. (opt.) refunding bonds registered by the
State Comptroller on Aug. 12 (V. 95, p. 500) were awarded to Hoehler
& Cummings of Toledo. Denom. $1,000. Date Feb. 10, 1911. Int. A.&O.
RUSSELL COUNTY (P. 0. Lebanon), Va.-BOND OFFERING.-Proposals will be received until 12 In. Oct. 10 by E. R. Combs, Clerk Bd. of
Supervisors, for $70,000 5% coup. road-constr. bonds. Denom. $1,000.
Date June 1 1912. Int. semi-ann. Due on Dec. 1 as follows: $16,000 in
1936; $17,000 in 1937; $18,000 in 1938 and $19,000 in 1939. Cert. check
for $500, payable to the Co Board of Supervisors, required. These bonds
were offered without success on Oct. 1 as 4 Ms (V. 95, p. 639).
RYE. Westchester Countdy, N. Y.-BOND SALE.-On Oct. 2 the three
aggregating $138,000 (V. 95, p. 847) w re
Issues of reg. tax-free bon
awarded to Harvey Fisk & Sons of N. Y. at 100.477 and int. for 4 Ms.
Other bids follow:
For 4.553.
For 43s.
100.269 Parkinson & Burr, N. Y___ A00.056
Adams & Co., N. V
For 4.603.
Watson & PressprIch, N. Y100.19
Harris, Forbes & Co., N. Y...100.182 Isaac W.Sherrill & Co., Poug.100.259
_100.128 Curtis & Sanger, N. Y
_110000..02516
R. M. Grant & Co., N. Y
Wm. A. Read & Co., N. Y100.08 Clark, Dodge & Co. N. Y...
100.07
Biodget & Co., N. Y
For 4.703.
I Farson, Son & Co., N. Y_ _ 100.031
ST. JOSEPH SCHOOL DISTRICT (P.O. St. Joseph), Buchanan County,
Mo.-BOND ELECTION PROPOSED.-Local papers state that an
election will be held to vote on the proposition to Issue $500,000 schoolbuilding-improvement bonds.
SALEM, Columbiana County, Ohio.-BONDS REFUSED.-Otis & Co.
of Cleveland, it is stated, have refused the $11,746 69 4% coup. refunding bonds awarded to them on Sept. 3 (V. 95, p. 639), their attorneys being
of the opinion that the Crosser referendum law had not been complied
with. These securities will be re-advertised.
SALEM SCHOOL DISTRICT (P. 0. Salem), Henry County, Iowa.
BOND SALE.-The $2,000 5-10-year (opt.) bonds recently voted (V.95, p.
500) have been disposed of to a local bank. Date Nov. 1 1912.
SALT LAKE CITY, Salt Lake County, Utah.-NO BOND ELECTIONWe are advised that the reports stating an election was being considered to
vote on the issuance of $100,000 reservoir bonds (V. 95, p. 500) were erroneous.
SAN DIEGO COUNTY (P.O. San Diego), Cal.-BONDS PROPOSED.
This county, it Is stated, is contemplating the issuance of $200,000 or
$300,000 road bonds.
SANGER SCHOOL DISTRICT (P. 0. Sanger), Fresno County, Cal.
BONDS VOTED.-An election held Sept. 21 resulted in favor of the proposition to Issue $28,000 5% (ser.) grounds and bldg. bonds. Int. semi-ann.
The vote was 145 to 9.
SAN MATEO COUNTY (P. 0. San Mateo), Cal.-BOND ELECTION
PROPOSED.-Reports state that the County Supervisors have deckled to
call an election to submit to the voters within the next six months the
question of issuing $1,250,000 highway bonds.
SANTA BARBARA COUNTY (P. 0. Santa Barbara), CaL-BOND
ELECTION.-According to reports, the Supervisors decided to submit to
the voters at the November election the proposition to issue $130,000
road bonds.
SANTA MONICA CITY SCHOOL DISTRICT, Los Angeles County. Cal.
-BOND OFFERING.-Proposals will be received until Oct. 14, it is
stated, by the Bd. of Co. Superviosrs, H. J. Lelande, Clerk (P. 0. Los
Angeles) for the $80,000 5% bldg. bonds voted Aug. 8 (V. 95, p. 438.)
SANTA MONICA CITY HIGH SCHOOL DISTRICT, Los Angeles
County, Cal.-BOND OFFERING.-Reports state that proposals will be
received until Oct. 14 by the Board of County Supervisors, H. J. Lelande,
Clerk, (P. 0. Los Angeles) for the $70.000 5% bldg. bonds voted Aug. 8.
(V. 95, p. 438.)
SAWTELLE, Los Angels County, Cal.-BOND ELECTION.-An
election will be held Oct. 19 to submit to the voters the proposition to issue
$10,000 5% fire-dept.-impt. bonds, reports state.
SCHUYLKILL COUNTY (P. 0. Pottsville). Pa.-BONDS OFFERED
BY BANKERS.-Chas. C. Harrison Jr. & Co. of Phila. are offering to
investors $84,000 4% 10-30-yr. (opt.) coupon hospital and court-house
bonds. Date Oct. 1 1912. These securities are part of the issue of 3125,000 bonds offered on Sept. 10 (V. 95, p. 501.)
SCOTT COUNTY,I11.-BONDS OFFERED BY BANKERS.-Chapman,
Mills & Co. of Chicago are offering to investors $102,500 6% drainage and
levee district bonds. Denom. $250 and $1,000. Date July 1 1912.
Int. ann. In July at the Dist. Treas. office or In N. Y., Chicago or St. Louis.
Due $10,250 yrly. July 1 1917 to 1926 incl.
SIDNEY, Delaware County, N. Y.-NO ACTION YET TAKEN.
No action has yet been taken looking towards the issuance of the $6,000
sewer-extension bonds voted August 13 (V. 95, p. 563,)
SOUTH CAROLINA.-BOND ELECTION.-An election will be held
Nov. 5 to vote on the proposition to issue $1,000,000 40-yr. hospital bonds
at not exceeding 4% interest.
SPARTANBURG, Spartanburg County, So. Caro.-BOND OFFERING,
-Proposals will be received until 12 m. Oct. 14 by J. B. Carlisle, Clerk and
Treas., for the following 4 Yi% coupon bonds (V. 95, p. 253):
$90,000 street and sidewalk impt. bonds. Auth. vote of 207 to 103 at
election held July 16. Due Sept. 1 1942.
20,000 sewer bonds. Auth. vote of 226 to 84 at election held July 16.
Due Sept. 1 1942.
90,000 funding bonds. Auth. vote of 215 to 96 at election held July 16.
Due Sept. 1 1932.
Auth. also Sec. 2021, Code of 1902. Denom. $500. Date Sept. 1 1912.
Int. M. & S. at the National Park Bank In New York. Official circular
states that the city has never defaulted in the payment of principal or interest on any of its obligations, and that there is no Controversy or litigation
pending or threatening the corporate existence of the boundaries of this
city, or the title of its present officials to their respective offices, or the
validity of these or any outstanding bonds; also that no issue has ever been
contested. Validity of bonds has been approved by Storey, Thorndike,
Palmer & Dodge of Boston. An unconditional certified check on a national
bank for 5% of bonds bid for, payable to the City Treas., required.

[VoL. Lxxxxv.

SPRINGFIELD, Clark County, Ohio.-BONDS AUTHORIZED.-On
Sept. 24 the City Council authorized the issuance of $170,000 water-worksmain-construction bonds, according to reports.
STAMFORD SCHOOL DISTRICT,Jones County,Tex.-BOND SALE.
This district has disposed of the $25,000 bonds recently voted (V. 95, p.
130), we are advised.
STAMFORD, Delaware County, N. Y.-BOND OFFERING.-Proposals
will be received until 12 m. Oct. 10 by E. C. Hanford, Pres. Board of Trustees, for $12,000 reg. or coup. State road bonds at not exeeding 5% int.
Auth. an election held Mch. 9 1912. Denom. $1,000. Date Oct. 10 1912.
Int. ann. in Sept. at the National Bank of Stamford. Due $1,000 yearly on
Sept. 1 from 1913 to 1924, Inclusive.
STATESVILLE. lredell County, No. Car.-BOND OFFERING.-Proposals will be received at any time by C. D. Moore, Clerk and Treas. of Fin.
Com., for $20,000 5% 30-yr. and $10,000 53,5% 1-10-yr. (ser.) funding
bonds. Date Sept. 1 1912. Official circular states that there is no litigation pending or threatened affecting this issue, and that the city has never
defaulted In the payment of principal or interest on any of its obligations.
STERLING, Whiteside County, 111.-BOND SALE.-H. Ferguson of
Sterling has been awarded at 101 and int. the $25,000 hospital bonds
(V. 95, p. 771).
SUNDANCE, Crook County, Wyo.-BOND SALE.-We have just been
advised that the State of Wyoming was awarded the $18,000 6% 15-30-year
(opt.) water bonds offered on May 1 (V. 94, p. 933.)
SUNSET SCHOOL DISTRICT, Merced County, Cal.-BOND ELECTION.-An election will be held Oct. 14, it is stated, to vote on the question of issuing $2,000 bonds.
SWANTON. Franklin County, Vt.-BONDS AWARDED IN PART.
On Sept. 25 $20,000 of the $40,000 4% coup, school-bldg. bonds were disposed of at par and int. Denom. $1,000. Date Oct. 11912. Int. A. & 0. at
the Old Colony Trust Co. of Boston. Total issue matures $1,000 yrly.
Oct. 1 1918 to 1922 incl., $2,000 yrly. Oct. 11023 to 1927 Incl. and $5,000
yrly. Oct. 1 1928 to 1932 incl.
TEMPLE, Bell County, Tex,-BOND ELECTION PROPOSED.
Reports state that an election will be held in the near future to vote on the
proposition to issue $75,000 sewerage-system-purchase bonds.
TIVERTON, Newport County, R. I.-BOND SALE.-On Sept. 30 the
$60,000 4% 1-30-yr. (ser.) coupon refund. bonds (V. 95, p. 847) were
awarded, to Blodget & Co. of Boston. The price Is reported as 95.15
and int.
TOLEDO, Lucas County, Ohio.-BONDS AUTHORIZED.-An ordinance was passed Sept. 9 providing for the issuance of $185,000 4% coup.
Maumee River bridge bonds. Denom. $1,000. Date Oct. 1 1912, Int.
A. & 0.at U.S. Mortgage & Trust Co., New York. Due Oct. 1 1927.
TRANQUILITY SCHOOL DISTRICT, Fresno County, Cal.-BIDS.
The other bids received on Sept. 16 for the $6,000 8% 1-12-yr. (ser.) bonds
awarded to the First Nat. Bank of Fresno at 103.25 (V. 95, p. 847) were
as follows:
$6,106 00
American Savings Bank
6,101 50
Torrance, Marshall & Co., Los Angeles
6,010 50
G. G. Blymyer & Co., San Francisco
Interest annually in September.
TRIO COUNTY (P. 0. Pearsall), Tex.-BOND ELECTION.-An election will be held Dec. 7 to vote on the proposition to issue $80,000 5% 2040-yr. (opt.) road bonds.
TURLOCK SCHOOL DISTRICT, Stanislaus County, Cal.-BOND
OFFERING.-Proposals will be received until 10 a. m. Oct. 15, it is stated,
by the Board of Co. Supervisors, H. Benson, Clerk (P.O. Modesto) for the
$15,000 5% building bonds recently voted (V. 95,• p. 639.)
TURTLE LAKE, Barron County, Wis.-BONDS VOTED.-At a recent
election the voters authorized the issuance of $8,000 water-works bonds.
TWIN FALLS, Twin Falls County, Idaho.-BOND SALE.-We are
advised that this city has disposed of an issue of $15,000 5 3i% 10-20-yr.
(opt.) funding bonds dated July 1 1912.
UHRICHSV1LLE, Tuscacawas County, Ohio.-BOND SALE.-On
Oct. 1 the three issues of coupon bonds, aggregating $13,350 (V.95, p.704),
were awarded to the Security Say. Bank & Trust Co. of Tol. for $13,557 50
(101.554) and int. Other bids follow:
Premium.
Premium.
Well, Roth & Co., Cin
$161 50 Spitzer, Rorick & Co., T0l.$50 00
Otis &Co.,elev.(for $8,750)_ 155 12 New First Nat. Bank, Col... 38 00
Prov. Say.B.& Tr. Co., Cin. 61 25
UNION COUNTY (P. 0. Elizabeth), N. J.-BOND SALE.-On Oct. 3
the 3 issues of 4% 30-yr. coupon or reg. bonds, aggregating .,;175,000
(V. 95, p. 848), were awarded to R. M. Grant & Co. of N. Y., as follows:
$85,000 hospital at 102.605; $30,000 bridge at 102.414 and $60,000 road
at 102.605.
UTAH.-BONDS PURCHASED BY STATE.-The following bonds
have been purchased by the State of Utah at par:
Four Issues, Aggregating $26,900, Purchased During May.
Purpose. Denom. Date.
Amt. Int.
Due.
Place.
school
8450 May 1'12
BeaverBottom S.D. $2,700 5% 10-20-yr. opt.
500 Apr. 2'12
4,000 5% 10-20-yr. opt. water-works
Levan
1,000 May l'12
school
11,000 5% 10-20-yr. opt.
Levan S.D
1,150
school
May 1'12
10-15-yr.
opt.
5%
9,200
Mt. Pleasant
Eleven issues, Aggregating $83,625, Purchased in June.
$1,000 May 16'04
school
$20,000 5% 10-20-yr. opt.
Bear River
1,000 May 108
school
5-20-yr. opt.
Beaver S. D
20,000 5%
470 June 1'12
4,700 5% 10-20-yr. opt. water-works
Gunnison City
Meadow
1.175 5% 10-20-yr. opt. water-works
1,2
005
0 V; 1.
school
'09
5,000 4 M% 10-20-yr. opt.
Provo
200 July 20'04
school
5-20-yr. opt.
Salt L. Co.S.D.32_ _ 1,000 5%
school
250 Aug. 1'04
Salt L.Co.S.D.39._ 3,750 5% 10-20-yr. opt.
20-yr.
1,000 July 1'96
:0
050
000
00 4
55%
%
10
30,
Utah (State)
10-20-yr. opt. water-works 1,000 May 1512
Vernal
10-20-yr. opt. water-works
500 Apr. 1'12
Wales
5-20-yr. opt.
school
4,500 5%
500 July 19'04
Walisburg
Three Issues, Aggregatmg $25,000, Purchased During July.
school
$500 May 1512
$2,000 5% 10-20-yr. opt.
Annabella
5-10-yr. opt. elec.-light 1,000 July 112
Helper
15,000 5%
Huntington
8,000 5% 10-20-yr. opt. water-works 1,000 July 1'12
Five Issues, Aggregating $67,300, Purchased in August.
5-10-yr. opt.
school
$500 July 1'12
Carbonville
$2,000 5%
sewer
500 July 15'12
Garland
6,000 5% 10-15-yr. opt.
P
T0
ao
reotwean
25,000 5% 10-20-yr. opt. water-works 1,000 July 112
school
1,010000
5-20-yr. opt.
11:1122
30,000 5%
school
July l'12
5-10-yr. opt.
Spring Glen
4,300 5%
UTICA. N. Y.-BOND SALE.-On Sept. 28 the five issues of 4 Y,% reg.
public-impt. bonds aggregating $59,200 (V. 95, p. 772) were awarded to
the "City of Utica" for the sinking funds at par and int. No other bids
were received.
UXBR[DOE. Worcester County, Mass.-BOND OFFERING.-Proposals will be received until 12 m. Oct. 10 by F. W. Barnes, Town Treas.,
for $20,000 4% coupon school-house-loan bonds. Denom. $1,000. Date
Aug. 1 1912. Int. F. & A. at the Old Colony Trust Co., Boston, Due
81,000 yrly. on Aug. 1 from 1913 to 1932 incl. Bonds will be certified
as to genuineness by the Old Colony Trust Co., which will further certify
that the legality has been approved by Ropes, Gray & Gorham, Boston,
whose opinion will accompany bonds when delivered without charge to
the purchaser.
VENICE CITY SCHOOL DISTRICT, Los Angeles County, Cal.-BOND
OFFERING.-It is reported that proposals will be received until Oct. 7
by the Bd. of Co. Supervisors, II. J. Lelande, Clerk (P. 0. Los Angeles),
for the $92000 5% school-site and bldg. bonds voted Aug.8 (V. 95, p. 438).
VENTURA COUNTY (P.O. Ventura). Cal.-NO ACTION YET TAKEN.
-We are advised by the County Clerk that no further action has yet been
taken looking toward the issuance of the $30,000 Ojai Road District bonds
offered but not sold on June 1 (V.95, p. 131).

SPRINGFIELD, Ill.-PLEASURE DRIVEWAY AND PARK DIS.
TR 1CT.-BOND OFFERING.-Proposals will be received until 4 D. m.
Oct. 3 by the Board of Trustees, at its office in the Illinois Nat. Bank
WEST ALLIS, Milwaukee County, Wis.-DESCPIPTION OF BONDS.
Building in Springfield, for the $50,000 4% coupon 1-20-year (serial) park -The $10,000 sewer
and $10,000 street-impt. 5% bonds awarded on
bonds (V. 95, p. 847). Denom. $500. Date Sept. 1 1912. Interest at Sept. 23 to John Nuveen & Co. of Chic. at 102.0625 and blank bonds
office of District Treasurer. Cert. check for $500 required. G. T. Neu- (V. 95, p. 848) are In the denom. of $1,000 each and dated Sept. 1 1912.
mann is District Secretary.
Int. M. & S. at the Harris Trust & Say. Bank of Chic. Maturity oil sewer




OCT. 5 1912 j

THE CHRONICLE

Issue $1,000 yriy. March 1 1923 to 1932 incl. and the strdet-impt. issue
41,000 yriy. March 1 1914 to 1923 inel.
Sept.
WEST MANSFIELD, Logan County, Ohio.-BOND SALE.-On
95, p. 439)
27 the $23,000 5% 11 s-yr. (ay.) street-impt. assess. bonds (V.107.05
and
were awarded to the Union Banking Co. In West Mansfield at
int.-a basis of about 4.221%. Other bids follow:
Otis & Co., Cleveland_ ___$24,617 50 Well, Roth & Co., Cin____$24,334 00
Stacy & Braun, Toledo_ _ _ 24,450 58 Spitzer, Bolick & Co.,Tol. 24,041 10
New First Nat.Bk., Colum.24,392 00
WHEELING, W. Va.-NO ACTION YET TAKEN.-We are advised
the
by the City Auditor that no action has yet been taken looking toward
issuance of the $450,000 light, $110,000 playground and $2,500 park bonds.
(V. 95, p. 501.)
WHITE PLAINS, Westchester County, N. Y.-BOND OFFERING.
Proposals will be received until 8 p. m. Oct. 7 by G. K. Cox, VII. Clerk,
for $32,000 5% reg. tax-deficiency bonds. Denom. $1,000. Date Oct. 1
1912. Int. A. & 0. at office of VII. Treas. Due Oct. 1 1918. Legality
of bonds will be approved by Hawkins, Delafield & Longfellow, N. Y.,
whose opinion will be furnished to the purchasers. Cert. check on a State
or national bank or trust company for 2% of bonds bid for, payable to the
Village Treas., required. Purchaser to pay accrued interest.
WHITEWATER .Walworth County, Wis.-BOND SALE.-The First
Say. & Trust Co.ofMilwaukee have been awarded $35,000 4% 10.6-year
(aver.) water-works-purchase bonds at par less $45 discount, making the
price 99.87.
WICHITA COUNTY (P.O. Wichita Falls), Tex.-BONDS PROPOSED.
-It Is stated that this county is contemplating the issuance of $150,000
good-road bonds.
WILDWOOD SCHOOL DISTRICT, Kern County, Cal.-BOND OFFERING.-Further details arc at hand relative to the offering on Oct. 11 of the
Proposals for these bonds
$1,000 5% coup. bldg. bonds (V. 95, p. 848). L.
Miller, Clerk Bd. of Co.
will be received until 10 a. m. on that day by I.
at
Supervisors (P. 0. Bakersfield). Denom. $200. Int. ann. In Sept.
yrs., incl. Cert. check
the Co. Treas. office. Due $200 yriy. from 2 to 6 Chairman
Sup.,
of
Bd.
the
to
payable
of
bid,
10%
least
(or cash) for at
required. Bonded debt, this issue. Asses. val., $221,955; real val.,
$500,000.
WILKES-13ARRE. Luzerne County. Pa.-BOND SALE.-On Oct. 3
the following bids were received for the $350,000 43i% coupon (with
priv. of reg.) tax-free Impt. bonds. (V.95, p. 772.)
N.W.Halsey & Co., Phila.$75,847 501 j.S.&W.S.Kuhn,Inc.,Phila.$75,252 75
75,387 00 Harris, Forbes & Co., N. Y.75,225 75
Biodget &Co., N. Y_
Newb., Hend.&Loeb,-Phil. 75,355 001E.H.Rollins& Sons, N. Y_ 75,168 75
WINONA COUNTY (I, 0. Winona), Minn.-BONDS NOT SOLD.-The
Co. of Chicago and the Minn. Loan & Trust Co.
bids of Wm. A. Read &'
of Minneapolis, received on Sept. 23 for the $80,000 4% coup rural highway bonds (V. 95, p. 501), were rejected.
WOODLAND, Cowlitz County, Wash.-BOND SALE.-On Sept. 23
the $10,500 6% 10-15-yr. (opt.) water bonds (V. 95, p. 772) were awarded
to the Woodland State Bank at par and int. No other bids were received
Denom. $100. Date Oct. 1 1912. Int. A. & 0.
WYMAN SCHOOL DISTRICT (P.O. Wyman), Louisa County, Iowa.
BOND SALE.-On Sept. 1 the $15,000 5% bldg. bonds voted in June
at
Davenport
of
Co.
Bechtel
&
M.
Geo.
to
were
awarded
1645)
(V. 94, p.
par. Denom. $500. Int. M. & S. Due 3 yrs., opt. at any Interestpaying date.

921

YELLOWSTONE COUNTY (P.O. Billings), Mont.-BOND ELECTION.
-An election will be held Nov. 5 to vote on the question of issuing $50,000
10-20-yr. (opt.) jail-construction bonds at not exceeding 6% interest.
YOAKUM, Dewitt County, Tex.-BOND OFFERING.-Further details
are at hand relative to the offering on Oct. 7 of the $32,000 5% sewerconstruction bonds (V. 95, p. 849). Proposals for these bonds will be
received until 5 p. m.on that day by J. M. Haller, Mayor. Denom.$1,000.
Date Sept. 3 1912. Int. M. & S. at Yoakum State Bank; Yoakum Nat.
Bank; Hanover Nat. Bank of N.
or at office of State Treas. Due
Sept. 3 1952, optional Sept. 3 1932Y.,
or any 5-yr. period threafter. Official
circular states that there is no litigation or controversy pending or threatened
concerning the validity of these bonds, the boundaries of the city or titles
of officials to their respective offices and that principal and interest on all
previous bond issues have been paid promptly; also that no previous bond
issues have been contested. Cert. check for $2,000, payable to the Mayor,
required.
YOLO COUNTY (P. 0. Woodland), Cal.-BONDS AWARDED IN
PART.-On Sept. 25 $400,000 of the 5450,000 6% 12)-yr. (aver.) Re
ciamation Dist. No. 900 bonds (V. 95, p. 705) were sold at par and int.
A bid was also received from S. A. Kean & Co. of Chicago. Date July 1
1912. Int. J. &J,
YORK COUNTY (P. 0. Yorkville), So. Caro.-BOND ELECTION.
The voters will have submitted to them the proposition to issue $75,000
court-house-bldg. bonds about Nov. 1, we are advised.
YOUNGSTOWN, Ohio.-BOND SALE.-On Sept.30 the following bids
were received for the 11 issues of bonds aggregating $316,275 (V.95, p. 640.
7,200 8,600 28,000 50,000 200,000 18,400
issue. issue. issue. issue, issue.
issue.
$
$
$
Firemens'Pension Fund__ _'7,493'8,950
Comm. Nat. Bank, City__ 7,459 8,909 29,134'52,631 208,741'16,778 74
Well, Roth & Co., Cin____ 7,426 8,866
16,748 50
New First Nat. Bank, C0l_7,345 8,702 28,560 51,550 204,500 16,567 00
Sec.Say.B k.& Tr.Co.. To'
'29,151
First Nat. Bank, Cleve_ __ _ _____
29,080 52,585
Breed & Harrison. Cin_
29,050 52
2:2
51
15
0'210.020
Prov. Say. Bk.& T.Co.. Cin. _ _
_ _
C. E. Denison & Co., Clev_ _
2097:642400
209,260
A. E. Aub & Co., Cin
$200
$1,000
$1,300
$2,075
$1,500
issue,
issue.
issue.
issue.
issue.
Policemens' Pens Fund.'$203 80
'$2,118 99
Flremens' Pension Fund
*$1,017 '41,322
*$1,525
James Squire, Youngst_ 203 00
'Successful bids.
BOND OFFERING,-Proposals will be received until 2 p. in. Oct. 21 by
D.J. Jones, City Auditor, for the following bonds:
$300,000 43i% water-works-impt. bonds. Due $10,000 yearly Oct.11920
to 1949 inclusive.
19,000 5% street-impt. (city's portion) bonds. Due $3,800 on Oct. 1
from 1914 to 1918 inclusive.
4,785 5% Earl St.-paving bonds. Due $957 yearly on Oct. 1 from
1914 to 1918 inclusive.
9,095 5% Homer Ave. paving bonds. Due $1,819 yearly on Oct. 1
from 1914 to 1918 inclusive.
4,865 5% Erie St.-paving bonds. Due $973 yearly on Oct. 1 from
1914 to 1918 inclusive.
4,355 5% Darrow St.-paving bonds. Due $871 yearly on Oct. 1 from
1914 to 1918 Inclusive.

NEW LOANS.

NEW LOANS.

NEW LOANS.

$40,000

$10,000

$40,000

CITY OF SOUTH AMBOY, Town of Conrad, Montana, Borough of Rochester, Pa.,
Middlesex County, New Jersey

SEWER BONDS

4% COUPON BONDS

SCHOOL BONDS

Notice is hereby given by the Town Council o
the Town of Conrad, in the State of Montana,
that the sewer bonds of said town in the sum
of $10,000 00, bearing interest at six (6) per cent
per annum, interest payable semi-annually on
the first of January and first of July in each year,
will be offered for sale at publio auction to the
bidder offering the highest, price therefor, at the
Council Chambers of the Town of Conrad. in the
Town of Conrad, County of Teton and State of
Montana, on the 21ST DAY OF OCTOBER,
A. D. 1912, at the hour of seven o'clock p. m. of
that day.
The Council reserves the right to reject all or
any bids or offers of purchase.
The principal of said bonds to be payable in
twenty years from the date hereof, and $2,000 00
redeemable in ten years, $3,000 00 redeemable in
fifteen years from the date thereof, at the option
of the Town Council. All tenders, bids or offers
.. Ferguson,
to purchase to be addressed to R
Mayor, and a certified check for not less than
5100 00 to accompany each bid to insure good
faith on behalf of the bidder.
Dated at Conrad, Montana, this 5th day of
September, 1912.
ARTHUR D. JOHNSON,
Town Clerk.
13y order of the Town Council.
September 3, 1912.

Sealed bids will be received by the Town
Council of the Borough of Rochester, Pa., up to
8 o'clock P. M., MONDAY. OCTOBER 7, 1912,
for the purchase of $40,000 of coupon bonds of
said Borough. Said bonds are in denominations
of $1,000. dated October 1. 1912, and bear
interest at the rate of 4 M%, payable semiannually. The first of said bonds are due and
payable October 1, 1927, and the last thereof on
October 1, 1941. Detailed information may be
obtained from the undersigned, Secretary of
Council. Bids must be sealed, marked "Proposals for purchase of bonds", and accompanied
by a certified check for $250, drawn to the order
of the Borough Treasurer as a guaranty of good
faith.
JAMES W. DONCASTER.
Secretary of Council,
Rochester, Pennsylvania.

Sealed proposals will be received by the Common
Council of the City of South Amboy, Middlesex
County, New Jersey, at Eight O'clock P. M. on
TUESDAY, THE FiFTEENTH DAY OF OCTOBER, ONE THOUSAND NINE HUNDRED AND
TWELVE, at the City Hall In said City of South
Amboy, for tile purchase of any or all of an issue
of bonds as follows:
Forty Thousand ($40,000) dollars of the
authorized issue of Fifty-five Thousand ($55,000)
dollars of School Bonds, which will be dated
October First, One Thousand Nine Hundred and
Twelve. The bonds will bear interest at the rate
of Five (5%) per cent per annum. They will be
issued as coupon bonds, with tile right of registration as to principal, or principal and interest, and
will be numbered from One to Forty inclusive,
and will be in the denomination of One Thousand
($1,000) dollars each. The first bond, to wit,
No. 1 will be redeemed on October First, Nineteen
Hundred and Fifteen, and thereafter said bonds
will be redeemed seriatim at the rate of Two (2)
bonds per year.
No bid will be accepted for less than par and
accrued interest. The Common Council of the
City of South Amboy reserve the right to allot
to any bidder either the whole or any part of the
bonds bid for by said bidder, and to select the
bonds to be delivered to tile bidder in the event
of his bid being accepted.
All particulars concerning the Issue aforesaid
may be obtained from Richard M. Mack, City
Clerk, South Amboy, New Jersey, or Frederic M.
P. Pearse, City Solicitor, 738 Broad St., Newark.
New Jersey.
..
RICIIARD M. MACK,
City Clerk.

MUNICIPAL AND RAILROAD

F. WM. KRAFT
LAWYER.

Specializing in Examination of
tilunicipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG..

CHICAGO, ILL.

BONDS
LIST ON APPLICATION

ESTABLISHED 1885.

SEASONGOOD & MAYER H. C. SPEER & SONS CO.

BOND CALL.
BOND CALL

Pontchartrain Levee District
New Orleans, September 28th, 1912.
To the holders of the outstanding 6% bonds,
Series C, of the Board of Commissioners, for the
Pontchartrain Levee District.
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 all accrued interest.
Holders of said bonds are notified to present
them for payment at said Bank on the 1st day of
November, 1912, on which day all interest on
said bonds will cease.
HUNTER C. MIAMI, President.

PARIS, TEXAS
BOND CALL.

Ingalls Building
CINCINNATI

First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BOND3

HODENPYL, HARDY& CO.

TERRITORY OF HAWAII

The city of Paris, Texas, hereby exercises its
option to call in for cancellation Water Works
Bonds, Second Series. These bonds bear interest at 6% per annum, payable semi-annually
on the 10th day of January and July, are dated
October 15, 1887. optional October 15, 1912.
at the Fourth National Bank, New York City.
Holders of said bonds will present them as above
mentioned at Fourth National Bank for payment.
The numbers of said bonds begin with 61 and
run to and include 83.
ED. H. McCUISTION, Mayor.

4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 @1 102.75 and interest.
Tax Free Throughout United States
Accepted at par for Govt, and Postal Deposits

JOHN H. WATKINS

14 Wall St., New York
Railroad, Street Ry., Gas & Elec. Light

SECURITIES



STACY & BRAUN
Toledo, 0.

Cincinnati, 0.

NO. 2 WALL STREET

INVESTMENT BONDS

922

[VoL. Lxxxxv.

THE CHRONICLE

5,860 5%

Hughes and Olive Court-paving bonds. Due $1,172 yearly
DUNDAS, Ont.-DEBENTURES PROPOSED.-Reports state that
on Oct. 1 from 1914 to 1918 inclusive.
this place is considering the issuance of $4,000 refunding debentures.
Garland Ave.-paving bonds. Due $201 yearly on Oct.
EASTVIEW
ROMAN CATHOLIC SCHOOL DISTR ICT, Ont.-BIDS
from 1914 to 1918 inclusive.
REJECTED.-All bids received on Sept. 25 for the $20,000 43.% 25-yr.
8,775 5% Elm St.-paving bonds. Due $1,755 yearly on Oct. 1 from debentures (V.
95,
p. 773) were rejected.)
1914 to 1918 inclusive.
ENTWIST LE. Alta.-DEBEN T URE OFFERING.-Proposals will be
22,650 5% Garfield St.-paving bonds. Due $4,530 yearly on Oct. 1
received until Oct. 30 by Milo M. Oblinger, Sec.-Treas., for $2,500 (I'q, 10from 1914 to 1918 inclusive.
4,915 5% George et al sts.-sidewalk bonds. Due $983 yearly on installment Government guaranteed debentures.
Oct. 1 from 1914 to 1918 inclusive.
ESTEVAN, Sask.-DEBENTURES AUT HORIZED.-According to
3,000 5% Waverly Ave.-paving (city's portion) bonds. Due $1,000 reports, the burgesses passed a by-law providing for the issuance of $25.000
Oct. 1 1914 and $2,000 Oct. 1 1915.
bonus debentures.
• The city is now prepared to issue registered bonds in exchange for coupon
FRANCIS, Sask.-DEBENTURE SALE.-Curran Bros. of Regina have
bonds. Date Oct. 28 1912. Int. A. & 0. at office of City Treas. Cert.
check for 2% of bonds bid for, payable to the City Auditor' required. been awarded $5,000 6% 10-yr. deben tures, according to reports.
GAP (Rural Municipality), Sask.-DEBENTURE SALE.-Curran Bros.
Purchaser to take up bonds not later than Oct. 28. Separate bids must
of Regina have been awarded *10,000 67
be made for each block of bonds.
0 20-yr. debentures, according to
reports.
ZANESVILLE. Muskingum County, Ohio.-BONDS A UTHORIZED.HANLEY, Sask.-DEBENTURE OFFERING.-Proposals will be reAn ordinance was passed Aug. 26 providing for the issuance of $1,000
4% Eppley Ave. impt. bonds. Denom. $500. Date Nov. 1 1912. Int. ceived until 6 p. m. Oct. 10 by A. Holm, Secy.-Treas., for $10,000 4Y2%
20-yr. municipal-bldg. debentures.
J. & N. Due Nov. 1 1922.
HARRISTON, Ont.-DEBENTURES VOTED.-An election held
Sept. 30 resulted in favor of the proposition to issue $11,000 electric-light
plant debentures, reports state.
p.C6T,
41.)
111an.-DEBENTURES VOTED.
HAZLERIDGE SCHOOL DISTRI
ARRAN TOWNSH IP.Ont.-DEBENTURES PROPOSED.-ItIs stated -It Is stated that the proposition to issue the $3,500 debentures carried
that this place is contemplating the issuance of $10,000 drain-system-impt. at the election held Sept. 9 (V. 95,
debentures.
HERBERT SCHOOL DISTRICT NO. 1075, Sask.-DEBENTURE SALE.
-On Sept. 1 the $8,000 53% 20-installment school debentures (V. 95.
- p. 440) were awarded to Nay ec James of Regina at 98.35 and int.
BLAIRMORE SCHOOL DISTRICT NO. 628, (P. 0. Blairmore), Alta.
DEBENTURE OFFERING.-Proposals will be received until Dec. 1 by
KAMSACK, Sask.-DEBENTURES VOTED.-According to reports,
L.tDutil, Secy.-Treas., for $5,000 53% 10-yr. debentures.
an election held recently resulted in favor of the proposition to issue $13,000
-We are side-walk, $2,000 hospital, $20,000 town-hall and $5,000 impt. debentures.
BRACEBRIDGE, Ont.-DEBENTURES NOT YET SOLD.
advised that no award has yet been made of the $12,000 5% 20-yr. coup.
LAIRD, Sask.-DEBENTURE SALE.-The $3,200 51i% 10-installwater-works debentures offered without success on Aug. 5 (V.95, p. 377).
ment debentures offered on Aug. 25 (V. 95, p. 502) have been awarded, reBRANTFORD. Ont.-DEBENTURE ELECTION.-An election will be ports state, to Nay 80 James of Regina.
held Oct. 25 to vote on the question of issuing $115,000 hydro-electric deLOREBURN, Sask.-DEBENTURE SALE.-The $2,000 8% 10-yr.
bentures, according to reports.
debentures which this place has been offering for sale (V. 95, p. 850) have
BROWNLEE, Sask.-DEBENTURE SALE.-Curran Bros. of Regina been awarded to Curran Bros. of Regina.
debentures.
hive been awarded, according to reports, $6,000 6% 15-yr.
LINDSAY, Ont.-DEBENTURES VOTED.-The election held Sept. 24
• CHAMPION. Alta.-DEBENTURE SALE.-On Sept. 15 the $2,500 resulted In favor of the proposition to issue the $12,000 "Fitzsimmons
6% 10-yr. debentures (V. 95, p. 502) were awarded to Curran Bros. of Automobile Co." bonus debentures (V. 95, p. 706), reports state.
Regina for $2,375, making the price 95. Other bids follow:
LLOYDMINSTER. Sask.-DEBENTURES NOT SOLD.-No award
Oster & Hammond, Toronto, $2,500 for 63s, less expenses.
has yet been made of the $5,000 debentures which this place has been ofNay & James, Regina, $2,352 for Os.
fering for sale (V. 95, p. 132).
CHILLIWACK, B. C.-DEBENTURES AWARDED IN PART.-Of
MELFORT, Sask.-DEBENTURE OFFERING.-Further details are
the 6 Issues of 57
0 40-yr. debentures offered on Sept. 3 (V. 95, p. 502) at hand relative to the offering on Oct. 18 of the $125,000 0% coup, or reg.
$62,500 were awarded. It is stated, to the Sun Life Assurance Co.
water-works, sewerage and electric-light tax-free debentures (V. 95, p.
COB URG, Ont.-DEBENTURE ELECTION PROPOSED.-According 773). Proposals for these debentures will be received until 8 p. rn. on that
to reports, the ratepayers will vote on the issuance of, $5,000 debentures' day by J. E. Durnin, Sec.-Treas. Denom. $5,000. Date Aug. 1 1912.
for local improvements.
Int. ann. In July at the Bank of Commerce in Melfort. Due July 31 1942.
No deposit required. Bonded debt, including this issue, $148,300. No
COLONSAY. Sask.-DEBENTURE SALE.-Nay & James of Regina
Boating debt. Asses. val. 1912, $1,063,929 50.
have been awarded, reports state, $1,500 debentures.
DUCK LAKE, Sask.-DEBENTURE ELECTION.-On Oct. 10 the
MELFORT SCHOOL DISTRICT, Sask.-DEBENTURE SALE.-G. A.
ratepayers will vote on a by-law providing for the issuance of $10,000 Stimson & Co. of Toronto were awarded In Sept. $25,000 8% 30-installment
cement sidewalk debentures, according to reports.
debentures.
1,005 5%

Canada. its Provinces and Municipalities.

MISCELLANEOUS.

TRUST COMPANIES.

BLODGET & CO.

BANKCRS TRUST COMPANY

BONDS
00 STATE STREET,BOSTON
SO PINE STREET, NEW YORK

16 WALL ST., NEW YORK
Capital, $10,000,000
Surplus $10,000,000

STATE, CITY & RAILROAD BONDS

Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.

29 South La Salle St.,

CHICAGO

Adrian H. Muller & Son,
AUCTIONEERS.

DIRECTORS
JAMES S. ALEXANDER, President National Bank of
Commerce, New York.
STEPHEN BAKER, President Bank of the Manhattan
Co., New York.
SAMUEL U. BAYNE, President Seaboard National
Bank, New York.
EDWIN M. B ULK LEY,Spencer Trask & Co., Bankers,
New York.
JAMES G. CANNON,President Fourth National Bank,
New York.
EDMUND C. CONVERSE,President, New York.
THOS. DeWITT CU Y LER,President Commercial Trust
Co., Philadelphia.
HENRY P. DAVISON, J. P. Morgan & Co., Bankers
New York.
R UD ULPH ELLIS,President Fidelity Trust Co., Phila.
E. HAYWARD FERRY, Vice-President Hanover National Bank, New York.
WALTER E. FREW, President Corn Exchange Bank,
New York.
FREDERICK T. HASKELL, Vice-President Illinois
Trust & Savings Bank, Chicago.
A. BARTON HEPBURN. Chairman of the Board,
Chase National Bank, New York.
FRANCIS L. HINE, President First National Bank,
New York.
THOMAS W LAMONT, J. P. Morgan & Co.. Bankers.
New York.

Regular Weekly Sales
OF

STOCKS and BONDS
EVERY WEDNESDAY

EDGAR L. MARSTON, Blair & Co., Bankers, N. Y
JOS. B. MARTINDALE, President Chemical National
Bank, New York.
GATES W. AVGARRAII, President Mechanics and
Metals National Bank, Now York.
CHARLES D. NORTON, Vice-Pres. First Nat. Bank;
New York.
WILLIAM C. POILLON, Vice-President, New York.
DANIEL E. POMEROY, Vice-President, New York.
WILLIAM ti. PORTER,J. P. Morgan & Co., Bankers:
New York.
SEWARD PROSSER,President Liberty National Bank;
New York.
DANIEL G. REID, Vice-President Liberty National
Bank, New York.
BENJ. STRONG, JR., Vice-President, New York.
EDWARD F. SWINNEY, President First National
Bank, Kansas City.
GILBERT 0. THORNE, Vice-President National Park
Bank, New York.
EDWARD TOWNSEND, President Importers'& Traders' National Bank, New York.
ALBERT H. WIGGIN,President Chase National Bank;
New York.
SAMUEL WOOLVERTON, Vice-President Hanover
National Bank, New York.

OFFICERS
BENJ, STRONG, JR., Vice-President.
D. E. POMEROY. Vice-President,
F. I. KENT, Vice-President.
F. N. B. CLOSE, Vice-President.
GEORGE W. BENTON, Treasurer

E. C. CONVERSE. President.
WILLIAM C. POILLON, Vice-President
W. N. DUANE, Vice-President
HAROLD 11. THORNE, Vice-President,
GEO, G. THOMSON. SccretarY,

Office, No, 55 WILLIAM STREET.'
Corner Pine Street.

AIMINIMIN1101111111111111•10•011.....

CAPITAL, $1,000,000

SURPLUS, $4,000,000
THE

AMERICAN MFG. CO.
MANILA, SISAL AND JUTE

CORDAGE

PHILADELPHIA TRUST
SAFE DEPOSIT AND INSURANCE
COMPANY
Main Office, 415 Chestnut St.

Branch Office, 1415 Chestnut St.

EXECUTES TRUSTS OF EVERY DESCR I PTION.

Sales Office:

Noble & West Sts., Brooklyn, N. Y.




Acts as Trustee for Corporation Mortgages, Registrar or Transfer Agent
Interest allowed on Individual and Reserve Accounts
Thomas S. Gates,
President.

John Story Jenks,
Vice-Pres. pro tem.

Edmund D. Scholey.
Secretary.

Henry (i. Brengle.
Treasurer.

OCT. 5 1912.1

THE CHRONICLE

MELITA SCHOOL DISTRICT NO. 440 (P. 0. Melita), Man.-DEBENTURE SALE.-On Sept. 10 the $6,000 5% 20-yr. debentures (V. 95, p.
565) were awarded to J. G. Mackintosh & Co. of Winnipeg for $5,627
(93.783) and Int. A bid of $5,557 was also received from Brent, Noxon &
Co. of Toronto.
MILTON, Ont.-DEBENTURES PROPOSED.-It Is stated that the
burgesses will have submitted to them on Oct. 14 the propositions to issue
hydro-electric-power-plant debentures.
MOUNT FOREST. Ont.-DEBENTURE ELECTION PROPOSED.
Reports state that the ratepayers will have submitted to them the question
of issuing $60,000 automobile-factory bonus debentures.
NEW WESTMINSTER. B. C.-DEBENTURE SALE.-G, A. Stimson
& Co. of Toronto were awarded $2,000,000 4% debentures during
September.
NIAGARA FALLS. Ont.-DEBENTURE SALE.-Wood, Gundy & Co.
of Toronto have been awarded, reports state, $41,470 5% 20-yr. debentures.
NOKOMIS, Sask.-DEBENTURES ELECTION.-It is stated that the
propositions to issue $5,000 skating-rink and $5,000 town-impt. debentures
wilt be submitted to a vote on October 14.
NORTH TORONTO,Ont.-DEBENTURE SALE.-Wood, Gundy & Co.
of Toronto, It Is stated. have been awarded $50,000 4;i% 30-Installment
school debentures at 94.412 and int.
ONTARIO COUNTY, Ont.-DEBENTURES PROPOSED.-According
to reports, this place is considering the issuance of $20,000 building-improvement debentures.
OFFERING.-According to reports,
OSHAWA. On
this place will receive proposals for the 332.000 5% 30-yr.school debentures
(V. 95, p. 774.)
PARIS. Ont.-NO DEBENTURE ELECTION.-We are advised that
the reports stating that an election will be held Oct. 3 to vote on the question of issuing $5,000 electric-light-impt. debentures (V. 95, p. 850) are
erroneous.
PRINCE ALBERT, Sask.-LOAN VOTED.-At a recent election the
ratepayers authorized, It is stated, the Issuance of $125,000 debentures as
a bonus to the Great-West Iron, Wood & Chemical Works, Ltd.
SELKIRK, Man.-DEBENTURE SALE.-On Sept. 16 the $13,000 5%
20-instaliment sidewalk debentures (V. 95, p. 641) were awarded, it is
• •
stated, to,Wood, Gundy & Co. of Toronto.
SUDBURY ROMAN CATHOLIC SCHOOL DISTRICT NO. 1, (P. 0.
Sudbury), Ont.-DEBENTURE PROPOSED.-According to reports,
this place is considering the issuance of $3,000 debentures.
SEMANS. Sask.-DEBENTURE SALE.-Reports state that the $3,000
15-yr. fire-protection and street-impt. debentures offered on Sept. 10

923

(V. 95, p. 565) have been purchased by W.L. McKinnon for $2,850, making
the price 95.
SMITHS FALLS, Ont.-DEBENTune-SALE.-Reports state that the
4 issues of 5% debentures, aggregating $28,824 03, offered on Aug. 19
(V. 9 5, p. 440), have been purchased by John and James McGillivary of
Smiths Falls at 97.
SNOWFLAKE SCHOOL DISTRICT NO. 1111., Man.-DEBENTURE
ELECTION.-The ratepayers will have submitted to them on Oct. 12 a
by-law providing for the issuance of $3,000 school debentures, reports state.
STOUFFVILLE. Ont.-DEBENTURES VOTED.-The ratepayers at a
recent election authorized the issuance of $35,000 bonus debentures, according to reports.
TR ANSCONA, Man.-DEBENTURES VOTED.-Reports state tha
the ratepayers recently authorized the issuance of $12,000 school debenture
TR ANSCONA. Man.-DEBENT URE',S A UTHORIZED.-The Conn°
has decided to issue $50,000 light and power-impt. debentures, reports stat
STRATHMORE. Alta.-DEBENTURE OFFERING.-Proposals wit
be received until Nov. 1 for $5,000 15-yr. cement-sidewalk,
$15,000 10-yr.
plank-sidewalk and $6,000 10-yr. fire-wall 6% debentures. M. E. Sly,
is Secretary-Treasurer.
SWAN RIVER. Man.-DEBENTURE OFFERING.-Proposals will be
received until Nov. 1 for the $4,000 6% 20-yr. bridge-constr. debentures
voted Aug.23 (V.95. p. 565). B. E. Rothwell is Town Secretary.
TABER, Alta.-DEBENT URE SALE.-The Dominion Securities Corp.,
Ltd., of Toronto have been awarded the $28,000 5% debentures
(V. 95,
p. 565), it is stated.
WATSON, Sask.-DEBENTURE SALE.-On Sept. 3 the $2,000 6%
20-installment town-hall debentures (V. 95, p. 440) were
awarded,JtAis
stated, to Curran Bros. of Regina.
WELLAND, Ont.-DEBENTURES NOT SOLD.-No award was
made
on Sept.9, It Is stated, of the $75,000 30-yr. water-works and
$29,598 10-yr.
sewer and walk 4% debentures (V. 95, p. 503.)
WETASK tWIN, Alta.-DEBENTURE OFFERING
.-Proposals wilThe
received until 5 p. m. Oct. 30 by E. Roberts,
Sec.-Treas.. for $16,000 5%
50-yr. water-works and sewer, $23,000 5% 20-yr.
electric-light. $6,445 08
5% 20-yr. concrete-walk, $2,069 41 5% 30-yr.
sewer-impt. and $819 58 6%
7-yr. plank-walk-impt. debentures. Date March
29 1912 and March.1
1912. Int. ann. at the Imperial Bank of Canada in
Weta,skiwin.
WINDSOR. Ont.-DEBENTURE ELECTION PROPOSED.
-During
October the ratepayers will have submitted to them, it
Is stated, the proposition to issue $7.000 water-main-ext. debentures.
WYNYAR D. Sask.-DEBENTURE ELECTION.-According to
reports.
the ratepayers will have submitted to them on Oct.
14 the questions of
issuing $1,000 Board of Trade debt and $10,500
sIdewalk-construction
debentures.

MISCELLANEOUS.

ACCOUNTANTS.

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY. LYBRAND
ROSS BROS d&

New York, January 23d, 1912.
The I'rustces, in conformity with the Charter of the Company, submit the following statement of its affairs on the
.31st of December, 1911.
The Company's business has been confined to marine and inland transportation insurance.
$3,653,325 18
Premiums on such risks from the let January, 1911, to the 31st Decembor, 1911
871,68037
Premiums on Policies not marked oft 1st January, 1911
Total Premiums

34,527,005 55

Premiums marked off from January 1st, 1911, to December 31st, 1911
Interest on the investments of the Company received during the year__-_$333,897 03
Interest on Deposits in Banks and Trust Companies, etc
153;
1 67 66
Rent received less Taxes and Expenses

33,773.578 22

Losses paid during the year
Less Salvages
Re-insurances

526,692 93

31,385,386 46
$220,704 52
205,151 34 425,855 86
$959,530 60

$196,936 89
Returns of Premiums
Expenses, Including officers' salaries and clerks' compensation, stationety, advertise570,472 18
ments,etc

BALANCE SHEET.
LIABILITIES.
ASSETS,
Estimated Losses and Losses Unsettled
United States and State of New York
$2,310,027 00
Bonds
$700,000 00
in process of Adjustment
753,427 33
Premiums on Unterminated Risks
New York City and New York Trust Co.
and Bank Stocks
1.777,900 00 Certificates of Profits and Interest Un267,092 05
paid
Stocks and Bonds of Railroadsz,742,162 00
109,742 16
Other Securities
220,020 00 Return Premiums Unpaid
57,512 la
Special Deposits in Banks and Trust
Reserve for Taxes
183,599 07
Companies
1,000,000 00 Re-insurance Premiums
Compenincluding
Estate
cor.
Wall and William Streets
Claims not Settled,
Real
69,104 08
sation, etc
and Exchange Place, containing offices 4,299,426 04
Certificates of Profits Ordered Redeemed.
Real Estate on Staten Island (held under
22,471 29
provisions of Chapter 481,Laws of 1887)
Withheld for Unpaid F.relnklins
75,000 00
OutstanWng
7,401,390
00
Notes
Premium
618.136 00 Certificates of Proata
449,354 23
Bills Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
foreign countries
203,603 36
Cash in Bank
930,321 99
New York City Revenue Bonds
450,000 00
----$11,174,365 14
U3,465,923 62
$2,291,553 48
Thus leaving a balance of
$41.878 80
Accrued Interest on Bonds on the 31st day of December, 1911, amounted to
21,970 46
Rents due on the 31st day of December, 1911, amounted to
accrued,
in
December,
day
of
or
due
on
the
3ist
companies
York,
-insurance
New
authorized
in
Re
00
1911, amounted to ---------------- __..............................___................ 214,367
83.096 43
Unexpired re-insurance premiums on the 31st day of December, 1911, ainounted to
Note: The insurance Department has estimated the value of the Real Estate corner Wail and 450,573 9¢
William Streets and Exchange Place in excess of the Book Value given above, at
63,700 00
And_n the property at Staten Island in excess of the Book Value, at
Mitt market Value of Stocks, Bonds and other Securities on the 31st day of December, 1911, ex- 1,588,635 62
ceeded the Company's valuation by




(Pennsylvania)
NEW YORK,55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Central Bldg.
LONDON, 58 Coleman 81.

PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS

A dividend If interest of Six per cent on the outstanding certificates of profits will be paid to the holder*
thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the issue of 1906 will be redeemed and paid to the holders thereof, or their
legal representatives, on and after Tuesday the sixth of February next, from which date all interest thereon
Will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1911, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the seventh of May next.
By order of the Board,
Cl. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
HERBERT L. GRIGGS,
CHARLES M. PRATT,
FRANCIS M. BACON;
CLEMENT A. GRISCOM;
DALLAS B. PRATT,
JOHN N. BEACH,
ANSON W. HARD,
GEORGE W. QUINTARD;
ERNEST C. BLISS,
THOMAS 11. HUBBARD;
ANTON A. RAVEN,
VERNON H. BROWN,'
LEWIS CASS LEDYARD_;
JOHN J. RIKER,
'WALDRON P. BROWNJ
CHARLES D. LEVERICH:
DOUGLAS ROBINSON:
JOHN CLAFLIN
LOVELL,
LEANDER
N.
GUSTAV
H. SCHWAB,
GEORGE C. CLARK,
GEORGE H. MACY,
WILLIAM SLOANE,
CLEVELAND H. DODGM
CHARLES H. MARSHALL;
LOUIS STERN,
OORNELIUS ELDERT,
WILLIAM A. STREET,'
NICHOLAS F. PALMER.
RIOHARD H. EWAR _. _T
GEORGE E. TURNIME.
HENRY PARISH,
PHILIP A. S. F.RANICLIITJ
ADOLF PAVENSTEDT,
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 41h Vice-President.

On thebinita 61 them incressel viduations• the balance would be

MONTGOMERY
Ciirtlfied Public Accountants

$4,755.780 75

New York, Chicago, Cincinnati and
London, England,
AUDITORS FOR
FINANCIAL /NSTITUT/ONS, INDUSTRIAL AND
MINING COMPANIES
Investigations, Financial Statements,
Periodical Audits and Accounting

MISCELLANEOUS.

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
MST NATIONAL BANK BUILDING
CHICAGO

RANGE OF PRICES
FOR 80 YEARS.

1882-1911
[OUR ANNUAL

The Financial Review
Gives a monthly range of Stock and Bond
Prices for five years. We can supply
1887 lamp !
wk cli gives 1882-1888
1892
1887-1891
1897
1892-1896
1902
"
1897-1901
1907
"
"
1902-1906
1912
"
1907,1911
PRICE $2 PER COPY
.

ii

..

OS

Commercial & Financial Chronicle
138 Front Street
NEW YORKI

924

Lxxxxv.

THE CHRONICLE

grtpst gampantes.

gutting/as.

uifitog .sia.tes 111181 Gompang at 'low loft
•

Chartered 18511
46 and 47 WALL STREET

CAPITAL,
.
SURPLUS AND UNDIVIDED PROFITS

.
-

-

$2,000,000.00
13,910,317.80

-

-

This Company acts as Executor, Administrator. Guardian. Trustee, Court Depositary and In
other recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and Invests money, seouritles and other property, real or personal, for estates,
corporations and individuals.

.
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres. WILFRED J. WORCESTER,Secretary
CHARLES A.EDWARDS, 2d Asst. Secy.
WILLIAMSON PELL, Asst. Secy.
William Rockefeller,
Alexander E. Orr,
William H. Macy Jr..
William D. Sloane,
Gustav H. Schwab,
Frank Lyman,

TR USTEES.
JOHN A. STEWART, Chairman of the Board.
Payne Whitney,
James Stillman,
Edward W. Sheldon,
John Clailin,
Chauncey Keep,
John J. Phelps,
George L. Rives,
Lewis Cass Ledyard,
Lyman J. Gage,
Arthur C. James,

William M. Kingsley,
William Stewart Tod.
Ogden Mills,
Egerton L. Winthrop,
Cornelius N. Bliss Jr.

ESTABLISHED 1894

goo,J3acon t rftVis3
kti9ineerz
COMPREHENSIVE REPORTS
ON PUBLIC UTILITIES
115 BROADWAY, NEW YORK
NEW ORLEANS
SAN FRANCISC()

J. G.WHITE & CO.,Inc.
Engineers, Contractors

Largest Institution of its kind in New Jersey

FIDELITY TRUST COMPANY
Prudential Bldg., NEWARK, N. J.

Investigations and Reports on Electric
Railway, Uas, Electric Light and Power
Properties, &c., for Financial Institutions and Investors.

Electric Railways, Electric Light and
Power Plants, Gas Plants, Financed,
Designed and Built.

43 Exchange Place, - NEW YORK

Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Title, Banking, Savings, Bond, Mortgage,
Trust and Safe Deposit Departments.
Correspondence Invited

Chicago

San Francisco

London Correspondents:
J. G. 1V HITE & CO.. Limited,
9 Cloak Lane, Cannon St., E. C.

s
.BARSTOW ct co.
Incorporated

- M111.111.110•1111CMIELM,

More and more people are finding it convenient to keep their
Securities and other Valuables uptown instead of downtown.
The Union Trust Company of New York offers unexcelled
facilities at moderate prices in the uptown vaults of the Lenox
Safe Deposit Company.
At Fifth Avenue and Sixtieth Street they are very near the
"social centre" of New York, and convenient for most people
who live uptown.
Inspection and patronage are invited.

CONSULTING and
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
50 Pine Street

New Vont

C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials

REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alex. C. Humphreys

Alten S. Miller

HUMPH REVS & M I LLER,Inc.
ENGINEERS

Mellon National Bank
PITTSBURGH, PA.
8-26

L. F. DOMMERICH & CO.
NEW YORK
Offices,
57 Greene Street
Ceneral
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS,
DISCOUNT AND GUARANTEE SALES
AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years




-

NEW YORK

Established 1889.

RESOURCES OVER 50 MILLIONS

N. W. COR. 20th ST. & 4th AVE. in

165 BROADWAY.

A. L. REGISTER & CO.

Assurance of safety, perfect service and 3%
interest on reserve accounts are offered to correspondents of this bank. Your account is invited.

Will Remove to

Power—Light--Gas

January

ENGINEERS -CONTRACTORS
Philadelphia

lain:tuff gnatixtevs.
MINES MANAGEMENT CO.
CONSULTING MINING ENGINEERS
Managers of Mining Properties
NEW YORK.
50 BROADWAY. - 28 and 39 St. Swithlne Lane.
LONDON. E 0., ENGLAND.
Avenida 18 De Septiembre, Num. 411,
MEX/CO, D. F.. MEXICO.

H. M. CHANCE & CO.
Mining Engineers and Ueologists

00AL AND MINERAL PROPERTIES
Examined, Developed, Managed
Drexel Bldg..

PHILADELPHIA, PA.

GEO. B. EDWARDS
Tribune Building, NEW YORK, N. Y.
Tel. 4218 Beekman.
flood References

Negotiations,Investigations,Settlementa
Purchases of Property, Information
In New York City or anywhere.