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Railway St Industrial Section
Bankers' Convention Section
Bank St Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, SEPTEMBER 14 1912
VOL. 95
gixt Tharnicle.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2464
Week ending Sept 7.
Cleartngs al1912.
Inc: or
Dec.
1910.
1909
c1,
8
$
235,261,689 +11.4 212,449,041 231,755,467
22,982,000 +13.5
21,565,800
22,012,600
17,793,867 +12.9
13,344,087
15,253,067
15,829,786 +13.5
12,217,096
13,873,187
12,395,702 -0.1 • 11,013,371
10,159,240,
8,004,260 -15.6
8,499,234
7,150,638
4,930,800 +16.9
4,659,400
5,295,700
3,672,838 +11.1
3,230,975
3,530,909
2,721,581 +27.1
3,247,134
2,607,291
2,229,033 +38.3
2,541,709
2,105,849
1,784,271 +36.5
2,007,030
1,650,4222,019,921 -0.9
1,850,837
1,923,408
653,794 -16.2
643,480
628,163
1,278,438 -15.0
1,089,621
956.018
1,003,937 +22.4
1,709,276
906,913
884,432 +24.9
974,374
844,387
1,108,000 +32.0
820,000
603,000
646,129 +0,9
683,970
533,214
620,686 +23.3
654,914
571,630
562,569 +8.0
690,860
41:3,349
884,326 +54.8
827,272
641,739
682,611
+8.3
546,175
.555,546
521,693 +178.0
503,656
123,013
861,737 -0.5
650,000
519,423
429,204 +25.4
4.0920
385,580
390,575 +6.6
403,5E0
355,313
393,795 +24.4
:16:3,594
155,549
442,983 +26.7
:365,000
341,250
399,864 +3.0
398,593
333,551
:348,306 -0.8
:329,680
385,222
315,003 +20.0
300,000
304,360 +20.4
385,648
128,991 +17.1
131,691
117,420
23,841 +70,1
29,789
23,065
-1-11.4
342,522,022
313,929,442 322,3301,018
1911.
262,102,562
Chicago
26,088,400
Cincinnati
20,094,079
Cleveland
17,967,577
Detroit
12,385,870
Milwaukee
6,756,075
Indiananolis
5,761,800
Columbus
4,111,671
Toledo
3,458,478
Peoria
3,082,622
Grand Ranids_ _ _
2,435,518
Dayton
2,002,095
Evansville
553,057
Kalamazoo
1,087,484
Terms of Advertisind-Per Inch Space
Soringtield, Ill_ _
1,233,008
y
,
ungstown
Transient matter per inch space(14 agate lines)
1,101,310
Wayne_ __
Two Months
(S times)
22 00 F,rt
1,363,000
Akron
Three Months (13 times)
29 00 Itoc%ford
651,800
Standing Business Cards
Six Months
(26 times)
50 00
765,247
Lezington
Twelve Months(52 times)
87 00 Soringfield, O.__
607,420
CHICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Block;Tel.Harrison 4012. Canton.
1,368,150
739,783
LONDON OFFICE-Edwards(4, Smith,1 Drapers' Gardens, E. C.
Bloomington
1,153,000
South Bend
WILLIAM B. DANA COMPANY, Publishers,
857,155
Ouincy
538,388
P.0. Box 958. Front, Pine and Depoyster Sta.,
-c.tir
New York.
D,
417,152
Macsleld
489,784
Published every Saturday morning by WILLIAM B. DANA COMPANY, Lima
560,000
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Jackson
411,822
Vice-Presidents; Arnold (3. Dana, Sec. Addresses of all, Office of the Company. Danville
346,539
Jacksonville,
378,000
Lansing
:368,932
Owensboro
CLEARING-HOUSE RETURNS.
150,951
Ann Arbor
40,556
The following table, made up by telegraph, &o., indicates that the Adrian
total bank clearings of all clearing houses of the United States for week
Tot. Mid.West• 381,7:32,285
ending Sept. 14 have been $3,142,201,111, against $2,815,197,852 last
34,197,062
46,673,277
San Francisco__ _
week and $3,034,539,865 the corresponding week last year.
13,384,820
19,397,338
Los Angeles
10,343,239
10,735,139
Seattle
Clearings-Returns by Telegraph.
Per
10,471,9611
12,201,914
P."0•411,1,1
1912.
1911.
Week ending Sept. 14.
Cent.
:3,906,181
:3,832,834
Sookane
5,357,746
4,864,389
Salt La':e City..
81,448,391,757 $1,367,118,313
+6.9 Taf.oma
New York
3,904,657
3,363,168
124,525,634
117,917,600
Boston
+5.6 Oakland
3,026,829
3,454,755
Philadelphia
117,811,745
11 l,389,872
+4.8 Svramento
1,302,658
1,496,596
23,920,132
Baltimore
28,760,643
+6.9 San Diego
1,350,009
2;140,609
248,425,392
Chicago
233,341,983
+6.4 Stockton
958,440
727,982
65,168,319
65,376,701
+0.3 Pasadena
St. Louis
601,451
921,605
14,686,0)1 +
.
12.7 Fresno
16,549,748
New Orleans.
835,000
780,625
500,000
656,20?
San Jose
+5.8 North Yakima_ _
Seven cities, live days
52,049,861,520 51,937,542,840
401.993'
421,725
+1.6 Reno
515,487,;64
Other cities. live tlays
52.3,999,I;42
315.000
290,860
90,852,641
112,166,439
Total Pacific
Total all cities, five days
82,573,801,402 52,453,030,804
+4.9
All cities, one day
568347,619
581,509,061
-2.3
44,908,574
51,393,049
Kansas City_
21,100,002
19,19:3,456
Minneanolis
c, ,I., Oal 111
C4 AqA curt Ct
,
.
A.., I,
Total all Ptii,
15,964,0'4
13,093,010
Omaha
9,016,763
8,995,341
' The full details for the week covered by the above will be given next St. Paul
7,946,503
8,159,917
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
4,359,000
6,337,933
clearing houses at noon on Saturday, and hence in the above the last day of St. Josenh
3,710,560
4,610,714
Des Moines
the week has to be In all cases estimated, as we go to press Friday night.
2,215,944
2,817,632
We present below detailed figures for the week ending with Saturday Sioux City
2,964,096
3,198,914
Wichita
noon, Sept. 7, for four years.
3,260,93?
3,418,583
DulutP
1,302,679
1,25(3,538
Toneka
1,439,608
1,781,623
Week ending Sept. 7.
Lincoln
1,361,65?
1,625,900
Clearings atDavennort
1,121,812
1,149,624
Inc. or
Cedar Raplds
856,25E
1312.
355,443
1911.
Dec.
1910.
Fargo
1903.
676,162
734,411
Colorado Springs
578,611
553,051
Pueblo
344,468
1,561,564,448 1,252,668,249 +24.6 1,106,716,707 1,576,605,850 Fremont
355,81E
New York
Philadelphia _
133,852,781 110,597,898 +21.0 106,392,125 103,936,988 Waterloo
1,143,887
1,533,758
Pittsburgh
46,445,001
888,615
1,010,885
37345,430 +24.4
39,609,681
39,001,957 Helena
303,932
Baltimore
32,928,451
447,830
27,994,297 +17.6
26,354,503'
"2,335,732 Aberdeen
287,672
191,289
Buffalo
8,987,580
7,893,192 +13.9
7,794,464
7,154,486 Hastings
5,230,000
443,343
279.543
Albany
4,967,641
+4.7
4,484,935
4,361,445 Billings
6,203,012
Washington
_
5,720,253 +8.3
5,701,596
5,532,744
Tot. 0th. West 130,:393,098 12:3,334,303
4,160,794
3,726,933 +11.6 . 3,076,118
Rochester
3,223,520
80,358,328
74,591,195
2,200,000
2,092,364
+5.2
Scranton
2,170,671
2,015,338 St. Louis
16,289,166
14,891,618
Orleans___ _
New
2,743,458
',188,332 +25.4
Syracuse
1,867,807
1,734,715
12,829,955
10,185,129
1,573,019
1,601,9)8
Reading
1,140,630
1,251,751
14,359,017
21,068.056
1,387,517
1,337,540 +0.7
Wilmington
1,180310
1,118,796 Houston
9,558,000
10,503,000
1,197,910
Wilkes-Barre
1,355,263 -11.7
1,208,618
1.118,476 Galveston
6,029,424
7,022,063
1,401,990 +3ft.9
Wheeling
1,919,529
1,478,979
1,331,595 Richmond
4,141.226
6,586,955
Trenton
1,195,270 +20.1
1.435,927
1,232,6:36 Savannah
1,196.051
5,02:3,50:3
5,788,967
York
722,963) +19.2
.861,001
789.380
814,051 Fort Worth
9,673,025
9,797,437
Eric
743,607 +14.9
854,096
627,611
607,609 Atlanta
4,038,301
6,020,335
Greensburg
600,000 -9.2
544,580
537,871
640,978 Metnnhis
4,220,213
5,245,753
Binghamton __ _
592,900 -14.0
509,600
612,900
673,400 Nashville
2,773,795
2,508,237
Chester
493,850 +26.8
525,566
484,490
462.076 Norfolk
2,035,266
2,505,056
Birmingham
Altoona
397,037 +6.8
423,861
428,218
335,13')
1,579,346
1,411,181
Lancaster
Augusta
1,382,239
850,960 +62.6
916,801
2,517,76E
2,400,009
Jacksonville _ _
1,752370
2,079,267
Total Middle__ 1,817,000,433 1,466,500,972 +23.9 1,314,774,185 1,776,530,282 Chattanooga _ _ _
1,636,429
1,914,342
Knoxville
1,013,155
1,167,605
Boston
142,439,227 117,399,353 +21.3 106,015,126 112,787,463 Mobile
1,467,427
1,250,000
Oklahoma
6,012,030
Providence
5,102,800 +17.8
4,904,103
5,198,000
983,830
1,142,142
3,935,25:
Hartford
3,412,321 +14.3
2,766,651
2,790,680 Charleston
1,326,95E
1,601,241
Rock
2,445,330
Little
New Haven
2,130,155 +14.8
2,058,504
2,102,850
1,960881
2,707,379
2,061,157
Austin
Springfield
1,603,678 1-29.0
1,715,768
1,580,000
2,111,482
3,215,917
2,200,962
Portland
1,724,229 +27.6
1,730,887
1,650,552 Macon
245,743
211,966
2,012,388
Worcester
1,630,263 +25.3
1,708,558
1,234,553 Vicksburg
614,932
582,167
860,055
Fall River
803,013 +7.1
896,108
718,0)1 Wilm'ton, N. C.
311,659
390,000
785,578
New Bedford_ _
708,975 +10.8
663,226
833,840 .Tackson
631,070
658,537
Tulsa
460,816
396,585 +10.1
Lowell
398,702
376,168
617.303
653,78.5
581,514
479,012 +21.4
Holyoke
451,995
431,638 Muskogee
419,823 +31.2
Bangor
510,238
Total Southern 201.511.0/1 1$3.9.04.1.41,
I
2
s
,
5
all
Total
Tot.. New Eng. 164,364,526 135.813,20s 4-21.0 123,817,988 129.733,867
Outside N. Y. 1,233,tm.s • Ila 1,0903334.0H
adlim dearill6S see coin e
.1, of, o •
1 II isoellaneJus News."
$10 00
For One Year
6 00
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months (including postage)
22 14s.
Annual Subscription in London (including postage)
21 118.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following SupplementsBANE AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY(semi.annually) BANKERS'CONVENTION (yearly)
+36.5
+44.3
+3.8
+16.1
-1.9
-9.2
-13.9
+14.1
+14.9
+71..2
-24.1
+53:1
35,734,625
10,874,201
9,998,576
8,735,624
4,2-15,967
5,127,923
5,3:34,499
2,345,323
1,249,205
1,147,94(
611,961
+31.2
-4.0
-1-8.3
+23.5
766,97(
505,872
450,006
268,661
87,880,303
+14.6
+9.1
+21.1
+0.2
-2.6
-31.3
+24.3
+27.'2
+7.0
+4.8
+23.8
+19.4
+2.5
-58.4
+8.6
-4.3
+3.3
+38.5
+13.7
+47.3
+48.0
+58.6
+9.E
+7.1
+9.4
+25.9
+46.E
+9.9
+16.1
-21.9
+15.2
-1.3
+46.9
+24.3
+10.6
+23.1
r-10.6
-4.7
+18.7
+17.0
+3.3
+16.2
+20.7
+37.7
-34.3
+15.9
+5.5
-15.0
-4.2
-5 5
I
47,628,681
20,262,331
15,515,907
8,088,792
8,317,001
5,518,809
3,567,431
2,840,200
3,160,104
3,834,341
1,137,976
1,374.041
1,255,126
955,270
692,274
625,530
553,382
298,281
846.413
871,468
487,688
200,000
125,471
128,156,520
57,968,863
15,809,379
10,225,454
15,011,666
7,297,000
5,774,713
5,099,785
5,542,360
7,349,302
3,355,852
2,840,160
2,300,431
1,885,821
1,165,943
2,013,960
1,663,418
1,356,470
1,119,054
2,354,518
1,325,947
1,345,002
1.454,763
833,255
202,796
418,386
300,000
:30E62,000
9,441,096
11,340,927
7,323,715
3,858,315
5.584,611
5,072,353
1,649,691
852,180
988,522
441,732
455,000
508,824
481,768
431,095
260,000
79,591,835
43,724,055
18,536,941
13,166,036
10.014,602
7,170,794
5,540,427
3,157,751
2,510,586
2,512,679
3.457,962
1,421,742
1,282,899
955,403
971,840
738,706
666,550
528,622
390,249
913,639
158,478
117,729,061
57,972,959
12,836,170
9,554,444
11,475,452
5,436,000
5,658,774
6,961,615
5,417,687 .
7,097,555
3,212,540
3,180,953
2,164,233
1,785,074
2,275,458
1,539,133
1,364,937
1,238,905
1,384,031
1,850,000
1,235,718
1,517,505
880.034
925,000
204,633
429,065 "
344,000
156.144.58ft 147.941.875 2.11.4 .1:i?.539 .574.679,1438
+15.0 I .018,035,825 998,01.1,988
I
644
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
to our subscribers to-day the September
send
We
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses
for the latest month of every operating steam railroad
in the United States required to file monthly returns
with the Inter-State Commerce Commission at Washington.
This Earnings Supplement also contains the companies' own statements where these differ from the
Commerce returns or give fixed charges in addition to
earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New York
Central Lines, the Pennsylvania RR., and others.
THE FINANCIAL SITUATION.
The heterogenous gathering last week of men and
women in Syracuse, self-appointed delegates to what
the majority of them sincerely imagine to be the
opening of a great movement of uplift for the human
race, re-affirmed (as they were compelled to do) the
declaration made at Chicago at the National Convention of Mr. Roosevelt's Progressive Party, and added
a number more for local consumption, some of them
really unique. Municipalities "should be give.n power
to adopt and amend their charters"; this would make
them virtually sovereignties. Involuntary unemployment is to be abolished, which necessarily involves
an employer for everybody, at wages acceptable to
everybody; if the private employer hangs back, he
must be constrained, or else the Government must
provide work. Child labor is to be prohibited; nightwork is to be prohibited as to women; an eight-hour
day is to be secured to women and young persons; and
there are to be "minimum wage standards, providing
a minimum wage for working women."
Commission control of corporations is to be strengthened. The Commission may suspend proposed increases of rates, the burden of establishing reasonableness of rates shall be on the corporation, and the power
of review of the courts over determinations of the
Commissions "shall be limited to questions of law."
The standard fire insurance policy is to be revised "to
secure to the assured prompt and fair payment of
losses." There is something for the farmer. Agricultural education, good roads, credit for drainage and
lake improvement, and "such change in statute and
fundamental laws as will permit drainage of farm lands
by means of compulsory process against the owners
of contiguous lands."
The schemes point to making the Have-Nots happy
(if they can be so) at the expense of the Haves; yet
the sinful holders of property need not feel wholly
sad, for there is a pledge "to use the powers of the
Government to protect property rights no less than
heretofore."
In the notions regarding higislation we come upon
the real novelties. A constitutional amendment to
allow the people to propose amendments direct is of
course not forgotten. There is no proposition to abolish or lessen power of the Executive, as by the new
constitution of Ohio; on the contrary, it is suggested
that he be empowered to reduce, as well as to veto,
items in appropriation bills, and the most striking
novelty in the bunch is that he be made a sort of thirdhouse legislature himself. For observe: "We would
give the Governor, under proper restrictions, the
power directly to invoke the referendum as to a legislative measure recommended by him but not enacted
[VOL. Lxxxxv.
by the Legislature." Such a power would have greatly
delighted at least one recent incumbent of the gubernatorial office.
If any conceivable dream proposition was omitted
from this queer jumble there is time yet. For not
only do "we favor the creation of a permanent legislative reference and drafting bureau, to aid in the drafting of legislation," but a permanent committee was provided for, to hang about legislative halls and demand
"that the pledges of our platform be enacted into law,"
also, the convention itself is to adjourn only subject to
being "brought together again for the purpose of reaffirming our demands."
• Such gatherings contain some who are not in any
degree carried from their self-poise, for they know
what they want and are directing the moves for their
own personal ends. But there are many others who
are honest zealots, mistaking the mirage along the
political horizon for an oasis of rest and hope. Carried along by their fervor, they sing away on the old
hymns of the Christian Church and are not disturbed
by the semi-blasphemy in the application made of
some of them. It would be unjust to speak harshly
of these victims of delusion; yet it is time the people
who have not lost the power of judgment began to do
some very serious thinking.
The increasing attention which bankers as well as
carriers are giving to agricultural development has
already been noted and followed in the "Chronicle."
Further evidence of this appeared at this week's convention of the American Bankers' Association, and
Mr. Andrew M. Soule, President of the Georgia State
College of Agriculture, delivered an address yesterday
to the bankers on "Education and Agricultural Development." The yield per acre of our farm crops has
fallen off alarmingly, he said, but there are two views
of production. One is increasing the yield at a
greatly reduced cost of production; the other is lessening the yield (or permitting it to lessen) and selling at
an unusually high price, this latter (we may remark
parenthetically) being the condition from which the
country is now suffering. Mr. Soule sees the closest
relation between the insufficiency of farming methods
and the drain of population to the cities, and he deems
the former largely the cause of the latter. The lack
of system and business methods on the farm, he says,
has driven a large part of what used to be agricultural
population into the towns.
The need is to show the possibilities of farming under
scientific policies, "and when this is done the urban
movement will have been checkmated." The agricultural colleges should become clearing houses for all
activities calculated to advance country life. The
most efficient form is what is known as the "extension"
school, which undertakes to carry on definite instruction along certain lines in a given community for a
period of from three days to a month. The experimental farm or definite soil-test follows next in importance. Correspondence courses are useful, and so
are the various agencies already mentioned as in use;
and the college (which is naturally the centre of extension teaching) should keep a satisfactory relationship
with all other agencies.
Six years ago, said Mr. Soule, practically nothing
had been done except organizing farmers' institutes;
now more than thirty States have extension departments, employing several hundred men as specialists,
and in 1910-11 more than a million people were thus
reached. In 1911-12 over $562,000 was appropriated
SEPT. 14 1912.
THE CHRONICLE
for this work by more than 35 States. In Georgia the
work began two years ago, with an appropriation of
$10,000 per annum; now the appropriation for this
year and next is $45,500.per annum. Farmers' meetings have been many and have shown a growing interest; corn clubs among both boys and girls are forming;
479 meetings in all have been held; 98,478 persons
have been reached thereby, and the movement shows
a gathering impetus.
Soil-test areas have been established, and the work
of chemical analysis of soils is expected to go on until
the entire State is covered and the farmers have expert knowledge of their particulaf soils set before them;
the significance of this may be inferred from the fact
that from 25 to 30 millions are annually spent in Georgia
for fertilizers.
An example from cotton is given by Mr. Soule. A
disease called anthracnose causes an annual loss of
about 10 millions in Georgia. A strain of cotton named
Sunbeam, resistant to this disease, has been developed; it was distributed in 21 counties in 1911 and will
be cultivated on about 40 acres in each of those counties in this year; seed has also been sent from the college to 38 other counties in 1912. It is expected that
soon this strain will be so widely cultivated that the
anthracnose disease may be held in check. A standard variety of cotton in many sections of Georgia is
"pullnot." Of this it takes 68 bolls to make a pound;
the staple is 15-16 of an inch long; it shows 38% of
lint and the yield was 1,980 pounds per acre in 1911.
The Sunbeam cotton runs 60 bolls to the pound; its
staple is 1% inches long and shows 42% of lint; its
yield in 1911 on the demonstration field was 3,760
pounds per acre.
Georgia is also celebrated as a truck, peach and
pecan State. Those crops have many diseases and
troubles, and the horticultural department has undertaken to establish eleven test areas for their study.
Improved breeds of live-stock are in course of distribution; a campaign for eradicating the cattle-tick is
going on; co-operative work in dairying, plans for
improved farm structures, and many other extension
activities are in active pushing. Mr. Soule is sure
that "the further endowment of this work and its expansion along rational lines is destined to double and
treble the producing power of the Southern farmer."
The excellent outlook for grain and other food
crops of the United States noted on the first of August
does not seem to have suffered any impairment
since then. On the contrary, the official report of
the Department of Agriculture, issued on Monday,
depicting the situation on the first of September, indicates that there was improvement in the condition
of most crops during August. It is rarely that such
a satisfactory outlook as that now indicated has
been reported. As regards corn, the largest of the
grain crops, there is, of course, a possibility that
the current promise may be reduced by frost or other
unfavorable climatic conditions, but as matters now
stand a new record in production is expected this
year. The yields of oats, barley, potatoes, flaxseed,
and hay also surpass those of any former year; a
full supply of rice and buckwheat is looked for and
the wheat product falls only moderately below the
previous record.
The condition of corn is stated by the Department
as 82.1 on September 1, against 80 a month earlier,
and comparing with only 70.3 September 1 a year ago,
78.2 in 1910 and a ten-year average of 81.1. The
645
current condition is the best at date since 1906.
As compared with last year, when a crop of 2,531,488,000 bushels was raised, there is improvement in
condition of 11.8 points, and contrasted with 1910,
when the record crop of 1906 was practically duplicated, not only is the situation 3.9 points better, but
area is nearly 4% greater. It is not surprising,
therefore, that on the basis of the condition percentages, the Department figures out an approximate
average yield of 27.7 bushels per acre—the highest
since 1906—giving for the whole area 2,995,000,000
bushels, a new record in production and a conservative
estimate withal.
The average condition of spring wheat at harvest
time is announced as 90.8, or 4-10 point better than
on August 1, and comparing with but 56.7 at time of
harvest last year, 63.1 in 1910 and a ten-year average
of 76.5. Present condition is the highest in about
13 years. As worked out officially , an average yield
of 15.6 bushels per acre is indicated, or a total crop of
300 million bushels, which is a new high mark, and
contrasts with 190% million bushels in 1911, slightly
more than that in 1910 and 290% million bushels
in 1909. Combining the probable spring-wheat pro-.
duct with the official preliminary winter-wheat aggr6gate of 390,000,000 bushels, we reach a total yield
of this cereal of 690 million bushels for 1912,as against
621 million bushels last year, 635 millions in 1910 and
the record crop of 7483/ millions of 1901.
Oats condition, too, is stated higher on September 1
than a month earlier and very much above a year
ago. The condition when harvested is given as 92.3,
against 90.3 August 1 this year, 64.5 on September tin
1911, 87 in 1910 and a ten-year average of 78.8.
This crop, consequently, also holds out a promise
much above the average,the Department's preliminary
calculation being for a yield per acre of 34.1 bushels—
the best since 1902—and an aggregate production of
1,290,000,000 bushels, as compared with 9221
4
million bushels in 1911 and 1,186 1-3 millions in 1910—
the previous record.
The probable ultimate yield of white potatoes,
likewise, the Department is impelled by recent developments to place at a higher figure than estimated
on August 1. Raising the expected product per
acre to 108 bushels,a total crop of 398,000,000 bushels
is for*adowed, this being by 9 million bushels the
largest the country has ever produced. The indicated
product of barley has been increased to 209,000,000
bushels, or 30 million bushels in excess of the previous
record,and hay,at 72 million tons,exceeds by about
13/ million tons the crop of 1908. • Buckwheat and
rice also promise better than ever before, according
to the preliminary estimate. With the general crop
outlook so very encouraging, it is interesting to note
how the probable aggregate cereal production of 1912
compares with earlier years. The Department of
Agriculture has gone into that phase of the subject
and calculates the total of the cereal crops for the
year at 133,016,000 tons, or 20.3% greater than las
.t
year, 6.1% more than 1910 and 16.2% over 1909.
The commercial failures exhibit for the United
States for August 1912, both as regards number of
insolvents and aggregate of liabilities, is in line with
the previous month in showing increases over recent
preceding years. The statement is, in fact, less favorable than for any year since 1908, when, as an afterresult of the panic of the fall of 1907,the number
forced to the wall was abnormally large and the in-
646
THE CHRONICLE
,debtedness correspondingly heavy. Messrs. R. G.
Dun & Co.'s statement for August, from which our
deductions ate drawn, makes the number of failures
in the month this year 1,102, with liabilities of $16,153,166, this c omparing with 926, with indebtedness
of $11,116,631, in the like period a year ago,919 and
121A, million dollars in 1910, mailer totals in 1909 and
1,199 and $23,787,378 in 1908. Disasters in manufacturing lines account for $7,259,346 of the total for
this year, against $5,636,068 in 1911 and $7,751,674
in 1910; liabilities of traders at $7,272,305 compare
with $4,954,483 and $4,064,256, respectively, and
among brokers, transporters; &c., the contrast is between $1,621,515 and $526,080 and $626,133. For
the eight months the 1912 failures totaled 10,649, with
liabilities of $140,263,849, as against 9,113 and obligations of $126,965,052 for the similar period of last year
and 8,452 and $138,472,202 in 1910. Manufacturing
insolvencies involved $58,540,689, as compared with
$57,188,395 last year and.$59,793,849 two years ago;
trading mortality reached $63,955,325, against 58,790,892 and $49,576,206, and debts of brokers, &c., were
$17,767,835,contrasted with $10,985,765 and $29,102,067. The Canadian failures exhibit is a favorable one.
For August the insolvencies reported in the Dominion
were 103 with liabilities of $925,428, against 105 and
$1,307,198 in the month last year and 95 and $669,993
in 1910. The manufacturing comparison for the three
years was $238,880 and $834,607 and $209,360; the
trading $431,459 and $404,591 and $449,190, and
brokers, &c., $255,089 and $68,000 and $11,443. In
the eight months of the current year the mercantile
disasters numbered 901 with liabilities of $6,778,428,
against 866 and $9,357,332 for the similar period of
1911 and 858 and $11,227,100 for 1910.
The National Association of Cotton Manufacturers'
ninety-third semi-annual session, held at New London, Conn., on Sept. 9 to 11, inclusive, was more
numerously attended than any meeting in several
years, and in the matter of the subjects brought up
for discussion or debate proved to be a very interesting and instructive occasion. The problem of
skilled labor, of which there is now an apparent shortage, was ably treated by Mr. W. H. Smith of Pawtucket, R. I., who characterized as absurd the present mode of bringing skilled labor from abroad, and
pointed out the way to improve the situation. Workmen's compensation laws, moreover, were succinctly
reviewed by Mr. Charles H. Hodge of Boston, as were
international tariff relations by Mr. Samuel Guyton
McLendon. Mr. Arthur H. Gulliyer, with "PresentDay Relations between Foreign-Born Operative and
the Mill Management," as the title of his address,
paid particular attention to the impending opening
of the Panama Canal and the opportunities it will
offer to our cotton manufacturers to extend their
trade. Interesting papers on cotton raising in California, India and Cuba were read, and the association
in a series of resolutions put itself upon record on a
number of important matters. The resolutions, in
fact, favored the passage of reasonable workmen's
compensation laws; protested against defective ginning and baling pf American cotton, with its attendant loss, and claim that, in view of variations in rate,
the only. fair basis of selling the staple is by net
weight.
But especial interest attached to the opening address of Mr. Edwin Farnham Greene, the President
of the association, as it largely had to do with the gen-
[VOL. LXXXXN
eral relation of the employer to the employee and the
effect of politics and the tariff on the cotton manufacturing industry. Referring at length to the attitude
of corporations to their employees, Mr. Greene expressed the belief that employers as a whole are not
opposed to organizations that are working for the real
good of the operatives and the community, but said
that limitations of wages or earnings or hours of work
and the closed shop should not be tolerated. Speaking of two particular plans suggested in recent years—
profit-sharing and pensions—for encouraging loyalty
and devotion of operatives to corporations,he suggested
that very serious study be given to both in connection
with the textile industry. Personally, he saw difficulties in the case of profit-sharing, considering the
pension plan more practical. Welfare work, as already carried on in many textile establishments,
received Mr. Greene's commendation, and its extension was advised. Politics and the tariff were adverted
to at length by the speaker, who voiced the opinion
that cotton manufacturers are not opposed to reasonable changes in duties, or to an impartial investigation
of the industry such as, he claimed, was made by
the Tariff Board. Further remarking that "apparently there is a growing belief in both parties that a
Tariff Board of some sort can materially aid Congress
and the President in tariff matters," he hoped that
whoever is in power, some permanent board or bureau will be. established "that can in an impartial
way present to Congress and the public the real facts
that should influence and shape tariff changes."
Additional details have become available of the
£10,000,000 Chinese loan to which we referred last
week, which has been under negotiation between certain London interests and China. It is announced
that an agreement for such a loan was signed on Aug.30
by the Chinese Minister in London and by a representative of Lloyd's Bank, which is to finance the
transaction. The proposed loan will, if finally consummated, run for forty years at 5%,and will be secured by unpledged Chinese revenues, chiefly the salt
duty,which is to be controlled by the British InspectorGeneral of Customs in case of default. Expenditure
of the proceeds is to be free of foreign control and
supervision. The history of the transaction appears
to be that an American promoter, Wendell Jackson,
who is credited with having arranged the agreement,
on July1 cabled from New York to the Chinese Government. that he represented a powerful syndicate which
was ready to advance China immediately $50,000,000,
and as much more as was needed, on advantageous
terms. He asked the Chinese Government to instruct
Liu Yuk Lin, its Minister in London, to conduct the
negotiations and to give the Minister power to sign
the contract. About a week later the Chinese Government accepted his proposition, and on July 12
cabled that Hsung Liang had signed the provisional
contract in Peking and that on July 14 cabled instructions and authority would be sent to the Chinese Minister in London. Being unable to interest American
capital, Jackson sailed for England on July 16 and
received in that city from Peking a copy of the provisional contract signed in Peking by Hsung Liang.
After protracted negotiations the Chinese Minister in
London gave a signed statement that his Government
had empowered him to make a contract with Jackson
for a £10,000,000 loan, and this statement, it is believed, was the basis of Jackson's negotiations in interesting Lloyd's Bank.
SEPT. 14 1912.]
THE CHRONICLE
Our State Department has received cable advices
from American Minister Calhoun at Peking that the
reported loan is being investigated by the foreign
ministers there. The representative of Lloyd's Bank
in that city declares that the transaction is merely
a preliminary loan and that all funds necessary for
the reorganization of China's finances will be forthcoming. It is also stated from Peking in press dispatches that French, German and American banks
will participate with Lloyd's Bank in the new loan,
and that the terms of the agreement include the
starting of a new bank having its head office in London, with a prominent financier as Chairman of the
board of directors and a subordinate board at Peking.
The bank is to be capitalized, it is said, at $10,000,000,
half of which will be subscribed by Chinese.
Thus far considerable mystery seems to clothe the
entire transaction, and bankers who have been interested in the so-called Six-Power loan do not seem to
expect the scheme to advance much further than its
present stage. This same view appears to be entertained in official quarters in Washington, where it is
pointed out that supervision of the expenditure of
the proposed loan would probably be demanded by
the Powers. This requirement would probably suffice
to block further negotiations, as, with this understanding explicitly recognized by the Six Powers,
it is felt that no individual bank or syndicate would
care to go ahead with such a large loan in opposition
to this agreement.
Another development in China, though it is declared
to be without official connection with the proposed
loan, is the announcement of a project for a comprehensive scheme of Chinese railways which will hold
foremost place in Dr. Sun Yat Sen's program for the
modernization of China. This project, according to
press advices, has the support of the Peking Government and may involve a great extension of the privileges of foreigners in the new republic. The Government has authorized Dr. Sun to establish a railway
corporation to carry out a system of national railways
covering territory 70,000 miles in extent. Mixed
Chinese and foreign companies, according to Dr. Sun's
plans, will be granted concessions throughout China
for periods of about forty years, after which the lines
are to revert to China. Similar concessions are to be
given to foreigners for the intermediate districts, but
the railroads in the frontier provinces will be exclusively
under Chinese control and will be financed through
foreign loans apart from the other railways. Dr. Sun's
proposals are to open the whole of China proper to
foreigners, who, however, will be made amenable to
Chinese laws,for which special courts are to be established. President Yuan Shih-Kai proposes to grant
Dr. Sun 30,000 taels ($20,000) monthly to promote
his scheme of railways throughout China, and the
Provisional Assembly is expected to agree to this.
Dr. Sun proposes to borrow abroad, giving the railways as security until the profits will pay the loans,
whereupon the lines will become Government property.
War in the Balkans has once again been imminent
this week, but following many precedents a calmer
feeling developed before bloodshed actually occurred.
Nevertheless, the situation has been somewhat of a
disturbing element in London and at the Continental
money centres. Under date of Thursday, a dispatch from Constantinople announced that the
Turkish War Ministry had on that day ordered the
mobilization of fifteen divisions of army reserves
647
and that the Ministry considered that war with
Bulgaria had practically begun. Yesterday, however,
the news was of a more hopeful character, the Powers
having counseled Bulgaria to exercise prudence and
moderation.
Kaimil Pacha, President of the Turkish Council, in
an interview wired by the Constantinople correspondent of the "Daily Mail," states that Turkey
would welcome intervention by any fair-minded Power
between herself and Italy to bring about peace. He
also reiterated assurance of the Porte's determination
to carry out reforms in Macedonia. The Constantinople correspondent of the London "Times" declares
that Turkey has made peace proposals which have a
chance of being regarded favorably by Italy. These
proposals, it is intimated, provide that Tripoli and
Cyrenaica shall remain under the suzerainty of the
Sultan, who shall be represented by a Moslem appointed like the Khedive and that the entire military
and civil administration of both territories shall be
intrusted to Italy. It is believed that now that the
Young Turks, with their impossible, absolute refusal
to cede any Ottoman territory have been replaced,
there is a much more favorable opportunity for the
friendly intervention of a third Power. A dispatch
filed in the cable office in Rome by the New York
"Sun's" Italian correspondent on Friday of last week
was stopped by the Italian censor, but wasforwarded to
the London office of that newspaper by mail. The
fact that it was suppressed in Rome seems to clothe it
with added importance. The dispatch follows:
"The "Corriere d'Italia" is authoritatively informed that
the Italian and Turkish delegates who have been conferring in
Switzerland on the question of peace have successfully con
eluded negotiations for a peace treaty, and the document
will be signed shortly.
"The agreement was reached approximately on the
following bases:
"First. The Turkish Government will undertake to recognize the Italian occupation of the coast of Tripoli and
yrenaica and will withdraw the Ottoman forces. Turkey,
without formally recognizing Italy's sovereignty in Tripoli,
will not oppose Italian expansion into the interior.
"Second. Italy legally will recongize the Caliph's religious
jurisdiction in the Libyan Provinces and all the privileges
and guaranties pertaining thereto.
"Third. Italy will grant Turkey an unredeemable loan of
$120,000,000.
"Fourth. As a safeguard for the payment of the interest
on that loan Turkey, while retaining the sovereignty over
all the Aegean Islands, will allow Italy to hold the twelve
islands which have already been occupied and which, therefore, will remain under Italian administration."
In connection with the last article of the proposed peace
agreement it has been the general belief here that Italy, in
concert with the Powers, would find means of obtaining
autonomy for the Aegean Islands, the Greek inhabitants
of which desire to wipe out Turkish officialdom.
A general movement toward the concentration
of the numerous rebel bands just off the Mexican
border has begun, according to reports just received
by our War Department. This is interpreted as an
indication that the revolutionists intend to leave
that region soon. The Southern Pacific Railway has
made public this week a number of telegrams from its
correspondents in Mexico describing the destructive
attacks made upon its property by the revolutionists.
The company has also appealed to the United States
Government to take measures in Mexico for the protection of its property. A detachment of 1,200
Mexican Federals, by permission of our State Department,crossed Texan territory on Tuesday to intercept
and dispel the bands of rebels gathering along the
648
THE CHRONICLE
northern boundary of Mexico, especially in the State
of Sonora, where, under the leadership of General
Salazar, they have been threatening American property. It is not improbable that American troops may
participate in the fighting at Agua Prieta. Such a
result will, it is intimated at Washington, follow if, as
threatened, bombs shall fall in Douglass, Ariz., or
American lives are menaced on the American side of
the Mexican boundary.
Conditions in Nicaragua, according to reports
received at Washington, indicate that the revolution is
waning. The recent capture of Santa Catalina by
the Government troops is regarded as forecasting
the end of the uprising. The position commands the
Southern approaches to Masaya., where the rebel
General, Zeledon, is now surrounded and cut off from
communication with rebel Chieftan Mena Agranada.
In London open market bank discounts are firmer
than short money rates, and the disposition in Lombard Street is to await developments as regards the
demand for gold for New York, which is expected
to become' insistent within the next few days. In
view, however, of the certainty of a call for the precious metal by Berlin, it is expected, according to
usually conservative London correspondents, that the
Bank will oppose for the present any special facilities
being granted New York. The closing weeks of the
quarter-year will, it is believed, develop distinct strain
in the German centre, and when the end of the quarteryear has been successfully financed there will probably
be an easier feeling in the general European banking
situation.
So far as the New York demand for gold is concerned,
it will hardly continue urgent beyond the maturity dates
of the 90-day finance bills that have recently been so
freely drawn on London and Paris. These will be
automatically covered by the grain and cotton bills,
which are already making their appearance in anticipation of more than usually active shipments of these
products beginning with early October. The closing
open market discount rate in London as cabled yesterday for 60-day bills was 3% and 3%% for 90-day bills.
These are virtually the figures of a week ago. Bills
to arrive closed at 3%% for 60-day bankers' acceptances and 3 11-16@3%% for 90 days. The contango rate at the London settlement was 43'% on
American securities and 4@4% as applied to the
settlement as a whole, which was an advance of about
M% from the settlement preceding. On Wednesday
£300,000 in German gold coin was sold by the Bank of
England, and at Monday's offering of South African
gold in London £600,000 was taken on Continental
account, which was supposed to be for Germany,
either directly or indirectly. India took £150,000 at
the same offering. The active German demand is
interpreted in foreign banking circles here as indicating
a movement among the Berlin banks to prepare in
ample time for the expected quarterly strain at the end
of Septembei., so that when the official time does
arrive it will be found that the danger point has been
passed. A strong demand is reported in the London
bullion market for bar gold, partly on Dutch account.
In Paris, as was expected at the close of last week,
the private discount rate has been advanced %%,
and, according to yesterday's cablegrams, closed at
2%%, which is within H% of the official Bank discount rate. Paris is continuing to experience a
worldwide demand for funds and advices received by
bankers at this centre suggest a distinct probability
[voL. Lxxxxv.
that the Bank of France will feel impelled to advance
its official discount in October. Berlin closed m%
higher at 4%% for all maturities and Brussels is %%
above last week's closing quotation at 4%. Amsterdam is fully up to the official Bank rate of 4%. The
official Bank rates at the leading foreign centres are:
London, 4%; Paris, 3%; Berlin, 4%; Brussels, 4%;
Amsterdam 4%; Bombay, 4%, and Bengal, 3%.
The weekly return of the Bank of England,taken as
a whole, is a fairly strong one, although a reduction
of £23,028 was indicated in the gold and bullion holdings as a result of the active Continental demand, notwithstanding continued purchases by the Bank in the
open market. The total gold holdings now amounts
to £42,169,101, which compares with £42,470,721 at
this date last year and £39,708,972 in 1910. The loan
item (other securities) registers a contraction of
£430,000, but the total is still nearly £10,000,000 ahead
of last year, amounting to £36,088,000, which compares with £26,382,060 in 1911, ct29,200,176 in 1910
and £28,896,006 in 1909. The total reserve increased
£292,000 and stands at £31,659,000, which is virtually
the same as a year ago, notwithstanding the large increase of £10,000,000, as already noted, in the loan
item. The proportion of reserve to liabilities, according to this week's statement, is 50.34%, which is an
improvement from 49.77% last week, but compares
with 58.10% in 1911. The statement further shows
an increase of £217,000 in notes reserved, a contraction
of £315,000 in note circulation and of £384,000
in public deposits. Ordinary deposits increased
£239,000. Our special correspondent furnishes the
following details of the gold movement into and out
of the Bank for the bank week: Imports, £429,000
(of which £81,000 from Switzerland and £348,000
bought in the open market); exports, £900,000 (of
which £400,000 to Egypt, £200,000 to Turkey and
£300,000 German coin sold),:and receipts of £448,000
net from the interior of Great Britain.
The Bank of France this week reports a further loss
in both gold and silver, the decrease in the former
being 4,000,000 francs and in the latter 6,300,000
francs. Note circulation was reduced 84,625,000
francs, general deposits declined 35,775,000 francs,
discounts increased 6,300,000 francs and treasury deposits increased 7,675,000 francs, while advances decreased 1,545,000 francs. The Bank is in many respects stronger than a year ago, as its gold holdings
total 3,287,800,000 francs, as against 3,156,675,000
francs in 1911. The outstanding circulation and the
discounts are both lower, the former amounting to
5,129,471,000 francs, against 5,163,941,950 francs last
year, while the total of bills discounted is 1,087,200,000
francs, comparing with 1,104,952,878 francs. The
stock of silver on hand is the only unfavorable comparison, which shows a total of 785,425,000 francs, as
against 834,175,000 francs last year. General deposits
amount to 674,243,000 francs, against 580,987,372
francs. Treasury deposits are 294,281,000 francs,
against 147,897,693 francs, and advances aggregate
699,840,000 francs, against 662,164,592 francs.
The Imperial Bank of Germany showed a small
increase in gold (240,000 marks) which, however,
compares with losses at both the English and French
banks. Gold and silver combined increased 7,222,000 marks and the Bank now holds 1,279,702,000
marks, comparing with 1,089,580,000 marks one
year ago and 1,029,420,000 marks in 1910. The
utstanding loans for the week register a decrease
SEPT. 14 1912.]
THE CHRONICLE
of 15,731,000 marks, which is largely offset by an increase of 13,360,000 marks in discounts. The
aggregate of these two items (loans and discounts)
is 1,201,744,000 marks, which compares with 1,034,830,000 marks in 1911 and 1,034,680,000 marks
in 1910. Circulation for the week decreased 56,595,000 marks, leaving the total 1,746,327,000 marks,
comparing with 1,656,320,000 marks one year ago
and 1,538,940,000 marks in 1910. The Bank reports
an increase of 64,153,000 marks in deposits since
last week's statement.
The week in local money circles has been attended
with some degree of nervousness. The statement
of the Clearing House on Saturday indicated a further
loss of $1,802,050 in the surplus of the banks and trust
companies above their reserve requirements, which
left only $2,751,100 in free cash. This compares
with $23,264,100 a year ago and with $28,069,400 by
the banks alone (the trust companies not at that time
having been admitted to membership in the Clearing
House) in 1910. With such a showing as this it was
natural that the banks and trust companies should
begin the week by calling loans and raising rates.
The call money rate gradually advanced until 532%
was paid on Wednesday, while time money rates have
1
been marked up fully 4%
during the week. The
chief source of relief has been the sale of sterling
finance bills and francs, but the situation has
obviously been one of considerable strain. Advices
cabled from both London and Paris predict early
exports of gold from those markets to New York, and
in local banking circles there is a general belief that
arrangements for the importation of a considerable
amount of the precious metal either from Paris or
London will shortly be announced; but up to the
close of business yesterday no definte engagements
had been reported. The situation has not yet become sufficiently acute in the opinion of leading
bankers, to require deposits of public funds as an
emergency measure and the disposition among thd
banks is to regard any aid of this character at the
moment as unnecessary. Rates, they argue, while
higher than is customary at this period are, nevertheless, not excessive, and borrowers are not finding it
difficult to obtain funds required for legitimate purposes. The legal rate of interest has not been reached,
either for call money or for loans of fixed maturities,
and the feeling in banking circles seems to be that the
financial institutions, having been compelled in recent
years to experience protracted periods in which they
could not fully utilize their funds at profitable rates,
should enjoy the advantages of periods like the present,
so long as rates do not become burdensome. A five
or six per cent rate, it is argued,is at the present time
merely a reflection of the recovery that has been so
favorably progressing during the last few months in
our national activities. The crop situation is a
highly favorable one and the volume and value of the
year's products of the soil is so large as to require
during the next few weeks at least an unusual amount
of banking facilities. On the other hand, speculation
in Stock Exchange securities is on so small a scale
that there is not the ordinary demand for Wall Street
loans,so that in a measure this fact is compensating
for the greater demands of the agricultural sections of
the country. The fact that the Treasury Department
stands ready, should real occasion arise, to aid the
market, is, of course, a source of satisfaction. Not
only do the banks seem to regard Treasury aid un-
649
necessary in the form of deposits of public funds,
but they are showing no inclination—for the same
reasons—in taking out emergency circulation. The
Canadian banks have. not made additional withdrawals of gold from New York and will not, it is
understood, feel inclined to do so as long as the high
rates that are current here and in which they themselves are, of course, active participants, continue.
Call money during the week has covered the wide
range of 3@t532% and the renewal basis was gradually
advanced until 54%
1
was reached on Thursday.
Monday's extreme figures were 3 and 4%, with
renewals at the higher figure; on Tuesday 332% was
the lowest and 4%% the highest, with 39% the
ruling rate; on Wednesday 4% was the minimum,532%
the maximum and 43% the renewal rate. Thursday's highest and lowest quotations were, respectively,
1
54
1 and 44%,
with 534% the renewal figure; on
Friday the highest figure was 5%, the lowest 4% and
the ruling rate 5%. Time money closed at an advance of about M% for the week, final quotations being 514@53'% for 60 days, 51A@5%% for 90 day and
for four and five months. The closing rate for six
months and also for longer maturities was 514@532%•
Mercantile paper is in such light demand as to be largely
nominal. Quotations are 53% for choice six months'
names and 6% for bills not usually classed as choice.
Sixty and ninety-day endorsed bills receivable may be
quoted on a 53/2% minimum basis, but the offerings are
so limited that the quotation is largely nominal.
In sterling exchange there has been an active pressure of bills during the week and rates have steadily
declined. Considerable short selling has been reported. Up to the close of business last evening no
definite arrangements had been reported to import
gold, though exchange rates are approaching very
close to the basis at which importations are usually considered possible without loss. On Thursday a sudden
decline of 50 points in demand bills brought the rate
down to the low figure of 4 8535,from which a slight
recovery subsequently took place. Bankers are
figuring that should demand decline further to 4 84%
or even to 4 85,immediate engagements of the precious
metal would be concluded. The banks would welcome an inward movement of gold at the present time,
as it seems the only way in sight for restoring reserves
by means of actual cash. In the case of national
banks the importation of the metal would, of course,
under the 25% reserve requirement,furnish a lending
ability four times the volume of the importations.
American credits in London, according to well informed correspondents at that centre, are small for
the time of the year, which is significant, as it is announced that some large maturities in short-dated
issues will have to be arranged for there on behalf
of New York. There has also, as we have reported in
recent issues of "The Chronicle", been a considerable
transfer of American speculative accounts from Wall
Street to London,to take advantage of the relatively
easier conditions in the London market. Additional
transfers this week of these accounts have been a
factor in the weakness in sterling exchange, though
as yesterday was pay day of the London settlement
this factor is temporarily removed until the approach
of the next settlement. The Bank of England, it is
reported, is inclined to resist sales of gold to New
York for the present, as it is understood that Threadneedle Street fears an active demand from the Con-
650
tinent, especially from Germany, during the nextfortnight. Furthermore, British home and Colonial
trade continues sensationally active and requires
correspondingly large banking facilities. The August
returns of the British Board of Trade registered record
figures and showed phenomenal industrial prosperity.
The British importations for the month indicated
an increase of £9,138,000 and the exports an expansion •of £7,696,000. The imports aggregated £59,686,000 and the exports £43,778,000, showing an
excess of the former of £15,908,000. Since the first
of the year the imports have aggregated £471,985,000,
against £435,710,086 for the corresponding months of
1911. The value of the exports for the same period
is £311,078,000, against £294,358,633, while the
excess of imports over exports thus far this year has
amounted to £160,907,000, comparing with £141,351,453 from Jan. 1 to Aug. 31 last year. The London cheque rate in Paris closed at 25.28 francs,
which is a loss of one centime for the week, while the
demand sterling rate in Berlin closed unchanged at
20 marks 453 pfennigs. The Berlin exchange in
Paris was cabled yesterday at 123.623/ francs, which
4 centimes for the week.
i3 a loss of 21
Compared with Friday of last week, sterling exchange on Saturday was unchanged, with demand
again quoted at 4 8640@4 8650, cable transfers at
4 8675(04 8685 and sixty days at 4 8315@4 8325.
On Monday the downward movement was resumed,
when sterling dropped about 15 points on another
rise in local rates for money and easier English discounts; the close was 4 8625@4 8635 for demand,
4 8655@4 8665 for cable transfers and 4 8310@4 8320
for sixty days. Rates again declined sharply on
Tuesday, on heavy offerings of grain, cotton and
finance bills; before the close the market rallied
slightly on short covering, with the final range at
4 8610@4 8620 for demand, 4 8640@4 8650 for cable
transfers and 4 8305(0 8315 for sixty days. The
flurry in call money, which rose to 53'%,the highest
point for this year, brought about a drop of 25 points
in sterling rates on Wednesday and demand went as
low as 4 8585; the closing range showed cable transfers
at 4 8620@4 8630, demand at 4 8585@4 8595 and
sixty days at 4 8280@4 8290. On Thursday demand
fell to 4 8535 and cable. transfers to 4 8590 in the
early part of the day, although later a considerable
portion of this loss was regained on the easing of local
money rates, and the close was at 4 8555@4 8565 for
demand,4 86@4 8610 for cable transfers and 4 8250@,
4 8260 for sixty days. On Friday the market ruled
irregular and there was some disposition shown to
cover short commitments. The opening was weak,
demand and cable transfers selling at 4 8540 and 4 8590
respectively, but sharp recoveries subsequently took
place. Closing quotations were 4 8240@4 8250 for
sixty days, 4 8555@4 8565 for demand and 4 8590@
4 8610 for cable transfers. Commercial on banks
closed at 4 803A @4 823 and documents for payment
4 815
%@4 82 2. Cotton for payment ranged from
4 813/ to 4 82, grain for payment 4 824 to 4 823.
The New.York Clearing-House banks, in their operations with interior banking institutions, have lost
$1,855,000 net in cash as a result of the currency
movements for the week ending Sept. 13. Their
receipts from the interior have.aggregated $9,241,000,
while the shipments, have reached $11,096,000. Addthe Sub-Treasury:.operations, which occasioned a loss
of.$6,600,000,the combined result of.the flow of money
Lxxxxv.
THE CHRONICLE
into and out of the New York banks for the week
appears to have been a loss of $8,455,000, as follows:
Week ending Sept. 13 1912.
Banks' interior movement
Sub-Treasury operations
Total
Out of
Banks.
Into
Banks.
Net Change in
Bank oldingS
$9,241,000
19,300,000
$11,096,000 Loss $1,855,000
.25,000,000 Loss 6,600,000
$28,541,000
$36,906,000 Loss 88,455,000
The following table indicates the amount of bullion
in the principal European banks
Sept. 12 1912.
Sept. 14 1911.
Banks of
Gold.
£
England - _ 42,169,101
France -- 131,192,200
Germany _ 45,574,950
Russia _ _ 156,043,000
Aus.-Hun 51,742,000
Spain _ _ 17,096,000
Italy __ _ 42,440,000
Neth lands 12,022,000
7,727,333
Nat.Belg.
5,414,000
Sweden
Switz'land 7,056,001
Norway _ _ 2,279,000
Silver.
Total.
Gold.
£
£
42,169,101 42,470,721
30,913,120 162,105,320 125,471,000
16,750,000 62,324,950 42,469,10(
7,819,000 163,862,000 148.301,000
11,427,000 63,169,000 55,664,000
29,923,000 47,019,000 16,622,00(
3,583,000 46,023,000 40,109,000
684,400 12,706,400 11,851,000
3,863,667 11,591,000 6,736,667
5,414,000 4,741,000
7,056,000 6,580,001
2,279,000 2,262,000
£
Silver,
Total.
£
£
42,470,721
33,367,280 158,838,280
14,854,750 57,323,850
7,243,000 155,544,000
12,124,000 67,788,000
31,074,000 47,696,000
3,480,000 43,589,000
1,610,100 13,461,100
3,368,333 10,105,000
4,741,000
0,580,000
2,262,000
Total week 520,755,589 104,963.187625,718,771 503,277,48i. 107,121,463610,398,051
Prey.week 520,540,306 106,891,073627,431,379 503,651,996 108,328,563 611,980,559
THE BANKERS AND THE "MONEY TRUST
INQUIRY."
It was natural and inevitable that some discussion
of the so-called "money trust question" should arise
at this week's Bankers' Convention at Detroit. The
reason why some reference to this matter was inevitable lay in the recent episode of the Congressional discussion and the beginning of the Pujo Committee's
hearings at New York. These hearings of the House
Banking and Currency Committee • were suspended a
couple of months ago, admittedly because of the
manifest impropriety of conducting an inquiry of the
sort in the heat of a Presidential campaign; but they
were merely postponed until a later month, and the
question, therefore, was still left open, first, whether
that inquiry, when resumed, will or will not be
properly and impartially conducted; second, what
recommendations, if any, would be made by the Committee to Congress; third, what legislation, if any,
may be expected to follow.
It is impossible to deny that a highly unfortunate
impression was created in the business community
at large by the Committee's proceedings and the
character of the recent New York hearings. In the
first place, the Committee had sent out blank forms
of inquiry to all the national banks, with a number
of printed questions involving confidential information
regarding certain accounts of depositors, answers to
which were asked for in every case. In regard to this
matter, it will be remembered that the banks were
strongly advised by counsel that, in view of the
National Bank Act's provision that no such institution
"shall be subject to any visitorial powers other than
such as are authorized" by the Bank Act, "or are
vested in the courts of justice," they would be acting
unlawfully if they gave up such information to the
Committee. Next, when the Committee began its
hearings in New York during June, it was manifest at
once that the inquiry was more in the nature of a
prejudiced cross-examination than of a fair and
unbiased inquiry into the facts.
This was repeatedly illustrated in the case of the
questions regarding the Oriental Bank affair, in which
something approaching criminality was all but intimated by the Committee's counsel in his examinations,
and this before any one had been heard except certain
highly prejudiced witnesses. It was shown again in
the examinations of Clearing-House authorities re-
SEPT. 14 1912.
THE CHRONICLE
garding the issue of loan certificates, and the suspension
of cash payments, in the panic of 1907. The question
of charges on country check collections was taken up in
the same spirit of hostile inquiry. The examination
of Stock Exchange officers, with which the New York
hearings of the season closed, was marked by unfairness which went to the length of neglecting to call up
important testimony which had been offered by the
Stock Exchange Committee, and which bore directly
on the subject at issue. The whole spirit of this examination may be judged from the following colloquy,
which occurred in one of the hearings, between the
Committee's counsel and the manager of the Clearing
House, called as a witness in the matter of the ClearingHouse Committees' powers—we quote the official
printed record:
Mr.Scherer. "You must understand that the business
men of this town are behind the banks. The banks do
not run the business here; it is the business men that
ff
run it. During the panic
Mr. Untermyer. "What do you mean by business
men, the big financiers?"
Mr. Scherer. "No, I mean the merchants."
Mr. Untermyer. "Do you not know that it is the
men who really control the patronage of these banks
that really control the banks?"
, Mr. Scherer. "No."
Mr. Untermyer. "You do not think so?"
Mr. Scherer. "I will tell you why."
Mr. Untermyer. "I am afraid we will never get
through if we listen to any more whys."
Mr. George M. Reynolds, President of the Continental & Commercial National Bank of Chicago, addressing
the Bankers' Convention last Wednesday, had this to
say of the money trust inquiry. First, in regard to
the dragnet blank questions regarding relations of
banks to their depositors:
"I do not believe the bankers of the country will
enter the slightest objection to the making of a comprehensive investigation of the banks by those charged
by the House with that responsibility so long as such
investigation does not require them to disclose to the
public the confidential relations existing between
themselves and their customers, the divulgence of
which might greatly embarrass the customer and
thereby do serious injury to the banks. In my
opinion the banks should, and I believe they would, to
the limit of their ability to do so, decline to make
this information public.
"If a banker can be forced to disclose a confidential
relationship between his bank and its customer, it
would require but a short step further to capitalize for
the gratification of prejudice the confidence between
the attorney and his client as well as the secrets of the
confessional."
We believe this view of the case to be in all respects
warranted. Next, as to the money trust investigation itself:
"If the impending investigation can be divested of
everything except an honest desire to find the cause of
any unsatisfactory existing conditions, I believe it will
result in good; for I feel confident it will be found that
most of those conditions which have been the subject of
criticism have been the outgrowth of the inadequacy of
our system of banking and currency, and that bankers
generally, instead of entering into collusion with each
other to control the money power for improper uses,
are, in fact, only accepting such responsibilities as
come to them naturally and by virtue of and under
the law."
Regarding the policy pursued by the banks in the
panic of 1907, Mr. Reynolds had this to say:
"I wonder if the depositing public takes into consideration the fact that when the bank cannot pay its
651
deposits on demand, it is only because it cannot realize
on its credits extended to the borrowing public. Two
men may be neighbors; one is a depositor of $1,000 in
the bank, the other a borrower of $1,000 from it.
If the borrower will pay the note when demand is made
upon him to do so, the bank will also be in a position
to pay the depositor the amount of his balance. Therefore, in times of panic, the reason that banks cannot
pay the depositing public their obligations on demand,
is because the borrowing public cannot pay their ob-ligations to them."
Finally, as to the dangers which might easily be.
incurred by reckless policy or action on the part of the;
investigators, this was the speaker's conclusion:
"We, as bankers, should not hesitate to direct thg
attention of the public to possible dangers to business
that may be encountered if this investigation should at
any time be shorn of an honesty of purpose born of a
desire for improved conditions."
For ourselves, we do not greatly fear such a result.
Our reasons for this feeling are, first, that we think the
character of the investigation is likely to change considerably when the excitement of the present political
contest has died away. But second, and more than
this, we believe that the spirit of fairness on the part
of the general public will revolt against such tactics
as were pursued in the recent investigation in New
York, and which we have already illustrated. Again,
we imagine that even the casual observer will discover
to what extent the accusations and insinuations brought
up in the committee's inquiry came from the class of
would-be borrowers popularly known as "sore-heads,"
whose applications for credit had been rejected for
good and sufficient reasons wholly outside of any question of a money trust, but who chose to assume that
they were the victims of a conspiracy. And, last,
we are certainly hopeful that ordinary common sense
will, after the interval of reflection permitted by the
adjournment of the hearings, repudiate such notions
of a "Money Trust" as were expressed in the speeches
on the floor of the House last spring, when responsibility was laid on the shoulders of this imaginary combination for even such events as last winter's decline
in the price of cotton or for the panic of 1907 itself.
Even before the committee had begun its investigations, Senator La Follette's hallucination regarding the
hundred selected financiers who cause prosperity and
adversity in the United States, and who hold in their
hands the fortunes of all our people, had been laughed
out of court.
People with longer memories will be encouraged, we
imagine, by recalling the accusations hurled at what
was then called the "Money Power" by Bryan and by
the Populist platforms in the campaigns of 1892 and
1896, when a startled country suddenly learned that
the gold standard was being used by a small group of
evilly-disposed financiers to enslave mankind. What
followed, so far as regards the popular notion of the
gold standard and the Money Power will hardly have
been forgotten, though the Populist theories of 1892
have long disappeared from the public mind.
There is left, no doubt, the possible source of uneasiness as to what the successful political party,
whichever it may be, will do when it comes into power.
What we have already said applies pretty definitely
to the probable action of such a party. It is worth
while at this juncture, however, to quote once more
what was said in his speech of acceptance on this
matter by the candidate whose position on such questions was perhaps regarded as apprehensively as that
of any other. Governor Wilson said a month ago,
652
THE CIIRONICLE
in accepting the Democratic nomination and in referring to the close relations which had grown up between
banks and the various great corporations:
"There is nothing illegal about these confederacies,
so far as I can perceive. They have come about very
naturally, generally without plan or deliberation, rather
because there was so much money to be invested and
it was in the hands, at great financial centres, of men
acquainted with one another, and intimately associated
in business, than because any one had conceived or was
carrying out a plan of general control."
This was at least a calm and sane statement of the
case. Let the so-called "Money Trust problem" be
approached in this spirit of fairness and open-mindedness, and we shall have reason for believing that Mr.
Reynolds' suggestion of possible dangers to credit will
be averted.
THE NORFOLK de WESTERN REPORT.
The Norfolk & Western Railway is one of the smaller
railroad systems of the country which - manages to
maintain prosperity on very low rates and keeps each
year extending its phenomenal record of growth. Its
traffic has been entirely built up on low rates, and its
freight is of such character (consisting chiefly of coal
and other minerals) that high rates would, in any
event, be out of the question. It is significant, nevertheless, of the trying conditions prevailing in the railroad world that rates instead of improving still continue to decline at a time when operating• costs are
rising by reason of advances in wages and the higher
prices of other items entering into the operating
accounts, which would furnish full warrant for an
increase in rates.
In the year under review there was a further decrease
in the average freight rate, this averaging 4.24 mills
per ton per mile, against 4.43 mills obtained in the
fiscal year 1911, 4.47 mills in 1910, 4.60 mills in 1909,
4.81 mills in 1908 and 4.95 mills in 1907. Thus in
five years there has been a decline in the average rate
obtained of 71 hundredths of a mill per ton
mile, or not far from 15%. As noted by us
on previous occasions, this decline may be due in some
measure to an increase in the proportion of the lowest
classes of freight—those taking the smallest rates—
or it may reflect the intensity of coMpetition and the
making of concessions in order to widen the market
for the coal produced along the road. Doubtless both
causes were operative, and yet that does not change
the fact that the company is each year being obliged
to move its traffic at a lower average figure.
It is fortunate that through far-sighted management
and through the building of branches and feeders that
serve to open up and develop the resources of the
territory tributary to the system, it is found possible
to extend the tonnage of the system in a most striking
way. Save for this, the prosperity of this noted little
system must long since have become impaired. The
company suffers, in common with others, from the refusal of the Inter-State Commerce Commission to
sanction higher freight schedules, notwithstanding the
rise in operating costs, but the Norfolk & Western
finds—what many other roads lack—a compensating
advantage in a degree of growth so marked as to furnish an offset to the leveling down of average rates.
In the year under review aggregate gross revenues
increased $4,177,714, or 11.75%. In the freight
revenues the increase was almost 13 per cent-12.97%.
This large ratio of growth would not be very remarkable if it came after losses the previous year, so that
[VoL. Lxxxxv.
the improvement represented merely a recovery of
what had then been lost. As a matter of fact, in the
Norfolk & Western case there was no shrinkage at all
in the year immediately preceding, notwithstanding
the depression in general business throughout the
United States and the unsatisfactory state of the iron
and steel industry which then prevailed. The course
of the net was wholly different, but in the case of the
grass there was a slight increase,even in 1911—that is,
in 1911 there was $493,652 increase, following most
noteworthy expansion in the years immediately preceding; for instance, in 1910 the gain had been nearly
59. million dollars.
For the year under review aggregate gross revenues
were close to forty million dollars, being, in exact
figures, $39,735,237, while in 1908 they had fallen
short of 29 million dollars, being then, $28,962,217.
This gives a rate of growth for the four years
of not far from 40%. As regards the further increase
in the late year, it should be noted that shipments of
coal increased 4,362,929 tons over the year preceding.
Reflecting the fact that during the early portion of the
fiscal year the iron and steel industry still remained depressed, the shipments of ore for the twelve months
register a decrease of 198,090 tons, or 22.52%, and
the shipments of coke a decrease of 593,668 tons, or
30.13%. These losses, too, followed losses in the previous year. The growth in the company's bituminous
coal tonnage has been simply marvelous, indicating
the development of contiguous territory. In fact,
during the last four years this bituminous coal traffic
has considerably more than doubled, rising from
9,683,050 tons to 19,829,568 tons. The gain in that
item represents pretty nearly the gain in the total
revenue tonnage, which in the same four years advanced from 18,608,190 tons to 29,335,583 tons.
As already indicated, augmenting expenses have
eaten up a very considerable part of the additional
revenue in gross derived from this rapidly expanding
volume of business. For the late year the result
was not so bad, inasmuch as a gain of $4,177,714 in
gross was attended by not more than $2,711,149
additional expenses, leaving therefore an improvement
in net of $1,466,565. But in the year preceding, with
only $493,652 gain in gross, expenses had run up in
the sum of $1,911,520, causing a loss in net of no less
than $1,417,868. By combining the two years, therefore, it is found that, as far as the net is concerned,
the late year's gain is simply a recovery of what had
been lost the previous year. In other words, while
gross increased in the two years $4,671,356, the gain
in the net is only $48,697. • For the late year the ratio
of expenses to gross earnings was 64.60%, or a little
higher even than for 1911,when the ratio was 64.57%.
President Johnson points out that the liberal expenditures which have been made for improvements and
for heavy engines and freight cars of large capacity
have enabled the company to show a practically unchanged ratio of operating expenses to operating revenues, notwithstanding substantial increases in rates
of employees' wages. Going back a year further,
however, it is found that the ratio of expenses to earnings then was only 60.02%.
In comparing 1912 with 1910, we are comparing
with maximum results in the net, and, though the two
years' growth in gross revenues has yielded practically
no addition to net, it is nevertheless a fact that the
general income statement for the twelve months remains on the whole good. By this we mean that, after
allowing for all expenses and fixed charges, a substan-
SEPT. 14 1912.]
TIIE CIIRONICLE
tial surplus remains over the requirements for the
dividends. Stated in brief, a balance remains on the
operations of the twelve months, after allowing for
the dividends on the adjustment preferred stock, in
amount of $8,462,006. The dividend rate was raised
during the year from 5% per annum to 6%, but aggregate payments on the common shares out of the year's
earnings were only 5%%, which called for $4,668,437
(on the varying amount of stock out during the year).
Accordingly there is a surplus of almost $3,800,000
above the dividends on the operations of the twelve
months. On the full amount of stock outstanding
at the end of the fiscal year, namely $85,653,000, the
call for the 6% dividends would be $5,114,400, leaving
even on that basis a surplus of over $3,000,000 above
the dividend requirements. Stated in brief, the
$8,462,006 available .for dividends on the results for
the year is equivalent to almost 10% on the amount
of stock now outstanding.
It should be noted that the company's financial condition was improved during the twelve months and
also that further efficiency of operations was attained.
Except for this latter fact, the company's income
statement would be totally different in character under
the steady decline in rates and the advances in wages
and rise in operating cost generally. With a trainload already averaging pretty high, there was a further
addition to the average in the late year of almost 50
tons—in exact figures, 49.82 tons. This further increase brought the average load up to 692 tons, which
compares with 643 tons in the previous year, with 635
tons in 1909-10, with 616 tons in 1908-09, with 571
tons in 1907-08 and with 569 tons in 1906-07. The
increase in the five years has been 125 tons per train
mile, or over 21%. How the improved lading of
the trains acts to improve net results will appear when
we say that for the year under review the trains earned
$2.96 per mile run against $2.83 in 1906-07, notwithstanding the great decline in the interval in the average rate realized per ton mile.
With reference to the company's finances,it is to be
said that the increase in the total of common stock outstanding during the twelve months, from $74,284,000
to $85,240,000, was brought about entirely by the
issue of $11,369,000 of stock in exchange for a like
amount of the company's convertible 10-25-year 4%
gold bonds. Besides the $11,369,000 decreasQ in the
convertible bonds, there was a reduction of $2,000,000
in the equipment trust obligations, making a total reduction in funded debt for the twelve months of $13,369,000. A new issue of 10-20-year convertible 4%
bonds was authorized last January, and shareholders
were given the privilege of subscribing for $13,300,000
of the same, of which they actually took $13,029,600.
These bonds were not deliverable, however, until
September 1912.
Though the system is a relatively small one, comprising about 2,000 miles of road, its new capital
requirements from year to year are very considerable.
During the late year the expenditures for road and
equipment aggregated $6,866,692. From a statement in the report it appears that from the commencement of operations on Oct. 1 1896 to June 30 1912 the
company has expended for acquiring or constructing
additional road,second track, sidings, yards and equipment, and for grade revision, &c., no less than $95,731,438, the money for which was obtained to the
extent of $08,419,916 from sales of capital obligations.
The remaining $27,311,522 came directly out of surplus
revenue. This last shows how conservatively the
653
property has been managed throughout the whole of
the period since its reorganization. The company is
now controlled by the Pennsylvania Railroad, and
everything in connection with the property is rapidly
being brought up to Pennsylvania standards. Even
the annual report is now in folio form, of the same size
and style as the Pennsylvania's own report.
RAILROAD GROSS AND NET EARNINGS FOR
JULY.
July, the first month of the new fiscal year of
United States railroads, opened very auspiciously
in the matter of railroad earnings. By this
we mean that gross earnings record a very substantial improvement as compared with the
corresponding month of last year. The same qualifying feature, however, is to be noted as in all preceding
months, namely that operating expenses keep increasing in a very marked degree. For the month
there has been an addition to the gross revenues of the
roads in the large sum of $23,007,660, but this has
been attended by an augmentation in expenses in the
sum of $14,117,072. This still leaves an improvement,
however, in net earnings of $8,890,588, which is better
than the result in any monthly statement for a long
time past.
July —416 roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
—Increase or Decrease—
Amount.
1012.
1911.
%
1.55
3,518
227,194 Inc.
230,712
$245,595,532 $222,587,872 Inc. $23,007,660 10.34
9.28
152,050,895 Inc. 14,117,072
166,167,067
$79,427,565
$70,536,977 Inc.
88.890,588
12.61
In the case of some of the separate roads the addition to expenses has been of such magnitude as to
offset the greater part of the gains in gross and in
a few instances so as to wipe out these gains entirely
and produce a loss in net. The New York Central,
though having added $447,716 to gross, reports a loss
of $156,376 in net, owing to the great increase in
expenses. This is for the Central itself, but the
showing is the same when the auxiliary and controlled
roads are included, the whole going to form the New
York Central System. In that event we get $1,494,310
gain in gross, with $324,790 loss in net. It is to be
borne in mind, however, that in July of last year the
showing was exactly the reverse, expenses then being
heavily reduced, so that with a gain of $612,806 in
gross there was an improvement of $1,844,331 in the
net. The Baltimore & Ohio this time, while having
increased gross by $731,728, has a gain of only $146,712 in net. Last year the Baltimore & Ohio had
$226,576 decrease in gross and $121,856 increase in
net. The Pennsylvania Railroad reports for the
present year on the lines directly operated East and
West of Pittsburgh $3,909,628 increase in gross and
$1,756,560 increase in net. This follows$482,323 loss
in gross and $119,096 gain in net in July 1911.
Southern roads furnish particularly striking examples of heavily augmented expenses. Thus, the
Louisville & Nashville, with $214,427 addition to gross,
falls $126,886 behind in net; the Atlantic Coast Line,
while having added $209,432 to gross, loses $75,077
in net, and the Seaboard Air Line, though running
$102,325 ahead in gross, falls $19,475 behind in net.
The Southern Railway has an increase in the large
sum of $657,526 in gross but only $79,426 increase in
net. The Yazoo & Mississippi Valley loses $5,155 in
gross and $122,632 in net and the Illinois Central,
by which it is controlled, has $26,028 decrease in
gross and $261,420 decrease in net.
Western roads as a rule make a very satisfactory
showing in both gross and net, but even here there are
654
THE CHRONICLE
striking instanced of augmentation in expenses, as for
instance in the case of the Great Northern Railway,
where an addition of $723,003 to gross has yielded only
$106,610 gain in net. In the gross the improvement
has been large and general all over the United States
and even in the case of the net there are relatively few
exceptions where there are losses instead of gains.
In the following we show all changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases, in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
Increases.
Increases.
Pennsylvania
y$3,909,628 St Louis Southwestern_ __ $262,169
Atch Top & Santa Fe_ _ _ _ 1,154,877 Minn St P &SSM
258,850
Missouri Pacific
747,405 Chicago Burl & Quincy__ _
253,872
Baltimore & Ohio
731,728 Louisville & Nashville_ ___
214,427
Great Northern
723,003 Atlantic Coast Line
209,432
Chic Milw & St Paul
716,081 Phila Balto & Wash
206,363
Southern Pacific
667,436 Internat'l& Great North_
204,688
Southern
657,526 St Louis & San Fran
195,497
Rock Island
647,125 Duluth & Iron Range____
161,617
Chicago & North Western
590,245 Texas & Pacific
161,106
NYNH& Hartford_ _ _ _
556,057 Central of Georgia
150,498
Norfolk & Western
526,137 Si Paso & Southwestern__
139,920
Northern Pacific
517,504 Missouri Kamm; & Texas
128,768
495,416 Chic St Paul Minn & Om.._
Philadelphia & Reading_ _
127,772
Union Pacific
490,074 Bessemer ec Lake Erie_ _ _ _
123,701
a447,716 Minn & St Louis
N Y Central & Hud
121,531
Erie
445,799 Northern Central
113,992
Lehigh Valley
442,051 San Ped Los Ang & S L....
111,006
Elgin Joliet & Eastern__ _
398,951 Western Pacific
108,181
Boston & Maine
390,643 Wabash
102,568
Lake Shore & Mich Sou_ _
323,128 Seaboard Air Line
102,325
Michigan Central
309,024
Chic Milw & Puget Sound
289,276
Pitts & Lake Erio
277,320
Representing 46 roads
Delaware Lack & West__ _
271,562
in our compilation.. _$20,183,996
Note.-All the figures in the above are on the basis of the returns
filed with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
In the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c., the
whole going to form the New York Central System, the result is a gain of
41,494,310.
y These figures represent the lines directly operated east and west of
Pittsburgh, Eastern linos showing $1,945,678 increase and the Western lines
$1,963,950. For all lines owned, leased, operated and controlled, the result
for the month is a gain of $4,537,823.
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
Increases.
Increases.
Pennsylvania
01,756,550 St Louis Southwestern_ __ $133,472
Missouri Paolfie
760,421 Delaware Lack & West__
131,480
Southern Pacific
665,984 Chicago St Paul M & Om_
110,582
Atch Top & Santa Fe_ __ _
594,141 El Paso Southwestern_ _ __
110,331
Chic Milw & St Paul
588,479 Great Northern
106,610
Rock Island
478,247 N Y Ontario & Western
106,233
Union Pacific)
417,068 Chicago Milw & Pug &I
102,689
N Y N II & Hartford__ _
330,090
Philadelphia & Reading_ _
306,122
Representing 29 roads
Boston & Maine
307,466
in our compilation_ _ _$9,471,690
Lehigh Valley
292,693
Elgin joilet & Eastern._ _
269,260
Decreases.
Chicago & North West.__
245,292 Illinois Central
$261,420
Chicago Burl & Quincy_ _
231,969 Texas & Pacific
190,039
Norfolk & Western
218,479 N Y Cent & Hud Riv
a156,376
Missouri Kansas & Texas.. 212,177 Cloy eine Chic & St L
156,298
San Pod Los Ang & S L.._
199,253 Louisville & Nashville.. _ _ _
126 886
Northern Pacific
194,167 Yazoo & Miss Valley
122,632
Erie
178,411 N Y Chicago & St Louis
108,915
Baltimore & Ohio
146,712
Duluth & Iron Range_ _
143,376
Representing 7 roads in
Pittsburgh 40 Lake Erie
133,936
our compilation
$1,122,566
a These figures cover merely the operations of the New York Central itself.
Including e
the
t aintrjr4e auxiliary r
.
od r t
,itireo,
,
,
,vokel
roads,;?.
lttlel!v? Lho, Michigan
w ie
the
going to form the N. Y. Central System, the result is a loss of $324,790.
represent the
directly operated east tited %,vygtegfi
Piltsbrrffeh,figireE
measre. For sail lines owned, leaseda,seoperated and conlines *aa6,oll etincr
trolled, the result is a gain of $1,915,153.
It seems not unnatural to find considerable improvement in earnings inasmuch as trade activity has been
expanding in all directions and the indications point
to abundant harvests. It will be asked whether
comparison is not with heavily diminished earnings
last year. The reply is that the changes in July 1911,
speaking of the roads collectively, were relatively
slight, there being a loss in gross then of $1,555,652,
or less than 1%, with a trifling gain in net, namely
$31,411. Going back a year further, to July 1910,
we find that rising expenses were even then an adverse feature, our statement having registered $11,322,306 increase in gross but a decrease of $4,642,041
in net. In July 1909 the statement was favorable,
there having been $23,529,848 gain in gross and
$10,109,278 gain in net. But the additions then were
deprived of much of their significance by the fact that
they succeeded tremendous losses in July 1908, when,
according to the figures prepared by the Commerce
Commission, there was a shrinkage of no less than
$33,426,116 in gross and of 88,485,484 in net. In the
following we furnish the July comparisons back to
1897. For 1910, 1909 and 1908 we use the InterState Commerce totals, but for preceding years we
[VOL. LXXXXV.
give the results just as registered by our own tables
each year-a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads in those days
to furnish monthly figures for publication.
Gross Earnings,
Net Earnings
Year.
Year
Increase (-I-)
Preceding. or Dec.
Year
Given.
(-).
Year
Given.
Year
Increase (-I-)
Preceding. Jr Dec.
(-).
3
July.
896 ___
897._
898.._
899 ___
900 ___
901 ___
902_._
903 ___
904 ___
905_.._
906 __
907 ___
908 ___
$
$
$
$
51,132,768 50,890,523
+242,245 15,556,978 15,490,273
58,183,393 54,228,118 +3,955.275 10,091,236 16,530,293
63,172,974 62,339,710
+833,264 19,971,051 20,694,375
72,204,314 61,434,246 +10,770,068 24,377,447 19,672,510
83,343,882 77,671,358 +5,672,524 26,687,209 25,989,927
99,334,538 86,920,806 +12,413,732 34,925,716 27,680,869
102,960,249 97,691,960 +5,268,281 33,634,610 33,824,597
115,691,747 97,856,175 +17,835,572 38,296,851 31,846,608
106,055,490 113,678,564 -6,723,074 14,398,740 37,353,409
118,404,552 107,325,222 +11,079,330 43,594,553 40,256,131
129,386,440 114,556,367 +14,830,073 42,808.250 36,718,416
137,212,522 118,666,092 +18,546,430 11,891,837 39,448,771
195,246,134 228,672,250 -33,426,116 67,194,321 75,679,805
219,964,739 195,245,655 +24,719,084 78,350,772 07,267,352
910 ___ 430,615,776 217,803,354 +12,812,421 73,157,547 77,643,305
911 ___ 224,751,083 226,306,735 -1,555,652 72,423,469 72,392,058
912 .._ _ 245,595,532 222,587,872 +23,007,660 79,427,565 70,536,977
$
+60,705
+2,560,943
-723,324
+4,704,937
-1-697,282
+7,244,847
-189,987
+6,450,153
-2,954,669
+3,338,422
+0,089,834
+2,443,066
-8,485,484
+11,083,420
-4,485,758
+31,411
+8,890,588
Note -In 1896 the number of roads included for the month to July was 130: In
1897, 127; In 1898, 123; in 1899, 114; in 1900, 117; in 1901, 108; in 1902, 103; in
1903, 106; in 1904, 98; in 1905, 94; In 1906, 90; in 1907, 82; in 1908 the returns were
based on 231,836 miles of road: In 1909, 234,500; in 1910, 238,169; in 1911,230,076;
In 1912,230,712. We no longer include the Mexican roads or tile coal-mining operations of the anthracite coal roads in our totals.
When the roads are arranged in groups or geographical divisions the generally favorable nature
of the results is made strikingly apparent, for every
geographical division shows a substantial improvement in gross and all the divisions, with one exception,
also show improvement in net, though this improvement is small in the case of two of the groups. Our
summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1912.
1911.
Inc.(-1-)or Dc.(-)
Juiu.
Section or GroupGroup 1(14 roads), New England_ _ _ _
Group 2(79 roads), East dr Middle__ __
Group 3(63 roads), Middle West
Groups 4 & 5(75 roads), Southern
Groups 6 (!ic 7 (62 roads), Northwest
Groups 8 & 9(89 roads),Southwest_
Group 10(34 roads), Pacific Coast
Total (416 roads)
-.1fIleage-1912. 1911.
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5.. _
Groups Nos. 6 & 7.._
Groups Nos. 8 & 9_ _
Group No. 10
7,431
25,049
25,165
38,382
63,606
54,910
16,169
7,259
24,794
24,542
37,981
63,107
53,673
15,838
11,754.083
50,377,761
35,700,893
29,642,519
55,493,027
38,073,205
15,553,144
10,684,192 +1,070,791 10.02
53,657,525 +5,720,236 10.66
32,016,537 +3,684,356 11.51
27,202,484 +2,440,035 0.00
50,770,276 +4,722,751 9.30
3;3,803,370 +4,269,8:35 12.63
14,453,488 +1,009,656 7.61
245,595,532 222,587,872 +23,007,060 10.34
Net Earnings
Increase (-I-) or
1912.
1911.
Decrease (-).
$
3,955,144 :3,270,592
+684,552 20.93
.19,679,745 17,510,327 +2,169,418 12.39
10,873,998 10,101,999
+681,999 6.09
8,009,331
8,194,032
-184,701 2.25
19,635,043 17,429,365 +2,205,678 12.66
10,088,181
7,900,616 +2,187,635 27.69
7,186,123 0,040,116 +1,t46,007 18.97
Total
230,712 227,194 79,427,565 70,536,977 +8,890,538 12.61
NOTE.-Group I. includes all of the New England States.
Group II. includes all of New .York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Inniana; all of Michigan except the not them
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV.and V.combined include the Southern States south of the Ohio and east
of the Mississippi River.
•
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line pcssing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma. Arkansas and
Indian Territory, Missouri south of St. Louts and Kansas City; Colorado south of
Denver,the whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe
and east of a line running front Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of Nt w Mexico.
RAILROAD GROSS EARNINGS FOR AUGUST.
In the preceding article we review the earnings of
United States railroads for the month of July and deal
with the results as to both gross and net. The showing
is found to be the best of any monthly exhibit for a long
time past. In the present article we present some
early preliminary figures for the month of August.
The figures relate only to the gross earnings and
embrace merely the roads which make it a practice
to furnish preliminary estimates of their gross revenues,
since less than two weeks have elapsed since the close
of the month. So far as it goes, this preliminary
exhibit for the month of August points to the same
satisfactory showing as is revealed for the month of
July.
Our compilation covers 89,691 miles of road the
present year, and on this mileage there is an increase
of $6.276,721. or 8.79. The statement this time,
SEPT. 14 19i2]
655
THE CHRONICLE
As an indication of what the great activity of the
as is always true of our preliminary exhibits, includes
for certain classes of roads
three important Canadian properties, namely the iron and steel trade is doing
represented in the present
Canadian Pacific, the Grand Trunk Ry. of Canada and -few of which, however, are
that the shipments
note
may
-we
the Canadian Northern, which are particularly con- early statement
Upper Lake ports
the
from
water
of
by
ore
iron
spicuous for the extent of their gains. These three
1912, as against
Aug.
in
tons
7,760,248
to
amounted
systems altogether contribute $2,601,941 of increase,
year.
last
August
in
tons
only
5,548,311
$3,674,780
but even with this deducted there remains
Among the separate roads, there are only three
gain for the railroads in the United States. Moreover,
decreases of any considerable
it seems not unlikely that the final showing will be which have suffered
& Southern, $116,174;
much better than is indicated by these early figures amount, namely the Colorado
the Yazoo & Missisand
$87,596,
inasmuch as the roads now included are mainly South- the Illinois Central,
these, however,
against
As
sippi
$71,501.
Valley,
ern cotton-carrying and Western grain-carrying roads,
very considerfor
some
a
is
increases,
there
list
of
long
which do not benefit to the same extent from the
all changes
show
we
following
the
able
In
amounts.
the
of
activity
revival in trade and the extraordinary
of $30,000
excess
in
amounts
for
for
the
roads
separate
systems
railroad
iron and steel industry,as do the great
running through the manufacturing and mineral dis- whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN AUGUST.
tricts, like the Pennsylvania RR.
Increases.
Increases.
74,680
or
in
larger
accruing
benefits
Canadian
Pacific
$1,813,000 Seaboard Air Line
the
to
addition
In
50,976
Southern_
Great
884,725 Alabama
Great Northern
50,106
Pacific
673,655 Chicago Great Western__
smaller measure to all the railroads of the United Missouri
$8,900
463,741 Central of Georgia
Grand Trunk
37.647
325,200 Aew Orleans & N E
Northern
States from the revival in business, Western roads Canadian
268,188
Minn St P &SSM
231,457
Representing -21 roads
& Nashville
also had the advantage in many cases of a larger Louisville
in our compilation_ __$6,407,706
229,850
Wabash
Decreases.
223,508
Southern
roads
Southern
hand,
grain movement. On the other
191,438 Colorado & Southern___: $116,174
Chesapeake & Ohio
87.596
Central
Illinois
183,025
&Texas
Kan
Missouri
cotton
in
their
contraction
of
a
suffered somewhat
71,501
176,717 Yazoo & Miss Valley
Buffalo Roch & Pittsb___
160,000
North__
Great
&
Internat
far
so
being
not
crop
cotton
seasons'
this
movement,
Representing 3 roads in
123,000
St Louis Southwest
$275,271
our compilation
111,035
& Ohio
advanced as that of last season. The shipments of Mobile
$96,858
Minn & St Louis
cotton overland were 12,103 bales in Aug. 1912,
In August last year the showing was not unfavorable,
against only 10,613 bales in Aug. 1911, but the receipts all things considered,and hence comparison is not, as
at the Southern ports aggregated only 247,637 bales, might be imagined, with heavily diminished totals.
against 318,401 bales, as will be seen from the following: Our early statement for August 1911, ,coyering subRECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
stantially the same roads as are to-day represented in
JANUARY 1 TO AUGUST 31 1912, 1911 AND 1910.
our tabulation, showed a gain of $2,225,398, or a little
Since January 1.
A 'toast.
over 3%. The three Canadian systems contributed
Ports.
1911.
1910.
1912.
1912. 1911. 1910.
of this increase, leaving still, however, a
$2,092,275
bales. 218,740 205,413 120,363 1,471,861 879,71€ 814,169
Galveston
107,857
329,244
269,970
242
12,683
431;
slight increase for United States railroads, namely
Port Arthur, See
9,693 32,175 11,685 806,986 640,507 609,645
New Orleans
85,503
58,887
892 153,243
2,544
700
In prior years, with the exception of the
Mobile
59,315 $133,123.
88,411
100 179,580
284
141
Pensacola, &c
10,421 36,147 15,496 820,508 348,214 264,040
Savannah
in 1908 which followed after the
contraction
39,817 great
80,03E
..._ 162,081 38,890
14 26,750
Brunswick
40,882
2,076 1,437 4,631 116,611
Charleston
record of earnings in August was
the
1907,
of
792 panic
756
386
Georgetown
451 -1472 189,929 75,636 41,948 one of accumulating gains for -a long series of years.
50
Wilmington
2,660 2,381 6,8(19 291,112 138,238 179,833
Norfolk
1,140 • 7,269
28,842
866
Newport News, dte
In August 1910 our early statement showed an addition
-247,637 118,401 160,420 4,550,588 2,620,511 2,251,070
Total
of $5,600,104, or 9.90%. In 1909 also there was a
gain, this being $6,102,600, or 11.77%. Still these
In the case of the Western grain movement the corn
two, however, only a little more than sufficed to make
receipts fell below those of last year and so did the
good the $10,691,980 loss experienced in 1908. Prior
Jbarley receipts, but the wheat deliveries and the oats
to 1908 there were increases in each and eery year
and rye deliveries ran far in excess of twelve months
back to 1896, as will appear from the following sumago. Combining wheat, corn, oats, barley and rye,
mary of the monthly totals, drawn from our. early
the aggregate deliveries at the Western primary mars each year.
compilation
kets for the five weeks ending Aug. 31 were 81,044,209
Gross Earnings.
Mileage.
bushels, against only 71,302,749 bushels in the corresAugust.
Increase(+)
Year
Year
Year
Year Inponding five weeks of 1911. The details of the Westl'receilings DT Decrease(-).
Given.
Given. Prece.l. cr'se.
ern grain movement in our usual form are shown in Year. Roads Miles.
$
1896._ 120 83,051 89,225 0.82 33,801,525 40,010,144 -1,208,610 3.02
the tables which follows:
1897._ 118 93,108 91,625 1.62 43,190,342 38,520.309 +4,663,943 12.62
WESTERN FLOUR AND GRAIN RECEIPTS.
Bye.
Barley.
Oats.
Corn.
Wheat.
Flour.
Five weeks
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
end.Aug.31. (bbis.)
1'hicago906,700 249,800
7,568,700 6,894,200 15,255,000
613,109
1912
7,794,500 14,359,800 1,438,500 188,000
634,600 9,604,800
1911
31ilteaukee631,280
1,193,400
617,500 105,600
1,887,250
261,615
1912
92,820
881,000
883,700
820,350
1,624,970
352,290
1911
Si. Louis1,497,235 3,103,625
7,286,092
53,990 169,400
301,550
1912
48,400
2,336,115
2,005,284
74,715
2,211,700
291,395
' 1911
Toledo1.000
224,400
909,000
1,348,500
1912
4,000
342,200
1,577,000
1,332,500
1911
Detroit164,500
25,000
361,300
24,945
1912
216,673
387,634
489,178
35,813
1911
Cleveland146,073
1,665
86,961
40,130
3,467
1912
332,054
2,405
207,382
42,326
3,114
1911
Peoria51,400
1,509,921
405,000
108,562
203,656
2,055,811
1912
25,200
1,380,421
95,335
279,670
195,810
1,148,900
1911
Dututh253,286 138,874
69,540
457,493
73,310
1912
98,563
24,803
1,405,466
296,675
77,660
101,500
. 1911
31innea polis675,670
7,551,320
377,020'
1,615,800
1,233,361
1912
083,080
7,099,040
906,260 1,150,900 415,670
1911
Kansas City956,800
11,979,600
892,500
1912
1,767,400
4,416,000
672,800
1911
.....
Total of aU1912
1,477,882 38,089,585 12,401,429
1911
1,580,082 28,442;190 15,727,596
25,603,768 3,557,593 1,391,834
22,314,020 3,946,290 872353
1898_
1899_-__
1900_
1901_
1902____
1903._
1904____
1905____
1907____
1909_-__
1910____
1911_
121
112
105
96
76
76
67
56
68
67
52
49
46
50
47
94,185
95,798
96.376
99,951
90,102
98,126
83,160
81,055
92,788
93,683
82,513
78,484
81,879
89,799
89,691
93,792
94,771
93,157
97,750
88,620
96,047
81,248
79,192
90,455
92,898
81,261
77,217
78,874
87,984
88,135
0.42
1.08
3.45
2.25
1.67
2.16
2.35
2.26
2.58
0.89
1.54
1.65
3.81
2.06
1.77
46,632,848
54,751,100
57,143,176
65,155,714
58,887,908
72,505,067
59,445,529
58,859,481
79,344,748
86,377,190
59,649,837
57,953.811
62,005,137
71,282,467
77,638,413
44,446,940 +2,185,908 4.92
48,325,106 +6,425,994 13.29
53,731,004 +3.412,172 6.35
57,439,471 +7,716,243 13.43
56,213,712 +2,674,196 4.75
66,411069 +6,093,998 9.17
57,494,231 +1,951,298 3.39
55,955,430, +2,904,051 5.19
70,099;249 +9,245,49'. 13.19
79.029,051 +7,348,139 9.30
70,341,817 -10,691,980 15.20
51,851,211 •+6,102,600 11.77
56,405;033 +5,600,104 9.90
69,057,069 +2,225,398 .322
71,361,692 +6,276,721 8.79
Li
Jan lto Aug. 311896._ 116 88,742 88,000 0.83 287,248,002 272,696,995 +14,551,007 5.33
1897._ 114 92,379 90,896 1.62 298,238,929 291,032,827 +6,306.10: 2.16
1898._ 121 94,185 93,792 0.42 137,683.518 304,008,624 +33,674,894 11.07
110 95,484 94,455 1.08 378,241,765 348,511,473 +29,730,292 8.53
1899.
1900____ 105 96,376 93,157 3.45 417,335,014 371,773,610 +45,561,404 12.25
92 96,056 93,855 2.34 117,198,174 376,726,858 +40,471,316 10.74
1901_
76 90,102 88,620 1.67 129,366,197 397,306,062 +32,060,135 8.07
1902____
1903._
76 98,126 96,017 2.16 536,623,682 475,299,340 +131,324,342 12.90
67 83,160 81,218 2.35 119,174,339 423,955.840 -4,781,501 1.12
1904____
55 80,798 78,035 2.26 421,764,129 393;742,645 +28,021,484 7.12
1905_
66 92,507 90,174 2.53 575,472,692 498,726,455 +76.746,237 15.39
1906_
67 93,683 92,898 0.84 6.36,734,664 575,891,850 +60,842,814 10.57
51 82,091 80,891 1.48 122,122,512 507,168,353 -85,045,841 16.78
1908.
49 78,484 77,217 1.65 109,593,132 367,711,841 +41,881,291 11.40
1909____
81,421 78,432 3.81 152,534,443 391,216,649 +61,317,794 15.68
45
1910_
50 89,799 87,984 2.06 311,926,161 504,172,509 +7,753,652 1.54
1911_
89,691 88,135 1.77 319,470,466 509,252,663 +40.217,803 7.91
47
1912._
Note.-Neither 'h.! earnings of the Mexican roads nor the mining operations of Ile
anthracite coal roads are included in,thil table . '
656
THE CHRONICLE
To complete our analysis we add the following
six-year comparisons of the earnings of leading roads
arranged in groups:
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
August.
1912.
Canadian Pac _
Chic & Alton...
Chic Grt West's
Dul So Sh & A.
Great Norther'
Minn & St L_1
Iowa Cent..)
M St P & SSMa
11,886,000
1,403,25
1,194,428
314,556
6,885,670
794,614
Total
1911.
1910.
1909.
1008.
10,073,000 9,255,331 7,426,985 6,385,957
1,402,455 1,460,644 1,265,060 1,150,976
1,144,322 1,102,227 1,014,144
737,340
299,962
336,479
308,440
222,540
56,000,951 85,875,568 65,557,913 54,460,472
697,756 5433,301
340,783
375,730
1302,174
265,670
270,860
2,404,807 2,136,619 1,998,743 1,785,030 1,639,324
1907.
8
7,010,177
1,129,395
776,972
333,139
5,742,628
346,009
259,893
1,750,598
4,883,340 21,755,065 20,764,467 18,004,162 15,203,077 17,348,811
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific in
1912, 1911, 1910, 1909 and 1908.
a Includes Chicago Division in 1912, 1911, 1910, 1909 and 1908; for previous year
we have combined Minneanolis St. Paul & S. S. M. and Wisconsin Central.
b Actual figures of earnings are now used for comparison.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
August.
1912.
1911.
1910.
1909.
1908.
1907.
_
Buff Roch do P 1,097,749
921,032
888,775
815,208
616,523
768,646
616,292
Chic Ind & Lou
627,466
613,737
531,300
487,147
556,509
Grand Trunk_ _
Grd Trk West }4.066.415 4,502,674 3,885,049 3,879,409 3,483,778 4,097,888
Det G H dc M
Canada Atlan
Illinois Cent _c_ 65,463,960 55,551,556 85,328,014 a4,870,027 a4,662,619 5,280,578
116,291
Tol Peor & W
117,692
124,623
107,372
102,091
105,251
Tol St L & W_
347,893
375,797
364,744
343,025
321,449
401,338
Wabash
2,930,490 2,700,640 2,756,976 2,624,167 2,376,979 2,602,303
Total
15,550,264 14,785,683 13,961,918 13,170,508 12,050,586 13,812,513
a No longer includes receipts from outside operations.
b No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of the Indianapolis Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP..
August.
1912.
$
Ala Great Sou.
415,120
Ala N 0 & T PN 0 & N E__
318,390
Ala & Vicksb_
151.265
Vicks Shr & P
144,087
Atl Birm & All d254,695
Cent of Georgia 1,086,700
Ches & Ohlo_c_ 3,210,570
Gin NOSETP
832,747
Louis & Nash.0 4,824,540
Mobile & Ohio.. 1,008,235
Scab Air Line.. 1,752,259
Southern Ry__ 5,480,128
Yazoo & MissV
738,990
1911.
1910.
1909.
1903.
1907.
$
364,114
$
386,658
8
305,425
$
304,303
8
361,640
[VoL. raxxxv.
Gross Earnings.
Name or Road.
1912.
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon _ _
Rio Grande Southern..
St Louis Southwestern
Seaboard Air Line_ _- _
Southern Railway_ _ - Tenn Ala & Georgia_ _
Texas & Pacific
Toledo Peor do West_ _
Toledo St L & West_ _
Wabash
Yazoo & Miss Valley_
5,433,994
1,008,235
43,365
50,277
1,058,000
1,752,259
5,489,128
y6,868
1,324,886
116,291
347,893
2,930,490
738,990
1911.
4,760,339
897,200
32,417
47,689
935,000
1,677,579
5,265,620
y7,134
1,304,159
117,692
375,797
2,700,640
810,491
Total (47 roads).. _ _ 77,638,413 71,361,692
Net increase (8.79%)..
Mexican Roads (not in eluded In t °tal)Interoceanic of Mex_.
669,124
772,248
Nat Rys of Mexlco_z_
5,336,769 5,301,969
Mileage.
Inc. (-I-) or
Dec. (-). 1912. 1911.
+673,655 7,233
+111,035 1,114
+10,948
238
+2,588
180
+123,000 1,614
+74,680 3,070
+223,508 7,034
-266
95
+20,727 1,885
-1,401
247
-27,904
451
+229,850'2,514
-71,501 1,374
7,233
1,114
184
180
1,499
3,046
7,089
95
1,885
247
451
2,514
1,374
+6,276,721 89,691 88,135
-103,124 1,048 1,035
-55,200 6,007 6,147
a Includes the Texas Central in both years
x Now includes Mexican International in both years.
V These figures are for three weeks only in bdth years.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
-The public sales of bank stocks this week aggregate 256
shares and were all made at the Stock Exchange. National
City Bank stock advanced from 427 to 435 on numerous sales
of small lots, amounting to 158 shares. Two shares of
Columbia-Knickerbocker Trust Co.stock were sold at auction
at 573, this being the first public sale of the stock of the
consolidated company.
Shares. BANKS-New York.
Low.
.158 City Bank, National
427
•98 Commerce, Nat. Bank of...... 203 Yi
TRUST COMPANY-New York.
Colum.-Knickerb. Trpst Co_ 573
• Sold at the Stock Exchange.
High. Close. Last previous sale.
435
435
Aug. 1912- 428
204
203 yi Sept. 1912- 204
573
573
-Favored with splendid weather, the thirty-eighth
280,743
301,427
212,044
263,041
269,676 annual convention of the American Bankers' Association,
131,065
149,938
130,941
113,380
128,414
132,438
116,746
106,268
110,350
138,309 which closed yesterday in Detroit, will long be remembered
254,695
230,079
139,101
195,586
172,431 by those so fortunate as to be able to attend
one of the
1,047,800
983,826
965,871
812,293
867,745
3,019,132 2,949,328 2,642,575 2,292,905 2,667,359 most enjoyable meetings ever held by the Association. In
804,189
834,604
601,114
766,221
666,688
4,593,083 4,567,267 4,061,442 3,649,746 4,426,453 all about three thousand delegates were registered, and
897,200
920,322
821,856
921,980
743,332
1,677,579 1,544,978 1,379,820 1,060,634 1,326,305 while not the largest in point of attendance, yet the con5,265,620 5,041,457 4,640,736 4,031,053 4,923,571 vention as a whole was a very important one; many vital
810,491
719,924
742,968 037,647
796,802
questions pertaining to the Association and to the financial
Total
20,226,726 19,262,487 18,762,246 16,823,602 14,769,394 17,865,032
world in general were ably discussed and debated upon. The
a Includes, beginning with this year, some large items of income not previously main convention assembled on Tuesday, sessions being held
ncluded in monthly returns.
S Includes Louisville & Atlantic and the Frankfort & Cincinnati in 1912, 1911, in the handsome Detroit Opera House. Governor Osborn's
1 910 and 1909.
address of welcome was enthusiastically received, as also
c Includes Chesapeake dc Ohio of Indiana, beginning July 11910.
d August 1912 not yet reported; taken same as last year.
were the welcoming addresses of George H. Russel, PresiEARNINGS OF SOUTHWESTERN GROUP.
dent of the Detroit Clearing House, and Homer Warren,
bce
President of the Chamber of Commerce.
August.
1912.
1911.
1910.
1909.
1908.
1907.
Much credit is due to President Livingstone and his many
$
$
$
$
$
$
Colo & South.* 1,179,963 1,296,137 1,483,650 1,372,058 1,269,881 1,114,736 aids for the most enjoyable entertainment accorded the
Deny dc Rio Gr 2,200,200 2,170,900 2,200,422 2,046,674 1,764,400 2,120,262
Intern Jr Gt N..
907,000
747,000
714,955
618,952
580,458
589,334 visiting bankers and their wives and daughters. In fact,
Mo K & T_a._ 2,564,060 2,381,035 2,297,490 2,179,360 2,200,770 2,288,414
Missouri Pac__ 5,433,991 4,760,339 4,723,542 4,574,924 3,907,886 4,670,229 it was a round of pleasure from day to day. On Monday afSt Louis S W__ 1,058,000
935,000
960,178
854,155
807,100
937,405 ternoon a reception and luncheon was tendered by the BurTexas & Pacific 1,324,886 1,304,159 1,294,383 1,174,208 1,071,902 1,256,730
roughs Adding Machine Co. at its plant, which was followed
Total
14,668,103 13,594,570 13,674,620 12,820,331 11,602,397 12,977,110
by another luncheon and moonlight excursion down the
* Excludes Colorado Springs & Cripple Creek District in 1912; in Aug. 1911 the Detroit River as guests of the Detroit bankers. Tuesday
earnings of that road were $64,690.
night the event of interest was the reception and ball given
a Includes the Texas Central in 1912, 1911 and 1910.
at the beautiful Wayne Gardens, and while the night was
GROSS EARNINGS AND MILEAGE IN AUGUST.
very warm, yet the affair being held in the open, facing the
Gross Earnings.
Mileage.
river, was much enjoyed by all.
Inc. (-I-) or
One of the most unique entertainments and one particu1912.
1911.
Dec. (-). 11912. 1911.
larly enjoyed by the men was the luncheon given on Thurs$
$
$
day afternoon by the Messrs. Hiram Walker & Sons,Ltd.,at
Alabama Great South
415,120
364,144
+50,976
309
309 their magnificent plant at Walkerville,
Ala N 0 & Tex PacificOntario. The bankers
• New On & N E_ _ __
280,743
318,390
+37,647
195
195 were conveyed by steamer to the spacious grounds of the
• Alabama & Vicksb_
151,265
131,065
+20,200
142
142
r• Vleks Shrev & Pao_
144,087
116,746
+27,341
171
171 firm, where a most elaborate luncheon was served in the open
Ann Arbor
238,438
218,695
-10,257
202
291 by
a well-known firm of Chicago caterers. On every hand
Buffalo Roch & Pitts_
1,097,749
921,032
+176,717573
568
Canadian Northern
1,745,800
1,420,600
+325,200 4,297 3,711
Canadi n Pacific
11,886,000 10,073,000 +1,813,000 11,178 10,542 the bankers were loud in their praises for the delightful reCentra of Georgia. _ _ _
1,086,700
1,047,800
+38,900 1,915 1,915 past and also the sail on beautiful Lake St. Clair.
Chesapeake & Ohio
3,210,570 3,019,132
+191,438 2,299 2,242
Chicago do Alton
The entire proceedings of the convention, including all
1,403,259 1,402,455
+804 1,026 1,026
Chicago Gt Western
1,194,428 1,144,322
+50,106 1,496 1,496
the addresses delivered before the various sections, will be
hicago Ind & Louisv_
627,466
616,292
+11,174
616
616
Inc New On & T P.._
832,747
804,189
+28,558
336
336 reported in full in the "Bankers' Convention Section"
Colorado & Southern_
-our
1,179,963
1,296,137
-116,174 1,814 2,008
Dcnvlr & Rio Grande 2,200,200 2,170,900
+29,300 2,598 2,555 usual annual supplement-which will be sent to all the subDetroit & Mackinac
106,325
109,783
-3,458
358
360
Duluth South Sh & Atl
314,556
299,962
+14,594
624
611 scribers of the "Chronicle" throughout the world next week,
Georgia South & Fla
187,713
187,370
343
395
395 Sept. 21. Important action was taken
Grand Trunk of Can_ I
by the assembled
Grand Trunk Westc 4,966,415 4,502,674
+463,741 4,540 4,528 bankers in the adoption of resolutions at the
opening session
, Det Cr Hay & MIL
Canada Atlantic_ _
on Tuesday declaring it the purpose of the Association to coGreat Northern
6,885,676 6,000,951
+884,725 7,482 7,344
Illinois Central
5,463,960 5,551,556
-87,596 4,763 4,763 operate with any and all people in devising an improved
lnternat & Gt North_
907,000
747,000
+160,000 1,160 1,160 currency
system for the country. This position seemed to
Louisville & Nashv_ _
4,824,540 4,593,083
+231,457 4,705 4,638
Macon & Birminghain
11,322
12,681
-1,359
105
105 the convention leaders to be the wisest in view of the oppoMidland Valley
129,684
118,198
+11,486
373
323
Mineral Range
74,883
64,015
+10,868
127
127 sition to the Aldrich monetary plan by the political parties
MInneap do St Louis_ 1
794,614
897,756
+96,858 1,585 1,585
Iowa Central
and the predominance of the tariff question in the PresiMinn St Paul & S-S11,I_
2,464,807 2,136,619
+268,188 3,769 3,763
Mo Kan & Texasa_ _ _
2,564,060 2,381,035
+183,025 3,390 3,399 dential campaign. The Association has twice in previous
"
•
conventionsAgone.Lonlrecord_as favoring the Aldrich: plan.
SEPT. 14 1912]
THE CHRONICLE
The resolution that was adopted reads as follows:
In order that the position of the American Bankers' Association as to a
reformation of our financial and banking system may be fairly understood,
and correctly placed before the public,
Be it resolved, That this Association will co-operate with any and all
us
people in devising a financial system for this country which shall place
on a par with the other great commercial and competing nations; a system
which shall give to the American people, of all classes and conditions, the
financial facilities and Industrial advantages to which they are entitled.
Festus J. Wade of St. Louis, reading the report of the
Association Currency Commission, referred to the failure to
secure action on the currency at the recent session of Congress and commented furthe:r
It is idle to hope for general legislation of such an important character
In a short session of Congress. We may, therefore, fairly conclude that there
is no hope for the accomplishment of results except at the hands of the
Congress and the Administration to be elected this fall. We can proceed
more intelligently and efficiently after the result of the election is known
and we have an opportunity to confer with and become acquainted with
the resulting "powers that be," and learn their purpose and intention.
We make this report in explanation of our seeming inactivity and in order
that the American Bankers' Association may know that we appreciate the
Importance of the subject and the responsIblIty resting upon ourselves as
members of the Currency Commission. We are satisfied that we have pursued a politic course, and we trust the judgment of the convention will
approve the same.
Mr. Wade then proposed the resolutions, and they were
adopted without any dissent.
—The United States Attorney at Seattle was instructed
by acting Attorney-General Harr at Washington on the 9th
inst. to agree to a reversal by the Circuit Court of Appeals of
ex-Judge Cornelius H. Hanford's decision canceling the citizenship of Leonard 011son, a Socialist of Tacoma. Judge
Hanford's decree canceling 011son's rights to citizenship was
issued on May 10. Subsequently an investigation of Judge
Hanford's official and personal conduct was directed under
a resolution adopted by the House of Representatives; during
the course of the investigation his resignation was tendered
to and accepted by President Taft On Aug. 5.
—The handing down of seven indictments in this city
last month, as a result of an investigation of complaints relative to the shipment in inter-State commerce of unwholesome meats and immature animals was followed by the arrest on the 6th inst. of seven farmers of Orange County,
who, the New York "Times" states, are charged with having
shipped to this city by way of Weehawken a quantity of
"bob veal." The names of the seven are John Somers of
Montgomery; Robert Siegler of Pine Island; E. W. Wilkins
of Stony Ford; J. F. Horton of Campbell Hall; James Smith,
Louis Stilwell and Louis Stilwell Jr., all of Johnson Township. They were arraigned before the County Judge at
Middletown and admitted to bail pending their appearance
in the United States Court in this city on Oct. 1.
—The long-mooted absorption of the Standard Trust Co.,
25 Broad St., by the Guaranty Trust Co. of this city is soon
to become a fact. The directors of the Guaranty Trust last
Thursday voted to increase the company's stock from
$5,000,000 to $10,000,000, and at the same meeting the
directors also formally considered the purchase of the Standard Trust Co. stock, which would merge that company into
the now largest trust company in the United States. Both
propositions will be submitted for approval to the stockholders at a meeting Oct. 1, and it is expected they will be
sanctioned. The directors of the Standard Trust Co. have
agreed to recommend the acceptance of the offer. At present
the capital of the Guaranty is $5,000,000, and when it is
doubled, $4,000,000 of the additional amount will be offered
to its old shareholders at par and $500,000 of the new stock
will be offered to holders of the Standard Trust Co. stock
on the basis of one share of Guaranty stock for two of the
Standard. The remaining $500,000 will be sold to new parties for the best interests of the Guaranty Trust Co. The
Standard Trust has a capital of $1,000,000, and its shares
have recently been sold at $375, while the shares of the Guaranty were quoted yesterday at $1,070. When the merger
is completed the Guaranty Trust will then have capital, surplus and undivided profits of $35,000,000 and deposits of
$200,000,000 or more. Its combined capital, surplus and
strength will then rival in size that of the Union Trust Co.
of Pittsburgh, H.C. McEldowney, President, which on May 3
last had $1,500,000 capital, $29,000,000 surplus and $747,407 profits. Of this $31,247,408, the Union Trust Co. has
"earned" the entire amount with the exception of $1,500,000
capital.
—Alfred D. Sprague, President of the National Bank of
New Berlin, N. Y., died on the 9th inst. The institution was
formed on June 3 and was organized to take the place of the
First National Bank, which failed on April 11 last. It is
said that Mr. Sprague lost heavily through the failure of the
First National. He was 73 years of age.
657
—J. Whitall Nicholson was elected a director of the Provident Life & Trust Co. of Philadelphia on the 9th inst., to
serve the unexpired term of Frank H. Taylor, resigned.
—Dr: W. 0. Thompson has been elected a Vice-President
of the City National Bank of Columbus, 0., to succeed the
late David Westwater.
—The organization of the Central Manufacturing District
State Bank of Chicago, whose proposed formation was
alluded to in these columns March 2, has been completed,
and the institution is scheduled to begin business about
Oct. 31 at 1112 West 35th St. The officers are: E. E.
Payne, President; H. E. Poronto, Vice-President, and
M. A. Graettinger, Cashier. The directors are J. A. Spoor,
W. A. Heath, A. Harris, Arthur Meeker, John Magnus,
Philip L. Knoedler, E. E. Payne, Albert Pick, Arthur
Spiegel, David E. Shanahan and Sigmund Silberman. Mr.
Payne was formerly Cashier of the Stock Yards Savings Bank.
—L. C. Rose, President of the Colonial Trust & Savings
Bank and of the Michigan Avenue Trust Co., both of Chicago,
has leased from G. T. Pushman, the property at 2210-16
Michigan Avenue for a term of ninety-nine years. The
premises have a frontage of 75 feet and a depth of 180 feet.
The lease provides for a yearly rental of $7,500 for the first
ten years, $8,000 annually for the following ten years and
$10,000 a year for the remainder of the term. The Michigan
Avenue Trust Co. owns and occupies the 25-foot lot adjoining
this property. When the lease of the present occupants of
the acquired property expire, the bank will erect a handsome
building as its new home.
—A real estate loan department has been opened by the
Fort Dearborn Trust & Savings Bank of Chicago under the
management of Frederick A. Myren, who was formerly connected with the Otto Young and L. J. McCormick estates.
—The Merchants' & Manufacturers' Bank of Milwaukee,
Wis., moved into its new eight-story building at West
Water Street between Grand Avenue and Wells Street on
the 4th inst. The general plan of architecture is Grecian.
The main banking-room is finished in mahogany and
marble, while columns of Italian marble support the frescoed
ceiling.
—At a meeting of the stockholders of the Des Moines Trust
Co. of Des Moines, Ia., on the 7th inst., A. C. Miller was
elected President of the institution and Nelson Royal was
elected Vice-President. The stockholders of the company
have also voted to increase its capital from $50,000 to
$100,000. W. G. Harvison has been elected a director of the
trust company. President Miller is President of the Home
Savings Bank of Des Moines.
—George W. Allison, Cashier of the State Savings Bank
of Leavenworth, Kan., is reported to have purchased from
T. J. Collins, Cashier of the Union State Bank of Muskogee,
Okla., the controlling interest in the latter institution. Mr.
Allisons' election to the presidency of the Muskogee institution, it is stated, has followed the transaction.
—The resignation of George W. Galbreath as a Vice-President of the Third National Bank of St. Louis is announced.
Mr. Galbreath is a brother of E. E. Galbreath, former President of the Second National Bank of Cincinnati, which for a
few months during the spring and early summer (until its recent reorganization) was managed by the Cincinnati Clearing-House Association. . Because of the effect upon his
health of his brother's troubles, G. W. Galbreath was given a
leave of absence with pay until October. He has since been
in California, but instead of improving, his health is said to
have continued to decline. In parting with his services, the
management speaks of him in commendatory terms.
—It was officially announced in St. Paul this week, according to the local papers, that controlling interest in the
Second National Bank of that city has been acquired by
James J. Hill. Stockholders controlling more than two-thirds
of the stock, it is stated, agreed to sell to Mr. Hill for $310
per share. The institution has a capital of $400,000. There
are also reports that Mr. Hill intends to establish a trust
company for the purpose of engaging in underwritings and
other corporation enterprises, which cannot be undertaken
by national banks. Presumably the bank will be continued
as a separate institution. The latter has been without a
President since the death of George C. Power on July 5.
Vice-President W.B. Dean is acting President.
—The Citizens' & Southern Bank of Augusta (formerly the
National Bank of Augusta) is to have a new bank building.
The present building will be torn down and a new one-story
658
THE CHRONICLE
structure erected on the site. The bank's interior will be a
duplicate of the Citizens' & Southern Bank in Savannah
on a smaller scale.
—The business of the Mechanics' Trust & Savings Bank
of Dallas, Tex., was taken over by the Guaranty State Bank
& Trust Co. of Dallas on the 4th inst. The capital of the
purchasing bank is $600,000, and it has a surplus of $100,000
and deposits of $2,450,000; the Mechanics' had a capital of
$50,000 with deposits of 8100,000. W. C. Evans, who was
Cashier of the absorbed institution, will be connected with
the Guaranty State Bank & Trust Co.
—It is announced that the stockholders of the National
City Bank of Seattle have purchased the controlling interest
in the Title Trust Co. J. W. Maxwell, President of the
National City, has been elected President of the Title Co. to
succeed R. R. Fox,resigned. J. H. Bloedel, a director of the
National, has been elected to the directorate of the Title.
—Col. George W.. Brackenridge of San Antonio, Tex.,
retired from business on August 31, resigning as President
of both the San Antonio National Bank and the San Antonio
Loan & Trust Co. Col. Brackenridge, who is over eighty
years of age, relinquishes these interests after an active
career in San Antonio of over a quarter of a century. With
his retirement, Leroy G. Denman becomes Chairman of the
Board of the San Antonio National and President of the trust
company, while Ferdinand Herff Jr., who was Vice-President
of the bank, becomes President of the latter.
—A second dividend has been paid to the depositors of the
defunct Bank of Shasta County of Redding, Cal., amounting
to 8 cents on the dollar. In the first payment 75 cents on
the dollar was distributed. The bank closed its doors on
March 25 1911.
—Arrangements to consolidate the All Night & Day Bank
of Los Angeles and the Merchants' Bank & Trust Co. of Los
Angeles, under the name of the Hellman Commercial Trust
& Savings Bank, have been perfected. The capital of the
new institution has been fixed at $1,000,000. It will be under the management of W. H. Holliday, Chairman of the
Board; Marco H. Hellman, President; Irving H. Hellman,
Vice-President, and Emanuel Cohen, Cashier. Messrs. Holliday and M. IL Hellman are respectively President and VicePresident of the Merchants' National Bank, while Mr. Cohen
is Cashier of the Merchants' Bank & Trust. The latter has a
paid-in capital of $250,000 and deposits of about 1M million
dollars. The. All Night & Day Bank, control of which was
secured by Messrs. Holliday and Hellman last May, has a
capital of $264;000 and deposits of $2,850,000.
—The directorate of the Royal Bank of Canada (head office
Montreal) was this week enlarged by the election as additional
directors of the following: E. F. B. Johnston, K.C., of Tosonto; W. J. Sheppard of Waubashene; C. S. Wilcox of Hamilton, President of the Steel Company of Canada, and Albert
E. Dyment of Toronto. Mr. Johnston was also elected Second Vice-President; E. L. Pease, the General Manager, remains First Vice-President and Stuart Strathy becomes Supervisor for Ontario, with offices at Toronto. These changes
follow the merger last week of the Traders' Bank of Canada
(head office Toronto) with the Royal Bank. H.S. Holt continues as President of the latter.
[VOL. Lxxxxv.
ANTHRACITE COAL PRODUCTION.—The anthrl cite
coal shipments to market during August 1912 were the largest
ever recorded, not only for the month of August but for any
other month. The output reached 6,576,591 tons, an increase of 1,044,795 tons over August of last year. In the
following table we present the shipments by the various carriers for August this year and last year and for the periods
from Jan. 1 to Aug. 30.
August •
—Jan. 1 to
Road-191
1912. 1.
1912.
Philadelphia & Reading_ tons 1,286,6
912,475 7,765,878
Lehigh Valley
1,261,814
989,285 7,119,158
Central RR. of New Jersey_ ___ 901,870
682,704 5,139,578
Delaware Lack. & Western_ _ _ _ 918,734
843,238 5,519,630
Delaware & Hudson
696,130
658,661 3,957,185
Pennsylvania
525,732
430,041 3,426,278
Erie
743,950
813,790 4,620,058
Ontario & Western
241,710
201,602 1,410,958
Total
Aug. 30—
1911.
8,408,620
8,282,488
5,897,453
6,456,485
4,792,597
4,184,061
5,912,397
1,711,343
6,576,591 5,531,796 38,958,723 45,645,444
LAKE SUPERIOR IRON ORE SHIPMENTS.—The
shipments of Lake Superior iron ore in August 1912 reached
the highest total of any one month in the history of the trade.
The shipments this year were 7,760,248 tons against 5,548,311 tons last year, an increase of 2,211,937 tons. The shipments for the season to Sept. 1 1912 are also of exceptional
proportions, being 29,051,152 tons, against 19,606,068 tons
in 1911. In the following table we show the movement from
the various ports in August 1912 and 1911 and for the season to date this year and last:
Port—.
Escanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total
tons_
August
1912.
1911.
761,717
706,445
570,586
357,571
761,539
407,578
2,397,535 1,689,952
1,690,650 1,211,667
1,578,221 1,175,098
7,760,248
5,548,311
To Aug.30---1912.
1911.
2,418,251
3,240,011
2,001,400
1,200,748
2,865,307
1,509,841
9,066,190
6,382,273
(1,076,452
4,370,117
5,801,702
3,724,838
29,051,152
19,606,068
RAILROAD FINANCE. By F. A. Cleveland, LL.D.,
and F. W. Powell, A.M. D. Appleton & Co., New York;
price, postpaid, $2 70.
The purpose of this volume is to describe the methods of
financing railroads in the United States. The chapters
cover: The Economic Basis for Railroad Investment; Promotion and Underwriting; Capitalization—Original and Supplementary; Finances of Construction; Financing Equipment; Organization for Financial Management; Protection
of the Corporate Estate as a Function of Management;
Financial Considerations in Maintenance and Additions and
Betterments; Some Financial Aspects of Operation; Distribution of Supplies; Accounts and Statistics; Causes of Insolvency; Receivership; Reorganization; Consolidation; Overcapitalization; Bibliography.
THE DEMOCRATIC MISTAKE. By Arthur George
Sedgwick. Scribner; $1 net; postpaid, $1 10.
The author holds that the 'Democratic mistake" of our
political history has been the attempt to secure responsibility in public officials by popular election at short intervals.
Its scope is explained in the chapter headings: Government
by Design; Responsibility; The Democratic Mistake; Patronage and the Machine; The Suffrage, &c.
•
THE INTERNATIONAL MIND: An Argument for the
Judicial Settlement of International Disputes.
By
Nicholas Murray Butler, President of Columbia University,
President of the American Association for International Conciliation. Scribner; 75c. net; postpaid, 83c.
Contents: The Progress of Real Internationalism; The
World's Armaments and Public Opinion; Are We Our
Brothers' Keepers?; The Education of the World for Peace,
and The International Mind.
WHY SHOULD WE CHANGE OUR FORM OF GOVERNMENT? By Nicholas Murray Butler, President of
Columbia University. Scribner; 75c. net; postpaid, 85c.
TRADE AND TRAFFIC MOVEMENTS.
MAJORITY RULE AND THE JUDICIARY. By WilCOPPER PRODUCTION AND CONSUMPTION.—The
statement of the Copper Producers' Association for the liam L. Ransom, of the New York Bar.
An examination of current proposals for Constitutional
month of August, issued on Monday, showed a further increase in production of 8,467,392 lbs. over the record total change affecting the relation of the courts of legislation. •
of the previous month. The product was 145,628,521 lbs. in
August 1912, againit 137,161,129 lbs. in July and 125,493,667 lbs. in August last year. Notwithstanding the enormous tnonetargliCommercia:Muglishgem
production the stock of marketable copper on hand at the
end of the month showed a decrease of 3,579,047 lbs. from
the stock on hand at the beginning of the month. In the
(From our own correspondent.]
following table we give a comparison of the various items
London, Saturday, Sept. 7 1912.
for the month of August 1912 and 1911 and for the periods
The City is preoccupied with tile possible course of the
from Jan. 1 to'Aug.i 30 this year and last. We also add figliquidations at the end of the current month, both in Berlin
ures to indicate the European visible supply.
and in Vienna. Trade in Germany and Austria-Hungary is
Jan.1 to Aug. 30--- very active. There is, likewise, a good deal of speculation,
1912.
1912.
1911.
1911.
and the governments are engaged in large military and naval
Stocks begining perlod
lbs 50,280,421 137,738,858
89,454,695
122,030,195 expenditure. Moreover, France, which used to finance both
Production
145,628,521 125,493,667 1,018,375,533
963,320,648 countries on a great scale, has ceased doing
so since SeptemTotal supply
195,008,942 263,232,525 1,107,830,228 1,085,350,843 ber of last year; and, lastly, the liquidation at the end of the
Deliveries for—
third quarter of the year is always a difficult one. ThereDomestic consum'n 78,722,418 59,935,364
544,238,886
454,203,464
Exports
, 70,485,150 69,853,660
516,889,968 497,705,878 fore it is feared that the end of September will be a trying
week in both great cities. At the end of August, compara14907,568 129,791,024 1,001,128,854
951,909,342 tively
a quiet month, there was very strong pressure for
—
Stocks end of period 46,701,3.74 133,441,501
46,701,374
133,411,501 banking accommodation, both in Berlin and in Vienna.
European visible supply:
fleolnnine• neriod ._100.R,̀8.240 152.:i7n.0n0
125,313,010
1S7.7n%280 Therefore it seems inevitable that the pressure at the end
End of period
102,291,840 149,887,360
102,291,840
149,887,160 of September will be unprecedented.
SEPT. 14 1912.]
THE CHRONICLE
Already German and Austro-Hungarian banks are offering high rates for loans for a month in London and in Paris.
Vienna, moreover, is negotiating here the sale of a couple of
millions sterling of bonds; and it is already believed by the
well informed that next Monday there will be eager German
bidding for the gold offering in the open market in London.
It is said, too, that German gold coin will be withdrawn from
the Bank of England, and possibly also British sovereigns.
The estimates at present are that within the next two or
three weeks at least two millions sterling will be taken from
the open market or from the Bank of England. Whether
it will all go quickly or will be spread over the remainder of
the year nobody, of course, knows. It is not believed that
Vienna can take gold from here. At all events, the state of
the exchanges is altogether against such an operation. Still,
if the Viennese banks should succeed in obtaining large
loans in London and Paris, there might be considerable withdrawals. Under these circumstances there is naturally a
good deal of talk because of the gold withdrawals for Brazil
and Turkey. But these really are not likely to cause disturbance. Egypt, Argentina and India may, of course,
require very large amounts of gold, but it is too early yet
to form any estimate of what they will need. If the liquidations in Berlin and Vienna at the end of September pass off
smoothly, apprehensions respecting gold withdrawals will
quickly be dissipated. There is likewise some apprehension
that New York may take gold; though the well informed do
not believe that she will call in loans from Germany under
existing conditions, and if she does not, it is hoped that
the banks will obtain from the Treasury whatever assistance
may be required.
In spite of all, there is a hopeful feeling in the Stock Exchange. It is believed that all the great governments are
resolved to prevent an outbreak in the Balkans, and it is
hoped that the conversations going on between representatives of Italy and Turkey may lead to peace. In any event,
the Stock Exchange is hopeful, and so is the Paris Bourse.
Holiday-making is still going on. Indeed, partridge shooting has only begun this week, and many City men are, in consequence taking their holidays. The City, then, is but thinly
represented.
Yet quotations are advancing steadily. There
is a very confident belief that once September is over there
will be a great access of activity both in London and in
Paris, while everybody here is of the opinion that as soon
as the elections in the United States are over there will be
an outburst of active business upon the Stock Exchange. If
that happens,Europe will follow the lead of New York, and
the disposition to deal, which is already so evident both in
London and in Paris, will be greatly increased.
The India Council offered for tender on Wednesday 50 lacs
of its bills and telegraphic transfers, and the applications
amounted to nearly 310 lacs, at prices ranging from is. 4d.
to is. 4 1-16d. per rupee. Applicants for bills at is. 4 1-32d.
per rupee were allotted 22% and above in full.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&e., compared with the last four years:
1912.
Sept. 4.
Circulation
29,274,310
Public deposits
15,896,771
Other deposits
47,116,125
Governm't securities 13,367,655
36,518,725
Other securities
Reserve,notes &coin 31,367,819
Coln&bull„both dep 42,192,129
Prop, reserve to liap. c. 49 13-16
bilities
4
Bank rate----- p. c.
74 11-16
Consols, 2% p. c_ _ _
15-16d.
28
Silver
Clear -house returns 340,975,000
1910.
'Sept. 7.
1911.
Sept. 6.
29,763,470
9,924,742
41,923,899
14,597,524
25,348,811
30,150,599
41,461,060
1009.
Sept. 8.
28,203,045
16,862,841
40,148,554
15,874,770
29,606,428
29,687,987
39,441,032
29,335,850
8,056,409
47,818,072
15,329,192
29,346,455
29,446,257
40,332,062
1908.
Sept. 9.
29,095,850
5,700,452
45,513,890
15,532,293
'26,431,897
27,507,578
38,153,308
52
523
%
58%
52%
3
2%
2%
3
77 13-16
80n
8634
83 13-'6
24 3-16d.
2434 23 11-1fd.
23%d.
299,059,000 244,750,000 206,245,(00 176,902,000
Aug. 30
4
Aug 23
3
Aug. 16.
3
•
334? e
3%
.4
33.4
C▪ i
3%
3'A@3 13-16
3%
3%63%.
334@3%
4
4
1;4
2;4
2%
Sept. 5. Aug. 29.
Sept. 5.
SILVER.
s. d.
s. d.
d.
London Standard.
77 9
77 9
Bar silver,fine,oz __ _ _28%
" 2 mo. delivery,oz _28%
Cake silver, oz
31 3-16
Imports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
1911-12.
cwt 102,185.500
21,674,500
18,507,200
5,001,016
1,062,980
31,684,000
10,161,000
1910-11.
100,500,300
20,197,900
16,499,100
2,355,102
763,857
46,036,100
10,161,100
1909-10.
105,413,040
22,074,500
20,024,400
2,348,683
2,023,504
36,210,853
10.907,119
2
GOLD.-The arrivals of gold this week amounted to.6970,000, of which £800,000
came from South Africa. India has taken £177,000 in small bars, the Continent
about £200,000, and the balance will go into the Bank of England. Since our last
the Bank has received £561,000 In bars, £10,000 from Australia in sovereigns,
£20,000 from Ecuador, and £5,000 from France. £200,000 has been taken for
Turkey,£200,000 for Egypt, and £20,000 for South Africa. Next week we expect
£747,000 from South Africa, Arrivals.-South Africa, £807,000; India, £113,000;
New Zealand,£26,000; Brazil,£10,500; West Africa,£3,500; West Indies,£10,000;
total, £970,000. Shipments.-Bombay, £155,000; Calcutta, £1,000; total,
£156,000.
SILVER.-The buying by the Indian Bazaars, mentioned in our last circular,
continued over the following two days, and, with the market poorly supplied, prices
rose until 29 1-166. was quoted for cash and 28%d.for forward. These rates induced
some speculative selling and quotations dropped sharply to 28 13-16d. and 28346.,
respectively. Since then the market has been somewhat listless, and closes to-day
at 28%d.for cash and 28%d. for forward.with a quiet tone. The premium on spot
silver, due to the anticipation of cash requirements later on, continues, and as much
1143-16d. has been quoted. This week's steamers to Bombay and Calcutta take, it is
believed,about £500,000, most of which is probably for the Indian Government, but
the stock now in London of about £2,250,000 is only slightly lower, owing to heavy
arrivals from America. The last Indian currency returns showed an increase of 16
lacs:ln the holdings of rupees in the ordinary reserve, making the total holdings anout
17% crores. In addition 3734 lacs are under coinage and 2 crores in course of transit.
The Bombay quotation is Its. 7334 per -100 tolahs for the October settlement.
Arrivals..-New York,£308,000; Now Zealand,.64,000; West Indies,£8,000; total,
£320,000. Shipments.-Bombay,£276,000; Calcutta, £250,000: total, £526,000
1908-09.
91,711,400
21,860,800
15,353,400
1,474,040
1,305,470
38,915,900
10.919,400
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported
Imports of flour
Sales of home-grown
1911-12.
1910-11.
1909-10.
1908-09.
cwt.102,185,500 100,500,300 105,413,040 91,711,400
10,161,000 10,161,100 10,907,119 10,919,400
23,585,348 24,963,457 27,636,396 25,642,807
Total
Average price of wheat, season
Average price. season
135,931,848 135,624,857 143,956,555 128,273,607
34s. 10d.
385. 5.1.
315. 7d.
32s. 5d.
34s. 11d.
308 11d.
32s. 6d.
36s. Cd
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week. 1910-11.
1909-10.
qrs_ 2,135,000
2,253,000
2,330,000
2,400,000
Ors110,000
170,000
95,000
180,000
qrs.. 1,165,000
1,160,000
1,280,000
315,000
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been Its follows the past week:
London,
Week ending Sept. 13.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
Silver, per oz
d 28%
28 13-16 28 13-16 28 13-16 28 15-16 2834 W4
Consols, 2% per cents
74 5-16 74 3-16 74 1-16 74 1-16 74
74 5-16!
For account
7434
74 5-16 743-16 743-16 74%
74 5-16!
French rentes (Irr Paris)._fr_ 02.3734 92.32;4 92.45
92.42% 92.52% 92.55
Amalgamated Copper Co _ _ _ _ 8934
9034
90
88%
£9
90,s
Am. Smelt. & Refining Co 88%
88%
8634
88%
8834
8734
b Anaconda Mining Co
9%
9%
9%
9%
OM
Atch. Topeka & Santa Fe_ _
111%
111%
11134
111
1113
Preferred
105
104%
105
1043.4
10434
105
Baltimore & Ohio
109%
110
10934
109%
10034
10934
Preferred
89
89
89
89
89
89
282%
281%
281%
Canadian Pacific
280%
281
287%
84
84
83%
83%
83
Chesapeake & Ohio
81%
19
18%
18%
19
18%
19%
Chicago Great Western
110
109%
10954
109;4
109%
Chicago Milw. & St. Paul_ _110
22%
22%
22%
22
2234
2234
Denver & Rio Grande
39
3834
39
39
38%
3834
Preferred
37%
37%
37%
37%
3634
Erie
3034
54%
55
54;4
54%
54
53%
First preferred
46
46
45;4
46
45
Second preferred
45
142;4
142%
143
142%
Great Northern, preferred- _142%
14234
13334
133%
133%
Illinois Central
133
132
13334
167
167
Louisville & Nashville
166
166
166
1673.4
2934
29%
29% i 2934
Missouri Kansas & Texas_
2934
2954
6434
64%
Preferred
64%
6434
643.4
6434
42
42
Missouri Pacific
42
4234
4134
4134
National RR.of Mex., 1st pf. 6634
66%
66%
67
67
67
3034
Second preferred
3014
30%
3034
3034 mg
118%
N.Y.Central & Hudson Riv.119
118;4
118
11734
11734
N. Y. Ontario & Western_ _ _ 3834
38
38;4
38
38
37%
120
Norfolk & Western
119%
11934
119
11934
11934
Preferred
90
90
Northern Pacific
131
130%
130%
13034
130
129%
aPennsylvania
63%
63%
63%
63%
63%
63%
aReading Company
86%
87
86%
8634
VS%
aFirst Preferred
45;4
45%
45%
4534
4534
453.4
aSecond Preferred
49
49
Rock Island
27
2634
2634
2634
26%
26%
11254
114
Southern Pacific
114%
114%
114
11434
31
31%
Southern Railway
30%
30%
31
3034
Preferred _
83
83%
83%
83
8334
8334
176
176%
176;4
Union Pacific
17534
17334
17634
94
91%
94
94
Preferred _
94
94
753/4
75%
75%
7454
U.S. Steel Corporation
7534
7434
116
116%
Preferred _
116%
11634 11634 116
4%
434
Wabash
4%
4%
4m
436
14%
14%
1434
15
Preferred _
14%
145
%
71
72
71
72
72
72
Extended 48
a Price ner share. b £ sterling.
yew
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.
2
Aug. 29.
d.
28 11-16
28 9-16
30 15-16
The following shows the imgorts of cerenl produce into
the United Kingdom during t e season to date, compared
with previous seasons:
IMPORTS.
134
Messrs. Pixley & Abell write as follows under date of
Sept: 5:
•
The quotations for bullion are reported as follows:
GOLD.
London Standard.
Bar gold, fine, oz
gommercialand Miscellaneous
The rates for money have been as follows:
Sept. 6.
4
Bank of England rate
Open market rateBank bills-3 months_ ___ 334@3 946
-4 months_ _ 3 13-16043%
3%
-6 months_ _ _
4
Trade bills-3 months_ _
4%
-4 months_ __ _
Interest allowed for deposits:
2%
By Joint-stock banks
By discount houses• 214
At call
2%
7 to 14 days
659
Railroads (Steam).
Alabama & Vicksburg(annuai)_____
_
Ashland Coal & Iron Ry.(guar.)
Beech Creek, guar. (guar.)
Boston & Albany (guar.)
Boston & Providence, guar. (guar.)
Roston & Maine, common (Guar.)
Canadian Pacific, corn.(guar.)(No.65)..
Preferred
Chesapeake & Ohio (quar.)
Chicago Burlington & Quincy (guar.).
Chicago & Eastern Illinois, pref. (guar.).
Chicago & North Western, corn.(quar.)_
Preferred (quar.)
Chicago R.I. & Pacific Ry.(guar.)
Clev. Cinc. Chic. & St.L., pref.(guar.).- Delaware & Hudson Co.(quar.)
Fonda Johns. & Cloy., pref.(guar.)
Grand Trunk, guaranteed
First and second preference
Great Northern (quar.)
Hocking Valley (guar.)
Interborough Rapid Transit (guar.)
Jotiet & Chicago (guar.)
Lackawanna RR.of N. J.(guar.)
Manhattan Ry.. guar. (guar.)(No. 114)_
Minn. St. P. & S.S.M..com.&Pfd.(No.19)
New Orleans de Northeastern (annual)__ _ _
N. Y.Central & Hudson River (guar.)___ _
New York & Harlem, common &
When
Per
Cent. Payable.
Sept.
Sept.
Oct.
Sept.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Oct.
Oct.
Oct.
134 Sept.
134 Oct.
2% Sept.
1% Sept.
2
2%
1% Nov.
1% Sept.
234 Oct.
154 Oct.
1
Oct.
1
Oct.
3% Oct.
5
Sept.
1% Oct.
2
Oct.
7
1
1
2
2;4
1
2%
2
1%
2
1%
1%
2
Books Closal.
Days Inclusive.
4 Holders of rec. Aug.20a
20 Holders of rec. Sept.20a
1 Holders of rec. Eept.23a
30 Holders of ree. Aug.31a
1 Holders of rec. Sept.20a
I Holders of rec. Aug.31a
1 apt. 1 to Oct. 2
1 ,ept. 1 to Oct. 2
30 .elders of rec. Sept.6a
25 Holders of rec. Sept.19a
1 olders of rec. Septl6a
1 olders of rec. Sept.3a
I Holders of rec. Sept.3a
30 olders of rec. Sept.13a
21 Holders of rec. Oct. 1
20 Holders of rec. Aug.284
16 Holders of rec. Sept.10a
1 Holders of rec. 0t.17a
30 Holders of 'rec. Sept. 20
1 Holders of rec. Septl2a
7 Holders of rec. Sept.27a
1 Holders of rec. Sept. 9yr
1 Holders of rec. Sep. 16a
15 Holders of rec.Sept.20a
4 Holders of rec. Aug.24a
15 Holders of rec. Sept.20a
1 Holders of rec. Sept.20a
TIIE CIIRONICLE
660
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)(Concluded).
N. Y.Lack. & West., guar.(guar.)
14-1, Oct.
1 Holders of rec. Sept.14a
N. Y. N H. & Hartford (quar.)
2
Sept. 30 Holders of rec. Sept.9u
Norfolk Southern (quar.)
% Oct.
1 Holders of rec. Sep. 14a
Norfolk St Western, common (auar.)_
131 Sept. 19 Holders of rec. Aug.31a
Norfolk & Western, adj. pref.(quar.)___ _
Nov. 18 Holders of rec. Oct.31a
1
Northern RR. of New Hampshire (guar.)_ _
I Holders of rec. Sept. 9a
1% Oct.
Old Colony (guar.)
1 Holders of rec. Sept.14a
1% Oct.
Pittsb. Bessemer & Lake Erie,common_ _
1 Holders of rec. Sept. 15
135 Oct.
Pitts. Ft. W.& Chic., reg. guar. ('niar.)_ _
8 Sept. 15 to Oct. 8
1% Oct.
Special guaraWeed (guar.)
1 Sept. 15 to Oct. 1
1% Oct.
St. Joseph South Bend & Sou., corn
Sept. 16 Sept. 11 to Sept. 16
1
Preferred
231 Sept. 16 Sept. 11 to Sept. 16
St. Louis & San FranciscoChic,& E.III. pref. stk. tr. ctfs.(quar.) 1% Oct.
1 Sept. 17 to Oct. 1
K.C.Ft.S.& M.pref.stk.tr. ctfs.(qu.) 1
1 Sept. 17 to Oct. 1
Oct.
St. Louis Southw:; pref. (quar.) (No. 8).. 131 Oct. 15 Holders of rec. Oct. 8a
Southern Pacific (guar.)(No. 21)
1 Holders of rec. Sept. 9a
1% Oct.
Southern Railway, preferred
2% Oct. 28 Holders of rec. Oct. 5
Union Pacific, common (guar.)
1 Sept. 10 to Oct. 8
2% Oct.
1 Sept. 10 to Oct. 8
Oct.
Preferred
2
Utica & Black River guar
331 Sept. 30 Holders of rec. Sept.14a
Sept. 4 Holders of rec. Aug.19a
Vicksburg Shreveport & Pac., pref. (ann't) 5
West Jersey & Seashore
1 Holders of rec. Sept. 14
$1.25 Oct.
Wisconsin Central, preferred
1 Holders of rec. Sept.7a
2
Oct.
Street and Electric Railways.
American Railways (guar.)
131 Sept. 16 Aug. 30 to Sept. 1
1% Sept. 16 Holders of rec. Aug.31a
Arkansas Val. Ry., L.&P., pref. (qu.). _
Sept. 16 Holders of rec. Aug.30a
Brock. & Plymouth St. Ry.. pref.(No.7) 3
Brooklyn Banta Transit (guar.)
1% Oct.
1 Holders of rec. Sept. 9
Capital Traction, Wash.,D.C.(guar.). _ _
1% Oct.
1 Sept. 16 to Sept. 30
231 Sept. 30 Sept. 14 to Sept. 18
Chicago City Rm.(guar.)
Chicago Rys. Participation Ms.. Ser. L. 36
Oct.
1 Holders of rec. Aug. 2a
Duluth-Superior Trttc., coin.(guar.)
1% Oct.
1 Holders of rec. Sept. 20
Preferred (guar.)
1
Oct.
1 Holders of rec. Sept. 20
El Paso Electric Co., common (No.6)_ _
334 Sept. 16 Holders of rec. Sept. 70
Frank!. & Southw. Pass., Phila.(guar.)._ $1.50 Oct.
1 Holders of rec. Sept.14a
Galveston-11ouston El.Co., coin.(No.7) - - 2
Sept. 16 Holders of rec. Sept.10a
Preferred (No. 11)
Sept. 16 Holders of rec. Sept.10a
3
Jacksonville Traction, corn. (qu.)(No. 7). 1% Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)(No. 7)
1% Nov. 1 Holders of rec. Oct. 15a
Lake Shore El.Ry.,1st pref.(guar.)
1 Holders of rec. Sept.20a
135 Oct.
Louisville Traction, common (guar.)._
I Sept. 11 to Sept. 15
Oct.
IPreferred
1 Sept. 11 to Sept. 15
234 let.
Manila Electric RR.& Ltg. Corp.,(guar.) 131 Oct.
1 Holders of rec. Sept.18a
Sept. 15 Holders of rec. Aug.31a
Northern Ohio Trac. & Light, corn.(qu.) 1
1 Holders of rec. Sep. 15a
North3rn Ohio Tree. de Light, pref. (guar.) 134 Oct.
1 Holders of rec. Sept.14a
St. J03.Ry.,L.H.de P.,pf.(au.)(No.40) 1% Oct.
1 Holders of rec. Aug. 31
Sao Paulo Tram.,L. dc P.(spec.)(No.42) 5-6 Oct.
1 Holders of rec. Sept. 2a
Second & Third Sts. Pass., Phila.(quar.) 53 Oct.
Tidewater Pow.Co.,Wilmington,N.C.,com 3
Oct.
1
Common (extra)
1
Oct.
1
Toronto Ry. (guar.)
2
Oct.
1 Holders cf rec. Sept. 16
Twin City Rap. Tree., corn. (guar.)
1 Holders of rec. Sept. 16
1% Oct.
Preferred (quar.)
1 Holders of rec. Sept. 16
1% Oct.
United Tree. & Elec., Prov.(guar.)
1 Sept. 15 to Sept. 17
1% Oct.
West End Street Ry., Boston, common__ _ $1.75 Oct.
1 Sept. 22 to Oct. I
West Penn Tr. & Wat. Pow., pref. (qu.). 131 Sept. 16 Sept. 7 to Sept. 16
Banks.
Century (guar.)
1 Sept. 25 to Oct. 1
Oct.
3
Chatham & Phenix National (guar.)
2
Oct.
1 Holders of rec. Sept.20
Coal & Iron National (guar.)
1 Holders of rec. Sept. 11
134 Oct.
Metropolitan (guar.)
2
Oct.
1 Sept. 17 to Sept. 30
Mount Morris (guar.)(No.51)
1 Sept. 21 to Sept. 30
Oct.
3
Trust Companies.
Guaranty (guar.)
Sept. 30 Holders of rec. Sept30a
8
Extra
2
Sept. 30 Holders of rec. Sept30a
1 Sept. 15 to Oct. 1
Lawyers' Tills Ins. & Tr.(guar.) (No.56) 3
Oct.
Mechanics' of N. J.(quar.) (No. 53)
1 Sept. 28 to Oct. 1
Oct.
5
1 Sept. 26 to Sept. 30
Mutual Alliance (guar.)
134 Oct.
1 Holders of rec. Sept.30a
Mutual of Westchester Co.(guar.)
1% Oct.
Miscellaneous.
1 Sept. 17 to Oct. 1
American Bank Note, pref.(guar.)
1% Oct.
1 Holders of rec. Sept.20a
Amer.B3et Sugar, pref.(guar.)(Ato. 53)._
131 Oct.
Amer. Brake Shoe & Fdy., coin. & pf.(gu.) 131 Sept. 30 Holders of rec. Sept.20a
1 Holders of rec. Septl7a
1% Oct.
American Can, preferred (quar.)
;5 Oct.
1 Holders of rec. Septl2a
Amer. Car & Fdy.,corn.(qu.)(No. 40)_
1 Holders of rec. Septl2a
1% Oct.
Preferred (guar.) (No. 51)
1 Holders of rec. Sept.16a
American Cigar, pref. (guar.)
134 Oct.
American Express(quar.)
Oct. •1 Holders of rec. Aug.31a
$3
Amer.Gas & El., corn.(gu.)(No. 10)
1 Sept. 21 to Oct. 1
Oct.13(
Preferred (guar.)(No. 23)
1% Nov. 1 Oct. 18 to Nov. 1
Amt.Iron & Steel Mfg., cont. h pf.(qu.) 1% Oct.
1 Holders of rec. Sep. 20a
American Locomotive, Preferred (quar.)_
1% Oct. 21 Sept.22 to Oct. 20
1 Holders of ree. Sept. 16
American Manufacturing (guar.)(No.31) 135 Oct.
Oct.
1 Holders of rec. Sept. 14
2
American Pipe & Construction (guar.). _
Amer. Pneumatic Service, 1st pref
331 Sept. 80 Sept. 6 to Sept 30
Second preferred
Sept. 30 sept. 6 to Sept. 30
1
Amer. Public Utilities, common (quar.)1 Sept. 21 to Sept. 30
% Oct.
Preferred (guar.)
1 Sept. 21 to Sept. 30
134 Oct.
American Radiator, common (guar.)
2
Sept. 30 Sept. 22 to Sept. 30
Am.Smelt.& Rfg.,corn.(qu.)(No.36) _
1
Sept. 16 Aug. 31 to Sept. 8
Am.Smelters Secur. pf. A (qu.)(No.31) 1% Oct.
1 Sept.21 to Sept. 29
Preferred B (guar (No. 30)
1% Oct.
1 Sept.21 to Sept. 29
American Snuff, common (guar.)
Oct.
1 Holders of rec. Septl4a
3
Common (extra)
Oct.
1 Holders of rec. Septl4a
1
Preferred (guar.)
1 Holders of rec. Septl4a
I% Oct.
American Sugar Refining, com.&pf.(qu.) 134 Oct.
2 Holders of rec. Sept 3a
American Surety (guar.) (No. 93)
3
Sept. 30 Sept. 15 to Sept. 30
American Tobacco, preferred (guar.)_ _ _ _
1 Holders of rec. Septl4a
134 Oct.
Am. Wat. Wks. de Guar., pf.(qu.)(No.2).. 135 Oct.
1 Sept. 17 to Oct. 1
Amer. Woolen, pref.(guar.)(No.54)
1% Oct. 15 Sept. 24 to Oct. 3
American Writing Paper, preferred
1 Holders of rec. Sep.14a
1
Oct.
Booth Fisheries, pref. (guar.)
1 Sept. 15 to Sept. 30
1% Oct.
Borden's Coal. Milk, pf. (qu.)(No. 43). 131 Sept. 14 Sept. 6 to Sept 15
British-American Tobacco, Ltd
6
Sept. 30 See note m
British Columbia Cop., Ltd.(qu.) (No.5) 3
Oct. 15 Holders of rec. Oct. 1
Brooklyn Union Gas(quar.)(No.48)
1 apt. 15 to Sept.30
1% Oct.
Sept. 16 Holders of rec. Aug. 22
Buckeye Pipe Line (guar.)
$5
California Elec. Generating, pref. (quar.) 1;4 Oct.
1 Holders of rec. Sept.20a
$12 Sept. 20 Holders of rec. Aug. 22
Calumet & Hada Mining (quar.)
Oct.
1 Holders of rec. Septl4a
Cambria Iron
2
1 Sept. 16 to Sept. 30
Canadian Genera'Elec., Ltd., corn. (qu.)_ _
1% Oct.
1 Sept. 16 to Sept. 30
Preferred
3% Oct.
Canadian Westinghouse, Ltd. (qu.)(No.31) 1% Oct. 10 Oct. 1 to Oct. 9
Case(J. I.) Threshing Mach.,pref.(guar.) 1% Oct.
1 Holders of rec. Sep. 18
Celluloid Company (guar.)
135 Sept. 30 Holders of rec. Septl6a
Central Leather, preferred (guar.)
1% Oct.
1 Holders of rec. Sep.10a
1 Holders of rec. Sept 10
Central States Elec. Corp., pf.(qu.)(Nol) 1% Oct.
Chesebrough Manufacturing (guar.)
Sept. 27 Sept. 4 to Sept 27
6
Extra
Sept. 27 Sept. 4 to Sept. 27
4
1 Holders of rec. Sept.11a
Chic. June. Rys.& U.Stk. Yds.,com.(qu) 2
Oct.
Preferred (quar,)
1 Holders of rec. Sept.11a
1% Oct.
Chicago Telephone (quar.)
Sept. 30 Sept.22 to Sept.30
2
Cities Ssrvice, common (monthly)
1 Holders of rec. Sept. 15
1-3 Oct.
1 Holders of rec. Sept. 15
Preferred (monthly)
% Oct.
Citizens Gas of Indianapolia (No.6)
334 Sept. 28 Sept. 13 to Sept. 23
Columbus(0.) Gas & Fuel; pref.(quar.). 1% Oct.
1 Holders of rec. Sept. 14
Columba?(O.)L., H.& P coin.(guar.)- - 1% Oct.
1 Holders of ree. Sept. 16
Preferred (guar.)
1 Holders of rec. Sept. 16
13,5 Oct.
Consolidated Gas (guar.)
134 Sept. 16 Holders of rec. Aug 14
Consol. Gas,El. Lt.& P.,Balt.,com.(qu.) 13.4 Oct.
1 Holders of rec. Sept. 20
Preferred
1 Holders of rec. Sept. 20
Oct.
3
Crescent Pipe Line
$135 Sept. 16 tug. 21 to Sept. 16
Cuban-American Sugar. pref.(quar.). _ _
134 Oct.
1 Holders of rec. Sept.16a
Diamond Match (guar.)
134 Sept. 16 Holders-of rec. Aug.3 la
du Pont (E.I.)de NemoursPow.,com.(qu.) 2
Sept. 16 Sept. 6 to Sept. 16
Common (extra)
Sept. 16 Sept. 6 to Sept. 16
1
Preferred (guar.)
13.1 Oct. 25 Oct. 16 to Oct. 25
du Pont Internat.PoWder, pref. (guar.). 1% )ct.
1 Holders of rec. Sept.20a
Preferred (extra)
1 Holders of rec. Sept.20a
1% Oct.
[VoL. Lxixxv.
Per
Cent.
Name of Company.
11'hen
Payable.
Books Closed.
Days Inclusive
Miscellaneous (Concluded).
Eastern Light & Fuel (mar.)
Eastman Kodak,common (guar.)
Common (extra)
Preferred (guar.)
Federal Mining & Smelting, pref.(quar.)_
Galena-Signal Oil,common (guar.)
Preferred (quar.)
General Chemical, preferred (guar.)
General Chemical of Calif., 1st pf (qu.)
General Electric (guar.)
Goldfield Consolidated Mines (guar.)_ _
Goodrich (B.F.) Co., pref. (guar.)
Great Lakes Towing, pref. (guar.)
Guggenheim Exploration (guar.)(No.39)
Harrison Bros. & Co.. Inc., Pref.(quar.).
Hart, Schaffner & Marx, pref. (quar.)...
Helme (George W.) Co., common (guar.)
Preferred (guar.)
Home-stake Mining (monthly) (No. 454)
Indiana Lighting
Intercontinental Rubber, pref.(quar.)...
Internat. Harvester,corn.(guar.)(No.11)
International Silver, preferred (guar.)- Preferred (account accum. dividends)_
Preferred (account aecum. dividends)..
Intern. Smokeless Pow.&Chem.,com.(qu)
Common (extra)
Preferred
Kayser(Julius)& Co.,corn.(guar.)
Laclede Gas Light, common (guar.)
Lanston Monotype Machhe (guar.) _
Liggett & Myers Tobacco, pref. (quar.)..
Lorillard (P.) common (guar.)
Preferred (guar.)
Mackay Companies, corn. (qu.)(No. 29)
Preferred (guar.)(No. 35)
Manhattan Shirt, pref. (guar.)(No. 1)._
May Department Stores, pref.(guar.)
Mel
letnra
thaler Linotype (guar.)
1
September 19
1 Holders of rec. Aug.31a
1 Holders of rec. Aug.31a
1 Holders of rec. Aug.31a
15 Aug. 25 to Sept.14
30 Sept. 1 to kept. 17
30 Sept. 1 to Sept. 11
1 Holders of rec. Sept.19a
1 Holders of rec. Sept. 20
15 Holders of rec. Sept.7a
31 Holders of rec. Sep.30a
I Holders of rec. Sept. 20
1 Sept. 17 to Oct. 1
1 Sept. 14 to Sept. 18
I Sept. 26 to Oct. I
30 Holders of rec. Sept. 20
1 Holders of rec. Sept.14a
1 Holders of rec. Sept.14a
25 dept. 21
to
1 Sept. 21 to Sept 30
30 Holders of rec.Sept. act
15 Holders of rec. Sept.25
1 Sept. 18 to Oct. 1
1 Sept. 18 to Oct. 1
15 Nov. 2 to Nov. 15
1 Holders of rec. Sept.20a
1 Holders of rec. Sept 20a
15 Holders of rec. Nov. fa
1 Sept. 21 to Sept. 30
16 Sept. 1 to Sept. 15
30 Holders of rec. Sept.23
1 Holders of rec Sept.16a
1 Holders of rec. Sept.14a
1 Holders of rec. Sept.14a
1 Holders of rec. Sep. lie
1 Holders of rec. Sep. lie
1 Holders of ree.Sept.16a
1 Holders of rec. Sept.16a
30 Holders of rec. Sept.7a
30 Holders of rec. Sept.7a
Montreal Cottons, Ltd., pref. (guar.)_ _ _
15 Holders of rec. Sept. 5
Muskogee Gas & Elec., Pref.(quar.)
16 Holders of rec. Aug.31a
National Biscuit, corn.(guar.)(No. 57)
15 Holders of rec.Sept.28a
Nat. Enatn. & Stamp., pref. (guar.)._ - _
30 Holders of rec. Sept.104
National Lead, cons. (guar.)
30 Sept. 14 to Sept. 17
Preferred (guar.)
16 Aug. 24 to Aug. 27
National Licorice, pref.(guar.)(No. 41)_
30 Sept. 24 to Sept. 30
National Sugar Rig., pref. (guar.)
2,Holders of rec. Sept. 21
National Surety (guar.)
1 Sept. 21 to Sept. 30
National Transit (guar.)
16 Sept. 1 to Sept. 15
Nevada Consolidated Copper (guar.)._ _ _
30 Sept. 7 to Sept. 11
New England Tele!). & Teleg.(quar.)_ _
30 Holders of rec.Sept.lCa
New York Transit (guar.)
15 Holders of rec. Sept. 21
N fies-Bement-Pond , common (guar.). 20 Sept. 13 to Sept. 20
Nipe Bay Co., pref. (guar.)
15 Holders of rec. Sept. 28
North American Co.(guar.)(No. 34)_ _
1 Holders of rec Sent. 16a
Ohio 011 (guar.)
20 Aug. 25 to Sept. 9
Otts Eierator, common (guar.)
15 Holders of rec. Sept. 30
Preferred (guar.)
15 Holders of rec. Sept. 30
Pabst- Brewing, preferred (guar.)
15'Sept. 1 to Sept. 15
Packard Motor Car, preferred (quar.)__ _ tr
oe s
Seepptt..16
16
a
17
6s
123%4 Sept.
4Septe . 2
IAl r7s of
Phelps, Dodge h. Co., Inc. (guar.)
Philadelphia Electric (guar.)
26340 dept. 14 Holders of rec. Aug.21a
Pittsburgh Plate Glass, corn. (guar.)
1 Sept. 15 to Oct. 1
194 Oct.
Prairie Oil & Gas (quar.)
Sept. 28 Holders of rec. Aug.31a
Producers 011 (guar.) •
134 Sept 301Holders of rec Sept. 14
Quaker Oats, common (guar.)
234 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
134 Nov. 30 Holders of rec. Nov. la
Quincy Mining (guar.)
$1.25 Sept. 23 Holders of rec. Aug. 28
Railway Steel-Spring, pref (quar.)
134 -Sept. 20 Sept. 7 to Sept. 20
Royal Baking Powder, corn. (guar.)
Slept. 30 Holders of rec. Sept.16a
3
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept.16a
Rubber Goods Mfg.,common (guar.)
Sept. 18 Holders of rec. Sept. 14
1
Preferred (guar.)(No. 51)
134 Sept. 18 Holders of rec. Sept. 14
Safety Car Heating & Lig.(guar.)
2
Oct.
1 Holders of rec. Sept.16a
Sears, Roebuck & Co.. preferred (guar.).
14
3
Oct.
1 Holders of rec. Sep. 14a
Shawinigan Water & l'ower (guar.)
134 Oct. 19 Holders of rec. Oct. 7
.
s.
Slois
iisi-,
Sp
he
en
ffnleo
1 Holders of rec. Sept.17a
ldilSteel & Iron, pref.(guar.)- 134 Oct.
10
Sept. 14 Aug. 27 to Sept 18
1 Holders of rec. Sept.14a
SouthPorto(
1
Oct.
Ram
iteorlugar, cons. (guar.)
Preferred
1 Holders of rec. Sept.14a
2
Oct.
Southwest Pennsylvania Pipe Lines
1 Holders of rec. Sept. 16
Oct.
$5
Standard Gas & Electric, pref. (guar.)._
Sept. 16 Holders of rec. Aug.31a
2
Standard Oil of New Jersey (quar)
dept. 16 Holders of rec. Atig.19a
5
Subway Realty (guar.)
134 Oct.
1 Holders of rec. Septl2a
Sulzberger & Sons. preferred (quar.).1% Oct.
1 Sept 17 to Sept.30
Swift & Co.(guar.) (No. 101)
7 Holders of rec. Sept. 14
13-f Oct
Texas Company (guar.)
134 Sept. 30 Holders of rec. Sept.14a
Underwood Typewriter, corn. (guar.)
1
Oct. 18 Holders of rec. Sept.20a
Preferred (guar.)
13.4 Oct. IS Holders of rec. Sept.20a
Union Dag et Paper, pref.(quar.) (No.54) 1
Oct. 15 Holders of rec. Sept30a
Union Carbide (q -mar.),,
234 Oct.
1 Sept. 21 to Sept. 30
Union Switch & Signal, corn. & pf.(gu.)_. 3
Oct. 10 Holders of ree. Oct. 1
United Fruit (guar.) (No. 53)
2
Oct. 15 Holders of rec Sept.14a
United Gas & Elee. Corp., preferred
(n) Oct.
1 Holders of rec. Sept. 12
United Gas Improvement (guar.)
81
Oct. 15 Holders of rec. Sept. 30
Untied Shoe Machinery,corn.(guar.)
50c. Oct.
5 Holders of rec. Sept. 17
Preferred (guar.)
3734c. Oct.
5 Holders of rec. Sept. 17
U. S. Steel Corp., corn. (guar.)
134 Sept. 28 Sept. 1 to Sept. 8
United Utilities, pref. (guar.)(No. 7)- - Oct. 1
134 Oct.
1 Sept. 22 to
Utah Copper (quar.) (No. 17)
75c. Sept. 30 Sept. 7 to • Sept. 11
Western Union Teleg.(var.)(No. 174)
94 Oct. 15 Sept. 21 to Oct. 9
Westinghouse Air Brake (guar.)
2
Oct. 15 Holders of rec. Sept. 19
Extra
2
Oct. 15 Holders of rec. Sept. 19
WePYrmetelrnr-cBruton
common (quar.)... 24 Oct.
1 Holders of rec. Sept 14a
1 Holders of rec. Sept.14a
194 Oct.
arC3.,
Woolworth (F. W.),common (No. 1)Sept. 20 Holders of rec. Aug .31a
1
1 Holders of rec. SeptlOa
Preferred (guar.) (No. 31
131 Oct.
Yukon Gold Co. (guar.) (No 13)
734c Sept. 30 Sept. 14 to Sept 30
2
Oct.
234 Oct.
Oct.
10
135 Oct.
134 Sept.
4
Sept.
2
Sept.
1% Oct.
131 Oct.
2
Oct.
30c Oct.
1% -Jet.
134 Jet.
6231e. Oct.
1
Oct.
134 Sept.
235 Oct.
134 Oct.
50e. Sept.
1
Oct.
134 Sept.
134 Oct.
134 Oct.
e% Oct.
Nov.
el
% Oct.
Oct.
1
4
Nov.
1
Oct.
134 Sept.
154 Sept.
I% Oct.
234 Oct.
19-1 Oct.
134 Oct.
1
Oct.
131 Oct
13-4 Oct.
234 Sept.
34 Sept.
19-f Sept.
134 Sept.
134 Oct.
19-4 Sept.
% dept.
134 dept.
134 sot.
135 'Oct.
3
Oct.
754. sept.
37%e. Sept.
134 Sept.
Oct.
510
134 Sept.
1
Oct.
131 Oct.
$1.25 Sept.
1
Oct.
134 Oct.
1% Sept.
a Transfer books not closed for this dividend. b Less Income tax. d Correction,
eDa account of accumulated dividends. m Transfers received in London not later
than Sep!. 18 will be in time for payment of dividend. n At rate of 6% per annum
for period from June 6 to Sept. 30 1912.
*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:
Shares.
o'er cert. Bonds.
Per cent
100 S. S. Kresge Co., common_._ _ 7031 51,060 Bent Co. Reservoir Co. 1st
6s, 1931
2 Columbia-Knickerb.'jr. Co_
573
11 & Int
6,000 Amer. Union Telephone Co.
27 Kissena Construe. Co.($50 ea.)1
1st Is, 1957, Aug.'10 coup. on..8100 lot
and half-Interest In a building}$11
j lot 20,000 Dyett Sand Lime Brick Co.
sale contract
1st Gs, 1930, July 'II coup. on _350 lot
1,500 United Gas, Elec. Lt.& Fuel
Co. 1st 5s, 1929, M.& N
100
By Messrs. R. L. Day St Co , Boston:
Shares.
$ per sh. Shares.
S per sh.
63 March. & Miners' Transport. Co. 80
238
5 National Shawrout Bank
25 Ware (Mass.) National Bank _110
30 Lowell Elec, Lt. Corp. rights_ 51e.
2 Naumkeag Steam Cotton Co_ _ .150
1 Heywood Bros & Wakeaeld Co.,
30 Massachusetts Cotton Mills_121-122
common
135
2 Manchester & Lawrence RR _221
THE C•IRONICLE
SEPT. 14 1912]
By Messrs. Francis Henshaw & Co., Boston:
Per cent.
$ per sh. Bonds.
Shares.
69 Pere Marquette RR., 1st pref..... 125 $3,000 Pere Marquette RR.deb. 55.
40
July 1912
555 Lowell El. Lt. Corp. rights_51c.-52c.
2 Haverhill Electric Co. rights_- 15%
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
15 Penn. Co. for Ins. &c____650%-651
25 Guarantee Trust S. D. Co_ _ _147
25 Farmers & Meehan. Nat.Bank_144
1 First Nat.Bank,Camden, N.J.170
15 Covamonw.T.I..3z T.Co.2403-240
30 German-Amer.T.& T. Co.($50
95
each)
117
1 West End Trust Co
8 Fire Assn. of Phila. ($50 each) 354j
2 People's Nat. Fire Ins. Co.($25
23
each)
20 Citizens' Passenger Ry
295
19 2d & 3d Sts. Pass. Ry
250-253
2 13th & 15th Sts. Pass. Ry_ _ _ _248
1 Keystone Watchcase Co
9534
.1Z
$ per sh
Shares.
100
4 J. G. Brill Co., preferred
45 Amer. Pipe & Construe. Co_ _86%-87
55 Am.Pipe & Coast. Sec. Co., pf _100
60 Colo. Spgs. L., H.& P.Co., pd. 87%
10 Chas. Warner Co., let pref.. __ _100
8 Phila. Bourse, coin.($50 each)_ 4-4%
10 Penn. Nat. Bank ($50 each)..-190%
Per cent.
Bonds.
$1,000 Buff & Lake Erie Trac. Co.
68
1st ref. 5s, 1936
$1,000 N.Springf. Wat.Co.5s, 1928 99
$1,000 Springfield Wat. Co.5s, 1926 99
$189,000 Pa. & W. Va. Steel Co.,
$1,000 lot
Lebanon, 1st 13s, 1929
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
9,708 Ca-9h Mine Co
$5 lot
Bonds.
Per cent.
31,000 N.Springf. Wat,Co.5,1928. 99
Per cent.
Bonds.
$1,000 Springf. Wat. Co. 5s, 1926-- 99 X3
89%
$1,000 Philadelphia 3s, 1930
$1,000 West Penn Ry. 1st 5s, 1931A01%
Canadian Bank Clearings.-The clearings for the week ending Sept. 7 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 33.2%.
Week ending Sept. 7.
Clearings at-
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
1911.
$
50,145,140
38,84;-1.495
21,525.238
11,950,168
3,169,0W)
2,935,343
1,752,667
1,610,944
2,854,832
4,269,314
3,390,029
1,418,758
3,572,208
2,221,226
483,440
554,014
1,757,756
1,115,517
453,568
533,241
36,217,256
28,111,156
17,318,883
0,604,916
3,194,769
2,532,574
1,354,222
1,317,693
1,913,684
3,566,970
2,049,487
1,205,862
2,312,804
1,734,269
491,421
504,773
1,041,649
687,603
418,432
Not incl. in
1910.
1900.
+38.4 34,982,725 28,392,908
+38.2 24,603,619 21,817,142
+24.3 14,192,216 9,440,524
+24.4 8,582,729 5,683,523
-0.8 4,000,911 2,524,433
+15.9
1,739,771
2,146,598
+29.4
1,735,405
1,378,591
+22.2 1,279,370
1,251,539
+49.2 1,736,465
1,382,523
+19.7 2,460,993
1,775,762
+65.4
1,459,718
1,569,393
978,743
+17.7 1,188,127
802,627
+54.5 1,322,913
1,215,795
+28.1
374,712
-1.6
531,764
+9.7
+68.7
+62.3
+8.4
total.
-1-11
79.004.(131
Statement of New York City Clearing-House Banks and
Trust Companies.-The detailed statement below shows the
condition of the New York City Clearing-House members
for the weeli ending Sept.7. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, ac. ual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
.We omit two ciphers (00) in aB cases.
Banks
003 omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legal?. Net Depos- Re:
Average. Average. its, Aver. serve.
$
Bank of N. Y. 2,000,0 3,786,1 21,743,0 4,208,0
791,0 19,648,0 25.4
Manhattan Co. 2,050,0 4,685,0 36,100,0 8,417,0 1,526,0 40,600,0 24.5
Merchants' _
2,000.0 2,033,3 20,558,0 4,049,0 1,127,0 20,753,0 25.0
Mech.& Met_ _ 6,000,0 8,618,6 58,458,0 11,031,0 1,740,0 55,576,0 22.9
America
1,500,0 6,324,7 24,451,0 4,366,0 1,999,0 24,203,0 26.2
25,000,0 28,458,3 196,748,0 37,814,0 9,040,0 191,344,0 24.4
City
Chemical
3,000,0 7,003,0 29,100.0 4,368,0 2,264,0 26,048,0 25.4
522,9
Merchants' Ex.
600,0
6,966,0 1,675,0
7,170,0 25.0
115,0
127,1
300,0
Butch.&Drov.
2,064,0
52,0
1,984,0 29.8
511,0
8,272,0 2,163,0 • 170,0
944,8
500,0
Greenwich _
9,303,0 25.0
5,000,0 4,527,1 41,367,0 9,049,0 1,275,0 40,009,0 25.7
Amer. Exch_
Commerce_ _ _ 25,000,0 15,491,(, 140,448,0 19,916,0 9,350,0 117,660,0 24.8
946,2
4,732,0
500,0
528,0
478,0
4,262,0 23.6
Pacific
2,250,0 1,241,8
18,019,0 2,910,0 1,688,0 18,30:3,0 25.1
Chat.& Phenix
470,7
2,030,0
152,0
310,0
200.0
2,193,0 21.1
People's
3,000,0 13,346,3 72,475,0 10,050,0 5,324,0 80,955,0 26.4
Hanover
834,0 21,960,0 25,9
2,550,0 2,059,0 22,988,0 5,063,0
Citizens' Cent_
475,0
10,713,0 1,608,0 1,654,0 12,40:3,0 20.3
1,000,0
Nassau
9,577,0 1,286.0 1,098,0
9,537,0 25.0
Market & Fult
1,000,0 1,855,1
248,0 13,603,0 24.2
Metropolitan
2,000,0 1,684,8 13,210,0 3,066,0
Corn Exchange 3,000,0 5,689,8 49,463,0 9,399,0 5,524,0 58,298,0 25.5
Imp.&Traders. 1,500,0 7,749,1
25,965,0 3,628,0 2,104,0 23,141,0 24,7
Park
5,000,0 13,317.3 85,853,0 20,776,0 1,928,0 89,358,0 25.4
1,524,0
East River
123,0
1,497,0 22.9
220,0
60,9
250,0
Fourth
5,000.0 5,8:31,9 34,598,0 7,129,0 1,900,0 35,763,0 25,2
Second
161,0 13,431,0 25.0
1,000,0 2,441,5 11,037,0 3,189,0
First
10,000,0 21,585,5 112,059,0 23,823,0 2,385,0 102,645,0 25.4
Irving
4,000,0 3,112,1 3(3,252,0 7,246,0 2,683,0 37,8:32,0 26.2
Bowery
3,567,0 25.9
3,376,0
86,0
795,2
838,0
250,0
N. Y. County_
8,341,0 25.7
8,240,0 1,432,0
716,0
500,0 1,758,4
German-Amer.
772,0
3,904,0 25.6
4,157,0
231,0
750,0
726,5
Chase
5,000,0 9,100,9 92,538,0 19,791,0 5,360,0 102,4(39,0 24.5
Fifth Avenue_
100,0 2,214,1
13,271,0 2,787,0 1,100,0 15,034,0 25.9
German Exch.
200,0
3,526,0 25.0
3,580.0
309,0
838,1
570,0
_
Germania,
200,0 1,044,2
255,0
5,527.0 1,329,0
0,389,0 24,7
Lincol n
1,000,0 1,738,9 10,462,0 3,591,0
996,0 17,448,0 26.2
Garfield
1,000,0 1,280,6
272,0
9,202,0 27.0
8,901,0 2,221,0
Fifth
250,0
525,9
274,0
3,478.0 24.6
3,396,0
585.0
Metropolis _
1,000,0 2,161,2 11,485,0
841,0 1,853,0 10,956,0 24.5
200,0 1,006,7
West Side_ _
244,0
4,797,0 23.9
4,315,0
904,0
Seaboard
1,000,0 2,183,2 25,780,0 6,481,0 2,576,0 31,587,0 28.6
1,000,0 2,707,3 23,121,0 4,799,0 1,162,0 24,866,0 23.9
Liberty
1,000,0
833,6
N.Y.Prod.Ex
8,920,0 2,375,0
411,0 10,635.0 26.1
743,2 16,584,0 5,062,0
1,000,0
State
361,0 21,620,0 25.0
1,000,0
418,9 10,406,0 2,973,0
Security
807,0 14,286,0 26.4
493.8
1,000,0
6,241,0 1,011,0
Coal & Iron_
644,0
6,407,0 25.8
980,5
1,000,0
Union Excli_ _
9,101,0 1,793,0
8,955,0 24.0
360,0
1,000,0 1,127,0
7,385,0 1,271,0
Nassau, Bklyn
6,069,0 26.1
258,0
Totals, avge.... 133,650,0 197,084,4 1382,619,0 275,234,0 75,870,0 1393,015,0 25,2
Actual figures Sept. 7.,.
1375,488,0 268.807,0 76,657,0 1380,453,0 25.0
Circulation.-On the basis of averages, circulation of national banks in the
Clearing
House amounted to $45,917,000, and according to actual figures was $47,101,000.
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep. • Net
Loans. Specie. Legate. withC.H• Deposits. Reserve
Average. Average. Average. Banks. Average.
Surplus
Brooklyn __ _ _ 2,432,1
Bankers
15,672,9
U.S. Mtg.& T. 4,567,4
Astor
1,279,1
Title Gu. & T_ 12,095,9
Guaranty
22,671,4
Fidelity
1,303,4
Lawyers'TI&T 6,273,6
Colum.-Knick. 7,079,8
Standard _ _ _ _ 1,389,6
People's
1,710,0
New York_
11.682,5
Franklin
1,326,3
Lincoln
557,1
Metropolitan _ _ 6,111,5
Broadway
571,0
18,666,0
158,962,0
49,269,0
20,079,0
33,676,0
161,247,0
7,747,0
19,767,0
49,157,0
15,424,0
17,644,0
44,124,0
10,547,0
11,047,0
25,385,0
8,692,0
$
$
432,0 1,706,0 14,367,0 15.0+10.3
1,730,0
18,483,0
30,0 13,994,0 123,309,0 15.0+10.1
4,774,0
718,0 4,886,0 36,605,0 15.0+11.6
1,993,0
37,0 1,804,0 13,899,0 14.5+10.4
1,723,0 1,498,0 2,291,0 21,187,0 15.2+ 9.6
932,0 13,861,1 116,891,0 15.5+10.6
17,303,0
711,0
774,0 6,172,0 15.3+10.3
238,0
1,198,0 1,161,0 1,724,0 15,223,0 15.4+10.1
5,261,0
850,0 4,445,0 40,854,0 15.0+ 9.8
22,0 1,714,0 14,127,0 15.3+108
2,159,0
1,874,0
468,0 1,881,0 15,644,0 15.0+10.4
4,596,0
148,0 3,416,0 30,347,0 15.6+101
1,215,0
365,0 1,135,0 10,300,0 15.3+ 9.8
1,292,0
233,0 1,167.0 10,385,0 14.6+10.1
2,067,0
9,0 2,394,0 17,937,0 15.0+11.7
975,0
319,0
964,0 8,575,0 15.0+ 9.8
Totals, Avge__ 96,723,6 651,433,0 67,954,0 7,460,0 58,156,0 495,822,0 15.2+10.4
Actual figures Sept. 7_ 646,701,0 68,830,0 7,411,0 57,256,0 492,271,0 15.4+10.4
14.009,7.,
Total Canada
Inc. or
Dec.
1012.
66
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, $1.250,000; Title
Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, 51,000,000;
Lawyers' Title Insurance & Trust, 34,000.000: Columbia-Knickerbocker,$2,000.000;
Standard, $1,000,000: People'F, $1,000,000; New York, $3,000,000; Franklin.
$1,000,000; Lincoln. $1,000,000; Metropolitan, $2,000,000: Broadway, 81,000,000
total, $40,625.000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Capital. Surplus.
Sept. 7.
Specie.
Loans.
On Dep.
Legal • with C.H.
Net
Tenders: Banks. Deposits.
Averages
$
$
$
$
$
$
$
Banks _ 133,650,0 197,084,4 1,382,610.0275,234,0 75,871,0
1,393,015,0
Trust cos_ 40,625,0 96,723,6 651,433,0 67,954,0 7,460,0 58,156,0 495,822,0
Total __ 174,275,0203,808,1 2.034,052,0343,188,0 83,330,6 58,156,01,888,837.0
Actual.
1,375,488,0268,807,0 76,657,0
Banks _
1,380,453,0
Trust cos_
646,701,0 68,830,0 7,411,0 57,256,1 492,271,0
2,022,189,0337,637.0 84,068,1 57,256, 1,872,724,0
Total
STATE BANKS AND TRUST COMPANIES.
Week ended September 7.
State Banks
Trust Cos. State Banks
Trust Cos.
in
outride of
in
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y
Capital as of June 14
22,525,000
Surplus as of June 14_ _
38,702,400
Loans and investments_ _
Change from last week_
62,275,000
9,323,000
9,750,000
170,654,900 . 12,233,100
12,377,200
294,553,900 1,186,690,200
-619,000 +2,162,000
Specie
Change from last week..
53,997,700
-799,600
125,416,000
+1,544,000
Legal-tender & bk. notes_
Change from last week_
20,105,300
-567,200
11,716,800
+825,900
Deposits
Change from last week_
340,147,300 1,279,374,700
-3,295,100 -9,732,200
Reserve on deposits
Change from last week.
92,054,100
-676,500
P. C. reserve to deposits_
Percentage last week
28.0%
27.9%
146,092,400
+2,866,000
•
16.3%
16.3%
111,172,200
+592,200
170,609,600
+330,500
117,210,100
+554,700
177,495,000
+892,600
23,057,200
+58,400
23,473,400
+899,100
29.1°20.97
,
c
14.3%
13.8%
+ Increase over last week. - Decrease from last week.
Note.-"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment 01 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Trust Cos.- -State BanksReserve Required for Trust Companies
Total
Of
Of
Total
and State Banks.
Reserve which Reserve
which
LocationRequired.in Cash.Required. in Cash
Manhattan Borough
25%
15%
15%
15%
Brooklyn Borough (without branches in Manhat.) 15%
10%
20%
10%
10%
Other Boroughs(without branches in Manhattan) 15%
15%
7;i%
Brooklyn Borough, with branches in Manhattan .15%
15%
20%
20%
Other Boroughs, with branches In Manhattan_ _ _ _15%
15%
15%
15%
Cities of the first and second class
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere in State
iW, -ii. ',;
--
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-
662
THE CHRONICLE
[VOL. Lxxxxv.
House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.-Becombined 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:
trust companies in the Greater New York.
We omit two ciphers (00)in all thesefigures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Capital
and
Loans.
Surplus.
Brinks.
Clear.-House
Week ended Sept. 7Members.
ictualFigures
Clear.-House State Banks & Total of all
Members. Trust Cos. Not lianks&Trust
Average. in C.-H. Aver. Cos. Average
Capital as of June 14.._
$
174,275,000
$
174,275,000
28,725,000
203,000,000
Surplus as of June 14._
293,808,000
293,808,000
81,105,903
374,913,900
Loans and investmen 3,022,189,000 1,034,052,000
Change from last weeh -28,010,00U
-9,913,000
Deposits
Change from last woe
1,872,724,000 1,888,837,000
-39.117,001 -21,070,000
610,452,100 2,644,504,100
+3,163,600 -0,749,400
a014,964,200 2,503,801,200
+1,290,500 -19,785,500
Specie
Change from last week
337,637,000
-9.373,000
313,188,000
-9,755,000
64,773,100
+708,00,
407,961,100
-9,047,000
Legal-tenders
Change from last wee
84,008,000
-972,000
83,330,000
-1,385,000
58,530,801
+594,00,
91,800,800
-791,000
Banks: cash in vault__
Ratio to deposits_ _ _ _
345,404,003
25.02%
351,101,000
25.20%
11,592,10t
13.42%
302,096,100
Trust Cos.:cash In vaul
76,241,000
75,414,000
61,711,801
137,125,803
421,705,000 426,518,000
-10,345,000 -11,140,000
73,303,90
+1,302,00o
499,821,900
-9,838,000
58,150,000
-4,690,000
18,367,10
+636,50'
76,523,400
-4,053,500
478,961,000 484,674,000
-14,540,000 -15.830,000
91,671,30
+1,938,50L
576,345,: 00
-13,891,100
Aggr'te money holding
Change from last we
Money on deposit witl
other bks. &trust cos
Change from last w
57,250,000
-4,195,000
Total reserve
Change from last wee
Surplus CASH roserv Banks (above 25%)._
350,750
(.Trust cos.(above15%•
2,400,350
Total
Change from last wee
$
$
41,575,0 243,587,0 2E1,048,0 5,307,0 281,234,0
41,575,0 243,740,0 25,405.0 3,1109,0 275,508,0
41,575,0 239,007,0 24,095,0 5,498,0 272,149,0
41,575,0 238,710,0 24,322,0 .5,265,0 270,640,0
11,575,0 240,247,0 24,172,0 5,328,0 274,065,0
11,575,0 240,070,0 24,030.0 5,251,0 270,787,3
41,575,0 241,101,0 24,040,0 5,410,0 267,320,0
41,575,0 241,070,0 23,623,0 3,074,0 271,202,0
80,623,2 388,805,0
80,623,2 388,722,0
80,023,2 300,9:12,0
80,623,2 391,600,0
80,623,2 389,940,0
30,623,2 391,213,0
80,623,2 192,338,0
30,623,2 393,222,0
Circulation.
Clearings
8,271,0 181,245,4
8,257,0 153,939.0
7,850,0 153,511.9
7,854,0 144,701,3
7,856,0 149,693,7
7,853,O 138,659,1
7,775,0 122,823,9
7,71:3,6 142,439,2
1 131,132,0
135,660.0 15,049,0 161,640,1
15,021,0 430,01)1,3
"1'1 131,014,0
135,021,0 15,034.0 150,947,7
15,054,0
97,184,0
08,771,0
98,771,0
97,256,0
97,837,0
97,074,0
97,285,0
97,245,0
433,002,0 15,090,0
1 428,037,0 15,120.0
130,884,0 15,116,0
135,122,0 15,123,0
139,955,5
143,986,4
127,995,6
128,051,0
133,852,8
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $864,000 on Sept. 7, against $857,000 on Aug.31.
"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. 7 as 813,630,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 7; also
totals since the beginning of the first week in January:
For week.
1912.
Dry goods
General merchandise
2,850,250
1,040,700
% of cash reserves of t nit cos.Cash in vault
15.48%
ceash on dep. with bks.
10.41%
15.20%
10.49%
15.10%
1.35%
25.69%
16.45%
Total 30 weeks
$3,237,887
12,001,712
1910.
1909.
$3,032,635
10,720,775
$2,954,980
13,178,097
$24,386,530 $16,139,599 $13,759,410 $16,133,677
$101,822,693 890,759,119 $109,607,387 8118,230,785
591,005,659 500,315,872 535,442,589 474,205,494
$695,828,352 $597,074,991 $645,049,976 $592,436,259
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. 7 and from Jan. 1 to date:
+ Increase over last week. -Decrease from last reek.
a These are the deposits after eliminating the item 'Luc from reserve depositories
and other banks and trust companies in New York City"; with this item included,
,deposits amounted to 3683,602,500, a decrease of $4,456,903 from last week. In
the ease, of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
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
Olearing House, compare as follows for a series of weeks past:
1911.
$3,510,124
20,876,400
Total merchandise
Since January 1.
Dry goods
General merchandise
3,890,950
-5,654.200
25.89%
Specie. Legals. Deposits
a
FOREIGN IMPORTS AT NEW YORK.
2,751,100
-1,802.050
Total
rri
Boston.
July 20
July 27
Aug 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Philadelphia.
July 20
Joh; 27
Aug. 3
Aug. 10
Aug. 17
Aug 24
Aug. 31
Sept. 7
EXPORTS FROM NEW YORK.
1911.
1912.
1910.
1909.
For the week
Previously reported
$15,667,790 $13,059,904 812,832,566 $8,239,385
550,515,458 516,855,264 442,457,917 413,605,273
Total 30 weeks
8506,183,248 $529,915,108 $455,200,483 $421,844,658
,VOMBINED 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. 7
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
We omit two ciphers in all thesefigures.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week
Ended
July 6_
July 13__
July 20._
July 27._
Aug. 3..
Aug. 10__
Aug. 17._
Aug, 24.._
Aug. 31..
Sept. 7-.
Loans and
Investments
Deposits.
2.699,751,2
2,091,376,4
2,661,002,7
2.658,577,7
2,653,000,4
2,649,899,1
2,651,628,2
2,650,979,4
2,651,253,5
2,644,501,1
$
2,508,733,3
2,551,294,3
2,535,238,1
2,533,714,8
2,531,377,0
2,523,862,0
2,532,105,2
2,533,150,4
2,523,586.7
'2,503,801,2
Specie.
S.
419,280,9
413,382,5
420,706,3
424,715,6
426,240,0
428,136,2
430,507,2
427,920,0
417,008,1
407.961,1
93,032,0
95,210,1
97,547,0
97,255,9
06,637,5
94,811,9
94,054,6
02,738,6
92,051,8
91,860.8
512,312,9
508,592,6
518,253,3
521,971,5
522,877,5
522,948,1
524,561,8
520,658,6
509,651,9
499,821.9
$
604,649,7
590,600,1
604,634,5
612,935,5
614,220.7
611,448,1
615,325,4
603,858,1
590,230,8
576,345,3
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Sept. 7, based on average daily results:
We omit two ciphers(001 in all thesef gores.
•
Lepel
On
Loans,
Tendef Deposit
Disc'ts
with
Specie, and
and
SurNet
CapiBank C.-H. Deposits.
Investplus
tat.
Notes. Banks.
merits.
------ -
Banks
Ns v York City.
3
Manh Wan and Bronx
., 500,1
Aetna, National
Washington Heights_ 103,1
Battery Park Nat_ _ _.. 200,1
_, 500,0
Centt ry
400,0
Colonlit
Colu ibm
H 300,0
.., 200,1
Fidel ty
250,0
Mount Morris
203,0
Mutu it
200,1
New V'etheriand
200,0
Twen ty-third Ward_
100,1
York rule
Brooklyn.
., 300,0
First National
Manufacturers' Nat._ 252,1
Mech
1,000,1
National City
300,1
Nort 'Side
200,1
re •icy City.
First National
400,o
Hold on County Nat
250,o
., 200,l
Third National
Hoboken.
220
First National
Seco d National.... 125.
Lot
To a's Seit. 7.-, 3,597,'
To ,als Aug. 31.......1 1,597,0
To als Aug. 24......., 3,597,0
..1
$
535,5
327,9
115,
530,0
537,6
805,4
106,0
312,8
411,1
281,8
100,0
518,
069,1
894,
710,
590,4
170,4
$
3,420,0
1,498,0
1,518,0
6,076,0
5,878,0
6,569,0
1,053,0
2,552,0
4,327,0
2,775,0
1,972,0
4,297,0
8
714,0
149,0
314,0
534,0
714,0
542,0
48,0
423,0
494,0
274,0
240,0
580,0
3,732,0 296,0
6,007,0 631,0
11,109,0 1,362,0
4,241,0 47(1,0
2,328,0 184,0
1,329,1 5,216,0
808,7 3,653,0
417, 2,034,0
285,0
172,0
97,0
059, 4,069,0
297,1 3,099,1
162,0
165,0
Exports.
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
$
50,0
78,0
57,0
397,0
402,0
475,0
120,0
51,0
328,0
91,0
90,0
224,0
$
44,0
202,0
142,0
690,0
883,0
621,0
115,0
309,0
570,0
278,0
240,0
638,0
$
3,151,0
1,248,0
1,575,0
5,779,0
0,034,0
7,105,0
992,0
2,853,0
4,687,0
2,581,0
2,144,0
4,770,0
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
4,247,0
1,943,0
1,418,0
380,0
250,0
1,624,0
1,177,0
59.0
30,0
11,219 87,476,0 8,862,0 1,098,0 14,503,0 81,399,0
11,219, 86,062,0 8,851, 4,145,0 11,386,0 79,988,0
11,219, 85,898,0 8,877, 1,299,1 12.166,0 80,127,0
Since Jan.!
9,0/9,353
52,983
$7,415 $32,510,148
55,100 3,054,541
28,400 44,722,853
$324,362 515,956,713
512,910 10,710,852
53,431 20,043,352
$1,011,021 $33,106,882
242,422 4,745,182
($3.329
6,862
20,853
37,220
3,234.836
2,261,746
1,129,250
7,315
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
100
82,521
200
25,349
706,900
$1,253,743 538,756,924
989,104 34,614,881
914,493 30,736,347
Total 1912
Total 1911
Total 1910
Week
Since Jan.1
-8391,272
2,012,516
2,569
223,570
$285.144 10,015,380
25,109 2,215,439
14,109 1,095,961
$20,148,522
15
8100 2,697,275
Total 1912
Total 1911
Total 1910
865,961
70,157
10,732
$146,850 86,604,096
30,270 5,144,956
286,800 3,350,027
Of the above imports for the week in 1912, $15,000 were
American gold coin and $____ American silver coin.
Awaiting and ginauctaL
Railroad and Industrial Stocks
Write for our Circular No. 814 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stook
Exchange, and classified by us as follows: Investment Stooks, SemiInvestment Stooks, SpeculAtive Stooks.
116,0
483,0 2,901,0
722,0 5,499,0
162,0
632,0 1,614,0 13,254,0
90,0
732,0 4,107,0
265,0 2,307,0
94,0
302,0 1,265,0
630,0
90,0
424,0
148,0
Imports.
Gold.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago. 111. Boston. Mass. AlbanY, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities.
141WALL STREET
NEW
YORK
THE ROOKERY
CHICAGO
STREET
BOSTON
111 DEVONSHIRE
THE CHRONICLE
SEPT. 141912.]
663
Railroad Bonds.-The transactions in railway and industrial bonds have averaged only about $1,650,000 per day,
and prices are lower. Of 22 active issues, 18 have declined.
United States Bonds.-Sales of Government bonds at the
Wall Street, Friday Night, Sept. 13 1912.
%
Board are limited to $5,000 Panama 3s reg., at 101.
has
-There
Situation.
Financial
and
Market
The Money
for yearly
The following are the daily closing quotations;
'
the
at
business
of
the
in
volume
increase
appreciable
been no
range see third page following.
Stock Exchange and the downward movement of prices
•
the
case,
the
then
was
As
continued.
has
week
noted last
Interest Sept. Sept. Sekt. Sept. Sept. Sept.
13
12
less
10
'
or
11
more
7
Periods
by
so
week
made
this
was
of
day
active
most
urgent liquidation accompanied by a decline in prices.
2s, 1930
tok *101 *101 *101
registered Q-Jan .101 *101
2s, 1930
coupon Q-Jan .101 *101 .101 *101 *101 *101
The Government crop report for September issued on Is.
regis:ered C1-Feb .102 *102 .102 *102 *102 *101%
Monday was one of the most favorable ever given out, and Is, 11108-18
1908-18
coupon Q-Feb *102 *102 .102 *102 *102 *1M %
*11334 *1133. *113y *1133! .11334 *113%
registered
on that day also the Copper Producers' Association report 4s, 1925
1925
.
*11331 *11334 •113%
coupon Q-1;e b *11334 *1133,
showed a demand for copper metal in excess of production; 4s;
2s, 1936_Panama Canhl regif Q-Feb *100% *1003i .10 3i .101”4 .160 *100%
but the influence of these reports, together with that of the 30, 1061_Panama Canal cour Q-31,1ch *101% *101% .10 .10151 1101% *101%
Steel Corporation referred to below, was more than offset
* This is the price bid at lie morning beim]: no sale 4 vs n ade.
by money market conditions. The latter are creating weekly
Railroad and Miscellaneous Stocks.-The Stock arket
new high records in the matter of interest rates and already
are, as illustrated above, a dominant factor in the security has been dull and fluctuated narrowly. The tendency of
prices
has been towards a lower level, especially in the case
markets. The Steel Corporation report showed orders
booked during August for 200,000 tons in excess of those for of railway issues. On Wednesday the Market was notably
the corresponding period last year, as against 150,000 tons in weak on a sharp advance in call loan rates, and it was said
was forced. The general tendency of
July, and insures work for all the company's plants at full that some liquidation
the market has been practically unchanged from day to day,
capacity during the next six months at least.
Referring again to the Government crop report, we call except as noted above, and in the active railway list there
.
attention to the fact that a comparison has been made based have been few exceptional features.
Southern Ry. preferred moved up about 3 points to-day
on the estimated aggregate weight of all the crops of the
from
to
4
advance
5
dividend
per
cent.' Canadian Pacific
country for the current year, which shows it to be about 20% on
larger than the short crop of 1911. The railways may, was also strong and Inter.-Met. is fractionally higher, but
therefore, expect a corresponding increase of "to market" many of the leading railway issues are 1 tO 2' points lower.
The industrial list has been irregular. The larger demand
traffic and a greater or less increase in all other kinds of
for copper metal heretofore mentioned seems to have been
traffic resulting therefrom.
Call loan rates have this week reached 53/2%, the highest discounted, as some of the prominent copper stocks, including
quotation since Dec. 1 of last year. Gold imports are sug- Amalgamated and Smelting, have declined: Chino Copper,
on the other hand, is 2 points higher, Colorado Fuel & Hon
gested by the low rates for exchange now prevailing.
The open market rates for call loans at the Stock Exchange 23, the Goodrich Co. 43 and Internatiohal Harvester 4.
For daily volume of business so page 671. •
during the week on stock and bond collaterals have ranged
The following sales have occurred this Week of shares not
from 3@53%. To-day's rates on call were 4@,5%.
Commercial paper quoted nominally at 5%% for 60 to represented in our detailed list on the pates which follow:
90-day endorsements and 532% for prime 4 to 6 months'
Range since Jan..1.
Sales
Range for Week.
STOCKS.
single names and 6% for good single names.
Week ending Sept. 13. for
Highest.:
Lowest.
Hijhest.
Week.
Lowest.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £23,028 and the percentage Allis-Chalmers
34 Sept
% Sept
g Sept 3 'NO
300
Sept 214 May
Trust reels 1st paid.. 1,700
34 Sept 10 154 Sept
of reserve to liabilities was 50.34, against 49.80 last week.
May
100 5 Sept 10 5 Sept 1( 44 June 6
tr recta lot paid _ _
The rate of discount remains unchanged at 4%, as fixed AmPref
100 975-4 Sept 11 9754 Sept I' 914 Jar 98
Apr
Brake Shoe & Fdry_
Sept
350 145 Sept IC 146 Sept 13 130
Jar 146
Preferred
Aug. 29. The Bank of France shows a decrease of 4,000,000
Apr
198
35
225
Sept
Aup
200
'06
L)
Express
13
Sept
American
francs gold and 6,300,000 francs silver.
100 109 Sept 1 109 Sept t '02
Jar 109
American Tobacco, pref.
Sept
Vanikeriv Gazettto
•••
,
Meto.,•••••••••wooneNne.nnvv,"....
NLW YORK CLEARING-HOUSE BANKS.
(Not including Trutt Companies.)
1912.
.1verages for
week ending
Sept. 7.
Differences
from
previous week.
1911.
Averages for
week ending
Sept. 9.
1910.
Averages for
week ending
Sept. 10.
135,150,000 132,350,000
Capital
133,650,000
190,299,61)0 193,297,900
Surplus
197,084,400
Loans and discounts- - 1,382,619,000 Dec. 9,843,000 1,355,159,000 1,261,787,700
44,560,00
49 583,000
638,000
Circulation
45,917,000 Inc.
Net deposits
1,393,015,000 Dec. 23,244,000 1,384,109,000 1,276,478,100
275,234,000 Dec. 10,738,000 292,070,000 280,765,600
Specie
76,395,000
68,196,600
75,870,000 Dec. 1,525,000
Legal tenders
Reserve held
25% of deposits
Surplus reserve
351,104,000 Dee. 12,263,000
348,253,75(1 Dec. 5,811,000
368,465,000
346,027,250
348,962,200
319,119,525
2,850,250 Dec. 6,452,000
22,437,750
29,842,675
Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House,appear on the second
page preceding.
1,300 $134 Sept 10 314 Sept' '. 84 Mc); 524 Apr
Batopilas Mining.
100 8 Sept IC 8 Sept 11 8
Jar 1134 May
Brunswick Terminal
100 20 Sept 1 20 'Sept 1 17
Jan 244 Apr
Chicago & Alton
Jan
100 136 Sept 12 136 Sept 1: '26
July 44
Chic St P H & Omaha..
Feb
20 155 Sept 12 155 Sept 11 '50
Mio 156
Preferred
Mch :40 Sept
08
100 140 Sept '1 140 • Sept
Colorado Fuel, prof
Feb
400 40 Sept '4 40 Sept 1' ;9 Jun( 45
Colorado & Southern_
May 7634 Jan
175 74 Sept IC 74 Sept 1( 74
1st preferred
Detroit United
100 7254 Sept
7234 Sept 1 63% Jan 74% July
E I du Pont Powd, pref.
9754 Sect 9 9034 Jan 9734 Sept
9754 Sept
Aug
Jan 225
330 204% Sept 1( 205 Sept 10 28
General Chemical __
Sept
Preferred
250 115 Sept 10(15 Sept 12 0634 Melt :15
Aug
Green Bay & NV deb B
3 14 Sept 1 - 14 Sept 11 1034 Feb 15
May 1.9734 July
G NV Helme
475 18534 Sept 11187 Sept 12 55
Aug
Aug 89
100 89 Sept 9 89 Sept 9 .89
Havana Eiec Lt & Pow_
Aug
Aug 96
100 96 Sept 13 96 Sept 13 96
Preferred
100 97 Sept 11 97 Sept iii 8634 Mch 97 Sept
Homestake Mining
Aug
Melt 46
200 43 Sept 10 44 Sept11 29
Lackawanna Steel
May
July 55
100 4754 Sept 12 4754 Sept 12 46
Norfolk Southern
Aug
100 01 Sept 13 '01 Sept 13 984 July '01
Pacific Tel & Tel, pref._
Feb '044 Aug
200 02 Sept 11 '02 Sept 11 '01
Pittsburgh Steel, pref_
Jai 834 Apr
300 5 Sept 11 6 Sept 10 3
Qtt!c 'silver Mining_
20( 83-4 Sept
34 Fel 1234 May
83-4 Sept.
Pref 4*red
Jar 24% Aug
251. 124 Sept 1: 12434 Sept 1: 21
Sears, Roebuck & Co, p1
Fel 02% July
97
630 994 Sept R 994 Sept
United Dry Goods
501. 4 Sept 11 434 Sept 17 4 , Aug 1034 Apr
U S Iteduc & Refg, pref.
US Rubber, it pre subAuf. '0734 Sept
300 107 Sept 7 107 Sept ! 07
scription recta full paid
Jan
Mcl 90
Virginia Iron, Coal & C. 900 623‘ Sept 13 65 Sept , 54
Apr
JR) 81
700 77 Sept 11 77 Sept 11 75
West Maryland, pref _ _ _
Aug
Jat 270
'70
100 250 Sept 1250 Sept
Weyman-Bruton
Foreign Exchange.-Sterling exchange during the week
has ruled decidedly weak on the heavy offerings of finance
bills and later in the week of grain and cotton bills. The
Outside Market.-The market for outside securities was
firmness in money on this side was also a distinct influence.
quiet and irregular this week. The appointment of receivers
for
sterling
exchange
rates
were
4
83
nominal
4 for
To-day's (Friday's)
break in the stock, the corn.
sixty-day and 4 8634 for sight. To-day's actual rates for sterling exchange for the U. S. Motor Co. caused a
3 and the pref. from 9 to 3. The
moving down from 3 to %
were 4 8240@4 8250 for sixty days, 4 8555@4 8565 for cheques and
80
4
banks
%@4
82
31 and docu4 86@4 8610 for cables. Commercial on
%Ifor the pref. Toat 1 for the coin. and 33
ments for payment 4 81 4@4 8234. Cotton for payment 4 81 344 82 close to-day was
bacco issues were weak. British-Amer. Tobacco lost 2
and grain for payment 4 8231 @4 8214.
The posted rates, as quoted by a representative house, were erratic during points to 233
4, recovered to 243% and cloied to-day at 24%•
the week. The quotations on Saturday were 4 84 4 for sixty days and
4 8734 for sight. On Monday the sight rate was reduced to 4 87 but the United Cigar Stores of Amer. corn_ after an early advance
sixty-day quotation was not changed. On Tuesday the sixty-day rate from 100% to 101%, fell to 98,
%
% then moved back to 1013
was reduced to 4 84 and again on Thursday to 4 83 4, at which it closed
4, The pref. weakened from 118%
yesterday. On Tuesday the sight rate Was advanced to 4 87 34 and re- and ends the week at 1003
mained at that figure on Wednesday,and was reduced to 4 8634 on Thurs- to 1185j and recovered to 1193%. Emerson-Brantingham
day, at which It closed last evening.
5 to 78. The pref. declined from
%
To-day's (Friday's) actual rates for Paris bankers' francs were 5 23 @ corn. improved from 77
5 23 34 plus 1-16 for long and 5 2034 less 1-32@5 20 for short. Germany common
preimproved from 77% to, ,78. The
bankers' marks were 94):@94
for long and 94 15-16@91 less 1-32 for
ferred declined from 103 to 1023%, nioved back to 103
short. Amsterdam hankers' guilders were 40% less 1-32@40 31 for short.
Exchange at Paris on London, 25 Zr. 28 40.; week's range 25 fr. 29c. high with the final figure to-day 102%. Manhattan Shirt corn. was
and 25 Zr. 2734c. low.
the close to10 points to 71
Exchange at Berlin on London, 20 m. 4534 pf.; week's range 20m. 46 pf. conspicuous for an advance of
4to 101 and
4. The pref. receded friary 1013
high and 20m. 4434 pf. 1 w.
day being at 693
for
range
foreign
The
exchange for the week follows:
sold up to 1023'. Pettibone-Mulliken corn, advanced 3
Sterling ActualSixty Days.
Cables.
Cheques.
4., Standard Oil of
points to 34 and finished to-nay at 333
High for the week_ .._ 4 8325
4 8685
4 8650
4
_
8240
Low for the week__
4 8500
4 8535
N. J. dropped 8 points to 405. Standard Oil of N. Y. went
Paris Bankers' FrancsHigh for the week_ .. _ 5 21 34
5 19 3 less 3-32 5 1834 less 3-32 down from 585 to 545 and up to 558.. ThEire was a slight im5 23
5 20 less 1-16 5 20 plus 1-32 provement in the bond department.
Low for the week__
Braden Copper 6s
Germany Bankers'-Markssank from 145 to 144, the 7s losing .2 poiitts to 144. N. Y.
9454
95 3-16
High for the week_ _ _
9534
94 34
94 15-16
95 plus 1-32
Low for the week__ _
City 43%s sold at 100%. Copper shares were lower. Braden,
Amsterdam Bankers'GuildersCopper declined from 73.-g to 6,% andrecovIered to 7. British
40 1-16
40 5-16
40 % less 1-16
High for the week_ __
40
Copper was off fro 5% to 5%. Giroux weakened
Low for the week_ __
Columbiam
4034 less 1-16 40 5-16 less 1-16
Domestic Exchange.-Chicago, 20c. per $1,000 discount. Boston, par. from 53/ to 5 and recovered to .53'. dreene Cananea fell
St. Louis, 10c. per $1,000 discount. New Orleans, commercial, 750. per
$1,000 discount, and bank, $1 premium. San Francisco, 350. per $1,000 from 103- to 9%. United Copper coin. advanced from 1 %
premium. Savannah, buying, 3-16% discount, and selling, par. Mon- to 38% and closed td-day at 3.
treal, 31 4e. discount. Charleston, buying, par; selling, 1-10% premium.
Outside quotations will bd found on mige 671.
Minneapolis, par.
664
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
Per record of sales during the week of stocks usually inactive, see preceding page.
ISTOCRS-HIGH1137' AND LOWEST SALE PRICES.
, Saturday
Sept 7
Monday
Sept 9
Tuesday
Sept 10
Wednesday
Sept 11
Thursday
Sept. 12.
Friday
Sept. 13.
Sates 01
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
since January 1.
On basis of 100-share lots.
Lowest.
Highest.
Rano for Previous
Year 1011.
Lowest.
Highest.
Railroads
103 10314 108 10857 10814 10853 10734 10838 10712 10734 10738 10734 16,643 A tohT
Deopp
ekat&
re
Santa Fe 10314 Feb 1 11012 AM:14 9978 Bop 11553 J'ne
102 102
10178 10173 *10112 102
10178 10178 102 102 *10178 10238
700 IA1011 Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
*142 148 *112 19311 142 142
141 142
500 Atlantic Coast Line RR
1334 Jan 10 14812 Aug 12 117 Jan 13914 Nov
140 14012 4141 14112
10652 10533 10658 100.1 i 106.53 107
1008 10878 S10612 10634 10612 10612 2,475 BaltoreprtrOhlo
110114 Feb 1 11173 Apr 30
9312 Sep 10914 J'ly
*8512 8713 *8512 8612 *85
8712 *85
8712 *85
8512 Aug
8712 *85
87
8618 Aug 13 91 Jan 23
01 Jan
9133 9173 z8973 9012 9014 9012 39
8038 8812 se
89346,800 Brooklyn Rapid Transit_
89
7634 Jan 2 9413 J'ly 2
72 Sep
8153 J'ly
27212 27334 274 278
27378 2701 27234 274
27214 27353 27338 27414 20,570 1 lanadian Pacific
22812 Men 4 283 Aug 15 19553 Jan 247 J'17
*360 380 *360 380 *300 380 *360 380 *360 380 4360 380
k ientral of New Jersey _ 305 Jan 9 395 Apr 29 260 Aug 320 Dec
801 8012 7912 8014 80
8013 7912 7934 7812 7938 79
7912. 5,750 Chesapeake & Ohio
6314 Feb 1 8314 Aug 11
0898 Sep 8634 Feb
19
19
1834 19
*1814 1914 1814 1814 1734 18
1,850 Chic GO West trust °its_
1033 J'ly 12 2012 Apr 8
18
18
17 Sep
2614 J'ne
*3412 3512 *3412 3712 3412 3514 35
*33
35
3712 *32
Do
314 J'ly 11 3012 Apr 8
35
pref
606
trust
3512
Dec
ctfs
4914 Feb
10634 107
10E1 10714 10613 10714 10533 1061.1 10512 10813 10618 1064 11.693 Chicago 1(11w & St Paul
9933 .131y 13 11234 Apr 6 10634 Oct 18312 Feb
*141 14212 *141 143 *141 143
14112 14134 *141 14212 *141 14212
140 .Ply 15 140 Jan 2 141 Sep 15512 Feb
Do pref
200
*13812 140 *13834 140
139 139
139 139
13813 13834 *138 13912
800 Chicago J. North Western 13412 J'ly 12 145 Apr 26 13813 Sep 15012 J'no
*181 190
*181 190 *185 100 *180 190 *185 190
May 4 198 Meh26 191 Nov 3709 Jan
*214 234 -*214 -234
255 *2
- *2
258 *214 25e *2
0
hPooDP
258
/ill‘rac Ws stmpd 190
113 Feb 16
373 Apr 18
133 Sep
338 Feb
*7
9
*7
9
*7
8
*8
8
*6
712 *8
8
pprreeft ctls stmpd___
1014 Apr 18
434 Sep • 714 Feb
4 Mct321
*55
57
*55
58
*55
*55
58
58
55
100 Cleve Gin Chic & St L___ 6412 Mch 28 6212 Apr 23
55
*52
59
4818 Sep
00 Jan
*98 10134 *98 10134 *98 10134 *98 10134 *98 1013.1 *98 10134
Do
49578 Feb 24 10112 Apr 17
9414 J'ly
98 Feb
*167 170 4187 167 *167 170 *167 170 *167 170 3167 170
eeileawearree 43ifuec
15
g 23
AIny
0 J
8 17613 Feb 8 15912 Sep 17478 J'ne
160
:
. 63
dsw
one....i
*520 570 *520 570 *520 570 *520 570 *520 660 *520 560
claw
569 Jan 29 506 Sep 570 Nov
Lack
32112 22
*2114 22
*2114 22 *21
2214 *21
22
20
DeD
*21
ne
22
verpr&
erRio Grande__
1733 Dec
35 Feb
*37
3812 138
*3714 38
*37
38
38
*37
3812 *37
33
V4
4
2 4 ji itcnh 27
0
2
f
2:Pie 1)
3634 Dec
8
4
74 Feb
*9
934
8
*9
834
878 1
1014 *9
034 10
Sep
1134 May16
1014 1,400 Duluth So Shore 53 Allan
9 Nov
1513 Nich
*17
1912 1512 17
17
1734 1714 1714 *1612 19
1513 Sep 9 23 May15
1718 Dec
17
8013 hi ch
1,756
Do pref
17
as
3614 3534 3618 3573 3618 3514 3618 35
3512 3614 36
20,400 Erie
3014 Jan 15 394 Apr 11
2714 Jan
f.;838 J'ly
5835 5338 5234 5314 5234 5278 5212 5278 52
524 52
5013 Feb 3 577,, Apr 11
4553 Jan
5252 3.500
1st preferred
6114 J'ly
*4438 4512 4433 44133 *4334 4473 4312 44
4312 4312 *43
40 Feb 3 48 Apr 11
Do 2d preferred
44
600
35 Jan
4931
J'Iy
13838 13834 13814 13914 13834 13912 13818 13914 13634 13838 13714 138
ateNgteheprn
20,950 Grere
fiee.... 126 Jan 15 14334 Aug 10 319 Sep 114) Poe
reRerist
*46
4634 4558 465g 46
4612 45
413
4412 45
36 Jan 31 4712 Aug 15
4458 48
5,350
3314 Dee
1
6334 Feb
*130 131 *129 131
130 130
129 12958 127 12812 *12712 12812 1,700 Illinois Centrar
120
1638
Meany 3
33 J
9 1414 Jan 23 132 Jan 117 J'ly
1934 1934 1933 1934 19
195g 19
1912 1878 191g
1918 1034 8,500 nterboro-Metrop v t °Us
22 J'ly 2
131s Sep
20% Feb
5812 5812 58
59
5858 5878 5734 5834 5738 5814 5818 59
5388 Jan 8 62 Meh 26
39114 Sep
Do Fret
6633 J'ly
*2634 2758 2612 2714 2738 2738 *2638 2712 2612 2717 *2612 274 11,500
1.200 Ka
Dnesas CpirteyfeSrredouthern- 2212 May29 3914 Mch 25
254
37%
J'ne
SOP
*61
82
61
61
61
61
61
6114 *6012 6112 *8012 6112
56 May29 6553 bich25
6112 Sep
400
0934 J'ne
*1418 1512 *144 1512 *1418 1513 15
15
*13
1512 *1212 1612
100 Lake Erie & Western
1112 Jan 26 18 Apr 24
10 Sep
17 Nov
*38
39
38
33613 38
38
*35
38
38
*35
38
*35
Do preferred
25 Sep
200
30 Jan 8 90 May21
40 Jan
16733 10814 16634 16734 16733 16814 16653 168
16512 167
18634 16714 29,800 Lehigh Valley
15578 Feb 6 18534 Jan 15 151 Sep 18673 Deo
16112 16214 16112 16214 16112 16218 16112 16134 161 16112 16173
16234 4,450 Louisville & Nashville- 14978 Feb 1 170 Aug 14 13612 Sep 16034 Nov
*133 135 *133 135 *133 135 *133 135 *133 135 *133 135
m anhattan Elevated_ 13313 Aug 23 13834 Mch 13 13114 Sep 14212 Jan
2312 2358 *2312 24
*2858 2414 2414 2414 2312 2317 2334 24
2112 Apr
GOO 3T1Inneapells & St Louis
4212 Sep
*47
*4712 49
50
*45
50
48
48
*46
60
*47
Du preferred
50
130
11012 Celt
5313 4
42
1§ 36 Mch 6812 Sep
149 14914 14912 150
150 150
140 14934 14812 14878 14834 14978 2,9
nn
e Stp
50 311D
100
Sop
129
13
15214
2
Feb
nn
g
3
4
aa
u
Mob
15112
j
11243
A
*150 156 *150 155
155 155 *15213 157 *150 156 *151 156
P
refel
erS
red
5 Marie
14714 Feb 1 158 Aug 19 140 Nov 160 Mch
*2802 29
2812 2812 2834 2914 2812 29
De anpsaa5
2773 2853 2812 2873 3,200 MoK
refererT
2538 J'ly 13 3153 Mch 29
edexas
27 Sop
8818 J'ne
*6238 64
*82
64
*6258 64
*6258 64
*6212 64
*62
84
5733 May29 66 Apr 17
6234 Sep
70 Oct
41
4138 4018 48 4012 4112 4038 4114 40
4118 4034 4112 17,150 X113
35 .Ply 12 4734 Moh 27
:
09_171y4Pllrlric
o
63 Feb
3314 Sep
*6334 6734 *63
67
*6334 6634 *6334 66
*6314 6612 *6334 66
RM
let pref 83 May17 71 Jan 4
60
Aug
Jan
72%
*2914 30
_
*29
30
*2914 30
Do 2d preferred__ _
*2914 30
2912 2912
100
28 Apr 1 3678 Jan 20
2573 Aug
3838 Feb
iiiig 1-1-53-8 11434 115
11414 115
11418 11412 113 11412 *11312 11412 4,620 N Y Central & Hudson__ 1084 Jan 9 12113 Apr 25 r9078 Sep 11612 Feb
413818 13818 *185 139
13613
137 137 *13512 137 *135 137
235 NY N H 43 Hartford__ 134 J'ne 18 14214 Apr 1 12878 Sep 15113 Feb
13618
37
3714 37
374 *3634 38
3612 3713 3612 37
*3512 3634 1,000 N Y Ontario & Western_
2973 J'ne 29 4138 Apr 12
3734 Sep
4673 J'iy
9014 9014 9014 9014 *90
91
9013 9018 90
90
*90
91
420 N Y State Railways__
8678 J'ne 1 9334 Apr 26
11673 11678 11614 11834 116 116
11513 11512 11512 11573 11513 11573 5,900 Norfolkdj
110734 Feb 1 11914 Aug 12
0934 Sep 11114 No;
&
neW
:
t
pret
m
es
en
n
t
er
t
*85
89
*85
89
*8518 8918 *8518 8918
89
-- *87
8634 Apr
88 J'ne 12 92 Feb 17
9114 J'ne
•_ ;
6
6814 67
6713 *____5
6712
*60
2 -6-712 *65
8712
hehrin
3912 Jan
Ort0
200 No
o Tp
ra
ao
em
&eLight- 56 Mobil 6734 Aug27
5534 Nov
12714 1273-4 12612 12733 12678 12712 12578 12738 12512 12638 12512 12614
22,650
11533 Jan 15 13112 Aug 14 11034 Sep 11778 J'ne
124 12418 12334 12413 124 12414 1237g 12414 12312
12212 Jan 9 12614 May 2 11834 Sep 13018 Feb
12378 12334 12378 8,972 Panngylvanla
*10934 10912 *10913 110
10912 11012 102 11034 10834 10918 10914 10912 5,100 Pitts
peb Cgefed
9813
Chic
9018
Sep 100 Jan
do St L
Jan 2 11114 Aug 14
*110 117 *110 117 *110 117 *110 117 *110 117 *112 117
10812Jan 2 117 Feb 20 10218 Sao 112 Feb
16878 16913 188 16935 16812 16938 16612 16918 16534 16712 16658 16734 277,400 Deeding
1484Jan 11 17914 Apr 29 134 Sep 16178 J'ne
*87
90
*88
90
*88
387
88
90
90
140 3-3, 1st preferred
487
88
90
8712 J'ne 27 9314 Apr 29
88 Mch
92 J'ly
*93
07
*93
97
*93
*9312 97
2d preferred
97
*93
97
*93
97
9013 Sep 101 May
94 Jan 11 10112 Apr 29
, 26
26
2538 2014 2613 26/2 2512 2618 2534 2818 26
2612 7,300 Rook Island Company__
2234 Sep
2212 May31 3013 Apr 8
34% J'ne
' 32
52
52
*5012 5214 1,262
5214 5214 5214 5114 5114 5012 51
3
Do preferred
4354 Dee
4714 J'iy 16 593 API' 0
6858 J'no
22
22
21
22 *21
22
2134 22
2112 2112 2114 2114 1,050 St Louis as San Fran__
2012 Sep.6 2912 Mch 26
23 Deo
27 Oct
*6212 65
*6212 65
38212 65
*6212 65
Do 1st preferred.____ 61 May10 6912 Jan 23
*6212 65
*6212 85
59 Sep
6914 J'ly
*351, 3612 3512 3534 3512 3512 3514 3512 35
3514 3518 3518 1,440
Do 2d preferred
3312 J'ly 24 4334 Apr 11
37 Sep
9912
J.17
*35 - 36
3513 3513 *35
36
35
35
3413 35
3514 36
2,000 St Louis Southwestern_
2934 Jan 22 37 Aug 26
24 Jan
34 Feb
, *76
7712 77
77
7613 7613 *7512 77
77
Do preferred
7714
500
6813 Jan 17 7813 Aug 26
5934 Jan
72 J'ne
• 23
2312 *2234 2312 *2212 23
2212 2212 -ii- --2214 22
2312 1,600 Seaboard Air Line
22 Sep 12 2712 Apr 9
5214 5212 5153 5134 5114 5158 5018 51
60
50
5014 5014 3,650
Do preferred
50 Sep 12 5813 J'ne 7
11134 11178 x10912 11012 10953 11018 10858 10973 10852 10912 109 10938 11,800 Southern
Pacific Co
10512 Feb 1 11512 Apr 8 10412 Se13 13
28
338
3 J:
, 2978 30
2934 30
2934 301g 2934 3053 2912 3013 3018 3034 15,900 Southern v Or otts stmpd_
2613 Jan 31 3112 Aug 19
2434 Sep
J'ly
• 8113 8118 81
8114 8012 81
81
8114 8078 8112 8114 8334 11,450
6814 Feb 4 8334 Sep 13
Do pret
7514
6114 Jan
do
• *2318 2338 2314 2312 2312 2312 2314 2312 23
23 *23
1,300 Texa3 & Pacific
24
2012
Jan
1978
Deo
3 2614 Apr 2
3633 3658 3612 3612 3612 3612 3558 3718 3512 355; 3512 3614 3,050 1 bird Ave New ,
31 Nov
3512 J'ly 12 4934 Jan 9
:
j
D
J
F
FeeM
in
Tbb
. *412 5
*5
6
35
6
*5
6
Toledo Railways & Lt___
*414 434 *414 434
4 Nov
3 Jan 15 1058 Apr 16
, *1214 13
1214 1214 *1218 1212 12
1238 *1168 1212 *1158 1258
Toledo S
prteL
zerr
&el
12 Dec
1633 Mch27
6
dVestern._
12 Sep 11
*2834 2958 *2812 30
*2312 2958 2912 2912 *2812 2912 2014 2938
Do
28 J'ne 7 30 Apr 8
400
3478 Deo
5373 Jan
*10714 108 *10714 108 *10714 108
108 10813 10734 10734 10814 10814
goo Twin City Rapid Transit_ 10412 Jan 5 109 MaY16 104 Sep 111
02
138 IJ3elb
i
, 17114 17218 x16814 16914 16812 16934 16734 16918 167 16834 16818 168'78 166,900 n Mon Pacific
160 Feb I 17553 Apr 9 15312 Sep
• 0178 9178 z8914 8914 *89
8912 89
8918 8878 89
*8878 8912 1,150 ‘J
8873 Sep 12 9353 Feb 27
Do preferred
811 Sep
98
J.
17
• *3112 33
*31
33
*30
33
*31
33
3,30 . 33 • *3012 32
Unit Rys Inv't of San Fr 28 J'ly 11 3714 Feb 14
2812 Sop
,9314
*5912 61
*5012 61
$80
81
6112 60
*60
80
53734 J'neJ l y 18
0 60
abas
60
Pleaby1
200 1A13.3
prheferred
53
19
1
14
2I
60
52 Sep
Mob
. *414 412
414 438
414 414
414 438
438 438
433 1,600
3
3
8
634 Deo
1833 Feb
: 1418 1418 *14
1412 1412 1434 1414 1414 1412 1434 4,14
1434
1233 J'ne 27 2278 Apr 9
Do preferred
800 T T
1914 Deo
6
40:8 Feb
*57
58
*57
58
*57
5634 57
5612 5612 *5614 58
58
500 Western Maryland By...... 5534 Jan 9 8414 Aich25
9873 Apr
*534 614 *534 612
300 Wheeling & Lake Erie_
633 638 *534 612 *6
4 Jan 10
612
6
914 bleb 13
6
Feb
212 Sep
• *1913 22
*19
2212 *20
2212 2034 2034 21
21
*20
22
Do 1st preferred
11 Jan 3 2573 Apr 18
200
7 Sep
• *812 10
*812 11
*9
1012
1012 *9
Do 2d preferred
912 912
912 912
300
6 Jan 19 14 MO 13
18
765154
3
F b
Aug
*5414 60
*5414 60 *5412 60
*5412 60
*5412 60
*5412 60
Wisconsin Central
48 Feb 5 6212 Aug12
7213 May
48 Self
Industrial do Miscellaneous
*197 201 *197 201 *197 202 *197 202 *197 202 *197 201
A dams Express
1101 Mch 12 12174 Apr 18 1198 Nov 1245 Apr
8713 8814 8733 8814 8714 8814 8534 8778 8473 8832 8573 8634 102,300 XI mafgamated Copper__
60 Feb 1 8834 Aug 26
7114 J'ne
4434 SeP
5914 5912 5834 5834 *5812 5912 5834 59
*5814 5914 5833 5834
900 Amer Agricultural Chem_
5814 Aug 9 6353 Mch22
6312 Deo
4434 Sep
1101 101 *10012 101 *10012 103 *10012 104 *10011 10112 101 10112
216
Do pref,
98 J'ly 17 10414 Meh20
9912
105
Dec
Oct
*7414 7434 7334 7434 7434 7538 7334 7538 7338 7412 *7334 7414 20,800 American
peprereet Sugar
53 Feb 28 76 MaYll
5914 Jan
5934 Oct
*9712 9914 *9712 9.112 *9712 9912 *9712 9912 *9711 9912 *9712 9912
07 Apr 3 10114 J'ne 19
9213 Jan 101 Oct
3914 3953 3914 4012 3312 4012 394 4014 3838 3912 394 40
33,190 American Can
1114 Feb 1 43 Mayll
1212 May
878 Jan
11834 11834 11914 120
11912 12034 11913 12014 11914 1195s 11913 11918 4,620
Do pref,
9058 Feb 1 12112 Mayll
9318 Deo
77 Jan
61
6114 6053 6058 6014 6034 5958 6014 z59
5934 5912 5953 3,200 American Car & Foundry 49 Feb 6 62 Aug 28
6814 J'ly
4233 Sol)
*11834 1197g *11834 11978 *11878 11978 11978 11978 *119 120 *11712 120
100
Do pref
115 Feb 14 120 May24 113 Oot 120 May
*31
3158 *31
31
32 *31
3114 *8034 3134 *31
32
200 American Cities
32
31 Aug 22 34 J'ly 2
*7658 7634 7634 7634 7634 7634 *7634 77
*7634 77
*7634 77
Do preferred
325
7514 Aug 6 8312 J'ne 20
5513 5714 5618 5658 5638 5634 5534 5614 5518 5534 *5514 gg
7,300 Am
perl
e ea
prnetCotton Oil
6238 Feb
4153 Nov
5 2 Jan 19 5833 Sen. 6
*9712 10212 *9712 10212 *9712 10217 *9712 102
*9712 10212 *9712 10212
92 Nov 10512 Feb
95 Jan 19 9914 Feb 13
578 578
534 6.14 *533 578
800 American Hide & Leather
533 558 *514 534
312 Sep
533 Vs
Feb
3
19
612
J.110
MaY16
*27
28
28
2812 *28
2812 28
28goo
28
*2712 2812 28
Do prof
13 Sep
20 Feb 20 2812 Sep 9
21353 J'ne
2413 2434 24
2312 2312 23
24
*2312 25
2314 *23
1,300 American Ice Securities_
24
1.12 Aug
18 Jan 2 3034 May20
2534 J'ly
1413 1418 *1313 1458 1413 1412 14
14
1373 1378 *1334 1412
888 American Linseed
8 Aug
9 Mob 6 1778 Apr 23
1233 Feb
38
38
3714 3714 3734 3734 37
37
304 37
2618 Oct
*3534 3738
7
prg 213
46334 An
7 4
g
20
3412 Dec
4312 4414 4338 4353 4312 4334 43
4314 4253 4234 4212 43
e cp
peri
arnefL000motive..... 8
3,4
17
00
3213 Oct
0 Am
31034 Feb'ob
4314 May
*109 111
10914 10914 *10812 110
*108 110 *109 110
.
2 Aug 14 102 Oct 11034 Meh
1,91
15
1016 1,
*15
1714 1718 1713 1714 1714 iii- I.
4.- *15 17 *1513 17
200 American Malt Corp_..._ 1043r4
434 Jan
3 Sep
533 Jan
*6714 68
6713 6778 6734 68
6758 67
6712 6712 6734 1,378
67
Do prof.
,
6914f
3112 Mch
4353 J.17
A
•4
Nt
1
,tuli,5i
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America 11_
Amer Each.
Battery Pk_
Boweryl
BronxBorol
Bronx Nat_
Bryant Pk $
Butch & Dr
1)entury 31....
Chase
ma
Ask
202
610
237
135
400
300
170
150
130
230
675
212
630
245
130
___
____
180
166
140
235
____
•
Banks
Ask
Bid
Chat&Phenix 175
182
Chelsea Exil 150
Chemical __ 440 450
Citizens' CU 18212 ___
City
435
427
Coal & Iron 155
160
Colonial $_ 425
____
Columbia il. 335 315
Commerce - 120312 f204
Corn Ex 11... 320 32712
East River.. 88
___
fidelity 11.._ 165
175
Banks
Bid
Ask
Fifth Avell 4300
__
011th
300 325
First
1000 1020
Fourth
200
203
Garfield _ 275 290
Germ-Am $ 140____
Germin Exli 425
449
Germania 1_ 525
1.40
Gotham _
158
168
Greenwich 1 250
____
Hanover
890 710
Banks
Harriman __
imp & Trad
Irving
Liberty__
LincOln__
Manhattan%
Mark't&Ful
%tech &Met's
Mereh Each
‘lercliants'
Ind
EU
Ask
Banks
280
---- •Metropolis $ 375
Metropol'n$ 190
585 575
Mt Monist. 250
210
206
Mutual $___ 285
595
610
Nassau ___ 200
375
385
34712 New Neth _$ 220
340
26712 Now Yorke° 875
250
New York_ f315
262
258
165 Paciflc$__ 255
160
185Park
370
--- People's 1... 240
Ask
385
198
260
205
212
_
____
355
205
377
250
Banks
Prod Exch $
tteservo _
3eaboard .._
ifsoond __
3eourIty% _
.3nertnad___
-nate $ ...._
23d Ward%.
UnIcon Exc_
Wash 1L'66$
West Side 1
Yorkville I.
Bid
16712
9312
125
375
135
135
250
175
162
275
575
600
Ask
1721
---.
400
145
-275
_
168
_
625
....
• Bid and asked prices ; no sales were made on this day. :Ex-rights. Mess than 100
9State banks. a Ex-div dond and rights. b New sto0 •
Bale at Stook Exohange or at auction this week. Is First Installment paid. n Sold atshares.
private sale at this price. z Ha-dividend. 1 Full paid.
,,
•
New York Stock Record-Concluded-Page 2
SEPT. 14 1912.1
665
- -- Pot mord of sales during the week of stocks usually inactive see second page preceding.
STOCFCS-H[OHES7' AND LOW MST BA 7383 PRICES
l3aturday
Sept 7
Monday
Sept 9
Tuesday
Sept 10
Wednesday
Sept 11
7'h ursday
Sept. 12.
Friday
Sept. 13.
Sales 01
....
TITee';
Shares
Range since January I.
071 basis 01 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Industrial and Misc.(Con)
500 Amer Smelters Sec pref It
88
8758 873. *8713 88
88
*$714 8734 8734 8734 *8712 88
3512 86.58
8434 8513 10,600 Amer Smelting& Henning
8514 861$ 8553 8654. 8414 855: 8334 842
Do pref
108 108
770
10712 1073 1108 108
10833 10338 10838 10838 *108 109
193 197
191 191 z190 193
197 197
4,025 American Snug
191 197
191 195
___
Do
-------8103 100 4.109 105 *100 105 ,
pref, new
4 100 105
306 Amer Steel Feund (new) _
33
*37
38
3712 3712 *37
3714 3714 *37
37
37
38
4,110 American Sugar Refining
12612 12611 12614 12612 12634 1271; 12712 12734 123 1203. 12613 127
Do pref
12212 1221; 112112 121 *1211.4 123 8121 123
106
*12114 12212 *12114 121
2,520 American Telepli & Tele;
14312 14378
*14414 14434 14334 14414 *11334 14414 14334 141
11312 144
269 27312 270 274
268 27213 270 270
5,000 American Tobacco
271 271
270 273
Preferred, new
*106 10612 106 106
10578 106
1,950
10534 100
10512 10534 z104 104
29
29
*28
*28
*23
100 American Woolen
29
29
2878 287, *2734 29
*28
Do pre
9213 49113 9112 *91
9212 *91
0113
9113
*01
125
9112 9112 *91
37
3773 3778 *3718 33
37
*3112 30
2,401 Amer Writing Paper. prt.
3533 371, 36
36
4534 4612 4534 467, 46
4512 4614 51,000 aAnationdaCopper Par$25
4533 4638 1513 46
4633
*12413 126
12413 12412 *12314 12412 112314 12112 /12314 12413 *12314 12412
101 Asaets Realization
aldwin Locomotive _ _
5812 5812 59
*5813 59
59
500
5912 5912
5913 5012 *5812 50
*106 10612 *106 10012 10612 10313 110512 10612 *10578 106 1100 10612
100 1 1 Do pret
4012 4012 4014 4014
3973 4034 3012 4033 3014 40
3934 4012 4,300 Bethlehem Steel
Do pret
*7212 73
7213 7217 7212 73
1,200
7014 7014 7012 7078
70
72
*147 148 *147 148 1147 148
200 Brooklyn Union Gas
147 147 1145 148
147 147
*3434 37
250 Butterlck Co
3558 3513 13512 3512
*3558 37
351r
3533 3537 *35
3078 3138 3013 3114
30.3 2034 303. 3014 3114 14,251 g ten tral Leather
3033 3114 30
Do prof
*90 100)8 100 100
9822 *0712 9832 9814 9314
200 9.
9832 *97
*97
4034 431'88 4234 1418 4212 4354234 41,55t dChino Copper__ _Par $5
4114 421: 4078 4238 42
3373 3013 3511 3618 26,800 Colorado Fuel & Iron_ _ _
3334 35
3433 353,
3312 3334 3333 35
6,200 Consolidated Gas (N Y_
14512 14512 14453 14512 145 1451: 144 14511 14353 144
14414 14514
1514 1512
1514 157$
1573 1578
1513 1512 1,82( CornProducts Refining_ _
1513 1558
1573 157s
Do pref
400
8434 8434 *8312 8434 *8313 81; *8312 8434
84
S418 *8313 85
3433. 3312 34
3314 3317 3,225 Distillers' Securities Corp
3314 3334
3334 3433 31
3353 3414
Federal
Mining & Smeit'e
20
*16
*17
20
20
*17
20
*17
20
20
*17
*17
Do pre!
47
45
*42
45
1091
*43
4612
46
*43
47
47
*42
*42
180 18114 179 18014 17934 180
3,825 General Electric
18214 18211 18112 18214 *181 182
38
3912 38
*3912 4118
3813 39
801 Gen Motors vol t7 ctfs
40
39
3913 3934 *39
Do pref vol tr
82
*80
8213 1,745
82
8033 863f, 82
*N
821: 7934 81
*80
234 314 30,050 dGold field Con 11 Par $10
314 312
333 312
333 313
312 358
312 353
7912 7.317 14,150 Goodrich (B F)
7814 8012
7913 8013 7834 80
7514 7534 7712 81
Do pref
*108 100 410834 10834 109 109
1,145
10834 10914 10914 10914 10314 10914
5,300 dGuggenh ExpLo_Par $25
5712 ,5614 5714
5914 5714 5835 57
59
59
5834 5014 50
d
I
nsp'n Con Cop Par $20
*18
1858
1814
41813 1817 *1813 183, 1833 1857
1,155
*1812 10
1814
nternational Harvester
12178 122
12212 12514 12412 1267E 124 12614 124 12534 12134 120
19,723
Do pret
*11713 11313 *11713 11812 1116 11818 111) 113) 1117 11934 *115 11934
101
501 Int tier Marine stk tr ctfs
518 512
513
*5
5
5
512 51:
558
*5
5
5
Do prof
1,100
*4953 2014 20
2034
*1012 2034 *1813 2058
1934 20
1934 1934
3091 International Paper
1534 16
*1512 16
1.534 1534 *1513 16
*1513 16
*1512 16
Do pref
58
5718 *57
*57
533
53
58
5712 5753 5712 5712 57
*57
200 /nternat Steam Pump
*2612 27
2678 2673 *2612 27
27
*2612 27
2632 2012 *26
Do pref
100
8112 *80
811;
*80
8114 80
8112 *80
80
*80
*79
81
*10512 106 *10513 10613 10534 10534 110512 106 4106 106
200 Laclede Gas (St L) cons _ _
10512 10512
214 211
21234 21514 215 21712 212 216
212 21313 211 21412 5,110 Liggett & Myers Tobacco
Do preferred
*116 118
116 116 1110 117
50(
116 11612 *115 117
116 116
41
4434 45
4478 4414 4514 4312 4434
7,700 Loose-Wiles Bis tr co ctfs
4312 4334 4334 4433
Do 1st pref
410373 10373 10312 10378 10358 10377 10334 10334 *10312 ___- 10334 10334
911
Do 2d pre(
9113 *91
*91
10(
9112 *91
91
9113 *0012 9113 01
9112 491
*87
89
*8512 89
100 Mackay Companies
*87
89
*85
88
8734 8734 *85)2 88
Do pref
693, 6934 *6834 6912 *6813 69
70
200
70
*6812 69
*6912 71
*70
8018 *7914 8018 8018 8133 8138 83
8212 8213 7,65( May Departmere,- Stores_
8212 81
Do pref
*10614 10714 *10014 10714 510613 10714 10713 108
00(
108 108
108 108
8114 8238 SI
8253 8214 8333 71,309 Mexican Petroleum
8212 8114 84)2 8114 837g
81
2933 2938 2913 2914
2914 2933 2914 293$ 2918 2938
5,34( a.alarni Copper__ _Par *5
2914 2914
ational Biscuit
*13812 110 *138 14013 13834 13(J
137 13752 *137 138
137 138
1,10(
Do pre(
12414 12114 *12312 127 112312 127
*121 12734 *121 127 1121 127
10(
1712 1713 *17
1733 *17
1734
17
1714 1778
17
1734
70) Nat Enamerg & Stamp'g
17
Do pref
30(
9312 *89
9212
*89
92
9211 *8812 0212 *89
0112 9112 92
3,409 National Lead
59
6014 6058 6013 6012 6033 6057 5978 603* 5918 5978 x59
Do pref
104
*107 10078 1107 10978 *10712 10934 10712 10713 *107 10934 *107 10014
2214 223: 22
2217
2134 22
2218 14,20( dNey Cons Copper_Par $5
2228 2258 2214 2212
22
78
80
503 New York Air Brake
78
78
76
*75
7618 74
*75
7514 76
7518
*8412 85
1,004 North American Co (new)
8473 85
8412 85
8453 8512 8512 8517 *8-113 86
3031 3034 *3012 3117
3114 3117 3114 3114
90( 1.3acific Mall
3012 3012 3114 3114
aeltic Telep & Teleg_
4012 5014 *1912 51
*4953 51
904
4912 4912 50
50
4978 50
1101411(113 116 11633 116 116
116$4 11634 11612 11634 *11(.853 117
2,36: People's G L & C (Chic) _
10314 10314 *102 105 *102 105
*10314 104 -/103 10412 *103 105
10( Philadelphia Co (P.ttsb)2434 25
2373 2113 2412 2173 2334 2453 2314 21)3 *2334 2434 3,00( Plttsourgh Coal Co
Do pref
96
96
9514 96
0312 0173 04
9512 9612 9412 9614
9112 5,00(
4103 193
683 P. Lorillard Co
191 193 *____ 195
193 193
192 192
105 195
Do preferred
134
*115 11912 --_116 116 3117 117 z111 114
*115 117
3738 3712 37
1,30( Pressed Steel Car
3612 3612 3714 3714
3714 3713 3738 3714 3714
1,o pre,
10(
*102 103 *102 103 *102 103 *1(32 103 *10112 103 *10112 11(212
*119 11953 119 11932 111734 120 *11734 11938 11834 11834 119 119
40( Pub Service Corp of N J_
Pullman Company
*167 160 *1(10121(19 1107 160 1167 109 *107 169 *167 169
ailway Steel Spring__ _
40(
*3714 3738 *37
3678 3672
*3934 37
37
3718 3718 37
38
*102 105 *102 105 1102 105
101 /A, Do pref
102 102 *101 105 *102 105
2128 2178 2155 22
2133 2134 21
2133 *2112 2173 30,221 ditay ConsCopper Par $10
2134 22
2,00) Republic Iron & Steel
*2714 2778
2758 *2612 2712 2053 2758
2734 2778 2753 2734 27
Do prof
89
8913 8734 8912 87
89
8813 8833 8838 3,301
89
*8813 90
*102 10214 *10112 10217 ,t102 10212 102 102 *102 10212 *102 1021g
103 Rumely (M) Prof
.'ears,
Roebuck & Co_ _ _ _
210 21234 20712 21112 208 20934 18,62:
i 210 21438 21718 22012 214 219
..)
57
t *55
20, 8loss-Slieffleld Steel & 1r_
*51
65
57
57
65
56
53
55
*54
Standard Milling.
31
*2812 30
*28
30
: *2812 3()
*23
30
30
*29
*28
Do
pref
*62
10.
6712 *62
67
67
6734 *60
, 6112 6,112 *62
*61
67
44
4214 4214 *42
45
1,90, Studebaker Corp (The)- 43
4334 4312 4413 4412 4134 44
Do
pref
60,
9514
*9414
9613
9512
9412
9411
95
9112
9412
9512
9512
. *94
4434 4353 4412 43
4314 4311
4314
7,60, TTennessee Copp_Par $25
i 4414 4458 4334 4434 41
12914 12014 12712 12913 127 12714 *125 12534 4,10' Texas Company (The) 130 13058 12912 130
nderwoost '1 ypewriter_
10734 10813 10714 108
10534 107 *100 107
1,40
*108 111 *108 110
Do prof
‘..3
___- 1111
111412 ____ *11112 ____ *11412 ___
____ 4111
*114
1334 1378
1314 1338
1234 1314
1333 1338
1253 131g
; 1318 1334
3,22 Union Bag & Paper
Do pref
, 5938 5912 59
5914
5212 5912 5913 5012 5878 5914 *5334 61
1,15,
United C.gar Mfrs
*51
*5114 57
57
*54
57
*5313 57
*5114 57
, *5114 57
Do
pret
-___ ___. *103 110 *103 110 *10314 110 1103 110
*10314 110
1934 2012 2012 2012 1914 20
21
21
*19
*19
1,10 U S Cast I Pipe & Folmar
21
*10
Do pref
26
6012 *5914 60
*59
5912 5034 460
*50
60
60
00
*59
*52
65
55
4 U S Industrial Alcohol
55
*52
*52
55
5412 5513 *5214 5512 *52
8313 8334 *83
84
*82
82
83
83
1,30 U S Realty & improv't_
83
83
81
*83
5114 503.1 5073 5012 5078 2,70 United States Rubber
51
5113 5135 6114 5138 5114 513
Do 1st prof
51
*10,13 10878 *10814 10878 10812 10812 10812 10813 10814 10838 10814 10814
Do 3d prof
80
*7812 7934 *7834 7034
7934 *78
7934 *79
*79
80
*78
72
7258 212,65 United States Steel
7234 7314 72$3 73% 7234 7338 7158 7314 7113 7214
Do pref
1,12
113 113
11234 11318 113 113 *11.234 113 ;11234 11234 11234 1123.1
6512 6313 6434
64
6433 30,05 dUtah Copper ___Par *10
, 6514 6618
6512 6618 6533 657$ 61
4534 4513 4512 4512 4513 3,10 Virginia-Carolina Chem
45
46
47
47
4613 45
46
Do pret
3118 118 1116 118 *116 118 1116 118 *116 118 ¢118 118 '
2
13312 4131 3133 137 9133 137 *133 137 *133 137 1133 136
10 W ells Fargo 33 Co
VV cstern Union Telcg_
8118 8178 81
*8113 82
8114
81
81
8173 82
*8113 82
2,23
8675
88
8812 8718 8814
8634 8738 13,90 W tasting h'seEl &Alfg assen
8714 8713 8612 8712 86
*124 130 *121 130
Do 1st Ore
191
124 121 *12312 130 *125 130 *121 130
9018 0612 9714 9712 9817 9814 9914 98
96
9814
9813 9834 5,9t Woolworth (F IV)
5.1173 1121 I, 11 it. lilt ,,.11.41. 1141... 51131.. 113 311:11, 1131- 114. 1141.
44
1)0
prcf
R
N
U
Highest
Range 1or Previous
Year 1911.
Lowest.
82 Sep
86 Mch 22 8913 J'ne 1).
6778 Feb 1
5658 Sep
h955 Aida 25
0834 Sep
10232 Jan 2 109 Aug 23
123 Mch 6 197 Sep 91 225 Sep
9
26
9 J
.I.c.
'en
t3 19
u 13
06
512 A
Alu
ag
y 15
ll
25 Sep
11434 Jan 12 13312 May13 11214 Sep
11512 Jan 5 12:312 Aug3(; 111 Jan
13758 Jan 2 14918 Men 25 13112 Aug
21118 Feb 29 32412 J'ly 1
10114 Jan 11 10638 Jan 10
2514 Feb 6 31 May17
2513 Dec
83)4 Get
83 Feb 7 9412 Mch 12
'241- Sep
2518 Jan 25 4133 May
$34 Feb 1 84678 Sep b 329 - Sep
10512 Feb 7 12618 Aug 14 10612 Dec
5353 313018 6034 Aug 3i,
10234 Feb 2 10818 J'ne 17 10314 Dec
26 Sep
4212
eb 2277
F,c
57
34
3 F
2
7434 May
54 Sec
13712 Mch 21 149 Aug 12 z129 Sep
28 Feb
2912 Mch 13 4018 Apr 30
1834 Sep
3138 Sep b
1612 Feb 27
9118 Dec
80 Feb 27 103 Aug15
825 Jan 15 $1418 Sep i; 51612 Sep
25 Sep
23'3 Feb 28 308 Sep 12
13814 Feb 17 14912 Aug 11! 12834 Sep
938 Oct
10 Jan 16
1713 Apr 24
73 Sep
z7614 Jan 3 87 Apr 24
10 Sep
28 Feb 5 3614 Aug 2i
1114 Feb 28 2153 J'ly 3
13 Dec
3718 Jan 23 50 J'ly 2
37 Dec
155 Jan 2 1S812 J'ly 25 142 Sep
30 Feb 26 4278 Sep 3
35 Nov
7412 Dec
7014 May 3 8234 Sep 3
$313 Oct
$22914 Seri 13 $5 Mch 18
75 Sep G
81 Sep 9
10314 Aug23 10914 Sep 11
253 J'ly 11 /136238 J'ne 14
81814 J'ne 3 $2013 J'ne
10514 Feb 1 12673 Sep 10
9918 Sep
11612 Jan 26 12134 Apr 4 115 Sep
314 Sep
4 htch 7
773 Mch 29
1534 J'ly 30 26 Mch29
14 Aug
933 Jan 17
71 Sep
1934 May23
r4578 Jan 3 0273 May23
4453 May
2412 J'ne 3 34 Jan 2
23 Oct
79 Feb 1
SO Oct
8438 Apr 8
104 Mob 16 10834 Jan 4 10114 Sep
15673 Jan 15 21712 Sep 10
10512 Jan 12 118 Aug20
43 J'iy 22 4718 J'ly 26
103 J'ly 22 10414 J'ly 27
90 J'ly 22 9212 J'ly 20
7518 Jan 31
9214 J'ly 17
7412 Dec
GS Dec
7078 Jan 23
6819 Jan 11
70 Apr
81 Aug 12
69 - Apr 11
10534 J'ne 24 112 Jan 11 10734 Sep
6234 Apr 20 8134 Sep 6
$2318 Feb 14 330 Aug 5 *1658 Sep
12912 J'ly 26 101 Apr 30 11714 Jan
12414 Sep 11 131 J'ne 19 124 Jan
1212 Dec
1214 Feb 20 1914 May15
85 Jan
88 Feb 27 9512 Jan 2
5118 Jan 9 6078 Aug 27
4212 Sep
10512 Feb 1 11014 Aug 20 104 Sep
31814 Jan 20 $2314 May 1 $1518 Sep
45 Oct
50 Feb 17 83 Aug21
01 Jan
7412 Jan 3 8773 Aug 21
2318 Apr
30 Jan 3 33 SIch27
47 Feb 5 5538 Apr 25
35 Sep
103 Jan b 11814 May25 10113 Aug
09 Sep
102 J'no 3 11114 Feb 16
1634 Mch 1 2714 Aug 14
17 Dec
0734 Jan
77 Feb S 10034 Aug 11
167 Men 11 20012 J'ne 8
10734 Jan 12 113 Aug 20
2834 Feb 27 3834 Aug lu
25 Sep
91 Sep
06 Feb 28 10334 Aug 16
10634 Feb 17 12078 Aug 13 108 Oct
15812 Feb 2 175 Aug 21 154 Sep
26 Oct
2712 Feb 8 3812 Aug 26
92 Jan
100 Men 12 105 Aug28
316 Jan 29 32212 J'ne21 *12 Sep
1534 Feb 26 2918 Aug 21
18 Oct
6412 Feb 27 92 Aug 21
7418 Oct
100 J'ne 20 103 J'ly 20
140 Jan 15 22012 Sep 1; 12512 Sep
3914 Jan 30 59 Aug 15
34 Seri
1614 Jan 19 3312 J'ne 27
15 Aug
53 Jan 8 65 Aug 21
50 J'ly
30 J'ly 10 4912 Aug 9
9013 J'ne 28 9818 Aug 13
33412 Feb 1 34714 May21 23014 Sep
7412 Nov
81 Jan 10 13058 Sep 7
9334 Apr 3 11534 J'ne 28
13 Mch
110 J'ne 14 11.114 J'ly 26 103 Mch
458 Jan 25 1778 May15
434 1)ec
5018 Nov
4934 Feb 21
6734 May15
5314 J'ly 10 6434 May21
105 Jan 10 102 Feb 15 10014 Sep
11 Sep
13 Feb 16 2212 May16
4012 Sep
50 Jan 4 61 J'ne 13
21 Aug
26 Jan s 5518 Sep 7
6518 Jan
67 Jan 31 8912 J'ly Is
4514 Feb 1 6778 May41
3012 Sep
10352 3'ly 25 116 May
104 Sep
66 Sep
75 Jan 23 8512 May21
1504 Feb 13 75 Aug 21
30 Oct
10733 Feb 13 111 Aug 1 103 Oct
Jan
29
$5213
36714 Aug 26 838 Sep
45 Sep 10
5714 Jan 26
4313 Sep
11512 Aug b 122 Alch27 114 Sep
4133 Aug 19 151 Jan 3 139 Sep
7138 Apr
79 Jan 2 8614 Jan 18
5838 Sep
6614 Jan 3 8913 Aug s
11478 Jan 5 126 Aug b 11013 Aug
9213 J'ly 25 9214 'ne 27
'
11314 J'ly 29 11(13.1
H tahest.
8913 Ply
8378 J'ne
10812 J'no
325 May
8313 Feb
12232 Feb
11913 Feb
15318 J'ne
3613 Mch
961.1 J'ne
3412 Feb
94113 J'ne
108 Dec
107 Dec
3318 Aug
0634 J'ly
11514 Nov
31 Itch
331.13 Feb
105 Feb
*2712 Dec
3638 Feb
14813J no
1534 Slay
85 1!sy
3814 Mch
36 Feb
6012 May
161,,;; May
51114 Aug
5033 Aug
$778 Jan
1.2918 May
12814 May
228, Jan
2212 Dec
1333 Jan
5638 Jan
44 Feb
5012 J'ne
51413 Jan
05
77
Feb
Mcb
J'ne
11314 J'ne
22413 lien
14334 Nov
130 Feb
22 J'ly
10034 .I'ly
59 Feb
10934 Aug
$2114 J'ne
70 Feb
7334 May
3333 Nov
5158 Jan
109 Jan
11813 J'ne
2314 J'ne
00-8 J'ly
3738 J'ne
10234 J'ne
120 Feb
163 Jan
J'ne
103 J.no
319 Dec
3514 Feb
9938 Feb
192 Feb
5334 Feb
1718 J'ne
53 Dec
$44 J'ne
13612 Feb
111 J'ne
11372 3.1y
9 Feb
5912 Jan
510613 Oct
12 Feb
ill Feb
30 May
7934 May
4812 Dec
11512 J'ly
79 Mch
.3218 Feb
120.8 Feb
25778 Dec
7038 Feb
12812 Mob
177 May
15413 May
70 May
123 Jan
BAN ES AND Tausr COMPANIES-BANKERS' QUOTATIONS.
113111,3
Brooklyn
Coney Is1001
First
Grocnpo int
11111sIdel1
lIomesteadl
Manufau'rs
Mechanics'
Montauk II
.Nassau
Nat City
•
1.1k1
AsA:
155
295
280
161
125
115
4."()T- 425
240
230
159
225
212
203
275
Dia
Trust CA;
N Y City
Central Or__ 1030
130)umbia.
K nickerb /573
Commercial
0712
Kinpiro
trust Co'3
300
13,3 tilt'leo Tr 510
N Y City
Farm Lo &'l
Astor
213
Fidelity
400
415
ilankers"er 580
ton
315
585
13' way Tr
17712 18212 sluar'ty Tr_ 1070
Banks
13r.uklyn
North Side 1
3eop15's
_
hid
Ask
Ask
175
145
150
200
155
165
1050
31-6.
515
1100
222
323
Trust Co's
Guardian Tr
itudson
Law '1' 164Tr
Lincoln Or
detropo('t'n
\tattle! AM
ance
1Iut.( IVestche.ter)
1312
90
137
225
455
Ask
135
112
230
140
465
115
152
140
150
Irus. Co";
Y Life& Or
.91 Y Orust.
Standard l'r
OttleGu& Tr
Union Or __
US Mt:9;44-13
Unit States,
.1 ashington
Westchester
Windsor --
B ul
Ask
1030 1015
630
640
370
380
535
1300 1315
47712 485
1110 1130
390
410
150
160
192
183
trust Co's
Bra-)k Lyn
Brooklyn n
Citizens'
_
eranklin _ _ _
Hamilton __
Home
Kings Co
L is( L & 'Or
Nassau
Peoples'
ueens Co_
(3,1
470
150
205
275
110
520
303
130
295
100
Ask
275
---31116r
110
• Bid and asked prices: no sales on tills day. 4 Less than 100 shares. f PK-rights. a 139t-cliv and rights. b New stook. d Qt oted dollars per share.
Sale at Stock Exchange or at auction this week. s Ex stock dividend. 11 Banks marked with a Paragraph CID are State banks. z Ex-dividend.
666
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. I 1909 the Exchange method of quoting bonds was changed, and prices are now all-"and interest"-excep for income and defaulted bonds.
BONDS
W. Y. STOCK EXCHANGE
Week Ending Sept 13.
.
Price
Priaay
.Sept 13
Week's
Range or
Las' Sate
alc71
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept 13.
Bid
Ask Low
High No. Low High Chesapeake is OhioGen funding it inapt 5s__1929 J -J
101 101,4 1.0014May'12
10011 1007$
1st consol gold Os
1939 11-N
1003.1 101101 MI: 10034 May 12
Registered
1939 11-N
10214 10234 10212
'12
102 10234
General gold 4 ;is
10214 102.; 10238 Sep '1:
10112 10314
1992 11-S
Registered
11314 11457
1992 11-S
11434 114,4 11358 Aug'1.
Convertible 4 ;is
1,3 4 11114 114 Aug'l
1930 F- A
11314 11434
Big Sandy 1st 45
1944 J -D
10034 10114 10012 J'ne 11
1945 J -D
1613's 01'
19158 102 10134 Aug'L.
; Coal Rly Ely 1st gu 4s
Craig Valley 1st g 5s
1940 J -J
Potts Creek Br 1st 4s
1946 J -J
Foreign Government
14 is A Div 1st con g 4s_1989 J -J
• 1 97 100
99
Argentine-Internai 53 of 1909 li-S I 9758 97 09
24 cons(); gold 45
9312 9112 0118 Aug'12 _..... 9314 951:
Chinese (Huicuang) Ity Is I:___ J
1989 J -J
Imperial Japanese Government
Greenbrler Fly 1st gu g 4s 1940 M-N
Chic is Alt 1111 ref g 3s
021
4C 0112 94
1949 A-0
Sterling loan 4 ;is
1925 F-A 9218 9234 9214
911
:
20 Series 4 ;is
5 9058 93
Hallway 1st Den 3 Lis__ _ .1950 J
1925 J -3 591 92 91
Chic B is Q Denver Div 45_1922 F-A
Sterling loan 43
1931 J J / 8379 8534 833.1 Aug'12
S 510314 -- 10334
2,. '
Republic of Cuba Is exten debt_
1939 J J
Illinois Div 3;is
10
1
1210
2 :
88 8
1"
9918
99 Aug
External loan 4 ;is
Registeied
1949 J -J
9:/ 9914
19 19 F- A t•
‘44
Illinois Div 4s
Ban Paulo (Brazil trust 53_1919 J -J 5 9738 100 9734
1949 J -J
91,571112
8 957
998:
4
S 93 Sale 93 Sep '1:.
Registered
1949 J J
Tokyo Aty loan of 1912, Is-_...
90 Sale 96
9518
1919 A-0
Iowa Div sink fund 5s
U Sot Mexico s 1 g 53 of__ _1899
1919 A-0
Sinking fund 4s
Gold is of 1904
1954 -D --__ 9)1. 91 May'12
Neurasua Extension 4s 1927 31- N
1 7'hesi are rices on he On ;6 0 18
:5 to91
.C.
I4egistered
State and City Securities
10012 Sale 10038
19
:!7
21
Southwestern Div 4s_ __ _1
10351 97 10038 103
N Y Clty--4;4s
1960
109 Sale 9978 100 43: J978 1011x
Joint °owls See Great North
-1062
43.s wnen issued
9814 Sale 98
Deuenture 5s
9814 7‘ 93 10018
4% Corporate Stock___1959
9818 98': 98
General 4s
4% Corporate Stock_
981: 52 98 1001g
1958
Chic is E Ill ref is Imp 4 gs_111999551358 11J 11
4% Corporate stock
1957 11.-N 9118 9814 9818
9814
1st consol gold 6s
New 4 ;is
106
1957 M N 106 10614 too
0
31; 1'1
01
5'78
4 1%7,4
1;
General consol 1st 3s_ _1
New 4 1is
1917 Ii-N 10178 11)214 10158 Aug'12
-O
N
_ 102 10234
7 NA119
9:
314
1937 M-N
Registered
10314 61 10534 1074,
4 34% Corporate Stock_11/57 31-N 106 Sale 103
10112..__ 10218 Aug'12
Chic is Ind C Ry 1st 5s_1936 J -J
434% assessment bonds_1917
10112 10278
3;
,4% Corporate Stock 1954 M-N 851(615
Chic Gt Western 1st 4s
1;6.15 8533
19511 11-S
d538
83 88
ft It State-4s
10038 10278 Chic Ind is Loulsv-Itef 8s_1937 J -J
10114 10114 Sep 'V11161 At- S
Refunding gold 5s
Canal Improvement 4s_ _1031 J -J .
15 10218 10113
10118
1047 J-J
10118 19278
Refunding 43 Series C_1917 J-J
Canal Imp'ment (new) 43 1901 ii 10034
_ 10118 J'ly
10118 103
Ind is Louisv 1st gu 43_1956 J -J
101
Canal Improvement 4/1 _1960 J J _ _ 101 101
10034 102
Chic Ind is Sou 50-yr 4s.. _ _ _19513 J J
o Carolina 4 143 20-40_
10312 J'ly''10
1933 J -J
Chic L S is East 1st 4 1is
1969 J -D
1 _ _
enn new settlement 33_ _1913 J-J
9712
r :12
/3.-1
97034 Ap1
8
Chic Mil is St P terml g 5s_1914 J -3
Dec
87
Virginia fund debt 2-35_ _ _1991 J-J
Gen'l gold 4s Series A__e1989 J-J
5212 55 5312
65 deferred Brown Bros ars__
5311, it) -id" "di
Registered
KaProad
Gen'i gold 3;is Series 13.8
80 8014 79 Sep '11
989(
3
4-1
A an Arbor 1st g 4s
e198
81995 Q-J
77
8414
Registered
el989 J -J
Mtch Top & S Fe gen g 4s_1995 A-0 9678 97 9634
9718 -158 0612 101)
,98 9618 J'ly '12
Registered
1995 A -0
0613 991. 25-year deben 4sp(i reels) 1934 J-J
Cony ,;,s (full
Adjustment gold 4s____/11905 Nov 884 8912 8834
8834
Chic is L Sup Div g 5s___1921 J-J
Registered
91 Feb '12
1:
3
5
81995 Nov 88 91
9
80
8
83
718
4 92
Chic is Mo lily Div 53_1926 J -J
Stamped
/11995
---- 8834 8878 Sep '1.
Chic is P W 1st g 5s
10318 Sep '12
10614 10734
• Cony 45 issue of 1909_-__19.,5 J -D
C M is Puget Sci 1st gu 4s 19
i 10534 101/
2949
1 jJ-.1
. Cony gold 49
1955 J -D lag i6/31 10318 • 10818
Dak is (It So gold 55
•10178 21, 10014 10.11
• Cony 45 (Issue of 1910)_1960 J-D 104 Sale 101
f3_ 1916 J-J
Dubuque Div 1st s 6_1920 J -J
10-year cony gold 5s
10814 31 105 110"..
1917 j-D 10738 Sale 10738
Far
_
&
Sou
'11
.. Debentures 45 Series li- _ _1913 F-A
assum g 6s
1924 J -J
.East Okia Div 1st g 4s.._.1028 M-S 95
J'ly '12
"tio '06i3"4 LaCrosse is 0 1st 5s
1919 J-J
92 Sale
Wls is Minn Div g 5s
9134 94
,Short Line let 4$ gold_ _1958 J-J
1921 J -J
10014
Wis Val' Div 1st Os
tols4(3 t'13:031.731_84 .126.
164
(
1920 J -J
036
01117
Cal-Ariz 1st is ref 4 Ms_ _1962 M-S 9934
Mil is No 1st cons 6s
1 10314 11012
S Fe Pres is P11 1st g 5s_ _1942 M-S 10114 Sale 1.099993976133114444
11113 J-0
Ohio & St L let Os
Extended 434s
10638 J'ly '11
1015 M-S
0112 11 0418 9678 Chicago is N West cons 7s _1
1°
911
:5 4‘:
11 13
F
JIM Coast List gold 4s___81952 M-S 944 95 9412
Extension 4s
Registered
1886-p11998276
h1052 11-S 93
08 Oct '06
Registered
Ala DIM 1st gu gold 5s.__ 10
1886-1926 F-A
95
28
2 11-N 10012 10812 10838 Aug'11
1987 131-N
9434 ..___ 95 Aug 'V.
Bruns do W 1st gu gold 4s 1938 J -J
"65" "6E3-4 General gold 3 As
Registered
_
• Charles & Say 1st gold 7s 1936 J
_
General 4s
-gi L & N col' gold 4s
01952 1.1-N 933-4 9378 -1/3.7-8
7 N1N
A-O
Sinking fund 08_ _1879-1
989
192
Say F is W 1st gold 0s_,.1934 A -0 12118 12412 12J18 J'ne'12
1 81 8
Registered
_ 11211 11058 May'll
let gold 5s
•
1934 A -0
A(1
-0
Sinking fund 5s_ _ 87
29 A97 100 07 Aug'll.
Sil Sp Oca & G gu g 4s
7 192
1918 J -J
Registered
tilt is Ohio Prior 3;is
./012
9012 9112 9012
1925 J -J
7 90
712 93
7
Debenturei3eurne deb 5s_111887999:-929
°
A --0
1
1921
9
Registered
h1925 Q-J •11038 9034 9058 Aug'1_
9058 914
1921 A-0
Gold 4s
01948 A-0 96 Sale 96
il
19 96 9914
lI
ne
eg fund
95
Sinking
Registered
1933 M-N
01948
96 Aug'12 _
96 981/
Registered
Pitts June let gold Os. ___1922 ?""1
70-N
-J
-- -- 112 Jan '12
_ 8712
Frem Elk is Mo V 1st 6s_1993333
P June is lid Div let g 3 ml925 M- N 8/
8713
Manl Gil is NW 1st 3 yis 1941 J -J
89.34
. P LE &W Va Sys ref 43_1941 IM- N 8934 Sale 8934
Mllw is S List gu 3 ;Is_ _1941 J-3
8918 Sale 8918
8914
Soutlaw Div 1st gold X ;is 1925 J-J
5 89
911: 9
92
112
1015$
Mil L S is West 1st g 6s 1921 11-S
101.58
1 1811211:2
Con Ohio R 1st c g 4 54s__1930 M-S 10158 _
3:
19
0
1:2
,93
)
1128
Eat is Imps t gold 5s 1929 F-A
.16313 107 J'ne'12
Cl Lor is W con 1st g 53_1933 A-0
_ _ _ 10214 J'ne'12
Ashland Div 1st g 6s_ _1923 M-S
• Monon lily 1st gu g 5s_ __1919 1:-A
Mich Div 1st gold 6s_1924 J -J
Ohio River RR 1st g 5s1936 J -D 107_ 10938 MelV12
16618 10512 Apr '12
11111 Spar & N W 1st gu 4s_1947 70-S
105 1051.
1937 A-0
General gold 58
_ 11312 Feb '12
1131211312
Northw Union 1st 7s g_ _1917 11-S
Pitts Clev is Tot 1st g 83_1922 A-0 112
97 ____ 97
97
97 971:
1917 J -J
Winona is St P 1st ext 7s 1916 J-D
Pitts is West 1st g 4s
Chicago Rock Is is Pa 68 1917 J-J
Stet 181 Ry lit gu g 4 418_1943 J -D 91 __ _ 91 J'ne'12 -. 91 01
1917 J-J
1937 1.1-S 110
112 J'ly '12 _. 11178 11212
Registered
Buffalo R is P gen g 5s
1988 J-J
11, 104 10714
1957 M-N 101 1( * 105
105
General gold 4s
Consol 4 lis
1988 J -J
Registered
97 Feb '11
'All is West 1st g 4s gu_1998 A -0 9534
1934 A-0
Refunding gold 4s
Ci is Mali 1st gu g 5s__ _ _1943 J -J $108
103 J'iy '08
1932 J- J
11.134 Noy'll
20-year debenture 5s
Roch is Pitts 1st gold 6s_1921 F-A 111
1914 M-N
Coll trust Series L 4s
1922 J -D 11212 _
Consol 1st g 6s
112 Aug'1:.
1918 M-N
P 4s
Buff is Susq 1st ref g 4s_.41951 J -J
6-6 72 Mc1.110
2002
02 11
Chic R I is Pac RR 4s
14.
an So let ext 6s
10014
-N
1913 J -J i'0018 100,4 L0018
.,
Registered
_ 10118 100
2d 5s
1913 Al-S
10
)
0
10612 10
Registered
R I Ark is Louis 1st 4 ;is 1934 M-S
0978 10034 Jan '11
1913 M-S
19
93
34
4 A -0
Central of (ia let gold Os.. _p1945 F-A
Bur (3 R is 74-1st g 5s...1
_
11278 Apr '12
Registered
tor 16;12
, • Consol gold Os
1945
Registered
‘
107
1945
CRIF &NW 1st gu 53'21 A-0
107 Aug'12
• let pre/ income g 5s_ ___p1945 Oct
M is St L 1st gu g 7s_ 1927 J -I)
103 Dec '11
• 20 pref income g 5s_p1945 Oct
Choc Ok is G gen g 55_01919 J -J
105 Dec '11
1952 70-N
20 pref income g 58 stamped_ _
Consol gold 5s
- 96 Noy'll
• 3d prof income g 5s ___p1945 Oct
Kook is Des Al 1st 5s_ __ _1923 A-0
107 Dec '11
_
St Paul& K C Sh L 1st 4 As'4 1 F-A
_ 8518 Oct '19
3d pref income g 5s scamped_ _
_
Chatt Div pur mon g 43...1951 .1-15 9012 911: 0112 J'ly '12
"863-3 -6112 Chic St PM & 0 con 6s_ _ _ _1930 J -D
N
maoanvy:2
Mac is Nor Div 1st g 5s_ _1946 J-J 10714 10312 10
11()
173
93144 J
01
131
Cons 63 reduced to 3 34s_ 1930J
10714 10714
1930 11-S
• Mid Ga is All Div 5s1947 J -J
Debenture 53
Ch St P is Minn 1st g 6s 1918 M-N
'• Mobile Div 1st g Os
1946 J -J
2 10113 101
DU' Nor Wisconsin 1st 6s
101
Con RR is B ot Ga col g 58_1937 Al-N ki(511930 J -J
St P do S City 1st g 6s_ _1919 A-0
11812 11 11614 12234
Cent of N J gen'i gold 5s__ _1987 J-J 11718 11814 11814
11778 11912 11934 Aug'12 -Superior Short L 1st 5s g_1930 NI-S
11934 12214
Registered
01987
Chic is West Ind gen g 6s_q1932 Q-M
,05
Am Dock is Imp gu 5s_1921 -J 10114 10534 105
105 107
Consol 50-year 4s
Le is Bud It gen gu it 5s_1920 J-J 102 ____ 10212 May'12
10212 10211
1952 J -J
Cin H is D 24 gold 4 As
Leh is Wilkes-B Coal 5s__1912 11-N
1937 J-3
100 100
_ 100 J'ly '12
let is refunding 4s
N Y is Long Br gen g 43_1941 /M-S 98 991,100
100 "L too 100
1959 J-3
1st guaranteed 4s
911.,
9ent Vermont 1st gu g 43 e1920 Q-F 9112 Sala 9112
4 90 9214
1959 J -J
U
U
U
U
U
U
U
U
1.1. S. Government.
S 2s consol reglstered_d1930 Q-J
S 25 000501 coupon_ ___/11930 Q-J
S 3s registered
k1918 Q- F
S 35 coupon
k1918 (.7-F
S 45. registered
1925 Q-F
S 4$ coupon
1925 Q-F
S Pan Canal 10-30-yr 2s k1936 Q-N
S Panama Canal Sc g
1961 Q-S
B
C
Price
Friday
Sept 13
V:ek'i
Range or
Last Sal,'
'
ut
Hig, No
Ask Low
101 10113 Aug '1:
10712 1101: 0.1 . Aug'1:
101514 -- 111 May'12
100 side On, 100
98 9.‘3$ 993-8 Noy'll
9312 Sale 9312
935: 81
8812 Sale 88
881
2
8638 89, 8812 J'ne'11
10134 May'12.84 May'12
8314 90 611t 95 May'12
'9012 Aug'I
-9133
_ 95 Oct '10 __.
70 71
7018 Sep
6414 65 6112
013
09 995 100 Aug'12
84 Sale 8334 '
48
8614 Aug'11
_
-,- 9834 9.914
1`,I.
9/ 100 9858 J'ne'r_
10334 ____ 10158 Aug 12
9812 9114 9914 Aug',
9638 99 98
9612 971: 9818 Meh11
'
;4
9858____ 9912 Aug'11
Hiti
10014 1001. 10038 Aug '1:
9412 Sale 0412
9514
77
7714 7714
7114
10
17
071.:
912 10
21
2:
1 1127
0214 J'lyt'
10914 Feb '12
1)16 15137. 108i2 J'ne'12
'12
178
7612 767$ 7658
____ 1231: 125 Aug 1:
.._ 110 10)34 Aug 12
8
96
558j
Ay
iyr 11
84
---- 0114 9014 Aug'1.:
104 Dec '11
100
613:
0412 Aug'
10
u653
,Jne
93Nov
L
11
'
95 96
8314 8438 8312
8114 13:
8212 8414 8434 J'ly '1'
....
96 9613 95'2
901,110 11012 11134 Noy'11
103 ___ 10934 Aug'1.
10512
105 Aug V
10412 ____ 10378 Dec '11
_ _ 103 10414 Aug'I
103 ____ 10612 Feb '11
105
10812 Meh'12
10734 Auell
:7: 126 .rly '1:
01 Sep 11
_ 86'4 -----------
iff12114
10/14 _
, set
10631 Aug'1:
1F
meaby.
121,2
'13
12
2
_ _ 163
93 Sale 9213
03
2(
110
_ 115 J'ly '11
100 11158 100
109
10612 ____ 10334 Sep '12
10614
109 Aug'10
9414 95 9414
Al.
9312 9478 95 J'ly '12 .___
87 Salo 87
8714 31
9112 Sale 9111
913. 2:
96 _ _ 9734 Sep '11 ...._
943;13J'ne'!1
u
7.
s6agle 6,,5
1910
i14 1171413114
!
•2 Augl‘Af'
i1
g "112
12012 Itch '0'
10514 Sep '11
102
102
107 May'l
10012 J'ly
89
89
121
121
93 Dec '03
10212 Aug'12
122 J'ne'12
12958 May'09
11:133
:
8:
6
1-6.14 11034 May'12
0
:
3
1
10
29
10812 J'fle12
8934 J'iy '12
101. Mch'12
1314
2 1-(Wi
10
°6
80 ill0230311,
Sale
8
2
1
9
0
20:14
lli:
9)0
(11)3
7
118
4.21 g61.
:-11019
4J
'
n0-3
Low High
10112 10413
109 11134
110 11114
0912 503
9258 94
8614 89
141]
.
..371 1(11-34
84. 8634
9312 96
9012 9012
70 "7212
6014
6512
9913 too
• 33.1 88
8512 8014
9814 10018
9858 8212
10,08 195
9014 9:/58
9734 09'8
-6638 -:791-2
19038 10158
9412 9714
7714 8112
122 125
107 11118
10914 10914
10812 10913
1. 7672 83
125 12912
10934 11034
95 _
9712 Apr '12
83 831: 8358 Sep '1.
. __
83 _
86 J'no'11
9112 9314 9114 Aug'12
_
10638 23!
10512 Sale .05
1
10114 ____ 105
105
10614 10/12 108 J'ne'12
105 10112 10413
1
9134
- 93
021,
4
9212
10214 1021:10214 Sep '12
11218 ___. ll9Ig Sep 'V .__.
114
11738 Aug'11
103
10.134 J'ne'12
101 10153 106 J'ne'12
11218 113 11234 kieli
_ 101 101 Sep '1
_ 10018 Aug'1
J'ly
10714
1458
1.53
Range
Since
Jan. 1
"iti" 9013
9014 91%
10213
101
0612 0018
9712 98
8358 8678
-1111 - -figs
10134 107
103 108
108 10834
10413 10658
9212 9514
102 103
11238
l043
13504s
106 - 10638
11234 11234
101 10114
10013 10013
10658 108
9653 98
-di
8412 8634
9512 9834
.
.
1691
4 1-.01334
105 10673
16
.4-171
108ii 1081$
;
Hi" jiff)
11112 li5)
10634 no
11634 11634
9213 94
fic"
10034 10873
109
-6471.-1 -17678
94 9614
87 9034
1.453
91
---- --di 7314
7134 7234
9112 93
110 11112
102 1033
107 10814
100 10114
89 9112
121 124
jai 105
122 12312
i163.:
- 1l11;
ig"
8234
9218
101 101
-Rif
"if"
MISCELLANEOUS BONDS-Continued on Next Page.
•
Street Railway
Street Railway.
95 9412
Brooklyn Rap Tran g 5s___1945 A-0 10414 105 10414
10414
9 103 10558 Manhat Ry (NY) cons g 4s..1990 A-0 94
1 9112 9819
941:
let refund cony gold 4s_ _2002 J-3 00 Sale 8912
9114 9( 8378 9431
9514 98
Stamped tax-exempt____1990 A-0 9134 0538 9514 Sep '1'
9912 102
• Bk City 1st con Is 1916-1941 J J _
.3
14
21:
34
: Met St By gen coil tr g 5s_ _1997 to-A
11,J1
8
102 Mch'12
10211 10214 Aug'12 _
Bk Q Co is S con gu g 5s..1941 M-N ___. 99 9834 J'ly '12 _
97 10368
9918 J'ne'12
Guaranty Trust Co certifs_
5812 64
Bklyn Q Co & 31st 5s.1941 J-3
255E -A"-"d
Refunding gold 4s
64 May'12
5712 6214
Bklyn Un El 1st g 4-5s_1950 F-A
102
1 1013810314
i3-4 102
--Farmers' Loan is Tr ctf__
6114 J'iy '1
6768 62
Stamped guar 4-53...._ _1950 F •A 10112 10214 10112 Sep '12
10112 10212
Stamped
5934 Mch'12
103 10412
Kings Co El 1st g 45
Bway is 7th Av isteg 5s_1943 J--I5
1949 F-A 8512 -_ 8534 May'12 ...._ 8312 8534
- - - 10334 101 Sep '12
10112
1031g
Stamped guar 43
,0151940 F-A 8512 ___ 86 Aug'12 __-. 8414 86
Col is 9th Ay let go g 50-1_
11S
10112
10158
103
9_
93
„
• Nassau Elec guar gold 43_1951 J -J
102 103
S .-- 1021: 102 J'ne'12
79
4 7 /12 81
Lex Av 63P F 1st rig 53-1uud
78 79
(9
74 80
Conn Ry& List & ref 5 g"4
J -J"
10112 10178 J'ne'12
101 10178
Third Ay RR cons gu 4s_2000 J -J
12
- 74 J'iy'
Stamped guar 4 ;is
73 8112
1951 J
_1011- 10112 Sep
. 10113 10214
Central Trust Co certs
7412 J'iy
Dot United let cons g 4 34s_1932 J -J 762 Sale 7313
7214 8114
/613
4 75 7938
73 Sep '12
Cent TrCo cts stamped___ _
FtSmithLt & Trac ist g 5s_1936 fl-S
108 11012
_ 931293 Apr '12
Third Ave By 1st g 5s___1937
108 J'ly '12
10712
1O3)1
Grand Rapids By 1st g Is.. _1916 J -D Did
,. 09
100
1 114i Met W S El (Chic) 1st g 49_1938 1.0-A
0
95
1%
8418 9312 J'iy '06
Havana Elec consol g 5s
1932 F-A 93 Sale 99 Aug'12
1111w Elec By is Lt cons g 551926 F-A
19839
9) 7s
_ 10412 Dec '11
interboro-Metrop coil 4;0_1956 A-0 8114 Sale 8078
9512 May'1'.
8114 151 8012 8412
0412
Refunding is exten 434s1931 J -J
9512 9512
terboro Rap Tr Os Sec A_1932 11-N 10378 Sale 10312
194
33 10313 105
In
4 Due April, e Due May. h Due July. It Due Aug. o Duo Oct. p Due Nov. q Duo Dec. a Option sale.
,No Pr100 Friday; latest this week
SEPT. 14 19
667
New York Bond Record—Continued—Page 2
Range
Week's
Price
Range
Week's
BONDS
Since
Frieay
Range or
N. Y. STOCK EXCHANGE
Since
Range or
Jan. 1.
Last Sale
Sept 13
Week Ending Sept 13.
Jan. 1.
Last Sale
--111912 No Low Hig
Ask Low
Bid
Iligh No. Low Righ St P B do B (Continued)—
Bid
11.3k Low
Cin Ham 61 Dayton (Continued)
Pacific E xt guar 4s £_ _ _1940 J-J
9212 - - -- 9258Mch'll
Gin D & I 1st gu g 5s.._ _1941 M-N 10212 _ _ 10212 Aug 1: ____ 10212 10414
(3612 iJ81
E
Sale
97
91
4s1948
g
A-0
Minn
Nor
1st
Div
'11
Melt
1923
83
g
M-N
C Find & Ft W 1st gu 45: 114 116
1111,1
$63 88
Minn Union 1st g 6s___1922 J -J 11414 ____ 11414
8634
.31-2 8634
Cin I & W 1st gu g 4s__1953 J -J -86-3-4 -8
127 12714
Mont C 1st gu g 6s____1937 J-J 125
127 May'12
Day 6: Mich 1st cons 4 36s 1931 J -J
_ 13614 May'06
1937 J -J 12412
1114 10412
Registered
Ind Dec & W 1st g 5s_1935 J -J 101 1031 10417 J'nc'12
11114 11112
1st guar gold 5s_ _ _1937 J -J 11114 11134 11114
1935 J -1
10712 Dec '02
1st guar gold 5s
_
1937
J-J
Registered
um
1)234
1)012
1
2
Sep
-dd1_1993
-D
J
9012
4s_
gen
L.
St
&
C
Cm
Cleve
55_1938
'11
S
-D
J
&
Will
F
Sep
0:33
1st
91
2
1
gold
'12
8
_1931 J-J
91 923 91 Sep
20-yr deb 4 qs
9118 95
92 -d& 94
041;
t 318 941 Gulf & S 1st ref & t g 5s_01952 J -J
1939 J J 9318 9312 9318 SeP
Cairo Div 1st gold 4s
51952 J -J
Registered
00 93
Cln W &AI Div 1st g 4s 1991 -J _ 90 90 J'ly 'IL
103
itl
idd
vas
le
1110
oeil
s
e
11
_
e
t
r
idd
J
100
_
_
,
031
4
g
fons
911;
8978
St L Div 1st col tr g 43_1990 21-N 112 Sale 9112
10012 Sep '08
J -J
1990 21-N 8812 9014 91 Oct '07
Registered
_
_
_
&
92
Col
'11
V
11
Dec
43_1948
A-0
9412
1st
ext
g
'11
Dee
1940
4s
M-S
g
1st
DIv
Col
00
_
&
Spr
0613 -6612
Col & 'l'o1 1st ex 4s
1955 F-A 9234 _ _ 9618 Jan '12
011: 91 Apr '12
W %V Val Div 1st g 4s__ _1940 J-3
9932 100
Hous Belt & Term 1st 5s__ _1937 J-J
100 Aug 'v..
I 920 :11-N ii/j18 _ _ 10534 Dec '11
C 1St L & C consol Os
1
illnols
Central—
'1:.
Sep
9618
k1936
0618
4s
Q-F
gold
9518
1st
L 1st gold 4s
10152 104
1951 J -J 10153 _ _ _ 10158 Sep '12
k1936
or; J'ly '12
Registered
9518 98
Registered
1951 J -J
100 Sep '11
10718 J'ly '12
Cin S & Cl con 1st g 5s1928
1st
gold
00
3
_
36s
_
_
-dd
Apel:
93
90
J
1951
-J
J'ne'12
1914 J-1)
()CC &I consol 7s
— 105
89 8912
Registered
1951 J -J
89 Aug'12
Consol sinking fund 73_1914 J -D
Extended 1st g 3 3•65____1951 A-0 *89 _ _ 9312 May'0
- General consol gold 6s_1034 J -J - — 123 123'2 Apr '12
Registered
1951 A-0 *89
_
---J
.122
1934
Registered
1st gold 3s sterling
1951 fl-S
- J'ly
---_1040 A-0
94 J'ly '08
/nd 131 & W 1st pref
Registered
1951 M-S
05 _
0 Ind & W 1st pref 5s__d1938
Coll trust gold 45
9712 100 1952 A-0 9853 _ _ 13314 J'ly '12
-61:71; 812
8934 91 J'ne'12
Peo & East 1st con 43_1940 A -0
Registered
1952 A-0 9514 9534 9514
9514 0514
35 467,
40
9514
JJ 45 40
1990 Apr
Income 4s
1st ref 4s
93 9834
1955
M-N
31.
94
03
si31s
'11
581;
42
Sep
5:3
50
49
1047
-3
J
Col Midland 1st g 48
8618 804
Purchased lines 3 16s___1952 J -J
'12
8614 Feb"3'9434 2:. 94 975
94 Sale 94
1920
Colorado 6c Sou 1st ic 4s
L N 0 & Tex gold 4s1953•N 0512
03s, Aug'12
9534 9912
9414 31 94 981,
1935 ,11-N 94
94
Refund & ext 4 3is
1953 M- N _ _ _ 951: 0434 Jan '11
Registered
1121,
:0914
1
10914
10914
Sale
10:114
-I)
.1
1921
Ft W de Den C Ist g 63
2 -6E -c47Cairo Bridge gold 43
1950 J -D 9312 ____ 9448 J'ly '12
Conn Se Pas Rivs 1st g 43_1943 A-0
7312 7312
Litchfield Div 1st g 3s__ _1951 J-J
75 7513 7312 J'ne
ido
1952 J -J
(Juba RR 1st 50-yr 5 g
8712
Div
Loulsv
&
3,681953
3
g
J
8412
Term
-3
861,
8.512
551;
85
e1 Lack & Western—
1953 J -J
Registered
83 83
8112____ 83 Aug'IL
10133 106
Morris & Essex 1st 73_1914 111-N 104 10132 10412 Aug'11
1921 F-A _
Middle Div reg 53
123 May'99
10718 1031,
10714 10718 Aug'i1
1st consol guar 7s__1015 J -1)
1951 F-A
Omaha Div 1st g as
75 ____ 7.,13 Aug '1:
-fE - 75
1015 J -I) 1011
11138 Dee '10
ItegIstered
St Louis Div & term g 33_1951 J -J
74 77
7512 7512
2000 J -D
7512 Bch'12
00 Meh'12
110 90
1st ref gu g 35s
1951 J -J
Registered
73
7518.
1921 J -J 11112 -- - 11212 J'ly '11
11414
112
N Y Lack 6c W 1st 63
- 10734 May'12
Gold 3 16s
1951 J-J
851 883g
8512 ____
1923 F-A 10511 10718
Construction 5s
10712 107
1951
J-J
Registered
83 __ _ 10118 Oct '99
98 118
Term & Improve 4s__ _1923 111-N 90 97 98 J'ly '11.
Spring Div 1st g 310
_ 100 Nov'00
84
1951 J-J
10218 Feb '03
Warren 1st ref gu g 3 10_2000 F-A
1951 J-J 83 88
Registered
1917 31-S (i(id;
11512 Aug'11
Del & Bud 1st Pa Div 7s
Western lines 1st g 4s_ _ _ _1951 F-A 95• 961; -1;412
9412 96l
1917
S
149 Aug'01
Registered
1951 F-A
J75S 01 073 -dd ____
Registered
1916 J -D 0733 98 1)73
--- - -10-yr cony deb 4$
J
-D
Bellev
&
May'l(I
1923
11234
Car
1st
6s
11717
1922 -..1
34
,13
1 110
,8
.. ., 10
101 AUg'11 ...I
1st lien equip g 4 SO
9412 -id Carb & Shaw 1st g 43
0412 J'ly '12
9838
1932 /11-S 93 _ _
1943 A1-N 98 Sale 08
1st & ref 4s
Chic St L & N 0 g 53
11334 116
1951 J -D 112 114 11334 J'iy '11
1948 A-0 90 9114 9018
901S 1( 90 93
Alb & Sus cony 3 16s
1951
-D
J
113
Registered
111
114 Feb '11
12114 May'12
12114 1211.
Rens & Saratoga 1st 7s_A 921 11- N 119
Gold 3 168
00 Oct '09
-- 1951 J-1)
8538 87 86
87
84 01
°env& B Cr 1st con g 43_1036 J -J
1051 3-D
Registered
1936 J -J 9612 07 97
_
97
Consol gold 4 31s_
9612 981
1;
.
9217 -62
Alemph Div 1st g 4s__ _ 1951 J-1) 91
'11
_ -921-2
1928 J -1)
9178 05 Aug'12
Improvement gold 5s
94 091;
1951 J-D
821; 23 RI
1955 F-A 81 811; 81
Registered
00
1st & refunding 55
St
L
SISou
S
1st
J'Ii1931
gu
Aug'12
g
58_1030
-D
g
_
gu
4s
10112
10112
10112 1011
Rio Cr June 1st
9238 -66End III & la 1st g 48
91:3, 94 Aug'1:
91
1950 J -J
1940 J -J
6112 Apr '11
Rio Cr So 1st gold 4s
Lot & Great Nor Isle 6s
108 10812
1919 St-N 10738 1081; 10812 Aug'12
1940 J -J
83 Mch'08
Guaranteed
'3512105
-D
J
Aug'12
Iowa
GE1
9512
1st
Central
95
82
82 Sale 82
1939 J -J
gold 5s_1938
1 82 -1•38.5-1
Rio Cr West 1st g 4s
62 6612
hi- S 92 631, 62 Sep '12
_ 195_
Refunding told 43 ------7812 80 J'ne'12 ---- 78 81
Mtge & col trust 4s A 1949 A-0 .
laniestown Franklin &
_ _ 97 Jan '0.Utah Cent 1st gu g 4s_a1917 A-0
May'1`.
94 9412
1059
94
.1-D
•-; Clearfield 1st 48
1917 51-N
110 Sep '01
Des Mo! tin fly 1st g 5s
72 74
72 Aug'12
.12-3tti City Sou 1st gold 3s 1950 A-0
_ 05 92 Nov'll
1995 J -D
Dot & Mack 1st lien g 4s
'0
A-0
Oct
1950
63
x.
--Itegistered
9211995 J -D to14 Sale 0014 901/ 7 90 Gold 48
4
661; 166108
963i
9714 98
Apr 1950 J-J
Ref & Impt 5s
_ 0002 lows
Dot Illy Tun Dot TerTun 4 18561 11-N __._ 0918 9812 Aug'l
973
9634 9834
971$ 9714 9718
Kansas City Term! 1st 45_1080 J -J
75 Feb '12
Det T & 1-0S Div 1st g 431941 MS
10712
110
11
-J
58_1937
J
Aug
10634
10712
W
&
107
g
Erie
lit
eke
r
6
05
5 17
75
10
Dul Missabe & Nor gen 5s 1941 J -J 101 103 105 Sep '12
104 1041,
1041 J -J 104 1041! 101 May'12
.3-1 2d gold 5s
1937 A-0 10312
104 Aug'12
101 107
Dul & Iron Range 1st 5s
10414 10512
1945 A-0 10114 10614 10114 J'ne'1
North Ohio 1st gu g 55
1937 A-0 103 ____ 10612 Melt'118
Registered
-J
J
1043g 108
hs_1940
Y
N
gu
Vail
1st
'.l
4
g
Aug
1031:
10112
10438
Len
1016 J -J ---104 Feb '11
' 2d 6s
10412 10412
1940 J-J
Registered
_ 10412 May'L.
1055" 103
10512 J
Dul So Shore & Atl g 53__1937 J -J
'
IY V'I:
Vail
45_2003
N
97 9814
,11Aug
Lehigh
97
(Pal
g
97
cons
Aug'
5s_1941
g
11-N
1st
110
East
0
14
&
Jol
igin
111285131131,114
114 May 11
Leh V Ter Ry 1st Cu g 53_1941 A-0 113
1la14 I.17 Aug'12
_
rle 1st consol gold 78...._ _1920 ,11-S
11113 Dec '11
1941 A-0 110
Registered
10112 J'ne'11
N Y & Erie 1st ext g 4s 1947 11-N
1061-2 108
Leh V Coal Co 1st Cu g 5s._1933 J -J 10618 1(363-8 .0612 Aug '1:.
1919
4 10)1
104110114 Mch'12
2d ext gold 5s
1933 J-J
Registered
-—
10212 Nich'12
1923 M-S
3d ext gold 4 ;is
1st int reduced to 4s
1933 J-J
1020 A-0
105 Feb '12
1523144
212 8
05
10
4th eat gold 53
Leh & N Y 1st guar g 43_1945•S 91
-93"
93. J'iie'Il
1928 -I) 06 101 100 Jan '12 :::: um 100
5th ext gold 4s
RegIstered
1945 NI-- - _
S - _ 11614 11534 J'ne'12
NY LE ScW 1st g fd 75_1920
El )& N 1st prof (Is
1914 A-0
10117 Feb '1
8718
8 1i1)61?
74
73
15
18
0
8778 Sale 8778
Erie 1st con c 4s prior. 1996 J-J
Gold guar 53
idd idi
'12
1914 A-0
103 Mch'12
J'ne
8812
85
1998 J -J
Registered
3 8
0 8 79
76
1st consol gen lien g 45_1996 J -J
85 1-4 Long Island7714
76'8 Sale 7638
1st consol gold 5s
1004 11038
111931 P- J 109 112 10914 Aug'12
77 Apr
77 77
1996 J -J
Registered
9614 9614
1st consol gold Is
9614 Mch'12
111931 Q-J
1951 F-A
Penn coil tr g 4s
•
8818 91
8912 90 90 Sep
91
3 04 9412
General gold 48
1938 J -D -1;11-2 -fii 94
8612 11 8
11,8
90
75514 8
50-year cony 4s A__1953 A-0 85 871i 85
Ferry gold 4 1I3
98 98
1922 A1- S '3612100 98 J'ne'12
•
781;
do
1953 A-0 7712 781, 78
Series B
13914 Oct '09
1932 J -D 91 97
Gold 4s
__ 1091, 110 Apr '12
_ i 10834 11034
Buff N Y & Erie 1st 7s 1916 J -D
2
- -6S19519 J'ne'1:
1949 fl-S _ __ 93
Unified gold 48
112
4
10
Chic 6: Erie 1st gold 5s 1982 11-N 111 1121, (12
2 10
1 100
-13
J
1934
10212
2 Dec '0
1041.
Debenture
gold
5s
109
May'12
__
Cloy & Mahon Val g 5s_ _1938 J -J 109
93 97l
1949 M-S 9414 05
9.5 Sep '11
Guar rel gold 43
1938 Q-J 107
Registered
1949 •fl-S
95 Jan '11
Registered
Long Dock consol g 68
1935 A-0 12218 _ _ 12412 May'12
11014 Nov '05
N 1 11 & M LI 1st con g 5s :935 A-0
Coal & flit 1st cur gu 6s_1922
N 10738 10712 10738 Sep
____ 106 10738
10312 104
1927•S 103 10334 104 J'ly '11
NY & It 11 1st g 5s
• Dock & Imp 1st cur 6s 1913 J -J 10014 101 10134 Meh'ls ____ 10131 10134
105 10714
Nor Sh B 1st con g gu 5s.o1932 Q-J 10334 -- 105 Aug'11
10312 Aug'12 --- 10312 105
N Y & Green L gu g 5s...1948 M-N 10312 9314 9412
'11
06
N1-S
Aug
01
91
1927
'12
5s
J'ly
Louisiana & Ark 1st g
103 105
N Y Sus & W Ist ref 58_1037 J -J 103 10312 10:3
10014 Deo '06
1937 F-A
_ Louisville 6c Nashville—
8212
2d gold 4 38s
11712
11312
1131,
11212
J-D
1131;
112
1936
Aug'12
gold
6s
General
90
1940
87
87
5s
gold
F-A
87
General
11112 11218
1937 M-N 111 11111 11218 Aug'11
Gold 55
110 110
Terminal 1st gold 53_1943 11-N 10812 ---- 110 J'110'12
975s -jot 971g 9958
9738 9734 9738
1940 J -J
Unified gold 45
11112 1111.
1940 A -0 -_-11112 May'12
- Mid of N J 1st ext 5s
981g 0832
96 9718 9816 J'ly '1:.
1040 J -J
Registered
9912 1021:
9912 Aug'12
1942 J -D
• Wilk & Ea 1st go g 5s
19858 11012
Collateral trust gold 5s 1931 Al-N 10712 10978 110 Aug'1:
106 106
106 May'12
21v & Ind 1st con gu g 63_1926 J -J
11012 11132
11012
E 11 & Nash 1st g 8s
19111 J -D 110 1101: 11012
112 J'ly '12 _. 11112 11238
Evans & T /1 1st cons 6s_1921 J -J
1041g 105
10434
L Cin & Lox gold 4 36s
1031 11.1-N
10178 10258
1042 A-0
102 J'ne'12
1st general gold 5s
12014 121
1930 J -J 11912 1201: 12038 Aug 'I'.
N 0 & M 1st gold 6s
• Mt Vernon 1st gold 63_1923 A-0 1101210734 _ _ 108 Nov'll
11712Jan '12 21: 11712 11712
N 0 & M 2d gold 6s
1930 J
Sull Co Branch 1st g 5s 1930 A-0
95
9314 96
'1:
Aug
9314
F-A
1118
&
9418
Bern
Paducah
4s....1946
div
0634
Splorida E Coast 1st 4 ;68_1959 J -D -56 -0034 9634
1920 fl-S 10534 10714 10534 Meti 11
Pensacola Div gold 6s
ort St IT D Co 1st g 4 y0_1941 j-,j
92 Aug'10
_
11212 113
St Louis Div 1st gold 63_1921 111- S 11112 112 11212,71y '1:
70 7712 76 Aug'12.
-id -811;
Ft W & Rio Cr 1st g 4s__1928 3-i
6018 6938
1980 Al- S 691s 7213 6914 J'ly '12
2d gold 35
al H & 11 of 1882 1st 53_1913 A-0 9912 _ _ _ _ 9912 Aug'12 ____ 9912 100
9218 21 9152 93
Ati Knox & Cin DIv 43_1955 14-N 9178 Sale 9158
reat Northern—
11012
11212
11212
May'12
11212
J
5
Atl
53_1946
&
-D
Knox
96
g
1st
Nor
4s_1921
•
9534
271
trust
9S
J-J
9555
Sale
9558
coil
Q
() B &
Ilender I3dge 1st s f g 63_1931•S 105 ____ 106 Apr '11
1921
9558
4 0538 998,
*95 96
9558
Itegistered_h
9212 95 92 Sep '11
.27 - -1TE
Kentucky Cent gold 43_1987 J -J
-6
_ 10018 1013s
1st & refund 4 1-is ser A 11181 ?-j 100 10038 10012 Sep '12
10158
10414 10438
L & N & AI & M lit g 4 3.019.1 51-S 10153 _ _ _ 10138
1961
Registered
5678 00
_ _ _ 90 Aug'1:
1933
-661; -tii -17dL & N-South111 joint 4s 1952 J -J 00
„ 98 -9934
St Paul Al & Man 48
111952 Q-J
1253
Registered
1033 J -J 12312 12512 12534
95 Feb '05
12.134 12554
1st consol gold 63
163
122
'12
'11
S
Sep
5s____1937
&
g
Sep
Fitt
gu
10814
1st
_
N
A
4 1119.31F1933
4
122
122
-J
J
Registered
8 10338 Aug'12
_
__
N & C Bdge gen gu g 4 36s 194% J -J ij(i12
- 10358 10512
Reduced to gold 4 101933 J -J
112 112
1042
_ 10834 J'ne'09
112 Mch'I2
Pens & AU 1st gu g 6s___1021 F-A 11012
1033 J -J
Registered
10912 11112
97
9(312 9814
S & N Ala con gu g 5s_193C F-A
11053 10918 J'ly '11
Mont ext 1st gold 48_1937 J -D 97 -di 07
9114 9114
9111 Men'12
I, & Jeff 13dge Co go g 4s _1945 51- S
98 J'ne'11
1937 -D
Registered
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept 13.
Price
Friday
Yept 13
H
-
D
-
-
E
_-
116
-
G
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
Mlnneap St 1st cons g 5s___1019 J -J
Nov Ori fly & Lt gen 4 168_1935 J -J
N Y ltys 1st It F, & ret 43 tetnp J -J
Temporary adl Inc 6s__ A-0
Portland Ely 1st & ref 5s___1930 M- N
Portland Gen Bice 1st 53_ _ _1935 J J
St Jos fly, L, H & P lstg 5s 1937 11/41-N
St Paul City Cab cons g 5s__1937 J -J
Third Ave 1st ref 4s ctts
Adj Inc 5s interim etts
Tr -City fly' & Lt 1st 8 1 58_1923 A-0
Underground of London 5s_1920 51-N
1033 J -J
434s
1048
Income 85
Union Elec (Chic) isle 53-1945
United Ftys Inv 1st lien coil
1928 11-N
trust 5s Pitts issue
Street Railways.
102
United fly's St L 1st g 4s___1934 J-J
10112 102
102 10218 102
St Louis Transit gu 5s _1924 A-0
8412 8812
85 871, 8714 J'ly '12
7738 4t• 77
815s United RRs San Fr s f 4s__1927 A-0
77 Sale 77
J -J
5638 484 5112 59 , Va By & Pwr lst&ref
5512 Sale 5514
09 99
99 Feb '12
10034
Has and Electric Light
Atlanta G L Co 1st g 55 ___1947 J-D
-66
98 Nov'08
1313lyn U Gas 1st con g 5s__1945 .5%-N
_ 16E14 100
106 ___ 106 Aug'r1947 A-0
Buifalo Gas 1st g Si
AR. 4:, N111 86
8133 Sale 8114
1932 J -J
801; Columbus Gas 1st g 5s
70 Sale 70
711; 111 70
Detroit City Gas g 5s
1923 J -J
98 9834 9878 Sep '11
9738 99
Dot Gas Co con 1st g 53
1918 F-A
_ 98 Apr '09
-___ 96 9i
95 9914 1)et Edison 1st coll tr 58_1933 J -J
03
Eq CL NY 1st con g 5s
88 89 87
1932 st-S
883; 33 7412 VO
-- 84 Oct '08
_ Gas & Elec Berg Co c g 5s 1949 J-1)
1915 F - A
Cr Rap G L Co 1st g 5s
8212 851: 8412 J'ly
1949 11-N
8334 861; Hudson Co Gas 1st g 5s
Kan CIty(Mo)Gas 1st g 5s_1922 A-0
83 -gg
6118 65
---_ 96
7712 J'ly '12
83 Aug'11
C5
1;518
9612 Aug'11
104 ___
10614 10673 10612 Sep '12
67 65 Aug'12
.94 ___
100 10136 101 Sep '11
9558 Sep '08
101 idi 10112 Sep '1
- _ 1063, 10612 Aug'1:
6112 Oct '01
101
09 kid - 100 Oct '09
10518J'Iy '1:
105
(1719 931- 91)54 Jan '12
7612 80
83 85
G 64l'70
98 9712
idd 10773
60 61152
4
16.4 161110138 idili
10534 10612
---- -1041; iddi;
994 9934
No pries: Friday; latest bid and asked thLs week. a Duo Jan. 15 Duo Feb. d Duo April, Is Due July. It Due Aug. 0 Due Oat, a Option a;t1e. - - -
668
New York Bond Record-Continued-Page 3
BONDS
V. Y. STOCK EXCHANGE
Week Ending Sept 13.
Price
Friday
Sept 13
Week's
Range or
Last Sal,
173
But
Vranlla RR-Sou lines 43_1936 M-N
J.Vlexican Cent Inc g 3s tr rects_
1917
Equip & coil g 5s
Ilex Internat 1st con g 4s_ _1977 51Stamped guaranteed___ _1977 51- S
& St L 1st gold 7s___ _1927 J -1)
Pacific Ext 1st gold 6s__ .1921 A-0
1st consol gold 5s
1934 51-N
1st and refund gold 41
S
1949
Des M & Ft D 1st gu 481913 J-J
M St P&SSM con g 4s Int gu.1938 J-J
1st Chic Term' s f 4s___ _1941 M-N
MSSM&A 1st g 4s int gu 1926 J -J
Mississippi Central 1st 5s_1949 J -J
Mc, ICan & Texaslst gold 4s1900 JD
2d gold 4s
g1990 F- A
1st ext gold 5s
1944 M-N
1st Fe refund 43
2004 51- S
Gen sinking fund 4 34s__ _1936 J-J
St Louis thy 1st ref g 4s_2001 A-0
' Dal ee Wa 1st go g 5s
1940 3.1-N
Kan C & Pao 1st g 4s
1990 F-A
Mo K & E 1st gu g 58._1942 A-0
M K & Ok 1st guar 5s
1942 ,11-N
M K & TotT 1st gu g 5s_1942 51- S
Sher Sh & So 1st gu g 5s-1943 J-1)
Texas & Okla 1st go g 5s 1043 NI- S
flissouri Pao 1st cons g (3s_1920 M-N
Trust gold 58 stamped_ _a1017 M-S
a1917 M- S
Registered
_1020 F-A
1st collateral gold 5s
1920 F-A
Registered
1915 111- S
40-year gold loan 43
1038 M- N
3d 7s extended at 4%
1st ee ref conv 5s
1959 91-S
• Cent Br fly 1st gu g 4s_..19111 F-A
• /Cent Br U P 1st g 4s
1948 J -D
• Leroy 33 CVAL 1st g 53_1025 J -J
Pao R of Mo 1st ext g 43_1938 F-A
•
2d extended gold 5s__ _1938 J -J
• StL Ir M&S gen con g 53_1031 A-0
Gon con stamp gu g 5s_1931 A-0
Unified & ref gold 4s_1929 J-J
Registered
1929 J-J
•
fly Is G Dlv 1st g 43_103.3 11-N
/ Verdi VI &IV 1st g 5s_1926 M11-S
Mob & Ohio new gold 6s.._ _1027 J-D
1st extension gold 6s___81927 Q-J
• General gold 4s
1938 91-S
Montgom Dlv 1st g 5s
1047 F-A
St L Is Cairo colt g 4s___81930 Q-F
Guaranteed gold 4s
1931 J-J
Mashy Ch & St L 1st 73_1931 J -J
11 1st corm' gold 5s
1928 A-0
Jasper Branch 1st g 6(3_1923 J -J
MOM 51 W .Is Al 1st 6s 1917 J-J
T & P Branott 1st 68
1917 J-J
J -J
Nat Rys of Mex pr lien 4 s.10573i
Guaranteed general 4s_ _1977 A-0
Nat of Meg prior lien 4 30_1926 J-J
lat ponsol 411
1951 A-0
N 0 Mb:, & Chic let ref 5s 1060 J -J
NO&NE prior lien g 63_4)1915 A-0
New Orleans Term 1st 43_ .1953 J-J
N Y Central & H B g 3 3.0_1997 J -J
Registered
1997 J-J
Debenture gold 4s
1934 M-N
Registered
193' 11-N
Lake Shore coil g 3 3-6s
1098 F- A
Registered
1098 F-1,4
Mich Cent Coil gold 3 30_1998 F- A
Registered
1993 F-A
Beech Creek 1st gu g 43 1936 J -J
Registered
1936 J -J
2d guar gold 5s
193(3 J-J
Registered
1936 J -J
Beech Cr Eat 1st g 3 345_51951 A-0
Cart & Ad let gu g 45_ _ _1081 J
Gouv & Oswe 1st gu g 5s_1942 J -D
Mob & Mal 1st gu g 4s
1991 51- S
Juno R guar 1st 43_1086 F- A
NJ•
Registered
1986 F- A
• N Y & Harlem g 3 513s__.20() A1- N
Registered
2000 Al-N
• N Y & Northern 1st g 5s_1927 A-0
• N Y & Pu 1st cons gu g 451993 A-0
Nor & Mont 1st gu g 5s 1916 A-0
• Pine Creek reg guar 6s__ _1032 J -D
W & 0 con 1st ext 55_81022 A-0
Oswe & R 2(1 gu g 58_01915 F- A
W & 0 T It 1st gu g 53_1918 M-N
Rutland let con g 4 313s 1041 J -J
Og&LCham let go 4s g 1948 J -J
Rut-Canad 1st gu g 48_1940 J -J
St Lawr ec AdIr 1st g 5s 1996 J -J
2(1 gold 8s
•
1096 A-0
Utica ee 13Ik Rly gu g 4s_1022 J -J
Lake Shore gold 3 113s,.
1997 J-1)
Registered
,
1997 J
Debenture gold 4s
'
1928 NI- S
25-year gold 43
1931 11-N
Registered
1931 11,-N
Ha A Is C It 1 ct go c 53.1938 J-J
Mahon Cl RR 1st 5s_13)34 J -J
Pitts & L Erie 2d g 84., a192$ A-0
' Pitts MoK & Y 1st gu 63_1932 J-J
2(1 guaranteed 6s
1934 J -J
McKees B V 1st g 63_1918 J -J
Michigan Central 5s
1931 11- S
Registered
1931
4s
1910
Registered
1940 J -J
J L S 1st gold 3 30_1051 /1- S
1st gold 3 30
1911! 111-N
20-year debenture 4s_ _1929 A-0
N Y Chic &St L 1st g 43.1937 A-0
Registered
1937 A-0
Debenture 4s
1931 M-N
Gas and Electric Light
Kings Co El L Is P g 5s____1937 A-0
Purchase money 63
1097 A - O
Convertible deb 6s
1922 A1- S
Ed El 11 Dkn 1st con C 4s-1930 .1 - J
Lac Gas I. of St L let g153.._61919 Q-F
Ref and ext 1st g 53
1934 A-0
Milwaukee Gas L 1st 4s
1927 m-N
Newark Con Gas g 55
1948 J-D
Is
53_1948
J-D
NIGELH
Pg
Purchase money g 4s___.1949 F-A
Ed El III let cons g 55_1995 j-J
1st
con
L&P
g
53_1930
El
F-A
NY& Q
N Y Is Rich Gas 1st g 53.. _1921 m-N
Pacific G Is El Co Cal CI 53-E
Corp unifying Is ref 53_1937 M-N
Pac Pow Is Lt 1st Is ref 20-yr
1930 P -A
L• _ 55 Intemat Series
Pat Is Passaic G Is E 53
1949 11-S
Ask Low
High No.
---- 251
'09
Apr
---_
77 Me-h-'15
79 Nov'10
ig"124 129 Feb '12
11018 Aug 11
103 10214 Sep 'lz
15V8
- 63 64 Aug
76 8212 7714 J'ly '12
9512 9612 96 Aug'1:
05 0712 9714 J'ne'12
9612
9614 May'12
9812 Mch'll
93 Sale
9134
. 93
8013 Sale 80
803.
091,
9912 Mu
9912
3
.___ 77% 7712 Sep '12
8512 853.1 8534
8534
. 78
78 J'ly '12
10412 _ _ _ _ 10478
10478
01 J'ne'12
_ 1081 2 107
107
id
fad% 105 10534 J'ly '12
_
_
101 101 Aug'12
_ 104 10375 Feb '12
_ 10514 10378 Mch'12
_
id3 sale 105
105
9912
09 9934 9912
98
97 May'12
96
1( 78
- 9718 Sep '12
BONDS
N. Y. STOCK EXCHANGE
Week Ending Sept 13.
Price
Friday
fepi 13
1Vccle I
Range or
Last Sale
Range
Since
Jan, 1.
NY C & H R-(CoMBid
Ask Low
High No Low High
j-J _
991: 9958 Sep '12
West Shore 1st 48 guar_ _23
9912 101
23131 J -J
Registered
1/8" 99 98
98
07
0813
N Y Cent Lines en tr 4 54s 1023 J -J
10012.7'1y '11
N Y New Haven & lIartf1053 J -J
Non-conv deben 45
92 91
91
91
92
"
Non-conv 4s
195). (11-N
911, 9112 Sep '12
_
91
9318
Cony debenture 3 313s _ _ _195( J -J
025; 91
12 90 9458
91
dO
101 105
Cony debenture 84
1941 J-J 128 Sale 12778
12814 32 12778 13212
60 6978
Harlem R-Pt Chess 1st 45_1054
S (3(3
__
09
99
9918
77 81
B & N I Air Line 1st 4s 1955 F-A
991, J'ne'12
9912 9912
96 9734
Cent New 'Eng 1st gu 48_1961 J-J
9114 93s,
9212 Aug'12
9714 9714
Housatonic R cons g 5s_ _1937 11-N
115 Aug'12
114 116
9614 0614
N YW'ehes &Blst ser I 4 30'46 J -J
9914 Sale 9914
907) (31 08 10014
N 11 & Derby cons cy 5s_10141 /11-N
107 Aug'09
_New England cons 5s_ __ _1945 J-J
1)3 97
[6'
80 841,
Cons°, 4s
1945 J-J
99% _
-51512
-012 idd
9912 10212
Providence Secur deb 4s.1957 M-N
_ /35
8.1 J'ly '12
84 84
7712 8112 NYO &W ref let g 4s_ _ 471992 11- S
92
92
02 96
8512 8914
Registered 55.000 only_91002 1.1-8
0212 J'ne'12
9213 9212
76 78
J-D
General 45
1952
9214 8958 Feb '12
8958 8038
10478 10533 Norfolk Sou 1st & ref A 5s 1961 tz- A
100 100 Aug
99 10018
Norf Is South let gold 5s 1941 /11-N
0013 91
1023.1 Apr '12
10212 10234
Norf & West gen gold 6s_ _1931 M-N 12112
107 110
12518 J'ly '12
12338 12518
10514 10712
Improvement Is ext g 68_1034 F-A 12212 1255., 12412 May'12 _
124 12638
New River 1st gold 68...._1932 A-0 12134 _
101 104
124 May'12
124 124
A-0
10334 1037,
9714 31 9612 997
N& W Fly 1st cons g 45_ _1998
07
1904 A-0
10378 10514
98 Jan '11
Registered
921 ¶321. 9212 Sep '12 ._ 1(134 94
DIv'l let I h gen g 43....1944 J -J
10478 10'.18
10-25-year cony 4s_ _ _1932 J -D 115% Sale- 11512
9834 10034
11612 31 10712 118
07 97
10-20-yr cony 4s full pd rct,
_ 116 11634 Aug'12
108 117
Pocah C & C joint 4s_ _1941
9078 94
9011 91 Sep '12
¶303410034
C C & '1' 1st guar gold 53_1922 J-J
10638 Meh'12
106%106%
"if 7134 ...Ili; -fit; IC "id" "751-4
Selo V & N E 1st gu g 43_1089 M-N 93 _
(36
95 9812
9612
9012 Marl 1
- _
Northern }'ac prior I g 4s_ _1997 Q-J
0733 98 9784
97% 10034
08
86 Sale 8538
86
75 81 -89'
Registered
1997 Q- J *9738 981:: 9814 J'ne'12
9814 0012
02 9214 02 Sep '12
General lien gold 3s_ __ _a2047 Q-F 69 Sale 6812
92 92
69
6814 7013
80 81 May'12
Registered
81 81
a204? Q-F *68 ___ 68 J'ly '12
68 68
St Paul-Duluth Div g 4s_1996 J -D 9512
110 Meh.05
06
9512 9613
- 96
10018
Dul Short L 1st gu 5s___1916 11,1-S 10012
"di "di 100
-64:1-2 WI;
100 J'ly '12
100 100
St P & N P gen gold 6s_1023 F-A 1 1434_ 105 10812 May'll
116 11434 Aug'12
1143.1 11512
10334
1.
- :12 10412 1.0334
Registered certlficates_1923 Q-F
10213 ide4
11434 11533 Aug'11
St Paul & Duluth 1st 53_1931
111 Sep '00
1-14 _ _ _ _ 107 Jan '12
idi" idi
2(1 5s
"id" "8'6'- 70
79 • 1 77% 8.Ai
1017 A-0 10258 _ _ -- 10238 Sep '12
10238 10238
1st consol gold 4s
80 Mch'12
1968 j-D '3134
_ _ 91 J'ne'12
78 80
9234 04
82 83 83
Wash Cent 1st gold 4s
83
1948
8212 84
89 _ _ _ 0118 Apr '11
_ 100 10212Jan '10
Nor Pao Term Co let g es_ _1933
11118 _ _ _ 111 Aug'12
lii 1113
1151 11834 119 J'ly '12
110 "121 - Oregon-Wash 1st & ref 4s _1961 J -J
8034 9014 8934
8912 9234
8934
114 11412 11534 Feb '12
11534 11534 pacIllo Coast Co 1st g 5s_ _1946 J -D 10212 10471. 104 J'ne'12
10312 104
8578 8712 85 J'ly '12
enna RR 1st real est g4s_1923 M-N 10112 10134 l0014 Sep '12
85 8734
100 102
• Consol gold 5s
10713 10814 10814 Aug'12
10734 11034
•
1910 Al- S
110 Mcli'12
108 110
_
8358 8353 Aug'12
Consol gold 4s
82 8338
1943 M-N idf" 10238 10112 Aug'12
10112 104
9312 Itch '11
93
Convertible gold 3 30__ _1012 51-N 9
9972
100 9978
9978
9912 10013
8
iii11-8 10212 10218 Sep '12
Convertible gold 3 30_01915 J -D 0718 Sale 9678
id-i
9718
9634 9778
10934 J'ly '12
10012
10932 1093.1
Registered
0015 J-D
97 J'ly '12
97 0712
11578 Nov'10
Consol gold 4s
1948 M-N itki" Sale 103
103
10212 10418
10734 Meh'12
Alleg Val gen guar g 4s_ _1942 M-S
1073"4 1073"4
10018 10918 Aug'12
09%10018
_
D It R R & Bge let gu 4sg1036 F-A load 113 J'ly '04
-171612 9014
Phila Bait & W 1st g 46_1943 51-N 98 1017; -3;11 - J'ly 12
9014 17 89 9212
"dd." idifi
7712 80 80 Aug'12
Sod Bay ee Sou 1st g 53_ _1924 J -J ---80 8617
102 Jan '03
_
____ 100 99 Sich'12 _
Sunbury & Lewis let g 45 1936 J -J
00 100
9512 ---7712 80
U NJ ItR & Can gen 4s_ _1944 M- S
7712 80 7712 Aug'12
idi" 1'0112
- -- 10117 May'12
____ 8914 89 Aug'12
Penns
J
-J
Co
_
10234
guar
10212
let g4 30
10338
8812 95
1921
10212 104
104 10478
Registered
102 Aug'12
1021 J - J q0112
102 103
Guar 3 30 coil trust leg_ _1937 Ai8613 871s 8778 J'ne'12
-877g -881-7
8914 Apr '12
89 -8812 8914
8512 8614 8614
F-A
Guar
8614
3
30
coil
3 8512 881:'
trust ser 13.1941
88 -- 89 Aug'12
88 89
Trust Co certfs gu g 3 30_1016 M-N 1/713
_ 8414
8414
8414 8714
0712 9814
- 0738 J'ly '12
84130212 93 92,4
Guar 3 30 trust ctfs C__ _1042 J
86 8834 88 Meh'12
88 8814
9314 10 9214 9(114
93 May'12
Guar 3 345 trust ctfs D
1044 J -D
93 93
8734 Jan '12
8734 8734
80 Sale 80
Guar 15-25 year g 4s
8013 46 80 85
1031 A-0 _7:: -66 - 11634 Aug'12
96 9813
78 3834 78 Aug • V
Cln Lob & Nor gu 4s g_ _ _1942 M-N
78 84
9612 Dec '11
(9
79 Sale 79
CI & Mar 1st gu g 4 30_1035 11-N 1.6112 105 110 Jan '05
78 8212
*7712
_ 78 Sep '12
CI & P gen gu g 4 30 ser A 1942 J -J
7734 7012
10734 Deo '11
_
9812100 9918 Joe'12
9918 991,,
Series B
1942 A-0
10934 J'ly '09
09
07 ____
May'll
let reduced to 334s_1042 A-0
9114 Feb '12
4
-9
.114 -1111103
Series C 3 30
9-1714 9114 May'12
1948 5I-N
9114 (3114
Series D 3 30
1950 F- A 90(3
00 May'08
9018
Erie & Pitts gu g 334s 13.1940 J -J
- ----911-2 -sift;
- ---- 0112 May'12
00 ____ 9712 Apr '01)
Series C
1940 J -j
---9018 J'ly '12
901s 9018
108 _
Gr It & I ex 1st gu g 4 30_1941 J -J :::: 104 104 Aug'12
104 105
2 mcliqi
_
412 -01
Pitts Ft W & 0 1st 73_1912 J -J
May'12
100
10114
100
-2d 7s
dd
. 100 105 Oct '02
1912 J -J
- _ 10378 Feb '11
3d 7s
101 Dec '11
81912 A-0
_
89 May'12
8738
Pitts Y & Ash 1st con 53_1927 M-N
88% 8)
109 May'l0
Tol W V & 0 gU 4 30 A__1931 J -J 10178 _
10134 10213
10218 rne'12
103 108 Oct '00
Series B 434s
1933 J -J 101 _ _ 100 Ply '10
_
9773 Aug'11
__ 06
Series C 48
1942 M-S 3)512
P C C Ss St L gu 4 30 A 1940 A -0 10334 105 10114 J'ly '12
10414 idj3"4
120 __ 13112 Jan 00
Series B guar
1942 A-0 10334 106 10434 J'ly '12
10431107
10634
10634 _ 10534
Series C guar
1942 M- N
-- 106 J'ne'11
i(5j34 10734
1E12 101 Mch'12
Series D 45 guar
1045 91-N 9712 9812 9778
08
101 101
-di" "sid"
Series E 3 30 guar g
101 J'ne'10
1949 F- A
051:1 Sale 95
9558
0318 9553
*6638
Series F gu 43 g
1953 J -D 06
9734 07 J'ly '12
-Eiji -118.1-4
9633
9633
97 07
8412 Sep '12
83 01
Series G 4s guar
1957 NI-N
_ 98 07 J'ly '12
84 86
97 09
C St L & P 1st con g 5s I932 A-0 i 10
92 J'ne'09
11312 Nov'1 1
r15§Peo & Pek Un 1st g 6s
115 J'ne'00
1921 Q-F 10012 _ _ 109 May'll
11922 9fch'12
116
2d gold 4 30
51921 M-N 01 92 9312 Jan '11
11012 1101
9978 Nov'll
100
Pere Marquette-Ref 43-.1956 J-J
6113.1 Apr '12
-663-4 -6634
88
48 "8712 "857-8
Refunding guar 4s
5312 _ -- 5238 Aug'12
1955 J -J
8712 8812 88
5238 54
8634 8818 8734 J'ly '12
Ch & W St 55
1921 J -D 961,1
9958 9968
8714 8834
0058 Feb '12
0214 51_ 92 911.
92 Sale 92
Flint & P Al g (is
1920 A-0 _
108 10833
10833 May'12
92
9134 Sale 9112
91 9112 937.3
1st consol gold Is
M-N
1039
9(331100
9634 J'ly '12
- 928 Apr '12
Pt Huron Div let g 5s_1939 A-0
9712 0713
0258 0317
9712 May'12
Sag Tus & H let gu g 45_1931 F-A
-- - _
iiifi
ifd"
8414 .141;Philippine Ity 1st 30-yr a f 4s_'37 J -J " : 8617 "id" ma-i'li
10514 _ _ 105 Apr '12
Pitts Sh & L E 1st g 5s___ _1040 A-0 j i
113 11314
idS 105
_ Ill J'ly
121 __ 13018Jan '09
let consol gold 5s
1943 3-i
11314 Nov'll -_
121
12314 Mch'12
12314 12314
Co gen g 4s
9634 71 043 -3/63:1
1997 .j-J
: 66.3-4 06
1-1, Registered
9633 9814
9638 J'ly '12
1907 j-J
fir 111
f Jan '12
Jersey Cent coil g 4s
_ 9112 98t2
9612 Aug'12
iff"iff
13151 A-0
:
107
119 J'ne'06
Atlan City gu 45 g
1951 J -J
08 Apr '12
Qt Jo & Gr Isl let g 4s
87
86 "891"2
98 98
1947 J-J
87
_ 87
_- 9812 Nov'll
L & San Fran gen g 63_1931 J -J 11812 120 11812 Sop '12
1 1812 11952
00 J'ne'OS
10112
General gold 5s
10412 10812
1931 J-J 10413 10712 10413
St L & S F RR cons g 4s_1996 J-J
"_ 8612 Mch'12
8112 8814
8113 Aug'12
86I 84134
_
r514 8812 Aug'12
Gen 15-20 yr 55
8412 12 8319 8812
8812 92
1927 11-N "tilt; ''TticT 84
071,,
9712 9812 9712
Southw Div let g 53_1947 A-0 0(131_
100 Oct '11
9712 1005s
7818
0934 Mch'1/
Refunding g 43
09 9934
1951 J -J
78 Sale 78
"773-4 "8134
88% 8831 89 Ply '12
8034 Mch'11
Registered
89 01
1951 J -J
- MISCELLANEOUS BONDS-Continued on Next Page.
Low
High
:
_
-
--g
---6
R
Gas and Electric Light
10414 1051: Peo Gas Is C let con g 65_1943 A-0
11512 117
Refunding gold 5s
1047 51-S
1947 81-S
Registered
Ch G-L Is Cke 1st gu g 5E1_1937 J-J
101-12 103
Con G Co ot Ch 1st gu g 53 1938 J -I)
Ind Nat Gas Is 011 30-yr Is '36 M-N
10034 102
8078 005s
mu Fuel Gas 1s3 gu g 5s_1047 II- N
10614 10614
1947 M-N
Registered
102%10414 Philadelphia Co cons,53_1911) F'-A
891. Stan Gasas Eleo cony sf 6s _1026 J-0
84
11212 1131; Syracuse Lighting let g 5s_1051 J-D
102 10212 Syracuse L Is P 5s
1954 J -J
_
Trenton G & E let g 5s_
1940 34-S
Union Elec L Is P 1st g 5s 1932 51-S
0434 Sale 0113
9134 24 94 9633
Ref Is eat 5s
1933 M-N
Utica El L Is P 1st g 5s___ _1950 J -J
03 ..
0312
0312 10 9313 95
Utica Gas Is E ref 5s
1957 J -J
10212 .._ __ 1025s J'ly '12 ____ 10233 102% Westchester Lignt'e e 5s
1050 J -D
____ 105 10414 Aug'12 ____
11634 11531
11534
1
12E912
11818 Dec '11
----- 8813 Dec '11
l0238 10212 1023$
10212
'2
101 102 10113 10113 14
...., 0012 0012 Sep '12 __
102
10614 Apr '12
103 sale 103
10314 33
____ 89
8883
3
8838
__ _ 11318 Meh'12 --__
io(I - 101.12 10212 Mob'12 ____
_
0212 J'ly '00
L!
No price Friday; lat.oat bid and Baked.
Range
Since
Jan, 1.
[VOL. Lxxxxv.
a Due Jan.
5 DU.0 Fob. e Duo May.
_ _ 107 117 J'ly '(2 ._.
1011 Sale 10118
10112 10i
---- ---- 103 Feb '00 ____
1026-4 103 103
103
7
-- 10314 103 J'ly '12
_
8:318 80 03 Nich'12 ____
10138 ___ 10114 Aug'12 ...._ _
..
. .._„
_- .....
_ __ ..._
____ 106 109 Feb-'12 --1
10014
100(2 101 10014
1001
01 Dec '11 ....
---------8513 J'no'12 __.103 ....._ 109 Feb '01 ..-..
100 _ _ 10012 Aug'12 ____
9634 _-___ 07 J'ly '12 ...._
103 ---- ,-,--:: ---___ 10014 Dee 'it ____
100
1031,1
1
.08 10514
10514
11614 1171
10118 1021
10212 1041
10112 103
93 93
1005s loll
,.„-- --107 100
100 101
---8512 86
_-.....
10013 101
0612 981
---___
____ --10438 1051
Due AIM). hi Due July. o Due 00%. v DUO NOV. s OPIIQn 0.19.
SEPT. 14 1912.
s
t,
BONDS
Y. STOCK EXCHANGE
Week Ending Sept 13.
569
New York Bond Record—Concluded—Page 4.
Prim
Friday
Sept 13
Range
Since
Jan, 1
Week's
Range or
Last Sala
N.
BONDS
Y. STOCK EXCHANGE _It
:3 a.
Week Ending Sept 13.
Price
Friday
Sept 13
Wcek's
Range or
Last Sale
.n.
z
a-j—
Range
Since
Jan. 1,
1
High No. Low High
Bid
Ask Low
High No. Low High
Ask Low
Bid
'St L & San Fran (Con)
4 10412 1077
aban 1st gold 55
1939 M-N 10612 107 10612 107
115 118
114 11534 J'ly '12
X 0 Ft S & M con g 63_19212 M-N
5 96 10012
100
9912
2d
Sale
100
gold
F-A
53
1939
77
8012
11
3812
78
7818
7812
A-0
K 0 Ft S to M Ry ref g 44_1936
_ 90 100
_
J'ne'12
90
--__
Debenture Series B
1939 J-J —
7712 J'ly '12 — 7712 771:
1936 A-0
Registered
9814 J'ne'12____ 9814 100
let lien equip s fd g 5s
1031:
10:312
M-S
1921
'12
fly
10312
A-0
58_1929
gu
lst
B
&
It
KC&
__—
--- —
83
'10
Dec
____
1st
80
lien
50-yr
J-J
g
_1959
term
100
4s_
9914
4
9912
.
0
0912
91i
§itieA-0
Ozark do Ch C let gu 5s g_1912
7011 166 5812 7238
1st ref and ext g 4s
6918 Sale 6118
1856 J -J
3 90 9212
0012
St L 3 W let g 45 bd ctts_1989 31-N 9012 Sale 90
J'ne'12 ____ 6438 71
70
Cent
07
Trust
Co
ctfs
83
80
'12
_
Aug
—
80
•
J
80
-J
ctfs____p1989
bond
Inc
2d g 45
2 6453 6934
Sale
Do
6512 Sale 6512
8053 33 7812 84
1932 J-D 80 81 8012
Consol gold 43
5014 70
Equit Tr
70 J'ne'12 _
- 65 63
st Co etts
Stamped--lr18 Apr '07 ___ _
Gray's Pt Ter let gu g 5s_1997 J -D 09
67
6012 6958
Do
38
68
65
62
Stamped
R
80%
80
80
J-J
§are
8734
_1943
4s__
g
gu
1st
Pass
S A de A
107
106
____
May'12
Det
Ch
&
--------10618
Ext
1st
g
J-3
523_1991
___
'09
J
94 ____ 104 Oct
SF &NPletsinktg 59_1919 -J
Des Moin Div 1st g 4s___1939 J-J 80 82 80 Aug'12 ____ 80 80
87 87
. 8714 Aug'12
2634
Seaboard Air Line g 9s___ _1950 A-0
Om Div 1st g 3 39s
1941 A-0 70 7014 7114 Aug'12 ___ 6812 7134
6 86 90
87
86
1950 A-0
Gold 48 stamped
Tol & Cli Div 1st g 48
1941 31-S SO 86 80183'1y '12 _ _ 7234 8312
1950 A-0
Registered
3914
31
- "8i1"4 Wab Pitts Term 1st g 4s__ _1954 J-D 30 38 31 JOY '12 ..._
-7738
-51;
01949 F-A 78 Sale "fies
Adlustment 5s
31
CO 2978 4214
Cent & Old Col Tr Co certfs__ ___ 30 35 30
7834 83
7834
Refunding 49
1959 A-0 3834 Sale 7834
9112
30
3(4
Tr
Columbia
3014
Co
30
etfs
Sale
30
87 90
Ati-Birm 30-yr 1st g 9s_e1933 31- S ---- 81 88 J'ly '12
212
1
2d gold 4s
114 21: 134 J'ne'12 ____
1954 J -D
9234 9312
Car Cent 1st con g 98_ _ _1949 J-J ____ 93 9312 Apr '12
178 3
Trust Co eertfs
214 238 J'ne'12___
1
_ 103 May'll
Fla Cen & Pen lst g 5s__ _1918 J -J 10314
_
__
'11
_
__
Termi
1st
Oct
gu
3
Wash
____
F-A
85
149_1995
8734
idi"101
1st land gr ext g 5s___ _1930 J -J 10334 ___ 104 May'12
1st 40-yr guar 48
1945 F-A 9718 __ 9718 Mch'12 ___ 9718 9718
107 107
107 J'ne'12
Consol gold Is
1943 J -J
8,513
West
1st
Maryland
g
9s_
3
19
853
14
5
83
52
3
863
A-0
8512
Sale
10531
10714
J'ne'12
10914
8
106
1073
Ga & Ala By 1st con 59_01945 J-J
10318 10534 West N Y do Pa 1st g 59_1037 J-J ____ MT 10634 Aug'12 ____ 10324 10834
12
Ga Car ds No 1st gu g 59_1929 J-3 10434 105 10518 Set)'
3 8638 Sep '12 ____ 8632 8812
Gen gold 4s
1993 A-0
105 10618
Scab Se Boa 1st 58
1926 J-J --__ 10612 105 May'12
___ -„Income 5s
d1993 Nov ---- ---- 34 Feb '07
Southern Pacific Co—
10114
1 10114 10512
C S9 0212 Wheeling & L E 1st g 5s _1926 A-0 ..- _ 1031: 10114
89
89 89
Gold 4s (Cent Pac coll).k1949 J -D
Wheel Div 1st gold 59_1928 J-J _-_ 101 10218 Nov'll ___ ___ _--91 91
_ 91 J'ly '12
Registered
k1049 J-D 89
Eaten & Imp gold 5s____1030 F-A _ _ _ 10414 102 J'ne'10
9438 93. 04 97
20-year cony 45
91029 M-S 94 Sale 94
RR 1st consol 4s
3312 Sep '12 ____ g2-14 ig12
1949 M-S 835
412 26 94 97
2 ny9.
9414
0
4
.1e
.
4385_2
93
Cent Pac 1st ref gu g 4s_ _1949 F-A 0
____ --20-year equip s f 5s
1922 J-J -------9812Feb '11
941:
9412
F-A
1949
Registered
I 9114. 93
9114
9114
S B 1st 4s_ _1960 J-J
9114
90
Winston-Salem
Aug'12
3
9012
9112
3
90
J-D
9034
4
913
Mort guar gold 3 53s_ _k1920
92
17 91 9332
9155 9214 9158
89
89 9275 Wis Cent 50-yr 1st gen 99_ _1099 J-J
8934 89
Through St L 1st gu 99_1959 A-0 89
Sup&Dul div & term 1st 95'36 31-N 91 911: 91 Aug'12 ___ 9034 9212
10512 107
Gil &SAM &P 1st 59_1931 M-N —_ 1051: 10312 J'ne'12
10218 10434
Glia V CI & N 1st gu g 59_1924 31-N .-- 10314 10218 J'ly '12
Manufacturing and Industrial
105 Aug'12
104 105
Hous E & W T 1st g 59_1933 M-N
52 6714
1936 J-J 61 66 6034 J3ly '12 _
163.3-4 161710414 10414 Allis-Chalmers 1st 5s
8 10414 May'12
1933
1st guar 5s red
5214 Sale 5914
6018 ii 5712 64
Trust Co ars deposit
10014 110
T 0 1st g 59 int gu 1937 J-J 10912 ____ 10912 Sep '12
11
10119 50 101 10234
km Ag Chem 1st c 55
1928 A-0 101 10158 101
_ 10712 Sep '11
Consol g 6s int guar_1912 A-0
1915 Q-F 97 9758 9714 Sep '12
9714 9819
km Cot Oil ext 4 39s
"ii 95
Gen gold 4s int guar 1921 A-0 9312 05 94 Aug'12
1931 M-N___ 9378 95 J'ne'12 ____ 9412 9512
Debenture 5s
Waco & N W dlv 1st g 68'30 31-N 414 118 11914 Mch'10
10018
6 9818 101
1919 M-S 10014 10034 100
10712 itif1"2 km Hide & L 1st s t g 6s
A doN W let gu g 5s_ _1941 J-3 106 107 10712 Feb '12
78 Aug'12
7 7212 82
chi
Aug:i
11134m
11
11184 11134 Amer Ice Scour deb g 69_1925 A-0 78 79
Morgan's La .14 T let 7s.._1918 A-0
10552 73 10212 1057$
km Smelt Securities s f 6s_ _1926 F-A 10512 Sale 10338
11012
J-J
let gold Os
Am Spirits Mfg 1st g 6s___ _1915 31-S 100 101 100 Sep '12 ____ 9912 101
920 A-0
1912
N Y Tex de M gu 49 g__1
9258 95
j33- Fob '07
1919 J-J 94 9458 94 J'ly '12
Am Thread 1st col tr 4s
-- - 1938 A-0
No of Cal guar g 5s
11878 12112
1
1994 A-0 ____ 121 11912 Aug'12
Am Tobacco 40-yr g 6s
0 ilayy:0
112
10
Ore & Cal 1st guar g 58_1927 J -J iroy4
1201 12014 J'ne'12 _ 11878 12138
Registered
44 ASo Pao of Cal—Cu g 59 _1937 M-N
i 11878 12112
1191:
_ 11013
----- ---- ----Certificates of deposit
9112 ____ 00 J'ly '09
• So Pao Coast 1st gu 45 g_1937 J -J
4 9178 9714
9714
4 971: 9714
Gold 49
1951 13-A -i.W1"figf; 92
• San Fran Terml 1st 49_1950 A-0 8858 9014 8812 Aug'12
9214 9558
0538 J'ne'12
__
Registered
151 F10034 Mch'12
19934 19034
Tex de NO Sab Div 1st g 60'12 M-S
9178 96
-------- ---- 9514 May'12 __
Certificates of deposit 1943 J-J Melt;fa" 19182may.11
Con gold 55
91 9114 91
u114 ii 8814 9135
J-J 9312 Sale 9314
9334 47 9314 9538 Am Writg Paper 1st s f 53_ _1919 .7--J
Bo Pao RR 1st ref 48
103 • 11 10234 104
10614 54 10334 108% Baldw Loco Works 1st 59__1940 At-N _ _ _ _ 1031: 10234
5 J -J 10534 Sale 10534
Southern 1st consol g 5999
_ 1954
28 9312 102
97
9634
9614 97
Beth Steel 1st eats f 5s_ _1926 J-J
_ _ 105 Sep '11
1994 J-J *104
Registered
7838 191, "iti" "763; Cent Leather 20-year g 5s._1925 A-0 9538 Sale 95
93% 3C 9134 9614
78
Develop & gen 4s Ser A_1956 A-0 7814 -Sale
86
1951 F-A ____ 9:-.11 07 Aug'12 ___ 9134 9'7
1( 85 8712 Consol Tobacco g 43
Mob & Ohio coil tr g .18_ _1938 31-S 85 Sale 85
___
____ 57 Nov'07
1951 F-A
Registered
10814 111
Mom Div 1st g 4 ;9-59......1996 J-J 107 10814 109 May'12
9512 97*
1931 M-N 9614 97 9614 Aug'12 .__
3 8812 9014 Corn Prod Ref s f g 5s
89
. 1_2 891, 8812
1951 J-J
St Louts div 1st g 99_
9,514 Sep '12
0514
9434
99
9612
M-N
1st
N
-year
142
f
25
s
1939
5s
7
7
'10
ov
2
0
J-J
5
18
10
Con
1st
B
g
Gs
8112
Ala
97
1 06 9712
Cuban-Amer Sugar coil tr 631918 A-0 9612 ____ 97
8 J -J ---- 90 0012 Nov'll
18
Ati & Deny 1st g 4s
199
Sale 74 • 7978 31 715 7814
Feb '12
-014 -014 Distil Sec Cor cony 1st g 59_1927 A-0 7414 Sale
J-J
2d 4s
8734
881_0 26 8478 9212
E I du Pont Powder 4 399_1936 J-D 8812
Atl & Yad 1st g guar 99_1
9 A-0 8414
918
19
7 8338 J'ne'12 __ 82 84
1942 F-A____
Gen Electric deb g 3398
lOss4Dec'll
Col & Greenv 1st 6s
1916 J-J
---- 169 Feb '12
15312159
1917 J -I)
10-yr g deb Os
10734 10814
Ga Dlv g 5s-1
6 J-J *-___ 103 10778 May'12
10
E T Va
193
9812 10075
1915 A-0 9058 991
0934
4 908
110 11134 Gen'l Motors 1st lien 6s
- 10078 11038 Aug'12
1956 41-N
Con let gold Os
__
90
_
A-0
8934
90
1940
39s
39
8934 9234
4
deb
Steel
Ill
10518 J'ly '12
10518 106
1938 51- S
E Ten reor lien tir 58
101
85 10018 10158
64 643 Indiana Steel let 53 (rects) 1952 M-N 10018 Sale 10018
1946 A-0 6312 0714 04 Aug'12
Ga Midland let 38
103
2 103 10434
111 11278 int Paper Co 1st con g 6s 1918 F-A 103 10358 103
1922 J-J 11012 11118 111 J'ly '12
Ga Pao Ity 1st g 6s
1 8412 9178
87 9014 80
1935 J-J
90
Consol cony s f g 5s
114 J'ne'12
114 115
Knox de Ohio 1st g 6s_ _ _1925 J-J 113
5 9134 9312
1929 ii-S 92 9212 9218
921s
10512 Nov'10
_ int St Pump 15t s f 55
Mob de Blr prior lien g 59_1045 J-J 104
2
04 9714
97
9612
4
963
A-0
96
1923
g
Lackaw
Steel
1st
5s
'11
Dec
7g
J-J
76
1945
Mortgage gold 43
8034 15 77 8212
1950 Al- S 8034 Sale 8034
let con 5s Series A
10312 10434
10314 1033 10312 AU g'12
1015 J Rich & Dan con g 6s
g 9012 9434
9438
5-year convertible 5s_ _1915 M-S 9.513 Sale 9412
104 10434
10434 Apr '12
1927 A-0
Deb 58 stamped
Ligg & Myers Tob Co7s tpy bds__ ---- 12010 1203 12012 1207s 24 11834 123
71 Mch'll
7 M-N 7712
28
Rich & Meek 1st g 413._ 199
9712 7s 8934 9914
97 - Sale 97
Is temporary bonds
idisa 104
1919 M-N 102.4 l0S18 10234 J'ne 12
So Car & Ga 1st g 15s
Mexican Petrol Ltd cnv 63A '21 A-0 10034 Sale 10012 10078 93 95 101
112 Oct 'OS
1916 M-S
• Virginia Mid ser C 6s_
_ _ 93 902
Aug'12
9314
95
de
-D
Nat
9314
J
Stpg
Enam
let
5s___1929
'11
J'ne
10414
8
1033Series D 4-53
1921 M8712 8934 8914 J'ly '12 .:_, 8914 8914
1018"4 1013"4 Nat Starch 20-yr deb 59__ _1930 J -J
334 J'ly '12
14
033
10
05
10
• • Series E 55
1926 M-S 1
15 99 10112
99
National Tube 1st 58 rects_1952 M-N ___ 9934 90
J'ne'10
• Series F Os
1931 11- S
1 97 10212
101
2 10814 N Y Air Brake 1st cony 6s_ _1928 M-N 100 102 101
idi1"
19712 Aug'12
General Os
1936 M-N
121
1 1193312334
P Lorillard Co 7s tem'pry bds...... ____ :._ _ 12118 121
0812 JIY9'11
10
Va & So'w't 1st gu 59_2003 J-J 108
t7512 Sale 9712
55 temporary bonds..
9814 . 74 0118 9913
6
0
3 "oi 9734
•
let cons 50-year Os.. 1958 A-0 9512 90
. 97 9812
Ety Steel Spgs 1st s f 5s____1921 3---3 96 OW: 9812 Aug'12
1924 F-A 9312 9118 90 Mch'12
90 90
•-3V 0 de W lst es,gu 43
- 10278 104
103 10312 Repub I & S lst&col tr 5s__1934 A-0 10358 ____ 104 Apr '12
West N 0 1st con g 69_1919 J-J *10214 ___ 103 May'12
9178 33 9034 0338
10-30-year 58 8 t
1940 A-0 91 9173 9112
:sae Internet 1st g 5s 1955 J-J ---- 103 10212 Apr '11
1930 M-N 88 ---. 83 Sep '12 _ 86 883
Standard Milling 1st Os,.
105 idi
r A of St L 1st g 4 %s 1939 A-0
_ 10334 105 Mch'12
11034 11212 Me Texas Co cony deb Os_ _1931 J-J 10012 Sale 10012 1011: 60 9412 10212
_ _ Ill Aug'12
let con gold 58_ __1894-1949 F-A jai'
Union Bag do Paper 1st 5s 1930 J -J ___ 9353 04 May'12 __ _ 94 9412
9514 96 96 Aug'12
04 96
• Gen refunds f g 4s
1953 J-J
Stamped
1930 -- - _—. 9312 9312 Aug'12 _ 9312 9411,
10614 1071.
St LM Bge Ter gu g 58 1930 A-0 10614 10011 10614 Sep '12
- 100 10114 10018 Aug'12 ___ 10018 102
_1913 P4-N
10814
U S Leath Cost deb g
108
107
11012
110
1st
-D
J
Pau)
gold
-5s
2000
&
Tex
90 901: 90
J-J
g5s_'24
2
cony
1
6s_I
deb
do
A1
:
Realty
S
U
r
0Sep
5
9 8712 91
2014
012
497
0
50 50
92000 Itch
, Ed gold Inc 55
1931 J-J
30 31 30 Aug'12 ___ 30 50
_ U S Red & Retg 1st g 6s
1931 J -J
La Div 11 L 1st g Os
l
10414
-D
10334 105
J
31
69_1918
10334
tr
10-yr
coll
Rubber
(35
Nov'04
10612
F-A
5s_'30
W
gu
N
&
1st
W
•
Mln W
1918 J-[) ---- ----l0318 Jan '10 ___
.
Registered
1073"4 109i12
10734 10812 10734 Sep '12
1035
Tol de 0 0 1st g 5s
1021: 195 101341041$
19784 19744 LI S Steel Corp_.-coup ___d1963 M-N 16 4 sale 102
_ 10734 .1'ne'12
1935 A
- 6 100
JWestern Div 1st g 5s
10158 104
10218
1021:
2
SI-N
____d1963
f
S
5slreg
10-60-yr
103
104
12
'
J'1Y
4
10.313
-D
J
1033
10312
1935
General gold Is
9814 IS 9815 101
Va-Car Chem 1st,)5-yr 5s_ _1923 J -D 98 983 9815
Kan do M 1st gu g 4s_ _ _1090 A-0 9134 __ 93 May'12 22 0134 93
10114 21 101 10312
9878
9714 991. West Electric 1st 5s Dec 1922 J-J 101 Sale 101
98 6'612 9714
1927 J-J
2d 20-year 5s
•
Sale
9134
9434
E
M
J'ne'12
Westinghouse
&
J-J
t
9314
9
9478
59_1931
9538 34 93 00
9412
1917 J-J ---- 04
Tol P & W 1st gold 45
10-year con tr notes 59_1917 A-0 97 Salt. 97
97
3 9612 98
8412 8712
8112
8412 85 8912
Tol St L & W or Hen g 3 398_1025 J -J
2 60 6958
60
50-year gold 45
1950 A-0 59 60 60
68
Aug'12
&
Telegraph
7312
6818
Telephone
Coll tr 48 g Ser A
1917 13-A 68 72
9014 42 8934 9111
8934 Sale 8934
8912 9312 Am Telep de Tel coil tr 4s 1929 J-J
8938 Apr '12
Tor Ham & Bull 1st g 99_61096 J -D 8914 .._
1 10834 116%
2 113 11212 11212
Convertible 4s
105 106
1936 M-S
105
Ulster & Del 1st con g 59_1028 J -D 103 Sale 105
8512 1364 Chicago Telephone 1st 59_1923 J-D --------- -- --- ---- -,,1952 A-0 8518 _ 8512 J'ne 12
1st refund g 4s
8212 Mch'12
- --- 8212 8212
0878 10214 Commercial Cable 1st g 49.2397 Q-J 82 84
0938
9834 99-18 9878
Union Pacific—Gold 4s__1047 J-J
Registered
2397 Q-J __ --- 8312Nov'll ______ _.
9914 10178
1947 J-J
0834 10018 9914 Aug'12
Registered
Keystone Telephone 1st 59_1935 J -J
4 10114 104
82 ..-- 85 Aug'12 __ 82 $5
1927 J -J 10114 10134 10112 10238
20-year cony 49
10234 103
:3 9538 9778 Metropol Tel do Ts! 1st at 5s 1018 M-N 10214 103 10234 J'ly '12
9578
92008 If-S 0512 0378 9534
let & ref 45
90
State
9234
Telep
1003 100 Aug'1... ___ 9978 101
Mich
F-A
9614
_1924
1st
9258
5s_
7
9314
-D
J
9212
49_1046
g
9112
con
Ore By & Nay
___ —,
_ 10314 May'll
112
112 11334 N Y & N J Telephone 5s g..1920 M-N -------Ore Short Line 1st g 69_1923 F-A 111 1121: 112
8
981: 48 98 1007110
1 10934 112
N Y Telep 1st de gen s f 4 398 1939 31-N 98 9812 9814
1096 J-J 108 1123 110
1st consol g 5s
9875 1014
9212
Tel
58
&
10018
1st
100
9134
Tel
Sale
14
-J
Ms
Pac
J
1937
Sale
•.
9212
-D
J
1929
913
4
953
4
Guar refund 99
10114
2 101 1031k
West Union col tr cur 59_1938 J -J 1008 10114 10114
Utah & Nor gold 59_1926 J -J 103 _ 108 May'll
Fd and real est g 4 39s__ _1950 .41-N 9734 901: 9773 Sep '173 .--. 9'714 10012
J-J _
1st extended 4s
.._ ......
Slut On Tel gu ext 5s_.,_1941 31-N .. _ _ ____ 104 J'ne'll
8 -9V38
-111566874 mcli•H
5 F-A
33
195
andalla cons g 4s Ser A-1
_ -95 9614,
Northwest 're gu 4593 g _1934 J -J ____ ____ 9614 J'ne'12
8 94 J'ne'12
04 9712
1957 31-N 92 943Consol 43 Series B
9612 9134J'ne 12
0134 913
Vera Cruz do P 1st gu 4 148_1934 J -3
w
'Olga
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron s f Os..„ _1932 J-D 97 -- 97 J'13,'12
Debenture 5s
91 Nov'll
a1926 NI- S 85 _
9834
Col F & I Co gen s f g 5s___1943 F-A 9834 102 9834
Col Fuel gen 69
1919 41-N 10034 1012 10714 J'ne'12
84
Col Indus 1st & coil Is gu_1034 F-A 84 Sale 8312
Cons Ind Coal Me let 5s__ _1935 J -D
84% 85 J'ne'll
Cons Coal of Md 1st & ref 59 1950 J-D __ 94 91 Aug'12
Or Riv Coal de C 1st g Gs__31919 A-0
10258 Apr '06
Kan do HC&C 1st s f g 58_1051 J-J
9734 99 98 J'ne'12
Pocah Con Collier 1st s f 59_1057 J-J
86 881, 80 Aug'12
1055 J -J
St L Rock Mt & P 1st 5s
81
81 Sale 81
1951 J-J
Tenn Coal gen 5s
102
_ 102 102
Birm Div let consol 6s_ _1917 J-J f(14 10334 10312 10312
al917 A-0
Tenn Div 1st g 6s
,'12
1031: 1033 3'12
Cab 0 M Co 1st gu g 69_1922 J-D 0,12 _ _ _ _ 110 Jan '09
1931 M-S
Utah Fuel 1st g 55
1953 J-J — 8534 "ie"
victor Fuel 1st s f 5s
va Iron Coal & Coke let g 591949 M-S 9-i13 0534 9512 Sep '12
97
98
10
.613;
1
10714 10734
65 7212 81
"gi" 04"
2
"973"4 68-1
8112 891:
2 7934 8417
1 102 10378
4 10312 1041,
103 104
_
86 86
9112 9812
Miscellaneous
1948 M-S
Adams Ex coil tr g 48
Armour & Co 1st real est 4 39s '30 J -D
1952 A-0
Bush Terminal 1st 48
1955 J -J
Consol 5s
Chino Copper 1st cony 6s 1921 J-J
Irrigation Wks & D of A 4 399 43 31-N
lnspir Cons Cop 1st 8s (rects,
Int Merean Marine 4 399_1922
1929 F- A
Int Navigation 1st s f 5s
Mge Bond (N Y) ser 2-443_1966 A-0
1039 J-J
&lords & Co 1st s f 4 199
1951 F-A
N Y Dock 50-yr 1st g 4s
1932 J-J
Niag Falls Pow 1st 59
Refunding & gen 6s_a1932 A-0
1945 M-N
Ontario Transmission 5s
Pub Serv Corp N J gen 5s 1959 A-0
Ray Cons Copp9r 1st cony 881921 J -J
1939 -J
Wash Water Pow 1st 5s
85 Sep '12
91
9914
0052 Aug'12
97 Aug'12
1/6
165
9318 Nov'11
10614 10112 107
10712
6512 6614 66
66
78 7917 798 Sep '12
_ . 89 Apr '11
_ 90 8934 Aug'12
-/T1- 85 81 Sep '12
_ 10172 J'ne'12
10034
85 8512
90% Sale
8912 91
97
170 Sale
921$ Sale
9278 93
124 128
102 _
-5E2
-4212193
9278
12478 126
104 May'12
•No prim Friday; latest bid and asked aDue Jan dDue April *DUO May 03110 June /1Due July kDue Aug oDne Oct dDUe Nov qDue DOO
8212 881g
85 9014 9214
8834 92
97 99
111.. 118 176
93 63
78
foal
70
82%
•
2
-11C181 8512
10012 10111
8 921 93
9 92% 94%
34 112 130
102%104 1
sOption sale
670
CHICAGO STOCK EXCHANGE-Stock Record.
57 X-'1C.4--lit() 1537' A.VD LOWL iT SALM PRICES
Saturday
Sept 7
Monday
Sept 9
Tuesday
Sept 10
IVednesday
Sept 11
Thursday
Sept 12
Friday
Sept 13
Sales
91 1114
(tee
Shares.
SIOCKS
CHICAGO STOCK
EXCHANGE
Range to- Year 1912
Range or Previous
Year 1911
Lowest,
Lot: a
Rig/lest.
.:atiroaas
*30
35
Chicago Elev Rya corn__
*30
35
*30
*30
Last Sale 30 Aug'11
35
35
30 Aug2:, 40 Apr 24
*89
ho pret
92
92
*89
92
*89
*89
Last Sale 3213 Aug'12
92
00 alay2, 9334 Jan 20
100 Chic Rya part cti "1"-- 85 J'iy L. 10432 Jan 18
90
90
*85
9() *85
90
90
00
*85
*85
*85
90
2512 2512 2614
2434 2514 25
2614 2612 2513 2612 2512 251: 1,043 -hio itys part ctf "2".._
24 Aug
38 Jan it
*8
;Alio Rya Part ctt "3"
9
0
913 918
0
6 J'ne 1 .
*9
014 *9
11 Jan 12
914
*312 4
4.212 4
378 378
4
*312 4
25 Chic itys part at "4"
4
*312 4
Jan
*1512 17
*1512 17
Kansas City Ity & Lt_100 14
Last Sale 18 Aug'12
*1512 17
*1512 17
3
412 Aug
lv
5
1 78 May
n1
1:1
: *4012 4111
Do pret
Last Sale 1012 Aug'12
*4012 4112 *4012 411: *4012 411:
100 4012 J'ne 14
501 Jan 19
1012
1012
1012 11
10
10
10
10
715 .,treets %V Stable C L_100
10
R
6 Meh2, 1472 Apr 10
51
-1..;st 1(1e 50 Aug'12
51
*49
Do pret
*49
*49
51
51
*49
100 35 Jan 30 52 J'ne20
aiscei
3812 3038 3914 3934 2,78i American Cananeous 100 1113 Jan 2 43 Mayll
3938 3932 4012 3914 401: 3914 40
39
11914 11914 11912 12014 11912 11912 11914 1195r 11918 11918
Do prof
11834 119
910
100 01 Feb 1 121 Mayll
Last Sale 105 July'12
.400
*400
American Ratilator 100 326 Feb 1 40) J'iy
_ .400
-Last Salt 135 Aug'12
*130 138 .130 1381 P130 138 .400o pret
430 138
100 131 Jan 1 135 Apr 30
52
49
56
49
*49
356 Amer shipbuliding
50
52
55
100 45 Aug , 59 Apr 11
*102 101 .102 104 .102 104 .102 104
Last Sale 102 Sep'12
1.0 pro.
100 100 Feb . 10414 J'ne 20
Lost Sale 14152Aug'11
*144 14P; .144 1411; 444 1441: .144 14412
Amer lelep
Teleg
139 Jan 11 148/2 Men 17
Last Sale 59 Aug'1/
59
*55
59
*55
59
59
Booth Fisheries coin
*55
*55
3.1 Men 14 6612 May22
Last Sale 17 Apr'll:
oting trust ctf
50 Jan
4312 Feb 2,
90
90
*87
. o 1st pret
*88 16- 89)2 10- "65- -Sir 00
920
90 ,9012
77 Mch 14 05 J'no 5
58
58
*55
58 ,1.55
Last Sale 38 Aug'12
58
*55
*55
& Chic Canal & 15.100 49 Feb t: (3.533 Mayla
5313
531:
*53
53
*53
5312
53
53
531: *53
53
6: ,,1110 Pneumatic Tool_100 44 Meh 1.. 5378 Aug 21,
6312
Last Sale 142 May'12
Chicago Telephone__ _100 13712 Jan 4 145 Melt .)
215 215 215
*iii- 2-11- Aii5" 215
35 Imago Title & Trust.100 184 Jan t 222 J'ne
139
1,
10
140
+43812 133
13812 1381: 43813
131314 13334 _
31 Commonw'th-rallson_100 13514 Jan 4 150 /deli 7
*1512 16
*1512 18
16
16
*1512 16
51, ._orn Prod Ref Co com
10 Feb 15 ,1712 Apr 26
Do
Last Salt 78-Ja-n;11
uo
prof
*i()
-.
10614 1-061-2 406121071i 10612 10678 10612 10612 10812 10612
61:2
322 Diamond Match
100 103 J'iy .. 11134 Feb b
*9912 100
*9912 100
*9912 100
*9912 100
*9912 100
15, Hart Shattner do Marx 1/1 - 99 J'ly 1, 10212 Mch
*6812 69
68
631: 68
68
68
68
68
316 Illinois Brie,:
100 5(1 Jun
*68
6812 68
6)12 Aug 17
12212 12514 12.'14 12678 12512 126
12412 12112 125 12514 1,166 1nternat harvester Co___ 109 Feb 1. 12672 Sep 10
761: *75
761, *75
K nickerbocker Ice pret_
.748- 16-1-2 *75
Last Sale 7633 Aug'12
7612
67 May 1
1633 Aug it
*139 140 ,.139 140
139 139
13734 13812
175 ationai biscuit
100 131 J'ly 2, lta. Apr 30
*12512 129 .12513 120 42512 129 K12512 129
lio pret
Last Sat 127 July'12
100 126 Jan 1.. 13034 May28
*120 125 .120 125 -420 125 .120 125
National caruon
Last Salt 122 Sep'12
100 103 Mch
123 Aug tp
*11712 120 .11713 120 .11712 120 .11713 120 p11713 120
Do pre,
25
100 115 Feb 11 120 Jan 2
11712 11712
661 *66
661: *66
*66
661:- 66
66
60 P-chic Gila 6: El Co
66
06
'x 61 J'iy 2 x 6/ Apr 2'
Do
tight;
Last Sale .66x 6.) May S .65 Apr 23
Do
areterred
*0112 --._ ;51C2
-----*9112 ---- *9112
1-1-71 117 117 '11612 1171: 116 11612 116 11614 116 fid
668 People's Gas L&Coke_100 10312 Jan
11834 Aug'.
Pub Serv ot No 111 coin. X 84 alas,- z 941. Apr 24
Last Salt 8914 Sep'12
*8914 90 *8914 90
*8912 90._
*3014 90
Last Sale '8
Do rights
May'12
4.08 Mayl z 11. Apr 24
10012 10012
Do preierred -- ... 4100 May-ti r10712 ADC 24
eii)(14 10(
100 166- 10074 16612
126
10012
Last Sale 10212Aug'12
Rumely Lu, pre:erred_ _ x 99,3 Apr 2, x10213 Aug 19
*10112 103 .10112 103 .10112 103 .10112 103
207 21014 20712 210
21314 218
208 213
21758 221
14,07, Sears-Roc uuoa corn..100 140 Jan u 221 Sep
210 214
125 125
125 12514 125 125
123 123
125 125
261
125 125
ho pret
100 12112 Jan 11 12534 J'ne
44
*43
*43
*43
44
Last Salt 13 Aug'12
44
43
*41
Studebaker Corp com_
30,8 J'iy 12
49 Aug 1)
*94
*91
96
95
*95
95
95
*94
Last Salt 3712 Aug'12
Do preferred
9412 J'iy i.
9712 Aug 7
10734 1074 10734 1070 10712 10734 10534 10534 1,192 .twill &
10712 1071; 10753 108
100 0834 Jan 1: 10914 Apr 4
*295 300 $295 300 .295 300 .295 300
Last Salt 295 Sep'12
Tue Quaaer Oats Co..100 215 Jan 1., 305 Aug 6
*10812 109 .10812 109
108 108
108 108
Do pret
11
100 10513 Jan
110 Jan lo
17712 180
17634 179
17713 17912 176 176
181 181
1,275 U11100 Caroide Co
x13534 May I 4181 Sop 13
--iau'Kit; 112 May'12
Do
rights
314 May / x 9 alay22
114 *1
114
133 136
114 • 114
735 Unit Box Sd & P Co..100
114 -11-4 11<
38 May :.
173 Jan 18
7273 7314 7253 7314 7234 7338 7212 7334
7234 1,006 United States Steel coin_
72
5858 Feb 13 75 Aug21
101,, 4,1
10). *4
ict.
DO, *0
*9
Last Sale 10 Tulv'12
liVegter4 "tone
100 10 .Fan 1
142. Feb ,
004 100
enicago bond itecorcl
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Sept. 13,
Interaft
verio4
Price
Friday,
Sept. 13
Week's
Range or
Lust Sale.
isid.
Highest.
21 J.ly
85 J'iy
80 Apr
2034 May
• May
412 Men
15 Sep
34) Sep
7 Dec
38 Not
32 Dee
94 Nov
101 Aug
3778 Dec
1212 Aug
712 Atm
23 Feb
7212 Feb
1314 Fe/8
UU Jae
O Jan
7612 J a a
105 Jan
12612 Met,
48 No%
10613 Sep
13153 Au::
33 Apr
39 J'ne
1,0 Sep
401. Apr
3912 Sep
118 Jan
15113 Jan
113 Jan
934 Oct
78 Jan
0212 Feb
100 Sep
4978 Sep
9914 Sep
1212 May
93 Dee
304 Oct
133 Nov
741 Feb
113 May
15214 J'ne
5914 Melt
5734 Men
8833 Dec
52 Feb
5512 Feb
14114 Nov
180 Dec
13738 J'iy
1538 J'ne
78 Jan
11034 Nov
10334 Dec
70 Jan
129 May
11/14 Jan
123 Jae
100 A;iu
117 Sep
14212 Dec
130 Mch
120 Mch
120 Mch
_
101 . e1I "10n3tc3 Jan
....
12334 Sep
118 Sep
19234 Jan
122 Meh
9734 Sep
165 Mch
10212 Feb
101 J'ne
212 Deo
10712 J'ly
1 Dec
1,012 Oct
1.: I /ee
7 Jan
8173 Feb
5 Jan
eiheago danics atia Trust •Uoinpanies
13'ds
Sold
Range
for
Year 1912
NAME
Outaanding
Block.
(5)
Surplus
and
Profits.
(1)
Dividend Record.
In
171 Per- Last Paid,
1010. 1911, too.
Ask Low.
American State
$200,000 /44193,131
high No. Low. High
Jne30'12 135
Am Tel & Tel colt 4s....1929 J - J
91 Apr'12
Calumet National
91
x91
100,00u
655,486
An Jan '11, 6
Armour do CO 4 3.55..„1939 J -D 5-5053 WI; 9013 Sep'12
9012 9214 Cont'tal & Commn Nat
21,500,000 9,107,950
10
Q-3 July'12, 23.5
8214 Apr'12
Auto Eiec 1st M 6s__ _1928
x8214 8214 Corn Exchange National 3,000,000 6,051,259 16
Q-J July'12,4
16
98)8 May'12
Cal Gas & E. unitderet 54'37 M - N
x9618 961, Douglas State
200,00u
u2,445 i3eg. b us May 31 '1 1,V.92,p1538
10214 11 10134 Vet
Chicago City Hy 55_1927 -A 510218 10238 102
Drexel State
200,0(10
u(19,613
Q-J tuly'12, 13.5
8
6
ChloCity &Con itys 5s.a1927 A 88
86
8713 915, Drovers' Dep Nationat..
8714 Betel/
000,090
487,124 10
10
Q-J July'12, 23.5
9778 July'12
Chicago Eley lily 5s_1914 J - J 9734 clog ewood State
9738 99
200,000
u58,681
6
615 Q-J Apr '12,2
Chio Pne Tool 1st 5s_a1921
J O 9214
9234 Sep'12
95
90
First National
10,0011,0N 11,723,927 12
July'12 451e
12
Mingo Rys 5s
1027 F -A IIJ013 Sale 100
10018 11 9973 10114 First Nat Englewood
150,006 6111,855 10
12 Q-Si Jae3012 23.5
9572 Aug'12
Chic Rys 5s_series "A" A - 5---- 063
Foreman Bros Irk'g Co_ 1,0110,000
9 8 97
541,178
PrIt .tto Be tilt
Chic Rys 4s__serles "A A - 0
9633 Jan'12
9614 9738 Fort Dearborn ,Nationai 2,003,006
8 ‘14 July'12,2
680,779
8
8614 Sale
Chic, Rys 4s_series "B" J -D
8614
8634
8613 915, dibern.an Banking Assn 1,500,00o 1,539,807 8+2
(1) (4-3
(11)
Chic Rys 4s_serles "0' F -A
94 June'12
0334 951, Kaspar State Bank
400 00i) u154,312 10+11 10
July '12,5
1913 F - A
Chic Rys coil 6s
100
Jan'12
100 IOU
Lake View State
200,006 • r20,784 Beg. b us Apr i'11 t/.92,p. 1004
70
Chic Fly Pr m Mg 4s_c'07 j - J
7312 7412June'12
La Salle St National
7312 85
1,000,0(16
282,61% Beg
us. Ma
J.90,p. 1277
Chic lily Ad)Inc 4s.c1927 day 1 547
48 Sep'12
50
45
20.1,0JJ
Lawntiale State
60
u38,614 Org, D cc, 16 1911
Chicago 'relephone 5s_1923
-D 10114 Sale 10114
10134 77 10073 10314 Live Stock Exch'ge Nat 1,280,000
654,940 10
10 Q-3, 1ne29.12,23d
Cicero Gas Co ret 61_1932• - J
99
9938 May'12
200,001.
63,235 Beg. b us.Aug 26'1 2.v.95,p 694
9733 993, Mech. .x Traders State_
Commonw-Edlson 5.;_1943 n S 10314 Sale 10313 10314 51 10214 10334 Nat Bank of Republic
2,000,00. 1,374,189
8
Q-J •July '12, 2
Commonw Eieo 5s.b 1943 at - S 5102 10278 '10212 July'12
2,000,000
6(16,680
10214 10334 Nationai City
6
0
Q-J July'12, 115
Cudahy Pack 1st M 55.1924 61-N 510314 10012 10038 Sep'12
250,01h.
103,071
99/8 10034 Satioua. Produce
4
6
1.4-3 July'12, 135
Dia Match Con db 68_1920
510914 110
10914 10)14 15 107 11014 Sortn Avenue State
200,00u
631
7
Q-3 'illy '12, 1: t
Gen Mot 6% 1st L notes'15 A 50,00,,
9334 Apr'12
u42,.,
x9938 MI North Side State Sity'gs
6
Q-J July '12,
6
Ind Steel 1st g 5s
1952 fl - N
10114 May'12
200,011.,
310114 MI:, North West State
u38,06(,
4
July'12, 13d
5
Do
1st g 65
1928
People's Stk Yds State_ w300,00,., u143,586
7
Q-3 July'12, 23.4
Int liar 3-yr
g notes'13
310013 1665- A 510014 10014 10058 May'12
200,009
, Second Security
7,11)3 /leg. b us Nov i'11 V.93,p. 1235
Inrti St'i is M g 6.4_1928 .....
10513 Apr'12
400,00u
r10513 10512 Security
180,02:
July'12, 135
43.5
80
Kan City Fly 40 Light
200,0(k
South Chicago Savings_
110,000
8
Q-J July'12, 2
Co 5s__._1913 fl - N
20(1,00.
89 Aug'11.
39
u22,242
9414 South Side State
Q-J July'12, 13.5
Lake St El-lst 55_1928 J -J j
t 8
Chicago
88
112 Sale
88
4 8714 90
88
1,500,00.3
State Bank of
2,327,124, 12
12
Q-J July '12,
Metr W Side El 1st 45_1038 F - A
1
8112 8534 Stock Yards Savings.25(1,00i,
8112
Sale
8112
223,11u
8
8 Q-M Jne30'12,2
Extension g 4s
1938• J j 79 Sale
73
79
1 79
500,009 u140,642
Union Bank of Chicago83
al-N May'12,3
Mil El Fly & Lt 1st g 551926 F - A
Apr'12
10173
Nat..
C10478 10478 Washington Park
100,000
e12,170
6
---6
Q-J July'12, 1;.‘
do re, & ext 4 ;55_1931
- J ---- ---- 95 Apr'12
50,009
x95
1111,611) None None Q-M Dec31'08,13d
WendellState
95
do gen F6 ret 5s
1951 J -D ---4,500,000 1,969,874
Central 'Fr Co of
73.3
8
Q-3 July'12 2
Milw Gas Lt 1st g •Is 11127 • - N
May'12
500,000 1/359,896 10
i8934 -91118 Chic City Bic & Tr Co
10
J-J July'12,6
Morris & Co 4 %.;
1939 J 8878
8873 9014 Chicago Say Bank & 'rr 1,000,000
257,318
13 8834 Sale 8878
6
6
Q-J July'12 145
Nat Tube 1st g 55_ _ _11)52 131- N
10034 May'12
110034 10114 Chicago Tali; & Trust- 5,600,000 /2,031,511
July'12,2
8
73
Q-J
,
6
Shore
Nor
El 1st g 55_1922 A 5113273
10314 Apr'12
£10314 10314 Citizens Trust & Sayings
50,000
z16,325
6
10
Q-J July'12. 3
do 1st & ret g 5s 1940 A 510033 1-0072 '1O038 Apr'12
1309,01);,
x10038 1003, Colonial Trust & Savings
477,377 8+2 8+2 Q-J July'12 215
Nor Sh. Gas o 10 1st 5s '37
-A
9513 Sep'12
3,003,0(a.
Comm
Coat
Tr
it
x9512 971,
1,512,323
& Say
..
North %Vest El 1st 4J_1911 .15- S
-10014 July'12
200,1100
10014 10014 Drovers Trust F6 Say
167,774
July'12, 23.5
8
8;5
NW GL & Coke Co 5s 1928 Q -M C5oi2
10012 Aug'12
5,000,00o 2,171,116 12
9934 10011 First Trust & Savings
16 Q-M Dec30'11,4
Ogden Gas 555
1043
98
98 Sale
9734
Tr&Saviik
33 9534 99
Ft Dearborn
250,036
3,336 Beg. b us Apr I'll V. 92, p. 929
Pas Gas & Ei ret g 55_1942 .1 - J
- 92 May'12
20(),011u
Z9178 9218 Franklin Tr & Say Bank
u52,346 Beg. b us Apr 8'12 V.94, p1030
Pac T&T 1st col tr 5s..1937
100 May'12
-J
208,457
x100 10018 GreenebaumSonstlk &Tr 1,500,000
2% Q-J July'12, 215
Pearsons-Tatt 5s
1016 J -D 118i'
10032
Mch'09
2
200,003
Guarantee Trust & Say_
u30,534)
J. J July'12,3
4.40s
9812 Mch'1U
.15 - S 95
Hants Trust & Savings_ 1,500,000 2,107,466 11+5
12 (1-.1 July'12,3
4.60s Bones E
97 Feh'10
- N .36
1104,801) Beg b 114 Apr 10'1 1V.92,p1004
Home Bank & Trust....
300,000
4.80s Series
61-N
9814 Noy'll
0712
IllinoisTrust 40 Savings 5,000,000 9,626,950 16+4 16+4
July'12,4
Peop Gas L 40 C 1st 6s_1943 A 11513 11512 10 11512 flit"; Kenwood Trust & Say_
511512 gale
200,000
u78,818 7+1h
,1i
Q-J July '12,11
Refunding gold 5s__1947 al 510133 Sale 10114 10112 11 10114 10214 Lake View Trust & Say_
200,001
n80,823
Jne30'12,112
6
5
Q-J
Chic. Gas L&C 1st 5s 1937 J - J 5____ 10314 10314 July'12
250,000 u 38,901 Beg. b us.J'iy 1'12 V.04,p.481
10234 10334 Mercantile Tr. & Say..
Consum Gas 1st 5s..11136 J - D 5_
10314 10234 May'12
10218 103
Merchants' Loan &Tr Co 3.000,000 6,649,802
12
15
CFJ July'12,4
Mut'l Fuei Gas 15t551947 61-N 518()T3
10134 June'12
10112 1011: Michigan Ave Trust Co..
200,000
64.759 Beg. b us Oct 29'1 OV.91,p1221
Pub Sery Co 1st ref g 5s '56
Z9634 100
Mid-City Tr & Sav 13ank
500,00()
5 9734 9$12 9812 June'12
75,843
1V .92,p1004
Corn
Apr
10'1
us
Sou Bell T & T 1st st 3s '41 J
J
_
10014 May'12
x100 10014 Northern Trust Co
1,600,000 2,731,537
8
8
Q-J Jne29'12,2
South Side Elev 4;43_1924• -J ; 9212 93
9212 Sep'12
9212 9(04 North-Western Tr& Say
250,000
Jae 29'12, 4
127,611
J-J
8
Swift 63 Co 1st g 5s___1914 J - J 510014
10014 Sep'12
10014 10034 Old Colony Tr & Say Bk
200,000
60,661 Beg. b us J'ne 1'11 V .92,p. 1637
Tri-City lily & Lt coil
People's Tr & Sav Bank
500,000
Q-J July'12.2
190,219 ..„.
• trust lien .11 5s
1923 A 9814 Apr'12
x98
Pullman Trust & Saar_
9814
300,000
Q-J July'12, 2
u286,872
8
8
Union Elea (Loop) 5s_1945 A - 0 5.... 81
85 Apr'12
85
Sheridan Tr & Say Bank
89
200,000
Q-J July'12, 13.5
u40,180
- g 53_1922
US Gypsum 1s',
X9978 100
100 May'12
Savings_
Standard Tr &
1,000,00(1
380,453 COMM enced bus. Sept 6 1910
U S Steel 10-60-yr s I g 5s...
10213 Apr'12
J-J July'12,3
110212 10238 Stockmen's Trust & Say
200,000
6%
1419,796
Western Eleo Co 53_1922 .
=.J
fOiCi • 10112 Sep'12
1011. 103
Union Trust Co
1,200,000 1,455,633 1c8+2 8+2 Q-M Jne2912, 2
Note-Accrued interest mus,
o all Chicago bon d prices.
%Vest Side Tr &Say Bk.
8+2 Q-1%1 Jne30'12, 2
6
98,190
400,000
914
714
%Voodlawn Tr & Say Bit
July'12, 23.4
07,018
200,000
• Bid and asked prices: no sales were made on this clay. 5 Sept. 4 (tease of business) tor national banks and Sept. 5 (opening of business) for State,
Institutions. 5 No price Friday: latest price this week. ISept. 1 1911. 11 Dividends not Published. Stock
all acquired by the Cont. & Comm. Nat.'
Bank. q Due Dec. 31. b Due June.. c Duo Feb. dDue Jan. 1. k Also 20% in stock. g Dividends
Q.-J. with extra payments Q-F. s A
dividend ot 50% was paid In 1911 on Security Bank stock. to provide capital for the new Second Security are paidV.03, p. 1235. I Dec. 30 1911,
1 4t
, %
of this Is a special dividend. x Sales reported beginning Aprli 18. uJune 151912, w Stockholders voted Bank,
increase capital to $500,000,a cash dividend
to
of 33 1-3% to bepaid In connection therewith. V. 95, p. 398. z Aprll 191912,
eJune 14 1912.
5____
-65r8
TT.141912.1
THE CHRONICLE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW . YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks
Railroad.
Jeg
Bonds.
Bid Ask
Ferry Companies
97 100
B &N Y tat Os 1911J-J
15
8
N Y &ER Ferry stock_10u
60
59
11-N
1st 513 1022
99
N Y & Hob 5s May '46 _J-D
( - --Bob try 1st 5e194(L 11-N 1011,
08
NY &NJ 58 1946___J-J
10th & 236 Sta Ferry. 100 25 -SE"
69
55
J-D
1st mtge be 1919
16
1712
100
Union Ferry stock
98
1st be 192.)
1.1-N 03
671
Ask
1713
100
90
125 •
238
124
ill
*514 512
2
1
50
ii6 - 120
143 145
48
46
130 101
60
85
01
86
92
87
77
73
16
13
50
be
60
/30
1732 1712
97
96
212
.214
Indust and Miscell-(Con.) Bid
Barneydr _ith Car com100 1212
100 84
Preferred
54, 75
Bliss (8; W) Co corn
10:: 218205
Preferred
Bond Sc& Mtge Guar
2
23
tiop
rel
reerne•rsre
a nd Milk com 110;vi 10
(o
e
British Cot Copper Co -Case, iCoo _Amer cow 101(
Preferred
Casualty Coot America. LT()
$73,001
$618,000
130,810 511,700,006
Saturday
10.,
Ceilinoid Co
Short-Term Notes
$5,000
340,501
1,267,500
25,318,806
200,088
(Ionday
Rh,
Amai Copper Is 1913__A-0 9934 10614 City Investing Co
170,00t.
1,269,500
275,300 24,735,800
Tuesday
9•x.• I&
100
Preferred
Bea dr ()Me 434s 1913.3-D
132,000
1,809,000
34,367,400
300,160
Wednesday
0612 97 .Clallin (H B) Co com...100
Rai
er
LisPen
5rs
1918lw
130,500
1,494,000
380,903 33,377,800
Thursday
e 1st preferred
Wu
& utile 430 1914_3-1) 0834 9014
78,000
950,500
18,843,400
207,019
Friday
e 2d preferred
lut
99
Ceic dr Alton Is 1913....M-S 98
9742 98 Consoi tar HeatIng
100
Cnie
Kiev
Flys
Si
1919_J-J
85,000
$924,000
1,674,298 3148,349,206 $7,414,600
Total
0834 893, Consoi Rubber Tire_ .10u
Ctn liam & 1)43 1913 ___J-J
111(,
Preferred .......
Erie 1.13 April
1914_44-08 9934 in614
Jan. 1 to Sept. 13
Week ending Sept. 13.
Debenture 48 1951_ _A-0
Sales al
Con os Oct 1 1914... A-0 9914 90.
__vat
coin
9814
4
e
972
crucible
Steel
New York Stock
53
i
A
GiApTll 1 1915_ _A-0
1911
1912.
lot)
1111.
e Preferred
1912.
Exchange.
Gen Mkhord
N Y StkEx Its..
Davis-Daly Copper Co...14,
uCompanies80,521,1 re
88,289,4071
3,700,112
Matcneuirunued
1,674,298
99.14
101114
03 Pet) 1 1913
Stocks-No. shares..__
F-A
See Chic. Stk. Ex. list.
8118,349,200 3131,968,310 $7,975,778,275 $7,214,901,825
Par value
Os uc. 15 1913 ....A&015 9912 well.,
$1,411,94)14
$472,900
812,200
990 duPont( 1) de Nem Pow 100 195 205
93
$25,900
Bank shares, par
4135 1914___J&J
9912
14x, 98
97
9,3,
e Pre:erred
Bonds.
let & Gt Nor Is 1014F-A
$2,000,000
$1,060,000
$192,000
Gold 434e'36-See N Y 5, k Ex lIst.
$5,000
0934 10012
Government bonds_
80,661,500 later Harvester Is '15.F&A
18,794,500
507,500
: 7733
924,000
92 .inerson-13rantingharn .100 771
611
C
Lt
K
&
Rv
/00
1912._
M-S
State bonds
614,559,000 slinn & St L g
496,458,000
100 10234 103
Preferred
7,414,500 11,465,500
9212 05
Is 1913 F-A
RR. and misc. bonds_
10
5
9812 9 ,34 Empire Steel & Iron corn lui.)
no Kan & Tex Is 1913.M-N
$598,120,500 Missouri
$516,318,500
45
$12,105,000
,
9
0
1:
6
8
p
9
e
e
4
8
i
$8.343,500
e
r
53
Pacific
bonds
1914_J-D
Total
210
9
0
9
_0
PreferredGeneral rCehdemicai corn.
Nat aye of Mex 430'13.J-D
PHILADELPHIA
1115ist
s1t1k()E x
eN YC Lines Eq Is 1912-22 6112% 4.40
DAILY TRANSACTIONS AT l'HE BOSTON AND
EXCHANGES
41ss Jan 1913-1925. __J-J 5 4.5, 4.45 loourich (13 F) Co-See NIUY
-c
eciikee
rea
aancakne%avns
ereeCo-Bos 3, k Ex list.
atS
,3 Jan 1313-1927. J-J 5 ,
43.
4953 46.45.; kiH
N Y Cent 434s 1914 __M-S
PMIculelphia.
Boston.
Ref g 45 52 op 1912....14 85
st L & S F 53 1913 opt J-1) 9914 9934
9934 hoot4 Havana Tobacco Co. I00
Week ending
8 -7
-South fty g 5s 1913____F-A
Bond
Unlisted
Listed
Bond
Listed Unlisted
35
14
Sept. 13 1912.
Preferred
Wabash
413s
_
51-N
sales
shares.
sdares.
sales.
snares.
shares
9
99 / 62
1st g be June 1 1922_3
1-D
94;0 4
912 113
& 1,1 ter 1013 10
90
Wwtingh'se El1913uotesuct'17-See NY Ilk E a lis( Hecker-Jones-Jewett dliflin.
1,150
$24,000
13,271
$18,000
10,231
11,264
Saturday
M-..., 102 104
1st Os 1922
13,292
40.500
1,403
34,000
16,250
10,357
20
Monday
Herring-Ilan-Marvin _Rio 10
Railroad
2,685
65,500
11,461
19.000
15,428
13,537
Tuesday
Hoboken Land Sc Improve i
23
18
Sc
Chic)
Alton
a
com__100
6,371
19,300
16,083
29,500
11,201
22,025
Wednesday
1st 58 Nov 1930
40
35
e
100
Preferred
39,100
5,973
12,085
17,000
11,013
23,068
712 812
Thursday
j'"
Hocking Val Product-4_1-00
78,600 s Chic St PM Sc Om__ __100 135 140
2,103
21,691
10,000
10,622
13,384
68
66
J-J
Friday
let g Is 19111
1410 155 160
e preferred
list.
e
1.
Oil-See
Stk
Houston
Balt
41
31)
South
com____10(I
Sc
Colo
18,784 $273,090 ;
88,783
74,841 $130,500
93,635
Total
75 e Ingersoll-Rand corn_ _100 105
100 73
el let preferred
e Preferred
e 26 preferred
100 8612 71
2
512 -iS112
) 9
e N Y Chic Sc St L corn -100 1712 5812 intercomin Rub corn. 10%
92
e lit preferred.
104) 1(1214 .___ Internet Banking Co. _100 87
International Nickel__ _100 330 350
84.1
2d
8212
e
preferred
100
All bond prices are now -and interest" except where marked "I"
hut, /105 109
Litergerbrsed1932
Northern Securities Stubs_ 105 110
0 _10:.)__ 111
00
AI34
Pitts Bess Sc Lake Erie_60 .30
Bid Ask
Street Rail ways-Won.)
Salt
International
42
•60
Preferred
60
Bid
Ask United Rye 01 St LStreet Railways
-iii1951
Is
g
1st
Railroad &curates
100
1312
Co.n vol tr ctfs
1' 130
15
15
'
0
International silver corn Al6u
13.314 85
C ILK tr ats Ser A...
4514
100 45
e Preferred
New York City
130
120
10u
Preferred
82
81
M-S
lit
1932
Pee
as
91.38
West
100 9012
25
Wash Ity dr El Co
18
Bleeck St de Fut Fs, stk_100
1st Us 11)48
3-1.; 10912 111
100 9514 116
Preferred
J-J
70
let mtgo 4s 1960.
Internet Smelt Sc Refg_ to 124 127
Stocks
4
011
8.13
Standard
8914
3-4)
1951
4s
IOU 175 180
By & 7th Ave stk
91
terpr
eluelriurs
(J
e)
Kalyes
0 Sc Co. 10u 80
21
El •20
Angio-,1merlean 011
J&J
99,14 10014 West Penn Tr& War Pow 100 32 33234
26 mtge Is 1914
Wu 109 111
100 760 180
Atlantic Relining
100
8314
Preferred.
Broadway Surface RR_
u0 - _ _ .
lr
iti
8)
Kresge
(8
Co
e
270
250
100
Co
Borne-Scrymser
Cos
Power
J &J 10234 104 filectric, (las &
1st 65 1924
0 Preferred
Buckeye PIM Line Co.,,50 .100 195
New York City
10
Cent Crosstown stook _100
it- "i6"
100 "
820 340 e Lackawanna Steel
Mfg
Cons__100
Chesebrough
10312
102
J-J
1927
Is
Gas
Un
Cent
_
lit mtge Us 1922..._.M-N
let con Is'50-See N Y b, .( Ex list.
100 160 100
Colonial 011
Kings Co El L dr P Co_10i) 131 133
13
11wv stock 100
Con Pk N
Deb Is 1915-See N Y stk ..1,x lie t.
lot) 875 325
Contmentai 01
Now Amsterdam GasChrlstopherdclOth St stk 10u 126 137
lot) 9212 9214
Lanaton Monotype
75
•70
Co
Pipe
.60
Line
Crescent
102
4
1003
J-J
1948_
5s
consol
let
BDry Dock E B dr
Itio 220 225
Lawyers' Mtge Co
85
75
J-D 10014 101)2 N Y & E It Gas 1st 53'44 J-J 10412 10512 Cumberland Pipe Line 100 415
lot gold 53 1932
Lehigh Val Coal Sales _eu 243 247
125
Eureka Pipe Line Co
100
J-J 101 103
Coasol Is 1945
45
F-A j33
Sorlp 55 1914
(Lk E x list
106 1/3 -- Galena-Signal 011 com _100 260 270 ..,..use-whes Bis-see N I
e N Y Mutual Gas L
Eighth Avenue stock_ 100 315
.20, 6
Madison Sq Gardsn Stubs _
lot) 140 145
Preferred
do
F-A 1 09 WA- N Y & Q El L & Pow Co_100 55
&rip Os 1919
•231• Pie
Trans.t......2u
Manhattan
130
.120
Indiana Pipe Line Co......50
85
75
IOU
Preferred
426 dr (Jr St 1.1 stock. 100 270
18
_
sionongataelait Con C&C.fiu
51
.49
Co
25
Transit
National
50
60
Gas.
100
Itiernnond
Y
N
&
._100
Ave_
N
St
Sc
42d St Id
.45
It,
.
Preferred
130
380
Co_
_100
York
Transit
lo2
New
101
Is
M-N
tat
1927
Ms 99 itid North% Un
1st Os 1910
iai
eN
a
nr
u
al.u
o
is
B
1
Mortgage
tCoy
e
d
9
1
13
25
131
Northern Pipe Line Co_100 .1
100 60
Standard Gas L com
2nd Inc 68 Jan 11916.... 78
125 230 .
°9 2°5
100
26
&Nilo 011 Co
100
Preferred
.100 160 180 Ninth Avenue dtock
19
New
com_100
e
York
Dock
330
Gas
320
Oil
104)
Sc
Prairie
104
1041
M-N
1st Is 1930
2
Second Avenue Bock
-41g C Preferred
100 750 (00
Solar Kenning
Other (iities.
40
45
Con.sol Is 1948 etre..F-A
5 21212
38
N Y Mtge Sc Security It 20
Southern Pipe Line Co _100 290 300
95
50 .92
0 Sixth Avenue stock...100 Ila 126 Am Gas & Elec corn
6
*5
20
Y
Transportation
N
380
South Penn (NI
1UU 850
50
60 *49
Preferred
92
J-J 88
Sou Boulev be 1945.
3i0 8778
5
,
10 su£1
Nnes-Bem-Pond corn...100
Sou West Pa Pipe LInes 10t) r180 190
1110 423 130
95 Am Lt & 'Frac corn
A-0 00
So For lit Is 1919.
t.
2
mist.
k Es lis
v
tub
i
Bos
155
Slines-See
150
NipIssing
100
of
Oil
Standard
Calif.
113
111
lou
Preferred
80
Tarry WP dr S1 Si '28..Mdrs J76
47 (Ado Copper Co
.42
iiights
72
28 Amer Power de Lt coin_100 69
20
28 Sc 29th tSts Is 90 ctLiA-u
104lr
cr
ve
_70 I Ontario Silver
265
Indiana_..100
of
Stand
Oil
8734
87
100
Preferred
250
2/3
Twenty-third St stoat __liar
73
1uc, 72
corn
50
12 Standard 011 of 5(ansas.11)0 486 i10 jtP
Bay State Gas
*38
Union Ity 1st fis 1942_1(-A 104
10. 103
ar
Preferred
Stapd (Ai of Kentucky_100 480 510
9, tilngh'ton (N Y) Gas WI
Westchester 1st Is '43.J-J 94
1158
31111 3
112
,..0 :10
544
Pltit4ebiuerrgreild Brewing
86
280
065
0
0
0
1
100
Nebraska.
oh
Oil
Stand
08
A-0
1938
53
g
let
91
Yonkers St !tit 53 1940_ A-u 90
612 Stand Oil of N J told)
5
Buffalo City (.111:1 stock„100
Brooklyn
Stand 01 of N J-....148, 404 108 e Pittsburgh Steel pref _11)0 102 10212
Allan Ave Itlt con bs'31A-0 102 1031: Cities Service Co corn_ 10(i 120 124
Wu 3712 39
preetlid
erfige0
Co corn
Poe
Standard Lib subsidiaries
660 630
03
100 00
Preferred
97 101
BB&WE bs
76
lth., 74
no
Standard 011 of N Y....100 510
08
_14) 104 167 Con Gas of N J 53 1936 J-J
Brooklyn City ita
Prat 1.. & Whitney pre% lix, 103 100
Standard 011 of Ohlo....104.1 260 285
Bklyn Hgts lit Is 1941.-A-u 99 102 Consumers L IL & Pow1W 124)
Ott
Producers
270
iou
250
Swats
Finch
Sc
102
J-1)
5s 1938
Bklyn Queens Co & Subitealty Assoc (Lilayn)_104, 110 lig 80 .83
Union lank LineCo
Stk sIx lb I.
Consumers Power (MInn )let g 58 '41-See N
9 2
00
11
, 2
1
10
12
Ilt
Royal Bak Powd com___lu
100 190 101
Vacuum Oil.
92
00
Ist&ref 5s 1920op'14.M-N
let con 5s '41-See N Y St a Ex list.
Preferred
32
10
*28
Oil
Washington
90
95
100 101 105 Denver G & El Is 1949.M-N
Coney Iii de Ilklyn.
120
lthu
_
118
Lt_
Car
Heat
Safety
Sc
150.,
100
1400
Waters-Pierce 011
80
8/ Elisabeth Gas Lt Co.. 100 325
let cons g 95
„,ears,ItoebuckerCo-SeeN 8 itk I a list
lobacco Stocks
i
J-J
77
82 Essex & Hudson Gas„ 100 135 -10
Con g 95 1955
ePreferred-See Chic ;Ali ,I,x lir t.
(See also Stock ExchangeLtst)
to
30
99 101 Gas Sc El Bergen Co.. 1(1u
Brk U & N Is 1939_ __J-J
.118, 288 290
Singer
Mfg Co
80
71
Amer 5Lichlue & Fdy
8312 00
100
Get West Pow Is 14140 J-J
Nassau Elea pref.
2
South Iron Sc 8 corn ..10u
105
102
10u
pref
8nuif,
cAnier
10312
130
136
_Jou
Ga.s
10212
A-0
iludson
County
let bs 1944.
3
Rh.,
Preferred
1J/
100
pref
_101.
eAmer Tobacco,
Ile t.
1st Is 1919-See N Y Stk
N Wmsburg & klatbush40
Standard coupler corn 10.. 80
British-American Tobao _El .2334 21
44
02
95 Indiana Lighting Co.. 100 40
let 414s July 1041...F&A
BR, 103 112
Preferred
IOU 300 110
6912 7112 Conley Foil
F-A
4s 1958 opt
J-J 102 105
Steinway 1st 6.1 1022
Eix list.
0 fir8
105
e 'feline (Geo W) com_100 £18412 1861. itandard Mill'g-See N 1
49
50 38
Indianapolis Gas
Other (Atter
110 stern Bros pref
0.09
100
e
Preferred
88
00
A-0
1052
51
g
let
Ely
Street
Buffalo
Co 91.100, 10912 1_0_1_ _
Sons
Sc
sumberger
190
170
100
Tin
Foll
Johnson
&Metal
thy
102
g
Is
100
Jackson
Gas
1037_A-0
1st consol Is 1931....F-A 104
Texas er Pacific Coal_ _10u 05
stacAndrews Sc Forbes 100 200 210
05 102
A-() 101 106 eLaciede Gas preferred ._10(
Deb es 1917
e Texas Pacino Land Tr_10,4 95
Porto-Rican-Amer Tob 100 285 290
A-0 104 109
I Conn Ry & Ltg com_100 7312 491: Madison Gas Os 1926_
_ 1ii 100
)
moinocINNJ
na C
ieoll.
1,til.
,
'
1
,
260
/255
3)
(11
Tobacco_100
Reynolds
0812
*37
Co
El
_50
(Prov)
Narragan
82
100 80
e Preferred
-- -I e list
-SeePnitif 341i
United Cigar Stores of Am 40 Newark Gas t;s Apr'44.Q-J 123
Federal Light dr 'frac_ 100 37
7
4
Trenton Potteries com_10l,
10012 101
Common
117
100
Consol
Gas
Newark
85
84
100
Preferred
55
Re, 50
Preferred new
118 110
Preferred
89 No llud i.11 Sc P55 1038 A-0 100
• Havana Elea lty L &P 100 87
30
20
lui,
Directory
frow
• Weyinan Bruton Co_ _100 z235 275
100 0334 8014
100 9512 661. Pacific Gas Sc E corn
e Preferred
41
union Typewriter corn 14e, 29
e Preferred
1011 x112 120
100 0178 9212
Preferred
J-J 1031:: 1.033.1
k Louise* St 5s 1930
ltho 110 112
let preferred
100 175 LSO
Young (J 8) Co
95
•Now Ori Rye & Lt corn Ulu 35'2 _- Pat Sc Pas Gas Sc Eleo_ 100 91
107
105
lter
preferred
26
Industrial and Miscellaneous
Con g Is 1919-See N Y St Ii Ex list.
e Preferred
100 7612 78
04 3
_Wu
nited Copper
Adams Exp g es 1947 J_D f 821f 831;U
94
J-J 00
St Joseph Gas Is 1937
Y %Veatch dr Bost Ity20
8
1U0
i)
Preferred
2 ,u
20
8 15
10
14
Alliance Realty
100 .
Standard Gas Sc Elee(Del).50 •2312 2414
1st g 434s 1096-See N Y itk I,
100
0918
Ty
Goods
9914
Amer Bank Note com....50
5t, *a5012 51
Preferred
Pub Serv Corp ot N J -Sec Stk E x list
IOU 103 107
e Preferred
14
•33
50
Preferred
x
Ilk
list
N
g
of
'26-See
Os
Cony
Tr ctbi 2% to 0% perpet 109 110
100 195 205'
U 8 Casualty
100 169 179
American Book
95
80 United Electric of N J__100 90
North Jersey St 11y .J00 79
100 101 105
U 8 Envelope corn
100 136 140
American Brass
83
3-1) 82
1st g 9s 1940
let 4s 1948
80
M-N
78
100 115 117 ,
Preferred
222
218
100
American
corn
Chicle
2034 301,4
10J
Cone Tract of N J _ __leo
7534 7614 Western Power com
90
Rh., 85
Express
8
U
e
105
10.312
100
Preferred
100 1934 0012
Preferred
lit bs 1933
J.
10312 1011:
90
100 85
dng
ni
ni re
prefiers
U SF
eAmerican Express____100 105 200
New'k Pass lty be '30.3-3 107 108 Western States Gas&Eicc105
100
11.8,
44
38
com_10()
Graphophone
Am
0212 95
1st Sc ref g 50 1941 op _J-D
Rapid Tran St Ity
106 235
105
100
Is
1919
J-J
g
1st
100
Preferred
A.0 103 16S - lelegraph and Telephone
let fa 1021
812 13
75
80512
Con g be 1929
American Hardware __100 13
70
1110 67
e Amer Teleg Sc Cable
J 0 Bob & Paterson-95 list.
7 8 ikEx
.1-.1
U 8 Indus Alcoh-See N I
Amer Melting es 1914,,J-D 101 102
80 e Central Sc South Amer 100 115 120
48 g 1949.
78
100 103 10512
* Preferred
70
60
Amer Press Assoc'n
So .1 Gas El dr Trao_100 129 133 Comm'l Un Tel(N Y)....25 108 115
8
U
99
Steel
10012
CorporatlonA-0
1935
63
Fdy
Steel
Am
75
05
M-s
09 100 Empire Sc Bay State Tel_100
Gu g be 1953
6812 71
Col a f Apr bs 1951 op 1911 114 1145a
F-A
Deb es 1923
40
60
IOU
No Bud Co lty Oth 1914 J-J 101 103 Franklin
au 320 _-_ Col s . Apr be 1951 not opt 114 1147a
American Surety
J-J 104 105 e Gold Sc Stock Teleg_100 121 124
Con Id Is 1928
95
100 00
lit (hu Sc Indem
..5
pref..
8
U
5
Thread
'4
American
118
122
Ext fes 1924.--.M-N 100 ._ a Northwestern Teleg....50
49
Westchester Sc Bronx liti.
Amer Typefoundere com 100 47
76
21 70
Pacific Sc Atlantic
Pat RI con Os 1931 J-D 115 _
634 160
10
16
.1
Mtge Guar
Sc M
100 103 103
Preferred
e Pac Telep & Teieg pref.100 100 _
26 Oa 1914 opt_ __A-0 100
147
11°
Westingh'se Air Brake...5O
M-N 100 102
Deb g Os 1039
in
25 92
- 100 2712 RI Southern Sc Atlantic
Republio Ry de Light.
4 (Woolworth (F W)-See NY Stk E x llst
3
Amer WrIUng Paper __IOU
10(1 8012 82 South Bell Tclep Sc TelegPreferred
Worthington(HR)Co of 100 105 10811
list
x
tStkE
WINS
LinesSeeBos
Gulf
Sc
Arl
99
100
J-D
10014
97
g
lit
1043
1941
bs
op
1916.J-J
be
U
Trent P Sc
Flat price. n Nom nat. a Sale price. I New stock. u First
•Per share a And accrued dividend. b 138.919. k Listed on Stock Exchange but usually inactive. I on Stock Exchange but InfrequenUy dealt In; record of Weird
Installment paid. x Ex-div. y Ex-rights. a Includes all new stock dividends and subscriptions. e Listed
g Any, will be found on a preceding page.
Week ending
Sept. 13 1012.
Shares.
Par value.
State
Bonds.
U S.
Bonds.
1 42
Inactive and Unlisted Securities
BOSTON STOCK EXCHANGE-Stock Record.
672
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Sept 7
Monday
Sept 9
Tuesday
Sept 10
Wednesday
Sept 11
Thursday
Sept. 12
Sates
of the
Week
Shares
FrViay
Sept. 13
*108 10814 *10814 10813 *10814 10813 *10734 10778 10733 10738 *10712 10734
10134 10178 *10178 10214 *10158 102 410134 102 *10178 10218 *102 10214
214 214
214 214
21312 214
214 214
! 214 214
212 213
126 126
12514 126 0125 128
*125 128
12534 126
12534 126
*205 --- *205 _ _ *205 __ _ _ *205
_
-- 203 205
*9712 98
9734 98
*9734 98
9712 -0712 *97
9712
9734 9734 *205*295 298 *295 298 *295 298 *295 298
Last Salt 297 Aug'12
15 *_-_ 15
15 *-- 15
Last Sak 14 June'12
•
78 *---- 78
78 *---- 78 4---- 78
78
78
Aug'12
Last Sale 9
53 ;io- 53
*50
53
;51," 53
*50
Last Sale 50 Aug'12
•
169 *__ 169
169
Last Sale 169 Aug'12
169
*111 112
112 112 *111 112
_ *10712 110
2258 ____ *258 -_ _ *258 ---- *Zig- -_---_-_
Last Salt 260 Aug'12
*124 125 *124 125
125 125 *12312 125 *123 125
12312 12312
*124 126 *124 128
126 126 *124 128 *124 126 *125
*84
85
*84
85
85
85
85
85
*84
85
*84 -85-*125 130 *125 130 *125 130 *125 130
Last Sale 125 Aug'12
• 1834 1834 1834 1834 1812 1812 19
*1812
19
, *77
7718 *77
7718 77 /718 77
7718 77
7718 77
77
13818 13812 x137 137
137 13734 13634 13714 136 137
186 13634
Last Sale 131 Aug'12
Last Salt 203 Aug'12
4-.-. 180 *____ 180
17834 17814 17834 17834 417834 180 57
57
*50
*50
57
*50
50
50
*45
50
*16938 16958 iiiit 1181-4 *16838 16858 168 16878 16718 16814 16833 10832
*89
8912 *89
*8912 9018 *8914 90
8914
Last So,lt 20 July'12
*155
*157 158
*155 ---- 4155
Last Sale 157 Aug'12
8534 85
85
85
85
8512 *85
85
85
85
*85
8534
*98
99 *98
98
98
99
*98
99
98
98
*98
99
5918 5812 59
59
59
59
5812 5812
101 10118 101 10114 101 10118 101 10114
412
*4
*4
4
4
413
4
4
18
1818 1813 1818 1812 1812 18
18
12614 12713 126 12712 12534 12713 126 12634
12212 123
12214 12273 *12212 123
12214 1227:
144 14438 14334 14414 14312 144
14334 14334
22814 2914
Last Salt 30 Aug'12
911
9118
2
6119118
9114
6114
91
9138
91
- 2
9114 9138 911:
*82
83
84
83
83
83
83
83
83
82
82
83
103 103 *102 ---- *102 _ _ _ 102 102
*102 101 101
*678 8
*678 8
*678 8
Last Salt 278 Aug'12
*873 -8
*12 _ _ *12
*13
*13
13
15
13
15
14
12
12
*1412 1512 1412 1412 14
1412 15
14
14
14
14
14
292 292 *290 292 *290 292
*290 292
200 290 4290 292
182 18212 18112 18214 18034 182
182 182
179 18013 18014 18012
8912 8934 8912 8912 8958 8934 8934 8934 8834 8918 8812 89
9612 9612 96
*9512 06
96
96
9612 9614 9612 9612 9612
*222 225 *222 230 *223 22512
Last Sale 229 Sept'12
*334 412 *334 412 *334 412
4
4
*334 412 *334 412
- *100 104
103 103 *102 103 *102 103 *102 103
*100 10014 *100 10014 *100 10014 *100 10014
*100Last Sale 10014Sep'12
• 15512 15512 *15434 15512 *15334 155
15412 15412 15312 15312 15312 15312
Last Sale 90 Meh'12
, 2622 1-8
:
7" 168" *167 168
.
167 16712 167 16734
81-2 1681 16812 *15
*1614 1634 1612 1623 1613 1612 1612 1612 *16
1634 *16
1634
10712 10712 107 10734 10758 10734 10712 10734 10758 10734 510512 106
*2734 28
*2734 28
28
28
28
28
28
28
28
28
*28
29
29
29 *28
*28
29
29
*28
29
29
29
*2
*2
234
212
Last Sale 218 Aug'12
18634 18712 jai" 18612 183 185
187 188
18258 185 218134 183
5814 55
5512 5434 5514 54
55
5434 5412 5412 5414 5414
2912 2912 29
2938 2938 2912 2912 2912 2914 2912 2958 2934
7314 7234 7314 7278 7358 7153 73
73
7118 72
7178 7214
*11234 11314 11212 113
11234 11234 113 113
11234 113
5912 5912
101 101
*418 412
1812
18
12634 12634
12212 123
14414 14412
59
59
101 10114
418
4
1814 1814
12612 12714
122 123
14373 14458
9
*8
812
*514 512 *518
4634
47
47
8734
8734 88
' 31
31
31
5
5
514e
*_
or_ _ .45
*612 7
7
3140 31i
312
8
812
8
753 8
8
818
5
5
514
5
514
5
5
4618 46
4614 4512 2512 46
46
8818 8573 8758 85
8638 86
8812
3112 31
3112 3034 31
*3034 31
5
412 5
412 434
412 452
.45 4.40 .45
.40 .40 '.40 .45
7
*6
634 *6
7
318
312 312
312 312 -31/8 -13;
_
Last Sale 23 Feb'12
-4734 491; 4634 4814 4012 471: 48
4 1912
4612 48
4858
81
8112 7934 8112 7334 8014 7834 803s
• 8034 81
7934 80
545 550
553 555
550 555
545 550
550 555
547 547
21
*21
2012 2013 220
2013 2018 20
22
20
19
19
4414 4234 4358 4114 43
43
4112 43
41
4258
4214 42
_ .03 *____ .03
Last Salt .04 Aug'12
5-853 x5818 5934 58
57
58
• ;1;58:34 19-158
4
58
5812
: *412 424
4128 458 *412 434
414 414
438 412
414 414
*1312 14
1358 14
1358 1418 1334 14
1312 14
1334 1414
: *11
1113 1034 11
1012 1112 10
1012 10
10
978
9
•*538 512 *538 513
538 512
514 514 5 1-16 514
514 514
5634 56
66
5634 5614 57
5612 55
55
5812
5534 56
078 91523 91338 91523
10
1018 01518 1018
934 91523
913os 978
*2712 2812 2712 2712 2712 2713 2733 2712 27
20
2638
27
*34 1
*34 1
*34 1
34
34
*34 1
34
34
1812 1812 1812 1812 1812 1812 1712 18
1712 1712
1773 18
*1812
19
*1812 19
18
1838 *1813 1858 1814 1814 *18
1814
• *54
_ *54
54
54
54
*53
54
54
*8912 -91;- *54*8912 9012
- - 90
- - 8812 -8813
00
8912 8913 8914 8914
35
3518 3514 35
3414 34
35
3513 3412 35
3414
34
*258
*258 224 *255 234 *8; 234
2511 253 *258 234
Vs
1
1
118
1
114
1
1
1
1
118
3614 3614 3612 3512 3614 3514 3512 3512 30
*3614 3612 36
814
814 612
6
*613 612 *6
6
*578 618 *534 6
1212 1213 *12
1214 1214 *12
13
21
13
12
12
1 4 12
7
7
7
7
Vs
718
712 712
*714 712
7,4 714
1358 14
1212 1212 13
1312 1312 13
1312 1278 13
14
; *2938 2912 29
2914 *29
2938 2938 2934 *29
2912 29
2938
*214 258 *214 212 22
e2
3
*2
3
3
212 212
68
: *67
*68
67
68
6812 67
67
6712 67
67
6712
; 2238 2238 2214 2212 2238 2212 2213 2218 22
2178 22
2214
334 334
334 334 *312 4
. *312 412 *312 4
312 312
812 812
814 814
853e 812
838 812
*814 828
814 814
3458 3413 3458 3334 3414 33
3334 3318 3358
; 34
3338 3358
512 512
518 518
514 612
514 514
5
5
' 5,2 512
414 414
4
4
*414 5
414 414
378 378
418 418
812 812
9
814 813
9
812 10
• 914 914
834 9
; 6014 6012 6038 61
61
6158 6014 6034 5934 6012 6012 6012
; 113 115 *114 115
111 113
114 114
113 113
11112 11112
1938 1912 2114 2058 21
; 10
20
2014 2012 2138
2034 20
90
90
90
*88
00
; *89
87
8912 *88
87
8634 8634
2112 2158 2134 22
2118 2134 2118 2111 2112 2112
2134 22
31123 334
334 334
314 314
333 358
312 3918
338 338
1658 1662 x16
• 1658 1658
1514 1511
1614 1534 16
1514 1658
.45 .50
.50 .50
*.45 .50
.50 .50 4.55
.60 .60
4614 47
• 4812 47
4412 -4614 4614 46
45- - *4434 4514
46
1111, 172 *158 178
*178 2
158 152 *158 134 *Oa 134
*43
45
42
42
45
*40
4012 4012 *41
*40
41
42
6
6
6
618
6
6
534 534
512 513
512 512
*23.4 2'he
278 278 *234 278
278 278
278 278
234 234
4512 455
: 4512 4578 4534 4612 4578 47
4534 4633
4614 4614
5014 5012 5012 5034 5012 5034 5012 5034 50
5014 5034 61
*218 212 *218 213 *218 213 *218 214
2548 2122
214 214
12
1112
1214 12
1112
12
12
12
12
12
11
11
6518 6578 66
6618 6558 6558 6413 6552 6378 8458 *6414 6412
3
3
3
3
314
*3
3
3
3
3
*234 3
414 414 *4
43
3
472
412 *414 5
434 434
4
434
9134 9312 9214 03
94
92
9313 8614 8912 279
88
85
*2
21. *2
21.
2
2
22
214
2
2
2
2
Did and asked priees. a Now stook. I Asst't paid. 0 Ez-stock
11,
812
812
5
512
4634 46
8818 8714
3114 3113
458
5
.46 *___
*614
7
313
312
n
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On Oasts in 100-share tots
Lowest.
H ighest
Railroads
100 Atoll Top & Santa Fe_100 /0378 Feb 10 11012 Aug 15
Do pre.
100 10113 Jan 12 10414 Feb 7
15
Boston
&
Albany_ _.,.100 212 Sep 13 22212 Apr 3
71
100 120 Aug 7 13434 Mch25
262 Boston Eievated
100 204 J'ne 10 218 Jan 4
21 Boston le Lowell
103 06 May28 10012 Jan 3
48 Boston & Maine
Boston & ProvIdence_100 297 May 8 300 Apr 27
Loston Suburban El Cos.. 13 Jan 24 E May
Do pref
75 Jan 25 80 J'ne 5
10
Boston & Wore Eleo Cos..
9 Aug 14
1212 Jan 6
Do pref_
50 Aug30 57 Jan 8
Chic Juno Ry & SY-100 165 May 6 170 Jan 19
Do pret
10812 Jan 2 112 J'ne 14
3
Connecticut River___100 260 J'ly 24 272 Jan 18
Fitchburg, pref
100 12214 J'ne 1 128 Jan '25
14 Lla fly & Blee stmpd_100 124 J'ne 12 5179 Apr 1
Do pre!
100 8412 Aug 2 9115 Jan 6
15
2faine Central
100 123 J'ly 23 14738 May31
100 1814 fly 29 2318 Jan 8
605 Mass Electric Cos
Do prof Stamped _100 76 J'ly 30 83 Feb 28
191
378 N Y N 11 & Hartford_100 13312 May18 14238 Apr 2
Northern N 11
100 131 Angst) 143 Jan 24
Norwich & Wor pret_100 203 Aug 6 21212 Jan 20
100 r174 J'ne 14 187 Jan 31
46 Old Colony
10 Rutland pref
100 41 Jan 2 70 Jan 24
310 Union Pacific
100 16012 Feb 1 17434 Apr 9
Do pre.
100 90 J'ne 3 9212 Feb 8
Vermont & Mass..... 100 157 Aug 2 164 Jan 16
56 83 Apr 16 8878 Feb 23
106 West r22d St
Do prat
19
50 08 J'ly 11 10312 111c1112
Miscellaneous
Amer Agrieul Chom_ _ 100
D • pref
100
Amer Pneu Servic._ 60
Do pret
..50
50
Amor Sugar Itean___100
Do pret
100
Amer Te122 & Teleg_100
Amer‘can Woolen.__.100
Do pref
100
175
227 Amoskeag Manufacturing
De pref
24
ALI Gulf & W / SS L2100
Do prat
100
35
10
000 Bast Boston Land
100
23 Edison Elea Illum
100
281 General Electric
429 Massachusetts Gas Cos100
Do p_ef
100
278
Mergenthaler Lino
100
10
10 Mexican Telephone
N
ft
Cotton Yarn
5
100
Do prof
100
24 N B Telephone
100
Portland (Me) Elec..-100
38 Pullman Co
100
249 Reeoe Button-Hole. 10
417 Swill & Co
100
243 Torrington
25
Do pret
132
25
C nion Copper L Fe M 25
100
1,090 United Fruit
(in
Shoe
Mach
Corp
25
5,82e
Do pref
25
218
100
6,968 U S Steel Corp
Do prof
100
98
283
381
305
375
488
219
1,887
5814 Feb 28
x9958 J'ne 24
3 Aug 2
14 Mch 26
11434 Jan 10
11512 Jan 4
13712 Jan 2
25 Jan 31
86 Feb 6
77 Jan 3
59014 J'ne 21
5 Aug 22
1012 Aug 21
1034 Jan 2
280 May23
155 Jan 2
28818 ,Ply 15
9312 Jan 5
217 J'ne21
212 Mch 14
100 J'ne 13
93 J'ne 28
150 J'ly 10
7212 Jan 17
158 Feb 1
1334 Jan 2
9812 Jan 2
21 May 8
28 Jan 5
235 Jan 6
178 Jan 29
4614 Jan 15
2758 Jan 10
58118 Feb 13
10718 Feb 13
Ranee tor P7C13011$
Year 1911
LoNcell
If tglie3t.
10058 Sep 11214 J'ne
101 Sep 105 J'ne
219 Apr 226 Feb
12412 Sep 13013 Aug
207 Feb 218 Sep
9612 Oct 12238 Feb
202 bleb 300 Mch
12 Sop
16 Alch
7614 Pile
70 Oct
6 Feb
13
3812 Jan
58 J'iy
156 Apr 171 Dec
107 Mob 11512.1'1y
205 Jan 272 J'ne
125 Apr 130 Jan
211712 Jan $104 Oct
Ed Feb
9312 J'a0
135 Sep 215 Jan
16 Apr
24 J'ne
12714 Sep
132 Jan
210 Jan
183 Mch
32 Jan
15312 Sep
113 Mch
1513 Mch
85 Sep
103 Aug
15138 Feb
142 Mob
211 Nov
DU Nov
45 Deo
1921,3 J'ly
251s May
16418 Dec
03 Mob
102 Jan
46 Sep
6334 Mch 23
105 Mchl2
99 Jan
514 J'ne 15
312 Au;
1218 Aug
21 J ne Is
13352 Maylo 112 Sep
12334 Aug30 11134 Jan
149 Mcn 25 13158 Aug
30 Mch22
2122 Deo
9414 Mch 23
8512 Oct
84 May e
7212 Dec
105 Mch2e
Dec
9 Feb 14
738 Dec
20 Jan 18
1412 Nov
1714 May27
714 Jan
300 Men2, 275 Sep
18778 J'ly 25 142 Sep
94 Mch lu
8734 Jan
93 Dec
0878 Feb h
229 Aug 22 211 Jan
3 Oct
412 J'ne 22
105 Jan lb 103 Oct
107 Meh22 101 Nov
164 Mch 14 13/ Jan
6234 J'ly
00 /deb 20
174 Aug2. 153 Sep
17% Apr 11 z12 Jan
sop
9734 Sep
109 hich27
20
32 Jan 10
27 Meh
51 Apr 17
34 May
334 Apr 8
20812 J'ne 19 2178 Dec
4014 Aug
5712 Aug 22
2612 Sep
2034 Sep 13
75 Aug28
50 Oct
11334 Me1122 10312 Sep
6334 Dec
10514 Meh
612 Jan
1914 Jan
122 Feb
12018 May
15314 J'ne
3014 Mch
9012 2•242
81 Nov
1001: Dec
11 May
20 Jan
12 May
297 Doc
107 1. May
2634 Aug
9512 Oct
235 Aug
478 Jan
119 Mch
11612 Mob
16512 Dec
7332 NOV
103 Jan
15 May
36 Jan
104
J'ne
Mining
545 Adventure (Don
25
514 Mch 28 1114 Apr 20
195 Algomah Mining
453 Jan 4
814 /day 2
25
350 Alloues
25 3814 Feb 1 5018 J'ne 21
3,286 Amalgamated Copper 100 60 Feb 1 8558 Aug 26
22375 ..m Zinc Lead & Sm. 20 2412 Feb lb 3314 J'ne 22
1,565 Arizona Confl ctfs dep..
2 Jan 2
518 Apr 2
100 Bonanza Dev Co
10 .40 Mcb 9 .56 Apr 11
25 1303&CorbCophSilMg 5
014 Feb 1
914 J'ne 6
1,271 Butte-Balaklava Cop.. 10 2152. J'ly 25
534 Apr 2
fiUtte CosiltIon
15 2134 Jan 18 2338 Jan 3
25,697 Butte & SupCop (Ltd) 10 1912 Feb 7 5134 J'ne 12
3,806 Calumet & Arizona
10 5712 Feb 1 8312 Aug 21,
116 Calumet & Iiecla
25 405 Feb 1 563 Aug 21
25 1712Jan 5 2712 Apr 18
3,3
73
20
2 tesehnIntaoaCnioal
pper
5 2514 Feb 28 4.114 Sep 9
Cons Mercur Gold__ _ 1 .03 Mcb26 .09 Jan 12
3.
,511 Copper Range Con do 100 50 Jan 31 6612 Apr 11
565 Daly-West
712 Meh27
414 Sep 12
20
6,968 East Butte Cop Min_ 10 1214 Jan 15 1532 Apr 11
1,775 Franklin
9 Sep 13 1614 Apr 1
25
1,325 Giroux Consolidated_ 5
418 Feb 27 61121Apr 6
2,646 Granby Consolidated-100 33 Feb 6 6014 Apr 26
3,337 Greene Cananea
712 Feb 29 1034 J'ne 21
20
630 Hancock Consolidated 25 26 Aug 17 37 J'ne 14
100 Helvetia Copper
2 May 2
25 .99 Aug 26
540 Indiana Mining
25 1138 Jan
Ja 16 23 Apr 24
47 Inspiration Consol (1 20 18 Feb 6 2165 Jan 24
100 Island Creek Coal__ 1 4013 Jan 17 6534 J'ne to
106
Do pret
1 85 Jan 13 9114 Aug 1
4,378 Isle Royale Copper_ 25 2034 Jan 16 3678 Aug 21
45 Kerr Lake
2 Apr 9
318 Feb 13
5
1,965 fieweenaw Copper
3 May 2
25 .80 Jan 2
2,458 Lake Copper Co
25 321 Feb 1 49 Apr lu
185 La Salle Copper
412 Feb 15
25
8 Apr 17
105 Mason Valley Mines...5 1072 Feb 8 1412 J'ne 27
310 .Aaas Consol
914 Jan 4
612 J'ly 'li
25
1,830 Mayflower
234 Jan 3 1812 Apr 23
25
616 Miami Copp
Copper
5 2338 Jan 29 30 J'ly 31
60 Michigan
3
2 Jan 13
2
512 Apr 20
25
120 Mohawk
25 5012 Jan 30 73 J'no 27
1,152 Nevada Consolidated.. 5 1814 Jan 29 2314 May 1
120 New Aroadian Copper 25
614 Apr 1t.
lPi381ngMines
5
858 Meti2b
534 Jan 3
570I
10,358North
Butte
15 2234 Feb 1 35 Apr 11
North re
560ojiovamian
g
320
25
834 Apr 22
5 Aug 22
378 sop 13 ;634 Jan 11
25
5
Co__ 25
5,470 0011dd
25
252 Jan 2 1314
1
Dominion
0
2
Sep
J.1 002212
2
44 Jan 31 10;0T 12
25 106 Jan 15
ai
daol
Po
auca
n
iC
areek Coal ---- 10 15 bleh27
Q
10
0
75 °
2
6.
,22
330
2138 Sep 13
9
25 7313 Jan 29
2,376 Ray consol Copper
10 1612 Jan 29 2212 J'ne 22
478 MaY2.3
1,985 Santa Fe Gold & Cop_ 10
ho
at
nhnou
So
ntah 11
1778 Aug 8
87 s
2,3
n 31
400
Ja
szi
9
1 j
150
114 Ali; 23
6
7
&8._.
rn
u
ap
uoer
earrtio
5
7s
orac
r issic
200
1,4
50
'4
21
8
414 Sal'
78
8j
J'ain 13
87
224
1 44
1M
'11°
20
Boston Ilin 1
5
51 Apr lb
25 26 Jan 31
ty
rionitutn
T
ro
912 Apr 2
5 Jan lb
25
ne Copper - 1
258 J'ly 27 41142 Mch 26
151:03232855
7 U S Sm
Smelt ltd
R & Min_ 50 34 Jan 31 48 J'15, 6
1,201
D
pret
50 47 Jan 10 51 Sep 13
200 Utah-Apex Mining
2 May21 31123 Feb 2
5
387 Utah Consolidated
012 J'ly 8 2038 Apr 2
5
905 1. tali Copper Co
10 5212 Jan 29 6714 Aug 27
315 Vic oria
23
Jan
509 Winona
4
278 Sop
25
Allg 114
3
7
53
748 Mcn 2°
1
3,309 Weiverino
25 279 Sep 13 117 Apr 17
210 W2 ,2 ott
23
134 Jan 6
31, Mch 4
div. la Ex-rights. a Ex-div. and rights. a Un5tauxper"
31 J'ly
1123 Moh
19712 J'iy
6872 Feb
2914 Jan
8212 Feb
12012 Feb
4 Sep
212 Oct
21 Aug
4434 Sep
1034 Oct
133 Dec
.31) Out
334 Aug
3 Nov
14 Aug
712 J'ne
11 J'ne
4414 Deo
7158 J'ne
3052 J'ne
21121 Dec
.75 May
May
151
61 j
45 Sep
360 Sep
8 Aug
1853 Sep
03 Nov
4034 Sep
3 Feb
878 Aug
512 Aug
338 Sep
26 Aug
5223 Oct
17 Sep
24 Sep
514 Oct
0334 Dec
545 Jan
19 Deo
2712 Deo
.15 J'ne
6934 Feb
7 Deo
1434 J'ne
19 J'ne
818 Fib
4312 J'ne
858 Deo
8112 Deo
2 Feb
18 J'ne
2312 Deo
44 Dec
2914 May
91 J'ae
8218 Sep
23773
1112 Aug
Jan
268 Oct
Io
334 J
12 Nov
J'ne
46
0 Jan
22 Aug
3 Aug
1178 Dec
612 Apr
912 Aug 210 J'ne
3132 Dec
p
b
.210673
23434
Sep
Jan
114 Nov
57 Deo
36 Apr
2114 J'ne
Sop
152
s14
:13:143
4
2 JJF
A:en
nubree
5612 Dec
l
econ
pog
31 a
.5
2033
05348 S
934 J'ne
3:1
414 Sep
81 Sep
F234 Sop
Sal)
7
Oct
12 Deo
20 Oct
e218 Oeo
20 Sep
278 Oct
134 Sep
3038 Sep
464 Au!
178 Nov
924 Jan
318 J'ly
12494
Jan
1
79
8 D
pee
aa
134 J'
1i0
1214 Feb
l'te May
4212 Jan
814 J 232
bcoe:
:
315:228:322J
JDJJFieennnan
5
54
42
070:
512 Deo
20
J'ne
418 Dec
33
1534 FIN:uoPvg
2
74
0 Novv 122 Feb
2 Feb
Boston Bond Record
SEPT. 14 1912.]
673
.......AM,
4
P.
BONDS
1110STON STOCK EXCHANGE ..5.1 h
zza,
Week Ending Sept 13.
prim
Prklav
Sept 13
Rattle
Week's
11
Since
,,X
Range or
Lost Sale' Jan. 1
High No Low 11.gt.
Bid
Ask Low
_ 10132 101 2 1 10114 102*
A-0 __ _1928
Am Agricul Chem 1st 53_
0014 41 8334 9114
8934 §
. ile 8934
Am Telep do Tel coil tr 4E1_1929 J -J1
1936 11-S 112 113 11412.1'1y '12 ____ 108341153/
Convertible 4s
___ 89r8J'ne'12 ___ 89,8 90
As Writ Paper 1st s f 53 g 1911; J - sl
1915 11-N
___ 131 J'ne'l: ---- 103 131
Am Zino L & S deb 6s
88
____ 82 ,Tly -------14-.
Ariz Cons Cop 1st as ars of dep_ ,,
9775,1'1y '12 ---- 9718 9934
Atch Top 6 S Fe gen g 4s-1895 AA)
9218
Nov
-------91
1985
___
Meh'12
91
4s____Juiy
Adjustment g
8912 915.
July. 1935 11-N -------- 8912,rly '11..
Stamped
1955 J -D
. ____ 10434 SeP 'IL ---- i0134 1081,,
50-3Tear cony 43
1917 J D _
- - -__
. 11038Mch'11
10-year cony 5s
J,2752 -jj 63
11 -63- -6814
0314
All Gulf & W 153 Lines 53_1059 J -I
Boston Eley 30-yr g .As_ i 935 .11-N ---__ 9518Feb '12._ 95 95i2
1916 J - J
Boston do Lowell 4s
____ 10014 Meh'09 ___ ____
Boston & Maine 43-58
1944 J -J
104120et '03 Improvement 4s
193, F-A
___ ....... -Plain 4.3
1942 F-A ---------95 Feb '12 ._.. 95 -9-5.
103 1031Bur & Mo Rly cons Os
1914 .1 -J 103 — 103 J'ne'I,
_
_
11158Sep '11
Oedar Rap & Mo R lot 78_1918 11-N
_
dent Vermt 1st g 48_ _May 1921)(J-F 9012
12 .--- -8-9-12 -9-214
91) J'IY'
0 B do Q Iowa Div let 53_1918 A-0
.__- 103 Oct '07 _
99 09i.
Iowa Div 1st 48
1918 4-0 __ -_-_ 90 Ang'IL
Debenture 55
___ 1003J'iy '12 ____ 10038 10112
1913 11-N
9972 joo
Denver Exten 43
1922 F- A
--------0973 Feb '12
Nebraska Eaten 48
0813 Meh'12 ___ 9812 983,
1937 *1-N
—
__
_
B&SWsf 4s
1921.11-S0912 Feb '11
Illinois Div 3;is
1045 J -J ---- ,__,_
---- 8718 May'12 ____ -8-634 -8-7-3.
: .0012 10134
Ohio Jet By & Stk Yds 5s 1915 J J 10234 sate 10034 10534
88
: 87 91
Coll trust refunding g 4s_1940 4-0
8 Sale 87
- -----114 Jan '11 ____
_ ___
Oh 111197 & St P Dub D 6s 1920 J-J
..
Oh M .33 St P Wls V div 63_1920 J J --------11333Feb '11 __ __ _ _
1931 11-N ---------01 MaY12 __ 9-1- -9-9Ch do No Mich 1st gu 5s
1921 J 43
-9112 98 Aug'11
9634 101
Chic & W Mich gen 5s
____ 1.712Sep '11
_
Concord Is Mont eons 43_1920 J -D
10014 Aug'''. ___ 11;1)14 1-0-014
Cudahy Pack (The) 181 g 54 1924 31-N
1928 A-0 100 ____ 100 Aug '11. ___ 9914 103
Current River Is% 51
82
1 80 8614
1944 A-0 8018 ...... 8014
Del Gr Rap & W let 4s
83 991
1940 11-N 9812 9912 1)9 J'ly '12
Dominion Coal 1st s f 5s
1031s Apr '03 --------1915 11-S
— -Fitchburg 45
1927 11-S
96 Apr '08
48
Irremt Elk do Mo V let 6s_ _1933 4-1) ____ _ 12712 Mch'12 ____ 12712 1271;
193$ A-0
127 Mch '12 ---- 127 1271,
Unstamped lit els
BONDS
!
8
BOSTON STOCK EXCHANGE r,•4
Week Ending Sept 13.
-1.; 3.,
Jeneral Motors 1st 5-yr 6s_1915 A-0
Jt Nor C B & Q coil tr 4s__1921 J-J
Registered 45
1921 Q • J
Iiiinols Steel dcben 53
1113 A-()
la Falls do Sioux C 1st 7s__ _ 1917 4-0
Kan 0 Clln a: Spr 1st 5-3_ _1925 4-()
Kan C Ft Scott & Mem 031928 .11-N
Kan C 11 do B gen 45
1934 .11-8
Assented income 5s
1931 11- S
Kan C as M Ely do Br lot 53_1929 A - I)
Adam Hough & Ont 1st 63_1925 A -0
Mass Gas 4 ;is
1028 .1 - ..1
Mich Telephone 1st 5s
191. J • J
New Eng Cotton Yarn 53_11121, f -A
Sew Bog Tel -ph 5s
1915 A-0
58
1915 4-0
New England cons g 5s
1945 J -.I
Boston Term 1st 4s
1931 4-0
New River (The) cony 5s_lu34 J -J
NY N 11 do il con deb 3 348_19.5,, J - J
Cony deb es
1948 J - J
Old Colony gold 45
1024 F-A
iregon Ry & Nay con g 4s_1948 J I)
/rag Sh Line 1st g 6s
1922 F-A
Pero Marquette deb ir 63_ _ _ 1912 J-J
,tepub Valley 1st s 1 6s
1911 J -J
iavannah Nice 1st cons 5s _ _11)9z J -J
3eattle Elec 1st g 5s
193u F• A
.Thannon-Arls 1st g Os
1913 M-N
['erre Haute Eiec g is
1921 J -J
Iorrington 1st g is
1916 11-S
Union Pac RR & I gr g 4s_1947 J -J
1921 J - J
20-year cony 4s
United Fruit gen s 1 4 3is1923 J -J
11425 J .1
Debenture 4;is
U S Steel Co 10-60-yr is Apr 1963 M-N
West End Street Sty 4s_1915 F -A
Gold 4 he
1914 At- S
191641-N
Gold debenture 4s
1917 F-A
Gold 44
Western Teleph & Tel 5s_ _ _1932 J -J
WisconsIn (7ent 1st gen 43_1940 J - J
Frwe
Friday
Sept 13
Weel:'s
in
Range ore
-1
Last SaIs
Rants ;
Sind
Ain. 1;
inch No Lois 111g2
itid
Ask Low
9914 9914
9934 10018 8914 Feb '12 ..
N 95 981i
96
0558 9578 95
9538 _ _ _ _ 9534
9534 20 9534 9712
: 100 10034
100
100 1.0018 100
17 Apr '08 --__ ____ ---.
---------97 Meh '12 --- 9612 97
1 11312 11712
1131:
11312 Sale 11312
0212.,.,,,, 9212 Sep '12 __ 92 9212
86 90 8.) Aug'1: ___ 8412 89 .
10334 ____ 103 J'ly '1 ___. 10212 10234
115 J'neuts ___-_ -_-- --9718 9912
9718
9'
18
_ __ 98
___ _ 10018 Apr '1_ ____ 10018 10011
97
_ _ _ 9'7
97
• 9612 99
___ ____ 10133 Mehl' __ ...._ --.
__ .,._-_.
__ ____ 10012Sep '08
__ 1,978Jan is ---- -9934 ;WS
::::::— ,-_,- ,..
- -, ---- ---- ---____ ___ -75 Dec 'it
__---: 9214 Meh'12 ____ -9214 12-38
12514 Sep '1 ._ . _ 1.2814 13212
-------____ ____ 101 Apr '0., __ __ __—
9818 Sep '0.
-------- 112 J'ne'12 ____ 1-1-2 1-13-4
--------_ 95 Jan •12 ____ 95 95
1E14 -_-_-__ 103 Jan '11 ____ -___ -___
1014 Dec •1,,
___ _
--- Ho J'ly '1_ ____ 1-0:i12 10514
_ --- -_ __ 97 Aug - I. _
8312 100
97 Apr ',), ____ ___--1C1J1-2 101 12012J'iy 'L ____ 9934 10034
10018.rly '1: __ '0018 10058
-------- 10173 May'12 _
IA78 10178
-3 9558 9712
9612 9634 9684
1,6
, 9514 9612
0512 957, 9512
90
0278 Aug'12 ___ 10158 104
---------89
____ _ _
May's'. ___ 99 9918
__ ____ 10014 Feb 12 ____ 10014 10014
_______ 9878Apr '1: ____ ____ __
_ 1/812Noy'll
1014
luoz•
, -iii121-0111- S
---- -----___ 155,Feb '1 - _
o353 9352
NOTE.—Buyer pays accrued Interest In addition to the i urchase price for all Boston Bonds. • No price 1 riday: atest bid and asked. 11 Flat price
Philadelphia and Baltimore Stock Exchan;es-3tock Record, Daily, -Veekly, Yearly
miar3
Saturday
Sept.7
PC1C33 —Not
Monday
Sept.9
Tuesday
Sept. 10
Per Cootum Prices
Wednesday
Sept, 11
*11112
311112 .._
011112 116
*11212
%:::: 1-1T 11312 11312
17 IV
1718 1712
1734 18
1718 1734
68
693.
6934 70
6912 6936 6834 6912
126 126
2212 22-1;
;iif2
5038 51
, 2814 26
2534 26
His 181-
-iac, 76;
Thursday
Sept. 12
HOLIDAY.
bangs Since
Januar y 1
Saki
ACTIVE STOCKS
0/the
Week (For Bands and inactive
Stock-s see below)
Shares
Friday
Sept 13
8113 116
%11312 115
1718 171:
6834 6834
126 126
*2212 ____
*5014 -2534 2534
Inactive Stocks
10
American Milling
Cambria Iron---------50
Central Coal & Coke__100
100
Preferred
100
Consol Tree of N J
50
Germantown Pass
Huntington & B
50
Preferred
Indiana Union Tr____100
10
Insurance Co of N A
Inter Sin Pow It Cliem_50
10
Interstate Rys, pref
Kentucky Securitles_10u
Preferred
100
Keystone Telep V t c_50
Preferred
50
Keystone Watch Case_100
Lit Brothers
10
Little Schuyiklii
50
Minch!!! Is Schuyl 11...50
Nat Gas Elec Lt Is Po _100
Preferred
100
North Pennsylvania,,,..50
Pennsylvania Salt
50
Pennsylvania Steel.._100
Preferred
100
Piths Co (Pitts) pref__50
Phil German do Norris. 50
50
Pink% Traction
lu
Railways General
Tonopah Belmont Dev_l
United Cos of N J____100
United Trac Pitts prat _50
Virginia Sty & Pow-100
100
Preferred
Warwick Iron Is Steel__10
Washlngton-Va
100
Preferred
100
Weisbach Co
West Jersey & Sea Sh__50
Westmoreland Coal__50
Wilkes Gas Is
York Hallway
51
Preferred
50
LILL
PHILADELPHIA
Ask
Bonds
Prices art al/ "and
Interest'
44
234
8812 9012 Alt & L V Elec 4 30'33F-A
81 82 Am Gas al Elea 5s '07 _ F-A
A-0
--- -___ Arn flys Is 1917
---- :::: Atl C Gas 1st s 1 55 '60-J-J
---_ _. Berg&EBrew 1st 63'21 J-J
Bethleh Steel 63 1998 0-F
(71500 Is Me 1st 55 1949_J-J
Ch Olt Is G gen U 1919 J-J
.
::-....... Con Trao of N J 1st is '33
:L
Del Qo Rya tr ctfs 45'49J-J
--- _-__ Elec Is Peoples Tr tr ars__
Fr Tac&11 lot 58 1940.J-J
(len Asphalt Is 1916.31-S
-4- -44 - Indianan By 43 1933....J-J
___ Interstate 4s 1943___F-A
__ Keystone Tel 64 1935_J-J
561,,
Lake Sup Corp Inc 53'24_0
____ Lehigh Nay 45'o '14__Q-J
Gen M 4 30 g 1924_Q-F
30 ____
80 ___: Leh V C 1st Is g 1933.44
Leh V ext 4s 1st 1948_J-D
J-D
Conso 68 1923
log1-2 1(5512
J-D
CO11501 4 ;is 1923
J-D
'67" -.76" Annuity 63
4334 4414
Gen cons .5 2003. 31-N
148 14912 Leh V Tran con 43 '35 J-D
1st series A 43 1935_11-S
&Pi 35';
__ ii
1st series B 5s 1935 M-S
10
1018 MarketStEl 1st 48'55 M-N
---NatLH&P ser 13 Is '19 J-J
New Con GM is 1948_J-D
---NY Ph Is No 1st 4s'39 J-J
--Income 45 1939
---M-N
- Palo N Y Can is '39_A-0
1012 IF
5114 5134 Penn Steel 1st is '17..111-N
People's
8014
Tr
tr ars 4s 1943
7934
P Co lst&coll tr 5s'49 M-S
coll tr Is '51 M-N
-iiPhil
Elec
gold tr etfs_A-0
— _ _..
Trust ctts 48 1949 __J-J
_
1214 -121; P & 13 gen Id 59 g '20-A-0
Gen M 4s g 1920
3312 34
A-0
Ask
4p
-ifi-,-213;
"Eil:
con Is
BIdand asked; pc sales on this day.
Bid
11 Ex-div. Is r:ghts.
87
8712
9512 96
_.
NICE 10234
10414 ____
87
-873
_
.
6112 62
8734 88
80 81
----.—
--- .__
____ 10712
iiii2
_
iii- 14,43-4
9612 97
--__
--__
iii- iii
-171- -9114
103 10314
94/2 95
103 10312
8212
82
105 106
11 *15 paid,
lit/host
64 Jan
89 Jan
7 Mail
45 Feb
121 Jan
20 Jan
33 Jan
112 Jan
9512 Deo
191 Sep
10 Aug
79 J'17
13034 J'ne
27 J'no
50 Nov
1978 J'ly
1 J'ne 14
7 Jan 10
6 Nov
4318 J'ne lu
4512 Feb 1
42 Jan
4112 filch 2 4838 Sep 3
4075 Sep
1112 Jan
1112 J'ly .81
1212 J'ly
5234 Jan to 5883 Aug 12
4813 Jan
18 Apr 2 33i3 Feb 17
2812 Aug
5934 Apr 2 73 Jan 3
08 Aug
6 Apr 4 1234 Sep 13
658 Dec
27 Feb 20 3514 Sep 7
2112 Sep
8778 Mch 20 9118 J'ly 1
8312 J'ne
7818 Feb 6 927g Jan 16
7634 Sep
812 Jan 3 16 Sep 13
(314 Jan
1812 Jan
23 Jan 12 3318 Sep 13
13114/ Jan 27 63'io Apr 26
Was Sep
4814 Sep
5U Jan 11 5614 Feb 18
1116,3 Jan 2 2434 Sep 6 1512 Nov
17 Apr
2218 May 6 29 Sep 13
7414 Jan 11 0914 Apr 30 6tilbi, Sep
(PH J'ly 19
814 Apr 15
512.1.1Y
4934 Feb 23 53 Sep
43 Jan
8614 Jan 9 9238 Aug 6
8414 Sep
1712 Jan
4612 Nov
4834 Feb
1212 Jan
5618 J'ao
3914 Oct
8315 Jan
918 Jan
32 Feb
98 Jan
93'16 Dee
915 Oct
2538 Oct
65 Feb
5414 J'ne
18 rig
2418 Aug
8034 Feb
08 Jan
452.14 Aug
8913 Jan
BA LT1,110RE
PHILADELPHIA
Pb Is Read 2d 5s 1933 A-0
Ex Imp M is 1947_A-U
Termini 5s g 1941...Q-F
P W Is 13 col tr
'21_J-J
Read 'frac 1st 6s '33__J-J
Hoch By Is Leon 5s'54 J-J
St
Spanish-Am Ir 65 '27.—J-J
an'd Gas Is B 62r26_J-1)
Stand Stl Wks Ist5s'28 J-J
11 Trac Ind gen 53 '19 _J-J
Un Itys 'Ir etts 4s'49__J-J
United flys Inv 1st coil b.
s t Ss 1926__....51-N
Weisbach s f 5s 1930 _J-D
Wli-B G&E con 53'55_J-J
York Rye 1st 5s 1937..J-D
BALTIMORE
Inactive Stocks
Ala Cons Coal & lron_10U
Atlas' Coast L (Conn) _100
100
Canton Co
Consolidation Coal.._100
10u
Georgia Sou Is Fla
100
let preferred
100
28 preferred
G-B-S Brewing
100
Pullman Cons Ventil_ _100
Preferred
100
Bonds
Prices ars alt "and
interest"
Balt City 3;is 1930___J-J
48 1954-11)55___Various
is 1916
M-N
Anacostia Is Potom 58A-0
AtCeast L cony deb 4811-N
Atl Coast L(Ct)etts 64 J-D
Ctfs of indebt 4s___J-J
5-20-yr 45 1925
J-J
B S P & C 1st 4 1is'53 F-A
Bait Trac 1st is '29.._M-N
No Bait Div iis 1942 J-D
Car Pow Is I. 58 1938 F-A
Cent By cons 53 '32....11-N
13 3•5
paid.
t $17
Highest
98 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 18 Sep 9
6334 Jan 25 7212 J'ly 13
12434 J'ly 31 130 Apr
2212 Mch 2 2714 May..4
4512 Mch14 6534 J'ne 10
1814 Jan 2 2658 Sep I.
Philadelphia
2
2
2
140 American Cement__ 50
2
*112 ____
63 American Railways__ 50
. 14-14 4414 4414
441: 4414 4414 4414 4435 4414 4414 ;ii
*44
50
471: 4714 471: 2,437 Cambria Steel
4768 475, 4714 4734 4714 4734 4712 4712 47
*12 ____
*12
e___ 121: 1178 1176 *12
*12
1 Electric Co of America 10
2,068 Eleo Storage 13attery_100
5714 5714 57 -5714
5716 5678 57
57
5634 57
5718 53
100
3134 3134 32
31
3014 31
3134 3236 3112 3134 3034 3136 4,875 Gen Asphalt tr ctfs
pref tr ctfs_100
Do
2,081
7011
7038 701; 70
7034 7012 7056 7012 7112 7012 704 *70
9152,6 10
10
1138 1214 1238 1234 12,663 Keystone Telephone_ 50
1014 1014 1056 1012 1156
34
3,735 Lake Superior Corp_ 100
3458 3514 3412 35
3416 34
3412 341: 3418 3416 34
50
91 Leh C Is Nay tr ctfs
*8958 9014 *8953 90
8912 8934 8912 891
8934 897) 90
90
50
307 Lehigh Valley
*8334 834 8312 8334 *8358 8376 8334 84
8336, 8312 83918
83
1514 153, 1514 15/6
3,164 Lehigh Valley Transit 50
1512 16
1558 153: 1512 151: 1512 151;
n
n
o
s
50
peD
0
8
0
3316
:4
5
33
3238
1
32
321:
323: 33
3214
3218
3214
3214
3211
y1Pyraer
n la RR
50
62116 6211 01130) 6212 62
6214 811522 62316 6178 62116 311325 611he
233 Philadei Co(Pittsb)._ 50
*5158 5178 *5112 52
5134 5134 5134 5134 5112 513., 5112 51i:
25
2412 2412 2414 211: 2414 2436 24
2378 2416 8,320 Philadelphia Elecf
24
2414 24
50
2734 2814 2718 2814 2734 28
19,950 PhIl It T vot tr ctts
29
2734 274 2734 2776 28
8313,6
50
8413 8412 84 84910 8438 841: 8372e 8471e 83
8314
Itoenaodpinat Mlnlng
1
264
56 T
1,9
733 738
751e Vs
756
718
736,
758
7510 756
718 714 3
50
7,223 Union Traction
5212 5234 5234 53
5278 53
5213 5234 5238 521: 5234 53
0111 91
5.
United Gas Impt
911k 9118 9112' 9034 9114 91
91
9114
9114
2,754
9134
PHILADELPHIA
Lowe.;
Lowest
Bnitimora
Con Gas Et L Is Pow_100
pref
100
Do
5
6,290 Houston 01, tr
Do
pre: tr ctfs_10U
2,321
50
84 Northern Centrai
10 Seaboard Air Line _100
1)20
pre.
Do
60
1,927 United Ry Is Electric_ 10
Lange tor Previous
Year (1911)
112
113
113
114
1011, 162
101112 1005,
_
'W.'if"
1)3
93
8314
_
16-33
i. 116
3
1021: _
30 _.
95 _.
79 84
33, 41:
___. 27
_ .94
961: 9714
103
99 -0
-1;3;
10312 104
1031: 1011:
92
96
106
107
517
---
lc:W.
':7_
paid.
C Sty Ext&Imp 5s '32 St S
Chas City By it 53'23 J-1
5s'99 M-6
Chas Ry &
City Is Sub 1st is 1922 J-D
Gay Is Sub(Was)lst 53 '46
Coal & C Ry lit 58'19 A-U
Coal Is I By 1st •8'20_F-A
ColdoGrnv 1st 68 1916 J-.1
Consoi Gas 53 1939___J-I)
Gen 4;0
'35 J-J
Cons GE & P 4
Fair Is Cl Tc 1st 5s'38 A 0
Is Aat 1st con 53'45 J-J
Ga Car&N 1st is g'29_J-J
Georgia P let 6s 1922__J-J
So Is Fla 1st 5s
G-B-S Brew 3-45 '51_EI-S
Knoxv Trac 1st 64 '28 A-U
MaconRy&Lt 1st 56'53 J-J
Md Elec Ry lst 53'31 _A-0
Memphis St 1st 53 •45..J J
Mt Ver Cot Duck 1st 5s__
Npt N Is 0 P 1st 58'3811-N
NordsPort Tr 1st 55'36 1-1)
North Cent 4;is 1925_A-U
Series A 55 19213_J-J
Series B 5s 1926____J-.1
P.tt Un Trac 55 1997__J-J
Poto Val let 5.1 1941.._J-J
Say Fla Is West 5s '34 A-0
Scab Air L 48 1950__A-u
Adjust 53 1949____F-A
Scab Is Roan Is 1926__J-J
South Bound 1st 5s__A-u
U El L&P 1st 4 348'29 M-N
Un By Is El lot 45 '49 31-5
Income 4s 1949___J-D
Funding 5s 1936___J-D
Va Mid 3d ser 6s '16_ _M-S
4th ser 3-4-5s 1921..M-S
5t11 series 64 1926__M-s
Va (State) is new '32..J-.1
Fund debt 2-38 1991 J-J
West N C eon 6s 1914..J-1
wit Is Weld be
/11,1
Ask
106
103
116
97
10334 105
104
91
101
1614
9512 96
881: 8872
1001: 101
10512
105
11012
10512 i661;
5112 5212
106
981 -171797 98
74
76
89
.
7i
108
108
-.0
108
105
109
86
-if
104 105
106
9314
84 8418
65 6512
89 90 •
109
674
THE CHRONICLE
itxuestment and.
.[Vor,.
LXXXXV.
atiroad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEA NI railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Reek or
Month
Current
Year
Previous
Year.
July 1 to Latest Date.
Curren.
Year
Previous
Year
Ala N 0 & lea Pc.:.318,390 280,743
N 0 4 Nor East.. August
638,006
551,116
Ala & Vicksburg_ August _- 151,265 131,065
301,310
254,572
144,087 116,746
Vicks Shr & Pete_ August ___
278,826
225,236
67,954
72,128
Ann Arbor
398,139
4th wk Aug
400,934
8,959,969 8,021,645 8,959,969 8,021,645
Atch Topeka & S Fe July
75,802
75,203
233,127
Atlanta 131rm & All 4th wkJuly
239,589
2,467,757 2,258,325 2,487,757 2,258,325
Atlantic Coast Line July
128,116 134,553
Chariest & W Car July
128,116
134,553
87,433 102,195
Loulsv Hen& StL July
87,433
102,195
8,052,885 7,321,157 8,052,885 7,321,157
g Baltimore & Ohio_ July
149,008 123,048
B & 0 all Ter RR July
149,008
123,048
234,504 226,991
Bangor ec Aroostook July
234,504
226,991
1,028,428 904,727 1,028,428
Bessemer & Lake E July
904,727
July
Boston & Maine
4,207,883 3,817,420 4,207,883 3,817,240
Bridgeton & Saco R May
3,713
3,907
47,178
50,935
Buff Hoch & Pittsb_ 1st wit Sep 189,041 210,097 2,180,009 1,953,361
July
Buffalo & Susq
178,267 195,377
19,377
178,267
Canadian Northern_ 1st wk Sep 376,400 336,500 3,951,000 3,233,000
Canadian Pacific.._ _ 1st wk Sep 2,649,000 2,230,000 26,587,399 21,964,818
Central of Georgia.. 1st wk Sep 258,700 268,900 2,474,025 2,294,827
Central New Ened July
241,094
303,506 241,094
303,506
Cent of New Jersey.. ‘-tay
1,870,028 2,540,160 26,700,934 26,737,960
'Central Vermont
352,397 379,606 4,085,312 9,006,434
June
Ches & Ohio Lines_ 1st wk Sep 594,242 031,604 6,606,788 6,368,325
Chicago & Alton...._ 4th wk Aug 389,268 363,075 2,633,870 2,717,356
7,295,922 7,042,050 7,295,922 7,042,050
Chic Burl & Quincy July
p Chit, Great West.. 4th wk Aug 345,284 328,747 2,263,903 2.154,449
Chic Ind & Loulsv_ 1st wk Sep 146,025 143,139 1,317,773 1,303,340
5,760,618 5,044,538 5,760,618 5,044,538
Chic Afilw & St Paul July
1,632,929 1,343,652 1,639,929 1,343,652
Chic MI1 & Pug Sd July
6,749,917 6,206,017 6,740,917 6,206.017
eChlo & North West July
sChlo St Paul M & 0 July
1,292,997 1,183,587 1,202,997 1,163,587
142,763
Chicago T H & S E.. July
135,078
135,078 142,763
Cln Ham & Dayton July
876,363
876,060 876,363
876,060
Colorado MIdland.._ July
155,399
133,091
133,091 155,399
b Colorado & South. 1st wit Sep 226,082 274,615 2,494,940 2,728,656
Cornwall
16,909
July
19,737
16,909
19,737
34,901
Cornwall & Lebanon July
38,248
34,901
38,248
Cuba RR
262,686
July
334,393 262,666
334,393
Delaware & Hudson June __- 2,275,295 1,780,642 21,242,929 20,980,075
Delaw Lack & West July
3,334,456 3,062,894 3,334,456 3,062,894
Deny & Rio Grande 1st wk Sep 531,300 511,400 4,788,638 4,659,916
Western Pacific
July
422,085
530,266 422,083
530,266
Denver N W & Pao_ July
114,102
116,267 114,102
116,267
Detroit Tol & Irons July
128,945
125,371
125,371 128,945
Detroit & Mackinac 1st wk Sep
232,124
23,320
22,996
239,706
907,456
Dul & Iron Range.._ July
1,069,073 907,456 1,069,073
580,298
Dui Sou Shore ec Ati 4th wk Aug 111.048
01,301
634,690
726,051
Elgin Joliet & East July
1,125,002 726,051 1,125,002
527,069
El Paso & Sou West July
666,989 527,089
666,989
5,381,558 4,899,598 5,381,558 4,899,598
Erie
July
23,421
1,895
31,175
Fairchild & N
2,540
June
228,686
200,156
260,156 228,686
Florida East Coast.. July
93,880
93,880
98,788
98,788
Fonda Johns & Glov July
222,973 209,818 3,378,734 3.210,291
Georgia Railroad- June _
1st wk Sep 1,082,457 1,033,652 10,600,740 9,773,709
Grand Trunk Syst
939,718
974,067
Grand Trk West_ 3d wk Aug 129,498 126,247
48,197
45,150
328.209
302,170
Det Gr Hay & Mil 3d wk Aug
338.928
46,626
44,558
308,064
Canada Atlantic.. 3d wit Aug
Great Northern Syst August ___ 6,885,676 6,000,951 13,354,597 11,746,869
163,481
156,502
163,481 156,502
Gulf & Ship Island_ July
690,036 604,458
690,036
Hooking Valley..
July
604,458
Illinois Central_ _ _ August __ _ 5,463,960 5,551.558 10,560,965 10,679,768
Internet & Grt Nor_ 1st wk Sep 236,000 195,000 1,944,268 1,538,580
a Interoceanlo Max.. 1st wk Sep 131,341 154,536 1,627,286 1,851,434
July
296,581 276,641
Kanawha &
296,581
276,641
833,797 751,089
833,797
751,089
Kansas City South_ July
July
Lehigh Valley
3,333,707 3,091,657 3,533,707 3,091,657
July
47,414
Lexington 6: East
54,885
54,885
47,414
100,738
Louisiana & Arkan_ July
142,597 100,738
142,597
s Louisville & Nash. 4th wk Aug 1,618,580 1,496,373 9,325,715 8,879,831
23,571
Macon ec Birm'ham August
11,322
12.681
26,061
885,451
Maine Central...... July
961,129 885,451
961,129
34,087
Maryland & Penna. July
34,087
37,847
37,847
a Mexican Railway.. 2d wk Aug 154,900 167,700 1,065,200
933,600
122,728
Mineral Range
4th wk Aug
27.
21,495
143,198
Minn & St Louls__1 1st wk Sep 222,527 169,373 1,756,119 1,468,524
Iowa Centrai
I
Minn St P & S S All 1st wk Sep 645,718 597,222 5,413,350 4,827,527
Chicago Division,'
Mississippi Central_ July
83,287
72,846
83,287
72,848
u Mo Kan & Texas_ 1st wk Sep 577,704 546.909 5,425,195 5,082,606
Missouri Pacific........ 1st wk Sop 1.120,000 1,031,000 11,738,112 10,227,920
Nashv Chat & St L.. July
1,044,108 970,506 1,044,196
970,506
a Nat Rys of Mex_t_ 1st wk Sep 1,271,583 1,238,346 11,576,413 12,213,123
61,344
'Nevada-Cal-Oregon. 4th wk Aug
14,623
11,255
92,068
145,457 142,287 1,835,283 1,697,622
0 Great Northern June
175,847 137.590 2,002,729 1,826,136
N 0 Mobile & Chic.. Juno
9,284,071 8,814,285 9,284,971 8,819,285
eNYC & Hud Riv July
4,444,169 4,121,042 4,444,169 4,121,042
Lake Shore & H S uly
459,755 453,932
453,932
459,755
n Lake Erie & W.. July
305,947 274,860
274,860
C
- hic Ind & South July
305,947
2,699,230 2,390,213 2,699,236 2,390,213
Michigan Central July
2,602,070 2,594,186 2,802,070 2,594,186
Cleve C C ec St L.. July
255,792
263,236 255,792
263,236
Peoria & Eastern July
101,534
107,432 101,534
107,452
Cincinnati North.. July
1,667,265 1,389,945 1,667,265 1,389,945
Pitts & Lake Erie July
861,341
001,761
N Y Chic & St L_ July
861,341 901,761
412,588
483,858
Tol & Ohio Cent_ July
483,858 442,588
Tot all lines above July
23179300 21740 138 23,179,300 21,740,138
Latest Gross Earnings,'
ROADS.
14 eek or
Month.
Current
Year.
Jul/ 1 to Latest Dale.
Previous
Year.
Current
Year.
Previous
Year.
5,753,765 5,197,708 7,753,765 5,197,708
NYNH& Hartf__ July
977,781 932,512
N Y Ont & West__ July
977,781
932,512
291,030 317,346
N Y Susq & West__ July
317,346
291,830
295,833 258,052
Norfolk Southern
July
295,833
255,052
3,579,849
3,053,712
Norfolk & Western_ July
3,579,849 3,053,712
5,750,356 5,232,852 5,730,356 5,232,852
Northern Pacific...._ July
657,817 678,156 7,496.012 7,798,739
June
Pacific Coast Co
14686 735 12721057 14,666,735 12,721,057
Pennsylvania RR_ July
40,211
37,914
40,211
Bait Ches ec Atlan July
37,914
261,319 235,535
261,319
Cumberland Vail _ July
235,535
1,317,864 1,243,361 1,317,804 1,243,364
July
Long Island
18,360
18,284
18,360
18,284
Maryl'd Del & Va July
354,911
354,911 306,394
306,394
N Y Phila & Nonf July
048,919
1,062,911 948,019 1,002,911
Northern Central July
Phila Balt& Wash July
1,819,921 1,613,558 1,819,921 1,613,558
854,122
W Jersey ec Seash July
844,014
844,014 854,122
Pennsylvania Co_
July
5,994,821 4,713,017 5,994,821 4,713,017
Grand Rap & Ind July
426,534
408,898 426,534
488,898
Pitts C C & St L_ July
3,808,011 3,209.097 3,008,011 3,209,997
Vandalia
July
836,427
881,363 836,427
881,363
Total linesEast Pitts & E_ July
21919183 19370424 21,910,183 19,370,424
West Pitts & E
July
11051047 9,278,224 11,051,047 9,278,224
All East& West July
32970231 28648648 :32,970,231 28,648,848
Pere Marquette..___ July
1,405,530 1,360,877 1,405.530 1,380,877
Reading Company-•
Phlla & Reading_ July
3,984,168 3,476,797 3,984,168 3,476,797
Coal & Iron Co__ July
3,003,597 1,679,213 3,003,507 1,679,213
Total both cos., July
8,987,705 5,156,010 0,987,765 5,156,010
Rich Fred & Potom July
237,616 200,903
237,610
200,903
June
82,159
82,416
Rio Grande June_
990,398
984,695
Rio Grande Sbuth_ 4th wk Aug
18,609
105,556
15,869
92,620
Rook Island Lines July
5,717,883 5,070,758 5,717,883 5,070,753
Rutland
July
328,315 313,005
328,315
313,005
148,235
St Jos ec Grand _131_ July
144,262 148,235
144,262
St Louis & San Fran July
3,470,981 3,274,883 3,470,981 3,274,863
f Chic & East III_ July
1.301,028 1,226,697 1,301,928 1,226,607
Total all lines_
July
4,772,909 4,501,560 4,772,909 4,501,560
St L Rocky Mt & P July
148,725 115,222
148.725
115,222
St Louis Southwest_ 1st wk Sep 255,000 218.000 2,390.397 1,074,228
San Ped LA &SL July
839,775 728,770
839,775
728,770
Seaboard Air Lino__ 4th wk Aug 494,735 6,54646 3,490,749 3,313,744
11762 391 10371887 11,762,391 10,871,887
Southern Pacific Co. July
Southern Railway__ 1st wk Sep 1,276,338 1,208,806 12,220,299 11,271,734
4th wit Aug 338,320 314.165 1,951,160 1,793,904
Mobile &
Chi N 0 & Tex P.. 4th wk Aug 289,011 266,373 1,609,565 1,557,450
789,379
Ala Great South.. 4th wk Aug 153,705 116,251
720,488
Georgia Sou& Fla 4th wk Aug
61,114
61,421
380,004
378,771
454,846 422,539
484,846
Spot Port & Seattle July
422,539
2,219
2,378
19,496
Tenn Ala & Georgia 3d wk Aug
16,835
125,703 137,013
Tennessee Central
July
125,703
137,013
Texas ec Pacific__ 1st wit Sep 297,003 281,531 2,898,711 2,701,406
Tidewater & West_ July
9,,167
7,58,
9,967
7,583
Toledo Peor & West 1st wit Sep
22,776
23,465
244,108
243,422
Toledo St L & West 4th wit Aug
94,634
98,043
711,322
637,223
Union Pacific Syst.. July
,,818,585 7,328,350 7,818,585 7,328,350
Virginia & So West.. July
145,727 128,203
145,727
128,203
July
Virginian
376,550 348,111
370,550
348,111
Wabash
August
2,930,490 2,700,640 5,480,501 5,148,082
Western Maryland.. July
567,379 587,019
587,919
587,379
Wheel & Lake Erie_ July
714,370 615,184
714,370
615,184
Wrightsv& Tennille July
20,144
20,620
20,144
20,620
Yazoo & Miss Vail.. August _
738,990 810.491 1,465,157 1,541,662
Various Fuca! Years,
Period.
Jan
Delaware & Hudson
N Y Central & Hudson River_e_ Jan
Lake Shore & Michigan South Jan
Jan
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
ui_ -Jan
Cleve Cin Chicago
Peoria & Eastern............ Jan
-Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie..
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central_
Jan
Total all lines
Jan
Pennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan
Jan
Cumberland Valley
Jan
Long Island
Maryland Delaware& Virginia Jan
N Y Philadelphia & Norfolk_ Jan
Jan
Northern Central
Jan
Philadelphia Balt &
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Grand Rapids & Indiana...... Jan
PittaCIncInChloago & S, L__ Jan
Jan
Vandalla
Total lines-East Pitts 6: Erie Jan
West Pitts& Erie Jan
All lines E & W.. Jan
Deo
Rio Grande Junction
Jan
Rutland
Jan
Texas & Pacific
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
to
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
July
Sept
Curren.
Year.
Previous
Year.
3
3
30 10,109,011 10,224,009
31 53.847,365 57,622,949
31 29,490,038 26,866,085
31 3,113,315 2,078,099
31 2,331,737 2,147,706
31 17.936,628 16,449,626
31 17,196,885 17,020,071
31 1,7‘19,683 1,820,069
31
724,207
642,217
31 9.737,701 8,327,242
31 6,538,613 6,293,567
31 2.902,913 2,550,861
31 151730131 142718 492
31 36,698,849 88,046,738
31
152,884
143,171
31 1.705,623 1,620,819
31 6,235,931 5,926,759
31
67,248
67,258
31 2.051,058 1,904,839
31 7,073,513 7,156,721
31 11,322,517 10,732,896
31 5,534,851 3,441,508
31 33,494,543 28,976,528
31 2,964,616 2,771,691
31 23,866,392 21,262,611
31 5,701,072 5,806,423
31 136585081 126286728
31 56,709,415 59,241,689
31 203294496 185528397
508,031
508,584
30
31 1,945,801 1,886,834
7 10,666,258 9.634,780
AGGREGATES OF GROSS EARAISGS-Weekly and Monthly.
weekly Summaries.
Cur ,U Year Prey's Year Inc. or Dec.
Monthly Summaries.
Cur'nt Year Preys Year Inc. or Dec.
8
$
3
Mileage, Cur.Yr. Prev.Yr.
$
3
$
+299,117 1.83
4th week June (41 roads)._ 18,264,980 17,965,883
Nove:nber -234,209 231,503 241.343,763 243.111,338
+324,846 2.50
December _238,561 235,035 233,014,012 23.2277
1st week July (40 roads)____ 13,143,297 12,818,451
213,145,078
-2,440,307 1.14
+663,038 5.00
2d week July (40 roads)____ 13,034,880 13,271,242
January ___237,888 231.402 210,704,771
Ad week July (41 roads)..... 14,320,563 13,238,634 +1,081,929 8.17
February _235,082 233,191 218,031,091 197,278,930 +20.752,155 10.62
4th week July (38 roads)____ 20,868,686 18,084,755 +2,783,931 15.39
March
'38,918 234,692 237,564,332 224.608,654 +12,955,678 5.77
let week Aug (39 roads)____ 14,420,856 13,137,388 +1,283,483 9.77
April
938,722 233,057 220,678,465 218,140,214 +1.538,251 2.10
Ed week Aug (37 roads)____ 14,397,814 13,223,581 +1,174,233 8.83
May
235,410 231,307 232,229,384 226,184,666 +6,044,698
ad week Aug (37 roads)._ 14,636.261 13,552,577 +1,083,689 7.93
June
235,385 230,894 243,228,498
4th week Aug (39 roads)„.... 22,062,416 20,517,070 + 1,814,446 7.52
July
230,712 227,194 245,505,532
+844,318 7.48
1st week Sept (25 roads)...._ 12,172,233 11,327.415
83,131 77,633,413 71,36 ,69- +6.278,7218.79
August
39,691
-b Does not Include earnings of Colorado Springs & Cripple Creek District Ra lway. from November 1 1911
a Mexican currency.
Boston
&
Albany,
the
New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter 0
.s Includes the
m h, being a Canadian road. does not make returns to the Inter-State Commerce Commission.
f Includes Ea
Evansville & Terre Haute and Evane.
e & Indiana RR. g Includes the Cleveland Lorain & Wheeling fly. In both years. n Includes the Northern 01110 RR. p Includes earnings of
s Includes Louisville & Atlantic and the Frankfort & Cincinnati.
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific.
t Includes the
Mexican International. u Includes the Texas Central. v Includes not only oderat.nz ::evenues, but also all other rcezipts.
4-1.q21,1gg g..751
112,11;:g.1.1-.IF,N3:4(181`023.174
THE CHRONICLE
SEPT. 141:12j
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of September. The table covers 25 roads and shows 7.46%
increase in the aggregate over the same week last year.
First week of September.
1912.
1911.
Increase. Decrease.
$
$
$
189,041
210,097
Buffalo Rochester & Pittsburgh
39,900
376,400
336,500
Canadian Northern
2,649,000 2,230,000 419,000
Canadian Pacific
258,700
268,900
Central of Georgia
594,242
631,604
Chesapeake & Ohio
2,886
146,025
143,139
Chicago Ind 6e Louisville
266,082
Colorado & Southern
274,615
19,900
531,300
511,400
Denver & Rio Grande
Detroit & Mackinac
22,996
23,320
Grand Trunk of Canada
Grand Trunk Western
1,082,457 1,033,652 , 48,805
Detroit Grand Hay & Milw_
Canada Atlantic
Internet & Great Northern__
41,000
195,000
236,000
Interoceanic of Mexico
154,536
131,341
53,154
Minneapolis & St Louis
169,373
222,527
}
Iowa Central
48,496
Minneapolis St Paul & S S M__
597,222
645,718
30,795
Missouri Kansas & Texas
546,909
577,704
89,000
Missouri Pacific
1,120,000 1,031,000
33,237
National Railways of Mexico__ _ 1,271,583 1,238,346
37,000
218,000
255,000
St Louis Southwestern
67,532
1,276,338 1,208,806
Southern Railway
281,531
15,472
297.003
Texas & Pacific
23,465
22,776
Toledo Peoria & Western
12,172,233 11,327,415 946,177
Total (25 roads)
844,818
Net increase (7.46%)
s
21,056
10,200
37,362
8,533
324
23,195
689
101,359
675
EXPRESS COMPANIES.
July 1 to June 30June
1912.
1911.
1911.
1912.
$
$
Canadian Nor. Express Co.
Express revenue
602,107
448,854
57,226
45,616
Miseell. transports. revenue_
316
Non-transportation revenue_
16.916
20.218
1,673
1,250
Gross receipts from oper
466,087
622,325
58,900
46,867
Express privileges-Dr
178,974
241.413
22,890
18,246
Total operating revenues.. _
287,113
28,621
380,912
36,009
Maintenance
1,504
45.
402
2,913
Traffic expenses
3,509
4,544
410
216
Transportation expenses_ _ _ _
136,858
13,105
176,393
17,698
General expenses
13,052
1,567
1,121
18,277
Total operating expenses.._
154,924
202,128
14,490
20,079
Net operating revenue_ _ _ _
132,189
15,930
14,130
178.783
One-twelfth of annual taxes..
1,540
871
cr18
4,842
Operating income
130,648
14,148
173,940
15,059
Mileage of alitSteam roads
3,369
4,022
lines covered lOther lines_
22
22
July 1 to April 30April
Northern Express Co.
1911.
1912.
1911.
1912.
Express revenue
242,644 2,381,221 2,579,556
233,346
Miscellaneous transpor. rev..
32,742
Non-transportation revenue_
34,806
3,386
3,578
Gross receipts from °per
246,030 2,413,963 2,614,363
236,924
Express privileges-Dr
120.158
125,242 1,227,325 1,269.831
Total operating revenues_ _
116,768
120,787 1,186,637 1,344,531
Maintenance
22,159
18,783
1,920
5.021
Traffic expenses
32.123
3,258
4,381
33,356
Transportation expenses__ _ _
771,583
80,509
78,214
776.915
General expenses
6,224
46,850
4,791
60.027
Total operating expenses_ _
91,912
872,717
92,049
889,082
Net operating revenue.._ _ _
24,854
471,814
28.377
297,555
One-twelfth of annual taxes_
4,500
4,500
45,000
45,000
Operating income
20,354
23,877
426,814
252,555
7,310
7,186
Mileage of allfSteam roads_
261
315
lines coveredl Other lines
For the fourth week of August our final statement covers
39 roads and shows 7.52% increase in the aggregate over
ELECTRIC RAILWAY AND TRACTION COMPANIES.
the same week last year.
Fourth week of August.
Previously reported (23 roads) _
Alabama Great Southern
Ann Arbor
Central of Georgia
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisv
Cino New On & Texas Pacific
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida_ _ _
Louisville & Nashville
Mineral Range
Mobile & Ohio
Nevada-California,Oregon ____
Seaboard Air Line
Toledo St Louis & Western_ __ _
1912.
1911,
Increase. Decrease.
$
$
$
17,442,042 16,237,524 1,476,430
153,705
116,251
37,454
67,954
72,128
363,200
336,700
26,500
389,268
28,193
363,075
16,537
345,284
328,747
18,793
218,268
199,475
289,011
22,638
266,373
35,525
37,098
19,747
111,048
91,301
61,114
61,421
1,618,580 1,496.373 122,207
5,610
27,105
21,495
22,155
314,165
336.320
3,368
14,623
11,255
494,735
466,546
28,189
94,634
98,043
$
271,912
Latest Gross Earnings.
Name of
Road.
%eek or
Month.
Current Previous
Year.
Year.
Jan. ito Latest date.
Current
Year.
Previous
Year.
$
$
193,160
180,209
47,559 48,519
Atlantic Shore fly. July
987,488
192,754 186,271 1,055,298
cAug Elgin & Chic Ry July
320,326
388,457
64,300 55,677
Bangor Hy & Eiec Co July
9,476
83,989
65,650
12,479
Baton Rouge Elec Co July
243,156
218,064
40,154 38,107
Binghamton Railway July
66.717
66,845
15,476 16,202
1,573 Brock & Plym St fly July
2104,914 2089,912 9,477.602 9,067,663
Bklyn Rap Tran Syst May
194,131
183,350
33,116 31,215
307 Cape Breton Elec Co_ July
240,597
200,229
36,267 26,980
Carolina Pow & Lt Co July
58.157 57,851
257.069
248.730
Cent Park N & E Riv May
499,342
88.007 85.468
525,158
Central Penn Tree__ _ July
94,055 84,175
592,614
530,130
Chattanooga fly & Lt July
42,882 41,297
205,015
212,065
Ciev Painesv & East_ July
628,812
110,448 108,844
650,791
3,409 ClevSouthw&Colum July
45,549 39,624
275,204
305,248
Columbus (Ga) El Co July
520,702 437,192 3,497,031 3,066,276
22,062,416 20,517,970 1,825,821 281,375 Commonw•P, By & L July
Total (39 roads)
May
138,620
150.924
555.488
&
Bklyn
•
Island
550.336
Coney
1,544,446
Net increase (7.52%)
889,792
144,534 125,037
986,016
Dallas Electric Corp_ July
Detroit United Ry___ 3d wk Aug 232,716 216,459 7,190,080 6,363,222
247,901
54,224 51,885
255.299
D D E B & Batt(Rec) May
643,532
106,688 108,455
656,099
• Net Earnings Monthly to Latest Dates.-In our "Railway Duluth-Superior Tree July
197,978 195,688 1,346,834 1,287,407
St Louis & Sub_ July
Earnings" Section or Supplement, which accompanies to-day's East
432,217
385,869
59,820 51,834
July
El Paso Electric
609,898
161,194 145.630
704.990
issue of the "Chronicle,' we give the July figures of earnings 42dSt M&SNAv(Rec) May
843,406
180,558 136,113 1,103,634
Galv-Hous Elea Co__ July
of all steam railroads which make it a practice to issue monthly Grand
660,432
703,068
111,191 107,072
Rapids fly Co_ July
returns or are required to do so by the Inter-State Commerce Havana Electric Ry_ 'Wk Sept 8_ 53,100 49,325 1,749,826 1,642,072
Rapid Tran
Commission. The reader is referred to that Supplement for. Honolulu
282,903
& Land Co
319,414
July
45,910 42,684
full details regarding the July results for all the separate com- Houghton
175,668
175,397
Co Tree Co July
30,784 31,220
Hudson & Manhattan May
308,808 253,148 1.558,755 1,269,774
panies.
Traction Co__ July
576,868 561,807 4,079,306 3,811,596
In the following we give all statements that have come in Illinois
Interboro Rap Tran_ July
2267,409 2087,729 18,662.932 17,568,392
333,123
350,268
49,248 43,920
the present week covering a later or a different period from Jacksonville Tree Co_ July
693,885
724,890
137,639 135,300
Shore Eke fly. July
that to which the issue of the "Railway Earnings" Section Lake
72,271
18,486
18,590 • 73,515
Long Island Electric_ May
452,423 418,155 3,143,111 2,819,469
is devoted. We also add the returns of the industrial com- Milw El fly dc Lt Co_ July
616,974
684,651
132.026 127,642
Milw Lt, Ht & Tr Co_ July
panies received this week.
111,797
174.009
39.886 26,362
N Y City Interboro__ May
141,638
34.836 36,161
143,060
-Gross Earnings- -Net Earnings
- NY & Long Isl Trac_ May
468,641
123.689 121,802
499,185
Previous
Current
Previous
Current
N Y & Queens Co_ _ _ _ May
1215,048 1203.401 5,612.564 5,517,625
Roads.
Year.
Year.
Year.
Year.
New York Railways_ May
74,327
82.400
15,826 14.598
•
Northam Easton& W June
297,235 278,431 1,874,571 1,501,107
10,41'8
Alabama Tenn & North _July
9,243
4,315 North Qhlo Trao & Lt July
20,909
906,387
941,634
131,383
146,289
North Texas Eleo Co_ July
• 23,345
Birmingham & Southeast _ b28,610
8.654
9.108
Ocean Electric (L I) _ May
28,744
69,385
161,011 • 148,959
July 1 to June 30
22.874 22,477
Paducah Tr & Lt Co_ July
164,170
162,552
25,320
24,3891
k224,894
k215,709 Pensacola Electric Co July
889,826
Central of Georgia_ b_ _ _June 966,320
1918,940 1856,815 13,275,123 12,653,749
July 1 to June 30
13,032,153 12,907,788 k4,008,891 1c3,887,695 Phila. Rap Trans Co__ July
580,557 543,704 3,833,174 3,658,516
Port(Ore)Ry.L&PCo. July
Grand Trunk of Canada4,084,568
660,647
PugetSd Trao,Lt&P_ June
813,678 Richmond Lt & RR_ May
Grand Trunk fly
972,813
124,097
July 3,686,374 3,336,473
128,648
32,095 32,549
122,636 Rio de Janeiro Tram
Grand Trunk Western July
112,903
551,374
572,787
1145,938 8,236,750 7,253,711
Light
&
Power
1244,274
Co_
July
Det Gr Hay & Milw_ _July
27,739
185,414
171,301 def19,466
St Joseph (Mo) Ry.Lt
622,697
Canada Atlantic
July
665,491
197,093
177,627 def29,686
20,883
Heat & Power Co_ July
98,335 92,375
363.997 283,441 2,576,345 1,967,694
116,291
22,824
Toledo Norio & West_ b_Aug
117,692
30,300 Sao Paulo Tram,L&P July
394,304
64,038
424,429
Savannah
Electric
Co
July
81,406
Aug
31
to
225,936
219,957
48,693
July 1
46,513
338,385
85,295 83,700
371,559
Second Avenue (flee) May
July
11,305
7,304
2,913
Tombigbee Valley
2,957 Southern Boulevard_ May
45,296
12,099 11,900
50,389
113,811
127.728
20,679 18,220
Sou Wisconsin fly Co July
INDUSTRIAL COMPANIES.
89,045
91,916
23,901
25,227
Staten IsI'd Midland_ May
392,040
433,282
63,181
57,253
68,800
63,552
56,532
Nevada Calif Power Co_July
50,832 Tampa Electric Co__ July
330,693 326,127 1,549.729 1,457,141
May
481,121
441,033
397,751
Jan 1 to July 31
347,267 Third Avenue (Reel
226,792 209,985 1,430,395 1,311,414
Tr -City fly & Lt Co_ June
Twin City Ran Tran_ 4th wk Aug 231,093 210,476 5,350,620 5,155,309
a Net earnings here given are after deducting taxes.
Underground Eleo By
b Net earnings here given are before deducting taxes.
of Londonoperations
and
taxes, operating income for
k After allowing for outside
Three tube lines_ _ _ Wk Sept 7_ £11,685 £11,150 £485,715 • £487,175
June 1912 was $169,036, against $165,956; from July 1 to June 30, was
Metropolitan Dist_ Wk Sept 7_ £11,718 £10,551 £445,684 £424,951
$3,451,977 in 1912, against $3,405,426 last year.
• United Trainways_ Wk Sept 7_ £6,434 £7,304 £229,412 £241,601
London Gen'l Bus_ Wic Sept 7_ £57,424 £39,829 £1,778,302 £1,342,862
963.533
222.458 220,825
889,239
__•___ May
Union (Ree)
Interest Charges and Surplus.
272.714 237,408 1,751.319 1,518,456
UnionRy,G&ECo(III) June
1044,441 1016,759 6,988,825 6,841,998
-mt., Rentals, &c.- -Bal. of Net Earns.- United Rys of St L__ July •
691,556 627,469 4,108,112 3.821,135
United RRs of San Fr June
Previous
Current
Current
Previous
217,694
51.072 53,523
214,847
Roads.
Westchester El (flee) May
Year.
Year.
Year.
Year.
65,544 62,593
261,093
287.112
Yonkers RR (Rec)- May
108,164
20,199 19,840
110,170
Youngst & Ohio Riv,June
Birmingham & Southeastern-.
July 1 to June 30
16,304
12,439
c These figures are for consolidated company.
Toledo Peoria & West_ _Aug
24,077
x2,965
23,859
x7,824
July 1 to Aug 31
48,162
x9,654
47,538
x2,914
Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -flat, of Net Earns.- reported this week:
Current
Current
Previous
Previous
-Gross Earnings- -Net Earnings
Companies.
Year.
Previous
Current
Year.
Year.
. Year.
Previous
Current
$
• Year.
• Year.
$
Year.
$
Roads.Year.
$
a
$•
$
$
•
15,230
Nevada-Calif Power Co_July
14,228
41,302
36,604
• 28,886
35,467
55,677
84,300
101,449
Jan 1 to July 31
99,210
296,302
248,057 Bangor fly & Elee_a _ _ _July
36,536
33.838
84,175
Chattanooga By & Lt..J.94,055
--222,745
239,581
530,13)
Jan 1 to July 31- ----- 592,614
x After allowing for other Income received.
4,174
THE CHRONICLE
676
-Gross Earnings- -Net EarningsCurrent
Previous
Previous
Current
Year.
Year.
Year.
Year.
Roads.
Commonw P, By 80 Light
(Mich)_a
July
Jan 1 to July 31 ______
Consumers Pow Co_a_July
Jan 1 to July 31
East St Louis & Sub_aJuly
Jan 1 to July 31
Federal Light Fc Tree _a_July
Jan 1 to July 31
Grand Rapids fly-a-- July
Jan 1 to July 31
Lewis Augusta & Water aJuly
New York Rallways_a_ _July
Port'(Ore) Ry,L &P_a_July
Jan 1 to July 31
Republic By & Light_a_July
St Jos By,L, H & P_a_ _July
Jan 1 to July 31
520,702
3,497,031
221,665
1,535,891
197,978
1,346,834
133,836
946,895
111,191
703,068
67,637
1,150,986
580,557
3,833,174
225,073
98,335
665,491
437,192
3,066,276
174,011
1,311,278
195,688
1,287,407
113,508
825,628
107,072
660,432
60,340
543,704
3,658,516
208,652
92,375
622,697
214,222
1,454,925
95,403
697,393
84,709
579,276
49,296
385,490
49,021
308,575
32,804
381,401
298,902
1,904,182
88,804
40,171
280,034
175,788
1,300,684
71,222
638,658
86,284
551,168
37,265
329,427
48,549
281,444
30,135
284,766
1,895,442
82,039
32,173
240,495
[VOL. Lxxxxv.
effective July 1 1912, the figures for 1910-11 having been re-arranged to
facilitate comparison. Comparisons with items marked • in the years
1909-10 and 1908-09 are somewhat inaccurate, owing to the said changes,
but the final results in those years remain unchanged.
GENERAL BALANCE SHEET JUNE 30.
[For full details of balance sheet of June 30 1912 see page 689.1
1911.
1912.
1910.
$
$
$
AssetsRoad and equipment
217,079,334 211,673,282 200,498,741
Securs. of prop., affil., &c., cos
109,840
466,520
202,976
Adv. to prop.,&c., cos. for constr.,&c.
1,174,397
219,770
220,383
Miscellaneous investments
1,223,645
1,302,218
1,390,567
9,198,550
Cash
5,453,917
7,372,199
Securities held in treasury
21,300
21,300
158,300
Marketable stocks and bonds (of
3,000,351
which stocks $4,008)
552,135
3,228,045
Loans and bills receivable
4,500,613
3,502,574
612,853
Traffic and car service balances
1,210,235
760,649
1,371,894
Agents and conductors
771,323
670,890
725,948
Materials and supplies
4,116,798
3,862,929
4,178,001
Miscellaneous accounts
914,191
705,814
640,850
Temporary advances, &c
2,207,597
1,294,967
1,392,382
Cash & securs. In sink., &c., funds
87,968
11,984
87,068
Other deferred debit items
613,798
164,237
184,203
243,401,958 227,817,701 227,939,477
TOtal assets
/dab/fit/es23,000,000 23,000,000 23,000,000
Adjustment preferred stock
85,653,000 74,284,000 68,896,000
Common stock
Interest Charges and Surplus.
Bonds, debens. & notes (see By. &
-Int., Rentals, &c.
- -Bat, of Net Earns.
89,199,500 100,568,500 105,956,500
Ind." Section)
Current
Previous
Current
Previous
5,900,000
9,900,000
7,900,000
Equipment trust obligations
Year.
Year.
Roads.
Year.
Year.
Subscriptions for cony. 10-20-yr. 4s_ _ 13,029,600
4,098,291
2,759,060
3,167,125
Vouchers and pay-rolls
531,264
533,171
542,968
16,558
13,056
15,812 Matured int., div. and rents unpaid
18,909
Bangor Ry & Electric __July
311,539
274,578
231,933
22,246
Chattanooga By & Lt July
19,870
13,943 Miscellaneous accounts
14,290
1,053,865
1,017,572
Interest, diva. & rents accrued
1,129,259
151,627
Jan 1 to July 31 ______
137,466
85,279 Taxes
87,954
538,795
611,442
871,892
accrued
Commonwealth Power, Ry &
209,863
Deferred credit items
249,244
457,848
Light (Mich)
July
141,893
69,493 Appropriated surplus
72,329
106,295
7,868,827
11,838,001 10,465,936
Jan 1 to July 31
857,653
725,855
574,829 Profit and loss
597,272
5,574,533
6,154,198
8,580,832
Consumers Power Co_July
29,660
65,787
41,562
29,616
Total liabilities
243,401,958 227.817,701 227,939,477
367,964
Jan 1 to July 31
353,030
344,363
270,694
p. 619, 544,
40,831 -V.95,
East St Louis &
48,175
36,534
_ July
45,453
233,564
342,279
Jan 1 to July
317,604
336,997
Sub31
33,541
14,562
34,459
Grand Rapids Ry __
15,008
__ July
New York Railways Company.
102,248
206,327
105,346
176,098
Jan 1 to July 31
(Report for Six Months ended June 30 1912.)
14,448
18,356
14,390
15,745
Lewis Augusta Fc Water_July
225,448
x191,059
_ •___ _
New York Railways_ _ _ _July
Pres. Theo. P. Shonts, N. Y., Sept. 3, wrote in substance:
141,015
130,660
157,887
154,106
Portl (Ore) Ry, L & P--July
1,012,191
873,484
891,991 1,021,958
Results.-In comparison with the corresponding period of last year the
Jan 1 to July 31
42,974
45,830
44,424
37,641 gro3s earnings show an Increase of $172,828 and the non-operating income
Republic By & Light __ _July
an increase of $106,945, making a total increase for the six months of
19,582
20,589
19.239
12,934 $279,773. By reason of the different operating conditions under the reSt Jos Ry,L, H & PJuly
137,589
142,445
Jan 1 to July 31
134,713
105,782 ceivers, an analysis of the operating expenses and interest deductions would
have no value for purposes of comparison.
x After allowing for other income received.
After deducting interest (2%) on the first real estate and refunding 4%
bonds, $325,983, and a first installment of interest (.771%, payable Oct. 1
1912,(V. 95, p. 544) on adjustment mortgage 5% income gold bonds, $236,151, there remains $377,228, which provides for the reserves imposed upon
the company by order of the P. S. Commission now in litigation. Of these,
the amortization reserve and so much of the depreciation reserve as the
directors should decide to be unreasonable will be paid to the income bond•
Norfolk & Western Railway.
holders, If the order of the Commission should be reveresd by the courts.
There will also be paid to the income bondholders such proportionate re(Report for Fiscal Year ending June 30 1912.)
bate of the special franchise taxes as assessed, now in litigation, as may refrom the decision of the Court.
On subsequent pages will be found the report of President sult
Capitalization.-The P. S. Commission on Jan. 24 1912 authorized the
L. E. Johnson and also the comparative balance sheet for issue by the company of its securities for the property and franchises of the
Metropolitan Street By. system. Under this order, which expired June 30
two years. Below we publish comparative tables and sta- 1912,
old securities were deposited and the securities of the New York Railtistics for several years:
ways Co. Issued therefor as follows: $17,500,000 stock, $16,299,168 30year first real estate and refunding 4% gold bonds, dated Jan. 1 1912, and
OPERATIONS, EARNINGS, ETC.
$30,629,177 30-year adjustment mortgage 5% income gold bonds, dated
Jan. 1 1912. (See particulars as to new securities and the stocks, bonds,
1909-10.
1910-11.
1911-12.
1908-09.
2,004
2,018
1,951
1,941 &c., pledged thereunder in V. 94, p. 977).
Miles operated June 30_ _
Amortization.-The P. S. Commission has issued an order (V. 94, p. 698)
Equipment991
1,010
946 wheray the company is required annually to set aside an amortization
Locomotives
968
402
401
Passenger cars
395 fund of $108,000 for the purpose of making up what the commission alleges
393
Freight cars
41,597
42,523
38,418
35,882 to be the difference between the value of property and the total capitaliMaintenance-of-way cars
1,058
1,050
1,031 zation of th's company.
1,049
On the outer hand, an appraisal of cost of reproduction of the property
10
Barges
10
10
10
new as of Oct. 1 1910 made by the receivers of the Metropolitan Street Ry.
Operations5,517,563
Passengers carried
5,165,754
4,919,535 Co. system showed that the reproduction cost was $20,000,000 In excess
4,930,108
Pass. carried 1 mile_ __ _202,710,820 193,756,054 181,068,855 171,270,331 of the entire capitalization of the New York Railways Co., including its
Rate per pass. per mile_ 2.142 cts.
2.160 cts.
2.127 cts. underlying bonds. It is the opinion of counsel, therefore, that this order
2.168 eta.
Tons freight carried_
29,335,583 25,828,267 25,412,529 20,049,203 is illegal, but it has been found necessary to reserve from net income a
Tons fr't carried 1 mile_ .8,030,301 *6,797,365 "6,722,496 '5,377,021 six months' proportion of this charge, which of course will be available for
Rate per ton per mile__ _ 0.424 cts.
0.443 eta.
0.447 cts.
0.460 cts. distribution to the income bondholders should the order be rescinded.
An order, likewise thought to be illegal, has been made by the Commis643
692
616
Av. rev. tr. load (tons) _
635
$2.9664
Earns, per fr't tr. mile
$2.8766
.8594
$2
$2.8516 son requiring the company to set aside for depreciation a fixed sum equal
$1.2505
Earns, per pass. tr. mile
$1.2348
$1.1812 to 20% of the gross operating revenue.(V. 94, p. 698).
$1.1988
The legality of both of these orders is now being contested in the courts.
$19,766
Gross earns, per mile_ _ _
$18,030
$15,235
$18,028
Possession Taken Jan. 1.-Possession of all the property and franchises
of the former Metropolitan Street Ry. (excluding cash subject to final ad'Three ciphers (000) omitted.
justment of receivers' accounts) was given to New York Railways Co. at
INCOME ACCOUNT.
midnight, Dec. 31 1911 (per plan in V. 93, p. 1533, 1787).
Metropoli(an Crosstown Ry.-The holders of the $600,000 1st M. 5%
1911-12.
1910-11.
1909-10.
1908-09,
bonds
of the Metropolitan Crosstown By. Co. having declined to accept
Earnings$
$
Passenger
4,342,452
3,642,837 the reorg.tplan, a purchase was effected of $595,000 thereof at par and int.
4,184,246
3,924,890
Freight
34,022,572 30,115,483 30,037,796 24,710,591 from Feb. 5 1912 (see V. 93. p. 1787; V. 94, p. 207, 1627).
Central Crosstown RR.-The receivers of the Metropolitan St. Ry. Co.
Mail
343,254
339,705
294,453
338,449
to operate the Central Crosstown property subject to the condiExpress
530,318
426,047 undertook
503,402
481,655
pay the 15% divition
496,641
Miscellaneous
414,886
301,080
253,173 dendthat they would be released from the obligation to
upon the outstanding capital stock as required by lease, and also be
3-year notes for $2,39,735,237 35,557,522 35,063,870 29,327,101 released from the payment of the 5% interest on the
Total
250,000 and the franchise taxes. The New York Railways Co. has acExpensesoutstanding notes
Maint. way & structures 4,816,378
4,328,717
3,331,888 quired under the plan more than 95% of said $2,250,000
3,752,045
arrangement for the
Maint. of equipment_ _ _ 7,676,464
4,919,435 (V. 94, p. 766) and has entered into a temporary
6,638,842
5,951,907
receivers.
operation
of
road
similar
the
to
that
the
made
by
Transportation
11,771,800 10,672,624 10,069,726
8,346,992
Central Park North & East River 1111.-It was held by the courts that the
General
731,381
721,275
764,852
644,335 predecessor
in title of your company was the holder of $1,200,000 1st M.
Traffic
586,716
487,106 bonds of
551,806
639,936
l
the Central Park North & East River RR. Co. ope‘riatthintghtehest509etkhway looking to the reSt. and belt lines. Active steps have been tinder
u
Total
25,669,430 22,958,280 21,046.759 17,729,756 organization
arrangement
some
under
of
this
company
Net earnings
14,065,807 12,599,242 14,017,111 11,597,345 holders or, falling that, for a foreclosure sale. The solution of this rather
Outside oper.-net def_
9,980
20,409
situation will depend in large part upon effecting some arrangeTaxes
1,320,000
1,410,000
1,008,800 complicated
1,118,965
ment with the public authorities whereby the operation of some part of the
burdensome horse car lines may be discontinued. (V.04, P.910, 278).
Operating income_
12,635,398 11,269,262 •12,898,146 "10,588,545
Franchises, &c.-Most of the franchises of the companies in the system
Div. and interest acct
459,475 are
394,343
260,784
534,121
perpetual, and contain terms more favorable to the companies than
Rents
.54,373 could be obtained
39,095
49,681
•57,147
at the present time. rPhe report contains a brief deMiscellaneous income.._ _ 1,063,362
467,265 scription of the leases
554,939
858,424
tinder which the company operates various of the lines.)
Power Stations.-The company has a main power station equipped with
Total
13,998,639 12,571,710 •14,044,353 "11,569,658 eleven 3,500 k.w. generating units, and five sub-stations and distributing
Deductsystems, Including 1,615 miles of single power transmission ducts.
Interest on bonds
3,985,520
4,107,460
4,435,200
4,179,530
Real Estate.-Notwithstanding the general depression in real estate and
Interest on car trusts__ _
378,667 rents, the gross income from your rental property for the
276,377
357,667
395,556
six months was
Int. on 5% gold notes
370,046 $169,235, as compared with $160,597 for the same period last year. It
206,154
Separately op. prop'ties_
•
•
169,213
1108.053
is calculated that the company can realize an income on approximately
Def. Int. Poc.C.&C.bds_
1
.150,000 $7,000,000 through the disposal and rental of such pieces
•138,000
of unproductive
Pref.
. diva.(4%)
919,668
919,668
919,668
919,668
estate as are not actually required for operation purposes.
Divs, on common_ ___(5 X)4,668.437 (5)3,499,137 (5)3,294,843 (4)2,578,768 real
The company has closed a contract for the sale of the old 4th Ave. car
Bettermentfund
1,372,065
1,730,580
2,597,100
3,573,508
house, between 32d and 33d St., for $1,750,000. Arrangements are under
Miscell. dedue'ns (net) _ _
{89,620
10,591
•
•
way to consolidate the housing of cars and thus release the use of such exMiscellaneous
•8,175 pensive properties as the block on Madison Ave. between 85th and 86th
.97,710
Miscall. rents (balance).30,325
6,660
152,817 streets, for which several propositions to purchase have been made, and
122,238
the block on 7th Ave., 50th and 51st streets, running through to 6th Ave..
11,572,005 11,995,245 *12,927,297 .10,283,241 for which a long-term
Total
lease is being considered. [The report contains
Surplus for year
2,426,634
576,465
1,117,056
1,286,417 schedules of real estate properties owned and properties controlled.]
Improvements, etc.-The property since Jan. 1 1912 has been maintained
Note.-The Income and profit and loss statements have been changed at a high degree of efficiency. In addition to the ordinary items of operation,
ill'as_to:conform,to_the,Jnter-StatelCommerce Commission:requirements, important Improvements have been made and charged to current earnings.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
ANNUAL REPORTS°
SEPT. 14 1.912]
THE CHRONICLE
way include, with
Additions and betterments authorized and under
north on Maeombs Dam
others: Extension of the conduit electric track on
St. between
Delancey
track
third
a
Road to 155th St.; construction of
up the existing horse car tracks and
Ludlow and Clinton streets, connectingcable
St.; new
99th
to
St.
23d
from
telephone
new
electric conduit tracks;
connections; 86th St. subelectric switches, turnouts, crossovers and feeder
by moving station to
station discontinued, and reducing operating costs
wrapping of feeders
96th St.; equipping of 640 cars with air brakes.inThe
progress. Plans under
with asbestos covering to prevent burnouts is reducing
capacity of sysway for removing large amount of cable without
Completesurvey
tem, eliminating a considerable portion of cable troubles.
carried on with
of system Is in progress and extensive investigations being
object of making possible operating economies.
front propwater
the
for
city
the
against
claim
Settlement of Claims.-The
has been settled,
erty at 42d St., taken under condemnation proceedings,
is held in
expenses
and
taxes
back
paying
after
received
cash
and the net
RR. Co., which
the treasury. The bonds of the 42d St. & Grand St. Ferry
Metropolitan
were formerly deposited under the refunding mortgage of the
company, have been canceled and the mortgage satisfied of record.
parties of the
A settlement has been agreed upon between the Interested
30 1907, issued by
note of the 23d St. By. Co. for $2,204,930, dated Aprilassumed
under the
and
improvements
and
that company for electrification
By. Co. has
lease to the Metropolitan St. Ry. Co., whereby the 23d St.note,
$1,500,agreed to issue under the provisions of the lease, in lieu of its
000 of its 5% 50-year bonds dated April 30 1907.
Extension.-It is proposed to extend the 116th St. line of underground
complete
conduit tracks from Pleasant Ave. to East River, which will give a116th
St.,
crosstown line from Ward's Island Ferry at the East River via
Manhattan Ave. to 109th St., to Columbus Ave. and to and on 106th St.
line.
Ave.
to connect with the Amsterdam
receivers of the
Funds in Court.-As the result of collections made by the
By. Co. and of surplus
New York City By. Co. and of the Metropolitan St.Court
funds aggrecash
the
of
hands
the
in
earnings of the receivers, there are
conducted to detergating over $7,000,000. Active litigation has beenCourt
of
Appeals has
Circuit
the
and
fund,
this
of
distribution
mine the
some of the fundarecently handed down a number of decisions in which
has been further cleared by
mental questions are decided. The situationMetropolitan
and Third Ave.
a general settlement of claims between the
receiverships. A further reference, however, will be necessary to determine the exact proportions in which the funds are to be distributed between
the two receivers and to marshal the creditors' separate receiverships and
fix the amount of their claims. Inasmuch as your company s a considerable creditor of both the N. Y. City By. and the Metropolitan St. Ry., It is
surmised that a large portion of these funds will ultimately come into our
treasury. At present, however, it would be unsafe to estimate the amount
that may be retrieved from this source.
The accounts between the company and the reorganization committee
have been practically settled.
Transfers.-The new form of transfer tickets adopted June 1 1912 has
not only piroved a great convenience to the public, but it has been the
means of limiting stopovers and round-trip rides for a single fare. The
average fare per passenger carried during tile fiscal year 1907-08 up to the
time of curtailment of universal transfer privileges with the Third Avenue
RR. and other railroads had fallen to 3.18 cts. During the year ending
June 30 1911 the average fare on the lines now constituting the New York
Railways was 3.45 cts. This did not provide an adequate return upon the
value of the property or a surplus for contingencies, but nevertheless the
P. S. Commission last year made an order requiring universal transfers to
be exchanged among all of the surface railroads on Manhattan island.
While that order was under review by the courts the Legislature passed a
bill to the same effect. The Governor withheld approval of the bill and
It thus failed to become a law. [Compare V.93, p. 1600; V. 94, p. 1186.]
Negotiations arc now under way for an agreement which will meet every
reasonable public requirement and at the same time, If possible, avoid any
future reduction in the average fare. In Buffalo and Chicago the transfer
situation was readjusted by co-operation between the cities and the companies, and it is to be hoped that in the near future a satisfactory compromise may be effected in N. Y. City. If the transfer burdens are to be
increased at some points it seems only just that they should be limited at
others. It may be possible also to bring about some readjustment of the
payments made to the city and State so that the several railroads can afford
to carry passengers on a continuous trip between any two points, in the
Borough of Manhattan, for a 5-cent fare.
Franchise Taxes.-The litigation initiated by the receivers of the Metropolitan St. By. to correct the special franchise tax assessments is now
pending before the Supreme Court of N. Y.State. The cases Involving the
assessments for 1910 and 1911 have been tried and submitted for decision,
but judgment has not been rendered. It Is encouraging that the State Tax
Commission has steadily reduced the special franchise tax assessments
during the last few years. The assessment for 1912 was $42,168,000, as
against $68,186,000 in 1907, and the net tax (after making deductions
allowed by law) was $398,598 in 1912, as against $575,184 as origichilly
levied In 1907. and $414,399 as finally compromised and paid. The saving
would have been considerably greater if there had not been an increase in
theitax rate, which for the year 1912 was $1 83 per hundred as against $1 48
for the year 1907. It is hopedithat further reductions will be obtained.
Stepless Cars.-This new style of car was designed primarily to prevent
accidents, to promote the convenience of passengers, reduce the time of
loading and unloading and to increase the capacity of the road. Its seating
capacity is 51 passengers and its weight 37.240 lbs., as compared with 42
passengers and 47,800 lbs., tile capacity and weight of the present P-A-Y-E
type, and It requires practically 22% less power to operate.
The car was placed In regular service on April 4 1912, and the result of
its operations has demonstrated the advisability of adopting it as part of
our standard equipment. The President was authorized to purchase a
sufficient number to equip immediately one of the company's most linportant lines. The directors have also authorized the construction of 45
low level stepless steel storage battery cars of the same type for operation
on the Metropolitan Crosstown lines, where horse cars are now being used.
The success of the single deck stepiess car has afforded opportunity for
the application of the double-deck principle, thus practically doubling tile
capacity of the car with very little additional expense for power. The total
weight of the car equipped is 46,000 lbs., which is less than the present
type of P-A-Y-E car, and it seats 88 or about double the number of passengers. The over-all height is 12 ft. 10 inches, very little more than most
Interurban cars, and it will, therefore, pass under most of the elevated
structures in this city at tile various points of intersection. An extensive
adoption of this type of car will necessarily depend upon its popularity
with tile public and a more complete demonstration of its possibilities.
Outlook.-The report of six months' operations of a newly organized
property involving the complications incident to a long-term receivership
must necessarily be more or less incomplete. Tile short period of operation
since the property of the old Metropolitan system came into possession of
this company precludes showing the proper proportion of economies or
the full effect of tile crystallization of management which will naturally
result in many reductions in general and operating expenses.
STATEMENT OFINCOME FOR SIX MONTHS ENDING JUNE 30 1912.
Passenger revenue, $6,536,945; advertising, $150,000; rent of
equipment, $6,506; rent of tracks and terminals, $5,583; sale
of power, $95,014; rent of buildings, &c. $1,624; total
$6,795,672
$515,466; maint. of
Expenses-Maint. of way & structures,'
equipt., $520,686; horse power, rev. car service, $122,052;
operation of power plant, $421,650; operation of cars, $1,819,683; injuries to persons and property, deferred, $371,884, and
expended, $151,072; general and miscell. exp., $207.267;
taxes, $584,966; total,
4,714,726
Income from street railway operations
$2,080,946
Add-DIV• on securities owned ($212,000 per annum), $106,000;
Int. on bank balances, $8,812; misc, rent rev. (net), real estate
194,229
dept., $79,417; total,
$2,275,175
Gross income
Deduct-Interest on underlying mortgage bonds, $246,250; int.
277,898
on real estate M., $21,375; on bills payable, $10,273; total
Rent for lease of other roads. $942,094; rent under operating
agreement (34th St. Crosstown Ry.). $25,000; track and terminal privileges, $27,499; rent of land and bldgs., $63,322; total 1,057,915
325,983
Interest on first real estate and ref. M.4s
236,151
Interest on adjustment 5% income bonds (0.771%)
Balance,surplus
Note.-A8 to reserves see above.
$377.228
677
TENTATIVE CONDENSED GENERAL BAL. SHEET JUNE 30 1912.
Assets ($79,082,333)Accounts awaiting distribution: Cost of properties, do. (see
note), $74,384,737; property acquired Jan. 1 1912, subsequently sold, debit, $36,197; misc, deferred acijustm'ts., $339;
expenditures subsequent to Jan. 1 1912: Purchase of 1st M.
5s Metrop. Crosstown Ry., $598,454; tort claims and exps.
applicable to period prior to Jan. 1 1912, $258,776; taxes
accrued prior to Jan. 1 1912, $34.767; int. on underlying bds.
accrued prior to Jan. 1 1912, $137,708; int. on real estate M.
$75,391,054
accr. prior to Jan. 1 1912, $12,469: total
70,644
Additions and betterments to properties owned or leased
746,082
Materials and supplies
(see
int.
for
rent
&
Cash available, $2,154,752; cash on deposit
contra), $470,370;accounts receivable, $120,600; bills receivable.
$1,000; accrued accts., $62,017; prepaid accts., $65,834; total 2,874,573
Liabilities ($79,082,333)$17,500,000
Capital stock
N. Y. Rys. 1st real estate & ref. M. 4s, $16,299,168, and adjustment M. 5% income bonds, $30,629,177; underlying
57,728,345
M. bonds, $9,850,000; real estate M., $950,000; total
598,454
Bills payable issued to purchase 1st M. 5s Metrop. Cross. Ry
Accounts awaiting distribution: Acct. with joint committee
under agreement of sale dated Dec. 30 1911, $500,000; int.
collected on cash rec. from joint committee, $4,863; balance
of award to 42d St. and Grand St. Ferry RR. under agree693,362
ment dated Feb. 21 1912, $188,499; total
3,710
Receivers Metrop. St. By., current account-balance
Accts. payable, $538,981; int. and rent due and unpaid (see
contra), $470,370; int., rent., taxes, &c., accrued, $755,528;
1,770,818
accts. collected in advance, $5,939; total
410,416
Reserves
377,2213
Net income for the 6 months ending June 30 1912
Note.-Cost of property as acquired under the terms of the reorganization plan of the Metropolitan St. By. dated Nov. 29 1911, and agreement
of sale made thereunder dated Dec. 30 1911, including railways equipment,
real estate, interest and estates acquired or to be acquired under or by
virtue of the foregoing plan and agreement of sale. This amount, as well
as the corresponding liability accounts, are stated subject to a final adjustment on completion of the accounting with the joint committee and the
receivers of the Metropolitan Street Ry.-V.95, p. 619, 544.
Interborough Rapid Transit Co., New York.
(Report for Fiscal Year ending June 30 1912.)
The usual comparative tables of income account and balance sheet were given last week (p. 614). The text,signed
by Pres. Theo. P. Shonts, N. Y., Sept. 1, says in substance:
Results.-The gross operating revenue shows an increase of $1,479,040,
or 4.97%. Alter the payment of all charges and the regular dividend of
10%, the net surplus for the year was $3,023,766. This amount includes
$900,000 received from the dividend on the stock of the Rapid Transit
Subway Construction Co. (the first dividend since its organization In 1900,
leaving $483,729 as a gain In surplus from the operations of the year).
Excluding this $900,000, the net corporate income was $5.623,766, equivalent to 16.07% on the stock of your company, as against 14.68% for the
preceding year. The operating expenses were increased by approximately
$450,000, owing to extraordinary maintenance expenditures incidental
to the work of bringing the subway equipment up to the high standard
required for 10-car trains. There was also an increase of about $95,000 in
subway division taxes, caused by a decision of the courts that the assessments of the power and sub-stations must include buildings as well as sites.
An extra dividend of 5% was paid during the year (V. 94, p. 1695) by
reason of the receipt of a dividend on the stock of tile Rapid Transit Subway Construction Co. owned by your company and the refund to the treasury of amounts previously charged against income account and not shown
In last year's balance sheet as part of our surplus profits. Notwithstanding
this payment, there was an increase in profit and loss surplus for the year
of $1,540,912.
The total number of passengers carried for the year was 607,244,697, an
increase of 29,090,609, or 5.03%, the gain on the subway division, attributable to the Inauguration of a 10-car train service, being 9.49%, while on the
Manhattan By. division it was 0.93%. The installation of electric fans
was also an important factor. Moreover, there was an Increase 01 2,200,000
in the number of tickets sold at the Atlantic Ave., Brooklyn, station.
Bonds and Notes.-The increase in outstanding 45-year gold mortgage 5%
bonds to $33,959,000 Is due to the issuance of $3,407,000 of said bonds to
the Rapid Transit Subway Construction Co. Dee. 22 1911 in part payment
of tile excess cost of the Brooklyn extension. On April 29 1912 $15,000,000
of 9-months 5% notes (due Jan. 29 1913) were issued to provide for payment of the $10,000,000 434% one-year notes and the $5,000,000 5% notes
dated Sept. 6 1911, due April 29 1912, which were issued for additions and
betterments. [The report on pages 10 to 12 gives a list of the properties
and collateral securing the 45-year mortgage bonds.] (V. 94, p. 1249).
Sinking Fund.-The trustee has purchased for the sinking fund $301,000
5% bonds for $313,834, making a total of the 5% bonds purchased for the
sinking fund of $587,000, at a cost of $613,391.
Additions and Betterments.-For the year ended June 30 1912 the items
chargeable to capital account on the Manhattan Ry. division aggregated
$504,911 and on the subway division $912,360; total, $1,417,271.
Progress with Improvements Referred to in Report for Year 1910-11.
The remaining 20 trailer cars ordered for the Manhattan By. division in
1909 and 16 motor cars ordered in 1910 were placed in service. The remaining 15 of the 325 steel motor cars ordered for subway division were placed
in service; 231 local service cars were equipped with. electro-pneumatie
brakes, so that the subway Is now entirely equipped with this type of apparatus. Coasting recorders have been installed in the subway division,
making this installation complete on both divisions. The installation of
new type conductor's emergency valves on cars of Manhattan By. division
has been completed. All subway express cars have been equipped with
ceiling fans. The installation of collapsible protective devices on centre
doors of the final 177 subway division cars should be completed by Nov. 30.
The additional entrances and exits at Atlantic Ave. subway station in
Brooklyn and at Fulton and Dey streets have been practically completed,
while those at 14th St., Grand Central, 103d and 110th streets and Broad
way and 149th St. and 3d Ave. are about 75% completed. The new stairways at 34th St. and 3d Ave. and 86th St. and 2d Ave. have been completed.
The installation of automatic stops at all danger signals on the local subway tracks has been practically completed. The high-tension feeder cables
leading to sub-station No. 18 of tile subway division and sub-station No. 8
of the Manhattan By. division have been completed.
Improvements Authorized During the Fiscal Year ended June 30 1912.
(1) On tile Manhattan Ry. division new stations at 2d Ave. and 105th
St. and at 86th St. and Columbus Ave.; raising station platforms to a level
with car platforms at all statlohs from Park Place to 58th St., Incl., and
at four other stations; also widening station platforms at 9 stations, &c.
(2) On subway division (a) changes in stairways at Times Sq., 42d St.
and new entrance and stairway with passage under 42d St. cost to be paid
by city as part of cost of construction. (b) Connections between Brooklyn
Bridge station and Chambers St. station of Brooklyn loop lines in the
Municipal Bldg. (c) New stairways at John St. station. (d) Additional 7,500 k.w. rotary converter for sub-station No. 14. (e) Hightension cable between 59th St. power house and sub-station on 53d St.
near 8th Ave. (f) Emergency power connection with N. Y. C. & H. R.
RR. Co. at 53d St. and Park Ave.; that company to pay expense of installation and a minimum of $2,000 per annum for power supplied. (g) Arrangement for obtaining power from 59th St. power house automatically
in case of failure of power from 74th St. power house. (h) Equipment of
remaining 351 subway local cars, with centre side doors and electric fans.
(I) Destination signs on separating barriers, and on the principal station
platforms electric illuminated signs apprising the approach of trains.
(j) Sanitary handholds for 166 additional cars.
75% of subway division cars are now equipped with 32 e.p. Tung8ten
lamps In place of 16 c.p. carbon lamps. One-third of subway service is
equipped with storage battery emergency lighting outfits.
Wages.-In view of the high cost of living, the wages of practically all
employees were increased May 12, involving an additional expense of approximately $230.000 per annum.
Taxes.-The appeal In the test case involving the 1909 special franchise
assessment of the Manhattan By. Co. has been decided by the Court of
Appeals favorably to most of our contentions. As a result the assessment
reviewed was materially reduced and principles were established which not
678
THE CHRONICLE
only have served as the basis for the setttlinent of proceedings to review
similar assessments for 1006-07-08-10 and 1911, but will also be a standard
for future assessments. The decision meant a reduction of nearly
000,000 in the assessed valuation, which, as first made, was more than$20,$78,
000,000. and a refund of the excess sums paid amounting to approximately
$925,000, of which the company has collected from the city $723,177.
(Compare V. 93, p. 1462; V. 94, p. 279.-Ed.]
The long litigation over the method of taxing the different portions of
the Belmont Tunnel was satisfactorily terminated; that part under the
river was held to be not taxable as a special franchise, but as real estate,
thereby practically establishing the title of the trustees to that segment.
The assessing officers of the city have finally consented to assess the
power house and sub-station machinery of the elevated lines at actual value
rather than at an arbitrary value determined by capacity. [V. 93, p.
44.1
A second proceeding to determine the question as to whether the company
Is subject to the State franchise tax on Its corporate existence, with respect
to Its earnings from the operation of the subway, has been decided adversely
to our contentions by the lower courts. If this decision Is affirmed by the
N. Y. Court of Appeals the matter will probably be taken to the U. S.
Supreme Court.
Damages to Passengers and Employees Injured Through Operations.-The
company voluntarily settled 2,218 claims for $135,545 and compromised
253 suits for $123,438, an Increase of 598 claims settled and 73 suits compromised; 157 personal Injury actions were tried, resulting in awards
gating $29,070, the plaintiffs being successful In only 29% of the casesaggretried.
Injuries and Damages1912.
1011.
Increase. %
Claims, suits and judgments
$275,008 $184,069 $90,939 49
Expenses
134,288
114,971
19,317 17
New Subways and Elevated Extensions.-The long-pending negotiations
between the city and the company relative to the construction and operation by your company of the new subways and elevated extensions
culminated in our proposition of Feb. 27 1912, which was transmitted finally
to the
Board of Estimate and Apportionment by the P. S. Commission on Mch.
13
1912, with its approval qualified only as to preferential payments
question has since been favorably decided by the Court of Appeals (which
of this
State). On May 22 1912 said board approved the proposition, and contracts
are now being prepared for signature. (See V. 94, p. 1449, 1507,
1566.)
The average annual income of $6,335,000, which under the pooling
agreement mentioned in paragraph b, Sec. 12, of the proposal Is to be
paid to the
company in each of the 49 years of the lease to represent the average
annual
Income of the existing subway and equipment, Is based on the following
figures for the years ending June 30 1010 and 1911, the "Int. and s. Id."
being the interest, also the sinking fund of the city's bonds:
Gross.
Net.
Taxes.
Int. & sic. Id.
Net Inc.
1910-11___$14,353,206 $8,423,553
$268,438 $2,254,692 $5,900,423
1909-10___ 13,932,505
9,176,056
225,280
2,181,204
6,769,572
Financing.-Favorable arrangements have been effected for financing
the new subway and elevated extensions. It Is proposed to issue new 1st M.
5% 53-year bonds to the aggregate amount of approximatel
y $170,000,000:
secured by a first mortgage on all the property, leasehold and
freehold, the
mortgage to cOntain provisions for the Issue of such additional bonds in excess of $170,000,000 as may be needed to provide the money for such additional extensions and improvements as may be authorized by the city, and
agreed to by this company, during the period of the company's lease. The
mortgage will provide for a sinking fund ample to pay the principal of the
bonds at maturity.
'
J. P. Morgan & Co. have agreed to take and pay for the above
000 of bonds (see V. 94, p. 1507, 1565) during the construction$170,000.period of
four years beginning July 1 1912, as follows: First year, $78,000,600; 2d
year, $30,000,000; 3d year, $30,000,000; 4th year, $32,000,000. Such an
amount of the $78,000,000 bonds Issued during the first period as may be
necessary will be used for retiring the present 45-year gold mortgage
bonds dated Nov. 1 1907 and the $15,000,000 of 5% notes due Jan.5%
29
1913, and the balance to the extent required during the year mentioned
for construction and equipment purposes.-V. 95, p. 614.
Torrington (Conn.) Company.
(Report for Fiscal Year ending Aug. 31 1912.)
Pres. John F. Alvord, Sept. 3, wrote in substancp:
Results.-The business and profits of your subsidiaries have been about
the same as in the previous year, and the net earnings of tile various
sidiary companies are largely In eecess of the amount necessary to paysubinterest on bonds and dividends on the stock of your company.
The business and profits of your German factory are about the same as
last year. During the year the German company has purchased the factory which it occupies. Business In England shows a small increase both
In volume and profit; the screw business, which is a comparatively recent
addition. is increasing very rapidly. The business of the National Needle
Co., Springfield. has increased considerably In volume and profit. The
Standard Co. has done an Increasing business with larger gross
profit,
but the net profit of their business has been decreased by
chargeoffs. Your various selling houses are all showihg a profit unusual
with the exception of Vienna, which made a very small loss last year and should make a
profit next. The business of the Excelsior Needle Co., Torrington, is
about the same as last year.
Addition to Plant.-A large part of the business of the Eagle Co. of Newark Is being moved to Torrington, and the factory at Newark will be used
entirely by the Splitdorf Electrical Co. We are building a largo addition
to the Standard factory to accommodate the business moved from Newark
and part of the Splitdorf business, which can apparently be done to better
advantage at Torrington.
New Stock-Splitdorf Electrical Co.-During the past year the common
stock was increased from $2,200,000 to $3,500000. Of this, $279,000 was
exchanged for $372,000 of the Standard Co. stock, being the total minority holding of the Standard. Of the proceeds, of the remaining new stock,
($1,021,000), $750,000 was used to acquire a controlling interest In the
business of C. F Splitdorf, Inc., and the remainder will be used In the ordinary requirements of the business. The Splitdorf Electrical Co. has been
formed to take over the business of C. F. Splitdorf, Inc.,and the scattered
factories of the Spiltdorf Co. are being concentrated at Newark. The
business is being rapidly brought into better shape and it gives promise of
adding largely to your total business and profits.
Bonds.-The company has purchased during the year and holds
its
treasury $140,000 of its own bonds ($1,000,000 1st M. 55, due Sept, 1 in
1918:
see V. 67, p. 484).
Income Statement.-The receipts and expenditures given herewith do
not Include receipts and payments on behalf of the subsidiary companies.
INCOME ACCOUNT FOR THE YEARS ENDING SEPT. 1.
Receipts1911-12.
1910-11.
1009-10.
1908-09.
Dividends from sub-cos. $360,286
$237,518
$229,241 • $179,590
Miscellaneous income_ _ _
24,922
4,848
4,496
3,656
Rentals
110,000
110,000
110,000
110,000
Sale of new capital stock 1,021,000
Excelsior Needle Co.div.
20,000
Total receipts
$1,516,208
$352,366
Interest paid on bonds__
$50,000
$50,000
Dividends on pref.(7%)
70,000
70,000 •
Divs. on common (8%)_
228,000 • • 168,000
Salaries and directors' fees
31,397 • • 5,947
Bonds purch.(Invest's)_
140,000 • • 51,451
Cap.stock Splltdorf El. Co. 750,000
•
Loans to sub. cos
101,525
•
Other expenditures_ _ _ _
30,484
5,076
•
$363,737
$50,000
70,000
160,000
6,100
51,904
$293,246
$50,000
70,000
160,000
8,830
4,461
1,331
• Total payments
$1,401,406
Balance, surplus
$114,802
Cash balance, end year_
$266,741
-V.(94, p. 1190.
$342,465
$21,272
$151,035
$290,161
$3,085
$129,763
$350,474
$1,892
$151,939
Associated Merchants Company.
(Reportfor Half-Year ending Aug. 11912.)
President John Claflin says:
Exceptionally cold weather during the spring months deli.yed
sale
°Might fabrics and resulted In their final disposition at very lowthe
The season's business was materially larger than a year ago, but tileprices.
principal increase in sales was made In the late months, when profits are usually
small. The outlook for autumn is encouraging. • • • • • • • • • • .
[VOL. Lxxxxv.
6 Mos. to 6 Mos. to ' 6 Mos. to
6 Mos. to
Aug. 1 '12. Aug. 1 '11. Aug. 1 '10 Aug. 1 '09.
Net earnings
$533,396
$595,471
$656,726
$601,021
Dividends on1st pref. (sec below) _ _ (3)5135,853 (3)5136,999 (3)5139,457 (3)$178,155
2d pref. (see below)_ (3 3)179,368(3 3)179,253(334)179,175(3 3)178,318
For common stook.. _ $218,175
$279,219
$338,094
$244,548
Div.on corn.(see below) (436)341,809(434)340,225(434)335,214(434)278,082
Remainder
def.$123,634 def.$61,006 •sur.$2,461 •def.$34,576
'After deducting $419 "adjustment of interest extinguished" In half-year
ending Aug. 1 1910 and $1.043 In half-year ending Aug. 1 1909.
Note.-The dividends shown above, in accordance with our usual method,
include the "extra" dividends paid for the several half-years. The company
in its statement for the recent half-year charges against tile earnings of
that
period only the regular dividends paid (2 Y.,%)on the first preferred, 3%
on
second prefcrerd and 334% on common stock), leaving a surplus above the
same of $590, which Is carried to "extra dividend account,' making, with
$517,524, tile amount of the extra dividend account on Feb. 11912, a total
of $518,114. Tile extra dividends paid for tile half-year amounted to
$124,224, resulting In a decrease of the extra dividend account by $123,634,
and making the "present extra divIcrend account" $393,889.
BALANCE SHEET AUG. 1.
Assets1912.
1911.
1910.
Cash
51,210,317 $1,209,552 $1,172,857
Cash (£9,000 in 1912, £10,000 In.
1911 and £9,000 in 1910 for Importations in transit)
43,830
48,700
43,830
45,001 shares (out of 90,000) of the
stock of II. B. Clain Co..
5,000,000
5,000,000
5,000,000
All the primary securities of J. McCreery & Co., N. Y.;Stewart & Co.,
Bait,; J. N. Adam & Co., Buffalo;
and $2,400,000 debenture bonds of
O'Neill-Adams Co., N. Y. (aggregate par value)
8,100,000
8,100,000
8,100,000
Junior securities, yielding more than
10% annual income_a
5,000,000
5,000,000
5,000,000
Total
LiabilitiesFirst preferred capital stock
Second preferred capital stock
Common capital stock
Importations in transit
Extra dividend account
Surplus
519,354,147 $19,418,252 $19,316,687
54,525,600
5,124,800
7,599,600
43,830
393,889
•
1,666,428
54,554,200
5,122,800
7,573,000
48,700
453,124
1,666,428
$4,629,900
5,119,800
7,500,300
43,830
356,429
1,666,428
Total
$19,354,147 $19,418,252 $19,316,687
The securities owned as above give tile Associated Merchants'
Co. entire
ownership of James MeCreery & Co., Stewart & Co. and J. N. Adam
& Co.
and ownership of four-fifths of the debenture bonds, two-thirds of
the
Income bonds and four-fifths of the capital stock of O'Neill-Adam
s Co. and
four-fifths of the common stock of C. G. Gunther's
During
Sons.
half
the
year 89 shares of the first preferred were converted into common stock. • The shares of the H. B. Claflin Co. had a
value as of July 1 1912
of $5,330,413; July 11911, $5,335,385; July book
11910, $5,395,518.
a The income on $5,500,000.-V. 95, p.620.
Laurentine Company, Limited
(Reportfor the Fiscal Year ending June 30 1912.)
INCOME ACCOUNT YEAR ENDING JUNE 30 1912 COMPARED
WITH FORMER LA URENTIDE PAPER CO.
• • 1009-10.
1010-11. 1911-12.
Mill nets from ground wood, sulphite
pulp, paper, &c
8669,893
$831,508
$910,846
Profits from lumber and miscell
105,631
78,075
98,706
Total
$775,524
$909,583
$1,009,552
Deduct-Bond interest and other charges
$152,099
Betterments to plant
*103,880
Dividends (7;4%)
540,000
Depreciation reserve
20,000
Total deductions
Surplus, as per balance sheet
$815,979
$193,573
'There was also expended during the year on extensions $118,570, which
has been charged to capital.
BALANCE SHEET JUNE 30 1912.
Asscls-($8,900,652)L4aUllties-(38,990,652)Mills, bidgs., plant & machlify$1,6?0.761 Capital stock
$7,200,000
Timber lands
1,991,146 Bonds
878,199
Real est.(workinen's houses,&e) 283,842 Bond interest(due July 2)
36,000
Siding & rolling stock
50,000 Dividend (due July 2)
144,000
Logs, merchandise, &c
*1,139,039 Wages
5,681
Accounts receivabl
391,866 Accounts payable
234,585
Bills receivable
103,262 Contingent account
28,259
Cash in hand and in banks__ __
175,681 Depreciation reserve
250,000
Investments
212,600 Sundry reserves
20,355
Miseellanecus
22,454 Surplus ..
103,573
Includes logs and supplies, $686,013; merchandise, $169,998 and mill
supplies, $283,028.-V. 95, p. 622.
GENERAL XNVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
•
Akron Canton & Youngstown Ry.-For French Market.-
This company, incorporated In Ohio June 3 1907 to build a steam
from Canton to Youngstown, 0., via Mogadorc, with branches, has road
seeking to place bonds in France, and in that connection reports: been
Balance Sheet July 1 1912 (Total Each Side $3,000,000).
Stock outstanding_ _ _ _51,500,000 Expended by contractor_ _$1,032,1820
Bonds issued
1,500,000[Completed section
283,2290
Lands, present value_ _ 1,684,5890
On July 1 the company had not yet taken over the completed
section.
Wm. Simpson Is Sec. Brandeis at Cie., 6 Rue du Hanovre, Paris,
are
Interested.-V. 92, p. 1434.
Atlanta Birmingham & Atlantic RR.-Construct.Co. Notes.
See Atlantic & Birmingham Construction Co. under "Industrials"
below.
-V.95, p. 296.
Baltimore & Ohio RR.-To Merge Sub Companies,See Somerset & Cambria RR. below.-V.95, p. 235. 109.
Bay State Street Ry.-Dividend Rate on Common 5%.
The common stock ($20,517,200), practically all of which is
owned by the Massachusetts Electric Companies, pays dividends at the rate of 5% per annum, not 6% as shown in
V. 95, p. 618.
Boston & Providence RR.-Electrification.-Financing.-See Old Colony RR. below.-and compare V. 95. D. 235.
(The) Burlington (Ia.) Railway & Light Co.-Bonds
Chicago house of Spencer Trask & Co. is
offering at 96% and int., yielding 5.30% income, a block of
the new 1st M. 5% sinking fund gold bonds which were unOffered.-The
SEPT. 14 1912.]
THE CHRONICLE
derwritten in May last by a New York syndicate. Trustee,
Equitable Trust Co., N.Y. Present issue, $1,400,000. Dated
March 1 1912 and due March 11932, but callable at 105 and
int. on any int. date on 3 mos.' notice. Par $1,000 (c*).
Int. M. & S. in New York.
14 1912.
Digest of Statement by Pres. (leo. H. Higbee, Burlington, May
the
Organization.-Recently incorporated [in Delaware] and has acquired
which
Co.,
Light
&
Ry.
the
Burlington
and
Co.
Electric
People's Gas &
years.
many
for
have been doing business In Burlington and its suburbs
of physiServes population of about 30,000. Estimated replacement value
on additions
cal property, $1,746,000; $200,000 Is to be at once expended
$3,000,000;
and betterments; total, $1,946,000. [Auth. stock, common,
pref., $2,000,000.1
and
Property.-(1) Entire electric street railway system of Burlington
of single
suburbs, with about 5.2 miles of double track and about 8.1 miles
closed
20
and
brick,
with
miles,
largely
paved
6
,
185
trackage,
track; total
barn 256x117 ft.
motor cars, 6 open motor cars and 26 trailers; brick car
commercial electrici
(2) Electric-light plant, doing the entire municipal and
(3) Steamsuburbs.
its
in
and
business
Burlington
lighting and power
on
heating and gas plants. (4) Brick power-house near business centre
light and
the
and
railway
the
power
to
11R.,
both
supplying
Q.
&
B.
C.
enclosed
251
for
calling
power departments. (5) City lighting contract,
at rates
arc lights and 83 incandescent lights, for entire franchise period
adjusted every five years. (6) Railway franchises unlimited as to time,
other franchises
save as to two suburban extensions of minor importance; 1927,
either their
satisfactory, since three years prior to their expiration in
the aprenewal or new franchises must be obtained, failing which, unless
are paid to
praised value of the property and the franchises not renewed
payable.
and
due
bonds
the
declare
may
latter
the trustee, the
hereafter
Bonds.-A first lien on all property and franchises now owned or
$6,100,000
acquired. Total auth. Issue, $7,500,000. The remaining
of
additions,
value
cost
certified
the
of
80%
for
bonds can only be issued
are double the interest
betterments or extensions when annual net earningsSinking
fund beginning
charges, including the bonds proposed to be Issued.
amount of bonds.
considerable
a
retire
will
earnings,
July 1914, 5% of gross
Int. Charge.
Twice
Present
1911
in
Net
Sells,
&
Haskins
by
Profits Reported
1911.
1910.
1909.
1908.
1907.
$264,787 $268,279 $293,295 $292,856 $306,519
Gross earnings
117,090
141,340
150,598
121,306
124,731
taals)
Net(after op. exp.&
charge_ _ _ _$151,768
Total net (inel. $10.4 "other income"), twice interest to
purchase 10 new
An expendituce of $200,000 will be made at once
power plant, and
the
improve
lines,
railway
the
extend
pay-enter ears; to
make addition; to the distributing system. This should materially increase
the earnings.
Contract for Additional Power.-A contract for ample power for future
requirements, at a very low cost, delivered at our switchboards in Burlingis owned by
ton, has been made with the Rock Island Southern Ry., which
the same interests as are identified with The Burlington By. & Light Co.
Territory.-Burlington is one of the oldest cities in the State (established
in 1834). Total population, about 27,000; six banks, combined capital
surplus and undivided profits, over $1,700,000; deposits over $10,000,000.
Industries varied, prosperous and of steady growth.-V. 74, p. 1307.
Called.-All of the $750,000 1st M. 5s of Burl. Ry. & Lt.
Co. (Iowa), dated 1897 and due 1917, have been called for
redemption at 105 and int. at the Amer. Tr. Co., Boston,
on Oct. 1 1912.-V. 74, p. 1307.
Canadian Pacific Ry.-Statement by President.-In a statement given out at Winnipeg on Sept. 7 President Sir Thomas
Shaughnessy said in substance:
679
of the individual property-owners whose assessment was too low. There
are, it is said, 165,625 parcels of real estate in Jersey City, and according to
the census of 1906 there were in that year 248,458 Inhabitants among whom
the same are distributed, and it would be practically impossible for any
tax-payer to give the notice and conform to the practice held essential by
the Court of Errors. The remedy afforded by an appeal to the State Board
of Equalization, Is, therefore, said to be not an adequate one.-V.94,p.629.
Chicago 85 Milwaukee Electric RR.-Sale Sept. 25.-The
property is advertised to be sold under foreclosure Sept. 25.
The Wisconsin division will be sold at Racine, Wis., and the Illinois
division at Waukegan, Ill. No upset price. George M. Reynolds, Pres.
of the Continental & Commercial Nat. Bank of Chicago, is Chairman of the
reorg. committee. See plan In V. 94, p. 206, 630, 1249.-V. 95, p. 361.
Connecticut River RR.-Purchase of Vermont Valley and
Sullivan Co. RRs.-The shareholders will vote Sept. 18
On accepting the Act of the Legislature of Massachusetts approved
June 10 1912 to authorize the company to acquire the property rights and
franchises of the Vermont Valley RR. of Vermont and of the Sullivan
County RR.Co. of New Hampshire.-V.94, p. 1626; V.93. p. 1668.
Consolidated Cities Light, Power 85 Traction Co.-Stock
Holdings Pledged, &c.-This company's "first lien 5% gold
bond indenture," dated July 1 1912 (Bankers Trust Co.,
trustee), under which $4,000,000 bonds were sold in London
last July (V. 95, p. 113), is secured by deposit as collateral of
the following amounts of stock (the table also shows the total
outstanding stock and bonds of each company):
Sock Pledged under First Lien Indenture-Outstanding liOlki3 of Each Company.
See
Pledged -Total Issued- -Bonds OutsegAlso.
(all Common) Coat.
Pref.
1st Mtg. 0th. Bds.
1. Ma.ssillon (0.) El.
V.89,p.1414
None. $244,000
a$500,000 $500,000
& Gas Co
2. Meridian (Miss.)
a310,0001
Light & Ry
12,000,000
None. 750,000 06,600 EI.Ry.Sec
To be pledged by
Sent. 1 '15 add'i e1,000,000j
280,000
See Hat. Tr. below
HattleburgTr.Co
3. Knoxville (Fenn.)
(?)
V.77,p.1297
a258,500 300,000 100,000 446,000
Gas Co
4 Retro!(Va.)Gas
None. 425,000
V.90, p.976
a200,000 300,000
& Electric Co
5. Cumb. & WestEl.Ry.See.
None, 662,800
ernport Elec. Ry_ 6533,400 625,000
6. Citiun3' Gas & El.
Htg. Co., Mt. VerNone. 188,000
a185,500 200,000
non, Ill
7. Alliance (0.) Gas
None. 57,500 383,500 V.87, p.416
a550,000 550,000
& Power Co
8. Trumbull(0.)Pub.
Service Co., WarNone. 700.000 c150,000 V.95, p.485
ren, Ohio
a1,300,000 1,500,000
1 to be
9. Dominion Gas Co.
V.95, p.113
C) 12500,000
(?)
100%
of Maine
V.94, p.419
g Dom. Nat. Gas
I
Co.of Ontario_
10 City Lt. & Water
V. 95. p.419
.Co., Amarill).Tex. 875,030 875,000 100,000 300,000
11. City It. & Trac.
V.94,p.1058
Co.,Sedalli_ _(to be 100%d) ("d") See v. 94, p. 1058
a Par $100. b Par $50. c 8150,000 6% notes d By a.ssignment of the rights
Most people forget that the cash subsidies, large amounts received from of Henry L. Doherty & Co. under contract, the bondh, 1 lers' committee of the Setile sales of land and the proceeds of land-grant bonds, all of which were dalia Lt. & Trac. Co., the Cons,lidated Cities Lt. & Power Co. is entil lad to 100%
applied to the construction and equipment of the railway, play no part of the common stock of the City Lt. & Trac. Co.(limited to $2,000,000), which nil
whatever in the accounts of the company, the cost of the property having be turned over to it when the annual net earnings of the Sedalia property shall be
been reduced by these amounts years ago. The land grant has proved to In times the interest on its outstanding bonds, plus the dividend on its pref. stock.
The contract to pledge with the trustee $1,000,000 stock of the Meridian Ry. &
be a most valuable asset; but if we go back to 1888 we find that $15,000,000
and eLt. Co. by Sept. 1 1915 is accompanied by an assignment of all the rights of Henry
of land grant bonds secured by the entire land grant of the company
realized
only
interest
of
guaranty
Government
Dominion
Doherty & Co. under escrow agreement dated June 20 1910, made with City
a
L.
by
fortified
about Bank & Trust Co. of M)bile. f Meridian Lt. & Ity. Co owna 5175,000 of the 5500,about 90 in the market. This would represent an average price of
put upon the 000 stock. g OS% of the 51.0(9,000 stock owned by Dominion Gas o. of Maine
80 cts. an acre, so that 24 years ago this was the valuation
lands Restrictions on Issue of Bonds-Present Issue $4,000,000-Right to Issue
lands by the investing public. In 1901 the average selling price of theof
the
Amounts Above $10,000,000 Limited by Net Earnings.
was a shade over $3 an acre. It was only after 1902 that the efforts
company to attract attention and bring people to the country commenced Issuable forthwith upon deposit and pledge of the stocks or asfeature.
Important
an
became
$4,000,000
grant
land
the
and
signments above mentioned
to bear fruit
10%
the
as
I notice that frequent reference is made to what is known
Issuable from time to time on vote of the board of trustees for
clause in the company's contract with the Dominion Government. Briefly
proper corporate purposesstated, the contract provided that the company's rates for traffic should
a Upon certificate of company's Auditor that the total principal amount of the bonds outstanding, including the bonds
not be subject to Parliamentary supervision until such time as the comthen to be issued, together with all other indebtedness of the
pany was earning 10% per annum on the capital actually invested in the
the
whether
work. Dividends played no part. It made no difference
company secured by lien upon its property, real or personal,
Is not In excess of five times the then authorized cap. stock_ 6,000,000
company was paying 20% or no dividend et all. The determining factor
was the earnings resulting from the criers tion of the railway. For a long
S Whenever the aggregate principal amount of bonds outtime we have not pleaded that we w're not earning 10%. Our rates and
standing, together with all other indebtedness secured as
tolls have been submitted to the Py. Commission and are dealt with exabove stated, shall equal or exceed $10,000,000 upon the
actly the same way as those of any other railway company, so that the 10%
aforesaid certificate and upon the furnishing by the com, a dead issue for a considerable period. The
clause as it is called has bee'
pany's Auditor of a further statement showing that the ansubject of rates is now be ore the Commission, and, therefore, I do not
nual earnings of the company, together with the net earngranted
think It proper to enlarge upon the subject; but it may be taken for
ings of any specific property then to be acquired from the
that, whatever the de ,lion of tile Commission may be, the 10% clause will
proceeds of the bonds, shall have been at least 1 Ji times
not be a factor, dire tly or indirectly.
the amount required to pay the interest on all the bonds isNow, any persln w.lo knows about the expenditures that are forced upon
sued and then proposed to be issued, there may be Issued_ _ Further bonds
us year by yea t3 provide additional facilities, apart from the new railway
[The company is managed by Henry L. Doherty & Co.I-V. 95, p. 110:
mileage, cal un lerstand the necessity for increases in Capital account. In V. 94, p. 1.766.
Canthe ten wars ending June 30 1912 the company expended in Western $75,Denver Northwestern 85 Pacific Ry.-Negotiations Comada for imreased terminals, yards, siding, track and other facilities, cars
000.0(0, and in Eastern Canada nearly $44,000,000, and additional have
pleted.-The agreement which has been in contemplation for
we
cud locomotives cost In that same period over $81,000,000; so thatproceeds
some time, providing for the sale of control to Newman Erb
here an expenditure of $200,000,000 that had to come from the
and associates and the furnishing of additional capital for
of sales of common and preference stock and from surplus earnings
270,why
at
market
the
if
shares
the
says,
In
are
selling
one
some
But
man who asks the rehabilitation and completion of the enterprise, was conlet the shareholders have the stock on any lower basis? The proprietors
of cluded this week. Compare V. 95, p. 544, 480.
that question overlooks the fact that shareholders are the
the company who have no guaranty whatever of future dividends, who take
that
Forty-second St Manhattanville 85 St. Nicholas Ave.
chances On a series of bad crons or war or pestilence, or anything elsecommay at som time or other in the future have a serious influence on the price Ry., N. Y.-Receiver Discharged.
Issue
the
of
board
In
determining
The
directors,
pany's revenue.
Judge Lacombe in the U. S. District Court in this city on Sept. 11 signed
of the stock, must take Into account many things that do not occur to those an order discharging Frederick W. Whitrldge as receiver.-V.94, p. 1695.
only
the
are
directors
company's
the
The
affairs.
with
Intimacy
lack
who
Galveston-Houston Electric Co.-Common on 4% Basis.persons who have the intimate knowledge required to determine what the
price should be.-V. 95, p. 550, 541.
Central RR. of New Jersey.-Favorable Tax Decision.-
Judge Relistab In the U. S. District Court at Trenton on Aug. 17 held
that the company is entitled to have its valuable water-front property In
Jersey City assessed on the basis of the same percentage of value as the
average fixed for other property by the assessors. This, it is held, is about
70%. The decision is Important as the company failed after long litigation
to secure relief from the State courts or the Board of Equalization.
The particular properties involved in the suit are tilled-in land on the
waterfront, one being a lot located near Communipaw Ave., and assessed
by the city at $1,608,000 In 1899, and at increased amounts until 1907,
when the value was placed at $3,720,000; and one on New York Bay,
assessed in 1890 for $771,000 and In 1907 at $1,750,000.
The properties are mostly in the class designated as third-class property, held for railroad purposes, though not actually put to such use. In
1899 anti since the company appealed from the assessments to the State
Board, which sustained the assessments, these being successively reviewed
by tile Supreme Court and the Court of Errors and Appeals of New Jersey
and the U. S. Supreme Court. The last named In 1908 held that the lands
were within the jurisdiction of the State and its taxing authorities for
purposes of taxation. While the litigation was pending the company tendered $297,381 for taxes, while the city claimed amount due was $495,635.
Judge Relistab said that the question under review had not been settled
by previous litigations. The highest State court having, it is stated, questioned the power of the State Tax Board to correct the a'buses of undervaluation when carried on on so large a scale as is proven in this case, to turn
the complainant out of the Federal Court and require it to seek redress
before such tribunal would be to compel it to not only assume the risk of
finding at the end of the litigation that tho Board of Equalization has no
power to relieve it, but also that it would be obliged to give notice to each
-A semi-annual dividend of 2% has been declared on the
$2,991,400 common stock, payable Sept. 16 to holders of
paid semirecord Sept. 10. This compares with 1
annually from Sept. 1909 to March 1912 inclusive and
increases the annual rate from 3 to 4%.-V. 92, p. 1108.
Great Northern Ry.-Venner Suit Settled.-A stipulation
was filed in the District Court at St. Paul, Minn., on Aug. 20
discontinuing the suit brought in 1907 by Clarence H. Venner
as a stockholder of the railroad company to compel the return
of the Great Northern Iron Ore properties to the railroad co.
Mr. Venner asked that the "ore trust' be declared void, on the ground
that it had been made In violation of the rights of the stockholders and in
the interest of Mr. Hill and associates. Judge Bunn in the Ramsey County
Court In Feb. 1911 overruled the demurrer, this decision being sustained
by the Supreme Court on appeal. Mr. Venner declines to state the consideration for the settlement.-V. 95, p. 618, 236.
Hattiesburg (Miss.) Traction Co.-Bonds.-A "general
lien gold mortgage" has been filed to he City Bank & Trust
Co. of Mobile, as trustee, to secure a $2,500,000 bond issue.q
Bonds dated July 1 1912, due July 11952, but callable on any int. date
at 105 and int. Sk. fd., 1%, begins July 1 1916. Par $1,000. Int. J.&J.
at office of trustee and at office of H. L. Doherty & Co., N. Y. City. There
are $280,000 1st M. bonds, to retire which $300,000 of the new bonds arc
reserved. See Consol. Cities Lt., Pow. & Tr. Co. above.-V.93, p. 731.
6S0
THE CHRONICLE
Hocking Valley Ry.-Quarterly Dividend at 7% Rate.3
A quarterly dividend of 14%
has been declared on the
000,000 stock, payable Sept. 30 to holders of record Sept. 20.
Distributions have heretofore been made semi-annually, 4%
having been paid on June 30 last, making, with the 3% paid
in Dec. 1911, 7% from the earnings of the fiscal year ending
June 30 last.
Previous Dividend Record (Per Cent).
1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908 to '11. Dec.'11. 1912.
3
13i
3
3
3
3
33,6 4 (J. & J.)
3
J'ne 4
-V. 94, p. 1695.
[VoL. Lxxxxv.
Old Colony RR.-New Stock.-The directors have voted
to sell at auction $800,000 additional stock, subject to the
approval of the shareholders on Sept. 24, in order to relinburse the N. Y. New Haven & Hartford RR. for improvements and additions. The shareholders also vote Sept. 24.
Upon authorizing the President to execute an agreement with the Boston
& Providence RR. Corp. and the N. Y. N. H. & Hartford RR. Co.,
providing for the four-tracking, electrification, &c., of the Boston dc
Providence RR., and for the financing necessary therefor. (Compare
V.95, p. 235.)-V. 94, p. 68.
Pacific Gas & Electric Co.-Bonds Sold.-The company
Indianapolis Columbus & Southern Traction Co.-Stock- has sold $5,000,000 additional general and refunding 5s,
Lease.-1his company has increased its auth. capital stock making the total amount outstanding $25,000,000.
The greater part of the proceeds will ue used for the Bear Valley hydrofrom $920,000 to $1,840,000, and has arranged to lease its electric
development on the south fork of the Yuba and Bear rivers, which
road for 999 years to the Insull interests represented by the has been in contemplation for some time, but upon which active work
was not begun until permission was received from the RR. Commission
new Inter-State Public Service Co. (see'
below), at a rental on
July 3. A part of the money will be applied for the purchase of the Los
which it is stated will bring 5% on the stock.-V.86, p. 421. Gatos Ice, Gas & Electric Co.(V. 95, p. 237)•
Underlying Bonds Called for Payment Nov. 1.InternatiOnal & Great Northern Ry.-Earnings for Period
One hundred ($100,060) gen. M. 4 % bonds of the San Francisco Gas &
end. June 30.-For 9M mos. ending June 30 results were: Electric
Co., dated Nov. 1 1903, for payment at 105 and Int. on Nov. 1 at
Gross earnings, $8,538,874; operating expenses, $6,154,006; net earnings, $2,384,888; taxes, $252,500; operating income, $2,132,368; other income, $332,897; gross income, $2,465,266; total deductions, $1,591,385;
balance, surplus, $873,880; from which there were appropriated for dividends on outstanding pref. stock (1%), $34,000; on pref.stock reservedfor
exchange, $10,000; for payment of receivers and prior liabilities chargeable
to cost of road under terms of purchase, $279,665, making a total of $329,665, leaving $544,215. This is equal to 5% on the $3,400,000 pref. stock
and almost 63%% on the $6,000,000 common stock. The charge to cost
of road of $279,665 for payment of receivers' and prior liabilities under
terms of purchase will not appear again as a charge. Eliminating this
charge, the surplus Is equal to 5% on the pref. and over 10% on the common stock.-V. 95, p. 176, 111.
Inter-State Public Service Co.-Merger.-This company
was incorporated in Indiana on Sept. 4 with $3,000,000 stock
($1,000,000 pref.) to take over, it is stated, the property of
Central Indiana Lighting Co. and other companies and to
operate under lease the Indianapolis Columbus & Southern
Traction Co., which see above. The Middle West Utilities
Co., controlled by the Insull interests, it is understood, will
own control. The Louisville & Northern Ry. & Lighting
Co. will, it is said, form part of the system.
Iowa & Illinois (Electric) Ry.-Freight Traffic Contract.-
A. L. Register & Co., Engineers, Phila., Inform us that this company
has recently entered into a freight traffic contract with the Chicago &
North Western Ry. Co. for the interchange of traffic over the entire Ch. do
N. W. system. The I. & I. Ry. has completed its freight terminals in
Davenport. Ia., and is now in position to handle all classes of freight.
(A 36-mile trolley road extending from Davenport to Clinton, Ia., with
traffic agreements for transferring passengers to Rock Island and Moline.]
-V.82, p. 160.
Kansas City Railway & Light Co.-Earnings.----May 31
Year-
Gross
Net
Other
Earnings. Earnings. Income.
1911-12 _8,350,623 3,576,360
1910-11 _7,727,680 3,277,145
-V.95, p. 618, 420.
Total
Deduc.
Preferred
Dividends.
Union Trust Co.. San Francisco, trustee.-V. 95, p. 237.
Philadelphia Baltimore & Washington RR.-Decision.Judge Harlan in the Circuit Court of Baltimore City yesterday,
in the suit brought by J. Livingston Minis and other minority
stockholders of the Northern Central Ry., set aside the sale
of 5,000 shares of the capital stock of the Union RR. to the
company's predecessor, the Philadelphia Wilmington &
Baltimore RR., by Northern Central Ry. Co. in Feb. 1894.
The Court says: "So far as the extent of the relief to be granted Is concerned, the object of the Court should be to place the parties, so far as
Possible, in the same situation as if the wrongful transaction had not occurred, and I am of the opinion that the decree should give the relief asked
for in the first prayer of the bill, except that I am not prepared to direct the
amount of money which, upon an accounting, shall be found due by the
Philadelphia Baltimore Ze Washington RR. to the Northern Central Ry.,
to be distributed and paid to the shareholders of the latter company.
V.94, P• 763.
Pittsburgh& Connellsville RR.-Proposed Merger.-
See Somerset & Cambria RR. below.-V.65, D. 515.
Quebec By. Lt. Heat & Power Co.-Earns.-Directors.-
June 30.
Gross
Net
Miscel.
Fixed
Dies.
Bal.,
Year- Earnings. Earns.
Credits. Charges.
(2%).
Sur.
1911-12_41,415,825 $680,900 $194,584 $660,364 $199,990 $15,130
1910-11_ 1,280,127
618,220
111,109
467,010
199,900
62,329
D. 0. Lesperance, 0. B. Daoust and L. C. Marcoux have been elected
directors to succeed U. G. Ross, A. Haig Sims and C. E. Dubard. Compare
V.95, p. 545.-V. 95, p. 619, 545.
Rio Grande Southern RR.-Report.----Year ending June 30:
Fiscal Year1911-12
1910-11
Balance, -V.03, p. 667.
Surplus.
1,245,263
53,027 2,384,124
45,491 2,398,889 (33%)352,781
570,966
Lake Erie & Pittsburgh Ry.-Descriptive Article.The "Engineering Record" of Sept. 7 contains a two-page article describing construction work on the company's proposed line, which is to extend
from Lorain, 0., to Youngstown, 91 miles, with a 29-mile branch to Cleveland.-V. 02, P• 1636.
, • Maine Central RR.-Earnings (Including Merged Lines).Net (after
Interest,
Other
Yr. end. Gross
DietBalance
Taxes). Income. Sk.Fd.,&c.
June 30. Earnings.
dends.
Sur.
1911-12 $10,643,051 52,422,608 $160,189 $2,117,678 (6%)$441,896 $23,223
1910-11 9,948,267 2,281,541 403,379 2,286,231 (8%)398,152
537
Interest, sinking fund, &c., as above in 1911-12 include $61,848 for
additions and betterments, against $26,310 in 1910-11.-V. 95, p. 176, 111.
Morris County (N.J.) Traction Co.-$5,000,000 New Bonds.
The shareholders some months ago authorized a new $5,000,000 bond
issue, of which (a) $3,000,000 was to be used to retire at or before maturity
$3,000,000 1st M. 5s of 1905, due 1935, but callable at 110 and int.; and
(b) $2.000,000 to take up certain floating debt incurred in making extensions
and for completion of the line. Under date of Sept. 10 we are informed
that while the new bond issue is still contemplated, nothing definite has
been done in the matter.
Philander Betts, Chief Inspector for the Public Utility Comm. of N. J.,
reported in May last that the money required for the various extensions
and to complete the line already projected, including the refunding of
$3,000,000 outstanding bonds, would amount to $5,364,408. The company
was organized to build 75 miles of road from Elizabeth, N. J., to Netcong,
with a branch from Denville to Boonton and other branches; 54 miles of
track are completed and in operation and 2 miles almost completed.
. The company's cars now run from Morristown to just beyond Lake
Hopatcong, 21 X miles, with branches to Boonton, 5 miles, and to Wharton,
2 X miles; also from Elizabeth to Springfield, 6 miles, and from Maplewood
to Springfield, 2 X miles. and thence 8% miles to end of track at Danforth
Road (1 % miles beyond Madison),total, 45 Li miles of road. From Danforth
Road to MotrIstown there is a gap of about 3 miles, both Mrs. Florence
Vanderbilt Twombly of Florham Park and the Sisters of Charity of St.
Elizabeth (who in May last were opposing the new bond issue) having succeeded in keeping the traction company oil their respective premises, with
the result that the Morris RR. Co. was organized for the purpose of constructing a line between Chatham and Madison under the general, railroad
law. Whether the gap could be filled in in this way Is a question that Is
being litigated in the Supreme Court.-V.81, p. 508.
Operating
Net, after
Other
Fixed
Balance,
Revenue.
Taxes.
Income. Charges.
Deficit.
5510,271 def.$72,331 $9,785 *195,877 $258,423
559,733
165,277
9,760
197,225
22,188
Rutland RR.-Application to Cancel New Haven Purchase.
The minority stockholders' committee(Tompkins C. Delavan, Chairman,)
on Sept. 9 applied to the P. S. Commission for an order canceling the safe
of the one-half of the controlling interest in the stock ($4,704,100) which was
sold to the N. Y. N. H. & Hartford RR, by the N. Y. Central ec Hudson
River RR. In Feb. 1911. The opinion of Justice Gerard of the Supreme
Court, who In July last granted an injunction pendente lite restraining the
purchase by the New Haven road of the remaining one-half interest in the
majority holdings, was given at length in the "New York Law Journal" of
Sept. 6. Compare V. 95, p. 48.
Sacramento Valley Electric RR.-Stock Authorized.-The
California RR. Commissioners on Aug. 15 authorized the
company to issue $3,000,000 preferred and $750,000 common
stock; par of shares $100 each.
The company was incorporated In California In May 1912 with $3,000,000
authorized pref. and $2,000,000 common stock, and proposes to build a line
from Red Bluff, extending through Tehama, Glenn, Colusa and Yolo counties to Woodland, and thence to Dixon, in Solano County, where connection Is to be made with the Antioch & Eastern Ry., and also a branch from
Colusa to Williams, a total of 160 miles. The cost, exclusive of rights-ofway, is estimated at $4;700,060. Subscriptions have, it is stated, been received for $160,000 common stock, of which $16,000 has been paid in cash.
The Commission directs that construction work is not to begin until the
company has received $750,000 front the sale of stock. It Is proposed to
pay for rights of way with common stock. A bond Issue of $3,500,000, It
Is said, is to be made later.
Sacramento & Woodland (Electric) RR.-Bonds Listed.The company's $750,000 1st M. 30-year 5% bonds, due 1941,
have been listed on San Francisco Stock and Bond Exchange.
The bonds are said to be a first mortgage on 20 miles of electric road and
equipment, and guaranteed as to principal and interest by the Northern
Electric By. and Vallejo & Northern RR., the former company operating
the road, while the latter owns the stook. The bonds were originally placed
with local bankers.-V. 94. p. 560.
St. Louis & San Francisco RR.-Note Issue.-The company has authorized an issue of $2,600,000 "2-year 6% secured gold notes," dated Sept. 3 1912, due Sept. 11914, but
redeemable, all or any part, at 101 and int, at any time on
60 days' notice. Par $1,000 (c); int. M. & S. Trustee,
Niagara Welland & Lake Erie Ry.-Mortgage.-A mort- Equitable Trust Co., N. Y. It is understood that these notes
gage dated Sept. 1 1911 to the National Trust Co., Ltd., will be taken, when issued, by William Salomon & Co., N. Y.,
and G. H. Walker & Co., St. Louis. The notes are to be
as trustee, was filed for record some time since.
The bonds are 1st M. $500 gold 5s maturing Sept. 1 1921, but subject to secured by pledge of the following collateral (at par value):
on any interest day
by
or
lot
in part
(Mch. 1 or Sept. 1) at
call In whole
105 and int. Present Issue to be $184,000, at $30,000 per mile on the part
of the road to be immediately constructed, with equipment. stations, &e.
viz., 6.137 miles, of which $45,500 is now outstanding. Interest payable
at Welland or Montreal; National Trust Co.. trustee. Bonds are to be
Issued on other parts of the road authorized at $30,000 per mile. Stock
authorized, $1,000,000, all of one class; par of shares $100.
The company was incorporated late in 1910 or early in 1911 under special
Act of Canadian Parliament, with power, It Is understood, to construct and
operate a line of railway running from the city of Niagara Falls, N. Y.,
to points on Lake Erie between Fort Erie and Port Dover, by way of
Niagara Falls. Welland and Port Colborne, in the county of Weiland. Ont.,
with power to generate and use electrical and other energy and to dispose
of the surp'us thereof. , In May 1911 a contract was reported for the building of a portion of the road. Pres., H. C. Schoilleid, Guelph; Sec. and
Treas., H. Rook, Toronto; Managing Director, C. J. Laughlin Jr., Welland,
Ont. Ross & Holmested, solicitors for National Trust Co.
Northern Central Ry.-Decision Setting Aside Sale.See Philadelphia Baltimore & Washington RR. below.-V.94, p. 550.
-Northern Electric Ry., California.-Guaranteed Bonds.See Sacramento & Woodland RR. below.-V.95, P. 237.
$3,609,046 New Orleans Texas & Mexico RR. Co. 6% certificates of indebtedness, due Sept. 1 1914.
2,000,000 New Orleans Texas lk Mexico RR. Co. full-paid capital stock,
being the entire capital stock.
1,400,000 Kirby Lumber Co. 7% cumulative preferred stock.
Also to Be Pledged when $1,500,000 of the Notes Have Been Issued.
$600.000 (approximately) par value, San Benito & Rio Grande Valley
Ry. Co. 1st M.6% bonds, upon authorization by Tex. RR.Com.
49,100 full-paid capital stock of San Benito & Rio Grande Valley By.
Co., being entire Issue.-V. 95, p. 420.
St. Louis Southwestern Ry.-Dividends Now Quarterly.The pref. dividend, in July last 23% mini-annually, has
been changed to 1% quarterly, a distribution of that
amount (No. 8) having been declared on the $19,893,650
payable Oct. 15 to holders of record Oct. 8.
Complete Dividend Record.
July 1909.
1911.
1912
1010.
2%
4%
5%
Jan., 2%; July, 23%%; Oct. (guar.). 13%%
The pref. Is 5% non-cumulative stock.-V.05, P. 362, 358.
Northern Texas Electric Co.-Line Opened.-The line beSan Antonio Uvalde & Gulf RR.-Completion of Line.tween Fort Worth and Cleburne, Tex., 28 miles, which was The company on Sept. 8 opened its new branch line from San
built under the name of the Fort Worth Southern Traction Antonio, Tex., to Pleasanton, 34 miles. The main line exCo.(V. 92, p. 1243), was opened Aug. 22.-V. 94, p. 1449.
tends from Uvalde,Tex., to Fowlerton, 120 m.-V.94, p.1120.
.SEPT. 14 Oil 1
THE CHRONICLE
Sao Paulo Tram. Lt. & Power Co.—Special Dividend.—
rate of
A special dividend of 5-6 of 1% for the month of July (or at the holders
10%) has been declared on the $10,000,000 stock, payable Oct. 1 towith
the
of record Aug. 31, in accordance with the plan of amalgamation
Payment will be
Brazilian Traction Light & Power Co. (V. 95, p. 195). before
Aug. 31 on
made to holders of certificates of deposit issued on or
surrender of the same at the bank where issued.—V.94, p. 1764.
Sedalia (Mo.)Light & Traction Co.—Successor Company.—
681
American Pub. Utilities Co., Grand Rapids.—Divs. Begun.
,6% on the $1,714,000 6% cumulative
Initial quarterly dividends of 1;
preferred and of M of 1% on the $2,400,000 common stock respectively,
pav2
e3b
h
nodeclared, payable Oct. 1 to holders of record Sept. 20.—V. 95,
775
American Telephone & Telegraph Co.—Status Sub Cos.—
Sec Southern Bell Telephone & Telegraph Co. below; also New York
Telephone Co., V. 95, p. 598.—V.95, p. 482.
See City Light & Traction Co. of Sedalia in V. 95, p. 419.
Atlantic & Birmingham Construction Co.—Payment of
Somerset & Cambria RR.—Merger of B. & 0. Sub. Cos.— 6% of Principal of 6% Collateral Notes of 1908.—
of certificates of deposit of the Old Colony Trust Co. representing
The shareholders will vote Sept. 25 on the proposed merger 6%Holders
collateral notes of the construction company, issued under the collateral
or consolidation of the following proprietary roads of the trust indenture to Manhattan Trust Co., trustee, dated Sept. 14 1908, are
2 miles in length.
notified as of Sept.6, by the Old Colony Trust Co., depositary, under proB. & 0., aggregating some 2503/
RR.(8 m.); Salisbury tective agreement of May 1 1909, that an amount equal to 6% of the
Pittsburgh & Connellsville RR. (148 m.); Berlin
RR.(16 m.); Mount Pleasant & Broad Ford RR.(10 m.); Ohio & Baltimore
Short Line Ry. (7 m.); Somerset & Cambria RR.(49 m.); Glenwood RR.
m.) and Fayette County RR. (11 m.)
(1
Southern Pacific 00.—Increase Oil Company Stock.—
See Kern Trading & 011 Co. under "Industrials."—V,95, p. 619,481.
principal of said notes has been paid thereon, and that distribution
thereof will be made to holders of certificates of deposit upon presentation
thereof to the Old Colony Trust Co., 17 Court St.. Boston, for endorsement
of such payment thereon. (As to the joint notes of 1905 extended in 1910
and 1912 see V. 90, p. 1237, 1295; V. 94, p. 1248.)—V. 88, p. 1196, 623.
Bethlehem Steel Corporation.—Officers of Fidelity Trust
Southern Ry.—Dividend Again Increased.—A semi-annual Co.
of Newark, N. J. (Registrar of the Stock), Become Vicedividend of 23/2% has been declared on the $60,000,000 5% President
and Assistant Secretary.—
non-cum. pref. stock, payable Oct. 28 to holders of record
Under resolutions recently adopted uy the board of directors of the
Edward A. Pruden, Assistant Trust Officer
Oct. 5. This compares with 2% in April last and 1% each in Bethlehem Steel Corporation,
of the Fidelity Trust Co., of Newark, has been made a Vice-President of
Oct. and April 1911, when divs. were resumed, and 13/o% in the
former corproation, of which Charles M. Schwab is President. At the
trust deOct. 1907, the next previous distribution, which was paid same time Charles W. Hummel, who is also connected with the the
steel
partment of the Fidelity, was made an Assistant Secretary of
from accumulated surplus, making 4% for the fiscal year corporation.
The Fidelity is the registrar of the steel corporation's stock,
ending June 30 1907:
and as a New Jersey corporation, the Bethlehem holds its annual meetDividends on Preferred Stock (Per Cent).
'97. '98. 99. '00. '01. '02 to Apr.'07.0ct.'07. '08-'10. '11. '12.
Year—
13•6
2 4j.
0
4 5 yrly. A & 0
3
2
1
1
Per cent_
—V. 95, 13. 417, 124.
ings in the directors' room of the trust company.—V. 95, p. 546, 483.
Canada Brick & Fireproofing Co., Ltd., Toronto.—Pref.
Standard Bond Co., Toronto, is offering at par
Stock.—The
Toledo (0.) Rys. & Light Co.—Heating Franchise Repealed. ($10 per share) on behalf of the owner, part of the $300,000
—The City Council on Sept. 10, at the request of City Solici- 6% pref. (p. & d., profit-sharing) stock, with 50% bonus in
tor Schreiber, passed a resolution repealing the hot-water- common shares (total issue, $200,000). A circular shows:
heating franchise under which the co. has been operating.
Incorporated under laws of Ontario to manufacture all classes of bricks
The so-called Yaryan plant Is operating under an indeterminate franchise (common wire-cut, paving, pressed red, buff and salmon-grey bricks),
The Ohio Supreme Court fireproofing, terra cotta hollow tile, &c. The modern plant will be located
granted to the Central Chandelier Co. in 1893.
may be terminated on the Grand Trunk By., in Township of Esquesing, Halton County. upon
has, it is stated, ruled that an indeterminate franchise
by either party thereto and it is on this opinion that the solicitor based his a tract of 150 acres, containing clay, shale, building stone and abundant
request to repeal the ordinance and revoke the company's rights. The water, and will include three units, capacity of each 50,000 bricks per day.
Yaryan heat conumers sought unsuccessfully to have the company change The present sale is to provide funds for completing the installation of the
the method of measuring radiation, the principal objection being not works and for working capital. Earnings per unit estimated on basis of
against the 17-cents-per-square-foot radiation, but against the company 12,500,000 bricks Per year: Gross ($9 50 per 1,000), $118.750; net at $2 50
on pref.
directing how much radiation the consumers shall have, irrespective of per 1,000, $31,250, or for the three units $93,750.
dividends on comDeduct'
stock, $18,000, leaving for reserve fund, contingencies,
their wishes in the matter.—V. 94. p. 1764.
pref. stock. &c., $75,750. Pres., H. E. Hand, Toronto; Manand
mon
Twin Falls (Ida.) Street Ry.—Mortgage.—The company aging Director, S. J. Plant, ceramic engineer and clay specialist.
has made a mortgage to the Central Trust Co. of Illinois,
Canadian General Electric Co., Ltd., Toronto.—Officer.—
Chicago, as trustee, to secure an issue of $3,000,000 1st M. * W.
D. Matthews (a director) and F. G. Osier have been electedVice6% sinking fund gold bonds.
Prest. and director, respectively, to succeed H. P. Dwight, deceased.—
The bonds are dated June 1 1912 and due June 1 1932, but callable on or
after June 1 1917 at 105. Int. J. Fe D. at office of trustee. Sinking fund
beginning in 1922 is to cancel each year 2% of total bonds issued. L. B.
Perrine is quoted at Twin Falls as stating that the road will be completed
to the Shoshone Falls by Sept. 30, the rock work on the grade having all
been finished and the roadbed ready for the rails. The equipment,2 Edison
be delivstorage-battery cars of the latest make, has been ordered and will $500,000
Idaho with
ered by Sept. 15. The company was incorporated inL.
Twin
Perrine,
B.
Incorporators:
1911.
Oct.
auth. stock in Sept. or
Falls; Raymond McCune, E. S. Williams, D. 13. Moorman, C. W. Smith
and A. D. Stafford.
Vallejo et Northern (Electric) RR.—Guaranteed Bonds.—
See Sacramento & Woodland RR. above.—V. 94, p. 1121.
Virginia-Carolina Ry.—Further Details of Sale.—
Sec Norfolk & Western By. report on a subsequent page.—V. 95, p. 362.
V. 95, p. 41.
Cardiff Collieries, Ltd.—First Mtge. 6% Bonds Called.—
Six ($3,000) 1st M.6% bonds, dated July 1 1905, of the former Cardiff
Coal Co. for payment at 105 and int. on Jan. 1 1913 at Commercial Trust
Co., Philadelphia, trustee.
Central California Gas Co., Los Angeles.—Bonds Auth.—
The California RR. Commission has granted the company permission to
increase its authorized bonded debt from $200,000 to $500,000 and to
change the maturity of its bonds from 40 to 20 years. The company has
applied for permission to issue $68,000 bonds and $41,500 pref. stock to
build a gas holder at Porterville and construct a pipe line from Porterville
to Lindsay and thence to Exeter: also for leave to purchase the Consolidated
Heat, Light & Power Co. and to issue $119,000 bonds and $75,500 pref.
stock therefor and to issue bonds already approved in denominations of
$1,000 Instead of $500.—V. 95, p. 546.
Wichita Falls & Northwestern Ry.—Extension Completed.
Coast Counties Gas & Electric Co., San Francisco.—OfThe company recently opened for traffic the extension faring of Bonds of Old Coast Counties Light'dc Power Co.—
rom Hammon, Okla., northeasterly to Forgan, Tex., 150 in. N. W. Halsey & Co., San Francisco, recently offered at 95
Tex., to Forgan, Okla.,
The main line now extends from Henrietta, Tex.
to Wellington, and int. 1st M. 5% gold sinking fund bonds of the former
321 miles. The company also operates from Altus,
which is also controlled Coast Counties Light & Power Co., dated 1906 and due
The
By.,
Falls
Wichita
Southern
&
miles.
Tex., 57
by the Missouri Kansas & Texas By., extends from Wichita Falls, Tex., Aug. 11946, but callable at 107% and int. on any int. date.
to Newcastle, 52 miles, making a total system of 430 miles.—V. 95, p. 421.
Wilmington New Castle & Del. City Ry.—No Merger.— Int. F. & A. Par $1,000 (c*). Mercantile Trust Co. of
Thls company is a reorganization of the New Castle & Delaware City San Francisco, trustee. A circular says:
Total authorized issue (V.83, p.438), $1,000,000;retired by sinking fund,
$20,000; remainder outstanding, a first lien on property (constituting the
main portion of the present system). $980,000: also covers certain subsequently acquired properties, subject only to the following underlying bonds:
Big Creek Lt. & P. Co. 1st 4s, $320,000, and San Benito Lt. & P. Co.
1st
$150,000; total bonds outstanding (all closed mortgages), $1,450,000.
Wilmington (Del.) Southern Traction Co.—Not Merged.— The13s,Union
Traction Co. of Santa Cruz, controlled by stock ownership,
has outstanding $639,000 1st M. 5% bonds, the interest on which is met
See Wilmington New Castle & Delaware City Ry. Co. above.
earnings of that company.
the
independent
from
Wisconsin Minnesota & Pacific RR.—Bondholders' CornData from Letter of Pres. Jno. Martin, San Francisco, July 9 1912.
mittee.—The committee which will shortly ask the holders
Gas. Electricity. Total,
Growth in Number of Consumers Served—
5,007
3,095
1,912
of the 50-year 1st M. 4s to deposit their bonds with the Cen- 1909
5,556
3,539
2,017
tral Trust Co. of N. Y., as depositary, under a protective 1910
7,352
4,627
2,725
1911
agreement that is now being drawn includes:
The electric current distributed is generated in part at the company's
James N. Wallace (Pres. of Central Tr. Co?), Chairman; Sidney C. Borg, hydraulic generating plant on Big Creek, Santa Cruz County, and in part
L. C. Krauthoff, C. A. at steam reserve plants in Watsonville and Santa Cruz; the remainder
R. Walter Leigh and Leonard B. Schiessinger, with
is purchased under e long-term satisfactory contract from the Pacific Gas
Severance and Alfred A. Cook as counsel. See V. 95, p. 620.
[Sutro Bros. are inviting the bondholders to communicate with them with Fe Electric Co. at Davenport. A new transmission line will shortly afford
95, p. 620.
separate connection with the transmission lines of the Pacific G. & E. Co.
a view to forming a second protective committee.]—V.
Cumulative annual sinking fund for Coast Counties L. & P. bonds, an
amount equal to 1% of the total bonds outstanding from June 30 1911 to
30 1945, incl., to call bonds at 107 34 if not purchasable for less, which
June
.
INDUSTRIAL, GAS AND MISCELLANEOUS
it is calculated should retire $900,000 of the issue by maturity. The presoperating company sold in March 1912 a block of $250,000 pref. stock
ent
—
Akron (O.) Gas Co.—Sale—Bonds.
for cash; part of the proceeds has already been invested in the property
See East Ohio Gas Co. below.—V. 83, p. 437.
and the balance is available for future construction. See earnings, 8co., in
Electric Lighting Co.—Successor V. 94, p. 1763.
Traction Co., but without merger of the Wilmington Southern Traction Co.,
which remains an independent enterprise. In other respects the statement
in last week's issue (p. 620) is approved. The reorganized company has
the cash in its treasury for the proposed extension of 6 miles to Wilmington,
estimated to cost about $75,000.—V. 95, p. 620.
Alexandria County (Va.)
Company.—This company, incorporated in Virginia on or
about July 2 1911 with $550,000 of auth. capital stock, as
successor of Alexandria Elec. Co., some months ago made
a mortgage to the Phila. Tr., Safe Dep. & In. Co.,as trustee
to secure $1,000,0001st M.5% bonds,due 1931 (mt. &D.) of
which $300,000 to be issued at once for new equipment, etc.
Additional bonds, it Is stated, can be Issued on account of further improvements, &c., costing an amount 15% in excess of the par value of the
bonds to be issued. Immediate improvements were to include a 625-kilowatt turbine and 250 horse-power boiler capacity and 20 miles of distribution lines, the plan being eventually to reach Virginia Highlands, Mount
Ida and Braddock Heights. George E. Warfleld, Cashier of the First National Bank, Washington, is President, and Francis R. Weller, Hibbs Bldg..
Washington, Vice-Pres. and Gen. Man.
American Agricultural Chemical Co.—New Director.—
J. H. Cottman has been elected a director, to succeed H. L. Dudley.—
V.95, p.542.
American Ice Co.—New Director:—
The board having been increased from 8 to 9, Wm. H. Taylor, formerly
Pres. of the Bowling Green Trust Co., has been elected to fill the new posi•
tiOn.—V. 95, p. 546. 482. •
• •
Cumberland Telephone & Telegraph Co.—Favorable Decision Affirmed.—The United States Supreme Court on May
13 affirmed the decision of the lower courts granting an injunction restraining the city of Louisville from ousting the
company from the streets. Opinion by Lamar, J.
The Kentucky Legislature In 1886 granted a charter and franchises to the
Ohio Valley Co., the predecessor of the company, to do business in Louisville. The city, by ordinance In 1886, also granted its consent, but in 1909
sought to withdraw the same. The Cumberland company contended that
perpetual, and not revocable at the will of
its right to use the streets was city
contended that if the right came from
the General Council, while the
the city had no power to grant perbecause
perpetual,
not
the city it was
petual rights.
The Court says: "The right to conduct a telephone exchange and to use
the streets of Louisville, which had been vested by law in the Cumberland
company, could not be impaired or forfeited by an ordinance of the General Council; nor had it expired by lapse of time or under any provision of
lawrwhen the bill was filed."
The decision deals with the so-called "franchise case" alone, and not with
the suit in which the city seeks to make new rates (V. 93, p. 532). The
rate and the franchise cases were argued on the same day in April last, but
the decisions have been separated, and that in the rate case is still pending.
—V.94,p. 1629.
682
THE CHRONICLE
Curtis Publishing Co. Phila.-Stock.-A certificate has
been filed increasing the limit
of capital from $6,000,000 to
$8,000,000. See V. 91, P. 1765.
[VOL. Lxxxxv.
Greene Consolidated Copper Co.-Favorable Decision.-
Justice Greenbaum In the Supreme Court in this city on Aug. 29 dismissed the suit brought by James A. Grant against the company and other
defendants which has been pending in that court for six years, and on appeal
The Curtis Company (a N. J. corporation) In 1900 made a mtge. to the before
the Appellate Division and Court of Appeals at least halfa dozen times.
Girard Trust Co., Phila., trustee, to secure $500,000 5% $1,000 gold bonds
The
is authoritative: Mr. Grant sued as a stockholder of, and
due Oct. 1 1920, but callable for sinking fund of $25,000 annually, beginning for the following
benefit of, the Cobre Grande Copper Co. which, he clal ned, owned
In 1902. To secure these bonds there were pledged all of the $600,000 stock the mines now controlled
by the Greene Consolidated Copper Co., and asked
of the Curtis Publishing Co., then owned by the Curtis Co.; also a $500,000 for an accounting
the preceeds of the mines and that they be declared
20-year 5% promissory note of the Publishing Co.(compare V. 91, p. 1765). to be the property of
of the Cobre Grande Copper Co. Several defenses were
made; one that the court had no'jurisdiction beccause the plaintiff was a
Donnacona Paper Co., Ltd., Utica, N.
Build Plant non-resident.
and others setting up four judgments in favor of the company
in Canada-Sale of Stock.-A. James Eckert, Utica, N. Y., in
similar suits brought by other stockholders which were claimed to be a
and Foster & Adams, New York and Utica, announce, by bar to the present action. Justice Greenbaum found that Grant was not a
of this State when the suit was commenced, and also that the
advertisement on another page, the sale of the entire present resident
judgments In the other actions
res adjudicata in this case, and that on
issue of $1,000,000 7% cum. pref. stock of this new company. both grounds the action must bewere
dismissed. The mines involved are located
Cananca. Alex., and are part of the properties now controlled by the
Total auth., $2,000,000; common stock auth. and issued, at
Greene Cananca Copper Co.-V. 94, p. 1092.
$1,500,000.
y.-To
No bonds. The company was recently incorHawaiian Agricultural Co., Honolulu.-Stock Dividend.porated in the Province of Ontario, having been formed by The
stockholders last Feb.authorized an increase in the stock
prominent New York paper manufacturers and others to from
build a large paper plant on the Jacques Cartier River, about as a $1,200,000 to $2,000,000, the new stock to be issued
stock dividend.
18 miles south of Quebec. The bankers say:
Government Lands-Seven
The company owns or leases pulp timber lands cox ering, roughly, 187 sq.
miles and containing approximately (cords):
Freehold. Crown limits
On Jacques Cartier River, Province of Quebec
87,000 1,000,000
At Bale St. Paul, Province of Quebec
500,000
260,000
The company owns a water power of ample capacity on the Jacques Cartier River at its junction with the St. Lawrence, and Is erecting at this location, and expects to have In operation early in 1913, a power dam and a
newsprint paper and ground wood pulp mill for a daily capacity of 50 tons
newsprint paper and 75 tons ground wood pulp, leaving an excess of wood
pulp for sale of approximately 7,000 tons a year. The Canadian Northern
fly. passes within 100 yards of the plant site, and this, with the Canadian
Pacific and the Grand Trunk Pacific railroads close at hand, combined with
tidewater location on St. Lawrence, gives excellent transportation facilities.
No bonds can be Issued without the consent of 51% of the preference
stock issued. Preference stock redeemable at 110 after Jan. 1 1916; sinking
fund commences 1916, retires all the preference stock by 1938.
Officers: Pres., G. H. P. Gould (Pres. of Gould Paper Co. and St. Regis
Paper Co.); V.-Pres., W. N. Kernan (V.-Pres. N. Y. State Rys.); Treas.,
C. B. Rogers (Pres. 1st Nat. Bank of Utica); Gen. Mgr., George McKee.
7.Eastern Manufacturing Co, (Lumber, Pulp and Paper),
Bangor, Me.-Stock.-A certificate of increase of authorized
stock from $750,000 t $1,700,000 was filed Jan. 2 1912.
There are also $1,800,000 1st M. 6% bonds due 1921, Interest F. & A..
at Old Colony Trust Co., Boston. The company manufactures writing,
envelope, bond, linen and ledger papers. Capacity 100,000 lbs. in 24
hours. Also manufactures lumber and pulp. President, F. W. Ayer,
Treasurer. George E. Hyde,
East Ohio Gas Co., Cleveland.-Acquisitions-New Bonds.
-In order to comply with an ordinance passed by the Cleveland City Council on Sept. 4, requiring an .increase in the
natural gas supply for Cleveland, the company has applied
to the Ohio P. U. Commission for authority to issue $5,000,000 of its 1st M. 5s of 1909 ($25,000,000 auth.; $14,500,000,
it is understood, outstanding), to provide for the purchase of
the Akron Gas Co. and the Mohican Gas Co. and to cover
the cost of improvements and new mains, chiefly another
main to the Ohio River.
Press dispatches state: "The purchase price of the Akron Gas Co. is
$800,000 and of the Mohican Co. $1,900,000. The Akron Gas Co. has an
encumbrance of $800,000 that will be assumed by the East Ohio Co. If the
sale Is ratified. The property account of the East Ohio was $35,280,862
on Alch. 1 1910, and It has been increased since that time $911,865 by improvements and extensions." (The Akron Gas Co. Is reported to have outstanding $400,000 stock and $400,000 5% mtge. bonds due Oct. 1 1947
(3.1% 66, P. 234). also $396,366 5% debenture bonds due 1921. Its artificial
gas plant was shut down some years ago and its property leased In 1906
(till 1947) to the Mohican Oil & Gas Co. (see V.83, p.437: V. 91, p. 1450).
The aforesaid ordinance grants to the company the right to supply
natural gas for illuminating purposes in addition to the other purposes previously authorized, and to use the mains and pipes now used for the artlfical gas for the distribution of natural gas. After Apr. 15 1913, when 75%
of the residents on a stre t supplied with artificial gas so request. co. must
substitute natural gas. The city can require the company to supply natural
gas for street lighting at $6 per annum for each burner of the present size
(Phila. schedule) and to meet the expense of the necessary connections,
&c. The company agrees within 30 days after the acceptance of the ordinance to begin the construction of an additional pipe line from the fields
with a capacity of 40,000,000 Cu. ft. per day of 24 hours, based on a maximum initial pressure of 325 lbs. at the compressing station and 40 lbs. at
the city limits, and to have the same completed by Sept. 11913. The new
grant expires Feb. 6 1921. Compare V. 93, p. 1467.
Edison Electric Illuminating Co. of Boston.-Earnings.Other
Interest Dividends
Gross
Net (after
Year ending
Taxes.) Income. it Misc. (12%).
June 30- Earnings.
1911-12____$5,787,345 $2,591,626 $74,969 $251,343 $1,872,444
1910-11__ 5,257,913 2,382,839 78,271 189,993 1,867,035
-V. 95,-13-. 422, 113.
Balance
Surplus.
$532,808
404,082
Electrical Securities Corp.-Bonds Offered.-Jackson &
Curtis some time ago sold at par and interest $500,000
collat. trust s. f. gold 5% bonds, 11th series, dated Feb. 1
1912, due Feb. 11942, but redeemable, all or part, at 103%
and int. on any int. day. Int. F. & A. at Standard Trust Co.
hundred acres of land formerly leased from the
Government was withdrawn over a year ago for homesteading
purposes.
This land has all been cut up into small tracts, but so far no homesteading
has been done, and the fields are simply lying fallow:
Treasurer George H. Robertson reports net profits on the 1911 crop of
$691,850; dividends paid $336,000; total surplus, $691,850; total assets of
12,044.097. F. W. Macfarlane succeeds.R A. Cooke as a director.
Highland Spruce Co., Black Mountain, N. 0.-Bonds.Cutter, May & Co., Chicago, recently offered at par and int.
$300,000 1st M. (closed) 6% gold bonds, unconditionally
guaranteed, p. & i., by J. C. Campbell, Pres. of U. S. Spruce
'Co.,Marion, Va., and M. L. Foster V.-Pres. and Treas. of
Highland
hland Spruce Co. A circular '
shows:
Dated April 11012. Principal and Interest (A. & 0.) payable at Union
Tr. Co., Detroit, trustee, or at Cont. & Comm. Nat, Bank, Chicago. Par
$500 and $1,000 o*. Due in 14 semi-ann. Installments, Increasing from
$15,000 April 1 1913 to $38,000 Oct. 1 1919; subject to call, all or any, at
102 % and int. on or after April 1 1914 on 3 months' notice. The only debt.
Capital stock, pref., $40,000; common, $310.000,
A first mortgage on all property now owned (or hereafter acquired), comprising an 8,000-acre tract owned in fee simple, with the timber thereon.
on Black Mtn.. Yancey Co., N. C., about 20 miles northeast of Asheville;
will also cover 448 acres of adjacent "Connally" timber lands purchased;
also as a collateral lien by deposit of $50,000 1st M. of Dickey & Campbell,
a modern saw mill, capacity 100,000 ft. daily, and 14 3, miles of railroad to the Southern By., both to be built at a total est. cost of $195,000
by July 1 1912. The timber and lands are est. at $1,123,250, viz.:
Timber, &e., on 7.000 acres [spruce, 168,550,000 ft. at $5 per 1,000; hardwood, 5,360,000 ft. at $2 per $1,000; pulpwood, 25,520 cords at 50c. per
cord], $866,230; timber, &c., on 1,000 acres (20,000,000 ft. of spruce],
p25,000; 8,000 acres of land at $4 per acre, $32,000; timber on 448 acres
"Connally lands" to be brought under mortgage, $100,000: totaL$1,123,230.
Sinking Fund.-For prompt payment of interest and principal $2 per
1,000 ft. on all merchantable timber cut anti 50e. per cord for pulpwood
cut or removed, plus $5,000 yearly, as below stated.
Dickey & Campbell, Black Mountain, N. C., under contract running
until July 1 1920, agree to cut yearly at least 24,000,000 ft. of timber and
pay for same semi-monthly whether cut or not. They will also deliver
to the company a first and only mortgage on their mill and railroad property (to be completed July 1 1912. as above stated) for $50,000, payable
to the sink. fd. of this issue In 10 annual Installments of $5,000 each beginning July 11913. In case of failure to fulfill the conditions of the contract,
the unrestricted use of both mill and railroad reverts to Highland Spruce Co.
- Officers and directors: Pres., F. A. Drury (Pres. Merch. Nat. Bank of
Worcester. Mass.); Vice-Pres. and Treas.. M. L. Foster of Worcester;
Sec.. John S. Adams of Asheville. N. C.
(The) Holding Corporation, New York City.-New Investment Holding Company.-This company, brought out by
Swartwout & Appenzellar, bankers, New York, was incorporated in New York State on March 4 1911 and on March 12
1912 increased its authorized capital stock from $300,000
divided into $200,000 6% cumulative participating preferred
and $100,000 common stock, to $600,000, by raising the
limit of preferred stock issue to $500,000; amount now outstanding, $100,000 common and $300,000 pref.; par $100.
The pref. stock (placed at par) Is entitled to a 6% per annum cumulative
dividend, payable quarterly,and in addition, when declared by the board,
to one-half of the remaining net profits. Thus the common stock receives
no dividend except as the preferred receives an extra dividend above its
fixed 6% rate. In case of liquidation, also, the preferred Is entitled to par
and accrued dividends plus 50% of the remaining assets.
Formed to take advantage of the many opportunities offered to bulking
firms, but not available for the individual Investor, to participate In the
underwriting of securities suitable for investment purposes; to subscribe
for new Issues on bankers' terms and to buy and sell such bonds, stockl
and other s3curItles as Its directors, who are In a position to have fus
particulars re rding the best o erIngs, may approve. It is proposed
to a reasonable extent to buy bonds of recognized merit that are without
a ready market, and therefore are frequently available In small amounts
at bargain prices. It Is not the present purpose to act as a selling organization dealing with Individual customers.
Regular quarterly dividends of 13,6% have been paid on the $200,000
pref., and an extra dividend of 1 % was paid on March 15, along with an
initial dividend of the same amount on the $100,000 common stock.
Richard H. Swartwout Is President; Paul Appenzellar, Vice-Pres.; Wel'
lIngton E. Bull, Sec.; Frederick H. Turner. Treas.
Sinking fund must retire $475,000 of the $500,000; par of collateral, $625,000. Since 1904 has issued $8,000,000 coll. trust 5% bonds; canceled to
International Milling Co., Minnesota and Canada.-Bonds,
Aug. 2 1912. $4,258,000; bal. out.. $3,742,000. Capital stock, $1,000,000 &c.
-A. E. Ames & Co., Toronto, recently offered $219 000
5% pref. and $2.000.000 common; the latter owned by General Electric Co.
Surplus Dec. 31 1911, $1,103,771. Assets, cash, $1,269,918; securities 1st M. 6% bonds, issued in connection with the acquisition
appraised at $6,799,546.
Collateral for this issue: Appalachian Power Co. 1st M.5s, due 1941 (V.93. of the Calgary mills and for extensions and improvements to
p. 529, 874; V. 95, p. 112), $125,000: Choctaw By. & L. Co. 1st M. 5s, due other properties, making the total outstanding $779,030.
1938, $78,000; Consol. Power & Lt. Co. of South Dakota 1st consol. 5s,
understood, are also
due 1929 (V. 95, p. 51), $150,000; Great Western Power Co. 1st M. 5s, due Nesbitt, Thomson & Co., Ltd., it is
1946, $150,000; Texas Traction Co. 1st M. 55, $27,000; Sierra (So San Fran. handling a block of these bonds. The following data are
Power Co. 2d M."A" Os. 1949, $25.000; Yadkin River Pow. Co. 1st M. 5s. published:
due 1941 (V. 93, p. 1267), $45,000; Southern Mich. By. 1st consol. 5s,
Now owns six modern mills with the necessary elevators, and, In addition,
due 1931, $25,000.
warehouse and distributing facilities at Vancouver, B. C. The mills are
Profit and loss for year end. Dec. 31 1911: Interest received, $363,095; situated
at Moose Jaw, Calgary, Davenport, Iowa, and New Prague, Blue
dividends received, $99,311; total, $462,406; bond Int. paid, $169.269: Earth and
Wells, Alltin. Total combined daily capacity of 8,400 barrels of
expense, $57.110; bal. sur., $236,027; dividends paid. $210,000. Profit flour and cereals.
Moose Jaw mill, which was destroyed by fire in
on sales of securities, '
589,225; less discount and premium on series bonds, December last, has The
been rebuilt with a concrete fireproof grain storage of
$26,893; net, $62,331. Compare V. 92, p. 1035.
275,000 bushels capacity, a flour-mIllIng department with a present daily
capacity of 1,750 barrels, and a milling department for oats and other
El Paso Gold Mining Co., Denver, Colo.-Changes.The directors were to meet on Sept. 10 to consider the question of chang- cereals having a daily capacity of 400 barrels. The company is now increasing
the capacity of the Calgary mill (bought in March 1912) and ining the par value of the stock from $1 to $5 a share, removing the headquartefs of the company from Colorado Springs to Denver, authorizing the tends to build an oatmeal mill and an additional flour mill storage at Callisting of the stock on the New York and London stock exchanges and the gary within the next year.
Present capitalization: 1st M. bonds, $779,000; pref. stock, $1,002,200:
Paris and Berlin bourses and increasing the size of the board from 7 to 9 common
stock, $538,700. On Feb. 29 1912 reported surplus assets over
members. Allen Burris is President. Eastern, French and Swiss interearnings for the year ended Feb.29 1912 of
ests have, it Is stated, recently purchased $1,500,600 of the company's stock. liabilities of $2,380,482. Netaverage
$194,461, as compared with
net earnings of about $170,00G per
Gillette Safety Razor Co., Boston.-Initial Quarterly Divs. year during the three previous years. See also V. 94, p. 1700.
Initial quarterly dividends of 1s4% and 1 % have been declared on the
(The) International Nickel Co., New York.-xchange of
$6,500,000 7% cum. pref. and $0,500,000 corn. stock, respectively, both
Stock Begun at Bankers Tr. Co. Sept. 12-Payment for the
payable Oct. 15 to holders of record Sept. 30. Compare V. 95, p. 516.
Great Northern Iron Ore Properties.-Suit Settled.Sec Great Northern By. under "Railroads" above.-V. 94, p. 556.
43%% New Common Stock Must be Made by Sept. 25-New
Certificates Now Ready-Purchase of 1st M. Bonds at 110 to
THE CHRONICLE
SEPT. 14 1912.]
633
of State of Canada a cerBegin Oct. 1.-The consolidation of International Nickel Co. filed in the office of the Secretary
tificate of incorporation with $25,000,000 authorized stock,
and Colonial Nickel Co., in accordance with the terms of the in
$100 shares, with broad powers.
circular letter of July 18 1912 (V. 95, p. 239) having now
Notice was given that an application would be made to the Parliament of
been completed, four circulars dated Sept. 6 make substan- Canada to change the company's name to Mexico North Western Pacific
Ry. See Mexico & N. W. Ry. in V. 94, p. 1627.
tially the following announcements:
Signed by Sec. J. L.Ashley, 43 Exch'ge Pl.,N.Y.
Michigan Limestone & Chemical Co., New York.-New
(1) Exch'ge of Stock-Circular
holdings
stock
You are entitled to receive in exchange for your present
(a) One Enterprise.-This company, referred to in the report of the
blank:
in
endorsed
same
the
for
certificates
the
of
upon surrender
under
International Nickel Co.
share ($100) of the 6% non-cum. pref. stock of the company; and (b) 2 44 Ann Arbor RR. in V. 93, p. 1256, was organized
(new) for each share ($100) of pref. stock of the old Nickel Co.(new) for Michigan laws with $2,000,000 capital stock in $25 shares
the
of
stock
International
common
shares ($250) of the
common,
The new certifieach share ($100) of common stock of the old company. Wall St., N. V. ($500,000 being 7% cum. pref. and $1,500,000
cates will be ready for delivery at Bankers Trust Co., 16 Stockholders re- all full-paid), and, having purchased 8,000 acres of land in
requested.
Is
surrender
Prompt
City, Sept. 12 1912.
with A. St. Geo. Wag- Presque Isle County, Mich. with natural harbor and limesiding in Europe may deposit their old certificates'
St., London, stone
deposits "50 to 80
in thickness, averaging 98%
staff°, Secretary of Nickel Corporation, Ltd., 85 Gracechurch
B.C., who will attend to exchanging same.
Morten, Robert M. calcium carbonate," proposes to sell crushed limestone for
Edmund C. Converse, Joseph R. DeLarnar, Ambrose voting
trust agree- chemical and
Thompson and Ezra F. Wood voting trustees, under a
metallurgical purposes,also to manufacture soda.
a period of five years.
ment of the new stock dated gent. 6 1912, to run for
wish so to
Invite the deposit of stock to them as voting trustees. If you
deposit, please indicate the fact.
Exch'ge.
in
Certs.Given
Trust
Certs.-New
to
Stock
Trust
of
(2) Notice Holders
St., in exYou are entitled to receive at the Bankers Ti. Co., 1(1 Wall
(enchange for and on surrender of your present stock trust certificates
non-cum. pref.
dorsed In blank): (a) A stock trust certificate for $100 0% old company;
stock of the new company fbr each $100 pref. stock of the
new company
and (b) stock trust certificates for $250 common stock of the
for each $100 of old common.
a new voting trust has been
The old voting trust having been terminated, Sept.
6 1912, but otherwise
created, running for a period of five years from old voting
trust.
Identical in every respect with the terms of the
.due Sept.25.
NewCom.Stk.-Pay
for
Stk.Purch.War'nts
(3) Notice to Holders of
of the consolidated company, eviPayment for (4331%) common stock heretofore
be made in
must
issued,
warrants
purchase
stock
denced by the
on or before Sept. 25 1912.
cash to the Bankers Trust Co. at $100 a share
unmatured coupons atThe 5% bonds of International Nickel Co. with allfor
the new stock at 110
tached will be accepted in whole or part payment
and int. to Oct. 1 1912.
The temporary certificates for shares of stock subscribed for will be ready
for delivery at the Bankers Ti. Co. on and after Sept. 12 1912. Please indicate whether you desire stock trust certificates or stock certificates.
(4) Notice to Holders of the $7,900,000 30-Year 1st M.5% Sig.Fd.GoldBonds.
The company. will purchase on and after Oct. 1 1912 at 110 and int. at
the Bankers Tr. Co., 16 Wall St., any and all of the above-dese;rbed bonds
now outstanding of the International Nickel Co. Tile company proposes
to call for redemption, under the terms of the mortgage, at the earliest
possible date, any bonds that are not presented for payment under the
foregoing offer.-V.95, p. 239, 621.
The White Investing Co., N. Y., some months ago was placing the final
$200,000 treasury pref. stock with bonus of common, in order to provide
for a greater capacity than was originally planned. The pref. shares are
pref. p. & d., and are callable at 105 and accrued dividends, with a sinking
fund of 1 cent per ton of limestone sold. No bonds. On sales of 300.000
tons annually, net profits of $90,000 are expected. Pres., W. F. White;
Vice-Pres., J. W. Lewis, and Sec.-Treas., J. W. Lewis, all of New York.
of its assets years ago when the company was first formed has recently been
minimized by the comparative growth In value of its properties. For that
reason, it Is said, the company plans to re-capitalize its assets at $8,000,000
and expend the remaining 32,000,000 of the proposed increase in stock for
improvement purposes In the Lost Fields oil territory.
Taose interested In the new company include Charles B. Warren, H. A.
Douglas and F. R. Hathaway, who are the President, Treasurer and Secretary, respectively, of the Michigan company.
Milwaukee & Chicago Breweries, Ltd.-Report.--The report for the year ending Sept. 30 1911 shows the following
results for the American company:
Sales.
Deprec'n, Bond, &c., Divid. to Balance,
Total
Fiscal
Year- Profits. Repairs, &c. Interest. English Co. Surplus. (Barrels.)
1910-11 ___$870,238 $515,760 $172,141 $155,000 $27,337 1,073,665
15,668 1,031,580
165,000
172,917
527,046
1909-10 ___ 880,631
940,925
1,645
222,500
176,497
506,569
1908-09 ___ 907,211
973,506
219,000 def29,701
236,755
192,976
1907-08 ___ 619,030
(in1910-11
the
year
for
dividends
in
3%
paid
company
The English
paid Nov. 1011 and 1 34% declared payable April 1 1912),
cluding 1
calling for £25,574 (334% having been paid In 1909-10, calling for £29,837).
leaving a surplus of £714 to be carried forward after deducting expenses and
adding £543 brought forward from 1909-10.-V. 92, p. 885.
Minnesota Gas & Electric Co., Albert Lea, Minn.-New
Name, &c.-The Albert Lea Light & Power Co. (see bond
offering, V. 80, p. 713) early in 1912 changed its name to
Minn. Gas & El. Co. and increased its auth. cap. stock from
$400,000 to $750,000. On Dec. 1 1911 the amount outstanding was unchanged, namely $100,100. Funded debt
Kern Trading & Oil Co., San Francisco.-Stock Increase.- outstanding, $221,000.
All the $130,000 outstanding serial 1st H. goldias dated 1904, due after
This company, whose entire $1,000,000 stock was owned on
April 11912, were called for payment at 103 & Int. on April 1 at the Cont. &
June 30 1911 by the Southern Pacific Co., has called a special Comm.
Tr. & S. Bk.. Chic. Pres., G. C. Edwards, Bridgeport, Conn.
meting of the stockholders for Oct. 10 to vote on a proposed V.-Pres., Thos. J. Bolger, Chicago. Ludwig Kemper of Chic. Is Sec.-Treas.
increase in capital stock from 81,000,000 to $10,000,000.
Minnesota Sugar Co.-Successor Cornpany.-The company
The "San Francisco Chronicle" of Sept. 5 said:
has been organized by persons connected with the Michigan
tile
by
is
maintained
plans
new
the
concerning
secrecy
The utmost
to take over the Carver County Sugar Co., control
officials of tile company. It was learned yesterday, however, that the Sugar Co.
company has long felt that It was under-capitalized-that the capitalization of which was recently sold by the American Sugar Ref. Co.
Mississippi River Power Co., Keokuk, Iowa.-Construc-Stone & Webster have issued Bulletin No. 6, describtion.
Basis.
7%
(A. B.) Kirschbaum Co.,hila.-Pref. Stock on
ing and illustrating the progress of construction between
A dividend of 2 1-3% has been declared on the $1,350,000 7% cumulative
preferred stock, for the 4 months ending October 1, payable October 1 to March 1 1912 and June 1 1912. It gives substantially the
holders of record Sept. 18. See stock offering 13. 95, p. 114.
following information, indicating that the plant atKeokuk
(S. S.) Kresge Co.-Listed.---The N. Y. Stock Exchange will probably be completed by July 1 .1913:
From the beginning of the work it was recognized that the severest conhas authorized to be listed $2,000,000 7% cum. pref. and ditions
which would have to be met by the Iowa cofferdam would occur
$5,000,000 common stock on notice of issuance of permanent when the Ice would go out in the spring of 1012. The structure had been
from the west bank of the Mississippi about a quarter of a mile
out
built
engraved certificates.
into the river, and the main dam from the Illinois shore for about three-•
Earnings.-For years ending Dec. 31:
fourths of the width of the river, leaving a clear space of only 450 ft. The
Net
0th. Inc. Expenses
Total
Cost
Trading
Cal.
& Deprec. Profits.
(Net).
Sales.
of Sales.
Year.
Profits.
1911 _ _$7,923,064 $5,462,622 $2,460,442 deb.$5,084 $2,032,074 $423,284
7,633 1,633,391 403,953
1910 __ 6,508,752 4,469,036 2,030,716
3,988 1,221,197 310,993
1009 __ 5,116,099 3,587,987 1,528,202
To the net profits for 1911 as above were added $47,582 extraordinary net
profits (less payments), making total profits as per certificate of April 30
1912, $470,866.
openings between the bridge piers of the dam were largely free but the ice
gorge effectively closed them at first against any passage of ice, forcing
all of It to pass through the single opening between the end of the dam and
tile Iowa cofferdam. This condition had also been anticipated.
The cofferdam was designed for a total depth of water upon It of 2534 ft.,
and the highest water ever known at that season of the year came about
April 6, leaving only about 3 inches of cofferdam above the high-water
surface. The loss to the company because of the property destroyed is
Total Sales for Aug. and 8 months ending Aug. 31:
less than $1,000. The stage of the river remains abnormally high and
Increase. progress on the main dam has been impede,' beyond expectations, but it
Increase.1 1912-8 Mos.-1911.
1912-Aug.--1011.
The hydraulic
30.83%
$4,524,283
35.4%135,919,744
$626,054
should be entirely possible to complete the work on time.
$848,544
h.p. cost.
_Nr. 95, p. 424. 179.
work should also be completed on time, within the estimated
placed on the
During the month of May 26,000 Cu. yds. of concrete weredrydock.
The
ant
lock
re,
sub-structu
house
division In the power
Lehigh Coal & Navigation Co.-Suit.-A bill in equity was Iowa lift
water
of the lock will be a little over 39 ft. at times of extreme high
total
20
ft.
lift
minimum
below;
river
filed on Feb. 14 in the U. S. District Court at Philadelphia in
the
In
water
low
and
above
pool
tile
of the power house is rapidly nearing completion. All of
against the Central RR.of New Jersey, asking for an account- Tile north half
been set and at the
have
units
witer-wheel
for
liners
pit
fifteen
the
rights-ofing by the latter for sums expended in payment of
north end the substructure is/practically complete for the first four units.
.riarn (whieh was submerged last March
On the Illinois di visii i to
way and construction work done on Lehigh & Susquehanna
d out an I constrw•tion of the
to the ice gorge] Is ready to be nump,
owing
Central
the
RR., which was leased in 1871 for 999 years by
be resumed. The only damage was
soon
will
piers
remaining 37 concrete
the loss of some track material.
RR. of New Jersey.
(Under the contract for the sale to the St. Louis public service companies
The answer of the Central company was filed on the same day, the suit beenergy, the Mississippi River Power Co. is obligated to deliver the
ing designed to bring about a legal and amicable adjustment of long-existing of electric
at St. Louis. The transmission line from Keokuk to St. Louis Is now
power
the
of
clause
an
securing
the
by
of
improvement
differences
interpretation
but whether it will be operated by the Power Co. or a
construction,
under
lease. No breaking of the lease is contemplated. Dickson, Bottler &
company Is not known. The Mississippi River Distributing Co.
MoCouch of Philadelphia are solicitors for the Lehigh Com'y.-V.94, p. 1052. subsidiary a subsidiary of or connected with Mississippi River Power Co.,
is in no way
tile contract to supply the public utility companies of St. Louis is
Metropolitan Coal Co., Boston.-Mortgage.-This com- though
made through tile Distributing Co.
Co.
pany, controlled by the Consolidation Coal Co.(of Maryland),
It was reported on Aug. 22 that the Union Electric Light & Power
to carry
St. Louis had contracted to expend $1,000.000 on electric cable,
some time ago sold to Brown Bros. & Co., Boston, who • of
River Power
current from the transformer station of the Mississippi
the
connection
aceled them at 103, $200,000 1st M. 4% bonds dated DIstributin,y, Co. Into the city and would also expend In thisline
between
about $500,000 for conduits. The cost of the transmission
December 11911.
separate affiliated company,
the
by
handled
s
which
St.
Louis,
and
Keokuk
and
int.
for
105
sinking fund beginning
Duo Dec. 1 1939, but callable at
the
RailUnited
Co.
and
Union
The
$5,000,000.
about
Oct. 11913. Par $1,000. Int. J. & D. at New England Trust Co., Boston, It is said, will be
contracted for about 60,000 h. p. of the 200,000 to be genertrustee. Total auth. Issue stated as $250,000. The mortgage was made in ways Co. have
V. 92, p. 729.
412;
592,
P.
dam.i-V.
93,
tile
at
ated
connection* with the purchase ond development of the large coal plant of
George B. Emery on the water-front in Chelsea, It being proposed to build a
Mohican Oil & Gas CO.-Change in Control.300-ft. pier and provide facilities for ht.ndling and storing 1,000,000 tons a
See East Ohio Gas Co. above.-V.91, p. 1450.
year.
Balance Sheet of March 31 1912, Filed with Mass. A uthorities
1911.
1912,
1912.
191 1.
Liabilities$
$
632,012 414,073 Capital stock__ _1,378,400 1,000,000
475,563
345,557 Accts. payable _ _ 351,350 327,212
541,446
388,873 Special stock _ _ _ 400,000 400,000
400,000 400.000 Reserve
100,000
393,425 216,600 Floating debt__ _ 330,000
120,000
162,600
164,000 Funded debt_ _ _ 200,000
164,704
160.620 Surplus
142,514
110,000
AssetsReal est.&mach.
Supplies, &c____
Gash & debts rec.
Good-will
Securities
Steamers & tugs.
Horses & vehicles
2,709,750 2,089,726
Total
88, p. 1200.
Total
2,769,750 2,089,720
Mexico Northwestern Transportation Co., Ltd.-New
Company-Change of Name.-The company; controlled by
,M,ackonzip .& Mani)(Qtrlaclian Northern) interests, or.t Mch. 7
Mortgage-Bond Co. of New York.-Listed.-The New York
Stock Exchange has listed $1 ,000,000 5% 10-20-yr. mortgage bonds, series 3, due 1922, with authority to add $4,000,000 on notice of sale, making total authorized to be
listed $5,000,000. See bond offering, V. 94, p. 986.
Earnings.-For 6 months ending June 30 1912:
Gross income, $210,785; expenses, $35.700; bond interest, $80,973;
act profit, 334,022.-V. 94, p. 986.
Mountain Development Co., Seattle.-No Sale.See "Seattle" in "State and City" Department.
National Electric Signaling Co.-Rehearing Denied.-
for
The U. S. Circuit Court of Appeals on Sept. 11 denied the application
Wireless
a rehearing In the suit brought by the company against the United
684
THE CHRONICLE
[VoL. Lxxxxv.
Telegraph Co., in which an injunction was asked restraining the defendants
from infringing, as alleged, on the Fessenden wireless telegraph patents.
The Court says that nothing appears to show that the Court misunderstood
the invention disclosed by the patents in question. Compare V.94, p. 1703.
-V. 95, p. 424, 300.
ment of $9,000, and subsequently refused to pay the remainder of the subscription on the ground that misrepresentations had been made.-V. 93, p. 168.
Russell Motor Car Co., Ltd., Toronto.-New Stock.
Oil Fields of Mexico Co.-Pref. Stock Offered.-The British
All shareholders of record Feb. 19 were entitled to subscribe at par ($100
& Foreign General Securities & Investment Trust, Ltd., re- a share)
till Feb. 24 for $400,000 7% cum. pref. convertible shares to the
cently received applications on behalf of the owners at Parr's extent of one new share to each four shares. Subscriptions payable
either
In
five
eqal
(Feb. 24, April 1, May 1,June 1 and July 1 1912).
Bank, Ltd.,
for $1,000,000 7% cumulative partici- or In full at installments
once with 46 cts. persharc additionalfor accrued dividend. This
pating pref. stock
London,
at par, $5 a share, i. e., £1 Os. 10d. per will make outstanding $1,200,000 7% cum, convert. pref. stock and
$800,000 common.
share. An advertisement shows:
The directors have decided to undertake the manufaCture of
Incorp. In W. Va. [June 27 1912] with $5,500,000 share capital in $5
shares, U. S. currency, viz.: $4,500,000 ordinary stock and $1,000,000 7%
cum. partic. pref. stock. After having received its dividend of 7% per
annum, the pref. Is also entitled to 40% of the surplus profits declared by
the board to be available for dividend purposes. In liquidation it has
priority as to par and accum. divs.
After such payment the ordinary
shares will be entitled to receive $1,000,000, and the remaining assets will
be divided, 40% to 200,000 pref. shares, and the balance to the ordinary
shares. The pref. share capital may not be increased or reduced and no
other class of pref. shares may be created without the consent of a majority
of each class of shares outstanding. Both pref. and ordinary shares are
entitled to one vote for each share.
• The company will Issue, in exchange for $1,000,000 debentures now
entitled to a charge upon the property and assets to be acquired by the
company, $1,000,000 of 10-year 6% convertible debentures (dated July 1
1912 int.J.& J.), carrying the right for the bearers to convert into ordinary shares at par. For the purpose of conversion of debentures $200,000
ordinary shares are held in reserve.
The dividend on the pref. shares will be payable on Jan. 1 and July 1 in
each year. The first payment calculated from the due dates of the installments will become due on July 1 1913.
Directors.-Pres. Percy N. Furber, Vice-Pres. A. Heckscher, G. Elton.
Parks, Henry De Forest Weekes, Frank Furber, Charles W. Bowring, Herbert Carr,the last two named having been nominated by British & Foreign
General Securities & Invest. Trust, Ltd.
Secretary, G. Maurice Heckscher, 576 Fifth Ave., N. Y. City.
London Advisory Committee.-Sir Hugh S. Barnes, Clive Bowring and
H. W. Sillem.
Data from Letter of Pres. Percy N. Furber, July 24 1912.
The properties to be acquired by the new company are situated in the
States of Vera Cruz and Puebla, Mexico, and consist of about 200 sq. miles,
freehold, and a further 175 sq. miles held on long leases upon exceptionally
favorable terms. There is a narrow-gauge railway and 6-inch pipe line
50 miles in length from the main camp at Furbero to the Port of Tuxpam,
on the Gulf of Mexico, which, wIlth two pumping stations and field storage
for about 200,000 bbls, of oil, cost, when completed in 1910, $2,800,703
(Mexican). Erected on the property, In addition to the two W,000-bbl.
steel tanks at Tuxpam Bar, are steel tanks with a capacity for a further
120,000 bbis., making In all steel storage capacity for 220,000 bbis, of oil.
The production now comes from three flowing wells and four "pumpers."
The biggest producing well came in as a "gusher" on May 1 1911, starting off
at 800 bbis, per day. This well has already produced in 14 mos. over 200,000 bbls. of oil, and Is still producing about 450 bbls. per day.
The new company will have the benefit of a contract with the Mexican
Eagle Oil Co. (V. 94, p. 830, 355), under which the latter company has
prior rights for 12 years from May 1 1910 to purchase the new company's
production of oil up to a maximum of 180,000 bbls. per month, and agrees
to purchase a minimum of 60,000 bbis, per month, but there is no guaranty
by or liability upon "The Oilfields of Mexico Co." to supply any fixed quantity. The price to be paid by the Mexican Eagle 011 Co. will give a handsome profit upon the minimum monthly output.
The Mexican Petroleum Co., which is now handling about 30,000 bbis.
per day and making, according to the last reports to hand, net profits of
$3,500,000 (U. S.curr.) per ann., show the possibilities of the Tuxpam Dis.
The new company's production from its large property, when developed,
should aggregate 20,000 bbls, per day, which was the orglinal daily production of the first six wells drilled. On this basis, or 7,300,000 bbls, per year,
the net profits, after deducting the cost of development and production and
fixed charges, should average at least 40 cents (U. S. curr.) per bbl., or
$2,920,000 (U. S. curr.) per annum. Compare V. 80, p. 1975.
Pen.mans, Limited.-Earnings.--For calendar years:
Pf.Div.Com.Div. Accts. Deprec,
Cal.
Bond
Na
Balance,
Year- Profits Infers -f, (6%). (4%). Writ.Off. Reserve Sur. or Def.
1911 __$341,348 $100,000 $64,500 $86,024 $13,080 $100,000 def.$22,236
86,024
26,644
64,500
407,812 100,000
100,000 sur. 30,644
1910-93, p. 526.
-v.
People's Gas & Electric Co., Burlington, Ia.-Merger.See Burlington fly. & Light Co. under "Railroads" above.
Pittsburgh Steel Foundry.-Increase of Stock.-The stockholders voted April 9 to increase the stock from $400,000
to $1,000,000 and to change the name to Pittsburgh Steel
Foundries Co.
Pocasset Manufacturing Co., Fall River, Mass.-Dividends Resumed.-A quarterly dividend of 1% was paid
March 1 on the $1,200,000 stock.
The company Is said to be the first of the textile companies which passed
dividends to resume. It passed the last quarter and paid 1% the quarter
before. The previous rate was 1
quarterly, a 100% stock dividend
having been paid Feb. 1907.--V. 84, p. 511.
Prepayment Car Sales Co.-Demurrer Overruled.Judge Hough In the U. S. District Court In this city on Sept. 5 overruled
the demurrer flied by the Orange County Trac.Co. In the suit for infringement of patent granted to Ross and McDonald in 1905, brought againt that
company. The Court says: "In my judgment this invention consists of no
more than a convenient arrangement of the doors and railings of a street car
so as to provide separate passageways for the incoming and outgoing lines
of travelers. To me this device appears easily within the skill of an ordinary
mechanic, and, therefore, to lack every inventive quality. A demurrer,
however, calls upon the Court to adhere to its own first view by holding
that no possible evidence could warrant the submission of questions of
novelty, utility and invention to the jury. Therefore, one must inquire
what kind of evidence could be offered. Obviously, there is one sort of
testimony that must be available, namely that the improvement in question
met a long-felt want, has been accorded a warm reception by the public
and attained a commercial success. It must also be assumed In favor of the
pleader that there was practically no prior art.
"When one remembers how Important is the background of the prior art
in passing judgment on questions of Invention, and that commercial success
may deckle the case when the patentability Is doubtful, I do not think
the demurrer can prevail."
Putnam (Conn.) Water Co.-Sa e t City.See "Putnam" in "State and City" Dept.
Reliance Cement Co.,,Philadelphia.-Protective Committee.
-The committee consists of Claude A. Simpler (Chairman),
John Story Jenks and Minturn T. Wright, with John Hampton Barnes as Counsel.
The committee owns and represents a large amount of 1st M. 6% bonds
and pref. stock. The committee invites the bond and preferred stookholders to deposit the same with the Land Title & Trust Co., Philadelphia, depositary, under a security holders' protective agreement.-V. 81, p. 1854.
Knight
motor vehicles for delivery and truck purposes.-V.94, p. 566; V.93,p.1322.
The St. Louis County Gas Co.-Bonds Offered.-As stated
at the tune (V. 94, p. 1255), Harris, Forbes & Co., N. Y.,
N. W. Harris & Co., Boston, and the Harris Tr. & Say. Bank,
Chicago [the mortgage trustee] offered in April l'ast at a price
to yield 5% $700,000 1st m. 5% 40-yr. gold bonds. Dated
April 1 1912, due April 1 1951, but subject to call on or after
April 1 1917 at 105 and int. Par $1,000(c*). Int. A. & 0
In a letter then written, Pres. Mortimer wrote in substance:'
Data from Pres. J. D. Mortimer, St. Louis. April 26 1912.
Does the entiro gas business of the suburban uisteict in St. Louis County
immediately adjoining city of St. Louis, including Clayton, De Hodiamont,
Ferguson, Jennings, Kirkwood, Weiston, Webster Groves, University City.
Population of the district served 27,300 in 1900; 54,700 In 1910.
Capitalization outstanding: cap. stock, $500,000; 1st M. 5% bonds,
$700,000, a first and only mortgage. Company is experiencing a rapid
growth in its business and in order to provide in part for probable future
requirements, the authorized bond Issue has been made $30,000,000.
Escrow bonds may be Issued for 85% of the cost of improvements, extensions or additions when the net earnings after operating expenses and taxes
and 12% for maintenance and deprechtlon shall have been 1 2-3 times the•
Interest charges, including bonds applied for.
Earnings for Years endlne February 28.
1910-11.
1911-12. Est.1912-13.
Gross earnings
$162,189
$189,759
$194,000.
Net earnings
39,700
,
61095
74,000
The estimate for 1912-13 which takes into consideration the recent
rate
reductions [ranging from 10 to 20 cts. and bringing down the rate
consumption of amounts up to 10,000 Cu, ft. per month to $1 10.1 asfor
well
as
economies In operation, shows net earnings of over twice the interest
($35,000) on the outstanding bonds.
Physical Property.-Gas plant constructed In 1911 generating capacity
1,500,000 cu. It. per day, consisting of water gas machinery, gas
compressors, holders, &c., located on 24 acres on St. L & San Fran. RR., just
outside St. Louis; 146.18 miles of gas mains, of which 99.26 are high
sure; about 7,025 services and 5,755 meters. There has been Invested inpresthe
property and business $1,075,000, after allowing for accrued depreciation,
$919,000.
Gas Sold.-1909, 101,298,000 Cu. ft.; 1910, 127,480,000 cu. ft.; 1911;
147,824,000 cu. ft. Until late in 1911 the company purchased all the gas
it sold. The new plant has shown very large reduction in the cost
of gas,
which will be reflected in a rapid increase In the net earnings.
The franchises cover all of St. Louis County except St. Ferdinand, which
has not yet been reached. The principal franchise (for County of St. Louis)
extends, In the opinion of counsel, until Feb. 3 1954; all the franchises
are satisfactory from a business standnoint and free from burdensome
restrictions. See also V. 94, p. 1123, 1255.
Schuylkill Gas & Electric Co., Philadelphia.-Stock.
This company, which in June 1911 increased its auth. capital
stock from $5,000 to $1,000,000, has filed notice of an increase in the issued stock from $387,000 to $530,000.
Shawinigan Water & Power Co., Montreal.-New Stock.-
Shareholders of record Sept. 30, as already announced, will be permitted
to subscribe until 3 p. m. Oct. 21 for $1,000,000 new common stock at
$120 per share, to the extent of one share of new stock for ten shares of old.
Subscriptions will be payable in 2 installments of $60 each, on Oct. 21 and
Nov. 20, at the Bank of Scotland, London (at 4s. 13,6d. to $1) and at Quebec, Bank of Montreal. The new stock certificates will be issued by the
Royal Trust Co., Montreal, on and after Jan. 2 1913. All shares paid up
in full on or before Nov. 20 will receive the full dividend for the quarter
ending Dec. 31 1912.-V. 95, p. 622, 364.
Southern Bell Telephone & Telegraph Co.-Listed.-The
New York Stock Exchange has listed $9,903,000 30-yr. 1st
M. sinking fund 5% bonds, due 1941, with authority to add
$3,000,000 bonds on notice of sale, making the total amount
to be listed $12,903,000.
Of the $10,000,000 bonds originally issued, $97,000 have been retired
by the sinking fund. (See bond offering, V. 91, p. 1714.) The
proceeds
of the bonds just listed have been applied as follows: (a) Proceeds of $3.
370,000 to payment of notes for funds used in making extensions and additions; (b) proceeds of $6,630,000 to purchase of the securities of the Cumberland Telephone & Telegraph Co. and of other telephone companies:
Eea
ar
rnings, &c.-For year ending June 30 1912 etc:
Year
Net (after
Divid'ds.
Balance,
lnh
e tegrees.
st
Revenue.
Endingevenue.
(8%).
Taxes.
Surplus.
June 30 1912_ _ _$7,571,403 $2,484,195 $632,521 $1,284,000 $567,674
Dec. 31 191L_ 7,202,056
2,278,710
1,284,000
438,729
555,981
Gross revenue 1911-12 included: Telephone rev., $6,919,868; interest
received, $332,895; dividends received, $318,640.
Balance Sheet as of June 30 1912 (Total Each Side $38,998,694).
Real estate
$1,002,104 Capital stock
$21,400,000
Construe., equip. & supp1.20,062.476 First M. 5s, 1941
. 9,903,000
Cash and deposits
3,801,207
340,590 Bilis payable
Bills rec'le: (Ches. & Pot.
645,887
able
Tel. Co., $1,704,207) __ 2,113,637 Accrued taxes
109,469
Accounts receivable
590,860 Unearned revenue
13'
Stocks and bonds
deprecia'n
1
669:2
1
1:0
74
28,9
3,8
Reserve
la for
Contracts and licenses_ _ _ _
268325,50840
6 Surplus
Sk. fd. & bond discount
790,681 Undivided profits 1912 _ _
328,292
Owns and operates exchanges and toll and telegraph lines In the States
of Alabama, Florida, Georgia, South Carolina and North Carolina. It
operates 143,000 subscribers' stations, with 268 exchanges, and 120,000
stations, with 1,119 exchanges,are operated within its territory under connecting agreements with other companies. Also owns $10,796,500 capital stock of a total issue of $11,080,150 of the Cumberland Tel. & Tel. Co.
of Ky., operating the Bell telephone business in Kentucky, Tennessee.
Mississippi, Louisiana and small portions of Illinois and Indiana; $84,800
of the $85,000 pref. stock and $192,100 of the $192,500 common stock of
the Asheville Tel. ec Tel. Co.; $195.700 of the $385,000 corn, stock of the
Home T. & T. Co. of Henderson, N. C.; entire $9,200 pref. and $138,600
of the $190,800 corn, stock of the Piedmont T. & T. Co.; $80,700 of the
$181,000 corn, and $49,500 of the $50,000 pref. stock of the Gainesboro
T. & T. Co. The stocks owned are pledged as part security for the bonds.
From 1890 to 1893 the company paid dividends quarterly at the rate of
6% per annum; 1894-95 at rate of 5% per annum;since 1906 dividends have
been paid quarterly at the rate of 6% per annum -V.94, p. 566.
Southern Timber Co., Allenhurst, Ga.-Bonds.-Farson,
Son & Co., N. Y. and Chic., have purchased, and are now
offering at 100 and int., $295,000 6% guar. 1st & gen. M.
Rockingham Power Co.-Decision.-The U. S. Circuit
bonds. The bankers say:
Court of Appeals on March 7, in a per curiam opinion in gold
Maturing Aug. 1 1913 to Aug. 1 1915. Total security $725,000, or
nearly
23i times the bond Issue of $295,000. Prin. and Int. personally
Knickerbocker
suit
brought
by the
Trust Co. of New
the
guaranteed by E. V. Dunievie, a timber operator of long and successful
York against one Worth, affirmed the judgment of the lower record.
Entire output of company is sold under guaranteed
to the
Court for the unpaid part of the purchase price of $50,000 Dunlevie Lumber Co. at a price yielding in excess of $5 contract
per 1,000 net.
was
Timber
cruised by James D. Lacey & Co. and John Thorpe. Compare
$25,000
pref..
and
defendant
bonds
stock. The
made a pay- V.92. P. 193
. • • • • • • • •
.1
SEPT. 14 1912.]
THE CHRONICLE
onSouthwestern General Gas Co., Chicago.-Consolidati at
Bonds.-This company filed articles of incorporation of
Ft. Smith,Ark.,on Sept. 7, 1911 and acquired properties
TerriLittle Rock-Ft. Smith Gas & Oil Co., the Arkansas &
The autorial Oil & Gas Co. and the Mansfield Gas Co. The
$1,thorized capital 'stock is $2,000,000 (par $100). issue of
000,000 outstanding stock, together with the first for the
$503,000 bonds, are pledged as part security Electric
&
$7,500,000 new convertible 6s of the Standard GasByllesby
&
Co., the holding company, controlled by H. M.
Co., Chicago (see V. 93, p. 1327). In favor of the Continental &
The company filed a $5,000,000 mortgage
Of the new
Commercial Trust & Savings Bank of Chicago, as trustee.only
retirebonds, $503,000 are now issued and $97,000 will be issued issueonwill be
ment of underlying 6% bonds, and the remainder of the
future
used for development of oil lands acquired in Oklahoma and for Oct.
1
dated
acquisitions, &c., at 80% of cost. The new bonds are any
amount at
1911 and due Oct. 1 1931, but callable on any Int. date In
beginning
fund
Sinking
trustee.
of
office
&
at
A.
0.
int.
par,
$1,000;
102;
J. W.
Oct. 1 1913 an amount equal to 5% of bonds certified. Pres.,
Gillette; See., James Brizzolara; Treas., N. B. Garrison, all of Fort Smith.
The Supreme Court on April 8 granted the application o
the Government to advance for hearing the appeal in the
civil suit, in which the company was held guilty of violation
of the Sherman Anti-Trust law in Oct. last (V. 93, p. 1203).
The argument was set down for Oct. 15 next.-V.93, p. 1607.
Tulsa (Okla.) Corporation.-Bonds Offered.-P. W. Brooks
& Co., New York and Boston, have recently sold at
a price to yield 5.40%, $450,000 1st M. sinking fund 5%
20-year gold bonds dated 1912. Par $100, $500 and $1,000
(c*). Interest payable M. & N. at office of P. W. Brooks &
Co., N. Y. City. Principal due May 11932, but callable on
or after May 1 1915, (a) in part by lot on any int. date at
105 and int., or (b) as a whole at 10234 and int.
•
Digest of Statement by Pres. P. D. C. Bali, St. Louis, April 24 1912.
Acquired in 1906 all the franchises, rights and property of the former
People's Gas Co. Now furnishes all the electric current for public or private light and power uses in the city of Tulsa, and supplies refrigeration
and manufactured ice locally and for shipment, having manufactured
13,635 tons in 1911, shipping about 215 carloads to other places.
Franchise for electric current runs until March 1935, without burdensome restrictions, and with a 10-year contract for public lights untl
March 1915. Plant: Substantial brick building of about 25,000 sq. ft. area.
Electric capacity, direct current, 1,200 k. w.; alternating current, 1,880
It. w. Ice-manufacturing capacity, 105 tons daily. Also owns an adj -ining building, to which it furnishes refrigeration for the meat-packing industry carried on by the occupants. Electric distributing line about 79.3
miles of primary arc, commercial power and residence circuits, approximately 33.47 miles of secondary circuit and a little over 29 miles of services
miles.
wiring, or a total of around 141
Issued.
Authorized.
CapitalizationStock (par $25) (dividends since 1909 have aggre$350,000
$1,000,000
gated $142,245)
450,000
1,000,000
Bonds: First M. 5s, due May 1 1932
The mortgage requires: (a) That the property be maintained In good reonly
for
issued
be
bonds
additional
That
pair and properly Insured. (b)
when the
75% of actual cash cost of permanent improvements or extensions
bonds
the
incl.
charges,
interest
the
times
%
2
are
earnings
net
annual
it is desired to issue, plus the annual sinking fund. (c) That an annual sinkbonds
ing fund shall be maintained equal to 1% of the average amount of
1914; of
outstanding each year for four successive years following May 1
1 %% for the next four years and 2% thereafter.
1908.
1909.
1910.
1911.
Earnings$160,499 $144,331 $96,402 $68,628
Gross income
Net after taxes, aplicable to bond int_ $80,040 $84,645 $49,268in$30,243
gross,
The reduced net revenue in 1911, with the decided increase
was due to certain special charges to general expenses. The net earnings
are now (April 1912) at the rate of $85,000 for the calendar year.
Tulsa has a population, including o Hying districts, of around 25,000,
and shows gratifying growth In prosperity and business. Altitude over
700 feet, inviting climate, average temperature around 60 deg. Over 40
miles of paved streets and 110 miles of cement and granitoid sidewalks.
The last assessment (at about 60% of market price) showed real and personal property in Tulsa is over $11,330,000. An industrial and wholesale
centre with 48 trains daily and numerous factories and manufactories.
Union Carbide CO.-Div. Increasedfrom 2% to 234% Quar.
A quarterly dividend of 2%% has been declared on the $10,897,800 stock,
payable Oct. 1 to holders of record Sept. 20, comparing with 2% quarterly
from Jan. 1911 to July 1912, incl., and 1 %% quar. previously since Apr.'06.
Recent Dividend Record (Per Cent).
1006. 1907, 1908. 1909. 1910. 1911. 1912.
1905.
8%
8
6
0
6
6
2% (for half-year)
5
a 40% stock dividend.-V. 94, p. 1511.
1
March
1908
on
Also
685
committee by the Brown & Sharpe Mfg. Co. of Providence,
R. I., creditors to the extent of $70,000, against the United
States Motor Co., the Alden-Sampson Mfg. Co., the Brush
Runabout Co., the Columbia Motor Co., the Dayton Motor
Car Co. and the Maxwell-Briscoe Motor Co.
Statement Made by Albert Rathbone, of Joline, Larkin & Rathbone.
Counsel for the Reorganization Committee.
On June 15 last the U. S. Motor Co. asked 90-days' extension of its Indebtedness, and this request was acceded to by creditors. The committees
representing all classes of creditors, which since then have been examining .
into the affairs of the company and its subsidiaries, have reached the conclusion that these companies can be successfully reorganized and, with
proper management and new capital supplied, can be operated profitably.
Considerable progress has been made in securing the new money needed to
place the reorganized company In a strong operating position. It Is confidently expected that a reorganization will be announced during the current
month. By means of the present legal proceedings the titles to the properties can be vested in the reorganized company. [The reorganization
committee, it is understood, will incityle the following members of the
bankers' committee, namely W. E. S. Strong (Chairman), George W. Davison, V.-Pres. Central Trust Co.; A. If. Wiggin, Pres. Chase Nat. Bank,
and Neal Rantoul, of F. S. Moseley 8c Co., and probably others.]
Statement by Sidney S. Meyers, of the Merchandise Creditors' Comm.
The receivership proceedings were brought with the entire approval of
this committee (see V. 94, p. 1703) and of creditors with claims of upwards
of $7,000,000.
As appears from the bill of complaint (compare V. 95, p. 1703), the assets,
briefly stated, are as follows: Quick assets, about $9,250,000; plants,
factories and equipments, about $6,250,000; stocks in subsidiary companies, about $6,200,000. In the item of quick assets we include completed automobiles and factory inventories of automobile parts. About
$2,006,000 of automobiles are manufactured and ready for sale, but it is
impossible to realize upon the quick assets in sufficient time to meet the
maturing obligations.
Practically the entire merchandise and banking indebtedness falls due
on Sept. 13, and on Oct. 1, on non-payment of interest on the [$6,000,000
0] debenture bonds, they, too, will fall due. It will thus be seen that It
67
would have been necessary for the company, in order to go on without a
receivership, to meet an indebtedness of $12,000,000 within 20 days, which
it was found was impossible.
The receivers are both men of the highest standing. W. E. S. Strong Is
a consulting engineer of prominence. Three months ago he was made the
Chairman of the board of the United States Motor Co. at the request of
about $8,000,000 of creditors. The other receiver, Roberts Walker, Is a
member of the law firm of White & Case. Mr. Walker combines with his
legal experience a practical business experience which we believe will prove
of great assistance, as he was for several years President of the Rock Island.
The various classes of creditors are co-operating to formulate a plan for the
just protection of all their respective Interests.-V.94, p. 1703.
United States Steel Corporation.-Subsidiaries' Orders
June 29.-The report of orders given out Sept. 10 shows
unfilled orders on the books Aug. 31 aggregating 6,163,375
tons, being an increase of 206,296 tons for the month.
Tonnage of Unfilled Orders (000,000 omitted)-All on New Basis.
1911- 1910 1909 1904
1912
. Jan. Dec. Dec.Sept.
. Apr. Mch. Feb. Jan.J'ne.May.
Aug.July. J'ne.May.
5,0 5,8 5,7 5,6 5,3 5,5 5,4 3,3 3,1 3,1 2,7 5,9 2,4
6,1
-V.95, p. 425, 366.
Western Union Telegraph Co.-Reduced Cable Rates.-
The Postmaster-Generals of Great Britain and Canada announce that.
as the result of arrangements made with the company, reduced rates for
cable system becable messages will become effective over the company's
tween Great Britain and the United States and Canada at an early date
[this, it is understood, will probably be about Oct. 1.-Ed.]. The precise
been comdate will be announced later, when detailed arrangements have
pleted. These rates apply to all points in Great Britain and to such points
In the United States and Canada as hitherto have been within the so-called
charges will
25-Cent zone. For points beyond this zone, certain land-line
be added, as at present. The reductions will not apply, for the present, at
least, to Continental countries of Europe. They apply to regular messages,
reduced,rate letters, night letters, week-end letters and press rates (the
last-named having been already put in effect).-V. 95, p. 425.
Westinghouse Air Brake CO.-Dividends on Increased
Stock.-
A quarterly dividend of 2% and 2% extra has been declared on the $18,333,333 stock as increased on July 10 last by a 33 1-3% stock dividend
($4,583,333). The present distribution 13 payable Oct. 15 to holders of
record Sept. 19. It compares with 2 %5% regular,- 1 54% extra and 1%
special (total 5%) paid quarterly from Jan. 1910 to July 1912, Inclusive,
except that in July 1910 the "special" payment was 2% instead of 1%,
making a total of 6% for that quarter.
Dividend Record (Per Cent) Since 1898.
Dividends- '99. '00. '01-'03. '04. '05. '06. '07. '08. '09. '10. '11. 1912.
19
21 20 22 % 20 14 11 % 21 20
24
25 30
Cash
33 1-3
25
In stock
-V. 94. D. 1191.
Wheeling(W. Va.) Electric Co.-Bonds Offered.-Warner,
Tucker & Co. of Boston some months ago offered 1st M.
United Fruit Co., Boston.-New Stock.-The authorized 30-year 5% gold bonds, due May 11941,at 963' and interest.
capital stock having been increased from $35,000,000 to $45,- Authorized issue, $12,000,000; outstanding, $877,000. Com000,000 and the outstanding issue having been raised from pare bond offering, V. 92, p. 1441.
of the
The bonds are secured by a first mortgage upon the entire property power
$29,764,700 to $30,495,300 (V. 95, p. 485, 549), the holders
which furnishes without competition electric light and
of the last-named amount of record Sept. 16 1912 have the company,
in Wheeling, W. Va., and Bridgeport and Bellaire, Ohio, serving about
right to subscribe at $150 per share at the Bankers Tr. Co., 63,000 population.
28 190810 1911 and Year ending Jan. 31 1912
N. Y., or the Old Colony Tr. Co., Boston, on or before Earnings for Years ending Feb.
1907-08. 1908-09. 1909-10. 1910-11. 1911-12
Sept. 26 for 60,990 ($6,099,000) new shares to the extent of Gross earnings
$132,948 $142,891 $157,122 $178,975 $217,823
one new share for every five shares owned by them,respec- Operating exp. & taxes__ _ 76,541 83,174 73.615 80,355 103,126
tively. A circular says in substance:
$56,406 $59,717 $83,507 $98,620 $114,697
Net earnings
$43,850
The additional capital is required at this time on account of the purchase Interest on bonds at present outstanding
and development of valuable banana estates, In pursuance of the company's -V. 92, p. 1441.
policy of owning a larger proportion of the plantations from which Its fruit
F. W. Woolworth & Co., New York.-Total Sales.supplies are derived.
Increase.
Increased 1912-8 Mos.-1911.
All subscriptions are payable at said trust companies as follows, to wit:
1012-A ug.-1911.
22.66% $35,210,700 $30,383,896 15.88%
10% ($15 per share) on or before Sept. 26 1912; 40%, Oct. 26 1912; 50%, $5,170,539
$4,215,526
in
made
adbe
may
or
all
any
installments
of
Dec. 14 1912. Payments
-V.95, p. 425, 366.
vance of the dates when they fall due, in which case Interest at 6% per annum will be paid by the company on the anticipated amount. Holders of
for
certificates
the
receive
be
to
entitled
will
full-paid subscription receipts
-Having sold all the stock, William Salomon & Co. of
shares subscribed on or after Sept. 17 1912. The subscriptions will not
Spencer Trask & Co. of New
carry rights to dividends, but all new shares fully paid for on or before New York and Chicago, and
after
that
payable
are to-day advertising in
Chicago,
and
Dec. 14 1912 will be entitled to participate in dividends
Boston
Albany,
York,
date. A reasonable extension of time for the filing of subscriptions and
their recent joint offeronly,
record
of
matter
a
as
to
issue,
company
this
the
be
by
may
made
Installment
the payment of the first
stockholders whose absence in foreign countries renders it Impossible for ing of the Goodyear Tire & Rubber Co., Akron, Ohio, 7%
them to file their subscriptions within time fixed or for other proper reasons.
preferred stock. Full particulars of this investSaid trust companies will purchase or sell at the market price such rights cumulative
to fractions of shares as may be required to make subscriptions cover ment appear in the advertisement on another page, and
full shares.-V.95, p. 366, 485, 549.
circular issued by these firms. Also see item in
descriptive
United Gas & Electric Corp.(of Conn.).-First Dividend.- "General Investment News" department, Aug. 17 issue of the
"Chronicle."
-C.E. Denison & Co., Boston and Cleveland, are offering
432% bonds of Solvay, a manufacturing suburb of the
the
-p.
-Receivershi
New
York.
Co.,
Motor
United States
of Syracuse, N. Y. A special circular will be mailed
city
Y.
on
City
N.
at
District
Court
S.
U.
in
the
Judge Hough
on
request.
of
of
N.
Strong
Y.
(Chairman
S.
E.
W.
Sept. 12 appointed
-David B. Peck, for the past two years associated with
the board) and Roberts Walker, of the law firm of White &
Peck & Rockwood
Case, 1 Wall St., as receivers for the ompany in a friendly Estabrook & Co., will represent Emery,
suit brought with the approval of the merchandise creditors in the State of Wisconsin.
An initial dividend has been declared on the $10,635,270 preferred stock
at the rate of 6%,covering the period from June 6 1912 (date of consolida
tlon) to Sept. 30, payable Oct. 1 to holders of record Sept. 12. Dividend
checks will be mailed.-V.95, p. 237, 177.
686
THE CHRONICLE
[VoL. Lxxxxv
Aellints and Pornuxents.
NORFOLK & WESTERN RAILWAY COMPANY
SIXTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1912.
Roanoke, Va., September 5th, 1912.
To the Stockholders of the Norfolk & Western Railway Company:
Your Board of Directors submits the following report for
the year ending June 30th 1912:
MILES OF ROAD AND TRACK IN OPERATION.
June 30 1912.
Miles.
Main Line
1,542.98
BranchesjOperated as 2d track_ _ _ 00.36
lOther brancheq
•
371.04
461.40
June 30 1911.
Miles.
1,542.98
90.36
356.95
447.31
Inc.
Miles.
11.65
Total miles
Operated under trackage rights
2,004.38
13.98
1,990.29
13.98
14.09
Total miles of road in operation
SecondTrack
Third Track
Sidings and Yard Tracks
2,018.36
417.31
3.20
1,100.13
2,004.27
389.44
1,058.96
14.09
27.87
3.20
41.17
Total miles of all tracks in operation_ _3,539.00
3,452.67
86.33
1,972.11
3,325.99
38.12
138.66
Average miles of road operated
Average miles of track operated
2,010.23
3,464.65
The increase in miles of road in operation is as follows:
BranchesCrlmora Ore Branch
.16
Blacksburg Branch (formerly property of Virginia Anthracite
Coal & Railway Co.)
8.88
Indian Camp Branch
.78
North Fork of Tug Fork Branch
4.37
Wayne Branch
.62
--14.81
Less Branches AbandonedShenandoah Ore Branch
.41
Carsons Lime Kiln Branch
.31
.
Net increase
14.09
INCOME STATEMENT.
For the Year Ending June 30 1912 and Comparison with Preceding Year.
1911-12.
1910-11.
Inc.(+) or Dec.(-)•
Railway °per.Income.
$
5
5
%
Revenue from Transportation:
Freight
34,022,572 20 30,115,483 01 +3,907,089 19 12.97
Passenger
+158,206 31 3.78
4,342,452 32 4,184,246 01
Mail
339,705 15
343,253 93
+3,548 78 1.04
Express
530,317 89
503,402 06
+26,915 83 5.35
Miscellaneous
248,772 16
217,887 70
+30,884 46 14.17
Total Transportation
revenue
39,487,368 50 35,360,723 93 +4,126,644 57 11.67
Revenue from operation
other than transporta. 247,868 55
196,798 54
+51,070 01 25.95
Total oper. revenue3_39.735,237 05 35,557,522 47 4-4,177,714 58 11.75
ExpensesMaintenance of Way &
Structures
4,816,377 95 4,328,717 35
+487,660 60 11.27
Maintenance of Equipment
7,676,464 10 6,638,841 52 +1,037,622 58 15.63
Traffic
639,935 74
586,715 55
+53,220 19 9.07
Transportation
11,771,799 60 10,672,624 23 +1,099,175 37 10.30
General
764,852 48
731,381 40
+33,471 08 4.58
Total oper. expenses.25,009,429 87 22,958,280 05 +2,711,149 82 11.81
Ratio of Expenses to
Total Oper.Rev _ _ _ _
64.60%
64.57%
+03%
Net Rev.-Rail Oper_ _14,065,807 18 12,599,242 42 +1,466,564 76 11.64
Outside Oper.-Net def.
20,409 50
9,979 86
+10,42964 104.51
Net Railway Operating
Revenue
14,045,397 68 12,589,262 56 +1,450,135 12 11.57
Railway Tax Accruals
1,410,000 00 1,320,000 00 +
90,000 00 6.82
Railway Oper. Income_12,635,397 68 11,269,262 56 +1,366,135 12 12.12
Other Income:
Hire of Equip.(bal.) _ 1,063,362 66
858,424 11
+204,938 55 23.87
Dividend and interest
income
260,784 29
394,343 23 -133,558 94 33.87
Miscellaneous income
39,094 81
49,680 81
--10,586 00 21.30
Total other income_ 1,363,241 76 1,302,448 15
+60,793 61 4.67
Gross Income
13,998,639 44 12,571,710 71 +1,426,928 73 11.35
Deductions from Gross
Income:
Miscellaneous rent deductions (balance) _
6,66034
30,325 17
Separately operated
properties
169,213 15
108,052 86
Interest deductions for
Funded Debt:
Mortgage bonds__ _ 3,622,380 00 3,622,48000
Convertible.bonds_
812,72000
485,080 00
Equip. Obligations 276,377 00
357,666 67
Mjscell. deductions
45,584 35
94,750 00
-10500
-327,640 09 40.31
-81,28067 22.73
+49,16565 107.86
Total deductions
-397,359 48
4,616,965 03
Net Income
9,381,674 41
Dividends on Adjustment Preferred Stock
919,668 00
5,014,324 51
+23,664 83 355.31
--61,160 29 36.14
7.92
7,557,386 20 +1,824,288 21 27.48
919,668 00
PROFIT AND LOSS STATEMENT.
Increase or
Per
1911-12.
1910-11.
Decrease.
Cent.
CreditsBalance July 1st
6,154,197 57 5,574,532 64' +579,664 93 10.40
Credit balance from income acct. for year 8,462,006 41 6,637,718 20 +1,824,288 21
27.48
Premiums on securities
sold
3,200 00
-3,200 00 100.00
Miscellaneous credits
6,471 13
35,168 47
-28,697 34 81.60
Total credits
14,622,675 11 12,250,619 31 +2,372,055 80
ChargesDividends on Common
stock
4,668,437 50 3,499,137 50 +1,169,300 00 33.42
Appropriations of surplus for Additions
and Betterments
1,372,065 07 2,597,108 57 -1,225,043 50 47.17
Miscellaneous Debits
1,340 55
175 67
+1,164 88 663.11
Total charges
6,041,843 12 6,096,421 74
-54,578 62
Credit balance June 30 8,580,831 99
6,154,197 57 +2,426,634 42
39.43
The Dividends were as follows:
Adjustment Preferred StockNo.33, payable Nov. 18 1911, 1% on $22,991,700=
00
No. 34, payable Feb. 19 1912, 1% on 22,991,700= $229,917
00
No.35, payable May 18 1912, 1% on 22,991,700= 229,917
229,917 00
No. 36, payable Aug. 191912, 1% on 22,991,700= 229,917 00
4%
Common Stock--No. 25, payable Sept. 18 1911, 1 h% on
No. 26, payable Dec. 18 1911, 1 q% on
No. 27, payable Mch. 18 1912, 1 I6% on
No. 28, payable June 191912, 1 !,;,% on
$019,668 00
$74,429,000= 3930,362 50
80,145,000=1,202,17500
83.820,000=1,257,300 00
85,240,000=1,278,60000
5'X%
$4,668,437 50
It will be noted that the gross operating revenues show a
substantial increase. The liberal expenditures which have
been made for improvements upon your lines and for heavy
engines and freight cars of large capacity have enabled your
management to show a practically unchanged ratio of
operating expenses to operating revenues, notwithstanding
substantial increases in rates of employees' wages. The
taxes for the year again show an increase.
The increase in the amount of dividends on Common
Stock is due in part to the increase in dividend rate from
5 per cent to 6 per cent and in part to the issue of additional
shares in exchange for Converlible Bonds surrendered.
Comparison of traffic and revenue figures with those of
the previous year shows the following interesting changes:
Number of passengers ----------Increased
6.81%
351,809
Average haul of passengers_ _ _ __ _decreased
0.77 miles
2.05%
Revenue from passenger fares _ _ . _ increased $158,206.31
3.78%
Average rate per pass'ger per mlie_decreased
0.018 cents
0.83%
Revenue freight carried'
Increased 3,507,316
tons
13.58%
Average haul of freight
_Increased
10.56 miles
4.01%
Revenue from freight transporta'n.Increased $3,907,089.19
12.97%
Average rate per ton per mile _
_decreased
.019 cents
4.29%
Av. tons of rev. fr't per train mile_inereased
49.82 tons
7.75%
Shipments of coal
Increased 4,362,929
tons
28.18%
Shipments of lumber
decreased
59,794
tons
3.85%
Shipments of coke
decreased
593,668
tons
30.13%
Shipments of ore
decreased
198,090
tons
22.52%
Shipments of pig and iron bloom.. _ increased
62,275
tons
10.71%
CAPITAL STOCK.
The amounts of Adjustment Preferred and Common
Capital Stock authorized and issued are now a; follows:
Adjustment Preferred Stock
Common Stock
Total June 30th 1912
Total June 30th 1911
Issued
Authorized. Par Value.
Shares.
523,000,000 $23,000,000
230,000
150,000,000
85,653,000
856,530
3173,000,000 5108,653,000
173,000,000
97,284,000
1.086,530
972,840
311,369,000
113,690
Increase (all Common Stock)
The additional 113,690 shares of Common Stock outstanding were issued in exchange for $11,369,000 of the Company's Convertible 10-25 year 4 per cent Gold Bonds surrendered for conversion.
There are in tile treasury 83 shares ($8,300) of Adjustment Preferred Stock.
Of the $64,347,000 authorized but unissued Common
Stock, $5,916,000 is reserved for the conversion at par of the
outstanding Convertible 10-25 year 4 per cent Bonds.
FUNDED DEBT.
Tile aggregate Funded Debt outstanding is as follows:
Mortgage Bonds
Convertible Bonds
Equipment Trust Obligations
June 30 1912. June 30 1911.
6:05 00 $8
13
7:2
28
13
5:9
28 83
583
5:0
0500
0
Decrease.
7,900,000
, ,
$11369000
2,000,000
$95,009,500 $108,468,500
$13,369,000
5,900,000
The decrease in Funded Debt represents the conversion
of $1X,360,000 Convertible Bonds into common stock and
6,637,718 20 +1,824,288 21 27.48
the payment of $2,000,000 Equipment Trust Obligations.
The Income and Profit and Loss statements conform to
There are in tile treasury $13,000 of First Consolidated
the arrangement prescribed in the order of the Inter-State Mortgage 4 per cent Bonds.
Commerce Commission taking effect July 1st 1912. The
There is still an unissued remainder of $8,431,000 of the
figures of the previous year have been re-arranged to facali- convertible bonds authorized by the
stockholders Octotate comparison.
ber 11th 1906.
Income Balance Transferred to Credit Profit
and Loss
8,462,006 41
SEPT. 14 1912.1
687
THE CHRONICLE
WAY AND
On September 1st 1911 the final pay ment of $500,000 ADDITIONS AND BETTERMENTS TO
STRUCTURES.
was made under the Company's Equipment Trust of 1902,
113.02 miles of main track were laid with 100-pound
and a bill of sale was thereupon executed by the Fidelity
Trust Company, Trustee, conveying to the Railway Com- steel rails.
23.87 miles of Clinch Valley District were laid with repany the following equipment forming the security under
sawed 85-pound rails.
said Equipment Trust:
2,000 Drop-Bottom Gondola Cars,
.58 miles of Cincinnati District were laid with re-sawed
5 Passenger Locomotives,
1,000 Box Cars,
48 Freight Locomotives.
•
rails.
85-pound
500
Flat
Cars.
Cars,
Equipment
31 Passenger
70.16 miles of main track were re-ballasted with stone in
1,500 hopper Coal Cars,
place of gravel.
the original cost of which was $5,000,478.
The enlarged and improved yard at Eckman, W. Va.,
Pursuant to the action of the stockholders at the Annual has been completed.
and Special Meeting held October 13th 1910, the Board of
Passenger stations and freight depots were built or enDirectors on January 12th 1912 authorized the creation of larged at Sutherland and Rice, Va., Roxboro, N. C., Elkton,
an issue of Convertible 10-20 Year 4 per cent Gold Bonds, Harriston, Natural Bridge and Rocky Mount, Va., Simmons,
under and in accordance with tile terms of an agreement West Vivian, Welch, Chattaroy and Kenova, W. Va., and
dated March 1st 1912, between the Norfolk & Western Otway and Rarden, Ohio.
Railway Company and the Guaranty Trust Company of
Six section foremen's houses were erected.
New York, Trustee. By circular dated January 12th, 1912,
A brick power house, 71 feet by 86 feet, was erected at
the stockholders were given the privilege to subscribe at par, Crewe, Va.
between February 27th and March 1st 1912, for an amount
A wash-room and office building were constructed, also a
of bonds equal to one-eighth of their respective holdings of plant for icing refrigerator cars at Bluefield, W. Va.
the stock of the Company as registered on its books at the
A roundhouse with eight stalls, a machine shop 60 feet by
close of business January 31st 1912. The aggregate amount 240 feet, and an office and storehouse 32 feet by 100 feet,
of
of the issue so offered to the stockholders was $13,300,000,
were constructed at Eckman, W. Va.
which $13,029,600 was subscribed for. The bonds will be
Standard .50,000-gallon tanks were erected at Suffolk,
eliverable after September 1st 1912; they will be convertible Flick, Roanoke, Loch Laird, Va., Eckman and Wilmore,
stock
at any time prior to September 1st 1922 into common
W. Va., and at Reeses, Ohio.
at par. The Company has the right to redeem the bonds at
High steel storage tanks of 200,000, gallons capacity were
per
105
cent
any interest period after September 1st 1922 at
erected at Crewe, Va., and at Reeses, Ohio.
common
and accrued interest. An equivalent amount of
A dam was constructed on Clear Fork Branch, W. Va.,
stock will be reserved to provide for the conversion of these with a storage capacity of 35,000,000 gallons, to store water
bonds.
collected during rainy seasons.
In the offer of the bonds to the stockholders, opportunity
Enlarged pumping plants were installed at Nottoway
was given to make subscriptions in sums of $100 and multiples River, near Nottoway, Va., Graham, Va., and at Reeses,
thereof, with the understanding that for amounts less than Ohio.
$1,000, subscribers will receive certificates of common stock
Water-softening plants were installed at Vine, W. Va.,
at par.
and Reeses, Ohio. •
Interlocking and signal apparatus was installed at Ironton
ROAD AND EQUIPMENT.
and Circleville, Ohio, and the apparatus at Kenova, W. Va.,
The expenditures for road and equipment shown in detail was enlarged.
on page 22 [of pamphlet report] aggregated $6,866,692 85,
Automatic signals were installed between Posm, Va. and
'
all of which, in accordance with the rules of the Inter-State Forest, Va., on the Lynchburg Low Grade Line; between
Commerce Commission, has been charged to your Company's Eggleston, Va. and Pembroke, Va.; between Ennis, W. Va.,
property investment accounts. Of this sum $1,460,640 82 and Huger, W". Va.; also between Wyoming, W. Va., and
is on account of equipment acquired out of reserves created Devon, W. Va.
by charges to operating expenses and $1,372,035 07 is on
2,306 lineal feet of wooden bridges and 30 lineal feet of iron
account of other renewals, replacements, additions and bridges were replaced by masonry culverts and fill.
60 lineal feet of wooden bridges and 5,650 lineal feet of iron
betterments which were necessary to maintain the earning
capacity and preserve the value of the Company's property, bridges were replaced by new standard steel structures.
568 lineal feet of light iron bridges and 1,476 lineal feet
and therefore should not be capitalized: a sum sufficient to
cover the latter has been reserved from profit and loss surplus. of wooden bridges on branch lines were replaced by iron
From the commencement of its operations, October 1st bridges released from the main line.
1896 to June 30th 1912, your Company has expended for
239 lineal feet of tunnel west of Pepper, Va., were lined
acquiring or constructing railroad lines, branches and ex- with concrete.
1,201 lineal feet of Dingess Tunnel were lined with brick.
tensions, second track, sidings, yards and equipment, for
grade revision and changes of line and other additions and
582,080 lineal feet (110.24 miles) of standard fencing were
improvements, and for advances to subsidiary companies for erected.
construction purposes, the sum of $95,731,438 90, obtained
MAINTENANCE EXPENDITURES.
4
as follows:
The expenses for Maintenance of Way and Structures and
76
--------------538,419.916
From sales of capital obligations
as follows:
27.311,52214 comparison with the preceding year are
From revenue
1911-12.
1010-11.
Inc. or Dec.
$4,816,377 95 54,328,717 35 Inc. $487,660 60 11.27
By means of these expenditures and of its equipment trust Total expenses
per mile of
a greements, your company has added to its road 434.09 miles Average
9.15
200 99
2,39590
2,19491 Inc.
roa operated _ _ _ _
of main line and branches, 363.29 miles of second track and Average per mile of
6.82
73
88
14
1,301
Inc.
1,390
41
operated_
track
3.20 miles of third track and 661.74 miles of sidings, and to
The expenses for Maintenance of Equipment and comparits equipment 604 locomotives, 159 passenger cars, 26,350
son with the preseding year are as follows:
freight cars and 893 maintenance-of-way cars.
Inc. or Dec.
1910-11.
1911-12.
Double track work is in progress as follows:
maintenance of
Jericho Tank, Va., to west of Suffolk, Va., 3.40 miles; Total
equipment cxp_ _57,676.464 10 $6,638,841 52 Inc. $1,037,622 58 15.63
In which are incl.:
Nottoway, Va., to Burkeville Va., in se3tions, 4.07 miles;
ReEvergreen, Va., to Phoebe, Va., 13.38 miles. This will be Locomotives:
pairs,renewals and
621,505 19 27.23
depreciation
2,903,531 37 2,282,026 18 Inc.
completed about December 1012.
Average per locoOhio River Bridge at Kenova, W. Va.: The viaduct and
604 37 26.15
2,310 82 Inc.
motive
2,915 19
0.3
of
grade
a
east approach have been double tracked on
Average per 100
1 69 17.28
978
Inc.
run
47
11
miles
in
is
proper
bridge
per cent, and the double-tracking of the
Passenger Train Cars,
progress. This will be completed in the spring of 1913.
Repairs, renewals
20,512 95 5.64
363,810 94 Inc.
384,323 89
and depreciation_
With these sections completed, your Company will have in
Average per pass41 45 4.53
operation between Lambert's Point, Va., and Columbus,
914 58 Inc.
958 03
enger car
Average per 100
Ohio, 556.75 miles of double track main line (including as
1 62 Inc.
04 2.47
1 66
miles run _ _
Va.,
and
LynchPetersbnr,,-,
second track the lines around
Freight Train ______
burg, Va., and the Big Sandy Line), 146.46 miles of single
Repairs, renewals
310.848 29 8.51
and depreciation_ 3,965,240 22 3.654,391 93 Inc.
track, and one gauntlet .55 miles. The single track is beAverage per freight
tween Suffolk, Va., and Estes, Va., 50.60 miles; between
89 60 Inc.
4 64 5.18
94 24
car
Average per 100
Addison, Va., and Nottoway, Va., 34.68 miles; between
03 3.26
92 Dec.
89
__
miles run _
Burkeville, Va., and Evergreen, Va., 42.50 miles; between Work Equip't Cars:
Repairs, renewals
Radford, Va., and Coaldale, W. Va., in sections 16.46 miles,
6,567 98 9.40
69,878 15 Dec.
63,310 17
and depreciation_
and east of Wharncliffe, W. V ., 2.22 miles.
repairs
and
awaiting
undergoing
the
shops
in
were
There
as
was
follows:
equipment
new
The
year
•
received during the
at the close of the year 111 locomotives, or 11.0 per cent
6 passenger locomotives.
•
(56 needing only light repairs), 26 passenger cars, or 6.5 per
23 freight locomotives.
cent, and 1,636 freight and work equipment cars, or 3.7 per
1,000 all-steel drop-bottom gondolas, 115,090 pounds capacity.
805 all-steel hopper coal cars, 115,030 pounds capacity.
cent.
:3 scale test cars.
Additions to and replacement of shop machinery have
1 scoop car.
2 locomotive cranes.
been made at a cost approximately as follows: •
_
_ $34,096
.
Of the new equipment, 8 freight locomotives, 1,000 all- Roanoke Shops
4,698
Bluefield Shops
steel drop-bottom gondolas, 865 all-steel hopper coal cars Williamson
6,218
Shops _
7,734
and 1 scoop car were built at your Roanoke Shops. One Portsmouth Shops _
16,234
.
_
Shops
Outlying
mail car, previously reported destroyed, was repaired and
_ $68,980
reinstated in equipment.
Total
688
•
THE CHRONICLE
BRANCHES AND EXTENSIONS.
VIRGINIA-CAROLINA RAILWAY.
DRY FORK. BRANCH AND CONNECTIONS.
Grading has been completed from the present end of
track above Canebrake, W. Va., to the initial point of Beech
Creek Branch, 31.11 miles.
Grading has been completed on the Beech Creek Branch
from its connection with Dry Fork Branch to its connection
with Indian Creek Branch, 1.56 miles.
On the Indian Creek Branch, about half the line has been
completely graded.
These branches will be completed about December 1912.
TUG FORK BRANCH.
The North Fork Branch of Tug Fork Branch from Jeanette,
W. Va., 4.37 miles, has been completed and is in operation.
The Ballard-Harmon Spur of the North Fork Branch, 1:06
miles, is under construction and will be completed October
1912.
•BLACKSBURG BRANCH.
[VOL': Lxxxxv.
•
The property of the Virginia Anthracite Coal & Railway
Company, connecting with your road at Christiansburg, Va.,
and extending to Blacksburg, Va., 8.88 miles, was bid in for
your Company at foreclosure sale in August 1911 for the
sum of $100,000. Titles were cleared and the property was
turned over to your Company on January 1st 1912, since
which date it has been operated as the Blacksburg Branch.
The Receivers were thereupon discharged.
INDIAN CAMP BRANCH.
This Branch, 0.78 miles in length, from the Cripple Creek
Extension at M. P. 27.81 to an iron ore tipple, has been
completed.
COMPANIES IN WHICH NORFOLK & WESTERN
. RAILWAY COMPANY HAS AN INTEREST.
POCAHONTAS COAL & COKE COMPANY.
The production of coal during the year from lands leased
to mining companies by the Pocahontas Coal & Coke Company aggregated 11,290,039 net tons, an increase of 1,993,467
tons, or 21.44 per cent, over the preceding year. About
75,028 tons were consumed at the mines and 1,015,617 tons
were converted into coke. From these lands your Company
received for shipment 9,363,456 tons of revenue coal, 634,912
tons of revenue coke and 821,093 tons of coal for its fuel
supply.
The sinking fund provided for in the Pocahontas Coal &
Coke Company's Purchase Money First Mortgage, dated
December 2d, 1901, amounted in the calendar year 1911 to
$218,761 02. Through this and other sums paid to the
Trustee under the terms of the mortgage, bonds aggregating
$231,000 were purchased and canceled. From the beginning
oNts operations in 1906 to December 31st, 1911, the sinking
fund has received from royalties on coal mined the sum of
$1,159,171 65 and from sales of lands the sum of $110,514 49,
a total of $1,269,686 14; by means of which there have been
purchased and retired bonds to the aggregate amount of
$1,414,000, reducing the outstanding bonds to $18,586,000,
and leaving a cash balance of $374 59 in the Sinking Fund.
The income of the Pocahontas Coal & Coke Company, after
providing for the mortgage sinking fund, was insufficient for
the payment of the interest on its mortgage bonds. The
deficiency was advanced by your Company and the Pennsylvania Lines West of Pittsburgh, your Company's share, twothirds, or $108,000, being charged to income.
The work of unifying the Company's properties, completing
its titles and surveying, monumenting and mapping its lands
has made further substantial progress. Your Company has
advanced to the Pocahontas Coal & Coke Company for these
purposes the further sum of $68,000, making a total to date
of $1,272,000 charged in your Company's accounts as advances to that Company for property expenditures.
The Virginia-Carolina Railway connects with your main
line at Mile Post 393.25, near Abingdon,Washington County,
Va. and runs in a general eastward direction in that county
via'
Damascus to Taylor's Valley, a distance of 22.43 miles,
with a branch 1.87 miles from Damascus to the Tennessee
State line, where it connects with the Beaver Dam Railway,
a standard-gauge lumber road. .It connects at Damascus
with the Laurel Railway, a harrow-gauge feeder. The
Virginia-Carolina Railway Company owns the entire capital
stock of the Virginia-Carolina & Southern Railway Company,
which adds to its system 5.2 miles from Taylor's Valley to
Grassy Ridge, and makes its total mileage 29.5 miles. It
also has free trackage rights on the Whitetop Railroad from
Grassy Ridge to Konnarock, 2 miles.
During the three years ending June 30 1903 your Company
aided the development of the Virginia-Carolina Railway by
supplying it with relaying rails and fastenings and'equipment,
receiving in pay therefor its First Mortgage 5 per cent Bonds
aggregating $68,000. The road is a revenue producer to
your Company. Its net income has for some years. been
sufficient to pay the interest charges on its Mortgage Bond's
and dividends at the rate of 5 per cent per -annum on its
outstanding capital stock. •
The owners of the Virginia-Carolina Railway Company
desire to extend its line to furnish an outlet for large timber
areas and for an excellent mineral, stock-raising, fruit and
general farming section. Your Company Was asked to lend
its aid to this project, and after due consideration a favorable
report upon the subject was submitted to the Board of Directors, which thereupon authorized your Pregident to purchase
the remaining $112,000 of the outstanding First Mortgage
Bonds of the 'Virginia-Carolina Railway Company and also to
acquire 51 per cent of the outstanding Capital Stock of that
Company. This has been done and the Virginia-Carolina
Railway Company has already inaugurated the preliminaries
to the construction work it has in view.
THE SCIOTO VALLEY' & NEW ENGLAND RAILROAD CO.
The railroad, property and franchises of The Scioto Valley
and New England Railroad Company were acquired by the
Norfolk & Western Railroad Company in 1890, but the corporate existence of the old Company has been continued, its
nominal capital remaining at 50,000 shares of a par value of
$100 each, a total of $5,000,000, held by the Trustee of your
Company's First Consolidated Mortgage. It has been
deemed wise to reduce the amount of this stock to $5,000,
and the approval of the Public Service Commission of Ohio
and the consent of the said Trustee having been obtained,
this has been done.
THE COLUMBUS CONNECTING & TERMINAL RAILROAD CO.
The Columbus Connecting & Terminal Railroad Company
was organized in 1892 for the purpose of acquiring freight
terminal facilities for your system in the city of Columbus,
Ohio. The entire capital stock, with the exception of
qualifying shares held by Directors, is owned by your Company. It is now considered advisable that the railroad,
property and franchises of The Columbus Connecting &
Terminal Railroad Company shall be acquired by your Company, and for this purpose a resolution, giving the necessary
authority, will be submitted for your action at the annual
meeting.
INDUSTRIES.
Among the new local industries are the following:
12 manufactories of mineral and metal products.
27 manufactories of lumber products.
48 manufactories of farm implements and farm products.
11 coal mines.
At the close of the year there were 141 companies organized
for producing coal and coke on your Company's lines, with
a total of 213 separate mines, of which 210 were in actual
operation.
Of the 13,931 coke ovens 4,203 were in blast.
NORFOLK TERMINAL RAILWAY COMPANY.
Of the 22 iron furnaces,8, having a total daily capacity of
The railroad and union passenger station of the Norfolk 1,325
tons of pig, were in blast, and 14, with a daily total
Terminal Railway Company were opened for traffic on
June 1st 1912. They fully meet the requirements and are capacity of 1,910 tons, were out of blast.
satisfactory to the joint owners and the public. The total
OBITUARY.
cost of the terminal facilities to that date was $938,991 86.
The sorrowful obligation devolves upon your Board of
WILLIAMSON & POND CREEK RAILROAD COMPANY.
recording in this report
of two of its valued
The Williamson & Pond Creek Railroad Company was associates and advisers.the loss by death
organized on April 15th 1912 under the laws of the State of
The career of John
Thayer was brought to an untimely
Kentucky to construct a railroad about eleven miles in end in his forty-ninth B.
year through the sinking of the steamlength in Pike County, Ky., to reach the coal properties of ship Titanic at sea after
collision with an iceberg on the
the Pond Creek Coal Company, at an estimated cost of night of April 14th 1912. The story of that
disaster is
$800,000. The road has been located from Williamson, illumined by the heroism of those who, with Mr.Thayer,
W. Va., on your Company's main line, across Tug River and aside and sacrificed themselves for the safety of the stood
weaker.
up Pond Creek Valley, with short branches up Blackberry Great as is his loss
Board, it is overshadowed by the
Creek and Pinson Fork of Pond Creek. The line will be loss to his family, totohisthis
friends nd to the community, where
opened for traffic in the latter part of 1912. The capital his distinguished personality
was the synoym for courage,
stock of the Company is $50,000, of which all but twenty-one truth and manhood.
shares owned by Directors is owned by your Company. It is
Henry Fink, Chairman of the Board of Directors, died
expected that the line will furnish a large tonnage of coal for painlessly and peacefully in New York City on July 15th
the Western trade.
1912 in his eighty-first year.
The owners of the coal property are developing eight operaMr. Fink was born in Germany on November 29th 1831
tions, all of which will be prepared to deliver coal in from and was educated
in his native country. He entered railway
thirty to sixty days after the completion of the railroad. It service in the United
in 1851, from which time his life
is anticipated that by November 1912 track will have reached was one of continuousStates
-activity in the service of railway lines
four of these operations, two of which will then be ready to now forming this Company's
system, or of their southwestern
commence shipments.
connections. His public services, the personal qualities
689
THE CHRONICLE •
SEPT. 14 1912.]
which aided to make them conspicuous and valuable, and his
ability as a writer upon subjects pertaining to railway traffic
and operations; are well known to the railway world. They
did not cease until the infirmities of age became pressing
during a short period preceding his death.
The Board has recorded in its minutes its appreciation of
Mr. Fink's character and services, but in making this announcement to the Company's stockholders its members
desire, officially and personally, to renew their tribute to the
great worth of a man who was almost unique in his sphere.
Mr. Fink's railway career was characterized by unusual
intellectual penetration and understanding, rare singleness
of purpose, indefatigable promptness and energy in planning
and executing, scrupulous honesty, straightforwardness and
unflinching courage. United with these was practically
unbroken health.
He was of cultivated mind, large and clear in thought,
warm and generous in his friendships, simple and modest- in
his habits and tastes, devoted to his duties, just, appreciative
and encouraging to those serving under and'about him, and
entirely without selfish ambitions.
At a meeting of the Board of Directors held May 23d 1912,
W. W. Atterbury was elected a Director of the Company to
. .
succeed John B. Thayer.
CHANGES IN ORGANIZATION.
George P. Johnson having resigned as General Superintendent of the Western Division to become Receiver of the
Detroit Toledo & Ironton Railroad Company, W. S. Becker,
formerly Superintendent of the Pocahontas Division was on
May 27th appointed General Superintendent of the Western
Division, and W. J. Jenks, formerly Chairman of the Car
Allotment Commission, was appointed Superintendent of the
Pocahontas Division.
The certificate of Price, Waterhouse & Co., the independent auditors elected to audit the books and accounts of the
Company, is attached to the Balance Sheet.
The officers and employees of the Company have faithfully
and efficiently discharged their duties during the year. By order of the Board,
L. E. JOHNSON,
President. •
CONDENSED GENERAL BALANCE SHEET JUNE 30 1912.
ASSETS.
Comparison with
June 30th, 1911.
PROPERTY INVESTMENTRoad and EquipmentInvestment to June 30 1907:
Road
Equipment
•
Investment since June 30 1907:
Road
Equipment
General Expenditures
$151,440,746 22
24,383,021 25
$175,823,767 47
+$5,015,077 89
+1,848,966 07
+2,648 89
$28,579,333 07
18,639,063 78
23,561 80
47,241,958 65
$223,065,726 12
5,986,392 45
Deduct Credit Reserve for Accrued Depreciation (of Equipment)
+1,460,640 82
$217,079,333 67
Securities:
Securities of Proprietary, Affiliated and Controlled Companies-Pledged. Stocks
$197,853 33
Unpledged. Stocks
Funded Debt___-188,200 00
80,466 80
+177,68000
+179,20000
386,053 33
Other Investments:
Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment
and Betterments:
Guyandot & Tug River Railroad Company
Miscellaneous Investments:
.
Physical Property
Securities-Unpledged
220,383 43
$505,028 44
885,538 09
+613 10
+88,348 45
1,390,566 53
WORKING ASSETSCash
Securities issued or assumed-Held in Treasury
Marketable Securities-Stocks
Funded Debt
Loans and Bills Receivable
Traffic and Car Serivce Balances due from Other Companies
Net Balance due from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
Other Working Assets
$7,372,199 14
158,300 00
4,008 00
3,224,936 82
3,502,573 56
1,371,893 66
670,890 15
913,778 23
4,116,797 76
413 02
DEFERRED DEBIT ITEMSTemporary Advances to Proprietary, Affiliated and Controlled Companies
Advances for Working Funds
Rents and Insurance paid in Advance
.....
Cash and Securities in Sinking and Redemption Funds
Other Deferred Debit Items
$2,192,303 05
15,294 43
43,032 33
87,968 09
570,765 81
+1,918,282 28
+137,000 00
+2,676,810 02
+2,889,720 40
+611,244 76
-55,057 69
+274,143 39
-61,203 27
-802 19
21,335,790 34
+912,398 38
+232 50
-21,622 37
+451,217 15
2,909,363 71
$243,401,957 81
+$15,584,256 94
LIABILITIES.
STOCKAdjustment Preferred
Common
$23,000,000 00
85,653,000 00
FUNDED DEBTMortgage Bonds
Plain Bonds, Debentures and Notes
Equipment Trust Obligations
$83,283,500 00
5,916,000 00
5,900,000 00
Subscriptions for Convertible 10-20-Year 4%, Gold Bonds
WORKING LIABILITIESTraffic and Car Service Balances due to Other Companies
Audited Vouchers Unpaid
Audited Wages Unpaid
Miscellaneous Accounts Payahle
Matured Interest, Dividends and Rents Unpaid
Matured Mortgage Bonded and Secured Debt Unpaid
Other Working Liabilities
+$11,369,000 00
$108,653,000 00
-11,369,000 00
-2,000,000 00
95,099,500 00
13,029,600 00
+13,029,600 00
-26,000 75
+47,244 80
+360,820 22
$40,421 18
$1,544,686 54
1,622,438 71
3,167,125 25
169,400 13
542,968 50
6,000 00
16,111 61
-23,809 81
+9,797 00
+7,16571
3,942,026 70
ACCRUED LIABILITIES NOT DUEUnmatured Interest, Dividends and Rents Payable
Taxes Accrued
DEFERRED CREDIT ITEMSOperating Reserves
Other Deferred Credit Items
APPROPRIATED SURPLUSAdditions to Property since June 30 1907 through Income:
Road
Equipment
PROFIT AND LOSSCredit Balance
-The quarterly circular of investment offerings which
has just been issued by William P. Bonbright & Co. is devoted
mainly to bonds and preferred stocks of lighting and electric
power companies. It is accompanied by a map of the United
States showing the wide geographical range included by the
17 properties described, and for which comparative earnings
reports arc given in comprehensive form. It is pointed out
that such properties are less dependent upon labor and other
uncontrollable factors than most other branches of industry,
while their gross earnings show remarkable growth, due to
the increasing uses of electrical power and the rise in population. A gradual readjustment is noted in the market for
securities of this class tending to lower their income yield
and advance their price.
+111,686 6
+60,449 5'
$1,129,258 67
671,891 76
1,801,150 43
$110,535 46
347,312 25
+110,535 1
+98,068 57
457,847 71
+1,372,065 07
$9,694,544 78
2,143,456 20
11,838,000 98
8,580,831 99
+2,426,634 42
$243,401,957 81
+$15,584,256 94
-J. S. & W. S. Kuhn, Incorporated, announce the opening of the offices of their European correspondents, J. S. &
W. S. Kuhn (European Agency). Ltd., Pinners Hall,
Austin Friars, London, E. C., England. In the past two
years J. S. Sr, W. S. Kuhn, Incorporated, have formed important connections in London, Paris, Amsterdam and
Brussels, making necessary the establishment of a permanent European agency to handle foreign business.
-The firm of Elston, Clifford & Co. of Chicago has been
incorporated for the purpose of dealing in high-grade investment securities. It is composed of I. C. Elston Jr., Edward
Clifford, Arthur C. Allyn and Joseph N. McCallum. The
firm has offices at 39 South La Salle St.
690
THE CHRONICLE
Temuternal
Times.
COMMERCIAL EPITOME.
[VoL. Lxxxxv.
COTTON.
Friday Night, Sept. 13 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
194,505 bales, against 121,123 bales last week and 118,710
bales the previous week, making the total receipts since
Sept. 1 1912 300,517 bales, against 385,477 bales for
the same period of 1911, showing a decrease since Sept. 1
1912 of 84,960 bales.
Friday Night, Sept. 13 1912.
A steady improvement in American trade is no doubt
attributable partly to the favorable outlook for the crops.
It points to the largest yield on record or corn, spring wheat
and oats. The increased rates of money testify to a growing
confidence and a larger use of funds both at home and abroad.
The scarcity of cars points in the same direction. So do the
Receipts atcomplaints of scarcity of labor in some parts of the country
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
coincident with an increasing demand for it. Less nervous- Galveston
20,234 18,147 39,082 15,540 17,018 23,342 133,972
ness is noticeable in regard to the general political situation Texas City
158
601
2,255
____
2,597
866
6,477
Arthur, &c.
on the idea that both the great parties will act conservatively. Port
New Orleans_ _ _ _
549
iia
1,114
6776 3,812
LARD on the spot has been firm, with a fair demand. Mobile
473
175
855
167
285
269
2,224
Jacksonville, ece.
Prime Western $11 60; Middle Western $11 50; City $11 50; Savannah
2,562 3,690
5,845 3,282 4,909
5,750 26,038
refined Continent $11 95; South America $12 55; Brazil Brunswick
_
5,500
5,500
-iiii
1-,ioi
-fiiiii
-iiii 1,156 1,951 4,804
$13 55. Speculation has been fairly active at higher prices, Charleston
1,192
271
963
987
983
1,380
5,832
though at one time liquidation caused a reaction. The Gov- Wilmington
Norfolk
188
366
542
851
703
1107 3,937
ernment report on the stbck of hogs has of late, however, N'port News, &c --------------------483
483
New York
caused increased buying, and some advance not only in lard Boston
2
12
203
-but in pork and ribs at Chicago. The Government report Baltimore
------------------1,183 1,183
------- --on hogs shows that the number in the United States on Philadelphia_
---------- -- Sept. 1 was 9.2% smaller than at the same date last year. Totals this week 24 78,1 25.861 S03771 21.612 29.853 41.813 104.505
The condition as to health was 92, compared with 95.7 last
The following shows the week's total receipts, the total
year and 95.2 as the 10-year average. The average price since Sept.
1 1912, and the stocks to-night, compared with
0.1 Aug. 15, according to this report, was $7 11 for 100 -lbs., last year:
against $6 54 at the same time last year.
;Jai iie
DAILY CLOSING PRICES
-- Sat.
September delivery11.17;i
October delivery
11.20
December delivery_ _ _ _10.82 Yi
OF LARD FUTURES
Mon.
Tues.
Wed.
11.123i 11.10
11.15
11 15
11.10
11.17 y,6
10.72 yi 10.67
10.75
IN CHICAGO.
Thurs.
Fri.
11.10
11.10
11.10
11.10
10.673. 10.6754
1912.
Receipts to
Sept. 13.
This 'Since Sep
Week.
1912.
1911.
This Since Sep
Week. 1 1911.
Stock.
1912
I
1911.
133,972 228,308 126,684 219,356 173,428 105,351
PORK has been quiet but steady. Mess $20©$20 50, Galveston
City
6,477
7,160
7,343
clear $19 75(022, family $20 25@$21 25. Beef has been Texas
Port Arthur, &c
278
1,262
stronger. Stocks have been light. Mess $16@$16 50, New Orleans
3,812
5,016
0,165
9,878
26,535
20,715
Mobile
2,224
2,860
4,090
6,511
3,840
5,749
packet $18©$18 50, family $19 ©$19 50, extra India mess Jacksonville,
&c
558
581
1
$34@$34 50. Cut meats firmer; pickled hams, 10 to 20 lbs., Savannah
26,038
32,575 68,462 117,747
47,921
33,106
Brunswick
5,500
5,750 2,700
13©139'c.; pickled bellies, 6 to 12 lbs., 14c. Butter, cream- Charleston
2,700
2,422
5,754,
4,804
5,390
9,479
12,170
8,490
10,109
ery extras, 2914©2934c. Cheese, State, whole milk, new, Wilmington
5,782
6,238 6,512
7,658
0,0341
7,276
Norfolk
3,937
5,110
5,041
white, specials, 16c. Eggs, fresh-gathered extras, 28©29c. N'port
6,589
11,982i
0,182
News, &c_
483
483
OIL.-Linseed has been in fair demand and firm. Large New York
362
382 123,4051
95,317
Boston
293
353
05
consumers, however, are of the opinion that prices will again Baltimore
92
2,235
3,613
1,183
1,218
527
535
1,557,
3,007
favor them,and in consequence are holding off. City, raw, Philadelphia
1,188
2,377
American seed, 69®0c.; boiled, 70©71c.; Calcutta, 78c.
Total
19l.303I 200.517 231.5291 385.477 464.903 310.099
Cottonseed oil has been stronger; winter 7.10©7.50c., sumIn order that comparison may be made with other years,
mer white 7©7.25c. Cocoanut oil has been comparatively
quiet but firm; Cochin 103@10c.; Ceylon 9©9Ac. Chi- we give below the totals at leading ports for six seasons:
nawood has been steady at 9@10c. Corn has been quite
Receipts at- I 1912.
1911.
1909.
1910.
1908.
1007.
active at 6.10©6.15c. Cod lower at 40©44c. for domestic
COFFEE has met with a moderate demand at steady prices Galve3tan
I 133,972 128,684 114,155
92,441
77,068
49,930
City,&cI
0,477
278
580
794
994
in sympathy with the firmness of foreign markets. No. 7 Texas
New
3,812
6,165
12,872
4,209
17,621
7,244
Rio has been quoted at 14%()15c. Mild growths have been MobileOrleans_i
2,291
4,096
2,224
6,842
7,005
3,091
_ _ _1
39,967
68,462
26.038
74,331
58,750
firm, with a fair-demand. Fair to good Cucuta 16W7'9163
57,185
4c. Savannah
Brunswick_ _ _1
2,700
5,500
950
24,500
2,127
3,698
The speculation in futures has been active, but prices have Charleston,&c:
3,575
9,479
4,804
10,278
10,124
8,127
6,512
5,782
shown the effects of realizing of profits both at home and Wilmington
2,147
16,323
16,518
15,218
Norfolk
1,202
5,641
9,962
8,052
6,155
abroad. Still, of late the European markets have exhibited N'part N.,-&c' 3,937
483
210
176
not a Ii tie steadiness, though Brazilian quotations have re- Ali others__ !
1,512
692
304
1,476
1,144
1,050
ceded with warmer weather. Closing quotations are:
Total this wk_l 194,505 231,529! 100,802 239,071 213,992 152,868
Sept
Oct
Nov
Dec
14.12®1,4.15 Jan
13.99914.011May
13.99914.00
14.00 14.02 Feb
13.95913.98 June
13.99 ® 14.00
14.00@l4.01. March _ _ _13.999, 14.00 July
_ 13.99 14.00
14.00 ® 14.01 April
13.99 ®14.00 August _13.979 14.00
Since Sept. 1_
300,517
385,477
292,932
437,031
395,157
293,063
The exports for the week ending this evening reach a total
SUGAR.-Raw has been fairly active and about steady, of 72,724 bales, of which 41,588 were to Great Britain,
though London prices have latterly declined. Sales of Cu- 1,075 to France and 30,061 to the rest of the Continent.
ban sugar were reported here at 3c. cost and freight for ship- Below are the exports for the week and since Sept. 1 1912:
ment during September. Centrifugal, 96-degrees test,
Week ending Sept. 13 1912
From &pt. 1 fon to Sept. 13 1012
4.36c.; muscovado, 89-degrees test, 3.86c.; molasses, 89-deExported toExported togrees test, 3.61c. Refined quiet and steady. Granulated 5.05c.
Exports
fromeineGreat
ContiGreat
PETROLEUM.-Refined continues active and firm. The
France.
Britain.
nent
Total. Britain. France.
neat.
Total.
domestic consumption is gradually expanding and the export
19,166 45,744
_ 26,578
39,80: 106,726
10,748
56,171,
movement has been of a fair size. Barrels '8.35c., bulk Galveston_
New Orl'ns_
101
343
1,501
1,690
313
191
4.75c. and cases 10.25c. Naphthas remain firm and in fair iavannah
105
105
New York_ 14,002
29,628
971
9,514
975 8,314 '23,201
19,134;
demand; 73 to 76-degrees, in 100-gallon drums, 22c.; Boston
1,008
1,008
1,008
1,008
drums $8 50 extra. Spirits of turpentine, 41 to 413/2c. Baltimore
3,661
2,238 2,238
3,061
Common to good strained rosin $6 55.
Total___. 41,588 1,073 30,061 72,724
11,823
54,567 142,818
76,428
TOBACCO.--There has been a fair business at firm quotations. Domestic leaf has been noticeably firm, particu- Total 1911_ 63,727 20,818 69,211158,756 117,571 43,837 103,941 265,351
Note.-New York exoorts Since ScDt. 1 include 3,957 bales Peruvian to Liverpool.
larly on Ohio, with a diminished acreage. For Sumatra
In addition to above exports, our telegrams to-night also
there has been quite a brisk inquiry and, naturally enough
under the circumstances, prices have been firmly maintained. give us the following amounts of cotton on shipboard, not
In Havana tobacco there has been a moderate business, with cleared, at the ports named. We add similar figures for
quotations generally well sustained. In a word, there is a New York.
fair degree of activity in the tobacco trade here and prices
On Shiphoard, Not Cleared foron the whole favor holders. Some think that the way is
gradually being paved for a better condition of trade when
Other CoastGerGreat
Leaving
buyers see their way clear to enter into larger engagements. Sept. 13 at-Britain. France many. Foreign wise. Total. Stock.
The increasing general trade in this country, which is taken New Orleans_ _
28
016
1,807
333
23,397
as marking a gradual return of prosperous times, will, it is Galveston.--- 36,246 18,407 24,583 13,481 2,907 935:111811 77,741
Savannah
2,318
_ 2,318 30,788
believed, react favorably on the tobacco trade.
Charleston_ -- 8,490
COPPER has been barely steady of late with Lake 17%c. Mobile
3,846
1,082
16:66 10,000
cash and futures and electrolytic 17.55©17.60c. Consumers Norfolk
New York
1,300
5
,
_
o6o
-656
1,466
8,400 115,005
have been buying on a small scale only and European quota- Other ports__ _ 4,000
2,000
17,011
500
0,500
tions for standard copper have declined. Lead has ruled at
Total 1912._ 47,897 20,774 27,965 16,497 12.907126.040 278.863
5%c. and firm. Spelter has been strong at 7Mc. Tin has
Total 1911_ _ 40,122 14,148 40,959 8,777 8,696 112,702 197,397
Total 1910.. 17,107
6,826 11,317 8,665' 45,474 145,267
1,550
been firmer with a better demand,both for spot and future
delivery. The *visible supply is small. Spot here 48%c.
Speculation in cotton for future delivery has been someIron has been firm. No. 1 Northern pig $16.50©$17 25.; what less active than recently, but has shown a fair degree
No. 2 Southern $16 75©$17 25. Sales of foundry iron have of animation at declining prices for a time, but rallying later.
increased, reaching about 20,000 tons on Wednesday.
Large receipts at Texas points and. an unexpectedly large
SEPT. 14 1912]
THE CHRONICLE
uplands_
.11.85
11.75
11.65
11.65
11.75
11.90
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. 13 for each of the past 32 years have been as follows:
1912_c _____ 11.90
1911
11.85
1910
13.85
1909
12.40
1908
9.40
1907_
_ 12.80
1906..
9.80
1905_
_ 10.80
1904_0_ _10.90
_12.00
1903_
8.88
1902_
8.38
1901.
__ 11.00
1900
6.38
1899
1898
5.81
1897_
7.38
1896..c_____ 8.62
1895
8.23
1894_
6.88
1893 _______ 8.25
1892
7.19
8.75
1891
1890 ------10.75
11.38
1889_
1888_c___10,38
1887
10.06
1886
...9.25
1885_ _
_10.00
1884
10.75
1883 _
10.25
1882... __12.75
1881
12.50
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday__ _
Monday_ _ _ _
Tuesday ___
Wednesday_
Thursday __
Friday
Futures
Market
Closed.
Quiet, 10 pts. adv._ Steady
Quiet, 10 pts. dee_ Steady
Quiet, 10 pts. dee_ Easy
Quiet
Firm
Quiet, 10 pts. adv.. Steady
Quiet, 15 pts. adv.. Firm
Total_
SALES.
Spot. Cordect Total.
8
-ioo
200
8
300
rz..„,
...... I® ig I®
OO
10
1I 1
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co
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lob
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I ';'1::: I I = II = = '..1.-1 I= ',..1I =', r.II
.:,b,
I(D n
'.100 'a'
I@ 0'309 I@ 11
. iq' 1'1 i'@ 'il'" "
:Y©
11 tt 11 tt IIil =
tt i-..l.'l;1 =
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li = il = 11 = .'-1 1 = = -..1 =
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• PF
Friday,
Sept. 13.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 7 to Sept. 13Sat. Mon. Tues. Wed. Thurs. Fri.
Middling
..,'
Wednesday,
Sept. 11.
Good mid. tinged_c_ Even
Strict mid. tinged_ _0.16 off
Middling tinged__ _0.30 off
Strict low mid.ting.0.80 off
Low mid. tinged.. _1.90 off
Middling stained_ _ _0.90 off
c.
?.. ..°
OWg("4:10W,o0W0w;:towz.;tow• ow. Ow• Ow.d ow,c4zjr.
'6g4g l YgO5g 18-gTYP6g 1 §
-P16-P16-gl °gq2g1
ch I rP 0}5.
,4? aqr° ot).°1
9 od I ot
'
f° eiv1
-6 fil at' cll.? I gin
?
..
..
I i ..
I I
Tuesday,
Sept. 10.
Fair
c 1.75 on Middling
c
Basis
Strict mid. fair_ _ _1.50 on Strict low mid
0.35 off
Middling fair
1.30 on Low middling
0.80 oft
Strict good mid_ __ _0.80 on Strict good Ord_
1.40 off
Good middling_ _ _ _0.56 on Good ordinary_2.15 off
Strict middling_ _ _ 0.30 on strict g'd mid. tgd _0.43 on
See latest revision of differences on page 692.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Monday,
Sept. 9.
total of the ginning up to Sept. 1, as reported by the Census
Bureau, have undoubtedly had considerable influence. So
has a drooping tendency of prices at Liverpool, where the
spot sales, moreover, have been small. • But one of the
most powerful factors in bringing about a sudden and sharp
decline early in the week was very large selling by various
interests under relentless hammering by members of the socalled Waldoil-Astoria party. They offered cotton, particularly one large operator, in such large blocks and with such evident determination to beat down all resistance, that prices
suddenly collapsed. In two days they dropped about 50 points.
This decline ruthlessly weeded out a good many small traders
who had bought for arise, and to all appearances also dislodged some larger holdings. It also caused selling, it is
understood, by some larger operatorg on the "long" side.
Liverpool, Memphis, New Orleans, Wall Street and the West
sold. Ring traders joined in the speculative melee and also
sold. Something like pandemonium reigned for a time.
Crop reports were in many cases favorable. Instead f hot,
dry weather doing harm, it is said that in such sections of the
belt it has actually been beneficial. Many believe that it is
futile to attempt to advance prices at this early stage of the
season, with cotton pouring into the Texas markets in a
volume that suggests that the crop in that State may easily
turn out to be very large, if not the largest on record, and
with the season of active marketing of cotton about to open
east of the Mississippi River. They think, too, that the
world's consumption is likely to fall considerably short of the
large total of last season. So that in this view of the 'matter
prospective supplies are to be far larger than prospective
requirements, and therefore the only logical course of prices is
downward. Spinners in this country at least are buying but
little of the actual cotton. Exports feel, at least to some
extent, the effects of liberal European supplies and high ocean
freight rates. Big spot interests are said to he bearish in
their convictions as to the probable course of prices, at least
during the severest pressure of new-crop marketing. The
selling by spot houses has played an important part in
the decline of prices. Liverpool has been dull, and, under
the pressure of large offerings of actual cotton from the
South, at times very noticeably depressed. Yet, some
.well-known interests are bulls on the idea that
the current crop is being much overestimated and the
consumption underestimated. They think that much harm
in the shape of shedding is being done by the dry, hot weather
which has prevailed for some weeks past over a considerable
part of the cotton belt. Temperatures have been 5 to 10
degrees above normal. The Atlantic and Eastern Gulf
States, according to the Government weekly report, need
rain. Dry, hot conditions, it is asserted, have caused more
or less premature opening, particularly in Texas. The
cotton goods trade is said to be in a prosperous condition.
General business is expanding. Everything, the bulls
affirm, points to a big consumption. They think the
crop is being overestimated when bears put it at 14,000,000
bales or more. They think the fact that the Census figures
on the ginning up to Sept. 1 (for details see elsewhere) were
50,000 bales larger than many had expected is to be attributed largely or wholly to premature opening of cotton
due to a prolonged period of hot, dry weather in Texas,
thereby creating a delusive idea of the real size of the crop
in that State. Later in the week came a sudden upward
turn, owing to hot, dry weather-100 to 105 in Texas, Oklahoma and Arkansas-persistent reports of shedding and
general deterioration, covering of shorts and better general
buying. To-day prices advanced on fears of a storm from
the Gulf, reports of deterioration in Texas and heavy covering of shorts. Spot cotton closed at 11.90c.. for middling
uplands, an advance for the week of 15 points.
The rates on and off middling, as established Nov. 15 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
691
',,,
*
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.
September 131912.
Stock at Liverpool ________ bales. 534,000
Stock at London
5,000
Stock at Manchester'_
68,000
1911.
281,000
9,000
26,000
1910.
276,000
6,000
20,000
1909.
722,000
8,000
46,000
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
.
Total Continental stocks
607,000
9,000
179,000
73,000
2,000
13,000
8,000
6,000
316,000
14,000
28,000
36,000
2,000
16,000
7,000
7,000
302,000
11,000
45,000
51,000
1,000
11,000
4,000
4,000
776,000
12,000
79,000
125,000
3,000
16,000
10,000
4,000
290,000
110,000
128,000
249,000
Total European stocks _
India cotton afloat for Europe_
Amer. cotton afloat for Europe._
EgyptI3razil,&c.,afit.for Europe_
Stock in Alexandria, Egypt
Stock in Bombay, India.
Stock in U. S. ports _
Stock in U.S. Interior towns
U. S. exports to-day ________
897,000
84,000
211,235
38,000
45,000
408,000
404,903
142,742
11,037
426,000
33,000
345,046
24,000
35,000
381,000
310,099
155,833
10,348
430,000 1,025,000
71,000
44,000
215,089
212,460
23,000
19,000
34,000
41,000
358,000
147,000
190,736
364,752
76,965
137,970
47,740
15,748
Total visible supply
_ 2,241,917 1,723.326 1.4413,530 2,006,930
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock_
_bales. 387,000
138,000
198,000
630,000
Manchester stock
51,000
16,000
16,000
35,000
Continental stock
257,000
61,000
92,000
219,000
American afloat for Europe _____ 211,235
345,046
215,089
212,460
U. S. port stocks
404,903
310,099
190,736
364,752
U. S. interior stocks
142,742
155,833
76,965
137,970
U. S. exports to-day
11,037
10,348
47,740
15,748
Total American -------------1,464,917 1,036,326
East Indian, Brazil, etc.Liverpool stock
147,000
143,000
London stock
5,000
9,000
Manchester stock _
17,000
10,000
Continental stock
$3,000
49,000
afloat
India
for Europe
84,000
33,000
Egypt, Brazil, &c., afloat
38,000
24,000
Stock in Alexandria, Egypt ___
45,000
35,000
Stock in Bombay, India
408,000
384,000
Total East India, &c
Total American
777,000
687,000
_1,464,917 1,036,328
836,530 1,614,930
78,000
6,000
4,000
36,000
71,000
23,000
34,000
358,000
92,000
8,000
11,000
30,000
44,000
19,000
41,000
147,000
610,000
392,000
836,530 1,614,930
Total visible supply__ _ ___
2,241.917 1,723,326 1,446,530 2,006,930
Middling Upland, Liverpool_
7.18d.
6.75d.
7.98d.
6.93d.
Middling Upland, New York
11.80c.
11.90c.
1$.90c.
12.70c.
Egypt, Good Brown, Liverpool . 1034d.
10 Kd. 13 9-16d. 10 1-16d.
Peruvian, Rough Good, Liverpool 10.00d.
10.40d.
10.75d.
8.35d.
6 yid. 6 7-16d.
Broach, Fine, Liverpool
____
7 %d.
6.34d.
Tinnevelly, Good, Liverpool__ __ 6 3-16d.
63.d. 7 1-16d. 8 1-16d.
Continental imports for the past week have been 20,000
-168 bales.
8
The above figures for 1912 show an increase over last week
of 80,522 bales, a gain of 518,591 bales over 1911, an ex200
cess of 795,387 bales over 1910 and a gain of 234,987 bales
308 over 1909.
[VoL. Lxxxxv.
THE CHRONICLE
692
Week.
Receipts.
Season.
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Total, 33 towns
I
Movement to September 13 1912. 11 Movement to September 15 1911.
NEW ORLEANS OPTION MARKET.-The highest,
AT THE INTERIOR TOWNS the movement-that is,
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
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
out in detail below.
•Last year's figures are for Louisville, Ky.
Sept. 7. Sept. 9. Sept. 10. Sept. 11. Sept. 12. Sept. 13.
SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
WayRange
Closing
JulyRange
Closing
ToneSpot
Ontions
•
- ® -11.45-- ® -- ® -- ® -11.62 11.46 -11.28 -11.02 -11.09 -11.38 -11.61-.63
11.44-.63 11.39-.70 11.15-.45 11.07-.36 11.37-.59 11.47-.78
11.59-.60 11.42-.94 11.16-.17 11.31-.32 11.54-.55 11.76-.77
_ ® __ ® __ ® __ ® __ ® __ ®11.62-.63 11.46-.48 11.21-.22 11.39 -11.60-.62 11.83-.85
11.48-.72 11.46-.77 11.24-.53 11.16-'.44 11.45-.69 11.56-.87
11.66-.67 11.49-.50 11.24-.25 11.41-.42 11.62-.63 11.85-.86
11.52-.77 11.51-.80 11.30-.58 11.22-.50 11.51-.75 11.63-.95
11.71-.72 11.54-.55 11.30-.31 11.46-.47 11.68-.69 11.90-.91
_ ® __ ® __ ® __ ® __ ® ____ ® 11.73-.75 11.56-.58 11.32-.34 11.48-.50 11.70-.72 11.92-.94
11.69-.90 11.68-.93 11.44-.73 11.37-.65 11.65-.89 11.79-.07
11.87-.88 11.70-.72 11.44-.45 11.62-.63 11.83-.84 12.06-.07
___ @ ___ ___ qp ___ ___ ® ___ ___ ® ___ ___ ® ___-__ ® 11.89-.91 11.72-.74 11.46-.48 11.65-.67 11.85-.87 12.08-.10
11.86-.89 11.94-.03 11.59-.83 11.50-.74 11.79-.99 11.90-.17
11.97-.98 11.80-.82 11.54-.56 11.73-.74 11.93-.94 12.16-.17
_ ® __ ® __ ® __ ® __ ® __ ®12.07-.10 11.90-.92 11.64-.66 11.83-.84 12.03-.05 12.26-.27
Firm.
Steady. Easy.
Easy. Steady. Quiet.
Steady. FI'ly st'y Steady. Steady. Steady. Steady.
NEW YORK COTTON EXCHANGE.-Grade Differences
Revised.-The Revision Committee of the New York Cotton
Exchange at a meeting on Wednesday decided upon a few
changes in the scale of differences in the values of the various
grades of cotton in relation to middling. The old and new
scales of differences are shown in the following table:
NEW YORK DIFFERENCES IN GRADE.
Present
New
Present
New
Scale. Scale.
Scale. Scale.
55
55 off
Fair
$1 75 on $1 50 Fully low middling
Streit middlin
80 off
80
1 50 on 1 30 Low middling _
__
Middling fair------ _ 1 30 on 1 10 Strict good ordinary_ 1 40 off 1 40
Strict good middling
68 Good ordinary_
80 on
2 15 off 2 15
Fully good middling
57 Strict good middling
68 on
Good middling_
tinged
56 on
46
______ _
-43 on
r
31
Barely good middling_
35 Good middling tinged _Value of mid.
43 on
15
Strict middling
24 Strict middling tinged
15 off
30 on
tinged
Middling
30 off
30
Fully middling
15 on
12
Strict low mid. tinged_
80 off
80
Middling
Basis.
Barely middling _
17 Low middling tinged_ 1 90 off 1 90
17 off
90 off
90
Strict low middling_
35 off
35 Middling stained
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
CENSUS BUREAU REPORT ON COTTON GINNING
the week and since Sept. 1 in the last two years are as follows: TO SEPT. 1-The Census Bureau issued on Sept. 9 its
-----1912
1911
report on the amount of cotton ginned up to Sept. 1 from
Since
1.ince
Sept. 13Week. Sept.
I. the growth of 1912 as follows, round bales counted as half
Week. Sept.S 1 383
Shipped1,614
2,698
564
Via St. Louis
bales, comparison being made with the returns for the like
236
433
40
466
Via Cairo
period of 1911 and 1908.
Via Rock Island
198
456
1,246
438
916
919
1,452
596
923
326
1,260
27
1,305
724
4,188
• Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &c_ 1,476
288
Between interior towns
1,718
Inland, &c., from South
6,514
2,838
5,165
1,571
293
2,943
954
138
1,071
989
214
2,987
3,482
4,807
2,163
4,190
1,707
675
975
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total to be deducted
706
Leaving total net overland'
_
'Including movement by rail to Canada.
985
AlabamaGeorgiaNorth Carolina- Tennessee1912_ 33,984
1912_
670
1912___
1912_ 12,798
1911_134,431
1011___
5
1911_ 40,501
1911 .__ 1,2 5
101
1908___
1908___ 26,298
1908_ 64,693
1908_
TexasLouisianaArkansasOklahoma273
1912_
1912_673,939
1912_ 1,702
1912_.
81
1911_557,544
1911___ 4,255
1911___ 8,120
1911___
170
8
1908_ _289,928
1908.._
1908.._
323
1908_ 4,618
South Cariolna- All Other StatesMississippiFlorida1912..........
1912_ 4,254
456
1912_ 1,769
1912_
1911..__
1911_ 19,364
1
1911_
3,796
1911._ 1,865
1908___
1908___ 2,399
1908___ 2,529
1
1908_ 4,330
The number of round bales included this year is 6,134, compared with
7,709 in 1911 ;Sea Island, 213 for 1912 and 546 for 1911.
EXPORTS OF COTTON GOODS FROM GREAT
The foregoing shows the week's net overland movement BRITAIN.-Below we give the exports of cotton yarn,
has been 706 bales, against 675 bales for the week last goods, &c., from Great Britain from the month of July
year, and that for the season to date the aggregate net over- atid since Oct. 1 1911-12 and 1910-11.
land exhibits an increase over a year ago of 732 bales.
1912
1911
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Sept. 13
194,505
Net overland to Sept. 13
706
Southern consumption to Sept. 13 56,000
Since
Sept. 1.
300,517
1,707
104,000
Week.
231,529
675
33,000
Since
Sept. 1.
385,477
975
71,000
251,211
24,508
406,224
45,706
265,204
32,950
457;452
55,396
Total marketed
Interior stocks in excess
Came into sight during week_ _ _275,719
Total in sight Sept. 13
North.spinners' takings to Sept. 13 22,945
298,154
451,930
512,848
36,109
39,953
18,864
Movement into sight in previous years.
Bales.
Bales. I Since Sept. 1Week2
04
217,24811910-Sept. 16
5:8
07
28
1910-Sept. 16....
6
38
1909-Sept. 17
.324,151 1909-Sept. 17 ___________.
548,971
1908-Sept. 19 ____________ 284,629 1908-Sept. 19
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Total of All.
Cloth.
Yarn& Thread.
000s
omitted. 1911-12 1910-11 1911-12. 1910-11. 1911-12. 1910-11. 1911-12. 1910-11.
Yds.
Lbs.
Yds.
Lbs.
Oct ___ 24,139 20,079 663,504 519,432
Nov ___ 22,621 18.006 580,682 511,046
Dec__ __ 20,508 19,595 517,204 547,961
Week ending
Sept. 13.
Sarday. Monday. Tuesday. Wecr day. Thursd'y., Friday.
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington_ _ _ _
Norfolk
Baltimore__ _ _ _
Philadelphia __ _
Augusta
Memphis
St. Louis
Houston
Litt e Ro•-•k_ _ _ _
Lbs.
93,642
92,130
98,785
Lbs.
148,159
131,169
117,182
Lbs.
113,721
110,136
118,380
9th qr. 67,268 57,680 1,761,390 1,578,439 329,232 284,667 396,600 342,237
Jan ___ 22,704 21,362
Feb __ 22,086 19,297
Mch
25,817 24,142
559,693 568,228 104,615
91,501
489,629 529,007
e22,341 636,198 116,325
2d qr__ 70,607 64,80f- 1,671,563 1,733,433
312.441
6 mos.. 137,875 122,48 3.432,953 3,311,872 641,673
April __ 20,880 19,394
May ___ 22,708 20,775
June _ 21,663 18,81:5
524,131 521,003
560,800 544,545
519,865 517,112
• • 3d qr. 65,251 58,982 1,614,786 1,582,660
97,068
104,822
97,171
299,961
9 mos. 203,126 181,47C 5,047,739 1,894,532 941,634
106,585
98,881
118,915
127,319 127,954
113,587 118,178
142,142 143,057
324,381
383,048 389,189
608,938 779,548 731,426
97,197
101,784
96,656
118,848
127,530
118,834
116,591
122,559
116,469
295,637
365,212
354,619
904,575 1,144,760 1.086,045
_a
July ___ 22,548 16,58C
Closing Quotations for Middling Cotton on-
Lbs.
124,02(1
108,538
96,674
635,361 469,866
Stockings and stocks
Sundry articles
Total exports of cotton manufactures
118,751
87,825
141,307
104,405
872
40,555
1,005
38,343
1,327,494 1,229,798
The foregoing shows that there had been exported from
the United Kingdom during the ten months 1,327,494,000
pounds of manufactured cotton, against 1,229,798,000
pounds last year, or an increase of 97,696,000 pounds.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
-We give below a statement showing the exports of domestic
cotton manufactures for June and for the twelve monthsended
June 30 1912, and, for purposes of comparison, like figures
SEPT. 14 1912]
693
THE CIIRONICLE
also being twenty-two hundredths of an inch. The thermometer
for the corresponding periods of the previous year are
has ranged from 73 to 93, averaging 82.
presented:
Montgomery, Ala.-We have had rain on three days the
of an inch.
Month ending June 30. 12 Mos. ending June 30. past week, the rainfall being seventy hundredths
Manufactures
of
The thermometer has averaged 80, the highest being 91
1910-11.
1911-12.
1911.
1912.
CoVon Exported.
and the lowest 69.
346,590,169
yards 35,271,317 36,447,588 176,778,499 $24,387,099
Selma, Ala.-Rain has fallen on three days during the
Piece goods
531,388,998
32,545,999
$2,365,636
value
Piece goods
1,646,219
the rainfall being five hundredths of an inch. The
week,
1,858,836
210,967
168,754
value
Clothing, &c.-Knit goods
501,849 7,119,580 5,538,303 thermometer has ranged from 72 to 90, averaging 80.5.
686,773
value
Clothing. &c.-Ali other
313,612 3,518,255 3,502,982
271,951
value
Waste cotton
Augusta, Ga.-There has been rain on five days during the
606,557
599,593
45,201
52,542
value
Yarn
6,284,249 5,170,758 week, the precipitation reaching one inch and eight hun563,327
477,131
value
All other
dredths. The thermometer has averaged 79, the highest bevalue $4,108,981 $4.094,750 350,769,511 $40,851,918
Total manufactures of
• •
ing 93 and the lowest 70.
Savannah, Ga.-We have had rain on each day during the
tele-Our
H.
TELEGRAP
BY
REPORTS
WEATHER
week, the rainfall being four inches and ninety-two hungraphic advices this evening from the South denote that dredths. The thermometer has ranged from 70 to 85, averrain has been quite general in the Atlantic section of the aging 77.
Washington, Ga.-We have had rain on three days during
cotton belt during the week, with the precipitation excessive
the week, the precipitation reaching two inches and forty-five
at some points. Elsewhere there has been little or no mois- hundredths. The thermometer has averaged 80, the highest
ture, and from some districts there are claims that it is being 91 and the lowest 69.
Charleston, S. C.-There has been rain on six days during
needed. Picking is now under way in most localities, with
the week, the rainfall being six inc.ies and sixteen hunthe movement of cotton liberal from Texas.
the dredths. The thermometer has raned from 71 to 92, averGalveston, Tex.-Recent weather has tended to lower
aging 82.
one
day
on
lightly
fallen
has
Rain
crop.
grade of the cotton
Greenville, S. C.-We have had rain on three days the past
of an inch.
of the week, the rainfall being twelve hundredths
the rainfall being nine y-three hundredths of an inch.
week,
78.
lowest
94,
highest
86,
r
thermomete
Average
has averaged 78, the highest being 92 and
thermometer
week.
The
the
during
rain
no
been
has
-There
Abilene. Tex.
63.
lowest
the
94
being
highest
the
80,
averaged
has
r
The thermomete
Spartanburg, S. C.-Rain has fallen on three days during
and the lowest 69.
week, the rainfall being twenty-one hundredths of an inch.
the
r
has
The
thermomete
week.
the
all
-Dry
Tex.
Brenham,
thermometer has ranged from 65 to 94; averaging 80.
The
98.
to
72
from
ranging
averaged 85,
Fla.-We have had rain on each day of the past
Gainesville,
during
days
two
on
rain
light
had
have
Cuero, Tex.-We
being four inches and six hundredths. The
rainfall
the
week,
inch.
an
of
hundredths
twenty-six
being
rainfall
the week, the
0, the highest being 89 and the
averaged
has
r
thermomete
87.
to
averaging
104,
70
from
ranged
has
r
The thermomete
71.
lowest
r
thermomete
Average
week.
the
all
-Dry
Dallas, Tex.
Madison, Fla.-It has rained every day of the week, the
85, highest 102, lowest 68.
n reaching five inches and fifty hundredths. The
precipitatio
The
week.
the
past
no
rain
had
have
e
.-W
ex
T
Henrietta,
r has ranged from 74 to 85, ave aging 77.
thermomete
the
and
102
82,
the
being
highest
averaged
has
r
thermomete
Tenn.-We have had no rain during the week.
Dyersburg,
62.
lowest
59 to 95, averaging 77.
Huntsville, Tex.-We have had no rain during the week. The thermometer has ranged from
had rain on one day the past
have
-We
Tenn.
Memphis,
96.
to
68
from
82,
ranging
r
has
averaged
thermomete
The
hundreith of an inch. The
Kerrville, Tex.-It has been dry all the week. The ther- week, the rainfall being one
the highest being 94 and the
78,
averaged
has
r
thermomete
80.
averaging
98,
62
to
from
ranged
has
mometer
extremely hot. Cotton is late, but
Weather
62.
lowest
thermomAverage
week.
all
the
Tex.
-Dry
Lampasas,
maturing rapidly.
eter 84, highest 102, lowest 66.
Nashville, Tenn.-We have had no rain during the week.
Longview, Tex.-There has been no rain during the week.
thermometer has ranged from 62 to 94, averaging 78.
The
and
96
being
highest
the
82,
averaged
has
r
The thermomete
N. C.-It has rained on two d Ys during the
Charlotte,
the lowest 68.
being fifty-five hundredths of an inch.
Luling, Tex.-There has been no rain during the week. week, the precipitation
The thermometer has averaged 80, the highest being 92 and
The thermometer has averaged 87, ranging from 72 to 102.
Nacogdoches Tex.-We have had no rain during the week. the lowest 67. C.-We have had rain on one day of the
Greensboro, N.
The thermometer has ranged from 64 to 96, averaging 80.
reaching three hundredths of an inch.
Palestine, Tex.-Dry all the week. Average thermom- past week, the rainfall
'The thermometer has averaged 77, highest being 92 and
eter 84, highest 98, lowest 70.
Paris, Tex.-We have had no rain during the week. The lowest 63.
Raleigh, N. C.-We have had rain on one day of the week,
thermometer has averaged 83, the highest being 100 and the
the rainfall being twenty hundredths of an inch. The therlowest 66.
has averaged 79, the highest being 92 and the lowSan Antonio, Tex.-It has been dry all the week. The mometer
est 66.
thermometer has averaged 85, ranging from 72 to 98.
The following statement we have also received by teleWeatherford, Tex.-Dry all the week. The thermometer
graph, showing the height of rivers at the points named at
has ranged from 68 to 98, averaging 83.
Ardmore, Okla.-We have had no rain the past week. The 8 a. m. of the dates given:
Sept. 13 1912. Sept. 15 1911.
Feet.
Feet.
thermometer has averaged 86, the highest being 103 and the
5.1
5.4
ove zero of gauge_
______ _ __Above
New Orleans---------Ab
lowest 70.
9.6
12.5
_ Above zero of gauge_
Memphis
7.5
7.3
Marlow, Okla.-Rain has fallen to an appreciable extent Nashville
Above zero of gauge_
1.6
2.1
Below zero of gauge..
during the week. The thermometer has averaged 84, rang- Shreveport
9.0
14.2
Above zero of gauge_
Vicksburg
ing from 68 to 100.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Tulsa, Okla.-There has been rain on one day during the
week, the rainfall being eighty-two hundredths of an inch. The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
The thermometer has ranged from 68 to 104, averaging 86.
Alexandria, La.-We have had rain on one day during the Sept. 1 for three years have been as follows:
week, the precipitation reaching twenty-five hundredths of
1910.
1911.
1912.
an inch. The thermometer has averaged 82, the highest
Sept. 12.
Since
being 98 and the lowest 66.
Since
Since
Receipts atWeek.' Sept. 1. Week. Sept. 1. Week. Sept. 1.
New Orleans, La.-We have had no rain during the week.
nnn
The thermometer has ranged from 78 to 94, averageing 86.
10,000
6,000 4,000
Bombay
Shreveport, La.-We have had only a trace of rain the past
Since September 1.
week. The thermometer has averaged 84, the highest being
For the Week.
Exports
95 and the lowest 73.
Japan
ContiGreat
Japan
ContiGreat
fromI
El Dorado, Ark.-We have had rain on one day during the
nent. ct China. Total.
Britain. neut. &China Total. Britain.
week, the rainfall being ten hundredths of an inch. The
Bombaythermometer has ranged from 60 to 99, averaging 80.
12,000
_
11,006
1,000
____ 6,000
6,000
1912
6,000
Lobo
5,000
Helena Ark.-Crops are doing well, but hills need mois- 1911
3.0001 1,000 4.000
28,000
7,000
21,000
4,000
4,000
1910
ture. We have had no rain during the week. The thermo- Calcutta
2,000
meter has averaged 81,the highest being 93 and the lowest 64.
2,000
2,000
2,00
1912
1,000
1,000
--I
Little Rock, Ark.-We have had no rain during the week. 1911
2,000
2,011
1,000
1,00
1910
Thermometer has ranged from 74 to 96, averaging 85.
MadrasColumbus, Miss.-We have had rain on one day during the 1912
-2,000
1,001
1,000
1,000
1.0001
1911
an
1,000
week, the precipitation reaching twelve hundreths
1,000
1,000
1910
1,0001
inch. The thermometer has averaged 83, the highest being All others
13,000
13,000
6,000
6.0001
1912
12,000
99 and the lowest 67.
12.00'
___ 4,000
4,000
1911
8,000
8,000
1,000
Meridian, Miss.-Dry all the week. The thermometer
1,000
1910
has ranged from 70 to 94, averaging 82.
'l'otal all__
27,000
1,000 26,006
__ 11,000
Vicksburg, Miss.-We have had no rain the past week. 1912
14,00
21,000
1,00.
1,000
19.000
8,000 1-,000 9.000
1911
The thermometer has averaged 83, the highest being 94 1910
39.000
7.00'
72.009
____ 7.000
____ 7.000
and the lowest 66.
According to the foregoing, Bombay exports from all
Mobile, Ala.-Weather favorable. Picking is going on
rapidly of late. Crops on lowlands are doing well. We India ports record a gain of 5,000 bales during the week
have had rain on two days during the week, the rainfall and since Sept. 1 show an increase of 6,000 bales.
I
nn
g nnn
694
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since 1
Sept. 1 for the last two s( asons, from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period:
Cotton Takings.
Week and Season.
1912.
Week.
1911,
Season.
IVeek.
Season.
Visible supply Sept. 6
2,155,395
1,605,743
Visible supply Sept. 1------2,135,485
1,603,418
American in sight to Sept. 13_ _
275,719
451,930 298,154
512,848
Bombay receipts to Sept. 12_ _ _
2,000
9,000
2,000
6,000
Other India ship'ts to Sept,. 12_
8,000
15,000
5,000
15,000
Alexandria receipts to Sept. 11_
5,000
6,000
2,200
2,800
Other supply to Sept. ll•
3,000
6,000
3,000
7,000
Total supply
2,449,114 2,623,415 1,916,097 2,147,066
DeductVisible supply Sept. 13
2,241,917 2,241,917 1,723,326 1,723,326
Total takings to Sept. 13
207,197
381,498 192,771
423,740
Of which American
188,197
352,498 143,571
328,940
Of which other
19,000
29,000
49,200
94,800
.
• Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
Liverpool
Manchester
Havre
Bremen
Hamburg
Antwerp
Ghent, via Antwerp
Reval
Barcelona
Genoa
Trieste
Japan
Bombay
[VoL. Lxxxxv.
Sat.
400545
Mon.
400545
Tues.
400545
45
;
6
.
:15
55
55 .
55
45
45
45
45650 4531550 450550
51 ® 56 51 ® 56 .510556
45
45
45
Wed.' Thurs.
Fri.
400545 400545 400545
__
:I 5
2113
45
55
55
55
45
45
45
45650 450550 450550
51 ® 56 510558 51 Q 56
45
45
45
500555
65
55
60
50655
65
55
60
5055
65
55
60
506
.55
65
55
60
50655
65
55
60
50-6'55
65
55
60
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Aug. 23. Aug. 30.
Sales of the week
_ bales_ 29,000
72,000
Of which speculators took---------__ 1,000
1,000
Of which exporters took _
___
1,000
1,000
Sales, American_ _ _____
____ 23,000
21,000
Actual export _
10,000
11,000
Forwarded __ - __
55,000
54,000
Total stock-Estimated
642,000 600,000
Of which American_
______ 521,000 472,000
Total imports of the week _________ _ 21,000
21,000
Of which American
8,000
4,000
Amount afloat __
_
_ _______ 54,000
83,000
Of which American
21,009
40,000
Sept. 6. Sept. 13 •
37,000
33,000
1, 00
3,000
• 1,000
1,000
29,000
2r>,000
6,000
2,000
37,000
62,000
568,000 334,000
424,000 387,000
35,000
27,000
11,000
15,000
110,000 143,000
75,000
96,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
The tone of the Liverpool market for spots and futures
COTTON.-Through arrangements made with Messrs. each day of the past week and the daily closing prices
of
Choiemi, Fenachi & Co., of Boston and A!exandria, we spot cotton have been as follows:
now rece iv ea weekly calA of tie mol en:ent of cotton at
A'exandria, Egypt. The following are the receipts and ship.'pct.
Sdu,day. Monlay. Tuesday. Wednos•day. Thurslay.
ments for the past week and for ft e corresponding week of a
kit, 1
Eat:
the previous two years:
12:15
Dull.
More
Quiet.
Moderate
1311811)(83
Moderate
P. 51. j
dc-mand.
demand.
doing.
demand.
Alexandria, Egypt,
Sept. 11.
1912.
Receipts (cantars)This week _
Since Sept. 1_
1911.
35,000
55.000
16,000
21.000
40,000
50.000
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
Exports (bales)To Liverpool
• To Manchester
• To Continent and India__
• To America
1,500
2,500
5;666
8,400
1,500
2,500
Mid. Upl'd
6.63
6.71
6.53
6.58
Sales .....
Spec.&exp
4,000
300
7,000
500
6,000
600
7,000
700
1910.
7,000
5,250
3,750
2,750 7,000 3,250 3,i5.0.
,
1900
500 2,000 1,000
000
_
Total exports _.
•
7,400 12,400 5,750 16,000 8,000 9,500
-- Note.
-A cantar Is 99 lbs. Egyptian bales weigh about 750 lbsT
The statement shows that the receipts for the week were
35,000 cantars and the foreign shipments 7,400 bales.
1912.
323 Cop
Twist,
0.
July
-28 10 1-160
Aug.
2 1034 0
9 934 0
,16 934 0
23 934.05
30 934 0
Sept
6 934 0
Is 91A, 0
Ell.
834 Its. Shirt- cot':
'inli, common Mi..
to linest.
UpC.,
0. 4. d.
11
.3 4
1134
1034
1034
10%
1034
3
4
I
3
3
s. d. d.
011 5
43407411
4 (kit
3(c)1'
3 011
2 0511
5
-1
I
-I
1
1034 3 2 (k11 1
10'.' 23405l1 2
3s Cop
Lies:.
cl.
7.31 934
8 lbs. Lain- Coin
t.ijs, c.mnion Mid.
Is ft. e31.
Uprs
0. A. 0.
4
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100Ths.
Sept. 7
6.90
7.3", 35-16 04
6.9‘ .134.
©
(3.7 )34
0
6.6( 1%
1,
0.49 )34
0
103-, 5
1034 5
1034 5
101k 5
103-3 5
6.95
6.77
6.60
6.88
6.95
6.6::: )34 , ©
(-'
1/0
1034 5 9 @1010 7.32
10
,5 9 0510 1034 7.18
7340410 6
8. ©10 734
7340410 734
8 @108
834000 9
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 72,724 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Sept. 6-Carmania, 2,903.... _Sept. 11
-Celtic, 8.363 upland, 2,736 Peruvian
14,002
To Havre-Sept. 7-Niagara, 650__ _Sept. 31-Annie, 325.. _ _
975
To Bremen-Sept. 11-Grosser Kurfurst, 3,265
3,265
To Hamburg-Sept. 7-Patricia, 50
50
To Antwerp-Sept. 6-Lapland, 300 Sept. 7-Manhattan,002.. 1,202
To Rotterdam-Sept. 7-Birma, 500
500
To Genoa-Sept. 6-PrInzess Irene, 561; Taormina, 951__ _
Sept. 11-Principe di Piemonte, 800
2,312
To Naples-Sept. 6-Prinzess Irene, 585; San Giorgio,
__
985
GALVESTON-To Liverpool--Sept. 6-Pancra,s, 10,822..__Sept.
400_- 7
-Asian, 11,049.._ _Sept. 11-Wm. Cliff, 4,707
26,578
To Bremen-Sept. 10-Indian, 7,824
7,824
To Hamburg-Sept. 7-Jura, 3,968
3,968
To Genoa-Sept. 12-Soperga, 7,374
7,374
NEW ORLEANS-To Havre-Sept. 13-California 100
100
To IIamburg-Sept. 12-Christian X, 70
70
To Antwerp-Sept. 6-Ben Vrackle, 273
273
BOSTON-To Liverpool-Sept. 10--Cymrle, 8___Sept. 11-Sagamore, 1,000
1,008
BALTIMORE-To Bremen-Sept. 11-Rhein, 2,238
2,238
Total
72,724
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
New York
Galveston
New Orleans
Boston
Baltimore
Total
Great French Ger- -Oth.Europe-Mex.,
Britain. ports. many. North. South. &c. Japan. Total.
14,002
975 3,315 1,702 3,297
23,291
26,578
_ _ 11,792
7,374
_
45,744
____
75
100
2
7
70
443
1,008
- --1,008
1,238
2,238
41,588
1,075 17,415
1,975 10,671
72,724
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Sat.
I
Mon.
-
Tues.
Thus, 6 37 means 6 37-100d.
Wed.
-
Thurs.
Fri.
--
Sept. 13. 1234 1234 '1234 4 1234 4 1234 4 1234 4 1234 4
p.m. p.m. i p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
a.1 d. i et.
d.
d.
d.
d.
d.
d.
a.
d.
Sept --------63734423445 35 4Q34 30 32 443445 47 5034
Sept.-et.. __ _ 6 23 34 29 31 34 23 2534 15 16 34 29 21) 33 37 34
Oct.-Nov_
6 19 3425 283420 2134 1134 13 25 253429 34
Nov.-Dee. ____ 8 15342O34 2,134 1534 18 07 M 0834 2034 21 24 M 29M
Dec.-Jan_ ____ 6 15 34120 M 24 34 1534 18 07 M 0814 20% 21
24;4 29 M
Jan.-Feb_
6 16 M.21 M 25 M 17
19 09
10 21 34 22 2534 3034
Feb.-Mch. _ _
6 18 23 27 18 203410 11 M 23 233427 3134
Mch.-Apr. __6 1934 24 34 28
19 M 2134 1134 12 34 24 24 M 28 3234
Apr.-May. ____ 6 21
26 12934 21
13 14 2534 26 20 34 34
23
May-June. __ _ 6 22 27 303.4 22 24
15 263427 303435
14
Tune-July. ____ 6 22 27 3034 22 2334 14
15 2634 27 3034 35
a 0 i I, 90L, an
99
9:11,4 12 IX lA V. sa
2111,4 an
RAC,
Is. d. d.
1034 5 9 010 8
6.7r
7;000
500
Futures. Steady at Steady at Irregular
Easy at
Fl•sof at
Steady at
Market I 104 pit at: 834 Mints 1034011% 9010 pts. 9010 pis. 6 points
opened
I advance. advance. pts. dec.
decline.
advance. a(ivance.
Market, 1 Barely st,', Barely st'y Steady at Steady at Quiet at Steady at
4
)at 1053 pts at 7%041 43405734 83409% 12013 pts. 5%@834
P. M. J decline.
ntq. sdv. ors. dec.
pts. (lee. advance. pts. adv.
to
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is firm for
yarns and quiet for shirtings. The demand for both yarn
and cloth is improving. We give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison.
.; 75
8.0N)
810
8RE i
os-r
Friday Night, Sept. 13 1912.
Flour has met with a good demand at the Northwest.
The sales at Minneapolis have been of so large a volume as to
make it plain that buyers regard the present level of prices
as attractive enough to warrant purchases on a much larger
scale than has'been noticeable for a long period. That is to
say, the indications during the last few weeks point to an
abandonment of the extreme conservatism which long characterized the transactions at the West as well as here in the
East. Also some signs have recently been noticeable of a
greater disposition to purchase at New York, even though
many buyers still cling to the policy of restricting their purchases to the requirements of the near future. Prices have
naturally been to some extent affected by the recent decline
in wheat, but of late they havebeen fairly steady. The flour
sales at Minneapolis last week are said to have been double
the output. Millers are surprised at the perisstent demand
there for first clear. Both domestic and foreign buyers pay
full quotations readily. The total output last week at Minneapolis, Duluth and Milwaukee was 338,525 bbls., against
374,150 in the previous week and 333,395 last year.
Wheat declined for a time under the weight of enormous
receipts at the spring-wheat markets and steadily increasing
stocks at Minneapolis. The visible supply in the United
States increased last week 3,105,000 bushels, against an increase for the same week last year of 1,622,000 bushels.
The world's shipments, too, have noticeably increased.
They reached 14,352,000 bushels, showing an increase over
both the previous week and the same week last year. Shipments from Russia are noticeably larger. Those from the
Danube are larger than at this time last year. So are those
from India. North American shipments are also large.
Thus far this year Argentina has shipped 85,400,000 bushels,
against 80,720,000 during the same time in the calendar year
of 1911. Private estimates of the total crop in this country
have approximated 730,000,000 bushels, against 621,000,000
last year. Among speculators the sentiment has been for
the most part bearish much of the time on the idea that the
crop is so big that at least dur:ng the first rush of big receipts
SEPT. 14 1919]
THE CHRONICLE
prices are bound to weaken. But some things have combined to give the market a firmer tone at times, notably the
Government report of last Monday, which did not•concur in
some of the large crop estimates of private statisticians. The
Government figures pointed to a total crop of 690,000,000
bushels, or about 40,000,000 bushels less than some private
estimates. The detailed report will be found elsewhere.
Suffice it to say here that it woke up the shorts on both sides
of the Atlantic, and prices advanced sharply both at home
and abroad on Tuesday. At the same time continued
ill effects of wet weather were reported in England, France
and Germany. Little of the new English wheat thus
far brought to market is said to be suitable for milling.
Good, dry wheat is (reported) scarce in France.
Disappointing results have thus far attended the German
harvest. The prolonged wet season in such countries as
France, Germany and England, the scarcity of wheat in
Italy, the deficit of some 32,000,000 bushels in the crop of
Spain and the reported imminence of famine conditions in
parts of Russia have plainly made European markets more or
less nervous. They obviously regarded the last Government report from Washington as disappointing, inasmuch
as expectations had been raised of a considerably larger total
than 690,000,000 bushels. The export demand has been
liberal'and persistent. A good cash business has been done
at times at Chicago, Minneapolis and Winnipeg. Large
sales of flour have been made at Minneapolis, estimated at
750,000 barrels. At Minneapolis • liberal cash 'sales have
taken place at 1 to 2 cents over September for No. 1 Northern. Spring-wheat markets, despite big receipts have at
times shown more firmness than prices at Chicago. The
receipts at the Northwest on son'e days have not been So
large as expected, especially at Winnipeg. Fine weather,
big receipts, high ocean freights, liquidation and hammering
have, however, militated against the price in most market
To-day prices were higher. Some export business was done
despite the scarcity and dearness of ocean freight room,
which causes sharp complaints. September was 1 cent over
December, which is something unusual. Big receipts are
more readily absorbed than was expected.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
104
1033% 1033% 1023% 1023% 104
September delivery in elevator_ __ _100
100 A 101 A 101 A 101 A 1023%
December delivery in elevator_ _ _ _ 99
98 A 99 A 993% 98 A 99 A
May delivery in elevator
1023% 1023% 1023% 1033%
1023% 102
DAILY LOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator.. _ _ _ 903% 003% 013% 913% 013% 923%
89'4 00
December delivery in elevator_ _ _ _ 90
903% 90 A 01 A
94 A 94 A 9534 95
May delivery in elevator
94 A 9534
Indian corn has felt the effects of the Government report
pointing to a crop of nearly 3,000,000,000 bushels, while
private estmates are fully as large or larger. The prevalent
ticlea is that the present crop is the largest ever raised.. Nothing but the smallness of the actual visible supply has acted
as a check on the tendency towards lower prices. The visible
supply in the United States is only 1,452,000 bushels, against
6,874,000 bushels a year ago. It showed a decrease for the
week of 367,000 bushels, against gn increase in tile same week
last year of 150,000 bushels. The world's shipments have
been relatively large. Cash sales have naturally been restricted by the smallness of the Supply, and on declines in
the price foreign interests have bought futures more freely.
Shorts have also seized the opportunity to cover. There
is a growing belief that the crop will begin to be marketed
at an unusually early date. Of late the receipts have been
increasing, cash 'prices have been depressed and September
has significantly declined. To-day prices are stronger as
the tnarket was found to be over-sold. Receipts, however,
were liberal, and crop accounts glowing.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
nom nom. nom. nom nom.. nom
nom. nom. nom. nom. nom. nom.
OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
683% 68 4
September delivery in elevator.. _ _ _ 73 A 73 A 71 A 71
54 A 5373 53 Y, 52
December delivery in elevator..
51 A 513%
53
53
52 A 51
51 A 513%
May delivery in elevator
Cash corn
September delivery in elevator..
DAILY CLOSING PRICES
695
FLOUR
Winter, low grades_ _ _ _$3 85@$4 10 Kansas straights, sacks$4 3040 4 40
Winter patents
5 25® 5 45 Kansas clears, sacks__ 4 0040 4 25
Winter straights
6 2040 6 50
4 556b 4 65 City patents
Winter clears
3 8540 4 10
4 259 4 50 Rye flour
Sprint patents
5 1560 5 25 Graham flour
4 0040 4 70
Spring straights
4 60 ,z_s 4 75 Buckwheat, cwt
Nominal
Spring clears
4 403 4 60
GRAIN.
Wheat, per bushel-f, o. b.
Corn, per bushelCents.
N. Spring, No. 1, new____$1 003%
No. 2
elevator Nominal
N. Spring, No. 2, new _ __ nom.
Steamer
elevator Nominal
Red winter, No, 2, new
1 04
No. 3
c.i.f. Nominal
Hard winter, No. 2
1 01 3% Rye, per bushelOats, per bushel, newCents.
No.2
69
Standards
State ec Pennsylvania_
Nominal
373%
No.2, white
383% Barley-Malting
58@76
No.3
37
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, ETC., TO SEPT. 1.-The Agricultural
Department issued on the 9th inst. its report on the cereal
crops for the month of August as follows:
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the correspondents and agents of the Bureau, as follows:
Following is the report in detail:
Sept. 1
Aug. 1
Sept. 1
Sept. 1
10-yr.
Condition1912;
1911.
1910.
Aver.
1912.
Corn
82.1
70.3
78.2
80.0
81.1
Spring wheat
90.8
63.1
90.4
56.7
76.5
Oats
92.3
90.3
64.5
83.3
78.8
Indicated crops (000 omitted)Sept. 1
Final.
Aug. 1
Sept. 1
1012.
1911.
1912.
1911.
Corn
2,995,000 2,811,000 2,736,160 2,531,488
Spring wbeat
300,000
290,000
190,682
203,418
Total wheat
690,000
680,000
658,567
621,338
Oats
1,290,000 1,207,000
842,475
922,298
Barley
209,000
202,000
142,871
160,240
Hay
72,000
73,000
46,969
47,444
Potatoes
398,030
371,482
259,329
292,737
Flaxseed
29,000
28,000
25,200
19,370
Crop yields per AcreSept. 1
Aug. 1
Sept. 1
Sept. 1
Sept. 1
1912.
1912.
1911.
1910.
1909.
Corn
27.7
26.0
23.6
25.8
24.3
Oats
34.1
31.9
23.9
30.7
31.1
Spring wheat
15.6
9.8
15.1
10.7
15.3
Barley
27.6
26.7
20.3
21.5
Hay
1.47
1.49
1.09
1.34
Potatoes
100.8
100.7
74.2
Rye
16.9
16.9
1b.6
1-6-.1
1-6-.6
rls.xseed
0.7
9.4
7.7
Con ition of rye, 88.8; flax, 86.3; buckwheat, 91.6.
EXPORTS OF WHEAT AND FLOUR FROM UNITEDSTATES PORTS.-We give below a compilation showing the
exports of wheat and flour from United States ports during
the month of July and the seven months of the calendar years
1912 and 1911.
Ps::S.
Nev York _ _
Bala:pore _ _ _
Philadelphia, _
Bus Os
Other Atlantic
New Orleans,.
Other Gulf. _ _
Poriland, Ole
Puget Sound_ _
San Francis'o _
Chicago
Other border
Total all__
Sev:n Months 1312.
July 1312.
----------- -Whew,
Flu",
Wheat,
Flour.
B.:_shett.
Barrels. Bushels.
Barrels.
86,314
Oa.920
21,010
Seven Months 1911.
Wheat,
Bushels.
Flour,
Bsrrels.
224,19( 1,573,556 1,824,653 3,300,985 2,046,481
29,259
531,650
270.392 1,967,111
469,077
11,131
268,034
366,881 1,074,373
469,450
2,125
41.181
75,763
210,444
1,418
12,6
50,637
91,663
38,783
257.731
267,156
131,422'
353,436
47,385
122.314
51,994
462,918
488,222
,073,979
376,647 3,477,097
3116,967
138,344 1,313,537 1,577,624 1,504,977 1,061,825
37,9P
23,113
228,073
175,764
162,102
1,00(
1,643
250,006
7,329
14,111
3:3,140
310,305
77,351
2,142
30,777
170,112
71
523.385
545,665 6,212,934 5,500,995 12,319,798 5,862,347
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts al-
Flour.
Wheat.
I
Corn.
Oats.
I Barley.
Rye.
bbls. 961's hush. 60 us.'bush 56 lbs. bush 32 lbs bush.481bs. bu.56 lbs
153,000
116,213 1,794,6001 2,8710,950 4,960,700
51,800
ChIcago
53,900
394,200
179,400
466,300
188,800
Milwaukee...
43,000
45,094
421,014 160,013
1,600,495
Duluth
3,634,300
03,426
413,570
651,230 221,360
Mlanealcils
23,900
Toted
412,500
249,03)
Detroit
13,20'j
12,400
157,000
5,033
2,533
Cleveland
7,613
605
26,419
St. Louis_ _
41,606
315,185
63,400 1,290,612
5o7,700
14,336
Peoria
25,033
17,200
41,500
513,400
217,900
27,991
Kansas City.
147,1001
2,350,900
925,600
Total wk.'12
Same wk +11
Same wk.'16
307,118 11,423,817
301,972 6,883,405
33-1,263 7,376,563
4,312,38?
4,516,02;
5,535,713
7,342,183 1,474,232
3,495,144 3,021,255
4,308,432 1,638,040
518,609
367,144
115,996
Since Aug. 1
1912
1,785,000 49,513,402 16,713,805 32,945,945 5,031,825 1,910,443
Oats have been steadier than other grain. The crop is
1,882,654 35,327,685 20,343,623 25,809,164 6,967,545 1,229,797
1911
estimated on the basis of the latest Government report at
2,126,085 51,642,984 22,490,794 45,275,220 5,494,754 1,094,428
1910
1,290,000,000 bushels, which will be the largest ever known,
Total receipts of flour and grain at the seaboard ports for
though it is less than some of the private estimates, which
have approximated 1,450,000,000 bushels. The firmness the week ended Sept. 7 1912 follow:
Rye,
Corn,
Oats,
Flour,
Wheat,
Barley.
of prices has been traceable to two things, i. e., the stnallness
•bush.
bush.
bush.
bush.
bbl .
bush.
Receipts atof the visible supply and a steady and often brisk cash de- New
703,025 24,780
703,100
25,000
183,322
York
300,811
3,000
153,315
39,860
1,780
mand. Baltimore has been one of the largest buyers of the Boston
375,989
19.000
331,635
38,331
East. On the other hand, the weakness of prices of corn Philadelphia
206,382
13,096
364,742
34,646
1,655
Baltimore
300,200
48,400
100,500
37,510
has not been without some effect on oats, and, moreover, New Orleans *
1,000
Norfolk
the export demand has been less urgent. 'Po-day prices were Galveston
567,000
3,000
7,000
2,000
1,200
1,000
4,000
3,000
firm, with comparatively light receipts, little disposition to Mobile
866,201
47,141
579,453
Montreal
87,552
sell and a fair demand.
40,003
St. John
DAILY CLOSING PRICES OF OATS' IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
383% 383% 38
Standards
38
38
3734
39
No. 2 white
39
383% 383% 383% 383%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ _ _ _ 31 A 313% 32
32 4 32 A 32 A
32
December delivery in elevator.. _ _ _ 32 33 323% 32
823% 323/g
34
34 A 34 A 343% 34
May delivery in elevator
34 A
Closing prices were as follows:
Total week 1912_ 384,810
Since Jan. 11912...1,571,886
476,174
week 1911
Since Jan. 11911,12,730,074
3,327,493
112,496 2,277,160 107,332
5,435
81,373,875 26,542,028 36,026,848 3221,159 313,798
1,788,1367
512,011
854,282 82,037
9,509
55,887,787 51,141,809 39,062,562 2878,103 393,017
*Receipts do n laclude grain passing through New Orleans for foreign ports
on through bills of ilding.
The exports from the several seaboard ports for the week
ending Sept. 7 are shown in the annexed statement:
•
[VoL. Lxxxxv.
THE CHRONICLE
696
Wheat,
bush.
819,621
152,750
175,000
530,823
40,666
322,000
1,200
605,000
40,000
Corn, Flour,
bbls.
bush.
8,684 57,131
24,761
6,551
6,000
0,450
22,000 12,000
Oats,
bush.
133,819
122,103
100,000
30,000
500
be profitably imported,and, inasmuch as American bankers
have created a large foreign credit during the last year, such
importations would be perfectly regular and the business
world has little to fear regarding future financing. Weekly
bank clearings at all the large mercantile centres of the
country continue to increase and reflect a steady expansion in
1,000
3,000
4,000
46,000 314,000
the volume of merchandise moving. Furthermore, reports
37,000
received from all mercantile agencies, as well as those coming
R.Total week_ ___2,687,060
56,445 141,132 704,422
37,000 18,581 to the main offices of the large corporations from their disWeek 1911
1,111,896 226,807 150,056
70 tributing agencies,
38,808
are very encouraging. The week in dry
The destination of these exports for the week and since goods has been very satisfactory, although activity has not
July 1 1912 is as below:
been as marked as during the past few weeks. In staple
-Corn
-FlourWhea
cotton goods commission houses are steadily receiving calls
Since
Since
Since
July 1 for additional supples, and as buyers are finding these very
July 1
Week.
Week
Week
July 1
Exportsfor week and
1912, scarce they are becoming more willing to place contracts
1912. Sept. 7.
1912. Sept. 7.
Sept. 7.
since July Itobush,
bush,
bush.
bush.
bbls.
bbls.
United Kingdom
50,278 747,720 1,108,045 12,521,803 24,761
51,475 against the future. The action of the market for raw ma' 22,116 157,278 1,561,499 8,709,400
Continent
14,000 terial, while closely watched, is having no effect upon the
South & Central Amer_ 14,678 251,374
201,988 24,062 248,376 price of
14,316
cotton goods. The smallness of stocks everywhere
West Indies
7,622 305,387
1,200
4,875
30,207 310,615
Brit.North Amer.Cols_ 3,600
11,502
1,125 and the backwardness of mills prevents the possibility of any
4,000
Other Countries
2,000
12,724 accumulation of supplies, and consequently
20,253
67,289
manufacturers
141,132 1,545,778 2,687,060 21,442,066 56,445 633,087 and selling agents are very firm in their price ideas, regardless
Total
Total 1911
150,056 1,728,129 1,111,896 16,726,395 226,807 4,270,474 of the action of the raw-material market. In woolens
and
The world's shipments of wheat and corn for the week worsteds business for next spring has so far been satisfactory
ending Sept. 7 1912 and since July 11912 and 1911 are shown and much heavier than a year ago. In men's wear bookings
in the following:
for spring have been very heavy, but attention now is centering chiefly on deliveries of fall goods, which are very late,
Wheat.
Corn.
and a source of much anxiety to cutters-up and clothiers who
are anxious to complete their fall and winter lines. In dress
1911.
1912.
1912.
Exports.
1911.
goods demand is active and prices firm. Several entirely
Since
Since
Week
Week
Since
Since
new lines of fancy worsteds for spring have been placed upon
July 1.
July 1.
Sept. 7.
Sept. 7.
July 1.
July 1.
the market during the week and are being well received. The
Bushels. Bushels. Bushels.
Bushels. Bushels.
Bushels,
general dry goods situation is very encouraging and leading
24,000
North Amer 3,808,000 32,864,000 28,744,000
3,413,000
126,00(
3,600,00.0 20,639,000 23,178,000 323,000 3,103,00( 14,341,000 factors are confident regarding the future.
Russia
2,608,00. 12,080,000 14,240,000 400,000 6,360,00( 19,168,000
Danube
DOMESTIC COTTON GOODS.-The exports of cotton
Argentina __ 976,00L 17,642,000 12,872,000 6,426,000 59,326,000
goods from this port for the week ending Sept. 7 were 6,494
Australia ___ 680,000 5,248,000 9,624,000
2,536,000 20,184,000 13,626,000
India
packages, valued at $480,925, their destination being to the
1,654,000 1,924,000
0th. countr's 144,000
points specified in the table below:
ExportsfromNew York
Boston
Philadelphia _ _ _ ..
Baltimore
New Orleans ____
Galveston
Mobile
Montreal
St. John
fr Total
Rye, Barley,
bush.
bush.
Peas,
bush.
18,581
_ _ 14352000 110,311,000 104,208,000 7,173,000 68,915,006 36,922,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushes. Bushels. Bushes.
Sept. 7 1912_ _ 18,152,000 18,960,000 37,112,000
Aug. 31 1912._ 17,808,000 15,336,000 33,144,000
Sept. 9 1911_ 16,816,000 16,208,000 33,024,000
Sept. 10 1910 18,720,000 22,080,000 40,800,000
United
Kingdom. Continent.
Bushels.
9,231,000
8,398,000
2,474,000
10.455.001)
Total.
Bushels. Bushels.
23,834,000 33,065,000
24,191,000 32,589,000
3,477,000 5,951,000
10.115,000 20,570,000
Total
6,494
-----1911
1912
Since
Jan. 1.
3,364
1,370
53,279
20,042
39,980
19,919
32,165
2,203
15,360
49,772
51,549
Week.
35
___
__ _
226
591
258
879
53
314
404
430
Since
Jan. 1.
556
725
76,109
19,715
14,598
10,556
27,791
1,598
14,015
40,392
28,864
289,009
3,190
232,919
New York to Sept. 7Week,
Great Britain
28
Other Europe
3
China_
India
575
Arabia
2,018
Africa
821
West Indies
466
Mexico
24
Central America
253
South America
547
Other countries
1,059
The value of these New York exports since Jan. 1 has been
The visible supply of grain, comprising the stocks in $18,660,885 in 1912, against $16,525,774. in 1911.
granary at principal points of accumulation at lake and
The most impressive feature in domestic cotton markets is
seaboard ports Sept. 7 1912, was as follows:
the limited supplies available for prompt delivery. The
UNITED STATES GRAIN STOCKS.
demand for goods continues steady, with the general tenAmer.Bonded Amer. Amer.Bonded Amer Amer.Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye.Barley. Barley. dency of buyers to confine purchases to current needs, being
In Thousands-bush. bush. bush. bush. bush, bush, bush. bush. indisposed to operate far ahead in view of the uncertainties
255
225
273
33
____
New York
4
31
1
surrounding the cotton crop. Some merchants, however,
41
20
10
Boston
9
97
291
Philadelphia
63
10
are placing future business, as, owing to the fact that the
16
895
299
43
Baltimore
crop is late this year and susceptible to damage from early
62043
84
___
New Orleans
_
1,100
4
_
Galveston
,
frosts and storms, they are less sanguine of low cotton than
35 -*
383
206
68
Buffalo
31
56
they were during the early part of the season. A number of
1,282 ---516
32
Toledo
3
39
91 -68
Detroit
men here from the West express very optimistic views regard3
258 2,516
4,015 ---Calcago
43
37
ing the business outlook and reflect this feeling in their in126
____
Milwaukee
63
101
23
26
___
1,608
82
78
Duluth
52
280
20 quiries and orders. Many lines of napped goods are hard to
574
824_ _ _ _
1
Minneapolis
163
225
179
obtain, owing to their shortage, and this fact is troubling
___.
3,335
18
234
St. Louis
4
jobbers, particularly those situated in the northern and
__-4,834
Kansas City
39
36
389
3 ---171
Peoria
9
Western sections of the country, where advance business has
435____
Indianapolis
89
172
_
been more active. Percales have been advanced, prices.now
170
Omaha
806 ---150
19
1,711
____
354
On Lakes
____
quoted ranging from M c. to ,qc. above those current five or
48
On Canal and River
six months ago. There is a good demand for these goods as
Total Sept. 7 1912..22,691
491 1,453 5,538
21 well as other lines of printed wash fabrics. Bleached cottons
61
607 1,184
Total Aug. 31 191219,586
628 1,820 4,160
68
441
21 rule seasonably quiet with
960
prices steady. While fancy cotTotal Sept. 9 191149,679 ____ 6,874 21,048
252 1,967
tons are being purchased in a moderate way, inquiries are
CANADIAN GRAIN STOCKS.
Canadian Bonded Canadian Bonded
Canadian Bonded increasing. It is a well-known fact that deliveries of many
Wheat. Wheat. Corn
Oats. Oats. Rye. Barley. Barley.
bush. bush. bush, bush. bush. bush, bush. bush. lines will be very much delayed as a result of the protracted
In ThousandsMontreal
1
781 ---labor troubles at leading manufacturing centres. The export
636
___ 41
1,648--Fort William
790
trade in cottons is at present quiet, as buyers are giving most
600 --------300 _ _ _
Port Arthur
of their attention to the filling of old orders. Print cloths
Other Canadian (est.)
700 --------4,000 __
and convertibles hold steady with a moderate demand, prinTotal Sept. 7 1912_ 3,729
1 5,726
41
_ 2 2,461
Total Aug. 31 1912_ 4,430
52
_ cipally for wide goods. A few sales have been reported at
Total Sept. 9 1911._ 2,864 ____
221 5,086
20
slight concessions, but most mills are holding out for full
SUMMARY.
prices. Gray goods, 383i-inch standard, are quoted at 5%c.
Bonded
Bonded
Bonded
WOOLEN GOODS.-In markets for men's wear and dress
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush
bush. bush. bush. bush. bush, bush. bush. goods a satisfactory business is being transacted,with
In Thousandsbuyers
22,091
American
491 1,453 5,538
61
607 1,184
21
____
3,729
Canadian
1 5,726
__ _
41
__- giving considerable attention to deliveries on old contracts,
which
owing
mills,
are
to their soldvery backward. Some
Total Sept. 7 1912_26,420
491 1,454 11,264
61
607 1,225
21 up
condition, are refusing business, while fears of tariff
Total Aug. 31 1012_24,016
628 1,822 6,621
08
441 1,012
21
Total Sept. 9 1911__52,543'
____
7.095 26,734
252 1,987 --- revision are having a tendency to check forward trade.
Many orders for late delivery have been turned down on the
plea that a revision of the tariff may yet take place. The
THE DRY GOODS TRADE.
demand for goods continnes active, however, and, with
New York, Friday Night, Sept. 13 1912.
supplies short, prices hold firm.
Aside from a sharp advance in money rates and mercantile
FOREIGN DRY GOODS.-Demand for linens is unusupaper, nothing has occurred during the week to restrain ally active, with
dealers in coarse yarns reporting the best
business activity. While the tightness in the banking situa- business in
The higher prices named on crashes,
tion was fully anticipated and comes as a logical result of the owing to theyears.
high cost of raw material, did.not check the
heavy requirements for crop financing, it naturally interferes demand, which is good.
business is being placed
with many mercantile interests that desire to secure addi- on housekeepings as well An active
fabrics, for spring 1913
dress
on
as
tional loans with which to put in large lines of fall and winter delivery. Burlaps are firmly held, with the
stock in anticipation of a busy season. Foreign exchange excess of the supply. Lightweights are quoted demand in
6.05©6.10c.
lates are, however, rapidly nearing a point where gold can and 10%-ounce at 7.75c.
THE CHRONICLE
SEPT. 14 1912
ton Am) CITY DtpliIITIVTENT,
MUNICIPAL BOND SALES IN AUGUST.
We present herewith our detailed list of the municipal
bond issues put out during the month of August, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 634
of the "Chronicle" of Sept. 7. Since then several belated
August returns have been received, changing the total for the
month to $15,019,199. The number of municipalities issuing
bonds was 409 and the number of separate issues 512.
AUGUST BOND SALES.
Rate. Maturity. Amount. Price.
Name.
Page.
1913-1942 $100,000 101
4
496_ _Acton, Mass
3,750 101.68
4J
434 _ _Ada, Ohio
5,000 102.32
560_ _Alameda School District, Cal_ _ _ 6
141,000 y100
44
560.. _Albert Lea, Minn
7,150 106.37
1932
4.
496.._Alliance, Ohio
19,000 100.921
4
434.._Alllance, Ohio
150,000 100.15
01932-1942
4
434.. _Altoona, Pa
7,500
496.. _Alturas Grammar S. D., Cal_
7,000 101,085
5
700 _ _Alviso Sch. Dist., Cal
3,500 100
496_ _Amesta School District, Cal_- _ _ 5
100,000 100.71
1942
434
496__Annapolls, Md
01924
225,000 y101.017
434
496_ _Appleton, Wis
18,000 101.625
434 1913-1922
434_ _Archbold, Ohio
8,000 105.06
01917
5
Ohio.
_Ashland,
373 _
30,600
Var.
5
635_ _Ashtabula, Ohio (6 issues)
1922
20,000 100
434 _ _Atlantio School District, Iowa.. _ 434
4
1913-1932
100,000 100.88
560 _ _Attleboro, Mass
20,000
434 1913-1932
434„Aurora, Ill
20,000 104.135
434
a1922
373_ _Aurora Twp. S. D. Ohio
1,800 103.333
8
1913-1918
700_ _Bellevue School District, Cal
4
8,0001 100.44
1913-1916
560_ _Belmont, Mass
4
5,000f
1913-1917
560_ _Belmont, Mass
13,000 100
434_ _Belvedere School District, Cal
- - 01922-1932
50,000 100.502
636._Benton Co. S. D. No. 16, Wash_ 5
12,000 100.863
373 _ _Bettsville School District, Ohio.. 434
100,000
496._Blackwell, Okla
20,000 102.765
1918-1932
700_ _Bloomington School Dist., Cal.._ 5
4 N 1913-1927
30,000 101.34
373__Blue Island, Ili
5
1932-1952
40,000
373 _ _Bosque County, Tex
10,800 103.33
434_ _Bowling Green, 0. (2 issues) __ _ 434
a1931
100,000 100.723
497_ _Bowling Green S.D., Ohlo____ 4
50,000 101.33
4
a1922
373...Braintree, Maas
2,000 100
01932-1952
497 __BrazorlaCo.Com.S.D.No.1,Tex_ 5
20,000 100.317
4
1913-1922
635__Brewer, Me
101.97
1942
4%
373_ _Bridgeton, N.J18,200
35,500 V100
01929
560_ _Brookhaven, Miss
5
190,000 100.04
1913
434 _ _Brookline, Mass
4
1,200 104.04
1914-1919
5
560_ _Brown Township, Ohio
66.500 x100
1937
4
636._Buffalo. N. Y
85,000 100
635.._Burley, Idaho
50,000 101.038
1920-1924
4
497_ _Butler County, Ohio
6,000 100.0416
1920
6
434....Butte City S. D., Colo
50,000 100.07
5
1927
497.._Caleasieu Parish S. D., La
57,000 100.175
01919
434
373_ _Calumet County, Wis
1918
57,000 100.53
434
434 _ _Camden County, N. J
25,000 100.004
4.30 1914-1938
560_ _Canastota, N Y
2,026
635_ _Cantna Sch. Dist., Cal
434
38.300 105.18
560_ _Canton, Ohio (6 issues)
20,000
701_ _Carlisle Spec. Sch. Dist., Ark__ 6
3,000 100.037
1914-1919
497_ _Carrothcrs Spec. S. D., Ohlo..__ 5
5
20,000 100
701.. _Cascade, Mont
20,000 104.29
a1923
5
561_ _Central Islip S. D., N. Y
10,000
701_ _Centralia, Ill
1.000 101.50
1922
497_ _Chandlersville Spec. S. D. Ohio 4
1,500 100
01922-1942
701_ _ChavesCo.S.Dist.No.22, N.Mex. 8
2,000 102.95
1913-1922
5
497_ _Chester Township, Ohio
00 105189
00
:0
6
0
1
32
1918-1937
434
Ohio
Junction,
561_ _Chicago
102.56
1932
4
561.. _Cincinnati, Ohio (2 issues)
38,000 102.79
1932
4
561_ _Cincinnati, Ohio
0 100
90
30
2:0
10
4.47 1914-1923
497_ _Cohocton. N Y..
100
4
497_ _Coldwater, Mich
17,145 104.01
561_ _Columbiana County, Ohio
56,106
_Columbiana Co., 0.(2 issues) _ 434
497 _Columbiana
30,000 101.58
01922-1932
$74_ _Columbus S. D. No. 1, Neb__ _ _ 5
80,000 101.17
1915-1934
561.._Coronado School Dist., Cal__ 5
701,_Corpus Christi, Tex14,000
2,500 100
Q1922-1952
497__Cottle Co.Com.S.D.No.17,Tex_
6
15,000 100
701_ _Crawford County, Ark
7,548 100
1913-1910
374_ _Croswell. Mich
5
33,000 100
636.. _Crowley, La
5
40,000
01919
497_ _Culpeper County, Va
100
1918-1922
701_ _Custer Co.S. D. No.43, Mont_ 6
10,3
600
4
374_ _Cuyahoga County, Ohio
63,000 101.691
44
561_ _Cuyahoga County, Ohio
434
200,000 100.433
561_ _Dallas, Texas
434
100,000 101.870
561_ _Dallas, Texas
5
100,000 104.255
1942
497 _Dallas County, Ala
5
2,000 100
1932
497_ _Dallas Co.Com.S.D.No.9Tex
5
0 y102.286
000
5:5
13
7
1917-1922
636....Dalton, Ill _
636....Dayton, Ohio (4 issues)
19,000 104.21
1932
636_ _Deckerville, Mich. (2 issues) __ _ 5
5
8,000 100
01922-1932
636_ _Defiance, Iowa
4
10,000 100
636_ _Dalton, Wis
5
124,000 100
497_ _Des Moines, Iowa
5
1:0
20
2
01917-1932
00 100.58
50
374 __Do Witt, Neb
1932
497_ _Driggs School District, Idaho_._ 6
10:8
01927-1942
5
0 100
000
130
435_ _Dublin, Va
1922
4
100.507
435.. _East Cleveland, Ohio
8,800
434
435_ _East Lansdowne S. D., Pa_
5,000 101.54
435_ _East Lynne School Dist. Cal.._ 6
4 :0 000
15
4
01916-1942
0
4
636._Easton. Pa
636_ _East Williston Wat. Dist., N.Y. 434
42,000
Var.
636_ _East Youngstown,0.(6 issues) _
1927
21,000 101.535
435.. _Eden,4
Me
01922-1952
497_ _Edgewood Ind. S. D. Texas
5
3,000 100
73:4
0000
019221952
0 100.127
5
496._Ellls County, Tex
374__Elmira, N Y
434
701_ _Elmira, N y
75,000 101.625
'
434
498_ _Elmdale School District Cal.__ 6
19131916
4,000 100
498_ _El Segundo School District, Cal_ 5
19131923
5,500
18
435.._Elkhart County, Ind
03:0
4% 1013-1922
0 100
5000
702_ _Eugene, Ore
1943
5
101.57
498_ _Everett, Mass. (2 issues)
1913-1922
4
62,000 100.55
498.. _Flint, Mich.(2 issues)
5
1913-1916
11,253 100
636_ _Flushing School District, Ohio_ _ 5
1,200 104
1916-1921
435_ _Forest, Ohio (2 issues)
17,315 103.56
5
435_ _Forest Union S. D.. Ohio
01914
2,000 101
434
702_ _Fort Scott Sch. Dist., Hans_ __ _ 434
80,000
99.545
561_ _Fostoria, Ohio
9,560 101.851
a1918
454
498....Fowler Township, Ohio
01918
10,000 104.087
5
561_ _Franklin County, Ohio
10,000 100.50
434
(11916
498_ _Franklin County, Ohio
43
32,000 101.59
498_ _Freeport, N. Y. (3 issues)
4 A5
35,000 100.149
561_ _Fresno, Neb
01928
45,000 103.624
5
374__Fulton, N Y
434 1913-1932
25,000
498_ _Gallipolis Spec. S. D., Ohio_ __ _ 4
2,750 100
5
435.. _Gallup, N. M
64,000 102.50
01932-1962
435_ _ Garfield School District, Cal...._ 8
5,000 102.52
1913-1922
435_ _Gates (Town)S. D. No.3, N. Y_ 5
1913-1932
35,000 103
561_ _Genesee, N. Y
4.7111914-1929 • • 8,000 100.312
2
697
Page.
Rate. Maturity. Amount. Pries
Name.
2,500 100
1922
498_ _George School District, Iowa__ 5
96.
17,000
1913-1921
5
702__Gibson City, Ill
117,000 101.322
01922
561_ Glens Falls, N Y
434
2,000 100
1932
498.._ Golden Valley (Twp.), Minn
6
3,000 100
d1922-1952
498.._ Grapeland Ind. S. D., Texas__ _ 5
1,000
d1917-1932
435_ _Gray Co.Com.S.D. No.16,Tex
5
2,500 100
435_ _Greenlee County S. D., Ariz
1922
6
65,000
702_ _Greensburg School Dist., Ind_
13,800 103.40
1913-1922
374_ _Grove City, Ohio
5
25.000 101.15
561_ _Hamilton. Ohio
1927
4
7,000 100
561_ _Haniontown, Ohio
1915-1922
5
3,008 103.157
637_ _Harrisburg N. Y
5
10,000 100
435__Hancock County, Ind
01932
100,000
435__Hanover Twp. Sch. Dist., Pa.._ 5
27,500 100.214
374_ _Harbor Beach, Mich.(2 Issues)_ 434
154,000 100
374_ _Harrisburg, Pa
1923-1929
4
10,000
702_ Haverstraw. N Y
434 1913-1922
2,000
498__Hayes Centre, Neb
80,000 104.063
435_ _Hester Sch. Dist., Cal
1913-1952
5
70,000 102.039
498_ _Helena Sch. Dist. No. 1, Mont. 5
01922-1932
Var.
19,260
498....Highland Co., Ohio (4 issues).... 5
Various
100,000 100.525
374 __Hinds County, Miss
1936
5
2,500 103
436 _Homestead Sch. Dist., Cal_ __ _ 7
17,000 100
637_ _Houston, Pa
4A
498.._Houston County Corn. Sch.Dist.
2,4001
01914-1932
No. 30, Tex
5
100
498_ _Houston County Corn. Sch.Dist.
1,200
No. 55, Tex
1932
5
160,181
498_ Indiana (17 issues)
Various
Var.
10,000 101.92
375_ _Isanti County, Minn
1913-1922
5
21,000 103.238
436. Itawamba County, Miss
1926-1937
6
1,000 100
499_ _Jack Co. Corn. S.D. No.55, Tex_ 5
01927-1952
15,000
436.. _Jackson County, Miss
6
25,000
436_ _Jackson Jt. U. H.S. D., Cal_ _ _ __
1942
2.000 102.50
637_ _Jamestown Sch. Dist., Cal
.
10,000
436_ _Jones County, Miss
4,000 103.37
499__Jullan-Obertin Sch. Dist., Cal__ 6
1917-1924
65,000 100.97
499_ Kalamazoo, Mich. (2 issues)
434
51.700 . 100
5&6
637_ Kansas (17 Issues)
Various
150,000
436__Kansas City, Hans
434
40,000
702_ Kearney, Neb
57,000 100.001
637_ Kart Creek Dr. Dist., Wis
1917-1927
6
2,500 100
499__King Co. S. D. No. 19, Wash_ _ 534 01913-1922
•
12,000 100
01913-1922
499....King Co. S. D. No. 179, Wash_ 5
15,000
637_ Kirkwood Sch Dist., Ill
2.750 100
1913-1922
562__Kyger Spec. Sch. Dist., Ohio.._ -4150,000 100.636
a Crosse, WIs
4
454 01922-1932
100,000
375_ _Lafayette County, Miss
150,000 y100
1942-1956
436_ Lakeland, Fla
5
8,000 103.682
1917-1924
436_ Lakeside Sch. Dist., Cal
6
15,000 v102.40
1942
436_ _Lawrence Co., Miss.(2 issues)-- 5
50.000
702_ _Lawrence County, Mo
25,000 103.60
5
1942
436_ Lee County, No. Car
100,000
d1922-1952
436_ Liberty Co. Rd. D. No. 1, Tex_ 5
5,000 102.027
a1915
499_ _Liberty Twp.Sch. Dist., Ohio__ 5
100,000
637_ Licking County, Ohio (4 Issues).. 434
15,000
702_ _Locksburg Spec.Sch. Dist., Ark. 6
20,000 101.75
562_ Logan, Iowa
35,000 101.52
4
1913-1932
436_ _Lowell, Mass
42,903
375_ _Lucas County, Ohio (3 issues6. 454
166,367
454
562_ _Lucas County, Ohio (4 issues)
17,000 100
4
562.. McArthur, Ohio
499.._McCulloch County Corn. Sch.
2,400 100
d1922-1952
5
Dist. No. 18, Tex
15,000 100
499_ _McKeesport, Pa
12,000 101.30
436_ McLean Co. S D. No. 158, Ill_ 5
10,000 y100
454 1915-1924
702_ Macomb, Ill
40,000 100.572
454 1938-1939
582_ _Macon, Ga
50,000 101.70
5
01933
562_ _Madison, Minn
35,000 100.392
4.40
436_ Mamaroneck, N Y
24,000 100.513
4.40
466_ Mamaroneck. N Y
50,000
5
702_ Manatee County, Fla
10,000 100.26
d1922-1932
6
562_ Mansfield. Wash
15.500 100.25
702_ _Mantua Twp. Sch. Dist., N. J. 434
5,900 101.698
1932
702_ _hiaricopa Co.S. D. No. 14, Ariz. 5
20,000 104.25
1932
5
436_ _Marietta, Ga
12,600 100.039
562 _Marlon County, Ohio
11,896 100.084
01916
5
499.. _Marion County, Ohio
60,000
1915-1929
702_ _Marion Twp., In
4
6,400
436 _Markle, Ind
434 1918-1925
9,000 100.544
1913-1921
499 Marlette, Mich.(2 issues)
5
8,000 100
499 _ _Marysville, Ohio
434 1913-1928
4,500 100
638 Mason Co.S. D. No.300, Wash.. 554
27,950
582 _Matagorda Co. Dr.D. No.3, Tex 5
50,000
562 Matagorda Co. Dr.D. No.4, Tex.
13,500
499 _Maywood, Neb
24,000 100.182
562 Mechanicville, N.Y
434 1917-1940
8,280 104.31
499_ _Medina, Ohio
5
1,000 101.39
1913-1917
375_ _Meigs Twp. Sch. Dist., Ohio
5
25,000 102.219
436_ Melrose. Mass. (3 issues)
4
35,000 101.108
434
375_ _Mercer County, Ohio
35,000
703__Merldian Sch. Dist., Ida
14,738
582 Middletown, Ohio
434 1913-1922
15,000 103.40
562_ _Middletown, Ohio
434 1914-1928
1,500
638 _Milicreek Sch. Dist., Cal
170,500 100
4
638_ Minnesota (12 issues)
3,500
562_ _Mission School District, Cal_
184,000 101.082
a1924
562_ _Moline, Ill
434
100,000 104.062
1942
434
375_ _Montclair, N. .)281,000 103.171
1942
434
375__Montclair, N. J
30,900 101.995
638....Morrow County. Ohio (3 issues) _ 4 34
40,000 102.272
437__Morrow Co. S. D. No. 1, Ore___ 534 d1922-1932
7,000 104.07
1913-1932
6
437 Moss Point, Miss
50,000 100
1913-1917
638 _Mountain Iron, Minn
5
2,400 102.712
500....Mt. Pleasant S. D., Ohio
5
45,000
638 Mt. Pulaski S. D., Ill
80,000 102.86
1932
375.._Musselshell County, Mont _____
500....Nacogdoches Co. Cora. S. D.
No. 2, Tex
1,000 100
d1917-1932
6
1914-1938
50.000 101.65
638_ _Natrona Co. H. S. Dist., Wyo_ 5
18,500
703 _Nebraska (5 issues)
5
a1918
5,930 103.61
375 _Nelsonville, Ohio
31,000 100
437 _Nether Prov. Twp., Pa
434 d1915-1942
166,200 102.82
500 Newburgh, N Y.(5 Issues)_
454
4%
20,000 106.39
1932
437 Newburgh Heights, Ohio
75,000
437 New Castle. Pa
4 4, 01927-1932
8,000 100
703._Newfane, N Y
5
1917-1922
500,000 x100
3
1922
638 New York City
31,635 101.264
562__Nlies, Ohio (2 issues)
454
4,500 111.663
562 Niles, Ohio
5
10,000 105.937
1923-1932
6
437 Normal Heights S. D., Cal
5,000 100.06
4 4 01917-1942
562 __Northampton County, Va
6,0001 100.57
1913-1918
4
562.. _North Attleboro, Mass
1913-1922
4
20,0001
562 North Attleboro, Mass
85,850 100
4
703- North Dakota (28 issues)
01922-1952
2,500 100
5
500__Nueces Co.Com.S.D.No.7,Tex
1917
10,000 102.11
5
. 582 _Oak Harbor, Ohio
10,500 100
500 -Okanogan Co.S.D.No.26,Wash_ 5
437....Opelousas School District, La.._ _65,000
51913-1937
50,000 103.032
562 _Orange U. H.S. D., Cal
1932
20,000 y101.50
434
437 _Owatonna, Minn
1932
2,000 100
500_ _PaloPintoCo.Com.S.D.No.10,Tex 5
6
73,000
703 _Pecos County, Texas
1942
105,000 103.61
638....Perth Amboy, N. J. (2 issues)._ 434
a1922
17,860 104.412
375 _Pickaway County, Ohio
4%
454
47,000
500 _Pitcairn, Pa. (2 issues)
5
1913-1922
37,190
a00 _Pittsburg, Kans
9,000 102.27
500 _Platte County, Neb.(2 issues)_ 6
7
25,000
500 _Pocatello, Idaho
6
13,000
704 _Pope County, Ark
490,000 100
5
563 _Port Arthur, Texas (7 issues)
8,044
475._ _Porter County, Ind.(2 issues)__ 5
1922
1157,110 103.80
6
500_ _Portland, Ore
1 1,000 104
698
Page.
THE CHRONICLE
Name.
Rate.
Maturity.
638.._Portland, Ore
6
1922
376__Quincy, Mass. (3 issues)
376..Bed Oak Twp., No. Car
639_Ridgely, Md
639_ _Riverdale Sch. Dist., Cal
437_ _Rockville, Minn
839_ _Roff, Okla
500.._Rosalia, Wash
639_ _Rowena Sch. Dist., Cal
704_ _ Russellville, Mo
437_ _Rutherford, N. J
563_ _Rutland Spec. S. D., Ohio
500__St. Andrews, Fla
563__St. Bernard S. D., Ohio
639_ _St. Paul, Minn_
639_ _St. Paul, Minn.(2 issues)
4
6
1942
ii
6
5
7
6
4A
5
5
4
4A
1913-1922
1937
1927
a1916
a1932
1952
1942
6
{5
438_ _San Diego Co., Cal
6
438__Sandusky, Ohio
4
1913-1922
438__Sandusky, Ohio
1913-1919
4
639_ _Sandusky S. D., Ohio
a1931
4
500_ _Santa Barbara County, Cal_ _ _ _ 5
1913-1932
500.._Santa Clara, Cal. (2 issues) _ _ -- 5
639_ _Saybrook Sch. Dist., 111
5
1913-1917
500__Scotts' Bluff Co.S.D.No.10,Neb.
704._Sebastian County, Ark
5
500_ _Sebring, Ohio (2 issues)
4A
438_ _Shaker Hts. Vii. S. D., Ohio__ 4 A 1916-1935
563__Sfiverton, Ore
1913-1917
6
563__Smithville, Tex
1932
5
438_ _South Bend, Ind
1932
4
563_ _Spokane, Wash
501_ _Sprague, Wash
53.
563_ _Springfield, Ohio
4
563_ _Springfield, Ohio
4%
639.. _Springfield Sch. D., Ohio
4 A 1940-1943
704. Stanton Sch. Dist., Iowa
376_ _Steubenville, Ohio
1914
4A
704_ _Stevens Co.S. D. No.154,Wash. 53 d1913-1932
438__Stevens Co. S.D.No.55, Tex
5A
639_ _Sullivan Sch. Dist., Ind
1922-1924
4
501_ _Sulphur Bluff Ind. S. D., Tex
d1922-1932
5
1932
376__Superlot, Wis
4
1913-1922
438._Sutter City U. H. S. D., Cal_ __ _ 6
a1928
501_ _Swissvale, Pa
4A
4 A 1913-1932
376_ _Syracuse, N. Y
7
704_ _Tacoma, Wash.(2 issues)
1942
5
563_ _Talladega, Ala
5
d1922-1952
438_ _Taylor, Tex
1952
501_ _Taylor Co. Corn.S. D. No.5,Tex.5
6
438_ _Terry, Mont
d1922-1932
438_ _Thief River Falls, Minn
53
501_ _Throckmorton S. D., Texas_ __ _ 5
501__Thurston Co.S.D.No.19, Wash_ 5 A d1913-1932
501.._Tom Green Co. Com.S. D. No. 4,
Texas
5
704_ _Tonkawa, Okl
6
438_ _Trenton, N.J ---------43
1932
639_ _Trenton Un.Fr.S. D.No.3,N.Y.5
438_ _Tulsa, Okla
---19515
438__Union County, N.J
1942
43
438_ _Union Township, Mo
705...Upshur County, Texas
6
d1922-1932
563_ _Valley County, Mont
5
563_ _Vanderburg County, Ind
1922
4A
501_ _Vicksburg, Miss
5
438_ _Visalia School District, Cal.... 5
563 __Wahtoke School District, Cal
8
501_ _Warren, Ohio (2 issues)
43
501_ _Washington, Ill
1917-1926
5
a1930
501_ _Washington City S. D., Ohio... 4
639_ _Washington Twp.S. D., Ohio
5
438_Watertown, Mass. (7 Issues)... 4
4.40
501_ _Watkins, N. Y
501_ _West Allis, Wis. (2 issues)
5
439_ _West Plain Spec. Rd. Dist., Mo_ 5
d1927-1932
610_ _Wheatland Township, Mich_ _ _ 5
501_ _White County, Ind.(3 issues) _ _ 43
564_ _White Plains (Town), N. Y__-- 4
1917-1931
a1919
376 _ _Whitestown U.F.S.No.1,N.Y__ 5
1913-1926
439_ _Whitewater Twp. S. D., Ohio__ 4
564_ _WhitmanCo.S.D.No.169,Wash_ 5 A d1913-1932
376_Winchester, Ky
1931
4%
4%
376_ _Windber School District, Pa
d1932-1952
5
705_ _Winnsboro, Texas
a1915
5
377_ _Wood County, Ohio
1932
4A
640_ _Wooster. Ohio
4 A 1932-1941
439_ _Wyandotte County, Kans
439_ _Yakima Co.S. D. No.90, Wash. 5 A d1913-1932
705_ _Yakima Co. S. D. No. 3, Wash_ 5% d1913-1932
d1922-1932
564_ _YellowstoneCo.S.D.No.2,Mont_ 5
564..Yellowstone Co.S.D.No.30,Mont. 5
564 _ _ Yellowstone Co.S.D.N0.31,Mont.
4 A 1913-1926
564_ _Yonkers, N. Y
a1916
4A
564 _ _ Yonkers, N. Y
d1922-1932
4
501_ _York, Pa
Various
501_ _Youngstown, Ohio (8 issues) _ _ _ 5
Amount. Price.
(101,500 102.75
15,000 102.61
1207,180 102.521
108,200 100.63
10,000 101.20
20,000
3,517
1,000
10,000 100
9,000 100.20
750 103.33
25,000 100
45,000 100.60
3,000 102.50
30,000
75,000 101.32
50,000 100.90
5,204 100
2,541 100
7,500 100.55
10,000 100.10
3,500 100.981
200,000 101.063
50,000 100
65,500 100
3,000
98.50
15,000
190,000
26,000 101.77
60,000
10,000 y100
3,000
40,000
23,000 100
38,000
20,000 101.18
161,228 103.163
60,000 108.033
7,500
2,500 100.06
13,800 100
1,800 100
7,135 100
1,540 100
19,000 100.026
20,000 103.505
20,000 102.32
200,000 102.212
15,884
25,000 100
25,000 100.30
2,450 100
3,500 100
20,000- 102.175
20,000
9,300 100
2,000
20,000
52,000
3,500
150,000
145,000
6,000
49,000
100,000
35,500
100,000
19,000
5,000
19,000
10,000
30,000
2,000
69,500
36,250
11,000
30,000
12,000
55,000
zo,00a
12,000
1,400
8,000
18,000
50,000
23,000
50,000
25,000
120,000
3,000
3,500
67,000
5,000
2,100
56,0001
250,0005
42,500
32,575
100
103.418
100.65
y101.737
100
y101.27
100.12
102.60
104.37
101.75
102.20
104.05
103.073
100.53
100
105.10
y100
102.727
100.375
102.023
100
100
97.77
101.65
100
102.385
106.408
101.85
100
100
102.104
100
100.321
100
Various
Total bond sales for August 1912 (409 municipalik$15,019,199
ties covering 512 separate issues)
a Average dates of maturity. d Subject to call in and after the earl?
year and mature in the later year. k Not including $19,307,132 of temporary loans, $5,000,000 general fund bonds of New York City and $1,500,000 bonds of the Territory of Hawaii, reported, and which do not belong In
the list. z Taken by sinking fund as an investment. //And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.
EThe following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Amount.
$50,000
85,000
27,950
15,000
24,000
Name of Municipality.
Page.
635_ _BaylieleCounty, Wis. (June list)
635_ _Burley, Idaho (May Ilst)
582_ _Matagorda Co. Dr. D. No. 3, Tex. (February list)
500_ _Portage County, Ohio (July list)
500__S nger Grammar School District, Cal. (July fist
rWe have also learned of the following additional sales for
previous months:
Rate. Maturity.
Name.
1942
14 A
1942
496__Accomack County, Vs.4.60
V
1942
4.70
700_ _Bedminster Twp. S. D., N. J
44 1913-1925
1957
4
635_ _Boston, Mass
d1917-1932
5
700_ _Brunswick, Mo
1913-1932
635...Buffalo, N. Y
4
1932
4
635__Buffalo, N. Y
d1932-1962
4
635_ _Buffalo, N. Y
497-Cadillac S. D., Mich. (June)_._ 43-i 1922-1929
1914-1916
638_ _Cleveland, Ohio
5
635__Dennison, Ohio (2 Issues)
43, 1913-1922
1930-1934
498._ Glendale, Cal
5
1938-1949
498_ _Glendale, Cal
5
561. Graham County Sch. Dist. No.
71, Kans. (June)
5
498_ _Grand Haven Sch. Dist., Mich_ 4 A 1914-1923
Page.
Dmount. Price.
$8,000
1,000
1,000
6,500 101.05
10,000 2:100
8,000 100.50
100,0001
150,000 }x100
130,0001
15,000 100
373,000 2:100
17,000 101.808
10,0001 102.38
6,0001
1,000
20,000
100
100.565
[VoL. Lxxxxv.
Page.
Name.
Rate, Maturity.
499__Iron County, Wis. (June)
4
1917
499_ _Iron County, Wis. (June)
6.
1917
837_ _Kansas (52 Issues)
5&6
Various
499__Klmballton, Iowa
1932
5A
499_ _Little Rook, Ark
53-6 1913-1917
638_ _Minnesota (61 issues, June).... 4
638_ _Minnesota (18 issues)
4
562...Mt. Vernon, Tex. (June)
5
d1932-1952
703_ _Nebraska (13 isues)
__
703_ _North Dakota (19 Issues)
Various
4
704 _ _Norwich Twp.Sch. Dist., Ohio_ 6
1913-1915
563__Osborne, Kans. (June)
5
704_ _Seattle, Wash
7
d1913-1917
639_ _Union (T.) Un.F.S.D.No.1,N.Y. 4
1913-1923
705_ _West Milwaukee, Wis. (June)_ _ 5
1914-1931
439_ _White River Levee Dist., Ark
6
1929-1933
Amount. Price.
35,0001 100.615
30,0001
127,600 100
6,500 100
60,000
418,772 100- -103,500 100
18,000
237,800
160,800 100
1,500
15,000 100
12,420
6,000 100
28,000 101.823
75,000
All the above sales (except as indicated) are for July.
These additional July issues will make the total sales (not
including temporary loans) for that month $29,524,917.
BONDS OF U. S. POSSESSIONS.
,
Page. Name.
Rate. Maturity. Amount.
Price.
496_ _Hawal
d1932-1942 $1,500,000 100.588 +
4
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN AUGUST
Page.
Name.
Rate. Maturity. Amount. Price,
640__Amherst, N. S
1942
4)
$88,300
93.75
502_Battleford, Sask
1937
15,000
5
95
564_ _Battleford, Bask
1932
50,000
5
705_ _Bladworth, Sask
500
502_ _Caledonia R. M. No. 99, Sask__
12,000
96.58
564_ _Calgary, Alta
750,000
705_ _Carleton County, Ont
20,000 100.685
1913-1932
5
564._Coblenz, Sask
6
1,500
1927
564 _ _Cranbrook, B. C
5
90
100,000
584_ _Creelman S. D. No. 998, Sask__ 6
8,500
1932
705_ _Duck Lake, Sask.(2 issues) _ __ _ 5,
1913-1932
10,000
564_ _Elfros, Bask
6
1927
2,500
440_ _Elfros, Sask
6
1932
10,000
564__Estevan S. D. No. 257, Bask.. 5
1913-1942
16,000
95.93
564_ _Francis Rur. Mun., Sask
5
1932
12,000
7)5. _Grayson, Sask
3,000
565_ _Halton County, Oct
4
1913-1932
180,000
565_ _ Hawarden,Sask
7
1922
4,000
440_ _Invermay (R. M. No.305), Sask 5
1913-1932
12,000
706_ _Joslin Sch. Dist., Man
2,400
565_ _Leross, Sask
1927
6
1,000
706_ _Lethbridge, Alta
4A
1922
115,000
93
502_ _Lucile S. D. No.916, Sask
6
1932
13,500 102.25
378__MoTaggart S. D. No. 1143,Sask. 8
1913-1932
4,000 103.125
565_ _Maidstone, Sask
6
1927
1,000
565_ _Mortlach, Sask
6
1927
3,000
706_ _Newmarket, Ont
51942
28,000
440_ _North Sidney, N. S
5
1942
5,000
641_ _North Toronto, Oct
4%
95.108
40,922
r
727,5001
1942
641_ _Ottawa, Oct
4
1932
292,429 91
4
1952
12,000J
706 _Parry Sound, Ont
1932.
5
4,500
708_ _Radville Sch. Dist., Sask
7,000
641_ _Reford, Bask
6
1922
3,000
503_ _Sacre Coeur S. D. No. 1586,Sask 6
2,500 100
1932
503_ _Saltcoats, Sask
17,000
565_ _Stettler, Alta
10,8001 97.16
53565_ _Stettler, Alta
4,0001
53.
565_ _Stonehenge, Sask
12,000
53
1932
706__Upland S. D. No. 1605, Man
99.46
1913-1022
1,500
6
565_ _Vancouver, B. C
1,390,000
93
585_ _Victoria Plains S. D. No.67,Sask 6
1927
3,000
565_ _Viscount, Bask
3,500
8
1927
706_ _Windsor, N. S
10,000
1942
5
Total debentures sold in August
$4,009,851
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page,
Name.
Rate. Maturity. Amount. Price.
564_..Bredenbury, Sask
7
1913-1922
35,000 100
640_ _Castor, Alta
5
1913-1032
15,000
641_ _Nelson, B.C.(3 issues)
5
96.17
35,000
1932
641_ _Oak Bay, B. C
5
350,000
503_ _Prairie R. M. No.408, Sask_ ___ 5 A 1913-1932
10,000 100.11
503_ _Vermilion, Alta. (3 issues)
96.33
1913-1932
6,000
6
All the above sales are for July. These additional July
issues will make the total sales of debentures for that month
$4,738,871.
News Items.
Athens, Ala.-Commission Form of Government Defeated.-Reports state that the question of adopting the commission
form of governmmt failed to carry at the election held
September 9(V. 95, p. 634.)
Colorado.-Proposed Constitutional Amendments.-At the
general election in November three proposed amendments
to the State Constitution will be submitted for the voters'
approval or rejection. These concern smelting and reducing
of ores, a State Tax Commission and "County-Indebtedness
By Loan." The last-named proposal, if adopted, will allow
counties to become bonded for the prupose of making or
repairing public roads and bridges up to 5% of the assessed
valuation. No bonds to be issued unless first approved by
the voters, and those issued in any one year not to exceed
1% of the assessed value. The constitution now provides
that debt created for public buildings and for roads and
bridges is not to exceed in any one year $1 50 on each $1,000
in counties where the assessed valuation exceeds $5,000,000,
and $3 on each $1,000 in counties the assessed valuation of
which is less than $5,000,000; the aggregate for all purposes
not to exceed twice the amount of the above limit unless the
question incurring such indebtedness shall be submitted to
the qualified tax-paying electors. This provision under the
proposed amendment will apply in the future only to bonds
issued for public buildings. The section involved is No. 6
of Article XI, and we print this below, italicizing the new
works and placing in brackets those to be eliminated should
the proposition carry.
"Section 8. No county shall contract any debt by loan in any form except
for the purpose of erecting necessary public buildings, making or repairing
public roads and bridges; and such indebtedness contracted in any one
year for the purpose of erecting public buildings shall not exceed the rates
upon the taxable property in such county following, to-wit: Counties in
which the assessed valuation of taxable property shall exceed five millions
of dollars, one dollar and fifty cents on each thousand dollars thereof,
counties In which such valuation shall be less than five millions of dollars;
three dollars on each thousand dollars thereof; and the aggregate amount
SEPT. 141912.]
THE CHRONICLE
699
St indebtedness of any county for [all] such building purposes, exclusive of of statutes enacted by the Legislature shall apply to those enacted by the
debts contracted before the adoption of this constitution, shall not at any initiative.
Section 1B. (Referendum.) The second power reserved Is the referendum.
time exceed twice the amount above herein limited, unless when,in manner
provided by law, the question of incurring such debt shall, at a general It may be ordered by a petition of ten per cent of the legal voters of the
election or special ejection called for that purpose be submitted to such of the State, distributed as required for initiative petitions. Referendum petiqualified electors of such county as in the year last preceding such election tions against measures passed by the Legislature shall be filed with the
shall have paid a tax upon property assessed to them in such county, and Secretary of State within 90 days after the Legislature enacting the same
a majority of those voting thereon shall vote in favor of incurring the debt; adjourns sine die or for a period longer than 90 days; and elections thereon
but the bonds, If any be issued therefor, shall not run less than ten years, shall be had at the first regular State election held not less than 30 days
and the aggregate amount of debt so contracted shall not at any time after such filing.
Section 10. (Referendum—Suspension of Measures.) The referendum
exceed twice the rate upon the valuation last herein mentioned. The total
indebtedness contracted by any county for the purpose of making or repairing may be ordered upon any Act except Acts making appropriations for the
public roads and bridges shall not at any time exceed five per cent of the assessed expenses of the State Government and State institutions existing at the
valuation of the taxable property wither; such county, and no debt Whatsoever time such Act is passed. When the referendum is ordered upon an Act
shall be contracted for such purpose unless the question of contracting the same or any part thereof, it shall suspend its operation until the same is approved
has been submitted to the qualified tax-paying electors of the county as above by the voters; provided, that emergency Acts, or Acts for the immediate
provided. The whole or any part of the aggregate indebtedness permitted to preservation of the public peace, health or safety shall continue in effect
any county for highway purposes may be authorized at a single election, but the until rejected by the voters or repealed by the Legislature. Filing of a
indebtedness incurred, or the securities issued in any one year, or the money referendum petition against one or more items, sections or parts of an Act
expended upon highways from such source in any one year shall not exceed shall not delay the remainder of the measure from becoming operative.
one per cent of the assessed valuation: Provided, That any county In this
Section 1D. (Effect of Act—Ballots Necessary—Veto—Returns of Election.)
State which has an indebtedness outstanding, either in the form of warrants Nothing in this section shall be construed to deprive any member of the
issued for purposes provided by law prior to December 31 A. D. 1886 or in Legislature of the right to introduce any measure. The whole number of
the form of funding bonds issued prior to such date for such warrants votes cast for Governor at the regular election last preceding the filing of
previously outstanding, or in the form of public building, road or bridge any initiative or referendum petition shall be the basis on which the numbonds outstanding at such date, may contract a debt by loan by the issuance ber of legal voters required to sign such petition shall be computed. The
of bonds for the purpose of liquidating such indebtedness, provided the veto power of the Governor shall not extend to measures initiated by or
question of issuing said bonds shall, at a general or special election called for referred to the people. All such measures shall become the law or a part
that purpose, be submitted to the vote of such of the duly qualified electors of the constitution when approved by a majority of the votes cast thereon,
of such county as in the year last preceding such election shall have paid provided the votes cast in favor of said initiative measure or part of said
a tax upon property assessed in such county, and the majority of those constitution shall constitute thirty-five per cent (35%) of the total vote
voting thereon shall vote in favor of issuing the bonds. Such election shall cast at said election, and not otherwise, and shall take effect upon proclabe held in the manner prescribed by the laws of this State for the Issuance mation by the Governor, which shall be made within ten days of the comof road, bridge and public building bonds, and the bonds authorized at such pletion of the official canvass. The vote upon intliative and referendum
election shall be issued and provision made for their redemption in the same measures shall be returned and canvassed In the same manner as is prescribed in the case of Presidential electors. The method of submitting
manner as provided in said law."
adopting amendments to the constitution provided by this section shall
District Court Orders Re-submission of Initiative and Refer- and
be supplementary to the method prescribed in the article of this constituendum—Holding that the amendment to the State Consti- tion, entitled "Amendments," and the latter shall in no case be construed
conflict herewith. This amendment shall be self-executing, but legislatution providing for the initiative and referendum adopted to
tion may be enacted especially to facilitate its operation. In submitting
in 1910 was not properly published prior to that election, petitions and orders for the initiative and the referendum,the Secretary
of
and all other officers shall be guided by this amendment and the
Judge Riddle of the Distrct Court on Aug. 23 issued an State
general laws until
legislation shall be especially provided thereorder commanding the Secretary of State to again place the for; all propositionsadditional
submitted In pursuance hereof shall be submitted in a
manner and without any indication or suggestion on the ballot
proposition on the ballots to be used at the coming general non-partisan
they have been approved or endorsed by any political party or orelection. State Attorney-General Griffith has announced, that
ganization, and provided further that only the title of measures shall be
it is said, that an immediate appeal will be taken to the printed on the ballot, and when two or more measures have the same title
shall be numbered consecutively in the order of filing with the SecreSupreme Court. Should Judge Riddle's ruling be affirmed, they
tary of State and including the name of the first petitioner.
Section 10. (Bill, Style, Final Passage.) The style of all bills shall be
it will prevent the submission on Nov. 5 of a number of
it enacted by the People of the State of Nebraska," and no law shall
bills initiated by petition concerning, among other subjects, "Be
be enacted except by bill. No bill shall be passed by the Legislature
the recall of elective officials, including judges, statewide unless by assent of a majority of all the members elected to each
house of
the Legislature and the question upon final passage shall be taken immeprohibition, a public utilities commission and home rule diately
upon its last reading and the yeas and nays shall be entered upon
for cities having a population of over 20,000. V. 95, p. 310. the journal.
Kentucky.—Proposed Constitutional Amendments.—At the
general election in November the voters will pass upon two
proposed •constitutional amendments. One of these allows
the employment of convict labor upon public roads and
bridges. The other amends Section 171 of the constitution
and gives the Legislature power to divide property into classes
and determine what class or classes of property shall be
subject to local taxation. It is provided also that bonds of
the State and of counties, municipalities, taxing and school
districts shall not be subject to taxation. Any tax law
enacted under this amended section shall be subject to the
referendum power of the people, which is declared to exist
to apply only to this section. It is further provided that the
veto power of the Governor shall not extend to measures
so referred to the voters.
Lawton, Okla.—Supreme Court Decides that Bond Commissioner is Not Required to Pass on Street Assessment Bonds.
—The State Supreme Court in an opinion by Justice Hayes
handed down Aug. 30 affirmed the judgment of the District
Court of Oklahoma County, holding that the AttorneyGeneral, as bond commissioner, is not required to examine
and certify the $150,000 street-improvement bonds recently
disposed of. The reason, it is said, for the Court's ruling is
that the bonds are to be paid by special assessments upon
the property benefited and do not constitute a direct obligation of the municipality. According to the Oklahoma City
"Oklahoman," the Court says in part:
Under the provision of the statute no part of the tax-paying public constituting the municipal corporation is jointly liable for the indebtedness
represented by these bonds; they are to be paid by special assessment levied
by ordinance against specific pieces of property and no piece of property
Is liable for the whole indebtedness but only for that assessed against it in accordance with the provisions of the statute. A personal judgment against
the city for the non-payment of these bonds could not be obtained, nor can
they be enforced against its general assets or resort be had to general taxation for the purpose of raising a revenue to satisfy them.
Natchitoches, Natchitoches Parish, La.—Election on Commission Form of Government.—Reports state that an election
will be held Oct. 12 to submit to the voters the question of
•
adopting the commission form of government. • •
Nebraska.—Proposed Constitutional Amendments.—The
1911 Legislature passed five proposed constitutional amendments,which willbe voted upon at the general election this
November. One of these proposes to establish the initiative
and referendum by amending Sections 1 and 10 of Article III.
so as to read as follows:
Section 1. (Legislative Authority.) The legislative authority of the State
shall be vested In a Legislature consisting of a Senate and House of Representatives, but the people reserve to themselves power to propose laws
and amendments to the constitution, and to enact or reject the same at
the polls independent of the Legislature, and also reserve power at their
own option to approve or reject at the polls any Act, item, section or part
of any Act passed by the Legislature.
Section 1A. (Initiative.) The first power reserved by the people is the
initiative. Ten per cent of the legal voters of the State, so distributed as
to Include five per cent of the legal voters in each of two-fifths of the counties of the State, may propose any measure by petition, which shall contain the full text of the measure so proposed. Provided, that proposed
constitutional amendments shall require a petition of fifteen per cent of the
legal voters of the State distributed as above provided. Initiative petitions
(except for municipal and wholly local legislation) shall be filed with the
Secretary of State and be by him submitted to the voters at the first regular
State election held not less than four months after such filing. The same
measure, either In form or In essential substance, shall not be submitted
to the people by Initiative petition (either affirmatively or negatively)
oftener than once in three years. If conflicting measures submitted to the
people at the same election shall be approved, the one receiving the highest
number of affirmative votes shall thereby become law as to all conflicting
provisions. The constitutional limitations:as to scope and subject-matter
Sec. 1 of Art. III. now simply says: "The legislative
authority is vested in a Senate and House of Representatives." Sec. 10 provides that the enacting clause of a law
shall be: "Be it enacted by the Legislature of the State of
Nebraska."
Another proposal is to amend Sec. 4 of Art. III.
by providing that Senators and Representatives shall receive a salary of $600 for each regular session of the Legislature and 10 cents for every mile they shall travel in going to
and returning from the place of meeting; each session, except
special session, to be for not less than 60 days. Under
Sec. 4 as it now stands members of the Legislature receive
$5 a day for not more than 60 days at any one sitting nor
more than 100 days during their term of 2 years, and 10 cents
a mile for traveling to and from the capital; each session,
except special session, to be for not less than 60 days. It is
also stipulated that after the expiration of 20 days of the
session, instead of after 40 days as now provided, no bills
or joint resolutions of the nature of bills shall be introduced
unless the Governor shall by special message call the attention of the Legislature to the necessity of passing a law on
the subject-matter embraced in the message.
The other amendments to be voted upon allow cities of
more ,than 5,000 inhabitants to frame their own charters,
create a Board of Commissioners of State Institutions and
relate to the time of electing and terms of Supreme Court
. . .
judges.
• Ohio.—Result of Vote on Constitutional Amendment .—A
special dispatch from Columbus to the New York "Times"
says that total returns from the election held Sept. 3 show
that 8 of the 41 proposed amendments to the State constitution submitted on that day failed to carry. The defeated
amendments were as follows: Woman's suffrage, contempt
proceedings and injunctions, permitting issuance of $50,000,000 bonds for inter-county wagon roads, permitting use
of voting machines, making negro suffrage constitutional,
abolishing capital punishment, allowing the appointment of
women to certain offices and giving Legislature right to
regulate use of billboards. An explanation of all the various
amendments submitted was made in the "Chronicle" of
July 20, page 187.
Putnam, Conn.—Appraisers Fix Value of Water Plant.—
Judge Silas A. Robinson, Robert A. Cairnes of Waterbury
and C. E. Chandler of Norwich, named by the Windham
County Superior Court to determine the price to be paid by
the city for the property of the Putnam Water Co., are said
to have fixed the value of the plant at $240,000.
Seattle, Wash.—City Not Compelled to Purchase Hebb
Power Site.—Judge John F. Main on Aug. 8. sustained the
demurrer of the city in the mandamus proceeding commenced
by M. 0. Carton as an interested taxpayer to compel the
city to purchase from the Mountain Development Co. the
Hebb power site on the White River for $1,000,000 in accordance with the vote taken on March 5 (V. 94, p. 778). The
Court ruled that no contract existed for the purchase of
the site and the provisions of the ordinance _passed by the
City Council, the proposition indorsed by the voters and
the proposition rhade by the power site company were
THE CHRONICLE
700
widely at variance, indicating that the minds of the parties
did not meet.
The relator then amended his application, pleading that
the ordinance was submitted to the Development Company
and agreed to and approved by it prior to being submitted
to the vote of the people, the theory being that the variance
between the terms of the offer and the provisions of the
ordinance would be cured by pleading that the company had
accepted the terms of the ordinance.
The city again demurred, and the Court again sustained
its demurrer. Thereupon the relator refused to plead
further and a final judgment of dismissal was entered.
Since the judgment of dismissal the relator's attorneys
served the Law Department of the city with written notice
that they did not intend to appeal the case.
South Carolina.-Proposed Constitutional Amendments.The Legislature of 1912 made provision for submission to the
voters on Nov. 5 of three proposed amendments to the State
constitution. Two of these empower certain cities and
towns to assess abutting property for street improvements,
while the third amendment provides that the limitations
imposed by Sec. 7 of Art. VIII and Sec. 5 of Art. X shall not
apply to bonded debt incurred by the town of Bishopville in
Lee County for railroad-aid purposes.
Tacoma, Wash.-Bonds Held to be Legal Investments for
New York Savings Banks.-We print below an opinion rendered by Attorney-General Thos. Carmody on Sept. 6 holding that bonds of the city of Tacoma are legal investments
for New York savings banks:
Hon.George I.Skinner,First Deputy Superintendent of Banks, Albany, N. Y
Dear Sir:-In reply to your communication of recent date asking for my
opinion as to the legality of bonds of the city of Taooma, Wash. for investments by the savings banks of this State, I beg to say that I have examined
the documents forwarded with your communication, consisting of the certificates of the State Treasurer of the State of Washington, the City Comptroller and City Attorney of Tacoma, Acting Secretary of the Board of Directors of the Tacoma School District and the Acting Treasurer of the
County of Pierce. State of Washington, and from such examination it
appears that the said city has complied with the requirements of See. 146
of the Banking Law of this State, which regulates the Investments of funds
of savings banks of this State, and, in my opinion, the bonds referred to
are, so far as the requirements of said Sec. 146 of the Banking Law are concerned, legal investmentsjor the savings banks of this State.
Very truly yours,
THOMAS CARMODY, Attorney-General.
Yazoo City, Yazoo County, Miss.-Commission Form of
Government Rejected.-The question of adopting the commission form of government failed to carry, it is stated, at the
election held Sept. 5. The vote was 109 "for" and 310
"against."
Bond Calls and Redemptions.
Butler County (P. 0. Butler), Pa.-Bond Call.-Payment
will be made Oct. 1 1912 of bonds Nos. 51 to 60 incl., series
"B," of $1,000 each, and on Oct. 20 payment will be made
of Poor District bonds Nos. 18 and 19, series "2," of $1,000
each; Nos. 55, 56 and 57,series "2," of $500 each, and Nos.48
49 and 50 "series 2," of $1,000 each.
Denver, Colo.-Bond Call.-The following bonds were
called for payment Aug. 31:
STORM SEWER BONDS.
Sub-Dist. 7 of Capitol Hill Storm Sewer Dist. 1-Nos.4 to 8. Inol.
SANITARY SEWER BONDS.
Sub-Dist. 8 of East Side Sanitary Sewer Dist. 1-Nos.99 to 109, inci:
Sub-Dist. 9 of East Side Sanitary Sewer Dist. 1-Nos. 3 to 9, Incl.
Sub-Dist. 10 of East Side Sanitary Sewer Dist. 1-Nos. 10 to 29, Incl.
Sub-Dist. 11 of East Side Sanitary Sewer Dist, 1-Nos. 43 to 52, incl.
IMPROVEMENT BONDS.
Arlington Park Improvement Dist.-Nos. 37 to 46, incl.
Capitol Hill Improvement Dist. No.5-No.106.
Capitol Hill Improvement Dist. No. 6-Nos. 13 to 22, incl.
East Denver Improvement Dist. No.5-Nos.45 to 54, incl.
East Side Improvement Dist. No. 1-Nos.67 to 76, incl.
East Side Improvement Dist. No. 2-Nos.48 to 58, incl.
North Side Improvement Dist. No.6-Nos.42 and 43.
North Side Improvement Dist. No.8-Nos.43 and 44.
North Side Improvement District No. 13-Bonds Nos. 23 to 32, Inclusive.
Ogden Street Improvement Dist. No. 1-No. 19.
South Capitol Hill Improvement Dist. No. 2-Nos. 25 to 34, incl.
South Denver Improvement Dist. No.4-Nos.38 to 47, incl.
South Denver Improvement Dist. No. 5-Nos.34 to 43, Incl.
Thirteenth Street Improvement
No. 1-No.36.
PAVING BONDS.
Alley Paving Dist. No.4-No.24.
Alley Paving Dist. No.8-No.18.
Alley Paving Dist. No. 17-No. 21.
Alley Paving Dist. No. 23-No. 11.
Broadway Paving Dist. No.4-Nos.6 to 35, incl.
Colfax Avenue Paving Dist. No.3-Nos.30 to 38, incl.
Fifteenth Street Paving Dist. No. 2-Nos. 21 and 22.
SURFACING BONDS.
Surfacing District No.4-No. 11.
PARK BONDS.
Montclair Park Dist.-Nos. 390 to 409. incl.
pin.
New Orleans, La.-Improvement Certificates Called for
Payment.-Payment will be made Oct. 1 at the City Comptroller's office of public-impt. certificates Nos. 1 to 152, incl.,
of Series A, No. 1 of Series B and Nos. 1 and 2 of Series C,
issues of 1912.
The official notice of this call will be found among the adveris ements elsewhere in this Department.
Yoakum, Texas.-Bond Call.-Call was made for payment
on or before Sept. 1 1912 of school bonds numbered four,
five and six, dated Sept. 1 1892.
Bond Proposals and Negotiations this week
have been as follows:
ALAMEDA. Alameda County, Cal.-BOND OFFERING.-Further
details are at hand relative to the offering on Oct. 15 of the $158,000 5%
coup. municipal-impt. bonds (V. 95, p. 434). Proposals will be received
until 8 p.m. on that day by F. E. Browning, City Clerk. Denom. (120)
[VoL. Lac.xxxv.
$1,000 and (40) $950. Date.Nov. 1 1912. Int. M. & N.at the City Treas.
office. Due $3,950 yearly Nov. 1 1913 to 1952 incl. Cert. check for 2%
of amount bid, payable to the City Treas., is required. Official circular
states that no previous bond Issue has over been contested. Bonds have
been certified by Goodfellow, Eells & Orrick.
ALTAMONT, Effingham County. 111.-BOND OFFERING.-Proposals
will be received until 7:30 p. m. Sept. 24 by J. E. Hoover, City Clerk, for
$11,000 sewer-extension and $9,000 water-works 5% reg. bonds. Denom.
$500. Date Sept. 1 1912. Int. ann. at office of City Treas. Due Sept. 1
1952; optional one bond yrly. beginning Sept. 1 1916. No deposit is required. Bonded debt, $500. No floating debt. Assessed val. 1911,
$424,946.
ALVISO SCHOOL DISTRICT, Santa Clara County. Cal.-BOND SALE.
-Torrance, Marshall & Co. of Los Angeles on Aug. 26 was awarded for
*7,076 (101.085) the $7,000 5% bldg. bonds voted July 20 (V. 95, p. 312)
reports state.
AMITE COUNTY (P. 0. Liberty), Miss.-BOND OFFERING.-Proposals will be received until Oct. 7, it is reported, for the $80,000 5% 20-yr.
road-constr. bonds recently voted (V. 95, p. 560).
ANTWERP SCHOOL DISTRICT (P. 0. Antwerp). Paulding County,
Ohio.-BONDS DEFEATED.-At an election hold Sept. 3 the proposition
to issue $6,000 bldg. bonds was defeated by a vote of 111 "for" to 139
A similar proposition was defeated on July 23. See V.95,p.248.
"against.
ARANSAS PASS, San Patricio County, Tex.-BOND SALE.-According to reports, this city has disposed of an issue of $10,000 street-impt. bds.
ARLINGTON, Kingsbury County, So. Dak.-BONDS VOTED.-A
favorable vote was cast on Aug. 17, it is stated, on the proposition to issue
the $10,000 electric-light and power plant constr- bonds (V. 95, p. 373).
ASHLEY. Delaware County. Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Sept. 20 by G. L. Richards, Village Clerk,for
$8,954 16 5% coupon street-impt. bonds. Denom. (1) $499 16 and
(19) $445. Date Sept. 20 1912. Int. semi-ann. at the Village Treas.
office. Cert, check for 10% of amount of bid, payable to the Treasurer,
required. No bonded debt at present. Floating debt $800.
AUDUBON. Camden County, N. J.-BOND ELECTION.-An election
will be held Oct. 15, it is stated, to decide whether or not this borough shal
issue $65,000 sewer-system-construction bonds.
BARELAS SCHOOL DISTRICT NO. 5, Bernalillo County. N. Mex.BOND OFFERING.-Proposals will be received until 10 a. m. Sept. 21 by
M. Mandell, County Treas. (P. 0. Old Albuquerque), for the $2,500 6%
10-20-yr. (opt.) bldg. bonds recently voted (V. 95, p. 312). Denom. $500.
Date July 1 1912. Int. semi-ann. at the County Treasurer's office.
BASTROP COUNTY (P. 0. Bastrop), Tex.-BOND OFFERING.-In
addition to the $80,000 5% 10-40-year (opt.) Road Dist. No. 2 impt. bonds
to be offered on Oct. 10 (V. 95, p. 635), an issue of $100,000 5% Road
Precinct No. 1 road-const, bonds will also be offered on that day, reports
state.
BAY CITY, Bay County, Mich.-BOND OFFERING.-Proposals will
be received until 3 p. m. Sept. 16 by E. B. Prohazka, City Compt., for
$10,000 5% local impt. bonds. Denom. $1,000. Date Sept. 16 1912.
Int. M. & S. in New York City. Due Sept. 16 1917. Cert. check for 2%
of bonds bid for, payable to the City Compt., required. Purchaser to
pay accrued interest.
BAY CITY, Matagorda County, Tex.-BONDS A UTHORIZED.-An
ordinance was passed on Sept. 3 by the City Council, it is stated, providing
for the issuance of $6,000 water-works-system-ext. and $1,100 bridge-const.
and street-impt. bonds.
BEDMINSTER TOWNSHIP SCHOOL DISTRICT (P. 0. Pottersville).
Somerset County, N. J.-BOND SALE.-Wo have Just been informed that
on July 20 the $6,500 4% 1-13-yr. (ser.) coup. tax-free bonds (V. 95,
p. 188) were awarded to the Second Nat. Bank in Somerville at 101.05-a
basis of about 4.325%. Denom. $500. Dato July 11912. Int. J. & J.
BELLEVUE SCHOOL DISTRICT, San Luis Obispo County, Cal.
DESCRIPTION OF BONDS.-The $1,800 gold building bonds awarded
at 103.333 to the Commercial Bank of San Luis Obispo on Aug. 6 (V. 95,
p. 635) bear interest at the rate of 6%. Denom. $300. Date Aug.6 1912.
Int. ann. In Aug. Duo $300 yrly. Aug. 6 from 1913 to 1918. incl.
BELLEFONTAI NE, Logan County, Ohlo.-BONDS AUTHORIZED.
An ordinance has been passed providing for the issuance of $3,000 5%
coupon sidewalk assessment bonds. Denom. $600. Date July 1 1912.
Int. J. & J. at City Treas. office. Due $600 yearly July 1 1913 to 1917. Incl.
BELMAR, Monmouth County, N. J.-BOND SALE.-On Sept. 10
the $38,000 5% 30-yr. water-funding bonds (V. 95, p. 635) were awarded
to Douglas Fenwick & Co., of N. Y., for $38,437 (101.15) and int. A bid
of 100.52 was also received from R. M. Grant & Co. of N. Y.
BLACKSHEAR, Pierce County, 0a.-BOND OFFERING.-Proposals
will be received until 12 m. Oct. 2 by G. P. Gregory, Mayor,for the $23,000
water-works. $22,000 sewer and $10,000 eleo.-light 5% gold bonds voted
June 25 (V.94, p. 1778). Denom. $1,000. Date July 1.1912. Int. J.&J.
at the Irving Nat. Bank in New York City. Due July 1 1942. Validity
of the bonds has been approved by Jas. M. Gilbert, Attorney, Atlanta.
Cert. check for 5% of bid required. No other bonded debt. Assess. val.,
$1.105,562.
BLACKVILLE, Barnwell County, So. Car.-BOND SALE CALLED
OFF.-The sale of the $28,000 5% 20-40-yr. (opt.) water and sewersystem bonds, which were to have been offered on Sept. 10 (V. 95, P. 635),
has been called off, we are advised, and the whole proceedings dropped.
BLOOMINGTON SCHOOL DISTRICT, San Bernardino County, Cal.
DESCRIPTION OF BONDS.-The $20,000 5% bonds awarded on Aug. 19
to Torrance, Marshall do Co. of Los Angeles (V. 95, p. 560) consist of 10
bonds of $1,500 each and 5 of $1,000 each. Date July 22 1912. Int. ann.
In July at the County Treas. office. Duo $1,000 yrly. July 22 1918 to 1922
Incl. and $1,500 yrly. July 22 1923 to 1932 incl. No other debt. Assess.
val., $566,510.
BOWERSTON. Harrison County. Ohlo.-BOND OFFERING.-Proposals will be received until 12 m. Oct. 5 by E. W. Bower, VII. Clerk, for
$1,110 4% Garfield Ave. and State St. impt. assess. bonds. Denom.
$111. Date Sept. 1 1912. Int. annual. Duo $111 yriy. Sept. 1 from 1913
to 1922 incl. Bonds to be delivered and paid for within 10 days from time
of award. Cert. check for 10% of bonds bid for, payable to the Vii. Treas.
required. Purchaser to pay accrued interest.
BRATENHAL (P. 0. Cleveland), Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Oct. 8 by Clifford A. Neff, Village Clerk,
for the following coup. bonds, aggregating $39,752 90:
$36,000 00 43% Lake Shore Boulevard assess. bonds. Denom. $1,000.
Due on Sept. 1 $3,000 in odd years and $4,000 in even
years from 1913 to 1921 and $5,000 in 1922.
Shore Boulevard bonds. Denom. (4) $700, (1)
Lake
3,752 90 5%
$952 90. Duo $700 yrly. Sept. 1 1913 to 1916 incl. and
$952 90 Sept. 1 1917.
Date Sept. 1 1912. Int. M. & S. Cert. check for 10% of bonds bid
for, payable to the Village Treas., is required. Purch. to pay ace. Int.
-On Sept.9
BRONXV ILLE. Westchester County, N. Y.-BOND SALE.
Curtis & Sanger of
the $33,400 reg. bonds (V.05, p. 560) were awarded to
w:
13.1dslofool.i3o3
Other
N. Y. for $33,445 (100.134) and blank bonds.
for 4.60s
john J. Hart, Albany
for
100.291
__________
York
New
Co.,
Harris, Forbes &
4.60s1,23
for 4.70s
Adams & Co., New York
100.000 for 4.75s
Farson, Son & Co., New York __ _ _
9
9
7
0
010
0
0
0
1
_1
r
for
4
_______
ss
15
.
0
&
B
A.
Douglas Fenwick & Co., N. Y..,Series
1Serics D _____
-On
15
SALE.
July
Mo.-BOND
BRUNSWICK. Chariton County.
were awarded to the First
$8,000 5% 5-20-yr. (opt.) school-bldg. bonds
Nat. Bank and Chariton Co. Exchange Bank of Brunswick at 100.50.
Denom. $500. Date July 15 1912. Int. J. & J.
SALE.-On Sept. 9 the four
BRYAN, Williams County, Ohio.-BOND$48,000 (V. 95, p. 497), were
issues of 4% coupon bonds, aggregatingstated,
for $49,375, making the
is
It
Cleveland,
of
awarded to Otis & Co.
price 102.864.0. Buchtel), Athens
(P.
DISTRICT
BUCHTEL VILLAGE SCHOOL
the $30,0004 3,
5% 2-31-yr.(ser.)
County, Ohio.-BOND SALE.-On Sept.7awarded
to
the First Nat. Bank
were
497)
p.
95,
(V.
site and bldg. bonds
$31,138 90 (103.796) and Int.-a basis of about 4.18%. Other
id
of
Clove,follow:
$31,0691Well, Roth & Co., Cin
Stacy & Braun, Toledo
. 25.
$0
3. ,8
• • • • .
Hayden, Miller & Co., Cleve_ 30,9001 • • • • • • •
SEPT. 14 1912}
THE CHRONICLE
701
Denom. $1,000, except the public-comfort-station bonds, which are is
BUFFALO, N. Y.-BONDS AUTHORIZED.-Ordinances have been
passed providing for the issuance of $135,000 police and fire-dept.and denom. of $500 each. Int. M. & S. at the City Treas. office.
at
0.
&
A.
Int.
11912.
Oct.
Date
$50,000 hospital 4% 20-yr. bonds.
CONRAD, Teton County, Mont.-BOND OFFERING.-Proposals will
the City Comptroller's office or the Hanover Nat. Bank in N. Y.
be received until 7 p. m. Oct. 21 by R. Ferguson, Mayor, for $10,000 6%
CAMBRIDGE, Middlesex County Mass.-DESCRIPTION OF BONDS.
sewer
bonds. Int. J. & J. Due 20 years, opt. $2,000 in 10 years and
and
-The $131,200 street, $35,000 municipal, $15,000 sewer, $50,000 park
$25,000 water coup. bonds awarded on Sept. 4 to Blodget & Co. of Boston $3,000 in 15 years. Certified check for $100 is required.
The official notice of this bond ofiering will be found among the advertiseat 100.033 (V. 95, p. 635) are in the dneom. of $1,000 each and dated
Sept. 1 1912. Int. M. & S.
ments elsewhere in this Department.
ELECTION.
-BOND
Tex.
Brownsville),
0.
(P.
CAMERON COUNTY
CORPUS CHRISTI. Nueces County, Tex.-BOND SALE.-An issue of
An election will be held Oct. 1 to vote on a proposition to issue $250,000 $14,000 5% sewer bonds was purchased by Farson, Son & Co. of Chicago.
road-impt. bonds, according to reports.
CORTE
MADERA, Mann County, Cal.-BONDS VOTED.-This place,
CANISTEO, Steuben County, N. Y.-BOND SALE.-On Sept. 7 the by a vote of 43 to 7, authorized
the issuance of $7,500 sewer bonds,reports
$11,500 3 1-6-yr. (ay.) road bonds (V. 95, p. 560) wereawarded to Adams state.
follow:
bids
& Co. of N. Y.for $11,511 (100.095) for 4.70s. Other
For 5s.
COSHOCTON SCHOOL DISTRICT (P. 0. Coshocton), Coshocton
For 4.85s.
100.185 County, Ohio.-BOND ELECTION.-The proposition to issue $80,000
Douglas Fenwick & Co., N. Y100.06 John J. Hart, Albany
Harris, Forbes & Co., N. Y_ _100.081 building bonds will be submitted to a vote on Nov. 5.
For 5s.
First Nat. Bk., Orisk'y Falls 101.00 First State Bank, Canisteo_ _100.00
COTTON CREEK IRRIGATION DISTRICT, Saguache County, Colo.-For 534s
100.55
Bath Nat. Bank, Bath
BOND OFFERING.-Proposals will be received until 2 p. m. Sept. 30 by
Union Trust Co., Rochester 100.37 Farson, Son & Co., N. Y_ _ _ _100.50
the Board of Directors, E. Tobler, Sec. (P. 0. Saguache), for $69,600 6%
Denom. $500. Date Sept. 1 1912. Int. ann. in July. Due $2,000 yrly. bonds. Denom. (201) $100 and (99) $500. Int. semi-ann.
July 1 1913 to 1917 incl. and $1.500 July 1 1918.
CRAWFORD COUNTY (P. 0. Van Buren), Ark.-BOND SALE.-Oa
CANTON, Ohio.-BOND OFFERING.-Proposals will be received until Aug. 10 $15,000 6% Sewer Dist. No. 2 sewer-constr. bonds were awarded
12 m. Sept. 30 (not Sept. 10, as reported In last week's "Chronicle") by to the Citizens' Bank of Van Buren at par. Denom. $500. Date Sept. 3
1912. Int. ann. in Sept.
E. C. Brumbaugh, City Auditor, for the following 4 M % bonds:
$27,000 Linden Ave. impt. bonds. Denom. $1,000. Due $4,000 yearly
CUDAHY, Milwaukee County, Wis.-BIDS REJECTED.-BONDS
Sept. 1 from 1914 to 1919, incl., and $3,000 Sept. 1 1920.
RE-OFFERED.-The bids received from N. W. Hlasey & Co. and C. H.
4,800 Linden Ave. impt. (city's portion) coup. bonds. Due Sept. 1 1920. Coffin of Chicago and the First Say. & Trust Co. of Milwaukee on Sept. 5
$700.
Due
5,700 North Dewalt St.!flint. bonds. Denom.(5)$1,000 and (1)
for the $58,000 5% sewer bonds were rejected.
$1,000 yrly. Sept. 1 from 1915 to 1919 incl. and $700 Sept. 1 1920.
These securities will be re-offered at public auction at 8 p.m. on Oct. 1.
200 North Dewalt St. Impt.coup.(city's portion) bds. Due Sept. 1 1920. Denom. $500. Date Sept. 1 1912. Int. semi-annually.
Date Sept. 11912. Int. M. & S. at office of City Treas. Certified check
reTreas..
COUNTY SCHOOL DISTRICT NO. 43 (P. 0. Hathaway).
CUSTER
City
to
payable
for,
bid
bonds
of
5%
for
Canton
on a bank in
Mont.-BOND SALE.-On Aug. 31 $600 6% 6-10-yr. (opt.) building
quired. Bonds to be delivered within 10 days from time of award. Pur- bonds
were awarded to the State Board of Ed. at Helena at par. Denom.
chaser to furnish blank bonds. Official advertisement states that a certified $100.
Date July 1 1912. Int. ann. In July.
copy of the abstract showing the legality of the issue will be furnished upon
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFERING.
application to the City Auditor.
will be received until 11 a. m. Oct. 2 by J. F. Goldenbogen, Clerk
Proposals
Lonoke
Carlisle),
CARLISLE SPECIAL SCHOOL DISTRICT (P. 0.
of County Commissioners, for the following 4 M% coup. bonds:
County. Ark.-BOND SALE.-Farson, Son do Co. of Chicago purchased $40,000
Warren Road impt. assess.
Denom. $1,000. Due $1,00*
20,000 6% bonds.
each six months from Aprilbonds.'
1 1913 to April 1 1915, incl., $2,000
CASCADE. Cascade County, Mont.-BOND SALE.-On Aug. 31 the each six months from Oct. 1 1915 to Apr. 1 1020, incl., and $3,000 each six
Palmer
B.
$20,000 5% gold water bonds (V. 95, p. 312) were awarded to H.
months from Oct. 1 1920 to Oct. 1 1922. Incl.
& Co. of Helena at par.
13.177 Warren Road impt. (county's portion) bonds. Denom. (1) $177,
(26) $500. Due $177 Apr. 1 1914, $500 each six months from
CECIL COUNTY (P. 0. Elkton), Md.-BOND OFEFRING.-Proposals
Oct. 1 1914 to Apr. 1 1920,incl. and $1,000 each six months from
will be received until Sept. 24 by W. C. Martindell, Clerk Board of County
Oct. 1 1920 to Oct. 1 1923, incl.
Commrs., it is stated, for $25,000 5% 18-year (average) highway impt.
6,020 Warren, Munn & Triskitt Road impt. assess. bonds. Denom. (1)
bonds. Interest semi-annual. Certified check for 10% required.
1520, (11) $500. Due $520 Apr. 1 1913, $500 yearly on Apr. 1
CENTRALIA, Marion County, III.-BOND SALE.-The $10,000 water
from 1914 to 1920 incl. and $1,000 on Apr. 1 1921 and 1922.
bonds voted July 23 (V. 95, p. 312) were purchased by the Old Nat.
Warren, Munn & Triskitt Road impt. (county's portion) bonds.
29,801
Bank of Centralia.
Denom. (1) $801, (29) $1,000. Due $801 Apr. 1 1914, $1,006
each six months from Oct. 1 1914 to Oct. 1 1918 incl. and $2,000
CHAVES COUNTY SCHOOL DISTRICT NO. 22, N. Mex.-BOND
SALE.-On Aug. 30 the $1,500 6% 10-30-yr. (opt.) coupon bonds (V. 95,
each six months from April 1 1919 to Oct. 1 1923 incl.
p. 497) were awarded to J. A. Kimmons at par. A bid of par was also
Auth. Secs. 2294, 2295, 6912, 6912-1 and 6913, Gen. Code. Date Oct. 1
received from Causey, Foster & Co. of Denver....... • • • • • •
1912. Int. A.&0. at office of County Treas. Cert. check on a bank, other
the one making bid, for 1% of bonds bid for, payable to the County
than
election
-An
CHURDAN, Greene County. Iowa.-BOND ELECTION.
will be held Sept. 17 to vote on the question of issuing $5,000 water and Treas., required. Bonds to be delivered within 10 days from time of award.
Purchaser to pay accrued int. Conditional checks will not be received.
$10,000 light bonds.
DANVILLE, Boyle County. Ky.-BOND ELECTION.-An election w 11
CLARKE COUNTY (P. 0. Quitman), Miss.-BOND OFFERING.
This county will offer for sale on Oct. 7 $20,000 agricultural-college bonds, be held in November. it Is stated, to vote on the proposition to issue $18,009
sewerage-system bonds.
reports state.
DAYTON, Ohio.-BONDS DEFEATED.-The propositions to issue
CLAY COUNTY (P. 0. West Point), Miss.-BOND SALE.-On Sept. 5
water-works bonds failed to carry at the
the 3 issues of 6% tax-free road and bridge bonds, aggregating $141,000 $170,000 deficit loan and $900,000 was
6,735 "for" to 7,678 "against" the
held Sept. 3. The vote
election
$145,(V. 95, p. 561), were awarded to Hoehler & Cummings of Toledo for
775 (103.386), int. and blank bonds. Bids were also received from C. H. former issue and 6,884 "for" to 7,697 "against" the latter.
&Slayton,
Briggs
Terry,
-BOND
Toledo;
SALE.-On Sept. 3 the
Co.,
&
Bolick
Spitzer,
Coffin, Chicago;
DECATUR, Adams County, Ind.
Toledo; Whitney Trust & Sayings Bank; Well, Roth & Co., Chicago; $9,000 4 34% coupon tax-free refunding bonds (V. 95, p. 561) were awarded
Mayer, Deppe & Walter, Cincinnati; Wm. W. Flournoy, J. E. Taylor, to the Old Adams Co. Bank of Decatur at par and interest. Due $1,0011
Provident Savings & Trust Co., Cincinnati; Wm. R. Compton Co., St. yearly Jan. 1 1914 to 1922, inclusive.
Louis, and the People's Bank & Trust Co., Tupelo.
DELAWARE, Delaware County, Ohio.-BOND SALE.-The New First
CLEVELAND, Ohio.-BOND SALE.-According to local papers, the Nat. Bank of Columbus was awarded, It is stated, for $18,623 (103.40,
Sinking Fund Commrs. purchased on Sept. 4 $500,000 of the issue of $2,- an issue of $18,000 5% 534-yr. (aver.) street-impt. bonds.
000,000 4% coup, electric-light bonds voted last November.
• An!ordinancewas passed Sept.4 providing for the issuance of $8,000 5;
- coup. municipal impt. bonds. Denom. $500. Date not later than Nov 1
COLUMBIANA COUNTY (P.O. Lisbon). Ohio.-BOND OFFERING.
Proposals will be received until 1 p. m. Sept. 23 by H. C. McCamon, Pres. 1912. Int. M. & S. at depository of the Sinking Fund. Due $1,000 yriy.
Board of County Commrs., for $11,184 4 4% 6 5-6-year (average) road
on Sept. 1 from 1916 to 1923 incl.
impt. bonds, It is stated. Int. annual. Cert. check for $500 required.
DELTA, Fulton County, Ohio.-BOND SALE.-On Sept. 2 the two
issues of 44% bonds, aggregating $17.750 (V. 95, p. 497) were awarded
received
be
will
COLUMBUS, Ohio.-BOND OFFERING.-Proposals
until 2 p. m. Sept. 16 by M. A. Gemunder, Sec. Sinking Fund Trustees, to Spitzer, Rorick & Co. of Toledo. Bids were also received from Well,
Roth & Co. of Cincinati. the New First National Bank of Columbus and
for the following 4% tax-free bonds:
;207.000 grade-crossing bonds. Denom. $1,000. Date Dec. 26 1907. Otis & Hough of Cleveland.
Int. A. & 0.at office of City Treas. Due Oct. 1 1947.
DETROIT. Mich.-BONDS AWARDED IN PART.-On Sept. le
70,000 public-impt. No. 22 (city's portion) bonds. Denom. $1,000. $120,000 of the $240,000 4% 20-year coupon water tax-free bonds (V. 95,
J. & S. at agency of the City of Colum- p. 561) were awarded to the Detroit Trust Co. at par, reports state.
Date March 1 1910. Int. M
bus In N. Y. City. Due Sept. 1 1921.
DEXTER Stoddard County, Mo.-BOND SALE.-On Sept. 3 the
50,000 public-impt. No. 23 (city's portion) bonds. Denom. $1,000.
and $25,000 sewer 5% bonds (V. 95, p. 561) were
Date June 29 1910. Int. M. & S. at agency of City of Columbus $28,000 water-works
awarded to the William R. Compton Co. of St. Louis for $53,056 50
in N. Y. City. Due Sept. 1 1921.
20-year
for
(100.106)
securities, optional one-half in 10 years and one15,000 public-Impt. No. 24 (city's portion) bonds. Denom. $1,000.
Date March 15 1911. Int. M. & S. at agency of City of Columbus quarter In 15 years. Other bids follow, based on bonds due $500 yearly
for 19 years and balance In 20 years:
in N. Y. City. Duc Sept. 1 1921.
_$53,125
15,000 police sub-station bonds. Denom. $500. Date May 1 1909. Harris Tr. dc Say. Bk., Chic..$53,310'Little & Hayes, St. Louis__
Int. A. dc 0. at agency of City of Columbus in N. Y. City. Due
DOWAGIAC SCHOOL DISTRICT NO. 1 (P. 0. Dowagiac), Cass
be
at any
will
received
-Proposals
OFFERING.
Oct. 11939.
Count'''. Mich.-BOND
16,000 Ilikviland Ave. impt. bonds. Denom. $1,000. Date Oct. 11 time by C. E. Sweet, Sec. Board of Educ., for $8,000 43% bonds. Date
1909. Int. M. & S. at office of City Treas. Due Sept. 11921.
Oct. 15 1912. Due $1,000 yearly Jan. 15 1914 to 1921, incl. Bonded
19,000 Morrill Ave. impt. bonds. Denom. $1,000. Date March 11910. debt, including this issue, $11,200. Assessed valuation, $3,000,000.
Int. M. dc S. at office of City Treas. Due Sept. 1 1921.
EAST CLEVELAND, Cuyahoga County. Ohio.-BONDS DEFEATED.
10,000 Thomas Ave.'flint. bonds. Denom.$1,000. Date March 1 1910. -The election held Sept.3 resulted In the defeat of the proposition to issue
Int. M. & S. at office of City Treas. Due Sept. 1 1921.
$25,000 street bonds (V. 95, p. 435).
the
27,000 Glenwood Ave. impt. bonds. Denom. $1,000. Date March 1
EAST PITTSBURGH. Allegheny County, Pa.-BOND SALE.-0i
1910. Int. M. & S. at office of City Treasurer. Due March 1 '22.
11 the $43,000 4 34% street-impt. bonds (V. 95. p. 636) were awarded
Sept.
9,000 Germania St. lmpt. bonds. Denom. $1,000. Date May 16
to Newburger, Henderson de Loeb of Philadelphia for $43,751, making
1910. Int. M. & S. at office of City Treas. Due March 11922.
price
the
101.7465. Other bids follow:
Denom.
$1,000.
bonds.
Date
-lighting
40,000 Central District cluster
& Co., N. Y$43,365 75
Jan. 30 1912. Int. M. dc S. at office of City Treas. Due March 1 J. S. &W.S. Kuhn,Chic_$43,652 311H.P.Taylor
O'Connor & Kahler, N.Y_ 43,575 601Mellon Nat. Bank, Pittsb_ 43,281 23
1919.
&
Y
N
Barnum
Co.,
43'510401
__
circular
L.
states
Official
that
Separate bids must be made for each issue.
Denom. $500. Date July 1 1912. Due 1941.
the city has never defaulted In the payment of the principal or interest of
any of its bonds. Transcripts of proceedings will 13e furnished successful
ELIZABETH, Union County, N. J.-BOND SALE.-The $393.000
bidder. Cert, check on a local bank for 2c,% of bonds bid for, payable to 4M% 40-year coupon (with priv. of reg.) school bonds offered on Aug. 8
the Sinking Fund Trustees, required. Delivery of bonds Sept. 26 1912.
(V. 95, p. 313) have been disposed of, it is reported, $90,000 to the State
The above are not new issues, but securities held by the Sinking Fund as and the balance to private buyers.
an investment.
ELLIS COUNTY (P. 0. Waxahachie), Tex.-BONDS VOTED.-ReBonds Authorized.-Ordinances were passed on Sept. 3 providing for the ports
state that an election held Aug. 10 resulted in favor of the question
issuance of the following 4% coupon bonds:
issuing
road-Improvement bonds for the Ferris Dist. (V. 95;
of
$11,000 Linwood Ave. impt. assess. bonds. Date not later than March 1 p. 127). $100,000
1913. Due March 1 1924.
BOND OFFERING.-Proposals will be received until 2 p. m. Oct. le
25,000 Livingston Ave.Impt,assess. bonds. Date not later than March 1
by J. C. Lumpkins, Co. Judge, it is stated, for $171,000 5% road-impt.
1913. Due Sept. 1 1924.
semi-annual.
6,000 Michigan Ave. impt. assess. bonds. Date not later than Dec. 1 bonds. Int.
ELMIRA. Chemung County. N. Y.-BOND SALE.-On Aug. 31 the
1912. Due Sept. 11923, opt beginning Sept. 1 1913.
2,000 alley west of Woodland Ave. imnt. assess. bonds. Date not later $75,000 4 34% reg. school bonds (V. 95, p. 435) were awarded to Clark,
than March 1 1913. Due Sept. 11924, opt. begin. Sept. 11913. Dodge & Co. of N. Y. at 101.625. Other bids follow:
2,000 Worthington St. 'flint, assess. bonds. Date not later than March Farson, Son & Co., N. Y_ __ _101.518 E. H. Rollins dc Sons, N. Y_ _101.148
101.4066 Douglas Fenwick & Co.,N.Y_101.13
Adams & Co., N. Y
1 1913. Due March 1 1924, opt. beginning March 1 1914.
Ferris & White, N. Y
101.091
6,000 Hunter Ave. impt. assess. bonds. Date not later than March 1 A. B. Leach & Co., N. Y__ _101.37
101.254 John J. Hart, Albany
100.975
Biodget & Co., N Y
1913. Due Sept. 1 1924, opt. beginning Sept. 1 1913.
100.931
1,500 High and Naghten Sts. public comfort station constr. bonds. Harris, Forbes & Co.. N. Y_101.211 Kountze Bros., N. Y
Jas.
Y____101.168
B.
N.
100.90
Co.,
Magoffin,
Y
N
&
Estabrook
later
not
than
Date
Dec. 11912. Due Sept. 11932.
5,000 Grant Ave. impt. assess. bonds. Date not later than March 1
El
-The
(P.O.
Paso
-BONDS
DEFEATED.
Tex.
•
COUNTY
PASO
EL
1913. Due Sept. 11924, opt. beginning Sept. 1 1914.
question of issuing the $150,000 5% 20-40-year (opt.) road-building bonds
2,000 Milton Alley impt. assess. bonds. Date not later than Dec. 1 (V. 95, p. 498) failed to carry, it is reported, at the election held Aug. 27.
1912. Due Sept. 1 1928, opt. beginning Sept. 11913.
4,000 Highland St. impt. assess. bonds. Date not later than Dec. 1
ESSEX COUNTY (P.O. Salem), Mass.-NOTE OFFERING.-Proposals
1912. Due Sept. 1 1923, opt. beginning Sept. 11913.
will be received until 10 a. m. Sept. 16 by D. I. Robinson,County Treas.,
6,000 Cedar Alley Impt. assess. bonds. Date not later than Dec. 1 1912. for $130,000 Fox Hill bridge tax-free notes due March 1 1913. Denorn.
Due Sept. 1 1923, opt. beginning Sept. 1 1913.
(4) $25,000 and (2) $15,000. The genuineness and validity will be certified
4,000 Hayes Ave. impt. assess. bonds. Date not later than March 1 to by the First Nat. Bank of Boston under the direction of Ropes, Gray &
1913. Due Sept. 1 1924, opt. beginning Sept. 11913.
Gorham of Boston.
702
THE CHRONICLE
[VoL. Lxxxxv.
EUGENE. Lane County, Ore.-BOND SALE.-On Aug. 22 the $183,500' INDEPENDENCE, St. Louis County, Mo.-BOND ELECTION.-An
30-yr. sewer-linpt. bonds (V. 95, p. 435) were awarded, reportsptate, to election will be held Sept. 23, reports state, to submit to the voters the questhe Harris Trust & Say. Bank of Chic. for $186,394 50 (101.57)_ and int. tion of issuing $40.000 bonds.
..... '. . . . . . . . . . .
for 5s.
• ..
JACKSON COUNTY (P. 0. Pascagoula), Miss.-BIDS.-The bids
..:FARM I NGTON3WhitmanWounty, Wash.-BOND ELECTION.-An received on Sept. 2 for the three Issues of bonds, the sale of which
$1500, w0a5
election will be held Sept. 28 to vote on the question of issuing $10,000 reported in V. 95, p. 637, were as follows:
water bonds.
$5,000
$25,000
Issue.
Issue.
Issue.
FORREST COUNTY (P. 0. Hattiesburg), Miss.-BOND ELECTION
PROPOSED.-Local papers state that the Bd. of Supervisors has decided Mayer, Deppe & Walter, Cincinnati_ _ _*$5,113 50 $25,563 75
to submit to the voters the question of issuing the $50,000 5% road constr. Tillotson & Wolcott Co., Cleveland_ ___ 5,005 00 "25,801 50 $15,175 50
Spitzer, Rorick dc Co., Toledo
5,105 50
25,642 50 *15,249 00
bonds (V. 95, p. 435).
25,250 00
Well, Roth & Co., Cincinnati
5,025 00
15,075 00
• FORT BEND COUNTYr(P.0. Richmond), Tex.-BOND ELECTION.
25,760 00
A proposition to Issue $175,000 road bonds will be submitted to a vote, it is Woodln, MeNear & Moore, Chicago_
stated, on Sept. 24.
• Successful bids.
FORT LAUDERDALE; Dade County, Fla.-BOND OFFERING.-ProJEFFERSON COUNTY (P. 0. Birmingham). Ala.-BIDS REJECTED.
posals will be received until Oct. 12 for the $20,000 water-works-system, -All
bids received on Sept. 7 for the *100,000 4 X% 50-yr. hospital gold
$10,000 sewer-system and $10,000 (town's portion) street-impt. 6% 20-yr.
bonds recently voted (V. 95, p. 498). Cert. check for 10% of bid required. bonds (V. 05, p. 499) were rejected.
• JONES COUNTY (P. 0. Ellisville), Miss.-BONDS PROPOSED.-LoFORT SCOTT SCHOOL DISTRICT (P. 0. Fort Scott), Bourdon County. cal
papers state that a petition will be circulated asking the Board of SuKans.-BOND SALE.-On Aug. 26 the $80,000 4 X % building and equipissue of $200,000 highway-construction bonds.
ment bonds (V. 95, p. 435) were awarded to Cooke, Holtz & Co. of Chicago pervisors to float an
KEARNY, Buffalo County, Neb.-BOND SALE.-We are advised that
for $80,111 and int. less $475 for expenses. Other bids follow:
S. A. Kean & Co. Chicago_•$80,160 Commerce Trust Co..Kan.Cy.$78,000 this city has disposed of the $40,000 electric-light-plant bonds voted Feb. 14
A. B. Leach & CO., Chic_ _ __ 79,174 W.C.Stephenson & Co.,Top. 77,710 (V. 94, p. 578.)
Harris Tr. & Say. Bk., Chic_ 79,024
• • • • • • • • • • • • • • •
KEN NETT, Dunklin County, Mo.-BOND OFFERING.-Proposals will
* No certified check.
be received until 8 p. m.Sept. 17 by Sam'l G. Fisher, City Clerk, for $40,00
- water-works and $35,000 sewer 5% bonds. Denom. $500. Date Oct. 1
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND OFFERING.
Proposals will be received until 12 m.Sept. 27 by C. G. Relfel, County Aud., 1912. Int. A. & 0. Due $2,000 in 10 years, $20,000 In 15 yrs. and $53,00
for $10,000 4% East Fork bridge bonds, reports state. Denom. $500. In 20 years. Cert. check for $500, payable to the "City of Kennett," reDate Sept. 2 1912. Int. semi-ann. Due $500 each six months from June 1 quired. Purchastr to furnish blank bonds.
1913 to Dec. 1 1922, incl.
• • • • • • • • • • • • • • • • • • •
KERSEY. Weld County, Colo.-BONDS DEFEATED.-The election
'• FREDERICKSTOWN, Madison County. Mo.-BONDS VOTED.-By held Sept. 3 resulted in the defeat of the $16,000 water-works-system bonds
a vote of 275 to 40, the question of issulnr$12,000 municipal electric-light- (V. 95, p. 499). The vote was 21 "for" to 32 "against."
plant-erection bonds carried, It is stated, at an election held Aug. 31.
LACKAWANNA. Erie County, N. Y.-BOND OFFERING.-Proposals
• FREEPORT. Armstrong County, Pa.-BONDS DEFEATED.-The will be received until Oct. 7, it is stated, by John J. Monaghan, City Clerk,
election held Sept. 10 resulted in the defeat of the question of issuing the for $130,000 43% 1-26-year (serial) street-impt. bonds. Interest semi$10,000 borough-hall-construe. bonds (V. 95, p. 636). The vote was 105 annual. Certified check for $5,000 required.
"for" and 112 "against."
LAMAR COUNTY (P.O. Paris), Tex.-BONDS VOTED.-The proposiFREMONT. Sandusky County, Ohio.-BOND SALE.-On Sept. 3 the tion to issue $100,000 road bonds carried, It is stated, at the election held
$30,000 4 X % 5.8-year (average) coupon Rawson Ave. (city's portion) Aug. 17.
impt. bonds (V. 95, p. 435) were awarded to the First Nat. Bank of CleveLA SAL LE. Niagara County, N. Y.-BOND SALE.-On Sept. 3 the
land, reports state, at 102.466.
$42,500 water bonds were awarded to Douglas Fenwick & Co. of N. Y.
GALION, Crawford County, Ohio.-BOND SALE.-On Sept. 9 the for $42,510 (100.023) and int. for 4.45s. Due $1,700 yrly. from 1917
four issues of 4 X% street-lmpt. assess. bonds, aggregating $45,500, to 1941 Incl.
(V. 95, p. 498) were awarded. reports state, to the Davies-Bertram Co. of
LAWRENCE COUNTY (P. 0. Moulton), Ala.-BOND SALES.-ReCin. for $46,934, making the price 103.15.
ports state that Z. D. Davis, Pres. of the Capital Nat. Bank of Mobile,
GENOA, Ottawa County, Ohio.-BOND OFFERING.-Further details purchased $50,000 5% court-house-constr. bonds and that an issue of $25,are at hand relative to the offering on Sept. 28 of the $3,500 5% coupon 000 bridge-constr. bonds was purchased by J. C. Burns of Monticello.
Sewer Dist. No. 1 sewer-constr. bonds (V. 95, p. 638). Proposals for these
LAWRENCE COUNTY (P. 0. Mt. Vernon). Mo.:-BOND SALE.-This
bonds will be received until 12 m. on that day by R. Uthoff, Village Clerk. county disposed of $50,000 road bonds during August, we are advised.
Auth. Secs. 3639 to 3954, Incl. Gen. Code. Denom. $350. Date Sept. 1
COUNTY (P. 0. Tupelo), Miss.-BOND SALE.-On Sept. 3 the
LEE
1912. Int. M. &S. at the Village
Treasurer's office. Due $350 each six
months from Sept. 1 1913 to March 1 1918, incl. Bonds to be delivered $100,000 5 X % Road District No. 3 road bonds (V. 95, p. 499) were
and paid for within 10 days from date of award. Certified check on a bank awarded to the People's Bank & Trust Co. of Tupelo at 101.405 and exIn Ottawa County for $300, payable to the Village Treasurer, required. penses. Denom. $500.
Purchaser to pay accrued interest.
LIMESTONE COUNTY COMMON SCHOOL DISTRICTS. Texas.
GIBSON CITY, Ford County, III-PRICE PAID FOR BONDS.-We BONDS REGISTERED.-On Sept. 4 the State Comptroller registered
are advised that the price paid for the $17,000 5% 1-9-year coupon paving $1,000 5% 10-20-yr. (opt.) bonds of each of the following districts: Nos.,
37, 82 and 106.
bonds recently sold (V. 95, p. 636) was 96.
LOCKSBURG SPECIAL SCHOOL DISTRICT, Sevier County, Ark.- BOND
GLENN COUNTY HIGH SCHOOL DISTRICT. Cal.-BOND SALE.
SALE.-Farson, Son & Co. of Chicago purchased an issue of $15,000
On Sept. 1 the $50,000 5% bldg. bonds offered on Aug. 27 (V. 95, p. 435)
6% bondS.
were, it Is stated, awarded to the State Board of Control. • • • • • • •
LONGVIEW. Gregg County, Texas.-BONDS REGISTERED.-On
rrlIOLIAU i tILI'MNBTIrraTIZZCiTi-Sitner(Pi.O. Goliad), Golia d Sept.
7 $10,000 5% 20-40-yr. (opt.) sewer -extension bonds were registered
County, Tex.-BOND ELECTION PROPOSED.-An election will be held,
It is stated, to determine whether or not this district shall Issue $20,000 by the State Comptroller.
building bonds.
LOOKOUT SCHOOL DISTRICT, Modoc County, Cal.-BOND OFFERGREENFIELD, Dade County, Mo.-BOND ELECTION.-An election ING.-Proposals will be received until 12 m. Sept. 21 by S. W. Pepperdine,
will be held Sept. 30, reports state, to vote on the question of issuing water- County Treas. (P. 0. Alturas), for $4,450 7% bonds. Denom. (7) $350
and (10) $200.
works bonds.
LOS PADILLAS SCHOOL DISTRICT NO. 6, Bernalillo County, N. Mex.
GREENSBURG SCHOOL DISTRICT. Decatur County, Ind.-PUR- BOND
OFFERING.-Proposals will be received until 10 a. m. Sept. 21
CHASER OF BONDS.-We are advised that the $65,000 high-school-bldg.
by
M. Mandell, County Treas. (P. 0. Old Albuquerque), for $2,000 6%
bonds were awarded to the Third National Bank and not the Citizens'
National Bank of Greensburg, as reported in one of the newspapers. (V. 10 20-yr. (opt.) bonds. Denom. $500. Date July 1 1912. Int. semiannual at the County Treasurer's office.
85, p. 637.)
LOVINGTON. Moultrie County, Ill.-BOND ELECTION.-An ordiP • HACKENSACK. Bergen County, N. J.-BOND SALE.-On Sept. 9 the
$150,000 4% 30-yr. gold coupon or reg. funding bonds (V. 95, p. 561) nance was passed on Sept. 2, It is stated, calling for an election on Oct. 4
to
vote on a proposition to issue $5,800 bonds to improve the municipal
were awarded to the People's Nat. Bank of Hackensack at 102.8 and
Int.-a basis of about 4.375%. A bid of 100.88 was also received from electric-light plant and water system and to extend the water mains.
Sept.
R. M. Grant & Co. of N. Y.
LOWELL. Middlesex County, Mass.-BONE
$22,000 4% 1-20-yr. (ser.) public-building bonds were
SALE.-Onawae
rd d to
o B. H.
9
HAILEYVILLE, Winston County, Ala.-BONDS NO7' SOLD.-No
do Sons of Boston at 101.416.
award has yet been made of the $20,000 5% 20-year coupon water-works Rollins
Other bids follow:
and light tax-free bonds which this place has been offreing for sale (V. 95, Blodget
& Co., Boston
101.031Adam5 & Co., Boston
100.779
p. 314).
Date September 11912. Interest March and September.
HAM I LTON. Ohlo.-BOND ELECTION.-Local papers state that the
-BOND
ELECTION.
Y.
LOWVILLE.
-On
N.
17
Lewis
County,
Sept.
proposition to issue $200,000 city-hall bonds will be submitted to the voters
the voters will decide the question of issuing $9,000 bridge-building bonds.
at the November election.
III.
--BOND
SALE.-On Aug. 26 $10,MACOMB. McDonough County,
HAMILTON COUNTY (P. 0. Hamilton), Tex.-BOND ELECTION
PROPOSED.-Reports state that a petition is being circulated asking for 000 4 X% refunding bonds were awarded to the Macomb Nat. Bank in Macomb at par and cost of opinion-"about $10,075." Denom. $1,000.
an election to vote on the proposition to issue $10,000 road bonds.
Date Sept. 1 1912. Int. M. &S. Due from 1915 to 1924.
• HANFORD. Kings County. Cal.-BOND ELECTION.-An ordinance
has been passed, it Is stated, calling for an election on Oct. 7 to vote on the 12MACON. Oa.-BOND OFFERING.-Proposals will be received until
m. Sept. 23 by the Board of Water Commrs., W. H. Fetner, Chairman.
question of Issuing $103,000 sewer and water-main bonds (V. 95, p. 637).
for $25,000 4 3% coupon water-works bonds. Denom. $1,000. Date
E HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERING.-Pro- July 1 1911. Interest J. & J. Due Jan. 11939. Cert. check for $500 reposals will be received until 12 m. Sept. 23 by E. J. Carey, County Aud., for quired. These securities are part of an issue of $900,000 bonds voted March
$25,308 49 4 X % refunding bonds. Auth. Sec. 5656, Gen. Code. Date 18 1911 to purchase the plant of the Macon Gas, Light & Water Co., of
Oct. 11912. Int. A. &. 0. Due on Oct. 1 as follows: $7,612 20 in 1915, which $825,000 has already been disposed of. V. 95, p. 562.
$6,609 11 In 1916, $6,000 In 1917 and $5,087 18 in 1918. Certified check
MADISON COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Blaine), Mont.
•*r cash on some Kenton bank for $500, payable to the Auditor, required.
-BOND SALE.-The $1,200 6% building bonds offered on Aug. 31 were
HARMAN. Lee County, Ilk-BONDS VOTED.-A favorable vote was awarded on Sept. 2 to the State Board of Land Commissioners of Helena
cast on Sept. 2, It Is stated, on a proposition to issue bonds to build a at par. Other bids follow:
water-works system.
00
1
First National Bank of Barnesville, Ohio
9:21
HARRIS COUNTY (P. 0. Houston), Tex.-BOND ELECTION PRO- Bank of Twin Bridges, Twin Bridges
$
POSED.-It is reported that this county proposes to hold an election to
Denom. $200. Date Oct. 1 1912. Int. ann. in Oct. Due Oct. 11917,
vote on the proposition to issue the $300,000 road anti bridge bonds (V.95, opt, at any interest-paying period.
p. 498).
1 8
N7
.A-L
0
E
n Aug
MALDEN, Whitman County, Wash.-BONDS D.E
HARRISON COUNTY (P. 0. Gulfport), Miss.-BOND OFFERING.
- 24 the proposition to issue $17,500 water-works bonds was defeated.
Proposals will be received until Oct.7 by F.S. Hewes, Clerk Board of Super-BOND
Fla
Bradentown).
MANATEE
0.
COUNTY
(P.
visors, it is stated, for the $15,000 6% 25-year road-impt. bonds (V. 93, issue of $50,000 5% refunding school bonds was purchased by
Farson, Son
p. 128).
& Co. of Chicago.
HASTINGS SCHOOL DISTRICT (P. 0. Hastings). Cambria County. Pa.
Hillsboro County. N. H.-BOND SALE.-On Sept. 9
-BOND OFFERING.-Proposals will be received until 6 p. m. Sept. 17 theMANCHESTER.
$105,000 33% 11-yr. (aver.) lire-alarm bonds (V. 95, p. 638) were
by the Secretary of the School Board for $17,500 5% coupon bonds. Due awarded
to the Stafford Say. Bank in Dover at 97 and $35 premium. Other
In 1942, optional alter 2 years.
bids follow:
HAVERSTRAW.Rockland County. N. Y.-BOND SALE.-The $10,000 E. H. Rollins & Sons, Boston_96.59 'Merrill, Oldham & Co., Boston.94.779
1-10-year (serial) coupon sewer bonds offered without success on Aug. 1 N. W.Harris do Co., Inc., Bost.95.0731
(V.95. p.374) were purchased by the People's Bank of Haverstraw as 4 Xs.
Denomination $1,000. Interest M. & S.
HERMOSA BEACH, Los Angeles County, Cal.-BONDS NOT SOLD.
MANTUA TOWNSHIP SCHOOL DISTRICT. Gloucester County, N. J.No award was made on Aug. 6 of the $60,000 6% municpial wharf bonds
BOND SALE.-On Aug. 29 the $15,500 4 X % coup. bldg. bonds (V. 95.
offered on that day (V. 95, p. 313).
p. 375) were awarded to the Woodbury Trust Co. In Woodbury at 100.25.
Hi G HTSTOW N, Mercer County, N. J.-BOND OFFER/NO.-Proposals
will be received until 8 p. m.Sept. 17 by F. V. Jemison, Borough Clerk, it is
MARICOPA COUNTY SCHOOL DISTRICT NO. 14, Ariz.-BOND
stated, for the $35,000 4 X% sewer and disposal plant bonds voted recently SALE.-An issue of $5,900 5% 20-yr. building bonds offered on July 22
(V. 95, p. 190). Interest annual.
was awarded to the Valley Bank at Phoenix for $6,000, making the price
101.696. Denom. $500. Date Aug. 10 1912. Int. ann. In Aug.
HOOKER. Texas County, Okla.-BOND OFFERING.-Proposals will
be received until 2 p. m.Sept. 17 by A. L. Hilbert, Town Clerk, for $22,000
MARION TOWNSHIP (P.O. Marion), Williamson County III.-BONDS
water and electric-light-plant bonds. Cert. check for 5% of bid required.
OFFERED BY BANKERS.--John Nickerson Jr. of St. Louis Is offering to
.I-1 URONCOUNT)(4(P.P0.1Norwalk),/Ohio.-BONDISALE.-On Sept.co investors the $60,000 4% high-school district bonds (V. 94, p. 1642).
the $50,000 5% 7 X-yr. (aver.) coupon court-house bonds (V. 95, p. 498) Denom. $1,000. Date July 11912. Int. J. & J, at the Merchants-Laclede
were awarded to the Citizens' Banking Co.of Norwalk at 107.33 and int. Nat. Bank of St. Louis. Due $4,000 yearly from 1915 to 1929.
,Other bids follow:
MAUMEE. Lucas County. Ohio.-BOND SALE.-On Sept.9 the $41,800
-Otis & Co, Cleve
$53,390 00 C. E. Denison & Co., Clev.$53,066 60
X % 6-yr. (ay.) street-impt. bonds (V. 95, p. 436) wore awarded to Sidney
Well, Roth & Co., Cin__ .. 53,190 00 Hayden, Miller & Co., Clev. 52,950 00 4
Spitzer
& Co. of Tol. for $42,466 (101.593) and int. Other bids follow:
New First Nat. Bk., Col_ 53,131 00 Seasongood & Mayer, Cin. 52,910 00 Otis & Co.
$42,745 Stacy & Braun, Toledo
Cleveland
15
15
2
_$4
42:4
First Nat. Bank, Cleve
53,129 90 Prov. Say. Bk.& Tr. Co.,
Hayden,
& Co., Cloy_ 42,489 Spitzer, Rorick & Co., Tol_
.Stacy & Braun, Toledo....- 53,100 00
Cincinnati
52,735 00 Well, Roth & Co., Cin
42,431
6EP'i'.
141912.]
THE CHRONICLE
MERIDEN, Jefferson County, Kan.-BONDS VOTED.-At a recent
election the question of issuing $5,000 city-hall and auditorium-erection
bonds received a favorable vote, according to_reports.
• • • • • • CA
MAYVILLE. Chautauqua County. N. Y.-BOND SALE.-On Sept. 7
$16,000 coup. tax-free water-refunding bonds were awarded to Douglas
Fenwick & Co. of N. Y. for $16,015 (100.093), Int. and blank bonds for
4.60s. Other bids follow:
John J. Hart, Albany
100.152 for 4.60s
Adams & Co., New York
100.018 for 5s
Curtis & Sanger, New York
100.012 for 5s
MC HENRY, Harrison County, Miss.-BOND OFFERING.-According
to reports, this place is offering for sale $2,000 bonds. • • • • • •"•
MEDFOlD, Jackson County, Ore.-BOND OFFERING.-Proposals
will be received until 5 p. m. Sept. 27 by E. T. Foss, City Recorder, it is
stated, for $20,000 5% 20-year bridge bonds •(V. 95, p. 499). Interest
semi-annual. Certified check for 5% required.
MEDINA, Orleans County, N. Y.-BOND SALE.-On Sept. 10 the
$15,060 1-5-yr. (ser.) tax-free paving bonds (V. 95, p. 562) were awarded
to John J. Hart of Albany at 100.15 and int. for 4.80s. Other bids follow:
Union Trust Co
$15,025 00 for 5s
Farson, Son & Co., New York
15,015 00 for 5s
Adams & Co., New York
15,017 00 for 4.90s
Harris, Forbes & Co., New York
15,007 65 for 4.90s
MERCED FALLS SCHOOL DISTRICT (P. 0. Merced Falls). Merced
County, Cal.-BONDS VOTED.-At an election held Aug. 14 the proposition to issue $4,000 6% 8-yr. school house bonds carried by a vote of 18 to 2.
MERCER COUNTY (P. 0. Celina), Ohio.-BOND OFFERING.-Proposals will be received until 10 a. m. Sept. 27 by J. L. Morrow, County
Auditor, for $3,600 â% coup. Shingledecker Road impt. bonds. Denom. $600. Date Oct. 15 1912. Int. A. & 0. at office of County Treas.
Due $1,200 yearly on Oct. 15 from 1913 to 1917, incl., and $600 Oct. 15
1918. Cash deposit of $100 required.
Proposals will also be received at the same time for $15,000 4 % bridge
bonds. Auth. Secs. 2434, 2435 and 2441, Gen. Code. Denom. $500.
Date Oct. 15 1912. Int. A. &O., beginning April 15 1913, payable at the
County Treasury. Due $1,500 yriy. Oct. 1 from 1914 to 1923 incl. Delivery of bonds to be on Oct. 15 1912. Bids must be unconditional. A
deposit of $100 required. Purchaser to pay accrued Int. Bidders must
satisfy themselves of the legality of the bonds. . .
......
MERIDIAN SCHOOL DISTRICT (P. 0. Meridian), Ada County, Idaho.
-BOND SALE.-We are advised that the.$35,000 building bonds recently
voted (V. 95, p. 190) have been sold. • . .
..... . .
• MILTON. Cabell County.' W. Va.-BOND SALE.-On Sept. 9 the $10,500 6% 5-30-yr. (opt.) coup. tax-free water-works bonds (V. 95, p. 499)
were awarded to Ulen & Co. of Chicago for $10,639 (101.323) and Int.
Other bids follow:
Fuller & Co., Cleve_ __ _$10,626 H. C. Speer & Sons, Co. Chic_$10,515
C.H. Coffin, Chicago
10,806 Parson, Son & Co., Chicago_ 10,500
First Nat. Bank,St. Mary
10,605 Spitzer, Rorick dG Co., Tot- 10,500
Hoehler & Cummings, Tol
10,5551
A bid was also received from S. A. Kean & Co. of Chicago.
•
MILWAUKEE, Milwaukee County, Wis.-BOND OFFERING.-Proposals will be received until 2 p.m.Sept. 18 by L.M.Kotecki,See.to Public
Debt Comm., for the following tax-free bonds:
$320,000 4% school bonds. Due $16,000 yearly on July 1 from 1913 to
1932, Inclusive.
30,000 434% public-library bonds. Duo $1,500 yearly on July 1 from
1913 to 1932, inclusive.
•75,00043.% park bonds. Due $3,750 yearly on July 1 from 1913 to
1932, inclusive.
50,000 4% west sewer district bonds. Due $2,500 yearly on July I
•
from 1913 to 1932, Inclusive.
50,000 434% south sewer district bonds. Duo $2,500 yearly on July 1
•
from 1913 to 1932, inclusive.
• Date July 1 1912. Int. semi-ann. at office of City Treasurer or at the
city's agent in N. Y. City. Cert. check for 1% of bonds, payable to the
City Treas., required. Purchaser to pay accrued interest. Bids to be
.
wade on blank forms furnished by the city.
.
. . .
selimen
0-.....
• MINNEAPOLIS. Minn.-BIDS.-The other bids receivedn
p
for the $25,000 20-yr. fire-dept. and $150,000 30-yr. park 4% coup. bonds
awarded, as stated last week, to E. H. Rollins & Sons of Chicago at 97.16,
were as follows:
Merrill, Oldham & Co., Bost_ _96.729IWm. R. Compton Co., St. L__96.08
Blodget & Co., Boston
96.52 I Harris Tr. & Say. Bk., Chic__ _96.01
BONDS TO BE OFFERED SHORTLY.-Local papers state that the
City Comptroller has been directed to advertise for bids on an issue of $50,000 Bassets' Creek impt. bonds.
t• NASHVILLE. Tenn.-BOND ELECTION.-Local papers state that
the propositions to Issue $200,000 market-house-erection and $150,000
street-impt. bonds will be submitted to a vote at the November election.
• NEBRASKA.-BONDS PURCHASED BY STATE.-The State has
purchased the following bonds:
Thirteen Issues, Aggregating $237,800, Purchased in July.
$7,000 4% water bonds of Beatrice at par. Date Oct. 1 1910. Due
Oct. 1 1930, opt. beginning Oct. 1915.
18,000 5% funding bonds of Cambridge at par. Date Jan. 15 1912.
Duo Jan. 151932, opt. beginning Jan. 151922.
6,000 6% light bonds of Cedar Bluffs at par. Date July 24 1912.
• Due June 1 1932, opt. beginning June 1 1917.
12,500 5% sewer bonds of Crawford at par. Date March 1 1912.
• Due March 1 1932, opt. beginning March 1 1917.
4,500 5% light bonds of Curtis at par. Date July 1 1912. Due
..
July 1 1932, opt. beginning July 1 1917.
17,000 5% bonds of Eustis at par. Date July 1 1912. Duo July 1
1932, opt. beginning July 1 1917.
• • •
8,800 5% water of Hyannis at par. Date Jan. 1 1912. Duo Jan 1.
• • • 1932, opt. beginning Jan. 1 1917.
50,000 434% school-bldg. bonds of Kearney School District at par. Date
•
Feb. 15 1912. Due Feb. 15 1932. opt. beginning Feb. 15
1917.
7,000 5% sewer bonds of Neligh at par . Date Sept. 1 1911. Due
• 1, •
Sept. 1 1921, opt. beginning Sept. 1 1916.
70,000 5% water bonds of North Platte on a 4 A% basis. Date Oct. 1
1909. Due Oct. 11929. opt. beginning Oct. 1 1914.
9,000 5% water bonds of Palisade at par. Date Aug. 15 1910.
• 1.1
Due Aug. 15 1930, opt. beginning Aug. 15 1915.
, 20,000 5% school-bldg. bonds of Platte County School Dist. No. 67
on a 4% basis. Date July 1 1912. Due July 1 1927.
,000 5% water bonds of Rosalie at par. Date April 1 1912. Due
• 8.
April 1 1932, opt. beginning April 11917.
Five Issues, Aggregating $18,500, Purchased in August.
$500 5% school-bldg. bonds of Greeley County School Dist. No. 65
•
on a 5% basis. Date July 27 1912. Due Aug. 11922.
1,000 5% school-bldg. bonds of Greeley County School Dist. No. 64
on a 5% basis. Date July 13 1912. Due Aug. 1 1922, opt.
•
one bond yearly beginning 1914.
2,000 5% school-bldg. bonds of Hayes County School Dist. No. 4 on a
4 A% basis. Date April 1 1912. Due April 1 1922, opt.
beginning April 1 1917..
'13,500 S A% water bonds of Maywood on a 5% basis. Date July 1 1932.
. Due July 11932, opt. beginning July 11917.
1,500 5% school-bldg. bonds of Scotts Bluff County School Dist. No. 10
on a 4 A% basis. Date July 15 1912. Due July 15 1922.
*The sale of these bonds was previously reported in the "Chronicle.'
NEW BEDFORD, Mass.-BOND SALE.-On Sept. 9 the two issues o
reg. tax-free bonds, aggregating $173,000 (V. 95, p. 562) were awarded to
N. W. Harris & Co.. Inc.. of Boston at 101.16 and int. Other bids follow:
E. II. Rollins & Sons, Boston.101.076 Blake Bros. & Co., Boston_ _100.443
101.00 Merrill, Oldham & Company,
Biodget & Co., Boston
Boston
Estabrook & o. Boston.. _ _ _100.789
100.039
The $150.000 issue Is dated June 1 1'912 and not July 1 1912 as we were
at first advised.
• NEWBUROc(P. 0. Cleveland), Cuyahoga County, Ohlo.-BONDS DEFEATED.-Cloveland papers state that the propositions to issue
$25,000Awator-main and $25,000.engine-house-constr. bonds failed tothe
carry at
the:election held Au . 31 (V.95, p. 437).
• • • •. • • •: • • • • •
fit NEW CASTLEN OUNTY (P.( W Imingt n),Del.-BOND OFFERING.
Proposals will be received until 12 m. Sept. 24 by D. Thompson, Chairman
Finance Comm., for $105,000 4% gold coupon ighway-impt. bonds
Denom.E11.000..e_Date:July 1 1 11. Int. J. & J . a Lthe Farmers' Bank in
703
Wilmington. Due $10,000 yearly July 1 1952 to 1959 incl. and $5,000 yriy
July 1 1960 to 1964 incl. Cert. check for 2% of bonds bid for, payable
to the City Treas., is required. Bonds will be certified as to genuineness
by the Columbia-Knickerbocker Trust Co. of N. Y. and the legality approved by Caldwell, Masslich & Reed of N. Y., whose opinion will be furnished to the purchaser. Blank forms for bids will be furnished on application.
NEWFANE, Niagara County. N. Y.-BOND SALE.-On Aug. 5 $8,000
5% 5-10-yr. water-system bonds were awarded to local investors at par.
Denom. $500. Int. A. ec 0.
NEW LONDON, Henry County, Iowa.-BOND SALE.-On Sept. 1
the $2,000 5% electric-light-plant bonds voted Aug. 12 (V. 95, p. 500)
were awarded to N. S. Johnson at par. Denom. $500. Date Oct. 1 1912.
Int. A. & 0. Due $500 yearly from 1914 to 1917, incl.
NORFOLK, Madison County,
Neb.-BONDS DEFEATED.-The
proposition to issue $10,000 water bonds was defeated at an election held
September 10.
NORTH DAKOTA.-BONDS PURCHASED BY STATE.-The following 4% bonds were purchased at par by the State:
Nineteen Issues, Aggregating $160,800, Purchased in July.
Amount.
Purpose.Name.Date.
Due.
Beach
$25,000 Water-works June 1 1912 June 1 1932
Bisbee Special S. D
14,000 Fund. & bldg. June 10 1912 June 10 1932
Brooklyn S. D. No. 78_ 4,500 Building
July 1 1912 July 1 1932
Burke S. D. No. 29_ _
1,000 Building
July 1 1912 July 1 1932
Englevale S. D. No. 14_ 3,000 Building
July 1 1912 July 1 1922
Forbes
4,000 Funding
June 10 1912 June 10 1932
Hatton
n
Ha
July 1 1912 July 1 1925
Hazel S. D. No. 44_ _ 5,000 Building
June 10 1912 June 10 1932
Hunter S. D. No.686,000 Building
June 10 1912 June 10 1932
Iowa S. D. No. 27
1,500 Building
June 10 1912 June 10 1927
Irvine S. D. No. 2
6,000 Building
June 10 1912 June 10 1932
Kathryn School Dist_ _ _ 3,000 Building
June 10 1912 Jude 10 1932
Mountain S. D. No. 24_ 3,300 Building
June 10 1912 June 10 1932
Northwest S. D. No.5
2,000 Funding
June 10 1912 June 10 1932
Northwood
8,000 Light
June 1 1912 July 1 1917
Pembina County
40,000 Court-house June 1 1912 June 1 1932
Royal S. D. No. 32
600 Building
Mch. 1 1912 Mch. 1 1922
Sanborn S. D. No. 5
14,400 Building
Apr. 30 1912 Apr. 30 1932
ShallowLakeS.D.No.5
13,000 Building
June 10 1912 June 10 1932
Twenty-eight Issues, Aggregating $85,850, Purchased in August.
•
Adams S. D. No. 79
$1,200 Building
July 11 1912 July 1 1932
4,000 Water-works Aug. 15 1912 Aug. 15 1932
icayrck Special S. D
A
Bs
ishm
10,000 Equipment
July 15 1912 July 15 1932
Blacktall S. D. No.72_ _ 1,400 Building
Aug. 1 1912 Aug. 1 1922
Cherry GroveS.D.No.7_ 4,000 Building
June 10 1912 June 10 1932
Chlicot S. D. No. 27_ _ _ 4,000 Building
July 1 1912 July 1 1932
Diez S. D. No.45
5,000 Building
July 15 1912 July 15 1932
F
Douglas
3,000 Funding
Aug. 1 1912 Aug. 1 1922
IstsRiverS.D.No.68_ 5,000 Refunding
July I 1912 July 1 1932
Fort Rice S. D. No. 69_
700 Building
July 25 1912 July 25 1932
Gienburn
3,000 Funding
Aug. 1 1912 Aug. 1 1932
Harmony S. D. No. 143 1,000 Funding
June 10 1912 June 10 1932
Holland School District. 8,000 Building
July 1 1912 July 1 1922
Lightning Creek No.20
600 Funding
July 25 1912 July 25 1932
Longfellow S. D. No. 20 1,000 Funding
June 10 1912 June 10 1922
Manvel S. D. No.48_ _ _ 3,000 Building
July 1 1912 July 1 1927
Marshall S. D. No. 82_ _ 1,000 Building
July 1 1912 Iuly 1 1932
Munster S. D. No. 5_ _ _ 2,500 Building
July 25 1912 July 25 1932
June 10 1912 June 10 1927
800 Funding
Oakdale S. D. No. 1......
July 1 1912 July 1 1932
Rose S. D. No.91,000 Building
Aug. 10 1912 Aug. 10 1932
School District No.95_ _ 1,600 Finishing
July 15 1912 July 15 1932
Stone Creek S. D. No.46 10,000 Building
July 1 1913 July 1 1932
Tappen S. D. No.28_
4.000 Building
July 1 1912 July 1 1932
Tioga S. D. No.154,000 Funding
July 1 1912 July 1 1922
Twin Lake S. D. No. 66
550 Funding
Valley S. D. No. 57_ _ _ _ 1,000 Building
July 15 1912 July 15 1932
Willow Crk. S. D. No.6 1,500 Building
June 10 1912 June 10 1932
Wise S. D. No. 36
July 15 1912 July 15 1932
3,000 Building
NORTH DANSVILLE (Town) UNION FREE SCHOOL DISTRICT NO.1
(P. 0. Dansville), Livingston County. N. Y.-BOND OFFERING.-ProPosals will be received until 2 p. m. Sept. 23 by Siren° F. Adams, Clerk
Bd.of Ed.,for $32,000 4 A% coup. bldg. bonds. Denom. $1,000. Date
Odt. 1 1912. Int. A. & 0.at the Importers' & Traders' Nat. Bank in N. Y.
Due $2,000 yearly Oct. 1 from 1914 to 1929, incl. Cert. check for 5% of
bonds bid for required.
NORTH LEWISBUIZG SCHOOL DISTRICT (P. 0. No. Lewisburg).
Champaign County, Ohio.-BOND OFFERING.-Proposals will be received. until 12 m. Sept. 21 by M. C. Gowey, Dist. Clerk, for $5,000 5%
add'l bldg. bonds. Auth. Sec. 7625, Gen. Code. Denom. $250. Date
Oct. 1 1912. Int. A. & 0. Due $250 each six months from April 1 1913
to Oct. 1 1922. Purchaser to pay accrued Interest.
NORWICH TOWNSHIP SCHOOL DISTRICT (P. 0. Norwich), Muskingum County. Ohio.-BOND SALE.-The $1,500 6% 1-3-yr. (scr.) coup.
school bonds offered on July 20 (V.94, p. 1781) were awarded to M.S.Pond
of Somerset.
....... • •
• •
• NORWOOD. Hamilton County, Ohio.-BOND SALE.-On Sept. 3 the
four issues qf 4 A% 20-yr. bonds, aggregating $47,000 (V. 95, p. 375) were
awarded, reports state, $20,000 street-repair and $20,000 storm-sewer bonds
to the Prov. Say. Bank & Trust Co. of Cinc. at 106.56, and the $5,000 autopatrol and ambulance and $2,000 sewage-disposal-Plant bonds to the Atlas
Nat. tiank of Cinc. at 106.255 and1106.2625,1respectively.
•
ODELL SCHOOL DISTRICT (P. 0. Odell), Gage County, Neb.-BOND
SALE.-The State Bank of Odell in Odell has been awarded $2,500_bidg.
bonds.• OKLAHOMA CITY. Okla.-NO BOND ELECTION.-We are advised
that the reports stating that an election would be called to vote on the
question of issuing $100,000 Grand Boulevard impt. bonds (V. 95, P. 315)
are erroneous. • ••
• •
• OMAHA, Neb.-BOND ELECTION.-A vote will'be taken:on Nov. 12
it7is stated, on a proposition to issuel$50,000 park bonds. •
• ORANGE COUNTY,
(P.0. Santa Ana), Cal.-BOND SALE.-On Sept. 5
he $100,009 bridge and $60,000 hospital 5% bonds voted July 20 (V. 95,
p. 315) wereftwarded,.itis stated, to E.lH. Rollins & Sons at 104.08. • • •
ORANGE COUNTY (P. 0. Orange). Tex.-BOND ELECTION PROPOSED.-An election will probably be called, it is reported, to vote on the
question7of issuing $20,000 road bonds. • • • • •
OTTUMWA, Wapello County. lowa.-BONDS AUTHORIZED.-Local
papers state that the Council passed a resolution on Sept. 4 providing for
the issuance of $78,000 funding bonds
PAGE COUNTY (P. 0. Clarinda), Iowa.-BOND SALE.-On Sept. 10
the $25,000 6% 8-year (ay.) coup. Drain. Dist. No. 5 tax-free bonds
(V. 95, p. 500),were awardedito the Western Securities Corp at 104.62.,
PALISADE SCHOOL Di:10 KiCT (P. 0. Palisade), Hitchcock County,
Neb.-BOND SALE.-Local investors have been awarded at $5 premium
an issue of school bonds, we are advised. • • • • • • • • • • • • • •
PALMYRA, Marion County, Mo.-BOND OFFERING.-Proposals will
be received until 7:30 p. m. Oct. 3 by J. M. Sosey, City Clerk, for $6,000
43% light and water bonds. Denom. $500. Date Aug. 1 1912. Int.
F. & A. at office of the City Treas. Due Aug. 1 1922, opt. Aug. 1 1917 or
Aug. lot any year thereafter. Cert. check for 5% of bid required.
-PA SsSA-IrCZNI (074:75117rTon),-g717
-BOWD19ALE.-0n
Sept.
the 2 issues of 4 A % 17-yr. coup. or reg. bridge bonds, aggregating $46,000
(V. 95, p. 638), were awarded, It Is stated, to Rhoades ec Co. of N. Y. a
101.883.
PECOS COUNTY (Fort Stockton). Tex.-BOND SALE.-Farson, Son &
Co. of Chicago purchased an issue of $73,000 6% court-house and jail bonds.
PELHAM MANOR. Westchester County. N. Y.-BOND SALE.-On
Sept. 7 the $14,000 11-yr. (ay.) reg. highway-impt. bonds (V. 95, p. 563)
were awarded to Adams & Co. of N. Y. for $14,101 (100.72) and int. for
4 As-a basis of about 4.417%. Other bids follow:
R. M. Grant & Co. (4.50s) _ ..$14,050 Kountze Bros. (for 4.60s) _ _ _$14,013
Douglas Fenwick & Co.(4.50s)14,012 John J. Hart (for 4.60s)
14,007
Curtis & Sanger (for 4.60s)_. 14,032 Harris, Forbes & Co.(4.70s) _ 14,013
Lobdell & Co.(for 4.60s)
_ 14,032 Farson, Son & Co. (for
_ 14,000
The above bidders are all-from New York except John J. Hart,
5s)of Albany.
Denomination $1,000. Date May 1 1912.
•
701
THE CHRONICLE
PEORIA, Peoria County, III.-BOND SALE.-This city disposed of
$20,500 impt. bonds on Sept. 6, according to reports.
PERRYSBURG. Wood County. Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Oct. 8 by J. W. Lyon, Village Clerk, for the
following 4%% coup. bonds aggregating *31,500:
$15,000 Louisiana Ave. impt. assess. bonds. Due $500 each six months
from April 1 1914 to Oct. 1 1918 incl., $500 April 1 and $1,000 Oct. 1
In 1919 and 1920, $1,000 each six mos.from April 1 1921 to April 1
1923 incl. and *1,500 Oct. 1 1923.
9,000 Indiana Ave. impt. assess. bonds. Due *500 Oct. 1 1914 and 1915
and $500 each six months from April 1 1916 to Oct. 1 1923 incl.
7,500 La. and Ind. Ave. Impt. (village's portion) bonds. Due $500 each
six months from Oct. 1 1919 to Oct. 1 1922 and *1,000 each six
months from April 1 1923 to Oct. 11024 incl.
Denom. $500. Date Oct. 1 1912. Int. semi-ann. at the Village Treas.
office. Cert. check on a bank In Perrysburg for 5% of bonds bid for, payable to the Treas., Is required.
PETERSBURG. Va.-BONDS AUTHORIZED.-An ordinance was
passed by the Common Council, reports state, providing for the issuance of
$300,000 4 A% 40-yr. permanent-public-impt. bonds.
POPE COUNTY (P. 0. Russellville). Ark.-BOND SALE.-An issue of
*13,000 6% Jail bonds was purchased by Farson, Son & Co. of Chicago.
PORT CHESTER. Westchester County, N. V.-BOND OFFERING.
Proposals will be received until 8 p. In. Sept. 19 by Chas. 0. Derby, VII.
Clerk, for $16,000 4% No. Regent St. impt. bonds. Auth. Chap. 517,
Laws of 1899, and Chap. 28, Laws of 1906, as amended by Chap. 16, Laws
of 1912. Denom. $1,000. Date Oct. 1 1912. Int. A. & 0. at the First
Nat. Bank, Port Chester. Due $1,000 yearly on Oct. 1 from 191,1 to 1929,
incl. Cert. check for 5% of bid, payable to the VIII. Treas., required. '
CERTIFICATE OFFERING.-Proposals will also be received at the same
time and place for $8,771 83 5% No. Regent St. impt. assess, certificates of
indebtedness. Denom. $8,771 83. Date Oct. 1 1912. Int. A. & 0. at
First Nat. Bank, Port Chester. Due Oct. 1 1917. opt. at any int. period.
Cert. check for 5% of bid, payable to the Vii. Treas., required.
PORTLAND, Ore.-BOND OFFERING.-Proposals will be received until 11 a. m. Oct.8 by A. L. Barbur, City Aud.,for the following two issues of
4% gold bonds, aggregating $565,000:
$315,000 bridge bonds. Due Oct. 1 1942.
250,000 park and boulevard bonds. Due Oct. 1 1937.
Denom. $1,000. Date Oct. 1 1912. Int. A. & 0. at the City Treas.
office or the fiscal agency in N. Y. Cert. cheek on a bank in Portland for
5% of bonds bid for, payable to the Mayor, is required. Bids must be unconditional except as to the legality of bonds. The $250,000 IS3UC originally advertised for sale Sept. 23 (V. 95, p. 500).
BOND OFFERING.-Proposals will be received until 11 a. m. Sept. 23
by A. L. Barbur, City Aud., for $165,184 6% 10-year municipal-impt.
bonds, it is reported. Int. semi-annual. Cert. check for 5% required.
PULLMAN. Whitman County, Wash.-BOND SALE.-The $11,000
20-year gold water-refunding bonds offered on Sept. 5 (V. 95, p. 437) were
purchased by E. H. Rollins & Sons of Denver at 102.515 for 5 As-a basis
of about 5.29%.
PUTNAM COUNTY. N. Y.-BOND OFFERING.-Proposals will be
received until 12 m. Sept. 25 by Edw. D. Stannard, County Treas. (P. 0.
Brewster), for *25,000 4% highway bonds. Int. F. & A. at the County
Treas. office or at the First Nat. Bank of Brewster, in N. Y. exchange.
Due $2,000 yriy. Aug. 1 from 1918 to 1929, inol. and $1,000 Aug. 1 1930.
Bonds will be delivered on Oct. 1 1912. Cert. check for 2% of bonds
[VoL. loomcv.
ST. JOHNS COUNTY (P.•0. St. Augustine), Fla.-NO BOND ELECTION AT PRESENT.-Reports state that on Sept. 4 the Board of Colinty
Comm'rs rescinded the resolution calling for an election to vote on the issuance of *250,000 road-constr. and funding bonds.
ST. MARY'S. Auglaize County, Ohio.-BOND SALE.-On Sept. 10 the
$46,000 4% 25-yr. coup. refunding paving bonds (V. 95, p. 563) were
awarded, it is stated, to Otis & Co. of Cleveland for $46,693 (101.5065) & int
SALEM CONSOLIDATED SCHOOL DISTRICT, Covington County,
Miss.-BOND ELECTION PROPOSED.-Iteports state that the question
of issuing $2,500 building bonds will be submitted to a vote in the near future.
p SAN MATEO SCHOOL DISTRICT, San Mateo County, Cal.-NO BOND
ELECTION.-We are advised that the election held Aug. 30 was on the
question of levying a special tax and not for the issuance of bonds (V. 95,
SANTA MARIA, Santa Barbara County, Cal.-BOND OFFERING.
Proposals will be received until 7 p. m. Sept. 16 for $25,000 impt. bonds,
according to reports.
SARATOGA SCHOOL DISTRICT (P. 0. Saratoga), Santa Clara County,
Cal.-BONDS VOTED.-By a vote of 97 to 42 the question of issuing
$3,000 5% site-purchase and building bonds carried at the election held
Sept 3. Due $300 yeriy for 10 years
SEATTLE, Wash.-BOND SALE.-During the month of July this city
disposed of $12,420 81 7% special Mot. assessment bonds. Date July 8
1912. Due July 12 1917, opt. after 1 year. There were no sales of this
class of bonds in August.
SEBASTIAN COUNTY, Ark.-BOND SALE.-An issue of $190,000 5%
court-house bonds was purchased by Farson, Son & Co. of Chicago.
SENATOBIA CREEK DRAINAGE DISTRICT (P. 0. Senatobia), Tate
ou1n
p.
C
9t1).
y, Miss.-BOND OFFERING.-Proposals will be received until
Oct. 1 by W. E. Still, Sec., for $10,000 5% 20-yr. coup. bonds. Date
April 1 1911. These bonds were offered without success on Aug. 1 (V. 95,
SMITHLAND, Woodbury County, Iowa.-BONDS VOTED.-Reporta
state that an election held Aug. 26 resulted in favor of the question of
issuing bonds for a water-works system.
SPRINGFIELD, Clark County, Ohio.-BOND OFFERING.-Proposals
will be received until 8 p.m. Oct. 8 by E. D. Seggcrson, Clerk of Council, for
the following 4 A % bonds:
$25,026 47 (city's portion) street-Impt. bonds. Denom. (24) $1,000 and
(1) $1,026 47. Due $5,000 on Sept. 1 In 1927, 1928, 1929 and
1930 and *5,026 47 Sept. 1 1931.
18,443 80 coup. Mill Run Impt. bonds. Denom. (17) $1,000 and (1)
$1,443 80. Due Sept. 1 1935.
Date Sept. 1 1912. Int. M. & S. at City Treas. office. Cert. check for
5% of bonds bid for is required.
STANTON SCHOOL DISTRICT (P. 0. Stanton), Montgomery County.
Iowa.-BOND SALE.-The First Nat. Bank of Stanton has purchased aa
Issue of $7,500 bonds.
STEVENS COUNTY SCHOOL DISTRICT NO. 154, WASH.-BOND
SALE.-On Aug. 17 $13,800 (not *5,500, as at first reported) 1-20-year
(opt.) bldg. bonds were awarded to the State of Washington at par for 53.45.
SUMPTER COUNTY (P. 0. Sumpter), So. Caro.-BOND OFFERING.
-Proposals will be received until 12 m. Oct. 1 by .J R. Sumpter, Clerk Co.
Comm'rs, for $10,000 434% 20-yr. road-impt. bonds. Denom. $1,000.
Date not later than Nov. 1 1912. Int. ann.
required.
The official notice of this bond offering will be found among the advertiseSUNBURY, Delaware County, Ohio.-BOND SALE.-On Sept. 9 the
premiums were offered for tile 3 issues of 5% assess. bonds, aggrefollowing
ments elsewhere in this Department.
gating $18,230 (V. 95, p. 501):
the
-At
ELECTION.
OF
Wis.-RESULT
$1,880
$11,800
$4,550
RACINE, Racine County,
issue.
issue.
issue.
election held Sept. 3 the voters authorized theissuance of the $25,000 fire$3 00 $138 00
•$482 00
apparatus bonds by a vote of 1,956 to 1,313. The question of issuing the New First National Bank, Columbus
was
437)
p.
95,
(V.
day
same
*51 00 •138 00
360 00
$20,000 police-station bonds submitted on the
Barto, Scott & Co., Columbus
35 00
92 00
240 00
defeated by a vote of 1,432 "for" to 1,685 "against."
Hayden. Miller & Co., Cleveland
$578 00
REDLANDS,San Bernardino County, Cal.-BOND SALE.-On Sept. 4 Davies-Bertram Co., Cincinnati (for all issues)- $344 98--the $600,000 5% 10-39-yr. (ser.) gold ooupon municipal water-works- Spitzer, Rorlck & Co., Toledo (for $16,350)_ _
• Successful bids.
system tax-free bonds (V. 95, p. 437) were awarded to Torrance, Marshall
& Co. of Los Angeles for $617,552 (102.925)-a basis of about 4.4796 %
TACOMA, Wash.-BOND SALE.-Thls city during August issued the
PROREFUOIO COUNTY (P. 0. Refugio), Tex.-BOND ELECTION
following 7% special impt. assessment bonds, aggregating *15,884 10.
POSED.-It is stated that the question of issuing $25,000 road bonds will
Date.
PurposeAmount.
, oupei. at any time
probably be submitted to a vote.
Aug. 28 1912 Aug. 28 1922D
$10,395 85 Paving
ann
atNp
Wash.
yotim
e
$2,000
28 1917 Aug. 281917,opt.
Aug.
the
2
Sept.
SALE.
-On
-BOND
Grading
Y.
5,48825
N.
County,
Oneida
REMSEN.
for Sept. 3
1-4-year (serial) reg. bonds (V. 95, p. 563) were awarded to R. G. Griffiths
DISTRICT NO. 24,
SCHOOL
COUNTY
THURSTON
advertised
of Remsen at par for 4 is. Other bids follow:
bonds
$3,000
the
of
SALE DEFERRED.-The sale
$2,000 for 5 As
Citizens' Trust Co., Utica
was deferred,
rred, we are advised, as it was found that the proceedings were
2,000 far 5.475s Irregular.
Rosette C. Griffith, Utica
2,001 for 6s
John J. Hart, Albany
Seneca County, Ohio.-BOND SALE.-On Sept. 10 the four
TIFFIN.
RIDGEFIELD TOWNSHIP. Huron County, Ohio.-BOND OFFERING. issues of 4% bonds, aggregating $29,400 (V. 95, p. 438), were awarded ea
-Proposals will be received until 12 m. Sept. 16 by J. C. Wilhelm, Clerk s
a
h
t
t
Nat. Bank in Tiffin for $29,500 (100.34) and int., reports
te
e
ommercial
C
at
as
$20,000
Bd. of Twp. Trustees (P. 0. Monroeville), for *10,000 (not
first reported) 5% coup. Ridgefield Road Dist. road-impt. bonds. Auth.
Denom.
10.
Tipton
County, Ind.-BONDS AUTIIORIZED.-It is reported
Feb.
held
election
TIPTON.
an
also
Code,
Gen.
ncl.
i
Secs. 7033 to 7052
ano
.e City Council passed an ordinance providing for the issuance of
tth
Int. M. & S. at the Twp. Clerk's office. Due tphla
'
$500. Date Sept. 1 1912.
of the water-works and electric-light
$500 yearly Mch. 1 from 1914 to 1930 incl., $500 Sept. 1 1930 and $500 $5,000 bonds for the consolidation
Mch. 1 and Sept. 1 1931. Bonds to be delivered and paid for within 10
TOLEDO. °Mo.-BOND OFFERING.-Proposals will be received until
days after award. An unconditional cert. check on a bank other than the
one making the bid, for 5% of bonds bid for, payable to the Twp. Trustees, 7:30 p. m. Oct. 16 by J. G. Lynch, City Aud., It is stated, for the $165,000
required. Purch. to pay accrued Int. Bonded debt, including this issue, 4% 13%-year (ay.) street and sewer-impt. (city's portion) bonds (V. 95,
p. 192). Int. semi-annual. Cert. check for 5% required.
$33,000. Assessed val. $2,881,840.
TONKAWA, Kay County, Okla.-BOND SALE.-The $20,000 6%
ROCHESTER. N. Y.-NOTE SALE.-On Sept. 6 the $100,000 local
local
$50,000
awarded,
were
notes
8-months'
park-impt.
$60,000
water-works-system bonds voted recently (V. 95, p. 501) were purchased
impt. and
impt. to Folsom & Adams of N. Y. at 4.96% and int. and $50,000 local by TIoehler & Cummings of Toledo.
impt. and $60,000 park to the Monroe County Say. Bank at 5%., int. and
TRENTON UNION FREE SCHOOL DISTRICT NO. 3, Oneida County.
$7 premium.
N. Y.-BOND OFFERING.-Proposals will be received until 7 p. m.
$160,012 for 5.10s
H. Lee Anstey, N. Y
of Ed. (P. 0. Hinckley) for 5% bonds aggregating
1100,013 for 5.125s Sept. 23 by the Bd.
Bonbright & Hibbard, Rochester
of two issues of $1,500 each. Denom. $500. Date
1 60,011 fo 5.125s $3,000, consisting
at Utica Trust & Deposit Co.'s Bank of Utica to
ann.
Int.
1912.
1
Oct.
160,007 for 53s
Bond de Goodwin, N Y
be required to
holder thereof in New York exchange. Purchaser will
BONDS NOT SOLD.-No bids were received on Sept. 10 for the $1,- the
cash,certified cheek or bank draft for 10% of bonds
bids,
its
deposit,
with
p.
95,
563.)
(V.
N veroep
oelin
599,000 4% 30-yr. reg. water-works-impt. bonds
.
Ohio. eBd
. ER
dp
accrued interest when bondsal
with
balance
the
pay
and
NOTE SALE.-On Sept.10 the two Issues of 8-months water-works-impt.
TUSCARAWAS COUNTY (P. 0. Canal Dover), stated, by A.
notes, aggregating $165,000 (V. 95, p. 639) were awarded to Bonbright &
is
it
A.
30,
Sept.
until
Banreceived
be
will
at
ING.-Proposals
Hibbard of Rochester, $115,000 for $115,019 and $50,000 for $50,008
ner, County Aud., for $12,000 4 A % 63-yr. (ay.) road-impt. bonds. Int.
5.125% int. Other bids follow:
5.25% int. and $33 premium semi-ann. Cert. check for 10% required.
H. Lee Anstey, N Y
5.45% int. and $7 premium
OFFERING.
Bond & Goodwin. N. Y
UHRICHSVILLE. Tuscarawas County, Ohlo.-BOND
m. Oct. 1 by H.0. Snyder, Village Clerk,
NOTE OFFERING.-Proposals will be received until 2 p. m. Sept. 17 Proposals will be received until 12
by E. S. Osborne, City Comptroller, for $100,000 water-works-impt., for the following coupon bonds:
bonds. Denom. $600. Due $600
$350,000 and $10,000 local-impt. and $4,000 voting-machine purchase $2,400 5% West Bank St. 1sewer
yearly on Sept. from 1913 to 1916, incl. Certified check
notes. All notes will be payable 4 months from Sept. 23 1912, except voting
for $200 required.
machine notes, which will be payable 8 months from Sept. 23 1912. They
8,750 4J% No. Uhrich St. impt. bonds. Denom. $875. Due $875
will be drawn with interest and made payable at the Union Trust Co. of
yearly on Sept. 1 from 1913 to 1922, incl. Certified check
N. Y. Bidder to designate rate of interest and denom. of notes.
for $300 required.
will
ROCHESTER, Beaver County, Pa.-BOND OFFERING.-Proposals
Uhrlch St. Impt. bonds. Denom. $220. Due *220
So.
2,200
5%
be received until Oct. 7, it is stated, by J. W. Doncaster, Boro Sec., for the
yearly on Sept. 1 from 1913 to 1922, incl. Certified check
$40,000 paving and sewer, $25,000 funding and $15,000 clty-hall-bldg.
required.
$150
for
4 Si% 15-yr. bonds voted July 30 (V. 95, p. 500.)
Auth. Secs. 3916, 3917 and 3918, Gen. Code. Date Sept. '1 1912. Int.
ROCKCASTLE COUNTY (P. 0. Mt. Vernon), Ky.-BOND ELECTION. M. & S. at office of Village Treas. Certified checks, payable to the Village
-An election will be hed Oct. 26 (not Oct. 28, as at first reported) to Tress. Bonds to be delivered within 10 days from time of award. Pursubmit to the voters the question of issuing $100,000 road bonds (V. 95, chaser to pay accrued interest.
UNIVERSITY CITY SCHOOL DISTRICT (P. 0. Ind. Stat. St., Louis),
BOND ELECTION.
A%
F ROCK RIVER, Albany County, Wyo.-NEW
St. Louis County, Mo.-BOND SALE.-On Sept. 5 the $60,000 4were
Owing to several irregularities in the previous election, this place is to hold 10-20-year
(opt.) site-purchase and building bonds (V. 95, p. 438)
another election to submit to the voters the question of issuing the water- awarded to tile Mississippi Valley Trust Co. of St. Louis for $60,005 (100.works-system bonds offered but not awarded on Aug. 6 (V. 95, p. 639).
008) and interest. Bids were also received from the Wm. R. Compton
Co. and S. A. Kean & Co., Chicago.
RUSSELLVILLE, Pope County, Mo.-BOND SALE.-On Aug. 22
of
Supreme
Knights
the
Lodge,
to
awarded
$25,000 6% sewer bonds were
UPPER TERREBONNE DRAINAGE DISTRICT, Terrebonne Parish,
Honor, of St. Louis at par. Denom. $500 and $1,000.
La.-BOND OFFERING.-Thls district is offering for sale the *142,000 5%
RUSTON, Lincoln Parish, La.-BOND OFFERING.-Proposals will Sub-District No. 1 drainage bonds (V. 95, p. 501). Denom. (78) 500
be received until 12 m. Oct. 4 by G. 0. 'I hatcher, Pres. Board of Ed., for (130) $100 and (90) $1,000. Int. semi-ann. Due *2,000 In 1917, 1918
$15.000 5% Dubach Sch. Dist. No. 5 bonds. Denom. $500. Date Jan. 2 1919 and 1920; $2,500 In 1921, 1922 and 1923: $3,000 in 1924, 1925 and
1912. Int. J. & J. Cert. check for $250 is required.
1926; $3,500 in 1927, 1928 and 1929; $4,000 in 1930 and 1931; $4,500 In
1937 incl.; $6,000 from 1938 to 1941
ST. CLAIRSVILLE SCHOOL DISTRICT. Belmont County, Ohio.- 1932 and 1933; $5,000 from 1934 to
in 1945 and 1946, and *9,009
BONDS VOTED.-An election held recently resulted, it is stated, In favor i ncl.* $7,000 In 1942, 1943 and 1944; $8,000
Bldg., New Orleans, Is fiscal agent
Audubon
411
Crawford,
vote
W.
The
was
0.
161
'
1947.
bonds.
in
to
$12,000
school
69.
issue
to
proposition
of the
SEPT. 14 1912.]
THE CHRONICLE
UPSHUR COUNTY (P. 0. Gilmer), Tex.-BOND SALE.-An issue of
$49,000 6% road bonds was purchased by Parson, Son ec Co. of Chicago.
UTICA, N. Y.-BONDS AUTHORIZED.-On Sept. 10 ordinances were
passed providing for the issuance of $10,000 Lincoln Ave. playground,
$10,000 site-purchase and East Utica public bath building, $20,000 sewerext. and $7,200 Ballot' Creek culvert-ext. bonds, according to reports.
VENTNOR CITY (P. 0. Atlantic City), Atlantic County, N. J.-BOND
OFFERING.-Proposals will be received until 8 p. m. Sept. 18 for $10,000
5% 30-year water and sewer bonds. Date Aug. 1 1912. Certified check
for 2% of bid, payable to R. W. Bertlett, City Treasurer, is required.
WASHINGTON.-BONDS NOT SOLD.-No bids were received on
Sept. 1, it Is stated, for the $920,000 4% coup. refunding and Temple of
Justice bonds offered on that day (V. 95, p. 193).
WASHINGTON, Fayette County, Ohio.-BOND OFFERING.-Proposals will be received until 12 in. Oct. 9 by G. M. Pine, City Aud., for the $5,000 4 M % coup. street-impt. bonds (V.95, p.316). Auth. Sec. 3939, Gen.
Code. Denom. $500. 'Date Sept. 1 1912. Int. ann. Due $500 yearly on
Sept. 1 from 1912 to 1921, incl. Cert. check for 2% of bonds bid for, payable to the City Treas., required. Bonds to be delivered within 10 days
from time of award. Purch. to pay accrued interest.
WATERVILLE, Kennebec County, Me.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 16 by II. B. Crosby, City Treas.,
for $20,000 4% coup. funding bonds. Date Sept. 11912. Int. M. & S. at
the Old Colony Trust Co., Boston. Due Sept. 1 1932. Bonds will be
certified as to genuineness by the Old Colony Trust Co., which will further
certify that in the opinion of Ropes, Gray & Gorham this issue is a valid
obligation of the city.
WAYNE COUNTY (P. 0. Wooster), Ohio.-BOND SALE.-On Sept. 9
the $17,000 4 M% ditch-impt. bonds (V. 95, p. 501) were awarded, it is
stated, to the New First Nat. Bank of Col. for $17,354, making the price
102.082.
WELLINGTON, Sumner County, Kan.-BOND ELECTION RESCINDED.-We are advised that the election which was to have been held
Sept. 3 to vote on the question of issuing $175,000 water-works-system
bonds (V. 95, p. 253) was called off for the present.
WEST MILWAUKEE (P. 0. Milwaukee), Wis.-BOND SALE.-On
June 11 $28,000 5% sewer bonds were awarded, we have just been advised,
to Bolger, Mosser & WiRaman of Chicago for $28,510 50, making the price
101.823. Denom. $100. Date March 1 1912. Int. M. & S. Due part
yearly from 1914 to 1931 Incl.
WEST POINT, Coming County, Neb.-BOND ELECTION.-An election
will be held Sept. 17, it is stated, to decide whether or not this city shall
Issue $14,000 sewerage-system-extension bonds.
WEST SPRINGFIELD, Mass.-BOND OFFERING.-Proposals will be
received until 8:30 p. m. Sept. 18, it is stated, by F. H. Sibley, Town
Treas., for the $40,000 4% school bonds (V. 95, p 253). Denom. $1,000.
Date Aug. 1 1912. Due 2,000 yearly from 1913 to 1932 inclusive.
WINNSBORO, Wood County. Tex.-BOND SALE.-On Aug. 21 the
$23,000 5% 20-40-yr. (opt.) water-works bonds voted July 11 (V. 95, p.
193) were awarded to A. B. Wood of Dallas at par. Denom. $1,000.
Date Aug. 1 1912. Int. F. & A.
WINSLOW SCHOOL DISTRICT (P.O. Winslow), Jefferson County, Pa.
-BOND ELECTION.-An election will be held Sept. 27, it is stated, to
vote on the question of issuing bonds to erect a school building at Blue
Anchor.
NEW LOANS.
• WOOD COUNTY (P. 0. Quitman), Tex.-BOND ELECTION PROPOSED.-The question of submitting to a vote the issuance of the $120,000
road and bridge bonds (V. 95. p. 640) Is being agitated, according to reports.
YAKIMA COUNTY SCHOOL DISTRICT NO. 3, Wash.-BOND SALE.
-On Aug. 31 the $3,500 1-20-yr. (opt.) coup. bldg. bonds (V. 95, p. 439)
were awarded to the State of Wash. at par for 5 Ms. A bid of $3,450 for
6% bonds, to be dated Aug. 1 1912, was received from the Municipal Bond
& Stock Exchange of Chicago.
VALE, St. Clair County, Mich.-BOND OFFERING.-Proposals will be
received until 8:30 p. in. Sept. 16 by F. T. Palmer, City Clerk, for $10,000
4 )i% 15-year coup. water-works-extension bonds
Denom. $1,000.
Auth. Sees. 3247 to 3257 incl., Comp. Laws of 1897. Date Oct. 1 1912.
Int. semi-ann. at the First Nat. Bank in Yale. Cert. check for $500, payable to the City Clerk, required. Purchaser to furnish blank bonds.
Bonded debt, Incl. this issue, $23,000. No floating debt. Assess. val.
$577,000. Official circular states that the city has never defaulted.11 • ,ti
YOLO COUNTY (P. 0. Woodland), Cal.-BOND OFFERING.-Proposals will be received until Sept. 25, It is stated, by the Co. Treas. for $450,
000 6% Reclamation Dist. No. 900 bonds. Denom. $1,000. Int. semi-ann.
Canada, its Provinces and Municipalities.
BEADWORTH, Sask.-DEBENTURE SALE.-An issue of $500 bonds
was purchased by Nay ec James of Regina, according to reports.
CARLETON COUNTY (P. 0. Ottawa), Ont.-DEBENTURE SALE.
The $20,000 5% debentures offered on Aug. 20 (V. 95, p. 440) were awarded
to the Ontario Securities Co., Ltd., of Toronto at 100.685 and int. Other
bids follow:
Wood, Gundy & Co., Tor_ _ _$20,063 W. A. McKenzie, Toronto__ _$19,821
Geo. A. Stimson & Co., Tor_ 20,026 Goldman & Co., Toronto_ _ _ _ 19,806
Bank of Ottawa
20,000
CLINTON, Ont.-DEBENTURE OFFERING.-Proposals will be received at any time for $2,000 4 % coup. road debentures. Denom.$500.
Int. ann. Due July 1 1932. D.L. Macpherson is Treas.
COLLINGWOOD, Ont.-NO DEBENTURE ELECTION.-We are advised that the newspaper reports stating an election would be held Sept. 11
to vote on the issuance of $15,000 bridge debentures (V. 95, p. 377) were
erroneous.
CUDWORTH, Sask.-DEBENTURE OFFERING.-Proposals will be
received until Oct. 1 by F. G. Each Sec.-Treas., for $7,000 6% 15-yr.
Impt. debentures.
DUCK LAKE, Sask.-DEBENTURE SALE.-On Aug. 31 the two issues of 5% 20-Installment debentures, aggregating $10,000 (V. 95, p.
440) were awarded to Wood, Gundy & Co. of Toronto, reports state.
• DUNCAN, B. C.-LOANS VOTED.-An election held recently resulted
in favor, it is stated, of by-laws providing for the following loans: $25,000
for water-works-system, $15,000 for a school and $65,000 for electric-light
and power purposes.
ENDERBY, B. C.-DEBENTURE OFFERING.-Proposals will be received until 7:30 p. m. Oct. 11 by G. Rosoman, City Clerk, for $24,000 6%
30-year school debentures. Interest semi-annual.
GRAND FORKS, B. C.-LOAN VOTED.-A by-law providing for a loan
of $5,000 for a public school was sanctioned by the burgesses.
GRAYSON, Sask.-DEBENTURE SALE.-It is reported that $3,000
debentures were purchased by Nay & James of Regina.
BOND CALL.
NEW LOANS
$25,000
$10,000
Town of Conrad, Montana, Putnam County, New York,
SEWER BONDS
HIGHWAY 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 public 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
to purchase to be addressed to R. Ferguson,
Mayor, and a certified check for not less than
$100 00 to accompany each bid to Insure good
faith on behalf of the bidder.
Dated at Conrad, Montana, this 5th day of
September, 1912.
ARTIIUR D. JOHNSON
Town Clerk.
By order of the Town Council.
1912.
September 5,
Sealed bids will be received by the undersigned
up to 12 o'clock noon, SEPTEMBER 25, 1912, for
the purchase of $25,000 County Highway Bonds
to be issued by the County of Putnam, New York.
Bonds will be payable $2,000 on the first day
of August in each year from 1918 to 1929, both
Inclusive,and $1,000 on the first day of August,
1930, and will bear interest at four and one-half
per cent, payable semi-annually on the first days
of February and August.
Principal and interest payable at the office of
the County Treasurer or at the First National Bank
of Brewster, N. Y., in New York exchange.
All bids must be accompanied by a certified
check for Two Per Cent of the total amount of the
issue.
The right Is reserved to reject any and all bids.
Bonds will oe delivered on October 1, 1912.
EDWARD D. STANNARD,
County Treasurer of Putnam County,
Brewster, N. Y.,
September 5, 1912.
HODENPYL, HARDY & CO.
14 Wall St., New York
705
$50,000
CITY OF DOUGLAS, GEORGIA,
30-Year 5% Bonds
104.75 and Interest. Yielding 4.70%.
STACY (SG BRAUN
Toledo, 0.
Cincinnati, 0.
PARIS, TEXAS
BOND CALL.
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.
City of New Orleans, La.
BOND CALL
Public notice is hereby given, under the
provisions of Act 56 of 1908 of the Acts of Louisiana, that the following Public Improvements
Certificates of the city of New Orleans will be
paid at this office on the 1st day of October,
1912, with interest to said date,
Issue of 1912-Series A-Numbers 1 to 152
Issue of 1912-Series B-Number 1
Issue of 1912-Series 0-Numbers 1 and 2
All numbers Inclusive.
CHARLES R. KENNEDY,
City Comptroller.
BLODGET & CO.
BONDS
00 STATE STREET,BOSTON
Railroad, Street Ry., Gas & Elea. Light
80 PINE STREET, NEW YORK
SECURITIES
STATE, CITY & RAILROAD BONDS
THE AMERICAN MFG. CO.
F. WM. KRAFT
LAWYER.
Specializing in Examination ot
Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG.,
CHICAGO, ILL.
MANILA, SISAL AND JUTE
CORDAGE
65 Wall Street
-
New York
NEW JERSEY SECURITIES
P. 0. BOX 27, MAIN OFFICE,
WASHINGTON, D. C.
OFFICIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS
B. W. Strassburger
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES, BANKS, RAILWAYS
AND OTHER PUBLIC SERVICE CORPORATIONS.
SOUTHERN INVESTMENT SECURITIES
MONTGOMERY, ALA.
TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS' OFFICES.
EDWIN R. CASE
No better State
No better Securities
15 EXCHANGE PLACE
Tele. 151 and 763
JERSEY CITY
tbe government Eccountan
706
Lxxxxv.
THE CHRONICLE
HUMBOLDT, Sask.-DEBENTURES VOTED.-The election held
recently resulted in favor of the proposition to Issue the $30,000 electriclight debentures, reports state.
IMPERIAL, Sask.-DEBENTURE OFFERING.-Proposals will be received until Oct. 1 by J. G. Hobman, Sec.-Treas., for $6,000 6% 15-yr.
skating and curling rink debentures.
JOSLIN SCHOOL DISTRICT, Man.-DEBENTURE SALE.-Nay &
James of Regina purchased an issue of $2,400 debentures, it is stated.
LANGDON SCHOOL DISTRICT NO. 220. Alta.-DEBENTURE OFFERING.-Proposals will be received at any time by R. Conn, Sec.-Treas.,
for $1,500 10-installment debentures.
LETHBRIDGE. Alta.-DEBENTURES AWARDED IN PART.-Of
the 4 issues of 434% coup, debentures, aggregating $753,000 (V.95, P. 254),
$115,000 10-yr. debentures were awarded to Wood., Gundy & Co. of Toronto
at 93.
LINDSAY, Ont.-LOAN ELECTION.-The burgesses will vote on
Sept. 24, it is reported, on a by-law providing for a loan of $12,000 as a
bonus to J. A. Fitzsimmons, for purchase of a site for a new industry.
MACLEOD. Alta.-LOANS VOTED.-A favorable vote was cast recently on by-laws providing for loans of $81,000 for an incinerating plant,
$50,000 for sewerage-disposal plant and $36,000 for sewerage-system-extension and trunk line.
MINIOTA (RURAL MUNICIPALITY OF), Man.-LOAN ELECTION
PROPOSED.-Reports state that a by-law providing for a loan of $30,000
for road improvements will be submitted to the rate-payers In December.
MONTREAL PROTESTANT SCHOOL DISTRICT, Que.-BONDS
AWARDED IN PAZ-LT.-Dispatches state that of the $500,000 4% 30-year
School bonds offered on Sept. 12 (V. 95, p. 440), $60,000 were purchase I
for the Sinking Fund at par and $100,000 by the Montreal City & District
savings Bank at 92.375.
NEEPAWA, Man.-DEBENTURE OFFERING.-Proposals will be
;received until Sept. 22, It is stated, by J. W. Bradley, Sec.-Treas., for
4100,000 434% water-works and sewer debentures. A like issue of debentures was offered for sale on Aug. 30 (V. 95, p. 502).
NEW HAMBURG, Ont.-LOAN ELECTION PROPOSED.-The burgesses will vote in the near future, it is stated on a by-law providing for a
loan of $10,000 for street Improvement.
NEWMARKET, Ont.-DEBENTURE SALE.-On Aug. 28 the $28,000
5% 30-yr. gold coup. school debentures (V. 95, p. 440) were awarded to
Wood, Gundy & Co. of Toronto, according to reports. Date Sept. 1 1912.
NORTH VANCOUVER, B. C.-LOAN ELECTION PROPOSED.-It is
reported that a by-law providing for a loan of $50,000 for the purchase of
additional stock In the Burrard Inlet Tunnel & Bridge Co. will be submitted
to a vote.
PARKHILL. Ont.-DEBENTURES NOT TO BE ISSUED AT PRESENT.-We are advised that the $25,000 water-works debentures voted
July 15 (V. 95, p. 255) may not be placed on the market until after the first
of the year.
PARRY SOUND, Ont.-DEBENTURE SALE.-:-Wood, Gundy & Co.
of Toronto were awarded, reports state, $4,500 5% 20-yr. debentures.
PIC K ER I NO, Ont.-DEBENTURE OFFERING.-Proposals will be
received until Oct. 1 by D. R. Beaton, Twp. Clerk (P. 0. Whitevale), for
the $1,500 Claremont Police Vii. sidewalk and $3,000 Pickering Police Vii.
sidewalk 5% debentures (V. 95, p. 104), payable In 10 ann. installments of
principal and interest. Debenture debt, $2,700. Assess., $3,375,762 73.
PORT ARTHUR, Ont.-LOAN ELECTION.-Reports state that on
Sept. 16 by-laws providing for the following loans will be submitted to the
ratepayers: $2,600 for extension of Cumberland St.; $200,000 for new city
hall; $34,000 re-Improvement of street railway; $82,000 re Belt Line;
$520,000 re water-works; $4,700 for West Algoma Agrcultural Society;
$15,650 re police patrol-wagon, fire-hose, &c.; $4,200 for extension of
Queen St.; $12,500 to open certain roads and $23,700 as a bonus to
James W. Lyons, of Galt.
PRESCOTT, Ont.-LOAN ELECTION.-An election will be held
Sept. 23, it is stated, to vote on a by-law providing for a loan of $35,000
for the construction of a subway.
RADVILLE SCHOOL DISTRICT, Sask.-DEBENTURE SALE.-The
$7,000 building debentures (V. 95, p. 318) were purchased by Nay & James
of Regina, reports state.
ROSETOWN, Sask.-DEBENTURE OFFERING.-Proposals will be
received until 5 p. m. Oct. 1 by W. M. Aseltine, Sec.-Treas., for the $12,000
6% 20-yr. local-Impt. debentures voted June 11 (V. 95, p. 71).
ST. CLEMENTS (RURAL MUNICIPALITY OF), Man.-DEBENTURES A UTHORIZED.-The Municipal Council have passed a by-law,
It is stated, providing for the issuance of $12,000 4% 30-year highway
improvement debentures.
SPRINGFIELD SCHOOL DI STRICT NO. 39, Man.-LOAN ELECTION.
-A vote will be taken on Sept. 18, it is reported, on a by-law providing for
a loan of $120,000 for a school-building.
THORNE URV. Ont.-DEBENTURE OFFERING.-Proposals will be
received until Sept. 20 by E. Rorke, Town Clerk, for the $12,000 5% 20-yr.
school building debentures (V. 92, p. 1585).
TOFIELD, Alta.-LOANS VOTED.-Reports state that by-laws providing for loans of $25,000 for water-works, $43,000 for gas distribution,
$20,000 for industrial site $4,200 for a hospital and $1,000 for drainage
system were voted at a recent election.
TORONTO, Ont.-DEBENTURES NOT TO BE ISSUED AT PRESENT.-We are advised that the $300,000 abattoir and $230,000 watermain debentures (V. 95, p. 318) will not be issued until authority is granted
by the 1913 Legislature.
UPLAND SCHOOL DISTRICT NO. 1605, Man.-DEBENTURE SALE.
_on Aug. 15 the $1,500 6% 10-installment debentures (V. 95, p. 378) were
awarded to H. O'Hara & Co. of Winnipeg for $1,492 (99.46) and other cons
olfdT
eroartoin
ot
no
s. A bid of $1,470 was also received from Brent, Noxon & Co.
WESTMOU NT, Que.-TENDERS OF DEBENTURES REQUESTED.
Tenders will be received until 12 m. Oct. 21 by the Sinking Fund Commissioners for the purchase by the city of $29,000 municipal debentures, those
Issued by Westmount preferred.
WILKIE SCHOOL DISTRICT, Sask.-DEBEN7'URE OFFERING.
Proposals will be received until Oct. 7 by T. A. Dinsley, Sec.-Treas., for
$75,000 5% 30-Installment debentures. A similar issue of debentures was
reported sold to the Alberta School Supply Co. of Edmonton (V. 95, p. 133).
WINDSOR, N. S.-DEBENTURE SALE.-Thls place, according to reports, has disposed of $10,000 5% 30-year debentures.
• YOUNG, Sask.-DEBENTURES PROPOSED.-The issuance of $4,000
town-hail-erection debentures Is being considered by this place, accordin
to reports.
INVESTMENTS.
TRUST COMPANIES.
Bolger, Mosser & Willaman
BANK€RS TRUST COMPANY
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
nun NATIONAL BANK BUILDING
CHICAGO
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
16 WALL ST., NEW YORK
Capital, $10,000,000
Surplus $10,000,000
DIRECTORS
JAMES S. ALEXANDER,President National Bank of
Commerce, New York.
STEPHEN BAKER, President Bank of the Manhattan
Co., New York.
SAMUEL (1. BAYNE. President Seaboard National
Bank, New York.
EDWIN M.B ULKLEY,Spencer Trask & Co., Bankers,
New York.
JAMES G. CANNON,President Fourth National Bank,
New York.
EDMUND C. CONVERSE,President, New York.
THOS. DeWITT CUYLER,President Commercial Trust
Co., Philadelphia.
HENRY P. DAVISON, J. P. Morgan & Co., Bankers
New York.
RUDULPH 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.
EDGAR L. MARSTON, Blair & Co., Bankers, N. Y
JOS. B. MARTINDALE, President Chemical National
Bank, New York.
GATES W. M'OARRAH, President Mechanics and
Metals National Bank, New 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 H. PORTER,J. P. Morgan & Co., Bankers.
New York.
SEWARD PROSSER,President Liberty National Bank,
New York.
DANIEL 0. 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 U. 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
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
MINTY AND MUNICIPAL BONDS
E. C. CONVERSE, President,
WILLIAM C. POILLON, Vice-President
W. N. DUANE, Vice-President
HAROLD B. THORNE, Vice-President.
GEO, G. THOMSON, Secretary,
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
"M=1•11r.1,7.,717111•11L
Adrian H. Muller & Son,
AUCTIONEERS,
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
Office. No. 55 WILLIAM STREET,
Corner Pine Street.
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-1re invited.
@FedFRASER