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INCLUDING Bank & Quotation Section Railway & Industrial Section Electric Railway Section Railway Earnings Section Bankers' Convention Section State and City Section VOL. 95 SATURDAY, AUGUST 31 1912 NO. 2462

Week ending Aug. 24. Clearings at w he Throuide. Inc. or 1912. 1911. PUBLISHED WEEKLY. Dec. 1910. 1909 Terms of Subscription-Payable in Advance $ Chicago 266,964,570 239,675,544 +11.4 235,264,903 247,607,099 For One Year $10 00 6 00 Cincinnati 22,251,250 21,080,900 +5.6 19,728,650 22,093,050 For Six Months Cleveland 20,587,628 17,410,032 +18.3 European Subscription (including postage) 13 00 16,721.513 14,589,920 six months (including postage) 7 50 Detroit 20,886,774 16,396.915 +27.4 14,267,890 12,532,373 European Subscription Milwaukee 12,048.667 11,596,142 +3.9 Annual Subscription in London (including in stage) 22 148. . 11,206,723 10,423,547 Subscription in London (including postage) £1 118. Indianapolis __- 6,312,889 8,72o,153 -27.7 8,175,262 6,668,187 Six Months Columbus .. 5,506,400 4,712,200 +Mb Canadian Subscription (including postage) $11 50 4,902,300 6,001,600 Toledo 4,707,136 3,500,904 +34.5 3,355,652 4,469,508 Subscription includes following Supplements- Peoria 2,237,828 2,839,889 +140 2,644,090 2,372,759 Grand +21.1 (monthly) RAILWAY AND INDUSTRIAL(3 times yearly) Rapids 2,636,265 2,175,966 2,079,941 2.120,908 BANK AND QUOTATION Dayton 1,783,953 1,601,909 +11.4 1,611,885 1,489,088 RAILWAY EAR, INGS(monthly) ELECTRIC RAILWAY(3 times yearly) BANKERS' CONVENTION (yearly) Evansville 2,006,659 1,857,229 +8.0 1,874,349 2,495,780 STATE AND CITY (semi-annually) Kalo.•razoo 594,022 600,115 -1.0 530,835 557,866 Advertisind-Per Inch Space springfleld, Ill_ 1,060,149 976,164 +8.6 857,000 1,000,000 Terms of Fort Wiyne 999,690 892,962 +12.0 778,937 856.923 Transient matter per inch space(14 agate lines) $4 20 Youngstown __.._ 1,367,120 1,023,962 +33.6 857,844 922,334 Two Months (8 times) 22 00 I .exington 775,755 793,154 566,845 570,658 Three Months (13 times) 29 00 Akron 2,212,000 Standing Business Cards 1,267,400 +74.6 845,000 600,000 Six Mnthso (26 times) 50 00 Rockford - 790,999 706,183 +12.0 702,331 595,269 Twelve Months(52 times) 87 00 Canton 1,108,018 916,006 +21.0 037,044 665,291 CHICAGO 0yricE-Geo. M.Shepherd, 513 Monadnock Block;Tel.Harrison 4012. South Bend 1,208.409 477,666 +152.0 482,491 435.248 Springfield, O._ 516,090 412,281 +25.1 LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C. 395,918 381,471 Bloomington ___ 488,495 641,571 -23.9 56:1,077 405,941 WILLIAM 13. DANA COMPANY, Publishers, Quincy 609,579 533,191 +14.3 560,683 413,573 Decatur 333,745 430.951 -10.9 P.O. Box 058. Front. Pine and Depeyster Ste., Now York. 468,509 363,856 Mansfield 597,943 355,841 +68.0 499,815 280,629 Lansing 325,000 316,000 -1-32 350,000 Published every Saturday morning by WILLIAM B. DANA COMPANY. Jackson _ 542,399 400,000 +35 6 305,000 287,188 7acob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Lima 375,664 334,791 +12.1 373,590 192,591 Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company. Danville 345,765 388,128 -10.9 331,126 309,129 Jacksonville, Ill_ 289,653 259,684 +11.5 261,717 249,634 Ann Arbor 132,277 130,631 +1.3 139,324 149,196 CLEARING-HOUSE RETURNS. Adrian 50,276 24,110 +108.5 31,595 25,564 Owensboro 318,152 370.435 -14.1 319,680 made up by telegraph, &a., indicates that the The following table, Tot. Mid West.. 384,021,129 343,824,069 +11.7 333,012,451s 341,221,260 total bank clearings of all clearing houses of the United States for week ending Aug. $1 have been $2,745,200,765, against $2,830,021,521 last $2,717,630,095 the corresponding week last year. San Francisco__. 47.599,043 41,454,436 +14.8 41,794,704 33.339,486 week and Los Angeles 19,498,897 15,240,358 +28.0 14,111,051 12,653,225 Seattle 11,247,945 10,296,203 +9.2 11,624,602 11,785,723 Clearings-Re)urns by Telegraph. Per Portland 9,013,908 9,294,201 -3.0 7,900,809 6,078,543 Week ending Aug. 41. 1912, 1911. Cent. Salt Lake City 5,907,942 5.373,605 +9.9 5,005,553 6,597,093 bOokane 4,017,541 3,530,053 +13.8 3,686,359 4,459,026 New York *1,284,283,966 $1,202,873,214 +6.8 Tacoma 3,783,701 3,869,945 -2.2 5,461,279 5,223,028 Boetou 101,607,125 103,870,438 -2.2 Oakland 4,086,443 2,784,609 +46.8 2,478,858 1,561,128 Philadelphia 105,032,944 111,655,040 -5.9 Sacramento 1,589,251 1,568,656 +1.3 1,193,461 1,035,135 Baltimore 27,043,767 24,099,061 +12.2 San Diego 2,428,872 1,550,000 +56.5 1,213,38 914,000 Chicago 215,717,062 205,947,731 +4.7 Stockton 874,997 802,122 +9.1 690,357 600,064 St. Louis 58,008,722 52,400,632 +10.7 San Jose 714,583 517,194 +14.3 510,999 444,684 New Orleans 13,095,773 14,260,423 -8.2 Fresno 763,171 627,516 +21.6 717,488 451,215 Pasadena... _ - _ 667,071 . 632,288 +5.5 547,056 450,000 Seven Cities, 5 days $1,804,789,359 $1,715,106,539 +5.2 North Yakima_ 306,499 344,981 -11.2 405,086 298,529 Other Cities, 5 days 480,246,483 439,464,817 +9.3 Reno 277,175 278,514 -0 5 229.621 225,000 Total Pacific 112,777,039 98,184,681 +14.9 97,567,563 86,115,859 Total all cities, 5 days $2,285,035,842 $2,154,571,356 +6.1 All cities, 1 day 460,164,923 563.058,739 -18.3 Kansas City__- 46,639,818 42,573,761 4-9.6 44,500,211 44,322,345 Minneapolis 17,762,109 16,781.414 +5.8 19,172,894 13,891,414 'rm.i nil ninon for weck c/.745.200.765 S9.717.630.095 +1.0 Omaha 15,215,569 13,028,134 +16.h 14,071,869 13,496,395 St. Paul 10,213,335 9,655,816 +5.8 9,625,231 10,393,753 The full details for the week covered by the above will be given next Denver 7,764,084 7,750,116 +0.2 8,003,735 6,989,552 Saturday. We cannot furnish them to-day, clearings being made up by the St. Joseph 6,724,709 5,697.682 +18.0 5,125,651 5,373,451 clearing houses at noon on Saturday, and hence in the above the last day of Des Moines 3,693,895 3.371,407 +9.5 3,049,350 3,136,761 the week has to be in all cases estimated, RS we go to press Friday night. Sioux city 2,800,081 2,204,947 +27.0 2,456,750 2,238,644 We present below detailed figures for the week ending with Saturday Wichita 3,435,559 3,139,874 +9.4 3,090.601 2,412,432 noon, August 24, for four years. Duluth 2,829,795 3,313,642 +14.6 3,871,669 3,122,616 Topeka 1,340,241 1,455.903 -7.9 1,079,830 1,176,677 Week ending Aug. 24. Lincoln 1,498,101 1,260,155 +18.9 1,257,738 1,133,959 Davenport 1,294,288 1,213,258 +6.7 1,231,000 1,130,207 Clearings at- Cedar Rapids__ _ 1,106,582 978,274 +13.1 749,468 776,519 inc.or 755,622 +22.0 918,466 1912. 1911. Dec. 1910. • 1909. Colorado Springs 619,609 664,189 Fargo 312,968 636.219 -50.9 540,426 569,077 +12.1 497,614 $ $$ $ Pueblo 612,027 547,363 456,617 1,696,530,169 1,366,353,327 Fremont 272,528 289,647 314,777 308,705 New York 1,428,214,962 +%.8 1,806,230,545 1,213,573 +12.1 899,202 Philadelphia 127,995.581 113,747,778 +12.5 118,646,361 115,813,877 Waterloo 1,082,459 52,972,512 44,418.291 +19.3 47,923,752 42,754,713 Helena 792,581 936.783 -15.4 1,038,714 823,726 Pittsburgh 342,753 260,812 +31.5 350,00 Baltimore 32,287,637 28,495,337 +13.3 26,942,169 24,918,727 Aberdeen 10,388,321 8,559,178 +21.4 8,042,434 Hastings 190,764 156,884 +21.6 200,000 Buffalo 8,312,905 289.161 254.017 +13.8 112.591 137,469 Albany 6,351,168 6,414,882 +17.3 4,598,077 5,263,503 Billings Washington ___. 5,763,091 5,581,813 +3.3 5.327,831 5,019,880 Total oth.West 127,101.193 117,208,178 +8.4 121,862,504 112,939,782 2,695,846 Rochester 3,944,375 3.283,077 +20.1 2,703,749 St. Louis 72,769,941 63,259,759 +15.0 57,982,974 51,140,381 Scranton 2,600,000 2,372,010 +9.5 2,401,649 2,248,658 New Orleans 17,996,423 16,502,632 +9.1 13.365,8415 13,071,474 Syracuse 2,771,488 2,013,302 +37.6 1,864,519 1,548,283 Louisville 11,275,754 10,362,443 +8.8 10,918,864 9.992,313 Reading 1,448.492 1,287,206 +12.5 1,290,657 1,308,553 19,796,809 13,832,119 +43.1 14,803,636 10,709,272 +35.8 HoUston Wilmington 1,500,090 1,104,739 1,067,978 1,060,967 Galveston 9,000,000 8,417,500 +6.9 7,167,500 5,026,000 Wilkes-Barre 1,316,062 1,227,204 +7.2 1,209,380 1,277,760 7,500,000 6,173.343 +21.4 6,282,890 6,200,000 +12.3 Richmond Wheeling 1,866,068 1,662,434 1,635,662 1,218,975 Atlanta 9,261,565 8,314,181 +11.4 6,489,863 5,286,351 Trenton 1,386,558 1,334,568 +3.9 1.212,077 1,086,710 Memphis 4,689,399 3,608,043 +30.0 3,434,289 3,188,317 York 845,193 773,165 +9.3 798,864 705,986 5,140,644 3,685,990 +39.5 3,650,000 3,601,010 939,674 +25.9 775,975 Nashville Erie 746,373 685,357 Fort Worth 4,933,119 4,722,791 +5.5 4,259,326 6,204,857 Chester 480,087 . 509,415 -5.8 461.972 398,129 4,104,510 4,959,286 +17.2 2,983,383 3,506,779 Greensburg 524,207 433,936 +21.0 376,941 Savannah 500,000 Norfolk 2,903,408 2,525,699 +15.0 2,335,687 2,106,937 Binghamton 553,600 432,300 +28.0 362,500 422,700 2,709,579 1,973,027 +37.3 2,002,799 1,674,727 495,413 420,575 Birmingham _ Altoona +17.8 415,411 419,279 Knoxville 1,600,000 1,550,000 +3 2 1,493,644 1,650,539 Lancaster 125,241 745,065 +68.2 838,238 Chattanooga 2,082,122 1,954,598 +6.5 1,563,721 1,057,043 2,775,000 2,419,318 +14.7 1,712,056 1,367,169 Middle_ 1,834,221,963 1,652,777,670 4-12.2 Jacksonville __ Total 1,596,331,620 2,112,929,256 Mobile 1,193,590 964.383 +23.8 1,175,056 1,140,846 Augusta 1,554,556 1,378,552 +12.8 1,358,805 1,084,290 Boston 138,659,054 125,998,447 +10.0 117,404,567 121,006,270 1,361,475 1,133,051 +20.1 1,169,30 941,781 7,154,500 6,216,500 +15.1 6,084,500 Little Rock Providence 5,743,100 Charleston 1,280,149 1,051,989 +21.7 1,036,314 810,443 Hartford • 3,380,358 3,184.683 +6.2 :3,134,056 2,700,877 1,560,638 1,636,248 -4.6 2,224,007 • 2,377,756 2,232.374 +6.3 2,199,378 Oklahoma 1.550,000 New Haven 2,023,911 Macon 2,394,509 2,254,198 +6.2 547,677 700,000 Portland • 1,910,982 1,829,672 +6.1 1,686,377 1,522,969 483,000 +2.8 1,666,267 Wilmington,N.C. 472,490 395,389 293,644 Springfield • 2,075,931 +24.5 1,785,486 1,500,000 2,106,247 1,840,328 -1-14.5 1,185,703 540,818 2,251,092 1,838,135 +22.5 1,941.183 Austin Worcester 1,360,852 Vicksburg 150,000 154,649 -3.0 154.784 136,487 Fall River. • 016,035 736,119 +24.5 724,727 788,232 376,874 261,649 +44.0 255, t o 236,000 _ . 940,961 914,583 +2.9 669,448 Jackson New Bedford_ _ 793,718 Muskogee 694,533 603.461 +15.1 Lowell . 502,771 398,382 +48.7 395.109 383,237 714.887 503,209 n Holyoke 611,667 573,707 +9.7 411,880 462,644 Tulsa . 1043548811 4 , 145 Bangor_ 428,386 376,113 +13.8 Total Souther' 190.570 751 138.217.579

. Total all 830 0: in: 1 • is I 0,1 930.409.046 TOW New Vim 161.329.496 145.969.042 ±105 136,466.711 139.045.31f Outside N. Y 1,233,032.352 1.uv6.76/,564 + i2 IA8,6.436.'41 1 .0.34.2 / ,b0 Noss.-For cat adian clearings see "Commercial and Silsceilaneoui News."

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 506 THE CHRONICLE [VoL. Lxxxxv.

things to-day and probably will always remain the THE FINANCIAL SITUATION. state of things. European statesmen are rational and President- Taft has signed the Panama Canal Bill intelligent human beings, and when this statement and has issued a statement or memorandum intended has been put before them, no club will be necessary to justify his courSe in so doing. We discuss his (figuratively speaking) to convince them that, as the action and the character of the bill in a separate article United States has always denied foreign ships admis- on a SubSequent page and shall deal here only with sion to the coastwise trade, it is preposterous to sup- a single phase of the discussion. In view of the im- pose that the country would spend several hundred portance that the United States shall not jeopardize its million dollars in building a canal for the express pur- good repute abroad, it is most unfortunate that the pose of allowing foreign ships to enter into such coast- President's". remarks seem to have satisfied no critic, wise trade. either at borne. or abroad. Foreign ships not being competent to engage in this There Is. really no good reason why foreign nations coastwise trade, the matter of what the tolls shall be should look With 'suspicion upon the provision in the on such trade is of no concern to the outside world, measuie 'whieh exemPts American vessels engaged in and • has no bearing whatever upon treaty rights. the coastwise trade from the payment of tolls when It is entirely outside of the treaty. We notice that passing-Atli-tough the'Canal Yet, a disposition seems John Barrett, Director-General of the Pan-American to exist in Europe to regard such exemption as a Union, who has just arrived from Liverpool, in com- discrimination against foreign shipping and a violation menting on the new Panama Canal Act, incidentally of the ptoVisions of the Hay-Pauncefote treaty. As makes a statement which coincides with what we have that treaty Was 'apparently intended to insure equality said above. He is quoted in the daily papers as hav- • of tteatment to the commerce of all nation's, it is ing said: "Another foreign influence against the bill perhaps'not surprising that to those not fully ac- has been a lack of popular knowledge and appreciation quainted With the facts, as might be the case with of the fact that coastwise shipping of the United States foreign eriti.6s; or to those looking at it only perfunc- is limited to vessels flying the American flag, and that torily. and superficially, it should seem as if by this foreign vessels, no matter what the tolls may be, could *Canal Toli Ket we ate. ignoring treaty rights. Under not engage in coast-to-coast business." In thus the cire*StandeS; and considering the protest made speaking Mr. Barrett, who is a man of wide knowledge •13Sr the 'British goveinment at the time the bill was and experience, puts the whole case in a nutshell. under disenssion in Congress—since which time, how- It is unfortunate that Congress bungled so badly ever, some Of the provisions regarding tolls which were regarding this Panama Canal legislation, incorporating truly objectiOnable have been eliminated—it was in the Act many provisions which should have been eminently' proper that the President should endeavor taken up separately and treated by themselves. This to:Set the, WOrld right in the matter and seek to has tended to confuse an otherwise clear situation. remove the eridneous impressions which have devel- Furthermore, our own newspapers have been so oped concerning the same. zealous in demanding that treaty obligations shall be The President's argument is sound enough, but it held inviolate that they have failed to lay emphasis is couched in Or less techniCal language, and thus on the distinction between coastwise trade, in which fails to enlighten those most in need of enlightenment. only American ships can engage, and foreign trade, in A few' senteriCeS, properly put, shod(' have sufficed which the whole world can engage, with the result that to settle the Whole controversy. The President might their comments have tended to mislead persons on the have pointed Out that from the standpoint of foreign other side. The effort now must be to make it clear countries; the:question whether the United States has that there is no attempt to break faith and that the the Tight to *al:ire the tolls in the case of American provisions of the Hay-Pauncefote treaty are really ships engige'd in the coastwise trade is a purely aca- not at all at issue. demic one'. *Under United States laws, foreign ships 6annot engage. in our coastwise trade. In these cir- Mr. B. F. Yoakum, Chairman of the St. Louis & cuinitanCes.;'What difference does it make whether tolls San Francisco Railroad, is one of the men who long are exaCtied or not 'oil the coastwise shipments? There ago perceived that transportation needs the agri- is no attempt to discriminate as regards tolls in the case cultural producer as much as he needs transportation; Of ships'engaged in the foreign trade; American ships accordingly Mr. Yoakum and others have been zeal- and foteignt ships alike must pay tolls, and neitheris to ously at work in promoting at once agricultural settle- be favored. If a distinction were attempted on such ment and agricultural increase. Of the 1,903 million trade, then the situation would be entirely different. acres of land in the United States, says Mr. Yoakum, Originally,''it" was proposed that American ships 1,200 millions are available for farming purposes, by 'Should biljdy an advantage as regards tolls even in the which he surely does not mean that nothing more and foil'eigns- trade; but this proposition was seen to be un- better needs to be done than to tickle the surface with tenilb.le'inrthe light of the language of the Hay-Paunce- a hoe and wait for it to laugh with a harvest. The fdte'treaty,.and . was abandoned. cultivated acres produced, he says, an average of Foreign" natiOns very properly insist that treaty $15 72, exclusive of animals and their products; the tights SliOrild be 'held sacred, but obviously they will uncultivated acres could, at the same rate, add $13,- ndt.ask Of uS'anYthing except what is right and proper. 362,000000 more, not including animals and their Td • tindetStand. that opposition is unwarranted products, which in last year's agricultural reports are they • ne6d. only be told that the coastwise trade estimated at $2,913,000,000. In the last ten years • has ali,vays'been reserved fot'United States ships, that improved land increased 15%, but population increased foreign his'have never had the right to engage in the 21%, thus showing a "shortage" proportion of 23 Same, and 'that; hence, the Opening of the Panama million acres. Look forward fifty years, and if popu- Canal can niake no difference whatever on that point. lation increases at the recent rate of 21% in each That'was -the State of things at the time the Hay- decade, the cultivated land would fall 175 million acres Pauneefote treaty 'NV fIS entered into, is the state of short of the amount needed to support our population.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUG. 31 1912] THE CHRONICLE 507 These figures of increase of land, crops and popu- of reprisal." The Suez Company at its annual meeting lation have been growing familiar of late, but Mr. in Paris on June 3rd reported an increase of $866,000 Yoakum assumes that, combining standard products in receipts compared with the preceding year, the with vegetables, poultry and fruit, requires that there total for 1911 being $27,762,000. This, it was said shall be rail lines not more than ten miles distant. In at the meeting, justified a further reduction in the Missouri, Kansas, Oklahoma, Arkansas, Louisiana, tariff on vessels. This reduction will go into opera- Texas, Arizona and New Mexico, he says, there are tion next January and amount to 50 centimes (10 160 millions of acres of land more than ten miles from cents) per ton. Deductions in the Suez Canal charges the rail and the people of those States now need 27,000 are automatic. It was agreed that in January 1885 miles of additional railroad to take care of their farm- the dues should be reduced to 93. francs per ton7 ing interests. The best tillable lands along railway that subsequently they should be lowered on a sliding; lines in the United States are practically now under scale as dividends increased, and that after the divi- improvement, but if one drives an automobile directly dend reached 25% all the surplus should be applied away from the rail he finds millions of acres of rich in reducing rates until they were lowered to 6 francs land lying idle and waiting. Mr. Yoakum quotes a ton. Baron H. von Barnekow as saying in the Berlin press, One effect of the provision of the Panama Canal after a recent visit here, that "the United States is Bill, just signed by the President, preventing railroad- beginning to decline," and ending by saying that "the owned steamships from using the Canal has, it is possibilities of arresting the downward movement lie announced in Philadelphia, been the cancellation of with the farmers." shipbuilding contracts that would have involved All this is cumulative upon the,imperative necessity an expenditure of $12,000,000. These contracts of better and more intensive cultivation, and upon the had been tentatively entered into by the Pacific Mail importance of what we called "the new" agriculture Steamship Company, which several months ago which is going on, as has been pointed out in the advertised for bids for the construction of four steam- "Chronicle" during the last few years. But the direc- ships. The William Cramp & Sons Ship & Engine tion to which Mr. Yoakum bends his figures is equally Building Company of Phi adelphia, and the Newport practical and important. It is neither easy nor im- News Shipbuilding Company of Newport News, Va., portant to discover what type of person in the United were the lowest bidders. The Cramps bid on two States owes most to railways and is most dependent of the coast-to-coast liners and the Newport News on them; but certainly the farmer should be among the Company bid for the entire four and it was finally first to value them and the last to cherish hostility agreed that the contracts should be halved, to them; they might languish along without him, con- each company building two boats. Vice-President ceivably, but he would not exist without them. All Schwerin of the Pacific Mail Company has formally these dissensions among classes of industry as to their announced that the ships will not now be built. The respective contributions to the total of all consumable designs called for the building of ships each to be 700 good things of life and the shares which they may feet over-all and to run with turbines. It would rightfully take from the total for themselves are as have taken about two and a half years to finish the besottedly foolish as a wrangle between the organs vessels. of the human body. How many people, we wonder, The British protest against the Canal Bill which remember the ancient fable of the belly and the mem- was delivered on Wednesday last intimates a purpose bers and might not profit by reading it again? There to demand an abritral decision in the event that a was a time when the new country beyond the Mississippi more careful study of the Panama Canal Toll Act (and emphatically the farming people therein) so bears out the impression conveyed by the first reading, hungered for railroads that they were ready to concede that it is a violation of the Hay-Pauncefote treaty. and promise anything; reaction has gone much too far, Although the State Department would authorize. so that hostility replaces friendship. Some new con- no statement to that effect, it is understood in Wash- struction is needed almost everywhere, but in the ington, according to press dispatches, that the Admin- newer States the need is almost keener than at first, istration will decline to permit the question of the because it is no longer practicable to "move on" as it right of the United States to relieve its own shipping once was. Politicians cater to any emotion they dis- from tolls in the Panama Canal to go to arbitration. cover, but the anti-railway war is a rage at one's own But this position of the Government, it is said, may prosperity. not be developed fully for some time.

Dispatches from abroad-have recently been intimat- Affairs in China are again apparently running ing that in advance of the opening of the Panama smoothly, though no progress has been reported this Canal a rate war had been already begun by the Suez week in the financial plans of the new republic, which Canal Company and that this war would involve all depend so completely upon the raising of a foreign loan. the maritime nations of the world. The Suez Com- President Yuan Shi-Kai and Dr. Sin/Tat Sen, former pany has promptly denied that reductions in rates Provisional President, dined together at the capital on that have just been announced are in any way in- Saturday of last week, and after that held a conference fluenced by the approaching opening of the American lasting several hours, during which the political situa- waterway. The company has authorized the follow- tion was thoroughly discussed. At the conclusion of ing statement. "For many years the Suez Canal the conference the two statesmen gave out a statement Company has pursued a policy by which every time in which it was asserted that they were in perfect its dividends have increased, the tolls have been re- accord on all important questions. Dr.Sun was given duced. It was in accordance with this traditional a magnificent reception in Peking, rivaling that of the policy that the stockholders were advised at the return to the capital of President Yuan. The im- general meeting last June that a reduction of dues peachment of President Yuan for the execution of would be granted. The directors of the company Gen. Chang Chen Wu and several other, Southern have in no way considered the hypothesis of measures generals has, according to dispatches from Peking,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 508 THE CHRONICLE [VoL. Lxxxxv 'collapsed. A telegram from Tien Tsing states that received by the Powers. In response to energetic Dr. Sun• advocates that China borrow nothing from diplomatic intimations that Montenegro must not the Six-Power group of bankers, declaring it possible provoke war with Turkey, King Nicholas and the for China to obtain funds from other sources without Montenegrin Government gave assurances to repre- vexatious conditions.• A cable from Canton declares sentatives of the Powers on Monday last that nothing that an American representative of banks in the contrary to the wishes of the leading European nations Western States of the United States has signed a would be done. The King and his ministers declared preliminary agreement to lend $25,000,000 for the that Montenegro had no aggressvie intentions and purpose of financing a bank, a railroad and a mine in was merely protecting herself against Turkish attacks Kwang-Tung Province. Our State Department at on the frontier. Washington has received no definite information of this loan. The proposed incorporation of Thibet as On our own continent, affairs in Mexico and Nica- a Province of the Chinese Republic is being officially ragua are still in a highly unsettled condition. Ad- opposed by Great Britain, which contends that Thibet vices from Nicaragua became so serious that President should be permitted to manage its affairs without Taft early in the week ordered the Tenth United States Chinese interference, although no opposition will be Infantry, now stationed at Panama,to proceed without shown to a recognition of China's suzerainty over the delay to Corinto, the chief Pacific port of Nicaragua. country, but not its sovereignty. The outcome of the Twelve hours later the President canceled the order present situation may possibly be the drawing up of a when advised that a sufficient force of American British-Russian-Chinese agreement for the preserva- marines and sailors would be in Managua and Corinto tion of the autonomy and neutrality of Thibet. early next week to insure the safety of American lives and property. The President countermanded the Dispatches from Paris claim semi-official authority order upon receipt ot advices that communication had for the statement that peace between Italy and Turkey been restored. Minister Weitzel yesterday cabled the is imminent. Progress has been made, it is said, on State Department that the British Vice-Consul at 'several delicate points. The Italian Government will Matagalpa had advised the British Consul at Managua not insist on including the annexation of Tripoli in the that, unless troops arrived at Matagalpa soon, English- peace terms. However, Turkey will renounce her men and other foreigners would be in great danger. claim to suzerainty and Italy will pay a large indem- Minister Weitzel's message was as follows: "The nity for the territory As in all negotiations of this present local authorities are doing all in their power to character, the so-called "breaking-point" is frequently guarantee life and property but the circumstances are reached and negotiations are then resumed on a new very difficult. Certain elements who are well known basis. Italy will not admit any discussion of her for their rancor, hostility and idiosyncracy have seizure of Libya in Tripolitania; she has refused all .frequently expressed evil intentions against foreigners. propositions to leave part of the interior or of the Should this element gain control of the revolution in coast of Cyrenaiea to Turkey, and makes a condition the neighborhood of Matagalpa, I believe the lives of peace that Turkey withdraw her troops from Libya. and property of his British Majesty's subjects would Italy will accept the religious authority of the Sultan be endangered." When the reinforcement of Ameri- in Tripolitania. Dispatches from Rome state that if can marines arrives next week, it is likely that a strong within a few days no steps are taken toward opening detachment will be sent to Matagalpa. official peace negotiations, Italy will resume her Reports from South Mexico have recently been so active campaign in the Aegean Sea. Marquis di alarming as to compel a discussion by President Taft •San Giuliano, the Italian Foreign Minister at Athens, and his Cabinet of the possibility of intervention in the in an interview has stated that Italy does not intend near future. The inability of President Madero to to keep the Aegean Islands, which she has occupied. restore peace in Mexico in spite of the fact that the However, in order to conform to the desires of the insurrection proper under Gen. Orozco seems to have inhabitants of the islands, the Foreign Minister will been quelled is the source of much anxiety to the make efforts to insure •the liberty and property of administration. While the operations of Gen. Orozco the islands, which are now owned by Turkey. and his men in Northern Mexico near the United States The Turkish Grand Vizier has notified the Austrian border line are exasperating and are injurious to Ambassador that while his Government is grateful for American interest, the most serious phase of the Austria's friendly intentions toward Turkey,as implied Mexican situation, it is alleged, now lies in the condi- by the proposal of Count Berchtold, the Austrian tions existing in Southern Mexico, where Zapata is Minister of Foreign Affairs, that Turkey should de- the recognized rebel leader. Gen. Zapata has quietly centralize her administration and grant autonomy to been making headway at a time public interest has Albania and Macedonia, it cannot admit of foreign been centred on the unsuccessful Orozco campaign. interference in its internal questions, and therefore must decline to consider the questions. The Austro- The Bank of England officially advanced its mini- Hungarian scheme for promoting the reforms and mum discount rate on Thursday to 4%from the 3% rate peace in the Balkans did not purpose intervention or which had been in effect since May 9th, when it was the pushing of definite reforms or collective action of reduced from 33'%. The announcement was not a the Powers. • It simply urged the Powers to come to .surprise. It had been clearly forecast earlier in the an understanding and then to make representations week by the action of the Bank in refusing to do individually to the various Balkan States. The business in three months' bills with its own cus- objects desired to be attained were two. The first tomers at the official minimum figure. Private was to encourage the Turkish Government in the path discounts in Lombard Street were, therefore, strong of reform in Turkey in Europe, and the second to early in the week and on Thursday were quoted secure for Turkey from the rival States in the Balkans by cable at 3%@3%% in the open market for a time of peace in which to prepare and carry out short bills and 3% for ninety-day bills; but closed reforms. The Austrian proposition was favorably yesterday at a reduction to 35,,'% for sixty-day

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and to 3 11-16% for ninety-day bills. The rise higher for the week at 3%%, while Amsterdam re- in the English Bank rate may, of course, be re- mains unchanged at 3%%. The official Bank rates garded an accurate indication of worldwide firm- at the leading foreign centres are: London, 4%; ness in money. It is not improbable that the Im- Paris, 3%; Berlin, 44%;1 Brussels, 4%; Amsterdam,. perial Bank of Germany will promptly follow the 4%; Bombay, 3%, and Bengal, 3%.• lead of the English Bank and also advance its rate, In discussing the British money situation, a local as Germany has during the week been urgently banker of prominence who is connected in a very large seeking funds at London and Paris as well as New way with international money affairs, tells us he be- York. In our own centre Berlin 'has been bidding lieves it will take fully two years before the congestion 49% for three months, but has, we are informed, of capital issues and other out-of-the-ordinary influ- only been successful in securing a few comparatively ences will permit the London market to reach a normal small loans at this figure on the dollar basis—that is condition so far as a free use of its reserves is concerned. to say, the loans are specifically payable in dollars The loan item (other securities) in the Bank of Eng- so that the rate of exchange does not enter into con- land's weekly statement which was published on sideration, the borrower taking the risk. Thursday seems to support this statement, as an ex- As New York banks are anticipating continued pansion of loans of £1,267,000 is indicated, bringing firmness in the general money tharket, there is excel- the total outstanding amount up to £36,369,000, lent reason for believing that they will not again which shows an expansion of £9,538,000 comparing become heavy creditors of Berlin during the remaining with the 1911 figures, while the bullion holdings of the months of the year. It was the large supply of Ameri- Bank are almost identical with last year's figures can and German bills, according to cablegrams from (amounting to £41,737,225, against £41,732,464), and well-informed London correspondents, that forced the the reserve is only £792,000 higher (£30,994,000, Bank of England to take such sudden action. Early against £30,202,274). The reserve this week in- in the week the belief prevailed that the advance might creased £886,000 and the proportion to liabilities is be delayed until the first week in September in order now 49.96%, comparing with 49.80% last week and that the September settlements might not be unduly 56.33% a year ago. The week's increase in bullion interfered with. At that time, also, an advance of holdings was £824,937. The statement showed an only was considered probable. But the urgency increase in notes reserved of £928,000, a decrease in of the situation developed so rapidly that the Governors circulation of £61,000 and of £310,000 in public de- of the Bank not only decided upon an immediate posits, while "other deposits" increased £2,527,000, advance, but also of one sufficiently large to at once and now amount to £45,417,000, comparing with become effective. Day-to-day money is quoted at £42,811,936 in 1911. Our special correspondent 23/2% in London. At the monthly settlement in furnishes the following details of the gold movement London contangoes ranged from 4 to 44%1 for Ameri- into and out of the Bank for the bank week: Imports, can securities and, notwithstanding this high basis, £627,000 (wholly bought in the open market);) it is understood that a number of large speculative exports, £25,000 (wholly to Jaya), and receipts of accounts have been transferred from New York to £223,000 net from the interior of Great Britain. London as a result of the prospect (as distinct from. the actual situation) of relatively easier carrying The weekly statement of the Bank of France was, charges that are expected to be available at the taken altogether, a weak one. The gold holdings British centre. This, of course, suggests a belief registered a decrease of 3,825,000 francs and the silver that notwithstanding the evidence of strain in the holdings a loss of 6,475,000 francs. Notes in circula- English market,some large operators here are looking tion increased 33,300,000 francs and discounts indi- forward for even greater strain in the New York cated an expansion of 158,375,000 francs. There was banking situation. We discuss the local money an increase in general deposits of 119,800,000 francs market situation at some length in another column. and of 13,775,000 francs in treasury deposits. Ad- In addition to the transfer of speculative accounts vances were reduced 11,025,000 francs. The gold to the London market there has been a considerable holdings, according to this week's statement, aggregate borrowing by New York Stock Exchange commission 3,296,600,000 francs and compare with 3,169,425,000 houses in that market by means of ninety-day finance francs one year ago and with 3,390,550,000 francs in bills. We learn that about $5,000,000 in New York 1910. Silver now stands at 784,550,000 francs. One City ninety-day revenue bills specifically payable in year ago the total was 840,225,000 francs, two years London in sterling have been sold within the, last ago 846,800,000 francs and in 11909 1,053,300,000 week on the basis of about 4 3-16%. The Continental francs. Discounts compare favorably with last year's exchanges have moved in favor of London, the sterling figures, amounting to only 1,191,497,000 francs, as, check rate in Paris closing at 25 francs 29 centimes on against 1,304,918,706 francs. Thursday, which compares with 25 francs 273 centimes The weekly statement of the German Reichsbank, a week ago, though it closed yesterday at 25 francs 283/2 which was published on Saturday, recorded an in- centimes, while a continued drift of funds from Paris to crease of 23,874,000 marks in gold and of 10,403,000 Berlin is indicated by a further advance of 10 centimes, marks in gold and silver combined. Loans showed a to 123.55 francs in the Berlin check rate in Paris. contraction of 15,265,000 marks and discounts of Of the £950,000 of Cape gold offered in London on 16,269,000 marks, while notes in circulation were Monday,£200,000 was secured by India, the remainder canceled to the amount of 44,816,000 marks. Treas- going to the Bank of England at the Mint price. ury bills declined 7,921,000 marks and deposits in- In Paris open market discounts as reported by cable creased 31,968,000 marks. The Bank now holds yesterday were 2%%,representing an advance of %% 1,286,059,000 marks in gold and silver, which com- for the week. Discounts in Berlin show an advance pares with 1,239,660,000 marks one year ago and of 4%,1 to 43,4% for spot bills, all maturities, while bills 1,106,040,000 marks in 1910. The total of loans and to arrive closed at 4%@4M%,3 comparing with 441 discounts is 1,039,046,000 marks, comparing with only 43i% a week ago. At Brussels the closing rate is 14% 901,360,000 marks one year ago and 951,820,000

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marks in 1910. The circulation item stands at succeeded in securing only comparatively small 1,631,924,000 marks, comparing with 1,496,440,000 amounts, which is not surprising when the banks are marks in 1911 and 1,466,520,000 marks the year finding it so necessary to huband their reserves. As preceding. one bank officer expressed it to us yesterday, "we have simply stopped lending except so far as the im- The feature, of the local money market has been the perative needs of our customers are concerned. We sudden calling of outstanding demand loans by Cana- have been out of the market as buyers of paper for dian banks in this market. New York funds have more than a month." Time money rates have ad been ruling at a considerable discount in Montreal for vanced fractionally during the week. several weeks, so that heretofore there has evidently Call money during the week covered a range of 23. been a quiet withdrawal going on. But this week the to 3 2% and the renewal rate throughout the week was banks have required gold, and shipments of the pre- TN% until Thursday, when it was advanced to 3%, cious metal aggregating $2,600,000 have been made to and was still further advanced on Friday t6 34%.1 On Canada. It is understood in banking circles that an Monday the extreme figures were 29 and 3%,on Tues- additional movement will take place next week. day they were 23/i and 3%, on Wednesday 2% and Canadian banks have also been selling sterling finance 3%, on Thursday 2%5 and 3% and on Friday bills in the local market, evidently drawing on their 2M@33/2%. Time money closed at 3%@4% for London deposits. The July statement of the Canadian sixty days, 43' et4%% for ninety days and 5% banks, which has this week become available, shows for four, five and six months. Mercantile paper call loans held by Canadian banks outside of Canada is in fair supply, with choice six months' names (chiefly in London and New York) to be $117,961,437, quoted at 53@,531%, with a few transactions as low comparing with $104,009,030 in July of last year.• Of as 5%. Sixty and ninety-day endorsed bills receiva- these outstanding loans, $59,409,773 belong to the ble are st 11 quoted at 5%, but the offerings are so Bank of Montreal, $15,127,121 to the Canadian Bank light that this quotation is largely a nominal one. of Commerce and $14,773,668 to the Royal Bank of Bills not usually classed as choice are still quoted at Canada., With this Canadian demand as a new factor @6%. in the situation, and with continued demands from our own interior sections, the action of Wall Street In sterling exchange the feature of the week has been interests in transferring speculative accounts to the very general drawing of finance bill3 in large and London and of Stock Exchange commission houses in small amounts by, it would seem, nearly everybody borrowing in London, appear to indicate an intelligent having credits available in London. This situation, appreciation of existing monetary conditions in the in connection with similar action by Germany, was local market, especially when cognizance is taken of undoubtedly the incentive for the sudden advance in last week's statement of the Clearing-House banks and the English Bank rate, which was, for all practical trust companies, which showed for the week ending, purposes, put in operation on Wednesday before its with Friday a decrease of $5,206,100 in the cash sur- formal announcement by the Bank on Thursday. The plus reserve, bringing down the total in excess of re- higher Bank rate and the resulting advance in open- serve requirements to $15,345,900. A year ago the market discounts in London naturally restricted the actual surplus (including trust companies that had new offerings of finance bills at the close of the week, been admitted to the Clearing House) was $37,233,300, and on Friday the market suffered a severe decline and two years ago (before the trust companies were on selling by well-known speculators who had evidently admitted) the surplus held by the banks alone was over-estimated the capacity of the market. Thus $49,047,000. Thus the banks and trust companies far commercial bills have not actively entered the are hardly as well fortified as could be wished at the market, but a block of $5,000,000 New York City beginning of a season that promises to develop demands ninety-day revenue bills, specifically payable in of unusual volume. As the strain is so fully recognized London in sterling, has been sold to English bank- in advance, however, there is every probability that ers on about a 4 3-16% basis. The difficulty of precautionary. measures will be taken to prevent un- obtaining steamship accommodations for grain still necessary disarrangement of business routine. Should promises to interfere to some extent with grain ex- the strain reach an acute stage,the belief is that the ports and may delay some portion of the offerings of Treasury would come to the aid of the market. The grain bills that have been expected to become available Secretary of the Treasury, Mr. Franklin MacVeagh, in the near future. There seems every reason to ex- who stopped for a short time in town this week on his pect, however, an active grain movement, taking way from Washington to New Hampshire, confirmed the season altogether, as a result of the large crops at this statement as to the attitude of the Treasury. He home and the extent of the foreign demand, the crops said in an interview: "At the present time the Treasury in England particularly having been very severely has a comfortable balance, but by no means as large clamaged as a result of the phenomenally wet harvest as the balances were in those years when the Govern- that has in many important sections practically ruined ment had to come to the aid of the banks. There has the crops. The import movement of merchandise been no suggestion this year that there will be any need continues particularly active, keeping well up to the for the Government to take this action during the export volume. This situation, in connection with coming months, but I have no doubt, should the occa- the various items, such as dividend and interest obliga- sion arise and should the amount that the Treasury tions on securities held abroad, ocean freight rates that could spare be of any value, that the Treasury will be are paid for the transportation of the merchandise both as ready to help the country as it.has been in previous ways to foreign shipowners, and various other well- years." known items that enter into the invisible trade bal- Berlin has been bidding 44%3 for ninety-day funds ince, means that, instead of accumulating a favorable in the local market this week for dollar loans—that is, trade balance abroad, a reverse movement is now in loans re-payable in dollars, the lenders assuming no wogress. As a matter of fact, international bankers risk of foreign exchange. The German borrowers have at this centre agree that_our balances in London are at

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close working basis, that our Aug. 29 1912.. "11,0 $1,1911, the moment down to a Bank, of loans to Germany have been very largely repaid, Gold. Silver. TQtql: Gold.' ' Total. ,£ . • f. . , £ and that New York, therefore, has a very restricted England_ 41,737,221 41,737,221 41,732,464 41,732,464 France _ 31,004,03( 31,381,24( 163,285,27( I-6,776,841 33,728,600 160,505,440 secondary reserve available in the form of foreign re- Germany. 48.652,85( 17,250,000 65,902,85( 46,244,750 15,638,85( 61,883,600" Russia _ '.55,363,00( 8,124,00( 163,487,001 48,614,00( 7.475,00( 156,089,000 sources. If New York in the near future needs foreign Aus-liun 61,732,00( 11,869,000 63,601,001 55.806,06( 12,406,00( 08,212,000 Spain 17,081,00( 30,181,00( 47,262,001 16,62„001 31.074,012! 47696,000 aid, it will be compelled to bid against the world for Itaiy _ _ _ 42,435.00( 3,668,00( 46,103,001 40,100,000 3.580,000 43,680,000 Netherl'd 11.945,00( 850,00( 12,795,00( 11,850,00( 1,703.00( 13,553,000 such aid, as there is no question hut that we have en- Nat.Belg 7,584,00( 3,792,00C 11,376,00( 6,758.000 3,379;000 10,137,000 Sweden _ 5,374,00( 5,374.00 4,735,0M 4,735,000 tered upon a period of world-wide monetary activity. Switzerl'd 7,136,000 7.136,001 6,579,000 6,579,000 2,253,00( 2,222,90( 2,222,000 The London check rate in Paris closed at 25 francs Norway _ 2,253,00( . . Total wee` -23,197,101 107.115,24( 130,312,34. 08,040,059 !08,984,450 117,024,504 283. centimes, representing an advance of 13( cen- Prey. weal ,18,813,991 107.334,36; 326;148,35: 04,138.54l 109,208,111, 313,340.662 times for the week, while in Berlin the London check rate closed at 20 marks 46 pfennigs, which is a decline • of 1X pfennigs for the week. The Berlin exchange THE PANAMA CANAL in Paris closed 123.55 francs, or an advance of 10 cen- The incidents surrounding the enactment of the times. bill for administration and operation of the ,Panama Friday of last week,sterling exchange Compared with Canal, which has now paSsed Congress, and been,signed was unchanged for demand and cable on Saturday by the President, have presented several unpleasant which, were still quoted at 4 8720@4 8730 transfers aspects which one would have wished to eliminate 8760@4 8770, respectively; sixty days declined and 4 from so important a measure of legislation. . It Was 8420@4 8430. Notwithstanding the unfavorable to 4 necessary to provide at this time'for permanent govern- New York City bank statement, rates held firm on ment of the Panama Canal Zone, with, a view to the Monday and advanced 5 points on a more active de- completion of that great enterprise and to preparation mand and light offerings of bills; the close was 4 8725 for the operation of the Canal under the' lawS of the @4 8735 for demand and 4 8765@4 8775 for cable United States. For Such legislation the President and transfers; sixty days ruled unchanged. The advance the country were justly anxiods. It might not to. have was continued on Tuesday on rumors of a prospective been impossible to have enacted the fundamental prin- increase in the Bank of England rate, and short covering ciples and the essential details of sue') legislaion, in and demand moved up to 4 8730@4 8740, cable such way as to evoke no. irritating diSpute among Our transfers to 4 8770®4 8780 and sixty days at 4 8425® own citizens or with foreign nations,, and. to put the 4 the opening was slightly 8435. On Wednesday proper seal of the law on this important *Undertaking easier, but later ralied and finished unchanged from amid general satisfaction and rejoicing. quotations for demand and cable Tuesday's closing Unfortunately, the discussion of 'the measure in days declined to 4 8420@4 8430; transfers; sixty question had no sooner begun, than one or the other and featureless. Sterling was very trading was dull House of Congress began to load dawn the bill with rates more or less nominal; quiet on Thursday with provisions which, if not entirely, non-germane to' the the Bank of England advanced its minimum discount essential problems of the Canal, at Alf eNients involved rate to 4%, but this had little effect, having been side issues which might much better hare' been left discounted earlier in the week; after early firmness for future mature consideration, Apart froth the ques- the market showed a weaker tendency, with the final. tion of administering the Canal. The' OA Of these range at 4 8725(0 8735 for demand and 4 8415@ questions, which has occupied a large 'place in public 4 8425 for sixty days; cable transfers were unchanged attention, was the question of tolls for vessels using at 4 8770 ®4 8780. On Friday the market declined the Canal, and particularly the 'question,bf 15 to 20 points, chiefly on selling by speculators who ating privileges as between, American and foreign had over-stayed the market. Closing quotations were vessels. At the start, a strong disposition 'WaS mani- 4 84(0 8410 for sixty days, 4 8705@4 8715 for de- fested, either to altegether exempt American shipping mand and 4 8750@4 8760 for cable transfers. Com- from the tolls imposed upon foreign ships Or else to fix mercial on banks closed at 4 82®4 83% and docu- rates which should discriminate in their 'favor. This ments for payment 4 833/@4 84%%. Cotton for proposition encountered, among both home and foreign payment ranged from 4 834@4 83%, grain for pay- critics, a protest based on the language' of the Hay- ment 839®4 84. 4 Pauncefote treaty under Which England agreed to' the American construction of the Canal': 'That section banks, in The New York Clearing-House their oper- reads as follows: ations with interior banking institutions, have gained $645,000 net in cash as a result of the currency "The Canal shall he free and ,opet to.the vessels of these movements for the week ending Aug. 30. Their commerce and of war of all nations observing of entire equality, so that there shall be receipts from the interior have aggregated $10,141,000, rules on terms no discrimination against any such nation, or its while the reached $9,496,000. Add- shipments have citizens or subjects, in respect of the conditions of its ing the Sub-Treasury operations and the gold exports charges of traffic or otherwise." • to Canada, which together occasioned a loss of $8,- 200,000, the combined result of the flow of money This protest called forth some argument, in both into and out of the New York banks for the week Houses of Congress, based on the .not very creditable appears to have been a loss of $7,555,000, as follows: grounds that we have the right to provide as we choose for a canal which is our own property; that, so far as

Into Out of Net Change in concerned the Anglo-American treaty, the English Week ending Aug. 30 1912. Banks, Banks. Bank Holdings. negotiator had got the better of Mr. Hay, and that we Banka' Int prior movement $10,141,000 $9,406.000 Gain '$045.000 kilub-Trea.sury operation ,and gold exp 20,100,000 28,300 000 --oss 8 200 000 ought not, therefore, to recognize any such past stipu- Total $30,241,000 $37.796,000 Lots $7,555 000 lation. Clearly, this was an argument which could make no appeal to honorable and intelligent men, and The following table indicates the amount of bullion in fact it was at once pointed out that the concessions in the principal European banks. by the American negotiator in the Hay-Pauncefote

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treaty were by no means granted in return for no We think that nothing will come from the foreign consideration. As Mr. Hay himself pointed out, they protests; they are merely in the nature of opinions, and were the understood conditions for England's abroga- could hardly be regarded even as a declaration of tion of the old Clayton-Bulwer treaty, whereby Eng- diplomatic position, unless under circumstances vary- land and the United States had jointly agreed that no ing widely from those which now exist. When, how- Isthmian canal should be constructed by either ever, one examines the other sections of the Panama country without the co-operation of the other. Canal bill, there will at once be found some matters of Recognition of this fact led to abandonment of serious criticism which may make trouble in the future. the proposal for general discrimination in favor of The bill is loaded down with provisions, amending American ships engaged in foreign trade or elsewhere. older laws of the United States, which have no direct There was left, however, the proviso that tolls should or immediate bearing on the Panama Cnal. For in- be limited in the case of our coastwise traffic, in which, stance, Section 5 amends Section 4132 of the Revised under existing law, foreign vessels are not allowed to Statutes (the navigation laws) so as to provide for engage. Here there was obviously a somewhat registry of foreign built vessels in the American trade. different question involved. Because of that exclu- It goes further, providing, without any immediate sion of English competition, remission of tolls for reference to commerce through the Panama Canal, coastwise American shipping was clearly not a direct that materials for construction and equipment of discrimination against foreign vessels. Some of the vessels operated by American owners shall be admitted foreign critics, and with them the British Foreign free of duty, subject to the regulations of the Secretary Office, nevertheless took their stand on the letter of the Treasury. Section 11 of the bill amends the of the contract in the Hay-Pauncefote treaty. Inter-State Commerce Act of 1887 through the pro- President Taft seemed long to be uncertain as to his vision that after July 1 1914 "it shall be unlawful for own construction of the law. At one time, in a any railroad company or other common carrier, sub- message to Congress, dated Aug. 19, referring to ject to the Act to regulate commerce, to own, lease, differences of opinion among able lawyers on the ques- operate, control or have any interest whatsoever tion, he suggested that foreign shippers be granted the * * * in any common carrier by water, operated right to submit their grievances to the Federal courts through the Panama Canal or elsewhere, with which said of thb United States, also advising that a formal railroad or other carrier aforesaid does or may com- declaration be incorporated in the Act to the effect pete for traffic." This, it will be observed, is a that nothing in that measure "shall be deemed to sweeping proviso and only to a limited degree deals repeal any provision of the Hay-Pauncefote treaty or with conditions regarding Isthmian traffic. In the to affect the judicial construction thereof." third place, the Anti-Trust law of 1890 is amended to These suggestions met no favor anywhere, and the effect that "no vessel permitted to engage in rightly so, in our opinion. Our courts already have coastwise or foreign trade of the United States shall be enough delicate questions thrust upon them beyond permitted to enter or pass through said Canal if such the immediate sphere of their Constitutional duties. ship iS under charter, operated or controlled by any Furthermore, there was an element of absurdity in person or company which is doing business in viola- the suggestion that where two nations differed dia- tion of the provisions of the Act of Congress approved metrically as to construction of a treaty, one of July 2 1890." them should be invited to submit its case to the An element of absurdity enters into this last pro- arbitrament of the courts of the other ration. As for vision, and it is certainly one of those amendments a declaration in the law that Congress did not mean whose future possibilities or complications are never to impair the treaty, such declaration certainly could easy to foresee. The amendment to the Inter-State not altey the facts of the case, either for better or worse. Act will clearly call for careful discrimination in its The bill passed the Conference Committee without interpretation by the Commerce Commission and the the proviso suggested by the President, and was signed courts, in order to avoid wholly unwarranted inter- on Aug. 24. In his memorandum submitted with his ference with enterprises in no wise concerned with the signature, Mr. Taft made his reply to the arguments Panama Canal. As for the free-ship section, there is a against the bill. He described the treaty as "a very large portion of our people that will welcome condit onal favored-nation treaty, the measure of that legislation as a great achievement; but even they which, in the absence of express stipulation to that are forced, in the light of sound legislative practice effect, is not what the country gives to its own na- and ordinary common sense, to admit that so funda- tionals, but the treatment it extends to other nations." mentally important a. reversal of the Government's Further, the agreement was "not intended to limit past policy on a great economic question surely ought or hamper the United States in the exercise of its sov- to have been enacted in some other form than as a ereign power to deal with its own commerce, using its rider to a bill for operating the Panama Canal. own canal, in whatsoever manner it saw fit." It has In fact, these three amendments stand forth, to our been objected to this argument that the scope of its mind, as striking examples of a thoroughly bad sys- reasoning seemingly covers American vessels engaged tem. In their nature they resemble the familiar in foreign trade as well as American vessels doing a riders attached from time to time to appropriation coastwise business merely. In this respect it appears bills whereby important changes in regulations, even to us that the President would have done better to of the army, the civil service or the currency, have rest his case clearly upon the fact that coastwise traffic, been forcpd through Congress because they were in- for the reasons already set forth, is in no wise com- corporated in a bill for public salaries, for public petitive with English shipping, and that remission of buildings or for great public departments, which was tolls in that direction cannot .be described as in any thrust on the consideration of Congress in the last respect discrimination against foreigners. We need crowded hours of the session, when legislators were not discuss that point here, however, as we have made weary and jaded, yet had to pass the Appropriation some remarks concerning it in our article on the bills before they could go home. It is not at all im- "Financial Situation" on a previous page. probable that these special provisos in tho Panama

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Canal bill will require amendment in the future—in been left undone to foster industrial growth. The which case we shall be placed in the absurd position railroads have had free play and been encouraged to of having to amend the bill for administration of the build branches and extensions, it being recognized that Panama Canal in case we wish to modify our laws for added transportation facilities were an indispensable admission of free material for ships, or for joint owner- prerequisite of national growth and progress. Govern- ship of railway and water transportation lines in any ment aid has been extended in various ways, so as section of the country. to insure the building of new mileage. Forty years It is a matter for congratulation that the essential ago the same policy was pursued in the United States, provisions for the Panama Canal have now been but now all this has been changed here. The railroads enacted into law. But it is certainly a matter for are treated as if they were a bar to trade advancement, regret that the measure should have been enacted and a Government commission is regulating all their in such a way that this chapter in the history of an activities, thereby endangering the stability of their epoch-making enterprise will call up unpleasant income and impairing their credit. On the other rather than agreeable recollections. Perhaps one may hand, far-sighted men are directing national affairs in say that the episode as a whole is a lesson to Congress Canada, and far-sighted men are also in control of the and the people, on the question how not to do it when administration of her railroads. This last is well illus- legislation is before them. trated in the case of the Canadian Pacific. Business has been growing so fast, as is indicated by the rise in CANADIAN PACIFIC'S MARVELOUS GROWTH earnings in seven years from $50,000,000 to $123,- AND EXPANSION. 000,000,that it needed very wise planning to take ,care With each succeeding year the Canadian's Pacific's of the tremendous increase. But the Canadian Pacific phenomenal record of growth is becoming more note- management have never been found wanting. They worthy. It is but seven years since we pointed out have made enormous new capital expenditures from that the company's aggregate gross revenues had for year to year, and—thanks to the wise Government the first time reached fifty million dollars, the total policy pursued and the confidence which the manage- of the gross for the twelve months ending June 30 ment of the property has inspired—they have never 1905 having amounted to $50,481,882. A' year ago had any difficulty in raising all the money the com- we noted that the $100,000,000 mark in gross earnings pany needed. had been passed, the total of the gross for the twelve We doubt that many persons appreciate the magni- months ending June 30 1911 having reached $104,- tude of the company's traffic or realize how fast it is 167,808. Now we have the annual report for twelve increasing. In the year under review the 'Amber of months later, and find that the gross earnings for the tons of freight carried reached 25,940,238 tons. This fiscal year 1911-12 aggregated no less than $123,319,- compares with 22,536,214 tons in 1911, 20,551,368 541. The further addition in the late year alone has tons in 1910 and 16,549,616 tons in 1909. Thus, in been, it will be seen, over $19,000,000, or in excess of three years there has been an addition of over 50% in 18%, while during the last seven years the addition the total of the freight traffic—that is, from 16,549,616 to gross earnings has been almost $73,000,000, or tons to 25,940,238 tons. In the year under review nearly 150%. Whereas in 1905 it was deemed re- this great railroad system moved over ten billion tons markable that the gross should have got up to $50,- of revenue freight one mile and in three years this 000,000, now the net earnings from operations are fast tonnage movement one mile has increased from approaching the same figUre—and this, too, notwith- 6,372,269,174 to 10,391,650,965. Adding freight standing that operating expenses on Canadian toads moved for the company's own use, the number of tons are rising the same as on United States roads, though, Of freight caned one mile in the late year reached the obviously, the circumstance has hot the same signifi- prodigious total of 11,796,312,174, which was almost cance in the Dominion as it has in this country, in view 30% more than in the year immediately preceding. of the prodigious expansion of the gross revenues. All classes of freight have shared in the increase. In With a further increase in net earnings in the late year three years the lumber traffic has grown over 1,000,- of over 63' million dollars, the total of the Canadian 000,000 feet, rising from 1,726,944,584 feet in 1909 to Pacific's net from railroad operations reached $43,- 2,806,735,006 feet in 1912. In the same three years 298,243 and the earnings of the steamship lines raised the flour traffic has risen from 6,683,354 barrels to the amount still further to $44,402,691. As against 8,459,850 barrels, the number of bushels of grain this splendid total of net revenues, the fixed charges moved from 97,236,150 bushels to 151,731,691 bushels, amounted to no mere than $10,524,937. the traffic in manufactured articles from 4,425,241 In this phenomenal record of the Canadian Pacific tons to 7,196,225 tons and the tonnage in merchandise we see reflected the growth and expansion of the and miscellaneous articles from 5,916,248 tons to Dominion itself. Canada is now and for many years 9,092,821 tons. The passenger traffic has in like past has been enjoying wonderful prosperity. At a manner recorded striking Apansion, the number time when the United States has been encountering of passengers carried one mile having increased over numerous reverses and setbacks in trade—some of them 50% in three years—rising from 1,071,149,528 to of serious proportions—Canada has been making 1,626,577,067. steady advance and achieving further and still further With it all, the management is able to show in- growth. There have been occasional halts in the creasing efficiency of operations. One would hardly Dominion, but they have been halts only, and the for- deem it possible to make much of a record in the way ward movement has not at any time been seriously in- of train-loads, with traffic expanding so fast and with terrupted. The political policies pursued in the two much new mileage added from year to year through countries have been widely different and the results new sections of country yielding only a thin traffic. have also been different. As ye sow, so shall ye As a matter of fact, however, after a small loss in reap, and in this country the politicians have done train-load in 1911, the lading of the trains in the late everything to hamper industrial development. On year was strikingly enlarged. Including company the other side of the Canadian border nothing has freight the average train-load for 1912 was 431 tons, as

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' against 389 tons in 1911 and 390 tons in 1910. An- proceeds of the $18,000,000 stock at 150 will be other circumstance deserves to be noted. The com- $27,000,000, and up to June 30 1912 $16,806,621 had pany's tremendous earnings are obtained from very low been received on subscriptions to the same. a,ver4e rates. The company realizes only a trifle.over As already noted, the new capital requirements Yi of a'cent per ton per mile on its entire freight ton- in a growing system of the magnitude of the nage. In the year under review the exact figure was Canadian• Pacific are of enormous proportions. 7.72 mills per ton: per mile. A great part of the freight A paragraph in the report tells us that the amounts traffic of the system has to be hauled long distances appropriated for new works, exclusive of railway to Market and low average rates are therefore indis- construction, were abnormally large in the year under pensable. review. It is stated that "for the enlargement of ter- The relation of net income to charges and dividends is minals, additional buildings, shops,, second tracks, each year becoming more favorable. The company is sidings and improvements of every variety calculated paying 10% dividends a year on the ordinary shares- to improve the efficiency of your railway system, and 7% coming out of 'operations and 3% out of interest. to facilitate the movement of your large and increasing on land sales and 'income from investments. The traffic, the amount of $30,000,000 was authorized to report shows that in 1Q11-12 there was a surplus from be expended, and orders for locomotives and cars operations, after providing for expenses and fixed representing an expenditure of $25,750,000 were charges,in amount • of no less than $33,877,754. Out placed." Many ot these works, it is pointed out, Of this,$1,000,000 was set aside and transferred to the cannot be completed within the season, with the limited steamship replacement account and $125,000 was amount of labor available, but the directors, it is contributed to the employees' pension fund. After declared, are sparing no efforts to meet the convenience these deductions there still remained $32,752,754. of the public and to strengthen the company's position. The 4% dividends on the preference shares took The construction expenditures on acquired and $2,592,235 and the 7% dividends on the $180,000,000 branch lines during the twelve months were $7,686,609. of ordinary stock called for $12,600m0. Hence theie The expenditures on additions and improvements for remained undivided profits above the requirements for the year were 814,967,264, with $3,732,509 more on •the 7% dividend in the'sum of $17,560,519, or almost leased and acquired lines, while a further $15,801,578 enough to pay 10% additional. These figures .do was expended on rolling stock,shops and machinery. In not include the income from land sales and from in- addition to all this, $1,668,550 was spent on ocean, vestments, which reached $5,158,585 additional for the lake and river steamships, $608,858 on the Ogden twelve months. It is out of that income that 3% shops at Calgary and $4,545,700 for new securities dividends are paid on the ordinary shares. This in- acquired. But with the aid of the large surplus of in- come is now shown in a separate statement and, as come above the dividend requirements, and the pro- already stated, the company includes in it the income ceeds ot the installments accruing on the subscription ..derived from the land department. It should he to the $18,000,000 new stock issue, the company was clearly understood, however, that only the interest. on able to maintain its holdings of cash at nearly the same the cash proceeds and on deferred payments for land large figure as remained at the end of the preceding sold is counted. The principal amount of the sales, fiscal year. In other words, on June 30 1912 cash on which reach an enormous aggregate yearly and which hand stood at $33,628,819, as against $34,371,551 on for the late year were $14,308,062 ($8,279,537 being June 30 1911. the net proceeds of the late year's sales and $6,028,525 It always seems interesting, in reviewing the annual being the collection of deferred payments on account report of this gigantic and prosperous railroad system, of previous years' sales) is not taken into the income to make reference to the large amount of money which account at all. has gone into this property from time to time in one If we add the special income for the twelve months shape or another, and against which no capital obliga- of $5,158,585 to the surplus on the operations of the tions have been issued or are to-day outstanding. railway and steamship lines, amounting to $32,752,754, Accordingly, we advert again to the subject to-day, we have available profits for the year in the sum of and as a matter of fact the figures become more im- $37,911,339. The call for the dividends on the prefer- pressive with each succeeding year. We may repeat, ence stocks was only $2,592,235 and the call for the too, that inspection of the balance sheet no longer 10% dividend on the ordinary shares was $18,000,000, suffices to indicate the enormous amounts of 'surplus over and above which a surplus remained of $17,319,- earnings and donations from various sources which 104. In other words, after paying 10% dividends, an have gone into the property to provide for its extension amount remained on the transactions of the twelve and development. Seven years ago the balance sheet • months almost large enough to pay another 10% on was reconstructed in an important particular. The the ordinary shares. That is the result, too, after item of "cash subsidy from Dominion and Provincial the contribution of $1,000,000 out of earnings to the Governments and Municipalities," and so much of the steamship replacement account- and a contribution proceeds of land sales as had been applied on construc- of $125,000 to the employees' pension fund. Stating tion and equipment account, were transferred from the situation in a nutshell, the company in the late the credit side of the balance sheet, where they had twelve months earned considerably over 20% on its previously appeared, to the other side of the account, common stock. and applied in reduction of thp item "Cost of Railway The foregoing computations are based on $180,000,- and Equipment." The proceeds of land sales ex- 000 of ordinary stock. Last February shareholders pended in construction aggregated at that time were allowed to subscribe for $18,000,000 new stock at $36,193,521 and the subsidies and bonuses received 150, payable in five equal installments on Feb. 13, amounted to $30,752,195 more, making $66,945,716 April 12, June 14, Aug. 16 and Oct. 18. This new together. Adding to this the $30,429,779 of accumu- will share stock in dividends for the quarter ending lated income or premium from new stock issues appro- Dec. 31 1912, and after it has been issued the out- priated the last seven years on account of additions and standing amount of stock will be $198,000,000. The improvements, also the $72,885,966 of accumulated

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surplus still standing on the books June 30 1912, like- being provided for by taxation extending over twenty- wise the $57,538,308 of income from the land depart- five or thirty years. A road is being built from Rosario ment, we get a grand total of over 227 million dollars to Mendoza,667 miles, to cost 50 million dollars, United ($227,799,769), representing money that has actually States currency, funds for 31 miles having already been gone into the property or will ultimately become provided. The Entre Rios Government is reported to available for the improvement of its physical and have made financial arrangements to build a network financial standing. In addition the company owns of railways throughout the Province. The Santa Fe 6,660,581 acres of unsold land in Manitoba, Saskatche- Ry. has completed plans to add 434 miles to the 1,085 wan and Alberta (average sales the past year $15 99 miles already in operation, and the Buenos Ayres per acre) and 4,395,948 acres in British Columbia. As Pacific Ry. has opened a new line between Justo these unsold lands are disposed of, there will be cor- Daract and La Paz, shortening •the trans-Andean responding contributions to the available assets in route. Combining the Government lines and those the future. privately owned, there is now in operation in the republic a total of about 20,000 miles of railway, or SOUTH AMERICAN PROGRESS. nearly double the mileage of 1900. Now announce- With all the manufacturing nations of the world ment is made from Paris of the formation of a com- seeking to extend their outlets for their various pro- pany, with ample financial backing of English, Con- ducts, it is only natural that efforts in that direction tinental and American capitalists, to build and operate should be chiefly concentrated upon those countries railways in Northern Argentina: particularly in the. that would seem to offer greatest opportunities for provinces of Entre Rios and Corrientes. More exten- trade development. It is not surprising, therefore, ded reference to the subject will be found in our invest- that now, as for some time past, all eyes should be ment news columns in the "Chronicle" of Aug. 24, upon the various South American republics as being page 480. the most fruitful field for legitimate exploitation, and Aside from the various rail routes, considerable has more particularly as in no important sense can any, been done recently in increasing communication by of them be called manufacturing nations. Brazil, it is water with foreign countries. A fortnightly service true, raises cotton and turns some of it into goods, was inaugurated in June between Liverpool, Rio de but nevertheless imports a greater volume of cotton Janeiro and Buenos Ayres; the following month direct manufactures (mainly from England) than its mills communication between New Orleans, Brazil and produce. The fact of the matter is that attention, in Argentina was started, and in October a French line the countries south of us, is being mainly directed from Bordeaux to Brazil and the River Plate will toward the development of their natural resources as begin operations with two 22,000-ton steamers. In holding out promises of the most satisfactory results, passing, we note that the population of Buenos Ayres and immigration is largely assisting in the work. But Ayres, which in 1905 was stated as a little over a with the opening up of new territory to the cultivation million, was estimated April 31 as 1,376,511. As an of wheat, corn, &c., comes the need not only of agri- assistance to agriculture, we learn that irrigation dams cultural implements but of many other articles that are now in course of construction at various places in an increasing population requires, and these the varimis Argentina, and that further work has been or is being manufacturing nations are all eager to furnish. planned. It would be futile, of course, largely to increase the From ParagUay late advices are to the effect that volume of agricultural products of a country lacking a the Paraguay Central Ry.'s extension to the Argentine market for the surplus not required for home consump- border has been completed. Furthermore, it is pro- tion; such would be the situation in South America, posed to construct a road (the Paraguay Northeastern with only the old and primitive means of freighting to Ry.) from Asuncion northeasterly to the Paraguay- depend upon, since the most fertile agricultural dis- Brazil frontier, there to connect with the Transcon- tricts are quite generally remote from the seaboard. tinental Brazilian line, which in turn joins the main But the steady extension of rail transportation facilities Brazilian system at Itapetininga. has largely overcome difficulties encountered thus far, Bolivia, as was pointed out by us on May 4, is doing while construction work-in progress already provided much in railroad building and thus fostering the de- for or in contemplation should encourage much fur- velopment of her agricultural resources. We learn ther agricultural expansion. We have referred on a that the road from Potosi to Rio Mulato, a distance of number of occasions in the last two or three years to 108 miles, was officially opened on May 14, and an ex- the important extension of transportation facilities in tension from Potosi to Sucre, 105 miles, is now being progress in South America, but even since we last considered. As regards this road, it is stated that wrote on the subject (May 4 1912) much has been at one point it reaches an altitude of about 16,000 feet, accomplished, and still more is promised. said to be the highest in the world. This road, as well Argentina,,it is not too much to say, has made mar- as that to Cochabamba, now in course of construction, velous progress of late years, and largely by providing is part of what is known as the Speyer concession, increasing means of transportation. Most recent ad- which also covers a line from La Paz into the Yungas vices indicate that the Nahuel Huapi Ry., with exten- Valley, 124 miles. The Arica (Chili) La Paz Ry. is sions across the Andes, is well advanced on the Argen- rapidly approaching completion and is expected to be tine side, and work will likely be completed before opened for traffic shortly, and work is apparently pro- 1914. Another Trans-Andean railway to extend from gressing on some of the various links in the line cover- Port San Antonio, Argentina, to Valdivia, Chili, has ing a rail and water route from the Pacific to the been reported upon favorably by the surveyors, and Atlantic, to which we referred in May. the road is quite sure to be constructed, the Nahuel Following excellent progress in construction in 1911, Huapi Ry. to be used for about 300 miles. A series of which included the laying of rails on about one-half railways is to be built to serve districts in the Depart- of the 1,580 miles covered by the 20 lines being built, ments of Oran, Ridavia and Arita, outside of the range railroad building in Chili has been pushed less rapidly of the national railways, construction and equipment in 1912, owing to a shortage of Government funds.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis '516 THE CHRONICLE iVoL. Lxxxxv. 'Several of the roads, however, are expected to be corn- rich cotton and sugar lands as well as grazing country, 'pleted. and opened for traffic before the close of the which it should assist materially to develop. Another •cturent year. • It is officially stated that the Chilian road under construction in the Huancayo-Ayacucho- • Government was operating 1,979 miles of railway:at the Cuzco Ry., to be 497 miles in length, passing through 'close of 1911, and.had 1,628 miles under construction, rich mining districts and connecting the Central Ry. to be completed within three years. Private rail- with the Southern Ry., as well as more than half com- ways in operation covered 1,973 miles, and there were pleting the Peruvian section of the Intercontinental Ry. concessions covering 200 miles more. Consequently The foregoing comprises practically all the informa- there were, all told, 3,952 miles in operation, 1,828 miles tion that has recently come to hand relating to the ex- under construction and 150 miles on which work was tension of transportation facilities in South America, shortly to begin. One of the roads being built and but enough is there outlined to show that all the vari- 'connecting the agricultural portion of the country ous countries are alive to the fact that without modern with the nitrate districts of Iquique, Taltal and Anto- means of communication no important development fagasta, will, it is stated, be opened by the close of of their resources can be expected. The topography - 1913. Consul Alfred E. Winslow now reports from of Venezuela, Ecuador and Columbia, of course, does • Valparaiso that the Chilian Government has under not lend itself easily to railroad building, but there consideration the construction of the connecting links much is being done in the construction of wagon roads, covering 438 miles in a through coast line of 608 so that motor vehicles can be utilized in carrying miles, reaching from Valparaiso southerly to Nueva merchandise to and from the ports or railroad terminii. Imperial. The Chilian Government is reported to have received a proposal from a European syndicate RAILROAD GROSS AND NET EARNINGS ,to establish a steamship line of at least 12 vessels of FOR THE HALF-YEAR. 9,000 tons capacity each to ply between the ports of We present on subsequent pages elaborate com- Chili and Europe, and the Government has been re- pilations showing the gross and net earnings of United quested to guarantee 5% interest on the capital in- States railroads for the half-year ending June 30 1912. 'vested, which is not to be less than £1,000,000. They furnish a striking commentafy on the adverse Uruguay is taking steps not only to increase its conditions under which railroad operations are now • railway mileage, but to encourage immigration into carried on, with wages on a higher basis and every- the country. Under a law lately enacted provision thing else entering into the operating accounts of the is made for the construction of railways out of a special railroads advancing in price. The general results for fund by the State, enforcement of the law being placed the six months may be summed ; up by saying that in the hands of the President of the Republic. As re- while gross earnings, as compared with the first half gards immigration, the law at present in force acts of 1911, increased $56.,349,506, the augmentation in to encourage the ingress of plantation labor, as it expenses reached $58,386,983, so that in the net earn- makes generous provisions forladvancing passage ings there was actually a small loss7---$2,037,477---in • money and other necessary expenses while in transit face of the gain in the gross revenues.. to Uruguay, providing the owners of plantations guar make refund. Increase or Decrease antee to January Ito June 30. 1912. 1911. The most recent news-from Peru bearing upon the (467 roads.) Amount. % has the Miles of road 237,698 233,249 +4,449 1.91 railway situation to do with construction of $ 8 8 Gross earnings 1,365,355,859 1,309,000,353 +56,349,506 4.30 the Amazon-Pacific, or so-called Ucayali Ry., the Operating expenses 991,986,688 933,598,705 +58,386,983 6.25 modified concession for the building of which was Net earnings 313,370 171 375,407,648 —2,037,477 0.55 signed by President Leguia of the Republic on March 8. The road, intended to connect Lima with:Iquitos, will This year's rise in expenses derives additional sig- extend 270 miles from Goyllarisquisca, terminus of the nificance from the fact that it marks the continuation Cerro de Pasco Ry. via Huanuco to Pucalpa on the of a movement which has been in progress for many Ucayali River, from which point steamers will run years, and which makes the lot of the ordinary rail- to Iquitos, connecting with7ocean-going vessels. The road manager, striving to produce good income returns, concession includes the right to extend the road 190 a very trying one. In discussing the results for the miles from Cerro de Pasco to the Pacific Coast. Five first six months of the previous year, we had occasion years are allowed for construction of both branches, to point out that the figures even then emphasized, which are to pass into the hands of the Government above everything else, the rising cost of operations. after the concessionaire has operated them 25 years, For we found that while there had been a shrinkage 6% on the estimated cost of $10,000,000 being in the in those six months (as compared with the first half meantime guaranteed. The road will open up to direct of 1910) of $28,958,798 in gross, it had been found communication the extensive and rich territory of the possible to reduce expenses no more than $3,241,421, eastern part of Peru, and, it is stated, should be com- leaving, hence, a loss of $25,717,377 in net. In the first pleted by the time the Panama Canal is officially half of 1910 the showing was much the same. Busi- opened to traffic and will enable direct shipments to ness was active then and gross earnings for the six be made from the United States to the Amazon region months made a gain of no less than $179,089,522. But via the Canal, the, Pacific and Callao, tending to greatly of this, augmented expenses consumed $142,271,707, increase the commercial importance of the port. leaving an increase in net of only $36,817,815. In Another railway to be built, for which the Peruvian 1909 the showing was mucli better. The rail- Corporation, Ltd., has definite authorization, is to roads were recovering part of the large loss in gross extend from Trujillo to Salpo and Queruvilca, and earnings sustained after the panic of 1907, but were still two years has been allowed for its construction. The practicing rigid economy in every direction; as a con- North Western Ry. of Peru, which runs from Ancon sequence, in the six months of that year there was a along the Pacific Coast to Huacho, and thence inland gain of $120,332,208 in gross and of $76,640,239 in net. ,to Sayan at the foot of the Andes, a distance of about But this succeeded tremendous losses in 1908,the latter 1301miles, has very lately been completed. It taps being the period of industrial depression following the

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 517 AUG. 31 1912] THE C IRONICLE All considered, the addition to gross revenues panic of 1907. At that time large numbers of roads things tor the half-year of 1912 was as good as could reason- withheld their figures, the returns being so very bad. Net results, on the other hand, , Accordingly our compilations then embraced an aggre- ably be expected. as we have already seen, leave much to be desired. gate of only 168,839 miles of road reporting both gross as the separate roads are concerned, there is and net. On this mileage the loss in gross for the six As far in the character of the returns, as months of 1908 aggregated $172,868,595. Over 30,000 much irregularity The roads which last year suf- miles more of road, however, had made reports of gross might be expected. and this year were especially ad- without furnishing the figures of net; hence in the case fered heavy losses the recovery in general trade and the of the gross alone we had a footing covering 202,172 vantaged by and steel industry, are able to re- miles on which the loss in gross reached no less than activity of the iron improvement—usually in both gross $197,085,791. That still left about 30,000 miles of port substantial coal carriers, on the other hand, road unrepresented, and careful computation which and net. Anthracite losses by reason of the suspension we made showed that for the whole railroad mileage have sustained heavy and May. The Harriman roads, of the country the loss in gross must have reached of coal mining in April the and the Illinois Central, had the shop- $235,000,000. In the .net we estimated that for particularly to contend against and also suffered from full.railroad mileage the amount of the loss then must men's strike of the Mississippi River. Many Western have been about $85,000,000. the overflow year, adversely affected in the early weeks of the- L. Going back to 1907,1prior to the panic of that roads were were year extremely cold weather prevailing, and we find that at that time, too, rising expenses by the systems in various parts of the country the most pronounced feature of the returns. For, many different way the advancing tendency of while the addition to gross revenues in the first half reveal in a striking An exception to the rule is found of that year, according to the roads making returns, operating expenses. Pacific, which, under new was $114,656,528, the increase in net was no more in the case of the Missouri development of more efficient than $19,273,550. In the following we furnish the management and the $3,817,164_increase in net half-yearly comparisons back to 1897. We give the methods, is able to report in gross. results just as registered by our tables each year, and on only $748,434 increase & Quincy, with $741,423 increase it should be borne in mind that in 1908 and prior years The Bur ington decrease in net; the Milwaukee a portion of the railroad mileage of the country was in gross, has $2,290,306 combined with its Puget Sound line, always unrepresented in the totals, owing to the re- & St. Paul, $1,030,461 addition to gross, falls fusal of some of the roads in those days to furnish though having behind in net, and the Chicago & North monthly figures for publication. $1,446,846 Western, with $100,155 increase in gross, loses $751,- Gross Earnings. Net Earnings. 444 in net. The Illinois Central has $1,109,482 de- Year Increase or Year • Year Increase or Year Year and $3,258,989 decrease in net; the Decrease. Given. Preceding. Decrease. crease in gross Given. Preceding. — — Pacific, with $868,436 increase in gross, has Jan. Ito June 30. Southern $ $ $ $ $ $ +5,632,002 in net, and the Union Pacific has 1897 405,003,731 407,164,468 —2,160,737 121,059.320 115,427,318 $681,303 decrease 410,596,441 +49,931,681 139,585,717 121,895,682 +17,690.035 1898 460,528,130 +10.053,539 of $218,794 in gross and of 1899 489,509,765 461,993,058 +27,516,70i 150,599,074 140,545,535 sustained a reduction +70,783,311 180,718.437 155,591.468 4-25,126,969 1900 577,149,664 506,366,345 +06,723,180 has done well, with 1901 638,334,794 580,421,950 +57.912,838 06,218,320 179,495,140 $1,799,780 in net. The Atchison +38,904,646 109,973,703 102,250,797 +7,722,906 1902 670,398,926 631,494,280 +19,767,230 gain in net, 1903 727,932,367 637.699,839 +90,232,528 118,024.056 198,256,826 $2,013,013 gain in gross and $1,954,074 —13,085,604 198,807,547 124,157,420 —25,349.873 1904 731,774,531 744,860,135 -1-18,916,342 increase in 1905 847,334,204 790,321,750 +57,012,45,,'34,333,810 115,417,468 and the Great Northern has $3,131,952 4-108,068,243 172,101,047 126.345,855 +45,755,192 1906 923,554,268 815,486,025 4-19,273,550 On the Northern 1907 999,082,691 884,426,163 4-114,656,528 '80,697,491 161,423.946 gross and $2,104,231 increase in net. —172,868,59.5 '31.254,071194,738,973 —63,484,902 1908 863,860,965 1036,729,560 +76,640,239 1051,853.1951+120,332,208 371,591,341 '94,051,102 changes are relatively slight—$509,897 1909 1172,185,403 371,562,668 +36,817,815 Pacific the 1910 1351,570,837 1172,481,315 4-179,089,52f 108,380,483 —28,958,708 178,852,053 104,569,430 —25,717,377 addition to net. 1911 1310,580,70 1339.539,563 -- 2,037,477 addition to gross and $280,322 1365,355,85 1303.006,353 +56,389.506 173,370,171 375,407,648 1912 The Texas &Pacific, with $834,193 improvement in in the total is 170; In 1898, 179; in Note.—In 1897 the number of roads Included in in net, and the St. In 172; in 1902, 154; in 1003, 159; in 1904, 136; gross, has a decrease of $226,083 1899,165; In 1900, 170; 1901, represented was 1905, 148; In 1906, 143; in 1907, 148: In 1008 the number of miles in gross 239,652; In 1911, 241,923; in 1912, 237.698. & San Francisco has $489,102 decrease 168,839; in 1009, 233,902: in 1910, coal Louis Neither the Mexican roads nor the coal-mining operations of the anthracite net. The Rock Island sys- roads are included in any of these totals. and $906,192 decrease in of $1,392,516 in gross but of only The increase of $56,349,506 the present year, while tem has a loss Southern roads have felt the influence very substantial in amount, is relatively not as large $29,879 in net. perhaps more generally than any as might be supposed, since we are dealing with totals of rising expenses The Southern Railway, while exceeding $1,300,000,000. In ratio it is but little over other class of roads. to gross, is able to show only 4%—in exact figures, 4.30%. Furthermore, in part having added $2,040,751 in net. The Atlantic Coast the increase is simply-a recovery of what was lost in $86,882 improvement gain in gross, reports $537,048 loss 1911. The improvement follows mainly from the Line, with $967,506 Air Line, while $241,477 ahead greater activity of general trade and the revival of the in net, and the Seaboard behind in net. The Louisville iron and steel industry. But as against these favor- in gross, falls $631,234 of $1,839,757 gain in gross, has man- ing influences there were also some of the opposite & Nashville, out for the net. nature. In our issue of Aug. 10 1912 we treated at aged to save $535,810 lines, the Pennsylvania Railroad length of the traffic and business conditions prevailing Among the trunk directly operated east and west of Pitts- during the first half of 1912, and will only say here on the lines $13,771,516 increase in gross but only that the anthracite coal roads suffered serious re- burgh reports increase in net. Last year the same lines* ductions of revenue as a consequence of the almost $2,503,474 $8,028,692 loss in gross and $2,577,509 loss in complete suspension of mining during the month of showed New.York Central, with $1,725,780 increase April and the greater part of May,and that there was net. The $35,052 in net. This follows, however, also more or less suspension of mining over consider- in gross, loses gain in gross and $629,712 gain in n t in able proportions of the bituminous region in the Middle $1,793,480 given relate to the New York and Middle Western States. Furthermore, much 1911. The figures Including the variou-s auxiliary and interruption of traffic on certain roads was occasioned Central proper. roads, the whole going to form the New the latter part of April and the beginning of May by a controlled Central System, the result the present year is a very extensive overflow , of the Mississippi River. York

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 518 THE CHRONICLE [VOL. Lxxxxv. gain of $7,816,644 in the gross and of $3,971,228 in the there was a loss only in January, and this followed net. Last year, on the other hand, the New York largely as a result of the extremely cold weather ex- Central System in these six months had a loss of $414,- perienced. In the net there was a falling off in April 996 in gross And of $2,965,912 in the net. In the fol- and May as well as in January. April and May, it will lowing we show all changes for the separate roads for be recalled, were the months when coal mining was amounts in excess of $500,000, whether increases or suspended and also when the overflow of the Mississippi decreases, in both gross and net: was an adverse ihfluence. In March the addition to PRINCIPAL CHANGES IN GROSS EARNINGS FOR SIX MONTHS net was hardly more than nominal amount, Increases. Increases. in but in Pennsylvania (3) ____y$13,771,516 Boston & Maine Baltimore de Ohio *665,532 February the increase in net 4,523,313 Int Se Great Northern__ _ 619.969 reached $8,275,149, one Great Northern 3,131,952 Virginian Norfolk & Western 584,599 reason for this doubtless 2,686,765 Clno N 0 &Tex Paolac 522,218 being that 1912.is a leap year Minneap St P as S S M 2,574,629 Northern Pacific) Lake Shore & 509,897 and February Mich So 2,300,876 Bessemer & Lake Eric_ _ _ 506,597 therefore had an extra day. NY New Haven & Hart_ 2,181,8415 Southern 2,040,751 Representing 47 roads Atoh Top & S Gross Earnings. (8) 2,013,013 in our compilation $52,946,865 Net Earnings. Elgin Joliet & Eastern__ 1,990,158 Mt/i. Louisville & Decreases. 1912. 1911. Nashville__ 1,839,757 Lehigh Valley $1,897,430 Inc. or Dec. % 1912. 1911. inc. or Dec. N Y Cent & Hud Riv.__ 61.725,780 Rook Island (2) Chesapeake 1,392,516 & Ohio 1,580,709 Illinois Central $ $ $ $ s $ Miehigan Central 1,109,482 Jan _ 210,704,771213,145,078 -2,440,307 1,177,978 Delaware Lack & West__ 1,094,037 1.19 15,940,70€ 52,960,420 -7,019,714 Pittsburgh & Lake Brie_ 1.133,140 Wabash Feb__ 218,031,094 197,278,939 +20,752,151 10.5" 37,411,107 19,135,958 +8,275b149 Atlantic 940.525 Mch _ 237,564,33' Coast Line 967,506 Yazoo & Miss Valley_ _ _ _ 124,608,654 +12,955,675 5.77 -39,038,987 68,190,493 +848,494 Southern Paola() (12)._ 823,156 Apr__ 220,678,465 216,140,214 +4,538,251 _ 868,436 Erie (2) 635,285 2.11 57,060,871 33,888,490 -5,927,610 Texas & Pacific 834,193 N Y Ontario dc Western_ May _ 232,229,364 226,184,66C +6,044,695 2.6766,035,597 68,488,263 -2,452,666 Missouri Paolfio 748,434 567,691 June 243,226,498228,647,383 +14,579,111 6.3516,223,73271,689,581 +4,534,151 Chicago Burl as Quincy_ 741,420 Representing 10 roads Chloago Milw & P Sd__ _ 705.878 In our compilation Note.-Percentage Note.-All the figures in the $8,460.122 of increase or decrease in net for the above months has been: above are on the basis of the returns filed Jan., 13.25% dec.; Feb., with the Inter-State Commerce Commission. Where, 16.84% inc.; March, 1.24% inc.; April, 9.28% dec.; returns do not however, these May, 3.58% dec.; June, 6.32% Inc. show the total for any system, we have In January separate roads so as to combined the the length of road covered was 237,888 miles; in February, 237,082 make the results conform as nearly as possible miles; in March, 238,218 those given In the statements furnished by the companies to miles; in April, 236,722 miles; in May, 235,410 miles; in aThese themselves. June, 235,385 miles. EMMA figures cover merely the operations of the New York itself. Including the various auxiliary and Central controlled roads, like the The totals for Michigan Central. the Lake Shore, the "Big Pour", the "Nickel June in the foregoing differ, it will be &c., the whole going to form the New York Central Plate," System, the result is seen, from those given a gain of $7,816,644 in the gross and a gain of $3,971,228 In in the article in our issue of y These the not. pei figures represent the lines directly operated east and Aug. 17. Since that Pittsburgh, Eastern lines showing $6,704,434 west Of article was published several lines increase and the Western $7,087,082; for all lines owned, leased, operated and large systems which had result is a gain of $15,099,264. controlled, the been delinquent have filed rt PRINCIPAL CHANGES their June statetments, and we accordingly IN NET EARNINGS FOR SIX MONTHS, have re- PI•Increases. vised our totals to Missouri Decrease: include the same. We also reprint Pacific (2) $3,817,164 Illinois Central Pennsylvania (3) $3,258,989 summary 152,503,474 Chicago Burl & Quincy our by groups for the month of June, revised Great Northern 2,104,231 Lehigh 2,290,306 Lake Shore & Valley 2,157,029 in the same way Mich So_ _ 2,082,001 Brie (2) and tor the same reason. Atch Top & Santa Fe (8) 1,954,074 2,078,653 Chic MIINV Ss St Paul_ __ _ 1,869,928 SUMMARY BY Minneap St P & S SM__ _, 1,847,772 Union Pacific GROUPS. Boston dc Maine (3) 1,799,780 Section or Group. 1,314,024 Del Lack & West Gross Earnings Elgin Joliet do Eastern 1,105,467 1,769,446 1912. 1911. Ine.(+)or Dec.(-). Michizan Wabash 1,460,935 June- Central 1,085,625 Yazoo & Miss Valley_ $ $ % NY New Haven & Hart_ 1,076,008 1,225,800 Group 1(16 roads), New England__ _ _ 11,868,838 11,562,228 +306,610 Baltimore Philadelphia & Reading.. 949,820 Group 2(85 roads), 2.65 as Ohio 1.007,691 Central of Now Jersey East & Middle _ _ 62,822,078 58,452,051 +4,370,027 7.48 Norfolk as Western 877,868 931,336 Group 3 (64 roads), Middle West 35,533,813 31,661,345 +3,872,468 12.23 Chesapeake St Louis & San Fr (4)_ 006,192 Groups 4 & 5(82 & Ohio 846,222 Chicago North rds.), Southern 28,632,813 26,509,763 +2,123,050 8.01 Bessemer as de Western 751,444 Groups 6 & 7 (76 rds.), Northwest.. Lake Erie 574,008 Southern Paciflo (12) _ __ _ 54,242,777 51,515,987 +2,726,790 5.29 Louisville & Nashville 535,810 681,303 Groups 8 & 9(95 rds.), Southwest_ 36,152,482 35,122,284 +1,030,198 2.93 Seaboard Air Line 631,234 Group 10 (40 Missouri roads), Pacific Coast.. _ 13,973,697 13,823,725 +149,972 1.09 Representing Han & Tex (3).. 561,050 25 roads Atlantlo Coast Line In our compilation $22,731,439 537,048 Total (458 roads) 243,226,498 228,647,383 +14,579,115 6.38 Representing 36 roads Net Earnings in our compilations $23,860,293 1912. 1911. 1912. 1911. Inc.(+)or Dec.(-). ii These figures represent the lines directly Pittsburgh, operated east and west of $ $ 8 the Eastern lines showing $1,834,533 Increase and Group No. 1 7,638 7,575 3,666,999 3,243,116 +423,883.•13.07 lines $668,941. the Western Group No. 2 For all lines owned, leased, operated and controlled, 26,527 26,355 21,262,626 18,927,282 +2,335,344 12.34 result is a gain of $2,178,844. the Grout) No. 3 25,420 24,897 11,001,442 9,570,307 +1,431,135 14.95 Groups Nos. 4 & 5 38,862 37,693 7,777,989 7,491,327 +286,662 3.84 Arranging the roads in groups or Groups Nos. 6 & 7._ 64,995 64,253 16,519,066 17,660,213 -1,149,247 6.50 geographical Groups Nos. 8 & 9 55,849 54,487 10,258,795 8,826,797 +1,431,098 16.22 divisions, it is found that all of the divisions record in- Group No. 10 16,094 15,634 5,735,915 5,961,539 -225,624 3.78 creases in gross but three of the seven divisions have Total 235,385 230,894 76,223,732 71,689,581 +4,534,151 0.32 losses We in net. This last is the more noteworthy in now give our detailed statement for the half- year.. It separately view of the fact that the previous year every shows the result for each road geo- in all the groups. graphical division without any exception recorded EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30. diminishing net. Gross Net Group I. SUMMARY BY GROUPS. 1912. 1911. 1912. 1911. Inc. or Dec. New England. 3 $ Gross Earnings Atlantic &St Lawr_ 808,221 709,369 48,463 def41,648 +90,111 Jan. I to June 30. 1912. 1911. Section or Inc.(+) or Dec.(-) Bangor & Aroostook 1,675,755 1,674,608 589,833 654,050 -64,217 Group- 8 Boston & Maine Group 1(15 roads). New England... 21,950,832 21,285,300 4,049,739 3,635,715 +1,314,024 66,902,029 63,512,145 +3,389,884 5.33 Can Pac lines in Me.. 836,164 703,155 def16,037 95,470 -111,507 Group 2(85 roads), Fast & Middle.. 336,795,629 325,539,194 Group 3(05 +11,256,435 3.46 Central Vermont_ __ 1,940,060 1,961,861 392,360 • 461,212 -68,852 roads), Middle West.. _ 190,817,999 176,376,444 +14,441,555 Maine Central Groups 4 & 5(88 roads), Southern 8.18 5,043,447 4,769,642 1,261,327 1,288,270 -26,943 _ 186,501,106 174,890,256 +11,610,850 6.64 NYNH& Hartford 31,970,061 29,788,212 10,609,367 9,533,359 +1,076,008 Groups 6 & 7 (76 roads), Northwest. 291,301,829 282,228,256 Groups 8 & 9 +9,073,573 3.22 Rutland 1,617,284 1,573,827 348,410 303,836 +44,574 (95 roads),Southwest. 213,240,037 209,506,483 +3,733,554 other roads Group 10(42 roads), Pacific Coast.. 1.78 8 1,060,205 1,046,171 220,876 258,237 -37,361 _ 79,707,230 76,953,575 +2,843,655 3.70 Total (467 roads) Total (16 roads)_ 66,902,029 63,512,145 18,404,338 16,188,501 +2,215,837 1,365,355,859 1,309.006,353 +56,349,506 4.30 • Gross Nee Earnings Net Group II. 1912. 1911. 1912. 1911. Inc. or Dec. 1912. 1911. Inc.(+)orDec.(-) East Micklle. 1912. 1911. dt 8 $ Group Baltimore & Ohio__ 45,671,939 41,148,626 13,021,191 12,013,500 No. 1 7,782 7,740 18,404,338 16,188,501 +2,215,837 +1,007,691 Group No. 2 26,536 13.69 Buff & Susq 786,579 911,309 117,571 185,848 -68,277 26,305 91,853,287 97,070,001 -5,216,714 Buff & Susq fly_ Grotto No. 3 25,651 25,131 46,301,930 5.38 _ 261,718 278,491 def105,233 def69,664 -35,569 42,490,445 +3,811,485 8.99 Buff Roch & Pitts_ 4,681,280 4,197,162 Groups Nos. 4 I, 5 40,136 38,983 52,815,421 53,510,405 1,482,480 1,119,171 +363,309 Groups Nos. -694,984 1.30 Central New Eng.... 1,749,853 1,607,775 863,991 +190,611 6 & 7 66,019 65,202 79,068,854 84,218,779 -5,149,925 Cumberland 673,380 Groups Nos. 8 & 9 55,348 6.12 & Penn 466,909 436,908 • 139,135 100,532 +38,603 54,120 54,288,070 52,766,101 +1,521,969 2.88 Delaware de Hudson 10,109,012 Group No. 10 16,226 15,768 30,038,271 29,163,416 10,224,009 3,372,977 3,742,131 -369,154 +1,474,855 5.05 Del Lack & West._ 16,318,209 17,412,246 4,907,862 6,677,308 -1,769,446 Sussex Total 237,698 233,249 373,370,171 375,407,648 71,546 82,688 def200 19,802 -20,002 -2,037,477 0.55 Syrac Bing & N Y 576,704 523.441 172,446 223,760 -51,314 NOTE.--Group I. includes all of the New England States. Erie 22,697,275 23,242,791 6,323,429 8,101,222 -1,777,793 Group II. includes all of New York and Pennsylvania except that portion Chicago & Erie-See Group III. of Pittsburgh and Buffalo: west Fonda Johns & Glox also all of New Jersey, Delaware and Maryland, and the 434,770 449,567 203,509 236,875 -33,366 extreme northern portion of West Virginia. Hunt & Bd Top Mtn 311,770 262,020 111,566 +28,021 Group 139,587 ///. includes all of Ohio and Indiana: all of Michigan except the Lack & Wyom Vail 275.506 288,109 107,664 121,762 -14,098 nentogula, and that portion northern Lehigh & Hud Rh'.. of New York and Pennsylvania west of Buffalo and 823,080 741,735 272,135 277,678 -5,543 Lehigh & New Eng.. 428,533 423,271 147,084 1611,541 -18,957 Gro 207 /V. and V. combined Lehigh Valley include the Southern States south of the Ohio and 17,075,937 18,973,367 5,367,167 7,524,196 -2,157,029 east* of the Mississippi River. Monongahela Conn.. 486.437 375,370 108,132 59,445 +48,687 Groups VI. and VII, combined include the northern peninsula of Michigan: New Jer & N Y.. 386,670 368,364 128,801 143,980 -15,179 Minnesota, Wisconsin. all of Hud Iowa and Illinois: all of South Dakota and North Dakota, N Y C & Riv 50,025,794 48,300,014 11,028,662 11,063,714 -35,052 and Missouri north of St. Louis and Kansas City; also all of Montana, N Y & Ottawa_ _ .._ 102,698 85,211 def3,323 def8,123 +4,800 and Nebraska, together with Wyoming Law & Adiron_ Colorado north of a line parallel to the State line St _ 343,379 350,853 75,622 140,840 -65,218 passing through Denver. For Lines west of Buffalo see Group III. Grours end /X. combined include Kansas, Oklahoma, N Y Ont & West_ 3,750,610 4,318,301 623,141 1,114,015 Indian To Titory: all of Arkansas and -490,874 Missouri south of St. Louis and Kansas City; Colorado N Y Susq & West 1,319,867 1,499,416 443,118 660,781 -217,663 Denver. 211 whole of Texas south of Pennsylvania and the bulk of Louisiana; and that portion of New -Lines east of Pitts. & Erie.- Mexico S th of a line running from the northwest corner of the State Pennsylvania RR_ 82,030,115 75,325,681 21,494,799 19,660,266 Banta Fe a east of a line through +1,834,533 running from Santa Fe to El Paso. Bait & Spar Point.. 55,101 37,886 15,333 14,978 +355 Group A. Includes all of Washington. Oregon, Idaho, California, Nevada, Balt Ches & At1 112,672 105,256 9,560 • 17,692 and A iZ01321, and the western Utah, -8,132 part of New Mexico. Cornwall & Leb 147,885 137,400 26,185 17,977 • +8,208 Cumberland Vail- 1,534,304 1,391,283 469,068 380,159 Thi year's Island +88,909 loss in net for the half-year extended Long 4,918,067 4,683,394 957,937 856,577 +101,360 Md Del & Virginia.. 48,888 48,974 def19,090 def11,914 -7,176 also t3 many of the separate months. In the gross Monongahela ___ - 760,058 573.568 410,797 292,913 +123,884 N Y Philo dc Nod_ 1,696,145 1,598,447 445,153 344,084 +101,069

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUG. 31 1912.] THE CHRONICLE 519 V a Net ----Gross --Gross Groups VI..k VII. 1912. 1911. 1912. 1911. Inc. or Dec. 1912. 1911. 1912. 1911. Inc. or Dec. $ - Group II. $ Northwest $ $ $ Pennsylvania (Con.)-$ 3 148,821 80,836 +67,985 459,748 842,541 -382,793 B & 0 Ch Term Tr_ 743,472 653,123 Northern Central_ 6,010,602 6,207,802 Belt Ry Of Chicago_ 1,333,950 1,217,762 471,911 451,462 +20.449' & V. +6,416 Pennsylvania Term-See Groups IV -204,392 Butte Anac & Paz__ 601,078 488,882 87,087 80,671 Bait & Wash 9,502,598 9,119,338 1,739,527 1,943,919 2,020,486 -491,171 Phila 53,663 27,164 +26,499 Chicago & Alton..__ 6,659,987 6,797,209 1,529,315 Susq Bloom & Sir_ 107,278 68,327 6,851,389 1,816,539 2.130,536 -313.997 723,229 644,985 610,434 +34,551 Chic &East Illinois 7,060,306 Union RR of Bait _ 748,160 +3,628 Evansv & T H_ _ f 65,657 62,039 13,008 9,380 -751,444 Waynesburg&Wash 381,588 501,088 -119,500 Chic & North West.. 34,438,533 34,338,378 8,641,566 9,393,010 West Jer & Sea Sh.. 2,690,836 2,587,385 40,752,368 40,010,948 9,331,832 11,622,138 -2,290.306 see Group III Chic Burl & Quincy_ For Lines West of Pitts & Erie Chic Great Western 6,015,590 6,033,906 897,371 1,322,087 -424,716 +23,084 Reading Company- 101,714 57,012 +44,672 Chicago Junction_ _. 891,889 850,821 265,205 242,121 Atlantic City 872,214 819,202 3,004,530 2,581,448 +423,082 113,380 44,014 62,523 -18,509 Chic Maw & Pug Sd 7,708,743 7,002,865 Catasauqua & Fog 95,947 Chic Milw & St Paul 29,778,188 29,453,605 6,032,168 7,902,096 -1,869,928 of NJ_ 12,452.307 12,516,173 4,588,227 5,519,563 -931,336 -57,273 . Central ItR 50,538 52,688 -2,150 Chic Peoria & St L_ 817,342 819,717 36,467 93,740 Chester & Del Riv_ 89,652 96,343 7,204,168 1,994,271 2,147,799 -153,528 109,449 103,617 23,518 21,781 +1,737 Ch St PM & Omaha 7,075,248 Gettysburg & Har_ Copper 333,322 327,814 106,072 80,841 +25,231 Penna 57,562 61,186 6,715 5,549 +1,166 Range Northeast +59,221 Deny Nor West & P 519,812 409,396 50,302 56,506 -6,204 Perkiomen 320,217 314,061 181,812 122,591 -102,237 7,212,794 8,162,614 -949,820 Dul & Iron Range 2,261,036 2,289,822 934,248 1,036,485 Phila & Reading 21,719.108 21,954.613 Dul 2,650,714 1,349,429 948,715 +400,714 & N Y_ 76,356 75,123 1,724 7,578 -5,854 Missabe & Nor_ 2,835,977 Phila New +63,189 Duluth R L & Win_ 517,259 363,463 236,999 108,539 +128,460 Port Reading 734,235 610,653 441,828 378,639 242,473 277,725 -35,252 • 172,785 43,204 33,588 +9,616 Dul Sou Shore& AU 1,493,508 1,413,870 Reading & Colum_ 175,065 Elgin 3,783,908 2,505,206 1,399,739 +1,105,467 789,019 • 596,063 232,921 75,816 +157,105 Joliet & East_ 5,774,066 Pitts Shaw & Nor_ +56,586 Great Northern_ _ _ 29,542,546 26,410,594 10,000,449 7,896,218 +2,101,231 South Buffalo 381,462 311,311 160.947 94,361 96,159 +37,281 • 74,089 128,977 -54,888 Green Bay & West.. 364,460 299,666 133,440 Staten Isl Rap Tran 362,692 369,587 29,582,612 4,652,129 7,911.118 -3,258,989 ' 427,811 446,044 74,342 60,254 +11,088 Illinois Central 28,473,130 Ulster & Delaware_ Indiana Harbor Belt 1,357,947 1,183,435 362,106 245,095 +117,011 Penn 2.067,709 1,605,223 549,576 252,066 +297.510 +11,618 Union lilt Co, -141,435 Mineral Range 395,425 366,549 47,245 35,627 Western Maryland_ 3,579,524 3,424,842 1,172,090 1,313,525 678,126 1,047,460 -369,334 376,851 71,877 189,208 -117,331 Minneap & St Louis 3.740,181 4,025,123 Wilkes-Barre &East 265,445 Minn SIP 12,528,192 9,953,563 4,408,008 2.560,236 +1,847,772 2,635,414 2,401,084 775,648 624,120 +151,528 & SS Mi 28 other roads Wisconsin Cent-1 139,078 168,745 -29,667 325,539,194 91,853,287 97,070,001 -5,216,714 Minnesota & Intern. 462,132 451,969 Total (85 roads).336,795,629 Northern Pacific_ _ _ 28,944,176 28,434,279 10,157,543 9,877,221 +280,322 -Gross Net 84,066 79,202 +4,864 Dec. Peoria & Pekin Un_ 434,872 421,890 III. 1912. 1911. 1912. 1911. Inc. or 332,293 20,776 de168,277 +89.053 Group " $ $ Quincy Om & Ky C.. 460,442 Middle West. $ $ $ Tol Peoria & West_ 620,520 613,809 101,932 96,621 +5,311 ' 1,003,692 923,318.. 274,179 274,695 -516 22,240,899 7,339,313 9,234,663 -1,895,350 Ann Arbor 879,807 +574.008 Union Pacific 21,099,730 Bess & Lake Erie 3,630,883 3,124,286 1,453,815 Oregon Short Line-See Group X. 2,518,292 2,608,061 182,589 483,449 -300,860 _ _ • Chicago & Erie.. +4,062 Ore-Wash RR & Nay-See Group X. Dot & Can Or Tk 416,774 356,178 def1,163 def5,225 784,764 • 11,230 81,374 -70,144 Ch 634,736 873,345 -238,609 St Jos & Grand Isl 702.385 Chic Ind dcLoulsv 3,128,893 2,968,504 42 other roads 4,564,017 4,164,953 1,251,601 980,337 +271,264 Terre H'te & S E 869,153 832,240 213,320 244,635 -31,315 Ch •887,284 +88,528 On Ham &Dayton_ 4,525,403 4,565,395 975,812 Total (76 roads) 291,301,829 282,228,256 79,068,854 84,218,779 -5,143,925 Mackinac 624,991 579,684 172,551 135,591 +36,960 Detroit & 1912. ross Net Tol Sh Line 612.890 500,679 328,873 218,817 +80,056 Ix-G. Det & -35,264 Groups VIII. dc 1911. 1912. 1911. Inc. or Dec. Det Gr Hay & Mil 1,040,123 997,908 58,229 93,493 $ Iront.. 841,552 740,853 32,252 def50,394 +82,646 Southwest. Det Toledo & Atch Top & S Fe_ _ _ 44,967,936 43,549,445 16,416,661 15,066,894 +1,349,774 Grand Trunk West_ 3,220,927 3,220,560 763,638 735,849 +27,789 -. _ 3,417,474 2,968.120 1,219,962 049,042 +270,920 Grand Canyon-See Group X. Hocking Valley_ Gulf & -S of T 142,070 115,418 16,581 def1,301 +17,882 Kanawha & Mich 1,414,394 1,415,484 440,476 511,560 -71,084 Inter +24,880 Gulf Colo & S Fe 5,405,746 5,245,369 915,656 562,688 +352,968 Lake Terminal 270,587 243,341 58,435 33,555 238,782 161,624 +77,158 E._ 297,981 286,715 81,000 83,616 -2,616 Pecos & Nor Tex 1,122,739 775,254 Manistee & Nor Rio Grande&FAP 111,208 86,163 29,512 6,748 +22,764 N Y Cent & Hud Riv-See Group II. +39,827 245,442 +74,707 SToexns & GulfICanRysof Tex 712.539 713,102 203,655 163,828 Chic Ind & South_ 2,025,790 1,872,845 320,239 147,590 141,189 24,467 10,389 +14,078 & Sag 98,822 91,719 37,987 38,462 -465 Chic Hal Colorado & South 3,768,783 3.807,769 1,013,225 1,208,558 -195,333 Cine Northern__. 616,755 540,683 8,512 37,233 -28,721 -7,025 Ft Worth & Den C 2,107,489 2,177,607 484,069 733,681 -249.612 Clev Cin Ch & St L 14,694,814 14,425,884 2,911,828 2,918,853 4,114 49.216 -45,102 32,101 8,816 +23,285 Wichita Valley_ _ _ 254,923 284,804 Dunk All V & Pitts 150.268 148,716 Val 1,164,309 790,972 def65,048 def68,705 +3,657 & VII. Trinity & Bras Indiana Harbor Belt-See Groups VI Colorado & Wyom_ 450,466 401,828 174,262 154,270 •+19,992 Lake Erie & West_ 2,653,559 2,524,167 477,400 343,951 +133,449 43,808 35,536 +8,272 44,087 -56,026 Colorado Midland_ - 768,570 798,091 Lake Erie All & W 298,772 323,203 def11,939 10,661,146 10,410,052 2,559,614 3.012.703 -453.179 • 22,745.044 7,743,603 5,661,602 +2,082,001 Denver & Rio Gr Lake Shore & MS. 25,045,920 Fla & Cripple Creek 636,459 197,717 297,992 80,966 +217,026 Loulsv & Jeff B'ge 104,092 05,411 324,142 19,225 26,566 -7,341 14,059,414 4,205,577 3,119,952 +1,085,025 Ft Smith & Western 299,366 Michigan Central_ 15,237,392 Internat & Gt Nor_ 4,722,878 4,102,909 731,865 443,060 +288,805 N Y & Ottawa-See Group II. Kansas City South_ 4,451,587 4,683,565 1,260,655 1,564,834 -304,179 Chic & St L_.. 5,727,270 5,391,806 1,139,531 1,300,625 +138,906 253.949 +60.374 NY 315,768 +87,009 Louisiana & Ark.__ 813,991 709,602 314,323 Peoria & Eastern. 1,506,447 1,564,278 227,859 791,715 828,874 125.778 238,535 -112,757 8,070,436 6,937,296 3,662,239 3,307,754 +354,485 La Ity & Nay Co Pitts & Lake Erie. Midland Valley 652,675 674,828 126,260 191,562 -65,302 Rutland-See Group I. 366,875 378,299 109,418 119,975 -10,557 -See Group II. Miss Riv & Bon Ter St Law & Adirondack Mo & Nor Arkan 478,398 410,947 def33,709 7,931 -41,640 Toledo & Ohio Cen 2,419,055 2,108,273 521,774 360,503 +161,271 2,630,039 2,806,187 -176,148 186,139 def4,636 def20,248 +15,612 Mo Han & Tex_ _ _ _ 7,714,600 8,180,816 Zanesville & West_ 219,368 4,553.826 4,537,470 def39,514 377,261 -416,775 South_ 319,872 258,313 83,409 58,785 +24,624 Mo Kan & T of T_ Newburgh & 379,810 422,936 87,648 55.785 +31,863 Pennsylvania-Lines West of Pitts & Erie- Texas Central- 26,724 -90.455 def15,153 def12,272 -,2881 Mo Okla & Gulf.._ 418,286 392,401 def63,731 Central Indiana.-- 79,081 81,739 11,109,421 1,935,116 8ef525,612 +2,460.728 North_ 234,700 212,433 56,965 72,620 -15,655 Missouri Pacific 11,332,182 Cinc Leb & Sot 14,503,751 13.978,078 5,108,855 3,752,429 +1,356,436 Grand Rap & Ind.. 2,495,717 2,345,155 367,991 308,767 -30,776 R ekL IIalroann/i d-itn & So Penna Company 27,499,722 22,639,409 6,951,016 6,556,713 +394,303 476,998 -177,213 127,794 66,728 38.745 +27,983 Chic It I & Gulf 1.309,147 1,410,266 299,785 Pitts Char & Yough . 155,947 29,267.925 30,559,322 7,928,194 7,780,860 +147,334 Ch & StL 20,258,382 18,051,613 5,285,949 5,011,311 +274,638 Chic It I & Pacific Pitts Cinc St L & San Fran 18,731.241 19,277,148 5,697,424 6,673,043 -975,619 Toledo Peor & W-See Groups VI and VII. 40,425 -35.896 853,839 950,068 -06,229 Ft W & Rio Gran_ 420,338 432,799 4,529 Vandalia 4,819.708 4,769,994 126,895 123,641 67,849 41,103 +26,746 Group II. Paris & Gt North_ Waynesburg & Wash-See St L San Fr & Tex 621,131 555.119 45,554 def35,149 +80,703 Pere Marquette_. _ _ 7,582,702 7,470,624 860,190 963,227 -103,037 39,962 -2,126 610,208 401,133 +119,075 Beaum S L & W 385,482 256.128 37,836 Toledo St L & West 1,804,148 1,786,512 VI. & VII. 14,012,768 1,219,788 2,680,723 -1,460,935 Chicago & E Ill-See Groups Wabash 13,072,243 Lonislana Southern-See Groups IV. & V. Wabash-Pitts Term 326,718 289,599 46,297 30,270 +16,027 81,984 -83,798 920,250 +06,419 New Orl Tex & Mex 702,135 573.193 def1,814 Wheel & Lake Erie_ 3,501,373 3,114,906 1,016,669 91,452 59,198 958 def5,575 -1-6,533 1,869,381 349,347 356,105 -6,758 Orange & Northw_ 21 other roads 1,950,827 St L Brownsv & M 1.248,782 1,002,378 297,569 278,528 +19,041 93,072 +102,912 46,301,930 42,490,445 +3,811,485 St L Merch Br Ter.. 920,266 697,644 195,984 Total (65 roads)_100,817,999 176,376,444 St L Southwestern_ 3,775.927 3,598,694 1,393,354 1,429,975 -36,621 -Gross Net St L SW Ry of Tex 1,913,345 1,832,640 def67,253 def113,632 - +46,379 Groups IV. & V. 1912. 1911. 1912. 1911. Inc.:or Dec. San An & Aran Pass 2,072,962 1,771,323 277,503 117,695 +159,808 Southern. Southern Pacific-See Group X. Ala & Vicksburg 748.353 804,474 134,570 167,337 -32,767 -See Group X. -32,244 Arizona Eastern Atlanta & West Pt_ 612.065 603,095 146.379. 178,623 Corvallis & Eastern-See Group X. At Birm & Atlan_ 1,555,436 1,387,669 189,043 287,251 -98,208 An 5,221,114 5,244,183 722,893 1,391,202 -668,369 -537,048 Only Harris &S -1,8E4 Atlantic Coast Line 17,666,971 16,609,465 5,626,051 6,163,099 Houston & Shrev. 148,191 148,960 75,463 77,327 Birmingham South_ 479,423 303,969 79.705 51,152 +28,553 2,488,432 2,783,061 def7.653 403,476 -411,159 +193,880 Houston & Tex C. -88,847 Caro Clinch & 0_ _ _ 1328,442 922,290 611,337 417,457 Hous E&W Texas_ 599.857 611,659 122,432 211,279 Central of Georgia.. y5,687,358 y5,254,178 y1,436,409 111,418,864 +17,545 No 68.573 22,391 " 18,953 +3;438 -204,029 Lake Charles & +13,631 Charleston & W Car 939.204 1,005,124 131,576 335,605 Louisiana Western 977,544 1,05472:092562 265,799 252,168 Har & North- 297,387 93,151 83,452 • def4.998 +88,450 2,427.205 2,272,307 441,982 573%281 -131,299 Chart +846,222 Mon L&T RR&SS.. Chesapeake & Ohio_ 17,205,953 14,625,244 5,649,906 4,803,684 Texsasp&ay New On. 1.818.585 1,946,879 185,867 315,968 -130,101 Cin N 0 & Tex Pac 4,917,510 C395,292 1,500,132 1,198,609 +301,523 Coos Roseb & E RR & N-See Group X. Coke 492,774 356,516 170,538 87,557 +82,981 1,344,277 1,234,850 415,529 380,304 • +35,225 Coal & -245,605 Term lilt Assn of SL Florida East Coast. 2,862,341 2,781,211 1,032,970 1,278,575 TTeexxasm m&id Piacnidfic__.- 7,767.547 6,933.354 564,575 700,658 -226,083 Georgia & Florida_ - 387,987 356,862 def7,093 66,682 -73,775 280,430 252,489 def5,780 def18.258 +12.478 Georgia Fla & Ala_ 272,310 250,807 18,202 47.033 -28,831 Vicks Sh & Pacific_ 607,702 655,313 97,802 • 118,727 -20,925 Georgia 1,602,626 1,566,563 246,979 361,841 -114,862 3W9 iochltthearFroalaidss& NW 349.158 375,705 33,440 66,873 • -33,433 Gulf & Ship Island_ 986,842 994,214 290,126 318,898 -28,772 3,652.481 3,542,184 506,263 768,483 -262,220 dc East 283,391 277,883 106,629 70,633 +35,906 Lexington +461 Louisiana Southern 53.990 46,395 11,355 10,891 Total (95 roads)_213,240,037 209.506,483 54,288070 52,766,101 +1,521,9(9' Nashv. 27,888,649 7,305,860 6,770,050 +535,810 Louisville & 26,048,892 Group X.----Grafts Net Loulsv Hend & St L 627,962 572,039 121,641 102,662 +18,979 1911. /tie. or Dec. • -1,138 Pacific Coast. 1912. 1911. 1912. Macon Dublin &Say 257,758 230,149 60,109 61,247 475,011 418,817 288,699 241,068 +47,631 Central. 400,831 127,620 151,315 -23,605 'Arizona & New Mex Mississippi 419,807 Pug Sd 244,369 277.395 77,987 106,884 -28,897 Nash Chatt & St L. 8,179,565 6,335,754 1,435,417 1,554,482 -119,035 Columbia & 1,412,322 +289,511 -66,807 El Paso & S W Co__ 4,028,231 3,542,929 1,701,833 New On & Nor East 1,902,067 1,712,576 440,695 507,502 215,960 186,835 68,351 def11,072 +79.423 On Great Nor- 795,551 860,656 257,375 304,341 -46,966 Grand Canyon New Idaho & Wash Nor_ 262,529 318,085 44,939 59,945 -15,006 New On Mobile & C 1,040.301 912,345 264,782 361,322 -96,540 439,156 354,773 +84,383 +41,154 Nevada Northern 813,706 712,380 Norfolk Southern. 1,690,539 1,523.318 611,716 570,562 1,486,317 237.175 274,391 -37,216 19,749,666 5,758,116 +877,868 Northwestern Pac 1,516,176 Norfolk & Western- 17,062,901 6.635,984 L_ 4,742,046 4,309,546 1,225,299 842,167 +383,132 Pennsylvania Term 220,164 197,560 103,166 78,331 +24,835 San Ped LA & S Southern Pacific- Rich Fred & Potom 1,406,134 1,293,637 489,542 528,211 -38,669 42,138,612 17,295,161 16,823,662 +471,199 11,770,217 3,950,815 -631,234 Pacific System_ _ 42,917,953 Seaboard Air Line. 11,478,740 3,319,611 39,379 40,083 11,300 7,723 +3,577 31,243,091 29,202,340 8.926,812 8,839,930 +86,882 Coos Bay R & E. • Southern Arizona Eastern 1,115,757 841,874 544,424 285,776 +258,648 Alabama Gt South 2,364,491 2,150,803 614,195 525.769 +88,426 137,266 14,118 14,665 -547 11,752 -4,682 Corvallis & Eastern 137,708 Augusta Southern_ 85,723 83,303 7,070 see Groups VIII & IX. 98,981 88,861 33,957 31,230 +2,727 For remainder of system Blue Ridge Spok Port & Seattle 2,204,639 2,407,631 947,512 1,210.351 -262,839 & West 149,363 148,970 62,395 63,624 -1,229 104,823 +64,780 Danville -34,563 Spokane Internat 443,155 389,957 169,603 Georgia Sou & Fla 1,201,360 1,168,306 226,557 261,120 411,580 570,992 197.481 378,214 -180,733 _ 5,343,638 5,624,184 1,339,626 1,615,177 -275,551 Sunset Mobile & Ohio- Tacoma Eastern 281,427 265,591 76,009 54,105 +21,904 Northern Alabama 216,349 215,329 36,578 33,362 +3,216 365,101 364,332 153,778 110,029 +43,749 441,143 516,780 def16,808 59,376 -76,271 Tonopah & Goldfield Southern Ry in Miss Union Pacific-See Groups VI & VII. 63,465 52,592 11,284 5,577 +5,707 3,855,219 +637,634 • Tallulah Falls +76,066 Oregon Short Line 9,583,731 8.535,115 4,492,853 Virginia & Southw 892,664 716,070 309,224 233.15g 7,448,602 7,574.843 1,959,269 2,501,333 -542,064 747,115 141,849 227,663 -85,814 Ore-Wash RR & N Tennessee Central 748,433 Grand Isl--See Groups VI & VII. 2,481,189 1,896,590 928,393 747,796 +180,597 St Jos & +156.286 Virginian 23 other roads 2,550,170 2,434,975 693,324 537,038 Washington South_ 635,718 610,893 178,662 215,254 -36,592 647,710 91,545 84.479 +7,066 Western Ry of Ala_ 677,704 Total (42 roads)_ 79,797.230 76,953,575 30.638,271 29,163,416 +1,474,855 Yazoo & Miss Vail_ 4,357,299 5,180,455 341,193 1,566,993 -1,225,800 3,458,283 951,165 1,030,366 79,201 40 other roads 3,390,730 Grand total (467).1365.355,859 1309,006.353 373,370,171 375,407,648 -2,037,477 y These figures are for five months only. Total (88 roads) _186,501,106 174,890,256 52,815,421 53,510,405 --694,984

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 520 THE CHRONICLE [VoL. Lxxxxv. BANKING, FINANCIAL 'AND LEGISLATIVE iNEWS. 682,882 at the last session of the 61st Congress under the '--The public sales of bank stocks this week aggregate 229 Republicans. These figures were agreed to in statements shares and were all made at the Stock Exchange. The sales issued this week by Chairman John J. Fitzgerald, of the included 117 shares of National Bank of Commerce stock at House Appropriations Committee, and Representative Joseph 20134-2023 and 112 shares of National Park Bank stock at G. Cannon, the Republican 370-375. leader of the Committee, al- Five shares of trust company stock were sold at though the latter dissents auction. as to some of the conclusions of Representative Fitzgerald. In presenting .his figures, Shares. BANKS—New the York. Low. High. Close. Last previous sale. latter said: • .117 Commerce, Nat. Bank of_ 20134 2023i, 201 3 Aug. 1912— 202 The estimates of appropriations •112 Park Bank, National for support of the Government submitted 370 375 375 Feb. 1912— 372 by the Executive to this TRUST COMPANY—Brooklyn. session of Congress amounted In all to $1,040,- 648,026 55. The appropriations 5 Franklin Trust Co made at this session of Congress amount 270 270 270 Aug. 1912— 270 to $1,019,636,143 66. 'Sold at the Stock Exchange. The latter sum is a reduction of $21,011,882 89 from the estimates and $7,046,738 06 under the appropriations made —Except at the last session for the banks, business is practically suspended of the last Congress, which body was controlled in both to-day (Saturday) in Wall Street, branches by the Republican Party. • • the New York Stock, Cot- A further analysis of the history of appropriations at this session shows that ton and Coffee Exchanges having closed on the committees Friday for a of the House charged with the preparation of the regular annual supply three-day recess until Tuesday, in view of the Labor bills for the fiscal year 1913 reduced them $40,868,434 54 un- Day der the holiday on Monday. The estimates recommended to Congress. The House, In passing the New York Produce Exchange is bills, reduced them $40,135,284 the only 54 under the regular annual estimates one of the local markets open today. Most of the and $49,161,361 66 under the appropriations of the previous session. principal out-of-town Exchanges are closed for the same The Senate itself in passing the bills further increased them until their period. aggregate as passed by the House was exceeded by $70,521,715 88 and the estimates by $30,386,431 34. The Increases made by theSenate committees —The second session of the Sixty-Second and by the Senate In acting on the bills after they left the House, It is Congress—one proper to of the longest sessions in the history of the country—ad- state, included $12,500,000 for payment of pensions under legislation enacted after the House had passed the Pension Appropriation journed on Monday, the 26th inst. Speaker Clark, in ad- bill. The final dressing the House just before adjournment, outcome in the conferences that reconciled the differences be- referred to tween the two Houses, or the increases by the Senate in the 13 regular the length of the session, saying: "There are a few annual sessions appropriation bills, shows that, exclusive of the increase for pen- which have exceeded sions, the Senate this in length, counting-from the first yielded $30,424,545 38 of the sums they proposed to add, and the Monday in December until the close, but I believe that House accepted only $27,597,170 50. Ex-Speaker Cannon's remarks Congress has been actually in session more days since the with regard to the appro- first Monday in December than any priations were in part as follows: other Congress that ever Appropriation bills have their origin in the house of Representatives sat." The tentative agreement to end the session The Republican on Satur- House at its last session in 1911 originated the appropria- day last, the 24th, tions for the public was defeated by a deadlo-ck between the service for the fiscal year beginning July 1 1911 and ending June 30 1912. Senate and House The Democratic house at this session of Congress conferrees on the General Deficiency Bill originated appropriations for the year beginning July 1 1912 and ending and the filibuster led by Senator La June 30 1913. It is Follette to secure the proper at this time to make a comparison between the passage of appropriations for the the Penrose resolution extending the inquiry into two fiscal years. • * • The total amount!includ- ing permanent appropriations campaign contributions—the latter announcing his deter- granted at the last session of the last Congress when the Republican House had charge of appropriation bills mination to prevent $1,026,682,881 was the adjournment until the resolution 72. The stated total amount, including permanents appropriated was adopted. in so far as the General Deficiency Bill was at this session by origination In a Democratic House, is concerned, $1,019,636,143 66. the disagreement centered chiefly in the Sen- In consideration ate amendment of these two great totals, it Is proper to state that all providing for the payment of State money expended for the construction of the Panama Canal is reimbursable claims of Maryland, Virginia, Oregon and Texas, aggregating to the Treasury of the United States through the sale of bonds already $600,000, and the authorized for that purpose, and since these sums are not a burden upon Senate provision for an extra month's pay the revenues of for the country, they should, for purposes of comparison, be the Senate and House employees, to both of which the eliminated from the total amounts appropriated. Republican House refused to accede. After an all-night A House at the last session of Congress provided for this session, in great canal the sum of $45,560,000, and through the requirements of which no conclusions with respect to tile bill nor the the law making resolu- these appropriations to continue available until they itre tion proposed by finally expended, Senator La Follette, were arrived at, Con- there remained in the Treasury at the end of the last year amounts gress adjourned at about 4:30 of money exceeding $5,000,000 for Canal construction, which on Sunday morning to resume made it its deliberations possible for the Democratic house to reduce,as they have, thesums on Monday. An end to tile filibusters for the Canal for next year to $28,980,000. occurred Therefore, at Monday's session, when the Senate yielded to deducting the $45,560,000 for Canal construction from the the demands of the total appropriations last year of $1,026,682,881 72, there remains an aggre- House to strike out of the Deficiency gate of $981,122,881 Bill the two provisions 72, and deducting the $28,980,000 for Canal construc- referred to above, while Senator tion from the total amounts made at this session, there remains an aggre- La Follette's resolution was adopted by the Senate gate of $990,656,143 66, a sum which exceeds the grand total of all appro- almost priations without discussion. made by the Republican House at the last session of the last President Taft's signature was affixed Congress by $0,533,261 04. to the Deficiency Bill on Monday afternoon. The Penrose —Tile most important of the legislation resolution, bearing enacted at the on the.investigation into campaign con- late session embraces the following bills: tributions, as passed by the Senate on Monday The has particular Panama Canal bill, governing the operation of the Canal and the government reference to the probing of charges made by Senator of the Zone, exempting from tolls American vessels engaged in Penrose coastwise the trade, prohibiting the use of tile Canal by any ship owned concerning campaign contributions made by the or controlled Standard by a corporation operating in violation of the Sherman Anti- Oil Co. to Trust law, the Republican National Committee in 1904; its and prohibiting the ownership by a railroad of any water line with which text is as follows: it does or may compete, but empowering the Inter-State Com- merce Resolved, That the statement Commission to extend the time to which such service may be operated made by the senior Senator from Pennsyl- beyond July vania, Mr. Penrose, In the Senate 1 1914—if it finds the water line service operated by a road Is on Wednesday, Aug. 21 1912, be and is beneficial hereby referred to the Committee to the public. on Privileges and Elections of the Senate, The or any sub-committee age and service pension bill, which increases the expenditures on thereof, appointed under S. Res. 79, agreed to on Apri129 1012. account of pensions to Civil War veterans over $25,000,000 annually. The bill The Committee on Privileges and limiting the work of laborers and mechanics employed on Gov- Elections, or any sub-committee thereo , ernment work is hereby authorized and directed to eight hours a day. to investigate fully into all statements The bill and questions of fact creating a Children's Bureau in the Department of Commerce referred to In the statement of personal privilege made Labor. by the Senator from Pennsylvania, and Mr. Penrose, on the floor of the Senate A Constitutional August 21 1912, including all correspondence amendment providing for the election of U. S. Senators and financial transactions by direct vote. between John D. Archbold and George W. Perkins and Colonel Theodore A bill for the Roosevelt and Representatives Federal regulation of radio-telegraphy. in Congress and members of the United A bill States Senate, from 1900 regulating the wireless apparatus of steamers on the ocean and the to the date of the investigation; and., further, said Great Lakes. committee is authorized and directed to investigate into and ascertain amount the A bill providing a form of civil government for the Territory of Alaska. of money expended by or on behalf of any candidate seeking the nomination A bill creating a committee to Inquire Into the subject of industrial of any political party, formed or in the process of formation, lations. re- for President during the year 1912, or by any committee or persons act- A bill providing for a commission to inquire into the ing for or on behalf of such candidate, or In the interest of such conditions under candidate which foreign governments purchase American-grown tobacco. or party; and to ascertain the names of all persons, firms or corporations A bill reducing from five to three years the period of residence contributing to any of the purposes aforesaid, and the required on amounts paid or homestead lands before patents are issued. contributed, and how and when paid, including all sums of money used to A resolution calling for an inquiry into the so-called "Money secure the election of delegates to any national convention Trust" was or to influence adopted by the House of Representatives. Preliminary hearings the actions of delegates at said conventions. into the matter were had in this city In June by a sub-committee of the Banking Said committee or sub-committee Currency and is authorized to sit during the sessions Committee of the house of Representatives, which announced of the Senate and during any the time that recess of the Senate or of Congress, and to at the main inquiry would not be taken tip until all doubt as hold sessions at such place Its Inquisitorial or places as may" be deemed most convenient to powers was removed by the passage of a resolution giving for the purposes of the Inquiry; visitorial authority to employ attorneys, stenographers and to either House of Congress in connection with national.. such other clerical force bank inquiries. This as may be deemed necessary; to subpoena resolution passed the House of Representatives, but witnesses, send for persons, books, records and papers, no action was taken on It In the Senate, to which it had been and to administer versely. reported ad- /Atha* and that parties to the examination may be represented by attorneys, The passage of a subject to such rules and regulations as the committee may make. resolution by the House of Representatives, calling for an inquiry Into the so-called "shipping trust." —Appropriations aggregating resolution $1,019,636,144 were author- A was adopted by the House of Representatives, directing Secretary of Commerce the ed at the session just closed as compared with I and Labor to investigate the causes of the recent $1,026,- increase In the price of anthracite coal.

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A committee was named to assist Chairman Clayton of the Judiciary nations to whom we extended the use upon the observance of these con- Committee of the House of Representatives in the investigation of the so- ditions were to be equal to that extended to any one of them which observed called "beef trust." This investigation, it is understood, was put over the conditions. In other words, it was a conditional favored-nation treat- until after the Presidential election. ment, the measure of which, In the absence of express stipulation to that A resolution directing an inquiry into tile official conduct of Robert W. effect, Is not what the country gives to its own nationals, but the treatment Archbald, formerly District Judge of the United States Court for the Mid- It extends to other nations. • • * dle District of Pennsylvania. and now Judge of the U. S. Commerce Court, The bill here In question does not positively do more than to discriminate was passed by the House of Representatives, as a result of which articles of in favor of the coastwise trade, and the British protest seems to recognize impeachment against Judge Archbald were formally laid before the Senate. a distinction between such exemption and the exemption of American ves- A resolution passed by the House authorized a sub-committee of the Ju- sels engaged In foreign trade. In effect, of course, there Is a substantial diciary Committee to investigate the official and personal conduct of Judge and practical difference. The American vessels in foreign trade come into Cornelius H. Hanford of the U. S. District Court In Seattle. The resigna- competition with vessels of other nations in that same trade, while foreign tion of Judge Hanford, tendered during the course of the investigation, was vessels arc forbidden to engage In the American coastwise trade. While the accepted by President Taft on the 5th of August. The inquiry was under- bill here in question seems to vest the President with discretion to discrimi- taken at the instance of Representative berger, following the issuance by nate In fixing tolls In favor of American ships and against foreign ships en- Judge Hanford of a decree canceling the rights to citizenship of Leonard gaged In foreign trade within the limitation of the range from 50 cents a ton Oilson, a Socialist, of Tacoma. to $1 25 a net ton, there is nothing in the Act to compel the President to the make such a discrimination. It is not, therefore, necessary to discuss the Bills which were vetoed by the President included policy of such discrimination until the question may arise In the exercise following: of the President's discretion. The bill revising the wool schedules of the tariff law. there is nothing in the Hay- The bill revising the metal schedules of the tariff law. The President argues that if The Legislative, Executive and Judicial Supply bill, twice vetoed because Pauncefote treaty to prevent Great Britain and other nations of the provision abolishing the U. S. Commerce Court, and also because it from extending favors to their own shipping using the Canal, fixed the tenure of Government clerks in the civil service at seven years. States con- The bill was finally passed, and signed by the President, with the latter and that if there is nothing that gives the United Provision eliminated and embodying a provision for the continuance of the trol over or right to complain of such action,"then the British Court until March 4 1913. protest leads to the absurd conclusion that this Government The Army Appropriation bill was also vetoed by the President, because it would have ousted Major General Leonard Wood from his office of Chief in constructing the Canal, maintaining the Canal, and de- of Staff of the Army on March 4 next. The bill was passed in an amended fending the Canal, finds itself shorn of its right to deal with form, free from the provision in question, and was signed by the President its own own way, while all other nations on the 24th inst. commerce in its Of the proposed measures which failed of enactment using the Canal in competition with American commerce (action on some of these having been taken by only one enjoy that right and power unimpaired." The British pro- branch of Congress), the following may be enumerated: test, therefore, according to the President's view, was a The bill providing for the physical valuation of railroads. proposal to read into the treaty the surrender by the United The employers liability and workmen's compensation bill. States of its right to regulate its own commerce in its own The immigration bill, containing an educational test. right which neither Great The Clayton bill, providing for a trial by jury in all proceedings of indirect way and by its own method, a contempt of court. Britain herself or any other nation that may use the Canal The bill amending the law with respect to the issuance Of restraining orders has surrendered or proposes to surrender. in labor disputes. The dissents from permission to The bill imposing an excise tax of 1% on the net income, including sala- President the view that ries over $5.000 a year, of persons, firms and co-partnerships. register foreign vessels as vessels of the United States for The Democratic free sugar bill, passed by the House, or the Lodge-Bris- foreign trade and the admission without duty of ship ma- tow sugar bill, passed by the Senate, which would have reduced the duty on sugar. terial will interfere with the shipbuilding interests of the The bill providing for the issuance of a uniform bill of lading by railroads. United States. He approves the amendment of the Inter- The bill creating as a division of the United States Government a Depart- State Commerce Act whereby railroad companies are for- ment of Labor. The bill prohibiting dealings In cotton "futures." bidden to own or control ships operated through the Canal. The bill prohibiting dealings in grain "futures." He also approves of the provision which prevents the owner The resolution limiting the tenure of office of the President of the United steamship who is guilty of violating the Anti-Trust States to a single term of six years. of any The IIenry bill. providing for the publicity of contributions and expendi- law from using the Canal. It is quite evident he said: tures for the purpose of influencing or securing the nomination of candidates "That this section applies only to those vessels engaged in the trade In which for the offices of President or Vice-President. there is a monopoly contrary to our Federal statute. And It is a mere The resolution calling for an investigation into the cost of living. injunctive process against the continuance of such monopolistic trade. It The bill revising the cotton schedule of the tariff. adds the penalty of denying the use of the Canal to a person or corporation The bill revising the chemical schedule of the tariff. violating the Anti-Trust law. It may have some practical operation where —President Taft signed the Panama Canal bill on Satur- the business monopolized Is transportation by ships, but it does not become operative to prevent the use of the Canal until the decree of the Court shall day evening, of last week, accompanying his action with a have established the fact of the guilt of the owner of the vessel. While the memorandum explaining his position. In the memorandum penalties of the Anti-Trust law seem to me to be quite sufficient already, I he declared that it was absolutely necessary to have the do not know that this new remedy against a Particular kind of a trust may useful." bill that not sometimes prove passed at the session of Congress has just closed in After the notification to the House that the President had order that the engaged in capital of the world the prepara- signed the bill, the ranking member of the House Inter-State tion of ships to know in use the Canal might advance the Commerce Committee, Representative Sims of Tennessee, conditions under which the traffic is to be carried on. The introduced a bill seeking to repeal the provision of the law President enumerated the objections to the bill. He first providing for free tolls on American ships engaged in the referred to the objection that the bill violates the Hay- coastwise trade. Mr. Sims explained that the bill had the Pauncefote treaty in discriminating in favor of the coastwise endorsement of the majority of the committee and was in- trade of the United States by providing that no tolls shall tended to avoid threatening international complications be charged to vessels in that trade passing through the canal. over the free-tolls proposition. The bill, he said, would be This the President said was the subject of the protest by the acted upon promptly when Congress re-convened in December. British Government. The provision of the Hay-Pauncefote Office Appropriation Bill was signed by Presi- treaty referred to is in Article 3, which provides: —The Post inst., following the adoption by the Sen- The United States adopts,as the basis of the neutralization of such ship dent Taft on the 24th canal the following rules, substantially as embodied In the convention of ate and the House of the conference report. Many important Constantinople, signed tile 28th October 1888, for the free navigation of the provisions are contained in the bill. It provides for a Suez Canal, that Is to say: (1)),The canal shall be free and open to tile vessels of commerce and war system of parcels post—a compromise, it is understood, of the of all nations observing these rules on terms of entire equality, so that there Bourne and Lewis plans—and for a joint committee to fur- shall.be no discrimination against any such nation or Its citizens or sub- ther inquire into the general subjept of parcel post. Under jects in respect of tile conditions or charges of traffic or otherwise. Such conditions and charges of traffic shall be just and equitable. tile provisions of the new law any article is mailable (including • The President's views on this part of the protest are con- farm and factory products) if not over eleven pounds in tained in the paragraphs that follow: weight nor more than "seventy-two inches in length and In-view of the fact that the Panama Canal is being constructed by the girth combined," nor likely to injure the snails or postal United States wholly at Its own cost upon territory ceded to it by the Re- equipment or employees, and not of a character perishable public of Panama for that purpose, and that unless it luxs restricted itself the United States enjoys absolute rights of ownership and control, includ- within a period reasonably required for transportation and ing the right to allow its own commerce the use of tile Canal upon such terms delivery. To carry out the purposes of this section the as it sees fit, the sole question Is: Has the United States, in the language several Territories and Possessions, above quoted from the Ilay-Paucefote treaty, deprived itself of tile exercise United States and its of the right to pass its own commerce free or to remit tolls collected for the excepting the Philippine Islands, are divided into units of use of the Canal? area thirty minutes square, identical with a quarter of the t • It will be observed that the rules specified In Article III. of the treaty intersecting and were adopted by the United States fora specific purpose, namely, on the area formed by the parallels of latitude basis of the neutralization of the Canal and for no other purpose. The article meridians of longitude. These units of area are to be the Is a declaration of policy by the United States that the Canal shall be neutral; eight postal zones, the first covering a distance of attitude of this basis of that the Government towards the commerce of the world centre is that all nations shall be treated alike and no discrimination made by tile fifty miles from the of a given unit of area and the United,States against any one of them observing the rules adopted by the succeeding zones increasing in distance from the given unit United States. Tile right to the use of the Canal and to equality of treat- of area until in the seventh zone the radius is 1,800; the ment_in_its use depends upon the observance of the conditions of the use by_the nations,to whom we extended that privilege. The privileges of all eighth zone includes all units of area beyond this. Fourth-

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class mail matter is to include all parcel-post packages and Some apprehension has existed during the week among the rates to apply are indicated as follows: those accustomed to getting their mail on Sunday over a "The rate of postage on fourth-class matter weighing not more than four provision carried in the bill which stipulates that ounces shall be one cent for each ounce or fraction of an ounce; and on such hereafter Post Offices of the first and second classes shall not be open on matter in excess of four ounces in weight shall the rate be by the pound, as Sundays for the purpose of delivering mall to the general public, but this hereinafter provided, the postage in all cases to be prepaid by distinctive provision shall not prevent the prompt delivery of mall by special delivery. postage stamps affixed Because of the "That, except as provided in the next preceding paragraph, postage on uneasiness which developed by reason matter of the fourth class shall be prepaid at the following rates: of this legislation, Post-Master-General Hitchcock gave out "On all matter mailed at the Post Office from which a rural route starts, a statement on Tuesday in which he declared that the for delivery on such route, or mailed at any point on such route for delivery provision does not at any other point thereon or at the office from which the route starts, or require the closing of Post Offices on on any rural route starting therefrom, and on all matter mailed at a city Sunday, and he intimated that the customary distribution carrier office or at any point within its delivery limits, for delivery by of mail for newspapers and 'hotels would be continued. This carriers from that office, or at any office for local delivery, five cents for the first pound or fraction of a pound, and one cent for each additional statement says: pound or fractdon of a pound. There appears to be some misapprehension as regards the provision in the "For delivery within the first zone, except as provided in the next Postal Bill relating to the delivery of mall on Sundays. This provision preceding paragraph, five cents for the first pound or fraction of a pound, does not require the closing of post offices on Sundays, which would be and three cents for each additional pound or fraction of a pound. quite impossible, owing to the fact that the transit mail has to be sorted "For delivery within the second zone six cents for the first pound or and also the mail collected in cities for dispatch to other destinations. fraction of a pound, and four cents for each additional pound or fraction To stop the movement of this mall would mean a serious clogging of the of a pound. whole system of mail transportation•and consequent Inconvenience to the "For delivery within the third zone, seven cents for the first pound or public. fraction of a pound, and five cents for each additional pound or fraction At present most of the mall received on Sunday for delivery by carrier of a pound. Monday morning is worked after midnight on Sunday, and therefore the "For delivery in the fourth zone, eight cents for the first pound or fraction law will not affect this mail. It will be delivered as promptly as hitherto. of a pound, and six cents for each additional pound or fraction of a pound. Mall received up to midnight on Saturday for lock boxes will be distributed '"For delivery within the fifth zone, nine cents for the first pound or frac- to the boxes and will be available to box holders on Sunday as usual. tion of a pound, and seven cents for each additional pound or fraction of a There is at present no street delivery of mail by letter carriers on Sunday, pound. and therefore the law makes no changes In this regard. In short, the "For delivery within the sixth zone, ten cents for the first pound or frac- only mail that will be affected under a reasonable construction of the tion of a pound, and nine cents for each additional pound or fraction of a new law is that received at the post offices on Sunday and hitherto sorted pound. out that day for distribution to lock boxes. "For delivery within the seventh zone, eleven cents for the first pound or As the purpose of the law, which was clearly enacted In the interests fraction of a pound, and ten cents for each additional pound or fraction of a of employees, is to reduce as far as practicable the amount of Sunday labor, 1)91Wd• the work of distributing Sunday mail to lock boxes will be limited to "For delivery within the eighth zone and between the Philippine Islands certain classes of mall that cannot be held until Monday morning without and any portion of the United States, including the District of Columbia serious inconvenience to the addressees. and the several Territories and Possessions, twelve cents for the first pound This mall will include that for newspapers and hotel guests. The latter is or fraction of a pound, and twelve cents for each additional pound or frac- peculiarly transient in character and should not be delayed. This mall, tion of a pound." like the special delivery mall, will be sorted out at the offices of despatch and on the The establishment of railway mall trains in order to simplify the work of distributing zo'nes and postage rates of this section it in the post offices on Sundays. Under the new method its distribution will go into effect on Jan. 11913. to the boxes on Sunday will be hastened rather than delayed. The bill also calls for As practically all business houses are now closed on Sunday they do not the appointment of a committee to object inquire to the plan, which has been in force for a year, of holding the into the subject of second-class mail matter and mall until Monday morning, realizing the benefit thus conferred on postal compensation for the transportation of mail, as follows; employees, who are thereby relieved from Sunday labor. In order to give the new provision as liberal a construction as possible, Provided, That a joint committee shall be appointed, composed of three postmasters will be instructed on application to have their employees members of the Senate Committee on Post-Offices and Post Roads and sort. out in emergency cases Sunday letters of special importance. This three members of the House Committee the -Office and on Post Post Roads, will supplement the present privilege of having all mall delivered on Sun- to be designated by the respective chairmen, to make inquiry into the day that carries a special delivery stamp. subject of postage on second-class mall matter compensation and for the By the proposed changes in the method of putting up mail in the offices transportation of mail, and to report at the earliest practicable date, and of origin and in its handling on the railway mall trains a satisfactory for this purpose they are authorized -committee by sub or othewrise to sit distribution can be made in post offices on Sundays with less work than is during the sessions or recess of Congress, at such times and places as they now required. may deem advisable, to send for persons and papers, to administer oaths, Thus the law can be made to confer great benefits on postal employees to summon and compel attendance the of witnesses, and to employ such without inconvenience to the public. clerical, -expert and stenographic assistance as shall be necessary; and to The pay the necessary expenses of such inquiry, there is hereby appropriated several committees authorized under the bill are out of any money in the Treasury not otherwise appropriated the sum of made up as follows: twenty-five thousand dollars to be paid out upon the audit and order of the Parcels Post: Senators Frank 0. Briggs; Joseph L. Bristow and Nathan Chairman or acting chairman of said committee. From and after the pass- P. Bryan; Representatives David E. Finley, David J. Lewis and John J. age of this Act the Post-Office Department shall not extend or enlarge its Gardner of New Jersey. present policy of sending second-class matter by freight trains. Second Class Mall Matter and Compensation for Railway Mall Service • Stringent regulations affecting newspapers and Senators Jonathan Bourne Jr., harry A. Richardson and John H. Bank- periodicals head; Representatives James T. Lloyd, William B. Tuttle Jr. and John are contained in the bill, the section with regard thereto W. Weeks. requiring that there be filed with the Postmaster-General a Pneumatic Tubes: Senators Simon Guggenheim and Hoke Smith of statement giving the names of the editor and Georgia and Representatives Fred. L. Biacktnon and Victor Murdock. managing Post Roads: Senators Jonathan Bourne Jr., Boles Penrose, Asie J. editor, publisher, business managers and owners, the bond- Gronna, Claude A. Swanson and Lee S. Overman and Representatives holders, mortgages or other security holders, and (in the Dorsey W. Shackleford, Gordon Lee of Georgia, Daniel J. McGillicuddy, Martin B. Madden and Richard W. Austin. case of daily papers) showing the average number of copies —The Sundry Civil Appropriation signed of each issue sold or distributed to subscribers during the Bill was by President Taft on the 24th inst. approved preceding six months; it also requires that editorial matter The Bill as by the President serves to abolish the Tariff Board, the pro- which is paid for shall be labeled "advertisement". The vision maintenance Section embodying these requirements reads as follows: for its having been stricken out in con- ference. This provision had been eliminated by the House That it shall be the duty of the editor, publisher, business manager, or owners of every newspaper, magazine, periodical, or other publication to of Representatives which passed the bill on June 21, but file with the Postmaster General and the Postmaster at the office at which an appropriation to continue the work of the Board for said entered, publication is not later than the 1st day of April and the 1st another year was authorized in the bill as it day of October of each year, on blanks furnished by the Post Office Depart- passed the ment, a sworn statement setting forth the names and Post Office addresses Senate on July 23. The conference report cutting off the of the editor and managing editor, publisher, business manager, and appropriation was agreed to by the Senate on and owners, and in stockholders, August 22 addition the if the publication be owned by by the 23rd inst. a corporation, and also the names of known bondholders, mortgagees, or House on the other security holders; and also, in the case of daily newspapers, there —The Army Appropriation Bill, free from the provision in shall be included in such statements the average number of copies of each would issue of such publication sold or distributed to paid subscribers during the the original bill which have legislated Major-General preceding six months. Wood out of office of Chief of Staff of the Army (and which Provided, that the provisions of this paragraph shall not apply to re- was.vetoed on June 17) was signed President Taft on ligious, fraternal, scientific by the temperance and or other similar publications. 24th statement Provided further, that it shall not be necessary to include in such state- inst. In a with regard to the new bill, given ment the names of persons owning less than 1 per centum of the total amount out on the 25th, Secretary of War Stimson said: of stocks, bonds, mortgages, or other securities. "I am well satisfied with the outcome of the Army Bill. Not only have A copy of such sworn statemeht shall be published in the second issue the propositions which the War Department deemed injurious been practi- of such newspaper, magazine, or other publication printed next after the cally all eliminated, but some Important constructive legislation has been filing of such statement. Any such publication shall be denied the privi- enacted. The bill is almost in every respect a far better bill than the one eges of the mall if it shall fail to comply with the provisions of this para- which came before the President the last time. The two proposals which graph within ten days after node° by registered letter of such failure. were introduced in conference are both gone, namely the limitations placed That all editorial or other reading matter published in any such news- upon the President's choice of his Chief of Staff,whichwould have rendered paper, magazine or periodical for the publication of which money or ineligible Generals Wood and Funston, Colonel Gocthals and many other other valuable consideration is paid, promised, shall accepted,or be plainly able officers, and, secondly, the provision which tied up the hands of the marked "advertisement." Any editor or publisher printing editorial or Secretary of War in dealing with posts. other reading matter for which compensation is paid, accepted, or promised, "The House proposition to cut down the army by five regiments of without so marking the same, shall upon conviction in any court having cavalry has gone, also the big cut in the number of Major-Generals and jurisdiction be fined not less than fifty dollars ($50) nor more than five Brigadier-Generals of the line and in the perpetuation of the Adjutant- hundred dollars ($500). General's staff corps in the General Staff.

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"The provisions of the former bill In regard to detached service, which Buffalo, the bankers continuing by the new palatial steamer would have seriously hampered the work of the Philippines Constabulary City of III., thus making a delightful water trip have been modified so as to remove Detroit and the engineers of the Panama Canal, Sunday morning that objection. across Lake Erie, arriving in Detroit "On the other hand, a consolidation has been effected of the quarter- at 10 o'clock. Reservations are rapidly being made by for masters, subsistence and pay corps, a reform which has been pressed the bankers who desire to go this way. The "Blue Sec- many years, and which will, I believe, result in much economy of effort and In greater simplicity and efficiency In those three lines of army adminis- tion" train for the "last minute" delegates will leave New tration. York Sunday, Sept. 8, at 5 p. m. and arrive in Detroit such "There are some features of consolidation which I do not approve, at 7:15 a. m. Monday. This train will be a section of as the reduction In the number of officers by 40, a result which will not only reduce to that extent the total number of officers of the army, but the famous "Wolverine" train. Reservations can be se- will tend to clog promotion in the line. I am, however, assured by the cured on either the "White" or "Blue" section trains at leaders of both Houses that remedial legislation which will to a certain extent offset this will be favored by them next winter. The creation of a 1216 Broadway. service corps is another reform which has been urged by the War Depart- —For the benefit ofthe many bankers in New York, Phila- ment, and which will, I believe, result In more economical and effective administration. delphia, Baltimore, Washington and other cities in the East "The most important item of legislation, however, in my opinion, is the who desire to attend the 38th annual convention of the is a taking of the first step toward creating a regular army reserve. This American Bankers' Association, the Pennsylvania RR. Co. most satisfactory outcome of the long contest over the length of term of enlistment. At present, while the regiments of the regular army arc kept has arranged a special tour to and from Detroit at special at half strength in time of peace, there is no provision made by law for rates. The route traversed by the tour covers a scenic route filling their ranks in case of war." between the principal cities of the East and Detroit. West- Congress —Under the bill passed at the late session of bound, the Pennsylvania Railorad has arranged a train Senators and three Repre- creating a commission of three scheduled to leave New York and other cities in the early conditions under which the sentatives to investigate the evening (both Saturday the 7th and Sunday the 8th), purchase American-grown governments of foreign countries arriving in Detroit the following morning. Eastbound, the been appointed: Representatives tobacco, the following have special train will leave Detroit at night and traverse the pic- Charles M. Stedman of North Henry D. Flood of Virginia; turesque portion of the Pennsylvania system by daylight William B. McKinley of Illinois; Senators Carolina and the following day, arriving in New York in the early evening. of Virginia, Henry C. Lodge of Massa- Thomas S. Martin This special train will be of the highest grade of all-steel Frank B. Brandegee of Connecticut. The bill chusetts and equipment and the counterpart of the famous "Pennsylvania Senate on providing for the commission was passed by the Special"—the 18-hour train between New York and Chicago. 24. August 7 and by the House of Representatives on August The number of persons that can be accommodated will be Its text is as follows: strictly limited. Letters and reservations for space and Be It Enacted, &c., That a commission consisting of three Senators tickets may be addressed to Jas. P. Anderson, Assistant to be chosen by the President of the Senate, and three Members of the General Passenger Agent, Philadelphia, or to Colin Studds, House of Representatives, to be chosen by the Speaker, is hereby cre- ated; such commission is empowered to investigate the conditions under District Passenger Agent, and William Pedrick Jr., Assistant which the governments of foreign countries purchase American-grown District Passenger Agent, 263 Fifth Avenue, New ,..York between tobacco, and whether there is any combination or understanding City. the representatives of said foreign governments with a view of depressing the price of the American-grown tobacco. The commission shall report —A report gained currency this week that the Guaranty the results of its investigations to the Congress. The sum of $10,000 to defray the expenses of the commission, including the expenses of wit- Trust Co. of this city would in the near future absorb the nesses and clerical work, is hereby appropriated, to be paid out of the Standard Trust Co. of 25 Broad St. This is a revival of the Treasury. old rumor which started last March, when James 11. Pratt —Judge Robert W. Archbald, of the United States Com- retired as Vice-President of tile Guaranty Trust to become merce Court, who is to be tried under articles of impeach- Vice-President of the Standard Trust. At the same time ment in December, has asked Chief Justice White of the Charles H. Sabin, Vice-President of the Guaranty, and Albert United States Supreme Court to temporarily relieve him of H. Wiggin, a director of the Guaranty and President of the duty. Judge Archbald has performed none of the duties of a Chase National Bank, were elected directors of the Standard. member of the Court since the charges against him were That no formal steps have been taken toward this end is brought by the Judiciary Committee of the House of Repre- evidenced by this statement, issued yesterday by Charles sentatives. H.Sabin of the Guaranty Trust Co.: —The nomination of Albertus It. Baldwin of Connecticut "There has absolutely been no proposition made by the to be Chief of the new Bureau of Foreign and Domestic Guaranty Trust Co. to the Standard Trust Co. along lines Commerce in the Department of Commerce and Labor was of a merger or a purchase up to this date. Whether there sent to the Senate by President Taft on the 23d inst. and will be one made in the future I am not in any position to confirmed by that body on the 24th. Oscar P. Austin and say. The matter has never been brought before our board Etherd A. Brand are the assistant chiefs. The new bureau is of directors in any shape, form or fashion." a consolidation of the Bureau of Manufactures and the It was also stated publicly last week that the Guaranty Bureau of Statistics in the Department of Commerce and Trust Co. will increase its capital stock from $5,000,000 to Labor. Mr. Austin was formerly Chief of the Bureau of $10,000,000 at the next meeting of the board, Oct. 1. While Statistics and Mr. Baldwin was formerly Chief of the Bureau no official confirmation could be had yesterday, it is inti- possi- of Manufactures. mater in well-informed quarters that there is a strong bility that this will be done. —The names of those who are to deliver addresses at the general session of the convention of the American Bankers' —Henry G. Lewis, Treasurer of the Hudson Trust Co. of Association, which takes place the week of Sept. 9 at Detroit, this city, died on the 24th inst. after a brief illness, of pneu- were announced this week. Hon. Robert W. Bonynge of monia. His death occurred a few days after his return from Denver, member of the National Monetary Commission, will a trip abroad, where his illness had developed. Mr. Lewis discuss the subject of "Banking and Currency Reform"; was thirty-five years of age. Prior to his connection with Charles A. Conant of New York City will speak on "Land and the trust company he had been Cashica of the Consolidated Agricultural Credits"; Andrew M. Soule, President of the National Bank, now the National Reserve Bank. He was and Georgia State College of Agrculture and Mechanic Arts, and Secretary and director of the Jones Change Register Co. United States Senator William Alden Smith, whose topics Treasurer of St. David's Society. are not made known, will also address the convention. —George W. Close, President of the Commercial Savings Bank & Trust Co. of Toledo, died suddenly on the 24th inst. —A large delegation of bankers—the forerunners to the Mr. who was sixty-two years of age, had been President thirty-eighth tinnual convention of the American Bankers' Close, of institution for two years. Association which will assemble in Detroit during the week the of Sept. 9th—departed from this city last Saturday on the —The State Bank of Italy, designed to cater to the Italian on New York Central Lines "Red Section" train en tour to population of Chicago, opened for business the 19th inst. Yellowstone Park, Salt Lake, the Colorado Rockies and in quarters at South Halsted and Taylor Streets that city. Detroit. This tour was arranged at the request of a large The institution has a capital of $200,000 and surplus of number of bankers and friends who participated in the trip $50,000 and is under the management of P. • Schiavone, to Los Angeles and the Canadian Rockies in 1910 and trans- President; Dan J. Schuyler Jr., Vice-President; Fred. A. continental trips in other years, when Charles Eliot Warren, Farnham, Cashier, and Michael Schiavone, Assistant Cashier. Cashier of the Lincoln National Bank, this city, was chair- It is stated that the bank is the first of its kind, operating man of the Transportation Committee. under the Illinois banking law, to open in Chicago. • The "White Section" train of the New York Central Lines —Judge Martin B. Koon, Vice-President of the North- will leave New York Saturday, Sept. 7, at 10:30 a. m., for western National Bank of Minneapolis, and a prominent

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 524 THE CHRONICLE [VoL. Lxxxxv.

factor in the development of the city, died on the 20th inst. after a brief illness. Judge Koon was born in New York grtnxnxercial and XiscelanconsBatIg State, at Altay, in 1841, but while he was still a young boy his parents moved to Michigan. He was admitted to the Breadstuffs Figures brought from page 559.-The state- Michigan • bar in 1868 and from 1870 to 1874 was County ments below are prepared by us from figures collected by Attorney at Hillsdale. In 1878 he located in Minneapolis and the New York Produce Exchange. The receipts at Western his activity in promoting the interests of that city dated lake and river ports for almost immediately from the time he took up his abode the week ending last Saturday and August ). there. He became identified with the Northwestern Na- since for each of the last three years has been: tional in 1881, and for nearly thirty-one years had held the office of senior Vice-President. From the time of its Receipts at- Flour. Wheat. Gorn. Oats. B irley. Rye. organization in 1883 until his death, he was also First Vice- bbls.19610s bush. GO lbs bush 56 lbs bush. 32 lbs. bush.48Ibs bu.56 lbs. Chicago _ _ _ 117,515 1,554,50( 1,116,750 3,194,80( 215,300 50,400 President of the Minnesota Loan & Trust Co. For the Milwaukee_ _ 49,185 342,800 118,080 228,601 202.800 35,200 period from Duluth 23,190 37,07: 18,75. 33,8711 34,667 1883 to 1886 he served as Judge of the Fourth Minneapolis_ 1,784,940 34,260 293,800 458,370 180,770 Judicial District of Minnesota. With his resignation from Toledo 462,000 41,100 328,50(' Detroit 5,200 3,000 34,70( 43,20 the bench he resumed the practice of law, and was senior Cleveland _ 854 7,610 39,411 18,91: 750 St. Louis_ _ 38,510 1,366,761 350,440 555,900 17,600 7,700 Member of the law firm of Koon, Whelan & Hempstead. Peoria 32,000 61,000 314,713 398,750 12,400 6,000 He had been President of the Minneapolis General Electric Kansas City 1,720,800 157,200 222,700 Co. before its sale, and was a director of the Great Western Total wk.'11' 266,454 7,340,483 2,206.655 5,303,950 041,099 314,737 Same wk.'11 346,473 4,789.791. 3,908,634 3,624,741. 1,435,052 243,948 Elevator CO., the Electric Steel Elevator Co., the Russell- Same wk.'10 349,017 7,878,955 3,858.890 8,270,20C • 959,813 101,681 Miller Milling Co., the Twin City Rapid Transit Co., the Since Aug. 1 Electric Malting Co. and the George W. Van Dusen Co. 1912 ____ 1,164,824 29,675,463 9,013,44( 18,424,13: 2,198,497 854,742 1911 1,279,811 23,418,581, 11,097,601 18,763,78( .2,538,630 636,908 -The directors of the Grand Rapids Savings Bank of 1910 1,397,489 36,469,443 11,869,09( 34,798,277 2,521,55)) 356,664 Grand Rapids, Mich., have recommended that the capital be increased from $200,000 to $250,000. Charles W. Total receipts of flour and grain at the seaboard ports for Garfield, heretofore President of the bank, was this week the week ended Aug. 24 1912 follow: elected Chairman of the Board, and United StatesSenator Flour. Wheat, Corn, Oats, Barley, Rye, Smith made President. Receipts al- bbls. bush, bush. bush, bush. bush.' William Alden was Frank S. New York 140,090 741,300 30,375 770,125 Coleriian, who retains the cashicr.ship, has also become Boston 33.756 284,023 108,416 715 Philadelphia 20,818 514,861 25,000 259,624 First Vice-President, succeeding Mr. Smith. In futherance Baltimore 22,553 422,441 30,598 165,538' 2,784 Richmond of the plan to enlarge the directorate from 15 to 18 members, New Orleans._ _ _ _ 38,843 314,800 87,000 134.300 two new directors were placed on the board this Galveston 387,000 1.000 10,000 week, viz.: Mobile 5,000 600 1,000 Adolph H. Brandt, who in addition was elected Second Montreal 63,405 1,136,002 55,789 485,515 53,403 St. John Vice-President of the bank, and Henry Herpolsheimer. 2,346 1,154 Mr. Brandt Total week 1912 326,811 3,801,027 230,762 1,934,672 53,403 3,499 resigns as Cashier of the Kent State Bank of Since Jan. 1 1912 10873.691 74,745.948 26,200,838 32,144,7843,033,329 302,072 Grand Rapids. Week 1911 394,776 3.030,919 369,133 1,632,720 45,746 1,486 Since Jan. 1 1911 11905,737 51,814,478 50,342,172 37,207,2762,795,231 377,901 -Clarence H. Howard, President of the Commonwealth * Receipts do not include grain passing through New Orleans for foriegn ports Steel Co.,has .been elected a director of the Boatmen's Bank on throtuh bills of lading. of St. Louis, to succeed Robert McKittrick Jones,r esigned. The exports from the several seaboard ports for the week The latter's resignation, it is stated, was due to his added ending Aug. 24 are shown in the annexed statement: duties as Chairman of the Building Committee of the Railway Wheat, Corn, Flour, Oats, Rye, Barley, Peas. Exchange Building. Exports from- bush. bush. bbls, bush, bush. bush. bush. New York 469,490 24,055 81,976 31,755 16,912 3,373 . -B.F. Yoakum, Chairman of the board of directors Boston _ 395,196 3,353 of the Philadelphia ____ 197,000 2,000 St. Louis & San Francisco RR., has been elected a director Baltimore 212.684 26,114 5,630 New Orleans__ __ 152,000 1,600 29,470 700 GOO of the Canal-Louisiana Bank & Trust Co.'of New Orleans. Galveston 241.000 9,301 Mobile 600 1,000 5,000 Montreal 720,000 31,000 244.000 33,000. St. John 2,346 1,154 Total week _2,387,970 53,369 170,076 277,609 49,912 3,773 Monetavg3ConxinerrialK•nglisitBenis Week 1911 2,576,629 305,527 208,241 249,626 1,657 The destination of these exports for the week and since English Financial Markets-Per Cable. July 1 1912 is as below: The daily closing quotations for securities, &c., at London, -Flour Wheat---Corn reported by cable, Since Since Since as have been as follows the past week: Week. July 1 Week July 1 Week July 1 London. Erports for week and Aug. 24. 1912. Aug. 24. 1912. Aug. 24. 1912. bush. Week ending Aug. 30. Sat. Mon. Thurs. Fri. Since July Ito- bbls. bbls. bush. bush. bush. Tues. Wed United Kingdom__ 61,903 637,365 1,527,979 9,328,605 25,714 26,714 Silver, per oz d. 287% 28 9-16 289-4 28 7-16 23 11-16 28 13-16 Continent 119,037 855,641 5,834,784 14,000 Consols, 74 17,332 235 per cents 7534 75 75 7-16 7534 75 7-16 So.& Cent. Amer_ 24,759 203,390 3,750 170,372 3,074 202,209 For account 7534 75 7-16 75 7-16 7534 75 11-16 West Indies 68,977 253,280 GOO 3,675 23,377 262,050 French Mentes (in Pads)__fr. 92.70 92.50 92.65 92.75 92.75 Brit. No. Am.Cols_ _ 2,105 5,233 • 1,125 Amalgamated Copper Co_ _ _ _ 907% 907% 9134 907% 8934 Other Countries__ _ 46,440 2,000 1,204 11,332 Am.Smelt. & Refining Co _ 90 9035 00 c8854 587% b Anaconda Mining Co 93, 954 97% 9% 935 Total 1,264,745 2,387.970 15,339,436 53.369 517,430 Ateh. 170,076 Topeka & Santa Fe...._ 1114 1113,( 11231 111% 111% Total 1911 208.241 1,313,381 2,576.629 13,642.553 365.527 3,857,814 Preferred 105 105 105 105 105 Baltimore & Ohlo 11054 11034 11094 110% 110% The world's shipments of wheat and corn for the week Preferred 89 8935 90 90 89% Canadian Pacific 2793,1 28094 2843.1 c28335 2827% ending Aug. 24 1912 and since July 1 1912 and 1911 areshown Chesapeake & Ohio 837% 83% 8431 8434 8435 Chicago Great Western 19 1954 1934 1934 19% in the following: Chicago MUw. & St. Paul__ _ 109 10894 10934 1094 1094 Denver & Rio Grande 2234 2234 2234 22;5 22% . Preferred 40 40 40 40 40 Wheat. Corn. Erie 3834 38 387% 38 37% First preferred 553,5 557% 557% 55% 55% Exports. 1912. 1911. 1912. 1911. Second preferred 46 46 46 46 46 Great Northern, preferred 0 1427% 14234 14394 143% 142% Week Stnce Since Week Since Illinois Since Central 13454 134% 13434 134% 134% Aug. 24. July 1. July 1. Aug. 24. July 1. July 1. Louisville & Nashville 17134 17134 171% 171% 168% Missouri Kansas & Texas 2934 2935 aox. 29% 29% Bushels. Bushels. Bushels: Bushels. Bushels. Bushels. , Preferred 64 64 65 65 65 North Amer. 3,568.000 24,104,000 22,856,000 59,000 3,088,000 Missouri Pacific 39 3935 3935 39% 40 0 Russia 2,224,000 14,391,000 19,776,000 357,00( 2,593,000 12,309,000 Nat. RR.of Mex., 1st prof 68 68 68 68 68 Danube 1,568,000 7,336,000 8,040,000 5,620,000 16,771,000 Second preferred >4 459,00( 32 319,1 32 31;5 31% Argentina _ _ 224,000 15,140,000 10,800,000 3,832,00C 47,102,000 N. Y. Central & Mud. Riv_ ' 11835 119 119 119 11894 Australia• _ _ 1,096,000 3,864,000 7,752,000 N. Y. Ontario & Western_.._ 4 387% 3835 383,1 38 38 India 1,163,00( 16.280,000 11,666,000 Norfolk & Western 0 121 121 12135 121% 121 0th. 184.00( 1,382,000 1,398,000 Preferred 0 91 91 91 r-- Northern Pacific 13135- 13134 1327% 132 131 3-5- 'nn:12 non Q" 1703 OP() R‘).99g 000 nts.001 55 :374.000 32.168,000 a Pennsylvania 63% 64 64 64 637% a Reading Company 8634 87 88 87% 8735 a First preferred 46 40 46 46 46 The quantity of wheat and corn afloat for Europe on dates a Second preferred -49;5 4934 49% mentioned was as Rock Island a4. 2634 267% 274 2.i.ii follows: Southern Pacific 11434 11335 11494 114% 11494 Southern Railway 314 3135 3194 31% 3154 Preferred 82 827% 8234 82% 825.4 Wheat. Corn. Union Pacific 17534 1757% 1763.4 176 1767% . Preferred 9354 937% 9334 93% 9354 ' United United 11.8. Steel Corporation 7534 763,1 77 c753.5 7535 Kingdom. Continent. Total. Kingdom. Continent. Total. Preferred 1167% 1164 116% 116% 1164 Wabash. 434 434 435 435 434 Bushels. Bushels. Bushels. • Bushels. Bushels. Bushels. • Preferred • 144 1435 1494 14% 1494 Aug. 24 1912_ 19,610.000 15,264,000 34,004,000 0,095,900 25,534,000 34,629,000 Extended 4s 70 70 70 70 70 Aug. 17 1912_ '1,072,000 12,832,000 33,904,000 8,517,000 24,046,000 32,563,000 - Aug. 26 1911_ '1.968,000 16,520,000 38,488,000 3,723,000 3.936,000 7,1359,000 a Price per share. 9£ sterling. c Ex-dividend. t., eon one 7 Ion nno 07 5140 OAP 11 19g non ^1.165.000

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis r AUG. 31 1912 THE CHRONICLE 525

DIVIDENDS. Per When B mks Closed.. Name of Company. Cent.. Payable. Days Inclusive. following shows all the dividends announced for the The MIscelltneotts (Concluded). future by large or important corporations: General Chemical of Calif., 1st pf (qu.)- - 134 Oct. 1 Holders of rec. Sept. 20 Dividends announced this week are printed in italics. General Electric Mara 2 Oct. 15 Holders of rec. Sett. 7a d Great Lakes Towing, pref. (guar.).- - - 134 Oct. 1 sent. 17 to Oct. 1 Great Northern Paper (guar.) 14 Sept. 1 Aug. 18 to Sept. 2 Per When Books Closed. Greene Cananea Copper 25e. Aug. 31 Wirier. of roe Atia.14a Name of Company. Cent. Payable. Days Inclusive. Harbison-Walker Refract., corn. (quar.)_ % Sept. 2 Holders of rec Aug. 20 Harrison Bros. & Co., Inc. pref.(quar.)- I Jet. I -cot. L(3 to Oct. 1 Railroads (Steam). IndcPendent Brewing of Pittsb., pref_ _ 14 Aug. 31 Aug. 20 to Aug. 30 Atch. Top. & Santa Fe, corn .(qua(No.29) 14 Sept. Holders of rec. July3la Indiana Lighting 1 Oct. I sent. 21 to Sept:30 Atlantic Coast Line Co., common (guar.) 3 Sept. 10 Aug. 31 to Sept. 9 Internat. Harvester, pref. (au.) (No. 22, 1% ,ept. I Holders of rec. July 313 Baltimore & Ohio. common 3 Sept. 3 Holders of rec. Aug. to International Nickel, common (guar 3- 534 Sept. 3 Aug 14 to SePtt 2 Preferred 2 Sept. S Holders of rec. Aug. la Internat. Smelt. & Rig. (qu.) (No. 13)_. 2 Aug. 31 Aug. 22 to Sept. Boston & Albany (guar.) 2 Sept. 30 Holders of rec. Aug.31a Intern. Smokeless Pow.&Chem.,com.(qu) 34 Oct. 1 Holders of rec. Sept.20a Boston & Maine, common (guar.) 1 Oct. 1 Holders of rec. Aug.31a Common (extra) 1 Oct. 1 Holders of rec. Sept.20a Preferred 3 Sept. 3 Holders of rec. Aug.150 Preferred 4 Nov. 15 Holders of rec. Nov. 5a Canadian Pacific, com.(quar.) (No. 65)- - 24 Oct. 1 Sept. 1 to Oct. 2 Kings County El. L. Sc P.(9u.) (No. 50)- 2 Sept. 3 Holders of rec. Aug.21a Preferred 2 Oct. 1 Sept. 1 to Oct. 2 Laclede Gas Light, common (guar.) 134 Sept. 1( Sent. 1 to Sept. 15 Chesapeake & Ohio (guar.) 14 Sept. 30 Holders of rec. Sept.6a Lake of the Woods Milling, Ltd., corn. 2 Sept. 3 Holders of rec. Aug. 21 Chestnut Hill (quar.). 14 Sept. 4 Aug. 21 to Sept. 3 Preferred (guar.) 134 Sept. 3 Holders of rec. Aug. 21 Chicago Milwaukee & St. Paul, common. 24 Sept. 3 %tar. 13 to Sept. 29 Lehigh Coal Sc Nay.(guar.) (No. 135) - 2 Aug. 3, Holders of tee. July3la Preferred 334 Sept. 3 tug. 13 to Sept. 29 Mackay Companies, corn. (qu.)(No. 29) 134 Oct. 1 Holders of rec. Sep. Ila Chicago & North Western, corn.(quar.)_ 1% Oct. 1 Holders of rec. Sept. 3a Preferred (guar.)(No. 35) 1 Oct. I Holders of rec. Sep. lla Preferred '(ilier.) 2 Oct. 1 Holders of rec. Sept. 3a blahoning Investment 14 Sept. 13 Holders of rec. Aug.23 On. N. 0. & Tex. Pee., pref. (quar.)- 14 Sept. 2 fielders of rec. Aug. 24 May Department Stores, corn. (quar.)-. 1% Sept. I Holders of rec. Aug•r5 Cleve. & Pittsb., reg. guar (guar.) 1% Sept. 3 Holders of rec. Aug.10a Middle 'West Utilities, pf.(qu.) (No. 1)- - 14 Sept. 1 Holders of rec. Aug.15a Aug,10a Special guaranteed (quar.) 1 Sept. 3 Fielders of rec. Montreal Cottons, cont. and pref. (guar.)_ 134 opt. If Cripple Creek Cent., cont.(qu.) (No. 11). 1 Sept. I Holders of rec. Aug. 17 Muskogee Gas dc Elec., pref. (guar.) 134 eat. 1( Holders of rec. Aug.31a Preferred(quar.) (No. 27) 1 Sept. 1 Holders of rec. Atig.17a National Biscuit, corn.(guar.) (No. 57)- - 134 Jct. 16 Holders of ree.Sept.28a Delaware & Hudson Co. (guar.) 24 Sept. 20 Holders of rec. Aug.28a Preferred (guar.) (No. 58) 134 ,tig. 31 Holders of rec. Aug.17a Grfind Trunk, guaranteed 2 1• Nat. Enam. Sc Stamp., pref. (guar.). 134 .pt. 3( Holders of rec. Sept.10a First and second preference 24 I National Lead, corn. (guar.) 84 "Pt It Sept. 14 to Sept..17 Illinois Central (No. 115) 334 Aug. 31 Holders of rec. Aug la Preferred (guar.) ,nt If Aug. 24 to Aug. 27 Mimi. St. P. & S.S.M..com.&pfd.(No.19) 334 Oct. 15 Holders of rec.Sent.20a National Transit (guar.) 75, lr 'ept. 1 to Sept. 15 N. Y. Chicago & St. Louis. tat & 2(1 pref. 24 Aug. 31 Holders of rec. Aug. la Nevada C,onsol!detect Copper (quar.)_ _ _ 3714c Sept. 30 sent. 7 to -ept. 11 N. Y. N H. & Hartford (guar.) 2 Sept. 30 Holders of rec. Sept.90 New England Telep. & Teieg.(quar.)- - - - 134 t `folders of rec. Sept. 10 Norfolk Snithern (guar.) 34 Oct. 1 )folders of rec. Sep. 14a N. Y. & Queens El., L.&P., pref. (guar.) 1 ;Kit. 1 Holders of rec. Aug.23a Norfolk Sc Western, common (Guar.) _ 14 Sept. 19 Holders of rec. Atig.31n New York Transit (quar.) 510 dolueis of rec. Sept. 21 Pennsylvania (guar.) 14 Aug. 31 Holders of rec. Aug. ba Niles-Bement-Pond, common (:111-ar.)-- -. 14 e ,t. C Sept. 13 to Sept. 20 Phila. Germ. & Norristown (quar.) 3 Sept. 4 kua. 21 to Sent. 3 North American Co.(guar.) (No. 34)- 14 tet. I Holders of rec. Sent.154 Pitts. Youngs. & Ashtab. corn. & pf.(qu.)_ 1% Sept. 3 Holders of rec. Aug.20a Ogilvie Flour Mills, Ltd., pref.(quar.).... 1% Sept. 2 Holders of rec. Aug. 20 Reading Company, first pref. (quar.)___. 1 Sept. 12 Holders of rec. Aug 27a Ohio Oil (guar.) $1.25 Sept. 20 Aug. 25 to, _Sept. 9 St. Joseph South Bend & Southern, corn_ _ 1 Sept. 16 Sept. 11 to Sept. 16 Pabst Brewing, preferred (quar.) 134 Sept. If Sept. 1 to Sept. 15 Preferred 24 Sept. 16 Sept. 11 to Sept. 16 Philadelphia Electric °Nara 264c Sept. 14 fielders of rec. Aug.21a St. Louis Rocky Mtn. dr Pee. pref.(No. 1) 14 Aug. 31 tug. 11 to Sept. 2 Pittsburgh Steel, preferred (guar.) 13.4 Sept. 1 Holders of rec. Aug. 17a Southern Pacific (guar.) (No. 24) 14 Oct. 1 Holders of rec. Sept. 9a. Porto Rican-American Tobacco 4 Sept. 5 Aug. 16 to Sept. 14 Union Pacific, common (quar.) 24 Oct. 1 Sept. 10 to Oct. 8. Prairie Oil ec Gas (guar.) 6 Sept. H Holders of rec. Aug.31a Preferred 2 Oct. 1 sent. 10 to Oct. 8: Pure Oil, common (quar.) 24 -Sept. 1 Aug. 15 to Aug. 31 Utica & Black Rivet 334 Sept. 30 Holders of rec. Sept.14a: Extra 254 Sept. 1 Aug. 15 to Aug. 31 Wisconsin Central, preferred 2 ,Oct. 1 Holders of rec. Sept. 7a, Quaker Oats, common (quar.) 24 Oct. 15 Holders of rec. Oct. la Street and Electric Railways. Preferred (guar-) 134 Aug. 31 Holders of rec. Aug. la American Railways (guar.) 14 Sept. 16 Aug. 30 to Sept. 1 Preferred (guar.) 114 Nov. 3( Holders of rec. Nov. la Arkansas Val. Ey., L. & P., pref. (gu.).... 1% Sept. 16 :Ioiders of rec. Aug.31a Quincy Mining (quar.) $1.25 Sept. 23 Holders of rec. Aug. 28 Brock. & Plymouth St. fly., pref.(No. 7) 3 Sept. 16 Holders of rec. Aug.302 Railway Steel-Spring, pref. (gnar.) 134 Sept. 20 Sept. 7 to Sept. 20 Brooklyn Rapid Tran.sit (guar.) 14 Oct. I Holders of rec. Sept. 9 Sears, Roebuck dc Co., preferred (guar.)._ _ Oct.134 1 Holders of rec. Sep. 14a Chicago Elevated Rye., pref. (quar.).- - - 14 Sept. 2 Holders of rec. Aug.21a Southern Pipe Line (quar.) 88 Aug. 3, Holders of rec. Aug. 15 Chicago Rye. Participation Ms.. Ser. 1.. $6 Oct. 1 Holders of rec. Aug 2a South Penn Oil 10 Sept. 14 Aug. 27 to Sept 15 Chippewa Valley fly.,. Lt. & P., pf. (atl.) 1% Sent. 1 Holders of rec. Aug.31a Standard Gas & Electric, pref. (guar.).-- - 2 -,ept. It ticklers of rec. Aug.31a Columbus(0.)Ity., corn •(ltr.) (Nn. 37)- - - 14 Sept. 2 Holders of rec. Aug.15a Standard 011 of Indiana (attar.) 3 Aug. 31 Holders of rec. July3la Connecticut Valley Street fly., pref 3 Sept. 1 Holders of rec. Aug.14a Standard Oil of New Jersey (quar) 5 Sept. lb Holders of rec. Aug.19a Detroit United fly. (guar.) 14 Sent. 3 Holders of rec. Aug.160 Stern Brothers, Pref. (oust.) (No. 7)- - - 1 34 cut. JO to Sent. 1 Elmira Water, Light & RR. preferred 24 Sept. 1 Aug. 23 to Sept. 1 Studebaker Corporation. prof. (guar.). _ _ 134 Sept. 3 Holders of rec. Aug. 15a Federal Light & Tree.. nref.' OM.) (No.9) 14 Sept. 3 Holders of rec. Aug. 15 Union Stock Yards, Omaha (guar.) 14 ,ept. 1 tug. 12 to Aug. 31 Ft. Wayne dc Nor. Ind. T ac., pref.(guar.) 14 Sept. 3 tug. 23 to Sept. 2 United Cigar Mfrs., prof. (quar.) 134 tug. 31 Homers of rec. Aug.7611 Louisville Traction, common (guar.) 1 Oct. 1 Sept. 11 to Sept. 15 United Dry Goods Cos , pref. (quar.)- - - 1% Aug. 31 Holders of rec. Aug.24a Preferred 24 Oct. 1 Sept. 11 to Sept. 15 U.S. Envelope. preferred 354 Sept. It• tug. 18 to. Sept. 2 Northern Ohio Tree. & LI;ht, corn. (qu.) 1 Sept. 15 Holders of rec. Attg.31a II. S. Steel Corp., corn. (quar.) 114 Sept. 2$ Sept. 1 to Sept. Non-Texas El. Co.,corn. (qu.) (No. 12)-_ 1% Sept. 3 Holders of rec. Aug.15a Utah Copper (guar.) (No. 17) 75e. Sept. 3U Sept. 7 to Sept. 11 Preferred (No 11) 3 Sept. 3 Holders of rec. Aug.15a 'Woolworth (F. W.),common (No. I).. 1 opt. tiolders of rec. Aug.31a Philadelphia Company, preferred 24 Sept. 2 Holders of rec. Aug.100 Preferred (oliar.) (No. 3t------1 rinIders of roe. SentlOa Portland (Ore.) fly., L. Sr P.(qua (No.7) $1 Sept. 3 Holders of rec. Aug. 12 rwister (ice not 0.,40,1 tor UM 411V newt 0 Less tot I/111e d uirreetion. Rochester fly. & Light„ pref. (guar.)._ _ 14 Sept. 3 Holders of rec Aug.27a m Aug.15a Transfers received in London not later than Sept. 18 will be in time for payment St. Jos. Ry., L.,H.&.P.,com.(qu .)(No16) 1.6 Aug. 31 Holders of rec. of Second & Third Sts. Pass., Phila. (attar.) $3 Oct. 1 Holders of rec. Sept. 2a dividend. Tennessee fly., Lt. & & Pow., pf.(No. 1) 114 Sept. 3 tug. 21 to Sept. 2 Terre Haute Tract. & Light,. pref 3 Aug. 31 tug. 22 to Sept 2 -The new Philadelphia banking firm of Snowden, Barclay Washington(D.C.) Ry.&Elec., coin. (qu) 1 Sept. 1 Aug. 18 to Aug. 19 Preferred (quar.) 14 Sept. 1 Aug. 18 to Aug. 19 & Moore will open for business Sept. 3 at 123 South Broad W est Penn. Tr. & Wat. Pow., pf. (gu.) 14 Sept. 16 Sept. 7 to Sept. 16 St. The members of the partnership are: C. Randolph Whatcom County fly. & Lt., pf. (No.18) 3 Aug. 31 Holders of rec. Aug.28a Banks. Snowden, formerly resident partner of Walter C. Stokes & 'Chemical National (ht-momthly) 234 Sept. 1 Aug. 25 to Aug. 31 Co. of New York; William K. Barclay, who is one of the Trust Companies. Exchange Citizens', Brooklyn (No.8) 3 Sept. 1 Holders of rec. Aug. 20 Board of Governors of the Philadelphia Stock Miscellaneous. and formerly a member of De Silver & Barclay of Philadel- Adams Express (guar.) $3 Sept. 3 Aug. 13 to Sept. 2 phia, and J. Clark associated for American Coal 3 Sept. 3 Holders of rec. Aug.31a Moore Jr., who has been American Express (guar.) $3 Oct. 1 Holders of rec. Aug.31a over twelve years with Chandler Bros. & Co. of Philadelphia. American Gas (quar.) 134 Aug. 31 Holders of rec. Aug.20a Snowden, Barclay & the New York American Locomotive, preferred (guar.)__ - 1% Oct. 21 Sept. 22 to Oct. 20 Moore are members of Amer. Pneumatic service, 1st prof 3 ti gent. 3° Sept. 6 to Sept 30 and Philadelphia Stock Exchanges. Second preferred 1 Sept. 30 sent. 6 to Sept. 30 American Radiator, common (quar.)_ _ _ 2 Sept. 30 5ept. 22 to Sept. 30 - Am. Smelt. & Rfg., corn.(an.) (No. 36) _ 1 Sept. 16 Aug. 31 to Sept. 8 Auction Sales.-Among other securities, the following, not Preferred (quar.) (No 53) 1.34 Sept. 3 Aug. 13 to Aug. 21 dealt Exchange, were recently sold at American.Sumatra Tobacco, preferred_ _ 334 Sept. 1 Aug. 21 to Sept 2 usually in at the Stock American Sugar Refining, com.&pf.(qu.) 1% Oct. 2 Holders of rec. Sept 3a auction in New York, Boston and Philadelphia: Ainerican Telegraph & Cable (quar.). 1;4 Sept. 3 Holders of rec. Aug.310 By Messrs. Adrian H. Muller & Sons, New York: American Tobacco, common 24 sent 3 Holders of rec. Aug. 15a Common (extra) 20 tr-pt. 3 Holders of rec. Aug. 1.5a Shares. Per cent. Share.s. l'er cent. American Writing Paper. preferred... . 1 Oct. 1 Holders of roe. Sen..14a 50 Colo. Land & Impt. Co 1 650 Indianapolis Gas Co 204 Associated Merchants, corn. (guar.) 1% Aug. 31 Holders of rec. Aug. 26 200 Citizens' Gas Co. of Bridge-) $65 5 Franklin Trust Co 270 Common (extra) 34 Aug. 31 Holders of rec. Aug, 26 port, Conn. (825 elich)_ _ _ .3 lot Blackstone Val. G.&E., com.(qu.)(No. 3) $2 Sept. 3 Holders of rec. Aug. 16 Messrs. R. L. Preferred (quar.) (No. 15) $14 Sept. 3 Holders of rec. Aug. 16 By Day & Co , Boston: Borden's Cond. Milk, nref..(guar.) (No .43) 14 Sept. 15 Holders of rec. Sept. 5 Shares. $ per sh. Shares. $ per sh British-American Tobacco, Ltd 6 Sept. 30 See note nt 10 National Union Bank 218% 3 afanchesteP& Lawrence RR.Co .221 4 Brooklyn Union 09.S (quar.)(No. 46) 14 Oct. I sent. 15 to Sept. 30 13 Commonwealth Trust Ca 210 5 Nat. Fire Ins. Co., Hartford_ _ _3774 Buckeye Pine Line (guar.) 85 Sept. 16 Holders of rec. Aug. 22 I PacIfic•Mills ($1,000 par) 37674 10 Heywood Bros. & Wakefield 13utterick Comnanv (guar.) Vi Sept. 3 Holders of rec. Aug. 15a 4 Bigelow Carpet Co 1704 Co., pref. 10454 ex-div. Calumet & Hecia Mining (guar.) $12 Sept. 20 Holders of rec. Aug. 22 Central Leather, preferred (guar.) 1 )et. I Holders of rec. Sep.10a By Messrs. Francis Henshaw & Co., Boston: 6 Sept. 27 Chesebrough Manufacturing (quar.) Sept. 4 to Sept 27 Shares. S per sh. Shares. 8 per sh. 4 Sept. 27 Extra Sept. 4 to Sept. 27 40 Arlington Mills 119-1194 3,320 The New River Co., corn_ _ 1 Chicago Telephone (guar.) 2 Sept. 30 Holders of rec.Sert.21a 3 Connecticut Ry.& Lt. Co., corn.. 78 1,660 The New River Co., pref._ _ _ 15 Company,common 24 Sept. 10 Sept. 10 Childs (guar.) 4 to Sept. 2 Warren Chambers 5234 Preferred (guar.) 1% Sept. 10 Sept. 4 to Sept. 10 Cities Service, common (monthly) 1-3 Sept. 1 Holders of rec. Aug. 20 By Messrs. Barnes & Lofland, Philadelphia: Common (monthly. 1-3 )ct, 1 Holders of rec. Sept. 15 1 Shares. $ per sh. Binds. Per cent. Preferred (monthly) 4 Sept. Holders of rec. Aug. 20 a2,000 Allegheny Valley Ry. Co. (monthly) Oct. 1 Holders of 200 The Gloucester Ferry Co. ($50 Preferred 34 rec. Sept. 15 1 1st 4s, 1942 9914 Gas of Indiananolis (No. 6) Sept. 28 Sept. 13 to Sept. 28 each) Citizens 334 16 Independence Tr. Co.($50 ea.) 80 $1,000 No.Spring. Wet. Co.58,1928 99 Columbus (0.) GM & Fuel, corn.(guar.). tug. 31 Holders of rec. Aug. 15 34 7 Amer. Pipe Sc Construe. Co 844 $1000 Springfield Was. Co.5s, 1926 99 Coasolidated Gas (guar-) 114 sePt. 16 Holders of rec. Aug 14 Tree. • Balt.,com.(qu.) 1 First Nat. Bank of Phila 235 $1.000 Buff. & Lake Erie Co. Consol. Gas,El. Lt. & P., 134 Oct. 1 Holders of rec. Sept. 20 68 3 20 10 Philadelphia Nat. Bank. 460-4604 1st ref. 5s, 1936 'Preferred__ - - Oct. 1 [folders of rec. Sept. ($50 each) 50 Phil. & Erie RR. Co. 1st 5s, 814 Sept. 16 Aug. 21 to Sent. 16 15 People's Trust Co. $3,000 Crescent Pipe Line 4 Rittenhouse Tr. Co. ($50 each) 55 1920 1054 Sugar, pref.(quar.)_ _ )ct. 1 Holders of rec. Cuban-American SePt•16a 11 Wayne Title & Trust Co 126 $3,000 Steuben. az Ind. RR. Co. Deere & Co., preferred (guar.) 1% Sept. 1 Aug. 20 to Sept. 2 14 Ang.310 2 Germantown Passenger Ry--113 1st 5s, 1914 10031 Diamond Match (oilar.) Sept. 16 Holders of roc, Amer. Union pref. (guar.). Sept.20a 2 Frank. Sc Southwark Pass. Ry _375 845,000 Teleph. Co. du, Pont Internet Powder. 134 )et. 1 Sliders of rec. (Gas) Co.. corn 1554 1st 5s, 1957 (Aug. 1910 coupons 134 Oct. 1 of .20a 125 Atlantic City Preferred (extra) Holders rec. Sept 25 Enterprise Mfg. Co. vot ar.ctfs_ 1084 on) $500 lot Eastman Kodak,common (quar.) 24 Oct. 1 Holders of rec. Aug.31a 10 10 Fe(I'l HealthSrAcc.Co.($10 ca.) 1434 $3,000 The Gloucester Ferry Co. Common (extra) Oct. 1 Holders of rec. Aug.31a 5s, 1928 1911 cou- 14 Oct. Aug.31a 1st (Sept. Preferred (guar.) 1 Holders of rec. pons on) $2.800 Federal Mining & Smelting, pref.(quar.). 111 , Sept. 15 Aug. 25 to Sept. 14 14 Sept 100 shares The Gloucester Ferry lot Federal Utilities, prof. (guar.) (No. 51.. 3 Holders of rec. Aug. 15 Co.(aro each') Galena-Signal Oil, common (guar.) 4 Sept. 32 Sept. 1 to hept. 17 Preferred (quart) 2 sent. 31 Sept. 1 to Sept. I By Messrs. Samuel T. Freeman & Co., Philadelphiii 14 General Asphalt, pref. (quar.) Sept Holders of rec. Aug 15a sh.lBonds. Percent. 14 Sent. Shares. per .General • liemIcal, corn..(quar:i :3 Holders of rec. Ang.23a 20 American Pipe & CoConstruction 61,000 No. Spring.Wat. Co. 5s, 113284...90 n,,ter.ed ((noir 1_ 1 Oct. 1 rintdors, of re,. Fzont .lort Generni Cliemleat. Co 8454 $1,000 Springfield Wat. Co. 6s, 1926..99

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National Banks.—The following information regarding DETAILED RETURNS OF TRUST COMPANIES. national banks is from the office of the Comptroller of the Currency, Treasury Department: On Dep. Net Trust Cos. Surplus. Loans. Specie. Legals. withC.H Deposits. Reserve. 00$ omitted. APPLIOATION TO CONVERT APPROVED. Average. Average. Average Banks. Average. $ .oct-vmNoo...ommn‘omr.. $ Bernstadt Banking $ - 'S $ The East Co., East Bernstadt, Ky., into "The First Q % Brooklyn -_ 2432.l 18,440,0 , 401,0 2,405,0 13,880,0 14.4+14.3 National Bank of East Bernstadt." Capital. $25,000. Correspondent. mo.o.oNaococ9N=mcoNco East Bernstadt Banking Co., East Bernstadt, Ky. Bankers 15,672,9 156,444,0 31,6 15,779,0 117,988,0 15.0+11.8 U.S. Mtg.& T. 4,567,4 48,806,0 388,0 5,094.0 33,100,0 15.0+13.0 CHARTERS ISSUED TO NATIONAL BANKS AUG. 19 TO AUG. 20. Astor 1,279,1 20,056,0 0000000000000 53.0 1,677,0 14,356,0 15.2+ 9.6 Title Gu. & Tr. 12,095,9 34,219,0 1,475,0 2,312.0 21,590,0 15.3+ 9.6 10.244—The First National Bank of Duncan, Okla. Capital, $50,000; Guaranty 22,671,4 159,141,0 G. H. Connell, 1,059,0 17,238,0 116,990,0 15.1+12.8 President; J. R. Prentice, Cashier. (Conversion Fidelity 1,303,4 7,811,0 228,0 835.0 6,269,0 15.7+10.8 of the First State Bank of Duncan.) LawyersTI&T 6,273,6 20.073,0 10.245—The First National 932.0 1,844,0 15,494,0 15.4+10.6 Bank of Bradentown, Fla. Capital $40,000. Col.=Knicker 7,079.8 49,615,0 766,0 4,813,0 41,434,0 15.0+10.4 T. C. Tallaferro, President; Jno. T. Campbell, Cashier. (Con- Standard 1,389,6 16,714.0 version of The 21,0 2,053,0 15,406,0 15.4+11.7 Bank of Manatee, Bradentown, Fla.) People's 1,710,0 17,449.0 455.0 1.771,0 15,100,0 15.1+10.2 10,246—The Farmers' National Bank of Rome, Pa. Capital, 25,000. New York 11,682,5 45,451,0 W. S. 142,0 3,641,0 31,846,0 15.0+10.2 Kinney. President; F. R. Powers, Cashier. Franklin 1,326,2 10,801,0 353,0 1,000,0 10,044,0 15.2+ 9.0 Lincoln VOLUNTARY LIQUIDATION. 557,1 10,687,0 222.0 1,113,0 10,1r3,0 15.5+10.0 Metropolitan 6,111,5 25,710.0 9,0 2,534,0 17,956,0 15.0+12.3 6.066—The Citizens' National Bank of Port Alleghany, Pa., Man 4 1912. Broadway 571,0 8,730.0 324,0 997.0 8,597,0 15.1+101 Consolidated with The First National Bank of Port Allegany. Liquidating committee. the Board of Directors of The Citizens' Totals, Avge 96,723,6 650,147,0 07,118,0 6,859,C 65,112,0 490,184,0 15.9+11.7 National Bank of Port Alleghany. Actual figures Aug. 24 649,345.0 67.952.0 6,750.0 62.609.0 489.469.0 15.2+11.3

The capital of the trust compsines is as touo,,s. bo, omyn, z1,0u0,00u; Bankers, Canadian Bank Clearings.—The clearings for the week end- $10,000,000; United States Mortgage & Trust, $2,000,000: Astor, $1,250,000: Title ing Aug.24 at Canadian cities, in comparison with the same Guarantee & Trust, $4,375,000: Guaranty, $5,000.000; Fidelity, $1,000,000; Lawyers' Title Insurance & Trust, $4,000.000: Columbia-Knickerbocker, $2,000,000; week of 1911, shows an increase In the aggregate of 25.3%. Standard, $1,000,000: People's, $1,000.000; New York, $3,000,000: Franklin, $1,000,000: Lincoln, 41,000,000; Metropolitan, $2,000.000; Broadway, $1,000,000; total, $40,625,000. Week ending Aug. 24. Clearings it— SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES. Inc. or 1912. 1911. Dec. 1910. 1909. Week On Dep. Canada— $ $ % $ $ ending Capital. Surplus. Loans, Specie. Legal th C.1 I. Net Montreal 52,795,277 41,874,263 +26.1 38,510,989 30,086,326 Aug. 24. Tenders. Banks. Deposits. Toronto 36,674,241 29,941,014 +22.5 23,924,84 23,306,133 Winnipeg 25.230,277 19,676,681 +28.2 15,747,26'; 10,309,984 Averages. $ $ $ $ $ $ $ Vancouver 12,582,06( 10,698,178 +17.6 8,427,811 6,096,708 Banks _ _. 133,650.0 197,084,4 1,392,308,0297,016.0 77,775,C 1,428,417,0 Ottawa _ 4,687,591 4,400,723 +6." 3,581,691 3,141,034 Trust cos_ 40,625,0 96,723.6 650,147,0 67,118,0, 6,859,C 65,112,0 490,184,0 Quebec 2,935,757 3,080,091 —4.7 2,451,181 2,174,440 Halifax 1,928.465 1,527,648 +26.3 1,504,337 1,993,416 _ 174,275,0293,808.0 2,042,455,0364,134,0 84,634,0 65,112,0 1,918,601,0 Hamilton 3.169,260 2,283,977 +38. 1,753,380 1,495,704 Total_-Actual St. John 1,879,346 1,459,610 +28.S 1,528,115 1,380,273 Banks 1,391,490.0292,177.0 77,350,0 1,421,851,0 Calgary ... 5.530,186 5,082,973 +8.8 3,033,220 2,097,318 Trust cos 649.345.0 67,952,0 6,750,6 62,609,0 489,469,0 London 1,437,522 1,290.729 +11.4 1,098,548 1,027,233 Victoria 3,821,524 2,424,626 +57.6 1,828,718 1,373,133 Total_ 2,040,835,0360,129,0 84,100,0 62,609,0 1,911,320,0 Edmonton `` 4,139,761 2,413,081 +71.5 1,700,000 929,675 Regina 2,091,894 1,243,006 +68.2 738,121 . _ Brandon 615,172 474,703 +30.0 453,430' Saskatoon 2,186,803 1,243,035 +75.9 The State Banking Department also furnishes weekly Moose Jaw 1,262,256 946,743 +33.4 Lethbridge 674,809 549,286 +22.8 returns of the State banks and trust companies under its Brandford_ 564,768 434,897 +30.0 charge. These returns cover all the institutions of this class Fort William 663,472 Not include d in tot al. in the whole State, but the figures are compiled so as to Total Canada 164,206.895 131,045,264 +25.3 106,371,349 85.411,374 distinguish between the results for New York City (Greater New York) and those for the rest of the State, as per the Statement of New York City Clearing-House Banks and following: Trust Companies.—The detailed statement below shows the For definitions and rules under which the various items condition of the New York City Clearing-House members are made up, see "Chronicle," V. 86, p. 316. for the wed ending Aug. 24. The figures for the separate banks are the averages of the daily results. In the case of STATE BANKS AND TRUST COMPANIES. the totals, ac aal figures at the end of the week are also given. State Banks Trust Cos. State Banks Trust Cos, For definitions and rules under which the various items are Week ended August 24. in in outside of outside of made up, see "Chronicle," V. 85, p. 836, in the case of the Greater N. Y. Greater N. Y Greater N Y Greater N. Y banks, and V. 92, p. 1607, in the case of the trust companies. $ Capital as of June 14____ 22,525,000 62,275,000 9,323,000 9,750,000 DETAILED RETURNS OF BANKS. We omit two ciphers (00) in all cases. Surplus as of June 14____ 38,702,400 170,654,900 12,233,100 12,377,200 Loans and investments_ _ 294,135,800 1,184,925,100 110,086,600 169,922,100 Banks Capital. 'Surplus. Loans. Specie. Legals. Net Depot- 1e. Change from last week_ —462,400 +378.100 +265,000 +187,400 00$ omitted. Average. Average. Average. its, Aver. serve. — Specie 53,545,200 123,735,500 $ $ $ $ $ s % Change from last week. —1,688,300 +945,800 Bank of N. Y. 2,000,0 3,786,1 21,627,0 4,454,0 773,0 19,782,0 26.4 Manhattan Co. 2,050,0 4,685.0 36,900,0 9,466,0 1,616,0 42,800,0 25,9 Legal tenders & bk. notes 20,711.700 10,523,400 Merchants' ___ 2,000.0 2,033,3 21,389,0 4,158.0 1,661,0 22,249,0 26.1 Change from last week_ —227,400 +51,000 Mech. & Met_ 6,000,0 8,618.6 59,602,0 12,907,0 1,761,0 58,612,0 25.0 America 1,500.0 6,324,7 25,207.0 4,209,0 1,903,0 24,715,0 24.7 Deposits 341,038,100 1,292,797,200 116,503,900 176,786,000 City 25.000.0 28,458.3 194,053,0 40.652,0 7.358,0 190,065.0 25.2 Change from last week_ —3,169,700 —5,546,000 —281,900 +78,300 Chemical 3,000.0 7,003,0 29,333,0 4,471,0 2,318,0 26,372.0 25.7 Merchants' Ex, 600.0 522,9 7,097.0 1,617,0 173.0 7,285.0 24.7 Reserve on deposits 91,900,100 142,706.000 23,280,800 23,296,200 Butch. & Drov 300.0 127,1 1,950,0 467,0 54,0 1.890,0 27.5 Change from last week_ —2,961,100 +1,223,300 —461,800 —43,700 Greenwich_ _ _ _ 500,0 944,0 8,450,0 2,309,0 185,0 9,550.0 26.1 Am. Exchange 5.000.0 4,527,1 43,266.0 9,503,0 1,365,0 42,817.0 25.3 p,O. reserve to deposits.. 27.8% 16.3% 21.2% 14.4% Commerce_ _ .._ 25,000,0 15,494,6 140,886,0 26,615,0 10,092,0 125,720,0 29.1 Percentage last week 28.5% 16.3% 21,7% 14.3% Pacific 500,0 946,2 4,647,0 580,0 507,0 4,265.0 25.4 Chat. & Phen_ 2,250,0 1,244,8 17,640.0 2,690,0 1,721,0 17,754.0 24.8 + Increase Decrease from last week People's 200,0 470,7 1,918,0 490,0 154,0 2,164.0 29.7 over last week. — Hanover 3,000,0 13,340,6 75,647.0 15,697,0 5,582,0 84,126.0 25.2 Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes Citizen's Cent_ 2,550,0 2,059,6 22,853,0 5,248,0 821.0 22,011.0 26.6 for both trust companies and State banks, not only cash items but amounts due Nassau 1.000.0 475,0 10,973.0 1.834,0 1,437,0 12,676.0 25.8 from reserve agents. Trust companies in New York State are required by law to Market & Fult. 1.000.0 1,855,1 9,772,0 1,688,0 1,014,0 10,088.0 26.2 keep a reserve proportionate to their deposits, the ratio varying according to lo- Metropolitan _ 2.000.0 1,684,8 12,827,0 3.211,0 251.0 13.370.0 25.9 cation as shown below. The percentage of reserve required is computed on the Corn Exchange 3.000,0 5,689,8 49,872.0 8,096,0 5,745,0 58,082.0 23.8 aggregate of deposits, exclusive of moneys held in trust and not payable within Imp. & Trad_ 1.500,0 7,749,2 25,788,0 3,732,0 2,126,0 23,117,0 25.3 thirty days, and also exclusive of time deposits not payable within thirty days. Park 5.000,0 13,317,3 88,199.0 21,559,0 1,934,0 92,538.0 25,3 represented by certificates, and also exclusive of derosits secured by bonds or East River 250,0 60,9 1,495,0 283,0 124,0 1.597.0 25.4 obligations of the state or city of New York, and exclusive of an amount equal to Fourth 5.000.0 5,831,9 35,277,0 8,117,0 1,900.0 37,441.0 26.7 the market value (not exceeding par) of bonds or obligations of the State or City Second 1.000.0 2,441,5 13,942.0 3,191.0 154,0 13.329.0 25.0 of New York owned by the bank or held in trust for It by any public department. First 10,000.0 21,585,5 117,115,0 25,284,0 2,159,0 108,753,0 25.2 The State banks are likewise required to keep a reserve varying according to loca- Irving 4,000.0 3,112,/ 36,320.0 6,850.0 2,733,0 37,554,0 25.5 tion, the reserve being computed on the whole amount of deposits exclusive of time Bowery 250.0 795,2 3,465.0 842,0 87,0 3,667.0 25.3 deposits not payable within thirty days. represented by certificates (according N. Y. County_ 500.0 1,758,4 8.228,0 1,347.0 674,0 8,313.0 24.3 to the amendment of 1910), and exclusive of deposits secured (according to amend- German-Amer. 750.0 726,5 4,142.0 828,0 236,0 3.957.0 26.8 ment of 1911) by bonds or obligations of the City or State of New York, and ex- Chase 5,000.0 9,100.9 90,321.0 27,108,0 8,018,0 110,061.0 31.9 clusive of an amount equal to the market value (not exceeding par) of bonds or Fifth Avenue_ 100.0 2,214,1 13,288,0 2,776.0 1,105.0 15,122.0 25.6 obligations of the State or City of New York owned by the company or held In trust German Exch. 200,0 838,1 3,470,0 528,0 342,0 3,431.0 25.3 for it by any public department. Germania 200,0 1,044,2 5,382,0 1,287,0 254,0 6,204.0 24.8 —State Banks— Lincoln 1.000,0 —Tout Cos.— 1,738,9 15,218,0 2,911,0 961,0 15,478.0 25.0 Reserve Required for Trust Companies Total Of Total Of Garfield 1,000.0 1,280,6 8,677,0 1,967.0 286.0 8,728.0 25.8 and Reserve Fifth 250,0 State Banks. Reserve which which 525,9 3,329,0 564.0 349,0 3,646,0 25.0 Location— Required. in Cash. Required. in Cash Metropolis 1,000.0 2,161,2 11,689,0 904,0 1,935,0 11,388,0 25.0 West Side 200.0 1.006,7. 4,157,0 927,0 266,0 4,684,0 Manhattan Borough 15% 15% 25% 15% 25.4 Brooklyn Borongh Seaboard 1.000.0 2,183,2 25.511,0 5,457,0 2,426,0 30,159,0 26.1 (without branches in hfanhat.) 15% 10% 20% 10% Liberty 1.000.0 2,707,3 23,070.0 5,904.0 603.0 25,359,0 Other Boroughs (withnut branches in Manhattan) 15% 10% 15% 734% 25.6 Brooklyn Borough, 15% 20% N. Y. Prod.Ex 1,000.0 833,6 8,846,0 2,337,0 387,0 10.517.0 25.9 with branches in hi anhattan_ _15% 20% State 1,000,0 743,2 16,241,0 4,977,0 355,0 21,196,0 Other Boroughs, with branches in Manhattan ._.l5% 15% 15% 15% 25.1 first Security 1.000,0 418.9 10.389,0 2,607.0 924,0 14,001.0 25.2 Cities of the and second class 10% Coal & Iron 1,000.0 493,8 6.000.0 1,043,0 533.0 6,092.0 Cities of the third class and villages 10% 3%.* 25.8 Elsewhere in State Union Exch. 1.000.0 980,5 9,276,0 '1,935,0 360.0 9,260,0 24.7 Nassau, Bklyn 1,000,0 1,127,0 7,564,0 1.380,0 253,0 6,432,0 25.3 The Banking Department also undertakes to present sepa- Totals, Avge— 133,650,0 197,084,4 77,775,0 1392,308,0 297,016,0 1428.417,0 26.2 rate figures indicating the totals for the State banks and Actual figures Aug. 24 1391,490,0 292,177,0 77,350,0 1421,851,0 25,9 trust companies in the Greater New York not in the Clearing House. These figures are shown in the table below, as are Circulation.—On the basis of averages, circulation of nat onal banks in the Clearing House amounted to $45,163,000, and, according to actual figures, were $45,215,000. also the results (both actual and average) for the Clearing-

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and trust companies. In addition, we have Boston and Philadelphia Clearing-House Members.-Be- House banks the Clearing-House combined each corresponding item in the two statements, low is a summary of the weekly totals of 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 these figures.

BANKS AND TRUST Capital NEW YORK CITY COMPANIES. Banks. and Loans. Specie. Legals Deposits. Circu- Clearings Surplus. a lation. Clear -House Clear:House State Banks & Total of all &Trust $ $ $ $ $ 5 Week ended Aug. 24- Members. Members. Trust Cog. Not Banks Boston. 4ctualFigures Average. in C.-I I . Aver. Cog. Average July 0 41,575,0 239,395,0 26,212,0 4,827,0 291,163,0 8,267,0 179,258;5 July 13 41.575,0 241,243,0 25,011.0 5,470,0 287,649,0 8,275,0 180,222,4 S a $ $ July 20 41,575,0 243,587,0 26,048.0 5.307,0 281,234,0 8,271,0 181,245,4 275,508,0 8,257,0 153,939,0 Capital as of June 14_ _ 174,27.5,000 174,275,000 28,725,000 203,000,000 July 27 41,575.0 243,740,0 25,405.0 5,509.0 Aug 3 41,575,0 239,007.0 24,095,0 5,498.0 272.149,0 7,850,0 153,511,9 7,854.0 144,791,3 3urphis as of June 14 _ _ 293,808,000 293,808,000 81,105,900 374,913,900 Aug. 10 41,575,0 238,710.0 24,322,0 5,265,0 270,640,0 Aug. 17 41,575,0 240,247,0 24,172,0 5,328,0 274,065,0 7,856,0 149,693,7 138,659,1 Loans and investments 2,040,835,000 2,042,455,000 608.524,400 2,650,979,400 Aug. 24 41,575,0 240,070,0 24,030,0 5,251,0 270,787,0 7,853,0 Change from last week -1,446,000 +43,000 -691,800 -4348,800 Philadelphia. July 6 80,623,2 390,652,0 96,427.0 t 441.647,0 15,038.0 175,778,4 a614,555.400 2,533,156,400 July 13 80,623,2 390,152.0 98,415,0 t 438,625.0 15.054.0 152,053,7 Deposits 1,911,320,000 1,918,601,000 161,649,1 Change from last week --8,016,000 +2,027,000 -975,800 +1,051,200 July 20 80,623,2 388,805,0 97,184,0 t 435,660,0 15,049,0 July 27 80,623,2 388,722,0 98,771,0 t 431.132.0 15.021,0 136.091,3 364,134,000 63,786,000 427,920,000 Aug. 3 80.623,2 390.932,0 98,771.0 5 435,021,0 15,034.0 150,947,7 3pecle 360,129,000 431,014,0 15,054,0 139,955,5 Change from last week -6,572,000 -2,649,000 +61,800 -2,587,200 Aug. 10 80,623,2 391,606,0 97,256,0 t Aug. 17 80,623,2 389,940,0 97,837,0 t 433,602.0 15,090,0 143,986,4 t 428,637,0 15,120,0 127,995,6 Legal tenders 84,100,000 84,634,000 18,104,600 92,734,600 Aug. 24 80,623,2 391,213,0 97,074,0 Change from last week -903,000 -1,362,000 +46,0.00 -1,316,000 to other banks." At Boston 374,791,000 11,614,500 380,405,500 a Includes Government deposits and the item "due Banks: cash in vault 369,527,000 to $829,000 on Aug.24, against $839,000 on Aug. 17. 25.98% 26.23% 13.70% Government deposits amounted Ratio to deposits_ t"Deposits" now includes the item of "Exchanges for Clearing House," which in "Exchanges for Clearing House" were 74,702,000 73,977,000 60,276,100 134,253,100 was not previously embraced the total. Trust cos.: cash in vault reported on Aug. 24 as 810,490,000. 520,658,600 Aggete money holdings 444,229,000 448,768,000 71,890,600 Exports for the Week.-The following are from last week -7,475,000 -4,011,000 +107,800 -3,903,200 Imports and Change the imports at New York for the week ending Aug. 24; also Honey on deposit with totals since the beginning of the first week in January: other bks..1.• trust cos 62,609,000 65,112,000 18,087,500 83,199,500 -7,564,100 Change from lastvveek -10,063,000 -7,418,000 -146,100 FOREIGN IMPORTS AT NEW YORK. 500,838,000 513,880,000 89,978,100 603,858,100 Total reserve 1911. 1910. 1909. Change from last week -17,538,000 -11,429,000 -38,300 -11,467,300 For week. 1912. reserve - Dry Goods $2,741,762 $2,426,132 $3,318,301 $2,873,792 3urplus CASH 13,457,870 12,417,145 Banks (above 25%) 14,064,250 17,086,750 General Merchandise __ 15,524,173 13,152,739 Trust cos.(above 15%) 1,281,650 449,400 - Total $18,265,935 $15,578,871 $16,776,171 $15,290,937 18,136,150 Since Jan. 1. Total 15,345,900 $111,979,431 Change from last week -5,206,100 -3,625,850 Dry Goods 594,910.950 $90,941,378 $103,732,207 General Merchandise 558,953,876 476,289,022 509,300,071 449,984,853 reserves of tr list cos- Z of cash $561,964,284 Cash in vault 15.26% 15.90% 15.25'7 Total 34 weeks 653,904,826 $567,230,400 $613,032,278 Cash on dep. with bks. 11.34% 11.72% 1.314__ - Total _ 26.60% 27.62% 16.50% The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the Aug. 24 and from Jan. 1 to date: + Increase over last week. - Decrease from last week. week ending depositaries a These are the deposits after eliminating the Item "Due from reserve EXPORTS FROM NEW YORK. and other banks and trust companies in New York City:" with this item included, de- a decrelse of $646,800 from last week. In the posits amounted to $689,261,300, 1911. 1910. 1909. case of tne Clearing-House members, the deposits are "legal net deposits" both for 1912. the average and the actual. figures. I Includes bank notes. For the week $15.768,950 $14,359,044 $15,593,034 $11,202,726 Previously reported 519,930,149 490,123,760 417,286,521 393,544,495 New York City Clearing-House banks The averages of the $535,699,099 $504,482,804 $432,879,555 $404,747,221 and trust companies, combined with those for the State banks Total 34 Weeks in Greater New York outside of the and trust companies table shows the exports and imports of Clearing House, compare as follows for a series of weeks past: The following specie at the port of New York for the week ending Aug. 24 1 1912, and for the corresponding periods in COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN and since Jan. GREATER NEW YORK 1911 and 1910: EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. We omit two ciphers in all thesefigures. Export-s. Imports. Week Loans and Tot. Money Entire Re-s. Gold. Ended Investments. Deposits. Specie. Legals. Holdings. on Deposit. Week. Since Jan.1 Week Since Jan.1

$ Great Britain $391,272 June 22_ _ 2,666,564,3 2,551.635,9 444,169,5 94,364,2 538,533,7 624,498,0 $20,146,522 2,001 930 93,770,4 532,384,0 621,239,0 France June 29._ 2,675,205,6 2,564.717,6 438,614,0 Germany 15 $2,569 2,569 July 6.. 2.699,751,2 2.568,733,3 419,280,9 93,032,0 512,312,9 604,1149,7 2,697,075 3,423 192,390 95,210,1 West Indies July 13_ 2.691,376.4 2,551,294,3 413.382,5 508,592,6 590,600,1 Mexico 200,187 9,370,775 July 20_ _ 2,661,002,7 2,535.238,1 420,706,3 97,547,0 518,253,3 604,634,5 9,612,038 286,327 2,048,011 97,255,9 521,971,5 012,035,5 South America July 27_ 2,658,577,7 2,533,714,8 424,715,6 All other countries. 52,483 82,596 1,019,368 Aug. 3.... 2,653,990,4 2,531,377.0 426,240,0 96,637,5 522,877,5 614,220.7 94,811,9 611,448,1 Aug. 10_ 2,649.899.1 2,523,862,0 428,136,2 522,948,1 Total 1912 $32,508,133 $575,102 $15,026,315 Aug. 17_ - 2,651,628,2 2,532,105,2 430,507,2 94,054,6 524,561,8 615,325,4 $9,200 2,939,441 502,481 9,701,861 92,738.6 603,858,1 Total 1911 19,915,131 Aug. 24_ 2,650 .979 .4 2,533,156.4 427,920.0 520.658.6 Total 1910 400 44,544,253 911,693 Silver. Banks.-The following is Great Britain $771,533 $30,599,229 $3,329 Reports of Clearing Non-Memper 4,238,381 $1,800 6,812 banks France 20,853 the statement of condition of the clearing non-member Germany 2,085 results: 221 81,861 50 33,973 for the week ending Aug. 24, based on average daily West Indies 3,116,911 Mexico 51,762 America 25,349 51,408 2,130,466 figures. South We omit two ciphers (00)in all these All other countries 706,390 7,807 1,011,898 $6,324,242 Lega On Total 1912 $771,754 $35.651,210 $114,912 Loans, „ 28,943 4,962,622 Tender Deposit Total 1911 685,760 32,570,443 Disc'Is 28.677,286" 323,829 2,926,346 Banks Capt. Sur- and Specie, and with Net Total 1910 808,791 tat. plus. Invest- Bank C.-11 . Deposits. Notes. Banks. ments. Of the above imports for the week in 1912,$181,260 were New ' York City. American gold coin and $2,198 American silver coin. Vanhattan and Bronx . $ i $ $ II $ $ Aetna National__ . .. _ 500,0 535,5 3,102,0 051,0 50,0 141,0 2,777,0 Washington Heigots_ 100,0 327,9 1,444,0 154,0 69,0 187,0 1,185,0 Battery Park Nat.__ 200,0 115,2 1,427,0 341,0 35,0 107,0 1,561,0 and Financial, 3entury 500,0 530,0 5,973,0 528,0 458,0 626,0 5,722,0 Aanking Oolonial 400,0 537,6 5,885,0 728,0 400,0 888,0 6,024,0 Columbia 300,0 805,4 6,458,0 555,0 484,0 622,0 7,020,0 Fidelity 200,0 166,9 1,053,0 46,0 120,0 91,0 991,0 %fount Morris 250,0 342,8 2,389,0 407,0 35,0 315,0 2,646,0 Railroad and Industrial Stocks 200,0 411,1 4,334,0 403,0 320,0 619,0 4,564,0 Mutual Write for our Circular No. 614 entitled "Railroad and Industrial New Netherlan 1 200,0 281,8 2,788,0 298,0 94,0 305,0 2,641,0 listed on the New York Stook 200,0 100.0 Stocks," which describes 124 Issues Twenty-third Ward 1,896,0 235,0 06,0 242.6 2,068,0 classified by us as follows: Investment Stocks, Semi- 100,0 518,8 4,160,0 256,0 737,0 4,647,0 Exchange, and Yorkville 561,0 Stocks, Speculative Stocks. Brooklyn. Investment First National 300,0 669,1 3,760,0 291,0 121,0 450,0 2,937,0 Hanufacturers' Nat 252,0 891,5 5,992.0 636,0 208,0 721.0 5,555,0 Spencer Trask & Co. Weehanics' 1,000,0 710,7 10,888,0 1,352,0 703,0 1,447,0 13,113,0 EXCHANGE PLACE-NEW YORK. 590,4 4,169,0 533,0 77,0 702,0 4 088,0 43 National City_ 300,0 1 Boston. Mass. Albany, North Side 200,0 170,4 2,253,0 185,0 93,0 315,0 2,236,0 Chicago, Ill. N. Y. IR Jersey City. Members New York Stock Exchange. First National 400,0 1,329,1 5,262,0 289,0 352,0 2,095,0 4,269,0 Hudson County Nat 250,0 808,7 3,582,0 182,0 98,0 535,0 1,970,0 Third National 200,0 417,2 2,046,0 • 91,0 130,0 440,0 1,408,0 NI 41flioboken. First National 220.0 659,6 3,936,0 180.0 57.0 347,0 1,510,0 White, Weld & Co. 3econd National 123,0 297,0 3,099,0 168,0 43,0 228,0 1,165,0 - - Bonds and Investment Securities. 41Totals Aug. 24.- t1,597,0 11,219,7 55,896,0 8,877,0 4,299,0 12,166,0 80,127,0 8,836,0 4,372,0 11,136,0 80,510,0 DEVONSHIRE / Totals Aug. 17_ _ 6,597,0 11,219,7 56,136,0 14 WALL STREET THE ROOKERY 111 STREET ., Totals Aug. Ill.__ 6,597,0 11,219,7 45,878,0 9,025,0 4.362,0 11,022,0 80,492,0 NEW YORK CHICAGO BOSTON

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 528 THE CHRONICLE [VoL. Lxxxxv. VaniterttY N. Y. 4s, 1961, at 101; $10,000 N. Y. Canal 4s, 1962, at Gurtte. ,100%, and $30,000 Virginia 6s deferred trust receipts at 55. The'market for railway and industrial bonds has been ex- Wall Street, Friday Night, Aug. 30 1912. ceptionally dull, the transactions averaging only about The Money Market and Financial Situation.-While prac- $1,400,000 par value per day. Price changes are generally tically all the developments and news of the week, outside of fractional and of a list of 20 active issues 14 are lower. politics, have been of a favorable character, nothing has United States Bonds.--Sales of Government bonds at the stimulated any activity in the security markets. Prices Board include $5,000 4s coup. s. 5 f. at 113%,5 $2,000 have 3s generally been maintained, but there has been no pro- coup. s. 5f. at 1023j and $1,000 Panama 3s coup. s. 6 f. at gressive tendency or increasing vigor shown in either volume 101N. Tile following are the daily closing quotations; for of business or values. "When general conditions are taken yearly range see third pagefollowing. into account and so little response thereto is seen in financial circles, and the security markets in particular, one naturally Interest Aug. Aug. Aug. Aug. Aug. Aug. comes to the conclusion that political situation Periods 24 26 27 28 29 30 the has a de - pressing influence. Is, 1930 registered 1-Jan 10034 *1001 100.4, *10134 *101 *101 A reliable authority on the iron and steel trade Is, 1930 coupon .-Jan <10034 *1001 100'3 *100% *101 .101 reports is, 1908-18 registered .3-Feb '102 *102 102 *102 *102 *102 that the U. S. Steel Corporation has unfilled orders on its is. 1908-18 coupon '3-Feb *102 *102 102 *102 *102 *102 Is, 1925 registered books for 6,000,000 tons of finished product, 350,000 tons Q-Feb *11334 *113' 11334 *11334 *11334 .11334 Is, 1925 coupon Q-Feb .11334 *113 1 113 35', '1133/ *1133(i of which are for rails, and is working its Is, 1936.Panama *11314 plants up to 95% Canal regis Q-Feb *10014 *10034 10034 *10044 '10094 010054 of capacity. It is also reported that the number of idle is. 1961_Panama Canal coup Q-Mch *10134 10134 *10194 *10134 *10134 *10134 freight cars rapidly diminishing. Moreover, is it is predicted * This Is t, that before the end of October there will be the ,e pare bid at the rimming board: no sale was made. worst car Railroad and Miscellaneous Stocks.-The total trans- famine and the worst freight congestion ever known. These actions in conditions will altogether stocks this -week is one of the smallest records of not, of course, be desirable, but the year in this department, they will result from an enormous general traffic in and fluctuations have generally addition been within a narrower range than usual. On Tuesday the to the moving to market of the largest crops the country tone of the has ever harvested. market was strong and in most cases the highest prices of the week were then quoted. Otherwise there has Considerable interest is shown here in an advance of the been Bank almost no change from day to day. In to-day's market of England's minimum discount rate from • 3 to 4%. only 151,000 This advance comes somewhat earlier shares were traded in and price changes were in the season than usual, wholly without significance. and ig the result of liberal offerings of American and other Union bills Pacific, Canadian Pacific and Reading have been -the former made chiefly against future cotton ship- strong features of ments. At the same time the Bank shows gold the railroad list, but the notable excep- holdings in- tions to the general trend of prices are found creased to the largest amount in recent years. In the local amo4 the in- dustrials. Am. Snuff has advanced 7 points, Mexican Pe- inney market time-loan rates have substantially advanced troleum 63j and rates for call loans are slightly. higher. and Colorado Fuel & Iron 23.. On the other hand, Am. Tobacco has declined 5 points and a few other The open market rates for call loans at the Stock Exchange issues are during fractionally: lower. " the week on stock and bond collaterals have ranged For daily volume from 2%@33/2%. To-day's rates et 3y270. of business see page 538. on call were 23' The following sales have Commercial paper quoted ,at 5% for 60 to 90-day occurred this week of shares not endorse- -represented in our detailed list on the pages inents and 5@53'% for prime 4 to 6 months' single names which follow: and 53@6% for good single names. STOCKS. Sales Range for Week. Range since Jan. 1. The Bank of England weekly statement on Thursday reek ending August 30 for showed an increase in bullion of £824,937 and the percentage iVeek Lowest. Highest. Lowest. Highest. of reserve to liabilities was 49.46, against 49.80 last week. kills-Chat zees, 1st pal( 301 134 Aug 21! 134 Aug 2$ 134 July 294 May The rate of discount was advanced on Aug. 29 from 3%, km BrakeShoe & F, pre: 20( 14334 Aug 27 145 Aug 30 '30 Jar 145 Aug km Coal Products, pref. 101 Ill Aug 2i (11 Aug `P 0834 Jul1 112 Aug as fixed May 9, to 4%. The Bank of France shows a decrease kmerican Express h 196 Aug 3( 196 Aug 3( 196 Aug :25 Apr of 3,825,000 francs gold and 6,475,000 francs silver. Brunswick Terminal,., 1.0n, 8 Aug 2.; 8 Aug 21, 8 Jar 11;,4 May nic SIP Minn & Omaha 32. 133 Aug 24 136 Aug :it 126 July 144 Jan NEW YORK CLEARING-HOUSE BANKS. -Preferred 101 153 Aug 31 153 Aug 3r• 150 -May 156 Feb colorado Fuel, pref 15- 135 Aug 2; 35 Atm 2; 106 Mcb (Not including Trust Companies.) Colorado 135 Aug & Southern 30; Aug IC 4034 Aug 27 39 June 45 1st 1034 Feb preferred 1. 76 Aug 22 76 Au 22 74 May 7634 Jan 1912. 911. 1910. Crex Carpet 10( 85 Aug 3( 85 Aug 31 72 Mel 86 June Averages for Differences Averages fgr Averages Detroit United 10( 7334 Aug 2; Aug 2; Jar for General 7394 6334 7434 July week ending from week ending week eluting Chemical 101 19134 Aug 28 19134 Aug 2 -• 128 Jar '25 Aug Green Bay & %5 Aug, 24. previous week. Aug. 26. Aug, 27, W deb B If 13 Aug 2) 1434 Aug 3( 1034 Fel 15 Aug 3 W Helme 1,10t 185 Aug 21, 1)434 Aug 24 Preferred 155 May 19734 July 501 115 Aug 21 l 16 Aug 21 M ry 110 Aug 133,650,000 Lot Agric Corp 10934 Capital 135,150,000 132,350,000 v t c___ _ 30( 47 Aug 22 47 Aug 23 43 Am 5334 July Surplus 197,084,400 190,299,600 189,131,400 Preferred v t c 201 94% Aug 22 9434 Aug 21 internat 94 July 99 June Loans and discounts__ _ 1,392.308,000 Dec. 1,072,000 1,348,845,000 1,248,254,000 Harvester 84: 121 Aug 24 12134 Aug 23 121 Auu 124 Aug Circulation 45,163,000 Dee. 55,000 48,377,000 Lackawanna Steel, 40( Aug 20 45 Aug 21 29 Met 46 Aug 46,912,1'0 Nashville 4334 Net deposits 1,428.417,000 Dee. 6,892,000 1,395,379,000 1,283.503,200 Chatt &St L 10 172 Aug 2( 172 Aug 2( 16034 Apr 173 Aug Specie 297,016,000 Dec. 3,553,001. 305,735,000 299,123,100 Pacific Tel & Tel, pref_ 15( 101 Aug 22. 101 Aug 22 9834 Jui 101 Aug Legal tenders 77,775,000 Dec. 1,373,00C 78.168,000; 71,811,800 Pittsburgh Steel, pref._ 10( 10234 Aug 27 10234 Aug 27 101 Fel Aug auicksilver 10434 1 Mining 50( 4 Aug ',.0 5% Aug 22- 3 Jac 834 Apr Reserve held 374,791,000 Dec. 4,926,000 383,003,000 370.934,900 Preferred 40t 8 Aug 2. 834 Aug 22 334 Fel 1234 May 25% of deposits 357,104,250 Dec. 1,723,001 348,844,750 320,875,800 RR Securities, series A. 5( 8334 Aug 3t 8334 Aug 3( 8334 Aug 8834 Apr 31 L & S F-C & E RIF Surplus reserve 17,686,750 Dec. 3,203,000 35,058,250 new stock trust Ws._ 21 53 Aug 2( 54 Aug 2; 50 July 57 50,059,100 Porto Feb 1 30 Rico Sugar, pf_ 201, 109 Aug 27 109 Aug 2; 105 Jun(' 110 Jan iThitecliDry t.leating 1uue now isa u.s Goods 401 9934 Aug 22 9934 Aug 8. 97 Fet 102n a skareinent acebly, showing the actual LI S Rubber 1st July condition of the banks on Saturday morning, as a ell as the above pref sub- averages. 'The scription rcts 1st pd._ 10( 107 Aug 3( t07 figures, together with the returns of the separate banks and trust companies, Aug 31 107 Aug 107 Aug also Virginia Iron Coal eo 20, 59 Aug 22 60 Aug 21 54 the summary issued by the State Banking Department giving the condition of State Met 90 Jan banks and trust companies not reporting to the Clearing House, appear on the second page preceding. Outside ritarket.-There was a larger bus'ness done on the Foreign Exchange.-The market for sterling exchange "curb"'this week, though the improvement was confined to ruled firm early in the week, owing to the higher discounts a few industrials. The tone of the market was firm, the ma- in London that culminated in the advance of the English jority of issues showing gains. Standard Oil subsidiaries, Bank rate. Subsequently there was some selling and ,the _though not listed on the "curb," were extensively traded in close was weak. there this week, advances being general, while in a number To-day's (Friday's) nominal rates for sterling exchange were 4 85 for of instances the gains were spectacular. Standard Oil of 60-day and 4 88 for sight. To-day's actual rates for sterling exchange were N. Y. rose from 598 and reacted to 4 84 @4 8410 for 60 days, 4 8703@4 8715 for cheques and 4 8750(344 8760 550 to 590. Standard for cables. Commercial on banks 4 82 ® 4 83 % and documents for pay- Oil of N. J. declined from 411 to 408, then moved up to 413, ment 4,83%04 8434. Cotton for payment 4 83%@4 8334 and grain for finishing to-day 410. Standard Oil "old payment 4 8334@4 84. at stock" on Satur- The posted rates for sterling, as quoted by a representative house, were day last sold up from 1085 to 4110. British-American To- not changed during the week from 4 85 for 60 days and 4 88 for sight. bacco, after fluctuating between 22%3 and 23, To-day's (Friday's) actual rates for Paris bankers' francs were 5 21 % ® became sud- active 5 21 % plus 1-16 for long and 5 1834 less 1-16 OD 5 18'% less 1-32 for short. denly and sold up to 25. The new United Cigar Stores Germany bankers' marks were 94 % ®94 11-16 for long and 05 3-i6@ of America corn. stock was also conspicuous for a burst of 9534 less 1-32 for short. Amsterdam bankers' guilders were 40 34@40 35 for short. activity toward the close of the week, which carried the price Exchange at Paris on London, 25f. 28 I4c.; week's range, 25f. 29 34c. high up 8 points to 993, the close to-day being at 983.. The new and 25f. 26440. low. Exchange at Berlin on London, 20m. 46 %Pt.: Week's pref. range, 20m. 48 %pf. high and 20m. 45 %pf. low. declined from 118 to 1173/2, moved up to 1193/i and The *range for foreign exchange for the week follows' rested finally at 119. United Cigar Stores old stock was 'Sterling, Actual- Stxty• Daus. Cheques, Cables. traded in up High for the week.._4 8435 4 8740 4 8780 from 284 to 292. Emerson-Brantingham corn. Low for the week__ _4 84 4 8705 4 8750 advanced from 7745 to 78, moved back, to 77/s5 and sold Parts Bankers' Francs- to-day at 77%. The preferred 103 to 1033, High for the week __ _5 2034 5 1834 less 1-16 5 1834 went up from Low for the week_ _5 2134 5 1834 less 1-18 5 1834 less 1-16 down to 102%3 and closed to-day at 103%. U. S. Motor Germain/ Bankers' Marks- corn. advanced from 4% to 4%,3 then dropped to 3, recov- High for the week_ _ _ 94 11-16 953.4 plus 1-32 95 5-16 plus 1-32 Low for the week__ 9434 953-16 9534 ering finally to 43. The preferred, after a gain of 1% Amsterdam Bankers' Guilders- points to 18, slumped to 93., the close to-day showing a High for the week__40 14 40 35 40 41 Low for the week__ _40 12 recovery to 123/9. There was a better market for mining 40 33 40 39 stocks, Domestic Exchange.-Chicago, 15e. per $1,000 discount. Boston, par. though principally in the low-priced issues. Braden St. Louis, 300. per $1,000 discount bid and 200. asked. New Orleans, Copper improved from 7 to 73, but reacted to 7. British commercial, 250. per $1,000 discount; bank, $1 premium. San Francisco, Columbia 3 age, per $1,000 premium. Savannah, buying, 3-16% discount and selling, rose from 5% to 5%. Giroux was' traded in up par. St. Paul, 100. per $1.000 premium. Montreal. 6234c. discount. from 5% to 6 and down to 53%. Greene-Cananea Charleston, buying, par: selling, :1-10% ad- premium, Cincinnati, par. vanced from 103/ to 103.. Nipissing was an active feature, State and Railroad Bonds.-Sales of State -bonds at the selling up from Board.include_$5,000_N. 8 to 8.43 and down to 83.. Y. 4s, 1958,.new, at1013,4; $1,000 Outside quotations will be found on page 538.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis New York Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAGES For record of sales during the week of stocks usually inactive. see preceding page. -• Previous STOCKS—HICillliST AND LOWEST SALK PRIORS. Sates at STOCKS Range since January 1. Range for the NEW YORK STOCK On basis of 100-share lots Year 1911. • Tuesday Wednesday Thursday Friday Week EXCHANGE • Saturday Monday Lowest. Highest Lowest. Highest. Aug. 24. Aug. 26. Aug. 27. Aug. 28. Aug. 20. Aug. 30. Shares. Railroads 11658 J'ne 7; 10878 1091 10878 10938 10834 109 10858 12,510 A Usti Topeka & Santa Fe 10314 Feb 1 11012 Aug 14 0978 Sep 1008 1085; 10814 108 10834 2 lo 10034 Jan 10512 J'ne 510134 10214 10214 10214 =10134 10214 10218 10214 10178 10178 750 EA Do pref 10138 Jan 10414 Feb 10214 10214 13318 Jan 10 14812 Aug 12 117 Jan 13914 Nov *14434 146 145 145 14578 1451; 14534 14714 144 145 .144 145 3.000 Atlantic Coast Line RR_ 10734 108 10712 108 10712 1071.. 10712 10734 2,000 Ilaitimore & Ohio r10114 Feb 1 11178 Apr 30 '.4312 Sep 10914 ny 108 108 10734 107i; 23 8512 91 Jan 8718 8733 873; *8612 8717 87 87 *86 8712 300 P Do prof 8.)18 Aug 13 91 Jan Aug *8612 88 8718 2 9412.1'1y 2 72 Sep 8458 J'ly 9112 0218 9114 92 9134 921s *9178 92 9112 9112 6,007 Brooklyn Rapid Transit_ 7634 Jan 92 9218 / ( 211,kb 4 283 Aug 15 19558 Jan 247 J13, 271 27517 26934 2731. 27212 2763; 27534 27714 27738 27834 r27378 27514 65,900 anadian Pacific 2241 380 entral of New 305 Jan .11 395 Apr 29 760 Aug 320 Dec *360 390 .360 380 .360 380 ,360 380 360 380 .360 Jersey 14 8 Sep 8112 821; 8134 8218 6,400 Chesapeake & Ohio 6814 Feb 1 8314 Aug 683 8234 Feb 82 82 8112 82 824 825.. 8178 8214 8 1/ Sep 2514 J'ne 187, 1838 1914 1914 191. 1918 105; 1914 1938 1014 1014 3,500 Chic Gt West trust ctfs 16-$8 J'ly L. 2012 A )1* 1858 11 3912 Apr h 3312 Dec 4914 Feb 36 36 3534 3538 *35 3638. 36 36 *3558 3651. *35 3658 400 Do pref trust ctfs 3178 J'ly 8,015 Chicago Aillw & St Paul 9,38 Jly 1. 11234 Apr (9 10334 Oct 13312 Feb 106 10617 105 10534 10614 107 10612 107 10618 107 10658 10634 ._ 141 Sep 15512 Feb 144 .14112 Do prof 14(1 J'ly 146 Jan 2 *141 144 .141 144 =14112 144 .14112 *14112 144 14314 Apr 24 13818 Sep 10912 J'ne 1413; 142 142 142 142 14134 14134 114134 14134 1,011 Chicago do North Western 134!2 J'ly 145 141 141 141 4 198 Meh2(.) 101 Nov 4209 Jan *180 190 .180 190 . '480 190 q80 190 *180 190 .180 190 Do pref 190 May 21, 200 Chic Un Trite etfs 118 Feb 16 378 Apr lb 13; Sep 339 Feb *2 217 *2 21; *214 2: *214 257. *214 25; 212 stmpd 434 Sep 714 Feb 4.7 8 814 814 100 Do prof Ctrs strnpd„- 4 Men 21 1014 Apr lh *7 9 *6 9 *7 8 *7 8 6212 Apr 23 4818 Sep 66 Jan .5158 59 *53 59 *53 59 *53 58 CleDvoe CpIrnerChic &St L 5412 Nich78 *5158 59 *5138 59 49578 Feb 24 10112 Apr 17 9414 J'ly 98 Feb *98 1013., *98 10134 498 1013. *98 10134 *98 10134 *98 10134 J'ne 170 300 •'teiaware & Hudson 163 J'iy 17812 Feb 15017 Sep 17478 *172 17212 17218 172,1 172 172 ,169 172 .163. 1711:: 170 505 Sep 570 Nov .520 545 *520 540 ,520 545 100 I Yetaware Lack & West_ 5.50 Aug..' (,69 Jan 29 *520 350 4520 550 543 543 De 24 1758 Dec 35 Feb 22 22 *21 .22 *21 2214 *2034 2214 100 Dnoverintf Rio Grande 1612 J'ly 12 Mcla'27 *2112 2217 *20 2212 3414 J'ne 1J 4614 Jan 24 3634 Dec 74 Feb *38 40 *38 40 *38 40 *38 40 *37 40 *37 40 *9 1017 *9 1014 Duluth So Shore & Atian 812 Men 4 11(.4 May16 Nov11 1538 Itch *98 1014 *918 1018 *918 03 *914 1014 1718 Dec 3018 Aleh *1912 201, *1912 207F *1912 2012 *1912 207, Do pref 1(s Meh 23 May13 *1958 21 *1012 2017 3014 Jan 15 3918 Apr 11 2714 Jan :,8321 XIV 3612 3714 3612 367. 3634 3714 3673 3714 3658 37 3638 3714 19,100 500 .11.:1 Do 1st 5018 Feb 3 57„ Apr 11 4538 Jan 4114 J'ly *5378 5414 *5334 5414 .5334 5414 5438 5434 *5334 5431 5414 5414 preferred.— 4334 J'ly 45 *45 46 *4434 46 *4412 46 100 Do 21) preferred_- 40 Feb 3 48 Apr 11 35 Jan *44 46 *4412 441; 45 119 Sep 140 J'ne 1391F 13873 14014 13938 14038 139 13912 13812 13917 6,470 Great Northern pref 126 Jan 15 14334 Aug I 13878 13914 138 Iron 36 Jan 31 4712 Aug 15 3324 Dec 6334 Feb *4518 4618 4514 4514 45 451; 4534 4612 4578 47 4678 4718 10,700 Ore properties... 131 ' .13012 13117 13117 131 131 300 ilinois Central 12058 May 14118 Jan 23 132 Jan 147 J'ly *13012 13112 13078 1307; 131 *131 1318 Sep 2038 Feb 201; 1078 201. 20 20 . 20 20 *1978 2018 5,920 1 nterboro-Metrop v t etfs 1633 Jan 3 22 J'1Y 20 20 1973 5338 62 Meh 26 3434 Sep 6638 J'ly 5834 591: 5938 6(44 59 60 59 595, 59 5938 7.100 Do pre( Jan 3 5918 5914 2212 Ilay2., 014 Mch2. 2514 Sep 3738 J'ne 2634 27 2634 204 2714 2714 27 2738 27 2717 *2714 2758 1,600 ansaa City Southern_ _ 2 62 62 800 56 May2 65,3 Mch 25 9112 Sep 6934 Joe 6178 6212 6112 62 *6012 6112 6231, 61 611F *61 10 Sep 17 Nov 151: *1412 16 *1434 1517 *1434 1517 *1434 I eke ErlPere&ferrea Western 1112 Jan 26 13 Apr 24 *1412 1517 *1412 1512 1-4 43 May21 25 Sep 40 Jan 3812 *38 381: *38 39 *38 3817 *38 3817 38 38 100 Do preferred 30 Jan *38 Lehich 15578 Feb 5 18534 Jan 15 151 Sep 18678 Dec 16012 16934 16938 1701F 16938 1703, 16914 171 16914 17014 16938 16934 25,900 Valley 16914 Louisville ey 14978 Feb 1 190 Aug 14 13612 Sep 16034 Nov 167 16717 16634 16717 167 1671; 167 16514 168 16314 165 13.202 Nashville_ _ 14212 Jan .13312 1341: NI an hattan Elevated_ _ 1331) Aug 13834 Meh 13 33114 Sep *133 135 .133 135 4133 135 .133 135 .133 135 23 2112 Apr 4212 Sep *2312 2411 24 241; .24 24I 2414 2417 2414 2414 700 ATI inneapolis & St Louis 1812 J'ly 271)Jan .•*2312 2414 557 Jan 15 35 Meh 6612 Sep *4712 50 *4712 50 *4712 50 *4712 5014 *47 50 49 49 100 Do preferred 440 Feb 26 3,040 Minn St P & S S Marie 129 Feb 3 15112 Aug r12434 Sep 15214 bleb 152 15234 150 152 150 153, 153 1537. 152 15258 .151 132 146 Nov 160 Alch 1581: .154 158 ':158 15817 155 *153 155 107 Do preferred 14714 Feb 1 158 Aug. ,*15612 15817 .154 155 Me 2)-;58 J'ly 1., 3158 Men 29 27 Sep .381y J!ne *28 2858 2838 287F 29 293; 2038 293, *2834 2914 *2834 2038 1,300 Kansas & Texas Do preferred 5738 May29 69 Apr 13 0734 Sep '10 Oct • *62 64 *62 64 *6212 64 , *6212 65 *83 65 *6212 65 4734 3314 Sep 03 Feb 3814 3834 39 3918 6,530 Missouri Pacific 35 J'ly 12 Meh 2i 3838 3814 3811 3838 3838 3812 3834 3918 at 6.; Mayti 71 Jan 4 60 Aug 7238 Jan *64 68 *64 68 *64 68 *64 68 *64 68 *6334 6734 Rys of Alex 1st pref N Do 2d 28 Apr 1 3618 Jan 20 25 s Aug 3s38 Feb *31 3134 *3078 311. *3034 313 *3034 3134 *3012 3138 30 3014 700 preferred- 4,000 N Y Central & Hudson 10614 Jan 0 12112 Apr 2$ •r9978 Sep 115(2 Feb *11512 11614 11534 1161y 11534 1161, 116 11634 11534 116 .11558 116 134 J'ne 18 14214 Apr 1 12378 Sep 15118 Feb ;138 138 138 138 138 138 660 N Y N 11 & Hartford..... *13734 13912 138 138 13734 138 N 11 2938 J'ne 2, 413$ Ayr 12 3734 Sep 4628 J•ly 3614 37 37 37 37 37 37 374 2,120 Ontario & We*tern_ 3712 3717 37 371._ N Y State Italiways 8678 J'ne 1 3 Apr 29 *8912 9012 *8012 9017. 9012 901 .90 91 9058 905; *90 91 200 1 Aug 12 9934 Sep 11114 Nov 2,500 Norfolk st estern .10734 Feb 11914 118 118 118 118,1 11818 1181 118 11812 118 118 •41614 11638 86 J'ne 92 Feb 17 15534 Apr 9114 J'ne .88 89 88 88 *85 89 100 Do adjustment pre *87 89 *86 90 *88 89: Nor 56 bleb 11 6734 Aug 3912 Jan 5534 Nov 6712 67: .60 68 *6612 68 *66 6712 200 Ohio Trae & Light_ _ *66 68 *66 68 North ern Pacific 11538 Jan 15 13112 Aug 14 11034 Sep 1377y J'ne 128 12858 12734 128 1291 12813 12938 128 12812 128 12812 18,675 12838 12417 Pennsylvania 122(2 Jan 9 12,114 may 2 1183.4 Sep 13018 Feb 12458 12478 12434 12438 12433 124: 12412 1247; 12414 12417 124/4 8,294 0018 Sep Jan 1101: ;800 Pittsb Cin Chic & St L._ 9812 Jan 2 11114 Aug 14 100 *10834 111 *109 1101: 11014 111 11012 .10934 11017 .110 11017 10812 Jan 2 117 Feu 2(1 10218 Sen 112 Feb 117 112 117 *112 117 *10914 117 Do preferred *112 117 *112 117 412 11 14818 Jan 11 17914 Apr 29 134 Sep 16178 J'ne 16038 171 t7018 17 170 17034 17038 171 2-0-2;i6O eading ' 169 16938 16812 1697; 134 I t, 1st 87)2 .1'ne. 2, 9314 Apr 29 SS Met' 92 J'ly 91 *88 00 .88 90 *88 90 *88 90 preferred *89 91 *90 2d preferred 94 Jan 11 10112 Apr 29 5012 Sep 101 May *95 99 *95 99 *95 99 :95 99 *95 99 *95 99 4,700 Rock Island Company 2212 blay.31 3017 Apr 4 2234 Sep 3433 J'ne 2534 2534 *2514 2534 2534 25,, 2614 267; 2618 2638 2614 2614 .rly 14 98 Apr 9 4334 Dec 6858 J'ne 5214 5314 5212 *52 5314 1,800 Do preferred 4714 59 *5114 5234 52 32 52 52 5212 21 J'ly 2912 Mch 26 23 Dec 27 Oct 2212 *20 221, 2178 2178 *22 24 *21 2212 100 cat Louis & San Fran _ *20 22 *20 /..7 Do 61 Maylu 6912 Jan 23 59 Sep 6914 fly *61 65 *61 65 *61 65 62 62 *62 65 *62 65 100 1st preferred._ 800 Do 2d preferred 331* J'ly 2. 4334 Apr 11 37 Sep 4912 J'iy 3514 3514 3514 3512 3512 353., 3578 36 *3512 36 *3512 36 24 Jan 34 Feb *35 900 St Louts Southwestern_ 2934 Jan 22 37 Aug 3534 3512 37 3534 36 435 36 35 35 *3434 3512 7812 Aug 26 5934 Jan 72 J'ue *75 7718 7714 7712 7738 7738 1,600 Dopreferred 6812 Jan 17 7812 *7714 781: 7838 7838 77 2238 J'ly 12 2712 Apr 4 *23 2312 24 24 2278 23 24 24 2334 2334 *2312 2334 500 Seaboard Air Line 12 1,500 Do preferred 5033 Apr 16 5612 J'ne 5213 5218 5253 53 5214 525 5214 5212 5234 5278 5212 52 Feb 1 Apr 8 10412 Sep 12638 J'ne 11158 11034 11112 1108 1117; 11178 112 11112 112 11134 11214 6,560 Southern Pacific Co 10512 11512 11138 Southernno 2612 Jan 31 3112 Aug 243, Sep 3338 J'iy 3038 3068 3038 3012 3014 303. 3038 3078 3014 3017 3014 3012 9,800 tr et's stmpd _ 8017 2,810 do 6814 Feb 4 8234 Aug I; 6114 Jan 7514 J'iY 7978 7978 80 8014 804 8014 8012 8014 8014 *80 81 Feb 232337 1,000 Texas & Pacific 2012 Jan 3 2614 Apr 2 194; Dec 3054 *2212 23 *2212 23 2234 223, 2234 2234 3042212 322. 734 304 41 Nov 41 Dee 3712 3711 3778 3778 800 hird Ave New 3512 J'iy 12 4934 Jan 9 *37 38 *37 3717 3 Jan 15 1058 Apr 16 4 Nov 814 Jan 412 *412 434 *4 5 *4 417 *4 5 *4 6 Toledo Railways & Lt..... *4 Toledo St L & Western.- 1214 Aug -6 1638 Mch27 12 Dec 2434 Feb *1212 14 1214 1314 13 13 •*1218 13 *1212 13 *12 13 620 313, *2912 3139 Do pre_erred 28 inc 7 34 Apr 8 3478 Dec 5378 Jan *2012 32 *2912 32 *2912 32 *2912 *2912 3112 Feb =10714 10734 *10714 108 .10734 108 100 TwiontoCoitypaletampold Transit_ 10412 Jan 5 103 Maylo 104 'Sep 111 *10734 108 10734 10734 .10758 1073 Feb 1 9 15312 Sep •19238..1'1y 1721,, 17114 17214 171 17138 17133 17214 86,350 160 17658 Am' 17078 17114 170 171 17078 U• Do 8934 J'ly 11 9358 Feb 27 69 Sep 06 J!ly *91 • 911.. *91 9114 9118 9118 9118 9114 300 preferred *91 9112 *01 9112 Unit Rya Inv't of San Fr 28 Xis 11 3714 Feb 14 2812 Sep 49 Feb *31 32 *31 33 *31 33 *31 33 32 3217 *31 33 20( 62 62 61 61 1,150 Do preferred 57 J'ly Is 6512 Feb 14 62 Sep 7611 Mai *0014 62 *6014 62 61 61 6138 62 Mayll Dec 1838 Feb *418 417 *414 412 *414 412 200 UIs abash 334 inc 19 954 634 418 418 *418 438 438 438 VS 1238 J'ne 27 2278 Apr 1414 Dec 4038 Feb 14 14 *14 15 1414 4114 *1414 15 • *1414 1412 200 Do preferred *14 15 Western Jan 9 6414 Atch 25 4878 Apr 66 J'Iy *58 59 5818 583 4.5734 5834 58 58 *57 88 300 Maryland Ry 6534 *58 5834 Wheeling & Lake Er c..... 4 Jan 10 914 Men 13 212 Sep 614 Feb *6 7 *6 017 *534 03, *6 7 *512 612 *634 614 Feb *20 22 *20 22 Do1st preferred 11 Jan 3 2578 Apr lb 7 Sep 1758 *20 22 *19 22 *20 221. *20 2212 Do Jan 19 14 Mch 13 3 Aug 8 Feb *9 10- *9 10 *9 10 *9 10 2d preferred 6 *0 10 *9 10 Central 48 Feb 5 6212 Aug 12 48 Sep 721g May 6114 *57 61 *57 6112 .57 6012 *57 6012 Wisconsin *57 6114 *57 industrial& Miscellaneous 202 *197 A dams Express 5191 Mch12 521712 Apr 18 5198 Nov i245 Apr *197 205 .197 205 *197 205 .197 205 *197 202 7158 J'ne 8817 87 8739 8678 873s 101,3511 m gamated Copper — 60 Feb 1 8834 Aug 26 4434 Sep 8734 88 8778 8831 88 8811 8738 Men22 Set) 6312 Deo 17 5014 5938 5914 1,800 AmerDo Agricultural Chem_ 5814 Aug 9 6358 4434 *5953 60 5912 5958 5912 5012 591.2 59 5914 J'ly 17 10414 Mch 20 9912 Oct 105 Dec 530012 10012 .10058 1007, [10078 100:7 .101'58 1007; ,.10058 1001'8 50 98 *10012 1007y 53 Feb 26 76 May 11 3914 Jan 6934 Oct 34 7214 7238 7514 7434 7634 7434 7514 1478 7514 30,40(1 American Beet Sugar ,7233 7234 71 Do pref 97 Apr 3 10114 9212 Jan 101 Oct *9712 100 *9712 ---- *9712 100 *9712 9912 *9712 9912 *9712 9012 114 Feb 1 43 Mayll 878 Jan 1212 May 40 40 3953 4018 3958 41 3912 4034 3938 3934 3914 393, 11,90)) American Can 1119 119 11834 11918 1,750 Do prof 9048 Feb 1 12112 Mayll 77 Jan 9318 Dee *11834 11034 .11834 1193, 11912 11934 119 119 28 4238 Sep 5.104 J'iy 6112 62 6114 617r *61 6134 4,300 AmericanDo & Foundry 49 Feb 5 62 Aug .6114 6114 61 6114 41 617; 115 Feb 14 120 May24 113 Oct 120 May *11834 120 .11834 120 531834 1183.; .11834 120 *11834 11914 .11834 120 10 32 32 *31 3214 300 Amerlcan Cities 31 AUg21 34 fly *3118 32 *3118 3112 3112 311: 3134 3134 J'ne 20 *7614 7634 *76 7634 Do preferred 7514 Aug 6 8318 *7614 7634 *76 7634 *76 7634 .7614 7634 45(7 19 5714 May 3 4158 Nov 6238 Feb 541: 5418 541; 5438 5438 5438 5412 5438 543 1,300 AmDeroaAfCotton Jan 5414 5414 5414 95 Jan 19 9914 Feb 13 92 Nov 10512 Feb *9714 1Q2 *9714 1021. *9714 *9734 9834 *9714 ---- *9712 10212 400 American tilde & Leather 3 Feo 19 Mayiti 312 Sep J'ne *5 514 *5 514 514 514 533 533 518 51y *5 538 2418 J'ne 27 *26 261y *26 27 200 Do prof 20 Feb 26 2712 May16 18 Sep *26 2612 26 26 *2534 261: *2512 May20 1...12 Aug 2531 J 'IV 25 25 2358 2412 2212 2358 5,300 American Ice Securities_ 18 Jan 2 3034 *25 26 *2512 26 2512 2534 6 1778 Apr 23 8 Aue 12, Feb 1412 1378 137; *1:312 14 .1312 14 100 American Linseed 9 'Meh *1312 1417 *1312 1414 *1312 30 Feb 20 43 Apr 23 2618 Oct 3412 Dec *35 3714 *35 37 36 36 3618 3618 *3512 37 *3512 37 200 Do prof American Locomotive 3134 Feb 27 4634 Aug 17 7218 Oct 4314 May 4512 4512 4514 451 46 46 46 4614 4514 4534 4512 46 2,125 4 .10914 10934 10914 10914 450 Do pref 103 Jan 15 11012 Aug 14 102 Oct 11034 Mat *109 110 *109 10934 109 10914 510958 1093F 11 1918 Aug 5 3 Sep Os Jan *1514 1618 *15 1612 *15 1612 5.36751 AmDeroleparnof.M nit Corp,... 434 Jan 1612 1617 1612 1612 *15 161, 42 Jan 6 6914 Aug14 311" Mch 4358 J'ly 6612 6714 65 67 6512 6534 6534 602 *65 66 66 67 BANKS AND TRUST COMPANIES—BROKERS' quor MONS. Banks itus Asa Banks 1114 Ask Banks Ble Ask Kailas hut 444 Banks fil* Ask Bank. Bus Ask Harritna 1 _ 280 __ _ uetropolls 1, 375 365 erod Lien i 16712 1721g New York Chat&Ptionix 130 185 Fifth Ave. 1300. 9312 CI .tti 3-2-5- imp & Trad 565 57-5" detropoi 'n$ WO 198 iteserve _ Aetna 202 212 Uheosea Ex1 )0(1 300 seaboard_ 425 630 , 450 eIrst 1000 1020 Irving 205 21212 541 Mornsil. 2641 • 260 America 1_ 620 :nemIcal _ _ 440 (Huai 1___ 285 295 iecond __ 375 400 Exch. 235 245 ...1tIzens' Co 160 185 Fourth 203 203 Liberty__ 595 610 0 Amer :385 •Nassau _ 206 212 iecurl -471 __ 135 145 Battery Pk 175 130 ...tty 120 425 (1arlield — 275 290 Lincoln__ 375 155 140 arertn-Am ij 143 _ slannattanfl 343 3471L New Neffi_i 220 _ ,itertuan__ _ 135 Boweryl_ _ 400 ..... %(18.1 & fro!, ___ 'sta te 1 ...„.. 250 27-5 Culonla II_ 423 .iern'in EMI 425 4-4-0 Jark't&Ful 250 2571; iewYorkeo 875 Broxn Borol sou —. York_ 340 3-5) 23d Ward1 175 _— 170 1-80 031,1(111)1a1, 335 S1-5 slermanla 1_ 525 540 Jaen &Niet's 258 262 New Bro 1,x Nat, J.erch Kw' 180 165 eacinc11-___ 255 265 Un.on Exc.. 162 168 Bryant Pk 1 150 157 713,11,11erce 1 A./ 112 120214 Jothatn,,. 158 168 ,_., dercliants'. Pare - 517J 5375 .Vash H'ta 1, 275 ..„.... Butch & Dr 130 140 jern Ex 1... 316 321) areenwiclo I 250 626 tast River, 110 183.....- People's 1_ 's--,1 260 %Vest Side $ 675 Century 1 5230 ...... 88 _ lam:Aver— 6•30 1 orkylbe 1.. 600 — Chase 075 _ -... .Fidelity 11-. 165 1-7-1

Ex- v en and rignts. 0 230W 50---- • 131,1 and asked prices ; no sales were na. 4 on this day. :Ex-rights. 4 Less than 100 shares. 1IState banks. a private sale at this prim. x Ex-dividend. Full paid. 5 Sale at Stook Exchange or at auction this week. h First Installment paid. n Sold at

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 530 New York Stock Record-Concluded-Page 2 [VoL Lxxx xv For record of sales during the week of stocks usually inactive see second page preceding.

STOCICS-HIOHEST AND LOWEST SALE PRICES. Sales ol STOCKS Range since January 1. Range lor Previous , t. NEW YORK STOCK On basis of 100-share lots. Year 1911. ) Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE I Aug. 24. Aug. 26. Aug. 27. Aug. 28. Aug. 29. Aug. 30. Shares. Lowest Highest Lowest. Highest. Industrial and Misc.(Con) ".t *8712 88 *87 88 *8734 88 8712 88 *87. 88 *8734 88 700 Amer Smelters See pref 11 85 Mch 22 8913 J'ne 10 82 Sep 8918 J'ly ; 87 8758 8734 8838 8758 8813 8714 8778 87 8714 x8538 8618 28,750 Amer Smelting& Relining 6773 Feb 1 8938 Mch 25 5658 Set/ 8378 J'ne *108 109 *10812 10912 ;10914 10)14 10834 10834 10812 109 10814 10814 Do pref 10238 9834 10812 184 187 845 Jan 2 100 Aug-, Sep J'ne 18514 18812 187 189 18812 191 186 189 187 18878 16,900 American Snuff 123 Mch 6 101 Aug _ 225 Sep 325 May, *104 105 *104 105 *104 105 4104 105 *104 105 Do pre7; new 99 Feb 0 105 Aug 3 1 3813 3818 *3713 3812 38 38 38 38 3713 3712 3712 3712 800 Amer Steel Found (new). 26 Jan 19 3912 M ay 11 26 Sep ! 128 128 128 128 128 12973 129 13014 129 129 129 5,310 American Sugar Relining 11434 Jan 12 13312 11214 126 rF - *12112 12314 19214 May I, Sep 21133 eeb *12112 124 *12113 12314 .122 12314 *122 12312 12312 12312 100 Do pret 11512 Jan b 12312 Aug32 111 Jan 11912 Feb t 1 145 14518 14478 145 14478 145 14473 14472 14412 14434 14438 14434 3,93S American Telepn & Teleg 13758Jan 2 14918 Men 23 13112 Aug 15318 J'ne i 269 270 269 270 268 2721: 266 269 262 26412 26113 264 7,325 American Tobacco ______2411a Feb 20 :32412 J'ly ) 10512 10512 10534 10534 10533 10512 10538 10338 10512 105:1 10534 Preferred, 10114 Jan : 10534 1,350 new 11 10833 Jan la 2834 30 2934 30 2933 3014 3012 31 2912 3038 30 2,700 American Woolen 30 . 2514 Feb 6 31 May17 2512 Dec 3612 Mch , 9112 9112 91 9112 9114 9213 92 92 34 9214 9214 91 9238 2,321 Do pre( 86 Feb 7 9412 Nich 12 85(4 t)ct 9614 J'ne I *35 39 38 38 *__ 38 *2712 38 *37 38 *37 38 200 Amer Writing Paper. prf.. 2518 Jan 25 4138 May 2 2412 Sep 3412 Feb 1 4538 4534 4553 4614 4538 4614 4514 457 4434 4514 45 4538 41,30000 aAnae raoRndeaaClioptpieorn Par$25 $34 Feb 1 $4614 Aug a :29 : 125 Sep 24118 J'ne 12514 124 124 *12234 12614 *12234 126 .12234 126 *12414 126 Assets 10512 Feb 7 12618 Aug 1 i 10612 Dec 108 Deo I , *5812 59 5813 59 59 60 59 5038 5814 5812 59 6034 6,000 i.yaldwin Locomotive 5353 J'ne to 6034 Aug3, *10558 10534 10512 10558 10513 10512 *10512 10578 *10534 1057;. 10578 10633 1.925 / / Do pret 10234 Feb 2 10818 J'ne 17 10314 Deo f 4034 10/ Deo I 41 4014 4078 4012 41 4034 4113 4014 4033 4012 403, 4,1bn BethDleohepmrereel 2734 Feb 27 42(3 Aug 44. In Sep 3618 Aug ' *7314 7312 • 7378 7312 7378 7312 7334 1312 74 *7212 *73 7312 1,056 5812 Feb 27 7414 May a 54 Set) 6634 trlY ; "*147 148 .14612 148 *147 148 *147 148 147 14712 14712 148 ) Brooklyn Union Gas 13712 xich 21 149 Aug 1:: x129 Sep 14814 Nov • t 3634 3634 *3514 37 *3514 371s *3414 3718 *3514 37 *3558 37 100 Butteriek Co 2912 Itch Os 4018 Apr 30 28 Feb 31 Mai . *2812 2834 2812 29 29 2912 2933 2934 2933 2958 2914 2912 4,10 Centrpoal pLeLeatherrer th 1612 Feb 27 3314 Aug 16 1834 Sep 3338 Feb t ! *99 100 *9812 __ 99 99 *99 100 *9812 99 *9812 99 80 Feb 27 100 Aug 15 91i8 Dec 105 Feb. i 3853 3834 39 -3-938 3914 3938 3914 397s 3878 3914 3918 3912 23,600 dChino Copper__ par $5 $23 Jan 15 33975 Aug 4* 51013 Sep $2712 Deo *3114 3214 3114 3114 3112 3318 33 34 3258 33 3234 3312 11,900 Colorado Fuel as Iron 2318 Feb 21 3414 Apr 10 25 Sep 3638 Feb • 14558 14614 14514 14513 14.584 14573 14533 14633 14514 14578 14538 14614 7,600 Consolidated Gas (N I() _ 13814 Feb 17 14913 Aug 12 12834 Sep 14812J ne I 1538 1553 1534 1578 16 1638 1578 1613 1573 16 16 16 7,840 Corn Products Refining 10 Jan 16 1712 Apr 24 1/58 Oct 1534 May t *8312 8412 8414 8478 8458 85 8414 8458 85. 85 *8412 8514 1,950 Do pret z7614 Jan 3 87 Apr 24 73 Sep 85 May 1 35 3514 35 3514 35 3518 *3412 3514 *3414 35 *3438 35 2,300 Distillers' Securities Corp 28 Feb 5 3014 Aug 21 29 Sep 3814 Mch i *15 20 *15 20 *17 20 *17 20 *17 20 *17 20 FederalprIg ning & Stneit'g 1114 Feb 28 2133 J'iy 3 13 Dec 36 Feb i *43 49 *43 4812 *45 47 *43 48 *43 48 *43 48 Do 3718 Jan 23 50 J'ly 2 37 Dec 6612 May 1 18212 183 183 183 183 18334 18214 1831: 18212 18212 18253'18278 2,600 General Electric 155 Jan 2 18812 J'ly 25 142 Sep 10838 May 3812 3914 3812 3912 3914 3953 40 4034 4112 4212 3934 42 6,913 Gen Motors vot tz etts_ 30 Feb 26 4212 Aug .A/ 35 Nov 5134 Aug : 48073 81 8038 8038 80 8078 8073 8073 8114 82 82 82 2,120 Do pre vet tr ctfs_ '7014 May 3 82 Apr 8 7412 Dec 8658 Aug 353 334 353 334 358 334 353 334 358 383 334 334 8,400 dfloldlleld Con M. Par $10 $358 Aug 22 $5 Mch lb $312 Oct $778 Jan i ------_ ___-______-__ 7834 8018 79 7914 7834 79 4,100 Goodrich (B F) 7834 Aug z• 8018 Aug 26 i -08 -5-93-4 10814 10513 *10714 10814 *10713 10814 dGDugopirecpret h E 10814 Aug.:., 10813 Aug 28 5973 6033 -5973 -6038 5914 5934 59 5912 *5812 5912 10,520036 xplo..Par 325 $33 J'ly 11 46233 J'ne 14 19 1913 19 1912 19 19 1834 1834 *1834 19 *1834 19 2,501 dI nst p nCon o sp tPari, tr c$r2t80 151814 J'ne 3 $2018 J'ne 7 • • . 12114 12114 121 121 *121 12134 12113 12112 *12034 12134 *---- 122 200 Harvester 10514 Feb 1 12519 Aug 5 9918 Sep 12933 May I *118 119 *118 119 *118 119118* 119 *11818 119 *11813 119 Do pret stk tr ctts ___ 11812 Jan 26 12134 Apr ti 115 Sep 12814 May tost 538 514 538 *5 538 *5 538 *5 5.18 *5 53_ 300 Int Mer Marine stk tr etts 4 Itch 7 778 Mch 23 314 Sep *181 578 Jan 2 20 19 19 1934 1934 1934 1934 1934 1934 '2034 2078 1,100 Do pre 1534 J'ly 30 26 Itch 214 14 Aua 2212 Dec 1 *1534 1634 16 1613 16 163 16 1613 *16 1612 *16 1612 1,760000 IntDecrnaptrleotnal Paper 933 Jan 17 1034 May23 o Sep 1338 Jan . 1 5838 5838 58 5815 5818 5813 *5712 5812 *5713 58 *57 58 z4578 Jan 3 0273 May23 4453 May 1 *26 5638 Jan 2812 *2614 2814 *26 28 27 27 *26 28 *2612 2714 200 Internal Steam Pump 2413 J'ne :i 34 Jan 2 23 Oct 44 Feb • , *80 82 48112 8112 *80 82 *80 8112 8018 8018 *80 8112 125 Do prof 79 FeD 1 8453 Apr 8 80 Oct 9012 J'ne • *10678 10712 10713 10713.107 10712 *107 10712 10712 10712 2108 106 200 Laclede Gas (St L) coin_ 104 Math 11412 Jan *205i2 16 10834 Jan 4 10114 Sep 20812 20834 213 213 21578 212 215 20812 211 207 208 8,420 Liggett & Myers Tobacco 15678 Jan 15 21573 Aug 27 1 *117 119 *117 119 11734 11734 11778 11778 118 118 *117 118 3.310000 LooDsoc_WprileteserrBeisd tr co ars 1043512 jJa,iny 2122 1418718 JA.lyug 2296 4334 4334 4378 4414 4334 4334 4334 4414 4358 4334 4334 4334 10358 10353, *10314 10334 *10314 10334 010314 10334 *10314 10334 10312 10358 300 Do 1st pret 103 'Fly 22 10414 J'ly 27 *9012 9112 *91 92 *9013 9112 9114 9114 9112 9113 *91 9134 3d pref es 90 J'ly 22 9212 J'ly 26 *85 90 *87 90 *86 80 8734 8734 *8812 91 87 87 ES MaDolotay3 7518 Jan 31 9214 J'iy 17 7412 Dec 95 Feb *6914 6013 6933 6938 *6914 6913 43913 6913 *6914 6934 *6938 6934 lim aeDyxe i cpae:pra afri, et 68i2 Jan 11 7078 Jan 23 68 Dec 77 Mali ------*73 82 8078 8078 *78 81 *79 81 *79 81 tmroenietumStores_ 69 Apr 11 84 Aug .2 73 Apr 87 J'ne 10634 10634 *10634 10714 *10634 10714 10834 10634 *10612 10714 Do pretprip.r!szuTtpar $3 $102353184 Jr'enbe 2144 $13102 Jan 131 10734 Sep 11314 J'ne -i5i4 VE3-4 7578 78 7814 7914 7558 7958 77 7834 7734 7814 8827.: 8234 Apr 20 7958 Aug '-!, 1 2912 2958 2932 2934 2912 2953 2933 2912 2914 2912 2914 2938 93328102050000 dm.alaatentoinCelo *108 Sep WIT;Dec i 140 14078 13913 14114 140 14012 14013 14013 140 140 140 140 12013 J'iy 26 161 Apr 3,• 11714Jan 14334 Nov *123 127 *125 127 *123 127 4125 124 *123 127 *123 12612 10 It` Do pret 12678 Aug 8 131 J'ne 13 1'24 Jan 130 Feb I *1712 1812 18 1815 *1734 1814 1714 1714 *1713 18 417 17 350 Nat Enamerg & Stamp'g 1214 Feb 29 1914 May15 1213 Dec 22 J'ly 1 *91 93 9034 9034 9012 9012 90 9034 *88 92 90 90 pret 88 Feu 27 952 Jan 2 85 Jan 10034 J'iy 5938 5978 5978 6078 6014 6034 60 6014 6012 6058 6,21 Na7 _loon__ V 5118 Jan 9 6078 Aug 2-/ 4213 Sep 69 Feb 418814 179114 *10712 111 *107 111 *107 111 *107 110 *107 110 Do pref 10312 Feb 1 11014 Aug 20 104 Sep 10934 Aug ; ; 2253 2278 2234 2318 *2234 23 2253 2234 22(3 2238 2212 2234 14,50e dNev Cons Copper_Par $5 $1814 Jan 21) $2314 May 1 $1518 Sep $2114 J'ne 'L *78 82 *78 81 79 79 *78 80 *78 80 78 78 450 New York Air Brake__ __ 50 Feb 17 83 Aug 21 45 Oct 76 Feb I 8512 8613 8513 86 8534 8614 8613 8613 8558 8534 *85 8612 1,500 North American Co (new/ 7412 Jan 3 8775 Aug 21 64 Jan 7434 May , *3012 3112 3012 3012 3083 3112 3112 3238 31 31 *31 32 acIfie Mall 30 Jan 2313 LW° 3 35 Mch27 Apr 3338 Nov ! 5114 5114 *5012 5112 51 51 51 51 5014 5014 *51) 5012 Pacific Telep & Teieg 47 Feb 5 5538 Apr '25 35 Sep 5458 Jan 1,7251 People's 11634 11634 *116 1103 11834 11634 11612 11634 11633 11638 11638 11534 G L & 0 (Chic) _ 103 Jan 8 11814 May25 10112 Ain 109 Jan . I*103 105 *103 106 510212 105 10334 104 410312 105 .10312 105 200 Philadelphia Co (Pittsb) _ 102 J'ne 3 11114 Feb 16 99 Sep 11813 J'ne , 2412 2458 2413 242 2434 2513 25 251: 2414 2412 2412 25 7,300 Pittsburgh Coal Co 1034 Mch 1 2/14 Aug 14 17 Dec 2314 J'ne i *9612 9712 9714 9738 9714 9512 98 9812 9758 9734 9734 98 4,410 77 Feb 8 10014 Aug II 6734 Jan 9073 J'is • *190 194 19278 193. 194 19712 194 195 191 191 190 19018 2,290 P.D LooriP1 Ira6rfd Co 167 Mehl] 20013 J'ne 8 .117 120 *116 121 *11712 120 *116 118 117 117 *118 1201208 1,351050000 PressedpuD b0 10734 Jan 12 118 Aug 20 *3734 3814 3778 38 38 3814 *33 3812 *3734 38 38 381Steelferr2;dae 2834 Feb 27 3334 Aug 11 25 Sep 3758 J'ne 1.10212 10312 *10212 10312 .102 104 *10212 10312 *102 10312 *10212 10312 set 96 Feb 28 10334 Aug 16 91 Sep 10234 J'ne 11914 11914 11912 11912 *11734 11938 *11734 11953 11912 11913 11933 SDerOpvice Corp of N J - 10634 Feb 17 12078 Aug 13 108 Oct 120 Feb ,1171 172 172 172 17034 171 170112 171 417013 17034 169 109 717 Pullman Company 15812 Feb 2 173 Aug 2) 154 Sep 163 Jan , f *3734 3812 3734 3734 *3734 3858 3734 3734 3734 3778 38 3818 600 Ilailgac ypStrlre Spring 2712 Feb 8 3812 Aug 20 26 Oct 39 J'ne 1.103 105 .103 103 *10312 105 10434 105 *10312 105 105 105 300 11`' 100 Mch 12 105 Aug28 1 92 Jan 103 J. no P 2134 2173 2173 2218 2138 22 2112 2178 2114 2138 2118 2138 8,900 dRay ConsCopper Par $10 $16 Jan 29 $2212 J'ne21 512 Sep 819 Deo 11128 2312 *28 2812 2812 2834 *28 29 *2713 29 2778 277s 900 Republic) Iron & Steel._ 1534 Feb 26 2913 Aug 21 18 Oct 3514 Feb , 9113 9112 9114 9114 9114 9138 91 91 9113 9114 *9014 9114 6412 Feb 27 92 Aug 21 7418 Oct 9938 Feb *102 10218 102 102 *102 103 *102 103 102 102 102 10213 1.5960:700590 61.4._sterfiejaRumely (M) pref steel &it_ 100 J'ne20 103 J'ly 20 , 20314 205 20312 20313 20314 204 20212 20312 203 20333 20314 204 2,700 Sears, 'Roebuck & Co_ _ _ 140 Jan 15 '20634 Aug 12 12512 Sep 192 Feb • *56 57 56 56 56 56 *55 57 5512 5512 55 55 3914 Jan 30 59 Aug 15 34 Sep 5(314 Feb *28 30 *29 30 *29 30 *2812 30 29 29 *2813 30 Stal:laPrdretMilllng 1614 Jan 19 3312 J./let•V, 15 Aug 1718 J'ne ,*60 66 *60 87 *60 67 *60 67 *60 66 *63 66 Do pret 53 Jan 8 63 Aug 21 50 J'ly 53 Dec *4212 4312 4312 4312 43 43 *4212 44 44212 4212 *4212 44 840 Studebaker Corp (The)_ 30 J'ly 10 4912 Aug 0 1, *9412 9512 9412 95 *9412 9518 *9412 9534 *9412 9534 495 95 250 Do pref 9012 J'ne 28 0818 Aug 13 ' 4418 4418 44 4414 4334 44 4312 44 4213 43 43 4313 .5.2.5 $3413 Feb 1 $4714 May21 1631014 Sep $44 J'ne 0012614 12814 126 12612 6127 127 12714 128 12734 12812 128 12912 4'1°° TCerenxasne"ComeepeanPyP(4.hare) 818498 AprJan 163 11110334 .1J: ly e8219 7412 Nov 13612 Feb *108 111 *108 111 *108 111 *108 111 *108 111 *108 111 3'940 44.) l' ndreep red Typewriter. 03 Mch 111 J'ne *11412 .511412 ._ *11412 -___ *11412 -- *11414 -___ *11414 --- 110 J'ne 14 11414 J'ly 20 103 14ch 11378 J17 , 14 14 1378 -1-412' 1414 1432 14 1438 1334 1334 1334 14 _-, Union Bag & Paper 458 Jan 25 1778 May16 434 Dec 9 Feb • *6013 62 6014 6014 6112 6112 *60 6113 *6012 62 *6012 82 00 Do pref 4934 Feb 21 6734 MnY15 8012 NOV 5912 Jan *53 57 *5334 57 *5334 5678 5673 5673 *5378 5612 *541s 5812 100 United Ogar Mfrs 53(4 „rly 17 0434 May21 ,*103 110 *103 110 *103 110 *105 110 *10312 110 *103 110 Do pref 105 Jan 10 103 Feb 15 , *19 10014 Sep 110612 Oct 20 1934 2012 2038 2034 21 21 *20 21 §21 21 1,265 U S Cast I Pipe & Founar 13 Feb 16 2.13 May16 li Sep 19 Feb *5912 60 60 61 60 6012 60 CO *5912 61 *5912 61 825 Do pref 50 Jan 4 01 J'ne l': 401: Sep z61 Feb 53 53 5218 5218 *52 55 53 53 5214 52'14 *52 55 500 U )S In est Alcohol Jan 55 Aug 2 4 135 24 Aug 30 May ; *8312 8412 *8312 8412 *83 85 *8312 8414 *834 85 *83 U S Realty & Itnprov't_ 6267 J n 41 8612 J'ly i• 6513 Jan 7934 May *5114 5134 5112 5112 5112 5134 15112 51314 51 5138 5118 5112 3,745 United States Rubber__ 4514 Feb 1 6778 may21 10838 801/ Sep 4812 Dec !41 10832 10812 10812 10832 10834 *108 109 10873 10878 *10812 109 530 Do 1st pre( 10553 J'l7 25 116 II ay2tt 104 Sep 11512 J'ly *78 80 *78 80 *78 80 79 79 *79 80 *79 80 75 Jan 23 8512 May21 66 79 At i 7334 74 • 7338 7418 7378 Serf eh 7478 7414 75 7414 7478 x7333 7334 200,51)09 CnIptoedEdStaPtreesr Steel 5814 Feb 13 75 Aug '2 i 54) Oct 5218 Feb t 113 11313 113 11318 11338 11312 11338 11338 11312 11312 11338 11312 4,400 Do pre( 10738 Feb 13 114 103 6631 6714 6,534 6634 6538 6534 Aug 1 Oct 12078 Fob ! 8512 8614 6612 6714 6538 6558 40,400 dUtali Copper___Per $10 35213 Jan 29 86714 Aug 26 $38 Sep 35778 Deo i 48 4814 4712. 48 4734 4734 4772 4772 4712 4712 *4712 43 1,100 Virginia-Carollna Chem.._ 4714 J'ly 12 5714 Jan 26 4318 Sep 7038 Feb >*115 11612 11613 11612 *115 117 *115 117 *115 117 117 117 11512 Aug 1/ 122 Mch27 114 Sep 128(3 latch *133 137 134 134 *133 136 1134 134 *133 137 5137 137 215602 WDoelisPre Facotr & Co 4133 Aug 19 151 Jan 3 139 Sep May *8134 177 8234 8178 82 82 8214 8214 8214 *8112 8212 *8112 82 1,010 / V Went Lnion Teleg 79 Jan 2 8614 Jan 18 7153 Apr 8412 May , 8718 8734 87 8734 87 8838 87 8814 8714 8714 8714 88 6,300 WeetIngh'seEl&M fg asfen1 66 4 Jan 3 8912 Aug , 5858 Sep 7i) May *12318 128 *124 128 *124 127 *124 130 *124 130 *124 130 Do 1st pref 11478 Jan 5 128 Aug 8 11013 Aus 123 Jan 9512 9512 94 9512 9414 9 95 9612 96 96 59534 9534 4,500 Woolworth (F W) 9212 J ly 25 .C135., 114 11414 11414 11434 9914 J'ne 2i 1143, *1144 115 115 115 115 115 400 Do pref 11314 J'ly 11634 J'iy 2

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS. Banks Hits Ask Banks HU Ask Trust Cal Bid Ask Trust Co's Big Ask [sus. Co's Bra Ask trust Co's Silt Ask Brooklyn Br.,,Itlyn .N Y CNN Guardian Tr 90 105 NY Life &Tr Brolklyn ConoY ill'cIT Central i'r_. 1030 1045 -_ 155 North Side / 175 200 1025 __ _ Hudson ..... 137 142 .4 Y Trust. 630 640 t 1rook lya 11 470 ...... First ...... •__ 2-84) 295 People's ___ 145 155 4.1olumbia- - Law T I&Tr 224 228 Standard J1111003 ___ 150 Greenenna _ ___ l'r 370 375 161 Prosp'etP10 150 105 Knlekerb 575 585 Lincoln Ti' .... _ 140 1'11.1013M Tr 580 584 Fran!clin___ f270 1111151deT _-- ...... 125 Commercial 9712 . MetropolT0 455- 463 liomesteadt ___ Union Tr .. 1300 - - 115111111,36 -- 275 ---. 115 Trust Co's Em Tiire.._. 300 3-1-0- Niutual Alli 1.1S Iltg&-Tr 470 4-8,1 Home 110 „... ManUtae'rs 4-05 425 EquIt'ble- 51213 54712 ance 145 152 Mechaulos' Unit States ilti) 1130 King's Co 620 § 730 240 N 1( 014 Farm Lo&"1_ 1100 Aut.( West- Washington NI L & Tr Montauk 11 _ _ 150 Astor 390 410 L 300 3-11- 410 420 Fidelity --_ 2-1-5- 222 chester)... 140 150 Westchester 15,) 160 Nassau __-_ 130 Nassau ____ 112- 225 dankers"rr 585 Fn.ton ..„... 580 315 325 Windsor - 188 192 Peoples' __ 235 305 Nat City__ 275 295 [Sway Tr 17713 18212 Utiar'ty Tr_ 1025 1035• . . . :ueens Co. 95 105 • • Bid and asked prices no sales on this day. f Le33 than 100 shares. t hx-rights. a Es-div and r ghts. b New stock. d Quote.1 dollars per share. 1_.• t Sale at Stook Exchange or at auction this week. s Ex stook dividend. If Banks marked with a paragraph (11) are State banks. z EX-dividend.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis York Stock Exchange—Bond Record, Friday, Weekly and Yearly New defaulted bonds. and prices are now all—"and interest"—except for income and Jan. 1 1909 the Exchange method of quoting bonds was changed,

t Price Week'? Range Price Week's Range BONDS Since I BONDS t 2 N. Y. STOCK EXCHANGE Frida4 Range or EXCHANGE Friday Range or Since Sale JJan. 1. N. Y. STOCK Jan, 1, Week Ending August 30. 4.3,- August 30 Last ' Week Ending August 30. August 30 Las Sale 011, Bid Ask Low Ifigl No Low Mg Bid Ask Low High No. Low High Chesapeake & Ohio— 1041 U. S. Uoyernment. Gen funding & impt 55_1929 J -J -_10( 10112 Aug'12 10112 registercd__d1930 Q- J 101 10114 10034 May'12 1003,1 10074 1101 6 109 1113, IU S 2s consol 10034 1013, 1st consol gold 58 1939 M-N 10712 1101: ,t),) S 23 consol coupon -__d1930 Q- J 101 10111 10034 May 12 Ill May0 110 11114 U 10234 10212 J'ly '12 102 102 34 Registered 1939.M-N 107 ____ ,UI S 3s registered k1918 Q-F 102 1992 M-S 0912 Sale 9912 9975 7 9912 103 1 k1918 Q-F 102 1023, 10214 Aug 12 61 10112 10314 General gold 454$ 1(1 S 3s coupon 5k Registered 1992 IM-S 0812 1004 993 Noy'll registered 1925 Q-F 11312 11414 11358 Aug'12 11314114 933, 131 -03-8 -64-1 ,U S 45 s, 11314 11434 Convertible 4345 1930 F- A 9312Sale 9314 ,U S 48 coupon 1925 Q-F l'.312 11114 114 Aug'12 8614 891; 8614 J'ly '12 8614 89 1 2 J'ne '11 sl Big Sandy 1st 4s 1944 J -D :U S Pan Canal 10-30-yr 2s k1936 10038 10118 1001 Goal H1V 1945 J-D 863 895, 8812J'ne '11 -S 10138 10178 10134 Aug jOi3-2 10217 Ry 1st gu 4s,, j0134 11713-4' 11 S Panama Canal 3s g 1961 Q Craig Valley 1st g 5s 1940 J -J 103 10134 May '1 Potts 4s 1946 J -J 8.3 __ 64 May'l 84 8634 Creek Br 1st 9312 96 Foreign (lovertiment 1 97 100 R ac A Div 1st con g 4s_1989 J -J___- 941: 95 MaY'l ,Argentine—Internal 5s of 1909 _ S 1100 Sale 100 100 Aug•I: 9012 9012 Aug'12 9314 951: 2d conso) gold 4s 1989 J -J __ _ 9012 ,Chinese (Hukuang) Ity Is X__ J -D I 0312 9438 9418 9138 ___ 95 Oct '10 Greenbrier Ity 1st gu g is 1940 M-N 7212 !Imperial Japanese Government- 1 9112 94 Chic & Alt R11 ref g 3s 1949 A-() 70 71 70 7018 3 "ir Sterling loan 4 Hs 1923 F- A I 92 023 92 9214 6014 6512 ' 91 9114 3 9088 93 Railway 1st lien 3 Hs__ _ _1950 J -J 6434 Sala 6434 65 2d Series 4 Hs 1925 J -J 91 92 F-A 9938 _ _ _ _ 00 Aug '12 9954 100 1 8312 8534 8334 Aug'12 8'312 8818 Chic B & Q Denver Div 4s1922 Sterling loan 4s 1931 J J Illinois Div 3 1940 J J 8518 Sale 8518 66 13 8513 88 M-S 110312 10334 10334 11.334 3 10213 108 (is 8512 8614, iRepubile of Cuba 5s eaten debt_ 99 7 99 9914 Registeied 1949 J -J 85 _ __ 8614 Aug'12 External loan 4 (is. 1949 F- A j _ 9918 99 9.3 9812 10013 98 9758 Aug'12 9718 983, Illinois Div 4s 1949 J -J 99 Sale 99 iSan Paulo (Brazil) trust 53_1919 J -J j 97% J J 97 100 98383'ne'12 9854 9912 93 9334 9378 Aug '12 9378 95 Registered 1949 105 ;Tokyo -ity loan of 1912, 53-- M- S Iowa Div 1913) A-0 101 10433 1045 10454 9614 9617 9613 1,614 9512 9714 sink fund 53 9914 9953 (U S of Mexico s t g 5s of___ _1899 May'12 88 91 Sinking fund 4s ___ 1919 A-0 9914 100 9914 Aug'12 48 1954 — 9014 ,s8 9734 9958 Gold of 1904 l'hese. are p Ices on iheba its $5 to Z. Nebraska Extension 4s 1927 M-N 9734 98 9734 Registered _1927 M-N 9634 971: 9814 Meh'll State and City Securities __1921 11-5 9938 ____ 9912 Aug'12 -6473;. ‘611-2. 1960 M-S 101 Sale 10012 101 17 10012 103 Southwestern Div 4s_ Y City-4 1s 10013 Sale 10018 1003 110 10018 loll, Joint bonds See Great- North 4 Hs when Issued 19135%-N 10038 1008/ 10034 Aug'12 10038 10158 95629 -11C-14 9858 9878 9838 9878 26 '3858 10018 DeOenture 58 9714 4% Corporate Stock-9 1 10018 General 4s 1958 M-S 0512 Sale 9512 9578 6, 9512 Stock___1958 51-N 9854 98;8 98533 988 9838 3 7712 8112 4% Corporate -N 9854 9871, 3834 9S.4, 26 0834 Chic & E 111 ref & imp 4 gs_1955 J -J 7712 Sale 7712 7734 _4y o Corporate stock 1957 M 10014 122 125 1957 M N 10612 106 Aug'12 10534 10778 lit consol gold 6s 1934 A-0 1.1912 1221.: 12214 J'ly '.1.1 11118 New 4 10234 General 5s__1937 Ni-N I7 1 107 Alig"Il• 107 1917 M-N 10178- 102 10153 10188 102 consol 1st 10914 10914 , New 4 (is 78 Reglstered 1937 NI-N ------10914 Feb '12 Corporate Stock_ _11)57 M-N 106 10614 10614 1064 10534 107 '12 10812 10913 , 4..5% 10214_ 10213 10214 2 10112 10278 Chic & Ind C Ry 1st 58_1936 .I-J 1063__ 10812rne 4% assessment bonds_1917 M-N tsf-S 77 7714 77 7; 2: 77 83 1054 '31-N 85 S- -aie 85 86 85 88 Chic Gt Western 1st 4s....„1959 31.4% Corporate Stock Chic Ind & 68_1947 J-J ---- 1251: 125 Aug 12 _ 125 12912, -48 1961 s 101 __ 101 101 1 100% 10278 Loulsv—Red Y State 10278 Refunding gold 5s 1947 J-J___ , 0934 Aug 12 10934 11034 Canal Improvement 45...l961 J-J 10134 Aug'12 10118 11 10218 1011830y '11 10118 103 Refunding 4$ Series C_ _1917 J-J --__------O558 Apr , Canal Impinent (new) 4s 1961 J J Ind & -_-- 84 80 rly •12 "icT J j 101 ____ 10034 J'ne'12 10034 102 Louisv 1st gu 43_1956 J-J 9153 Canal Improvement 48_ _1960 Chic Ind & 1956 J J --- 9114 9014 "01 4 9014 Carolina 4 Hs 20-40 1933 -J 9714 _ 1031: J'ly '10 Sou 50-yr 43 So Apr '12 -67-34 Chic L S & East 1st 4 Hs _ 1969 .1 -1) ___ 104 Dec 01 _ :Tenn new settlement 3s 1913 J-j 9712 9638 9734 654 ____ 101 Aug'12 101 102l J-J 87 8612Deo Chic Mil & St P terml g 53 1914 J -J 101 Virginia fund debt 2-38 1991 Gen'l gold 43 J -J 9612 97 9612 97 ii" 9612 994 deferred Brown Bros ctts__ - 52 56 55 55 30 "id 57 Series A__01989 (3s - Registered 01989 Q-J 95 9712 Apr '12 9712 98 Railroad 8413 8418 8413 8678 79 8114 79 79 2 77 8414 Gen'i gold 3 Hs Series 13_01989 J-J 8413 85 A an Arbor 1st g 48 81005 Registered 01989 J -J 83 86 J'ne 'fl - - Top & S Fe gen g 43_1995 -0 9034 Sala 9634 97 26 0612 100 "ES; 11.tch 9618 991, 25-year deben 43 1934 J-J ____ -62 91 91 : 66 "66' Reistered 1995 A-0 98 9618 J'ly '12 10618 10617 147 10134 107 Aug'12 89 92% Cony 4 %8 (full pd rectal 10618 Sale Adjustment gold 43____81905 Nov 8914 8912 8015 J-J 105 Apr '12 10614 108 88 9114 91 Feb '12 9014 91 Chic & L Sup Div g 5s___1921 (0614 • Registered 81995 Nov Chic & Mo Rio Div 53_1926 J -J 108 _ 108 J'ne'12 108 10834 • Stamped 311995 M-N 8913 8974 8934 891, 89 9254 105 10653 10734 Chic & P W 1st g as 1921 J -J 105 Sale 105 105 • Cony 45 issue of 1909____1955 - - .10734 Apr '12 10614 -J Aug'12 9273 9514 10838 1083 11 10534 1101 1 CM & Puget Sd 1st gu 45 1941) J ____ 93 9278 Cony gold 48 • 1955 J -D 10812 10914 Dak & (It So gold 5s 1916 J-J 10214 1021: 102 J'ly '12 102 103 Cony 43 (Issue of 1910)_1960 .1-O 103 Sale 10178 1053 195 10014 10615 '1 113 11353 11038 Dubuque Div 1st s f 6s 1920 J -J 11238 11314 Apr 10-year cony gold _1917 -D 10812 10314 10354 10914 43 105 1924 J -J 11518 1173 Aug '11 - 9914 J'ly '11 Far & Sou assum g 6s • Debentures 4s Series5s_- K__1913 F -A LaCrosse & D 1st 53 1919 J -J 10434 ____ 10434 Joel 10412 10434 •• East Okla Div 1st g 4s_. 1028 5%-S 9512 9612 96 J'ly "dr "d63-4 1921 j-j 10134 106 J'ne'12 106 10634 9233 9212 9212 923 6 02 94 Wis & Minn Div g 5s 1035 • Short Line 1st 48 gold_ 1958 J-j Wls Val' Div 1st 6s 1920 J -J 11234 113 11234 Mch'1 _ -.- 11234 11234 4 s_ _1962 5%-S 9974 100 9974 9974 30 9934 1001: ism, 101 10114 , Cal-Ariz 1st & ref 1101: 1.111 & No 1st cons 6s 1913 J -D 10118 10118 1 ' • S Fe Pres & Ph 1st g 5s_1942 M-S 10334 109 J'ly '12 109 Aug'1:. 10014 10013 106383'1y '11 Extended 4 348 1913 J -D 100 10018 Chic & St L 1st 6s M-S cons 78 _1915 Q-F __-- 1031: 10688 rly '1:. 10653 108 95152 NI- S 9434 Sale 9434 93 10 6418 967 Chicago & N West AU Coast L 1st gold 46_819 Extension 93 1886-1928 1"-A, 9634 _ 9653 J'ne•l• 9653 98 Registered 81952 51-S 98 Oct '06 -A 95 9734 Nov'll 108 Aug '11 Registered 1886-1926 F __ Ala Mid 1st gu gold 58_ __1928 M-N 10612 10853 1987 M- N 4 74 5334 87 • J -J 9434 ____ 95 95 1 95- 9534 General gold 3 30 833 Sale 8334 8414 • Bruns & W 1st gu gold 43 1938 1987 Q-F 8312 87 8434 rly •12 8412 8634 73 1936 J -J Registered p Charles & Say 1st gold General 4s 1087 NI- N 9534 Salo 9534 963. 71 9534 9834 N col, gold 48 01952 11-N 9412 Sale 9412 98 104 -93-3-2 "66; Noy'll , L & 12311 Sinking fund 63.___1879-1929 A-0 11012 11134 Say F & W 1st gold 63_1934 A -0 12218 124 12318 J'ne'12 12318 A-0 l093 Aug'12 ig3-4 10934 _ 1121: 11 Registered 1879-1929 10312 • 1st gold 5s 1934 A -0 11053 May' -. 1879-1929 A-0 10512 105 105 1 105 10673 G gu g 4s 1918 J -J 97 100 97 Aug'12 _.. 97 97 Sinking fund 5s ' Sil Sp Oca & Registered 1879-1929 A-0 104l2_, 10378 Dec '11 & Ohio Prior 3(is 1925 J -J 91 9138 91 9114 20 91 93 10414 10513 , nalt 997,8 u133 Debenture 53 1921 A-0 10414 Sale 10414 10414 Registered 81925 Q-J 9014 9134 9033 Aug'12 Feb '1 97 Sale 97 712 52 97 9014 Registered 1921 A-0 103 10612 • Gold 4 81948 A-0 Sinking fund deb 53 1933 M-N 10314 10812 Meh'12 10813 10813 • Registered 81948 96'34__.90 Aug 12,. 96 9816 Jan '12 112 112 Registered 1933 M-N 10734 Aug'11 , Pitts June 1st gold Ss, ___I922?-j-J 112 126 rly '12 126 i271 8712 ____ 8838 Aug •12 gg 90 Frem Elk & Mo V 1st 63_1933 A-0 121%12'71: P June & M Div 1st g 3(01925 M- N Mani G B &N W 1st 3 Hs 1941 J-3 90125ep '09 PLE &W Va Sys ref 45_1941 M- N 8912 Sale 8912 90 23 8162 92 3 1925 J -j 8312 Sale 8978 9013 66 8978 9112 Milw &S L let gu 3(0_1941 J -J ---- 8634 ------Southw Div 1st gold 145 Dal L S & West 1st g 6s 1921 M-S 11134 113 11117 Aug'12 11112 iiEfs 1st c g 4 54s__1930 M-S 10158 ___. 103 Meh'10 k Can Ohio It 11112 Ext & imps t gold 5s 1929 F-A 108 10,131 Aug '1: 10634 110 , CI Lor & W con 1st g 5s__1933 A-0 10912 107 rne'12 107 F -A 3'00'12 10214 1041, Ashland Dly lit g 68_1925 M-S 11618 1421. Feb '02 Monon itiv 1st gu g 5s___1919 10258 ---- 10214 gold 6s 1924 J-J 11634 May'12 id:C4 llOSg 58__1936 j-D 107 .- 10938 Mch •12 10013 10938 Mlch Div 1st 11683 Ohio River RR 1st g Mil Spar & N W 1st gu 43_1947 M- S 9212 sale 9212 9217 9212 94 • General gold 5s 1937 A -0 r - 113518 10312 Apr '12 _ 105 1051! _--- 11312 Feb '12 11312 11:312 Northw Union 1st 7s g_1917 NI-S 11034 __• 115 J'ly '11 Pitts Cleo & Tol 1st g 63_1922 A-0 112 ext 73 1916 J-D Aug '1_ 110 iff"' J -J 9734 --. 9712 Mch '12 9712 97:1 Winona & St P 1st 19934 111 110 • Pitts & West 1st g 4s 1917 Chicago Rock Is & Pa 63 1917 J -J 10778 103 Aug'12 10734 10872, ' Stat 1si Ity lit gu g 4 30_1943 j-D 91 _-_- 91 J'ne'12 91 91 112 Sly '12 11178 11212 Registered 1917 J -J 10812 __ 109 Aug•10 11 & P gen g 5s 1937 S 11012 9458 9412 "difs 10114 10512 104 Aug'12 104 10714 General gold 4s 1988 J - 3 9438 Sale 9458 , Congo! 434s 1937 M-N 1988 J -J 9312 9178 95 J'ly '12 94 9614 1st g 4s 97 ._-- 97 Feb '11 — _ Itegistered All do West gu_ _1998 A-0 Refunding gold 4s 1934 A-0 8734 Sale 8712 8818 67 8712 9034 & Mah 1st gu g 58_ _1943 J -J 108 ____ 103 J'ly '08 ___ - _ 9458 CI Noy'll 20-year debenture 53 1932 J -J 02 Sale 9178 92 46 91 Roch & Pitts 1st gold 63_1921 F - A 112 __-. 11334 '11 11314 112 Aug'12 112 11553 Coll trust Series L 4s ___ _1914 81-N 1)612 9734 Sep Consol 1st g 6s 1922 J -I) 9434rne'll 1st ref g .J 60 72 Mch 10 P 43 19185%-N 95 Buff & Susq 48_d1051 R 2002 it- N 6834 6914 4 117 "di 7314 68 J -J 10012 10034 10034 10034 100)iddf;3 102- Chic I ac Pac RR 4s (1313 691 flan So 1st ext 1913 2002 /1-N ___ 7134 Meh '1' 7134 7234 5s 1913 S 100 10014 100 Aug'12 RR) 101 Registered 2d R I Ark & Louis 1st 454s 1934 M-S 9014 91 9112 Aug '12 9112 93 Registered 1913 5%-S 11)034 Jan '11 110 11118 11273 Apr '12 Bur C R & N-1st g 53_1934 A-0____ 110,,Aug'12 ,Central of Ga lit gold 55_131945 F-A 11212 _ iS3-4 12015 - — 109 10i)..14 10918 Aug'12 am nits Registered 1934 A-0 ____ Mch"03 , • Congo! gold 53 1945 NI- N 1051: 10514 Sep '11 - - Registered 1945 N 107 107 107 1 107 107 C R I F & N W let go Si '21 A-() 10312 • II & St L 1st gu g 7s_1927 J -D • lit pret income g 5s___p1945 Oct 103 Dec '11 - g 105 Deo '11 Choc Ok & G gen g 58_01919 J -J 10112 10234 Aug '11 ' Id pref income 58____p1945 Oct 107 May'12 idi 1081 yd pret Income g 55 stamped__ 013 Noy'll - - - Consol gold 5s 1952 M-N 10634 1081: Dec'l1. Keok as Des ).1 1st 53 1923 A-0 9912 1003, 10012 J'ly '1' 100 10114 3d pre income g 5s____p1945 611- --_ 107 S912 9112 ncome g 58 stamped_ _ 8518 Oct '10 St Paul& K C Sh L lst 4(0'41 F-A 8012 Silo 8912 131134 12 3d pret 1 68__1930 J -D 121 1231: 12112 Aug•I: 12112 124 Chatt Div pur moo g 4s_ _1951 _ 9113 J'ly '12 8933 -9117 Chic St PM & 0 con 4 Jan '12 Cons 68 reduced to 3 30_1930 J -D _ 93 Dec '03 ; Mac & Nor Div 1st g 53 1946 J -J 1.67-1-4 10312 1071 10714 10714 102 5s 115 Nov'05 Debenture 53 1930 M-S 10212 Sale 10212 103 11 105 Mid Ga & AU Div 1947 J -J ._ 122 J'ne '12 122 12312 lit 1946 J -J 410814 10034 May 11 Ch St P & Minn lit g 6s 1918 51-N 121 " • Mobile Div g 58 1st 63 1930 J -J 121 _ 12968 May'09 13 of Ga col g 58_1937 M-N 101 10214 102123'1y '12 10212 ini Nor Wisconsin Can 1111 & 12014 St P & S City 1st g 63 1919 A-0 10918 110 11(334 May'12 11034 HU; 1Cent of N J gen'i gold 513 1987 J-J 11.914 120 123 ik 120 12234 81987 11914 120 11934 A ug '1* I1934 12214 Superior Short L 1st 5s g_1930 /.1-S 1093 _____ Registered gen g 6s_q1932 Q-M 106-'14 ___ 10812 J'ne'12 idi" foil; Dock & Imp gu 5s-1921?-j-J 10114 10614 106 J'ly '12 106 107 Chic & West Ind Am Consol 50-year 43 4 9084 89-34 r I y '12 8934 92114 Le & Bud 14 gen gu g 58_1920 J -J 10212 ____ 10213 May'12 10212 1021: 1952 J - J 863 '12 100 100 Cin H as D 2d gold 4 30 1937 J -J 100 10114 101 bach•12 101 101 • Leh & Wilkes-B Coal 5s1912 M-N 100 100 J'ly 9112 ______43_1941 11-S 98 __ 100 Dec '11 let Qs refunding 43 1959 J -J __ N Y & Long Br gen g lit ruaranteeti ls 1 a NCI 1.. I en7. Rel. .T'rtt,'19 86 87 1Cent Vermont 1st gu g 45_61920 Q- F 9112 917- 9112 9112 10 "id 0214 MISCELLANEOUS BONDS—Continued on Next Page.

Street Railway Street Railway, 953, 05 12 95 Mg Brooklyn Rap A-0 10114 1051: 10513 Aug'12 103 10558 Manhat Ry tNY) eons g 4s_1990 A-0 95 Tran g 58_1945 tax-exempt1990 A-0 9514 96 9512 951-, 11 9514 98 let refund cony gold 45_ _2002 3-J 91% Sale 9i12 9213 87 8374 9434 Stamped 1021, 10214 Aug'12 10112 10212 Net St Ry gen coil tr g 5s__1997 F-A - - 102 Meh '12 9912 102 ' Ilk City 1st con 5s 1915-1941 J J ---_ J'ne'12 97 10358 Bk Q Co & S con gu g 5s_1941 M-N ____ 99 983431y '12 9834 9834 Guaranty Trust Co certifs____ - - 9018 Refunding gold 43 2002 - 64 May'12 5812 64 ' 13klyn Q Co & S 1st 53_1941 J-J J'ly '1• 5712 6214 El 1st g F-A Sale 10 112 11)2 7 10133 idit; Farmers' Loan & Tr ctf__ 6114 ' Bklyn Un 4-58_1950 jai" 5934 Mch '12 5758 62 Stamped guar 4-58____ Ism 10112 19214 102 102 10112 1021! Slam pet! • Av lstc g 58_1943 J id.ft; 10318.11y '12 103 10412, Kings Co El 1st g 48 8512 -- 8534 May'12 8312 8834 Bway de 7th 43 86 Aug'12 8414 86 Col & 9th Av let go g 5s_1993 M-S 10153 _ 102 Aug'12' 10112 10312 Stamped guar 1949 F-A 8512 _ '12 102 103 i guar gold 48_1951 J -J 70 Sale 78 ii 13 7712 81 Lex Ay Qs P F 1st gu g 55_1993 _ ___ 102 102 J'ne Nassau Elec gu 74 J'ly '12 ---- 74 80 : Llst &ref 5g 4(0_'51 j-J 10112 102% 101733'1u:1'12 101 10174 Third Av RR cons 48_2000 J-J ---- Conn Ryde Co certs 7412 J'ly 0_ ---- 73 8114 guar 4343 1951 J -J 101 102 10.58 Aug'12 10112 10214 Central Trust ---- Stamped Cent Tr Co etc stamped_ 74 74 71 4 7214 8114; Det United 1st cons g 4 30_1932 J -J 7612 78 7612 Aug 1: 75 79% 110121 55_1936 S 93 Apr '12 03 95 Third Ave Ry lit g 3s___1937 10712 10911 108 J'ly '12 108 Ft Smith Lt &Trac istg 136 Ry 1st g 5s 1916 J -D 91" 10014 Meh '12 10014 10014 )let W S III (Chic) 1st g 48_1938 F- A 9312,11y Grand Rapids 871cc Ry & Lt g 10412 Dec '11 Havana [flee consol g 5s__ _1952 F-A 99 Sale 99 9018 17 9874 9934 111Iw cons 561926 F-A do J-J 9413 -9514 9512 May'12 WW2 -951;1 Interboro-Metrop coil 454s1956 A-0 8154 Sale 8112 8134 2:35 8012 8412 Refunding exten 430_1931 interboro Rap Trbs Ser A_1952 11-N 10418 Sale 10118 1041: SC 10314 105 1 Dec. 8 prioe Friday; latest this week. d Due April. s Due May 8 Due July. k Due Aug. o Due Oct. p Duo Nov. q Due Option

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 532 New York Bond Record—Continued—Page 2

BONDS _,_ :4..4 Price Week's Q. Range BONDS re, Price N. Y. el'OCK ExCHANGE , Friday Week's Range Range or r., ,1 Since N. Y. STOCK EXCHANGE i.,. Friday Range or Since Week Ending August 30. .2,..0... Ang.(st 30 Last Sale ." co Jan. 1. Week Ending August 30.4.4 4. AUfltiSt .10 Last Sate Jan. 1. Cln Ham & Dayton (Continued) Bid Ask — Low High No. Low High St P M & M (Contsnued)— Lid Ask Low High No. Low High .Cin D & I 1st gu g 5s__ _ _1941 51-N 10212 ____ 10212 Aug • i', .....- 10212 104 Pacific Ext guar 45 £_,1940 -J212__ Find•dc Ft W Ist fru 4s g 14 J-J 9258 Mehl]. C 1923 M-N 88 Mch'll __-_ B Minn Nor Div 1st g4s1918 A-0 0434 91 Cln I & W 1st gug 4s__1953 J-J Al: J'ly '12 9612 9812 963.4 8312 S634 J'ly '12 — 8634 88 • 751inn Union 1st g 6s___1922 J 1141: 114 J'ly '12 114 116- • Day de Mich 1st cons 451s 1031 J J ______Mont (71st gu g 6s___1937 • Ind Dec da W 1st g •5s_ _ _ J-J__--J 12534 ____ 127 May'12 127 12714 _1935 J - .1 104 - 16312 joit2rn-e-•12 __-_ 104 1041-2 Registered 1937 J-J 12412 ..__ 1st guar gold 5s 1935 J .1 __ 13614 May'06 1071. Dec '02--- ....., 1st guar gold 5s_1937 J-J 11034 1113., 11234 Sep '11 Cleve Cin C & St L gen 4s 1993 J -D :___ 91 Aug' 9:11.1 934 .2 ---- 9118 Registered 1937 J-J ------20-yr deb 4 !As .. _.... _193 1 J-J ._ _ 9134 9134 4258 5 9134 9331 Will & S F 1st gold ------, Cairo Div 1st 5s3938 J-D 112 _ 11212 Sep '11 gold 4s 1939 J J 9S18 9412 9358 J'ne'12 ____ 9358 943.._ Gulf dc S 1 1st ref de t g 5s_ _01952 .1-J • On W & M Div 1st g 43_1991 92 115 92 Aug ',2 91I 95 J -J ____ 90 90 J'ly '1: -- 90 93 Registered 01952 J -J ..... __ St L Div 1st col tr g 4s 1990 M-N 91 91 ri-ock __ ___ 9214 91 2 78 931.- Val 1st cons g 4 30_1999 J -J 1001-2 WI 100 lti0 100 103 Registered 1990 M-N 8812 1014 91 Oct '07 ------El Registered 14 Spr & 1999 J-J __ 10012Sep 508 Col Div 1st g 4s_....1940 51-S —_. —__ (10 Dec '11 Col & 11 V 1st ext g 4s 1948 A-0 W W Val Div -92 _—_ 9412 Dec '11 _ 1st g 4s 1940 J -J ...... --_ 91 Apr '12 -- 91 61 Col de Toi 1st ex 45 1955 F-A 1234 ____ CI St L & C consol 6s 1920 11-N 10613 10534 Dec '11 Haus 9613 Jan '12 9012 9614 ____ Belt dc Term 1st 5s 1937 J-J 9912 ____ Le Aug'12 9938 100 , 1st gold 4s k1938 Q-F 9613 98 97 Mch •12 __ 96 if ilinols Central— • Registered k1936(.4-F '12 _ __ 95 95 I. 9, 98 96 fly gold 4s 1951 J-J 10158.-- 1021. 10212 Cln 3 & Cl con 1st g 5s _192)3 J -J --- J'iy '12 May'12 104 -----10718 .-- 10713 10713 Registered 1951 J-J ---. „.:. 100 -Sep '11 C CC de 1 consol 7s 1914 J-1) _105 105 J'ne'12 ---- 105 1051_ 1st gold 3 Consol 3.53 1951 J-J 9118 ..-- 90 Apr '12 90 90 sinkIng fund 78_1914 J -D _ _ _ Registered 1951 J-J General consol 63_1934 J -5 ____121 ------89 Aug'12 89 8912 gold -12 iii12 Apr '12 .....- 123-1212312 Extended 1st g 3 tis 1951 A-0 89 ___ 9312 May'0, Registered 1934 J-J .123 Registered 1951 A-0 89 Ind 131 & W 1st pref 1940 A-0 94 4s _--- 94 J'ly '08 -...---: 1st gold as sterling 1051 31-S ------80"J'Ii-'59 0 Ind de W 1st pret 5s_d1938 Q-J 95 ______.__. ______Registered Peo &'East 1st 4s_1940 1931 31-S . _ ---- _ _ con A-0 ...... 90!: 91 - J'ne'12 ---- 9012 92 Coll trust gold 45 1952 A-0 6812____ g1;14 J'ly '12 foci Income 4s 1990 Apr 40 45 4014 Aug'12..„ 35 467, Registered 97 2 Col Midland 1017 1952 A-0 ---9534 0812 Aug '11 1st g 4s J -J 49 Sale 49 40 11/ 42 5812 1st ref 4s 1955 M Colorado & Sou 1st g 4s 1929 F-A -A,1 93 Sale 9 t 9418 49 "Iii" 664 0434 9.) 95 95 4 9434 .975 Purchased lines 3 51s 1952 J-J ___ _.— 8614 Feb '12 8614 Refund & ext 4 Sig 1935,11-N 9518 Sale 9318 9512 29 9518 9818 L NO & 8618 Tex gold 4s 1953 Si- N 951-2._ 90:1 Aug'!: 9534 2 Ft W & Den C 1st g 0s 1921 .1 -D __— 119 10914 Aug'12 ---- 10014 1121; Registered 1053 Conn & Pas Rivs 1st g 4s 19 13 A-0 ______31-N ___ (1434Jan '11 _ Cairo Bridge gold 9s 1950 J-D 9412 ____ 94,8 J'ly '12 "tiE"9919473 Culba RR 1st 50-yr 5g 1952 J -J ---- __ iolzi- May'10 Litchfield Div el Lack & Western— 1st g 3s 1951 J-J 7312 7518 73.1 J'ne'12 7312 7311 Loulsv Div & Terme 3 501953 J-J 85 8512 86 -fly '12 8412 874 D Morris & Essex 1st 7s...1914 I1-N 10418 10134 10112 Aug'12 --- 10-138 10(3 Registered 1st consol guar 1953 J-J 8234 ____ 83 Aug'12 83 83 7s 1915 .1 -1) 10714 1071R Aug 11 ---- 10718 Middle Div reg Is 1021 F-A Registered 1915 10918 — - — 123 May'99 J -D 10(3 11138 Dec '10 ._-. Omaha Div 1st g 33 1051 F-A 7518 Sale- 7011 ,318 "7/6" 1st ref gu g 3 is 2000 J -D .— 90 Mch•12 —.- 90 90 St Louis Div & 5-J NY Lack & W term g 38_1951 74 71 75123101'12 7812 751z 1st 6s 1921 J -J 112 .1121.J'iy '12 ---- 112 11414 Registered 1951 J -J 73 7518 Construction Is 1923 F-A 10532 10734 10734- May'12 ___ 10712 Gold 3 385 Term & Improve 10734 1951 J-J 8512 8334 3.E1-2 8537 -E1-2 -864 4s.._ _1923 51-N 94 98 J'ly /12 ...._ 98 98 Registered 1051 J -J • Warren 1st ref gu g )13_2000 8312 --_ 10118 Oct '06 ---- 3 F-A ------10213 Feb '03 __-- Spring Div 1st g 3 As 1951 J-J 81 —__ 100 Nov'00 Del de Hud 1st Pa Div 7s__ _1917 M-S 11112 _— 11512 Aug'11 __. ______Registered ---- Registered 1951 J-J 83 86 1917 M-S 149 Aug'01 —. ______Western lines 1st g 4s. __ _1()51 F-A 94 561 91- J'n-e'--li -1;i1-2 10-yr cony deb 4s 1916 i-1) 9712 Sale 9712 98 32 9/12 99 Registered 1st lien equip 1951 F-A 13 ------___ _ g 4 5,6s 1922 J -J 10118 1,,..• 101 101 1 101 10134 Bellev & Car 1st 6s 1923 J-1) 11234._ 11712Ma-y'10 - - - 1st & ref 48 1943 31-N 0814 Sale 9814 98; 1'7 gg gm. Carb ec Shaw 1st g 4s_ 1932 31-S 13 __-_ 911. J'ly '12 94 2 "tk>" Alb & Sus cony 3 50__1946 A-0 9014 9,•. 91 Aug'/2 ---- 90 93 Chic St L & N 0 g 5s._ Bans Saratoga 1951 J-D 111 11..1; i133-1,J'Iy '12 11334 116 de 1st 7s_ _19 21 1I-N 120 __ 12114 May'12 --- 12114 1211, Registered 1051 J-D Deny& It (Jr 14t con g 4s_193,3 J -J 87 111 ____ 114 Feb '11 90 8534 Aug',2 ---- 84 91 Gold 3 318 1951 J-D —.. Consol gold 4 3•23 1936 J-J ____ 97 90 Oct '00 9612 Aug'12" 9738 981, Registered 1051 J-D ------,,Improvement gold 5s 1928 J 0 '95 Sale 93 • 95 4 94 991, Mempli Div - 1st de refunding lst g 4s_ _1951 J-1) .U1 - _-__ _ -621-2 Au-g-'1: -611; -611-2 5s 1953 F-A 83 6.314 8314 8312 7 8314 90 Registered 1051 J-D __ Rio Gr June 1st gu g 5s 1939 J -1) ____ _ 10112._ ton. 1011,.• 1 10112 1011.2 St L Sou 1st gu g 45 1931 31-S 93 — ski- J.11o; Rio Gr So 1st gold 4s 1940 J -J _L.— 12 5it-2 Apr '11 _. Ind III & ______la 1st g 48 1950 J -.I 92 943-4 94 AWL; -613;"W - Guaranteed 1940 J -J .._- --- 85 Mch'08 — fat de Great Nor —10AI (Jr West 4s...... _1939 1st g(3_ 31919 11-N 10812 Aug'12 m •1081 Rio 1st g J -J 83 85 84 4 'I Iowa Central 1st gold t col trust 45 A_ _1949 A-0 833I885; 5s 1938 J -1) - - 98 9512 Aug'12 9512 105 Mtge e. 7712 79 80 J'ne'12 .___ 78 81 Refunding gold 43 _ _ 1951 31-S Utah Cent Ist gu g 4s_al9f7 A-0 82 ol 65 6413 dal 6212 6612 ---_ 97 Jan '0 ______lamestown Franklla--d; - Des Mo! Un !iv 1st g 5s 1917 M-N ----___ Ito Sep 0, ..... - -_---• ...3 Clearfield 1st Mack 45 1959 J-D ------04 May'12 94 9412 Oct & 1st lien g 4s 1995 J -D --- 05 92 Nov'll __ _ - --_-_, Ka n Neityis:tieorue 1st gold Gold 4s 1995 J -D 91 ____ 91 Aug ',2 ._ ._ 5,3- 3s_ _1 2:),1:8 -_- --..2' 617 oct'.1200 II 72 74 Det 13.1v Tun Det TerTun 4 (is'61 M-N 9812 Sale 931. :i12 2 9812 10078 Ref & impt Is 103(1 net T de 1-0 S Apr J-J .-_---. -9S14 9712 1)8 4 -671; 16614 Div 1st g 481941 M S „_.,...__ 75 - Feb '12 ____ 75 • 75 Kansas City 'Fermi 1st 45_1960 J-J 9718 98 08 Aug'12 Dui Allssabe & Nor gen Is_ 1941 J -J 105 19.5.,. 10334 J'ly 9634 9834 '12 . 10558 106 f eke Erie & W 1st g 53_1937 J-J ___10514 10712 Aug'12 10712 110. Dul & Iron Range 1st 5s. 1937 A-0 104 -___ 104 Aug'12 - — 1-1 s2d gold Is 'Registered 101 107 1041 J -J 104 1011: 101 May'12 104 10414 1937 A-0 103 ____ 10612 Men'08 ...„. North Ohlo 1st gu g 55_1945 A-0 10414 1061: 10114 J'ne'12 19414 10512 • 2d Os 1915 J -J ______104 Feb '11 __ Leh Vail N Y 1st gu g 43_l940 19438 Aug',2 Dul So Shore de Ati g J-J 103 10478 10435 100 5s_ 1937 J-,( __ _ _ 10512,1'1y '12._ 10512108 Registered 11140 J-J ..--- 104I2 VIgin Joi & East 1st g 5s 1941 31-N ---- 10412 Marl:. 10415 110 Irv; 110 t10 4 110 1121, Lehigh Vail (Pa) eons g 43_2003 31-N __ 97 97 u7 97 0814 A44rie 1st consol gold 7s_ _1920 51-S 11514 117 117 Aug'12 ---- 5 Leh V Ter Ry 1st gu g 53....1941 A-0 11312 ____ May Y & Erie 1st ext 11614 118 114 12 11314 114 •N g 4; 104 7 31-N 10110.1'ne'll Registered 1041 A-0 110 ___ 11118 Dec '11 2d ext gold Is 1919 51- 5 ------10314" Men 1,2 _ _. . ija, iii ;1.- Leh V•Coal Co 1st gu 101312 • ext g 5s 1933 J-J 10711 .0612 A9g '12 1-6J1-2 3d gold 4 3,(3s 1923,n.s totis 10212 Ntea .1. 10212 10234 Registered 1933 J-J • 4th ext gold Is 11120 A-0 -__ 10334 105 Feb '12 _ 1st Int 105 10514 reduced to 4s 1933 J-J 5th ext gold 45 1928 J -I) 96 101 100 Jan '12 __ 100 100 Leh & N Y 1st - - --- E _1104 guar g 4s__, _ 1945 31-S tii ___:"6:1- J'n-e-'-1: 9,3 941 NY L de W 1st g fd 711_1920 11-S _ it534 J'ne'12 ...... , 11531 11612 Registered 1043 Si ______Erie 1st con g 4s prior -S 1996 J-J 86 Sale 89 ,()1 34 14 8812 90 El C & N 1st pret Os 1914 A-0 Registered 199(1 J -J 85 881. J'ne'12 ___ 86 , . -10-11-2 Feb '10 881 Gold guar 5s 1014 A-0 ------103 Meh'12 103 103 1st consoi gen lien g 48_1990 J -J 7718 Sale 7718 4712 i; 7718 7934 Long Island— gistered 1990 J -J Apr '12 ___ 77 77 - 77 Re 1st consol gold 5s 81931 Q-J__ Aug'12 10914 11034 Penn coil tr g 4s 1951 11-A 90 Sale 90 90 9 8813 91 0914 1st consol gold 43 741031 Q-J _--- - -9614 151e11•12 9014 9614 50-year cony 45 A_1933 A-0 8012 802 8714 8',14 16 8558 914 General gold 43 1088 J-D ..Is4...r - -14 9418 Aug'12 01 9411 do Serles B 1953 A-0 7812 79 7958 Aug'12 __ 7514 807,, Ferry gold 4 6.1 Buff N Y & Erie 1st 7s_1915 __ 58s 1932 .5%-S 1(612100 98 J'no'12 98 08 J -D .. _ _ 1091: 110 Apr '12 10821 1I03,1 Gold.4s 1932 9914 Oct Chic de Erie 1st gold 5s_1982 A-N 112 11234 J-D 01 97 '00 1234 Aug'12 -- 112 114 1 Unified gold 4s 1949,5%-S __ 9412 051.Jne'12 -66 - -661; Clev & Mahon Vat g 58_ _1938 J -J 109 --_. 1.09 May'12 _- Registered 109 109 ' Debenture goid Is 1934 J-D •_-____ 10311 10412 Dec '08 1938 Q - J 107 Guar rel gold Long Dock consol g 65_ ._1933 4s 1949 31-S...... 93 951. Aug'12 93 -6f1-2 A-0 123 -- 12412 MaY1.2 :-..... 12334 1241,, Reglstered 1049 31-S __ 95 -Jan '11 Coat & RR 1st cur gu 68.1922 ,11-N 10738 107-1: 0138 Aug' 1., ---- N 'V B & Imp 68_1913 105 1073, It 131st con g 5s iu35 A-0 10412 _ .11014 Nov'00 Dock & 1st cur J -J 10914 —.._ 10134 Mch '12 ...... 10134 N Y &1t 13 1927 21-S 103 N Y & Green L gu g 55.._1946 31-N 10134 1st g 5s 10334 101 J'iy '12 111312 104 113312105 1051. Aug '12 ---. 10312 105 Nor Sh B 1st con g gti 5s.01932 Q-J 10412 ___ 1(15 Aug.,: N Y Sus & W 1st ref 5s1937 J -J 103 10312 103 - J'ly '12 105 10714 --- 103 105 Louisiana de Ark 1st g 5__.,1U27 NI-S 92 94 91 94 9314 9412 2d gold 4 q5 19311,-A 8212._ 10014 Dec '06 _ uoulsville & General 1944.1 F-A Nashville— gold 5s 87 ____ 87 Aug'12 ___ if -"id - General gold 113 115 Terminal 1st gold 5,1_1943 31-N l0812 ___ Ili) J'ne'12 6s 1030 J-D 11378 11378 3 11212 11712 __. 110 110 Gold 5s 1937 31-N 11112 11214 11218 Aug'12 11112 112 Mid ot N J 1st ext 58.....1940 A -0 ______11112 Mav'12 __. 11l12111 Unified gold 43 • Wilk & Ea 1942 1 1940 J-J 9712 9734 9738 9734 29 9718 9952 1st gu g 5s J -D 9912 Aug ',2 ____ 9912 1021.: Registered 1940 97 9814 9818 J'ly '12 Ev & Ind 1st con gu g 6s 1926 J -J 10918 • J-J 9818 9832 ...... 106 MaY12 __-_ 106 106 Collateral trust gold 5s1931 M-N 10712 100'8- 110 Apr '12 10834 1104 Evans &T H 1st cons 6_192t J • J 11078 112 112 J'ly •12 ...... 11112 112; E It & Nash 1103 1st general gold Is 1st g 6s 1919 JD 11012 11118 2 Aug'12 11012 11134 1942 A-0 ___ 102 102 J'ne•I2 ____ 101700A L Cln & Lex gold 4 hs 1931 N1-N 103 ...... 10434 May'12 Mt Vernon 1st goad 6s 1923 A-0 1073-4 Nov'll 10418 105 —.. 1.08 NO &'M 1st gold 6s...... _1939 J-J 11912 1201: 12038 Aug'12 121)1,1 121 • Sull Co Branch 1st g 5s_1939 A-0 95 J'ne'12 ..... 95 95 N 0 & M 2d gold Viorida E Coast 1st 4 (4s_ 6s 1930 J-J ..— 11712Jan '12 11712 11713 _1959 J -D • - 963- - 111134 9631 790 995) Paducah & Stem div 4s 1946 F-A 9314 9117 9314 931 -5. ort St 11 D Co 1st g 4 115_1941 J -J Anglo 4 9314 96 ------_ 332 _ _ Pensacola Div gold 6 1920 ,11-3 10534 10314 Meh'll Ft W h Rio (Jr 1st g 4s.. _1928 J -J ___ Aug L. St 10534 771: 16 .--- iii" lift: Louis Div •1st gold 63_1921 M-S 11112 112 fly iii1; 113 f:i_al H de H ot 1882 1st '&8_1913 A-0 991-2 __ 9./12 AUg 12 .--- 2d gold 11212 '12 %-xreat Nortnern— 9911:09 as 1080 31-S 6198 72' 0914 J'11, '12 otos 6034 Atl Knox de Cin Div 4s 1955 111-N C 13 & Q coil trust 48 1921 J -J 92 Sale 92 9214 —is") 92 93 9818 Sale 96 9614 189 96 985/ AU Knox do Nor 1st g 53_1946 J ,-D 11112 Registered_h 1921 Q- J 93 90 J'ly 11.3 11212 11,18V12 11212 11212 96 '12 ---, 90 983/ Bender Bdfre 1st s f g 6s_1931 NI-S 105 ____ 106 Apr '11 1st & refund 4 54s ser A I95 i J J 100 1001: 10034 10038 5 10018 Kentucky Registered 39111 10151 Cent gold 4s 1987 J-J 11214 Sale 9214 9214 -girt -66'- L & N de IA & St 1st g 4 3,01945 51-S 10458 J'iy '12 10414 10461 St Paul M de Man 45 1933 -J --.1 9612 98I4 41. Aug'12 L dc N -___ 10158 consol .... ii 463: -South M joint 9s_ _19.52 J-J 8912 ...... 90 Aug'1:: _ 8878 90 1st gold 6s 1933 J -J 12312 .12134 J'ly '12 12434 125; Registered Registered Apr '00 . 81952 Q-J ____ 95 Feb '05 139.1 J -J ____ 132 N Fla & S 1st gu g 3s_ _ _1937 P-A '12 27_ Reduced to gold 4 1151933 J -J ____ 1041, (1)358 Aug'12 __. 1.038 N 10814 109 fly kid itigl: & C Bdge gen gu g 4 ;is 194 5 J-J 101.14 ___ _ _ Registered 1933 J -J 10212 ___ _ 10834 J'ne'09 ' Pens & AU :1st Mont ext gu g 6s___1921 F-A 11012 i12- Mcii,-T2 112 112 1st gold 48_1937 J D 9612 9714 9612 9612 4 9512 -981: S & N Ala con gu g R Pcrint erpri 1037 1 11 4as J'ne 'I I 5s___1936 F-A __ 11058 10918 J'ly' 12 1111g L & Jeff Bdge Co cue 4s_ toes m-54 911, Men '12 9114 9114 MISCELLANEOUS BONDS--Continued on Next Page. Street Railway Street Railways, cons Minneap St 1st g j-J 102 1021, 102 Aug'12 10112 102 United Rys St L 1st g New Orl Ry & Lt gen 4 318_1933 4s,.__1934 J-J 7712fly '12 7612 80 J - J 83 8712 8714 J'ly '12 8412 8812 St Louis Transit go 5s_1924 113 83 N Y ltys 1st E & ref 45 temp J -J 7818 Sale 7778 7858 39 A-0 "Z. ARii 9 83 85 7734 8153 United RRs San Fr s t 4s_1927 A-0 6352 sate 6512 ' 0534 32 6412 Temporary ad1 ine 55------A-0 5538 Sale 5518 57 . 509 5112 Va By & 70 Portland 59/4 Pwr 1st& ref 5s_1934 9012.-- 9012 9612 2 96 '9712 By 1st dc ref 5s___1930 M- N 10034 -- 99 Feb '12 89 99 Portland Gen Elec 1st 55 _1935 J J Oas and Electric Light St Jos Ity. L. H P 55 1)37 & lstg 31- N 96 _- -6/1- Atlanta G L Co 1st g Is _1947 St Paul City Cab cons g J -J 106 100 Aug 1.2 104 --- 10514 11315 13klyn U Gas 1st con g 55_1945 11-N 107 Sale M./ 10 Third Ave 1st ref is etfs 8134 §ale 8134 8212 70 13ultalo Gas 100 16/;7 Ad1 Inc 8134 86 1st g 55 1947 A-0 65 07,8 05 65 I 60 Is Interim etts 7134 sale 7134 72 15 7034 8014 Columbus Gas 6358 Tr -City By & 1st g Is 1932 J-J 94 Lt 1st s f 55_1923 A-0 9812 9808 9868 9834 15 9758 99 Detroit City Gas Underground of London 38_1929 g Is 1923 J -J 10312 10132 7663-4 Au-g'--172 1661; 10114 51-N 98 Apr '09 Det Gas Co con 1st g 5s 1918 4 315 1933 -J 96 F - A 9558 Sep '08 J -6.;1-2 9512 0512 6 "ig" 6614 Oct Edison 1st coil tr 5s 1933 -J icifij fed- 10158 Income lis 8712 8712 14 Eq 19158 10134 Union Elec (Chic) 7412 90 GLNY 1st con g 5s_1932 11 S _ 10012 10012 Aug'12 1st g 58_1148945 ;#J-0 _ 84 Oct '08 Gas & Elm, 10534 10612 United Rys Inv 1st lien col' - Berg Co cg 55_ _1949 J-1) 103 .._... 6112 Oct '01 trust Is Pitts (Jr Rap G L Co 1st g 5s 1915 F A 99 100 11)0 Oct issue 1926 11-N 8212 8512 8412 J'ly '12 8334 8612 !Judson Co '09 Gas 1st (r 35 1949 11-N 103%10514 10518.1'1y '12 1904 ,1 1 1061 Kan City(Mo)Gas 1st g 58_1922 A-0 9713 1181,, 0034Jan '12 .-110 Price FrlanY1'la:,est b1.1 and asgal t513 wee,:e. a Due Jan. trDue Feb. d Due AprIl. h Due July. 6 Due Aug. 0 Due Oct. s Option sale.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 03.r. 3 AUG. 31 101 New York Bond Record—Continued—Page 3

Rave BONDS Pst Przee Week': Price Week's Range Range or Sines • BONDS Range or Since . Y. STOCK EXCHANGE 4 Pricing EXCHANGE Friday August .J0 Last Sale Jan. 1, K. Y. STOCK A was: 30 Lost Salt Jan. 1 , Week Ending August 30. .t 3. Week Ending August 30. isid Ask Low High No, LOW High' Bid Ask Low High No Low High '1I" C ee HR—tcon)— 101 West Shore 1st 48 guar236I J-J ___ 10., ,(912 903., 7 9912 lines 45_1936 M-N 1 97 9813 %/ranila BR—Sou 2512 Apr '09 Registered 2361 J-J 9734 Sale 9734 9734 Cent Ina g 3s tr rects 1923 J-J ____ 10012.Tly '11 ealoan 1917 N Y Cent Lines eq tr 4548 Equip & coil g 55 Y New Haven & Rant— 1st con g 4s.._1977 M- S 17 Mch'lO 92 Sale 9134 92 9113 92 . 1111ex Internet 79 Nov'10 Non-cony deben 4s 1955 J-J Stamped guaranteed. 1977 M- S Non 1951 ifl-N 9112 ui•, 9112Aug'12 91 93131 1927 J-D 119 12912 129 Feb '12 129 129 -cony 4s 9458 Minn & St L 1st gold 7s Cony debenture 3 54s__195c J-J 90I___ 91 Aug'I: 90 Eat let gold 63.....1921 A-0 11013 Aug 11 12814 1283 1.2814 12 14 it 128 13212 Pacific .02 Aug '12 101 105 Cony debenture 6s 194r J-J 1st consol gold 55 1934 M- N idr 1E14 4s_1954 SI-N 09 9933 99 Aug •1'.. 99 9913 1949 M- S 63 66 64 Aug 60 6973 Harlem Ft-Pt Ohms 1st 1st and refund gold 45 B do N Y Aix Line 1st 481955 F-A ______991, J'ne'lL 9912 9912 1st gu Is _193.) J-J -- 8212 7714J'iy '12 77 81 9114 921, 9114 0353i Des M & Ft 0 96 9734 Cent New Eng 1st gu 45_1061 J-J 9212Sale StP&SSM con g 4s int gu.1938 J-J 0612 96 Aug '12 115 „.... 115 Aug'11 114 115 M J'ne '12 9714 971, Housatonic ft cons g 53_ _1937 .31-8 let Chic Terml s f 4s___ _1041 M-N 901-2 9712 9714 N 1 9fas Sale 0934 1:976 31 98 10014 J-1 9612 9614 May'12 9614 9614 YW'ehes dcBlst ser I 4543 '4c -J MSSM&A ist g 4s Intgu 1926 N H & Derby eons cy 53_1918 .11-N ______107 Aug'0.., Central 1st 53_1949 J -J - . 9812 Mch'11 Mississippi i -647 " 97 New England cons 5s 1945 J-J 115____ - — 310 Kan & TexasIst gold 4s1990 D 95 Sale 045895 1945 J - J 9053 ____ 9912 Mei4'- 12 9912 100 F- A 80 841,- Como' 45 2d goicl 4s 6,1990 8034 Sale 8034 8034 deb 45_195: M-N ____ . 84 J'ly 'L. 84 84 1944• N 10.) 100 Aug'12 100 10212 Providence Secur 96 1st ext gold 55 8112 Y 0 do W ref 1st g 4s_ _01992 .01-S92 Sale 92 92 92 de refund 4s 2004• S 7712 Sale 7712 1712 7712 9212 rne'11 9213 9213 1st 67 8512 8914 Registered $5.000 only-..g1992 M-S __ Gen sinking fund 4 as... 193(1 J-J 8012 8/ 8612 87 -D 914 8058 Feb '12 8958 8958 fly 12 78 78 General 4s 195r J St Louis Div 1st ref g 4s..2001 A-0 _ 78 78 5s 1061 I-, - A 0813 mg, 11(1 100 99 10013 ____ 10533 Steil 12 10533 10538 orfolk Sou 1st & ref A ' Dal & Wa lst gu g 55 1940 M-N 1054 orf & South 1st gold 5s 1941 /11-N 10338 ---- 10234 Apr '12 1021210234 F-A 88 .._ 01 J'ne•12 9012 91 12333 12513 • Kan 0 de Pao let g 45___ .1990 110 orf & West gen gold 83_1931 31-N 12113 ___ 12513 J'iy '12 & g 58_1942 A-0 10712 1081: 108 J'ly '12 108 12412 May'12 124 12638 , Mo K E 1st gu 10514 10 Improvement (lc ext g 63_1934 F-A 124 1255, , M K & Ok 1st guar 53 1942 M-N __ 10414 10334 J'ly '12 712 A-0 121 May'12 124 124 10314 101 Aug '12 101 104 New River 1st gold 6s 1932 53_1942 M-S 101 '.:. - 9612 9978 • M K & T of T 1st gli g Feb '12 10334 1,,3, N & W Ry let cons g 4s....1990 A-0 9631 -9/33 07 Aug Sher Sh & So 1st gu g 5s 1043 J-1) ____ 102 10378 199. A-0 _ __ 98 Jan '11 1943• S 10514 10378 Mch•12 10378 10614 Registered -171371 -61 Texas & Okla 1st go g 55 10 18 Div'llist 1 & gen g 4s 1944 J-J ___ 921. 9214 9214 --; 63_1920 M- N iciSa".1 sale 10534 10534 10 10172 Aug-Ls 10712113 Missouri Pao 1st cons g 9434 11 9834 10034 10-25 -year cony 4s 1932 J-I) 117 llsi 11658 5s stamped__a1917• S 99 Sale 09 - _, ___ _ 11634 i•-• 108 117 Trust gold 97 __97 May'12 97 07 10-20-yr cony 4s full pd Aug' Registered al017• S Pocah _1941rct-.I - 907g Sale 0078 011F 9078 91 F-A 074 0034 9034 9634 10034 C & C joint 4s_ lit collateral gold 5s____192. CC & T 1st guar gold 53.1922 J-J 10614 __._ 10638310'12 10(13410038 1920 F-A 05 0812 Registered 71 -fir -iE1-4 Solo V & N E 1st gu g 44_1981. M-N 9612 ._.__ _ 9612 34612 gold loan 45 19l)M- S 7034 -7173-4 -1151-2 Q-J 9712 Sale 0738 98 43 973410034 40-year 8• N _ 92 9612 May'll orthern l'ac prior I g 4s 1997 • 3d 7s extended at 470 _193 1997 Q-J ...--. 0814 J'ne'12 9814 9912 1959• S 85 Sale 8434 85 14 81 895 Registeren 7018 let As ref cony 53 General lien gold 3s____a2047(4-F 6812 6834 6812 681, 4 6812 g 43_1015 F - A 92 ___. 92 Aug '12 - 92 92 '12 68 68 • Cent Br Ely 1st gu May'12 81 81 Registered a2047(4-F 68 __ 68 -.Ply Br U P 1st g 4s 1948 J-D --- 80 81 9S1____ 96 J'ly '12 96 9612 • Cent 110 Mch'05 St Paul-Duluth Div g 43_1996 J-0 • Leroy dc0 V A L 1st g 59_192:3 J -J 98 10112 -S 10012 _--- 100 J'11, 'II- 100 100 48_1938 P- A 93 0412 J'ly '12 94 2 '1)1 Dul Short L lit go 5s___1916 M Pao R of Mo 1st ext g St P de N P gen gold 6s__1923 F-A 11434 110 i1434 Aug '1: 11434 11513 2d extended gold 5s 1938 J -J fa;105 10812 4 Aug '11 10637 Registered certificates_1923 Q-F 11438_,1153 BtL Ir M&S gen con g 5s_193I A-0 10312 104 104 104 3 10212 10314 ____ 107 Jan 12 itif" iof Sep '09 St Paul de Duluth 1st 55_1931 F-A Gen con stamp gu g 55_1031 A-0 Ill 2c1 5s.. 1917 A-0 10258 ____ 11.1234J'ne 11 4s_1020 J-J 78 80 7812 79 5 "if5; 82 Unified & ref gold --- 1st consol gold 45 1968 J-I) 9134 ____ 94 J'nel.... 9234 "cii • Registered 1929 J-1 80 Mch'12 78 80 0113 Apr '11 8313 Aug'12 8213 84 Wash Cent lit gold 43 1948 9-M 8934 --.. Rh, & G Div 1st g 4s...193 11-N --_- 8338 or Pao 1933 J-J 11113..— Ill Aug•i2 111 11134 1926 S 100 10212Jan '10 Term Co 1st g 6s Verdi V I & W 1st g 5s • 0regOn-Wash 1st & ref 46.1901 J-J 8912 Sale 8912 0035 22 8912 9234 • - 12) 1101) & Ohio new gold 6s 1927 J-1) 11518 11834 110 rly '12 119 104 J'ne'12 10312 104 Feb '1- 11534 11534 Pacific Coast Co 1st g 56 1946 J-D 10212 lel% 1St extension gold Os,,,. h1927 Q- J 11412 . 11534 M-N 10014 10012 100 Aug' ,:, 100 102 85 J'ly '12 85 8734 enna RR 1st real est g4e_1923 General gold 4s 1938• S 8573 8/12 Consol gold 55 1919 61-S 110 Men•12 108 110 Montgom Div 1st g 53 1047 F- A 10713 10812 10814 Aug '12 10734 1103 Aug'IL 10112 104 82 835, Consol gold 4s 1943 M-N 101: 1023- 10112 St I. & Cairo coil g 4s___e1930(4-F 8358 Sale 8358 8358 54s_1912 li-N 9978 10018 9978 1,94, 9913 10013 93 9312 Mch •11 Convertible gold 3 Guaranteed gold 4s,_1931 J-J Convertible gold 3 hs_ _01915 JD 9678 Sale 0678 0718 172 9634 9773 MashV Ch dc St L 1st 1931 J -J 10214 10314 10214 Aug 12 10214 jai" 97 9712 78 '11 10938 Registered o1915 J-D 96 ,_,.. 97 J'ly '12 • 11 1st consol gold 53 1028 A-0 10912 10934 J'ly 10934 1948 MN 10212 Sale 10212 i 03 10212 10418 11573 Nov•10 Consol gold 4s Jasper Branch 1st g 65_1923 J-J 0113 ___ Alleg Val gen guar g 4s..1942 M-S ___ lou,,, 10018 Aug'12 9933 10013 MoM M W & Al 1st 83_1917 J-J 10734 Mch'12 1073-4 10/.14 113 J'ly '04 D R R R & Bge 1st gu 4130936 P-A ---- ,------,- T & P Branch 1st 63__ _1017 J-J Phila Balt & W 1st g 4s 1943 5,1-N 98 101-7-,, 99 - rly •i2 -_:-_-_ -1W 1021; Nat Itys of Mex 3's.1957 J -J 90 1,014 90 9014 80 -01:7 J -J ______102 Jan '0.1 pr lien 4 80 80 8612 Sod Bay dc Sou 1st g 55_1924 ' Guaranteed general 4s_ 1077 A-0 80 Sale 80 1936 J-J 9 --, loo 99 Mch'12 99 100 Sunbury & Lewis 1st g 4s 31-2---- - Nat of Mex prior lien 4 ;53_1920 J-J U NJ RR & Can gen 481944 M-S ___ iiii12May'i itii" 1011-2 1051 A-0 7712 80 7712 7712 11 7712 80 -J 1024 toil, 10234 cw.a, ,0253 104 let consol 45 Aug'12 enna Co guar 1st g4 34s 1921 J N 0 Mob &C hie 1st ref 58 1960 J-J 8914 89 8812 95 1921 J -J 10214 ___ ,02 Aug '12 ,02 103 idi 106 Registered 'NO & NB prior lien g 55_p1015 A-0 Guar 3345 coil trust leg,,,,1937 11-S 8912 ---- 8914 Apr '12 8812 8914 1New Orleans Term 1st 43_1953 J-J 8612 8733 -g.7-7-8 -877-3 -8112 13.1041 F-A 89 __ 89 89 88 89 8614 Sale 8618 8614 3, 8512 881, Guar 3 3,is coil trust ser N Y Central & H B g 3 As_1997 J-J Trust Co certfs gu 3 hs..1916 5I-N 97 9753 J'ly '12 9712 9814 109", J-J 86 Sale 86 86 10 88 8714 g 8814 Registered 9614 Guar 334* trust ctfs C 1942 J -D 136 8.8(,- 88 Mch'12 88 1931 .11-N 9214 'so 9:31,1 Aug '12 9214 -1),_ __ 8,1,1 8734Jan '12 8734 8734 Debenture gold 45 May'12 Guar 3 hs trust ctfs D 1944 J Registered 19L4 11-N 9:3 03 93 A-0 5 9604 06,.; 06 9812 8012 32 8014 85 Guar 1 5-25 year g 4s 1931 Lake Shore coil g 3 ;is_ 190. F-A 8014 Sale 8014 g,, 1942 M-N --- ___----- 0612 Dec '11 434 73 Aug'12 78 84 Cln Lob & Nor gu 4s Registered 1098 F- 78 Cl de Mar 1st gu g 4 30_1935 ,11-N 10212 103 110 Jan '05 Mich Cent colt gold 3 345_1998 F-A 7714 79 7933 J '12 7818 821: J 10734 Dec '11 J'ly '12 1. Cl & P gen gu g 4 ha ser A 1942 J- Registered 1998 F-A 7734 __ 7833 773e 79 ' ------10334J'iy '09 9913 J'ne '12 9913 90): Series II 1942 A-0 Beech Creek 1st gu g 45._1936 J -J Int 334s_1942 A-0 105 ___ 9114 Feb '12 9114 9114 J-J 07 ____ 99 May'll reduced to Registered 1930 Series C 354e 1948 81-N 91113 9114 9114 May'12 9114 9114 2d guar gold 58 193(1 J-4 107 - -- Series D 3 3is 1950 F-A ti018 9'_.k 00 May'08 Registered 1936 J-J Erie & J -J ______911,_- May'12 -9112 9112 51 A-0 Pitts gu g 354s 13_1940 Beech Cr Ext 1st g 3 hs_b19 Series C • 1940 J - J _ ____ 9013 Ply '12 9018 9018 ' Cart & Ad 1st gu g 43_1981 J-1) "66" "_ A1)1;95 Grit J-J 1027-8 104 104 Aug '12 104 105 J-D 108 & I ex 1st gu g 4 hs_1941 Gouv & Oswe 1st gu g 53_1942 Pitts Ft W & C 1st 7s 1912 J -J ______100 May'12 100 10114 21oh & Mal 1st gu g 43_1091 M-S sid '&118 m011-'11 _ 10378Feb '11 Oct '02 2d 7s 1912 J -J ______N J Juno R guar 1st 4s_198, F-A 96 100 105 3d h1912 A-0 ______101 Dec 11 -A 76 Registered 1986 F Pitts Y & Ash 1st con 5s_1927 MN 109 May'101 2w) M-N *8813 ___. 89 May'12 8858 89 N Y & Harlem g 3 34s. Tol W V & 0 gu 434s A__1931 J -J 1017*::__ 102/8 J'ne 'L.1 i614 Mils I , • Registered 2000 111-N _ J'ly '10 2 OAc u '.5151 Series 13 4348 1933 J - J 101___ 100 NY do Northern 1st g 53_1927 A-0 1007 .101517- — 1942 M'S 9513 _ ____ A-0 — - Series C 43 N Y & Pu 1st cons gu g 431993 P C C & St L gU 4 hs A 1940 A-0 10:134 104 10414 rig 'Is 1081"4 1063.4 53_1916 A-0 • - '12 0.114 107 Nor & Mont 1st gu g Jan'09 Series 11 guar 1942 A-0 10334 106 10434 J'ly Pine Creek reg guar 8s_1932 J -D 12034 -_-_-_-_ 131(7 MN J'ne'll - • 10614 10034 10034 1073.) Series C guar 1942 106 W & 0 con 1st cat 58_81922 A-0 10634 Ni-N 9712 (39 971- J'ne'L. 97 99 10512 101 Mch'12 101 101 Series D 45 guar 1945 Otrwe & 14 2d gu g 55_....e1915 F-A Series H 3 hs guar g_ _ _1949 F-A 0478 9312 Feb '12 9318 9312, &OTR 1st gu g 55_1918 M-N 1040814 Jsineh0102 97 97 W -6g1-1 Series F gu 4s g 1953 J-D 96 __ 97 J'IY '12 Rutland 1st con g 4 45_1941 J-J 9613 - 972 1957 M-N 96 ___ 97 J'ly '12 07 99 g 1948 J-J 8412 Of 8458 J'ly 84 86 Serles G 43 guar Og&LCham 1st gu 4s C St L & P 1st con g 5s1932 A-0 110 ___ 11312 Noy'll — Rut-Canad 151 gu g 48_1949 J•Al 02 J'ne'09 -- 109 May'il _ J'ne'09 eo & Pek Un lit g 6s 1921 Q-F 10812___ St Lawr & Adlr 1st g 5E1_1996 J -J 115 51-10 01 92 9312 Jan '11 1990 A-0 116 __ 11012 Mch'12 ifil; Hits 2d gold 4;0 61921 2d gold 68 ere Marquette—Ref 45___1955 J-J ___ 6034 Apr '12 -697.14 8034 Utica & 111k Illy gu g 43_1922 J-J 100 9978 Nov '11 5233 Aug'.2 5238 54,- '12 Refunding guar 45 1955 J -J 51 54 Lake Shore gold 3 hs 1997 J-D 83 SO 88 Aug 87(2 8073 ____ 9958Feb '12 9958 99%. 1907 J-D ,8723124 J'Iy„:312 8714 8834 Ch & W Al 5s 1021 J-D Registered 8634 Flint & P hi g 6s 1920 A-0 ----10834 May'12 108 , 10838 Debenture gold 43 1928 M-S 9212 Sale 40 0213 941. '12 9031 100 9173 9233 74 9178 937; 1st consol gold 5s 1939 M-N 9634 __ 96,4 J'iy 25-veer gold 48 1031 M-N 92 Sale 0613 9712 9712 May'12 9712 9712 1931 M-N 9238 Apr '12 9258 9312 Pt Huron Div lit g 58_1930 A-0 Registered Sag Tus & H 1st gu g 43_1931 F-A ______- - - - & (110 Ist gu 53.1938 J- _ 86' Ka A 110 llll2Mch'iI I.hillppine lty 1st 30-yr 5 f 45_'37 J-J __ 861; 86 May'12 8414 Mahon C't RR let 5s1934 J -J ____ Ile J'iy '12 113 11814 a192$ A-0 11052114 1030518 JAapnr :01,2 iOS" fog itts Sh SS L E 1st g 5s 1040 A-0 110 Pitts & L Erie 2d g Ss 1st consol gold 55 1943 J-J ___ 11314 Nuy'll Pitts MeK & Y 1st gu 63_1932 J-J 1997 J-J - ale 9653 1j634 932 9834 1934 J-J 121 ____ 12314 Mch'12 12314 12314 ceding Co gen g 4s 2d guaranteed 63 - t' Registered 1997 J-J ------9638.7'1y '12 9638 9814. g 63_1918 J-J 9112 9812 McKee,s & B V 1st 8111 111 Jaft7•Ii Jersey Cent coil g 4s 1951 A-0 .. _ 9512 9612 Aulri2 Michigan Central 55 1931 M-S 1085 Hi- Hi-- *107 119 J'ne'06 Atlan City gu 48 g 1951 J -J tii — — — -- --- Registered 1931 QM 4s 1947 J-J 87 90 8712 fly.'12 86 S9I J-J 98 Apr '12 98 98 .1t Jo & Gr 151 1st g 45 1940 3t L & Fran gong 0_1931 J-J 118121201; 11834 May'12 11834 11958 -J 9812 Nov'1 1 San 10312 10812 Registered 1940 J General gold 58 1931 J-J____ 10712 108 Aug'11 J L & S lst gold 3 hs.._1051 M-S 90 J'ne'08 8412 Aug'12 8112 8814 __ 8612 Mch'12'12 8012 "tid.3-4 St L & S F Hit cons g 45_1996 J-1 __ ___ 1st gold 3 hs 1052 M-N -N 84 'Sale 8312 t4 8812 8812 8912 8813 8812 11 8812 92 Gen 15-20 yr Si 1927 hi E312 20-year debenture 45. _1920 A-0 1st g 53_1947 A-0 9914 9.,1; 100 Oct '11 Chic &St L 9834 9812 99 6 9914 10034 Southw Div N Y 1st g 45_1937 A-0 g 45 1951 J-J 7812Sale 7812 7,7,8f 7714 8134' gfiy; 18 34 JAI?h 09 9934 Refunding Registered__ .....1937 4-0 ...1)!2! - :112o Porriatprerl 1951 J-1 803/ Pdeh'ii Debenture 43 1931 M-N 89 91 MISCELLANEOUS BONDS—Continued on Next Page. Light Gas and Electric Light Gas and Electric '11 Peo Gas & C 1st con g 6s—_1943 A-0 11612 117 117 J'ly '12 11614 11712 Kings Co El L & P C 5s____ 1,937„7 A-0 __ 105 10414 Aug 10414 1051; 10138 10 114 30 10118 10211I „ 11531 Aug'12 11512 117 Refunding gold 55 1947 10112 Sale ' Purchase money 6s A-0 11734 1947 S 103 Feb '09 deb es 1922 s - 11818 Dec '11 — -- Registered 61- O Convertible 55_1937 J-J 1613-4 103 10272 J'ly '12 10212 Mit; 1st con g 45_1939 j-J _ 8812 Dec '11 ---- Ch G-L & Clce 1st gu g Ed El II Bkn 1st gu g 53 1936 J-I) 10112 10114 103 J'ly 10112 103 of St L 1st g 5se11,93194 Q- F 170238 10234 10233 Aug= --- log Con G Coot Ch ,Lac Gas L Ind Nat Gas & 011 30-yr 5s '36• N 89 93 Mch'12 93 93, and ext 1st g 55 A-0 10112 102 102 Aug'11 _ 10334 102 Ref '11 905F Mu Fuel Gas 1st gu g 58 1947• N 10133 _ 10114 Aug' 10058 10114 'Milwaukee Gas L 1st 43 1927 M-N 0012 911s 0013.13y ---- 8973 1947 1948 10614 Apr '12 10614 10614 Registered • N Newark Con Gas g 55 J -D 10538 _ 1919 F- A _ 109 1.69 iof, 53-1948 J -D 10338 10314 10338 13 10238 10414 Philadelphia Co cony 5s 'NYGIELH&Pg Sale cony st 6,3-1926 J-D id4 10012 10012 10012 100 101 money g 4s 1049 F- A 88 83 8812 881, 1 8814 891; Stan Gas& Elea Purchase 112131131(1 Syracuse Lighting 1st g 5s_1951 J-D 10012 - 101 Dec '11 Ed El Ill 1st cons g 55_1995 J-J 11318 Mch'12 —_ 86 -A 102 10212 Syracuse L & P 58 1954 J-J 8512 J'ne'12 8613 NY& Q El L&P 1st cong 5s-1930 F 1011-2. 10213 Mch'12 Feb '01 55_1921 ;31-N 9212 J'ly '09 _ _- Trenton G dc E 1st g 513 1949 M-S 109 tzV & Rich Gas 1st g ------55_1932 _ 10.02 10012 6 10012101 I do E Union Elec L & P 1st g M- S tom: _ _ _ Pacific G & El Co Cal G 1933 /11,-N 963 97 J'ly 'l 9612 Kos ref 55_1937 3.1-N 9514 95:1 0512 9534 21 94 0638 Ret & ext 5s 4 — - Corp unifying & UtIca El L & P 1st g 5s 1950 JI 103 _ _ _ Pac Pow ge Lt 1st & ref 20-yr -A #'1312 95 J'iy '12 9312 05 Utica Gas & E ref 55 1957 J-4 too 11811-4 De93-'li 55 Internet Serie 1930 g 5s 1950 J-D 105 Aug'12 10433 icit73-4 Pat & Passaic & E 5s 1940• S 1121, _ _ _ _ 1028,,J'iy '11 10238 1023, Westchester Lignt'g June. 8 Duo July. 0 Due Oct. p Due Nov. s Option sale. „! No Price Friday; latest bid and asked. a Duo Jan. 0 Due Fob. 0 Due May. g Due

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 534 New York Bond Record—Concluded—Page 4 Lxxxxv.

I BONDS t1 Price Week's ,g Range BONDS t 14 Price T. STOCK EXCHANGE E Friday ' Week' Range ki. Range or Et53 Since N. Y. STOCK EXCHANGE 1 Friday Range or Week Ending August 30. .., a. August 30 Last Bali 44 la Since Jan. 1. Week Ending August 30. ...a. August 30 Last Sale 34- Jan. . 1. $ L & San Fran (Con) Bid -- Ask Low High No. Low High Bid Ask Low ‘ • K 0 Ft S & M con g 613_1928 M-N ____ 11414 11534 J'ly '12 ._-- High No. Low High 115 118 Wabash 1st gold 5s 1939 11-N 10614 107 107 107 1 K 0 Ft S & M Ry ref g 43_1936 A-0 7813 Sale 78 7812 6 77 801 2d gold 5s 10412 10778 41;: RegIstered 1936 2 1939 F-A 9912 Sale 9912 9958 li, 06 10012 A-0 __ ___ 7712 rly '12-- 7712 7712 Debenture Series B $c as 31 R & B 1st gu 5s_1929 A-0 1939 J-J ------_ 90 J'ne'12 ....-- 90 100 10312,4'1y '12 ---- 10:312 1031: 1st lien equip s fd g 53_1921 M-S 9814 ' Ozark & Ch C 1st gu 55 g_1912 A-() 96.12 100 9953 J'ne'12 ____ 0814,109 Aug'12 ---- 9914 100 1st lien 50-yr g term 43_1954 J-J 80 _ 83 Dec '10 --- _ _ at L 9 W 1st g 45 bd ctfs 1989 M-N _ 9034 9034 9034 1 9012 9212 1st ref and ext . 2d g 45 Inc bond ctts____pl g 45 1956 J-J es gWe 68 0814 7 5E13 f13-3 989 J-J 80 ____ 80 Aug'12 ---- 80 83 Cent '1 rust Co etfs ( Consol gold 48 1932 J 67 70 J'ne'12 -- - 6433 71 -D 8034 Sale 8034 8112 41 7812 841. Do Stamped ---- 68 J'ne'll. , Gray's Pt Ter 1st gu g 53_1947 J -D 99 __ 10118 Apr 6463 6934 '07 ---- __ ___ Equit Tr .st Co ctfs 64 67 70 J'ne'12 __ - 5914 70 8 A & A Pass 1st gu g 4s 1943 J -J 86 8612 8614 Aug'12 ---- 86 873-4 Do Stamped ' 6114 6912 6413 05 8 F & N P 1st sink f g 53_1919 J-J 94 _ 104 3-1, 6012 6938 Oct '09 ______Det & Ch Ext 1st g 5s...._1941 J-J ______10614 May'12 _—_ 100 107 Seaboard Air Line g 4s 1950 A-0 8714 ,--- 8714 Aug'12 --,- 87 32 Des Moin Div Gold 43 stamped 87 1st g 4s___1939 J-J 80 82 80 Aug'12 ...— 80 80 1950 A-0 87 Sale 87 8714 32 8613 90 Om Dtv 1st g 3 30 1941 A-0 , Registered _ _ _ 70 73 7114 7114 I 6812 7134 1950 A-0 —.. ______Tol & Ch Div 1st g 4s 19 11 M-S 80 86 8018 fly '12 _.-- • Adjustment 5s 01949 F-A ___ 79 78 '1818 a 5 gi14 IVab Pitts 7234 8312 : Refunding Term 1st g 4s 1954 JD 3012 38 31 J•ly '12 ____ 31 3914 43 1959 A-0 ____ 8018 7934 Aug.'', ---- 7938 83 Cent ec Old Col Tr Co certts..---- • Atl-Birm 30-yr 1st g 4s_e1933 '12.,,_ 32 Sale 32 3334 39 3114 4214, 3I-S _--- 83 88 J'ly 87 90 Columbia Tr Co etts -_- _,. ---- 33 3312 331: 2 3114 4112 , Car Cent 1st con g 4s 1949 J-J -___ 93 9312 Apr '12 --- 9234 9312 2d gold 1954 Fla 4s j--D 114 3 134 J'ne'12 ___ 1 213 Cen do Pen 1st g 59_ _1918 J -J 10314 ____ 103 May'll .. _ Trust Co certfs 1st land gr ext g 58 _ _-_- 214 238 J•nc'12 .— 178 3 1930 J- J 103. 104 mar 12 ---- 104 icii- Wash Termi 1st gu 3 34s___1945 V--A 85 ___. 8738 Oct '11 Consol gold 5s 1943 .1 -J ------107 J'na'12 __-- 1st ______107 107 40-yr guar 4s 1045 F-A 974 ____ 9718 Isich'12 -- 9718 9718 Ga & Ala Ry 1st con 5s_0194' J -J 1053-4 10738 10014 J'ne'12 -.-- 10334 10714 West Maryland Ga 1st g 4s 1952 A-0 ____ 801s 86 0618 ,t 86 8914 Car & No 1st gu g 5s_1929 j-J 105 __ 10512 May'12 .--. 10512 10534 West N Y de Pa 1st g 53_1937 Seab & Roa J-J ____ 107 10634 Aug'12 ____ 10034 10834, 1st 5s 1926 J-J _ 10612 105 May'12 ---- 105 1008 Gen gold 4s 1943 A-0 1 Southern Pacific Co— 3 8633 Aug'12 ---- 8663 8812 income 5s (11943 Nov ------34 Feb '07 ______Gold 43 (Cent Pac coil) J61949 J-D 8914 8934 8914 891; 11 8915 0212 Wheeling & L E Registered 1st g 5s___1926 A-0 10212 11)312 10412 J'ly '12 ___ 10414 10512 161949 J-D 88 91 91 rly '12 ___. 91 91 Wheel Div 1st gold 20-year cony 4s 112 5s_1928 J -J 100 104 10218 Nov '11 ______.._ g1929 M-S 9412 Sale 9112 9478 9433 97 Exten & Imp gold 5s____1930 F-A 101 103 102 J'ne'10 __ Cent Pac 1st ref gu g 4s.._1949 Ir-A 944 Salo 9418 9418 11 94 97 1111 1st consol Registered 4s 1949 M-S 33 84 il: -g11-4 "ii61-2 1949 Er-A 93 __ 9412 Ply '12 __ 9412 941: 20-year equip s 5s1922 -J ------6812Feb . Mort guar -D__.„_-_ Aug'12 ____ 9012 f J '11 ______gold 3 343„k1929 J 906-8 9098 9112 Winston-Salem 9 B 1st 43_1960 J -J 90 '7114 92 J'ne'12 ____ Through St L 1st gu 4s_1954 Aug'12 913-4 93 A-0 169 , - 90N ---- 90 9278 Ms Cent 50-yr 1st gen 4s.._1949 J -J 92 Sale 9163 92 23 91 9333 0 H & S A M & P 1st 5s_1931 11-N — _ 1051: 10512 J'ne'12 ---- 10512 Sup&Dul 107 div & term 1st 4s '36 $1-11 908 91)2 91 91 6 9034 9212 Gila V G & N 1st gu g 5s_1924 M-N 101-12 104 10218 J'ly '12 ____ 10218 10434 Hous E do W T 1st g 5s 1933 .11-N ..„ ___ 105 105 ,- 104 105 Manufacturing 1st guar 5s 10414 May'12 and Industrial red 1033,11-N 1033-4 10478- ---- 10414 10414 Allis-Chalmers 1st 5s 1936 J H & '1' C 1st g Is -J 10492 ___ _ 10314 Aug'12 -J 63 68 6034,11y '12 — _ _ 52 6714 Int gu 1937 J ---- 10914 110 • Trust Co ctfs deposit . 63 6212 Consol g Os Int guar_ _1912 A-0 _ _ ---- 10712Sep '11 ______Am Ag 6212 10 5812 61 Che m 1st c 55 1928 W-6- fed...68 Sale 10112 101.68 14 10112 10234 Gen gold 48 int guar_ 1921 A-0 933; 94 94 94 , 9'4— iigi. Am Cot 011 ext 4 3, Waco do 4s 1915 Q-F 97 9(.8 9712 9734 13 9712 981 N W div 1st g 6s '30 M-N 114 118 11914 Mehl° _ Debenture 53 1931 11-N _ 2 A & N W 1st gu g 5s_ 1041 J -J 94 95 J'ne'12 __ _ 9412 9512 14/ 10712 Feb '12 ---- i(ifi2 1,0'il2 Am Tilde & L 1st s t g 6s 1919 M-S 10012 Sale 10012 Morgan's La do T 1st 7s1918 A-0 ------11134 Aug'12 ____ 11134 Amer Ice 101 11 9818 101, 11134 Sectir deb g 68...._1925 A-0 7818 73 78 78 4 7213 • 1st gold Os 1920 J - J — 11012 111 Men '11 ...-- Am Smelt Securities 82 ____ --- s f Os..,1920 F-A 10512 Sale 10513 10534 57 10212 N Y 'rex & NI gu 43 g _ _ _ _1912 A-0 ______._ __ Am Spirits Mfg 1st g 03 31-S 10578 No of 1938 1915 9012 lul 9912 Aug'12 ---- 9..1, 2 101 Cal guar g 55 A-0 _-__ ___ 112 Feb 'tii .--- ______Am Thread 1st col tr 4s 1919 J-J 94 9468 Ore & Cal 1st guar g 53 1927 - J 04 J•ly '12 ____ 9258 95 J 102 J'IY '11 Aln Tobacco 40-yr g 6s 1944 A-0 11912 Aug•L 11878 12112 So Pac of Cal—Cu g 55 _1037 M-N 1103;...._ 116 May'07 ______Registered • Pac 1E144 A-0 ------12014 J'ne'12 ___ 11878 12138 So Coast 1st gu 4s g_1937 J -J 90 J'ly '09 ____ _ --_, Certificates of deposit ...... ___ __ 1201 . San Fran 'Fermi 45_1950 A-0 8812 881 4 May'12 ____ 11878 12112 1st Sale 2 8812 4 8i2 E Gold 4s 1951 r-A Tex & N 0 Sab Div 1st g 63'12 M-S 10034 Meh'12 9714 9734 9712 9714 1 9173 9714 _--- 10034 10034 Registered 151 F-A ___ _ 9538 J'ne'12 .___ 9214 Con gold 5s 1943 J-J WS; 10163 May'll ____ Certificates of 9553 Pac 1111 1st ref deposit ------__--__--- 9514 May'12 ____ 9178 96 So 4s 1935 J-J 9312 Sale 9312 94 23 1.312 953, AnamRAVvrLitogcPoalpveorrkIsys st Southern 1st consol g _1994 J -J f .53._ 194109 J-.1 91 9114 91 • 9438 30 8814 9138 5s__ Ina_14 Sale. 10614 107 11, IN 10838 11-N ____ 104 10334 Registered 1994 J -J 104 __. 105 Sep Beth fly '12 ___ 10312 101 '11 --- _.- -___ , Steel 1st ext s I 5s_ 1926 J - J 9612. _ _ _ 9634 9718 14 9312 102 Develop dc gen 45 Ser A_1956 A-0 7812 Sale 7812 78 - 7934 Gent Leather 20 Mob 79 81, -year g 53_1925 A-0 9514 Sale 9478 9578 126 9134 & Ohio coil tr g 4s 1938 It-s 86 8.4 8634 8634 2 85 8712 Consol Tobacco g 4s 9614 Mem Div 1st g 1951 F-A ___ 97 Aug'12 ___ 9134 91 4 ;4-53_1998 J-J 107 110 109 May'12 ---- 10814111 Registered 1951 F-A __ , St Louis div 1st g 4s 1951 J -J 8812 Corn ___ 57 Nuv•07 ______89 8812 89 6 8812 9014 Prod Ret 51 g 5s 1931 M-N 904 97 0614 Aug'12.. Ala Cen R 1st g 6s 1918 J -J 10512 _ 10778 Nov•10 _. 1st 25-year 0512 97 51 5s 1934.11-N .___ 06 9514 Aug'12 __ 94 9612 ' Ati & Danv 1st g 4s 1948 J -J __ 90 9012 Nov'll __ _ _ Cuban-Amer Sugar 2d 45 coll tr Os 1918 A-0 9612 _ _ 0612 J'ly '12 __ 96 9712 1948 J -J 8112 1 Feb' 12 ---- l - 1 Distil Sec Cor cony 1st g 5s_1927 ALI & Yad 1st g guar A-0 8414 ---- _ _ A-0 75 Sere 75 7512 23, 7158 7814 4s 1949 ------16 I du Pont Powder 4 30_1936 J-D 8714 8512 8714 Col & Greenv 1st 6s 1916 J-J ...... og3-4 Dec 11 ...._ : Gen Sale 63 8478 9213 Electric deb g 3 As 1942 F-A ____ 82 8358 J'ne'12 __ 82 84 5'l' Va & Ca Div g 5s 1930 J -J ____ 108 10778 May'12 ....., 4)7-3-4 i(i3i14 10-Yr g deb 5s Con 1st 1917 J -11 150 Feb '12 ____ 15313159 gold 55 1956 31-N 110 11012 11038 11038 4 110 11134 Gen'l Motors 1st lien 63 1915 A-0 E Ten reor lien g 55 1938 11- S 993-4 Sale 9934 100 23 0812 10073 - 10518 J'ly '12 10518 106 Ill Steel (lab 4 343 194) A-0 __ .8368 9012 0034 16 Ga Midland 1st 3s 1946 A-0 641. Indiana Steel 9014 9234 64 6714 64 Aug'12 ---- 64 1st 55 (rects) 1932 M-N 101 Sale 10078 10118 151 10058 1015 Ga Pac Ry 1st g 6s 1922 J-J 110111 111 J'ly '12 -- Ill 11278 Int Paper Co 1st con g Knox 6s 1918 F-A 103 104,8 10312 Aug'12 ...... 103 10434 & Ohio 1st g 63_1925 J-J ------_ 114 J'ne'12 __. 114 115 Consol cony a t g 5s 19;5 J-J Mob & Bir prior 10512 Nov•10 ______90 9112 9034 5034 (., 8412 0178 lien g 53_1945 J -J IN ___ Int St Pump 1st s t 5s 1929 M-S 02 9214 9214 Aug'12 9313 Mortgage gold 45 1945 J -J 7834 -_ 78 Dec •11 __ Lackaw ____ 9134 Steel 1st g 53 1923 A-0 97 Sale 9612 9714 17 93 Rich do Dan con g els 1915 J-J 10312 10412 1,312 Aug'''. __._ 10312 1N34 1st con 53 Series A 9714 Deb 5s 1950 31- S _ 8118 8014 81 2,-, 77 8212 stamped 1927 A-0 10434 Apr '12 __-- 104 10434 5-year convertible 5s 1915 Rich do Meek 1948 31-N M-S 94 Sale 94 0414 43 9012 9434 1st g 4s 7212 __ _ 71 Mehl' __-_ _ Ligg de Myers Tob Co7s tpy bd_s_ -- 12013 90 Car & Ga 1st g 5s 1019 111-N 102.4 103'18 10234 J'ne 12 __ 5s 1204 12038 12078 5, 1183,1 123 • ilii3-4 la temporary bonds „ 0114 Sale 9714 9778 Virginia Mid ser C 68 1916 M-9 .-- -- 112 Oct '06 Mexican Petrol 81 8934 9914 Ltd env 6a A '21 A--0 9914 Sale 9912 53 95 Series D 4-53 1921 M-S 10334 ____ 10414 J'ne •Ii ____ ., Nat Enam & Stpg 9834 100 Series E 55 1st 5s-__1929 J-D 9314 95 9314 9314 14 93 9412 1926 11-S 10,134 -- -' 10534 IrlY *12 -- -- i.6634 ifig3-4 Nat Starch 20-yr deb Series F 5s 1931 .11-S 101 ___ 105 J'ne•10 5s- _1930 J -J 87 893. 8914 J'ly '12 ____ 8914 8914 __-_ _ National Tube 1st 55 rects-_1952.11-N 9914 Sale General 5s 1936 11-N .„-2 1071. Aug'12 .-- N Y Air 9914 9934 48 9914 10112 igit;. 16814 Brake 1st cony (Is 1928 m-N 100 10.4 10212 Aug'12 __ 97 10212 Va & So'vet 1st gu 53-2003 J-J 108 -,__ 10812- J'ly '11 _. p Lorillard Co 7s 1st tern•pry bds— ---- 12138 1211, 12113 1216 31 11938 12334 cons 50-year 5s 1958 A-0 96 9612 9634 J'ly' 12 ---- gg12 9-•/34 53 temporary bonds_ . - W 0 ac W 1st cy gu 90 Nich'12 ____ go 90 -_ „ 97is Sale- 9712 98 82 9113 9912 4s 1924 F-A 9313 9418 Ry Steel Sp 1st s f 5s____1921 .1---J 9304 im34 9812 Aug'12 West N C 1st con g 6s 1914 J-J 10214 103 May'12 --- Repub ___ 97 93t2 i 103 1031: I & S lst&col tr 53_1934 A-0 10338 -___ 101 Apr '12 Spokane Internet 1st g 5s 1955 J -J ___ 103 10212 Apr '11 ___ _ _ 10-30-year , ..... _ 10278 104 ' Is s t 1940 A-0 9134 Sale 9134 92 5'1 per A of St L 1st g 4 39s 1939 A-0 -- 10514 105 hich•12 _ __ 165 standard Milling 0934 93331 .11. 1st con gold 1st 5s 1930 31-N 88 8812 88 88 3 86 8834; 5s___1894-1944 F-A 11018 111 111 Aug'12 ---- 11034 11212 The Texas Co eonv deb 6s1031 , • Gen refunds t g 43 1953 4-,j , _ 9633 96 Aug'12 ____ J-J 10132 Sale 10133 10168 54 0412 102121 94 00 Union Bag & Paper 1st 5s 1930 J -J ____ 9212 94 marl. __ St L M Bge Ter go g 53_1930 A-0 ifiI14 10712 10712 J'ly '12 _. 94 94121 10712 1071.• Stamped 1930 „. _, _—. 9234 9312 Aug'12 ____ 0312 04133 Tex & Pac 1st gold 5s 2000 J-D 108 109 109 109 2 U S Leath 107 11012 Cot I deb g 6s 1913 11-7N 18618 10012 10013 Aug'12._ 10018 102 1 2d gold Inc 53 09000 Mch 513 5018 50 May'12 ....-- 50 50 LE S Realty & I cony deb . La Div B g 5s_'24 J-J 90 91 90 Aug'12 ____ 8712 91 : L 1st g 53 1931 J -J ___ __ 9912 Apr '11 ______U 9 Red & Refg 1st g 6s 1931 J-J 28 W Min W & 1st Nov•04 .. _ (J s 30 30 30 3 30 50 1 N W gu 58-'30 F-A ,,,, ---- 10612 Rubber 10-yr coil Or 63..1918 J -D 1 e 10418 104 Tot do 0 C 1st g 53 1935 J -J 10814 10812 10814 Aug'12 __ 54 10334 105 i fOgis i'6012 Registered 1918 J-1) ------10318 Jan '1 ....._ Western Div 1st g 5(1—A9 „-_ 10734 J'ne'12 __ 10734 U S Steel . 35 A-0 106 10734 Corp—/coup --_d1 963 it-N 1021-3 Sale 10212 1024. 07 1013.1 104 General gold 5s 1935 J-0 10334 10112 10334 J'ly '12 — .- 103 104 S I 10-60-yr 531reg 13 I Kan & M 1st ....._d1963 31-N 10212 Aug'12 10168 104 ; gu g 4s 1990 A-0 9134 ,_ _ _ 93 May'12 __. 9184 93 Va-Car Chem 1st 15-yr 53_1923 J-1) 9814 9812 9812 , 20 20-year 5s 1927 J -J 931 12 9814 101 , 99 Salo 09 99 11 9814 991. West Electric 1st 53 Dec 1922 J - J 101 10214 Aug'l ___ Tol P as W Ist gold 4s 1917 J-J ___ is4 9412J'ne'12 10118 3. 10114 10341 _ _ 9314 9478 Westinghouse E & 31 s I 53..1931 J-J 9512 Sale 9514 9578 41 93 96 Tot St L & W pr lien g 3 10-1925 J -J 844 8512 8413 Aug'12 ____ 8412 8712 10-year coil tr notes 5.s_1917 A-0 9614 9114 0712.1'1y '12 ---- 9612 08 , 50-year gold 95 1950 A-0 _ 61 6012 6178 1, 60 693s Coll tr 43 g Ser A 1917 F-A 68 71 6818 Aug'12 ____ 68 731. Telegraph Tor Ham & Buff 1st g 48_51946 & Telephone , J -D 8914 _ 8978 Apr '12.— 8912 931.2 Am TeleP & Tel coil tr 4s 1929 J-J 9018 lster & Del lst con g 5s 1928 J-D 105 ____ 0014 0014 9038 152 90 91181 105 J'ly '12 ___ 105 100 Convertible 4s 1936 m- s 11312 114 11334 114 16 'U 1st refund g 4s 1952 A-0 8518 ,___ 8512 J'ne'12 _-_. 8512 8618 Chicago 1083411683? Union Pacific—Gold Telephone 1st 5s 1923 J-1) . __ - ..„. -- 4s 1947 J - J 9914 Sale 9878 9912 98 9873 1024, commercial Cable 1st Registered 1947 J g 4s_2397 Q- J 82 - -. 8212 Meh-'12 _-_ -821; -821; -J 9334103)18 9934 Aug'12 9914 10178 Registered 2397 -5312 Nov'll • 30-year cony 48 1927 J -J 102 10234 Q-J ------_ 10214 10268 23 10114 104 Keystone Telephone 18t 58_1935 J -J 35 10038 85 Aug'12 ist ,5, ref 48 g2008 31-S ___. 9634 96 96 1 ...... gi -gg . 90 9778 Metropol Tel h Tel 151 s t 5s 1918 11-N 10214 103 10234 J'ly '12 _ Ore By & Nay con g 45_1946 J-D 92 9312 93 93 23 9112 9018 Mich State Teiep 10234 103 ' Ore Short Line ist 1st 5s 1924 F-A 11.14) Sale 100 161,18 L' 99%101 ‘i g 13s__1922 F-A 112 11233, 11212 11334 4 112 11334 N Y & NJ Telephone Is g_192 11-N._ . 1st consoi g 5s 1946 J-J 10934 111 110 Aug'12 _ 10314 May'll _ ____ 110 112 N Y Telep 1st & gen 3 t 4 3,43 1939 M-N 9818 Sale 98,8 9918 Guar refund to 1920 J-1) 92 Sale 92 93 11 92 9534 Pac Tel & cii, -687; 1007-3! Tel 1st 5s 1937 J -J 10012 Sale 10012 10038 84 Utah & Nor gold 5s 1926 J -J 10518 ____ 108 Marl] ______West Union 9878 101141 1st extended 43 col Or cur 5s 19315 J-J 10058 14)114 10114 Aug'12 101 103121 1933 J-J __ _ __ --- ___ Fd and real e,st g 4 30-1950 , Vandafia cons g 48 Ser A..1955 F 11-N 0734 Salo 9734 9814 12 9714 10012! -A 933-4 __ 9658 D.Ich'12 __ 9638 gos xlut Un Tel gu ext. 5s 1941 1I-N . v Consol 4s Series B__1957 1I-N 94 96 04 ___ 104 J'ne'11-1 J'ne'12 ---. 94 971: Northwest Tel gu 4 ha g _1934 J-J 94 ____ 9614 J116'12 'Vera Cruz as P 1st en 4 444_1934 J-J ____ 901, 9134 J'ne'12 ____ 913, 9134 ___ 05 9614 MISCELLANEOUS IONDS—Concluded.

Coal & Iron Miscellaneous Buff & Susq Iron a 5s____1932 1 -D 97 97 J'ly '12 97 98 Adams Ex cob tr g 4s Debenture 5s a1926 il-S 91 Nov'll .11-S 8512 86 8513 8512 1 8212 3813 Armour do Co 1st real est 4 30'319482 J -I) 9012 41 0013 9214 IF do I Co gen 81 g 53____1943 F-A 9834 102 9834 9834 13 9834 Bush Terminal Sale 9013 91 Col Fuel gen Os i663; 1st 43 1952 A-0 8912 91 9033 Aug'12 8834 92 1919 11-N 10834 10912 10714 J'ne'12 10714 10734 Consol 5s Col Indus 1st & coil 5s gu 1934 F-A 8314 Sale 80 831,1 86 J-J 97 97 Aug'12 ___ 97 99 7212 82 Chino Copper 1st cony 6s_11995521 J 111018 29 Cons Ind Coal Me 1st 5s 1935 J -D ---- 8412 85 j'ne'll Irrigation -J 160 Sale 156 110 10018 .Cons Coal Wks dc D of A 4 3,43 '43 if-N 0318 Nov'1 1 of Md 1st & ref 53 1950 J-1) 91 Aug'12 -4" Inspir Cons Cop 95 Or Rly Coal & C 1st 6s__h1919 "if - 1st 61 trects. fiji3-8 108 10712 10814 42 1(1471-2 g A-0 --__ -- 10238 Apr '06 Int Mercan Marine 4 Han esliC&Clststg5s_1951 J-J 98 ,J'ne'12 30_1922 6614 Sale 6614 66'2' 13 63 70 Pocah Con 6*1 0812 Int Navigation 1st s I 5s 1920 F-A 7938 Aug'12 ____ Collier 1st s t 53_1957 J-J 86 8612 86 87 8112 891: Mge Bond 7818 7912 78 8214 St L Rock Mt & P (N Y) ser 2-43_1966 A-0 89 Apr '11 1st 58.....1955 J-J 82 8312 83 82 7034 8.112 NIorrIs & Co 1st Tenn Coal gen 5s s f 4 14s 1939 J - 8934 Aug'12' $.111-3 -$97 1951 J-J 10263 103 103 Aug'12 10218 10378 N Y Dock 50-yr 1st g 8- Birm Div 1st consol 6s 1917 J-J 10314 105 10334 Aug'12 F-A 82 85 82 Aug •12, 82 3513 10312 10411 ?flag Falls Pow 1st 53 1932 J 10178 J'no'12 s Tenn Div 1st g 6s al917 A-0 10312 104 10338 J'ly '12 103 Refunding -J 10034. — 1001210173 Cab C M Co 1st 104 & gen 6s____a1932 A-0 go g Os.,,, 1922 J-D 10412 _ _ 110 Jan '09 Ontario Transmission Utah Fuel 1st g 55 1931 11- S ---- 53_1945 M-N 9212 J'ly '12 9212 93 Pub Serv Corp N J gen 53 1959 9314 Victor Fuel 1st s f 55 1953 - A-0 03 Sale 93 87 9238 9412 J-J -- 8514 88 mii•H 88 86 - Ray Cons ya Iron Coal as Coke 1st g 531949 Copper Ist cony 631921 J -J 125 Sale 12412 125 29 AI- S 5. 96 9412 95 12 9-812 081" Wash Water Pow 1st 112 130 53_1939 J -J 102 ____ 104 May'12 10278 109 L110 price Friday; latest bid and asked aDue Jan dDUe April eDue May gDue June 11DUe July 13Due Aug °Duo Oct dDue Nov qDue Deo sOptIon sato

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly • Range for Previous -HIGHEST AND LOWEST SALE PRICES. Sales STOCKS STOCKS of the CHICAGO STOCK Range for Year 1912 Yea;' 1911 Thursday Friday Week EXCHANGE Monday 7'nesday Wednesday Hiyhest.. Saturday Aug. 20 Aug. 30 Shares Loaves:. Highest. Aug. 21 Aug. 26 Aug. 27 Aug. 28 Railroads J'iy 32 Den *30 35 Last Salt 10 Aug'12 Chicago Elev Itys corn__ 30 Aug 23 40 Apr 24 21 *32 35 *30 35 *30 35 20 85 J'iy 94 Nov 92 *89 92 Last Sale )212 Aug'12 Do pret 90 May27 9334 Jan *89 92 *89 92 *89 Chic 85 J'iy 15 10438 Jan Is 80 Apr 101 Aug'. 90 *85 90 *85 90 Last Sale 3.5 July'12 Rys part ctf *85 90 *85 .2(310 Itys part Ott 24 Aug 38 Jan 9 2034 May 3778 Dec : 2434 2434 2434 2434 2112 2434 2434 2134 600 "2"___ *2412 2134 2412 2434 125 Chic Itys part ctf "3" 6 J'ne 13 11 Jan 12 8 May 1212 Aug *812 9 *812 9 *812 912 9 9 9 9 712 Aug, *312 4 *312 4 20 Chic Rys part ctf "4"-- - 312 J'iy 5 578 Jan 13 412 Mch *358 112 4 4 *312 412 *312 4 21 May 1 15 Sep 25 Feb *1512 17 17 17 Last Sale 18 Aug12 6'3 Kansas City Ity & Lt_100 1414 Aug *1512 17 *1512 *1512 Do J'ne 11 6012 Jan 19 39 Sep 7212 Feb *1012 1112 *10(2 4112 Last Sale 1012 Aug'12 prof 100 4012 *1012 4112 *4012 4112 Streets W Eich2/ 1178 Apr 10 7 Dec 1314 Feb (4 *914 10 I() 10 934 - 129 Stable C L_100 6 10 10 *934 10 934 15 Do pref 100 35 Jan 30 52 J'ne 20 38 Nov 50 Jan 50 *48 51 *49 51 *49 51 __-- --_ 50 hiiscel aneous 9 1212 May, 3914 3978 1,800 American Can 100 1112 Jan 2 43 Mayll Jan 40 40 3934 4018 3958 1078 3834 4034 3912 3912 121 May 11 7678 Jan 93 Dec 119 119 119 119 119 677 Do pret 100 91 Feb 1 11914 11914 118 118 11912 119 11834 Feb 1 405 J'iy '2 265 Jan 301 006 *400 __ *IOC) _ Last Sale 105 July'12 American Radiator__100 325 *400 - - *100-_ Do pre( 100 131 Jan 15 135 Apr 30 126(2 Mel) 133 Nov *135 138 *130 fis 130 1-3-8 *135 1-3-8- Last Sale 135 Aug'12 19 585 Amer Shp riepr building _ 100 45 Aug 7 59 Apr 11 48 NON 79 Feb *4412 1512 45 45 45 45 46 46 47 47 4712 Sep 110 May . *10112 10134 10134 10134 30 Do 100 100 Feb b 10414 J'ne 20 10612 *10178 102 *10178 102 '10178 102 *10178 102 Amer Jan 11 14878 Mch 17 13158 Aug 15214 J'ne 14512 14434 4 11158 14158 15() Telep & Tcleg 139 145 115 *145 14512 *11112 14512 *14412 1445 Booth 39 Mch 14 6612 May22 33 Apr 5914 Mch *58 59 *58 59 *58 50 100 Fisheries cons-- *59 60 *59 60 59 53 Voting trust ctf 4312 Feb 2:). 50 Jan 9 33 J'ne 5734 Mch Last Sale 17 Apr'12 60 8838 Dec Ili. *88 02 8812 8.513 3110 Do 1st prof 77 Mch 11 95 J'ne 5 Sep 89 -;9- - -WI 19 ;;-- 16- *i; Cal & Chic Canal & D_100 49 Feb 9 6558 May13 4912 Apr 52 Feb 58 *55 53 *55 58 *55 58 Last Sale 58 Aug'12 5512 Feb *55 53 1,218 Chia Pneumatic Tool_100 44 Mch 15 5378 Aug 28 3912 Sep *5234 53 5212 5234 5218 53 5212 5378 5212 5314 5212 115 Jan 14114 Nov Last Sale 142 May'12 Chicago Telephone ___100 13712 Jan 4 145 Men 4 222 J'ne2)) 151(3 Jan 180 Dec - ,215 217 215 217 *215 217 14 Chicago Title & Trust.100 184 Jan 215 215 ii - ill- ai- ill 13514 Jan 4 150 Mch 7 113 Jan 13738 J'iy 13334 -13012 110 13012 13912 145 Commonw'th-Edlson_100 *139 140 13912 140 13334 75 Corn Prod Ref Co com.._ - 10 Feb 13 1718 Apr 26 934 Oct 1533 J'ne *1512 16 1614 1638 *1512 16 16 16 78 78 Jan *1512 16 Sale 78 Jaiell Do do pret Jan 103 J'ly 11134 Feb 5 92(3 Feb 11034 Nov -1-4 iiiii- 168- 10831-4u1 10834 10878 10878 224 Diamond Match 100 165 109 *10812 1551-4 163 50 Hart 99 J'iy 17 10212 Mch 100 Sep 10334 Dec 99 9934 *9914 9912 *9914 9912 Shatiner & Marx Pf- *9914 1a),2 *9914 9912 9912 12 *9912 742 Illinois Bricit 100 56 Jan 2 012 Aug 17 4978 Sep 70 Jan 6812 6812 68(2 69 63 6838 6) 69 6914 • 6858 6858 6812 75 Internal Harvester Co__ 106 Feb 14 12512 Aug 5 9914 Sep 129 May 122 12112 12112 121 121 122 Sak 76:38- Aug'12 Knickerbocker Ice pret__ 67 May 1 7638 Aug 6 7612 «ii: /612 *75 7612 *75 7612 Last 21) 161,2 :it) 11714 Jan 11212 Dec *75 .,111) 141 140 140 110 140 470 National lilscult 100 131 J'ly Apr 14012 14034 110 14114 110 140 15 13034 May28 123 Jan 130 Mch 123 q2512 129 Last Salt 127 July'12 Do prof 100 126 Jan *12512 129 q2512 129 A12512 !Bch 5 123 Aug 9 100 Aug 120 Etch 122 *118 122 119 119 120 120 120 120 94 National Caroon 100 103 120 120 *118 12 Do pret 100 115 Feb 11 120 Jan 2 117 Sep 120 Mch *117 120 *11714 119 11714 11714 ,11712 119 *11712 119 s.11714 11734 210 PeiCc Grasrig&htss kli Co x 61 J'iy 2 x61 Apr 22 *65 6612 *65 6612 *6434 6534 6514 6512 6512 6534 6534 6534 23 Last Sale .60 May'12 x .60 May 3 s.65 Apr Do preferred 11834 Aug 13 101 Sep 1()868 Jan ,34 11634 11614 11612 483 People's Gas L&Coice_100 10312 Jan 2 11614 11612 11634 11634 11634 11634 11634 11634 116 May.:), z 9412 Apr 24 *8334 90 *8334 90 8912 90 123 Pub Serv of No Ill c.orn. X 84 *8934 91 90 00 Do *51ayl/ z 112 Apr 21 Last Sale 8 May'12 rights x.08 116 Do preferred :100 May31 £10713 Aor 21 101 161- K101)34 fa- ,itio.i4 1-61- 100i2 fin- - 2, Aug 19 103 Last Sate 10212-Au-g;12 Humbly Co, preferred z 9912 Apr £10212 ,010112 103 *10112 103 A10112 103 *10112 Sears 140 Jan 5 20712 Aug 10 Sep 19234 Jan 8 211358 203 20434 20212 20312 20314 205 1,856 -Roebuck com__100 12334 20312 20514 20278 20331 2027 Do pret 100 12112 Jan 11 12534 J'ne 119 Sep 122 Mai *121 12434 *124 12434 *121 12434 A124 12434 Last Sale 125 Aug'12 14 50 Studebaker Cor com_ 30,8 J'iy 18 49 Aug 9 *4234 4314 *4234 4314 43 43 *1234 43 . 9112 J'ly 18 9712 Aug 7 .. -Last Sale 3713 -Au-g;12 Do preferred ...... • *9412 9512 *95 06 *95 06 *95 96 Swift & Co 100 9834 Jan 2 10914 Apr 4 0734 Sep 101 J'ne 10734 10814 10738 10734 10734 10712 10734 10753 10734 1,810 10734 10734 10734 25 Tile Quaker Oats Co 101000 215 Jan 15 305 Aug 5 165 !Ads 212 Dec *300 310 *300 310 302 303 *300 305 *300 305 *300 305 2 110 Jan 15 10212 Feb 10712 J'ly 109 93 Do pret 10512 Jan 108 108 *108 10812 108 10814 10818 109 •108 109 *108 x13534 May / £176 Aug 29 171 172 176 17012 174 2,335 Union Carbide Co .*16112 166 165 165 165 165 166 Do rights 314 May b X 6 May22 ------Last Sale 112 May'12 Is 7 Jan ------787 Unit Box 13d & P Co_100 33 May 2 178 Jan 1 Dec 112 112 114 132 *114 112 *114 112 133 112 112 112 Steel corn. 5858 Feb 13 75 Aug 21 5012 Oct 8178 Feb 7434 75 7138 7412 7312 7358 1,300 United States 7334 7378 7338 71 7378 7112 Western Stone 100 10 Jan 17 147)) Feu 7 13 Dec 25 Jan *9 1014 *0 1 iu. *0 ifilA *9 1(114 Lira Sale 10 July'12 Unicago Bond Record °Imago Banks and Trust Companies

Outstand- Surplus Dividend Record, ing and BONDS Week's lids NAME CHICAGO STOCK Inter- Price Range Stock. Profits. In In Per- Last Paid, EXCHANGE est Friday, Range or Sold /or 1911. iod. 1912 (1) (1) 1910. Week :nellni Aug. 30. Period Aug. 30. Last Sale, Year 134 American State $200,000 8193,131 _ Jne30'12 Bid. Ask Low. High hVo Low. !Huh An Jan '11, 6 • 91 Calumet National 100,000 55,486 Am Tel & Tel coil 4s__1929 J - 91 Apr'12 :91 10 July'12, 234 Aug'12 9034 9214 Cont'tal & Comm Nat 21,500,000 9,191,143 Q-J Armour & Co 4 58s_--1939 J -D j 9012 01 9034 16 16 July '12,4 8214 Apr'12 £8214 8214 CDoorunglEasxcshtaantege National 3,000,000 5,971,296 Q-J Auto Elec 1st M 6s___1928 2,445 Beg. b us May 31 '1 1,V.92,p1538 9618 May'12 79(98 9618 2003300 Cal Gas & El unit &ref 53'37 11 - N Drexel 69,613 8 6 Q-J July'12, 134 Ity -4 10218 10218 10134 103 State 'Chicago City 5s__.,1927 -A ioF 1611 Drovers' Dep National- 2,6°°00,OV) 472,962 10 10 Q-J July'12, 234 ChIceIty&Conliys 5s.01927 A - 8718 Sale 8713 8718 4 8718 9158 Apr '12, 2 9738 99 Eng.esVood State 200,000 58,681 6 65.8 Q-J Chicago Elev fly Is__ 1)314 - t 9712 9812 9778 JU1Y'12 12 July'12 480 10 90 95 First National 10,000,000 11,744,404 12 Chia Poe Tool 1st 5s.a1921 - J t 9214 92) 9234 923 4 211,8,55 10 12 Q-5I Jue30'12 234 9978 WKS 21 9978 10114 First Nat Englewood 150,000 Chicago Rys 5s 1027 F -A 1100 Sale B'k'g Co_ 1,000,000 564,772 Priv ate Ba "A" t 94 9534 9578 Aug'12 9578 97 Foreman Bros . Chic Hy's 5s__series A - Fort Dearborn National 2,000,000 659,788 8 Q-J July'12, 2 Chic Rys 4s__series "A" A - _ 9638 Jan'12 9614 9738 (11) 28 9158 Hibernian Banking Assn 1,500,000 1,468,193 8+2 OD Q-J Chic Itys 4s_ _series "B" J -D 8678 Sale 8612 88/8 8618 J-J July'12, 5 June'12 9334 9518 Kaspar State Bank 400 00() 151,312 10+15 10 Chic Itys 4s__series "C'' F -A 8(34 90 91 200,000 z20,781 eg. b us Apr i '11 V.92,p. 1004 100 Jan'12 100 100 Lake View State • Chic Itys call 63_1913 - A National.-- 1,000,000 271,883 Beg b . Ma y'10 V.90,p. 1277 (70 77 June'12 7312 85 La Salle St Chic Ely Pr in Mg 9s_c'97 - J 74'2 Live Stock Exclege Nat 1,250,00).) 517,088 10 10 ta-hi Jne29'12,2% Chic fly Ad) Inc 1s.c1927 Mayl 845 55 49 July'12 45 60 July '12,2 10112 29 10078 10314 Nat Bankkcoifitepubilo-ty 2,000,000 1,370,514 8 8 Q-J Chicago Telephone 53_1923 J -D 110112 Sale 10112 6 July'12, 1% 9938 May'12 9738 9938 2,000,000 60:8,772 Q-J Cicero Gas Co ref G M_1932 .1 - J I 9712 9812 100,463 4 Q-J July'12, 134 10318 10314 24 10214 10334 Nationai Produce 250,000 Commonw-Edlson 53_1913 8 10318 Sale Avenue state 200,000 80,397 634 7 81-J July'12, 1% 211cc 1943 .41 - S 1112 10278 10212 July'12 10214 10334 North July'12, 154 • Coinmonw 5s.b 9978 North Side State Sav'gs 50,000 14243:683769 07 Q-J Pack 1st M 5s.1924 11-N 100.38 Sale 10038 10038 10034 July'12, 134 Cudahy 3 11014 North West state 200,000 38,966 4 5 Q-J Disc Match Con db 6s 1920 t1.99 110 108 10914 107 934 Jti1y'12, 234 Apr'12 sPeecoopnlea'ssSectkurrtyds.State- w300.000 Q-J Gen Mot 6% 1st L notes '15 A - 9934 x9958 9934 . b us Nov I'll V.93,p. 1235 10114 May'12 £10114 10112 200,00() 3,066 Ind Steel 1st g 5s..-.1952 - N Security 400,000 153,408 454 sO Q-J July'12, 134 Do 1st g 6s 1928 Savings- 200,000 107,000 734 8 Q-J July '12, 2 '15 1100 10018 10058 May'12 £10012 10053 South Chicago 134 Int liar 3-yr 5% g notes P - A South Side State 200,000 22,242 6 0 Q-J July'12, 63-1928 10518 Apr'12 £10518 10518 3 InI'd St'l is. M g State Bank or Chicago 1,500,000 2,270,812 12 12 Q-J July'12, City By & Light 8 Q-5I Jne30'12,2 Kan Aug'12 89 9414 Stock Yards Savings 250,000 217,010 8 Co Is 1913 St - N t_ oi 89 500,000 110,642 6 6 5.1-5 May'12,3 J 89 80 8714 90 Union Bank of Chicago- Lake St EI-Ist Is.. 1925 J - t Park Nat 100,000 12,176 6 6 Q-J July'12, 13 4s-1938 - A t 82 Sale 82 82 17 82 8534 Washington Metr W Side El 1st Wendeli State 41,610 None None Q-53 Dee.31'08,134 g 4s 1938 J - 80 81 80 80 4 80 83 July'12 2 Extension 104 Central Tr Co of Ill-- 4,5053:009 1,895.693 754 8 Q-J El & 1st g 531926 - A 10178 Apr'12 x10473 78 J-J July'12, 5 MII Ry Lt 95 Apr'12 x95 95 :Chic City Bk ec Tr CO. 500,000 356.896 10 10 do rer & cxt 4 145_1931 O - J i5412 02 Chicago Say Bank & Tr 1,000,00).1 263,112 6 6 Q-J July'12 134 1951• - I) July'12, 2 do gen & ref 5s OOIg Chicago Title & Trust y5,000,000 12,031.511 734 8 Q-J Mllw Lt 1st g 43_1927 - N COO- lif- Ma-y-'12 ;i554 , July'12, 3 Gas 8912 Aug'12 9014 Citizens Trust & Savings 50,000 z16,325 6 10 Q-J Morris & Co 4 Hs 1939 J -J t 89 90 8912 481,625 8+2 8+2 1IQ-J July'12, 234 -- 100 hiay'12 £10034 10114 Colonial Trust & Savings 60(1,000 Nat Tube 1st g 5s 1952 S1 - N 34 & Say 1,375,874 ____ 10314 Apr'12 £10314 10314 Cont & Comm Tr 3,000,000 Nor Shore El 1st g 5s_1922 A - (1))278 200,000 170,836 8 834 2% 10038 1-007R 10058 Apr'12 £10073 10038 Drovers Trust ec Say do 1st & ref g 5s_ _1940 A - Savings- 5,000,000 1,801,597 12 16 Q-M Dec30'11,4 Sale 2 9512 6 £9513 9718 First Trust & Nor Sli Gas o III 1st Is '37 F - A 9512 951 Ft Tr,5/SayBk 250,000 14,850 Beg. b us Apr i'11 V.92, p 929 North West El 1st 10014 July'12 10014 10014 Dearborn 43_1911 - S Franklin 'rr & Say Bank 200,000 52,316 Beg. b us Apr V.94, p 1030 NWGL & Coke Co Is 1928 Q - M j- 653-4 1011-2 10012 Aug'12 9934 10012 July '12,214 9734 2 09 GreenebaumSousBk &Tr 1,500,009 190,835 ____ 254 Q-J Ogden Gas Is __ _1945 - N 9734 Sale 9712 9534 J. J July '12, 3 99 May'12 X9178 9218 Guarantee Trust & Say- 200,000 Pas Gas & El ref g 53_1912 J - J ---- Savings- 1,500,000 2,1391287:519 12 Q-J July '12,3 1st 100 May'12 X100 10018 Harris Trust & Pao T&T col, tr 58_1937 J J -__- Trust-. 300,000 61,863 Beg b us Apr 10'i 1V.92,p1004 Is 1916 10038 Mele09 - Home Bank & Pearsons-Taft J - 1) 9812 ---- & Sayings 5,000,000 9,161,116 16+4 16+4 July'12, 4 4.405 S 95 -- 9612 hich'10 _ Illinois Trust Trust & Say- 200,000 78,818 7+134 7 Q-J July '12,13j , 4.608 Series E M N 913 -- 97 Feb'10 _ Kenwood Jne30'12,112 9814 Nov'll Lake View Trust & Say- 200,000 60,828 514 6 Q-J 9.80s Series F • N 9712 3,000,000 6,573,016 12 15 Q-J July '12, 4 65_1943 May'12 116 11812 Merchants' Loan&Tr Co Pcop Gash &C 1st A - () 116 Co- 200,000 ' 61,911 Beg. b us Oct 291 OV.91,p122I gold 5s__1947 .41 S 10134 10158 10134 15 10138 10214 Michigan Ave Trust Refunding - §alfti Say Bank 500,000 61,611 Corn b us Apr 10'1 1V.92,p1004' Gas L&C 1st 5s 1937 J J (1)212 103 10314 July'12 10234 10334 Mid-City Tr & Jne29'I2,2 Chic Northern Trust Co 1,500,000 2,690,757 8 8 Q-J Consum Gas 1st 5s_1936 O - I) 11.03 10314 10234 May'12 10218 103 J-J Jne 29'12, 4 10112 North-Western Tr& Say 2.50,000 124.602 6 8 Mut'l Fuel Gas 1st5s1947 3,1 - N (10034 102 10134 June'12 10112 Beg. b V .92,p. 1537 £96.34 100 Old Colony Tr & Say Ilk 200,000 50,000 Pub Serv Co 1st ref g Is '56 t 9712 9812 9812 June'12 181,626 _ Q-J July '12,2 55 '41 J -J May'12 £100 10014 People's 'Pr & Say Bank 500,000 Son Bell T & 1' 1st *1 ---- 10014 300,000 286,872 8 8 Q-0 July '12, 2 As_1924 J -J t 9212 03 9212 9212 2 9212 9614 Pullman Trust & Say South Side Elcv 4 Say Bank 200,000 40,180 Q-J July'12, 15.4 g 5s_1914 J J 810014 Sale 10014 10014 1 10014 10034 Sheridan Tr & Swift & Co 1st Standard Tr & Savings.. 1,000,000 need bus. Sept 6 1910 fly & Lt coil 4595 9361 Comm3 6 J-J JulY'12,3 - 0 0814 Stockmen's Trust & Say 200,000 :78 514 trust lien a f 58 1923 A 9814 Apr'12 x98 1,200,000 1,436,542 18+2 8+2 Q-M Jne29.12, 2 58-1945 A - I.--- 81 85 Apr'12 85 89 Union Trust Co 2 , 'Union Elea (Loop) QC Sa v Bk. 400,000 85,066 6 8+2 Q-M Jne3012, 1922 M - S 100 May'12 x9978 100 West Side Tr 234 US Gypsum lst g Is..,. Tr & SaV Bk 200,000 97,048 734 914 Q-J July'12, S s t g 5s_ 10212 Apr'12 £10213 102:/14 Woodlawn U Steel 10-60-yr 02-12 10134 • Western Elea Co 5s 1922 J -J (10112 1- July'12 10112 103 • Note-Accrued Interest must be added t o all Chicago bon d prices. State of business) for national banks and June 15 (opening of business) for • Bid and asked prices: no sales were made on this day. t June 14 (close de Comm. Nat.; Dividends not published. Stock all acquired by the Cont. institutions. No price Friday: latest price this week. SSept. 1 1911. 11 extra payments Q.F. s c Due Feb. aDue Jan. 1. k Also 20% In stock. q Dividends are paid Q.-J. with Bank. a Due Deo. 31. b Due June. Security Bank. V.93. p. 1235. t Dec. 30 1911. t, 1 54%1 dividend of 50% was paid In 1911 on Security Bank stock, to provide capital for the new Second City Bk. w Stockholders voted to Increase capital to $500,0004. of this Is a special dividend. x Sales reported beginning April 18. u Formerly Chicago April 19 1912.1 V. 93. p. 398. y Inc. In Capital to $5,600,000 adth. V. 95, p. 273. s la cash dividend of 33 1-3% to bepald in connection therewith.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly

SHARE PRICES-NOT PER CENTUM PRICES Sales STOCKS Range since January i • timige lor Previous )1 the BOSTON STOCK On bads 91 100-shgre tots Year 1911 r Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE AlIat 24 Aug 26 Aug 27 Aug 28 Aug. 29 Aug 30 Shares Lowest flionen &matt Highest. Railroads *10814 10812.10853 10878 *109. 10914 010834 109 10.65g 1085s 20 Atch Top & Santa Fe.100 10378 Feb 10 11.05, Aug . ,038 Sep *10214 11314 J'ne 1023g 10238 10234 .10214 10212 010214 10258 *10218 10212 5 Do pre. 100 10112 Jan 12 1041,1 Feb , 151 Sep 105 J'ne' ' 21618 21612 21614 21614 21618 217. 216 216 216 21612 r215 215 79 Boston & Albany-5_10J 41112 J'iy 45 2221., Apr • .15 Apr 226 *125 126 12514 Feb I 126 126 126 126 126 *125 126 125 25 32 Boston E,evated 100 120 Aug , 1.3414 Nlen4 1-412 Sod 13012 Aug 0204_ *204 -___ 204 204 .204 Boston _ _ 8205 208 0204 _ _ & Lowell 105 204 J'ne i • 218 Jan • 5,1 Feb 213 Sep • «08 I8-1 2 99 99 . 98 9811 98 98. 98 99 x97 -97-10 66 Boston ‘5 Maine 10) 96 May2 • 10012 Jan 3 .1613 Oct 12238 Feb *295 298 *295 298 .295 298 0298 298 Last Salt 257 Aug'12 Boston & Providence_100 297 May a 400 Apr 27 .92 M. 4. 1013 ,011 /deb 15 *---- 15 15 *---- 15 Last Sale 14 June'12 i.oston Suburban El Cos_ 13 Jan 54 1 May. , 12 Sep 16 Mob *75 80 *--_- 78 78 78 .-__ 78 8____ 78 31. Do pret 15 Jan 25 80 J'ne 5 70 Oct 7614 J'ne 0____ 10 ---- Last Sale 3 Aug'12 Boston de Worc Llec Cos_ 9 Aug It 1212335 u e Feb 13 J'1Y 'P..-- 63 .--_- 52 - 52 52 50 50 61 I53 preL 50 Aug .., 67 Jan a ...8:1 Jan 53 J'ly 0___- 169 *---- 169 *_-_. 169 iii5 160 170 *170 2t) Chic Juno Ely & USY. 100 165 May 5 170 Ja • 1:, 156 Apr 171 Deo 0111 112 *111 112 112 112 .111 112 112 112 111 iff 32 Do pret 10812 J15 2 112 J'ne II 10/ II eh 11512 J'ly *258-- 8258 ---- -258 •258 Last Sale 260 Aug'12 Connecticut Itiver__100 260 J'ly 24 272 Ja... 15 _55 Jan 272 J no 0126 1.2642 126 126 126 126 125 125 5125 126 x12434 12134 112 Fitchburg, pret 100 12214 J'ne i 1:8112 J:J inti 23,, 42685, Apr 130 Jan *124 12512 812412 12512 8124 12512 .124 126 Last Salt 125 Aug'12 Ga Hy & Eleo stmpd_100 124 J'ne a 4179 Apr . .751.712 Jan st64 Oct *8412 85 *84 85 *84 85 *84 85 *84 85 85 85 20 Do pre. 100 8412 Aug • • 9312 j'ne 10125 130 8125 130 8125 130. .125 130 Last Salt ;25 Aug'12 „lame Central 100 123 J'ly 5. 14738 May.i. .35 Sep 215 Jan 1834 1834 *19 1912 1933 1934 519 1938 19 1914 436 ,lass Blectric Co___ 100 1814 J'ly .. 2318 3 5, , 15 Apr 24 J'ne *77- - 77 7712 7712 7734 7712 7734 77 7734 267 Do prei Stamped_11.0 75 J'iy 5, 63 Feb " 13812 1391 138 139 138 13812 138 13812 138 13814 .13-8- 118-18- 387 N Y N II & Hartfora_100 13312 Mairl • L4218 Apr _ :4,. 4 Sep 15138 Feb 131 131 2 Northern N H 105 131 Aug .5 143 J35 1-4 134 Jan 142 Mch - -&-tt-/ 203 Aug'12 Norwich & Wor pref_100 203 Aug 21212 Jan 15, _lu Jan 214 Nov *17614 :::: *F7.01.4 178 178 *177 -- .177 _ Ola Colony 10u 174 J'ne :. 187 Jan 41 1632., in 19405 DNecrov *50 57 *50 57 *59 57 Last Salt May'12 itutland pret • 100 41 Jan _ 79 Jan 5, Jai *17118 1-7-1-38 17033 17058 172 172 47138 17158 *17138 171& 75 Union Pa5ino 100 16012 Feb 1 17434 Apr '51112 Sep 19215 J'ly *91% 9112 *9078 9112 *91 911, *91 9138 Last Sale JO July'13 Do pre, 115/ 15907 JA:unge ... 1694212 :1, vu Men 5518 May - 8155 --- 8155 ---_ .155 Last Sal, 157 Aug'12 Vermont & Mass 100 sit 1.. 156 8451) 1641 Dec • *155-*85 85 -7-8 85 85 *85 86 85 85 8534 8534 *8558 8578 115 Vest 5-51 St 55 53 Apr'. 58, Feb .: 53 Sep v3 Mch • 9818 9818 *98 99 98 98 *93 99 59814 99 9878 9878 72 Do pref 50 98 J'ly 11 10312 Mch 1. 10 , Aug 105 Jan Miscellaneous 6038 6038 5934 59:3 59/2 6912 5912 5912 5912 5912 5912 5912 260 Amer 51.5rIcul Chem__1uu 6814 Feb 28 6334 Alch 23 46 Sep 6334 Dee 10078 10078 10034 1003 10034 10071 10034 10078 10058 10078 .10012 101 171 D preC___ z03953 JA'unge... 105.„14 jSceni6 99 Jan 10514 Mob *434 5 478 478 *478 5 434 478 *434 5 107 Amer Pimu Servic5_ 59 35; Ails 612 Jan • *19 20 *19 20 *19 20 19 19 19 19 1834 -1-&1-4 177 Do ',ref 50 4 ,dc11.6 21 J ne 1218 Aue 1914 Jan *127/2 12812 128 12812 12814 12.54 12914 130 *128 120 Z12734 12734 883 Amer Sugar lie115 100 11434 Jan 10 13358 Sla:1 112 Sep 122 Feb 12212 123 123 123 12212 123 123 123 12 12314 12314 12334 1233, 252 Do pret 103 11512 Jan 4 12334 Aug .5 11134 Jan 12018 May 145 14514 145 14518 14478 14518 145 14515 14458 145 14412 14475 1,561 Anier Tel-5 & 1e1eg_100 13712 Jan '2 149 Merl .31.8 Aug 15314 J'ne 30 30 *3014 31 *2812 30 , 11 Amer,can ‘Voolen 100 23 Jan 31 30 Men 5. .5, Dec 3614 Aleh 91 9113 9112 9134 91 9178 92 9234 -9114 -92I-2 9.34 9134 $70 Do pre( 100 86 Feb 5 9414 Itch 45 3512 Oct U612 J'ne *8134 82 *8134 82 81 82 83 83 *82 84 *82 84 21 Amoskeag ManuLicturtng 77 Jan 3 84 May /112 Dec 81 Nov *10012 101 510012 101 101 101 *101 ---- *101 ---- .101 10112 15 Do pret x9014 J'ne 21 105 Men:, Les Dec 10012 Dec *678 8 612 65, 678 67 673 678 078 678 15S ALI Gulf & W I SS L_100 5 Aug.5. 9 Feb 1 • 738 Dec 11 May *11 12 1012 1012 1118 111: *11 12 12 12 196 Do prel 105 1012 Aug s i 20 Jan 15 1412 Nov 26 Jan *1418 1412 *1418 15 *1418 1413 *1418 15 1412 .1412 14 14 100 East Boston Land__. 10 10343115 2 1714 May2, 114 Jan 12 May *290 292 ,1 289 292 289 289 .289 291 292 292 294 204 35 Edison Lie° litum 100 280 Maye... 300 Mcn .53 Sep 297 Dec 18278 18314 18338 18338 18312 18312 18:3 18314 18238 18234 18234 183 386 General Electric 100 155 Ja:, 2 18778 J'ly 25 142 Sep 19734 May 8978 90 *8912 90 8934 00 *8934 90 90 90 *8934 90 95 Massachusetts Gas Cosl00 x8518 J'ly 15 94 Mehl 15 8/34 Jan 9634 Aug • 9512 9512 9512 9512 9558 9578 96 15 9534 957.8 *9558 96 232 iJo p-el 100 FFebA 21. 93 Dec 9812 Oct 22714 22714 *225 ____ .223 -- 229 220 *225 _- 225 225 38 Mergenthaler Lino__ 100 2913/12 jJ nne 251 229112 z11 Jan 236 Aug • *378 412 4.334 412 *334 45 *334 412 Last ,Sale 334 Aug'12 Mexican Telephone , 10 212 Mai 14 412 J . 9 Ort 478 Jan i*100 102 *100 103 102 102 .100 102 *100 103 *100 193 N E Cotton Yarn____100 100 J'ne 1., 105 La 103 Oct 119 Mob *100 102 8100 10014 .100' 10014 *100 102 Last sate 10014Aug'12 Do pret 105 98 J'ne., 107 Mch Lul Nov 11612 lacti *153 154 15312 15312 15138 15412 155 155 155 15512 155% 15614 371 N E Telephone 100 150 J'ly 1., 161 Mell 14 Is. Jan 16512 Dee Last 'Sale 90 Afeh'12 5ortland (Me) Eleo-1. 7212 Jan 17 50 Meh 25 0234 J'iy 7334 Nov *17I 17Z 17112 17134 lir fill; '171 171 170 170 169 • 16912 179 Pullman Co _100 158 Feb I 174 Aug-, 133 Sep 03 Jan. *1512 1612 *1512 1612 1612 *16 1634 *10 1634 15 iteece Button-Hole_ 10 1334 Jan 2 1738 Apr I 212 Jan 15 May ' 10712 10712 10712 108 10712 10712 10758 10758 10712 10712 55 1-6/3:t 337 Swift & Co 100 9812 Jan 2 105 Alen2/ 3734 Sep 104 J'ite , 2814 2814 28 2812 2734 2734 28 28 28 28 28 28 281 forrIngton 23 2/ May 32 Jan 10 21.) Sep 36 Jan *28 2912 *2712 2912 29 29 *28 912 2838 2838 *28 29 30 • Do pre 25 28 Jan 5 51 A Dr 11 27 Mch 31 J'1Y *214 212 218 218 *218 234 *218 234 *2 212 50 Briton Copper L & 44 25 .85 Jan 6 334 Apr a 34 May 1'j Melt *191 192 19012 19013 19012 19114 191 19134 19138 19134 19012 it; 474 United Fruit 100 178 Jan 25 20512 Joe ,178 Dec 19712 J'ly 5418 5534 5414 5514 54 5434 54 5614 5512 5712 5534 5634 15,162 Un Shoe Slach Corp 25 4614 Jan 15 5712 Aug-. 4014 Aug 5878 Feb 5912 2912 *2918 2912 2912 2912 2918 2912 2912 2912 29 2912 422 Do pret 25 2758 Jan 10 29,4 Apr 2512 Sep 8292184 Janb 7334 74 7312 74 7378 7434 7412 75 x73 7338 7358 7332 6,080 U S Steel Corp 100 5838 Feb 13 75 Aug _5 50 Oct *113 11314 113 113 113% 113% 11318 11334 113 11334 11314 11314 05 DO pret .100 10718 Feb 1.3 11334 Men 2 10312 Sep 12012 Feb Mining *8 812 *8 858 818 812 *818 812 *818 812 833 9 885 Adventure Con 25 514 Mch 25 1114 Apr 1.11 4 Sep 718 rite , *512 618 512 534 512 512 512 512 *514 555 512 514 395 Aigoman Mtnin - 25 458 Jan 4 514 May .. '21k Oct 11 J'ne 4612 4612 46 46 • 4612 4(334 47 4712 40 47 47 47 731 A lI ou e ,• 25 3814 Feb i 13518 J'ne _, 41 Aug 4414 Dec • 88 88 88 8858 8818 8814 8712 8518 8716 8714 87 87,8 3,555 Amalgamated Copper 100 60 Feb 1 8558 Aug .5, 4454 Sep 715 J'ne ' 30 30 30 . 3014 30 3114 3114 3138 31 31 31 31 5,030 ,r5 Zinu L5ud & :.(m_ 25 2412 Feb 15 33i4 ,L'ue __ 1934 Oct 3038 J'ne 5 538 514 538 518 535 5 638 5 518 5 5 3,142 Arizona Corn'l Ws dep.. 2 Jan 2 615 Apr _ 138 Dec 21153 Dec Ie.._ .46 0_- .48 .48 .48 .40 .40 200 Bonanza Dev Co_ 10 .40 Men 5 .55 Apr 11 95 Oct 75 May • 634 634 634 634 7 758 73s 712 *714 712 *634 714 1,670 lios&CorbCop.5StiMg 5 614 Feb 1 914 J'ne u 334 Aug 1512 May ' *21551 3 *3 318 *3 314 318 318 *2% 318 V14 334 275 Butte-Balaklava Cop_ 10 21518 J'ly 25 534 Apr 2 3 Nov 612 Jan Last Sal' 23 Feb'12 .,utte Coalition 15 2134 Jan 18 2338 Jail .3 14 Aug 2312 Deo • 15- 4338 -45f2 4434 • 4414 4412 15-1-2 4412 451r 4438 4412 7,690 Butte& Sup Cop (Ltd) 10 1912 Feb 7 6134 J'ne 11. 7979334 8014 8012 8134 8112 8234 8212 8312 8114 8213 81 8212 7,154 Calumet & Arizon.._ 10 5712 Feb 1 53.2 Aug- 45 Sep 6334 Do i 550 556 550 551 555. 655 552 556 550 553 553 553 89 Calumet & Hecht 25 405 Feb 1 565 Aug_ 360 Sep 545 Jan 2212 2212 2234 2234 2278 23 23 23 2212 2213 *2212 23 425 Centennial 25 1712Jan 5 2712 Apr la 8 Aug 19 Deo • 3858 3878 39 3914 3914 3934 3912 3934 39 3918 3914 3914 2,591 6 2514 Feb 28 3534 Aug 27 1635 Sep 2712 Deo .04 .04 .04 .04 50 COW Mereur Gold 1 .03 Ntch 20 .09 Jun 1,, 03 Nov 15 J'ne 60 59 E912 19.3-4 5904 6034 60 6034 5934 5978 5934 5934 3,837 copper Lange Con Co 100 50 Jail 31 6612 Apr i , 4634 Sep 6934 Feb *434 6 *434 5 *434 5 *434 5 434 434 *434 5 60 Daly-West 20 434 Aug 22 712 Men 27 3 Feb 7 Dee 1334 1334 1334 14 1334 14 1378 14 1334 14 1334 1334 2,160 East Butte Cop Min 10 1214 Jan 15 1535 Apr Ii 8175 Aug 1134 J'ne *1112 1178 1114 1114 1112 1112 1112 1112 113 1137 *1114 1134 415 uFranklin ir0u 25 10 J'ly 13 1614 Apr 1 612 Aug 14 ,J'ne 534 51335 578 6 6 6 578 51114 578 571' 631 531 3,025 5 Consolidated_ 5 418 Feb 27 61118Apr u' 338 SC0 818 Feb *5412 56 55 5512 56 57 5612 59 5634 5712 57 5712 5,497 Granby Consolidated_1011 33 Feb 5 6014 Apr 2t, -6 Aug 4312 J'ne 1014 1014 1051 1014 1018 .1012 1012 1038 1014 104 1014 1038 4,775 Greene Cananea 1014 J'Ile 21 VD Oct 858 Dec *28 30 29 29 2812 29 2834 2834 28 28 • 2712 2712 250 Hsncock Consolidated Tg 27612 Augeb 2Yi 37 J'ne 1; 17 Sep 3112 Deo 1 1 .99 1 1 1. 1 1 .99 1 ..99 1 1,285 Helvetia Cover 9198 AFeubg 26 2 May 34 Sep2 Feb *18 1834 1818 1818 1812 1812 1812 19 *1812 19 18 1812 750 25 1133 Ja5 16 2:1 Apr -4 514 Oct 16 J'ne *18% 1918 1914 1914 19 19 *1834 19 19 *1858 19 150 liansdptati1101ju1 Lflognsol C. 2250 * 2158Jan 21 Island 55 55 55 55 54 55 54 54 *54 55 *54 55 96 Creek Coal 1 401k Jan 17 6334 J'ne b, 2914 MY 44 Dec *8912 90 *8912 9014 *8912 9012 90 90 90 00 8934 8934 27 Do prof 9114 Aug , 808 Sep 91 J'ne 8614 361, 3612 365, 3614 3612 3534 3678 3534 36 35 3(118 4,740 Isle Royale Copper 21 &5334 jaannIt 8678 Aug 41 ID. Aug 23 Dec 2161621510 278. 21540 *278 3 3 3 2155421515 3 3 700 Kerr Lak5 3 2 Apr 5 318 Feb 13 25i Oct 7% Jan. *112 134 *152 134 134 134 178 178 158 14 11146 212 3,280 Keweenaw Copper 25 .80 Jan 2 3 May , 12 Nov 334 J'ne 36 36 36 36 3578 3578 36 3712 36 3614 36 36' 1,735 Luke Copp Co Feb 49 Apr l. 22 Aug 40 i'ne *614 (334 612 612 612 612 612 61.,. 612 612 638 638 375 ALauSo 8 Apr 17 3 Aug 6 Jan *1278 1318 *1273 13 *1278 1313 1278 1278 1278 1277 *1234 13 110 anileValolepypeMr Ines_. .12 310171 I'i:ee 113 1412 J'ne 27 612 Apr 1178 Deo 7 7 714 714 7 7 7 718 *7 71: *7 712 525 arias Consol 25 612 J'ly ti 914 Jail 4 44 AMC )10 J'ne 1212 1234 *1212 15 1234 1334 1312 1312 13 1314 13 1314 1,115 Mayttowe5 25 234 Jan 3 1812 Apr .:3 20 Feb 8148 Dec 2912 2912 2958 2934 2914 2934 *2912 2958 2912 295 2912 2912 803 Miami Copper 5 2338 Jan 29 30 J'ly 31 1678 Sep 2438 Dee 212 212 *214 234 *214 234 *214 234 33 3. *214 212 100 Michigan Jan 512 Apr 2,, 114 Nov 312 Jan 68 68 68 6812 *68 6812 6812 7012 68 691- 6814 70 1,560 Mohawk 21 51231812 32U 73 J'ne4, 36 Apr 67 Dee 2234 2234 23 23 23 23 2213 23 2258 225 2258 2234 1,321 Nevada Consolidated. 5 14 11 2314 Ma), i 15 Sell 2114 J'ne *334 112 *312 412 *334 412 4,312 412 Last Sal. Aug'12 Now Arcadian Copper 25 3 Aug 13 014 Apr L., 2 Aui 414 Arm 8 813. 835 858 812 812 812 Si, 558 838 1,064 Nipissing Miner 5 534 Jan 3 858 Mch 25 x612 Dec 113 Feb 8312 3378 34 3434 3412 3478 3314 3458 3234 331: 3314 3412 17,691 Nortu Butte 2155 2234 Feb 1 35 Apr Ii 20 Sep 3014 J.00 512 512 512 512 534 6 ,134 ,178 ,6134 ,6134 534 534 445 North Lake 5 Aug 22 834 Apr 2•4 334 Aug 934 J'ne *4 412 *4 412 *4 412 412 434 305 Oilbway Stifling 25 4 J'ly 5 5634 Ja.: 11 358 Dec 812 J'ne 9 9 9 • 9 9 912 912 934 9 914 914 914 1,885 Old Colony 25 258 Jan 2 1314 May i 50 Jan 318 J'ly 5912 5912 5934 5934 6978 61 60 6034 60 60 60 60 7,010 Old Dominion Co 25 44 Jan 31 61 Aug27 3414 Sep 49 *118 J'ne 119 11812 119 .117 118 11$ 119 0117 118 .117 118 205 21) 106 Jan 15 135)2 J'ne ... 81 Sep 124 Jan 1812 1812 1858 1834 1834 1834 19 1938 19 195 19 1912 2,256()p02caceLareek Coal 15 Alch 27 19,8 J'ne 1,, 9112 5.- 9112 9134 92 92 9212 x91 0114 9014 901., *90 91 195 25, 7312 Jan 29 95 J'11622 66 Sep 221) 76 Dec 2134 2178 22 2134 22 2178 22 2112 211: 2112 2112 830 nsol Copper., 10 161g Jan 29 2212 J'ne 5_ 12 Sep 19 Deo 4118 418 31554 378 4 378 31544 31351 3/- 334 334 3,245 QI:auanYntac8ie Gold & Cop_ 10 1 Jan 31 473 May 4., tr Jib 1634 1634 1612 1634 16,2 1634 1634 1718 1658 16.3 1634 1634 5,217 Shannon m 4 s__ 10 9 Jan 31 1778 Aug 5 734 Oct 1213144 Fi: .55 .55 4..50 .60 .54) .55 *.50 .61 .50 .60 650 5 .50 Aug 22 114 Apr 3 12 Dec '115:. MAY 4612 47 4634 47% 478 48 4712 48 47 471 4713 17-1-2 1,960 23 24 Feb 4873 fly 2 2 1 21 20 Oct 4212 Jan 134 2- 178 .178 *174 2 173 1155, 173 178 815 3SuuP•pe rir.Orree Boston I fla 1205 26114 idaanY141 478 Jan 1.3 e2I8 Ow 814 J.1115 *42 44 *42 4312 *4318 44 4312 46 44 44 *43 44 220 Tamarack 61 Apr 62 Jan 6 618 15 20 Sep 638 638 6 618 6 6 6 614 330 25 5 Jim 15 912 Apr v 278 Oct 512 Dec *2"te 3114 *21048 3 2150 21118 *2151g 3 *21555 3 2155121515 150 Tuolumnene Copper 1 253 J'ly 18 Meh 26 478 May 4534 27 411 134 Sep . 4534 4612 4578 4534 45's 4512 4634 45 40 4578 4618 6,917 U S Smelt Rex & Min_ 53 34 Jan 31 48 J'iy 3 3038 Seri 4012 J'ne 50 50 50 50 4978 50 50 50 50 .. 50 50 50 1,244 50 47 Jan 503, 461 Aug 491. j.ns *218 *218 238 10 J'ne 51 4 212 218 214 *21g 232 *218 238 214 214 400 Utah-Apex- 5 2 May21 311,3 Feb 9 172 Nov 3t2J'ne *12 1212 12, 12 12 12 12 12 *1134 1214 .1134 12 475 Utah Con:militated 5 20 66 6658 912 J'ly 5 2038 Apr 2 534 Jan J'ne 66 6718 6678 6714 6614 6678 6558 654 6538 6512 1,511 I. tall Copper Co 57 38 Sep 6758 Deo *3 314 *3 6714 Aug *3 31.4 314 *3 314 *3 314 3 3 50 Vic oria g5 T:jA 411"g ii9 1 578 Jan 20 1 Aug 418 Dee • 514 554 *6 612 *5 8 *5 512 5 515 *5 6 200 1Vinona 2 5 Nov *106 108 ug 9 734 Mien i 334 912 Feb *106 107 107 107 107 108 10512 10612 103 104 525 Wolverine 25 0434 Jan 29 74 Nov 122 ' *2 211 *2 21^ 2 2 *2 117 Apr 17 Fele 21. *2 21.• *2 21, 100 1Ve .5 nt, 25 134 •Tnn 5 314 Mph 4 .30 Nov 2 Febj .41 Bid and asked prices. a New stock. e Asst't paid. b E1-stook city. h Ex-rights. a Ex-dtv. ond rights...: Unstampecr.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Aug. 31 1912.] Boston Bond Record 537

'Veal Range BONDS 6 Fr.ce Wee. 4- Range BONDS Price Sines STOCK EXCHANGE Friday Range or BOSTON STOCK EXCHANGE rk;) L.; Fri ay Ra0100 1/ ° • BOSTON Week -::, .,, A u,usi 3 i insi .s,si4 L Week Ending August 30. August 33 La-d Sate 1-6 fainn".1 Ending August 30. ------No High Ask Loto 1141, <, Low 11.g, 1411 Ask wir ii tab Ow 10114 1021 .3encral Motors 1st 5-yr 01_191 3 A-0 9954 1001 9914 Feb 'L. ___ 9914 9914 Are Agricul Chem lst 5s___1928 A -0 10112 Aug 11 9578 9812 44_1929 J -3 9014 Sale 9014 11 00 0114 Z.;t Nor C B & Q coll tr 4s_11121 J -J ____ ..._ eo ft; Am Telco & Tel coil tr .0'8 Aug'12 __ 9578 9738 43 1936 S 113l2116 11112,1'1y 10834 1153, Itezistereti 42 1921 Q J 578 Convertible Hilnois 1913 A-0 IOU 11 100 Aug '1 -. 100 10034 Writ Paper 1st s f Os g_1919 J J 83.8 J'ne 12 89,5 90 Steei deben 84 Am (a Falls de C 1st 7s 1917 A-0 ------117 Apr '98 _-__ • Am Zinc L & S deb 63 (915 -_ 131 rne'l_ 103 131 Sioux 82 J'ly '1'. Kan C Ciln & Spr 1st 53_1925 A-0 97 filch 1.•. -- 11612 97 Ariz Corn Cop 1st Os etfs of dep. .,33 I 11334 11712, 45_1993 9G% 97 9778 J'ly '12 51)7473 89134 Kan C Ft Scott & Mem 6s....1928 vi-N 11-3.4____ 11334 Atch Top & S Fa gong A _ _ 9212 Mch L. 92 9212 Adjustment g 4s____Juiy 1995 Nov 89 90 91 Meh'12 91 9218 Kan CM & 1) gen 49 1934 fl--S. 9212 I 8912 9132. Assented income 53 1934 i1- S 85 ____ 8,, Aug 'I __ _. 8412 89 Stamped Jury 1993 11-N 89 90 891-.fly '12 021210234' 1955 10818 Mch 12 10812i 10818 Kan C & M fly & Br 1st 54_1929 A-0 .03141 101 J'ly '1 ___. l . 50-year cony 45 J -15 -115 -year eonv 5s 1917 JD 119'1 filch 11 Marq Hougn & (int 1st 6s 192 3 A-0 ------J'ne'08 ---- . 10 -6-814- Mass Gas 4 Ifs 192i: J -J t, is(8 :Ix 9-712 9912, ALI Gulf iSi WI SS Lines 53_1959 J.-1 iS1-4 -E12 6314 63. 191? J. j ______l00111Apr 1: ..._ 1 10018 ,s___ _1935 -N 9518 Feb '12 95 9518 Mich Telepho e 1st 5s n 0018 Boston Eiev 30-yr g M - - - - New 98 98 08 9612 99 Boston & Lowell 43 1916 J-.1 - - 10014 Mch'09 Eng Cotton Yarn Os 192o F - A--__ 10412 Oct '08 New Eng Tel .p(1 5s 191, k-o ______10138 Meh'll ____ . Boston & Maine 4 3,is 1944 J -J '08 ____ . ( 33 Hilo A-0 __ ___ 10012Sep Improvement 4s 193 F-A 913-4 Plain 4s 1942 F-A 95 Feb 12 -9-2-- -9-5-- New England cons g 5s 194.5 I -3 ___ „- '-'97sJan '1 ---- 103 J'ne'IL 10 1031 13oston Term 1st 4s 1939 A-0 ---- -,------Bar & Mo Illy cons Os 1918 J MS" 75 Dec •11 ....._ . Cedar Rap & Mo R 1st 73_1913 __ 11138Sep '11 New River (The) cony 53_11034 3-3 ------90 J'ly •1 8913 9214 N Y N 11 & H con deb 3 48_155. 3 -J ______. 9214 Mch '12 ____ 11q 923 Cent Vermt 1st g 4s___May 1920 Q- F' 9012. 128s8Aug'1:. 918 13212 Iowa 9918 69381103 (Set '07 Cony aeb ea 1948 J -J :0 B & Q Div 1st 58_1919 A -0 F-A ------,. 101 Apr '09 .„.„ . Iowa Div 1st 45 1919 A-0 95 Aug '1:. Old Oolony gold 4s 1924 100-)8J'iy '12 10018 10113 Oregon fly de Nay cony 4s_1946 3 D -_-_-_-_ ---_-_. 988 Sep 'it. _ . Debenture 5s 1913 11- N 10013 -- J'ne'12 ____ 112 11334 1922 F- A 9914 9978 Feb '12 9978 100 Oreg Sh Line 1st g 63 1922 F-A ______112 Denver Exten 43 Pere Marquette deb g. 63_1512 J-J 95 Jan il. 95 95 ' Nebraska Exton 45 1927 ,n-N - 9812 M eh'12 9812 9838 991s Feb '11 licpub Valley 1st a t 6s 1919 J -J 10314 ____ 103 Jan '11 .___ . B&SWst 4s 1921 11- S . 8534 8612 8718 May'12 1133-4 17-3-1 iavannah Elec 1st cons 53_1952 J -J 7014 L)ec •III ____ • Illinois Div 3 34s 1941) J -J (8312 14 5s,1015 J J 10.113101 101 Aug • .0012 10134 Seattle Elec 1st g Os 1113u F- A __-____ 10312J'IY '1. --- 1 105 Ohio Jet By & Stk Yds 47 Aug 1: _. 8312 100 g 45_1940 A-0 --. 9012 9012J'ne 89 91 .3hannon-Ariz 1st g 6s 1919 M-N ' 1 Coll trust refunding ferre Haute ------97 Apr '04 Mill* & St P Dub D 83_1920 J -J ____ 114 Jan '11 Elec g Os 1929 J -3- - .0h '11 Torrington 1st g Os 1018 M-S 10013 101 1ool2J'ly 'IL 9934 goi; Oh M & St P Wis V dlv 68_1920 J J 11353Feb 5s 1931 11-N 91 May 12 91 99 Union Pac RR de I gr g 4s 1947 J -J ______10013.11y '1: ___. i0018 10058. Oh & No Mich 1st gu ____ 10178 10178 Mich gen 5s 1921 J -D 9712 98 Aug'12 9634 101 20-yearconv 49 192/ ,1 -3 ____ _ 10178 May'12 Ohio & W United 4634 .63, 1 9558 9718 'Concord & Mont cons 4s 1920 J -D Fruit gen s t 4 30 1923 J -J U612 9658 (The) 1st g Os 1924 11-N 10607142 SAetiPg 411- 1i101 idol; Debenture 4;i5 1925 J J 7 1 96 Aug'1: ,--• 9514 9612 Cudahy Pack M-N 10278 Aug •12 ___. 1 138 104 'Current River 1st Os 11126 A-0 165- 100 Aug 'IL 9914 103 U S Stecl Co 10-60-yr Os Apr 1013 ------1st 4s__194.1 A -0 80 May'12 80 8614 West End Street Ry 4s 1915 F-A ------99 May'lL 9 9918 Dot Or Rap & W 10014 Feb 12 Dominion Coal 1st 8 1 Os 1940 11-N 99 9912 99 J'ly 9834 9914 Gold 4 Ifs 191 4 11-S ------14 10014 41 1915 11- S 10313 Apr '05 Gold debenture 4s 1916 M-N ------______9878 Apr '1: ___ . Fitchburg Gold 4s 9812Nov'll _. . . 48 1927 '[-S 95 Apr '08 1917 F-A 1st 6s 1933 A-0 12712 Mch'12 127121271: Western Teleph & Tel 5s 1932 J -J ___ _1005; 10058 tio1 -'1. 91 101. Fremt Elk 44 Mo V 358 93- Unstamned 1:1 Gs 1933 A -0 127 Nich 12 127 12712 VVlsconsin Cent 1st gen 4s_ _1949 3- 1 ____ q05.Feb 'I ..-- asked. F at price NOTE.-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. • No price Friday: atest bid and

• Philadelphia and Baltimore Stook Exchanges-Stock Record, Daily, -Veekly, Yearly

Share Pnc3)-3'4o1 Per Centuni Prices Saki ACTIVE STOCKS hangs Since Lange 7o, Irevtoses - oi the January 1 Yeas (1911) Wednesday Thursday Friday Week (FOr Bonds and Inactive ' Saturday Monday Tuesday Slocics see below) Lowest Highest Lotte4 liti/real Aug. 24 Aug. 26 Aug. 27 Aug. 28 Aug. 29 Aug 30. Shares Baltimore 115 115 0111 10 Con Gas El L & Pow_100 96 Jan 3 117 May 6 64 Jan 9512 Dec !*11012 011012 _ 0 11013 -- 011012 -- 3 101 Sep 11212 0____ 115 11312 114 35 Do pret 100 101 Jan 2 116 Apr 89 Jan *113 0112 113 011218 ---- 11212 ctts_100 814 Jan 3 1638 Aug3u 7 113c13 10 Aug 15 15 15• 1514 1514 1514 1512 1638 5,500 Houston Oi. tr I 1453 143-4 *1434 15 pre: tr ctts 100 5334 Jan 25 7.113 J'ly 45 Feb 79 J'ly ; *66 67 *66 67 *66 67 *66 6612 K.-- - 6714 6612 6718 12512 126 05 Northpoern Contra, 50 12434 J'iy 31 130 Apr b 121 Jan 13034 J'ne 12512 12512 12512 126 6142 20 27 *2312 - -:.2.51-2 23-12 *2314 ___ 205 Seaboard Air Line-100 2212 sieb 2714 May-4 Jan J'ne Mch 14 6544 J'ne 19 33 Jan 60 Nov 521 0- .8- 5218 5238 *5212 53 235 Do pre. 100 9312 *5214 -5234 53 United By & Electric.. 1.9 1814 Jan 2 2618 Aug's() 1612Jan 1978 J'ly 2514 -25.4- 2514 2514 2512 2558 2534 2578 2578 26 26 2@8- 2,988 Philadelphia *1 American Cement__ 50 1 J'ne 14 7 Jan 10 5 Nov 1712 Jan 112 4512 Feb 1 42 Jan 4612 Nov -.7-- 4414 -4-4-1; 45 -4-- -.Li- 15-- 45 45 14414 4414 420 American Ftatiways_ 50 4318 J'ne le 461: 4614 47 48 47 18,386 Cambria Steel 50 4112 Men 2 4818 Aug36 9078 Sep 4834 Feb ;04-4458 -44-78 45 4514 4514 473s 4818 1112 Jan 1213 Jan *12 *12 *12 --__ *12 *1214 Electric Coot America 10 1112 3'1y .0 1212 J'ly I *12 lk 4912 Jan 5618 J'ne --57- 57 57 57 -5714 57 5734 57 57l 5634 5718 1,272 Elec Storage Battery_100 5234 Jan ill 5838 Aug 57 Apr 2 33/8 Feb 17 2812 Ault 3914 Oct i *2714 2734 2738 2713 2714 2718 2734 2814 28 28 *2734 2814 1,395 Gen Asphalt tr etts 100 18 68 68 68 68 208 Do pret tr ctis_100 5934 Apr 2 73 Jan 3 68 Aug 8378 Jan *6714 6734 *67 6734 6712 671: 68 68 919 Jan 9 9 9"te 91318 1018 978 10 7,305 Keystone Telephone_ 50 6 Apr 4 1018 Aug 638 Dec , *834 914 *878 914 3412 Aug 2 2112 Sep 32 Feb *3314 34 *33 34 3334 34 3414 3411 33 3414 34 3412 1%094 Lake Superior corp..100 27 Feb 20 Leh C & Nay 8778 Mch 20 9118 J'ly 1 8312 J'ne 98 Jan , 8912 8912 8912 8912 8912 891: 90 90 90 90 90 90 ' 131 tr ctts 50 *8434 8478 85 85 *8458 8478 152 Lehigh Valley so 7818 Feb 5 9258 Jai. 16 7534 Sep 931te Dec 841344 85 341330 8413is 8514 8514 814 Jan 978 Oct 15 15 *1434 15 1458 15 *1434 15 1,229 Lehigh Valley Transit 50 8I2Jan 3 1.508 Aug .1 *1434 15 1444 15.0 Do pref 50 23 Jan 12 33 Aug 1812 Jan 2533 Oct 3134 3134 3134 313) 3214 3214 3238 3238 32 32 32 32 80s 62 6214 6238 6218 6238 701 Pennsylvania RR 50 Oh io Jan 27 63'13 Apr 26 5938 Sep 65 Feb 6211/441 6231) 6214 6271e 62he 6212 54, 6212 50 6012 11 4814 Sep 5914 .11141 *5112 51., 513.1 52 52 52 18 52 52 18 5214 5214 1,102 Philadei CotPlttsb) Jan 6614 Feb lb 5134 5134 Philadelphia 25 H1678 Jan 2 2418 Aug .t, 1512 Nov 18 J'ly 2378 2378 2312 2334 2312 2358 2338 2312 2312 2312 2312 2312 3,703 Elea 2618 26 26 26 26 3,484 Phil 11 T vot tr eta_ 50 2218 May 6 2612.1'1y 22 17 Apr 2418 Aug *2534 28 26 26 2578 26 26 Sep 8034 Feb 8478 *8518 8514 *8538 8512 1,060 Reading 50 7414 Jan 11 :..914 Apr 30 86161, 114112484"H 841484131s 8511s 853us 855S 1 6316 J'ly 19 16 at Jan 718 718 718 718 *718 731e 718 714 1,065 Tonopah Mining 814 Apr 612 J'1F 718 73.. 731e 73is ".:b 43 Jan 5234 Aug 514 5134 5178 517s 5158 52 5158 51"4, 1;401 Union Traction 50 4034 Feb 28 1214 Jan - 513,3 5134 5134 5134 8614 Jae 9 9238 8414 Sep 893s Jan 9014 9033 9018 9018 9018 9014 9038 9012 9012 9012 9038 9138 984 United Gas Infra 5. Aug 9

Bid Asa PHILADELPHIA tits Alk PHILADELPHIA Eta Ask I5RILADLLPHIA BALI!MORE Eat&1mp .1., '32 M 106 Inactive Stocks Bond; Ph & Iteati 2d 5s 1933 A-u 112 113 Ity 10 are all -and Ex Imp M 43 1947_A-u 98-14 Chas City sty 1 t 54'23 J-J 103 American Milling 258 278 Prices 5s '99 21.-o 96 Iron 59 4334 interest' Termin.1 Os g 1941..0-F 114 Chas ity G & El Cambria 44 & Sub 1st 5s 1922 J-D 1013.1 Central Coal & Coke...100 8813 9013 Alt 63 L V Eiec 4 34s'3310-A P W & B col tr 4, '2 1 -_J-J 9936 993. City -tiff._ Read Trac 1st 63 '33__J-J ssity & SublWas)Ist Os '43 Preferred 10u 81 82 Am Gas & Elecris '07_F-A 87 9313 J 100 5s 1917 A-0 9512 jo itoch By & L con 5s'5. J-J 101)4 1013, Coat & C By 1.t 55 '19 A-U Consol Trac of N Am Itys -a '29..F-A 10111 Germantown Pass 50 Atl C has 1st s 1 5s '60_J-J 0234 s0a0180-kkin ir Os '27__J-J 10134 102 coal & 1 By 1st Huntington & B T____30 Berg&Entew 1st 6s'21 J-J Stand Gas & S 6s'26..J-D 1001: 1003, fsoi&Grnv 1st 63 1916 J-s Consoi has 5s 19311___J-11 105 109 . Preferred • 5i) liethieh Steel Os 19118..Q-F Stand Sti Wks Ist55'28 J-J Union Tr____100 Me 1st 55 1949-J-J (1 'frac Ind gen Os '19 _J-J hen e 96 ,Indiana Choc & J-J 8914 Insurance Co ol N A lu -213-8 -2113 (Al ck & G gen .5s 1919 J-J 1021-4 103- Lin ltys Tr atm 4s'49__J-J 76 77 Cone G 5 & P 4 As '35 89 Inter.Stn Pow 6: Chem..5u Con 'frac of N J 1st 5s '33 101 ___ United Itys Inv 1st coli Fair & CI Tr 1st 54'38 A 10078 101 . :::::: ...... 181 eon 5s '45 J-.1 Interstate itys pret-10 --_ Del Co /Os tr ctfs 4s'49J-J s 1 Os 1926____M-N 8314 831: & A.a 10514 Kentucky SecurItles_10J Eiec & Peoples Tr tr etts.._ 8634 -871-4 Weisbach s 1 Os 1930__J-D 931: ha Car&isIllst Is g 105 Preferred 10‘) Tac&Il 1st Os 1940.J--1 W9-13 G&E con 53'55_J-J Georg.a P 1st (16 1922.,,J-3 Fr no 1st Js '45_J-J 10013 i Keystone 'Foley v t c___ 50 Gen Asphalt 5s 19 1 6-M-S York Itys 1st 53 1937-J-D Ga de Fla Preferred 59 -ifili -ir-.1. 2 Indianan fly 95 1933__J-J G-B-b 131-4.w 3-4s '51...51-..) 51 51)4 Knoxv Trac 1st 53 '28 A-U 105 'Keystone Watch Case_ luu :____ ... Enterstate 48 1943._ F-A 61 BALTIMORE Lit Brothers 1u -ii1-4 Keystone Tel 5s 1935..J -J 89 90 Inactive Stocks SlaconIty &Lt 1st 2s'53 3-4 Little Schuylkill 59 Lake Sup Corp inc 53'24.0 79 80 Ala Cons Coal & Iron.100 lid mec Hy 1st 5s '31.A-0 98 WI; Atlan (Conn) _100 273 276 .tiempbis St 1_t 5s 45,1 J Minehlli & Schuyi 11.__50 - - ...... Lehigh Nay 4 AS '14 Q-J Coast L 7434 Elee Lt & P0..109 - g 1924_Q-1! Canton Co 100 135 139 Mt Ver Cot Duck 1st 5s__ Nat Gas :IV --- Gen M 4 Wi se'38M-2'i Preferred 10./ so __ Leh V C 5s g 107 10714 Consolidation Coal 100 190 lo3 N pt N de P ist 9912 1st 1031..1-J 1st. 59'30 .1-1) North Pennsylvania__50 ,.. Leh V ext 4s 1st 1948-J-D Georgia Sou & 35 Nor &Port Tr Salt 5i) i J-D Bit preferred 10u 94 Nortn Cent '.tfs 192J-A-U Pennsylvania ioi" .-0..i.... Conso 6s 1923 -J Pennsylvania Steel.... 100 WI 1923J-D 10314- 2d preferred lo.. 89 beres A St 1926___J ig1-2 - --- Consoi 4 11 Os 1926____J-4 16812 Preferred 10(1 9'71 99 Annuity Os J-D 145 G-13-S Brewing 100 334 - 41. Series (Pitts) pref___5) 4414 2003_51-N 961, Pullman con: Ventil_109 28 P tt Un T:ac 5: 1997__J-J Fight Co 441: Gen cons --s "i64 Val 11041__J-s German & Norris_5 i .__. Leh V 'Iran con 43 '35 J-1) Preferred 100 eoto lst 10512 Phil eav Era & West 5s '34 A-to 109 ' Phila 'fraction 30 -8412 85 1st series A 4s 1935_M-S _ Bonds Genera' lu 9'2 ---- 1st series 11 5s 11133 51-S Prices arl au -and ,eau Air L 4S la 50___A-v 87 Railways -_ Adjust is 11049____F-A ' Tonopah Belmont Dev1 934 978 MarketStEl 1st 4355 bl-N _ _ interes," N J_100 --- NatLH&P ser lISa '19 J-J Bait City 3 143 11130___J-J Seals & Roan Is 1926__J-J United Cos of eoutu 1st- Trac P!tts pre1.50 New Con Gas 5s 1948..J-D 45 1954-19 35_Variou -- Bound United U El L&P 4 m-N & Pow_ _100 NY Ph & No litt 4s'39 J-J 15s 191(1 105 1st If..29 9314 93 . Virgin1a By Un fly & Li 1st 45 49 847, 85 i Preferred IOU Income 48 1939____M-N Anacostia de Potom 5s A-0 991: Income 43 11149___J-Lo 6-338 6513 I Warwick iron do Steei_lu Pa & N Y Can 53 '39_A-0 _ A Wean L cony deb 4sbd-N 10514 Ity„ 10,1 5114 513. Penn Steel 1st 5s 17_M-N AU Coast L(Ct)ctts 53 J-1) 1031! Funding Os 1936__0-1.) 89 Washiniton-Va Va 3,1,e 3d ser Os '16....M-2 Preferred IOU 7934 801 Pimple's Tr tr ars 43 1943 -61 "thl, Ctts of indebt 48____J-J _ 100 3934 4014 P Co letdccoll tr 53'49 51-:*, 103 10314 5-29-yr 48 1925 J-J 92 41h ,er 1921_11-e Welsbach Co 6_11-.8 10511 West Jersey & Sea Sh_50 53 53i: Con & coil tr Is Si' M-N 961... P & 0 1st 4 45'53 F-A 971, Otis series 5s 192 21).._M-N 16d (Stater 35 new '32..J-J i Westmoreland .,50 8212 83 Phil Elec gold tr etts_A-u 103 1031, B alt Tait; 1st Is Va Wilkes Gas & Elm_-Coal_- 100 Trust etts 43 1949 __J-J 8231 8314 No Bait Div 5s 1042 J -D 108 Fund debt 2-3s 1991 .1-s York Railway 5 "H. * 1217- - & E on M Sag '2O_A 105 106 Car Pow de L. 5s 1938 F-A West N C con 65 11014..J-3 Preferred 50 34 35 Gen El 4s g 1920___A-0 - _ - Cen: fly cons Os '32__M-N i6c; Wit & Weld 5s 1935__J -J !Bid and asked; no sales on this day. 11 & r.glits. I *I5 mid. 0 13 If paid. $ *17 A paid.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 538 THE CHRONICLE [VOL. LXXXXV.

Ferry Companies Bid Ask Indust and Miscall-(Con.) Bia Ask Volume of Business at Stock Exchanges B & N Y 1st 6s 1911____J-J 97 100 Barney & Smith Car com100 15 - NY&ER Ferry stock 10u 8 15 Preferred 100 84 90 TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE 1st 53 1922 M N 55 60 BIBS (k; W) Co corn 50 'I Et 90 DAILY, WEEKLX AND YEARLY. N Y dc Bob 58 May '46_3-D 99 100 Preferred 50 120 125 Hob Fy 1st 5s1046__M-2 104 Bond & Mtge Guar 100 285 288 N Y &NJ 5s 1946___J-J 98 Borden's Cond Milk com 100 122 124 Stocks Railroad, 10th & 23d Sts Ferry_ _1(R) 25 35 Preferred 100 10712 108 Week ending , State U.S. 1st mtge 5s 1919 1-1) 65 65 British Cal Copper CO.. .514 533 Aug. 30 1912. Shares. Par value. Bonds. Bonds. Bonds. Union Ferry stock 100 15 17 Casein Co of Amer com 100 2 1st 5s 1920 1.1-N 93 98 Preferred 100 50 Saturday 106,229 $10,009,900 $903,000 $100,000 Casualty Co of America_100 110 120 Monday 288,895 26,042,000 1,255,500 32,000 $1,000 Short-Term Notes Celluloid Co 100 141 143 Tuesday 336,637 30,803,700 1,409,500 114,000 7,000 Amal Copper 55 1913. A-0 100 10014 City Investing Co 101) 49 51 Wednesday 318,153 27,945,700 1,481,000 18,500 Bait & Ohio 4555 1913.J-1) 9934 100 Preferred • 100 100 101 .Thursday 244,498 21,911,300 1,373,500 33,000 Bklyn RaD Tr 5s 1918m it.. 97 9714 (H B) Co coin _100 85 90 'Friday 151,065 13,559,400 1,213,500 31,000 Ches & Ohio 450 1914 J-D 9834 9914 1st preferred 100 86 91 Chic & Alton 55 1913.__M-8 9812 9914 e 2d preferred 100 87 92 Total 1,445,477 $130,272,000 $7,636,000 8328,500 $8,000 Chic Elev Rys bs 1914 J-J 9734 98 Consm Car Beating.,__100 73 77 Cin Ham dc D 45 1913__J-J 99 9912 Consoi Rubber Tire__ __100 15 17 Erie 65 April 8 1914__A-08 100 10012 Preferred 60 69 Sales at Week ending Aug. 30. Jan. 1 to Aug. 30. 100 New Coil 58 Oct 1 1914_ A-() 9938 9934 Debenture 4s 1951_:A-0 755 66 • York Stock Coll 55 April 11915. 98 9858 e Crucible Exchange. 1912. 1911. 1912. 1911. _A-0 Steel corn ___JO0 1818 1814 Gen'i Motors 68'15-See N Y StkEx list. C Preferred 100 9714 9778 Hudson Davis-Daiy .235 2511 • Stocks-No. shares.__ 1,445,477 2,290,566 85,497,222 75,142,77-2 Companies- Copper Co...10 $209,675,700 $7,726,012,875 $6,732,672,400 65 Feb 1 1913 F-A 9934 10018 eiMarnond Matcn- • Par value $130,272,000 63 Oct 15 10018 See Chic. Stk. Bank shares, par $22,900 $20,200 $424,100 $1,368,200 1013. __A&015 9912 Ex. list. Ill Cent 43.5s 1914 J&J 9914 9934 duPont( I) de Nem Pow 100 105 205 Bonds. lot & Gt Nor 9712 98 e Pre:erred 100 96 Government bonds__ _ $58,000 $127,000 $1,080,000 $2,680,500 5s 1914 F-A 9912 17,142,500 Inter Harvester 5.1 '15_F&A 100 10012 Gold 434s '36-See N Y St k Ex list. State bonds 328,500 589,500 79,838,500 K C 7,636,000 6,537,500 482,986,500 494,235,000 Ry dr Lt 68 1912M-8 89 92 Emerson-I3rantingham 100 7738 78 bRR. and misc. bonds_ Minn dr St L g bs 1913 _F-A 92 95 Preferred 100 103 10314 Alo Kan Empire Steel & Iron cons 100 5 10 $7,972,500 $7,254,000 $501,189,000 $576,754,000 & Tex 5$ 1913.M-N 9834 9914 Total bonds Missouri Pacific 5s 1914.J-D 95 96 Preferred 100 40 45 ! e General 190 210 AND Nat Rys of Mex 43s '13.J-D 9812 9834 Chemical corn 100 DAILY TRANSACTIONS AT THE BOSTON PHILADELPHIA eN b112% e Preferred 100 109 115 EXCHANGES - Ye Lines Eq bs 1912-22 4.41. 43-5s Jan 1913-1925. __J-J b 4.60 4.45 aioodrIch (B F) Co-See NY Stk E x list 4543 Jan 1913-1927. _J-J b 4 60 112% Greene-Cananea-See Bos 81 k Ex list. Boston. Philadelphia, N Y Cent 4As 9912 9,-; k Hackensack Water Co- Week ending St L & S F 5s 1913 opt J-D 9914 9934 Ref g 45 '52 op 1912 3-3 8612 88 Aug. 30 1912. Listed Unlisted Bond Listed Unlisted 'Bond South Ity g 55 1913_ _F-A 100 10014 Havana 'tobacco Co.. 100 5 7 shares shares. sales. sdares. shares. sales. Wabash 454s 1913 M-/S 90 94 Preferred IOU 0 14 Westingh'se El & 141 68 1013 10012 11)1 1st g 513 June 1 1922 1-D 62 65 Saturday 8,637 3,130 $3,000 1,531 678 $2,300 6% notesOct'17-3ee NY Stk H x list Hecker-Jones-Jewell Milling Monday 18,058 9,161 15,200 6,026 1,836 27,300 1st Os 1922 M-e, 102 104 Tuesday 28,357 11,255 6,100 9,088 '2.876 44,800 Railroad Herring-Hall-Marvin 10 20 Wednesday 31,037 10,631 3,000 11,718 1,606 46,600 e Chic & Alton com 100 20 23 Hoboken Land & Irnprove't Thursday 15,342 7,584 7,000 11,634 2,193 31,200 e Preferred 100 34 90 1st 5.4 Nov 1930. 104 _ " Friday, 15,363 9,004 6,000 8,976 1,026 41,100 e Chic St PM & Om...... 100 132 135 Hocking Val Products_100 812 e Preferred 100 152 160 1st g 5f3 1001 J-J 66 58 Total 116,791 50,765 $40,300 • 48,973 10,215 $193,300 e Colo & South corn__ __100 4012 4112 Houston Oil-See Bait 8tH E x list. e 1st preferred 100 74 76 e Ingersoll-Rand corn_ __100 105 e 2(1 preferred 100 6612 70 e Preferred 100 95 Inactive and Unlisted Securities o Y Chic & St L corn -100 5712 60 intercontin Rub corn. 100 13 14 - e 1st preferred 100 10214 _ Internet Banking Co. _100 87 92 All bond prices are now "and Interest" except where marked "f" e 2d preferred IOU 86 90 International N tette! _100 335 340 Northern Securities Stubs Preferred 100 106 107 • Street Rail ways-Won.) Bid Ask Pitts Bess & Lake Erie., 50 ;36 31 1st g bs 1932 A-0 109 111 Street Railways Bid Ask United Rys of St L- Preferred 50 .60 72 International Salt 100 2 4 Com vot tr ctfs 100 1412 1458 Railroad Securities Co- 1st g 513 1951 A-0 / 50 54 New York City e Preferred 100 4412 45 ll! C elk tr ctfs f3er A__ 8314 85 international Silver corn IOU 115 130 Bleeck St & Ful Fy stk_100 22 25 Wash Ry it El Co 100 93 9312 West Pac 1st bs 1933. 51-S 81 8134 Preferred .10U 120 130 let mtge 45 1950 J-J 70 Preferred • 100 95 97 1st Os 11)48. J-D 10912 111 ' B'y & 7th Ave stk 100 175 180 45 1951 J-D 8514 8534 Standard Oil Stocks Internat Smelt & Refg_ -A)U 124 127 26 mtge bs 1014 J&J 9934 10014 west Penn Tr& Wat Pow 100 2938 2958 Anglo-American 011 £1 *1i 1812 Kayser (Julius) & Co...JOU 91 93 , Broadway Surface RR- Preferred 100 82 8234 Atlantic Refining 100 760 /80 1st preferred 100 10912 111 let 6s 1024 J&J 10234 104 Electric, (las & Power Co. Borne-Scryrnser Co 10u 280 300 Kresge (S 5) Co IOU 68 69 Cent Crosstown stock 10 10 New York City Buckeye Pipe Line Co_ __SO .197 203 Preferred 100 10212 103 1st mtge tIe 1922_ _M-N 105 Cent Un Gas 5s 1927_ J-J 102 10312 Chesebrough Mfg Cons 10i) 830 860 e Lackawanna Steel__ _.100 43 46 Con Pk N & Itiv stock_100- - e Kings Co El L & P Co 100 x130 132 Colonial 011 11)0 160 180 1st con 5s '150-See N Y St H Ex list. ebristopherSzllith St 5tH 100 126 - 137 New Amsterdam Gas- Continental 11)0 875 925 Deb 5s 1915-See N Y Stk Ex us t. ,Dry Dozk HIS & 13- 1st consol 55 1948 J-J 10114 10214 Crescent Pipe Line Co....5u .84 88 Lanston Monotype 100 03 95 1st gold 5s 1932 J-D 99 10114 N Y & E It Gas 1st 53'44 J-J 10412 10512 Cumberland Pipe Line_ 100 88 98 Lawyers' Mtge Co 100 220 225 • Scrip 5s 1914 ...F -A 35 45 Consol fis 1945 J-J 101 103 Eureka Pipe Line Co 10u 445 155 Lehigh Val Coal Sales..50 245 250 Eighth Avenue stock_ _100 315 e N Y Mutual Gas L___100 173 Galena-Signal 011 com _100 268 276 01,00se-WIles His-See N Y dtk E x list Scrip Us 1914 F-A I 99 101 N Y & Q El L & Pow Co_100 55 60 Preferred 100 138 148 Madison Sq Gardsn Stubs *21 6 426 dc (Jr St Fy stock. 100 270 Preferred 100 75 85 Indiana Pipe Line Co. .51/ .130 135 Manhattan Transit 20 .2316- 2553 42d St H Sic St N Ave_ __10 N Y & Richmond Gas 100 45 55 National Transit Co 25 .0312 5414 slonongahelaR Con O&M() 20 • 151 6s 1910 M"S/99 foo North'n Un 1st bs 1927 lid-N 9912 10112 New York Transit Co_ _100 308 103 Preferred .45 _ 2nd Inc Os Jan 1 1915.... / 78 Standard Gas L corn,. 60 Northern Pipe Line Co_100 163 175 Mortgage Bond Co IOU 105 109 Ninth Avenue stock 160 Did Preferred 100 90 fad Ohio 011 Co .130 134 e National Surety 101) 226 230 Second Avenue stock. 100 2 6 1st bs 1930 111-N 104 106 Prairie 011 & Gas 100 340 350 e New York Dock corn. 100 19 • Consol 5s 1918 ctfs F-A 40 45 Other Cities. Solar Refining 100 800 850 e Preferred 100 35 45 s Sixth Avenue stock...100 115 126 Am Gas & Eiec corn 50 .90 92 Southern Pipe Line Co 100 290 300 N Y Mtge & Security. 100 208 21212 :Sou 13oulev tai 1945 J-J 88 92 Preferred 50 *49 5012 South Penn Oil 100 880 000 N Y Transportation. 20 6 80 For 1st bs 1919. A-0 90 95 Am Lt & Tree corn 100 423 427 Sou %Vest Pa Pipe Lines 100 193 108 Nlies-Bem-Pond corn.. 101) 85 87 I Tarry WP dr SI 5is '28__M&S J 75 80 Preferred 100 11012 112 Standard Oil of Calif 100 175 180 Niplssing Mines-See Bost 6 tk Ex list. 28 & 20th Sts 53 '06 ctisA-0 f 20 28 Amer Power & Lt com_100 69 71 Stand Oil of Indiana _ __100 275 280 Ohio Copper Co 10 *u34 13,, ;Twenty-third St stock __100 250 275 Preferred 100 86 87 Standard Oil of Kansas_100 600 325 e Ontario Silver 100 111 2 , 'Union ay 1st 53 1942__F-A 104 105 Bay State Gas 50 "73,3 12 Stand 011 of Kentucky 100 635 530 Otis Elevator corn 100 72 70 Westchester 1st 5s '43_J-J 94 97 Bingh'ton (N Y) Gas Wk Stand 011 of Nebraska 100 360 300 Preferred 10, 103 104 Yonkers St RR 5s 1946_ A- 90 97 1st g 5s 1938 A-0 97 100 Stand 011 of N J (old).- 100 1120 1140 Pittsburgh Brewing 50 .101: 1058 Brooklyn Buffalo City Gas stock__100 312 Stand Oil of N J . 100 410 114 Preferred 50 *39 3914 'Allan Ave RR con 5s'31A-0 10012 102 Cities Service Co corn.,,100 117 120 Standard 011 subsidiaries- -- 715 735 e Pittsburgh Steel pref __IOU 102 103 •BB&W E bs 1933 __A-0 97 101 Preferred 100 9112 93 Standard 011 of N Y. _100 596 600 Pope Mfg Co corn IOU 38 40 Brooklyn City RR.. 164 16612 Con Gas of N J bs 1936....14 98 101 Standard Oil of Ohlo 100 340 355 Preferred 100 74 78 Bklyn ligta 1st 5s 194 1..A-0 99 102 Consumers' L 1.1 & Pow- Swan & Finch ,i00 280 300 Pratt & Whitney pref. __IOU 105 106 Bklyn Queens Co dr Sub- Ss 1938 J-D 100 102 Union Tank LineCo __100 98 100 Producers Oil • 100 120 • 1st g 5s '41-See N Y Stk Ex its I. Consumers Power (Minn.)- Vacuum Oil 100 194 198 Realty Assoc (Bklyn)...1110 114 118 ! 1st con 5s'41 -See N Y St k Ex Wt. lst&ref 5s 1929op'14-M-N 8812 6912 Washington Oil 10 .25 35 Royal Bak Powd corn...i00 210 220 Coney Isl & liklyn 100 101 105 Denver G & El bs 1949_81-N 9512 9012 Waters-Pierce 011 100 1400 1700 Prelerred IOU 109 111 1st cons g 4s 1948___J-J 80 87 Elizabeth Gas Lt Co.. 300 Safety Car Heat & Lt, 100 116 118 Con g 4s 1955 J-J 77 82 Essex & Hudson Gas_ _100 135 140 Tobacco Stocks .sears,Itoebuck&Co-SeeNY Stk I. x list Brk C & N Se 1939.__J-J 99 101 Use & El Bergen Co....100 87 89 (See also Stock ExcliangeLfst) ePreferred-See Chic Mk Ex lb t. Nassau Elec pref 100 Get West Pow 5s 1946...1-3 8834 8912 eAmer Snuff, pref 100 111 114 Singer Mfg Co IOU 289 291 1st 58 1944 A-0 10212 10312 Hudson County Gas 100 135 140 eAmer Tobacco, pref..,100 107 110 South Iron & 8 com____100 _ 2 N Wmsburg & Flatbush- 1st 5's 1949-See N Y Stk Ex us t. British-American Tobac.£1 .2478 25 Preferred 10u 3 1st 455s July 1941 F&A 92 95 Indiana Lighting Co..,.100 40 44 Conley Foil 100 305 315 Standard Coupler corn __ lth. 30 40 Steinway 1st 65 1922___J-J 102 106 4s 1058 opt F-A 70 72 e Ileime ((leo W) cons __100 180 1.00 Preferred 100 108 112 Other Cita: Indianapolis Gas 60 38 45 C Preferred 100 112 118 Standard Mug-See N Y 6 tic Ex list. Buffalo Street lty- 1st g 53 1052 A-0 88 90 Johnson Tin Foil &Metal 100 175 1..)0 Stern Bros pref 100 85 88 • 1st consul 5s 1931____F-A 105 10512 Jackson Gas 5s g 1937_ A-0 09 102 MacAndrews & Forbes __lift, 205 210 suizberger & Sons Co 0_100 9912 100 Deb 65 1917 A-0 10412 eLaciede Gas preferred _100 100 Porto-Rican-Amer Tob_100 285 205 texas & Pacific Coal. 100 99 102 if Conn Ry & Ltg com__1 7812 3 912 Madison Gas 63 1926....A-0 104 109 Reynolds(R J) Tobacco.100 s220 250 e Texas Pacific Land Tr_100 95 98 e Preferred 10 80 82 Narragan (Pray) El Co 50 *9612 9812 United Cigar Stores Corp100 290 title Ins Co of N Y 100 123 Federal Light dc Tree__ 1 37 40 Newark Gas 6s Apr'44_Q-J 123 12612 New corn when issued_ _ 9814 9834 t 000 pah Min(Nev)-SeePlilla -1.7 x list Preferred 1 84 8512 Newark Consol Gas 100 98 99 New pref when issued- 11878 11914 trenton Potteries com 100 4 's Havana Elea Ry L&P 100 82 86 No IludL H &P 5s 1938 A-0 100 c WeYman•Bruton Co...JOU 235 Preferred new R1U ao 55 • e Preferred 100 92 136 Pacific Gas & E com _100 6312 6612 e Preferred 100 116 liS - DTIyrepcetwo IOU 20 30 ft Loulsv St 5s 1930. J-J 10514 10512 Preferred 100 91 9212 Young (J Si Co 100 176 183 Unionrr°%v Typewriter com __IOU 42 44 •New 00 Rys & Lt cow 1 36 38 Pat & Paa Gas & Elea_ _100 92 _ 1st preferred 10u 107 111 a Preferred 100 7612 Con g 5s 1949-See N Y St k Ex list. Industrial and Miscellaneous 2d preferred IOU 103 107 N Y Weatch & Bost Ry- St Joseph Gas 5s 1937 90 94 Adams Rap g 4s 1947 f 83 84 United Copper 100 1 let g 454s 1946-See N Y E x list Standard Gas it Eiec(Del) .50 .24 2412 Alliance Realty 100 118 120 Preferred 100 8 15 Pub Serv Corp of N J -See Stk x list Preferred 50 *x50 51 Amer Bank Note com___60 .5012 52 3 United Dry Goods ___10U 9912 100 Tr cas 2% to 6% perpet 10112 11012 Cony s f g 6s "26-See N Y E x list Preferred • 50 .53 54 e Preferred 100 105 108 North Jersey St Ry_ 100 75 00 United Electric of N J_100 90 95 American Book 100 169 17a U S Casualty 100 195 205 1st 45 1948 M-N 80 81 1st g 45 1949 J-D 82 8312 American Brass IOU 135 137 U S Envelope corn IOU 101 106 Cons Tract of N ____100 76 77 Western Power corn...JOU 3112 3212 American Chicle corn, 10u 218 222 Preferred .___I, 100 115 117 let 53 1933 .1.13 104 105 Preferred 100 5912 61 Preferred 100 10312 105 e U 8 Express 100 85 00 • New'k Pass Ry bs '30_3-3 107 108 Western States Gas&Eiec- eAmerican Express._ _ _100 197 202 U S Finishing 100 85 90 Rapid Tran St Ky..__IOU 235 ____ 1st & ref g Is 1941 op _J-D 9012 9212 Am Graphophone corn 100 4014 45 Preferred 101) 100 105 1st bs 1921 • A.0 103 telegraph and telephone Preferred 100 76 1st g 55 1919 J-J 100 105 5 C Hob & Paterson- e Amer Teieg & Cable___100 69 72 American Hardware..._100 13812 13912 Con g Eis 1929 J-J 05 100 4s g 1949 M-N 7912 8012 e Central & South Amer_100 115 120 Amer Malting 6s 1914__J-D 101 102 US Indus Alcoh-See N Y 8 tk Ex list. So J Gas Elk Tree. 100 130 135 Comm'i Un Tel(N Y)___25 108 115 Amer Press Assoc'n__ IOU 60 70 e Preferred 100 103 1.051i Cu g 58 1953 81-5 9914 10014 Empire & Bay State Tel_100 65 75 Am Steel Fdy Us 1935._A-0 99 10011 U S Steel Corporation- No Hud Co Sty tis 1914 J-J 101 Franklin 100 40 50 Deb 9s 1923 F-A 6812 71 Coi s I Apr Eis 1951 op 1911 114 11458 Con M bs 1928 J..) 102 104 e Gold & Stock Teleg 100 120 125 American Surety 50 318 - _ _ Col s 1 Apr 53 1051 not opt 111 11473 Ext bs 1924._ _M-N 98 100 e Northwestern Teleg.....50 117 123 American Thread pref _...5 •412 514 U S Tic Go & Indem__ 100 i)0 95 Pat Sty con 69 114 Pacific & Atlantic 25 70 75 Amer Typefounders com 100 4712 50 Westchester & Bronx Title 2d 65 1014 opt. __A-0 100 idi e Pee Telep 'teleg pref.100 100 101 Preferred 100 103 105 & Mtge Guar 100 180 188 , Republic ity & Light- 100 29 :1012 Southern & Atlantic 25 92 97 Deb g 6s 1939 M-N 10012 102 SVestingh'se Air Brake. __S0 •144 145 • Preferred 100 80 82 South Bell Telco & Teieg- Amer Writing Paper.. 314 33.1 ..,Woolworth (F• W)-See NY Stk E x Usti !Trent P & H as 1943 ___J-D 97 99 1st g 5s 1941 op 1916...1-.1 100 10014 ALI Gulf& WIsS LluesSeeLios tStkE x list WorthingtonfilltiCo Di 100 105 10814 ; .Per share a And accrued dividend. b k Listed on Stock Exchange but usually inactive. I Flat pr ce. n Nominal. a Sale price. 1 New stock. u First , Installment paid. x Ex-d1v. y Ex-rights. z Includes all new stock dividends and subscriptions. s LLsted on Stock Exchange but infrequently dealt In; record of sales, It any, will be found on a preceding page.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUG. 31 1912.] TIIE CHRONICLE 539 Anuestment and ftailroad Antetligence. RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns. can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the electric railways are brought together separately on a subsequent page.

Latest Gross Earnings. July 1 to Latest Date. Latest Gross Earnings. Jul/ 1 to Latest Date. ROADS. Week or Current Previous Curren. Previous ROADS. ii eek or Current Previous Current Previous Month Year Year. Year. Year Month. Year. Year. Year. Year. Ala N 0 & Tex Pas-- S $ 5 5 S N 0 d: Nor East_ July 319,616 270,373 319,616 270,373 N Y N II & Ifartf_ July 5,753,765 5,197,708 7,753,765 5,197,708 Ala & Vicksburg_ July 150,045 123,507 150,045 123,507 N Y Ont & West.. June 797,529 798,236 8,527,944 9,295,702 Vicks Shrev& Pac July 134,439 108,490 134,439 108,490 N Y Susq do West.. June 235,638 246,554 2,862,098 2,972,964 Ann Arbor 2d wk Aug 45,332 47,883 283,952 278,704 Norfolk Southern June 300,692 258,411 3,284,824 2,955,671 Atch Topeka & S Fe July 8,959,969 8.021,645 8,959,069 8,021,645 Norfolk & Western.. June 3,457,322 2,895,610 39,735,237 35,557,522 Atlanta Birm & Atl 4th wkJuly 75,802 75,203 239,589 233,127 Northern Pacific__ July 5,750,356 5,232,852 5,750,356 5,232,852 Atlantic Coast Line June 2,527,820 2,332,124 33,463,558 31,622,449 Pacific Coast Co June 657,817 678,156 7,496,912 7,798,739' Chariest'n &Wear Juno 120,257 136,081 1,933,896 1,934,200 Pennsylvania 1111_ June 14182187 12921989 164191645 187234106, Loulsv Hen& StL June 04,542 95,656 1,279,469 1,214,693 Balt Ches & Atlan June 25,685 25.058 280,959 270,000 g Baltimore & Ohio _ July 8,052,885 7,321,157 8,052,885 7,321,157 Cumberland Vail.. June 282,313 245,901 3,034,352 3,027,799 B & 0 Ch Ter RR July 149,008 123,048 149,008 123,048 Long Island June 1,102,314 1,023.966 10,752,422 10,148,508 Bangor &Aroostook July 234,504 226,991 234,504 226,991 Maryi'd Del & Va June 11,230 10,957 134,145 130,635 Bessemer & Lake E July 1,028,428 904,727 1,028,428 904,727 N Y Phila. & Norf June 358,110 298,705 3,424,153 3,372,484. Boston do _ June 3,071,920 3,863,030 45,990,363 44,815,084 Northern Central. June 1,077,483 1,005,664 12,548,667 12,868,161 Bridgeton &Maine_- Saco 11 May 3,713 3,907 50,085 47,178 Phila Balt& Wash June 1,755,363 1,638,358 19,297,503 19,078,477 BuIf Roc!: & Pittsb_ 3d Wk Aug 239,345 207,975 1,618,346 1,491,111 W Jersey do Seash June 610,073 562,130 6,351,115 6,144,563 Buffalo & Susq _ _ _ _ June 180,522 214,643 2,313,084 2,384,788 Pennsylvania Co June 5,012,204 4,173,775 54,970,902 52,666,540 : Canadian Northern.. 3d wk Aug 372,900 307,500 3,011,700 2,435,600 Grand Rap & Ind June 419,304 376,125 5,182,222 5,071,128 Canadian Pacific 3d wk Aug 2,694,000 2,267,000 19,718,000 16,035,000 Pitts C C & St L.. June 3,568,028 3,100,002 40,756,700 38,924,316 . Central of Georgia_ _ 3d wk Aug 237,900 225,006 1,844,800 1,689,200 Vend alla June 840,342 796,285 10.020,039 10,422,440 Central New Engi'd July 303,506 241,094 303,506 241,094 Total lines- Cent of New Jersey.. Slay 1,870,028 2,540,160 28,700,934 26,737,960 East Pitts & E June 20789302 18988538 233733325 225837297 . Central Vermont June 352,397 379,606 4,085,312 4,006,434 West Pitts & June 10842680 9,082,018 114050973 109932310. • Ches & Ohio Lines_ 3d wk Aug 724,384 706,955 4,005,207 4,716,327 All East& West June 31631983 28070557 347784302 335769610 Chicago & Alton_.. _ 2d wk Aug 350,451 363,077 1,827,332 1,991,204 Pere Marquette..__ _ July 1,403,530 1,360,877 1,405.53 1,360,877 Chic Burl & Quincy June 6,884,367 6,987,389 86,723,068 88,272,208 Reading Company... : p Chic Great West.._ 3d wk Aug 304,606 303,667 1,918,419 1,825,702 Phuia & Reading_ July 3,284,168 3,476,797 3,984,168 3,476,797 Chic Ind & LOUISY_ 3d wk Aug 137,643 141,615 958,728 960,726 Coal & Iron Co July 3,003,597 1,079,213 3,003,597 1,679,213 Chic MIlw do St Paul June 5,326,758 5,182,262 63,122,743 64,975,995 Total both cos July 6,987,765 5,156.010 6,987,76 5,156,010 . ChicMil F0 Pug Sd Juno 1,472,892 1,263,852 16,132,612 14,516,367 Rich Fred & Potom June 239,673 221,397 2,575,53 2,386,616 . 4:Chic F0 North West July 6,749,917 6,206,017 6,749,917 6,206,017 Rio Grande June_ Juno 82,159 82,416 990,39 984,695 ! aChic St Paul ill do 0 July 1,292,997 1,163,587 1,292,907 1,163,587 1110 Grande South 3d wk Aug 12,707 10,91 85,45 73,265 : Chicago T 11 Fc S E_ June 127,873 131,267 1,827,361 1,994,856 Rock Island Lines June 6,076,920 6,140,400 64,712,853 68,487,473 . Cin Ham & Dayton June 855,768 836,580 9,861,320 9,570,281 Rutland June 303.902 306,919 3,460,170 3,437,318 Colorado Mdland June 133,273 142,493 1,830,160 1,914,657 St Jos & Grand Isl_ June 107,511 129,508 1.545,82' 1,70-1,315 b Colorado & South.. 3d wit Aug 271,993 286,45 1,807,467 2,003,031 St Louis & San Fran June 3,387,002 3,317,073 42,100,364 43,159,228 Cornwall June 17,687 15,588 196,751 168,291 Chic Fc East Ill_ June 1,206,518 1,078,438 15.215.513 14,880,409 Cornwall & Lebanon June - 30.205 25,457 308,573 326,635 Total all lines.._ - June 4,593,520 4,395,511 57,315,877 58,039,637 Cuba RR July • 334,393 262,666 334,393 262,666 St L Rocky Mt & P_ May _ -- _ 153,324 160,782 1,819,138 1,938,853 Delaware & Hudson June 2,275,295 1,780,642 21,242,929 20,986,075 St Louis Southwest.. 3d wk Aug 247,000 210,000 1,762,902 1,440,685 Delaw Lack & West July 3,334,456 3,062,894 3,334,456 3,062,804 San Ped L A & S L.. June 891,086 864,312 9,124,474 8,423.197 • Deny & Rio Grande 3d wk Aug 490,600 473,100 3,404,200 3,401,200 Seaboard Air Line_ _ 3d wk Aug 406,447 391,826 2,998,908 2,847,199 • Western Pacitic June 469,284 5,258,532 Southern Pacific Co. July 11762 391 10871887 11,762,391 10,871,887 Denver N W & Pac_ June 104,389 02,153 1,197,597 1,044,258 Southern Railway.... 3d wk Aug 1,252,983 1,190,068 8,094,479 8,334,118 Detroit Tol & Iront_ June 138,475 114,137 1,762,327 1,785.465 Mobile & Ohio 3(1 wk Aug 234,175 195,316 1,614,179 1,479,739 Detroit & Mackinac 3d wk Aug 26,440 25,102 178,974 172,207 Cin N 0 & T P_-- 3d wk Aug 186,602 185,783 1,320,554 1,201,077 • Dul & Iron Range June 953,235 859,949 6,684,438 7,362,400 Ala Great South.. 3d wk Aug 91,609 90,699 635,675 604,237 Dul Sou Shore & Atl 3d wk Aug 68.382 70,372 521,312 505,106 Georgia Sou & Fla 3d wk Aug 41,838 41,983 318,890 317,350 • Elgin Joliet do East.. June 1,154,545 698,914 10,720,752 8,053,690 Spelt I'ortl & Seatt_ June 407,048 506,682 4,814,561 4,819,465 El Paso et SOU West July 666,989 527,069 666,989 327,069 Tenn Ala & Georgia 1st wk Aug 2,414 2,378 15,042 12,079 Erie June 4,717,645 4,640,178 53,708,468 53,820,049 Tennessee Central June 132,542 125,476 1,543,690 1,517,751 Fairchild & N E June 2,540 1,895 31,173 23,421 Texas & Pacific 3d wk Aug 278,889 258,885 1,984,663 1,920,301 Florida East Coast_ June 352,783 286,271 4,432,304 4,183,385 Tidewater & West_ July 9,967 7,583 9,967 7,583 Fonda Johns do Glov June 85,568 81,945 932,168 946,366 Toledo Peor & West 3d wk Aug 26,184 28,141 176,153 172,668 Georgia Railroad -Tune 222,973 209,818 3,378.734 3,210,291 Toledo St L & West 3d wk Aug 89,564 91.758 526,475 613,279 Grand Trunk Syst_ _ 3d wk Aug 1,097,394 903,677 7,947,367 7,297,104 Union Pacific Syst_ July 7,818,585 7,328,350 7,818,58' 7,328,350 Grand Trk West_ 2d wk Aug 134,495 127,745 844,569 813,471 Virginia do So West.. July 145,727 128,203 145,727 128,203 Dot Gr Hay & Mil 2d wit Aug 48,198 42,660 280,012 257,014 Virginian July 376,550 348,111 376,550 348,111 , Canada Atlantic_ 2d wk Aug 42,625 40,255 292,300 263,506 Wabash July 2,538,744 2,447,44 2,538,744 2,447,443 1 Great Northern Syst July 6,318,6761 5,745,831 6,318,679 5,745,831 Western Maryland_ June 612,813 606,952 7,243,057 7,200,931 t Gulf & Ship Island.. June 151,060 155,562 1,982,740 2,006,790 Wheel & take Erie- July 714,370 615,184 714,370 • 615,184 Hocking Valley June 666,227 583,570 7,303,679 7,172,731 Wrightsv & Tennille July 20,144 20,620 20,144 20,520 Illinois Central...... _ July 4,803,972 5,128,212 4,893,072 5.128,212 Yazoo &Miss Valley July 739,701 731,171 739,701 731,171 1. Internat & Grt Nor_ 3d wk Aug 193,000 164,000 1,284,000 1,050,000 a Interoceanie Hex.. 3d wk Aug 142,143 166,286 1,287,426 1,237,669 Curren, Previous 1 Kanawha & Mich Slay 295,959 268,721 2,848,322 2,835,634 Various Fiscal Years. Period. Year. Year. Kansas City South.. July 833;797 751,089 833,797 751,089 Lehigh Valley July 3,533,707 3,091,657 3,533,707 3,091,657 3 3 Lexington do East June 49,847 51,016 563,173 532,849 Delaware & Hudson .-- Jan 1 to June 30 10,109,011 10,224,009 Louisiana & Arkan_ June 131,895 98,318 1,495,111 1,432,638 N Y Central & Hudson River_e_ Jan 1 to June 30 50,562,393 48,808,662 , a Louisville h Nash _ 3d wk Aug 1,077,415 1,036,105 7,665,715 7,383,458 Lake Shore & Michigan South Jan 1 to June 3 25,045,919 22,745,044 1 Macon & Birm'ham July 10,560 7,383 10,560 7,383 Lake Erie & Western_n Jan 1 to June 30 2,653,560 2,524,167 Maine Central____. July 961,129 885,451 961,129 885,451 Chicago Indiana & Southern_ Jan 1 to Juno 3 2,025,79 1,872,846 [Maryland & Penna.. July 37,847 34,087 37,847 34,087 Michigan Central Jan 1 to June 30 15,237,392 14,059,414 ,a Mexican Railway.. 1st wk Aug 149,900 118,200 910,300 765,900 Cleve Cin Chicago & St Louis.. Jan 1 to June 31 14,694,815 14,425,886 i Mineral Range 3d wk Aug 15,487 13,570 112,658 101,512 Peoria & Eastern. Jan 1 to June 30 1,506.447 1,564,278 / Minn & St Louis.. 3d wk Aug 209,197 175,088 1,285,910 1,104,675 Cincinnati Northern Jan 1 to June 30 616,754 540,683 ( Iowa Central...... Pittsburgh & Lake Erie..... Jan 1 to June 30 8,070,43 6,937,297 f Minn St P &SSM 3d wk Aug 531,378 508,195 3,824,603 3,476,603 New York Chicago & St Louis Jan 1 to June 3 5,727,271 5,391,805 Chicago Division' Toledo & Ohio Central.. Jan 1 to June 3 2,419,055 2,108,274 - Mississipn1 Central_ June 84.982 71.527 892,437 915,704 Total all lines Jan 1 to June 30 128559 83 120978 356 u Mo Kan & Texas.. 3d wk Aug 583.678 -531,591 3,827,580 3,674,703 Pennsylvania Railroad Jan 1 to June 30 62,030,11 75,325,681 illissouri ,. - 3d wk Aug 1,243,000 1,100,000 8,671,436 7,549,817 Baltlinore Chesap & Atlantic_ Jan 1 to June 3 112,673 105,258 ;Nashv ChatPacific_- & St L June 005,858 951,998 12,262,675 12,323,863 Cumberland Valley Jan 1 to June 3 1,534,30 1,391,284 t• a Nat Itys of Mex_t _ 3d wk Aug 1,088,497 1,144,769 8,523,001 9,003,316 Long Island Jan 1 to June 31 4,918,067 4,683,394 Nevada-Cal-Oregon. 3d wk Aug 9,886 8,583 77,445 50,089 Maryland Delaware& Virginia Jan 1 to June 31 48,888 48,973 N 0 Great Northern Juno 145,457 142,287 1,635,283 1,607,622 N Y Philadelphia & Norfolk_ Jan 1 to June 31 1,696,14 1,598,446 'V 0 Mobile & Chic_ June 175,847 137,590 2,002,729 1,826,136 Northern Central Jan 1 to June 3 6,010,60 6,207,802 •N Y C (So Hud Inv June 9,143,950 8,845,348 105708 592 101746 344 Philadelphia Bait & Wash ..„ Jan 1 to June 3 9,502,597 9,119,338 t Lake Shore do M S June 4,433,597 3,951,967 50,661,872 48,452,126 West Jersey & Seashore Jan 1 to June 30 2,690,83 2,587,385 n Lake Eric & W_ June 447,045 406,621 5,550,211 5,466,610 Pennsylvania Company Jan 1 to June 30 27,499,722 24,263,509 ; Chic Ind & South June 315,190 292,522 3,975,554 3,686,753 Grand Rapids & Indiana Jan 1 to June 30 2,495,71 2,345,157 : Michigan Central Juno 2,617,277 2,394.786 31,342,467 29,766,827 Pitts CincinChicago & St L_ _ Jan 1 to June 30 20,254.380 18,051,613 t Cleve C C & St L_ Juno 2,534,230 2,449,289 30,700,843 30,667,618 Vandalla Jan 1 to June 30 4,819;709 4,769,995 Peoria do Eastern June 266,739 242,211 3,160,451 3,508,587 Total lines-East Pitts & Erie Jan 1 to June 31 114663347 106912153 . Cincinnati North.. June 100,176 98,893 1,324,747 1,244,995 West Pitts& Erie Jan 1 to June 3 55,658,367 49,963,445 Pitts & Lake Erie June 1,606,389 1,322,451 16,441,698 15,706,373 All lines E & W_ Jan 1 to June 3 170321715 156875599 • N Y Chic Fc St L. June 1,033,456 954,592 11,593,472 11,181,159 Rio Grande Junction Dec 1 to June 3 506,031 506,364 Tol & Ohio Cent_ June 503,556 425,685 5,249,428 5,032,574 Rutland Jan 1 to June 3 1,617,28 1,573,829 Tot all lines above June 23001 605 21384 355 265709 338556459 970 Texas & Pacific Jan 1 to Aug 21 9,274,597 8,853,656 AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.

Weekly Summaries. Cur'nt Year Prey's Year Inc. or Dec. Monthly Summaries. Cur'nt Year Prev's Year Inc. or Dec. $ 3 $ Mileage. Cur,Yr. Prey. Yr. $ $ $ 2d week June (41 roads) 13,839,647 12,984,641 +855,006 6.59 October -245.633 241,321 266.064,129 263,637,356 +2,426,773 0.92 , 3d week June (41 roads):::: 14,073,731 13,168,065 +905,666 6,97 November _234,209 231.563 241.343,763 243.111.388 -1,767,625 0.73 .4th1 week June (41 roads)..-.... 18,264,980 17,965,863 +299,117 1.63 December _238,561 235,685 233,614,912 232,275.177 +1,339,735 0.57 : let week July (40 roads)...... _ 13,143,297 12,818,451 +324,846 2.50 January -__237,888 234,402 210,704,771 213,145.078 -2,440,307 1.14 ;2d week July (40 roads)____ 13,934,880 13,271,242 +663,638 5.00 February _231.082 233,191 218,031,091 197,278,939 +20.752,155 10.53 • ad week July (41 roads) -- -- 14,320,563 13,238,634 +1,081,929 8.17 March 238,218 234,692 237.564,332 224,608,654 +12,955,678 5.77 ,4th week July (38 roads)____ 20,868,686 18,084,735 +2,733,931 15.39 April 236,722 233,057 220,678,465 216,140,214 +4,538,251 2.10 let week Aug (39 roads)____ 14.420,856 13,137,388 +1,283,468 0.77 May 235,410 231,597 232,229,361 226,181,666 +6,044,698 2.67 2d week Aug (37 roads)____ 14,397,814 13,223,581 +1,174,233 8.88 Juno 235,385 230,894 243.226,498 228.647,383 +14,579,115 6.38 3d week Aug (37 roads)._ 14,630,266 13,552,577 +1,083,680 7.99 July 89,717 88,008 71,146,556 65,264,785 +5,881,771 9.01 - a Mexican currency. 0 Does not Inc ude earnings of Colorado Springs & Cripple Creek District Ely. from Nov. 1 1911; in 1910 these returns are included. e Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & N. Y. Ry.. the latter of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. r Includes Evansville & Terre Haute and Evans-, ville & Indiana RR. g Includes the Cleveland Lorain & Wheeling Fly. in both Years. n Includes the Northern Ohio RR. p Includes earnings of Mason My & Ft. Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort do Cincinnati. t Includes the Mexi- can International Irons Includes the Texas July 1910. u Central. v InelUdes not only_ operating_ . revenues, but also all other receipts.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 540 THE CHRONICLE EVori. bxxxxv.

Latest Gross Earnings by Weeks.-In the table which Interest Charges and &uplus. follows we sum up separately the earnings for the third week -Int., Rentals, &c. -Bat, of Net Earns- The table covers shows Current Previous Current Previous of August. 37 roads and 7.99% in- Roads. Year. Year. crease in the aggregate over the same week last year. Year. Year. Bangor & Aroostook__ _July 108,865 104,517 xdcf30,689 zdef32,857 Third week of August. 1912. 1911. Increase. Decrease. Buffalo Roch & Pitts___July 177.419 174,249 x169,382 155,250 Chicago Great West____July 221,485 225,063 x62,265 136,616 $ 5 5 5 Alabama Great Southern 91,609 90,699 910 Chicago & North West....July' 804,402 713,170 1,022,680 942,966 Buffalo Rochester & Pittsburgh 239,345 207,975 31,370 Chic St Paul M & 0_ __July 164,607 174.175 138,152 21,932 65,400 Canadian Northern 372,900 307,500 Colorado & Southern.._ _July 282.573 277,396 x82,831 x167,076 Canadian Pacific 2,694,000 2,267,000 427,000 Central of Georgia 237,900 225,600 12,300 Cuba RR July 66,375 60,12d 82,235 59,227 Chesapeake & Ohio 724,384 706.955 17,429 Reading Company July 852,000 840.055 969,528 216,924 Chicago Great Western 304,606 303,667 939 Chicago Ind & Louisville 157,643 141,615 3,972 INDUSTRIAL COM.PANIES. Cinc New On •& Tex Pacific_ __ _ 186,602 185,783 819 Colorado & Southern 271,993 286,450 14,457 -Int., Rentals, &c._ -Bal. of Net Earns.- Denver de Rio Grande 499,600 473,100 26,500 Current Previous Current Previous Detroit & Mackinac 26,440 25,102 1,338 Companies. Year. Year. Year. Year. Duluth South Shore & Atlantic.. 68,382 70,372 1,990 $ $ Georgia Southern & Florida_ 41,838 • 41,083 145 Atlantic Gulf & W I SS Lines Grand Trunk of Canada 1 (subsidiary cos) June 157,479 162,702 44,573 48,210 Grand Trunk Western 1,097,394 993,677 103,717 Jan 1 to June 30 948,311 949.336 550,612 673,280 Detroit Gr Hay Milw S & Southern Cal Edison Co_July 57,065 56.456 129,190 92,592 Canada Atlantic 416,754 387,852 771,038 Inter ational & Great Northern 193,000 164,000 20,000 Jan 1 to July 31 654,678 142,143 166,286 Interoceantc of Mexico 24,143 income received Louisville & Nashville 1,077,415 1,036,105 41,310 x After allowing for other Mineral Range 15,487 13,570 1,917 Minneapolis & St Louis 1 209,197 175,088 34,109 EXPRESS COMPANIES. Iowa Central I I to May 31- Minn St Paul & S S M 531,378 508,195 23,183 May Jul!, 583,678 531,591 52,087 1912. 1911. 1012. 1011. Missouri Kansas & Texas $ Missouri Pacific 1,243,000 1,100,000 143,000 Adams Express Co.- $ 234,175 195,316 Express revenue 2,948,854 2,811,479 30,782,301 29,744,011 Mobile & Ohio 38,859 107,226 National Railways of Mexico__ _ 1,088,407 1,144,769 56,272 Mise transportation revenue 10,909 10,838 115,062 Nevada-Cal-Oregon 9,886 8,583 1,303 Non-transportation revenue_ 30,046 23,948 278,039 234,780 Rio Grande Southern 12,707 10,918 1,789 Gross receipts from open.: 2,989,811 2,846,265 31,175,403 30,086,018 St Louis Southwestern 247,000 210,000 37,000 Express privileges-Dr 1,581,205 1,487,167 16,003,675 15,667,807 406,447 391,826 Seaboard Air Line 14,621 Total operating revenues... 1,408,605 1,369,097 15,171,728 14,418,210 Southern Railway 1,252,983 1,190,068 62,915 258,885 Maintenance 63,958 44,106 772,487 688,903 Texas & Pacific 278,889 .20,004 Traffic expenses 11,965 7,156 100,932 84,083 Toledo Peoria & Western 26,184 28,141 1,957 Transportation expenses_ _ 1,091,366 1,042,587 12,046,827 11,462,665 Toledo St Louis & Western__ _ 89,564 91,758 2,194 General expenses 80,420 75,756 927,353 932,541 Total (37 roads) 14,636,266 13,552,577 1,188,819 105,130 Total operating expenses..., 1,256,710 1,160,007 13,847,600 13,148,193 Net increase (7.99%) 1,083,689 Net operating revenue_ ___ 151,895 180,490 1,324,127 1,270,017 One-twelfth of annual taxes. 21,250 27,439 219,858 243,830 Operating income 130,644 102.050 1,104,268 1,026,187 Net Earnings Monthly to Latest Dates.-The table fol- Mileage of alifSteam roads.. 32,430 32.729 lowing shows the moss and net earnings of EffE)01 railroads lines coveredlOther lines 4,786 3,779 and industrial companies reported this week: --Month of May- May 1012. 1911. -41u911121 to 91I 311- -Gross Earnings- -Net Earnings- American Express Co.- $ $ $ $ Current Previous Current Previous Express revenue 3,758,064 3,568,795 28,399,981 36,625,083 Roads. Year. Year. Year. Year. Misc. transportation revenue Non-transportation revenue_ 157,657 144,953 1,602,748 1,549,973 Atch Top & Santa Feb July 8,059,969 8,021,645 32,173,071 32,204,126 Gross receipts from °per__ 3,915,722 3,713,748 40,002,730 38,175,057 1,698,728 Bangor & Aroostook..__ _July 234,503 226,991 59,514 53,755 Express privileges-Dr _12/7_8,73_5 18,879,784 17,658,999 179,018 89,800 60,944 Total operating revenues_ 2,136,986 2,015,020 21,122,9,15 20,516,057 Brazil Ry July 213,600 651,509 688,673 Jan 1 to July 31 1,464,734 1,280,441 665,401 527,041 Maintenance 147,413 52,187 Traffic expenses 33,471 28,324 337,110 280,092 Buff Roch & Pittsb_b__July 893,219 822,232 284,398 281,545 Transportation expenses 1,550,586 1,421,949 16,380,223 15,147,440 Canadian Northern July 1,829,700 1,475,000 494,600 301,600 General expenses 162,419 116,328 1,431,593 1,303,499 Canadian Pacific_a July 12,052,399 9,661,818 4,448,177 3,703,028 Total operating expenses_ _-1,893,891 1,618,780 18,800,437 17,419,706 Net 396,230 2,322,508 3,006,351 Chicago Great bJuly 1,069,275 1,010,127 276,129 252,136 operating revenue.... 243,095 Western_ One-twelfth of annual taxes_ 29,026 19,102 *345,987 311,231 Chic & Northwestern_a_July /6,749,917 /6,206,017 1,827,082 1,656,136 Operating income 214,068 377,127 1,970,520 2,785,120 Chic St PM & 0.a July /1,292,997 /1,163,587 302,759 198,107 Mileage of allfSteam roads.. 56,245 54.333 Colorado & Southern_ b_July 1,048,895 1,157,904 306,363 403,277 lines coveredlOther lines_ 2,894 2,357 Cuba RR July 334,393 262,666 148,610 119,352 • The figures given for month of May in preceding fiscal year are for Delaw Lack & West_b_ _July 3,334,456 3,062,894 1,244,141 1,112,661 taxes paid and charged during that month. Detroit & Mackinac_a July 110,385 99,021 24,685 19.796 --Month of May- -July.1 to May 31- Erie_ b June 4,717,645 4,640,178 1,621,911 1,784,695 19312. 19311. 19312. 19311. July 1 to June 30 53,708,468 53,820,049 16,006,780 17,970,158 Great Northern Express Co. g Interoceanic of Mexico July 826,821 724,050 246,643 237,237 Express revenue 248,435 230,403 2,564,209 2,346,343 Miscell. Lexington & transporta. revenue.. Eastern_ b_June 49,847 51,016 12,3466 Non-transportation revenue_13,7531,165 24,005 July 1 to June 30 563,173 '532,849 198,503 157,158 3,619 Gross 2,588,215 2,360,097 Maine Central_a 961,129 885,451 210,441 receipts from oper__ 252,054 231,569 July 201,121 Express privileges-Dr 152.460 139,561 1,581,796 1,441,710 Missouri Pacific_ b June 4,320,130 4,124,780 1,033,949d11 ,104,883 Total operating revenues.. _ 99,594 92,008 1,006,418 918,386 July 1 to June 30 54,503,250 52,776,593 13,222,657 9,446,656 Maintenance 1,735 1,143 18,497 16,603 Missouri Pacific_ b July 5,183,000 4,436,000 1,448,000 688,000 Traffic expenses 1,068 1,127 15,519 13,718 9 National Rys of Alex...July 4,968,061 5,582,808 1,300,439 . 2,424,523 Transportation expenses...._ - 69,013 57,331 764,117 632,153 General expenses 4,013 4.373 44,387 41,098 N Y N H & Hartford_ b_July 5,753,765 5,197,708 2,262,891 1,932,801 Total operating ..713,732 63,975 842,522 703,573 N Y Susq & Western_ b_June 235,638 246,554 77,723 122,855 Net operating revenue.. _ _ _ 22,862 28,033 163,895 214,813 July 1 to June 30 2,862,098 2,972,964 1,080,181 1,234,847 One-twelfth of annual taxes_ 3,901 2,630 35,430 32,390 2,097,521 Northern Pacific_ b July 5,750,356 5,232,852 1,903,354 O erating income p 25,402 128,465 182,423 Pacific Coast June 657,817 678,156 44,589 117,243 Mileage of alifSteam roads_ • 18,69351 8,468 July 1 to June 30 7,496,912 7,798,739 1,086,511 1,328,980 lines coveredlOther lines_ - 399 363 Reading Company- 1,410,242 -Month of Mag- -.11119 1 to May 31-- Phila & ReadIng_b__July 3,984,168 3,476,797 1,116,563 1912. 1911. 1912. 1911. Coal & Iron Co_ b_ _July 3,063,597 1,679,213 245,803 dt.223,192 -National Express Co.- 1,143,240 Total both Cos_ b_ _July 6,987,765 5,156,010 1,656,045 893,371 Express revenue 105,491 114,055 1,114,106 Misc. transportation revenue Reading Company.. _ _July 165,483 163,608 Non-transportation revenue.. 347 370 4,972 Total all companies.. July 1,821,528 1,056,979 rpercievirietsgefrs-omproper__ 105,838 114,425 1,1481,148,2121,118,43434 40 Southern _July11,762,301 10,871,887 4,203,251 3,454,337 Express 46,601 43,977 463,963 424,367 Southern Railway_ b__ _July 5,454,833 4,797,308 1,592,547 1,513,121 Total operating revenues.... 59,237 70,448 684,249 694,073 238,905 Maintenance 882 1,021 9,804 0,700 Mobile & Ohio_ b July 942,925 896,704 228,697 Traffic expenses 15 22 Cin N 0 & Tex Pac_ b _July 776,810 753,261 251,799 287.951 Transportation expenses.-- - .18,813 49,963 528,260 514,019 Alabama Grt South.. b.July 374,260 356,344 97,690 115,807 General expenses 2,972 3,152 33,385 34,396 Georgia Sou & Fla_ b_July 192,291 191,401 34,003 43,693 Total operating expenses.. _ 52,682 54.137 571,472 558,116 Net 7,583 2,033 operating revenue...... 6,554 16,311 112,776 135,956 Tidewater & Western_ b _July 0,967 822 One-twelfth of annual taxes 448 24 .5,380 4,330 Union Pacifica July 7,818,585 7,328,350 3,309,448 3,022,216 Operating income 8;105 16,287 107,396 131,626 Western Maryland_a_ _ _June 612,813 606,952 167,421 192,672 Mileage of all ISteam roads.. 1,408 1,422. July 1 to June 30 7,243,057 7,200,931 2,286,625 2,521,281 lines coverediOther lines.... 218 218 Virginia & Southw_b___July 145,727 123,203 43,169 42,622 • The figures given for month i of May in preceding fiscal year are for taxes Wrightsville & Tenn_ b_July 20,144 20,620 685 876 paid out and charged during that month. INDUSTRIAL COMPANIES. May July 1 to May 31- Atl Gulf & W I SS Lines 1912. 1911. 1912. 1911. (subsidiary United States Express Co.- $ $ $ $ cos) June 1,413,923 1,354,676 202,052 210,912 Express 10,041,270 18,336,369 Jan 1 to June 30 9,114,898 8,632,397 1,498,923 1,622,616 revenue 1,802,463 1,732,750 Miscell. transporta. revenue_ South Cal Edison Co___July 378,635 302,485 180,255 14.048 Non-transportation revenue.. 27,872 29,477 295,245 301,930 Jan 1 to July 31 2,478,397 2,070,048 1,187,792 1,042,530 Gross receipts from open 1,830,335 1,762,227 19,336,516 -18,638,300 Express 9,049,325 a Net earnings here given are after deducting taxes. privileges-Dr 895,178 838,769 8,877,988 b Net earnings here given are before deducting taxes. Total operating revenues__ 935,157 923,458 10,287,190 9,760,311 Maintenance 36,004 22,875 368,240 267,621 Includes not only operating revenue, but also all other receipts. Traffic expenses 70186:846645 g These results are in Mexican currency. Transportation expenses.... 831601'01 9,017678,058231 8,313481,956035 General expenses 54,017 41,276 552,694 471,603 The company now includes the earnings of the Atch. Top. & Santa Fe By., Gulf Colo. & Santa Fe By., Eastern Ry. of New Mexico System, Total operating expenses.... 936,567 874,482 10,166,540 9,222,783 Santa Fe Prescott & Phoenix fly., Southern Kansas fly. of Texas, Texas Net operating revenue.. --1,410 48,975 120.649 537,527 & Gulf fly., G. & I. Ry. of T.., C. S. S. & L. V. RR. and R. G. & E. P. One-twelfth of annual taxes_ 7,935 14.613 131.413 109,503 RR.In both years. -For July taxes amounted to $380,802, against 5322,580 Operating income --9.345 A, ' --10,703 428,024 In 1911; after deducting which, net for July 1912 was $2,332,179, against mileage of all(Steam roads_ 2R "S 28.816 $1,881,546 last year. . . lines covered1Olher lines 3,954 7,848

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 541 AUG. 31 1912 THE CIIRONICLE Earnings- May 32-- -Gross Earnings- -Net -Month of May--July 1 to Previous Current Previous 1911. 1912. 1911. Current Canadian Express Co.- 1912. Roads. Year. Year. Year. Year. 282,786 232,049 2,656,066 2,365,905 Express revenue 278,431 139,239 137,428 rtatlon revenue Nor Ohio Trac & Lt_a_ _July 297,235 Misc. transp 8,347 4,661 60,759 48,856 Jan 1 to July 31 1,674,571 1,501,107 723,744 683,081 Non-transportation revenue_ Rio de Jan 1,244,274 1,145,938 839,173 615,798 2,716,825 2,414,761 Tram,Lt&P_July receipts from oper__ 291,134 238,710 Jan 1 to July 31 8,236,730 7,253.711 4,244,790 3,741,579 Gross 131,319 112,086 1,259,777 1,162,350 Express privileges Dr Western Rye & Light_a_July 193,214 173,042 74,756 67,472 451,580 417,973 1,457,048 1,252,410 Jan 1 to July 31 1,258,621 1,149,954 Total operating revenues 159,814 124,614 9,301 6,941 70,990 43,288 Schenectady fly. ,- Maintenance 1,329 1,124 13,318 10,776 Apr 1 to June 30 311,085 300,064 129,791 117,308 Traffic expenses 219,238 expenses.. 110,377 83,373 1,064,880 888,548 Jan 1 to June 30 588,615 566,309 227,880 Transportation 79,574 74,662 June 30 1,208,309 1,161,600 495,208 478,137 General expenses 7,697 6,697 July 1 to Syracuse Rapid Transit_b- 98,136 1,228,764 1,017,273 149,036 Total operating expenses 128,615 235,137 Apr 1 to June 30 432,038 400,118 153,437 operating revenue_ _ _ _ 31,199 26,487 228,283 June 30 854,451 782,088 294,792 274,343 Net 24,750 13,200 Jan 1 to One-twelfth of annual taxes_ 2,500 1,200 July 1 to June 30 1,683,727 1,591,681 823,117 583,335 221,937 Utica & Mohawk Vall_b- Operating income 28,949 25,287 203,533 151,246 7,362 Apr 1 to June 30 359.555 334,399 157,386 Mileage of all'Steam roads.. 7,362 680,340 627,290 285,476 276,755 10ther lines 2,792 2,792 Jan 1 to June 30 Ines covered July 1 to June 30 1,389,198 1,298,716 628,439 593,406 Twin City Rap Tran_b__July 715,129 710,067 359,897 372,712 4,492,019 2,237,411 2,225,670 ELECTRIC RAILWAY AND TRACTION COMPANIES. Jan 1 to July 31 4,641,249 El Rye, London- Underground £32,893 £33,919 Metropolitan Distriet_July £64,990 £62,791 £59,344 £60,938 £26,870 £29,051 Jan. 110 Wiest date. London Eleo By Co_ _July £16,872 Latest Gross Earnings. London United Trams July £31,750 £35,658 £12,578 Name of Current Previous Week or Current Previous given are after deducting taxes. Road. Year. Year. Year. Year. a Net earnings here Month. b Earnings here given are before deducting taxes. $ 398,320 399,207 1,871,872 1,775,041 Interest Charges and Surplus. American Rye Co____ May _ July 47,559 48,519 -Int.. Rentals, &c. -Bat. of Net Earns.- Atlantic Shore Sty__ 186,27 1,055,296 987,488 Previous & Chic By July 192,754 Current Previous Current cAug Elgin 61,590 40,580, 324,157 264,649 Year. Year. Bangor By & Elec Co June 71,510 56,174 Roads. Year. Year. Co June 12,420 9,870 $ $ $ Baton Rouge Elea 37,845 33,517 203,002 179,957 $ Binghamton Railway June 50,515 16,250 14,583 x9,688 z7,455 By.. June 11,766 10,974 51,369 Augusta-Aiken By & El July Brock & Plym St 2089,912 9,477,602 9,067,663 57,154 58,258 Rap Tran Syst May 2104.914 Aurora Elgin & Chic_ _ _ _July 33,304 32,524 Bklyn 29,448 27,427 181,015 152,135 x21,060 Cape Breton Eleo Co.. June & Col_ _ _ _July 30,913 30,239 z19,273 Co July 36,267 26,980 240,597 200,229 Cleve Southw x46,992 x62,824 Carolina Pow & Lt 257,069 248,730 Jan 1 to July 31 213,512 210,515 N & E Riv May 58,157 57,851 Cent Park 85,468 525,158 499,342 _July 919,036 896,969 z151,276 z40,235 Central Penn Tree__ _ July 88,007 Interboro Rap Tran_ __ & Lt June 89,470 77,910 498,558 445,955 75,417 68,167 28,593 35,372 Chattanooga By 169,183 163.718 Louisville Trac Co July 268,119 Painesv & East Juno 39.630 35,705 Jan 1 to July 31 522,250 477,167 237,398 Cleve 108,614 650,701 628,712 ClevSouthw&Colum July 110,448 25,333 17,071 22,671 27,818 June 45,531 39,554 259,699 235,580 Monongahela Vail Trac_ _July 151,410 Columbus (Ga) El Co July 31 138,439 112,136 137,447 P. By & L June 483,418 432,614 2,976.329 2,629,084 Jan 1 to COMmonw 550,336 555,488 Coney Island & Bklyn May 138,620 150,924 New York State Rys- x320,796 142,342 122,110 841,482 764.755 Apr 1 to June 30 213,448 209,165 x302,283 Dallas Electric Corp_ June x614,326 Qz584,014 _ 1st wk Aug 230,411 208,433 6,663,057 5,883,626 Jan 1 to June 30 423,581 413.913 Detroit United Ry__ 247,901 824,796 x1,409,885 x1,271,170 13 & Batt(Rec) May 54,224 51,885 255,299 July 1 to June 30 851,019 D DE 656,099 643,532 93,107 Duluth-Superior Trac July 106,668 108,455 Nor Oh oTrac & Lt_ _ __July 50,292 44,321 88,947 194,426 185,736 1,148.856 1,091,720 313,217 310,428 410,527 352,653 East St Louis & Sub_ June 334,035 Jan 1 to July 31 El Paso Electric June 60,175 52,470 372,597 65,227 53,186 243,232 208.612 Schenectady Ry- Falrm & Clarks Tr Co Anril 609,898 1 to June 30 39,684 37,710 x90,999 x82,409 May 161,194 145,630 704,990 Apr 75,216 z153,235 x149,941 42dSt M&SNAv(Ree) 923,078 712,203 Jan 1 to June 30 78,388 Galv-Hous Mee Co_ _ June 171.085 134,934 153,815 143,177 x351,262 z346,541 107,237 101,647 591,877 553,360 July 1 to June 30 Grand Ranlds RyCo_ June 1,547,026 Ry_ Wk Aug 25 46,743 45,326 1,646,863 Syracuse Rap Tran Ry- Havana Electric 30 78,028 74,256 x75,901 x75,320 Honolulu Rapid Tran Apr 1 to June x139,505 z102,101 45,729 42,767 273,504 240,219 Jan 1 to June 30 156,185 172,794 & Land Co June 144,468 301.623 365,859 x323,457 x173,609 Co June 27,379 26,940 144.613 July 1 to June 30 Houghton Co Trac 253,148 1,558,755 1,269,774 140,079 216,818 232,433 Hudson & Manhattan May 308,808 Rap Tran_ __ _July 143,079 571,749 535,849 3,502,638 3,249,989 TwinCity 998,554 980,554 1,238,857 1,245,116 Illinois Traction Co__ June 17,568,392 Jan 1 to Juy 31 Tran_ July 2267,409 2087,729 18,662,932 Interboro Rap 43,776 301.020 289,203 Utica & Mohawk Valley- Jacksonville Trao Co_ Juno 50,174 71,812 73,854 x85,816 x77,778 Juno 120,914 113,950 587,251 558,586 Apr 1 to June 30 x136.888 x130,524 Lake Shore Eleo By. 72,271 June 30 149,191 147,006 Electric_ May 18,466 18,590 73,515 Jan 1 to 294,215 x331,223 x301,126 Long Island 3,143,111 2,819,469 July 1 ot June 30 98,908 MIlw El Ry & Lt Co. July 452,423 418,155 Co_ July 132,026 127,642 884,651 616,974 Milw Lt, fit & Tr 631,374 for other income received. Nashville Hy & Light April 168,976 161,228 683.697 z After allowing May 39,686 26,362 174,009 111,797 N Y City Interboro__ 141,638 N Y & Long tel Trac_ May 34,838 36,161 143,060 _ _ _ May 123,689 121,802 499,185 468,641 NY & Queens Co_ 5,517,625 ANNUAL REPORTS. York Railways_ May 1215,048 1203,401 5,612,564 New 82,400 74,327 Northam Easton& W June 15,828 14,598 Trac & Lt July 297,235 278,431 1,674,571 1,501,107 -The following is an index to all annual North Ohio 795,345 775,004 Annual Reports. North Texas Elea Co_ Juno 144,974 136.061 railways and miscellaneous May 9,108 8,654 28,610 23,345 reports of steam railroads, street Ocean Electric (L 1). 126,482 Lt Co June 21,810 20.647 138,137 which have been published since Aug. 31. Paducah Tree& 24,742 138,163 138,850 companies Pensacola Electric Co June 23,946 is given monthly, does not include re- Co__ July 1918,940 1856.815 13,275,123 12,653,749 This index, which Phila Rap Trans 554,767 3,252,817 3,114,812 Port(Ore)Ry,L&PCo. June 582,964 ports in to-day's "Chronicle." 660,647 4,084,568 - - -- Page. PugetSd Trao,Lt&P_ June 128,648 124,097 Page. Electric Railways (Continued) & RR_ May 32,095 32,549 ItInroads- Western Rys. & Light Co 233 Richmond Lt Bangor & Aroosteok RR.(preliminary do Janeiro Tram 418 West Penni rae. & Water Power Co., Rio 1244,274 1145,938 8,230,750 7,253,711 statement) Light & Power Co_ July (preliminary Pittsburgh 358 Boston & Maine RR. & Ohio River RR 299 St Joseph (Mo) Ry,Lt 95,021 567,150 530,322 478 Youngstown Heat & Power Co_ June 93,923 statement) Industrials- 363,997 283,441 2,576,345 1,967,694 Buff to Rochester & Pittsb. Ry_357,365 299 Sao Paulo Tram,L&P July statem1).417 American Light & Traction Co,, N.Y Co June 65,016 59,928 363,023 330,266 Canadian Pac. Ry.(prelim. Construct ion Co.(bal. sh.)_237 Savannah Electric 83,700 371,559 338,385 & Ohio By. Aroostook Second Avenue (Bee) May 85,295 Carolina-Clinehfteld British Columbia Packers' Assn 299 May 12,099 11,900 50,369 45,206 (financial statement July 1) 358 418 Southern Boulevard_ 113,811 statem't)....358 Canton Co. of Baltimore By Co July 20,679 18.220 127,728 Ches. & Ohio By.(prelim. Co., N. Y.(6 mos.).296 Sou Wisconsin 25,227 91,916 89,045 (prelim. statem1)._293 General Chemical Staten IsI'd Midland_ May 23,901 Colo. & Southern (Conn.) City Gas Light Co_ _484 61,874 58,813 370,101 334,787 Cuba Railroad 297 Hartford Tampa Electric Co__ June Ry...361 Inland Steel Co., Chicago 296 (flee).. 330,693 326,127 1,549,729 1,457,141 Duluth South Shore & Atlantic Co 302, 259 Third Avenue May 1,311,414 -year) 419 Internatonal Harvester Ry & Lt Co_ June 228,792 209,965 1,430,395 Grand Trunk By. (half Valley Coal Co 477 TA-City 158,485 149,135 4,959,417 4,790,540 Lehigh Valley RR 977,486 ehigh Twin City Rap Trim_ 2d wk Aug 478 Maritime Coal,Ry. & Power Co., Ltd_233 By Mexico North Western By Co (and Subsidi- Underground Elm) Hartford RR.(official N. Y. & Kentucky of London- . N. Y. N. H. & Cos.,) Rochester 234 £11,500 £10,285 £462,550 £465,100 approximate statement) 417 ary r. Three tube lines... Wit Aug 24 (pre- Northern Colorado Power Co 234 Wk Aug 24 £10,920 £9,506 £422,944 £404,109 N. Y. Ontario & Western By. 234 I' Metropolitan Dist_ £6,968 £216,357 £227,113 358 Penmans., Limited.Montreal • Tramways_ Wk Aug 24 £6,311 liminary statement) -American Tobacco Co. United £36,128 £1,664,937 £1,265,640 West. Ry.(prelim. state'0.358 Porto-Rican F • London Gen'i Bus_ Wk Aug 24 £50,842 Norfolk & New Jersey) 418 220,825 963,533 889,239 Marquette RR.(prelim. state'0_294 (of Union (flee) May 222,458 Pere 358 Republic Iron & Steel Co., Youngs- 272,714 237,408 1,751,310 1,518,456 St. Louis Southwestern By 417 UnionIty,G&ECo(III) June (prelim. state't).358 town,0 Rye of St L__ July 1044,441 1016,759 6,988,825 0,841,998 louthern Pacific Co. dr Electric Co 296 United 627,469 4,108,112 3,821,135 Elec. Rye. Co. of Lon- Standard Gas United RRs of San Fr June 691,556 Underground 478 Texas Co. Houston, Tex 479 El (Bee) May 51,072 53,523 214,847 217,694 don, Ltd. (half-year) .Co., Westchester 62,593 287,112 261,093 (prelim. statem1).357 Tri-State Tel. & Tel Minneapolis.360 Yonkers RR (Bee).. May 65,544 Union Pacific RR. Union-American Cigar Co., Pittsburgh Riv_ June 20,199 19,840 110,170 108,184 Electric Rlilways- 479 Youngst 6: Ohio .1; Elec. Corp___ _360 (half-year) Augusta-Alken Ry. Glass Co., Pittsburgh_ _479 These figures are for consolidated company. Tran., N. Y City... _294 United States c Brooklyn Rapid United States Steel Corp.(3 & 6 mos.)295 Interborough R.T. Co.(pre,. statel)..417 Co„Rich- Co.(9 months)..295 Virginia-Carolina Chemical Montreal Tramways Va. (President's remarks)_ _360 Railway Net Earnings.-The following table gives Ry.& Light co-(0 mos.).298 mond. r Electric New Orleans 294 Westinghluse Machine Co., E. Pitts_ _296 theireturns of ELECTRIC railway gross and net earnings Philadelphia Rapid Transit Co__233, reported this week: Canadian Pacific Railway. -Gross Earnings- -Net Earnings- rr:"1'.19Fir Current Previous Current Previous Fiscal Year ending June 30 1912.) Year. Year. (Report for Roads. Year. Year. President, $ • Theiremarks of Sir Thomas G. Shaughnessy, 48,519 20,163 18,403 pages. Below are given the Atlantic Shore fly July 47,559 will be found on subsequent 23,140 19,290 the balance sheet. Augusta-Aiken Ry &El a July 49,428 45,623 comparative,incomc account and also 90,458 90,782 Aurora Elgin & Chic_b_July 102,754 .186,271 OPERATIONS AND FISCAL RESULTS. 50,186 50,694 Col_ _.._July 110,448 108,644 1911-12. 1910-11. 1909-10. 1908-09. Cleve Southw & 259,972 268,630 10,271 9,878 Jan 1 to July 31 650,701 628,712 10,983 10,481 911,388 zMiles operated Rap Tran_a__July 2,267,409 2,087,729 1,043,308 Operations- Interboro No. 13,751,516 12,080,150 11,172,891 9,784,450 _July 260,965 257,609 104,010 103,539 Passengers carried, 1355266088 1071149528 Louisville Trac Co.. 759,648 745,286 mileage 1626577067 1457332932 to July 31 1,787,628 1,734,030 Passenger 1.93 eta. 1.83 eta. 1.88 cts Jan 1 Rate per pass. per mile,. 1.98 cta. 79,822 68,332 48,004 44,889 mile $1 75 El 73 El 64 $1 49 Monongahela Val Trac.b July 263,546 Earn, per pass. tr'n 20,551,368 16,549,616 1 to July 31 466,848 404,657 275,886 carried 25,940,238 22.536.214 Jan Freight (tons) 8062102013 7772012835 6372269174 flys_ b- Frt.(tons(carried 1 mile_10391650065 0.76 eta New York State 333,343 391,275 mile_ 0.77 cts. 0.81 eta. .4 • 0.77 cts. Apr 1 to June 30 970,882 911,028 Rate per ton per $2.75j: $2.65 $2.27 1,859,755 1,728,922 659,171 707,218 trainlmile_Eral $2.87, Lt Jan 1 to June 30 1,487,161 Earn. per frt. July 1 to June 30 3,798,678 3,552,581 1,396,128

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1911-12. 1910-11. 1909-10. 1908-09. ST. LOUIS IRON MTN. oe SOU. RY.-INCOME ACCOUNT. Earnings- $ $ $ $ Passenger 31,812,208 28,165,556 24,812,021 20,153,001 1911-12. 1910-11. 1909-10, 1908-09. Freight 79,833,734 65,645,228 Miles oper. end of period 3,315 3,313 3,288 2,609 60,158,887 48,182,520 Operating Mall, express, &c 11,673,599 10,357,024 10,018,582 7,977,800 revenues__ „$30,102,115 $28,567,821 $26,916,891 $23,242,235 Operating expet ses_ _ _ _ 20,186,986 20,581,056 17,618,363 15,818,200 Total earnings 123,319,541 104,167,808 94,989,490 76,313,321 Expenses- Net oper. revenues__ $9,915,129 $7,986,7.65 $9,298,528 $7,424,035 Transportation & traffic 41,803,850 34,160,800 29,861,889 Outside oper.-deficit __ $70,866 $50,554 $59,531 $26,532 27,692,850 Taxes Maint. way & strue's__ _ 17,719,795 15,561,086 13,653,938 10,074,049 1,132,421 1,005,780 894,999 779,044 Maint. of equipment 13,608,708 12,056,260 12,567,494 11,080,886 General & miscellaneous 6,888,945 5,689,832 5,066,213 4,509,963 Operating income $8,711,842 $6,930,431 $8,343,998 $6,618,459 Other income 566,543 503,309 571,519 602,597 Total expenses 80,021,298 67,467,978 61,149,534 53,357,748 Per cent of operating Total $9,278,385 $7,433,740 $8,915,517 $7,221,056 Total deductions expenses to earnings_ _ (64.89) (64.77) (64.38) (69.92) 7,155,807 6,615,164 8,431,728 7,194,545 Net earnings 43,298,243 36,699,830 33,839,956 22,955,573 SS. earnings in excess of Balance, surplus $2,122,578 $818,576 $483,789 $26,511 -V. amts. in mthly. stat's 1,104,449 1,118,350 909,235 399,909 95, p. 176, 111. Total 44,402,692 37,818,180 Deduct- 34,749,191 23,355,482 The American Agricultural Chemical Company, New York. Int. & s. I., incl. div. on (Report for Fiscal Year ended 0. & Q. By. stock_ 3,692,328 3,684,294 3,575,728 3,482,079 June 30 1912.) Int. on debenture stock.. 6,024,478 5,588,889 5,449,536 5,034,631 Treasurer Thomas A. Doe, Aug. 23, Rentals & miscellaneous 808,131 737,888 wrote in substance: 891,676 910,323 Results yDiv. on common 12,600,000 12,600,000 9,750,000 9,000,000 -After deducting all charges, including interest, bankers' commis- Rate of div. on corn.. _ (7%) sion on issue of pref. stock, betterments and renewals, (7%) (634%) (6%) $626,066 and setting aside Div. on preferred (4%)_ 2,592,235 2,253,867 2,214,933 2,107,867 as reserve for freighte, losses and contingencies and $50,000 for Int. on Installments on fire insurance, there remained as net profits for the year $2,554,185, from new stock subscrip 417,179 which were deducted one semi-annual and two quarterly dividends the pref. on For SS. & pension fund_ 1,125,000 1,080,000 980,000 880,000 stock and two quarterly dividends on the common stock, aggre- gating $1,562,582, leaving a net balance of $991,602 for the year. Total 26,842,173 25,944,938 23,279,053 21,414,900 New Stock.-In accordance with resolutions ratified by the stockholders Balance, surplus 17,560,519 11,873,242 11,470,138 1,940,583 in March 1912, $6,000,000 of additional pref. stock was issued, of which amount $3,477,900 was subscribed and paid for at par by the stockholders, the I • x This is the miles operated at close of year on which operations given remaining $2,522,100 going to the underwriters. are based. Appraisal of Company's Plants.-This work, in which Westinghouse, Church, V Also 1% extra paid in 1908-09 and 1909-10 from special Income, viz.: Kerr & Co. have been engaged for more than a year past, has been 34% April 1 and % Oct. 1; in 1910-11 2.1% extra, viz.: H% completed. They have made a thorough examination of all our manu- and 4% in Jan. facturing each In April, July and Oct. 1911, and in 1911-12 3% extra ( plants and warehouses and have rendered detailed appraisals, quarterly-see also below. aggregating $13,342,755 (against the book values of these $10,917,028.) properties of DETAILS OF SPECIAL INCOME FOR YEARS The engineers' letter says: "This figure represents the ENDING JUNE 30. present sound value and Is equivalent Interest received to a repladement cost less deprecia- from- 1911-12. 1910-11. tion. Our appraisal has been made after a careful examination Cash proceeds and deferred payments land ground on the for sold_$1,817,774 $1,688,171 of each plant in detail by our engineers. The real estate values Deposits and loans 605,140 have been determined after Canadian 1,030,378 consultation with local real estate experts Pacific By. 1st M. bonds acquired 61,612 61,004 selected by us. We find that your plants are at this time Minn. St. Paul & Sault Ste. Marie By. high in a generally bonds 159,720 159,720 state of efficiency and that the local management of these plants Duluth South Shore & Atlantic By. bonds 100,000 150,000 is almost without exception good." Mineral Range By. bonds 50,160 Trade Marks, Good Will, &c. 50,160 -Account Largely Reduced.-Value Of Toronto Hamilton Fe Buffalo By. bonds 10,840 10,840 Florida Phosphate Lands.-Inasmuch as this Kingston & Pembroke By. bonds represents independent appraisal 13,320 9,345 the present sound values of these properties, the directors Dominion Government bonds 182,500 have decided to place the same upon the books Ontario Government bonds 182,500 of the company, charging 48,000 48,000 off the increase to brands, trade-marks and good-will account. British Consols The company's holdings 114,569 116,544 in Florida amount to over 108,000 acres. A Montreal & Atlantic Ry. bonds and other securities 174,312 portion of these lands has been thoroughly Dividends on- 139,922 prospected, and deposits aggre- gating more than 75,000,000 tons of mineable phosphate St. John Bridge Fe By. Extension Co. stock located. The examination rock have been 50,000 50,000 of these properties has been far more reliable Dominion Express Co. stock 160,000 than that commonly employed Minn. St 160,000 in prospecting other minerals. From .Paul & S. S.M. By. common stock 890,645 736,071 numerous borings on every acre prospected, Minn. St. Paul & S. the phosphate is extracted, S. M. By. preferred stock__ _ 445,326 368,039 washed, dried, weighed and analyzed• thus the extent Alberta By. & Irrigation Co. stock the tonnage of the deposit. 245,242 86,162 per acre and the analyses' of the phosphate are easily com- West Kootenay Power & Light Co. common stook_ 27,500 puted. A conservative estimate (based West Kootenay on recent transactions In such Power & Light Co. pref. stock__ _ _ 1,925 properties) would fix the value of these lands at $15,000,000. the company over While has been carrying these properties at actual cost, the direc- $5,158,585 tors have decided to place their Balance beginning $5,046,856 real value upon the books, making a of year $2,702,205 corresponding decrease in the good-will account. Transfer of balance of int. from land surplus at • June 30 1910 1,555,349 INCOME ACCOUNT. 1911-12. 1910-11. 1909-10. $7,860,790 $6,602,205 Profits 1908-00. Dividends (3% in 1911-12 and from- 23,1% In 1910-11) _ _ 5,400,000 3,900,000 Properties owned and $ $ controlled x2,850,425 x3,256,056 3,587,223 $2,460.790 82.702,205 Other sources 3,018,148 Note.-The payments to shareholders from special income 379,826 174,180 180,502 165,527 ending June for the year 30 1911, given above, consist of those made on Oct. Dec. 31 1910 and Apr. 1 and 1 and Total income 3,230,251 3,430,236 3,767,725 June 30 1911, as shown In the pamphlet report Less res've for 3,183,675 for that year. The payments from fr't, &c.. 626,066 650,319 759,851 528,407 special income corresponding to the Reserve for fire insurance dates of the dividends deducted from regular (railroad, &c.) 50,000 100,000 100,000 260,770 for the year 1910-11, operations namely, those made on Dec. 31 1910, April 1, June 30 Total and Sept. 30 1911, aggregate 25,5%. The last named is the amount 676,066 750,319 859,851 789,177 tra dividends shown of ex- Profits 2,554,185 2,679,917 as paid from special income in the foot note to the table 6% 2,007,874 2,394,498 showing railroad operations above. on preferred stock.._ 1,209,363 1,143,114 1,137,654 1,116,957 Common dividends (2%) 353,220 BALANCE SHEET JUNE 30. 1912. 1911. Surplus 991,602 1,536,803 1,770,220 1,277,541 Assets- 1910. Cost of road and equipment 382,829,051 343,595,230 x After deducting other interest charges and repairs and renewals, Ocean, lake 317,226,266 In 1911-12 also and and river steamships_ __ _ 21,338,974 19,679,674 18,460,161 bankers' commission, amounting to $531,210 in 1911-12. Acquired securities held 80,525,353 75,979,653 against $444,953 in 1910-11. Real estate, hotels, 69,076,971 &c 8,378,358 6,180,693 6,473,845 Due on land sold and townsites 41,468,822 34,116,421 BALANCE SHEET, JUNE 30. Advances and investments 27,942,113 12,360,998 9,637,202 9,432,084 Assets- 1912, Agents, conductors, &c 4,805,132 2,628,584 1911. 1910. 2,259.545 Land, buildings and machinery $12,494,496 $9,586,174 $8,175,769 Miscellaneous accounts receivable.... _ 5,023,469 5,421,315 Lighters, tugs, tools, ece Advances lines 4,690,849 1,743,953 1,040,467 057,043 to under construction 16,654,402 8,996,904 3,485,436 Stocks and bonds Materials and supplies 13,017,432 2,800,0001 3,641,309 2,635,832 11,191,254 10,948,467 Other investments 50,2001 Temp'y invests. In Dom. Govt. sec's_ 10,088,735 10,088,735 Mining properties Cash 10,088,735 16,803,943 3,885,912 3,883,476 33,628,819 34,371,551 46,165,817 Brands, patents, good-will, &43 Sinking 4,034,611 15,651,547 15,984,869 fund (amount unexpended( .. 17,047 668 534 zTotal assets 628,119,545 561,887,216 Accounts receivable Liabilities- 526,250,289 13,422,400 11,672,047 11,675,418 Bills receivable 3,698,209 Common stock 180,000,000 3,873,902 2,943,628 180,000,000 150,000,000 Merchandise and supplies 8,961,871 7,800,300 4,729,408 Subscriptions to new stock 16,806,621 Expenditures Preference stock 23,530,085 chargeable to future 66,695,0975f:1Y7-6;6(16 55,616,666 oper., unexpired insur., taxes, &o_ 458,388 254,024 Consolidated debenture stock 153,823,707 Payments 163,324 142,861,462 136,711,616 on goods in transit 73,209 Bonds (see "By. & Indus." Section)_ 38,648,633 38,648,633 Cash in bank and Current accounts 39,621,967 in transit 1,485,739 1,574,693 1,079,614 23,545.335 17,203,652 14,549,196 Interest and rentals 1,391,702 1,392,317 Total assets Sales of land 1,404,753 $66,146,550 $58,805,440 $52,302,124 and town sites 57,538,308 49,258,770 43,762,195 Liabilities- Equipment replacement fund 2,103,994 2,658,364 Stock, common Equipment obligations 2,678,039 $18,330,900 $16,991,300 $16,991,300 1,040,000 1,200,000 1,360,000 Stock, preferred 27,087,700 Approp. for add'ns & impts 3,535,712 19,206,400 19,013,400 7,119,286 6,295,421 Acc'ts payable, acc'd int. & taxes ____ 1.026,978 977,514 806,558 Reserve fund for contingencies 4,382,618 4,052,906 First mtge. convert, Steamship replacement 3,809,839 gold bonds 10,578,000 11,087,000 7,573,000 fund 5,721,852 5,040,667 4,040,667 Bills payable Surplus 2,345,000 1,100,000 72,885,966 55,374,493 42,869,846 Reserve for freights, losses, &c 1883,687 986,082 876,129 Reserve for renewals, fire Ins., &e__ 642,183 Total liabilities 628,119,545 Profit 606,644 473,040 561,887,216 526,250,289 and loss, surplus 7,507,102 6,605,500 5,468,697 z In addition to the above assets, the company owns 6,660,581 acres of Total liabilities $66,146,550 $58,805,440 $52,302,124 land in Manitoba, Saskatchewan and Alberta (average sales -V. 94, p. 1121. $15 99 per acre), and 4,395,948 past year acres in British Columbia.-V.95, P. 418., Missouri Pacific Railway. Indiana Lighting Co., New York. (Preliminary Statement for Year ending June 30'1912.)' (Report for Fiscal Year ending Dec. 311911.) COMBINED RESULTS OF MISSOURI PACIFIC AND ST. President Charles F. Dieterich says in substance: IRON MOUNTAIN LOUIS ee SOUTHERN. Artificial Gas.-The artificial (Including gas plant at Lima has been completed. Predecessor Companies of Present Mo.Pac. Prior to Necessary additions have been made to the works Fort Wayne, Peru. Aug.9 '09.) Lafayette at 1911-12. 1910-11. 1909-10. and Frankfort; the manufacturing plants are now In thorough Gross earnings $54,503,250 1908-09. operating condition. Street mains and services have been extended to $52,776,593 $53,019,137 $46,385,543 for Operating expenses 41,280,592 43,329,936 37,547,372 care the growth of the various cities; 3,228 meters have been added 33,926,513 to the artificial gas department, making at the present time a total of Net earnings $13,222,652 24,278 artificial gas meters. $9,446,657 $15,471.765 $12,459,030 Natural Gas.-For Outside oper.-net def 120,852 86,082 97,084 the past six years natural gas has been supplied to- Taxes accrued 43,327 the cities of Lima, Wapakoneta, Celina, St. Marys and Coldwater, 2,243,379 1,983,789 1,903,004 1,715,758 Licking Ohio, from County, Ohio, gas field, located a distance of 106 miles from Operating Income_ ---$10,858,427 Lima. As the volume and pressure of the field had been gradually $7,376,788 $13,471,677 $10,699,945 creasing, Indicating de- Other Income 2,237,460 1,809,557 1,893,731 a shortage for the winter of 1911 and 1912, a contract. 1,694,043 was made with the Medina Gas & Fuel Co. to secure a supply recently from a gas Total $13,095,887 $9,186,344 $15,365,408 field opened in Medina County County, Ohio. A new line of 10- Total deductions 15,074,977 $12,393,988 inch pipe has been constructed by the Medina Company for a 14,418,882 12,605,997 11,329,479 miles, distance of 55 and 15 miles of 10-inch pipe has to be taken up and relaid Balance for year def.$1,979,092df.$5,232,539sr.$2,759,411sr.$1,064,509 by the Indiana Lighting Co., to connect this line with the old line at a point about 30 miles east of Lima, Ohio.

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company has purchased 9,648 of the sompany sells electric current only in Lafayette, Northern Navigation Co., Ltd.-Your Electric Light.-The 10,000 full-paid shares of capital stock. The acquisition is proving of Ind., at which point it purchases current and acts as distributor, having gross business for the past year material benefit (V. 93, p. 168). [In June 1912 also took over the manage- no manufacturing plant of its own. The Island Steamboat Co. 10% over 1910. ment of the Niagara Navigaticur Co., Ltd., Thousand is $46,676, being an increase of Steamboat Co., Ltd.] arc In excellent shape, and the relations between and the St. Lawrence River Franchises.-These is the company and the various municipalities is most cordial. There INCOME ACCOUNT YEARS ENDING DECEMBER 31. no litigation pending. 1911. 1910. 1911. 1910. COMPARATIVE STATEMENT OF EARNINGS OF THE INDIANA Net profits $448,241 $363,116 Dividends ____(634)271.573(51,4)164,430 LIGHTING CO. AND SUBSIDIARY COMPANIES. Written off steam- 1911. 1910. ers, deprec., &c_ $92,884 $124,922 Total deductions $400.457 $350,352 1911. 1910. $12,764 5 5 $ Insurance fund 36,000 61,000 Balance, surplus__ 847,784 Gross Earnings- $ 647,163 Artificial gas 614,264 527,823 Less oper. expenses.658,852 BALANCE SHEET DECEMBER 31. 346,642 Less taxes 21,026 20,542 Natural gas 318,805 1911. 1910. 1911. 1910. Electric light 46,676 42,047 Assets- Liabilities- Miscellaneous 35,209 13,504 Net earnings 335,076 262,311 bonds 119,864 120,000 Steamers,real estate, Capital stock 5,311,875 3,132,004 Interest on Bonds,5% sterling_ _1,233,633 1,160,700 _1,014,954 930,016 Contingent fund__ _ 30,000 30,000 buildings, &c 4,774,396 4,774,019 Total gross_ _ _ Stocks and bonds_ _ _1,507,957 Accounts payable..__ 72,234 103,759 185,212 112,311 Bonds in treasury_ _ 13,560 Bank loans 72,018 Net surplus Accounts receivable_ 224,478 99,884 Unclaimed dividends 175 159 Balance sheets and complete financial and operating reports are on file inspection by shareholders Coal, stores, &c_ _ _ 74.975 79,403 Accrued fixed chges_ 18,939 19,345 at the offices (2 Rector St., N. Y.,) and open for Insurance fund 275,990 229,141 p. 179. • Collateral loans 455,800 at any timc.-V. 95, Cash on hand 24,921 Surplus 439,299 391,465 Montreal Water & Power Company. Insur. fund invest't_ 275,958 155,281 (Report for Fiscal Year ending April 30 1912.) Total 7,352,045 5,108,587 Total 7,352,045 5,108,587 -V.94, p. 1511. 1190. Pres. Edwin Hanson, Montreal, June 27, wrote in subst.: to , General Results.-The gross earnings from the sale of water continue ELECTRIC ROADS. increase, the total for the year being $506,504, RAILROADS, INCLUDING .show a most satisfactory that the an increase of $74,353, or over 17%. It is now reasonably certain earnings will reach a total of $750,000 in 5 years Argentine Central Ry.-Re-sale of Road by Sheriff.- estimate that gross sale and $1,000,000 In 8 years is well within the mark. The road was re-sold to William J. Rogers on Aug. 24 at Sheriff's of $32,822 brought forward from last year there was for $20,002, or $2 in excess of the amount fixed in the order setting aside From the profits to the paid a dividend on the income securities, leaving $5,957 to be added the previous sale on June 15.-V. 95, p. 47; V. 94, p. 1694. $277,604 net profits of this year. or a total of $283,561. Out of this latter Santa Fe Ry. Co.-Annual Meeting.- $132,575, being the net interest charge, was paid, leaving a net profit Atchison Topeka & sum, the of $150,986. This balance was employed in further strengthening The stockholders will vote Oct. 24 on approving: reserves, as follows, viz.: $32,912 on account of the premium due The sale to Southern Pacific RR. of the stock and indebtedness of (a) various prior lien at maturity on outstanding bonds and the discount, &c., on the Sonora fly., Ltd., and (5) New Mexico & Arizona RR. bond issue; $20,000 for possible bad debts; $05,000 to the general reserve The acquisition of the stock and indebtedness of the California Arizona & account for depreciation, &c., and $1,897 for special depreciation. This Santa Fe fly. Co. and Dodge City & Cimarron Valley Hy., of the stock and still leaves $31,177 to be carried forward, out of which it is proposed to bonds of the Verde Valley fly. and of the railroad and physical property make a further distribution to the income security holders. of the Eastern fly. of New Mexico. Status.-Your company Is in a strong financial position, having met its The mortgage made between the company of the first part, the California large capital and operating expenditures promptly, leaving cash on hand Arizona & Santa Fe Ry,of the second part and Guaranty Trust Co. of N.Y. of $224,293, besides convertible securities to the amount of $154,922. trustee, of the third part, dated March 11912. New Construction.-The new filtration system was so far completed by The two leases, each dated March 1 1912, executed to the company by June 8 1912 that filtered water was supplied to Westmount on that day the California Arizona & Santa Fe fly., one leasing to this company the and continuously since. The delay in completion of the first half of the line extending from Needles to Mojave, Cal., and the other all other lines new reservoir is most disappointing, for it defers the time when the pumping of the California Arizona & Santa Fe fly. Co. can be accomplished on the most economical basis. About 11 miles of new The execution on behalf of the company of the lease dated Jan. 1 1912, mains were laid, the most !Important a 48-inch and 36-inch supply main made by Southern Pacific RR. Co. to the California Arizona & Santa Fe from the new reservoir to the distribution system of Laurier Ward Total fly. Co., of the line extending from Mojave to Bakersfield, Cal., and of length of pipe in entire system approximately 157.61 miles; average size of the instrument dated Jan. 1 1912 whereby the Cal. Ariz. & Santa Fe fly. pipe 12.51 Inches. Total number of new service connections laid 3,915, has transferred its rights under said lease for the time therein provided for bringing the total services up to 41,620. The population served has in- to this company. creased from 62,300 in 1899-1900 to 230,200 in 1911-12. The new 10,- The acquisition of stock and indebtedness of (a) the Sunset Western By., 000,000-gallon pump has been installed and is now in operation. Two (6) the Sunset RR. and (c) Sunset fly. Co., a consolidation of said compan- more pumps, identical with the last, have been ordered, and when installed les.-V. 94, p. 1761. (probably in October next) will place the pumping plant at St. Gabriel Station in an exceedingly strong position. Bay State Street Ry.-Notes Sold.-The company has sold General Conditions.-The intensely severe weather conditions of the past to N. W. Harris & Co. Perry, Coffin & Burr and Merrill, winter, coupled with the lack of snow covering, resulted in the operating 5% serial notes dated 15 expenses of that period being largely increased. The frost was in the earth Oldham & Co. $2,000,000 Aug. and to a depth of about 9 feet, and consequently there was an abnormal num- maturing annually on Aug. 15 from 1913 to 1932, inclusive. requiring repairs, and the pumping charges were in- ber of frozen services p. 418, 360. creased, owing to householders wasting large quantities of water to prevent -V. 95, further freezing within their houses. The consumption of water per capita Trac., Light & Power Co., Ltd.-Plan Operative. our history; increase over 1910-11 being about 10%. Brazilian was the highest in Notice is given that a large majority of the shares of the Rio de Janeiro INCOME ACCOUNT FOR YEAR ENDING APRIL 30. Tramway, Light & Power Co., Ltd., the Sao Paulo Tramway, Light & 1911-12. 1910-11. 1909-10. Power Co., Ltd., and Sao Paulo Electric Co., Ltd., satisfactory to the Gross profits for the year $506,504 $432,151 $388,122 hoard, has been deposited for exchange as provided by the circular letter Oper., maint., legal, gen. & other exp. 228,900 149,685 164,637 dated July 15 (V. 95, p. 175), and the board has accordingly declared the exchange effective. All shares of the above-named companies already Net profits $277,604 $282,466 $223,485 deposited for exchange, and any further shares deposited before Sept. 1, Deduct- will be exchanged for shares of the Brazilian company on the basis specified Int. on bonds, &c., paid and accrued_ •$132,575 $142,632 $136,982 In said circular, and certificates or share warrants will be issued in exchange Added to reserve acct. for prem. at on and after Oct. 1 in accordance with the conditions of the deposit cer- maturity of prior lien bonds and tificate.-V. 05, p. 175. Int.; also year's proportion of dis- Co.-Stock exp. on sale of bonds, &e.. 32,912 23,549 14,537 Chattanooga (Tenn.) Railway & Light Pledged. count & Power Co. under "Industrials' below.-V.89, p. 846. Int. on new works during construction 25,284 Bee Tennessee Depreciation, &c 65,000 42,000 42,500 Chicago's New Union Passenger Station.-Proposed Provision for bad, &c., debts 20,000 17,500 2,000 Div. paid on income securities (2 84%) 26,865 26,865 26,865 Facilities for Pennsylvania, C. B.- & Q. St. Paul and Alton Miscellaneous 1,897 Lines.-The "Railroad & Engineering' Review" of Chicago Total deductions $279,249 $277,830 $222,884 of Aug. 24 had the following particulars regardirg the new Balance, surplus or deficit_ def.1,645 sur.$4,636 sur.$601 passenger depot that is to be built and operated by a union roads •After deducting interest received and amounts charged on unfinished depot company, in which each of the following five construction works, $56,835. using the station will own a one-fifth interest (instead of being BALANCE SI-FET APRIL 30. tenants of the Pennsylvania), namely the Pittsburgh Fort 1912 1911. 1912. 1911. Wayne & Ghicago, the Pittsburgh Cincinnati Chicago & St. .488 eT3 - Liabilities- Franchises, real es- rdinar v shares_ __ 280,000 280,000 Louis (both Pennsylvania RR. lines), and the Chicago Bur- tate, &c. (cost)._ _6,356,325 5,603,74' Preferred shares_ _ 500,000 500,000 lington & Quincy, the Chicago Milwaukee & St. Paul and the Prior lien 484s in trees 154,922 225,4p te. Cunegonde 5% exp. of prior debentures 250,000 250,000 Chicago & Alton: Disc. & lien bonds (written Prior lien 41.4% bds_4,538,167 3,647,080 During the past four years it has been currently known that plans were off yearly) 405,801 312,191 1% non-cum. seeur's under consideration for a new passenger station to replace the present union Accounts receivable_ 130,873 143,978 (income up to 1912)1,074,596 1,074,596 station, at Canal and Adams streets, in Chiacgo. The present station, Stable, stock, furni- Accounts, bills pay- which handles more passengers than any other one in Chicago, is of anti- ture, tools, coal, &e 22,630 20,15f able, loans &c_ _ 241,350 367.655 quated construction and for half a generation has been entirely inadequate Pipes, fittings, 11,566 22,115 Accrued int. & wages 71,585 55,623 in capacity. It is used by the Pennsylvania Lines, the Chicago Burlington Unexpired ins., &c 2,613 1,358 Res've for dep'n, &e. 308,286 227,328 & Quincy RR., the Chicago & Alton fly. and the Chicago Milwaukee & Cash 224,293 119,939 Suspense account_ 13,863 13,863 St. Paul By. A committee composed of Vice-Presidents of these roads was Profit and loss 31,177 32,822 appointed some time ago to co-operate with architects and select plans for a new terminal station. The firm of D. II. Burnham & Co. have been the Total 7,309,024 6,448,967 Total 7,309,024 0,448,967 architects employed, and last week, by authority of the Pennsylvania, this Tn addition to the liabilities set forth in the above statement, there exists a lia- concern gave out the general plans for the new terminal and station. bility to the city of Montreal (formerly the town of St. Louis du Mile End), offset It is now announced that the new station will occupy an entire city block by additional assets of exactly the same amount, representing a further pipe system bounded by Adams, Canal, Clark, Clinton and Jackson (Boulevard) streets, that is to be taken over by the company.-V. 94, P. 355. or cornering to the southwest on the site of the present station. The archi- tects estimate that this improvement, including the terminal project, as Richelieu & Ontario Navigation Co., Montreal. well as the station proper, will cost in the neighborhood of $35,000,000. The plan for the station comprises the main terminal building, located as (Report for Fiscal Year ending Dec. 31 1911.) above stated; a train-shied and suburban station below street level, in substance: territory between Adams, Jackson and Canal streets and the south branch President Rodolphe Forget says in of the present union station; and an entrance from the elevated loop railway Results.-The gross receipts were $1,556,160 [being an increase of district to the suburban station by a subway under the Chicago River. $118,229] and the net profit, after fixed charges, &c., was 5448,241, an In general the building will follow the lines of the new terminal of the Increase of $85,125. The quarterly dividends paid were: March 1, 1 )4%, Pennsylvania RR. in New York City. No tracks will enter the station $46,080; June 1, 134%, $46,980; Sept. 1, 134%, $72,506; Dee, 1, 2%, proper, as a subway will be constructed connecting the station with the $105,106. train-sheds. The station will be 400 ft. long and 320 ft. wide, and will be Stock.-The authorized capital stock has been increased to $10,000,000 either five or six stories high. It will be built of white concrete, with an and the paid-up capital has been increased by $2,179,875, to provide for arched roof. In front the building will be 64 feet high and in the rear expansion and purchase of Northern Navigation Co. (See V. 92, p. 1440). another two stories will be added, making the rear 90 feet high. The en. Shareholders of record May 31 were permitted to subscribe at par for a trance will be similar to that of the New York terminal, with wide arches, further $1,098,500 to the extent of one share for every four held, subscrip- supported by ornamental pillars. The suburban accommodations can now tions payable 10% June 15, 30% July 15, 30% Aug. 15, 30% Sept. 15. be improved to meet an urgent demand which has been growing steadily. Steamers, &c.-The new steamer Rapids Prince for the Rapids Division For several months the Pennsylvania Company has quietly, and through went into commission June 1. The new twin-screw passenger and freight various agencies, been acquiring lots in the block decided upon for the new 'steamer Saguenay arrived from Glasgow under her own steam June 26, and terminal, and it is said that in this way title has been acquired toall but two is running direct from Montreal to Quebec, Murray Bay, Tadousac and the lots in the block. These are to be obtained by condemnation proceedings Saguenay River, in connection with the hotel and tourist traffic. (The which will be filed In the near future. It Is announced that construction will fleet on Dec. 31 1911 Included 21 steamers,,aggregating 36,713 tons. The be commenced as soon as all the land shall be acquired and the plans com- market lino and ferries included 8 steamers, 6,572 tons; remaining 13 all pleted in detail. [See picture "Railway Age Gazette", N. Y., A g. 30.) steel, 30,141 tons.) The company's hotels. the Manoir Richelieu and Tadousac were well Denver Laramie & Northwestern RR.-Favorable Status.- patronized. It is gratifying to report the steady growth of the tourist Judge Riddle in the District Court on Aug. 21 continued until Aug. 27 and general traffic. the hearing on the application of the receivers to borrow $50,000 on their

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Fertificates on the company's protest against the issue of the same. The and Greenfield Ave.. and an extension upon the %Veils-Farwell lines from "Denver Republican" says that it was 'officially announced at the hearing Hawley Road to 62d and Greenfield avenues. that the receivership could in all probability be lifted within two weeks, (3) Single fare for ta-st Milwaukee, being an extension upon the Wells- the financial condirion of the road being better than for years and the future Farwell line from Edgewood Ave. to Mineral Road in looking good for a prosperous business. The East Milwaukee. directors, it Is said, asserted (4) Single fare for portions of Wauwatosa, being an Cs that if the receivers were permitted to borrow money tension upon the it would tend to lessen Wells-Farwell lines from Hawley Road to 59th Ave. and Wells in Wauwa- the chances of lifting the receivership and restoring the road to its original tosa, and an extension upon the Walnut-National owners.-V. 95, p. 110. line from 48th St. and Pabst Ave. to Spring St. and Pabst Ave. at the city limits of Wauwatosa. • Denver Northwestern & Pacific Ry.-Receiver's (5) The affirmance of the recommendation of the industrial commission's Certifi- increased wages for conductors and trainmen. cates.-Judge Riddle in the District Court on Aug. 23 author- (6) Dismissal of the petition for a universal double transfer as imprac- ized the receivers to issue $50,000 receivers' certificates to ticable, and the application for reduced fares to Waukesha. The commission finds that a reduction in fares has only been possible on build snow sheds, sidings and spurs along the road. It is the basis of the earnings of 1911. and that a further reduction Is impossible, proposed to apply shortly for permission to issue $250,000 because the company will be compelled to expend from $150,000 to $250,- 000 as interest and depreciation on paving involved In the paving suit additional certificates.-V. 95, p. 480, 361. recently decided in favor of the city. Eagles Mere Ry.-Mortgage Authorized.- The briefs were submitted by the counsel for the city Nov. 26 1910 and by counsel for the company June 7 1911, oral argument being held June 15 The company, a reorganization of the railroad of the same name, has 1911.-V. 95, p. 481. authorized a mortgage to secure an issue of $100,000 30-year 5% bonds. Stook authorized, *50,000; par, $100. Officers: Pres., H. Laussat Geylin; Minneapolis St. Paul & Sault Ste. Marie Ry.-Listed.- Vice-Pres., Joel de Victor; Sec., S. S.Garwood; Treas.. El. S. Chase. Of- fice, Williamsport, The New York Stock Exchange has listed $1,520,000 addi- Pa. tional 1st consol. Erie RR.-Sale M. 4s, which were offered in Feb.last(V.94, of Equipment Trust 43's.-Drexel & Co, p. 351), making the total amount Philadelphia, recently offered on basis to listed $52,225,000. a yield 4.70% The bonds just listed were issued at the rate of $20,000 per mile to cover income the issue of $2,160,000 equipment trust gold 432% 76 miles of new road, viz.: 69.72 miles from the town of Frederic, Polk Co., certificates series "R" dated Aug. 1 1912. Commercial Wis., to Boyleston Junction, a point in Douglas Co., Wis., and an extension from a point about two miles north of the town of Boylston, Douglas Co., Trust Co. of Philadelphia, trustee. Wis., to an ore dock located on St. Louis Bay in the City of Superior, Dated Aug. 1 1912. Interest F. & A. Principal due in semi-annual in- Douglas Co., Wis., 6.28 miles. stallments of $108,000 beginning Feb. 1 1913 and ending Aug. 11922. Will be secured by new equipment as follows: 25 open Earnings.-For the fiscal year ending June 30 1912: -vestibule suburban Fiscal coaches, 11 combined passenger and baggage cars. 500 coke racks, 40-ton Gross Net (after Other Interest, Dividends Balance, capacity; 300 30-ton automobile cars, Mikado Year. Earnings. Taxes). Income. Rentals,Ac. Paid. Sur.orDet. and 50 engines. It Is esti- '11-'12$17,105,686$6,396.142$1,058,236$3,230,089$2,417,037sur.$1,807,253 mated that the above equipment will cost $2,632,870.-V. 95, p.297, 236. '10-'11 13,135,908 3,920,607 913,204 3,002,384 2,187,360def. 355,933 Fonda Johnstown & Gloversville RR.-Report.---- Interest, rentals, &a., In 1911-12 include: Rentals of terminals, $124,- June 30. Tot. Oper. Net Other Total Divs. Balance, 397; interest on bonds, $2,507,440: interest on equipment notes, $152,415; Year Revenue. (afterTaxes). Income. Deductions. Paid. Surplus. interest on Wisconsin Central leased line certificates. $445,837. Dividends 1911-12 $932,168 $427,072 $38,094 $363,505 $80,000 $21,661 Include 7% yearly on each class of stock, being $805,679 on preferred and 1910-11 946,366 460,895 35,023 361,614 80,000 54,304 $1,611,358 on common In 1911-12, against $729,120 and *1,458,240, re- Dividends include yearly $30,000 (6%) on the pref. stock and $50,000 spectively, in 1910-11.-V. 95, p. 481. (2%) on the common.-V.95, p. 110. New York Central & Hudson River RR.-Possible Freight Ry.-7th Amortiz. - Guayaquil & Quito for Prior Lien Os.- Car Shortage.-General Freight Agent Ira H. Hubbel, in a The seventh amortization of the 6% prior lien M. gold bonds was to take circular to shippers, place by tender in London on Aug. 17, amount available £6,540. Com- says: pare V 95. p.410. The large crops, improved business situation and other conditions indi- Georgia Light, Power & Rys., Macon.-Listed cate that within 60 days the freight traffic will far exceed the available car in London. supply, and shippers are urged to use the present The London Stock Exchange has granted official quotation ample supply of equip- to $2,230,000 ment and save themselves trouble and financial loss by shipping now such first lien 5% 30-year gold bonds Nos. 1 to 2,230; and to $6,264,800 com- materials as are available and must move this mon stock. See V. 93. p. 1532, 1668; V. 94, p. 630. autumn. Receivers of freight are urged to fill their storage space to capacity, and therefore avoid International Rys. of Central America.-First Pref .- losing sales and customers by Inability to obtain goods and customers by An initial quarterly dividend inability to obtain goods promptly in the autumn and winter. This refers of 1 X % was paid on the $10,000,000 5% particularly to cum. pref. stock (par $100) on Aug. 15. carload shipments of fuel, raw materials and manufactures, There are also outstanding $30,000,000 ordinary shares. These last, American Railways Association Bi-Weekly Report of Idle Freight Cars. along with *2,931,879 of the pref. shares, were given in part payment Aug.15. July 18. June 6. Ma/?. Apr.11. Mch.13. Feb.14. Jan.3 for the company's properties and concessions. The remaining *7,088,121 1912.. 43,901 68,922 86,386 130.098 79,389 3,043 pref, 13,958 135,938 shares were issued to discharge cash advances, of which on Dec. 31 1911_ 104,170 149,072 166,802 187,278 186,053 207,261 173,667 106,924 1911 three were $5,957,837 In the shape of a demand note of $4,289,873 -V. 94, p. 1696, 1317. made Jan. 8 1904 to the Pacific Improvement Co. with interest at 5%. The pref. shares will participate equally with the common In all dividends New York City Interborough Ry.-Third Avenue Control. paid In any year after 5% has been paid in said year on both pref. and cons. See Third Avenue By. below.-V. 94, p. 279. Balarve Sheet of April 30 1912 (Total Each Side, $51,455,246). New York Railways.-Dividend on Income Property acct., Incl. rail- Common stock(par $100) $30,000,000 Bonds.- roads, rolling stock, con- Pref. stock (par $100) _ _ 10,000,000 Earnings.-A dividend of $7 71 (0.771)% per $1,000 adjust- cessions and sums to be Old 6% bds.($4.420,000P-d.) x80,000 ment income bonds has been declared on the adjustment received from the Govt. 1st M.6% of 1886 due Apr. income of Guatemala $47,478,333 1 1915(Gu. Cent. RR.)- 2,500,000 bonds for the first 6 months of 1912, payable Oct. 1 Various securities owned_ 4,000 2d M.5s of 1912 due 1972 at the company's office, 165 Broadway. The following Cash 300.000 (2d M.on old Gu. Cent.) 3,500,000 statement Sundry debtors 985,563 New 5% of 1912, issued has been issued: Discount bds. Issued.. The statement filed to-day with the trustee of the adjustment mortgage, on 727,500 to date (see V. 94. p. accompanied Still due from proceeds of 1449), £1,000,000, or.... 4,850,000 by the approval of three-fourths of the directors representing sale ot.£1,000,000 bds 1,959,850 Subsidy from Govt. the income bondholders, shows that there Is available for distribution to Sal- the income • vador received to date_ 182,655 bondholders as net Income under the terms of the mortgage, • Loan in susnense for the first six months of the year, the sum of $236,396, or $7 71 per 75,000 $1,000 bond Sundry creditors 267,591 upon the income bonds now outstanding. This distribution x Cash on deposit with trustee to pay these.-V. 95, p. 480. Is made after reserving from the net income sums to represent the ratable portion of the special franchise tax as actually assessed and to comply with Lancaster Oxford & Southern RR.-Re-sold.- the orders of the Public Service Commission imposing certain reserves. It is announced that F. R. Williams, representing interests allied wit., Litigation is now pending relating both to the special franchise tax and to the Conwingo Power Co., has purchased the road for $52,000 from the the authority of the Commission to impose those orders, and is believed to bondholders' committee, which in March last purchased the same for be well founded. A successful termination of this litigation would result $50,000. The sale will come up for confirmation by the Court on Sept. 21. In an increase of net earnings to an amount considerably above that paid -V.95, p. 236. out for the six months, which excess will hereafter be subject to distribution Louisiana Ry. & Navigation -Appeal. to holders of income bonds at subsequent periods.-V. 95, p. 420. 361. Co. -Papers were Norfolk filed in the U. S. Supreme Court on Aug. 21 in the appeal & Western Ry.-Proposed Acquisition.- The stockholders will vote at the annual meeting on Oct. 10 on pur- from the decision of the Louisiana Supreme Court in the suit chasing the property of the Columbus Connecting & Terminal RR., which brought by the company on account of the breach of contract is now controlled. claimed to have been made by the city of New Orleans to Listed.-The N. Y. Stock Exchange has authorized to be build a public belt railroad system along the river front listed as of Sept. 3 $13,300,000 convert. 4% bonds due connecting with every trunk line and reaching every wharf Sept. 1 1932.--V. 95, p. 361. and freight depot in the city. Northern Ry. of Costa Rica.-First M. Bonds Called.- The Louisiana Supreme Court in 1910 affirmed the decision of the lower One hundred and five ($105,000) 1st M. 5% bonds issued under mortgage State Court. The Court held that the contract was conditional upon its dated Sept. 15 being possible construct 1900, for payment at par and int. Sept. 1 at Old Colony to 5 miles of road, with the understanding that in Trust Co., Boston.-V. 94, p. 560. carrying out the scheme the entire belt should be constructed by railroads with contributions from them and that when thatsoheme became impractic- Oakland (Cal.) Railways.-Guaranteed Notes.-This com- able through the Dock Board's opposition to it, the contract came to an end.-V.94, p. 1626. pany has guaranteed the principal and interest of $1,100,000 Louisville & Nashville RIL-$12,000,000 one-year 6% collateral trust notes, due Aug. 20 1913, issued (20%) New by the subsidiary Terminal Stock-Option to Subscribe at Par-Announcement of Aug. 29. San Francisco-Oakland Rys. Co. -The board recommends to the stockholders at the annual Of these notes $1,000,000, it is stated, has been taken by a syndicate of Oakland Francisco bankers to meeting in Louisville, Ky., on Oct. 2 1912 to increase the and San hold to authorized common stock from its maturity and the remaining $100,000 has been offered to present amount, $60,000,- the 000 to $72,000,000, and that this increase of public by Torrance, Marshall & Co., San Francisco at $12,000,000 be par and int. Par, Charles R. offered at par to the stockholders, giving each stockholder $1,000, &c. Remington in the the right to subscribe for 20% of his holdings. "San Francisco Chronicle" says in substance: These notes are the The board of directors, at a meeting following the stockholders' meeting, a first lien on what is known as Key Route basin (San will prescribe the dates and conditions of subscription. The Francisco-Oakland Terminal Rys., which see below and V. 94, p. 11201, $12,000,000 conservatively appraised, of cash from the sale of this stock will be used in paying for new construc- when reclaimed, at $7,500,000. This lien is tion, new equipment, double track and other additions and evidenced by a deed of trust In favor of the Anglo-California Trust Co., betterments trustee, to secure an 1st M. bonds, al eady authorized by the board of directors and which are in various issue of *5,000,000 all of said bonds to stages of completIon.-V. 95, p. 420, 111. be deposited with the trustee as collateral security for the loan of $1,100,000. In addition the notes are secured by deposit with the Anglo-California Mill Valley & Mount Tamalpais Scenic Ry.-Stock.- Trust Co. [subject to the prior lien of $2,500,000 6% 10-mos. notes of the The California RR. Commission on Aug. 23 authorized the company to Oakland Rys. dated Aug. 12 1912); of $1,843,000 Oakland Traction Co. issue *86,900 stock, of which $54,000 to be sold at par and the general consol. 5s due 1935; $1,413,000 San Francisco Oakland & San Jose remainder Consolidated to be distributed among the stockholders to represent expenditures made Ry. 58, due 1938, together with 65 7-10 % of the outstanding for Improvements and not heretofore capitalized. The company applied stock [total issued $15,125,000 common, $12,050,000 'A" pref. and $1,- for authority to issue $150,000 stock.-V. 95, p. 481. 000,000 "B" pref.j of the San Francisco-Oakland Terminal Rys., which was formed by consolidation of the Oakland Traction Co., the San Francisco r• Milwaukee (Wis.) Ry. & Light Co.-Decisions by Railroad Oakland & San Jose Consolidated By. (Key Route), the East Shore & Commission.-The Wisconsin Railroad Comm. on Aug. 23 Suburban By. Co. and the California By. Co. handed down One million dollars of this loan is to be deposited with the Union Trust six decisions in cases pending against the Mil- Co., subject to withdrawal on engineers' certificate only, and to be used waukee Electric Ry. & Light Co. and the Milwaukee Light, In the construction of a solid pier In place of the present temporary pier Heat & Traction of the "Key Route" system. Co., in which it ordered, effective Sept. 23: (The aforesaid $2,500,000 Oakland Rys. trust 6% 10-months' (1) 13 tickets for 50 cents, coll. gold with usual transfer privileges within extended notes are for $25,000 each and are dated Aug. 12 1912, and due June 12 single-fare limits. 1913, but arc redeemable In whole 60 days' notice, Single far' I'm' West or in part, on and at par. • (2) Allis. wrtension of fare limits being ordereri unon In case either Oakland Rvs. or San Franolson-cakiand Terminal Ilya. tho.Fond du Lao-National lines from Ave. National Issue 53d and Ave. to 62d AVJ bonds during the life of those notes, tho first proceeds from any such issue

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must be applied to the redemption of these notes. The notes are offered at San Francisco-Oakland Terminal Railways.-New Bonds par ruid Int. by N. W. Halsey ec Co. of Chicago, who took them. The net as Collateral for Notes.-This company has filed a mortgage earnings of Oakland Rys. for the year ended June 30 1912, available for in- terest charges, was $1,540,036, and Interest for one year on all bonds out- dated July 1 1912 to the Anglo-California Trust Co. of San standing and these notes was $1,023,910, leaving a net balance of $314,126. Francisco, trustee, to secure an issue of $5,000,000 bonds The issue of sz,5o41,006 4-year notes of 1911, secured by the same collateral as the 10-months notes, have been called for payment at 102 on Sept. 1 which are to be pledged as collateral for an issue of guaran- 1912.)-V. 95, p. 420, 111. teed notes. See "Oakland Railways" above. The "San & Power Corp., Los Angeles.-Assessment. Francisco News Bureau" on Aug. 21 said: Pacific Light a The assessment of $5 per share, delinquent Aug. 30, applies to all the The mortgage covers 310 acres of land In the Key Route basin, being outstanding shares, common as well as preferred. The shares were already strip of land 1,000 ft. long, south of what would be an extension of 34th St. under the California law thls assessment is levied In order Recently the City Council of Oakland granted the company permission to "full paid," but make to pay floating debt. There is now outstanding $12,207,000 common extensive Improvements. See V. 94. p. 912, 1120. shares, $1,207,000 1st pref. and $10,000,000 2d pref. H. E. Huntington is Seaboard Air Line Ry.-New President.-A committee has President.-V. 95, p. 208. been appointed by the executive committee to recommend a, Pere Marquette EL-New Co-Receiver.-Judge Sessions in President in place of N. S. Meldrum, who some time ago ex- the U. S. District Court at Grand Rapids Mich. on Aug. 27 pressed a desire to retire because of other business interests. appointed Samuel M. Felton, Pres. of' the Chicago Great The committee Is composed of S. Davies Wartleld, Chairman, of Balti- Western RR., a co-receiver to act with F. W. Blair and D. E. more: N. S. Meldrum, and L. F. Loree, Pres. Del. & Hudson River RR. While no announcement will be made of the committee's selection In ad- Waters, in place of Newman Erb, who resigned. vance of action thereon by the directors. It is commonly understood that -The Court says that the position should be filled by a practical railroad William J. Harahan, a Vice-President of the Erie RR., has been chosen. man and that It was necessary to bring about harmony among the receivers. Mr. Harahan is of Southern birth and has spent a large part of his life In the the appointment being "sired both by Mr. Blair and Mr. Waters. Mr. Erb South. announced policy of been and his appointment would be in line with the is quoted as saying that the results since the present management has the company, lately made by Chairman Warlield, to place Its management in charge have not been satisfactory either to the ,security-holders or to the in the hands of Southern men.-V.95, p. 361, 48, People of Michigan. and that he has no doubt that Mr. Felton will be able to bring about results that will be satisfactory to both of these interests.- Seattle Renton & Southern Ry.-FederalCourt Decisions.- V. 95, p. 481. 294. Judge Cushman In the U. S. District Court at Seattle, Wash., on Aug. 2.2 remanded to the State courts the suit, originally brought by former Presi- Philadelphia & Western (Electric) Ry.-New Line Opened. dent Crawford, but transferrd to the Federal Court by order of former -The new Norristown extension was opened on Aug. 26. Judge Hanford, who recently resigned, In which, among other things, the and streets station present management is charged with misuse of power and conspiracy to The schedule of 26 minutes between the 60th Market 13rIng enable at Norristown was maintained without difficulty. about a default in the payment of Interest on notes, so as to and the court house them to deprive the company of its property. A suit In which stockholders Compare V. 95, p. 420. charge conspiracy and fraud is, it Is stated, still pending la the State Court, Railway, Light. Heat & Power Co.-Resign- and these charges, it is pointed out,.are still undetermined. The Court in Quebec (Can.) another decision also discharged the receivers appointed some time ago by Four Paris directors-Maximo Beauvisage. Antony Thierree, Louis Gai- Judge if the suit In the Federal Court proceed resigned. The board has of 15 Hanford, holding that should llard and Charles Michel-have consisted to the dissolution of the corporation and the disposition of the property, members, but It is understood that the vacancies will not be filled and that and prevail in In the State Court. The stook among thereafter the plaintiff should the suit the number will remain hereafter at 11. distribution of the Federal Court would have deprived him of much of relief sought, and French investors was, It is stated, accomplished largely on expectations there the corporation, no franchise it is would be no property left to turn over to that the dividend could be continued, but the French Interests have, to protect and all the elements of trust would be dIssipated.-V.95, p. 49. stated, been selling their stock.-V.94, p. 1449. • Tennessee Railway Light & Power Co.-Guar. Bonds.- Rock Island Southern Ry.-Additional Bonds Offered.- See Tennessee Power Co. under "Industrials" below.-V. 94. p. 1120, Lewis Bros. & Co., Boston (successors to Mason, Lewis & 1187, 1696; V. 95, p. 481. Co.) are placing at a price to yield over 5% a further Terminal Railroad Association of St. Louis.-New Con- $500,000 1st M. 5% gold bonds (see V. 89, p. 1668) dated tract.-The new contract dated Aug. 22 between the Terminal 1908, due Jan. 11947, but redeemable at 105 after Sept. 10 RR. Assn. and its 15 proprietary roads, amended so as to 1913. Central Tr. Co. of Chicago., trustee. A circular shows: comply with the mandate of the U. S. Supreme Court under Total bonds auth., $2,500,000; outstanding, $2,282,000; remainder, its. decision handed down in April last, in the suit brought reserved for betterments and Improvements, $218,000. A first lien on (a) 45 miles of road owned; (b) electric equipment of 20 miles of leased line; by the Government as construed in the decree of Judge (c) about 200 acres of coal land; (d) terminals and leases In Monmouth, Trieber, was filed in the U. S. District Court on Aug. 26. Rock Island and Davenport; (e) power-house, present capacity 3,000 h. p., Compare 94, p. 1187. ultimate capacity to be 10,000 h. p.; (f) equipment; (a) stock of two branch V. lines; (h) contract with Burlington Ry. & Light Co. for electricity, the The contract replaces the original terminal contract of 1889, several pro- will be equal to that of the fixed charges. visions of which were declared to be in violation of law by the Supreme profit of which, It is claimed, Court. In addition to the Terminal Association and the 15 proprietary Data from Letter of Pres. E. C. Walsh, May 11 1912. companies, 3 companies signed as guarantors, viz.: the Chicago Burlington Starting from Monmouth, Ill., the road runs due north 31 miles, where ec QUIney, the Chicago & Alton, and the Pittsburgh Cincinnati Chicago & a connection is made with a branch line of the Chicago Rock Island & St. Louis By. for the Vandalia. which our company leases and by which we gain entrance to The contract follows precisely the lines laid down in Judge Trleber's Pacific RV., Court the trl-cities (Rook Island, Davenport and Moline). Our total operating Interlocutory decree, In which the accepted the views of the Terminal mileage, including branch lines to Aledo and Alexis, Is about 65 miles. company's counsel concerning the application of the decision to the bridge Rails 75 and 85 lbs.: ties of oak and cedar, 2,640 to mile. Ballast, gravel arbitrary as opposed to the contention of Attorney-General Wickersham and cinders. Bridges, oulverts and roadbed fitted to carry 125-ton engines. and Edward C. Crow, special counsel for the Government. The contract The electrification of the entire line Is of the overhead catenary construc- copies verbatim the language of the Supreme Court's order, as does also tion, built by the latest Westinghouse method and the same system as is the decree of Judge Trieber. This will be made the basis of an appeal by used by the N. Y. N. If. .50 Hartford RR. the latter to the U. S. Supreme Court. The appeal will not be taken until The equipment includes 7 electric motor passenger cars and 3 trailer the final decree is entered, It being the present intention to enter the same passenger coaches (all 62 ft. In length), 2 express and freight motor cars, In October.-V, 94, 1187. 7 Baldwin steam locomotives (35 to 55 tons), 60 box cars (60,000 lbs. capacity), 90 gondola coal cars (80,000-lb.), 1 refrigerator car (50,000-lb.), Third Avenue Ry., New York.-Proposed Purchase.-The 92 box stock and flat cars, 7 work cars. company on Aug. 29 applied to the P. S. Commission for The road runs through one of the garden spots of the State, the farms In- suring the shipment of a large amount of grain and live stock. There are authority to purchase $1,356,000 additional stock and located along the line of road three grain elevators (five more are assured In $259,000 bonds of N. Y. City Interborough Ry. for $234,625. the near future); also many factories. The Chicago Rock Island e.e Pacific The petition states that the company now owns $2,865,000 of the By. Co. has had Installed a 1,500-ton steel tipple coal mine at Mathersville, $5,000,000 stock, on which no dividends have been paid for the last five which ships over our line about 600 tons per day. It Is calculated that the Years, and $1,413,000 of the 1st M. 5% bonds due May 1 1928. Of the average for the next 15 or 25 years will not be less than 1,000 tons per day $5,000,000 bonds authorized, $3,000,000 have been Issued, $1,702,000 are for this mine. The Alden Coal Co. at MathersvIlle has also Installed a now outstanding, $87,000 are In the sinking fund, and $1,211,000 are owned 1,500-ton tipple and is shipping about 600 tons of coal per day over our line. by the New York City Interborough Ry. Co. It Is stated that the Third The mine owned by our company will take out about 800 to 1,000 tons a Avenue Ry. Co. now owns $1,413,000, par value, of said bonds and 28,650 day, disposing of the lump coal In the open market and using the egg coal shares of the capital stock of said company, and now desires to purchase an for its engines and screenings for the power-house, which will more than additional 13,560 shares of stock and $259,000, par value, of bonds for clear the cost of the company's own fuel. The aggregate output from the sum of $234,625. MathersvIlle, It is estimated, will amount to 2,000 tons per day within 7 The petition will come before the Public Service Commission at its months and 3,000 tons per day within one year. This coal commands a meeting next Tuesday.----V. 93, p. 1535. very ready sale, due to a rate of 58 cents per ton Into Rock Island, as com- pared with 75 cents per ton on other l'nes entering the same market. The Toronto Railway.-Guaranty-Status.-A circular was Continental Brick Co. located on the Aledo branch Is increasing Its capacity company's subsidiary, the Toronto Power Co., from 2 cars to 35 cars per day. Excellent gravel and stone quarries are issued by this also a source of revenue for the company. Ltd., under date of July 5 1912, to the holders of Electrical We have, during our construction period, operated the road In part, and Development Co. of Ontario 1st M. bonds, offering them until In October last the full operation was begun, since which time the earnings have been very satisfactory, and from a conservative estimate, I believe that Sept. 1 1912 the right to exchange each $500 of said bonds the present year will show net earnings of $200,000, or nearly double the with coupon of Sept. 1 1912 attached for £103 of Toronto interest charge on the bonds outstanding. With the completion of the transmission line to Burlington the contract Power 43% consol. guaranteed debenture stock, guaranteed for power to the Burlington Ry. & Light Co. will be effective, and I esti- unconditionally, p. & i., by the Toronto Ry. Co. and carry- mate that the income from this contract alone will equal the fixed charges. -V. 89, p. 1668. ing the half-year's interest payable Nov. 1 1912'. The cir- cular says in substance: St. John & Quebec Ry.-Settling Day in London.- All Electrical Development bonds delivered up to the company In ex- The London Stock Exchange has appointed a special settling day for change for Toronto Power debenture stock will, under the terms of the fully-paid scrip for £873,285 1st M. 4% debenture stock. (V. 94, p. 1450.) trust deed scouring the latter, be kept alive and transferred to tile trustee Particulars as to Canadian Government.- of the said trust deed as additional security for the said debenture stock. Further Lease to The Toronto Railway Co. Is a prosperous company operating electric It is agreed that during the first 15 years of the lease 40% of the gross railways in Toronto. It has an Issued share capital of $11,000,000, repre- earnings of the railway and bridges shall be paid by the Govt. of Canada to (144 %) a current market of $15,- upon the bonds senting at the present quotation value the Province of New Brunswick towards the Interest said 853,750 behind this guaranty Also owns (a) outright two-thirds and (embracing this 1st M.4% debenture stock) guaranteed by the Province, through a subsidiary company controls the remaining one-third of the Issued the surplus thereafter, If any, to go to the railway company; and during the capital Toronto Power Co.; (b) the entire $2,000,000 share cap- of the bridge Interest thereupon shall be stock of the first 15 years of the term bonds, the ital of Toronto & York Radial Ry., which operates in and around Toronto. borne by the Govt. of Canada as further aid towards the construction of the has an authorized share of $6,000,000, years and The Toronto Power Co. capital bridges. After the first 15 until the maturity of the bridge bonds, of which $3,000,000 is issued and fully paid. It owns all the $4,000,000 the said 40% of the gross earnings of the bridges (such proportion of Toronto Electric Light Co. (V. 92, p. 1373, 1041), and the cost of the the of ordinary shares of the total gross earnings as bridges bears to total cost 96 ($2,895,500) of the ordinary shares and 20% ($2,000,000) a the railway and bridges) shall be applied by the Govt. of Canada, first, towards M. 5% bonds of the Electrical Development Co. of, Ontario payment of the interest on the bridge bonds; second, to provide a sinking $10,000,000 1st the (V. 88. p. 1316; V. 86, p.605, 1098). fund sufficient to redeem the said bridge bonds at maturity; third, the eaterprises Bridge The approximate net earnings of the five combined menti remainder to the Co. year 1911 (compare V. 94, 485) were $2,952,654; amount first 15 years and until the maturity bonds guaranteed by above for the p. After the of the required to pay interest on the bond. debtor combined enterprises for 1911, the Province, the 40% of the gross earnings, after deducting therefrom the of the bridges determined as $974,315. The accumulated reserves and surpluses combined enter- gross earnings of the aforesaid, shall be paid to the year 1911 were $6,090,803. semi-annually and applied by it as follows: first, towards the prises for the Province of interest on the bonds guaranteed by the Province; second, to meet the Gross and Net Earnings for the First Five months the cal. year 1912. sinking fund requirements under the mortgage securing the bonds guaran- Jan. Feb. March. April. teed by the Province; third, the remainder to be paid to the railway com- Gross $656,110 $640,246 $668,194 $658,174 2693,015 pany. After the payment of all said bonds so guaranteed by the Dominion Increase 65,692 84,190 79.532 81,489 70,818 and Province, all rentals shall be paid semi-annually to the respective Net 329.439 319,838 334,823. 361,888 350,470 companies In the proportions aforesaid. Increase 32,170 37,980 44,092 78,283 $2,651 If the Dominion and the Province determine that It would be in the -V. 95, p. 362. public interest so to do, the said railway instead of being constructed all the Gulf way from Grand Falls to St. John may be connected with the IntereolonIal (The) Winnipeg Salina & Ry.-Receivership.- Kings Co., N. B., as may be agreed. A. R. Gould The "Topeka Capital" says that David J. Hanna, who was appointed By. at or near Rothesay, -south Is Pres. and James U. Thomas Sec. See bond offering, V. 94, p. 1450. receiver of this proposed north-and line by the U. O. DIstriol Court

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at Topeka the week before. on Aug. 23 declined the appointment. The which was order, It is stated, was made In a suit by the BrIndly Construction Co. on offered to shareholders of record Dec. 15 1910 at notes given for advances to Pres. H. Leone Millen-V.94, p. 1385. par, making total listed $25,000,000. Compare V. 91, p. 1514. The new stock will carry the next dividend declared, which will be for Winona (Wis.) Ry. & Light Co.--July Coupons Paid.- the quarter coupons due July ending Sept. 30 1912. Of the proceeds. $1,574,000 was used The 1 1912 on the 5489,000 1st M. 5s of 1907 are being as follows: To purchase securities paid at Old Colony Tr. Co., Boston: of other companies, $666,798; steel sea- payment began Aug. 17.-V.94,p.561. going barge, $49,673; rolling stock, $76,000; additions to plant and mine equipment, $605,256: other corporate purposes, $176,273, and the re- maining $4,400,000 to acquire 100,500 acres of coal lands In Pike, Letcher INDUSTRIAL, GAS AND MISCELLANEOUS. and Knott counties, Ky. American-Asiatic Steamship Co.-Government Suit.-U.S. Earnings.-For 5 months ending May 31 1912: District-Attorney Gross earnings 55,445,404 Taxes $94,850 Wise on March 30 filed a suit in the U. S. Net earnings 1,193,649 Insurance 15,535 District Court in this city charging conspiracy by the Int. and diva. received_ _ _ 91,845 Interest and exchange 10,901 company Total net income 1,285,494 Royalties 85,315 (controlled by Showan, Tomes & Co.) as the head Deduct- Divs. for 3 months ending of a steamship pool and other defendants to monopolize Interest on bonds $404,305 Mch. 31 1912, 1 %%___ 304,295 freight traffic between New York and Far Eastern ports, and Sinking funds 113,604 Balance, surplus 256,688 in pursuance thereof the granting of rebates to shippers in Listed.-The Exchange has also listed $589,000 additional violation of the Sherman anti-trust law. 1st and ref. 5% bonds, making the total amount listed The other defendants include the Hamburg-American Line, the Anglo- 814,549,000.-V. 94, p. 1059. American Oil Co., the United States & China-Japan Steamship Co., the Lancashire Shipping Bucknall Des Moines (Ia.) Gas Co.-Appeal to Higher Court.- Co., the SS. Co., the Isthmian SS. Co., and The six or seven firms or co-partnerships and 21 individuals, officers of the vari- company, it is announced, will appeal to the highest Federal Court ous companies. interested In the from the decision of Judge McPherson referred to last week (p. 483) sus- All are operation of freight-carrying ships taining between this port and ports In the Philippines, China and Japan by way the ordinance of Dec. 27 1910 which reduced the price of gas from, of the Suez Canal. $1 to 90 cts. per 1.000 cubic feet. Under the decision the temporary in- The petition junction and restraining order secured by the company will be vacated. alleges that there are two principal routes by which freight a he is carried to the Far East. one from Pacific ports westward across the Pacific dollar-rate will, however, remain in effect until the final decision has been rendered, but provision will be made for the re-payment of ten cents Ocean and one from this and other Atlantic ports eastward through the per Suez Canal, and that the defendants have since 1903 monopolized the 1,000 to consumers who paid the dollar rate after the ordinance went trade going the route. into effect in the event of the decision of the lower Court being confirmed by latter by the No through rates, it Is stated, are made with railroads running to New Supreme Court.-V. 95, p. 483. York, the rates charged by each of the steamship lines being simply the Detroit (Mich.) Salt Co.-Foreclosure Sale Sept. 30.- all-water rates between New York and the Far Eastern ports, and the The property is to be sold under foreclosure on Sept. 30. Any commit- petition relates entirely to the traffic from the Atlantic Coast and does ment made not involve by receiver is, we understand, practically guaranteed by the the trans-Pacific route. Watkins Salt Co. See V. 95, p. 483. Two agreements, known as the Eastern and Western agreements, are alleged to have been made on April 13 1905 providing for an apportionment Dorchester Electric Co.,City of Quebec.-New Enterprise- of sallinirs, fixing rates and a poollne of defendants' earnings and a division Bonds.-Howard Richey, among them after payment of expenses. Later In 1905 the U. S. Steel Corp., R. Montreal, is offering a limited It is stated, became dissatisfied with the rates paid by it, and through its amount of the 1st M. 5% sinking fund gold bonds at 95 (and influence the American-Manchurian Line. owned by the Bucknall SS. Co. int.), with a bonus of 25% common and others, was established as an independent line, and, becoming a for- stock. Bonds re- midable competitor, it was accepted on jan. 1 1906 as a party to the pooling deemable at par June 11951. Par, $100, $500 and $1,000. agreements. Since that date. It Is alleged, the defendants have maintained Interest J. & D. through the Royal Trust Co. at Montreal, a system of deferred rebates, under which shippers who confined their ship- ments to the defendants' lines have received back 10% of the amount paid trustee. A circular shows: for freight; this system being abolished more than a year ago with respect to Capitalization- Aullterked. Issued. the eastward traffic, but being still In effect as to the westward. First mtge. sinking fund 5% gold bonds $800,000 $550,000 6% preferred shares 100,001 46,000 American Ice Co.-New Director Elected.- Common shares t.e,,,eee 75 .eu0 William West, of Henry & West, Philadelphia, has been elected a direc- Officers, &c.: President, James Robinson. lio.streat (Pres. Independent tor to succeed Percy H. Brundage, deceased.-V.95, p. 482. 299. Rubber Co., Ltd.); V.-Pres., Hon. N. uarneau, M.L.A., Quebec (Pres. Armour & Co., Chicago Chlooutind Pulp Co., Ltd.). Directors: Hon. Alexandre Chaveau, G. E. Plants, ctc., Taken Over.- Tanguay, Gustav Proteau, See National Packing Co. William T. Wilson, L. A. Cannon and J. do S. helow.-V. 04, p. 1450. Bosse, Quebec: F. Gold Lyman and W.D. Hart, Montreal; Joseph Gosselin, Barnheisel Building, Chicago.-Advance Offering of Bonds. Levis. The City of (Quebec, being dependent for light and power on a merger -S. W. Straus & Co., Chicago, are making an advance capitalized at $10,000,000. with a bonded dobt of $10,000,000, many citi- offering at par and int. of 1st M. 6% serial gold bonds; total zens desired an independent company. The Dorchester Electric Co. was organized and its bonds underwritten [in 19111, by prominent Montreal issue $225,000. A circular reports: and Quebec interests; its plant is under construction, the cost coming much Security: The Barnheisel Building. a 10-story office building of fire- under the original estimate, and its transmission lines now cover half the procf steel corstruction about to te erected at a minimum cost of $350,000; city. The company will be able to supply light and power before Oct. 31 99-year leasehold estate on ground 80x172 ft. at 618-620 South Michigan 1912. It is also intended to construct a hydro-electric plant in order to Ave., Chicago; actual cash price paid, $105,000; total, 4455,000. Bonds take care of the increasing business. Has secured a 10-year contract ofr dated July 15 1912 and due serially or July 15 from 1915 to 1922, $14,000 lighting the streets, parks and public places, and has signed five and In 1915 and 1916, 513,000 in 1917 to 1921 and $122,000 in 1922, but re- ten-year contracts with individual consumers which will yield a revenue deemable after 2 years at 102 and int. on 60 days' notice. P. & I. payable sufficient, after paying all fixed charges, to show a very considerable surplus at office of S. W. Straus & Co., Straus Building, Chicago. A direct ob- from the first year's operations. Developments now taking place will give ligation of Fielerick It. Barnheisel, Pres. and majority stockholder of the company an extensive field for operations and a numuer of now indus- H. H. Kohlsaat & Co., a $1,000,000 Illinois corp. conducting a bakery tries about to establish in Quebec will be largely controlled by the interests business at 1701-1717 Wabash Ave., and many first-class lunch rooms in connected with the Dorchester company. the Loop district, his personal net worth being put at over 51,000.000. The General Manager is Wm. T. la Ilson, formerly of the engineering Bethlehem Steel Corp.-Five-Year 6% Gold staff of the Montreal Light. Heat & Power Co. Notes Called. The advertiser agrees to pay $25 per share for all fractional shares, or Fifty-eight (558.000) 5-year 6% gold notes dated Nov. 1 1909 of the to sell fractional shares been at the same rate to enable bondholders to convert Bethlehem Steel Co. have called for payment at 10234 and int. on their holdings into whole shares. In due time application will be made to Oct. 9 at Bankers Trust Co., N. Y., trustee.-V.95. p. 483, 113. have the stocks and bands listed on the Montreal Stock Exchange. Blackstone Valley Gas & Elec. Co.-Notice to Bondholders. [The bonds were offered on same basis in May by the Canadian Stock & Bond Co.. Ltd., Montreal. The auth. can, stook wee increased to $1,- Notice is giver to holders of collateral trust 5% 30-year gold bonds, 000,000 dated Dec. in Sept. 1910. The street-light'ng contract. It Is seed, was obtained secured by mortgage 1 1908, to Slater Trust Co. of Pawtucket, on condition that the nrIvnte consumers R. I., as trustee, that, pursuant to votes of the directors and net rates for electricity to are re- stockholders duced from 10 cents to 71,4 cents per k. w. passed Aug. 14 and Aue.28, respectively, and the requirements of clause 6 of subdivision (e) of Article VI. of the mortgage, the Blackstone Valley Gas Eastern Steamship Corporation.-Control Taken Over.- ec Electric Co., a corporation organized under the laws of Maine, proposes See Boston & Yarmouth Steamship Co., I. above.-V. 94, p. 1698. on Oct. 1 to make or cause or permit to be made to a corporation of the same name organized tinder the laws of Rhode Island, a transfer Eastern Tennessee Power Co.-Description of Property.- and con- See present veyance, pursuant to the authority conferred by said subdivision (e); and Tennessee Power Co. (the owners) et:fem.-V. 92. is. 883. that bonds of the said Rhode Island corporation will be Issued in exchange Electrical Securities & Construction Co.-Stock, &c.-. at their face value for the collateral trust bonds of the Maine company upon See New York Telephone Co. below. presentntlan pt the .pid trust catena.nv. Further notice will be given when the bonds are ready for delivery.-V. 95. p. 483. Fall River Automatic Telephone Co., Mass.-Sale of Stock. A circular has been sent to the stockholders advising them that an offer Boston & Yarn- outh Steamship Co., Ltd.-Officers.- of $20 a share has been made for the stock by John A. Clark as Co., Bankers The company, former* h,own as the Dominion Atlantic SS. Co. control Trust Bldg., N. Y. The directors recommend the acceptance of the offer. of which was formally taken over last week by the Eastern Steamstilp Corp. The holders of more than 2,228 of the 2,700 shares (par $50) have already (V.94, p. 1698) has elected the following officers; Pres. Calvin Austin (also assented. Capital stock, 5135,000. Bonds, $65,000 20-yr. gold 5s, due Pres. of the Eastern Steamship Corp.): Vice-Pres., F. A. Jones: Treas., June 1 1923: int. J. & D. at B. M. C. Durfee Safe Dep. as Tr. Co., Fall J. W. Hayden. Directors: Galen L. Stone and John E. Leggett. River, trustee. Last quarterly dividend, 1%, Is said to have been paid Two new steamers. It Is announced, will be built for service In the Yar- July 31 1009. mouth Line by the spring of 1914. The vessels will probably be built by Four English ship-builders. This will Increase the Eastern Corp. fleet to 33. States Coal & Coke Co., Pittsburgh.-No Action.- No action was taken by the stockholders at the meeting last July as to • Buffalo (N. Y.) Natural Gas Fuel Co.-Consolidation.- increasing the pref.stock from 51,500,000 to 52,500,000. V. 94, p. 1767. , See Iroquois Natural Gas Co. below.-V. 92, p. 1111. Reportfor 9 Mos. End. Mch. 311912.-Pros. Jones said: Bush Terminal Co.-Proposed New Jersey Plant.-The During the nine months' operation we paid interest on our interest-bear- company on Aug. 29 made application ing bonds, 6% on our pref. stock (51.197.500 now out) and have added to the Riparian Com- $40,604 to surplus account. For March 1912, after providing for sinking mission of New Jersey for riparian rights on New York Bay, fund and interest charges, the company earned on a basis of 20 7-10% per beginning at the foot of East Bayonne, annum on pref. stock. Beginning May 1 we should produce at the rate of 49th St., and ex- 2,000.000 tons per annum. We have just completed equirping the most tending 2,500 feet south. modern plants In the world. an 1 one cost of production Is muesli lower than If the application is granted on reasonable terms it is proposed to erect we originally estimated. Annabelle Mines were placed on ta operating a number of large docks and warehouses similar to those In South Brooklyn. basis March 1 1912. Prior to tnat time, sinking fund, milling expenses -V. 94, P• 1181. and interest charges were charged, base.' on tonfre-a• or, laced, to price Central California received for coal, and the difference credited to development. Gas Co., Los Angeles.-Bonds.---This Net Profit an Coal Sales for Nine Months Hatted M..reh 31 1913, company, incorporated in Cal. on Jan. 11 1912 with $100,- July. Aug. Sr. Oct. Nov. Dec. Jan. Feb. MM. Total. 000 stock, has called a meeting of its shareholders for 5 3 Sept. 25 2h5o,u1s4e2re24n,9ts,91 24,131 18,663 21,192 20,770 32,615 210,907 to vote on authorizing $500,000 bonds. 18 iin84ad2d ieloln9. &o., for the 9 months aggregated $34,093. Incorporators: C. S. Forney, J. H. Straede, DcW. S. Childress, F. R. Directors: D. G. Jones, E. F. Miller. Thomas P. Jones, S. C. Row- Miller and H. B. Landes, the last named being Secretary, with office at land, J. Roman Way, J. Pres.*.W. Bowman, H. P. Jones. Compare Y. 04, P. Los Angeles. The company recently announced its intention to construct 1189, 1767: V.93. p. 1107. a gas plant at Lindsay, purchase the Home Gas Co. at Porterville and lay Freeport Co. a gas main connecting Lindsay, Porterville and Exeter. (Ill.) Gas Light & Coke -Name-Stock. The company has filed in the office of the Secretary of 3tate of Illinois P • Chicago Suburban Gas & Electric Co.-New Company.- a certificate of change of name to Freeport Gas Co. and of increase of stock This company was organized in Delaware on Aug. 27 with from 3300,000 to 3500,000. $6,000,000 auth. stock, as a reorganization ,it is stated, of Hall Railway Signal CO.-Reorganized Co. Incorporated.- This company has been Incorporated at Portland. Me., with $5,000,000 the North Shore Gas Co. (V. 94, p. 356) and possible other of auth. cap, stock as successor of the Hall Signal Co., per plan in V. 94, neighboring companies. p. 985. 1452; V. 95, p. 52, 179. • Samuel Insult Is quoted as denying that. he has any interest In the com- German-American Car Co., Chicago.-New Stock.- pany, and Vice-Pres. A. Voiney Foster, of the North Shore Co. as saying A certificate Charleston, Va.. could was filed at W. on Aug. 35. 1nm-easing the that he not yet give out the names of the men behind the movement. capital stock from $500,000 to $720,000.-V. 89. p. 997. Consolidation Coal Co. of Maryland.-Listed.-The New Gillette Safety Razor Co., Boston.-Incorporated.-Th $ York Stock Exchange has listed $5,974,000 additional stock, company was incorporated in Mass. on May 21 1912 with

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shares, all their respective holdings. The proceeds will be applied to paying the float- $13,000,000 of authorized capital stock in $100 ing debt and to financing extensions and additions. This will increase the being 7% cumulative non-voting pref.(p.&d .) stock to $1,176,400; dividend rate long 8% p. a. Q.-F.: bonded debt about issued, one-half corp.—V.86.p.1103. stock (callable any time at 125). On June 1 title was taken $90,000 1st M. 5s due Jan. 11914. A Stone et Webster the ol I concern of the same or similar Manufacturers' Light & Heat Co., Pittsburgh.—Bonds to the property of Co., Pitts- the entire capital stock of two subsidiaries, which Offered—Dividend Prospects.—The Colonial Trust name, also 1912 wrote: were likewise incorporated in Mass. on May 21 1912, viz.: burgh, Pa., on Aug. 28 Gil- The authorized issue of the "mortgage and collateral trust" 6% gold Gillette Safety Razor, Ltd. (of England), $2,000,000; bonds [of 1907] Is $3,000,000. There are outstanding $2,400,000, due lette Safety Razor Co. of Canada, Ltd., $500,000. No serially from 1913 to 1920. The remaining $600,000 have been canceled revised: and the bonds destroyed, thus limiting the issue to $2,400,000. bonds issued. The following has been officially The fund^d debt amounted to only $4,950,000 on June 30 1912. Since New stock certificates have been issued by the company to the 52 share- that period there has been purchased in the open market $528,000 of bonds, old company on the basis of one new 7% pref. and one com- hands of the public down to $4,422.000, holders in the 1 bringing the total amount In the mon share (par $100) for each old share (par $10). The assets as of Juno the company having purchased $1,478,000 of its bonds since Jan. 1 1912. last were placed at $13,053.638. The net earnings for the first five months The bonds so purchased, we understand, consist chiefly of the "1st M. of the current calendar year were about $60,000 ahead of 1911. Dividends and collateral trust" issue [of 19031, which are callable at 102 and 103, on the new pref. shares will be declared Q-J. 15. the first Oct. 15. according to date of maturity, and we are informed that the bonds so pur- For the present 3% will be paid on the new common stock, so that stock- chased will all be retired in due course. holders by the exchange will receive the same dividends per annum as arc stock represents an equity Provision At the present market quotations, the capital now being paid, namely $10 a share, or 100% on a par of $10. of over $20,000,000 junior to the bonds. The stock pays dividends at the will be made In the by-laws that not more than 5% dividends shall be paid, rate of 4% and is likely that this will be increased in of pref. stock per annum, It very on the common stock In any one year unless at least $100,000 the near future. The "mortgage and collateral trust" 6% gold bonds of Is retired In that year. price above the "1st M. countries and has 1907 are not callable, and consequently have risen in The Gillette Safety Razor Co. has factories in several and collat. trust" bonds. Havingsold practically all of theaebonds, we are been earning $1,100,000 net per annum on an average for the past four 1916 and 1919, on a cash in the treasury. Of- offering a block of the 1907 issue, maturities 1915, years. In May 1912 there was over $500.000 basis to yield 5.20%. See balance sheet of June 30 1912 In V. 95, p. 424. never In better position with the trade than ficials state the company was been at the present time, as several court decisions affecting patents have Mattoon (Ill.) Gas Light Co.—Outstanding Bonds Called.— Its favor. The plants are in excellent condition All of the outstanding $195,000 5% 20-year gold uonds, dated Dec. I handed down recently In dlrectorshaving and are carried on the books at a conservative figure, the 1905, have been called for payment at 105 and int. on Oct. 1 at Michigan depreciation $1,434,436 during past seven years. Trust Co., Grand Rapids, Mich.—V. 81, p. 1668. charged off to years has been The stock of the old company, which for the past three Morris & Co., Chicago.—Plants, dcc., Taken Over.— dividends of $10 a share per annum, was offered in Boston 12 years receiving the stook sold at $150. See National Packing Co. below.—V. 94, p. 551. ago at 50 cents per shlre, while six months ago directors: Pres., King C. Gillette; Vice-Pros., John Joyce; of Dissolution.— Officers and Curran, Vincent National Packing Co., Chicago.—Details Sec.-Treas., Frank J. Fahey; William A. Gaston, Maurice J. Charles A. Gaines. Office. Boston. "The National Provisioner" of N. Y. and Chicago, the official Goldthwalte and in its issue of Glidden Varnish Co., Cleveland.—Bonds Offered.—Hay- organ of the American Meat Packers' Assn., & Co., Cleveland, ha -e sold at par and int. Aug. 3 1912 said in substance: don, Miller Detailed plans for the dissolution of the National Packing Co. were pre- $500,000 1st M. 6% bonds, dated June 1 1912 and due sented to the Attorney-General of the United States at Washington this $25,000 semi-annually beginning June 1 1913 and ending week, and it is understood that they will have las approval. This action on the part of the packers was taken In order that there might be no ground Dec. 1 1922, but callable at 103 and int. on any int. date for criticism on the part of the Government. It is understood that Attor- upon 30 days' notice, in inverse order of numbers and maturi- ney-General Wickersham approves of the plans, and realizes that the dime. (c). and interest lotion is genuine, and as complete a physical dismeinberment of the com- ties.• Par;$1,000, $500 and $100 Principal pany as it Is possible to make. (J. & D.) at Citizens' Say. & Tr. Co., Cleveland, trustee. As a matter of fact, the dissolution has already taken place. Orders based on the submitted to the Government neat out some time ago. Digest of Letter from President F. 11. Glidden Cleveland. plan manufac- The books of the National Packing Co. were mosed up In all their plants The business was founded by myself in 1875 and consists in the partition went varnishes for use, notably for the vehicle, piano and cabinet and houses, and at the oeginning of the present week the ture of every Into effect. Plants and houses passed under the direction of their new trades, architectural varnishes, finishes for concrete surfaces and the color principal plant In owners, and employees went to work for their new employers. varnishes known as "Jap-a-Lao." Head offices and Speaking generally, the division Is said to have been on a basis of the Cleveland; sales branches in N. Y. and Chicago. Recently opened a representation of its sales stock holdings in the National Packleg Co. That Is, the Swift interests manufacturing plant in Toronto and arranged for took over aPout 46% of the assets, the Armour interests about 40%, and department in various foreign countries. 14%. An o.ficial list of the plants and branch by fire, and the present the Morris interests about In 1906 our old plant in Cleveland was destroyed h,,e e awl steei(-,,srd interests, as submitted in the report to the Govern- plant, unsurpassed of Its kind, was constructed on 16 acres of land at West (L. S. & M. S.) Ry. In Cleveland. ment, is as follows: Madison Ave. and the New York Central (a) Over. The annual sales have risen from nothing to upwards of $2,000.000. The To Armour & Co. )Plants Taken corporation was formed in 1883 and the 29 years since then have shown Anglo-American Provision Co., Chic. N.Y.Butch.DresaedMeat Co., N.Y. profits, except In 1893, 1894 and 1911, the exceptions being explained by Stockyards arehouse Co., Chle_.,go. !or. Amer. Provision Co.. Chicago. &defalcation and the charging off of the cost of preliminary Fowler Pack ng Co., .ansas t..ity. Friedman Mfg. Co., Chicago (75%). a general panic, Canada. development work In foreign markets, and the adjusting to the current Hammond Pa.,,,leg Co., St. Jos.,Mo. Fowler Brothers, Ltd., market of prices on certain orders booked In 1910. For the entire 29 years Ruddy Brothers, Kansas City. Hamilton Stk.Yds.Co.,Hamilton,Can $1,864,446 and the total losses $93,055. The average Colorado Pack. & Prov. Co., Denver. International Packing Co.. Chicago, the total profits were Co.. Ltd., England. annual profits for the last live years, after all proper depreciation and other Fowler's CanadianCo.,Ltd.,Hamilton. Hammond Beef charges, have been 5117,720—almost four times the initial and maximum To Armour & Co.—(b) Branch Houses and Selling Agencies--Control. bond interest charge. For the 7 months elapsed In the current year net Jamaica, N. Y. Baltimore (Eutaw Beef Ce.) sales exceed any previous year, and the outlook is altogether satisfactory. Lowell, Mass. (Omaha Packing Co.) new .Little Falls, N. Y. The purpose of the bond issue Is to increase working capital. The Grand Rapids, Mich. Toledo, 0.(Hammond Go.) Elleveland plant, which cost about 3700,000, and the investment of over N. (C. Co.) Pittsburgh. extension of business Manchester, H. A. Allen 4150,000 at Toronto. demanded money, while the New London, Conn. Macon, Ga. called for more working capital. This issue will enable the company to Jacksonville, Fla. modified by the Detroit (Detroit Beef Co.) discount Its bills. The balance sheet as of June 30 1912, as Lansing, Mich. (Detroit Beef Co.) Spokane, Wash. bond issue, carries total assets of over $1,900,000. of which over $1,100,000 N. J. mer- Passaic, New Orleans. La. arc current assets, comprising cash, accounts receivable, material and Portsmouth, N. H. Greenville, S. C. chandise. The only indebtedness besides the bond issue is $185,054 for Tex. $900,000. Woonsocket, R. I. Lockhart, materials. The net current assets, therefore, exceed Cortland, N. Y. Bro vvn wood, Tex. The bonds mature In equal semi-annual installments, and on the 15th Salem, mass. Dublin, Texas. of each month the company must pay into a trust fund one-sixth of the San Angelo. Texas. and interest. No divi- Shamokin, Pa. amount required for the next payments of principal Sunbury, Pa. Marshall, Texas, dends are allowed when net current assets are under $500,000. From the Ala, surplus redemption fund, Johnstown, N. Y. Opelika, profits of any year the company must pay into a Keokuk,Iowa. Winston-Salem. N. a, or retain as working capital, a sum equal to the excess of any dividend over Crockett, Texas. below $250,000. Insurance Springfield, Ill. 6% per annum. Net current assets shall not fall Ohicago (Hammond Co.,S.Water St.) Nacogdoches, Texas. must equal amount of outstanding bonds, payable to the trustee. Carthage, Texas. the Glidden Varnish Co., Bluefield, W. Va, Title to the Toronto plant Is being passed to Welch, W. Va, Lufkin, Texas. Ltd., of Canada, and the stook of that corporation (all owned by the Ohio bonds. Wheeler, N. Y. Albany, Ga. corporation) will be deposited with the trustees as security for these Chattanooga, Tenn. property. The $15,000 mort- West Philadelphia, Pa. No mortgage Is permitted on the Canadian Boston (New England Beef Co.) Pensacola, Fla. gage on property in Cleveland will be paid from proceeds of these bonds. com- New York City (Adams Bros. Co., Spartanburg, S. C. Under the directors the operating management is in an executive Wichita Falls, Texas. the heads of with F. A. Glidden, son of the Ft. Greene Market). mittee made up of departments, Philadelphia (North Delaware Ave.) Altus, Okla. founder of the business. as Chairman. The board includes the officers the McKay N. Y. City (Adams Bros. Co., Gan- Lawton, Okla. heads of departments and C. A. Grasselli, 0. M. Stafford, G. P. Beeville, Texas. Greenville, Miss. Dempsey.—V. 95, p. 483. sevoort Market). and J. H. Washington.D.C.(G.H.HammondCo.) Meridian, Miss. Natchez, Miss (B. F.) Goodrich Co.—Listed.—The New York Stock Ex- Little Rock, Ark. Hugo, Okla. McAlester, Okla. 7% cum. and $60,000,000 Birmingham, Ala. Tulsa, Okla. Knoxville, Tenn. change has listed $30,000,000 pref. Philadelphia (Quaker City Beef Co.) Paducah, Hy. QuInamont,W.Va. common stock.—V. 95, p. 238. Troy, N. Y. Tyler. Tex/.s. 'Charleston. S. C. Electric etc.— To Swift & Co.—(a) Packingand Other Plants and Stock-Yard Interests. Hamilton (0.) Gas & Co.—New Officers, Louis officers have been elected: ContinentalPkg.Co.,Bloomington,I11. St. Dressed Beef 46 Provision The following directors and Cudahy, Wis. Co., St. Louis. F. I,. Perrin, H. L. Brenneman, F. L. Garrison, Cudahy Un. Stk. Yds., Directors: J. C. Thorns, Denver Stock Yards [V. 89, p. 9221; United Dressed Beef Co., N. Y. E. Peters, Robert Ramsey and W. E. Hutton. 0.• Vice-Pres. J. C. Thorns; Secre- shares (50%). Viles & Robbins, St. Joseph. President. E. M. Peters, Cincinnati, Wells Union Stock tary and Sierrers.—V. 9'5. p. 300. '239. G. H. Hammond Co., Chicago. Yards. Treasurer, E. C. Milwaukee Stock Yards, Milwaukee. Western Packing Co.. Denver. Iroquois Natural Gas Co., Buffalo.—Consolidation.--This Northwestern Glue Co.. Chicago. Winterbotham lot. began business on July 1, its auth. Northern Rendering Co., Chicago. Sturtevant dc Haley B. & S. Co., new consolidated company Omaha Packing Co., Chicago. Boston. capital stock being $10,000,000, of which the P. S. Commis- Plankington Packing Co., Milwaukee. sion on June 4 authorized the issue of $8,027,505 for the acqui- To Swift & Co.—(b) Branch Houses and Selling Agencies—Control. sition of properties, franchises, as follows: Albany, N. y. North Adams, Mass. rights and Ann Arbor,Mich .(HammondBee1Co.) Northam pton.Mass.(H .L .HandyCo.) The Buffalo Natural Gas Fuel Co. (V• 92. 9' 1111), $1,750,000; Sala- (vacant lot). Co., $65,000; Clear Creek 011 & Ashland, Ky. Minneapols manca Gas $70.000; New Angola Gas Atlanta. Ga. Philadelphia (Hammond Co.. fade- Gas Co., $13,000; Springville Natural GasCo.' Co., $115.000; Walter W. Beef $425,000; Gas Co. (of Pa.), $5,589,505 Berlin, N. H. pendent Co.) Richardson. and United Natural Boston (Hammond Beef Co., Mayo Portland, Me. (V. 87, p. 1241). The P. S. Commission on July 13 authorized the Buffalo Fuel Co. to lease for the natural gas plant of the Erie Meat Co.) Portchester.N.Y.(HotchicissBeef Co.) Natural Gas one year N. Y. City (St. Louis Dressed Beef & Portland, Ore. Quincy, Ill. County Natural Gas Fuel Co., Ltd.. In Buffalo, for $6,000—practically as a Greene Quincy, Maas. Rockford, Ill. the lease made Provision Co., Ft. Market). continuation of in 1897. Butte, Mont. Scranton, Pa. Rock Island, Ill. Directors: Pres., Walter W. Richardson; Vice-Pres., Lyman M. Bass; (Anglo-Amer. Co., Seattle, Wash. Syracuse, N. Y. Cusack; Seo., and Daniel J. Kenefick. Chicago Provision Trees., W. M. Howard S. Jones, Omaha Pkg. Co., S. Water St.) Utica, N. Y. (Spencer) Kellogg & Sons, Inc., Buffalo.—Incorporated.-- Corning, N. 1'.(Hammond Co., T. H. Snringfield.Mass.(H.L.Handy Co.) on with Wheeler Co.) Womester, Maas. This company was incorporated at Albany Aug. 14 Detroit (Hammond Beef Co.) Perth Amboy, N. J. $6,000,000 of authorized capital stock, all of one class, of Dover. N. H. (Dover Beef Co.) San terancisco. Rome. Ga. Hammond, Ind. Augusta, Ga. Columbus, Ga. which $5,000,000 is now outstanding. Shreveport, in Hartford, Conn. (H. L. Handy Co., SanAntonio,Tex. La. p The company owns its properties fee and, It Is understood, is successor Hartford Beef Co.) Alexandria La. Baton Rouge, La. of Spencer Kellogg & Sons, the firm which In 1910 succeeded the old N. J. 'Joliet, Ill. Jackson, Miss, Decatur, Ala. Kellogg & Co. Kellogg Is Pres., Spencer Hoboken, corporation of Spencer Spencer La Salle, Ill. Lynn, Mass. Gadsden, Ala. Dermott, Ark. Kellogg .Ir., See., and flovrard Kellogg, Treas. For old bonds, &o., see MoKeesport,Pa.(0maha Packing Co.) Muskogee, Okla. Fayetteville, Ark. V. 84, P. 936: V. 90, p. 113. New Haven, Conn. Rogers, Ark. Monroe, Ala. • Light Stock.— New York (Adams Bros. Co.. Ham- Ruston, La. Minden. La. Lowell (Mass.) Electric Corp.—New Ark. the Mlle by shareholders at the meet- mond Co., St. Louis D. B. & P. Rayville, La. Magnolia, Subject to the authorizatlor of the Salisbury, 0. ing on Sept. 4 1912, the block of $153,100 new stook recently sanctioned by Co., West Harlem; Hotchkiss Co.. Sumter, S. C. N. the Gas & El. Lt. Commission will be oTered for subscription at $150 per West Washington Market; Ham- Columbia, S. O. Norfolk, Va. share to sbookkoldars of record as of Sept. 4, in amounts equal to 15% o mond Co., Williamsburg). Tampa, Fla, Great Falls.Mont.

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To Morris & Co.-Plants, houses and Stock Yards, of 11, hich Morris & Co Become Owners and Operators. Niagara & Erie Power Co.-Securities Authorized.-The P. S. Commission has authorized the company to issue Omaha Packing Co., South Omah a; Boston (Corwin & Wilde). ' title, G. H. flammon1 Co. Des Moines, Ia. (Hammond Pkg.Co.) $20,000 additional cap. stock and $60,000 30-yr. 5% bonds. Omaha Pao'cing Co., old plant; title, Omaha (Hammonl Packing Co.) The bonds are to be sold at 80, the proceeds to be used to acquire right- Omaha Packing,' Co. Omaha (Omaha Packing Co.) of-way from West Portland, in the town of Portland, Chautauqua County, St. Jos. Stk. Yds. stos'c, St. Jos., Mo. C.aricshurg, Va. 'Fort Smith, Ark. southwesterly to the boundary line of Pennsylvania, for the construction of Denver Stockyards (part of] stock • Richmond, Va. !Houston, Texas. a high-tension transmission line from West Portland to the Pennsylvania. Denver, Colo. St. Joseph,Mo.(Hammond Pkg. Co.) line, 17 miles, and to reimburse the treasury for extensions and improve- Morris et. Co. take control of these Memphis. ments made since Feb. 1 1911. The estimated cost of the right-of-way branch houses and selling auenaes: Springfield, Mass.(Peterson Beef Co.) from West Portland to the State line is 520,000 and of the transmission line Auburn, N. . Co.) Paterson, N. J. (Peterson Beef Co.) 540,000.-V. 92, p. 530. Bradford, Pa.(G. H. Hammond Co.) E.Brookfleld,Mass.(PetersonBee1Co.) Northern California Bridgeport, Conn. (Hammond Co.) Haverhill, Mass. (Peterson Beef Co.) Power Co. Consolidated.-Notes Sold. East Orange, N. J. (Condit Beef The company has sold to a Swiss banking house an Issue of $500,000 6% & Mobile, Ala. Bristol, Tenn. debenture Provision Co.) Lynchburg, Va. Roanoke, Va. notes, par $1,000, dated July 1 1912, payable July 1 1017, but New York (Adams Bros. Co., West Savannah, Ga. Charleston,W.Va. callable upon any interest date prior to maturity at a premium of 34 of 1% Washington Market). Corsicana, for each year remaining until maturity. Interest J. & J. 15. The pro- Tex. Charlotte, N. C. ceeds have been used New York (Hammond Co., Fort Montgomery, Ala. Eufaula, Ala. to pay floating debt.-V. 95, p. 424. Greene Market.) Northern Engineering -V.95, p. 300, 240. Works of Detroit.-Bonds.-Bolger, Mosser & Willaman, Chicago, recently offered at'par and int. National Steel Car Co., Ltd., Montreal-Hamilton, Ont.- $125,000 1st M. 6s dated July 1 1912. A circular reports: New Enterprise.-This company was incorporated on July 12 Financial statement: Capital stock, [recently, $150,000,1 now $200,000: 1912 under the Companies Act of Canada, with head office surplus, $217,109; 1st M. bonds, auth. $150,000: issued, $125,000, due $7,000 1913, then Increasing 31,000 yearly' to $16,000 In 1921, with $25,000 in Montreal, to erect and operate a freight-car plant at Hamil- due 1922, but callable on any int. date at 10234. Par $1,000 (0). Int. ton, 0., initial output 30 cars, steel and wood, daily. J. & J. at Detroit Trust Co., trustee. Real estate, buildings and equipment valued at over 23.6 times amount of bond Issue. Quick assets must always Capital (in $100 Shares)-"Present Issue" Practically All Sold be 50% of outstanding bonds. Net earnings about three times the interest Privately. charge; average annual earnings 7% cumulative pref. stock, present last 10 years, $21,989. auth. $3,000,000; issue____51,500,000 A Mich. corporation, one of the largest manufacturers of electric traveling Common stock, authorized, $3,000,000; present issue 2,000,000 cranes, hoists, ece., established The capital now Issued the in the country. Business in 1890; growth is considered adequate for building, equipping substantial. Buildings modern, latest machinery, fire-sprinkler system, and operating of a 30-car plant, while sufficient stock is reserved for sub- &e. Pres., George stantial future growth. A. True; V.-Pres., William V. Moore; Sec.-Treas.,. The plant has been designed by Barclay, Parsons Henry W. Standart, all of Detroit. & Klapp of N. Y. City, and is expected to be In full operation on or about Nov. 1 1912. It is estimated to cost $649,730, viz.: Buildings, $261,230; North Shore Gas Co., Chicago.-Reorganization.- machinery, $204,500; property, $100,000; contingencies and engineering, Sec Chicago Suburban Gas & El. Co. above.-V.94, p. 356. $84,000. The balance of the company's funds will be available for working capital. The plans provide for a large ultimate capacity. The company Pettibone Mulliken Co., Ohic.(RR. Track Equip.)-Earnings Is free from the burden of bond interest and the preferred dividend should The company reports for the seven months ended July 31 an estimated be readily covered even In years of depression. Estimated earnings, capac- net Income of over 3220,000, or more than sufficient to meet the dividends ity 30 cars per day, or 9,000 per year (average operation 60% of capacity): for an entire year on the $2,250,000 1st pref. 7% stock and $750,000 2d 5,400 cars average profit of 8% net on gross business, 5400,000; 7% pref. pref. 7% stock. There are no bonds.-V. 94, p. 1511, 1570, 1769. div., $105,000; available for corn. dly. $295,000, or 1434% on corn. stock St. The Magor Car Co. of Passaic for the' 11 months ending March 31 1912 Clair County Gas & Electric Co., East St. Louis and shows a trading profit at the rate of 37% on the actual capital invested, Belleville, Ill.-Bonds, &c.-Coggeshall & Hicks, New York, despite the depression and keen competition in the car business in Luc u. a. are offering At no period in Its history has Canada had more railroad milbage under at 95 and int., yielding about 5.30%, a limited construction than at the present time, and the nresent car-building facili- amount of 1st consol. mortgage 5% guaranteed gold bonds, ties are so inadequate that a large number of cars it of necessity ordered dated 1909, from the U. S., despite the heavy import duty. [It was originally intended due March 11959. Coupons M. & S. Central to call the comnany the Imperial Car Co.]. Trust Co. of Illinois, Chicago, trustee. Guar., p.&i., by the Directors: President, Sir John Gibson, Lieut.-Gov. Pray, of Ontario: Amer. Gas Co. Sir Henry Pellatt, Toronto. and W. G. Ross, Montreal, directors Dominion (V. 94, p. 1181) by endorsement on each bond. Steel Corporation: C. H. Cahan, K.C., Montreal, Pres. Western Canada Data from Letter of Pres. Stroud to Biorcn & Co.. Phila., May 27 1912. Power Co.; M. H. Coggeihalt, New York, Coggeshall & Hicks, bankers: Your purchase of 3328,000 1st consol. M. guaranteed 5% gold bonds is V.-Pres. & Gen. Mgr. basil Magor, Montreal, and W. K. Brice, New York, part of a loan for an authorized amount of $5,000,000, of 51,591,000 directors Magor Car Passaic, which Co. N. J.; Wm. Barclay Parsons New York: Is outstanding, Including the bonds which you have just purchased; $790,- J. J.Sent, K.C., Ham'llton; William Southam, Hamilton, director Steel 000 are reserved to retire $527,000 East St. Louis Gas Lt. Co. 1st 5s due Co. of Canada; Mortitner P. Davis, Pres. Imperial Tobacco Co. Mr. Magor Sept. 1 1922, but subject to call after Sept. 1 1912 at 105 and int.[562,000 is resigning the presidency of the Mager Car Co. to become the active head have been called for payment Sept. 1 1912-Ed.], and $263,000 Belleville of the new company. Associated with him will be his former Super- Gas & Electric Co. 1st 5s due Sept. 1 1922; the balance, $2,619,000, can intendent, for twenty years with the Amer. Car & Foundry Co. only be issued, under restrictions, for improvements, extensions, dos., at 90% of cost, when net earnings for six months shall have been 1 % times New River Co. (Coal), Boston and West Va.-Sale of the interest on the outstanding bonds and those to be issued. (See also Notes V. 89, p. 663.) -Coupon Payment. -Interests associated with the The proceeds of these bonds have been used to retire loans obtained fat' present management have taken at par the entire present necessary extensions. About three years ago a well-located site of 11 acres issue of $600,000 2-year was purchased and a new water-gas plant, with a total daily capacity of 6% notes, total amount auth., 2,000,000 cu, ft., constructed thereon; it has been in operation for 1 34 years, $750,000. The following, from the "Boston News Bureau" supplying gas both to East St. Louis and Belleville. Electricity is sup- of Aug. 26, we are informed, covers all additional plied in Belleville only, and we have a very good power station at that point. facts: The two cities combined, including Collinsville, which is now being con- With the money derived from the sale of the notes, the company will nected. have a population of about 95,000. take care of all bills payable, which, according to testimony at the time of Earnings for Cal. Years 1910 and 1911 and 4 Mos. end. April 30 in '11 & '12. the receivership proceedings, amount to about $180,000. The interest 1910-Year-1911. 1911-4 Mos.-1912. which was due on July 1 on the $2,500,000 collateral trust 5% bonds, Income 5303,130 $317,958 $98,766 5111,844 amounting to $62,500, will also be paid, the Federal Trust Co. Boston, Net (after taxes( $134,913 $159,544 $45,537 $56,263 trustee of the mortgage, having been instructed to honor such coupons on Interest on underlying bonds 39,500 39,500 13,215 13,167 and after Monday next. Interest on these 5% bonds 46,570 61,081 18,933 23,816 The new management believes that, with its finances straightened out, there is no logical reason why from now•on the company cannot make a far Surplus $48,843 358,963 313,370 *19,280 different showing than it has In the recent past. Since President Gross was Of which esPended in procuring elected, early in June, the company has been hampered In its operations new buqfness 7,150 9,104 3,566 2,696 not only by its financial situation, but by reason of the receivership which Reserved for Phila, office expense 7,826 2,393 2,811 was forced by the Dixon interests. Since the discharge of the receivers, ---V- 95. P. 425. however, the company has been gradually increasing Its output, which -Earnings. Is now running at the rate of from 5,500 to 7,000 tons per day, or about Ecranton (Pa.) Electric Co.-Bonds -Harris, 3,000 tons greater than a month ago. It is expected that output for Sep- Forbes & Co., N. Y., and their associated houses are placing tember will be substantially in excess of present rate, the most vital factor at 103 ref. mtge." 5% being the question of getting sufficient cars from the railroads. Compare and int. $234,000 "first & bonds. V. 95, p. 424, 240. Tax-free in Penn. Dated July 1 1907; due July 1 1937. Total now out, $2,951,000; reserved for underlying bonds New York Telephone Co.-Listed-Merger.-The N. Y. $21,000. Stock Exch. has listed $10,000,000 and gen. 1st M. 30-year Earnings for Year ended July 31 1913. 4% sinking fund bonds due 1939, and has also authorized Gross earnings $769,6431Bond interest $148,600 £2,000,000 to be added to the list notice of Net after taxes $428,4851Surplus 3279,885 on issuance, -V. making the total to be listed $68,993,000 (including dollar 94, p. 491. bonds issued in exchange for 2 sterling bonds ($5 taken equal Standard Oil Co. of New Jersey.-Indictment.-The Fed- to £1). Compare bond offering, V. 94, p. 1510. eral Grand Jury at Dallas, Tex., before Judge Massey on Approximately $6,300,000 of the proceeds will be spent in the acquisition Aug. 29, returned an indictment against the company and of stocks of associated telephone companies, $7,500,000 in construction others for violation of the Sherman Anti-Trust Law, the during 1912, and the balance reserved for further development; but may be spe- temporarily invested in short notes of other Bell companies. The entire cific offense being committed on June 12 last. proceeds of these bonds will IT invested in property which will provide The other defendants are the Standard Oil Co. of New York, the Magnolia additional security for the bonds. Petroleum Co. of Texas (which Is alleged to be controlled by the Standard 011 Co. and to few months since Total have acquired a the Security 011 Co.. Collateral (Par Value) Deposited as Part Security for the Bonds. Navarro Refining Co. and John Scaley & Co.), John I). Archbold, Pres. of Bell Telephone Co. of Pennsylvania stock $59,840,600 the Standard 011 Co. of New Jersey, Henry C. Folger Jr., Pres. of the Chesapeake & Potomac telephone Co. stock 4,000,000 Standard Oil Co. of N. Y., and five other individuals connected with tho Electrical Securities & Construction Co. stock 998,000 defendant companies. do do do do notes 1,400,000 The defendants are charged on two counts: first, with conspiracy in Friendship Telephone Co. stock 999,300 restraint of trade, and,second, with attempting to create a monopoly in Empire City Suaway Co. 1st M. 6s, due 1942 4,359,000 the Inter-State trade in oil. The indictment alleges that the Pierce-Fordyce 2d M. 6s, due 1942 8 011 Association of Texas Is engaged in selling various oils and lubricants Consol. Telephone & Electrical Subway Co. 1st 63, due 1940_ _ 1,125,000 and, not being a producer or manufacturer, It has bought its supplies from 2d M. 6s, due 1940 1,125,000 the three defendant companies named in the indictment; that the defend [In July last the P. S. Commission received notice that the company had ants entered into a conspiracy for the Magnolia company to establish rival Purchased the physical property, and business of the Onondaga Independent agencies and sell direct to consumers In the towns where the Pierce-Fordyce Telep. Co.(V. 93, p. 1792) for $700,000 (consolidated with N. Y. Telco, Co. Association has agencies; to hire away the agents and officers of that June 30 1912, except that the Tully and Liverpool exchanges consolidated association, to announce that the association would not last, to sell oils to about May 1 1912): the property of the Albany Home Telep. Co. In Greene the trade at prices lower than it charged the association, and to refuse to County for $50,500, subject to existing mortgages; and the physical prop- sell that association engine oil, naphtha and gasoline, without which pro- erty and business of the Baldwinsville Telep. Co., Newburg Home Teiep. ducts it could make no sales to many of its customers.-V. 94, p. 1388. Co.. Home Telep. Co. of Frewsburg and Deposit Home Telep. Co., for sums aggregating $39,000. Suffolk Light, Heat & Power Co.-Bonds Authorized- The P. S. company,to The P. S. Commission on Aug. 9 denied the application of the Mountain Commission on Aug. 17 authorized the execute a Home Telep. Co. of Saranac Lake for permission (a) to take mortgage to secure an issue of $300,000 refunding and extension 5% 25-yr. over the Bell gold value of and Independent lines in the counties of Clinton, Essex, Franklin and St. bonds and to Issue presently bonds to the par 547,000, to be Lawrence, &c., notably the Adirondack Home Telco. Co. and sold at not less than 85, 539,050 Of the proceeds to be used to pay for the the Clinton property of operates Tel. Co., making a system operating 11.400 stations and 600 miles of toll the Riverhead Electric Light Co., which in Southamp- lines, with about 40 sub-licensee or connecting companies with ton, Suffolk County, and $17,950 for extensions and improvements to its practically plant and Commission finds the 5,500 stations; and (b) to issue $633,000 capital stook and $1,004,000 5% distributing system. The estimated re- bonds under a mortgage securing a maximum issue of $2,000,000J production cost of the Riverhead property to be $15,000, and that the com- pany Is reasonably entitled to capitalization to the amount of 52,000 on Earnings.-For six months ending June 30 1912: account of the business now secured in that locality. The remaining 5a,000 Gross earnings $21,050,641 Interest charges must be wiped out of the capital account in ten years by the payment of $1,254,781 $500 annually out of Net earnings 5,834,890 Dividends, 4% 5,000,000 earnings. Other income 2,351,003 Balance, surplus 1,931,112 Swift & Co., Chicago.-Plants, 8cc., Taken -V. 94. p. 1360. Over.- See National Packing Co. above.-V. 94, p. 121'

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 549 AuG. 31 1912.] THE CHRONICLE

hands of the public, and, after deduction of fixed charges Plant.— at present in the to more than By., Light & Power Co.—Ocoee Power prior to the interest on the present issue of motes, is equivalent Tennessee 94, p. 1696, 1187. and interest of these notes. See also V. 94, P. 625. See Eastern Tenn. Power Co. above.—V. 2 1-3 times the principal Power Co.—Offering of Bonds Guaranteed by Union Switch & Signal Co., Swissvale, Pa.—Rumors.— Tennessee ruled very strong on the Pittsburgh market on the Light ct Power Co.—E. W. Clark & The stock has recently be held about the Tennessee Railway, expectation In some banking quarters that at the meeting to at the market price, yielding may be declared in addition to the usual Co., Philadelphia, recommend 2 weeks hence an extra dividend divi- page], the of 3%. The estimated net earnings applicable to 6% income [see advertisement on another quarterly payment $1,000,000, or about 1912 and due dends for the calendar year 1912 are said to approximate -year 5% gold bonds dated May 1 22% on the outstanding stock.—V. 94. p. 921. 1st M. 50 $7,- May 1 1962. Authorized $50,000,000; outstanding, United Cigar Stores Co. of America, N. Y.—Success of Plan. prin. and in (M. &V.) by Tennessee confirmed that of the 90,540 shares of stock of the Corp- 500,000. Guaranteed The statement is turned in Co. (see V. 94, p. 1120; V. 95, p. 481). poration of United Cigar Stores, all except 1,000 shares have been Ry., Light & Power the new United Cigar Stores Co. of America on subst.: for exchange for stock of 241. State tax refunded. The bankers say in basis of $300 of new for $100 of old stock, per plan in V. 95, p. Pennsylvania Ocoee River at the These bonds are a first mortgage on water powers on the N. Y. Stock Exch. has Tenn. (formerly Eastern Tennessee Power Co., V. 92, p. 883), United Fruit Co.—Listed.—The Parksville, h.p. Is In with an ultimate development of 80,000 h.p., of which 20,000 listed $730,600 stock, making the total listed $30,495,300. and 31,000 h.p. is to be immediately added, and also on the Great for banana farms and properties in operation Rock Island. The new stock was issued in payment Falls at the junction of the Caney Fork and Collins rivers near approximately 30,800 acres of land, of which 6,400 capacity of 80,000 Costa Rica, including acres Tenn., which is capable of development for an installed acres are planted in bananas; 134 acres are planted In cacao; 640 the finest water power sites in Tenn.; also on 11.p. and regarded as one of develop- are pasture lands, and 23,626 acres are uncultiVated. 148 miles of transmission lines extending from the Ocoee River Knoxville and to a connection at the ten months ending July 31 1912: ment to Cleveland, Chattanooga, Rome, Ga. Income Account.—For State line with the Georgia Power Co.. serving $4,414,000 Total surp. Sept. 30'11_ _$13,763,000 Tennessee-Georgia Nashville, &c.. Net earnings _ 16,037,000 An additional 272 miles extending by way of Great Falls to Interest on bonds 354,000 Surplus July 31 1912 _ are to be immediately constructed. Dividends declared 1,786,000 Extra div. (10%) paid -Time Contracts. Dec. 19 1911 2,706.000 Co's with which Tenn. Power Co. Holds Profitable Long Population. Est. Population. Est. surplus $13,331,000 Ry. & Light Co__ _130,000 Surplus for 10 months_ _$2,274,000 Balance, Chattanooga Ity.&Lt. Co_ ___ 90,000 I Nashville Georgia Power Co.,Rome,Ga. 18,000 —V. 95, p. 485, 366. Cleveland (Tenn.) El. Lt. Co_ 6,000 _294,000 Co__ _ 50,000 Total estimated population_ Gas CO. (of Penn.).—Consolidation.— Knoxville Ry. & Light company covenants to de- United Natural May 1 1917, and annually thereafter, the See Natural Gas Co. above.—V. 87, p. 1241. On to 1% of the bonds outstanding, to be Iroquois posit with the trustee a sum equal replacements, or the company for extraordinary renewals, United States Glass Co.—New Directors Elected.— used to reimburse not otherwise provided for; also of Pittsburgh, have additions, enlargements and extensions J. D. Ayres, W. D. George and L. A. Meyran, all for of those bonds at not exceeding 107 M. succeed Wm. Munhall, J. B. Barbour Jr. and for the purchase and cancellation stock of the been elected directors, to Railway, Light & Power Co. owns the capital Ernst Nickel.—V. 05, p. 479. The Tennessee preferred stooks of the Chattanooga Tennessee Power Co., the common and Co.. the common stock of the Nashville Railway & Light Railway & Light Electric Light Co. Co., 42 Broadway, all the bonds and capital stock of the Cleveland —The New York Real Estate Security Co., and pref. stock and $20,000,000 common It has outstanding $10,250,0o0 6% this city, has issued a new circular describing its 6% mort- no bonded debt. stock. There is Tennessee in New York State. These bonds are guaranteed principal and interest by the gage bonds due 1927 and tax-exempt & Power Co., which has pledged its holding of stocks of the investors at par and Railway, Light guaranty. This form of investment is offered to Chattanooga Railway& Light Co.(V.80, p.846) as security for its secured be issued as follows: After the company has ex- interest in denominations of $100, $500 and $1,000, Additional bonds may an pended not less than $2,000,000 for permanent additions and extensions, by a trust mortgage to a leading New York trust company, $5,000,000 may be issued to pay for further permanent additions, additional remainder mortgage are pledged valuable im- enlargements and extensions, at cost or at a fair valuation; the as trustee. Under this permanent additions, &c., at 80% of cost or fair valuation. properties owned by the company, only for further Y., proved income-producing The definitive bonds of this issue are held by the Bankers Trust Co., N. and residential sections of Man- will issue therefor its negotiable registered interim receipts calling located in the best business which of the that for interest at the rate of 5% per annum, payable out of the proceeds hattan Island, New York City. The company states maturing interest coupons. The interim receipts are to be convertible into in the highest class of income-producing apartment on 1 with the option to the Tennessee Power it invests permanent bonds May 1915, May 1 secured by Co. on May 1 1913, or at any time thereafter, up to and including houses and business property and in mortgages receipts either permanent bonds or pay Estate 1915, to deliver to the holder of the property of a similar character. The New York Real such holder In cash 90% and int. of the face value of such receipt. If and total cash for such receipts, then the holder Security Co had a capital and surplus of $4,014,738 Tennessee Power Co. elects to pay the thereof shall have the right, instead of accepting such cash, to withdraw assets of $10,594,305 on the date of its last annual statement, such receipt for investment purposes under Permanent bonds called for by year the company owned, at cost or purchase to offer or sell such bonds within a period of one Dec. 30 1911, when an agreement not of such bonds. Bonds and. from withdrawal date at less than 96% of face value price, $9,345,898 improved income-producing business Redeemable as a whole or in part at 107 M and int. on Par, $1,000 (0). trustees. residentialproperties in New York City. The interest Bankers Trust Co., N. Y., and Benjamin Strong Jr.. Co., Engineers. mortgage bonds is payable semi-annually Jan. and Condensed Data from Statement by .1. G. NVhite & its 6% ultimate B. Hidden, President; available power on Ocoee River, 75.000 h. p.; total July. The officers are: Thomas Total p.• capacity of turbines in - capaoity of Parksville development. 38,000 h. E. Gaillard, Vice-President; Frank C. Littleton, Vice -house, 27,000 h. p.; capacity of' secondary power develop- Win. Parksville power on Ocoee of the New York Stock Ex- ment at Parksville, 11,000 h. p.; capacity of second development President, formerly a member construction, 20,000 h.p. Dam commenced Feb. 11011 J. Roberts, Comp- River, now under of concrete change; Legare Walker, Treasurer; E. and finished Feb. 1 1912; between these dates 155,472 cu. yds. A copy of working day shifts only. By Oct. 1911 the power-house had troller, and Charles R. McCarthy, Secretary. were placed, of the been completed and all the machinery installed. The construction this circular will be mailed to inquirers on request. transmission lines was begun April 1 1911 and on Feb. 1 1912 approxi- have mately 180 miles had been completed. --Spencer Trask & Co., 43 Exchange Place, this city, The power developed is transmitted 13 miles at 66,000 volts over two "Diversified Investments," descrip- to Cleveland, Tenn., where the lines separate and the issued a special circular, 3-phase circuits, 26 issue of notes. current is carried over single circuit wood polo lines in three directions, tive of four issues of first mtge. bonds and one miles west via Ooltewah to Chattanooga, Tenn., 85 miles, northeast via The firm states: Athens and Loudon to Knoxville, Tenn., and 70 miles south to Dalton and wherever the lines that the wisdom of diversifying one's investments Rome, Ga. Special steel construction has been used "It is our exerience over, or for other reasons,special strength is is becoming more generally appreciated by investors the country cross railroads and rivers, where, into consIdertaion is needed. On the Knoxville circuit the Tennessee River, which Is navigable and that a list of offerings that takes this element span supported by steel to those having funds at their disposal. We therefore at this point, Is crossed by means of an 1,800-ft. always of interest of a dis- see "Engineering Record" of June 22.—Ed.] describe herein several issues of cafefully selected securities, each towers 125 ft. in height. [Also to be among the best is- —V.94, p. 1321. tinctly different type, and all of which we consider St. Louis.—Decision.— sues of their character now available." Union Electric Light & Power Co., of this circular will be furnished of Appeals at St. Louis on July .23, Upon application, copies The U. S. Circuit Court banking institutions and others interested in the recommendations of the Master in the suit to investors, reversing of of this class. brought by Morgan Jones and other holders to an aggregate investments Elec. Co. pref. stock, banking and investment bond house of J. Har- about 3,000 shares of Missouri-Edison —The will allotment to them under the consolidation plan manus Fisher & Son, 7 South Street, Baltimore, Md. held that the Fisher and Edward Sept. 1903 (V. 77, p. 774) was inequitable. hereafter be composed of J. Harmanus of the Missouri-Edison the Baltimore Prior to the voting of the merger on Sept. 3 1903, McC. Fisher, both of whom are members of acquired control of about 80% of the stook, this stock ap- by J. Har- directors had found to be an illegal Stock Exchange. This banking firm was founded proving the sale to the new company. This Is the rights of the minority. The Missouri-Edison stock- in 1874. Mr. Fisher was for years the Presi- transgression of new manus Fisher is held,were entitled to 43% of the stock of the company, is now a trustee holders, It total amount of new stock dent of the Baltimore Stock Exchange, and leaving 57% for the old Union Electric Co. The clerk of which $2,500,000 was placed in the treasury and of its gratuity fund. Edward McC. Fisher began as a was 510,000,000, to the Missouri- $7,500,000 distributed, only $1,500,000 being awarded in the firm in 1895, became a member of the Stock Exchange Edison Co. at the of the firm in 1899. He is well It is claimed that there was a "general understanding" time in 1898, and was admitted to the that the Missouri-Edison pref. stock was to receive two-thirds district of New York City. consolidation Missouri-Edison Co. This figures out $2,- known in the financial of the amount allotted to the or 866,700 Union company stock for the $2,000,000 510.-Ed. pref. stock, —The Scherzer Rolling Lift Bridge Co. of Chicago an- 6% interest, to about $205 per share, or $143 a share, amounting, with of Great Central Ry. of England has placed over $600,000 for the $300,000 minority Preferred stock. The basis nounces that the voted the minority was only $50. The exact basis Sir William Arrol & Co., Ltd., of Glasgow, exchange and refused by in contracts with of settlement will be determined by the U. S. District Court a decree of a new railway and highway "Scherzer which it is directed to enter by the Court of Appeals.—V. 94, P. 1769. for the construction rolling lift bridge" and approaches across the River Trent at Union Oil CO. of California.—Secured Gold Notes.—Hall- total length of steel work & Keadby, in Lincoln, Eng. The garten & Co., New York, and William Salomon Co., N. Y., 500 ft., while the Scherzer span will have a at par and int. $1,000,000 will be nearly have purchased and are placing movable length of 160 ft. and an extreme width of nearly one-year 6% secured gold notes dated Aug. 1 1912 and due it one of the largest bascule bridges in the option of company at 60 ft., making Aug. 11913, but redeemable at 100A world. on any interest date on 60'days' notice. Par $1,000. and int. —Yielding 6% on the investment, E. W. Clark & Co., 321 Int. Q.—F. These notes are secured by pledge with the an offer- N. Y., as trustee, Chestnut St., Philadelphia, are to-day advertising Columbia-Knickerbocker Trust Co. of 1st M. 50-year 5% bonds, first lien 5% 20-yr. sinking fund bonds ing of Tennessee Power Co. of the $1,334,000 principal and interest by Tennessee Ry. Light & rate of 75 (see bond offering in V. 93, p. 109, 168). guaranteed at and which has pledged its holdings of Chattanooga Statement by Treas. Robert Watchorn Aug. 1 1912—Sales Earnings. Power Co., gross sales made during the first six months of 1912 over as security for its guaranty. For full The Increase In The Ry. & Lt. Co. stocks the corresponding period of 1911 amounts to 51,155,000. increased elsewhere in the during the six months ending Dec. 31 1912 are particulars consult to-day's advertisement sales made for delivery will a total slightly In excess of the aforementioned amount. This make "Chronicle," and our "General Investment News Dept." for the year 1912 over that of 1911 of approximately increase in gross sales June 30 with E. Bunge & $2,500,000. Based on the net earnings for the six months ended —Horace Hatch will become identified 1912, and the prospective increases for the second six months—which are Co., 67 Exchange Place, this city, on Sept. 1. Mr. Hatch relatively larger than for the first six months—I estimate the net earnings years Manager of the open-market for the year 1912 applicable to dividends to be not less than $3,000,000. has been for the past four earnings of 33,000,000, the bankers say, would be equivalent to ten & C. Randolph, 111 Broadway. Net 5% bonds securities department of E. times the amount required for interest on the 56,000,000 first lien

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis at.)0" THE CHRONICLE [VoL. Lxxxxv. - iteparts anti Dortnntnts. CANADIAN PACIFIC RAILWAY COMPANY THIRTY-FIRST ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1912.. To the Shareholders: —4 miles; Swift Current Northwesterly Branch—BO The accounts of the Company for the year ended June 30 Suffield miles; 1912 show Southwesterly Branch-55 miles. the following results: 8. There will be t• • I Gross Earnings submitted for your consideration and $123,319,541 23 approval Working Expenses a lease of the Kingston & Pembroke Railway, 80,021,298 40 extending from Renfrew, Net Earnings on the Company's main line west $43,298,242 83 of Ottawa, to Kingston, Net Earnings of Steamships in excess of amount included on the St. Lawrence River, and from monthly in the Village reports 1,104,448 79 of Godfrey to Zanesville Mine,in the Province of Ontario, a total distance of 107.5 miles; a lease of the Deduct $44,402,691 62 Alberta Fixed Charges 10,524,937 Central Railway, extending from Red Deer 49 Mountain to Rocky Surplus House, in the Province of Alberta, a $33,877,754 13 distance of Deduct amount transferred to Steamship Re- 65 miles; an agreement with the St. Mary's & Western placement Account $1,000,000 00 Ontario Railway 'Contribution Company canceling existing arrangements to Pension Fund 125,000 00 and substituting a lease of their 1,125,000 00 property for a period of 999 years at a rental equivalent to four per cent per annum $32,752,754 13 on From this there has been charged a half- bonds issued or to be issued by that company with your yearly dividend on Preference Stock of 2 consent, to an amount not exceeding $25,000 per mile of their per cent, paid April 1st 1912 $1,258,333 32 railway; And three quarterly dividends on Ordinary and a deed of conveyance of the Cap de la Madeleine Stock of 1 %% eaoh. paid January 2d 1912, Railway, about 4 miles in April length, connecting your Railway 1st 1912 and June 39th 1912 9,450,000, CP near Three Rivers, in the Province of 810,708,333 32 Quebec, with Cap de la Madeleine, on the St. Lawrence River, and with the $22,044,420 81 Wayagamack Pulp From this there has been declared a second & Paper Company's works. half-yearly dividend on Preference Stock, 9. An indenture of lease from the Government of the payable October 1st 1912 $1,333,9 1 94 Province of And a fourth quarterly dividend on Ordinary New Brunswick, as lessor, to this Company, as Stock of 1 h%, Octoberlst lessee, payable 1912 3,150,000 00 of the New Brunswick Coal & Railway for a term $4,483,901 94 of 999 years at a rental of fifty per cent of the net earnings Leaving net surplus for the year of the said railway, $17,560,518 87 as defined and calculated in the said pro- In addition to the sa.ove dividends on Ordinary Stock, three posed lease, paid from Specie' Inoome. per cent was will be submitted for your sanction. This THE FOLLOWING ARE THE railway extends from a point in the DETAILS OF SPECIAL INCOME FOR vicinity of Minto, in the YEAR B DED JUNE 30TH 1912. County of Sunbury, to a point of junction with the Inter- Balance at June 30th 1911 colonial Railway, Interest $9,702,205 20 near Norton in the County of Kings, in on Cash Proceeds and on Deferred Payments for the Province of New land sold Brunswick,' a distance of approximately Interest on Deposits 1,817,774 37 58 miles, and Loans 605,140 and will form a portion of a Interest on Can. Pao. By. 1st 21 connection between Mortgage Bonds acquired _61,612 00 your Railway and a coal mine Iuterest from Minneapolis St. Paul & Sault Ste. Mario If in the Province of New Bruns- Bonds y.- wick, now in process 159,720 00 of development. Interest from Duluth South Shore & Atlantic By. Bonds_ - 10. Ihterest from Mineral Range 100,000 00 For the purpose of securing a shorter and By. Bonds 50,160 00 more expe- 'Interest from Toronto Hamilton & Buffalo Bonds ditious route between Interest By. 10,840 00 Quebec and points in New England, from Kingston & Pembroke Ry. Bonds served Interest from Dominion Government 13,320 00 by your friendly eornection, the Boston & Maine Bonds 182,500 00 Interest from Ontario Government Bonds Railroad, your Directors thought it advisable to lease Interest from British Consols 48,000 00 the 114,569 44 Quebec Central Railway, forming Interest from Montreal & Atlantic By. Bonds, and on other the connection between Securities Sherbrooke and Levis together with branch lines Dividend 174,311 88 from on St. John Bridge & By. Extension Co. Stook- -- - Beauce Junction Dividends on Dominion Express Co. Stock 50,000 00 to St.' Sabine, and from Tring to Megantic, 100,000 00 all Dividends on Minneapolis St. Paul & S. S. M. By. Common in the Province of Quebec, making a total of about 253.5 Stock miles of railway, Dividends on Minneapolis 890,645 00 at a rental based upon the interest on the St. Paul & S. S.M. By. Preferred outstanding Stock 1st, 2nd and 3rd Mortgage Bonds of the Quebec Dividends on Alberta By. & Irrigation 448,32600: Company Stock 245,241 Central Railway Company, and a dividend Dividend on West Kootenay Power & Light Co. Common 50 on the outstand- Stock ing Capital Stock of that Company 27,500 at four per cent per Dividends on West Kootenay Power & Light Co. Preferred 00 annum for four years from Stock July 1st 1912, and thereafter at 1,925 00 the rate of five per cent per annum, and you will be asked to $7,860,790 confirm the action of your Directors and sanction the agree- Less—Payments to Shareholders in dividends: 60 ment of lease between September 30th 1911, January 2nd 1912, April 1st your Company and the Quebec Cen- 1912 and June 29th tral Railway 1912 5,400,000 00 Company. 11. The Shuswap & Okanagan Railway, 51 miles in length, $2.460,790 60 • From this a dividend has been declared, payable October extending from Sicamous Junction, on your main •. 1st 1912 line 1,350,000 oo in British Columbia, to the head of Okanagan Lake was Leaving net surplus leased to your Company on its completion carried forward $1,110,790 60 in 1892' for a 2. The working expenses period of 25 years, and it was a condition of the•lease for the year amounted to 64.89 the that per cent of the gross earnings, and the net earnings Company should pay by way of rental forty per cent to 35.11 of the gross earnings of the line, as per cent, as compared with 64.77 and 35.23 per cent, re- defined in the lease, in spectively, in 1911. quarterly amounts. The interest on the bonds issued by the Shuswap & Okanagan Railway 3. Four per cent Consolidated Debenture Stock to the Company for the con- amount of $2,252,516 was created and struction of the line, amounting to £10,000 per, annum, sold, and of the pro- was unconditionally guaranteed ceeds the sum of $1,481,592 was applied to the construction by the Province of British of authorized branch lines; £300,000 Columbia. Until 'within the last two years the rental was was used for acquisition insufficient of steamships for Pacific Coast Service, as to meet the annual interest charge, with the authorized; £5,000 result that the Province was used to acquire a like amount of your Company's of British Columbia had a deferred First claim against the Shuswap & Okanagan Mortgage 5% Bonds; and the balance, £465,924, was devoted Railway Company to the acquisition of the bonds of other for the deficiency in interest amounting to about £80,000 railway companies at the end whose lines constitute a portion of your system, the of last fiscal year. As the principal of the bonds interest will mature July 1st 1915, and manifestly desirable on which had, with your sanction, been guaranteed by your it is Company. that your Company should retain possession of the line, a 4. Four per cent Preference lease of the property for a period of 999 years has been Stock to the amount of arranged £1,976,390 was created and sold, the proceeds and will be submitted for your approval. The being used to rental to be paid by your amount meet capital expenditures that had your previous sanction. Company is an equivalent ' to four per cent per annum on the outstanding bonds 5. Your guarantee of interest was endorsed on Four per of the cent Consolidated Bonds of the Minneapolis company and on any that may hereafter be issued with your St. Paul & consent. Upon being rights Sault Ste. Marie Railway Company to the amount subrogated in the of the Prov- of ince, your Company has undertaken to make good to $1,520,000, issued and sold to cover the cost of 76 miles of the Prov- railway added to that ince the deficiency in interest, to which reference has been Company's railway system. made. 6. During the year 669,639 acres of agricultural land were 2. Your land in Columbia sold for $10,710,143 00, being an average of $15 99 British secured by the Con- acre. per struction of the Columbia & Western, and Included in this area there were 3,270 acres of British Columbia irrigated land, Southern Railways had, by lapse of time and judgment which brought $44 25 per acre, so that the Court, of the average price of the balance was $15 85 per acre. become subject to taxation. Of the lands in these 7. Your Directors grants 434,696 acres were sold during the past twelve years consider it desirable to extend the at an following branch lines of railway Manitoba, average net price of $1 77 per acre. As these consti- in Saskatchewan tuted the most and Alberta, and will ask you to sanction the issue accessible of the lands, and the remainder of the were so situated that they would necessarily requisite amount of Four per cent Consolidated Debenture be very slow of Stock to meet the sale, your Directors decided after negotiations coveringa expenditures, viz: Boissevain to Lauder- siderable con- 37 miles; Weyburn Lethbridge Branch-125 period to re-convey to the Government of the miles; Kerro- Province of British Columbia the unsold bert Northeasterly Branch-11 miles; Wilkie Anglia Branch portion of these two land grants, excepting an area of 543,496 acres reserved by

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Aua. 3I .1912.] THE CHRONICLE 551 of British Columbia and here- to meet its timber and tie requirements, at the Government of the Province the Company Provincial after the figures relating to them will appear in your annual price of 40 cents per acre. This will enable the to take up on very easy statements. authorities to encourage settlers the Shareholders as may be of use, and the Company 18. At a Special General Meeting of terms such of the lands for the purpose of giving from the cost of administration and from the held on May 11th 1892, called will be relieved Act of 1892, a Resolution was adopted author- of rather heavy annual taxes. Your Directors are erect to the payment izing the Company to create and issue from time to time Con- of opinion that the transaction, which was not completed be advan- solidated Debenture Stock payable in Sterling money of until after the close of the fiscal year, will !Drove to four per Province of British Columbia and to your Great Britain and bearing interest not exceeding tageous to both the purpose of satisfying or acquiring and they hope that their action will meet with cent per annum, for the Company, Mortgage Bonds of any other railway company the principal your approval. Company shall have already guar- The Georgian Bay & Seaboard Railway, recently or interest of which the 13. The Dominion Atlantic Railway Company, whose built under the auspices of your Company between Victoria anteed. Ontario, to provide railway you have leased, provided its money requirements Harbour, on Georgian Bay, and Bethany, Stock, upon which and rail route between by an issue of three classes of Debenture a shorter and more economical lake the payment of the annual Canada and the Atlantic Seaboard, has proved your Company has guaranteed- Western as a consideration for the lease of the property. more expensive than was anticipated, due to the character of interest construct and to It is quite likely that in the future it will be found desirable the line that it was finally determined to Stock by an conferred by Parliament on the to acquire a portion, or all, of this Debenture other conditions. The power per cent Consolidated Debenture Bay & Seaboard Railway Company to issue bonds issue of your own Four Georgian limited Stock, and, in order to comply strictly with the provisions for the purposes of its undertaking was originally of Parliament of the Act of 1892, it will be necessary to have an issue of to $30,000 per mile, but at the last session approved to $55,000 per mile, and your Consolidated Debenture Stock for that purpose this amount was increased Special General Meeting duly ask your authority to enter into a supple- by the Shareholders at the Directors will Rail- called for the purpose immediately after the Annual General mentary agreement with the Georgian Bay & Seaboard the limit of that company's bond Meeting. way Company to increase will retire from office which this Company has, by virtue of the lease 19. The under-mentioned Directors issue, upon at the approaching Annual Meeting. They are eligible approved October 3rd 1906, agreed to pay interest by way $30,000 to an amount not exceeding $55,000 for re-election: of rental from Mr. WILMOT D. MATTHEWS, per mile of railway. Sir SANDFORD FLEMING. K.C.M.G., Instead of continuing the double track from Glen Tay Mr. ADAM R. CREELMAN, KG., 14. Sir WILLIAM WHYTE. to Agincourt, on the Ontario & Quebec Railway between your Directors have decided, if you For the Directors, Montreal and Toronto, SHAUGHNESSY, Presidtnt. to secure a line between these two points that will T. G. approve, August 12th 1912. serve the territory further south, and will reach several Montreal, important towns on the North Shore of Lake Ontario. An agreement has, therefore, been glade with the Campbellford CONDENSED BALANCE SHEET JUNE 30 1912. & Company for the con- Railway and Equipment $382,829,051 33 Lake Ontario Western Railway Ocean. Lake and River Steamships 21.338,974 12 struction, under your Company's supervision and control, Acquired Securities (Cost): railway, 184 miles in length, between Exhiolt "A" 80,525,353 $2 of that company's Properties Held in Trust for the Company 6,378,358 03 Glen Tay and Agincourt, both in the Province of Ontario, Deferred Payments on Land and Town Site Sales 41,468,821 88 lease of the railway when completed to your Advances to Lines Under Construction 16,654,401 70 and for the Advances and Investments 12,360.997 99 Company for a period of 999 years, at a rental equivalent Material and Supplies on Hand 13,017.431 90 to four per cent per annum on the bonds of the Campbellford Current Assets: with Agents and Conductors' Balances $4,805,132 07 Lake Ontario & Western Railway Company, issued Miscellaneous Accounts Receivable 5.023,469 41 your consent. 9,828,601 48 in the Temporarily Invested in Government Securities 10,088.734 86 15. Your present route between points Kootenay in 33,628,819 03 dstricts, of British Columbia, and the Cash Hand and Boundary Creek 8628.119,545 64 Pacific Coast is long and expensive, and the best means of securing a more direct route has engaged the attention of capital Stock $180,000,000 00 for time past. The Kettle Valley Payments on Subscription to New Issue Capital Stock ($18.- your Directors some 000,000 00( 16,806,621 00 Railway Company, having a Dominion charter, covering the Four Per Cent Preference Stock 66,695,097 03 between Midway, the terminus of your Boundary Four Per Cent Consolidated Debenture Stook 153,823.706 86 territory Mortgage Bonds: Creek Line, and Merritt, on your Nicola Line, undertook to First Mortgage, 5 per cent $34,998,633 33 and Algoma Branch. 1st 3.650,000 00 build the railway between these points, under the advice Mortgage 48.648.633 33 to the satisfaction of your Directors, upon condition 'that Current Liabilities: your Company would lease the line, approximately 270 Audited Vouchers $11,361,277 06 North Fork of Pay Rolls 5,621,929 55 miles in length, and the branch line along the Net Traftio Balances 290,366 38 the Kettle River, 24 miles in length, whenever and as soon Miscellaneous Accounts Payable 6,271,762 30 is competent to 23,545,335 29 as the Kettle Valley Railway Company Interest on Funded Debt and Rental of Leased Lines: make a lease, paying by way of rental the interest at four Coupons due July 1 1912, and including the Kettle Valley Railway Coupons overdue not presented $1,207,274 00 per cent per annum on the bonds of Accrued Fixed Charges 184,428 35 Company, issued with your consent, any subsidy received 1,391,702 35 Government, or from any Equipment Obligations 1,040,000 00 from the Dominion or Provisional Equipment Replacement Fund 2,103.093 54 other source, to be applied on an agreed basis towards the Steamship Replacement Fund 5.721.852 37 for Additions and Improvements 3,535,712 14 construction of the railway and a corresponding Appropriation 80 cost of Reserve Fund for Contingencies 4,382.617 in the amount of bonds to be issued. This line Towa Sites Sales 57,538,307 59 reduction Lands and 72.885,966 34 will give you access to a large and important section of the Surplus Province in which development should quickly follow railway $628,119.545 64 clothed facilities, ynur Directors will suggest that they be acres when the requisite Note.—.In addition to above assets, the Company owns 6.660581 with power to make an agreement of lease of land in Manitoba. Saskatchewan and Alberta (average sales past year have been complied with. $15 99 per acre), and 4,395,948 acres in British Columbia. legal formalities 1, G. OGDEN, Vice-President. 16. The amounts appropriated for new works, exclusive large in the year AUDITOR'S CERTIFICATE. of railway construction, were abnormally Rail- additional We have examined the Books and Records of the Canadian Pacific under review. For the enlargement of terminals, way Co. for the fiscal year ending June 30 1912, and, having compared the buildings, shops, second tracks, sidings and improvements annexed Balance Sheet and Income Account therewith, we certify that. In of your our opinion, the Balance Sheet is properly drawn up so as to show the true of every variety calculated to improve efficiency financial position of the Company at that date, and that the relative In- railway system, and to facilitate the movement of your large come Account for the year is correct. author- PRICE, WATERHOUSE & CO.. . and increasing traffic, the amount of $30,000,000 was 1912. Chartered Accountants. (England). and cars, Montreal. August 9 ized to be expended and orders for locomotives JUNE 30 1912. of $25,750,000, were placed. FIXED CHARGES FOR YEAR ENDED representing an expenditure £7,191,500 First Mortgage Bonds 5% due July 1 1915 $1.749,931 66 Many of these works cannot be completed within the season £200,000 St. Lawrence dc Ottawa Ry.4% 1st Mtge. Bonds $8.933 34 of labor available, but your Direc- $2,544,000 Man. S. West. Colzn. Ry, 1st Mtge .5% Bonds with the limited amount due June 1 1934 127,200 00 tors are sparing no effort to meet the convenience of the Toronto Grey & Bruce Ry. Rental 140,000 00 public and to strengthen your own position. Canadian £4,007.381-15-5 Ontario & Quebec Ry. Debenture Stock 5% 975,129 56 32,000,000 Ontario & Quebec Ry. Ordinary Stock 6% 120.000 00 manufacturers of freight cars are very much behind in their £1,330,000 Atlantic & North West. Ry. 1st Mtge. Bonds due deliveries, but they promise to do better, and there is little January 1 1937 323,633 34 be £750,000 Algoma Branch 5% 1st Mtge. Bonds, due July 1 doubt that all of the equipment ordered abroad will 1937 182,500 00 forwarded according to contract. $500,000 New Brunswick Southern Ry. 1st Mtge. Bonds, the Esquimalt 3% 15,000 00 17. In 1905, when pour Ceinpany acquired $500,000 Lindsay Bobcaygeon & Pontypool 1st Mtge. & Nanairno Railway, you also purchased the unsold lands Bonds, 4% 20,000 00 about Rental, Calgary & Edmonton Ry 218,357 60 on Vancouver Island belonging to that Company, Rental, Farnham to Brigham Jet 1,10000 1,400,000 acres in area, at the price of $1,330,000. Thus far Rental, Mattawainkeag to Vanceboro 23,800 00 $3,364,000, and the Rental, New Brunswick Ry. System 372,829 74 250,000 acres have been sold, yielding Rental, Terminals at Toronto 25,353 15 remaining area is of great value, although some portions of it Rental, Terminals at Hamilton 35,297 73 they cannot utilized. There was Rental, Hamilton Jct. to Toronto 42,191 12 are so situated that well be Rental. St. Stephen & Milltown Ry 2,050,00 the possibility that these lands might be subject to taxation Rental. St. Mary's & Western Ontario Ry 2,442 05 the Esquimalt & Nanaimo Railway, and Rental, Joliet & Brandon fly 5,000 00 if segregated from Rental, Lachine Canal Branch 939 96 therefore they have never been taken into your accounts, • Interest on Montresi & Western Ry 15,403 37 but an agreement about taxes, has been made with the • Interest on Equip Obligations 63.086 67

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 552 THE CHRONICLE [VOL. LXX.XXV. Brought forward $4.500,459 29 Position of Land Grants at June 30 1912. 4% Consolidated Debenture Stock. Canadian Pacific- Acres. E30,490,493 Grants Acres. Interest from July 1 1911 $5,035,482 62 20,710,401 £996,530 Interest from Jan. 1 1912 Disposed of t the Dominion Government 96,995 58 the agreement under £120,588 Interest from July 1 1912 of March 30 1886 6,793,014

$6,032,478 20 Purchased 19,917,386 bees received from subsidy from Hudson's Bay Co. January 1011_ _ _ 102,174 Northern Colonization Acquired with the Alberta Railway & Irrigation Co. Railway 8,000 00 March 1912 6,024,478 20 209,558 $10,524,937 20,229,111 49 Sales to June 30 1912 13,822,923 Less canceled during year 59,046-13,763,87Y EXHIBIT "A"-ACQUIRED SECURITIES. Quantity of Land Unsold 6,465,242 Securities of Manitoba South Western- Leased Lines. Total Grant Par Value. 1,396.800 Atlantic F0 North West By. 1st Mortgage Sales to June 30 1912 Eganville Bonds, 5% $19,456 67 Less canceled 1,301,822 Branch 1st Mortgage Bonds, 4% during year 14- Guaranteed Stock 302,400 00 1.301,808 'Capital Stock 3,240,000 00 Quantity of Land unsold Alberta Railway 176,000 00 94,092 & Irrigation Co. Ordinary Stock 3,146,300 Great North West Central- British Columbia Southern 00 By. 1st Mortgage Bonds, 5%_ _ 1,175,000 00 Total Grant 'Capital Stock Sales to June 329,004 'Berlin 172 200 00 30 1912 220,074 Waterloo Wellesley & Lake Huron By.'1st Mort- Less canceled during year gage Bonds, 4% 417- 211,657 426,000 00 Calgary de Edmonton Ry. 1st Mortgage Bonds, Quantity of land unsold *Capital Stock 4% 5,900,000 00 100,347 1,000,000 00 Columbia & Kootenay By. 1st Mortgage Bonds. 4% Total Agricultural *Capital Stock 1,277,500 00 Lands owned by the Company (3,660,581 250,000 00 Columbia & Western By. 1st Mortgage Bonds, 4% 'Capital Stook• 5,591,000 00 925,000 00 Great North West Central By. 1st Mortgage Bonds, 5% BRITISH CULUMBIA 'Capital Stock 1,375,000 00 LANDS. 450,000 00 Columbia Guelph & Goderich By. 1st Mortgage Bonds, 4% and Kootenaly- Acres. Acres. *Capital Stock 2,415,000 00 Total Grant 125,000 190,000 Georgian Bay & Seaboard By. 00 Sales to June 30 1912 1st Mortgage Bonds, 4%._ _ 309,000 00 158,414 'Capital Stock Less canceled during year 59- 158,355 'Kootenay de Arrowhead 250,000 00 By. 1st Mortgage Bonds, 5%- - 780,000 *Kootenay Central By. Capital S5ock 00 Quantity of Land unsold 'Lindsay 250,000 00 31,645 Boboaygebn & Pontypool By. Capital Stock_ _ British Columbia Southern- Manitoba & North Western 200,000 00 Total By. 1st Mortgage Bonds, 6%.._ 2,627,513 33 Grant 3.451.093 1st Mortgage Bonds, 5% Sales to June 30 1912 Shell River 2,520,000 00 334,330 Branch 1st Mortgage Bonds, 5% Less canceled during year 161- Debenture Stock, 5% 160,600 00 334,169 613,200 00 Preferred Stock, 5% Quantity of Land unsold •Capital Stock 415,050 00 3,116,924 5,612,113 63 Columbia and Western- Manitoba South West Col. By. 1st Mortgage Bonds, 5% Grant Capital Stock 72,000 00 Received 1,347,905 700,000 00 Sales to June 30 1912 102,206 Montreal ec Ottawa By. 1st Mortgage Bonds, 5% Less 'Capital Stock 1,636,250 00 canceled during year 1,680- 100,526 227,200 'New Brunswick ik Southern By. Capital 00 Stock 49,000 00 Quantity of Land unsold Northern Colonization By. 1st Mortgage Bonds, 1,247,379 'Capital Stock 4% 1,118,000 00 Nicola 300,000 00 Total British Columbia Lands owned Kamloops & Similkameen By. 1st M. Bonds, by the Company_ _ _ _ 4,395,948 *Common Stook 4% 1,175,000 00 •Nakusp & Slocan By. Common Stock 250,000 00 300,000 00 Ottawa Northern & Western By. 1st M. Bonds, 4% 'Capital Stock 3,075,000 00 EXHIBIT "C"-DETAILS OF BALANCE SHEET ITEM. 804,000 00 Ontario & Quebec By. Capital Stock Lands and Orford 5,000 00 Townsites. Mountain By. 1st Mortgage Bonds, 4% 13,763,877 acres *Capital Stock 702,000 00 and Townsites sold,amountingto $08,192,095 63 501,000 00 6,793,014 acres disposed of to the Dominion Government Saskatchewan & Western By. 1st Mortgage Bonds, 5% __ _ In 1886 'Common Stock 181,040 00 10,189,521 00 'South Ontario Pacific 232,500 00 By. Common Stock 20,000 00 Shuswap & Okanagan By. 1st Mortgage Bonds, Less $108,381,616 63 Common 4% 5,35333 -Expenses, Cultivation rebate and 10% on Land Stock Grant Bonds retired 'St. Lawrence de Ottawa 731,000 00 and canceled 10,827,665 11 By. Common Stock 466,000 00 St. Maurice Valley By. 1st Mortgage Bonds, 4% 'Capital Stock 945,000 00 $97,553,951 52 Tllsonburg Lake Erie 500,000 00 ADD- & Pacific By. 1st M. Bonds, 4 %--- - 1,057,500 00 'Common Stock Proceeds Manitoba So. West. Col. Vancouver & Lulu 400,000 00 Proceeds By. Land Sales $3,011,279 08 Island By. 1st Mortgage Bonds, 5% 455,000 Great North West Central By. Land Sales 'Capital Stock 00 Proceeds Manitoba 1,001,918 70 25,000 00 de North Western By. Land Sales_ 63,088 89 Walkerton & Luoknow By. 1st Mortgage Bonds, 4% Proceeds British Columbia Land 'Common Stock 740,000 00 Sales 1,417,816 08 19,000 00 Securities of Other Companies Controlled but not Less-Cost $103,048,034 28 Leased. of lands purchased from Hudson's Bay Co_ _ _ _ 1,396,591 54 Duluth S -nth Shore Fc Atlantic By. Con. M. Bonds, 4%..-.. $15,107,000 Income Certificates 00 $101,651,442 74 Preferred Stock 3.000,000 00 DEDUCT: Ordinary Stock 5,100,000 00 6,100,000 Expenditures on Irrigation Dominion Atlantio By. Capital Stock 00 7,919,614 15 Preferred Stock 1,101,848 03 1,309,666 Kingston & Pembroke By. 1st Mortgage 67 $93,731,828 59 Bonds. 3% 571,000 00 Amount expended in Construction of Railway and Equip- 1st Preferred Stock ment 20d Preferred Stock 995,450 00 and deducted from cost of Property 36,193,521 00 Ordinary Stock 134,900 00 1,968,400 00 bilnn. St. Paul de Sault Ste. Marie By. 1st M. Bonds, 4% _ _. $57,538,307 59 Preferred Stock, 7% 3,093,000 00 Common Stock 6,361,800 00 Montreal 12,723,500 00 & Atlantic By. 1st Mortgage Bonds, 5% EXHIBIT -CONSTRUCTION-ACQUIRED Common Stock 945,000 00 "D" AND BRANCH 2,160,000 00 LINES. *St. John Bridge F0 By. Extension Co. Common Stock 200,000 00 Moosejaw Branch 'Dominion Express Co. Common Stock $1,136,877 08 'Chateau Frontenao 2,000,000 00 Craven-Bulyea Branch Hotel Co. Common Stock Virden-McAuley 116,685 17 280,000 00 Branch 94,325 77 Miscellaneous Securities. Stonewall Branch Extension Lauder 2,876 53 Branch ______3,280 69 Canadian Pacific fly. 1st Mortgage Bonds, 5% Weyburn-Lethbridge Branch Canada North $1,232,240 00 Langdon 787,205 34 West Land Company Common Stock Branch 1,418 54 Mineral Range By. 1st Mortgage 5,625 00 ICipp-Aiderside Bonds, 4% 1,254,000 00 Branch 631,965 44 Toronto Hamilton & Buffalo By. 2nd Mortgage Bonds, 4% 13assano-Irricana Branch Capital Stock 271,000 00 472,059 78 203,700 Regina-Colonsay Branch 653,224 94 Town of Morris, Manitoba Bonds 00 Estevan-Forward Branch 'Canadian 15,000 00 284,577 39 Pacific) Railway (Souris Branch) 1st Mortgage Waldo-Galloway Branch 141,606 89 Bonds, 4% Moosejaw 1,915,666 67 S. %V. Branch 681,539 79 'Pacific Steamships 4% First Mortgage, £720,000 Wilkie N. W. Branch 474,079 'Pacific Coast Steamships 3,504,000 00 Kerrobert 73 5% First Mortgage, £225,000- 1,095,000 N. E. Branch 140,448 03 West Kootenay Power & Light 00 NVilkie-Anglia Co. Preferred Stock 55,000 00 Branch 262,597 68 Common Stock Swift Current S. E. Branch 727,620 1,100,000 00 Swift 68 Current N. W. Branch 615,679 44 $133,32.8,934 Boissevain-Lauder Branch 54,873 27 23 Suffield S. W. Branch 'Denotes complete 49,550 64 ownership. Three Forks-Bear Lake nch 249,182 06 Surveys of We have examined projected lines 174,844 57 all the securities, including those listed above, for account of the Canadian Pacific held Railway Company, by the Treasurer, $7,686,609 and have received certificates from the Custodians for those 45 the Banks and deposited with Trust Companies for safe custody, and, having compared them with the records of the Company, find them correct and in order. EXHIBIT "E"- EXPENDITURE ON ADDITIONS AND IMPROVE- PRICE, WATERHOUSE & CO., MENTS FROM JULY 1 1911 TO Jf/N11 30 1012. Chartered Accountants Montreal. August 9th 1912. (England). Main Line- Quebec to Bonfield Montreal $631,354 88 Terminals 1,625,820 Windsor St. Station Extension 23 EXHIBIT "B"-LANDS SOLD. 830,331 42 Double Track Bridge over St. Lawrence River:. Bonfield 810,749,29 Canadian Amount Average to Port Arthur Pacific Land Grants- Acres. Realized. Port Arthur to Field 528,415 57 July 1 1911 to June Per Acre. 5,175,667 07 30 1912 666,699 $10,653,198 $15 Field to Vancouver July 1 1910 to June 30 1911 628,092 98 2,419,086 83 Manitoba 9,391,459 14 95 South Western Grant- Total Main Line ______July 1 1911 to June 30 1912 2,140 40,305 Branch Lines ______$12,036,425 29 July 1 1910 to June 18 83 ______1,554,394 88 30 1911 20,711 128,178 6 19 Telegraph Extensions and Additions ______Great North West Central Grant- Office Buildilg, 358,141 97 July 1 1911 Toronto ______456,540 to June 30 1912 800 16,640 Office Building, Edmonton ______78 July 1 1910 to June 20 80 __ 222,457 23 30 1911 2,071 38,790 18 73 Office Building, Saskatoon ______Office Building, 1,000 00 Total Sales- Victoria ______125,209 00 Rented and temporary sidings ______July 1 1911 to June 30 1912 689,839 10,710,143 213,095 00 July 1 1010 to June 30 1911 15 99 650,874 0,558,427 14 89 Total Main Line and Branches --- $14.967,264 13

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AU*. 31 1912 j THE CHRONICLE 553

AND ACQUIRED WORKING EXPENSES FOR THE YEAR ENDED JUNE 30TH 1912. EXHIBIT "P"-EXPENDITURE ON LEASED LINES FROM JULY 1 1911 TO JUNE 30 1912. Transportation Expenses 338,923.050 02 of Way and Structures 17,719,795 21 & rhos Railway 31,988,434 43 Maintenance Ontario 276,282 60 Maintenance of Equipment 13,608,708 19 Atlantic & 'North West Railway 2,880,800 32 Railway 372,639 46 Traffic Expenses New Brunswick 45,011 21 Parlor and Sleeping-Car Expenses 944.594 34 Montreal & Western Railway 1,064,011 53 Colonization Railway 9,978 53 Expenses of Lake and River Steamers Manitoba South-Western 3,444.394 51 Kootenay Railway 11,068 18 General Expenses.. Columbia & Telegraph 1,435.944 28 Manitoba & North-Western Railway 369,560 26 Commercial North-West Central Railway 4,986 30 Great 27 280,021,298 40 Calgary & Edmonton Railway 217,433 Total Columbia & Western Railway. 291,810 27 Montreal & Ottawa Railway 49,166 17 Nicola Kamloops & SimIlkameen Railway 15,927 94 SURPLUS INCOME ACCOUNT JUNE 30TH 1912. & Pontypool Railway 2,239 93 Lindsay Bobcaygeon 355,374,493 44 Joliette & Brandon Railway 17,912 64 Balance at June 30th 1911 Tilsonburg Lake Erie & Pacific Railway 5.454 65 Net earnings of Railway and Steamship Lines $32,752,754 13 Railway 1,202 30 Special Income 5,158,585 40 St. Maurice Valley 53 Walkerton & Luoknow Railway 3,743 92 [as per statements] 37,911,339 Railway 27,207 53 Guelph & Goderich 97 New Brunswick Southern Railway 10,155 17 $93,285,832 Orford Mountain Railway 137 28 Less: Dividends on Preference Stock, paid Ottawa Northern & Western Railway 12,157 07 September 30th 1911 and April 1st 1912_ _ $2.399.866 03 And dividends on Ordinary Stock, paid Sep- $3,732,509 11 tember 30th 1911, January 2nd 1912, April 1st 1912 and June 29th 1912 18,000,000 00 20,399,866 63 YEAR ENDED JUNE 30 1912. RECEIPTS AND EXPENDITURESJ Total Surplus Income:June 30th 1912 $72,885,966 34. hand June 30 1911 $34,371,550 98 Cash in 10,088,734 86 dividends on Prefer- Temporarily Invested In Government securities From this there-have been declared the ence and Ordinary Stook payable October 1st 1912, $5,833,901 94 Receipts- amounting to Surplus Revenue as per statement $32,752,754 13 Income as per sattement 5,158,585 40 ADDITIONS AND IMPROVEMENTS. Special 37,911,339 53 APPROPRIATIONS FOR Balance at June 30th 1911 37,119.285 64 Land Department- 3,583,573 50 Lands and Townsites: Less: Expended during year included In Exhibits E and P sales 8,279,537 17 Net proceeds of 14 Collection of Deferred Payments on pre- Amount unexpended $3,535,712 vious year's sales 6,028,524 87 $14,308,062 04 STATEMENT OF EQUIPMENT AT 80TH JUNE 1912. Less amounts remaining in Deferred Payments on year's sales 13,380,925 93 1,820 11 Locomotives 927,136 'First and second-class Passenger Cars, Baggage Cars and Colonist Bonuses- Sleeping Cars, 1,841 Dominion Government Subsidy: First-class Sleeping, Dining and Cafe Cars 300 On Moosejaw Branch 78,432 00 Parlor Cars, Official and Paymaster's Cars 75 " Selkirk Branch-Gimli Extension 30,176 00 Freight and Cattle Cars (all kinds) 61,446 108,608 00 Conductors' Vans 1,065 Capital Stock- Boarding, Tool and Auxiliary Cars and Steam Shovels 4,254 Subscription to $18,000,000 Additional. Ordinary Stock- Payments on installments 16,806,621 00 'Includes cars in Line Service as follows: St. John and Boston Line, Four Per Cent Preference Stock: 12 cars; Montreal and Boston Line, 14 cars; Toronto Hamilton and Buffalo Amount realized from issue £1,976,390 9,444,080 19 Line, 14 cars. Consolidated Debenture Stock- Amount realized from Issue £2,252,516 11,016,661 59 OCEAN, LAKE AND RIVER STEAMERS. $120,674,732 26 -Empress of Britain, Empress of Ireland, Lake Cham- Deduct- Atlantic Service. _516,654,401 70 plain, Lake Erie, Lake Manitoba, Lake Michigan, Milwaukee, Montcalm, Advances to Lines under Construction_ _ _ Mount Royal, and 12,360,997 99 Montfort, Montreal, Montrose, Monmouth, Montezuma, Advances Investments Cruizer. Current Assets 9,828,601 48 Mount Temple, Pacific Service.-Empress of India, Empress of Japan, Monteagle. $38,844,001 17 Pacific Coast Service.-Beaver, Charmer, City of Nanalmo, Czar, Joan, Less amount at Jane 30 1911 26,684,005 17 Alice, Princess Beatrice, 12,159,996 00 Nanoose. Otter, Princess Adelaide, Princess Princess Charlotte, Princess Ena, Princess May, Princess Mary, Princess Victoria, Qualicum, $108,514,736 26 Patricia, Princess Royal, Princess Sophia, Princess Tees, Transfer No. 1, Transfer No. 2, Transfer No. 3, Queen City. Upper Lake Service.-Alberta, AssInibola, Keewatin, Manitoba, Atha- Expenditures- basca. Dividends on Preference Stock: British Columbia Lake and River Service.-Aberdeen. Bennington, Co- 2 per cent paid September 30th 191t.,_ $1,141,533,31 lumbia, Castlegar, Hosmer, Kaleden, Kokanee, Kootenay, Kuskanook, 2 per cent paid April 1st 1912 1,258,333 32 Minto, Moyle, Nelson, Okanagan, Proctor. Rossland, Bandon. Slocan, $2,399,866 83 Valhalla, Y mfr. York, Whatshan. on Ordinary Stock: Dividends Ferry Service.-Ilichigan, Ontario. 234 per cent paid September 30th 1911._ $4,500,000 00 234 per cent paid January 2nd 1912 4,500,000 00 4,500,000 00 234 per cent paid April 1st 1912 DESCRIPTION OF FREIGHT FORWARDED, 2 M per cent paid June 29th 1912 4,500,000 00 18,000,000 00 Year ended June 30th Properties held in trust for the Company 197,665 27 1910. 1911. 1912. Construction of acquired and branch lines, Exhibit"D" 7,686,609 45 Flour Barrels_ 7,489,812 8,469,744 8,459,850 AdditWions and Improvements, main line and branches, • Grain Bushels_ 112,795,345 111,169,982 151,731,691 Exhibit "E" - 14,967,264 13 Live Stock Head_ 1,381,183 1,567,665 1,663,315 Additions and Improvements, leased and acquired lines, Lumber Feet_2,292,821,963 2,441,007,107 2.806,735,006 "F" 3,732,509 11 Cords_ 280,878 298,345 305,079 Exhibit Firewood 7.196,225 Rolling Stook, Shops and Machinery 15,801,577 89 Manufactured Articles___Tons_ 5,468,548 5,759,344 Ogden Shops at Calgary 608,857 86 All other articles Tons_ 7,567,052 8,971,037 0,092,821 Ocean, Lake and River Steamships: Additional Steamships and Appurtenances for Pacific: Coast Service $749,894 19 FREIGHT TRAFFIC. Less sale of Steamship Year ended Juno 30th- "Amur" 11,000 00 1912. 738,894 19 1910. 1911. 22,536,214 25,940,238 Additional River Steamers and Barges 86,740 83 Number of tons earrled 20,551,368 1,819 44 Number of tons carried one mile 7,772,012,635 8,062,102,013 10391.650,965 Extension to Steamship "Alberta" 0.81 eta. 0.77 eta. Payments on account of Steam- Earnings per ton per mile 0.77 eta. ships "Empress of Asia" and

"Empress of Russia" 1,557,671 94 TRAFFIC. Less amount paid from PASSENGER Steamship Replacement 778,835 97 frr • • Year ended June 30th 778,835 97 1910. 1911. 1912. Additional Facilities at Liverpool 62,260 15 11,172,891 12,080,150 13,751,516 1,668,550 58 Number of passengers carried_ _ Number of passengers carried Securities Acquired- 1,355,266,088 1,457,332,932 1,626,577,067 fly. 1st one mile Calgary & Edmonton Mortgage Earnings per passenger per mile 1.83 eta. 1.93 eta. 1.96 eta. Bonds $2,200,000 00 Kingston & Pembroke fly. 1st Mortgage 254,637 50 Bonds STATISTICS-FOR TWELVE MONTHS ENDED Shuswap & Ontanagan fly. 1st M. Bonds_ 4,767 07 TRAIN TRAFFIC) Tilsonburg Lake Erie & Pacific fly. 1st JUNE 30TH 1912 AND 1911. Bonds 67,500 00 Mortgage River Steamers not Included in this Statement.) Alberta fly. ec Irrigation Co. Stock 125,550 00 (Earnings of Lake and fly. Stook 10,183 06 Inc.(+)or DeC• Dominion Atlantic (-)•Per Kingston & Pembroke fly. Stock 1,099 25 Year ended Year ended Amount or Stock 30,550 00 June 30 1912. June 30 1911. Number. Cent Shuswap & Okanagan Ry. Train Mileage- 12.63 West Kootenay Power & Light Co. Stock_ 517,493 25 Passenger trains 19,591,027 17,393,532 +2.197,495 Sault Ste.Marielty.: 25,638,692 21,701.893 +3,936,799 18.14 Minneapolis St.Paul & Freight trains 2.82 Balance of subscription to Ordinary and Mixed trains 1,727,792 1,680,421 +47,371 1,324,920 00 Preferred Stock 15.16 4,545,700 13 Total trains 46,957,511 40,775,846 +6,181,665 Payment of Equipment Obligations 160,000 00 1,826,177 89 Car Mileage- Increase In Material and Supplies on hand Passenger: $71,594,778 94 Coaches and P. D. and S. ears 100.088,130 89,404,332 +10,683,798 11.95 Deduct: 2,917,523 2,812,227 +105,296 3.74 Increase In 6,797,596 57 Combination cars current liabilities Baggage, Mall and 38,487,654 +4,191,316 10.89 $64,797,182 37 Express Cars- .12,678,970 Temporarily Invested in Government Securities 310,088,734 86 Cash on hand 33,628,819 03 Total Passenger oars 145,694,623 130,704,213 +14,980.410 11.46 $108,514,736 26 Freight: Loaded 556,244,798 460,739,921 +95,504,877 20.73 Empty 140,210,180 139,455,186 +754,994 .54 +4,349,752 18.49 EARNINGS FOR TIIE YEAR ENDED JUNE 30TH 1912. Caboose 27,871,524 23,521,772 82 From Passengers ______$31,812,207 cars 724,326,502 623,716,879 +100.609,623 16.13 " Freight 79,833,734 03 Total Freight 859,557 54 Passenger cars per Traf- " Mails 6.83 6.85 -.02 .29 " Sleeping Cars, Express, Telegraph and Miscellaneous 10,814,041 84 fic Train Mile Freight cars per Traffic 26.47 26.67 -.20 .75 Tots) $123,319,541 23 Train Mlle

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis '554 THE CHRONICLE [VOL. toonocv.

Inc.(+) or Dec. (-). Year ended Year ended Amount or Per Passenger Traffic- June 30 1912. June 30 1911. Number. Cent. %he Touxutercial Passengers carried'earn- rgiutes„ ing revenue) 13,503,569 11,928,943 +1,664,626 13.95 Passengers carried(earn- COMMERCIAL EPITOME. ing revenue) one mile1,1310,251,856 1,440,649,164 +169,602,692 11.77 Passengers carried(earn- Friday Night, ing revenue) one mile Aug. 30 1912. per mile of road_ __ _ 149,549 139,297 +10,252 7.36 Trade continues to increase at big centres in this.country. Average Journey per Iron and steel prices keep advancing. passenger ___ _miles 118.46 120.77 --2.31 1.91 The condition of Average amount re- trade in these products is regarded ceived per passen- as in the main excellent. ger $ ' 2.30 2.31 -.01 .43 The crops, on the whole, look well. In addition there are Average amount re- ceived per passenger indications of a good foreign demand for American grain, mile eta. 1.94 1.92 +.02 1.04 partly Averagenuinberof pas- owing to the destructive rains in England and an sengersper train mile 75.53 75.53 excessive rainfall also in France Averagenumber ofpas- and Germany. Prices of sengers per car mile_ 15.63 15.62 +.01 .06 commodities in general have recently shown an upward Revenue from passen- gers per passenger tendency. Industrial corporations in some cases are paying car mile cts. 30.31 29.91 +.40 1.34 larger Total passenger train dividends. A scarcity of cars is complained of in the earnings per train West. mile 3 1.75 1.73 +.02 1.16 Total passenger train LARD on the spot has been stronger, influenced by light earnings per mile of receipts of hogs, a firmer market for cereals and the road $ 3,471.85 3,101.72 +280.14 8.78 fact that Freight Traffic- there has been some increase in the demand. Prime Western Tons of revenue freight 11.45c., Middle Western 11.20c. and city steam 11c. Refined carried one mile_ _ _10,180,782,322 7,859,966,837 +2,320,815,485 29.53 Tons of non-rev, freight lard has been in good demand and firm; Continent 11.75c., carried one mile_ _1,615,529,852 1,241,451,628 +374,078,224 30.13 South American 11.35c. and Brazil in kegs Total tons (all classes) 13.35c. The freight carried one speculation in lard futures at the West has been moderately mile 11,796,312,174 9,101,418.466 -4-2,694,893,709 29.61 active. Prices have shown more or less irregularity, Tons of revenue freight though carried one mile per fluctuations in prices have not been marked. Of late the mile of road 945,519 759,983 +185,536 24.41 tendency has been upward, in the main, owing to a rise in Tonsof non-rev.freight cereals, carried one mile per the strength of the situation in live hogs and support mile of road 150,039 120,036 +30,003 25.00 from packers. Total tons (all classes) freight carried one DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. • Sat. Mon. mile per mile of road 1,095,558 880,019 +215,539 24.49 Tues. Wed. Thurs. Fri. Average amount re- September delivery cts_11.00 11.00 10.92 X 10.95 11.00 11.05 ceived per ton per October delivery 11.073 11.12 X 11.00 1l.023. 11.10 11.15 mile of revenue PORK has been quiet but steady; mess $2010$20 50, clear freight ots_ 0.772 --.047 5.74 Average No. of tons of $19 75@$22, family $20 25@$21 25. Beef has been in small revenue freight per demand but stady; mess $15 50@$16, packet $17@$17 50, train mile 372.02 336.15 +35.86 10.67 Average No. of tons of family $18@$18 50, extra India mess $29@$29 50. Cut non-rev. freight Per meats have been firm; pickled hams, 10©20 lbs., 13@13Mc.; train mile 59.03 53.09 +5.94 11.19 Average No. of tons of pickled bellies, 6,012 lbs., 13c. Butter, creamery extras, (all classes) freight 26/34@27c. Cheese, State, whole milk, new, white, specials, per train mile 431.05 389.25 +41.80 10.74 16@1634c. Average No. of tons of Eggs, Western firsts, 21@22o. revenue freight per OIL.-Linseed has been firm. There has been loaded car mile 18.30 17.06 +1.24 7.27 a good Average No. of tons of demand for jobbing quantities. City, raw, American seed, non-rev, freight per 69@70c.; boiled, 70@71c.; Calcutta, 78c. Cotton seed oil loaded car mile 2.91 2.119 +.22 8.18 Average No. of tons of has been firmer; winter, [email protected].; summer white, 6.70e. (all classes) freight Cocoanut oil has been in good demand and firm; Cochin 10@ per loaded car mile_ 21.21 19.75 +1.46 7.39 Freight train earnings 103ic.; Ceylon, 8%@9%c. Chinawood firm at 9610c. per loaded car mile_cts. 14.13 13.97 +.16 1.15 Corn has been fairly active at [email protected]. Cod steady at Freight train earnings 44@46c. for domestic. per train mile $ 2.87 2.75 +.12 4.36 Freight train earnings COFFEE on the spot has been quiet but steady. per mile of Rio road- - -$ 7,298.71 0,222.89 +1,075.82 17.29 No. 7, 14 Yic.; Santos No. 4, 15M©153s1c. West India growths STATEMENT OF CANADIAN PACIFIC RAILWAY PENSION have been quiet and steady; fair to good Cucuta, DEPARTMENT TO JUNE 30TH 1912. 153'©15Y1c. The speculation in futures has been active, Balance at June 30th 1911 with contributed 3670,487 46 prices more or less irregular. At times declines have Amount by Company for year 125,000.00 occurred, Amount received as interest 39,582.24 owing to disappointing cables from Europe and Brazil, lower firm offers from Brazil, the quietness of the 3335,069 70 spot trade Payment of pension allowances for year 149,665 38 and liquidation. Notices for some 30,000 bags of September were issued Balance in Cash and Investments on the 28th inst. On all declines, $685,404 32 however, support has been given by leading interests and Number on Pension Roll at June 301/4 1912. prices have rallied. Moreover, the crop in Brazil is declared Under 60 years of age 64 to be suffering from a lack of moisture, and Between 60 and 70 years of age 269 the receipts in Over 70 years of age 204 that country have been comparatively light. Closing prices were as follows: Total 537 September.13.00 ®13.01 January _ _13.03 ® 13.05 May 13.10 ®13.11 October__ _13.00 ® 13.01 February _13.03 13.05 Juno 13.08 (4 13.10 November 13.00 ®13.01 March _ _13.08 ,13.09 July 13.06 ® 13.07 December 13.00 ®13.01 April 13.09 t 13.10 -The new banking firm of John D. Howard & Co., or- ganized by John D. Howard, SUGAR.--Raw has been more active and firmer. Cen- William E. Bush and Oscar M. trifugal, 96-degrees test, 4.23 Lemoine, will begin business to-day at 217 E. Mc.; muscovado, 89-degrees Fayette St. test, 3.73 Mc.; molasses, 89-degrees test, 3.483c. (Maryland Casualty Bldg.), Baltimore. Mr. Howard is the The retiring world's visible supply of sugar is stated, at 1,390,000 tons, member of the old firm of J. Harmanus Fisher & against Son, which partnership dissolves to 1,440,000 tons a year ago. Refined has been more -day and will be continued active and firmer. Granulated 5.10c. by J. Harmanus Fisher and Edward Mce. Fisher under the old name. PETROLEUM.-Refined petroleum has been firm. The domestic demand has been of normal size for this time of the -"Bargains In Bonds" is a terse designation applied to a year. Barrels, 8.35c.; bulk, 4.75c., and list of bonds cases, 10.25e. issued by Farson, Son & Co., members of the Naphthas are firm and are moving quite freely on both sides New York Stock Exchange, 21 Broad St., N. Y., and the of the water; 73©76 degrees in 100 First -gallon drums 2204 National Bank Bldg., Chicago. The firm states that drums, $8 50 extra. Spirits of turpentine 42Mo. Common the bonds in this list are selling in some cases as much as to good strained rosin, $6 55. 16 points below their high prices and show a return on the TOBACCO.-Interest still centres investment largely in the position of from 5% to 7%. of binder. Manufacturer continue to seek desirable leaf -W. N. Coler & Co., bankers, 43 Cedar St., N. Y., are and the available supply is small. Fully three-fourths of the offering a new municipal loan for banks and trust funds- Connecticut crop is said to have been contracted for. Wis- $800,000 City of Ithaca, N. Y., regular refunding water consin advices report increasing inquiries from manufacturers, bonds, to yield 4.15%; and also City of Baltimore, Md., 4% though business in that State is being hampered by the regular sewerage stock, due 1961, which is legal for New York high prices demanded. Sumatra continnes firm, with a fairly and New England savings banks and trust funds. active trade. Havana retains a firm tone, though trading of late has •-Lamarche & Coady, investment specialists in gas, elec- been rather quiet. tric light and street railway securities, at 25 Broad COPPER has been slightly easier, owing to a falling off in St., this the demand city, have prepared a special circular on the "United Light & and some pressure to realize by recent buyers; Railways Co." of Grand Rapids, the holding lake 17%@17.673'c.; electrolytic [email protected]. Lead has company for been firm public utility companies operating in Illinois, Iowa, Indiana at 5.65c.; 50,000 pounds sold recently at that price. and Tennessee. Free copy on request. Speller has been quiet and firm at 7.27Mc. for spot. Tin has been in -"What the Investor moderate demand and firmer; spot 46.80c. Iron has Should Know about Bonds" is the been active and Northern title of an illumining little book on this firm; No. 1 $16 50@$17; No. 2 subject written Southern $16 25@$16 50. Railroad equipment by Francis Theodore Tilton, of the bond department of the manufac- Guaranty turers have been good buyers and further liberal contracts Trust Co. of this city. A copy will be mailed to from this any interested inquirer. source are said to be impending. Structural ma- terial has continued active and strong.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AutE, 31 1912] THE CHRONICLE 555

COTTON. On Shipboard, Not Cleared for- Friday Night, August 30 1912. Great Ger- Other Coast- Leaving Aug. 30 at- Britain. France many. Foreign wise. I Total. Stock. MOVEMENT OF THE CROP, as indicated by our THE New Orleans__ 60 211 1,156 1,427 21,698 telegrams from the South to-night, is given below. For the Galveston ____ 35,113 6,300 16,354 6,567 2,542 66,87 40,266 Savannah _ _ _ _ _ 20,045 week ending this evening the total receipts have reached Charleston_ _ 3,225 Mobile 2,095 118,710 bales, against 71,598 bales last week and 21,959 Norfolk 9:665 9:666 736 week. New York 1,000 1,566 -366 - 2,800 112,238 bales the previous Other ports__ _ 5,413 6,511 at- Sat. Mon. Tues. Wed. Thurs. Fri. Total. Total 1912_ 36,173 17,854 8,023 11,542 80,103 205,716 Receipts Total 1911 8,484 3,081 8,014 1,686 1,908 23,173 173,725 13,334 2,198 23,218 Galveston 19,146 16,629 31,332 13,332 16,630 17,369 114,938 Total 1910_ 12,641 2,744 54,135 171,914 Texas City cotton ior future Port Arthur, &o. Speculation in delivery has been fairly New Orleans 1'76 86 .i46- 7755 iyi 56 1,645 active at declining prices. The decline was attributed to Gulfport large receipts at Galveston and Houston, more favorable Mobile 7 13 --15 ---5 -15 ---ii -65 Pensacola ______crop reports from Texas and other parts of the belt, slug- Jacksonville, &o. 4 ------4 gishness of the spot marketf at the South and some heavy Savannah 107 203 1,646 156 -511 5 selling for sides of the account.. The idea very generally Brunswick ------both Charleston ------14 266 entertained is that th:i next Government report, to be pub- Georgetown ------lished on Tuesday, Sept. 3, will be of a rather bearish kind. Wilmington ------Norfolk 50 -15 38 22 19 - ---32 -176 The condition of the crop is such that many believe that it N,port News, &a. ------neighborhood of New York ------will be in the 14,000,000 bales. At the Boston 26 ____ 40 8 ___ _ 74 same time they call attention to the fact that a good deal Baltimore------of cotton must be carried over from this season. The last Philadelphia ------crop is put at 16,250,000 bales, and nobody claims that the 0,1,0o +5.'a 'wont,. 10 730 in.on5 32.542 14.443 17.081 18.000 118.716 world's consumption of American cotton has even approxi- It follows shows the week's total mated any such huge quantity. that the prospec- The following receipts, the total tive supply during the season now about to open must in- since Sept. 1 1911, and the stocks to-night, compared with clude at least a couple of million bales from the last crop. last year: Besides, spinners during the past season have in many cases bought heavily for delivery a year ahead, or even several 1911-12. 1910-11. Stock. years ahead. This was done more particularly by Euro- Receipts to time they are believed to be far August 30. This Since Sep 7'his Since Sep pean spinners. At the same Week. 11911. Week. 11910. 1912. 1911. better supplied with the raw material than they were a year ago. The spot markets have been quiet for the most part, Galveston 114,938 3,715,050 96,364 107,142 27,665 Texas City586,468 10,100 300 and latterly have betrayed a certain amount of weakness. Port Arthur, 6:o_ __ 280,250 This in itself has counted in no small degree against prices New Orleano____ 1,543 1,661,916 17,939 23,125 26,955 Gulfport 64,802 of futures. Southern hedge selling here has also made more Mobile 63 383,833 549 2,095 974 or less impression on the price. Selling by large spot houses Pensacola 216,114 Jacksonville, 6co_ 4 50,423 has at time been quite noticeable, and it would Savannah 1,046 2,385,523 23,836 20,045 19,375 be ignoring the facts to pass this over as an Brunswick 404,363 26,200 20,722 It has been quite the reverse. Wal- Charleston 266 416,009 1,320 3,225 2,911 unimportant factor. Georgetown ____ 1,169 dorf-Astoria operators have also sold. So at times have Wilmington 548,064 664 • 78 742 Liverpool, Memphis and New Orleans, and, it would seem, Norfolk 1'76 '751,787 1,248 9,736 2,157 N'port News, 6:o_ ____ 39,352 some important Southwestern interests. A good deal of New York 6,961 79 115,038 89,947 stress has been laid upon the big receipts at Galveston and Boston 74 63,112 23 2,369 3,871 Baltimore 123,629 165 1,000 554 Houston. The outlook in Texas is declared to be favorable Philadelphia ------3,037 1,966 725 for a good crop, if not for a crop of unexampled size. Bear- the Tntnl 118.710 117018112 178.487 285.819 196.898 ish sentiment has been almost universal on both sides of water. It is based on the existence of liberal stocks and the Note.-3,918 bales added at New Orleans and 4,342 bales at Savannah as correction of receipts since Sept. 1, belief that the coming crop will be so large as to raise sup- possibility of an ad- In order that comparison may be made with other years, plies to a figure which will preclude the vance; but, on the contrary, will point unerringly to a lower we give below the totals at leading ports for six seasons: value as something more in consonance with the facts of supply and demand. On the other hand, the crop is late Receipts at- 1912. 1911. I 1910. 1909. 1908. I 1907. according to all accounts by at least two to three weeks. Galveston ___ 114,938 96,364 72,448 35,676 51,289 26,582 That means that the weather from now on must be favorable Texas City,&c 10,100 298 I and that early frost would in all probability cause serious New Orleans_ 1,543 17,939 6,528 3,110 4,799; 1,324 an Mobile 5491 195 831 1,560, 231 mischief. And some of the reports from Texas attack the Savannah 1,646 23,836, 4,932 35,270 18,723 13,241 idea that the crop in that State will much exceed that of last Brunswick 26,200 1,450 659 Charleston,&o --266 1,320; 81 1,790 3211 1,091 year. They state that boll-weevil, worms and drought have Wilmington_ 1,2481 . 344 1,781 53, 1,184 done harm in Texas during the past month, even though Norfolk 176 664 1 729 821 167 N'port N., 6co 147 2851 many reports agree that the plant looks better than it did All others_ _ _ _ 78 267 1,601 338 141, 80 a year ago. Yet on the whole the season in Texas is asserted occurs Total this wk _ 116,710 178,487 86,130 81,420 77,202 44,559 in some cases to be so late that unless killing frost at a late date, the yield in that State may easily be much Since Sept. 1- 11701862 curtailed. In many other States, while there has been some The exports for the week ending this evening reach a total improvement during August, the reports concur in the state- ment yield. Meantime of which that a late frost is essential to a good of 79,468 bales, 26,318 were to Great Britain, the cotton-goods business is prosperous on both sides of the 34,261 to France and 18,889 to the rest of the Continent. water. At present prices for raw materials the mills, it is Below are the exports for the week and since Sept. 1 1911: averred, are making good profits and can easily afford to pay the same. Latterly spinners have bought futures here to Week ending Aug. 30 1912. From Sept. 1 1911 to Aug. 30 1912. some extent. So have some of the spot houses, even in- Expo/tat to- .1..;xpor ted to- cluding which are understood to he bearish in their 1.:.c Ion some frOrm- Great Conti- Great Goad- Ideas. To-day was a day of "evening up" on the eve of the Britain.France. neat. Total. Britain. France. neat. Total. Labor Day holiday and the Government report, which will - 3alveston 4 4 5 ,6341,399,165 315,0821,380,091 3,094,346 appear next Tue day, Sept. 3. Spot cotton closed at 11.25c. Texas City------.. 11,504 92,658 81,752 585,914 for middling uplands, a decline for the week of 45 points. Pt.Arth.,&c. ------21,546 66,140 117,178 204,864 cotton in the yew Orlean 07 ___ _ 925 1,022 830,200 174,971 595,454 1,600,625 The official quotation for middling upland ifobile __-_ 66 ...... _ ___ 66 107,336 65,654 119,319 292,309 New York market each day for the past week has been: Pensacola__ ___ 1758 64,337 90,329 216,424 _ _ _ _ 31,373 27,429 Aug. 24 to Aug. 30- Sat. Mon. Tues. Wed. Thurs. Fri Gulfport ------....------64,802 11.25 11.25 11.25 Savannah__ -- --- 710 '710 473,47 69,672 1,143,428 1,786,574 Middling uylands 11.70 11.50 11.30 Brunswick ---- -___ 97,664 175,160 372,824 NEW YORK QUOTATIONS FOR 32 YEARS. Charleston -_ ------_ 51,365 -_ .. 199,209 250,574 7.88 1888_0 11.06 115,441 1912..c 11.25 1904..e 11.65 1896_e Wilmington ------_ ____ 162,097 224,888 502,426 1911 12.00 1903 12.75 1895 8.19 1887 9.88 Norfolk_ _ __ ------___ 14,756 0.736 21,492 6.88 1886 9.19 89,038 1910 19.75 1902 9.00 1894 New York_ 11,478 ____ 1,458 12,936 282,098 318,634 689,770 1909 12.90 1901 8.62 1893 7.62 1885 10.31 Boston _.-. ------_._ 173,469_ 13,28i. 180,751 7.19 1884 10.94 6,227 1908 9.50 1900 9.62 1899 Baltimore__ ------100 100 19,362 104,671 130,266 1907 13.55 1899 6.25 1891 8.25 1883 10.12 Phlladelohla, ------64,639 25,608 90,247 1906 9.80 1898 5.75 1890 11.00 1882 12.94 Portland,Mo ------___ 6,829 6,829 1905 11.15 1897 8.25 1889 11.50 1881 13.00 San Fran_. - 211,778 211,778 Seattle ____ 153,884 153,881 MARKET AND SALES AT NEW YORK. Tacoma __ ___ ------69.808 59,808 Detroit _ __ __------.. 4,86: 4,868 Futures SALE'S. Market 18,881 Spot Market Total__ 20,318 34,261 79,4684,282.1301,19Q,5935,048,65210527375 Closed. Closed. Spot. Canted Total. Total 11 __ _ 4., no, •tn An, 757),, I:1 Saturday__ _ Quiet Steady 1,700 1,700 Monday_ __ _ Quiet, 20 pts. dee_ _ Easy 100 100 In addition to above exports, our telegrams to-night also Tuesday ___ Quiet, 20 pts. dec_ _ Steady 100 100 Wednesday_ Quiet, 5 pts. dec__ _ Very steady _ _ _ give us the following amounts of cotton on shipboard, not Thursday __ Quiet Easy 114 -;i66 514 cleared, at the ports named. We add similar figures for Friday Quiet B ray bteady„ 28 28 New York. Total.._ _ 242 2.200 2,442

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 556 Tim CHRONICLE [VOL. Lxxxxv.

FUTURES.-The highest, lowest and closing prices at AT THE INTERIOR TOWNS the movement-that is, New York the past week have been as follows: the receipts for the week and since Sept. 1, the shipments for the week and the stocks to-night, and the same items 31 8.1 31 'SO csil 31 31 31 II 4.1 II I for the corresponding period for the previous year-is set

71 •-I . s-I •-I r4 1. 1 out in detail ti v-I below. (4d@I @I @I @I @I @I @I @I @I @I 02 OD OD ®l .0Nc00000....1.000000100N.100.0S0.100...IN. N 0000.100 NOMON.0.4.00.40 N00.40 0..1.00. 'ONO Cl .1. ''. t." CI 0.00.0.0. ...n. 0 ..pwcot.....0 imm.r...m1 ...n 9 21 21 21 21 21 21 21 21 11 2 1 11 .... c‘i .4.4 46.4'.4. d.. ' c..i' m 101,1 n .,:... 11 23 01-4 II' g5 2g 12 g: 11 gg 11 II 1911. .1...4. .000C..0.0 .. 'CO of.. C 010.. 1 .r...owN,1000. od od d dd do o oo .6 0.0 00000500000 0 C 30. .100N. 010150 IN I. 10150 0 ,.1 11. ICI,. 104*N 10. ..m ,... m. g... Ir.. .00 C 01000(5 .N ele e ee e . vs.. • "7 "7 7 "7 "7 ®I7 "7e ®j1 "7e e ell °. V; °. 0 v.; ' cO C- .. nr.. W. .0 .0 Cl .. .0 (5 .

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to 0 00 do 0 .0 00 0 .0 4,6 I i 1... 16,1121

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Week.

Movement CO

P',E, W.3 = Ig 8"8 = 12 gg 11 gg II II 11 000 00 0 .. 00 0 ---. .. .col....1..nsamocrw000..1.r...n...an..N.I.o...4. .co .n .. C" . .10000505N.0.010.0..10050.00.V 10 N 100 1000'I .,... . 28...... 7 CO 11C10 0 NIONOON04.03:0005 0 .1.0.N..9. 0.0. 0 010000 . W. et e el @I el e l el ej el e @I @I .2 n . c4 .1, . .v 010015 1 I ,I. I .,.3 v. .= 010 NO .. .co Nh V. 10 v '0'4 0 0 '1.1 00 RR '0. tV.1 .IR t'7.1 R RR 1912. Aug. Wednesday, 12 22 22 22 2:.1 22 12 27.1 II 27.: il il Nno ,,n M0 C a 0 I.t 5 4 CO ,To.1...0c.mr-oocq 'ono a a im I 0

, I .t.nr..co oo icq 30 :0000 Cl 00 ...5. .isi.1 . t-..-1" (0.,,,. "°=!. 0. l',TJ OE;.. Z2.. ,:.c"g gg.. II -0-1-1 ,,il 11 01 .01 . 04 0 .1* 00 00 00 0 .. 00 00 .. .. *; 0 . 27. .1.nomNr...m.momNocom..ncoom..nno /.4..co..0 @.)® ® 0 ® I () I ...,1.m.on.noo.moo.m.mmnomov..N.mot..t..coo., "7 "I "7 I ®I ;7 ;7 el ;7 August • ...i. "5s NW. ®J n. .i., .. ,„. coo E c‘ ,,,o.-t-..0.0. 00.-..11. ,0.-0.-,,,,INt-.t.-.0..10. tt. RR RR to Tuesday, °IR '''..I Aug. '1 ..0 ,''.°0 9 RR . 15 ddod.4vdco,,...coconN,.,..viocoom4mr:dr.4,r000. . 4 0 .o.,..1,..cocon.ocoNto ..t.nvoo.nn..c.o.c.. 1110005C5'0.1. 12 I 92 22 I 274 22 22 2,7: II 274 II II .. Cl... . . CO .. 0 "COO o .0 get?: 1 4 :4!"7": :="!.4 1'4 74.; II g;;1 II II ei CC./ "" " "" .0 " .. n.m 0100100000005 000N ..o..non .o.o ow 00 -0: .0 e0 -" a? Q 0000 511011000. 00. ,.. 0.0001 0.0 00 CS IN IN

26...... I q p 1c4 ta .-4 .o. co T el el ol ei e l el el el el @I @I Movement , „ . . . a . .,„; 06. ON CO C- 0. 0 0 NW ',.. eso o . N N 'IN °. a."-! ..

Aug. Monday, llllll , , , • e° c:"=. "• .• ow .. -. ..°-4 .1 - ..-- ..°° .I - ..-- II ..-- II II ll ' • ' " it> CS'S E LS.) ticnig °"""" 1 0 N"'''' l'' " CRC:i 'R C! NN °I ,Il NN 'I 'I".i'l 11 l"''' 11 11 41(-5M8'"0 :2 C; ...... "!fcegcs&a41hcl'a2%1 .. .. f+8g4000 1 gt,V. 2 24...... ,0.08..°42 ...... ggpal5 towns__ @I 01 @1 @I @I @I @I @I @I @I @I @I o1 on on co co. on o .. nn 33 RR RR Aug. NN N NN ."- 4 N "c*, Saturday, 7T11 V.7.' = .7.%=1 '. 111111114RINIMllllll. ' I::: = =I:- = .4 .6 .c.; ,. II = II II ,. ,. .. ,. ,u ,u .. 6bs 4 1 b"4 u51 11 i;'.. -El n5.1 g.5 1 t._ gf,.5 rcA 0°.2°S Total, 1g8 ,98 121,180881g84g81.980600000 !E: d4E5.:1462p40. 0;a0,;a5 -p4E5 •auer4U-Z:05.PagU 3 " 3 so C '') 3 OVERLAND 1r 3, 0 - -4 MOVEMENT FOR THE WEEK AND 8 x n g <4 1 4 ., SINCE SEPT. 1.-We give below a statement showing the overland movement for the week and since Sept. 1, as made THE VISIBLE SUPPLY OF COTTON to-night, as made up from telegraphic reports Friday night. The results for up by cable and telegraph, is as follows. Foreign stocks, the week and since Sept. 1 in the last two years are as follows: as well as the afloat, are this week's returns, and conse- ----1911-12------1910-11---- quently all foreign figures are brought down to Thursday August 30- Since Since make total Shipped- Week, Sept. 1. Week, Sept. 1. evening. But to the the complete figures for Via St. Louis 1,787 658,213 1,480 to-night (Friday), we add the item of exports from the Via Cairo 258 68,387 513 United States, including in it the exports of Friday Via Rock Island 8,458 only. Vla Louisville 143 173,601 67 Via Cincinnati 252 129,767 120 August 30- 1912. 1911. 1910. 1900. Via Virginia points Stock at Liverpool bales. 600,000 443,000 331,000 192,047 336,000 Via other routes, Zto 451,283 346 Stock at London 11,000 12,000 5,000 17,000 Stook at Manchester 73,000 27,000 21,000 50,000 Total gross overland 2,440 1,681,756 3,180 Deduct Shipments Total Great Britain stock 684,000 482,000 357,000 903,000 Overland to N.Y., Boston, Zoo_ _ _ 74 287 Stock at Hamburg 10,000 14,000 12,000 12,000 Between 109N5391 Stock at Bremen 213,000 interior towns 28,000 60,000 125,000 Inland, &o., from South 1,-(32 *- .3. 94:706 1,098 Stock at Havre 100,000 56,000 72,000 155,000 Stook at Marseilles 2,000 2,000 2,000 3,000 Total to be deducted 1,397 394,796 1,365 Stock at Barcelona 16,000 17,000 11,000 22,000 Stock at Genoa 14,000 16,000 19,000 18,000 Leaving total net overland' 543 1,286,960 815 Stock at Trieste 10,000 7,000 7,000 5,000 'Including movement by rail to Canada. Total Continental stook 365,000 140,000 183,000 340,000 The foregoing shows the week's net overland movementemleaisitt Total European stocks 1,049,000 622,000 540,000 1,243,000 has been 543 bales, against 815 bales for the week India cotton afloat for Europe__ _ 67,000 33,000 54,000 54,000 Amer cotton afloat for Europe 113,059 170,658 118,368 82,374 year. Egypt,Brazil,&e.,aflt. for Europe. 31.000 21,000 17,000 25,000 -----1911-12 Stock in 1910 11 Alexandria. Egypt 32,000 42,000 37,000 45,000 In Sight and Spinners' Since • Since Stock in Bombay. India 454,000 426,000 426,000 174,000 Week. Sept. Stock Takings. I. Week. Sept. I. In U. S. ports 284,819 196,898 226,049 192,724 Receipts at ports to Aug. 30 118,710 11,701.862 178,487 Stook In U. S. Interior towns 93,881 102,226 52,041 83,449 Net overland to 5,13 U. S. exports to-day 826 52,947 Aug. 30 1,286.960 815 50 1,780 Southern consumption to Aug. 30 56,000 2,740,000 20,000 Total visible supply 2,126,585 1,662,727 1,470,508 1,901,327 Total marketed 175,253 15,728,822 190,302 Of the above, totals of American and other descriptions are as follows: interior stocks in excess 3,988 a6,556 3,116 American- Liverpool stock bales. 472,000 259,000 244,000 743,000 intosig duringo week _ 16,77_22_ _ 202,418 Manchester stock 56,000 16,000 16,000 35,000 Total insight Aug. ,266 Continental stook 336,000 94,000 138,000 302,000 American afloat for Europe 113,059 170,656 118.368 82,374 North. spinners' takings to Aug. 30 12,282 2,440,778 U. S. port stocks 285,819 196,898 226,049 192,724 U.S. interior stooks 93,881 102,226 52,041 83,449 a Less than Sept. 1. U. S. exports to-day 826 52,947 50 1,780 Movement into sight in previous years. Total American 1,357,585 891,727 794,508 1,440,327 Week- Bales. Since Sept. 1- Bales. East Indian. Brazil, &c.- 1910-Sept. 2 118,173 1909-10-Sept. 2 Liverpool stock 128,000 184,000 875013 ,mols 1909-Sept. 3 136,030 1908-09-Sept. 3 London stock 11,000 12,000 1908-Sept. 5 115,914 1907-08-Sept. 5 Manchester stock 17,000 11,000 5,000 15,000 Continental stock 29,000 46,000 45,000 38,000 QUOTATIONS FOR MIDDLING COTTON AT OTHER India afloat for Europe 67,000 33,000 54,000 54,000 MARKETS. Egypt, Brazil, &o., afloat 31,000 21,000 17,000 25,000 --Below are the closing quotations of middling Stook in Alexandria, Egypt 32,000 42,000 37,000 45,000 cotton at Southern and other principal cotton markets for Stock in Bombay. India 454.000 422,000 426,000 174,000 each day of the week: Total East India, &c 769.000 771,000 676,000 461,000 Total American 1,357,585 891,727 704,508 1,440,327 Closing Quotations for Middling Colton on- Week ending Total visible supply 2,126,585 1,662.727 1,470,508 1,901,327 August 30 Sat'day. Monday. Tuesday. Wed'day. Thursd'y, Friday. Middling Upland, Liverpool 6.40d. 6.95d. 7.97d. 6.88d. Middling Upland, New York__ 11.25c. 11.750. 15.50c. 12.85c. Galveston 1134 Egypt, Good Brown, Liverpool 10 5-16d. 10 5-16d. 14d, 1134 1134 Ti' 1134 11 3-16 Peruvian, 10d. New Orleans_ 11 11-16 1134 1134 114 11 q 11 3-16 Rough Good, Liverpool 0.06d. 10.40d. 10.75d. 8.35d. Broach, Fine, Liverpool Mobile 11 11 11 10 34 10% 10% 6 3-16d. 6 %d. 734d. 64d Savannah 1134 Tinnevelly, Good, Liverpool _ 6% d . 6 %d. 7 1-16d. 1I34 1134 1134 113-1 11 ed. ______Continental imports for the Charleston------Wilmington_ past week have been 38,000 Norfolk ii-- ii-- ii-Q ii-ii 1134 bales. Baltimore 1234 123's 1234 12 12 11;1 The above figures for 1912 show an increase over last week Philadelphia _ 11.95 11.75 11.55 11.50 11.50 11.50 of 10,898 bales, a gain Augusta 1234 1234 1234 1234 1234 12;1 of 463,858 bales over 1911, an ex- Memphis 12 1134 1134 1134 1134 1134 eess of 656,077 bales over 1910 and a gain of 225,258 bales St. Louis 12 12 1134 1134.1134 1134 over 1909. Houston 1134 1134 1134 1134 111-18 11 1-16 Little. Rock,7 _. 1134.. 11% _ 114 1134 1134 11 34

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 557 AUG. 31 1912. THE CHRONICLE

-The highest, the rainfall being one inch and thirty hundredths. The NW ORLEANS OPTION MARKET. 66 to 99. quotations for leading options in the New therniometer has averaged 82, ranging from lowest and closing -We have had rain on three days during cotton market for the past week have been as follows: Columbus, Miss. Orleans the week, the rainfall being one inch and forty-seven hun- 1 dredths. Thermometer has ranged from 65 to 95,averaging 80. sarday, Monday, Tuesday, Wed'day, Thursd'y. Friday, past Aug. 24. Aug. 26. Aug. 27. Aug. 28. Aug. 29. Aug. 30. Vicksburg, Miss.-We have had rain on two days the week, the rainfall being ninety-three hundredths of an inch. August- ® --I ® -- @ - 80, the highest being 91 Range 11.45 -11.38-43- 11.27- The thermometer has averaged 11.34 -11.22 -11.00 -10.88 --- (,) - Closing 11.44 - i • and the lowest 67. September-- retarded picking. -- @ -10.93 -10.83-.96 10.82-.97 10.78-.80 Mobile, Ala.-Rain early part of the week Range - @ 10.75 - ()losing 11.39 - 11.13 -10.99 -10.86-.88 10.81-.83 Worms are reported at scattered points, but are being kept October- of the week, 11.32-.37 11.07-.31 10.90-.04 10.88-.02 10.88-.05 10.83-.91 down with poison. Rain has fallen on six days Range 10.85-.86 Closing 11.34-.35 11.07-.08 10.99-.00 10.94-.95 10.88-.89 the rainfall being three inches and ninety-two hundredths. November- 10.89-.90 has averaged 80, ranging from 70 to 88. Range - @ -- @ -11.01-.07- @ --1 ® - The thermometer 11.35-.37 11.08-.10 10.99-.01 10.95-.97 10.89-.90 10.87-.89 Montgomery, Ala.-Weather favorable. We have had Closing i December- one day during the week, the rainfall being thirty- 11.10-.34 10.92-.07 10.89-.04 10.90-.07 10.85-.95 rain on Range 11.32-.39 10.89-.90 ranged Closing 11.36-.37 11.10-.11 11.01-.02 10.95-.96 10.90-.91 nine hundredths of an inch. The thermometer has Jan nary- 69 to 92, 80. 10.95-.10 10.91-.06 10.92-.10 10.88-.97 from averaging Hang° 11.37-.42 11.12-.37 10.91-.92 of the week, to Closing 11.39-.40 11.13-.14 11.04-.05 10.97-.98 10.92-.93 Selma, Ala.-Rain has fallen on one day I thermometer 78.5, February- ® ____I ® ______e .....____ @ @ _ an inappreciable extent. Average Range _ ® _ _ 11.06-.08 10.99-.00 10.94-.96 10.93-.95 highest 88, lowest 70. Closing 11.41-.43 11.15-.17 five days of March- 11.02-.13 Gainesville, Fla.-We have had good rain on 11.50-.52 11.25-.48 11.10-.21 11.07-.21 11.06-.23 Range 11.17-.18 11.11-.12 11.06-.07 11.05-.06 the week, the rainfall being one inch and sixty-one hun- Closing 11.51-.52 11.25-.26 79, the highest May- 11.17-.32 11.12-.15 dredths. The thermometer has averaged 11.59=61 11.35-.56 11.22-.32 11.20-.23 Range 11.27-.28 11.21-.22 11.16-.17 11.15-.16 being 91 and the lowest 68. Closing 11.61=62 11.35-.36 the past week. Tone- Madison, Fla.-Weather not so favorable Easy. Easy. I Quiet. Easy. I Easy. .Steady. being Spot 11.1ar oat v Stnorlo ll'Iv at'v R'lv at'v StAririv Rain has fallen on four days of the week, the rainfall ..---- Q....41.• _ two inches and fifteen hundredths. The thermometer has COTTON CROP CIRCULAR.-Our Annual Cotton Crop averaged 79, ranging from 72 to 89. Review will appear in the "Chronicle" in the issue of Sep- Augusta, Ga.-There has been rain on two days of the week, tember 7, but will be ready in circular form about Thursday, to the extent of fifty-eight hundredths of an inch. Average September 5. Parties desiring the circular in quantities, thermometer 80, highest 92, lowest 68. with their business cards pirnted thereon, should send in Savannah Ga.-We have had rain on three days during their orders as soon as possible to ensure early delivery. the week, the precipitation reaching two inches and ten hun- 81, the highest REPORTS BY TELEGRAPH.-Our tele- dredths. The thermometer has averaged WEATHER 69. graphic advices from the South this evening indicate that being 93 and the lowest Charleston, S. C.-We have had rain on one day during the the weather has been favorable as a whole during the week. an the crop is in ex- week, the precipitation reaching eleven hundredths of Our advices from Texas are to the effect that the highest being and that pickers are in de- inch. The thermometer has averaged 82, cellent condition and improving, 72. The of the crop is actively in progress in 93 and the lowest mand. gathering S. C.-It has rained on two days of the week, earlier sections of that State, and is getting under way else- Greenville, the precipitation being thirty-two hundredths of an inch. where in the belt. has averaged 78, ranging from 63 to 93. condition and The thermometer Galveston, Tex.-The crop is in excellent Spartanburg, S. C.-We have had rain on two days dur- Pickers are in great demand. There has been forty-two hundredths of an improving. eighty-six ing the week, the rainfall being rain on three days the past week, the rainfall being has ranged from 63 to 94, averaging 79. has ranged from inch. Thermometer hundredths of an inch. The thermometer Charlotte, N. C.-Rain has fallen on two days of the week, to 90, averaging 83. hundredths of an inch. Average 76 the week. the rainfall being forty-five Abilene, Tex.-There has been no rain during 78, highest 90, lowest 67. lowest 72. thermometer Average thermometer 84, highest 96, Raleigh, N. C.-Rain has fallen on two days of the week, Brenham, Tex.-There has been rain on one day during thirty-eight hundredths. of an the rainfall being one inch and the week, the precipitation reaching thirty hundredths has averaged 79, ranging from 66 to 92. 87, the highest being The thermometer inch. The thermometer has averaged Dyersburg, Tenn.-There has been ram on one day the past 100 and the lowest 74. being one inch and twenty hundredths. during the week. The week, the rainfall Cuero, Tex.-We have had no rain The thermometer has ranged from 63 to 94, averaging 79 thermometer has averaged 87, ranging from 72 to 100. progressing finely. Rain has the week. The .Memphis, Tenn.-Crop is Dallas, Tex.-We have had no rain during fallen on one day during the week, the precipitation being thermometer has ranged from 68 to 102, averaging 85. of an inch. Average thermometer 80, day of the week, fifty-five hundredths Henrietta, Tex.-Rain has fallen on one highest 92, lowest 67. being twenty-six hundredths of an inch. Aver- the rainfall WORLD'S SUPPLY AND TAKINGS OF COTTON. age thermometer 86, highest 100, lowest 72. rain on one day of the Huntsville, Tex.-We have had Cotton Takings. 1911-12. 1 1910-11. reaching one inch and thirty-two hun- Week and Season. past week, the rainfall Week. Season. j Week. Season. dredths. The thermometer has averaged 84, highest being 96 and lowest 72. Visible supply Aug. 23 2,115,687 1,631,863 Sept. 1 1,603,418 has been dry all the week. The ther- Visible supply 202,418 Kerrville, Tex.-It American in sight to Aug. 30__ _ 179,241 15,722,266 mometer has averaged 80, ranging from 62 to 98. Bombay receipts to Aug. 29____ 7,000 2,306,000 4,000 no rain during the week. Other India ship'ts to Aug. 29_ _ 21,000 471,000 18,500 Lampasas, Tex.-We have had Aug. 28_ 700 968,800 300 86. Alexandria receipts to ____ The thermometer has ranged from 70 to 102, averaging Other supply to Aug. 28' 12,000 314,000 6,000 Longview, Tex.-Rain on one day of the week, to the ex- Average ther- Total supply 2,335,628 21,385,484 1,863,081 tent of forty-four hundredths of an inch. Deduct- mometer 83, highest 96, lowest 70. Visible supply Aug. 30 2,126,585 2,126,585 1.662,727 day of the week, ____ Nacogdoches, Tex.-It has rained on one Total takings to Aug. 30 209,043 19,258,899 200.354 hundredths of an inch. The Of which American 146.343 099 115,554 the precipitation being eight 00 ,,AA 15.AAA10AA217, 0AOAA thermometer has averaged 81, ranging from 66 to 96. Smyrna, West Indies. Zco. had rain on one day during the Embraces receipts in Europe froñiBrazil, Palestine, Tex.-We have COTTON MOVEMENT FROM ALL PORTS. week, the precipitation reaching four hundredths of an inch. INDIA The thermometer has ranged from 70 to 96, averaging 83. 1911-12. 1910-11. 1 1009-10. of the week, the 29. Paris, Tex.-Rain has fallen on one day August SinceSince Receipts al- Since rainfall being one inch and twenty-eight hundredths. Av- Week. Sept. 1. Week.'Sept. 1. Week. 'Sept. I. 81, highest 94, lowest 68. erag,e thermometer nen 4 On() 4.3 nnn 7 Don 1.178.000 Ardmore, Okla.-Dry all the week. The thermometer Bombay 7 000"301 101. 1. has averaged 86, ranging from 71 to For the Week. I Since September Marlow, Okla.-We have had rain on one day during the Exports of an inch. from- Great Conti- Japan I I Great Conti- Japan week, the precipitation being three hundredths Britain. nent. &China 7'otal. Britain. nest. China Total. Thermometer has ranged from 70 to 98, averaging 84. -We have had rain on two days the past Bombay- Alexandria, La. 1111-12 3,00 3,000 12,01; 384,i ; ; 834,0001,230,000 being one inch and twenty hundredths. Ther- ___. 5,000 5.000 56,923 918,993 614.50, 1,590 323 week ,the rainfall 1910-11._ ,,041,315 mometer has averaged 82, highest being 97 and lowest 67. 1909-10 - 12,000 12,000 93,398 998,627 947,23; Calcutta- 75,000 New Orleans, La.-There has been rain on five days during 1911-12 5,000 5,000 6,000 43,01; 26,000 ninety- 1,000 4,000 5,023 51,211 19,118 75,351 the week, the precipitation reaching two inches and 1910-11_ ------. 107,979 averaged 83, 1909-10__ ------4. 4,000 4,96 55,981 47,033 eight hundredths. The thermometer has Madras-- ______2, 3,000 5,000 4,000 28,000 111; I 4.3,000 ranging from 72 to 94. 1911-12_ 78,180 during 1910-11_ 1,00 , 4.500 8,651 49,862 19, 87 Shreveport, La.-There has been rain on two days 6, 8,000 1,50 4,497 47,038 29, 51 81,186 hundredths of an inch. 1909-10__ 1,000 the week, the rainfall being twenty-six All others- 111,000 353,000 93, averaging 80. 1911-12._ _. _ ___ 3,000 8.000 11,00 25,000 217,00' The thermometer has ranged from 67 to 3,000 5.00tt 2,000 10,000 78,795 329.959 61,071 469,825 1910-11__ 51,135 427,924 Helena, Ark.-Crops good but worms are reported. It 1909-10._ 2,00 4,00 12,000 18,000 42,490 334,299 on one day during the week, the precipitation has rained Total all- inch and four hundredths. The thermometer ______10,00 14,000 24,00 4r,000 672,ssI 989.0011,701,000 being one 1911-12_ 714,3632.213,679 hes averaged 78.3, the highest being 92 and the lowest 65. 1910-11_ 4, 16,000 3,500 23,500 149,3921,349,924 1009_10 300 26.00 25.000 49.00 147.3501.435.9451.075.1092.658.404 Little Rock, Ark.-Rain has fallen on one day of the week,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 558 THE CHRONICLE [VoL. Lxxxxv. ALEXANDRIA RECEIPTS AND SHIPMENTS. BREADSTUFF'S: Alexandria, Egypt, 1911-12. 1910-11. 1909-10. August 28. Friday Night, Aug. 30 1912. Flour has met with only a routine Receipts (cantata)- demand here, but at . • This week Minneapolis there has •5,000 2,500 4,000 been a good business. Last week the re Since Sept. 1 7,265,994 7,573,537 4,986,715 mills there, it would appear, sold about half a million barrels. Mills in the interior are understood to have This Since This Since This done an equally Exports (bales)- Week. Since good Sept. 1. Week.Sept. 1. Week. Sept. 1. business. The large proportion of the sales was for To Liverpool new-crop shipments. '2,000 BI:(8)(g, ____ Hbilig 3,000 lma It also appears that there is a more To Manchester active bidding for To Continent and India_ _ '2.000 397,780 11.-,H5 flour on the part of Europe and a little To America 418,152 2-iiii5 319,316 • ,000 121,789 ____ 125,677 1,500 66,218 export business has been done. Yet in New York traders Total exports as a rule *5,000 958.455 1.250 984.414 7.000 870.372 are proceeding cautiously, though many are inclined 'Estimated: Cable not received. to the view that prices Note.-A are at or near the bottom. On the eantar is 99 lbs. Egyptian bales weigh about 750 lbs. whole, the situation is somewhat more cheerful, though it' is MANCHESTER MARKET.-Our report received by quite as true to-night cable that as far as the local trade is concerned, buyers from Manchester states that the market is firm for as a rule both yarns and shirtings. adhere to the policy of confining their purchases to Spinners are considered to be well moderate under contract. We give the prices for to-day below and quantities designed to supply their immediate leave those for previous weeks of this and last year for necessities. comparison. Wheat has advanced. The strong cash situation, the outcome of a good cash demand, neutralized, for the time 1912. 1911. being at any rate, the prospect of a big crop of spring wheat. 834 lbs. Shirt- 'orn 84 lbs. Sh`ri- Cot'2 It is put as high as 330,000,000 bushels, 32s Cop ings, common .1fid. 32s Cop ings, common including 270,000,- Twist. Mid to finest. Ipl's Twist. to finest. Upl'. 000 bushels in the three Northwestern States of this country. d. d. s. d. s. d d. d. d i. d. But it is not expected to move freely July s. d. d. until the middle of 12 10 010 15-16 next month. It remains to 6 3 011 5 7.24 1034 64 113-1 3 0 (411 134 7.71 be seen whether it will exercise 19 10 010 15-16 3 314011 5 7.24 104 0 1111 1 11 a very 26 10 011 0 7,31 depressing effect on prices or not. 1-166 11 6 4 011 5 7.31 9% 0 10% 5 9 010 8 6.91 Certainly the Aug. receipts of winter wheat have thus far failed to have 2 1034 (4 1134 i 434011 5 7.37 9 5-16 0 10Y 5 the 9 734040 6 6.(11 effect that was at 934 44 1034 3 4 011 4 3.96 934 0 101f i 8 010 74 6.7' one time expected and feared. The con- 18 934 0 101( 3 3 011 4 6.72934 0 104 5 74019 934 ni 6.61 sumption is heavy. At times the 23 0 10"6 3 01 1 4 6.60 9,4 0 104 5 8 010 8 6.81 export demand has been 30 916 a 1016 1 2 6311 1 6.40(1 good. 34 0 1034 5 814010 9 6.91 The visible supply has not been increasing at the rate that was expected. SHIPPING NEWS.-The shipments in detail follow: The short interest has become se l'arge as to be cumbersome. NEW YORK Total bales. During the present week shorts -To Liverpool-Aug.23-Caronia, 2,082_ _ _ _Aug. 28 -Baltic, 5.333 upland, 4,063 Peruvian at times have been stampeded. The To Bremen 11,478 other day Paris was, -Aug. 23-Prinz Friedrich Wilhelm, 1,258 1,258 an example. To Antwerp-Aug. 23-Zeeland, 200 August there in a single day shot up GALVESTON-To 200 5 cents. Liverpool-Aug. 27-Louisianian, 6,442; Lu- The rainy weather in England, France gano, 8,235 and Germany may To Havre-Aug. 14,677 turn 24-Cayo Romano, 7,732_ _ _ _Aug. 26-Mon- out to be a serious factor in the problem of fixing wheat tauk, 10,695_ _ _ _Aug. 27-Barrister, 10,299; Cayo 2,136_ Soto, prices in the _ _ _Aug. 28-Wanderer, 3,399 34,261 world's markets. England has rarely seen To Bremen-Aug.24 -Hannover, 8,026 8,026 such rains as have recently occurred. To Hamburg-Aug. 22-Steiermark, 62 62 Tile damage in that To Antwerp-Aug. 27-Cayo Soto, 710 710 country is concededly serious. Of late, too, our Western To Barcelona-Aug. 24-Miguel M. Pinillos, 8,898 6,898 States and NEW ORLEANS-To Liverpool Canada have also had copious rains. In -Aug. 23-Mexican, 97 97 meantime the To Rotterdam-Aug. 30-Cayo Gitano, 400 400 the Chicago stock of contract wheat is a mere To Gothenburg-Aug. 27-Noruega, 175 175 nothing to what it To Trieste-Aug. 22-Erodiade, 300 was a year ago. Some large shorts Venice 300 in Chicago have To -Aug. 23-Erodiade, 50 50 latterly covered. They became dis- MOBILE-To Liverpool-Aug. 29-Nubian, 86 gusted SAVANNAH 66 when they found that the price did not go down -To Hamburg-Aug. 29-Fridland, 260 260 even in the presence To Genoa-Aug. 27-Ida, 450 of heavy winter wheat receipts and BALTIMORE-To Bremen 450 a -Aug. 28-Brandenburg, 100 100 big spring wheat crop. As already intimated, the cash Total situation took the edge off the bear arguments,. 79,468 but there has been LIVERPOOL.-By no large speculation. Most of cable from Liverpool we have the fol- the big operators are either doing lowing statement of the week's sales, stocks, &c., nothing or next at that port: to nothing. Many of them are bearish. Most of the time Aug. 9. Aug. 16. Aug. Sales 23. Aug. 30. the weather has been favorable for threshing. of the week bales_ 37,000 30,000 29,000 2/.000 The weather Of which speculators took 1,000 1,000 1,000 in the Northwest in particular has been dry and Of which 1,000 favorable exporters took 3.000 2,000 1,000 1,000 for harvesting, and it is said quality Sales, American 29.000 24,000 23.000 that the of the wheat Actual 2',000 in that export 14,000 4,000 10,000 11.000 section is on the average unusually high. Cutting is Forwarded 68,000 61,000 55,000 now in Total stock 54,000 progress well up to the Canadian border and will be -Estimated 7,4,000 687,000 642.000 600,000 pushed Of which American 607.000 564,000 521,000 from now on with every energy. Country offerings Total '4 2.000 imports of the week 13,000 28,000 21,000 21,000 at the Northwest of late have been larger, and Of which American 7,000 13,000 towards the Amount 8.000 ., ,000 end of the week the cash demand afloat 55,000 49,000 54,000 63,000 diminished somewhat, Of which American 18,000 11,000 21,000 4 .000 though this may be merely temporary. It is stated that '• The tone of the Liverpool market for spots and futures there will be large loadings out of Chicago this week, as each day of the past week and the daily closing prices of charters have been made there for 1,500,000 bushels, and it spot cotton have been as follows: appears that something like 3,000,000 bushels, mostly wheat, will be loaded. The smallness of the contract stock at Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Chicago and the existing premiums encourage the idea that Friday. deliveries Market, I the on contract on the 3d of September will be rela- 12:15 } Dull. Quiet. Quiet. Quiet. Quiet. tively moderate. To-day wheat advanced early but receded P.M. ) Quiet. later with other grain. Mid. Upl'ds DAILY CLOSING PRICES 6.63 6.58 6.45 6.40 6.44 6.40 OF WHEAT FUTURES IN NEW YORK. Sat. Mon. Tues. 1Ved. Thurs. Fri. Sales No. 2 red ____. 3,000 6,000 6,000 5,000 6,000 6,000 0ts1o734 107 107 107 1074 107 Spec.&exp. 300 500 September delivery in elevator_ ....10234 102 10334 103 % 104 300 500 500 600 December 34 103 % delivery in elevator_ _ _ _101 14 101 % 101 % 102 54 10234 102 Futures, Steady, (Inlet at Easy at Quiet,unch Steady, Easy DAILY CLOSING PRICES OF WHEAT FUTURES IN Market I at CHICAGO. un- 1(42 pts. 8 pnlnts to 54 poin: un- 10 pts. Sat. Mon. Tues. Wed. Thurs. opened changed. decline. decline. September Fri. advance. changed. decline. delivery in elevator_ets_ 94 93 % 94 .4 94 % 94 34 93 gi December delivery In elevator 93 154 93 54 Market, 94 34 94 % 94 % 9434 1 Qnlet at Quiet at '3arely st'3 Quiet at Steady at Steady at 4 11402 4 4P7 at 12015 21404 514012 Indian corn has also shown greater strength. The pros- P.M. 1 ntq. 54408 nr1v. nts. dee. tots. dec. tots. adv. pts. dec. pects are good for a large crop, judging from present appear- The prices of futures at Liverpool for each ances, but good weather will be needed for many weeks to day are given come, below. Prices are on the basis of upland, good ordinary and of course the date of killing frost is too important clause, unless otherwise stated. a thing to be ignored. Bears have been driven in by the strength of the cash situation. Public The prices are given in pence and 10018s. Thus: 6 42 means 6 42-100d. elevator and contract stocks at Chicago have disappeared. This is something Aug- 24 Sat. Mon. Tues. I Wed. Thurs. which has not occurred for years past. to I Fri. In this situation the Aug 1214 market was found to be oversold. Shorts took fright. • 26. 1234 1214 4 1234 4 1214 4 1214 4 12341 4 Their P.m • P.m. P.m. P.m. D.M.P.m. P.m. P.m. P.m • p.m. P.m. P.m. covering caused a sharp upturn in prices. Cash corn Aug 6 42 38 38 has recently been 9 to 10 cents over September. September 25 21 19 Si 17 24 29 120 233-4 Aug.-Sep- 8 34 4 30 2714 1516 13 1234 10 17 20 111 is at a premium of 183. cents over December, whereas 6 2014 1434 a Sept.-Oct. 1614 15 0314 0254 02 54 00 05 063-497 99 year ago Seotember was only 2 over December. Oct.-Nov_ 6 1714 13 1134 0014 99 54 99 54 96 54 01 cents The 6 12 09 0334 933-4 9554 offerings of late have Nov.-Dee. 714 9634 95 9514 92 96 973-4 883-4 9 been light, even at the premiums which Dec.-Jan 6 12 81407 96 95 195 913495341 97 883490 cash corn has Jan ...Feb 8 13 0914 1 commlnded. Scare ty of cars is being com- 08 97 96 196 192 54 9614 98 89 903-4 plained of at the Feb.-Meh. 6 1414 11 0914 9814 97 54 97 4 94 98 993-4 9014 92 West. It is so severe that it seriously re- ' Meh .-Apr. 6 1514 12 1014 9914 984 9814 95 99 003-4 9114 93 stricts the movement of old corn to the big distributing Apr.-May. 6 1634 13 11 54 01 9934 99 54 96 00 02 92 4 94 markets and their May-June 8 17 14 1214 02 00 54 00 54 97 01 03 '935495 tempting prices. To-day prices advanced June-July 8 1714 1314 12 01 99 00 9634 00 54 023493 9434 on bad weather in Et rye and then reacted, owing to large - 16 13 11 no 1,4 99 99 54 96 .00 02 923494 receipts and liquidation.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUG. 31 1912.] THE CHRONICLE 559 past and the DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK a natural result of the rigid curtailment of the Sat. Mon. Tues. Wed. Thurs. Fri. low condition of stocks in the hands of dealers throughout the Cash corn eta Nom. Nom. Nom. Nom.Nom. Nom. elevator_ Nom. Nom. Nom. Nom. Nom. country. They are chiefly concerned with getting timely September delivery in goods DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. deliveries, which they fear will be difficult. In cotton Sat. Mon. Tues. Wed. Thurs. Fri. markets a satisfactory volume of business is being put September delivery in elevator_cts_ 72 X 72 % 73 % 73% 74 74 elevator 54 % 54% 55% 55% 55% 55% through and prices are being firmly maintained. The de- December delivery in upon shown in a general way much the same features clining raw material market has as yet had no effect Oats have some buyers to as other grain, i. e., a strong cash situation with a good de- the price of finished goods, but has caused at least for the time being, a big prospective withhold their orders for future requirements in expectation mand, offsetting, market is crop. The export demand has continued big. Bad weather of lower prices later on. Sentiment in the cotton hurt the forage crops, and hence the recent big very bearish and they are justified to a considerable extent in Europe has of mills sales. Some estimates are that at least 10,000,000 to 15,- in their attitude, although the well-sold condition 000,000 bushels have been sold for export since the foreign and the heavy demand coming in from retail sources, even buying began, though others deprecate such estimates, as though it represents only immediate requirements, is likely they are apt to be more or less deceptive. The fact remains, to keep prices for finished goods on a firm level. Contrary however that there has been an exceptionally good export to expectations, the announcement that several large houses demand' this season. Europe has needed American oats, ap- would close up from Friday night to Tuesday morning caused parently, even more than American wheat. The supply of increased activity on the part of visiting buyers who did not contract oath in Chicago is only about a third of what it was wish to remain in this market until next week. Business in have been buying in their hedges. the dress goods market is active and the trend of prices is a year ago. Cash houses business They have taken December and September. Some big in- toward still higher levels. Large factors report that May and sold December. To-day prices on new spring fabrics has exceeded early expectations, and terests have bought withdrawn. De- were easier, with large receipts. several lines have been fully sold up and mand is distributed throughout all descriptions of goods, DAILY CLOSING PRICES OF OATS IN NEW YORK. well Sat. Mon. Tues. Wed. Thurs. Fri. and a more active interest is being taken in the higher-priced Standards cts_ .oy4 41 39 30 41 49% 41 39 39 41% 41 and better-quality goods than for several seasons past. The No. 2 white 40% deliveries is causing considerable anxiety, DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. backwardness of • Sat. Mon. Tues. Wed. Thurs. Fri. as manufacturers are still engaged in turning out fall goods, delivery in elevator_cts_ 32 % 32 X 32 n 32% 32 % 32 X September 33 who ordinarily at this time of the year are engaged in manu- December delivery in elevator_ _ _ _ 32% 32% 33% 33% 32% therefore quite certiin that were as follows: facturing spring goods. It is Closing prices delivery of late orders for spring goods will be delayed. FLOUR. the whole dry goods Winter, low grades_ _ _ _$3 85®S4 1,, wtnsas straights, sacks44 40® 4 60 Aside from the question of deliveries, Winter patents 5 25® 5 45 Kansas clears, sacks... 4 00@ 4 40 situation is very satisfactory and prominent factors are Winter straights 4 SO® 4 70 City patents 6 20® 6 50 looking season. Winter clears 4 25® 4 50 Rye flour 4 00 ® 4 25 forward to a big spring Spring patents 5 25® 5 50 Graham flour 4 00 ® 4 70 Spring straights 4 75® 5 00 Buckwheat, owt Nominal DOMESTIC COTTON GOODS.-The exports of cotton• Spring clears 4 OS® 4 90 goods from this port for the week ending Aug. 24 were 6,626 GRAIN. packages, valued at $642,127, their destination being to the Wheat, per bushel-f. o. b. Corn, per bushel- Cents. N. Spring, No. 1, new_ ___81 04 H No. 2 elevator Nominal points specified in the table below: N. Spring, No. 2, new._ nom. Steamer elevator Nominal -----1912 ----1911 Red winter, No, 2, new__ 1 07 No. 3 c.i.f. Nominal Since Since Hard winter, No. 2 1 04% Rye, per bushel- New York to August 24, Week. Jan. 1. Week. Jan. 1. coats, per bushel, new- Cents. No.2 68 69 Great Britain 2 3,291 13 521 itandards 40% State & Pennsylvania_ Nominal Other Europe 1,347 24 697 No. 2, white 41 Barley-Malting 60 ® 80 China 1,958 53,277 ___ 71,673 No.3 40% India 26 19,567 _-_ 17,899 For other tables usually given here, see pate 524. Arabia 325 37,96214,007 Africa 167 18,701 155 9,831. The visible supply of grain, comprising the stocks in West Indies 245 31,080 1,032 26,433 granary at principal points of accumulation at lake and Mexico 56 2.103 59 1,496 CentralAmerica 406 14,763 530 13,450 seaboard ports, Aug. 24 1912, was as follows: South Amerio^ 457 46,798 771 39,520 49.313 53 24,722 UN 111,D sl A'1•Es GRAIN STOCKS. Other counti 1 a 2,984 _ _Amer. Bonded Amer. Amer.Bonded Amer. Amer. Bonded ------Wheat. Wheat. Corn. Oats. Oats. Rye.Barley. Barley. Total 6,626 278,202 2,741 220,248. In Thousands- bush, bush. bush. bush. bush. bush. bush. bush. New York 273 277 92 164 2 34 1 The value of theEe New York exports since Jan. 1 has been Boston 123 170 1813 1 $17,903,183 in 1912, against $15,655,749 in 1911. Philadelphia 300 116 11 --8i Baltimore 754 4 72 177 8 While there has been a steady trade noted in all depart- New Orleans 356 __ __ 117 55 _ ments of domestic cotton markets during the past week, the - Galveston 578 ____ 5 of Buitalo 174 545 22 --6ii 17 -155 volume of business booked has not been up to the average Toledo 1,047 ____ 31 289 - 3 the week previous. In addition to the decline in prices for Detroit 162 ____ 83 29 3 tendency to check purchases, the ap- Chicago 4,848 ____ V' 373 1,610 57 33 the staple having a Milwaukee 201 _ .. _ _ Vt. 120 111 13 29 proach of the holiday has kept many out-of-town buyers Duluth• 333 07 ____ 0 --iii 112 57 away from the market. A good mail business, however, has Mlnneanoiis 651 5 124 49 217 St. Louis 2,765 19 115 3 been transacted and trade advices from all sections of the Kansas City 4,468 61 25 country continue encouraging. The low state of jobbers' Peoria 1 27 228 Indianapolis 374 192 76 stocks is expected to develop an unuusally strong purchasing Omaha 632 93 17 19 2 power later on. Soon after the holiday prices will be named On Lakes 615 232 ___ a number of On Canal and River_ _ _ _ 8 - -_- --- - on many kinds of cotton goods, including lead- ing lines of ginghams for the spring 1913 season. As soon Total Aug. 24 1012..18,063 1,185 1,573 3,151 66 288 475 1 that liberal orders will Total Aug 17 1912...18,144 1,196 2,226 2,099 94 201 350 64 as these are announced, it is expected Total Aug. `.)6 191 1...48.247 0.045 18.939 -- 144 889 be placed, and from present indications there is every like- Total Aug. 27 1910...24.998 ..... 2,165 12,551 -_-- 232 786 lihood of these expectations being fulfilled. One of the CANADIAN GRAIN STOCKS. situation is the Canadian Bonded Cancultan Bonded Canadian Bonded most encouraging features of the present Wheat. Wheat. Corn. Oats. Ools. Rye. Barley. Barley. demand and the strength displayed in the finished-goods in Thousanis- bush, bush, bush. bush. bush. bush, bush. bush. markets. It is reported that mills have refused considerable Montreal 1,307 ____ 6 483 - - -- Ft. William 2,233 ______1,155 ---_ --_- business offered at concessions. Manufacturers appear to Pt. Arthur. 800 ______067 -- ____ many of them having ______516 --__ be in a very independent position, Other Canadian 1,340 sufficient orders booked to keep them in operation for some Total Aug. 24 1912._ 5,080 ____ 6 2,821 5 - - time to come, while their supplies are light. During the Total Aug. 17 1912.... 0,444 ____ 15 2,808 Total Aug. 26 1911_ 3,408 ____ 350 4,940 15 week several advances have been announced, including Total Aug. 27 1910... 2,041 ____ 82 386 68 ____ crashes and mercerized damask, the former being marked up SUMMARY. a yard and the latter 1 to 1%c. per yard. Print cloths Bottled Bonded Bonded Mc. Wheat. Wheat. Corn. Oats. Oats. Rye. Barley, Barton. and convertibles have again ruled quiet, with the undertone. In Thousands- bush. bush. bush. bush. bush. bush, bush. bush. barely steady, a few sales being reported at concessions. American 18,663 1,185 1,573 3,151 66 288 5 1 quoted at 5c. Canadian 5,686 _- 6 2,821 ------5 __ _ Gray goods, 38%-inch standard, are Total Aug. 24 1912..24,349 1,185 1,579 5,972 66 288 480 1 WOOLEN GOODS.-Demand for men's wear and dress Total Aug. 17 1912. 24,588 1,136 2,241 4,967 04 231 350 64 continues and many mills manufacturing dress goods. Total Aug. 26 1911_51,655 6,401 23,897 144 904 __ goods Total Aug. 27 1910_27,639 2.247 12,937 ---- 232 854 are sOld up for the spring season 1913. There is also a steady demand from jobbers and retailers for fall goods, with mills THE DRV GOnDS TRADE. experiencing difficulty in filling the orders tendered. Plain serges are in active request, with the demand in many in- New York, Friday Night, Aug. 30 1912. stances exceeding the supply. Prices for all kinds of men's The receipt of further favorable reports from agricultural wear are firm, with the tnedency upward. districts and manufacturing centres continues to stimulate business activity, and sentiment regarding the outlook is very FOREIGN DRY GOODS.-Activity continues in the optimistic. While nothing has developed to deter opera- markets for linens, with liberal orders placed on goods for tions, a quiet week had been expected, owing to the three- the spring 1913 season. Buyers appear to be fully con- day holiday over Labor Day; which Would be availed of by vinced that there will not be any concessions in prices and many to take a run out of town. Both the steel and dry are placing orders freely. It is stated that the demand for dry goods trades, which are considered reliable barometers roughly-woven dress goods is unusually good, while there is of general business conditions, continue in a very strong also improved buying of housekeeping lines. Burlap con- position, and it is encouraging to note that the tendency ditions are about unchanged, the market continuing firm, toward higher prices meets with little complaint from buyers. with supplies light. Light-weights are quoted at 6c. and The,latter are nowjeconciled to a period of higher prices as 10%-ounce at 7.60c.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis A60 THE CHRONICLE [VOL. TaXXXXV. •

bonds sold comprise the following separate Issues: $28000 bridge, $25,001 sewer, 551,000 street and $37,000 funding. The bridge bonds are due PAU $2,000 yrly. 1913 to 1926 inel. and the remaining issues Jan. 1 1931. ALLIANCE. Stark County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Sept. 16 by C. 0. Sliver, City Auditor, it is stated, News Items. for $40,000 4 %% 203 -year (ay.) water-works, $9,850 11% 3-year (ay.) assess. and $930 5% 2-year (ay.) assess. bonds. Cert. shank for 3% Baltimore County (P. 0. Towson), Md.-Road Bond Case required. Appealed.-An appeal has been taken to the Court of Ap- ALTAMONT, Albany County, N. Y.-BONDS VOTED.-A favorable vote was cast on Aug. 27, It is stated, on a proposition to Issue $6,000 peals by Dr. W. P. E. Wyse of Pikesville from the decision village-building-erection bonds. The the vote was 42 to 33. of Circuit Court of Baltimore County, which upheld the AMITE COUNTY (P. 0. Liberty), Miss.-BONDS VOTED.-It is re- validity of the $1,500,000 road bonds authorized at the last ported that the question of issuing $80,000 5% 20-yr. road-eonstr. bonds carried by a vote of 222 to 132 at the election held reeently in the Third session of the Legislature. Of this issue of bonds $300,000 Supervisor's District. is to be offered on Sept. 3 and the appeal is taken, it is stated, ANN ARBOR. Washtenaw County, Mich.-BONDS VOTE:D.-Ac- to satisfy prospective bidders. cording to reports an election held Aug. 27 resulted in favor of the question The case will come up at of issuing hospital bonds. the October term and be decided, it is expected, in , No- ASHLAND, Ashland County, Ohio.-BOND OFFERING.-Proposals vember. V. 94, p. 248. will be received until 12 m. Sept. 16 by E. Kochi, City Aud., for $4,800 4 A% sewage-disposal-plant bonds. Auth. Sec. 3939 Gen. Code. Denom. Custer County (P. 0. Miles City), Mont.-Injunction Dis- $800. Date Sept. 16 1912. Int. M. & S. Cert. cheek for 5% of bonds solved.-A temporary injunction restraining the issuance bid for, payable to the City Treas., required. Bonds to be delivered within of $170,000 bridge bonds disposed of in May (V. 94, p. 1461) 10 days from time of award. Purchaser to pay accrued interest. ATTLEBOROUGH. Bristol County. Mass.-BOND SALE.-On Aug. 22 was dissolved by Judge Sanner of the District Court on $100,0004% high-school-building bonds were awarded, we are now officially August 11. advised, to N. W. Harris & Co., Inc., of Boston, at 100.88. Denom.. $1,000 and $500. Date Aug. 1 1912. Int. F. & A. Duo from Aug. 1 Georgia.-Proposed Constitutional Amendments.-Some 1913 to 1932. Using newspaper reports, we stated last week that these months ago (V. 93, p. 1412) we referred to three proposed securities had been sold to Blake Bros. & Co. of Boston as 100.26. constitutional amendments and stated AVILA SCHOOL DISTRICT, San Luis Obispo County, Cal.-BONDS that they would be VOTED.-The question of issuing $4,000 7% 1-4-year (sec.) bldg. & equip. voted upon at the general election this November. It ap- bonds carried unanimously at an election 'held Aug. 14. There were 32 pears, however, that these propositions, together with an votes cast. The bonds will be offered, we are advised, about Sept. 18. amendment create the county of BALTIMORE, Md.-LOAN ELECTION.-Reports state that at the to Bleckley, will be sub- November election tile people will vote on a loan of $2,000,000, $1,000,000 mitted to a vote at the general State election, which takes for bridges and $1,000,000 to buy land near the approaches to the bridge, place Oct. 2. which can be used as city parks or factory sites. BELMONT. Middlesex County. Mass.-BOND SALE.-On Aug. 28 the Jackson, Miss.-Election on Commission Form of Govern- $5,000 1-5-yr. (ser.) surface-drains-loan and $8,000 1-4-yr. (sec.) fire-dept. ment.-An election will be held Sept. 24 to 4% coup. tax-free bonds (V. 95, p. 496) were awarded to W. L. Raymond vote on the Fe Co. at 100.44. Other bids follow: adoption of the commission form of government. R. L. Day & Co., Boston_ _ _ _100.339 Adains dc Co., Boston 100.07 -Legislature N. W. Harris & Co., Inc.,Bos.100.28 Curtis & Sanger, Bostonnn0 _ _ _1000:003 Louisiana. Adjourns-Tax Reform Measures Biodget & Co., Boston 100.183 Blake Bros. & Co., Passed.-The Louisiana Legislature which convened in extra BEND, Crook County, Ore.-BOND OFFERING.-Attention is called session on Aug. 12 (V. 95, p. 373) adjourned at 1:30 p. m. to the official notice elsewhere in this departmeat of the offering on Sept 24 of the $60,000 20-yr. sewer-constr. bonds. For description and terms of on Aug, 24. Just prior to adjournment constitutional offering see V. 95, p. 434. amendments were finally passed for submission to the BIG VALLEY SCHOOL DISTRICT (P. 0. Alturas), Modoc County, Cal. voters on Nov. 5 to re-model and reorganize the State's -RES UL7'OF BOND ELECTION.-Thc result of the election held Aug. IS to vote on the question of issuing $1,700 6% building bonds is being con- system of taxation. A resolution was also passed con- tested. We are advised that the tinuing the Tax vote was 36 to 18. Commission until 1913 to aid the General BLOOMINGTON SCHOOL DISTRICT, San Bernardino County, Cal.- Assembly in preparing legislation to carry the tax plan into BON I) SALE.-On Aug. 19 the $20,000 5% bonds (V. 95, p. 434) were awarded to Torrance, Marshall & Co. of Los Angeles at 102.765. Other effect. bids follow: Wm. R. Staats Co., Los Ang.$20,5111State Board of Control $20,235 Mart, McLennan County, Tex.-Commission Form of Gov- N.W. Halsey ernment Adopted.-Reports & Co., San Fr_ 20,3531 state that an election held BOSTON, Mass.-NOTE SALE.-Local papers state that this city has Aug. 24 resulted in favor of the question of establishing the disposed of the following notes: commission form of government. Bond & Goodwin of Boston $100,000 at 4.90% Interest. Goldman, Sachs & Co. of Newf$100,000 at 4.9250% int. and $5 prem. New Orleans, La.-Commission Form of Government Ap- York 15200,000 at 4.89% int. and $15 premium. Luther Robbins of Rochester_ _$100,000 at 5% interest. proved.-The election held Aug. 28 resulted in favor of the Irving Nat. Bank of New York_ _$300,000 at 5.05% interest. proposition to establish the commission form of.government BRONXVILLE, Westchester County, N. Y.-BOND OFFERING.- (V. 95, p. 187). The vote is reported as 23,900 to 2,119. Proposals will be received until 8 p. m. Sept. 10 by F. Dinsmore, Village Clerk, for $33,400 registered bonds. Denom. $1,000 and $1,100. Dots Nicaragua.-Holders of Bonds Requested to Deposit Same.- Sept. 15 1912, Int. M. & S. Due part yearly after 5 yearn. Certified Holders of 6% gold bonds of 1909 have been requested to check for $250 is required. deposit them with the Council of BROOKHAVEN, Lincoln County, Miss.-BOND SALE.-On Aug. 23 Foreign Bondholders in the $35,500 5% 17 1-3-year (average) refunding bonds (V. 95, p. 434) assent to the agreement dated New York May 25 1912 were awarded, according to reports, to the Brookhaven Bank at Trust Co. and approved by the general meeting of bondholders on in Brookhaven at par and blank bonds. June 20. As the arrangement BROWN TOWNSHIP, Miami County, Ohio.-BOND SALE.-On Aug.17 will not be declared definitive the $1,200 5% 2-7-yr. (ser.) coup. road-impt. bonds (V. 95, P. 249) were until the holders of a large majority of the bonds have awarded to the Piqua Nat. Bank for $1,248 50 (104.04) and int.-a basis of about 4.01%. A bid of $1,217 65 was also received icons I. N. Wilkinson signified their assent, bondholders are urged in their own of Sidney. interest to make no delay in depositing. See V. 95, p. 64. CAMPBELL SCHOOL DISTRICT (P. 0. Campbell), Hunt County, Tex. Oklahoma.-Election Nov. 5 -BONDS VOTED.-By.a vote of 110 to 66, it is stated, a proposition te on Capital Removal Question.- issue $12,000 building bonds carried at a recent election. Governor Cruce has issued his proclamation calling for a CANASTOTA. Madison County, N. Y.-BOND SALE.-On Aug. 28 the vote Nov. 5 on the proposed amendment to the constitution $25,000 2-28-yr. (sec.) street-impt. bonds (V. 95, P. 434) were awarded to locating the Capital and seat of government at Guthrie. the Fulton Say. Bank at 100.004 for 4.305. Other bids5,0 follow: lowo0: Adams dc Co., New York 3 for 4 )is It will be recalled that the Capital was removed from Guthrie Harris, Forbes &Co., New York 25,030 25 for 4 Yis to Oklahoma City by an Act of the Legislature of 1910 Denom. $1,000. Date Sept. 1 1912. Interest M. 61 S. subsequently declared valid by both the State Supreme Court CANISTEO, Steuben County, N. Y.-BOND OFFERING. Proposals and United Supreme will be received until 8 p. in. Sept. 7 by James A. Corbett, Vii. Clerk, for States Court. See V. 92, p. 1511. $11,500 3 1-6-yr. (ay.) road bonds, according to reports. The election which has just been called was petitioned for CA NISTEO SCHOOL DISTRICT (P.O. Canisteol, Steubcn County, N.Y. by 51,543 voters. -Bonds Defeated.-The election held Aug. 9 resulted in ths defeat of tile Sheffield, Ala.-Commission Form of Government Ap- 6porotpoos119tilo.n to issue the $40,000 bldg. bonds (V. 95, p. 188). The vote was proved.-The election held Aug. 19 resulted, we are advised, CANTON. Ohio.-BOND SALE.-On Aug. 28 the .six issues of 4 %% in a vote of 173 "for" to 152 "against" the question of coupon bonds (V. 95, p. 312), aggregating $38,800, were awarded to the adopting the commission form of Tillotson & Wolcott Co. of Cleveland for $40,810 09, making the price government. 105.18. Savannah, Ga.-Election on Commision Form of Govern- Other bids for the $25,000 issue were as follows: . ment.-Local papers state an A. E. Aub & Co., Cin___.$26,652 55[Mayer,Deppe&Walter,Oin.$26,537 50 election will be held Nov. 12 Stacy & Braun.. Toledo__ _ 26,572 501T. H. Saunders (First Nat. to vote on the question of adopting the commission form of Otis & Co., Cleveland __ 26,565 001 13ank),Cleveland government. Well, Roth & Co. Cin_ __ _ 26,565 00) Prov.S.13k.&Tr.Co.. Cin__ 2266,5501 653 Seasongood & MaYer, Cin_ 26,554 00 iNiacwydleonir,stAiNillaetr.4 111cc.0.7cli_o._ 2208;342570 000, Trinidad, Colo.-Commission Form of Government Defeated. Breed & Harrison, din.__ 26,550 00 Atlas Nat. Bank, din 26,375 00 -Local papers state that the election held Aug. 20 resulted The New First Nat.Bank of Col. also bid $13,819 for the rernianing 5 issues in the defeat of the question of adopting the commission aggregating $13800. form of government. The vote was 916 "for" and 1,784 Breed dc Harrison of Cincinnati also bid $5,828 for the $5,600 issue. BOND OFFERING.-Proposals will be received until 12 m. Sept. 16 by "against." E. C. Brumbaugh, City Aud., for the following 4 A% bonds: Wichita, Kan.-Petitions for Recall of Mayor and Chief of $13,700 W. Eighth St.-Impt. bonds. Denom. (1) $700 (13) $1,000. Due $2,000 y'ly on Sept. 1 1914 to 1919 incl. and $1,700 Sept. 11920. Police.-According to the Topeka "Capital," petitions have 3,300 coupon IN. Eighth St. (city's portion) bonds. Denom. (1) $300. been put in circulation asking for an election to recall Mayor (3) 51,000. Due Sept. 11920. 1,500 Bellevue Ave.-sewer-constr. bonds. Denom.(1)- $500 (1) $1,000. W. W. Minick and remove Chief of Police George T. Cubbon. Due Sept. 11917. Date Sept. 1 1912. Int. M. & S. at office of City Treas. Cert. check for 5% of bonds bid for, payable to City Treas., required. Bonds to be delivered within 10 days from time of award. Purchaser to furnish blank Bond Proposals and Negotiations this week bonds. Official advertisement states that a certified copy of the abstract have showing the legality of the Issue will be furnished upon application to the been as follows: City Auditor. ALAMEDA SCHOOL. DISTRICT. Cal.-BOND SALE.-The American Bonds Authorized.-Ordlnanoes were passed on July 29 providing for the Say. Bank of Los Angeles was awarded at 102.32, reports state, the $5,000 Issuance of the following 4 4% coup. bonds: 6% school bonds recently voted (V. 95, p. 312.) $8,500 Harrison Ave. lmpt. bonds. Denom. (6) $1,000 and (1) $500. Due Sept. 1 ALBERH ILL SCHOOL DISTRICT, Riverside County, Cal.-Bonds 1917. voted.-An election held Aug. 16 resulted in favor of the 3,400 storm-sewer-const. bonds. Denom. (3) 51.000 and (1) $400. proposition to Due Issue 54,0006% 20-yr. bldg. bonds. Int. semi-ann. There were six votes Sept. 1 1922. for,and none against. Interest H. & S. An ordinance was passed Aug. 12 providing for the issuance of $9,800 • ALBERT LEA. Freeborn County, Minn.-BOND SALE.-On Aug. 22 4% coupon E.Lake St. Impt. (city's portion) bonds." $141.000 414% bonds were Denom. (1) $800, awarded to the Harris-Trust & Say. Bank in (0) $1,000. Date March 1 1913. Int, M. 4 S. at office of Olty Treas. Chic. at par, Wt. and blank bonds. Date Sept. 1 1912. Int. J. 63J. The Duo March 1 1931.

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Suffolk Denom. (10) $1,470 and (10) $530. Date Sept. 1 1912. Interest M. & S. CENTRAL ISLIP SCHOOL DISTRICT (P. 0. Central Islip), 10 days from -On Aug. 29 the $20,000 5% 11-yr. (aver.) Due Sept. 1 1922. Bonds to be delivered and paid for within County, N. Y.-BOND SALE. bonds bid for, payable to the (V. 95, p. 434) were awarded to Curtis & Sanger of N. Y. at time of award. Certified check for 5% of bldg. bonds from Village Treasurer, required. Purchaser to pay accrued interest. 104.29 and int.-a basis of about 4.50%. Other bids were received Douglas Fenwick & Co., Adams & Co. and Harris, Forbes DETROIT, Mich.-BOND OFFERING.-Proposals will be received until Lobdell & Co., Sec., for & Co. of New York. 3 p. m. Sept. 10 by the Board of Water Comm'rs, H. A. Gilmartin, SALE.-On $240,000 4% coup. water tax-free bonds. Denom. $1,000. Date Oct. 1 CHICAGO JUNCTION, Huron County, Ohio.-BOND the public-hall tax-free bonds 1912. Int. A. & 0. Due Oct: 1 1932. Cert. check for 34 of 1% of Aug. 24 the $20,000 435% 6-25-yr. (ser.) coupon Comm'rs, required. were awarded to the First Nat. Bank In Cleveland at 105.- amount of bonds bid for, payable to the Board of Water (V. 95, p. 313) was offered for sale on Aug. 26 (V. 95, p. 435). 1895-a basis of about 4.047%. Other bids follow: A like Issue of bonds Hochler & Cum'gs, Tol__$21,005 25 Stacy & Braun, Tol $20,831 48 DEXTER, Stoddard County, Mo.-BOND OFFERING.-Proposals will Tillotson & Wolc.Co.,Clev. 21,005 00 Hayden,Miller&Co.,Clev_ 20,816 00 be received until 8 p. m. Sept. 3 by J. Moore, City Clerk, for the $28,000 Sidney Spitzer & Co., Tol. 21,001 00 Prov.Sav.Bk.&Tr.Co.,Cin_ 20,806 00 water-works and $25,000 sewer 5% bonds, recently voted (V. 95, p. 435). Breed & Harrison, Chi__ 20,942 00 Well, Roth & Co., Cin_ 20,760 00 Bids are requested for bonds maturing $500 yearly for each issue from one Otis & Co., Cleveland_ __ _ 20,911 00 Spitzer,Rorick&Co.,Tol 20,614 00 to 19 years and the balance in 20 years, and also for bonds due in 20 years, Seasongood & Mayer, Cin. 20,910 00 New First Nat. Bk., Col 20,600 50 optional one-half in 10 years and one-quarter in 15 years. Purchaser to Hampden Mass.-BOND OFFERING.-Proposals furnish blank bonds. Certified check for $500 is required. CH ICO PEE, County, will be received until 12 m. Sept. 5 by J. J.O'Connor 2d, the City Treas., EAST CLEVELAND SCHOOL DISTRICT (P.O. East Cleveland), Cuya- for the following 4% coup.bonds: hoga County, Ohio.-BOND OFFERING.-Proposals will be received until $14,000 street-impt. loan 1912 bonds. Date June 1 1912. Due $5,000 12 m. Oct. 1 by C. Ammerman, Clerk Board of Ed., for $15,000 4% school- June 1 1913 and 1914 and $4,000 June 1 1915. • bldg.-Impt. bonds. Auth. Sec. 7629, Gen. Code. Denom. $1,000. Date 5,000 Chicopee Falls bridge loan 1912 bonds. Date Aug. 1 1912. Due "date of sale." Int. A. & 0. at Cleveland Trust Co. of Cleve. Due Oct. 1 $2000 Aug. 1 1913 and 1914 and $1,000 Aug. 11915. 1932. Cert. check on a bank in Cuyahoga County for 10% of bid, payable Int. semi-ann. at Old Colony Trust Co. ot Boston. These bonds will be to Clerk, Bd. of Ed., required. certified as to their genuineness by the Old Colony Trust Co., which will Mass.-BOND OFFERING.- these issues EASTHAMPTON. Hampshire County. further certify that, in the opinion of Ropes, Gray & Gorham, Proposals will be received until 10 a. m. Sept. 5, it is stated, by the Treasurer are valid obligations of the city. for $30,000 4% 1-15-yr (ser) school bonds. Date July 1 1912. -BONDS DE- CHARLEVOIX COUNTY (P. 0. Charlevoix), Mich. ELMORE. Ottawa County, Ohio.-BOND ELECTION.-An election will FEATED.-Reports state that the proposition to issue the $350,000 road- be held. to issue $25,000 bonds, to pur- held recently. Sept. 3 to vote on the proposition const. bonds (V. 94, p. 1579) failed to carry at an election chase the Elmore Water Co's. plant. Ohio.-BOND SALE.-On Aug. 29 the three issues of -DESCRIPTION CINCINNATI, p. 313), were ELMORE COUNTY (P. 0. Mountain Home), Idaho. 4% 20-year tax-free bonds, aggregating $354,000 (V. 95, OF BONDS.-The $28,200 535% refunding bonds awarded to Coffin & $220,000 street and $96,000 water bonds at 102.56 to Field, bonds of $1,000 awarded bonds Crawford of Chicago on July 8 (V. 95, p. 189) consist of 21 Longstreth & Co. and Breed & Harrison of Cln , and $38,000 sewer each, 10 July 1 1912. Int. semi- according to reports. of $500 each and 11 of $200 each. Date for $39,061 (102.79) to A. E. Aub & Co. of Cin., annual at the Nat. City Bank in N. Y. Due $3,000 July 1 1922 and $2,800 COUNTY (P. 0. West Point), Miss.-BOND OFFERING.-Pro- yrly., July 1 1923 to 1931 incl. CLAY Supervisors, posals will be received until 2 p. m. Sept. 5 by the Bd. of Co. -BONDS REGISTERED.- No. 1, $60,000 Dist. No. 2 and EL PASO COUNTY (P. 0. El Paso), Tex. L. J. Howard, Clerk, for the $40,000 Dist. The State Comptroller registered an issue of $30,000 5% 10-30-year (opt.) 441,000 Dist. No. 3 6% tax-free road and bridge bonds (V. 95, p. 497). $500. poor-farm bonds on Aug. 19. Auth., Chap. 149, Laws 1910, and Chap. 145, Laws 1912. Denom. BOND to vote on the issuance of ;$71,000 Bank of West Point at West ELECTION.-The election Date, "date of issuance." Int. annual at the irrigation bonds (V. 95, p. 66) will be held Sept. 2, it is stated. Point. Due $500 yrly. after the tenth year, balance due twenty-fifth year. Cert. check for $500 to accompany bid for each block of bonds offered. ESCONDIDO GRAMMAR SCHOOL DISTRICT (P. 0. Escondido), San Official circular states that there is no controversy or litigation pending Diego County, Cal.-BONDS VOTED.-Local papers state that the elec- or threatened affecting the corporate existence or boundaries of the dis- tion held Aug. 17 resulted In favor of the proposition to issue the $8,000 tricts or the title of the present officials to their respective offices or the building bonds (V. 95, p. 435). validity of these bonds. FAIRVIEW SCHOOL DISTRICT. Cal.-BONDS VOTED.-The elec- COLTON SCHOOL DISTRICT (P. 0. Colton), San Bernardino County, tion held Aug. 21 resulted, according to a Bakersfield paper, In favor of the Cal.-BOND ELECTION.-An election will be held Sept. 2, it is stated, to proposition to issue the $11,000 7% bonds (V.95, p.435). decide whether or not $6,000 bonds to Install a cooking, sewing and manual- FOND DU LAC. Fond Du Lac County, Wis.-BONDS AUTHORIZED. training department in the school shall be issued. -The Common Council passed a resolution on Aug. 20, it is stated, pro- COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.-PRICE PAID FOR viding for the issuance of $25,000 water-plant-improvement bonds. BONDS.-The price paid for the $17,145 90 road bonds awarded on Aug. 12 FOSTORIA, Seneca County, Ohio.-BOND SALE.-On Aug. 23 the to Hayden, Miller & Co. of Cleveland (V.95, p.497) was $17,834 90, making $9,560 434% 535-yr. (aver.) street-impt. (city's portion) bonds (V.98, the price 104.01. p.374) were awarded to Breed & Harrisor of Cincinnati at 101.851 and int. CORDELE. Crisp County, Ga.-BIDS REJECTED.-All bids received -a basis of about 4.294%. Other hi Is follow: for the four issues of bonds aggregating $95,000, offered on Aug. 21 (V. 95, Well, Roth & Co., Cin__ _ _$9,723 00ISidney Spitzer & Co.. T0l_$9,685 00 p. 249), were rejected. Stacy, Braun & Co., Tol__ 9,722 60IHayden, Miller & Co., Clev. 9,681 45 Otis &Co., Cleveland 9,705 00 I Spitzer, Rorick & Co., Tol. 9,591 55 CORONADO SCHOOL DISTRICT (P. 0. Coronado), San Diego County. Cal.-DESCRIPTION OF BONDS.-The $80,000 5% building bonds FRANKLIN COUNTY (P. 0. Columbus). Ohio.-BOND SALE.-On awarded on Aug. 7 to E. H. Rollins & Sons of San Francisco at 101.17 Aug. 29 the $10,000 435% 3.8-year (ay.) Strahl Road impt. bonds (V.95, V. 95, p. 497) are in the denomination of $1,000 each and dated July 15 p. 374) were awarded to Barto, Scott & Co. of Columbus at 100.50 and int. 1915. Interest annually In July. Due $4,000 yearly from 1915 to 1934, FREEDOM. Beaver County, Pa.-BONDS A UTHORIZED.-An inclusive. ordinance was passed Aug. 5 providing for the issuance of $5,000 434% Due CRESTLINE, Crawford County, Ohio.-BOND OFFERING.-Propos- general-impt. bonds. Denom. $500. Int. semi-ann. $500 yriy. on als will be received until 12 m. Sept. 23 by M. J. Strauch, Village Clerk, July 1 from 1919 to 1928 incl. for the following 5% street-improvement bonds: FRESNO, Fresno County, Neb.-BOND SALE.-On Aug. 19 the $45,000 414,500 Columbus St. paving assessment bonds. Due $1,450 yearly 5% 1534-yr. (aver.) impt. bonds, dated Aug. 15 1912 (V. 95, p. 250) were Sept. 1 from 1913 to 1922, inclusive. awarded to the Wm. R. Staats Co. of Los Angeles for $46,631 (103.624) and 8,000 Columbus St. paving (village's portion) bonds. Due $800 yearly int.-a basis of about 4.67%. Other bids follow: Sept. 1 from 1913 to 1922, inclusive. E. H. Rollins & Sons, San Francisco $466:457679 50 Date Sept. 15 1912. Int. M. & S. Bonds to be delivered and paid for Harris Trust & Savings Bank, Chicago within 10 days from time of award. Certified check for $500, payable to -BOND OFFERING.- Village Purchaser to pay accrued interest. FULTON COUNTY (P. 0. Wauseon). Ohio. the Treasurer, required. Proposals will be received until 10 a. m. Sept. 17 by C. J. Sues, Co. Aud., CUSTER COUNTY SCHOOL DISTRICT NO. 19, Mont.-BOND OFFER- for $20,000 4 35% Road No. 60 impt. bonds. Denom. $500. Date N v. 1 ING.-Proposals will be received until 2 p. m. Sept. 10 by H. L. Cobleigh, 1912. Int. J. & J. at office of Co. Treas. . Due $2,000 each six months Dist. Clerk (P. 0. Carlyle), for 82,000 6% coupon bldg. bonds. Denom. from Jan. 1 1914 to July 1 1918 incl. Cert. check or certificate of deposit 4100. Date July 1 1912. Int. ann. at office of the Co. Treas. Due for $200, payable to the Co. Treas.. required. Bonds to be delivered July 1 1917, subject to redemption beginning July 1 1916. Cert. check within 15 days from time of award. (or cash) for 5%, payable to the District Clerk, required. Bonded debt 24 at Assessed val. $248,000. GENESEO. Livingston County. N. Y.-BOND SALE.-On Aug. present $2,500. No floating debt. $8,000 bridge bonds were awarded to Douglas Fenwick & Co. of N. Y. at CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFERING.- 100.3125 for 4.70s. Denom. $500. Date Sept. 1 1912. Int. ann. In Proposals will be received until 11 a. m. Sept. 18 by the Board of County Feb. Due $500 yearly Feb. 1 1914 to 1929 incl. Comm., J. F. Goldenbogen. Clerk, for $10,300 4% coupon Fischer Road -BONDS 2, Title Part 1, GLEN ROCK (P. 0. Ridgewood), Bergen N. J. No. 2 (county's portion) bonds. Auth. Chap. 18, Div. 3, VOTED.-An election held Aug. 27 resulted in favorCounty' of the proposition to Gen. Code. Denom.(1) $300, (20) $500. Date April 11912. Int. A.& 0. Issue bonds. The vote was 62 to 34. at office of County Treas. Due $300 Oct. 1 1912; $500 each 6 mos. on $10,000 road April 1 and Oct. 1 from 1913 to 1921 incl. and $1,000 April 1 1922. Cert. GLENS FALLS, Warren County, N. Y.-BONDS SALE.-On Aug. 21 check on a bank other than the one making bid, for 1% of bonds bid for, the $117,000 434% 10 1-3-year (aver.) sewer-refunding bonds dated Aug. 31 payable to the County Treas., required. Bonds to be delivered within 1() 1912 (V. 95, p. 374) were awarded to Harris. Forbes & Co. of N. Y. at days from time of award. Purchaser to pay accrued Interest. No condi- 101.322 and int.-a basis of about 4.34%. Other bids follow: tional bids considered. A similar issue of bonds was reported sold to Otis R. L. Day & Co., N. Y__$118,501 11 Blodget & Co., N. Y____$118,274 03 & Co. of Cleveland on Aug. 7 (V. 95, p. 374). Ahams & Co., N. Y 118,411 00 Brown Bros. &Co.. N.Y. 118,256 00 BOND SALE.-On Aug. 14 the $63,000 43i% coupon State Road No. 7 E. H. Rollins & Sons,N.Y. 118,399 32 Estabrook & Co., N. Y.... 118,249 56 bonds (V. 95, p. 189) were awarded to the First Nat. Bank of Cleveland for Farson, Son & Co., N. Y. 118,349 01 Watson & Pressp., N. Y. 118,241 37 $64.065 90, making the price 101.691. Other bids follow: GOODRICH SCHOOL DISTRICT (P. 0. Goodrich), Genessee County, A. E. Aub & Co., In.__ _$63,976 50 Barto, Scott & Co., Colum$63,711 00 Mich.-BONDS VOTED.-At an election held Aug. 20 the voters author- Tillotson&WolcottCo,Clev 63,957 60 Prov. S. B. & Tr. Co., Cin. 63,688 30 ized the issuance of $10,000 bldg. bonds, by a vote of 51 to 26, reports state. & Co., Cincin_ 63,866 25 Well, Roth Otis & Co., Cleveland_ _ 63,657 00 SALE. C. E. Denison do Co..Clev_ 63,802 60 Seasongood & Mayer, Cin_ 63,88000 GRAHAM COUNTY SCHOOL DISTRICT NO. 71, Kans.-BOND New First Nat.Bank, Col_ 63,769 00 -The State of Kansas was awarded at par in June $1,000 5% school-house We are advised that the $52,500 4 Yi % bonds offered at the same time bonds. Date May 1 1912. Due from July 1 1919 to 1923, opt. at any V . 95, p. 189) were declared void. Interest period. W. Va.- -BONDS GRANT SCHOOL DISTRICT (P.O. Chester), Hancock County, DALLAS. Tex. AWARDED IN PART.-The following bids PURCHASERS OF BONDS.-The purchasers of the $20,000 5% 10-34-yr. were received on Aug. 21 for the 5 Issues of 434% gold coupon bonds, which were on July 20 (V. 95, p. 95, p. (opt.) coup. bldg. bonds, blds for received aggregating 025,000 (V. 374): 250), were, reports state, the First Nat. Bank of Chester and the Mellon Wm. A. Read$1,& Co. Chic $1,000,503 00 and int. for all issues Nat. Bank of Pittsburgh, at 100.78 and int. Harris Trust & Savings Bank and 1,000,318 00 and int. for all issues Blodget & Co., Chicago GREENFIELD, Dade County, Mo.-BONDS NOT SOLD.-No award Dallas Trust & Say. Bank, Dallas 1,010,130 00 and int. for all issues was made on July 25 of an issue of $16,500 5% water-works bonds offered N. W. Halsey & Co., Chicago 974,190 75 and int for all issues on that day. f 195,040 00 and Mayer, Deppe & Walter, and int. for $200,000 HACKENSACK, Bergen County, N. J.-BOND OFFERING.-Proposals Breed dc Harrison, Cincinnati 1 school bonds. 200,866 00 and int for $200,000 will be received until 8:30 p. m. Sept. 9 by the Improvement Commission C. E. Denison & Co., Cleveland city-hall bonds or for $200,000 of for the $150,000 435% gold coupon or registered funding bonds (V. 94, p the $400,000 water issue. 1522). Denom. $1,000. Date Aug. 11912. Int. F. & A. at the Hacken Travelers Insurance Co. of Hartford,j 101,870 00 and int. for $100,000 Due Aug. 1 1942. The bonds will be ap- Connecticut of the $400,000 sack Trust Co., Hackensack. 1 water bonds. & Longfellow of New York, The Commissioner of Finance and Revenue recommended that $200,000 of proved as to legality by Hawkins, Delafield the $400,000 water -works permanent bonds be awarded to C. E. Denison whose opinion will be furnished to the purchasers. Charles W. Bell is Pres & Co., at the price they offered, namely, $200,866 and accrued Interest from The official notice of this bond offering will be found among the advertise- May 1 1912 to date of of delivery, and that $100,000 the $400,000 water- ments Department. works permanent improvement bonds be awarded to the Travelers In- elsewhere in this surance Co. of Hartford, Conn., at the price they offered namely, $101,870 HAMILTON, Butler County, Ohio.-BOND SALE.-On Aug. 28 the and accrued interest from May 1 1912 to date of delivery; the sale of the $25,000 4% 15-year coupon storm-sewer bonds (V. 95, p. 250) were remaining bonds to be postponed until a future date. awarded to the Atlas Nat. Bank of Cincinnati at 101.15. DECATUR. Adams County, Ind.-BOND OFFERING.-Proposals .will Other bids follow: be received until 7 p. in. Sept. 3 by H. M. De Voss, City Clerk, for $9,000 A. E. Aub & Co., Cincin _$25,230 00 Otis & Hough, Cleveland_125,140 00 435% coupon refunding tax-free bonds. Denom. $1,000. Date Sept. 3 Well, Roth & Co., Cln_ ___ 25,213 00 Prov-Sav.Bk.&Tr.Co.,Cin. 25,140 00 1912. Interest in January at office of the City Treas. Due $1,000 yearly Barto, Scott & Co., Col _ 25,187 50 Davies-Bertram Co.. Cin_ 25,105 00 on Jan. 1 from 1914 to 1922, incl. Cert. check for $500, payable to the Stacy & Braun, Toledo 25,181 25 Sec. Nat. Bank, Hamilton 25,101 00 "City of Decatur," required. Seasdn ood & Mayer, Cinc. 25,165 00 Hamilton Dime Say. Bank 25,069 00 Mayer, enne&Waiter.Cin. 25.152 50 Breed & Harrison, Cin__ _ 25,037 50 DEDHAM. Norfolk County, Mass.-BOND OFFERING.-Proposals will be received until 4 p. m. Sept. 5 by T. I'. Murray, Town Treas., it is stated HAMILTON, Hamilton County, Tex.-BONDS VOTED.-Reports for $2,000 1•35-year (ay.) sewer ext., $4,000 1-4-year (ser.) impt. and $4,000 state that at a recent election the question of issuing $8,000 water-works 1-4-year (ser.) school-ImPt. 4% bonds. bonds receive a favorable vote. DESHLER. Henry County, Ohio.-BOND OFFERING.-Proposals wit HANLONTOWN. Worth County, Ohio.-BOND SALE.-On Aug. 27 be received until 12 m. Sept. 30 by A. F. Samsel, Village Clerk, for $20,000 $7,000 5% 3-10-year school-building bonds were awarded to Schanke dc Co 435% West Main St. Impt. (village's portion) and assessment bonds. of Mason City at par.

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HARTSELLS. Morgan County, Ala.-PURCHASER OF BONDS.- Farson, Son & Co., Reports New York $24,012 00 for 4.60s state that the purchaser of the $15,000 school-building bonds re- John J. Hart, Albany 24,007 cently sold (V. 95, p. 314) was the New 20 for 4.60s First National Bank of Columbus,0 Adams & Co., New York 24,020 00 for 4.70s HOWARD COUNTY (P. 0. St. Paul). Neb.-BOND OFFERING.- Douglas Fenwick & Co., New York 24,005 00 for 4.70s Proposals will be received until 12 m.Sept. 2 by K. D. Bahinsky, Co. Clerk, Isaac W. Sherrill & Co., Poughkeepsie 24,040 00 for 4.75s for the $75,000 4 %% coupon court-house bldg. and equip. bonds voted W. N. Coler & Co., New York 24,011 30 for 4.75s June 25 (V. 95, p. 67). Denom. $1,000. Date July 11912. Int. J. & J. at Denom. $1,000. Date August 1 1912. office of State Treas. in Lincoln. Due July 1 1927, subject to redemption MEDINA. Orleans County. N. V.-BOND OFFERING.-Proposals wilt In amounts of $1,000 or multiple thereof after July 1 1912. Bonded debt be received 8 p. m.Sept. 10 by F. incl. this issue $91,000. J. Kearney, Village Clerk, for the $15,000 Assess. val. $4,475,835. tax-free paving bonds at not exceeding 5% int. Authority vote of 611 to. HUMBOLDT, Humboldt County. lowa.-BOND OFFERING.-Propos- 71 at the election held May 28 (V. 94, p. 1400). Denom. $1,000. Date als will be received until Sept. 1 (this date falls on Sunday, but is so given Oct. 1 1912. Int. ann. in Oct. at the Union Bank in Medina. Due $3,000. by the Town Clerk) by J. A. Parker, Town Clerk, for $8,000 4 Ji% 10-20- yearly Oct. 1 1913 to 1917 incl. Cert. check for 5% of bonds, payable. year (opt.) coupon city-hall bonds. Denom. $500. Date "about Sept. 1 to the Village Treas., is required. 1912." Interest semi-annual. Bonded debt, $5,500. Floating debt, MEMPHIS, Tenn.-BONDS PROPOSED. $4.500. Assessed -Local papers state that this valuation, $1,630,692. city is making preparations for the issuance of $400,0100 6% 5-year "front- KEWAUNEE JOINT SCHOOL DISTRICT NO. 1 (P. 0. Kewaunee). foot assessment" impt. bonds, which are to be advertised for sale some Kewaunee County, Wis.-BOND OFFERING.-Proposals will be received time in October. until 10 a. m. Sept. 10 by 0. II. Bruemmer, Clerk Board of Education, for MIDDLESEX $44,000 COUNTY (P. 0. Lowell), Mass.-LOAN OFFERING.- 4% coupon building tax-free bonds. Auth. Chap. 172, Laws of Proposals will be received until 10 a. m. Sept. 4 by 1905. Date "not the Co. Treas., it is fixed yet." Interest annually in Kewaunee. Due 15 stated, for a temporary loan of $100,000 due Nov.6 1912, in anticipa- years from Feb. 1 1913. Certified check for $500, payable to Jos. Valecka tion of taxes. required. No debt at present. Assessed valuation 1912, $920,000. MIDDLETOWN. Butler County, Ohio.-BOND SALE.-On Aug. KIMBOLTON VILLAGE SCHOOL DISTRICT (P. 22 0. Kimbolton), the following premiums were offered for the $14,738 20 4 %% 1-10-yr. (ser.) Guernsey County, Ohio.-BOND OFFERING.-Proposals will be received Baltimore St. pay, assess. bonds. (V. 95, p. 252.) until 12 m. Sept. Beatenhead, Clerk Board 3 by H. J. of Educ., for $4,000 Atlas Nat, Bank. Cin •$368 45 Mayer, Deppe & Walter, Cin.$239 05 4 ji % tax-free coupon building bonds. Auth. Secs. 7625, 7626 and 7627, Barto, Scott & Co., Columb. 316 00 Seasongood & Mayer, Gen. Cin__ 225 00 Code. Denom. $400. Date Oct. 1 1912. Int. A. & 0. Due $400 Breed & Harrison, Cin 301 00 Prov.Say.B.& Tr.Co., Cin__ _ 221 07 yearly Oct. 1 from 1913 to 1922, incl. Bonds to be delivered and paid for Well, Roth & Co., Cin 281 QO New First Nat. Bk., Colum. 213 00 within 10 days from time of award. Certified check for $200, payable to the First Nat. Bank, Cleveland.. 272 90 Clerk Board of Eduo., required. Purchaser to pay accrued interest. No *This bid, it is stated, was successful. debt at present. Assessed valuation for 1912, $272,135. BOND SALE.-On Aug. 25 the $15,000 4% 2-16-year (serial) sewer- KVGER SPECIAL SCHOOL DISTRICT (P. 0. Kyger), Gallia County, construction bonds (V. 95, p. 375) were awarded to the Atlas NationaL Ohio.-BOND SALE.-On Aug. 20 the $2,750 4% 1-10-yr. (ser.) bldg. Bank in Cincinnati at 103.40 and interest-a basis of about 4.046%. and equip. bonds (V. 95, p. 314) were awarded to J. L. Betz of Gallipolis Other bids follow: at par. A. E. Aub & Co., On_ ___$15,502 501Mayer,Deppe&Walter,Cin.$15,472 50. Breed & Harrison, Cin___ LARKSPUR. Mann County, Cal.-BONDS VOTED.-The election held 15,495 00 Well, Roth & Co., Cincin_ 15,470 00 Prov,S. B. & 'tr. Co., Cin. 15,490 50 Otis ec Co., Cleveland_ _ __ 15,455 00. recently resulted in favor of the proposition to issue the $35,000 street- Stacy & improvement bonds (V. 95, p. 499), according to reports. Braun, Toledo_ _ _ 15,489 55 Seasongood & Mayer, Cin_ 15,453 00 First Nat. Bank, Cleye___ 15,473 90 New First Nat. Bank, Col_ 15,337 50. LEONIA. N. J.-BONDS VOTED.-The issuance of $23,000 bonds to purchase a sewer system was ratified at an election held Aug. 26. MILFORD. Iroquois County, 111.-BONDS VOTED.-Reports state that an election held Aug. 21 resulted in favor of the proposition to issue LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 5, Mont.- $3,000 street-paving bonds. BOND OFFERING.-Proposals will be received until 2 p. m. Sept. 20 by MISSION SCHOOL DISTRICT, San Bernardino County, Cal.-BOND Jennie E. Jordan, Clerk School District, at the ranch house of C. H. Jordan, SALE. about 12 miles northeast of Helena, for $2,000 6% 5-10 -The First Bank of Highland in Highland has been awarded -year (opt.) bonds. *3,500 bonds, reports Denom. $1,000. Int. ann. In Sept. at the County Treas. office. Certified state. check for $100, payable to the Clerk, is required. No other debt. MOLINE. Rock Island County, 111.-BOND SALE.-On Aug. 22 the $164,000 4 3,6% 12 LINCOLN COUNTY (P. 0. Lincolnton), Oa.-BONDS DEFEATED.- 1-3-yr. (aver.) water-works bonds (V. 95, p. 315) were awarded to the Harris Trust aa Say. Bank of Chicago for $165,775 (101.082) The election held Aug. 21 resulted in the defeat of the proposition to issue and $90,000 court-house bonds (V. 95, p. 314). int. Other bids follow: S. A. Kean ec Co., Chic_ _•$168,100 00 E.H.Rollins & Sons,Chlo.$164,206 64 LOGAN. Harrison County, Iowa.-BOND SALE.-On Aug. 24 the .Geo. M. Bechtel & Co., A.!).Leach & Co.,Chlo_ _ 164,115 00, $20,000 water-works-system bonds voted Aug. 5 (V. 95, p. 499) were Davenport •166,055 00 John Nuveen & Co., Chlo. 163,755 50 awarded to Geo. M. Bechtel & Co. of Davenport at 101.75, reports state. N.Y. Life Ins. Co., N.Y_ _ 165,525 00 N.W. Halsey & Co., Chic. 163,275 00, LORAIN, Lorain County, Ohio.-BOND OFFERING.-Proposals will be received until 12 in. Sept. 23 by E. P. Keating, City Auditor, for $16,500 • Including accrued interest. 43i% coupon street-paving (city's portion) bonds. Auth. Sec. 3939 Gen. MOMENCE TOWNSHIP. Kankakee County. 111.-BONDS VOTED. Code. Denom. $500. Date Sept. 15 1912. Int. M. & S. beginning By a vote of 185 to 83, the question of issuing the $30,000 road-constr. March 15 1913, payable at the Sinking Fund Trustee's office. Due $2,000 bonds (V. 95, p. 437) carried, it is stated, at the election held Aug. 20. yearly Sept. 1 from 1912 to 1918, incl., and $2,500 Sept. 1 1919. Bonds to MONTEBELLO be delivered and paid for within 10 days after the award. Certified check SCHOOL DISTRICT, Los Angeles County, Cal.- BONDS AZITHORIZED.-According to reports, the Issuance of $16,000. on any Lorain bank or any national bank outside of said city for $500, school bonds has payable to the City Treasurer, required. been authorized. MT. LOVELAND, Clermont Ohio.-BOND OFFERING.-Proposals VERNON. Franklin County, Tex.-BOND SALE.-J. R. Men of County, Chicago was awarded at a price above par and accrued int. on June 18 the will be received until 12 m. Sept. 21 by J. L. Hoctor, Village Clerk, for $18,000 5% 20-40-yr. registered $1,095 13 6% coupon sidewalk, curb and gutter bonds. Date (opt.) water-works bonds on that day by March 1 the State Comptroller (V. 95, p. 68). Denom. $500. Date April 1 1912. 1913. Interest annual. Due $219 13 yearly March 1 from 1914 to 1918, Int. A. 8: 0. Incl. Bonds to be delivered and paid for within 10 uays from date of award. Certified check for 10% of bonds bid for, payable to the White NASHVILLE, Washington Count III.-BOND ELECTION.-Accord- Treasurer, required. Purchaser to pay accrued interest. Provided, that ing to reports, an election will be held Sept. 24 to vote on the question of If before the opening of bids any of the abutting property-owners shall pay issuing $21,500 water-works-construction bonds. their full quota of costs and expenses, then the aggregate bond issue shall NEW BEDFORD. Mass.-BOND OFFERING.-Proposals will be re- be reduced accordingly. ceived until 8 p. m. Sept. 9 by W.S. Cook, City Treasurer, for the following LUCAS COUNTY (P. 0. Toledo), Ohlo.-BOND SALE.-On Aug. 27 registered tax-free bonds: the following premiums were received for the four issues of 45i% road-impt. $150,000 sewer bonds. Auth. Chap. 76, Acts of 1912. Date July 1 1912. bonds aggregating $165,367 58 (V 95, p. 436). Int. J. & D. Due $5,000 yearly Juno 1 from 1913 to 1942 incl. $48,835 35 $55,502 18 $59,030 05 $3,000 23,000 municipal loan No. 5 of 1912. Date Aug. 1 1912. Int. F. & A. Issue. Issue. Issue. Issue. Due $3,000 yearly Aug. 1 from 1913 to 1915 Incl. and $2,000, Stacy & Brous. Toledo •$1,165 71 •$1,441 35 •$1,446 12 $28 38 yearly Aug. 1 from 1916 to 1922 incl. J. J. Waldvogel, Toledo Denom. $1,000 or any multiple thereof. The legal opinion of Storey, Hayden, Miller & Co., Cleve_ 1,100 00 1,369 00 1,378 00 *5127 0050 Thorndike, Palmer & Dodge, Boston, will be furnished. Cert. check on a Well, Roth & Co. Cincinnati_ 938 00 1,149 00 1,193 00 12 00 national bank or trust companly for 2% of bonds bid for, payable to the Mayer, Deppe &' Walter andj 904 90 1,122 82 1,135 20 city of New Bedford, required. Davies-Bertram Co., Cinc1.1 NEW BERLIN, Stark County, Ohlo.-BOND OFFERING.-Proposals Sidney Spitzer & Co., Toleds 872 50 1,085 00 1,808690 0000 will be received until 12 m. Sept. 24 by A. A. Swope, Village Clerk, for the New First Nat. Bank, Colum_ 685 00 1,001 00 following 4 %% coupon bonds: Breed & Harrison, Cincinnati. 1,138 00 $15,000 water-works-system construction bonds. Due Aug. 1 1927. 20,000 sier0e3r2a.g e-system-construction bonds. Denom.$1,000. Due • These were the successful bids. Aug. MC ARTHUR. Vinton County, Ohlo.-BOND SALE.-On Aug. 26 the Date Aug. 1 1912. Int. annually In Aug. Bonds to be delivered and $17,000 4% coupon street-impt. bonds (V. 95, p. 314) were awarded to paid for within 10 days of time of award. Certified check on a bank In. Stacy & Braun of Toledo at par and int. Other bids were received from Stark County for 5% of bonds bid for, payable to Village Treasurer, re- Well, Roth & Co. of Cin., Spitzer, Rorick & Co. of Toledo and Hayden, quired. Purchaser shall furnish at his own expense the necessary blank Miller & Co. of Cleveland. bonds. MACON. Oa.-BOND SALE.-On Aug.24 the $40,000 4 Ji% coup.water- NEW HOPE IRRIGATION DISTRICT. Utah.-BONDOe ND OF0Ft works bonds (V. 95, p. 314) were awarded to J. H. Hilsman ec Co. of Atlanta proposals will be received until 7 p. m. Sept.Utah.- 10 13yDirectors,Board ER IN G. at 100.5725, reports state. Due $15,000 Jan. 1 1938 and $25,000 Jan. 1 '39. J. W. Gibboney, Pres. (P. 0. Independence), for $40,000 6% bonds. Date Sept. 2 1912. 1932, incl. MADISON, Lac Qui Palle County, Minn.-BOND SALE.-On Aug. 22 Due serially beginning Sept. 1 1923 to Sept. 2 the $50,000 5% 21.6-yr. (aver.) electric-light and water-works-impt. bonds NILES. Trumbull County, Ohio.-BOND SALE.-On Aug. 22 the three (V. 95, p. 375) were awarded to the Western Securities Co. at 101.70 and issues of bonds aggregating $36,135 (V. 95, p. 252) were disposed of as int.-a basis of about 4.87%. Other bids follow: follows, It is stated: Two 41,6% issues totaling $31,635, to the Niles Trust Co. C. H. Coffin, Chicago '$51,006 Spitzer, Rorick & Co., Tol_ $49,000 In Niles for $32,035, making the price 101.264; and the $4,500 5% bonds Bolger, Mosser & Will., Chic. 50.810 John Nuveen & Co., Chic__ 48,560 to Stacy &Braun of Toledo for $5,024 84, making the price 111.863. C. F. Childs & Co., Chic_ 50,625 NINISHILLEN TOWNSHIP, Stark County, Ohio.-BOND OFFERING. -Proposals will be received until 1 p. m. Sept. 10 by H. J. ICropf, Twp. *No accrued interest. Clerk. (P. 0. Louisville), for $12,000 4'.% coupon road-impt. bonds. MANSFIELD, Douglas County, Wash.-BOND SALE.-On Aug. 15 Auth. Sec. 3925 and 3939 Gen. Code. Denom. $1,000. Int. M. & S. at $10,000 6% 10-20-yr (opt.) water-system bonds were awarded to C. H. the Louisville Deposit Bank of Louisville. Due $1,000 each six months Coffin of Chicago at 100.26. Denom. $1,000. Date Aug. 15 1912. Int. from March 15 1913 to Sept. 15 1918 incl. Purchaser to OpayN pacc srAuLedlE. ton M. & S. NO TH ATTLEBORO, Bristol County. Mass R MARION, Grant County, Ind.-BOND OFFERING.-Proposals will be Aug. 28 N. W. Harris & Co. of Boston were awarded, it is stated, at 100.57, received until 7:30 p. m. Sept. 3 by F. R. Heck, City Clerk, for $50,000 the following 4% coup. bonds: 4% coup, tax-free market-house and civic-hall bonds. Denom. $1,000. $6,000 Washington St. paving and drain-loan bonds. Due $1,000 yearly Date Dec. 1 1912. Int. at the Marion State Bank in Marion. Cert. check Sept. 1 from 1913 to 1918 incl. for $500 is required. 20,000 19vN a2t2erilnocai.n of 1912 bonds. Due $2,000 yearly Sept. 1 from 1913 to MARION COUNTY (P.O. Marion), Ohio.-BOND SALE.-On Aug. 24 Date Sept. 1 1912. Int. M. dc S. at the Boston Safe Deposit & Trust the $12,600 5% coupon Winch Free Turnpike road bonds (V. 95, p. 375) Co., Boston. were awarded, it is stated, to the New First National Bank of Columbus for $12,605, making the price 100.039. NORTHAMPTON COUNTY (P. 0. Eastville), Va.-BOND SALE.- On Aug. 15 the (opt.) coupon MATAGORDA COUNTY SCHOOL DISTRICT $5,000 5-30-yr. road bonds (V. 95, p. 375) COMMON NO. 10, Tex.- were awarded to the Bank of Chincoteague in Chincoteague at 100.06_for BONDS VOTED.-An election held Aug. 17 resulted, It is stated, in favor 4(s. Date of the proposition to issue $3,500 building bonds. Sept. 11912. OAK HARBOR. Ottawa County, Ohio.-BOND SALE.-On Aug. 24 MATAGORDA COUNTY COMMON SCHOOL DISTRICT NO, 13, Tex.- BONDS VOTED. $10,000 5% 5-year street-In-int. bonds were awarded to Sidney Spitzer tec -A favorable vote was cast on Aug. 17 ,it is reported, on Co, of Toledo at the question of Issuing $1,500 building bonds. 102.11-a basis of about 4.525%. Other bids follow: Well, Roth & Co., Cin_ _ _ _$10,151 10I Oak Harbor State Bank, MATAGORDA COUNTY DRAINAGE DISTRICT NO. 3, Tex.-BOND Stacy &Braun, Toledo_ _ _ 10,141 40 Oak Harbor $10,000700 SALE.-The $27,950 5% drainage bonds registered by the State Comp- Fist's. t N. Bk., Oak Harbor 10,000_00 troller on July 12 (V. 95, p. 190) were awarded, it is stated, to Hoehler & Denomination $500. Interest M. & Cummings of Toledo. bonds reported OCEANSIDE-CARLSBAD UNION HIGH SCHOOL DISTRICT, Cal,- A similar issue of was sold to Dr. A. C. Wilkins on Feb. 15. BOND ELECTION. is (V. 94, p. 781.) -An election will he held Sept. 6, it stated, to vote on the question of issuing $15,000 bonds. r MATAGORDA COUNTY DRAINAGE DISTRICT NO. 4, Tex.-BOND Rorlok ORANGE UNION HIGH SCHOOL DISTRICT, Orange County, Cal.- SALE.-Reports state that Spitzer, & Co.,of Toledo purchase and SALE. Issue of $50,000 drainage bonds. BOND -On Aug. 20 the $50,000 5% 1-25-yr. (ser.) high-school- bldg. bonds (V. 95, p. 375) were awarded to the Harris Trust & Say. Bank MECHANICVILLti. Saratoga County, N. V.-BOND SALE.-On In Chicago at 103.032 and Int.--a basis of about 4.686%. Other bids:t Aug. 28 the 124,000 5-28-yr. (ser.) street-Pavilg bonds (V. 95, P. 499) were Torrance, Marshall & Co., Wm. R.Stoats Co., Los A.$51,266 50 awarded to Harris, Forbes & Co. of N. Y. at 100.182 for 430. Other bids Los Angeles $51,351 ool N. W. Halsey & Co.,S. Fr. 51,155;00 follow: E. H. Rollins & Sons, S.Fr. 51,305 00 State Board of Control__ $069690

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUG. 31 1912.] THE CHRONICLE 563

-BOND SALE.-During June the SACRAMENTO COUNTY (P.O. Sacramento), Cal.-BOND ELECTION. OSBORNE.. Osborne County, Kan. the question of issuing awarded at par $15,000 5% light bonds. Date May 1 -An election will be held, it is stated, to vote on State of Kansas was $1,997,344 40 Reclamation District No. 1.000 bonds. 1912. Due May 1 1932, opt. at any int. period. (P. 0. Cincinnati), Ohio.-BONDS OSKALOOSA, Mahaska County, lowa.-BONDS VOTED.-The elec- ST. BERNARD SCHOOL DISTRICT of the proposition to issue $4,500 city- AWARDED IN PART.-On Aug. 27 $75,000 of the 3175,0004% 40-yr. tion held Aug. 23 resulted in favor jointly to Well, Roth & vote, it is stated, was 214 to 106. bldg. tax-free bonds (V. 95, p. 378) were awarded hall bonds. The Co. Seasongood & Mayer and the Western German Bank of Cin. for $75,- Wapelio County, lowa.-BOND SALE.-On Aug. 19 an option on the re- OTTUMWA, stated, 995' (101.32) and Int. The purchasers were given an Issue ( f $80,000 5% warrant-funding bonds was purchased, it is mainder of the issue on the same basis at any time the board offers them by G. M. Bechtel & Co. of Davenport. for sale. The bid of the syndicate for the entire issue was 101.76. -BOND PALM BEACH COUNTY (P. 0. West Palm Beach), Fla. Other bids follow: -Proposals will be received until 12 m. Sept. 10 by the Board Mayer, Deppe & Walteri !Breed & Harrison, Cin_ _$1'77,012 50 OFFERING. road 00 of Co. Comm'rs., H. B. Saunders Jr., Clerk, for the following 5% and Provident Sav.;$177,222 50 I Atlas Nat. Bank, Cin_ _ _ •50,510 construction bonds. Bank & Tr. Co., Cin_ Special Road and Bridge Dist. No. 2 bonds. Auth. Chap. 6208, • Bid for $50,000. $60,000 23 Laws of Florida, also vote of 95 to 22 at the election held July Ohio.-BOND OFFERING.-Propos- Bank, Y., BT. MAR VS. Auglaize County, (V. 95. p. 315). Int. payable at Seaboard Nat. N. als will be received until 12 m.Sept. 10 by I. H. White, Sec., for 346,0004% Due 30 years. Sec. 4520, Gen. Denom. Chap. 6208, coup. refunding paving bonds. Auth. Code. 85,000 Special Road and Bridge Dist, No. 1 bonds. Auth. $1,000. Date Oct. 1 1912. Int. A. & O.at office of the Sinking Fund Laws of Florida, also vote of 15 to 0 at an election held June 17. 2%, years. Trustees. Due Oct. 1 1937. Cert. check for payable to the Sinking Int. payable at the Hanover Nat. Bank, N. Y. Due 40 Fund Trustees, required. Cert.check for 1% of bonds • Denom.$500. Date Sept. 11912. Int. M.&S. -BONDS states that there has never been any SAN ANGELO. Tom Green County, Tex. REGISTERED.-An bid for, required. Official circular of bonds was registered by the State default in the payment of any of the county obligations,and that there is issue $50,000 5% 20-yr. street-impt. no controversy or litigation, pending or threatened, affecting the corporate Comptroller on Aug. 21. existence, or the boundraies of the county or districts, or the title of Its SAN JUAN COUNTY (P. 0. Aztec), N. Mex.-BOND ELECTION present officials to their respective offices or the validity of these bonds. PROPOSED.-According to reports, this county is circulating petitions and bridge- R. 1,-TEMPORARY LOAN.- ebaulillidnigngforboannds.election to vote on the issuance of $50,000 road PAWTUCKET, Providence County, bank A loan of $115,000. due Oct. 21, was awarded, it is stated, to a local at 4 zg % discount. S A RATOG A SCHOOL DISTRICT, Cal.-Bond Election.-An election Westchester County. N. Y.-BOND OFFERING.- will be held Sept. 3 to vote on the question of issuing school bonds, accord- PELHAM MANOR, stated, by W. P. ing to a San Jose newspaper. Proposals will be received until 8:80 p. in. Sept. 7, it is Bd. of VII. Trustees, for $14,000 5% 11-yr. (aver.) high- N. Y.-CERTIFICATE SALE.-On Aug.27 the $200,- Brown, Chairman required. SCHENECTADY. way-impt. bonds. Int. semiannual. Cert. check for 5% 000 certificates of indebtedness due Feb. 27 1913 (V. 95, p. 501) were COUNTY (P.O. Chatham). Va.-BOND ELECTION. awarded to Bond & Goodwin of N. Y $100,000 at 4.90% and $100,000 at PITTSYLVANIA to 4B.r907O. ofInN 50 for 5s was also received from -According to reports, a vote will be cast on Sept. 3 on a proposition t.. VA. bid of $200,023 Kountze issue $100,000 road improvement bonds. PRO- PLAINFIELD, Union County. N. J.-BOND OFFERING.-Further SCOTT COUNTY (P. 0. Gate City), Va.-BOND ELECTION at hand relative to the offering on Sept. 3 of the $18,000 5% POSED.-This county, according to reports, proposes to hold an election details are this fall to issuance of $300,000 road bonds. gold coupon street-impt. bonds (V. 95, p. 437). Proposals for these bonds vote on the will be received until 8 p. m. on that day by J. T. MacMurray, City Clerk. SHELTON. Buffalo County, Neb.-BONDS DEFEATED.-UnoffIclal Date July 11912. Int. J. & J. Due 3 years, optional beginning 2 years. returns indicate that the question of issuing $5,000 town-hall-ereotlon bonds Bonds to be delivered on or before Sept. 12, unless a subsequent date may was defeated at the election held Aug. 21. mutually agreed upon between the purchaser and City Treasurer. Certi- be required. SHERMAN, Grayson County, Tex.-BONDS REGISTERED.-The $33,- fied check for 2% of bonds bid for, payable to the City Treasurer, sold prepared and certi- 000 water-works and $7,000 sewer 5% bonds on June 27 (V.95, p. 69) Purchaser to pay accrued interest. The bonds will be were registered on Aug. 23 by the State Comptroller. fied as to genuineness by the Columbia-Knickerbocker Trust Co. of N. Y. Bids to be made on forms furnished by this company. The legalityof the SIDNEY, Delaware County, N. Y.-BONDS VOTED.-An eleetion held issue has been examined by Hawkins, Delafield & Longfellow, whose favor- Aug. 13 resulted in favor of the proposition to issue approxmately $6,000 opinion will be furnished to the purchaser. 1-3-yr. sewer-extension bonds at not exceeding 5% int. The vote was 107 able to 40. PLUMMER. Kootenai County, Idaho.-BONDS NOT SOLD.-No sale was made on Aug. 24 of the $15,000 10-20-yr. (opt.) coup. water bonds SILVERTON. Marion County, Ore.-BOND SALE.-On Aug. 14 the offered on that day (V. 95, p. 437). $10,000 6% 1-5-yr. (ser.) street bonds (V. 95, p. 376) were awarded to Coolidge & MeClaine of Silverton at par and cost of issue. PORT ARTHUR, Jefferson County, Tex.-BOND SALE.-C. H. Gates of Port Arthur has purchased at par and int., it Is stated, the $490,000 5% SMITHVILLE, Bastrop County, Tex.-BOND SALE.-AocordIng to bonds bids for which were recently rejected (V. 95, p. 500). reports, the $3,000 5% 20-yr. bridge bonds registered by the State Comp- The bonds were registered by the State Comptroller,on Aug. 22 and troller on Aug.9 (V. 95, p. 438) were purchased by the City School Fund. consist of the following issues: $20,000 city-hall, $140,000 water-works, SPOKANE. Wash.-BOND SALE.-The Fidelity Nat. Bank has -pur- Series No. 1; $37,000 water-works, Series No. 2; $123,000 sanitary sewer, chased $23,000 impt. assess. bonds at par, according to reports. 3; $15,000 sanitary Series No. 1; $145,000 water-works, Series No. SPR I NGFIE L D. Clarke County, Ohio.-BONDS A UTHORIZED.-Or- sewer, Series No. 2, 40-year bonds, and $10,000 20 40-year (opt.) tire- on Aug. 13 providing for the issuance of Via -year Impt. Dist. No. 1 bonds dlnances were passed fallowing station bonds. An issue of $19,000 8% 40 4% coup. bonds: was also registered by the State Comptroller on Aug. 22. $5,000 Clairmont Ave. condemnation bonds. Denom. $1,000. POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND OFFERING.- 3,700 Sheridan Ave. sewering (city's portion) bonds. Denom.(1) $1,700. Proposals will be received until 2 p. m. Sept. 2 by A. A. Schenk, Co. Treas., (2) $1,000. it Is stated, for $5,840 4 yi% Fritz Schnook et al Plack Twp. highway-ext. Date Sept. 1 1912. Int. M. & S.at office of City Treas. Due Sept. 1 1928. bonds. Denom. $146. Date Sept. 5 1912. Int. M. & N. Duo part BOND SALE.-On Aug. 27 the two issues of coup. bonds (V. 95, p. 316) each six months beginning May 15 1913. were awarded as follows: QUEEN ANNE COUNTY (P. 0. Centerville), Md.-BOND OFFER- $20,000 4% park and boulevard bonds to A. E. Aub & Co. of Cincinnati at ING.-Proposals will be received until 6 p. m. Sept. 23 by E. J. Merrdick, 101.18 and interest. Co. Clerk, it is reported, for $30,000 5% 1-12-yr. (ser.) general impt. bonds. 161,228 15 4 3i% sewer bonds to Seasongood & Mayer of Cincinnati for Cert. cheek for 2% required. Int. semi-ann. $166,328 15 (103.163) and interest. Bids were also received from Well, Roth & Co., Stacy & Braun, Atlas QUINCY. Norfolk County, Mass.-BOND OFFERING.-Proposals will for $15,00D Nat. Bank, Prov, Say. Bank & Trust Co. and Davies-Bertram Co. of Cin.; be received until 12 m. Sept. 3 by H. F. Tilden, City Treas., Hayden, Miller & Co. of Clev. and the New First Nat. Bank of Columbus. 4% coup, water-supply loan Act of 1911 bonds. Denom. $1,000. Date Aug. 1 1912. Int. F. & A. payable in Boston. Due $1,000 yearly Aug. 1 STEVENS COUNTY SCHOOL DISTRICT NO. 154, WASH.-BOND from 1913 to 1927 incl. Bonds will be certified as to genuineness by the SALE.-On Aug. 17 $5,500 bldg. bonds were awarded to the State of Wash. Old Colony Trust Co., Boston. The legality of the bonds has been approved at par for 5%s. Other bids follow: whose opinion will be furnished to the J. N. Wright & Co., Denver $5,575 for 6s by Ropes, Gray do Gorham, Boston, purchaser without charge. First National Bank. Barnesville 5.500 for 7a RAWLINS. Carbon County, Wyo.-BOND OFFERING.-Proposals TALLADEGA. Talladega County, Ala.-BOND SALE.-On Aug. 10 will be received until 2 p. m. Sept. 10 by L. Jungquist, City Clerk, for $30,- the $25,000 5% 30-yr. street-impt. bonds (V. 95, p. 376) were awarded to 000 5% coup. water-works-constr. bonds. Denom. $500. Date Oct. 1 S. P. McDonald of Sylacauga at par and int. Other blds were received 1912. Int. In Jan. at office of the City Treas. Due Oct. 1 1942, subject to from Steiner Bros. of Birmingham and the New First Nat. Bank of Colfm. redemption beginning Oct. 1 1927. Cert. check for $2,000, payable to TAMPA. Hillsboro County. Fla.-BONDS VOTED.-The election held the City Clerk, required. Aug. 20 resulted In favor of the proposition to issue the $1,700,000 5% 50- 192). The vote was 686 REMSEN, Oneida County, N. Y.-BOND OFFERING.-Proposals will yr. bonds (V. 95, p. to 171. The proceeds of the be received until 7 p. m. Sept. 2 by R. B. Jones, Village Clerk, for $2,000 Issue will be used as follows: $551,215 71 for a sewerage system, $748,784 29 registered bonds at not exceeding 6% int. Denom. $500. Date Sept. 2 for paving and storm sewers, $300,000 city hall and building site and 1912. Int. ann. In Sept. at the First Nat. Bank of Remsen. Due $500 $100,000 for city docks and parks. yearly Sept. 1 from 1913 to 1916 inclusive. TERRELL.KaufmanCounty.Tex.-BONDSREGISTERED.--OnAug.22 RIDGEFIELD TOWNSHIP, Huron County, Ohio.-BOND OFFERING. 86,000 5% 10-40-yr. (opt.) street-impt. bonds were registered by the -Proposals will be received until 12 in. Sept. 16 by J. C. Wilhelm, Clerk State Comptroller. Bd. of Twp. Trustees, for $20,000 5% coup. Ridgefield Road Dist. road- TOLEDO, Ohio.-BONDS AUTHORIZED.-An ordinance was passed impt. bonds. Auth. Secs. 7033 to 7052 incl., Gen. Code, also an election Aug. 5 providing for the issuance of $24,000 5% coup. Broadway impt. held Feb. 10. Denom. $500. Date Sept. 1 1912. Int. M. & S. at the bonds. Denom. $1,000. Date Aug. 11912. Int. F. & A. at the North- Twp. Clerk's office. Due $1,000 yearly March 1 from 1914 to 1930 incl., ern Nat. Bank In Toledo. Due Aug. 1 1917. 31,000 Sept. 1 1930 and $1,000 March 1 and Sept. 1 1931. Bonds to be delivered and paid for within 10 days after award. An unconditional TRANQUILLY SCHOOL DISTRICT, Fresno County, CaL-BOND bank other than the one making the bid, for 5% of bonds ELECTION.-An election will be held to-day (Aug. 31) to vote on the ques- cert. check on a tion of issuing $6,000 bonds, it is stated. bid for, payable to the Twp. Trustees, required. Purch. to pay accrued int. Bonded debt, including this issue, $33,000. Assessed val. $2,881,840. TYRONE, Blair Count!, Pa.-BOND OFFERING.-Proposals will be re- ceived until 12 m. Sept. 5 by W. G. Scott, Chairman of the Finance Com- RIVERSIDE. Riverside County, Cal.-BONDS A UTHORIZED.-Re- issuance of $44,000 sewer bonds has been authorized. mittee, it is stated, for $20,000 4% 10-20-yr (opt.) refunding bonds. ports state that the Interest semi-annual. ROCHESTER. N. Y.-BOND OFFERING.-Proposals will be received E. S. Osborne, City Compt.for $1,599,000 4% UNION COUNTY (P. 0. Elizabeth), N. J.-BONDS PROPOSED.-We until 2 p. in. Sept. 10 by are advised that this county will issue $30,000 4% bridge bonds. reg. water-works-impt. bonds, Series of 1912. Auth.'Chap. 755, Laws of 1907. Denom. $5,000. Date Oct. 1 1912. Int. A. & O.at Union Trust UPPER DARBY, Delaware County. Pa.-BOND ELECTION.-An elec- Co., N. Y. Due Oct. 11942. Cert. check for 2% of bonds bid for, payable tion will be held Sept. 14 to vote on the question of issuing $125,000 sewer to Compt., required. Bonds to be delivered and paid for at the Union Trust and road bonds, reports state. not Co., N. Y., on Oct. 1, unless a subsequent date, exceeding 10 days, shall VALLEY COUNTY (P.O. Glasgow), Mont.-BOND SALE.-The $100,- be mutually agreed upon. Purchaser to pay accrued int. The Knicker- 000 5% 10-20-yr. (opt.) refunding bonds offered on Aug. 12 (V. 95. p. the engraving and 131) bocker Trust Co., N. Y. will supervise certification of were awarded, it is stated, to E. H. Rollins & Sons of Denver for $101,270 the securities. Bids to lie made on forms furnished by this company. (101.27), int. and blank bonds. SALE.-On issues of 8-months notes, aggregat- NOTE Aug. 27 the three -BOND ing $800,000 (V. 95, p. 500), were awarded as follows: VANDERBURG COUNTY. Ind. SALE.-On Aug. 26 $35,500 $100,000 water-works-impt. notes to Bond & Goodwin of N. V. as 4.90s. 4 ;i% 10-yr. Knight Township road bonds were awarded, reports state, to 100,000 water-works-impt. notes to Goldman, Sachs & Co. of N. Y. at the City Nat. Bank of Evansville for $35,544, making the price 100.12. 100.005 for 4.9258. VICTORIA. Victoria County. Tex.-BOND ELECTION PROPOSED.- 200,000 sewage-disposal notes to Goldman, Sachs & Co. of N. Y. at It is reported that an election will be held in the near future to decide 100.0075 for 4.89s. whether or not this city shall issue $40,000 street-paving and fire and police 100,000 local-impt. notes to Luther Robbins of Rochester as 5s. tation erection bonds. 300,000 local-impt. notes to the Irving Nat. Bank in N. Y. as 5.05s. DISTRICT, Cal.-BOND follow: WAHTOKE SCHOOL SALE.-The American Other bids Say. Bank of Los Angeles was awarded the $5,000 6% school bonds re- Bond & Goodwin, N. 5 as 5.25s, for $400,000 local-impt. and cently voted (V.95, p.316) at 101.75, reports state. Y. $600.07 $200,000 sewerage notes. ( 100,000 as 4.978 for water-works notes. W A U SA U. Marathon County, Wis.-BOND ELECTION -Local papers Goldman, Suits & Co., N. Y.-$100,005 as 4.0253 for $100,000 water notes. state that the following 4 bonds (V. 95, p. 438) will be submitted to the Irving Nat. Bank, N. Y.-$300,000 as 5.05s for $100,000 local-impt. and voters on Sept. 3: $200,000 sewerage notes. $20,000 bridge-construction bonds. Date Oct. 11912. Due $2,000 April 1 Luther Robbins, Rochester-$100,000 as 5.25s for water-works notes. 1914 and $6,000 Apr. 11915, 1916 and 1917. II. Lee Anstcy, N. Y.-$800,057 as 58 for all issues. 25,000 public building bonds. Date Oct. 1 1912. Due 310.000 Apr, 1 1931 and 1932 and $5,000 Apr. 11933. ROPE, Pontotoc County, Okla.-BOND SALE.-According to reports, UTHORIZED.-It is also that of $10,000 bonds for BONDS A reported ordinances were passed this town has sold an issue drilling a deep well. by the Common Council on Aug. 22, providing for the issuance of the fol- RUTLAND SPECIAL SCHOOL DISTRICT (P. 0. Rutland), hteigs lowing 4 M% bonds (V. 95, p. 438): County. Ohlo.-BOND SALE.-On Aug. 26 the $3,000 5% 43(-yr. (ay.) $40,000 water-works plant impt. bonds. Date Oct. 1 1912. Due $8,000 bonds (V. 95, p. 500) were awarded to the Vinton Banking Co. In Vinton Apr. 11926. $12,000 Apr. 1 1927 and 1928. at 102.50. Other bids follow: 35,000 school refunding bonds. Date Oct. 1 1912. Dui $15,01* Apr. 1 M. S. Pond, aornersel. _33,069 30'Stacy & Braun, Toledo_ -- _33,011 00 1929 and $20,000 Apr. 11930.

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15,000 sewer-construction Ponds. Date Apr. 1 1913. Due $6,000 Apr. 1 • 1918 and 1919 and $3,000 Apr. 1 1920. Canada, Its Provinces and Interest on all the above bonds Is payable in April and October. Municipalities. B ATT LEFO R D, Sask.-DEBENTURE SALE. - WESTBROOK. Cumberland County, have -Curran Bros. of Regina Me.-BOND OFFERING.-Pro- been awarded the $50,000 5% 20-year debentures (V. 95, posals will be received until Sept. 4 for $30,000 4% 1-10-yr. (ser.) paving stated. p. 377), it is bonds, it is stated. Date Sept. 1 1912. BIGGAR. Sask.-LOAN ELECTION.-A by-law providing WHITE PLAINS. Westchester -BOND of $12,000 for for a loan County, N. V. OFFERING.- street Improvements will be submitted to the voters, It Is Proposals will be received until 8 p. m. Sept. 3 by G. K. Cox,V111. Clerk, stated, on Sept. 6. for the following 4 3i% reg. bonds: $20,000 paving BRAMPTON, On OFFERING POSTPONED. bonds. Denom. $1,000. Due $5,000 yearly on Aug. 1 offering of the $43,000 -The from 1920 to 1923 Inc. 5% 20-Installment debentures which was to have taken place Aug. 26 (V. 95, p. 439), has been postponed 11,500 sewer bonds. Denom. (1) $500, (11) $1.000. Due $2,500 Aug. 1 until December. 1920 and $3,000 yearly on Aug. 1 BRANDON. Man.-BOND ELECTION.-The burgesses will vote from 1921 to 1923 Incl. (Aug. 31) on the to-day Date Aug.1 1912. Int. F. & A. at office of City Treas. issuance of $325,000 municipal improvement the The validity according to reports. bonds, of the bonds will be approved by Hawkins,Delladeld do Longfellow of N.Y., whose opinion will be furnished to each successful bidder. Cert. check on BREDENBURY. Sask.-DEBENTURE SALE.-On July 16 the $5,000 an incorporated bank or trust company for 2% of bonds bid for, payabl4 to 7% 1-10-year (serial) sidewalk debentures the Village (V. 95, p. 70) were awarded to Treasurer, required. the Great West Life Assurance Co. at par. Date Aug. 1 1912. Int. ann. WHITE PLAINS (Town). Westchester County, N. Y.-BOND SALE.- CALGARY. Alta.-LOAN ELECTION PROPOSED.-AccordIng to On Aug. 26 the $30,000 4 Yi % 5-19-yr. (ser.) road bonds (V. 95, reports, the City Council has been requested were p. 439) to submit to the rate-payers a awarded to G. M. Hahn of New York at 100.375. by-law providing for a loan of $130,030 for building a police DEBENTURE station. WHITMAN COUNTY SCHOOL DISTRICT NO. 169, Wash.-BOND SALE.-According to the "Financial Post of Canada," SALE.-On Aug. 24 the $8,000 1-20-yr. (opt.) bldg. bonds (V. 95, this city has disposed of $750,000 street-railway and water-works-extension p. 376) debentures to were awarded to the State of Wash. at par for 534s. A bid of $8,010 for a New York buyer through the Bank of Montreal and a (3s was also received from S. A. Kean & Co. of Chicago. Toronto bond firm. WINTER PARK, Orange County, Fla.-BONDS VOTED. CARLETON COUNTY (P. 0. Ottawa), Ont.-DEBENTURE SALE.- -At a recent On Aug. 20 the election this place voted the issuance of $12,000 water-works bonds, ac, $20,000 5% 20-Installment debentures (V. 95, p. 440) were cording to reports. awarded to the Ontario Securities Co., Ltd., of Toronto. WORCESTER. Worcester County, Mass.-TEMPORARY COBLENZ. Sask.-DEBENTURE SALE.-Curran Bros. of Regina LOAN.- were awarded, it A loan of $100,000 was negotiated with the Old Colony Trust Co. of Boston is stated, $1,500 6% 15-year debentures of this village. at 4 Hi% discount. COLDWATER. Ont.-LOAN AUTHORIZED.-Reports state that the YELLOWSTONE COUNTY SCHOOL DISTRICT burgesses recently passed a by-law providing for a loan of $2,200 for build- NO. 2, Mont.-BOND ing cement sidewalks. SALE.-On Aug. 26 the $67,000 10-20-yr. (opt.) coup. high-school-bldg. bonds (V. 95, p. 317) were awarded to the Wells & Dickey Co. of Minneap- COLLINGWOOD. Ont.-LOAN ELECTION.-On Sept. 11 the rate- olis for $68,400 (102.104) and Int. for 55. Other bids follow: payers will vote on a by-law providing for a loan of $15,000 for building H.T. Holtz do Co., Chicago_ _$68,387 Merch. Loan & Tr. Co., Chic_ $67,507 bridges, according to reports. A. J. Davis, Butte 68,345 S. A. Kean & Co., Chicago 67,469 CRANBROOK, B. C.-DEBENTURE SALE.-An issue of $100,000 5% R. M. Grant & Co., N. Y 68,192 Dexter-HortonNat.Bk.,Seat_ 67,382 debentures has been awarded, It is stated, to the Imperial Bank at 90 & Int Harris Tr. & Say. Bk., Chic 68,140 E. H. Rollins & Sons, Deny__ 67,300 Woodin,McNear&Moore,Chic. CREELMAN SCHOOL DISTRICT NO. 998, Sask.-DEBENTURE 68,132 State Bd. of Land Com'rs__ 67,000 SALE.-Nay & James Merch. Nat. Bk., Billings_ 68,112 For 53s. of Regina have purchased an issue of $8,500 8% 20-year debentures, according to reports. Municipal Bd. & Stk. Ex.,Chic67,804 A. B. Leach & Co., Chicago._ 68,365 Minn. Loan 8c Tr. Co., Minn_ 67,675 Merch. Sav.&Tr.Co.,Porti'd_ 68,359 ELFROS, Sask.-DEBENTURE SALE.-The $2,500 6% 15-year de- John Nuveen & Co., Chicago_ 67,605 Wash. Trust Co., bentures (V. 95, p. 317) were awarded, it is stated, to Nay & James of Spokane.._ 67,000 Regina.Es TE YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 30, Mont.-BOND SALE.-The $5,000 bldg. bonds offered on Aug. 15 as 3-20-yr. (opt.) 83 VAN SCHOOL DISTRICT NO. 257 (P. 0. Estevan), Sask.- were awarded to the StateBoard of Land Commissioners at par for DEBENTURE SALE.-On Aug. 10 the $16,000 5% 30-installment deben- 5% bonds, tures (V. 95, p. due In 20 yrs., opt. at any int. period upon 30 days'notice. Win. E. Sweet 317) were awarded to Curran Bros. of Regina for $15,350 & Co. of Denver bid 100.10 and int. for 6% 3-20-yr. (opt.) (95.93) and Interest. Other bids follow: bonds, as ad- C. H. Burgess & vertised, and 100.50 and Int. for 6% 10-20-yr. (opt.) bonds. Denom. $250. Co., Tor__$14,984 1 Wood, Gundy & Co., Tor_ _ _ _$14,728 Date Aug. 20 1912. Int. annually. Alberta School Supp. Co.,Ed. 14,8801W. A. Mackenzie & Co., Tor_ 14,371 YELLOWSTONE COUNTY SCHOOL FOREST, Ont.-LOAN ELECTION PROPOSED.-A by-law providing DISTRICT NO. 31, Mont.-BOND for a loan of $30,000 SALE.-On Aug.24 this district disposed of $2,100 bonds, we are advised. to install a water-works-system will shortly be sub- mitted to the rate-payers, according to reports. YONKERS, N. Y.-BOND SALE.-On Aug. 27 the $56,000 1-14-yr. FRANCIS RURAL local-Impt. MUNICIPALITY, Sask.-DEBENTURE SALE.- (ser.) and $250,000 4-yr. (aver.) revenue 4% reg. bonds Reports state that $12,000 5% 20-year debentures were awarded to Curran (V. 95, p. 439) were awarded to Harris, Forbes & Co. of N. Y. at 100.321. Bros. of Regina.

NEW LOANS. NEW LOANS. NEW LOANS $60,000 $175,000 $130,000 CITY OF BEND, OREGON, CITY OF MINNEAPOLIS HACKENSACK IMPROVEMENT COMMISSION SEWER BONDS BONDS FUNDING BONDS

Notice is hereby given that sealed proposals Sealed bids will be received by the Committee Notice Is hereby given that the received the office the City Recorder, Hackensack will be at of on Ways and Means of the City Council of Minne- Improvement Commission will receive sealed Bend, Oregon, up to six (6) o'clock P. M. on apolis, Minnesota, at the office of the undersigned, proposals at the office of the said Commission, TUESDAY THE 24TH DAY OF SEPTEMBER. THURSDAY. SEPTEMBER 5TH. 1912. at 303 Main Street, Hackensack, 1918, for the purchase of Municipal Bonds of 2 New Jersey, on o'clock p. m., for tne whole or any part of MONDAY, THE NINTH DAY OF SEPTEMBER. the City of Bend, Oregon. Said bonds are In. $25,000 00 Fire Department bonds dated July 1st, at 8:30 o'clock P.M. for an Issue of Coupon bonds, the sum of $60,000 par value, issued in denomina- 1912, payable July 1st, 1932, and $150,000 00 with the privilege of registration as to principal tions of $1,000, and issued for the purpose of Park bonds dated August 1st, 1912, payable only, or of conversion into bonds registered as .constructing a sewer system and authorized by August 1st, 1942, bearing interest at the rate of to both principal and interest in the sum of One vote at a special eleotion held In the City of Bend Four (4%) Per Cent per annum, payable semi- Hundred and Fifty Thousand Dollars, to be on the 20th day of July, 1912. Said bonds are annually, and no bid or proposal will be enter- Issued under an Act entitled "An Act authorizing dated September 1st, 1912, and bear interest tained for a sum less than 95% of the par value the incorporated cities, towns, townships, at a rate not exceeding six (6) per cent per of said bonds and accrued interest on same to date boroughs and municipalities governed by improve- annum interest, payable semi-annually. Said of delivery. ment Commissions in this State, to fund their bonds mature September 1st, 1932. Interest and The above bonds are tax-exempt in the State floating indebtedness and their matured and principal payable at Bend, Oregon, or the Oregon of Minnesota. maturing bonds," approved March 27th, 1912, and Fiscal Agency in New York City. Said bonds The right to reject any or all bids is hereby an ordinance of the Hackensack Improvement are issued and to be sold in accordance with the reserved. Commission entitled, "An ordinance authorizing provisions of the Charter of the City of Bend. A certified check for Two (2%) Per Cent of the the issuance of bonds of the Hackensack Improve- Proposals for said bonds shall state the rate of par value of the bonds bid for, made to C. A. ment Commission in the aggregate sum of One .interest on which the proposal is based. 13loomquist, City Treasurer, must accompany Hundred and Fifty Thousand Dollars ($150,000), Each proposal must be accompanied by a each bid. for the purpose of paying a portion of its floating certified check In the sum of One Thousand Circular containing full particulars will be indebtedness and establishing a sinking fund for ($1,000) Dollars, made payable to the City Treas- mailed upon application. the redemption thereof at maturity, and providing urer of the City of Bend, as a guaranty of the By order of the Committee on Ways and Means for the payment of the interest thereon," adopted good faith of the bidder. at a meeting held August 8th, 1912. August 12th, 1912, and duly approved by the The City reserves the right to reject any or DAN C. BROWN, President. all bids. City Comptroller Said bonds to bear date August 1st, 1912, and By order of the Common Council of the City of to be of the denomination of One Thousand Bend, Oregon, dated July 20th, 1912, First Dollars ($1,000) each and to bear Interest at the publication July 24th, 1912. rate of four and one-half per centum per annum, G. P. PUTNAM, Mayor. payable semi-annunally on the first days of H. C. ELLIS, Recorder. February and August In each year, the principal BLODGET & CO. to be payable on the first day of August, 1942. Said bonds will be payable, both principal and BONDS Interest, at The Hackensack Trust Company, Hackensack, N. J., in gold 80 coin. STATE STREET, BOSTON Said bonds will be approved as to legality, by HODENPYL, HARDY & CO. Messrs. Hawkins, Delafield & Longfellow, Attor- 80 PINE STREET, NEW YORK neys of New York City, whose opinion will be 14 Wall St., New York furnished to the successful bidder. STATE, CITY & RAILROAD BONDS CHARLES W. BELL, A. W. GEDNEY, President. Railroad, Street Ry., Gas & Elec. Light Clerk. SECURITIES $50,000 CITY OF DOUGLAS, GEORGIA, Bolger, Mosser & Willaman 30 5% Bonds -Year BONDS 104.75 and Interest. Yielding 4.70%. MUNICIPAL F. WM. KRAFT Legal for Savings Banks, Trust Funds. LAWYER. STACY it, BRAUN Postal Savings and Toledo, LIST. Specializing in Examination of 0, Cincinnati, 0, SEND FOR Municipal and Corporation Bonds 29 South La Salle St., CHICAGO MUNICIPAL AND 1037-9 FIRST NATIONAL, BANK BLDG.. RAILROAD Charles M. Smith & Co CHICAGO, ILL. BONDS LIST ON APPLICATION CORPORATION AND B. W. Strassburger SEASONGOOD & MAYER MUNICIPAL BONDS SOUTHERN INVESTMENT SECURMES Ingalls Building FIRST NATIONAL BANK BUILDING MONTGO 1/EICY. ALA. CINCINNATI CHICAGO

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Ont.-DEBENTURE SALE.- ST. CLEMENTS (Rural Municipality of) (P. 0. Selkirk), Man.-DE- HALTON COUNTY (P. 0. MILTON), debentures received Co., Ltd. of Toronto was awarded, according to BENTURES VOTED.-The $12,000 4% 30-yr. road The Ontario Securities 29 (V. 95, p. 255). We are ad- $180,000 4% 20-installment debentures. a favorable vote at the election held July reports, vised that these debentures will not be placed on the market until the early HAWARDEN. Sask.-DEBENTURE SALE.-It is stated that $4,000 part of next year. 7% 10-year debentures of this village were awarded to Curran Bros of ST. THOMAS, Ont.-LOAN ELECTION.-It is reported that the elec- Regina. tion at which the rate-payers will vote on the following loans will be held B. C.-LOAN ELECTION PROPOSED.-Reports state Sept. 16 (V. 95, p. 503): $15,000 as a bonus to the Erie Iron Works, KAMLOOPS, of a free that the burgesses will vote in the near future upon the raising of the $35,000 as a bonus t the St. Thomas Biscuit Co., $2,500 by way following loans: $250,000 for water-works, $60,000 for electric-light and site to the Gallion Metallic Steel Grave Vault Co. and $12,000 as a bonus $90,000 for water-system. to E. E. Donovan of London. state that KERROBERT. Sask.-DEBENTURFS VOTED.-Reports SEMANS, Sask.-DEBENTURE OFFERING.-Reports state that the election held Aug. 16 resulted in favor of the proposition to issue (V. 95 the debentures $3,000 10% 15-year fire-protection and street-1m%. debentuers $12,000 fire-hail. $65,000 water-system and $5,000 funding p. 503) will be offered Sept. 10. (V. 95, p. 377). STETTLER. Alta.-DEBENTURE SALE.-On Aug. 22 the $10,800 LEROSS, Sask.-DEBENTURE SALE.-An Issue of $1,000 6% 15-year -light 534% debentures (V. 95, p. 194) Regina. water-works and $4,000 electric debentures was purchased, it Is stated, by Nay & James of were awarded to the Dominion Securities Corp., Ltd., of Toronto, for $14,- LOUTH TOWNSHIP, Ont.-LOAN ELECTION.-An election will be 381 (97.16) and int. Other bids follow: held Sept. 9, it is reported, to vote on the question of raising a loan of H. O'Hara & Co., Toronto__ _ $14,210 W. A. Mackenzie & Co., Tor_$13,817 $2,000 for building a bridge. Wood, Gundy & Co., --Tor_ _ 14,078 C. H. Burgess & Co., Toronto 13,741 14,017 • • • • • • • - • • • t,•J MAIDSTONE. Sask.-DEBENTURE SALE.-Nay & James of Regina Ont.lSec. Co., Ltd., Toronto_ have purchased $1,000 6% 15-year debentures, according to reports. STONEHENGE (RURAL MUNICIPALITY), Sask.-DEBENTURE $12,000 20-year debentures have been MELITA SCHOOL DISTRICT ON. 440 (P. 0. Melita), Man.-DEBEN- SALE.-Reports state that 534% TURE OFFERING.-Probosals will be received until Sept. 10 by R. Love, awarded to Nay & James of Regina. Seo.-Treas., for the $6,000 5% 20-year debentures voted Aug. 1 (V. 95, SWAN RIVER, Man.-DEBENTURES VOTED.-By a vote of 22 to 1 p. 502). the question of issuing the $4,000 bridge-constr.(town's portion) debentures Regina carried att theA election held Aug. 23 (V. 95, p. 378). MORTLACH, Sask.-DEBENTURE SALE.-Curran Bros. of have been awarded $3,000 6% 15-year debentures of this village. ta.-DEBENTURE OFFERING.-Proposals will be received Ont.-LOAN ELECTION.-A vote will be taken at once by G. C. Millar, Sec.-Treas., for $28,000 5% 10 and 20-year debs. NIAGARA FALLS, for on Sept. 10, reports state, on a by-law providing for a loan of $7,500 TORONTO. Ont.-DEBENTURES AUTHORIZED.-A by-law wa water-works. passed July 22 providing for the issuance of $242,105 water-main debentures. NORTHUMBERLAND COUNTY. N. B.-DEBENTURE OFFERING.- VANCOUVER, B. C.-DEBENTURE SALE.-According to reports, Proposals will be received until Sept. 9 by E. P. Williston, Sec.-Treas. this city has accepted an offer of 93 net from their fiscal agents, Brown, (P. 0. Newcastle) for $35,000 5% 20-year debentures. Shipley & Co. of London for $1,390,000 debentures. 30-yr. OTTAWA, Ont.-BOND SALE.-The $12,000 40-yr., $727,500 VICTORIA PLAINS SCHOOL DISTRICT NO. 67, Sask.-DEBEN- and $292,429 99 20-yr. 4% debentures (V. 95, p. 71) were awarded on Aug. TURE SALE.-An issue of $3,000 6% 15-year debentures was awarded, 29, it Is stated, to the Bank of Ottawa at 94. it is stated, to Nay & James of Regina. Aug. 22 resul- PEMBROKE. Ont.-LOAN VOTED.-The election held SALE.-This village, it is stated, providing for the loan of $25,000 as a VISCOUNT, 5,1C.-DEBENTURE ted, it is stated, In favor of the by-law has sold to Curran Bros. of Regina $3,500 6% 15-year debentures. bonus to the Canadian Northern Ry. (V. 95, p. 378). by-law pro- PETERBOROUGH. Ont.-LOAN ELECTION POSTPONED.-The WATERLOO, Ont.-LOAN ELECTION PROPOSED.-A election which was to have been held Sept. 5 to vote on a by-law providing viding for a loan of $25,000 for improving roads will shortly be submitted. for a loan of $2,346 as a bonus to the Canadian McIntyre Automobile Co., It is stated, to the rate-payers. has been postponed, It Is stated, until Sept. 11. Ltd. (V. 95, p. 503) WINNIPEG, Man.-LOAN ELECTION.-An electon will be held RAYMORE, Sask.-LOAN VOTED.-A by-law providing for a loan of Sept. 13, It Is stated, to submit to the voters by-laws providing for the $5,500 to purchase a fire-engine and build a fire-hall and town-hall carried, following loans: $1,800,000 for water-system from Poplar Springs, $500,000 it is stated, at a recent election. for new exhibition site, Hildonan, $750,000 for additions to electrical dis- gymnasulm in re- tribution system and $50,000 for public bath-house and RED DEER. Alta.-DEBENTURE OFFEPING.-Proposals will be Recreation Park. ceived until 12 m. Sept. 16 by A. T. Stephenson, Commissioner, for the $67,500 5% debentures, payable in 20 annual instalments of principal and YORKTON, Sask.-LOAN ELECTION PROPOSED.-It is reported interest (V. 95, p. 378). that by-laws providing for the following loans will probably be submitted VOTED.-A favorable vote was cast re- to a vote in the near future: $10,000 to meet current expenses, $9,000 to RICHMOND, Que.-LOAN on ently, it is reported, on a by-law providing for a loan of $19,000 for the meet overdraft on the $12,000 expendture on walks, $13,500 overdraft payment of the town's liabilities and the extension of sewers and sidewlaks. $18,000 expenditure for sewers, and $18,000 for street improvement.

NEW LOANS NEW LOANS. ACCOUNTANTS. $60,000 $20,000 LYBRAND, University City, St. Louis Co., Mo., Villaae of Seneca Falls, ROSS BROS & MONTGOMERY SCHOOL DISTRICT BONDS. STREET-PAVING BONDS. Sealed proposals will be received by John M. Ciortifled Public Accountants Public notice is hereby given that I, the under- Village of Seneca Falls, N. Y, (Pennsylvania) Education of Guion, Clerk of the signed, President of the Board of at his office in said Village, until the FOURTH University City, St. Louis County, Missouri, in 1912, at O'Clock NEW YORK, 55 Liberty St. Board of Edu- DAY OF SEPTEMBER, Seven pursuance of the order of the said in the afternoon, for the purchase of street-paving PHILADELPHIA, Morris Bldg. cation entered of record on the 8th day of August, Union Bank Bldg. Board of Edu- bonds as follows: PITTSBURGH, 1912, will, at the office of the said Bonds to the amount of Twenty Thousand First Nat. Bank Bldg. cation in the City Hall of University City. Mis- CHICAGO, Dollars ($20,000), of the denomination of Five SAN FRANCISCO, Kohl Bldg. souri, until the hour of 8 o'clock P. M. on the ($500) each, to mature in equal Hundred Dollars • SEATTLE. Central Bldg. 5TH DAY OF SEPTEMBER, 1912, annual installments on the First day of February LONDON. 53 Coleman St entire issue of In each year, from 1927 to 1930, both inclusive; receive sealed proposals for the on $60,000 00 of Bonds of the said School District interest payable semi-annually the first day of pur- of August and February in each year. of University City, issued for the purpose to chasing a school site, erecting a school house and The bonds will be awarded the bidder who furnishing the same, and will at said time and will take the same at not less than par and JAMES PARK & CO. place open said sealed proposals In the presence accrued interest to the date of delivery at the lowest rate interest, not to exceed five per cent. of the said Board of Education. The said Bonds of CERTIFIED PUBLIC ACCOUNTANTS are described as follows: Sixty Bonds of the de- The bonds will be certified by the Columbia nomination of $1,000 00 each, dated July 1, 1912, Trust Company of New York City. due,twenty years after date, redeemable ten years The Board of Trustees reserves the right to New York, Chicago, Cincinnati and ;date and bearing interest at the rate of reject any and all bids. after Falls, N. Y., August London, England. 434 per cent per annum, payable semi-annually. Dated, Seneca 14, 1912. be accompanied by certified By order of the Board of Trustees, FOR FINANCIAL INSTITU- r Each bid must M. AUDITORS check for $1,000 00, payable to the order of the JOHN GUION, TIONS. INDUSTRIAL AND Treasurer of the said Board of Education, as a Village Clerk. MINING COMPANIES guaranty that the bidder will consummate his bid be accepted. All bids Investigations, Financial Statements, purchase, should his Audits and A000unting are subject to acceptance or rejection by the said Periodical Board of Education. Legality approved by Benjamin H. Charles, NATIONAL LIGHT, Esq., late Associate City Counselor of St. Louis. Dated University City. Missouri, this 8th day POWER MUNICIPAL 407 of August, 1912. HEAT & COMPANY LUTHER T. WARD, President, RAILROAD eOrrfT BONDS BOARD OF EDUCATION OF GUARANTEED UNIVERSITY CITY. MI CORPORATION u-yo BONDS issues BOND CALL. Selected for Conservative Investors. A. H. Bickmore & Co., Lists Mailed Upon Application BANKERS PARIS, TEXAS 30 Plne Street, New York & Co. BOND CALL. Lawrence Barnum BANKERS exercises its The city of Paris, Texas, hereby YORK option to call in for cancellation Water Works 17-29 PINE STREET. NEW in- & Bonds, Second Series. These bonds bear T. W.STEPHENS CO. Washington Boeto terest at 6% per annum, payable semi-annually Philadelphia on the 10th day of January and July, are dated BANKERS October 15, 1887, optional October 15, 1912. at the Fourth National Bank, New York City. Holders of said bonds will present them as above I WALL STREET, NEW YORK. mentioned at Fourth National Bank for payment. Schmidt 84, Gallatin The numbers of said bonds begin with 61 and run to and include 83. • • PI ED. H. McCUISTION, Mayor. Bankers and Brokers INVESTMENT BONDS ESTABLISHED 1885. 111 BROADWAY, NEW YORK SPEER & H. C. SONS CO. WATKINS First Nat. Bank Bldg., Chicago JOHN H. accounts of SCHOOL, Interest allowed on RAILROAD BONDS COUNTY AND MUNICIPAL BONDS Individuals and Corporations NO. 2 WALL StrIEET

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 566 THE CHRONICLE [VoL. wocxxv. grnst gampautts. gnoincevs. 0111100 SIMS Trust Gomparig 01 tint Yin ESTABLISHED 1894 Chartered 1853 fort, i,$acon t Vavio 45 and 47 WALL STREET CAPITAL, ------. $2,000,000.00 tenpineera SURPLUS AND UNDIVIDED PROFITS - - - - 13,910,317.80 This Company riots as Executor, Administrator, Guardian, Trustee, Court Depositary and In other recognized trust capacities. Railway, Lighting, Power, It allows interest at current rates on deposits. It holds, manages and invests money, securities and other property, real or personal, for estates, oorporatlons and Individuals. Water, Gas, Irrigation EDWARD W. SHELDON, President. WILLIAM M. KINGSLEY, V.-Pres, WILFRED J. WORCESTER, Secretary Construction Operation WLLLIAMSON PELL, Asst. Secy. CHARLES A.EDWARDS, 2d Asst. Secy. TRUSTEES. Reports JOHN A. STEWART. Chairman William of the Board. Rockefeller, James Stillman, Payne Whitney, William M. Kingsley, 115 BROADWAY, NEW Alexander E. Orr. YORK John Clatlin, Edward W. Sheldon, William Stewart Tod. NEW William H. Macy Jr., John J. Phelps, Chauncey ORLEANS SAN FRANCISCO William Keep, Ogden Mills, D. Sloane, Lewis Cass Ledyard. George L. Rives, Egerton L. Winthrop. Gustav H. Schwab. Lyman J. Gage, Arthur C. James, Cornelius Frank Lyman, N. Bliss Jr. J. G. WHITE &CO.,In c. Engineers, Contractors

Investigations and Reports on Electric Largest Institution of its kind in New Jersey Railway, (ias, Electric Light and Power Properties. Sec., for Financial Institu- tions and Investors. FIDELITY Electric Railways, Electric Light and TRUST COMPANY Power Plants, Gas Plants, Financed, Designed and Built. Prudential Bldg., NEWARK, N. J. 43 Exchange Place, - NEW YORK Chicago Resources Over $29,000,000 San Francisco London Correspondents: Capital, Surplus and Undivided .7. G. WHITE CO., Limited, Profits, Over $9,500,000 9 Cloak Lane. Cannon St.. E. C. Title, Banking, Savings, Bond, Mortgage, Trust and Safe Deposit Departments. s. BARSTOW a Co. w. Incorporated Correspondence Invited CONSULTING and CONSTRUCTION ENGINEERS 411•11•1•EN, PUBLIC SERVICE PROPERTIES CHARTERED 1864 FINANCED and MANAGED UNION TRUST COMPANY OF NEW YORK 50 Pine Street New York MAIN OFFICE. 80 BROADWAY C. G. YOUNG Fifth Avenue Branch, Plaza Branch, 425 Fifth Avenue. corner 38th St. 786 Fifth Avenue. corner 60th St. Engineering and Construction Modern Safe Deposit Vaults at both Branches. Plans, Methods, Operation 14 Public Utilities and Industrials WALL ST., Capital $1,000,000 Surplus (earned) NEW YORK $7,900,000 Reports for Financing ALLOWS INTEREST ON:DEPOSITS Alex. C. Humphreys Alten S. Miller Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities on behalf of Individuals, Institutions or Corporations. HUMPHREYS& MILLER,Inc. ENGINEERS Power—Light—Gas Mellon National Bank 165 BROADWAY, - NEW YORK PITTSBURGH, Established 1889. PA. A. L. REGISTER & CO. 8..26 ENGINEERS—CONTRACTORS Philadelphia Assurance of safety, perfect service and 3% interest on reserve accounts are offered to corres- pAtning agnotimers. pondents of this bank. Your account is invited. MINES MANAGEMENT CO. RESOURCES OVER 50 MILLIONS CONSULTING MINING ENGINEERS Managers of Mining Properties 60 BROADWAY, - - NEW YORK. 28 and 29 St. Swithins Lane, LONDON. E 0., ENGLAND. Avenida 18 De Septiembre, Num. 48. L F. DOMMERICH & CO. MEXICO. D. F.. MEXICO. H. M. CHANCE & CO. NEW YORK Mining Engineers and Geologists Ceneral COAL AND MINERAL PROPERTIES Offices, 57 Creene Street Examined, Developed, Managed SOLICIT MERCANTILE ACCOUNTS TO FINANCE Drexel Bldg.. PHILADELPHIA. PA. DISCOUNT AND GUARANTEE SALES FOR MANUFACTURERS, GEO. B. EDWARDS AGENTS AND OTHERS Tribune Building, NEW YORK. N. Y. Tel. 4218 Beekman. Good References CARRY NO GOODS FOR OWN ACCOUNT Negotiations,Investigations,Settlementa Established over 60 Years Purchases of Property, Information In New York City or anywhere.

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